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The
finandul
bronirie
VOL. 131.
SATURDAY, OCTOBER 4 1930.
yinandat (Chronicle
NO. 3406.
ment. But the readjiustments in prices, which were
also inevitable, are far along their course. Most of
PUBLISHED WEEKLY
these commodities are below the level at which sufTerms of Subscription—Payable in Advance
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production can be maintained for the world's
inducttng Postage—
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$6.00 normal needs, and therefore sooner or later must
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The following publications are also issued. For the Bank and Quotation Record and the Monthly Earnings Record the subscription price is altogether too much inclined to absolve the United
$81.00 per year; for all the others is $5.00 per year each. Add 50 cents to
States from responsibility for the present world
each for postage outside the United States and Canada.
MONTHLY
PUBLICATIONS-COMPENDIUMS—
OTILITY—(sem1-annually)
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AND QUOTATION RECORD crisis, but what he here says cannot be too strongly
AWAY & INDUSTRIAL—(fOUP a year) BANK
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emphasized, namely, that the country has proceeded YM
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far
along the downward path and that therefore the
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Contract and Card rates
He also shows the proper perspective when, after
Cayman Orrice—In charge of Prod. H. Gray. Western Representative.
Telephone
State
nsiti.
205 South La Salle Street.
saying
that our economic system is undoubtedly subLONDON Omen—Edwards & Smith. I Drapers' Gardens, London. E. O.
ject
to
the shock of world influences, he goes on to
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce, New York.
add: "We should be able, in large measure, to readOur national production is over
Published every Saturday morning by WILLIAM B. DANA COMPANY. just ourselves.
Preeident and Editor. Jacob Seibert: Business Manager. William D. Riggs:
Treas., William Dana Seibert:See Herbert D.Seibert Addresses oral), Office of Co. one-third of the total of the whole commercial world.
We consume an average of about 90% of our own
production of commodities. If, for example, we
assume a restored normal home consumption and
Change of Address of Publication.
hold even our present reduced basis of exports, we
The Commercial & Financial Chronicle,
should be upon a 97% of normal business basis. Even
this illustration does not represent all of our self-conhaving long suffered from inadequate
tained strength. We shall need mainly to depend
facilities for handling its growing size
upon our own strong arm for recovery, as other
and growing subscription list, has moved
nations
are in greater difficulty than we. We shall
into new and larger quarters, and is now
need
again
to undertake to assist and co-operate with
located at
them."
William Street, Corner Spruce,
We like best, however, what Mr. Hoover says about
New York City.
the
evils connected with booms and the harm they do,
P. 0. Box 958, City Hall Station.
and, most of all, the duty resting upon us to guard
against repetition of such occurrences. The President is certainly well advised when he asseverates
The Financial Situation.
that "apart from recovery from the present depresThe American Bankers' Association has been sion the most urgent undertaking in our economic
holding its annual convention at Cleveland the life is to devise futher methods of preventing these
present week, and one of the features of the con- storms. We must assure a higher degree of business
vention has been an address delivered at the closing stability for the future." There is also much wisdom
day's session, on Thursday evening, by President in the following: "This is not an occasion for
Hoover. Very naturally the President's topic was analysis of the many theories such as too little gold
the business depression through which the country or the inflexible use of it. Whatever the remote
is now passing and the methods and measures for causes may be, a large and immediate cause of most
coping with it and combating it. Mr. Hoover makes hard times is inflationary booms. These strike some
a keen analysis of the situation, and, as was to be segment of economic life somewhere in the world,
expected, he tackles the problem in an invincible and there re-echoing, destructive results bring despirit of optimism. Though there are some things pression and hard times. These inflations, in curin the address to which it is possible to take excep- rency or credit, in land or securities, or over-expantion, it is keyed in a high and lofty tone, worthy sion in some sort of commodity production beyond
of the occasion and of the subject. It constitutes possible demand even in good times may take place
one of the very best of the President's deliverances, at home or abroad, but they all bring retribution."
He added: "Our present experience in relief should
and there are many really fine passages in it.
Speaking of the existing trade depression, which form the basis of even more amplified plans in the
he finds to be world-wide, he goes on to say: "These future. But in the long view the equally important
economic disturbances have echoed in slowed-down thing is prevention. We would need have less condemand for manufactured goods from Europe and cern about what to do in bad times if we discovered
ourselves, with inevitable contribution to unemploy- and erected in good times further safeguards against
____ [VoL., 131.
"
40•4
the excesses which lead to these depressions." How ened to cause a very -‘,
h ,
1 :,1
1 11141',.—porary surplus Of
truer
funds in the market, but this was largely 'averted by
In conclusion, Mr. Hoover stressed the part that the sale to New York City banks of participations
bankers, through encouragement and leadership, can in the special one-day certificates of indebtedness
play in expediting recovery: "You have already issued by the Treasury to cover the temporary addone much, and at this juncture the responsibility vances made by the Reserve Bank. Tne" amount of
of those in control of money and credit is very great. these participations sold was $170,5049,000 on the
Without faith on your part and without your good 15th and $68,000,000 on the 16th. By the 17th the
offices, the early return to full prosperity cannot collection of income tax checks had proceeded to the
be accomplished. This depression will be shortened point where the balance between Treasury disburselargely to the degree that you feel you can prudently, ments and receipts had been largely restored."
by council and specific assistance, instill into your
It has long been the practice of the Treasury to
clients from industry, agriculture, and commerce a obtain advances from the Federal Reserve Banks on
feeling of assurance." He wound up with the dec- one-day certificates of indebtedness at the quarterly
laration that "Any recession in American business periods of income tax payments, but the granting
is but a temporary halt in the prosperity of a great of participations in the sale of such certificates to
people."
the banks appears to be a departure. It is obviously
a fortunate device for bridging over a temporary disAlexander D. Noyes, Financial Editor of the New location in money currents and the thought that sugYork "Times," and dean of financial writers in this gested it must be voted a happy one. Parentheticity, was also one of the speakers at this week's con- cally we may lip permitted to remark that the closing
vention of the American Bankers' Association. Mr. statement in the extract here quoted to the effect
Noyes is noted for his keen powers of analysis and that "by the 17th the collection of income tax checks
his fearless expression of his views even when they had proceeded to the point where the balance berun counter to current opinion. Mr. Noyes has an tween Treasury disbursements and receipts had been
interesting way of tracing a connection between the largely restored" is not strictly accurate. The represent and the past, and in this instance he finds turn of the Federal Reserve Board at Washington
a close parallel with the past in the feeling of gloom for Sept. 17 showed $45,000,000 of these temporary
and utter hopelessness that now prevails and the certificates still outstanding at that date, which
similar despondency that characterized earlier evidently is a good way off from striking a balance
periods of depression. The uniform experience between Treasury receipts and disbursements.
which has marked business cycles is that the
The point, however, to which we desire to make
"methods and qualities which have carried American particular reference is the omission of the writer
finance and industry to the new heights of achieve- in the "Monthly Review" to make any reference
ment, as soon as the cycle turned, had their actual whatever to the huge increase in Government deorigin in the period of depression." And he gives posits made as a result of the sale to the public of a
some excellent advice as to what is needed to hasten new issue of Treasury certificates running for one
recovery, saying: "Let us not overlook the fact that year to an aggregate of $334,211,000 as an influence
in all these previous epochs of revival our industrial affecting the money market. The sale of one-day
achievement was not based merely on application of certificates of indebtedness pending the collection of
new and aggressive methods, but on courageous the income tax receipts is at the most a temporary
recognition of the fallacies and blunders that had transient matter, affecting the money market only
prevailed before the economic reckoning. If the mar- for a day or two, while the sudden huge increase in
kets of 1879 and 1898 and 1925 had chosen to revert Government deposits—on the present occasion Om
to the reckless use of credit which was a matter of Government deposits ran far in excess of a quarter
course a very few years before, if they had resumed of a billion dollars—carry the attribute of permathe talk of an American position so impregnable that nancy until they are again drawn out, which may
industry was at liberty to discard the economic not be for weeks. The same omission to take cogmaxims of the past, we should have had a very dif- nizance of these Government deposits and to conferent picture. If the prediction very generally sider their influence in affecting the money market
made six months ago had been fulfilled, that last occurred the previous March, and we directed attenspring would bring resumption of the 'business tion to it at the time. If the "Monthly Review" of
boom' and the Stock Exchange speculation of 1929, the New York Reserve Bank made no mention whatthe longer prospect for the new chapter of real pros- ever of the Treasury operations, the absence of any
perity might have been gravely jeopardized. But reference to the part played by the sudden increase
with all their mercurial and imaginative instincts, in Government deposits would attract no attention.
this is not the way in which the American people But why it should feature the issue on one-day cerdeal with an economic crisis. The very fact that dis- tificates of indebtedness, and the incidents conappointment of unwarranted hopes had brought the nected therewith, and leave wholly out of the reckonmarkets face to face with the realities of an un- ing the influence of a sudden great increase in Govpleasant situation was the surest guarantee that the ernment deposits is difficult to understand.
situation would be met."
It is the custom of the Treasury Department to
leave the proceeds of the sale of an issue of cerThe "Monthly Review" of the New York Federal tificates to the public with the banks and to draw
Reserve Bank, issued the present week under date of these deposits out only as needed from time to time.
Oct. 1, in reviewing credit and business conditions The distinctive feature of Government deposits is
during the month of September makes an incidental that the banks are obliged to hold no reserves against
allusion to a Federal Reserve practice which appears the same. If the deposits used in paying for the cerentirely new. It says: "At the middle of the month tificates previously existed as private deposits the
Treasury redemptions of maturing securities threat- effect of their conversion into Government deposits
2106
FINANCIAL CHRONICLE
OCT. 4 15•30.]
FINANCIAL CHRONICLE
is immediately to reduce reserve requirements in
corresponding measure. On the other hand, if the
Government deposits come to the banks as original
deposits they get deposits against which no reserves
need beprovided, and they are considered highly desirable on that account. Note now that during the
month of September, as already stated, the Treasury floated a new issue of certificates on which the
allotments aggregated $334,211,000. The effect on
the present occasion may be judged when we say that
on Sept. 10, before the floating of the new certificates, the banks throughout the country which are
obliged to render weekly reports to the Federal
Reserve Board showed not a dollar of Government
deposits; on the other hand, in the statement for
Sept. 17, after the floating of the new issue of certificates, these banks showed Government deposits
in the large sum of $182,000,000; on Sept. 24 the
amount of these Government deposits still stood at
$182,000,000, and no call was made for the paying
over of any portion of them until Sept. 30, when the
banks received notice that on Oct. 3 they would be
required to pay over 10% of the amount.
But the $182,000,000 referred to related merely
to the deposits kept with the weekly reporting member banks. When all the banks holding Government
deposits are included the total amount is found to
reach no less than $272,693,000. Bear well in mind
that against this mass of Government deposits no
reserves are required. The present week call money
on one day renewed at only 11/
2% per annum, the
lowest figure at which renewals have been made in
15 years, or since July 1915, though on one day, in
the present year some loaning at 11/2% was done
after renewals had been affected at 2%. Did these
large Government deposits play no part in bringing
about this situation of undue ease?
Incidentally we may be permitted the observation
that it is difficult to understand why the Treasury
cannot bring about a better adjustment between its
receipts and disbursements, so as to avoid, on the
one hand, the large temporary borrowing which it
is obliged to do with each recurring quarterly income
tax day and on the other hand obviate the necessity
for putting a huge mass of Government deposits at
the command of the banks. To place $272,693,000 of
Government deposits with the banks is inflation to
that extent, and introduces an element of disturbance in the money market. For the Reserve Banks
to buy bank acceptances at the inordinately low figure of 17
/8% per annum as is now being done is likewise inflation. Some day the country will awake
to the folly of all this.
Brokers' loans this week show a reduction in the
large amount of $159,000,000, and this reflects, of
course, the liquidation which has been taking place
in the stock market all through the month of September, and particularly during the current week.
The total of these loans has fallen from $3,222,000,000 Sept. 24 to $3,063,000,000 Oct. 1. It is noteworthy that while there has been this large contraction in the grand total of these brokers' loans the
loans made by the reporting member banks in New
York City for their own account actually show a
big increase, having risen from $1,721,000,000 to
$1,834,000,000. On the other hand, the loans made
for account of out-of-town banks have further declined, dropping from $782,000,000 to $602,000,000,
and the loans "for account of others" have also de-
2107
creased, declining from $719,000,000 to $627,000,000.
All this,' however, is simply a continuance of all
recent experience, and the explanation is found in
the fact that with call money rates ruling at only
1/
1
2to 2% there is no inducement for outside lending
on the Stock Exchange. Accordingly, these outsiders are withdrawing from direct lending with the
result that the banks themselves are obliged to take
over the surrendered loans.
In the condition statements of the Fedeal Reserve
Banks the feature is the increase in the borrowing
of the member banks, the discount holdings of the 12
Reserve institutions having risen during the week
from $167,162,000 to $185,916,000. This seems
strange, in view of the big reduction in brokers'
loans. But it has just been shown that in the brokers' loans made by the reporting member banks there
was no decrease at all, but actually an expansion of
$113,000,000, and against deposits representing loans
made by the reporting member banks on their own
account the banks are obliged to carry reserves,
while loaning by outsiders represents deposits
against which no reserves are carried.
Aside from this increase in member bank borrowing the Federal Reserve Banks this week show no
changes of any great consequence. Holdings of
acceptances purchased in the open market are a little
smaller at $193,108,000 against $197,743,000, while
holdings of United States Government securities,
remain practically the same as a week ago, standing
at $601,177,000 as against $601,806,000. The result
is that total bill and security holdings (which reflect
the amount of Reserve credit outstanding) stand at
$986,973,000 this week (Oct. 1) against $973,483,004
last week (Sept. 24). The amount of Federal Reserve notes in circulation increased during the week
from $1,347,720,000 to $1,376,351,000, while gold
reserves decreased from $2,988,931,000 to $2,976,769,000.
The stock market this week suffered another
severe break, with violent declines all around.
Liquidation evidently proceeded on a large scale,
and on Tuesday, when the heaviest collapse ensued,
the aggregate turnover on the Stock Exchange
closely approached 4,500,000 shares. On that day
the failure of the Stock Exchange house of J. A.
Sisto & Co. accelerated the downward movement
On Wednesday sharp recoveries took place all
through the list, and it was then supposed that
the end of the decline had been reached, but
SIB
Thursday the market suffered a renewed collapse,
and this new break extended into the
trading on
Friday, but later on this latter day the
market
steadied itself and some upward reaction
ensued.
There have been no new developments
of consequence serving to influence market values one
way
or the other. The early part of the
week the grain
markets showed renewed depression, and the
price
of wheat touched a new low record, the
September
option dropping to 72Y8c., but the latter
part of
the week the grain markets showed
an improving
tendency without any benefit therefrom
resulting
to the stock market. But commodity
prices, as a
whole, still kept shrinking, copper having
dropped
this week to 10c. a pound, the lowest figure
reached
in 34 years, and sugar, rubber, raw
silk, and a number of other commodities dropping
either to the
lowest figures ever recorded or the
lowest figure;
reached in a long series of years. Railroad
earnings.
2108
FINANCIAL CHRONICLE
are showing such large losses that talk is beginning
to be heard of possible reductions in dividends in
the case of the weaker properties. There is a complete absence of buying on any large scale, even
after heavy declines, and for the time being confidence in the future of values is at a low ebb. Call
loans on the Stock Exchange have ranged during the
week between 1/
1
2and 2%.
Trading has again been of large volume. At the
half-day session last Saturday the dealings on the
New York Stock Exchange were 1,709,290 shares;
on Monday they were 3,762,290 shares; on Tuesday,
4,496,780 shares; on Wednesday, 3,155,305 shares;
on Thursday, 2,315,770 shares, and on Friday,
2,053,280 shares. On the New York Curb Exchange
the dealings last Saturday were 375,400 shares; on
Monday, 768,600 shares; on Tuesday, 1,145,100
shares; on Wednesday, 720,100 shares; on Thursday, 525,700 shares, and on Friday, 478,800 shares.
No less than 451 stocks have recorded new low figures during the week for the year, but 26 also established new highs for the year.
As compared with Friday of last week, further
considerable declines in many instances appear in
addition to the heavy previous declines during September, though the net changes for the week show
decided irregularity, with not a few recoveries.
General Electric closed yesterday at 631/
4 against
8 on Friday of last week; Warner Bros. Pictures
631/
at 22 against 25/
1
4; Elec. Power & Light at 64%
against 62/
1
2; United Corp. at 28% against 29%;
Brooklyn Union Gas at 121/
1
2 against 1183
/
8; American Water Works at 957
/
8 against 93%; North
American at 967
/
8 against 947
/8; Pacific Gas & Elec.
at 54/
1
2 against 54%; Standard Gas & Elec. at 92/
1
4
against 90/
1
4; Consolidated Gas of N. Y. at 103/
1
2
against 1017
/8; Columbia Gas & Elec. at 541/
4 against
56%; International Harvester at 667
/
8 against 68%;
J. I. Case Threshing Machine at 1353
4 against 144;
Sears, Roebuck & Co. at 61/
1
2 against 61/
1
2; Montgomery Ward & Co. at 27/
1
4 against 31; Woolworth
at 66 against 601/
8; Safeway Stores at 66/
1
2 against
63/
1
2; Western Union Telegraph at 155/
1
2 against
155/
1
4; American Tel. & Tel. at 207% against 2057
/8;
Int. Tel. & Tel. at 31% against 36/
1
4; American Can
1
4 against 1193%; United States Industrial
at 124/
Alcohol at 66 against 65/
1
4; Commercial Solvents
at 22/
1
2 against 223%; Corn Products at 83 ex-div.
against 84; Shattuck & Co. at 33/
1
2 against 33, and
Golumbia Graphophone at 141
/
4 against 1434.
Allied Chemical & Dye closed yesterday at 240
against 2451/
4 on Friday of last week; Davison Chemical at 23 against 22%; E. I. du Pont de Nemouri
at 108% against 1061/
4; National Cash Register at
39/
1
2 against 41; International Nickel at 21%
against 211/2; A. M. Byers at 61 against 611/
8; Simmons & Co. at 20/
1
4 against 23; Timken Roller Bearing at 60 against 58%; Mack Trucks at 50% against
51½; Yellow Truck & Coach at 151/
8 against 15%;
Johns-Manville .at 771/
4 against 78; Gillette Safety
Razor at 57/
1
2 against 55/
1
2; National Dairy Products at 50/
1
2 against 48%; National Bellas Hess at
6/
1
2 bid against 7/8; Associated Dry Goods at 33
against 30%; Texas Gulf Sulphur at 557
/8 against
55%, and Kolster Radio at 2/
1
4 against 2%.
The steel shares have held their own quite well
the present week. United States Steel closed yesterday at 1587
/
8 against 158% on Friday of last week;
Bethlehem Steel at 831/i against 81, and Republic
Iron & Steel at 26/
1
2 against 28. The motor stocks
[Vol.. 131.
have shown considerable resistance to the downward
movement. General Motors closed yesterday at 40
against 40% on Friday of last week; Nash Motors
1
2 against 30; Chrysler at 21/
at 32/
1
4 against 21;
Auburn Auto at 99 against 98; Packard Motors at
11% against 10%; Hudson Motor Car at 25%
against 23%,and Hupp Motors at 10% against 10%.
The rubber stocks have continued weak. Goodyear
Rubber & Tire closed yesterday at 48 against 51%
on Friday of last week; B. F. Goodrich at 19/
1
2
against 20%; United States Rubber & Tire at 163
4
against 15, and the preferred at 31 against 30.
The railroad stocks have some of them declined
sharply. Pennsylvania RR.closed yesterday at 71%
against 71 on Friday of last week; Erie RR. at 38
against 38/
1
2; New York Central at 151 against 155;
Baltimore & Ohio at 94 against 96; New Haven at
101 against 99%; Union Pacific div21a against 209;
Southern Pacific at 111 against 112/
1
2; MissouriKansas-Texas at 31 against 34; St. Louis-San Francisco at 721/
8 against 77; Southern Railway at 73/
1
4
against 817
/8; Rock Island at 89/
1
2 against 89/
1
2;
Northern Pacific at -64 against 68%, and Great
Northern at 70 against 72/
1
2.
The oil shares yielded easily. Standard Oil of N. J.
closed yesterday at 62% against 62/
1
4 on Fridtty of
last week; Standard Oil of Cal. at 56/
1
2 against 56;
Simms Petroleum at 15/
1
2 against 16; Skelly Oil at
23/
1
4 against 25%; Atlantic Refining at 28/
1
2against
29/
1
2; Texas Corp. at 467
/8 against 48/
1
2; Pan American B at 52/
1
2 against 53/
1
4; Richfield Oil at 8%
against 10/
1
2; Phillips Petroleum at 267
/8 against 27;
Standard Oil of N. Y. at 293/s against 28%,and Pure
Oil at 18/
1
4 against 171/
8.
The copper stocks, after their sharp break in the
previous week, have shown considerable resistance
to further declines, though a few have established
new low records for the year. Anaconda Copper
closed yesterday at 38 against 38% on Friday of
last week; Kennecott Copper at 29 against 30%;
Calumet & Hecla at 10/
1
4 against 10%; Calumet &
Arizona at 421/
8 against 44/
1
4; Granby Cons. Copper
at 15/
1
2 against 19; Amer. Smelt. & Ref. at 56/
1
4
against 52%,and U.S. Smelt.& Ref. at 20 against 21.
Stock exchanges in European financial centers
were quiet.and firm in most sessions of the week,
early uncertainty giving way to cheerfulness on reports of improvement at New York in the mid-week
session. The unsettlement caused last week by
numerous reports of political unrest in various
countries throughout the world was overcome to a
degree and the markets in London, Paris and Berlin
regained their equilibrium. The impression gained
ground, moreover, that the current business depression is about as bad as it is likely to get and further
developments are believed likely to lead to improvement. No immediate change of any importance in
the trade position was reported from any center.
Unemployment figures in Great Britain remained
substantially unchanged this week. France reports
an official total of only 904 unemployed workers,
and the business trend is said to be upward, though
less noticeably so than is usually the case in the
autumn. The German trade position shows slow
improvement in some lines, while most others are at
least stable. In the official roster of German unemployed a comparatively small increase occurred last
month as against the large increases common in the
Reich at this time of the year.
OCT. 4 1930].
FINANCIAL CHRONICLE
2109
The Stock Exchange in London was dull in the salutary financial reforms was favorably received
opening session of the week, with the price trend by the Bourse Wednesday and the market made good
slightly downward owing to uneasy week-end dis- progress. Substantial buying appeared in the early
patches from New York and to added unsettlement part of the day and individual issues were marked
in some commodities. Shares of companies inter- up as much as eight points. Although business
ested in the base metals showed declines, as prices slackened later, the session closed firm. Movements
of tin, copper and other minerals turned soft. were confined to a narrow range Thursday, with
British funds were rather well supported, but the most stocks well supported. A few issues advanced
foreign bond list was uncertain. Tuesday's trend at at the start, but selling appeared and the gains were
London was easy in most sections, as the overnight partly lost toward the close, which was dull and
news from New York was disquieting. Liquidation inclined slightly toward weakness. Pries movewas moderate, however, and the tone hardened per- ments were irregular in yesterday's session.
ceptibly in the final dealings. The gilt-edged list
was bright throughout the day on substantial investInternational reverberations of Soviet grain dumpment buying. Wednesday's session was generally ing on European markets and of Soviet "hedge" sales
cheerful, notwithstanding a rather restricted turn- in Chicago were not lacking this week, but the disover. British industrials attracted attention, owing cussion was far more temperate than that which
to favorable profit statements by important com- followed immediately upon the spectacular charges
panies, while British funds showed little change. made Sept. 19 by Secretary Hyde of the Department
With overnight advices from New York showing of Agriculture. The adoption of a resolution by the
marked improvement, trends on the London ex- Chicago Board of Trade, providing that selling of
change in Thursday's dealings were again favorable. grain futures by any foreign government is objecThe better tone was stimulated also by a gain in the tionable, apparently concluded the incident so far as
price of rubber. The British Treasury announced the Department of Agriculture was concerned. An
on this day an unlimited new issue of 4% bonds inquiry into the Soviet grain operations in Chicago
maturing 1934 to 1936, which are to be tendered at was taken up, however, by the Congressional Coma minimum price of par plus a premium of 10s. The mittee which is investigating Communist activities
purpose of the issue was not announced, but it was in the United States. Hearings were held by the
assumed it would be for redemption of a 4% issue committee in New York last Saturday, and in Chiwhich will be repaid Jan. 15. The market yesterday cago Monday.
Testifying in New York,E.Y. Belitzky, Vice-Presireacted favorably to the new issue, and the giltedged list advanced steadily. Other sections were dent of the All-Russian Textile Syndicate, disclosed
that his instructions for "hedge" selling of 7,765,000
quiet and unchanged.
Prices on the Paris Bourse were soft in Monday's bushels of wheat in Chicago came from Chlebtorg,
session and virtually all stocks moved downward. the Rassian grain organization in Hamburg. The
The drop was started, dispatches said, by the an- amount of wheat named was available for sale by
nouncement that Rio Tinto, a leading mining issue, that organization, which wished to be certain that
would reduce its annual dividend payments. Un- it would receive as high a price as possible, Mr.
favorable reports from New York also helped to de- Belitzky stated. On the assumption that the price
press the market. After a heavy opening Tuesday, of wheat in the world market would probably go
prices on the Bourse began to recover and most lower, a "hedge" sale was effected, he added. It was
French stocks finished with substantial gains. Is- firmly maintained by the Russian representative
sues of international interest were less favored, that the short sale had no effect on the market since
however, and the close in this section was uncertain. it was made in the broadest market in the world.
Unfavorable reports from New York started a Had the Soviet agencies wished to depress the price
further selling movement Wednesday and large of wheat, the transaction would have been arranged
losses were registered in almost all stocks. Bear in the narrowest available market, where a large
attacks against some leading issues accentuated the transaction would have had a repercussion and afdecline, it was said, and no buying orders appeared fected the other markets, he declared. Frank admisto stem the tide. More favorable reports from New sion was made that the Soviet Government had no
York occasioned a quick recovery on the Bourse intention of delivering wheat in the United States.
Thursday, however, both French stocks and interna- The selling orders, placed with a price limit and
tional issues making good gains. A strong opening not "at the market", merely insured the price
was followed by a short period of heaviness, but this of Russian wheat deiveries in Europe, the witness
was overcome and prices continued to mount. In said.
Reports received this week from London, Paris,
many cases losses of several previous sessions were
regained. Quiet trading at virtually unchanged quo- Berlin and Amsterdam all indicated that the Russian program of extensive exports of grain and other
tation n was reported at Paris yesterday.
The Berlin Bourse was unsettled in the initial products was being pushed vigorously, with consesession, as there was still much apprehension regard- quences that were very disturbing in every instance.
ing the political developments that might follow the London observers, while admitting the seriousness
recent elections. The trend improved, however, after of Soviet dumping on markets already over-burdened
a weak opening, and many issues made small gains with supplies, felt less concern than was manifested
for the day. Rumors of a favorable financial pro- here last week, a dispatch to the New York "Times"
nouncement by the Bruening Government stimulated said. In France the view was taken that the Soviet
the dealings. Tuesday's session at Berlin was much policy will be continued and extended, and means of
like the preceding one, prices recovering toward the "defense" were studied. Grain men in Berlin exclose after early unsettlement. Trading proceeded pressed the belief that Soviet grain was being exat a brisker pace than formerly. Announcement by ported at a loss, but the low prices reported in many
the Cabinet of its firm intention to bring about instances were attributed to the sub-standard quality
2110
FINANCIAL CHRONICLE
of deliveries. Amsterdam reports reflected the view
that the sales amounted to forced liquidation.
The Soviet viewpoint was stated in a Moscow dispatch of last Sunday to the New York "Times,"
which indicated that the export program is an
integral part of the five-year plan. "It is an unquestioned fact," the dispatch said, "that the Soviet, in
order to sell its goods abroad, is willing to accept
less than the market price. Hence the accusation
of dumping, to which the Bolsheviki reply that they
would rather keep at home the materials which are
exported, but are forced to sell them anyhow by the
'financial blockade.'" By the latter term, it was
indicated, the Soviet Government describes its inability to secure long-term credits. "The accusation
that the Soviet is dumping deliberately with the intention of depressing world prices in order to provoke economic slumps and subsequent political uprisings, the Bolsheviki dismiss as childish," the dispatch continued. "Every nickel more on the world
price of a bushel of wheat or a ton of coal eases their
purchase of foreign machinery. Whatever may be
their plans for the distant future, this will remain
true for the next 10 years or more, until the Russian
industrial reconstruction is completed." Figures
quoted in the dispatch indicated that the Russian
export margin of grain this year is likely to be
6,000,000 to 8,000,000 tons, of which at least half
would be wheat.
Unconditional ratification of the London naval
treaty of 1930 was announced by the Japanese Government Thursday, making the treaty effective
among Great Britain, the United States, and Japan.
Although there was little question of final favorable
action by the Tokio Government, delay was occasioned by internal political dissension. The last
lingering doubts regarding Japan's adherence to the
agreement were removed Wednesday,when the Privy
Council gave unanimous approval to the treaty. The
Advisory Council urged the Emperor to affix his
signature, and this was done by Emperor Hirohito
almost immediately. Premier Hamaguchi issued a
statement thereafter in which he remarked that the
Government was faced with numerous difficulties in
bringing about ratification. "It was able to overcome these," he added,"thanks to the united support
of the public." Baron Shidehara, Foreign Minister
of Japan, issued a statement saying the treaty enhanced Japan's relations with other countries and
greatly strengthened the spirit of the Kellogg-Briand
pact. A resolution adopted by the Privy Council
said, in part: "Taking into consideration the report
of the special committee, the Privy Council approves
the London naval treaty unanimously, placing every
confidence in the declaration of the Government that
it will assume full responsibility for a naval replenishment program and for lightening the people's
burden of taxation."
Final sessions of the eleventh annual Assembly of
the League of Nations, which is expected to end
to-day, were devoted to the consideration of resolutions prepared by the several League commissions
and to a broad discussion of such outstanding questions as that of disarmament. Some attention was
also directed to-the convention for a two-year tariff
truce, signed by a number of European and nonEuropean States. This convention is to be considered in November at a special meeting of the Eco-
[vol., 131.
nomic Commission of the League. The economic
committee of the Assembly adopted a resolution last
week urging as many States as possible to ratify
the convention in November, but the question of the
propriety of this action was sharply raised Monday
by representatives of different parts of the British
Empire. A reservation was entered for Canada,
where a new Government has just been formed. The
Australian delegate supported this action, while the
Irish Free State representative, going further, said
it was unreal and farcical for a majority of the
States represented in the committee, who knew they
were not going to ratify the convention, thus to urge
its ratification by the greatest possible number. In
a plenary session, held Tuesday, the Assembly
adopted a convention providing for financial assistance in times of war to States that are victims of
aggression. This action is one of the few significant
steps taken throughout the meeting just ended. The
effort in which Britain took the lead, to fix a definite date in 1931 for the long-promised general conference on disarmament, was frustrated and the calling of this meeting remains a matter of the indefinite future. Delay also is indicated in the plans for
harmonizing the League Covenant with the KelloggBriand pact. Provision was made Thursday in a
resolution prepared by the judicial sub-committee
for additional discussion of this matter in the 1931
Assembly.
Some importance attaches to a series of speeches
on disarmament, made before the Assembly Tuesday
by the representatives of the larger powers. Foreign
Minister Briand of France made the most effective
contribution to the discussion, and his address did
not suffer in interest because of the obvious French
political significance of some of his comments.
Severely attacked in Paris by his political opponents,
owing to the success achieved at the polls in Germany by extremist parties, M. Briand made a brilliant defense of his policies. The discussion began
with the adoption of a resolution stating the conviction that the Preparatory Disarmament Commission
will soon finish its work. M. Briand rose to remark
that France had not only preached peace, but reduced her army 41% since the war. Despite these
and other efforts for concord and conciliation, he
declared, a menacing situation has arisen as a consequence of the voting in the Reich. This did not
mean, however, that nothing more would be done
in the way of disarmament. Addressing himself
directly to Dr. Curtius, Foreign Minister of Germany, M. Briand stated that in view of "certain
elements of anxiety, there is need for all to come
closer together and try to make a common front
to the dangers." He expressed confidence that the
world would escape the threats confronting it and
added that he was hopeful of achieving a naval accord with Italy. He emphasized again that France
would continue to work for security first and then
for disarmament. In this connection he reminded the
British, who urge disarmament as the means to security, that they themselves, by refusing to ratify
the protocol of 1924 and declining to accept obligations to maintain peace, had thrown every country
back on armaments for security. Dr. Curtius, who
followed him, remarked in a short speech that he
was in perfect accord with M. Briand regarding the
goal, and differed with him only in the method.
Lord Cecil of Great Britain ended the discussion
by saying that the time had now come for a further
OCT. 4 1930.]
FINANCIAL CHRONICLE
2111
advance in disarmament. If it was not realized, he building of that new house cannot be accomplishe
d
warned, British confidence in the League would be in one or two conferences, but we shall hope
to make
undermined.
a beginning on a firm foundation.
"Secondly, foreign policy and defense. As to this,
Sessions of the British Imperial Conference of our chief task will be to consider what future
con1930 were opened in London Wednesday after much tributions the members of the
British Commonpreliminary work, with the Prime Ministers of wealth can make to the cause of disarmamen
t and
Gieat Britain and the five self-governing Dominions, world peace. We shall examine together
all the
the Foreign Minister of the Irish Free State, and a aspects of the general foreign
policy, and in parPrince of India in attendance. The conference is ticular shall consider what further steps
we can take
the fourth of a series, called on suitable occasions in the policy of substituting arbitration for
war as
to consider problems of common concern to Great the means of settling all internation
al disputes.
Britain and the member States of the Empire. Simi- Finally, on Op economic side, we shall examine
the
lar meetings were held in 1911, 1917 and 1921. The trade of the empire with a view to considering what
various Government heads and their entourages now contribution each of us can make to
be mutually
assembled in London form a group of notables num- helpful to each other. Though we may find
that a
bering more than 100. Prime Minister Ramsay Mac- great deal of talk in which people indulge
is remote
Donald is Chairman of the gathering and spokesman from practical reality and takes no account
of the
for Great Britain. Other representatives are R. B. causes and consequences, we shall strive
to lay hold
Bennett, Prime Minister of Canada; Sir Richard of every task we can find for our common advantage.
Squires, Prime Minister of Newfoundland; General
The ablest men we can place our hands upon will
J. B. M. Hertzog, Prime Minister of South Africa; be put to this work, and I must not hamper
them by
J. H. Scullin, Prime Minister of Australia; G. W. anticipating their difficulties or suggesting
how they
Forbes, Prime Minister of New Zealand; Patrick are to overcome them. Under this head,
too, we
McGilligan, Foreign Minister of Ireland, and the shall consider questions of transport and communiMaharajah of Bikaner, who represents the rulers of cation, development of wireless and aviation,
enthe independent Indian States.
largement of news and postal services, so that the
The meetings in London are expected to last six inventions and economies which science
and research
weeks, during which matters relating to inter-im- have discovered will unite us closer
together and
perial relations, foreign policy and defense, and eco- improve the means of intercourse and
of trade."
nomic questions will be exhaustively discussed.
Deliberations of the conference are to be secret
Although British Empire affairs are naturally of throughout, and even at the opening plenary
session
world-wide interest, uncommon attention will be Wednesday the public and press
correspondents
paid everywhere to the present proceedings because were barred. Official statements
are to be issued
discussion is expected to center largely on proposals daily, however, indicating the progress
that has been
for welding the Empire into an economic unit. It made and giving some of
the speeches. From this
was thought for a time that some dispute might be source, accordingly, it was
ascertained Wednesday
aroused by the announced intention of Prime Min- that the first act of the conference
was to send greetister Hertzog of South Africa to demand recognition ings to King George as the
wearer of the crown
of the right of the dominions to secede from the that really is -the symbol of Empire unity.
Mr. MacEmpire. This question was answered Monday, how- Donald, who was elected Chairman,
made the first
ever, in a preliminary statement made by J. H. speech in which he talked for the
most part of world
Thomas, British Minister of the Dominions, on the peace. He described the present outlook
as disquietaims of the conference. "Nobody questions that ing and repeated a warning
recently uttered. by
right," Mr. Thomas said. "You cannot prevent a Foreign Minister Arthur Henderson
at Geneva to
man from shooting himself if he wants to. You can the effect that unless
the unwillingness to reduce
only advise him that it is an unwise thing to do."
armaments soon ends there will be a new race in
A radio address describing the present confer- armaments constructio
n. In treating of the ecoence and its purposes was delivered in London Wed- nomic phase, he
said no one part of the Empire could
nesday by Prime Minister MacDonald. "In gen- succeed alone in
the restoration of prosperity, but
eral, our work will fall under three main heads," Mr. he expressed confidence that all working
together
MacDonald said. "First, inter-imperial relations, would succeed despite
the present propaganda of
by which I mean the relations of the different parts defeatism.
of the Empire to one another. We have to work out
Prime Minister Bennett of Canada declared the
the implication of the famous statement of the com- Imperial Conference was a clearing
house of ideas
mittee presided over by Lord Balfour in 1926, that and the instrument by which Empire
action could
Great Britain and the dominions are autonomous be initiated and sustained. He
hoped this confercommunities within the British Empire, equal in ence would begin
action leading to more profitable
status, in no way subordinate one to another in any economic relations within
the Empire. With referrespect of their domestic or external affairs, though ence to the new Canadian tariff, he
said: "We in
united by a common interest and Crown and freely Canada have faced them and, through adequate
emassociated as members of the British Commonwealth ployment of means within our own control,
have,
of Nations. That is what was said in 1926. Now we believe, provided a way out of our present diffithat the house of the empire days of government culties." Sir Richard Squires indicated in his
adfrom London has proved too narrow for the process dress that Newfoundland, which he represents,
is
of constitutional development, we must build up our still closely connected with England, Scotland
and
new house of the British Commonwealth based on Ireland by sentimental as well as economic
ties. 'He
the principle of free co-operation. Our existence regretted, however, that the situation was such
that
depends upon how truly it can be said of our Con- most of his country's products were sold outside the
stitution how far the new transcends the old. The Empire. Speaking for Africa, General
Hertzog
e112
FINANCIAL CHRONICLE
rvoL. 131.
in
alluded only in passing to the question of dominion countries at least $1,250,000,000 of manufactures
immense
These
sovereignty, which it is said he will debate later on. which Great Britain could compete.
His remarks on economic questions, however, were figures give some idea of the additional markets to
very plain. "South Africa has viewed with some which we could help one another to obtain a larger
concern the prospective abolition of existing tariff share." Provision was made in the first session for
benefits on the part of the Government of Great the formation of a number of sub-committees, which
Britain, as disclosed in a declaration some time ago," began Thursday to consider the inter-imperial queshe said. "I wish, however, to make it quite clear tions in greater detail.
that I look upon the fiscal policy of the country as
Although the German national elections of Sept.
an essence so closely associated with the economic
14
favored other parties in the Reich rather than his
life and well-being of its people that only the
Chancellor Heinrich Bruening made public
own,
of
requirements
particular circumstances and
a drastic program If financial reforms
Tuesday
deciding
in
voice
a
claim
can
the people concerned
it. The position of Great Britain as the great Com- which he will place before the Iteienstag in we sesmonwealth market for dominion products must sion now imminent. The bold measures announced
necessarily, in the event of her deciding upon a by the Chancellor will entail heavy financial sacrichange in her existing policy detrimental to the fices by virtually all classes in Germany. When
interests of the dominions, exercise a determining making the program public, he let it be known that
President Paul von Hindenburg had approved every
influence upon their policy."
The Foreign Minister of the Irish Free State, Pat- item and was ready to back the Cabinet in its stand
rick McGilligan, declared that the sovereignty of before the Reichstag. Since the Bruening Cabinet
outlying parts of the Empire must be even more defi- was defeated in its attempt to force a financial renitely recognized than it is now by Great Britain. form program through the last Reichstag,it is appar"For the Irish Free State," he said,"the recognition ent that the present aims of the Chancellor will not
of our position as a free and sovereign State comes be realized without a struggle. Dissolution of the
before all other considerations. We desire to be Reichstag and the holding of the national elections
able to devote ourselves entirely to the development resulted from that incident, and the new alignment
and prosperity of our people and to co-operation with of Deputies is even more unfavorable to the Moderate
other governments of the Commonwealth in raising leader of the Christian-Socialist party, since startthe level of human happiness in other countries. ling gains were made by the Fascist, Communist
While certain elements of the system of imperial and extreme Nationalist parties. It is reported from
control were maintained, even though it was only in Berlin that Chapeellnr Bruening will take steps for
form, the will to co-operate was correspondingly the establishment of a virtual dictatorship if his
weakened. We most earnestly urge upon the pres- present program proves unacceptable to the new
ent conference the need of removing finally those Reichstag. In this also he is said to have the suplast obstacles to free and harmonious intercourse." port of the German President. In such an eventuPrime Minister Forbes of New Zealand stated that ality, Dr. Bruening will ask the President to adjourn
his Government considers it has "ample scope for the Reichstag, a Berlin dispatch to the Associated
our national aspirations and ample freedom to carry Press states. He would attempt, moreover, to preout in their entirety such measures as seem to us vent its reconvocation until the financial program
advisable." The question of constitutional relation- has been placed in full effect, the report adds. Such
ships was of little present interest to New Zealand, action would be considered in Germany the equivahe said, and he warned that centrifugal forces, car- lent of a dictatorship.
The financial program, called in a Government
ried too far, would weaken the association within
statement a "necessity of the time," envisages budthe Empire.
The Maharajah of Bikaner expressed the loyalty get reductions within the next year of 1,000,000,000
of the independent Indian rulers to the crown, but marks. The more drastic elements of the program,
added that it was a matter of extreme urgency to however, are to be applied only in connection with
all concerned that the forthcoming round-table eon- the new budget, which will not come up for considference settle satisfactorily the Indian problem. eration for some months. To meet immediate needs,
Prime Mihister Scullin of Australia plunged im- it is understood the Chancellor will ask authority
mediately into a discussion of economic problems, for the raising of another loan. As an indication of
with particular regard to the important question of the economic pressure now existing, the Governpreferential tariffs within the Empire. He pointed ment statement points out the existence of a budout that Britain and the Dominions are able to getary deficit estimated at from 750,000,000 to
make preferential tariffs which are impossible in 900,000,000 marks. It notes, moreover, that there
the outside world owing to the network of commer- are 3,000,000 workers now unemployed with the
cial treaties existing between most foreign countries. likelihood that this total will be increased to
"We can guarantee one another markets of sufficient 4,000,000 by midwinter. A period of capital export
importance for most commodities to absorb a far has succeeded the era of capital import, and this,
greater volume of production than we have yet the statement adds, brought in its trail high interest
attained," Mr. Scullin continued. "The value of rates, business stagnation, and a rising tide of unemGreat Britain's imports and agricultural products ployment. "A comprehensive simplification of the
exceeds $3,750,000,000, of which only 37% is derived tax system is a necessity," Dr. Bruening's statement
from within the Empire, and 63% from foreign coun- declares. "Not high taxes, but solely economy, tax
tries. The total value of the manufactured products relief, the restoration of confidence—these are the
Our propoimported into the overseas empire is over $2,750,- fundamental ideas which must lead us.
before the
them
We
lay
them.
on
based
are
sitions
are
products
manufactured
these
of
000,000. Some
which
responsibility
of a type in which Great Britain cannot compete. people in full realization of the
Germany.
of
fate
for
the
but the overseas empire is importing from foreign the Government carries
Ocm. 41930]
FINANCIAL CHRONICLE
We shall solve them by relying on the willingness
of the German people and its representatives to
abandon the struggle of single groups and parties
in order to conduct a battle for reconstruction with
a united and strengthened force."
The contemplated reduction in the budget would
be achieved partly by curtailment of the salaries
of all Government officials in the Reich, the States
and the communes, as well as all employees on the
German railways and in the postal service. The
reduction would amount to 6% of present salaries
of all but the higher officials, who would be asked
to accept a 20% reduction. Financial dependence
of the Unemployment Insurance Institute upon the
Federal Treasury would be severed, and the contributions of employers and workers to the unemployment fund increased from its present 41/
2 to 6/
1
2%.
The only tax increase announced is that on tobacco,
which it is estimated will bring in a further 160,000,000 marks. The tax collection organization is to
be reconstructed, so that the cost of collections can
be brought down from the present 41/
2% somewhat
nearer the British figure of 2%. Decreases in the
appropriations to Government departments totaling
300,000,000 marks would be effected. One important
feature of the program is the stipulation that transfers of revenue from the Reich to the several States
be curtailed, while expenditures of the States and
communes are to be definitely limited. This feature
of the program will represent the first attempt by
any German Cabinet to give reality to reforms in
the relationships between the Reich and the States,
which have been urgently recommended in numerous
reports by S. Parker Gilbert, former American agent
general for reparations payments under the Dawes
plan. After announcing this program, Chancellor
Bruening began consultations with party leaders in
the Reichstag, in an attempt to secure sufficient support so that it can be put through by constitutional
parliamentary means. The program was sharply
criticized Wednesday by Adolph Hitler, leader of
the National-Socialist, or Fascist, party. In the
German press generally it was given close and serious consideration.
A minority Cabinet was formed in Austria Tuesday by Dr. Karl Vaugoin, former Vice-Chancellor
and leader of the Christian-Socialist party, to replace the coalition Cabinet headed by Johann Schober, which fell last week. The Schober Government
was overthrown when Dr. Vaugoin and his adherents withdrew their support, but the former ViceChancellor was unable to form a workable Cabinet
and a decree was issued Wednesday for dissolution
of the Austrian Parliament and the holding of new
elections in November. The minority regime will
hold office until the general elections decide the complexion of the new Parliament and make possible
the formation of a more stable Cabinet. In the
meantime, according to Vienna reports, the Cabinet
will probably pass some emergency decrees. Dr.
Vaugoin, who will be Chancellor, also holds the
portfolio of Minister of War in the new Cabinet.
Mgr. Ignatz Seipel will be Foreign Minister. Prince
Starhemberg, as a representative of the Austrian
Fascists, will be Minister of the Interior, while Dr.
Franz Hueber will be Minister of Justice. In a
report to the New York "Times" it was indicated
that other portfolios will be assigned as follows:
Vics-Ohancellor and Minister of Social Welfare,
2113
Richard Schmitz; Finance, Dr. Otto Juch; Agriculture, Andreas Thaler; Trade, Eduard Hein, and Education, Dr. Emmerich Czermak. Most of these Ministers were members of Mgr. Seipel's previous governments. Some uncertainty was caused Thursday
by an announcement of Fascist leaders that they will
not permit the Socialists to gain power, regardless
of the outcome of the national elections.
Movements of protest against the Administration
of President Gerardo Machado gained in force and
extent this week, causing perturbation in official
circles in Cuba and in this country. Havana reports
of Tuesday stated that Cuban secret police had discovered an alleged plot against the Government by
students of the National University, Communist agitators, and others. This discovery resulted in a
clash between the students and the police in which
four students and two policemen were seriously injured and at least six others wounded. A thorough
investigation of this "anti-Government riot" was
ordered by the Cuban Department of the Interior,
while the American Embassy also started an inquiry.
The following day saw a press censorship established
in Cuba, and on the basis of this development it
was rumored that a rebellion was under way. The
State Department at Washington set fears at rest,
however, by issuing an announcement that there had
been no further disorders. Censorship orders were
directed particularly, Cuban reports said, against
the newspaper "El Pais," which was said to contemplate publication of subversive letters. President
Machado made a formal request to the Cuban Senate
Thursday for permission to suspend constitutional
guaranties until after the national elections on
Nov. 1. The growing unrest in the country caused
this drastic action, which Havana observers believed
would be supported by the Congress. Although the
action would not be equivalent to martial law, it
would amount to the establishment of a virtual dictatorship in the Isand. As the United States has
special obligations toward Cuba under the Platt
amendment, Secretary of State Stimson admitted
in Washington Thursday that events in Cuba are
being carefully watched. He made it clear, however, that the State Department would not recommend intervention to save the Government of Senor
Machado from overthrow unless such a revolutionary
movement were accompanied by threats to American treaty obligations.
Recent reports of political disaffection in other
South American countries than Argentina, Peru,
and Bolivia where upsets have actually occurred,
were shown this week to have some basis in truth.
In Ecuador, President Isidro Ayora presented his
resignation to Congress Monday with the explanation that he did not wish to be an obstacle to the
solution of the many political and economic questions now before the country. This action was taken
after a day of tension in Quito, and it was remarked
in dispatches from that center that it was probably
intended to forestall a rebellion. The Congress decided Tuesday, however, by an almost unanimous
vote, that the resignation was unacceptable. Great
confidence was expressed in Dr. Ayora, not only by
political leaders, but by civilians and prominent
military men, and President Ayora was persuaded
to retain his high office. The entire Ecuadorean
Cabinet resigned subsequently in order to onablo
2114
FINANCIAL CHRONICLE
the President to form a new regime, but Dr. Ayora
issued a decree nullifying the resignations. That
the situation which arose last week in Chile was
more or less critical was indicated by the dishonorable discharge for participation in revolutionary
activities of 17 army officers. Santiago dispatches
indicate that the Chilean Congress will be dissolved
soon and new elections held. In reports from Montevideo it was stated that there is much unrest in parts
of Brazil, but direct dispatches from that country
tell merely of minor trouble between Federal troops
and guerilla rebels. The Argentine provisional Government issued Wednesday a statement on its political intentions. As indicated previously, Senor
Uriburu and his followers intend to reform the Constitution and the Saenz Pena election law, and to
organize a new political party before calling the
promised Presidential elections.
On Monday the South African Reserve Bank reduced its discount rate from 6% to 5/
1
2%, and on
Friday the Bank of Poland raised its rate from 6/
1
2%
to 7/
1
2%. Rates remain at 6% in Spain; at 5/
1
2% in
Austria, Hungary, and Italy; at 4/
1
2% in Norway;
at 4% in Germany, Denmark, and Ireland; at 3/
1
2%
in Sweden.; at 3% in England and Holland, and at
21/
2% in France, Belgium, and Switzerland. In the
London open market discounts for short bills yesterday were 2 1/16% against 2% on Friday of last
week, while three months bills were 2 3/16@)214%
against 2(g2 1/16% the previous Friday. Money on
call in London yesterday was 114%. At Paris the
open market rate continues at 2/
1
2%, but in Switzerland there has been a reduction from 1 7/16%
to 13
/
8%.
The Bank of England statement for the week ended
Oct. " 1 shows a loss of 023,813 in bullion. This,
together with an expansion of £3,617,000 in circulation, brought about a decrease of £4,241,000 in reserves. The Bank's gold holdings now aggregate
£156,803,327 in comparison with £130,343,588 a year
ago. Public deposits rose £8,335,000 while other
deposits fell off 0,261,707. The latter include
bankers accounts which decreased 0,856,132 and
other accounts which increased £594,425. The
proportion of reserve to liabilities dropped from
55.20% a week ago to 48.76% now. A year ago the
ratio was 24.11%. Loans on Government securities
and those on other securities rose 0,480,000 and
£6,816,163 respectively. Other securities consist of
"discount and advances" and "securities". The
former increased £6,244,539 and the latter £571,624.
The rate of discount remains at 3%. Below we
furnish a comparison of the different items for
calendar years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1928.
1926.
1927.
Oct. 1.
Oct. 2.
Oct. 3.
Oct. 6.
Oct. 5.
Circulation
359,386.000 363,347.000
21,645,000 8.992.000
Public deposits
96,107,056 102.951,560
Other deposits
Bankers' accounts 61,317,731 64,909.909
Other accounts.-- 34,789,325 38,041.651
Governm't securities 44,536.247 73.766,855
Other securities- _ _ _ 34,074,346 29,481,955
Met. ee advances 11,918,677 8.507.649
22,151,669 20,974,308
Securities
Reserve notes .14 coin 57,416.000 26,995,000
Coin and bullion— -156,803.327 130,343,588
Proportion of reserve
24.11%
48.76%
to liabilities
3%
%
Bank rate
135,007,000 136,989,220 140,232,845
10,005,000 20,992,925 15.798,046
102,447,000 109.863,878 106,860,338
37,110,000 57,844,619 33,265,307
40,867.000 58,727,723 72,678,386
52,969,000 33,939,342 34,382.442
168,226,578 151.178,562 154,865,287
47.10%
%
25.94%
%
28.52%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
note) outstanding.
[VoL. 131.
The statement of the Bank of France for the week
ended Sept. 27, records another gain in gold holdings,
this time of 759,636,279 francs, The total of gold
now stands at 48.431,266,181 francs, which compares
with 39,410,827,744 francs last year and 30,662,538,043 francs two years ago. Credit balances abroad
fell off 159,000,000 francs while a gain of 157,000,000
francs in bills bought abroad raised the item to
19,004,190,549 francs. Notes circulation expanded
544,000,000 francs, raising the total of notes outstanding to 73,023,317,725 francs. The same item
a year ago aggregated 66,638,559,400 francs. French
commercial bills discounted, advances against securities and creditor current accounts show increases
of 1,216,000,000 francs, 7,000,000 francs and 1,400,000,000 francs respectively. Below we give a
comparison of the various items for the past three
years:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings_ _ __Inc. 759,636,279
Credit baba. abr'd_Dec. 159,000,000
French commercial
bills discounted-Inc. 1216000000
Bills bought abr'd_Inc. 157,000,000
Adv. agt. secure_ _Inc. 7,000,000
Note circulation —Inc. 544.000,000
Cred. curr. sects--Inc. 1400000000
COMPARATIVE STATEMENT.
Status as of
Sept. 27 1930. Sept. 28 1929. Sept. 29 1928.
Francs.
Francs.
Franca.
48,431,266.181 39,410,827,744 30,662,538,043
6,567,305,471 7,208,997,528 12,691,911,307
6,146,500,782 9,007,419.576
19,004.190,549 18,589,206.311
2,796.691,035 2,400,278,622
73,023,317,725 66,638,559,400
19.288,996.788 19.587,709.074
4,299.820,533
18,450.910,440
2,017,376,082
62,654.259.145
16.128.397,231
The Reichbank's statement for the fourth week of
September reveals an increase in note circulation of
711,481,000 marks. Circulation now aggregates 4,744,470,000 marks, as compared with 4,914,277,000
marks the same time last year and 4,830,152,000
marks two years ago. Other daily maturing obligations rose 28,845,000 marks and othe,
. liabilities 45,856,000 marks. The asset side of the account shows
a decline in gold and bullion of 104,792,000 marks,
in reserve in foreign currency of 52,836,000 marks
and in silver and other coin of 32,149,000 marks,
while the items of deposits abroad and investments
remain unchanged. Increases are shown in bills of
exchange and checks of 751,063,000 marks, in advances of 234,293,000 marks and in other assets of
8,140,000 marks, while notes on other German banks
decreased 17,537,000 marks. The Bank's bullion
now stands at 2,478,834,000 marks, which compares
with 2,212,044,000 marks last year and 2,396,971,000
marks the year before. Below we furnish a comparison of the various items for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Sept. 30 1930. Sept. 30 1929. Sept. 29 1928
Retchsmarks. Redchsmarks. Reichsmark:. Retchsmarks.•
Assets—
Dec. 104,792,000 2,478,834,000 2,212,044,000 2,396,971.000
Gold and bullion
149,788,000 149.788,000
Of which depos.abr'd_ Unchanged
85.626.000
Res've in for'n curr...Dec. 52,836,000 170,913,000 335.382.000 179.355,000
Bills of each.& checks.Inc. 751,063,000 2,102,214,000 2,841,244,000 2,589,515,000
Silver and other coin_ _Dec. 32.149.000 148,862,000 103,870,000
79.417,000
Notes on oth.Ger.bke_Dec. 17,537,000
4.474.000
3,018,000
4,610,000
Inc. 234,293,000 290,332,000 186,295,000 101,554,000
Advances
Unchanged
Investments
92,755,000
102,666,000
93,819,000
Inc. 8,140,000 685,632,000 650.980,000 554,755,000
Other assets
Liabilities—
Notes in circulation_ _ Inc. 711,481,000 4,744,470,000 4,914.277,000 4,830.152.000
Oth.dally matur.oblig.Ino. 28,845,000 472,082,000 501,248,000 503,026,000
Inc. 45,856,000 274,190,000 368,205,000 252.678,000
Other liabilities
Money rates in the New York market showed only
minor fluctuations this week, levels in all departments holding substantially to those current previously. Exceptionally low rates for call money were
recorded Monday, but as the greater demands incidental to the month-end period appeared, slightly
higher quotations were made. The official figure
for call loan renewals was fixed Monday at 11/2%,
OCT. 4 1930.]
FINANCIAL CHRONICLE
this being the first instance of such a low rate on
renewals since July 7 1915. New loans also were
arranged at that figure, but there was no overflow
into the Street market, as banks withdrew approximately $40,000,000 in the course of the session. Beginning Tuesday morning, Stock Exchange call
money was quoted throughout at 2%. Withdrawals
of a further $40,000,000 occurred Tuesday, and this
again kept the market sufficiently tight to prevent
outside offerings at concessions. Although bank
withdrawals again totaled $25,000,000 Wednesday,
funds overflowed into the Street market, where a
rate of 1/
1
2% was reported. In Thursday's session,
and again yesterday, withdrawals were nominal and
funds were freely offered in the Street market at
1/
1
2%. Time loans were easy, but rates were not
materially changed. Of interest to the money market was an announcement by 11 prominent savings
banks in New York City of a reduction in the interest rate paid their depositors from 4/
1
2% to 4%.
Two tabulations of brokers' loans both showed substantial reductions in the volume of loans outstanding. The Federal Reserve Bank of New York statement, covering the week ended Wednesday night,
reflected a drop of $159,000,000, while the Stock Exchange tabulation for the full month of September
showed a reduction of $117,180,308. Gold movements at New York for the week to Wednesday
night, reported by the Reserve Bank, showed imports of $620,000 and exports of $1,965,000. There
was a net decrease of $3,992,000 in the amount of
gold held ear-marked for foreign account.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, all loans were at
1/
1
2% on Monday, including renewals, and at 2%
on every day thereafter. The market for time money
continued easy, and the only change in rates has
been the marking down on Monday of the rate for
four months from 2/
1
2@23
/
4% to 21/
4@2/
1
2%. Rates
are now 1/
1
2@2% for 30 days; 2@2I/
4% for 60 days;
2%@2/
1
2% for 90 days, and also for four months,
and 2/
1
2@23
/
4% for five and six months. The demand for prime commercial paper has continued
brisk, but business has again been curtailed, the
same as in previous weeks, because of the shortage
of satisfactory offerings. Rates are unchanged,
extra choice names of four to six months' maturity
being quoted at 3%, while names less well known
are offered at 3/
34@3/
1
2%.
The demand for prime bank acceptances continued
good throughout the week, but the offerings were
small and the call for prime paper could not be met.
The supply of prime bills was larger on Friday,
and a more optimistic tone prevailed in the market.
The 12 Reserve Banks reduced their holdings of
acceptances during the week from $197,743,000 to
$193,108,000. Their holdings of acceptances for foreign correspondents further declined from $432,624,000 to $431,411,000. The posted rates of the
American Acceptance Council continue at 2% bid
7 % asked for bills running 30 days, and also
and 1/
for 60 and 90 days; 2/
1
2% bid and 2% asked for 120
days, and 23
/8% bid and 2y4% 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 rates
for acceptances also remain unchanged, as
follows:
prime eligible bills
Prime eligible bills
2115
SPOT DELIVERY.
--180 Days— —150 Daps— —120 Dap-Bid. Asked.
Bid. Asked.
Bid. Asked.
234
2%
2%
2
2%
234
—90Days— —60Days---- —30Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
2
2
114
114
2
114
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
254 bid
254 bid
.2here have been no changes this week in the rediscount rates of any of the Federal Reserve Banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cletmland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effed on
Oct. 3.
3
234
334
334
314
334
334
34
834
334
334
3%
Data
Established.
Previous
Rate.
July 3 1930
June 20 1930
July 3 1930
June 73930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Aug. 8 1930
31,6
3
4
4
4
4
4
4
4
4
4
4
Sterling exchange continues irregular and under
seasonal pressure. This week the market has been
especially quiet owing to the Jewish holidays. The
range has been from 4.85 9-16 to 4.85%
7 for bankers'
sight bills, compared with 4.85 11-16 to 4.85 15-16
last week. The range for cable transfers has been
4.85 13-16 to 4.86 1-32, compared with 4.85 15-16
to 4.86 3-32 a week ago. On Tuesday and several
times thereafter sterling cables were quoted at
4.85 13-16, the lowest since Sept. 15. Current
quotations have given rise to expectations that there
may be an early gold movement from London to
New York. At 4.85 13-16 the rate is barely a cent
above the gold point and London points out that
they are just now approaching the peak of the export
season. British bankers take encouragement from
the fact that sterling is disposed to hold its own
as compared with francs and see the possibility of
eliminating France as the principal buyer of gold
in the London open market. This week's metal
was disposed of at a price of 84s. 11 8d. per ounce.
If the price of gold can be held at that figure and
the sterling-franc rate goes above 123.90, compared
with the present figure of around 123.80, London
is hopeful that the Bank of England may secure
gold in the open market. The Bank is in a comparatively good position to meet an extraordinary
seasonal drain as compared with last year, although
it would probably have to operate on a narrow
margin before a gold movement to New York could
run its course. However, bankers are not at all
agreed that such a movement is likely to take
place in the immediate future. In some quarters
it is believed that sterling has good prospects of
ruling closer to 4.86, which would prevent an outflow
of gold from London.
The market, it appears, has experienced an oversold condition due to the approach of the British
import season. An upward reaction is to be expected
in such a case, but it can have little effect upon the
long term swing, which should be toward lower levels
until after the turn of the year. Conditions in the
London money market continue to make for abnormal
ease, with little prospect of any upward reaction in
rates for some considerable time. Such a return of
firmer money, it is generally thought in London,
2116
FINANCIAL CHRONICLE
must await definite trade revival. Meantime London
banking deposits are increasing and the supply of
bills diminishing, indicating the great contraction of
discount business •which follows naturally on the
slump in trade and in commodity prices. The
current rate on the best three-months commercial
bills is no higher than 2%, with a still lower rate in
prospect. It is not likely, however, that the Bank
of England will reduce its official rate, as such action
would not influence the situation one way or another.
Gold continues to flow out to France from the
London open market owing to the low level of the
sterling-franc rate. This week the Bank of England
shows a loss in gold holdings of £623,813, the total
standing at £156,803,327, which compares with
£130,343,588 a year ago. On Saturday the Bank of
England exported £2,000 in sovereigns. On Monday
the Bank sold £148,528 in gold bars and exported
£3,000 in sovereigns. The gold bars are believed to
have been sold to France. On Tuesday the Bank
bought £88 foreign gold coin, sold £17,472 in gold
bars, and exported £2,000 in sovereigns. There was
£390,000 South African gold available in the open
market on Tuesday, of which £300,000 was taken
for shipment to France and the balance absorbed by
India and the trade at a price of 84s. 1178d. In
addition to the offering of South African gold on
Tuesday a further £630,000 was offered on Wednes(lay, of which £30,000 was from West Africa, while the
source of the balance was not disclosed. The whole
amount was taken for shipment to France. London
advices from Cape Town on Tuesday stated that the
mail boat due to arrive in London Oct. 13 is carrying
£750,000 in sovereigns, as well as £859,139 bar gold,
the largest consignment from South Africa since April
1927. On Wednesday the Bank of England sold £22,742 in gold bars and exported £1,000 in sovereigns.
On Thursday the Bank sold £5473 in gold bars. On
Friday the Bank received £1,070,000 sovereigns from
Brazil, bought £37 gold bars, sold £17,349 gold bars
and exported £6,000 sovereigns.
At the Port of New York the gold movement for
the week ended Oct. 1, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$620,000, of which $504,000 came from Brazil and
$116,000 chiefly from other Latin American countries. Exports totaled $1,965,000, of which $1,000,000 was shipped to Canada and $965,000 to
Venezuela. In tabular form the gold movement at
the Port of New York for the week ended Oct. 1, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK,SEPT.25-OCT. 1,INCLUSIVE.
Exports.
Imposts.
$1,000,000 to Canada.
8504,000 from Brazil
965,000 to Venezuela.
116,000 chiefly from other Latin
American countries.
$820,000 total.
$1,965,000 total.
Nei Change in Gold Earmarked for Foreign Account.
Decrease $3,992,000
On Thursday the Guaranty Trust Co. of New
York, announced the receipt of $155,000 gold bullion
•from Brazil.
• During the week the Federal Reserve Bank reported
• the receipt of $281,000 at San Francisco from China.
Yesterday, press dispatches stated that Yokohama
Specie Bank, which is officially charged with maintaining yen exchange, has shipped another consignment of gold to San Francisco amounting to $3,750,000.
[VOL. 131.
Canadian exchange continues at a premium though
the undertone is weaker. On Saturday and Monday
of 1%; on
Montreal funds were at a premium of
Tuesday at 3-32; on Wednesday at 3-64; on Thursday
at 5-64; and on Friday at 5-64 of 1%. The comparative ease in Montreal, which is now around the
lowest Aug. 20, when the rate dipped suddenly to
par, is due to the decrease in Canadian grain shipments. At present rates Canada would seem to be
definitely removed as an importer of United States
gold, at least until the world increases its demand
for grain.
Referring to day-to-day rates, sterling exchange on
Saturday last was irregular in a dull half session.
Bankers' sight was 4.85%@4.85 27-32 cable transfers 4.86@4.86 1-32. On Monday sterling was
dull, with an easier tone. Bankers' sight was
4.859@4.85 13-16; cable transfers, 4.85 31-32@
4.86. On Tuesday sterling was under pressure.
The range was 4.85/@4.85 13-16 for bankers' sight
and 4.85 13-16@4.86 for cable transfers. On Wednesday exchange was steady. The range was 4.85 9-16
@4.85% for bankers' sight and 4.85 13-16(4)
4.85 29-32 for cable transfers. On Thursday the
market continued steady. Bankers' sight was 4.855A
@4.85%; cable transfers, 4.857A@4.85 15-16. On
Friday sterling was firm; the range was 4.85%@
4.857A for bankers' sight, and 4.86@4.86 1-32 for
cable transfers. Closing quotations on Friday were
4.85 13-16 for demand and 4.86 for cable transfers.
Commercial sight bills finished at 4.85 13-16, 60-day
bills at 4.8378, 90-day bills at 4.83, documents for
payment (60 days), 4.83, and seven-day grain
bills at 4.85 5-16. Cotton and grain for payment
closed at 4.85 13-16.
Exchange on the Continental countries continues
to show fractional ease as a result of seasonal pressure.
German marks, while easier, have shown remarkable
strength considering the flow of funds which took
place from Germany to other centres following the
elections. The steadiness in marks is due largely to
support by the Reichsbank. As noted here last week,
the Reichsbank made a shipment of gold to France
totalling 70,000,000 Reichsmarks. On Tuesday the
Reichsbank shipped another Rm. 35,000,000 gold
to Paris, although it was reported that the demand
for foreign exchange in Berlin was becoming considerably smaller, and the German authorities believe that
barring unforeseen unfavorable developments the
flight of capital which has been in progress more or
less constantly since the German elections is at an
end. It is understood that the total gold shipments
from Berlin to Paris on the movement reached 175,000,000 gold reichsmarks. There is every indication
of a slowing down in the movement of capital from
Germany and sentiment has improved.
French francs are easier both with respect to the
dollar and to sterling exchange, although as noted
above practically all the open market gold and a
considerable volume out of the vaults of the Bank
of England was shipped to France during the week.
This week the Bank of France shows an increase in
gold holdings of 759,636,000 francs, the total standing at 48,431,000,000 francs, which compares with
39,410,000,000 francs a year ago and with 28,935,000,000 francs reported in the first statement of the
Bank of France following the stabilization of the
franc in June 1928. Supplies on the Paris money
market continue extremely abundant and as a aonse-
OCT. 4 1930.]
FINANCIAL CHRONICLE
2117
quence credit requirements are smaller. The out- 10.35 for bankers' sight bills and at 10.36 for sable
side discount rate remains at 2%, day money being I transfers, which compares with 10.65 and 10.66.
4%. Paris expects France to
freely offered at 13
Exchange on the South American countries conshow a large import commodity excess, chiefly attributable to A reduction in exports, both in weight tinues dull and irregular. Argentine paper pesos
have receded somewhat from the firmness displayed
and in value.
when
the Uriburu party succeeded the Yrigoyen
The London check rate on Paris closed at 123.83
Government.
in power. Argentine business has imon Friday of this week, against 123.78 on Friday of
proved
vastly
during the past few weeks and Buenos
last week. In New York sight bills on the French
Aires
business
men consider the prospect bright for
Friday
of
centre finished at 3.92%, against 3.923/ on
last week; cable transfers at 3.923/
2, against 3.92%, 1931. Nevertheless the peso, it is thought, will conand commercial sight bills at 3.923/s,.against 3.923. tinue to be quoted low until there is some reform in
Antwerp belgas finished at 13.943/ for checks and at the Argentine financial structure. Meanwhile the
13.953/i for cable transfers, againt 13.93 and 13.94. currency is suffering as a result of the retarded export
Final quotations for Berlin marks were 23.79% for season and the low prices of major commodities.
bankers' sight bills and 23.803 for cable transfers, Total wheat exports for the year to the middle of
in comparison with 23.80 and 23.81. Italian lire September were 69,656,205 bushels, compared with
closed at 5.233/ for bankers' sight bills and at 5.239( 204,380,758 bushels during the corresponding period
for cable transfers, against 5.23 9-16 and 5.233
4. in 1929. The total corn exports since Jan. 1 were
Austrian schillings closed at 14.11, against 14.11; 110,448,450 bushels, compared with 145,274,932
exchange on Czechoslovakia at 2.963/
2, against bushels last year. Flaxseed exports were 37,577,990
2.96%; on Bucharest at 0.59%, against 0.593/2; on bushels, compared with 58,373,257 bushels a year
Poland at 11.22, against 11.22, and on Finland at ago. The wool season closes on Sept. 30. Wool
2.51%, against 2.51%. Greek exchange closed at exports to date are 320,336 bales, compared with
1.293
/
8 for bankers' sight bills and at 1.29% for cable 341,864 bales a year ago. At present, as during the
latter part of last week, peso exchange was depressed
transfers, against 1.29% and 1.29%.
by heavy buying of dollars by the Bank of the
Nation to cover interest payments of $1,600,000 in
Exchange on the countries neutral during the war New York on Oct. 1. Brazilian milreis are fracpresents conflicting aspects. Holland guilders con- tionally firmer. The improvement in the Brazilian
tinue to show exceptional firmness. Swiss francs unit is due largely to heavy gold exports from Brazil
are firm. Scandinavian currencies are on average to New York and London. As noted above, Brazil
fractionally lower but steady, while Spanish pesetas sent $500,000 gold to London this week and $659,000
have fluctuated widely and on balance have ruled was received from Brazil in New York. Argentine
considerably lower. Foreign exchanges in Amster- paper pesos closed at 35 7-16 for checks, as compared
dam have been very easy for the past few weeks, with 35 13-16 on Friday of last week and at 353
,
especially sterling and marks, which are about at the for cable transfers, against 353. Brazilian 'anis
normal gold import for Holland. According to some finished at 10.55 for bankers' sight bills and at 10.58
reports no imports are expected immediately, as for cable transfers, against 10.40 and 10.43. Chilean
measures which have been taken by some of the lead- exchange closed at 12 1-16 for checks and at 123/
8
ing central banks recently make profits on gold for cable transfers, against 12.10 and 12.15. Peru
imports somewhat precarious. However, bankers in at 33.25, against 34.
New York regard it as quite possible that Holland
may take gold from both London and Berlin. There
Exchange on the Far Eastern countries is slightly
were heavy transfers of funds from Germany to lower so far as the Chinese units are concerned as a
Amsterdam in the past few weeks and while this flow result of the lower prices in silver. Silver prices
has virtually ceased, it is understood that there is weakened this week mainly owing to pressure from
still some movement of German funds to Dutch China. There were some offerings in the London
securities. Spanish pesetas broke sharply in Mon- market from the Continent, while the United States
day's trading and declined to new levels when quoted operated both ways in moderate amounts. Weakness
at 10.46 in London and 10.48 in New York. In in Shanghai exchange is attributed to the adjustment
Tuesday's trading the peseta was drivens still lower by Chinese operators of oversold positions in gold
to 10.35 for cable transfers in New York. Private exchanges, making the outlook for silver uncertain
advice from Spain stated that the newly created at the moment. Japanese yen are steady and ruling
exchange bureau is unable to lend support and the fractionally higher than a week ago. While silver
only effect had been a retardation of exchange prices have been lower, an apparent improvement in
operations in Spain.
the political situation in China has been helpful to
Bankers' sight on Amsterdam finished on Friday Japanese business. The large shipments of gold
at 40.323, against 40.31% on Friday of last week, from Japan to the United States are also an important
cable transfers at 40.333, against 40.33, and com- factor in giving firmness to the yen. Closing quotamercial sight bills at 40.303', against 40.283'. Swiss tions for Japanese yen yesterday were 49.49©
2 for bankers' sight bills and at 49 11-16, against 49.45@49 9-16; Hong Kong closed
francs closed at 19.403/
19.413/i for cable transfers, against 19.393j and at 323/
8@32 5-16; against 32%@32 9-16; Shanghai at
19.4034. Copenhagen checks finished at 26.7534 and 39 7-16©39%, against 39%(4)39%; Manila at 493;
cable transfers at 26.763', against 26.75% and against 4938; Singapore at 56%@56 11-16, against
26.77. Checks on Sweden closed at 26.8534 for 56%@56 11-16; Bombay at.3634, against 36k, and
bankers' sight bills and at 26.863 for cable transfers, Calcutta at 3634, against 3634.
against 26.85% and 26.87; while checks on Norway
finished at 26.7534, and cable transfers at 26.763/
2, Pursuant to the requirements of Section 522 of the
against 26.74% and 26.76. Spanish pesetas closed at Tariff Act of 1922, the Federal Reserve Bank is now
2118
FINANCIAL CHRONICLE
[Vol.. 131.
certifying daily to the Secretary of the Treasury the
The Financial Proposals of the German
buying rate for cable transfers in the different counGovernment.
tries of the world. We give below a record for the
The financial program announced by the Bruening
week just passed:
Government on Tuesday is an elaborate proposal
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE. embodying, naturally
, a number of items not preBANKS TO TREASURY UNDER TARIFF iCT OF 1922,
viously
intimated
in
unofficial forecasts, but withSEPT. 27 1930 TO OCT. 3 1930, INCLUSIVE.
out the plan of compulsory labor which it had been
Noon Buying Rate for Cable 7'ransfersin New York.
expected would be brought forward as an alternaMinus and Moneta
Value in United Slates Money.
Unit.
tive
to the government dole. "The plan," the GovSept.27. Sept.29. Sept. 30. Oct. 1.
Oct. 2.
ernment
statement declares,"is born of the dire need
EUROPE$
$
$
$
6
S
Austria,schillIng____ .141176 .141015 .141095 .141079 .141062 .141062
of the times." The collapse of the prices of raw
Belgium, belga
.139401 .139402 .139450 .139430 .139458 .139472
Bulgaria, lev
.007229 .007219 .007219 .007219 .007219 .007219
materials in world markets necessitates a revision
Czechoslovakia, kren - .029667 .029675 .029670 .029668 .029666 .029669
Denmark, krone
.267636 .267625 .267631 .267561 .267584 .267628
of the pre-war point of view, and instead of the imEngland, pound
sterling
4.859872 .859721 1.858636 4.858437 4.858579 .859815
portation of great amounts of foreign capital "we
Finland. markka.--- .025175 .025178 .025167 .025166 .025167 .025167
France. franc
.039253 .039245 .039240 .039235 .039244
are
faced with its exportation in the form of interest
Germany, reichemark .238076 .238065 .237973 .237972 .238090 .039248
.238032
Greece, drachma
.012956 .012948 .012948 .012948 .012948 .012950
fundings and reparations. The results are a shortHolland, guilder
.403285 .403393 -.403400 .403339 .403219 .403330
Hungary, pengo
.175070 .175043 .175037 .175013 .175025 .175054
age of capital, high interest rates, dullness of busiItaly. his
.052367 .052366 .052367 .052366 .052368 .052373
Norway. krone
.267581 .267563 .267583 .267517 .267531 .267530
Poland, zloty
ness and growing unemployment." What must be
.112045 .112005 .112005 .112109 .112031 .112090
Portugal. escudo
.044950 .044883 .044900 .044895 .044862 .044883
Rumania.leu
done
first of all, the statement continues, is to
.005959 .005955 .005950 .005949 .005950 .005950
Spain, peseta
.106294 .105064 .103321 .103454 .103266 .103461
Sweden. krona
"create
.268623 .268618 .268630 .268588 .268598 .268619
an orderly, balanced budget for the coming
Switzerland, franc- .193986 .194023 .194036 .194039 .194047
Yugoslavia, dinar.--- .017717 .017712 .017712 .017704 .017711 .194116
year"
by
a plan which shall "not include increased
.017709
ASIAChina-Chefoo Mel- - .412083 .407916 .400416 .402083 .402916
taxes,
but
rather sharp savings." No increases are
.407916
Hankow tael
407500 .403750 .396875 .398125 .399062 .404062
Shanghai tadl
.397500 .393750 .387589 .388303 .389673 .393392
to
be
made
for three years in the expenditures of the
Tientsin tadl
.417500
413333 .405833 .407500 .408333 .413333
Hong Kong dollar
.321785 .320089 .317321 .318839 .319446 .321160
States, of the Reich or of the communes, and "all
Mexican dollar _ -- .288750 .287187 .280937 .281562 .283125
.286250
Tientsin or Poly
excess funds resulting from taxation must be devoted
dollar
.288333 .285416 .279583 .280833 .282500 .285833
Yuan dollar
.285416 .282500 .276250 .277500 .279166 .282500
to a decrease in taxes." Only by a reduction of
India, rupee
.359907 .359964 .359964 .359950 .359950 .359935
hipan. yen
.494546 .494498 I .494709 .494662 .494837 .494862
public
salaries and of wages in private industry "can
Kngapore (8.8.) do
.561875 .561458 .561458 .5614,58 .561875 .562500
NORTH AMER.
production be stimulated and waxing unemployDanada. dollar
1.001227 1.901132 1.8)0827 1.050488 1.000716 1.000661
3uba, peso
.999937 1.000218 .999906 .999781 .999437 .999343
Weide°, peso
ment be checked."
.473600 .473450 .473350 .473087 .473087 .472525
gewfoundland, dol
.998625 .998375 .998093 .997818 .998093 .998000
SOUTH AMER.
The reference in the Government statement to
krgentlna. Peso (gold) .811604 .807383 .801714 .802362
.800945 .800792
Snail. milreis
"dire
104100 .104150 .104750 .104880 .105150 .104937
need" is no over-emphasis, for the financial
Mlle, Peso
121001 .121000 .120991 .120931 .120982 .120992
Jruguay. peso
.819261 .817201 .805331 .304112 .804737 .805178
situation of the Treasury has for some time been
3gombia. peso
.965300 .965300 1.965300 .965300 .965300 .965300
recognized as serious. For the year ending March
31, 1931, the expected deficit is estimated at from
750,000,000 to 900,000,000 marks, about 40% of
As the Sub-Treasury was taken over by the Fed- which is due to increased outlay for unemployment
eral Reserve Bank on Dec. 6 1920, it is no longer insurance and the remainder to an expected reducpossible to show the effect of Government operations tion in receipts from taxes. A deficit of some 350,in the Clearing House institutions. The Federal 000,000 marks also hangs over from previous years.
Reserve Bank of New York was creditor at the Clear- To balance the budget for the present year (provision for the accrued deficit of former years appears
ing House each day as follows:
not to be included in the new program) it is proposed
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
DANK
to reduce expenditures by 1,000,000,000 marks,
AT CLEARING HOUSE.
partly by reducing all official salaries, including
Saturday, Monday, Tuesday. Wednesday Thursday, Friday,
Aggregate
those of railway and postal employees, partly by
Sept. 27. Sept. 29. Sept. 30.
Oct. 1.
Oct. 2.
Oct. 3.
for Week.
increasing the contributions of employers and work141.000,000 100,000,000 163,000,000 193,000,000 178,000,000 188,000,000
Cr. 968.000,000
ers to the unemployment insurance fund, and partly
Note.-The foregoing heavy credits reflect the huge mass of checks which
come by cutting down the appropriations
allotted to
to the New York Reserve Bank from all parts of the country in the operation
of
the Federal Reserve System's par collection scheme. These large credit
balances, various government departments.
The salary rehowever, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable in New York City are represented ductions, it is stated, are not to go into effect until
is the daily balances. The large volume of checks on institutions located
outside April next, presumably because a 5% cut in
the pay
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 of civil servants has already been
made this year,
Bank for collection for the account of the local Clearing House banks.
although a sharp reduction in diplomatic salaries,
effective Oct. 1, was announced on Friday. The
system of tax collection, now inordinately exThe following table indicates the amount of pensive, is to be overhauled and
the collection costs
bullion in the principal European banks:
"reduced. The only tax increase announced is on
tobacco. The program includes a foreign loan to
October 2 1930.
October 3 1929.
Banks of
tide
over the next few months, and arrangements
Gold.
Silver. I Total.
Gold.
Silver. I Total.
for a loan of $125,000,000 to be floated by a group
England_ - 156.803,327
156,803.327 130.343.588
130.343,000 of American, German, Swiss, Swedish
and Dutch
(d)
France a__ 387.450,129
387,450.129315,286,822
(d)
315,288.622
Oermany b 116.452,300 6994,600117.446.900 103.112,800
994,600 104,107.400
98,996.000 28.465,000,127,461.000 102.594.000 28,456.000 131,050.000 bankers, headed by Lee, Higginson & Co. of New
Spain
56.525.000
56.525.000 55.807.000
Italy
55.807.000 York, were reported on
Thursday to be nearing
Netberrds. 32.549.000 2,014.000 34.563.
36.920.000
36.920,000
Nat'l Bela. 34.564,000
34,564,000 29,182.000 1,269.000 30.451.000
Switzerl'd_ 25,585,000
25.585.000 21.306.000 1,244,000 22.550,000 completion.
13.459.111 13.450,000
Sweden ... _ 13.459,000
13.450,000
The tax relief and other measures which the pro9,566,
Denmark
9,566.
9,586.000
409.0009,995.000
8.139.111 8,154.000
Norway
8.139,000
8,154.000 gram contempla
tes, as summarized in a dispatch to
Total week 940,088,756 31.473.600 971.562.356825.742.010I 32.372.600 858.114.610
Prey. week 939,669.029 31.464,600971.333.629823.752.4681 32.4l9.600856.172,068 the New York "Herald Tribune", include the
abolition of the property tax on farms worth less than
•These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held 20,000 marks,
the substitution of a single uniform
abroad, the amount of which the present year is £7,489,000. C As Of Oct. 7 1924
d Sliver la now reported at only a trifling sum.
tax for various other taxes on farm property, and
OCT. 4 1930.]
FINANCIAL CHRONICLE
2119
the raising of the tax-free limit on property to 20,000 financial situation, the obligations to other nations
marks; exemption from the sales tax of businesses by which Germany is bound, and the emergence of
with an annual turnover of less than 5,000 marks; international political discussions of which Germany
a reduction in transportation taxes, and a 20% re- is in a way the centre, create conditions quite differduction in taxes on real estate.. The proposals cut from those which hitherto have appeared to
further include, in addition to reform of tax collec- determine the course of the Socialists. Nothing
tion and the unemployment insurance system, the could be more certain than that, if European peace is
participation of the Reich in the preparation of State to be maintained, Germany must fulfill its obligabudgets, financial relief for East Prussia, the fixing tions under the Young Plan. In order to meet the
of a maximum limit for expenditures of public reparations payments, on the other hand, there must
bodies, including the Reich, the States and the coin- be a very substantial increase of revenue, either
mulles, with the stipulation that budget surpluses directly through taxation or indirectly through exshall be used to reduce taxes, and the enactment of a tensive and drastic economy. It is this situation
definitive financial arrangement between the Reich that the Bruening program is designed to meet. By
and the States to go into effect by April 1, 1932.
readjustment of the financial system, without any
• This, in substance, is the demand with which the general increase in taxes, comprehensive reductions
Reichstag will be faced when it meets on Oct. 13. As in salaries and wages, and a lightening of the load
each of the items of Chancellor Bruening's program of unemployment relief borne by the Treasury,
requires a separate bill, and as the exact bearing of Chancellor Bruening evidently hopes to stimulate
one measure upon others cannot be determined with- industry and trade to the point where the budget can
out considerable study, the opportunity for debate be balanced and deficits wiped out. The favorable
would seem to be wide. For the moment,apparently, reception accorded to the Government proposals by
the only specific thing that the Reichstag will be leading industrial organizations, and the reported
asked to do is to vote the required foreign loan, the belief in banking circles that the adoption of the
remaining items forming parts of the new budget program will cement confidence abroad in the finanwhich does not have to be adopted finally until next cial stability of Germany, would seem to be arguApril. The Chancellor has made it clear, however, ments that will weigh heavily with the Socialists and
with the full approval of President von Hindenburg, perhaps, upon further reflection, even with the Fasthat political or party obstruction or prolonged de- cists. In any case, if the Government proposals
bate will not be tolerated, that the program is to be are rejected and the suggestion of a dictatorship is
accepted without material alteration, and that in not carried out, some other program that will accomcase the plan is rejected it will be put into effect by plish the same beneficent results will have to be
decree, the Reichstag being set at one side for the framed, and responsibility for that undertaking is
time-being and the actual powers of government something which no single party appears at the
exercised by a directorate of a few persons, among moment anxious to assume.
them the President of the Reich, the Chancellor, and
The coming week, accordingly, will be a time of
the Minister of War. Germany, in other words, special interest for Germany and for Europe as well.
would pass under a form of dictatorship and parlia- In spite of the irritation occasioned by the raising
mentary government would be suspended.
of the question of treaty revision, European opinion
Interest in the situation, accordingly, turns upon on the whole appears to be friendly. The movement
the possibilities in the party situation. Adolf Hitler, for regional trade agreements, such as the agriculthe Fascist leader, has promptly denounced the pro- tural trade agreement recently concluded between
posed procedure, and in any case neither the Fascists eight States of eastern Europe, and the resolution
nor the Communists could logically have been ex- adopted on Tuesday by the Association of Belgian
pected to support it. Assuming that the moderate Textile Groups urging Belgium to accept the offer
parties, in general at least, will side with the Govern- of a commercial agreement with The Netherlands,
ment, the question of parliamentary government Denmark, Norway and Sweden, testify to the need
versus a dictatorship of some kind evidently lies that is widely felt for co-operation. Even in France,
with the Socialists to answer. It has been clear, ever where fear of German resentment is most freely
since the results of the recent election were known, expressed, there is no desire to see Germany finanthat the Bruening Cabinet could not expect to con- cially embarrassed or reparation payments intertinue in office without the Socialist support. Such rupted.
support, it has been pointed out, could be given in
Whatever the outcome, there is no denying that
either of two ways—by actual participation in the Chancellor Bruening has shown marked political
Cabinet through some reconstruction which would courage in formulating his program. On the heels
make place for Socialist members, or indirectly by of an election which has not only left him, as before,
refraining from opposition. Bearing in mind the without a party majority and at the mercy of a
strong opposition which the Socialists made to the coalition, but which has also shown a striking growth
Bruening financial proposals which were put into of extreme radical sentiment, he has invited the waroperation by decree after the previous Reichstag had ring parties to sink their differences and work tobeen dissolved, and the persistent refusal of the party gether for the common good. The fact that the pro.
to enter a bourgeois Ministry, what likelihood is gram is drastic in some of its most important
there that the attitude of the party will be reversed features, and that the invitation to accept it is in
now?
fact an ultimatum with an overriding of constituFor the final answer to that question we must, of tional procedure as the alternative, testifies nevercourse, await the conclusion of the conferences which theless to the conviction of the Chancellor and
Chancellor Bruening is holding with the leaders of President von Hindenburg that strong measures are
the various parties, with the view of ascertaining needed and to the readiness of those officials to take
the possibilities of going on under a coalition Gov- them. The inherent soundness of the program
that
ernment. On the other hand, the seriousness of the has been announced,and its sufficiency for the situa-
2120
FINANCIAL CHRONICLE
tion for which it has been contrived, must of course
be left for time to demonstrate, but it is certainly to
be hoped that the Reichstag, representative as it is
of all shades of German opinion, may so far co-operate with the Government as to throw no discredit
upon the ability of parliamentary institutions to
deal effectively with a national crisis.
[Vol,. 131.
sylvania in making known their attitude toward the
tariff bill," when it was a foregone conclusion in
some minds that they would ultimately sign it. We
find these examples quite insufficient to justify the
statement a little later in the article as follows:
"Not only do our newspapers share the interests and
purposes of Big Business; they ape its methods.
This is indicated by mergers, chains, standardization, and mass production from a cheap and
Editors and Readers.
ephemeral material, with which we need not deal
Readers often wonder why the newspaper con- here, and by selling methods
. It is the common
tains so much trifling matter. But is not much of belief of newspaper owners and
editors that emolife, at the present time, made up of incidents and tional patterns of news bring
more customers than
doings that are of little importance? Can the patterns which are informa
tive and mentally ex"news" be printed in full by ignoring the inconse- citing." And as an illustra
tion he brings into view
quential things? What the proportion should be his paragon of newspapers,
the New York "Times,"
between the trivial and the serious is another con- which on a certain day gave
to a treaty between
sideration. And here, usually, the reader and the Greece and Turkey "14 column
inches on page 13,
editor part company. The point of view of the (and) on the same day, in its sports
pages, it gave
reader is narrowed to his own likes and dislikes, 68 column inches to an approac
hing encounter behis own opinions and ideals; that of the editor is tween two second-rate pugilist
s. Nothing had hapbroadened to that of all men, their interests and pened. The prospect of a fight
between two obscure
desires, their needs and wants. Mr. Silas Bent, bruisers was worth, in the judgmen
t of that daily's
writing in October "Scribner's" on "Newspaper editors, six times as much space
as a compact beTruth," says: "The press keeps us in ignorance of tween two European powers."
many useful facts, while befouling its pages with
Now we would never select the "Times" as proof
murders, scandals, night club hostesses, and the of disparity in the selectio
n of "news," for it prints
filth of the courts, and belittling itself with trivia. probably more foreign
news than any paper in the
Dr.John W.Cunliffe, director of the Pulitzer School country—if it is in fault
it prints too much foreign
of Journalism, has proposed formally that it be matter. It might leave
out a part and select doleft to the discretion of judges sitting in cases, what mestic news of an informa
tive and enlightening chartestimony shall be published, rather than to the acter that would
make it a better family paper for
sensation-hungry reporter. The 'duty of selection,' reading under
the evening lamp. But that evidently
he says, 'is of great importance to 'the profession of is not its
ambition, and criticism ends there. As
journalism.'"
to the importance to the personal lives of readers
We may pass by the impracticability of this sug- of this foreign treaty
and the prize fight, one might
gestion to recite the theme of Mr. Bent's article: a say it is "six of
one and half dozen of the other,"
sort of copartnership between the press and "Big and that neither is necessa
ry to our social and busiBusiness" as manifested by the suppression and ness life, but, of course,
this would be an extremist
propagation of news matter. He writes: "The ex- view. Mr. Bent,
however, is right in bringing out
planation is to be found in a community of interests the contrast in the
selection of news, and it is a topic
between metropolitan dailies and Big Business. The that constantly presents
itself to all readers of our
newspapers do not take orders from Wall Street, as metropolitan newspap
ers. We do not think it can
is commonly supposed. Theirs is not the relation be solved, however. The
paper must circulate to be
of servant and master, for they are copartners. read, and it must be read by
the many, not the few,
They do an annual business of more than a billion to prosper. As to aligning
these papers with the
dollars, and are our sixth industry in size. They motives of so-called Big
Business, and in the same
want pretty, much the same sort of thing as other breath absolving them
from direct influence, the
big businesses. They have the same ambitions. thesis is sophistical to begin
with. There is no
They exploit the same people, that 95% of the Amer- conscious connection between
Big Business and the
ican public who, according to Andrew Mellon, are business of printing a
metropolitan newspaper—and
'supported' by the remaining 5%." But is not this this in face of the charge
that "department store
a sensational presentment in itself?
advertising" is a swerving and controlling power
How is this thesis sustained? By citing the behind the throne. There
are too many conflicting
approval of the metropolitan papers of the candi- interests in the financia
l world—the paper would
dacy of Dwight W. Morrow, formerly with the Mor- hit the rocks if it did
not sail its own true course.
gan firm, for Senator of New Jersey, possibly be- The question of most
interest and of most imporcause he came out against prohibition, but more tance in news seleotio
n is not what the people
likely because he "is still on intimate terms with "want," not what
they "should have," but what
Wall Street magnates." By citing the avidity with covers the social, political
, economic business fields
which they recounted the case of Bishop Cannon's in a way to serve the
largest number for the greatest
dealings through a New York bucket shop because good. And because this
is but a general statement,
he was a "prohibition mogul" and also because the the answer remains in
the endeavor of the editor
urban population is largely "wet." "It is an edi- and in the opinion of the
reader.
torial truism that the public always gloats over the
Specialized journals are not so much trouble
d by
discovery of a flaw in a vessel of the Lord." A fur- this problem. They
become encyclopedias of inforther example tending to prove the theme, "the man- mation in a given line.
They do not have to balance
ner in which finance and politics combine to sway all kinds of news against
an ideal that must often
news reports and editorial comment was to be found conflict with classes and
interests. They will grow
in the delay of Senators Grundy and Reed of Penn- in vogue as the metropo
litan spread-all becomes more
OCT. 4 1930.]
FINANCIAL CHRONICLE
2121
know. But he comes at a time of great unrest, of
experimentation in government aid and control, and
a practical message, if he has one, must take into
account conditions political, economic, and social,
and these cannot be changed by mere educational
theory.
However, as he is a poet he will no doubt be
able to see and portray the influence of the soil upon
the soul. In order to do this he must turn away
from the huge co-operative farms now being inaugurated in Soviet Russia, and the larger-farm collective
theories being tentatively offered in our own counFarmers.
A Poet Comes to Talk to
There is a touch of irony in an Irish poet coming try, and tie the tiller to his farm by,individual ownto the United States at this time to lecture on the ership and the confidence it inspires and the liberty
benefits to the farmer of adhering to the soil. "AE," it invokes. Or so it seems to us. There are a numGeorge W. Russell, is here for that purpose. A ber of novels that are builded upon the love of the
meeting between the visitor and former Governor land which fastens sons to the heritage left by their
Smith in New York City is thus described in a fathers who were never troubled by the lure of the
current metropolitan paper: "The former Governor cities and the pleasures of urban life. The problem
wished Mr. Russell godspeed and assured him that he sets out to discuss embraces our whole social
the message on the benefits of rural life, which he and economic condition as a free people. We have
intends to carry to the American people in his lec- an abundance of rural schools, though they are
ture tour, was of the greatest importance to the technical as to knowledge imparted and are not
country. . . . Mr. Russell had told Mr. Smith broadening as to the right relation of man to soil.
he was greatly alarmed at statistics which showed Here we reach into that realm of the love of beauty,
that 4,000,000 persons had left the land in the United the duty of contentment, and the uplift of contemStates since 1920, that 19,000,01:10 acres had gone out plation of the divinity of work, which alone can
of cultivation, and that 89,000 farms had ceased to fasten the farmer to his owned acres. We are far
be farms. He said that if the same trend continued, from these incentives in our bungling attempts at
another generation would see 90% of the population aid by means of co-operative marketing associations
urban and only 10% rural. 'And that, I'm con- and similar devices. Not that these are lacking in
vinced, is a danger to life,' the poet asserted." . . . utility or to be eschewed entirely; but that the thing
"If you bring that point home in the course of your that makes the farmer stick to his farm is of a more
lectures in the United States you will be doing a spiritual character—a commingling of independence
distinct service to the country," Mr. Smith told in action and love of home, that is difficult to define.
him. "New York State is a good example of the The true farmer, though he may but dimly realize
trend you refer to. With a popnlation of about it, is copartner with the Infinite in sustaining and
11,000,000, more than 8,000,000 of them live in the satisfying life itself. The sweep of the seasons,
five cities along the Erie Canal route, New York, though they sometimes bring famine and despair,
Albany, Syracuse, Rochester, and Buffalo, notwith- are his dependence, his solace, and his determinism.
What we have to guard against in our schemes
standing the fact that there are more than 30 other
farm relief is that by our collectivism we do not
for
cities and an equal number of large villages in'the
the farmer himself. Individualist and
eliminate
State. . . . The strictly rural sections of the
patriot,
is the true independent in production and
he
of
rural
declining,
many
and
the strictly
State are
counties have a smaller population to-day than they trade. How much more he is in the spiritual sense!
had 30 years ago." . . . Mr. Russell said there In every seed the flower is hid. Put the severed cells
was need for rural industries interspersed with agri- of two flowers under the microscope and the peculiar
culture, so that the farmer's occupation would not beauty of the two blooms cannot be discerned. The
flower hid in the physical husk is a spiritual entity.
be exclusively the raising of food for the city."
Neither the farms in the State of New York nor So with the farmer in his relation to growth and
those in the Irish Free State seem to suggest the fruition. He does not create the harvest but detypical farm environment which is to be found in velops it. He touches on every hand the miracle of
the Middle West for those who till the soil. There, unseen powers that lead him to contemplation of
are the "wide open spaces," the rolling prairies, the law and purpose in all things. True he must
abundance of creeks and rivers, skirted by scant fight the brier and the burr, but the good grain never
forests, the constant sweep of prevailing winds, the fails in good ground. Peace comes to him with the
soil nf heavy block loam, and the cities, towns and dawns and sunsets. Nature is his benefactor. The
villages scattered at intervals of diminishing dis- long furrows in the springtime are roads to surcease.
tances. In these sections of our agricultural terri- As he works, he thinks. As he thinks, he aspires.
tory there are now improved means of communica- And all about him is the throb and thrill of the
tion and tansportation, making a strong appeal to Divine. Not so in the city, with its turmoil, its disthe farmer to stick to the soil, but his neighbors are tractions, its ambitions for place and pleasure. And
neither so near nor are his historic traditions so when the toiler feels the closeness of the Divine, he
abundant as on the East side of the Alleghenies. sticks to the soil.
But some practical person will remark at this
Generations have not farmed the same land. The
acres
with
point,
these
little
Why talk of these sublimated theories to a
ancestral
severyouth leaves
ance, while in the Eastern seaboard States the man who lives in and deals with the physical, who
cities themselves are grown more compelling and "works for a living"? It is well to consider this,
the cause of desertion lies in another direction. and the poet may go astray if he leans too much to
What the lecturer will be able to impart we do not the spiritual side. On the contrary, if he apotheo-
voluminous. Mr. Bent says not a word about advertising in the sense that it cumbers the paper for
the reader, who must turn and turn 40 or 50 pages
to discover the reading matter. As for the ideal
newspaper, how can it serve all men and listen to
the dictates of individuals, business interests, and
classes and schools of thought? The editors are
constantly harassed by what shall go in, what be
left out; the reader has only his own selection to
make out of an ever-growing volume.
2122
FINANCIAL CHRONICLE
sizes work and its ennobling influence he may do
great good. For farming is far more than wheatraising. We have in our recent contacts with the
farmer, as a people, become obsessed with the problem of wheat. It has led us toward collectivism
under the guise of co-operation. Making the farmer
see the vast opportunities he has to develop mind,
body, home and happiness by work on his personally
owned acres must tend to free him (rom the effects
of this popular obsession. Wheat is but a small percentage of our production. We have varied soils.
And one acre will grow a wide range of products.
Ten acres is a farm, if "worked" intensively. Liberty to choose his products, to cultivate them by
scientific processes, what an infinite range for study.
Go to the County Fairs of the Midwest for examples!
To put this love of perfecting into the farm work
develops the man. He combines theory and practice,
creates new forms and makes better the old. A touch
of Burbank on each farm would strengthen the mind,
make more sure the profits, and free the farmer from
the gloom of a national "depression." It used to be
said, in jest, that the regular writers for farm papers
did most of their farming in their studies in town.
The agricultural school has changed this. "Dirt
farmers" there are in plenty.
And it is a noble and ennobling profession. If
we go back in our history to "The Planters," we will
find that many of the "Founding Fathers," wise political philosophers they were, engaged themselves
in perfecting the grains, fruits, and animals of the
plantation. Herein is opportunity that is exhaustless. And it is not any longer restricted to the big and
rich farmers. It belongs to every man who owns
an acre. There is profit in this form of pleasure.
And there is always a market for the "best" that is
grown.
Possibilities in fruits, berries, grains, raised
on a small scale, widen with experiment and knowledge. And in the midst of one of these small landscaped farms there is the home—now by discoveries
in sound transmission put in touch with all the
world. This sylvan home is sufficient reward to the
[vm... 131.
worker and thinker if there were no more. It is
peace and independence. It gives confidence to
effort and vigor to life and love. Save for mistaken
helps, oftentimes, of politics and government, it is
refuge and retreat from the storms of reform. We
need more of these small farms with big men on
them. We need the further perfecting of this indigenous, individualism, to free us from a species of
collectivism that is creeping upon us. If thousands
in pent cities could be made to see the charm and
glory of this life, a wave of reaction would turn the
tide of migration again to the soil.
The scant, rugged, stony New England farm, in
contrast to the cotton plantations of the balmy South,
produced characters in keeping with the environment—they were slow of speech, tenacious of truth,
and impervious to the hardships of climate they
developed a peculiar love of religion and truth. The
Midwest farmer of to-day is embarrassed by the very
abundance and extent of the riches of soils, climate,
and markets he now has—augmented by machinery
neither the early North nor South knew. His large
fields have made him proud. He scorns "chicken
feed" farming. His freedom makes him reckless in
his endeavors and experiments. His two or three
principal crops on rich quarter-sections and sections
of fertile lands, have enslaved him—made him, in
fact, a victim of corn and wheat, herded him into
alliances and granges dominated by theorists and
molly-coddled by politicians.
If the poetry of the farm can be taught by a poet
whose mission is wise and earnest, good will result.
To turn away from the finance of collectivism and
wholesale marketing to these phases of individual
creation and cultivation can at least do no harm.
The man is always more precious than the farm,
big or little. The home is the indestructible wealth
of every farmer. His "opportunity" takes him into
a study of the sciences of production and gives higher
purpose to the necessary fact of making a living.
When dirt farmers use science it does not fail. When
a good farmer surveys 10 acres from his own doorway he is unconquerable by panics.
Deliberations at Annual Convention of American Bankers Association—Belief in
Desirability of City-Wide and County-Wide Branch Banking Expressed in
Resolution—State Bankers Affirm Faith in Unit Banking System—R. S.
Hecht's Views.
The subject of branch banking, as was expected, was "Unit vs. Branch or Group Banking" and in the concluding
brought prominently into the deliberations of the annual portion of his address said:
convention at Cleveland this week, of the American Bankers' Three times in recent years has this Association adopted vigorous rescondemning branch banking in any form. And vet, during all these
Association. At its session on Sept. 29, the State Bank olutions
years economic forces have been running the other way and branch banking
Division of the Association adopted a resolution, reaffirming has grown at a rapid pace.
Shall we go on and for selfish reasons attempt to block natural economic
its faith in the unit banking system, the resolution stating: forces,
or shall we frankly admit that conditions have changed and that
"We believe that sound, independent banks of adequate some modification
of our attitude towards branch banking is justified?
size, located in markets which will properly support a hank, Do not misunderstand me. I would not have you commit this Association
any fixed program at this time for I realize it would be utterly impossible
will continue to provide efficient banking facilities to thous- to
for all of our members to lay aside, suddenly, their many different opinions
ands of communities throughout the country."
and interests and unite on a fixed branch banking policy or rally to the
The stand of the general convention on the subject of support of any particular new law looking towards that end.
Nor would I. if I could, persuade you to approve the "trade-area branch
branch banking was recorded at its Oct. 1 session, with the trnking"
proposal which would overstep States rights and create new
adoption of a resolution as follows:
problems and jealousies between our different classes of banks. I would
"The Association believes in the economic desirability of community-wide
branch banking in metropolitan areas and county-wide branch banking In
rural districts where economically justified. The Association supports in
every respect the autonomy of the laws of the separate States in respect.
to banking. No class of banks in the several States should enjoy greater
rights than banks chartered under State laws."
The action of the Association came after the presentation
of an address before the Convention on Sept. 30 by R. S.
Hecht, President of the Hibernia Bank & Trust Co. of
New Orleans, and Chairman of the Association's Economic
Policy Commission. Under the title "Problems we Bankers
Must Meet," Mr. Hecht discussed, among other things,'
not even go so far as to suggest that you advocate State-wide branch banking except that I believe that in all fairness to National banks they should be
given exactly the same privileges accorded State banks in States where
State-wide branch banking is already permitted.
It is not at all necessary for us to advocate any revolutionary changes in
our banking system to adjust ourselves to the changed conditions but,on the
other hand, we should, I think, admit that we cannot adhere to the rigid
policy the Association has adopted in the past and should recognize that
some extension of branch hank privileges within such restricted territorial
limits as experience has proven would be economically sound and will
inevitably come.
It is not for me to suggest just what position this Convention may wish
to take in dealing with this problem. Nor do I see how we could hope to
get absolute unity of opinion on that subject as long as we have National
banks and State banks, commercial banks, saving banks and trust corn-
OCT. 4 1930.]
FINANCIAL CHRONICLE
2123
panies, large banks and small banks, city banks and country banks, banks
Majority is Large.
which can thoroughly well serve their community as independent unit
Several delegates sought recognition and there were appearances that
banks from a single banking house, and banks, on the other hand, whose
they had enough votes to overthrow the branch banking resolution. When
business clientele can best be served only with one or more branches.
However, while there is this inherent and desirable diversity in banking, the vote was taken, however, the nullifing resolution was defeated by a
there is at the same time a clear-cut unity of purpose running through all good majority.
Other features of the convention—the address of Presibanks,and that is to render sound.efficient, profitable service to the public.
No matter under what form of institutional organization banks may operate dent Hoover, &c., are referred
to elsewhere in this issue. A
they all exist for that one purpose, even though achieved through various
detailed account of the convention will be given in our
channels.
The American public on the other hand is primarily interested in the American Bankers' Convention number to be issued at a
continued safety of banks and if too rigid an anti-branch bank policy stands later date.
in the way of the best interests of banking and of public welfare, then let us
not hesitate to admit that the tendency of the times and the evolution of
American business call for some realignment of our views and some modi- President Hoover's Address Before Annual Convention
fication of our previous attitude on the subject.
of American Bankers' Association—Stresses InIn its account of the Association's action on Oct. 1 on the
fluence
branch banking issue the New York "Herald-Tribune's"
Cleveland correspondent said:
The first official indorsement of the principle of branch banking by the
American Bankers Association was given here today at the second general
session of the fifty-sixth annual convention. It was "recognition" of branch
banking in an extremely limited form which the Association made, but
proponents of multiple banking were greatly encouraged by even the small
success which their views achieved, for it was the first time in the long
history of the organization that anything but a hostile attitude had been
taken officially toward branch banking. . . .
"The association." reads the resolution adopted today, "believes in the
economic desirability of community-wide branch banking in metropolitan
areas and county-wide branch banking in rural districts where economically
ustiffed."
Supports State Autonomy
That was as far as the resolution originally submitted on the subject
went. But after objections raised from the floor the resolutions committee
went into conference again and a few minutes later reported out the following addition to the foregoing passage:
"The association supports in every respect the autonomy of the laws of
the separate states in respect to banking. No class of banks in the several
states should enjoy greater rights than banks chartered under the state laws."
Revision of the original resolution was forced by O. F. Zimmerman,
President of the First National Bank of Huntingdon, Pa., and Secretary of
he Pennsylvania State Bankers Association. Mr. Zimmerman, speaking
from the floor, declared that he believed it quite fortunate that the attitude
f the Association should have been expressed for or against branch banking
and added that, in any case, he felt the resolution should be qualified so
that it should not "seem to be directed as against the autonomy of our
state banking systems."
"I believe it would be quite unfortunate for the impression to go to
Washington," he continued, "directly or indirectly, that the American
Bankers Association sanctions by Federal legislation the extension of branch
banking on any basis except with the preservation of the autonomy of our
state banking system."
Hecht Backs Amendment
Rudolf S. Hecht, chairman of the Association's economic policy commission, whose speech yesterday recommending a revision in the banker's attitude toward branch banking was largely responsible for the resolution
on the matter to-day, replied to Mr. Zimmerman that he would be the last
o do anything which would permit the national government to interfere in
he slightest degree with the autonomy and the right of the states to do
heir own legislating.
"I think it is well," he added, "for all of us to make some concession to
he other fellow and attempt to. get this Association on a broad basis where
we will not stand before the nation and before the authorities in Washington
as preaching one thing and doing another."
Levi H. Morris, President of the Newton Trust Co., of Newton, N. J.,
end President of the New Jersey State Bankers Association, then read
tom the floor a resolution which his Association, through the executive
:ommittee, had directed him to present at this convention. The New
Tersey,association, according to Mr. Morris, is opposed to any proposed
egislation designed to extend branch banking beyond the limit of the
anmicipality in which the parent bank is located.
Long Struggle Ended.
With that the protestations of the unit bankers against the pro-branch
ncnking resolution was ended. It was only four years ago that unit
>ankers contested so hotly a resolution approving the proposed McFadden
ill, designed to give National banks more liberal branch-operating powers,
hat they kept a special meeting of the convention in session until well past
nidnight. But today the unit bankers submitted to a more liberal resoution than that proposed four years ago without much of a struggle.
Within a few minutes the committee had completed its revision of the
ranch-banking resolution and John G. Lonsdale. President
of the Assolotion, submitted the question to a vote. There was a fairly convincing
ffirmative response. Mr. Lonsdale's gavel tapped, the voting was over
nd an entering wedge had been driven into the Association's long-mainatned opposition to branch booking in any form.
of Bankers in Effecting Recovery from
Present Depression—Takes Exception to Suggestion That Nation's Standard of Living Should
Be Lowered.
Addressing the American Bankers' Convention at Cleveland the night of Oct. 2 President Hoover alluded to "the
influence of the bankers, through encouragement and leadership, in expedition of our recovery from the present situation." "You have already done much" said the President,
"and at this juncture the responsibility of those in control of
money and credit is very great. Without faith on your part
and without your good offices, the early return to full prosperity can not be accomplished. This depression will be
shortened largely to the degree that you feel that you can
prudently, by counsel and specific assistance, instill into
your clients from industry, agriculture and commerce a
feeling of assurance."
"We know," said the President, "that one of the prerequisites of ending a depression is an ample supply of credit
at low rates of interest. This supply and these rates are now
available through the co-operation of the banks and the
Federal Reserve System." The President went on to say
that "those of you who have had occasion to review the experience of the past will, I believe, join in the thought that
there comes a time in every depression when the changed
attitude of the financial agencies can help the upward
movement in our economic forces." "A continued unity
of effort, both in our present situation and in establishing
safeguards for the future, is," said the President, "the
need of to-day. No one can contribute more than our banking community."
Earlier in his remarks the President stated that "this
depression is world-wide." He addled:
Its causes and its effects lie only partly in the United States. Our
country
engaged in overspeculation in securities which crashed a year
ago with
great losses. A perhaps even larger immediate cause
of our depression has
been the effect upon us from the collapse in prices following overproductio
n
of important raw materials, mostly in foreign countries. P.rticularly
had the planting of rubber, coffee, wheat, sugar and, to a lesser extent.
cotton, expanded beyond world consumption even in normal times.
The
production of certain metals, such as silver, copper and zinc,
had likewise
been overexpanded.
These major overexpansions have taken place largely outside of the
United States. Their collapse has reduced the buying power of many
countries.
"Because the present depression is world-wide and because
its causes were world-wide, does not require," the President
declared, "that we should wait upon the recovery of the
rest of the world. We can make a very large degree of
recovery independently of what may happen elsewhere."
"We are able in considerable degree," the President stated,
"to free ourselves of world influences and make a large
measure of independent recovery because we are so remarkably self-contained." The President added to his prepared
address a reference to an address at the convention in which
On Oct. 2 opponents of branch banking, dissatisfied with the speaker
suggested that perhaps the standard of living
he manner in which the Association approved the resolu- in this
country was too high. In his reference thereto the
ion voted upon on the previous day, attempted to reopen
President said:
,he question in the final business session, but after a bitter
It appears from the press that someone suggested
your discussion that
trgument on the floor of the annual convention the resolu- our American standards of living should be lowered. in
To that I emphatically
di.agree.
I
do
believe
it
not
represents
the views of this Association.
ion was repassed by an overwhelming majority. A dispatch
Not only do I not
such a theory, but on the contrary, the whole
om Cleveland to the New York "Evening Post" reporting purpose and ideal ofaccept
this economic system which is distinctive of our
country is to increase the standard of living by the adoption and
is went on to say:
the conThe vote this morning (Oct. 2) left little doubt that the Association
efinitely favors the resolution approving of extension of branches in
ties and counties.
There was considerable dissatisfaction following the vote yesterday In
hich the extension was approved, reversing the traditional stand of the
elation, John G. Lonsda le of St. Louis. President, was charged with
fling to give opponents a proper opportunity to vote. Alt hough the
rocedure was generally conceded to be an oversight. there was so much
iscussion that officials decided to resubmit the question.
As soon as.the quest ion Mit, reopened. J. A. Pondron. Chairman of the
xecutive committee of the First National Trust Co., Dallas. Tex., repronting the dissenting element introduced an amendment to strike out
reference to comas -wale branch banking which in the opinion of
ny, would have nullified the effect of the resolution.
st .ntly widening diffusion of invention and discovery amongst
the whole of
our people, any retreat from our American philosophy of constantly
lucre ,aing standards of living becomes a retreat into perpetual unemployment and the acceptance of a cesspool of poverty for some
large part of our
people.
The President's address follows in full:
Members of the American Bankers
Association and Guests
I am glad to meet with this assembly of representative
bankers from every State and almost every county of our
country. During the past year you have carried the credit
2124
FINANCIAL CHRONICLE
system of the nation safely through a most difficult crisis. In
this success you have demonstrated not alone the soundness
of the credit system but also the capacity of our bankers
in emergency.
We have had a severe shock and there has been disorganization in our economic system which has temporarily checked
the march of prosperity. But the fundamental assets of the
nation, the education, intelligence, virility, and the spiritual
strength of our 120,000,000 people, have been unimpaired.
The resources of our country in lands and mines are undiminished. Scientific discovery and invention have made further
progress. The gigantic equipment and unparalleled organization for production and distribution are in many parts
even stronger than two years ago.
Though our production and consumption has been slowed
down to 85 or 90% of normal yet by the very fact of the
steady functioning of the major portion of our system
do we have the assurance of our ability and the economic
sterngth to overcome the decline. The problem to-day
Is to complete the restoration of order in our ranks and to
intensify our efforts to prevent such interruptions for the
future.
And it is not a problem in academic economics. It is a
great human problem. The margin of shrinkage brings loss
of savings, unemployment, privation, hardship and fear,
which are no part of our ideals for the American economic
system.
Depression World-Wide.
This depression is world-wide. Its causes and its effects
lie only partly in the United States. Our country engaged in
overspeculation in securities which crashed a year ago with
great losses. A perhaps even larger immediate cause of our
depression has been the effect upon us from the collapse in
prices following overproduction of important raw materials,
mostly in foreign countries. Particularly had the planting
of rubber, coffee, wheat, sugar and, to a lesser extent, cotton,
expanded beyond world consumption even in normal times.
The production of certain metals, such as silver, copper and
zinc, had likewise been overexpanded.
These major over expansions have taken place largely
outside of the United States. Their collapse has reduced
the buying power of many countries. The prosperity of
• Brazil and Colombia has been temporarily affected from the
situation in coffee; Chile, Peru, Mexico and Australia from
the fall in silver, zinc and copper. The buying power of India
and China, dependent upon the price of silver, has been
affected. Australia, Canada and the Argentine have been
affected by the situation in wheat; Cuba and Java have
been depressed by the condition of the sugar industry; East
India generally has suffered from the fall in rubber.
These and other causes have produced in some of the
countries affected some political unrest. These economic
disturbances have echoed in slowed-down demand for manufactured goods from Europe and ourselves, with inevitable
contribution to unemployment. But the readjustments in
prices, which were also inevitable, are far along their course.
Most of these commodities are below the level at which
sufficient production can be maintained for the world's
normal needs, and therefore sooner or later must recover.
We Should Not Wait Upon Recovery of Rest of World.
Because the present depression is world-wide and because
its causes were world-wide, does not require that we should
wait upon the recovery of the rest of the world. We can
make a very large degree of recovery independently of what
may happen elsewhere.
I should like to remind you that we did precisely that thing
in 1922. We were then experiencing the results of the collapse
of war inflation in all commodities and in every direction.
We had less organized co-operation between the business
community and the Government to help mitigate that situation. The rest of the world was in chaos from the war far
more menacing both to economic and political stability than
anything confronting us to-day.
Our difficulties at that time were far more severe than they
are at present. The commercial banks particularly were
sufferers from a large volume of frozen credits and enjoyed
nothing to compare with the comfortable liquidity that prevails to-day. We then had overexpansion and large stocks in
most commodities; to-day with one or two exceptions we
[vol.. 131.
are free from this deterrent. But we led the world in re
covery. It was out independent recuperation from tha
depression, and the economic strength which we so liberall
and largely furnished to other countries, that was the ver
basis for reconstruction of a war-demoralized world.
We are able in considerable degree to free ourselves o
world influences and make a large measure of independen
recovery because we are so remarkably self-contained.
Because of this, while our economic system is subject t
the shock of world influences, we should be able, in larg
measure, to readjust ourselves. Our national productio
is over one-third of the total of the whole commercial world
We consume an average of about 90% of our own productio
of commodities. If, for example, we assume a restore
normal home consumption and hold even our present reduce
basis of exports, we should be upon a 97% of normal busines
basis. Even this illustration does not represent all of ou
self-contained strength.
We shall need mainly to depend upon our own strong ar
for recovery, as other nations are in greater difficulty tha
we. We shall need again to undertake to assist and co
operate with them. Our imports of commodities in the mai
depend upon our domestic prosperity. Any forward mov
ment in our recovery creates a demand for foreign ra
material and goods and thus instantly reacts to assist oth
countries the world over.
I wish to take your time to discuss some of the pivot
relationships of the bankers, not only to the immedia
problem of recovery, but to the wider problem of long-vie
business stability. Any discussion of the one involves th
other.
Confidence in Future of Country.
Before I enter upon that subject, however, I wish to sa
that no one can occupy the high office of President and co
ceivably be other than completely confident of the futu
of the United States. Perhaps as to no other place does t
cheerful courage and power of a confident people refl
as to his office.
's
There are a few folks in business and several folks in t
political world who resent the notion that things will ev
get better and who wish to enjoy our temporary miser
To recount to these persons the progress of co-operation b
tween the people and the Government in amelioration of t
situation, or to mention that we are suffering far less tha
other countries, or that savings are piling up in the ban
or that our people are paying off instalment purchas
that abundant capital is now pressing for new ventures an
employment, only inspires the unkind retort that we sho
fix our gaze solely upon the unhappy features of the declin
And,above all,to chide the pessimism of persons who ha
assumed the end of those mighty forces which for 150 ye
have driven this land further and further toward that gre
human goal—the abolition of intellectual and coon°
povertyis, perhaps, not a sympathetic approach. Neve
theless, I always have been, and I remain, an unquenchab
believer in the resistless, dynamic power of American ante
prise. This is no time—an audience of American leade
is no place—to talk of any surrender. We have known
thousand temporary setbacks, but the spirit of this poop
will never brook defeat.
Present Position Not a New Experience.
Our present situation is not a new experience. These
terruptions to the orderly march of progress have be
recurrent for a century. And apart from recovery from t
present depression, the most urgent undertaking in o
economic life is to devise further methods of preventi
these storms. We must assure a higher degree of busine
stability for the future.
The causes advanced for these movements are many a
varied. There is no simple explanation. This is not an
casion for analysis of the many theories such as too lit
gold or the inflexible use of it. Whatever the remote caus
may be, a large and immediate cause of most hard times
inflationary booms. These strike some segment of econo is
life somewhere in the world, and their re-echoing, destructi
results bring depression and hard times. These inflatio
in currency or credit, in land or securities, or overexpansi
in some sort of commodity production beyond possible
mand even in good times may take place at home or abroa
but they all bring retribution.
OCT. 4 1930.]
FINANCIAL CHRONICLE
The leaders of business, of economic thought and of
Government have for the last decade given earnest search
into cause and remedy of this sort of instability. Much has
already been accomplished to check the violence of the storms
and to mitigate their distress. As a result of these efforts
the period of stable prosperity between storms is longer
the period of storm is shorter and the relief work far more
effective. But we need not go beyond our situation to-day
to confirm the need for further effort.
The economic fatalist believes that these crises are inevitable and bound to be recurrent. I would remind these pessimists that exactly the same thing was once said of typhoid,
cholera and smallpox. If medical science had sat down in a
spirit of weak-kneed resignation and accepted these scourges
as uncontrollable visitations of Providence, we should still
have them with us. This is not the spirit of modern science.
Science girds itself with painstaking research to find the nature and origin of disease and to devise methods for its prevention. That should be out attitude toward these economic
pestilences. They are not dispensations of Providence.
I am confident in the faith that their control, so far as the
causes lie within our own boundaries, is within the genius
of modern business.
• Action Toward Measures of Relief.
We have all been much engaged with measures of relief
from the effect of.the collapse of a year ago. At that time
I determined that it was my duty, even without precedent,
to call upon the business of the country for co-ordinated
and constructive action to resist the forces of disintegration.
The business community, the bankers, labor and the
Government have co-operated in wider spread measures of
mitigation than have ever been attempted before.
Our bankers and the Reserve System have carried the
country through the credit storm without impairment.
Our leading business concerns have sustained wages, have
distributed employment, have expedited heavy construction.
The Government has expanded public works, assisted
in credit to agriculture and has restricted immigration.
These measures have maintained a higher degree of consumption than would have otherwise been the case. They
have thus prevented a large measure of unemployment. They
have provided much new employment.
Our present experience in relief should form the basis of
even more amplified plans in the future. But in the long
view the equally important thing is prevention.
We
would need have less concern about what to do in bad times if
we discovered and erected in good times further safeguards
against the excesses which lead to these depressions.
American business has proved its capacity to solve some
great human problems in economics. The relation between
employer and employe has here reached a more stable and
satisfactory basis than anywhere else in the world. We
have largely solved the problem of how to secure the consumption of the gigantic increase of goods produced through that
multiplication of per capita production by the application
of science and the use of.labor-saving devices. That solution
has been attained by sharing the savings in production costs
between labor, capital and the consumer, through increased
wages and salaries to the worker and decreased prices to the
consumer, with consequent increased buying power for still
more goods. Every step in that solution is a revolution
from the older theories of business.
We may safely assume that our economic future is safe
so far as it is dependent upon a competent handling of problems of productivity. But one result is to render further
advance toward stability even more urgent, because with
higher standards of living the whole system is more sensitive
and the penalties of instability more widespread.
Bankers' Contribution in Solving Problem.
There is no one group of which the public expects so much
in assuring stability as the bankers, because in the vortex
of these storms many values lose their moorings. Nor
can any other group contribute so much in constructive
thought and action to solve the problem either to-day or
in the long run.
Three most important relationships to these business
movements lie in the banker's field. The first is what,
for lack of better terms, we call psychology—both that
contagious overoptimism which accelerates the inflation of
2125
the boom and those depths of fear and pessimism which
deepen and prolong the depression. The American banker
has come to occupy a unique position in the strategy of
stability, for he is the economic adviser of American business.
He is the listening post of economic movement. He in large
measure makes or tempers its psychology.
I do not suppose the banker has consciously sought
this new function of general adviser, but such he has become.
His business is no longer the simple function of discounting
commercial bills and lending money on first mortgages.
That is to-day but part of his work. These days, when he
establishes a line of credit to a business, or furnishes loans
upon securities of a business, or advises investment in a
business, he must know the elements which make for success
and failure of that business. And he must form judgment
as to the future trend of business in general.
On the other side, the American businessman, big and little
the farmer, and the labor leader are coming more and more
to consult with the banker on problems of his business.
Whatever the origin of his position may be, the banker is
now the economic guide, philosopher and friend of his
customers, and his philosophy can dampen our enthusiasm,
and equally it can lift our courage and hope.
The second point of the banker's unique position in relation to business trends lies in the part which credit plays in
the whole business process.
Obviously, during the inflationary period the use of credit
for unwise expansion and speculation draws away the supply
of credit from normal business. It imposes upon normal
business an interest rate which strangles the orderly commerce
of the country. Commerce sickens under this pressure,
its pace slackens and contributes to collapse. Therefore, I
wish to emphasize what has long been recognized—that is,
that the flow of credit can accelerate and it can retard such
movements. Equally a wise direction of credit provides
a large contribution to recovery from depressions.
The third reason why this is so much a banker's problem
is that banking is the one great line of business activity
that it in itself interconnected. Each credit institution
shares the credit burdens of others and all are largely coordinated through national organization—the Federal Reserve System.
Reserve System Center for Co-operation.
The Reserve System and its member banks and the
Treasury participation in fact form a wide-spread co-operative organization, acting in the broad interest of the whole
people. To a large degree it can influence the flow of credit.
Bankers themselves are represented at each stage of management. And, in addition, the various boards and advisory
committees represent also industry, agriculture, merchandising, and the Government. The Reserve System
therefore furnishes an admirable centre for co-operation of the
banking business with the production and distribution industries and the Government in the development of broad
and detached policies of business stability.
You have gained much experience from the two great crises
of recent years. I trust you will seriously and systematically
consider what further effective measures can be taken either
in the business world or in co-operation with the Government
in development of such policies, both for the present depression and for the future. I know of no greater public service.
It is a service to every business man, to every farmer, to
every worker, whether at the desk or bench. I am not
assuming you can do it all, or that all disturbance, domestic
or foreign, can be wholly prevented or cured.
Government Should Co-operate Capital Tax and Inflation.
The Government should co-operate. It plays a large part
in the credit structure of the country. Its fiscal system has
most important bearings. For instance, I believe an inquiry
might develop that our system of taxes upon capital gains
directly encourages inflation by strangling the free movement of land and securities.
The regulatory functions of the Federal and State Governments also have a bearing on this subject, through their
effect upon the financial strength of the railways and utilities.
During a period of depression the soundest and most
available method of relief to unemployment is expansion
of public works and construction in the utilities, railways
and heavy industries. The volume of possible expansion of
construction in these private industries is abou; four or five
2126
FINANCIAL CHRONICLE
riTOL. 121.
Our economic system is but an instrument of the social
times that in public works. During the present depression
these industries have done their full part, but especially advancement of the American people. It is an instrument
the railways have been handicapped by some provisions of by which we add to the security and richness of life of every
individual. It by no means comprises the whole purpose of
the transportation Act of 1920.
With wider public vision the railways could be strengthened life, but it is the foundation upon which can be built the finer
into a greater wheel of stability. We have need to consider things of the spirit. Increase in enrichment must be the
all of our economic legislation, whether banking, utilities or objective of the nation, not decrease.
In conclusion I would again profess my own undaunted
agriculture, or anything else, from ,the point of view of its
faith in those mighty spiritual and intellectual forces of
effect upon business stability.
I have never believed that our form of Government could liberty, self-government, initiative, invention and courage,
satisfactorily solve economic problems by direct action— which have throughout our whole national life motivated
could successfully conduct business institutions. The Gov- our progress, and driven us ever forward. These forces,
ernment can and must cure abuses. What the Government which express the true genius of our people, are undimincan do best is to encourage and assist in the creation and ished. They have already shown their ability to resist this
development of institutions controlled by our citizens and immediate shock. Any recession in American business is
evolved by themselves from their own needs and their own but a temporary halt in the prosperity of a great people.
experience and directed in a sense of trusteeship of public
Alexander D. Noyes, Financial Editor of the New York
interest. The Federal Reserve is such an institution.
"Times," in Address at A. B. A. Convention, ExWithout intrusion, the Government can sometimes give
presses Belief That American Public Is Discarding
leadership and serve to bring together divergent elements
Illusions and Settling Down to Work.
and secure co-operation in development of ideas, measures
When we may look for the new chapter of prosperity and
and institutions. That is a re-enforcement of our individualism. It does not cripple the initiative and enterprise of our how long the present atmosphere of gloom and discourag:
ment will last, are questions for the prophets, said Alexander
people the substitution of government.
D.
Noyes, financial editor of the New York "Times," in
Proper co-operation among our people in public interest,
discussing "The Cycle of Prosperity" before the general
and continuation of such institutional growths, strengthen
session of the American Bankers Association convention at
the whole foundation of the nation, for self-government Cleveland on Oct. 1. The mood of the markets is at present
outside of political government is the truest form of self- of a character to prolong the period of depression, said Mr.
government. It is in this manner that these problems Noyes, who added:
should be met and solved.
Yet the change from such a situation has in our past almost invariably
come with suddenness; it has usually come when the spirit of pessimism
Influence of Bankers in Present Situation.
was almost at its worst. It came in 1922 even before the tangle of "frozen
I wish to revert to the influence of the bankers, credits" had been unraveled, and we are not confronted with the "frozen
problem" in 1930. We have our strong and unshaken banking systhrough encouragment and leadership, in expedition of our credit
tem. The useful powers of our Federal Reserve have been strengthened
recovery from the present situation. You have already done by the economic readjustment. Our position as creditor country of the
and import
much, and at this juncture the responsibility of those in con- world has been reinforced. With all the sweeping cut in export
valuations, resulting both from the fall in prices and the worldwide ecotrol of money and credit is very great. Without faith on nomic reaction, our surplus of exports over imports is running larger than
your part and without your good offices, the early return in any year since 1922. Our national reserve of gold fills up by the inflow
from Southern and Far Eastern continents as fast as it is reduced by outto full prosperity can not be accomplished. This depres- flow to Europe. But, possibly more important than any of these powerful
sion will be shortened largely to the degree that you feel that elements of economic strength, our producers, our financiers and the Amerpublic as a whole are facing their financial problems soberly and intelliyou can prudently, by counsel and specific assistance, instill ican
gently, settling down to hard work, discarding completely the dangerous
into your clients from industry, agriculture and commerce a illusions of the past two years and getting ready to meet and turn to the
community's advantage whatever realities may be ahead of us.
feeling of assurance.
Reviewing the economic development of the past 1,
We know that one of the prerequisites of ending a
depression is an ample supply of credit at low rates of interest. months, Mr. Noyes said that one of the cardinal maxim:
This supply and these rates are now available through the of the last three years had been that the "business cycle'
co-operation of the banks and the Federal Reserve System. was abolished; if, indeed, it had not always been a myth
The income of a large part of our people is not reduced There is undoubtedly a sense, not merely of disillusionmen r
but of bitter disappointment, he said, over the discove •
by the depression but it is affected by unnecessary fears and
that the economic world in its larger movements of to-da •
pessimism, the result of which is to slacken the consumption
has been compelled to follow the same cycle it followed befo
of goods and discourage enterprise. Here the very at-. the war.
mosphere of your offices will affect the mental attitude and,
Discussing causes of this past year's experience of indus
if you please, courage, of the individuals who will depend trial reaction, Mr. Noyes said that if production had no
upon you for both counsel and money.
been artificially stimulated, no one would be hardy enoug
Many, perhaps all of you, have been through other periods to deny that consumption had been. Some of the ve •
of depression. Those of you who have had occasion to re- "mass producers" who were pointing to an output merel
view the experience of the past will, I believe, join in the "adjusted to visible demand" were using every expedien
thought that there comes a time in every depression when the known to human ingenuity to inflate that visible demand •
changed attitude of the financial agencies can help the proportions hitherto unimaginable. In the three or fo
year period before last October, he said, consumers wer•
upward movement in our economic forces.
I started with the premise that this question of stability taught "with immense success and great applause from Wi
was much more than a problem in academic economics— Street" to buy with money which they did not have. Ec•
it is a great human problem, for it involves the happiness of nomic writers preached insistently the virtue of spell....
millions of homes. A continued unity of effort, both in our as opposed to saving. Economic history is relentless, sal.
present situation and in establishing safeguards for the Mr. Noyes, in teaching that the popular vice which nee,
future, is the need of to-day. No one can contribute more correction is excessive spending, not excessive saving. Mr
Noyes also said:
than our banking community.
Whatever may have been the experience of other countries, it is th
absolutely uniform experience of our own that the methods and quaini.
Standard of Living.
which have carried American finance and industry to the new heights o
It appears from the press that some one suggested in achievements, as soon as the cycle turned, had their actual origin in th
your discussion that our American standards of living should period of depression. Let us not overlook the fact that, in previous epo
revival, our industrial achievement was not based merely on applicatio
be lowered. To that I emphatically disagree. I do not be- of
of new and aggressive methods but on courageous recognition of the Maxi.
lieve it represents the views of this association.
and blunders that had prevailed before the economic reckoning.
Not only do I not accept such a theory, but on the contrary, the whole purpose and ideal of this economic system John G. Lonsdale in Opening Annual Convention o
A. B. A. Reports that Business Is Showing Upwar•
which is distinctive of our country is to increase the standard
Trend—Finds Taxes too High—Would Not Urg
of living by the adoption and the constantly widening
Immediate Congressional Legislation Affectin •
diffusion of invention and discovery amongst the whole of
Banks.
our people, any retreat from our American philosophy of
An optimistic note was sounded by John G. Lonsdale
constantly increasing standards of living becomes a retreat
into perpetual unemployment and the acceptance of a cess- President of the American Bankers Association, at th
opening general session of the 56th annual convention of th
pool of poverty for some large part of our people.
OCT. 4 19301
FINANCIAL CHRONICLE
Association at Cleveland on Sept. 30. Mr. Lonsdale, who is
President of the Mercantile-Commerce Bank & Trust Co.
of St. Louis, in reviewing the past year under the topic
"The Period of Adjustment," said:
There are signs that business is turning upward. September has brought
considerable increase in credit operations, the public is opening its purse
for purchases, additional employees have been placed in many factories.
national savings are continuing to grow and the wheels of trade and industry
are picking up speed. The rapidity of recovery is, to some extent, in the
hands of the bankers who control the flow of credit.
2127
said he would suggest more liberalTregulations with respect
to reserve requirements, declaring that he believed that all
banks, country as well as city, should be permitted to
deduct "due from banks"from gross deposits to arrive at the
net regardless of the relative amount of "due to banks."
Two banks should not be required to carry reserve against
the same money, as is the case under present rules, he said.
Of the use of currency as reserve, Mr. Wolfe said he would
propose that member banks be permitted to deduct legal
tender money, or at least gold and gold certificates from
gross deposits in calculating reserve. Another logical use
to which excess Federal ReservelBank earnings might be
put, he said, is toward defraying the cost of bank examinations. Mr. Wolfe added:
Mr. Lonsdale said it should be the primary task of the
banker to lend every encouragement to the farmer, the
manufacturer, the renter, the property owner and the
merchant and to work out practical programs of support, yet
in this he should avoid the mistake of making capital loans
at the expense of banking liquidity. One of the formidable
However we may arrive at a better division of Federal Reserve Bank
restraints to business progress, said Mr. Lonsdale, is mount- earnings, I think we can all agree that the present law giving such earnings
to
the Government is unfair and unwarranted. I suppose we might define
ing taxation. All taxes are too high, he declared, and there
a
tax as a tax paid by a profit making corporation by its ownsrs
is a growing belief that tax systems do not spread the cost tofranchise
the State for the privilege of doing business. The greater the earnings
not
did
times
the larger the tax. But here we have a proposition under which the owners
equitably. Mr. Lonsdale asked if changing
of the corporation are limited to 6% and the State takes all the rest. If
call for a careful revision of the Sherman anti-trust law. the
object and demand a greater share of profits, they are put off
He said that the law was designed primarily for conditions withowners
the answer that it is not intended that the corporation shall be a profit
it
making institution.
of years ago that no longer apply but questioned whether
did not in its present form stifle initiative in business and
He doubted that increased dividend payments would make
place a handicap on co-operation. Mr. Lonsdale, said:
membership in the Federal Reserve system more attractive.
