The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
VOL. 129.
SATURDAY, OCTOBER 5 1929.
Financial Tixronicle
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage-12 Mos. 8 Mos.
Within Continental United States except Alaska
$6.00
$10.00
In Dominion of Canada
11.50
6.75
Other foreign countries. U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others Is
$5.00 per year each.
COMPSNDIUSID—
MONTHLY PUBLIC A TIONS—
PUBLIC, UTILITY—(aerai-annually)
BANK AND QUOTATION RICORD
RAILWAY & INDUSTRIAL—(rOW & year) MONTHLY R•RNINUI RZCORD
STAT1 AND MuNicipm.—(seml-ann )
NO. 3354.
Reserve District. This may not be feasible to the
same extent in all Federal Reserve Districts. Restricting it to State boundaries, which are political,
rather than economic, presents difficulties, as does
the suggestion that a radius of 50 or 100 miles from
the parent bank be fixed, but there is an economic
area to which the extension of branch banking can
be applied, varying in size to meet the diversified
conditions that exist in this vast country."
Mr. Pole then goes on to add that it is for Congress
ultimately to fix the boundaries of the ecoTransient display matter Per agate title
45 cents
Contract and Card rates
On request nomic districts suggested by him, but he observes
CHICAGO OFFION—In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street. Telephone State 0613.
that Congress of course would not and could not
LONDON Oman—Edwards & Smith. 1 Drapers Gardens. London. 5.0.
attempt to do so prior to careful consideration and.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
study of all of the factors, and this could only be
Published every Saturday morning by WILLIAM B. DANA COMPANY. carried on by a committee of qualified experts.
President and Editor. Jacob Seibert. Business Manaver. William I) Moon "Would we not be making real progress," he asks,
Tram..William Dana Seibert; See., lierbert I). Seibert. Addressee of all. Office of Co
"if, at the coming session, Congress were to instruct,
let us say, the Secretary of the Treasury, the GovThe Financial Situation.
Branch and chain or group banking engrossed a ernor of the Federal Reserve Board and the Complarge share of the attention of the annual conven- troller of the Currency to study the banking situation of the American Bankers' Association in session tion and to report the boundaries which they would
at San Francisco on several successive days during recommend that Congress set up, establishing such
the present week. And the topic is unquestionably definite areas?"
But who, it is pertinent to ask, is asking for
a live one, of wide bearing and of deep and vital
concern. The subject was discussed both before the branch banking, either on behalf of the National
general convention of the Association and at the banks or the State banks? Are the rural sections
separate meetings of the different divisions, such as and the country districts, about whom the Compthe State Bank division and the National Bank troller and many others are so solicitous, setting
division. At the general convention it was the sub- up a demand for the extinguishment of the local
ject of the address of John W. Pole, Comptroller of independent bank and the substitution for it of a
the Currency, and the expression of his views had branch of some remote city bank? Does the notion
been looked forward to with no little interest, not prevail anywhere in the rural communities that
only because of the high official position held by those in need of accommodation would be more likely
him, but still more so as furnishing some idea of to receive consideration from a distant city bank
the attitude of the Washington Administration on than from the local unit bank, which the city bank,
this grave and important question, since, obviously, through its branch bank would supplant? Is not
Mr. Pole would want to consult Mr. Mellon, the the exact opposite the case? Is there not a widely
Secretary of the Treasury, and perhaps also Presi- prevalent belief in the country districts that those
dent Hoover, before saying anything that might be 'n need of bank credit would not fare so well at the
construed as committing the Administration on any hands of the city bank, represented by a branch,
than under existing conditions where reliance is
definite line of policy in the matter.
Mr. Pole's previous utterances have indicated a von the small bank of the locality? Why, then,
strong leaning towards branch banking within cer- this manifestation of anxiety over the supposed untain limits, in the belief that this was essential for fortunate condition of the local communities dethe proper development of the National Banking pendent upon the neighborhood local bank?
Is it not the city bank with leanings for branch
System, and also to meet the competition of State
chartered institutions. In his address this week banks outside its own domain that is so insistently
he speaks very guardedly, as is befitting under the demanding that the State or the Nation shall confer
circumstances. After stating that he has reached upon its institutions the much coveted authority to
the conclusion than an extension of branch banking open up branches outside its locality? Of course the
privileges should be granted to National banks, he Comptroller, in championing branch banking, is
doing so simply because he wants to place the Naremarks:
banks upon a plane of equality with the State
tional
"That it should not be Nation-wide will be gensome of which are already endowed with
banks,
erally admitted. It has been suggested that branch
banking be limited to the confines of each Federal branch banking privileges, and because recently
Terms of Advertising
2120
FINANCIAL CHRONICLE
[VoL. 129.
chain or group banking, through the agency of hold- ot tile last five years earned less
than 1W/0 on their
ing companies, has been spreading with such amaz- invested capital? The city
banks could certainly
ing rapidity. But all this does not go to the merits not manage these country banks
any more cheaply
of branch banking itself. Strong arguments can than they are now being manage
d, since most counbe made, and have been and are being made, against try banking officials content
themselves with very
branch banking and still stronger ones against chain meagre stipends for their service
s. What then would
banking. But though both may be gaining an in- happen? Would not
orders come double quick from
creasing foothold, by means of State charters, that city headquarters
to close up the unprofitable
is no reason why National banks should be encour- branches and also those which
netted an insufficient
aged to engage in the same practice or be permitted return? The city banks
would of necessity be comto indulge in the same methods. Bank holding com- pelled to take this step,
else their own profits be
panies which gobble up all banking institutions . drained away. And
the propensity of a responsible
within reach do not constitute desirable features of city management
to stop leaks and lop off unprofita country's banking mechanism, and sooner or later able business is well known.
The local communities
the problem of circumscribing their activities or of would then be left to
shift for themselves, and their
altogether suppressing them must be grappled last state would
be worse than their first.
with in good earnest. It is well enough, however,
Another point in the address of Mr. Pole deserves
to go slow in the matter. But the fact that these notice. In speaking
of the multiplicity of bank
holding companies are multiplying and spreading failures in recent
years he says these have occurred
is no argument in favor of branch banking for the notwithstanding
that "the last eight years have witNational banks, nor is it to be accepted as going to nessed the
greatest business activity, commercial
show that branch banking is either desirable or expansion and
financial strength the country has
needed.
even seen," and he cites this as showing "a fundaThere is still another consideration to be borne mental weakness
in our banking system." In thus
in mind with reference to branch banking. This is making allusion
to the wonderful prosperity enjoyed
its effect upon our Federal Reserve System. And by the country in
recent years, he entirely overlooks
this point comes up even if branch banking should the fact that these
failures have been mainly among
be limited to distinct regions like the Federal Re- banks serving
agricultural communities and that
serve Districts, or specially created economic areas these agricul
tural communities have not shared in
within such districts, as favored by Comptroller the prosper
ity of the country at large, but have
Pole. In devising the Federal Reserve System,extra formed
marked exceptions to it. Moreover a large
pains were taken to guard against concentrated 'con- part of the
failures has occurred in the South, and
trol or the dominance of any special interest in the the South,
so far from having participated in the
election of the boards of directors of the different busines
s boom, has suffered actual trade prostration
Reserve Banks. The purpose was to insure widely for several
years, as a result of the collapse of the
distributed representation. But with branch bank- real
estate boom, the Florida hurricane, &c.
ing permitted outside city limits—with the numerous small banks made branches of a few strongly
'Several other speeches and addresses, on either
entrenched city banks, spreading out over the dis- the one
side or the other of the subject of branch
trict or region—what, then, becomes of the scheme banking, marked
the deliberations of the bankers at
of divided control? Who, then, will dominate the San Franci
sco the present week. Among those in
twelve Federal Reserve Banks and have command sharp dissent
, the address delivered by George W.
of all their resources? This phase of the matter we Davison, Presid
ent of the Central Hanover Bank &
discuss in a separate article on a subsequent page.
Trust Co. of this city was especially noteworthy.
The Comptroller advances the same arguments in Mr. Daviso
n presented the arguments in favor of
favor of branch banks, in opposition to the inde- the unit bank
and the continuance of the present
pendent unit banks, which it is common to make, system with
irrefutable force. And Mr. Davison,
namely, the numerous bank failures that have oc- be it noted,
is a city banker, too. He declared most
curred in recent years, chiefly among the smaller emphatically
and without reserve or qualification
institutions, but undertakes to fortify his arguments that
America has the best banking system in the
with some new statistics. He says that a study of world, the
most flexible, and better adapted than
bank earnings covering the last two or three years the banking
system of any other country to the enshows that a large percentage of banks outside of hancement of the
economic welfare of all the people.
, the principal cities are operating with insufficient "Banking
Evolution in America" was his topic.
earnings. Taking 1927 as a typical year, 966 Na"I know of nothing in our national economy which
tional banks operated at a loss, and an additional seems to me to stand
so signally for the
2,000 earned less than 5%. With reference to the of equality of opportunity as our individpreservation
ual banking
State banks, he says that current statistics are system. Individualism is being submerged in other
incomplete for the whole country, but that figures economic fields, as it is in politics. Our banking
are available for the calendar year 1926, and that system is the stronghold of individualism. Ecothese show that about 2,000 State banks operated at nomically, it may yet be the last citadel," Mr. Davia loss. In one of the great agricultural States, he son declared, and continued:
"The statement that we should take lessons from
tells us, the average earnings of all banks, National European
banking systems and concentrate into a
and State, for the years 1924 to 1928, inclusive, were relatively few large banks through
the country at
less than 11
/
2% on invested capital.
large with manifold branches is not well founded.
But this proves too much in an argument in favor The vastness of our country, with its great geoof branch banking. Would the city banks maintain graphical distances and varying sectional interests,
the 2,000 State banks operated at a loss or even con- pride and prejudice, presents a problem wholly diftinue to run as branches all the banks in the great ferent from that of any European nation.
"The branch manager of the English banks would
agricultural State referred to, which for the whole be unacce
ptable to the American citizen. Nor can
Ocr. 5 1929.]
FINANCIAL CH HONTCLE
2121
The local unit bank as correspondent of the city
the French system, which centers in Paris, be presented as desirable to us. And in Germany another bank—in that there lies the main characteristic of
wholly different picture offers. No European sys- the banking system that has served the country so
tem has any real part in our banking life as a whole. well, ana woe to tne iegmator ot the individual
"I believe in bank mergers, up to the point where who seeks to lay unholy hands upon this-citadel of
they are not restrictive of inter-bank competition
mechanism.
and up to the point where independence can be our banking
retained and relations with customers do not become
Returns of brokers' loans continue undeviatingly
mechanical or stereotyped. I believe in branch banking in limited local areas where the closest kind of of the same character, in showing further expansion
contact can be kept with the main office and, of from week to week and from month to month, and
much greater importance, where the main office has are now of such apalling magnitude that the coma close and exact knowledge of local business con- mentator is at a loss to find language adequate to
ditions and the local people.
describe the same. Two statements dealing with this
"The development of the holding company for the
class
of borrowing have appeared the present week,
ownership of bank stocks, even as an interim step
toward a branch banking expansion which may be one the monthly compilation of the Stock Exlegalized, I believe to be a development without change itself, and the other the regular weekly repromise. Do we want to see banking so monopolized turn of the Federal Reserve Bank of New York.
that a given section shall be visualized as a source Both are startling exhibits in the results they disof tribute only, with its industries and merchants close. The Stock Exchange compilation, which is
not regarded as individuals and with remote con- more comprehensive than the Federal Reserve statetrol able to lay its heavy hand on local industry
ment, shows that borrowing by Stock Exchange
and trade?
2
"We American people have a deep-seated distrust members has now reached a total in excess of 81/
amount
as
exact
of
billion
dollars,
the
Sept.
30
of concentrated power,especially concentrated financial power, money power. Let us not forget that in being $8,549,383,979. In the three preceding months,
the statute books of the nation and of the States that is, June, July and August, the new additions
we have laws against excessive concentration of had run each month in excess of $400,000,000, while
economic power. They have been invoked in the now for September there is a further increase in
past and can be invoked again. They can be ampli- amount of $667,764,553. For the four months from
fied and be equipped with more iron teeth. Our
May 31 to Sept. 30, the total of the borrowing has
annals show that the invariable accompaniment of
risen
from $6,665,137,925 to $8,549,383,979, or not
any protracted period of economic depression is a
far
from
$2,000,000,000. It is impossible to say anyfresh political lurch in the direction of just such
legislation and a fresh invocation of its enforce- thing to more strongly emphasize their character
ment. Just now there are no signs of an impending than the figures themselves do.
period of economic depression, but it is reasonable
On top of this we have the regular weekly return
to expect that some day it will come.
of the Federal Reserve Bank for the week ending
"One of our great advantages as Americans has Wednesday night,Oct.2twhich is two days later than
been the opportunity offered by our vast geographi- the Stock Exchange compilation
brought down to
cal extent, by the different qualities of our popula. 30. This return also shows a further increase
tion and the different resources of our far-flung land Sept.
to engage in experiments, political, social and eco- in addition to all the other increases which have
nomic. In our laboratories of such experimentation come without a solitary break week after week since
we have made helpful discoveries. One of the dis- Aug. 14. The totals are not quite as large as those
coveries which we have been continually making is in the Stock Exchange tabulation, being confined
that what was often supposed to be new has not entirely to the reporting member banks in New York
necessarily been new, and far more often, what has City, and yet are of huge magnitude. The further
thought to be desirable because it was new has not
increase this week has been $43,000,000, and it folturned out to be good.
lows
increases in each and every week back to Aug.
"Long prior to the creation of the Federal Reserve
System, banks throughout the country established 14, since which date the total has expanded not far
relations with banks in the principal cities as de- from one billion dollars, having risen from $5,952,positories for portions of their funds; as corre- 000,000 to $6,804,000,000. This latest increase despondents who could be consulted about all kinds of rives additional significance from the fact that it
problems and to which the depositing banks could has occurred in face of
tremendous liquidation on
turn for co-operation in meeting the credit requirethe
Stock
Exchange
with
violent and general losses
ments (and for many decades the currency requirein
prices,
a
state
of
things
which in the past has
ments) of their vicinities.
"Our correspondent banking safeguards the indi- always been attended by great contraction in Stock
vidual initiative and the independence of banks Exchange borrowing. The only conclusion possible,
everywhere. I think it almost not too much to say now that the figures keep on expanding, is that the
that close relations formed by the independent banks reams of stock thrown over have passed into the posthemselves with strong institutions of their own session
of new owners who are obliged to borrow as
choosing in the financial centers of the country, now
freely
upon
them as the former owners.
more than ever, can contribute to the protection of
The most disquieting feature in this constant
those popular liberties which are associated with
our American tradition and of the independence of increase is that the additions to the loans is wholly
the individual and the right of every individual citi- in the.class of loans designated as "for account of
zen to equality of opportunity.
others" in distinction from the loans made by the
"I believe that it is only possible for better bank- reporting member banks in New York City for their
ing to be done by banks which are individually free own account and those made for account of put-ofto improve their services as their situation permits: town
banks. The further increase this week in the
banks which have independent freedom of individual
grand
total of the loans, as already stated, has been
initiative basing their action on their own knowledge
of local conditions and their own judgment of local $43,000,000. The whole of this increase, and more,
character and credit worth and are at liberty to too, is found in the category of loans "for account of
make their own choice of co-operative affiliations." others," the addition under that heading having
2122
FINANCIAL CHRONICLE
been $47,000,G00. At the same time, however, there
has been an increase in the same amount in the
loans made by the reporting member banks for their
own account, these having risen from $1,024,000,000
to $1,071,000,000. On the other hand, the amount of
the loans for account of out-of-town banks have been
reduced in amount of $50,000,000, having fallen from
$1,876,000,000 to $1,826,000,000.
In face of this further growth in brokers' loans
member bank borrowing at the Reserve institutions
has been somewhat reduced, the discount holdings
having fallen during the week from $944,399,000 to
$930,633,000. As against this, however, the holdings of acceptances have jumped still higher in
amount of almost $59,000,000, the total of these
acceptances having risen from $263,934,000 to $322,618,000. Holdings of Government securities, on the
other hand, have been reduced during the week from
$152,059,000 to $145,752,000. The final result is
that there is roughly $39,000,000 more Reserve credit
outstanding this week than there was last week, the
total of the bill and security holdings the present
week standing at $1,414,228,000 against $1,375,467,000 last week.
It deserves to be pointed out that the decrease in
member bank borrowing at the Reserve Bank of New
York has been much larger than the decrease in the
borrowing at the twelve Reserve institutions combined, including New York. The decrease at New
York has been $81,100,000, while the decrease for
the whole body of Reserve banks is only $13,766,000.
It follows from this that borrowing at the other Reserve banks must have increased, and it is found
that at Chicago the discounts increased $48,900,000,
at Boston $5,800,000, at San Francisco $8,600,000,
and at Kansas City $6,400,000. Evidently this is
due to the fact that it is cheaper to borrow at the
other Reserve banks, where the discount rate is 5%,
than it is at the New York Reserve Bank, where the
rediscount rate is 6%.
The insolvency statistics for September and for
the third quarter of the year emphasize again the
improvement that has appeared in the record for
1929. There has been a further decrease in the
number of mercantile defaults in the United States
as the year has advanced, although the September
liabilities are a little larger than those for August
or for September of last year. R. G. Dun & Co.'s
records show for the month just closed 1,568 business failures with a total indebtedness of $34,124,731. These figures compare with 1,762 similar
defaults in August owing $33,746,452 and with 1,635
in September 1928 for $33,956,686. The decline in
the number of defaults from August to September
is practically the same in both years, while the number of failures last month were fewer by 4.1% than
they were a year ago. September, as is customary,
is the low point for the year to date. For the third
quarter of the year mercantile defaults numbered
5,082, involving $100,296,702 of liabilities, and compare with 5,210 for $121,745,149 in the comsponding time in 1928, the decrease in number this year
being only 2.3%. In the past nine months there
have .been 17,254 business failures in the United
States, with liabilities of $332,425,638 against 18,038
for the first nine months of 1928, involving $373,193,555. The number this year to date is 4.3% less
than it was a year ago, while the indebtedness this
year shows a decline of 10.9%.
FoL.129.
All three classes into which the insolvency record
for September is separated show improvement over
last year. Thus, last month there weue 427 manufacturing defaults for $14,914,403 of liabilities; 1,039
trading failures involving $16,659,658, and 102 insolvencies for the division embracing agents and
brokers owing $2,550,670. The corresponding figures for September 1928 were: Manufacturing defaults, 454 for $14,727,430; failures in trading lines,
1,073 involving $13,567,064, and agents and brokers,
108, owing $5,662,192. A small increase appears
in the liabilities reported for the manufacturing defaults, while for the trading division the increase
in the indebtedness shown last month amounts to a
considerable sum. On the other hand, liabilities
reported for agents and brokers this year are less
than one-half the amount reported a year ago. Each
of the two leading divisions is sub-divided in fourteen general classifications, and seven of the fourteen of each section shows a larger number of defaults this year than last, while for the other classes
there was a decrease last month.
In the division covering failures in manufacturing lines, the most notable changes for the better
this year include the two classes embracing machinery and tools and hats and furs, the number for
last month being considerably reduced and the liabilities being much less this year. Fewer failures
were also shown last month in the large clothing
manufacturing class; also, for chemicals and drugs,
and for leather lines, the latter including shoe manufacturing. On the other hand, a small increase
appeared last month in the number of failures in
the large lumber manufacturing section; in printing
and engraving and in the baking division. There
was an increase last month in the liabilities reported for the iron division; also, for lumber and
for clothing. There were reductions in the indebtedness reported for most of the other eleven sections into which the manufacturing classes are separated, notably for the leather class in which the
amount involved a year ago was very heavy.
In the trading division, the improvement last
month was quite marked for dealers in dry goods;
also, in the hardware lines. Fewer defaults also
occurred among grocers, dealers in clothing, in
furniture and in books and stationery. The increase
last month for the trading division was mainly
among dealers in leather lines, including shoes;
among jewelers; in the drug trade, and for paints
and oils. Liabilities were larger last month for
grocers, general stores and for hotels and restaurants, but the bulk of the increase over a year ago
was in the miscellaneous section, which in the
trading division covers nearly one-fourth of all
trading failures.
Insolvencies in September, for which the liabilities in each instance were in excess of $100,000, numbered 52, with a total indebtedness of $16,742,094.
These figures do not vary greatly from those of
recent preceding records. In September of last
year there were 53 similar defaults with $16,164,463
of liabilities. The larger insolvencies in the manufacturing division were somewhat less numerous
this year than in either of the three preceding years,
but the indebtedness was heavier, owing to several
defaults where the amounts involved were large.
On the other hand,in the trading section, there were
quite a number of the larger failures last month,
and the liabilities also were in excess of the corre-
OCT. 5 1929.]
FINANCIAL CHRONICLE
2123
sponding figure for the preceding six or eight • Tel. at 281 against 2917
/8, and Int. Tel. & TeL at
years.
1163
/
s against 126%.
Allied Chem.& Dye closed yesterday at 298 agairu3t
The only thing to be said about the stock market 316 on Friday of last week; Davison Chemical at
this week is that it has been continuously weak day 49% against 52,
1 ; E. I. du Pont de Nemours at
after day, with heavy declines in prices, and with 181% against 1923
%; Radio Corporation at 82%
only fitful rallies now and then. The call loan rate against 85%; General Electric at 346 against 357%;
touched 10% on both Monday and Tuesday, which, National Cash Register at 119% against 123%; In.
of course, did not tend to improve sentiment, but the
Nickel at 49% against 55%; A. M.Byers
market still remained weak on Wednesday, when at 154% against 150%; Timken Roller Bearing at
the call loan rate in the afternoon fell to 7%, and 1121/
8 against 112; Warner Bros. Pictures at 48%
was weakest of all on Thursday, when the rate against 54; Mack Trucks at 94 against 95; Yellow
dropped to 6% after renewals had been effected at Truck & Coach at 227
/
8 against 29%; National Dairy
73/
2%. On this last mentioned day a new depressing Products at 65% against 75; Johns-Manville at 180
influence was the Stock Exchange statement of against 197%; National Bellas Hess at 27 against
brokers' loans, showing a further increase of $667,- 37; Associated Dry Goods at 46 against 51%; Lam764,553, on top of increases of $400,000,000 a month bert Company at 121% against 130%; Texas Gulf
in each of the three preceding months, and bringing Sulphur at 65% against
68%, and Bolster Radio at'
the grand total of Stock Exchange borrowings up to 20% against 26. It is needless to
say that only a
over 8% billion dollars—in exact figures, $8,549,- few high records for the year have been establis
hed
383,979. On Friday the call loan rate again touched in a period of such general demoralization, the list
6% without benefit to the market. It was impos- being confined to the following:
sible to stop the avalanche of selling, and the further
STOCKS MAKING NEW HIGHS FOR THE YEAR.
increase in brokers' loans of $43,000,000 shown in
Industrial & Miscellaneous—
the weekly statement of the New York Reserve Bank Atlantic Gulf & W. I. SS.Line
Lehigh Valley Coal
By. Products Coke
Nat. Biscuit
for the week ending Wednesday proved additionally Columbian
Carbon
Pullman
disturbing. There was an upward reaction the mid- Eastman Kodak
Remington-Rand
Am. Tank Car
Southern Calif. Mean
dle of the day, but renewed weakness in the closing Gen.
Int. Printing Ink
Union Oil of Calif.
hour. Liquidation all through the week was on an
On the other hand, we have an almost unparalleled
extensive scale and yesterday is was perfectly over- list of new lows for the year, as appears
by the folwhelming, with all support lacking, though brokers lowing, which does not include preferre
d stocks:
claim that they had extensive orders to fill for their
STOCKS MAKING NEW LOWS FOR YEAR.
customers as prices moved down—orders given some
Railroads—
Industrial & Iffaoellorwews—
time ago,-in expectation of just such a break as has Brunswick Terminal & Ry. Serv.
Conlinued—
Canadian Pacific
General Bronze
actually occurred.
Int. Rya. of Central America
General Mills
N. Y.& Harlem
General Motors
Trading has been on an increasing scale, and in N.
Y. Ontario & Western
Gobel
the great break on Friday exceeded 5% million Texas & Pacific
Goodrich
Goodyear Rubber & The
shares. Sales on the New York Stock Exchange Twin City Rapid Transit
Gotham Silk Hosiery
Graham Paige Motors
at the half-day session last Saturday were 2,205,260 Industrial & Miscellaneous—
Ahumada Lead
Grand Stores
shares; on Monday they were 3,211,500 shares; on Air Way Elec. Appliance
Grand Union
Am. Agricultural Chemical
Hahn Dept. Stores
Tuesday, 4,524,810 shares; on Wednesday, 3,367,610 Am.
Brown Boveri Elec.
Hayes Body
Howe Sound
shares; on Thursday, 4,747,330 shares, and on Fri- Am.Comm. Alcohol
Am. European Sec's.
Hudson Motor Car
day, 5,623,900 shares. On the New York Curb Ex- Am. Home Products
Inspiration Copper
La France & Foamite
Int. Cement
change the sales last Saturday were 959,900 shares; Am.
Am. Republics
Int. Combustion Etter:seeming
on Monday, 1,536,400 shares; on Tuesday, 1,906,900 Am.Safety Razor
Interstate Dept.Stores
Am.Steel Foundries
Island Creek Coal
shares; on Wednesday, 1,587,300 shares; on Thurs- Am.Zinc Lead & Smelting
Jewel Tea
Armour of Ill. class A
Jordon Motor Car
day, 1,933,600 shares, and on Friday, 2,558,300 Associated
Apparel Industries
Kelly-Springfield Tire
Atlantic
Refining
Kelsey-Hayes Wheel
shares.
Bayuk Bros.
Kelvinator Corp.
As compared with Friday of last week, prices Baldwin Locomotive
Holster Radio
Barnet Leather
Lambert
show big declines. United Aircraft & Transport Barnsdall
Corp. class A
Lee Rubber & The
closed yesterday at 97% against 100% on Friday Bendix Aviation
Lehigh Portland Cement
Best & Co.
Liggett
& Myers Tobacco
of last week; American Can at 165 against 166; Bohn Aluminum & Brass
Link Belt
Loft
United States Industrial Alcohol at 204 against Borden Co.
Borg- Warner
Long Bell Lumber"A"
213; Commercial Solvents at 550 against 635; Corn Briggs Mfg.
Lorillard
British Empire Steel
Louisiana Oil
Products at 109 ex-div. against 1137
/8; Shattuck & Brockway Motor Truck
Mallinson & Co.
Co. at 56% against 63%; Columbia Graphophone at Bush Terminal
Manh. Elec. Supply
Butte Copper & Zinc
Marmon Motor Car
46% against 55%; Brooklyn Union Gas at 210 Calumet & Arizona Mining
Martin Parry
Century Ribbon Mills
McGraw-Hill Publications
against 215 bid; North American at 1497
/8 against Cerro de Pasco Copper
McIntyre Porcupine!Own
1683%; American Water Works at 164 against 195; Chesapeake Corp.
Miller Rubber
Chrysler
Mohawk Carpet Mills
Electric Power & Light at 631/8 against 76; Pacific City Stores
Mother Lode Coalition
Columbia Graphophone
Motor Meter Gauge & Equipment
Gas & Elec. at 77 against 84; Standard Gas & Elec. Congress
Cigar
Motor Products
at 207 against 235%; Consolidated Gas of N. Y. at Consolidated Cigar
Mullins Mfg.
Motors
Nash Motors
139% against 156; Columbia Gas & Elec. at 122% Continental
Coty
Nat. Acme Stamped
Cudahy Packing
Nat. Bell Hess
against 124%; Public Service of N. J. at 113% Curtiss
Aero & Motor
Nat. Air Transport
against 1241/
Debenham Sec's.
8; International Harvester at 1101/
Nat. Radiator
8 Diamond
Match
Nat. Tea
against 116%; Sears, Roebuck & Co. at 147% Dome Mines
Newton Steel
Dominion
Oliver Farm Equipment
against 158%; Montgomery Ward & Co. at 105 Dunhill Stores
International
Omnibus Corp.
against 120%; Woolworth at 91% against 987
Eaton
Axle
&
Spring
Packard
Motor Oar
/8; Eitingon Schild
Panhandle
Producers & Refining
Safeway Stores at 1681/
8 against 179; Western Elec. Boat
Park & Tilford
Fashion
Park
Association
Penn-Dixie Cement
Union Telegraph at 200 against 212; Amer. Tel. & Federal Motor
Truck
Pet Milk
2124
Miseellartetrus
Inthistrfal
Continued—
Philip Morris & Co.
rhillips-Jones
Phoenix Hosiery
Porto Rican Am.Tobacco class A
Pressed Steel Car
Pro-phy-lac-tic Brush
Punta Alegre Sugar
Reo Motor Car
Richfield Oil of Calif.
Savage Arms
Shubert Theatre
Schulte Retail Stores
Spalding Bros.
Shattuck
Snider Packing
Standard Plate Glass
Stewart-Warner Speedometer
Studebaker
Superior Oil
FINANCIAL CHRONICLE
Industrial & Miscellaneous—
Con,luded—
Sweets Co. of America
Texas Gulf Sulphur
Texas Pacific Coal & Oil
Texas Pacific Land Trust
Tobacco Products
United Cigar Stores
United Paperboard
Universal Leaf Tobacco
Universal Pipe & Radiator
U.S. Cast Iron Pipe & Foundry
U. S. Smelting Ref. & Mining
Vick Chemical
Warner Bros. Pictures
Warner Quinlan
Webster Eisenlohr
Wilcox Oil & Gas
Wilcox-Rich class A
Yellow Truck & Coach class B
The steel stares have suffered severely in the
general downward movement. U. S. Steel closed
yesterday at 210 against 226 on Friday of last week;
Youngstown Sheet & Tube at 123 against 124 bid;
1
2against 128, and LudRepublic Iron & Steel at 118/
lum Steel'at 91% against 93/
1
2
. The motors have
been no exception to the rule. General Motors
1
4 on Friday of
closed yesterday at 64 against 67/
last week; Nash Motors at 77% against 78%;
Chrysler at 53/
1
2 against 58%; Packard Motors at
25/
1
2 against 26%; Hudson Motor Car at 751/s
against 76%; Hupp Motors at 40/
1
4 against 41.
In the rubber group Goodyear Rubber & Tire closed
1
4 against 100; B. F. Goodrich at
yesterday at 94/
1
4
8 against 69%; United States Rubber at 50/
647
/
Against 52/
1
4, and the preferred at 72 against 74.
Railroad stocks have tumbled as badly as the rest.
Pennsylvania closed yesterday at 97% against 1007
/
on Friday of last week; New York Central at 217/
1
4
against 223; Erie RR. at 75/
1
2 against 827
/8; Dela/
8; Baltimore &
ware & Hudson at 185 against 2083
Ohio at 128 against 132%; New Haven at 1131/
4
against 121%;Union Pacific at 258% against 269½;
Southern Pacific at 140 against 1431/g; Missouri
Pacific at 85% against 88; Kansas City Southern
1
2; St. Louis Southwestern at 82
at 94 against 96/
against 897
/
8; St. Louis-San Francisco at 1173
%
against 125/
1
2; Missouri-Kansas-Texas at 51 against
4 against 133%; Great
53%; Rock Island at 1263
Northern at 1101/
8 against 115, and Northern Pacific
at 98% against 103.
The copper stocks also have had a bad time of it.
% against
Anaconda Copper closed yesterday at 1093
116/
1
2 on Friday of last week; Greene-Cananea at
/
8 against
170 against 175; Calumet & Hecla at 397
1
2 against 523%; Inspira41%; Andes Copper at 49/
tion Copper at 38 against 41; Calumet & Arizona at
119/
1
4 against 12434; Granby Consolidated Copper
at 80 against 853%; American Smelting & Refining
at 106/
1
2 against 112, and U. S. Smelting & Ref. at
46/
1
2 against 49.
The oil shares are likewise lower, though with the
declines relatively moderate. Standard Oil of N. J.
8 on Friday of last
closed yesterday at 74 against 731/
4;
1
4 against 311/
week; Simms Petroleum at 30/
Skelly Oil at 39 against 40%; Atlantic Refining at
/8 against
8 against 587
531/
/8; Pan American B at 617
1
2 against 373%;
62/
1
2; Phillips Petroleum at 36/
1
2; RichTexas Corporation at 63% against 65/
field Oil at 377
1
4; Standard Oil of
/
8 against 38/
4
N. Y. at 42% against 431/
8, and Pure Oil at 251/
against 26.
Stock exchanges in the important European centers moved irregularly this week, with adjustments
in progress to a number of new and important developments. The increase in the London bank rate
[VOL. 129.
from 5/
1
2to 6/
1
2% last week was followed by a rapid
advance of sterling exchange, which cheered the
London market and caused a mild strengthening of
prices. Gold shipments from London to Paris were
continued, however,and much concern was expressed
in London over the heavy drain. London clearing
banks, in order to increase the flow of funds to the
British center, took steps early this week to advance
the interest rate paid on time deposits. In view of
the increase in central bank rates in England, the
Scandinavian countries and Austria, there was
much examination of the rate question in other centers and this had an unsettling effect. Only in
France was any assurance felt that the discount rate
would not be marked up. The Berlin market was
steadied this week by the promises of support by
prominent German banks, but prices on the whole
drifted lower. The death of Dr. Gustav Stresemann,
the Foreign Minister, caused a considerable decline
Thursday.
The London Stock Exchange began the week with
an irregular tendency. Gilt-edged securities were
fairly steady, but most other sections of the list
showed recessions. London was much perturbed at
the prospects of higher money, and the Hatry collapse also continued to exert an adverse influence.
The movement of funds from New York to London
became quite pronounced on Tuesday, and prices
stiffened in most parts of the list. Gilt-edged securities were depressed, however, by a heavy efflux of
gold to Paris which was only partially made up by
open market purchases of new metal from South
Africa. Foreign exchanges again moved favorably
to London in Wednesday's market, and stock prices
improved quite generally on the London Stock Exchange. Some uncertainty was caused in the international issues by dubious advices from New York.
With the month-end strain over on Thursday, money
became more plentiful in London and stock prices
were marked upward more easily. Gilt-edged securities were firm and home rails joined in the movement. Anglo-American stocks continued to move
irregularly, owing to the reports of dropping prices
at New York. The London market was dull and
heavy yesterday, with the exception of gilt-edged
issues, which showed improvement.
The Paris Bourse was irregularly lower at the
opening Monday, but as trading progressed in the
initial session, the tone improved and a rally at the
close carried prices above the previous close in most
sections of the list. Prospects of reforms in taxes
affecting the Bourse improved and some of the betterment was traceable to this cause. The Paris market turned weak again Tuesday, with the selling
attributed largely to foreign account. There were
rumors of further troubles on the London market,
and shares listed on both exchanges were freely sold.
Other stocks declined also and the close was lower
in almost all groups. Wednesday's market at Paris
again furnished an abrupt reversal, the market moving upward as a whole, although not sufficiently to
make up for all the declines of the previous day.
The recovery was begun in rentes and coal shares,
and it rapidly extended to the rest of the market.
The upward movement was continued in the early
trading Thursday, but toward the close considerable
selling appeared, and the market turned irregular.
The news of Dr. Stresemann's death produced no
reaction at first, but some selling was caused later
by sober consideration of the possible repercussions
OCT. 5 1929.]
FINANCIAL CHRONICLE
of this occurrence on international markets. Prices
were firm on the Bourse in yesterday's market.
The Berlin Boerse was depressed at the opening,
Monday, with shares of the Reichsbank rather freely
offered for English account in connection with a
rumor that shareholders would not be compensated
during the coming reorganization of the bank law.
Electrical issues also were lower, but shipping and
brewery shares were favored and made slight gains.
Trading was listless Tuesday and in the absence of
any stimulating factors prices again sold off for the
most part. Some improvement was noted in the
second half of the session, but this proved only temporary. Reichsbank shares were again weak at the
opening, but they advanced considerably later in the
day. The Boerse opened weak on Wednesday, with
apprehensions of a Cabinet crisis general. Artificial silk shares were heavily sold and some of the
electricals and chemicals also dropped, but brewery
shares were firm. Toward the close of trading, the
banks intervened and stocks improved slightly. Dr.
Stresemann's death on Thursday had a distinctly
depressing effect on the Berlin market and a number
of issues opened with losses of five to seven points.
A recovery followed in the course of the day under
the guidance of the banks, and this was accentuated
when it appeared that a Cabinet crisis over unemployment insurance had been averted. Most of the
day's losses were recovered before the close, while
In the brewery section some good increases were
made. The irregularity was continued in yesterday's dealings.
A new era in relations between the two great
English speaking peoples was inaugurated yesterday with the arrival in this country of J. Ramsay
MacDonald,Prime Minister of Britain, on a mission
of peace and good will. The visit was decided upon
by the British leader some weeks ago, when it appeared at length that the protracted negotiations
between the two governments for a preliminary accord to govern a five-power naval limitation conference would end successfully. It was at first understood that Mr. MacDonald would attempt to clear
up any remaining naval differences in personal discussions with President Hoover. Any questions still
at issue, however, will now probably be left to the
general conference which it is hoped will be held in
London in the second fortnight of January. The
British Premier intimated, both before leaving England and while on the Berengaria en route to New
York, that he will concern himself less on his visit
with naval matters than with the broad and farreaching aim of cementing Anglo-American friendship.
On his departure from Southampton last Saturday, the Prime Minister was given godspeed in a
message from Bing George, which is clearly to be
considered as from all the British people. "It is a
departure," the message said, "that will be surrounded with good wishes, for it is a contribution
to those happy relations between•two great peoples
which must be an article of faith among all men of
good-will." Mr. MacDonald returned thanks for the
message and expressed the hope that the journey
will, indeed, prove a fruitful innovation. The visit
is noteworthy as being the first ever paid by a British
Premier to the United States in his official capacity.
A score of newspaper correspondents accompanied
him on the Berengaria and kept the world informed
2125
of the progress of the journey and the more important exchanges between the Premier and officials
on both sides of the Atlantic. Arrangements were
completed in this way.for the reception. accorded
the Prime Minister and ,his party in New York yesterday, which included the customary ride up lower
Broadway amid a shower of ticker tape from the
tall buildings on both aides of the street. As he
neared these shores, the Premier also received'amessage of cordial welcome from President Hoover, sent on behalf of the entire country. Secretary of State Stimson also sent a message of
greeting. Following the typical Metropolitan reception accorded him yesterday morning, Mr. Mac-.
Donald left for Washington, where he arrived yes-.
terday evening. He will remain in the United States
until October 15, proceeding then to Canada. His.
forthcoming stay in the Dominion also is considered.
highly important.
Invitations to the proposed naval conference
which prompted Mr. MacDonald's visit to this country are to be issued in London in the coming week;
according to a dispatch of October 1 to the New.
York Herald Tribune. The invitations, to be sent
to the United States, Japan, France and Italy, will
suggest London as the seat of the conference, and
the third week in January as the time. While en
route to this country, Mr. MacDonald received formal assurances from all parts of the British Empire
of whole-hearted support for his mission. Such
statements were a necessary preliminary to the issuance of invitations to the conference, • for the
British Government had given assurances that all
the Dominions would be consulted. A report of
September 30 to the New York Times said that all
replies were at hand, and it added that "Canada,
Australia, New Zealand, South Africa and other remote portions of the British Empire have sent messages strongly endorsing the Premier's determination to 'narrow the Atlantic Ocean' by the establishment of a real spirit of friendliness and co-operation
between the two English-speaking nations." Dispatches from Tokio and Paris have indicated with
great assurance that these governments will accept
the invitations and will do all in their power to bring
the meeting to a happy issue. It is definitely established, however, that Japan will request an increase
in ratio of cruisers over that alloted her on capital
ships in the Washington Treaty, while France will
request practically unrestricted building of submarines. These matters promise to make the naval
parley a difficult one.
American adherence to the World Court under
the new formula prepared by Elihu Root to overcome the reservations of the United States Senate
now depends almost entirely on action by this Government. The Root formula was unanimously accepted by member States of the League of Nations
at the Assembly session in September, and in the
following weeks fifty signatories of the World Court
Statute attached their signatures also to the protocol
for American adherence under the Root formula.
This includes all but three of the States whose Parliaments have ratified their signatures. The three
States whose signatures remain necessary are Abyssinia, Albania and Lithuania, and in Geneva their
failure to sign was looked upon as an oversight
rather than opposition to the protocol. It is pointed
out in a Geneva dispatch of last Saturday to the
2126
FINANCIAL CHRONICLE
New York "Times" that the fifty signatories include
ten States whose subsequent ratifications of the
American protocol are not considered absolutely
essential, since they have not yet ratified their adherence to the original statute. These ten States
are Bolivia, Colombia, Guatemala, Liberia, Luxemburg, Nicaragua, Paraguay, Persia, Peru and Salvador. On the other hand, the signatories include
one non-member of the League, Brazil, whose ratification of the American protocol is essential since
that country has ratified the Cburt statute.
The present position, according to the "Times"
report,is as follows: Before America can enter the
Court, the United States on the one side and Abyssinia, Albania and Lithuania on the other, must sign
the Root protocol and then the United States and
all the forty-three States which have ratified their
adherence to the original Court statute must ratify
the Root protocol. "Rarely, if ever," the dispatch
states,"have so many States signed a League instrument in so short a lime as has been done with the
American protocol, a fact which is considered to
augur well for their future ratifications of it. On
the other hand, the fact that this extraordinary
good-will the, members have shown still remains
neither officially recognized nor reciprocated by the
United States, which has not yet even signed the
protocol drawn up by Elihu Root according to Washington's own stipulations, is considered a bad sign.
It is doubted if Court members will hasten their ratifications if the place left for America's signature
to the protocol continues to remain one of the few
blank spaces in the document."
Death claimed Dr. Gustav Stresemann, Foreign
Minister of Germany, early Thursday morning, at a
time when his conciliating presence was sorely
needed in the national councils of Germany and in
the international conferences designed to place the
new Young Plan in operation and secure the early
evacuation of the Rhineland. His death was due
directly to a series of apoplectic strokes, but he had
been seriously ill for some time. Throughout the
previous day, Dr. Stresemann had participated
actively in interparty negotiations in the Reichstag,
where a deadlock appeared imminent on a new bill
for the regulation of unemployment insurance. His
passing away in an atmosphere of partisan strife,
dispatches said, is strangely symptomatic of the
smoke of political battle which has enveloped him
without pause since he took over the Ministry of
Foreign Affairs five years ago and launched his
ambitious program for international political reconciliation and economic pacification. Within Germany his loss is considered irreparable, because of
the respect he commanded both at home and abroad.
In other centers, too, his passing was mourned, and
messages of condolence were sent to his widow and
to the German Government by leaders in Washington, London and Paris. Dr. Julius Ourtius was given
a provisional appointment as Foreign Minister yesterday.
Dr. Stresemann was everywhere considered the
greatest statesman produced by Republican Germany. "It is no exaggeration to put him down as
the greatest German statesman since Bismarck,"
says Edwin L. James, European correspondent of
the New York "Times." Ms name will always bp
linked with that of Aristide Briand, Premier or
France, with whom he planned and executed many
[VOL. 129.
of the steps toward peace taken in the last five years..
Dr. Stresemann became Chancellor of Germany in
1923, but relinquished this post shortly thereafter
to continue his far-reaching plans for European
recovery and for making Germany a great force for
peace in the affairs of Europe. He was essentially
a middle path man, and his greatest gift was his
ability to combine that degree of idealism which
made a strong popular appeal, with practical politics
and statesmanship. He was born in Berlin in 1878,
and studied history and political science at the Universities of Berlin and Leipzic, entering the political
arena in 1907 as a member of the National Liberal
Party. Following the upset of the war, the revolution and the world-wide disturbances of the post-war
period, he gathered together the remnants of the nonSocialistic parties in Germany and formed the present People's Party, which he led continuously until
his death.
British Laborites assembled in Brighton Monday
for the twenty-ninth annual conference of their
party, which is now in power as his Majesty's Government. The meeting was considered of special
significance because the Labor Party, during the
pre-election campaign earlier this year, promised
sweeping reforms both in home and foreign policy,
in the event of its success at the polls. Steps have
already been taken for most of the promised changes
in foreign relations, but in domestic affairs little
has been accomplished. The unemployment problem, in particular, remains quite as acute as it was
when the party came into power early in June, and
the measures so far adopted or projected for dealing
with this matter are not considered especially
effective. It was expected that some light would be
shed on this important question at the present meeting, and expressions also were looked for regarding
the rise in the Bank of England discount rate last
week, which, it is feared, may have an unhappy
effect on the unemployment problem. Commenting
on this point, a dispatch of Sept. 30 to the New
York "Times" remarked, "a long term of power for
the MacDonald Government depends more on its
success in handling home affairs than on anything
else, with the possible exception of the Russian
question." Failure in the domestic field, it was
suggested, might retire the Labor Government from
office before its undertakings with the United States
and other countries could be completed.
The initial meeting of the party, Monday, was
presided over by Herbert Morrison, Minister of
Transport in the MacDonald Cabinet. Debate was
promptly begun on the question of whether or not
there should be Government allowances for the children of workmen who need State financial assistance. Arthur Henderson, Foreign Minister of
Britain, pleaded that the matter be put off for a
year in order that the Government might have time
to accomplish the welfare legislation to which it
had already committed itself and the labor unions
might have more time to study the question of children's allowances. When the matter was put to a
vote, delegates representing 1,250,000 members of
the constituent bodies voted for delay, while delegates representing 800,000 members voted for early
action. J. U. Thomas, Lord Privy Seal and Mister of Employment, addressed the gathering Tueslay and told the party members of his recent trip
to Canada in connection with making work for the
OCT. 5 1929.]
FINANCIAL CHRONICLE
2127
workless. He said he had interviewed every indus- credit." He pointed out that the time of greatest
trialist in Montreal and Quebec who bought from stress on sterling exchange was approaching, when
the United States more than 50,000 tons of coal it would be necessary to meet payments for food
annually and tried to persuade each to import that and raw materials. With sterling at a discount, the
coal from England. "I found," he said, "that Can- costs would be increased considerably, he remarked,
ada was importing from the United States 15,000,000 and this would be reflected in export trade. The
tons of bituminous coal every year. I convinced Chancellor assured the meeting that the Treasury
the Canadians that some of that should come from was not responsible in a matter which rested enEngland and Wales because every 300 tons mined in tirely with the Bank of England, and he announced
this country means enough work to support a miner that he was planning to form a committee to inquire
and his family for one year." Mr. Thomas declared into relations of industry and finance and investialso that he had been assured of some purchases of gate all aspects of banking and credit policy. ReEnglish steel in place of what had been imported ferring to the speculation in stocks in New York,
from the United States. A radical member of the Mr. Snowden said: "There must be something
party criticized this effort of the British Minister, wrong, something which needs attention, when an
saying England should not "begin economic warfare orgy of speculation in a country three thousand
against America at the very time the Prime Minister miles away should dislocate the financial system
is going to Washington on a mission of world peace, here and inflict grave suffering upon workers in
because all wars have economic origins."
practically every country in the world. This is a
In return for the promised orders for coal and matter to which our serious attention must be
steel from Canada, Mr.Thomas revealed that Canada directed." The Chancellor gave expression to a
is to send much more wheat to England in the future. hope that the proposed new Bank for International
He is to meet representatives of the Canadian wheat Settlements will be able to devise some method for
pool in London next month to discuss bulk pur- economizing the use of gold. Discussion on the
chases of wheat. The Lancashire cotton industry Chancellor's speech was strictly limited by the
also is likely to benefit from his trip, he intimated. chairman, and this produced an uproar from the
The Minister admitted frankly that the Govern- more radical members.
ment would be judged by its success or failure with
Full diplomatic relations between Great Britain
unemployment schemes. The recent increase in the
Bank rate, he conceded, was a serious matter, which and Soviet Russia are to be resumed shortly under
would greatly increase the difficulty of solving un- the terms of an agreement reached at a conference
employment because of the possible depression of Tuesday between Foreign Secretary Arthur Henderindustry. The most significant thing in that re- son and Valerian Dovgalevsky, Russian Ambassador
gard, he thought, was that "the present situation to Paris. Negotiations toward this end were reoffers a unique opportunity for a thorough Govern- sumed in London last week, the first attempt of the
ment investigation of the whole matter of banking." British Labor Government to redeem its campaign
One delegate declared that the 1% increase in the promise and re-establish diplomatic contact with
Bank rate would add 250,000 workmen to the ranks Russia having proved unsuccessful in August. It
of the unemployed within six months. Further dis- was indicated at the time the previous negotiations
cussion of the matter was ruled out by the chair- were halted that the British Government had inman until Chancellor of the Exchequer Philip Snow- sisted upon the settlement of outstanding questions
den had discussed the Bank rate rise in a subse- such as debts and claims before ambassadors could
be exchanged between London and Moscow. Moscow
quent meeting.
Labor
Government
came
objected
to this procedure and M. Dovgalevsky was
Foreign activities of the
Wednesday's
session
of
the
instructed
to return to Paris and resume his duties
at
up for consideration
Labor conference. Mr. Henderson again addressed there. An invitation for further conversations on
the gathering and assured his supporters that the the matter was sent to Moscow by the Labor Govpresent Government has no intention of relinquish- ernment, Sept. 13, and the agreement now reached
ing its mandate on Palestine because of the recent promises to end the strain between Britain and
disorders in the Near East. He paid a tribute to Russia which began with the ArcoS raid in London
President Hoover for helping to bring a fresh spirit two years ago. In accordance with statements made
into the discussion of naval armaments. "For what by Labor leaders in the House of Commons last
nobler cause could my Government or any party Summer, the new agreement is to become effective
stand?" he asked. "We are out to end the waste only after it has been approved by Parliament.
In a lengthy final conference between Mr. Henand folly of that competitive system of armaments
which has cost so much and which the nations still derson, and M. Dovgalevsky, Tuesday, it was agreed
maintain and which besmirches the name of our not only that ambassadors shall be exchanged, but
also that outstanding Anglo-Soviet problems shall
civilization."
The questions of the Bank rate and of unemploy- subsequently be settled. As soon as Parliament
ment again came up, however, when Philip Snowden reopens, Mr. Henderson will ask for an exchange
spoke before the Laborites Thursday. Mr. Snowden of ambassadors. It was understood that Britain
launched into a frank defense of the rate increase will first send an ambassador to Moscow, and after
by the Bank of England, saying it was clear for the admission of the British plenipotentiary, Mosmonths that a financial situation was developing cow will in turn send an ambassador to London.
which would require strong measures to avert other- The accord arrived at includes the question of
wise unavoidable consequences. "We were ap- Communist propaganda in the British Empire. An
proaching a very menacing situation," he said. "The official statement issued in London after Tuesday's
rise in the Bank rate was under the existing con- conference said: "An agreement was reached in
ditions the only means we had of restoring un- regard to the procedure to be followed on the resumpfavorable exchanges and regulating the basis of tion of full diplomatic relations, including the ex-
2128
FINANCIAL CHRONICLE
change of Ambassadors, for settithg use questions
between the two governments, as well as with regard
to propaganda. The outstanding questions include,
firstly, definition of the attitude of both governments toward the treaties of 1924; secondly, the commercial treaty and allied questions; thirdly, claims
and counterclaims, intergovernmental and private
debts arising out of intervention and otherwise, and
financial questions connected with such claims and
counter-claims; fourthly, fisheries; fifthly, application of previous treaties and convenstions. The
necessary document for submission to both governments, which will be signed by Mr. Henderson on
behalf of his Majesty's Government, and by IL Dovgalevsky on behalf of the Soviet Government, now is
being prepared and it is hoped the document will
be ready for signature before M. Dovgalevsky leaves
for Paris Friday." Mr. Henderson expressed the
belief later that relations between the two governments will, be established on a satisfactory and
permaitent basis.
[Vot,. 129.
deposits and the purchase of foreign currencies,
which had caused alarm in financial circles, have
almost ceased," the report said. "Chancellor Schober received newspaper men to-day and pointed out
that, despite dire predictions of bloodshed, Sunday
had passed peacefully, and assured them the new
Government would continue to maintain order."
Further advances in European bank rates have
occcurred. On Saturday last the National Bank of
Austria raised its rate from 7/
1
2% to 8/
1
2%. The
7/
1
2% rate had been in effect since the previous April
24. Yesterday the Bank of Esthonia moved up from
7/
1
2%, the rate ruling since Jan. 2 1928, to 8%.
Rates continue at 7/
1
2% in Germany; at 7% in Italy;
at 6/
1
2% in London; at 6%'in Norway; at 5/
1
2% in
Holland, Denmark, Sweden and Spain; 5% in Belgium, and 3/
1
2% in France and Switzerland. In the
London open market discounts for short bills yesterday were 6 1/16@61/
8%,the same as on Friday of
last week, and 6I/4@6 5/16% for long bills against
6 3/16% the previous Friday. Money on call in
Extensive changes in the form of government in London yesterday was 434%. At
Paris open marAustria have been proposed by Chancellor Johann ket discounts remain at 3/
1
2%, and in Switzerland
Schober, who beads the new Cabinet formed on at 31/
4%.
Sept. 26 after the fall of the Streeruwitz Government. Herr Schober, who was chief of the Vienna
The Bank of England statement for the week
police, was asked to head a government by a coali- ended Oct. 2 discloses another
large loss in bullion,
tion of parties, in the face of an impending clash this time of £2,868,977. The
63/2% discount rate
between Fascists and Socialists at provincial meet- came into effect the previou
s week and remains
ings last Sunday. In a speech at the opening of unchanged. Circulation expande
d £2,276,000 and
the Austrian Parliament, on Sept. 27, the new Chan- this together with the loss
of gold brought about a
cellor outlined proposals for enlargement of the falling off of £5,145,000
in reserves. The Bank now
powers of the President of Austria which would holds £130,343,588 of gold
in comparison with
place him on much the same footing as the President £168,226,578 last year.
Public deposits decreased
of the United States. Two other important reforms £5,712,000, but other deposits
increased £9,549,204.
also will be sought by Herr Schober. These are, The latter includes deposits
for bankus accounts and
firstly, a change in the method of parliamentary those for other
accounts which increase I £7,955,580
election, and secondly, a revision of the status of and £1,593,624
respectively. The proportion of
Vienna, which has been ruled for some years by a reserves to liabiliti
es dropped sharply from 29.73%
Socialist administration. All these reforms have a week ago to 24.11%
now. A year ago the ratio was
been requested by Austrian Fasccists,who are backed 47.10%. Loans on
government securities rose
by their private, army, the Heimwehr. The most £4,895,000 and those on
other securities £4,071,331.
contentious of the proposals, dispatches said, is that Other securities consists
of "discounts and advances"
calling for revision of the status of Vienna, which and "securities." An
increase of £5,274,769 was
for the Heimwehr means its reduction in the Aus- shown in the former
and a decrease of £1,203,438 in
trian scheme from a province to a city and a conse- the latter. Below
we furnish comparisons of the
quent diminution of the power exercised by the various items for five
years:
Socialist government of the city. With regard to
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
the constant danger of serious clashes between
1929.
1928.
1927.
1926.
1925.
Oct. 2.
Oct. 3.
Oct. 5.
On. 6.
Oct. 7.
Socialists and Fascists, the Chancellor declared that
Circulation
363,347.000 135.007.000 138.089.220 140.232.845 143.961.040
the "forces of the State are strong and they are at Public
deposits
8.992.000 10,005.000 20.992.925 15.708.046
0.547.367
the disposal of the Government." He indicated that Other deposits
102,951,560 102,447.000 109,863,878 106,860.338 109,508.232
Bankers' accounts-. 64.909,909
the forces were quite sufficient to avoid any danger. Other accounts
311.041.651
securities 73.766,855 37.110.000 57.844.619 33,285.307
Socialist leaders in the Parliament promptly served flovernm't
33.742.364
Other securities
- 29,481.955
notice that their party will oppose the reforms pro- Dlect. & advances 8.507.649 40.867,000 56.727.723 72,878,388 69,237,587
Securities
20.974.306
posed by Herr Schober.
Reserve notes & coin 28,995.000 52.969,000 33.1139.342
34,382.442 33.705,549
The Chancellor took energetic measures last Sat- Coin and bullion._ _130,343,588 188,226,578 151,178.562 154,865,287
157,916,689
Proportion of reserve
urday for preserving peace in the country, these to liabilities
24 11%
47.10%
25.04%
2852%
28%
rate
4
614%
414%
including the dispersal of Communist meetings and Bank
5%
4%
a On Nov. 29 1028 the fiduciary currency was amalgamated
with Bank of Engthe confiscation of an issue of the Communist organ, land note issues, aiding at that time .C234,199,000 to the amount
of Bata of Engthe Rote Fahne. Half the Austrian army was util- land notes outstanding.
ized last Sunday to keep order between the conIn its statement for the week ended Sept. 28, the
tending factions, and the meetings passed off withBank of France showed a gain of 350,452,367 francs
out much trouble. In a Vienna dispatch of last
in gold holdings. Total gold holdings now are 39,Monday to the New York "Times," it was remarked
410,827,744 francs, as compared with 39,060,375,377
the change in government and the peaceful issue
francs the previous week and only 30,662,538,043,
of the demonstrations of the previous day have apfrancs in the corresponding week last year. A large
parently put an end to the incipient financial panic
increase is shown in French commercial bills disof the previous week-end. "The withdrawal of bank
counted of 1,335,000,000 francs, while advance
s
4•mmm•m
OCT. 5 1929.]
FINANCIAL CHRONICLE
against securities declined 6,000,000 francs. Notes
in circulation expanded no less than 1,321,000,000
francs, raising the total of the item to 66,638,559,400 francs, the highest in the history of the bank.
Credit balances abroad record a decrease of 2,000,
000 francs, while bills bought abroad increased
9,000,000 francs. Creditor current accounts ran on
448,000,000 francs, raising the total of the item to
19,587,709,074 francs. Below we give a comparison
of the various items for the past two weeks and for
the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 28 1929. Sept. 21 1929. Sept. 29 1928.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ -Inc. 350.452,367 39,410,827.744 39,060,375.377 30,662,538.043
Credit balls abed.Dec. 2,000,000 7,208,997.528 7,210,997,528 12,691.911,307
French commercial
bills discounted.Inc.1335,000.000 9.007,419,576 7.672,419,576 4,299,820,533
13111s bought abed _Ina. 9,000,000 18.589,206,311 18,580,206,311 18.450,910.440
Adv. agt. secure_ Dec. 6,000,000 2.400,278,622 2,406,278.622 2.017.376,082
Note circulation_ _Ine.1321,000,000 66,638,559.400 65,317.559.400 62.654,259.145
Cred. cure. accts__Inc. 448,000,000 19.587,709,074 19,139.709,074 16,128.397.231
The Bank of Germany in its statement for the
fourth week of September shows a gain in gold and
bullion of 20,038,000 marks. With this gain, the
total of gold now stands at 2,212,044,000 marks,
which compares with 2,396,971,000 marks the corresponding week last year and 1,852,097,000 marks
in 1927. Deposits abroad and investments remain
unchanged at 149,788,000 and 92,755,000 marks
respectively. A gain of 519,594,000 marks is shown
in bills of exchange and checks and of 143,107,000
marks in advances. Notes in circulation expanded
712,313,000 marks, raising the total of the item to
4,914,277,000 marks, compared with 4,830,152,000
marks the corresponding week last year. Silver and
other coin decreased 25,030,000 marks, and notes
on other German banks 20,018,000 marks. An increase is shown in Reserve in foreign currency of
8,508,000 marks, in other assets of 56,234,000 marks,
in other liabilities of 8,102,000 marks, while other
daily maturing obligations record a dbcrease of 17,982,000 marks. A comparison of the various items
for the past three years is shown below:
REICHEIDANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
Sept. 301929. Sept. 29 1928. Sept. 30 1927.
Assets—
Reichsmark,.