On the one hand we seek to organize co-operatives and on the other hand
frequently find they meet definite legal obstacles because of the uncertainty
as to whether they would be held to be in undue or unreasonable restraint
of trade. The way to progressive success in all commercial and industrial
effort is through the constant introduction of new economies, but against
the institution of these economies there is often the menace of Sherman
law interpretation. Such a system certainly never was intended to be as
it is to-day.
He said that during the past year of stress the American
banking system had towered above the economic landscape
as the great stabilizing power in commerce and industry.
"I am confident," said Mr. Lonsdale, "that the full force
of our current recession has been greatly mitigated through
the careful scrutiny of credit and the insistence upon skilful
management imposed on our business structure through banking operations. In all this our Federal Reserve system has
in the main acted with broad vision and wisdom in coping
with conditions for which there was no exact precedent."
Mr. Lonsdale said the present condition of business was a
repercussion of the World War. Under pressure of natural
need agriculture and industry had produced in unprecedented
quantities in the years following 1914 and when the conflict
was over the ambition to continue on the same scale was the
ruling passion. We have lavished brain, effort and millions
of dollars in developing production but there has been a
notable lack of achievement in developing markets for what
has been produced, he said. Banking must go as business
goes, he said—with all of our people, with the needs of
industry, commerce, agriculture and the avergae man.
"Perhaps, therefore," he added, "we should not urge
immediate general legislative enactments at Washington
affecting banks, for we should be able to see the way ahead
more clearly than is now possible before there is set by law
a course that years may be required to change."
0. Howard Wolfe of Philadelphia National Bank in
Address Before National Bank Division of A. B. A.
Opposed Handing Over So Large a Share of Federal
Reserve Bank Earnings to Federal Government.
The members of the National Bank Division of the American Bankers Association were urged at their meeting at the
convention at Cleveland on Sept. 29 to lend all the weight
and prestige of the division toward gaining for member banks
more liberal benefits from Federal Reserve Bank earnings
by 0. Howard Wolfe, Cashier Philadelphia National Bank,
Philadelphia. He said, however, that there are better and
sounder ways of enjoying those benefits than through the
paymentof interest on reserve deposits or increased dividends.
As an instance of the benefit of membership Mr. Wolfe
cited that the Federal Reserve Bank of Dallas recently made
up some statistics based on a typical country bank member
showing cost of shipping currency absorbed by the Federal
Reserve Bank, the difference between the discount rate of
the Federal Reserve Bank and what the member would have
had to pay its city correspondent for loans and other items.
The "rather surprising result," said Mr. Wolfe, showed that
in actual dollars and cents saved, the country bank received
in a five months' period the equivalent of 6.84% interest
on its reserve deposits.
Mr. Wolfe said that the proposition that the Federal
Reserve Banks pay interest on deposits, presumably at 2%,
heard continuously from some quarters, was economically
unsound, and gave figures supporting his statement. He
C. B. Hazlewood, Former President of American
Bankers' Association, Says Management, Not Type
of Bank,Makesfor Success—Defends Unit Banking.
Insistance upon sound bank management in all types of
banks for the future well-being of the banking industry was
stressed in an address before the National Bank Division
by Craig B. Hazlewood, Vice-President First National Bank,
Chicago, at the American Bankers' Association Convention
at Cleveland on Sept. 29. Mr. Hazlewood, who is a former
President of the Association, said:
Whether we:operate unit banks, branches or groups we must improve
our management.tojkWe need to fix interest rates scientifically and this
applies both to rates charged and rates paid. We must eliminate excess
loans granted in violation of the banking laws and of good common sense.
We must avoid capital loans. We must increase our knowledge of costs.
We must make each account pay its way instead of carrying seven out
of ten checking accounts and 40 to 60% of our savings accounts at a loss.
We must increase employe efficiency and base salaries on studies of the
volume of work performed.
Mr. Hazlewood, speaking on the topic "Management—
Preface to Conclusion," said he was convinced that the
importance of scientific bank management must be recognized in the operation of every bank in America. He
voiced a defence of the unit bank and said it did not follow
because unit banks Sailed that unit banking is a failure.
He added:
The record of the American unit banking system not only proves that a
poorly managed unit bank fails, but it also proves—a fact we have too
frequently forgotten—that a soundly managed unit bank succeeds. I
challenge the statement that the unit banking system has failed. It has
not failed. It is not the system, but the management,that needs attention.
We may analyze group banking and weigh carefully its possible advantages
and disadvantages and we shall find that it can justify itself only as it
provides better management. Group, chain and branch banking do not
represent any improvement over the unit banking system unless they
provide, at the head office, management ability of a higher order than
would be available in the independent units."
Two obvious weaknesses in bank supervision not sufficiently stressed, said Mr. Hazlewood, were the establishment
of banks in communities obviously unable to support a
bank and entirely inadequate bank examinations because of
inadequate salariesjpaid to examiners. He said that the
bank failure record ofLthese last 10 years is in a measure a
direct reflection uponithe conduct of bank examinations and
upon those who have the power to grant bank charters.
In concluding his address, Mr. Hazlewood said he believed
"that we shall witnessla continuance of many independent
unit banks, with the development of larger sized units;
that we may advocate the development of local branch
banking; that we shall benefit by the proper extension of
group banking over wide areas, with authority vested in the
proper officials to examine and supervise all holding companies, security companies, or investment trusts in which
either depositors' oristockholders' money may be involved."
Colonel Ayres at A. B. A. Convention Forecasts Large
Increases in Savings in 1931—Views on Business
Cycles.
The year 1931 will be one of large increases in American
savings, Colonel Leonard P. Ayres, Vice-President of Cleveland Trust Co., Cleveland, predicted at the session of the
Savings Bank Division at the American Bankers Association
Convention at Cleveland on Oct. 1. Taking as his topic,
"Savings and Cycles," Colonel Ayres said:
2128
FINANCIAL CHRONICLE
[Vol.. 131.
Savings records running back 60 years indicate that in every period of public is somewhere between 12 and 13 billions of dollars,
depression savings deposits are drawn down rapidly in the early part of a Mr. Sargent said:
depression and begin to be built up and reach their most rapid accumulation
We may assume for the purpose of this discussion that the public welfare
early in the period of recovery. Americans save best when business is just
requires the development ofinland waterways at public expense,but when the
struggling back toward prosperity after hard times and then their savings
Government uses the taxpayers' money to furnish the capital and to afford
tend to become progressively less as we grow more prosperous, becoming
rates that will materially interfere with the investments of thousands upon
rather low in boom periods.
thousands of our people in other forms of transportation, it is as clearly
A commentator writing of the depression of 1884 said: "In this country
violating the constitution of the United States as if by direct legislation
in time of prosperity we make our debts; in times of depression we pay our
it so reduced the rates of the railroads that they could not under honest,
debts, and then we start again." This still holds good.
economic and efficient management secure a fair return for honest investI am confident that 1931 will be a year of progressive business recovery
ments. This subject has now reached the stage where it demands the honest
if we do as we have in the past—progressively accumulate savings.
fair and clear thinking of the business men of America.
Colonel Ayres said, "Corporation bonds of the kind that
bankers buy, have in the past always advanced in price until
business got back to normal. To me, this means we probably
have a year of advancing bond prices ahead of us." Dis- Resolutions Adopted by the American Bankers Association at Annual Convention in Cleveland—
cussing the course of business cycles in the past half century,
Creation of Bank for International Settlements
he said:
Endorsed.
In the past half century we have had in this country 15 periods of business
The following are the resolutions in part adopted on Oct. 1,
prosperity and 15 depressions, including this one. Since we have had in
these 50 years 15 of these complete business cycles from prosperity to at the annual Convention of the American Bankers' Assodepression and back again, it is a matter of simple or mental arithmetic
ciation in Cleveland:
to realize that the average duration of the cycles has been three and oneGeneral Conditions.
third years. Nevertheless, they have had no regular wave-like periodicity
of action. They have been irregular in size and irregularly spaced, but they
The members of the American Bankers' Association realize that as the
often possess certain common characteristics which students of economics chief custodian of the nation's financial structure it behooves them to
have learned to recognize. Each business swing or business cycle tends to consider most carefully at this time the situation of the country. To this
have four rather definite phases.
end they desire to call particular attention to certain matters.
It starts in a period of prosperity such as that which we were enjoying a
In the opinion of the American Bankers Association the business deyear ago. That prosperity after a time begins to fade and it turns down into pression in this country is merely part of a world-wide situation due largely
a decline. The decline continues with an accelerated shrinking of business to the sharp decline in the price level of raw commodities. This decline is a
activity until finally it reaches the low stage of depression. Depression phenomenon which has followed in the wake of most great wars, and is
prevails for a longer or shorter period until recovery sets in and recovery part of the process of readjustment needed to restore the equilibrium which
continues until business activity is back up to full prosperity once more.
was upset by the forced production necessitated in all countries to carry
These phases of the business cycle are almost regularly accompanied by on the war. There are evidences that the present depression has about
certain general types of changing business sentiment and public psychology. run its course. Judged by historic precedences, we have now reached low
When business is good and we are in a period of prosperity, the dominant ebb and with the resumption of construction very gradual, but definite
sentiment is one of confidence which continues until competition begins improvement may be expected.
to impair profit. Then at the full flood of production and prosperity,
On the other hand, the country is to be congratulated that the banking
confidence begins to give way to doubt and doubt accompanies decline. and credit situation continues fundamentally sound. The growth of investDecline and doubt continue until business gets down to depression levels as ments and loans of banks resulting from the large influx of gold into this
it is to-day and then suddenly doubt changes to fear and we have all about country since the war is unavoidable. It Is useless to expect banks to
us expressions of fear for the future.
liquidate bank credit when they themselves have little or no indebtedness.
Now when we have been afraid of something no matter what it is, for The banks must have earnings and as they cannot lend in sufficient amounts
quite a long time and the worst that we have feared does not happen, fear to commercial borrowers the tendency is to buy bonds and to make loans on
always and everywhere changes to hope. It does that in business and securities.
then hope accompanies the rising period of recovery. Thus it is that prosBranch Banking.
perity is accompanied by confidence, decline by doubt, depression finally
The American system of unit banking, as contracted with the banking
by actual fear and then when the worst that we fear does not happen, we
have recovery accompanied by hope and both of t hem finally lead once systems of other countries, has been peculiarly adapted to the highly
diversified community life of the United States. The future demands, the
more to prosperity and confidence.
continued growth and service of the unit bank in areas economically able
to support sound, independent banking of this type, especially as a protection against undue centralization of banking power. Modern transportation and other economic changes, both in large centres and country
Before Convention of A. B. A., F. W.Sargent of Chicago districts, make necessary some readjustment of banking facilities.
In view of these facts this Association, while reaffirming its belief in the
& North Western Ry. Co. Declares Government's unit
bank, recognizes that a modification of its former resolutions conPolicy Threatens Future of Railroads.
demning branch banking in metropolitan areas and country-wide branch
banking in rural districts where economically justified.
The outlook for the future welfare of the railroads of the
The Association supports in every respect the autonomy of the laws of the
country is serious, in view of the constant rate reductions separate States in respect to banking. No class of banks in the several
States
should enjoy greater rights than banks chartered under the State
imposed on them and what amounts to Government comlaws.
petition in the business of transportation, Fred W. Sargent,
Taxation.
President of the Chicago & North Western Ry. Co., told
The Association endorses the work of the special committee on section
the members of the American Bankers Association at the 5219 and calls attention to the special resolution prepared by that comgeneral session of the convention at Cleveland Oct. 2. Mr. mittee and forming a part of these resolutions.
Sargent, who took for his topic "The Drift Toward ConfisDoles.
cation," appealed for the support of the bankers in securing
In times of business depression when unemployment increases largely,
the prosperity of the railroads and preserving the integrity attempts are apt to be made to relieve the situation by measures which do
more harm than good. A number of other countries have sought to meet
of railroad investments.
present conditions by a system of government doles. It is to be hoped that
He emphasized certain processes which he said had been this system will not be introduced into this country. Paying men for doing
going on through legislative and administrative channels nothing accelerates depressions, prolongs them and tends to retard progress
by creating a disturbing mental atmosphere. The Association commends
and which, if continued, are likely to have a very serious the attitude of American labor toward
this question. It believes that the
far-reaching
and
effect upon the prosperity of the country. ultimate solution of the problem is to be found in a system of private
insurance
which
will
not
degenerate
into
a dole system to meet political
He said there had been a constant nibbling away at the rates
exigencies.
by rate reductions, beginning with the year 1921 and culmiThe Bank for International Settlements.
nating in the present year in reductions in rates on grain and
More and more the world is becoming an economic whole, and any
grain products of a very drastic character. While these instrument which facilitates And makes more easy the commercial and
reductions have been going on, he said, the railroads have financial intercourse of nations is to be welcomed. The members of the
Association, therefore, approve the creation of the Bank for International
been losing considerable quantities of freight through the Settlements
designed to remove friction in the hanciling of the reparation
use of the taxpayers' money and the power and influence of payments and to make it easier for the financial leaders of the various
interested
to meet and become acquainted with each other's
countries
the Government in diverting traffic from the railroads to
needs. The Association realizes that
opinion in this country Is still
other forms of subsidized transportation, particularly inland opposed to active participation on the public
part of this government in the settlements growing out of the Treaty of Versailles. It is glad, however, that
waterways and highways.
was possible for bankers of this country to lend their aid in the organization
"While these processes of rate reductions and the diver- it
of the Bank for International Settlements and in the carrying out of its
sion of traffic by subsidized transportation have been taking policies. It expresses the hope that the Bank for International Settlements
place, the carriers' expenses have been increased largely will develop more and more .into an instrument making for the orderly
of international financial transactions and thus aiding in the
through agencies operating under Government law," said management
maintenance of peace among nations.
to-day
the
rates
of
"till
Sargent,
compensation
Mr.
are
greater than the highest point of war wages and our taxes
are at the highest level in the history of American railroad
J. W.Barton'sViews on Tariff Not Indorsed by American
administration and are increasing by leaps and bounds each
Bankers' Association.
passing year."
correspondent
at Cleveland Oct. 2, the New York
From
its
railroads
constitute
the
greatest
single
Declaring that the
industry in America and that the railroads and companies "Herald Tribune" reported the following:
Rome O. Stephenson of South Bend, Ind., incoming President of the
directly dependent upon them for business are our largest
American Bankers' Association, issued a statement late to-day which
contributors to prosperity, and that the total amount of absolved
the Association from any indorsement for the remarks made on
railroad bonds of all classes outstanding in the hands of the Monday by John W. Barton of Minneapolis, President of the National
OCT. 4 1930.]
FINANCIAL CHRONICLE
Bank Division, in which he attacked the tariff and immigration policies
of the United States. Mr. Stephenson did not mention Mr. Barton by
name, but It was cle .r from the context of his statement that it was the
National Bank Division President's address to which he referred.
"I particularly desire to emphasize the position of the Association in
relation to some questions that have been raised concerning present labor
and immigration problems. No action whatever was taken by the Association on these subjects. I am glad to express my own conviction that the
prosperity of this country depends on the maintenance of labor on a high
plane of employment and wages,and I would not approve of any suggestion
that would either lower the bars of immigration to create labor competition,
or decrease the return coming to American workingmen which I believe to
be one of the bases of our prosperity.
"The keynote of this Convention was one of strong optimism and sincere
feeling that the bottom of the present depression has been reached and also
desire upon the part of bankers to make substantial contribution in every
way possible in order that prosperity might be restored and the American
standard of living maintained.
"It was a frequently expressed belief of bankers that the Government of
the United States and its officials are doing everything in their power to
stabilize the situation and the bankers generally accorded to the Administration their fullest support."
Mr. Barton had said in his address that he felt inclined to the opinion
that the Nation's standard of living was too high and that it could not be
successfully maintained for any appreciable length of time because the fast
and efficient methods of transportation and communication brought all
nations too near together. The tariff wall and immigration policy he
characterized as a "masterly effort" to maintain this high standard of living
against the rest of the world. Mr. Barton declared the tariff wall tended
to reduce the country's foreign trade, and the need for more people in the
nation to absorb the surplus production could not be obtained because or
restricted immigration.
2129
Rome C. Stephenson Elected President of American
Bankers Association.
Rome C. Stephenson was elected President of the American Bankers Association at the annual convention at Cleveland, October 1. He is Vice-President of the St. Joseph
County Savings Bank and President of the St. Joseph Loan
& Trust Co., South Bend, Indiana. Mr. Stephenson was
born in Wabash, Indiana in 1865. He was educated .in
the public schools of Wabash and Rochester, Indiana, later
studying law and entering practice in Rochester in 1887.
He also organized the Rochester Trust and Savings Bank
of which he was President. In 1908 when he moved to
South Bend he gave up the law and entered the bank with
which he is now connected.
In the American Bankers Association, Mr. Stephenson has
been active in the Savings Bank Division, having been
President of that Division in 1912. He has served on many
committees and commissions of the Association, and has
been a member of the Executive Council several times. The
past year he has been Vice-President of the Association. He
is a graduate of the American Institute of Banking and is
actively interested in this educational section of the association. For many years he has also been active in the
Indiana Bankers Association.
Indications of Business Activityl
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 3 1930.
Cooler weather has helped wholesale and jobbing trade.
That is one of the outstanding facts of the week. Also there
has been a tendency towards an advance in commodity markets. Most of them are believed to be short after many
months of bearish sentiment. Now they seem to be awakening to the fact that there is a short account,is worth considering. Grain for instance, is 3 to 6 cents higher than a week
ago. Coffee 25 to 85 points higher, sugar 1 to 2 points,
rubber 4()to 60,cocoa 20,lard 15 to 40,and at times the hides
have advanced sharply. October sugar was quoted at one
time at 97 cents or in other words, 3 points less than a cent
a pound. December closed at 1.07. Raw sugar, singular
to say,is it seems, cheaper than sawdust. Things have came
to a strange pass when a commodity very necessary to the
human race has fallen to such a price and small wonder that
some are inclined to believe that the turning point in that
particular industry is not far distant. And cotton has advanced somewhat;in fact at times the rallies have been sharp
though the net rise for the week is small. It seems to be a
fact beyond dispute that very many,if not most commodities
are selling below the cost of production. If that is the case,
there can be no doubt that sooner or later such an abnormal
state of things will be corrected by reduced production and
higher prices. Stocks declined for a time and then rallied
in what was evidently an oversold market. But apart from
all that and coming down to the question of every day trade
in the retail and jobbing branches of business there is no
doubt that the main thing is cool and more favorable weather.
Naturally it tends to stimulate the sale of seasonable goods.
It has been a misfortune to this country to have unseasonable
weather for long periods this year. The summer was one of
the hottest on record and September was abnormally hot to
the very evident prejudice of trade throughout all its ramifications. Of late the Jewish holidays have had a tendency
to slow down business and industry somewhat but this was
necessarily temporary in its nature. With prices down to
low levels in very many branches of trade, the tendency is
naturally towards a greater consumption of goods. Consumers' stocks in many lines are believed to need replenishing. As the case stands business is better than it was in
August but September was smaller than in the same month
last year. There is this much of gain that trade is plainly
better than at the low point of the summer. One of the dark
lines in the spectrum but not altogether surprising is that the
number of failures and the amount of liabilities increased in
September and for the year up to October, 1. Parts of the
country still need rain, including the winter wheat belt.
Call money renewals are at the lowest rates for the past 15
years. The money is there; the supply is big and rates are
low. In other words the stage is ready for a big increase in
business. The question is, when will it come? After the
optimistic prophecies of last spring and early summer of an
early resumption of normal business failed, there is a natural
hesitation now in making predictions as to just when the
engines of American business will be reversed and oldtime
activity be resumed. But it looks as though the worst were
over.
Wheat advanced 3 to 4 cents this week and it is said that
a big Wall Street bull pool is interested. At the same time
there are intimations that foreign buyers would like to
purchase 100,000,000 bushels of American wheat on long
credits. How much there is in this is not entirely clear, but
Chairman Legge of the Farm Board intimates that there
may be something in it and in any case that Europe will
have to buy a good deal of American wheat this season. It
is said, too, that Russian offerings are diminishing. France
has taken action against the dumping of Russian wheat on
its markets. Importations of such wheat will not be permitted except on license. Flour has been in better demand.
Corn has advanced 5 to 6 cents under the stimulus of bad
weather, a good cash demand and the knowledge that the
farm consumption this season is likely to be very large.
Private estimates of the crop range from 1,960,000,000 to
2,040,000,000 as against a crop of 2,614,000,000 in 1921 and
a five year average of 2,700,000,000 bushels. The spring
wheat crop according to private estimates is 230,000,000 to
250,000,000 bushels against a five year average of 293,000,000
bushels. Oats have advanced 3 to 33/i cents with a good
cash demand and a large consumption for feed. Rye has
risen 4 to 4% cents with a big farm consumption ahead
and cheapness to recommend it. Lard advanced in response
to an advance in both grain and hogs while lard stocks here
in September showed a greater falling off than had been
expected. Sugar advanced in a rather small market, but it
is said that exports to the United States this year from Cuba
will probably be limited to 2,800,000 tons. It remains to
be seen whether political unrest in Cuba will have an effect
on its business and whether the United States will feel called
upon to intervene in behalf of law and order and the security
of business. Cotton advanced sharply at times as hedge
selling almost disappeared and heavy covering was done.
Steel has been rather less active and prices are perhaps
none too steady. In pig iron there has been a decline of 50
cents a ton. Copper is down to 10 cents the lowest price in
34 years. A mill at New Bedford, Mass. which had been
running on four days a week or less, is now going on a five
day schedule. In Lancashire a number of mills of the
Lancashire Corp. have been reopened and it is stated that
they have gained a better foreign market which is something distinctly new for Lancashire after the war lost a
good'deal of its foreign trade and has been suffering from
the loss'ever since. The Jewish holidays have interfered
with business in cotton goods here to some extent. Automobile output in September is believed to have been smaller
than in August.
Foreign politics have been more or less disturbed. A
dictatorship seems to be a possibility in Germany and
2130
FINANCIAL CHRONICLE
[VOL. 131.
martial law has it seems been declared in Cuba during the Agricultural Economies. At 111, however, the index was
period of the election and there are some disturbing rumors 30 points below Sept. 15 1929 and at the lowest September
from South America, including Brazil. Undoubtedly there level since 1915. Farm price movements from Aug. 15 to
is more or less political unrest in various countries.
Sept. 15 showed advances for practically all commodities
Stocks declined early in the week and the suspension of except cotton, cottonseed, wheat,flaxseed, apples,lambs and
J. A. Sisto & Co. occurred on Sept. 30 when some 315 issues horses. Of the declines those for cotton, wheat and flaxpenetrated to new lows for the year in the largest trading seed were most spectacular. Farm prices of cotton reached
since June 18. It reached approximately 4,500,000 shares the lowest level since September 1915.
with nearly 900 shares traded in of which fully a third reached
Increased sales of automobiles is forecast by the Midland
the lowest prices of the year. The most pronounced declines Bank of Cleveland. Sales of cars relative to production
were in Allied Chemical, American Can, American Sugar, have been far below normal this year, and when this condiJ. I. Case, Central Railroad of New Jersey, Electric Auto- tion has prevailed in the past it has foreshadowed recovery
Lite, Detroit Edison, Diamond Match and Corn Products. on a large scale. The report declares that approximately
There was a partial recovery in the later business. Bonds 24,000,000 cars snd trucks will be scrapped in the seven
were active, the sales being $14,300,000, the largest since years from 1930 to 1936, indicating an average replacement
April 16, with prices in the main noticeably lower though demand of 3,400,000 annually. Department store sales for
railroad and utility issues were firm. On the 1st inst. August were 12% smaller than in the corresponding month
advances occurred on popular stocks of 2 to 12 points in an of 1929, the Federal Reserve Board announced on the basis
oversold market and both domestic and foreign bonds were of reports from 634 stores in 264 cities. In August this year
higher. On the 2nd inst. came a break of 2 to 10 points fol- there were 26 trading days as compared with 27 trading
lowed by a rather sharp recovery as grain advanced sharply days in August last year, and the daily average sales were
and shorts covered. To-day there was an advance led by 8% smaller than a year ago. Total sales from July 1 to
American Can, and Steel. But General Motors, Telephone, Aug. 31 were 6% smaller this year than last. Chicago
Jersey Standard, United Corp., General Electric and West- wired that retail trade throughout the Middle West is eninghouse were also well to the fore. The technical position couraging and seasonal buying at wholesale is in fair volume,
of the stock market is supposed to be rather strong.
although decidedly below last year's levels. Mail and road
At New Bedford, Mass. the Nashewena "B" mill has gone sales show an increase.
on a five-day per week schedule after operating for four days
Boston advices stated that industrial gains in that city and
or less for a long period. Boston wired that the five-hour New England have been generally sustained and in some
day and the five-day week, with pay at the eight hour rate cases greater advances than expected have been made.
and higher, and industry geared to two or three five-hour Days of normal activity are becoming more frequent. Reshifts daily, is the new policy that the American Federation tail trade has increased slightly and merchants feel that there
of Labor will be asked to adopt when it opens its 50th annual will be greater improvement for several months to come.
convention there on Monday, according to an announcement The building industry continues a bright spot with a larger
at the annual convention of the Metal Trades department of interest in the construction of small houses. Seattle wired
the Federation. Boston also wired that the Amoskeag Co. that there was a general improvement in business oenditions
of Manchester, N. H., reports for the year ended June 30 there with building permits taking a sharp upturn from July
net profit of $851,107 after expenses, interest and Federal similar to the August 1929 increase over July figures. A
taxes, compared with $717,043 in the preceding year. Rich- considerable upturn in retail trade is noted although not quite
mond, Va. wired that Governor Pollard has offered to appoint as sharp as the increase August showed last year.
a committee of mediation to act on the Danville, Va. strike
Montgomery Ward & Co. report gross sales of $21,332,576
in which 4,000 textile workers did not return to their work in for September compared with $26,127,589 in September 1929,
the Riverside and Dan River mills on Monday. Richmond, or a decrease of 18.35%. The nine month volume this year
Va. also wired that a strike of union employees of the River- totaled $191,153,121, compared with $195,698,785 last
side and Dan River Cotton Mills, of Danville, Va. the largest year, a decrease of 1.3%. It is understood that the mail
independent cotton manufacturing plant in the Southern order business generally was hard hit during September, and
States, began at 6 a. m. Sept. 29. Strong detachments of that the catalogue divisions of the big houses suffered more
union pickets took their stations at each entrance to the giant than the chain stores.
mill an hour before daybreak. The gates remained closed
It has been a cool week all over the country with frost here
throughout the day, no effort having been made to operate and there. On Sept. 30 it was 52 to 64 here and on Oct. 2
the plant. Danville officials of the United Textile Workers 45 to 64. To-day it was 53 to 61. Overnight Boston had
who are directing the strike, say that of 2,000 workers that 44 to 62, Montreal 44 to 64, Philadelphia 52 to 66, Chicago
have been employed regularly, not less than 1,800 are union 56 to 64, Cincinnati 52 to 66, Cleveland 52 to 58, Detroit
members. Why the picketing then?
52 to 60, Milwaukee 48 to 56, Kansas City 66 to 82, St.
It cabled Sept. 29th that early resumption of work at two Louis 56 to 74, Winnipeg 34 to 50, Seattle 50 to 60, San
more mills, one spinning coarse-count yarns at Lees-Oldham Francisco 54 to 70.
and the other spinning condensor yarns at Romiley-Cheshire,
is announced by the Lancashire Cotton Corporation. Three
other mills resumed operations earlier this month. It
Upturn in Business in Some Lines Noted by
cabled Fairchild that the Lancashire Cotton Corporation Seasonal
Guaranty Trust Company of New York.
states that four more of its mills will reopen shortly. Two
Seasonal upturns in some branches of business activity
of these are at Stockport, one at Wigan,and one at Radcliffe.
The reason the firm states is that its goods are now competing have been noted during the last few weeks, states the Guarsuccessfully with foreign goods in several markets, thus anty Trust Company of New York in the current issue of
"The Guaranty Survey," its monthly review of business
bringing back lost business to Lancashire.
A breakdown in Indian boycott on foreign cotton cloth is and financial conditions, published Sept. 29. "In most
reported. This has taken place at Amritsar, an important cases, these represent a somewhat belated start, since the
market for cloth, and it is believed that buying will increase beginning of the autumn revival is usually witnessed in
at an early date. Reopening of two mills of Lancashire August," "The Survey" continues. "The upward trend is
scarcely visible in the reports for last month, most of which
Cotton Corporation is announced.
show
further declines. The index of business activity of the
Commodity prices failed quite to equal anticipations based
on the slowing down of the year-long decline in mid-summer, Guaranty Trust Company.for August stands at 73.0% of
and September showed a further drop. It lowered Brad- normal, as compared with 75.9 for July and 106.3 for August
street'sIndex Number for Oct.1 to $102,998,a decline of 1.2% 1929." The "Survey" adds:
"Thus far, there is no clear indication whether the slight advances in
from September 1 and of 18.9% from Oct. 1 a year ago. The
operations and trade volumes have any significance beyond the
decrease from Sept. 1 was the 11th successive monthly de- industrial
usual stimulus provided by the advent of the autumn season and the movecline shown since Nov. 1 1929 and compares with 16 suc- ment of the crops. It is evident, however,that they have resulted In a more
cessive monthly declines shown in 1920 and 1921. Compared Cheerful business sentiment, which is in itself no small influence in the
right direction.
with the high point since "deflation" touched on Dec. 1 1925, "It Is recognized, of course, that some ofthe basic conditions necessary to
the Bradstreet Index as of Oct. 1, is 28.4% lower, while the immediate business recovery are still lacking. Commodity prices, particuprices of farm products, have declined further. Wheat at Chicago has
decrease from the low ebb of June 1 1921 is 2.9%. Compared larly
reached the almost unprecedented low level of 76 cents a bushel. The
with the peak point of Feb. 1 1920, the decrease of 50.6%. stock market has not yet displayed any sustained strength, nor has the
The general level of farm prices advanced 3 points from the volume of bank credit given any clear sign of increasing demand for funds
commercial purposes. These conditions, however, have existed for some
unusually low level reached on Aug. 15 and on Sept. 15 for
time and are now accepted as inevitable features of the major depression
waid111% of the pre-war level according to the Bureau of through which the world's commerce is passing. Business men are in a
mood to derive encouragement from any improvement in the outlook,
and improvement is visible in certain directions.
Outlook Better in Some Respects.
The trend of commodity prices, for example, in the last two months has
been in marked contrast to the swift and steady drop that had been under
way for about a year. The index of the Guaranty Trust Co. indicates
that only a slight recession occurred during the month ended Sept. 15.
Acute weakness has given way to comparative stability.
The preliminary report of the Department of Commerce on foreign
trade last month is, under the circumstances, distinctly favorable. The
export surplus was the largest for any August since 1921.
Although the automobile industry Is operating at the lowest level reached
so far during the current depression, except for the brief period in the
summer when large plants were shut down entirely for alterations, output
Is being held very close to the rate of current demand, with marked benefit
to the inventory situation.
The latest reports of the weekly steel trade journals are the most optimistic
in several months. In addition to an increase of 3% in the rate of operations for the industry as a whole, bringing the current schedule up to
61% of capacity, it is stated that considerable amount of long-deferred
buying has come into the market. The improvement, while not rapid,
Is characterized as consistent.
Perhaps the most significant feature of the recent advance in ingot output
is that it occurred as a somewhat tardy response to increasing requirements from rolling mills and other makers of finished products. In this
respect it contrasts with the upturn noted a few weeks ago, which now
appears to have anticipated a higher scale of needs on the part of finished
steel producers that did not immeditaely materialize.
As in the case of several other industrial raw materials, the greater
activity of the steel market indicates not so much a rise in the rate of
current consumption as a growing disposition on the part of users to cover
their future needs at the existing price level. Most mills, however, have
Chosen not to contract for delivery beyond the first of January. Even on
orders for the nearer term, producers are insisting on higher prices than
were quoted in recent weeks.
The revival of the market has taken place with little or no aid from
the automobile industry and the railroads, ordinarily two of the largest
consuming industries. It is apparently due to increasing demand on
the part of a wide range of users, particularly radio, stove and range,
steel barrel, and farm implement producers.
Lola Prices Stimulate Buying.
In several directions evidences have appeared that prices are considered
at or near the bottom and that buyers are no longer deferring their commitments in the expectation of lower quotations. In the copper industry
several important consumers are reported to have placed large orders
covering prospective requirements for several months in advance. A
similar situation has been noted in the cotton textile industry, where
trade has been partly paralyzed by the weakness of prices of raw material.
with the prospect that an upward reaction will take place as soon as buyers
become persuaded that the lowest point has been reached. Large industrial consumers of wheat, sugar, and other food products have recently
availed themselves of the low prices to provide for their needs many months
in advance.
The latest industrial reports, therefore, by no means justify the exaggerated pessimism that has been visible in some quarters. Such a view
is as incompatible with past experience and present facts as is the attitude
of those who have consistently refused to face the truth that the world
is in the midst of genuine and severe business depression. Overdrawn
and distorted views either give rise to unwarranted hopes and encourage
false starts that can only end in further slumps; or dampen confidence and
delay the return of prosperity.
There is nothing abnormal or unprecedented about the present situation.
It is a perfectly natural reaction, such as has been witnessed many times
In the past and will continue to recur at intervals as long as our economic
organization is what it is. The return of the next wave of prosperity Is
as inevitable and certain as was the termination of the last wave. Slowly
but surely the forces that will bring about revival are at work.
Federal Reserve Board's Survey of Retail Trade in the
United States During August—Sales 12% Below
Ssme Month Last Year.
Department store sales for August were 12% smaller
than in the corresponding month a year ago, according to
reports to the Federal Reserve System from 634 stores in
264 cities. The Board's further advices follow:
In August tills year there were 26 trading days as compared with 27
days in August last year and daily average sales were 8% smaller than a
year ago. Total sales from Jan. 1 to Aug. 31 were 6% smaller this year
than last year.
BALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Percentage Increase
Over or Decrease(—)from a Year Ago.
(August 1930 had 26 trading day, and August 1929 had 27)•
District or City.
Selected City—
Akron
Atlanta
Baltimore
Birmingham
Boston
Bridgeport
Buffalo
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Dayton
Denver
Detroit
Duluth-Superior __
Fort Worth
Jan. 1 No.
Aug.
to
of
Aug 31 Stores
—10
—7
—10
—3
—6
104
68
64
—6
—9
—17
—16
—10
—7
—8
—10
—1
—9
—13
—9
—8
—4
—8
—4
34
42
96
21
23
38
25
65
—20
—3
—3
—16
—6
—15
—9
—15
—2
—22
. —5
—1
—21
—3
—24
—19
—0
—18
—4
+2
—14
—1
—9
—7
—12
—4
—11
—2
—4
—11
—4
—19
—7
—13
5
4
8
4
12
4
5
'23
8
6
6
5
3
5
5
4
6
District or City.
Jan. 1 No.
of
to
Aug.
Aug 31 Stores
Selected City
(Concluded)—
Houston
Indianapolis
Kansas City
Los Angeles
Louis% lite
Memphis
Milwaukee
Minneapolis
Nashville
Newark
New Haven
New Orleans
New Stork
Oakland
Omaha
Philadelphia
Pittsburgh
Providence
Rochester
San Francisco-- Salt Lake City-Seattle
Spokane
St. LOUIS
St Paul
Syracuse
Toledo
Washington
—23
—16
—13
—12
—15
—17
—16
—5
—13
—6
—13
—7
—6
+17
—7
—9
—11
—19
—8
—11
—16
—12
—4
—16
—13
—16
—30
—4
Total(264 cities)
—12
TITTIITTTriTiTTITTTTITTI
F. A. District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco __ __
2131
FINANCIAL CHRONICLE
OCT. 4 1930.]
—6
5
5
4
8
5
4
5
4
4
6
4
4
12
4
3
12
7
10
4
6
5
5
3
4
5
4
4
7
634
DEPARTMENT STORE SALES. BY DEPARTMENTS.
(August 1930 had 26 trading days and August 1929 had 27).
Percentage Increase (+) or Decrease (—)
Aug. 1930 Compared with Aug. 1929.
Department.
Federal Reserve District.
Toldt
(a)
Dal- San
New Cleve- Rich- CMSt.
York, land. mond. cago. Lowts. las., Fran.
Boston.
Piece Goods—
Silks & velvets__ ._ —13 —14
Woolen dress goods —19 —28
Cotton wash goods —16 —20
Linens
—11
—5
Domestics. muslins
&c
—10
—6
Ready-to-toter Ac cessori esNeckwear.scarfs
—16 -15
Millinery
—14
—7
Gloves(women's az
children's)
+18 +34
Corsets, bressleres
—3
—6
Hosiery (women's
—10 —12
& children's)
—8 —18
Knit underwear..
Silk, muslin under—11 —11
wear
—14 —14
Infants' wear
Small leather g'da, —18 —19
—14
Women's shoes
—5
—7
Children's shoes_ _
Women's Wear—
W'm'n's co'ts,sulta —16
+5
—21 —12
Women's dresses
—2
Misses' coats. suits
—7
Misses dresses_ _ —15 —16
Juniors',girls' wear —10
—8
Men's, Bove We orMen's clothing
-13 —15
Men's furnishings,
hats, caps
—7
—8
Boys' wear
—14 —22
Men's, boys' shoes —14
—3
House Furnish'es
Furniture
—16 —16
Oriental rugs
—11
Dom.floor cover'gs —19 —16
Draperies, uphol—20
stery
—21 —16
China. glassware
—6
—14
—14
—11
—16
—18
—7
—14
+3
—18
—12
+24
—19
—30
—20
—17
—26
—29
—18
—15
+18
—27
—16
—10
—22
—14
—21
—18
—6
+4
—15
—5
—23
—12
—11
—22
+2
—17
—19
—13
—3 —22
—23
—14
—7 —18
—13 —20
+11
—4
+7
—4
+1
—4
+36
.-8
+8
—10
+64
—10
—7
—12
—1
—4
—1
—3
—10
—12
—11
—22
—14
—9
—9
—11
—14
—12
—10
—12
—11
—22
—15
—1
—4
—5
—27
—14
+13
—8
—21
—17
—13
—12
—18
—20
—29
—15
—5
—19
—22
—1
—13
—29
—14
—16
—13
—23
—18
—5
—27
+28
—7
—13
—19
—19
+4
—18
—7
—10
—17
+8
—17
+9
—20
—27
—23
—26
—21
+2
—27
—27 —20
—3 +28
+2
—6
—3 —12
—25
—22
—20
—18
—12
—11
—15
—2
—16
—7
—6
—12
—14
—7
—13
—10
+10
+6
—11
—19
—18
—10
—19
—21
—19
—20
—6
—9
—13
—26
4-1 —28
—3 —31
—8 —19
—30
—33
—36
—39
—9
—39
—29
+1
+7
—22
—28
—17
—27
—11
—23
—30
—22
—34
—31
—14
—30
—10
—32
—14
—16
—26
—16
+13
+5
—11
a Data are for about 200 stores with total annual sales in fated departments of
6850,000,000 and in all departments of $1,250,000,000. More than 50% of these
sales are for about 40 stores located in six cities: Boston. New York. Pittsburgh;
Detroit, Cleveland, and Los Angeles. In Individual Federal Reserve districts
more than half of the reported sales are made by stores in following cities: Boston;
New York. Pittsburgh and Cleveland. Washington. Detroit and Milwaukee,St. Louts;
Dallas and Houston.Los Angeles.and San Francisco. The total number of reporting
stores varies from about 65 for certain items to about 175 for other items: in the
individual Federal Reserve districts corresponding ranges are usually about as
follows: No. 1. 8-30: No. 2. 8-12; No. 4, 18-64; No. 6.7-11; No. 7, 8-30: No.
6-10: No. 11. 6-14; No. 12. 8-20
DEPARTMENT STORES—SALES AND STOCKS. BY FEDERAL RESERVE
DISTRICTS.
Index Numbers, Monthly Average 1923-1925=100,
Federal Reserve
Districts.
Sales—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
Total
Stocks—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
Total
No. of
Stores.
Adjusted for Seasonal
Variations.
(a)
August
1930.
July
1930.
36
59
57
55
28
41
94
19
18
27
22
34
103
113
90
96
111
102
106
99
84
97
108
82
92
100
89
95*
94
77
111
115
95
109
113
110
121
113
87
111
114
110
98
490
103
34
42
45
49
28
29
76
19
14
21
21
30
408
Without Seasonal
Adjustment.
July
1930.
AUgUSE
1929.
116
122
74
77
63
78
77
77
84
73
73
79
78
108
71
77
58
70
73
67
72
66
61
68
60
91
83
82
69
92
81
85
100
87
78
85
85
120
96
111
79
72
89
84
102
74
83
89
87
101
86
66
89
105
78
86
91
90
108*
88
66
94
106
85
95
97
95
116
90
72
-6§
71
100
79
103
78
07
70
80
82
85
Si)
86
66
107
70
96
81
97
71
80
83
83
99
82
62
100
66
96
87
101
80
90
89
93
113
90
71
119
81
102
100
87
87
96
97
91
94*
August August
1929. 1930.
a Stores for which figures are available since base period 1923-25. b Monthly
average 1925=100. * Revised.
New York Federal Reserve Bank's Indexes of Business
Activity.
The New York Federal Reserve Bank's indexes of the
distribution of goods and of general business activity indicate a continued low level in August as compared either
with last year or with the long-time trend of growth, and
such information as is now available indicates no material
change in September. In reporting this in its "Monthly
Review," Oct. 1, the Bank adds:
Average daily car loadings of merchandise and miscellaneous freight
showed slightly less than the usual seasonal increase in August, and
remained under the levels of the past five years. Loadings of heavy bulk
material also increased less than seasonally in August, and remained at a
comparatively low level. Furthermore, during the first two weeks of
September it appears that loadings of merchandise and miscellaneous freight
showed no more than the usual seasonal increase.
Average daily sales of the reporting department stores in the Second
District during August increased seasonally over July, but newspaper and
[VOL. 131.
FINANCIAL CHRONICLE
2132
magazine advertising and life insurance sales declined, after seasonal adjustment. The number of business failures remained relatively large.
(Adjusted for seasonal variations and usual year-to-year growth)
Primary DistributionCar loadings, merchandise and miscellaneous..._
Car loadings, other
Exports
Imports
Panama Canal traffic
Distribution to ConsumerDepartment store sales, Second District
Chain store sales, other than grocery
Life insurance paid for
Advertising
General Business ActiritgBank debits, outside New York City
Bank debits, New York City
Velocity of bank deposits outside N. Y. City
Velocity of bank deposits, New York City
Shares sold on New York Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts
New corporations formed In New York State
Real estate transfers
General price level*
Composite index of wages*
Cost of living*
Aug.
1929.
June
1930.
July
1930.
Aug.
1930.
105r
97
100
122
92
92r
80
81
93
71
89r
80
83
90
77
88r
78
88p
84p
70
99
103
101
100r
99
89
95
877
95
86
94
85r
95
89
89
82,
117
195
135
228
404
100
104
103
109
-99
101r
78
182
227
174
104
141
114
146
269
94
91
90
124
115
90r
65
169
225
165
96
115
105
118
212
94
93p
87
117
72
92r
62
167
223
164
95
109
103
112
163
91
85
•117
72
-63
166
223
164
r Revised. p Preliminary. • 1913=100.
August Sales of Chain Stores in New York Federa
Reserve District Fell 8% Below Same Month Las
Year.
Regarding chain store trade during August, the Fedora
Reserve Bank of New York reports as follows in its Oct.
"Monthly Review":
The August sales of the reporting chain stores in this district were 85
below a year previous, the largest decrease ever reported to this bank, bu
part of the reduction undoubtedly was due to the fact that there was o
less selling day than in August 1929. Grocery chains again were th
only type that reported sales larger than last year, and the increase i
their average daily sales was the smallest this year, probably due in p
to the decline in food prices during recent months. The sales of shoe
variety, and candy organizations showed the largest declines In recen
months, and the sales of ten-cent and drug chains system also show
unusually large decreases.
All lines of chains showed decreases in sales per store, reflecting,
some cases, the smaller amount of business done by new stores, as well a
the effect of generally slow business.
Percentage Change August 1390
Compared with August 1929.
Type of Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Number of
Stores.
Total
Sales.
Sales per
Store.
+6.6
+6.7
-2.3
+5.4
+13.6
+1.8
-10.8
-13.8
-18.6
-8.4
-11.4
--4.6
--16.5
--11.8
--22.8
--19.4
--11.4
Wholesale Trade in August as Reported to Federal
-13.9
Total
-8.0
Reserve Board.
+6.9
Reports to the Federal Reserve System by wholesale
firms selling groceries, dry goods, hardware, and drugs Decline of 7% in Department Stores Sales in Ne
indicate that in all these lines sales in the month of August
York Federal Reserve District in August as Co
were considerably smaller than a year ago. Reports for the
pared with Year Ago.
first eight months of the year combined also show decreases
The New York Federal Reserve Bank reports that th
as compared with last year in the four lines of wholesale total August sales of the reporting department stores in th*
trade. The details made available by the Board follow:
district showed a 7% decline from a year previous, the larges
PERCENTAGE INCREASE (+) OR DECREASE (-) BY
decrease reported so far this year." In its "Monthl
FEDERAL RESERVE DISTRICTS.
Review," dated Oct. 1 the Bank also has the following
District Number.
say regarding department store trade:
Sales, August 1930, Compared with August 1929.
Line.
Tot.
Groceries
Dry goods
Hardware_ _
Drugs
1
2
3
4
5
6
7
8
9
10
11
13
--I0 --16 --17 --9 --9--10--18 --7 --12 --7 --8 -12 --7
--39
--24 --15 --36 --29--37 --40 --45
--26 -42 -30
--27
--I9 --17--22--27 --30 --36 --34 --23 --29 -31 -24
--16
--13 --2--16 --I3 --2 --22--23____ --3 --2I -14
Sales, Jan. 1-Aug. 31 1930 Compared with Jan. 1-Aug. 31 1929.
--41 --61 --4I --41
--41--11
--23 ____--19--11 --18 --15 --21
--16
--15 --10--17--14--17 -22 -20 -11
--8
--5 --I --10 --4--10 -11 -12 ____
1 Boston. 2 New York. 3 Philadelphia.
4 Cleve and.
6 Atlanta. 7 Chicago. 8 St. Louis. 9 Minneapolis. 10 Kansan
las. 12 San Francisco.
Groceries
Dry goods
Hardware._
Drugs
-11 -19 -15
-F -17 -3
5 Richmond.
City. 11 Dal-
Wholesale Trade in New York Federal Reserve District
in August This Year 24% Below Year Ago.
August sales of wholesale dealers in the New York Federal
Reserve District averaged 24% smaller than a year ago,
a decline of the same amount as in July, according to the
Oct. 1 "Monthly Review" of the New York Federal Reserve
Bank, which adds:
The decline in commodity prices during the past year undoubtedly has
been an important factor in the decrease in sales, and one less business
day than in August 1929 made the reductions in August sales slightly
larger than would otherwise have been the case. The decreases in the sales
of groceries, stationery, paper, and jewelry were the largest reported during
the period covered by this bank's records, and the decrease in drug sales
was the largest since December 1927. Sales of men's clothing, cotton
goods, and shoes, and machine tool orders also continued to show unusually
large declines from a year previous, although the decreases were not as large
as those reported in July; sales of diamonds and hardware showed somewhat larger declines than in July. Yardage sales of silk goods, reported
by the Silk Association of America, however, showed the smallest decrease
from a year ago since May.
The value of stocks of groceries, cotton goods, hardware, and diamonds
continued to be smaller than in 1929, but the value of stocks of shoes and
drugs remained larger than last year. Stocks of jewelry and quantity
stocks of silk goods on hand at the end of August were smaller than a
year ago, after showing increases in July. Collections were somewhat
slower than a year previous in most lines.
Percentag
Change
August 1930
Compared uAth
July 1930.
Percentage
Change
August 1930
Coinpared with
August 1929.
Per Cent of Acts
Outstanding
July 31
Collected in
August.
Commodity.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools.:
Stationery
Paper
Diamonds
Jewelry
INPfahtivl milPrAPP
Net
Sales.
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
1929.
1930.
-9.0
+131.2
+15.6
+35•4*
+234
+10.7
-1.4
+2.0
____
+3.6
*-6 1
-100
+21.9
+7.1
-16.7
-28.6
-24.1
*-8 4
-230
-13.3
-19.1
-2.6
____
-10.7
*-4 6
+0 8
+42.1
-13.7
76.8
33.8
36.6
47 5
38.8
36.1
47.8
72.4
33.2
35.7
436
37.1
42.0
45.7
-11.0
--2.6
-4.9
+21.6
__._
____
-23.9
-17.1
-27.3
-22.6
-48.4
-44.8
_ _67.3
____
56.5
-32.2
}
27.2
-18.3
67.9
55.4
+31.7
-23.6
----
50.2
• Quantity not value. Reported by Silk Association of America.
x Reported by the National Machine Tool Builders' Association.
} 20.7
48.2
However, there was one less selling day than in August 1929, and t
decrease in the average daily volume of sales was no larger than in Jul
The total sales of the New York City stores showed a decline of alm
6%; the reporting Newark and Rochester department stores showed d
creases in sales of 6% and 7.7%, respectively, following an increase
sales in July; and sales in other localities declined from 9% to 18% fro
a year previous. The leading apparel stores continued to report a su
stantial decrease in sales, but the decline in the daily average volume
sales was the smallest since May.
Stocks of merchandise on hand at the end of the month, valued
retail prices, showed a larger decrease from a year ago than in any previo
month in several years. The percentage of outstanding charge accoun
collected during the month was nearly 2% lower than in August 1929.
Locality.
P. C. of Access
Outstanding
July 31 Collede
in August.
Percentage Change
August 1930
Compared with
August 1929.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
MI department stores
Apparel stores
--5.8
--9.4
--7.7
--15.7
--6.0
--15.2
--14.5
--17.2
--13.4
--I8.2
--10.6
--I4.0
--13.2
--7.2
--13.1
--5.3
--3.0
--14.2
--11.1
--I4.9
--14.3
--5.9
-6.5
1929.
1930
42.9
48.2
33.8
41.1
44.0
31.4
40.5
37.1
39.4
36.4
36.7
35.4
_
40.5
39.3
38.7
35.7
Sales and stocks in major groups of departments are compared wl
those of August 1929 in the following table.
Furniture
Toilet articles and drugs
Toys and sporting goods
Cotton goods
Men's furnishings
Silks and velvets
Women's ready-to-wear accessories
Silverware and jewelry
Women's and misses' ready-to-wear
Hosiery
Home furnishings
Men's and boys' wear
Shoes
Books and stationery _
Woolen goods
Luggage and other leather goods
Linens and handkerchiefs
Musical Instruments and radio
Miscellaneous
Net Sales
Percentage Change
August 1930
Compared with
August 1929.
Stock. on Band
Percentage Chang
Aug. 31 1930
Compared with
Aug. 311929.
+1.1
i-0.9
d-0.3
--3.7
--5.5
--5.7
--6.0
--7.0
--8.6
--10.2
--10.5
--11.3
--I2.2
--13.1
--13.6
--I3.7
--I4.3
--14.3
--14.5
-3.8
-0.6
--16.9
i-1.9
--23.0
--10.4
--I4.2
--17.6
--10.7
--6.2
--11.0
--9.7
--3.2
--I6.5
--8.9
--I2.3
--20.4
Julius Klein, Assistant Secretary of Commerce, Se
Business Revival-Advises Manufacturers to Wat
Law of Supply and Demand.
Dr. Julius Klein, Asst. Secretary of Commerce of t
United States, in an address before a meeting of Citi
Service executives and salesmen of Henry L. Doherty & C
OCT. 4 1930.]
FINANCIAL CHRONICLE
on Sept. 25, predicted that by the end of October general
business conditions would be greatly improved and by the
end of the year they should reach price levels of 1928. In
elaborating this statement Dr. Klein said:
"We have experienced 15 crises in the past 50 years which have lasted an
average of 13 months. During those depressions the average drop in price
has been 15%. During our recent depression the price drop averaged only
11%. In 1921 the average price drop reached 25%.
"We have come out of other depressions and we will come out of this one.
Other depressions have been decidedly greater than our most recent experience. We need only remember 1921. One big mistake business men
are making is when they compare present price levels with 1929, which was
not a normal year.
"There has been too much prophecy,too much lamentation and too much
near-sightedness. To quote my good friend Col. Leonard Ayres, of Cleveland,'When interest on 90-day paper drops below 3%, the upward trend
is not far away.' I see every indication of an immediate upward trend in
business.
"In estimating business trends our search for facts must be world wide,
since America has tremendous Investments in all countries of the world.
In 1920-21 the world-wide price drop was,top to bottom,45%. In 1929-30
the world-wide price drop, on the same basis, was 14%, which points out
to us that our condition to-day is not as bad as we think It is.
"What we need is not stabilization, but equalization, a more even balance
between production and consumption. World population in the past six
years has increased 10% while the production for raw material has increased
24%. The production of raw material in the United States being equal to
world production and standing at 24%,Europe is in even a worse condition
with a 31% increase in the production of raw materials with nothing like
the improvement in living standards.
"My advice to manufacturers and distributors of merchandise is, watch
markets. Many of them,I am sorry to say, do not watch them. With the
Increased facilities for the rapid transmission of information we must remember that style changes are broadcast daily to every hamlet in this country, and that in order to meet competition and definitely regulate our production of goods, we must keep close track of the buying power of the conmer as well as take full account of style changes.
"As an example, may I point out to you the experience of New England
shoe dealers who complained to the Department of Commerce that an important market of theirs had fallen off. Upon examination It was found
that shoe manufacturers in Czechoslovakia had American representatives
radio photographs of the latest shoe styles as designed in America. It was
also found that Czechoslovakian shoes could be delivered in America within
14 days. New England shoe dealers must speed up to keep pace with the
ime and meet competition in world markets.
"The buying power of the individual fluctuates from day to day everywhere. And although there are those who would tell us that the individual
uying power is decreased, the fact remains that the increased use of °leericity during the first six months of 1930 is marked at one billion kilowat
ours more than during the same period of 1929. Department store sales
only 7% below 1928, and so it goes.
"Synthetics have a big place in manufacture of goods to-day. A stunt
cently performed by a Cambridge, Mass, chemist was to send to a packing
lent for the oars of a sow, and by mixing certain chemical ingredients with
he sow's ear he did make a lady's silken purse. Keep your eye on the
emist. The manufacturer who is more than 24 hours away from chemical
alysis is in grave danger. It is essential to keep in touch with chemical
esearch in order to keep pace with the development of business.
"Our financial position is stronger now than it has ever been. Savings
anks deposits are up 115% since 1919. Building and loan association delis are up 271% since 1919. One hundred and ten billion dollars of life
• urance is in force to-day. In 1898-1913 wages increased at the rate of
1-3% each year, while food stuffs kept on exact pace with this increase,
hewing identically the same figure. Since the war, wages have increased
.1% per year, while the cost of living has shown no increase. For wages
ver 81,000 paid this year, the cut has been less than $1."
Dr. Klein will sail on Oct. 18 to make a survey of economio
nditions in Europe.
President Hoover Urges Adequate Housing as
Contribution to National Understanding.
Speaking in support of measures for adequate housing,
'resident Hoover on Sept 24, in addressing the Planning
ommittee of the President's Conference on Home Building
nd Home Ownership at the White House, declared that
'adequate housing goes to the very roots of the well being
f the family, and the family is the social unit of the nation.
* " It should be possible in our country for anybody of
:1 und character and industrious habits
to provide himself
ith adequate housing and preferably to buy his own home."
he President also said "the finance of home building,
specially for second mortgages, is the most backward segent of our whole credit system. It is easier to borrow 85%
n an automobile and repay it on the instalment plan than
o buy a home on that basis—and generally the house reuires a higher interest rate." He further said there "is an
mportant economic bearing of this whole matter beyond
ven the betterment of the family. With constant improveeat of methods and labor-saving devices we constantly set
ree a stream of workers from established industry which
ii ust be absorbed in new or expanding industries if
we would
ave for them employment and the articles or services
hich comprise advancing standards of living." The Presient's address follows:
2133
in the world, but we still lag far behind our national ideals of homes for
all our people.
"Substantial advances have been made in some parts of the country;
great experience has been gained and it has been the wish of many of these
groups that there should be a thorough national inquiry with view to a
summation of this experience, the mobilization of existing movements and
the possible development from it of a new state of thought and action.
"Adequate housing goes to the very roots of the well being of the family,
and the family is the social unit of the nation. It is more than comfort that
Is involved, it has important aspects of health and morals and education and
the provision of a fair chance for growing childhood. Nothing oontributee
more for greater happiness or for sounder social stability than the surroundings of their homes. It should be possible in our country for anybody of
sound character and industrious habits to provide himself with adequate
housing and preferably to buy his own home.
"The finance of home building, especially for second mortgages, is the
most backward segment of our whole credit system. It is easier to borrow
85% on an automobile and repay it on the instalment plan than to buy a
home on that basis—and generally the house requires a higher interest rate.
The whole process of purchase and finance involves a ceremony like a treaty
between governments and yet the home is certainly as good collateral as an
automobile; it depreciates more slowly, if at all, and its owner will make a
harder fight to keep it. The home has tentacles of sentiment as well as
bonds of practical necessity that bind the occupant to it. Part of the difficulty lies in inadequate financial organization and part of it you will find
in obsolete laws.
"There are other important phases of the problem beyond the financing
of the individual home owner. The problem of creating real and systematic
home areas adjacent to industry and to our cities which can be safeguarded
from commercial invasion and destruction needs exhaustive consideration.
Such areas have been created both here and abroad with great success. The
helter-skelter building of homes adjacent to our cities produces many inadequacies and wastes. Such a question at once raises large problems of city
and industrial planning as well as problems of finance. The automobile
has made such communities far more practical than ever before.
"I am in hopes you can find the time and organization to go even farther
afield than individual home ownership into this whole question of housing.
This will at once carry you into the apartraent and rural fields as well
"Besides these questions there are problems of architecture, esthetic
questions and questions of interior convenience, as well as problems of
construction—all of which have large Importance, and enter Into rural as
well as urban homes.
"I would suggest to you that there is also an important economic bearing
of this whole matter beyond even the betterment of the family. With
constant improvement of method and labor-saving devices we constantly set
free a stream of workers from established industry which must be absorbed
In new or expanding industries if we would have for them employment and
the articles or services which comprise advancing standards of living.
"There is no doubt we shall make new inventions and new needs but the
greatest present field for the absorption of our surplus national energy lies
in better housing. There are some emergency question,' arising from the
present depression to which you can, I believe, assist in solution.
"I shall not enter upon the many phases of the subject. They are well
known to many of you. My general thought has been that we should first
have a determination of the facts in every important direction, followed
by a weighing and distillation of these facts and the formulation of collective
judgment of the leaders of our country in this special knowledge. Not only
the wide scope of the subject, but its many intricate problems involved will
all require time for investigation and study.
"I have not presumed that you could undertake to direct such a task as
this and bring it to conclusion within a few weeks or even months, or that
you could undertake it without large assistance and co-operation. We wish
to set up something snore than an ephemeral discussion. It is obviously
not our purpose to set up the Federal Government in the building of homes.
There are many questions of local government involved.
"It is my hope that out of this inquiry and the conferences that will
follow it, we should make so well founded a contribution to our national
understanding as to give direction and co-ordination to thought and action
throughout the country."
National City Bank of New York Finds Showing for
Fall Business Not Encouraging--Belief, However,
that Decline Has Nearly Run Course.
Discussing general business conditions in its October
bulletin the National City Bank of New York states that
"the month of September has witnessed some improvement
in business, rather pronounced in some lines, but taking
the situation as a whole the gains have failed to carry conviction as to the permanency of the uptrend." The bank
goes on to say:
At this time of year the seasonal increase in the demand for goods would
naturally impart a stimulus to trade and industry, hence the real measure
of progress must be judged after making allowance for these influences.
When this is done it must be admitted that the showing for fall business
so far has not been very encouraging.
Announcement by the American Federation of Labor of a decrease in
unemployment among its membershipfrom 22% in August to 21% in September indicated a trend in the right direction, though the gain could not
be called particularly impressive in view of the large numbers out of work.
Car loadings of merchandise and miscellaneous freight on the railways
has shown a seasonal increase since the middle of August, and some satisfaction is derived from the fact that the unfavorable spread as compared
with a year ago is no longer increasing. Nevertheless, total loadings for
this classification in the four weeks ended Sept. 13 were 15% under last
year and the lowest for any like period since 1923. Seasonal expansion
of commercial borrowing at banks and money in circulation, usually expected at this time, has been very moderate, and evidences of continuing
readjustment in wages and basic commodity prices have served to strengthen the feelings of pessimism. Indications, on the other hand,ofa greater
"I appreciate very much the high sense of public service which has willingness on the part of various large consumers to contract ahead for
rought you here today. I would not have asked you to come if I had not raw materials at the current low prices have been a favorable development.
To business men who, throughout the difficult times of the spring and
elt deeply that there was a real need. For some years the business corn.
summer, have been looking forward to the fall months to mark the comunity, our municipalities, and great numbers of associations devoted to
mencement of business revival, the failure of September to develop a cone promotion of public welfare, have interested themselves in the probclusive upward trend has been a keen disappointment. As usual, this
ems of more adequate housing and home ownership. I will say at once feeling
has been reflected in the stock market, which showed a firmer tenhat we have a larger proportion of adequate housing than any country dency in the latter part
of August on hopes of better business, but which
2131
FINANCIAL CHRONICLE
lately has been subjected to renewed liquidation of an urgent character.
carrying prices of many stocks down to new low levels for the year.
That the prospect of a possible deferment of any substantial improvement in business until next year should have a depressing psychological
influence is inevitable, but this is no reason for a loss of perspective on
current developments. In times like the present the public is in a highly
nervous state and easily misled by fantastic rumors. Just as a year ago
the mood was to exaggerate every favorable item of news and ignore unfavorable symptoms, so now the pendulum has swung the other way, and
bad news Is played up and good news thrust in the background. Repeated
Instances during the past month of panicky reactions to absurd alarms have
given evidence of the extent to which the public has abandoned sound thinking and given itself over to hysterical imaginings.
This comment is not to imply any desire to minimize the seriousness of
the obstacles to business revival, but simply to point out that it is possible to
magnify the difficulties out of all due proportion. We do not agree with
those who contend that the present depression is largely psychological,
and that liberal doses of "sunshine" talk are all that is needed to restore
us to the road to prosperity. We recognize that the depression is caused
does
by serious and fundamental maladjustments, yet in its essentials it
not differ greatly from the depressions of the past. These phenomena of
while
and
years,
recurring crises have been the subject of study for many
it is true that no two depressions are precisly alike, the general characteristics are fairly well understood. At the levels touched during July and
August, composite indexes of business such as those computed by Standard
Statistics, Brookmire, and the Federal Reserve Bank of New York, were
close to the bottom levels of 1921, warranting the assumption that the decline must have nearly, of not entirely, run its course.
$50,000,000,000 to Be Spent for Homes in Next 20 Years
According to Secretary of Commerce Lamont.
At least 00,000,000,000 will be spent on new residential
construction in this country during the next twenty years,
and something over $10,000,000,000 will be expended on
household repairs and maintenance, it was estimated on
'Sept. 29 by Secretary of Commerce R. P. Lamont, in discussing the recent meeting of the Planning Committee of the
President's Conference on Home Building and Home Ownership. A Washington dispatch to the New York "Journal of
Commerce",from which we quote, goes on to say:
Some twenty committees will be set up to plan the work of the conference, the Secretary said, and the personnel all told may reach as high as
1,000. The Department of Commerce has no official connection with the
conference and will supply none of the personnel, although it is probable
it will furnish space for the work.
So intricate is the task before the Planning Committee, Mr. Lamont declared, that it is not likely that the meeting of the entire conference will
be held in less than a year.
"A compilation of the most recent vacancy surveys made throughout the
country indicates that in many centers the number of desirable vacant
louses and apartments is not excessive, and that, with the present low rate
of residential building activity, a resumption of more active building will
soon be required by the needs of our steadily growing population and the
razing of old structures," he said, in discussing the situation.
"Also it was brought out at the meeting that with recent drops in prices
of important building materials, an ample number of highly skilled building
trades workers available, contractors anxious to obtain work and first
mortgage money generally available at reasonable terms, conditions are now
favorable for home builders who have the resources and intend to build to
go ahead, In general, conditions are also good for going ahead with repairs,
alterations and improvements to existing houses."
Ambassador Dawes, in Speech in Belfast, Ireland,
Looks for Normal Trend of Business Next Year—
Analysis of Depression and Its Causes.
Charles G. Dawes, United States Ambassador to Great
Britain, in an address as the guest of honor at an official
luncheon at the City Hall, Belfast, Ireland, on Sept. 27,
predicted the return of the normal trend of world business by
the summer or fall of next year. The Ambassador's address,
says the Associated Press accounts, was an analysis of
"present world-wide industrial and trade depression, its
cause, and its probable duration." General Dawes said that
he would not fall into the common error of travelers of
discussing questions of local industry, but that in Belfast,
which is a center of world-wide business, he could properly
discuss the present world-wide depression, since, as nearly
everywhere else, it is having its serious local effect. The
Associated Press further reported the remarks of the Ambassador and his host as follows:
In proposing a toast to the American Ambassador, Sir William Coates,
the Lord Mayor,said:"The ties which exist between Ulster and the United
States are many and varied. We recall with pride a noble part in shaping
the destinies of the great Nation whose Ambassador is with us to-day.
I believe no fewer than 10 Presidents of the United States were descendants
of Ulster stock."
Ambassador Dawes's address practically in full follows:
change in the
"A world depression in business is due always to sudden
attitude of the world's peoples. This changed attitude is often explained
including
diverse
causes,
of
unwise
result
In different countries as being the
national policies, undue speculation, overproduction, under consumption
and political or social upheavals.
"These, however, are more the effects of this change of general attitude
that one catastrophe
than the causes ofit. It is often easier to conclude
rather than that both
or error in business is the cause of the following one,
originate from one underlying cause.
a major depres"In the United States, for instance, as well as elsewhere,
sion in business has always been preceded a few months before by a stock
the collapse
that
assumed
have
Many
panic induced by overspeculation.
of the stock market caused the later depression. Many have assumed,too,
[VoL. 131.
that this correct forecasting of business trends by stock speculators Is
evidence of the composite intelligence of the speculating class.
"Nothing could be more untrue, for not only is the speculating class
as a whole no wiser than those in other businesses, but no intellectual
judgment of the future can always prove to be right, and in this case
general unloading of stocks months before general business is materially
affected always occurs. The truth is that stock market depression and the
following business depression are both caused by the same thing—a fundamental change in the attitude of the average man resulting from a sudden
loss of confidence on his part, the first public manifestation of which occurs
on the Stock Exchange.
"The reasons why the Stock Exchange gives this first evidence of a
change in general attitude are simple. Business on the Stock Exchange is
transacted under unique conditions, conducive to almost immediate public
registration of general lack ofconfidence in values. On the Stock Exchange,
when confidence in the future is rampant, every facility exists for speculators to get easily into debt and in proportion to the thinness of their
margin and larger amount of stocks they carry upon given capital invested
as margin, the larger do they compute their respective profits. Contrariwise, when their optimism falters the quicker will they run from prospective
loss necessarily proportionately as large.
"The man with merchandise to sell, on the other hand, when he commences to lose confidence in values will dispose of it gradually. He is
not generally under the necessity when the market drops of immediately
putting up addftlonal margins of security to his creditors if he prefers not
to sell just then. When the market slackens he does not have to fear being
sold out by somebody else if he prefers to take his own time in selling.
"Moreover, in general business, so much of which is concerned with
supplying of human necessities, there is a greater continuance in demand
and, in consequence, in times of depression a slower market decline than
in stocks, the demand for which lessens more abruptly. Nevertheless,
the fundamental cause of the decline in both is the same.
"Let us consider this fundamental cause. Comments of learned economists differs° widely in respect to it and the probable time of continuation
of the present world-wide business depression that we laymen may be
excused for seeking simpler explanations. The qualities of composite
mankind are but qualities of the average individual composing it.
"As the average man in his personal or business activities occasionally
departs from the usual so does mankind. As a man sometimes cuts loose
from safe business moorings so does mankind. As a man sometimes embarks upon unknown and dangerous seas of speculation and unsound
enterprise so does mankind and what then happens to a man happens to
mankind.
"We don't know why a man goes wrong but we have no difficulty in
knowing when it is thus with mankind. After a hectic period induced
by regrettable combinations of over-confidence and misdirected energy,
reaction and a return to a normal view of things causes the first business
collapse, then a period of stagnation and then a period of recuperation.
"The business of mankind is now ins stage of recuperation. We know
that in a general way under the law of action and reaction periods of underactivity in business are somewhat proportional in length to periods of actviity preceding them. That time is considerably over a year behind us
when the public suddenly turned over from exhilaration and that confidence in the future which is the basis of prosperity to that lack of confidence which is the basis of business depression.
"I do not think that the business of the world left its normal trend
earlier than in 1927, two years before the collapse of prices in 1929 on the
leading stock exchanges of most nations. If I am right in this, other
things being equal, may we not hope to see the normal trend of world
business resumed by summer or fall of next year, which will mark the end
of the after two-year period?
"Exceptional local conditions may in this or that country retard or
advance the healing effect of returning world business confidence, but
nothing is more certain than the coming business recovery. The business;
fool of 1929 was he who had no fear. The fool now is he who has no hope.'
The Business Situation Summarized by Chairman Barnes
of National Business Survey Conference—Volume of
Construction Work Greater by $147,000,000 Than Year
Ago—Falling Off in Department Store Trade—World
Conditions Reviewed.
A statement, summarizing reports received from different fields of business enterprises, largely through National
Trade Associations, was issued under date of Sept. 29 by
Julius H. Barnes, Chairman of the National Business Survey Conference. Varying conditions in the numerous lines
covered are indicated, the construction industries being
one of those showing expansion. It is stated that "for
the period ended with Sept. 19, construction of public
works and utilities exceeded the volume in the same part
of last year by $147,000,000;" non-residential building this
year was less in volume by $341,000,000 and residential
building was less by $698,000,000. Noting that Mr. Barnes
refrained entirely from making forecasts or interpreting
the trend of general conditions, the Associated Press accounts referred to the showing as follows:
He saw assurance of funds for all business purposes in cheap money
for both short and long-term credit. While total capital issues during
the first eight months of the year were 35% behind the same period
of last year, bond issues showed a 50% gain. Increases were seen in
loans to foreign governments, domestic municipalities, railroad and
utility companies.
Savings also took an upward turn of considerable dimensions, checking against bank accounts was smaller than last year. Building and
loan associations, while displaying conservatism, were generally in
improved condition by September. Installment selling continued below
A falling
last year, but delinquencies showed no material increase.
off was noted in all insurance lines.
Although railroads spent more in improvements, traffic volume was
off. Electric railway lines also showed decrease, but motor bus lines
had gains. An advance in shipbuilding activity was noted.
Improvement was reported for September in most forms of steel
Gasoline consumption
production with automobile output still low.
continued to set records and the output of automobile tires has been
increasing. Textile operations showed sales above production in many
lines, with sounder conditions prevailing.
Oct 4 1930.]
FINANCIAL CHRONICLE
2135
Seven foreign countries covered in the survey showed "some improvement in some lines."
These were Great Britain, Italy, the
Netherlands, Belgium, Norway, Japan and Canada.
Ten other countries showed no gains.
sugar went below a cent a pound; rubber is 73. cents, the lowest on record;
silk, at $2.16, has no precedent; hides are around 9 cents, the lowest on
record; copper has now touched 10 cents; pig iron went lower and cotton
yarn touched a new low. The only exception in this uniform decline is
coffee, which advanced slightly during the week.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States-Decline
in Business Activity as Measured by Volume of
Checks.
According to the weekly statement of the Department of
Commerce at Washington, commercial transactions during
the week ended Sept. 27, as indicated by the volume of checks
presented for payment, outside New York City; registered a
decline from the preceding week and were less than the
corresponding week in 1929.
Wholesale prices, as a whole, as measured by Fisher's
Index, recorded but a fractional decline from the prices of a
week ago and were lower when compared with the prices
received for commodities a year ago. Iron and steel prices,
in keeping with prices in general, showed no change from a
week ago, and like other wholesale prices were lower than
last year. The wholesale price for middling cotton at New
York and red winter wheat at Kansas City showed fractional
changes from the preceding period. Both prices were lower
than in 1929.
Bank loans and discounts of Federal reserve member
banks, although showing no change from the week before
fell off slightly from the level of loans and discounts for the
same period in 1929. The average prices for representative
stocks registered a decline from the previous week and were
lower than the prices paid during the week Sept. 28 1929.
Bonded prices, on the other hand,indicating renewed interest
of the public in the bond market,showed increases over both
comparative periods. Interest rates for both call and time
money for the latest week were at a lower level than either
prior period. Business failures were less numerous during
the past week than during a week ago.
For the week ended Sept. 20 1930, increases were noted
over the preceding period in the activity of steel mills, production of crude petroleum, receipts of cattle and hogs, while
declines occurred in the value of building contracts awarded
in 37 States and in the receipts of wheat at principal centers.
Bank loans and discounts were greater and the prices for
principal bonds higher when compared with the week ended
Sept. 29 1928, two years ago.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-5=100.)
1930.
1929.
1928.
Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept.
27. 20. 13.
6.
28. 21.
29, 22.
78.9 76.3 73.7
Steel operations
Bituminous coal production
__ __ 91.5 *93.8 83.0
Petroleum produc'n (daily avge.)- -- 116.3 116.2 117.0
Freight car loadings
_ 100.7 89.3
•Lumber production
__ __ _- __ 68.7 59.7
Building contracts. 37 States
(daily average)
89.7 95.0 54.6
Wheat receipts
167.6 212.4 224.9
Cotton receipts
198.8 193.5 165.0 136.5
Cattle receipts
102.8 99.1 97.5
Hog receipts
.60.4 60.1 51.8
Price No.2 wheat
59.7 60.5 62.0 61.2
Price cotton middling
38.2 40.1 40.8 43.0
Price Iron & steel composite
78.6 78.8 78.9 79.2
Copper, electrolytic price
__ __ __ __ 75.4 76.8
Fisher's Index (1926=100)
83.1 83.6 83.4 83.5
Bank debits outside N. Y. City
106.5 116.0 99.8 94.1
Bank loans and discounts
135.3 135.1 134.5 134.7
Interest rates, call money
48.5 U.S 60.6 58.2
Business failures
119.9 122.1 113.8 82.6
Stook Prime
193.7 203.8 210.5 208.0
Bond prices
109.0 108.7 108.6 108.6
Interest rates, time money
67.7 74.3 75.4 74.3
Federal reserve ratio
105.8 105.3 104.9 104.3
b Composite Inclex-N.Y."TImee" __ __ 85.9 86.4 87.1
b Composite index-business week __ __ 85.6 84.0 83.3
*Revised. a Relative to weekly average 1927-1929 per
to a computed normal taken as 100.
118.8 107.9
113.0 113.0
139.2 140.4
125.4 121.6
__ __ __ __
113.2 112.0
113.4 102.8
120.5 120.5
124.8 119.2
__ __ __ __
99.2 112.8
140.0 136.1
*245. 202.3
121.5 109.8
77.8 66.4
95.3 96.9
68.8 68.8
88.0 88.2
129.0 129.0
95.8 96.1
147.8 155.3
138.0 138.1
215.1 203.0
105.2 88.5
304.9 312.5
102.9 103.1
208.6 205.7
95.2 95.2
103.6 102.5
109.2 108.6
162.7 199.6
249.1 231.1
256.5 202.7
121.8 140.5
72.3 61.3
85.3 82.9
71.0 68.0
85.2 85.1
108.7 108.0
99.3 99.8
126.2 142.8
126.5 127.0
163.6 187.9
98.3 107.9
210.4 211.1
107.9 107.1
168.6 165.7
88.4 86.1
-- -- -- -.
-- -- -- -
week shown
b Relative
"Annalist" Weekly Index of Wholesale Commodity
Prices.
Another sharp drop in prices of farm products and in basic
commodities has lowered the "Annalist" Index of Wholesale
Commodity Prices to 121.0, against 122.0, the revised index
for last week. The "Annalist" goes on to say:
This week's index is, with one exception, the lowest this year and the
lowest since December 1915. For the third successive week the farmers
have been compelled to take sharp cuts in prices, which are already at
greatly-lowered levels. Wheat prices at New York went to 965i cents a
bushel. This is the lowest price since January 1907. One noteworthy
feature is that, in spite of the sharply-reduced corn crop, prices of corn
have steadily declined and this week are only slightly above $1 a bushel.
14 cents lower than on the corresponding date last year. The differential
between corn and wheat prices, which at one time amounted to 13 cents,
has now narrowed to 4 cents. Dog prices have dropped sharply, in sympathy
with the lower corn prices; livestock is lower, and cotton is now perilously
close to 10 cents a pound and on the Exchange has gone below 10 cents.
The exchanges have recorded new all-time lows for several commodities;
(1913=100)
72cONNO00....
..J,OW-4WCCO
D4..a04;-.0o:46,4
Sept. 30 1930. Sept. 23 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commoditimi
Oa. 1
1929.
113.7
129.3
*110.5
154.1
107.7
128.4
126.7
98.7
143.2
152.1
147.0
160.1
127.3
152.6
134.0
127.0
192 5
1550
*Revised.
Commodity Price Index Again Shows Sharp Decline
According to National Fertilizer Association.
The wholesale price index of the National Fertilizer Association for the week ended Sept. 27 declined nine fractional
points. The decline is one of the sharpest in many weeks and
reduces the index number to 83.6, as compared with 84.5 a
week ago and 97.4 at this time last year. Of the 14 groups
in the index it is pointed out that not a single one advanced.
Eight groups declined and the remaining six showed no
change. Among the 45 commodities that showed declines
were cotton, wheat, corn, lard, butter, hogs, fuel oil, rubber,
pig iron, and copper. Included in the nine commodities
that advanced were cattle, finished steel, canned tomatoes
and burlap.
Dun's Price Index Lower.
Monthly comparisons of Dun's Index Number of wholesale commodity prices, based on the estimated per capita
consumption of each of the many articles included in the
compilation, follow:
GroupsBreheistuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
Oct. 1 1930. Sept. 1 1930. Oct. 1 1929.
$28.984
$31.946
$33.333
18.984
18.874
24.901
20.190
19.633
22.729
17.724
17.668
18.987
28.487
28.807
34.841
20.072
20.001
21.036
33.768
33.995
36.377
5168.209
5170.924
5192.204
Outlook for National Buying Power as Viewed by
Silberling Research Corporation.
In the view of the Silberling Research Corp. "there is
abundant capital if it is rightly used; there is a fatal excess
of capital if it is misapplied." The corporation argues that
"the present crying need of the world is better balance of
economic activities such as more intelligent study by producers of potential consumer demand can do much to accomplish." In its comments under date of Sept. 20 the
corporation says:
Indications.
The evidence furnished by August and early September records of
business activity in the various sections of the country gives further support
to the probability of improved general conditions during the final quarter,
and more rapid recovery during the early months of 1931.
August proved to be conspicuously worse than July In a number of districts, particularly the Chicago-Detroit region, affected by the drouth and
by quiet conditions in steel, machinery, automobiles, and apparel, and in
the Virginia and Southeastern sections where agricultural income has been
unfavorably affected. In both these territories, however, the declines in
the buying-power are attributable to definite factors which will not maintain
a depressing influence very much longer. In most of the other districts there
has been either very moderate further decline in August, or a tendency
toward stabilization or even improvement. We may consider tout general
activity and buying-power in the industrial sections of the country are at
Present in the transition stage from the bottom level of depression to recovery; but with such important industries as steel and heavy industrial
equipment still awaiting complete adjustment and building demands not
yet active, this transition process will be less uniform and clear-cut than in
some preceding cases. In the agricultural areas the low prices of wheat,
cotton, fruits, and some animal products have been re-enforced as unfavorable factors by adverse weather conditions which together will probably lead to some restriction of production in the next season. This will
gradually tend to restore the prices of farm products. Improved foreign
demand has been slow in developing, but should become a more definite
factor by the close of the year.
In general, the prospects for a more active condition in the immediate
future in manufacturing lines, beginning probably with textiles, clothing,
tools, office equipment, food products, and various specialties, will more
than counterbalance the continued' unfavorable elements in the farming areas. In some eaves, such as cotton, better demand from manufacturers will improve the price situation.
One of the most important ways in which our strong credit facilities can
be of assistance in working not only this country but also our foreign customers out of the current depression is through liberal extension of credit.
granted, however, under conditions which will reduce production where
excess has been serious. To extend credits at this time to producers who
will use capital merely to intensify the evils of overproduction which now
burden the entire commercial world would be inviting economic ruin. At
no time in history have banks been given a more remarkable opportunity
to assist stabilization than at present-or a greater opportunity to create
further troubles by not insisting that credits now provided be utilized not
so much for production but for improving the machinery of distribution
FINANCIAL CHRONICLE
2136
and for promotion of scientific methods and marketing research. The
present crying need of the world is better balance of economic activities
such as more intelligent study by producers of potential consumer demand
can do much to accomplish; and bankers should see that credit is applied
increasingly toward such purposes. There is abundant capital if it Is
rightly used;there is a fatal excess of capital if it Is misapplied.
Loading of Railroad Revenue Freight Heavily Below
1929 and 1928.
Loading of revenue freight for the week ended on Sept. 20
totaled 952,512 cars, the Car Service Division of the American Railway Association announced on Sept. 30. This
was a decrease of 13,201 cars below the preceding week this
year and a reduction of 214,883 cars below the same week
last year. It also was a decrease of 191,619 cars compared
with the corresponding week in 1928. Particulars are given
as follows:
Miscellaneous freight loading for the week of Sept. 20 totaled 382.087
cars, 93,703 cars under the same week in 1929 and 78,216 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 244.799
cars, a decrease of 26,608 cars below the corresponding week last year and
21.859 cars below the same week two years ago.
below
Coal loading amounted to 153,881 cars, a decrease of 38.900 cars
the same week in 1929 and 27,164 cars under the same week two years ago.
the
under
cars
21,080
cars,
41,496
Forest products loading amounted to
years
corresponding week in 1929 and 22,981 cars under the same week two
ago.
below
Ore loading amounted to 48,785 cars, a reduction of 20,171 cars
the same week in 1929 and 15,573 cars below the same week in 1928.
Coke loading amounted to 8,176 cars, a decrease of 3,799 cars below the
corresponding week last year and 2,006 under the same week in 1928.
cars, a
Grain and grain products loading for the week totaled 46,127
decrease of 5.648 cars under the corresponding week in 1929 and 14,136
grain
cars below the same week in 1928. In the Western districts alone,
and grain products loading amounted to 32,615 cars, a decrease of 4,461
cars below the same week in 1929.
week
Live stock loading totaled 27,161 cars. 4,974 cars under the same
In 1929 and 9,684 cars under the corresponding week in 1928. In the
a
Western districts alone, live stock loading amounted to 21,813 cars,
decrease of 3,446 cars compared with the same week last year.
commodities,
all
of
loading
total
the
in
All districts reported reductions
same week
compared not only with the same week in 1929, but also with the
In 1928.
years
previous
two
the
with
Loading of revenue freight in 1930 compared
follows:
1928.
1929.
1930.
3,448.895
3,571,455
3,349,424
Four weeks in January
3,590,742
3.766,136
3,505,962
Four weeks in February
4,752,559
4,815,937
4,414,625
Five weeks in March
3,740.307
3,989,142
3,619,293
Four weeks in April
4,939,828
5,182.402
4,598,555
Five weeks in May
3.989.442
4,291.881
3,719,447
Four weeks in June
3,944.041
4.160.078
3,555,731
Four weeks in July
5,348,407
5,600,706
4,670.368
August
In
weeks
Five
991.385
1,018.481
856.637
Week ended Sept.6
1.138,060
1,153.274
965,713
Week ended Sept. 13
1,144,131
1,167,395
952.512
Week ended Sept. 20
Total
34,208,267
38,716,887
37,027,797
Further Decline in Industrial Activity in Boston
Federal Reserve District.
According to the Oct. 1 Monthly Review of the Federal
Reserve Bank of Boston "a further decline in the general
level of industrial activity in New England occurred during
August, making the fifth consecutive month of declining
activity, when allowances had been made for the customary
seasonal changes." The Bank further summarizes the situation in its District as follows:
that a busiIn reviewing the first eight months of 1930,it becomes evident
in which proness depression of serious proportions has been experienced,
been substanduction, distribution, and consumer purchasing power have
in New England
tially curtailed. Practically all the principal Industries
months retail
have been affected by the depression, and during the last three
ago. Dedistribution has been at lower levels than in this period a year
value in
clining price levels may partially explain the smaller retail sales
disretail
that
fact
the aggregate, but in part the decline Is due to the
to that
tribution is at present going through a liquidation period similar
Textile
which has been evident in production since the first of the year.
curactivity in this District, as well as in the entire country, was further
during
mills
tailed in August, and cotton consumption in New England
in
recorded
volume
smallest
the
in
been
has
each of the last throe months
increased
in the past 11 years. Consumption of raw wool in New England
between these months.
in August over July. but by less than is usual
between June and July
Silk machinery activity dropped abruptly both
boot and shoe proEngland
New
and again between July and August.
August 1929, induction in August, although substantially less than in
year was approximately
creased over July, and the first eight months of this
ago. In August the total
14% less than in the corresponding period a year
England was about 16%
value of new building contracts awarded in New
10% below the July total. The
less than in August 1929, and was nearly
as well as that of commercial
volume (square feet) of residential building,
District was only about one-half
and industrial building, in August in this
period, 1923-24-25.
three-year
the
as much as in the average month for
was reported to have inEmployment in New England during August
the improvement has been less
creased over July, but in most instances
there was the lowest call for
than is seasonally expected; consequently,
that has existed since the
August
workers in three New England States in
were less than in the previous
war. Sales of reporting stores in August
and a smaller volume likewise
Year in each of the New England States,
year as compared with the
was reported in the first eight months of this
indicate that Boston retail
similar period In 1929. Preliminary reports
approximately 10% less
trade in the first three weeks of September was
in most departments
than a year ago, with a smaller sales volume reported
outstanding
or lines of merchandise. The percentage of regular accounts
[VOL. 131.
at the first of August which were collected during August by New England
reporting department stores was substantially smaller in 1930 than in
any recent year.
Some Seasonal Recovery During August in Industrial
and Mercantile Conditions from Previous Month's
Low Levels Shown in Philadelphia Federal Reserve
District.
The Philadelphia Federal Reserve Bank reports that industrial and mercantile conditions during August showed
some seasonal recovery from the exceptionally low levels in
July, and the fall improvement in manufacture and trade,
however gradual, has continued in September. Sharp curtailment of production in earlier months of the year, light
inventories in retail channels, an apparent halt in the precipitous decline of prices, and a favorable credit situation
have been some of the factors in the improvement of business sentiment, says the Bank in its Oct. 1 "Business
Review"—its summary of conditions continuing as follows:
The supply of funds for business continues ample and commercial money
rates remain the lowest in years. The Reserve Bank's reserve position is
exceedingly strong.
Manufacturing.
The market for manufactured products, while still below last year's
volume, has strengthened rather noticeably since the middle of last month.
While this improvement is seasonal in character, there are instances showing that sales have been slightly larger than usual. Price declines, though
less extensive than in the preceding month, have occurred in several lines
of important commodities.
Forward business, while remaining below last year. has increased measureably in many basic lines. As a result, productive activity has risen
somewhat from the July level which was the lowest for several years.
Factory wage payments and employe-hours worked increased slightly
between July and August and in some cases, such as textile and leather
products, the gain was somewhat more than is customary. Employment,
on the other hand, showed a slight further drop instead of continuing at
the July level as in other years.
The demand for textile products has been decidedly more active. The
output of cotton and wool manufactures, and hosiery showed a gain during
August following a sharp decline in July to the lowest level in years. Activity in the silk industry also turned definitely upward as indicated by substantial increases in payrolls and employee-hours. The carpet and rug
situation, while showing some upturn in demand, remains very unsatisfactory, productive activity continuing at a decidedly low level relative to
other years. The rate of activity in the clothing industry is much higher
than in the preceding month though lower than a year ago, as is the case
with all other textile branches. Stocks of textile finished products are
moderate and show a material decline from the previous month and a year
ago. The range of price fluctuation has been narrowing somewhat,suggesting an approach to stability.
The metal fabricating industry does not show as widespread an improvement as is normally expected; it is barely holding its ground at a lower level
than in recent years. The daily output of pig iron showed practically no
change between July and August when adjustments for seasonal changes are
made. Operations of steel mills, on the other hand,showed a slight further
decline in August but little change in September. Electrical apparatus
plants have expanded their schedules as is to be expected,so that the present
rate of output is higher than in several years except 1929. This is also
true of radio and musical instruments which showed an especially sharp
recovery from a level earlier in the year which was the lowest since 1925.
Foundries, on the other hand, showed some curtailment during the month.
In the transportation group, only locomotives and cars showed expansion.
Prices of metal products generally declined slightly in August but since then
they have been steadier; quotations for pig iron, however, dropped lately
to the lowest level since 1915.
The leather industry continues on the upgrade. The bide market is
fairly strong both with respect to demand and prices. Little change is
noted in the demand for goatskins. Tanning of goat and kid leather
increased further in August and compared rather well with other years.
Daily production of shoes increased by a larger amount than was to be
expected between July and August.
Productive activity in chemicals and drugs, and coke declined further.
The output of explosives, and paints and varnishes, on the other hand,
showed seasonal gains although it remained below a year ago. Operations
of petroleum refineries in this section aslo increased In the month but not
•
in the year.
Production of various building materials showed an appreciable expansion
between July and August. The daily output of cement increased more
than seasonally but continued lower than in August of other years, except
in 1929. Stocks of Portland cement, though declining recently, remain at
a relatively high point. Operations of plants producing brick also exhibited
some betterment but lumber mills showed little change. Virtually no
change is shown in prices.
There has been little variation in productive activity of the food industry,
Increases in some lines being practically offset by declines in others. The
daily output of tobacco products increased when due allowance is made for
seasonal variations, although without such a correction there was a slight
decline in the output of cigars and a relatively larger decline in wage
payments.
Building and Real Estate Conditions in Philadelphia
Federal Reserve District.
From the Oct. 1 "Business Review" of the Federal Reserve
Bank of Philadelphia we take the following regarding building and real estate conditions in the District:
As shown by the indexes of employment and wage payments and the
number of hours worked, activity in the construction and contracting
Industry in Pennsylvania declined by about the usual seasonal amount
between July and August. In the Philadelphia area, however, employment in the building trades increased during the month and wage payments
showed a gain of 3.2%.
The proposed expenditure under permits issued in 16 cities of this district
increased slightly in the month, but remained considerably smaller than a
year ago. The value of contracts awarded for new construction, on the
other hand, showed a decline and with the exception of February, the
August awards were the smallest for any month since December 1929. The
OCT. 4 1930.]
2137
FINANCIAL CHRONICLE
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
sharpest drop in the month occurred in contracts for public works and
EMPLOYMENT OFFICES.
utilities, while awards for commercial buildings showed a substantial gain
over the July figure.
Wisconsin.
Iowa.
Indiana.
Illinois.
Awards thus far this year have been materially below the monthly
averages of the past five years, as is indicated by the accompanying table 1930-August
162
283
161
234
150
258
168
and chart. The most drastic decline has taken place in contracts for
262
July
117
196
119
137
1929-August
expensive
more
residential buildings, particularly apartments and the
115
231
113
148
July.
houses.
The real estate situation remains quiet and sales of houses have shown
demand
and
The Department of Agriculture report on farm labor supply
but little change, although they continue in a much smaller volume than a as of Sept. 1,records further increase in supply and reduction in demand in
year ago. The number of real estate deeds recorded in Philadelphia de- the North Central States, as well as the United States as a whole. In MIS
clined slightly In August. while the value of mortgages decreased sharply section, which Includes the Seventh District, the ratio of supply to demand
and was the smallest since September 1929. The number of writs issued rose to 148 from the July 1 figure of 130. In each of the five Seventh District
for sheriff's sale during September rose sharply and even exceeded the unusu- States Increases occurred in farm labor surplus. Indiana, Michigan and
ally high peak reached in July of this year.
Illinois registering the sharpest increases.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Following the seasonal trend for the month of August, orders booked by
reporting furniture manufacturers in the Seventh (Chicago) District
declined from the mid-year peak in July by about one-fifth, and unfilled
orders dropped off moderately. Shipments expanded, though less than in
other years, the increase of 22% being approximately two-thirds as large
as the 1929 July-to-August increase. The rate of operations sustained rose
also in August to 52% of capacity from 48% In July, and represents the
first month-to-month increase since January. As compared with 1929. toe
industry continues to show about three-fifths the volume of business, with
the August totals slightly less favorable in the comparison than those of the
preceding month. Shipments for the eight months of 1930 aggregated
about 65% of those for the same period last year.
The Bank's survey of automobile production and distribution follows:
Contrary to the usual trend in August, output of passenger automobiles
by manufacturers in the United States totaled smaller during that month of
1930 than in July. The 187.037 cars produced represented a recession of
16% in the comparison, and were less than half the number manufactured
in August last year. Truck production of 35,758 showed a similar trend,
declining 10% in the monthly comparison and totaling 37% below a year
ago.
Increased sales during August by a number of retail and wholesale dealers
effected an upward trend in Mid-West automobile distribution: The number
and value of new cars sold at wholesale was noticeably larger than in the
preceding month, and retail sales, though only 1% heavier In number.
showed a 10% gain in value. Comparisons with 1929 remain unfavorable,
but the differences were smaller In August than in either July or June.
Stocks, which have been averaging less than In 1929, continued to record
decreases at the end of August from the same period a year ago. Used car
sales were smaller in August than either a month previous or a year ago;
stocks increased slightly in number over the end of August 1929, but
declined from the preceding month. New cars sold on the deferred payment
plan averaged 50% of the total retail sales of 23 dealers, comparing with a
ratio of 49% in July and with 56% for last August.
Per Cent Changes
from July 15.
Week Ended Aug. 15.
Industrial Group.
Metals and products_a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Lumber and products
Chemical products
Leather products
Rubber products_b
Paper and printing
Total manufg., 10 groups
Merchandising c
Public utilities
Coal mining
Construction
No. of Number
Reportof
Wage
ing
Firms. Earners.
Earnings.
633
67
135
290
109
233
67
70
7
245
163,765
30.234
26.922
55.046
11,429
25.196
10.428
16.212
3.301
32,892
$4,306.000
798,000
610.000
1,346.000
300.000
528,000
255,000
329.000
58.000
964.000
Numo-awt.o.-1.)
b:-.;obb.4..;obLaW
Manufacturing Conditions in Chicago Federal Reserve
District-Midwest Distribution of Automobiles.Regarding conditions in the furniture manufacturing industry the Federal Reserve Bank of Chicago, in its Monthly
Business Conditions Report, Sept. 30, said:
1,756
169
78
29
198
375.425
29,484
95,810
7.309
15,632
$9,494,000
782,000
3,202,000
153,000
468,000
-2.8
-0.7
-0.3
+3.7
-1.1
EarnWage
Earners. ings.
%
%
-2.1
523.660 814.099.000
a Other than vehicles. b Wisconsin only. c Illinois and Wisconsin.
Total, 14 groups
2,230
-2.2
-4.9
+6.1
-8.0
-2.2
-1.2
-10.6
+5.4
+40.9
+0.0
-2.41
-3.9j
+0.7
-1.31
-1.5
Merchandising Conditions in Chicago Federal Reserve
District-Gains in Retail Trade-Increases in
Some Wholesale Lines.
Wholesale dry goods and shoe sales in the Chicago Federal
Reserve District increased seasonally in August over July
but other lines of wholesale trade reporting to this bank
recorded declines, the recession in drug sales being contrary
to the usual trend, says the Monthly Business Conditions
Report of the Chicago Federal Reserve Bank issued Sept.
30. The Bank further indicates the course of wholesale
and retail trade as follows:
Decreases in sales from the corresponding month of 1929 were heavier
than in the same comparison for July. Declines for the year through
August from the same period of 1929 averaged 3% In groceries, 22% in
MIDWEST DISTRIBUTION OF AUTOMOBILES.
hardware. 27% in dry goods. 11% in drugs. 31% in shoes, and 20% in
electrical supplies. The lower prices obtained in most lines this year have
Changes in July 1930 from previous months.
been to some extent responsible for the heavy sales declines shown from
last year.
Per Cent Change from
Companies Included.
Department store trade in the Seventh (Chicago) District increased
July 1930. August 1929. July 1930. Aug. 1929. somewhat more than seasonally during August, the aggregate expansion
over July for reporting firms being 16% whereas the average gain for the
New cars:
years 1922 through 1929 had been a little more than 12%. Chicago and
Wholesale24
Number sold
25
+21.1
Detroit stores showed the largest increases over the preceding month, of
-55.5
24
25
-52.5
+10.3
Value
19 and 18%. respectively, while sales in Indianapolis gained 5%, in MilRetailwaukee 6%%,and In the total for other cities of the District an expansion
48
49
-38.2
+1.0
Number sold
of almost 18% was recorded. Declines from the corresponding month of
48
49
+12.9
Value
-37.0
On hand Aug. 301929 remained heavy, but in Chicago and Detroit were noticeably smaller
49
-9.0
50
Number
than in the same comparison for July: the average decline for the District
49
-2.5
50
--2.3
Value
of 17;i% from a year ago compared with about 19% in the preceding month.
Used cars:
49
Stocks showed little change at the end of August from a month previous.
Number sold
-12.3
50
-7.4
Salable on handbut averaged under a year ago, while the rate of turnover for the month
49
50
+0.6
--6.4
Number
Was about the same as in August last year.
49
50
-12.1
--8.3
Value
WHOLESALE TRADE IN AUGUST 1930.
Industrial Conditions in Chicago Federal Reserve
District-Employment and Wages in August Below
July Totals.
"While the Seventh [Chieagol District trade and industry
employed fewer men and had smaller payroll aggregates in
August than in July, the percentage decline in payrolls was
samller than in number employed for the total of 10 manufacturing groups, and there was a slight increase in wage
payments of non-manufacturing activities." The Federal
Reserve Bank of Chicago notes this in its Sept. 30 Business
Conditions Report and adds:
Per Cent Change
From Same Month Last Year.
Commodity.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Net
Sales.
Stocks.
--6.9
--35.8
--40.1
--21.9
--34.3
--33.6
--11.0
--11.8
--17.2
--4.2
--14.6
--20.5
Ratio of
Accts. Outstanding to
ColAcds. Outstanding. tedious. Net Sates,
--9.2
--22.1
--22.1
--3.2
--11.4
--23.9
---7.3
--23.0
--29.7
--15.6
--29.2
--29.8
87.8
251.5
365.9
164.2
332.7
163.8
In other phases of retail trade, sales of shoes in August by dealers and
department stores failed to show any noticeable gain over the preceding
month,aggregating about the same in volume as during July. As compared
with last August.sales totaled 17% less and for the period January through
August were 9% smaller than in the same months of 1929. Owing to the
usual August furniture sales, businsss of retail dealers and the furniture
Of the 14 groups covered in this survey, eight showed declines in both and furnishings sections of department stores exceeded that of a month
number of men and their earnings-vehicles, chemicals, food, lumber, previous by 22%, but a decrease of 31% from the corresponding month last
stone, clay and glass, metals, construction and merchandising. Paper and year was recorded; installment sales were one-third larger than in July and
printing, textiles, and the utilities employed fewer men but increased one-third smaller than a year ago.
Chain store trade during August, as reflected by reports sent to this
their payroll aggregates. The remaining three groups, rubber, leather and
coal, registered increases in both number of employes and wage payments. bank, expanded 2% in the aggregate over July. and with little change
Notwithstanding the general decrease in employment and payrolls, there is shown in the number of units operated, average sales per store increased
evidence of increased time schedules in certain instances, the effect on pay- in the same amount. Grocery and cigar chains registered declines in total
rolls not being apparent because of reductions in number of workers in some sales, but average sales per unit were larger, while an opposite trend was
establishments. Such are: the brick industry and construction in Illinois; shown by drug chains: 5-and10-cent stores, men's and women's clothing,
Stone quarrying and finishing, leather, and paper products in Wisconsin, and musical instrument chains had heavier total and average sales, while
shoe and furniture sales were smaller. In the comparison with August
and textiles.
Ratios of applicants to jobs available for August indicate slight reductions 1929 total sales of the reporting groups declined 8%. and average sales per
In Illinois and Indiana, while Iowa and Wisconsin labor bureaus report store, because or an 11% gain lathe number of units, were 17% smaller.
Increased supply in relation to demand. In Illinois this ratio has risen each All groups shared in these declines except drugs, in which aggregate sales
were larger.
month since AprP.
FINANCIAL CHRONICLE
2138
DEPARTMENT STORE TRADE IN AII9UST 1930.
Per Cent Change
August 1930
from
August 1929.
Locality.
Chicago
Detroit
Ind lanapolW
511iwaukee
Other cities
Seventh District
P.C.Chance
8 Months
1930from
8 Months
1929.
Net
Saks.
Stocks End
of Month.
Net
Sales.
--15.4
--23.5
--16.3
--15.5
--I4.7
--8.2
--24.5
--9.9
--3.0
--I1.7
--I2.4
--19.2
--8.7
--6.2
--8.6
-17.5
-12.5
-12.5
Agricultural Conditions in Kansas City Federal Reserve
District Improve with Passing of Drouth-Department Store Trade Also Gains.
Conditions for agriculture, livestock, industry and trade
in the Tenth Kansas City Federal Reserve District improved
substantially with the passing of the prolonged period of excessive summer heat and dry weather, the Kansas City
Federal Reserve Bank reports in its October 1 Monthly
Review, which further summarizes conditions in the District as follows:
Ratio of August
Colleatons
to Accounts
Outstanding
July 31.
1930.
1929.
31.9
32.2
36.5
32.3
39.1
37.8 •
11.6
35.0
33.1
37.9
[VOL. 131.
The Banking Situation in the Minneapolis Federal
Reserve District on June 30 1930 Compared With
Same Date Last Year.
The Monthly Review of the Federal Reserve Bank of
Minneapolis, dated Sept. 26, contains the following with
regard to the banking situation on June 30 1930 as compared
with the same date last year:
September crop reports, while disclosing some of the effects of the drouth,
Indicated growing crops and pastures made good progress late in August
after rains and cooler temperatures brought relief to the situation. Of
sixteen field crops grown in this District, yields of corn,tame and wild hay,
grain sorghums. spring wheat, and cotton, were estimated to be smaller
than last year and below the average for the five years, 1924 to 1928,
Inclusive. On the other hand, yields of winter wheat, oats, rye, barley,
sugar beets, white potatoes, sweet potato s, dry beans, broom corn, and
tobacco, were estimated to be larger than last year and generally above
the five-year average.
Arrivals of wheat at primary markets declined sharply in August, reflecting a tendency on the part of farmers to hold wheat rather than sell
at current prices. Market receipts of corn, oats, rye and barley were
larger than in the preceding month, but, with the exception of an increase
In corn, were smaller than a year ago. Market supplies of all classes of
mesa animals, except hogs, showed seasonal increases over July, but were
smaller than in August last year.
Production of manufactures and minerals, after continuing through
June and July at the low level of the year, expanded in August but was
considerably below the level of a year ago. The August output of flour
was the largest since last October. The output of soft coal and cement,
and shipments of zinc and lead ores, increased, while production of crude
petroleum was further curtailed and smaller than a year ago.
The number of meat animals slaughtered at packing establishments
during August showed a seasonal decrease from the preceding month,
but with the exception of hogs was larger for all classes than in August
last year.
The value of building contracts awarded in this District during August
increased nearly 70% over July, and was considerably in excess of the
value of awards in either August 1929 or 1928. However, the August
value of new building projects started in reporting cities was smaller than
either the preceding month or a year ago.
Retail trade at department stores expanded with the advent of more
seasonal weather. August sales averaged 16.6% higher than in July but
were 6.7% lower than in August last year. The volume of merchandise
distributed by reporting wholesale firms averaged 5.9% higher than for
the preceding month but 21.4% lower than for the same month last year.
The call for condition reports by state and national authorities on June 30
1930 affords another opportunity to obtain a complete picture of banking
conditions in this district. The chief interest in the mid-year banking
record is to determine how low the deposits of the district have fallen during
the seasonal slack period in farm income and business. Deposits of all banks
in the district were $1.598.000.000 on June 30 1930. This represented a
small increase over the total reported in the spring of 1930, but a decrease
of 53 million dollars from the total reported in June 1929. It was also the
smallest June deposit total since 1924. The trend of deposits in city banks
has been opposite to the trend in country banks. Deposits at city banks
reached the highest total since December 1928, whereas country bank
deposits were the lowest since August 1918.
Loans of all banks in the District were 873 million dollars on June 301930,
which was a reduction of 71 million dollars from the total a year earlier, and
was the smallest reported figure since 1916. Both city banks and country
banks experienced a reduction in loans during the year. Furthermore, new
evidence, which is outlined in a succeeding paragraph, has been provided
which proves that loans to customers are at an even lower level than the
figure quoted above. Banks are accustomed to report in their total loans
certain short-term investments including acceptances, commercial paper
and brokers' loans. On June 30. 1930 city member banks held 14 million
dollars of these short-termlinvastments, and country member banks held
28 million dollars of' these investments which were included In their total
loans. City and country member banks combined held 42 mfillon dollars of
these investments and non-member banks held an additional amount, the
size of which is unknown. Subtracting the loans of these investment types
The Bank's survey of wholesale and retail trade follows:
from total loans it would be established that the loans to customers of banks
in this district were probably only slightly more than 800 million dollars, or
Retail Trade.
about 50% of deposits.
Trade at 38 reporting department stores in the Tenth (Kansas City)
Security holdings of banks In this district amounted to 580 mlllion dollars District
improved
in the last half of August with the passing
on June 30 1930. which was a reduction of 12 million dollars from security of the abnormally materially
hot and dry weather which has been a deterrent to
holdings a year earlier. Furthermore, short-term investments, which are nearly all
linos
of
business.
Dollar
sales for August showed an increase
usually included with loans to customers, were reduced from 63 million of 16.6% over
July, and was the third largest monthly total of the present
dollars to 42 million dollars during the year by member banks in thedistrtet. year,
having
been
exceeded by totals for April and May. However, sales
Both city banks and country banks shared in the decrease in investment for August
showed a decrease of 6.7% as compared with those reported
holdings, as compared with totals in June 1929, but in both groups of banks
for August last year. The accumulated total of sales for the eight months
Investment holdings increased slightly from the low point reached in the of
1930 showed a decrease of 4.3% as compared with the first eight months
winter of 1929-30.
of 1929.
A recent revision in the schedule for the classification of loans of member
Sales reported by leading men's and women's apparel stores increased
banks in the called reports provides significant new data for the more
August, although they averaged 4% below those for August last
accurate analysis of the bank credit uses of the district. The new loan during
year. Sales of shoes showed a marked decrease as compared with a year
schedule shows loans to customers and also the various classes of loans which ago. There was
a large seasonal increase over July in sales of furniture
are in reality short-term investments and which in any logical analysis of at reporting retail
stores, but the August volume was about 28% below
the bank credit situation should be Included with security holdings to in- a year ago.
dicate the true relation of banks to the open market. In the tables below
Stocks of merchandise on hand at department stores at the end of August,
are shown the loans to customers and the investments of city and country taking
the combined total for all reporting stores, were 7% larger than at
member banks on June 29 1929 and June 30 1930, showing for the first
the
close of July but 10.1% smaller than at the close of August last year.
time the true credit position of member banks In this district. It will be Stocks
of men's and women's apparel at the stores reporting averaged
seen that city member banks are lending a larger proportion of their earning 1.6%
lower than a year ago, and stocks of retail furniture stores were
assets to customers than the country member banks are doing. In their 7%
smaller
than a year ago.
loans to customers, city banks make larger loans to banks and loans to
Collections of department stores during August, amounting to 37.7%
other customers on securities in proportion to total loans to customers than of
charge accounts outstanding, showed a decrease of 1% as compared
do the country member banks. On the other hand, country member banks with the
July figure, and a decrease of 2% as compared with August a
have a larger share of their loans to customers in loans on real estate. Both
year
ago.
city and country member banks have more than half of their loans to cusWholesale Trade.
tomers in other classes of loans than loans on securities or real estate.
Distribution of merchandise by reporting wholesale firms in the Tenth
Investments of member banks fluctuate between security holdings and
District in August was 5.9% larger than in July, but 21.4% smaller than
short-term investment loans in accordance with seasonal requirements an
the state of the money market. It appears from the tables that counsry in August last year. The August reports by separate lines Indicated sizemember banks favor commercial paper as an investment more than do the able increases in sales of dry goods, groceries and furniture, and small
city member banks. Both grousps of banks use the brokers' loan market as decreases in sales of hardware and drugs as compared with sales in July.
an outlet for funds, while neither group of banks appears to favor acceptances In comparison with a year ago,the volume of August sales showed decreases
as a medium for in estment. Both groups of banks have most of their in- for all reporting lines-dry goods, groceries, hardware, furniture and
drugs-ranging from 8.3% to 36.5%.
vestments In the form of bonds and other securities,
The value of stocks of dry goods, groceries, furniture and drugs on
New Classification of Loans and Investments of Member Banks,
hand at the end of the month remained smaller than a year ago, while the
22 City Member Banks.
June 29'29. June 30'30, value of stocks of hardware showed a small increase over a year ago.
Collections by wholesale firms were reported to be slightly lower than
16.760,000 $5,708,000
Loans to customers: To banks
61,401,000 69.842,000 at this season last year.
To other customers: On securities
2,355,000
2,104.000
On farm land
3.262.000
2.880.000
On other real estate
155.121.000 136,407,000
All others, including overdrafts
Total
Investments: Acceptances
Commercial paper
Brokers'loans
Securities
1228,899.000 $216,941.000
59,000
347.000
2,381.000
4.634,000
20,682.000
8,935.000
126,407.000 125,243,000
$149,529,000 $139,159,000
Total
Country Member Banks.
$1.833,000 $2.676,000
Loans to customers: To banks
34,219,000 41,180,000
To other customers: On securities
28,285.000 23.608,000
On farm land
18,766.000
18.031.000
On other real estate
183.545.000 172,008,000
All other,including overdrafts
Total
Investments: Acceptances
Commercial paper
Brokers'loans
Securities
Total
1266.648.000 1257.503,000
1.016.000
239.000
12,558.000
16.694,000
26,324.000
10.777.000
237,719.000 229,098,000
$277,617.000 1256.808.000
More Favorable Than Unfavorable Conditions in San
Francisco Federal Reserve District.
Stating that "the dominant note in Twelfth (San Francisco) District business during August was the lack of change
-that is to say, a large majority of the productive and commercial activities showed only the normal seasonal movements
from July," Isaacs B. Newton, Chairman of the Board and
Federal Reserve Agent of the Federal Reserve Bank of San
Francisco, under date of Sept. 22, further indicates the
situation in his District as follows:
Of the few non-seasonal changes taking place more were favorable than
unfavorable for the first time in several months. The excess of favorable
developments was so small, however, that business as a whole
remained
at substantially the low levels recorded in July.
OCT. 4 1930.]
FINANCIAL CHRONICLE
Some improvement was noticeable in the agricultural situation during
August. Harvesting progressed rapidly, favored with excellent weather.
Upward revisions in crop production estimates were more numerous than
were reduced forecasts, ranges remained in good condition except in Eastern
Oregon and Washington and Western Idaho where dry weather caused
some decline and the condition of livestock continued satisfactory. Declines in butter stocks found response in an appreciable increase in the
price of that commodity. Excepting wheat prices, there were no important declines in quotations for agricultural commodities during August.
Figures on industrial activity suggested faint improvement over the pre
ceding month for the first time since spring. Lumber output failed to ex
pand seasonally, but production of oil, copper and cement was practically
unchanged and the output of flour increased. Building permits issued increased slightly and construction contract awards were at decidedly higher
levels than in July. Fruit canning was seasonally active during August.
The number of unemployed was slightly less than in July.
Consideration of the several measures of trade activity discloses no
developments during August which might indicate a change from the low
levels of other recent months. Department stores sales and wholesale
trade, although far below last year, reached seasonal expectations during
August, and sales of new automobiles declined. Freight carloadings improved seasonally and shipments from the East coast through the Panama
Canal showed a moderate increase,although total intercoastal trade did not
exceed July volume.
For the first time in a year, according to most indexes, average commodity prices have reached comparatively stable for as long as four or five
weeks. With the addition of the wheat crop now being harvested to the
record carryover from last year, wheat prices tended irregularly lower
after the first week in August, reaching a new post-war low in mid-September. Quotations on livestock increased slightly during late August and
hay prices advanced during that month. Prices of lumber and copper
declined slightly.
There were no noteworthy changes in the credit situation between Aug.20
and Sept. 17 and money conditions remained easy. Member bank loans
to customers were increased slightly, while investment holdings of those
banks showed virtually no change. Minor declines in borrowings from the
Federal Reserve Bank of San Francisco continued to reduce the already
small volume of discounts of that Bank.
Lumber Orders 5% Above Production.
Lumber orders during the week ended Sept. 27 exceeded
production by about 5%,it is indicated in reports from 885
leading hardwood and softwood lumber mills to the National
Lumber Manufacturers Association. Shipments at these
mills were 8% above prduction, which totaled 268,959,000
feet, the latter indicating a continuing curtailed cut. A week
earlier 899 mills reported new business about equalling the
cut of 280,541,000 feet, with shipments 95% thereof. Excepting one holiday week, these are the two most favorable
ratios between orders and production indicated since February. By way of comparison, 484 identical softwood mills
gave production for the latest week as 31% less than that for
the corresponding week a year ago; 207 identical hardwood
mills reported production 48% less. For shipments, 672
identical hardwood and softwood mills showed these 21%
below those of the corresponding week a year ago.
Lumber orders reported for the week ended Sept. 27 1930
by 613 softwood mills totaled 252,689,000 feet, or 5% above
the production of the same mills. Shipments as reported
for the same week were 258,754,000 feet, or 8% above
production. Production was 240,494,000 feet.
Reports from 291 hardwood mills give new business as
29,443,000 feet, or 3% above production. Shipments as
reported for the same week were 30,705,000 feet, or 8% above
production. Production was 28,465,000 feet. The Association further goes on to say:
Unfilled Orders.
Reports from 492 softwood mills give unfilled orders of 757.130,000 feet,
on Sept. 27 1930, or the equivalent of 15 days' production. This is based
upon production of latest calendar yeas-300-day year—and may be compared with unfilled orders of 516 softwood mills on Sept. 20
1930 of 777,017.000 feet, the equivalent of 15 days' production.
The 378 identical softwood mills report unfilled orders as 717.752.000
feet on Sept. 27 1930 as compared with 1,000,120,000 feet for the same
week a year ago. Last week's production of 484 identical softwood mills
was 224.397.000 feet, and a year ago it was 326,461,000 feet; shipments
were respectively 242,170.000 feet and 296,598.000. and orders received
234,323.000 feet and 291,375.000. In the case of hardwoods, 207 identical
mills reported production last week and a year ago 22,692,000 feet and
43,967,000;shipments 25,482,000 feet and 41,032.000,and orders 23,606,000
and 41,468,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the fellerlug new business, shipments and unfilled orders for 227 mills reporting for
the week ended Sept. 27;
UNSHIPPED ORDERS.
NEW BUSINESS.
SHIPMENTS.
Pees.
Feel.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery_ _ 49,579,000 delivery_ - _208,251,000
intercoastal 47,069.000
15,990,000 Foreign
Export
80,435,000 Export
29,172.000
52.442,000 Rail trade_ - —104,213,000 Rail
By rail
49.114.000
13.404,000
Other
13.495.000
Loell
131,505,000 Total
392.899.000
Total
138,851,000
Weekly capacity of these 227 mills is 251.927 000 feet.
West
Coast
229
mills gave production for the week as
Reports from
123,300,000 feet. Orders received amounted to 131.505.000 feet or 107%
of this production. This indicates further improvement over the favorable
ratios established recently, largely as a result of curtailed production.
For the year to date 183 identical mills reported production 20% below
the cut last year and orders 24% below those of last year. The actual
production of these mills for the 39 weeks of 1930 was 59% of their rated
capacity and 82% of their three-year average production. For the latest
week their reported production was 49% of rated capacity and 69% of their
three-year average.
rat
Total
2139
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 140
mills reporting, shipments were 6% above production, and orders 6% above
production and about the same as shipments. New business taken during
the week amounted to 48.468.000 feet (previous week 52,962,000 at 149
mills); shipments 48,195,000 feet (previous week 52.374,000); and production 45.511.000 feet (previous week 49.581.000). The three-year
average production of these 140 mills is 67,293.000 feet. Orders on hand
at the end of the week at 124 mills were 106.659.000 feet. The 128 identical
mills reported a decrease in production of 28%. and in new business a decrease of 12%. as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland, Ore.,reported
production from 90 mills as 36.041.000 feet, shipments 37,228,000 and new
business 38,606,000 feet. Sixty-six identical mills reported a decrease in
production of 27%,,and a decrease in new business of 8%, when compared
with 1929.
The California White Sc Sugar Pine Manufacturers Association of San
Francisco reported production from 19 mills as 17.069.000 feet. shipments
13.725,000 and orders 15.654,000. The same number of mills reported
production 27% less, and orders 12% less, than that reported for the corresponding week last year.
The Northern Pine Manufacturers Association of Minneapolis. Mimi.,
reported production from 7 mills as 5,142,000 feet, shipments 3,221,000
and new business 2,723.000. The same number of mills reported a decrease
In production of 38%, and a decrease in new business of 29%. in comparison with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 19 mills as 801.000 feet, shipments
1.191.000 and orders 1,311,000. The same number of mills reported a
decrease In production of 77% and a decrease in orders of 26%,when compared with 1929.
The North Carolina Pine Association of Norfolk. Va., reported production from 97 mills as 6.645,000 feet, shipments 9.565,000 and new business
8.133,000. Fifty identical mills reported production 38% less, and new
business 34% less than that reported for the same period of last year.
The California Redwood Association of San Francisco reported production from 12 mills as 5.985.000 feet, shipments 6.778,000 and orders 6,289.000. The same number of mills reported a decrease in production of 21%
and a decrease in orders of 25%, when compared with a year ago.
Ilardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 272 mills as 27,303.000 feet,'shipments 28.211.000 and
new business 27,876.000. Reports from 188 mills showed a decrease in
production of 46% and a decrease in new business of 42%, in comparison
with 1929.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 19 mills as 1,162.000 feet. shipments 2,494,000 and orders 1.567,000. The same number of mills reportsd production 69% less, and orders 57% less than that reported last
year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDING SEPTEMBER 27 1930, AND FOR
39 WEEKS TO DATE.
Association.
P. C.
ProduoShip- P. C.
Orders.
lion,
of
monis.
of
(M. Ft.) (M. Ft.) Prod. (M. Ft.) Prod
Southern Pine:
Week-141 mill reports
48,104
45,511
39 weeks-5,514 mill reports
2,161,616 2.027.634
West Coast Lumbermen's:
Week-229 mill reports
138.851
123,300
31) weeks-8,530 mills reports
5.688.980 5,581,666
Western Fine Mfrs.:
Week-90 mill reports
37.228
36.041
39 weeks-3.538 mill reports
1,622,792 1.424,054
California White & Sugar Pine:
Week-19 mill reports
13,725
17,069
39 weeks-970 mill reports
782.125
758,055
Northern Pine Mfrs.:
Week-7 mill reports
3,221
5,142
39 weeks-298 mill reports
154,351
187,213
No.HemloekdrHardwood(softwoods).
Week-19 mill reports
1.191
801
39 weeks-1,196 mill reports
85,920
120,041
North Carolina Pine:
Week-97 mill reports
9,565
6,645
39 weeks-4,236 mill reports
339,075
335,733
California Redwood:
Week—I2 mill reports
6.778
5,985
243.430
264.241
39 weeks,564 mill reports
Softwood total:
Week-613 mill reports
39 weeks-24,846 mill reports_
Hardwood Manufacturers Inst.:
Week-272 mill reports
39 weeks-10,082 mill reports_ _
Northern Hemlock di Hardwood:
Week-19 mill reports
39 weelt8-1,196 mill reports
Hardwoods—total:
Week,291 mill reports
39 weeks-11.278 mill reports_ _ _ _
Grand total:
Week-885 mill reports
32 weeks-84.928 mffireports
106
48,468
94 1,990,266
106
92
131.505
113
98 5.543,834
107
97
38.606
103
88 1,382,316
107
85
80
103
15,654
783,158
92
103
63
82
2,723
147,799
53
79
149
72
1,311
77,175
164
64
144
101
8.133
275,137
122
82
113
92
6,289
245,5.59
105
93
258,754
240.494
11.138,671 10,638,255
252.689
108
96 10,445,244
105
94
28.211
27,303
1,280,540 1,161.120
27,878
103
91 1,118.193
102
87
215
64
1,567
136,809
135
52
30,705
28.465
1,544.170 1,330.340
108
29.443
86 1,255.002
103
81
268,959
289,459
12,682,841 11,968,595
282.182
108
94 11,700.246
105
92
1,162
263.630
2.494
169,220
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 229 mills show that for the week ended Sept.
20 1930 a total of 122,613,988 feet of lumber was produced,
113,905,787 feet shipped and 124,583,538 feet ordered. The
Association's statement follows:
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (349 IDENTICAL MILLS).
(An mills reporting production for 1929 and 1930 to date.)
144,410,549 feet
Actual production week ended Sept. 20 1930
169,679,492 feet
Average weekly production 38 weeks ended Sept. 20 1930
209,219,281 feet
Average weekly production during 1929
216,234,193 feet
Average weekly production last three years
303,815,007 feet
Weekly operating capacity
x weekly operating capacity is based on average hourly Production for the 12
last months preceding mill check and the normal number of operating hours per week.
FINANCIAL CHRONICLE
[Vou 131.
WEEKLY COMPARISON (IN FEET) FOR 227 IDENTICAL MILLS-1930*
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Aug. 30.
Sept. 6.
Sept. 13.
Sept. 20.
Week Ended—
122,293,988 120,228,648 101,379.585 118,389.199
Production
130.341.127
112.904.956
122.902,421
124.183,063
Orders (100%)
40,007,908 46,318.958
53,450,989
43,802,722
Rail (35%)
47.774,530 55,711.987
45,315.728
50,852,211
Domestic cargo (41%)
15,781,325
13,315,375
14,405.264
20,097.295
Export (16%)
12,528.857
11.807.143
9,730,440
9,430,835
Local (8%)
122.840,967
97.143.602
115,023.135
113,623,979
Shipments(100%)
44.913.340
35.678.012
48.166,895
43,227,557
Rail (38%)
41.052,340 44,149.547
41.764,022
40,099.939
Domestic cargo (35%)
21.249.223
8.606,107
15,361,778
20,865.648
Export (19%)
12.528,857
11,807,143
9.730.440
(8%)3
Local
384.972,189
395.740,974
402,648,492
409,369,366
Unfilled orders (100%)
94,593,331
97.004.906
101,703,527 102,667,858
Rail (25%)
211,826.899 203.423,087 200,887.908 195,947.734
Domestic cargo(52%)
95,838.940 96,557,547 97,848,160 94,431,124
Export (23%)
183 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete
for 1929 and 1930 to date.)
Average 38
Average 38
Weeks Ended
Weeks Ended
Week Ended
Sept. 21 '29.
Sept. 20 '30.
Sept. 20 '30.
169.477.454
135.891,471
112,069.457
Production (feet)
170.087,139
129.172,176
116,911,832
Orders (feet)
171,015,449
135,259,258
106,186,358
Shipments (feet)
Freeman Hinckley, Adolph Leeds, Rudolph Weld, and
Frederick F. Kuhlmann, Secretary. W. Brewster Southworth, Assistant Secretary of the Wool Association of the
New York Cotton Exchange, was also present. President
Weld of the New York Cotton Exchange presided at the
meeting and in his opening remarks thanked the members
of the wool trade for their interest in attending the meeting and explained that, while the members of the Cotton
Exchange felt that they were entirely conversant with the
technical details of the futures market, they wanted the
best judgment of the wool trade to help them in formulating a contract that would serve the best interests of everyone concerned.
He introduced Julius B. Baer, legal expert on problems
incidental to the establishment of Futures Exchanges, who
suggested a tentative form of wool top contract for discussion, containing the following principal terms:
DOMESTIC CARGO DISTRIBUTION WEEK END. SEPT. 13 '30 (124 Mills).
I. Unit of trading (Weight for Contract Unit).
2. Characteristics of Standard for Trading.
3. Variations in quality from Standard Permissible for Seller to
Deliver.
4. The Establishment of Auxiliary Types, merely for the Guidance
of the Experts.
5. Method of Inspection and issuance of Certificate.
6. Appointment of Licensed Combers.
7. Appointment of Licensed Warehouses.
8. Delivery system.
Orders on
Hand Begin- Orders
fling Week Received,
Sept. 13'30.
Cancellotions.
Washington & Oregon
Feet.
Feet.
(99 Mills)—
63,377,832 17,705,466
California
112.235,97222.952,458
Atlantic Coast
21,448
3,128,189
Miscellaneous
Shipmerits.
Unfilled
Orders
Week Ended
Sept. 13'30.
Feet.
Feet.
Feet.
678,541 18.660.397 60,744,360
724.021 17,828,168 116,636.241
696,861 2,409,858
42,918
Total Wash.& Oregon 177,741,993 40.679.372 1,445,480 37.185,426 179,790.459
Report)g domestic cargo
only (10 mills)
Totals
6.000 1,350.585
6.090,805 1,442,480
6,176,700
183.832,798 42,121,852 1,451,480 38,536,011 185,967,159
Brit. Col. (13 Mills)—
2.234.564 1,168,000
California
12,808,018 2,283,000
Atlantic Coast
None
943.500
Miscellaneous
None
693,000 2,709,564
None 2,292,000 12,799,018
None
943,500
None
Total Brit. Columbia_ le:986,082 3,451,000
Report'g domestic cargo
1.335.426
None
only (3 mills)
None
Totals
None 2,985,000 16,452,082
m.........inw,....-1,.....,,,, Sot 1 rsA 2004; ,79 ft:9
None
1,335,426
None 2,985,000 17,787,508
17,321,508 3,451.000
1 4:1 1P11 41 :91
011 9ng 701 1157
Increase in World Production and Consumption of Foreign
Cotton Last Year.
The world produced and consumed more foreign cotton
last season than was indicated by preliminary estimates issued during the season, and more foreign cotton than was
estimated was carried over into the present season, according to the New York Cotton Exchange Service; a statement issued by the latter Sept. 30 says:
Final figures on world supply and distribution of foreign cottons indicate that the world production of such growths exceeded the world consumption of them during the season just closed.
The total production of foreign cottons last season is finally placed
by the Exchange Service, in 478-pound bales, at 12,017,000 bales, which
compares with 11,061,000 in the previous season. World consumption
of foreign cottons is finally estimated at 11,697,000 bales last season
compared with 10,598,000 in the preceding season. The world carryover of foreign cottons from last season into this season, that is, the
world stock on August 1 this year, is placed at 4,998,000 bales against
4,678,000 last year.
The Exchange Service also says:
"It will be seen that the final figures require some revision of the
conclusions which may have been drawn from the preliminary data.
As previously indicated, total production and total consumption of foreign cottons last season reached new high records, but the total consumption did not exceed the total production, and so the total carryover
of foreign cottons on August 1 this year was not smaller than that on
August 1 last year, as had been previously believed. On the contrary,
the world carryover of foreign cottons on August 1 this year was larger
than that on August 1 last year. As the world increases its production
and consumption of foreign cottons, it naturally increases its end.
season stocks. The carryover of foreign cottons on August 1 this year,
as was the case with production and consumption of foreign cottons
last season, was the largest on record."
Wool Committee of New York Cotton Exchange Meets
With Representatives of Wool Industry in Boston—
Memberships in Wool Top Futures Exchange.
The Special Wool Committee of the New York Cotton
Exchange held its first meeting with the Advisory Committee from the wool industry at the rooms of the Boston Wool
Trade Association, 263 Summer Street, Boston, Mass., on
Sept. 25, for the purpose of considering the best form of a
top futures contract to be used in the new futures market.
The several branches of the industry were well represented,
the following being present from the wool trade:
Oscar S. Bauer, Jacob F. Brown, Harold M. Cummings, Everett L.
Cuneo, Joseph P. Draper, Harold S. Edwards, Sidney A. Eisemann,
Albert W. Elliott, William G. Fallon, Russell H. Harris (representing
Moses Pendleton), Durham Jones, Everett L. Kent, Lawrence J. Ashworth, F. Nathaniel Perkins, Frank R. Pratt, Charles A. Root, Louis
Rosenthal, Eug. Schwerdt, Norman 13. Stansfield, Max W. Stoehr, Frank
Sullivan, Frank S. Talbot, and W. P. Wright
There were present also from the New York Cotton Exchange, President Philip B. Weld, John J. Pffleger, Chairman of the Special Wool Committee, Charles M. Brush,
Mr. Baer explained the practical application of the contract in its several terms, as submitted. It was finally decided to appoint a committee of three, who in turn will
appoint two sub-committees, the first of which will study
and report on the first five terms as enumerated above; the
second to consider the last three terms. When these subcommittees have concluded their studies another meeting
of the entire Advisory Committee will be called.
The Wool Associates of the New York Cotton Exchange
have announced that 150 memberships in the Wool Top
Futures Exchange, which is being organized, are to be issued. The initiation fee on the first fifty memberships
issued is $1,000, on the second fifty the fee is $1,500, and
on the third fifty $2,500. This announcement is contained
In a letter Sent to members of the wool trade in the United
States and foreign countries. It is stated in the letter that
foreign firms may apply for membership in the Exchange
by cable. The memberships which are being issued are
described as Class B memberships. These will be held
by persons other than members of the New York Cotton
Exchange. Class B members will have the courtesy of the
Exchange floor. They will have their trades executed by
by Class A members at half the rate charged to non-members. The Class A memberships will be held by members
of the New York Cotton Exchange. The letter to the wool
trade is signed by Frederick F. Kuhlmann, Secretary, and
Is as follows:
"We wish to announce the organization of the 'Wool Associates of the
New York Cotton Exchange, Inc.' under the Membership Corporation
Law of the State of New York.
"The purpose of this corporation is to conduct a Wool Top Exchange
to trade in foreign and domestic Wool Top futures, thus affording facilities for hedging wool and wool products.
"The corporation will have two classes of membership, as follows:
Class A Memberships—These will be held by members of the New
York Cotton Exchange. These memberships will not be subject
to separate sale and transfer, but will follow the transfer of
Cotton Exchange memberships.
Class B Memberships—These will be limited to one hundred and
fifty and will be held by persons other than members of the
New York Cotton Exchange. They will be subject to separate
sale and transfer.
"The initiation fee for Class B memberships is $1,000 each for the
first fifty memberships received and accepted, $1,500 each for the second
fifty, and $2,500 each for the third fifty.
"The rate of commission for the execution of contracts will be approximately the same as on other commodity exchanges. It has been
suggested that the commission charged by a member to a non-member
for buying or selling a contract should be $15.00. As on other ex.
changes the commission charged by one member to another member
would be half of the commission to non-members.
"Class B members will have the courtesies of the floor but will not be
entitled to trade on the floor of the Exchange. Accordingly, they will
have their trades executed through Class A members at half of the rates
charged to non-members, as above indicated.
"Floor trading will be conducted on the floor of the New York Cotton
Exchange, and deliveries will be made at Boston and possibly at other
points. The Exchange will maintain a permanent office in Boston.
"A committee is being formed, composed of representative men of the
wool industry and of technicians of the Cotton Exchange, who will hold
meetings in Boston and New York City to discuss and formulate the
standard contract and trading rules. Drafts of the by-laws and rules
covering the government of the Exchange, membership provisions, arbitration, etc., have already been prepared.
"The organization of the Exchange will be completed as expeditiously as possible in order that active trading may be inaugurated at an
early date. It will be impossible, however, to fix the exact date of the
opening of the Exchange, or to make final pronouncement regarding
commission rates, delivery points, or other details of Exchange operations, until the committee above referred to complete its work.
OCT. 4 1930.]
2141
FINANCIAL CHRONICLE
"Application blank is enclosed for your consideration. Application
for membership should be accompanied by check for $1,000 covering
initiation fee. Persons whose applications are received after the first
fifty memberships in the Exchange have been allotted, will be advised
as to the additional amount due and will be given the option of paying
such additional amount or withdrawing their applications In the latter
case, remittances received will be refunded. Persons in foreign countries may make application by cable, confirming such application by
letter with accompanying check covering initiation fee.
"Applications will be acted upon in the order of receipt, by mail or
foreign cable, and acceptance will be subject to the discretion of the
Board of Managers and/or Membership Committee."
Rubber Production in Malaya in September Keeping Pace
With August.
The exporting rate of the chief rubber producing country, Malaya, this month would indicate that, production is
being maintained at an unchanged pace, according to estimates cabled to members of the Rubber Exchange of New
York. Gross September exports will approximate 46,000
to 47,000 tons, according to the estimates, which will compare with 47,802 tons exported during August and with
53,484 tons during September, 1929.
Rubber Operations—Three Firms at Singapore. Said to
Rubber Production in Far East.
Have Suspended Activity Due to Unprofitable Prices.
Production of crude rubber on estates of more than 100
The following is from the "Wall Street Journal" of acres in the Far East during August totaled 23,796 tons,
Oct. 1:
against 22,704 tons in July, according to cables to the RubOwing to unprofitable prices, three firms engaged in the manuber Exchange of New York. Stocks on estates on August
Singapore
facture of amber and brown grades of crude rubber at
have suspended operations, according to cable advices to New York 31 were 26,430 tons, against 25,814 tons on July 30. Dealrubber houses. There are now only four Singapore firms producing ers' stocks in the Far East (excluding Singapore and
these grades of rubber.
Penang) as of August 31 aggregated 15,775 tons, as comThe ambers and browns are used by tire manufacturers as "softeners"
with ribbed smoked sheets, the standard grade of rubber, in the pared with holdings of 15,067 tons at the end of the premanufacture of tires. Current New York quotations for amber range vious month.
41
between 63 and 754 cents a pound; those for clean brown crepe 7
cents, and rolled brown crepe 04 cents.
Flour Production Higher in September.
General Mills, Inc. summarizes the following comparaRubber Growers' Association of London Defers Further tive flour milling activities as totaled for all mills reporting
Consideration of Compulsory Regulation of Rubber n the milling centers as indicated:
PRODUCTION OF FLOUR.
Pending Reversal of Decision of Dutch East Indies
Government.
Cumulailve
Cumulative
Production
Production
Production
Production
A London cable received by the Rubber Exchange of New
Same Period
Since June
Four Weeks Same Period
1929.
York on Sept. 30 advises that the Rubber Growers Asso30 1930.
End. Sept. 30. Year Apo.
ciation has circularized its members as follows:
Barrels.
Barrels.
Barrels.
Barrels.
"It will be evident to all that until the decision of the Dutch East
Indies Government as recently announced is reversed, no useful purpose can be served by this' association giving further consideration to
any proposals for compulsory regulation of rubber supplies."
Advices to the "Wall Street Journal" of Oct. 1 regarding the letter of the Rubber Growers' Association says:
Northwest
Southwest
Lake,Central&South'n
Pacific Coast
2.179,877
2,159,220
2,203,125
442,746
2,111,985
2,182,496
2,106,028
442,956
6,179,953
6.829,069
6.796,728
1,127,321
6.289,588
6.855.223
6,421,730
1,254,934
20.821.475
20 OM 071
5845405
6.034 ORS
Grand total
Note.—Thls authori ative compilation of flour milling activity represents approximately 90% of the mll Inc Industry.
The letter stated that full production, even at reduced costs, cannot
ameliorate the situation since it will be nullified by a further fall in the New York Coffee and Sugar Exchange to Continue Saturprice of rubber. The association recommends that producers suspend
day Closing Through October.
tapping entirely if the excess expenditure over income isn't likely to
be increased by so doing. Since at present prices production of every
The Board of Managers of the New York Coffee and
pound entails a loss, where it has been decided to maintain producSugar Exchange has ordered the closing of the Exchange
tion, contraction of output may, in some cases, result in minimizing
the loss, since reduced volume may be taken off the most productive for trading on Saturdays during October, it was announced
areas at lower operating costs.