Reichsmark:. Reichsmark:. Reichsmark*.
Gold and bullion
Inc. 20.038,000 2,212,044,000 2,396.971,000 1.852,097.000
01 which depos. abr'd_ Unchanged
149,788.000
85,626,000
66.543,000
Res've in torn eurr
Ino. 8.508.000 335,382.000 179,355.000 153,805,000
1111b3 of each. &check5.Ine. 519.594.000 2.641,244,000 2,589.515.000 2.745.689.000
Silver and other coin_ _Dee. 25.030,000 103,870,000
79,417.000
64.111,000
Notes on oth.0er. bks.Dee. 20.018.000
3,018,000
7,474.000
7.549.000
Advances
Inc. 143,107,000 186,295,000 101.554.000 153.792.000
Investments
92,755.000
Unchanged
93,819.000
92,261.000
Other assets
Inc. 56,234,000 650,980,000 554,755.000 494,135.000
Ltabatttes—
Notes in circulation..Ine. 712,313.000 4,914,277,000 4,830,152,000 4.182,435,000
0th. daily mat. oblig _Dec. 17,982,000 501,248,000 503,026,000 629.742.000
Other liabilities
Inc. 8,102,000 368,205.000 252,678,000 385.081,000
Money rates this week followed their expected
course of high levels in the early sessions when
month-end settlements were being made, and a sharp
drop in the later periods. The decline in rates was
accentuated Thursday and yesterday by the drop in
securities prices on the Stock Exchange, which put
a sudden stop to the demand for new loans from
this source. It was apparent,from the brokers' loan
statements of the Stock Exchange and the Federal
Reserve Bank that credit was still being absorbed
on a heavy scale in the financing of margin purchases of stocks until the middle of the week. The
Stock Exchange compilation showed the altogether
unprecedented gain of $667,764,553 for the month
of September, while the Federal Reserve statement
2129
indicated an increase of $43,000,000 in -the week
ended Wednesday night. Both tabulations reached
new high ground; the total of funds thus absorbed
in stock speculation representing an uncomfortably
large percentage of the total credit resources of the
country. Call loans at the beginning of the week,
with month-end financing still in progress, fluctuated between 9 and 10%. These levels prevailed
both Monday and Tuesday, withdrawals by the
banks on Monday amounting to more than $50,000,000, while on Tuesday they again approached
this figure. In Wednesday's market bank withdrawals were nominal, and the call loan rate
dropped from 9 to 7%, while in the unofficial
"street" market some deals were made as low as 67
0.
The range Thursday was 71/2 to 670 on the Stock
Exchange, but no concessions were reported in the
outside market. Funds were abundant yesterday,
and the demand loan rate dropped from a renewal
figure of 6/
1
2% to 670, while in the outside market
deals were arranged at 51/2 and 570. Maturity loans
showed only slight relaxation, all dates being
quoted at 970 yesterday, as compared with 9 to 9%7
0
in earlier sessions. Gold movements through the
Port of New York for the week ended Wednesday
consisted of imports of $4,190,000 and exports of
$298,000. There was an increase of $6,500,000 in
the stock of gold held earmarked for foreign account.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, there was a spurt
to 10% on Monday after renewals had been effected
at 9%. On Tuesday there was again an advance to
10% after renewals had been through at 970. On
Wednesday, with the renewal charge again 970, the
rate for new loans dropped to 770. On Thursday
the renewal rate was reduced to 7/
1
2% and the rate
for new loans fell to 670. On Friday the renewal
charge was only 61/
27
0, and new loans were negotiated at 670. Time money continued firm at 9@91/
470
on all maturities until Thursday, when the rate fell
to 970, and this last was the rate also on Friday.
The market for commercial paper continues without
noteworthy movement. Rates for names of choice
character maturing in four to six months remain
nominally at 6@61/
470, while names less well known
command 61/
270, with New England mill paper
4@)61/
also quoted at 61/
4@61/
27
0.
The market for prime bank acceptances has been
fairly active during the greater part of the present
week. Large blocks of cotton bills have been coming
out as well as a goodly number of others. Rates for
all maturities rule unchanged. The posted rates of
the American Acceptance Council continue at 5y4%
bid and 51/
87
0 asked for bills running 30 days, and
also for 60 and 90 days; 5%70 bid and 51/
470 asked
for 120 days, and 5%7
0 bid and 51/270 asked for 150
and 180 days. The Acceptance Council no longer
gives the rates for call loans secured by acceptances,
the rates varying widely. Open market rates for
acceptances have also remained unchanged as below:
Prime eligible bills
Piime eligible bills
SPOT DELIVERY.
—150 Days—
—180 Days—
Bid. Asked.
134d. Asked.
534
554
5)1
595
—60Days—
—90Days—
Bid. Asked.
Bid. Asked.
534
534
534
Ls%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
—120 DaysBid. Asked.
—30Days—
Bid. Asked
534
534
5% bid
5% bid
2130
FINANCIAL CTIRO'CTCLE
[Vol,. 129.
of a point discount for
in the neighborhood of
the end of October and deliveries up to three months
1 point under. In the market it is thought
at 4
probable that the firmness in quotations will be
evident for the immediate future, but prices are
expected to ease gradually as the short commitments
ALL
CLASSES
ON
BANKS
RESERVE
FEDERAL
OF
RATES
DISCOUNT
AND MATURITIES OF ELIGIBLE PAPER.
are satisfied and the seasonal pressure on London
becomes accentuated.
Rate 0;
Prerfous
Date
Effect on
Federal Reserve Bank.
Rate.
The high money rates in New York and the
Established.
Oct. 4.
of heavy speculation in the security
434
19
continuance
July
1928
5
Boston
5
Aug. 9 1929
6
New York
434
of course, militate against sterling
1928
26
must,
July
here
markets
5
Philadelphia
43.4
Aug. 1 1928
5
Cleveland
434
July 13 1928
any
5
despite
increase in the Bank of England
exchange
Richmond
434
July 14 1928
5
Atlanta
434
July 11 1928
5
in exchange resulting from
advance
or
sharp
rate
Chicago
434
July 19 1928
5
St Louis
434
May 14 19.9
5
just enumerated. The
those
as
causes
Minneapolis
such
special
434
May 6 1929
5
Kansas CU,
454
Mar 2 1929
5
Dallas.
Exchange reports an
York
Stock
the
New
that
fact
44
4
in.s
so
May
R.,, Franehav.g
increase of $667,764,553 in brokers' loans as of the
Sterling exchange has been in active demand and end of September to the unprecedented total of
on
moved up sharply this week. Cable transfers $8,549,383,979 must have a depressing influence
week
the
Bank
This
sterling.
for
outlook
future
opened at 4.85 5-16 in an active market on Saturday the
in gold holdings of
last and moved up to 4.86 9-16 in Tuesday's trading. of England shows a further loss
as of Oct. 3 to
bullion
the
total
reducing
£2,868,977,
The market continued active throughout the rest of
gold
holdings at
with
This
compares
.
£130,343,588
the week, although on slightly lower levels. The
last
year of
quarter
third
the
of
beginning
the
range for sterling this week has been from 4.84 8 to
of
Bank
England
the
Saturday
.
On
£168,226,578
4.86 for bankers' sight, compared with 4.84 1-16 to
bullion brokers
4.85 3-16 last week. The range for cable transfers sold £1,028,128 in gold bars. London
for
taken
shipment to
gold
was
this
that
reported
with
9-16,
compared
has been from 4.85 3-32 to 4.86
in gold
sold
£252,637
Bank
the
Monday
On
France.
Alweek.
the
previous
9-16
4.85
4.84 19-32 to
gold
the
that
reported
though the Bank of England has again lost gold in bars. London bullion brokers
Paris.
to
for
shipment
was
large quantity, especially to France, nevertheless taken from the Bank
in gold bars,
the market moved up owing to two outstanding On Tuesday the Bank sold £1,052,411
£613,900
and
bought
in
sovereigns,
£30,000
causes. In the first place, bankers who had hesi- exported
gold, of
open
market
was
purchase
The
bars.
gold
in
tated for many weeks to take a technical position in
paid
Bank
at the
The
available.
was
which
£810,000
the market because of uncertainty as to the official
went
balance
the
took;
what
it
for
11d,
of
84s.
rate
Bank of England rate of discount were enabled to
will
there
be
week
Next
India.
and
to
the
trade
revise their position in a positive manner following
£1,000,week
following
the
and
available
£316,000
Again,
the advance in the Bank's rate to
y
sterling was in demand because of heavy transfers 000. Of the sale totaling £1,052,411 approximatel
to
shipment
for
Bank
the
from
was
taken
£1,000,000
Lonto
market
of British funds from the New York
in
don in preparation for month-end settlements, which Paris. On Wednesday the Bank sold £431,153
On
Paris.
to
went
which
of
all
gold
bars,
practically
quarter.
third
the
of
were unusually large at the end
£12,000 and
It is believed, further, that many of the transfers of Thursday the Bank of England sold
the Bank
Friday,
On
bars.
British funds from the New York market were bought £3,094 in gold
abroad.
from
sovereigns
doubtless prompted by London authorities with a received £1,000,000
At the Port of New York the gold movement for
view to further strengthening the Bank in its efforts
the
week Sept. 26-Oct. 2 inclusive, as reported by the
to correct the exchange position resulting from the
Reserve Bank of New York, consisted of
Federal
loss of gold.
of $4,190,000, of which $2,500,000 came
imports
The revision of the technical position of traders
$1,009,000 from England, $504,000
from
Argentina,
was doubtless the most important factor in the
$177,000 chiefly from other Latin
from
and
Colombia
position
upward trend. There was a large short
Exports totaled $298,000, of
countries.
American
Bank
of
the
up
in the market prior to the marking
shipped to Straits Settlements
of England's rate on Thursday of last week. The which $150,000 was
Mexico. Gold earmarked for
fact that sterling declined by nearly a quarter of a and $148,000 to
increased $6,500,000. In tabupoint before the close of the market that day, despite foreign account was
at the Port of New York
movement
the announcement of a higher Bank rate, would lar form the gold
reported by the Federal
as
2,
Oct.
for
the
week ended
indicate that short selling was again in progress by
was as follows:
York,
New
Reserve
of
Bank
traders who believed that the 63/2% rate would be
ineffective. The view of these traders was sup- GOLD MOVEMENT AT NEW YORK SEPT. 25-OCT. 2,INCLUSIVE
&ports.
Imports.
ported by reports from London that the higher
8150.000 to Straits Settlements
82.500,000from Argentina
Bank of England rate had failed to stop the flow
Mexico
to
148,000
1,009.000 from England
604,000from Colombia
of gold to Paris. An oversold position followed,
Latin
other
from
chiefly
177,000
particularly for month-end delivery., when normally
America
an
y,
Consequentl
the demand for sterling is brisk.
18298,000 total
$4,190,000 total
urgent covering movement resulted in New York,
Net CluMge in Gold Earmarked for Foreign Account.
with sterling quickly bid up and the supply limited.
Increase 86,500,000
Brokers report that practically all the buying has
Canadian exchange continues at a discount. At
been in New York rather than in London. This
fact lends support to the view that the sharp appre- noon on Saturday Montreal funds were at a discount
7;
34 of 1%; on Monday at 11-16; on Tuesday at 4
ciation is the result of a local situation, rather than of /
of London withdrawals of funds from New York. on Wednesday at 1%; on Thursday at 15-16 of 1%,
Future sterling has been offered in exchange for spot and on Friday at 1 1-64% discount. The discount
There have been no changes this week in the rediscount rates of the Federal Reserve banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
OCT. 5 1929.] ,
FINANCTAL CTIROVICLE
2131
on Montreal is due principally to the
high money 044,000 marks, which compares
with 2,396,971,000
rates in New York.
marks a year ago.
Referring to day-to-day rates, sterling exchange
Italian lire have been firm, partly as
a result of the
on Saturday last was steady and the half-da mark
y
et improved tone in sterling and the
leading Contiactive as the result of the approaching mont
h end. nentals, although seasonally exch
ange should be
Bankers' sight was 4.84%©4.85 3-32; cable transfers,
against Italy, especially with the cessa
tion of tourist
4.85 11-32©4.85 17-32. On Monday sterl
ing was in expenditures and the accumulation of
impo
rt volume.
demand. The range was 4.84%©4.85M for bankers'
There is no doubt that the Bank of Italy
is intervensight and 4.85/©4.86 1-16 for cable transfers. On
ing to protect the lira, as it did last year
at this
Tuesday sterling moved up sharply. The rang was
e
The abnormal condition of the New York and time.
4.85%©4.86 for bankers' sight and 4.86 1-16
London
® money markets, however, does not help
4.86 9-16 for cable transfers. On Wednesda sterl
the lira, as
ing the rates for money in both these cent
y
res are considwas still active but slightly lower. Bank
ers' sight erably higher than in Italy and tend
to draw money
was 4.85©4.85%; cable transfers at
4.85%© away from the Italian centres, wher
eas normally
4.86 3-16. On Thursday the market was irreg
ular. the position would be reversed.
The range was 4.853©4.85 27-32 for bank
ers' sight
The London check rate on Paris closed at
and 4.85%
123.96
3 ©4.86 9-32for cable transfers. On Friday on Frid
ay of this week, against 123.81 on Friday
the range was 4.84 7-16©4.85%
of
for bankers' sight last week. In New York sight
bills on the French
and 4.85 3-32©4.86%
1 for cable transfers Closing centre finished at 3.91
15-16,against 3.91% on Friday
quotations on Friday were
4.853, for demand and a week ago; cable transfers at 3.92
3-16, against
4.86 for cable transfers. Commerci
al sight bills fin- 3.917A; and commercial sight
bills at 3.91 11-16,
ished at 4.854, sixty day bills at 4.79 15-1
6, ninety- against 3.913. Antwerp belgas
finished at 13.92/
day bills at 4.77 5-16, documents for paym
12
ent (60 for checks and at 13.93 for cable trans
fers, against
days) at 4.79 15-16, seven-day grain
bills at
4.843/
2. Cotton and grain for payment closed at 13.90% and 13.91% on Friday of last week. Final
quotations for Berlin marks were 23.82
for checks
and 23.833/ for cable transfers, in comparis
on with
23.823' and 23.836 a week earlier. Itali
The Continental exchanges continue to rule
an lire
firm, closed at 5.233. for bankers' sight bills
and at 5.233'
largely as a result of the firmer sterling
quotations. for cable transfers, against 5.23
3/g and 5.23%
As noted above, France continues to take
3 on
gold from Friday of last week. Austrian schil
lings closed at
London and has quite nullified in that
respect the 143 on Friday of this week
, against 14%
advance in the Bank of England rate.
1 on Friday
The state- of last week. Exchange on
Czechoslovakia finished
ment of the Bank of France as of Sept
. 27 gives evi- at 2.963, against 2.964
1 ; on Bucharest at 0.59%,
dence of its strong position. Gold holdings
since the against 0.593/2; on Poland at
11.23, against 11.23;
end of June have increased approximatel
y 3,000,- and on Finland at 2.52, agai
nst 2.52. Greek ex000,000 francs. This increase does not
indicate change closed at
1.293 for checks and at 1.293/2,
the withdrawal of the Bank's balances
from Lon- against 1.293 and
3.
/2
1.20%
don and New York, since the item "sight
balances
abroad" has remained substantially unch
anged durThe exchanges on the countries neutral
ing the period of the gold movement; but
during the
indicates war continue to participate
in the firmness acquired
rather the withdrawal of balances on priva
te account. last week as a result
of the increase in the Bank of
Circulation has shown a corresponding
increase of England rate and the
changed technical position of
approximately 3,000,000,000 francs and is
proof of foreign exchange traders.
Nevertheless, it must be
the Bank's effort to provide funds to the
market. noted that seasonally exch
ange is against all the
Recent demands for crop financing are
reflected in European countries with
respect to New York, and
an increase of 1,300,000,000 francs in
circulation present quotations are
relative. The Scandinavian
since Sept. 20. In spite of this, the ratio of
reserves units are stronger than
they have been at any time
to liabilities remains high at 45.71%, comp
ared with in many weeks. This
is partly the result of the ad46.25% last week and with only 38.87% a
year ago, vance in sterling, but
is also due to the fact that the
and with the legal requirement 35%. The
increase Scandinavian countries
are enjoying more prosperous
of 350,452,367 francs gold holdings in the
statement business, despite
the end of the tourist season. Swiss
of Sept. 27 brings the total to 39,410,827,744
francs, francs have been excep
tionally firm, reflecting the
the highest on record. There was a brisk
demand close association of
this currency with that of France.
for funds in Paris, particularly for the
month-end. Holland guild
ers are also higher. It is believed that
This demand is expected to continue more
active the Bank of the
Netherlands will soon increase its
than in some time. Two factors have cont
ributed rate of rediscou
nt from the present level of 53M
to the scarcity. The sinking fund and the Trea
sury Although the Bank
's position is strong in regard to
have both accumulated large balances at the
Bank of reserves of
gold and exchange, higher money rate
France, amounting to approximately 13,000,0
s
00,000 in London will
doubtless compel an advance in the
francs in gold, which has cut down funds avail
able Dutch rate. Span
ish pesetas continue to show firmfor banking and commercial purposes.
ness
and
to
adva
nce
gradually as a result of operaGerman marks are relatively unchanged from last
week and are firm. The comparative firmness of tions of the Madrid committee for the stabilization
the mark is due to sympathetic relation of all the of the peseta.
exchanges to sterling and has, of course, been affected atBankers' sight on Amsterdam finished on Friday
40.15, against 40.12 on Friday of
by the month-end requirements for funds in Berlin.
last week; cable
transfers at 40.17, against 40.1
4; and commercial
The Reichsbank continues to accumulate gold. The
sight bills at 40.10, against 40.0
73/
2. Swiss francs
statement of Sept. 30 reflects the recent heavy acquiclosed at 19.30 for bankers' sight
bills and at 19.31
sitions from London, showing an increase as of Sept
. for cable transfers, in comparis
on with 19.2
30 of $20,038,000 marks, bringing the total to 2,212,19.283/
2 a week earlier. Copenhagen checks 73/ and
finished
2132
[vol.. 129.
FINANCIAL CHRONICLE
t 26.64
at 26.68 and cable transfers at 26.70, agains
/ and
26.813
at
closed
n
Swede
and 26.66. Checks on
26.81;
and
26.79
t
agains
2,
26.833/
cable transfers at
cable
while checks on Norway finished at 26.68 and
h
Spanis
26.66.
and
26.64
t
agains
26.70,
transfers at
for
14.85
pesetas closed at 14.84 for checks and at
cable transfers, which compares with 14.80 and 14.81
a week earlier.
The South American exchanges have been firm,
although in the main the underlying factors are
• somewhat adverse to the Latin American currencies.
The demand for money and the high rates in New
York continue an unfavorable factor, greatly curtail
their
g
findin
be
might
which
loans
of
t
ing the amoun
way to South America at this time. This week the
Federal Reserve Bank of New York reports the
receipt of $2,500,000 gold from Argentina. There
is, however, no marked change in Argentine exchange,
as Argentine export movements are retarded and
business hampered by the long-continued labor
troubles at the ports. Argentine paper pesos closed
on Friday at 41.95 for checks, as compared with
41.97 on Friday of last week, and at 42.02 for cable
transfers, against 42.02. Brazilian milreis finished
rs,
at 11.89 for checks and at 11.92 for cable transfe
ge
closed
against 11.87 and 11.90. Chilean exchan
at 123/i for checks and at 12 3-16 for cable transfers,
against 12.10 and 12.15; and Peru at 3.98 for checks
and at 3.99 for cable transfers, against 3.98 and 3.99.
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
L RESERVE
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERA
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
SEPT. 28 1929 TO OCT. 4 1929, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Calne Transfers to New York
Value to United States Money.
Sept. 28. Sept. 30.
Oct. 1.
Oct. 2.
Oct. 3.
Oct. 4.
$
$
$
t
EUROPE-.140672
.140762 .140683 .140689
Austria, schilling
.139310
.139298
.139170
.139111
Belgium. belga
.007227
.007232 .007222 .007235
Bulgaria, lev
.029614
Czechoslovakia. krone .020615 .029613 .029614
.266961
.266951
.266535 .266634
Denmark, krone
England, pound ster4.858913 4.858777 4.860625
4.862470
4.855828
4.853872
ling
025174 .025170 .025161 .025176 .025185 .025167
Finland. markka
039190 .039204 .039253 .039222 .039203 .039211
France, franc
.238282 .238325
Germany, reichsmark .238324 .238323 .238401 .238352 .012927 .012932
.012925 .012925 .012930 .012937
Greece, drachma
.401495 .401686
.401596
.401595
.401409
401387
Holland, guilder
.174475 .174434 .174450 .174444 .174445 .174440
Hungary. pengo
052323 .052326 .052361 .052348 .052332 .052339
Italy, lira
.286536 .266639 .266956 .266976 .268850 .266961
Norway. krone
111960 .112094 .112077 .112130 .111915 .112127
Poland. zloty
.044900 .044683 .044916 .044883 .044866 .044766
Portugal, escudo
005942 .005926 .005945 .005949 .005938 .005943
Rumania,leu
148026 .148042 .148427 .148412 .148336 .148423
Spain, peseta
268030 .288089 .268325 .268345 .268194 .268265
Sweden. krona
.193017 .193030
Switzerland. franc- .192831 .192853 .192998 .193053
.017600 .017590
Yugo8lavia, dinar.-- .017569 .017591 .017594 .017602
ASIA:Mina573541 .566250 .587291 .587083 .565000 .565208
Chefoo tool
.564687 .562500 .562968 .563125 .560037 .560781
Hankow tool
.551607 .549107 .550375 .550500 .547678 .548125
Shanghai, tool
580833 .577083 .578541 .577916 .575833 .576458
Tientsin tact
.476071 .475535 .476125 .478178 .475312 .468214
Hong Kong dollar
.395937 .397031 .396406 .393750 .393750
.397187
.
Mexican dollar...
Tientsin or Pelyang
396250 .393750 .396875 .396875 .392916 .395000
dollar
.391875 .390416 .303541 .393541 .359583 .391666
Yuan dollar
.360528 .360514 .360757 .360839 .360728 .360817
India. rupee
478793 .478968 .477062 .476390 .476546 .475946
'span, yen
.561250 .560625 .560416
3ingapore (8.5.) dollar .562916 .566668 .562500
NORTH AMER..991657 .990660 .989937
.989375
.990926
.992187
3anada, dollar
999175 .999468 .999175 .999741 .999687 .999516
'Juba, peso
.483350 .482725 .482050
.482900
.483250
483400
peso
Mexico,
.988906 .988307 .987343
Vewfoundland. dollar .989687 .988182 .988875
SOUTH A MER..953745 .953773 .953722
.953333
.953466
.953352
krgentina, peso (gold)
.118036
.118563 .118600 .118545 .118610 .118600 .120532
Snail, mIlrels
.120509 .120508
.120538
.120492
120476
peso
Dhile,
.982399
.983024
.982154
.982726
.934038
.984038
Jruguay, peso
963900 .963900 .963900 .963900 .963900 .963900
.";olombia. peso
3
.140711
.139265
.007232
.029611
.266973
$
.140695
.139266
.007247
.029615
.266844
The Far Eastern exchanges have been dull and
generally lower, owing largely to the fact that the
Owing to a marked disinclination on the part of
ing,
silver market has been quiet, with prices declin
two or three leading institutions among the New
reaching the lowest level since Sept. 1, 1915. Buying
ing
buying York Clearing House banks to keep up compil
and selling exchange on China is equivalent to
disto
d
oblige
ainty the figures for us, we find ourselves
and selling silver. Fresh elements of uncert
that continue the publication of the table we have been
have been injected into the market by the news
giving for so many years showing the shipments and
arrangements have been made to deliver Indian Govreceipts of currency to and from the interior.
ernment refined silver in Bombay against bazaar purAs the Sub-Treasury was taken over by the Fedchases made in London for shipment, thereby effectpa- eral Reserve Bank on Dec.6 1920, it is also no longer
ing a double saving of freight. Consequent antici
Gov- possible to show the effect of Government operations
tion of the possibilities of fresh sales of Indian
and in the Clearing House institutions. The Federal
ernment silver leads to weakness in both Indian
under Reserve Bank of New York was creditor at the ClearChinese rates, and the market is inclined to sag
yen have ing House each day as follows:
the pressure of general selling. Japanese
ES OF NEW YORK FEDERAL RESERVE BANK
death DAILY CREDIT BALANCAT
CLEARING HOUSE.
inclined to weakness, owing to the report of the
of
r
Premie
ago
s
month
few
a
Aggregate
until
a,
Thursday, Friday,
of Baron Tanak
Saturday, Monday, Tuesday. Waffle:cry. Oct. 3.
for Week.
Oct. 4.
Oct. 2.
diffiA
Oct. 1.
party.
Sept. 28. Sept. 30.
tion
Opposi
the
of
Japan and leader
8
$
$
$
$
possibility
S
$
199,000.0r0 Cr. 1.145.000.100
culty foreseen by Tokio in the event is the
208.000.000 121.000.000 206.000.000 216.000.000 196.000.000
mass of checks which come
plans for re- Note -The foregoing heavy credits reflect the huge country
In the operation of
of obstacles to the accomplishment of
of the
to the New York Reserve Bank from all parts
which
large credit balances,
These
scheme.
ns,
electio
collection
the Federal Reserve System's par
s with the Clearing
moval of the gold embargo. General
a part of the Reserve Bank's operation
only
reflect
however,
In New York City are represented
may result in House Institutions, as only the Items payable
of checks on institutions located outside of
are expected to be called in January,
the daily balances. The large volume
these balances, as such checks do
at
subarriving
a
in
for
with
regime
accounted
are
not
New York
are deposited with the Federal Reserve
returning the present Hamaguchi
not pass through the Clearing House butlocal
Clearing House banks.
the
Govof
ty
account
the
minori
for
a
for
is
collection
Bank
it
stantial majority. At present
t of the
ernment, holding power only with the consen
The following table indicates the amount of bulWith a
a.
Tanak
Baron
Opposition led by the late
in the principal European banks:
lion
expected to
majority Premier Hamaguchi may be
Oct. 5 1928.
and the
Oct. 3 1929.
put through his plans for retrenchment
Banks ofTotal.
Silver.
Gold.
Total.
I
ions
Silver.
quotat
.
removal of the gold embargo. Closing
f
C
£
£
t
£
agains
£
168,226,578
130,343.588 168.226.57
for yen checks yesterday were 47%@47g,
England._ 130.343.58:
d
244.980,301
22 244,980.304
315,236,6
d
22
ong
315.286,6
a..
Hongk
France
c994,600 116.561.600
c994.600 104,107.4001115.867.''
47.92@48 1-16 on Friday of last week.
Germany . 103.112.8 i i
0 28,003.001 132.341.000
3-16;
Spain ____ 102.594.000 28.456,000 131.050. 0 104,342.0
@48
47.70
t
54.093.000
54,093,01
agains
65.807.00
1-16,
1
@48
55.807.01
closed at 47.10
Italy
36,920,0001 36,243.000 1.886,1 38.120,000
Nethlands 38.920.111
559';
1,250.010 24.315.000
5-16@
55
23.065.03
t
1
agains
30.451.000
1,289.000
1-16
1
Belg_
at
29.182.11
55@55
Nat
Shanghai
2.025.111 20,742,000
Switsland. 21,308 0 I 1.244.000, 22.550. 0 16,717,00
12,726.000
1 13,450,00 12.726,00
_ _ 13.450.000
4, against 499; Singapore at 563/2@
Manila at 493
605.111 10.703.000
10,098,00
i
1
o
9,995.000
409,
Denmark_ 9.588.00
Sweden.
t
agains
8,163.00
8,163,000
8,154.00
Norway _ _ 8,154,111
4; Bombay at 36g,
569, against 56%@567
1
82
34.763.61
82
10
796,220,8
830,984.4
8.58,114,6
0
363.
Total we 825.742.011 32.372.60
363, and Calcutta at 36.11, against
0856.172,06 797,063,657 34.738.601 831,802.257
Pursuant to the requirements of Section 522 of the
is now
Tariff Act of 1922, the Federal Reserve Bank
Prey. wee 823.752.468 32,419.60
reported in the new form
a These are the gold holdings of the Bank of France asare
exclusive of gold held
Germany
of statement. b Gold holdings of the Bank of Is
£2,481,300. c As of Oct. 7 1924.
abroad, the amount of which the present year
sum.
trifling
a
only
d Silver Is now reported at
OCT. 5 1929.]