Sept. 24. The by-laws of the Exchange provide for closing
Bringing young rubber to tapping should be postponed, according to on all Saturdays in the months of June, July, August and
the circular, and old areas giving small yields should be put out of
tapping. The association states: "If producers determine to rationalize September, special action being necessary to close in other
production in the manner indicated equilibrium between supply and months.
demand will be expedited, resulting in an increase in price to the
•
advantage of all producers, while meantime valuable bark will be conFigures of World Deliveries of Coffee Made Available by
served and cash resources husbanded."
New York Coffee and Sugar Exchange.
Directors of Anglo-Dutch Plantations of Java Act to Curtail Rubber Production.
A London cable to the Rubber Exchange of New York
on Sept. 24 stated that owing to the uneconomical price of
rubber, directors of the Anglo-Dutch Plantations of Java
have given instructions to cease production on estates
outside the original Pamenoeka and Tjiamsem lands. A
substantial reduction in crude rubber production in the
Far East is expected as a result of the decision of the
Anglo-Dutch Plantations of Java to cease production on
some of its properties, but the cut in output will be too
small to appreciably affect the market unless other companies take similar action, according to advices contained
In a London cable to the Rubber Exchange of New York on
Sept. 25. The advices state:
"With reference to yesterday's cable stating that the directors of
the Anglo-Dutch Plantations at Java have given instructions to cease
production on estates outside of the original Pamanoekan and TjiamBern lands, in view of the uneconomic price of rubber, cable advices
state that the company owned 31,509 acres planted with rubber. The
total output of all its estates during 1929, including 3,000,000 pounds
from the P. & T. lands, was 13,129,158 pounds, produced at a cost of
6.31 d. a pound and with a selling price averaging 9.54 d. a pound.
"The reduction in output is looked upon as a favorable sign as far
as the market is concerned, but the amount involved is too small to
have any marked effect.
"Replies to Reuter's inquiry as to whether other large companies
contemplate action similar to that of the Anglo-Dutch Plantations of
Java were non-commits!."
Ceylon Shipments of Crude Rubber in August.
Ceylon shipments of crude rubber during August totaled
6,701 tons, as compared with 4,070 tons in the previous
months, according to cables to the Rubber Exchange of
New York. August shipments from Ceylon to the United
States were 3,362 tons, against 1,808 tons in July.
World deliveries of coffee for the two months ended Aug.
31 last totaled 3,420,085 bags, according to figures made
public by the New York Coffee and Sugar Exchange. This
is the first time such figures have been made public by the
Exchange. The total for August was 1,741,878 bags, compared with 1,678,207 bags for July. Deliveries in the United
States for the two months were 28,077 bags less than deliveries in Europe. The figures of the Exchange for the
two months follow:
Deliveries in the United States, 1,595,854 bags; in
Europe, 1,623,931 bags; Southern ports (Cape, River Plate,
West Coast of South America and consuinption in Brazil),
200,300 bags. Total, 3,420,085 bags.
World delivery figures hereafter will be embodied in the
regular monthly statistics published by the Exchange.
•
Increase in Warehouse Stocks of Coffee in Rio de Janeiro.
Cables from Rio de Janeiro to the New York Coffee and
Sugar Exchange give the "Rio Regulating Warehouse
Stocks" of coffee as of August 30th as 2,463,000 bags. This
shows an increase of more than 50% over the July 31st
total of 1,609,000 bags. These figures include stocks in interior warehouses, stations and wagons.
Petroleum and Its Products—Production Averages
Again Lower—Federal Court of Appeals Upholds
Oklahoma's Conservation Law—Phillips Petroleum
Signs A. P. I. Code—California Output Drops Below 600,000 Barrel Level.
The current week in the petroleum industry was a highly
prolific one in so far as developments connected with the trade
were concerned. Continued lower production, amicable settlement of higher potentials and upholding of the Oklahoma
oil law were the high-lights of the week.
2142
FINANCIAL CHRONICLE
(voL. 131.
The Federal Circuit Court of Appeals in Oklahoma up- nounced drop in consumption. However, both the kerosene
held the authority of the Oklahoma State Commission in and heating oil markets have shown signs of increasing
curtailing crude oil output. Three judges of the Court strength due to the weather conditions.
denied an application of• the Champlin Refining Co. for a
While the stocks of stored gasoline again showed a detemporary writ enjoining the Commission from restraining crease from the previous week, the drop was surprisingly
the company's oil output. This is the second victory for small. Dropping 38,000 barrels to a new low since the latter
the Commission in several weeks. The first case was brought part of 1929, total stocks are now 37,222,000 barrels. Howby the C. C. Julian Oil & Royalty Co. E. B. Reeser, Presi- ever, a decided jump both in refinery operations and runs of
dent of the American Petroleum Institute and a champion crude oil to stills was made. Refineries for the week ended
of the conservation movement hailed the decision in the Sept. 23 ran at 84.8%, as compared with 69.2% in the preChamplin suit as a victory for proration. He said:
vious week. There was in increase of approximately 300,000
"Tuesday was a red letter day for the oil industry because barrels of crude oil run to stills over last week's average.
the Federal Court decided that the law under which the
The tank car market was irregular, spot U. S. Motor
Oklahoma Corporation Commission is acting is constitutional gasoline, in tank cars, at the refineries, being held at 73
/0.
It refusing a request for an injunction sought by the a gallon with many refiners holding the price at the 834c. a
Champlin Refining Co. The State Supreme Court's decision gallon level. There is a marked absence of the price shading
In the Julian case is expected next Tuesday."
tactics that have prevailed for the last few months. Action
The South Oklahoma City field will be allowed a larger of several of the larger refiners in scaling their offering price
flow of oil during the final quarter of the year while other down to 73
4c. a gallon is held responsible for the end of this
fields will be further curtailed in order to keep the average practice. Consumption has dropped off due to the cold
daily production throughout the State at or below the 550,- weather prevailing at the present time but dealers are op000 barrel mark, according to plans of the proration com- timistic that it will increase again with better weather.
mittee of the Mid-Continent Oil & Gas Association.
Several service station chains are indulging in a price war
The last major oil marketing company has signed the code throughout Brooklyn and its environs which tends to further
of oil marketing practices. This developed on Friday when disorganize the market. Started by one of the newcomers
the Phillips Petroleum Co. notified the American Petroleum into the Eastern marketing field, the price war has spread
Institute of its decision. The action of the Phillips company throughout Brooklyn until several of the stations are obindicates prompt resigning of the code by the Mid-Con- viously operated at a serious loss. Offerings of standard
tinent Petroleum Corp., which recently withdrew, according brands have been as low as 8 gallons for $1 with the majority
to W. R. Boyd Jr., executive Vice-President of the Institute. of the stations selling it at 7 gallons for a dollar. Attempts
Curtailment plans of the New York State Oil Producers' to stimulate consumption in this way are futile as the average
Association are working out successfully, it was stated at the consumer can only use so much and no more. But the main
annual meeting of the organization, the first since 1926. object of the other companies in coming into the war is to
Adjustment of output to supply and demand has been accom- prevent their customers from leaving them and going over to
plished and it is now the aim of the association to increase different brands. The sooner this situation is cleared up,
consumption of Pennsylvania grade crude products.
however, and gasoline again offered at a figure affording a
California daily average production again dropped below reasonable profit to the station operator, the better
it will be
the 600,000 barrel mark in the week ended Sept. 27 when the for all concerned.
production figures showes a decline of 20,900 barrels from the
Stimulated by the autumn weather, signs of increasing
preceding week, to a total of 590,000 barrels. This is the strength are being noted in the kerosene and domestic
heatlowest weekly total since 1924 except for a brief period in ing oil fields. Kerosene is especially strong, the steady
de1926 when production dropped to 198,000 barrels.
mand for this product being reflected in the firm prices now
The California October 1-15 allowable, based on the prevailing. While the price still remains at 63
/0.a gallon for
specified allowable of 550,000 barrels for the balance of the 41-43 water white, in tank cars at the local refineries, dealers
year, will draw proration schedules tighter. It is expected would not be surprised to see a small increase in the
near
that the production will be near the allowable exclusive of the future.
unattainable excesses in Santa Fe Springs, Kettleman Hills
Refiners are less inclined to make concessions in the domesand the Playa del Rey fields.
tic heating oil field than they have been recently due to
The divisions of refining and marketing of the American firming up of the market. Business for the past week has
Petroleum Institute, meeting in Tulsa the latter part of this shown a steady gain and the tone of the market is much
week, voted to appoint a committee to assemble data on the stronger than it has been. All of the grades have been having
petroleum outlook for the next six months. These data will fairly good movements with No.6 oil in the spotlight.
Sept 29.-Standard Oil Co. of Indiana reduces station and tank wagon
be presented in conjunction with the report of the statistical
of gasoline and kerosene 2 cents a gallon.
department of the Institution at the annual meeting of the price
Oct. 3.-Standard Oil of N. Y. announced to-day a two-cent cut,
was promptly met by Gulf and Colonial Beacon in the service stationwhich
Institute in Chicago next month.
price
of gasoline in Boston the bulk gasoline price in Chicago also dropped jic.
Meetings of the advisory committee of the Darst Creek
Gasoline. U. S. Motor. Tank Car Lots. F.O.B. Refinery.
field producers are being held to discuss the new proration N.Y.(Bayon'el$.08
% -10 N.Y.-Sinclair Rel. .07% California
0834
Stand. Oil, N.J-- .07%
schedule which is expected to go into effect soon. The present
Colonial-Beacon_ .08
Los Angeles, export. .0754
Stand. Oil, N. Y. .08
Carson Pet
.as Oulf Coast,export._
.08
schedule expires Oct. 12. Indications are that there will be
Tide Water011 Co. .08%
Crew Levick
.09
North Lout/liana ... .0754
Richfield 011 Co- .0834 West Texas
.08% North Texas..05% .06
a change in the method of gauging wells, reducing time from
Warner-QuianCo -Chicago
.0554- 0634 Oklahoma
0534 .06
Pan-Am.
Pet Co- .07.4 New Orleans
24 to 12 or possibly 6 hours. A potential of 125,000 barrels
0734 Pennsylvania
0834
Shell Eastern Pet- .0834 Arkansas
.0t34
is expected to be shown in the next testing of the field.
Gasoline. Service Station. Tax Included.
There were no price changes posted this week:
New York
1.163 Cincinnati
$.21
Prices of Typical Crudes per Barrel at Wens.
(All gravities where A. P. 1. degrees are not shown.)
Bradford. Pa
$2.55 tpindietop, Texas, below 215
Corning, Ohio
1.50 Winkler, Texas
CabeII. W. Va
1.35 Smackover, Ark., 24 sod over
Illinois
1.65 Smackover, Ark.. below 2
Western Kentucky
1.50 Eldorado, Ark., 34
MideontInent, Okla., 37
1.23 Urania. La
Corsicans. Texas, heavy
.80 Salt Creek, Wyo.,37
Hutchinson, Texas. 35
.87 Sunburst, Mont
Kettleman Hills, 55
1.65 Artesia, N. Max
Kettleman 111115, 35-39.9
1.10 Santa Fe Springs. Calif.. 83
Kettleman Hills, 40-49.9
1.35 Midway-Sunset, Calif., 22
Kettleman Hills, 50-54.9
1.50 Huntington. Calif.. 26
Luling. Texas
.85 Ventura, Calif.. 30
1.15 Petrol's, Canada
Spindietop. Texas. grade A
1.00
85
$1.05
.76
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS-MARKET SHOWS SIGNS OF WEAKNESS
COLD WEATHER CAUSES CONSUMPTION TO DROP-STORAGE GASOLINE OFF AGAIN-PRICE WAR AMONG BROOKLYN SERVICE STATIONS-KEROSENE AND DOMESTIC
HEATING OILS STRONGER.
Although proration schedules are being adhered to and
dealers feel that the producers are making honest efforts to aid
the situation by keeping the output down,the Eastern gasoline
market was off this week. Unfavorable weather conditions
coupled with the weakness in the Mid-West market all combined to slow down things.' The cold weather which has been
prevailing locally for the past few days has caused a pro-
Atlanta
Baltimore
Balton
Buffalo
Chicago
.25
172
.165
.188
.17
Denver
Detroit
Houston
Jacksonville
Kansas City
20
.143
.22
.25
.179
Minneapolis
New Orleans
Philadelphia
San Francisco
Spokane
St. Louis
8.222
.195
.22
.21
.276
192
Kerosene. 41-43 Water White. Tank Gar Lots. F.O.B. Refiner;.
N.Y.(Bayoune)
._ _.$ 07 1 Chicago
$ 05% 1New Orleans
8.07%
North Texas. 0354= 03% Los Angeles. export 05%[Tulsa
.06%
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or Terminal.
New York (Bayonne)81.051Los Angeles
8.85 Gulf Coast
1/5
Diesel
2.001New °riming
.951Chicago
.56
Gas Oil. 32-34 Degrees. F.O.B. Refinery or Terminal.
N.Y.(Bayonne). .8.05% !Chicago
1.03'Tulsa
$.0
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,525,400 barrels, or 95.6% of the 3,686,400
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Sept. 27 1930, report that the crude runs to stills for the
week show that these companies operated to 71% of their
total capacity. Figures published last week show that companies aggregating 3,525,400 barrels, or 95.6% of the
3,686,400 barrel estimated daily potential refining capacity
OCT. 41930.]
2143
FINANCIAL CHRONICLE
of all plants operating in the United States during that week,
but which operated to only 69.2% of their total capacity,
contributed to that report. The report for the week ended
Sept. 27 1930,follows:
The estimated daily average gross production for the Mid-Continent
fleld. including Oklahoma. Kansas, Panhandle. North. West Central.
West. East Central and Southwest Texas. North Louisiana and Arkansas,
for the week ended Sept. 27, was 1.365.600 barrels, as compared with
1.373,800 barrels for the preceding week, a decrease of 8,200 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
CRUDE RUNS TO STILLS GASOLINE AND GAS AND FUEL OIL STOCKS
was 1,328,800 barrels, as compared with 1,337.000 barrels, a decrease
WEEK ENDED SEPT. 27 1930.
of 8.200 barrels.
(Figures in Barrels of 42 Gallons)
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons.
Per Cent
Per Cent
follow:
Gas and
Potential
Crude
Oper.
District.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 99.6
Okla.. Kans., Missouri_
89.3
Texas
90.4
LouLsiana-Arkansas
96.8
Rocky Mountain
93.6
California
99.3
Total week Sept.27-Daily average
Total week Sept.20-Daily average
YTotal Sept.28 1929_
Daily average
Texas Gulf Coast _x_
of Total
Capacity
Report.
Gasoline
Stocks.
Fuel Oil
Stocks.
3,557,000
574,000
2,018,000
1,781.000
4.166.000
1,150,000
391,000
3,874,000
83.5
69.7
75.7
61.6
83.5
62.7
40.1
62.1
5,301,000
1,079.000
5,558,000
2,470,000
5,969,000
1,270,000
1,813,000
13,762,000
11,562.000
1,115,000
4,419.000
4,855,000
10,651,000
2,160,000
1.125,000
104,892,000
17,512.000
2,101,700
17,086,000
2,440,900
71.0
37,222,000
140,779,000
69.2
37,260,000
140,376,000
19,076,000
2,725,200
84.8
31,309,000 .142,456,000
Capacity
Reportleg.
95.6
95.6
94.4
100.0
inmlelona flnlf r'nnat
, IAA A
Runs to
Stills.
3,173,000
SAG nnn
86.1
725
4,786.000
1 All nnn
7.798,000
1 437000
.Final revised. x Included above In the totals for week ended Sept. 27 198001
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 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
OklahomaBowlegs
Bristow-Slick
Burbank
Carr City
Earisboro
East EarLsboro
South Earlsboro
Konawa
Little River
East Little River
Maud
Mission
Oklahoma City
St. Louis
Searight
Seminole
East Seminole
-Week EndedSept.27. Sept 20.
14.900 15.700
15,100 15,100
15,450 15.500
9.700 9,100
20,450 22,850
17,250 18,400
8.950
9.850
16.400 16,150
24.800 27.300
12,250 12,900
3.050
3,700
7,800
7.150
104.400 98.850
24,750 24,350
7.350
7.300
14.750 15,050
2,100 2.300
KansasSedgwick County
Voshell
Panhandle TexasGray County
Hutchinson County__
North TexasArcher County
WIlbarger County
22,100 23,950
10,250
8,900
53,600 56.900
17,300 17,400
12.950 14.050
15,800 15,300
West Central Texas-
Young County
13.900 15,500
Wert Tents-
Production of Natural Gasoline in August Continued
to Decline-Inventories Slightly Higher.
According to the United States Bureau of Mines, the output of natural gasoline continued on the decline in August,
when a total of 176,900,000 gallons was produced as compared with 177,700,000 gallons in July. In daily average
this represents a decrease from 5,730,000 to 5,710,000 gallons. The major portion of the decrease in output in August
occurred in the Seminole district. The Panhandle showed
the largest gain of any major district. Stocks of natural
gasoline held by plant operators showed a small increase
during the month and amounted to 31,261,000 gallons on
Aug. 31. This compares with stocks of 37,524,000 gallons
a year ago.
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Stocks End of Mo.
Production.
Appalachian
Illinois, Kentucky, dre
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Aug.
1930,
Jtdy
1930.
4.900
800
45.000
2.300
42,100
6,400
2.800
4.700
68,900
5,000
700
47,800
2,400
40,500
5.500
2.700
4,600
68,500
Jan.Aug.
1930.
Aug.
1930.
July
1930.
6,300 60,600
8,400
900
57.500 404,300
2,500 21,600
35,300 317,600
5,100 49,700
2,800 21,300
4,200 34,400
74,700 547,700
2,589
254
13,495
1.173
10,476
710
273
689
1,602
18,787
1,242
8,944
653
231
690
1,818
Aug
1929.
Total
176,900 177,700 189.300 1465.600 31.261
Daily average
5,710
5,730
6,110
6.030
Total(thousands of bbls.)__ 4,212
4,231
744
4,507
34,895
Daily average
137
145
144
136
3,272
486
31.123
741
Crude Oil Output in United States Again Declines.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ending Sept. 27 1930, was 2,389,750 barrels,
as compared with 2,421,800 barrels for the preceding week, a
decrease of 32,050 barrels. Compared with the output for
the week ended Sept. 28 1929, of 2,900,400 barrels daily,
the current figure shows a decrease of 510,650 barrels per day.
The daily average production east of California for the week
ended Sept. 27 1930, was 1,795,450 barrels, as compared
with 1,808,200 barrels for the preceding week, a decrease of
12,750 barrels. The following are estimates of daily average
gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedSept.27'30. Sept.20'30. Sept. 13'30. Sept.28'29.
Oklahoma
559.000
563.600
689.050
549,100
Kansas
116,650
117.300
118.550
127.500
Panhandle Texas
78.600
82,350
85,050
115.050
North Texas
03,15003854)
67,450
94.950
West Central Texas
46.650
49„050
51,950
58,350
West Texas
269.250
266.200
268,150
371.450
42,000
East Central Texas
41.650
42,000
17.900
Southwest Texas
96.650
95,650
74.200
95,850
North Louisiana
40.050
40.500
39,850
38,850
Arkansas
53,600
53,650
53,550
64,750
168.450
Coastal Texas
173.500
179,200
129.150
Coastal Louisiana
29,000
26,750
24.250
24.500
Eastern (not Including Michigan)
112.500
113.000
113.000
120.000
Michigan
8.000
8,050
8,150
17,600
Wyoming
53.450
49.750
57.750
53.150
Montana
8.700
9.050
11,050
9,050
Colorado
4,250
4.350
4,300
6,250
New Mexico
45,500
49,950
3,450
43,450
California
594.300
613.600
613,700
877.700
Total
2,389,760
2,421.800
2,419,750
2,900,400
Crane & Upton Counties 33,500 33.750
Ector County
9.600 8,250
Howard County
Reagan County
Winkler County
23.800 22,800
23,100 22,300
62.000 63,450
Yayes
102.250 101.600
Bal. Pecos County-- 3.300 3,700
East Central Texas-
Van Zandt County
Southwest TexasDarst Creek
Luling
Salt Flat
Chapman-Abbot
North Louisiana-
garenta-Carterville
Zwolle
Arkansas-Smackover, light
Smackover. heavy
Coastal TexasBarbers HIll
Racoon Bend
Refuel° County
Sugarland
Coastal Louisiana-East Hackberry
Old Hackberry
WyondopSalt Creek
MontanaKevii-Sunburst
New MexicoHobbs High
Balance Lea County
CaliforniaElwood-Goleta
Huntington Beach
Inglewood
Kettleman Hills
Long Barb
Midway-Sunset
'Santa Fe Springs
seal Beach
Ventura Avenue
Playa del lta7
Pennsylvania GradeAllegany
Bradford
Southeastern Ohio
Southwestern Penna
28.1500 28,200 West Virginia
-Week EndedSept 27 Sept.20.
42,500 42,500
10,000 10.000
16,500 16.500
10,950 10,000
2.650
4,700
2.600
4,800
5,050
5.050
36,800 38.800
17,600
12,100
28.300
11,450
17,450
12.000
28,500
12,400
2.650
1.000
3.050
1,000
30,300 28.850
6,100
5,350
85,850 40.300
7,000
6,900
33.600
28.000
16.200
24.000
99.600
62.500
96.700
19,000
47,400
41,400
28.500
17,500
24.500
102.500
62.500
104.000
18.900
46.900
24.200 19.000
6.500 6.580
21.600 20,800
6,800 6.850
2,750 2„550
12,600 12,400
August Output of Crude Petroleum Lower-Inventories
Decline.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum in the United States during August 1930 amounted
to 74,853,000 barrels, a daily average of 2,415,000 barrels.
This represents a decline of 54,000 barrels from the daily
average of the previous month. It also represents a decline
of 558,000 barrels, or 19%,from the daily average of August
1929. Production in Texas, the leading producing State,
fell off from a daily average of 827,000 barrels in July to
819,000 barrels in August. This comparatively small decrease was recorded in the Gulf coast and west Texas districts. California, the second ranking State, showed no
change in daily average production from July, but output
in Oklahoma again fell off materially. This was due to a
material decline in the Seminole district and to continued
curtailment at Oklahoma City. The eastern fields reported
a material decline in output in August. New Mexico, in
which the active Hobbs field is located, failed to show a
gain in output in August, reflecting the success attending
efforts to curtail this flush field. The Bureau's statement
also shows:
Stocks of crude petroleum east of California on Aug. 31 amounted to
381.640,000 barrels, of which 6,500,000 barrels was held by producers.
This total represents a decline of 2,874,000 barrels from the total on hand
at the first of the month. Stocks of crude petroleum in California continued to decline in August: the total of all grades, including fuel oil, for
Aug. 31 was 144,372.000 barrels, as against 145,621.000 barrels on hand
at the beginning of the month.
The continued high consumption of gasoline and the material curtailment in crude production again had a prnoounced effect on total stocks of
all oils. These stocks totaled 685,857,000 barrels on Aug. 31, a decline
from the previous month of 7,030,000 barrels. The cumulative change In
stocks of all oils for 1930 was a decrease of 3.309.000 barrels, whereas the
comparable figure for 1929 was an increase of 57.663,000 barrels.
Crude runs to stills showed a small increase in August. when the daily
average throughout was 2.558,000 barrels, as compared with 2,537,000
barrels the previous month.
Daily average motor fuel production In August amounted to 1,221,000
barrels, a slight drop from the previous month. Exports of gasoline.
Including benzol, amounted to 6.691,000 barrels, which was a material
gain over July. The indicated domestic demand for motor fuel totaled
37,443,000 barrels, or a daily average of 1,208.000 barrels. This is 26,000
barrels below the record figures of the previous month and 17,000 barrels
below the daily average of a year ago. Stocks of motor fuel continued
to fall off and on Aug. 31 amounted to 41,624,000 barrels, a decline during
the month of 4,453,000 barrels. This total compares with 33,795.000
barrels of motor fuel on hand a year ago. At the current rate of total
demand, the Aug. 31 1930 stocks represent 29 days' supply as compared
with 32 days' supply on hand a month ago and 24 days' supply on hand
a year ago.
The refinery data of this report were compiled from schedules of 350
refineries with an aggregate daily recorded crude-oil capacity of 3,679.200
barrels, covering, as far as the Bureau is able to determine, all operations
during August 1930. These refineries operated at 70% of their recorded
capacity, given above, as compared with 351 refineries operating at 69%
of their capacity in July.
[Vor... 131.
FINANCIAL CHRONICLE
2144
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke, and asphalt in thousand of barrels of 42 U. S. gallons.)
August
1930.
July
1930.
August
1929.
JUU.-
JU1,
-
Aug.
1930.
Aug.
1929.
New SupplyDomestic production:
Crude petroleum a
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
74,853
2,415
4,212
216
70,281
2,557
76,554
2,469
4,231
224
81,009
2,613
5,059
4,329
88,669
2,860
5,877
5,800 42,066 55,774
4,040
3,430 29,956 17,679
90,926 106.166 726,263 781.096
3,214
2,933
3,425
2,989
Increase in stocks, all oils
b7,030
b4,442
95,690
3.087
95,368 101,294 729,572 723,433
2.977
3,076
3,268
3,002
2.407
12.567
80,725
2,604
1,973
11,041
82,354
2,657
c47
c44
344
148
380
381,640
144,372
526,012
744
159,101
384,514
145.621
530,135
741
162,011
392,684
146,298
538.932
893
138,798
381.640
144,372
526,012
774
159,101
392,684
146,298
5313,982
893
138,798
PRODUCTION OF CRUDE PETROLEUM BY STATES (THOUSANDS OF
BARRELS OF 42 U. S. GALLONS). a
August 1930.
Total.
DemandTotal demand
Daily average
Exports:
Crude Petroleum
Refined products
Domestic demand
Daily average
Excess of dal.y average domestic
production over domestic demand
Stocks (End ot Month)
Crude petroleum d
East of California
California b,
Total crude
Natural gasoline at plants
Refined products
92,165 617,433 671,765
2,541
2,764
2,973
4,507 34.895 33,824
2,054
264
1,913
96,936 654.241 707,643
2,912
3,127
2,692
4,872
b3.309
57,663
2,236 16.474 16.876
12,771 94.899 91,279
86.287 618,199 615,278
2,544
2,532
2,783
685,857 692.887 678.673 685,857 678,673
•
208
228
228
222
223
Grand total stocks, all olls
Days' Supply
Bunker oil (included above in domestic demand)
4.702
4,316
4,734 34,315 35,104
a Beginning with this issue, "crude product on" will represent actual production:
that is, oil gathered on the leases plus or m nus the change in producers' stocks
plus crude consumed as fuel on the leases. These items are included In the data
for 1929, which are fInal. b Decrease. c Deficiency. d Includes producers'
Stocks. e Includes residual fuel oil.
Arkansas
California-Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana-Southwestern Northeastern
Total Ind
Indiana
Kansas
Kentucky
Louisiana-Gulf Coast_ _ _
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio-Central & Eastern_
Northwestern
Total Ohio
Oklahoma-Osage County
Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas-Gulf Coast
West Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek..
Rest of State
Total Wyoming
Daily
Ayer.
Crude Petroleumto atills-Domestic_. 73.655
2,376 73,239
2,363 594,475 600,518
Foreign
5,634
182
5,405
174 41,115 52,977
Total
79,289
2,558 78,644
2,537 635,590 653.495
Imports
5,059
163
5,877
190 42,066 55,774
Exports
2,407
78
1,973
64 16,474 16,876
Gasoline-Production a
37,844
1,221 38,061
1,228 299,222 286.108
Imports
1,827
59
1,741
56 11.726
5,207
6.631
Exports
216
5.694
184 47,193 41,296
Stocks b
41,624
46,077
41,624 33,795
Domestic demand
37,433
1,208 38,256
1,234 265,392 249,316
KeroseneProduction
3.975
128
3,929
127 34,321 36,606
2
Imports
5
127
144
1,693
1,034
Exports
55
33 11,887 13,665
Stocks
8,030
8,319
___
8,030
8,394
Domestic demand
2,573
83
2,933
95 23,626 23,692
Gas Oil & Distillate Fuels.
6.831
Production
220
6,726
217 53,117
Stocks
18,332
____
17.380
____
18,332
Residual Fuel OilsProduction
23,031
784 201,566
743 24,297
Stocks c
21,397
____
21,747
____ 21,397
Gas Oil and Fuel Oil29.862
063 31,023
Production
1,001 254,683 299,870
2,439
80
2,286
74 17,872 12,197
Imports
3.057
99
Exports
3,095
100 25,976 25,649
39,729
Stocks
--_- 39,127
__-_ 39,729 39,316
Lubricants2,971
96
3,018
97 24,014 23,302
Production
Imports
18
29
922
826
ii
Exports
7,096
7,591
Stocks
10,1619,953
-___
10,161
7,478
1,940
- 63
1,887
15,044 16,602
Domestic demand
61
War(Thousands of Lbs.).
1.283 45,640
1,472 393.680 429,305
Production
.39,760
1.394
45 19,050 27.214
Imports
54
1,677
764 20,391
23,697
658 179,737 195,170
Exports
254,990
____ 254,990 194,649
__ _ 254,999
Stocks
573. 21,392
690 167,595 179.254
Domestic demand
17,749
Coke (Short Tons)
5,200 1263,000 1161,200
172.100
5,552 161,200
Production
994.200
941,900
994,200 672,400
Stocks
Asphalt (Short Tons)
345,600 11,148 333,500 10,758 2208,0002313,400
Production
Stocks
315,800
310,700
315,800 246,800
Road Oil-816
26
809
26
Production
4,005
Stocks
415
415
384
6,960
Miscellaneous742
867
Production
28
901
29
4,962
Stocks
488
-___
467
--.488
a Includes benzol production and natural gasoline used elsewhere than at refineries east of California. b Includes motor fuel blends held at natural gasoline
plants. c East of California.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS (THOUSANDS OF
BARRELS OF 42 U. S. GALLONS).
Auglat 193(1.
JWY 1930.
Jan.Jan.Aug.
Aug.
Daily
Daily
1030.
1929.
Total.
Aver.
Total.
Aver.
Runs
56
FieldAppalachian:
1,681
Pennsylvania grade-.
810
Other (incl. Kentucky).
319
Lima-N.E.Ind.-Mich__.
607
Illinois-S. W. Indiana___..
Mid-Continent:
2,853
N. Louisiana & Arkansas
W.Tex.-S. E. New Mex. 10,110
Other (Okla.. Kansas,
31.653
No. Texas, &c.)
2,705
Gulf Coast-Grade A
3,334
Grade B
2,011
Rocky Mountain
18,770
California
54
28
10
20
1,917
885
405
615
62
29
13
20
17,203
6,675
3,516
4,756
15,448
6,355
3,701
4,838
92
326
2.932
10,382
95
334
23,049
31,427
25,843
90,183
1,021
87
108
65
606
32,546
2,770
3,364
1,936
18,802
1,050 261,933 275,256
89 22,143 1 36,245
109 25,199
62 15,557 a17,434
606 155,975 196,462
2,415
76.554
2,469 617,433 671.765
Classification by Gravity approx.)
Light crude
2.131
66,064
Heavy crude
284
8,789
a Includes 5,000 barrels Alaska and Utah.
67,694
8.860
2.183 545,669 605.023
286 71,764 66.742
Total
74,853
Total.
Daily
Aver.
Jan.Aug.
1929.
Jan.Aug.
1930.
1,695
55 13,392
3,104
100 24,713
3,478
112 32.777
12,220
394 98.485
18,802
606 155,975
141
4
1,123
4,091
527
17
38
3
665
536
---91
3
93
3
701
3,448
111
3,583
116 28,284
22
608
20
671
5,064
5,244
787
26
773
25
39
1,237
1,215
40
9,657
2,002
2,010
65 14,901
65
212
7
279
9
2,569
10
10
300
2,102
306
1,344
41
43
5.319
1,276
2,629
244
8
276
9
15
405
13
459
3.561
121
4
911
3
103
580
19
4,472
508
16
--------1,071
34
____
91 22,366
83
2,829
2,583
193 57.048
163
5,979
5.046
---7.901
255
573 151.720
16,962
547 17,780
31
9,047
28
947
875
12
173 42.098
169
5.361
5,252
293 76,510
8,389
287
9.096
11,243
361 81.929
363 11,183
827 200.537
25,384
819 25,640
14
3,565
11
446
356
28
7,103
28
872
875
18
4.827
21
565
642
48 11.930
49
1,437
1,517
1,638
3,203
3,376
12,191
18,770
133
520
87
53
104
109
393
606
4
17
3
17,394
43.632
49,700
103,130
196,462
1,663
4,225
613
43
656
28,258
4,809
4,889
8.449
13,338
2.638
2,686
813
2.211
3,508
1,020
4.528
10,261
2.588
95.425
65,003
173,277
7,565
15
31.356
89,704
73.721
194.781
_ 3.695
, 7,535
.. 5,211
12,746
2,460 617.433 M371,765
U. S. Total
2,415 76.554
74.853
a See "Supply and Demand of All Oils" table footnote (a). b Includes 5,000
barrels Alaska and Utah.
INDICATED DOMESTIC DEMAND FOR CRUDE PETROLEUM EAST OF
CALIFORNIA (THOUSANDS OF BARRELS OF 42 U. S. GALLONS).
August 1930.
COMPARATIVE ANALYSES(THOUSANDS OF BARRELS OF 42 U.S.GALS.)
AugUst tuso.
Jan.July 930.
Jan.Aug.
Aug.
Daily
Daily
1930.
1929.
Total.
Aver.
Total.
Aver.
July 1930.
Total.
Domestic Petroleum by
Fields of OriginAppalachian'
Pennsylvania grade- _
Other (incl. Kentucky)..
Lima-N. E. Ind.-M ich ____
Illinois-S. W. Indiana-Mid-Continent:
N. Louisiana & Ark_.....
W.Tex.-S. E New Mex,
Other (Okla., Kansas.
No. Texas, &c,)
Gulf Coast-Grade A
Grade B
Rocky Mountain
California
Daily
Aver.
Jiug 1560.
Total.
Jan.Aug.
1929.
JUIL.-
Daily
Ayer.
Aug.
1930.
15.869 I 21,975
6,683 f
4,201
2,719
4,996
5,599
ral
-A
23,615
86,494 379,331
2,028
833
128
579
68
27
4
18
1,887
922
178
500
61
30
6
16
2,803
10,666
90
344
3,203
10,441
103
337
33,081
3,104
3,168
1,968
14
1,067
103
102
63
____
32.054
2,458
3,628
1,971
36
1,034 260,817
79 23,423
117 25,209
64 16,023
1
185
Total demand
Exports
58,462
1,675
1,836
54
57,278
1.396
1,843 466,033 463,869
11,573
45 10,561
Domestic demand
Foreign petroleum
56,787
5,568
1,832
180
55,882
6,070
1,303 455,472 452,296
195 43,388 55,867
62.355
2,012
61,952
1,998 498.860 508,163
Total domestic demand
east o fCalifornia
4
33,879
18,884
--....
STOCKS OF CRUDE PETROLEUM (BARRELS OF 42 U. S. GALLONS.)
Aug. 31
Aug. 31
July 31
1929.
1930.
1930.
East of California-At refineries by location:
10,969,000 10.227,000 0,221,000
East coast-Domestic
3.706.000 4,198,000 4,437,000
FOrelgt1 a
Appalachian
2,857,000 2,977,000 2,607,000
3,199,000 3,150,000 2,834,000
Indiana, Illinois, Kentucky. Michigan,&c..
5,283,000 5,372,000 6.475,000
Oklahoma. Kansas and Missouri
2,144,000 2.282,000 1,716,000
Texas-Inland
9,455,000 9,752,000 10,461,000
Gulf coast-Domestic
338,00(1
Foreign a
219.000
471,000
1.112.000 1,105,000 1,468,000
Arkansas and inland Louisiana
5,314,000 5,432,000 4.104,000
Louisiana Gulf coast-Domestic
719.000
Foreign
8L".5,000 1,469,000
1,689,000 1,571,000 1,811,000
Rocky Mountain
Total
At Refineries by OriginPennsylvania grade
Other Appalachian (Incl. Kentucky)
Lima-Northeast Indiana-Michigan
Illinois Southwest Indiana
North Louisiana and Arkansas
West Texas and Southeast New Mexico
Oklahoma, Kansas. North Texas. &ci
Gulf coast-Grade A
Grade B
Rocky Mountain
California
Foreign a
Total
Pipe-Line and Tank-FarmPennsylvania grade
Other Appalachian (including Kentucky)
Lima-Northeast Indiana-Michigan
,Indiana
Illinois-Southwest
North Louisiana and Arkansas
West Texas and Southeast New Mexico
Oklahoma, Kansas, North Texas, &o
Gulf coast-Grade A
Grade B
Rocky Mountain
Total
Total refinery, pipe-line and tank-farm
Producers'
Total crude east of California
Classification by Gravity (approx.)East of CaUfornia-I3ght
Heavy
46.785,000 47.140,000 47,164,000
2,679,000 2,737.000
877,000
842,000
148,000
118.000
127,000
122.000
4,851,000 4,880.000
.5,286,000 5,166,000
18.833,000 19,047.000
4,323,000 4,336.000
3,209,000 3,050,000
1,688,000 1,569,000
1.000
1,000
4,763,000 5,272.000
6.377,000
46,785,000 47,140,000 47,164.000
5,823,000 6,112,000 4,548,000
966,000
789.000
908,000
637,000
1,457,000 1.294,000
10,286,000 10,256,000 10,598.000
21,423,000 21,343,000 22,867,000
47,764,000 48,477.000 254638000
197,629.000 199,039,000
7,561.000 8,041,000 20,497,000
11,332,000 11,328,000 1
24,172,000 24,268,000 24,476,000
328,355,000 331,124.000 339.050,000
375,140,000 378.264,000 386,214,000
6.500,000 6,250,000 6.470,000
381.640.000 384,514,000 302,684,000
338.582,000 339,763.000 344,265,000
36.558,000 38,501,000 41,949,000
California-Light
40.671,000 41,071,000 37.853,000
Heavy (Including fuel)
103,701,000 104,550,000 108.445.000
a Includes importers' stocks. b Not available.
August
1930.
JanuaryAugust
1930.
August
1929.
July
1930.
JanuaryAugust
1929.
1,299,000
198.000
Crude oil
Retuned products-Gasoline
Kerosene
Gas oil
Diesel oil
Fuel oil
Lubricants
Asphalt
1,834,000 2,234.000 2,367,000 13.880,000 15,027,000
72.000
180,000
203,000 2,402.000 1.629.000
524,000
157,000
98,000
208.000
70,000
25.000
2,000
3,000
150.000
71,000
111,000
8.000
4.000
20.000
2,000
13,000
1,000
1,000
East Coast
Appalachian
III.. Ky., &c...._
Ind..
Okla.. Kans.. Mo
Texas
Louisiana & Arkansas
Rocky Mountain_ _ _
California
U.S. total
Texas Gulf Coast....
Louisiana Gulf Coast_
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
Jan.-Aug.
1929.
July
1930.b
August
1929.
Jan -Aug.
1030.
992
295
682
1,051
239
665
1,669
252
741
8.743
1,807
4,639
10.111
1,770
5,180
1.969
1,855
2,662
15.189
17,061
August
1930.
a From "011 & Gas Journal" and California office of American Petroleum Institute. b Revised.
RECORD OF WELLS FOR IMPORTANT FLUSH FIELDS. AUGUST 1930.a
East Coast
Appalachian
Ind.. 111., Ky., &c
Okla.. Kans.. Mo.._ _ _
Texas
Louisiana az Arkansas
Rocky Mountain_ _ ....
California
U.S. total
Texas Gulf Coast
Louisiana Gulf Coast_
GU.
__
209
86
1
17
3
3
247
256.800
7,200
55,700
53,100
10,800
10,900
400
730,700
648.300
40,400
123,100
123.000
35,900
8888888888888
4 4 4a-.6.6
992
Gas.
..N.:
t•.C...04t,
pN...W ,
Texas
366
Darst Creek
11
West Texas
49
California
59
Long Beach
Playa del Ray
Santa Fe Springs
2
Oklahoma
177
Oklahoma County
66
Seminole District._
35
New Mexico
15
Lea County (Hobbs). 14
Other States
375
973
2
201
433
83
60
4
707
306
55
110
62
1,465
295
682
1.199.600
1.200
3.688
56
_
__
__
325
4
27
22
30
-1
a From "Oil& Gas Journal" and California office of American Petroleum Institute.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM AND MAJOR REFINED PRODUCTS(THOUSANDS OF BARRELS OF 42 U. S. GALS.)(a)
July 1930.
August 1930.
Total.
Daily
Aver.
Total.
Daily
Aver.
Jan.Aug.
1930.
Jan.Aug.
1929.
Crude PetroleumEmporia
5,059
163
5.877
190 42.066 55.774
From Mexico
From Venezuela
From Colombia
From other countries
Exports-Domestic crude oil_ _
1,271
2,332
1,176
280
2,407
41
75
38
9
78
1,246
3,531
987
113
1,973
40 6,496 8,596
114 24,531 36.850
32 9,327 8,068
4 1,712 2,260
64 16,474 16.876
To Canada
To other countries
Shipments
Foreign crude oil
Refined ProductsGasoline-Imports
Exports b
1,035
472
63
15
1,643
330
53 12,993 14,168
11 3,480 2,711
7
- -1
1,827
6,691
69
216
1,742
5,694
56 11,726 5,207
184 47.193 41,296
To United Kingdom
To France
To Cahada
To other countries
Shipments
Kerosene-Exports
2,035
934
578
3,076
68
1,693
66
30
19
99
2
55
1,720
734
500
2,653
87
1,034
55 14,364 11,856
24 6.668 5,847
16 2,894 3,463
86 22,490 19,298
842
777
3
33 11,887 13,665
To China
To United Kingdom
To other countries
Shipments
Gas oil and fuel oil-Imports
Exports
327
415
946
8
2,489
3,057
11
13
31
80
99
321
169
531
13
2,286
3,095
1,919 2,470
1,849
1,931
7,851 9,185
161
186
74 17,872 12,197
100 25,976 25,649
To Chile
To Panama
To other countries
Shipments
Lubricants-Exports
299
391
1,878
489
826
10
13
60
16
27
305
292
2,257
241
922
10 2.957 3,925
9 2,140 2,129
73 17.962 17,331
8 2,917 2,264
30 7,096 7,591
To United Kingdom
207
To France
153
To other countries
453
Shipments
Wax (thousands of lbs.)-Importa 1.677
23,697
Exports
7
5
15
142
159
615
1,445 1,332
1,097 1,146
4,494 5,048
65
60
45 19,050 27,214
658 179,737 195.170
To United Kingdom
To Italy
To other countries
Shipments
54 1,394
764 20,391
6,599
4.626
12,470
213 6,902
149
985
402 12,502
10
6
17
5
5
20
223 46.445 45.396
32 24.463 17,716
403 108,813 132,123
17
35
a From Bureau of Foreign and Domestio Commerce. b Includes benzol
1,856
205
654
488
1,547
444
91
1,546
5,246
312
1.106
1,670
5,340
1,199
402
7.756
7,102
517
1,760
2,158
6,887
1,643
493
9.302
904 15,960
7,840
431
347 2,800
251 2,800
689 2,800
80 7,280
280
33
236
37,410
3,975
6,831
23,031
29,862
2,971 39,760
6.570
1.701
789
411
1,259
243
3.460
720
4.719
96;
2,800
7,280
659
61
East Coast
Appalachian
Indiana. Illinois. Ky.. &a._
Okla., Kansas, Mo
Texas
Louisiana and Arkansas
Rocky Mountain
California
10,076
2,771
9,136
8,936
18,623
6,017
1.823
17,274
5,220
--__----130
284
___----
15,295
2,771
9,136
8,936
18,753
5,301
1,823
17,274
710
217
206
365
1,252
446
409
213
106
42
238
451
1,140
323
132
81,580
73,655
5.634
79,289
3,818
4,012
13,415
3.403
130
284
13,545
3,687
1,164
53
868
206
164
12
63
89
163
37
36
347
124
9
137
38
139
106
36
613
288
21
190
127
302
635
199
446
558
1,882
722
355
152
660
150
137
473
1,364
233
74
524
172,100 345,600
816
867
1,683
4.679
3,615
37,400 19,600
in non 55300
12
__ _ _
1
130
13
130
1.673
273
1,045
91
12,600
2,900
60,000
30,400
44,900
10,200
11,000
100
171,300
8,400
46,000
2,500
19,600
52,500
500
44,900
69
_
Zia
STOCKS HELD BY REFINING COMPANIES August 31 1930.
(Thousands of barrels of 42 U. S. gallons.)
Gas 00 and Fuel Oil.
Gasoline. Kerosene. Gas Oil R Residual
Distillate Fuel
Oils.
Fuels.
East Coast
Appalachian
Id., Ill., Ky., &e
Oklahoma. Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Texas Gulf Coast
Louisiana Gulf Coast
6,373
1.403
6,145
3,499
6,353
1,283
2,100
14,456
1,838
283
818
643
1,300
934
248
1.966
4,509
687
1,732
2,042
2,739
578
143
6,902
5,494
447
2,467
3,122
7,315
1,366
1,156
a
10.003
1,164
4,199
5.164
10.054
1,944
1,299
5,902
41,612
8,030
18,332
21.397
39.729
4,350
2.434
1,165
002
411
776
lax (Thousands of Pounds).
6,784
1.207
4,165
5-7
Gnarlcants.
East Coast
Appalachian
Ind., Ill., Ky., &c
Oklahoma, Kansas, Missouri...
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Texas Gulf Coast
Louisiana (11.01 Coast
Total.
CrudeSc'le Refined.
Total
Coke
(Toni).
3,309
1,312
934
717
2,312
160
170
1,247
62,412
24,935
16.831
4,350
776
79,204
19,230
--__
23,994
3,671
2,834
2,699
10.127
2,147
1,780
----
86,406
28.606
19.665
7.059
10.903
81,351
21,010
___
44.800
6.800
151,500
92,300
416,400
35,700
123,500
123,200
10,161
207,738
47.252
254,990
994.200
2,222
154
761
79.204
10,127
2.147
10.888
81.3)
386.600
35.600
Other Finished Pr.
Unfinished Oils.
Natural
Asphalt Road /if ts(Tons). Oil. cell's Total. Gasolfe Other. Total.
East Coast
Appalachian
Ind.. III.. Ky.. Ac
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Texas Gulf Coast
Louisiana Milt r.nsat
121,300 44
5,300
__
62.500 108
4,500 40
8
9.400
2
47.500
4,800 48
60,500 165
36
80
196
22
15
9
24
106
80
80
304
62
23
11
72
271
145 9,379 9,524
6 1.567 1,573
25 5,352 5,377
12 3.470 3,482
97 15.503 15.600
12 3,662 3.674
1 1,655 1,658
1.763 138,287 10.050
315,800 415
488
903
2,061 48,875 50.928
6
R
14
A
83 13,542 13,625
11 2.846 2.857
9,300
40 Sala
8
a Included with heavy crude see above). b Includes 2,600,000 barrels tons.
World's Production of Petroleum in 1930 Estimated at
1,444,000,000 Barrels, a Decrease of Approximately
44,000,000 Barrels as Compared with the Year 1929.
The preliminary figures at present available indicate that
the world's petroleum production in 1930 will be close to
1,444,000,000 barrels, showing a decrease of about 44,000,000
from 1929 as compared with an increase of 161,000,000 in
the previous year, reports Valentin R. Garfias, manager of
the foreign oil department of Henry L. Doherty & Co. The
report goes on to say:
The important developments so far this year have been the partial
normalization of production in the United States, resulting in an estimated
decline of about 69.000.000 In the face of a much larger available potential
production. This has been particularly beneficial as the consumption of
all oils in the United States will probably be lower in 1930 than in 1929.
Storage at the end will be somewhat greater than at the beginning Of the
year although the rate of increase has been materially reduced during 1930.
16,111 Important mergers of big producing and refining companies have recently
3,030 taken place and this should eventually facilitate a comprehensive policy of
9,580 conservation.
9.752
Other outstanding events have been the increase of production of the
21,145 ,
6,070 Ruuian and Roumanian fields, it being estimated that if production follows
2,364 approximately present trends for the balance of this year and during 1931.
19,067 Russia will replace Venezuela as the second ranking country. Roumania,
87,119 Persia as fourth in rank and Dutch East Indies out-rank Mexico for sixth
position.
15,577
The world-wide financial and industrial depression which has been, at
3,946
least partly responsible for political unrest!' in various countries may in
RUNS TO STILLS AND OUTPUT OF REFINERIES, JULY 1930(THOUS.OF
BARRELS OF 42 U. S. GALLONS.)
(inCrude Off
finished
Natural Total
Oils
Domestic Foreign
Total.
Rerun. Gasoline. Input.
U. S. total
523
306
369
614
992
475
64
632
a Includes 97,000 barrels run through pipe lines.
Total Initial Aver. Initial
Production Production Drilling
Dry. (Barrels). (Barrels). Aug. 31.
Completions.
Texas Gulf Coast
Louisiana Gulf Coast
12,,1.)
5,388
1,302
5,339
5,231
8,963
2,360
1.159
7.668
UnOther g inisned Products.
finished ShortCoke. Asp't c
Proage.
Miscel(tons.) (tons.) . Road
laneous. Total. ducts.
Oil.
a Compiled by E. T. Knudsen of the San Francisco office of the Bureau of Mines.
Total United States
(thousands
of
Lubrtcants.
Zero- Gas oil & Residual
Total.
acne. Distillate Fuel
Oils.
Fuels.
Gast,line.
1.998 000 2.770.000 2.643.000 16.819.000 17.066 000
Total refined products
Total
Was
Gas Oil and Fuel Oils.
SHIPMENTS FROM CALIFORNIA TO EASTERN PORTS IN UNITED
STATES (BARRELS OF 42 U. S. GALLONS).a
011
Gas
Dry
2145
FINANCIAL CHRONICLE
OCT. 4 1930.]
2146
FINANCIAL CHRONICLE
some cases in turn affect their petroleum development, such being the case
In Bolivia, Peru and Argentina. The peaceful change of Government in
Colombia, on the other hand, is expected to pave the way for a more
Intensive development of the country's resources.
[vol. 131.
10 cents a pound, the lowest level since 1896. according to
the New York "Times" of Oct. 1, which added:
This represents a reduction of SS, cent a pound by custom smelters and
3.5 cent a pound by the producers. The latter for some time have been
United Slates.
attempting to hold prices at 103i cents, despite the lower quotation by the
Should present pro-ration and similar agreements continue throughout the custom smelters. The Copper Exporters, Inc., has also reduced the price
year, the production in the United States, which increased from 901,000,000 of the metal SI cent a pound to 10.30 cents c.i.f. London. Havre and
barrels in 1928 to 1,006.000.000 in 1929. should decline In 1930 to 937.- Hamburg.
The National Electric Products Corporation, a subsidiary of the Phelps
000,000 more nearly to conform with demands. This will be due primarily
to a further progress of the conservation policy, which has resulted in the Dodge Corporation, and the Anaconda Wire & Cable Co., a subsidiary of
pro-rating of production principally in Oklahoma, California and Texas. the Anaconda Copper Mining Co., reduced their prices for bare copper
Estimates have been made showing that production could be doubled, if wire Si cent a pound and weatherproof wire ,1 Sg cent a pound, bringing
them to the basis of 10 cents a pound for the copper metal.
not trebled should conservation be discontinued in these States.
Venezuela.
It is estimated that production in Venezuela will be about 139,000.000
barrels, or an increase of two million over 1929. The production which
could easily have been larger has been regulated by conservation agreesnouts between the important companies. Disappointing results have been
the rule in wildcat operations outside of the producing region near Lake
Maracaibo.
Russia.
The 1930 yield is estimated at about 126,000,000 showing an increase of
23.000,000 from the previous year. Production has increased about 43%
durins the last two years, in accordance with the Five Year Expansion
Program. Should the Russian program develop during 1931 as it did during
the present year, and the Venezuelan production continue under control.
Russia may outrank Venezuela in 1931 for second position.
Persia.
The carefully regulated production of the Persian fields is being maintained at a yearly figure of about 44,000,000 barrels, the development of
the oil resources of this country affording an excellent illustration of the
benefits dervied from the Unit Plan of Operation of pools on a large scale.
Dutch East Indies.
Production of these fields has gradually increased and should this continue, it is possible that during the coming year, Dutch East Indies will
out-rank Mexico as sixth producer.
Tin Plate Price Cut-American Sheet Reduces
Quotation 25 Cents a Box.
The following from Pittsburgh, Oct. 3, is from the New
York "Evening Post":
The American Sheet & Tin Plate CO. has opened its books for the first
half of 1931 on tin plate which is quoted at $5 Pittsburgh and $5.10 Gary.
This is a reduction of 25 cents a base box.
Prices, effective as of Oct. 1, are the lowest since April 1923, when the
price was advanced to $5.50 from $4.95.
Lead Price Reduced.
American Smelting & Refining Co. has reduced the price
of lead 15 points to 5.35 cents a pound, according to the
"Wall Street Journal" of Oct. 1.
Steel Production Remains Unchanged-Price of Finished Steel Again Advances-Pig Iron and Scrap Steel
Prices Decline.
Business in iron and steel is holding its recent gains, but
has shown little further expansion, states the "Iron Age" of
Oct. 2. Reports from different market centers are not of
one tenor and, while the balance is still on the side of betterment in demand,there is no clear indication of progressive improvement ahead, adds the "Age," which also says:
Other Countries.
The fields of Colombia, Peru, Trinidad. Argentina. India, Sarawak,
Poland, Japan and Egypt probably will not offer important changes during
1930. while those of Ecuador. Canada, Iraq and Germany should show a
moderate increase in production.
The accompanying table shows the world's production for 1928 and 1929
as published by the United States Bureau of Mines, and the estimated
figures for 1930:
ESTIMATED WORLD PETROLEUM PRODUCTION.
The moderate increase in steel buying during the past month may prove
(In Thousands of Barrels.)
to have been occasioned mainly by exhaustion of inventories rather than
1929.
Country1930.
1928.
937.000
1,006,000
United States
901,474 by any appreciable change in actual consumption. Much of the recent
139,000
Venezuela
137,000
105.749 activity in both pig iron and finished steel
been centered in forward
126.000
103,000
Russia
87,800
commitments has been
44,000
45.250
Persia
43,461 contracting, although willingness to make future
districts.
The contract ton41,000
44,689
Mexico
50.151 by no means general either as to products or
41,000
34,930
Roumania
30.773 nage that has been placed will prove effective in raising iron and steel output
38,000
37.924
Dutch East Indies
32.118 only to the extent that it is released for shipment.
20,000
20,385
Colombia
19,897
In the case of sheets, unfilled tonnage was expanded sufficiently in Sep13,404
13,000
12.006
Peru
9,200
8,810
Trinidad
7,684 tember to warrant a rise of 15 or 20 points above the present 50% rate of
8,800
9,000
Argentina
9,070 mill operations if material is specified fully and regularly during the coming
8,470
7,200
India
8.741 quarter. But the flow of shipping orders, in the last analysis, will depend
4.700
5,277
Sarawak
5,223
4,953
4,500
Poland
5,493 on the trend of iron and steel consumption.
With growth of steel demand arrested, ingot production remains un2,000
2,010
Japan
1,944
1,866
Egypt
1.800
1,842 changed.at 61% of capacity.
1,351
1,500
Ecuador
1,084
The loss of momentum in steel buying, possibly influenced by stock
1,133
Canada
1,300
624
Sakhalin
1,300
1,160
677 market pessimism, has been concomitant with a further divergence in
711
Germany
1,000
630 price tendencies. Scrap markets are uniformly weak in tone, and heavy
798
Iraq
713 melting grade has declined 50c. a ton at Pittsburgh. On the other hand.
516
France
512 bars are now being held at 1.65c. a lb.. Pittsburgh, an advance of $1 a ton,
1,300
93
Czechoslovakia
94
44
46 and recent advances of $2 a ton on light plates and blue annealed sheets
Italy
30
24 seem fairly well established. But attempts to raise automobile body sheets
Others
from 3.50c. to 3.60c. have thus far proved unsuccessful.
Total
1,444.000
1.488,604
1,327.830
The effect of recent price advances on earnings is necessarily postponed,
since in many cases mills allowed customers to cover their forwfird needs
Price Drop Spurs Demand for Copper-Lead and Tin: at previous market levels.
In the pig iron market price recessions reported a week ago have been
Reduced: Zinc Unsettled: Silver Easy.
followed by further breaks, brought out by the appearance of the largest
The reduction in copper to 10 cents, held the attention of inquiries in months. Both basic and foundry grades are off 50c. a ton
at Philadelphia and Buffalo iron for delivery on the Atlantic seaboard has
traders in non-ferrous metal markets during the past week dsclined
an equal amount.
reports "Metals and Mineral Markets." The revised price
The "Iron Age" finished steel composite price has advanced to 2.156c.
is a new low for the movement and marks the lowest price a lb., compared with the year's low point of 2.142c. on Aug. 26. The pig
iron composite however, is lower at $16.38 a ton. Heavy melting stee
named since 1896. Sales for the week, however, reached a scrap at $13.58 is also lower, comparing
with $13.75 last week.
total of more than 20,000 tons, with the bulk of transactions
Finished Steel.
Sept. 30 1930. 2.150o. a Lb.
Bawd on steel bars, beams, tank plata.
passing at the new selling price. It is added:
One Week ago
2.149e. wire, rails, black pipe and sheets.
A number of the larger producers of copper were not disposed to push One mouth ago
2.142c. These products rinks 87% of the
business at the lower figure. Copper output is expected to drop appreciably One year ago
2.3840. United Steno output.
with the extremely low price now obtaining, and with much room for imHigh.
Low.
2.362c Jan. 7
2 1420. Aug. 28
provement, insofar as actual consumption of the metal is concerned, the 1930
1929
2.4120.
Apr.
2
23520.
Oct 29
desire to restrict offerings appears to be making further progress. The 1928
2.391o. Dec. 11
2.3140. Jan. 3
movement of copper into consuming channels during September fell some- 1927
2.4535. Jan, 4
2.2930. Oct. 25
2.4030. May 18
2.453c. Jan. 5
what short of expectations, which accounts for much of the selling pressure 1928
1925
2.560c. Jan. 6
2.396o. Aug. 18
evident in the latter part of the month.
Continued weakness in London forced domestic producers of lead to take
Pis Iron,
action, with the result that lead was reduced to 5.35 cents, New York. and
Sept. 30 1930. $18.38 a Gross Ton. irtasod on average of basic iron at Valley
218.48 furnace and foundry irons at Chicago,
5.20 cents, St. Louis. The unsettlement abroad caused buyers here to re- One week ago
16.88 I Philadelphia, Buffalo, Valley and B119
strict purchasers to a minimum and sales for the week were far below the One mouth ago
One year ago
12.29J nalugton.
average.
Low.
Mon.
Zinc sales during the week were few and far between and prices at times 1930
$1638 Sept.30
$18.21 Jan. 7
were little more than nominal. Weakness In London, which sent the price 1929
18.71 May 14
18 21 Dec 17
17 04 July 24
18.59 Nov. 27
there below £15, a new low, naturally did not Inspire confidence in the gen- 1928
17.59 Nov. I
19 71 Jan. 4
eral situation. Most of the limited tonnage brought 4.25 cents, St. Louis, 1927
21
1924
19.48 July 13
54
Jan.
5
but at the close prices ranged from 4.225 cents to 4.25 cents. Lower prices 1926
18.98 July 7
22.50 Jan, 13
prevailed in tin tranaactions. Silver prices turned easy on weakness in
Steel Scrap.
rates.
exchange
China
Sept. 30 1930, $13.58 a Gross Ton.
Based on heavy melting steel quoOne wee9 ago
$13 75 tations at Pittsburgh. Philadelphia
One month ago
13.67 and Chicago.
Copper Price Cut to 10 Cents a Pound-Quotations One year ago
16.08
Low.
IItea.
on Metal for Domestic Delivery Now Lowest Since 1930
815.00 Feb. 18
113.08 July 1
1929
17.58 Jan. 29
14.08 Dec. 3
I896-Copper Wire Price Lowered.
19'28_.
13.08 July 2
18.50 Dec. 31
1927
15.25 Jan. 11
13.08 Nov. 22
Some copper producers and custom smelters on Sept. 30 1928
17.25 Jan. 5
/4.00 June I
reduced the price of the metal for domestic delivery to , 1925
20.83 Jan. 13
15.06 May 6.
OCT. 41930.]
FINANCIAL CHRONICLE
2147
As for several weeks, demand for steel shows improvement,
For the calendar year to Sept. 20 1930, there were produced
but the upward trend has lost some impetus, "Steel," 327,157,000 tons of bituminous
coal as compared with 371,formerly the "Iron Trade Review" says in its issue of Oct. 2. 818,000 tons in the calendar year
to Sept. 21 1929, The
The rise which made September an encouragingly better Bureau's statement
shows:
month than August appears to have spent itself, and at the
BITUMINOUS COAL.
turn of the quarter producers are chiefly bent on holding their
The total production of soft coal during the week ended Sept. 20,includrecent gains, continues "Steel," which further states:
ing lignite and coal coked at the mines, is estimated at 8,915,000 net tons.
In fact, appraising the fourth quarter. producers indicate they will account
it an accomplishment to maintain their present operating average of 55
to 60% and consolidate the strength they have been Imparting to prices.
There is no diminution of confidence that the low point-excepting perhaps the year-end holiday-has been passed, but it is realized that other
industries have not shared the gains in steel and that normally the fourth
quarter is not a period of heavy consumption or output.
Unfavorable developments outside the industry and unexpected weakness
in the automotive situation have proved a damrener in the past week.
There are, however, high lights which producers believe will brighten the
quarter and preserve a moderately good though spotty market. Bookings,
of course, will shortly be stimulated by orders for railroad track material.
but these are for rolling in 1931.
The transition from the third to the fourth quarter is being adbomplished
with little regard to contracts or price. In isolated instances prices higher
than a month ago aro obtained, but the strengthening process has been
largely a negative one, consisting of the elimination of concessions, and
hence stability at third-quarter contract levels is the immediate goal.
Structural shapes continue to present the most active market. Actual
awards this week were the lightest in many weeks, being only 12,607 tons.
but inquiry is heavy. At New York the largest tonnage of the year is
before fabricators, many of whom are operating at close to capacity.
Pending work there includes 17,600 tons for subways and 28.000 tons
for an elevated roadway.
In a fortnight the railroad track material buying season will be under
way. Expected rail inquiry from the New York Central. Santa Fe, Great
Northern and NothernFacific roads at Chicago totals 300,000 tons. The
Delaware & Hudson has placed 13,000 tons of rails and 4.000 tons of
accessories. In the week, 22 passenger cars and 10 locomotives were
placed.
In sheets, strips, bars and wire, further moderate improvement is reported in most districts in spite of slack automotive buying. Especially
in rural areas are wire products moving better. One bar mill at Chicago
booked 20% more business in September than in August. Considerable
plate business at Chicago hinges on the Western oil conservation program.
The betterment in pig iron continues noteworthy. Chicago, New York,
Philadelphia. Toronto and St. Louis report heavier sales and inquiry. General Electric Co. has placed 5,000 tons for various plants. At Philadelphia
3,000 to 4.000 tons of low phos iron is on inquiry. A Delaware River pipemaker has closed on considerable Southern iron.
Prospects of automotive tonnage this quarter have been considerably
dimmed by a reduction in the Ford work week from four days to three,
with the daily rate down from 5.000 units to slightly over 4,000. Except
from manufacturers on new models, releases are light.
Steelmaking operations this week appear a shade easier, at slightly over
55%. Cleveland mills hold at 50%, Eastern Pennsylvania at 58, Pittsburgh at 55. Buffalo at 53. Chicago at 55-57% is slightly stronger.
Birmingham has eased from 50% to 48 and Youngstown from 57 to 53.
Eastern plate mills are making a stand on 1.70c., Coatesville. Bars,
plates and shapes are usually 1.60c., Pittsburgh, with 1.65c. sometimes
asked. Some sheet mills are attempting to firm up at the recent advance.
$2 in most grades. Foreign manganiferous and basic ores have been reduced. Southern iron is offered in the North as low as $12, Birmingham.
An adjustment in pig iron in the Youngstown District has lowered
"Steel's" market composite 4c., to $32.52.
According to the "Wall Street Journal" of Oct. 1, steel
ingot production was down a small fraction in the week
ended last Monday (Sept. 29). The rate of output for the
industry is estimated at around 60%,compared with slightly
in excess of that figure in the preceding week and a shade
under 58% two weeks ago, adds the "Journal," which also
says:
The United States Steel Corp. is placed at about 65% of its theoretical
c tpacity, against nearly 66% in the previous week and 65% two weeks
a 0. Independents are at approximately 56%, contrasted with a shade
over that figure in the week before and about 52% two weeks ago. These
fluctuations are considered nominal. However, there were reports of
some curtailment among independents at the beginning of the current week,
a- that there may be a further reduction in operations coming shortly.
Much depends upon specifications as they are received, and thus far they
a _ve been fairly satisfactory.
At this time last year there was a sudden spurt in steel ingot output.
the Steel Corp. showing a gain of 4% to 89%, with independents up 2%
at 81%,and the average was up nearly 3% at 85%. However, this proved
to be merely a "flash in the pan." for two weeks later the output of the
Steel Corp. was dropped 7% to 82%, while independents were down
4%
at 77%,and the average around the middle of October had decreased nearly
6% to a little over 79%.
For the final week of September in 1928 the Steel Corp. was at 86%,
with independents around 85% and the average was a fraction over 85%.
Output of Bituminous Coal and Pennsylvania
Anthracite Declines.
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal and
Pennsylvania anthracite declined during the week ended
Sept. 20 1930, as compared with the corresponding period
last year and the preceding week of this year. During the
period under review a total of 8,915,000 net tons of bituminous coal, 1,268,000 tons of Pennsylvania anthracite and
38,400 tons of beehive coke were produced, as against
11,013,000 tons of bituminous coal, 1,564,000 tons of
Pennsylvania anthracite and 123,000 tons of beehive coke in
the same period in 1929 and 9,145,000 tons of bituminous
coal, 1,435,000 tons of Pennsylvania anthracite and 38,100
tons of beehive coke in the week ended Sept. 13 1930.
Compared with the output in the preceding week, this shows a decrease of
230,000 tons. or 2.5%. Production during the week in 1929 corresponding
with that of Sept. 20 amounted to 11.013.000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
19301929Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Peek.
to Date.a
Sept. 6
8.088,000 309.097,000
9,462,000 349.797.000
Daily average
1,526,000
1.466,000
1,785,000
1,660.000
Sept. 13_6
9.145,000 318,242,000
11,008,000 360.805.000
Daily average •
1.524.000
1.467,000
1,835.000
1,665.000
Sept. 20_c
8,915.000 327,157,000
11,013.000 371.818.000
Daily average
1.486.000
1.468,000
1.836.000
1,670.000
a Minus one day's production first week in January to equalize number of
days In the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
Sept. 20 (approximately 223 working days) amounts to 327,157.000 net
tons. Figures for corresponding periods in other recent years are given
below:
1929
371.818,000 net tons 1927
376.712,000 net tons
1928
343.729.000 net tons 1926
388.926,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Sept. 13 is
estimated at 9.145.000 net tons. This is an increase of 1.057.000 tons. or
13.1%. over the output in the preceding week, when output was curtailed
by the Labor Day holiday. The following table apportions the
tonnage by
States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Sept. 1923
StateSept. 13'30 Sept. 630 Sept. 14 '29 Sept. 15'28 Average.a
Alabama
259,000
248.000
324,000
329,000
406,000
Arkansas
37.000
32.000
46.000
46.000
31,000
Colorado
143.000
126.000
229.000
213,000
214,000
Illinois
952.000
836.000 1,159,000
958.000 1,587,000
Indiana
287,000
255.000
338.000
306.000
550.000
Iowa
60,000
56,000
87,000
68,000
117.000
Kansas
46,000
40.000
64,000
45,000
95.000
KentuckyEastern
843.000
830.000
977,000
989.000
713,000
Western
204,000
183,000
276.000
329,000
248.000
Maryland
43.000
35,000
54,000
57,000
40.000
Michigan
12.000
11.000
15.000
13.000
27,000
Missouri
72.000
55.000
72.000
81.000
73.000
Montana
56,000
46,000
77.000
95.000
68,000
New Mexico
32.000
30.000
50.000
50,000
56.000
North Dakota.._.,
20.000
18,000
36,000
36.000
27.000
Ohio
451,000
348.000
520.000
384.000
861.000
Oklahoma
45.000
44,000
74,000
81.000
65.000
Penna. (bitum.)- 2,436.000 2,103,000 2,902.000 2,693.000 3,585.000
Tennessee
101.000
91,000
112.000
112.000
119.000
Texas
17.000
14.000
23.000
30.000
26.000
Utah
86,000
73.000
112.000
112,000
103.000
Virginia
218,000
221,000
271.000
241.000
245.000
Washington
41,000
35.000
54.000
65,000
58.000
West VirginiaSouthern_b_ _ _ 1,949.000 1,745.000 2,210,000 2,064.000 1,474.000
Northern_c
591.000
496.000
760.000
804.000
857.000
Wyoming
143,000
116.000
161.000
165.000
155.000
Other States_ _
1.000
1,000
5.000
6,000
4.000
Total bitunfs_ 9,145.000 8,088.000 11.008.000 10.362.000 11.814.000
Penn.anthracite_ 1,435,000 1,060.000 1.434.000 1.388.000
714.000
Total all coal -10.580.000 9,148,000 12.442,000 11.750,000 12,528.000
a Average weekly rate for the entire month. b Includes operations on
the N. & W., 0.& O., Virginian, and K.& M. c Rest of State, Including
Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during the
week ended Sept. 20 is estimated at 1.268,000 net tons. Compared with the
output in the preceding week, this shows a decrease of 167,000 tons, or
11.6%. Production during the week in 1929 corresponding with that of
Sept. 20 amounted to 1.564.000 net tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930-1929
-Daily
Daily
Week EndedWeek.
Avge.
Asps.
Week.
Sept. 6
1,060.000
212.000
1,218,000
244.000
Sept. 13
1,435,000
239.200
239,000
1.434.000
Sept. 20
1.268.000
211,300
1,564,000
2614)00
BEEHIVE COKE.
The total production of beehive coke during the week ended Sept. 20 is
estimated at 38,400 not tons, in comparison with 38.100 tons in the preceding week and 123,000 tons during the week in 1929 corresponding with that
of Sept. 20.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1930
1929
RegionSept.20'30.bSept.13'30.eSept.21'29. to Date. to Date.a
Penn., Ohio & W Va. 34.400
33.900
107.300 1,959.500 4,179.500
Ga., Tenn., & Va___ 2,400
2.600
10.100
181,600
268.600
Colo., Utah & Wash.. 1,600
1.600
5.600
191.100
81.300
United States total 38.400
38.100
123,000 2.222,400 4.639.200
Daily average
6.400
6.350
20.619
20.500
9,877
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.
August Production of Bituminous Coal Below that of a
Year Ago-Pennsylvania Anthracite Output Higher.
According to the United States Bureau of Mines, the total
production of bituminous coal for the country as a whole
during the 26 working days of August is estimated at 35,661,000 net tons in comparison with 34,715,000 tons for
the 26 days of July. This indicates an increase, in August,
of 946,000 tons, or 2.7%.
The production of Pennsylvania anthracite in August is
estimated at 6,190,000 net tons, an increase of 532,000 tons,
or 9.4% over the output of 5,658,000 tons in July. The
Bureau's statement also shows:
1
[VoL, 131.
FINANCIAL CHRONICLE
2148
2 came
TONS).5 Mexico, $2,000,000 from Uruguay, and $1,144,02
ESTIMATED PRODUCTION OF COAL,BY STATES,IN AUGUST(NET
Aug. 1930. July 1930. Aug. 1929. Aug. 1928. Aug. 1923. from Colombia. Of the exports of the metal, $35,309,272
State1,741.000
1,388,000
1,090,000 1,063,000 1,458,000
Alabama
116,000 went to France and $4,017,592 went to Canada. Below is
166,000
128,000
92.000
115000
Arkansas
758.000
760.000
612,000
446,000
434,000
Colorado
3,780,000 3,365,000 4,477,000 3,844,000 5,973,000 the report:
Illinois
1,135.000 1,005,000 1,357,000 1,207.000 1,927,000
Indiana
438,000 GOLD AND SILVER eXVORTED FROM AND IMPORTED INTO THE
261,000
290.000
198,000
230.000
Iowa
369.000
151.000
242,000
138,000
146,000
UNITED STATES. BY COUNTRIES.
Kansas
3,353.000
4,280,000
4,136.000
3,195.000
3.320,000
Kentucky-Eastern
950,000
664,000 1,062,000 1,192.000
748.000
Western
194,000
SILVER.
222,000
GOLD.
205,000
157,000
184,000
Maryland
92,000
58,000
70.000
51,000
25,000
Michigan
Total (Incl. Coin).
268.000
Refined Bullion.
302.000
244,000
Total.
252,000
282,000
Missouri
219,000
276.000
260.000
163,000
Countries.
182,000
Montana
Imports.
Exports.
Imports.
218,000
Exports.
227,000
198.000
Exports. Imports.
125,000
125,000
New Mexico
DollarS
90.000
Ounces. Dollars
Ounces.
Dollars.
60,000
Dollars
63,000
56,000
67.000
,
North Dakota
3,817.000
2,080.000
1,527.000
1,868.000 1,870,000
Ohio
2,973
241.000 Belgium
1,583
284.000
242.000
140.000
168,000
Oklahoma
8,252
3,320
35309 272
9,620.000 9,263,000 12,119.000 10,842.000 16,370,000 France
Pennsylvania (bitum.)
2,504
177,690
517.000
504,522
560
454.000
486.000
5,000
405.000
410.000
Germany
Tennessee
; 147
106,000 Italy _______
108,000
103,000
47.000
52,000
Texas
2,801
365,000 Spain
8.820
389,000
328.000
180.000
247,000
Utah
925
70,951
1.090,000
830.000 1.090.000 1,004,000
Sweden
845,000
Virginia
73
220,861
630,856
204,000 United Kingdom
5,640
210.000
178.000
138,000
Washington140,000
841,526
159,185
304,147
81,185
8,641.000
843,213
8,591.000
4,017,592
Canada
W. Va.-Southern_b- - - - 7,630.000 7,816,000 9,393,000
7,000
2,406.000 2,298.000 3,147,000 3,450.000 3,834,000 Costa Rica
Northern c
672.000 Guatemala*
20,459
520.000
492,000
354.000
430.000
Wyoming
108,022
317,213
30,019
17.000 Honduras
23,000
15,000
4,000
4,000
Other States
3,055
4,540
23.853
Nicaragua
110,000
50,578.000
41,774.000
44,475,000
Panama
Total bituminous coal-35.661.000 34,715,000
8,672,000
72,000
Salvador
Pennsylvania anthracite- 6,190.000 5,658.000 5,954.000 6,759.000
88,150 1,703,501
2.687,672
2,385,661
Mexico
250
41,851,000 40,373,000 50.429,000 48,533,000 59,250,000 Newrdrd de Lab'rTotal all coal
560
a Figures for 1923 and 1928 only are final. b Include.; operations on the N.& W.: Trinidad & Tobago
304
16,271
Panhandle.
including
State,
of
Rest
Cuba
C. & O.: Virginian, and K. & M. c
3,000
coal, by Haiti, Republic of.
1,274
3.215
Note.-Above are given the first estimates of production of bituminous
Argentina
part
in
is based
48,794
730,000
States. for the month of August. The distribution of the tonnage
data), on figures of Bolivia
146.000
(except for certain States which themselves furnish authentic
Association and Brazil
287.039
28.247
loadings by railroad divisions, furnished by the American Railway U. S. Engineer Chile
182
460
1,144,022
by officials of certain companies, and in part on reports made by the
Colombia
3,722
180.835
Offices.
Ecuador
679
1.000
Guiana_
British
2.291 437,473
6,500
228,481
Peru
2,000,000
Gold and Silver Imported into and Exported from the Uruguay__
61,978
Venezuela__
914,179
United States, by Countries, in August.
2,612,878
British India
2,663,261
13,000 7.595.196
China
18.190
The Bureau of Foreign and Domestic Commerce of the Java
36,992
and Madura_
311,222
890,775
3.180.548
Hong Kong
Department of Commerce at Washington has made public Japan
8,000.675
3,823
341.894
its monthly report showing the imports and exports of gold Philippine Islands_
1,723
2,900
20
58
32,926
and silver into and from the United States during the month Australia
New Zealand
35,612
2,409
Congo_
348
of August 1930. The gold exports were $39,331,864. The Belgian
1,986
Africa
So.
Union of
Imports were $19,714,221, of which $8,000,675, came from
39331884 19,714,221 12,324.927 3,294,090 4.543,910 3,492,474
Total
1 came from
Japan, $3,180,548 from Hong Kong,$2,385,66
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Oct. 1, as reported by
the 12 Federal Reserve banks, was $1,012,000,000, an increase of $13,000,000 compared with the preceding week
and a decrease of $431,000,000 compared with the corresponding week in 1929. After noting these facts, the Federal
Reserve Board proceeds as follows:
00, an
On Oct. 1, total reserve bank credit amounted to $1,010,000.0
with an
Increase of $19,000,000 for the week. This increase corresponds
a
part
by
in
decline
offset
circulation,
in
money
in
Increase of $58,000,000
and increasee of $6,000,000
of $22.000,000 in member bank reserve balances
currency.
In monetary gold stock and $12.000,000 in Treasury
during the week, the
Holdings of discounted bills increased $19,000,000
the Federal Reserve
at
each
$5.000.000
of
principal changes being increases
New York,
Banks of Cleveland and Chicago and $2,000,000 each at Boston.
of bills bought
Philadelhpia. Atlanta and St. Louis. The System's holdings
Treasury
and
notes
in open market declined $5.000,000 and of Treasury
certificates and bills $1,000.000 each.
Beginning with the statement of May 28 1930, the text
aceompanying 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. 1, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 2184 and 2185.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
Oct. 1 1930 were as follows:
Increase (-)
Bills discounted
Bills bought
United States securities
Other reserve bank credit
Increase (A-) or
Since
Oct. 1 1930. Sept. 24 1930. Oct. 2 1929.
$
$
$
136,000.000 +19.000.000 -745.000.000
-130.000.000
193.000.000 -5.000.000
601.000.000 -1.000.000 +455.000.000
-51,000.000
+8,000.000
30,000,000
+19,000.000
+6.000.000
+12,000.000
-470.000.000
+133.000.000
+32.000,000
4,494,000,000 +58.000.000
Money in circulation
2,394,000.000 -22,000.000
Member bank reserve balances
Unexpended capital funds, non-mem416,000,000
er deposits, &c
-294,000.000
-5,000.000
TOTAL RES. BANK CREDIT. ,,.j,010,000,000
4 513,000,000
Monetary gold stock
1,782,000,000
Treasury currency adjusted
-1,000,000
Returns of Member Banks for New York and Chicag
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
$159,000,000, the total on Oct. 1 1930 standing at $3,063,000,000, as against $3,222,000,000 a week ago. Loans
"for own account", however, rose during the week from
81,721,000,000 to $1,834,000,000, while loans "for account
of out-of-town banks" has fallen from $782,000,000 to
$602,000,000, and loans "for account of others" from $719,000,000 to $627,000,000.
CENTRAL
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
RESERVE CITIES.
New York.
Oct. 1 1930. Sept. 24 1930. Oct. 2 1929.
$
$
325,000.000 8,092.000,000 7.563.000,000
8
otal
Loans and investments-t
Loans-total
6,244,000,000 6.033.000.000 6,876.000.000
On securities_
All other
3 796.000.000 3.819.000.000 2.947.000,000
2 448,000,000 2.414,000.000 2,929.000,000
Investments-total
2.081.000.000 2.059,000.000 1.687.000.000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
1,038,000.000 1,048.000.000
1 043,000,000 1,011.000.000
921.000.000
766.000.000
820,000,000
44,000.000
784.000,000
52,000,000
802.000.000
44,000.000
Net demand deposits
Time deposits
Government deposits
5,778.000,000 5,574.000.000 5,279.000,000
1 454.000.000 1,415.000.000 1,256.000,000
46,000,000
65.000,000
46,000,000
Due from banks
Due to banks
98.000.000
122,000.000
1 224,000,000 1,086,000,000
Borrowings from Federal Reserve Bank_
126,000,000
965,000,000
63,000,000
Oct. 11930. Sept. 24 1930.
$
6
Oct. 2 1929.
3
Loans on secur. to brokers & dealers:
1,834.000,000 1,721,000.000 1.071.000.000
For own account
For account of out-of-town banks._ _ 602.000.000 782.000.000 1.826.000.000
627.000.000 719.000,000 3,907.000.000
of
others
For account
3.063,000.000 3.222.000.000 6,804.000.000
Total
2.453.000.000 2.639.000 000 6,442,000.000
609,000,000 583,000,000 362,000.000
On demand
On time
Loans and Investments—total
Chicaoo.
2.025.000.000.2.056.000.000 1.972.000.000
1,556.000.000.1.601.000.000 1.612.000.000
Loans—total
On securities_
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
2149
FINANCIAL CHRONICLE
OCT. 41930.1
930.000.000. 986.000.000
626.000.000 *614.000.000
908.000.000
704.000.000
469.000.000
456.000.000
360.000.000
174.000.000
295.000.000
165.000.000
291.000.000
162.000.000
198.000.000
176.000.000
13.000.000
181.000.000
13,000.000
178.000.000
14.000.000
1 260.000.000 1.270.000.000 1255.000.000
670.000.000 668.000.000 554.000 000
16,000.000
6,000.000
6.000.000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
194,000.000
346,000.000
175.000.000
360,000.000
151.000.000
314.000.000
1,000,000
1,000,000
66,000,000
* Revised.
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 Sept. 24.
satisfaction In Argentina, as this favorable interest is considered to be an
expression of confidence on the part of International financial centers in the
Government's effort to restore and improve the country's credit and productive capacity.
The port labor situation has greatly improved, owing to the firmness of
the Government in dealing with radical unions and professional agitators.
The new weakness in the world cereal price; has further affected business
and credits adversely, but the extensive rains which have fallen in almost
all the districts of the country have made the agricultural and livestock
outlook favorable.
AUSTRIA.
General conditions in Austrian industry continue depressed, although a
slight improvement is reported in the iron and machinery branches because
of State railway orders; the leather and shoe industry also shows some improvement. The textile industry continues depressed with especially unfavorable reports from the Vorarlberg mills, which are suffering from a sharp
reduction in the usual orders from India for cotton goods Business is undisturbed by the political situation. Unfilled orders in the cotton spinning
mills at the end of July totaled 8.300.000 pounds. the same as at the end of
the preceding month. The Alpine Mining Co's unfilled orders at the end of
August totaled 38.000 tons,a decrease of9,000 tons from the previous month.
The company's production of pig iron in Ausgust amounted to 24.000 tons.
that of steel ingots 27.000 tons, as against 21,000 and 22.000 tons, respectively, in the preceding month. Lignite production in July totaled
240.000 tons. Paper output increased from 16,600 tons in June to 18.400
tons in July and that of cellulose from 17,900 tons to 18.600 tons. The
official railway report for July showed a total freight traffic of 359.000.000
net freight-ton-kilometers as compared with 361.000.000 in June. Recipients of unemployment subsidies on Sept. 16 numbered 158.000, an
increase of 2.000 since the middle of August. The wholesale price index
dropped 3 points to 115. The Vienna stock market index stood at 855 on
Sept. 15, a decline of 4 points in the month. Imports during August were
valued at $29.000,000, exports at $21.000.000. Declared exports to the
United States in August,totaled 8621.000,000.
BOLIVIA.
Business conditions have become progressively less favorable during the
past month. Credits are tight and it is understood that private lenders can
readily obtain as high as 5% per month. Collections are exceedingly
difficult and most merchants are refusing to sell on anything but a cash
basis. Since January currency in circulation has been reduced by 20%,
which has considerably hampered general business. Some importers are
ordering practically nothing but essential food products, while others are
reducing their orders to far below normal requirements or ordering in a handto-mouth fashion. There is a general fear that exchange will break and
merchants are therefore unwilling to make commitments in foreign currencies. The mining situation remains unchanged.
BRAZIL.
Slow business which prevailed throughout August continued during Sepexceptions.
A somewhat better feeling prevails,
The Federal Reserve Board's condition statement of weekly reporting tember but for a few
member banks in leading cities on Sept. 24 shows Increases for the week of because of improved exchange and a widespread belief that the political
$42.000.000 in loans and investments, 636,000,000 in time deposits and situation is satisfactory. Nevertheless, the approaching change of adCoffee shipments
$5,000.000 in borrowings from Federal Reserve banks, and a decrease of minsitration in November is delaying improvement.
are normal and prices are up, but manufacturing continues depressed. and
$76.000.000 in net demand deposits.
reducing
operations
still
further,
although the
Sao
Paulo
textile
mills
are
Loans on securities, which at all reporting banks were $57,000.000 above
the previous week's total, increased $58.000.000 in the New York district. Rio de Janeiro Mills are comparatively active. Power consumption is
$10.000.000 in the San Francisco district and 67,000.000 in the Chicago holding up well compared with 1929. An organization representing pracdistrict, and declined $8,000,000 in the St. Louis district. "All other" tically all of the important paper mills of Brazil has voted to operate at
loans declined $17.000.000 in the New York district. $7.000,000 in the only 66% capacity. The general price level i.e little changed. Some dePhiladelphia district, $5,000,000 in the Cleveland district and 624,000,000 creases have resulted from liquidation sales, and some increases have resuited from the higher cost of imported merchandise because of the recent
at all reporting banks, and increased 86,000.000 in the Dallas district.
Holdings of U. S. Government securities declined 816.000.000 in the weakness of exchange. Construction activity has slowed up and labor
New York district, and increased 811.000.000 in the Cleveland district and layoffs continue. The credit situation, generally, is unimproved, but
87.000.000 in the San Francisco district, all reporting banks showing a collections are reported to be improving slightly in some sections.
small increase for the week. Holdings of other securities increased $12,CANADA.
000.000 in the Chicago district and $15.000.000 at all reporting banks.
The special session of the Dominion Parliament was adjourned Sept. 22
Borrowings from Federal Reserve banks aggregated $33,000,000 on
after passing legislation appropriating 520.000.000 for public works and
Sept. 24. an increase of $5,000,000 for the week.
other forms of unemployment relief and amending the valuation and dumpA summary of the principal assets and liabilities of weekly reporting
ing provisions of the Customs Act and the Customs tariff in respect to the
member banks, together with changes during the week and the year ended
rates on a large number of commodities.
Sept. 24 1930, follows:
General business conditions are marked by uncertainty, dealers awaiting
Increase (+) or Decrease (—)
the trend of consumer demand although it is believed the low point of the
Since
Sept. 24 1930. Sept. 17 1930. Sept. 25 1929. economic depression has been passed. Sales of winter lines have improved
Prairie turnover somewhat although manufacturing is still at a low ebb.
Loans and Investments—total_ ___23,299,000,000
+49.000,000 +617,000,000 The annual Montreal radio show held in the past week was well attended.
Loans—total
16,914,000.000
+33,000.000 —330,000.000 Collections are generally fair in the East and fair to slow in the Western
Provinces.
On securities
8,461,000.000
+57,000,000 +741,000,000
The Maritimes and Quebec Provinces are harvesting satisfactory crops.
All other
8,453.000.000
—24,000,000 —1,071,000,000 Ontario anticipates a light corn crop but a fair tobacco crop. Recent rains
and
light snow in the Prairie Provinces, while making up for a moisture
Investments—total
6,385,000,000
+16,000,000 —947,000.000
deficiency over large areas exhausted by summer heat and drouth, have
U. S. Government securities.... 2,933,000,000
+253,000.000
+1,000,000
delayed harvest operations. It is now estimated that 95% of Manitoba
Other securities
3,452,000.000
+15,000,000 +695,000,000 wheat has been threshed as compared with 80% in Saskatchewan and
60
Reserve with Federal Ree've banks 1,816.000.000
to
65% in Alberta. A large majority of the wheat so far inspected has
+108,000.000
—20,000,000
Cash In vault
208,000,000
—28,000,000 graded contract. Effective Sept. 23 the Canadian Wheat Pool reduced
+4,000,000
initial payments on deliveries of oats, rye and flax, by 5 cents, 10 cents and
Net demand deposits
13.542,000.000
—76.000.000 +470.000,000
Time deposits
7,484,000,000
+36,000,000 +655.000,000 25 cents per bushel, respectively.
Government deposits
182,000,000
—49,000.000
Eastern shoo and leather manufacturers are experiencing a much better
Due from banks
1,635,000,000
—45,000.000 +523.000.000 demand and are consequently producing on a more active scale. The
Due to banks
3,512,000,000
—78,000,000 +822,000,000 textile industry is unsettled but optimistic foreseeing increased production
with less competition from Japanese and Czeck lines. One of the largest
Borrowings from Fed. Res. banks.
33.000,000
+5,000,000 —655,000.000 of
the Quebec mills is reported to be bringing additional looms into operation to increase its output from 65 to 80% capacity. Ontario inventories
Summary of Conditions in World Markets, According in textile lines are low and some dealers predict an actual shortage although
orders are smaller than usual. There has been little or no improveto Cablegrams and Other Reports to the Depart- fall
ment in new automobile sales but accessories and parts are selling fairly
ment of Commerce.
well. The August production of Canadian plants, 9,792 units, is the
of the year to date, being 4% under July and 31% under August
The Department of Commerce at Washington releases for lowest
1929 production. Eastern demand for electrical apparatus has improved
publication Oct. 4 the following summary of market con- somewhat and hardware distributors in that section are satisfied with the
general outlook although sales are below last year's level. • A slight pick-up
ditions abroad, based on advices by cable and radio:
Is noted in winter specialties including seasonal sporting goods which are
AUSTRALIA.
moving fairly well. Substantial increases are noted in Ontario prices for
Business throughout the Commonwealth has been further depressed by window glass. Seasonal quiet rules the agricultural implements market
Federal and State budget proposals, all of which indicate increased taxation. where demand is light; the machinery market has not improved. WaterThe proposed compulsory wheat pool for New South Wales and Victoria proof clothing prices in Vancouver have been advanced but the rubber
has been rejected. The Wholesale Fruit Distributors Association of New goods market there continues quiet. The British Columbia pack of
South Wales is planning a second shipment of oranges to Canada and is canned salmon to Sept. 20 totals 1.814.000 cases, a record for the province.
experimenting with the Hong Kong. Shanghai and Kobe markets.
Foodstuffs are reported to be moving in nearly normal colurne in Ontario
but stocks on hand are fairly low. August production of pig iron and
ARGENTINA.
steel in Canadian plants was substantially under July output and was
The.news that the 850.000.000 Government short-term loan negotiated only about
half of the total for that month of last year. A slight gain,
In the United States will pay interest at 5% has been received with general
however, is noted in the output of ferro-alloys.
2150
FINANCIAL CHRONICLE
[You 131.
127.500.000 rupees, and exports including re-exports from 273.673,900
CHILE.
General business, both wholesale and retail, during September was rupees to 176,400.000 rupees. Imports of private treasure, however,
slightly under the previous month in spite of the expected revival of retail increased from 18.200,000 to 51.300.000 rupees. From all indications
sales based upon usual seasonal demand. Retail merchants continue the volume and value of trade for September will show no improvement.
hand-to-mouth buying and there is a more pronounced tendency to reduce
JAMAICA.
stocks which are rather large in such lines as textiles, automobiles, shoes.
While the economic situation in Jamaica remains unchanged and export
office equipment, hardware and building material. The turnover in mer- prices of
products have registered no advances, more optimism is apparent.
chandise such an farm machinery, tires; radios, and phonographs is holding Building permits during
September were larger than in the previous month
up well but office equipment, building materials, cement, industrial ma- and for the same
month last year. Bankruptcies during June amounted
chinery and textiles is appreciably less than last month. Despite favor- to 835,000, which
was $11,000 less than in May. Automobile registraable weather conditions there has been little change in the automobile tions for the three
months ended June 30 showed 549 American passenger
business. Sales of expensive and medium priced cars are very slow, but cars and
263 trucks, as compared with 27 passenger cars and 5 trucks
in the popular priced cars sales in certain lines aresfairly satisfactory. from
Europe.
There is a noticeable slackening in both private and government building
JAPAN.
activities. On account of large stocks on hand, shoe. textile and furniture
The
Industrial Rationalization Board has proposed an amalgamation of
factories have further reduced production as compared with August. and
textile manufacturers have resorted to price cutting in an effort to secure steel and pig Iron interests under combined government and private management with capitalization of 500,000.000 yen. The Department of Finance
business. This as yet has not been-reflected in retail prices.
has issued exchequer notes to the amount of 75,000,000 yen for the purpose of refunding forty-day bills amounting to 65,000.000 yen, which are
CHINA.
now
maturing. (1 yen equals $0.494 at current exchange.)
Business conditions in North China are quiet with no signs of disturThe outlook for crops is less satisfactory at present than during the
bance by the change in government. Railway traffic on the Pekingpast few weeks, owing to the protracted drouth in the central, western and
Mukden railway, which was interrupted last week, is now operating on
some of the northern states, and because of the damage done to the corn
schedule. All trains between Peking and Tientsin have been restored but
crop
by early frosts. In view of the crop failures of last year another
are operating on delayed schedule. Runs on Shansi banks in Peking and
shortage this year would be serious. A fairly general revision of import
Tietsin took place during the week with two banks unable to meet creditors.
duties, affecting luxuries and foodstuffs particularly, Is expected during
The dispute between tobacco firms and the local tax bureau is now beOctober. This step is one of several measures being taken to ameliorate
lieved to be settled and factories expect to begin operations on Oct. 1.
the
unfavorable exchange situation. Discount on silver coins as against
Trade in minerals is quiet, but the tone of the market is slightly optimistic.
gold, after reaching 8%. Is temporarily stabilized at 7.5%.
Business in South China is also quiet. Buying continues slow with little
Official statistics of mineral production show that the average monthly
improvement In sight.
output of lead, copper and zinc during the first 6 months of 1930 declined
COLOMBIA.
7. 11 and 26%. respectively, from the monthly averages for 1929. In
Economic conditions showed no improvement during September, the spite of the general economic depression, several industries, such as the
serious depression continuing throughout the country with unemployment cement, brewing and electric power industries, are prosperous. ImproveIncreasing. Imports of textiles, foodstuffs, drugs and automobiles are ment was made in the shoe and clothing trades during the national holidull. The Government has launched a program of economies and efforts day season in September. Highway construction and the expansion of
are being made to ameliorate the situation. The most encouraging sign telephone facilities continue active throughout the Republic. Tourist
Is the favorable balance of visible trade. In the first seven months of traffic has made a substantial increase during the present year and plans
this year. exports to the United States totaled $61.691,000 while imports are being made for the construction of additional hotels in the tourist
from this country for the same period amounted to 815,330.000. The centers for the accommodation of the visitors.
United States takes about 85% of the total exports from Colombia and
NETHERLAND EAST INDIES.
supplies about 50% of the Imports.
The trial aeroplane flight from Batavia to Medan and return was comCOSTA RICA.
pleted successfully during the past week, inaugurating a regular weekly
There has been little, if any, change In the general economic situation service. Stocks of kapoc have been reduced as a result of purchases by
during September as compared with the previous month. Old collections consumers but growers are reported to be holding back the crop on account
are gradually being taken up and new collections are being met satisfac- of low prices. Exports of rubber from the Netherland East Indies in
torily. Trading Ls reported dull, but this is partly seasonal. Harvesting August totaled 22,699 long tons, of which 5.982 were from Java and
of the 1930-31 coffee crop has begun In the Tirrialba district from which Madura, 7.197 from Sumatra East Coast and 9,520 from the remaining
section a small shipment of coffee went forward during the week ended rubber growing districts.
Sept. 25. The average price for 112 pounds of Costa Rican coffee sold
NICARAGUA.
in the London market during September was about 129 shillings, as comConditions in western Nicaragua remained unchanged during September
pared with 159 shillings in the corresponding month of 1929. Exports of
with business continuing most unfavorable. Extreme caution in the
bananas from Jan. 1 to Sept. 15 amounted to 4.293.180. of which 2.600.215
bunches went to the United States. Shipments of cacao during the same granting of credits is recommended. Customs duties payable at Corinto
during the month of September amounted to $88.000 as compared with
period totaled 4,340 metric tons of which 2.600 tons went to the United
$92,000 in August and $100.000 In July. Imports through Corinto from
States,
Aug. 21 to Sept. 25 amounted to 3,167 tons. Exports during the same
CUBA.
period totaled 1,187 tons.
The general economic situation continued unsatisfactory during the month
PANAMA.
of September, and it is generally conceded that business activities have
Credit in Panama is reported tight and collections are slower. It is
shown a further decline as compared with the preceding month. There
are various signs of decreased activities and reduced purchasing power. expected that the President and the Cabinet will approve the suspension
Habana bank clearings during August totaled $54.044,342.51. the lowest of public works which will constitute the first definite move to alleviate
figure since December 1922. and clearings for the first twenty-three days the fiscal crisis.
PERU.
of September amounted to $40,988,928.52. so that a new low figure may
Imports through Callao for Atygast amounted to 45.600 metric tons or
be anticipated for this month. The exodus of currency continued during
September, further depleting the estimated stock of money circulating in 9,000 tons above the monthly average during the first half of the year
Cuba. That this should be the case during the period of the year when, and 1.000 tons above the monthly average of last year. (The freight
"due to the activities of sugar mills in repairing their machinery, preparing movement in Callao represents 70% of that of the entire country.) Excane fields. &c., the movement should be the other way, bears out the ports from Callao in August were 9,900 tons or 1.000 tons below this year's
assumption that less than usual Is being done along these lines, and that monthly average and 4,000 tons below the monthly average of 1929.
the payrolls of the mills are exceptionally low. The banks, in view of On the whole the August movement was good but the September movethe unfavorable situation of the raw sugar industry, are further tightening ment was light and shows a big drop from August levels. According to a
their credits, with the result that additional amounts of money have final estimate, the 1930 cotton crop amounted to 210.000 bales, with the
quality reported as superior to last year's crop.
become available for use by them in the United States.
PORTUGAL.
ECUADOR.
Portuguese commerce and industry is generally dull, with little hope of
There has been no appreciable change In economic conditions in Ecuador
during the past month. The agricultural industry continues to suffer early improvement. The cork industry is stagnant. The trade in virgin
from low world prices for cacao and coffee. However, business is adapt- cork Is 50% lower than last year and cork wood off 20%. There are large
ing Itself to the changed situation through reduction of imports and general stocks on hand and exports during the first 8 months of 1930 were 22%
economy. Money is scarce and credit Is restricted. A material reduc- less than those for the corresponding period of 1929 and 4% less than
tion in the 1931 budget by Congress is Improbable. Wages and prices of those for 1928. The sardine, wine, textile and mining Industries are
commodities for domestic consumption remain about the same as last suffering also, with mining practically closed down and the textile lines
year. There is no unusual unemployment. The value of imports for the operating on part time. Both exports and imports during August were
first seven months of 1930 was $2,400,000 less than for the same period lower. Reports concerning the business situation from northern Portugal
and the colonies are discouraging. Money is tight and protested drafts
last year. Exports were generally larger in volume that last year.
are on the increase, especially those for small amounts. Collections are
FINLAND.
slow. Escudo exchange has been steady. The agricultural crop is reSeptember
but
during
Economic conditions in Finland slowly improved
ported as good, and internal market prospects are therefore somewhat
there were no outstanding developments. Prices for staple products of stronger. The market for imported articles Is dull and the credit situathe country are still low and trade is still slack. Political uncertainty is tion difficult. Little improvement is expected this year.
given as the major cause of the present business financial dullness but it
SWITZERLAND.
s generally felt that with the political situation clarified conditions In
The anticipated revival in Swiss business has not yet materialized.
Finland will improve with more certainty.
Some merchants are of the opinion that conditions are better than statisHAITI.
tics Indicate, but at best the situation is unstable and spotty without
The acute business depression resulting chiefly from the fall in prices prospect of early improvement. Prices are fluctuating too greatly to
of coffee, Haiti's economic mainstay, but also from price declines in cacao. Justify committments and although quotations are hardening for a few
sisal, logwood and cotton still continues with no signs of relief apparent. commodities, the trend in general Is still downward. The wholesale index
(on the basis of 100 for July 1914) was 125.8 at the end of August and the
*Utmost caution Is recommended as regards granting credits.
cost of living index 159. The official wheat price as set by the governHONDURAS.
•
ment is one franc per quintal lower than last year, and the price of rye
General business conditions on the north coast of Honduras are reported 3.5 francs lower per quintal. Millers have announced a corresponding
slow, while in the central and southern part they are below normal. Stocks reduction in flour prices. Official price reductions are also announced for
on hand remain stationary in spite of the greatly reduced prices for mer- milk and butter. Unemployment Is still increasing and has reached suffichandise offered. Shipments of the 1929-30 coffee crop have been com- cient proportions to cause the government to institute an inquiry as to
pleted and it is stated that this crop was the smallest for some time. Bank relief measures, especially in the textile, watch, and machinery industries.
rates are firm. Collections are slow and the number of unpaid bills Is
TRINIDAD.
increasing. Government revenues are reported to be 15% below the
In general, business conditions are being affected by the.continued low
average last year.
INDIA.
prices for the principal commodities, especially cacao and sugar, with little
Continued weekly reductions in railway earnings and car loadings reflect hope for improvement in the near future. The present cacao crop is praccurtailed business activity throughout India. Trade in August. both tically over and it is estimated that the daily output during October will
imports and exports, was very much lower in value as well as volume be IMO pounds as compared with 10.000 pounds during September. The
compared with August last year. Imports declined from 203,372,500 to new crop should begin to arrive on the market in November, but it is ex-
OCT. 4 1930.]
FINANCIAL CHRONICLE
peeled that no large deliveries of this commodity will be made before
February. While cacao production has been seriously affected by WitchBroom disease, all other crops are reported to be normal.
UNITED KINGDOM.
The figures for British oversee trade during August indicate that the
slight improvement wheal took place in July, as compared with June.
has not been maintained, according to Assistant Commercial Attache
Homer S. Fox, London. Both import and export figures show an appreciable decline, a particularly adverse showing being made in exports of
manufactured goods, which were not only less than July, but also less
than in August last year. (Previously the economic possibilities of the
Imperial Conference have received consideration from the Federation of
British Industries, the British Chamber of Shipping. the Association of
British Chambers of Commerce, and the Trades Union Congress.)
URUGUAY.
Some branches of business have reported a further decline, but the
situation in September was fundamentally no worse than in August when
it was generally conceded that the recession had reached its lowest ebb.
The slight recovery in the value of the peso exchange early in September
had created among importers and others with foreign obligations a wave
of optimism, but during the second half of the month this gave way to
pessimism which It now appears was hardly justified.
The Department's summary also includes the following
regarding the Island Possessions of the United States:
2151
Finds Ben* from Elections.
Contrary to the prevailing opinion, Dr. Schacht said the political situation in Germany before the elections was much more serious than it is
today.
"Everything that has happened since the elections has been in the
direction of getting things into order, not into chaos," he asserted.
"We had enough trouble before.
Nobody thinks of making trouble
now. You seem to take Hitler seriously. Why should not the Germans
do so? I, personally, do not take him too seriously. I ask you to recall
what Mussolini used to say and how he later adapted himself to conditions. I don't think Mussolini himself took what he used to say too
seriously."
It was while stressing the point that people abroad should not Psi
too much attention to political events in Germany, but should concentrate on the economic situation, that Dr. Schacht indicated that another readjustment of Germany's obligations to the Allies was unavoidable.
"I have never said in my life that the payments which Germany has
to make according to international contracts are feasible," be declared.
"But I have always supported any economic measures and proposals
which were meant to lead us out of our very difficult problems by peaceful and economic means. I have always objected to any political pressure which contradicted economic and moral reasons. That is why I
signed the Young plan as a whole. I believed in that plan as being such
an economic step forward to such a definite solution, and only when at
the second Hague conference politics came in and acted against the
recommendations of the Young plan did I step aside. Not being a
politician myself, I did not want to assume any economic responsibility for senseless politics."
PHILIPPINE ISLANDS.
Philippine business conditions reflect slightly more stability in retail
lines, but import trading continues depressed. Credits and collections
Defends Right to Nationalism.
have shown.no improvement although curtailed purchases of new goods
At the same time. however, Dr. Schacht insisted that the German
have assisted Chinese retailers in settling past obligations. Textile indent people had as much right as any other to be nationalistic.
agent claim that prospects in their lines are better than for the last several
"Why do you get excited about nationalism in Germany?" he asked.
months. This is probably due to the movement of piece goods into the "Why don't people get excited about nationalism in
other countries?
bazaars in Iloilo and Negros in anticipation of the sugar milling season Why should Germany alone be told 'stop'?"
opening in November. General improvement in the textile import trade,
Asked whether the German Fascists would be able to form a govhowever, is confined to orders for special items.
ernment if called upon to do so, Dr. Schacht wanted to know if the
world thought the Germans "less clever than the Italians." He would
PORTO RICO.
not say, however, whether such an eventuality was probable.
In
There are no major crops moving and fruits and the needle industries general, he approved the
retrenchment program announced by the
are not bringing in money to the extent usual at this time of the year. Bruening Government, but indicated that the
problem of Germany
In the face of the present and prospective sugar prices, banks and mills was part of the general
international problem, and that the most imare limiting their advances to the growers and the business situation gen- portant task
confronting statesmen was the stabilization of the world's
erally is marked by money tightness. These conditions are reflected in
economic life. In this connection, he agreed that the present worlddull trade in most lines. In staple foodstuffs rice and beans are fairly wide
financial and economic depression might prove a blessing in disactive, but flour and packing house products are experimenting a very
guise if it moved the leading governments to greater cooperation than
slow period. Pertilizers and textiles, likewise are experiencing dullness
they
have
evidenced heretofore.
In general, only necessities are moving and these only for immediate needs
Dr. Schacht rejected the theory that the concentration of gold in the
Wholesale and retail merchants are making increasing use of air mall.
vaults
of
the
central banks of the world, and the alleged consequent
as they are ordering only small quantities. There is little new construction at present or in prsopect, but road work is creating some demand high price of gold, accompanied by a fall in commodity prices, was
for cement. After an absence of several years. Canadian cement is again responsible for the general economic crisis. The fundamental problem,
being sold in this market, a shipment of 2.500 barrels having been received. he maintained, was to revive the normal processes of trades by reasonable economic and financial policies.
Arrival in U. S. of Dr. Schacht, Former President of German Reicksbank—Sees Warning in Fascism—Says
Vote Is Germany's Demand for New Deal from Allies.
With his arrival here on Oct. 2 on the Hamburg American
Steamer Resolute, Dr. Hjalmar Schacht, former President
of the Reichsbank, declared that the surprisingly large vote
polled by the Fascists in the recent German parliamentary
elections, when nearly 6,500,000 voters cast their ballots
for the National Socialist party headed by Adolph Hitler,
is to be taken as a sign of revolt of the German people
against the treatment they have received from the Allies
In the past ten years. The New York "Times" of Oct. 3
from which we take the foregoing, further indicated as follows what Dr. Schacht had to say:
Dr. Schacht, who has come on a private visit, in the course of
which he will deliver several addresses on the situation in Germany,
as well as on the general European situation, asserted that it is not to
Germany that the world must look for repentance, but to itself.
It was also clear from his statement that he believed the burdens
placed upon Germany by her erstwhile enemies were too great and
that before Europe could set her house in order there would have to
be another financial adjustment involving modification of the Young
plan of reparation payment*.
Decries Alarm Over Hitler.
Asked whether he thought events had justified his resignation as
President of the Reichsbank after the second Hague conference, Dr.
Schacht smiled with satisfaction and said:
"Do you think they have?"
"I think your question is very significant," he added.
Dr. Schacht implied that there would have to be a new economic
and financial deal in Europe if new perturbations were to be avoided.
Concerning Germany itself, he refused to become panicky, indicating
that whatever the significance of the Fascist gains might be, Germany
would remain politically on an even keel. He showed annoyance when
informed of the disquietude provoked in this country by the victory
of Hitler's party and Hitler's utterances since the election, particularly
the latter's announcement that when the Fascists got into power the
heads of those who brought the German Republic into being "would
be rolling in the sand."
"Conditions in Germany are not at all alarming," he insisted. "Everything that has been so far has been in accord with the Constitution. I
do not think any one intends to do anything against the Constitution.
There are some who want to change the Constitution. I myself do, but
legally, by the ballot. So do the Socialists. You must not lay too
much stress on the political situation. You should lay more stress on
the economic situation. If the German people are going to starve, there
are going to be many more iHtlers. You must not think that if you
treat a people for ten years as the German people have been treated
they will continue to smile. How would you like to be kept in jail
for ten years? Tell your people that. Every one is crying the Germans
must be reasonable. I tell you the world must become reasonable,
We are."
Great Britain to Issue Refunding Bonds—Priced at
£100 10s., Tenders Are Due Oct. 9.
The following London cablegram Oct. 2 is from the New
York "Journal of Commerce":
The British Treasury announced to-day the issue of 4% Treasury bonds,
1934-36, for an unlimited amount, with a minimum price of £100 108.
Per cent tenders must be delivered by Thursday, Oct. 9,the announcement
stated.
The object of this issue is to raise money In order to repay the 4% war
loan of 1929-42, of which nearly £76,000,000 is outstanding. Notice has
been given holders of the war loan issue of repayment at par on Jan. 16
next. The war loan was issued here at par in January 1917.
Ivar Rooth, President of Bank of Sweden, Sails for U. S.—
Proposed Visit of Dr. Hans Luther, President of German Reichsbank—Proposed Conference With Head of
Federal Reserve System,
Ivar Booth, head of the Bank of Sweden, is sailing for
New York and will arrive about Oct. 6, it was stated by
officials of the Federal Reserve Bank of New York on Sept.
26 in confirmation of cabled dispatches from abroad. The
New York "Journal of Commerce" noting this added that
Dr. Hans Luther, President of the Reichsbank, also plans
to visit this country. The paper quoted also had the following to say in its Sept. 27 issue:
While in New York the central bankers will, of course, confer with
heads of the Federal Reserve System.
Among the problems which are held most to press for solution by
central bankers are the distribution of gold, the disruption of the
market for foreign bonds due to political uncertainties, the economic
stress created by the large reparations to be paid by Germany and the
indications of continued business depression.
It is understood that the central bankers agreed last year when in
conference abroad that one of the chief needs of industry throughout
the world was the ready flow of long term capital through the bond
market. It was then held that this could best be achieved, if at all,
through low rates for short term funds.
It was pointed out that other probably more important factors since
then have become more articulately outlined, giving less emphasis to
the money market in so far as it is influenced by expansion of central
bank credit alone. Such factors and the extent to which they would
influence banking policies must come up, it is held in discussions
among central bankers.
From the United States Daily of Sept. 30 we take the
following:
The Department of the Treasury has had informal advices from
abroad that the chief executives of the Central Banks of England,
France and Germany and possibly one or two other nations are coming
to the United States for a conference on the general economic and
financial situation, it was stated orally Sept. 29 in behalf of the Department
2152
FINANCIAL CHRONICLE
Neither the Treasury nor the Federal Reserve Board, however, have
heard definitely what the foreign Central Bank heads desire to accomplish, and there is no expectation that representatives of either the
Department or the Board will participate in the meeting. The Governor of the Federal Reserve Board, Eugene Meyer, Jr., said that he
would be "glad to see them" should the foreign financiers call on him
here. A like expression was made in behalf of the Treasury.
The information made available at the Treasury was that heretofore there had been conferences of the same foreign bank representatives but that neither the Treasury nor the Board had participated.
Representatives of the Federal Reserve Board of New York, and on
one or two occasions of other Federal Reserve Banks, have participated in the meetings which usually have taken place in Europe.
Reports of Proposed $110,000,000 Credit to Germany.
A credit of approximately $110,000,000 is to be extended
to the German Government by a group of bankers in New
York and in London, it was learned on Stpt. 30, according
to the New York "Journal of Commerce" of Oct. 1, which
further stated:
[VOL. 131.
undertake, if necessary, to make up any deficiency in the
fund. Further details in connection with the offering are
given in our "Investment News" department on a subsequent page.
Offering of $1,900,000 City of Bergen, Norway, 5%
Bonds to Redeem 6% Issue Due in 1949—Books
Closed.
A refunding operation through which the City of Bergen,
Norway, will effect a saving on funded debt charges is made
possible through the offering on Sept. 29 of a new issue of
$1,900,000 19-year 5% external sinking fund gold bonds by
Brown Brothers & Co. and Halsey, Stuart & Co., Inc.
The bonds, dated Oct. 15 1930 and maturing Oct. 15 1949,
will not be redeemable during the first five years of their
term except for sinking fund. They were priced at 97 and
interest to yield over 5.25%. A principal amount of $100,000 will be retired each year beginning Oct. 15 1931, by purchase in the market at not exceeding 100 and interest or
through call by lot at that price.
The proceeds of this issue will be applied toward the retirement of the 25-year 6% sinking fund gold bonds due Oct.
1 1949, which are to be called for redemption on April 1
1931. These 6% bonds will be accepted in payment for the
new 5% bonds on a 33% discount basis to April 11931.
The bonds, in coupon form, will be in denominations of
$1,000. Principal and interest (April 15 and Oct. 15) will be
payable in N. Y. City at the office of Brown Brothers & Co.,
Fiscal Agents for the loan,in United States gold coin without
deduction for any Norwegian taxes present or future. The
Irving Trust Co. of New York is authenticating agent. It
is stated that the loan has been officially approved by the
Norwegian Government. Information received from the
bankers offering the bonds from Vilhelm Lie, Esq., Finance
Burgomaster of Bergen, says in part:
It is understood that the credit will be used largely for the protection of German exchange.
About $60,000,000 of the credit is to be carried in New York. Most
of the remainder, it was said, would consist of sterling balances in
London, although other financial centers were reported to have accepted participations.
It was reported that Lee, Higginson & Co. are heading the American group, but at the offices of the banking firm both denial and confirmation were refused. The American syndicate, it was reported,
would consist of half a dozen Wall Street private banking firms. It
is understood that the houses which headed the offering last June of
German annuities bonds, are not in the present syndicate.
Reports that the syndicate would be headed by Lee, Higginson &
Co. suggested that the Kreuger & Toll interests would be likely to
participate. Its subsidiaries, Swedish Match Co. and the American
company, International Match Corporation, late in 1929 agreed to
purchase a part of a $125,000,000 German Government loan. The
International Match Corporation took up $30,000,000 last August with
funds from the proceeds to the corporation of French. Government
bonds purchased several years ago. The Swedish companies purchased
a part of the Norwegian portion of the German annuities bonds.
It was said yesterday that at present German Government credits
outstanding in United States are negligible. However, there are several large credits which have been extended to various German banks.
Credit.
International Acceptance Bank, Inc., has extended a credit of $50,The City of Bergen has always enjoyed high credit and its bonds sell in
000,000 to the Gold Discount Bank. One of the large New York comas those of Oslo. the capital, or
mercial banks, according to reports in financial quarters, carries credits Norway on approximately as low a yield
the pre-war period loans of the City
of about $100,000,000 for various German municipalities and corpora- of the Norwegian Government. In
carried rates of interest of3A% and 4%. There is no record of any default
tions. These credits consist both of acceptances and bank balances.
ever having occurred in the debt of the City of Bergen.
Finances.
German Reichsbank Again Sells $10,000,000 in Exchange.
The total funded debt of the City of Bergen, after giving effect to this
The major part of
The following Berlin cablegram Sept. 30 is from the New financing, will amount to approxlmtaley $21,172,000.development
of revthis indebtedness was created for the acquisition and
York "Journal of Commerce":
projects, harbor
housing
plants,
enue producing assets such as electric power
Despite reassuring statements from the Reichsbank, new heavy de- improvements and water works. The City has no other indebtedness
mands for foreign exchange were reported today. The Reichsbank except ordinary current obligations. As of June 30 1929 the estimated
sold about $10,000,000 of additional exchange holdings, chiefly French value of the property owned by the City was $46,292,000 or more than
francs.
twice the City's present funded debt, after giving effect to this financing.
After having remained stable for a month the quotation of the Net earnings from properties owned by the City and other income,excepting
French franc in the local market advanced to 16.49 marks per 100 taxes, amounted to over $2,412.000 during the fiscal year ended June 30
francs, indicating new gold shipments by the Reichsbank to France. 1930, equivalent to more than 1s4 times the annual interest requirements
Thus far such shipments have totaled 140,000,000 francs.
on the City's funded debt to be outstanding on completion of this financing.
Total taxable property values in the City, including both real and perCommenting on the above in its Oct. 1 issue the paper
sonal property, are estimated at $116,044,000. The total income of the
quoted said:
City's population for the year ended June 30 1930 is estimated at $34,304,000
The Federal Reserve Bank of New York yesterday announced that while the taxable income for that year is estimated at $23.048.000.
gold earmarked at the bank for the account of foreign correspondents
It was announced on Sept. 29 that the bonds were overhad been reduced $9,000,000. While no statement was made identifyclosed.
ing the country which bad reduced its earmarkings, it was believed subscribed and the books
that the change was for German account,
MO Railroad Company of France to Replace 6% American Bonds With New 4% Series—A. Iselin & Company
Offer Issue of 190,000,000 French Francs.
Taking advantage of current favorable conditions in the
International money market, the Midi R. R. of France has
completed arrangements to replace its American Series
6% bonds, due in 1960, with a new 4% issue. A. Iselin &
Co., heading a syndicate which sold 300,000,000 francs
of the 6% bonds in 1920, are making a formal offering of
140,000,000 French francs of the new 4% bonds, Foreign
Series, due Dec. 1, 1960. The flotation constitutes the first
internal French railroad issue since the stabilization of the
franc on the new basis. The bankers announce that subscriptions exceed the amount of the offering and that a
substantial portion of the issue has been placed in Europe.
The Midi 6% bonds will be called for redemption on Dec.
1, 1930 and the present financing will provide part of the
funds necessary to effect their retirement.
Organized in 1852, the Midi Railroad Company is one of
the five large railroad systems of France. The company
owns and operates a railway system of 2,665 miles, with a
main line extending from Bordeaux on the Atlantic Ocean
to the Mediterranean and a network of lines connecting
with the Spanish border. Payment of interest and sinking
fund on the Midi bonds is virtually guaranteed by the
French Government under the 1921 Convention which provided a common fund of all the largest French railway
systems into which the French Public Treasury would
Agriculture Minister at Buenos Aires Asks Tariff Waiver
for Argentine Corn—Urges Foreign Office to Approach
Washington—Reciprocity Negotiations Forecast in Plea
for Free Entry of Up to 39,350,000 Bushels.
The following cablegram from Buenos Aires Sept. 26
appeared in the New York "Times":
The Minister of Agriculture in the Provibional Government has asked
the Foreign Office to request Washington to waive the customs duties on
corn to permit free entry of between 500,000 and 1,000,000 metric tons
of Argentine corn.
Argentina handles corn in quintals of 100 kilograms instead of
bushels and her export figures are in tons. Five hundred thousand
metric tons, which is the minimum which it is hoped the United States"'
will accept duty free, is the equivalent of 19,675,000 bushels. A million
tons is the equivalent of 39,350,000 bushels.
The Minister of Agriculture has sent a note to the Argentine Ministry of Foreign Affairs asking it to make a formal request through
diplomatic channels. The note contains detailed arguments in favor of
temporary removal of the duties under a clause which, it is understood,
permits the President of the United States to suspend duties. It asserts
that 95% of the corn produced in the United States is fed to animals
on the farms where it is produced, that the quantity Argentina wishes
to ship to the United States as a solution of its cereal crisis represents
only from 1 to 2% of the total United States crop and only 20 to 40%
of the amount consumed by industry.
The note of the Minister of Agriculture expresses the hope that,
in view of the friendly relations which Argentina maintains with the
United States, and in view of the unusual situation facing Argentine
farmers, the United States will permit the free entry of a minimum
quantity of 500,000 metric tons, thus giving evidence of its friendship
and good-will and preparing the way for treaties of reciprocity which,
the note says, are to be negotiated with the United States Government.
The Minister of Agriculture addressed another note to the Minister
of Foreign Affairs, severely criticizing private reports circulating in
foreign grain markets regarding crop prospects in areas under cultivation and the size of exportable surpluses still on hand, and asking
OCT. 41930.]
FINANCIAL CHRONICLE
the Minister to have diplomatic agents and consuls publish a statement that these private reports lack a reliable foundation and are
incorrect.
It should be noted, however, that the inefficiency of Argentina's statistical organization is directly responsible for this situation.
The
official statistics of cereal shipments are published in a monthly bulletin
which appears from eight to ten months late, when its contents have no
value. Since the international markets require prompt statistics, they
are forced to rely on private agencies when information is not forthcoming from official sources.
When Tomas Le Breton, former Ambassador in Washington, was
Minister of Agriculture he brought an expert from the United States
Department of Agriculture to organize a Rural Statistical Bureau.
Statistics were then published promptly and reliably, but as soon as the
American departed the bureau began falling further and further behind,
until grain dealers no longer look to it for information.
2153
management of these banks feels that banking
business in Havana and in
the interior will proceed as usual. In this
view I am glad to concur."
The Banco del Comercio and Demetrio
Cordova Banking Co., which
suspended payments Saturday morning,
remained closed. Neither one is
a clearing house member. Officials
of both expressed confidence that the
situation would be cleared up within
a few days and said there was no
cause for alarni.
The New York "Times" reported the following cablegram
from Havana Oct. 1:
Governor 'Black of the Federal Reserve
Bank at Atlanta and Creed
Taylor, Deputy Governor of that institution
, sailed this morning after
spending two days In Havana, having come
here with several million dollars
to steady the upset financial conditions
following the suspension of payments by two banks here on Saturday.
Mr. Black said he did not regard his further
presence here as necessary,
because the flurry had completely subsided.
In reporting the closing of the Banco Del Comercio the
Argentina Return Malbran as U. S. Ambassador.
From Buenos Aires Sept. 20 a cablegram to the new "Wall Street Journal" of Sept. 27 said:
The Banco del Comercio failed to open for business
York "Times" said:
today.
A statement issued
The Argentine provisional government's first diplomatic appointment
is the filling of the vacancy in the Washington Embassy by the reappointment of Dr. Don Manuel E. Malbran, who was Ambassador to
Washington when President Hoover was planning his South American
tour and was discharged from the diplomatic service when he resigned
and returned to Buenos Aires as a protest against President Irigoyen's
discourtesy toward the Hoover tour.
The appointment, which was announced today, is not only evidence
1.of the new government's desire to resume diplomatic relations
with the
United States and maintain a close and cordial contact, but also is a
vindication of Dr. Malbran's action.
When Mr. Hoover was planning his South American tour as Presidentelect, the State Department notified all the republics he expected to visit
and all except Argentina immediately extended cordial invitations
to
visit them. Argentina did not reply for some time, and then
inquired
whether the visit would be official or non-official. She did not extend
an invitation until Mr. Hoover was nearly ready to leave Washington
.
Malbran's Cables Aroused Ire.
Meanwhile Dr. Malbran had been cabling frequently and vigorously
,to the Argentine Minister of Foreign Affairs and President
he tone of his cables aroused the ire of President Irigoyen, Irigoyen.
who demanded servile obedience of every one associated with the administration. Dr. Malbran's communications were ignored and
when the invitation to Mr. Hoover was tardily extended it was sent to the United
States Embassy at Buenos Aires instead of allowing Dr. Malbran
to
present it to the State Department.
Dr. Malbran resigned as Ambassador and returned to Buenos
Aires.
When he called at Government House President Irigoyen
refused to
receive him and issued a decree discharging him from the
diplomatic
service without giving any reasons or extending the customary
expression of appreciation for past services.
Dr. Malbran has had several conferences with President
Uriburu and
Foreign Minister Bosch during the week and is to spend
considerable
time in the ministry next week. It is expected he will sail
for the
United States as soon as possible, General TJriburu being
anxious to
renew diplomatic relations with the United States at the
earliest pos'Sible moment.
1
by directors said that "difficulties which we
consider can be solved, perhaps shortly, have forced
us to suspend our opera-
tions, starting from today."
The bank "Is making active efforts to resume operations
in the shortest
time with relation to the proper guarantee to all depositors,
" it was further
stated.
The following further Havana advices are from the "Wall
Street Journal" of Oct. 3:
Banco del Comercio will accept provisions of the
law permitting
suspension of payments.
Federal Reserve Bank of Atlanta will return to the United
States $9,000,000 of the currency shipped to Havana last week-end since
it is not needed.
A representative of the Irving Trust Co. will come to Havana
in connection with affairs of 13anco del Comercio.
Peru's Fiscal Agents in New York Receive Interest and
Sinking Funds on Two Peruvian Loans.
& W. Seligman & Co. and the National City Bank of
New York, fiscal agents for the Republic of Peru, have received the entire amount required for interest and sinking
fund payments due up to Oct. 1 1930 on Peruvian National
Loan bonds, first and second series. J. & W. Seligman &
Co. have received the entire amount required for interest
and sinking fund payments due up to Oct. 1 1930 on the
Tobacco Loan bonds, Peru 7s of 1959.
Associated Press advices from Lima,Peru, Sept. 29 said:
The Peruvian Government established through the revolution headed
by
Lieut.-Col. Luis Sanchez Cerro to-day complied with one of its important
international engagements, paying the service of interest and amortizati
on
due Oct. 1 for the Peruvian national loan.
Most of the Peruvian foreign loans have been refunded into this loan.
The operation involved about $1,000,000, including service on the tobacco
loan, paid during September.
One of the features of this large payment is the fact that it was carried
out without greatly affecting the exchange market.
Argentine Bank and Bolas. Stock Exchange Settle Dispute
on Sales Procedure of Cedulas.
Portugal to Ask United States for Tariff Relief to
The following from Buenos Aires Sept. 22 is from the
Relieve Depression in Cork Industry.
New York "Times":
Lisbon, Portugal, Associated Press advices state that the
The conflict between the Bolsa (Stock Exchange) and
the
Minister of Commerce on Sept. 24 announced that the
suthorities of the National Mortgage Bank regarding the quotationnew
of Portuguese Foreign Office soon
Ukrgentine cedulas was settled today by the bank agreeing to
would ask the United States
f its sales and purchases of cedulas for the bank's clients handle all Government to exercise the flexible provision of
the new
through the
lolsa as heretofore.
American tariff law in order to relieve the depressed condition
1The bank had decided to handle its operations direct
without the in- of the cork industry here.
3ervention of Stock Exchange brokers. This
reduced trading
i
on the
olsa to a point which no longer represented the true
transactions in cedulas, and it was uncertain whether volume of daily
the
Bolsa quotaions represented the price at which a majority of
the transactions were
ffected.
The brokers refused to handle orders for
cedulas Saturday and
here were no quotations on the Stock
Exchange.
The bank this
orning returned to its former practice and all
transactions in cedulas
re now effected on the floor of the Bolsa.
Exchange declined today under demand for
foreign-owned corporations, and the peso closed quarterly remittances of
at 122.90, compared with
aturday's close of 122.30. Today's quotation
makes the paper peso
orth 35.8 United States cents, compared with
36 cents on Saturday.
Text of Agreement Reached at Melbourne Conferences
on Australian Financial Position—Review by Sir
Otto Niemeyer and Resolutions Adopted.
While a summary of the resolutions adopted at the
Melbourne Conferences looking to the balancing of the
Australian Government's budget, was given in our issue of
Sept. 13, (page 1648) the full text of the resolutions, as
published in the Aug. 22 issue of "The Argus" of Melbourne
has been made available by J. B. Were & Son of that city.
The results of the conference, together with the resolutions,
un on Banks in Havana Following Closing
of Two Sir Otto
Niemeyer's review, etc., are set forth as follows:
Institutions Checked by Shipment of
Cash by
Resolutions of the utmost importance to Australia, and which, it is
Federal Reserve Bank of Atlanta.
hoped, will have the effect of restoring confidence in the financial position
According to Associated Press accounts from
of the Commonwealth, both at home and abroad, were passed by the conHavana, ference
of Commonwealth and State Ministers which ended yesterday in
. R. Black, Governor of the Federal Reserve Bank
of Melbourne.
tlanta, announced on Sept. 29 that banking conditions
The conference, which was again attended by the Prime Minister (Mr.
were
ormal in Havana, and that the panic which followed
Scullin) and by Sir Otto Niemeyer, ended in an agreement between the
the Commonwea
lth and State representatives upon measures to correct Auslosing of two of Havana's banks on Sept. 27 had
failed to tralia's economic and financial position.
st through the second day. The Havana Associated
A determination by the several Governments represented to balance
Press
their respective budgets for the current financial year and to maintain
vices of Sept.29 added:
similar balanced budgets in future years was recorded.
Mr. Black hurried here yesterday with $18,000,000 in cash to
take care
any demands which might be made today on
members of the Havana
learing House. He made $9,000,000 more available
within a few hours
nd this with $20,000,000 on hand in the local branch
of the Federal Rerve gave threatened banks extra cash resources of
oney was rushed here by special trains, airplane and $45,000,000. The
gunboat.
Late today Mr. Black said that none of the $16,000.00
0
esterday would be needed. "Reports from the interior brought here
y excitement which may have prevailed there Saturday indicate that
has subsided,"
e said. "Our agency has ample funds in Havana.
There is apparently
very confidence on the part of depositors in the
Havana banks and the
It Was resolved that the Australian Loan Council should raise no further
loans overseas until after existing short-term indebtedness had been completely dealth with.
The full text of Sir Otto Niemeyer's review, and of the conference decisions, was issued.
The Prime Minister (Mr. Scullin) departed for Western Australia on his
way to the Imperial Conference.
The conference, which began in an atmosphere of misunderstanding and
uncertainty owing to the failure of the Commonwealth to realize the determination of the states that expenditure must be curtailed, assumed a more
reassuring aspect in its closing stages. The Commonwealth Ministers
2154
FINANCIAL CHRONICLE
having finally accepted the States' point of view, which coincided generally
with the views expressed by Sir Otto Niemeyer, consented to a program
providing for the curtailment of expenditure in conjunction with the States,
the fact that Commonwealth and State finance must be regarded as a single
entity having previously been agreed upon.
The Prime Minister (Mr. Scullin), having partially recovered from his
Illness, again attended the conference yesterday morning, and, with the
States' representatives, gave further consideration to the report of Sir Otto
Niemeyer, who was also present with Professor T. E. G. Gregory and Mr.
R. M. Kershaw. The Commonwealth representatives declared that they
would face the situation, and that the Ministry would not, except as a last
resort, impose any increased taxation. The Ministry, it was pointed out,
had decided to balance its Budget, and any discrepancy between the
estimated revenue and expenditure would be made up by reduction of
administrative costs.
It has not yet been disclosed whether the Ministry will move in the direction of reducing Parliamentary and public service salaries, but it is understood that the members of the Federal Cabinet remaining in Australia have
been instructed by Mr. Scullin to convene a party meeting,and,if necessary.
in
to summon a special meeting of Parliament if there is no improvement
the budget position. It is known that already the Commonwealth revenue
which
Is considerably below the estimate for that period of the financial year
has already elapsed, and there is grave doubt whether any improvement
can be looked for in the immediate future.
POINTING THE WAY—SIR 0. NIEMEYER'S SPEECH—
WHAT AUSTRALIA MUST DO
Sir Otto Niemeyer's review of Australia's financial and economic position,
given
as supplied with an official statement at the end of the conference, is
in full. He said;
hearing
of
"I am very glad to have the privilege of meeting you to-day and
financial
your views on the serious problem which you, as the responsible
authorities of Australia, have to face. It is a serious problem, the practical
solution of which is not rendered any easier by the natural optimism of the
Australian. So long as it is generally believed in Australia that there is an
unlimited market abroad for Australian goods, and that something will
turn up,it will be difficult to face the realities of the situation.
"Let me try to sketch to you the elements of that situation, elements
none
doubtless well known to you all, as I see it; and here let me say that as
know,
of the States hate passed their budgets for this year, or, so far as I
This
framed their budget proposals, the picture is necessarily incomplete.
and
Is the more regrettable because Australia must be treated as a whole,
essenare
the reactions of interstate finance and of state and federal finance
the
are
whole
the
of
fortunes
the
tial to a complete view. In this matter
fortunes of the parts, and the failure of any of the parts will be the failure
of the whole.
Budgets.
"The characteristics of the budget position are that the Commonwealth
and nearly all the States have had budget deficits for at least three years.
These have resulted in accumulated deficits largely unprovided for except
by temporary methods of finance; the accumulated deficit of the Commonwealth alone is £6,500,000, to which must be added the accumulated de
ficits of the States. For the present year the Commonwealth budget, on
the estimates presented, is narrowly balanced, and while I do not yet know
the,precise position of the States, clearly several of them have a substantial
budget problem. Moreover,even if budgets this year prove to be balanced.
owing to the seasonal nature of tax receipts, there will be ways and means
deficits for several of the early months of the year.
Debt Position.
"Apart from the actual budget position, there is an unfunded floating
debt of about £3,000,000, and over and abobe that there are internal
maturing securities between now and December of £18,000.000 net for the
Commonwealth and some .C24,000,000 for the States, this applying particularly to New South Wales and Victoria, followed by some £44,000,000
for the Commonwealth and States in the next calendar year; and, after a
drop in 1932, nearly £72.500.000 in 1933 and £51,000.000 in 1934. The
external debt service is large, and It is made more severe by depreciated
exchange, and external debt includes not less than £36,000,000, practically
at call in London, of which £18.000,000 is due to the Commonwealth Bank.
Nearly £8,000,000 is due in September to one London bank,and £10,000,000
is in the form ofshort Treasury bills,of which £5,000.000 are due in September and /5,000,009 in December next. Moreover Australia has in a few
years' time heavy funded external debts maturing, beginning with over
£13,000,000 in 1932—near the time of £72,500,000 internally. Deposits of the savings banks are beginning to drop and to drop heavily
in certain cases, and this increases the difficulty of dealing with Internal
maturities. The yield of taxation, already as a heavy level in relation to
to
the national income, is substantially dropping, and may be expected
drop more.
and
itself
Australia
in
basis
6%
"Australian credit is at a low ebb; on a
rather more abroad. It is, in fact, lower than that of any of the other
Dominions, not excluding India, and even lower than that of some pro-
Firm. 131.
'as a base, have fallen slightly in Australia
wholesale prices, taking 192
(about five points), they fell in the same time 9 to 10 in Canada, New
Zealand, and South Africa, 11 in the United States, a, d, from the Australian angle, perhaps even more important, as more nearly reflecting the
world market, no less than 17 points in the United Kingdom down to the
end of 1929, and 23 points by the beginning of 1930. In other words, even
with some drop in Australian prices, the gap betwene Australia and the
rest of the world was increasing rapidly and not diminishing. Moreowr,
the world fall has continued in 1930. and shows no signs of ceasing now.
It does not need much reflection to appreciate what the effect of this Is
likely to be on the value of Australian exports. We may hope, without
any certainty, that wool may maintain something like its present level,
but it is exceedingly difficult to see how wheat prices can fail to drop further.
Price of Wheat.
"According to the lastest figures. the world harvest in the current year is
estimated at something over 500.000,000 quarters, as against 486,000,000
quarters last year. European wheat prospects are only slightly below the
average; the Canadian crop is likely to be above the average, and better
than last year, and substantial export surpluses are expected in Argentine
and in India; in addition to which it is well known that there are largo
carry-overs. particularly in Canada and America. You cannot therefore
look for improving wheat prices, and though the total Australian crop may
be larger than last year, its effect on the aggregate value of exports is likely
to be small.
Diminishing National Income.
"I think it is generally admitted that the Australian national income has
substantially diminished; it may well diminish yet further, and from that
diminished total you are driven to take an increased share in taxation, while
at the same time making heavy calls for loans and conversions on diminishing current savings in a time of depression.
"One may put the same facts in another form; while values in the world
export market, in which you have to sell, have fallen, and are steadily
failing, values in Australia have fallen very little, and this fact itself intensifies the difficulties of achieving even a trade balance—much less a
trade surplus, which you need to meet your foreign payments. So long as
the sheltered trades of Australia insist in taking so large a share of the
national dividend, and even an increasingly large proportion as the national
dividend drops, the difficulties of the unsheltered export trades can only
increase.
Production and Its Cost.
"Australia has to adjust herself to a world economic situation more disadvantageous to herself than in the last decade. As a debtor nation, Australia is interested in the world price level, and the price level all over the
world is falling rapidly, and is likely to go on falling. To this situation
Australia has by no means adjusted herself, either as regards the situation
of the primary producer or as regards secondary production. A fall in price
levels means, apart from the increased burden of all debts, internal and
external, that—
(a) Primary producers competing in the world's markets with Australia
have a competitive advantage over the Australian primary producer, so
long as the Australian costs of production are not reduced.
(13) Australian secondary industry must face a fierce international competition, growing in intensity as the price level falls, unless they in their
turn are able to reduce their costs.
"The secondary producer can attempt to meet this price situation by
increased tariff protection, but this simply means that his protection is
achieved at the cost of primary production. The primary producer can
attempt to meet the situation by a further depreciation in the exchange.
Increasing tariffs prejudice the primary producer; rising exchange rates
prejudice the whole fabric of national finance.
tectorates.
Trade Situation.
"The balance of trade has been strongly unfavorable, exports having
dropped from about £140.000,000 a year to something perhaps not much
exceeding £100,000.000, which, after providing for Government requirements, would not leave much more than about acwoomoo for all other
Australian payments overseas. Both the Australian staple exports, wool
100
and wheat, are declining in price, wool having dropped from a level of
year, and the
in January 1926. to about 55 in the first six months of this
drop having been steady and practically continuous in the last 18 months.
this
Wheat has dropped from 100 in 1926 to 70 recently. As the result of
even
export position, exchange has depreciated 634%, and is maintained
and prohibitions,
at that level only by exceptional and drastic tariff increases
Both these are
and by very rigid rationing of exchange by the banks.
temporary expedients which have been frequently tried elsewhere,and which
cannot be regarded as permanent solutions.
exchange equilibrium,
"In short, Australia is off budget equilibrium, off
debts both internally
and faced by considerable unfunded and maturing
her hands a very large
and externally; in addition to which she has on
has been made.
provision
financial
program of loan works for which no
that, apart from the
"The only minor alleviation of this gloomy picture is
a great piece of luck, has no
im000moo of unfunded debt, Australia, bymeans
in effect that she has a
external maturities in 1930 and 1931. That
her home straight.
maximum period of two years in which to put
Downward Trend and Price Levels.
"Moreover, the argument so stated has assumed that the prices of Australian export products in world markets are accurately reflected by movements in the general world price level. This is not the case, and there is
considerable reason to fear that the prices of those particular products in
which Australia as an exporter is primarily interested will fall more rapidly
than the general price level;
(a) The prices of finished goods in all countries are kept up by the inelastic character of the wage system, whereas primary production, being
very largely in the hands of producers not employing much labor except
that of themselves and their family, is more responsive to the direct pressure
of supply and demand.
(b) The rationalization of agriculture in many parts of the world means
an increased return per acre and per man employed, whilst at the same time
world acreage and crops have been steadily rising.
(c) The result is that the carry-over from previous years has mounted in
the last two or three crops years, and this, added to the growing produce of
each successive harvest, means a top-heavy market situation for primary
products, which may perhaps have to be corrected by a serious fall in the
prices of primary produce.
(d) With a general tendency to failing prices of primary products, it is
obvious that a country,subject as Australia is to wide inter-annual fluctuations of production, finds herself in a disadvantageous position, since a good
year from the standpoint of production may coincide with a good harvest
elsewhere, whilst a year in which wheat prices are high may find Australia
deprived by drought of her normal share of the world's markets.
(e) Not only is the wheat situation altering, for reasons already stated,
but the habits of consumers are altering. There Is some reason to suppose
that per capita consumption of the cruder foodstuffs is diminishing, while
it Is notorious that there are changes in the world demand for different sorts
of textiles; a change of consumption which has been largely brought about
by changes in the relative prices of wool, cotton, and artificial silk.
Australia as Bargainer.
"The combined effects of these factors have already been to alter the
position of Australia in bargaining to sell her own production against the
production of the rest of the world. A larger quantity of Australian goods
has now to be given for the same volume of Australian purchases, and the
is little prospect of a move in Australia's favor again for some time to come.
It would be unwise, therefore, to place too much reliance upon estimates o
what Australia could sell by an increased acreage under wheat and wool
because a 33 1-3% increase in wheat production would be required even t
offset a fall in the price of wheat from 4s. to 3s.; and a fall of 234d. in th
price of wool would require an increased clip of one-third, that is, an increas
of someting like 300,000,000 lb. on the basis of the estimated production o
1929-30, which stood at 910.000.000 lb.
Australia's Rate of Production.
"Turning from the factors which affect the Australian economic situatio
Causes of "Financial Malaise."
malaise are, of course, the from outside, there are two elements in the internal situation in Austral
"These serious manifestations of financial
deeper economic causes. By a which deserve close attention. There is no sign that Australian productio
reflection, and the inevitable reflection, of
accidental high prices is responding in any way to what is now a well-marked internation
series of accidents, chiefly the liberality of lenders and
able to remain aside from phenomenon, namely, an increase of productivity per head. Taking th
for Australian exports, Australia has so far been
a standard of costa whole of Australian production, it appears from the figures produced by th
the general trend of world conditions, and to maintain
impossible. While Australian Commonwealth statistician that Australian productivity
which the rest of the world has long since found to be
OCT. 4 1930.)
FINANCIAL CHRONICLE
tween 1911 and 1927-28 increased by something like 1% per capita. It
must be obvious that this is a rate of increase very considerably below that
of most other nations whose industrial products enter into competition
with the output of Australian secondary industries. It is certain that the
rate of increase of output per capita in other countries in recent years is
much greater than that of Australia. In Australia between 1924-25 and
1927-28 there was a 5% rise in the number of workers employed, but the
volume of industrial output rose by only 3%. Compare this with the
United Kingdom or the United States. In the United States, in the same
time interval, while factory employment has fallen 5%, output has risen
15%;in the United Kingdom, between 1924 and 1928, the British industrial
population rose by 5%, while the output rose by 7%; and the rate of industrial reorganization in Great Britain is definitely an accelerating one.
The conclusion is inescapable—that Australia Is lagging far behind the
United States and substantially behind the United Kingdom. If it is borne
in mind that a larger proportion of the factories and workshops of the United
Kingdom must be of older date than those of Australia, the comparison
becomes even more unfavorable to Australia.
Standard of Living.
"There is also evidence to show that the standard of living in Australia
has reached a point which is economically beyond the capacity of the
country to bear without a considerable reduction of costs resulting in increased per capita output. At present, while the money wage of those employed is higher, almost double what it was in 1911. the number of those
who can attain that wage is so steadily decreasing—unemployment having
doubled since 1924—that Australian workers as a body effectively receive
little more than in 1911. The margin of those who have to be carried
neutralizes in the total the advantages of those who are fully employed, and
this process must increase unless an adjustment Is made enabling a larger
number to share in the total dividend.
"That, I believe, is a brief summary of the cold facts. I do not recite
them in any way as a reproach, still less as a pleasure; but I believe they are
the facts.
"Must Reassure the World."
"I should perhaps add certain alleviating factors. Australian stocks have
for years enjoyed a privileged position in London as trustee securities under
the Colonial Stock Act, and she has to that extent an advantage. There is
a general desire to assist a Dominion,and indeed the mere fact of my presence
here and of the growing co-operation between the present Commonwealth
Bank and the Bank of England as a sister central bank may, I think, be
claimed as a sign of good will from responsible authorities. But the fundamental question is the extent to which Australia herself will make it possible
for the present picture to change. Australia must reassure the world as to
the direction in which she is going, financially and economically, and no
one else can do that for her.
"In discussion with you certain suggestions were made for immediate
action. You will, I hope, allow me to express the opinion that these proposab (since embodied in the resolutions passed by the Melbourne conference) are wise and necessary. If they were publicly adopted by all concerned Australia would then be able to turn to the question of gradually
liquidating her outstanding obligations in London, which in itself in any
circumstances is not likely to be an easy operation or one which could be
carried out except by stages.
"Regime of Emergency Tariffs."
"But there remains a more fundamental question on which,I believe, the
above preliminary suggestions are ultimately conditioned. Australia cannot
wish to remain for ever under a regime of emergency tariffs and rationed
exchange. She has to emerge from that position and to show signs of progressing towards emergence. To achieve this end she depends inevitably
to a large extent on the primary producer, and the power of the primary
producer selling in the world market to assist depends very largely on the
question of his costs, and those in turn depend very largely on the general
costs in Australia, which govern what he has to pay for his supplies and services. I assume that everybody in this room is in agreement that costs must
come down. There may be room for increased efficiency, but there seems
to me little escape from the conclusion that in recent years Australian
standards have been pushed too high relatively to Australian productivity
and to general world conditions and tendencies. If Australia does not face
that issue she will not be able to keep even those standards which s e might
hope to carry by taking timely action, and she will see an inevitable increase
in unemployment.
"The situation is difficult, and calls for a considered program and united
action. But I wish to make it quite clear that, given determined action, it
is in no way beyond control. The difficulties of Australia are not comparable with those from which many other countries have successfully
emerged, and have only to be squarely faced to be capable of solution,
within a reasonable period, a revenue at least equal to the service of the
debt (Interest and sinking fund).
(4) That in order to secure the regular service of the public debt from
revenue, steps will be taken to provide that all interest payments shall be
made to a special account in the Commonwealth Bank,to be used solely for
the payment of interest.
(5) That the Commonwealth and State Treasurers will publish monthly,
in Australia and overseas, a brief summary on uniform lines showing their
budget revenue and expendkure, the position of their short-term debt, and
the state of the loan account;such statements to be drawn up after a uniform
model to be agreed upon.
In order to give effect to those arrangements, and to watch their operation
in all States, a committee consisting of the Treasurers of the Commonwealth,
New South Wales, Victoria, and South Australia was appointed to represent
the conference for the purposes of the agreement. This committee will have
power to consult outside financial and economic authorities, and it will be
In continuous touch with the directors of the Commonwealth Bank.
Substantial Sacrifices.
The members of the conference represent all the governments of' Australia. Their decisions have been arrived at apart from party or political
considerations, and with the sole desire to avert the danger which threatens
Australia. Having heard Sir Otto Niemeyer and Sir Robert Gibson, they
have no doubt that the present difficulties of Australia's financial and
economic situation will be gradually relieved if the arrangements outlined
above are faithfully carried out, as they intend they shall be. This will
unquestionably involve a heavy diminution in both revenue and loan expenditure. and it will require substantial sacrifices on the part of all sections
of the community. But the voluntary acceptance of these sacrifices is, in
the opinion of the members of the conference, the only possible way of
avoiding the Infinitely greater and more prolonged sacrifices that would be
involved in any failure to meet our national obligations. Such a failure Is,
of course, not to be contemplated. It would involve not only national disgrace and dishonor, but it would mean immediate financial disaster, which
would be followed by unemployment on an unprecedented scale, with all its
attendant human suffering. It is confidently expected that the conference
will have the full co-operation of all classes of the community in its endeavor
to prevent such a catastrophe and to place Australia on the road to prosperity.
In addition the following resolutions were passed;
(1) That a standing committee,representative of the Commonwealth and
State Governments,and consisting of the Treasurers of the Commonwealth,
and of New South Wales, Victoria, and South Australia, be appointed to
watch the operations of the common plan adopted by this conference for the
rehabilitation of Australian finance, to confer with financial authorities, to
report to the governments the general effect of the plan, and, when necessary, to convene a conference of the several governments.
(2) That the question of duplication of Commonwealth and State services
be examined with the object of eliminating such duplication, where possible,
and that the Standing Committee cause investigation to be made into this
question.
(3) That the claims of South Australia for further financial assistance
from the Commonwealth be inquired into by the Federal Parliamentary
Public Accounts Committee. That, pending the result of such inquiry, the
governments of the respective States have agreed to forego certain grants
which the Commonwealth proposed to make to them during the present
financial year; and the Commonwealth has agreed to pay to the State of
South Australia the moneys which the States have so agreed to forego.
The grants referred to are:
New South IVales.—The proposed grant for the relief of unemployment.
,00.
£3650
Victoria.—One-fourth of the proposed grant for the relief of unemployment (£64,250) and £100,000 in respect of the Federal aid roads grant
(payment of this last-mentioned sum to be deferred), £164,250.
£130.000.Queensland.—The proposed grant for the relief of unemployment,
CONFERENCE RESOLUTIONS—BALANCING THE BUDGETS—
METHODS OF ECONOMIZING.
On Tuesday, the official statement proceeds, Sir Robert Gibson, the
Chairman of Directors of the Commonwealth Bank, with the governor of
the Bank (Mr. E. C. Riddle), attended the conference, and a further statement was made by Sir Robert Gibson representing the views of the Commonwealth Bank directors concerning the financial position In Australia.
His statement covered the general position, and emphasized the urgent necessity for taking definite steps to deal with the financial position.
After a full consideration of the position, and in view of its very serious
nature, the following resolutions were passed unanimously:
(1) That the several governments represented at this conference declare
their fixed determination to balance their respective budgets for the financial
year 1939-31, and to maintain a similar balanced budget in future years.
This budget equilibrium will be maintained on such a basis as is consistent
with the repayment or conversion in Australia of existing internal debt
maturing in the next few years.
It will of course be a matter for each government to decide how the policy
embodied in the above resolutions is to be carried out in its own separate
sphere. It was recognized that it was essential to the solution of the problem
that the Commonwealth and all the States should be treated as a single
entity, and that the arrangement should be regarded as having been made
by the whole of the governments (Commonwealth and State) acting as a
single body.
Further, if during any financial year there are indications of a failure of
revenue to meet expenditure, immediate further steps will be taken during
the year to ensure that the budgets shall balance.
(2) That the Loan Council raise no further loans overseas until after
existing overseas short-term indebtedness has been completely dealt with.
This decision will apply to overseas borrowing by large public authorities, In
controlling the operations of which the State Treasurer concerned will act
in agreement with his colleagues on the Loan Council.
(3) That it Is resolved by the several governments, as regards such public
works as it may be possible to finance by loans raised in the internal market.
that approval will not be given to the undertaking of any new works which
are not reproductive in the sense of yielding to the Treasury concerned.
2155
South
£150000.Australia.—The
proposed grant for the relief of unemployment.
,
lirestern Australia—One-half of the proposed grant for the relief of unemployment, £32,500.
Tasmania.—One-fourth of the proposed grant for the relief of unemployment, £8,250.
Total, £850,000.
That the Governments of the Commonwealth of South Australia shall
confer as to the balance of £150,000, which shall be made good, if possible,
by South Australia, or, alternatively, by South Australia and the Commonwealth acting conjointly.
In the course of proceedings the Acting Prime Minister (Mr. Fenton)intimated that the Federal Cabinet had agreed to the appointment of a subcommittee of the conference to advise, but not to dictate,in regard to Policy.
He further stated that the Federal Cabinet had also agreed that the budget
should be balanced this year, that the position would be watched-carefully,
and that steps would be taken at the earliest moment necessary to adjust the
position, firstly, by a reduction in expenditure; and, secondly, any adjustment of taxation required to be made so as not to encroach on the State
field of taxation.
At the conclusion of the conference the following resolutions were carried
unanimously:
That the conference tenders its sincere thanks to Sir Otto Niemeyer and
his colleagues for the valuable assistance given by them in the solution of
the problems with which the conference has had to deal.
That the conference tenders its best thanks to Sir Robert Gibson for the
assistance offered by him as the representative of the Commonwealth Bank
in the work of the conference.
That the members of the conference express their sympathy with the
Prime Minister (Mr. Scullin) in his indisposition, and their hope for his
speedy recovery. They wish him "God-speed" on his journey, and express
the confident hope that his representation of Australia at the Imperial
Conference will result in permanent benefit both to the Commonwealth
and the Empire.
Cuban Treasury Bans Selling Gold Bonds—Secretary
Vetoes Negotiations With Chase National—Accord
Near on $20,000,000 Loan.
The following Havana cablegram Sept. 20 is from the
New York "Times".
Declaring that the present condition of Cuba's finances is sound and
that there is no necessity for selling government gold certificates of
public works below par, Mario Ruiz, Secretary of the Treasury, today
placed his official ban on the proposed purchase by the Chase National
Bank of New York of $40,000,000 worth of these certificates.
The treasury head and Secretary of Public Works de Cespedes conferred today, discussing the terms by which the Chase National Bank
will lend the government another $20,000,000 to be used for public
works.
2156
FINANCIAL CHRONICLE
At to the latter we quote the following advices to the
"Times" from Havana Sept. 22:
The negotiations for financing the last $20,000,000 worth of bonds
at present deposited in the national Treasury were practically completed today following a conference this morning between William
Eddy, vice president of the Chase Securities Corporation, a subsidiary
of the Chase National Bank, Alfred Mudge, attorney of the bank, Jose
Obregon, manager of the local branch, and President Machado.
After their audience with the President the bank officials went to the
Treasury Department where they conferred with the Secretary of the
Treasury and the Secretary of Public Works preparatory to signing the
final papers for the transfer of the money in exchange for the bonds.
On Feb. 20 the Chase National Bank agreed to buy $40,000,000
worth of bonds of the Cuban government, due in 1945, at a price of
95 plus interest.
The bank, immediately on signing the contract, placed a $20,000,000
credit at the disposal of the government for one year, taking as a
guarantee $40,000,000 of the $80,000,000 worth of bonds issued at the
time when the government sold the original $40,000,000 worth.
With the completion of the present negotiations the former credit
of $20,000,000 will be canceled. The additional $20,000,000 turned
over to the government will be used for completing the plans for public
works, many of which have already been carried out.
The opinion that drastic charges in Cuba's economic and financial
policies will result from the investigation of the economic structure
by Grosvenor Jones, American financial expert, is expressed by financiers and officials of the Cuban Administration.
It is rumored in official circles that one result will be a loan of
$100,000,000 to the government, to be invested in an extensive program of financial reconstruction, including a still greater program of
public works, the organization of a farmers' loan bank and other
projects for the thorough development of the island's resources.
In view of the fact that the administration chose an American
expert to head its financial and economic commission, it is believed
Wall Street will not hesitate to place at the disposal of Mr. Jones any
sum he may deem advisable to bring about Cuba's economic reconstruction.
Use of Mexican Gold Bank Notes in Place of Gold Coins.
The "Wall Street Journal" of Sept. 20 reported the following from Mexico City:
Board of directors of Mexico City Clearing House has ordered use of
Banco de Mexico gold bank notes in place of gold coin in its transactions.
Action was taken because it WAS seen that substitution of bank notes for
20 and 50 peso gold pieces would make operations easier and also stimulate
circulation of Banco de Mexico billets.
Action Take by Chicago Board of Trade to Bar Future
Selling by Foreign Governments—Directed at Wheat
Selling by Russian Soviet Government.
As was indicated in our issue of a week ago, page 1939,
the Chicago Board of Trade on Sept. 26 adopted a resolution expressing it as the conclusion of the Board "that
the selling of futures upon our exchanges by any foreign
Government is a new development of commerce of seriously objectionable character and it must be brought to an
end." The Chicago "Journal of Commerce" of Sept. 27 in
giving the Board's resolution said:
Steps to bring a halt to selling of wheat in the Chicago market by
the Russian government were taken by the Directors of the Board of
Trade at a special meeting yesterday. The resolutions adopted did not
mention Russia by name, but stated that selling of futures by any
foreign government must be brought to an end.
The announcement was regarded as a warning to members of the
exchange to accept no orders originating with the Russian Government,
they knowing them to be such. It was explained that this will in no
way interfere with customary foreign business in grain futures that the
grain trade has been doing for many years. It is the governments
and not the individuals that the resolution is aimed at.
Resolution Given Members.
The message which was wired to Secretary of Agriculture Hyde and
copies of which were issued to all members of the Board of Trade
follows:
"Following the interview of our committee with you yesterday and
appreciating the courtesy extended to the committee and the information you have furnished us, the directors of the Chicago Board of
Trade, at a meeting held this morning, expressing the desire to cooperate with the government to the fullest extent in protecting the
interests of the people of uor country and in furthering maintenance
of the principles of our government, unanimously adopted the following
resolution:
"'The Board has considered the situation brought to their attention
by the secretary of agriculture respecting the short selling of wisest on
the Chicago Board of Trade by the Russian Soviet government. The
Board wishes to show every evidence of co-operation in the protection
of the American farmer in the free grain markets. It is the conclusion
of the Board that the selling of futures upon our exchanges by any
foreign government is a new development of commerce of seriously
objectionable character and it must be brought to an end.
Bear Raids Opposed.
"'The Board through its business conduct committee has always discounternanced bear raids and manipulation of prices and it again
instructs that committee to take particularly vigorous measures necessary
to prevent such activities. In formulating their judgment as to such
activities, unduly large short selling as distinguished from hedging
may be considered as evidence thereof.'
"I trust the above action of our Board will meet with your approval
and evidence a spirit of the fullest co-operation. With renewed assurances
of my high regard, I am, Respectfully yours, John A. Bunnell, president Chicago Board of Trade."
Soviet Relieved Covering.
Yesterday there was again evidence that short Russian wheat was being
bought in and it is now thought that a large portion of the sales have
been covered. Some big buying orders for March wheat came into the
market on the break, these orders being executed by houses having
eastern connections.
[VoL. 131.
Wheat prices had a bad break during the session yesterday and the
close was the lowest in twenty-three years. December wheat was down
to 80%, while March sagged to 84.4c. The latter was selling around
92c when the Russian sales were made. Prices for wheat showed net
declines of 2@2Y2c yesterday, due to heavy selling by discouraged
holders.
Longs Grow Uneasy.
Steady declines in prices and the general depression in stock and
other commodity markets have made longs uneasy and many of them
have sold out to prevent greater losses. European buying of wheat
has been slow for sonic time and supplies have been piling up rapidly
on this side.
Russia has been offering her cash wheat at such large discounts
under prices asked by other countries that buyers have naturally turned
to the Soviet wheat. Considerable quantities have been contracted for,
although there is belief in some quarters that the total amount sold
will not be as large as many fear.
Secretary of Agriculture Hyde's Comments on Action of
Chicago Board of Trade Barring Future Selling by
Foreign Governments.
The following Washington dispatch Sept. 26 is from the
New York "Times":
Action by the Chicago Board of Trade to block "unduly short sellirig
as distinguished from hedging" was confirmed today in a telegram to
Secretary Hype from John A. Bunnell, president of the board.
"The directors of the Chicago Board of Trade," the telegram said,
in part, "have instructed the board's business conduct committee to
take vigorous methods to stop bear raids and manipulations, and advised the committee that unduly short selling, as distinguished from
hedging, may be regarded as evidence of improper selling."
The Secretary also was informed of the resolution adopted by the
committee that short selling by foreign governments was objectionable
and must end immediately.
"I am glad to see that the Chicago Board of Trade is making an
effort to protect the market of the American farmer," Secretary Hyde
said.
Mr. Bunnell's telegram was regarded with some surprise by those who
have been following the repurcussions from the charges made by Secretary Hyde. Silas H. Strawn, counsel for the Board of Trade, and Mr.
Hyde disagreed as to the effect the short selling in the Chicago market
by a Soviet agency could have had on wheat prices. Mr. Strawn declared that 7,500,000 bushels, the amount mentioned by Mr. Hyde, could
not figure in the depression. The Secretary, however, stated that it was
not so much the amount actually sold short that counted as the fact
that a government was supporting the selling and the bear psychology
resulting from such knowledge.
While Mr. Hyde has held that there is such a thing as a legitimate
hedge, he pointed out yesterday that he had read in a London dispatch
to "The New York Times" that a deal such as Russia had made on the
Chicago Exchange would have been impossible on the Liverpool market.
In this connection Dr. J. W. T. Duvel, chief of the Grain Futures
Administration, stated today that such a transaction would be impossible due to the lesser volume of trade carried on at Liverpool. While
at Chicago a sale of 7,000,000 bushels of wheat might not be felt until
near the close of the market, at Liverpool its influence would be felt
almost immediately. The situation at Chicago, Dr. Duvel said, was
due to the rapid turnover of offerings and the great amount of speculation. In Liverpool, on the other hand, the turnover is not so great nor
so rapid and there is not nearly so much speculation.
A short sale in the Liverpool market, he added, would force prices
downward immediately, but the speculator, in buying back to realize a
profit, would find prices rising in proportion to his purchase just as
fast as they declined. This condition of rapid adjustment to supply, Dr.
Duvet said, would prevent a speculator from realizing any profit on
such a deal, whereas in Chicago when the market declines it does not
return so quickly, and the speculator can buy back his short sale at
the low level and get out with his profit.
The fact that all contracts must be registered at Liverpool, Dr. Duvel
said, likewise was a potent influence in discouraging speculation. Another factor, he added, was the fact that Liverpool is primarily interested in a merchandising profit and not in a speculative one.
No Soviet Deals on Winnipeg Grain Exchange.
Advices from Winnipeg Oct. 1 said:
The Winnipeg Tribune today publishes the following: "There
has
been no selling of grain futures by the Soviet Government on
the
Winnipeg Grain Exchange. Sir George Perley, Acting Prime
Minister, said in Ottawa today that Grain Exchange officials had made
a
thorough investigation but found no trace of Russian activity
in the
grain market. This was confirmed here this morning by
officials of
the Exchange. * * * This will be communicated by the Hon.
Hanford
MacNider, United States Minister, to Hamilton Fish, Jr., of
Washington, who last week invited participation of Canada in the investigation
into Soviet activities in the United States."
Reward Offered for Information as to Source of
Spurious
Messages Regarding Canadian Wheat Pool.
The following Associated Press dispatch from
Winnipeg
Sept. 26 is from the New York "Herald-Tribune":
The Winnipeg Grain Exchange today offered a reward of $1,000
for
information leading to the identification of the person or persons
who
Tuesday wired spurious messages to principal grain markets
in North
America and Europe proclaiming financial disaster of the
Canadian
wheat pool. The messages acted as a bearish influence, and sent
prices
tumbling before they could be denied.
The messages, addressed to Chicago, New York, Liverpool and
Montreal, were telephoned to the telegraph company and signed
with the
name of James Stewart, prominent grain broker. Mr.
Stewart denied
any knowledge of the notes.
The messages said the wheat pool had been taken
over by provincial
governments of western Canada following the banks' demand
for $28,000,000 from the Manitoba government.
The messages were referred to in these columns
a week
ago, page 1991.
OCT. 4 1930.]
FINANCIAL CHRONICLE
Chairman Legge of Federal Farm Board Denies "Pegging" Wheat—Says Farm Board Is Merely Supplementing Loans.
According to a Washington dispatch Oct. 1 to the New
York "Times" reports from the West that the Federal
Farm Board is attempting to "peg" prices on wheat were
emphatically denied by Alexander Legge, Chairman of the
Board, on the 1st inst. The dispatch added:
Mr. Legge explained that the Board is aiding co-operatives to raise
money on their wheat through making supplementary loans on grain in
storage.
The statement follows:
"The Federal Farm Board is making supplementary loans on grain
against which the co-operatives have already secured primary loans.
The Board does not contemplate establishing any so-called peg price or
any other fixed price for grain."
Most of the primary loans on wheat have been made through the Intermediate Credit banks, which are permitted by law to lend to co-operatives up to 75% of the market value of. the wheat. As a rule these
loans are slightly under the legal limit.
2157
Such a campaign would be carried on by the Federal Fa= Board, Mr.
Barton said, in addressing the thirty-third annual meeting a the American
Bakers' Association at the municipal auditorium. The convention, with
more than 500 delegates and other visitors registered, will continue through
Saturday, along with an exposition of bakery machinery and equipment
being held in connection with the meeting.
In urging a national advertising campaign to stimulate white bread
consumption Mr. Barton said:
"We have 130,000,000 people in the United States and 130,000,000 too
many bushels of wheat. The Government proved in the war that its influence was sufficient to cut down the consumption of wheat. Why should
that influence not be exerted now to build up the consumption?
"The propaganda of the Food Administration persuaded us to make a
20% cut in our use of bread; the right kind of newspaper advertising,
sponsored by the Farm Board, would go far toward restoring bread to its
old place of honor and importance in the family diet.
"It has been reported that already 665,000,000 of public money has been
tied up in the attempt to support the price of wheat. Less than 10%, of
that amount would provide an all-the-year-round advertising campaign in
every worthwhile newspaper in the United States.
"In conducting such a campaign to increase wheat consumption the
Government merely would be making reparation for the blOw which was
dealt to the busincss of the wheat grower, the miller and the baker by
propaganda to diminish wheat consumption in the war."
Sales Curb—
Federal Farm Board to Give Aid to Pacific Wheat Group. Representative Dickinson Urges Wheat
Foreigners.
by
-Sales
Short
on
Duty
Proposes
The following from Spokane Oct. 2 (Associated Press)
Representative I. J. Dickinson, Republican candidate for
is from the New York "Evening Post":
A. C. Adams, Treasurer of the North Pacific Grain Growers, Inc., Senator from Iowa, stated at Des Moines, Iowa, on Sept. 26,
had assurance today that margins on wheat loans made to farmers of
that he would introduce a bill in the next session of Congress
the Northwest would be protected, if necessary, by supplemental loans
to extend the grain tariff to all grain hedged or sold for a
from the Federal Farm Board.
This assurance, Adams announced, came to F. 5. Wilmer, President short account by foreign dealers on American markets.
of the corporation, in telegrams from Sam R. McKelvie, grain member
"Secretary Hyde's investigation into the operations of
of the Farm- Board, and the Farmers' National Grain Corporation, ChiRussia on the Chicago Board of Trade, if carried through
cago, chief operating unit in the national grain marketing setup.
"With the market at present levels, our 25% margins are in danger successfully, may bring out some facts that will startle the
of being wiped out," said Mr. Adams. "Rather than sell the farmers
States," Representative Dickenson is
out at these prices, we appealed to the Farm Board for protection of the people of the United
margins."
quoted as saying. He is further quoted as follows in Associated Press accounts.
Farmers' National Grain Corporation Informs Members As"We must stop any foreign government from abort selling our farmers.
sistance Will Be Extended on Margin Loans to Prevent They raise their grain with underpaid peon and peasant labor on land worth
50 cents an acre, and because of our unfair, archaic and capital-controlled
Forced Sale of Holdings.
marketing system are permitted to dump their cheap products on the
The "Wall Street Journal" of yesterday (Oct. 3) re- American market through a strange system of hedging or short selling."
Mr. Dickinson said that under his proposed bill, "if Russia or any other
ported the following from Chicago:
In view of the apprehension among grain growers in all parts of the country sells short any future option on wheat, immediately the 42-cent
or
country as regards lower prices of wheat the Farmers National Grain tariff on the amount sold becomes effective, whether it be 1,000,000
Corporation has advised by telegram all stockholder members that it is 100,000,000 bushels."
He added that the 25-cent tariff on corn and the rates on other grains
prepared to extend assistance on margin loans if necessary to prevent
forced sale of farmers' holdings. Walter I. Beam, Treasurer of the Cor- would apply in the same way.
poration, made the following statement regarding the telegrams sent to
grain growers:
French Deputy Sees Need to Check Manipulation of
"So that we may if necessary help protect margins of stockholdet
Grain Prices by Speculators.
members carrying grain in store as collateral to loans from commercial
and Intermediate Credit Banks we have asked stockholders to notify us
Under date of Sept.-28 a Paris cablegram to the New York
at once of amounts borrowed and from what banks. In addition we
have telegraphed stockholder members that it should be clearly under- "Times" said:
Adrien Darias, a member of the Chamber of Deputies and a former
stood that such financial aid as may be extended to protect grain loans
Minister of Agriculture, speaking at a banquet of farmers at Alencon, urged
does not even suggest a fixed price or peg loan policies.
"This action has been taken in the belief that grain prices are suffi- the need of reform in world commercial exchanges in order to check the
ciently low to make the extension of such credit reasonably safe. In dealings of grain speculators. The latter, he said, should be compelled to
view of the extreme shortage of corn and pasturage grain prices are prove they really possess grain or are millers.
"There is an urgent need to put a stop to the dealings of certain specuexpected to adtance."
lators," he declared. ''No one shoula be allowed to purchase for future
delivery unless he can prove he really Intends to stock the grain in a wareSeed Loan Office of Department of Agriculture Grants house or is a miller. There is a need for ridding the farmer of the speculator who merely gambles and thereby is the cause of the unsteadiness of
Loans of $550,000 for Fall and Winter Pastures.
prices."
Five hundred and fifty thousand dollars of the unexpended balance of the $6,000,000 appropriated by Congress
last March for loans through the farmers' seed loan office
of the U. S. Department of Agriculture to relieve distress
in 15 States from storms, floods, and drought in 1930, has
been allotted to farmers seriously affected by the summer's
drought in Alabama, Oklahoma, Virginia and Missouri, for
the purchase of seed and fertilizer for fall and winter pastures, according to an announcement by the Department
Oct. 1, which also says:
Great Britain Buys Less Wheat—Decrease Accounts
Largely for Slump in Imports from Argentina.
The following Buenos Aires cablegram, Sept. 26, is from
the New York "Times":
British imports from Argentina for tin first six months of this year
were reduced to £27,496,290, compared with £37,082,711 for the first
six months of last year, according to a report from the Argentine Embassy
at London, published by the Minister of Foreign Affairs today. Argentina's
favorable trade balance against Britain was reduced from £26,961,352 on
June 30 last year to £18,782,494 on the same date this year.
Applications for these loans must be backed by the farmer's promisThe heaviest decline was in wheat, British imports of which totaled
sory note and a mortgage on his crops, and must be approved by a £4,882,871 for the first six months of this year, compared with £9,575,982
County Committee before they can be accepted in Washington, accord- for the same period in 1929.
ing to G. L. Hoffman, who is in charge of the Federal Seed Loan Office.
Loans can not be made for crops to be harvested in 1931, he says.
Approximately 2,000 applications for loans have bren received to date. Germany Raises Wheat Duty—Tariff to Be $4.20 per
and Mr. Hoffman expects as many more by October 15, the final day
200 Pounds—Added Return to Aid Poor.
for accepting applications. Of these 1,732 have been approved as folFrom Berlin, Sept., 27, advices to the New York "Times"
lows: Alabama, $8,548 on 180 loans; Oklahoma, $27,853.45 on 859
loans; Virginia, $24,990 on 368 loans, and Missouri, $16,469.25 on said:
325 loans.
The duty on wheat and spelt will be raised from 15 marks (about $3.60)
to 17.50 marks (about $4.20) per 200 pounds and to 38.50 marks (about
White Bread Drive Urged for Wheat—Bruce Barton $9.24) on flour by a governmental decree effective to-morrow.
The expected return of 10,000,000 marks ($2,380,000) from the increased
Tells Bakers Federal Campaign Could Eliminate
duty will be used to supply the poorer populace with cheaper fresh meat
Surplus.
Instead of frozen meat, the importation of which will be barred after this
. To Increase the demand for white bread in the American Tuesday.
home, thereby disposing of the wheat surplus and relieving
Sweden Finds Soviet Dumping—Rejects Cargoes at
agricultural depression, a nation-wide advertising campaign
Cut Prices—Grain Goes to Antwerp.
was urged at Atlantic City on Sept. 23 by Bruce Barton of
following from Stockholm, Sept. 29, is taken from the
The
New York, publicist and advertising consultant. This is
New York "Times":
indicated in Atlantic City advices to the New York "Journal
The importation of Russian grain here is assuming greater proportions
of Commerce", which went on to say:
than hitherto, sales being made at dumping prices. Two Danish steamers
2158
FINANCIAL CHRONICLE
(You 131.
.f..••••••••••
with 1,600 tone at rye and 1,000 tons of oats arrived at Stockholm free
harbor today.
As the consignments had not been sold before their departure from
Leningrad the ships awaited orders here, which duly arrived, the ships proceeding immediately to Antwerp. Sweden refused to purchase the grain.
The prices offered were one-third the current grain prices in Sweden.
Proposals to Relieve Financial Difficulties of Australian
Wheat Growers.
Proposals to relieve the immediate financial difficulties
of Western Australian wheat growers have been submitted
to the State Government and involve special legislation for
the appointment of a board to represent associated banks
to control and distribute the crop so as to enable growers
to maintain themselves until the 1930 season. We quote
from Perth (Australia) advices, Sept. 28, to the New York
"Times", which added:
the law and regulations and representing loans to cotton growers on the
basis of 9 cents per pound, or 75% of the market value if such percentage
exceeds 9 cents, for middling white cotton of h inch staple, such cotton
being of tenderable grade and staple, properly stored and insured, and
pledged as security for the loans.
The banks' announcements have been given wide publicity in the press
throughout the South and they have already received hundreds of inquiries
from country banks and agricultural credit corporations concerning the
matter.
American Farm Bureau Federation Asks Federal
Drouth Commission to Extend Emergency Freight
Rates on Feed and Livestock Shipments.
The directors of the American Farm Bureau Federation
have addressed a resolution to the Federal Drouth Commission asking extension of emergency freight rates on feed
and livestock shipments in areas affected by the recent
drouth. This is learned from Chicago advices to the "Wall
M the State Government approves the scheme, the Federal Government
Street Journal" of Oct. 3, which add:
will be asked to suspend the provisions
of the Federal bankruptcy act and
enable the board to take over from private trustees estates now assigned
them.
Emergency rates now in effect, which are 60% lower than established
tariffs on feed and livestock, will expire October 31. Although farmers
have received considerable benefit therefrom, feed from old crop and short
new crop at present on farmers' hands has only prolonged the time shipBan on Sheep for Russia—Soviet Atterppt to Acquire ments of feed and livestock in affected areas will have to be made, according
to 0. W. Sandberg, Director of Transportation of the Federation.
Flocks Disturbs Australian Wool Growers.
"These emergency rates will have expired before the farmer can benefit
The following Sydney (Australia) cablegram, Sept. 29, by them because the effects of the drouth on his feed requirements will
not be fully apparent until later in the year," he said.
Is from the New York "Times":
People in the wool industry here are perturbed by the attempts of Soviet
Russia to organize flocks at the expense of Australian growers, who already
New Members for Philadelphia Clearing House—Associaare faced with keen South African competition.
Following the export to Russia of 5,000 Merino sheep, the Federal
tion Plans to Increase Financial and Industrial Position
Government has prohibited further shipments to Russia without warrant.
of City.
certain breeders, however, circumvent this ruling by exporting stud sheep
Eleven banking institutions in Philadelphia and Camden
to New Zealand, where there is no export embargo, and after a few months
the pasturing sheep find their way to Russia or South Africa. It is reported were admitted on Sept. 25 to full membership in the PhilaRussia is prepared to spend $2,500,000 for Australian sheep.
delphia Clearing House Association, bringing the total
Mexico Cancels Concessions for Manufacture of Alcohol
from Corn to Curtail Consumption of Corn.
The following Mexico City advices are from the "Wall
Street Journal" of Sept. 27:
The Ministry of Industry, Commerce and Labor cancelled all concessions
granted Mexican and foreign enterprises for the manufacture of alcohol
from corn. Action was prompted by a desire to prevent consumption of
large quantities of corn in this manner. Corn amounting to 47,200 tons,
valued at 4,723,000 gold pesos (approximately $2,360,000) was brought
Into Mexico this summer by six freighters from Africa and 400 carloads
from the United States. This is the greatest amount of corn Mexico has
ever Imported in a similar period. About 36,000 tons of African corn was
imported during the summer.
Federal Reserve Bank of Dallas Aids Texas Farmers—
Member Banks Permitted to Renew Notes Secured
by Cotton.
From Dallas the "Wall Street Journal" of Oct. 3 reports
the following:
Announcement by the Federal Reserve Bank of Dallas for the Eleventh
District that member banks will be permitted to let maturing rediscount
paper become overdue by renewing notes secured by actual cotton, will
ease the Texas cotton marketing situation which has been disturbed by
a heavy movement of this season's crop to markets and congestion of
terminals and ports. I
IMLynn P. Talley, Governor of the Bank, said that the institution will do
Its part to bring about more orderly marketing, the absence of which has
contributed to low prices of cotton. The Bank In no way is encouraging a
holding movement. However. In view of the custom to make maturities
of crop production loans coincident with the peak of the cotton movement
(about Sept. 15 to Nov. 1) rural banks dealing largely with cotton producers
have found it difficult to liquidate at present extremely low prices.
ns Extension ofcrop notes farther into the season Is recognized as imperative,
as it is generally belleved that cotton can go no lower and that when once
the spinners recognize that the:commodity is selling at a bargain, consumer
demand will be stimulated.
lo The Texas cotton season is the earliest in 20 years. Interior warehouses
and terminals at the ports are becoming congested with the new crop, but
the loan extension should bring relief.
Extension of Cotton Credits by Federal Intermediate
Credit Banks.
"Very great interest" has been manifest throughout the
cotton growing sections nf the country in the announcement
of the Federal Intermediate Credit Banks that they were
ready and eager to extend credit for the purpose of storage
and orderly marketing of the cotton crop according to a
statement Sept. 27. The statement in behalf of the banks,
made public through the Federal Farm Loan Board, said
that hundreds of inquiries were being received by the banks
says the "United States Daily" of Sept. 29, which gives the
statement as follows:
Reports received from Federal Intermediate Credit Banks in the cotton
belt indicate very great interest on the part of the country banks in the
plan announced by them on Wednesday for assisting in financing the
storage and orderly marketing of this season's cotton crop.s00(41
The announcements of the Federal Intermediate Credit Banks, which
were mailed to all banks and agricultural credit corporations in the cotton
growing section of their respective territories, stated that they would accept
from such instiSuSions, and carry notes bearing interest rates permitted by
membership of that organization up to 31 banks and trust
companies. This is noted in the Philadelphia Public
"Ledger" of Sept. 26, which further said:
The member institutions have total resources of $1,740,000,000, or
89.7% of the total banking resources in Philadelphia, which apprmd•
mate $1,939,000,000.
Enlargement of the Association's membership paves the way for the
Clearing House to further expand its activities with a view of increasing the importance of Philadelphia as a financial and industrial center,
it was pointed out by representative financial interests.
New Members.
The institutions admitted to membership, C. H. Batten, manager of
the association, announced are:
Bankers Trust Company of Philadelphia.
Central Trust and Savings Company.
First Camden National Bank and Trust Company, Camden.
Franklin Trust Company.
Haddington Title and Trust Company,
Hamilton Trust Company.
Industrial Trust Company.
Northern Trust Company.
North Philadelphia Trust Company.
Real Estate Trust Company.
United Security Trust Company.
The Clearing House Association issued the followiag statement:
"For some months it has been the opinion of the Clearing House
Association that it should have as members all of the important banks
and trust companies in the city, and that this question was of prime
importance not only to the banking interests of Philadelphia, but also
to its industrial and commercial activities.
To Expand Activities.
"Heretofore the association has confined itself to what might be considered the special interests of its members and to the mechanics of
While it has performed these functions satischeck clearances.
factorily, it felt that it should keep in step with the progress of Clearing
House Associations in other cities. It is universally conceded that the
interdependence of banking and business generally with the growth
and importance of a community is absolute. In addition to what might
be termed purely banking or commercial questions, problems of civic
importance may from time to time be considered by the Clearing House
Association in an effort to increase the importance of Philadelphia as a
financial and industrial center.
"It was felt that self-interest and civic pride should join in urging
that the Clearing House be strengthened, not only to insure a greater
usefulness in clearing checks, but to enable it to assume a more important position in all questions affecting the mutual welfare of the
banks and the community as a whole.
Would Improve Conditions.
"It is the purpose of the Clearing House to consider and improve,
from time to time, the conditions of banking in Philadelphia by the
adoption of such rules as may quicken the availability of checks between banking institutions and to consider various measures whic.k
have been found useful in other cities.
"The Committee of the Clearing House having the matter in charge
consists of Joseph Wayne, Jr., President of Philadelphia National
Bank and President of the Clearing House; William P. Gest, Chairman of the Board, Fidelity-Philadelphia Trust Company and Vice.
President of the association and Chairman of the Clearing House Committee; Charles S. Calwell, President Corn Exchange National Bank
and Trust Company; William J. Montgomery, Vice President First
National Bank; J. William Smith, President Real Estate-Land Title
and Trust Company; John H. Mason, Vice President, Pennsylvania
Company for Insurances on Lives and Granting Annuities, and Howard
A. Loeb, Chairman of the Board, Tradesmens National Bank and
Trust Company."
OCT. 4 1930.3
FINANCIAL CHRONICLE
Judge Alfred J. Coxe, apthe petitioners, following which
Firm, Fails—
ers. Thursday's "Times"
receiv
nge
Co.
Excha
Trust
g
Stock
Irvin
York
pointed the
.1. A. Sisto & Co., New
ver.
d:
Recei
s
state
nted
in reporting the proceeding
Irving Trust Co. Appoi
assets is contained in the
No statement of the firm's liabilities or
30, J. A. Eisto & Co., with
On Tuesday of this week, Sept.
the
tion.
from
applica
nded
suspe
was
y had and received"
offices at 68 Wall Street, this city,
Mr. Valentine filed a claim of $352 for "mone
creditors who appeared
. The official anvency
Other
s.
insol
service
for
nge
legal
Excha
for
$250
of
Stock
and a claim
New York
144 Pearl Street, $82.22 for
as follows:
as petitioners were William C. Siegert of University Avenue, $23.83 for
nouncement by the Exchange was
Keogh of 2166
Ellen
d
and
Richar
ed,
Mr.
deliver
ge,
goods
Exchan
Stock
The President of the New York
the Exchange at 1:30 P. M. "money had and received."
bankrupts "admitted in writWhitney, announced from the rostrum of notified the Exchange that
The petition set forth that the alleged
their debts and willingness
pay
to
ty
inabili
today that J. A. Sisto & Company had
their
ners
petitio
the
ing to
they were unable to meet their obligations.
pt."
bankru
ed
adjudg
be
to
New York Curb ExSimilar action was also taken by the
iate Member, and
Assoc
an
was
k Exfirm
the
change, of which
rs' Loans on New York Stoc
of J. A. Sisto Outstanding Broke
firm
The
Sept.
tal
h—To
Mont
the Philadelphia Stock Exchange.
in
08
180,3
change Drop $117,
was composed of the
& Co. (which was founded in 1922)
,761.
1,452
$3,48
30,
s B. Henrotin (floor
following members: J. A. Sisto, Norri
New York Stock ExOutstanding brokers' loans on the
nge), Richard Hormembers of the New York Stock Excha
,761 on Sept. 30, these
1,452
$3,48
as
nced
annou
and
are
e
Derby
R.
chang
William
witz, Floyd J. Sisto, Charles J. Sisto,
8,633,069 on Aug. 30—a defirm, Joseph A. Sisto, figures comparing with $3,59
Francis L. Haveron. The head of the
month. In the Sept. 30 showing
maintained branch cline of $117,180,308 in the
is said to be in Europe. The company
,339 are reported, while the time
0,259
$2,83
of
loans
tives
demand
had representa
offices in Philadelphia and Boston, and
22. On Aug. 30 the demand
198,4
$651,
loans amount to
In London, Paris, Zurich and Milan.
and the time loans $686,020,403.
e, the New York loans were $2,912,612,666,
In its report of the company's failur
public as follows on Oct. 2
made
were
s
figure
30
The Sept.
part:
"Times" of Wednesday, Oct. 1, said in
nge:
little to say. The only by the Stock Excha
In the absence of Mr. Sisto, his partners had
Exchange members on collateral,
ion did not involve the Sisto
Total net loans by New York Stock as of the close of business Sept.
statement issued was that the firm's suspens which, it was said, is indefor and carried in New York
trust
cted
ment
contra
invest
an
ation,
Corpor
Financial
ated $3,481,452,761.
r, broke sharply on the
pendent., The stock of that enterprise, howeve it fell to 10, at which it 30 1930, aggreg
:
The detailed tabulation follows
Time Loans.
news of the Sisto suspension. Opening at 177, stock and the violent
Detnand Loans.
this
closed. There was no heavy selling of
New
from
ral
collate
on
ings
borrow
Net
er.
(1)
turnov
te
modera
$606,122,000
$2.450,752,400
decline was on a
more than anything else,
York banks or trust companies
W'hat caused the Sisto firm's difficulties,
ral from pricollate
n
on
concer
ings
a
borrow
Co.,
Oil
Net
(2)
bank
was its sponsorship of the stock of the Cosden
vate bankers, brokers, foreign
for a time was rated as one
45,071.422
379,506,939
headed by Joshua C. Cosden and which
others in New York City
Cosden,
Mr.
or
es
ies.
agenci
compan
oil
newer
the
of
of the most prosperous
country, formed the
the
in
ialists
industr
93,422
est
$651,1
wealthi
39
the
of
$2.830.259,3
formerly one
g of the Sisto firm and
$3.481.452,761
conmany about two years ago with the backin
was
total of Time and Demand loans
ed
stock
ed
Combin
preferr
of
,000
loan
$3,000
the
is exactly the same as in
other Wall Street houses. About
The scope of the above compilation
common stock was issued as a
ago.
month
a
ge
placed privately, and a large block of
Exchan
the
by
report issued
bonus to purchasers of the preferred.
nge since the issuance
of common stock, and his
The compilation of the Stock Excha
Mr. Cosden retained a substantial amount were estimated at about
year
January 1926,
holdings in the company at one time lastwhich the market value of the of the monthly figures by it, beginning in
to
$15,000,000 on the basis of the price
for Cosden common was 115, follows:
common stock rose. Last year's high
Total Loans.
Time Loans.
Demand Loans.
after selling as high as 11%.
1926—
$3,513,174,154
whereas the stock closed yesterday at 8%,
5968,213555
82,518,960,599
the shrinkage in the aggregate Jan. 30
but
90,821
point,
h
3.538.5
was
day
44,057
the
1,040.7
on
loss
48.284
net
The
2.494,8
8500,096,187
the last year has been enormous. Feb. 27
966512.407
2,033,483.760
market value of the common stock in
was Mar. 31
2.835,718,509
ent
,857
statem
al
885,848
financi
last
89552
its
but
1,989,8
active,
still
Apr. 30
2,767,400.514
The Cosden company is
780,084,111
1,987,318,403
May 28
2,928.298.345
700.844512
not well received in Wall Street.
2,225.453,833
with which the Sisto June 30
2,996.759,527
714.782.807
78,720
2,282.9
Cosden Oil, however, is only one of the stocks
Cab
31
r
July
3.142.148.088
Checke
6588
the
are
778,28
2.363.861.382
firm has been connected. Among the others Inc.; Chicago Pneu• Aug. 31
3,218,937510
799.730.288
2,419,208,724
Co.,
30
Sept.
3,111,178.925
.475
Manufacturing Co., Parmelee Transportation
821,748
30.450
2,289,4
r Machinery, Oct. 31
Leathe
al
Nation
ts,
3,129,161,675
Produc
Food
.125
e
799.825
matic Tool, Hygrad
2,329.538,550
3,292,880,253
firm's connection with Nov. 30
The
,370
others.
751.178
and
Tea
2,885
Union
2,54158
Grand
Cuneo Press,
, but with others it was Dec. 31
some of the companies was that of banker
1927—
3.138.786,338
.000
810,448
2,328,340,338
31
identified more remotely.
3.258,459.379
780,981,250
2475,498.129
ed as the most important Jan,
Feb. 28
3,289.781,174
3500
In Wall Street the suspension is regard
785.09
inter7,674
2.50458
The Sisto firm did an
31
3541,209,847
799,903,950
since the market collapse of last Autumn. the head of the firm, is the Mar.
2,541505,897
Apr. 30
3,457.880,029
5550
Sisto,
783,87
A.
J.
s.
busines
93,079
2,873,9
g
national bankin
31
May
friend3.568.986.843
close
8550
811.99
a
with having
2,756,988.593
June 30
son of an Italian immigrant. He is credited
3,841.695.290
877.184,250
Fascist
1.040
the
2,78451
visited
have
to
July 30
3,873.891,333
,545
928.320
ship with Benito Mussolini and is said
70.788
2.745.5
Aug. 31
3,914.827,570
896.953,245
3.107.674.325
dictator on his present trip to Europe.
3.946.137,374
financiers in Sept.30
young
.500
the
922.898
of
known
38,874
widely
3,023,2
most
the
31
Mr. Sisto is one of
4,091538.803
957.809.300
in Newark. He was Oct.
3,134,027.002
born
been
having
old,
30
Nov.
years
41
is
4,432.907.821
Wall Street. He
952,127,500
3 480,779,821
, his acquaintances say.
31
nearly 10 years old before he learned English an. His first improtant Dee.
salesm
1928—
4.420,352514
He began hsi banking career as a bond
1,027,479.280
3.392,873.281
He left that house Jan. 31
4,322,578,914
1,028.200,280
3.294,378.854
connection was as a partner in Hallgarten & Co.
become Feb. 29
4540,174.172
have
49,000
to
d
1.059,7
is
repute
He
25,172
3,580.4
1922.
in
s
to establish his own busines
Mar. 31
4,907.782,599
45,000
last
ed
1,168.8
collaps
8538,937599
which
Apr. 30
5,274548.281
immensely wealthy during the big bull market
1,203587,250
59.031
4,070,3
May 31
4,898,351,487
8.982
1558,71
32,505
n.
3,741.6
Autum
June 30
4.837547,579
• • •
53.084
1,089.6
3,787.894,495
5,051,437.405
of the July 31
s
,112
member
957,548
all
to
9,293
ay
4593,88
yesterd
sent
Aug. 31
5.513.839.685
The following telegram was
.711
824587
for
,
Shares
51,974
4,889,5
Trust
ite
Compos
an
Americ
30
Sept.
uted
5,879.721.082
distrib
783,993528
selling group which
5,115.727,534
Oct. 31
8,391.844584
rs.
.904
manage
joint
777,255
were
88560
Co.
&
5514,3
Sisto
which
an
30
Nov.
Americ
8,439.740.511
of
n
.787
creatio
to
717,481
5.722.258.724
"On and after Oct. 1 operations incidental
depositor corporation. Dec. 31
Composite Trust Shares will be carried on by
F.
1929—
6,735384.241
heretofore by E.
752.491.831
5,982.872,411
Purchases, sales and deliveries will be confirmed as
Jan. 31
6,678.545,917
730,398507
5,948,149,410
28
Inc."
Feb.
Co.,
6504.457.108
&
ie
Gillesp
594,458.888
8.209598,520
but customers are Mar.30
8,774.930.395
,280
571.218
12,115
Sisto & Co. did an extensive commission business,
8,203,7
no
was
30
There
Apr.
8.885,137.925
ay.
.450
yesterd
565.217
8.099,920.475
not likely to be embarrassed, it was said
7.071,221575
ions. May 31
obligat
,195
628,782
firm's
the
59579
of
8.444.4
extent
the
to
as
June 29
7.173,794,294
official information, however,
803.851.830
8,870,142,884
31
7581519.428
July
ne",
.454
719.841
ld-Tribu
7,161,977.972
According to Wednesday's New York "Hera
Aug. 31
8,549,383.979
,710
717,392
1.389
7531,99
actur
Manuf
30
8,108.824.888
Sept.
Cab
er
.889
870,795
Check
5,238,028579
Morris Markin, President of the
Oct. 31
4518598.789
719.305.737
&
93.032
Sisto
3.297.2
A.
J.
that
Nov. 30
3589.510.273
813,089,488
ing Co., issued a statement to the effect
3578.420,785
31
Dee.
the company for several
1930—
8,984588.065
Co. had not been bankers for
.950
458.521
8528.246.115
4,187.588.352
l meeting in July. Jan 31
457.025.000
3.710,563.352
months, having withdrawn at the annua
4.8'5.302.339
Feb. 28
.000
604.141
1,339
n
4552.16
ratio
corpo
the
of
31,359
books
31
Mar
5.083.1
fer
the
trans
that
.018
said
n
700.212
Mr. Marki
4562519,341
30
4.747.831.912
780 958.878
3,946.873.034
associate interests on Apr.
11.289
May 29
3.727.7
.251
Indicate that J. A. Sisto & Co. and
747.427
2,980,284.038
3 689.482.297
668.1183.87
s of Checker Cab June 30
3.021.363 910
Sept. 16 had fewer than 11,000 share
July 31
3.598533.089
.403
886520
12568
2,9125
3,481,452.781
same paper further- Aug 30
651,193,422
2,830,259,339
stock registered in their names. The
Sept.30
more said:
ee Transportation has
New York Curb Exchange
Stock holdings of J. A. Sisto & Co. in Parmel
S. S. Campbell Suspended by
been sold some time before this.
Days.
an
30
held
y,
for
German
of
er
Bank,
the
Dresdn
ago
Until a few years
y underwriting affiliations have
Thursday of this
interest in J. A. Sisto & Co. Securit &
The New York Curb Exchange on
Co. with various European
nsion of S. S. Campbell,
been maintained, however, by J. A. Sisto
suspe
the
nced
annou
2,
Oct.
week,
a
firms.
Co., 74 Trinity Place, this city, for
was flied against of S. S. Campbell &
ttees
commi
to
made
An involuntary petition in bankruptcy
nts
ateme
misst
for
on Wednesday, Oct. period of thirty days
the firm in the Federal District Court
to yesterday's New York
, of the organization. According
Street
Wall
63
of
ney,
an
attor
tine,
Vallen
1, by Henry D.
suspension was for vieell's
Campb
Mr.
small creditors as "Herald-Tribune",
who appeared for himself and two other
2160
FINANCIAL CHRONICLE
[Vor... 131.
Litton of Article XVII, Secti
on 5, of the constitution. Mr.
Campb
New York Curb Exchange
ell has been a member of the Curb
Questionnaire—Brokers
since May 26,
1919, when it conducted business in
Interrogated on Rainbow Lumi
the open street, it was
nous Deals.
stated.
The following is from the New
York "Sun" of last night
(Oct. 3):
Brokerage House of Piperno & Co.
The New York Curb Exchange
Unable to Meet Oblito-day began an investigation into
recent
transactions in stock of Rainbow
gations—Suspended from N. Y. Curb
Exchange.
suspended from trading yesterday. Luminous Products, Inc., which was
Piperno & Co., stock brokers, with
On Wednesday the class "A" and
offices at 43 Exchange
Place, New York, were suspended
among the most active dozen stocks "B" common shares of Rainbow were
on the board. The class "A" closed
from membership in the 13,
at
compared with the year's
New York Curb Exchange on Thurs
of 143, and low of 6, and the
day of this week, Oct. mon closed at 431, compared high
"B" comwith its high of 73, and low
2, following admission by the firm
of 23' for the
that it was unable to year.
meet its obligations. The partners
The
has directed its members to supply
composing the company actionsCurb
a
transc
ript
in all transIn the stock from Sept. 24 to
are George Piperno, Albert Raab
Oct. 1, inclusive, showing the
, George Palumbo, Walter of the broker selling or buying and
name
the name and address of the
E. Jubieen and David Wood. Mr.
customer.
Piperno and Mr. Wood Answers to the questionnaire must be filed with the commit
tee
of arrangements on or before Monday, Oct.
were the floor members of the
6.
New York Curb Market.
It is not expected that the stock
Yesterday's New York "Times", in
will be readmitted until after the
replies
reporting the failure, to the questionnaire have been examined.
stated that the extent of the Piper
Suspension of trading in Rainbow Lumin
no concern's embarrassous
Produc
ts
coinci
ded
with the
failure of the Curb firm of Piperno
ment was not indicated, but it
& Co.,sponsors of the issue.
was understood that it is
not large. The paper mentioned
also said in part:
Few Insurance Companies Suffer
Following announcement of the
Decrease in Assets,
actions in thirty or more stocks suspension of Piperno & Co., transAccording to Survey by J. K. Rice
were recorded on the Curb ticker as
having taken place "under the
& Co.
rule,"
repres
enting
the
closin
g out of
Few of the leading insurance
trades between the Piperno house
companies have suffered
and other firms. This amounted to a
liquidation of such stocks, the proced
ure being to sell "under the rule" more than negligible decreases in assets due to depre
such securities as an embarrassed firm
ciation
in security prices, a survey of
is
The total volume of the stocks liquidaunable to accept.
these companies reveals.
ted
was
conside
rable,
but the Conservative investment mana
only significance of the transactions was
gement over a long period
that they could not be completed otherwise, for the benefit
of customers, because of the Piperno of years, J. K. Rice Jr. & Co. points out, has enabl
ed these
suspension. Among the stocks sold "unde
compa
nies to build up portfolios, including
r the rule" were American
Superpower, American Cities Power
selected bonds,
and General B certificates, Associ and Light B, American Utilities preferred stocks, mortgages and common stock
ated Gas and Electric A, Central
s in balanced
States Electric, Commonwealth and Southe
rn Warrants, Creole Petro- proportion, which assures proper diversification, there
leum, Arkansas Natural Gas A, Deere
by
& Co., Empire Fire Insurance, eliminating the possibility of large losses
Golden Center Mines, Houston Oil of Texas
. The following
new, Hygrade Food Prod- tabulation by J. K.
ucts, International Utilities warrants new,
Rice,
Jr., & Co., shows the market
Italian Superpower A, Memphis Natural Gas, Metal and Mining, New
value as of Sept. 22 1930, the liquidatin
Mexico & Arizona Land,
g value as of June 30
United Verde Extension, Stutz Motor and United
Light and Power A. 1930, and the yield on the stocks of some of the
outstanding
insurance companies:
J. J. Loftus & Co., Los Angeles Broke
rage Firm, Closes—
Market Value
Suspended by California Stock Exchange
Lig. Value
Sept. 22 1930. June 30 1930.
of Los An
Yield.
geles and License Suspended by
Aetna
(Fire)
State Corporation
64
57
American Alliance
3.1%
Commissioner.
30
29
American Insurance
5.3%
19
19
American Surety
The brokerage house of J. J. Loftus &
5.2
113
Co., Los Angeles, Boston Insurance Co
65
5.3
670
a member of the California Stock Exch
672
Camden Fire
2.4
ange of that city and Caroli
22
24
na Insurance
4.5
the Chicago Board of Trade, had failed
29
33
4.2
to open for business City of New York
565
524
Continental
4.2
on Tuesday of this week, Sept. 30, the
nce
57
California Stock Fidelity-PhenInsura
41
4.2
ix
67
Exchange of Los Angeles suspended the
47
Firemen's Insurance
4.0
company from Franklin Fire
34
32
6.5
membership and its brokerage license was
30
27
Globe & Rutgers
5.3
suspended by Great
975
981
American
2.9
the State Corporation Commissioner. An
31
33
Associated Press Halifax Fire
5.0/
23
28
dispatch from Los Angeles, printed in
Hanover Fire
4.3
43
the New York Harmonia
45
3.7
Fire
"Times" of Wednesday, Oct. 1, from which
29
34
Hartford Fire
5.1
the above in- Home
74
64
Insurance Co
3.4
formation is obtained, went on to say:
42
39
National Fire
4.7
70
Harold G. Ferguson President of the Exchan
pension was due to the firm's refusal to submit ge, announced the susits books for examination by the Exchange committee.
"J. J. Loftus & Co.," said the Corporation Commis
sioner, "has been
under investigation two or three months becaus
tion. The circumstances of the firm are such e of its financial condithat we consider it was
not safe for the company to deal further with
the public. An investigation now is under way to determine definitely the
The license of the company will remain suspended status of the firm.
until such time as
sufficient capital has been put in to make the
firm sound."
The company received its original license two
years ago.
Its
officers are John J. Loftus, Charles E. Cree and
Fred B. Ogle. Although
doing a general stock brokerage business,
the company specialized in
grain trading.
The Corporation Commissioner said suspension
of the license had
followed information that C. C. Bennett & Co.
of Chicago had "sold
out" the Loftus ompany, its correspondent.
Officials of the concern made no statement.
Proposed Amendment to By-Laws of New
York Coffee and
Sugar Exchange Affecting Grades of Coffe
e Deliverable Under Certain Contract.
Members of the New York Coffee and Sugar
Exchange
will vote Oct. 20 on a proposed amendmen
t to the by-laws
to eliminate mild coffee standard No. 3 type
and the coffees
now deliverable under this standard in the
"F" contract.
In the event of approval of the proposed
revision, the
amended contract becomes operative on and
after the expiration of the last month in which trade
s have been made
prior to the adoption of such amendment. Three
coffees
are deliverable under this type, which are classi
fied by district as (1) natural Maracaibo, (2) unwashed
Puerto
Cabello and (3) unwashed Salvador prime.
They are deliverable on the "F" contract at discounts of 3, /2
41 and 31/
2
cents respectively from the basis grades. The
announcement in the matter also says:
These coffees are the lowest grades deliverable on the
"F" contract
and deliveries always have been very light. With
grades of coffee deliverable on the "F" contract, it is seventeen other
believed the use
of the contract by the trade will be widened by the
elimination of these
comparatively inferior grades.
New Brunswick
North River
Phoenix Insurance
Providence-Washington
United States Fire
Westchester Fire
* Dec. 311929.
28
53
85
64
63
55
71
32
42
*57
58
52
*57
2.8
5.201
3.9
2.4
3.4
3.8
4.24
Tax on Capital Stock Applied to
Security Dealers—
Illinois Decision Makes Companies Subj
ect to Local
Assessment as Mercantile Corpo
rations.
An Illinois corporation dealing in stocks,
bonds, securities,
&c., is subject to the Illinois capital stock
tax on intangible
property, the Attorney-General of
Illinois, Oscar E. Carlstrom, has ruled, according to
Springfield, Ill. advices,
Sept. 26 to the "United States Daily"
from which we take
the following further account:
Such a corporation is a mercantile
corporation and hence must be assessed
locally rather than
by the State Board of
Equalization, the opinion held,
citing People v. Federal Security Co.,
255 Ill. 561. The opinion deliver
ed
to the State's Attorney of Carroll County
follows in full text:
I have your communication of the
21st ultimo, in which you refer to
former inquiry dated Aug. 13, in which
a
you
poration dealing in stocks, bonds, securit state, in substance, that a cories, &c., organized for pecuniary
profit under "An Act in relation to
approved June 28 1929, has a capital corporations for pecuniary profit,"
stock of $60,000, with its princip
al
office located in the City of Savann
a,
of incorporation showing that $46,00 Carroll County, Ill., said certificate
0 of
that the State Board of Equalization said capital stock was paid in,and
assessed the capital stock in the
sum of $2,700. The assessor of the
is located assessed its capital stock, township in which said corporation
personal property, &c., In the sum of
810,000.
Assessment Permissible.
The Board of Review of the Count
y of Carroll and State of Illinois,
is
contemplating assessing the capital
stock of this concern on the basis of
its
paid-up stock, to wit, $46.000, to
which contemplated assessment the
corporation is objecting and raising
the
has no jurisdiction to assess the capital question that the Board of Review
You request my opinion as to whethe stock of a corporation of that nature.
r or not, under the statute of the
State
of Illinois, it is within the power
and authority of the Board of Revie
w to
assess the capital stock of this
corporation and other organizations under
the Act herein referred to.
Replying permit me to say that a corpor
ation organized to buy and sell
stocks, bonds, &c., has been defined as
a mercantile corporation within the
meaning of the revenue law, in the case
of People v. Federal Security Co.,
255 Ill. 561. It is also stated in said
opinion that the capital stock
of a
mercantile corporation is subject to taxati
on since clause 4 of section 1
of
OCT. 41930.1
FINANCIAL CHRONICLE
the Revenue Act of 1905 was held unconstitutional, but as the State Board
of Equalization is prohibited from assessing the capital stock of said corporation the assessment must be made by the local assessor.
The manner of assessing the capital stock of corporations as set forth in
Rule XI of the State Tax Commission may be found in the case of People v.
Board of Review, 329 III. 388.
Fifty-five Building and Loan Associations in United
States Reported as Having Assets of Over 10 Million
Dollars Each.
Fifty-five building and loan associations belonging to the
United States Building and Loan League now have assets
exceeding $10,000,000, points out H. F. Cellarius, SecretaryTreasurer, in a report made public at Chicago Sept. 28.
This is regarded as auspicious for the small home financing
situation for the coming year, since the holdings of the 10
million dollar companies, as well as the moneys invested
in a number of other smaller associations, are available
at once for home buying and building. The United States
Building and Loan League has 1,200 other member associations in addition to the 55 big ones listed below. The Pacific
States Savings and Loan Co. of San Francisco has the
largest assets of any association in the country, showing
on June 30 1930 $65,367,061. In second place is the Railroad
Co-operative Building and Loan Association of New York
City, with $59,656,455. In third place is the Farm and Home
Savings and Loan Association, Nevada, Missouri.
2161
Commissioner Cantley stated that he does not favor "anything that
seems to be calculated to strengthen that chain that binds the c immon
people to the centers of population and of wealth. Do not misunderstand.
Centers of population and of wealth are necessary to the economic progress
of this country, but there is a limit which this concentration of wealth
and of power may not pass without danger to the whole fabric of civilationl'
Consolidations Hopeful.
One way of improving the position and strength of the independent
bank is by way of continued consolidation and mergers. Mr. Cantley said
to a point where each remaining bank can control, unhampered, a sufficient
volume of business to operate at a fair profit with efficient and well-paid
management. Until that conditions obtains, he added, we may expect
continued but isolated cases of trouble.
Speaking with respect to systems of banking organization, Mr. Cantley
stated that it perhaps did not become him, because of his official position.
to urge for or against any system of banking. "Permit me to say," he
continued, "that I am for any system that will give greater security and
greater liquidity to banks; but I do feel justified in defending any system
that I believe to be best calculated to serve and protect the localities to be
served. I have always tried to maintain an open mind on the subject of
banking methods, desiring to lend support to that which seemed to be
best, but, up to the present time, I have never been able to see how or
wherein any new system or systems,under present conditions,can materially
improve our immediate situation.
"We hear a great deal about chain, group and branch banking, but I
have never yet known the expansion of these systems to be governed by
altruistic motives. They are usually advanced by those who are In position
and expect to profit by the change and to this date I have never known of
any bank being considered for purchase or absorption that has not had a
good dividend record and does not have a good liquid position and a promising future. Such a bank needs no prop to lean on as a support. The
banks that now need to be absorbed or strengthened are frowned upon and
will be left outside any such system to flounder along the best they can
or go into liquidation, voluntarily or otherwise just as they are now doing,
except perhaps in increased numbers.
Other Banks are Hurt.
"It goes without saying that, where there are two or three small banks
in a town and a large city bank absorbs one and advertises, as it will,
that this bank has been selected because of its condition and that the
same strength and service will be afforded as that rendered by the parent
institution, the other bank or banks in the community will be vitally
affected and may soon be in our hands for liquidation, even though the
banks may be inherently sound. The shift of deposits, owing to the unrest now prevalent, will hasten their ruin. If my reasoning is right, we
would have next to a panic for a season, which can be averted by a gradual
readjustment as is now being effected.
"I am not in favor of anything that seems to me calculated to strengthen
that chain that binds the common people to the centers of population and
of wealth. Do not misunderstand. Centers of population and of wealth
are necessary to the economic progress of this country, but there is a limit
which this concentration of wealth and of power may not pass without
danger to the whole fabric of civilization."
Some Savings Banks in New York City Cut Interest
Rate on Deposits from 43'% to 4%.
Eleven of the mutual savings banks in this city announced
on Oct. 1, that the interest on deposits for the three months
beginning Oct. 1 will be at the rate of 4% per annum, compounded quarterly. These banks have heretofore been
paying interest at the rate of 4%% per annum. The announcement of the lowered rate was made by the following
banks: the Bowery Savings Bank, Broadway Savings Bank,
Citizens Savings Bank, Dry Dock Savings Institution,
Emigrant Industrial Savings Bank, Franklin Savings Bank,
Greenwich Savings Bank, Italian Savings Bank, Maiden
Lane Savings Bank, North River Savings Bank and the B. M. Anderson Jr. of Chase National Bank of New York
Union Dime Savings Bank. The announcement made by
on Money Market Control Through Government
these banks said:
Security Operations—Questions Policies of Federal
The mutual savings banks of New York operate solely for the benefit and
Reserve System.
profit of their depositors. The rate of interest paid is controlled by the
return earned on investments of depositors' money. The character of such
Under the title "Money Market Control through Governinvestments is rigidly regulated by State law.
ment Security Operations," Benjamin M. Anderson Jr.,
Generally speaking, during the first quarter of this century 4% has been
Bank of New York,
paid by mutual savings banks. For 1929, and the greater part of 1930, Economist of the Chase National
practically all of the mutual savings banks of the State were able to pay discusses in the Bank's Economic Bulletin, issued Sept. 29,
4%%. The rate of interest which can be paid to depositors necessarily
the open market purchases and sales of Government securireflects the rate obtainable on investments.
money market. These
To-day money is cheap; money rates are low. The yield on gilt-edge ties for the purpose of influencing the
bonds has been decreasing. These and other factors tend to reduce the purchases says Dr. Anderson, "were familiar enough in the
income from careful investing.
pre-war policy of the Bank of England, and were not unRecognizing this change in economic and financial conditions, and in acmarkets." Dr.
cordance with the policy of paying the highest interest consistent with ab- known in some other European money
solute safety and instant availability, the trustees of the undersigned in- Anderson notes that "when the United States entered the
stitutions, acting in behalf of their more than 1.000,000 depositors, make
Reserve System began to use similar tactics."
the following announcement: "The interest for the three months beginning war the Federal
Oct. 11930. will be at the rate of4% per annum,compounded quarterly."
"The Federal Reserve Banks" he adds "increased their holdings of Government securities, making the money market
The "Herald Tribune" of Oct. 1 said:
Loans.
The Seamen's Bank, although announcing no change in its interest rate. easier as preliminary to the issue of the various Liberty
adopted a resolution limiting the amount of a single deposit to 161,000. It was war finance." "Emergency policies, growing out of
Not more than $1,000 would be received as deposit for any account during
war conditions," Dr. Anderson warns,"are to be very strictly
any three-month period, the announcement said.
when it is proposed to employ them regularly,
scrutinized
Among the savings banks which have announced that they
herewith
will continue interest at the rate of 43'% are the Empire as a matter of course,in times of peace." We quote
City Savings Bank, the Union Square Savings Bank, the the following from Dr. Anderson's article:
Open market purchases and sales of Government securities for the purExcelsior Savings Bank, the New York Savings Bank, the
pre-war
of influencing the money market were familiar enough in the
other
Manhattan Savings Institution, &c. The Metropolitan pose
policy of the Bank of England, and were not unknown in some
Savings Bank announces interest at the rate of 43
4% for the European money markets. But transactions of this sort were relatively
of
small in pre-war days. The motive which commonly actuated the Bank
quarter ending Sept. 30.
England in buying Government securities seems to have been primarily
sales
was
It
a profit motive rather than the desire to make money easy.
imof Government securities, including Indian Council bills, which most
Missouri Commissioner in Letter to State Bankers pressed
the London money market, the purpose of such sales being to take
Says Chain, Group and Branch Methods are Not up the floating supply of money and "make Bank Rate effective." The
policy was more likely to be restrictive than to be deliberately generous
Based on Altruistic Motives.
to the market.
Chain,group and branch banking systems are not governed
During the war, however, as the accompaniment of Government finance.
place. The Government
by altruistic principles, the Commissioner of Finance, S. L. large purchases of Government securities took
first borrowed from the Bank of England on Ways and Means Bills, and
Cantley, asserts in a recent letter addressed to the State the Dank bought short term Treasury Bills also. This had the double
bankers of Missouri. "I have never yet known the expan- purpose of giving the Government the cash it immediately needed, and of
balances with the Bank of England into the
sion of these systems to be governed by altruistic motives," puttingofadditional deposit
hands
the Joint Stock banks. As the Government drew against its balhe said.
ances with the Bank of England,they were promptly transferred to custom"The country is so organized and Ichainized,'"he con- ers of the Joint Stock banks,and thence to the Joint Stock banks themselves.
This increased the volume of reserve money for the banking community
tinued, "that banking is about the only independent busi- and
made money easy, permitting a multiple expansion of general bank
ness still available to capable young men of to-day and, to credit which enabled the banks to buy Treasury Bills and Government
The
maintain its independence, we must run good banks." The bonds, and to finance the community in buying Government bonds. fully
London money market appears not to have understood the operation
Commissioner is thus quoted in the "United States Daily" at
the beginning of the war, and it is not entirely certain that the Governof Sept. 30, which further reported him as saying
ment or the Dank of England did. The first recourse to the Bank of England
(vol..
FINANCIAL CHRONICLE
2162
was simply a quick way of getting money. But very speedily the process
was learned, and, although the making of an artificial money market
through Government security transactions on a great scale would not ordinarily have been approved by sound English financial opinion, the
exigencies of war justified everything, and the making of an easy money
market, as each successive war loan came, became a recognized institution.
Speedily, too, the British financial authorities learned the process of
regulating outside money markets in which they wished to borrow, and,
very especially, the New York money market. If an issue of bonds of the
Allies, as, for example. the Anglo-French loan, was to be placed in our
market, it was preceded by the export of a large volume of gold, accurately
timed to increase surplus reserves in the New York banks and to facilitate
a multiple expansion of credit in the United States which would make it
easy for us to absorb the foreign loan.
When the United States Government entered the war, the Federal
Reserve System began to use similar tactics. The Federal Reserve Banks
increased their holdings of Government securities, making the money
market easier as preliminary to the issue of the various Liberty Loans.
It was war finance. That reserve credit in large volume should be issued
on the basis of Government paper had not been the original intention of the
framers of the Federal Reserve Act. The Federal Reserve System was
designed to be a commercial paper institution, expanding and contracting
with the needs of trade. But it was also designed to support the Government if war came, and criticism of its policy during this period, though
justificable in many points of detail, must not obscure the main facts that
the Government was adequately and soundly financed during the war, and
that the Federal Reserve System played an indispensable and distinguished
role in our war finance.
But the lessons of war were too thoroughly learned. Open market purchases of Government securities constitute a powerful weapon, and whereas
pre-war policy of the Dank of England had used this weapon moderately.
and then primarily as an instrumentality for tightening the money market,
post-war policy in the United States has used it on a great scale, and primarily as an instrumentality for making an easy money market. The two notable occasions when it has been used for another purpose in the United
States are 1923, when excessive buying of Government securities had led
to a sharp decline in "free gold." and to an unduly rapid expansion of credit.
with boom symptoms of a disquieting sort, and in 1928-29, when the preceding undue purchases of Government securities had set loose an almost
unprecedented stock market speculation.
Emergency policies, growing out of war conditions, are to be very strictly
scrutinized when it is proposed to employ them regularly, as a matter of
course, in times of peace.
It is especially necessary to scrutinize such policies when we find t'-em used
in peace times on a scale running far beyond the scale employed in the war
itself. The peak of Federal Reserve Bank holdings of Government securities during the war was 350 million dollars on Oct. 25 1918. But this was
a temporary peak, representing the swelling of credit necessary in the flotation of the Fourth Liberty Loan of approximately seven billion dollars,
a loan made at a time when the capital market had already been very thoroughly drained. The System's holdings of Government securities stood at
79 millions of dollars on Sept. 27 1918, rose to 96 million on Oct. 18. and
350 millions on Oct. 25, but promptly dropped to 118 millions on Nov. 1
again. Much more moderate movements than this accompanied the first
three Liberty Loans.
In contrast, our peace time operations in Government securities have
been gigantic. In 1924 the System's holdings of Government securities
rose from 100 millions on Jan. 9 to a peak of 619 millions on Sept. 17.
In 1927, the System's holdings rose from a low point of 254 millions on May
131.
11 to a high point of 705 millions* on Nov. 16. In 1929. the figure stood
at 136 millions on Oct. 23, rising to 533 millions on Dec. 18 and standing
at 511 millions on Dec. 31. Dropping off to 477 millions on Jan. 29, the
figure rose again to 602 millions on Aug. 27 1930.
Six hundred million dollars is approximately 25% of the total legal
reserves of all the member banks of the Federal Reserve System. Federal
Reserve Bank operations in Government securities on a scale much smaller
than this can turn the money market upside down, can make a scarcity
of capital look temporarily like a superfluity of capital, and can generate
almost incredible abnormalities in the monetary picture. Policy with
respect to the use of this great power should at all times have the closest
scrutiny.
The use of banks of issue by governments in order to get money when
they cannot get it any other way is, of course, an old story. Grave disorders
have often come from this, the most typical of which have been
depreciated paper money and chaos in public finance. So grave have been
the consequences of this kind of policy that s vere restrictions have been
placed upon Government borrowings from central banks, and upon central
bank holdings of Government securities, in many countries. The Dawes
Plan imposes strict limitations of this kind upon the Reichsbank for example.
The Federal Government created the National Banking System during
the Civil War, to make a market for Government bonds, and provided
for the issue of National bank notes against Government bonds. This
was better than the direct issue of Government paper money in the form of
Greenbacks.
But the line of scientific reform has been recognized to be in getting
away with this, and basing the expansion of bank notes, bank credit, and
reserve credit on paper which represents the commercial and industrial
activity of the country, rather than on Government paper.
* In several cases, these figures include temporary overdrafts to the
Government, but this is true, also, in tno war time figures with which they
are compared. This factor does not affect the Aug. 27 1930, figure.
Earnings and Expenses of Federal Reserve Banks for
Six Months Ended June 30.
Gross earnings of 821,143,869 are shown for the Federal
Reserve banks for the six months ended June 30 1930,
while the total current expenses for the half year totaled
814,574,936. Out of current net earnings for the half year
of $6,568,933 dividends of $5,164,977 were paid. As was
indicated in our issue of Jan. 11 1930 (page 225) the gross
earnings of the Federal Reserve banks in 1929 were $70,955,000. The net earnings for that year were $36,403,000,
and the dividends paid to member banks totaled $9,584,000.
As will be observed from the table below, made available
by the Federal Reserve Board, the earnings of the Federal
Reserve banks of Boston, Richmond, Kansas City, and
San Francisco in the first six months of this year were less
than the amount required to be distributed in dividends to
member banks.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING SIX MONTHS ENDED JUNE 30 1930.
Total.
EarningsDiscount bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
Total earnings
s
6,729.131
4,241,488
8,913.204
126,840
1,133,206
Total,exclusive of cost of currency 13,215,123
Federal Reserve currencyMMusl cost, incl. shipping charges_ 1,291,115
joet of redemption, including ship68,698
ping charges
lurrent net earnings
nvidends paid
Reimbursable ezpenditures offiscal
agency departmentalarles. employees
A11 other
New
York.
5"
a le
401,301 1,292,634
257,084 1.378,557
583,552 3,457,837
18,401
5,825
65,409 363,061
Philadolphin,
$
837,843
139,727
790,471
7,195
51,027
Cleteland.
Richmond.
$
866.664
361,436
689.263
18,528
112,053
5
465,378
189,276
193,005
13,401
22,150
21,143,869 1,313,171 6,506,490 1,826,263 2,047,944
Current expensesSalaries:
Bank officers
1,335,924
Clerical staff
5,922,458
Special officers and watehmen
457,582
All other
944,595
Governors' conferences
396
Federal Reserve Agents' conferences
763
Federal Advisory Council
7,750
Directors' meetings
77,919
Traveling expenses.a
99,194
Assessments for Federal Reserve
Board expenses
398,662
Legal fees
45,754
Insurance (other than on currency
and security shipments)
223.397
Insurance on currency and Security
shipments
298,060
Taxes on banking house
746.292
Light. heat and power
177,672
Repairs and alterations, banking
house
82,200
155.153
Rent
208.377
3ffIce and other supplies
211.300
Printing and stationery
105.173
Telephone
244,475
Telegraph
865.887
Postage
230,323
iiiressage
368,847
dIscellaneous expenses
Total current expenses
Boston.
61A
Atlanta. Chicago.
s
$
563,907 891,677
305.570 422.734
153,288 1.280.986
11,033
20,217
54,586 232.855
883,210 1,088,384 2,848,489
58.875 269,117
482,718 1,612,582
84,916
18,089
47,004 244,128
68.833
452,059
25,433
43,059
480
7,215
14.639
530
3,647
7.432
563
3,584
9,589
453
4,009
7,282
536
11,629
9,905
740
6,095
9,445
131,099
2,526
38.655
2,069
)
17.419
)4
41,283
20,059
10.927
i l.
4,027
604
20,051
14.407
13,889
6,455
84,642
31,625
30,453
39,848
2,768
16,526
693
14.476
2.052
53,495
6,901
16,768
13,264
13,390
23,935
31,747
69,497
17,902
16,331
32,697
7,688
6,792
49,020
17,132
18,648
7.167
16,678
77.339
18.667
22,565
906
6,845
8,344
12,128
3,895
18,325
55.927
18,698
16,934
937,558 1.239.188
718,700
14,842
37,916
60,900
11,596
40,837
I
61,424
204.037
37,955
2,415
207
7,981
18,014
9,910
2,923
95,270
22,311
21,764
57,382
40,600
30.677
27,343
148,951
52,012
98,558
fir
12,979
930,142 3,179,457
$
Minnetwits.
Kansas
City.
Dallas.
San Fran'
cisco.
356,769
206.679
381,956
10,351
12,032
3
01.775
162,786
348.670
3.387
26,054
$
408,898
119,353
142.166
7.398
146,365
3
230.885
163,660
435,327
9,324
14,367
967,787
832.652
824.180
853,563 1,351,756
96,500
323,675
36,670
87,132
87,408
264,038
23,581
40,591
127,833
507,725
48,072
71,627
8,313
59.999
171,291
17,114
29,771
396
136
797
3,163
4,938
14,369
847
r
14,205
9,108
9,144
I
14,323
11,989
5,225
701
5,337
10,137
•
11,915
5,631
543
1,050
8,530
9.179
""4
27,526
6.131
19,653
13,302
21,459
3
321,400
538,626
456,683
3.800
33,247
Iii, Its
lit 1.• r
111.150
509.431
'57,900
134,463
300
4,197
3,369
ill**
29,676
1,867
St.
Louis.
93,672
303,796
32,034
50,355
120,325
211.303
22,688
18,508
161,477
831,452
66,708
136,613
82,737
272.392
24,377
41,344
1
84
ii:
r 800
, 7,054
V.1
I
800
13,459
4,968
1
lip "4
35,622
17,232
6,587
19,402
7,222
13,892
9.602
32,708 147,154
40,522
33,660
38.520
47,122
19.416
7,457
18,562
9.968
12,662
9,284
9,005
24,858
3l
)
111,2
9,395
1,714
13,309
,960
5,195
3.138
19,370
2,641
88.551
'' 8,535
750
10.988
25.487
21,708
8.641
7.950
8,928
11,787
14.832
33,179 "t 9,832
19.442
9,874
9,500
10,844
3,826
10,318
6,350
2,582
4,355
4,606
7.598
35.361
20.401
34,783
20,580
25,915
8.772
28,939
45,602 119,013
38.335
43.295
61.022
65.623
30,878
18,217
30,338
11,347
8.233
12,716
5.533
9,826
18,833
44,305
18,195
38,218
22,459
13,367
23,186
634,221 1.790,635 838,408 457,625 855,161 637,789 1.196.239
,,, .•
50,806
138,242
217,154
01,274
84,234
9,611
6,934
6,643
6,262
3,600
11,214
10•
46,681
I. •
3,242
14,574,938 1,077.995 3.403,545 1,035.475 1,329.684
791,696
670,428 2,202,473
688.331
3,121
2,225
491,399 909,088
679,341 1,295,476
417,958 645,998
162,537 606,806
279,456
158,845
141.25 -84.908
92.623 129,708
174.217
131,903
8,842
1,120
4,360
635
6,568,933
5.164,977
69,396
235,176 3.102,945
350.399 2,038,373
790,788
499.318
718.260
475.716
91,514
179,197
7.120
2,799
4,878
1,010
7.927
690
2,557
1,195
31.655 400,624
4,552
31,549
,
al If
,
00,243
39.257
IV *•I
8,994
2,300
58.280
341.552
li
61,942
17.748
3,441
806
2,640
930
3,363
4,140
5.153
1.012
b7,292
1,694
sla ad
14,369
1,717
3.570
7,503
9,982
9.910
0,165
5,888
8,986
4.247
8,617
3,752
4,995
79.690
6,086
a Other than those connected with Governors' and Agents'conferences_and meetings of directors and of Advisory Council. b Includes $2,500 offIcers'.salarleii.
Total
OCT. 4 1930.]
FINANCIAL CHRONICLE
2163
The new Minister to Hungary lias on two previous ueCablOtIS sersed his
country abroad. The first was from 1914 to 1916 when he was one of the
attaches in the American Embassy in Paris. The second was after the
armistice, when, because of previous studies of Austro-Hungarian conditions and his knowledge of German and other foreign languages, he was
chosen by the late Professor Archibald Cary Coolidge to be a member of
the Austro-Hungarian field mission of the American Commission to Negotiate
Peace, of which Mr. Coolidge was the head, and spent the winter of 1919
in Vienna and Budapest.
Born in New York City in 1893, Mr. Roosevelt was graduated from
Harvard in the class of 1914, and after his service in the Embassy in
Paris served in the war as Captain in the 322nd Infantry. In 1921 be
joined the editorial staff of the New York "Tribune," and in 1923 transferred to the New York "Times." Besides writing editorials and articles
on international affairs for that paper, Mr. Roosevelt made a trip to central
Europe in 1923 to study economic problems and to the Far East in 1925
for the New York "Times." He is the author of three books on America's
Mr. Roosevelt's resignation followed the opposition to hie appointment international affairs, the latest of which, "America and England?" was
sf Philippine political leaden of both the Philippine House and Senate, published in January 1930.
based on certain views and policies advocated by him in writings on the
Nicholas Roosevelt Resigns as Vice-Governor ofthe
Philippine Islands—Given New Appointment as
Minister to Hungary.
Co-incident with the announcement on Sept. 24 of the
resignation of Nicholas Roosevelt as Vice-Governor of the
Philippine Islands, it was made known at the White House
that Mr. Roosevelt would succeed J. Butler Wright as Minister to Hungary. Mr. Wright, it is stated, is to become
Minister to Uruguay, in place of Leland Harrison, who, it
Is said, has resigned from the post. Regarding Mr. Roosevelt's appointment we quote the following from the United
States Daily of Sept. 25:
Island.
"One-Sided Propaganda"
"This one-sided propaganda," Mr. Roosevelt wrote to President Hoover in
submitting his resignation, "has tended to create in the Philippine Islands
a state of mind prejudicial to my present usefulness as Vice-Governor.
Under the circumstances, I have decided to place my resignation as ViceGovernor of the Philippine Islands in your hands, believing that my services
san be more useful elsewhere."
Mr. Roosevelt's appointment as Vice-Governor was submitted to the
Senate for confirmation two days before the end of the last session. It
was referred to the Committee on Territories and Insular Affairs, presided
ever by Senator Bingham (Rep.), of Connecticut. The immediate protests
sf the Philippine Commissioner and other representatives in this country
against the appointment and petitions for a hearing before confirmation,
led Senator Bingham to advise the Senate that be would not ask confirmation until the December session. Shortly after Congress adjourned without
action on Mr. Roosevelt, President Hoover named him as a recess appoint-
Mr. Roosevelt never undertook to assume the duties of
Vice-Governor of the Philippines.
John H. Price Resigns as Chairman of the Newsprint
Institute of Canada—Denials of Price Cutting.
The resignation was announced on Sept. 25 of John H.
Price as Chairman of the Newsprint Institute of Canada.
Mr.Price is President of Price Brothers & Company, Ltd. of
Quebec. Regarding Mr. Price's resignation as head of the
Institute we take the following from the New York "Times"
of Sept.26:
of Canada supplies more
The membership of the Newsprint Institute
of the United States.
than half the newsprint used by newspapers
company would follow
his
that
said
The announcement by Colonel Price
and the interest of its stockment.
an independent course to protect its position
some newsprint manufacturers
holders. His resignation was regarded by
The White House statement of Sept. 25 said:
as the forerunner of a price war.
by Colonel Price, Ernest
The appointment of Nicholas Roosevelt as Minister to Hungary, followresignation
After the announcement of his
ing his resignation as Vice-Governor of the Philippine Islands, was announced Rossiter, President of the St. Lawrence Corporation, Ltd.. another imposition
new
the Secretary of the
to-day at the White House. Mr. Roosevelt was chosen for this
portant Canadian newsprint manufacturer, wired to
because of his familiarity with Hungarian events ever since he was a Newsprint Institute of Canada. with headquarters in Montreal. that be
Negotiate
to
Commission
similarly would
American
company
his
the
of
that
member of the field mission
supported the action of Colonel Price and
Peace, sent to Austria and Hungary during the Winter of 1918-1919.
take steps to protect its position.
The following is Mr. Roosevelt's letter to the President
tendering his resignation from the Philippine post:
Washington, D. C.,
Sept. 20, 1930.
Dear Mr. President:
When you tendered me the recess appointment as Vice-Governor of the
Philippine Islands, I accepted it with an open mind, anxious to do what I
could to further Philippine-American relations, which have been for years
my special study.
In my writings I have taken the position that the United States stands
In relation to the Philippines as a trustee to its ward, and that, in consequence, we cannot withdraw until we have fully discharged the obligations
which we assumed on taking ever the islands. To this end I have urged
that educational facilities be extended so that, instead of only one child
In three attending school, as at present, every child should have a seat
In school.
I have advocated the extension of suffrage to include the women of the
Philippines. I have pointed out that if ever the Philippines are to be selfsustaining, greater attention must be paid to economic development and less
to politics. I have fought the restrictions which selfish American interests
have sought to place on Philippine products and Filipino immigrants coming
into the United States. Finally, I have urged that so long as the American
flag flies over the islands the American administration should be efficient
as well as honest and sympathetic.
Unfortunately, the Filipino leaders have ignored these views and have,
instead, broadcast representations of my writings with an obvious indifference to the correlation between their statement and the facts. In many
cases this has been done by persons who apparently have not read what I
have written, contenting themselves instead with isolated sentences twisted
from their context.
Their one-sided propaganda has tended to create in the Philippine
Islands a state of mind prejudicial to my present usefulness as viceGovernor. If prolonged, this situation is apt to have unfortunate repercussions in the next session of Congress, during which vitally important discussions of Philippine problems will presumably occur. The fundamental
Issues then to be considered should not be complicated by questions connected with my appointment, nor should any controversy about my views
be permitted to embarrass Philippine-American relations.
Under the circumstances, I have decided to place my resignatim as
Tine-Governor of the Philippine Islands in your hands, believing that my
services can be more useful elsewhere. Your acceptance of it will not
lessen my deep interest in Far Eastern affairs nor diminish the eagerness
with which I look forward to revisiting the Philippines.
Thanking you for the honor you have done in giving me this appointment, I am
Respectfully yours,
NICHOLAS ROOSEVELT.
The President of the United States, the White House, Washington, D. 0.
Institute's Purpose Explained.
Newsprint Institute at
Colonel Price's announcement explained that the
and to relieve a market
Canada had been organized to curtail pro.duction
members were expected
that was glutted. It functioned as a pool and its
had agreed. Colonel Price
to live up to certain conditions on which they
members of the
explained that there had been a growing tendency among
provisions of their
Institute to "scramble for markets" regardless of the
agreement. His statement also said:
best of my ability the interests
"I have spared no efforts to promote to the but
I have become convinced
of all companies belonging to the institute. and
my efforts to accomplish
that the expressed purpose of the institute
unwillingness of members to conthem have been and are defeated by the
agreement."
membership
their
of
terms
the
or
form to either the spirit
his company "now
Colonel Price's statement then went on to say that
of policy and action
intends to adopt immediately whatever independence
position and the interest
It may be compelled to follow in order to protect its
of its stockholders."
Rossiter, who is a
Supporting the position taken by Colonel Price, Mr.
wired to the Secretary
member of the Board of Governors of the Institute,
of that organization, saying:
Corporation,
"Please inform the Board of Governors that St. Lawrence
to protect its present
Ltd., will take whatever similar steps are necessary
position."
Newsprint Institute,
Mr. Rossiter, in a letter to the secretary of the
Price's resignation "as
confirming his telegram, said he considered Colonel
violations of the
fully justified and necessary in view of the recent definite
Institute agreement."
newsprint
following
the
Tne Newsprint Institute of Canada includes
Power and Paper Co.,
manufacturers:Canada Power and Paper Co., Abitibi
Ltd..
Thunder Bay Paper Company, Ltd., St. Lawrence Corporation, Co..
P. Booth
Price Brothers & Co., Ltd., E. W. Eddy & Co., Ltd.; J.
and
Power
Bathurst
Fort Frances Power Co., Great Lakes Power Co.,
President Hoover's letter to Mr. Roosevelt acceptirtg his
resignation said:
"With reluctance I have concluded to accept your resignation as Vicellovernor of the Philippine Islands. I chose you for that post because you
Would be especially well qualified for it through your knowledge of Philippine conditions and your deep interest in the Filipino people; and I
appreciate fully the unselfish spirit that has prompted your withdrawal.
I have determined to appoint you as the United States Minister to
Iungary—so that in that other field where you have already worked the
United States may have your service."
The following was contained in the White House statement of Sept. 24:
Paper Co.
Associated Press advices from Montreal on Sept. 26 said:
of the Newsprint
The resignation of Colonel J. H. Price as Chairman
as presaging the disInstitute of Canada was variously interpreted today
s to form a
manufacturer
leading
of
solution of the organization, the merger
price war.
new holding company and the beginning of a newsprint
no information that
But Premier Taschereau said in Quebec he had
and the formaPrice's action would lead to the breaking up of the Institute
tion of a similar but stronger organization.
the Board of Gov"I understand that Colonel Price's withdrawal from
which is an
ernors was provoked by the action of one of the companies
that while he has left
Institute member," he said. "I believe, however,
membership
the office of Chairman he has not withdrawn his company from
in the institute."
dispatch from here
The Toronto "Star" had previously published a
merger of four imquoting Premier Taschereau as saying he understood a
Without the
effected."
portant newsprint manufacturers "is largely
"some of the
knowledge of many Institute members. The "Star" said, a merger of
on
newsprint leaders, led by .1. H. Goody, have been working
Lawrence."
Abitibi. Canada Power and Paper. Anglo-Canadian and St.
said:
"Star"
Regarding the third interpretation. The Montreal
Price Cutting Reported.
that the price of
"Rumen were current in the financial district today
of saying the
newsprint had been sharply cut. One report went the length
price had been reduced from $55.20 to $44 per ton.
of the
effects
the
feel
first
to
'It was also stated the two companies
were Price Brothers
Canada Power and Paper deal with the Hearst interests
& Co., Ltd., and St. Lawrence Paper Mills.
outbreak of hos"Meanwhile it is believed in financial circles that this
for the completion of plane
tilities in the industry will accentuate the need
company which would
under way for the formation of a powerful holding
as well as some further
take in the leading companies in Eastern Canada
west."
2164
FINANCIAL CHRONICLE
The St. John (N. B.) "Telegraph Journal" said:
"Information reaching St. John yesterday was to the effect that there
is
more than a hint of a newsprint war and the expectation is
that a cut in
newsprint prices is practically certain to ensue."
From Quebec, Sept. 26, the New York "Times" reported
the following:
No sharp drop in the price of newsprint has resulted from the resignation
of Colonel J. H. Price from the Newsprint Institute of Canada, it
was reported by newsprint authorities in this city today: Rumors from Montreal
to this effect were flatly denied. One report of a drop in the
price of newsprint from $55.20 to $44 a ton was declared to be without foundation.
Canadian Press accounts from Quebec Sept. 27 stated:
[VoL. 131.
Bloomfield has absolutely eliminated credit from its
business scheme.
The entire town is on a cash basis. The wealthiest
banker cannot buy
a dozen eggs unless he pays cash. The only
thing a man can buy on credit
is an automobile.
The cash system applies not only to grocers,
dry goods dealers and stores
of that class, but takes in the lawyers,
the doctors, the dentists and about
everybody but the preachers.
Eight or ten merchants who refused to
enter the "cash association" for
the time being did a big business. But
at toe end of the month most of
them found their "undesirable" customers
had just about eaten up all
profits and they became members.
Newsprin
t Price Cut on Pacific Coast
Newsprint authorities here denied rumors today from Montreal tiiat the
The
price of newsprint had been sharply cut as a result of the resignation
"Wall
Street
Journal" reported the following from
of
Colonel J. II. Price as Chairman of the Newsprint Institute of Canada.
San Francisco Sept. 25:
Price Brothers has no contract with the Hearts interests, it was
stated,
Crown Zellerbach Corp. will meet the $58
while contracts between Hearst and the firms supplying him, Laurentide,
a ton price on newsprint
Anglo-Canadian, St. John and Canadian International, have three years on the Pacific Coast announced by Power River Co., Ltd. Holders of
existing
contracts
will
be
protected
at
the new price.
to run and cannot be terminated at will.
From Montreal Sept. 30 the New York "Times" reported
Clerk in Detroit (Mich.) Postoffice Rejects Payment
the following Canadian Press advices:
in Gold—Overruled by Postmaster.
The Montreal "Star" said to-day that the latest information from newsprint circles is that the outlook for avoiding price cutting is excellent.
The following Detroit despatch Aug. 23 is from the
New
"Executives are still working in New York," the paper said, "on the
proposed merger which, as outlined in The "Star" last week, will take the York "Times":
formation of a holding •rompany. It is stated that it will require three days'
more work on preliminaries before the plan will be ready for submission to
executives of the corporations which will be included.
"Such a company will represent such a large proportion of the present
newsprint tonnage that any standouts will represent such a minoi influence
as to be of small account.
"It is believed that Canada Power and Paw Abitibi. St. Lawrence
Corporation and the international Canadian paper groups will agree to
the plan."
The New York "Herald Tribune" in its Sept. 26 issue
said in part:
Two years ago Mr. Hearst signed a contract for five years with the
International Paper Co. The contract has until Dec. 31 1933 to expire.
Only one-third of the requirements for newsprint of Hearst papers were
Involved in the contract, enabling him to place his surplus requirement
s
where he pleased. The contract with International was regarded as significant because it was the first time in 15 years that the company had
obtained any of his business. The fact that Hearst's previous contract
with the former Canadian newsprint sales agency had ended in litigation
was given as the reason for his switch to International.
Since various interests in the Newsprint Institute are said to feel that
the present price of $55.20 a ton has been shaded by Canada Power, it is
regarded as improbable that it will be possible to hold them in line. With
Price Bros. & Co. as a low-cost producer, the firm of the resigning Chairman
of the Newsprint Institute will be in a good position to wage
a strong
fight for a larger share of the total consumption. It is regarded
as likely
that Mr. Price's resignation may be the forerunner of such action.
Huge Company Rumored.
For some time there have been rumors of negotiations looking to the
formation of a large newsprint company with Canada Power interests
as the dominating influence. Having the Hearst agreement, the alliance
of Hearst and Canada Power & Paper Corp. having closely followed
a
similar agreement between Canada Power and Lord Rothermere, J.
II.
Gundy, President of Canada Power, is now believed to be in an excellent
position to press negotiations for the formation of a gigantic newsprint
company.
Both Abitibi Power & Paper and the new St. Lawrence Corp. are
mentioned as likely affiliates of Canada Power in a new grouping. It would
be regarded as logical for a number of other companies to be included.
Formation of a new holding company to control the various companies
as component units is considered the most likely step in this direction.
At present, of Canada's rated newsprint productive capacity of 11.700
tons daily, Canada Power has 2,500 tons, Abitibi 2,200, Internationa
l's
Quebec mills 1,181 and its New Brunswick mills 750 (which will be increased to 1.000 in a few weeks), Price Brothers close to 1,200, and St.
Lawrence Corp. 1,000. Some of the smaller companies, operating outside
the Provinces of Ontario and Quebec, have been increasing their production
recently.
The following statement by Price Brothers & Co. is from
the Montreal "Gazette" of Sept. 27:
The Newsprint Situation and a Statement of Policy.
Price Brothers & Co. was established in Quebec. Canada, in 1817.
For more than 100 years it has followed a policy of fair dealing with
its
customers. It has never broken its word; never avoided an obligation
and never taken a sharp advantage. By these means it has grown steadily
through the years to its present position of independent strength.
Price Brothers & Co. to-day abides by that policy and is determined
to preserve its position with the freedom of action which circumstanc
es
compel. Its ownership will remain unchanged, free from consolidatio
ns
and entangling alliances. In the midst of troubled conditions
in the
newsprint industry it renews its undertaking that those with whom
it does
business may rely upon full value for every dollar; upon fulfillment
of
any promise it makes, upon Just and equitable treatment.
Price Brothers & Co. offers the same terms to all who purchase
newsprint from its mills. Its price to all will be as low as the lowest
contract
price of any important North American producer and it will be
a direct
and definite price, without bonuses or speculative stock options.
Price
Brothers & Co. backs this policy with the strength and ability gained
through
more than a century of effort and experience. Its mills to-day are equipped
with the most efficient and modern machinery; its woods supplies
are
unsurpassed; in mechanical equipment, in technical skill and in
financial
resources it occupies a position which gives every protection and advantage
to its customers.
Price Brothers & Co. makes this statement of its policy and position
as an assurance to purchasers of newsprint who may be disturbed by the
industry's unsettled outlook.
PRICE BROTHERS & CO., LTD., Quebec, Canada.
Gold coins were refused to-day by a postal clerk in
the money order
department of the Detroit PostoMce when Elliott
Leviness tendered three
in payment of two money orders he wanted to buy.
When the gold was pushed back by the clerk with a
request for currency
Leviness protested.
Postmaster Charles C. Kellogg explained that the postoffice
avoids
taking gold whenever possible.
"Gold becomes worn and loses weight with passage from
hand to hand,"
he pointed out. "We have no scales to weigh it. lilt
is short weight we
are charged the difference."
Leviness's gold was finally accepted by order of the postmaster.
Planks on Prohibition in Platforms Adopted at New York
State Democratic and Republican Conventions.
Both the great political parties in this State have adopted
resolutions for the repeal of the 18th or Prohibition
Amendment to the Federal Constitution. We give herewith the planks on prohibition embodied in the platforms
adopted at the conventions of the two parties. The platform of the State Republicans was adopted at Albany
on
Sept. 26, when Charles H. Tuttle was nominated for Governor; the party's prohibition plank follows:
Republican.
Prior to prohibition the Republican party of
New York State
initiated and passed every measure which was
adopted providing for
the control or restriction of the liquor traffic.
As a party the Democrats in New York State opposed every measure
of this kind, including
local option.
As long as the prohibition law remains on
the statute books it should
be obeyed.
The security and stability of society require that the
Constitution and laws of our country shall, until legally
changed, be
supported by obedience and enforcement.
The good in national prohibition lies in its outlawing of
the saloon
and the saloon system, and in its grant to Congress
of power to cooperate internally within states that maintain a prohibition
system and
to protect such states from importation of liquor
from without. On
the other hand, the evil in national prohibition lies
largely in the compulsion sought to be placed upon the states which
do not desire the
prohibition system.
We favor the restoration to each state of the
authority to deal with the liquor problem in accordance
with the wishes
of its citizens.
To this end we favor the repeal of the Eighteenth
Amendment, provided that simultaneously and as part of the new
amendment a provision is adopted outlawing and forbidding everywhere
in the United
States the saloon system and its equivalent, the
private traffic in
intoxicating beverages for private profit, and further,
guaranteeing
Federal co-operation and assistance to states which have
prohibition in
whole or in part.
The Democratic party plank adopted at Syracuse
Sept.
29 follows:
Democratic.
The Democratic party in the State of New York
demands the repeal
of the Eighteenth Amendment and the Volstead
act.
We advocate restoration to each sovereign state
of the fundamental
right to determine for itself whether alcoholic
beverages may be manufactured, sold or transported within its borders.
Following the repeal of the Eighteenth Amendment
, the Democratic
party of the State of New York pledges the adoption of
such regulatory measures by and in our state as will promote
temperance, definitely and effectively banish the saloon and recognize
the principle
of home rule in all localities.
The Democracy of New York State has consistently
opposed national prohibition as un-American, productive of widespread
disrespect
for law and a prolific source of corruption, hypocrisy, crime
and disorder. The Republican party, which is responsible for these
deplorable
conditions, now attempts at this late date to deceive the
people by
a hypocritical disclaimer of its former principles.
Gov: Franklin D. Roosevelt was renominated for
the
Governorship at the Syracuse convention.
State of North Dakota Files With Inter-State Commerc
e
Commission Reply to Western Carriers' Request
for Rehearing of Case—Approves Reduction in
Town Wipes Out Credit System—All Cash in BloomFreight Rates.
field, Neb.
Reductions in the freight rates on grain and grain products
The following from Bloomfield, Neb., Aug. 27 appeared shipped from western trunk
line territory to Eastern destiin the New York "Times":
nations and for export, as provided by the I.-S. C.
Corn-
OCT. 4 1930.]
FINANCIAL CHRONICLE
2165
mission in its recent grain rate revision, is supported by the
State of North Dakota which operates the North Dakota
Terminal Exchange and the North Dakota Mill & Elevator
Association. The "United States Daily" of Sept. 25, in
reporting this likewise says:
capital and surplus is by no means wholly unfavorable in view of existing
conditions, and fails to justify the extreme pessimism frequently expressed
with respect to corporate earning power.
Following Is the revised summary of 550 statements for the half years
1929 and 1930, showing the number of companies and their combined
profits classified according to 35 major lines of industry and trade. The
percentage change is indicated, together with the capital and surplus
The State, on Sept. 23. filed formal reply to the petition of western given
on their balance sheets at the beginning of each year, from which
carriers seeking rehearing and reconsideration of the issues involved in the the rate
of return has been calculated. Nearly all industrial groups show
proceeding, and urged the Commission to deny the railroads' petition as decreases
in earnings from last year, and in automobiles, metals, rubber
being without proper grounds. (Docket No. 17000, Part 7.)
and various other lines the decline was particularly severe due to curtailed
"Concerning the complaint made by the carriers," said the North Dakota activity and
falling commodity prices, but some industries have held up
reply,"that the order of the Commission will reduce revenues of the carriers very
well and 27 out of every 100 individual companies were actually
so as to be insufficient to provide a fair return. It is deemed unnecessary to ahead
of last year.
review the record in this proceeding which has been so amply covered, both
The July statements of the railroads that have been published In the
In brief and through oral argument before the Commission.
last few days show that the spread between net Income in 1929 and 1930
"Sufficient it is to say that there is ample evidence in the record to support is not being
widened despite the substantial falling off in traffic. This
the order of the Commission to the effect that for years and years grain and has been
accomplished through a curtailment of transportation and maingrain products have borne, of the general rate level, a greater burden than tenance
expenses. wnich were heavy during the early months of the year.
other commodities have borne, relatively considered, and have produced, During
the last six months of the year it is to be expected also that the
separately considered, upon the grain rates collected, more than a fair comparisons
will be affected by the declining level of earnings in 1929.
return to the carriers.
SUMMARY OF INDUSTRIAL CORPORATION PROFITS FOR FIRST HALF
Railroads Called at Fault.
YEAR 1929 AND 1930, WITH PERCENTAGE RETURN ON CAPITAL
"Furthermore," continued the reply, "the carriers consistently and perAND SURPLUS AT ANNUAL RATE WITHOUT ALLOWANCE FOR
sistently have failed to recognize the menace to national welfare, as well as
SEASONAL VARIATION.
their own welfare, in the maintenance of a rate structure applied to grain
and grain products which has been potential in the creation of maladjust- a,
2
W.
.7,-.1'812,0e,t6
2-47,-4 5'
ments, inequalities and preferential conditions, inimical both to successful
agriculture and the maintenance of a system of adequate transportation
'
44MWgttegOmcc»Z.
0
.>>
443:441..
.Ini0
7
"
;
3
"The inequalities and prejudicial rate situation that has developed in ,3 ,t'aosc
.,18°-1
.-=0.T.Agagg511.4204grragr .,
:am4;4 ZZ.12F5.Ma0.0'mPrIg-a4V;Faglp
process of time without consideration by the Commission, through the ,.., m P =2,
41 a
medium of a general investigation, required not only the levelling of these
PI !7T 6':704Pn: !gigs 52
15 ,1'
inequalities and preferential and discriminatory conditions, but, as well,
22.
4
g,
0.:55.0.m
a revision of the general rate level.
'4g5434
g
"We assert that upon this record, the argument of the carriers concerning
II
Rc -0m-v
,:-..
r•Oe,
ma
the application of section 15a, and with relation to the question of a fair
return to the carriers, is without merit and has been fully and amply con§
q :
: 0,..
g ri
sidered by the Commission in the presentation and consideration of the
g
2 :
F
.i .:a
tremendous record in this proceeding.
g '
: •• :
ee
.
"Bogging Method" Alleged.
"In using as a 'Shibboleth' the term 'fair return,* and urging the thought
...nraonitot'S g
of confiscation every time the Commission prescribes any changed rate '5tmOoralo.51S=MZEMA8n
'n .010:.1140100.-..014.
...-,1414010;1.140:0.
00 ...0
.
.4
970
.
01Z.
.
04,.. 47,
00 410
.
0
.
0-00
.
level, which the carriers think may produce a lesser return they use the ..PA....4W.400,WW...^00.0.-.004....0.-.04.4.....POOW0,20...... a
--, .ww0=0,145
,e'57,P5.2.PPP0
5.:
-!* ' a
'hogging method' of simply directing their attention to the old rate upon
which they fed, without attention to what has been happening about them
a
or to the sources that have been producing, as they themselves say, the
bats 00. ..44.0 0 ND 4540.
N.Cp -. ..-M,0005$.0.0.4WW.4
.
U
substantial part of their tonnage.
0..4.10..4540 000WWWp.
a -44.400.
4,..1
0
1.
7*
.
.
w...0.-440.
0..
1 1.n0
.
00 ZE;
"With grain being quoted very recently at levels lower than that wit- '0V.40
4. —w,b00-0ww 04000.-.40..00000.0W.W.
00 w
4
nessed for two decades, and with the existing depression not only in avi- - .
21,Dp.
.g'-!,,?9,F.5.
-9°P
,
r??,°,,r15
5
,
5..7 0
culture but now extending into industry and industrial conditions throughout
the country, the time has come for the carriers, not only to devote their
attention and to think upon means and methods to preserve their tonnage
1
1 1 1 + 1 14.14.4.14. 1 11111÷1111+1+11111111
W
WW -4..,-.. .^..W.. .
Wb0 N...4.-.0.-.0, •.INIPIP ,
4
W.-. a
and their revenue returns, not only passenger transportation, but as well 0Wo.....4.0:00....,04211.0.04..0:0
.-..9000.-0.4r4.0WWWWW r"
4. ia)-4-O,10, i-OiDipee:-IbC01,2)-4,1,,, )0,-.42.-.Ga;eis--C4Cobie;ab;a•
freight transportation.
"When it is realized," emphasized the State, 'that this proceeding has
now progressed into its fifth year from its inception and when it is observed s
4. a
that in the interim most of the grain and grain products rates both inters2,-w-r-icoopsw.s-iie orsses ooso,s--ssamosows
state and intrastate, have, in a large measure, been held in abeyance so ,0
0. -moossossoc-iss 0,-,•41.-.4b00000.WNWW....-,..
.. je
far as preferential and discriminatory specific instances and cases are *a,
0"0.10-colsVcole10,10-00"0:at'se.tyce-iBe's's-,"8;e10'0,
9--:-Cna-Woo _ 1
.., -,to-sases-isssgo____
___00,3c, w qta
...wt., wommcp0 i,„
concerned, then the present attitude of the carriers as public service cor- P c°7'":"PP.PPPPPP:
.
:
qr
.
!
.. °).:Dra.:
,.
-Pr'?
porations having a public duty to perform, cannot well be justified.
gggggggggggggggggggggggggggggggggggg ' 0
"The Commission has requested the carriers to co-operate in giving the g
es.
order of the Commission a trial by making its order effective without delay. "
,_.
'
to
to
... .tfl.
-0 .....1..."..w....040.00. .00
The carriers are answering this request of the Commission by seeking futher 1
R
.
0t* www.v.w...01-.w
kp OW0..4-40.400,
-.CTOW*0.0..W0w00,
-4.0.09OtkOW ,.G1
delay and by asking that its order rendered after nearly five years of atten- W 0.-.004.WA.0400/04.0.0.0...IN.p.40.00.4wW0.0... ,.., 0
- owno,g
k0
- ;P..0;0 , p
tion, be set aside and go for naught. If all the shippers, the markets, the V
k
mmw oo *-•* 0
ot.z 7-4314
0. Iwooc,zoo
p...ictotot4wwiab
.
g c-.1",&74
?:"?.54.tots04105,,rrP1.1,, g
740PP54
,
! 142
,
parties interested in this proceeding should adopt this same attitude as ,
the carriers, then constructive and comprehensive rate making becomes
impossible, general investigation of no avail, and the Commission's juris+++++.++++1+.++.„-+++--,,
diction under the law for aiding in the construction of a better, more eco- +
,+-++..-+-+.
,g0
- +'a 5(
'
)
nomical, more efficient and more adequate transportation, becomes in- - ...0.cmc..000,-000.--.m....00..0..0.0
....
-iab,jabeia:0;0.)-Obisisiaisk-Woie:eCeisiei
,iairieEei0 8%a
;-,
eiebeiobb«, .
operative."
I + is,, R.;°
:i-.
-i -4 is",ZS-4 ti0.I. Ve.".a.V,,b-.'5;
. .--:4-;6".561.`2.Fe'.581,1 Wt.G Z.; G,,a.
Revised Profits Tabulation of National City Bank for 40 OV:co8
664041Wi.04.404.6:0b66404.OW4tb460404
00
A3
A
A
•
First Half of Year.
al
In its August bulletin, the National City Bank of New York .8-4.-o.: O-Zootgo,o-Zmr.Z‘00r2.-,0”4,1•40-0.C,GOCTJA.C7,4;:;COV20.5 'zi; 5 ,.
10 bEeCeE., 4..isiobieie-bs00iabo 8 • g
presented its preliminary tabulation of the half year business 0
0 •
profits based on reports of 305 miscellaneous industrial and
x Deficit.
merchandising reports available up to Aug. 1, which showed
decreases of 25% from the corresponding figures for 1929 and Right to Control Defunct Bank is Tested in Appeal—
3% from those of 1928. The preliminary tabulation was
Federal Authority to Govern Closed Institutions
given in these columns Aug. 9, page 850. In the September
Involved in Suit Begun by Comptroller of Currency
bulletin the Bank gives a revised tabulation, and says:
in Receivership of Port Newark National Bank.
Since then (Aug. 1) some 250 additional earnings reports have been pubThe Comptroller of the Currency, John W. Pole, anlished and added to our tabulation which is reproduced on the following
page in revised form. With the addition of new figures the total shows nounced orally Sept. 5 that formal steps had been taken to
somewhat greater losses, the decreases being 30% and 6% from 1929 and appeal from the action of Judge William M. Runyan of the
1928 respectively.1 Aggregate net profit ofthe group this year was$846,000. United
States District Court at Newark, N. J., in naming a
000 as against $1,217,000,000 in 1929 and $903,000,000 in 1928, the
receiver for a National bank and thus accomplish an ousting
figures for prior years having been corrected for mergers.
The fact that corporate earnings, while showing large decreases from the of a receiver who had been appointed by the Comptroller.
record 1929 figures, are holding so close to the 1928 level, then regarded as
We quote from the "United States Daily" of Sept. 6, from
exceptionally good, would seem a distinctly encouraging showing for a year
of depression. In considering these comparisons, however,allowance should which the following is also taken:
be made for the increase of funds invested in the business. Between
The question involves the rights of the Federal Government and also the
Jan, 11929. and Jan. 11930, "net worth," or capital and surplus, of those rights of the stockholders and officers of the Port NewarleNational Hank,
concerns included in the study increased from $16,494,000,000 to $18,328,- but Mr. Pole declared that Appellate Court, consideration was necessary
000,000, or by 11%. due either to retention of earnings in the business or because'of the importance of the principle at issue. He pointed out that if
subscriptions by stockholders, while between Jan. 1 1928, and this year the action of Judge Runyan in naming a receiver for a National Bank is
the increase in net worth amounted to 19%. The corporations had the use sustained, any party at interest could seek a receivership for any National
of these additional funds, and normally should have been able to increase bank in the country with the attendant dangers to the bank.
their profits accordingly, but instead showed the decreases already recited.
Two Receivers Named.
Thus it is apparent that the drop in the earning power of funds invested in
industry was greater than first appears on the durface—the extent of which
"When the bank was closed," said Mr. Pole,"it was closed by one of our
investment.
earnings
If
to
this
relating
determined
by
is
it
Is
done will be examiners and we followed the usual procedure in naming a receiver for
seen that net earnings during the first six months of this year were at an the bank to conserve its assets and to hold any persons liable who were
annual rate, without allowance for seasonal variation. of 9.2% on the com- guilty of law violations. Our receiver was in charge when the Federal
bined capital and surplus of the companies as of Jan. 1 1929, as against a Court appointed another receiver upon the petition of Edward M.Waldron,
rate of return in the first six months of 1929 of 14.8%, and in the first six a stockholder. Our receiver has not resigned but bets powerless to act under
months of 1928 or 11.7%. Even so, however, a rate of return of 9% on the circumstances.
2166
FINANCIAL CHRONICLE
"In the meantime. Judge Runyan has ordered the sale of the assets of
the Port Newark bank. That action of course involves title and the appeal
we are now taking serves as a stay to the sale.
"We sought for some days to find a way out of the difficulty by negotiating a sale of the bank to another banking house in Newark and would
have succeeded except for complications that have arisen outside of the
contentions we have made. Some of the officers of the closed bank have
retained counsel and they also want to appeal the case and so now the
matter will have to be threshed out to. final conclusion."
[VOL. 131.
Section 2. Items sent for collection a trust fund—Lien.—All Items sent
by a hank, whether located within or without the State of South Carolina,
to a bank in South Carolina for collection, are hereby declared to be a trust
fund. and shall be a prior lien on any unassigned assets of such collecting
bank.
Section 3. All Acts or parts of Acts inconsistent with this Act are hereby
repealed.
Section 4. This Act shall become effective upon lto approval by the
Governor.
Approved the 26th day of April, A. D. 1927.
Statute Is Analyzed.
The Act is exceedingly carelessly drawn. The title purports to "define
Effect of Action.
the
liability"
of
certain
banks;
the body of the Act purports to relieve then
The Port Newark National Bank is listed as having $200,000 in capital and
deposits of something like $650,000. George P. Barse, counsel to the of a liability that theretofore existed. The title refers only to forwarding
Comptroller, who has been active as the Comptroller's representative in banks; that is, banks which may have received from customers, checks,
the litigation, said that the sale that had been arranged would have resulted notes or other negotiable instruments for collection or deposit, and limits
In all depositors receiving the full amount shown to their credit and that the its application to "banks doing business in this State." Section 1 of the
stockholders would have received substantial sums for their holdings. None Act still refers to forwarding banks, and permits them to do what they
were not theretofore permitted to do, to forward the Item for collection
of the officials concerned know now, however, what the results will be.
The following details of the case were made available at the Comptroller's directly to the bank upon which it was drawn; it further purports to relieve
the forwarding bank from liability in the event that the collecting
office:
Mr. Waldron's petition for receivership was filed in Judge Runyan's bank should accept, in payment of the item, the check of the drawee bank
Court Aug.6,and when word was conveyed to the Comptroller's office the upon some other bank and by reason of Its Insolvency a loss should ensue.
It Is difficult to say whether this loss may have been attributable to the
next day, P. B. Peterson, one of the National bank examiners, was disdrawee bank, or the bank upon which the drawee
patched to Newark. Upon examination, it was found that the bank was collecting bank, the
may
have drawn. It appears to be all in favor of the forwarding bank
unable to met all of its obligations because some of its assets were not
unless it may have been guilty of some other act of negligence in connection
liquid, and Mr. Peterson closed the institution.
with the transaction. It practically makes the collecting bank selected by
The Waldron petition was argued several days before Judge Runyan
forwarding bank, and the drawee bank, the agents of the original
the
named a receiver. The Federal Government claimed the right to name a
collection, relieving the forwarding bank all along the line.
receiver was held exclusively by the Comptroller of the Currency, but depositor for
Why these extraordinary privileges should be accorded only to banks
Judge Runyan ruled otherwise and selected Theodore Ackerson, a Newark
Incorporated or doing business in this State cannot be comprehended.
banker, as receiver.
Act Called Objectionable.
On instructions from the Comptroller after conferences with Mr. Barse,
being
pursued
the negotiations for sale of the assets were opened, the course
The Act then, in section 2, purports to create the right, which is not at
Comptroller
losses.
The
avoiding
assets
and
preserving
the
as a means of
all indicated in the title, of the forwarding bank to treat the items which
differed with the Court's conclusions,as did the counsel for the Government, It may have sent for collection, as a trust fund in the hands of the collectbut be was willing to disregard what was feared as a precedent if the assets ing bank with a prior lien on the unassigned assets of the collecting bank.
of the bank could be held and losses by the stockholders and depositors The right is extended to all forwarding banks, whether located within
avoided. Local controversies arose, however, and the plan worked out by or without the State.
Mr. Barse was rendered useless. Hence, an appeal to have the matter
It seems impossible to constitute a trust out of the items forwarded for
adjudicated by the Circuit Court of Appeals for the Third Circuit was the collection, for that would extend to all items whether collected or not.
only course open as a means of protecting the Government's rights.
What the lawmakers evidently intended to create was a trust upon the
If Judge Runyan's ruling and his action in appointing a receiver, virtually proceeds of the collected items.
tieing the hands of the Comptroller. Is sustained, It will be the first time that
The Act is objectionable, from a constitutional point of view.
such procedure has ever been taken and it will represent a new construction of
1. In making, in section 1, a discrimination against banks not incorposeek
a
the National banking statutes. It will also enable any stockholder to
rated or doing business In this State;
receivership for a bank and thus destroy confidence in it, or start a run of
2. In attempting to create a trust in favor of banks foreign and domestic
withdrawals that would impair the bank's strength. Either course would where such right is not indicated In the title, either in reference to the right
render the bank's service to its community almost useless according to the created or in reference to banks not incorporated in this State or doing
records of such incidents.
business here.
So the Comptroller's office is proceeding now to have Judge Runyan's
But assuming the constitutionality of the Act, for the reasons stated
ruling reversed if that can be accompoished and if it is accomplished, it is by the Master and the Circuit Judge, it was not intended to cover a case
the belief of the Comptroller's counsel that the Comptroller's right to like the present.
administer a closed bank may not be questioned again soon.
The judgment of this court is that the decree of his honor Judge Dennis
be affirmed.
Blease, Stabler and Carter, Al., and C. T. Graydon, A.A.J., concur.
Are Held to
Invalidate South
Liability Exemptions
Carolina Banking Act—Law Found to DiscrimiFinal German Revalorization Laws.
nate Against Banks Not Incorporated or Doing
Business in State.
J. Dreyfus & Co., of Berlin and Frankfort-on-the-Main,
The following decision bearing on the South Carolina have issued, under date of Aug. 15, the following circular
indicating the provisions of the final German revalorizaBanking Law is from the "United States Daily" of Sept. 13:
State of South Carolina; Columbia—Wachovia Bank & Trust Co. vs. lion laws:
Bank of Darlington, G. B. Braaington. receiver. South
Peoples
Carolina Supreme Court, No. 12.967. Appeal from Darlington
County. Mitchell & Horlbeck and Whitlock, Doekery & Shaw for
appellant; Samuel Want for respondent.
Opinion of the Court.
Aug. 27 1930.
Cothran, J.—The petitioner, a forwarding bank, claims priority in the
distribution of the assets of a bank in the hands of a receiver, under the
following circumstances:
A few days before Oct. 27 1928 certain customers of the Wachovia Bank
& Trust Co. of Winston-Salem, N. C., deposited with It for collection a
number of items aggregating $507.60; they consisted of checks drawn by
depositors of the Peoples Bank of Darlington, upon that bank, and were
m.iled by the Wachovia bank directly to the Peoples bank for collection
and remittance. The Peoples bank charged the amounts of the checks
to the respective depositors, and remitted to the Wachovia bank a Cashier's
check for $507.60, drawn upon the National Park Bank of New York. At
that time the Peoples bank had on deposit in the New York bank more
sI
than enough to pay the Cashier's check.
On Oct. 29 1928 the Peoples bank closed its doors, which information
was received by the New York bank before the presentation of the Chashier's
check; they accordingly refused payment of the check. The Wachovia
bank filed its claim with the receiver of the Peoples bank, claiming preference In the distribution of the assets of the insolvent bank. The receiver
declined to recognize the claim as a preferred one,and paid to the Wachovia
•sep
bank its regular pro rata.
e'
The Wachovia bank then intervened in the main cause, and moved for
an order recognizing its claim to preference. The receiver filed a return
to the petition and the matter was referred to the Master of Darlington
County. He filed a report disallowing the claim to preference and the
matter came on to be heard by his honor Judge Dennis upon exceptions
to the Master's report. He filed a decree confirming the Master's report
and from it the Wachovia bank has appealed to this court.
Measure Quoted in Full Rut.
The petitioner is claiming priority under the Act of 1927. 35 Stat. 369.
which is in full as follows:
AN ACT to define the liability of banks doing business in this State when
receiving for collection any check, note or other negotiable Instrument.
Section 1. Rights of banks in forwarding items for collection—Proviso.—
Be it enacted by the General Assembly of the State of South Carolina; Any
bank, banker or trust company hereinafter called bank, organized under
the laws of, or doing business in this State. receiving for collection or deposit any check, note or other negotiable Instrument drawn upon or payable at any other hank, located In another city or teen, whether within
or without this State, may, at its own option, forward such instrument
for collection directly to the bank on which it Is drawn, or at which it is
made payable, and such method of forwarding direct to the payer shall
be deemed due diligence, nor shall it be deemed negligence for such collecting bank to accept from the bank upon which such instrument is drawn, or
at which it is payable, its draft upon any other hank, and the failure of
such payer bank. because of its insolvency or other default, to account for
the proceeds thereof, shall not render the forwarding bank liable therefor;
Provided, however, such forwarding bank shall have used due diligence
n other respects in connection with the collection of such instrument.
Under the German Revalorization Law with decrees for their enactment
and the Law Concerning the Redemption of Loans (vid. our bulletins Nos. 7
and 12 of the year 1925) mortgage bonds, industrial obligations, credit
balances with savings banks, Insurance claims, loans of the German Governmeet, German Federal States and communes have been revalorized in a
conclusive manner, so that no further amendments are necessary. The
respective charge has been spread evenly over a number of years by way
of a gradual redemption. No such regulation had been effected with regard
to mortgages. Under Article 25 of the Revalorization Law a general
respite had been granted up to the let of January 1932. Of the provision
of Article 26, of allowing in special cases the payment of revalorized
amounts in installments until 1st January 1938, has only been made use
of by the revalorization offices on a small Genie in accordance with the
exceptional character of that provision. Already in the course of discussions of the laws the danger was pointed out repeatedly, which would
necessarily arise out of a large number of claims all maturing on the 1st
January 1932. However, it was hoped that by then larger repayments of
revalorized debts would have been made; but these expectations have
not materialized. According to official statistics revalorized mortgages
in the amount of 3.75 milliard goldmarks of mortgage banks, savings
banks, "Landschaften" (regional co-operative societies), "Stadtschaften"
(municipal co-operative societies) and insurance companies will be due
on the 1st January 1932. Hereto may be added 2.5 to $ milliard goldmarkmortgages of private persons. Consequently more than 6 milliard goldmarks will fall due on one single day. The extent of this sum is revealed
more clearly on the consideration that it is not much less than Germany's
total annual formation of new capital. The conversion of debts, necessitated by such a movement of capital, requires a considerable space of time
In the first instance the German capital market had to be protect
against a sudden burden. The real estate market would likewise not hay
been in a position to stand further selling offers and new compulso
auctions. The opinion has been voiced that this would not constitute an
danger, as the real credit institutions and the public credit institutio
would not demand a repayment of debts. However, this assumption canno
be relied upon. Private mortgages alone are also so extensive that it won
be dangerous to leave the settlement of claims entirely in the hands of th
creditors. This question had to be regulated and compensated by th
government. It is, therefore, to be welcomed that the Reichstag, short
before its dissolution, has passed the necessary and much-desired laws (v
our bulletin No. 9 of the year 1929): The Law of the 18th July 1930
Concerning the Maturity and Interest of Revalorized Mortgages and th
Law Concerning the Elucidation of the Land Register of the same dat
(Official Bulletin, Part I, page 800.)
Under that law the simultaneous maturity of claims of the 1st Janus
1932 is to be avoided in two ways.
1. On the basic consideration that revalorized claims are to be broug
up to their full value on that date, the German Government has the rig
Ocr. 4 1930.]
FINANCIAL CHRONICLE
2167
of revalorized
January 1928, the law provides that applications for the registration After that date
to raise the 5% rate of interest, in force since the 1st
mortgages can only be made up to the 31st March 1931.
interest
increased
The
1930).
October
(let
upon the enactment of the law
cancelled. Particular attention
of lower rank all papermark mortgages are considered
mortgages, which
ranks pani passu with the revalorized rights. Creditors
of interest must be called to this point. Creditors of papermark
rate
new
The
interest
of
rate
higher
the
to
acquiesce
must
must make a respective application
goldmarks,
into
converted
been•
not
have
1932,
January
applies to all claims, which have not been repaid by 1st
the above period. The deeds
not comprised to the competent Land Registry Office within
also to self-redeeming mortgages; but industrial bonds are
mortgages become valueless on the 31st December 1931.
of
paperwork
be
not
would
industries
the
that
In this regulation, in view of the opinion
of the Land Register
will remain Under the Revalorization Law the public bona fides
claim. This
able to bear this new charge. Therefore, their rate of interest
Government was abolished in favor of the creditor of the revalorized
German
the
by
fixed
be
to
of
interest
rate
new
The
rules serve the
at 5%.
By this restriction will also be removed on that date. All these
and,
Register
will be in force during the whole life of revalorized claims.
Land
the past, purpose of eliminating any superfluous entries in the
Increased rate of interest deficiencies, which have existed in
provisions of the law, of restoring the former
ether
the
with
In
conjunction
the
to
inducement
no
suitable basis for
have been made good. The old rate of 5% offered
only have lucid arrangement of the Land Register and making it a
debtor to repay his revalorized mortgages, because he would
interest transactions in real estate credits.
of
rate
higher
much
a
at
funds
the
necessary
obtain
to
been able
a repayIt is to be hoped that the new rate will be so high as to induce
excessive and
ment of debts. However, on the other band, it must not be
impossible.
debtors
Passenger Revenue on Canadian Electric Railways in
thereby render free arrangements between creditors and
of
This applies to second mortgages in particular. For the redemption
1929 Reached Record Figures.
mortgage
such mortgages debtors would not be in a position to procure
interest,
of
rate
excessive
on electric railways in Canada reached a
an
bearing
revenue
r
mortgage,
Passenge
a
revalorized
if
credits,
8% and
during 1929,statistics just released by
ranked prior to them. The new rate of interest will be between
time
all
record mark for
2%-8% rate of interest would then be payable on the
/
2%. A 71
/
81
Association show. The total was
Railway
Electric
Canadian
Liquidation Mortgage Bonds.
coincithe
s an increase of more than 100%
averting
represent
for
This
law
474.
the
$52,302,
under
2. The second method provided
n of a
according to an announcement in
years,
15
last
dence of maturities on the 1st January 1932 is the introductio
the
during
the
of
written notice on the part of the creditor. In the commentary
at the the matter, which also said:
law it is stated that the revalorized amount is now to be fully
year.
complied
been
The total number of revenue passengers carried during theofficial
only
disposal of the creditor. This principle has, however,
set a new mark for all time. The
also
0,
in
as
830,000.00
ely
pronounced
approximat
been
not
has
with in so far as a general moratorium
provide report shows that this record was made despite a constantly increasing
the Revalorization Law. On the contrary, the new decrees onlymaturity
s in Canada
registration of automobiles. There were 1.193.889 automobileautomobiles
of
date
legal
The
cases.
individual
in
respite
a
of
the granting
creditors may on Jan. 1 1930. This is an increase of more than 1,140.000
d a slight
experience
as of the 1st January 1932 is abolished by the fact that
previous during the last 17 years. Recently electric lines have
demand repayment before the 1st January 1935, only upon a
they still are above the 1928 level.
but
in
traffic,
off
falling
itself
notice
The
year.