FINANCIAL CHRONICLE •
2133
of Europe were later given. On Sept. 27 it was
The Visit of the British Prime Minister.
announced that the diplomatic deadlock which has
The elaborate reception which was accorded to existed for several years between Great Britain and
Premier J. Ramsay MacDonald on his arrival at Russia had ended, and that diplomatic relations
New York on Friday, and the friendly popular between the two countries would shortly be resumed.
welcome which greeted ISin in his progress up An important step in the solution of the unemployBroadway to the City Hall and thence to the Penn- ment problem of Great Britain has been taken in
sylvania Station en route to Washington, were the visit to Canada of J. H. Thomas, Lord Privy
quite obviously a tribute to a man who, whatever, Seal and unofficial Minister of Unemployment, in
his importance as a party leader, comes to this an effort to increase the volume of trade between
country as the Prime Minister of Great Britain and the Dominion and the mother country.
the recognized spokesman for the whole British peoIt is with this record of accomplishment and purple. It was eminently fitting, accordingly, that he pose that Mr. MacDonald comes to America to disshould receive the honors of the army and navy, cuss with Mr. Hoover the question of naval limitathat the Secretary of State should be at hand to tion. The London correspondent of the New York
represent the President at the official welcome, and "Times," cabling on September 26, remarked sigthat the Mayor's reception committee should be nificantly that "there are many Englishmen, and
made up of representatives of all parties. Never Mr. MacDonald among them, who would wish that
before has the United States been honored with a less had been said and was being said about warvisit from a British Prime Minister, and the visit is ships in connection with his trip," and that "it is
the more notable because its primary and over- not especially cruisers or capital ships or submashadowing aim, as everybody knows, is the further- rines that the Prime Minister seeks to deal with, but
ance of world peace.
the larger question of general relations between the
Mr. MacDonald is a man of varied abilities, and two nations." We have commented from time to
he has had a colorful career. Early in life he threw time upon the issues involved in the conversations
in his lot with the socialist movement which devel- which have been going on between the British and
oped into the British Labor Party, and while the American Governments over the question of naval
party tenets and practices have been modified, as parity, and have pointed out that parity, if it is to
time has gone on, in the direction of Liberalism, he be attained, is apparently to be reached only by
still remains attached to the more radical wing of reduction of cruiser strength on the part of Great
the Labor movement known as the Independent Britain and continued building of cruisers on the
Labor Party. His opposition to the World War part of the United States. Under ordinary circumbrought him under a cloud politically and person- stances, such a statement as that of the "Times"
ally, and while the war lasted he was more bitterly correspondent, made, it is affirmed, "on good audenounced that any other public man, perhaps, in thority," would be interpreted as an intimation
England, but the animosities of the war period either that the outlook for naval limitation was not
cooled almost as rapidly as they rose, and before altogether hopeful, or else that the naval question
long he was again in Parliament and clearly marked was only a part of a large program which looked
for the premiership whenever the Labor Party toward the establishment of something akin to an
should come into power. The election last May did Anglo-American entente.
not give him a majority in the House of Commons,
It is obviously very important for Mr. Hoover and
but Labor won a plurality of the seats, and he has Mr. MacDonald that some definite conclusions reheld the reins of government without, as yet, any garding the naval matter should be reached while
sign of a serious attempt to challenge his leadership. Mr. MacDonald is in this country, and that what
The accomplishments of the Labor Government, has been agreed upon should be announced. A
in the four months in which it has held office, have failure at this point could hardly avoid occasioning
been considerable. The most spectacular achieve- political reactions in both countries that would be
ment was the successful assertion of the financial unfavorable to a continuance .of the conversations,
claims of Great Britain by Mr. Snowden, Chancel- while without some preliminary understanding belor of the Exchequer, in the conference at The tween Great Britain and the United States the sumHague over the adoption of the Young Plan—a vic- moning of another international conference would
tory which brought Liberals and Conservatives hardly be worth while. Mr. MacDonald in particenthusiastically to the support of the Government ular, it should be remembered, must count upon
in an outburst of approval such as England has Liberal, and perhaps some Conservative, support
rarely witnessed. The way has been opened for the for any naval reduction program that he may lay
establishment of parliamentary government in before Parliament, and the success of his foreign
Egypt; the withdrawal of British troops from Ger- policy at The Hague and elsewhere cannot be surely
many has been begun, and official notice has been relied upon to maintain the Labor Party in power
given .of the intention of Great Britain to give up if the Anglo-American negotiations should prove
its mandate over Irak, or Mesopotamia, and to sup- futile. The people of both countries will earnestly
port the application of that State for admission to hope that the points of difference, however acute or
the League. At the opening of the recent session of fundamental they may be, may yield to friendly conthe League, at Geneva, Mr. MacDonald, in an elo- sideration, and that substantial progress may be
quent speech, pleaded the cause of armament reduc- made toward a lightening of the armament burden.
tion, called for the removal of tariff barriers as the
It is equally to be hoped that the suggestion that
greatest obstruction to international co-operation, better relations between the United States and
and announced that the British Government would Great Britain in general occupy a much larger place
accept the optional clause of the League Statute in Mr. MacDonald's mind than the conclusion of an
relating to arbitration. Informal assurances of understanding about cruisers and submarines, imsympathy for M. Briand's plan for a United States plies nothing in the least indicative of an Anglo-
2134
FINANCIAL CHRONICLE
American alliance. It is well within the truth to
say that the American people cherish warmer feelings for their British brethren than they do for any
other people in the world. It is natural that they
should do so, for the two peoples speak the same
language, live under the same system of law, possess
similar political institutions, and trade with one
another more than with any other nation. The
utmost community of good feeling, however, does
not imply in this country the least desire for any
kind of political alliance. All alliances are entangling, and opposition to "entangling alliances" has
been a foundation stone of the American Republic
from the first. We find it difficult to believe that
Mr. MacDonald, who already knows America well,
is not fully aware of the American feeling in this
matter, or that his visit to this country, aside from
concern for a naval understanding, has any other
purpose than that of furthering general good will
through an official journey and the acceptance of
the honors and courtesies due to him and his official
position.
The point would not need to be emphasized, perhaps, were it not for the fact that an AngloAmerican entente of some kind is precisely what
public opinion in France fears may be the result of
Mr. MacDonald's visit. Actually, the political relations between France and Great Britain are at the
moment a little strained. Mr. Snowden's victory at
The Hague has not been forgotten; the decision of
Great Britain to begin at once withdrawing its
troops from Germany exerted an unwelcome pressure upon the French Government; the AngloAmerican naval conversations have irritated French
sensibilities,and Viscount Cecil's course at the recent
meeting of the League aroused emphatic French opposition. France, in other words, sees itself quietly
deserted by Great Britain, and the possibility of an
Anglo-American entente looms large as Mr. MacDonald goes to Washington to talk things over with
Mr. Hoover. American correspondents in Europe
have already pointed to the danger that France,
deeply suspicious of Mr. MacDonald's move and of
the possibility of united pressure from the United
States and Great Britain in regard to naval reduction, may be found in opposition in the conference
that has been planned. What France does in the
naval matter, moreover, Italy is very likely to do,
not from affection for France, but because, in naval
interests, the two countries are in much the same
position.
All this goes to show how momentous is Mr. MacDonald's visit, and how greatly it may be made to
contribute to the peace of the world. If substantial
agreement is reached regarding naval limitation,
and loose talk about an alliance between the two
countries finds no support in anything said or done
at Washington, the visit will go far to dissipate
misunderstandings where they exist, establish personal contacts whose influence will be reflected in
mutually considerate public policies, and deepen the
interest of each nation in the welfare of the other.
Every loyal American will wish that the visit may
have these beneficent consequences.
Evou 129.
week, and we comment upon some phases of the
subject in our article on "The Financial Situation,"
on a previous page. Some further observations here
seem desirable. In the two largest bank consolidations of the current year we find the Guaranty Trust
Co.absorbing the Natiuttal Bank of Commerce, which
surrenders its charter, and the National City Bank
absorbing the Corn Exchange Bank Trust Co., which
presumably surrenders its charter. Since city-wide
branch banking is now permitted by both State and
National law, we cannot adduce from these consolidations a tendency toward nation-wide, or even
State-wide branch banking. Yet it is clearly evident that the acquisition of city branches is a moving factor in these combinations. It has already
been pointed out that the union of large banks and
trust companies is a natural cause of increase in
size without overlapping of facilities for either kind
of business. And while National banks are permitted to establish branches in foreign countries it
may well be believed that the now largest bank in
the world, with its two and a quarter billions of
resources, is strengthening itself in order not only
to meet a home demand for increasing co-operate
credits but to fortify itself in the details of foreign
competition it must meet in the conduct of its
broadening business. At the same time it has many
large city competitors which gather strength from
the financial, commercial and industrial interests
centered in the powerful City of New York, making
many branches imperative as feeders to the parent
institution. Whatever are the reasons behind these
recent consolidations and others we may be assured
that they are well thought out in advance and that
they indicate no sinister intention to overpower the
country at large in its varied finances or its credit
requirements.
It would be informative to statistically examine
the many recent consolidations of city banks to see
whether more State than Nationals are being absorbed, or the reverse, for the effect that this movement will have upon the present structure of our
whole banking system. But for our purpose at
this time it is sufficient that the result of these
combinations is fewer integral banking institutions
and very much larger ones. And whether Nationwide branch banking is to follow or not, whether
soon or late, the issue has a direct and tremendous
bearing on the Federal Reserve System. Some
bankers believe that though full branch banking
come, it will not wholly destroy our individual, unit,
independent banks, and will never attain the relative proportions that obtain in England and Scotland. Be this as it may, the Federal Reserve System
is based on the regional union in a regional bank
of all the National banks in a given territory, banks
of all kinds in capital, resources and services.
Comptroller of the Currency Pole has indicated in
his address this week at the meeting of the American Bankers' Association that he inclines towards
regional branch banking. But the officers of our
regional Reserve Banks are elected by a peculiar system of voting in which all member banks participate.
If, then, with the advent of branch banking the independent free country bank is to disappear and a few
huge city banks with hundreds of branches are to
The Federal Reserve System and Branch
Banking.
dominate the situation, it is difficult to see how the
Branch banking occupied a large share of the Regional Bank can persist and function.
It is hard to perceive what a Reserve Bank will
attention of the American Bankers' Association at
its annual convention at San Francisco the present be and become when it is the creature, in its capital
OCT. 5 1929.]
FINANCIAL CHRONICLE
2135
and management, of a half a dozen huge city banks who ask for practically none of these changes become
that not only use it as a source of emergency cur- the victims of conditions they do not create?
rency and credit, but virtually hold it in their hands
If competition is the lifeblood of trade, credit is
to do with as they please. It cannot be imagined the vital force which makes it flow. And this credit,
that these hundreds of branches will be admitted to created by the small transactions at the crossroads,
the system as member banks. And unless there is gathering strength as it grows, is transmitted
somehow a balance of power between the member through local, independent banks—converging and
banks in a region, or in the country at large, the coalescing and finding rest in billion dollar banks
Reserve System, if it can continue to exist, will only in the centers of financial power, can, will, must be
serve to rivet the chains of financial serfdom on the returned to the people, who never lose their ownerpeople of the country. In such an event the Federal ship in it, on detrumtd. But if these fundamental
Reserve Board, shaping the policies of the Regional credits of the people are suffered to be gathered by
Banks, if as we say such can continue, will become agents of fountain-head banks remote from their
more powerful and tyrannical than was the first or source, and can be returned only at the will and
second of the United States Banks that once existed, pleasure of these institutions through their apand were swept down by a political convulsion. We pointed servants or "managers," then the people
do not say that branch banking, through the crea- have surrendered their inherent credit-power to a
tion of a few colossal banks, will utterly destroy the master they no longer control.
Federal Reserve System, but it will change the whole
And this, we say in all earnestness, is the difcondition of free credits in this country.
ference between a natural system of free and indeNothing can keep a great centralized government pendent unit banks, the "correspondent" system,
bank out of politics; and nothing will sooner wreck and branch banking with a few parent banks conthe credit of a republican form of government in its trolling a gigantic credit power they do not create.
freedom to serve the people than government bank- A bank, small or large, is local to its own demesne.
ing control. What will become of the American It is realized that financial centers of industry,
Bankers' Association itself when its thousands of trade, and credit, receive a great part of their
free, independent members give way before the strength from the business integers at their doors—
agents of a few banks located in the financial cen- but it is not reasonable to believe that at any time
ters? Under a full-fledged branch banking system in the future they will sacrifice these patrons to
this useful institution, the A. B. A., will be a dead serve the patrons of their agencies, giving more than
duck! There is so much dynamite in this question, they receive. And so, whether under State or Nathat no matter what the consensus of opinion may be tional supervision, what we call our "country banks"
among bankers themselves, it is sure to engage the are vital to the issuance of that credit without which
attention of Congress, and sooner or later arouse the enterprises of the people cannot permanently
the people, and thus enter politics. There is only prosper or their energies function.
one way to prevent this consummation, and that is
to preserve the unit, free and independent bank
he Tariff and Continuation of the "Flexible"
And in that it may devolve upon the thousands of
Provision.
communities in the land to perpetuate by their
With all due respect for the views of our worthy.
patronage these natural fountains of indigenous President, we think general satisfaction will be felt
credit. Thus the mere village bank of insignificant over the action of the United States Senate this week
capital may be more important to the laissez faire in voting to amend the existing Tariff law so as to
of business and the freedom of the individual than do away with the flexible provision under
which the
it looks to be.
President is empowered to make changes in tariff
A new name has crept into this discussion— duties on the recommendation of a commission. If
"group banking." It is just as much a misnomer a tariff is a tax, and it is-just that, then a "flexible"
as "chain banking." It is said, we know of no such tariff is contrary to every basic rule for raising
revinstance ourselves, that in the chain, bad debts have enue. In the present discussion of a tariff bill, the
been forced onto a failing member, that it may go debate has lost sight almost entirely of the revenue
down, and leave the others in the chain stronger and tax feature both as to the gross amount of revenue
safer. We doubt any such action—it could only it is designed to produce and the "levy" processes
come about by duplicity and unfair dealing. But necessary thereto. In the States a real estate tax
even the suggestion shows that the chain does not is indispensable. But there is nowhere any attempt
necessarily increase strength unless all the links are to discriminate between the kinds of realty—not
able to stand alone. As for groups of banks, mere even the "single tax" supposed
to compel "use" by
association without added service to the territory exempting improvements having ever made any headincluded is no cause for union. We seem to have way with the people. And a real'estate tax which
run into an experimental mood in our general bank- undertook to do more than assess values on all kinds
ing that may lead us into subsequent distress. The of property would be regarded as freak legislatio
n.
old "correspondent" system, with its unwritten Thus, a laundry, a shoe factory, a packing house,
laws, its responsibilities, and its time-honored a wheat elevator, a cottage and an apartment house,
associations and services, is still in existence—a are taxed according to the assessed cash value, and
natural evolution which we will discard at our peril. no tax-laying body thinks of making a discriminaAnd President George W. Davison of the Central tion in the "levy" to be made because of the uses to
Hanover Bank & Trust Co. is to be commended for which the buildings are put, or to the relative profits
having in his address before the American Bankers' from the businesses conducted therein. Of course
Association brought so clearly to view the merits there are grave, inherent and inescapable faults in
of the correspondent system. Why should the coun- the assessment systems, but on the total of assesstry banks be drawn into this swirl of combination ment values a single even levy is laid calculated to
and thus lose their identity? Why should the people produce a needed amount of revenue.
2136
FINANCIAL CHRONICLE
No one would think of making it discriminatory
with the tax-laying body, as we say, as to improved
or unimproved property, or as to home property and
rented, or as to business or warehouse property, in
so far as the levy rate is concerned. The exact
reverse obtains as to a tariff tax. True, the levy is
laid on imports, but not on all imports, and there
are a hundred "schedules" and rates laid by Congress with the idea that discrimination is "protection." One home industry, according to this principle, needs a certain rate of levy to preserve it from
foreign competition, and another industry needs
another rate. Thus, one industry pays more tax
than another, though there is a fantastic counterclaim that not the industry but the "foreigner pays
the tax." The fact is that the importer of the goods
pays the tax and charges it up to his customer, and
thus the people pay. Since there is a difference
between the cost of production at home and abroad,
the steel factory, for example, does not pay a direct
tax to the Government on what it makes, and only
on the materials it imports. It is believed to pay
what amounts to a "charge-tax" in the higher wages
it pays and therefore demand a compensatory levy
on imported competitive goods as a "protection."
On the thousand and one articles that are or May
/
be imported, what shall be the guiding principle in
establishing these various rates? Here enters the
difficulty of so placing the rate that a complete embargo shall not ensue, thus cutting off all revenue.
Thus appears the idea of setting the rate at what
the "traffic will bear." And for the rest there is
really no guide, no law, save what the industry so
"protected" "demands" at the hands of Congress.
Exception is found to this in a bi-partisan Tariff
Commission to report to Congress after investigation what the particular rate should be.; and further
that the President, on the submission of a suggested
rate, shall have the power to proclaim a new rat
Fithin a range of 50%. Thus the taxing'power—
lthe power to bless or ban, is placed in the hands of
one man, or a few men, or the body of Congress, and
that power is discriminatory. No man knows to-day
what his business will be taxed to-morrow. No
Committee of Congress can obtain sufficient knowledge by "hearings" to enable it to make a rate that
will be just to all other rates and in -the attempts
to fix rates all thought of the total revenue is lost.
At once it becomes a grab game, and the industry is
practically forced to get all the "protection" it can.
Add to this the attending evil that where production
at home can compete with that abroad, the industry,
if it wishes, can add to its selling price the amount
of the "protection" derived from the levy against
efgrgn, competition, and we have the great and glorious Tariff now engaging the attention of Congress.
What is known as the "flexible provision," placing in the hands of the President the right to readjust rates on the recommendation of the hi-partisan
Commission, comes into the debate—since it at once
may nullify the power of Congress, the Constitutional rate-maker. It was proposed to eflualize agriculture and manufacture by the Tariff. It was
contended that agricultural tariffs should alone be
raised. Manufacture entered to say that conditions
had changed and that some of the industries were
endangered and the discriminatory power in fixing
rates should be exercised in their behalf. Then the
bars went down and the scramble began. So it is,
and so it will always be.
[VoL. 129.
The consideration of schedules and rates occupies
months, opens the way for political contests, and
"business" knows not what the issue will finally
be, and all trade trembles in the balance. Is the
tariff a tax? If so, shall a tax discriminate between
citizens of the same country? If so, shall it be laid
without regard to the revenue it will produce? And
if revenue be the issue, can discriminatory rates be
depended on to produce any given amount of revenue? If it is not a tax, but a system of "protection," is one industry entitled, under a just law, to
more protection than another? Is manufacture, as
a divisional industry, entitled to more protection
than agriculture? And if levies upon a large number of articles are not related to the total revenue,
are not reconciled to the principle of needed "protection," a task too great for even experts, is not
the whole thing a sham unworthy the genius of
statesmen who are delegated to raise funds to maintain government?
Does anyone propose a substitute, propose the
abandonment of a system that produces an inconsequent part of the revenue in comparison to the income tax? No; we are bound to this obsession and
cannot escape. It is the great and holy'protector,
equalizer, and prosperity-builder. If it is a tax,
though indirect, a protection though unequal, a
prosperity-builder though a tax is a tribute and a
"protection" by schedules and variant levies a discrimination and a possible appression, then this
whole Tariff ought to be abolished. Oh, but think
of cheap goods and cheap labor! Think of dumping
the things of war-stricken Europe on the people of
the United States! Well, are we not adm(onished
that the world is a unit—that we should treat our
neighbors as ourselves, that trade is mutual benefit,
that if we sell abroad we must buy abroad, and if
so, why continue this questionable system? Again,
have we no "poor" of our own to benefit by "cheap
goods"? Must we always give the manufacturer
the first chance to profit by the plum, and to add to
price, if he so elects, the difference between domestic
and foreign costs?
There may be little hope of abandonment while
other nations resort to this anomaly; but when the
evils multiply and the enmities breed new and dangerous poisons, the reasoning of the many may reduce the ancient obsession to its absurdum. On the
one hand, a thousand kinds of business, growing,
expanding, intensifying, coalescing, combining, consolidating, under the law of greatest service, into a
va interacting machine, energized by profit and
s stained by a common acceptance. On the other,
outside power, governmental and legislative,
nder the guise of revenue, a constitutional sanction,
and the only one, laying a customs tribute on competing goods seeking to enter our ports on the principle that the businesses need protection (though
many have reached a saturation plethora and slop
over the walls erected in their behalf), that labor
needs better wages ind living conditions (though
even the protected industries pay the tribute themselves on certain raw materials and part completed
articles), a tribute that in any event becomes an
indirect tax on all consumers—and doing this by
rates and schedules in a bill prepared by Committees of Congress, largely on information furnished
by the beneficiaries (or, as the matter now stands,
by a hi-partisan Commission), laying this tax and
levying this tribute in a haphazard, hit or miss way
OCT. 51929.]
FINANCIAL CHRONICLE
—to the consternation and disorder of every importer, wholesaler, jobber, retailer, and to every
domestic buyer in the land. Shall the Chief Executive be given more power to write the rates, or
less? No wonder there is a snarl in the law-making,
since no power can lay the rates justly. What a
fetish—but what folly!
Is Not Mass Speculating Conspiracy, Making
for Sham Prosperity?
ARTICLE IX*—(Communicated)—SUMMARY AND CONCLUSION.
A POSSIBLE IMPASSE—WORLD STABILITY
INVOLVED.
EVIL EFFECT:OF EXTRAVAGANT PROPAGANDA.
Even on Wall Street, it is said, there are now to be
found men of affairs who confess to a fear that all is not
right with "Prosperity" and its hand maiden, the stock
market.
However, it is not this time, solely -or chiefly, a question
of soundness of underlying conditions. Could any era
have been so extravagantly exploited and remain untainted
by inflation?
To-day having witnessed in recent months (a) the fury
of speculation and investment trust purchases driving stock
prices higher and higher, overcoming severe reactions and
further raising the index of twenty-five industrials to 469.49
as of September 19 against 326.98 only last January; (b) the
market value of all shares listed on the New York Stock
Exchange advancing from $59,332,000,000 Oct. 1 1928 to
$89,668,000,000 Sept. 1 1928, with (c) brokers' loans rising
to $7,881 millions on Aug.31,contrasting with $5,051 millions
Aug. 31 1928, despite active opposition by banks and Federal
Reserve Board, and (d) call money remaining 8 to 10% or
more; time money 9 to 914%,and the rediscount rate of the
Federal Reserve Bank of New York rising from 5 to 6%,
and the Bank of England rate 51/
2 to 6/
1
2%; and also (e)
cash dividends multiplying inordinately in number and
amount, aggregating for the first nine months of 1929 a
total of $6,122,000,000 compared with $2,395,000,000 in 1928,
an increase of 30%; (f) union wages jumping-106 Increases in different trades in May, 114 in June, a record.
Also (g) net profit for 611 corporations (industrials,
public utilities and railroads) for first half of 1929 the
astonishing amount of $2,101,000,000 as against only
$1,691,000,000 in 1928, $1,589,000,000 in 1927, and approximately $1,570,000,000 in 1926. ('See "Monthly Review" of
Federal Reserve Bank of New York for Sept. 1.) (h) Boom
or near-boom conditions prevailing in many branches of
industry with little let-up right through the Summer,'steel
production at times exceeding theoretical capacity, and
motor car production increasing 38% over 1928, and (I) the
continued heavy drain on British and other gold reserve
upsetting the world's foreign exchange and compelling
France and other nations to realize on their reserves of
foreign bills—
With such accumulating evidence as this of speculation,
financial strain, and industry on the Tun, can we escape
the conclusion that the report of President Hoover's Economic Committee is proving lamentably inflammatory?
Indeed, so extremely optimistic in its terms and so widely
broadcast from such a source under conditions already
surcharged with Inflation can we conceive of propaganda better calculated to incite to speculative and industrial excesses,
and if it prove economically unsound in its premises, more
distressingly misleading, than is this report with its
daring prognostication already cited in these articles, viz:
"So long as the appetite for (luxury) goods and services
is practically insatiable, as it appears to be, and so long as
productivity can be constantly increased, it would seem
that we can go on with increasing activity," industrial equilibrium being preserved.
With abiding !Prosperity" so advertised and vouched for,
why should not foreigners, our own investors, the investment trusts, buy our shares voraciously; Americans speculate, improve and waste, and the prices of the favored stocks
and the aggregate of brokers' loans constantly advance?
COURSE OF EVENTS SERVES TO NULLIFY ECONOMIC
SURMISES.
2137
at least some practical men is now acknowledged by the
veteral financial editor of the New York "Times" (Alexander Noyes), who, while stressing the strong features of
the case, financially and industrially, points out (in issue
of Sept. 2) how remarkable it is "that in the trades themselves, skepticism has been rather widely voiced over the
unbroken continuance of recent activities."
This skepticism has developed, he says, in the face of
the fact that with no slackness of industry to overcome,
but rather following "perhaps the busiest period in our
history," and "with no adventitious increase of foreign
purchases" as driving force, the Summer season ended, as
it began, with "practically all industries working at high
pressure and with the country steel production close to its
maximum performance," while "industrial profits have
reached a wholly exceptional level for the season." And
yet skepticism
Looking for an explanation of the doubts referred to,
the editor finds they arise: "First, no doubt, because in the
nature of things action and reaction are bound to alternate.
But back of this consideration is a feeling that the use of
credit has been increasingly an influence in the seemingly
boundless extension of consumers' demands" . . .
While he considers the foundation of real capital accumulation underlying the use of credit exceedingly strong, and
the country's gold reserve is just now steadily increasing,
"still," he says, "credit built on such a basis of realities
has always been an uppermost question for consideration
in the American market, and possibly we have not yet
learned what are likely to be the limits of the new experiment in that field."
When the awakening has proceeded a little further possibly it will be perceived that along with this inflationary
use of bank credit, against which conservative men have
for months past been inveighing, there are, as the writer
has long contended, other reciprocal influences, parts of a
rising wave, that are also "increasingly" doing their part
to spur on the runaway, namely:
(a) Constantly expanding wages in special industries, contributing to
a rising tendency for all wages and salaries.
(b) Insurance and other extra-bank loans, in abnormally large supply
due to flush times.
(c) Inflated dividends and other profits, bonuses, tips, and gifts of
both public and private nature, highly inflationary.
(d) The swollen Interest account on foreign loans and debts which were
made possible and necessary by our war and post-war inflation of credit
and prices, and the international speculation in exchange and commodities.
(e) Proceeds of speculation and from liquidation of holdings in Federal
war loans and in stocks, real estate, &c.,these last vastly inflated in market
value by mass and other speculation.
(0 Proceeds of immense new capital flotations, bonds (municipals),
notes and especially capital stock. (The sales of such stock for new capital
as shown by "Chronicle" data for the eight months ending Aug. 31 rising
from 31,400,000,000 in 1928 to 34,306,000,000 in 1929. foreign issues included).
But what becomes of the Economic Report and its explanations, if we recognize as valid the credit misgivings
of industrialists and bankers, and also assign some reasonable allowance to these other mighty influences as aids
to a boom development?
Is it not its true of a nation as of any individual that
its buying and consuming power is on a fictitious basis
unless business can carry on with no serious disturbance
of social life and activities when such ephemeral sources
of income are withdrawn or reduced to normal proportions? How do we stand in this regard?
oYcLoNto NATURE OF THE DEVELOPMENT.
No less important than the recognition of abnormal purchasing power in •our Paradise is the dawning in financial
circles of the consciousness that there is, as the "Chronicle"
intimated some months ago, something cyclonic about the
interplay of these abnormal forces that serve to propagate
the inflationary impulses.
Consequently, to at' edification;we find this same highly
respected editor (Mr. Noyes) saying:
(On August 2): "There is nothing on the financial horizon to indicate
that this appetite for more and more credit will be appeased. The talk of
$10,000,000.000 and $12.000,000.000 in brokers' loan accounts for the
future, which evoked so many smiles when the discussion was raised last
Autumn, does not appear now so far-fetched. Loans on securities now
stand 81.700.000.000 above the total at this time last year."
Also (on Aug. 19) -It may be, as claimed by some market judges, that
loans on securities can con:Anue to mount to $7,000,000,000; $8,000,000,000
or even $10,000.000,000 without danger to the credit structure of the
country. The Federal Reserve Board does not think so."
"Here again," he adds, "enters into the problem the relaThat to-day, in spite of such promises, the business situation of business and the market. Industry as a whole
tion is viewed with anything but complete satisfaction by
swings towards the Autumn under most favorable auspices
* Articles I to VIII were in V. 127, p. 3303, 3461; V. 128, p. 161, 1455,
with the earnings of representative corporations about the
• 1624, 2714, 3585; V. 129, p. 699.
2138
FINANCIAL CHRONICLE
best in their history, and with distribution of goods at the
swiftest pace the country has ever known."
"Such conditions," he continues, "can hardly be reconciled with any but advancing stock quotations and market
expansion!" . . . "It may be that the banking authorities will be obliged to finally reconcile their views to continuously expanding brokers' loans and eventually to a
total now mentioned only in flights of fancy."
In other words, ours is not a stock bubble of the John Law
description; our bubble wears an industrial coating and is
being inflated from industrial furnaces which are working
overtime on luxury and improvement products. Is not that
the gist of it?
FINANCING "ALL OUTDOORS."
To what does all this point—this limitless desire for
credit, dividends and higher wages, this feverish expansion
of business, and once and again, and still again, advancing
records for stock market quotations, if it is not that we are
financing and proposing to finance "all out doors" as regards
those things that, in the words of the Economic Committee,
"almost any man can want" and "which is a striking characteristic of the period covered by the survey?" Manifestly
these include all manner of improvements, temporary and
permanent, public and private; amusement and amusement
facilities; luxuries of abode and places of business; luxuries
of dress, table, travel, education and play—and, as this
demand forces the issue, a huge enlargement of facilities
for distribution—railroad electrification, additional rolling
stock, highway developments, &c.
In short, all those desires which are as boundless as the
horizon and which grow by leaps and bounds as our dreams,
income and inflated property and security values expand.
FALLACIES OF ECONOMIC REPORT AND FEDERAL RESERVE
BOARD.
[voL. 129.
States, a world creditor to the extent of 26 billions of dollars, owed to it by many nations and their subjects. It has
yet to be proven, If this creditor nation be held in the grip
of a gigantic and rising wave of improvement making, that
these other nations can permanently withstand the demand
and the attraction for their monetary gold which its appetite and apparent prosperity must exert far and wide.
Just twice before since the end of the World War American needs were such as to cut to small proportions our
outpouring of foreign loans and credits. The first occasion
was in 1920, when sterling exchange plunged to $3.23, a
discount of 30%; the second instance was in 1923, and then
sterling fell in the following March to $4.26. Upset political
conditions aided in both cases in the decline, yet no foreign
nation emerged from the war with its finances less shaken
and with a more sound and far-reaching foundation for its
business and currency than did Great Britain. And yet today,as a world banker, she suffers as the result of our folly.
It is conceivable that having the power to create credit
under our banking laws at the rate of one und a half or
two billion of dollars for every one hundred millions of
imported gold, that our foreign loaninr; on a considerable
scale may again be resumed and for a time contimed, but
where is the man who fails to see that eventually, and
not so many years ahead either, we are likely to find it
disadvantageous to continue creating foreign loans for the
benefit of nations whose chief need of funds is to pay the
principal and interest they owe to us. When that time
comes the reaction in the general foreign exchange market
abroad can hardly fail to be disquieting to all concerned.
FOREIGN CRITICISM AND WHY IT IS HARDLY FAIR.
Foreign feelings are unquestionably much wrought up
by the American pressure on money markets. That it is a
very real and serious pressure is shown not only by advancing bank rates, but also by Dr. Benjamin Anderson in
"Chase Bulletin" of July 20, writing on "The Effect on
Europe of Tight Money in America," and by the Federal
Reserve Board itself in Bulletin of April 29. The Board
states:
Therein lies, the writer contends, the main fallacy vitiating the report of the Economic Committee and their conclusion with respect to a further protracted expanding of
production and consumption of optional purchases. One
might as well try to finance perpetual fireworks displays
"Reduced borrowing from forelgricountries in the UniteeStates tofor every family. It can't be done! In the end the necesgether with the attractiveness of rates for short term money in the United
sary credit for effecting purchasing must burn itself out, States (and more
recently it might have added the necessity or desire of
but in the meantime may we not bankrupt the world?
our banking insitutions to strengthen reserves, D) have caused a strain
Here, too, is the fallacy for years past entertained by on the foreign exchanges, a sale of dollarsiby many foreign central banks,
a movement of gold to this country and, since the first of the year. the
the Federal Reserve Board In holding that there can be raising of discount rates by no less than 13 banks of issue, some of them
no inflation of credit so long as production keeps pace with having had two advances during that period." I IF b
"Why should we be the cat's paw that removes American
the credit increase, whatever the nature of that production,
whether founded on the growing necessities of the growing chestnuts from the fire," is one British criticism of the
ponulation, or brought to us on the wings of dreams and situation. Another said, In brief (prior to the recent slump
on the Stock Exchange and some recall of British funds):
wishes.
"Wall Street has become ecollossal suction' pump which is draining
Recently the Federal Reserve Board has been charged
world's capital, and the suction is fast producing a VACUUM over here."
with failing to keep faith with industry since, having free the
"Scores of thousands of American shares are bought every day in London
gold at hand, they have allowed interest rates to advance alone, and Paris, Berlin, Brussels and Amsterdam:are pouring money in
vit 6
r Irmo
so high—a protest based on the same untenable grounds— New York as fast as the cable can carry it. sik
"That is why Bank rates are rising throughout Europe. r Nearly.all
absurd and destructive.
the surplus output of wealth on this side of the Atlantic is being changed
WHAT PROFESSOR SUMNER'S DICTUM INVOLVES?
What this process of credit absorption for luxury and
improvement uses must mean to the money market may be
best surmised when we recall once more the unquestionable
dictum of the late Professor William Graham Sumner, perhaps America's greatest economist, supporting the claim
that business and speculation (meaning runaway, inflationary production and consumption of all the products
and services "which almost any man can want") "will consume any amount of money whatsoever"—both money and
credit, as well as any and all other exceptional purchasing
power, inflated wages, dividends, &c.
Writing in 1884 Professor Sumner said,"The rise of prices and the multiplication of credit operation.? will absorb any amount of currency whatever.
By this principle, if OUT prosperity and the nation's stock
markets be a runaway team or tandem (or even a walkaway
uncontrolled), may we not question in all seriousness
whether Os growing use of floating funds will be properly
restrained until the gold basis for our American finances
Is dangerously threatened?
The higher the tariff rates established by Congress, the
quicker this day will come—Is not this self-evident?—producing a credit impasse and disturbance of national finances
at home and abroad of no mean proportions.
Never before has the world's supply of floating capital
and essential raw materials been located so far within
the control of any one nation, and that nation, the United
t In article "Is the Federal Reserve Keeping Faith?", Atlantic Monthly,
July 1929 p 93, 1102.
Immediately into Amer:can stock certificates.", (Viscount Rothermere in
"Sunday Pictorial" of London_asiquotedkbyn"Literary Digest,",Aug. 24
1929.)
The answer to such criticism is plain. If American "prosperity" and speculation be the result of a delusion, then
that delusion Is one which has been shared and encouraged
by economists in many lands. As late as the Spring of 1929,
Sir Arthur Salter, writing of "The Coming Economic Struggle," for the "Yale Review," made use of such expressions
as the following:
America's "progressive increase in general prosperity," brought about
by the "new productive capacity and the released and increased purchasing
power of the wage earner and the consumer," is "limited only (till we reach
the margin of available raw material which is still far distant) by productive
capacity. This is the normal and essential process."
THE FLIGHT OF THE LUXURY AND ALLIED ENTERPRISES.
Scarcely 12 months ago the best accredited of our
financial prophets were predicting a pronounced recession
In industrial activity on account of (1) loss of monetary
gold, the consequent shrinkage of the basis of credit, and
(2) the high interest rates caused by the gigantic speculation for the rise in stocks which they were predicting could
not long continue.
Only one faint voice ventured to suggest the possible
reversal of this proposition—a continuing runaway of speculation and so-called "prosperity," accompanied by renewed
gold imports, at least till the true nature of the movement
Is recognized.
But so it came about. The golden tide turned inward,
speculative excesses Increased, and now it becomes apparent
to what record heights industry in special lines has been
OCT. 51929.1
FINANCIAL CHRONICLE
carried during the first half of 1929. Statistics would seem
hardly necessary to prove the growth of our luxury spending and improvement making.
Every one can see for himself the increasing congestion
of streets and highways by private conveyances; the palatial yachts and speed-boats wherever yachtsmen congregate; the crowding of hotels, picture shows, fashionable
restaurants and sporting events; the free • and freer use
made of ice cream and other confections, of radio, of
mechanical refrigerators and a thousand other new devices,
and of gas, electricity and telephone services; the patronage
of fast and faster high-fare trains and also of aeroplanes
by travelers having no real need for speed.
But if statistics are desired, the profits of 749 companies,
as compiled for the half year ended June 30 1929 over 1928
by Ernst & Ernst show not only a 21% increase for railroad
net operating income, the result of the broadening boom,
but also remarkable increases in net profits of the luxury
lines and those lines auxiliary to these and to the improvement programs, such as the 77% increase for amusement
companies, 44% for automobile accessory manufacturers,
79% for oil producing and refining, 97% for iron and steel,
80% for copper manufactures, &c. ("Chronicle," Sept. 21,
page 1834.)
P Also, offsetting
the decline in house-building due to high money rates
has come substantial increases In heavy construction and the expansion
of the aeronautic Industry. It Is stated authoritatively that $500.000.000
of new capital was expended In the first seven months of 1929 on aeronautic
enterprises Including plants, airports. drc.. while the manufactures of
aeroplanes, engines, and equipment employing nearly 25.000 people are
reporting a gross output valued at $50.000.000 for the first half of 1929 as
against $62.000.000 in all of 1928.—all good, but clearly inflationary when
accomplished in such brief period.
•
THE MAGIC OF THE AUTOMOBILE.
But if there is any one element more than another that
makes for inflationary business it is the passion of the
American family for the automobile.
Constantly approaching more nearly to mechanical perfection, always more luxuriously equipped, faster, more
easily and safely handled, more artistically attractive—
who can resist the American cars? Who will not, so far
as lies within his power, keep himself and his family
supplied with the latest and best of several models?
In this impulse lies an important factor overlooked by
"Recent Economic Changes," namely, that due to the general
habit of using a car for only two or three years and then
buying a later make, there are constantly being pushed
upon the market some millions of used automobiles in good
or fair operating condition at such ridiculously low prices
as to be within the reach of almost any would-be buyer—
many at from $150 to $500 each, some as low as from $25
to $50. It is these low prices, and the astonishingly small
amount now asked for the approved new cars, that are
enabling the automobile industry to continue a turn-over
of several billions a year, with an ever-widening circle of
patrons, and an irresistible "punch" for all industry. It
is worth while observing:
What a showing is made in the profit statement above mentioned that
out of $1,155,000,000 net profits reported for the first half of 1919 by
465 Industrial companies, a total of $304.000.000. or 27%. should be the
share belonging to the 63 manufacturers of automobiles, automobile accessories and tires and rubber goods!
Another surprising fact brought out by "Facts and Figures" from records
of the National Association of Finance Companies is that of the automobile
sales coming within their knowledge during the year 1928. there were
"trade-ins" (I. e. cars turned in) in the case of 69.4% of the sales of new
cars. and 39.4% of the used cars. In other words, the used cars involved
in sales of ears, new and old, aggrmated in number no
less than 11514%
of the new cars sold, while the used cars junked aggregated only 8.1%..e
It also appears that In 1928 the Installment sales Included 58.1% of the
new cars and 60.8% of the used cars, and the average amount of notes
Involved was $606 and $295 respectively.
tr.
Thus constantly holding the nation spellbound, rolling
up in the four years 1925-28, replacement orders averaging
two million cars and trucks per year, adding new or multiple buying domestic customers numbering about 11
/
2 million yearly, on the average, and approximately an average
of 467.000 sales abroad, during each of these years, the
American automobile industry has astonished itself and
the nation during the present calendar year by striking a
pace (to August 31) that would, if continued for the
remaining months of 1929, (a) raise the country's total
annual output of automobiles and trucks and from the fouryear average of approximately 4,000,000 (4,081,000) and
the record total of 4,358,000 in 1928 (excluding Canada)
to a number in excess of 6,000,000, while the new domestic
or multiple purchasers for cars, new or old, during the
year would increase to probably 2,400,000, and the foreign
sales to possibly 1,000,000 units.
2139
Some say that the 38% increase in the automobile badness shown for the eight months ending August 31 (from
3,054,905 units in 1928 to 4,223,114 in 1929) can hardly be
continued till the year ends—indeed, until the stock market
recovers buoyancy, "Prosperity" generally may limp somewhat, but for forceful demonstration, let the figures stand
and speak.
For it is difficult to over-estimate the expansive power
of an industry which not only reports its wholesale business in one year (1928) as $3,162,000,000 (including Canadian plants), but in the very next eight months can increase its American output by 38%; and also having reported
the gross business of its service stations and repair shops
(tin 1928) at $7,230,000,000 has the American public so
enamored of its product that the number of its units in
constant use can be increased in a single year 8 or 10%
(between 1,900,000 and 2,400,000 units, the average increase
for the seven years from 1922 to 1928, being close to
1,750,000), thus bringing a proportionate yearly addition to
the nation's service and repair business and the attendants
needed therein, accompanied by heavy capital outlays for
the establishment of necessary repair service and storing
accommodations.
With these outlays, naturally go the enormous publie
expenditures required, on account of its growing traffic,
for roads, highways, bridges and parkways, the widening
and strengthening of streets, underpasses and overpasses,
signal lights, &c.
Is one an alarmist to fear an approaching impasse on
account of municipal obligations incurred on this score,
in the efforts to keep road traffic moving, when we are
soberly informed by the head of the Street Traffic Research
Department of a great University (Harvard) that we have
good reason to expect an increase in the number of automobiles on American roads from the present 25,000,000 to
50,000,000 within a few years?
The details are striking eriough to justify a few statistics:
A net addition of 2,400.000 to our operating automobiles means more
than additional private garage room; it would demand, also (on the basis
existing Dec. 31 1928) some 5.000 additional storage garages costing from
$10.000 up to several hundred thousand;some 10,400 repair service stations
with all the necessary tools and machinery: some 6.600 gasoline filling
pumps, much additional parking space, many more retail and accessory
stores, &c.
The railroad traffic occasioned by the manufacture of any such number
of cars as now being manufactured is also great. -Facts and Figures"
(theofficial publication) estimates the automobile traffic In 1928, including
the carload traffic only, (excluding express matter and less-than-carload
shipments), as aggregating 3,500.750 cars, and this does not include the
haulage of materials required for motor structures, or oil industry.
Since a larger percentage of the new automobiles has been of the lighter
class. the Increased traffic would perhaps be only 20%. but even so this
would mean some 700,000 carloads.
hi IP
Consider also what any such gain in the number of cars manufactured
must mean in the Increase of raw materials required. Using now only
a 20% Instead of a 38% increase, we note that in 1929, there would be as
compared with 1928,(as shown in "Facts and Figures") an increase in the
amount of finished rolled steel from some 6.700.000 tons in 1928 to 8.040.000. contrasting with 3.042.000 as recently as 1924. Of copper the increase would be from 307.800.000 lbs. In 1928 to 369.900.000. Of rubber
from 378.000 tons to 453,000 tons, and so through the list shown in Article VII.
e"sosal
ONCE MORE THE DELUSION REGARDING INFLATION.0r
A British banking house (J. Henry Schroder & Co.) in
their September "Quarterly Review," clinging to the old
conception, say: "Inflation has not the smallest sign of
existing in America in the only form that matters to the
consuming public, which is that of higher prices of commodities. If there has been inflation—and a generally
recognized definition of this word is badly needed—it has
been in the price of real estate and of Stock Exchange
securities, especially common stocks and shares."
However, if the carefully weighed definition for inflation
already given by the writer has any merit (see Articles III,
IV and VIII), this remark flies directly in the face of the
facts and even as regards the price factor is not wholly
free from fault.
But as to the main point mentioned, is it really a fact
that the progressive inflation of commodity prices is the
only form of inflation that rEally matters to the consumer?
Is there nothing in the writer's contention that kiting
prices are merely an incidental phenomenon controlled by
supply and demand, and that like the brilliant eruption
in the case of scarlet fever, are merely surface indications
that may be wholly lacking, and still the inflationary
fever rage?
In the case of a runaway business, are kiting prices
any more dangerous than the maladjustments manifestly
unavoidable if "Prosperity" be driven to its logical conclusion, such as:
2140
FINANCIAL CHRONICLE
(1) The insidious diversion and possible ultimate exhaustion of the nation's banking credit beyond the safe gold limit on account of unrenumerative improvement work and the "frills" of private living and indulgence.
(2) The excessive use of borrowing power by individuals and municipalities-if not by corporations and Federal Government-to the handicapping
of future enterprise.
(3) An Inflation of special wages placing a grievous burden on the many
for the indulgence of the few, and tending to curtail our foreign trade,
when with orders at home declining to normal, the overhead accounts
mount up; and also constituting a menace to the stability of the State
when the final readjustment takes place.
(4) The over-inflation of capitalization and plants of business enterprises
In various lines to the injury of the investor, when and If these lines suddenly find their field of operation heavily restricted.
(5) The inflation of city communities in population and otherwise, and
the bringing thence of thousands of persons from their accustomed habitat
and essential employment to forms of business that are more or less likely
to shrink In activity during normal times.
(6) The inflation and distortion of the ideas of the individual and community as to the value of money and what they have a right to expect of
the good things of life in this working-day world where it is still decreed
that man must live by the sweat of his brow and not on "consummable
leisure."
(7) The enactment of social legislation and the embarking on public
enterprises that must be esteemed extravagant and harmful under usual
conditions of business and public and private income.
"DO MEN GATHER FIGS FROM THISTLES?"
Now, having witnessed the gradual development of every
one of the usually essential elements and symptoms of a
rankly growing inflation, except (a) the sky-rocketing of
commodity prices (held down by strong competition), and
(b) the flight of the yellow metal (overcome by our gold
and foreign debt situation), there is needed only an examination of the following tables for one to comprehend how
It is that this recent growth of luxury business and this
expansion of artificial purchasing power have been merely
the fruition of the Great War and the 1919-20 post-war
inflation.
If this earlier inflation had ended its career with the
bursting of the nation's foreign export and credit bubble
in 1921, it would have been followed by a long period-not
a few weeks, merely-of business and credit prostration.
There was no such protracted period of prostration and
recuperation.
The steady but abnormal growth of purchasing power,
largely inflationary,. appears from the following:
SOME LEADING ITEMS OF PURCHASING POWER, LARGELY
INFLATIONARY.
Year-
Average-All in Dollars, Billions and Fractions
Union Union Loans Indio. -New Capital-Div.
Wage Wages & Ino. Deposits Debt
Stock 8e
Yearly. Formal. (All Banks.) Issues. Issues. Int.
(a) Including war period July 1914 to November 19181913
$1,161 $3.4 $20.2 $17.6
---$1.7
1918
1,504
4.5
32.2
27.7
--------2.7
(b) Covering Foreign-buying Inflation1919
1,716
5.1
37.5
32.7
0.2
3.1
1920
2,188
6.5
42.6
37.3
0.2
3.4
1921
2,244
6.7
40.3
34.8
3.6
0.3
3.3
r Covering Current New (1') Era,125
.4
40.4
40.3
3.4
0.6
3.4
1923
2,306
6.9
44.0
42.1
3.6
0.6
3.6
1924
2,488
7.4
47.2
45.8
4.7
0.8
3.8
1925
2,581
7.7
50.6
49.2
5.0
1.2
4.0
1926
2,710
8.1
52.0
50.0
5.1
1.2
4.4
1927
2,797
8.4
55.4
52.9
6.3
1.5
5.6
1928
58.3
56.8
5.0
3.0
5.9
1929
58.21
58.6
if Loans from
y2.8
y4.3
x8.2
1
"others"
6.0!
Increase
5.0
44.0
41.0
6.5
x Annual rate based on six months return. y Eight months only. z Proforma statement assuming full time annual wages for 3,000,000 of the
more favored Union Workers at average wages reported for 800,000 and
hours worked weekly in 1927.
[Vol,. 129.
The inflation both of finances and business has throughout been one continuous expansive growth, from the very
beginning of the war to the present time.
As a leading banker has said, can anyone imagine any
such expansion of credit-also wages, stock issues, etc.-to
continue for another fifteen years? Where would it
land us?
Similarly, as straws in the wind, we have the following,
showing something of the tenacity and volume as well as
the character of our inflationary endeavors, scarcely more
than hesitating because of the credit spasm in 1921, though
high money rates restricted building then as now:
BUSINESS OPERATIONS IN UNITED STATED 1913-1929.
000 OMITTED.
Year-
Monthly Averages in Thousands
Total
Autos P. Tires Gas. Build. Steel Foreign Autos
istior.ut
Ou
igut Ott
0.i;Ictr Exiortivolegoisio
Barrels Se. Ft.
Not
Not
Not 2,523 204,024
1,258
known known known 1,902 172,675 1,711
6,209
3,588 503,990 6,146
6,815 53,382 2,808 645,818 7,565
8,434 38,275 3,407 673,402 9,232
1,821 8,960 36,859 1,602 364,911 10,464
2,573 10,569 54,552 2,881 313,776 12,239
2,843 13,062 56,352 3,624 340,893 15,092
3,234 15,417 58.869 3,068 374,804 17,595
3,811 18,655 74.955 3,678 401,560 19,954
3,848 2.,818 70,245 3,911 392,643 22,001
4,045 24,815 67,699 3,617 396,572 23,133
4,878 27,209 77,560 4,155 419,175 24,493
5,478 33,693 70.297 4,881 386,864
Note.-Monthly
from "Bury?,of Current Business"; automobile
registrations from "Facts
'Facts and Figures 1929 edition.
SERIOUSNESS OF SITUATION.
1913
1914
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929(June)
40
47
97
161
185
133
212
336
300
355
358
283
363
545
The really appalling fact which is disclosed by this
study, if the writer 'reads the warning aright, is that now,
after fifteen years of blissful delusion, we are still rushing
forward as blindly as ever, unaware of inflation, into
conditions that threaten the amity of the world and the
financial status of great nations.
,For if it be true that there has been in progress in the
United States during this long period a financial inflation
that has made it possible for us to flood foreign nations
with loans and then for months at a time to draw down
the gold holdings of foreign treasuries, raise foreign interest
rates and thus demoralize the exchange value of foreign
currencies and disturb foreign industry and banking, the
dangers involved are manifest.
If it also be true, as years of searching investigation
seem to indicate, that this financial and business expansion-this increase in our people's annual income from
approximately 30 billions from 1910 to 1914 to more than
90 billions at the present time and still mounting-is and
has constantly been in large measure a fictitious development due to the cultivation of an unrecognized form ,of
luxury business inflation, the fact and its consequences
are indeed disquieting.
Such are the observations modestly offered by one who
spent his business life in a watch tower overlooking Wall
Street and since retiting in 1922, whether at home or abroad,
has given unceasing study to the development both in
its foreign and domestic aspects.
ARNOLD G. DANA.
New Haven, Conn.
Sept. 28 1929.
Discussions on Branch and Unit Banking at Annual Convention of American
Bankers' Association-State Bank Division Opposed to Comptroller Pole's
Proposal for Extension of Branch Banking Privileges for National BanksAssociation Calls for Inquiry Into Brokers' Loans.
Group banking, chain banking, branch banking and the
unit system of banking were foremost among the deliberations at the annual convention this week at San Francisco
of the American Bankers Association and the different
divisions of the Association. From the start of the convention the issues involved in the various forms of banking
were injected into the proceedings, and in an address before
the general convention on Oct. 2 the granting of wider
branch banking privileges to National banks was advocated
by John W. Pole, Comptroller of the Currency. That such
branch banking should not be nationwide would, he said, be
generally admitted. He added that it was for Congress to
fix the areas to which the extension of branch banking
might be permitted.
Mr. Pole asked if real progress would not be made in
meeting the needs of our present banking problems, if, at
the coming session, Congress were to instruct the Secretary
of the Treasury, the Governor of the Federal Reserve Board
and the Comptroller of the Currency to study the banking
situation and to report the boundaries which they would
recommend Congress to set up in establishing definite
branch banking areas.
Whatever the economic areas Congress might determine
in which branch banking would be permitted, said Mr. Pole,
three safeguards should be established:
First, that Governmental supervision be further extended and intensified;
Second, that each parent bank be capitalized adequately to meet the
responsibility of operating branches;
And, third, that discretion over the establishment and over the removal
of every branch be vested In the Comptroller of the Currency.
Under a branch system of this kind, he said, the parent
bank would have a diversified banking business to protect
it against economic depression in any one locality or in any
one industrial activity or business enterprise. It would
then be able to extend to the country districts, he said, the
same quality of banking services and the same safety to its
OCT. 5 1929.1
FINANCIAL CHRONICLE
2141
depositors which the customers of metropolitan banks in in the dispatch on that date to the
New York "Journal of
the large cities now enjoy.
Commerce":
The State Bank Division, in session on Oct. 2, registered
It declared: "The American Bankers' Association believes that the
its opposition to the proposals of Comptroller Pole, declaring Federal Reserve System, in co-operation with American bankers and stock
authorities, should take up this matter at once, ascertain all the
its faith in unit banking. Regarding the declarations of exchange
underlying facts in connection with brokers' loans,
the possibility
the State Bank Division, as recorded in its resolution, a of effecting greater stabilization of the money rate, andstudy
then introduce such
dispatch from San Francisco to the New York "Herald changes in procedure as may be found advisable."
Tribune" said:
Rise in Brokers' Loans.
The proposal of Comptroller of the Currency Pole for the extension of
The development of brokers' loans during the last few years is a pheNational banks' branch banking.privileges was unanimously opposed
in a nomenon attending our growing prosperity that was neither premeditated
resolution by the State Bank Division of the American Bankers' Association nor anticipated and that is not yet thoroughly understood, the resolution
late to-day.
stated,"It is important that the growing total of brokers'loans be carefully
The resolution was the first official expression of opinion by any group
of studied, not through public investigation, which is again spectacular and
the Association on the branch banking question.
unavoidably so, but on the basis of scientific research carried on quietly
The Division also opposed Mr. Pole's suggestion that a committee
of by those competent to get at the facts, evaluate them and recommend and
government financial officials be appointed to study the details of
the Put into force such changes in procedure if any, as may be for the public
problem, with sentiment on the floor of the meeting distinctly in
favor of good."
unit organization.
The resolution opened as follows:
The credit situation in the United States, while fundamentally sound,Is
Resolution Adopted.
attended with many new problems due to comparatively recent changes in
"We cannot but express our opposition," said the resolution
adopted various important methods of financing industry and commerce. Hand-tounanimously by State Bank Division members,"to the plans as
enunciated mouth buying has resulted in reduced inventories all along the industrial
by the honorable Comptroller of the Currency because
as we believe, if line. This has been followed by falling commodity prices, but increased
carried out, they would result in giving new and unfair
advantages to Na- production and increased total earnings, and a smaller capital requirement
tional over State chartered institutions. The appointment
on the part of for the same production, which is evidenced by a falling off in the relative
Congress of a committee of experts to study carefully anew
various phases amount of money used for commercial purposes, while the actual total has
of banking is, of course, to be welcomed by our membership.
We record, been increasing. On the other band, instalment buying has required inhowever, our opinion that any such committee so appointed
should include creased financing that represents a call upon future earnings of the buying
In its personnel those thoroughly cognizant of banking in
all its phases and public.
forms; that one-half of such committee should be composed
of those now in
"Industries have been financing working capital more and more through
close touch with banking corporations operating under State
charters."
the issuance of securities, first through bonds and stocks, and during the
With that resolution, however, the State bankers
were not content. last two years increasingly through stocks. This has resulted in a slower
They indorsed also a resolution approving the principle
and urging the con- growth of commercial bank loans and a more rapid growth of loans against
tinuance of unit banking.
secrities together with the holding of idle funds periodically by many
"Individual initiative and effort have long been an outstanding
American industries.
accomplishment," read the resolution on this point. "Just
how far and how
"The change in financing has created more securities and has led inlong mergers, combinations and unifications of control
may persist in the dustries to use funds received from the issuance of long time obligations
field of banking no one can foresee. We are firm in the belief
that the unit in the stock market. Expanding business and increasing prosperity, tosystem of banking which has stood the test of time will
always have a most together with greater available funds for use in carrying stocks, have atimportant place in our American system of banking.
Whatever the forms tracted a vast public, both domestic
and foreign, into our stock market. As
may be we will all agree on the importance and fairness of
parity of treat- stock prima have risen, greater margins have been demanded and bankers
ment at the hands of our bankers and those who
administer under the have followed the changing
situation with the utmost solicitude.
statutes."
"The combined result of these new movements seems to be reflected in
Discuss Three Angles of Problem.
the increasing proportion that loans against securities bear to the whole
credit structure. But, to a certain extent, such loans indirectly carry inThe State Bankers Division at its meeting this afternoon had
its program
so arranged that the leading banking questions of the
dustrial and commercial enterprises whose needs were formerly cared for
day, Involving unit
by bankers through commercial loans. Many of these developments are
banking as against group and branch banking, were approached
from three sound,
but it must be borne in mind that changing psychologies crcate new
sides.
First, M., Min Beebe, President of the Bank of Ipswich,
problems and bankers must be ready to meet them."
of Ispwich. S.
The resolution on agriculture expressed confidence in the Federal Farm
Dak., spoke on "Unit Banking Best Adapted for
Agricultural Section."
Board, holding that, "if given ample time for its deliberations, its work
He was followed by E. G. Bennett, Vice-President and
Manager of the First
affords an opportunity for the development of measures of great importance
Security Corp., Ogden, Utah, whose subject was "Group
Banking Best
to the general welfare of the country."
Adapted for Agricultural Sections," and by Clyde Hendrix,
President of the
Another resolution reaffirmed the association's stand against any change
Tennessee Valley Bank, Decatur, Ala., who spoke on "Limited
Branch In the
present method for taxing National banks on the ground that such
Banking Best Adapted for Agriueltural Sections."
changes as have been proposed in Congress would weaken National banks
and, inasmuch as they are the only compulsory members of the Federal
Praises Group Banking.
Reserve System, would seriously jeopardize the future of that system.
"Modern group banking," declared Mr. Bennett, "carries
with it
attributes of specialized management, service and diversificatio all the
At the beginning of his address, before the General Conn that is
possessed by branch banking, Through its economies it makes
for greater vention, (the title of which was "The Need of a New Bankearning power than the same volume would in the aggregate
produce for ing Policy,")
unit banks and adds thereby to the strength and stability of the
Comptroller Pole said that the metropolitan
operation."
"No matter how keen or clever a banker may be, he does
not get the banks, by virtue of their large capital, their access to a great
Perspective of his customers unless he has the environment." asserted
Mr. diversity of banking business and their ability
to secure
Beebe. "This is the strongest point of unit banking.
The general convention made no declaration as to its
approval or disapproval of the Comptroller's suggestion
as to wider branch banking powers for National Bank;
in indicating that the convention contented itself with
directing a continuance of the inquiry into group and chain
banking,telegraphic advices Oct.3to the New York "Journal
of Commerce" stated:
Leaning back even more conservatively than some of the members
of its
resolutions committee had intended, the American Bankers' Association
went on record in its final resolutions at the closing session to-day
as instructing its economic policy commission to continue investigation of group
and chain banking.
This commission, the advisory body of the association, is instructed
to
represent the American Bankers' Association In co-operating
with any
committee which may be appointed by Congress on the subject and
to report
to the executive council of the American Bankers' Association at
the spring
meeting. The original intention of many members of the
resolutions committee to recommend the appointment of five bankers to co-operate
with the
Mellon-Young-Pole committee, recommended yesterday
by Comptroller
Pole, was incorporated in yesterday's resolutions of the State
Bank Division.
In effect, the banking trend resolution of the entire association
which
committed the body took no stand save that of watching
carefully future developments. The.predicted ultra-conservative stand was
thus even more
conservative than any one had anticipated.
The National vs. State banking question was ignored
in all resolutions save
those of the State bank division, which interrupted Comptroller's
Pole's
suggestion as an attack on the State banks.
At the same session (Oct. 3) of the general convention
a resolution calling for an inquiry into the subject of brokers'
loans by the Federal Reserve System, in Co-operation with
American bankers and Stock Exchange authorities was
adopted. The resolution, according to the San Francisco
account to the New York "Times" said:
The total of so-called brokers' loans, as now given publicity
weekly
and monthly,is a spectacular figure, whereas it should be a scientific figure.
As a spectacular figure it leads to stock market fluctuations that are unsound
and detrimental to She public good and also to threats of financial legislation, which if carried out might be even more harmful.
The further declarations of the Association as contained
in the resolutions adopted Oct. 3 were set out as follows
the most highly trained personnel, are in a prosperous
condition and reflect, as all banks should,the general strength
of industry and commerce. But, he pointed out, threefourths of the banks in the United States are outside the
metropolitan centers and it is these banks which serve the
majority of the population. A study of bank earnings covering the last two or three years, years of general business
prosperity, shows that a large percentage of banks outside
the principal cities are operating with insufficient earnings.