15
written notice. The term to give notice is one
The total investment in Canadian electric railways now is $241.023,1
year, for the
Investment last year
can only be served at the end of a quarter of the calendar
and or an increase of more than $200,000.000. since 1901.
property
the
of
few
owner
a
The
Only
1931.
December
31st
infrequent.
the
very
first time on
to the increased $10,328,857. Failures have been
by motor bus service, although 540
the personal debtor can also give three months' notice, and contrary
redemption electric lines have been superseded The total number of electric railway
creditor also before an agreed date of maturity. Thereby the
Dominion.
the
in
run
they buses are being
or conversion of debts is facilitated considerably for them, because the cars in use was 4,143 on Jan. 1 1930. Electric railways are absorbing
In
are able to seize a favorable opportunity of procuring capital.
lines very rapidly. In the main, buses are being used as
and the independent bus railway lines. No trolley buses are being operated.
event of the creditor giving notice, the owner of the property
electric
for
feeders
with
A recent
personal debtor can apply fot a respite. The respective decision rests
Traffic congestion problems have just begun to affect Canada.comprised
cars
the old, and for this purpose re-established revalorization offices. They compilation showed that in the principal cities, while street
of all
78.8%
a
of
carried
granting
they
,
The
t.
only 8.1% of all passenger vehicle movements
at first are to try to effect an amicable arrangemen
once passenger traffic. They occupied only 24.1% ofthe street space taken up by
respite is restricted within a narrow limit, and can only be granted
74.5% of all
and then only until 31st December 1934, the latest. No extension may all passenger vehicles. Automobiles, it was found occupied
carried only 19.9% of
but
vehicles,
passenger
law
provides:
by
the
up
of
7
taken
Article
that
date.
space
beyond
street
granted
be
is tae passenger traffic. Efforts are being made to relieve traffic congestion
"The revalorization office may only grant a respite if the applicant
working hours for business.
not in possession of the funds required for the repayment of the revalorized by prohibiting parking and introducing staggered
amount and if he is also not in a position to obtain them on reasonable
the
terms. The respite must not be granted if the applicant can procure
necessary funds on terms, which constitute to him no considerably bigger
Subdoes
Transamerica Corporation Announces Plans for Eight d in
charge than the fixed increase in the rate of interest; this provision
Sidiaries—Five New Holding Companies Chartere
not exclude the possibility of demanding a higher rate of interest in
n.
accordance with paragraph 1, if in the respective case stiffer terms for
Delaware and Three Others in Process of Formatio
obtaining a substitute mortgage appear reasonable.
simplifica
e
corporat
In accordance with its program of
"A respite is not to be granted if such a step would cause the creditor
undue hardship."
Although, accordingly, the revalorization office must take the debtors'
position into consideration; it must not study it alone, but also the position
of the creditor. The interests of both parties must be carefully compared
law
with each other. Furthermore, a respite can be granted under the
the
on certain conditions, such as against security and with the approval of
creditor also subject to an installment payment. However, the revalorizaGerman
the
tion office has no right to alter the rate of interest fixed by
Government. In the event of a debtor being in default with an installment
than
payment or with the payment of interest and redemption for more
debt
one month, the creditor has the right to demand payment of the
an
without giving notice. Against a decision of the revalorization office
its
against
immediate appeal may be lodged with the District Court and
decision to the Supreme District Court.
In this regulation of the maturity together with the increase in the
conrate of interest the position of both the creditor and the debtor is
sidered. Although the postponement of the maturity protects the debtor
to a certain degree to the disadvantage of the creditor, the law cannot
be blamed for it, as it had to make good a mistake in the Revalorization
Law, the coincidence of maturities on Jan. 1 1932. The revalorization
offices are charged with a duty which is full of responsibilities. They
will have to judge to a smaller extent according to legal than to economic
principles and must realize that their decisions will not only affect the
economic position of the interested parties but the whole economy of the
country. It will depend upon them whether the necessary and desired
purpose of the law of averting a coincidence of maturities will be achieved.
Therefore they must not extend the period of payments to the last legally
possible date, the 31st December 1934. Such a measure would not solve
the problem arising on the let January 1932, but would only postpone
it to the 1st January 1935. The revalorization offices will have to spread
the maturities over the whole period.
the Transtion, revealed to shareholders several weeks ago,
bank holdamerica Corporation, claiming to be the largest
Delaware five
in
formed
has
world,
the
in
company
ing
Holding Co.,
new companies, viz. the Transamerica Realty
Transamerica
the Transamerica Mortgage Holding Co., the
Transamerica
Commercial & Industrial Holding Co., the
Internarica
Transame
the
and
Insurance Holding Co.
by Elisha
tional Corporation. A statement in the matter
rica CorWalker, Chairman of the Board of the Transame
poration, on Thursday of this week, Oct. 2, says:
s in July it
communication sent to Transamerica's stockholder
Whereas the above described law deals with the economic liquidation of
debt conversions, the Law Concerning the Elucidation of the Land Register
regulates the juridical, technical question. The revalorization, with its
provisions concerning the re-registration of already cancelled rights and
the registration of prior claims in favor of the proprietor (Art. 7 of the
Revalorization Law), has led to various charges being mixed up with
one another, so that it has become impossible to ascertain with the
necessary lucidity with which claims real estate is vested. This state of
affairs had become a great obstacle not only in general jurisdiction, but
also with transactions in real estate credits. A new clear and lucid Land
Register was, therefore, necessary. The Land Register had to be rearranged
on a clear and lucid basis. Under the law the Federal States are, therefore, authorized to effect a rearrangement of the Land Registers in accordance with the laws of the respective State. For this purpose the States
have received definite instructions. The description of the legal status
of real estate, especially of the charges with which it is vested, is not
only to be simplified, but all points disturbing clarity and lucidity regarding the rank of claims must be removed.
However, this regulation would be incomplete in the event of the
revalorization of real estate rights still having to be registered. Therefore,
"In a
on of the intercorporate
was stated that a program for the simplificati
in progress of being
ownership relations of our various companies was
of our holdings in a
carried out, looking toward the logical grouping
owned by the parent
limited number of subsidiary companies wholly
corporation.
authorities at Wil"As announced yesterday by the Delaware state
companies have
mington, charters for five of these subsidiary holding 11,11 Ivng Comca Re-Irv
Transameri
are
companies
These
filed.
been
Transamerica Company, Transamerica Mortgage Holding Company,
a Insurance
mercial and Industrial Holding Company, I ransainert,
al Corporation.
Holding Company and Transamerica Internation
its own officers and
"Each is capitalized at $1,000,000 and will have
those presently associated
board of directors, drawn in the main from
with Transamerica and its affiliated companies.
additional corporations,
"It is probable that the formation of three
Transamerica Investment
Transamerica Bank Stock Holding Company,
will be announced in
Company and Transamerica Securities Company,
the near future.
involved or contem"No public financing or issuance of shares is
formed subsidiaries. Their
plated in the creation of any of the newly
have bad the conorganization is in accordance with plans which
the past several
sideration of the management of Transamerica for
it is the part of
months. With Transamerica's extending interests
groups which will
prudence to divide our holdings and activities into
specialists. This will
each be administratively managed by responsible
supervisory rather
tend to free the officials of the parent organization for
than administrative duties."
&c.
ITEMS ABOUT BANKS, TRUST COMPANIES,
the
for
week
this
made
Arrangements were reported
transfer of five New York Stock Exchange memberships at
$265,000, $260,000, $255,000, $260,000 and $258,000 respectively. The first transaction was a decline of $10,000
from the last preceding sale.
2168
FINANCIAL CHRONICLE
[VOL. 131.
Arrangements were reported made this week for the sale Bennett as one of
the bank's directors. Mr. Bennett is
of a Chicago Stock Exchange membership for $19,000. The Chairman of
the Executive Committee of the Emigrant Inlast preceding sale was for 821.000.
dustrial Savings Bank and was for many years senior VicePresident of the American Exchange National Bank. Since
The election of William C. Thompson as a Vice-President
the latter's merger with the Irving Trust Co., Mr. Bennett
of the Bank of Manhattan Trust Co. of New York was
announced on Sept. 19 by J. Stewart Baker, President of has served as an officer of that institution.
the institution. Mr. Thompson will be in charge of the
John O. CoRingwood, senior partner and Stock Exchan
bank's offices in the Bronx and Washington Heights.
ge
member of Harvey Fisk & Sons, died suddenly
of heart
disease
on Sept. 29 while on his way to his offices from
Paul E. Erkander was appointed an Assistant Vice-Preshis
ident of the Corn Exchange Bank Trust Co. of New York home in Staten Island. He was forty-two years of age. The
"Times
"
on Oct. 1.
of Sept. 30 said:
Max Natanson, a capitalist in real estate field who built
the Delmonico Building, General Motors Building, Furniture Exchange; and who is now building a salesroom and
warehouse for Sears, Roebuck & Co. was elected a Director
of the Harriman National Bank and Trust Co. of New York
on Oct. 3. Albert M. Austin, Vice-President, was elected
an Executive Vice-President of the Bank.
Mr. Collingwood had been active in Wall Street circles
for many years.
He had been a member of the Stock Exchange since
1928, had been connected with Harvey Fisk de Sons for about six years
and was a director
in several corporations.
Among them are Grocery Store Products, Inc.;
Solid
Inc.; United States Freight Co.; United Grape Products, Carbonic Co.,
Inc.; Universal
Indemnity Co., and Universal Insurance Company.
Mr. CoRingwood was graduated from Brown University
in 1910. His
home was near the Richmond County Country Club,
of which he was a
member. He is survived by a widow, the former Miss Helen
IV. Kerr, two
sons and a daughter.
Owing to Mr. Collingwood's death his firm was deprived temporari
ly of
representation on the floor of the Stock Exchange. It was
announced that
Samuel Ungerleider & Co., mensuers us toe at....e Eionsang,.
, wuaa .unie,
for yesterday only, all open contracts on balance of
un-secured securities
and non-cleared securities to be cleared for Harvey EWE
& Sons.
Undivided profits of The Chase National Bank of New
York in the new statement for Sept. 24, issued this week,
are $4,800,448 larger than on June 2 1930, the date when the
Equitable Trust Co. and the Inter-State Trust Co. were
Further announcement that Samuel Ungerleider & Co.
merged with the Chase. The bank's undivided profits as
shown in the Sept. 24 report to the Comptroller of the Cur- would assume open exchange contracts of Harvey
Fisk &
rency are $65,523,927 and combined capital, surplus and Sons was made in the "Times" of Oct. 1.
profits amount to $361,523,927. The deposits of the Chase
on Sept. 24 were $1,852,295,045, or approximately $64,000,The National City Bank of New York on Monday last
000 less than on June 2. Total resources amounted to opened its forty-fourth branch in Greater
New York. Known
$2,432,434,809, a decrease of about $119,000,000 since the as the 111th Street branch, the
new unit, situated at 111th
merger statement.
Street and Broadway, just south of Columbia Univers
ity,
—•_-offers the full banking investment and trust facilities
Dr. Hjalmar Schacht, President of the German Reichsof the
National City organization.
bank from 1923 to 1930, and during that time one of the
outstanding figures in international finance, will address
The Lexington Avenue and 43rd Street Office of the
Centhe Bond Club of New York at its next luncheon, to be held
tral Hanover Bank and Trust Co. of New York
was opened
at the Bankers Club on October 9. George N. Lindsay,
Wednesday, Oct. 1. The office, designed to serve the
east
President of the club, will preside. Dr. Schacht retired
Grand Central zone, is located in the Chrysler Buildin
g and
from his official duties in March of this year and his present
affords complete banking facilities. The main
banking
visit to this country is in the capacity of a private citizen.
rooms and women's department are on the street
level, the
Prior to accepting the Presidency of the Reichsbank he was
trust department on the second floor, and the
safe deposit
a Vice-President of the Dresdner Bank.
vaults in the basement. Alick McD. McLean,
Assistant
--4-Vice-President, is in charge of the new office.
In a letter to the stockholders of the Corn Exchange Bank
Trust Company of New York, under date of September 22,
Merger of the Church Lane Savings Bank, 3022
Church
Walter E. Frew, Chairman, states that rumors regarding Ave.,
Brooklyn, into the Lincoln Savings Bank of Brookly
n,
negotiations for the merger of the company with other
insti- has been agreed upon by trustees of the two institut
ions, and
tutions are without foundation. The letter follows:
is now awaiting approval of the State Banking Departm
ent,
New York, Sept. 22nd, 1930.
it was learned on Sept. 24, said the Brooklyn "Daily
TO THE STOCKHOLDERS OF THE
Eagle",
which also said:
CORN EXCHANGE BANK TRUST COMPANY:
Certain rumors are being circulated that negotiations are
The merger probably will become effective within a
taking place
month after such
towards the merger of this Company with other institutions.
These state- approval is given.
ments are without foundation but that fact may not be known
This
is the second savings bank merger to be arranged in
to many of
Brooklyn within
our stockholders, and as such a matter is of the greatest
importance to the last few weeks. Like the other consolidation, the merger of the Navy
ALL of our stockholders, we are writing this letter to deny
Savings
Bank
into
the
Dime
Savings
Bank,
the deal represents the acquisition
these reports.
Should the time come when the directors and officers of
the Company of a smaller, newer institution by one larger and older.
feel that a chang in the present policy of the Company
should be made,
$103,000,000 Involved
the stockholders will be informed thereof. In the meantime,
stockholders
are urged to put no credit in any such reports.
Assets involved in the consolidation are $103,579,
819 on the basis of
latest statements. On June 30 the Lincoln Savings
WALTER A. FREW, Chairman.
Bank had resources of
$101,320,588 and the Church Lane $2,259,231.
The Church Lane Savings Bank is the newest
mutual savings bank in
The consolidation of the Broadway National Bank & Brooklyn, having opened its doors
Dec. 12 1925. On June 80 it
had 8,697
Trust Co., the Plaza Trust Co. and the Park Row Trust Co. accounts.
The Lincoln is among the older savings banks
of New York became effective September 29. The new insti- been
of the borough, having
formed in 1860 as the German
Bank. Upon consummation of
tution will be known as the Broadway and Plaza Trust Co. the merger it will share with the Savings
Dime Savings Bank of Brooklyn
the
and will have the following offices: 5th Avenue at 29th distinction of being the only two savings banks in New York
City with
two branches. It now operates a branch at 12
Graham Ave., in addition
Street, 5th Avenue at 52nd Street, and 154 Nassau Street. to its main office at 531
Broadway,
Previous items regarding the merger appeared in our issues provide another. The Lincoln now hasand the Church Lane acquisition will
approximately 87,500 accounts.
of July 12, page 220, and Sept. 6, page 1513.
Board to Be Enlarged
—•___
It is expected that several Church Lane
trustees will be elected to the
The condensed statement of condition of the Guaranty board of the Lincoln, which is headed by Charles Froeb,
President. Other
Trust Co. of New York as of September 24 1930, published senior officers are Joseph Huber, First Vice-President, and George H.
Doscher, Cashier.
Oct. 2, shows an increase of $1,005,763 in the Company's
In addition to the above officers its board
includes in its membership
undivided profits since June 30 1930, the date of the last Henry 0. Deck, John H. Schumann, Louis Zoeliner, Frederick
Goetsch,
Edwards, Charles H. Rolka, Charles J. Pflug,
published statement. Undivided profits total $37,391,257, S. Somers, Philip
H. H. Renken, Arthur
Jung, George F. Trommer, Paul M.
Marko, Augustus O.
which, with capital of $90,000,000 and surplus fund of $170,- Froeb and M. L. Parshelsky.
000,000, bring the Company's total capital account to $297,No Mergers in Decade
391,257. The statement shows deposits of $1,180,585,310
Thomas F. Crean is President of the Church Lane
Savings Bank. Other
trustees include Louis Beer, John E. Biggins, Walter
and total resources of $1,786,425,140.
D. Ebinger, Frank K.
F. H. McKnight, President of the Grace National Bank of
New York, announced on Sept. 29 the election of Walter H.
Fairchild, Frank F. Gload, Foster Gunnison, George
R. Holahan, Jr., Edgar
IV. Mandeville, Edward J. Maguire, Joseph
J. O'Brien, M. 0. O'Brien,
Willard H. Pearsall, Joseph J. Sartori, David
Schlein, John J. Snyder,
Theodore Southworth, George W. Spence, Michael Tuch
and James Herbert
Young.
OCT. 4 1930.]
FINANCIAL CHRONICLE
Prior to the recent Dime-Navy Savings Bank fushion, there
had been no
mergers of mutual savings banks in New York City for nearly
10 years.
The explanation for the spread of the merger movement to
the savings bank
field lies in the prevailing 41
/
2% dividend rate, in the opinion of bankers.
2169
of that city and of the People's Mutual Savings &
Loan
Association. Mr. Nackenhorst, who was 67 years
of age,
was born in Pittsburgh, Pa., but moved to Indianapolis
in
1873. Subsequently he established a grocer busine
y
ss in
Indianapolis, which he operated for thirty
years. In 1908
he helped organize the Fountain Square State Bank,
and had
been affiliated with the institution continuously
since that
time. He was made President in 1910, the office
he held at
his death. The deceased banker had been Presid
ent of the
People's Mutual Savings & Loan Association
since 1919.
Further referring to the affairs of the closed Hamps
hire
County Trust Co. of Northampton, Mass., an additional
dividend of 25% will be paid by Roy A. Hovey, Bank
Commissioner for Massachusetts, to depositors in the commer
cial
department of the institution, according to Northampto
n
advices on Sept. 26, appearing in the Springfield "Repub
lican" of the next day. Permission has been given
by the
Massachusetts Supreme Court to make this payme
From the Indianapolis "News" of Sept 24
nt Oct 11.
it is learnt
The dispatch continuing said:
that Richard L. Lowther, receiver for the J. F.
Wild & Co.
The total amount of this dividend will
be $148,282, and, with the State Bank of Indianapolis
(which was closed July 30 1927)
former payment of 50%, will Make a total payment
of $445,670, against
filed in the Probate Court on that date the
total claims of $593,129.
third annual
The savings department has paid a 60% dividend
, amounting to $904,228, report of the receiver, showing net gains
in
liquidation
and an additional dividend is expected to be
paid within a few weeks. receipts and making the
prediction that another 10% diviIt is expected that both departments will
complete payment of 100%
on all claims.
dend eventually will be paid to the bank's deposi
tors. Thus
Our last item concerning this bank, which was
closed far, the receiver has paid dividends to the depositors aggreMar.'28 of the present year following the discov
ery of a gating 62%% of the deposits at the time of closing. We
shortage in its funds of approximately $288,000,
appeared quote furthermore in part from the paper mentioned:
in the Aug. 2 "Chronicle", page 734.
The third report, covering the period from Aug. 8
1929. to Aug. 7 1930,
The Plainfield Trust Co. of Plainfield, N. J., opene
d its
new quarters for its trust department on Sept. 27, accord
ing
to the New York "Herald Tribune" of Oct. 1.
The trust
department is under the management of H. Douglas
Davis,
Treasurer and Trust Officer and two Assistant
Trust
Officers, Omer T. Houston and John V. Trump
ore. Advices from Plainfield, Oct. 1, to the Newark "News
" stated
that Edwin M. Daniel of Plainfield, for the last six
years in
charge of the National City Co's branch office in Newar
k, on
that day became affiliated with the Plainfield
Trust Co.,
where he will have charge of the securities depart
ment. Mr.
Daniel, the dispatch said, is a past President of
the Bond
Club of New Jersey and a member of the Plainf
ield Country
Club and the Newark Athletic Club.
That the respective shareholders of the People
's Banking
& Trust Co. of Elizabeth, N. J. (formerly
the People's
National Bank), and the Downtown Trust Co.
of that city,
had unanimously approved the merger of
the two institutions, was announced by General Dennis F.
Collins, President of the former, on Sept. 25, according
to Elizabeth
advices on Sept. 26 to the Newark "News." The
new institution will be known as the People's Banki
ng & Trust Co.
Mr. Collins was reported as saying that
with the approval
of the State Department of Banking and
Insurance, the
union would become effective Oct 1. The
proposed merger
of these banks was noted in our issue
of Dec. 28 1929,
page 4084.
Walter S. Mitchell, a Vice-President of the
Mellon National
Bank, Pittsburgh, and member of the Direct
orates of several
Mellon corporations, died on Sept.
25 at his home, Dundee
Farm, Sewickley Heights, Pa., after
a short illness. He
was 73 years old. Born in Somers
et, Pa., Mr. Mitchell
entered the Mellon National Bank
in 1871, when it was
known as T. Mellon & Son's Bank.
He was Cashier from
1902 until 1916, when he became a
Vice-President, the office
he held at his death. Among other
interests, Mr. Mitchell
was Secretary and a Director of the
Kenilworth Land Co.,
McClintic Marshall companies,
Riter-Conley Co. and the
Union Shipbuilding Corp., a director
of the Kensington
Water Co., Monongahela Light & Power
Co., Monongahela
Street Railway Co., and West Braddock
Bridge Co., and a
member of the Pittsburgh Stock Excha
nge.
filed by Lowther, is a 129-page memorandum, in which
considerable space
is devoted to refutation of reports that the bank
was solvent at the time
of closing.
Through the operation of the bank receivership
in the last year, the
receiver reported that a net gain of $5,994.
65 had been realized after
receivership expenses had been paid, excludi
ng any fee for the receiver.
Through receivership administration of Florida
real estate holdings and
first mortgage bonds of the J. F. Wild series "25 to
43," it was reported
to the Court a net gain of $40,095.33 had been realized
after administration expenses and including salaries for Florida manager
s of the property.
This latter sum will go to the benefit of mortgag
e certificate owners,
while the $5,994.65 sum is credited to bank deposito
rs.
Lowther reported that the unliquidated investm
ent holdings of the bank
on Aug. 7 1930, amounted to $110,140 appraised
value, and that the
receiver remained charged with $680,538 of
total property.
In the mortgage certificate trust, the receiver
was charged at the end of
the period with $1,517,939.21 of property.
From rents and interest collected in operation of the Florida properties under
the real estate certificate
trust, the receiver realized $60,622.70. Expense
for administration of the
trust was $20,527.27, including $8,260.50 for
salaries, $1,655 for traveling
expenses, $3,900 for Court representative's
fees, $4,500 for legal representative's fees and $3,144 general expenses of the
Miami office.
In the bank receivership for the year,
gains from further liquidation of
assets, the report said, were $20,193.76,
which included $5,713.38 interest,
$4,002.29 rents, $48.68 exchange and
$10,429.41 in gains on realization.
Expenses of the receivership amounted
to $14,199.11, leaving a net gain
of $5,994.65, the report said. Expense
s were divided into $5,478 for
salaries, exclusive of receiver's fees not yet
claimed for the year; $601 for
traveling expenses, and $2,500 for legal
and court representatives.
The report said the bank had approxi
mately 16,000 depositors whose
claims with those of other general creditor
s at the beginning of receivership
amounted to $3,403,913.80. Three
liquidating dividends have been paid
thus far, amounting to 62/
1
2% of deposits.
The trust over the nineteen separate
mortgage certificate groups, the
report said, has resulted in $280,00
0 being paid in liquidating dividends,
thus far, to real estate certificate owners.
"This receiver has found," Lowther's
report said, "that a large amount of
the assets and property owned by the
bank at the time it was closed, and
turned over to this receiver, were either
entirely worthless or of values far
less than the amounts at which they
were carried on the bank's books. And
the character of these assets as being
worthless, or nearly so, was not caused
by the closing of the bank, or by the
fact that a receiver was appointed.
The condition of worthlessness existed
a long time prior to the appoint
ment
of a receiver."
Lowther included in his report a summar
y of the bank's losses in asset
Items carried on its books.
The failure of the J. P. Wild & Co.
State Bank was noted
in the "Chronicle" of Aug. 6 1927,
page 739, and its affairs
referred to in several subsequent issues,
our last reference
appearing Nov. 17 1928, page 2772.
A dispatch from Noblesville,
Ind., on Sept. 23 to the Indianapolis "News" reported that the Farme
rs' National Bank
of Wilkinson, Ind., had been recent
ly closed and that Robert
Hartman had been appointed receiver for
the institution.
This is the fifth bank in central
Indiana, it was said, for
which Mr. Hartman is acting as
receiver, the others being
That E. H. Cady, heretofore President
of the Commerce First National Bank, of Nobles
ville; the First National
Guardian Trust & Savings Bank of Toledo
, Ohio, has become Bank, of Arcadia; the First
National Bank, of Sheridan, and
Chairman of the Board of Directors of the
institution, and the First National Bank, of Farml
and.
has been succeeded in the Presidency by
Edward G. Kirby,
formerly a Vice-President for several years,
was reported in
Robert W. Smylie, a resident of Detroit for 41
Toledo ad vices on Sept. 22 to the "Wall
years, and
Street Journal." for more than fifty years connec
ted with banks in Canada
Mr. Cady had been President of the
institution since 1924. and Detroit, died at his home
in Detroit on Sept. 24 after a
The office of Chairman of the Board
became vacant last brief illness of pneumonia. Mr. Smylle
, who was 84 years of
February with the death of R. B. Crane, it
was stated. The age, was born in Dublin, Irelan and
d,
received his Bachelor's
Commerce Guardian Trust & Savings Bank
has deposits of Degree from Trinity College, that city.
Later he studied at
more than $25,000,000.
Oxford. At one time he was a member of the Royal
Irish
Constabulary, and subsequently spent some time in
The death occurred in Indianapolis on
India.
Sept 24 of William After leaving the
British army, Mr. Smylie went to Canada
Nackenhorst, President of the Fountain
Square State Bank where he was associ
ated with the old Bank of British North
2170
FINANCIAL CHRONICLE
America, Canad:an Bank of Commerce, and the Huron &
Erie Mortgage Corporation of London, Ont. Subsequently,
1888, he moved to Detroit and joined the old People's State
Bank, of which institution he was a Vice-President, prior to
his retirement in December, 1926.
Two Newark, N. J., banks are to be consolidated, namely
the Lincoln National Bank and the Colonial Trust Co. According to the Newark "News" of Sept. 26, the new organization will continue the name of the Lincoln National Bank.
The capital of the new bank will be the same as the present
capital ($600,000) of the Lincoln, but the assets will be
double those of the old bank. Franklin W. Fort, the present
head of the Lincoln National Bank, will be President of the
enlarged institution, while Samuel I. Kessler, now President
of the Colonial Trust Co., will be a Vice-President and a
director, the trust company becoming a branch of the enlarged bank. The Newark paper continuing said in part:
Mr. Ressler is a former chairman of the Democratic County Committee
and now State committeeman. Mr. Fort, a Republican, is Representative
in Congress from the Ninth District, has been Secretary of the Republican
PresiNational Committee, was manager of the pre-convention campaign of
dent Hoover, and has been prominent in opposing in Congress the proposal
establishment
to permit widespread branch banking. He later favored the
of branches in the same municipality. . . .
The proposal is subject to the approval of the stockholders, who must be
given four weeks' notice.
The merger will mean greater activity by Mr. Fort in business after his
retirement from Congress next March. He is Vice-President and General
Manager of the Eagle Fire Insurance Company and President of its affiliated
companies, Ajax, Sussex and Essex Fire companies.
In the Newark Clearing House statement as of Sept. 2 last, the Lincoln
had $1,609,000 demand deposits and $855,000 time deposits. The Colonial
had $845,000 demand deposits and $506,000 time deposits. The Lincoln
had $2,371,000 loans and discounts, the Colonial $1,155,000. The Lincoln
had investments of $1,047,000; the Colonial $433,000.
The Lincoln was opened Oct. 18 1924 at South Broad and East Kinney
streets, where it has maintained offices since. The Colonial began business
June 27 1927 in its present location, 563 Broad street.
The Lincoln was formed as' the South Broad National Bank, but soon
changed the name. The Colonial was formed by the Industrial Trust, but
changed its name to Commercial and then to Colonial.
Capital and surplus of the Lincoln originally was $450,000. This was
doubled October 15 1925. The Colonial opened with $800,000 capital,
150,000 surplus and $25,000 undivided profits.
Mr. Ressler, who has been head of the Colonial Trust since its organization
in June 1927, said the merger would benefit stockholders and the public, as
the united banks would establish 2 stronger institution. Economies in
management, he said, will be an added benefit.
It would make available within a very short time about 8700,000 or 8800,000
In cash which could be distributed pro rata to depositors. This woull
greatly relieve a large number of persons including merchants and workers
who have been embarrassed by the failure.
The total deposits in the bank were more than $1,500,000, but it Is
doubtful whether more than a million dollars will ever be available. Attorneys for depositors who are fighting an att(mpt on the part of North Jersar
attorneys to push a receivership plan through the Chancery Court, believe
this plan would save the depositors $100,000 in receivership fees and that
under any plan the depositors could get no more.
Acceptance of the offer of the Tradesmen's Bank le expected to be made
by the Commissioner of Banking and Insurance, Frank H. Smith, who has
the power to liquidate the assets and wind UP the business of the Vineland
Trust Co. The only thing that could disturb such an acceptance is the
appointment of a receiver.
The hearing of an application for a receivership was scheduled to be
heard before Vice Chancellor Ingersoll today, in Atlantic City, but was
postponed until Oct. 8 at the request of Leber and Ruback, Newark attorneys,
appearing for a receivership. Among the assets for which full payment
would be made by the Tradesmen's Bank is the banking house of the Vineland Trust Co. The building would be utilized in housing the trust department, title . department, Christmas savings club, tax clubs and other
activities.
If the offer is accepted the Tradesmen's Bank & Trust Co. will move int*
a position as the strongest bank in South Jersey outside of Camden and
Atlantic City. The officers and directors of the Tradesmen's Bank, in their
formal statement, point out that they waited until the closed bank's stockholders and depositors were given the chance to work out a plan, taking the
problem into consideration again when the eight incorporators of a propose'
new bank withdrew from active organization.
The affairs of the Vineland Trust Co. (which closed June
11 1930) was last referred to in our issue of Sept. 20, page
1822.
The consolidation of the Union Bank of Chicago and the
Guardian National Bank of that city, (to which reference
was made in our issue of Aug. 30, page 1366) was consummated on Sept. 29, according to the Chicago "Journal of
Commerce" of that date. The enlarged institution retains
the name of the Union Bank of Chicago and has a capital of
$1,300,000, surplus of $1,000,000 and undivided profits of
$300,000. Total deposits approximate $11,000,000. The
paper mentioned furthermore stated that former officers of
the Union Bank of Chicago (of which Charles E. Schlytern is
Chairman of the Board, and Daniel V. Harkin President)
will be retained and in addition Henry R. Kent, formerly
Chairman of the Board of the Guardian National Bank, will
become Vice-Chairman of the Union Bank, and Andrew T.
Murphy, formerly President of the Guardian, Chairman of
the finance committee. Edward N. Heinz, heretofore VicePresident of the Guardian bank, will also assume that position in the enlarged bank.
At a special meeting of the stockholders of the Union Bank
& Trust Co. of Los Angeles, held Sept. 25, Charles Baad,
Vice-President and Manager of the Los Angeles-Biltmore
Hotel, was made a director, as reported in the Los Angeles
"Times" of Sept. 26, which furthermore said:
trade,
Mr. Bead, who is widely known through the country in the hotel
Manager of the St.
came to San Francisco from Ohio in 1910 to become
the AlexanFrancis Hotel. In 1920 he came to Los Angeles as Manager of
Angeles-Bike:lore.
dria and two years later was made Manager of the Los
That an offer has been made by the Tradesmen's Bank &
assets
Trust Co. of Vineland, N. J., to purchase all the good
of the failed Vineland Trust Co., under which, if accepted,
70
depositors in the trust company would receive from 60 to
cents on the dollar, was disclosed in the following dispatch
a
from Vineland, Sept. 26, to the Philadelphi "Ledger":
Vineland Trust Co.
The probability that the depositors of the defunct
of this within a short time,
would get from 60 to 70% on the dollar, most
the Tradesmen's Bank &
was seen here to-day (Sept. 26) in the offer of
of Banking
Trust Co. of Vineland to purchase from the State Department
of the company.
and Insurance all the good assets
• • •
Bank,
Were the State Department to accept the offer of the Tradesmen's
way,
and it is believed here that only slight legal technicalities stand in the
[VOL. 131.
George M. Reynolds, Chairman of the executive Committee
of the Continental Illinois Bank & Trust Co. and dean of
Chicago bankers, completed his fiftieth year of banking Oct.
1. In announcing the occasion, the bank said:
During the half century since Mr. Reynolds began as a clerk for the
Guthrie County National Bank of Panora, Iowa, he has made bank history,
particularly in the Middle West. George Reynolds is one of the most
widely known bankers in the United States. He has held all the important
offices in the American Bankers Association, including the Presidency, has
been a clam A director of the Chicago Federal Reserve Bank since its
organization, is Chairman of the Chicago Clearing House Committee, and
was advisor to the American Monetary Commission whose work paved the
way for the Federal Reserve Act. In the development of this law and ia
the development of the Federal Reserve System, Mr. Reynolds was deeply
Interested and very active. His confidence in that system was demonstrated
when, in 1917, it was proposed, as a war measure, that all member banks
turn over their gold to the reserve banks. He was the first to announce
that the Continental dc Commercial National Bank would take that step.
Such an act seems of little moment in 1930, but in 1917 the reluctance of
bankers to surrender gold was fortified by the traditions of a century.
In 1897, when Mr. Reynolds arrived in Chicago to be Cashier of the
Continental National Bank. business was expanding rapidly and the force
that was driving banking as well as other business forward found in him a
new ally. He was not wedded to traditions. His idea was that banking
was created for business and that old ways were entitled to respect only if
they contributed to the service that banks owe to business. It is natural
that he became known as a bank builder. He had broad views backed up
by courage.
George Reynolds has always been keenly interested in country banks,
having been a country banker himself, and he saw that the opportunity for
Chicago to grow financially lay in developing a close relationship between
country banks and their correspondents in Chicago. As a result of this
policy, the Continental for years has led all banks in the United States is
number of bank correspondents.
Mr. Reynolds at once saw the importance of gaining for Chicago recognition as one of the financial centers of the world. To do this, Chicago
must have banking facilities of such size as could finance the needs of
business in the Middle West. This required large capital.
In 1898, the Continental National absorbed the International Bank and
the Globe National. These two absorptions marked the beginning of a long
series of increases in capitalization and mergers which first gave to Chicago,
in 1910, the largest bank outside of New York City—the Continental and
Commercial National Bank. The bank bad capital of $20,000,000 and
surplus of $10,000,000. George Reynolds was President.
The climax to the period of consolidation came Mar. 18 1929, when
the Continental National & Illinois Merchants Trust were united as the
Continental Illinois Bank & Trust Co. And the thirty million capitalization of 1910 seems small indeed when compared with the $150,000,000
capital of the Continental Illinois Bank & Trust Co., and its resources
well in excess of $1,000,000,000.
It was appropriate that it should be Mr. Reynolds fiftieth anniversary
in banking when he consented to have his name proposed for reelection as
a class A director of the Chicago Federal Reserve Bank. The alectioa
occurs in December of this year.
Supplementing our item of last week (page 2007) wit
reference to the acquisition of the Lincoln National Bank
Trust Co. of Lincoln, Neb., by the Continental Nationa
Bank of Lincoln, one of the Nebraska units of the North
west Bancorporation of Minneapolis, an announcement in th
matter by the bancorporation, dated Sept. 25;says:
Northwest Bancorporation's affiliated bank, the Continental Nation
of Lincoln, Neb., has taken over the deposit liabilities of the Lincol
National Bank & Trust Co. of that city, after negotiations that were
at the request of the bank absorbed.
The Lincoln National Bank & Trust Co. had been considering volunta
liquidation owing to capital impairment. It figured prominently in new
reports of September 17 when it was robbed of cash and securities amoun
ing to a large sum. Continental National took only the deposit liabiliti
and has no interest in other matters concerning that bank or in any co
plication attending the robbery of the Lincoln National.
a
OCT. 4 1930.]
FINANCIAL CHRONICLE
2171
Orleans, marks its Twenty-Fifth Anniversary with the October issue. The Hibernia Rabbit was first published in
October 1905, and consisted of six pages mimeographed.
The first issue had a circulation of only 100. The first editor
was an employee of the bank, A. C. Kammer, who is now a
member of a New Orleans law firm. The bank has the following to say regarding its house organ.
The Rabbit received its unusual name from a phrase current In Prfir
On Sept. 11 the First National Bank of Bushnell, Neb.,
banking circles at that time. A bank clerk who accomplished some
was placed in voluntary liquidation. The institution, which Orleans
part of his duties exceptionally well, or badly, or wore a cravat of strange
was capitalized at $25,000, was absorbed by the Kimball and vivid hue, anything out of the ordinary, was saluted with the expression.
"Oh, you Rabbit." The first editors capitalized the popularity of tke
National Bank of Kimball, Neb.
Northwest Bancorporation has seven affiliates in five Nebraska cities,
Omaha, Lincoln, Fairbury, Hastings and Norfolk.
The Continental National Bank of Lincoln has $200,000 capital and
4200,000 surplus. With the addition of $2,200,000 deposits of the Lincoln
National Bank & Trust Co., the Continental National's deposits will exceed
$7,000,000 and its total resources will approximate $8,000,000. Northwest
Bancorporation has 115 affiliated banks or trust companies in 102 towns
sir cities in eight Northwest or Middlewest States.
Additional information regarding the closing of the First
National Bank of Altus, Okla. (an institution with capital of
$60,000 and deposits of $537,961), noted in our issue of Sept.
27, page 2007, is contained in the following Associated Press
dispatch from Altus on Sept. 27, printed in the "Oklahoman"
of the next day:
phrase and named their new paper from it.
The Rabbit is the second oldest bank house organ in existence, being
preceded a bare thirty days by the "Number 8" published by the National
City Bank of New York.
Today it contains 32 to 48 pages and boasts a circulation of nearly 4,000.
Its readers are located throughout the United States: and foreign countries.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the brisk rally on Wednesday, the New York
stock market has had another bad week. Selling has been
constant, and severe breaks occurred on Monday and again
on Thursday, carrying many issues to new low levels for the
year, and longer in some instances. Indeed, on Monday,
more than 200 issues dropped to new low levels and on
Tuesday the number increased to 300. Occasional rallies
have occurred but these merely served to check, from time
25,
Associated Press advices from Decatur, Ala., Sept.
to time, the avalanche of liquidation that poured into the
printed in the Birmingham "Age-Herald" of the next day, market. Practically all of the active market leaders were
awl
reported that a consolidation of the City National Bank
under pressure at one time or another, and were pushed
the Central National Bank, both of Decatur, was to become sharply downward, United States Steel dropping to its exeffective on Oct. 1, according to a statement by the banks on treme low at 154. Copper stocks, oil issues, and industrials
(Sept. 25. The new institution, which is known as the First bore the brunt of the selling during the greater part of the
National Bank, is capitalized at $200,000 with surplus of week. The outstanding happening of the present hectic
;more than $250,000, and has resources of approximately $2,- week was the announcement early in the afternoon on Tues4000,000. It occupies the former quarters of the City National day that the stock exchange firm of J. A. Sisto & Co., had
Bank. The directorate is composed of the former directors admitted its insolvency and had been suspended from memof the merged institutions, while the officers are as follows: bership of the Now York Stock Exchange. The weekly
IV. W. Fussell, President; Thomas A. Bowles, Executive statement of the Federal Reserve Bank made public after
Vice-President; John D. Wyker and J. T. Jones, Vice-Presi- the close of business on Thursday shows a decrease of $159,dents, and W. B. Shackleford, Vice-President and Cashier. 000,000 in brokers' loans, bringing the total down to $3,063,000,000 the lowest level since 1927. Call money renewed
The First National Bank of Luverne, Ala., capitalized at at 1417
0 on Monday, advanced to 2% in the afternoon and
$30,000, was placed in voluntary liquidation Sept. 9. It continued unchanged at that rate during the rest of the week.
was taken over by the Bank of Luverne of the same place.
Selling continued unabated during the greater part of the
two hour session on Saturday, railroad shares being forced
the First National Bank of Welch, sharply downward, while coppers, oils, industrials and
Effective June 30 last,W. Va., capitalized at $100,000, was placed in voluntary specialties were again under pressure. The selling wave inliquidation. The institution was absorbed by the McDowell cluded practically all classes of stocks and numerous new low
County National Bank of Welch.
levels for the current movement, and in many instances, for
the year, were recorded not only by those stocks that have
According to a press dispat-ch from Tampa, Fla., Sept. 23, in the past gradually lost ground, but also by many issues
printed in the Florida "Times-Union" of the following day, that have recently shown good gains. The early trading
checks for the third dividend of 10% for depositors in the displayed considerable irregularity and some strength, but
Citizens' Nebraska Avenue Bank of Tampa, which closed the list turned sharply downward as large blocks of stock
July 17 1929, were being paid to the depositors on that day were thrown overboard. United States Steel was off more
(Sept. 23) by Liquidator M. H. Mabry, the total amount than a point, and reached a new low on the present decline.
being more than $14,000. Mr. Mabry stated, the dis- Eastman Kodak and Worthington Pump lost about 3 points
patch said, that a fourth dividend of 10% will be paid to each and losses of 2 to 3 or more points were registered by
depositors in the American State Bank (Tampa) and a sec- such stocks as Allied Chemical & Dye, Du Pont, and Searsond dividend of the same amount to depositors in the Frank- Roebuck, while new bottom records were established by
lin Bank (Tampa) Oct. 10, and that the first dividend would Radio Corp., Anaconda, Kennecott, Republic Iron & Steel,
probably be paid to depositors in the Lafayette Bank Allis-Chalmers, International Tel. & Tel., Pennsylvania
Railroad, Standard Oil of New York, Pere Marquette,
(Tampa) Oct. 15, this also being 10%.
Missouri Pacific, Baltimore & Ohio, Eastman Kodak, and a
With reference to the proposed increase of $250,000 in host of other well known and active stocks.
capital and $125,000 in surplus of the Exchange National
Selling drives against the copper stocks, oil shares and
Bank of Tampa, Fla., noted in our issue of Aug. 23, page specialties were again in evidence on Monday, though for a
1213, a Tampa dispatch Sept. 23 to the "Wall Street Jour- brief period in the early trading, prices rallied slightly above
nal" stated that the stockholders, after voting unanimously Saturday's close. Public utilities were fairly strong for a
In favor of the increase, subscribed for the whole Issue and short period and so were such stocks as Air Reduction,
paid for every share in cash. The ad vices went on to say: United States Steel, Westinghouse, Allied Chemical & Dye,
The new issue was considerably oversubscribed, with a number of the and numerous others, but most of the advance melted away
leading stockholders ready to take all they could get in addition to their in the break later in the day when more than 200 issues
allotment.
slipped into new low ground for the current movement.
The new issue consisted of 2,500 shares at $150 a share, which gives the
were not as heavily sold as on Saturday,
bank a total capital of $1,250,000, with $500,000 surplus. The bank now Railroad stocks
has approximately $200,000 undivided profits, making a total capital struc- though many of them again moved into new low ground.
ture of almost $2,000,000.
United States Steel, on the other hand, closed at 160 with a
President Griffin said: "We don't foresee any return to boom conditions,
nearly 2 points. Eastman Kodak improved 2 points
but we do see a steady and continuous growth and we are getting ready to gain of
% points to 993
%. Interto 201, and New Haven climbed 23
handle it as it comes."
national Business Machine was higher by 3 points as it
and Amer. Tel. & Tel. recorded an advance
The Hibernia Rabbit, a magazine published quarterly by closed at 162
the employees of the Hibernia Bank & Trust Co. of New of 231 points as it surged forward above 207.
Announcement of the appointment of 0. W. Sage of Osborne, Kan., as
receiver for the First National Bank of Altus, which closed its doors Monday
(Sept. 22) was made Saturday by E. .J. Becker, Jr., of Clinton, national
examiner. Sage will arrive here early next week to take charge.
The appointment of a receiver will not affect possible efforts of the board
of directors to reorganize, officers said. No definite action has been taken
toward that end, although numerous meetings have been held by the board
since the members decided to close the bank.
Becker said Sage would proceed with collection of outstanding paper so
liquidation could be carried out.
2172
[VOL. 131.
FINANCIAL CHRONICLE
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
On Tuesday the market again moved violently downward
BALTIMORE EXCHANGES.
and more than 300 issues touched new low levels for the
current year. The turnover was the largest since June 18,
Boston.
Baltimore.
Philadelphia.
Week Ended
the transactions totaling 4,496,780 shares with 892 issues
Oct. 3 1930.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
being dealt in during the session. There were occasional laturday
24,283
$14,000
53,530
1,861
$12.000
46,156
rallies, but these were usually of short duration and served Monday
22,000 a86,173
$5,000
3,516
8.800
Tuesday
62.052
27.000 0127,476
12,000
3,409
25.600
only as a momentary check to the avalance of liquidation. Wednesday
45.528
34.000 076,740
11,800
2,064
7.000
37,091
Thursday
9.000 a67,122
13,000
1,659
13,000
In the early trading, United States Steel rebounded over a Friday
9,730
11,000
26,537
1,043
18.000
point to 1573., but again broke to a new low level and closed
Total
224,840 $117.000 431,578
$41,800
13.552
$84,300
at 1543. Large offerings of General Electric, Westinghouse, ,...- .......nyriesnA
ono
e,
,
,,
,nn
asoAon
41.,,
Bethlehem Steel, American Water Works, and American &
a In addition, sa es of rights were: Monday, 8,200; Tuesday, 3,100; Wednesday.
Foreign Power were thrown on the market and prices in 400. Sales of warrants were:
Monday, 5,700; Tuesday, 1,400; Wednesday.
these issues slumped all along the line. Selling was particu- 200; Thursday, 500.
larly heavy in the railroad stocks, oil shares and copper
THE CURB EXCHANGE.
issues, the declines ranging from 2 to 4 or more points. The
Curb Exchange securities were subjected to another selling
most striking declines were recorded by such stocks as Allied
Chemical & Dye, American Can, J. I. Case Threshing movement on Tuesday of the week and prices broke sharply
Machine, Detroit Edison, Diamond Match, and Central throughout the list. New low records were made for most
Railroad of New Jersey. The market completely reversed of the prominent issues. Some attempts at recovery folitself on Wednesday, and as it moved sharply upward, the lowed and a good part of the early losses were recovered.
recovery extended to all parts of the active list, the gains Utilities and rails were the most affected. Electric Bond &
% to 633', recovered to 693.
ranging from 2 to 10 or more points. There were a few Share corn. dropped from 705
isolated cases of continued selling which included among and closed to-day at 683/s. American & Foreign Power
% to 30%, advanced to 36% and
others, Rock Island, Missouri Pacific, Republic Iron & Steel, warrants broke from 383
International Tel. & Tel., and Electric Auto Lite. Among ends the week at 353'. Amer. Gas & Elec. corn. from 1153/i
the more prominent of the speculative favorites included in receded to 109%, sold up to 117% and finished to-day at
the railroad group showing substantial advances were 1163. Duke Power declined from 1583/3 to 149 and sold
Canadian Pacific 10 points, Atchison 53' points, New York to-day up to 155%. Nevada-Calif. Elec. corn. gained some
Central 43 points, New Haven 4% points, and Norfolk & eight points to 123. Northern State Power, corn. after early
Western 2 points. Public utilities were represented on the improvement from 1473' to 1513/i fell to 144 and recovered
side of the advance by American & Foreign Power 4% finally to 150%. Oils were active with numerous changes.
4 then up to
points, American Power & Light 4 points, American Water Humble Oil & Ref. sold down from 793 to 753
Works 33/s points, Colorado Gas & Electric 4 points, Con- 79%, the close to-day being at 78%. South Penn Oil de4 to 30. Standard Oil Company (Ohio)
solidated Gas 4 points, Brooklyn Union Gas 4% points, clined from 343
Standard Gas & Electric 53/i points, and Pacific Gas & common was down from 67% to 643/i and ends the
4. Vacuum Oil declined from 723.4 to
Electric 13 points. The strong industrial stocks and week at 643
/g. Cosden
specialties included United States Steel 4% points, Westing- 663' sold back to 73 and finished to-day at 723
% to 8 but recovered finally to 113.
house 43
4 points, General Electric 33
4 points, American Can Oil corn. broke from 145
63. points, Air Reduction 53 points, Allied Chemical & A sale of the preferred was recorded at 153.' against the
Dye 7 points, and Worthington Pump 63' points. Motor previous sale of 52. Gulf Oil of Pa. dropped from 1073
stocks were higher all along the line, General Motors gaining to 98 and recovered finally to 103%. Lone Star Gas was
4 points, and Mack Truck 25/s points. conspicuous for a loss of over five points to 30% though it
2 points, Chrysler 13
The market reacted downward on Thursday, And a long sold finally at 33%. Many new low records were reached
list of the strong issues of the preceding day showed losses in the industrial and miscellaneous list. Aluminum Co. of
of from 2 to 6 or more points. Some of the more active Amer. corn. declined from 202 to 195. Deere & Co. was off
stocks managed to hold part of their gains, Diamond Match from 72 to 60 but recovered finally to 67. Driver Harris
% to 42 with sales to-day at 51.
for instance, adding 4 points to its advance of the previous Co. corn. sold down from 523
day. Rails, copper stocks, and public utilities suffered the Metal & Mining shares broke from 11% to 33/s and closed
heaviest declines, selling pressure being largely directed to-day at 5%. Sisto Financial Corp. was conspicuous for a
toward these groups. Specialties also were under pressure break from 18% to 10. A. 0. Smith Corp. corn. sold down
and such stocks as J. I. Case Threshing Machine, and from 166 to 1603' then up to 167.
A complete record of Curb Exchange transactions for the
Worthington Pump declined from 4 to 6 or more points.
week
will be found on page 2204.
The tone of the market was slightly stronger on Friday, and
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
while a number of prominent issues recoDded gains of 1 to
Bonds (Par vahm).
2 or more points, there were also many popular stocks that
Stocks
(Number of
moved downward. This was true especially of the railroad
Week Ended
Foreign
Domestic. Government.
Shares).
Rights.
Oct. 3.
Total.
issues many of which sagged a point or more. Public utilities
375,400
2,600 $2,148.000
$205.000 $2,353,000
showed some improvement, but the gains were not especially Saturday
768.600
5.000 4,339.000
355.000 4,694.000
Monday
1,145,000
5,700 5.115.000
347.000 5,462.000
noteworthy. Mail order stocks were weak, particularly Tuesday
100 3,520 000
720,100
307.000 3,827,000
Wednesday
Montgomery Ward which dropped to a new low for the year, Thursday
800 3.152,000
525,700
277,000 3,429,000
478.800
2,400 2,687.000
297.000 2,984,000
and copper stocks which continued to sell off. Among the Friday
16.600 gosorsoo $1.788.000 $22,749,000
4.013,600
shares closing higher were Allied Chemical & Dye 4 points, Total
Case Threshing Machine 43' points, Johns-Manville 33
points, and Northern Pacific 3 points. In the last few
THE ENGLISH GOLD AND SILVER MARKETS.
minutes of trading, the prices eased off, but the final tone
We reprint the following from the weekly circular of
was good.
Samuel Montagu & Co. of London, written under date of
Sept. 17 1930:
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
IAA
DAILY, WEEKLY AND YEARLY.
Week Ended
Oct. 3 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
...
Total
Stocks,
Number of
Shares.
1,709,090
3,762,290
4.498,780
3,155,305
2,315,770
2,053,280
Slate.
unktgal &
For'n Bonds.
$3,745,200
8,267,000
9,359,000
7,975,500
6,961,000
6,608,000
Stocks-No. of shares_
Bonds.
Government bonds_ -State & foreign bonds_
Railroad & misc. bonds
Week Ended Oct. 3.
1930.
Untied
States
Bonds.
1929.
Total
Bond
Sales.
$384.000
551,000
614.500
974.000
481,500
287.000
$2,006,000
3,677,000
4,352.500
3,929,000
3,139,000
2.361,000
17 492 515 342.915.700 $19.464,500
Sales at
New York Stock
Exchange.
Total bonds
Railroad.
dbc..
Bonds.
$6,135,200
12,495,000
14,326,000
12,878,500
10,581,500
9,256,000
$3.292,000 $65,672,200
Jan. 1 to Oct. 3.
1930.
1929.
17,492,515
23,680,410
633,913,630
845,271,100
$3,292,000
19,464,500
42.915.700
$1,674,500
11,151,500
40,883,500
$86,694,100
515,860,400
1.477.343.100
395.835,200
468,653,150
1,550.027.800
$65,672,200 353,709.500 $2,079,897,600 32,114.516,150
Inn
nnnn
mien Ann
GOLD.
The Bank of England gold reserve against notes amounted to 4155,545.822 on the 10th instant (as compared with E154.459.860 on the previous
Wednesday), and represents an increase of £9,585,738 since Jan. 1 last.
Gold from South Africa to the value of £812.000 was available in the
open market yesterday. Owing to the firmness of the French exchange,
the high price of 85$. ;id. per fine ounce was realised and at that figure
France secured about £734.000. Of the balance. £68,000 was taken for the
Home and Continental trade and £10,000 for India.
Movements of gold at the Bank of England during the week show a net
influx of E652,639. Receipts totalled £878.142 of which £226,500 was in
sovereigns from abroad and £650.000 in sovereigns released." Withdrawals amounting to 4225,503 comprised £186.668 in bar gold of which
about 4120,000 as for Switzerland and £38.835 in sovereigns.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 8th instant to mid-day on the 15th Instant;
Imports-Exports£559.945 Germany
£54,020
Britisla South Africa
77.201 France
808,072
Brazil
4.186 Switzerland
25.770
British West Africa
1.334 Austria
12.575
Other countries
British India
12,722
Other countries
6.094
£642,666
£919.253
OCT. 4 1930.]
FINANCIAL CHRONICLE
The Transvaal gold output for the monthvof August last ?mounted
&
-921.081 fine ounces, which Compares with 9r2T652 fine ouncesfo7July
1930,and 889.601 fine ounces for Aug. 1929.
United Kingdom imports and exports of gold for the month of August
last are as detailed below:
Imports.
Prance
£18,234
Switzerland
West Africa
80,250
South American countries (other than Argentine
0 Republic, Uruguay and Paraguay)
1.202,601
Belgium
Germany
Netherlands
Austria
Union of South Africa (including South West
la Africa territory)
2,719.815
Rhodesia
104,763
British India
Australia
830.000
Other countries
17,316
Exports.
£2,8:30,061
1,078.987
128
123,410
157.148
51.152
2,730
131.849
19.900
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:
Sept.22 Sept.29 Sept. 30
1930.
BondsFrancs.
French Rentes 3% Perpetual_
French Rentes 4% 1917
French Reines 5% 1915-16
RanksBanque de France
Banque de Paris et des Pays Bac.
Credit Lyonnais
Union des Mines
Cana:Canal Maritime de Suez
Railroad(limn In de ter du Nord
MinesMinos des Courrleres
Mines des Lens
HoltRoc Miniere et Metallurgique de day
Penarroya
Public UtilitiesCle General d'Electricite
Soc. Lynnnalse des Eaux
Cie. Francais° des Precedes
Thomson-Houston
Union d'Electricite
Industrials-
£4,972.979 £4,395,365
SILVER.
The market has continued quiet, but with a steady tone. Prices
having
ruled slightly higher than last week. China has been disposed to buy and
demand from that quarter raised the price qa. to 161,4d. on the 12th inst.
On the next day the rate eased to 16 13-16d., remaining unchanged at that
figure for three working days, but to-day, on further buying for China.
the quotations recovered to 1634d.
Offerings from America have been moderate and the steadiness of the
market is at present attributable largely to hesitation on the part of sellers. Tremertes & Laminoirs du Havre
The following were the United Kingdom imports and exports of silver Societe Andre Citroen
registered from mid-clay on the 8th instant to mid-day on the 15th instant: Ste. Francalse Ford
V017. S A
Imports-
Exports
-
Mexico
U. S. A
Other countries
£137,600 Prance
9.464 British India
5.991 Other countries
£10.740
19.531
5,217
£153,055
£35,488
2173
Pechtney
'Air Liquids
EtablIssements Kuhlmann
Gaieties Lafayette
OttRoyal Dutch
Oct. 1
Oct. 2 Oct. 3
1930.
1930.
1930.
1930.
1930.
Francs. Francs. Francs. Francs. Francs.
88.10
88.05
88.15
88.50 88.50
103.10 103.10 103.25 103.40 103.25
101.80 101.80 101.95 101.95 101.85
21.915 21.975 21,750 21,950 22.045
2.610
2.650
2,610
2.855
2.870
2.880
2,925
2,880
2.940
2,980
1,315
1,305
1.300
1,290
1,290
18.915 18,930 18,850 17.170 17,240
2,305
2,310
2,300
2,330
2,345
1,293
1.112
1,295
1,118
1,290
1,108
1.299
1,122
1,305
1,128
899
700
656
870
657
3,195
2,850
3,255
2,880
3,125
2,860
3,220
2,880
3,230
2,905
778
1,188
779
1,184
773
1.180
790
1,178
795
1,193
2,075
282
915
2,885
1,849
826
160
2,110
775
280
915
2,400
1,880
821
160
2,055
762
275
907
2.815
1,845
792
180
2,110
794
296
911
2.890
1,875
803
160
2,115
800
285
910
2.695
1,688
810
160
3,485
3,440
3.460
3,535
3,545
770
INDIAN CURRENCY RETURNS.
(/n leas of rupees)Sept. 7. Aug.31. Aug.22.
Notes in circulation
16958
16887
17237
Silver coin and bullion in India
12131
12067
11925
Silver coin and bullion out of India
Bank clearings this week will again show a decrease as comGold coin and bullion in India
3228
3228
3228
Gold coin and bullion out of India
pared
with a year ago. Preliminary figures compiled by us
Securities (Indian Government)
1476
1469
1957 based upon telegraphic advices
Securities (British Government)
from the chief cities of the
123
123
127
The stocks in Shanghai on the 13th instant consisted of about 102.000.000 country indicate that for the week ended to-day (Saturday,
ounces in sycee, 146.000.000 dollars and 4.200 silver bars, as compared Oct. 4) bank exchanges for all the cities
of the United States
with 102,000.000 ounces in sycee, 146.000,000 dollars. 300.000 Saigon
from which it is possible to obtain weekly returns will fall
dollars and 4,280 silver bars on the 6th instant.
26.3% below those for the corresponding week last year.
Quotations during the week:
.
-Bar Silver Per Oz. Std.- Bar Gold Per Our preliminary
total stands at $12,229,386,655, against
Cash.
2 Mos.
Or. Fine.
Sept. 11
1644d.
10401.
84s. 117
/4d. $16,598,820,005 for the same week in 1929. At this centre
12
1634d.
1634d.
85s. 54d.
13
there is a loss for the five days ended Friday of 30.2%. Our
16 13-16d.
16 13-16d. 884. WI.
15
16 13-I6d.
16 13-16d. 85s. 54d. , comparativ
e summary for the week follows:
16
16 13-16d.
16 13-16d. 854. ;id.
17
1630.
163.4d.
85s. 34d.
Average
16.802d.
16.802d.
85s. 2541.
Clearings-Returns by Telegraph.
Per
The silver quotations to-day for cash and two months delivery are each
Week Ending Oct. 4.
1930.
1929.
Cent.
Hd. above those fixed a week ago.
New York
58,857,000,000 89,829,000,000 -30.2
Course of Bank Clearings
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Sept. 27.
Mon.,
Tues.,
Wed.,
Thurs..
Fri.,
Sept. 29. Sept. 30.
Oct. 1.
Oct. 2.
Oct. 3.
Silver, p. oz.& Isx
1614
1814
1814
16 7-18
1814
Gold,p.fine oz. 85s.%d. 84s.113(d. 846.1134d. 848.1134d. 843.1114d.
846.11%d,
Consols, 254% -5534
5514
5514
5534
British 5%
10434
10434
10434
10434
10434
British 434%-10034
10034
10034
101
1
French Rented .
(In Paris)Jr_ ____
88.17
88.05
88.05
88.40
88 50
French War L'n
(111Parisl_fr_ ...._103.10
103.10
103.25
101.85
103.40
0134
Chicago
Philadelphia
Boston
Kansas City
Bt. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
509,379,909
651.987,855
497,000,000
540,000,000
450,000,000
584.000,000
103,481,747
134,283,120
106,400,000
122,100,000
171,788,000
205,083.000
Will no longer r eport clearings.
188,572,995
192,520,586
138,954,787
202,234,294
128,875,411
168,521,615
94,822,563
104.838,338
46,139,079
50,154,043
-12.4
-31.3
-23.8
-9.7
-8.0
Twelve cities, 5 days
$9,270,194,471 $12,762,802,849
920,981,075
1.241,724,805
-27.4
-25.8
Total all cities, 5 days
All cities, 1 day
$10,191,155,548 814,004,527.854
2,038,231,109
2,594,292,351
-27.2
-21.4
512,229.388.855 816.598.820.005
-28.3
Cleveland
Baltimore
New Orleans
Other cities, 5 days
Total, all cities for week
-21.9
-8.0
-20.2
-22.9
-12.9
-16.3
Complete and exact details for the week covered by the
The price of silver in New York on the same days has been: foregoing will appear in our issue of next week. We cannot
Silver in N. Y., per oz. (cts.):
furnish them to-day, inasmuch as the week ends to-day
Foreign
3634
3534
3534
3534
36
3534
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
PRICES ON BERLIN STOCK EXCHANGE.
In the elaborate detailed statement, however, which we
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past present further below we are able to give final and complete
results for the week previous-the week ended Sept. 27. For
week have been as follows:
that week there is a decrease of 36.4%, the aggregate of
Per Cent of Par
Sept. Sept. Sept. Oct. Oct. Oct.
clearings
for the whole country being $9,540,111,481, against
27.
29.
30.
I.
2.
3.
Mtg. Deutsche Credit (Adea)(8)
$14,997,372,566 in the same week of 1929. Outside of this
2 102
102
102
Berlin. Handels Gee. (12)
129
130
132
133
133
132
Commerznuni-PrIcat-Bank (11)
city there is a decrease of 26.3%, while the bank clearings at
119, 120
120
120
120
119
Darmstadter U. Nationalbank (12)
183
183
165
185
185
181
this centre record a loss of 40.8%. We group the cities now
Deutsche Bank U. DIsconto Gee.(10)
.117
117
118
119
118
118
Dresdner Bank (10). _ _..
116
117
117 118
117
according to the Federal Reserve Districts in which they are
118
Reiehsbank (12)
223
223
224
225 225 223
Algermeene Kunstzlide Gale (Aku)(0)-- 66
located, and from this it appears that in the New York Re66
66
66
66
62
Mtg. Elektr. Gee.(A.E.G.)(9)
122
122
120
124
124
122
Ford Motor Co., Berlin (10)
serve District, including this city, the totals show a shrinkage
206
208
206
208 200 200
Gelsenkirchen Bergwerk (8)
.100
100
100
100
101
100
of 40.7%,in the Boston Reserve District of 21.2% and in the
Gesfuerel (10)
123
125
128
129
128
124
Hamburg-American Lines(Raper° (7)
76
77
Philadelphi
79
a Reserve District of 29.6%. In the Cleveland
80
80
78
Hamburg Electric Co.(10)
128
130
130
131
131
129
Heyden Chemical (5)
Reserve District the totals show a decline of 23.4%, in the
45
44
45
44
Harpener Bergbau (6)
85
87
ao 90 91 87
Hotelbetrieb (12)
Richmond Reserve District of 11.6%, and in the Atlanta
112
110
113
114
113
113
I.G. Farben Indus.(Dye Trust)(14)
137
139
140
140
141
Reserve District of 22.4%. In the Chicago Reserve District
137
Kali Chem% (7)
125
125
125
130
125
126
Karstadt (12)
92
the loss is 29.5%, in the St. Louis Reserve District 26.2%
03
94
93
94
92
Mannesmann Tubes (7)
73
74
73
74
75
73
North German Lloyd (8)
and in the Minneapolis Reserve District 24.8%. In the
78
77
79
81
81
79
Phoenix Bergbau (814)
69
69
70
70
89
Kansas City Reserve District the falling off is 24.1%, in
PolYPhonwerke (20)
152
154
154
154
155
151
Rhein. Westf Elektr.(EWE.)(10)
150
151
153
the Dallas Reserve District 35.1% and in the San Francisco
154
153
152
Sachnenwerk Licht u Kraft (734)
83
80
80
82
82
82
Siemens & Halske (14)
Reserve District 25.7%.
176
179
180
184
183
180
Stoehr & Co. Kamingarn Spinneret (5)
73
75
75
78
74
Leonhard nets (10)
In the following we furnish a summary by Federal Reserve
118
121
122
121
122
120
Var. Stalhwerke (United Steel Works)(6)70
71
71
72
72
71
districts:
[VoL. 131.
FINANCIAL CHRONICLE
2174
SUMMARY OF BANK CLEARINGS.
1030.
2 Eat. Sept. 27 1930.
1929.
Ince,
Dec.
1927.
1928.
S
S
$
%
$
Peeleral Reserve Diets.
544,720,468
510,969,386
591,091,796 -21.2
465,896,123
let Boston __12 cltles
8,338,466,900 10,683,736,993 -40.7 7,967,681,612 6,728,588,572
2nd New York _ _ 12 "
605,712,373
592,488,531
635,686,364 -29.6
447,275,290
3rd PhIladel WM 10 "
411,391,521
450,267,238
479,114,569 -23.4
366,934,319
4th Cleveland__ 8 "
188,180,466
176,101,884
179,339,736 -11.6
158,597,567
5th Richmond _ 6 "
200,361,633
154,514.212
-22.4
187,667,627
145,636,797
"
Atlanta____12
6th
952,506,214
1,052,534,165
-29.5
1,124,384,902
793,077,795
7th Chicago ___20 "
217,482,039
233,110,757
228,452,511 -26.2
168,565,200
8th 55. Louis__ 8 "
160,620.523
152,068.410
156,667,592 -24.8
117,866,554
9th Minneapolis 7 "
185,640,464
226,387,7E9
219.869,721 -24.1
166,861,060
1 i KansasCity 10 "
92,521,196
101,565,159
97,213,364 -35.1
63,139,913
5 "
11 I Dallas
373,046,280
398,423,963
414,147,391 -25.7
307,793,983
12111 San Fran 16 "
126 cities 2540,111,481 14.997,372,566 -36.4 11,776316,106 10,660,771,749
'otal
3,334,696,073 4,523,295,762 -26.3 3,958,628,447 4,090,862,651
side N. Y. C;1ty
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1927.
1928.
1929.
1930.
No. Shares. No. Shares. No. Shares, No. Shares.
62.308.290 110.805.940
67.834,100 77,968.730
96.552.040 105,661.570
ilonth of January
February
March
56,919,395
47.009,070
84,973,869
34.275.410
44,162.49$
49.211.663
226,694.430 294.436,240 188,902,334 127.649,569
let quarter
82,600.470
91,283,550
69,546.040
111.041,000
78,340.030
76,593,250
Konth of April
May
June
80.478,835
82,398,724
63,886,110
49,781,211
46,597.830
47,778,544
2nd quarter
265,974,280 243,430.060 226.763.669 144,157,585
Six months
292,668.710 537,866.300 415,666,003 271,807,154
.3 433,091,953 384.
.
47.746,090 93.378.690 39.197.238 38,575.576
donth of July
39,869,500 95.704,400 67,I o I .023 50,205,812
August
by Federal Reserve
summary
a
We also furnish to-day
53,545,145 100.056,120 90,578,701 51,576.590
September
For
September.
of
the
month
for
Districts of the clearings
141.160.735 289.139.700 196.964.962 141,357,978
3rd auarter
that month there is a decrease for the entire body of clearing
being
clearings
the
of
houses of 30.4%, the 1930 aggregate
The following compilation covers the clearings by months
$40,454,830,915 and the 1929 aggregate $58,131,476,579. since Jan. 1 in 1930 and 1929:
cona
show
totals
the
District
In the New York Reserve
MONTHLY CLEARINGS.
traction of 34.7%, in the Boston Reserve District of 22.3%
and in the Philadelphia Reserve District of 17.6%. In the
Clearings Outside New York.
Clearings, Tot& All.
Cleveland Reserve District the totals are smaller by 8.8%, Month.
1929.
%
the
1930.
in
and
8.0%
1929.
by
%
District
1930.
in the Richmond Reserve
s
Atlanta Reserve District by 23.4%. The Chicago Reserve
s
s
S
2.0 18,642,101.592 21,007,488.310 -11.8
District shows a loss of 28.0%, the St. Louis Reserve Dis- Jan..,. 50,673.406.142 64.911.134.189-2
41,702,901.982 53,632,530,040 -22.3 15,715,253,075 17.702.771.710 -11.8
trict of 16.3% and the Minneapolis Reserve District 18.2%. Feb_
17.424.514,546 19,728,889.932 -12.3
-17.6
62,047,728,610
51,189,572,673
__
Mar
In the Kansas City Reserve District the decrease is 16.3%,
51,781.869.213 58,439.149.961-12.0
-20.5
180591412,839
143565880.797
Franqu.
Mt
San
the
in
and
24.7%
in the Dallas Reserve District
-10.1
cisco Reserve District 17.7%:
April__ 50,871.578,082 54,135,721,704 -6.3 17.335.439.550 19.138,168,300 -9.6
381,736,174,
September
1930.
Federal Reserve Mats.
1s5 Barton _---14 cities
2nd New York--14 "
3rd Phlladelpla 14 "
dill Cleveland._15 **
8th Richmond -10 "
6th Atlanta_-_17 "
7th Chicago ....28 "
8811 98. Louis---10 "
9th Minneapolls13 "
100 EsneasClt7 14 "
11 "
110 Dallas
12th San Fran 26 "
S
1.856.712944
26.019,022,620
2,054,932.958
1,637,071,834
699,181,812
628,441,530
3,303,294,509
784,633.887
556,560,018
963.326,729
470,318,635
1,479,328.439
Septembre
1927.
September Inc.or September
1928.
Dec.
1929.
3
2,388,888.830
32E67,009.027
2495,002,892
2015,922,815
759,961,667
820,630,652
4,590,842080
932223,211
882495.635
1,150.899,934
621,670,
1,797.946.081
%
-22.3
-34.7
-17.8
-18.8
-8.0
-23.4
-28.0
-16.3
-18.2
-16.3
-24.7
-17.7
S
4.8 102987752,307 115055857,271 -10.8
2,282379.476 6 mos. 292885540,681 343548259,283-1
27.254.2733E2
17,289,935,882 20,398,051,535 -15.8
2.830,860335 July _ _ 47,058,160,251 60,605,800,494 -22.4
14,903,905,064 19,861,241,735 -25.0
1,781.737.4E2 Aug__ 38,909.873,288 59,060,466,344 -34.2
15,045,118,919 19,178,514,910 -21.6
-30.4
58,131,476,579
823,504.148 Sept_ 40,454,830,915
981,381.759
,80559,437.808.180-50.5
-28.947.238.959
177797743,417
126422864,454
qu_
4,374.901,704 3d
944,521,824
-13.9
692003,529 9 mos. 419308405.135 521346002.700 -19.6 150226712 172 174493665,451
1.076,879.247
59/.511,310
The course of bank clearings at leading cities of the country
2393,802797
II
2171,023,288
30.781,112020
2,384,858,780
1,847,068,755
737,999,306
753,194,348
4,531,769,965
932,677,399
654,785,538
1,194,029,678
621,084,584
2650,4430,505
188 cities 40,454,830,915 68,132476,579 -30.4 48,358,520,142 44,982622.797
Total
15,045,118,919 19,178,514.910 -21.6 18,256,191.782 18.367,231,108
Outside N. I'. Clty
We append another table showing the clearings by Federal
Reserve districts for the nine months back to 1927:
,
9 Months
1930.
9 Months
1929.
$
$
Fedora! Reserve Diets.
1st Boston -- --14 Cities 19.734,298,089 22,013,217,742
2nd New York_ _14 " 275.444.784,989 354,360,277,563
3rd Philadelpla 14 " 31,646,211,262 24,461,783,974
4th Cleveland--15 " 15,945,435,045 18,345,306,125
6,758.138,871 7,214,527,671
5th Richmond _10 "
8,291,350,865 7,450,766,111
8th Atlanta_ ___17 "
7t8 Chicago _ __28 " 34,091,935,327 42,049,513,992
7.645,119,521 8,634.463,819
"
..10
Louis.
St.
8th
4,591,351,520 5,317,679,385
9th Minneapolls13 "
9,052,403,665 10,493,283361
10th KansaaCity 14 "
4,030,301,514 5,013.253,639
11 "
Ilth Dallas
12th San Fran 26 - 14,087,108,467 15,992.929,518
9 Months
1927.
Ine.or 9 Months
1928.
Dee.
s
•
%
-10.4 21,496,471,625 21,302,274,054
-22.3 287.942,808,387 239,904,585,219
-11.5 22,950,145,705 22,625,830,138
-13.1 16,702,475,616 16,473,842.552
-6.3 7,203,305,571 7,655,661,508
-15.6 7,341,969,334 8,110,285,362
-18.9 41,451,837,189 39.431,996.571
-11.5 5,628,459,360 8,570,318,501
-13.7 5,051,047,048 4,684,146,186
-13.7 10,123,997,473 9,838.769,706
-19.6 4.360,679,555 4,703,491,063
-11.9 23,9E9,385,224 21,523.800,661
186 cities 419,308,405,135 521,346,002,700 -19.8 449,620.763,087 396,605,507,054
Total
150,225,712172 174.493,665,451 -13.9 167,978,896,8E6 162,747,083,739
Outside N. Y. Clty
1,1....A.
nri .1.1.,.
•A
nne
INIA en•
le ern 0•1•1 nnn
le, in ,I.1 Ana ',II
1, nen
nee. nn•
Out usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
September and the nine months of 1930 and 1929 are given
below:
Nine Mtmthe.
Month of September.
Description..
1930.
1929.
1929.
1930.
633,829.445 1.798,855,860
53,545,145 100,056.120
$
1,514,657.300
1,455,798.100
157,599,900
Railroad and mles. bonds 152.234.200
505,530.900
460.798.150
State. fOrelgll, aa.. bon& 83.176.000 45,509,500
84,951,600
94,982,500
9,143,400
9.748.900
bonds
Government
S.
U.
Stook swam of shares..
Total bonds
May.. 48,698.222.344 55.855.905.534 -8.4 17.269,304,424 19,073,965,942
June__ 49.749.859.458 52,965.219.206 -6.116.601.139,120 18.404,573,068 -9.7
-9.6
2d cm_ 149319659,884 162956848,444 -8.4 51,205,883.094 56,616,707,310
225,159,100 212,252.800 2.046,280,600 2.070,437,950
for the month of September and since Jan. 1 in each of the
last four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to Sept. 30September
1930. 1929. 1928. 1927. 1930. 1929. 1928. 1927.
(000,000s
s
s
5
i
5
8
i
8
omitted.)
25,410 38,953 30,102 26,599 269,082 346,852 281,642 233,858
New York
26.945
27,931
27,214
22,307
2.980
2,946
2.890
2.126
Chicago
1 651 2,094 1,938 2,030 17,571 19,381 19,055 19,025
Boston
1,922 2,327 2,214 2,322 20,291 22,844 21,313 20,994
Philadelphia
4,666 5,385 5,555 5,473
581
591
555
476
St. Louis
732 8,883 7,568 6,920 7,019
765
836
719
Pittsburgh
838 7,385 8,027 8,494 7,260
908
890
760
San Francisco
318 2,433 2,943 2,922 2,874
304
308
236
Cincinnati
443 3,607 3.922 3,943 4,198
382
403
367
Baltimore
574 4,804 5,546 5,364 5.439
643
619
501
Kansas City
534 5,068 5,934 5,035 4,800
575
668
520
Cleveland
292 1,734 1,977 2,119 2,197
210
223
179
New Orleans
3,018 3,421 8,104 2,826
450
416
472
373
Minneapolis
153 1,468 1,467 1,433 1,379
150
157
155
Louisville
750 6,648 8,832 7,481 6,543
926
669 1,049
Detroit
1,146 1,364 1,612 1,877
181
171
148
109
Milwaukee
518
590
634
512
54
58
63
45
Providence
178 1.658 1.789 1,733 1,353
205
200
181
Omaha
2,052 2,021
2.529
1,955
229
224
319
193
Buffalo
895 1,078 1,168 1,109
127
134
115
100
St. Paul
901
892
964
834
96
93
102
79
Indianapolis
1.453 1,323 1,235
1,188
148
155
159
139
Denver
1,648 1,654 1,828
212 1,686
188
187
185
Richmond
798
754
819
701
102
87
110
70
Memphis
214 1,524 2,008 1,885 1,748
211
228
162
Seattle
604
680
786
601
74*
57
98
57
Hartford
649
684
737
673
76
79
86
71
Salt Lake City
363,521
417,338
487,122
390,338
41.287
44,732
54,259
37,455
Total
3,000 3.872 3,627 3,680 28,970 34,224 32,283 33,085
Other cities
40,455 58,131 48.359 44,987 419,308 521,348 449,821 396,606
Total all
Outside N.'V. C...15,045 19,179 18,256 18,367 150,227 174,494 167.979 162,747
We now add our detailed statement showing the figures
for each city separately for September and since Jan. 1 for
two years and for the week ended Sept. 27 for four years:
CLEARINGS FOR SEPTEMBER,SINCE JANUARY .1, AND FOR WEEK ENDING SEPT.27.
1930.
1929.
s
$
First Federal Rose rye District- Boston2,759,713
2.902,910
Maine-Bangor
20,797,768
20.903,244
Y Portland
1,650,727.980 2,093,510,613
Mass.-Boston
5,484,741
3,660,333
h Fall River
,
2.518,237
2,222,949
r. Holyoke
5,023,975
1,971,742
Lowell
5,022,822
4,169.492
New Bedford
23.193,954
16.992,552
I Springfield
15.313,831
13.083.513
Worcester
98.264,749
56,620.323
Conn.-Hartford _
40,415,770
28,584.206
New Haven
10,572,000
7,252,900
Waterbury
63,048.500
45,225,800
R. 1.-ProNtdence_....
2,910.157
.2,400,000
N. H.-Manchester
Week Ended Sept. 27.
Nine Months Ended Sept. 30.
Month of September.
IZerrings ,t
Inc.or
Dec.
%
1930.
1929,
s
$
Inc. or
Dec.
1930.
1929.
Inc. or
Dec.
1928.
1927.
%
$
$
%
$
$
25,334,290 +1.1
25,628,506
+5.2
164,275.516 -8.2
150,893,331
+.05
-20.2 17,570,588,108 19,380.773,962 -9.3
51,674.455 -17.1
42,869,180
-33.3
24,127,758 -8.8
22.001,226
-11.8
48,574,050 -38.8
30,678.809
-60.8
47,576,536 -18.0
39,028,289
-17.0
223.108.553 -19.0
180,852,150
-26.3
145.956,302 -8.6
133,384,509
-14.6
786.058,723 -23.6
600.772,881
-42.4
350.678,088 -12.8
305.858.214
-29.3
101,978,700 -17.7
83,906.500
-31.4
634.441,400 -15.4
511.903.400
-28.3
28,659,409
25,935.006
595,149
4,236,284
424,088,782
764.422
-10.4
Total 04'hien_ 1,856,717,944 2.388,866,830 -22.3 19,724,298,089 22.013,217,742
619.173 -3.9
5,245,290 -19.2
523,324,013 -19.0
1,139,906 -32.9
577,200
4,502,950
459,000,000
1,086,495
718.572
5.089,767
488,000,000
1,682,908
402,321
807,534
3.754,736
3,178,385
14,106,673
6,759,007
1,141,803
1,295,791
5,778,464
3,992,412
22,836,455
9.771,933
-64.8
-37.7
-35.0
-20.4
-38.2
-30.8
1.054,715
958,639
5,108,676
3,136,010
13.459,303
7,861.518
1,092,800
1,095.173
4,971,574
3,402.359
16.709,689
7,812,517
10,617,800
585,050
15,243,000 -30.3
703,556 -37.6
13,513,000
710.871
13,519,509
625.611
465,896,123
591,091,796 -21.2
510,969.386
544,720,468
2175
FINANCIAL CHRONICLE
OCT. 4 1930.1
CLEARINGS-(Continued)
Ntne Months Ended Sept. 30.
Month of September.
Week Ended Sept. 27.
Clearings at1930.
1929.
Inc. or
Dec.
Second Federal Re serve District -New York27.344.392
26,193.246
IL Y.-Albany
6, Binghamton
5,433,697
5.825,916
193,450,737
318,973.993
L Buffalo
Elmira
3,502,887
4.986,548
4,528,524
6.146,225
t Jamestown
New York
25.409,711,996 38.952,961,66
Niagara Falls
*5.000.000
6.146,982
Rochester
42,909,646
72.241,572
Syracuse
20,188.461
30,464,804
Ilona-Stamford_ _ _
17,480,163
13,625.564
N. J.-Montclair__ _ _
2,872.829
3,379,225
Newark
127,454,782
156,683,435
Northern N. J
258,085,341
157,149.680
Oranges
6,276,612
7,439.878
1930.
1929.
Inc. or
Dec.
+4.4
259.919,301
244,500,357
54,358,582
58,672.585
-6.7
-66.8 1,954,854.390 2,528,994.894
47.378.984
37,026.487
-29.8
53,314,879
47,858,893
-26.3
-34.8 269.081,692,963 346,852,337,249
61,222,159
-18.7
43,240.844
639.350.727
-40.6
455,517,313
291,555,695
217.389,412
-33.7
175.515,090
--22.1
154,024,780
37,519,567
30,016,771
-15.0
--18.6 1,338.014.500 1,340.766.678
-39.1 1,704,971,892 1,958,311.462
70.787,237
65,898,861
-15.6
1930.
1929.
Inc. or
Dec.
4,560,421
5,644,392
+6.3
1,352,041
1,104,769
-6.5
-22.7
44,668,914
71,553,586
782,443
720.311
-21.8
-10.0
1,100,293
1,498,837
-22.2 6.205.425,408 10474,076,804
-29.4
18,438,992
-28.8
9,626.857
-25.4
4,105,465
7,459.077
-12.3
3,498,400
4,654,630
603,133
-20.0
707,468
27,912,994
37,328,023
60,301,432
-13.0
35,068,803
-6.8
1928.
1927.
-19.o
5,137,248
5,887,235
1,225,846
1,024,500
--18.3
52,992,664
65,882,876
--37.6
950,470
891,025
+8.6
1,096,297
--26.5
1,267,269
--40.8 7,817,487.659 6.569.909,098
--47.8
--44.5
--24.8
--14.7
--25.2
--41.9
13.456,522
5,307,000
4,126,410
800,972
26,426,812
39,770,000
13.979.751
6,042,895
3,314,390
791.643
23,983,560
45,785.302
Total(14 eities)_ _ _ _ 26,019,022,620 39,867,009,027 -34.7 275,444,784.989 354,360,277,563 -22.3 6,338.466,900 10683.736,993 -40.7 7,967,681.612 6,728.588,572
Third Federal Res erre District -Philadeiphi a59,901,820 --11.9
Pa.-Altoona
.52,753,555
5,552,156
6,785,396 -18.2
213,820,411 --17.8
175,840,412
Bethlehem
22,822.365 --30.8
15,811,450
48,377.200 --17.9
39.736,617
Chester
4,600,128 --23.9
*3,500.000
183.719.173 --7.4
169,347,893
Harrisburg
18,239,701
17,947.246
+1.6
81.040.459 --5.7
76,435,918
Lancaster
7,754.413
8,133,099 --4.7
26.049,928 i-2.2
26,615,237
Lebanon
2.862.336
2,972.030 --3.7
34.616.668 --16.2
29.000.825
Norristown
3,126,320
3.611,652 --13.4
Philadelphia
1.922,000,000 2,327,000.000 --17.4 20.2 1.000.000 22,844,000.000 --11.2
169,474,623 --19.1
137,062,711
Reading
12.975.278
16,888,608 --23.2
249.529,035 --25.8
185,130.119
Scranton
18,368.690
26.796.010 --31.5
153,948,066 --14.5
131,609,177
Wilkes-Barre
13,350,853
16,017.061 --16.6
86,431,047 --9.4
York
78.347,137
9,015,843 --10.7
8,052,741
99.245.478 --11.4
N.J.-Camden
87.903.66
10,474,724 --8.5
9,584,000
211.630,066 --21.8
Trenton
165,427.000
21,938,730 --37.3
13,755,000
Total(14 cities)
1,611,456 --17.7
5,601,071 --24.2
1,086,762 --14.3
1,529,421
4,200,000
1,292,965
1,580,335
4,624,712
1,483,847
1,855,227
1,912.918
-3.0
2,065,540
2,303.637
424,000,000
2,677,023
4,394,048
3,088,275
1,750,402
604,000,000
4,706,068
6,408,096
3.761,629
2,006.916
--29.8
--43.1
--3I.4
--17.8
--12.8
561,000,000
4,452,817
4,694,589
3.718,807
1,882,328
572,000,000
4,553,751
6.609,672
4,534,788
1,795,190
3,007,000
4,591,448 -34.5
6,651.572
6,226.943
447,275,290
635,686,364 -29.6
592,488,531
605.712,373
--33.2
--13.9
--17.3
--14.6
--10.4
--21.1
--21.2
--11.9
--19.4
--20.4
--14.3
--27.5
--9.0
--23.5
--19.1
7,384,000
3,654,711
49,075,170
118,935,019
14,142,400
9,409,000
4.301,790
72,653,561
153,621,154
14,933,700
--22.3
--15.0
--32.5
-23.9
---5.3
12,386,000
3,668,637
76,009,000
140.710,515
18,067,200
862,900
3,324.365
72,514,248
120,161,045
18,462.200
2,014,444
3,237,098
2.219.517 --9.2
5,667,303 -42.9
2,005,863
6,348,487
1,808,200
5,201,760
168,491,477
214,212,535 -21.3
190,981.516
181,290,705
1,637,071,834 2,015,928,815 -18.8 15,945,435,045 18,345,306,125 -13.1
366,934,319
479,114,569 -23.4
450,267,238
411,391,521
811,295
3,376,604
42,544,000
1,049.678 --22.7
3,954,999 --14.6
47.552,000 --10.5
1,014,992
4,000,200
50,849,000
1,353,848
4,379.032
5,429.200
_ 2,054,932,958 2,495,002,892 -17.6 21,646,211,262 24,461,783,974 -11.5
Fourth Federal 11, serve District -ClevelandOhio-Akron
20,234,000
27,159,000
Canton
17,515,618
22,403,578
Cincinnati
308,294,540
236,302,187
668.398,010
Cleveland
520,152.208
73,481,400
Columbus
62,109,400
Hamilton
.5,104,437
4:388,277
Lorain
1,591,77:,
2,477,814
Mansfield
7,860,530
9,776,100
Youngstown
18,809,105
24,505,694
Pa.-Beaver County.
1,764,206
2,427,721
Franklin
842,682
932,639
Greensburg
5,886,473
7,346,919
Pittsburgh
719,304,890
836,707,571
Ky.-Lexington
5,252,356
6,449,569
W. Va.-Wheeling
14,968,038
20,371.823
Total (15 cities)-- -
1,325,477
4,246,681
931,157
Fifth Federal Rose rye District- RichmondW.Va.-Huntington_
4,192,178
4,966.924
Pa.-Norfolk
15,671,354
16,588,460
Richmond
184,634,000
187,022.000
N. C.-Raleigh
7,515,339
9,394,527
I. C.-Charleston
9,708.636
9,740.939
Columbia
8,234,211
8,553.095
Md.-Baltimore
367.056.463
403.298.350
Frederick
1,964,705
2,195.802
Hagerstown
2,335.995
3,214,631
D. C.-Washington
97,868,931
114,986,939
--25.6
--21.8
--23.3
--22.2
--15.5
--14.0
--35.8
--19.6
--23.2
--27.3
--9.6
--19.9
--14.0
--18.6
--26.5
188,255,000
163,064,828
2,432,661,698
5,068,490,205
602,143,000
37,570,728
14,243,561
72,479,243
201,915,81)3
17,935,223
7,182,397
45,580,467
6,883,412.626
63,877,876
146,622,300
282,005,000
180,366,908
2,942,855,68
5,934,158,247
671,758,500
47,616,312
18,083,399
82,267,670
250,364,107
22,523,435
8,378,173
62,004,393
7,568,234,680
83,461,974
181,327,556
--15.6
--5.5
--1.0
--20.0
--0.3
--3.7
--9.0
--10.5
--27.3
--14.9
$42,363,944
158.481.366
1,685,597.935
83,139.472
80,204,439
79.538.231
3,606,916.612
18.216.378
23,759.274
979,919,220
45,765,151 -7.4
181,086.050 -12.5
1,647,608.333 +2.3
91.939.918 -9.6
23,148,279 -3.5
87,355.484 -9.0
3,922,492,131 -8.0
18.024.988
+1.1
30,021,260 -20.9
1.107,086.077 -11.5
21,367,626
27,054,632 -21.0
27,496,220
25,849,168
759,961,667
-8.0
6,758,131,871
7,214,527,671
-6.3
158,597,567
179,339,736 -11.6
176,104,884
188,180,486
Sixth Federal Rese rye District-AtlantaTenn.-Knoxville_
11,824,948
11,958,437
Nashville
82,049,351
99,491,246
Georgia-Atlanta_ _ _
180,619.082
248.956,208
Augusta
10,881.020
8,167,200
Columbus
3,708.124
5,711,040
Macon
5,489,676
7,815.661
Pla.-JacksonyMe _
44.284.344
48,492.429
Miami
5,654.000
7,437,000
Tampa
5,672.234
6.154.000
Ala.-1.1irmingham_
107,535,377
71.035.968
Mobile
7,885.967
12,630.056
Montgomery
5,393,452
8,265.656
Miss.-Hattiesburg
7,541,000
5,587,000
Jackson
8.625.224
9.475,000
Meridian
2.532,368
4,155.676
Vicksburg
762.500
1.356,600
La.-New Orleans.-179,150,092
222,754,246
-1.1
-17.5
-27.5
-24.9
-35.1
-29.8
-8.7
-24.0
-7.8
-33.9
-37.6
-34.7
-25.9
-9.0
-39.1
-43.8
-19.6
111,424,165
829,595,031
1,694,559.941
65,658.807
37,121,125
55.538.450
531,407,330
101.863.000
68,131,488
784.297,337
71.861,128
41,755,632
55,135.000
78,356,52
26,046,725
7,497.080
1,734,101,10
122,622.018
924.449,773
2,148,163.596
80.582,794
46,560,072
65.550.759
599,012.013
110.077.000
111.959,628
027,128.736
77,651.888
63,403.861
65312,000
83.728.932
33,464.019
13,738,755
1.976.955,267
--6.8
--10.2
--21.1
--18.5
--20.3
--15.3
--I1.3
--8.0
--39.2
--15.4
--7.5
--34.2
--16.1
--10.0
--22.2
--45.4
--12.3
*1,500,000
18,669,660
*50,000,000
1,808,8.6
--41.3
--23.1
--13.6
--28.7
2,498.077
23.066.009
50,648,583
7,228,264
2,798.975
22,976.415
54.243,625
3,538,477
1.088,485
9,493,143
1.103,000
3,000,000 --63.7
11,032,984 --14.1
1,321,000 --1.7
2,781,618
12,812,365
1,521,558
2,809,718
13,711,973
2,857,000
17.066,813
1,605,199
25,856.160 -34.0
2,848,624 -43.7
24,076,264
1,934,808
30,750,336
1,780,139
•1,500.000
1,985.000 -24.4
2,149,379
1,880,000
155,858
41,645,783
262,040 -40.5
54,100,472 -23.2
446.331
54,450,936
471.116
62,543,861
820,630.652 -23.4
6,291,350,865
7,450,766,111 -15.6
145,636,797
187,667,627 -22.4
184,514,212
200,361,633
169,077
1,102,215
183,175,521
288,864 -41.5
1,507,876 -28.9
282,478,365 -35.2
243,448
914.078
231,328,115
275,178
1,250,000
161,964,249
Total(10 cities)_
Total(17 cities) _ -
699,181,812
628,441,530
Seventh Federal It eserve Distric t-ChicagoMich.-Adrian
746,160
1,153,537 --36.3
11,245,944 -27.3
8,177,390
Ann Arbor
3,805,773
4,921.957 --22.7
34,782,303
41.309.787 -15.8
Detroit
668,822,123 1,049,126,529 --36.3 6,648,036.113 8,832.133,981 -24.7
Flint
12,351,859
20,175.655 --38.8
170.511.651 -32.3
115,517,337
Grand Rapids
25.903,029
31,929.412 --18.9
226,457,934
304.383.262 -25.6
Jackson
3.938,561
8,303,505 --52.6
47.588,234
80.729.635 -41.1
Lansing
18.585,723
22,355,769 --I6.9
137,580,040
158,361.973 -13.1
/ad.-Ft. Wayne_ _
12,498,880
17,113,043 --27.0
127,137.514
154,193.431 -17.5
Gary
18.308,605
23,403,280 --21.8
221 565,921 -10.6
198,099,824
Indianapolis
79,465.000
102.054.000 --22.1
834,212.000
964.310.000 -13.5
South Bend
10,083,084
12,840,070 --21.5
102,897,930
125.293.853 -17.9
Terre Haute
18.721,164
21,870.670 --14.4
209.979.344 -7.1
194,975,460
Wis.-Madison
10,303,218
11.567,508 --I0.9
103,875,508
123.201,072 -15.7
108.838.337
Milwaukee
148.232,639 --26.6 1,146,178,566 1,364.160.897 -16.0
3,140,411
Oshkosh
3,922.465 --19.9
30.677,766
37,486.616 -18.2
13,363,675
Bows-Cedar RaMels14,715,563 --9.2
119.182,869
123,931.368 -3.8
48,049,118
Davenport
51,600,050 --6.9
490.785,297
487.406.839 +0.7
32,587.264
Dee Moines
41.981,189 --22.4
343,346,507
385.221.313 -10.9
2,057,110
Iowa City
2,162,373 --4.9
17,918,030
19,071,746 -6.0
25,143,982
29,125,486 --13.7
Sioux City
232.842,469
276.311.17 -15.7
5,518.975
7,150,266 --22.8
Waterloo
54.622.212
63,605,501 -14.1
4,103,046
HI-Aurora
5,304.185 --22.1
41,352.010
60.773,543 -18.6
7.419 514
8,662,797 --14.4
Bloomington
72,174,954
78.994,622 -8.6
2,126,143,645 2,890,193,081 --26.4 22,307,105,592 27,214,037,356 -18.0
Chicago
4,818,113
5,672,148 --15.1
Decatur
48,134.199
50.336.54
-4.4
17.169,648
26,103,455 --34.2
Peoria
184,509,117
234.910,620 -21.5
11,245,917
17,661,289 --36.3
Rockford
122,013,667
155,576,421 -21.6
10.162,575
11,539,162 --11.9
Springfield
101,724,485
110,469,561 -7.9
Total(28 cities)-- 3,303,294,509 4,590,841,083 -28.0 34,091,905.327 42.049,513,992 -18.9
Eighth Federal Re serve District -St. Louis22,520,841
/1d.-Evansville
18,596,154
875,363
New Albany
642,984
554,555,635
kto.-St. Louis
475,610,078
157,166,369
155,396,873
1,548,311
Owensboro
1,271.077
9,169.141
Paducah
7,481.485
109.687.438
70,018,509
Tenn.-Memptda.73,718.317
Ark.-Little Rock_ _
50,092.395
IL-Jacksonville_ _ _ _
757,012
1,570,805
Quincy
6,410,941
4,767,320
Total(10 eltles)
784,633,887
--17.4
--26.6
--14.2
--1.1
--17.9
--18.4
--36.2
--32.0
--51.8
--25.6
177.123,002
6,308,676
4,666,236,074
1,468,147,727
15.932,268
81.853,030
700,988,022
470,169,286
8,417.551
49,943,886
212,202.298
7.268,754
5,384,811,554
1.467,289.771
15,783,591
98,764.635
819.499,030
553.684,763
15,624,458
59,334,965
937,223,211 -16.3
7,645,119,521
8,634,463,819 -11.6
--16.5
--13.2
--12.8
--0.1
--0.9
--17.1
--14.5
--15.1
--46.8
--15.8
2,224,083
88,273,959
2,525,697 --11.9
97,202,730
2.555,581
24.272,126
57,847,560
2,536,071
-9.2
1,769.334
2,412.778
90,974,938
99,893,600
6,078,925
6.657,202
-8.7
7,762,798
6,944,915
5,131,772
2.757,795
4,928,000 +4.2
4,024,573 -31.5
3,804,767
3,370,142
2,925.132
2,727,276
16,475,000
2,156,733
4,472,977
22,429.000 --26.6
3,023,689 -28.7
5,171.474 --13.5
20,833.000
2,749,300
5.097.661
21,314,000
2,618,300
5.509,977
24,560,526
33,822,384 -27.4
37,738,900
39,499,947
2,842,996
3,211,186 -11.5
2,849,209
2,757,688
7.432,648
9,627,454 -22.8
10,697,000
8,960,089
5,548,099
1,218,615
7,487,603 -25.9
1,854.585 -34.3
7,950.175
1,486,451
5,911,270
1,211.957
-18.1
--28.I
--23.7
--40.9
--39.4
--25.9
1,556,277
701,335,480
1,218,553
5,522,724
3,374.958
2,700,926
1,525.420
695,970.690
1,254,680
4,317,317
3,131,019
2,417,113
793,077,795 1,124,384,902 -29.5 1,052,534,165
952,506,214
1,566,203
519,679,430
953,629
3,391.736
2,329.921
2.033,977
1,911,364
722,389.201
1,250,361
5.737,173
3,841,832
2,744,396
3,846,241
4,365,328 -11.9
5,945,208
4,914,030
102,800,000
33,362,117
234,025
133,100,000 --22.8
36,149,978 --7.7
330,165 --29.1
147,600,000
35.384.831
285,697
130,800,000
32,996.967
281,435
--47.4
--50.1
--56.6
--30.6
25,605.100
10,467,702
300,126
1.445,093
31,046.205
15,788,007
320,263
1,337,130
228,452,511 -26.2
233,110.757
217.482,039
17,179,851
10,006,396
162,121
974,449
168,565,200
32,677,614
20,052,726
373,443
1,403,257
2176
FINANCIAL CHRONICLE
[VOL. 131.
CLEAR'NOS-(Concluded)
with of September.
Nine Months Ended Sept. 30.
Clearings at1930.
Inc. or
Dec.
1929.
1930.
Ninth Federal Res erve District -MInneapoll
Minn.-Duluth
31.275,004
30.560,638 971-2.3
Minneapolis
372,722,575
472,361,390 -21.1
Rochester
2,634.307
2,760,366 -4.6
St. Paul
99,547.213
114,889.153 -12.8
N. Dak.-Fargo
9,265,932
9,011,587 +2.8
Grand Forks
7,573.000
9,594.000 -21.1
Minot
2,035,173
2,887.468 -29.5
S. Dak.-Aberdeen_ _
4.562,327
4,793,952 -4.8
Sioux Falls
7,526.549
7,652,268 -1.6
Mont.-Billings
2,914,535
3.609,743 -19.3
Great Falls
5,112,094
7.321,246 -30.2
Helena
13,013,674
16,237,943 -19.9
Lewistown
377.635
215,881 -53.7
Total(13 cities)
558,560,018
682,495,635 -18.2
963,326,729 1,150,899,804 -16.3
Eleventh Federal Reserve Distr let-DallasTexas-Austin
6,755,297
8,204,995 --17.7
Beaumont
7,616,405
8,985,000 --15.2
Dallas
191,975,911
261,650,608 --26.6
El Paso
21,838,384
23,636,951 --7.6
Fort Worth
56,704,210 --27.8
40,957,000
Galveston
19,733,000
27,800,000 --29.0
Houston
186,985,841 --19.4
150.637,679
• Port Arthur
2.748,865
4,008,234 --31.4
Texarkana
1,771,409
3,676,728 --51.8
Wichita Falls
6.849,000
9,372,000 --26.9
Ta.-Shreveport
19,435,685
33,646,315 --42.2
Total (11 cities) _ _
470,318,635
624,670,882 -24.7
Twelfth Federal R eserve DIstrIc t.-San Fran cisco.Wash.-Bellingham.._
*4.000,000
3,898,000 +2.6
Seattle
162.360.376
227,526.391 -28.6
Spokane
50,782,000
61,994.000 -18.1
Yakima
5.145,304
8,633,510 -40.4
Idaho-Boise
6,151,179
7.118,453 -13.6
Ore.-Eugene
1,708,000
2,318,217 -26.3
Portland
147,282,858
180,900.716 -18.6
Utah-Ogcten
7,471,596
10,068.963 -25.8
Salt Lake City
71.007,681
85.523,381 -17.0
Ariz.-Phoenix
13,306,000
17,266,000 -22.9
Calif.-Bakersfield..._
8,279,826
5,595,117 +4.8
Berkeley
18,038,283
19,710.746
Fresno
10,882.504
19,436.351 -44.0
Long Beach
27,710,663
33,422,484 -17.1
Los Angeles
No longer will report clearing 5.
Modesto
4,344,799
4,802,487
Oakland
63,667.307
82,884.493 -23.2
Pasadena
20,595.481
24,407,229 -15.6
Riverside
3.595,712
4,085,990 -12.0
Sacramento
32,006,504
35.185,397
San Diego
20,430.071
25,466,310 -19.8
San Francisco
759.616,071
889,656,062 -14.8
San Jose
13,027,993
18.185,528 -28.4
Santa Barbara
8,964,687
8,374,985 +7.0
Santa Monica
8,852,184
8,728.176
+1.4
Santa Rosa
1.933,160
2,269,195 -14.8
Stockton
8,168,200
10,485,900 -22.1
Total(27 cities)_
1929.
Week Ended Sept. 27.
1930.
1929.
Inc. or
Dec.
1928.
1927.
201.422,911
3,017.866.376
22.547,492
895,110,437
76.926.904
60.707.000
15,072.625
39.426,500
76.727.191
23,702.246
41,344.901
116,179,266
4,317,671
295,690,402
3,421.366.287
24,170.285
1,077.835.750
79.912,857
59.567.000
18.672.005
45.854,453
74,483,700
27.002.665
52.460.685
135,182,377
5,480,919
-31.9
-11.8
-6.7
-16.9
-3.7
+10.9
-29.3
-14.0
+3.0
-12.2
-21.2
-14.1
-21.2
7,505,260
81,303.522
6,685,517 +12.3
114,832,423 -29.2
12,985,791
100.354,082
18,166,730
106.727,66T
22,369,437
1,908,097
26,718,816 --16.3
2,157,659 --11.6
30,707,949
1,772,089
27,800,535
1,788,360
952.017
1,406,111 --32.3
•
967.066 --31.4
1,406.212
1,667,723
663,974
1,019,387
801,508
3,164,247
3,900,000 --18.9
3,822,000
357.800
4,591,351,520
5,317.679,385 -13.7
117,866,554
156,667,592 -24.8
152,068,410
160,620,521
194,089
363,683
3.049,224
39.859,585
319,518 --39.3
510.602 --28.8
3,134,015 --2.7
47,789.358 --16.6
368,824
494.070
4,217,200
48,478,458
208,20.
395,987
4,336,901
30,510,931
2,578,317
6,795,839
3,970.275 -35.2
7,455,889 -22.3
2,832,362
8,710,094
2,373,040
6,791,078
Tenth Federal Res erve District -Kansas Clt YNeb.-Fremont
1,037.904
1,564,649 -33.7
12,779,459
Hastings
2,139,106
2.393,634 -10.6
20,292.263
Lincoln
14,625,290
15,034,216 -2.7
134,909.036
Omaha
181,496,670
199,974,206
1,658.462,083
Kan.-Kansas City
8.497,011
9,435,476
•
82,273,334
Topeka
12,582,836
15,588,448 -19.3
129,357,996
Wichita
27,623,387
33,507.940 -17.6
282,871,915
Mo.-Joplin
3,908,632
5,962,007
37,880,850
Kansas City
501.349,392
619,327,000 -19.0 4,803.801.113
St. Joseph
21,571,000
28,582,000 -24.5
218.838,455
Okla.-Tulsa
38,373,779
47,252,546 -18.8
376,318,825
Colo.-Colo. Springs_
5,090,851
5.659,494 -10.1
47,199,891
Denver
138,657,138
158,708,651 -12.7 1,187.607,197
Pueblo
6.373.733
7,909,537 -19.4
59,811,248
Total(14 cities) __ _ -
Inc. or
Dec.
15.421,023
23.377,372
161,877.500
1,789.305.827
84,945.222
142,874,729
837,747,309
53.212.933
5,545.543,622
278.374,773
483,062,741
57,277,276
1,453.165,698
67,097,136
--17.3
--13.2
--16.6
--7.3
--16.2
--28.8
--13.4
--21.4
--22.1
--17.6
--18.3
--10.9
107,929,042
4,761,697
987,136
a
1,342,428
147,134,225
6,643,951
1.239,883
a
1,666,005
--26.6
--28.3
-20.4
a
--19.4
150,849,350
7,446,952
1,508,923
a
1,481,556
124,487,531
6,042,562
1,213,191
a
1,281,038
9,052,403,665 10,493,283,161 -13.7
166.861,060
219,869,721 -24.1
226,387,789
185,640,464
58,142,367
73,490,276
1,587,511,383
227,347,427
395.613,327
133,560.290
1,240,096,225
27,566,641
18.646,179
79,545,384
188,773,015
73,398,782
84,906,692
2,067,994,518
235,824,793
537,385,556
200,600,000
1,448,857,602
31,273,624
23,533,627
98.640,246
209,838,199
4.030,301,514
5,012,253,639 -19.6
39,102,884
1,523.544,019
432,577,000
42.070.915
51,174,709
16,513,239
1,330,975,648
59,605,538
673,121.666
151.223,000
69,122,255
177.421,290
109,247.489
277,319,255
34.095,000
2,008,084,495
496,615,000
58,700,899
51,269,250
19,931,424
1,519,501.748
66,743.791
737,388,199
178,929.000
53.085.217
189.136.229
142,660,063
345.244,247
+14.7
-24.1
-12.9
-28.3
-0.2
-17.1
-12.4
-1.1
-8.7
-15.5
+3.0
-6.1
-23.4
-19.7
39.563,437
596,418,162
224,044,373
39.229,634
266,825.899
210,395,455
7,386,236.570
116,122,318
77,978,192
77,238,316
18,100.004
81.837.200
37,910,126
756,254,604
279,619,208
47,749,918
291,312.808
236.338,537
8,026.812,989
•131,434,017
77,563,962
86,778,516
19.762,971
100,005,300
+4.4
-21.1
-19.9
-17.8
--20.8
--18.3
--23.2
3.6
--26.4
--33.4
--14.4
--11.9
--20.8
--19.4
--10.0
-11.0
-8.0
-11.6
-0.5
-11.0
1,529,843
2,269,479 -32.6
2,485,966
1,921,834
44,108,573
67,901,537 -35.0
67,224,138
62,008,837
9,371,243
3,149.000
13,697.794 -12.4
6,797,000 -53.7
15,462,289
9,616,000
14,166,1148
7,910,000
4,981,254
6,547,554 -23.9
6,776,766
6.020,043
63,139,913
97,213,364 -35.1
101,565,159
92,521,199
35,628,714
11,055.000
1,125,633
53,862,473 --33.9
14,524,000 --23.9
2,001,993 --43.7
48,256,717
14,220,000
1,869,802
46,645,054
12,653,000
1,609,747
32.055,167
42,045,571 -23.8
39.770,165
38,103,737
16,330,216
21,312,983 -23.4
20,159,950
17,959,454
5,022,393 --57.0
2,159,067
8,305,961 --21.5
6,520,233
No longer will report clearin gs
4,138,447
8,326,699
4,904,509
6,160,354
13,566.364
4,403,687
18,324,215 -26.0
5,530,462 -20.4
17,690,331
5,830,633
17,560,656
5,373,616
6,391.425
4,025.531
170,503,771
2,824,502
1.606,584
1,859.620
6,890.232 --7.2
5,796,906 --30.6
220,689,400 --22.7
3,879.286 --27.2
1,626,460 --1.2
1,848,556
+0.7
7.032.469
5,090,888
216,983,992
3,170,711
1,558,251
1,925,808
6,169,514
4,262,661
202,892,000
3,058,363
1,221,181
1,952,834
-18.2
1,764,000
2,486,500 -29.1
2,401,100
2,519,600
1,479,328,439 1,797,946,081 -17.7 14.087,108,467 15,992.929,518 -11.9
307,793,963
414.147,391 -25.7
398,423,963
373,046.280
Grand total(186 cities) 40,454,830,915 68,131,476,579 -30.4 419,308,405,135 521,346,002,700 -19.6 9,540,111,481 14997 372.566 -36.4 11776 116.106 10660771,749
Outside New York_ _ _ 15,045,118,919 19,178,514.910 --21.6 150,226,712,172 174,493,665,451 -13.9 3.334,686.073 4,523,295,762 -26.3 3.958,628,447 4,090,862,651
CANADIAN CLEARINGS FOR SEPTEMBER,SVCE JANUARY 1, AND FOR WEEK ENDING SEPT. 25.
Month of September.
Nine Months Ended Sept. 30.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_.....
Medicine Hat
Peterborough
8herbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Dhatham
3ernla
VrAJd (21 ...Moral
•Eatimated. a
1929.
Dec.
$
486,455,552
477,824,453
240,169,094
80,489,129
29,160,129
27,390,774
15.011,142
24,168.802
37.152.086
10,112,394
10.173.607
13.009,487
23,332,457
24,804.421
2,317,427
2,606,261
10,481,933
4,679,691
4,446,345
3.859,231
3,714,067
1,560,335
4.127,320
3,465,099
5,053,225
13,655,349
2,061,446
4,432.163
3.845,896
*2,000,000
2,824,254
$
633,071,450
585,188.609
290,378,252
95,715.106
32,205,340
29,671,895
14,471,212
27,866,666
58,044,297
10,577,492
11,862,145
15,396,633
26,996,084
28,199,913
2,953.969
3,718,867
12,000,000
5,832,908
5,466,713
4,579.001
4,578,853
2.520,059
4,434.141
4,498,210
5.461,838
21,655,920
2,193,355
4,036,691
3.984,261
2,744,612
3,1100,000
%
-23.2
-18.3
-17.3
-15.9
-9.5
-7.7
+3.7
-13.3
-36.0
-4.4
-14.2
-15.5
-13.5
-26.2
-21.5
-29.9
-12.7
-19.8
-18.7
-15.7
-18.9
-38.1
-8.9
-23.0
-7.5
-36.9
-6.0
+9.8
-3.5
-27.1
-19.3
I 574 ARA 697
1 058 894 542
-196
NO longer reports weekly clearing .
1930.
$
5,123.159,095
4,551,048,826
1,823,274,584
755,449.538
276,253,059
250,057.614
129,334,338
231,467,318
332,234,703
93,117,853
95,430.786
125,576,146
221,637,588
178,595,077
19,235,451
20.247,449
86,523.668
45,029.384
42,957.944
32,041,808
33,392,467
12,404.082
34,810,809
34,922,953
46.268,883
170,690.567
17,044,448
38,865,660
32,468,119
23,350,902
28,121,505
1400.5
n19 694
1929.
$
5,958,912,812
5,763,397.300
2,323,625,768
936,979.182
323,261,365
269,141,080
147,778,286
256,916,178
511,618,816
115,504,691
112,345,570
135,623,999
260,052,863
231,138,849
25,185,256
26,621,204
101029,086
52,161,446
56,566,209
37,373.776
38,488.125
18,791,131
38,417,543
40,499,484
51,705,409
236,066,928
18,908,938
37,712,266
34.253,515
30,480,464
32,449,664
10 997 eni 992 --IR A
Week Ended September 25.
1930.
1 8t881t2T,85=r2:EUVR8=t8U8Ve
H10"-,I.olD1Colo;o:oolJ1-41•W:-WC•Izb'w
8848:2:94,t1=2414g;'2Z5V02,72;t8
1930.
Inc. or
Dec.
•
m•ut.D.-t000C.nL.20.CA4.1D.-.00
• *
..swoow•..t:4•m.1.1.07.o7mIcWW'obT-C,
Inc. or
Inc.
Or
I I
I I I 1 1 1 1 1 I I III I I I 1 1 1 1 1
,
wwawtovowm&w.•••wo.wwwmaow-s,
ao;•i•:-.1oboi.41-.:444•;-aoE1•61=;=,
Clearings at-
267 72A 17.1.
1929.
$
146,322,144
138,406,794
81,145,470
25.460,467
7,164,655
6,932,124
3,413,257
7,082,988
16,489,288
2,331,983
2,730,459
3,733,591
6,489,386
6,947,942
715,134
943.780
2,858,977
1,446,505
1,334,351
1,017,755
1,048,112
636,138
1,045,637
1,006,092
1,350.573
5.076.482
497,354
916.262
929,808
627.444
928.135
AR,/Inn "RR
Inc. or
Dec.
%
-26.3
-19.7
-27.2
-5.9
-11.8
-18.5
+15.6
-20.3
,
45.5
-0.6
-51.1
-21.4
-25.6
-6.4
-20.7
--44.3
-14.1
-19.1
-27.7
-23.6
-17.8
-43.8
-12.4
-28.4
-14.2
-34.9
4.-5.0
-23.6
-12.9
-11.7
-24.6
_01 •3
1928.
6
125,044,709
122,038,819
71,733,341
20.925,142
7,523,929
6,837.605
3,370,937
6,078,882
12,560,288
2,843,569
2,271,798
3,129,666
6,220,531
6,638,229
857.069
894,929
2,958,138
1,512,610
1,316,092
1,373,505
823,644
483.114
940,069
849,605
1,283,958
5,948,992
481,567
902,431
8511,016
756.527
634,122
5011 MO fla9
1927.
$
127,443,129
132,349,430
44,582,718
16,573,652
6,069,045
5,816,285
2,896,287
5,658,749
16,738,999
2,233,761
, 2,108,493
2,956,841
5,527,168
4,616,021
572,496
563,116
2,041,040
1,272,118
1.330,722
963,990
860,158
360,194
801,496
711.638
1,058,875
4,732,924
308,811
735,286
1,075,302
766,353
634,483
OCT. 4 1930.1
FINANCIAL CHRONICLE
Commercialand Wit;cellanconsnews
Breadstuffs figures brought from page
2248.-All
the statements below regarding the movement
of grainreceipts, exports, visible supply, &c., are prepar
ed by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and
river ports
for the week ending last Saturday and since
Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
8513.1961's.bush. 8015s.bush. Z.6 lbs. bush. 32 lbs.
bus.
48 lbs. bus. 56 lbs.
Chicago
254,000
619,000 1,088,000
402,000
889,000
283,000
Ilinneanolls- 3.600.000
166,000
417,000 609,000
283,000
Duluth
3,489,000
32,000
362,000
592,000
384,000
Milwaukee_ _ _
16,000
22,000
167,000
205,000
302,000
25,000
Toledo
238,000
18,000
16,000
2,000
Detroit_
32,000
10,000
22,000
4,000
2,000
Indianapolis_
19,000
292,000
106.000
2,000
St. Louis
143,000
833.000
335,000
241.000
69,000
23,000
Peoria
58,000
71,000
430,000
85,000
131,000
100,000
Kansas City1,253,000
315,000
96.000
Omaha
722,000
258,000
94,000
St. Joseph
374,000
129,000
54.000
Wichita
196,000
7,000
10,000
17,000
Sioux City 44,000
88,000
60,000
5.000
Tot. wk. 1930 471,000 11,512,0
00 3,135,000 2,170,001 2,618,00
Same wk. 1929
478,000 11,123,000 5,254,000 3,297,000 1,623,000 1,104.000
882,000
Same wk.1928
534,000 19,793,000 5,654,000 3,077,000 4,314,00 0
0 1,569,000
Since Aug.11930
3.047,000104,084,000 38,670,000 42,871,00020,404
1929
3,960,000 165.034,000 39,180,000 50.546,00025.077,000 10,023,000
,000 8.163,000
1028
4 425 000 l0bOFIR000 43.705.000 42.974.001141.30
1.000 7.421.000
Total receipts of flour and grain at the seaboard ports
for
.the week ending Saturday, Sept. 27, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196155. bush. 60 lbs. bush.18 lbs.'ugh. 32 Ws.'us.
48
lbs.bus.
16 lbs.
New
_
325,000 1,8110,000
73,000
Philadel
York_phia _
34,000
48,000
16,000
Baltimore__
27,000
62,000
11,000
8.000
1.000
1,000
Newport News
2,000
Norfolk ___ _ _
2,000
New Orleans.
60,000
146,000
25,000
14,000
Galveston.
.
.
53,000
6,000
Montreal....
89,000 2,110,000
12,000
26,000
Boston
27,000
450,000
1,000
12.000
2,000
Total wk.1930
566,000 4,711,000
162,000
50,000
13,000
29.000
Since Jan. 130 18,867,000 126,691,000 3,607,00
0 4,295,000 623,000
584,000
Week 1929041,000 3,020,000
67.000
550,000 2,035.00
Since Jan. 129 10.152.000 138.123.000
73,000
16.035.000 13.770.000 24.044.0000 3.373
000
• Receipts do not include grain passing
through New Orleans for foreign ports
an through bills of lading.
United StatesMilwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph. Mo
Peoria
Indianapolis
Omaha
On Lakes
2177
Wheat,
Corn,
bush,
bush,
1,827,000
684,000
30,839,000
36.000
32,066,000
26,000
1,195,000
47,000
7,087,000
201,000
24,555,000
182,000
2,207,000
2,000
5,124,000
4,000
6,819,000
306,000
156,000
5,000
1,905,000
279,000
15,946,000
296,000
796,000
187,000
Oats,
Rye,
Barley,
bush,
bush.
bush.
4,684,000
238,000
750,000
2.614,000 4,216,000 1,746,000
5,763.000 4,432,000 5,112,000
906,000
35,000
668,000
22.000
54,000
123,000
86,000
353,000
16,000
28,000
483,000
35,000
1,444,000
77,000
1,593.000
3.000
34.000
301,000
23,000
213,000
243.000
Total Sept. 27 1936_ _ _205.742,000 4,684.00
0 30,264,000 16,130.000 11,979,000
Total Sept. 20 1930_ _ _202,631,000 4,963,00
0 30.092,000 15,647.000 11,120.000
Total Sept. 28 1929 _ _ _190.256,000 4,107,00
0 26,320,000 10,029.000 9,483.000
Note.-Bonded grain not included above:
Oats, New York, 50.000 bushels:
Duluth, 5,000; total, 55,000 bushels, against
283,000 bushels In 1929. Barley,
New York, 217,000 bushels; Buffalo, 367,000;
Buffalo afloat, 120,000; Duluth.
21,000; total, 725,000 bushels, against 1,654,00
0 bushels in 1929. 1Vhcat, New
York, 1,614,000 bushels; Boston. 609.000;
Philadelphia, 842,000; Baltimore 1,192,000; Buffalo, 6,934,000; Buffalo afloat, 4,908,00
0; Duluth, 178,000; Canal 2,463.000;
total, 18,740,000 bushels, against 22,372,0
00 bushels In 1929.
CanadianMontreal
7,192,000
646,000
824,000
998,000
Ft. William Se Pt. Arthur _46,409,000
2,335,000 7,321,000 16,536,000
Other Canadian
13,293,000
1,699,000 1,273,000 3,760,000
Total Sept. 27 1930_ _ _ _65,894,000
4,680,000 9,418,000 21,294,000
Total Sept.20 1930_ _ _ _63.945,000
4,445,000 8.769.000 21,595,000
Total Sept.28 1929_-_74,491,000
11,886.000 4,515,000 12,206,000
SummaryAmerican
205.742,000 4,684.000 30,244,000 16,130,000
11,970,000
Canadian
65.894,000
4.680,000 9,418,000 21,294,000
Total Sept.27 1930- _ -271,636,000 4,684,000
Total Sept.20 1930- - -266,576,000 4,963,00 34,940,000 25,548,000 33,273,000
Total Sept.28 1929- - -264,747,000 4,197,0000 34,537,000 24,416,000 32,715,000
38,006,000 14,544,000 21,689,000
The world's shipments of wheat and corn, as furnished
by
Broomhall to the New York Produce Exchange,
for the week
ending Friday, Sept. 26, and since July 1 1929
and 1928,
are shown in the following:
Wheat.
Exports-
Week
Sept. 26
1930.
Corn.
Since
July 1
1930.
Since
July 1
1929.
Week
Sept. 26
1930.
Since
July 1
1930.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 8,377,000 118,333,000 88,323,0
00
40,000
Black Sea_ _ _ 3,584.000 18,960,000 3,968.00
0
238,000
Argentina _ _ _
547,000 11,539,000 59,777.000
Australia
_ 1,320,00(1 13,624,000 15,736,000 4,533,000
India
56,000 8.360,000
320.000
0th. countr's
680,000 11,992,000 8.436,000 2.024,00
0
Total
14,564,000182,808,000176,560,000 6,835.00
0
MACS
July I
1929.
Bushels.
Bushels.
614.000 1,394,000
15,165,000
333.000
50,839,000 65.962,000
19,598.000 11,659,000
The exports from the several seaboard ports for
the week
95.166,000 79.348,000
ending Saturday, Sept. 27 1930, are shown in
the annexed
Cleveland Stock Exchange.-Record
statement:
of
Cleveland Stock Exchange, Sept. 27 to transactions at
clusiv
e, compiled from official sales lists: Oct. 3, both inExportsfromWheat.
Corn.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
149,974
32,000
2,000
3,000
2,000
Stocks-
r naay
Sates'
Last Week's Range for
Sale
of Prices.
1Veek.
Par. Price. Low. High. Shares.
Aetna Rubber corn
•
Preferred
100
Allen Industries coin
64,000
•
7
Preferred
134,000
1,000
47,000
•
Amer Multigraph nom. •
803,000
34,000
Apex
2,110,000
Electrica
89,000'
26.000
12,000 Canfield Oil l Mfg--- .-*
47,000
prof
100
11,000
Central United Nat
20 65
Total week 1930__ 4,499,000
Chase Brass & Copper1,000 337,974
26,000
44.000
Same week 1929_. 1.662.000
Preferre
177.928
4.000
358.000 City Ice &d series A___100
Fuel
• 3834
Clark Fred G corn
10
The destinat'on of these exports for the week
Cleve-Cliffs Iron pref__• 94
and since Cleve
Elec 10 6% pref.100 112
July 1 1930 is as below:
Cleve Railway etfs dep_100
Cleve Securities P L prof..'
Cleve Trust
100
Flour.
Wheat.
Clev Worsted Mills com 100
Exports for Week
Corn.
Commercial Bookbinding •
and Since
Week
Since
Week
Since
Dow Chemical corn
Week
Since
July 110Sen.27 July 1
* 63
Sept. 27
July 1
El Controller & Mfg oom-•
Sept. 27
July 1
1930.
1930.
1930.
1930.
Faultless Rubber oom
1930.
1930.
•
Fed Knitting Mills corn _ •
Barrels. Barrels.
Bushels.
Bushels. Bushels.
General Tire & Rub com-25
United Kingdom- 128,858 1,302,574 Bushels.
1,155,000
Continent
86,000 Geometric Stamtling
166,971 1.532,405 3,335.000 24,258,000
* -- 51,137,0
00
Glidden
So.& Cent. Amer _
prior pref
8,000
100 91
314,040
9,000
831,000
West Indies
Goodrich pref
18,000
100
272.100
10,000
Gt
1,000
Brit. No. Am.Cols
Lakes
18,000
Towing
com__10
0
6,000
2,000
Guardian Trust Co_ _100 360
Other countries_ _ _ 16,145
159,32.5
1,221,000
Harbauer. cpm
•
Higbee 1st pref._ .
Total 1930
337.974 3,586,444 4,499,000
100
77.459,000
1,000
Total 1929
104,000 India Tire & Rubber com_• 1234
177,928 2,177.786 1.662.000 46.4620
00
175(1011 Interlake Steamship corn.*
Jaeger Machine corn
•
The visible supply of grain, comprising
181 Lime & Tr coin..•
the stocks in Kelley
Lanuron Sessions
•
granary at principal points of accumu
Met
Paving lir, corn
lation at lake and Midland
*
Bank indorsed 100
seaboard ports Saturday, Sept. 27, were as
Myers, F E & Bros
follows:
*
Preferred
100
GRAIN STOCKS.
National Acme, com _ _._10 10
Wheat,
Nat Refining, cons
Corn,
25
Oats,
Rye.
Barley,
National Tile coin
United Statesbush,
•
bush,
bush,
bush.
bush.
Nestle-LeMur, corn
New York
•
59.5.000
4,000
99,000
51,000
10,000 No Amer Sec class A
*
Boston
Ohio Bell Telep, pref__ 100
-3,000
1,000
Philadelphia
Ohio Brass B
857.000
22,000
•
69
101,000
1.000
4.000
Baltimore
Preferred
100
8,345,000
13,000
84,000
15,000
107.000 Ohio Seamless Tube, corn •
Newport News
378,000
Packard Electric, corn.,...'
New Orleans
4.013,000
Packer Corp,
122,000
56,000
•
129,000 Paragon Ref corn
Galveston
5,861,000
el B com_ _ ...*
15
16,000
Voting trust Ctrs.
Fort Worth
•
1434
7,381,000
191,000
317.000
5,000
152,000 Patterson Sargent
•
Buffalo
14,045,000
649.000 1,551,000
Reliance
Mfg, corn
* 31
784,000
734,000
" afloat
5.520,000
Republic Stamp & En_
•
698,000
243.000 Richman Brothers
Toledo
5.549,000
, corn_ •
19.000
292.000
5,000
2,000
Scher-Rirst, class A
Detroit
•
242.000
13,000
65.000
g Rubber. corn_ •
20,000
61.000 ielberlin
Chicago
TIre•Innnevl
20,414,000 1,396,000 7,779,000
,nn
act
5,694,000 1,415,000
" afloat
1,970,000
620,000
534,000
390,000 ' • No par value.
5
85
6
27
34
1334
91
65
5
85
7
27
3434
1334
91
66
103 10334
3834 3834
3
334
94
9434
11034 112
75
75
214 234
385 390
7
7
1454 1434
63
6434
5334 5434
3554 3514
26
26
115 115
6
11 14
91
9234
80
80
9454 95
360 360
1734 1834
10534 10534
1134 1334
6034 64
2234 2334
35
3634
19
20
25
25
300 300
36% 3634
104% 10434
934 914
2734 2734
10
1014
104 234
494 404
11214 114
5634 7034
106 106
25
25
16
16 '
834 834
1434 15
1434 1434
25
31
25
75
1
4
aft
2514
32
25
7534
1
51.
aft
W
.
0I Ni
W. N0N.W
000000W0
Bushels. Bushels.
1,141,000
8,000
56,000
136,000
0 -0
pa pa
pa
NW
W
.NW..N
'''"
b"
W
9°°W''''
WN..
W
,,,,0
....4W.W COON.N
.
.P.W
0000
a 00W.A
00000,.
,
..000
0.0.0000.0
W0M.400,40,
0000610000.N000
00
000N000W,
10,
0.0N.o
Flour.
New York
Boston
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston
Range Since Jan. 1.
Low.
5
85
5
26
33
12
8834
65
High.
June
834
Oct 90
Feb 14%
Jan 31
Aug 41
Feb
1634
Jan 110
Sept 86
Feb
June
May
Apr
Mar
July
Mar
Jan
101
Mar 104
Apr
38
July 47
Apr
3 .Sent 11
Jan
9114 Mar 96
July
110
Jan 11334 July
75
Sept 9354 Feb
214 July
354 Feb
385
Aug 501
Jan
7
Sept 1634 Feb
12
Mar 20
May
63
Oct 100
Apr
5734 Jan 83
Feb
3334 June 37
Feb
25
June 28
Max
115
Sept 153
Mar
6
Oct 25
Jan
91
Oct 105
Mar
80
Oct 9134 June
94
Jan 100
July
36234 Aug 43234 Feb
17
Aug 25
Max
101
May 10634 July
834 Jan 2534 Apr
6034 Sept 87
Mar
20
Aug 2954 Feb
3494 July 45
Mat
19
Sept 2934 Feb
22
June 32
Feb
300
Sept 403 Jan
3634 Sept 49
Max
102
Mar 10414 Mar
934 Sept 2634 Feb
26
Sept 34
Jan
10
Aug 29
Feb
Feb
134 July 10
3 May
714 July
110
Feb 116
Apr
65
June 7634 Apr
101
Jan 107
May
25
Sept 45
Jan
16
Sept 25
Apr
7
Jan
1334 Feb
73.4 Feb 1534 Aug
734 Feb 15
Sept
23
Jan 29
Mar
31
Sept 50
Apr
2434 Mar 2.5
Feb
75 June 99
Feb
1
Sept 12
Jan
4
Oct 1854 Feb
as LC Rant 75
Pah
ffora. 131.
FINANCIAL CHRONICLE
2178
Sates
Friday
Lan Week's Range fey
Week.
of Prices.
Sate
Stocks (Coortbstrai) Par Price. Low. Hick. Shares.
75% 77
25 77
Sherwin-Wma. eom
100
10635 10635
A preferred
1
I
Stand Textile Prod,(tom...*
31
29
•
Stouffer A, W W
14
14
•
Thompson A ero
15% 12%
Thompson Prods. Inc- "
101 101
TrumbeCliffs Fur pl. _100 101
3754 38
Union Metal Mfg.tom_ •
35
Union mortgage. corn 100
3i
Si
100
1st preferred
35
35
100
ad preferred
7535
75
7534
25
Trust
Union
17
14
• 17
Weinberger Drug
10435 105
White Motor Secur Dr_ _100
Range Since Jan. 1.
Lino.
High.
Aug 85
515 75
Jan 109
370 105
35*
Aug
1
20
Sept 35
27 29
17
Jan
6
15
545 15% Sept 3733
19 100% Sept 106
Mar 4535
140 32
31
10
34 Feb
35
20
34 Jan
35
10
34 Jan
901 75 June 95
Sept 2235
206 14
Jan 10631
46 101
Jan
Apr
Jan
Jan
May
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Apr
June
By Barnes & Lofland, Philadelphia:
6 per Sh.
Shares. Stocks.
470 Phila. Sc Sub. Mtge. Guar,Co__ 15
go
Bank
Nat.
k
23 Overbroo
5
593 Aldine Trust Co., par $10
1 Citizens Nat. Bank, Jenkintown,
100
Pa
433
25 Plaza Trust Co., par $10
10 Merlon Title & Trust Co., Ard147
more, Pa., par $50
5 John B.Stetaon C ., com., no par 65
$ Per BO.
Shares. Stouts.
5 John B. Stetson Co.,*on., no par 62
8 Phila. & Grays Ferry Pass. Ry.
35
Co., par $50
10 Keystone Telephone Co.,$4 pref. 54
24
3 Phila. Bourse. preferred
Per Cad.
Bonds32.000 Lehigh Valley RR.6% Per132
petual annuity 8e (J.& n.)
By A. J. Wright & Co., Buffalo:
$ per 87*.
$ per Sh. Shares. Stocks.
Shares. Stocks.
100 Assets Realisation Co., par $10 I lot
5 Cataract Develop. Corp., com.
$1 8340Par
Mines,
Cons.
$1.50 lot 1,000 Bidgood
no par
200 Premier Gold Mines, par $1--- 60e.
DIVIDENDS.
In the
Dividends are grouped in two separate tables. ced
the
first we bring together all the dividends announ
in
table,
second
a
with
follow
we
Then
week.
current
we show the dividends previously announced, but
which
ng
regardi
tion
yet been paid.
National Banks.-The following informa
of the which have not
national banks is from the office of the Comptroller
The dividends announced this week are:
Currency, Treasury Department:
Boats Closed.
When
Per
BondsJan
11:10% Mar 98
Cleveland Railway 5..1931 100% 100% 10035 $1,000 27
Mar 101% June
9934 10,000
99
S& T. Inc at deba 68..1943
• No par value.
VOLUNTARY LIQUIDATIONS.
Ala
Sept. 24-The First National Bank of Luverne,
Bank of
Effective Sept. 9 1930. Liquidating Agent,
the Bank of
Luverne. Luverne, Ala. Absorbed by
Luverne, Luverne, Ala.
W. Va
Sept. 25-The First National Bank of Welch,
Agent,McDowell
Effective June 30 1930. Liquidating
Absorbed
County National Bank of Welch, W. Va. of Welch,
by McDowell County National Bank
W. Va., No. 9071.
of Bushnell, Neb
Sept. 27-The First National Bank Liquidatingent, Geo. 0.
Effective Sept. 111930.
ball Nat'l
Unruh. Bushnell, Neb. Absorbed by
Bank. Kimball, Neb.. No. 13440.
CHANGE OF TITLE.
Decatur, Alabama. to
Sept. 26--The City National Bank of
"First National Bank in Decatur."
Capital.
$30,000
100.000
Name of Company.
Cent. Payable.
Railroads (Steam).
Carolina Clinchf. Sc Ohio,stpd. ctfs.(au) 133
*3
Dover & Rockaway. guaranteed
Lehigh Sc Hudson River Ry.(guar.).- *2
*$2
Maryland & Pennsylvania
Days Inclusive.
Oct. 10 Holders of rec. Sept.300
Oct. 1
Sept.30 *Holders of rec. Sept.23
Oct. 10 "Holders of rec. Sept. 30
Public Utilities.
Nov. 1 Holders of rec. Oct. 17a
Amer. Light & Traction, tom.(guar.).- 6235c.
3735c. Nov. 1 Holders of rec. Oct. ha
Preferred (guar.)
Nov. 11 'Holders of rec. Oct. 24
25c.
Amer. Water Works & Elec., corn,(au.)
'Holders of rec. Sept.25
5ept.
*al
Attleboro Steam gv Elec. (guar.)
Nov. , "Holders of rec. Oct. 10
*50c.
(quar.)
cons.
Bangor Hydro Elec. Co..
1
'Holders of rec. Sept. 30
Nov.
.
15*
Broad River Power, pref. (guar.)
rot. , 'Holders of rec. Sept. 20
Cent. Hudson Gas dr Elec., pref. Omar.) •135 Jct. It 'holders of rec. Sept. 30*
•15*
(guar.).
Central Power Co., 7% pref.
•434 Jct. 1.. Holders of rec. Sept. 30
6% preferred (guar.)
mt. 1. Holders of rec. Sept.30
Chesapeake & Potomac Telep..Pref.(au) 135 Jct. I. Holders of rec. Oct. 8
41
Chester & Philadelphia Kg
Holders of rec. Sept. 30
lot.
'13*
(qu.)
pref.
RR.,
Elgin
&
Aurora
Chicago
1. Holders of rec. Oct. 20
Gas & Electric,com.(guar.)._ *50c -4ov. 1
Columbia
ng,
followi
the
es,
securiti
Holders of rec. Oct. 20
other
:ov.
*I 35
Auction Sales.-Among
preferred, series A ((uar.)
*134 toy. I. Holders of rec. Oct. 20
auction 6%
5% preferred (guar.)
Holders of rec. Sept. 30
1
let.
,
.
*31(quar.)..
not actually dealt in at the Stock Exchange, were sold at
alth Telep., pref.
Holders of rec. Sept.20
Wednes- Commonwe
*51.7 let.
Dixie Gulf Gas, $7 pref.(gum.)
in New York, Boston, Philadelphia and Buffalo on
taken
action
-No
11
pref.
East Mass. St. Ry.,
'662-1. Nov. - Holders of rec. Oct. 15
day of this week:
Empire Gas & Fuel,8% pref.(mthly).
•48 1-3c Nov. 1 *Holders of rec. Oct. 15
7% Preferred (monthly)
York:
New
1-6c Nov. 1 *Holders of rec. Oct. 15
Son,
•54
&
)
By Adrian H.Muller
635% preferred (monthly
*50c. Nov. 1 *Holders of rec. Oct. 16
$ per Sh.
6% preferred (monthly)
$perSh. Shares. Stocks.
Shares. Stouts.
Oct. 1 *Holders of rec. Sept. 19
*60c.
.
(guar.)
W.
Light
Properties
Young
131 Joseph
Fall River Electric
155 Queensboro Devel. Corp.,
$260 lot Havana Elec. & Utilitles, 1st pref. (au.) 15* Nov. 15 'Holders of rec. Oct. 18
Inc., pref.
534
common, par 3,5
Nov. 15 *Holders of rec. Oct. 18
$1.25
Inc
(guar.)