The inability of many country banks to earn a fair profit
upon invested capital is naturally reflected in the large
number of failures which have occurred during the past
eight years. He said that the failure of between 5,000 and
6,000 country banks to which the savings of small depositors
had been intrusted is a serious indictment against the system
of banking in the rural communities of the United States.
Mr.Pole declared that extreme opponents of branch banking had predicted, when the McFadden Act was under consideration, that, if National banks were permitted to establish branches even within the cities in which they were situuated, there would be a great scramble for branches with a
consequent confusion in the banking business accompanied
by the danger of overexpansion, but this had not turned
out to be the result.
Mr. Pole sketched the recent development of "group
banking," so-called. He said that considering group banking as a phase or form of branch banking and counting
each branch as a banking office, there are about 29,000 banking offices in the country as whole, 6,000 of which or something over 20% of the total are not, strictly speaking, unit
or independent banks. He added:
Banking groups in the large cities which are obtaining control over
country banks appear to be driven by economic necessity to using this
method of extending the services of the metropolitan banks to the rural
communities. The group can never be operated with the economy, the
flexibility and the singleness of policy which is possible under a branch
system. If the laws permitted the establishment of branches in the country
districts by these banks, group banking would disappear and the country
banks would be able to do business directly with strong city banks.
A strong metropolitan bank may, through the group
system, said the Comptroller, greatly improve the rural
banking situation by putting behind a group of country
banks its financial strength and management, but it is debatable whether or not this form of banking is the best for
the situation which confronts us. But, in the absence of
Government permission for branch banking in its true sense,
present developments, he said, indicate that group banking,
under the force of economic law, may eventually displace
the present system of country unit banks.
As for the sound country bank which has been opeating
for years with profit and serving its local community, Mr.
Pole said that it was unconceivable that any Comptroller
of the Currency would ever lend his hi h responsibility to
aid a branch bank drive a local bank unfairly out of business.
"The successful bank," he said, "should have nothing to
fear from the recommendation which I proopose."
Asserting that neither the Federal nor State Banking
Departments with their limited powers can adequately
handle the supervision of a group banking system which
disregards all political boundaries, Edgar H. Sensenich,
President of the West Coast National Bank of Portland,
Ore., and President of the National Bank Division of the
Association, told the Division at the opening of its session
on Sept. 30 that the time will soon be at hand when bankers
must give serious consideration to the prospect of Federal
supervision of all banking in America. The foregoing is
from a dispatch Sept. 30 to the New York "Times" which
went on to say:
Mr. Sensenlch's address was the opening gun in the discussion of what
is conceded to be the fundamental issue of the convention, branch banking.
Citing the opinion expressed by a group of bankers who recently visited
Washington, to the effect that group banking cannot be arrested, Mr.
Sensenich placed before the meeting the blunt question which has been
in the minds of all the delegates. "is unit banking on the skids?"
Cites Yearly Gains Made.
of opposition the speaker said, branch banking
has made yearly gains, and never before has that system had such favorable
support as it Is receiving at the present time.
"From the highest to the lowest in banking circles," Mr. Sensenick
said,"come more and more frequent expression of opinions favorable to
the extension of branch banking, either city-wide, State-wide or Nationwide.
"If legislative action was more quickly adjustable to changing opinion.
we would undoubtedly be witnessing at the present time a rapid extension
of the branch banking system. It is the failure of Legislatures to move
more quickly in banking legislation that has led to the introduction and
rapid development of group banking in this country."
Citing the spread of group banking on the West Coast as an example of
the way in which this movement has taken hold, Mr. Sensenich said that
in the Twelfth Federal Reserve District alone there were on Juno 30, 22
holding corporations and 14 individuals, or groups of individuals, controlling or holding substantial interests in two or more banking institutions.
In recent months, he said, these holding companies have thrown territorial limitations to the winds and are in the market for and actually
buying banks in other Federal Reserve Districts.
Against the stiffest kind
Says Scouts Cover the Country.
The country is covered with group banking scouts, he said, and there is
scarcely an institution of favorable standing that has not been approached
by one of these holding companies. The surprising thing about it, the
speaker asserted, is the number of Independent bankers. including many
who are openly opposed to group banking, who are willing to be approached
and to listen.
So subtle in character, Mr. Sensenich added, is the approach of the
promoters of group banking that even those who are strong advocates
of the unit system find their good business judgment will not permit them
to deny consideration to the proposals of the group bankers.
"I doubt whether there is a single group organization of any importance,"
he declared, "that does not have a waiting list of independent banks that
are willing to negotiate a trade or a sale of their controlling stock. Only
recently it was stated that one of these organizations had a list of a hundred
waiting banks.
"What all this spells for unit banking I leave to your own imagination,"
he added.
"When the average person thinks of a stronger bank he has in mind
11, large one," he said. "At any rate, and so far as I can learn, in communities served by branches of group banking organizations, the people
have shown no antagonism toward them."
The address by George H. Hamilton, Vice-President of
the Fourth National Bank of Wichita, Kan., before the
National Bank Division Sept. 30 tended along the same general lines whieli that of Mr. Pole was expected to take Oct. 2,
said a San Francisco account Sept. 30 to the New York
"Herald Tribune," these advices adding:
Mr. Hamilton traced in detail the factors which have contributed to the
decline In Importance of the National Banklmt system, as tymtpared with
State hanks In recent years. lie pointed out that National banks were
giving up their charters In favor or State charter,In increasing numbers.
For this change from one system to the other he assigned these causes:
first, a distinct advantage from an operating standpoint and, to a tosser
extent, the probability of increased profits under a State charter, and, second, the uncertainty which prevails with reference to the merging of trust
and fiduciary relations under a National bank chapter because of the adverse decision of the Supreme Court In the Worcester County National
Bank case.
[Vol.. 129.
FINANCIAL CHRONICLE
2142
Resolution Adopted.
"Unless congress can strengthen the Federal Reserve act," asserted Mr.
Hamilton, "and can strengthen the McFadden bill as passed so that there
will be no question as to the right of National banks to succeed to the trust
business of trust companies In case of merger under the National bank charter, then you have before you a real handicap for banks operating under
Federal charter."
On this point the National Bank Division adopted a resolution to-day.
"Recognizing the force of this decision in Massachusetts and perhaps some
other states and deprecating the handicap It throws upon National banks
and such trust companies and State banks as may wish to consolidate with
National banks, the National Dank Division believes that the Legislatures
of the several states in which the same difficulties might arise should grant
such relief as is needed through amendment of their statutes to provide
definite succession of fiduciary appointments."
The Division also pledged its active support to Comptroller of Currency
Pole in his study to determine the reasons for the withdrawals of banks
from the National system for the purpose of operating under State laws.
That the small unit bank in any community can maintain
its independence in competition with any branch or chain
system by becoming a member of the Federal Reserve system,
was the confident declaration to the general session of the
Association on Oct. 3 by Max B. Nahm, Vice-President of
the Citizens National Bank, of Bowling Green, Ky. Mr.
Nahm callenged the justice of some accusations of weakness
that have been made against the unit type bank and boldly
pleaded for the unit bank as the kind by far the best suited
to the banking needs of the small community. With
membership in the Federal Reserve system as "an anchor to
windward," said Mr. Nahm, the unit bank can serve its
patrons in comfort under any conditions that may arise in
good banking. He added that such membership is the one
guarantee that the unit bank can continue to exist. Referring to "the tropically luxurious growth of methods and
varieties of banking"—chain banks, branch banks, group
banks, holding companies, &c., as making for a "jungle of
banking confusion," Mr. Nahm said: "I want to drive down
one stob for a National banking system, revamped if need be;
but, most of all, I want to sink deep the stob of the unit
bank under whose care and guidance we grew up. It is time
that we return to first principles." Although out of 25,000
unit banks in the period 1920-1928, 4,458 National, State
and private banks closed their doors, Mr. Nahm declared
they would no doubt have closed their doors had they been
chain, group or branch banks. Not all of them failed, he
said; it was the communities in which they were located
that failed. Many small communities have faded out or
have no longer enough business to maintain a bank. Mr.
Nahm said that good banking is not a matter of bigness or
wide extent. Branch banking he declared to be far preferable
to chain banking, but, no matter how many branches in a
system, they are no guarantee against disaster, and he
instanced examples of forced closing of doors by. branch
bank systems in Australia as far back as 1893 and in more
recent years in Canada. As to the remedy, Mr. Nahm
declared it was better banking where there is a field for a
bank to thrive. There must be a scientific revision of banking practices in unit banks. Industry was succeeding better
than banking or agriculture, he said, because it is submitting itself to scientific overhauling by the smartest
intellects in the world.
Correspondent banking, that system under which banks
in financial centers act as sources of credit and depositories
of funds for other banks, especially in smaller cities, and also
their counsellors in banking matters was championed as best
fitted for the continue development of American banking by
George W. Davison, President Central Hanover Bank &
Trust Co. of New York in an address before the general convention of the Association on Oct. 3. He spoke on "Banking Evolution in America." Mr. Davison, whose institution
possesses, as he said, "a pioneer tradition in the establishment of correspondent bank relations," being the New York
correspondent of a large number of banks, declared it to be
his belief that "there is no necessity in our banking past or
present for a revolutionary change in our banking system in
the near or further future." He gave this as the answer to
questions as to the significance of the rapid progress of the
merger movement for larger and larger banking institutions,
the persistent pressure for the expansion of branch banking
beyond municipal confines and the movement for chain banking, which he said was "obviously an endeavor to establish a
compromise with national and State statutory limitations on
branch banking."
Holding that the prime characteristic of American banking had been its intense individualism. Mr. Davison said:
-It Is to correspondent banking that. In studying our banking history
and our banking system as It exists, my thought turns for the assurances
that will safeguard and preserve the Individualism of American banking
which 1 believe we all regard as indispensable to the health of the American
OCT. 5 1929.]
FINANCIAL CHRONICLE
2143
economic future, if we as bankers are to serve our people as well in the
future as we and our predecessors have served them in the Past."
appears to have adjusted itself to a 6% rate and Is going along about all
usual.
may be fairly said that many conservative bankers in this country
He said that the growth of correspondent bank relations areItgravely
alarmed over the mounting volume of credit that is being
is a normal economic expression of the individualism of our employed in the carrying of security loans,
both by brokers and by individuals. If then, we as commercial bankers admit to ourselves our rebanking and added:
sponsibility
in
the
matter
of
the
amount
of
credit which is passed out over
"I think that the line of advance to still better banking and the Provision of a complete service suited at all times to make its contribution to our counters, ought we not take careful heed of the situation as It applies
to
the
country
as
a
whole,
even
though
our
own particular institutions
the realization of American opportunity and the diffusion of increasing
prosperity lies In the normal evolutionary development of correspondent may happen to be in very liquid shape, with ample reserve loaning power.
Shall we not think and act together to the end that nothing shall prevent
banking."
our combined ability to take care of industry,commerce and agriculture.
Branch banking, should it become legalized on broader
Someone may ask: What is the role of the Federal Reserve System In
this connection? Is it not their sole function to look after the credit conlines, may possibly give us better mechanical banking, said dition
of the country, and should we not
them full credit or blame
Mr. Davison, but he declared that banking is not an enter- for a good or bad condition of affairs. I give
believe not—I believe that we
prise of formulas and machinery. It is profoundly involved have been somewhat too inclined to "pass the buck" to them. Certainly
have a responsibility in this connection, but the Federal Reserve
with the human side of life, he said, with people engaged in they
System, as I see it, furnishes a marginal element In the demand and supply
the business of making a living. He said that the system for credit. It is a well-known law of economics that
the marginal demand
of correspondent banking safeguards the individual initiative and supply usually determines the price of a commodity. As I see it,
the
Federal
Reserve
banks
take
care
of
the
marginal
demand for credit
and independence of banks everywhere. The independently through their rediscount
operations, and sometimes in their open market
owned and controlled bank can do far more, he said, in operations. They take care of the marginal supply or excess
of credit,
serving its particular community than a bank owned by dis- frequently in their bank acceptance operations, Government security
buying and other open market trading. Thus they help to preserve a
tant interests. All the knowledge and confidence derived balance in the credit structure and furnish a factor
of safety and levelling
from local contacts cannot be translated, added Mr. Davison, which was not present before the inauguration of the System. In the
face
of
the
tight
money
situation
which
prevails
at the present time and
into terms understandable by some controlling authority at
which we have referred. the Federal Reserve System Is to-day in a
a remote point. Mr. Davison said he believed in bank mer- to
very strong reserve position. There is found In this condition a very
gers up to the point where they are not restrictive of inter- real source of confidence In our ability to withstand successfully any
bank competition and up to the point where independence extraordinary credit strain. There are some who have asserted the policies
of the Federal Reserve Board have been weak and uncertain. However
can be retained and its relations with its customers do not this
may be. it should be pointed out that the individual Federal Reserve
become mechanical or stereotyped. He also believed, he banks have placed themselves in a position of preparedness.
So far as our own relations as bankers with the Federal Reserve banks
said, in branch banking in limited local areas where the
are
I think we may lay down some fundamental principles.
closest kind of contact can be kept with the main office and, Theconcerned.
Federal Reserve System is for our use In emergencies, to carry us
of much greater importance, where the main office has a over peak periods, to influence the general credit situation through its
close and exact knowledge of local business conditions and open market operations, and to be the custodian of the country's gold
supply, upon which all credit is based The Federal Reserve System
the local people.
does not operate for the purpose of adding permanently to the funds which
Craig B. Haxlewood, Vice-President of the First National we dispense to our customers, nor to enable us to make an additional
profit through rediscounting at a better rate, nor to make It possible
Bank o' Chicago in his address as President of the Associa- to
take care of customers who desire to purchase or hold securities after
tion on Oct. I noted that we have had a startling increase the loanable funds of our banks have been exhausted by commercial
or
In the trend towards bank holding companies, chain, group agricultural loans. The responsibility for seeing to it that the facilities
of the Federal Reserve banks are not improperly used, rests in the first
and branch banking, and added:
instance on those of us who are managing member banks of the Federal
It is not the desire nor, may I add, the province of the President of this Reserve System.
Association to debate from this platform the merits or demerits of this
According to Trevor 0. Hammond, Vice-President Natrend in the banking system. I know that a number of bankers have been
engaged recently in a strategic retreat from the ranks of unit bankers. I tional Bank of Montana, Helena, the Northwest is going in
know that if the unit banking system has had its faults, it has also had its
for group banking because that section wants to make more
virtues.
During the past year there have been upwards of 1,000 banking con- of its great natural resources, to effect industrial and agrisolidations, all of which presumably represent the response of the banking cultural development and to reach out for wider markets
business to economic forces that require a greater economy in operation,
greater use of the limited number of thoroughly capable executives qualified than it has hitherto enjoyed, and to accomplish these ends
to meet to-day's intricate and gigantic financial problems, and larger it must have strong banking facilities. Mr. Hammond adreservoirs of capital to undertake the greater financial burdens of this new dressed the General Convention on Oct. ".
He stated that
business epoch—not to speak of the elimination of wasteful competition.
Ten banks to-day have combined resources of ten billions. One per cent the Northwest is playing a large part in the group banking
of our banks control approximately three-fourths of the nation's com- movement, and the group to which he bs longs was formed
mercial deposits, leaving one-fourth to the remaining 99%.
because it is believed that it is the best way to facilitate and
A free initiative has built America. Every pioneer was for himself.
United action has always been characteristically and democratically free. advance the present business and future growth of the
In the same spirit, American banking has developed, with each unit de- Ninth Federal Reserve District, which includes the State of
tached and independent—in sharp contrast to the many other countries
Minnesota, North Dakota, South Dakota, Montana, the
where branch banking and a central government bank have always been a
northern part of Michigan and the norther part of Wisconsin.
traditional and accepted trend.
I can, however, conceive a banking system which will discard any of the "You need have no fears that we plan to become part of a
possible disadvantage of the banking system of yesterday, and eventually
develop a perfected system which will provide every community with national chain," said Mr. Hammond. "This group is decomplete banking facilities, without taking from it that initiative which signed to serve the Northwest territory solely and exclusively
has contributed so large a part to the upbuilding of economic America.
and the distribution of its stock in small units over the
President Hazlewood also referred in his address to in- Northwest makes it unlikely that control could ,vtr pass
creasing brokers' loans, saying in part:
to outside hands."
Let us see if we can think clearly as to the issues which are involved in
It was stated in a dispatch Oct. 3 from San Fran-isco to
the greatly increased demand for loans to carry securities. First of all, I
believe we should recognize the fact that, whereas, we are interested in the New York "Herald Tribune" that the response of memthe prosperity and growth of our corporation customers, and whereas, we bers to the sentiments expressed by Mr. Davison and Mr.
are glad to increase, by reason of their growth and prosperity, the volume
of credit we extend to these corporation customers, yet we do not directly Nahm's paper was so rousing as to make it evident that any
add one dollar to their growth and prosperity when we loan $100 to-day on attempt to put through a resolution in support of the prina share of their capital stock as compared with $50 that we may have loaned ciple of branch banking
would have been bitterly contested,
on the same share 6 months or a year before. In other words, the increased
volume of credit as employed in carrying stocks at higher levels, does not if, indeed, not summarily defeated. It appeared plain, the
add to the wealth of the corporation itself. The market value of the dispatch continued, that the sympathies of an overwhelming
securities on the New York Exchange list alone, increased from $60.670,majority of the members present in the convention hall
000,000 on Jan 1 1925 to $124,230.000,000 on July 1 1929, which is a heavy
increase in quoted values after allowing for increases in the number of units were a unit as opposed to branch banking.
listed. The total amount of the new securities issued in 1928 was approxiWhile we have referred above to only a portion of the
matelY ten billion dollars and for the first 8 months of 1929 was about
speeches which featured the general convention and the
7% billions. A large part of these securities will undoubtedly be found in
Divisions of the Association, all of the addresses, re,orts,
our collateral vaults.
It Is definitely known that many ofour banks,and especially some institu- &c., will be published in full in our "American Bankers
tions in our larger cities have increased their I oans on collateral securities
Convention" number to be published at a later d
to Peaks never before attained. Some of them are over-loaned—In some
cases they are borrowers and in some cases, even if they are not borrowers,
they have ethausted their secondary reserves. I know of a considerable
number of large city banks whose only recourse to meet a new and extra.
ordinary demand or withdrawal of deposits, aside from calling customers
loans, would be borrowing at the Federal Reserve Bank. Banks in this
position are not entirely happy with the situation and many of them in the
last 60 days have been refusing to make additional loans to carry securities. I know of no banks that are refusing to make legitimate commercial
loam to which customers may be entitled. With the enormous increase in
new securities which have been issued at higher loaning values, the pressure
on our banks this year for collateral loans has been exceptionally large when
added to the regular commercial demand. The level of interest rates at 6%
and up, as compared with an average of perhaps 5%, which ordinarils
prevails in the late fall, is a clear indication of this condition. Business
Conversion of Clearing House Section of American
Bankers Association Into New Commission.
Action toward the conversion of the Clearing House
Section of the American Bankers Association into a new
Commission. A Commission on Banking Practice and
Clearing House Function, was taken at the general convention at San Francisco, at the opening session Oct. 1, when
an amendment to the by-laws of the Association providing
for the change was adopted. H. Y. Lemon, Vice-President
of the Commerce Trust Co., Kansas City, was appointed
chairman of the newly created commission.
2144
FINANCIAL CHRONICLE
Proposals for Branch Banking Law Expected at Next
Congress Session.
According to the Washington correspondent of the New
York "Journal of Commerce," further discussion of the
plan of Comptroller of the Currency J. W.Pole for extension
of branch banking within irregular economic areas at the
Treasury Department to-day disclosed that the Administration anticipates that proposals for legislation will be made
at the December session of Congress. Under date of
Oct. 3 Washington advices to the paper referred to also said:
These proposals were expected to come from Congressional banking
leaders, but officials decline to speculate as to the prospects for having
branch banking bills written into the law. While the suggestions made
by Comptroller Pole were generally approved at the Treasury, it was
reiterated that there is no definite program for legislation and that the
banking situation is "up in the air."
An official pointed out that because of its paramount importance and
widespread effect on the foundation of national banking, the situation
"calls for discussion, which takes a certain amount of time before a plan
for legislation may crystallize."
Some officials take the attitude that branch banking expansion legislation will come by steps, just as the McFadden law permitted national
banks to establish branches, where the State law permitted, within the
corporate limits of the city of the home bank. That was characterized
as the first step.
Elaborating somewhat on Pole's recommendation for establishment of
economic areas, officials said that the plan was to establish branches
within a zone where the banks could ecoonmically and efficiently do
business—a zone whose business focused in the city of the parent bank.
"These zones might easily extend over State lines," an official said.
"For instance, New York National banks might be permitted to establish
branches in Jersey City. They would not necessarily follow Federal
Reserve District boundaries."
John G. Lonsdale Elected President A. B. A.
John G. Lonsdale, President of the Mercantile-Commerce
Bank & Trust Co.of St. Louis,is the newly-elected President
of the American Bankers' Association. Other officers are:
First Vice-President, Rome C. Stephenson, Vice-President
of St. Joseph County Savings Bank, South Bend, Ind.;
Second Vice-President, Harry J. Haas, Vice-President of
First National Bank, Philadelphia, Pa.
John W. Barton, Vice-President of the Metropolitan National Bank, Minneapolis, Minn., has been elected President
of the National Bank Division.
For,. 129.
Dan V. Stephens, President of the Fremont State Bank of
Fremont, Neb., was elected President of the State Bank
Division to succeed S. J. High, President of the People's
Bank & Trust Co. of Tupelo, Miss.
John C. Meechem, Vice-President of the First 'Union
Trust & Savings Bank, Chicago, was chosen President of
the Trust Company Division, of which Gilbert T. Stephenson, Vice-President of the Equitable Trust Co., Wilmington,
Del., was elected Vice-President.
Martin A. Graettinger, Secretary of the Illinois Bankers'
Association, was elected President of the State Secretaries
section.
Washington Upholds Comptroller Pole's Banking
Plan—Treasury, Reserve Officials Agree Time is
Ripe for Congressional Action on Branch Problem.
From the "Wall Street Journal" of Oct. 3 we take the
following Washington account:
Early reaction to the speech of the Comptroller of the Currency John
W. Pole, on branch banking, at San Francisco, among administration
officials, verified the understanding that they approve Mr. Pole's program.
The Treasury and Federal Reserve Board appeared to consider the heart
of the speech as the proposition that Congress investigate or authorize
such experts as the Secretary of the Treasury, the Governor of the Federal
Reserve Board and the Comptroller himself to investigate the situation
and determine an economic area to which branch banking may be extended.
There is no indication that the administration is ready to throw its
weight behind any definite step, except one to find the economic points to
Its desire, that the situation be taken up by Congress during the coming
winter.
Some officials took occasion to point out that Mr. Pole himself did not
recommend any definate step, except one to find the economic unit over
which it will be practical to allow expansion.
As Mr. Pole has explained, so far, the banking situation has been such as
to make trust company or State charters attractive to National banks,
many of which have given up their National charters. At best, holding
companies are more attractive now than branch banks. It seems to be the
hope of the administration to find an area over which it can permit branch
banking for National banks and thus by sheer attractive power of profit
motive and business expediency, draw banks into a wide and diversified
system.
Treasury and Reserve Board officials do not agree among themselves on
what the economic unit should be, but there is agreement that the time has
come for congress to start action looking to expansion. Meanwhile the
nation-wide reaction to Mr. Pole's speech is being followed with intense
interest to get an indication of what the public thinks.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME,
Friday Night, October 4 1929.
The vagaries of the weather have militated against business to some extent. In the South Atlantic States great
rains sometimes as high as 10 inches in two days in parts of
Georgia, and heavy rains in the Carolinas with rising rivers
were striking instances of unfavorable conditions following
a big tropical storm from the Bahamas. At the same time
taking the country over the retail business is in the van.
It looks better than it did a year ago. Jobbing and wholesale trade as well as the industries are about on the same
plane as they were at this time last year. Of course the
great declines in the stock market have continued to attract attention. The Chicago Board of Trade watched Well
Street developments with some apprehension. Call money
on the Stock Exchange at times was up to 10% though today it was down to 6% and even 1% less than this outside.
The mammoth brokers' loans and the attacks on American
stock speculation by politicians in London have not been
without some effect. A very heavy but salutary liquidation
in the stock market, however, has in some degree cleared the
atmosphere. It can hardly be otherwise after a week of the
biggest break in stock quotations seen this year
And within a few days the weather has become cooler here
and at the West and this will naturally help business in
seasonable goods. The fashions have decreed larger yardage
of some goods. This will aid business in cotton and other
fabrics. In finished cotton goods there has been a fair trade
and prices have latterly been firm. Sales have been rather
slow in fine and fancy cotton cloths aside from home broad
cloths, crepes, poplins and rayon fabrics for which there has
been a fair demand at steady prices. Holiday business in
finished cottons has shown more life. Spring lines of shirtings have sold better and washed goods, especially ginghams
and denims, have been in excellent demand. Some woolen
and worsted fabrics have sold well for immediate or near
delivery and some lines are in small supply for quick shipment. There has been a larger trade in men's wear woolens,
especially in tropical goods. For these there were many
duplicate orders. Broad silks have been in pretty good demand in some quarters while other houses complain of dullness of trade. Raw silk was quiet and somewhat lower here.
In steel, wire and scrap material further declines have
taken place. The steel business would make a dubious
showing for the moment but for the large buying by the railroads. The automobile industry is not buying steel on any
considerable scale. The redeeming feature was the heavy
purchases of rails, cars and steel plates. There is not much
of any increase in building. Therefore sales of brick,lumber
and cement have been relatively small. A better business
has been done in coal, both biuminous and anthracite.
Bituminous has on some grades advanced. But at some
Pennsylvania points a good many coke ovens have had to
shut down, owing to a falling off in operations at steel or
iron plants.
The improvement in the retail trade is most clearly shown
in large department stores and combined chain and mail
order houses. The small retailer is finding the going rather
hard. Electrical power production in August, it is gratifying to notice excelled all previous records, with an increase
of 10% for that month. It marked an increase of nearly
12% for eight months over the like period last year. The
lamentable effect of prolonged droughts was seen in a decrease of 35% in hydro-electric power. This is the lowest
proportion seen in summer in recent years. Cotton advanced about a quarter of a cent owing to the great rains
in the South Atlantic States accompanied by lowering of
the grade, blowing out of cotton and damage by weevil.
Also there is a fear that the Government report on the 8th
inst, will reduce the estimate on the size of the crop from the
total a month ago of 14,825,000 bales. The average estimate from private sources is now 14,700,000 bales.
Wheat declined slightly with export demand slow and
some of the crop reports from Australia and Argentina at
times rather more favorable because of rains there. It is,
of course, well known that the visible supply in this country
is over 190,000,000 bushels. But there will be a shortage
in the crop of Australia and Argentina. Argentina is ex-
OCT. 51929.]
FINANCIAL CHRONICLE
pected to raise only about 60% of a normal crop. The
receipts of wheat at Northwestern and Canadian markets
are only about half as much as they were at this time last
year. Corn has been steady as supplies of old corn at terminal markets are abnormally small. Besides there is
going to be a big feeding demand in States which usually
have a large.corn surplus. It is profitable to feed cattle
and hogs at current prices. The winter consumption of
corn is likely to be large. Oats are considered cheap and
have changed but little during the week. Rye has declined somewhat because of the persistent lack of an export
demand. Provisions have advanced with hogs higher,
corn steady and some foreign demand for December and
May lard. Coffee has declined X to Ho. with prospect of
increased receipts while at the same time Brazilian prices
have declined. Speculation as a rule has been light. But
at times liquidation in the December delivery of Rio and
Santos has been heavy. Sugar has declined about five
points on futures, but the Single Selling Agency has maintained prices of the actual sugar. Prompt Cuban sugar is
at the same price as a week ago, namely,2 5-16e. c. & f., but
trading has latterly been light. Refiners have had a fair
business at times, but of late the withdrawal demand has
fallen off. Rubber has shown little change. Stocks in
London continue to increase and foreign markets have declined. But covering of shorts and trade buying in a market
perhaps somewhat oversold have had some sustaining effect of late. In fact to-day prices were up 50 points from
those of Thursday though the net change for the week is
slight where there is any.
On the Stock Exchange on the 3rd inst. stocks had the
severest decline of the year, with steel falling 10 points.
Trading was roughly 4,750,000 shares. There was much
selling on the great increase in brokers' loans in the monthly
statement of the Stock Exchange. Wild selling in the last
hour cut prices sharply. The fact that a new peak in brokers'
loans known was reached in the weekly return of the Federal
Reserve Bank after the close of business aroused apprehension as to the course of the market on the next day which
proved to be only too well. Justified,inasmuch as on Friday
the market broke even more badly than the day before. The
trading was approximately 5,600,000 shares, the largest since
March 26, when the total was 8,239,600 shares. The Stock
Exchange ticker at time was nearly an hour behind the trading. The Curb was fully an hour behind. In the mist of the
hurly-burly here it seemed to be foregotten that the first
67 railroads that have reported so far for the month of
August show net operating income of $126,707,000 against
$115,453,000 during the same month of last year, and that
gross operating revenues during August for the same roads
amounted to $531,956,000, as compared with $509,902,000
for the corresponding month of 1928. The September output of automobiles is estimated at 417,000 units against
413,000 in September last year. For nine months the total
Is estimated at 4,823,720 an increase of 31% over the like
period last year. In fact it exceeded the entire year of 1928
by 222,590 cars.
At Marion, N. C. on the 2nd inst. about 100 night operatives struck and in a clash with the authorities four were
killed, six mortally injured and 18 others wounded, when
they sought to prevent the morning shift from entering the
gates of the Marion Manufacturing Co.'s mills to work.
The Governor of the State ordered troops to Marion to
quell the disturbance. Raleigh, N. C. wired that higher
wages, shorter hours, abolition of the mill village and company houses system, and closer co-operation between capital,
labor and the State were urged by Governor 0. Max Gardner, in an interview as a cure for the ills of the Southern
textile industry. Spartanburg, S. C. wired: "For the first
time in 30 years the High Shoals plant of the ManvilleJenckes Co. at High Shoals, N. C. is closed down on account
of high water, according to information received there. The
plant is located 14 miles north of Gastonia." The textile
situation in this country has recently improved. Manchester, England did a better business early in the week but
to-day was reported quiet again. In Eurpoe and Japan the
mills are fairly well employed, but complain of low prices.
Montgomery Ward & Co.'s sales for September were the
largest for any September in their history, showing an increase of 25.55% over 1928. The nine months'sales showed
an increase of 30.56% over last year. The larger volume
for September represented an increase in the mail order department as well as in the retail division. Sales of Sears
Roebuck & Co. for September were $36,950,342 against
2145
$35,132,543 in August and $30,004,372 in the same month
last year. The increase is 23.1% for the month. For nine
months the sales were over $293,000,000, an increase as
compared with the same period last year of 28.9%.
The week was memorable as to weather, because of the
tropical storm that struck this Continent. It has been a
bad week at the South for cloudbursts, high winds and
damage to crops all coming with storm from the West Indies.
At Augusta, Ga. in two days the rainfall was over 10 inches.
Alabama had 8 inches on one day. The C,arolinas were
drenched by railfalls of over 5 inches in 24 hours. Winds
at times reached 50 to 75 miles an hour in or near Florida
and westward. At Mobile, Ala. the schools on one day
were closed and shipping moved up the Mobile River
for safety. Augusta, Ga. was seriously threatened with an
inundation. Determined efforts of more than 1,500 men
to confine the swollen Savannah River within the levee of
46 feet or more that protects Augusta, Ga. and its 60,000
inhabitants from overflow were finally successful. Late on
the 2nd inst. half of the Southern Railway trestle across the
Savannah River at Augusta was torn away. On the same
day the rivers in North and South Carolina rapidly neared
the flood stage because of the continued rains. Power dams
at cotton mills in Van Cluse, S. C. and Graniteville, S. C.,
in Horse Creek Valley burst and parts of the two towns were
flooded. Various parts of the Carolinas suffered from heavy
rainfall since Sept. 30. Train traffic was disrupted and
telegraph and telephone facilities damaged. The floods in
the Carolinas were the worst since 1916. At•New York the
ferry service was crippled for a time on the 2nd inst. by high
tides and West Street was flooded as the tail-end of the
tropical storm struck New York and the vicinity causing
three deaths in New Jersey, damaging boardwalks, beachfront property and small boats along the New Jersey shore
and Long Island Sound, uprooting trees and in a 50-mile
wind delaying shipping and other traffic. The storm harried
the Eastern seaboard as far north as the New England coast,
Portland, Me. not escaping. It blew inland as far as the
lower Great Lakes region. At Cleveland northeast storm
warnings were issued and Lake Erie had a rising 30-mile wind.
On Oct. 1 here it was 54 to 61; on the 2nd 54 to 69. Boston
was 54 to 60; Montreal 44 to 56; Philadelphia 52 to 58;
Portland, Me. 48 to 58; Chicago 54 to 58; Cincinnati 48 to
58; Cleveland 50 to 58; Detroit 44 to 58; Milwaukee 46 to
60; Kansas City 52 to 64; St. Paul 48 to 64; St. Louis 48 to
64; Winnipeg 38 to 68; San Francisco 54 to 64; Seattle 46
to 68.
To-day temperatures were 44 to 58 here. Overnight
Chicago had 46 to 56, Cincinnati 40 to 66; Cleveland 42
to 58; Milwaukee 38 to 54. To-day there were rains in the
far Southwest, mostly in Oklahoma and Arkansas, and there
were predictions of renewed rains in the Carolinas and
Georgia. The forecast here to-night is for fair and cool
weather to-morrow with warmer and unsettled on Sunday.
To-day the first snow occurred in the northern part of New
York. In Jamestown, in western New York, the snow fell
with the temperature down to 33 degrees. There was snow
at Saranac Lake in the Adirondacks following rains for two
days. Malone, N. Y. had a light snow. After 37 days of
continuous drought, rain fell over wide areas in Southern
and Western England last Sunday, said a London wireless
despatch to the New York "Times." This ended a dry
spell which has broken all weather records for the past 71
years.
National City Bank of New York Says Tightness of
Money Is Principal Handicap Business Must Surmount—Believes Slackening of Business Pace
Would Be Beneficial.
In its review of business conditions issued Oct. 1 the
National City Bank of New York states that "tightness of
money continues the principal handicap which business
must surmount." "Since this," it says, "is a product, to a
large extent, of the speculation in securities, a temporary
slackening of the business pace, which would have as its
effect a sobering influence on speculative sentiment, should
be the very thing needed to keep business on a sound and
enduring basis." The bank also has the following to say
regarding general business conditions:
The activity of manufacturing and trade has continued at a high level
during the past month. Although there has not been the marked seasonal
expansion that usually occurs in September, this is hardly surprising after
the basic industries have been running at a record breaking pace for
such an extended period. Steel mill operations have recently receded from
the capacity rate and unfilled orders have been declining for several
2146
FINANCIAL CHRONICLE
months, with the rebult that output at the close of September is estimated
slightly below that at this time last year. The trend in building construction, except engineering works, appears to be downward, and no
marked recovery is to be expected until money market conditions become
more nearly normal again. Production of automobiles for the industry as a
whole now appears to be slackening but in nine months has exceeded that
of the full year 1928.
None of which, however, need occasion undue alarm as to the soundness
of fundamental business conditions in this country. Trade and industry
have been making an outstanding record for two years, and if a breathing
spell is now due the ultimate result should be beneficial in correcting
undesirable tendencies and thus paving the way for renewed expansion
later on.
Everyone who stops to think knows that business is never static, but
moves in waves, either expanding or undergoing recession. If, in the
exuberance of the upswing, business has adhered to sound principles in
truah matters as inventory policies, forward buying and credit, there is no
reason why the ensuing downswing should be severe or prolonged. On
these points, the business situation, from all available evidence, remains
strong.
Trust Co. Views Recessions in Plant Industries as Readjustments Necessitated by Exceptional Activity Which Marked Earlier Months.
A gradual spread of the recession in activity that was
observed in some industries a month or more ago has characized general business in recent weeks, states the current
issue of "The Guaranty Survey," published Sept. 30, by
the Guaranty Trust Co. of New York. "While the earlier
tendencies toward lower levels were properly regarded as
essentially seasonal in character, the later and more pronounced declines in plant operations must be considered
rather in the nature of a readjustment necessitated by the
exceptional, and in some cases excessive, activity of the
spring and summer," says "The Survey" which continues:
Guaranty
"The level of operations, however, in the basic industries at any rate,
still LifIBMS to be appreciably higher than at this time last year.
For.129.
and a half is highly significant." Not only does it confirm the general impression of large and expanding business volumes; but it is also a
favorable
sign pointing to the future, since it shows that an expanding volume
of
purchasing power is being made available for the buying of consumers'
goods."
Wholesale Trade as Reported to Federal Reserve Board
Shows Increased Sales During August.
Wholesale distribution increased more between July and
August than is usual at this season, according to reports
made to the Federal Reserve System from firms in eight
lines of trade. Increased sales were general throughout
the country and were shown for all reporting lines except
meat. The largest increases over the previous month were
in the sales of dry goods, men's clothing, and furniture.
In its summary for the month, dated Sept. 27, the Board
continues:
Sales in August were 3% larger than for the corresponding month in
1928, increases being reported for all lines of trade, except groceries and
dry goods, which showed little change.
The following table summarizes percentage changes In sales by lines
during August,as compared with July 1929 and August 1928:
PERCENTAGE OF INCREASE (+) OR DECREASE (-) IN SALES,
August 1929 Compared with
Groceries
Meats
Dry goons
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
July 1929,
August 1928.
+2.0
-2.4
+50.0
+126 1
+18.2
+4.2
+9.9
+34.5
+0.1
+1.7
+0.9
+5.4
+9.2
+4.2
+6.1
+8.3
Total, eight lines
+ 17.7
+2.7
Sales of agricultural implements during August were in larger volume
than a year ago, but showed practically no change from the previous month.
More detailed statistics by districts and lines are given as follows:
Production Appears Above Distribution.
"Industrial activity as a whole continues to make a more favorable
showing than distribution, either at wholesale or retail. Although this
statement must be made with full recognition of the incomplete and someCHANGES IN SALES AND STOCKS OF WHOLESAE FIRMS BY LINES
times unreliable character of the available data, it seems to be warranted
AND BY FEDERAL RESERVE DISTRICTS.
by comparisons with past records. This is a situation that has commonly
been regarded as unfavorable in its bearing on the outlook for business,
(Increase (+) or Decrease(-)Per Cent.)
since it is taken to indicate that goods are being produced in response to a
demand that is partly speculative and is accompanied by a gradual acSales, August 1929.
Stocks, August 1929
cumulation of commodities in dealers' hands. Something of the kind
Line and Federal
Compared with
Compared with
may
Reserve District.
be taking place in certain directions at present. Such a conclusion is sugJuly 1929. Aug. 1928. July 1929. Aug. 1928,
gested by the sharp decline in unfilled orders for steel, the increase in
dealers' stocks of automobiles, the market situation in certain branches
GroceriesPer Cent. Per Cent. Per Cent. Per Cent,
of the textile and building-material industries, and similar conditions here United States
+2.0
+0.0
+2.7
-4.9
-6.4
+4.4
and there in other parts of the business structure. While the heavy indus- Boston District
New York District
+0.1
.
+7.5
-1-2.9
-T-Iii
tries have been making a series of new high records, the general level of Philadelphia
District
+0.6
+3.8
-1.3
-2.8
trade, as measured by such standards as railway freight loadings, bank Cleveland District
+6.3
+7.2
+4.6
-12.5
debits, department store sales, and the like, has followed approximately Richn.ond District
+3.9
-0.8
+6.3
+2.2
+4.0
+8.8
a normal course. Under such conditions, it would not be surprising to Atlanta District
+11.8
+18.6
Chicago District
+0.5
-3.4
+1.9
-12.9
find that inventories in general were somewhat larger than a year ago.
St. Louis District
+5.5
+0.1
+3.5
-4.6
"If such a condition exists, however, it is not reflected In the usual ways. Minneapolis District
+2.0
-5.0
-1.0
-4.0
The level of commodity prices shows not the slighest trace of inflation: Kansas City District
+9.7
-14.4
+10.6
-11.1
+3.0
-3.4
+3.8
the transportation situation is excellent; there Is no shortage of labor in Dallas District
-1.0
San Francisco District
-2.3
+1.4
+2.7
+19.4
most industries; and no conclusive evidence exists that stocks of goods in
Dry Goodsgeneral are greatly above normal in relation to output and demand. More- United States
+50.0
+0.9
-8.6
-11.1
+19.5
over, the general attitude of business men as to the probable course of New York District
-5 4
-Philadelphia District
+18.3
-14.3
+11.
-11.i
-trade in the next few months is unquestionably optimistic.
Cleveland District
-0.4
+309
-0.7
-12.0
Richmond District
+83.3
-7.4
-8.7
-17.0
Employment.
Atlanta District
+51.6
-3.4
+4.0
-11.1
-1.1
+27.5
-5.6
"One of the numerous signs of active business so far in 1929 has been Chicago District
-2.6
St. Louis District
+58.7
-3.7
-12.6
-17.6
the steady increase in industrial employment. Although the small seasonal Kansas City District
+41.5
-2.0
-10.9
-14.9
recession in mnaufacturing operations during the spring and summer
-11.1
+77.2
-6.4
-6.9
was Dallas District
reflected to some extent in employment totals, the downward movement San Francisco District
+37.9
-2.8
-2.1
+3.2
Boots and Shoesappears to have been exceptionally slight. Last month the rising trend United
States
+18.2
+9.2
-4.4
-12.8
was resumed. Employment in general was 1.1% larger than in July and Boston District
-5.2
+38.8
-8.3
-15.1
was higher than in any corresponding month since 1923, with the exception New York District
+18.3
-8.7
,-3.8
-11.9
-19.3
+42.5
of August 1926, when the number of employed was approximately the Philadelphia District
Cleveland
District
-14.6
+47.4
4-1.
i
--ie
.
.i
same as last month.
Richmond District
+48.4
-8.2
-4.3
-14.3
"It will be noted that, in most respects, the changes in employment Atlanta District
+40.1
-2.5
Chicago
District
correspond with fluctuations in general business activity. This fact is
+64.4
+0.7
..8-i
z-iili
+32.7
+13.1
-7.5
clearly evident in the drastic decline In 1920, the downward trend in the St. Louts District
-18.9
Minneapolis
+53.0
+5.0
-5.0
-17.0
latter part of 1923 and the first half of 1924, and the less pronounced re- San FranciscoDistrict
District
+61.9
-3.4
+2.6
-10.3
cession in the closing months of 1927. At present the general level of
Hardware-.
United States
employment has risen to the highest point recorded since early in 1926.
+4.2
+4.2
-1.4
+2.4
New York District
+1.4
+0.7
-0.6
-8.9
"It is doubtful, however, whether any of the available statistics on Philadelphia
District
-0.9
+1.3
-0.1
+3.2
employment accurately reflect the changes in industrial activity over a Cleveland District
-4.8
+3.5
+5.3
+8.6
Period of years. Such figures, without exception, show a gradual down- Richmond District
+10.0
+3.5
-0.5
-1.0
+15.9
+11.0
ward movement since 1920, which certainly does not accord with the trend Atlanta District
+0.9
+1.8
Chicago
-0.5
+6.3
-0.7
Of general business volumes as reflected by almost all of the accepted indices. St. LouisDistrict
+7.3
District
+10.5
-5.7
-4.6
+3.1
Although it is well known that many industries have improved their operat- Minneapolis District
+2.0
+9.0
-3.0
-1.0
ing methods and are now able to produce a larger output with a smaller Kansas City District
-3.4
+4.5
-4.7
+5.9
expenditure of labor than in former years, it is impossible to believe that Dallas District
+50
+13.8
+1.1
-0.8
San Francisco District
+3.2
+3.5
-3.7
the total number of persons employed in American industry is almost
+0.8
Drugs
15%
less than in 1920 and 11% less than in 1923.
United States
+9.9
+6.1
-2.3
+4.3
"The market discrepancy between statistics of employment and of in- New York District
+13.5
+12.5
+3.1
+14.6
-1.0
dustrial output is difficult to explain except on the ground that the shifting Philadelphia District
-5.1
__----Cleveland
+4.2
+2.2
----of labor from the older into the newer industries is not sufficiently reflected Richmond District
District
+5.6
+0.9
----in the employment figures. At a time of rapid economic changes like the Atlanta District
+7.2
+7.3
present and recent past, such a defect is naturally most marked. Not only Chicago District
+10.7
-1-8i
+0.7
4.--0713
have the new industries gained at the expense of some of the older ones; St. Louis District
+0.8
+6.6
+3.6
+4.6
Kansas City District
+3.5
+10.5
+1.4
+3.3
but even with individual industries new plants; often in new locations, Dallas District
+25.0
+5.8
+6.8
+2.2
have partly or entirely supplanted earlier establishments. There has been San Francisco District
+12.3
+2.2
+13.6
+1.3
Furniturea distinct movement of manufacturing activity, for example, away from
United States
+34.5
the traditional eastern centers toward the west and south. In so far as Atlanta
+1.4
+8.3
+5.5
District
+36.8
-4.9
+0.5
-1.9
the published indices of employment are based on reports from the older Chicago District
+33.1
+8.6
factories, their failure to reflect changing conditions probably accounts for St. Louis District
+36.7
----874
-9.0
---1.15
Kansas City District
their downward trend.
+22.2
+21.4
+7.8
-2.0
San Francisco DLstrict
+44.8
+7.9
+15.7
+11.2
"The available figures, however undoubtedly convey a fairly accurate
Agricultural
indication of business fluctuations over short periods. Therefore, the al- United States Implements-0.1
+16.8
Silk Goods'
most uninterrupted increase in reported employment during the last year
+26.0
+20,4
-I:371
-i-iii
OCT. 5 1929.]
*Quantity not value. Reported by Silk Association of America.
WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
(Index Numbers, Monthly Average 1923-25=100.)
Adjusted for
Seasonal Variations.
August
1929.
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lines
V Preliminary. r Revised.
2147
FINANCIAL CHRONICLE
July
1929.
index Numbers. 1923-1925=100.
Without
Seasonal Adjustment.
August August
1928. 1929.
July
1929.
August
1928.
1001'
11819
91
95
118
98
124P
115
98
121
80
80
138
97
117
107
100
116
90
90
109
94
117
106
10111
120p
111
156
130
99
1221'
117
99
123
74r
69
110
95
111
87
101
118
110
148
119
95
115
108
10319
101r
101
1131'
96
110
ProductionRaw materials:
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board).Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and Printing
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Non-ferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity StocksTotal
Raw materials
Manufactured goods
Unfilled OrdersTotal
Textiles
Iron and steel
Transportation equipment
Lumber
Jtay
1929.
Aug.
1929.
Aug.
1928.
116
100
148
92
123
115
125
143
119
98
133
9711589'
112'
105'
113121_
107
90'
117
87
133112
126.
117160
151
129
128
134
107
101
so
88
123
114
125
151
117
96
123
87
146
113
138
128
171
141
131
147
115
140
124
121
123
118
115
114
Loading of Railroad Revenue Freight Still Increasing.
76
82
75
Loading of revenue freight for the week ended on Sept. 21
71
69
66
75
84
76
totaled 1,166,330, the Car Service Division of the American
73
65
60
97
88
ss
Railway Association announced on Oct. 1. This was an
increase of 22,199 cars over the same week last year and
an increase of 39,928 cars over the same week two years ago. Monthly Indexes of New York Federal Reserve Bank.
It also was an increase of 13,268 cars over the preceding
In presenting its indexes of Business activity in its Oct. 1
week this year, increases being reported in the loading of
"Monthly Review," the Federal Reserve Bank of New
all commodities except grain and grain products, forest York says:
products and ore. Further particulars are outlined as
This Bank's indexes of business activity for August showed mixed
changes as compared with July, but were generally higher than a year
follows:
Grain and grain products loading for the week totaled 51,750 cars, a
reduction of 8,513 cars under the corresponding week last year and 8,529
cars under the same period in 1927. In the western districts alone, grain
and grain products loading amounted to 37,076 cars, a reduction of 9,578
cars under the same week in 1928.
Ore loading amounted to 68,956 cars, an increase of 4,596 cars over the
same week in 1928 and an increase of 14,636 cars compared with the corresponding week two years ago.
Miscellaneous freight loading for the week totaled 471,984 cars, 11,681
cars above the same week last year and 24,441 cars over the corresponding
week two years ago.
Coal loading amounted to 195,779 cars, an increase of 14,734 cars over
the same week in 1928 and 11.705 cars above the same period in 1927.
Live stock loading totaled 32.125 cars, 4,720 cars below the same week
last year and 474 cars under the corresponding week in 1927. In the
Western districts alone, live stock loading amounted to 25,259 cars, a
decrease of 3,986 cars compared with the same week in 1928.
Loading of merchandise less than carload lot freight amounted to 271,344
Cars, an increase of 4,686 cars above the same week in 1928 and 2,308 cars
over the same week two years ago.
Forest products loading totaled 62.545 cars, 1.932 cars below the same
week in 1928 and 6.503 cars under the corresponding week in 1927.
Coke loading amounted to 11.847 cars, an increase of 1,665 cars above
the corresponding week last year and 2,344 cars over the same week two
Years ago.
All districts except the Northwestern and Central Western reported increases in the total loading of all commodities compared with the same
week in 1928, while all except the Pocahontas and Southern districts showed
increases over the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous
years follows.
1929.
1928.
1927.
Four weeks in January
3,570,978
3,448.895
3,756,660
Four weeks in February
3.767.758
3,590,742
3,801,918
4.807,944
Five weeks in March
4.752,559
4,982.547
Four weeks in April
3,983.978 3,740.307 3,875,589
4,205s09
Four weeks in May
4.005,155
4,108,472
5,260,571
Five weeks in Juno
4,924,115
4,995,854
Four weeks in July
4,153,220 3,944,041
3,913,761
Five weeks in August
5,590,853
5,348,407
5,367.206
1,017.072
Week of Sept. 7
991,385
989,799
1.153.062
Week of Sept. 14
1,138.060
1,127,643
1.166,330
Week of Sept. 21
1.144,131
1,126,402
Total
38,677,475 37,027,797 38,045,851
Industrial Output in August on Level With That of
Previous Month According to Department of Commerce Monthly Indexes.
previous. Freight car loadings showed slightly less than the usual seasonal.
expansion from July to August, and merchandise exports showed an unseasonal decline. On the other hand, both retail and wholesale trade
were somewhat higher than in July, and merchandise imports increased
slightly more than usual. Moreover, bank debits, both in New York
City and in 140 centers outside of New York City, showed less than the
usual seasonal decline.
August
1928.
June
1929.
102
93
100
110
89
101
103
98 •
102
117
85
101
103
99
114
123
88
104
107
97
100p.
1241
--_
107
93
102
97
116
94
97
104
95
105
137
102
98
99
94
100
136
99
96
99
96
103
139
101
99
104
149
113
166
293
90
109
99
115
110
108
84r
176
223
172
109
158
126
182
252
81
108
102
109
110
111
85r
170
227
171
112
181
131
208
429
88
111
104
102
130
119
75r
181
226
172
117
195
136
228
404
87
Primary DistributionCar loadings, merchandise and miscellaneous____
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to ConsumerDepartment store sales, 2nd District
Chain grocery sales
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
General Business ActivityBank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits. N. Y. City
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts. 36 States
New corporations formed in N. Y. State .
Real estate transfers_r
General price level
Composite Index of wages
Cost of living
p Preliminary. r Revised.
July August
1929. 1929.
-
104
109
96
113
___
182
227
174
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale
prices, based on the per capita consumption of each of the
many commodities included in the compilation, follow:
GroupsBreadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
Od. 1
1929.
833.333
24.901
22.729
18.987
34.841
21.036
36.377
Sept. 1
1929.
833.743
24.816
21.838
19.117
34.799
21.090
36.601
Od. 1
1928.
534.262
25.790
21.742
19.573
35.791
21.145
36.431
Oct. 1
1927.
532.400
23.202
21.417
19.325
34.779
21.736
37.358
Oa. 1
1926.
529.823
21.585
21.948
20.028
33.201
23 145
37.637
5192.204 8192.004 5194.734 5190.217 8187.367
In its monthly indexes of production, stocks and unfilled
orders, issued Oct. 2 the Department of Commerce at Shippers Estimate That9,134,023 Cars Will Be Required
Washington, says:
for Shipment of Commodities in Fourth Quarter.
Production.
Shippers of the country, through estimates of the Shippers'
Industrial output during August, after adjustments for seasonal conditions, showed no change from the preceding month but W85 higher than a Regional Advisory Boards, anticipate that carload shipments
year ago, according to the weighted index of the Federal Reserve Board. of the 29 principal commodities in the fourth quarter of this
The output of manufacturers likewise showed no change from the prevous year, (the months
of October, November and December)
month and a gain over the corresponding period of 1928. As compared
with the preceding month declines, however, were registered in production will be approximately 9,134,023 cars, an increase of 209,391
of iron and steel and non-ferrous metals but these were offset by gains in cars above the corresponding period in 1928, or 2.3%, the
the remaining important industrial groups.
Car Service Division of the American Railway Association
Commodity Stocks.
announced on Oct. 1. Its announcement says:
The general index of commodity stocks showed a gain for the end of
August as compared with both the preceding mornh and the corresponding
period of last year. The increase over both periods was due to larger
holdings of raw materials. Smaller stocks of manufactured goods were
reported than in either period.
The Shippers' Regional Advisory Boards, covering the entire United
States, furnish these estimates quarterly to the Car Service Division so
that the railways may have a guide as to the service they are to be called
upon to perform in a given quarterly period.
These estimates are based on the best information as to the outlook, so
far as transportation requirements are concerned, obtainable at the present
Unfilled Orders.
time by the commodity committees of the various boards.
The general index of unfilled orders showed a further decline from the
Of the thirteen Shippers' Regional AdvisprY Boards, ten anticipate an
previous month but was still slightly higher than in August 1928. Forward Increase in their respective districts in transportation requirements for the
business for all groups for which data are available was lower than in July. fourth quarter of the year compared with the same period last year, while
while+ as compared with last year all groups showed higher unfilled orders three expect a decrease. The ten Boards which estimate an increase over
except lumber, which showed no change.
the preceding year are the Atlantic States, Allegheny. Ohio valley, Pacific
2148
FINANCIAL CHRONICLE
Coast, Southeastern, Middle Western, Central Western, Southwestern,
Trans-Missouri-Kansas and the New England Boards.
The only Boards estimating a decrease are the Great Lakes, Pacific
Northwest and Northwestern Boards.
The estimate by each Shippers' Regional Advisory Board as to what
freight loadings by cars are anticipated for the 29 principal commodities in
thr fourth quarter this year compared with the corresponding period in
1928 and the percentage of increase or decrease follows:
Board.
Central Western
Pacific Coast
Pacific Northwest
Great Lakes
Ohio Valley
Mid-West
Northwest
Trans-Missourl-Hansas
Southeast_
Southwest
New England
Atlantic States
Allegheny
Actual 1928.
362,758
361.920
317,298
644,032
1,127,107
1,308,725
520,651
461,779
939,648
672.834
176,670
935,618
1,095.592
[Vol,. 129.
in orderly course marked by sounder investment construction
and an absence of speculative building."
Stating that there is little likelihood of any pronounced
decreases in building costs in the near future, conditions
affecting construction expenses, were summarized in the
survey as follows:
(1) Building labor is well employed at highest wages in history; skilled
mechanics receiving an average rate of $1.38 per hour as compared to $1.35
Per Cent of
Estimated 1929. Increase(+)or a year ago.
Decrease (-).
(2) Lower material costs have offset wage increases bringing construction cost index to about the same level as a year ago and about 66% below
365,339
+0.7
the peak of June 1920.
377,245
+4.2
(3) Builders turning to stocks and realty investment trusts for financing
-2.1
310,581
-1.6
633,851
because of high money rates and unfavorable bond and mortgage market.
1,207.035
+7.1
1,325,727
+1.3
An outstanding development of the year, the survey stated,
486,360
-6.6
was the announcement of several large investment trusts
472,233
+2.3
957,637
+1.9
to invest in the real estate field, and the tendency of com683,672
+1.6
186.565
+5.6
mercial builders to turn to stock issues as a means of fi966,223
+3.3
nancing their projects rather than through the sale of bonds
1,161.555
+6.0
Total
8.924,632
9,134.023
+2.3
The large comparative ncrease in freight car requirements over last
year in the Ohio Valley, Allegheny, New England and Pacific Coast regions
are due to a number of factors. In the Ohio Valley Region,for instance, it
is due to the anticipated heavier movement of automobiles,trucks and parts,
Iron and steel, and coal and coke. In the Allegheny Region,it is due in part
to the anticipated heavier movement of coal and coke, iron and steel,
cement, and machinery and boilers. In New England, the commodities
particularly affecting the increase are cement, lime and plaster, petroleum
and petroleum products and potatoes. In the Pacific Coast, the estimated
Increase is due to the anticipated heavier movement of cotton; cotton seed
and products, except oil; petroleum and petroleum products; iron and steel;
and automobiles, trucks and parts.
In submitting reports to the Car Service Division, each Board estimated
what freight car requirements will be for the principal industries found in
the territory covered by that Board. On the basis of this information, it is
estimated that of the 29 commodities, increases in transportation requirements will develop for 17 as follows: Flour, Meal and Other Mill Products;
Cotton; Cotton Seed and Products, except Oil; Coal and Coke; Ore and
Concentrates; Petroleum and Petroleum Products; Sugar, Syrup, and
Molasses; Iron and Steel; Machinery and Boilers; Cement; Brick and Clay
Products; Lime and Plaster; Agricultural Implements and Vehicles other
than Automobiles; Automobiles, Trucks and Parts; Paper, Paperboard
and Prepared Roofing; Chemicals and Explosives and Canned Goods.
Commodities for which a decrease Is estimated are: Grain; Hay, Straw
Alfalfa; Citrus Fruits; Other Fresh Fruits; Potatoes; Other Fresh Vegetables;
Live Stock; Poultry and Dairy Products; Gravel, Sand and Stone; Salt;
Lumber and Forest Products; and Fertilizers of all kind.
The estimate as to what transportation requirements will be for various
commodities for the fourth quarter compared with the same period last
year follows:
and mortgages. The survey says:
New Methods of Realty Financing.
It is not unlikely that the huge aggregation of capital that has been
acquired by American investment trusts may become an important factor
in the real estate market during the next few months. It is interesting to
note that the issuance of investment trust securities during recent months
have been in larger volume than that ofall other types ofsecurities combined.
If this continues it is obvious that investment•trusts must find some other
outlet for their capital than the purchase of bonds and stocks. Therefore,
It is only logical that they should turn to investment in high class property
development as a means of obtaining safe and permanent profitable returns.
Already some important trusts have announced their intention of operating to a greater or lesser degree in the real estate field, and there are
evidences that this tendency Is increasing. Entrance of these trusts into
realty financing is being made through direct investment In largo building
developments; acting both independently and In co-operation with well
known builders. Several trusts plan to acquire and develop key locations
in New York, Chicago and other large cities, and, in general, employ their
capital actively in the real estate market under the direction of a management experienced in real estate financing.
Investment trusts will undoubtedly be the means of providing considerable necessary business development during the next year with the right type
of financing. They will also be no small factor In the elimination of shoestring speculation and promotion as their finances will only be used for the
soundest type of construction which is necessary and assured of a substantial appreciation over a period of time.
Finding it difficult at times to compete with the stock markets in obtaining funds for large projects, commercial builders have also found it logical
to turn their attention to a now method of financing-"equity securities"
of preferred and common stock, which makes a more attractive offering to
investors than do the fixed obligations that are customarily sold when money
Is easy. This has proven a success and stock financing is also becoming
Carloadings.