Lunch.
Tabb's
preference
99
ve
Cumulati
10 Amer. Woman's Realty Corp..
*134 Oct. 15 *Holders of rec. Sent. 30
150 Vorzimer-Suskind Co., Inc.,
6
Harrisburg Gas, pref. (guar.)
par $50
Oct. 2 *Holders of rec. Sept. 28
*3
$121 lot Holyoke Water Power (guar.)
common
10 Amer. Woman'a Realty corp..
Oct. 2 *Holders of rec. Sept. 26
*1
1734 150 Vorzlmer-Suskind Co., Inc.,
Extra
preferred
Oct. 15 *Holders of rec. Sept.30
lot
*$1.50
$126
common
Illinois Commercial Telep.. Pref. ((luar.)
25 142-144 Joralemon St. Corp.,
1 Holders of rec. Oct. 10
Illinois Power & Light, $6 corn. pf.(au.) $1.50 Nov. 1 'Holders of rec. Sept.25
$16 lot Sundry installment paper aggregatcommon, no par
Oct.
by
*51.50
acquired
(au)
A
Pf.
$6,810.
approx.
ing
Ind. Consumers Gas By-Prod.,
25 142-144 Joralemon St. Corp..
1 *Holders of rec. Sept.30
Oct.
*$1.50
Commercial Invest. Trust, Inc..
$109 lot
Internat. Ocean Telegraph ((uar-)
preferred
$500 lot Iowa Public Service, $7 first pref. (on.) *31.75 Oct. 1 *Holders of rec. Sept. 15
from Henze Bros
$75 lot
80 Lecudug Corp., common
*Holders of rec. Sept. 15
1
Oct.
de
s
*51.75
Nacionale
200 Ferro Carriles
$7 second preferred (guar.)
15
5 Kings Co. Real Estate Corp.,
* 51.625 Oct. 1 *Holders of rec. Sept. 15
Mexico(National Rys.of Mexico)
$30 lot
$6.50 first preferred (guar.)
common, no par
*Holders of rec. Sept.
1
Oct.
lot
2155
*31.50
pref
(quar.)
2nd
$6 first preferred
Oct. 1
6 Kings Co. R'1 Est. Corp., pf_3155 lot 35 and 4999 2-3 10,000tbs Insurers
tee.
of
*Holders
15
Oct.
*135
Joplin Water Works, pref. (guar.)
10 Ocean Beach Ferry Corp., p1_5910 lot
Oct. 10'Holders of rec. Sept.30
*$2
Management corp.. common,
Kansas City Gas Co., common
10 Saratoga Vichy Spring Co.. com_201
15
4,134 Oct. 10'Holders of rec. Sept. 30
no par
First and second preferred (guar.)
41 Petrarmo Co., corn.. par $55_5100 lot
Oct. 1 *Holders of rec. Sept. 15
Pre Cent. Kentucky Power Co.,8% pref. (quar.)- *2
Bonds226 Erie Co. Trao. Corp.. com.,
•131 Oct. 1 *Holders of rec. Sept. 15
$30 lot 51.400 Erie Co.'Frac. Corp., ser. C
7% preferred (quar.)
par $25
Oct. 1 *Holders of rec. Sept. 15
lot
$35
*15*
bonds
Income mtge.
635% preferred (guar.)
10 Horni Signal Mtg. Corp., corn.,
•75c. Nov. 1 *Holders of rec. Oct. 24
$51 lot 51.000 Distribution Term'i & Cold
Keystone Telephone, pref. (guar.)
no par: 34 class A common
Oct. 1 *Holders of rec. Sept. 26
*1
mtge.
f.
(qu.)
s.
pref.
181
(closed)
Co.
Power,
&
Star.
Lancaster Traction
100 Wilco Producing Co. (Del.).
Oct. 15 *Holders of rec. Sept. 30
635s, 1952. Oct. 1929 and subLexington Telephone, prior pl. (1111.)--* 31.625
,3 lot
2
common, par $5
lot Lincoln Telep. Securities, cl. A & B.(au.) *50c. Oct. 10'Holders of rec. Sept.30
$105
attached
coups.
sequent
1 Orange County Hunt Co.(N. T.);
Sent.30
&
*35*
Ry.
Term'l
Trunk
$1.000 Grand
Lockhart Power, preferred
50 Fauguier Farmers Co. (Va.).
•$1.25 Sept. 30 *Holders of rec. Sept. 22
Cold Storage Co. let(closed) mtg.
Lynn Gas & Electric (guar.)
par $10; 10 Meadow Brook Land
Oct. 15 *Holders of rec. Oct. 1
*50c.
and
1929
Oct.
1952.
6358,
C.
(war.)
common
s.
Co.,
Maine Gas
Co.(N. T.); 1 Victoria 011 Co.
.$1.50 Oct. 15 *Holders of rec. Oct. 1
subsequent coup. attached _$105 lot
Preferred (guar.)
. Va.). par $10; 4 Piedmont
Oct. 1 *Holders of rec. Sept. 15
$1,000 Central Hy. Term'l & Cold
Michigan Public Service, 7% pref. (au.) •13/ Oct. I *Holders of rec. Sept. 15
Creamery Co. (Va.), Par $25:
*135
Storage Co., Inc., let (closed)
6% preferred (guar.)
7 Maumee Collieries Co. (Ohio)
Nov. 15 *Holders of rec. Oct. 15
*2
.mtge.s.f.6358, 1952. Oct. 1929
Middle West Utilities, tom.(guar.)
let pref.; 50 Maumee Collieries
Nov. 15 *Holders of rec. Oct. 15
and subsequent coup. attached $105 lot
$61 lot
$6 pref. (cash or 3-80th share corn.).. 411.50
Co. (Ohio) corn., no par
Ltd
Counties Elec. Supply.
Midland
'w24 Oct. 21 *Holders of rec. Sept. 30
By R. L. Day & Co., Boston:
American dep. refs. ord. reg
$ per Rh. Missouri Gas Sc Elec.Serv ., pr. pfd.(11u.) *51.75 Oct. 15 *Holders of rec. Sept. NI
$ Per Sh. Shares. Stocks.
Shares. Stocks.
3
Oct. i5 Holders of rec. Sept. 30
...
50 Saco Lowell Shope, common.
94-105
Mo.Riv. Sioux City Bdge., pref.(qu.)-- $1.75 Nov. 1 *Holders of rec. Oct. 11
37 Boston National Bank
652
*135
Barton Insurance Co
Montana Power. pref. (guar.)
25 Atlantic Nat. Bank, par 525._ 9334 5 Nat. Service Co... pref
Jan 131 *Holders of rec. Dec. 20
28-32
$1.625
-*
(guar.)
pref.
30
520
National Gas & Elec.,
10 Merchants Nat. Bank
Oct. 15 *Holders of rec. Sept. 2$
45 Lynn Gas & Electric Co., par
70
New Bedford Gas & Edison Lt.(auar.)-- *51
5 Farr Alpaca Co
Oct. 15 Holders of rec. Sept.30
ex-div.
$1.75
1
PL(W)
$7
5834
Co..
Serv.
Pub,
$25
England
8834
New
14 Wet Point Mtg. Co
15 Holders of rec. Sept. 30
so
Oct.
pref.
$1.50
635%
13335 10 HYgrade Lamp Co.,
$6 preferred (guar.)
5 Nashua & Lowell RR
$1.75 Oct. 15 Holders of rec. Sept. 30
Adjustment Preferred (guar.)
5 Dennison Mfg. Co., pref....100 & dia.
Holders of rec. Sept. 30
15
Oct.
$1.50
$6 cony. preferred (guar.)
of rec. Oct. III
North Amer. Gas & Electric, class A (qu) •40c. Nov. 1 *Holders of rec. Oct. 20
By Wise, Hobbs & Arnold, Boston:Stocks.
Holders
/2
15
(qu.)
Nov.
corn.
Power,
&
Sh.
Light
Per
Amer.
$
North
$ per Sh. Shares.
tee. Oct. 10
of
1
Holders
Nov.
Shares. Stocks.
-fa
3214c.
$344,377.34, and endorsed by the New Pacific Public Service. corn. A(quar.).
Associated Textile Co.. as follows: 9 at
*750. Oct. 10 *Holders of rec. Sept. 2f
England Oil Corp. (Va.) to order of Philadelphia Sc Camden Ferry (au.)
rec. Nov. 12
of
85. 15 at 35, 5 at 35, 10 at 35. 5 at 35,
Holders
1
Dec.
135
(gm)
Pref.
Co.,
Water
and
Co.
Phila. Suburban
New England 011 Refining
6 at 35. Sat 3634.
Oct. 1 *Holders of rec. Oct. 1
*$1
endorsed In blank by New England 011 Plainfield-Union Water (guar.)
105
10 Boston National Bank
Illinois
Nor.
the
of
of
Co.
for
$417.000
Service
note
a
Co.;
Public
Refining
Nov. 1 'Holders of rec. Oct. 14
15 Asbestos Textile Co.. let pref.$10 lot
*82
Common (no par) (guar.)
New England Oil Corp., Ltd., dated
88
27 Pepperell Manufacturing Co
Nov. 1 *Holders of rec. Oct. 14
*2
Common (par $100) (guar.)
Nov. 24 1922, bearing endorsement of
26
Nov. I *Holders of rec. Oct. 14
3 Brookside Mills
*135
211923.
on
Feb.
4
(guar.)
preferred
0%
a credit of $80,659.6
17
100 Newmarket Mfg. Co
*134 Nov. 1 *Holders of tee. Oat. 14
credit signed by
7% preferred (guar.)
of
said
waiver
a
and
88
Co
ring
2 Pepperell Manufactu
Nov. 1 Holders of rec. Oct. 15
the New England 011 Corp.. Ltd., on Rhode Island Public Bevy., cl. A (qu.).. $1
50 Kidder Participations Inc.. pref.
50e. Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
26 1923; demand note of the New
Feb.
div.
&
88
Holders of rec. Sept. 30
1
No.
England 011 Corp.. Ltd., for $35,020 San Diego Consul. G. Sc E., Prof.(qu.).. 134 Oct. 15
*Holders of rec. Oct. 15s
50 Dennison Mfg. Co.. 7% pref..100
dated Feb. 16 1923 bearing endorse- Sierra Pacific, Elec. Co., coin. (guar.).- *50c Nov. 1
of rec. Oct. 15.
Holders
1
11 Cent. Maine Pow. Co., $5 pf___ 96
Nov.
4
1
1
Preferred (quarterly)
ment of a credit of $6,576.40 on Feb.
6034
10 Western Mass. Co.
50c Nov. 15 Holders of rec. Oct. 20
21 1923, and a waiver of said credit Southern Calif. Edison, corn. (guar.)...
80
of rec. Oct. 31
Holders
15
Nov.
5 Regal Shoe Co pref
25c
(guar.).corn.
Corp..
011
Power,
Southern Canada
signed by the New England
1 'Holders of rec. Oct. 10
87 Boston Woven Hose & Rubber 74
Ltd., on Feb. 26 1923: demand note of Tacony-Palmyra Bridge, peel.(quar.).' 51.875 Nov. 15 *Holders of rec. Sept. 311
Co., common
Oct.
*4234c
for
(guar.)
Ltd..
pref.
,
Corp.,
011
England
Telephone
Union
the New
Oct. 15 *Holders of rec. Sept. 30
5 Public Electric Light Co., 13% pf_ 8734
"52
$66,000 dated Aug. 30 1922 bearing United Tel.(Kansas) corn. (guar.)
Jan15'31 *Holders of rec. Dec. 31
100 Beacon Participations, Inc., 1434
*$2
Common (guar.)
endorsement of a credit of $12,765.96
preferred class A
Oct. 15 *Holders of rec. Sept.30
"51.75
sald
of
waiver
a
Preferred (guar.)
on Feb. 21 1923, and
453 Calumet dt Hecla Consolidated
*31.75 11115'31 *Holders of rec. Dec. 31
credit signed by the New England 011 'Preferred (guar.)
934
Copper Co.. Par $25
Oct. 1 *Holders of rec. Sept. 26
*I%
(guar.).pref.
demand
1923:
26
Corp.,
Feb.
Lighting
on
Ltd.,
Vermont
Corp.,
18 U. S. Bobbin & Shuttle Co., 12
•$1.25 Oct. 1 *Holders of rec. Sept. lb
note of the New England Oil Corp., Western N.Y. Water, pref.(guar.)
$50
par
*Holders of rec. Oct. 20
Common
Ltd.. Feb. 27 1923, for $44,368.51 and West Penn Elec. Co.,7% pref. (guar.).- '15* Nov. 15
•135 Nov. 15 *Holders of rec. Oct. 20
25 Mass. Bonding & Ins. Co.. par
6% preferred (guar.)
endorsed in blanklby the New England
ex-dly.
10134
*Holders of rec. Sept. 30
15
Oct.
31
25
011 Corp., Ltd.; promissory note dated Wisconsin Gas Sc Elec., Pref. A (guar.).- •I
52
•135 Oct. 15 'Holders of rec. Sept. 341
137 Heywood Wakefield Co., 18t pf_ New
Preferred B (guar.)
June 2 1922 payable Dec. 1 1922 in
Common vot. trust certificate of for
6%,
int.
the face amount of $417,000,
England Venezuela Co. No. 1 011
Trust Companies.
of the New England 011 Corp., Ltd.,
Nov. 1 Holders of rec. Oct. 23
2,000 shares in the name of Assonet
guar. by New England 011 Corp. and Corn Exchange Bank Trust Co. (guar.) 51
blank;
in
endorsed
Co.,
Oct. 1 'Holders of rec. Sept. 2$
*4
Storage
011 ref. Co.--$175 lot Corporation (guar.)
England
New
Oil
England
New
Nov. I *Holders of rec. Oct. 21
*20
aemand note of the
Kings County (Brooklyn) (quar.)
having
Corp.. Ltd., dated May 1 1922
Per Cent.
Bondsand
01,
$167,615.
of
an unpaid balance
Fire Insurance.
Oil $15,000 National Service Co.., 13s,
1040c Oct. 15 *Holders of rec. Sept. 20
endorsed in blank by New England
90-97 American Alliance (quar.)
December 1932
Eng*400 Oct. 15 *Holders of rec. Sept. 36
CorP • demand note of the New
Texas Elec. Co.,
Great American Insurance (guar.)
Northern
510,000
22
June
dated
45
land 011 Corp., Ltd.,
55, January 1940
1014 keying an unpaid balance of
25,000
OCT- 4 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous.
A. B. C. Cigar Co.. corn. (guar.)
*134c Oct. 25 *Holders of rec. Sept. 30
Adams (J. D.) Mfg., corn. (guar.)
560e. Nov. 1 *Holders of rec. Oct. 15
Aeolian Co. of Mo.
Mo.. 2nd pref. (guar.).- *2
Oct. 1 "Holders of rec. Sept. 25
Aero Corporation,
pref.(guar.).- *87Sic Oct. 1
Aero Supply Mfg., class A (guar.)
*374e Oct. 15'Holders of rec. Oct. 3
Affiliated Products, Inc.(guar.(No. 1)40c. Oct. 3 *Holders of rec. Oct. 2
Alexander Hamilton Inv.Corp.,e1. A (qu) *15c. Oct. 2 *Holders of rec. Sept. 25
Alliance Realty, corn.(guar.)
75e. Oct. 21 Holders of rec. Oct. 8a
Allied Chemical O. Dye. cow.(guar.).- 21.50 Nov. 1 Holders of rec. Oct. 10
Alloy Steel Spring & Axle, class A-Div. deferre
Altorfer Bros. Co., cony. pref.(guar.).- *75e. Nov. 1 'Holders of rec. Oct. 15
Amerada Corporation (guar.)
50c. Oct. 31 Holders of rec. Oct. 15a
Amer. Asphalt Roof, corn. (guar.)
*14 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
Oct. 15 "Holders of rec. Sept. 30
*2
American Can, corn.(guar.)
Nov. 15 Holders of rec. Oct. 3I0
Si
Common (extra)
Nov. 15 Holders of rec. Oct. 31a
$I
Amer. Dairies. Inc., pref.(guar.)
*51.75 Oct. 1 'Holders of rec. Sept. 15
Amer. Elec. Securities. corn.(guar.).- *10e. Oct. 15 'Holders of rec. Oct. 4
Preferred (hl-monthly)
*250. Oct. 1 'Holders of rec. Sept. 20
American Factors, Ltd. (monthly)
*15e. Oct. 10 "Holders of rec. Sept. 30
Amer. Furniture Co.. pref. A (guar.).- *$1.75 Oct. 15
Amer. Glanzstorff Corp., pref. (guar.).- •131 Oct. 1 'Holders of rec. Sept. 20
Amer. Industrial Panic. Shares
Oct. I
Amer.Invest. Trust(Ky.) lot pref.(q11-)*
Oct. 10'Holders of rec. Oct. 1
5111
8
*6
Amer. Machine & Foundry, new corn.
(guar.)(No. 1)
•
35c. Nov. 1 *Holders of rec. Oct. 17
New common (extra)
Sc. Nov. 1 'Holders of rec. Oct. 17
New common (extra)
20e. Dec. 1 'Holders of rec. Nov. 15
Oct. 1 'Holders of rec. Sept. 23
Amer. Office Building, pref. (quar.).
Amer. Rediscount Corp., lot pref. (qu.)
Oct. 15 'Holders of rec. Sept.30
Oct. 15 'Holders of rec. Sept.30
Second preferred (guar.)
*Si
American Silver Co.(guar.)
'50e. Oct. 1 *Holders of rec. Sept. 25
Associated Theatres. Inc.. Ore!. (quar.)- el% Oct. 1 "Holders of rec. Sept. 15
Amer. Transformer, corn. (guar.)
35e. Nov. 1 Holders of roe. Oct. 20
Amer. Vitrified Products, corn.(guar.).- *25e. Oct. 15 *Holders of rec. Oct. 4
Preferred (guar.)
*134 Nov. 1 'Holders of rec. Oct. 20
Animal Trap Co. of Amer., prof. (guar.) *50e. Oct. 1 *Holders of rec. Sept. 27
Associated Dry Goods, corn. (guar.).62c. Nov. 1 Holders of rec. Oct. 11
First preferred (quart)
134 Dec. 1 Holders of ree. Nov. 8
Second preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 8
Atlantic City Sewerage (guar.)
*25e. Oct. 1 'Holders of rec. Oct. 1
Atlas Powder, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
Baker (J. T.) Chemical, corn.(guar.)... *74c. Oct. 1 'Holders of rec. Sept. 16
First and second pref. (guar.)
Oct. 1 'Holders of rec. Oct. 1
Balaban & Katz Corp.. corn.(quar.)
*75e. Dec. 27 *Holders of rec. Dec. 15
•1% Dec. 27 *Holders of roe. Dec. 15
Preferred (guar.)
Bandini Petroleum (monthly)
•100. Nov. 20 "Holders of rec. Oct. 30
Barber(W. H.) d: Co. pref. (quar.).. - *51.75 Oct. 1 'Holders of rec. Sept.30
Bay State Fish., pr. pref. S: pref.(qu.)
•70c, Oct. I
Benefield Co., pref. (guar.)
...tit{ Oct. 1 'Holders of roe. Sept. 25
Bond Clothing Co.(guar.)
"25e. Oct. 1 *Holders of rec. Sept. 20
Bonnet Co., pref. (guar.)
*1% Oct. 1 'Holders of rec. Sept. 20
*134 Sept.27'Holders of rec. Sept.25
Boston Met. Bldg.. Pref.(guar.)
Boston Sand 4: Gravel, corn.(guar.)...- *40c. Oct. 1 *Holders of rec. Sept.22
*87340 Oct. 1 'Holders of rec. Sept.22
Preferred (guar.)
Broadway Dept. Stores. let pref.(guar.) *134 Nov. 1 *Holders of rec. Oct. 11
Second preferred (annual)
*57
Nov. 1 *Holders of roc. Oct. 11
Broadway Market Corp., corn.(extra)
40c. Oct. 20 Holders of rec. Oct. 1
30e. Oet. 10 Holders of rec. Oct. 1
Preferred
Butler Mfg., pref.(guar.)
"13.4 Sept.30 "Holders of rec. Sept.29
California Conserving, pref. (guar.).-"4334c Oct. 1
Canadian Bronze, corn.(guar.)
624e, Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20
Canadian Foreign Invest. Co. Pt. (qu.) 2
Oct. 1 Holders of rec. Sept. 25
Canadian Pow.& Paper Invest.. pf.(qu) 624c. Nov. 15 Holders of rec. Oct. 20
Canadian Wineries, Ltd. (guar.)
1234e, Oct. 15 Holders of roe. Sept.30
Capital City Products. corn. (quar,).... *34c. Oct. 5 *Holders of roe. Oct. 1
Carrier Engineer. Corp..corn. A & B(qu) 25e Nov. 1 Holders of rec. Oct. 20
Central Illinois Co.(guar.)
Oct. I 'Holders of rec. Sept. 23
"50
Chanalor & Lyon Stores, CI. A (guar.).- *3734c Oct. 1 'Holders of rec. Sept.20
Cherry-Burrell Corp., ann. (quar.)... "624c Nov. 1 'Holders of rec. Oct. 15
Preferred (guar.)
•134 Nov. 1 *Holders of rec. Oct. 15
Cincinnati Milling Mach.. pref. (guar.) "51.50 Oct. 15 *Holders of rec. Sept. 30
Claremont Invest. Corp., corn.(quar.).. *18e Oct. 1 'Holders of rec. Sept. 20
Preferred
*31e Oct. 1 *Holders of rec. Sept. 20
Claude Neon Elec.Prod., corn.(quar.).. •35e Jaril'31 *Holders of ree. Dec. 20
Common (payable in corn, stock).
"12
Jan 1'31 *Holders of roe. Dec. 20
Preferred (guar.)
*35e Jan 1'31 "Holders of rec. Dec. 20
Cleveland Traction, common (guar.).40e Oct. 15 Holders of rec. Sept. 30
Columbia Finance(N. Y.) pref.(quar.)- "51.75 Oct. 1 'Holders of rec. Sept. 25
Conservative Inv., preferred
"40e Oct. 1 "Holders of rec. Sept. 1
Consolidated Cigar Corp.. prior pf.(qu.) *1% Nov. 1 *Holders of rec. Oct. 15a
*1% Dec. 1 *Holders of rec. Nov. 15a
Preferred (guar.)
Consolidated Dairy Products-Dividend °mitt ed
Consolidated Dry Goods (guar.)
1150 Oct. 1 'Holders of rec. Sept. 23
Consolidated Laundries. pref.(guar.)... 51.875 Nev. 1 *Holders of rec. Oct. 15
Consolidated Royalty Oil (guar.)
*124e Oct. 25 "Holders of rec. Oct. 15
Consol. Water Power & Paper (guar.).-*14 Sept. 30 *Holders of rec. Sept.30
Continental Securities, corn.(guar.).
51
Oct. 15 Holders of rec. Oct. 1
Corporation Securities, pref. (guar.)*n75c. Nov. 1 "Holders of rec. Oct. 10
Craigle(W. W.)& Co., corn.(in stock). 11% Oct. 1 'Holders of rec. Sept.20
Common (extra, payable in corn. stk.) "11.34 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
'874c Oct. 1 *Holders of rec. Sept.20
Dail Steel Products(guar.)
"20e. Oct. 1 *Holders of rec. Sept. 20
Decca Record, preference-Dividend om tted
Definanoe Dairy Products-Dividend de ferred
De Mets. Inc., pref. (guar.)
"55e. Nov. 1 *Holders of rec. Oct. 19
Detroit Silent Automotive, pref
'11,4
Oet. 1 'Holders of rec. Sept. 25
Diamond Elec. Mfg., corn. (guar.)
*50e. SePt.30 *Holders of rec. Sept.23
Preferred (guar.)
*134 Sept.30 *Holders of rec. Sept.23
Discount Corp. of N. Y.(guar.)
"82.50 Oct. 1 *Holders of rec. Sept. 30
District Bond Co., corn. (guar.)
'6234c Oct. 1 *Holders of rec. Sept.27
Preferred (guar.)
'3734c Oct. 1 "Holders of rec. Sept. 27
Diversified Stand. Securities, pref. (qu.) *50e Oct. 1 *Holders of rec. Sept. 15
East Hartford Co
"50e Oct. 1 'Holders.of rec. Sept. 15
Eastern Dairies, Ltd.
4.4 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
Electric Household Utilities (quar.)____
000. Oct. 22 Holders of rec. Oct. 10
Elwell Parker Electric (guar.)
"51
Oct. 1 "Holders of rec. Sept. 23
Equitable Financial Corp., class A-Div Idend omitted
Fafnir Bearing (guar.)
'Si
Sept. 30 'Holders of rec. Sept. 25
Fashion Park Associates, Inc., pref.-Di vidend online
Faultless Rubber, corn. (guar.)
'6234c Jan. 1 *Holders of rec. Dec. 16
Federal Cooperative Finance. pref.(qu.)
Oct. 1 Holders of rec. Sept. 10
Federal Discount Corp.(Detroit)(qu.).- *174c Oct. 1 *Holders of rec. Sept. 30
*34 Oct. 1 *Holders of rec. Sept. 25
Federal Fidelity, 7% Preferred
Federal Surety (Davenport, Ia.)
*30c. Oct. 15 *Holders of rec. Sept. 30
Federated Metals (guar.)
25e. Oct. 10 Holders of rec. Oct. 2
Fibreboard Products, prior pref. (guar.) *14 Nov. 1 *Holders of rec. Oct. 16
*13i Nov. 1
7% Preferred (guar.)
"Holden of rec. Oct. 16
*3
Fidelity Building Association
Oct. 1
Fifty Associates(Toledo),Prof.(quar.)__ *134 Oct. 1 *Holders of rec. Sept. 25
Finance& Trading Corp., pref.(guar.).- "134 Oct. 1 *Holders of rec. Sept. 26
First Finance Co. of Iowa, el. A (qu.)___ '3714c Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
"374c Oct. 1 'Holders of rec. Sept. 20
First National Invest. Corp. el. A (qtr.) *75c. Oct. 15 *Holders of rec. Oct. 1
Fokker Aircraft, pref.(guar)
'
4334c Oct. 15'Holders of rec. Oct. 3
Food Machinery. corn, (guar.)
"374c Oct. 15 "Holders of rec. Sept. 30
Common (payable in corn. stock)_.*11
Nov. 15 *Holders of rec. Oct. 31
64% pfd. (monthly)
.50e. Oct. 15 'Holders of rec. Oct. 10
Ford Hotels
•25e. Sept.30 *Holders of rec. Sept. 15
Foreign Pow.Securities, Partic. Pfd.(qu)
Nov. 15 Holders of rec. Oct. 31
Foulds Milling, pref. (guar.)
*2
Oct. 10 *Holders of rec. Sept.30
Foundation Co. of Canada (guar.)
25c. Nov.15 Holders of rec. Oct. 31
French Bros.-Bauer Co., pref. (guar.)._ "14 Oct. 1 'Holders of rec. Sept. 20
Frink Corporation, pref.-Dividend omit ted
Fuller Brush Co. pref. (guar.)
Oct. 1 *Holders of rec. Sept. 25
General Aviation Corp.of Amer.,Pf.(qu)
'
4334c Oct. 15 *Holders of roe. Sept. 30
General Equipment Corp. (guar.)
.040e. Oct. 1 'Holders of rec. Sept. 25
General Foods, corn. (guar.)
750. Nov. 1 Holders of rec. Oct. 15a
General Mills, corn. (guar.)
75e. Nov. 1 Holders of rec. Oct. 15a
Name of Company.
Z179
Per
When
Cent. Payable.
Boots Closed.
Dols Incliaise.
Miscellaneous (Continued).
General Public Service. $6 pref.(guar.). *51.50 Nov. 1 'Holders of rec. Oct. 10
$5.50 preferred (guar.)
* 51.375 Nov. 1 *Holders of rec. Oct. 10
General Utilities, corn.(No. 1)
*o 60c. Oct. 1 'Holders of rec. Sept. 25
Gibralter Finance, class A (guar.)
roe. Sept. 24
*10e. Oct. 1 *Holders of r
Preferred A (guar.)
•
p1
.3.
73.
.
ed
e Oct. 1 *Holders of rec. Sept. 24
Globe Knitting Works, Wm.-Dividend
Gorham Mfg., COM,(guar.)
50e. Dec. 1 'Holders of rec. Nov. 15
Grammes(L. F.) Sons, pref. A (guar.)._ *50c. Oct. 1 'Holders of rec. Sept. 27
Preferred B (guar.)
"374c Oct. 1 *Holders of rec. Sept. 27
Grand(F.& W.)-Silver Stores, corn.(qu) 25c Oct. 23 Holders of rec. Oct. 14
Grand (F. d: W.) 5-10-25 Ct. Stored.
e
*25 Oct. 21 'Holders of rec. Oct.° 14
Prem
ferr
moml
n (tiquaruar?)
1% Nov. I Holders of rec. Oct. 1
Great Lakes Engineering (guar.)
*25c Nov. 1 *Holders of rec. Oct. 25
Great Lakes Finance, class A (guar.).- "50c Oct. 1 'Holders of roe. Sept. 20
Greening (B.) Wire Co., Ltd.. pref.(qu.) 134 Oct. 1 Holden of rec. Sept. 15
Guardian Realty Co.of Canada, pf.(qu.) "S1.75 Oct. 15
Hart & Cooley Co.(guar.)
"51.50 Oct. 1 *Holders of rec. Sept.25
Hartford Times, Inc.. pref. (guar.)*75e Nov. 15 'Holders of rec. Oct. 1
Haughton Elev.& Mach., pref.(qu.).-. '134 Oct. 1 *Holders of rec. Sept. 25
Henry Furnace & Fdy., pref.(guar.).
"134 Oct. 1
Herring-Hail-Marvin Co. (qu.)
"134 Oct. 1 *Holders of rec. Sept. 24
roe. Oct. 25
Hershey Chocolate, corn. (guar.)
'$1.25 Nov. 15 'Holders of r
Prior preferred (guar.)
"14 Nov,15 *Holders of rec. Oct. 25
Convertible preferred (guar.)
Nov. 15 *Holders of roe. Oct. 25
'51
Hilton Hotels, Inc.(monthly)
"25c Oct. 1 'Holders of rec. Oct. 1
Holly Sugar, pref.-Dividend omitted
Home Title Insurance (Brooklyn) (411.). *75e. Sept.30 'Holders of rec. Sept. 23
Oct. 1 'Holders of roe. Sept.15
'Cl
Hook Drug (stock dividend)
Howl Signal Mfg., panic. prof.(W.).25c. Oct. 15 Holders of rec. Oct. 1
Hotel Gibson Co.. corn. & pref.(guar.). '134 Oct. 1 *Holders of rec. Sept. 24
Industrial Brownhoist Co., pref.(guar.) "134 Oct. 1 "Holders of rec. Sept. 23
20c. Oct. 15 Holders of rec. Sept. 30
Industrial Collateral Assn. (guar.)
Oct. 1 *Holders of rec. Sept. 15
Industrial Loan & Guar., pref. (guar.).- "2
Internat. Cigar Mach., new (qu.)(No.1) 6234c Nov. 1 Holders of rec. Oct. 17
50e. Dec. 1 Holders of rec. Nov. 15
New (extra)
Internat. Paints (Can.) panic. pf. (qu.) 14 Oct. 15 Holders of rec. Sept. 30
Investors Mtge.& Guar., corn. (guar.). *373,ic Sept.30 *Holders of ree. Sept. 22
Preferred (guar.)
"134 Sept. 30 'Holders of ree. Sept. 22
•15c. Sept.30 *Holaers of roe. Sept.20
Inv. Royalty (new)(No. 1)
'51.50001, 1 'Holders of rec. Sept. 20
Janes Investment, class A (guar.)
Jantzen Knitting Mach., corn.(guar.).- "75c. Nov. 1 "Holders of roe. Oct. 15
Common (payable in corn. stock)..... •1100 Subject to stoned's meet. Noe.16
Oct. 25 'Holders of reo. Oct. 22
Jersey Mortgage Title & Guarantee.... "SI
Oct. 5 *Holders of rec. Sept. 30
Kansas City Structural Steel, pref.(qu.) *2
"51.50 Oct. 1 *Holders of rec. Sept.27
Kellogg Company (guar.)
Knott(A. J.) Tool & Mfg., pref.(cm.)- *51.75 Oct. 1 *Holders of rec. Sept. 15
'25
Nov. 1 'Holders of rec. Oct. 10
Kress(S. H.)& Co., corn.(guar.)
Corn.(payable in special pref. stock). "50e. Nov. 1 "Holders of rec. Oct. 10
*15e. Nov. 1 "Holders of reo. Oct. 10
Special preferred (guar.)
*1 34 Oct. 1 *Holders of rec. Sept. 15
Leber Auto Spring, pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 16
Lane Bryant, Inc., pref. (guar.)
91.513 Oct. 1 'Holders of rec. Sept. 27
u com.(qua:.)
ar
Lane Co., Inc.,
.1% Oct. 1 *Holders of rec. Sept. 27
Preferred (qua:.)
Lawrence Hotel (Erie), pref.(quer.)-- "S1.75 Oct. 1 "Holders of roe. Sept. 20
Lawrence Warehouse, prior pref.(guar.) •114 Oct. 1 *Holders of rec. Sept. 30
"40e. Nov,15 *Holders of rec. Nov. 5
Lefeourt Realty, COM.(guar.)
"75e. Oct. 15 *Holders of rec. Oct. 7
Preferred (quar.)
Liberty Dairy Prod., 1st dc 2nd pref -'5 2.2534 Nov. 10
"51
1.50
2c. 0et.
Lit Brothers, pref. (guar.)
Oct. 1 'Holders of rec. Sept.20
'15e. Oct. 15 "Holders of reo. Sept. 30
(qua:.)
Lloyds Casualty (gu
Loa Angeles Athletic Club
Maple Leaf Milling, pref.-Dividend om itted
Marks Brothers' Theatres, pref.-Divide nd pas sed
Masback Hardware. lot & 2nd pf.(qu.)- *14 Oct. 15 "Holders of reo. Sept. 30
May Department stores, corn.(guar.).- *50e Dec. 1 *Holders of reo. Nov.15
"15e. Oct. 15 "Holders of rec. Oct. 1
Mayer Oil (guar.)
1
t.20
.S
crept.
Of ree.
tt.3
10
McGann. Ltd.. pref. (guar.)
3'Holders o
41134
.75 r
Merchants & 61frs. Scour., pr. pfd.(qu.)Metal Textile Corp., partic. pref.(qu.)-• 81 Sic Dec. 1 'Holders of rec. Nov.20
"25e Nov. 15 "Holders of rec. Nov. 1
Metropolitan Advertiser
Metropolitan Title Guaranty-Dividend passed
Milburn (A.) Co., corn.(guar.)
"51.75 Oct. 1 'Holders of roe. Sept. 30
"31.75 Oct. 1 *Holders of rec. Sept. 30
Preferred (guar.)
Minnesota & Ontario Paper, pref.(qu.). "14 Oct. 1 'Holders of roe. Sept.20
Mississippi Val, VW.Invest.. pref.(qu.) *51.50 Nov. 1 *Holders of rect. Oct. 15
Mitchell (Robert) Co., Ltd., corn. (ctn.)
25e Oct. 15 *Holders of rec. Sept. 30
Moock Electric Supply, pref.(guar.)... *51.75 Oct. 1 *Holders of rec. Sept.20
Morris Plan Co.of N. Y.(guar.)
•600 Oct. 1 *Holders of roe. Sept. 26
Mortgage Co. of R. I., pref.(guar.),_ "8734c Oct. 1 *Holders of rec. Sept. 20
Mutual Ind. Service, Cl. A (guar.)
*Holders of rec. Sept. 27
Mutual Invest. Tr., el. A-Dividend om itted
75° Oct. 1
National Acme Co., common (guar.).- *37 Vic Nov. 1 *Holders Of reo. Oct. 15
National Club Hotels, pi ern.d
•52.50 Oct. 15 *HoMers of ree. Sept. 80
National Guar.& Flnan., coin.(guar.).- *373-ie Oct. I 'Holders of reo. Sept. 26
First and second pref.(guar.)
•144 Oct. 1 'Holders of roe, Sept.25
National ed
Rub
(b
geurarM
3ach'y, corn. (guar.). *25e. Oct. 15 *Holders of rec. Sera. 30
National Short Term.(*cur..eom.A(qu) •12Vic Oct. 20 *Holders of ree. Oct. 2
•174c Oct. 20 *Holders of rec. Oct. 2
National Supply, common (guar.)
$1.25 Nov. 15 Holders of rec. Nov. 5
National Tea, pref.(guar.)
*1334c Nov. 1 *Holders of no. Oct. 14
Noel. Inc., class A (guar.)
'40c Oct. 4'Holders of roe. Oct. 2
Newago Portland Cement. prof.(MO- "161 Oct. 1 'Holders of rec. Sept. 25
Newton Steel, common-Dividend °mitt ed.
Preferred (guar.)
•1 34 Oct. 31 "Holders of rec. Oct. 15
New Britain Mach., corn. Wien)
"37Sic Sept.30 *Holders of rec. Sept. 16
Preferred A (quar.)
•131 Oct. 1 "Holders of rec. Beet. 16
New Jersey Zinc (guar.)
*50e Nov. 10 'Holders of rec. Oct. 20
New York Investors, Inc., 2d pref
Oct. 15 Holders of reo. Oct. 6
3
New York & Hanseatic Corp.. common- $3
Oct. 15 Holders of reo. Oet. 3
New York Trap Rock. pref.(guar.).-•$1.75 Oct. I *Holders of roe. Sept.25
Noel Securities Co., prof.(guar.)
Sept. 30 *Holders of roe. 8001.244
"2
Noma Electric Corp.(guar.)
20e Nov. 1 Holders of rec. Oct. 15
North American Car,$6 pref.(guar.)... "51.50 Oct. I 'Holders of roe. Beet. 26
Nevis Electric Co. (guar.)
Nov. 1 *Holders of rec. Oct. 15
Oahu Sugar Co., Ltd.(monthly)
*100 Oct. 15
Oltroyalty I
Inc.(monthly)
Oct. 15 'Holders of no. Sept. 30
•10e.
•20env.,
011 Shares, Inc., Prof.(guar.)
75e, Oct. 15 Holders of rec. Oet. 45
011stocks, Ltd., class A & B (quar,).... *1234c Nov.15 *Holders of rec. Oet. 81
Outlet Company, corn. (guar.)
Nov. I Holders of roe. Oct. 20
21
1% Nov. 1 Hoidens of reo. Oct. 20
First preferred (quar.)
Second preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 20
Pacific Portland Cement, Pref.(guar.).- *114 Oct. 4 *Holders of rec. Sept.30
Packard Electric Co. (auar.)
*40e. Oct. 15 *Holders of rec. Oct. 6
Park Austin
tin(
8:
0=
W/comb,corn.(guar.)._ •500. Oct. 15 *Holders of ree. Oct. 1
.50e. Oct. 15 *Holders of ree.
Pasadena Mtge. Seeur., pref.(guar.)... *134 Oct. I *Holders of roe. Snot. 20
Passwall Corp.,6% pref.(guar.)
'134 Oct. 1 'Holders of rec. Sept. 29
$3 preferred (guar.)
*75e. Oct. 1 'Holders of roe. Sent. 29
Penman's, Ltd., common (guar.)
Nov. 15 Holders of rec. Nov. 6
51
Preferred (guar.)
1% Nov. I Holders of rec. Oct. 21
Petroleum Industries, pref.(guar.)
*750. Oct. 15 *Holders of rec. Oct. 10
Philippe (Louis), Ine., cl. A & B (qu.)
"40e. Oct. 4 *Holders of rec. On. 2
Phillips-Jones Corp., pref.(guar.)
•134 Nov. 1 *Holders of rec. Oct. 20
Pittsburgh Steel, common (guar.)
•50c. Oct. 1 Holders of rec. Sept. 29
Preferred (guar.)
. 31
33%3i
-3e
Oct.
Planters Realty Co.. pref.(monthly)....'
Plymouth Cordage, common (guar.)._ _ '134 Oct. 20 *Holders of roe. Sept. 30
*134 Oct. 20 'Holders of rec. Sept.30
Employees' special stock (guar.)
Polygraphic Co. of Amer., pref. (guar.)_ 112
Oct. 7 *Holders of rec. Sept. 30
Power dr Rail Trusteed Shares (guar.)...
15c. Oct. 15 Holders of ree. Sep*.30
Premier Laundry, Ltd., pref. (quar.)- •51.75 Sept.30 *
Providence Biltmore Hotel, 1st pref.(qu) *8734c Oct. 1 'Holders of roe. Bain. 26
Public Indust. Corp., class A (guar.)_ __ _ *87 6
. e Oct. 1 'Holders of roe. Sept. 28
Class B (guar.)
"51.75 Oct. 1 *Holders of roe. Sept. 28
Pyle National Co., corn. (guar.)
'40c. Oct. 1 *Holders of rec. Sept. 20
Queen City Petrol. Prod., pref. (guar.). "134 Oct. 15
Queen Dyeing, pref. (guar.)
"134 Oct. 1 *Holders of roe. Sept. 26
Reed (C. A.) Co., class A (guar.)
*50e. Nov. 1 "Holders of rec. Oct. 111
Resource Finance & Mtge., pref.(guar.) '8734c Oct. 1 'Holders of rec. Sept. 22
"3e. Oct. 1 *Holders of roe. Sep11.1116
Rice Rauch Oil (guar.)
2180
Name of Company.
FINANCIAL CHRONICT.11
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*$1.75 Oct. 1 *Holders of rec. Sept. 26
Rhode Island Ice, Prof. A (quar.)
Preferred B-Dividend omitted.
Richfield Oil of Calif.-Dividend passed
Rio Grande 011-Dividend omitted.
Rockaway Point Devel., pref.(quar.)--. "51.50 Oct. 1 *Holders of rec. Sept. 15
90c. Nov. 1 Holders of rec. Oct. 15
Rogers Paper Mfg., class A (quar.)
•$1.50 Oct. 1 *Holders of rec. Sept. 20
Rowntree Co., Ltd., pref. (qua?.)
Ruud Mfg., common (quar.)
*65c. Oct. 1 *Ilolders of rec. Sept. 21
*2
Oct. 15 *Holders of rec. Oct. 4
St. Croix Paper, common (quar.)
St. Helens Pulp & Paper (quar.)
*30e. Oct. 1 *Holders of rec. Sept. 20
Salt Creek Producers' Assn. (quar.)- -- *50c. Nov. 1 *Holders of rec. Oct. 15
•$1.75 Oct. 1 *Holders of rec. Sept. 20
Sayre & Fisher Brick, pref. (quar.)
Schramm-Johnson Drug, class A (quar.) *32
Oct. 1 *Holders of rec. Sept. 24
• 31.875 Oct. 1 *Holders of rec. Sept. 28
Preferred (quar.)
Seabrook Engine class A (quar.)
•75c. Oct. 10
Security Investment Trust, lot pret__ _- *3
Oct. 1 *Holders of rec. Sept. 20
*3
Oct. 1 *Holders of rec. Sept. 20
Second preferred
Sectrity Trust Bldg., 37 pref.(quar.)
*31.75 Oct. 1 *Holders of rec. Sept. 26
Segal Lock & Hardware, pref. (quar.)__ _ *87%r Oct. 15 *Holders of rec. Sept. 30
Selfridge Provincial Stores, Ltd.
American deposit receipts
Dec
*Holders of rec. Nov. 14
Seneca Plan Corp.,series A tr. elf.(au.)- *511.50 Oct. 1 *Holders of rec. Oct. 1
Sharon :tee! Hoop-Dividend omitted.
Sharp & Dame.Inc., pref. A (guar.)-- *87% 1.. Nov. 1 *Holders of rec. Oct. 17
Shunt an Clay & Co., panic. pref.-Div dend r assed.
Silver (Isaac) Bros., Co., corn.(quar.)__ *25c Oct. 21 *Holders of rec. Oct. 14
Preferred (quar.)
134 Nov. 1 *Holders of rec. Oct. 14
Sliver Brook Anthracite, [ref. (quar.)_ _ *75c. Oct. 1 *Holders of rec. Sept. 25
Silverwood's Dairies, Ltd., cl. A (qu.)
25c. Oct. 1 Holders of rec. Sept. 20
134 Oct. 1 Holders of rec. Sept. 20
Preference (quar.)
Oct. I *Holders of rec. Sept. 29
Sioux City Stock Yards, pref. (qua?.).- - *2
(Mounts Bros., class A-Dividend defer? ed
Solvay Amer. Investment, pfd.(guar.).* 81.375 Nov. 15 *Holders of rec. Oct. 15
Sorg (Paul A.) Parer. pref. (qua?.)
*1% Oct. 1 *Holders of roe. Oct. 1
Spraco, Inc., pref. (qua?.)
•371ic Oct. 1 'Holders of rec. Sept. 19
pt. (qu.)_
Spiegel-May-Stern, Inc.6
1% Nov. 1 Holders of rec. Oct. 15
Stand. Royalties Wetumka, pf. (mthly.)
Sc. Oct. 15 'Holders of rec. Sept. 30
Stand. Royalties Wewoka, pref.(mthly.)
lc. Oct. 15 *Holders of rec. Sept. 30
Stand. Royalties NS feints, pref. (mthly.)
Sc, Oct. 15 *Holders of rec. Sept. 30
*1
Stercbi Bros. Stores, prof. (quar.)
Oct. 1 *Holders of rec. Sept. 15
Storkline Furniture, Prof. (qua?.)
*50c. Nov. I *Holders of rec. Oct. 20
Stroock (S.) & Co., corn.(qua?.)
*25c. Oct. 1
Stuart (D. A.) & Co., partic. A-Divide d om tted
Sturtevant (B. F.) Co.. corn. St Pt. (q11.) *1y6 Oct. 15 'Holders of rec. Sept. 27
Superior Portland Cement,el. A (mthly.) *27%c Nov. 1 *Holders of rec. Oct. 23
Swedish Match Co., class A & BOct. 15 Holders of coup. No. 10
5 kroner per share
Swiss Oil Corp.-Dividend passed
Toronto Elev., Ltd. 7% prof. (qu.)---- •1% Oct. 15 *Holders of rec. Oct. I
*35c. Oct. 15 *Holders of rec. Oct. 8
Traymore, Ltd., pref. (qua?.)
*Holders of rec. Oct. 15
Tristate Royalty Corp.. corn. (monthly) 8 1-3c Nov.
*Holders of rec. Oct. 15
100. Nov.
Preferred A (monthly)
*Holders of rec. Sept. 15
Trustees Loan & Guar., pref. (quar.)--- *1% Oct.
'Holders of rec. Sept. 15
Trustees System Disc.(Chic.), pf.(Ott.) _ *1% Oct.
tem Oct.
*Holders of rec. Sept. 15
Preferred (stock dividend)
Oct.
*Holders of roe. Sept. 15
Trustees System (Bait.), Prof. (quar.)-*Holders of rec. Sept. 15
Oct.
Preferred (stock dividend)
'Holders of rec. Sept. 15
Trustees System (Indianan.), pf.(qu.)-- 1.14i Oct.
*Holders of rec. Sept. 15
"eti Oct.
Preferred (stock dividend)
'Holders of rec. Sept. 15
Trustees System (Louisville), pf.(qu.)__ •im Oct.
*Holders of rec. Sept. 15
*et6 Oct.
Preferred (stock dividend)
*Holders of rec. Sept. 15
Oct.
Trustees System Service, pref. (quar.)-- *2
United Retail Chemists, pref.(quar.)--- *8714c Oct. 1 'Holders of rec. Oct. 6
*Holders of rec. Oct. 11
U.S.& Foreign Securities, let pref.(qu.)'51,50 Nov.
U.S. & Oversees Corn
*6 Sic Nov. 30 *Holders of rec. Nov. 10
Universal Congo!.01I-Dividend omitted
•1u Oct. 1 *Holders of rec. Sept. 26
Upson Co. (qua?.)
31.75 Sept.30 *Holders of rec. Sept. 15
Universal Crane Co., pref. (qua?.)
Van Dorn Iron Works, pref.(quar.)---- .$1.75 Oct. 1 *Holders of rec. Sept. 30
*43%c Oct. 1 'Holders of rec. Sept. 25
Vegltized Foods, class A (quar.)
Victor Monaghan Co., pref.(guar.)._ *1% Oct. 1'
Waterbury-FarrellFdy.& Mach.(qu.)_ - 1.2% Sept.30 *Holders of rec. Sept. 22
*25c. Nov. 1 *Holders of rec. Oct. 15
Waterloo Mfg. class A (qua?.))
1% Oct. 2 Holders of rec. Sept. 15
Co., Ltd. (quar.)
Western Grain'
*$1.50 Oct. 1 *Holders of rec. Sept. 26
Wico Electric, corn. (qua?.)
*$2
Oct. 1 *Holders of rec. Sept. 26
Preferred (qua?.)
*Holders of rec. Sept. 20
Winn & Govett Grocery, class A (qua?.) *500.
*1%
*Holders of rec. Sept. 20
Preferred (quar.)
Woodward Iron-Dividend omitted
50c. Sept.30 'Holders of rec. Sept. 27
Woolson Spice, corn. (qua?.)
"1% Sept. 30 *Holders of rec. Sept.27
Preferred (qua?.)
*50c. Oct. 15 *Holders of rec. Sept. 30
Worthington Ball, class A & B
*$1.75 Oct. 1 *Holders of rec. Sept. 25
(A. B.) Co., pref. (guar.)
(quar.)_WIstley
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Imitates.
Railroads (Steam).
*234 Nov. 10'Holders of rec. Oct. 24
Atlantic Coast Line RR., prof
Baltimore & Ohio corn.(quar.)
134 Dee. 1 Holders of rec. Oct. 110
Dec. 1 Holders of rec. Oct. ha
1
Preferred (qua?.)
Oct. 10 Holders of rec. Sept. 30a
Carolina Clinchtield de Ohio. corn.(qu.). 1
Chesapeake & Ohio, pref.(quar.)
334 Jan 1'31 Holders of rec. Dec. 8a
Cie'e. Cin. Chicago & St. Louis, pf.(qu.) 134 oct. 31 Oct. 49 to Oct. 29
3
Feb2'31 Hold, of rec. Jan.15'31a
Cuba RR., preferred
Delaware Lack. & Western (quar.)---- $1.50 006.420 Holders Of ree. Oct. 4a
2
Dec. ill Holders of roe Dec. 18a
Erie RR.. let and 2nd preferred
Internat. Rys. of Cent. Am., pl. (qu.)... 1)( Nov. 15 Holders of rec. Oct. 31a
134 Oct. 6 Holders of rec. Sept. 26a
Joliet & Chicago (qua?.)
Kansas City Southern,corn.(qu.)
134 Nov. 1 Holders of rec. Sept. 300
1
Oct. 15 Holders of rec. Sept. 30a
Preferred (quar.)
MahonIng Coal RR.common (quar.)--• 312.50 Nov. 1 *Holders of rec. Oct. 15
$1.25 Oct. 15 Holders of rec. Sept. 30
Midland Valley. corn
Mo.-Kansas-Texas, pref. A (quar.)
13( Dec. 31 Holders of rec. Dec. 5a
2
Nov. 1 Holders of rec. Sept. 26a
New York Central RR.(quar.)
Nov. 19 Holders of rec. Oct. 3i a
Norfolk & V)astern, adj. pref. (quar.). 1
134 Nov. 1 Holders of rec. Sept. 300
Northern Pacific(guar.)
134 Nov. 1 Holders of rec. Oct. 3a
Pere Marquette, prior Prof. & pt.(qU.)-Phdadelibia & Trenton (qua?.)
234 Oct. 10 Oct. 1 to
Oct. 9
Pittsb.,Ft. Wayne & Chic., pref.(q11.)-- 134 Oct. 7 Holders Of ree. Sept. 100
Pittsburgh & Ns et Virginia, corn.(quar.) 134 Oct. 31 Holders of rec. Oct. 15a
51
Nov. 13 Holders of ree. Oct. 16a
Reuling CO. common (qua?.)
50e. Oct. 9 Holden of roe. Sept. 18a
preferred %quar.)
2
4Oct.15 Holders of rec. Sept.426a
Rutland RR., preferred
134 Nov. 1 Holders of rec. Oct. la
St. Louis-San Franc., pref.(guar.)
2
Nov. 1 Holders of rec. Oct. la
Southern Ry.. corn. (quar.)
135 Oct. 15 Holders of rec. Sept. 22a
Preferred (emar.)
*23.4 Jan 1'31 *Holders of rec.Dec.20'30
United N.J. RR.& Canal Cos.(qu.).3
Oct. 7 Sept. 10 to Oct. 7
Vermont & Massachusetts
134 Nov.25 Holders of rec. Oct. 250
Wabash By., pref. A (qua?.)
Public Utilities.
$1.25 Nov. 1 Holders of rec. Oct. 15
Alabama Power $5 pref.(quar.)
Air cc r ltles Pow a 1.1., class A (qu.).. i75c. Nov. 1 Holders of rec. Oct. 4
1234 Nov. I Holders of rec. Oct. 4
Class B (payable in class B
A&B (qu.) aa2% Oct. 25 Holders of rec. Sept. 30
stork)._Am.Courstealths Pow.,
$1.75 Nov. 1 Holders of roe. Oct. 15
First pref. series A (guar.)
$1.63 Nov. I Holders of rec. Oct. 15
First pref. $6.50 series(mar.)
81.50 Nov. 1 Holders of rec. Oct. 15
First pref.$6 series (guar.)
$1.75 Nov. I Holders of roe ()et. 15
Second pref. series A ((mar.)
Oct. 15 *Holders of rec. Sept. 15
*51
Amer Dist. Toles. of N.J. corn.
•134 Oct. 15 *Holders of rec. Sept. 15
Preferred (qnar.)
$1.50 Nov. 1 Holders of rec. Oct. 8
Amer. Gas & Elec. Prof.(gear.)
214 Oct. 15 Holders of rec. Sept. 20a
Amer. Telen...v Toler. (qusr
Associated Gas & Elec., cla.ss A(quer.) - 1,550e. Nov. 1 Holders of rec. Sept. 30
NSW of Comment,.
[Vol.. 131.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Cont(nued).
Associated Telep. & Teleg., cl. A (guar.) *31
Nov. 1 *Holders of rec. Oct. 17
Oct. 15 Holders of rec. Sept. 30
Associated Telep. Utilities corn, (quar.)_ J2
Bell Telephone of Canada (quar.)
2
Oct. 15 Holders of rec. Sept.23
Bell Telep et Pa6N% prof.(qu.)
14 Oct. 15 Holders of rec. Sept.200
Bridgeport Hydraulic Co.(guar.)
"40c. Oct. 15 *Holders of rec. Oct. 1
British Columbia Pow., CIA (guar.)._ __
50c Oct. 15 Holders of roe. Bept.30
Brooklyn Borough Gas. corn. (quer.)___ *51.50 Oct. 10 *Holders of rec. Sept. 30
Brooklyn-Manhattan Transit, com.(qu.) 51
Oct. 15 Holders of rec. Oct. la
Preferred•(guar.)
51.50 Oct. 15 Holders of roe. Oct. la
Preferred, series A (guar.)
$1.50 Jy 1531 Holders of rec. Dee. 3141
Preferred, series A (guar.)
51.50 Ap15'31 Hold of rec Apr. 1 1931a
Buff. Niag.& E.Pow.,$5 first of.(qu.)_ •$1.25 Nov. 1 *Holders of rec. Oct. 15
Cable & Wireless, Ltd.Amer.dep. reta. 534% pref
*w2X Oct. 6 *Holders of rec. Aug. 29
Oct. 15 Holders of rec. Sept. 30
California-Oregon Pow.7% pref.(qu.)__
6% preferred (quar.)
1 lt; Oct. 15 Holders of rec. Sept. 30
150. Oct. 25 Holders of rec. Sept.30
Canada Northern Power common (go.).
1% Oct. 15 Holders of roe. Sept. ao
Preferred (quon)
Canadian Western Natural-Gee, Light, Heat dr Pow.. prof. (extra' *2150. Dec. 1 'Holders of rec Nov. 15
.250. Mr.2'31 'Hold,of rte. Feb. 14 31
Preferred (extra)
.250. Junl'31 *Held.of rec. May 15'31
Preferred (extra)
Central Ill. Pub. Service, pref. (quer.)_ _ '134 Oct. 15 *Holders of rec. Sept. 30
central & S. W. Utilities, corn.(qua?.)-- /1% Oct. 15 Holders of rec. Sept. 30
Cino. Newp.& Coy. L.& Tr., corn.(qu.) '134 Oct. 15 'Holders of rec. Sept. 311
'134 Oct. 15 *Holders of rec. Sept.30
Preferred (guar.)
Cities Serv.Pow.& Lt.$7 pref.(mthIY.)• 58 1-30 Oct. 15 'Holders of rec. Oct. 1
*50c. Oct. 15 *Holders of rec. Oct. 1
$6 preferred (monthly)
41 2-3c Oct. 15 Holders of rec. Oct. 1
$5 preferred (monthly)
1% Dec. 1 Holders of rec. Nov. 4
Cleveland Elec. Ili., pref.(guar.)
Nov. 1 'Holders of roc Oct. 15
Commonwealth-Edison Co. (guar.)._ *2
Consolidated Chu, of N.Y pref. (guar.) 51.25 Nov. 1 Holders of rec. Sept.300
Consumers Power Co.,$5 pref.(quar.)_ _ $1.25 Jan2'31 Holders of rec. Dec. 15
Jan2'31 Holders of rec. Dec. 15
6% preferred (quar.)
6.6% preferred (qua?.)
$1.65 Jan2'31 Holders of rec. Dee, 15
1% Jan2'31 Holders of rec. Dec. 15
7% Preferred (qua?.)
500. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
6% preferred (monthly)
500. Dec. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50c. Jan2'31 Holders of roe. Dec. 15
550. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
550. Dec. 1 Holders of rec. Nov.15
6.6% preferred (monthly)
55e. Ira'31 Holders of rec. Dec. 15
6.6% preferred (monthly)
2
Oct. 15 Holders of rec. Sept. 200
Detroit Edison (qua?.)
*1% Oct. 15 *Holders of rec. Sept. 20
Diamond State Telep., Prof.(quar.)
$1.25 Oct. 15 Holders of rec. Sept. 220
Duquesne Light, 1st pref. (quar.)
Electric Bond & Share, coin.(quar.).___ .1134 Oct. lb Holders of rec. Sept. 5
$1.50 Nov. 1 Holders of rec. Oct. 8
$6 preferred (quar.)
95 preferred (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 8
25e. Nov. 1 Holders of rec. Oct. 110
Electric Power & Light, corn. (guar.)...
Allot. etfs. 70% paid (corn. stk.) ---- 8Na. Nov. 1 Holders of rec. Oct. 11
12 Sic. Nov. 1 Holders of rec. Oct. 11
Allot. ctfs.(full paid)(cons.stk.)
El Paso Elec. Co. (Del.). pf. A (quar.) 4.15i Oct. 15 *Holders of rec. Oct. 1
Preferred B (guar.)
'134 Oct. 15 *Holders of rec. Oct. 1
75c. Oct. IC Holders of rec. Sept. 30
English Elec. Co. of Can., class A (qu.)Fairmount Park 'Fransporta'n. Dr. Ma *17%e Oct. 10 *Holders of roe. Sept.30
Federal Public Service, Prof.(qua?.)--- "1% Oct. lb *Holders of rec. Sept. 30
Germantown Pass. Ry.(Phila.) (qu.)-"S 1.31 Oct. 7 *Holders of rec. Sept. 17
Green & Coates Ste. Phila. Pass. Ry.(qu) 31.50 Oct. 7 Sept. 23 to Oct. 7
Hartford Electric Light (quar.)
46834 Nov. 1 Holders of rec. Oct. 15a
Extra
9340. Nov. 1 Holders of rec. Oct. 150
Illinois North Utilities, pref.(guar.).- '134 Nov. 1 *Holders of rec. Oct. 15
Internat. Hydro-Elec. System, CIA (qu.) (cc) Oct. 15 Holders of rec. Sept. 25
$3.50 preferred (quar.)
8714c. Oct. 15 Holders of rec. Sept. 25
Internat. Telep. & Teieg. (quar.)
50e. Oct. 15 Holders of rec. Sept. 190
International Utilities Corp. class A (go.) 87%e Oct. 15 Holders of rec. Sept. 26e
$7 preferred (nuar.)
$1.75 Nov. I Holders of rec. Oct. 17e
Interstate Pub. Serv., prior lien (guar.). 134 Oct. 15 Holders of rec. Sept.30
Jamestown Telephone. corn. (quay%)- -- .$2.50 Nov. I *Holders of rec. Oct. 15
Kentucky Securities Co., pref. (quar.)__ $1.50 Oct. 15 Holders of rec. Sept.20a
Kentucky Utilities, pref. (quar.)
*1% Oct. 15 *Holders of rec. Sept. 25
Lawrence Gas Sr Elec. Co.(quar.)
"65c. Nov. 1 *Holders of rec. Oct. 15
Lincoln Tel. & Tel., COM.(quar.)
"2
Oct. 10 *Holders of rec. Sept. 30
Lincoln Telep. Securities. pref. (qua?.)_
Oct. 10 "Holders of rec. Sept. 30
Lone Star Das.own (In oom.stk.)
Hold ()Tree. Feb. 2 1981
Long Island Lighting corn. (guar.)
•150. Nov. 1 *Holders of roe. Oct. 15
Lowell Electric Light (guar.)
•65o. Nov. 1 *Holders of ree. Oct. 15
Oct. 15 *Holders of rec. Sept. 25
Massachusetts Ltg. Cos.,8% pref. (gu.) *2
6% preferred (guar.)
'134 Oct. 15 *Holders of rec. Sept.25
Mass. Utilities AS800.. pref. (qua?.).
62%0 Oct. 15 Holders of rec. Sept. 2,0
Middle Western Telep.. eom. A Saul-- •48940 Dee. 15 'Holders of tee. Dee. 6
Midland Utilities Co., 7% pr. lien (qu.) 1% Oct. 6 Holders of roe. Sept. 22
Oct. 8 Holders of rec. Sept. 22
67 prior lien (guar.)
Holders of rec. Sept. 22
1% Oct.
74
0 preferred A (guar.)
Oct. 6 Holders of rec. Sept. 22
6% Preferred A (quar.)
Milwaukee Elec. Ry.& Light, pref.(V.) 134 Oct. 31 Holders of rec. Oct. 200
Mohawk & Hudson Pow.,$7 Prof.(qu.). $1.75 Nov. 1 Holders of rec. Oct. 15
Monongahela Val. Water. pref.(quiz.).... •144 Oct. 15 *Holders of rec. Oct. 1
370. Oct. 31 Holders of rec. Sept. 30
Montreal Light. Heat & Power (quar.)
Montreal Telegraph (quar.)
80c. Oct. 15 Holders of rec. Sept. 30
24 Oct. 15 Holders of rec. Oct. 6
Montreal Tramway (quar.)
Mountain States Power. pref. (qua?.)
IN Oct. 20 Holders of roe. Sept. 30
Oct. lb *Holders of rec. Sept. 30
Mountain States Tel. dr Tel.(guar.).--- *2
Nat. Power & Licht, 56 pref. (quer.). __ $1.50 Nov. 1 Holders of rec. Oct. 11
Nevada-Calif. Elec. Corp.. pref. (quar.) 134 Nov. 1 Holders of rec. Sept. 30
Newark Telephone (guar.)
•$1 Dee. 10'Holders of ree. Nov.80
Preferred (quar.)
Oct. 10 *Holders of rec. Sept. 30
*1
Newcastle-upon-Tyne Elec. SupplyAmer. dep. rots. ord. reg. (Interim)-- w234 Oct. 7 Holders of rec. Sept. 15
New England Power Assn. corn.(qu.)_-_
50e. Oct. 15 Holders of rec. Sept. 301
New York Telephone Prof.(quar.)
134 Oct. 15 Holders of rec. Sept. 20
North American Edison Co.. Prof.(qu.). 51.50 Dec. I Holders of rec. Nov. 150
Nor. Indiana Pub. Sen., 7% pf. (qu.). 134 Oct. 14 Holders of rec. Sept. 30
6% preferred (guar.)
134 Oct. 14 Holders of rec. Sept.30
534% preferred (quar.)
1% Oct. 14 Holders of roe. Sept.30
Northern N. Y. Telep., corn. (quar.)-- •$2.50 Oct. 15 *Holders of rec. 80111. 30
• 51.625 Oct. 15 sHolders of rec. Sent. 30
Preferred (qua?,)
._
Northern Ontario Power,corn.(guar.)
500. Oat. 25 Holders of roe. Sept.80
Preferred (guar.)
134 Oct. 25 Holders of rec. Sao,. 30
Northern States Pow.(Del.),cem.A (qu.) 2
Nov. 1 Holders of rec. Sept. 30
Common B (qua?.)
"20c. Nov. 1 *Holders of rec. Sept. 30
7% preferred (guar.)
134 Oct. 20 Holders of roe. Sept. 30
6; preferred (guar.)
14 Oct. 20 Holders of rec. Sept. 30
Northwestern Bell Telep.. prof. (qua?.). 1% Oct. 15 Holders of rec. Sept. 20o
Norwood illae Co. (quar.)
Oct. 10 *Holdere of rec. Sept. 15
'1
Ohio Telep,Service, Pref.(guar.)
*134 Dec. 31 "Holders of rec. Dec. 24
Pacific Gas& Elec,, eorn.(qua?,)
500.006. 15 Holders of rec. Sept. 30a
*1
Peel fir I lehtInc. nret. ((Star.)
let. 15 *Holders of rec. Sept. 30
Pacific Telen.& Teleg., pref.(quar.)____
' Oct. 15 Holders of rec. Sept. 30a
Peninsular Teiepone,corn.(guar.)
"35c. Jan 1'31 *Hold, of rec. Dec. 15'30
Pennsylvania Power.$6.60 pref.(mthly.)
55e. Nov. I Holders of rec. Oct. 20
S6.60 preferred (monthly)
55e. Dee, 1 Holders of rec. Nov. 20
$1.50 Dec. 1 Holders of rec. Nov. 20
$13 Preferred (qua?.)
Peoples Gas Lt,& Coke (qua?.)
Oct. 17 Holders of rec. Oct. 30
2
Philadelphia Co., new corn.(qu.)(No. 1) 200. Oct. ii Holders of rec. Oct. 1
New common (extra)
15c. Oct. 31 Holders of rec. Oct. 1
6% preferred
51.50 Nov. 1 Holders of rec. Oct. la
Phila. Rapid Teen. common (quar.)
$1
Oct. 31 Holders of rec. Oct. 150
Preferred
$1.75 Nov. 1 Holders of rec. Oct. la
Piedmont & Northern By. (guar.)
'134 Oct. 10'Holders of rec. Sept. 30
Power Corp. of Canada, let pref.(guar.) 1)4 Oct. 15 Holders of roe. Sept. 30
Second preferred (quar.)
75e Oct. 15 Holders of ree. Sept. 80
Pub. liervs Corp. N.J.,6% P1.(mthly.)_
50e. Oct. 31 Holden of rec. Oct. la
Puget Sound Power & Light. $5 pt.(uu.) '$1 .21 Oct. II *Holders of tea Sept. 19
"$1.50 Oct. 15 *Holden. of roe. Sept. 19
56 preferred (quar)
Quebec Power, corn.(quar.)
62)40006. 15 Holders of rec. Sept. 25
Randolph & Holbrook Pow.& El.(qu.)_ *56 No Oct. 10 *Holders of roe. Sept. 15
Shawinigan Water & Pow. Om.(qua _ 624e Oct. 10 Holders of rec. Sept.23
South Pittsburgh Water.7% prof.(q11.)134 Oct. 15 Holders of rec. Oct. 1
net. 15 Holders of rec. Oct. 1
6"t preferred (gear,)
Southern Berkshire Power & Elec.(qu.). •75e. Oct. 10 *Holders of rec. Sept.15
111.50 Oct. 10 *Holders of roe. Sept.15
Extra
OCT. 4 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cast. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Southern Calif Edison. one. pref. (qu.)
500 Oct. 15 Holders of rm. Sept. 20
34340. Oct. 15 Holders of rec. Sept. 20
53% preferred, /wilco C (guar.)
Southern Calif. Gas, pref. (guar.)
*37 ke Oct. 15 *Holders of res. Sept. 30
Preferred A (guar.)
*37 kc Oct. 16 *Holders of rec. Sept. 30
Southern Canada Power, pre/.(quar.)
134 Oct. 15 Holders of rec. Sept. 20
Southern Counties Gm, pref. ((Inst.).- '134 Oct. 15 *Holders of rm. Sept.30
Southern N. E. Telephone (guar.)
*2
Oct. 15 "Holders of rec. Sept. 30
Standard Gas & Elec., corn. (qual.)
874c Oct. 25 Holders of rec. Sept. 300
$6 prior preferred (guar.)
51.50 Oct. 25 Holders of rec. Sept. 300
$7 prior preferred (guar.)
$1.75 Oct. 25 Holders of rec. Sept. 300
Standard Pow.& Lt.,com.& com.B(qu.)
50c. Dec. 1 Holders of rec. Nov. 12
Preferred (quar.)
$1.75 Nov. 1 Holder. of roe. Oet. IA
Tennessee Elm. Power, 5% lot Pt.(qu.) 134 Jan2'31 Holders of rec. Dec. 15
6% first preferred (guar.)
114 Jan2'31 Holders of reo. Dec. 15
7% first preferred (guar.)
134 Jan2'31 Holders of rec. Dec. 15
7.2% first preferred (guar.)
$1.80 Jan2'31 Holders of reo. Dec. 15
6% first preferred (monthly)
500. Nov. 1 Holders of reo. Oct. 15
6% first preferred (monthly)
500. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
500. Jan2'31 Holders of rec. Dec. 15
7.2% first preferred (monthly)
600. Nov. 1 Holders of rm. Oct. 15
7.2% first preferred (monthly)
600. Dec. 1 Holders of rec. Nov 15
7.2% first preferred (monthly)
600. Jan2'31 Holders of rec. Dec. 15
Tri-State Telep.& Teleg., pref.(quar.)
*15c. Dec. 1 *Holders of rec. Nov. 15
Union Telephone. pref. (guar.)
'4234c Oct. 15 'Holders of rec. Sept. 30
United Light & PowerCommon A & B new (guar.)
25c. Nov. 1 Holders of rec. Oct. 1541
Common A &Bold (guar.)
51.25 Nov. 1 Holders of rec. Oct. 1541
Western Power Corp.. pref.(Oust.)
134 Oct. 15 Holders of rec. Sept. 30
Western Union Telegraph (guar.)
2
Oct. 15 Holders of rec. Sept. 25s
West Penn Power Co.,7% pref.(qual.)
134 Nov. 1 Holders of rec. Oct. 3a
134 Nov. 1 Holders of rec. Oct. 30
6% preferred (guar.)
"$1
Oct. 10 *Holders of rec. Sept. 15
Worcester Suburban Elec.(guar.)
Extra
"51.50 Oct. 10 *Holders of rec. Sept. 15
Banks.
Trade (guar.)
Trust Companies.
Bank of Sicily Trust (guar.)
134 Oct. 4 Holders of rec. Sept. 240
*30o. Oct. 10 'Holders of rec. Sept. 30
Fire Insurance.
American Equitable Assurance (guar.).- *30c. Nov. 1 *Holders of rm. Oct. 20
City of New York Ins. Co.,stock div_-_. *650 Subject to stkhold. meeting Oct. 15
•371.4c Nov. 1 'Holders of rec. Oct. 20
Knickerbocker, corn. (guar.)
'l t( Oct. 15 'Holders of rec. Oct. 14
Preferred (guar.)
"300 Nov. 1 *Holders of rec. Oct. 20
New York Fire, common (guar.)
.1.134 Oct. 15 *Holders of rec. Oct. 14
Preferred (guar.)
United Statee Fire Ins. (guar.)
600 Nov. 1 Holders of rec. Oct. 12
Miscellaneous
Abitibi Power & Paper, A% pref.(guar.) 134 Oct. 20 Holders of rec. Oct. 101
Abraham & Straus. Inc . pref.(guar.).- 134 Nov. 1 Holders of reo. Oct. 1541
Adams-Millis Corp.. common (guar.).-500 Nov. 1 Holders of rec. Oct. 19a
First and emend pref. (guar.)
*134 Nov. 1 'Holders of rec. Oct. IR
3734c Oct. 10 Holders of rec. Sept. 220
Addressograph Internat. (guar.)
Air Reduction, corn.(guar.)
750 Oct. 15 Holders of rec. Sept. 300
Common (extra)
$1.50 Oct. 15 Holders of rec. Sept. 3041
Allegheny Steel(monthly)
150 Oct. 18 Holders of rec. Sept. 300
25c Oct. 18 Holders of rm. Sept. 30a
Extra
lbo Nov.18 Holders of rec. Oct. 314
Monthly
Monthly
15c Deo, 18 Holders of rec. Nov. 29a
•13( Dec. 1 "Holders of rec. Nov. 15
Preferred (guar.)
Alliance Realty, Prof (guar.)
134 Deo. 1 Holders of rec. Nov. 20
Alpha Portland Cement, corn.
50c Oct. 25 Holders of rec. Oct. la
,Altorter Bros.. pref.(guar.)
*750 Nov. 1 *Holders of rec. Oct. 15
Aluminum Mfrs., Inc.. corn.(guar.). - *50c Dec. 31 *Holders of rec. Dec. 15
Amalgamated Elm. Corp., pref.(qua?.).
75o Oct. 15 Holders of roe. Oct. 4
American Art Works, pref. (quar.)
*IS Oct. 15 *Holders of rec. Sept. 30
American Chain corn.(quar.)
75c Oct. 20 Holders of rec. Oct. 100
American Coal (guar.)
*1
Nov. 1 *Holders of rec. Oct. 11
Amer. Fork & Hoe, corn.(quar.)
'3734c Oct. 10 'Holders of rec. Oct. 5
Preferred (period Aug. 1 to Oct. 15)-- "131 Oct. 15 *Holders of rec. Oct. 5
Amer. Founders Corp., corn.(guar.)_ _
(ee) Nov.
Holders of rec. Oct. 2
8734c Nov.
7% first preferred,series A (quar.)_
Holders of rec. Oct. 2
87140 Nov.
7% first preferred.series B (guar.)
Holders of rec. Oct. 2
75c Nov.
Holders of rec. Oct. 2
6% first preferred, series D (guar.) _ -6% second preferred (guar.)
37!.4c.Nov.
Holders of rec. Oct. 2
American Hardware (guar.)
"$1 Jan 1'3 "Holders of rec. Dec. 18
American Home Products (monthly)...
350 Nov.
Holders of rec. Oct. 1441
American Ice Co., common (guar.)
750 Oct. 25 Holders of rec. Oct. ga
Preferred (guar.)
134 Oct. 25 Holders of rm. Oct. 30
Amer. Inveotment Trust pref. (altar.).. 134 Dec. 1 Holders of rec. Noe. 15
Amer. Laundry Mach.. corn.(guar.)-- "61 Dec. 1 *Holders of rec. Nov.20
American Manufacturing, corn. (guar.). 1
Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
134 Deo. 31 Dee. 16 to De0. 30
American Meter (guar.)
*750 Oct. 31 'Holders of rec. Oct. 15
Amer. Rolling 51111. corn. (guar.)
50e Oct. 15 Holders of rec. Sept. 300
Amer. Shipbuilding common (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 154
Preferred (quar.)
134 Nov. 1 Holders of rm. Oct. 15
American Steel Foundries. corn.(guar.).
750 Oat. 15 Holders of tee. Oct. la
Amer Thermos Bottle, clan A (qual.).. *300 Nov. 1 *Holders of rm. Oct 20
Amer. Type Founders, corn. (guar.)._
2
Oct. 15 Holders of rec. Oct. 4a
Preferred (quer.)
134 Oct. 15 Holders of rec. Oct. 40
Anaconda Copper Mining (guar.)
82340 Nov. 17 Holders of rec. Oct. lla
Anaconda Wire dr Cable (qual.)
250. Nov. 10 Holders of rec. On. lla
Andes Copper Mining (quar.)
250. Nov.10 Holders of rec. Oct. ha
Angle Steel Stool (guar.)
*200. Oct. lb *Holders of rec. Oct. 5
Anglo National Corp.,tom. A (guar.)- 50c. Oct. 15 Holders of rec. Oct. 4
Atlantic, Gulf& W.I RS. Liner,PIAWL) 134 Dec. 81 Holders of rec. Dec. 11
Atlantic Steel. pref. (guar.)
*334 Nov. 1 *Holders of reo. Oct. 21
Atiasplywood Corp.(guar.)
50c. Oct. 15 Holders of rec. Oct. 1
Atlas Stores Corp.Corn.(payable In ooze. stook)
/134 Dec. 1 Holders of rec. Nov.17a
Corn. (payable in corn. stook)
1134 Mar 28 1 Hold. of rec. Feb.16'31a
Austin, Nichols & Co.. Inc., prior A(qu ) 750. Nov. 1 Holders of rec. Oct. 1541
Automobile Finance, corn,(guar.)
250. Oct. 15 Holders of rec. Sept. 30
Autostrop Safety Razor. class A (qu.)
"750. Oct. 8 *Holders of rec. Sept. 10
Class 11 (guar.)
.75e Nov. 1 "Holders of rec. Oct. 10
Bancroft (Joseph) & Sons Co.. I/f.(q.). 134 Oct. 81 Holders of rec. Oct. 1.541
Bankers Securities Corp., common (qtt.)
75c. Oct. 15 Holders of rec. Sept. 30
Participating preferred (guar.)
75c. Oct. 15 Holders of rec. Sept. 30
Domicil's Corp.. class A & B (qual.)
*150. Oct. 10 Molders of rec. Sept.30
Barnsdall Corp., class A & 13 (quar.)--500. Nov. 6 Holders of roe. Oct. 20
Bayuk Cigars, Inc., corn. (guar.)
750. Oct. 15 Holders of rec. Sept. 300
First preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Bethlehem Steel, common (guar.)
$1.50 Nov.15 Holders of rec. Oct. 170
Bigelow-Sanford Corp.& Rug. Pt.(qu.) .1.34 Nov. 1 *Holders of rec. Oct. 17
Bloch Bros., common (atlar4
'
3734c Nov. 15 *Holders of roe. Nov. 10
Preferred (guar.)
*134 Dec. 31 *Holders of roe. Dec. 26
Bon And Co.. class A (guar.)
$1
Oct. 30 Holders of rec. Oct. 150
Borne Scrymser Co
$1
Oct. 16 Sept. 27 to Oct. 14
Brandram-Henclerson. Ltd., corn.. (qu )
4 Nov. I Holders of rec. Oct. 1
Brantford Cordage, 1st pro!
*50o. Oct. 15 *Holders of rec. Sept.20
British Aluminum, Ltd.
Am. dep. rcts, for ord. reg. shares..__ "u4
Oct. 6 *Holders of net. Sept. 16
British Columbia Pulp & Paper Pt.(qu.). 91.75 Nov. 1 "Holders of rec. Oct. 15
Brompton Pulp & Paper,corn.(qu.).
50c. Oct. 15 Holders of rec. Sept.30
Bunker Hill & Sullivan Mining & Con*25o. Oct. 5 *Holders of rec. Sept 25
centrating, common (monthly)
.
Common (extra)
25o. Oct. 5 "Holders of reo. Sept. 25
"$1.50 Oct. 5 *Holders of rec. Sept. 30
Preferred (guar.)
Burden Holden, Ltd.(NO.1)
O400. Nov. 1 "Holders of rec. Oct. 15
Bush Terminal Co.. corn.(guar.)
6234e Nov. 1 Holders of rec. Sept. 26a
7% debenture (guar.)
134 Oct. 15 Holders of rec. Sept.26a
Byers(A. M.) Co., pref.(guar.)
elk Nov. 1 *Holden of roe. Oct. 15
934 Oct. 15 *Holders of rec. Sept. 30
Calaveras Cement. pref.(guar.)
Canada Bud Breweries com.(guar.)- 25c. Oct. 15 Holders of rec. Sept. 30
Canada Dry Ginger Ale (guar.)
$1.25 Oct. lb Holders of rec. Oct. la
Canada Foundries & Fors.. Cl, A (qu.)
37340 Oct. 15 Holders of roe. Sept. 30
Canada Wire & Cable, clam A (gust.)
$1
Dec. 15 Holders of rec. Nov. 30
Class B (No. 1)
4334c. Dec. 15 Holders of rec. Nov.30
Name of Company.
2181
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Canadian Brewing Corp., Mtn (aunt.).
25c. Oct. 15 Holders of tee. Dept.25
Canadian Car & Foundry. pref. (guar.)- 43340 Oct. 10 Holders of ree. Sept. 25
Canadian Cottons, Ltd., pref (oust.)
134 Oct. 4 Holders o• tee. Beet 20
Canadian Fairbanks-Morse. Prof. (qu.)
1 4 Oct. 16 Holders of rec. Sept. 30
Canadian Industries, corn. (guar.)
"62 t5c Oct. 31 'Holders of rec. Sept. 30
"25c. Oct. 31 'Holders of rec. Sept. 30
Common (extra)
*1
Oct. 15 'Holders of rec. Sept.30
Preferred (guar.)
Capital City Prod
•34c. Oct. 5 *Holders of rec. Oct. 1
Carman & Co., class A and B (qua?.)... "500. Nov.29 *Holders of rec. Nov. 15
Class B (50c.cash or 1-40th sh. B stk.) .500. Oct. 25 *Holders of rec. Oct. 16
*el
Carnation Co.(extra in stock)
Jan 231 'Holders of rm. Dec. 20
Centrifugal Pipe Corp.(Oust.)
15e Nov 15 Holders of rem Nov. 6
Chain Belt Co.. corn. (guar.)
*62ko Nov.15 "Holders of reo. Nov. 1
Chapman Ice Cream (guar.)
.31 Sic Oct. 15 'Holders of rec. Sept. 25
Chicago Towel,common (extra)
Oct. 15 'Holders of rec. Oct. 5
.111
Chicago Yellow Cab (monthly)
25c. Nov. 1 Holders of rec. Oct. 2041
250. Dec. 1 Holders of roe. Nev. 206
Monthly
Cities Service common (monthly)
234e. Nov. 1 Holders of rec. Oct. 156
Common (payable in corn.stock)
15i Nov. 1 Holders of rec. Oct. 1(4
Preference and pref. BB (monthly)_ _
50c. Nov. 1 Holders of rec. Oct. 156
Preference B (monthly)
Sc. Nov. 1 Holders of rec. Oct. 150
1234c. Oct. 15 Holders of rec. Sept. 300
City Stores Co., corn.(guar.)
Class A (guar.)
87340. Nov. 1 Holders of rec. Oct. 150
Coats (J. P.). Ltd.
Amer. dep. rets. ord. reg., 9 pence...
Oct. 6 "Holders of rec. Aug. 27
•25o. Oct. 15
Coca Cola Bottling Sec. (guar.)
Cockshutt Plow, common (guar.)
37 4c Nov. I Holders of rec. Oct. 15
Colgate-PalmoUve-Peet Co.. oom.(qua- 6230. Oct. 15 Holders of rec. Sept.200
Commercial Bookbinding (guar.)
4334c. Oct. 15 Holders of rec. Oct. 1
Commercial Discount (Los Angeles)"20c. Oct. 10 'Holders of rec. Oct. 1
8% Preferred (guar.)
•174c Oct. 10 *Holders of rec. Oct. 1
7% preferred (guar.)
Community State Corp., class A (qual.). *1234c Dee. 31 *Holders of rec. Dec. 26
Class B (guar.)
*1214c 3 31 '31 "Hold. of rec. Mar. 26 '31
•124c Dec. 31 *Holders of rec. Dec. 26
Class B (guar.)
Connecticut Investment Trust, el. A (qu) *14c. Oct. 15 'Holders of rec. Sept. 30
Consolidated Car Heat.(guar.)
Oct. 15 'Holders of rec. Sept. 30
*$1.7.5 Oct. 20 *Holders of rec. Oct. 10
Consolidated Ice. Pittsb., pref
"$1.75 Dec. 20 'Holders of rec. Dec. 10
Preferred
Corn Products Refg., common (gua)'.)...
750. Oct. 20 Holders of rec. Oct. Sa
Holden of MO. Oct. Sa
Preferred (guar.)
134 Oct.
Creamery Package Mfg., corn.(qual.).. *50c. Oct. 10
5 "Holders of rec. Oct. 1
*134 Oct. 10 'Holders of rec. Oct. I
Preferred (guar.)
Cresson Con.Gold Mhz.& hi.(qua?.)... •le. Oct. 10 *Holden of roe. Sept.30
Crown Cork & SealOct. 14 Holders of rec. Sept. 2045
Common (payable In common stook). nO
Crown Zellerbach corp..oom•(qua?.)...
250. Oct. 15 Holders of roe. SePt.1104a
Crucible Steel of Amer., corn.(guar.)
134 Oct. 31 Holders of rec. Oct. 15a
Crum & Forster, corn. A & B (guar.).25c Oct. 15 Holders of rec. Oct. 4
2
Dec. 31 Holders of rec. Dec. 20
Preferred (guar.)
Crum & Forster Ins. Shares. pref.(guar.) 1;4 Nov.29 Holders of reo Nov.19
Cudahy Packing. corn.(guar.)
$1
Oct. 15 Holders of reo. Oct. 3
7% preferred
334 Nov. 1 Holders of roe. Oct. 20
6% preferred
3
Nov. 1 Holders of rec. Oct. 20
Cuneo Press. common (guar.)
"62 e Nov. 1 "Holders of rec. Oct. 15
*62 i4c Dec. 15 'Holders of rec Dec. 1
Preferred (guar.)
Curtis Publishing, common (monthly).. *500 Nov. 2 'Holders of rec. Oct. 20
Preferred (guar.)
*$1.75 Jan1'31 *Holders of rec. Dec. 20
Darby Petroleum
"25c Oct. 15 'Holders of rec. Sept. 30
Davenport Hosiery Mills. corn.(guar.)-50c Oct. 15 Holders of rec. Oct. 1
Deep Rock Oil, $7 pref.(qual.)
$1.75 Oct. 25 Holders of rec. Sept. 30
Deere & Co.
New 00m.(Payablein oom.stock).... /134 Oct. 15 Holders of rec. Sept. 15
Denver Union Stock Yards,corn.(qu.).- *El Jan 1'31 *Hold, of rec.Dec.20 '30
Common (guar.)
Ap.1 81 *Hold, of roe Mar 20'31
Preferred (guar.)
*13( Dec. 1 'Holders of rec. Nov. 20
Devonshire Investing Corp., corn,(MO 50c Oct. 15 Holders of rez. Oct. 1
Diversified Investments, cl. A (qu.).-- - MO° Oct. 15 Holders of rec. Sept. 25
First preferred (guar.)
1 k Oct. 15 Holders of rec. Sept. 25
Participating, preferred (guar.)
1 Oct. 15 Holders of net. Sept. 25
Participating pref.(extra)
$1 Oct. 15 Holders of rec. Sept.25
Class C (quar.)
Oct. 15 Holders of rec. Sept. 25
$I
Dolphin Paint & Varnish, Cl. A (au.).
*50e Oct. 15 'Holders of rec. Oct. 1
Dome Mines (guar.)
25c Oct. 20 Holders of rec. Sept. 306
Dominion Engineering Works(guar.)- - $1
Oct. 15 Holders of rec. Sept.30
Dominion Tar & Chemical. Prof.(qu.)..
134 Nov
Holders of rec. Oct. 6
Dominion Textile. pref.(qual.)
1;4 Oct. 1 Holders of rec. Sept.80
Douglas Aircraft
"50c. Oct. 20 *Holders of rec. Sept. 10
Dunhill Internat. (guar.)
250. Oct. 15 Holders of rec. Oct. la
Du Pont(F. I.) de Nem.Sr Co.
Debenture stock (guar.)
14 Oct. 2. Holders of ree. Oct. 100
Eagle-Picher Lead. prof. (gnarl
"61.50 Oct. 1 *Holders of rec. Sept. 30
Eastern MU. Investing, part pr. (qu.).. $1.75 Nev.
Holders of rec. Sept. 30
57 preferred (guar.)
$1.75 Dec. 1 Holders of rec. Oct. 31
56 preferred (guar.)
$1.50 Der. 1 Holders of rec. Oct. 31
Prior preferred (quar.)
"51.25 rn.2'31 'Holders of ree. Nov. 211
Eaton Axle& Spring, cont.(guar.)
"750. Nov. 1 *Holders of rec. Oct. 15
Economy Grocery Stores (guar.)
250. Oct. 15 Holders of rec. Oct. 1
Edison Tiros Stores, Inc.(guar.)
184(e. Ott, 20 Holders of rec. Sept. 30
Elgin National Watch (guar.)
•500. Nov. 1 *Holders of rec. Oct. 16
Eureka Pipe Line (guar.)
Nov. 1 Holders of rec. Oct. 15
$1
Ewa Plantation (guar.)
*600 Nov. 15 "Holders of rec Nov. 5
Federal Electric Co., $6 pref. (guar.)- *$1.50 Nov. 1 *Holders of reo. Oct. 15
$7 preferred (guar.)
*$1.75 Nov. 1 *Holders of rms. Oct. 15
Federal soretv it,
.30c. Oct. 15 'Holders of roe. Sent. 30
Fenton United Clean & Dye.. corn.(au)
Oct. 15 *Holders of reo. Oct. 10
Common (extra)
Oct. 15 *Holders of reo. Oct. 10
•1X Oct. 15 *Holders of roe. Oct. 10
Preferred (guar.)
Finance Co. of Amer. of Bait,
Common A & B (guar.)
20c. Oct. 15 Holders of rec. Oct. 8a
7% preferred (quar.)
43k0. Oct. 15 Holders of rec. Oct. 66
Firestone Tire & Rubber. Com.(Quar.)-25e. Oct. 20 Holders of rm. Oct. d3a
Fishman (I.) AL Sons, pref. A & B (guar.) $1.75 Oct. 15 Holders of rec. Oct. 1
551 Fifth Ave.. Inc.. firer
Oct. 15 Sept. 26 to Oct. 15
3
Formica Insulation, corn.(qual.)
*500. Jan 1'31 Holders of rec. Dec. 15
Fox Film Corp. corn. A & B (guar.).- $1
Oct. 15 Holders of rec. Sept. 30a
Freenert Texas Co.((mar.)
Nov. 1 Holders of rec. Oct. lba
$1
Fyr-Fyter. class A (guar.)
*500. Oct. 15
Gen. Amer.Tank Car,stock dn.(on.)
el
Jan 1'31 Holoers of rec. Dec. 136
GeneralElectric (guar.)
40o. Oct. 25 Holders of rec. Sept. 190
Spernal stock (grin?.)
15o. Oct. 25 Holders of ree Sept. 190
General Motors $5 pref. (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 66
General Realty & trilliUm, of. DUO
(k) Oct. 15 Holders of rec. Sept.20a
General Stook Yards, corn.(guar.)
500. Nov. 1 Holders of rec. Oct. 15
Common (extra)
250. Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
$1.50 Nov. 1 Holders of roe. Oct. 15
Georgian, Inc., pref. A (guar.)
40c Oct. 15 Holders of reo. Oct. 3
Gibson Art, common (guar.)
"650 Dec. I *Holders of rec. Nov. 20
Common (cpiar.1
.65c. Aprl'31 *Hold, of rec. Mar. 20'31
Gilchrist Co.(guar.) (payable In stook). e2
Oct. 31 Holders of rec. Oct. 15
Gimbel Bros., pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 15
934 Oct 15 *Holders of reo. Sept.30
Globe-Wernicke Co.. prof.(guar)
Gold Dust. oom.(quar.)
*6234o Nov. 1 *Holders of rec. Oat. 20
Goodyear Tire & Rubber. COm. (qua?) $1.25 Nov. 1 Holders of res. Oct. 10
Gotham Silk Hosiery. pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 110
Granby Cons. Min. Smelt. & Pow.(an ) 50c Nov. 1 Holders of rec. Oct. 176
Grand Rapids Stores Equip. Df•(qu.)
"17 kc Nov. 1 'Holden of rec. Oct. 21
Gruen Watch, common (guar.)
•ooe Deo. I 'Holders of roe. Nov. 20
Common (guar.)
•50c Marl Si "Hold.of rec. Feb. 20'31
Preferred (qual.)
Nov. 1 'Holders of rec. Oct. 20
•14.‘ Feb 181 *Hold.of rec. Jan 20 31
Preferred (guar.)
Guarantee Co. of No. Amer.(qtr.)
'81.50 Oct. 15 'Holders of rec. Sept. 30
Extra
"52.50 Oct. 15 "Holders of rec. Sent.:10
Guardian Bk. Sb. Inv. Tr., corn.(In.)-- 4.1
Nov. 1 *Holders of rec. Sep'.20
Gulf 011 Corp.(guar.)
'
3714c Jan 1'31 *Horn,of rec. Dee.20'30
Gulf States Steel, let pref.(guar.)
134 Jan 2'31 Holders of rec. Dec. 156
Hamilton Loan Society (Pa.) (qual.)
4.20c Oct. 15 'Holders of rec. Sept. 30
Extra
*734c Oct. 15 'Holders of rec. Sept. 30
Hamilton Watch, corn. (mthly.)
15c Oct. 31 Holders of rec. Oct. 106
Hanover 'Bond & Mtge.(Hackensack).42
Preferred (guar.)
Oct. 5 *Holders of MC. Sept. 30
2182
Name of Comm:no.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
'
414
Oct. 5 *Holders of rec. Sept.25
Hannibal Bridge
14 Oct. 20 Holders of reo. Oct. 10a
Harbtrion-Walk. Refract.. pref. (quar.)
•12%c Nov. 15 "Holders of rec. Nov. 1
Health Aircraft. common (quay.)
.8%e Nov. 15 *Holders of rec. Nov. 1
Class A (tsar.)
13j Nov.15 Holders of reo. Nov. 93
Hercules Powder, pref. (guar.)
Hibbard, Spencer, Bartiett&Co.,(mthly) 25c. Oct. 31 Holders of rec. Oct. 24
25c. Nov. 28 Holders of rec. Nov. 21
Monthly
25c. Dec. 28 Holders of rec. Dec. 19
Monthly
*184 Nov. 1 *Holders of rec. Oct. 19
Higbee & Co., first preferred ((Mara
1.2
Dee. 1 *Holders of roe Nov 21
Second preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30
111!Wrest Collieries preferred (quar.)
50c. Deo, 1 Holders of rec. Nov. 15
Hires(Charles E.) Co.. coin. A (guar.).Sc. Oct. 7 Holders of rec. Sept. 23
Hollinger consol. Gold Mines (monthly)
'2 c Oct. 15 *Holders of rec. Sept. 30
Holly Oil Development (quay.)
*50c.
(quar.)._
Oct. 20 *Holders of rec. Sept. 30
1st
Co.,
pref.
Home Service
*58e. Oct. 20 *Holders of rm. Sept. 30
Second preferred (guar.)
"250. Oct. 10 *Holders of rm. Sept.30
Honolulu Plantation (monthly)
6240 Nov. 1 Holders of rec. Oct.d10
Horn & Ilardart, corn. (guar.)
.25e. Oct. 15 *Holders of rec. Oct. 1
florid Slepal Mfg.. pref. (quar.)
900. Oct. 15 Holders of rec. Oct. la
Household Finance, corn. A & B (qua?.)
Oct. 15 Holders of rm. Oct. in
51
Participating preferred (guar.)
*e10 Oct. 17
Houston Oil (stock dividend)
$1
Oct. 15 Holders of reo Sept. 3051
Howe Sound Co.(guar.)
*800 Oct. 16 *Holders of reo Oct. 3
Illinois Brick (guar.)
ImPortal Chemical Industries-Oct. 15 *Holders of rec. Aug. 28
Am. dep. rete. ord. reg. (Interim).- w3
*50o. Dec. 31 *Holders of rec. Sept. 20
Impervious Varnish (guar.)
25c.
15 Holders of rec. Sept. 10a
Oct.
(guar.)
estors
Incorporated in'.
e2 Oct. 15 Holders of rec. Sept. 10a
Payable In stock
50c. Nov. 15 Holders of rec. Oct. 24
Indiana Pipe Line (guar.)
25e. Nov. 15 Holders of rec. Oct. 24
Extra
Industrial Finance CorpCommon (payable In common stook)- - 1234 Nov. 1 Holders of rec. Apr. 12
Common (Payable In common stook).- 1234 Febl'31 Hold,of reo. APT.18'30
Insull Utility InvestmentsCommon (Payable In corn.stk.)(o.). Mf134 Oct. 15 Holders of rec. Sept. 30
Insuranshares Corp.(N. Y.), Pf.(1111.)- - *51.371, Oct. 15 *Holders of rec. Sept. 30
to Oct. 7
1740 Oct. 15 Oct. 1
Insurance Securities (guar.)
Internat. Bush:leers Machines (guar.).- 14 Oct 10 Holders of reo. Sept. 220
8234r Oct. 15 Holders of rec. Sept. 200
Internet!. Harvester, corn.(quar.)
51 Oct. 15 Holders of rec. Sept. 25a
Internet'. Match Corp., coin.(guar.)
$1 Oct. 15 Holders of rec. Sept.25a
Participating pref. (guar.)
Internat. Nickel of Canada. prof. (quar.) 134 Nov. 1 Holders of rec. Oct. 2a
Internat. Paper Co..7% pref.(guar.)... 184 Oct. 16 Holders of rec. Sept. 25a
114 Oct. 15 Holders of rec. Sept. 25
6% preferred (guar.)
Internat. Paper & Power. 7% pref.(qu.) 184 Oct. 15 Holders of rec. Sept. 250
14 Oct. 15 Holders of rec. Sept. 25
6% pref. (guar.)
Internat. Printing Ink. coin.(guar.).- 6240 Nov. 1 Holders of rec. Oct. 13a
14 Nov. 1 Holders of rec. Oct. 130
Preferred (guar.) ,
*500. Nov. 1 *Holders of rec. Oct. 15
International Shoe. pref.(monthly)
*500. Dec. 1 *Holders of rec. Nov. 15
Preferred (monthly)
Investment Fund I.td.. pref. (guar.)._ *75e. Oct. 15 *Holders of rec. Sept. 30
Investment Trust Assoc.(au.)(No. 1)._ 124c Nov. 1 Holders of rec. Oct. 15
Investors Foundation. ltd.. pref. (qu.). *75c. Oct. 18 *Holders of rec. Sept. 30
*8734c Jan2'31 *Holders of rec. Dec. 20
Ivanhoe Food,Inc., pref.(quar.)
75c. Oct. 15 Holders of rec. Oct. la
Jewel Tea, Inc., corn. (guar.)
- The OCt. 18 Holden of rec. Sept. 24e
Johns-Manville Corp. eon' (guar.).
*50 Oct. 10 *Holders of reo. Oct. 1
Johnson Ranch Royalty (guar.)
- *Az. Dec. 31 "Holciers of rec. Dec. 22
Kalamazoo Veg. Parchment (guar.).
(guar.)._
370. Oct. 28 Holders of rec. Oct. 100
coin.
Dept.
Stores,
Kaufmann
6240. Oct. 15 Holders of rec. Sept. 31)
Kawneer Co. (guar.)
15c. Oct. 15 Holders of rec. Oct. 1
Kaybee Storm. Inc.. corn.((Marl
Kayser (Julius) dr Co.. corn.(guar.).- 8214c Nov. 1 Holders of rec. Oct. 15a
*134 Nov. 1 *Holders of reo. Oct. 21
Kelsey-Hayes Wheel Corp.. Pref.(qu.)
Keystone Steel & Wire Co., corn.(guar.) .25c. Oct. 15 *Ilolders of rec. Sept. 30
'134 Oct. 15 *Holders of rec. Sept.30
Preferred (guar.)
*134 Dec. 10 *Holders of reo Nov. 29
Kirby Lumber (guar.)
1940c. Oct. 15 Holders of rec. Oct. 3
Knott Corp. (guar.)
Knudsen Creamery, ease A (quar.).... '37340 Nov. 20 *Holders of reo. Oct. 31
*134 Nov. 1 *Holders of rec. Oct. 20
Kroger Groc.& Bak.. 2d pref.(quar.).
"e3 Oct. 15 *Holders of rec. Sept.20
Laboratory Products (guar.)
*760 Nov. 15 *Holders of roc. Nov. 6
Landis Machine, common (attar.)
Dec. 31 110111e111 of rec. Dec. 10
(Phila.)
$1
Corp.
Bldg.
Land Title
•50o. Oct. 15 *Holders of roe. Sept.30
Langendorf United Bak.al A &B
25e. Nov. 1 Holders of rec. Oct. 140
Lehigh Portland Cement, corn. (guar.).
65c. Dec. 1 Holders of rec. Nov. 153
Link-Belt Co.. corn. (guar.)
50c. Oct. 27 Holders of rec. Sept. 29
Lion Oil Refining (guar.)...
Nov. 1 *Holders of rec. Oct. 20
*51
Liquid Carbonic Corp.(guar.)
2
Nov. 1 Holders of rec. Oct. 17
Lord & Taylor. 2d pref.(guar.)
52 Oct. 15 *Holders of rec. Sept. 30
Los Angeles Biltmore Co.(guar.)
134 Nov. 15 Holders of rec. Nov. la
Louisiana 011 Ref., pref. (guar.)
*134 Jan 1'31
Lunkenheimer Co., pref. (guar.)
*50c. Nov. 15 *Holders of rec. Nov. 5
Lynch Corporation (guar.)
Nov. 15 *Holders of rec. Nov. 5
*el
Stock dividend
MacAndrews & Forbes, corn. (qua?.)... 650, Oct. 15 Holders of rec. Sept. 300
1 ti Oct. 15 Holders of rec. Sept. 303
Preferred (guar.)
50c. Nov. 15 Holders of rec. Oct. 240
Macy (R. H.) & Co.. coin. (guar.)
Madison Mtge. Corp. .8% 1st pref.(qu.) *2 Oct. 15 *Holders of rec. Sept. 25
25e. Oct. 14 Holders of rec. Oct. 4
Corp
Garden
Madison Square
750. Oct. 15 Holders of rec. Sept.300
Magma Copper Co.(qua?.)
*3734c Oct. 15 *Holders of rec. Sept. 30
& Co.. cool.(guar.)
Magnin
*14 Nov. 15 *Holders of rec. Nov. 5
Preferred (guar.)
*550. Oct. 15 'Holders of rec. Oct. 1
Mahon(R.C.) Co., pref.(quar.)
pref.-*35c. Oct. 15 *Holders of rec. Sept. 30
Bankers
Commercial,
Maryland
'11.4 Nov. 15
Matson Navigation ((War.)
1100. Oct. 15 Holders of rec. Oct. 1
Maxweld Corp.(qcan)
150. Oct. 15 Holders of rec. Oct. 1
6% preferred (guar.)
May Department StoresCommon (payable In common 5100k). 1134 Dee. 1 Holders of roe. Nov. Ifia
62 Pre Nov. 1 Holders of rec. Oct. 20a
McCall Corp. (guar./
McColl-Frontenac 011, pref. (guar.).- 14 Oct. 15 Holders of rec. Sept. 30
prof.
31.50 Nov. 1 Holders of rec. Oct. 20a
cony.
(MO
McCrory Stores,
.33 I-3c Nov. 1
McWilliams Dredging, Pref.(quar.)--"31.50 Dee. 1 *Holders of rec. 'Nov. 20
Mead Corp.. 56 prof. (gnat.)
Merch. Trans. & Storage8% pref.(flu.). *2 Oct. 18 *Holders of rec. Sept. 30
2
Jan 2'31 Holders of rec. Dec. 17
Merck Corp.,Pref.(guar.)
3 Oct. 20 Holders of rec. Sept. 30o
Mexican Petroleum, coin.(guar.)
2 Oct. 20 Holders of rec. Sept. 30a
Preferred (guar.)
311.10. Oct. 10 Holders of rec. Sept. 30
Meyer-Blanlie Co.. corn.(guar.)
624c Oct. 20 Holders of rec. Sept. 303
Michigan Steel Corp.(quay.)
Cl
Oct. 20 Holders of roe. Sept 304
Stock dividend
50c, Nov. 15 Holders of rec. Oct. 156
Mid-Contioent Petroleum (guar.)
*750. Nov. 1 *Holders of rec. OM. 20
Modine Mfg.. common (quar.)
*800. Oct. 16 *Holders of rec. Oct. I
Mohawk Investment (Guar.)
Oct. 15 Holders of rec. Sept. 30
51
Moloney Electric, class A (quar.)
Oct. 15 *Holders of rec. Sept. 30
Monarch Mtge. & Investments. pf.(qu.) 02
Moody's Investors' Service-75e. Nov. 15 Holders of rec. Nov. 1
Participating preference (quar.)
250. Oct. 15 Holders of rec. Oct. 20
Morris (Philip) di Co., Ltd.,(quar.)
*2c. Oct. 15 *Holders of rec. Sept. 30
Mountain & Gulf 011 (guar.)
Municipal Tel. & UtIllties. flora. A (On.) *250. Nov. 15 *Holders of rea. Ost. 15
'214 Oct. 15 *Holden of rec. Oct. 9
Nash (A.) Co., Inc. (guar.)
Mc Oct. 15 Holders of reo Sept. 19a
National Biscuit, common(guard
50c. Nov. 15 Holders of rec. Oct. 200
Extra
Oct. 15 Holders of rec. Sept. 300
(guar.)
760.
A
class
Register,
Cash
Nat.
42 Nov. 15 *Holders of rec. Oct. 31
National Casket common (guar.)
50o. Nov. 1 Holders of reo. Oct. 156
Nat. Distillers Products Corp..com.((111.)
750 Nov. 1 Holders of reo. Oct. 1
National Fireproofing common(Guard_
750. dNov.1 Holders of reo. Oct. 1
Preferred (guar.)
25c. Oct. 15 Holders of rec. Sept. 30
National Fuel Gas (guar.)
7
134 Nov. 1 Holders of rec. Oci
National Lead, pref. B (qua?.)
*25c. Oct. 15 *Holders of rec. 00. .
Nat. Rubber Machinery. corn.(quiz.)
Securities.
Nat.Short Term
Dec. 15 Holders of reo. Nov.80
/3
Common A (payable In stock)
40c. Jan 1'31 Holders of rec. Dec. 15a
Nelsner Bros.. Inc., common.
pref.
(qu.)
*134 Nov. I *Holders of rec. Oct. 16
A
Newberry (J. J.) Realty,
'114 Nov. 1 *Holders of rec. Oct. 16
6% Preferred B (guar.)
$1.75 Oct. 15 *Holders of rec. Oct. 1
•
(quar.)
pref.
Bldg.
Trust,
Newhall
51 Oct. 15 Holders of rec. Sept. 30
Newmont Mining Corp.(quar.)
*124c Oct. 15 *Holders of rec. Sept.30
New Bradford 011 (guar.)
900. Nov. 1 Holders of rec. Oct. 70
New York Air Brake, corn. (guar.) -
[voL. 131.
FINANOT A T, CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
51.25 Oct. 15 Holders of rec. Oct. 1
New York Ilwobure Corp
600. Oct. 15 Holders of rec. Oct. 130
New York Investors, common
400. Oct. 15 Holders of roe. Sept. 19
New York Transit (guar.)
New York Utilities, Inc.. pref. (qual.)... 81.75 Nov. 1 Holders of rec. Oct. 10
Mc, Oct. 1
Holders of rec. Sept. 25
Niagara Share Corp., common (qua?.)..
*50o. Doe. 3 *Holders of rec. Dec. 28
Niles-Bement-Pond. corn.(guar.)
Thc. Oct. 2 Holders of rec. Sept.22
NIpissing Mines Co.(guar.)
North Amer. Invest.,6% pref.(guar.)._ *I % Oct. 2 "Holders of rec. Sept. 30
5 rd, preferred (guar.)
*1134 Oct. 2 *Holders of rec. Sept. 30
_ 662-30 Nov. *Holders of rec. Oct. 15
Northern Discount, pref. A (mthly.)
•662-Se Dec.
'Holders of reo Nov. 15
Preferred A (monthly)
*50e. Nov. *Holders of rec. Oct. 15
Northwest Engineering Co.(guar.)
*51.50 Nov.
*Holders of rec. Oct. 20
Ogglesby Paper. preferred (quar.)
$1.25 Oct. 1
Holders of rec. Sept. 30
Ohio Brass, Cla..-49 A & B (guar.)
Oct. 1 Holders of rec. Sept. 30
$1
Class A & B (extra)
13.4 Oct. 1
Holders of rec. Sept. 30
Preferred (guar.)
Ohio Mid Cities Corp., prof. A (No. 1). .105 Oct. 2 *Holders of rec. Oct. 20
'12340 Nov. 1 *Holders of reo. Nov 10
Ohmer Fare Register, corn. (guar.)
I% Nov.
Holders of rm. Oct. Ila
OR Well Supply Co., pref.(guar.)
62 ite. Oct. 1
Holders of rec. Sept. 306
Otis Elevator, corn. (guar.).
Holders of rec. Sept. 30
134 Oct. 1
Preferred (guar.)
14J an15'31 Hold of reo Deo.31'30a
Preferred (qua?.)
*40c. Oct. 15 *Holders of rec. Sept.30
Packard Electric Co., corn.(quar.)
Sc. Oct. 10 Holders of rec. Sept. 200
Parmelee Transportation (monthly)....
81.25 Oct. 15 Holders of rec. Sept. 300
Pennsylvania Salt Mfg.(guar.)
*250. Oct 15 *Holders of rec. Sept.30
Petroleum Landowners Corp.(mthly.)
50c. Oct. 12 Holders of rec. Sept. 16
Phillips Petroleum (guar.)
*50c. Oct. 10 *Holders of rec. Sept. 30
Phoenix Finance, pref. (guar.)
*40c. Oct. 25 *Holders of rec. Oct. 15
Pittsburgh Forgings (quay.)
35c. Oct. 15 Holders of rec. Sept. 260
Pittsburgh Screw dt Bolt (guar.)
Pittsburgh Steel Fdy.„ corn. (quiz.).... *250. Oct. 15 *Holders of rem Oct. 8
*25c. Oct. 15 *Holders Cl reo Oct. 8
Common (extra)
Porto Rico-Amer. Tobacco, Cl. A (fwd. 874o Oct. 10 Holders of rec. Sept. 200
M. Oct. 4 Holders of rec. Sept. 16
Premier Gold Mining (guar.)
*18340 Oct. 16 *Holders of rec. Oct. 1
Premier Shares, Inc
let. 15 Holders of rec. Sept.2511
Procter & Gamble Co., pref.(quar.).... 2
Producers Oil Royalty, Prof.(mthly.)- *10e. Oct. 15 *Holders of rec. Sept. 20
34 Nov. 1 Holders of rec. Oct. 10
Prudence Co.. Inc., pref
Public Utility Holding Corp.
1240 Nov.30 Holders of rec. Nov.10
Common (guar.)(No. 1)
1240 Nov.30 Holders of rec. Nov. 10
Class A (guar.) (No. 1)
Oct. 16 *Holders of reo. Oct. 1
*51
Quaker Oats, corn.(guar.)
'134 Nov. 29 *Holders of rec. Nov. 1
Preferred (guar.)
Republic Stpg. dr Enamel, corn.(quar.)- .40o. Oct. 10 *Holders of reo. Oct. 1
nae. Oct. 16 *Holders of reo. Oct. 1
Republic Supply (guar.)
Revere Copper & Brass. prof. (qUar.)--- $1.75 Nov. 1 Holders of rec. Oct. 10a
37 sc. Nov. 1 Holders of rec. Oct. 16
Rice-Stix Dry Goods, coin. (guar.)
*60c. Nov. 1 'Holders of roe. Oct. 15
Bich Ice Cream Co., corn. (guar.)
*4334 c Nov. 1 'Holders of rec. Oct. 4
Richfield Oil of Calif., pref. (qua?.)
*31.75 Nov. 1 *Holders of rec. Oct. 21
Russ Mfg., class A (guar.)
*81.75 Nov. 1
Class A
*850. Nov. 1 *Holders of rec. Oct. 15
Rued Mfg.common (guar.)
600. Dec. 20 Dee 10 to Dec. 21
Co.
Lead
(quar.)
St. Joseph
250. Dec. 20 Dee, 10 to Dee. 21
Extra
50c. Oct. 15 Holders of rec. Sept. 30
St. Lawrence Corp.,clam A (guar.)
Oct. 15 Holders of rec. Sept.30
14
(qu.)
pf.
Mills,
St. Lawrence Paper
•i% Nov. 15 *Holders of rm. Nov. 1
Savage Arms, second pref. (guar.)
•11 2-30 Oct. 15 *Holders of rec. Sept.80
Schettler Drug, pref. A (monthly)
Schlesinger (B. F.) dt Sons. prof.(quar.)- •134 Jan 1'31 *Holders of rec. Dee. 15
Schnebbe Fire Protection, corn. (guar.) *12 e Oct. 15 'Holders of rec. Oct. 1
*60c. Oct. 15 'Holders of rec. Oct. 1
Class A (quar.)
*75c. Oct. 15 *Holders of rec. Oct. 1
Preferred (guar.)
194 Nov. I Holders of rec. Oct. 18
Scott Paper, pref. A (guar.)
11-'," Nov. 1 Holders of rec. Oct. 18
Preferred B (guar.)
750. Oct. 15 Holders of rec. Sept. 30
Scullin Steel, pref. (guar.)
300. Oct. 15 Holders of rec. Sept. 300
Seagrave Corp., corn. (guar.)
*82140 Nov. 1 *Holders of reo. Oct. 15
Sears Roebuck & Co.(qua?.)
Nov. 1 Holders of roe. Oct. 150
el
Stock 111,1dend (quad
750. Nov. 1 Holders of rec. Oct. 15
Seeman Bros. corn. (quar.)
250. Oct. 10 Holders of roe. Sept.200
Shattuck (Frank G.) Co.(quar.)
(m9 Nov. I Holders of rec. Oct. 4
Shenandoah Corp., Prof. (guar.)
Sheylln, Carp. dr flixon, pref.(guar.)._ *81.50 Oct. 4 *Holders of reo. Sept.30
'12340 Oct. 15 "Holders of res. Sept.30
Signode Steel Strap., corn. (guar.)
'82140 Oct. 15 *Holders of rec. Sept. 20
Preferred (guar.)
Nov. 1 *Holoers of rec. Oct. 15
.3
Simpson (Rota.) Co., pref
50c. Oct. 15 Holders of rec. Sept. 15o
Sinclair Consol. Oil. corn. (guar.)
Nov. I Holders of rec. Oct. lo
1
(guar.)
Skelly 011 Co., pref.
441.75 Oct. 10 *Holders of rec. Sept.30
Southern Franklin Process pref.(qu,)
*150. Oct. 10 *Holders of rec. Oct. 1
Southland Royalty (guar.)
50c. Oct. 15 Holden of rec. Sept.30
Spalding (A.0.) & Bros., corn.(qua? )750. Oct. 15 Holders of rec. Oct. 1
Spicer xIfg., Prof. (guar.)
Standard Wholesale Phosph. dr Acid
*30e. Oct. 15 *Holders of rec .Sept. 30
Works (guar.)
'37%c Nov.15 *Holders of rec. Nov. 1
Stanley Works. pref.(guar.)
*75e. Oct. 15 *Holders of rec. Oct. 1
State Street Investment (quiz.)
Steel Co. of Canada, corn. & pref. (qu.) 43340 Nov. I Holders of rec. Oct. 7
'3710e Dee. I *Holders of rm. Noy.15
St.1%, Baer & Fuller, common (quar.)
(wt. 15 Holders of rec. Sept. 17
Stone& Webster. Inc.(guar.)
500 Oct. 15 Oct. 1 to Oct. 7
Sullivan Machinery (guar.)
•100 Oct. 15 *Holders of rec. Sept. 24
Sunray Oil Corp. (quar.)
*250 Oct. 15 *Holders of rec. Sept.30
Sunstmnd Mach. Tool (guar.)
62!,,c Oct. 15 Holders of rec. Oct. 4a
Superheater Co.(guar.)
31 Holders of rec. Oct. 20
2234c.Oct.
corn.
(quiz.)
Paper,
Sutherland
260 Nov. 1 Holders of rec. Oct. 150
Sweets Co. of America (guar.)
30c Nov. 1 Holders of reo. Oct. 15a
Telautograpb Corp.. coin (guar.)
Sc.Nov. 1 Holders of rec. Oct 15a
Common (extra)
*20c Nov. I *Holders of rec. Oct. 20
Telephone Corporation (monthly)
*200 Deo. 1'Holders of rec. Nov. 20
Monthly
Tennessee Products Corp.. corn.(mar.) *250 Oet. 10 *Holders of rec. Sept. 30
*25e Ja 1031 *Holders of me. Dee. 31
Common (quar.)
*260 4-10-31 *Holders of me mar.El
Common (guar.)
.20c Nov. 15 *Holders of reo. Oct. 24
Tobacco Products Corp.. of. A (quar.)
134 Oct. 15 Holders of rec. Sept. 80
Tooke Bros., Ltd., pref. (guar.)
260 Oct. 25 Holders of rec. Oct. 40
Transamerica Corp.. corn, (guar.)
25e Oct. 15 Holders of rec. Sept. 306
Transue & Wms.Steel Forging (guar.)__
Dec. 16 *Holders of reo. Dec. 1
*374c
A
ol.
Lithograph.
(qui&
Label
Traung
TM-National Trading, pref. (guar.).- $1.50 Oct. 8 Holders of rec. Sept.22
30c Oct. 15 Holders of rec. Sept. 200
Truscon Steel. corn. (guar.)
Oct. 15 Holders of rec. Sept. 30
Tuckett Tobacco, Ltd., common (qua?.) 1
134 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
15 *Holders of rec. Sept.30
'81.5000k.
Bldg.,
pref.
Drive
(qu.)
Wacker
Twenty
40e Oct. 15 Holders of roe Oct. 10
Ulen & Co.. corn. (quar,)
Milo Nov. 15 *Holders of rec. Nov. 1
Union Storage Co. (tmar.)
40c Dee. 1 Holders of rec. Nov. 150
United Biscuit, common (guar.)
134 Nov. I Holders of rec. Oct. 160
Preferred (guar.)
1
United Linen Supply.clam B(guar.)._ $1.50 Oct. 20 *Holders of rec. Oct.
'Sc Oct. 10 *Holders of rm. Oct. 1
United Milk (monthly)
60e Nov. 1 Holders of rec. Oct. 1150
United Flees Dye Works, am.(guar.)._
134 Jan2'31 Holders of rec. Doe. 2111
Preferred (Guar.)
50c Oct. 31 Holders of rec. Sept. 300
United Profit Sharing, pref.
United Shoe Machinery, corn. (guar.)._ 624c Oct. 6 Holders of rec. Sept. 16
Oct. 6 Holders of rec. Sept. 16
51
Common (extra)
37k4c Oct. 6 Holders of rec. Sept. 16
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 20
Extension
Mining
50c.
(guar.).
Verde
United
U.S. & British Internat. Co., Ltd.
1240 Nov. 1 Holders of roe. Oct. 15
Common A (guar.) (No. 1)
75o Nov. 1 Holders of rec. Oct. 15
VI preferred (guar.)
51.50 Nov. 1 Holders of rec. Oct. 15a
U. El, Industrial Alcohol (guar.)
234 Oct. 20 Holders of rec. Sept. 200
U. S. Pipe & Foundry, corn.(quiz.)
234 Ja20'31 Holders of reo Deo. 81a
Common (quiz.)
800 Oct. 20 Holders of reo. Sept. 80.1
First preferred (quar.)
30e Ja20'31 Holders of reo. Dee. 31a
First preferred (guar.)
*No. Oct. 15 *Holders of rec. Oct. 1
U.S. Radiator, corn. (qua?,)
*134 Oct. 15 *Holders of rec. Oct. 1
Preferred (qua?.)
25c. Oct. 15 Holders of rec. Oct. 20
U.S. Smelt., Refg. de Mining,corn.(qu.)
874c Oct. 15 Holders of rec. Oct. 20
Preferred (guar.)
750. Nov. 1 Holders of rec. Oct. 20a
(qua?,)..
Tobacco.
corn.
Leaf
Universal
*lye Dec. 10 *Holders of rec. Dee. 1
Vapor Car Heating pref.((Mar.)
1
Oct. 20 Holders of rec. Oct. Se
Vulcan Detinning, Common (guar.)._
154 Oct. 20 Holders of reo. Oct. 4a
Preferred (guar.)
*21.50 Oct. 16 *Holders of rec. Sept.30
Wallace Sandstone Quarries, Ltd
Per
Cent
Name of Company.
iVben
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
50c. Oct. 15 Holders of rec. Sept. 30n
Warner Company,common (quar.)
25c. Oct. 15 TIolders*of rec. Sept. 30
Common (extra)
Oct. 6 *Holders of rec. Sept. 26
West Coast Oil, pref. (quar.)
*Holders of rec. Sept. 2
.z40
of
(distribution
assets)
Preferred
CI
Nov.15 *Holders of rec. Nov. 5
West Va.Pulp & Paper, pref. (aill.)
*37c Nov. 1 *Holders of rec. Oct. 20
Western Grocer, coin. (guar.)
*3 ti Jan 131 *Holders of rec. Dec. 20
Preferred
Oct. 15 Holders of rec. Sept. 20
Western Grocers, Ltd., pref. (guar.).-Nov. 1
*31.75
(guar.)
Union,
pref.
Western Newspaper
15
Western Royalty Corp., cl. A (monthly) *10c. Oct. 6 *Holders of rec. Sept.
50c. Oct. 31 Holders of rec. Sept. 305
Westinghouse Air Brake (quar.)
'305
Sept.
roe.
of
Holders
31
Oct.
$1.25
Westinghouse Elec. & Mfg., coin. WO 81.25 Oct. 31 Holders of rec. Sept, Ms
Participating pref ((mar.)
6214e. Dec. 31 Holders of rec. Dec. 20a
Wilcox-Rich Corp.class A (aster.)
100. Nov. 15 Holders of rec. Nov. 1
Will & Hamner Candle,corn.(guar.)_ _ _ _
10e. Nov. 15 Holders of rec. Nov. 1
Common (extra)
52c4
Nov. 1 *Holders of rec. Oct. 15
(quar.)
WInsted Hosiery
*500. Nov. 1 *Holders of rec. Oct. 15
Extra
a9c Oct. 5
Wotola Royalties..
25c. Nov. 1 Holders of rec. Oct. 20
Wrigley (Win.) Jr. Co.(monthly)
50e. Dec. 1 HoldeN of rec. Nov. 20
Monthly
24
WiirlItser (Rudolph) corn, (monthly)._ _ •50e Oct. 25'Holders of rec. Oct.
.500 Nov. 25 *Holders of rec, Nov. 24
Common (monthly)
•50e Dee 2s 'Holders of roe. Dee. 24
Common (monthly)
Jan 1'31 'holders of rec. Dec. 20
Preferred (quar.)
•11( Aprl'31 •Hold. area Mar 20'31
Preferred (quar.)
•14 Jill I'll •Hold of roe. June 20 31
Preferred (qua'.)
414 Oct. 15 *Holders of rec. Oct. 1
Tale Leasing Corp
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 Sept. 25:
OF BUSINESS
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING
FOR THE WEEK ENDED THURSDAY. SEPT. 25 1930.
NATIONAL AND STATE BANKS-Average Figures.
Loans
Disc. and
Invest.
Loans,
Disc. and
Invest.
ManhattanAmerican
Bank of Europe & Tr
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
BrooklynBrooklyn
Kings County
Bayonne, N. J.-
Bank of N.Y.& Tr. Co_
Ilk.of Si anliattanTr.Co..
Bank of Atner.Nat Ass'n
National City hank.. _.
Chem. Bk. & Trust Co_ Guaranty Truitt Co
Chat.Ph Nat.11k.6ar.Co.
Cent. Ilan. Bk.& Tr.Co.
Corn Exch. Bk. Tr. Co.
First National Bank_
Irving Trust Co_ .....
Continental Ilk.& Tr.Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Tr. Co.._
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co-.-.
Coin'l Nat. Ilk & Tr.Co.
Harriman Nat.Bk.& Tr..
IS
6,000,000
22,250,000
36,775,300
110,000,000
f21.000.000
90.000,000
16,200.000
21,000.000
e15,000,000
10,000.000
50,000.000
6,000.000
148,000.000
500.000
25,000.000
10,000,000
10,000.000
3,000,000
12,500,000
7,000,000
2,000,000
Net Demand
Deposits
Average.
7,711,00C
7,300,00C
cus.
$
Res. Dep.. Dep. Other
N. F. and Banks and
Elsewhere. Trust Co.,
Gross
Deposita.
751,400
52,435,100 8,015,300
91,637
737,703
15,415,812
610,797 1,760,597
24,262,960
19,748,000 1,192,000 2,567.000
75,052,700 .4,311,000 6,851,900
119,613 1,307.777
17,413,208
567,000
18,708,700 *2,494,700
337,774,000 2,664,000 46,837,000
75,455,425 3,700,000 6,757,562
3
s
20,600 49,910,900
14.483,175
24,233,315
18,907.000
3,201,300 73,697,600
170,323 17,249,494
16.573,900
3,376,000 332,396,000
56,741,520
2,095,000 25,580,000
2,218,997 2,988,065
1,422,000 132,317,000
26,814,779
s
129,136,000
28,224,219
4 ten 100
111.M.nnina
.94.
9,1A ,.
$
1
901
007 191
04.7
52
ma win
a Includes amount with Federal Reserve Bank as follows: Empire, 32,868,100.
Fulton, 82.398.400.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. SEPT 27.
'Surplus and
Undivided
Profits.
907,500
100,000
636,800
525,000
116,100
107,000
TRUST COMPANIES-Average Figures.
Weekly Return of New York City Clearing House.Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
*Castro!.
OtherCash Res. Dep., Der)• Other
Gross
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
I
$
$
$
$
15,000 3,563,00026,402,050 2,727,000202,839,000
2,284,306
296,800
85,800
125,200
81,823 1,814,316 1,184,591 17,744,571
1,000
2,763,200
232.300
84,700
7,100
27,000 1,761,000 8,656,000 36,246,000 170,370,000
3
ManhattanBank of U. S____ 211,171,000
2,790,300
Bryant Park 13k_
Gram National__ 20,514,951
3,129,300
Port Morris
Public National_ 151,721,000
Brooklyn9,833,700 16,500
Brooklyn Nat'l
7,400,000 5,000
Peoples Nat'L
ruled that
•From unofficial source). t The New York Stock Exchange has
further notice.
stock will not be quoted ex-dividend on this date and not until
not be quoted
I The New York Curb Exchange Association has ruled that stock will
ex-dividend on thie date and not until further notice.
Ole
dividend.
a Transfer books not closed for
d Correction. s Payable In stock.
f Payable In common stock. o Payable in scrip. Pt On account of accumulated
dividends. j Payable In Preferred stock.
stock at rate
k General Realty dr Utilities pref. dividend is payable in common
of 75-1000 share for each share pref., or at option of bolder 51.50 per share.
share In
1-32d
Dividend on Amer. Cities Power & Light class A stock )s payable
14 of his
class II stock, unless stockholder notifies the company on or before Oct.
stook.
11
class
in
payable
desire to take cash. Class B dividend is
m Pacific Public Servile dividend n ill be applied to the purchase of additional
common A stock at the price of 913 per share unless stockholder notifle.s company
on or before Oct. 10 of his desire to take cash.
n Corporation Securities pref. dividend payable in cash or 1-40th share corn, stock.
stock,
o General Utilities sons, dividend payable in cash or 10% in common
at option of holder.
stock.
p Knott Corp. dividend payable either 40c. cash or 1-50th share
in
I Maxweld Corp. common dividend optional, payable either In cash or 2%
stock.
to Less deduction for expenses of depositary.
z West Coast Oil 40% dividend subject to approval of California Corporation
Commission.
y Lone Star Gas dividend Is one share for each seven held.
aa American Commonwealths Power coin. A 8:13 dividends payable in Class A
stock at rate 011-40th share.
bb Payment of Associated Gas & Elec. class A dB% 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. ilydro-F.lee. class A dividend is payable in class A stock at rate of
1-50th share for each share held. Shareholders have option of taking cash50 cents per share.
ee American Founders com, stock dividend payable In corn. stock at rate of 1-70th
share.
stockff Diversified Investment coin. A dividend Is 50 cents cash or at option of
holder 1-50th share stock.
share common stock unless
00 Shenandoah Corp. dividend will be paid 1-32d
eta.
holders notify company on or before Oct. 14 of their desire to take cash-75
per share.
each,
both
i
y7
of)
payments
88 Ineull Utility dividend on corn. stock are two
*6% declared
payable in corn. stock. Oasis the final Installment of the dividend of
earnings.
out of earnings for year 1929. and the other Is declared out of current
Clearing House
Members.
2183
FINANCIAL CHRONICLE
OCT. 4 1930.]
Time
Deposits
Average.
$
i
h
13,608,000
14.698,800
59,184,000
46.245,000
43,409,200
196,620,000
63.955,000
40,453,800
176,244,000
132,973,100 a1,028,478,000 200,033,000
24,726.000
043,772,400
211.251,000
206,385,500 1)924,739,000 121,058,000
38,491,000
19,703,300
158,033,000
65,533,000
84,1311.100
364,293,000
38,765,000
170,102,000
e34,314.400
19,647.000
255,300,000
108,599,600
57,678.000
84,814.300
372,263.000
468,000
10,012,000
11,354,200
211,318,000 01,334,276,000 195,227,000
1.799,000
23,795.000
3,706,800
84,819.000
86,321,400 d407,616.000
1,293.000
33,425,000
24,599,200
4,971,000
48,056,000
11,400,600
1,994,000
18,902,000
4,766,900
45,023,000
165,350,000
35.688,400
6,006,000
53,414,000
9,452,800
7,174,000
30,538,000
2,725,000
BOSTON CLEARING HOUSE MEMBERS.
Oct.].
1930.
Changes from
Previous Week.
Sept. 24
1930.
Sept. 17
1930.
$
3
3
$
94,700.00€
94,700,000
94,700,000 Unchanged
Capital
487.00C
100
100.487.000
+21,000
100,508,000
Surplus and profits
Loans, disc'ts & inveet'ts_ 1,081,645.000 +13.552.000 1,068,003,000 1.065,788 Olk
646,051.000 +18,466,000 627,585.000 636.018.00(
individual deposits
+6,724.000 146,722,000 153,228.00(
153.446.000
Due to banks
-384.000 298,913,000 295,356.00(
298,529,000
Tinie deposits
7,466.00(
16,746,000
+195,000
16,9-11.000
deposits
United State,
18,100.00(
17,121,000
+9,961.000
27,082.000
Exchanges for Gig House
98,913.00(
99.381.000
-782,000
98.599.000
Due from other bank_ _
81,581,00(
79,36)1,000
+1,892,000
81,261,000
Ree've in legal depoeltlee
6,291.00(
6,379,000
-36,000
6,343,000
Cash In hank
1.743 00(
1,076.000
-76,00))
1,000,000
ttee've In excess In F.R ilk
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Sept.27, 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.
Week Ended September 27 1930.
Two Ciphers (00i
omitted.
Trust
Members of
Y.R.System. Companies.
Sept. 20
1930.
Sept. 13
1930.
Total.
3
68.871,0
68.871,0
68,871,0
8,800,0
60,071.0
Capital
21.085.0 237,004.0 237.004.0 237.004,0
Surplus and profits._ 215.919,0
92,598.0 1.257.677,0 1,258.334.0 1,260.574.0
Loans, dints & invest. 1,165,079.0
32,115,0
29.241.0
245,0
29.304.0
29.059.0
Each. for Clear. House
. .
24,0 132,167.0
. .
132.143,0
Due from banks
2,569.0 2)8.571.0 217,650.0 213.056.0
216.002.0
Bank deposits
35.192,0 659.608,0 663.345,0 665.104.0
624,416,0
Individual deposits
32,643,0 320.014.0 316.491.0 309.609,0
288.271.0
Time deposits
1.128.689,0
70,404,0 1,199.093.0 1,197.486.0 1.187.769.0
Total deposits
Clearing Non-Members
4,269,000
79.008,0
13,777,900
78,643.0
76.977.0
10,000,000
76.977,0
depos
with
legal
Tr.Co_
Re,.
Ilk.Fartners
City
5,392.000 Res. with F. R. Bank_
3,074,000
6.693,0
890,400
6,736.0
6.308.0
6.308,0
500.000
Mech. Tr. C,o..Bayonne.
11.218.0
11.748,0
11.303,0
2,287,0
9,016.0
Cash in vault•
1,045,675,000
6.049,553,000
97,449,0
96,597,0
1,220.361,100
94,588,0
632.725.300
8.595,0
held_
cash
85.993,0
&
rm.
Total
Totals
required
Trust Com- Reservereserve and cash
* As per official reports: National, June 30 1930; State, June 30 1930;
Excess
panies, June 30 1930.
In vault
3174,599,
Includes deposits in foreign branches as follows: (a) $322,237,000; (b)
* Cash in vault not counted as reserve for Federal Reserve members.
1930.
000; (c) $151,218,000; (d)$62,368,000. eAs of July 12 1930. f As of Sept. 13
2184
FINANCIAL CHRONICLE
[VOL. 131.
Weekly Return of the Federal Reserve
Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
Oct.2 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first
we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and withtable
those of the corresponding week last year
The second table shows the resources and liabilities separately for each of the twelve
banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve
notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
Latest week appears on page 2148, being the first item in our department of "Current Events Comment upon the returns for the
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE, FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS OCT.
1 1930.
Oct. 1 1930. Sept. 24 1930. Sept. 17 1930. Sept. 10 1930.:Rm. 3 1930. Auo. 27
1930. Aus.20 1930.1.4uo. 1310:10 Oct. 2 1929.
RESOuncEs.
---$
$
$
$
S
Gold with Federal Reserve agents
$
1,558,456.000 1,543.956,000 1,548,956,000 1.550.956.000 1.564,956,000 1,575,256,000
S
1,537.714.000 1.546.714.000 1,541,345,000
Gokl redemption fund with 13. E. Tress_
34,904,000
35,811,000
35,875,000
35,375,000
35.991,000
35,919.000
35,819.0001 36,352.000
67,146,000
Gold held exclusively agst. F. R. notes 1,593,360,000 1.579.767,000 1,584,831,000 1,588.331.000
1,600,247.000 1.611.175.000 1,573,533 000 1,583.068.000
Gold settlement fund with F. R. Board._ 545,660,000 570,102,000 580,999,000
1,608,491,000
Gold and gold certlficatee held by banks_ 837,740,000 830.062,000 809,810.000 576.970,000 570,584,000 568.304,000 558.821.000 551,212.000 754,211,000
796,299.000 763,857.000 776,453,000 806,843,000 811,022,000
620,090,000
Total gold reserves
2,976,769,000 2,988,931,000 2,975.640.000 2,959,600.000 2,934.588,000 2,955,932,000
Reserves other than gold
151,619,000 151,857.000 151.828,000 152.890,000 151.650.000 163,721,000 2.938,997,000 2.945.300,000 2,982,792,000
168,060,000 169.702,000 158,018,000
Total reserves
3.128,388,000 3,140,788,000 3,127,468,0001 3,112.490.000 3.088.238,000 3.110,653.000
3,107.057.000 3.115,002,000 3,140.810,000
Non-reserve Cf/.11:1
66,469,000
69,277.000
66.471,000
72.412.000
61.683.000
70.310.000
67.042,000
Bills discounted:
66.856.000
66,019,000
&tensed by U. S. Govt. obligations
63,555,000
48.146.000
45.582.000
57,388,000
70.510,000
62.197.000
63.875,000
62,209,000 432,115,000
Other bills discounted
122,361,000 119.016,000 117,567.000 125.827.000 156.750,000 131,078,000
132,303 000 128.306.000 498,518,000
Total Ms discounted
185,916,000 167.162,000 163:149,000 183.195.000 231,280.000 193,275,000
196.179.000
Bilks bought In ooen market
193,108,000 197,743,000 208,861.000 193,120,000 170.395,000 163.274,000 158.922.000 190.515.000 930,633,000
154.328,000 322,818,000
U. S. Government securities:
Bombs
38,306.000
38.235,000
38.085.000
58.074,000
64,056,000
75,827,000
75.883.000
69.608.000
Treasury notes
37,648,000
291,429,000 292,029,000 295.261,000 317,380,000 315,808,000 302,045.000 344,673.000
Certificates and bills
79,080,000
271,442,000 271,542.000 277,037.000 226.579.000 222.120,000 224.041.000 221.580,000 291.617,000
255.112.000
29,024,000
Total U.S. Government securities---- 601,177,000 601,806.000 610,383.000 602.033,000
602,044.000 601,913.000 801,940,000 606.337,000
Other eecuritice (see note)
145,752,000
6,772,000
6.772.000
7.022.000
6.772.000
8,572.090
8,572.000
7.922.000
8.472,000
Foreign loans on gold
15,025,000
Total bilks and securities (666 0016)
Gold held abroad
Due from foreign banks (see note)
Uncollected iteues
Federal IteQerve notes of other banks
Bank pram blee
All other resources
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks—reerve account
Government
Foreign banks (*66 note)
Other defaults
986,973.000
973.483.000
989.415,000
985,120,000 1.012.271.000
967,034.000
9134.983,000
959,652,000!1,414,238,001
701,000
606,052.000
18.704,000
59,644,000
12,046.000
701,000
549,479,000
21,871,000
59.644.000
12,062.000
701,000
722.305.000
23,939,000
59.642,000
11,442,000
704,000
538,643.000
20,409,000
59.642.000
16.057.000
702,000
505,962,000
10,240.000
59.609.000
16,733,000
'• 702.005
548,404,000
18.527,000
59.608.000
16,548,000
703.000
579.632,000
19.639.000
59.585,000
15,617,000
704.000
566,693,000
18,330,000
59,609,000
16.752.000
4,878.071,0004.827.305.000 5.001.383,000 4,806.377.000 4,822,280.000 4,759,243,000 4,782
801,000
791,632,000
24,688,000
58,935,000
9,814,000
849.000 4.816,686.000 5,506,927,000
1,376,351,000 1.347,720,000 1,349.320.000 1,351.250,000 1.367.619.000 1.337.248,000
1,323,708.000 1,332.991.000 1,851,167,000
2,394,316,000 2,410.153.000 2,456,282.000 2.428.290,000 3.393,357.000 2,418,875.000 2,413.559,000
2,399.618.000 2,398,926,000
37,372,000
42,594,000
3,706.000
21,176,000
34.059.000
25,988,000
30,093,000
29,503.000
44,600,000
6,251,000
5.263.000
5.774,000
6,528.000
6,498,000
5.549.000
5,563 000
8.149,000
6,625,000
18,746,000
19,534,000
20,639,000
19.784,000
20,082,000
19,657,000
19 852,000
26,450.000
20,558,000
Total deposits
2,456,685.000 2.433.544,000 2,485.546.000 2,476,633.000 2,453.998,000 2,470,069,030
Def erred availability items
583,251,000 533.029,000 704,476,000 516,391,000 538.919,000 489,781,000 2.469.067.000 2,483,778.000 2,470,709,000
Ca nal paid In
170,647,000 170,503,000 169.872,000 169,830.000 169.786,000 169,765.000 528,326,000 558.011,000 726,600,000
169.713.000 169.769.000 166,907,000
Sur dun
276,936,000 276,936,000 276.936.000 278,936,000 276.930,000
270.936.000 276,936.000 276.936.000 254,398,000
All Mbar liabilities
15,107,000
15,513.000
15,224,000
15.337,000
15,024.000
15,444,0001
15,029.000
15,201,000
37,146,000
Mal liabilities
4,878,977,000 4,827.305,000 5,001,383,000 4,806.377.000 4.822,280.000
4.759.243.0004.782,849.000 4,816.688.000 5,506,927,000
Ratlo of gold swerves to deposits and
. R. note liabilities combined
79.9%
77.6%
77.5%
77.3%
76.9%
77.6%
77.t%
77.5%
Etat M of total reserves to deposits and
69.0%
. R. note liabilities combined
81.6%
82,0%
81,6%
81.3%
80.8%
81.9%
81.9%
82.0%
ContIngent liability on bills ourchased
72.7%
ftr foreign corr,c9ondents
431,411,000 432,624,000 433,843,000 458,450.0(10 459,830,000
471,522,000 478.315.000 480.094,000 453,908,000
Istribution by Maturities—
$
S
$
$
$
3
3
$
- 5 day bills bought in open market- _ 106,442.000 105,051,000
5
83,508.000
54.173,000
62,775,000
53,960.000
41,413.000
57,584.000 124,265,000
1-15 days bills discou ted
113,830,000
98,003,000
93.117.000
99,775,000 144.447,000 107,399.000 108.988.000 103,502
000 695,164,000
1- 5 days U. S. certif. of Indebtedness.
45,000.000
34,769.000
34.201.000
45,000
38.527,000
municipal
warrants
1-15 days
7,190,000
113- 0 days bills bought in open market
300,000
39,384,000
46.705,000
73,576.000
74,508,000
53.417.000
33.575,000
33.015.000
32,849.000
37.089,000
16- 0 days DMA discounted
18,172,000
20,581,000
20.545.000
24.294,000
23,612
.000
16.853.000
17,726,000
17,785.000
16- 0 days U. S. certif. of indebtedness_
66,416,000
5,000
536.000
41,167.000
54.172,000
16- 0 days municipal warrants
31 0 days bills bought In open market_
42,989,000
39,930,000
41,058,000
51,666,000
50,948,000
71,621.000
76,634,000
58,391,000
31 0 Cleve bills discounted
61,388,000
32,611,000
30,206.000
29,955,000
36.421,000
33,511,000
39.215,000
37,689.000
33.054,000
31 0 days U. S. certif. of Indebtedness98,649,000
25,214,000
25.214,000
63,435,000
si 0 days municipal warrante
el-90 days bills bought In open market
4.172,000
4,047,000
10,546.000
12.750.004)
3,135,000
4,097.000
7.425.000
5,240.000
61-90 days bills discounted
97,441,000
17,484,000
14,496,000
15.380,000
17.942,000
24,838.000
23.271.000
24.259,000
26.860.000
81-90 days U. 8 certif. of Indebtedness_
63,969.000
83,320,000
83,379,000
96.539.000
17,214.000
17,214.000
17,214.000
6,214,01)0
81-90 days municipal warrants
5,054,000
Ova• 90 days bills bought In open market
125,000
121,000
10,000
173.000
23,000
120.000
21,000
435.000
284,000
0,81• 90 days bills discounted
2,635,000
3,819,000
3,876,000
4,088.000
4,763,000
5.052.000
6.537.000
7,517,000
9,314.000
Ove • 90 days certif. of Indebtedness
6,435,000
162,908,000 1132.949,000 135.498.000 174,591,000 170.139.04)0 165,660.000 161,149.000
153.150,000
Ove • 90 days municipal warrants
16,780,000
22,000
22,000
22,000
22,000
22,000
22,000
22,000
22.000
F. .notes received from Comptroller
—
F. . notes held by F. R. Agent
3,710,112,000
1 398 630 000
sued to Federal Reserve Banks
1,775,640,000 1.768.803,000 1.764.965.000 1,736.973,000 1,736,582,000 1.736,772,000 1.716.691.000
1.6911.121.000 2,311,482,000
we Securedtty gold and gold certificatee
449,950,000,1 449,950,000 449.950.000 449,950,000 440.950.000 449,950.000 402.908.000
402.908,000 414.409,000
Go! redemption fund
Gold fund—Federal Reserve Board- - - - 1.108,506.00011.094 006.000 1.099.006.000 1.101,006,000 1,115.006.000
1.125.306,000 1.134.806.000 1.143,806.000
67 ligIble paper
1,126,936,000
359,515,000 352,739.000 351,695,000 366.005,000 381,935,000 335,241,000
338,948,000 322,231.000 1,178,936,000
1
I (11.7n71 nnn 1 ann Ant nnn 1 nnn Act nnn 1 nI,Onl nnn 1 OIARG1 nnn 1 Uln 507 nnn
—
—
1 275 Ann nnn • annn...,..... ....- --. --NOTE.—Beginning with the statement of Oct. 7 1925,
two new tems were added In order to show separately the amount of balances held
to foreign correspondents. In addition, the caption, "All other
abroad
and
amounts
due
earning assets," Previously
up of Foreign Intermediate Credit Bank debentarm
was changed to
Other securities," and the caption, "Total earning assets" to "Total bills and securities." made
The
Item was adopted as a more accurate
the dleeounts, acceptances and securities acquired under the Provision of Sections 13 and 14 of thelatter
Federal Reserve Act, which. It was stated, description of the Iota lot
therein.
are the only items Included
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OP THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS OCT.
1 1930
Two Ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. St. Louis.
Minneay Kon.City, Dallas. Sas Fran.
RESOURCES.
$
$
$
$
$
$
$
$
5
8
$
Gold with Federal Reserve Agee 1,558,456,0 154,917,0 305,636,0 140,000.0 200,550,0 61,000,0
S
S
117,700,0 179,000,0 53,045,0 46,545.0 70,000,0
25,300,0 204,763,0
Gold redo fund with U.S. Tress
34,904,0
764,0
14,448,0 2,047,0 1,678,0 1.527,0
1,865,0 1,249,0
1,672,0
817,0 1,510,0 1,139.0 6,160,0
Gold held excl.agst.F.R. n0t66 1,593,360,0 155,681,0 320,084,0 142,047,0 202,226,0 62,527,0 119,565,0
180,219,0 54,717,0 47,392,0 71,510,0 26,439,0 210,923,0
Gold settlet fund with F.R.13oar
545,660,0 20,791,0 211,372,0 46,239,0 48,031,0 18,234,0 4,424,0
Gold and gold etts.oral by banks_ 837,749,0 31,897,0 511,997,0 30,466,0 58.752,0 9,354,0 6,717,0 78,010,0 25.103,0 13,719,0 27,739,0 12,308,0 39,690,0
131,825,0 8,996,0 4,836,0 6,989,0 10,283.0 25,637,0
Total gold reserves
2,076,789,0208,3611,0 1,043.453,0 218,752,0 309,009,0 90,115,0 130,706,0 390,084,0
88,818,0
Reserve other than gold
151,619,0 13,551,0
36,925,0 7,839,0 7,249,0 8,967,0 13,229,0 22,919,0 9,687,0 65,947,0 106.238,0 49,030,0 276,250,0
4,696,0 6,184,0 7,501,0 12,872,0
Total reserves
3,128,388,0 221,920,0 1,080,378,0 226,591,0 316,258,0 99,082,0 143,935,0 413,003,0 98,503,0
son-reserve cash
66,469,0 7,177,0
18,980,0 4,229,0 4,218,0 3,680,0 4,536,0 9.777,0 3.877,0 70.643,0 112,422,0 56,531,0 289,122,0
1,099,0 1,841,0 2,664,0 4,363,0
811Is discounted:
See. by U. S. Govt. obligati°
63,555,0 6,304,0
12,156,0 9,709,0 12,627,0 3,797,0
815,0 9,513,0 3,415,0
460.0 2.040,0 1,323,0 1,306,0
Other bills discounted
122,361,0 6,208,0
14,236,0 7,205,0 7,785,0 14,577,0 25,632,0 7.118,0 15,649,0
3,552,0 6,763.0 9,310,0 4,276,0
Total bills discounted
135,916,0 12,512,0
26,392,0 16.914,0 20,412,0 18,374,0 26,497,0 16,631,0 19,064,0
4,012,0 8,803,0 10,633,0 5,672,0
81115 bought In open market
193,108,0 20,740,0
48,653,0
104,0 20,414,0 10,598,0 12,679,0 18,903,0 9,199,0 7.615,0 10,231,0
8,541,0 25.431,0
IT. S. Government securities'
Bonds
38,306,0
2,187,0
756,0
640,0
237,0 1,176.0
37,0 20,017,0
523,0 4,806,0
42,0 7,842,0
43,0
Treasury notes
291,429,0 23,353,0
79,065,0 26,516,0 34,476,0 8,125,0 7,738,0 32,212,0 15,965,0 12,463,0
Certificates and bills
271,442,0 22,067,0 104,988,0 25,096,0 23,142.0 7,682,0 4,931,0 29,739,0 7,411,0 8.855,0 14,751,4 12,050,0 24,715,0
13,043.0 9.337,0 14,251,0
Total U. S. Gov't securities
601.177.0 46.178.0 186.240.0 52,252,0 57.855,0 16.983.0 12,706.0 81,968.0 23.899,0 26,124.0
28,738,0 29.229,0 39.009.0
http://fraser.stlouisfed.org/
lw
Federal
Reserve Bank of St. Louis
OCT. 4 1930.]
FINA.NCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
Boston.
New York.
Phila.
$
s
$
s
6,772,0
Other securitlee
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Berns
F It notes of other banks
Bank premises
All other resources
1,000.0
986.973,0 80,438,0
701.0
52,0
606,052,0 69,810,0
18,704.0
245,0
59,644,0 3,580.0
12,046.0
85,0
4.750,0
2185
Cleveland. Richnsond Atlanta. Chicago
--
$
s
$
1,000.0
St. Louis. Ifinneap. Kan.City. Dallas. San Pran.
s
$
$
22,0
s
$
s
266,035.0 70,270.0 98,681,0 45,955.0 51,882.0 117.502,0 52,162.0 37,773,0 47,770,0 48,403,0 70,112.0
231,0
30,0
68,0
25.0
70,0
94,0
25.0
48.0
16.0
21,0
21,0
166.977,0 56,661,0 61.704,0 43.681.0 15,279,0 72,608,0 24,837,0 11.,302.0 32,345.0 20,479.0 30,369.0
6,467.0
340,0 1.389,0 1,350.0 1,040.0 2,468.0
803,0
2,248,0
1,239.0
282.1
774,0
15,664.0 2,614,0 7,060,0 3,245,0 2,660.0 8,295,0 3,811,0 2,018,0 3,972,0 1,876.0 4.849,0
4.377,0
211,0 1.127.0
513.0 2.952,0
735,0
299.0
355.0
572.0
336.0
484.0
Total resources
4,878,977.0 383,297,0 1,559.109,0 360,984,0 490,535,0 197.536.0 222.318,0 624,482,0 134,317,0 124,109,0 199,996,0 130,828,0 401.466.0
LIABILITIES.
F. R. notes In actual circulation_ 1,376.351,0 132,703,0 217,536,0 120,997,0 185,464,0 64.835.0 127.850,0 155.900,0 63,249,0 51,137,0 66,694,0
34,901,0 155,085,0
DevoeMi.
Member bank-reserve &col 2,394,316,0 146,279.0 1,008,715,0 142.909,0 193,813,0 64.791,0 58,783.0 333.243,0 75,322.0
59,359,0 173,853,0
87,745.0
49.504,0
Government
11,401.0 1,930,0 2,571.0 6,352,0 1.841,0 3,100.0 1,392.0 1,516.0 1.262.0 1,468,0 2,234.0
37,372,0 2,305.0
Foreign bank
6,251,0
2,734.0
384,0
220.0
524,0
508,0
189.0
702,0
139,0
362.0
157,0
157.0
121.0
Other deposits
18.740,0
7.257,0
41.0
164,0 1,735.0
88,0
137.0
534.0
233.0
234,0
29,0 7,915,0
379.0
Total deposits
2,456,685,0 140,013,0 1.030.107.0 145.511.0 198,643.0 71,451.0 60,950,0 337,579.0 77.136,0 51,375,0 89,543,0 61.013,0 184,364,0
Deferred availability Items
583.251,0 67,864.0 159.747.0 50,278.0 60,162.0 42,193.0 15,176.0 68.663,0 26,461.0 10,553.0 30.095,0 20.937.0 31.107.0
Capital paid In
170.647,0 11,881,0
66,346,0 16,706,0 15,951,0 5,812,0 5.357,0 20.165,0 5.244,0 3,053,0 4,328.0 4.356.0 11,358,0
Surplus
276.936,0 21,751.0
80.001,0 26,965,0 29,141.0 12,496,0 10,857,0 40,094,0 10,877.0 7,143.0 9,102.0 8,935,0 19,514.0
All other liabilities
15,107.0
5,372,0
744.0 2,128.0 2,076,0 1,350.0
85.0
437.0 1,174.0
843,0
38,0
636,0
174.0
Total liabilities
4,878,977,0 383,297,0 1,559,109,0 360.984.0 490,535.0 197,536.0 222,318.0 624.482,0 184,317,0 124,109,0 199,996,0 130,828,0 401,466,0
Memoranda.
Reserve ratio (per cent)
78.8
81.6
72.7
82.3
86.6
76.2
85.0
83.7
70.2
68.9
72.0
58.9 i 852
Contingent liability on bills purchased for foreign correspondls 431.411.0 31.941.0 141.784.0 41,368,0 43,103,0 18,129.0 15,579,0 57.839,0 15,539,0 9,928,0 12.949.0 12.949(129.783.0
1
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
5
s
Two Ciphers (00) omitted$
$
Federal Reserve notes:
Issued to F R. bk by F.R.Agt_ 1,775,610.0 169,905.0
Held by Federal Reserve bank_ 399,289,0 37,202,0
$
s
s
s
s
s
s
$
s
339.666.0 141,336,0 223,956.0 82,713,0 156.597,0 182,351.0 78,113,0 56,935,0 78,300.0 41.680,0 224,023,0
122,130,0 20,339,0 38,492,0 17,878,0 28,747,0 26,451.0 14,864,0 5,798,0 11,666,0 6,779.0 68,943.0
In actual circulation
1,376,351,0 132,703,0
:ollateral held by Agt as security
for notes Issued to bank:
Gold and gold certificates
449,950,0 35.300.0
Gold fund-F.R.. Board
1,104.506,0 119,417,0
Eligible paper
359,515,0 33,172,0
Total collateral
1.917.971.0 184.039.0
or
Cleveland. Richmond Atlanta. Chicago. St. Louis. lfinneap. Kan.City. Dallas. San Erait.
217,536,0 120,997,0 185,464,0 64,835.0 127,850,0 155,900,0 63,249.0 51,137,0 66,694,0 34.901.0 155,085,0
277,010.0 39,900,0 15,550.0 5,000,0 7.100.0
8,945,0 11,345,0
14.300,0 35,000.0
24,626.0 100,100.0 185,000,0 56.000,0 110,600,0 179,000,0 44,100,0 34,700,0 70.000,0 11,000.0 169,763.0
60,737.0 15,568,0 39,031,0 28.918,0 38.955.0 35,370,0 28,047,0 11,004.0 18.926.0 18,792.0 30.995,0
366.373.0 155,563.0 239,581,0 89,918,0 156.955,0 214,370,0 81,092,0 57.549,0 88,926.0 44.092,0 235,758.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Doe. 29 1917, page 2523. The comment of the Reserve Board
the figures for the latest week appears in our department of "Current Events and Discussions," on page 2149, immediatelyupon
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and
bills of exchange or drafts sold with endorsement. and Include all real estate mortgages and mortgage loans held by the bank. Previously acceptances
of other banks and bills sold with
endorsement were included with loans, and some of the banks Included mortgages In investments. Loans
secured by U.S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at
the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a
lump total being given. The number of reporting banks(snow omitted; In Its place the number of cities Included (then 101) was for a time given, 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.
of
on Jan. 2 which recently
merged with a non-member bank. The figures are now given In round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL
RESERVE DISTRICT AS AT CLOSE 011
BUSINESS SEPT. 24 1930 (In millions of dollar.).
2135,000,000
Federal Reserve District--
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis lifinneng Kan.CUy. Dallas. San Eras.
s
Loans and investments-total____
$
23,299
$
1,514
1
9,351
$
1,291
2,310
Loans-total
16,914
1,138
6,904
932
1.501
8,461
8,453
507
632
4.045
2,859
487
444
6,385
376
2,447
2,933
3,452
151
224
1,182
1,265
On securities
All other
Investments-total
U.S. Government securities
Other eecuritles
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government dePositt
Due from banks
Due to banks
Borrowings from F. It. Bank
s
659
$
$
602
3.420
468
451
2,640
744
756
179
289
148
302
357
809
191
88
271
406
404
86
105
$
$
662
s
s
$
368
661
455
2.007
503
241
423
340
1.373
1,341
1,299
227
275
78
163
129
295
98
242
477
897
151
780
159
127
238
115
633
76
76
330
450
34
125
70
56
101
137
69
46
341
292
40
11
40
9
262
33
44
6
26
5
56
11
36
7
105
18
1,816
208
97
14
886
56
84
12
141
28
13,542
7,484
182
868
531
16
6,160
1,982
52
744
341
13
1,133
1,037
22
348
256
17
312
241
20
1,876
1,345
10
366
235
2
227
139
1
479
205
3
279
148
18
748
1,024
IC
1,635
3,512
79
124
160
1,168
101
227
149
379
89
112
SO
104
274
523
76
120
85
88
205
244
107
114
224
301
33
3
5
4
4
8
1
5
2
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the IFoderal Reserve Bank of Now York at the close of business Oct.1 1930
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. B. Treasury_
Gold held exclusively aget. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by mink_
Total gold reserves
Reserves other than gold
Oct. 1 1930. Sept. 24 1930. Oct. 2 1929.
S
$
$
305.636,000 305,036.000 324,330,000
14,862.000
14.448.000
14.518.000
320.084,000
211.372.000
511,997,000
320.154,000
213.958.000
514.605.000
339,192,000
299,958.000
382,098,000
1,013.453.000 1.048.717.000 1,021.248.000
(13.672,000
36,925.000
36.868.000
Resourens (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Federal Reserve notes of other banks
Bank premises
Al. other resources
Total resources
Oct. 11930. Sept. 24 1930. Oct. 2 1929
$
$
$
231.000
166.977,000
6.467.090
15,661.000
4,377.000
229,000
139.445.000
6,795,000
15,664.000
4,251.000
1,559,109,000 1,531,817,000 1,680.976,000
Total reserves
1,080,378.00)) 1,085.585,000 1,084,920,000
Non-reserve cash
20,027,000
18,980,000
19,167,000
13111a discountedSecured by (1. S. 0ovt. obligations_
84.705,000
12,156,000
11,234.000
Other bills discounted
67.113,000
14.236.000
12.904,000
Lte^111tinaFed'I Reserve notes In actual circulation_ 217,536.000 203,300.000
Deposits-Nfernber bank. reserve acct._ 1,008,715.000 1.026.324.000
Government
11,401,000
9,008,000
Foreign bank (See Note)
2.734.000
1,67:5,000
Other deposits
7,257.000
8.260,000
Total bills discounted
Bills bought In open market
U. B. tiovernment securitiesBonds
Treasury notes
Certifleates and bills
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
26.392.000
48,653,000
2.188,000
79.065,000
104,987,000
24,138,000
44,253,000
151,818.000
126,650,000
2.188.000
76.283.000
109.069.000
853,000
17,695,000
12,941,000
255,000
227,518.000
10,710,000
16,087,000
739.000
329,753.000
985,276,000
12,288.000
2,709,000
8,647.000
1,030,107.000 1,045,265,000 1,008,920,000
159,747.000 131,488.000 195.947.000
66,316,000
66,346.000
64.345,000
80.001,000
80,001.000
71.282,000
5.372,000
9.117,000
10,649,000
Total liabilities
1.559.109.000 1,531.817.000 1.680,976.000
Ratio of total reserves to deposit and
Fell Res vs note liabIlltfes combined_
86.6%
86.9%
81.0%
Contingent liability on idlls purchased
Total b1lLs and securities (See Note)
266,035,000 200,681.000 320,720.000
far foreign correspondence _
_ 141,784.000 141,515.000 144,293,000
NOTE.-BeitInnIng with tile statement 01 Got. 7 1945, two new items were a I led In order to snow 00,ittratelY the amount 01
Odlandid belt! 4../tUati and amounts due to
foreign oorrespoodeots. 1u addition, tile caption "All other earning assists," previously made up of Fed .ral Intermediate
Cradlt Bank debentures, was changed
to
"Other securities." arid the emotion "Total earning assets" to -Total bills and seem ties." The latter term was adopted as a more
accurst() description of the total of the
115count acceptances and securities acquired under Owl:Q.0%4810ns of sootloas 13 and 401 the Federal Reserve Act. whiCh, It Was stated,
are the only items included thereto;
Total U.S. Government securities_
Other securItias (lee note)
Foreign loans on gold
186.240.000
4,750.000
187.540.000
4.750,000
31,402.000
10.850,000
2186
pro!. 1St
FINANCIAL CHRONICLE
f
i
New York City Banks and Trust Companies.
=kers' JJ az,ettt.
(AU price* dollar. ow Mare
Wall Street Friday Night, Oct. 3 1930.
Railroad and Miscellaneous Stocks.—See page 2171.
Stock Exchange sales this week of shares not in detailed list:
STOCKS
Week Ended Oct. 3.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Banks,
Trust Companies.
New York—
Par Bid Ask Ban
Nk
eeraYork
w
(Cond.)— Par Biel Ask
America
25 88 91 Bank of N 1' & Trust__ 100 640 810
American Union.
100 97 107
10 142 .43
98 Bronx Co Trust
Broadway Nat Bk & Tr.lo0 93
Bryant Park'
45 Cent Hanover Bk & Tr__ _20
20 35
18
0 322
65
20 36
Chase
20 13212 1331, Chelsea Bank & Trust
25 28
30
Chat Phenix Nat Bk & Tr 20 101 104 Chemical Bank & Trust ._10 6212 6312
Commerelal NM Bk &Tr /00 390 405 Continental Bk & Tr
10 24
25,s
Fifth Avenue*
100 2800 3000 co
Cor
ontrry
hnin
Eg
e eh Bk & Trust_..20 164 166
First
1004650 4650
100 215 225
Grace.
100 6 al
20 70
72
Harriman Nat Bk & Tr_100 i 500 1600 Fulton
100 630 560
Industrial
100 i50 170
100 604 607
Liberty Nat Bk & Tr100 73 83 CIHrarberanniatY
100 166 175
National City
20 14212 431x InternatIonal
20 34 37
Penn Exchange•
100 95 104 Internat Mad Bk & Tr_ 25 25 33
Port Morris*
10 20
25 Irving
10 46H 47
Public Nat Bk & Tr
25 91
94 Lawyers
100
20
Seward Nat Bank & Tr_100 83 88 Manhattan
104 Iiiits
Sterling Nat Bk & Tr
25 40 46 Manufacturers
26 7913 8012
Strauss Nat Bk & Tr.--100 235
60 Mutual (Weetcheeter)-100 350 428
United States*
N Y Trust
2
34 38
26 238 243
Yorkville
100 125 40 Plass
100 85 95
Yorktown*
100
40 Times Square
100 15
19
Brooklyn—
Title Guar & Trust
20 143 48
Brooklyn
50 90 95 United States
100 3775 3875
Peoples
100 400
oo Westchester
100 900 1050
Railroads—
Par. Shares. $ per share. $ per share. 5 per share. S per sahe.
Can Pacific warr----25 61.100 40 Sept 29 45% Oct 1 40 Sept 5234 May
Jan 1044 Sept
Caro CI &0ctfs dep 1001
2801033.4 Oct 1 10434 Sept 29 96
Feb
Central ItR of N J__1001 1,10020034 Sept 30232 Sept 27 20034 Sept315
Mar
100
130 46 Sept 27 46 Sept 27 45
Cuba RR pref
Sept 70
Green Bay & West_ _111
60 804 Oct 1 804 Oct 1 8051 Oct 804 Oct
Jan
Havana Elec Ry p1..ii
250 48 Oct 1 46 Oct I 46
Oct 72
111
I R T etts
600 3254 Oct 2 3534 Sept 27 30
May 354 Sept
1201 554 Oct 2 60 Sept 29 554 ()et 733.4 May
IntRys of CenAm 1,1100
Hudson & Manh p1.100
iool 814 Sept 29 8154 Sept 29 75
Fet 83 June
Manhat Elev guar 100
5801 6034 Oct 1 7434 Sept 27 464 Sep 75
Sept
1 I
Feb
Market St Ry
134 Sent 29
2001 1 Sept 1
Jun
3
Apr
10 125 Sept 29 125 Sept 29 116
New Orl Tex & Mex 100
June 129
N Y State Rya pfd_100
101 14 Sept 29 14 Sept 29
34 Aug 334 Feb
201 12 Sept 30 12 Sept 30 10
Pacific Cost 2d pref_100
July 1934 Mar
July
Pitts Ft W & Chic p1100
July 160
20115734 Sept 30 1573j Sept 30 150
Rutland RR pref_100
1001 38 Oct 2 38 Oct 2, 38
Oct 674 Mar
Jan
Wheel & Lake Erie_100
30000 Sept 27 10034 Oct 2 100
July 110
Trust Companies.
Brakalkyr—
100
B,00
Preferred
100100 Oct 1 100 Oct 1 100
Oct 110% June
New York—
Par
*
Apr
Allegheny Steel
1001 50 Sept 29 50 Sept 29 49
100 678 688
Sept 72
American
100
Globe
e Ba
conk & Trust
Alliance Realty
Apr
100 155 170
201 86 Oct 2 894 Oct 1 86
Oct 104
230 260
Am Chain pre(
100
4001 90 Sept 1 9954 Oct 2 7534 Jan 101
Mar Amer Express_
100 2800 3000
mid wood
American Ice pref 100
100 16$ 186
1001 83 Oct 3 83 Oct 3 78
July 8734 Jar/ Banos Commeraiale ital_ 100 292 302
American News Co_ _ _.
210 51 Oct 3 53 Sept 29 4834 July 8034 Mar
•State banks. r New stock. s Ex-dividend. o Ex-stock dlv. g Ex-et:Mts.
Am Rad & Std Sanitary
100
170 143 Sept 27 148 Oct 1 1264 Jan 148
Oct
Preferred
Apr
Anchor Cap Corp preL•
July 11534
50010554 Oct 210534 Oct 2 102
Art Metal Construct_10
100 22 Oct 2 22 Oct 2 22
Oct 2834 Feb Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Asso DryGde tat pf _111
600 90 Oct 3 92 Sept 29 85
Feb 954 Apr
100
28 preferred
100 90 Oct 2 90 Oct 2 85
Jan 10034 Apr
Int.
Jul.
Austin Nichols prior A •
160 22 Sept 27 23 Sept 27 19
July 30
May
Maturity •
Rate.
884. Asked.
Mantras.
BOLO.
2314, Asked.
Barnet Leather
200 234 Sept 2
234 Sept 29 24 Sept 734 Apr
Dee.
16
34% 1001. 100n. Sept. 15 1930 321
Brown Shoe pref._ _1 s t
1011934 Oct 2 1194 Oct 311334 Jan 1194 Oct
84% 100"s 10011s
Apr
Budd(E (3) pref _ _.100
20 58 Oct 3 5834 Oct 3 54 Sept 68
lune 151939... 2944f. 100",, 10811,, Mar. 15 1930 32, 34% 10011n 10011,1
* 1,800 10 Oct 3 1034 Sept 29 10 Oct 12 Sept Sept. 15 1931___ 254% 100•12 100',.' Dec. 15 1930 320 354% 10014, 1011s,
Celotex Co ctIs
_
1"
Preferred
100 31 Oct 2 3434 Oct 1 31
•
8434 Apr
Certain-Teed Products100
United States Liberty Loan Bonds and Treasury
100 2134 Sept 29 214 Sept 29 20 June 4534 Mar
1st preferred
130 28 Sept 29 35 Oct 2 28
City Stores class A___.*
Sept 42
May Certificates on the New York Stock
Exchange.—
Columbia Gas & Rice—
100
100 984 Sept 38 984 Sept 30 91
Preferred B
Jan 9834 May Below we furnish a daily record of the transactions in LibComm Cred pred (7)_25
20 25 Oct 1 25 Oct 1 224 Jan 264 Sept erty Loan Bonds and Treasury certificates
on the New York
20 94 Sept 30 94 Sept 30 774 Jan 95
Sept
1st pref ex-warr_ Ali
Stock Exchange. The transactions in registered bonds are
Comm lay Trust—
300 100 Oct 3 101 Sept 29 89
Preferred (6 30_ Al #
Jan 10234 Sept given in a footnote at the end of the tabulation.
100
10 724 Sept 29 724 Sept 29 7134 Mar 724 Sept
Conn Joy & Ltg
40 77 Oct
Consol Cigar pf (7)_100
78 Sept 27 7634 Jan 9334 May
Pref ex-warrants__
20 67 Oct 3 6734 Oct 3 604 Feb 77
Apr Daily Record of U. S. Bond Prices. Sept.27 Sept.%),Sept. 301 Oct. 1. Oct. 2. Oct. 3.
Cushman's Sons—
100
50 114 Sept 29 114 Sept 29 109
Mar First Liberty LoanHigh 101,
Fret 7%
Aug 120
ss 101,n 101,
st I 1011n 1017n
210 10 Oct 1 10 Oct 1 10
De 13eers Cons Mine_
Aug
Sept 14
8Si% beads of 1923-47—{Law- 101,
ss 101411 101,n 101,11 101'n
Devoe&Raynolds p1100
17U 10534 Oct 2106% Sept 29 99
(First 334)
Aug 1144 June
C
101,, 101,n 101,12 101,
gg 101,n
1010334 Sept 3i 10534 Oct 2 97
Duplan Silk pref__ _100
TWA( sales In $1,1100 units-Feb 106
Sept
11
75
108
276
18
30 5 Sept 30 5 Sept 30 434 Aug 14
Elk Horn Coal prof __50
Jan
Converted 4% bongs elf Hiatt
60 38 Oct 1 3934 Sept 27 38
Fashion Pk Assoc p1100
Mar
1932-47 (Finn Ite)
LewSept 80
_
101, 99 Oct I 99 Oct 1 964 June 10034 Mar
Fed Min & Sin pref.100
Clem
Total sales in $1,000 goills .... _
Fed Screw Works____• 1,600 1554 Oat 1 204 Sept 29 1554 Sept 2534 Sept
it 86 Sept 30 86 Sept 30 854 Aug 99
Franklin Simon pf....100
Mar
Converted 4 Si % handl High 10-2-1;8101
;
c103-a8,
- 102";
•
10 75 Sept 29 75 Sept 29 74
Fuller Co 2d pref
Feb
of 1932-47 (First 4 Xs) Low- 102188 102,n 109"st 102,
Sept 86
,, 102"gg
Gen Baking pref
Jan
60110% Sept 30 Ill Sept I 100
Aug 125
Close 102,n 102"sg 10211s, 1021,11 102",,
50 114 Oct 3 115 Sept 29 11234 Jan 120
100
Gen Cigar pref
Total astes in $1,000 seas_ -- 137
July
94
71
6
60 105 Sept 30 106 Sept 30 100
Sensed seeverted 434%(111g6
Gen Gas& El pf A (7)_*
Apr
July ill
bonds.11982-47(Final LewGen fly Signal pref _100
10112% Sept '112% Sept 30 10034 Jan 115
Sept
*
10011134 Oct 111134 Oct 1 100
gamed
Gold Dust pref
44s)
Jar 11134 Aug
IMP*
260 53 Oct 3 554 Sept 27 53
Total sales la $1,000 anUs _ _Greene Cananea Cop.°
Oct 89
Apr
Guantanamo Sug p1100
10 13 Sept 30 13 Sept 30 13
Sept 27
Mar Fourth Llbwrty Loam
(41146
1073-1.4
;1011i;
300 46 Oct 3 4754 Oct 2 46
Hawaiian Pineapple_20
44% bonds of 1933-38_ Low- 11)3,11, 10311.2 103nn 10318,8 1031h, 1031in
Feb
Oct 61
•
200 43 Oct 2 47 Sept 27 42
Hamilton Watch
(Fourth 414s)
C10811 103"1, 10311n 103118, 1031188 103118 1031in
Aug 4734 July
Hercules Powder
•
500 654 Oct
Total sates in $1,000 min149
6734 Sept 29 60 June 85
Jan
175
187
121
94
149
140 23 Sept 27 25 Sept 29 20
Indian Motocycle pf 100
ri bib 113,n 113,n 113•8, 113
Sept 8734 Mar Treasury
113,n 113Hr
10f 59 Oct 3 59 Oct 3 5034 July 70
a sic 1947-62
Jot Comb Eng pf ctfs__
Lew. 113
113,n 11318, 11210n 1121h 113in
Sept
106 12054 Oct 3 120 34 Oct 3 116
Internet Nickel pf_ _100
Clem
113,st 113,
Apr
11 11318, 112111,' 1131,8 113,
Fel 127
s
4610134 Sept 2710134 Sept 27 1014 Sept 112% Feb
Internet Silver pref_100
Total sales in it.000 anits.
26
51
57
117 3 31
25
Kansas City Pr dr Lt—
(Nigh
_--- 108"sg 108"/4 108"sg 108"n 108"gs
20
series
B
•
11434
Sept
la pref
291144 Sept 29 108
M. 1944-1964
Low_
......- 1081,n 108"8, 108118, 1081h, 108,
Jan 115
Mar
ssi
Kresge Dept Stores • 1,600 854 Sept 29 84 Sept 29 734 Apr 93.4 July
Close
___- 1082in 108"st 108"n1 108"11 108"st
100
120 45 Oct 3 4534 Oct 2 45
Total sales in $1,000 smite_ __
Preferred
____ 201
May 62
146
Jan
353
13
28
Loose-Wiles BLscult{High 106118, 106"n
108,0n 1061tri 1060n
100
Low. 10611,11 106*Hr
1st preferred
8141. 1945-1956
Mar
2011834 Sept 29 1204 Sept 29 1184 Jar 126
106"ss 10611n 106,18,
100
300 96 Sept 29 96 Sept 29 92
Lorillard Co pref
July 99
Close 106"as 106"ss
_--- 10611n 106"n 1061%
May
50 80 Oct 3 80 Oct 3 80
Mengel Co pre1_100
Total sales in 31.000 snits__
50
1
Oct 9234 Feb
26
1
35
{High
Metro Goldw Pic 01.27 1,200 254 Oct 2 2634 Sept 29 2354 Jar 2634 May
_-- 1022.n 10211ss
10211n
9(1150 Oct 3154 Oct 3 150
844s. 1943-1947
Mexican Petroleum_100
Low.
102,,n 102"n
Oct 182
Sept
102"ag
—_
200 384 Oct 2 40 Sept 30 38% Oct 82
Nat Belles-Hess p1_100
Close
10211n 102"sg
Jan
102",n
10 824 Sept 30 824 BMA 30 82% Sept 90
Total sales la 81,000 unite__
Nat Dept Sea pref 100
16
Jan
1
1
100
471. 108 Sept 30 109 Sept 27 1064 Aug 116
Nat Supply Pref
July
(Cl.102,1, 102in
102,n
50
400 53 Sept 27 534 Sept 29 4934 Aug 85
nisi(Law.
Newport Co A
8545. 1940-1943
102
Mar
102,11
102
200 79 Sept 30 79 Sept 30 734 M
Omnibus Corp pref_100
85 June
102in 102'gs
102
Tonal sales its 91.000 andu
Oppenheim Collins_ __•
200 33 Oct 1 3434 Sept 27 33
Oct 56
2
Apr
2
•
36 60 Sept 31 60 Sept 30 53
Outlet Co
Jan 72
May
500 35 Sept 2 36 Sept31 1 35
Peoples Drug Stores_ _*
Aug 6034 Apr
Note.—The
above
table
includes
only
sales of coupon
30 83 Sept 29 83 Sept 29 80
Phoenix Hosiery p1_101
Apr 88
July , onds. Transactions in
registered boxVIs were:
200 104 Oct 2104 Oct 2 104
Phil& Co6% pref new__
Oct 104
Oct
700 67 Sept 29 73 Sept 29 67
Pierce-Arrow Co pf _100
Apr i 11_1M 3545
Sept 82
101188 to 101188
43__4th 434.
Pitts Termlaal Coal_100 1.100 434 Oct 1 6 Sept 27 4
Aug 1534 Jan
103H1 to 103"ti
100
20 31 Sept 30 31 Sept 30 3034 Aug 45
Preferred
8_ _Tress 43(a
Jan
112,en to 112,iss
Prod & Ref Corp pf__50
380 2634 Oct 2 28 Sept 27 2634 Oct 40
Mar
Rand Mines
30 32 Sept 31 34 Sept 27 32
Sept 3754 Jan
Reo Motor Car ctfs__10
400 1054 Sept 27 1034 Sept 27 6 June 14 Sept
Foreign Exchange.—
Revere Cop St Br pf_100
110 99 Oct 1 9034 Oct 3 88
Aug 104
Mar
To-day's (Friday's) actual rates for sterling exchange were
100 36 Sept 29 36 Sept 29 36
Rhine Westph Elec Pow
4.853(0
Sept 4534 Jan , .85% for checks and
4.8604.86 1-32 for cables. Commercial on banks.
•
Scott Paper
20 50 Oct 2 5034 Oct 1 45
Ma 5534 Apr ,ight. 4.&534@4.85 13-16:
sixty days. 4.835404.83h: ninety days. 4.825
411 83 Sept 30 844 Sept 29 83
100
Skelly 011 pref
Aug 9934 June ' 4.83: and documents for
payment,
Ir
100
300
4.83@4.834. Cotton for PaySloss-Sheff St &
2034 Oct 2 21 Sept 30 2034 Oct 5634 Mar ,
ent. 4.85 5-16. and grain for
100
581 52 Oct 1 54 Sept 29 45 June 82
Preferred
Mar ' To-day's (Friday's) actual payment 4.85 5-16.
rates for Paris bankers' francs were 3.92,4
101 20 Oct 3 20 Oct 31 18
Southern Dairies cl A..•
Aug 27
Mar
for
3.9234
short.
•
Amsterdam
bankers' guilders were 40.3134040.33
Spear & Co
60 414 Sept 27 1134 Oct 1 434 Sept 1034 Feb I
or short.
101
200 77 Oct 1 79 Oct 3 76
Preferred
Sept 85
Sept
Exchange for Paris on
120105 Oct 1 107 Sept 31 103
So Porto Rico Sug pf100
Aug 121
Jan , nd 123.79 francs low. London. 123.83 week's range. 123.83 francs high
500 111% Oct 111234 Sept 29 110% May 1144 Sept '
Stand Gas & El pf(7)..•
The week's range for exchange rates follows:
10 30 Oct 1 30 Oct i1 25
Stanley Corp of Amer_•
Jan 7334 Apr
Sterling Actual—
Cheeks.
11 19 Sept 29 19 Sept291 19
Cables,
United Business Pub__•
Sept 30
Jan . Igh for the week
4.85%
United Dyewood
100
280 ly Oct 1 5 Oct 3 14 Oct 11
4.86 1-32
Feb j w for the week
4.85 9-16
Preferred
III 1,150 38 Sept 30 50 Oct 3 38
4.85 13-16
Sept 58 June
Bankers
Parts
Franc-s—
21e 104 Oct 3 107 Sept, 97
U Piece Dye Wks pf 100
Jan 14
Mar j igh for the week
3.9234
100
100 139 Sept 31 140 Oct 1 ,122%
3.9234
U S Tobacco pref
1
Mar 40 Sept ] w far the week
3.92 Si
3.92 /1-32
100 24% Sept 27 2454 Sept 27 1 2434 Sept 6954 Apr
Vadsoo Sales pref_li I
,
Germany Bank
rs' Marks—
.1 30 Sept 30 30 Sept 301 12
Va IT Coal & Coke 1
Jan 34
Sept ] lich for the week
23.804
23.81)4
3 w for the week
•No par value.
23.7754
23.79g
Amsterdam Bankers Guilders-1 11th for the week
40.34
403434
1 w for the week
40.29
40.30
New York City Realty and Surety Companies.
(All prices dollars per shore.)
Pa11144 lAti
Pas Bid
Bend & Mtge Guar .....--20 98
99 'Lawyers Title & Omar-1001 270
Home Title Insuraire ---25 52
58 Lawyers Wenches{ M&T100 200
20
4812
48 tWestcheater 'flue & Tr-- 120
Lawyers Mortgage
I Ask
1278
1250
1140
The Curb Exchange.—The review of the Curb Exchange is
this week on page 2172.
A complete record of Curb Exchange transactions for the
3reek will be found on page 2204.
,
& iven
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
Sept. 27.
Monday
Sea.29.
Tuesday
Sett. 30.
Wednesday
Oct. 1.
Thursday
Oct. 2.
Friday
Oa. 3.
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ ner share S ner share S Per share
Railroads
Par $ per share
$ per share S per share S per than
per share $ per share Shares
206 211
205/
1
4 209
20418 20712 20614 21012 208 213/
13.900 Atch Topeka & Santa Fe__100 194 June 25 24212 Mar 29 1951g Mar 2985s Aug
1
4 20734 210
100 102/
1
4 Jan 3 10834Sept 29
108 108
99 May 1041
/
4 Dec
10818 10834 103 10812 10814 10814 10814 10834 *10814 10834 4,200 Preferred
100 13014Sept 30 17512 Mar 18 161 Nov 2091/ July
*136 138
135 136
13012 13012 *132 134
132/
1
4 133
1.600 Atlantic Coast Line RR
13014 135
100 9014Sept 30 12238 Mar 31 10514 Nov 145/
1
4 Sept
9515 9534 91
95/
1
4 9014 92
9014 9612 9212 9312 92
9514 24,700 Baltimore & Ohio
*8112 8412 8212 83
100 7814 Feb 10 84/
1
4July 25
82
/
4 8212 *8112 8214 *811
600 Preferred
75 June 81 Dec
8234 .811
/
4 8214
691s 691s 70
50 63 Jan 3 8412 Mar 29
1
4 Sept
70
72
67
55 Oct 90/
63
68
6734 6734 •68
6812 1,300 Bangor & Aroostook
100 109 Feb 28 11614June 4 V103'4 Oct 115 Sept
11212 11212 *110 11212 *109 11212 •110 11212 *110 11214 11212 11212
180 Preferred
100 79 June 24 112 Feb 8
Boston & Maine
*66
80
*65
77
84
84
*65
8412 .62
*67
*70
80
85 Apr 145 July
14
500 Brooklyn & Queens Tr_No par 10 Jan 11 1578May 22
13/
1
4 1314 *13
13
13
*1234 13
13
13
*1234 1312
7 Nov
15 Dec
Preferred
44 Nov 65 Sept
*58/
1
4 62
*5834 6112 *5834 61
*59
No par 53 May 3 6612May 29
6034 .59
6114 *59
6034
1
4 271
/
4 Feb
73/
1
4 75
70/
1
4 7434 6812 72/
40 Oct 811
7312 70/
1
4 7314 7258 7412 32.200 Bklyn-Manh 'Fran v t c No par 5838.1une 18 7838 Mar 18
9214 941
No par 84/
1
4 Jan 6 9834Sept 25
1
4 Feb
93
93
93 2931
/
4 931s 91
/
4 93
7612 Nov 92/
9312 9212 9318 3.200 Preferred v IC
8
4/
1
4 Oct 441s Jan
8
8
8
814 814
812 812 1.600 Brunswick Term & Ry Sec_100
558July 10 3353 Apr 23
812 9
814 8/
1
4
17414 177
16912 172
174 1827s 178 180
100 16534 Aug 14 22634 Feb 10 185 Dec 269/
167 175
179 18014 18,700 Canadian Pacific
1
4 Feb
451s 46
4412 4512 43/
1
4 45
44/
1
4 461
1
4Sept 30 51/
1
4Sept 9
/
4 4514 4638 4614 467s 26.600 Chesapeake & Ohio new.___25 43/
2/
1
4 272
1
4 *258 234 *2/
100
2/
1
4 318
234 234
284 2/
1
4 234 1,000 Chicago & Alton
234Sept 29 10 Apr 2
NOV
1934 Feb
212 21
1
4
2/
1
4 2/
1
4
2
218
2
214
2/
1
4 2/
100
2 Sept 30 10/
1
4 April
312 Nov 25/
1
4 Feb
2
21s 2,000 Preferred
18
_ 18 •____ 18
Chic & East Illinois RR__ 100 1414 Jan 7 28 Mar 26
*--__ 18 51_ _
18 •____ 18
15 Dec 43 Feb
•20
*20
*22
30
35
30
30 •20
*20
Preferred
100 29 Sect 25 52/
1
4 Mar 26
1
4 Feb
35 .20
3534 Dee 66/
35
712 7/
1
4
712 838
8
8/
1
4
8
83s
712Sept 30 17/
1
4 Mar 31
7 Nov 23/
1
4 Feb
814 8/
1
4
838 8/
1
4 18.200 Chicago Great Western_ 100
29/
1
4 3014 26
2914 2618 30
30,8 311
29
100 26 Sept 30 52/
1
4May 16
1712 Nov 63/
1
4 Jan
17,3001 Preferred
3112 30
32
10
1134 127
111
/
4 121a
111
/
4 1013 1 112 1012 111
1
4 Feb 7
16 Nov 447s Aug
/
4 111
/
4 1138 16.600 Chicago Milw St Paul & Pao_- 10 Scot 30 26/
155sSept 30 461
1734 181
1
4 171a
16/
16/
1
4 1834 15/
1
4 18/
1
4 1712 18
/
4 Feb 10
2812 Nov 68/
1734 18,4 33.9001 Preferred new
1
4 Sept
54
54
53/
1
4 5178 5312 5214 5312 15.200 Chicago & North Western_100 51 Oct
5618 57
5612 52
51
8978 Feb 8
75 Nov 10812 Aug
*11012 130 *100 130 •105 130 *115 130 *115 130 *115 130
100 l3014June25 14034June 3 134 Apr 145 Feb
Preferred
893
89
8878 9014 88
8914 871s 90
871s 90
11,000 Chicago Rook Isl & Pacific_100 8718 Oct 1 12518 Feb 14 101 Nov 14312 Sept
8912 90
10612 10312 10512 10612 *106 10634 *106 10034
100 105 June 16 11038 Mar 20 100 Nov 109
10612 1061 107 107
Oct
500 7% preferred
*101 1021 101 10112 *101 102
100 298 June 6 108 Feb 7
101 101 *101 102 *101 102
94/
1
4 Nov 10314 Nov
700 6% preferred
6338 61/
1
4 64/
1
4 6512 65
100 6332sept 27 95 Feb 13
6518 .651s 82
*651
8614 Dec 135 July
/
4 73/
1
4 *6512 6812 1.500 Colorado & Southern
79
79
*78
578
First preferred
100 6834 Jan 3 80 June 19
*78
79
*78
6512 Oct 80 Jan
79
*78
79
*78
79
*67
69
*67
69
*67
67
*67
100 60 July 11 75 Apr 23
1
4 Mar
69
*67
69
Second preferred
64 Apr 72/
*67
69
*45
45
44
46
46
44
44
41
100 40 Sept 25 62 Apr 10
45 Nov 70/
41
44
*40
1,500 Consol RR of Cuba pref
1
4 Jan
44
1
4 15612 155 155
15912 15912 15812 1591 154/
100 146 June 25 181 Feb 8 14112 Oct 226 July
15512 15712 15712 15834 2.600 Delaware & Hudson
/
4 112 11314 112 113
11314 1131
112 112/
1
4 11212 11212 11114 112
4,200 Delaware Lack & Western_100 11014June 18 153 Feb 8 12014 June 169/
1
4 Sept
58
53
5018 5018 4734 50
*52
52
49
49
49
Oct 77/
1
4 Feb
4912 493
1,500 Deny & Rio Or %Vest pref _100 45 June 27 80 Mar 28
1
4 381
3712 38
381s 3812 37/
371
/
4 385, 3812 3834 38
100 3512June 18 6334 Feb 14
4112 Nov 9312 Sept
3814 27.400 Erie
551
5312 54
5412 5412 .54
53
100 52 Oct 3 67/
53
5218 53
52
52
3.000 First preferred
5512 Nov 661
/
4 July
1
4 Feb 19
5212 5112 5112 51
52
10
4912 Oct 3 6212 Feb 19
*5212 53
*5212 53
52 Nov 63/
900 Second preferred
1
4 July
5112 4912 501
73
72
70,8 727
6712 70
6912 7112 71
6712Sept 30 102 Mar 29
8514 Nov 12814 July
7134 70
711 11,600 Great Northern preferred_ _10
22
21
21
/
4 23
2434 21
2112 201
20/
1
4 Oct 1 4612 Feb 17
2112 2314 2214 24
18 Nov 59 Feb
6,100 Gulf Mobile & Northern_ 10
8714 8814 8512 8714 87
89
89
88/
1
4 883
10
8512 Oct 1 9814 Mar 10
3,600 Preferred
70 Nov 103 Jan
8712 8714 873
4318 43/
1
4 451
44
45
43/
1
4 45
1
4 43/
/
4 4534 4534 45
10
41 June 25 5338 Mar 25
3412 May 583s Jan
4,800 Hudson & Manhattan
457
110 11034 109 1103 108 109
109 111
1101s 11112 11118 1111
100 108 Sept 30 13634 Apr 22 116 Nov 15312 July
4,600 Illinois Central
721
/
4 7212 *721s 72/
*7218 72/
70 Jan 5 77 May 13
1
4 •7218 723
1
4 72
72/
/
4 72
320 RR Sec stock certificates_ _
70 No
8012 Feb
1
4 *711
321
/
4 3112 311
3514 36/
31
/
4 3318 34/
1
4 3212 351
1
4 33/
15
Oct 58/
1
4 Feb
1
4 341 16,800 Interboro Rapid Trau v t 0_100 2038 Jan 3 3912 Mar 18
63
*63
68
6312 260/
1
4 60/
60
100 5834June 25 8538 Mar 29
1
4 *57
*57
60
60
1.500 Kansas City Southern
60 Oct 10878 July
60
1
4 6734 26434 64/
*67
6812 67/
100 64 Sept 30 70 Apr 16
1
4 6434 65
*65
67
•65
63 No
7011 Jan
67
600 Preferred
54 Oct 2 8478 Mar 31
5753 581
/
4 57
5814 5518 57
55/
1
4 561s 54
5
10214 Feb
65 No
55/
1
4 561, 56/
1
4 4,300 Lehigh Valley
11712 11712 115 117/
1
4 115 116
115 116/
100 115 Sept 29 13812 Apr 4 110 Oct 15434 Sept
1
4 *116 117
2,500 Louisville& Nashville
1151
/
4 1167
41
4014 4212 36
35
37
37
4012 3714 401
39
24
Oct 5712 Jan
397 40,801 Manhat Eiev modified guar100 24 June 28 4212Sept 27
2012 2012 1912 191
*2012 21
1912 1912 1912 191 *1714 20
700 Market St Ry prior pref _100 17 Jan 16 2512 Feb 13
1412 Nov 3912 Jan
7
kg
kg
•34
72
34
..58
54
52
zs 1,800 Minneapolis & St Louts_ _100
5s Aug 19
21
/
4 Apr 5
334 Jan
114 Nov
/
1
4
/
1
4
*12
17
•12
17 .10
17
1412 1412 .10
16
*10
200 Minn St Paul & IS S Niarie_100 1412 Oct 1 35 Feb 7
16
35 May 6112 Sept
100 50 July 31 5912 Feb 21
*50
531 •50
5312 *50
Leased lines
5312 5'50
5012 .50
Jan
501 *50
5012
51 Dec 66
33
33/
1
4 32
3312 295, 321s 3012 3112 30
31
1
4 Apr 14
14,100 Mo-Kan-Texaa R11___ _No par 2952Sept 30 66/
271
/
4 Nov 6534 July
30/
1
4 31
931, 9212 93
100 92 Aug 26 10838 Mar 27
96
96
9312 95
93
9212 9334 92/
1
4 9314 3,300 Preferred
93/
1
4 Nov 10712 Apr
100 5012 Oct 1 9812Mar 6
5512 56
551
/
4 5112 5312 5012 5312 51
54
3,800 Missouri Pacific
46 Nov 1011
/
4 July
5214 52
53
100 110 Oct 1 14512Mar 6 105 Nov 149 Oct
117 117
116 116
113 116
110 11272 11014 11014 11058 111
2,200 Preferred
50 8154 Jan 29 87 Oct 2
•86
87
•86
8612 *8514 8612 *8612 87
10 Morris & Essex
1
4 Jan
87
87 •861
75/
1
4 Oct 86/
/
4 87
*93
961 *93
95
93
93
93
93
170 Nash Chatt & St Louis_ _._100 93 Sept 24 132 Mar 25 173 Nov 240 Aug
*96
.96
kg
7g
7g
7g
34
34 Feb 25
.
78
1
112Ju1y 29
1
Oct3
/
1
4 Jan
34
34
3,1
54
34 1.800 Nat Rys of Mexico 2d pref.100
150 152
15118 154
100 150 Sept 30 192/
153/
1
4 1541 15014 154
150/
1
4 155
1
4 Feb 14 160 Nov 25612 Aug
151 1521
/
4 37,100 New York Central
*93
95
9212 9113 9212 923
92/
1
4 93
94
2,400 NY Chic & St Louis Co_ 100 0212Sept 29 144 Feb 10 110 Nov 1923s Aug
*92
93
93
10 10312Sept 29 11034May 14 100 May 110 Dee
105 105
10312 101 *102 184 *102 101
10378 10378 10334 1033
600 Preferred
46() NY & Harlem
50 17434 Aug 13 324 Feb 3 155 Oct379 Jan
186 190
182 190
181 187
184 18714 187 190
199 208
96/
1
4 991
961
/
4 99/
1
4 951
25,000 NY N H & Hartford
100 9.534 Sept 30 12818 Mar 29
/
4 9712 98 10138 9912 101
80/
1
4 Jan 13212 Oct
100 101
11912 1191 11872 11918 11818 11878 *118 119/
1
4 11814 11814 119 1191
116 June 18 135'24.15r 21 11458 Jan 13434 Aug
1.800 Preferred
*612 7
8
8
7
8
7
7
3.200 N Y Ontario & Western___100
61s Oct 1
61
/
4 7
171
/
4 Mar 31
8 Nov 32 Feb
6/
1
4 61
*134 21
112June 24
•Ilz 218 5112 2
*112 134
1
4 Feb
100 N Y Railways pref___No par
418 Jan 16
9/
112 Dee
134
11
/
4 *112 13
•34 1
4,34
1
/
1
4 Aug 27
*14
1
•14
1
N Y State Rye
100
212 Feb 6
*14
1
1
Oct 1414 Mar
504
1
.9
914
9
9
914 914 *734 912 *812 9
200 Norfolk Southern
100
9 Sept 27 3312 Feb 14
*518 91
1412 Dec 4812 Feb
222 2251 22214 223
21914 222
3,500 Norfolk & Western
100 2i3',June2S 265 Feb 18 191
22034 22212 220 22034 22212 2223
Jan 290 Sept
8814 89
*8914
_ 8818 8912 •8912
330 Preferred
100 83 Feb 3 8912 Oct 1
1
4 May
82 Nov 87/
*8912 -- -681
681
/
4 26212 65
/
4 6834 67
12,800 Northern Pacific
100 61 Oct 2 97 Feb 21
62
64
61
64
751
/
4 Nov 118/
1
4 July
6234 62
8
7
718 .57
*7
8
400 Pacific Coast
100
6/
1
4Ju1y 2
4/
1
4 Dec 43 Feb
1978 Apr 9
714 714 •71, 8
*714 8
69/
1
4 7012 69
701
6814 691
69/
1
4 71/
1
4 7018 7118 7078 7138 32,800 Pennsylvania
50 6814Sept 3
8658 Mar 31
7212 Mar 110 Aug
*8
*7
9
14
7
7
300 Peoria & Eastern
100 • 7 Sept 30 2412Mar 31
'5
10
*7
15
17 Dee 35 July
*7
9
125 125
125 125
125 14127
12514 12514 127 127
2.800 Pere Marquette
100 125 Sept 27 16412 Apr 10 140 Nov 260 Aug
127 127
99
*99
9934 99
9812 981 *97/
1
4 9812 *9734 981 2961
180 Prior preferred
100 9434 Jan 31 101 May 17
94 Nov 101 Mar
/
4 9812
*95
98
*9134 98
*9134 9.5
*91/
1
4 9612 911
10 Preferred
100 911
/
4 Oct 2 99 Apr 15
90 Nov 97 Jan
/
4 913 *91/
1
4 95
95
*75
95 *____ 95
*71
315
90
Pittsburgh & West Virginia 100 S0'tSept26 12134 Feb 11
90 Nov 14834 Jan
*75
90
90
*75
981
10212 10213 9814 10012 98
98 100
4,100 Reading
99
1
4 Sept
98
60 98 Sept 30 14112 Feb 6 1O1'2 May 147/
98
*96
*47
50
*47
50
*47
50
*47
First preferred
50
4112 Apr 50 Sept
*47
50
50 4418 Mar 11 53 Feb 21
50
*47
48
481s 48
*48
49
48
48
1,700 Second preferred
4352 May 6034 Sept
49
48/
1
4 .48
49
50 4714 Aug 12 57 Feb 6
.48
7212 78
72
72
77/
1
4 78
7212 74
7012 737
7114 72/
1
4 9,400 St Louis-San Francisco...._100 7012 Oct 2 11878 Mar 27 101 Nov 13334 Aug
9112 Op z90
*90
93
92
*89
901 *87
500 First preferred
89 .85
90
87 Nov 9612 Feb
100 90 Oct 1 101 Apr 2
5312 53/
1
4 50/
1
4 501
55
55
5434 56
800 St Louis Southwestern_ --100 50148ept 30 7634May 16
15/
1
4 Feb
55 .50
.56
50 Nov
*50
901 184
9012 *85
*85
90/
1
4 *80
88
87
Preferred
100 85 May 7 9434 July 24
84 Oct 94 Apr
*80
87 .80
3
/
1
4
4
2
/
1
4
37
4
412
3
31
22.200 Seaboard Air Line
2/
1
4 314
2/
1
4Sept 30 1212 Feb 15
9/
1
4 De
2134 Mar
258 3
100
9
•13
9
*6
*6
10
*5
10
*5
Preferred
413s Oes
8
*3
8
100
8 Sept 11 28 Feb 7
1614 Jun
109 1121 109 11212 11014 112
11012 11211 109 111
113 113
9,300 Southern Pacific Co
100 108 June 25 127 Feb 10 105 Nov 15712 Sept
76
79
275
791
7814 8012 7614 80
75/
1
4 78/
1
4 73/
1
4 7612 21,000 Southern Railway
1
4 Sent
100 7314 Oct 3 13634 Jan 13 109 Nov 162/
1
4 901
9012 0012 90/
8914 901
/
4 88/
1,600 Preferred
*903s 93
93 Jun 100 Deo
1
4 8878 *8834 891
100 88/
1
4 Oct 2 101 Mar 20
*111 130 *111 130 *111 130 *111 129 •111 120 •111 120
Texas & Pacific
100 110 June 26 145 Apr 24 115 Nov 181 Met,
912 1011 10
10
105s *9
1
4 012 *912 10
9/
1
4 1014 *8/
1.100 Third Avenue
612 No
39 Fib
100
612.Tune 18 1511Mar 20
10
11
10
1012 *10
11
*10
1072 *914 11
.94 1058 1,100 Twin City Rapid Transit _100 10 July 10 3112 Jan 29
2014 Dec 5814 Jan
*50
55
*50
55
•50
55
*40
55
50 Preferred
*5012 55
54/
1
4 55
75 De 100 Jan
100 60 Sept 22 79 Feb 3
2071, 20934 207 2081, 205 208
20534 20712 2071
5,700 Union Pacific
1
4 Aug
/
4 20934 207 210
100 200 June 25 24234 Mar 29 200 No 297/
/
4 8838 8712 8712 87/
*87/
1
4 8734 *8738 8734 871
8512 Sept
1
4 87/
80 No
1
4 *8712 8812 1,000 Preferred
100 82/
1
4 Jan 17 883aSept 30
25
25
23
*2412 30
26
*25
30
26
40 No
8131 Jan
27
26
2634 1,600 Wabash
100 25 Sept 30 6738 Apr 1
72
75
*65
*67
*65
72
75
*86
82 Nov 10472 Jan
66
300 Preferred A
68
71
100 66 Aug 13 8914 Apr 8
*64
181s 18/
1
4 173s 187s 1558 1714 1512 1912 17
10 Oct 54 Feb
19
100 1512 Oct 1 36 Mar 29
1812 1912 25.100 Western Maryland
16/
1
4 18
17
181s
20
*181s 1912 •16
900 Second preferred
14/
1
4 No
5312 Feb
2012 2012 20
20
/
4Sept 30 38 Mar 28
100 161
16
1534 16
•151z 16
16/
1
4 16/
1
4 16
*1514 167s •1514 17
1.300 Western Pacific
15 Oct 411
/
4 Mar
100 1554 Sept 30 31)12 Mar 29
3312
38
32
33
36
3614
3234 33
3312 3312 *3212 3912 2,800 Preferred
3712 Nov 6734 July
100 32 Sept 30 6312 Mar 19
1634 17
18
16
*17
•1634 18
*6014 63
*60
*63
8412 6034 61
41
•____ 45
4014 4014 4014 41
1
4 *11012 ____ *11012
1
4 10812 109/
0108 109/
22/
1
4 211
/
4
1
4 2414 22
2334 241
/
4 22/
9234 93
93
92/
1
4
9114 92/
1
4 93
2512 225
2512 25
25
24
25
30,s 30
30
30
3012 311
/
4 30
*vs 9
7/
1
4 7/
1
4
712 712
7
20
2014 19
022
22/
1
4 2012 22
16
161
/
4
65
*60
4312 •40
--- *11012
2438 2332
93
•9234
2412 *2412
30
31
71
/
4
7
19
19
Industrial & Miscellaneous
16/
1
4 *1514 16
700 Abitibi Power & Paper_No Par 16 Sept 251
400 Preferred
64
*60/
1
4 65
100 6034Sept 29j
*40
52
800 Abraham & Strause___No par 40',Sept2Ol
52
__
*11012
120 Preferred
100 104 Jan lii
- 8 30.400 Adam, Express
---2434 241
/
4 -243
No par 2178June 181
93
310 Preferred
*9234 93
100 8514 Feb 41
2512 2512 2514 1.200 Adams MOILS
No par 23 Jan 23
31
1.700 Addressograph Int CorpNo Par 2934June 27
30/
1
4 307s
7 Sept 281
7/
1
4 *7
734 1.000 Advance Rum ely
100
19
20
1.100 Preferred
•19
100 iS7sJu,ne241
•Bid and Baked prices; no sales on this day. C 60% stock dividend paid
42/
1
4 Apr 9
8612 Apr 8
66 Apr 21
11012 Aug 25
3738 Mar 31
94 Sept 10
32 Mar 31
3434June 13
23/
1
4 Jan 24
4114 Jan 29
S ES-divldend. y Es-rights. a Ex-dividend and ex-rights.
34/
1
4 Dee 571s Aug
69 Nov 881
/
4 Jan
43 Dec 15912 Jan
10012 Nov 11212 Oct
20 Nov 34 Nov
84 Nov 96 Jan
19 Nov 357s Jan
7
15
OCt 1047* May
Oct 119 May
2188
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
MOH AND LOW SALE PRICES PER SHARE. NOT PER CENT
Saturripy
Sept. 27.
Monday
Sept. 29,
Tuesday
Sept. 30.
Wednesday
Oct. 1.
Thursday
Oct. 2.
Friday
Oct. 3.
Sales
for
the
lt'eek
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
PER SH A RE
Range for Prettous
Year 1029.
If
Lowest.
Lon est.
Highest.
$ Per share $ per share $ Per share S per share $ per share S per share Shares Indus. & Miscell.(Con.) Par $ per share $ per share
3 per share $ Per share
12
12
12
12
12
12
12
12
12
12
12
12 1.500 Ahumada Lead
1
47 Feb
158 Mar 28
12 Jan 4
38 Dec
10812 110,8 10812 114 £10484 10514 106 11172 10812 1133 11112 11418 50,000 Air Reduction Inc
No par 10314July 10 15638June 2
77 Nov 22338 Oct
1218 1218
1112 1214
11
1118 1134 12
3.100 Alr-Way Elec ApplianceNo par
12
13
12
12
11 SeLt 30 36 Mar 24
Dee
487
1818
8 May
I
1
78
1
34
1
78 5.000 Max Rubber Inc
1
1
118
34
7
No par
34 Oct 2
212 Jan 9
1 Dec 11 14 Jan
47
614 512
514 5%
514
5
514
17,300 Alaska Juneau Gold Mtn_ _ .10
514
S's
412June 18
512 6
91s Jan 7
414 Nov
1014 Jan
*812 1034 4918 10,2 *918 914
918 914
300 A P W Paper Co
94 *918 914
9,4
No par
612 Aug 13 1512 Feb 17
5 Oct 25 Jan
1878 19,8 1812. 19
177 183
173 20
1918 1918 18% 1918 61,100 Allegheny Corp
No par
1734 Oct 1 3514 Mar 31
17 Nov 5612 Sept
9334 9334 9238 92% 924 924 92
9334 9334 9334 94
92
1,100 Pref A with 530 warr____I00 87 June 23 10712 Feb 11
90 Nov 11834 July
89
8912 •87
91 .
87
91
.87
9112 .87
9112 .87
9112
200 Pre( A with 540 warr_ _ _100 89 June 3(1 0934 Apr 11
•8478 86,2 8534 85% .
8478 88
*8478 871s .8478 8712 .8478 87,2
101) Prof A without warr_ _ _ _100 8472July 9 9614 Feb 24
24114 24514 241 245
232 240
23512 2-12
232 242
33,300 Allied Chemical & Dye_No par 232 June 25 343 Apr 17 197- Nov 35434 Atli
23812 243
126 12614 •125 120
12512 12512 .12334 1254 1233 12514 .12334 125,4
300 Preferred
100 121 Jan 2 1264 Apr 1 11812 Nov 125 Apr
4734 4914 4634 4913 4518 47
4614 4838 454 4834 4612 48
30.300 Allis-Chalmers Mfg_ __.No par 4518Sept 30 68 Mar 11
3518 Nov 7512 Sept
*2334 2434 24% 25
23
2412 x23
23
1.800 Alpha Portland Cement No par 23 Sept 17 4214 Mar 27
23
2318 23
23
23 Nov 23 NoV
2134 22
2134 22
214 22
2112 2412 24
2514 2434 2512 11.600 Amerada Corp
18 Jan 16 31d2June 3
No par
1713 Oct 42% Jan
2
314
258 3
234 3
3
3
3
314
3
314 8.400 Amer Agricultural Chem_ _100
2 Sept 27 10% Mar 31
4
Oct 23% Jan
3012 3112 29
3112 2778 2912 28
6.100
2812 29
Preferred
2834 2918 30
100 23 June 26 3958 Aug 16
18
Nov 7334 Jan
7212 74
6912 7034 6812 70
68
68
•7012 73
2,000 American Bank Note
72
73
10 68 June 18 9738Mar 27
65 Nov 157 Oct
'6314 65 .6314 65 .
6314 65
*6312 65 .
65
.6312 65
6312
Preferred
50 61 Feb 3 6634 Jar 31
57 July 6534 June
4
4
•3
4% .3
6
*4
5
.4
*4
5
5
100 American Beet Sugar..Ns par
4 Sept 26 12 Jae 16
514 Dec 2012 Jan
2712 28,8 2558 27% 2212 2234 2218 2478 23% 2338 223 28
5.200 Amer Bosch Magneto..No par 22% Oct 1 5478 Feb 14
27 Nov 7612 Sept
4212 4212 42
4258 4112 42
4112 41 12 4134 42
4112 4112 2,300 Am Brake Shoe & Fdy_No par 4138July 10 5458 Mar 20
4012 Nov 62 Feb
0121 12 12438 121% 12134 121 12 12134 *12018 1241 123 123 .12012 123
Preferred
130
100 118 July 17 128 Feb 13 113 Nov 12612 Mar
k 14 1512 1418 1614 1212 14381 1234 144 1312 1434 14 15% 23,300
Amer Brown Boverl El_No par
838 Jan 16 2134 Apr 25
418 Oct 344June
73
73
74
70
.72
74
72
.72
72
200 Preferred
737g 737 7734
100 6012 Jan 3 84 Sept 18
4934 Jan 104 June
11812 12212 11918 125% 11612 12112 118 12358 12014 12312 12314 12513 484.600 American Can
25 10814June 25 15612 Apr 16
86 Nov 18412 Aug
O150 155
15012 15012 15012 15012 *15012 151
15012 150% 15072 15078 2.000 Preferred
100 1404 Jan 27 15078 Oct 2 13318 Nov 145 Dec
4318 4312 4358 45
43
4358 4278 43
4218 4214 4278 43
2.700 American Car & Fdy__No par 42 June 23 8212 Feb 6
75 Nov 10612 Jan
•92
9412 92
92 .90
9312 90
90
90
00
.85
500 Preferred
90
100 90 Oet 1 116 Jan 4 11012 Oct 120 Jan
4934 4934 47
47
48
46
46
49% 4812 5112 49
4.200 American Chain
50
No par 39 June 25 69% Apr 10
4012 41
4038 41 1s 40,2 41
4014 43
4012 4158 4112 42% 6.700 American Chicle
No par 3658 Jan 2 3114 Apr 3
27 Nov -8
• 15
1534 14% 16
1412 1512 1412 15
1412 1518 15
7.400 Am Comml Alcohol_ _ _No par
15
914June 30 33 Jan 16
20 Oct 65 May
1413 11 18 1212 1138 12
L,•12
.117 1412 Ilia 1178 •11
1234 1.400 Amer Encaustic Tiling_No par
1814 Nov 475 Feb
I lis'ept 29 30% Mar 31
36
36
35
3412 35
3512 34
36
3512 3512 3512 36
3.300 Amer European Sec's_ No par 3318Jure 19 5912Mar 31
23 Nov 9812 Sept
5814 5934 5212 60% 52
5478 5414 5818 537 577
5714 58,2 201.000 Amer & For'n Power_..No par 52 Sept 30 10134 Apr 16
50 Oct 19914 Sept
*107 10834 105 105
10114 10414 10734 10734 .105 10734 105 105
500 Preferred
No par 104145ept 30 11112 Apr 29 1014 Nov 10812 Feb
•93
9512 92
91
92
92,4 91
91
•90
9012 9113 91,2 1.000 2d preferred
No par 91 Sept 30 10034June 11
8614 Oct 103 Feb
9812 9812 98
9812 98
98% 98
984 9818 9858 98
984 1.170 $6 preferred
No par 95 Jan 31 101 May 17
94 Dec 100 Feb
818 10
8% 10
10
1018 1038 103t 1034 6.600 Am Hawaiian 8 8 Co
9
834 918
10
33%
818
Sept
Mar
27
19
1712 Dec 42 Apr
*.212 3%
212 2%
3
3
.234 312 0218 312 .278 312
300 American Hide & Leather.100
24 Aug 29
7 Apr 10
312 Dec 10 Jan
2034 2034 •17
22
•17
21
.17
21 .
17
2114
2114 •17
100 Preferred
100 17 Sept 4 3478 Apr 11
2314 Nov 5214 Aug
•56
563
, 56
54
5512 5412 56
57
58
56
553 554 3,000 Amer Home Products__No par 64 June 30 6934 Mar 20
40 Nov 85% Jan
3153 3158 3112 31% 3012 31,2 31
3218 3218 321s 231
No par 3012Sept 30 4178 Mar 27
3112 3.600 American Ice
29 Oct 6312 Au
31
32% 3014 3212 2934 3078 31
3258 3012 3258 31
3234 33,700 Amer Internal Corp._.No par 28%June 21 5538 Apr 2
2912 Nov 9634 Sept
1 12
158
•1,2 1% •112
112 •114
112 *114
300 Amer La France & Foamite.10
112
112 '114
132 Aug 6
4 Apr 2
212 Oct
878 Jan
•10
15
15
15 .10
15
15
010
2212 .10
50 Preferred
2212
100 15 Aug 13 35 Feb 14
2712 Nov 75 Feb
3818 39
374 3818 37
3712 37
3714 3612 3714 3618 3618 5,300 American Locomotive_No par 3618 Oct 3 105 Jan 6
90 Nov 136 July
90 .89% 90,4 8934 89% .8834 8934 90
90
90
.897 90
1,000 Preferred
100 8934Sept 30 11812 Mar 1 11114 Nov T
. Deo
3534 361
36% 3712 36% 3712 38
39% 3812 3913 39
3912 10.800 Amer Mach he Fdy new_No par 35,4 Aug 8 45 Sept 6
612 6%
6,4 6,
613 6,2
6
6% 6
612
3.100 Amer Mach & Metals_.No par
6
6
6 Aug 22 1412July S
2212 2234 23
2312 2114 2318 2212 2314 2214 23
2218 22,4 5,500 Anier Metal Co Ltd...._No par 2114Sept 30 5112 Feb 7
3112 Nov 81's Feb
•__
104 •._ __ 104
102 104
10214 10214 101 101 •____ 104
500
Preferred (6%)
100 101 Oct 2 116 Feb 18 106 Nov 135 Feb
74
•73
7234 7234 .69
724 71
7212 .6314 70
69
69
100 Amer Nat Gas pref____No par 65 Jan 23 95 Mar 27
58
Nov 9814 Jan
7218 73,8 72
7412 70
71% 70% 74
7218 7514 7312 78
13,300 Am Power he Light.,...No par 70 Sept 30 11938 Apr 1
6414 Nov '1753 Sept
105% 106
106 106,4 10614 106,2 10612 106% 10534 10612 10613 10612 3.100 Preferred
No par 99 June 25 107 Mar 24
9214
Oct 105 Feb
*86
88
8618 8612 .8512 86% 8618 8612 86
1,200 Preferred A
8658 *8612 88
No par 75 Jan 8 87788ept 19
70 May 80 Feb
8912 8912 8814 89
8738 8314 8814 88% 8814 8834 8812 89
2.800 Prof A stamped
No par 80 Jan 6 8912Sept 27
7278 Nov 8412 Feb
2318 2358 2212 2358 20
22,8 21% 2238 22
23
2238 23
82.100 Am Rail he Stand San'y_No par 20 Sept 30 3934 Apr 7
28 Oct 558 Sent
•I3
15
1312 1312 13
14
1314 15
•1334 1412 1412 1512 4,100 American Republics_ No par
1212 Nov 6434 Jan
13 scot 30 37 Mar 25
4314 4612 43% 45% x4318 44% 4312 4438 4214 4312 44
447 21,800 American Roiling Mill
25 4214 Oct 2 10078 Feb 17
60
Nov 14458 Sept
8158 6158 61
6278 5934 6178 6012 6212 6212 6334 63
64
3,400 American Safety Razor_No par 5212June 18 67% Apr 26
44 Nov 7434 Jan
913 .
*8
8
912
8
8
*712 8
.74 8
*712 8
100 Amer Seating v to
No par
7'4 July12 2612 Feb 18
17 Dec 417 Mar
112
1 12 112
Vs
114
114
138
1%
112
112 .13
1% 2,700 Amer Ship he Comm_ ..No par
Ds Feb 25
37sMay 6
38 Oct
7 Feb
*47
4712 45
45
48
41% 42
45
.42
47
4238 4314 1,420 Amer Shipbuilding new.No par 417 Oct 1 5412June 5
5214 5312 5118 5418 51
54
5312 5734 543k 57
5614 5714 45,100 Amer Smelting & Refg_No par 61 Sept 26 7912 Apr 2
62 Nov ii0T4 Sept
•136 139 .135 13712 .13512 13712 *130 1374 136 136
136 13634
300 Preferred
100 13312 Feb 6 141 Apr 8 12318 Nov 138 Jae
10114 101% 101 10114 .10034 101
10078 101 •1004 101 14 10078 1007o
1.500 6% cum 2,1 prof
100 100 Aug 16 1037 Aug 14
4014 4014 40
40141 3813 40
3914 393
397 397
3834 40
2.700 Anerican Snuff
25 38 June 18 437 Jan 27
38 Oct 49 July
112 112 •11112 112 .11112 112
112 112
111 111
111 111
180 Preferred
100 105
0,18
8sJept
an 3 112 Sept 18
98 Nov 1_1_2
Jan
514 534
514 534
514 513 .512 6
514 514
534 534 1,900 Amer Solvents & Chem _No par
25 221251ar 7
•____ 18 •____ 17 •__ 17 •____ 15 •____ 17
Preferred
No par
1734 Aug 15 3314 Mar 5
3414 3512 3358 3414 33
34
23214 35
3518 3518 3514 3712 5,900 Amer Steel Foundries..No par 3214 Ort 1 5214 Mar 20 -i&i4et 797 Feb
*11112 11212 •11112 11212 *III 11212 11238 112% 11212 11212 .11212 113
30 Preferred
100 11012 Jan 7 116 Feb 25 110 June 114 Mar
44
45
45
45
43
44
4258 4234 42
4212 42
42
3.000 American Stores
No par 42 Aug 18 5512 Apr 16
40 Oct 85 Apr
454 4512 45
4612 40.38 4112 40
4218 4134 43,2 4.000 Amer Sugar Refining
424 41
56 Nov 9434 Jan
100 90 Oct 1 6978 Mar 26
101 101
101 101
*101 104
*9912 10214 *99 10412 1004 1004
400 Preferred
100 10034 Oct 3 110 Apr 24
99 Nov III Feb
1038 10% 11
11
958 1012
8
938
94 93
812 8%
2,600 Am Sumatra Tobacco_.No par
8 Oct 1 2634 Feb 10
18 Nov 60 Jan
20
20
20
20
.1818 2012 *18,8 1934 20
20
.1812 20
50 Amer Teleg he Cable Co__ _100 16 June 14 2712 Feb 8
17 Jan 32% Feb
20434 20658 20314 20338 20214 2047s 203 20714 20334 207
20614 20838 101.200 Amer Telep he Teleg
100 20018Jure 23 27414 Apr 17 19314 Jan 31014 Sept
American Tobacco c0m____50 197 Jan 8 26414May 23 160 Mar 2324 Oct
115 117% 114 11534 11634 11634 115 118
i1514 116
118% 119,4 4.400 New w 1
25 114 Sept 30 127 Sept 10
Como-ion class B
50 197 Jan 8 26912May 23
238" Oct
11618 121
11778 121
116 11838 11658 12038 11758 12014 11918 12138 61,000 Class B new w 1
25 116 Sept 30 13078Sept 10
•127 12712 12712 12712 .12614 12712 12712 12712 .12758 130
127% 12734
400 Preferred
100 120 Feb 3 129 Sept 25 11413 Nov 12114 Jan
*119 12312 119 119 .115 *118 •115 12314.
115 12312 •115 12312
100 American Type Founders_ _100 113 June 19 14134 Apr 1 115 Nov 181 Sept
*113 114 •113 114 .111 114 •111 114 .111 114 •111 114
Preferred
100 106 Feb 5 1143aJuly 24 103 Nov 112 Apr
91% 94% 914 96
88
9558 9258 9612 95
92,4 91
97 126.700 Am Water Wks he Elec_No par 7818June 23 1247 Apr 23
50 Nov 199 Sept
*10712 10814 .10714 10813 *10714 ---- *107,4 ---- 10714 10714 •10714 1081
100 1st preferred
9912 Jan 4 10714 Oct 2
97 Jan 104
Jan
8 2 858
978 1034 .8
814 9
7% 814
10
57 Oct 2778 Jan
834 94 3.700 American Woolen
100
7138ept 30 2014 Feb 17
2332 24% 23
21
23
23
24
23
22
2312 22
2212 4,200 Preferred
100 1934 Jan 2 4412 Feb 18
1512 Nov 583 Jan
.412 4% .3
514 *4
5
5
5
*414 5
.44 5
200 Am Writing Paper ctfs_No Par
6 Jan 20
9 May 29
4 Nov
1618 July
31
*30
*3012 34
*3014 34
.31
3712 .31
3712 .31
Preferred certificates_
3712
100 2912 Jan 17 443 Feb 27
28 Nov 46 Mar
612
7
714 712
634 734
8
*714 812
634 7
8
6.800 Amer Sine Lead he Smelt___25
612June 19 177s Feb 3
7 Nov 4914 Mar
*5712 61
5712 57,2 5212 5612 52
6212 *52
55% .5212 55
800 Preferred
25 60 June 19 7978 Jan 20
4934 Nov 11114 Mar
37 12 383s 36
381,1 3412 36
36
3912 37
3918 374 38% 141.500 Anaconda Copper Mining_ _50 3412Sept 30 8112 Apr 2
674 Dee 140 Mar
20
21 12 22
23
23
2234 22
2334 23% 2358 24
24
1.600 Anaconda Wire he Cable No par 20 Sept 27 6314 Feb 6
46 Dec 8934 Sept
3558 37
3712 371 _ 3712 38
*3614 39
3712 3812 2.200 Anchor Cap
36
37
No par 3478June 18 513 Apr 21
25 Oct 80
Oct
*1714 18
1613 17% 16
16% 16% 1618 1614 1614 *1618 19
1,900 Ande8 Copper MIntng. _No par
16 Sept 30 3714 AM 2
30 Oct 6838 Mar
1972 19% 1918 1912 1978 20
19% 20
20
2012 1.800 Archer Daniels Mhird _No par
2012 .20
1918June 23 2914 Apr 5
1812 Nov 4912 Mar
73
7312 74
72% 7312 7312 74
7312 7112 7154 72
7412 1,500 Armour he Co (Del) pref. _100 7112,
ept 30 8278June 5
75 Oct 95 Jan
334 418
414 4,4
4
438
4,4 4,2
3% 414 10,600 Arinour of Illinois Class A___25
4
418
818 Mar 26
334 sent 30
518 Oct 1818 Jan
258 234
2% 234
2'2
34
24 2%
212 234
25
2% 258 10.900 Class B
43 Mar 20
212Sept 30
234 Nov
1014 Jun
*55
58
55
57,2 66
62
53
55
55
1.801) Preferred
55
55
100 52 Oct 1 65 June 4
65
67 Nov 88 Jan
7
734 754
712
634 634
634 7
8
6% 634
8
2,100 Arnold Constable Corp_No par
5 Aug 18 1334 Apr 21
614 Dec 4078 Jan
*7% 878 *734 8%
No par
734 734 .6% 878
300 Artloom Corp
63.1 634 •5%
634 Oct 2 2018 Apr 28
1658 Nov 30 Feb
2812 29,4 2712 2812 25
2712 27
281
27
31
29
30
10.400 Associated Apparel Ind_No par 25 Sept 30 4618 Mar 10
34 Nov 583 Juno
30
3012 32
3112 294 304 3018 3138 3078 31% 3112 33
6,200 Assoc Dry Goods
No par 28 Jan 4 5012 Apr 15
25 Nov 7034 Jan
44
•40
3912 3912 .39
44
.39
41
44
*37
011
Associated
44
*37
25 3212 Feb 27 61 June 2
10
3412 Dec 474 Apr
501 4 5012 4912 50
•5034 52
4878 4912 .49
53
53 .49
3.300 Atl & W I S Line___No par 4878 Oct 1 8038 Jan 30
3218 Frb 8612 Oct
5412 5412 544 5112 .5414 5412 5432 5438 *5414 5412
*5413 57
100 60 June 27 6514 Feb 26
800 Preferred
453 Feb 6278 Sept
29
2938 245s 25% 25
295s 26
23
2658 2834 2814 2912 60.600 Atlantic Refining
25 245sSept 30 6138 Apr 7
30 Oct 777 July
6514 6514 65
654 6314 65% 65
65
65
65
66
66
No par 62 June 17 104345lar 21
2,400 Atlas Powder
67 Nov 140 Sept
10012 10012 10212 10212 10112 10112 .10134 10212 10114 10114
•10134 104
80 Preferred
10012Sept 29 106 Mar 22
90 Nov 1064 Jan
259 26
25% 2638 25% 27
2518 2612 2512 2634 263 2634 2,600 Atlas Stores Corp
No par 2618 Oct 1 37 May 15
-4
4
*4
.
314 4
6
.3
4
*3
4
*3
4
100 Atlas Tack
No par
4 Aug 7
812alar 5
5 Nov
91
94 102
9734 9412 10034 95 10034 98% 10234 37,500 Auburn Automobile_No par 91 June 23 263% Apr 1 120 Oct 514 Sept
9534 100
4,3
312
3
312 312
3
.1
312 .114 3
2
2
300 Austin Nichols
No par
2 Oct 3
7 May 14---238 231 •212 234
178 2
.
2
178 2
2
2
214 1,600 Autosales Corp
No par
1%Sept 26 1038 Mar 3
4 Dec -551-2 Aug
7
7
.612 10
*512 8
*512 8
.612 10
*612 10
500 Preferred
50
6 Aug 18 25 Mar 4
13 Dec 457g Aug
73
6718 721 1 6912 7112 68
72% 73% 70
7134 69
693 10.100 Autostrap Sal Razor A_No par 37 Jan 2 8134July 31
34 Nov 60
Jan
414 458
434 5
432 434
4% 5
412 43
412 434 26.300 Aviation Corp
par
414Sept 30
5412 Dec 20 Aug
972 Apr 15
28
29,2 2712 2834 28
2734 29
2978 294 31
3058 32
55,000 Baldwin Loco Works_Na
Ns par 1938June 17 38 Feb 18
15 Oct 6613 Aug
10934 109% 109 109
10814 109
*109 11012 109 109
109 109 •
220 Preferred
100 10412June 25 116 Jan 21 10912 Nov 125 Apr
10912 10912
109 109
109' 109
108 10912 *108 109
108 109
510 Bamberger(L) he Co pref 100 10678 Aug 16 11012 Feb 4
9312 Nov 11012 Feb
1412 1412 .13
13
13
•____ 15
17'z 14
1712 *13
1430 Barker Brothers
No par 12 Sept 25 2034 Mar 5
16 Dec 3334 Jan
75 5__... 75
•____ 75
75 •____ 75 *____ 75
Preferred
100 72 June 26 91 Mar 31
Jan
70 Nov 97
201
18%
1914
1912
20
1912 2013 37,600 Barnsdall Corp class A
1834 2058 x1918
1912 20,4
25 18528ept 30 34 Mar 28
20 Oct 4918 May
50
4913 4932 48
4934 4934 .4934 50 .49
49
48
48
330 Bayuk Cigars Inc
No par
Oct48
55 Nov 11334 Jan
2 68 Feb 4
•96
x98
97
93
98
98
98
•96
.
97
93
9512 9618
300 First preferred
Oct 10634 Jan
100 9512 Oct 3 101 July 24
96
81)
77
80 .7714 80
79
77
79
79
81)
.77
80
2.900 Beatrice Creamery
50 6712 Jan 18 92 Apr 14
60 Dec 131
Oct
10814 10878 10812 10812 1.000 Preferred
107 10712 10712 10712 •10714 10812 10734 103
100 10114 Mar 20 I0914Sept 22 100 Dec 10612 Aug
*5318 66% 534 53,4 543 5434 5312 524 .52
54
52
5312 1,100 Beech-Nut Packing Co_ _ _ _20 4938„hine 25 701s Jan 28
45 Nov 101
Jan
4
.312 4
*312 4
*312 4
4
.
31 3 378 .34 4
100 Belding Ilem'way Co_.No par
413 Dec
1734 Apr
212 Aug 5
6% Jan 17
*7712 78 .77% 78 .77% 78
*774 78
774 7712 •7711 7712
100 Belgian Nat Rys Part Pref._ __
8.17, Jam
75 Nov
774 0,1 2 8512Mar 19
•Bid and asked prices; no sales on this day. z Es-dividend. If Ex-rlghtel.
2189
New York Stock Record -Continued-Page 3
For sales during the week of stocks not recorded here. see third page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 27.
Monday
Sept. 29.
Tuesday
Sept. 30.
Wednesday
Oct. 1.
Thursday
Oct. 2.
Friday
Oct. 3.
Sales
for
the
Wed
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SH AXE
Range for Precious
Year 1929.
Lowest.
Highest.
ner share
,sr share Shares Indus. 114 Miseell.(Con.) Par $ Per share $ Per share $ per share
$ per share $ err share $ err share 3 Per share $ per share $ ,
25 Nov 10411 July
No par 20 Sept 30 57% Apr 7
2114 2378 2234 2334 48,800 Bendix Aviation
23
2112 21
2318 25
20
2212 25
Sept
12312
25
Apr
Nov
25
par
5614
8
Jan
3118
No
4012 47% 14.500 Best .54 CO
4458 46
4458 46
42,
2 45'2 444 47
4328 47
7814 Nov 104% Aug
8378 72,600 Bethlehem Steel Corp____100 75 Aug 13 11014 Apr 1
8014 8234 8012 83
78'2 8112 80:8 83% 8018 8312 81
Sept
128
22
Mar
134
13
Jan
1165
12214
100
(7%)
8May
Preferred
2.200
129
8
1285
129 128
129 129
12834 12834 12884 12914 12812 129
_
_
No par 2912 Oct 3 4112 Apr 24
2912 2013 2912 1.400 Biaw-Knox Co
31
*29
30
30
3134 *3012 32
30,2 •29
22% Dec 6158 Apr
1712June 23 2978 Apr 24
260 Bloomingdale Brothers_No par
25
25
26
*25
2512 26
25
2512 *25
25
2512 25
Jan
111
8
Mar
103
12
Oct
May
100
99
100
Preferred
250
101 101 *101 102
10212 10212 •10112 103 •10112 103
102 102
Jan
701, Dec 118
180 Blumenthal & Co pref___ _100 74 Feb 7 90 Apr 7
8212 90
*8212 90
*8212 87
*8212 86
'82's 90
89
90
Mar
4
1363
7
Apr
69
30
Nov
37
2312Sept
par
_No
Br_
&
Aluminum
Bohn
5,900
25
25
4
,
25
26
2514
25
244 2512 2312 24
2312
2534
Oct 8912 Jan
70
No par 67 Oct 2 78 Apr 5
300 Bon Ansi class A
67
67
67
*68
68
6914 .
6912 68
6914 67
*67
68
3 Dee 11114 Jan
5 Mar 26
2 June 21
No par
700 Booth Fisheries
212
2,4
214
234 234
214 24 *214
214 214
212 212
6334 Jan
3
Jan
Dec
18
3314
23
June
18
100
preferred
1st
100
21
*15
22
21
22
21
•15
*15
21
21
*15
*15
53 Oct 10012 July
25 604 Jan 8 90%May 29
7258 7312 7112 73,2 70
72
7012 7314 724 7312 7312 7434 34.600 Borden Co
26 Nov 14338 May
10 18 Sept 30 5012 Mar 27
2112 2212 2034 23
2034 18,8 203, 19% 2078 2034 2112 14,900 Borg-Warner Corp
18
212 Dec 1512 Feb
5 Mar 27
178Sept 3
200 Botany Cons Mills class A 50
*212 3
212 212 *214 212 *214
212
*212 3
2,2 *214
812 Nov 6318 Jan
1312Mar 6 2538July '23
1614 1634 1518 17
14
15% 1528 1612 1512 1658 1512 1612 54.200 Briggs Manufacturing_No par
121,e 4312 July
1731
4
Apr
3512
19
June
21
par
No
Stratton
At
Briggs
200
*18
21
*21
*18
20
23
2112 21
*21
2112 *1618 21
14 Nov 7378 Jan
11,200 Brockway Mot TruckNo par 10 Sept 27 2214klay 19
10
1134 10
1012 1114 104 104 10% 11
1114 101g 11
Jan
7114 Dec 145
85 Apr 24
100 40 SePt 3
170 Preferred 7%
*4012 55
5714 58,4 4814 53,4 40
4012 401 *4012 55
40
99 Nov 24812 Aug
12112 12112 6,800 Brooklyn Union Gas_ __No par 115 June 25 17814Mar 3
11714 11912 115 118
118 122
115 115% 118 122
42 Feb 18
Oct Si', Sept
38
No par 37 Sept
400 Brown Shoe Co
*38
3712
3834 3712 38
3834 *37
*37
39
*37
37
37
1614 Nov 5514 Jan
*14
15
14% 4,900 Bruns-Balke-Collendar_No par 131s Jan 15 30% Mar 31
15
1418 14
14
1418 14
1418 15
14
24
Mar
Oet 4234 Jan
14
8
317
1
HIRJune
I
10
Co
-Erie
Bucyrus
5,200
2038
2038
2112
21
20
2078 1978 20% 20
2114 2012 2012
26-1 Oct 50 Feb
43 Mar 25
10 2912Sept 3
1,900 Preferred
33
33
3218 33
2912 32,8 3118 323
3217 3314 *3212 33
117 Sept 11 10734 Dee 117 Apr
100 10734 Jan
470 Preferred (7)
117 117 *116 117
115% 11578 *11512 116
116 116 *11578 116
818 Dec 2278 Oct
1648 Apr 15
548Sept 3
No par
11,900 Budd (E G) Mfg
8
7
73
7
658 7
7
758
6%
6
5% 678
1212 Deo
818 Jan
1458 Feb 6
74 Dec
No par
914 958 19,600 Budd Wheel
814 9
812 918
84 612
84 878
94 10
Nov 34 Dec
2114
43
31
Mar
1
Jan
par
2618
Watch
No
Bulova
14.300
2918
27
27
2918
2738
27
27
27
2934
2812
274 27
Judy
54%
Nov
25
2
Apr
74
1
Aug
2018
pa
No
8,900 Bullard Co
26
263
2412 2514 2514 26,4 2518 2534 25,2 27
2518 27
Jan
11018 Apr 2
88 Nov 127
90 June 1
200 Burns Bros new CIA corn No pa
*95
98
*95
98
*95
*95
98
95
*95
95
98
98
Jan
39
8June
225
2
Apr
1
35
1514June
corn
B
Maas
New
Da
No
1.100
21
21 12
*20
2018 204 20
20
20
20
20
21's 20
100 Feb 19
88 Nov 10514 Jan
100 8914June 1
Preferred
*95
971
971 _ *95
9712 .96
9712 •96
9712 *95
9712 *95
29 Oct 32934 Jan
5178 Mar 1
2914June 2
5,500 Burroughs Add Mach_ _No pa
3014 3058 3058 3188 30% 3012 3112 32% 3112 3112 3118 32
3114 Nov 891, Feb
4812 Mar 5
29 aline 1
No pa
3.400 Bush Terminal
3318 331u 3234 3318 33
3218 321
3412 3238 32% 323, 33
9118 Nov 11012 May
100 99 June 30 110 Mar 15
200 Debenture
10938 109% 109% 10918 10614 108,4 10614 106,4 *10534 108 *10534 108
Nov 11812 Feb
1054
7
Apr
118
10
Feb
10918
Term
10
pref
Bides
1
Bush
40
115
*11512 117
11512 1151 11512 11512 11512 11512 11434 11434 *11412
41/8 D ec 12% Jan
1,4Sept 30
514 Jan 6
1,300 Butte & Superior Mining___1
11
114
114 *114
112 112
13
112 112
11
142
14
912 Jan
2 Oct
414 Feb 20
1% Oct 1
4.300 Butte Copper & Zinc
2
2
134 218
2
2
2
2
1% 2
2
2
Jan
1712 Dee 41
100 1212Sept 30 2938 Feb 24
2.700 Butterick Co
14
1312 1312 1312 1312 14
1312 1312 1312 131
1212 14
50 Nov 19278 Jan
No par 54 Sept 30 11238 Apr 26
6034 6213 57
54
631
57,4 5518 6114 57
6012 5912 633 40,009 Byers & Co(A M)
Apr 12114 Jan
100 10812 Aug 4 114 Jan 25 105
30 Preferred
*110 ____ *110
____ •110
110 110 *109
_ _ _ *110
634 Oct 8478 Aug
No par 5514 Sept 30 7712Mar 5
3,100 California Packing
60
60
57
577 5918 5514 57
56
5612
58
58
Jan
4
Oct
1
78 Aug 23
218 Feb 3
10
1
*78
7
78
600 Callahan Zinc-Lead
1
*78
*78 1
%
7
78
734 No% 13634 Allg
897s Jan 9
42% 4278 5.000 Calumet & A[-trona Mining_20 4218 Oct
4414 44,4 4412 453
43
431.. 4312 4414 4318 45
8
617
Mar
Oct
25
10
7
Jar
3338
27
Sept
25
Ueda
&
Calumet
1014 10
10
10
10% 1018 1012 10% 1012 20.700
1012 1018 107
19 Dec 4912 Aug
1478 •1478 1512 2,200 Campbell W & C Fdry _No par 13 Sept 29 30 Mar 25
161% 1658 13
14
16% 134 1414 13% 15
45 Oct 9834 July
75% Mar 10
6918 60
5812 5912 5512 5712 255
5618 55% 561z •5612 5912 8.000 Canada Dry Ginger Ale No par 55 Oct
Dee 4834 Sept
27
18
Mar
3414
Oct
4
193
No Dar
4,500 Cannon Mills
2058 2034 2014 2012 20
20
20
2014 19% 204 1934 20
17 Nov 6518 Oct
1.900 Capital Adminis el A_ _No par 13 June 19 2834 Apr 4
•1514 17
16
1612 16,2 1558 1612 1518 1538 154 157
16
3978 Oct
Nov
29
42
19
Mar
Jan
31
50
A
Preferred
400
40
•30
3312 •____ 40 .30
*3312 35
3312 33% 33
40
143 1464 13112 146
12114 13312 12812 136
12514 13512 13118 138% 144.900 Case Thresh Machine etis_100 12114 Sept 3 36234 Apr 23 130 Nov 467 Sent
80 Preferred certificates__ _ _100 115 Jan 16 132 Mar 25 113 Nov 12312 Deo
*12314 125 •12314 125
124 124 *12338 124 *123 12412 122 123
61 Dec
504 De
79% Apr 28
48% 49
45
46
46
46
48
9714 23.700 Caterpillar Tractor_ _ _ No par 45 Sept 3
4614 49
4714 47
4218 Feb
614 De
1378 Jan 11
378 Oct
6'4
51g
4.5
500 Cavannagh-Dobbs Inc-No Par
5
*4
412 5
378 4
*518 6%
o
10512
Dec
58
Mar
18
Jan
75
Oct
4712
100
Preferred
10
•4712
49
49
50
4712 4712
*4712 49 •14712
*4713 49
3
July
20
12 Oct
900 Celanese Corp of Am__ No pa
•-i2C2 121 •1212 13
12
12
1212 1212 *13
1218 13
15
Feb
60 Mar 10 -51- Oct
9 July
No pa
4,700 Celotes Corp
1014 1014 1014 1012
94 1014
912 101a
94 10
934 1012
Oct 4834 Jan
21
301212155 31
20% Oct
1,700 Central Aguirre Asso. _No pa
2112 2212 21
23
21
23
22
20% 22
22
23
•21
3 Oct 20% Jan
814 Mar 27
334 Feb
Century Ribbon Mills_No pa
412 *4
41
5
412 •4
*4
5
*4
*4
412 .4
5014 Dec 82 Jan
Si Feb 27 419%July 16
10
Preferred
*6314 647 *6212 69% *6212 6978 .6034 6978 *6034 69% •6034 69%
5214 Nov 120 Mar
8538 Jan 6
27 Oct
39
38
394 397
3758 3912 374 38
37
37,2 6,200 Cerro de Pasco Copper_No pa
3712 37
10% Dec 32 July
518
538 51
5 Sept 30 15-8 Feb 6
5
2.600 Certain-Teed Products_No pa
518
5,4 5%
5
5,4 5,4 •514 6
4
3912 Dec 6234 Jan
Feb
49
3
July
pa
Fuel
38
&
Ice
No
3812 381
City
3812 38,2 38
1.300
39
3814 381
38
3812 3818 3818
Sept 10514 Jan
911
10
81 Sept 11 9834 Feb 11
8312 82
84s 84
831. *83
83
370 Preferred
83
82
8278 8212 8212
18 Oct 80% Sept
1838Sept 30 6778 Mar 27
No pa
24% 27
21
2614 28
2358 22
18% 23
2334 2318 2478 41,200 Checker Cab
4218 Nov 112 July
No par 5112June 28 8212 Mar 29
58
3.100 Chesapeake Corp
56
56
55
581 *58
5512 56
56
58,4 5514 57
21% Oct 474 Sept
91sSept 30 37 Mar 31
16
16
13% 1378
918 14
1318 1378 1318 14% 8,100 Chicago Pneumat Tool _No par
1234 1534
47 Nov 61 Sept
No par 40 Sept 30 5578 Mar 14
42
200 Preferred
40
40
4178 4178 40
*38
*3834 39% *3834 39%
2178 Oct 38 Jan
20
Mar
32
1
Feb
164
par
.No
Cab__
Yellow
Chicago
250
25
25
25
27 •25
25
*25
25
2812 25
2534 25
25 Dec 50 Jan
10 1512 Oct 3 3212 Apr 10
900 Chickasha Cotton 011
1612 16% 16% 16%
16
*16% 167
*1512 16
16
1512 1512
4412 Nov 7578 Sept
67%June 6
No par 4212 Oct
12.600 Childs Co
4212 45
4738 48
43
4518 4714 4412 46
4418 4412 45
26 Nov 135 Jan
1958Sept 30 43 Apr 11
No par
2018 21
20% 2158 2114 2134 98.300 Chrysler Corp
2018 217
, 19% 204 2018 22
714 Oct 27 Feb
41s Sept 23 1314 Apr 25
555 9,300 City stores new
No par
5
4% 5
5% x434 5
5
4% 5
4% 5,4
25 Nov 6178 Oct
21
Apr
4412
1
Aug
29
F.Quipment
Dar
No
Clark
300
35
*30
35%
1127
35% 2918 30
357 *27
*30
3518 *27
2 Div 7234 Jan
34,
600 Cluett Peabody & Co No par 30 Feb 1 60 Apr 5
32
32
31
31
31
*31
1131
31
3112 31,2 31
31
9012 Dee 119 Jan
100 9114 Jan 2 105 Apr 8
50 Preferred
984 99
102 102
*9814 103 •9814 103
*9914 103
*9014 102
Nov 15412 Aug
101
4
8June
1913
Jan
par
13314
No
Co
6,100 Coca Cola
177 179
17814 17914 178 182
17618 178
17818 179% 17614 180
4434 Oct 50 Feb
63 Mar 21
No par 4812 Jan
1,400 Class A
52
1152
52
52
52
521
52
52
52
5214 62 '2
2
6478N1ay
2
June
50
par
No
Colgate-Palmollve-Peet
2,200
4
553
*5412
55
*55
55
5512 5512 57
56
5712 53
55%
1034 --e,9 30
100 97 Mar 1
500 6% preferred
103 103
10234 10234 .10234 10318 10318 1031 10318 10313 103 103
io" Nov 7214 Via;
3534 Feb 13
14 Sept 3
No pa
5,600 Collins er Aikman
16
14
1434 15
1634 16
15
14% 1414 1614 16
16,4
65 Dec 10312 Feb
92 May 24
Jan
73
_100
.
_
non-voting
Preferred
200
*8114 89
8114 8114 *8114 88
*8114 89
*8114 88
•8114 89
20% Apr 28
1214June 1
1312 13% 13,4 1312 1234 13
1234 1234 1212 1212 5,500 Colonial Beacon Oil Co_No par
12% 13
2334 Nov -iif, Mar
77 Apr 8
100 3234Sept 3
16,700 Colorado Fuel & Iron
40
3913 3912 33
3234 35,4 34
39
37% 3514 37,4 36
Oct
1184 119% 15,700 Columbian Carbon v t c No pa 108 J.Te 2. 199 Mar 11 105 Nov 344
117,2 11914 117 121
11214 116,4 115 11934 117 119
87 Apr 10
51 Sept 3
5512 5614 5318 5678 51
53% 62
55% 51% 55% 52% 5578 117,000,Columbia Gas & Eleo__No Pa
'1;i;
io4Nov
11
Apr
9912
110
31
Jan
10414
Preferred
100
1.8001
10914 10912 10938 10912 10912 10912 •10938 10912 10938 10912 10912 10912
16% Nov 88% Jan
37% Apr 28
1218 Aug 1
1414 1434 14
1418 1478 1414 14% 79.000 Columbia Graphoplione
15
154 13,4 1414 14
s Jan
18 Nov 62,
404 Apr 1
2334 2414 18,600 Commercial Credit____ No par 21 Sept 3
2338 23
2312 24
21
2318 24
234 24
24
28 Nov 51% Sept
44% Apr 1
.50 317s Jan
2,300 Class A
38
37
37
*3314 36
3414 35
38
36
3818 38
38
28 June
Nov
29
Apr
28
Jan
8
3
20
22
25
B
Preferred
2512
2512 •25
*25
2512 *25
2514 *25
2512 .25
2514 *25
70 Oct 10534 Jan
9512Sept 11
540 1st preferred (6 %)__ _ _100 7614 Jan 1
95
9412
•94
9518 9434 9478 94
9514 94
95
94
94
2818 Nov 79 Oct
65 Mar 6
No par 2812June 2
31
30
3014 313
2958 30% 3018 3112 3012 3134 3178 32,8 6,100 Corn Invest Trust
_
28
Mar
18
June
par
87
80
Cony preferred
No
•8334 89
8512 861 *8434 86
.
*844 89
*8334 89
*8434 89
9 Dec -(-39C2 Sept
4 June 18 2314 /Oar 5
100
.5
200 Warrants
512 6
7
*6
678
*6
7
*614 714 *5
7
Oct 63 Oct
2
20,
11
Apr
2014June
38
16
par
Cornm
No
Solvents
116.000
23
21
2212 227
22
234 2012 2134 2012 221
2114 23
Oct 2434 Oct
10
1218 121 _ 1178 1212 11,4 1134 1118 1218 113 12%
1178 1214 192,700 Commonw'Ith & Sou'rn No par 1118 Oct 1 2014 Apr 7
6
4June
par
1043
20
Feb
99
.No
series__
$6
preferred
4,600
8
1023
1021
1024
10214
102
10218 10212 102% 102,4 102
102% 102%
93 Jan
Nov
35
27
Mar
Oct
par
57
1
36
Nast
Ronde
.No
Publica_.
133812 3912 *3712 3814 3712 3712 36
3612 *3512 36
*3512 36
Oct 3534 Jan
11
10 Sept 29 1934 Mar 24
11
1014 1024 1014 1012 104 101 47,400'Congoleuni-Nairn Ins..No par
1038 1034
1018 1012 10
8 Feb
92,
Nov
43
11
Mar
par
8
567
29
sem
1814
No
Cigar
Congress
1,300
231
23
1814 1814 1912 2012 2278 24
*20
23
23
40 Oct 9614 Jan
No par 32 Sept 30 5938 Mar 17
2,600 Consolidated Cigar
342
32
35
35
34
32
*34
36
*35
35
344 35
63 Nov 96 Jan
Mar 25
80
22
Ito
67
Prior
100
preferred
650
89
6914 68% 6878 67
69
6712
70
*69
68
68
68
Oct 25% Sept
10
No par 14,2Sept 30 2738 Mar 11
8,000 Consul Film Indus
1412 1512 1514 167
1618 1658 1612 161
163 1634 1514 17
1518 Oct 30% Apr
1712Sept 30 2814 Jan 10
No par
500 Preferred
1914 1838 1858 1712 1812 17% 17
•1814 1834 1858 18%
19
Nov 18314 Sept
26
Apr
8018
8
2
1367
Jan
Nopar
Y)
(N
Gas
96%
Consol
209.300
105
8
1023
9918
10312
101
103
10458 10012 10312
10038 10212 9934
9212 Nov 10012 Dec
No par 9912 Jan 28 10.512Sept 26
105,4 10512 105,4 10512 210414 1041 2 1044 10412 10412 104% 104% 104% 7.200 Preferred
648 Jan
58 Dee
2 Jan 27
84 4,400 Consolidated Textile...No par
34 Aug 18
34
%
%
44
34
34
34
34
34
34
34
12 May 2312 Jan
24
Feb
224
19
11%June
par
No
.
vot_
A
Corp
Container
5,700
1512 164 167 1638 1614 16,2
1614 1614 15% 16,4 1512 16
Jan
1112
Nov
31s
20
Feb
812
334June 18
No par
414 412
412 412 *414 412
412 412
412 41 2 *412 4% 1.100 Class 11 voting
2514 Oct 90 July
18,900 Continental Bak'g cl A_No par 1812June 18 5212 Feb 17
23
2112 23
28
254 24
26
25
2618 2612 2318 27
458 Oct 1514 July
7 Feb 17
3 Sept 30
No par
22.400 Class 11
338 312
318 358
312 4
3,4
3
318 312
3% 312
791? Nov 100 Jun
100 66I4J llne 25 947A Feb 17
77
7738 76
7512 7612 7712 78% 3.700 Preferred
7712 77,2 7712 7712 76
40.2 Oct 92 Sep
23.500 Continental Can Inc. __No par 50 Aug 13 71% Mar 31
521 2 55
51,4 53% .5114 5418 5212 5414 53% 55
5212 54
2034 Nov 3312 Deo
11% 1214 1214 12,2 1214 1314 9.600 Cont'l Diamond Fibre_No par 11% Oct 1 3718 Apr 21
12,8 121
1218 1258 1218 13
4618 Nov 11014 Sept
10 50 June 25 7758 Mar 31
8.900 Continental Ins
52
52
54
5258 54
53,2 54
53
5312 5112 5318 51
618 Dee 2848 Jan
19
Feb
84
1
Oct
2%
par
No
_
Motors....
Continental
9,900
318 314
3
2%
3
4
23
3
3
3
3
318 314
18 Nov 3734 Aug
24
Apr
3012
30
par
ept
No
1348,
14% 1558 1412 1538 1434 15,
8 143
s 73.803 Continental 011
155s 144 15% 13,
15
26,2 Dec 45% Dec
14% 1512 1514 15% 1512 1578 30,400 Continental Shares_ __ No par 1414 Sent 26 4078 Apr 1
14% 15% 1518 16% 14% 151
70 Nov 12638 Oct
8018 82% 8138 8312 zg2t8 83% 26.000 Corn Products Refining____25 7812Sept 30 11138 Apr 23
8112 82% 85% 7812 83
83
151 Sept 15 137 Nov 144% _100 140 Feb 1
420 Preferred
15014 15014 150% 15038 *15014 1505 14934 15014
151 151
151 151
18 Dec 8214 Jan
33 Feb 3
Oct
s
147
Coty
par
Ins
No
11,200
16
15%
16
1558
1578
1478
1512
16
1512
15%
16
1618
31 Nov
24 Nov
35% Mar 20
No par 2512 Jan
500 Cream of Wbeat
2912 30
*2912 3012 *2912 304
2912 2912 2912 2912 *2912 30
Apr
15 Dec 57
5
Mar
2918
9 Jan 2'
Crex Carpet
100
1958 *1558 1958 *15% 1958 •1558 1958 *15% 19%
•1512 1958 •14
15 Dec 125 Feb
Jan 2
22
1
Jan
1014
pa
Corp___No
Radio
Crosley
1212
1212
13
•1212
*12
12
*11
13
*1134
•1214 14
*1112 13
Aug
79
Nov
8
37,
59%
7
Apr
1
June
38
pa
__No
100 Crown Cork & Seal.
*4012 46
*4012 45 .41
45
4012 4012
•4012 44
44
*40
Oct 2558 Jan
17
1812 Feb 19
712 Oct
No pa
812 812 3.000 Crown Zellerbach
712 814
812 812
81 812
84 84 *814 9
71 Nov 12184 Aug
9358 Mar2S
6818 6912 7014 70'8 6,400 Crucible Steel of America_100 66 Sept 2 117
69,4 6912 6918 69's 6712 69% 6812 70
Nov
11684 Feb
103
13
Mar
26
June
100 104
430 Preferred
110 110,4 109 110
112 112
1093g 109%
111 111
11212 113
5 Nov 2412 Jan
191 2May 29
618Sept 2
No par
1,700 Cuba Co
7
7
7
7
7
7
612 7
7
7
7 4 734
3
Mar
7
1
Oct
'
pa
Cane
Cuba
.No
_
Products_
112
114
112 112
114 4,400
114
114
1
112
112 134
11s
Jan
67s Dec "ii
9 Feb 4
31s Sept 3
34 312
318 312
3% 34 •338 312 2,700 Cuban-American Sugar..._10
314 312
312 4
56 Dec 95 Jan
6558 Feb 11
100 30 Sept 3
170 Preferred
3112
30
3118 3118 30
30
31 14 '30
32
31
32
•32
7s
67
Nov
36
2
Jan
Jan
48
2
8June
391
50
2.100 Cudahy Packing
3912 4018 4018 40,8 4034 4034 x4048 41
41
42
424 41
',Bid and asked prices; no sales on this day. z Es-dividend. y Ex-dividend and ex-rights.
2190
NeW
York Stock Record—Continued—Page 4
For sales during tho week of stocks not recorded here, see fourth
page preceding.
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT
Saturday
Set t. 27.
Monday
Sept.29.
Tuesday
Sept.30.
Wednesday
Oct. 1.
Thursday
Oct. 2.
Friday
Oct. 3.
Sales
for
the
ll'etk
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SIIARE
Range .Since Jan. 1
On basis of 100-share lots.
PER SHARE
Range for Previous
year 1929.
Lowest.
Highest.
Lowest.
Highest.
per share $ Per share 3 per share $ vet share $ per share $ per share Shares Indus
& Miscell (Con.) Par $ Per share $ rer
11218 113
113 113 •112 113
share
11014 112
Per
S
share
11014 1104 110 111
rev share
.3
2,700
Curtis Publishing Co___No par 10514Jure 23 12618May
.11734 119
1184 119
119 110
29
11834 119 *118 119
Nov 132
118% 118% 1,000
Oct
Preferred
Na par 11478 Jan 29 12118Mar 19 100
412 Ws
4,
8 5
43
412 44
11218 Nov 1213i May
538
5
5%
54 512 82,500 Curtiss-Wright
No par
438 Oct 1
64 94
1478 Apr 7
638 678
632
6,4 Ps
7
638 Dec 3018 Aug
772
8
74 75s 13,800
Class A
100
614Seet
*55
56
27
54
1934
5578 5318 54
Apr
2
52
1314 Dec 3778 Aug
56
55
5(1
*57
2.200 Cutler-Hammer Mfg ___No par 52 Oct
60
224 23
1 9012Mar 31
2112 221
1834 21
21
2212 22
2278 2212 2314 12,000 Davison Chemical
No par 18348e1,t 30 43
•12
2212 •12
221 •12
,
8 Mar 31
1812 .12
1812 4.12
2114 Oct 69's Jan
1812 •12
184
Debenham Securities
55
17
•23
Sept
2338 *23
10
2338 2212 23
30 Apr 14
.2238 2318 •22% 23 .22
20 Dec 4678 Jan
23
300 Deere & Co Prof new
20 20 June 18 2412May 24
*19518 199
208 208
187 196 *190 20034 *190 199
200 200
600 Detroit Edison
100 187 Sept 30 25534 Apr 23 151 Nov
*21
23
20
20
19
19
1812 19
18
18 .1812 2212
385 Aug
Devoe
700
dr
Ftaynolds
A__No
par
18
Oct
215 215
2
21212 218
4234 Mar 4
200 213
205 210
24 Nov 64% Feb
20718 210,2 *215 225
2.500 Diamond Match
100 139 Jan 13 25412Sept
812 8%
812 8% z8
814
117 Nov 16412 Jan
3
85,
512 95,
878 84 1.800 Dome Mines Ltd
No
par
63
*1634 18
4
Jan
3
18
8Sept
103
10
184 1612 17
1612 18
6 Nov
164 164 •1718 20
1114 Aug
2,200 Dominion Stores
No par
1612Sept 30 30% Apr 5
754 76% 75
781
7412 76
76
12 Oct 5414 July
78
7714 7814 78
7878 14,900 Drug Inc
No par 67 Juue 25 8738 Mar 10
14
14
1318 14,4 1238 1212 21134 1214
69 Nov 12618 Feb
1114 1112 •1112 12
2,500 Dunhill International_ .No par
9512 1734 *1512 1734 1512 1512 *14
1012sei.t.
26
4312
Apr 7
25 Oct 92 Jan
18
*11
18
•11
18
200 Dup,an Silk
No par
1412Jure 17 19 Sept 9
*105 _
105 106 .105
*10514 ___ 10512 1054 *105 1210612
10 Nov 2878 Jan
400 Duquesne Light 1st pref...100 100 Jan 7 116
8
10
8
12
Sept 29
1178 12 .12
4912 Jan 10078 Mar
15
12
1214 •12
13
1,609Eastern
Rolling
N1111_
8
No
Sept
19814 201
Par
27
2512 Jan 31
195,8 20234 19418 199
19 Oct 3912 Sept
19634 204
19734 20334 20314 207
31.4001Eastman Kodak Co
No par 17534 Jan 9 25514 Apr 25 150 Nov
26434 Oct
*130
_ *130
*13014
130 130
130 130 *130
20 6% cum pref
100 12078 Feb 14 130 Aug 4 117 Nov 128
20
2034 1934 20% 19
1978 1914 2018 20
Mar
204 204 21'- 11,000 Faton Axle & Spring__ -No
Sept
19
10418 10712 10314 109
Par
30
3714
Feb
20
10118 105
18 Nov
10434 10834 1035, 10838 107 109
7634 Feb
87,800 E I du Pont de Ness
20 5534Jtily 8 14514 April) 80 Oct 231
*122 123 •12212 123
12212 12234 •12134 12234 12238 12234 12234 1224
Sept
700 6% non-rot deb
100
11412
Feb
.3
4
4
123
612
4
,ept
25
*3
10712
Nov
.218
414
414
11934 Aug
24 24
400 Eltingon Schild
3,4 3,4
No par
218 Oct 2 1078 Feb 6
*4018 5912 40
4018 3140
4 Dec 3938 Jan
5912 •40
5912 *40
5912 *40
4112
300 Preferred 0 Si%
100 38 June 25 62 Feb 5
614 5312 60
53
4614 50
39 Dm 113 Jan
46
49
48
50
4814 50
44,000 Electric Antolite
No par 96 Oct 1 11478 Mar 29
*1(1812 110
108 10812 *108 110 •10818 110 *108 110 *108 110
50 Oct 174
50 Preferred
100 1064 Jan 6 11034 Jan 7 10234 Nov 115 July
3,4 3%
3,4 3,2
35, 312
214 3,4
312 312
Apr
3
3% 6,400 Electric Boat
No par
214Sept 30
6218 6378 6034 65,2 6018 624 6258 65
934 Mar 31
314 Oct lb% Mar
6178 64% 6414 6512 195,200 Electric Power dr Lt._No par
4914
*109 10912 109 109
Jar
2
103
Apr 23
10914 10914 1094 1095,.10912 110
2918 Nov 8658 Sept
10912
10912
900
Preferred
No par 105 June 18 112 Apr 25
*10012 10114 10038 1004 10012 10018 10014 10058 *10014
98 Nov 10914 Feb
100% 10038 100% 1,400 Preferred (6)
No par 9734 Aug 14
604 6134 60 61% 5858 60
59
6018 61
6138 61
6112 3,600 Elec Storage Battery_.No par 5858'4ert 30 101 Sert 23
*214 4
*214 4
7914 Feb 10
*214 4
64 Nov io:112 Oct
*214 232 *214 4
*214
4
Flk
Horn
Coal Corp_ __No par
214July 1
2
2
2
24
5',liar24
1% 138 938 278
318 Jnne 104 Oct
1 12 1,2 'l's 278
1,000 Emerson-Brant cl A_ _ _No par
*4334 4612 *44
132Sept 30
45
*44
7% Jan 24
314 Oct 2212 Feb
4512 *4412 95
4334 4334 433 44
300 Endlcott-Johnsou Corp__.50 4334 Oct 2
•11112 113
11112 11112 112 112 *111 116 *111 116 *111 4 116
5938 Jan 22
494
Nov 83%
600
Preferred
100 10712 Jan 7 113 Apr 23 10814 Sept 12414 Jan
.45
5018 *45
50
4518 4518 48
48
Feb
*45
49
46
400 Engineers Public Serv__No par 3914 Jan 2
46
*9734 99
6712 Apr 7
*9714 99
31
.9714 09
Oct 79% Aug
9714 9714 *95 100
977
400
8
997
Preferred
8
$5
No par 94% Jan 8 10718May 26
*10112 10278 10214 10214 .10112 102
80 Nov 12314 Aug
161% 10158 101 101 a100% 10114
600 Preferred (5)4)
par
No
9412
Jan
45
2
45
10478
45
Apr
21
45
44
843
4 Oct 109 Oct
45
44
4412 44
44,2 44
44
7.400 Equitable Office Bldg_.No par 3934 Jan 3 5034June
1012 104 1018 1012
4
634 10
31 14 Jan 41 May
712 878
818 85,
84 818 3,900,Eureka Vacuum Clean_No par
634Sept 30 4358Mar 5
658 612
512 6
3612 Dee 54 Feb
5
5
512 512
514 5,3 *514 6
3,400 Evans Auto Loading
5
5 Sept 30 3034 Feb 18
15 Nov 7334 Mar
•24
25
2438 2432 *24
25
23
24
2412 24
*24
25
60 Exchange Buffet Corp_No pa
•134
22 Jan 2 2712Sert 17
•13,
3
2214 Jan 274 July
•134 3
*184 3
*134 3
Fairbanks Co
*1,4 3
2'
1%July 31
9
10
Jan
6
10
10
9%
334 Nov
1334 Dec
*812 11
*1012 1112 *812 111
*812 11 12
80 Preferred
100
7 June 18 39% Jan 20
34,2 35
3138 354 3014 341
11
Apr 35 Jen
3214 3334 3312 331
3312 3412 3,200 Fairbanks Morse
pa
13110'3 ---- .110,8
3014Sept 30 5012May 17
2934 Oct 5472 Sept
. No 100
- - 110 1101s *11012 ____ 11012 11012 *1104
30
Preferred
102 Jar 7 11112May 16 101 12 Dec 110% Jan
.713 834 *712 8,2
7l8
71
8
8
.7
718 8
600 Fashion Park Assoc_ _No Pa
7,8sept 30 2714 Feb 27
*6514 70
6514 6514 6414 64,2 *6412 70
22 Dec 72% Mar
*6414 70
*6414 70
200 Federal Light & Trac
15 59% Feb 6 9014 Mar 18
139212 97
*9212 97
3,924 97
6012 Nov 109 June
*924 95
*9212 95
•0212
95
Preferred
No pa
91
Jan 13 9834 Apr 22
.712 734
712 7,2
738 712, *7
90 Nov 104 Feb
71
7
7
738
7
2,200 Federal Motor Truck No pa
Oct
7
32
3212 32
2
1214 Feb 26
3212 3034 3178 3014 31
5 Oct 2238 Feb
3012 3138 3112 3112 5.200 Fedi Water Serv A _ __.No par
30 June 18 43 Mar 19
2412 25
*23
24
24
28 Nov 6614 Sept
24
.23
27
*23
25
25
25
550 Federated Dept Stores.No pa
24 Sept 30 38 Apr 16
6212 6234 61
6212 5814 6034 59
254 Dec 33 Dec
60
59
6014 60
2,800
60
Fidel
Phen
Fire
Ins
N
Y____10
*7
56 June 18 894 liar 31
812 *778 84 *7% 8,2
474 Nov 123 Sept
74 77
*77
812 *7% 8,2
20 Fifth Ave Bus
No pa
7 Feb 11
35
35 .23
1012 Apr 4
35
6 Oct 1334 Mar
31
33 a____ 33
Filene's Sons
No pa
31 June 10 4012 Jan 22
*9518 96
*9518 96
95
3() Dec 9812 Feb
9518 95
97
9512 9512 9514 9514
280
Preferred
100 92 Mar 15 10014 Sept 6
19
19
1858 19
1838 18.2 18
84
Dec 107
Jan
183s 17
177
:17
8
1812 2.400 Firestone Tire & Rubber_ _10 17 Oct 2 3318
65
65% 65% 6718 65
Jan 7
2412 Dec 37 Dee
67
664 6618 66
6634 85
67% 3.000 Preferred
*51
100 65 Sept 27 8778 Mar 24
52
5112 5112 4934 5078 5014 51
83%
Dec
8
895
Dec
504
52
515
8
4,500
5312
First
National Storm. No pa
112 14
112 112
46 June 23 6138 Jan 30
112 158
112 138
4412 Nov 90 Sept
112 15,4
1 12
15
, 10,500 Fisk Rubber
No pa
112 Aug 1
5
5
*5
514
5
5
512 Apr 2
218 Dec 20 Jan
47
5
670 ist preferred
*412 5
*558 61,,
100
434Sept 23 21 Apr 2
54 558
512 5,2 *54 61s 473'
8 Dec 7212 Jan
s
6718
*54
8
64
50
lot prof convertible
10(
*4214 45
.41
512Sept 30 2134 April
42
*11
42
40
8 Dec 8212 Jan
40
4034 41
*41
43
400 Florsheim Shoe class A_No pa
40 June 25 5278 Mar 21
*10012 102 .1004 102 .1004 102 *1004 102 *10012 101
38 Nov 54 Jan
10012 10012
100 Preferred 6%
10
9512 Apr 12 10012 Oct 3
904 Oct 1024 Jan
*1912 20
19
1912 16
16
1514 1514 1614 1614 16
16% 2.400117ollansbee Bros
No par 1514 Oct 1 5078 Mar 25
75,2 7834
72,4 78
70% 7412 7334 7658 72
Nov 8234 At.g
3218
7538 7412 7634 22,200 Foster-Wheeler
No par 6012 Jao 3 10412June 4
*812 11
814 94
8
8
33 Nov 95 Sept
7
812 .814 10
•8
934
600 Foundation Co
No par
7 Oct 1 2834 Apr 14
30
301,, 2912 30% 2834 30
2912 30
12%
Nov
6958 Apr
294 301s 30
3212
6,900
Fourth Nat Invest w w_No par 2812Jure 25 50 Apr 12
4638 4734 42% 484 241% 4412 43
4512 43
4578 4112 4512 255,600 Fox Film class A
No par
1618 Jan 3 5738 Apr 25
3938 41
40
42
39
41314 3818 41
19's Nov 10538 Sept
3934 4034 4078 4218 28,500 Freeport Texas Co.. .No
par 37 June 17
91
.80
.89
91
*39
91
2334 Nov 5478 Jan
*59
90
89
89
8934 8934
100 Fuller Co prior Prof...No par 85 Feb 14 5512 Apr II
*54 6,2
534 534
9512Mar
5
412 434
82,2 Nov 10712 May
512
434 434
4% 44 1,900 Gabriel Co (The) cl A_No par
438 Oct 3 11,
•654 6618 65
65
4 Apr 9
65
65
5 Oct 33% Feb
*60
65
*60
65 .60
65
Gemmel!
500
Co
No par 65 Sept 29 80 Mar 28
2
2
178 2
134 154 .134 2
6518 Nov 8312 July
.134 2
134 178 1.300 Gardner Motor
712 712
5
134Sept 30
758 8
734 Feb 18
3 Dec 25 Jan
6.1
•634 712 *7
7
712
718 718 1,600 Gen Amer Investors...No par
6%Sept 30 1612 Feb 18
9314 94,4 931 4 9314 91
9214 *9114 934 904 9114 .9014 9314
900 Preferred
100 83,2June 25
77
791s 7614 7918 7412 7612 754 7812 7634 79
77
7912 30.100 Gen Amer Tank Car...No par 7412Sept 30 105 Apr 25
3678 37
11178 Apr 4
36
37% 36
75 Nov
37
3618 3634 3614 37
Oct
12 37,2 7.100 General Asphalt
36
100 36 Sent 29 7112 Apr 7
*17
1712 1718 18
1534 16,4 157 1634 1714 1812 1814 1812 3,600 General
4214 Nov 9434 Aug
Bronze
No par 1414 Aug 13 3812 Feb 15
14
14
.14
1434 13% 14
24 Nov 6934Jure
14
14
*14
1412 3.900 General Cable
1412 14
par
No
1312July
7 3412Mar 7
34
34
3414 3412 3378 34
23 Nov 61 Feb
337 34
3412 3412 .3412 36
1,800
Class A
No par 32 June 27 7434 Feb 5
8012 82
80
81
8(1
6318 Dec 12012
80
*794 7934 78
78
75
75
140 7% cum pref
100 75 Oct 3 10934 Apr 7 102 Nov 10712 Feb
4218 424 42
4214 4112 42
41
42
4118 42
Jan
4114 413
2.200 General Cigar Inc
par
No
4034June 25 61 Mar 7
62% 6378 6138 6434 59% 62,4 614 6514 6138 6484 6318 6514 572.400 General
42 Oct 74 Feb
Electric
No par 594Sept 30 95% Apr 10 16818 Nov 403
1178 II', 1178 1178 1178 1178
1178 1178 11% 12
Aug
1178 12
6.000
Special
10
113
8
Jan
2
12 Aug 27
52% 5338 .524 53% 50,
11
Jo,, 1134 Feb
8 5234 5112 5312 524 544 5312 54% 51,500 General Foods_
_-__' ''-- No Par 46,8 Jan 17 6114May 1
778 84
7% 8,8
35 Oct 774 July
7
714 8
7%
758 8
758 778 26,600 Gen'l Gas & Elm A...No par
7 Sept 30 1858 Apr 10
•71
73
70
7278 6514 6514 75
75
70
7012 *71
74
1,1001 Cony prof ser A
No par 6514Sept 30 10612 Apr 16
3434 35
35
35
34
3412 3414 3114 *3434 354 3434 3434
900 Gen Rai Edison Elm Corp_ _ _
34 Sept 30 4438 Feb 10
4634 47
46
4678 4512 4538 45
465, 4612 4658 46
48
7,8001 General Mills
No par 4018June 25 59% Apr 12
*9214 93
9212 93
92% 9338 93
50 Oct 89's Jan
934 9312 9312 94
94
2,100 Preferred
100 89 June 30 95 Mar 22
3014 4018 38% 4012 3712 3834 3014 4014 3834 40% 39,
87% Dec 100 Jan
8 4058 412,900 General Motors Corp
10 3712 Jan 16 5414 Apr 10
99% 99% 9934 10014 9934 100
3312
Oct 9134 Mar
9934 100
9934 9978 9978 9978 5.600 $5 preferred
No par 9238June 23 ton78Sepi 18
*25% 2612 •25% 26
2578 26
.25
26
25
25
*2418 28
400 Gen Outdoor Adv A
No par 217 July 8 4118 Apr 14
7
718 7,2
8
30
74 712
Oct
714 75s
52 Jan
734 734
74 74 1,800 Common
No par
5 Sept 24 2134
2918 30
30
30
2814 30
28% 2978 2912 30
30
3078 5.900 Gen Public Service_ _ _.No par 28,4Sept 30 52% Apr 3
7414 7514 6918 75
Apr 7
6918 71
20
Nov
694 72
98 Aug
71
72
7112 72
11,100
Gen
Signal
Ry
No par 69,8Sept 29 10678 Mar 2S
814 8%
812 918
7
7%
70 Oct 12612 Aug
712
8,4
7,2
8
7,2 734 14,600 Gen Realty & Utilitles_No par
7 Sept 30 1938 Apr 10
*78
7812. 78
78
77
7712 77
77
7512 77
7512
77
3,000
preferred
56
par
No
7512
Oct 2 100 Apr 14
68
70
6714 70
6634 68,2 6712 70
63
72
69
70
7.300 General Refractories_ No Par 6514June 18 90 liar
*99 100
•99 100
*09 100
54 Oct
Aug
*99 100
Gen Steel Cast 56 pref_No par 98 June 14 101 Mar 28
23
29
30
30
12
2734 2834 28 16- 2838 167; 28
29%
Theatres
Equip_
46,200
Gen
_
.No
par
27 Aug
55
5612 49
56
5012 55,
4 5534 59
5278 5734 5614 584 119,000 Gillette Safety Razor_.No par 49 Sept 18 5114 Apr 10
29
104 1014
10618
10
Jan
104
16
938 9%
"iic Nov 143 Oct
93 10
ms 912 12,200 Gimbel Bros
94 10
No par
94 Oct 3 2078 Apr 14
80
•70
70
70
70
1012 Nov 48,8 Jan
70
70
70
70
70
*6918 ____
600 Preferred
100 66% Jan 30 8212 Apr 25
1412 15
1378 1412 13
14
1238 1438 14
56 Dec 94
Oct
1412 1412 1112 10,500 (Bidden Co
No
par
12%
Oct
1
38
*9014 92% .9014 94
Mar 20
9014 90,4 *884 91
26
Oct 64,s July
*8812 91
*8812 91
preferred
20
Prior
100
90,8Sept 2 10518 Mar 27
6
6
638
6,4
95 Nov 10618 Apr
512 612
534 6
6
6,4
6
6% 10,600 Gobel (Adolf)
No par
5
,
2
Oct
1
19
36% 37,2 364 38
Feb
3518 37% 3612 38
Nov
7
94
66 Feb
3678 38
3712 38% 38.600 Gold Dust Corp v t a..No par 3412June
2014 2012 194 21
4778 Apr 28
1918 20
31 12 Oct 82 Jan
1914 21
19
20,4 1918 1912 12,200 Goodrich Co(B F)__ _ _No par 19 Oct 18
2 5812 Mar 25
3814 Dec 10534 Jan
80
80
80
80
80
80
*80
81
80
80
78
794 1,400 Preferred
100 78 June 30
52
5012 5134 4512 50
51
9512 Dec 11518 Feb
x4518 4734 4514 49
47
48
25.200 Goodyear Tire & Rub__No par 4518 Oct 1 1011- Mar 28
9312 9312 9234 9314 92
9678 liar 31
60 Oct 15412 Mar
9212 92
92
90
90
88
88
1.200 1st preferred
No par 88 Oct 3 10214 Apr 30
Nov 10478 Feb
1012 1012 104 10,2
9
912 1014
87
10
1038 1012 *912 10
2,500 Gotham Silk Hos
No par
812June 18 2878 Mar 8
75
75
*70
*70
*70
75
14 Nov 60 Apr
70
70
70
70
70
70
450 Preferred
100 68 Aug 13 8212 Apr 4
.6
*8
7
Dec 10114 Jan
6,4
08
578 6
.6
64 *612 7
7
7
Gould
800
Coupler A
No par
575Sept 30 15% Apr 23
47
478 514
478 5,4
434 5,4
Oct 14 May
4
514 *5
514
4% 5
7.500 Graham-Paige Motors_No par
4348ept 30 1318 Apr 1
5
*5
6
.434 5
738 Oct 54
512
.434 5
Jan
45s 512 *5
512 1,100 CertifIcates
par
No
458 Oct 2 1034 Apr 1
1814 1812 1714 18
Nov
1334 1512 1412 17
7
4912 Jan
1514 1612 15
16
11.100 Granby Cons II Sm & Pr.100 1334Sept 30
59% Apr 2
3514 3534 35
4614 Nov 10278 liar
36
3112 32
32,8 34
*33
3412 34
37% 2,600 Grand Silver Stores....No par 30 June 25 52
Apr 2
3212 Dec 4478 Dee
1212 1318 1112 1234 10% 1314 1212 1212 1212 124 1234 13
12,600 Grand Union Co
No par
10 June 17 20% Feb 13
4112 41% 4014 4178 3918 40
918 Nov 324 Jan
39
39
4018 4018 .40% 41
3,000 Preferred
No par 3434June 18 44 Aug 4
30 Oct 5438 Jan
31
30
*29
23
*29
28
27
29
30
30
*29
31
500 Granite City Steel
par
No
27 Oct 1 5038 Apr 3
32 Nov 6338 Sept
3334 3434 3234 3414 2918 32,4 2978 3178 31
32,8 3112 324 9,700 Grant (IV 'I')
Na par 29 June 18 43 Jan 9
3212 Dec 144% Feb
20
1912 2014 1914 19,2 1914 20
20
2014 20,4 2012 2012 6,200 Gt Nor Iron Ore Prop_No
18 June 23 25% Mar 25
19 Oct 394 Feb
1638 1612 1618 1712 1612 17
1638 1612 1614 1638 1614 1638 3,900 Great Western Sugar_ No par
par 1618 Sept 24 3412 Jan 16
28 Nov 44
3110812 1105, *10812 11058 110% 11058 11034 111
Jar
110 11084 110 110
490 Preferred
100 108 Sept 26 120 Mar 14 105 Nov 11912 Feb
63
, 8,4
612 678
6
614 74
64
6% 74
7
GrIgsby712
86,500
Grunow
par
No
6 Sera 30 28 June 2
•13
.12
34
41,
12
3,
12
1414 Nov 70 Sept
34
.12
34
.12
34 1,000 Guantanamo Sugar ___ _No par
',Mar 7
4 Feb 4
Nov
1330
35
512 Jan
33
3112 32
3314
32
3234 3114 3234 31% 3134 1,700 Gulf States Steel
No par 314 Oct 2 84) Feb 19
42 Nov 79 Mar
*9414 95
*9414 95
*9414 95
95
95
95
95
*9412 95
40 Preferred
100 95 Oct 1 109 Apr 30
9934 Dec 109 Feb
•Bid and asked prices. no sales 021 this day. x Ex-dividend. b Ex-dividend, ex-rights.
y Three additional shares for each share held.
2191
New York Stock Record-Continued--Page 5
" For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SNARE. NOT PER CENT
Saturday
Sept. 27.
Monday
Sept. 29.
Tuesday
Serf. 30.
Wednesday
Oct. 1.
Thursday
oci. 2.
Friday
Od. 3.
Sales
for
Ms
Week.
STOCKS
NEW YORK STOCK
EXCHANGE. ,
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Iltaltest.
Lowest.
PER WIA KR
Rangefor Previous
Year 1929.
Lowest.
Highest-
Par $ per share $ per share $ per Share $ per share
8 Per share $ Per share $ ver share $ per share $ per share $ ner share Shares Indus.& Miscell.(Con.) 25 28 Jan 4 38 July 29
35 Aug
234 Nov
340 Hackensack Water
*3918 33
32
317 32
3112 3112 *304 33
32
32
32
26
Jan
30 Aug
25 26 Jan 6 30 Aug 27
50 Preferred A
30.28
28
28
*28
*28
30
28
*28
30
*28
30
12 Oct 5634 Jan
Na par 1258 Jan 2 2314 Apr 17
1388 1418 17,500 Habn Dept Stores
1312 1412 1312 1411 1272 1372 1282 1324, 1314 14
7134 Dee 115 Jan
100 7118 Jan 3 8612 Apr 17
*8012 8112 *8012 8414 1,003 Preferred
80
Si
804 80
80
SO
80
•80
27 Dec 2958 Dee
10 1834 Oct 2 3134 Mar 25
2912 2012 20
1,200 Hail Printing
2012 *20
2034 19 20
1888 20
198 20
99 Nov 10558 Jan
100 99 Jan 7 105 July 8
_ _ *105
-- *105 _ __ ______ Hamilton Watch pref
_ _ *105
•105 106 *105_ *105
14____
--_
Apr
Jan
16
98
85
No
par
new
pref
490 Hanna
*914 92
9212 -9-392 -9292 -92-12 92 -92
924 93
54- -Jan -8758 Oct
2,000 Harbison-Walk Refrac_No par 4934Sept 30 7214 Apr 21
50
504 50
50
50
50
50
4934 504 *50
4934 50
Oct 414 Aug
Feb
5
13
1
20
Oct
7
/
1
4
B_No
par
Corp
class
Hartman
73
72
3,500
73
/
1
4
14
7
733
7
8
8
714 7
8
812
167g Oct 31 Sept
No par 154Sept 30 234May 24
500 Class A
*1512 18
*17
18
*1512 18
174 171
/
4 151
/
4 174 *1512 18
512 Nov 6888 May
418Sept 30 1734 Apr 4
45g 5
No par
47
4,500 Hayes Body Corp
514
5
518
4% 58
418 5
5
5
Nov 11812 Jan
84
Feb
19
19
923
8
*798,
25
7712June
W)
Helm
(0
500
3
*8012 83
82
80
80
80
80
78
79
*79
83
Dec 3312 Oct
11
2112
31
Apr
23
No par 20123une
42012 25
23
1,000 Hercules Motors
*21
21
21
2012 2012 2012 2012 2012 21
Oct
36 Hercules Powder 87 cum p1100 117 Jan 28 12334Juoe 4 11218 Dec. 121
12114 1214 *11912 12114 *11912 12114 11912 11912 011912 12114 11912 11912
Nov
14358 Oct
45
May
28
109
Jan
2
No
par
70
Choeolate
Hershey
5.000
92
8612 8934 871
92
91
9134 90
/
4 9014 8834 9014 92
6058 Nov 1434 Oct
No par 8312 len 2 10334June 3
1,700 Preferred
96
96
98
9512 9534 9512 9512 9312 9512 95
96
96
100 1.144 Feb 21 10812July 21 104 .Ian 10632 Oct
Prior preferred
*10734 109 •1073 109 *10734 109 *10734 109 8108 109 *108 109
1234 Dec33 Aug
No par 1012 Oct 3 2514 Feb 27
503 Hoe(R) & CO
10,2 1012
•1112 13
12
*1134 12
1134 1134 1112 1134 *10
No par 2614 Jan 14 4114 Mar 28, 21 Nov 51 Mar
32% 3314 331
3312 3314 3314 3314 3314 1,700 Holland Furnace
/
4 3333 33
331
/
4 33
1312 May 2458 Aug
5 June 18 1288 Jan 29
800 Hollander & Sons(A) No par
712 0612 7'z
7
7
678 678
618 612 *6
612 612
65 Nov 93 Aug
100 72 July 12 83 Sept 26
400 Homestake Mining
8012 8012
*80
83
844 80
83
*80
83
*80
8318 *80
13 Nov 5724 May
5 801)8 30 29 Feb 5
6
618 8.000 floudallle-Hershey Cl B No par
6
611
512 6
618 61
5
6
/
4
5
6
45 Aug 5214 Sept
800 Household Finance part p1_50 49 Mar 5 68 Sept 18
6618 0558 6612
*6612 6812 *6612 6812 6613 6612 016
66
66
26 Oct 109 Apr
6434 42,300 Houston Ott of Tex tem etfs 100 5214 Jan 17 1167k Apr 25
5634 5812 5558 5934 54
5718 5614 6214 .5818 6112 62
348g Nov 8212 Mar
No par 24 Sept 30 4178 Feb 7
6,200 Howe Sound
2514 26
26
27% 2712 26
26
2714 224
2512 2418 26
Nov 934 Mar
26
6
38
22
3
4seot
62
5
8
Jan
par
Motor
Car
No
Hudson
20,900
2412 2458 23% 2478 2318 2334 233* 2512 2338 24% 2334 26
18 Nov 82 Jan
10 10 Sent 30 2688 Apr 11
1088 1118 10,600 Hupp Motor Car Corp
1034 1014 1058 1014 11
10
1034 1138 1014 11
Oct 393 May
173
4
18
3
8Sept
30
32
Apr
7
par
Gas_No
Independent
Oil
&
15,100
2014
2114
2018
194
1914 203
1914 20
1832 194 18/
1
4 2018
312 Oct 3212 Jan
318Sept 30 17 Mar 4
No par
334 334 5,400 Indian Motoeycle
312 334
314 312
332 311
358 4
3/
1
4 358
1318 Oct 53 Aug
6),Sept3O 283825ar 22
10
9
888 934 96.300 Indian Refining
814 938
714 914
658 818
738 93*
988
6812 Nov 135 Jan
No par 73 June 30 124 Jan 10
800 Industrial Rayon
73
73
78
76
76
78
*6812 71
78
79
*7012 75
No par 15414 Jan 8 239 Apr 24 120 Jar 22311 Oct
19(112 19112 187 19012 181 185
190 19212 191 19434 3.000 Ingersoll Rand
18712 190
71 Dec 113 Aug
No per 68 June 25 98 Mar 11
1.600 Inland Steel
*7212 74
75
75
744 7258 7334 *7212 74
75
75
74
22 Oct 6612 Mar
04Sept30 30% Feb 7
934 11
1018 11
914 978
958 104 1012 1078 1014 1034 11,900 Inspiration Cons Copper_ _20
918June 28 1312July 31
1,000 Insuranshares CU./ Ine_No par
1018 *1012 11
*11i3 12
104 10
912 10% *10
1034 1112
12- -Dec 16- Nov
No par 10 July ii 1738Mar 10
*11
1112 *1058 1132 1012 10% 1014 1038 *10
1038 10'l 2,100 Insuranshares Corp
11
712 Apr 1
2 Nov 1414 Jan
2188ept 3
2,100 Intercontl Rubber _ No par
*212 3
212 3
*212 3
•24 3
*212 3
218 21
____ ____ . .No par 158,June23 284 Apr 2
•1738 1738 1618 1634 1618 1614 164 1614 1614 1614 1618 1614 2,500 Interlake Iron
4 Oct 1754 Jan
___Apr
7
3
4
Oct
812
par
3
Agricul
No
Internet
3,500
418 418
4
334 4
4
354 4
4
4
4
4
40 Nov 884 Jan
100 5214June 23 6714 Apr 9
200 Prior preferred
54
54
*54
*53
58
60
54
*54
5618 54
54
*53
23 109 Nov 255 Oct
159 159
15812 16212 15634 15834 1637a 16518 158 18514 16212 16411 4,600 Int Business Machines_No par 15212 Jan 18 19712May29-1118 113a II
1088 1012 1012 6,400 uternat Carriers Ltd__No par 10 Sept 30 1934 Mar
107
10
11
10
118 10
2
48 Nov 10234 Feb
4Mar
6
Apr
7534
Cement_No
par
553
591a 6014 5814 5934 5818 5784 57
5.300 International.
5714 5714 574 *5712 591
414 Dec 10312 Feb
4 Sept 30 1412Mar 26
24,800 Inter Comb Eng Corp_No par
48
412 5
434
412 5
414 458
4
434 5
48,
1
1812 Dec 121 Feb
78
Apr
30
Jan
2
100
Preferred
5,100
60
6214 60
5812 6388 604 641
64
64
58
5988 60
65 Nov 142 Aug
par 6288 Oct 2 11534 Apr 16
67
6934 6414 6734 6512 6834 6288 6758 6412 6734 87.500 Internet Harvester____No
6713 697
100 1404 Feb 10 146128ept 25 137 Aug 145 Jan
400 Preferred
*145 146
14512 14614 146% 14618 1464 14614 *14534 14634 *146 148
23 Nov 5912 Sept
18,900 lot Hydro-El 828 01 A_No par 3114June 18 54 Apr 11
3312 34
3212 3438 313* 338, 33
3533 3318 3434 3334 35
47 Nov 10212 Jan
6,800 International Match pref___35 6512 Jan 3 92 Apr 24
74
73
73
72
7512 7512 743* 76
71
73
7214 74
Apr
17
1818 Nov 394 Oct
18
33
19
June
Mtrineetts_100
Mercantile
2,600
Int
1912 197g 19
19
1910
191
1918
*1914 197k 1918 1914
195
1
4 Jan
4438 Apr 4
25 Nov 72/
21
2178 in 2134 1912 201
2014 223* 2014 2288 2114 2214 448,100 Int Nickel of Canadallo par 194Sent 30
77 Nov 9412 Jan
410 Infernal Paper pref (7%)_100 52 Oct 3 86 Apr 29
52
52
5914 6212 •____ 60
5.5
55 *____ 55 •____ 58
13
/
1
4 Oct
22
20
Nov
44
Oct
3
3118Mar
par
13
A_No
&
Pow
d
Pap
Inter
6,800
134 1314
.1512 17
14
1334 15
13% 133* 14
1588 16
12 Nov 337 Oct
7 Oct 2 2234 Apr 14
No par
72
3,700 Class B
10
*812 10
7
734 *8
8
8
8
738 74
9 Nov 2618 Oct
5 Sept 30 18 Apr 14
*518 813
No par
534 57
5
51
5
534 18,800 Class C
5
5
5
5
77 Nov 95 Oct
100 49 Oct 3 86 Mar 26
55
49
5312 6,000 Preferred
55
564 *49
82
*55
62
55 57
*60
40 Nov 6834 Oct
700 Int Printing Ink Corp_No par 24 Sept 5 53114 Apr 5
2714 2714 *2612 28
2612 25
25
25
25
24% 247
26
Nov 106 Mar
Sept
29
101
Apr
12
914
75
100
Preferred
230
8312
*75
8212 75
83
8338 *8212
75
75
83
821z 82
100 3434Sept 30 4534June 20
*3612 3658 36
3518 37
3612 3718 37
3812 8.300 International Salt new
38% 342 361
54- Oct -7712 Sept
1
4 Aug 20 62 Jan 15 800 International Shoe_ ___No par 53/
5338 535
5358 531
5312 5312
5338 5358 5312 5333 5312 531
95 Nov 15912 Aug
100 65 Oct 2 119 Feb 1
200 International Sliver
71
65 •____ 71
71
65
*634 71
*6358 71 *___ _ 71
53 Nov 14914 Sept
1
4 Oct 1 7738 Apr 24
303* 32/2 208,000 Inter Telep & Teleg. __No par 28/
3633 31 14 3534 303* 3233 2814 3214 2888 31
35
2518 Oct9312 Jan
2358 24% 23
2484 6,500 Interstate Dept Stores_No par 18 June 17 40 Feb 4
2412 21
2312 254 24
2312 2104 23
Aug
29
74 Dec 97 May
Aug
16
80
ex-warrants_100
60
10 Preferred
*69
75 .69
75
72
*72
7912 *72
*72
7912 72
7912
17 Nov Ws July
No par 22 Sept 25 32 Apr 9
*22
23
*22
23
22
22
277± *20
2778 1.000 Intertype Corp
•20
274 *20
1212 Nov 7218 Aug
No par 12 Oct I 29 Feb 19
1212 1212 1234 13
121
12
1218
1212 1212 5,000 Investors Equity
124 1212 12
Mar
19
39 Oct 69 Mar
80
Sent
30
43
Island
Creek
Coal
700
*31
32
31
31
30
30
30
30
*30
31
30
30
39 Nov 16214 Feb
No par 43 Jar 20 6612 Apr 30
4812 4812 491z 5012 48
4818 4888 4834 3.100 Jewel Tea Inc
493* s473s 4824 47
90 Nov 2422 Feb
No par 70 July 10 14838 Feb 5
7558 7812 744 8078 711
752k 7912 38,000 Johns-Manville
/
4 7612 7414 75'± 744 78
100 1184 Feb 24 123 Mar 21 118 Nov 123 May
50 Preferred
•12012 _ _ •12012 _ _ •12012 _ _ *12012
12012 1204 *1204 _ _
Oct
350 Jones & Laugh Steel pref 100 1184 Jan 8 12312 April 117 June /26
12114 I-21-12 12034 1-21- 10120 12-014
- 121 1-2-1- 12034 121 *12012 1-21
112 Oct 1612 Jan
1 Sept 29 512 Apr 9
No p
118 112 3,200 Jordan Motor Car
14 14
138
1
1%
14 114
11
/
4 114
13*
83g Aug 7 1312 Jan 16
108 Nov 134 Nov
500 Karstadt (Rudolph)
*84 9
84 834 •84 9
*854 834
834 831
83
9
1714 Dec 3718 Feb
900 Kaufmann Dept Stores.$12.50 16121une 25 2012Mar 7
1812 1812 1814 1811 18
1812
18
18
184 *18
18
*18
30 Nov 534 July
2214 23
22
2212 2012 2134 20
2014 4,500 Kayser (J) Co v t e....-No par1 20 Oct 1 4112 Jan 2
2034 20
204 20
Jan
1512 Nov 4e
Hefth-Albee-Orpheum _No par 21 Jan 8 45 Apr 23
.. 48 *
_ 48 *
_ 48
• - 43 • __ 48 • _ 48 *
100 85 Jan 7 150 Apr 24
70 Nov 138 Jan
400 Preferred 7%
*1.65 no iOe 105 10(7.1 Iowa ii645 no ioo loo .iiii no
3 Dec 237s Jan
152Sept 16
612 Apr /0
212 212
212 2% 9.700 Kelly-Springfield Tire_No par
218 2l
214 214
2
238
218 21,
16 Dec 9478 Jan
100 1914 Oct 1 42 Jan 24
400 8% preferred
21
*2014 23
21
21
20
*21114 218
20
204 1914 20
26 Dec ZOO Feb
6% preferred
*304 37
•2518 38
1001 29 Jan 2 55 Jan 25
*2518 38
*251
/
4 28
*28
38
*2533 38
18% Nov 598 May
2514 26
2314 2552 2158 2314 23
24
2414 25
248, 2512 11,500 Kelsey Hayes Wheel__ _No par 21525ep5 30 3912 Apr 11
5 Oct 194 Feb
No par
74 Jan 2 2658 Apr 25
104 11
1014 11 18
912 10% 1018 1034 1012 1118 57,100 Keivinator Corp
84 1012
Nov 96 Feb
63
Sept
30
89
Mar
21
75
pref
par
_No
30 Kendall Co
'86's 70
*50
55
*50
55
6618 6618 63 63 .50
55
4938 Nov 10434 Mar
2812 30/
1
4 2814 2974 2714 2812 273* 3014 2818 3014 29
29% 137.900 Kennecott Copper_-___No par 2714Sept 30 6234 Feb 7
573 Oct
4514101ay
59
Mar
31
Sept
30
Kimberley-Clark
par
48
No
1.000
•48
50
481
*48
49
48
48
48
49
*47
4834 48
2112 Nov 4412 July
100 Kinney Co
No par 20 Jan 29 4012June 4
*2134 2514 *2134 254 2134 2134 *214 25/
*22
2514
1
4 *2114 25
1004 Mar
Oct
97
Apr
17
80
72
Oct
1
100
630
Preferred
7712 7734 7612 7712 75
7712
*75
72
7412
75
'75
77
34 Dec 7888 Jan
812 Apr 14
134 Jan 18
218 212
24 238
2
2/
1
4
2
214 214 5,600 Holster Radio Corp... _No par
2/
1
4
2
214
28 Nov 5712 Mar
10 2614June 17 368k Jan 2
2734 2314 2714 29
2634 28
2914 2712 2838 2812 2988 14,900 Kresge(58) Co
27
5314 Nov /14 Jan
-No par 50 June 24 70 Jan 24
*53
5312 53
58% 1,400 Kress Co
534 5218 544 53
567 *52
553* *52
2218 Nov 4618 Mar
2334 Jan 2 3538 Apr 10
2534 2614 253 2614 25
254 258, 26
2532 2558 2558 265± 80,800 Kreuger & Toll
2814 29
2612 2912 2533 2734 27
3814 Nov 12212 Jan
2818 29'm 38,800 Kroger Groc & Bak___No par 21 June 18 4818 Jan 23
287
2783 29
1612 Nov 388 June
Lego Oil & Transport_No par 2114 Jan 11 2912July 17
Nov 15714 Mar
8018
113
Apr
1
No par 7633ione 1
864 87
iiis 87l2 88 16.3*- Os If iis Ii7-8 ii iiiii -6:E00 Lambert Co
5 Oct 25 Jan
1,300 Lee Rubber & Tire_
No par
4 Sept 30 11 Mar 25
44 44
412 412
4
412
6
4
4
*4
*4
5
Nov 65 Feb
30
42
Apr
1
1,300
Lehigh
Oct
3
_50
19
*20
25
21
Portland
Cement_
_
21
194 20
19
1912 1912 194 194 19
290 Preferred 7%_
100 103 Sept 30 10812May 24 100 Nov 11034Mal
*10312 104
10312 10312 103 103
103 103
1034 1034
103 103
10 Oct 82 Oct
6,900 Lehigh Valley Coal__ _No par
714Juoe 18 174 Mar 17
812 94 , 834 912
912 933 4912 10
94 634
638 934
31 Dec 444 MY
200 Preferred
•23
27
*23
26
50 221aune 26 3712Mar 19
•2512 2558 258, 2533 *23
25
•23
25
6712 6812 6712 6812 6612 8772 6714 68% 6818 68% 68% 7014 11,303 Lehman Corp (The)___No par 6612Sept 30 974 Apr 15 ___ --- ---- - 14
28- Nov 684 Feb
Apr
36
2.900
Lehn
&
par
2214Juee
25
Fink
No
2818 2618 2418 2514 2334 2412 2312 2334 2358 24
2418
24
Oct 43 Atlit
17
1738 17
4.700 Libby Owens Glass__ No par 1612 Oct 1 3112Mar 29
*17
1712 17
17
1612 17
17
1788 173 173
Oct
8014 Nov 106
954 95
95 .91
93
1,400 Liggett & Myers Tobacco-25 85 June 25 11334 Apr 1
95
*92
96
94
92
9312 94
Nov
10614 Oct
1
80
9414 9512 9358 96% 911
Apr
1143
8
24,700
Series
B
/
4 934 927 9458 92
25
85
June
25
931z 95
94
30 Nov 5734 July
1
4 Feb 15
21
22
21
22
20'8 20% 20'8 2211 *2112 22
22'm 2.700 Lima Loeomot Works_ _No par 20 June 18 49/
22
3758 Nov 61 Feb
*375± 394 *375± 393* 1,300 Link Belt Co
40
40
40
40
39
40
39
No par 37 June 25 458 Feb 21
39
40 Oct 113% Jan
6,500 LIquld Carbonie
No par 5234 Jan 3 81% Mar 28
59% 61
61
62
6114 63
594 61
60
63
We 61
Oct 8412 Feb
32
7412 6838 74
73
684 694 674 72
7314 6934 72'I 136,700 Loewe* Incorporated_No par 4212 Jan 2 9534May 14
68
80 Oct 11034 Jan
10834 1081 *105 108 *106 108
No par 8558 Jan 17 11238June 3
*107 1084 106 106
108 1083
400 Preferred
8034 Nov 95 Mar
9812 99
99
No par 7854May 5 9934 Oct 3
*99 100
*9712 9812 9712 9812 97
9912 9914 1,300 Prel ex warrants
318 Dec 1112 Apr
312 372
312 334
358 ps 6,400 Lott Incorporated
638 Feb 19
312 358
334 372
358 378
3 June 18
No par
12 Dec 3212 Jan
3.712 8
.718 8
*718 8
714 Aug 4I 1534Mar 22
*718 8
718 718 .1.718 8
200 Long Bell Lumber A No par
Nov 87% Sept
3918
2
1
4 Apr
25 6012 Jan 4 70/
5334 5388 5612 5612 5734 5438 577
5758 5934 58
5614 574 15,500 Loose-Wiles Biscuit
1414 Oct 311eMay
25 1618 Jan 21 2818 Mar 8
1734 1812 1758 1812 1612 178, 16% 18
1738 1838 1758 1838 73,300 Lorillard
Oct 18 Jan
7
Apr
28
12
8.600
Sept
812
714
Louisiana
011
No
par
7
8
814
7
734
712 733
712 734
291
75± 752
80 Nov 10014 Feb
10 Preferred
100 7832 Oct 1 90 Sept 4
*7518 80
*1838 80
783* 7833 *---- 7834 •--- 7834
8754 80
28 Oct 72% Sent
354 11,500 Louisville 0 & El A__ _No par 33 June 23 514 Apr 25
3412 354 324 345± 3334 354 3434 354 35
34% 353
22 Nov 10858 July
No par 16349ept 301 4458 Mar 12
18
1812 174 1838 1634 1828 174 183
/
4 11,200 Ludlum Steel
173 1812 1734 181
76 Nov 18 Inns
75
*65
75
75
200 Preferred
No par 68 Oct 21 9934 Mar IS
*67
70
*67
75
68
70
*68
70
3
Oct 46 Jan
Apr
3
3014
39
237
1.300
MacAndrews
&
Forbes_No
par
23
Sept
25
2512 247g 25 323
*2514 30
23 24
25
23
aoi
5518 Nov 11434 Feb
4812 5138 60
No par 4614June 101 8812Mar 27
4934 514 4738 50
aou 51
51
50% 51% 11.500 Mack Trucks Inc
11234 116
11412 12012 115 1204 117 1214 8,700 Macy Co
No par 109 June 21 159'a Feb 3 110 Nov 25512 Sent
119 12012 117 121
1112 Nov 24 Feb
9
10
64Sept 30 1538June 6
812 94
64 7
712 71
: 712 734 x75
838 3,600 Madison Sp Garden__ No par
35 Nov 82', May
5,700 Magma Copper
2858 2834 2814 29 z2614 274 2534 2614 264 27
_No par 2534 Oct II 523 Jan 7
2534 26
6 Nov
3988 Jan
418 5
418 438 •414 44
4% Sent 291 13 July 3
5
5
45
434 *412 64 1,800 Mallison (lilt) & Co__No par
3 Dec 26 Jan
8 Jan 29
24 24 *134 214
•24 234 *214 234
30 Man.sti Sugar
100
112July 81
134 134 •134 212
197 Dec 5012 Jan
•1034 20
*1034 15
*518 15
100 1134.7nly 14 50 Jan 28
*1034 20
*54 1434 *514 1412
Preferred
14 Oct 3832 Mar
14
*10
*10
.10
14
Mandel Bros
14
*10
14
*10
No par 10 Aug271 15 Jan 14
14
*10
14
1914 Dec 355± Jan
114 11
11
9 Oct 2 2458 Jan 10
1158 1134 11
25
114 *II
000 Manhattan Shirt
9
11
10
10
54 Dec 1812 Apr
378Sept 30 1038 Mar 18
*4/
1
4 458
2,100 Maracaibo 011 Explor__No par
4
414
*34 4
378 4
*334 4
*34 4
2814 28
2812 2812 2834 29
10 28 Sept 30 3212 Aug 6
29
2958 284 2914 28
2914 13.000 Marlue Midland Corp
ias Oct 897g May
•3012 3212 3033 34)34 2912 3012 29
30
3,200 Marlin-Rockwell
No par 28 Oct 3 55 Feb 28
287 2934 28
28
19 Nov 104 May
734 8
738 8
732 Oct 1 3058 Apr 9
734 818
734 733
75* 818
738 7% 3,900 Marmon Motor Car-No par
•Bid and asked prices; no sales on OW day. y Ex-d1vklends,
2192
New York Stock Record-Continued-Page 6
.
For sales during the week of stocks not recorded here, see sixth page
preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 27.
Monday
Sept. 20.
Tuesday
Sept. 30.
Wednesday
Oct. 1.
Thursday
Oct. 2.
Friday
Oct. 3.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ra nge Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
$ per share $ are share 3 oer share $ Per share $ Per share 3 Per share Shares Indus.& misceil.(Con.)
Par $ Per share $ per share
per share $ per share
3718 3758 3714 374 37
374 37
3708 3718 3758 3712 3814 5,100 Marshall Field & Co__ _No par 3514July 12 4818 Apr 24 $
312 312
•33
31
312
312 312
4
4
334 4
4
3,100 Martin-Parry Corp_ __ _No par
3 Jan 6
6 May 19
-212 'Nov -18 Jan
3814 3814 3738 384 3514 3778 36
3814 3534 38
37
3814 10,900 Mathleson Alkali WorksNo par 3238June 25 5138 Mar 28
29
Oct 218 Feb
*134_ _ .134
_ *134
_ _ .131
_ _ *134
__ •134
Preferred
100 115 Jan 24 134 Sept 25 120 Jan 125 Jan
41 -404 4018
40 -46
,
8 40
4-0
40 -4
4,700 May Dept Stores
.
0
4012 42
25 40 Sept 30 614 Jan 31
4512 Dec 108.2 Jan
7
7
7
7
738 84 *8
84
2,000 Maytag Co
84 81s 8734 9
No par
7 Scot 26 23 Mar 26
1538 ()et 2912 Aug
2414 .2178 25
2158 2158 .2))
21
20
400 Preferred
20
20
20
No par 20 Oct 2 404 Apr 7
2814 Dec 4914 July
.71
8314 .7118 8314 .71
7112 71
71
81
.71
'71
73
Prior preferred
No par 71 Sept 8 8412Mar 26
7512 Nov g0i8 Jan
*3534 38 .35
3778 .35
37
3378 38 .34
38
3734 3734 1,010 McCall Corp
No par 3373 Oct 1 50 Apr 1
3914 Dec 108
Oct
*504 53
•5012 53
4912 494 *4818 50
50
200 McCrory Stores class A No par 4912Sept 30 74 Jan 2
*48
*48
50
74 Dec 11334 Feb
*56
60 '56
60
56
56
55
55
*54
56 .54
160 Class B
56
No par 55 Oct 1 7() Jan 16
70 Dee 11512 Feb
.87
94 .84
91
84
81
78
78
*85
90
220 Preferred
85
85
100 78 Oct 1 97 Mar 24
8612 Nov 120 Feb
3112 3158 .31
31
32
3158 *3012 32
*3012 34
700 McGraw-I1111 Publica's No par 3012June 23 44 Apr 7
308
31
30
Oct 48 Feb
.18
184 .18
184 .18
19
•18
1812 184 184 184 1878
800 McIntyre Porcupine NI Ines_ _5 1438 Jan 2 1912 Apr 23
1212 Nov 2312 Jan
7718 79
7612 784 7518 77
22,200 McKeesport Tin Plate_No par 61 Jan 2 8912.14ne 4
75
78
77
7812 7712 79
54
Nov
82 Jan
1518 154 1518 151 4 144 154 1412 15
15
1534 154 1514
640 McKesson & Robbins_ _No par
1418Sept 30 3738 Apr 12
2118 Oct 59 Mar
38
384 3734 3734 3534 3534 36
36 .36
37
1.000 Preferred
364 37
50 35 June 24 4914 Apr 8
40 Oct 63 July
1314 1314 1312 1312 12
13
11
1212 *1214 1334 .13
134 2.700 McLellan Stores
No par 11 Oct 1 2014 Jan 7
1812 Dec 5912 Aug
27
27
28
284 2814 2834 *29
3438 28,
8 284 '29
334 1.300 Melville Shoe
No par 2614 Feb 8 42 Apr 16
2618 Dec 72 Jan
918 908
9
9
712 838
814 9
9
912 912 5,500 Mengel Co(The)
912
No par
712Sept 30 234 Mar 10
9 Oct 3178 Jan
1712 1858 1634 184 164 17
164 184 1738 19
84.500 Mexican Seaboard 011 No par 1618 Jan Pi 37 Apr 7
1814 19
914 Oct 694 Jan
12
1234 1112 12
10
Ills 10
1034 1012 Ills .1012 11
5.400 Miami Copper
5 10 Sept 30 3372 Feb 6
20 Oct 5412 Mar
51
51
5034 5034 29912 50
53
59
5258 53
54
5434 2.400 Michigan Steel
No par 4912,
ept 30 77 May 13
44 Dec 12278 July
2014 21
20
21
193* 2014 1934 2134 21
214 2118 2114 20,900 Mld-Cont Petrol
No par 194Sept 30 33 Apr 7
2212 Nov 3978 Jan
54 3.400
Middle-States Oil Corp ctfs_
34
,
ept 22
212Mar 17
84 Nov
358 July
2112 25
2414 2-638 24
2478 26 ii
254 -2678 26 -26
3,500 Midland Steel Prod
No par 2158June 25 53 Feb 28
*8712 92 .8718 95
.8718 92
8712 8712 85
8718 87
8834 1,100 8% cum 1st pref
100 84 June 21 110 Feb 28
*41
47 .41
48 .41
45
41
41 .42
5412 '45
100 Minn-Honeywell Itegu_No par 41 Oct 1 7R3 Mar 19
50
59 Nov 12314 Sept
1 814 814
712 918
612 712
7
15,700 Minn-Monne Pow Imp' No par
9
812 912
9
10
612 el,t 30 2878 Mar 17
10 Oct 4358 July
.68
68
69
68 .65
68
.65
68
*6758 68 .65
100 Preferred
6758
No par 68 SCD1 20 9214Nfay 28
65 Nov 102 July
.
1 16
174 •I6
17
16
164 16
1612 16
1,300 Mohawk Carpet Mills_No par
16
16
16
16 Sept 30 40 Jan 27
35 Nov 8014 Mar
3618 3678 304 36
32
3314 32
324 3112 3278 32
3378 5.500 Mon auto Chem Wks..No par 204Sept 29 634 Apr 21
47 Nov 8012 Oct
3018 31
29
314 274 294 28
2378 2838 30
2658 2934 198,300 Mont Ward Co III Corp No par 2658 Oct 3 494 Jar 2
4258 Dec 15678 Jan
*412 534
5
5
4
412
412 5
5
5
5
2,100 Moon Motor Car new_ _ No par
6
334 Jan 22 1612 Apr 2
112 Oct
5 Oct
5218 53 .5218 55
53
53
52
52
"53
60 .54
400 Morrell (J) & Co
66
No par 51 Aug 15 72 Feb 5
42
Oct 8138 Oct
1
1
1
1
78 1
78 1
4 1
4 8,000 Mother Lode Coalltion.No par
78
7sSept 30
2 Jan 2
112 Oct
612 Mar
314 314
3
3.38
212 3
112 238
2
214
214
212 21.800 MotoMeter Gauge&Eq No par
112 Oct 1 1158 Apr 10
314 Oct 3154 Aug
35
36
34
35
34
3412 .3518 43
"3512 3712 .39
4312 1.300 Motor Products Corp. No par 34 Sept 29 81 Apr 7
36 Nov 206 Mar
1812 1834 1918 194 1814 1858 1818 1814 1734 1818 1734 1812 4,300 Motor Wheel
1734 Oct 2 34 Mar 19
No par
21 Nov 5518 Aug
10
10
812 94
84 858
84 9
9
912
914 914 4,300 Mliii119 Mfg Co
No par
8 Jure 18 2014 Feb 14
10 Oct 817s Jan
...___ 48
47
47 .____ 41 .
1_ ___ 50 .____ 50 .____ 50
10 Preferred
No par 40 July 2 6478 1140 31
55 Dec 10214 Jan
*37
38
35
37
34
34
.34
35
35
35
900 Munsingwear Inc
•34
39
No par 34 Sept 30 53.2 Feb 10
38 Nov 613* May
1314 1331 1212 14
1114 1238 12
1334 1312 1514
1438 15
19,000 Murray Body
No par 1114Sept 30 2514 Apr 11
1478 Nov 1004 June
38
38
3614 367s 3534 3934 37,
8 3734 3814 3838 '38
1,900 Myers F & E Bros
41
No par 3558 Jan 2 4912 Mar 25
30 Oct 6712 Oct
30
3034 30
314 30
31 18 3012 33
3012 3114 3178 3212 20.200 Nash Motors Co
No par 2914Sept 26 5812 Jan 6
40 Oct 11878 Jan
912 10
934 10
912 10
978 10
10
104 10
1018 4,500 National Acme stamped_ _ _ _10
912Sept 26 2614 Feb 14
1458 Nov 4178 July
.
1 15
2012 *13
205* .11
2012 .11
2012 .11
18 .11
Nat Air Transport
18
No par 11 Jail 13 3938 Apr 14
10 Dec 484 May
712 734
658 7
434 612
6
64
638 7
'612 7
5.000 Nat Belles Hess
No par
434Sept 30 20 Apr 7
918 Dee 71 Mar
7812 8034 7838 813
7878 8138 7978 8134 8012 8134 8114 8314 43.400 National Biscuit new
10 71 Jan 2 93 May 29
6514 Dec 73 Dec
41150 159
151 151 .150 155 .15112 15214 5151 12 155 .1514 155
100 7% cum pre!
100 14212 Jan 23 151 :•ert 29 140 Aug 146 Oct
4018 41
3914 413 23814 40
3914 41
3858 41
3918 4012 26,200 Nat Cash Register A w INo par 38'4 Sept29 8312 Feb 3
59 Nov 14834 Mar
484 494 48
501
4712 484 48
4858 5138 68.600 Nat Dairy Prod
495* 487g 50
No par 4514 Jan 20 62 June 2
36 Oct 8612 Aug
1214 121 1134 1212 11
1178 *1184 12
1112 11 12 1134 1134 2,000 Nat Department Stores No par
11 Sept 30 2412 Feb 27
20 Dec 3734 Mar
2734 2814 2738 284 27
274 2734 2812 2778 2914 28
5.700 Nat Distil Prod ctfs_. No par 241:jure 25 3912 Feb 6
28
15 Oct 58 June
2278 26
.24
26
24
21
.2258 2614 .2258 2418 *2258 26
1,300 Nat Enarn & StampIng____100 1714June 14 3312Nlar 1
2512 Dec 6214 Jan
12014 12012 11934 1204 119 120 .120 125 *121 125 .123 128
2,000 National Lead
100 119 Sept 30 18912 Feb 7 12914 Nov 210 Oct
*142 145 .142 143
142 142
14134 14134 .14112 143 .14112 143
30 Preferred A
100 13818 Jan 3 144 Sept 5 138 Nov 14112 Feb
*118 120 .118 120 *118 120 *118 120 "118 120 '118 120
Preferred B
100 116 Jan 17 11978Sep1 19 115
Oct 12334 Apr
39,
8 404 3834 414 3612 3878 3714 4034 38
4012 40
4178 104.300 National Pr hi Lt
No
par 32 Jan 2 5834 Apr 24
23 Nov 7134 Aug
•1,
8 2
112 15s
112 112 .112 14 .112 2
112
11
1.4001 National Radiator
No par
112ept 15
412 Jan 15
112 Dec 17 Jan
*234 51 1 .234 3
234 234 *278 4
.278 4
*278 4
1001 Preferred
No par
234Sept 30 11 Jan 15
Jan
112 Dec 41
514 5238 5112 53
50
51
5014 5078 5014 5012 504 5034 6.601) Nat Steel Corp
No par 50 Sept 30 62 July28-984 99
*9912 10014 9634 9912 9612 0634 97
97
*97
98
1,400 National Supply
50 964 Oct 1 12434 Apr 7
Jan
9812 Nov 144
70
71
70
71
67
70
71
73
70
70
6912 7014
National
1.800
Surety
0 3012 Jan 7 1184 Mar 22
7014 Dec 155 Feb
21
21
21
21
2018 21
2018 2014 2012 204 21
2234 2,900 National Tea Co
No par 204Sept 30 4178 Feb 4
3118 Nov 9138 Mar
1158 1178 11
12
1034 1158 11
12
1114 1218 11
1138 29,900 Nevada Consol Copper_No par 1034.ept 30 3238 Jan 7
2314 Nov 624 Mar
3214 3412 2738 3114 30
2912 2912 '2012 30
3114 34
30
7.100 Newton Steel
No par 27 Sept 5 58 Apr 14
35 Dec 113 July
39
39
*3858 39
3812 3858 3812 3812 3812 3812 *3812 39
2,300 NY Air Brake__ _.....No par 3714 Aug 4 47 Feb 19
3512
Oct 4934 Mar
34 .28
35
.28
*28
35 .28
35 .30
35 .3014 35
New York Dock
100 28 June 26 48 Apr 25
33 Nov 5838 Feb
*8112 81 '8112 84
.8012 85
.8112 81
.81 12 84
*8112 84
Preferred
100 80 Feb 8 8812 Apr 24
July
823
90 Apr
4
.1718 20
18
18
174 1778 18
18
1712 1734 1712 1858 2,900 NY Investors Inc
No par 1718June 23 :32 Apr 24 -- -- ---- ---- --105 10514 105 105 *10312 105 .10312 105 .10312 105 51034 105
110 NY Steam pref (6)
No par 100 Jan 2 10612Sept 3
9312 Nov 103 -Jan
116 11612 115 11514 115 115 .115 116 .115 116 .115 116
130 1st preferred (7)
No par 110 Feb 5 117 Aug 28 107 Nov 115 Aug
9338 947a 924 9578 9012 9314 9238 9738 9334 9614 95
97
80.200 North American Co_No par 8712July 8 13278 Apr 11
6612 Nov 18634 Sept
5534 55
5514 55
*55
55
54
55
55
55
55
5558 1.600 Preferred
50 51 Jan 13 57 June 4
48 Nov 544 Jan
73g
712 758
73
4
74
64
634 738
64 714
7
71 29,100 North Amer Aviation_ No par
53
4
Oct
1
1478
Apr
10_4,10478 105
105 105
105 105 *10178 105
105 105 *10412 105's
700 No Amer Edison pref__No par 10034 Jan 23 105 May 22
98 Nov 10334 Jan
*364 3634 .3612 3712 371s 3718 38
38 .3814 394 .3814 39'2
3.7t8
300 North German Lloyd
se! t 30 5534June 11
4112 Dec 6414 Jan
49
49
48
48 .48
50 .48
50
48
48
4718 474
190 Northwestern Telegraph_50 42 Jan 2 5018 Mar 14
4012 Dee 50 Mar
7g
78
*78
1
78
78
78
4
78
1.400 Norwalk Tire & Rubber_ __10
78
78
78
4 Jan 9
4 Mar 26
Se Oct
We Feb
2312 26
2218 24
26
24
25
2614 2412 264 25
2578 61,400 Ohlo 011 Co
No par 2218Sept 30 32 Aug 21
20
21
20
2012 21
19
1912 20
20
20
194 20
15,200 Oil Well Supply
91% Jan 3 2434Sept 9
25
73* -Dec 32 Jan
107 10712 10734 108
10738 1074 *10714 108
10814 1084 •10814 10812
870 Preferred
100 86 Mar 10 110 Sept 12
8834 Dec 10612 Jan
734 818
714 8
612 7
7
7's
8
914
814 812 9,700 Oliver Farm Equip_.No par
612Sept 30 344 Apr 17
8 Oct 6412 Apr
1234 14
1278 14
1278 13
14
13
1212 1338 1214 13
3,900 Cony partIcIpating_No par 1214 Oct 3 4618 Apr 17
17 Oct 6938 Apr
5612 52
5218 47
50
4512 4512 45
.564 5812 55
4618
1.200 Preferred A
No par 45 Oct 3 9034May 13
6412
Dec 9915 Slay
414 414
4
4
378 378
358 4
.334 4
*334 4
1.900 Omnibus Corp
No par
234 Jan 3
838 Mar 31
212 0%1 1078 Feb
76
76
83
.75
*75
80
753s 7538 75
75
75
120'Orpheum Circuit Inc pref_100 63 Jan 6 9978 Apr 24
75
504 Oct 954 Jan
591s 6012 59
6112 258
594 5812 604 5812 61
6012 6214 17,800 Otis Elevator new
No par 55 June 18 80385-Tar 13
__ 12834 12834 *12714
.12834
__ 12834 12834 "12712 12834 '12712 12834
50 Preferred
100 1184 Jan 23 128345e9t 29 11878 Oct 125 Jan
21
21
22 22
204 -2-078 204 2012 2078 2018 .2014 2058 1,600 Otis Steel
No par 2038 Oct 1
3878 Mar 31
2214 Nov 55 Oct
*9014 93 .9014 9218 9014 901 4 •__._ 9178 *____ 90 5.- _ _ 90
100 Prior preferred
100 89 July 2 99 Apr 29
894 Nov 108 Feb
4114 413* 42
42
404 4112 4014 4012 4078 404 404 41
3.500 Owens-Illinols Glass Co____25 4014 Oct 1 6078 Feb 7
43 Nov 8912 Sept
5512 :5271 51
5412 5134 54
5272 55
5332 5514 54
5412 13.400 Pacific Gas & Electric
25 52,
8Sept 30 7178 Mar 31
42 Nov 9834 Sept
7112 714 7218 714 7312 73
733* 7334 72
7334 7412 7434 6.800 Pacilic Lilt CorpNo par 71,8 Oct 1 1074 Mar 28
584
Nov 14612 Sept
2034 207s 201s 201s *2034 23
02118 23
201s 201s 2072 2072
230 Pacific Mills
100 201s Sept 30 30 Feb 8
1712 Nov 37 Apr
13434 13434 13314 13314 13114 13212 130 13212 13412 13612 13478 135
1.020 Pacific Telco & Teleg
100 130 June 18 178 Feb 19 131 Nov 220 July
*130 131
13078 131 *12612 131 .12612 131
12658 12658 .12612 131
30 Preferred
100 1164 Jan 6 145 Feb 21 11934 Jae 138 Oct
1014 104 1012 11
10,2 1034 10,2 1034 1034 11
11
1118 129,200 Packard Motor Car __ _.No par 10Isqe-t 30 233s Mar 18
13 Nov 3212 Sept
52
53
53
53
5212 5258 1,100 Pan-Amer Petr & Trans.__ _50 5118Sept 30 6414May 14
514 51'8 52
5138 52
52
404 Feb 69 Aug
5214 524 5158 5312 5012 517s 52
5212 •52
53 '52
53
8,500 Class B
50 5018 Jan 25 6712May 14
4012 Feb 11914 Aug
1078 11
10
1012 10
1114
12
12
12
1212 12
124 3,300 Park & Tilford Inc_ _ _ _No par
10 Sept 29 354 Apr 7
24 Nov 8778 Jan
618 678
578 7
x5
675
518 61,3
6
611
04
614 12.200 Parmelee Transporta'n_No par
5 Sept 30 2618 Mar 10
1512 Dec 21 Dec
34 334
4
414
4
4
34 312 .
334 434 3,100 Panhandle Prod & ref__No par
34 4
33s5e 130 12345lay 14
3 Nov 1514 Jan
.25
60 .25
60 .25
60 .25
55 .25
55
.25
Preferred
55
100 4712 Jan 14 80 May 14
Jan
Feb 76
4712
5338 5412 534 5534 515* 534 524 54
514 5414 5214 544 102.600 Paramount Public
No par 4858 Jan 2 7714 Mar 31
36 Oct 7512 Oct
134 Pi
14 134
112 134
134
134
134
134
1
134 134 5.900 Park Utah C NI
112Sept 30
438
Apr
137
8
Dec
7
Feb
3
358 3,2
312 4
332 3,2
3,2 334
No par
334 34
312 34 8,600 Pathe Exchange
234 Jan 3
9 Apr 25
212 Dec 1478 Jan
712 734
7
8
634 712
7
8
3.600 Class A
"712 778 .
No par
74 8
5 Jan 2 1958 Apr 25
412 Dec 30 Jan
13
1331 104 13
918 1012 1134 12
11
12
1114 14
9.200 Patin° Minos & Enterpr_ _ _20
918sept 30 3278 Feb 5
Oct 4734 Mar
2472
Vs 414
352 4
*312 4
352 4
358 34 *34 412 1.500 Peerless Motor Car
50
358Sept 29 14 Feb 3
518 Oct 2212 Jan
3712 3814 3612 3878 3534 37
374 364 374 3712 38
36
24,500 Penick & Ford
No par 2678 Jan 7 5538 Apr 10
22 Nov 6078 Sept
4818 4814 4814 49
4758 4814 48
49
4878 4814 49
4912 8,300 Penney (J C)
No par 4758Sept 30 80 Jan 3
66 Nov 10514 Oct
59934 10014 10014 10014 100 100
.101 10112 10114 10134 101 101
700 Preferred
100 93 Jan 7 10134Sept 23
33 Oct 97 Dec
6
512
.512
518 518
8
6
6
Penn-Dixie
Cement__
57
2,700
6
512 6
512
..No par
5 Sept 26 12 Mar 8
312 Nov
27 Jan
.36
40 .36
40 .30
39 .25
35 '30
38
33
28
300 Preferred
100 28 Oct 3 5512Mar 13
21)12 No%
94 Jan
23412 235
229 232
221 225
22612 235
23312 23312 2239 239
2,400 People's CI L & C(Chic)_100 221 Sept 30 325 May 27 208 Jan 904 Aug
19
19
1918 1912 19
19
1812 19
.1812 19
1912 19
1.500 Pet Milk
No par 1718July 17 2212 Aug 11
1818 Dec 4512 Jan
1458 144 1458 15
1458 1434 1412 16
15
154 15
1514 27.801) Petroleum Corp of Arn_No par 141 2Sep1 26 2714June 10 __-- --- ---- -29
294 28
284 2912 274 2812 28
2812 6,100 Phelps-Dodge Corp
2878 28
29
25 2712 Oct 2 4438 Apr 7
31 Nov 7978 May
.180 210 .180 211) •180 210 .180 210 "170 190 .190 210
Philadelphia Co (Pittsb) _50 200 June 18 218 Apr 15 15712 Apr 285 Oct
5634 564 574 573s .5634 5712 :5638 5612 5614 5614 56
5638 1.200 6% preferred
50 5018 Jan 15 573s5ept 29
4712 Nov 54 Mar
1518 1534 1434 161 4 134 1472 1112 1534 1434 1572 1512 16
36,300 Pinta& Read C& I____No par 114 Jan 17 2578May 23
918 Nov 34 Jan
101s 1012 1018 1034
978 10
978 1014 31014 1014 *104 1038 4,700 Phillip Morris & Co Ltd _ __ _10
814 Jan 8 1512Mar II
534 Oct 2314 Feb
.14
20
14
22 .11
13
*11
22 .11
22
22
*11
220 Phillips Jones Corp__ __No par 13 Sept 29 274 Feb 18
1912 Nov 78 Mar
.60
6334 *60
6334 60
60 .58
60 .58
6018 .58
60
Phillips Jones pref
100 594 Aug 21 75 Feb II
65 Nov 96 May
2618 263
2534 2634 244 2518 2518 264 2618 2718 264 2718 58,200 Phillips Petroleum__No par 2458Sept 30 4438 Apr 30
2414 Nov 47
Jan
1012 .10
.10
1014 10
10
10
10
*10
1134 .10
11
200 Phoenix Hosiery
5 10 Sept 30 2018 Apr 30
1058 Oct 375* Jan
25
25
2518 28
.25
274 25
254 25
25
25
25
2.300 Pierce-Arrow class A..._No par 19 June 25 33 Apr 3
3778 Jan
18 Nov
34
1
1
1
1
1
1
1
1
ki
1
1
7,000 Pierce Oil Corp
25
34Sept 30
1
Oct
2's Mar 17
338 May
2018 204 204 204 1918 20
1912 21
1918 20
•20
22
2,100 Preferred
100 1918Sept 30 52 May I
20 Oct 5112 Mar
34 334
358 4
34 311
34 331
334 4
334 438
14.800 Pierce Petroleum
No par
214 Jan 3
74 Apr 24
12 Oct
578 Jaa
if
*2184
•Bld and asked prices, no sales on this day. 15 Ex-dividend and ox-rights. z Ex-dlvidend. y Ex-rights.
2193
New York Stock Record-continued--Page 7
For sales during the week of stoc Is not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Sept. 27.
Monday
Sept. 29.
Tuesday
Sept. 30.
Wednesday
Oct. 1.
Thursday
Oct. 2.
Friday
Oct. 3.
I Sale:
'
tile
Wee
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On heals of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
ne,share
$ Per share $ per share
Indus.& Miscell.(Con.) Par
$ Per share S per share $ per share S per share $ per share $ Per share Shot
30 Oct 6378 Jan
p"
.1 s
t'
n'
ae1.25 3734 April
31
31
3234 4,200 Pillsbury Flour Mills._.No par 827
31
2912 31
31
31
30
3012 298 30
4314 Oct 68 Aug
3834 Oct 1 5078 Feb 27
1,200 Pirelli Cool Italy
3934 3934 *3912 40
39
3918 3334 3334 3878 39% *3918 40
54 Nov 83% Jan
100 3514 Aug 13 7812 Jun 7
3812 1,100 Pittsburgh Coal of Pa
3712 *37
33
38
*3712 46
37
*35
4838 *38
40
8312 June 110 Oct
100 80 Sept 25 110 Jan 7
80
200 Preferred
80
80
80
*75
85
*75
7978 *75
80,8 *75
80
17 Dec 2712 Aug
par 17 Sept 30 2278 Feb 18
1712 18
17
1758 17
17
1718 1734 1718 1718 1,100 Pitts') Screw &
*1718 18
9214 Feb 110 Oct
6
1b
y
e 24 103 Jan 7
2
200
31,3224,1
30 Pitts Steel 7% cum pref. _100 9
*9512 98
96
96
*9512 98
*9512 98
9512 9512 *9512 98
2278 Apr 8
No par
21
21
500 Pittston Co
21
21
*2034 21
2034 201
/
4 2012 2012 *2014 2012
3432 Mar 18
20 Nov 437 Aug
3,900 Poor & Co class B
No par
*2318 24
2214 23
24
23
23
22
2214 22
2478 23
2,300 PortoRican-AmTob clANo par 16 Sept 30 3038July 3
20
20
1918 194 16
1812 18
1812 1712 184 *1712 19
8 Nov 50% Jan
558Sept 30 2714 Mar 10
No par
614 614 4.600 Class B
7
534 618
6113 612
558 612
6
618
614
93 Nov 105 Jan
7714 3,500 Postal Tel & Cable 7% pf__100 77 Oct 3 103 Jan 21
7918 77
81
81
81
81
80
80
79
7914 78
Oct 6558 Jan
4012
54
Apr
1
27
Oct
3
Prairie
Oil
&
Gas
00
28
87
25
27
2778 2878 2734 29
2712 2912
288 2918 2812 29
45 Oct 65 Aug
15.700 Prairie Pipe Line
25 36 Sept 25 6012 Feb 7
3712 38138 38
3912 37
3818 3718 3778 3634 38
368 38
2538 Mar
Nov
No
55
55
6%
165
8
Feb
518Sept
26
Pressed
Steel
Car
par
57
8
3,1
18
00
53
4
534
53
4
4
6
6
5
3
4
53
512
54
50 Dec 81 Mar
100 50 June 24 7612 Feb 14
400 Preferred
*45
51
50
50
50
50
50
50
50
50
*50
52
43 Nov 98 Aug
258stnt 30
3 7878June 2
No par 56
6912 708 10.800 Procter Gamble
70
6918 70
69% 71
6918 7014 68% 69% 69
512 534
4 Oct 2578 Jan
1178 Mar 17
54 4,100 Producers & Refiners Corp..50
5
512 512
518 518
5
5
5
518
54 Nov 13724 Sept
No par 81 12 Jan 2 12334 Apr 11
89% 904 68,600 Pub Ser Corp of N J
90
87
9014 87
888 87
8914 86
8812 88
No par 9134June 18 9914 Oct 3
994 2.8 0 $5 preferred
9818 9814 93
9814 9812 984 9814 9812 98% 9834 99
3,4 0 6% preferred
98 Nov 10818 Feb
100 10612 Jan 3 117 Sept 30
11614 11614 11614 11614 11612 117
1158 11558 11512 11658 116,
8 117
100 121 Jan 10 135 Oct 2 105 Nov 12478 Jun
2,0 0 7% preferred
134 131
131 135 *134 136
133 133
133 13334 131 134
100 143 Jan 2 158 June 7 13912 Nov 151 Sept
2 0 8% preferred
15134 15134 15414 15414 *15114 15314 *15114 157 *15414 157 *15414 157
*11014 11033 110% 1108 *11014 1104 11014 11012 11014 11012 11014 11012, 2.500 Pub Serv Elee & Gas pref._100 10714 Feb 5 112 May 21 10412 Nov 109% Jan
73 Nov 9914 Sept
No par 5918Sept 30 8938 Jan 3
6234 18,700 Pullman Inc
6234 613g 6334 62
63% 6312 6012 638 5918 608 60
6 Dec 21 12 July
118Sept 30
8,2 Jan 17
50
112
900 Punta Alegre Sugar
118
118
118
118
I%
a
1114
*118
1'2 *114
112
20 Nov 305* Slay
25 1614 Sept 30 2714 Apr 7
16% 17% 16% 1758 1614 16% 1614 1833 17118 1814 173 1834 38.800 Pure Oil (The)
100 10912Sent 25 11414 Apr 8 108 Nov 116 Feb
220 8% preferred
110 110
10938 11038 10912 10912 10912 10912 10912 10912 1093 110
55 Oct 14858 Aug
52 June 21 8878 Feb 15
5634 6012 8.200 Purity Bakeries
60
56
5812 57
5812 5612 59
598 6018 59
26 Oct 11434 Sept
2934 736,300 Radio Corp of Amer_ _ _No par 2634 Sept 30 6938 Apr 24
2734 2938 2712 3014 2634 2878 2834 3012 2712 3014 28
Jan
50 Nov 57
50 5234 Oct 1 57 Apr21
*5078 53
700 Preferred
5234 5234 ____ 55
5312 5312 5314 533 *5011 51
Nov 8212 Apr
85
Apr
2
Oct
1
Preferred
B
62
5414
par
No
9,1
00
5712
58
5414
5612
57
58
5714 58
55
5712 5112 5533
12 Oct 46% Jan
19 Jan 2 50 Apr 24
2653 2734 2512 2834 228 26
2334 2658 2418 265g 2558 27 407.800 Radio-Keith-Orp CIA..No par
28 Nov 5812 Sept
elt
)t 3
10
7 58% Apr 17
22:4:ep
25
2612 2212 26
2214 23
2312 2412 2212 24% 2318 2378 10,700 Raybestos Manhattan_No par 974
6478 Mar 26
3614 Nov 8138 Mar
10 3452J one 1
41
1318 43
41% 423
413 42
4018 41
438 4318 458 9,f.00 Real Silk Hosiery
100 Mar 29
8614 Dec 10212 Feb
100
50 Preferred
*89
93
*89
93
*89
93
93
93
90
93
*89
93
358 Dec 1614 Feb
578 Feb 3
1 Aug 29
Reis (Rohl) & Co
No par
*112 2
*112 2
*112 2
*112 2
*112 2
*112 2
40 Dec 10812 Feb
100 14 Aug 28 37 Jan 28
10 First preferred
*14
15
35
*13
35
15
15
*14
15
*15
35
*13
20% Nov 5734 Oct
4612 Apr 14
No par 23 June 2
26% 2414 2518 34,1 00 Remington-Rand
25
2518 2433 2534 23% 2518 2318 2514 24
10078 Mar 28
81 Nov 9612 Oct
100 92 Jan
200 First preferred
9314 99
99
*9314 93
*9614 98
*9614 98
*9614 9778 98
Apr
93 Mar 101
100 95 Jan 4 104 July 15
Second preferred
*102 105 *102 105 *102 105
*102 105 *102
*102
10,8 Oct 31% Jan
17 14% Mar 24
1/IB
10
1118 11% 1114 1178 11s 1214 114 1214 8.8 66 Reo Motor Car
11% 1112 11% 1178
24
8
7912
Apr
16
Steel
Corp___No
par
Republic
24
26
25
2612 2434 20's 19.8 00
26
2738 2638 2738 2418 26
9512May 5
10 8s04 3
73
7312 7312 2,1 00 Preferred cony 6% ___ _100 727
76
77
7512 7614 735 7512 7278 7312 73
W.;,";
25 Dee
30 Jan 3
1,1 00 Revere Copper & Brass No pa
10
10
10
10
10
10
1012 113
*12
1412 12
12
70 Dec 78 Nov
72 Jan 24
par
631
A_
Class
No
*40
511
___.
5112 *40
5112 *40
5112
*40
53
*40
53
*40
_
Sept 20
16 s Sept3
3 3434 Apr 14
19
16
18
173 1718 17
174 8,4 613 Reynolds Metal Co___ No pa
2012 21
1378 203* 16
1214 Jan
358 Nov
2 Sept 23
25
712 Jan 29
No Pa
4 00 Reynolds Spring
218 214 *218 212
212 212 *214
*2
3
*214 234
Jan
585q
66
39
Nov
Mar
11
4
3
5
8
1
,
8
4
Ju
s
o
;
e
n
i
tt
3
1
0
2
8
J)
Reynolds
(R
Tob
class
B_10
484 57,4 00
4833 4914 4814 4912 4618 483* 4618 484 4612 4378 47
70 Apr 8912 Oct
Class A
10 70 June 3 80 Jan 2
80
75
7312 7312 744 7434 7412 747
*7014 75
747 74% *73
2258 Dec 414% Jan
712 Oct 2 2814 Mar 14
734 812 83,1 00 Richfield 011 of California_ _2
1012 1112 108 1112 103* 10% 1014 1034
712 912
15 Oct 421,Mar
2534 Apr 7
No pa
912 1034 10
1012 103 34.1 00 Rio Grande 011
914 1075
833 10
103
103* 11
40 Nov 70 June
59% Feb 5
No pa
3558 1,1 00 Ritter Dental Mfg
35
35
*34
*3518 37
35% 3512 35% 353* *343 36
28
Nov 96 Slay
Mar
3
4834
2714June
R
ssia
Insurance
Co
10
18
00
6,'
3112
2712 28
2738 30
2912 30
30
28% 283i 2758 30
43785ept 30 5612 Apr 7
4318 Oct 64 Sent
4512 457
443 4512 4378 4434 4433 4534 4412 4534 4534 4658 18,,00 Royal Dutch Co (N Y shares
Jan
3812 Nov 94
334June 18 57,4 Feb 6
1
2,) 00 St. Joseph Lead
34
34
3433 3334 34
*34
3412 34
36
36
35
36
5714 Aug 13 12218 Jan 23
9018 Nov 1954 Jan
No pa
6134 6514 63% 651
6778 9 00 Safeway Stores
588 63
613* 6312 618 617
/
4 66
Oct 101 Sept
85
87 Aug 9 9978 Feb 7
10
50 Preferred (6)
94
94
94
*9212 94
94
9512 94
*9212 93
Oct 10912 Dee
97 Oct 1 109% Mar 26 100
10
00 Preferred (7)
10212 10212 11 _ ___ 103 *____ 100
97 100
9914 100
10234 10234
16 June 18 3134 Apr 2
2012 Nov 51% Jan
00 Savage Arms Corp._.No pa
1712 17's 18
18
1814 1814 1834 19
*1712 1912 *1712 18
312 Dec 4112 Jan
414 Jan 2 1312 Jan 23
618 64
612 678 7 00 Schulte Retail Stores_.No pa
612 7
6
612
6
633
58 614
30 Dec 11812 Jan
35 Jan 2 75 Jan 21
10
90 Preferred
63
63
63 63
*60
6234 .60
6214 6234 6234
*63 67
10 Dec 2214 Apr
734Sept 30 1414 Star ii
No pa
00 Seagrave Corp
8
8
2734 8
734 8
*733 9
*734 8
*8
912
Jan
56 Aug 12 100% Jan 31
80 Nov 181
56 00 Sears, Roebuck & Co_ _No pa
597 61
5812 62% 5712 6033 6014 6234 5933 6214 6018 63
7 June 25 23 Feb 17
9 Dec 1512 Nov
*7
8
7
712
7
7
7
7
7
712 *718 712 1 0( Second Nat Investors_No par
45 Nov 634 Nov
5812 Jan 3 8234 Mar 18
No pa
00 Preferred
6112 6434 6312 631 *6212 644 6212 6212 *6134 6212
*6434 70
ig
112
% SAI,ar
10
18sJure 26
No par
2 Nov 2
312 Jan 29
158
134
134
134 2 00 Seneca Copper
11158 2
134
134 134
158 154
458Sept 30 1312 Apr 25
Nov
No par
53
4% 53
478 558
588 614 33, 00 Servel Inc
558
518 512
458 51
1144 Aug
27
5'11 O
No par 3018Sept 30 52 Apr 21
21,1 00 Shattuck (F 0)
31
3212 3158 3314 3214 34
3234 33
308 34% 3018 311
No par 1478 Oct 3 3234 Feb 13
23 Nov 5334 July
157
1478 1478
' 00 Sharon Steel Hoop_
15
15
157 157
151
1518 1518 *15
15
1614 Aug 8 2734 Mar 10
,Nov 22 Nov
No par
167
1912 2078 2012 2012 20
*194 2014 2014 2014 19
19
2112 7; 00 Sharp & Dohme
50 Nov 657g Aug
No par 54 Jan 2 6334 Mar 10
: 00 Preferred
*5812 60
*5812 60
60
5812 589
5814 58'4 *58
60
*58
Shell
Jan 558 Jan
3712
Oct
1
4838
Apr
23
Transp
&
Ltd
.C2
43
Trad
Co
*3833
*3833
3
50
41
41
4212 3834 3834 *38
40
3712 3712
*39
No par 11 Oct 1 2512 Apr 7
19
Oct 313 Apr
1184 1218 1134 12% 28, 50 Shell Union Oil
11
12
12
12
1112 12
1112 12
100 86 Sept 30 10614 Apr 21
1, 50 Preferred
8714
87
87
8612 88
88
87
8612 8712 8612 8612 86
858 Jan 2 35 Apr 25
8 Dec 7412 Jan
1211
7. 00 Shubert Theatre Corp_No par
11
1318 134 1133 1314 10% 12
118 1152 1238 12
59.2 Nov 188 Sept
No par )8'2Sept3O 948 Jan 2
2034 23
21
2278 1812 2012 1834 2078 19% 2012 1918 20% 49, 00 Simmons Co
40,8 Aug
2
15
1 N()
o
10 14 Sepe3O 37 Mar 24
1412 1412 15
1514 1512 11,100 Slinms Petroleum
16
1618 1518 1618 14
1518 14
45 Jan
17
1712 1G
173.1
1712 1714 18% 1714 18 124,600 Sinclair Cons Oil Corp_No par 16 Sept 30 32 AK 7
16
1612 16
y
J an
16
1,21,i
Oct 14
600 Preferred
100 108 June 10 11214 Apr 24 103
*11012 111,4 11033 11012 *11014 1108 *1104 11114 11014 11014 *10934 11034
28
Oct
2212Sept
29
42
Apr
9
Skelly
011
Co
500
25
17,
2558 26
2212 2512 23
23
2112 2312 2418 2311 248
24
30 Aug 1
14
3% N
Nov
o
1614 Feb
No pa
8 Jan 9
38g 35
1,300 Snider Packing
312 312 *334 4
334 334 *312 4
*334 4
15 June 25 3634 Feb 24
No pa
1731 1,000 Preferred
1718 1712 *17
17
1714 015
2034 17
20
1718 *15
1411s .Llyj
Sept
85 Nov 16
112 112
112 112
11112 11112 11012 11012 11012 11034 10934 11012 3,100 Solvay Am Inv Trust pref._100 95.2 Jan 6 1211, Apr 3
1134 Oct 3 303* Jan 16
2258 Dec 45 May
1218 1212 12
1234 1134 1178 4,600 So Porto Rico Sug._..No pa
1218 12
12
12
1218 12
Sept
9314
Southern
4518
Nov
25
14
Calif
5258June
72
Apr
Edison
2
500
11,
5
8
543
5333 5518 54
55
53
54
5518 51
51
5333 54
212 Nov 1538 Jan
312 Jan 4
9 Mar 3
03 Southern Dairies el B__No pa
*414 6
5
5
5
5
5
*114 5
5
478 5
33 Jan 8 45 Star 17{ 30 Nov 63.2 Mar
00 Spalding Bros
No pa
.40
41
40
41
23912 3912, 3912 391s *3812 40
*3812 3978
20 Spalding Bros 1st pref____10 108 Jan 13 115 Aug 271 107 Nov 117 Feb
*11434 115 .11434 115 *11134 115 1 11434 11434 11434 11434 *11434 115
3112
15 Oct 5214 Jan
1978 Jar 2 3734June 14
00ISpang Chalfant&CoIne No pa
3212 32
*32
32
31
*31
31
3012 3012 31
31
10 Preferred
89 Mar 98 Oct
92 Jan 20 96 Jan 2
10
*9312 98
9312 9312 *93
*93
95
95
*9312 95
*93
95
1318 Nov 73 Aug
Sparks
1318
Jan
18
3012
Apr
10
800
14,
Withington_
_
_
_No
pa
1614 1734 1614 1712 15% 1612 16
16%
17
1618 1634 1618
20 Nov 45 Aug
12 Oct 3 25 Apr 15
1414 *1414 15
*1414 17
*1414 17
14
1414 1,70015pencer Kellogg & Sons No pa
12
*1414 15
2018 Dec 66% Mar
14 Oct 1 3612 Feb 4
No pa
151s 1518 15
15
15
15
*1318 1418 3,500 Spicer Mfg Co
14
1412 14
14
3714 July 8 4518 Mar 31
38 Nov 5578 Mar
1001 Preferred A
No pa
*38
40
*38
40
*38
39
*3714 39
*3714 40
3714 3714
34 Dee 11778 Feb
2,300 Spiegel-May-Stern Co_No pa
1018July 8 52 Feb 3
*12
1278 1112 12
11
Ills *1013 1312 1034 1034 1118 12
163
20 Oct 4414 Sept
294
Feb
8
600jStandard
Brands
4Sept
30
No
pa
1734 1818 17% 184 1634 1733 17
18
175s 18% 18
1838 82,
4001 Preferred
No pa 117 July 7 121 12SePt 23 11414 Nov 11834 Sept
*1204 121 *12034 121 *12034 121 120 12034 *119 120
120 120
312 Dec 4358 Jan
714 Feb 11.
500 Stand Comm Tobacco_No pa
*414 6
*114 6
312June 17
*414 6
44 412
414 4,4
412 41
7312 Nov 21334 Sept
841sJune 25 129,2 Apr 15
8314 9238 28614 8818 8814 927
9018 91
9312 26,600 Standard Gas & El Co_ No pa
92
8912 93
5812 Nov 67 Feb
1,900 Preferred
50 6138June 19 67 May 26
6688 665s 6688 6612 6634 6634 667$
6618 6634 6634 6678 66
_
200 86 cum prior prof..,.No par 9612July 10 104 Sept 12
•10212 10378 *10314 101 210134 102 *10033 102 *101 102 *10033 10112
4 Dec 48 Sept
600 Stand Investing Corp No par
5 June 23 1512Mar 27
*5
534 *5
6
518 5,4
6
6
*5
6
534 534
600 Standard 011 Export prof...100 98 Feb 8 10614 Oct 3
10512 105% 10512 10512 *10512 10614 10578 10578 *10512 10614 10614 106,4
5133 Oct -Slit May
5612 5414 5512 5134 5734 5514 5678 56
5678 41,900 Standard Oil of Cal _ ___No par 5114Sept 30 75 Apr 25
5514 5734 55
_
2434 22
3,900 Stand Oil of Kansas
24
23
23
25 22 Sem 31 49 Apr 21
25
21
25
2418 25
*2418 25
48 Feb 83 Sept
6134 571s 5878 5712 61
6238 317 000 Standard 01101 New Jersey.25 571s Sept 30 84% Apr 30
604 6112 58
587s 60s 61
6134 Nov 41414 Sept
2334 26% 2712 2718 2878 2718 2878 2814 2933 86,8001Standard Oil of New York._25 26345ept 30 4038 API' 28
2878 27
28
3018 Oct 4772 Oct
900'Starrett Co(The) L S..No par 2318 Oct 1 4734 Apr 23
*2912 3012 2912 2912 283 2834 2318 24
2412 25
2612
25
814 Nov 33 Sept
7 Sept 30 2012 Mar 31
712
7
7
712
712 8
812 89
734 8%
714 734 5,800 Sterling Securities el A_No par
15% July
812 Nov
400 Preferred
1112 11
11
20 10% Oct 3 1434Mar 31
*1012 11
1112 *11
•11
*1088 1034 1058 1034
31
Oct 5512 Sept
2,800 Convertible preferred...50 3534 Oct 1 48 Mar 18
38
37
38
3514 3718 36
36
38
38
38
3912 36
47 Apr 5
2212 20
2012 2114 14 400 Stewart-Warn Sp Corp
10 1914June 2
2112 2212 21
2033 2018 213 *2012 223
No par 6818Sept 3 11338 Apr 8
7212 25 900 Stone & Webster
7112 7212 6934 7334 6818 6912 68% 72
6812 71
72
4714 Feb 6
No par 2514June I
2634 26
2812 26
28
2634 27
26
27
28% 17 700 Studeb'r Corp(The)
2888 28
150 Preferred
100 116 Jan 2 125 Mar 18
122 12218 *122 125 *122 1247s *122 12478
*122 12778 122 122
1%Mar 31
14Sept 3
No par
14
38
*14
38
38
14
3*
14
14
14 I 700 Submarine Boat
'8
38
70 Apr 7
No par 60 June 1
55
55
56
2 700 Sun 011
5512 5512 56
5612 5678 5614 571s 5412 56
520 Preferred
100 10212 Jan L 10812Sept 30
107 1071a 10714 10714 1063 10312 10612 10634 10612 10634 10614 10912
45's July29
37
38
36
38
3312 3712 37
3814 39
39
40
3734 3 300 Superheater Co(The)__No par 3512 Oct
938Nlay 12
112Sept 3
No par
8 000 Superior Oil
2
2
134 2
112 I%
I% 2
2
2
I% 2
2938 Star 27
734 Oct
812 85
100
2 200 Superior Steel
912 915
734 812
10
10
81s 838 *812 9
11
11
812 Jan 24 1578 Mar 28
500 Sweets Cool America
50
11
*1012 11
11
*11
12
*1012 II
.1012 11
7 Apr 23
212Sept 2
No par
212 212 .212 312 *312 312 1,500 Symington
234 3
212 234 *213 318
1732 Apr 23
64 Sept 29
No par
614 64
6% 7
63 64
614 612
7
7
714 712 3,200 Class A
2614 Apr 7
900 Telautograph Corp _ __.No par 15% Jan 2
1812 18
1812 19
*1814 1834 1812 18's 18
191s *1858 1914
17 Apr 10
834Sept 3
878 9
8,
4 9
9
018 933
912
933 912 7.200 Tenn Copp & Chem__.No par
014 912
6012May 1
25 4338Sept 3
4634 4578 47 138.500 Texas Corporation
4733 4314 437 4712 433 4434 4412 4612 45
6738 Mar 24
4818June 2
5312 5178 535g 5512 5414 5514 5518 5638 33,400 Texas Gulf Sulphur__ __No pa
5412 5518 5418 56
1412Mar 18
71, 734
614June 1
614 714
6,
8 714
714 734
718 • 714 15,800 Texas Pacific Coal & 011 _ 10
7% 77o
1338 Jan ' 3238 Mar 22
1614 173
1
1734 1814 1711 1814
16,2 1833 1714 1858 1733 1838 66,000 Texas Pac Land Trust
3638 Apr 4
1734June 2
No pa
18
1814 18
18% 1734 1814
19
1918 18
1914
1818 1818 8,200 Thatcher Mfg
40 June 1
48 Mar 31
300 Preferred
No pa
4118 41% *4118 44
4118 4118 4118 4118 *4118 44
*4118 44
•Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
30
64
3814
115
%
55
100
Oct 77 May
Nov 201 12 Aug
Nov 98 Jan
Nov 126 June
Octe864%
12 Slat
D
Oct
Jan 10512 Jar
Nov 24 Aug
15 Nov 733 Apr
518 Nov 2214 Apr
N,Lay
y
9
5% N
212 Dec 1,
Nov
Dec 2512 Mat
14
67'4
8 De
60
78 Apr
NovNo
ov
v 5178 Sept
:N
5011
4212 Nov 8514 Apr
912 Nov 2378 Star
57
182 appr
434
trr 49
31 5661,42
Mar
2194
New York Stock Record—Concluded--Page 8
For sales during the week of stocks not recorded here, see eighth parte preceding.
PER SHARE
Sates
STOCKS
Range Since Jan. I
for
NEW YORK STOCK
On
basis
of 100-sharelots.
the
Thursday
Friday
EXCHANGE.
Week
Oct. 2.
Oct. 3.
Lowest.
Highest.
—
$ per share E Per share S per share S nor share S per share $ per share Shares Indus.& Miscell.(Con.) Par
$ per share $ per share
2412 25
24/
1
4 2413 2412 2412 2412 25
*244 2512 2412 2412 2,000 The Fair
par 2412July 25 32 Jan 18
No
*105 10612 *105 10612 *105 10612 *105 10612 *105 10612 *105 10612
Preferred 7%
100 102 Jan 21 110 Feb 13
•1O' 11
10
104
1012 10
9
104 10
105s 1012 1034 3,600 Mermaid Co
No par
9 Sept 30 2678May 19
*27h 28
2758 2734 25
2612 24
2612 2614 2734 28
1,300 Third Nat Investors
28
No par 24 Oct 1 4634 .S pr 14
*31
3212 '31
3412 31
32 '32
3212 .32
400 Thompson (J R) Co
32
3212 32
25 31 Sept 26 4712Mar 12
*14
1734 15
1518
151
/
4 1714 1638 1733 17
1712 174 1718 2.200 Thompson Products IneNo par 15 Sept 29 3938 Apr 10
758 734
814 814
712 778
8
94
94 912
712 812 4.000 Thompson-Starrett Co_No par
712Sept 25 1878 Mar 214
*4034 42
*4053 42
4018 4018 '40
4034 3918 40
*40
4034
700 $2.50 cum prof
No par 3918 Oct 2 4958 Mar 25
11
1112 1014 1112 1018 1038 1038 11
1034 11
1078 1118 65,700 Tidewater Assoc 011
No par 1012Scpt 30 1734 Atm 7
'78
82
79
79
78
78
*78
83
*78
8214 7818 7818
500 Preferred
100 78 Feb 13 8934 Mar 25
*19
25
*19
25
*15
20
*15
20
*16
21
*16
21
Tide Water Oil
100 19/
1
4 Jan 31 31 Apr 23
87
87
87
87 '85,4 87
85,4 8514 *86
90
300 Preferred
*86
90
100 83 July 15 9478 Apr 16
1112 1112 1078 1112 1034 114 1032 1034 1058 1034 1034 11
2,400 Timken Detroit Axle
10 1038 Oct 1 214 Apr 11
5834 5834 58
5934 5558 5718 554 5812 56
10,300 T1nken Roller Bearing_No par 5512July 8 1,914 Apr 11
5878 59
60
312 358
312 312
34 312
1
4
312 3/
314 312 534 378 6,700 Tobacco Products Corp
20
214 Jan 3
612 Jan 23
1138 1133 *1114 1112 1118 1114 1112 12
1112 1112 1178 1178 2.000 Class A
20
758 Jan 2 1314July 9
1934 2012 1958 2058 19
1934 194 2058 1978 2034 2018 2114 147,300 Transamerica Corp
25 19 Aug 9 2534Sein 8
Transeont'l Oil Co__.No par
161i Star 10 24 Apr 24
1112 1112 10
12
3912 10
912 10
11
10
*1012 11
4,700 Transue& Williams St'l No par
912Sept 30 284 Jan 31
1014 1034 10
11
958 1058
1012 1014 1012 18,1001Tri-ContInen1al Corp__No par
958 1038 10
958June 18 2014 AK 10
95
95
95
95
95
9518 95
9518 95
9514 '9478 95
5.1001 6% preferred
100 8914 Apr 10 9612Sept 13
3438 3438 34
34
3314 334 33
33
3278 3278 32/
1
4 324 2,000 Trice Products Corp__ _No par 3012June 20 4134 Mar 1
*12
14
*12
1334 *12
1312
*12
13
900 Truax Traer Coal
12
12
13
12
No par
1058 Aug 27 22 Mar 18
2614 2614 26
26
*2512 2534 2512 2534 25
25
251
/
4 2534
700 Truscon Steel
10 25 June 25 3758 Mar 25
*20
21
*20
21
*17
21
*18
21
*18
23
*18
23
Ulen & Co
No par 21 Aug 14 24 Sept 5
85 86,4 84
85,2 83 84,2 85
86
5.400iUnder Elliott Fisher Co No par 83 June 18 138 Mar 21
83
85
85
85
1614 1614 15
164 1512 16
16
1812 17
17
17
171
/
4 3,700'Union Bag & Paper Corp __I00
954June 24 1914Sept 12
684 694 6612 7138 654 6838 6614 7034 674 7012 704 7138 116.200 Union Carbide & Carb_No par 6013June 23 10638
Mar 31
3434 35
344 3578 3334 3414 3418 36
1
4 354 36
3434 35/
10,700 Union Oil California
25 3334Sept 30 50 Apr 7
254 2618 2534 2534 2514 2534 26
26
*2512 27
254 254, 2.300 Union Tank Car
No par 2518Sept 5 3812 Apr 10
4418 464 4034 4758 38
435* 41
441
/
4 3978 44
4214 4418 350.400 United Aircraft &Tran_No par 38 Sept 30 99 Apr 8
6012 6012 59
60
5638 5812 57
60,4 5934 5934 594 594 3.500 Preferred
50 56 Jan 31 7734 Apr 7
4138 424 4132 4212 4218 4312 4238 4234 *4218 4212 4238 4212 2,700 United Biscuit
No par 36 Jan 7 5834May 28
123 123
12212 12234 1221
/
4 12214 121 121
121 121 *112 13912
600 Preferred
100 117 July 12 142 May 28
4238 4314 405* 4414 40
414 40
4212 4058 4212 41
4234 29,700 United Carbon
No par 40 Sept 30 84 Apr 24
658 634
6
64
578 618
6
614
6
614
614 8.800 United Cigar Stores. _No par
6
5/
1
4 Aug 8
812June 5
*5112 59
*52
58
5118 52
52
52
504 504 *50
900 Preferred
5518
100 26 Jan 2 68 June 5
2812 2914 264 2934 25
2612 2534 28,2 2612 2858 28
2914 339,900 United Corp
No par 25 Sept 30 52 Apr 28
5112 5158 5078 5178 504 51
50,2 50h 4938 5034 50
5014 19,500 Preferred
No par 4652 Jan 6 5312 Apr 23
434 5
4
478
418 478
414 5
478 518
7,200 United Electric Coal
478 5
No par
4 Sept 29 1973 Feb 19
8034 814 Ms 81
7518 7812 79
81
73
794 75
7712 25.400 United Fruit
No par 73 Oct 2 105 Jar 13
324 3333 3238 344 314 3212 321
75,800UnIted
Gas dr Improve_No par 3114June 18 493sMay 1
3434
/
4 344 334 344 34
10314 10314 104 104
104 10418 104 104
800 Preferred
10334 10334 *104
.
No par 97 Jan 13 10414Sept 24
*5
6
6
5
5
*5
8
100 United Paperboard
*5
8
'5 _-8
100
5 June 11 14 Mar 14
23/
1
4 234 23/
1
4 2414 2314, 2338 24
2538 2412 26
3,000 United Piece Dye Wks_No par 22 Jerre 18 3278 Apr 7
*2412 26
8
84
8
81
738 84
8
778
9
9
912 333 6,600 United Stores el A
No par
44 Jan 2 1478June 7
45 4534 4412 45
43/
1
4 4438 43/
1
4 4312 *44
46
44
44
3,900 Preferred class A
No par
1512 Jan 2 5034July 18
2558 254 254 26
2518 2618 254 2712 27
2,700 Universal Leaf Tobacco No par 1972 Aug 13 39 Mar 15
2718 "26
27
*51
5618 *51
5618 53
53
50
53
51
52
*51
5212
160
Pictures
Universal
1st
pfd_100
30
Jan 3 76 May 9
3/
1
4 3/
1
4
34 358
3
3/
1
4
34 3/
1
4
314 34
34 312 3.400 Universal Pipe & Rad No par
218 Jan 9
9 Apr 10
2978 3078 30
3114 22712 2912 2778 2934 29
3014 2972 304 33,200 U.S Pipe& Fdy
20 18,2 Jan 2 3814 Apr 10
*1934 20
*19
20
x1834 1834 1834 1834 •1814 26
*1814 20
300 1st preferred
No par 1538 Jan 7 21 May 27
*94 1012
94 9's
912 912 *912 10
912 9/
1
4
9/
1
4 9/
1
4 1,600 US Distrib Corp
No par
912Sept 29 2038 Jan 17
*112 178 *112 17
112 112
112 14 *14 14 *112 172
200 US Express
100
1124eot 16
458 Apr 14
3914 3912 39/
1
4 404 38/
1
4 3912 3712 404 *3712 45
374 40
3,609 U S Freight
No par 3712 Oct 1 103 Apr 7
1514 1338 147
15
1238 1378 1234 1378 124 1458 13
1314 7,700 U S & Foreign Secur_No par 1238Sept 30 3278 Mar 30
94
94
94
94
*93
94
*93
94
93
94
93
600 Preferred
934
No par 8512 Jan 8 101 Mar 21
*1412 1512 1412 14s 14
1412 14
14
*1414 1512 "14
500 US Hoff Mach CorpNo par 13 Sept 4 304 Mar 12
15
654 6512 82
66's 6034 82
6114 63
63
8412 66
MOO U S Industrial Alcohol___100 69 Aug 14 13938 Jan 2
66
*732 8
74 74
712
7
7
74
74 8
74 84 2,800 U.S. Leather
No par
7 Sept 30 154 Apr 21
121z
9
1218 1218 *11
11
10
114 1014 1012 11
115* 2,900 Class A
No par
9 Sept 30 26 Apr 21
*7314 77
*735* 77
7258 73/
1
4 77
77 '73
*724 32's
83
800 PrJor preferred
100
725
8Sept 30 94 June 23
43 4312 4212 431
41
4212 41
43
4012 4212 41
10.800 US Realty & Impt____No par 4012 Oct 2 7512Mar 25
42
1518 16
1458 1512 145 16
14/
1
4 15
1512 164
1618 17
15,700 United States Rubber
10
14
Sent 26 35 Apr 10
30/
1
4 31
3012 31
304 3112 31
31
31
3114 31
3115 6,100 1st Preferred
100 29128ept 26 6312 Apr 4
2034 21
194 20
1712 184 1734 22
"20
2134 20
2114 5,500 U El Smelting Ref & Mln___50 1712July 10 3612 Jai, 8
*43/
1
4 451 "4312 48
*4312 46
*4312 454 *43/
1
4 4518 4118 4418
100 Preferred
50 42 July 17 5313 Jan 7
15714 15938 15614 l6l's 15434 157/
1
4 15814 16038 1564 1594 15758 16018 549.200 United States Steel Corp_1(10 15158June 25 19834 Apr 7
14934 15018 15018 1511 15014 1504 15038 15012 15012 15034 15014 15052 8,700 Preferred
100 141 Jan 4 15114Sept 29
62
6214 6114 6178 60
6012 61
61
*6114 85
*614 621
800 U S Tobacco
No par 5912June 18 68 Feb 10
32
3212 334 3158 3358 31
31
3318 314 33
33
334 18.300 Utilities Pow & Lt A
No par 30 June 23 4534 Apr 10
13
152 134
158
158 14
1114 178
14 134
184 134 3,600 Vadsco Sales
No par
112Sept 25
71s Mar 12
5618
67,2 60
605
85
8
574
6212
5818
677s
6258 6114 6433 492,800 Vanadium Corp
No par 4978 Jan 2 14314 Apr 26
332 332
3
212 3
278 3
l's
318 314
3
3
4,500 Virginia-Caro Chem
No par
212sept 30
gh Apr 1
2112 223
22
22
2212 24
22
23
*2312 25
25
25
3,200 6% preferred
100 2112Sept 29 344 Apr 1
78
78
*774 79
78
7814 7814 *7812 80
78
*79
80
700 7% preferred
100 75 June 19 82/
1
4 Apr 9
010658 107 "10678 107's 10634 10634 10634 10634 10712 10712 *10712 108
70 Virginia El dr Pow pf (6)No par 101 July 14 10712 Out 2
70
70
70
70
70
70
70
70
70
70
70
70
1,260 Virg Iron Coal & Coke pf..100 38 May 1 7014Sept 25
6018 6318 6358 6718 84
644 65
6118 681
6612 641
/
4 67
1,340 Vulcan Detinning
100 60 June 18 156 Mar 24
*944 97
*95
97
95 95
*95
97
*95
97
97
"95
100
Preferred
100 85 Jan 24 100 Mar 24
2514 26
254 26's 25
2534 2514 2558 2558 254 2512 2558 4,100 Waldorf System
No par 2414 Jan 6 3134 Apr 11
21
2158 20
2112 2114 22
2158 22
22
2212 2212 24
6.000 Walworth Co
No par 20 Sept 30 4234 Apr 2
2778 23
124
23
264 27
25
26
2314 2314 2413 30
200 Ward Bakeries claas A_No par 2112 Jan 7 54 Mar 21
7
7
718
812
612 7
832
7
738 778 *714 8
400 Class B
No par
41s Jan 2 1553 Apr 1
6012 8012 *6012 62
6018 6018 "604 62
61
61
61
61
400 Preferred
100 58 Jan 2 774 Apr 3
2458 2538 21
2534 1914 2112 2038 2238 21
2234 214 223i 354.100 Warner Bros Plotures_No par
1914Sept 30 8014 Mar 28
*47
474 45
4712 43
45 *____ 45 *____ 43
36
36
1.100 Preferred
No par 36 Oct 3 7014 Mar 28
111, 918 94
878 918
838 85s
832 9
9
912
812 83 20.200 Warner Quinlan
No par
832Sept 30 27 Apr 12
42
4234 4114 4234 3914 4118 4012 43
4214 4412 4244 43's 16.900 Warren Bros. new
No par 3914Sept 30 634 April
51
52
53
051
61
5212 *5114 5112 5138 5158 *511
/
4 52
420 Cony pre(
No par 50 July 10 56 Sept 12
2812 27
0
2812 2912 28
28
2778 2778 2634 2634 "2838 271
2,700 Warren Fdy &Pipe
No par 2314 Jan 2 4312May 19
*5
5,11 54 .424 5
5,2
434 434 *41
/
4 5/
1
4 *434 51
300 Webster Eisenlohr
25
414Sept 5
912Mar 31
24
2412 2158 25
2434 2434 2414 25
2414 2414 2412 25
2.700 Wesson 0115r Snowdrift No par 2212 Jan 23 2978 Mar 27
5612 5612 5612 564 5814 5812 *5614 57
5614 5614 561
/
4 561g
1.000 Preferred
No par 5012 Jan 15 5912 Apr 7
162
155
15234 155
15912 1594
155 162
1534 15512 15512 158
,
.
15034June 25 21938 Feb 19
23512 37
3712 3814 3714 38
3512 36
351
/
4 364 3614 37
11,300 Westinglese Air Brake_No par 3514 Oct 2 52 Feb 27
132 13414 12834 136 z125 1284 12714 13212 12134 13178 13012 1341 341,500 Westinghouse El & Mtg____50 12I1 Oct 2 2011
2 Apr 15
13314 13314 1284 133 z125 125
127 130
126 130
12934 130
480 lot preferred
50 125 Sept 30 19734 Apr 15
3092 3012 29,8 30
25
2634 234 27
2618 2614 2658 27
3,700 Weston Elea Instruml_No PlU 2332 Out 1 4878 Mar 31
*3312 36
3312 3312 *3312 36
*3312 36
*334 36
'3334 36
100 Class A
No par 33 June 23 36 Jan 28
*108 110
108 108
108 108 *10612 108 *10612 108 "10612 108
70 West Penn Mee class A-No par 98 Jan 3 110 Apr 16
11238 11238 11134 112
112 112
11134 112
11134 11134 1114 1113
360 Preferred
100 10512June 25 11212Sept 18
10178 10218 10218 1024 10214 10214 102 102
101 101
102 102
170 Preferred (6)
100 9714 Jan 2 104 July 31
*11612__ •117
- - •117
_ '117
__ 117 117 *117
..
10 West Penn Power prel
100 11312 Jan 3 11812June 17
*11014 1-1-3 *11012 1173 *11014 1-li 11018 11-058 11012 11012 10912 1-09
280 6% preferred
- -12
100 1044 Jan 23 11112Sept 12
•22
35
*22
35
*30
34
35
35
31
32
409 West Dairy Prod cl A__No par 30 Oct 3 bo Mar 10
30
30
9
Ott
9
*9
7
818
7
7
75* 734
No par
74 712 2.600 Class D
7 Sept 30 2418 Apr 11
1
4 3312 33
33
3214 3214 3412 3412 *3312 35
*3212 3312 33/
1,100 Westvaco Chlorine ProdNo par 30 June 24 5912 Feb 17
5
612
*6
5
*5
'4
7
6
"3
5
*3
200 Wexmark Radio Stores_No par
5
5 Sept 30 21 Jan 7
2934 3034 2914 30
31
2912 3012 '29
30
2934 294 30
5,100 White Motor
No Oar 2718June 25 43 Apr 4
44
4412 4412 4414 4412 4334 44
41
4418 4413 4414 45
2.200 White Rock Min Spring etf_50 36/
1
4 Jan 21 544Mar 20
312 312 *334 4
3/
1
4 373
338 4
414 44
4
418 2,600 White Sewing Machine_No par
3189ept 25 1378 Mar 4
•4
912 *5
918 *____
938 *_-_9
"8
9
*8
9
Preferred
No par 10 Sept 26 3978 Apr 3
1118 1114 1114 *1114 1112 *111
/
4 1112 1112 11
1214 121
/
4 114 1,000 Wilcox 011 & Gas
No par 11 Sept 20 21 Apr 25
25
26
25
*25
26
2.5
2514 *24
*25
26
*21
26
400 Wilcox-R ch class A
No par 25 Sept 17 3414 Jan 29
*____ 2612 *____ 2612*_ 2612 *____ 2612 *____ 2612 *___- 2812
Class B
No par 1918May 5 2734 Mar 31
5
54
518
5
478 53
518 54
5
512
5
518 24.500 WIllys-Overland (The)
5
478 Oct 1
1158 Feb 6
6334 634 '6014 72 '80
*6334 65
65
•63
*6312 64
64
100 Preferred
100 82 June 18 85 Apr 3
314
3
212 3
*234 3
312
*24 3
*3
3
3
2,500 Wilson &Co.Inc
No par
212Sept 30
73 Mar 27
*712 812
74 •712 74 *712 74 574 912 1,900 Class A
712 734
7
No par
7 Sept 3(
13 Mar 27
42
45
42
*42
441 "43
"42
47
47
*42
*42
4612
200 Preferred
100 42 Jan 13 5412Mar 31
6212 59
6034 604 641s 6212 6414 6333 6634 83.800 Woolworth (F W) Co
6118 60
80
10 5158June 23 7238 Jan 2
991
94
914 99
9558 9812 47,300 Worthing P & M
9814 10812 8814 97
103 106
100 67/
1
4 Jan 17 169 Apr 29
*97 102
9978 *97 102
9918 9918 *97
*98 10134
*9612 102
100 Preferred A
100 88 Jan 17 107 Apr 25
*8712 90
8918 87
8712 88
*8834 9012
87
89
87
87
900 Preferred B
100 78 Jan 3 93 Mar 29
49
'27
*27
"27
49
49
*27
49
49
*27
49
'27
Wright Aeronautleal___No Par 31 Sept 13 5912Mar 5
684 6858 tah 6912 6912 70
69
6914 68
6,800 Wrigley(Wm)Jr (Del) No par 67 4 A or 7 80 July 26
8914 6912 69
40
384 3818 384 3818 '37
*37
"3818 40
3912
*3814 40
200 Yale & Towne
25 38 Aug 13 77 Mar 1
1434 1578 134 1558 1253 134 134 1512 144 154 1434 1534 122,800 Yellow Truck & Coach cl B_10 1238Sept 30 3234 Apt 23
*8018 8512 •804 8512 8018 8018 804 804 "8018 8512 *8018 8512
80 Preferred
100 72 Jan 27 105 Apr 2
3612
3512
354
36
4
38
35
3
36
36
36
1.800 Young Spring & Wire_ _No par 3214June 19 47 Mar 7
354
36
36
*so 110
"80 105
*90 100
*80 110
*101 109 *___ _ 114
Youngstown Sheet & T_No par 105 Sept 19 152 Apr 7
658 6
558 638
512 578
558 618,
54 61
/
4 5534 614 5,900 Zenith Radio Corp ___Na par
512Sept 26 1634June 2
1
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT
Saturday
Sept. 27.
Monday
Sept. 29.
Tuesday
Sept.30.
Wednesday
Oct. 1.
• Bid and asked prices; no sales on this day. X Ex-dIVidend. V Ex-fights.
PER SH A RE
Range for Preeious
Year 1929.
Lowest.
Highest.
$ per share
2212 Dee
102 Nov
____ ---____
30 Oct
-_-- ____
___- ---__-- _ 10 Nov
7418 Nov
14 Nov
8518 Nov
1112 Oct
584 Nov
1
Oct
51.4 Nov
$ per share
5178 Jan
11014 Oct
---- ----62 Jan
---- ------- ------- ---2312June
9078 Aug
40 June
9712 Jan
3438 Sept
150 Jan
2218 Mar
224 Ma!
15% Dec 5332 -Air
---- ------- ___
30 Dec
1312 Dec
3018 Nov
82
7
59
4218
63 July
3178 Jan
6158 Jan
Nov 18114 Oct
Nov 43 Jan
Nov 140 Spit
Nov 57 Sept
31 Nov
4472 Nov
3312 Dec
11412.1rine
404 Nov
162 May
10912May
60 Oct
136
Oct
1111% Sept
1978 -Dee
19 Nov
4211 Nov
6 Dec
99 Oct
22 Out
9014 Oct
7 Nov
1514 Nov
34 Dec
141
/
4 Dec
254 Nov
28 Dec
2/
1
4 Dec
12
Oct
15 Oct
9 Oct
2 Jan
864 Nov
171
/
4 Nov
82 Nov
1712 Dec
95 Nov
5 Nov
1414 Dec
814 Dec
504 Nov
15 Oct
4018 Nov
104 Jan
7512 May
494 July
8118 Feb
15812 Jan
594 July
9814 DP
2638 Jan
484 Aug
14 Oct
4078 Oct
857g May
93 Jan
2214 Jan
557s Mar
19 Jan
23 Sept
10 Apr
13412 Sept
72 Aug
927e Aug
494 Jan
2434 Oct
3512 Jan
614 Jan
107 Feb
11912 Feb
85 Mat
9212 Jan
2978 Oct 724 Mat
48 Nov 58 Jan
150 Nov 2814 Boa
137 Nov 14414 Mat
554 Nov 714 Nov
2418 Nov 5812 Aug
3 Nov
134 Jan
3712 Nov 11612 Feb
318 Oct 2438 Jan
15 Oct 654 Jan
69 Nov 9712 Feb
39 Dec 48 Jan
38 Nov 14978 Aug
81 Nov 110 Apr
20 Nov 384 Oct
22 Nov 4978 Oct
20 Dec 8434 Jan
112 Oct 214 Jan
50 Nov 874 Jan
30 Nov 6412 Aug
254 Oct 594 Jan
15 Oct 4278 Jan
____ --- ---- ---.
154 Mar 344 Jan
4 Oct 1134 Feb
20
Oct 48 Mar
491
/
4 Nov 7212 Mal
160 Nov 2724 Ocl
3612 Oct 6734 Alai
100 Oct 29258 Aug
103 Nov 284 AUE
19.8 Nov 6432 Sept
324 Aug 364 Ars
90 Nov 110 Pet
97 Nov 11114 Jar
8812 Nov 102 Jar
110 Nov 117 Mat
102 Sept 11012 Jar
3612 Nov 60 Sept
7 Nov 40 SePI
/
4 Mal
30 Oct 941
Oct 75 SPY
19
2714 Nov 5312 Mat
2778 Nov 554 Bed
Oct 48 Jar
1
27 Dec 574 Jul
1278 Nov 2934 Fel
Oct 811
/
4 Ma7
19
1238 Oct 62 Ma]
514 Oct 35 Jar
65 Dee 103
Jaz
3 Dec 1312 Jar
Jar
638 Nov 27
3534 Nov 79 Jar
5214 Nov 112 Set)
43 Mar 13738 Sep
75 Nov 10012 Sep
66 Apr 90,2 Sep
30 Nov 299 Fel
65 Nov 8078 Jai
6134 Feb 88 Aul
712 Nov 6114 Ap
9612 Ma;
80 Ma
3312 Oct5034 Ate
91 Nov 175 Set)
611 Dec 5234 Jul
New York Stock Exchange—Bond Record. Friday, Weekly and Yearly
2195
Jan. 1 1909 the grchango method of gaoled bond, was changed and arkes are now "and interest"--except for incr,me
and defaulted howls
F.',..
BONDS
9. Q
N. Y. STOCK EXCHANGE. :
.-Z.
g.
Week Ended Oct. 3.
..... a.
F
Price
Friday
Oct. 3.
Week's
Range or
Last Sale.
•1
, •
1e:
U. S Government.
Bid
Ask Low
High No.
First Liberty Loan394% of 1932-47
1 D 1031344Sale 1011,4 1017s2 507
Cone 4% of 1932-47
J D
100 Aug'30
Cone 414% of 1932-47
J
1-344-Sale 1023448103 1133 344
2d cony 499% of 193247
J D
99310Feb'30
Fourth Liberty Loan414% of 1933-38
A 0 10314nSale 1031 241031342 845
Convenable 3s coupon
J .1
100 Sept'30
Treasury 494e
1947-1952 A 0 113, Sale 1123342113342 307
Treasury as
1944 1954 J 13 l08',,Sale 1081%2108"n 751
Treasury 334s
1946-1956111 S 1061332Sale 10613441063°n 113
Treasury 334e
1943-1947 J D 1021142 130 10210221020n 18
Treasury 3348 June 15 1010-1943 J P 10210 'as 102
102,42
9
Panama Canal lu
1961 Q M
9812 Sept'30
State and City Securities.
NY C 334% Corp st__Nov 1954 MN
9134 Sept'30
334% Corporate st_May 1954 M N
8514 Aug'29
4148 registered
1956 M N
94 Feb'30
4% corporate stock
1957 M N 15034
975 June'30
434 corporate stock
1957 M N
104 Mar'30
494% corporate stock_ -1957 M N
105 Mar'30
4% corporate stock
1958 MN
---- 10038 10038
2
4% corporate stock
1959 M N
1003s
10038
3
499% corporate stock
1931 A 0
100 July'30
499% corporate stock
1960 M S 10012 Sale 5578 10012
6
499% corporate etock
1966 A 0
101 Mar'29
434% corporate stock
1972 A 0
9912 Oct'29
494% corporate stock
1971
0
10034 Sept'29
499% corporate stock_
1963 38 S
10734 10734
6
494% corporate stock_ _1965 J D
11058 106 June'30
4.14% corporate atock July 1967 I 1
10812 10812
5
New York State Canal 4s
1960
1014 Mar'29
46 Canal
Mar 1958
10414 June'30
Canal leapt 4
1961 J J
101 June'30
4145
19)141 J
109 June'30 Foreign Govt. & Munlcipa
Agric Mtge Bank f 6s
1917 F A 62 Sale 62
64
10
Sinking fund 6s A _ _Apr 15 1948 A 0 63 Sale 62
6612 16
Akershus (Dept) ext 5s
1963 M N 9612 Sale 95%
97
36
Antlogula (Dept) col 78 4_1945 J J 70 Sale 70
17
72
External s 1 75 ser 13
1945 J J 7012 Sale 7012
72
3
External a 1 75 ser C
1945 I J 68
78
74 Sept'30
External e f 7s eer D
1945
J 6912 Sale
4
71
2
External s f 78 let ser _..1957 A 0
7018
704
1
External sees 1 7s 241 ser_1957 A 0
75
6912
5
7018
External sees I 7s 3d eer_1957 A 0 6912 Sale 6912
5
70
Antwerp (City) external 56_1958 J 0 10012 Sale 99
810118 151
Argentine Govt Pub Wka 68_1960 A 0 0312 97
9314
89712 32
Argentine Nation (Govt of)—
Sink fund 68 of June 19254959 J D 9414 Sale 9314
97
40
Esti s f 68 of Oct 1925_ A959 A 0 9414 Sale
9634 93
4
Sink fund 136 Berke A... _1957 M S 95 Sale 033
974 47
9412
External 68 series 11_ _Dec 1958 3
94% Sale 9314
9614 36
Esti sf6s of Slay 1926.1000 M N 9418 Sale 9312
9714 28
External s f 68 (State Ry)_1960 M 5 9412 Sale 9314
9634 47
Esti as Sanitary Works_ 1961 F A 94% Sale 9334
962I 45
Esti 68 pub wka(May'27)_1961 MN 9358 Sale 9358
96% 38
Public Works ext1 534s..1962 F A 8812 Sale 88
9014 50
Argentine Treasury 56 E
1945 M S 8834 90
88%
9018 12
Australia 30-yr. 5s__July 15 1955 J J 8218 Sale 81
8514 84
External Es of 1927_ _Sept 1957 M S 82 Sale 81
853
4 56
External g 4148 of 1928_1956 M N
76 Sale 73%
69
77
Austrian (Govt) e f 76
1943 3 D 10414 Sale 10312 10412 57
International a I' 78
1957 3 J 92% Sale 9178
c9318 191
Iltia aria
rep Stale, 614s_ _ 194; F A 86 Sale 84%
89
32
Belgium 20-yr a fia
1941 F A 10834 Sale 10818
108% 171
26-year external 8448
1949 al
10918 Sale 10812 10934 63
External a f 68
1955 1
103% Sale 10312 10412 47
External 30-year 8I 741_1955 I D 11312 Sale 11312 11412 48
Stabilization loan 79
1958 M N 108,2 Sale 10814
10912 89
Bergen (Norway) f 88
1945 M N 11014 Sale 11014
11038 19
25-year sinking fund 138_ 1949 A 0 10018 1001 101
10158 12
Esti a f Os
1560 al
96 Sale 96
97
59
Berlin (Germany) 8 f 6994_ _1950 A 0 86 Sale 85
90
33
External sink fund 6s
1958 3 D 8234 Sale 82
87I2 28
Bogota (City) extl s f Ps_ _ 1045 A 0 9234 Sale 9234
94
9
Bolivia (Republic of) exit 88_1947 M N 7634 Sale 74
8212 65
External securities 78
1958 J J 6214 Sale 61
0634 40
External a f 714
1969 M
58 Sale 65
66
39
Bordeaux City of) 15-yr 63_1934 SIN 105 Sale 105
lOb's 39
Brazil (U S of)external 88,1941 J D 9013 Sale 88
9434 114
External a I 634s If 1936..1957 A 0 73% Sale 71,
7514 146
4
Esti f 6148 01 1927
1957 A 0 73 Sale 72
7312 73
78(Central Railway)
1952 1 D 78 Sale 78
83
16
714e (coffee seur) (flat) 1952 A 0 9734 103
7
9934
10313
Bremen (State of) extl 78_1935 M S 9034 Sale 09
100
87
Brisbane (City) of 58
1957 M S 75
79l4 10
7812 7414
Sinking fund gold 58
1958 F A
76
79
80
80
2
Budapest(City 1 esti a f 138_ _ 1962 J D 7112 Sale 7018
73
65
Buenos Aires (City) 614a 214 1955 J J 82 Sale 9612 • 0711
25
External a I (is ser C-2_ _ 1960 A 0 92
96% 98 Sept'30External f 6a ser C-3_
1960 A 0 92
9114
1
94
9114
Buenoa Aires (Prov) extl 68_1961 M
79 Sale 7834
8014 81
Exti a f 6 cif!
_1961 F A
82
8512 30
Bulgaria (Kingdom) at 78_1967 J 3
77
77
1
Stabil'n 5 f 744e Nov 15 '68
81 Sale 70
83
31
Calthas Dept of(Colombh07348'46
74 Sale 74
SO
10
Canada (Dominion of) 68_1931 A 0 10078 Sale 1004
100% 12
Se
19.52M24 105% 10614 10512 10614
15
434a
1936 F A 10112 Sale 1013
10134
22
Carlsbad (City) 8 1 Bs__ _1954 .1 J 10434 1083s 107
Sept'30 _
Cauca Val Wept) Colom 714s '48 A 0 82
85
8712 Sept'30
Central Agric Bank (Germany)—
Farm Loan af is Sept 15 1950 M 5 8612 Sale 83
864 59
Farm Loan s f as July 15 1960 J J 74 Sale 73
75
49
Farm Loan a I 68 Oct 15 1980 A 0 74 Sale 73
75
117
Farm I.oan 68 eer A Apr 1519:18 A 0 8612 Sale 81
87
162
Chile (Rep)—extl f 7a_ ....1942 34 N 984 Sale 94
100
19
External sinking fund 68.1960 A 0 8312 Sale 83
8612 35
External a f 68
1961 F A 84 Sale 82
86
23
Ry ref esti s f (i8
1961 3
834 Sale 83
86
60
Ertl sinking fund 65
1961 M
8318 84
83
8512 64
Eat) sinking fund 65
1962 Nt
8334 Sale 8334
8612
56
Ent sinking fund 68
1963 M N 83 Sale 83
86
37
Chile Mtge Bk 6148 June 30 1957 J
9218 Sale 8218
93
33
_June
El I 614s of 1926_
30 1961 J D 96 Sale 96
97
51
Guar a f 6s
Apr 30 1961 A 0 86 Sale 8334
86,4
11
Guar s f
1962 M N 8334 Sale 8312
8618
14
Chilean Cons Munk 78
1960 al
86 Sale 86
90
13
Chinese (Hukuang lty) Le_ A951 J
2712 Sale 244
28
54
Christiania (Oslo) 311-yr a I 611'54 M
102 Sale 102
10212
5
Cologne(City)Germany 6348 1950 NI
8512 8812 86
9212 74
Colombia (Republic) 68_ _1961 1J 68 Sale 68
7012 23
External a f 63 of 1928_ _ _1961 A 0 66% Sale 6658
69
30
Colombia Nits Bank 6 Sis of 1947 A 0 7114 Sale 7114
723
22
Sinking fund 78 of 1926_ .1946 M N 7734 7814 7734
79
16
Sinking fund 78 of 1927.1947 F A
7612 80,4 7712
9014 10
Copenhagen (City) Os
1952 3 D 9914 Sale 99
10014 44
25-year g 41411
191381 N 9414 Sale 9334
9414 Si
Cordoba (City) mai s f 76_1957 F A
78 Sale 7758
78%
4
External 5 f 714...Nov 15 1937 34 N 90 Sale 90
907
21
Cordoba (Prov) Argentina 781942 3 J 90 Sale 90
913
4 14
Costa Rica (Remit>) extl 7s 1951 ai N 83 Sale 83
83
5
Cuba (Republic) 58 of 1904 1944 M S 9814 100
99
99
1
External 513 of 1914 der A.1949 F A 10114 Sale 10114
10112
51
External loan 4 tie ser C.l040 F A 9314 9.110 93
9314
2:
Sinking fund 554s Jan 15 1953 1
10038 Sale 100
101
292.
Public wke 5949 June 30 1995 J fl 90 Sale ' 89
91
172
e Cash sale. e On the basis of 85 to the .2 sterling.
Range
Since
Jan. 1.
Low
BONDS
N. Y. STOCK EXCHANGE.
Wtak Ended OA.3.
LI •
Price
Friday
Oct. 3.
IPeek's
flange or
Last Sale.
111811
Bid
Ask Low
1118)1 No
Cundinamarca (Dept)Colombla_
9813441017n
External a f
__1959 MN 63 Sale 63
66
19
981,83 101
Czech alo akla (Rep of) 88_1951 A 0 10934 Sale 10912 110
26
1901044810311
. Sink itg tuna 88 ger B____1952 A 0 110 11012 110
2
110
95344499.1n Danish Ions Municlp 88 A_1946 F A 10858 Sale 10853 10878 42
s f Ss Series 11
-- ._19-l6 F A 108% 1087s 1085a
43
1087
8
1002113 15311,2 Denmark 20-year esti 60_1942 .1 J 10514 Sale 105
10512 90
100 100
External if 510
1955 F A 10114 Sale 10034 101% 53
109.0114
External g 444s__Apr 15 1962 A 0 9412 Sale 9418
,
o
9412 53
1051.44109.0 Deutsche Bk Ann part en'69_1932 M
9914 Sale 97%
9914 133
103 106.,, Dominican Rep (:ust Ad 530'42 M S 92% 9412 9112
9512 20
9914410214s
1st ser Sits 01 1926
1610 A 0 9014 01
90
9514 24
2d series sinking fund 514s 1940 A 0 94 Sale 9158
102141
95% 19
9812 9812 Dresden (City) external 78_1945 MN
9514 9(1
9
9634
95
,
9
Dutch East Indies call 6a 1947 1 J 10212 Sale 102
10212 18
9134 9134
40-year external as
1962 PA 8 10238 Sale 102
10212 12
30-year external 534s_.1053 111 S 10212 Sale 10218
10212 11
94
Vi
30-year external 5)fie _ _1953 MN 10238 104 10214
1
102,4
97% 97% El Salvador (Republic) 88_1948 J
10912 11014 10912 11018 12
10214 104
Estonia (Republic of) 7s
1967 J 1 73
74
74
,
2
1
74
103 105
Finland (Republic) eat! 6s 1945 af
9278 Sale 9278
5
0334
100% 100%
External sinking fund 78_1950 al 14 9512 Sale 9314
98
27
95 100%
External sinking fund 6Ss 1956 51
95 Sale 94
95
21
100 100
External sinking fund 54e 1958 F A 82 Sale 82
8412 18
95 10012 Finnish Mon Loan 534s A..1954 A 0 94 Sale 94
9638 10
External 614s series 13 _ 1954 A 0 94
9412 95
10
95
Frank fort (City of)81654e-1953 14 N 88 Sale 88
91
29
French Republic ext 714s
1941 I D 12534 Sale 12512
126
274
-15758 167-34
External 7s 01 1924
1942 J 0 12012 Sale 12018
12034 251
108 108
German Government Interna10912 10812
tional-35 yr 534s of 1930-1965 10 8034 Sale 7914
82
893
- German Republic esti 7s
1949 AD 103 Sale 10212 10312 907
Graz (Municipality) 88
1954 MN 9712 977 9712
98
14
99 101
Gt Brit Jr fret (UK of) 530_1937 FA 10512 Sale 10514
10534 175
109 109
Registered
FA
_ 104
Apr'30 _
e4% fund loan opt 1960_1990 MN 89 Sale e88
89
8
62
e5% War Loan Loin 1929.1947'P 9914 100124,100 Sept'30
86
ti2
8012 Greater Prague (City) 734s_1952 MN 104 Bale 10334 10414 16
87
9714 Greek Government et sec 76 1984 MN 95 10014 9934
9934
1
70
Sinking fund sec 6s
87%
1968 FA
86 Sale 85
8712 67
7012 8712 Haiti (Republic) s 1 6s
1952 AO 95
97
95
96
28
70
8712 Hamburg (State) Os
1946 A0 8414 Sale 8414
9034 29
6912 88
Heldelberg(Germany)ext1 7 346'50 II
10134 100
100
11
6912 8712 Helsingfors (City) ext 644e _ _1960 V 0 9112 Sale 9118
9214 18
Hungarian alunic Loan 744s 1945 31 82
67
89
8912 85
88
10
67
Externals f is
88
Sept 1 1946 33 78 Sale 78
8312
4
921481011g Hungarian Land M bast 714e '61 MN
89
91
92 Sept'30
Sinking fund 714e ser B__1961 MN
9314 100
91
89
90
92
15
Hungary (Kingd of).1 7145 1944 FA
9912 Sale 99
10038 30
9314 100
Irish Free State calls s f 59_1960 MN 10014 Sale 9934 10014
5
9334 9978 Italy (Kingdom of) extl 7s _ _1951 JO 9638 Sale 03
635
97
9412c100
Italian Cred Consortium 7e A1937 MS 94 Sale 9318
9512 72
9314 100
External sec a f is ser B_ _1947 lai 9 9334 Sale 9312
94
11
9312 1004 Italian Public Utility extl 75 1952 J J
9012 Sale 88
9212 79
9314c100
Japanese Govt E loan 4s___1931 J J
9758 Sale 9358
97% 288
9334 99%
30-year a f 654e
1954 FA 10518 Sale 10518
10558 218
9358 10018
Ertl sinking f und 5 tfe
1965 MN
9334 Sale 9358
9418 1311
88 c97
Jugoslavia (State Mtge Bank)—
87
85
93
Secured 9 f g 78
AU 81 Sale 80
82
108
81
9414
FA
96 Sale 95
9914 23
81
9414 Lower A
(us
Ge
trria
nia
(nly
'r)
ov5)
47
78We:1194
57
9612 Sale 96
0J
07
11
73,
8 85% Lyons (City of) 15-year 0s 1934 MN 1054 Sale 105
105,4 35
10214 108
1
9178 95s Marseilles (CRY of) 15-yr 6a 1934 MN 10514 Sale 105
10514 75
84% 98,2 Medellin (Colombia) 6iis_1954 3 0 6418 Sale 6418
65,2
107% 11112 Mexican Irrigat Asatng 434s 1943 ---- 154 1738 15
19
157
10534c11012 Mexico(US)extl 55 of 1891) 2-'45 0 3 218 30
1
26 Apr'30
1014 106
Assenting 5s 01 1800
1945 ---- 1714 24
1912
2112 15
10914 115%
Assenting 55 large
24 Sept'30
Assenting 4s of 1904
107 11084
14 .
1_5__ 114712
1514 io
110 11212
Assenting 40 of 1910 large
1834 15
---- 1712
99 102'5
13
0.
L1
8910
t (almargaleli_.3_3_
1814 33
96
TAreeitietsngof48'
9712
.1ii
-- ____ 23 Sept'30
Small
85 89912
22
23
82
9434 aIllan (City, Italy) extl 6149 '52 A 0 84 Sale 8112
8478 1941
9212 9912 Minna Genies (State) Brazil—
1
74 100
External a 1 6 Sie
1958 11/1 8 65
GS
69
65'
30,
Eat)
61
8534
sec 610 series A_
19591M 5 65
68
65
70%
9,
84
Montevideo (City of) 78, 1952,J D 95 Sale 95
5.5
9612
5
1,1214 1068
External e f as series A _ _ _19591M N 90
92
94
92
88 10212 Netherlands (is (flat prtees).1972 M S 10412 Sale 10418 10412
8,
7134 88,8 New So Wales (State) extl 58 19571F A
80
82
8112
834 14'
72 88812
External e 1 514
Apr 1958,A 0 81 Sale
82
19
78
93,2 Norway 20-year extl 68____1943'F A 10438 10514 10438 105
14
20-year external 8.s
8512 1051s
19441F A 10412 Sale 102
10434 16
30-year external 68
9812 104
1952 A 0 10212 Sale 102
102% 29
40-year s I 5 Ss
7414 90
1965 1 D 103 Sale 10178
23
103
External 81 5s_ ___Mar 15 1963 M 8 100 Sale 991 2 10038 180
80
88
,
4
Municipal Bank extl 81 58 1967.7 0 100 Sale 99
704 851 2
100
39
Municipal Bank esti 81 56 1970 3 D 10034 10114 10014
95 10012
10034 20
91
98,2 Nuremburg (City) extl 68_1952 F A
79 Sale 1 78
16
81
95% Oslo
90
yea.rs
83is I 68
1955 M N 102 10212,10218 103
7
(City)fund
7(34 91
1948 F A 10012 102 100
6
10012
82
8634 Panama (Iten) estl 510
1953 1 D 10212 103 10212 10314 12
Ent a f 53 ser A_May 15 1963,M N 9412 Sale 9412
7634 8534
96
41
9014 Pernambuco (State of) esti 78'47 M 0 67 Sale 6678
70
70
7
9312 Peru (Rep of) external 7(1_1959 M 5 79 Sale 7812
74
84,4 42
Nat Loan eati s f 6s let ser 1960 3 0 5912 Sale 56
9934 1014
6378 289
Nat
Loan esti 5 f 6s 20 ser 1961 A 0 5912 Sale 57
1024 106,4
6312 93
9734 102,
8 Poland (Rep of) golds 66_ __ _1940 a 0 6738 Sale 6612
71
14
Stabilization loan ef 76_1947 A 0 83 Sale 8018
103 10978
8412 417
External sink fund g 88_1950 3 J 8614 Sale 86
83,2 95
89
61
Porto Alegre (City of) 8s
1961 1 13 ____ 8612 8878
3
S838
83
9812
Esti guar sink fund 710_1966 1 J ____ 792 80
5
80
9038 Queensland (State) extl a f 78 1941 a 0 10212 Sale 10212 10314 21
73
7212 9025-year external 68
1947 F A 9712 Sale 9712 100
18
Rto
94
Grande do Sul extl a 1 Ss 1946 A 0 90 Sale 88
81
30
933
External sinking fund 6E1_1968 1 D 60 Sale 597
94 10314
62,2 38
945s
External s f la of 1926._1906 af N
83
20
71 Sale 6838
71
External 81 7s manic loan 1967 1 I) 67% 6834 677
82 041 2
4
69
Rio de Janeiro 26
94
83
-years I 88_1946 A 0 9712 Sale 9514
9712 105
External 5 f034
1953 F A s68
65 Sale 65
36
8
53% 94
14 Rotne (City) eat! 634s
Sale 8112
1952 A 0 8412 S
172
85
9134 Rotterdam (City) extl 65_1964 M N 103 Sale 10234 10518 12
83
99
Roumania (Monopolies) 78,_1969 F A
92
78 Sale 78
81
29
04 10034 Saarbruecken (City) 6s
1953 1 J 883g Sale 88
90
18
Sao Paulo (City) a 1 8s.alar 1952 M N 9934 10038 9934
8334 91
9978 29
External s f 6 tie of 1927.1957 MN 0412 Sale 6412
8312 91
65
17
San Paulo (State) extl s 1 86.1936 J .1 90 Sale 89,2
86 c98
03
9
External see 51 EA
30
21
8712 42
1950 1 J 84 Sale 8312
100 10334
External 5 I 78 Water L'n 1956 M S 7914 Sale 7914
56
85
86 c9834
External s 1 6s
1968 3 J 5814 Sale 5814
61% 41
Secured a f 7s
1940 A 0 837s Sale 88
162,
90
61
5;e8
8)
378 Santa Fe (Prov Arg Rep) 7s 1942 51 5 90 Sale 8812
29
00
Saxon
8214
State Mtge Inst 7._1945 J 0 89 Sale 89
65,4
17
90
Sinking fund g 6148_ _Dec 19403 0 ____ 827s 8284
71
87
4
8314
Seine. Dept of (1"rance)ext1 78 '42 1 J 108 Sale 10734 1084 86
86
70
9534 10012 Serbs Croats A Slovenes 85 '62 M N 9112 Sale 9114
9512 05
External sec 78 ser B
88,2 9412
1962 al N 827a Sale 811 2
105
83
Silesia (Prov of) eat! 7s
7614 93
67
29
1958 1 0 66 Sale 6378
98% Silesian Landowners Assn 69 1947 F A
82
7212 Sale 7222
26
77
So)sso,,, (CIty ofl extl- 1938 5.1 N 105 Sale 105
90 100
32
105
Styria
91
83
(Prov) external 741_1946 F A, 9112 9234 9258
9234 15
Sweden external loan 5348 _1954 M N! 106 Sale 10512 106
98 101
34
9618 103
Swiss Cotifed'u 20-yr e f 83_ _1940 J .1 10618 Sale 10534 10634 17
Switzerland Goat extl 5148_1918 A 01 105 Sale 10418 10512 62
9012 97
99 10212 Tokyo City 5s loan of 1912_1952 ad 5 82 Sale 8158
82
23
94'8
External a f 544s guar .l961 A 0 9212 Sale 9214
89
93
53 '
Range
Sin-s
Jan. 1.
Low
MO)
84
63
1094 11134
10814 111%
108 111
7:2
2c111
02211
19
09
103,2e107
9
89990
5
9307;i :
110
9
0
90
99624 4:
10P4 103
10112 1031s
101% 104
101,
8 104
10334 1101g
88
74
91% 9734
9314 1014
91 12 9812
2
824
. 99
9
9234 9812
11
8
1258
12 1 2290
6
584
10
79
2'4 191174
09 5
94 102
106
24
10212
104 104
e8258 90
e9714 101
10212 1071t
9
832
7112 1893
00
8311
:
4
8414 6812
100 10412
85
9118 6)8
941:
9
71 100
94
90
954
9912 109%
98 10058
93 101
92
334 98%
2
88
98%
19
03
1%12 c
19
05
8778
8912 943a
7714 88
91% 10114
10
92
314 10152
10212 10532
64
SI)
1032 18
26
26
15
25
11100
61,14
2
4 2
217
4
15,84
1
1812
0
22
142
12% 27
8112 95
65
83
6
9
955
0 18
96
23718
1
103 10734
90
80
80
90
101 10512
102 1 106
04
100131:
I0
9,87
13.
3
,4
8 10
10018 10314
100
794:4 117
04
2:
10
031
212
2
gpis
8912 96
6678 90
7612.310111
84
56
84,4
57
5
7512
9
8
88
138
86
98
81174 100
SO
9412
10212 110
5l
'
8
1i
1(1114
5978 8038
68% 9314
67
8912
9212 10514
85
65
8112 9434
10234 10534
85
74
80% 91
95 107
644 81
89,2 10214
l: IL*
Vo
5814 81
Ms
87
9534
87
89 100
8214 97
10658€1094
98
87
7534 88
6378 82
84%
72
10152 107
86
9318
10314 10714
10534210912
102,2 106
7478 8234
874 9312
New York Bond Record—Continued--Page 2
2196
T.1 •
BONDS
N. Y. STOCK EXCHANGE.
ra,
6
Week Ended Oct. 3.
Price
Friday
Oct. 3.
Week's
Range or
Last Sale.
1-2
.4 %I
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct: 3.
4:
Price
Friday
Oct. 3.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
Bid
High
High No. Low
Ask Low
HPIA
Ant Low
High No. 1,0w
Bid
N 10834 ---- 108% 10818
Chic & Erie let gold 50
1 102 109
1982
Foreign Govt. &Municipals.
7484
Chicago Great West 1st 4a 105- 1 M S 74 Sale 7312
64
6518 87
4
7434 140
68
6518 Sale 6518
Tolima (Dept of) extl 78___1947 MN
Chic Ind & Looter—Ref 69_1947 J J 11213 115,4 114 Sept'30
112 11534
9312 100
9834 22
98 Sale 98
Trondbjem (City) 1st 530_1957 MN
1014 105
Refunding gold Ed
9234 9858
1947 J J 10358
10334 Sept'30
9814 31
Upper Austria (('roe) 75____1945 ID 9814 Sale 94
92%
92
Refunding 48 series C
81 14 9112
1947 J 3 9314
D 9038 Sale 8918
02741 Sept'30
9114 56
External of 6 jis_June 15 1957
N 10212 Sale 10214
let & gen bs series A
99 105
10234 22
1968
59 10412 10914
Uruguay (Republic) extl 824_1946 F A 102 105 10412 105
1st & gen 85 ser B___May 1968 J J 1074 109 10831 10834
5 010412 109,s
915s c9912
158
94
1960 MN 9158 Sale 9158
External e I 6s
J 9412 96
89
9534
9534 Sept'30
9134 98,4 Chic Ind & Sou 50-yr 4s.... _1956
110
Exti s f 85
May 1 19114 SIN 9134 Sale 9134
93
Chic L S & East let 4301969• D 102 10312 10238 Sept'30
934 1024
88 68
9614 18
Venetian Prov Mtge Bank Ts '52 AO 11614 Sale 95
•
J 87 Sale 8634
Ch
M
&
c95
8418 87%
St
('gen
82
4s
A_May
8758 71
1989
72
86
87
MN
8618 Sale
Vienna (City of) esti of (39_ _1952
Q J
eo 834
81% 85
1
84
84
Registered
26
71
Warsaw (City) external 78_1958 F A 6912 Sale 69
6
76
Gen g 334s ser 13____May 1989 J J 75
9914
7218 79
75
7512
95
9812 81
Yokohama (City) extl 63_1981 3D 98 Sale 98
5
Gen 4 tis series C.__ May 1989 J J 9712 Sale 974
9238 9712
9734
Railroad
9712 11
9714 9634
Gen 43is series E____May 1989 J 1 97
9238 9812
10034 10312
10312 May'30
Ala Gt Sou let cons A bs____1943 JO 105
Gen 44s series F _ _ _May 1989 J J 10014 Sale 10014 10138 108
94,2
9712 1014
92
_ 943 Aug'30
lot cons 4s ser B
1943 JO 9458
9634
8338 914 Chic MIN, St P & Pee be. __1975 F A 8634 Sale 8612
84
8812 182
9112 21
9212
- 91
Alb & Susq 1st guar 314s_1946 * 0 91 -87
47
784
Cone aril 5s
5078 702
Jan 1 2000 40 47 Sale 47
85
87 July'30
1998 AO 8838 92
Mfrs & West 1st g gu 4s
M
14
N
8212
813
Sale
Chic
9212
983
4
774
824
4
8212
&
No
gong
3)0_1987
West
9834
6
MS
9814
983
4
Sale
Mleg Val gen guar g 4s
1942
Q F 74%
89,,,
77
77 June'30
75
76
Registered
87
26
Ann Arbor lot e 48----JelY 1995 Q J 87 Sale 8658
874 9315
General 4s
9158 9914
" 1987 SI N 9353 9514 9318 Sept'30
9914 173
Atch Top & 8 Fe—Gen g 40_1995 AO 0814 Sale 9712
8818 9314
934 Sept'30
97
SW 45 non-p Fed Inc tax '87 34 N 9338 94
90
12
97
A 0 97 Sale 9634
Registered
10812 13 100 10812
Gen 4 he stpd Fed Inc tax_1987 VI N 10712 10812 10734
8718 9412
3
9412
9734 9412
Adjustment gold 4a_ _July 1995 Nov 94
N 11178
112 Sept'30
107 112
Gen 5s SO.91 Fed Inc tax.. 1987
8778 9614
9614 15
Stamped
July 1995 191 N 9614 Sale 955
MN 108
105 10313
--- 10512 July'30
Registered
853s 91'8
Registered- MN 91 18 93
9118 Sept'30
2 10038 102%
Sinking fund deb 5s
9412
87
1933 M N 10234 105 10234 10278
9412 Sept'30 _
Cone gold 4e of 1900
1955 3 D 0412
99
99
SI N 10118 10234 99 Feb'30
941s
88
Registered
1
944 • 9418
Cone 45 of 1905
1955 1 D 94
15-year secured g 644s___1936 M S 10914 Sale 10914 11038 35 10734 1103k
8914 92,4
924 Aug'30
Cone a 45 issue of 1910.....1960 3 D 9158
5 10434 1C9
let ref g 5s
May 2037 J D 10814 1091 10834 109
Cone deb 4445
1948 3 D 126 Sale 12412 12612 145 12012 14112
95 101
D 9934 Sale 9934 10014 100
1st & ref 43-4o
9612
88
May 2037
1
9434
Rocky Mtn Div let 4s
1985 3 J 9434 9512 9434
9712 10514
9934 302
Cony 4445 series A
9012 9734
1949 34 N 9812 Sale 98
97% 11
97 Sale 97
Trans-Con Short L lot 48_1958
10412
97
10412
8
10412
10412 Sale
Cal-Ariz let & ref 434e A_ 1962 M
18
96
88
06
1 10214 104% Chic R I & P Railway gen 45 1988 ▪ J 96 Sale 9534
10458 10458
Atl 10:10XV di Nor let g 58_ _1946 J D 10412
94
8512 91
91 Aug'30 -ii 91
Registered
95 100
5
9978
9978 Sale 9.978
Atl at Char! A L 1st 4%s A 1944 J
9512 9913
12; 193
9914
Sale
*
0
9914
99
1043
4
Refunding
gold
110012
4s
1934
10458 Sept'30
lot 30-year be series II
1944 J 3 10458
AO
95
95
95 Jan'30;
92
Registered
87
92 Aug'30
Atlantic City 1st cons 4,5...... 1951 J J 93
9238 99
98581 167
97%
Secured 4343 series A____1952 MS 9734 Sale 964
90
9718 21
Atl Coast Line lot cons 45July'52 MI 8 9718 Sale 967g
161
MN
9512
Sale
1014
985
8
Cony
9212
9212
9714
99
4343
a
1960
9212 May'30 _
14 8
Regletered
10318 1044
9618 1034 Ch St L & N 0 bs_June 15 1951 3D 10412 ---- 104 July'30
1
General unified 4 Hs__ ..._1984 1 13 10212 103 10212 10212
102 102
313
102 Mar'30
8812 9412
Registered
9
9413
L & N coil go1c1 4s____Oct 1952 SIN 9312 9438 944
Gold
34s
June 15 1951 3D 88514 -- 81 July'29
5712 7312
6
58
58 574
All & Dan lstg4a
1948 3 1 56
-8814 92
9018
90,8
Memphis Div let g 4s____1951 • D 9038
6'212
52
7
52
52
57
9d 441
19483 J 52
9978 10034
9218 9914 Ch St L & Plot cons g 5s___1932 AO 10012
10034 Sept'30 ---867 87 Sept'30
1949 A 0
Atl & Yad lot guar 40
10038 10038
A0 10038 ___ 1003s Aug'30
Registered
99 101
10114
101 July'30
Austin & N W lat gu g 511-1041 J
93 1004
9414 34
0 94 Sale 933
Chic T FT 2,80 East let 5s_ A960
8234 9414
8618 17
8558
Inc gu 5s
911s 98
Dec 1 1960 SI S 854 86
57
98
Bait & Ohio lot g 4s____July 1948 A 0 974 Sale 97%
47
97 104
112 Sale 10314 104
Chic Un Stan let gu 44s A_1963 J J 104
90
96
96 Aug'30
Registered
July 1948 12 J
9938 10112
1st Se series B
1963 J J 10514 Sale 10514 105% 11 103 108
10138 88
ioiis gr. 101
20-year cony 434s
1933 M
8 10134 105
Guaranteed g So
1944 Jo 105 1051 10434 105
98's 10014
10014 Aug'30
M
Registered.. __
1 114 11678
lot guar 64e series C
1963 33 116 11838 11613 11612
102 101 310512
105
Refund & gen 65 series A_ _1995 J D 104% Sale 104
10038 10258
10258 July'30
102 1024 Chic & West Ind gen 6s_Dec 1932 Q M
J D
10234 Aug'30
Registered
25
93
8512 9355
9258 ii;1-e- 9258
Conan! 50-year 413
1952 J
1094 29 10118 10934
let gold be
July 1948 A 0 i
@FedFRASER