Estimated an important means of financing building through an unfavorable bond
and
mortgage market.
Commodity.
Per CetUot
Inc.(+)
Estimated
Actual
Corporations in the prosperous industries, have had little difficulty
Dec.
(-).
1929.
1928.
in arranging for financing their programs of plant expansion as they have
been able to meet these expenditures out of undisposed profits or by offering
Grain, all
424,725
492,802
-13.8
additional shares of stock.
Flour, meal and other mill products
245,791
+4.5
256,780
Hay,straw and alfalfa
83,911
84,122
-0.3
Millions Spent for Business Expansion.
Cotton
188,685
181,067
+4.2
Cottonseed and products, except oil
121,815
108,238
+12.5
The expenditure of a quarter of a billion dollars monthly in the United
Citrus fruits
32,183
30,485
-5.2
States for industrial and commercial building, undoubtedly is a strong
Other fresh fruits
118,400
132.378
-10.6
indicator of the nation's manufacturing and business progress. It reflects
Potatoes
65,522
71,106
-7.9
Other fresh vegetables
56,730
55,275
-2.6
the increasing insistent demand of American business for modern efficient
Livestock
415,729
434,730
-4.4
housing for its enterprises; necessitating tho replacement of thousands of
Poultry and dairy products
35,539
34,901
-1.8
worn-out, antiquated and obsolete office and factory buildings with now
Coal and coke
2,902,992
3,079,509
+6.1
up-to-date and more substantial structures.
Ore and concentrates
457,741
+3.1
472,052
Gravel, sand and stone
754,907
-1.4
744,402
Contracts for business and commercial structures awarded during the
Salt
29,528
30,327
-2.6
first eight months of this year, totalled nearly $1,550,000,000. Much of
Lumber and forest products
866,869
877,358
-1.2
was in the larger cities where many now skyscrapers are piercing the
this
Petroleum and petroleum products
553,011
+5.0
580,623
Sugar, syrup and molasses
sky linos. In New York, more than $200,000,000 has already been spent
58.516
56,613
+3.4
Iron and steel
522,943
496,038
+5.4
for industrial and commercial buildings, including a score of giant office
Machinery and boilers
54,391
51,485
+5.6
buildings which will provide more than 4,500.000 square feet of rentable
Cement
196,352
187,607
+4.7
area in 1930 and 1931. In Chicago the total is nearly $80.000,000. Other
Brick and clay products
160,265
+3.5
154,784
Lime and plaster
cities enjoying heavy business construction are Philadelphia, Kansas City.
54,214
53,277
+1.8
Agricultural implements and vehicles, other
Washington, Boston, Detroit, Milwaukee, Los Angeles, San Francisco.
than automobiles
18,885
19,592
+3.7
Houston and Seattle.
Automobiles,trucks and parts
195.669
227,693
+16.3
Fertilizers, all kinds
67.477
65,707
-2.6
Huge Industrial Expenditures.
103,707
Paper, paperboard and prepared rooting
110,907
+6.9
New contracts signed this year for large factory buildings to house new inChemicals and explosives
30,370
32,272
+6.3
Maned goods-All canned food products
dustrial enterprises, aggregate $375,000,000. In this total is a considerable
(Includes catsup, jams. jellies, olives,
portion of the more than $175,000,000 worth of new steel and iron mill
62,059
57,718
+7.5
pickles, preserves, 303
constructions planned for 1929-30. More than $100,000,000 is being spent
for improving and extending manufacturing plants for the automobile,
8.924,632
9,134,023
Total all commodities listed
+2.3
radio, textile and paper industries.
The rapidly developing industrial expansion is also necessitating a huge
Young & Becker of Chicago Finds Record-Breaking expenditure for power and public service construction which has already
accounted
approximately $250.000,000 worth of work. Another $250,Volume of New Business and Industrial Construc- 000,000 is for
being spent by the railroad and transportation interests toward
Months
of
Year-Investment
tion in First Eight
improving and expanding their facilities.
Aviation is a new element which Is Increasing the nation's 1929 conTrusts Expected to Aid Large Projects.
struction total. Airport expenditures for new hangars, machine amps,
American prosperity is being reflected in a record-breaking service stations, runways, terminals, &c.. it Is estimated, will total about
volume of new business and industrial construction during $100,000,000 this year.
Federal, State and municipal work is in progress and the total
the first eight months of 1929 totalling approximately to Much
date is well ahead of last year.
$1,825,000,000, according to a nation-wide survey just
made public by Young & Becker Co. of Chicago, specialists
in real estate and corporate financing. In addition to this
expenditure, exceeding the huge volume of this type of
construction last year by 21%, the survey estimated that
another half billion would be spent on new office, store, theatre, hotel, garage and factory buildings before the end of the
year, bringing the total to a figure in excess of $2,250,000,000.
While this gain in "prosperity building" has been more
than offset by a 35% decline in residential construction,
Young & Becker stated that "the entire building industry
is to-day on a more stable basis than ever before-progressing
High Levels Mark Manufacture Based on Consumption
of Electrical Energy-Report by McGraw-Hill
Publishing Co.
Based on the consumption of electrical energy, manufacturing activity in the United States during the first threequarters of the current year exceeded any similar period
on record, according to Robert M. Davis, Statistical Editor
of the McGraw-Hill Publishing Company. The average rate
of production was 12% higher than for the same period
last year, and fully 16% above 1927. The peak of genera
OCT. 5 1929.]
FINANCIAL CHRONICLE
manufacturing operations this year was reached in May,
says the McGraw-Hill Publishing Co., its report, made
available Sept. 30, adding:
Manufacturing activity was high in all sections of the country. An
Increase of about 16% in the rate of operations for the Western States
was the highest for the period. Other sections reported the following in.
creases: North Central, 13%; Middle Atlantic, 11%; New England, 10%,
and the Southern States, 8%.
In the automobile Industry, including the manufacture of parts and
accessories, the average production rate for the first three quarters of
the year was about 9% above last year. The rubber products industry,
which is closely tied in with the advances made by the automobile industry,
showed a 14% increase over 1928.
Average manufacturing activity in the rolling mills was approximately
24% greater than in the first three quarters of last year. The ferrous
and non-ferrous metal working plants also recorded an impressive gain
over 1928, the average increase in their rate of operations being about 17%.
An advance of 14% was made in the textile industry for the current
nine-month period as compared with the same time last year. Declines
were noted for two industries, leather, with a 9% drop and forest products,
which registered a 3% decline.
In drawing up an estimate of the final quarter of the year, favorable
economic factors appear to outweigh the unfavorable. The favorable
business factors are generally better conditions in the agricultural Industry;
a high rate of employment at high wages; a nation-wide spirit of optimism
and confidence; small inventories and volume turnover; a fair balance
between commodity supply and demand; a fair demand of constant
proportions for commodities, reflecting a continued high consumer purchasing power and a large volume of commercial and engineering construction.
On the unfavorable side are continued high money rates; excessive stock
market speculation on the part of the general public; the uncertainty
arising from the tariff revision rates; severe competition as a result of
selling methods by chain stores, mail order houses and department stores.
2149
The Coal Division, Bureau of Mines, Department of Commerce,
cooperates in the preparation of these reports.,
"Annalist's" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" weekly index of wholesale commodity
prices stands at 145.9, which is 1.3 points lower than last
week (147.2) and compares with 151.0 for the same period
last year. The advices from the "Annalist" also states:
In the past there has been no discernable relation between the movement
of the index of wholesale commodities and business activity, largely
because
the commodity index movements were confined to the farm products
and
its related group, the food products, neither accurately relfecting business
conditions. The drop in the index this week is again largely confined
to the farm and food products group and from that standpoint is not
reliable as an additional factor in the increasing group of other indices
that register business declines. The declines in the textile group index,
however, is significant and the further weakness in the metals in addition
to those noted last week also should be scanned with interest as possible
indicators of business trends.
THE "ANNALIST" INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Oct. 1 1929. Sept. 241929. Oct. 2 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
143.3
152.1
146.6
160.1
127.3
152.6
134.0
127.0
145.9
145.1
154.2
147.2
160.1
1274
152.6
134.0
127.1
147.2
151.6
153.4
154.4
165.2
122.4
154.3
134.9
122.4
I01 n
Production of Electric Power in the United States in
August 1929 Exceeded Corresponding Month Last Building Trades Pay Highest in New York-Plasterers
Year by 10%.
Lead Here at $1.92
an Hour-Five-Day-Week
According to the Division of Power Resources, Geological
Movement Reported Growing.
Survey, the output of electric power by public utility power
A dispatch from Chicago Sept. 22 to the New York
plants in the United States for the month of August "Times" stated:
amounted to about 8,259,426,000 k.w.h., an increase of
According to statistics and data compiled by Edward M. Craig, Execuabout 10% over the same period a year.ago, when produc- tive Secretary of the Building Construction Employers' Association of
Chicago, New York is the banner city for high wage rates for building worktion totaled approximately 7,510,000,000 k.w.h. Of the ers
this year. The plasterers there lead with the
of 81.923 an hour
total for August this year, 5,419,189,000 k.w.h. were pro- and following them come the bricklayers with scale
$1.873 an hour. The
duced by fuels and 2,840,237,000 k.w.h. by water power. New York iron workers rank third with a rate of $1.75 an hour.
Mr. Craig reports that 81.62 an hour is the rate paid for the same class
The Survey further shows:
of mechanics in many of the other cities of the country.
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Total by Fuel and Water Power.
June.
1929.
Division.
July.
1929.
August.
1929.
Change in Chapin
from Preotous Yr.
July.
New England
504.232,000 521,321,000 543,465,000 +16%
Middle Atlantic_ _ 1,942,019,000 2,010,124,000 2,084,469,000 +16%
East North Central_ 1,817,913,000 1,841.120,000 1,886,326,000 +11%
West North Central_ 464311,1130 476,613,000 501.773,000 +13%
South Atlantic
946.033,000 910,930,000 905,533.000 +2%
East South Central
278,917,000 297,631,000 336,024.000 +23%
West South Central_ 398,074,000 425,373,000 448,793.000 +21%
Mountain
346,381,000 356,978,000 354,894,000 -2%
Pacific
1 070,755,000 1,174,023,000 1,198,149,000 +14%
Total 13.5
7.768,435,100 8.014,113,000 8.259,426.000 +12%
August.
+12%
+14%
+7%
+10%
-2%
+30%
+20%
-3%
+13%
+10%
The production of electricity by public utility power plants in August
exceeded all previous records of monthly output, with a total of 8,259,000,000 k.w.h., an increase of 3% over the output for July. The average
daily output In August of 266,400,000 k.w.h. per day was also a record.
The total output of electricity by public utility power plants for the entire
year in 1905 was less than the output for the single month of August of
this year.
The increase in the demand for electricity which occurs each year in
August occurred this year as usual. The increase was about the same as
for August of last year.
March, April and May are the only months of this year during which
the output by water power exceeded that for the same months of last year.
As there was little or no change in precipitation during September, the output by the use of water power will probably be considerably less than
the output during September 1928. Fuel-burning plants have made up
the deficiency of output by water power plants with a corresponding increase in consumption of fuels.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.a
January. 7,265.000,000
February
6.868,000,000
March
7,241.000.000
April
6.845.000.000
May
7,118,000,000
June
8,998,000,000
July
7.142,000.000
August
7,510,000,000
September
7.276,000,000
October
7,922,000.000
November
7,753.000.000
December
7,912.000.000
Tntal
GT 1.11 IVIA MI1
1929.
8,241,000,000
7.429,000,000
7,989,000.000
7.881.000,000
8.084,000.000
7,768,000.000
8.014,000.000
8,259,000,000
Increase Increase
1929
1928
Over
Over
1928.
1927.
13%
8%
10%
15%
14%
11%
12%
10%
6%
bll%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
10.7..
Produced by
Water Poser.
1928.
1929.
38%
88%
39%
43%
45%
44%
43%
40%
88%
36%
36%
35%
33%
83%
39%
42%
43%
40%
38%
35%
....„
......
......
entz,
Final rev sion b Part of Increase Is due February 1928 being one day longer
than February 1927.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k.w.h. or more per month, engaged in generating
electricity for public use, including central stations and electric railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports
Is estimated; therefore the figures of output and fuel consumption as reported
in the accompanying tables are on a 100% basis.
Tabulation of five-day week statistics, compiled from reports furnished
by builders' and employers' associations in 130 cities in the United States
and Canada,shows that journeyman plasterers head the procession in th,e
five-day week movement and work on the forty-hour week schedule in
42 of the cities.
Painters come next with 34 cities; then follow lathers and plumbers with
25 cities, bricklayers with 21, carpenters with 15 cities and iron workers
with 14. The sheet metal workers register with the low score of 10 cities.
Three Chicago building trades are now employed on a
five-day week
schedule. They are the painters, plasterers and lathers. Request has
been made by the Building Trades Council for establishment of the 40-hour
week in the entire local building industry.
Chatham Phenix National Bank & Trust Co. in Review
of Business Finds Output Per Worker during 1929
Greater in United States than in Any Other
Country.
"Production in manufacturing industries of the United
States this year is the greatest ever recorded, both in total
value of output and in worth of goods produced per worker
employed," according to the October "Outline of Business"
distributed this week by the Chatham Phenix National Bank
& Trust Co. of New York. In its bulletin, the bank says:
"The average wage earner in the country's industrial plants will turn out
products to a value of approximately $7.381 in 1929, it is forecast on the
basis of the latest official data. In no other country in the world does output
per worker approach this figure.
"In 1899, according to U. S. Commerce Department records, output per
wage earner in the United States was about $2,420. The productivity of
American industry in proportion to workers it is thus shown has practically
trebled in dollar value in throe decades.
"Maas Production and large output per worker according to the American
business philosophy form the basis of high wages and a rising standard of
living. Quantity output methods on the other hand and particularly the
Introduction of automatic machinery, it Is sometimes claimed tend to displace men and create unemployment. Other observers hold that new jobs
are created that take up the slack.
"Supporters of the latter view point out that to maintain the current high
output the country's factories, according to U. S. Labor Department data,
are employing 5.3% more workers than at the corresponding season last
year, and the level of employment is rksing as industry increases its
Pace
after the slight summer lull.
"Payroll totals in the manufacturing industries also show an increase.
amounting to 8.4% as compared with last year, while per capita
earnings
of employees are up approximately 3%.
"Both the individual wage earner and workers in the mass are thus seen
as reaping the benefit of increased production in the form of higher stages
and more abundant jobs.
"A growing income coupled with relatively stable living costs means a
greater margin for savings and investment, or the purchase of comforts and
luxuries. Prices of necessities are now at approximately the same level as
a year ago and 3% below 1927, on a 1913 base, latest U. S. Labor Department data Indicate.
"With practically all forms of the National income on the increase this
offers one explanation why the American people are able to pile up bank
deposits and security and life insurance purchases to record figures,
while
at the same time maintaining an unprecedented consumption of goods.
FINANCIAL CHRONICLE
2150
"Business with few exceptions is taking on increased activity with the
of the fact that in
fall season. This appears to be generally true in spite
appear.
many linos the customary summer slackening largely failed to
"Foreign trade is assured of a new all-time record for 1929, according to
U. S. Commerce Department officials. Goods to a total value of $3,407,in
875,000 have been exported to Sept. 1, as compared with $3,135,979,000
the same months of 1928."
[VOL. 129.
Slowing Up In Industrial Activity in New England
Reported By Boston Federal Reserve Bank.
From the Oct. 1 Monthly Review of the Federal Reserve
Bank of Boston it is learned that "there has been a distinct
slowing up in the rate of New England industrial activity
during recent weeks," the Bank adding that "although
the average level during the first eight months of 1929 was
considerably higher than in any corresponding period in
previous years, nevertheless during August there was a
substantial recession, when allowances for the customary
seasonal changes had been made." The Bank in further
reviewing the situation, says:
There has been a distinct slowing up in the rate of New
England industrial activity during recent weeks,and although
the average level during the first eight months of 1929 was
considerably higher than in any corresponding period in
previous years, nevertheless, during August there was a substantial recession, when allowances for the customary seasonal changes had been made.
Dun's Report of Failures for September and the Third
Quarter.
for September and the third quarstatistics
The completed
ter confirm the indication that the insolvency record for the
United States would make a relatively favorable exhibit.
Data compiled by R. G. Dun & Co. show fewer commercial
failures for both periods than were reported for 1928, while a
small increase in the liabilities for September is much more
than offset by a sizable reduction for the third quarter.
With the shorter month the number of defaults in September not unnaturally declined from the August total, the decrease being 11.0%, and the 1,568 insolvencies shown in the
The Index of New England Business Activity during August was the
latest statement mark the low point for the current year.
on record for that month, but was approximately 4% less than in
The minimum each year invariably is recorded in September, .hIghest
June and July. and the Index for August was the lowest for any month this
the
since
for
month
lowest
the
is
number
present
yet the
Year. Some lines of industry have continued unusually active, while other
In July the total value of building con1926. The decrease from the 1,635 failures of a year ago is lines have reported curtailment.
tracts awarded in New England was higher than for any corresponding
4.1%, but last month's indebtedness of $34,124,731 rose month since 1925. In August, however, the total value, as compared with
0.6% above the $33,956,686 of September 1928. There July,fell off,and was also less than was reported in August a year ago. Resiawarded have declined steadily since April, the recession
also was an increase of a little more than 1% over the lia,- dential contracts
between July and August amounting to about 33%. In August a smaller
year.
this
bilities for August
amount of raw cotton was consumed by New England mills than in any
th both September and August disclosing reductions month since September, 1928, and when adjustments have been made for
changes, cotton consumed in August in New England amounted to
froili the totals for a year ago, and with July showing only a seasonal
about 78% of the average monthly amount during the years 1923, 1924,
in
the United States and 1925. Although the amount of raw wool consumed in New England
moderate rise, the number of defaults
during the third quarter of this year was 2.5% below that mills in August was larger than in any month since January this year,
nevertheless, the increase between July and August was loss than the usual
for the corresponding period of 1928. Thus, insolvencies in seasonal
amount. Silk machinery activity, which was unusually well susthe three months just ended numbered 5,082, compared with tained during May,June and July, was curtailed in August. Boot and shoe
larger
5,210 last year, but there was a moderate increase over the production in New England during August, although considerably
than in July, was less than the output reported for August a year ago. Dur5,037 failures for the third quarter of 1927. The report of ing
larger
been
the first seven months of this year the monthly totals hl vs
indebtedness is especially favorable, the $100,296,702 of the than in the corresponding months of 1928. Recent employment reports
failures
latest quarter being 17.6% under the $121,745,149 of the have indicated a decrease in the demand for workers. Commercial
New England, as reported by R. G. Dun & Co.. during the first eight
third quarter of 1928. Moreover, a reduction of almost 13% In
months of 1929 showed an increase of 2.6% in mumber and an increase of
appears in comparison with the third quarter of 1927, while 5.1% in total liabilities, whereas for the entire country during this period
of failures and a decline of
the present amount is also less than was reported for the third a decline of 3.8% was reported in the number
in total liabilities, as compared with the corresponding period of 1928.
quarter of 1925, 1924, 1922 and 1921. The high mark for 4.8%
Sales of New England department stores during August showed the largest
the period was established in 1924, at $126,263,495.
gain over the corresponding period of a year ago of any of the 12 Federal
Monthly and quarterly failures, showing number and lia- Reserve districts, and preliminary reports indicate that September bales
were running ahead of sales for September, 1928.
bilities, are contrasted below for the preiods mentioned:
Liabilities.
Number.
1929.
1928.
1927.
1.568
1,762
1.752
1,635
1,852
1,723
1,573
1,708
1,756
Third Quarter_ 5.082
1.767
June
1,897
May
2,021
April
5,210
1.947
2.008
1,818
5.037 5100,296,702 5121.745,149 5115,132,052
1,833
31,374,761 29.827.073 34.465,165
41,215,865 36.116.990 37,784,773
1,852
1,968
35,269,702 37,985,145 53,155.727
Second Qua , 5.685
March
1.987
1,965
February
2,535
January
5.773
2,238
2,176
2.643
5,653 5107,860,328 5103.929,208 5125,405,665
2,143
36,355,691 54,814,145 57,890,905
2,035
34,035,772 45,070,642 46.940,716
2.465
53,877,145 47,634,411 51,290,232
6.487
7.055
6.641 $124.268.60R 1147.519.MS MAR 191 •1252
September
August
July
First onarter_
1929.
1928.
1927.
$34,124,731 533,956,686 532,786,125
33,746,452 58,201.830 39,195,953
32,425,519 29,586.633 43,149,974
FAILURES BY BRANCHES OF BUSINESS-SEPTEMBER 1929.
Number.
Liabilities.
1929. 1928. 1927.
Total United States
...,
a
00Wv
NI
Total trad In
)ther commercial
.
0M!
00,
.ChNOD0C
3rocerles, meats and fish
Hotels and restaurants....
robacco. &e
:nothing and furnishings_
Pry goods and carpets _ ___
3hoes, rubbers and trunks
Furniture and crockery...
lardware, stoves and tools_
iliemicals and drugs
'elate and oils
rewelry and clocks
looks and pacers
lets, furs and gloves..
Mother
n
Total manufacturing_ _._
Traders--
Deneral stores
0
-4
!
194
1928.
1927.
7 52,657,910 51,283,982 $4,040,100
13
568,710
588,252
177,240
1
283,100
18,326
53,700
200,000
17,760
1
52 5,131,420 2.332,603 3,708,185
30 1,002,113 .
700,145 1,933,146
103,490
15
447,376
394,626
27.411
1
161.183
3,000
25,903
1
3,600
3,000
136,180
20
115.245
141,752
27
376,608
157.156
141,380
9
64,600 2,442,950
729,100
37,700
17
100,550
458,657
623.150
3
33.205
154,246
192 4.105,508 5,772,818 3,533,614
12
23
3
1
73
40
30
7
1
6
24
15
4
3
212
tl
13
16
__
3
77
37
8
5
3
Ii
38
11
wal.....NW44P+M.4g
0044 0M
WC
MansdaciurersIron, foundries and nails_
Machinery and tools
Woolens,carpets & halt g*
Cottons, lace and hosiery-.
Lumber, carolers & coopers
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shoes and harness_
Tobacco, &e
Glass, earthenware & brick.
All other
1929.
$14,914,403 514.727,430 315,348,867
$773,006
2.151,927
1,220,085
188,889
1,425,513
449.588
563,337
537,762
682.609
450,846
91,301
303.011
550.060
287.460
6,984,264
5655,733
2,071,441
901,289
110,396
1.563,453
1,618.033
283,479
724,526
684,828
345,286
77,826
367,276
318,014
152,800
3,692,684
5547,463
1,831,776
752,556
99,673
1,697,465
722,901
654.787
770,545
478,605
410,806
26,451
419,944
40.438
14,200
3,594,189
1,039 1,073 1,083 516.659,658 $13,567,064 $12,051,799
102 108 101
2,50,670 5,662,192 5,385,459
1.568 1.635 1.573 534.125.731 533.956_689 532.786.125
Building Operations in First Half of Year-Compilation
By Department of Labor-Increase as Compared
with Same Period Last Year.
In the 85 cities of the United States having a population
of 100,000 or over building permits were issued in the first
half of 1929 calling for an expenditure of $1,421,106,688.
These figures collected and compiled by the Bureau of Labor
Statistics of the Department of Labor, were made available
Sept. 27. Of the amount stated 64.1% was for residential
building. Apartments accounted for the largest part of
the expenditure for residential building, the valuation being
$353,284,280. And, says the Bureau, what seems rather
remarkable, hotels ranked second with a valuation of
$243,345,689, thus surpassing the expenditure for onefamily dwellings which come third with a valuation of $212,357,370. The Bureau further states:
For all classes of new buildings combined there was an Increase of threetenths of I% in the amount expended for the first half of 1929 as compared
with the first half of 1928 in these 85 cities. There was a decrease of 1.3%
in the cost of residential building, but an increase of 6.6% in the cost of
non-residential building. Comparing the first half of 1929 with the first
half of 1928 there were large increases in two classes. Valuation of permits
for hotels increased from $76,717.000 in the first half of 1928 to 8243,345.889
As between the two perilds the valuation of
in the first half of 1929.
permits for public buildings increased from $9,319,047 to $45,997.305.
The large Increase of 336,678,258 for public buildings comes at an opportune time. The erection of public buildings and works is highly desirable
when there is a drop In general building and such construction work can
do much to stabilize employment in the building trades, anti the building
supply trades as well.
Reports have been received from 65 identical cities for each siX months
period from 1922 to 1929, incl. In these 65 cities 130,256 family dwelling
places wore provided in new buildings according to permits issued during
the first six months of 1929. This compares with 147,249 during the first
half of 1922 and 207.394 the peak reached during the first half of 1925.
During the first half of 1922 the percentage of families provided for in
one-family dwellings was 43.4; in apartment houses, 34.8: and in two-family
dwellings 22.0. During the like period of 1929 the percentage housed in
one-family dwellings had fallen to 27.8, and in two-family dwellings to 9.8.
The table below shows the per capita expenditure for new buildings, for
repairs, for new housekeeping dwellings, and for all buildings in the 78 cities
for which the Bureau of the Census estimated the population for 1928.
The absence of census figures necessitates the omission of seven cities.
The estimated population of these 78 cities was 31,840,835 on July 11928.
The per capita expenditure for new buildings in these cities was $41.55:
for repairs $4.33, making a per capita expenditure for all building of $45.88.
OCT. 5 1929.]
FINANCIAL CHRONICLE
Of the amount expended for new buildings $18.55 was for housekeeping
dwellings.
•
Yonkers, New York, ranked first in per capita expenditure with $122.64
expended for building operations per inhabitant. New York City was
second with a per capita expenditure of $115.35, followed by Long Beach
With $106.08, Washington with $69.83, and Hartford with $68.81.
Detailed figures will appear In the October. 1929, Monthly Labor Review.
PER CAPITA EXPENDITURE FOR NEW BUILDINGS, NEW HOUSEKEEPING DWELLINGS, AND FOR ADDITIONS AND REPAIRS TO OLD
BUILDINGS IN 78 CITIES, IN THE FIRST SIX MONTHS OF 1929.
City and State.
Estimated
Population
July 1
1928.
Per Capita Expenditure for- Rank in Per Capita
ExpendiPer
tore for
Capita
Repairs
New
Expendi- New
All
AddiBuild- lions and Build- lure for Housekeeping
Alteraings.
Ws.
All
Buildings Dwellings.
lions.
$41,55
$4.33
Total
31,840.635
$53.53
32.88
20.24
26.30
38.06
13.91
55.54
13.05
16.03
37.68
33.87
18.35
20.15
24.40
18.66
40.42
9.42
40.51
9.77
12.53
2.04
44.40
28.45
37.38
19.60
68.81
20.96
20.06
30.98
7.58
15.49
29.34
106.08
24.15
3.80
24.04
24.14
12.12
29.93
31.64
26.57
27.43
2.98
22.24
17.73
115.35
8.87
28.11
16.58
19.84
28.36
26.46
27.22
35.69
35.67
25.10
18.54
24.34
51.41
44.45
30.88
12.54
53.52
18.48
18.55
21.41
30.11
23.12
11.95
22.10
12.40
40.54
10.54
69.83
29.47
20.04
122.64
15.76
$45.88
0
$9.63
9.82
4.33
2.97
5.81
1.16
9.28
2.62
1.17
1.30
3.05
4.04
2.52
6.28
3.26
3.28
1.41
5.26
3.90
.67
.66
5.89
8.12
3.60
3.17
13.24
2.32
3.81
1.69
0.27
1.14
0.89
3.16
2.74
2.17
7.83
3.93
2.53
5.91
5.21
4.79
5.65
0.81
3.02
2.72
7.1
1.44
3.67
1.41
4.28
2.24
3.65
6.70
3.87
2.24
3.99
2.01
4.83
4.54
3.48
3.63
2.73
14.24
1.55
6.04
4.97
6.87
3.16
2.63
3.90
3.81
1.59
1.55
3.73
4.01
6.78
3.75
1.95
04MMW1,0000.0007t-40,0M00t-N..
t...00000.0000000.1
0MONWMOON...000WONC-1.0N .11...ON
..01
,
041,
,
0MMNOW,
00.0N.,0440.1
040
,
V0CMOCI V.C.VV0ANMOV.V0
Albany, N. Y
120.400 $43.90
Atlanta, Ga
255,100
23.04
Baltimore, Md___ 830,400
15.91
Birmingham, Ala
222,400
23 32
Boston, Mass
799.200
32.25
Buffalo, N. Y
555.800
12.75
Cambridge, Mass
125,800
46.25
Camden, N. J
135.400
10 44
Canton, Ohio
116,800
14.86
Chicago, Ill
3.155,600
36.38
Cincinnati, Ohio_ -413,700
30.82
Cleveland, Ohio-. 1,010,300
14.31
Columbus, Ohio __ _
299.000
17.63
Dallas. Tex
217,800
18.12
Dayton, Ohio
184.500
15.41
Denver. Colo
294,200
37.14
Des Moines, Iowa
151,900
8.01
Detroit, Mich
1,378,900
35.25
Duluth, Minn
116.800
5.87
El Paso, Tex
117,800
11.87
Fall River, Mass
134,300
1.37
Flint, Mich
148,800
38.51
Fort Wayne,Ind
105,300
20.33
Fort Worth. Tex.-170.600
33.77
GrandRapids,Mich.
164.200
16.43
Hartford, Conn..
55.56
172,300
Indianapolis, Ind.382,100
18.64
Jacksonville. Fla . 140,700
16.25
Jersey City. N.J.._ 324,700
29.29
Kansas City, Kan
118,300
7.30
Kansa§ City. Mo
391,000
14.35
Knoxville, Tenn.__
28.45
105,400
Long Beach, Calif
110,700 102.92
Louisville, Ky
329,400
21.41
Lowell. Mass
•110,296
1.64
Lynn, Mass
105,500
16.21
Memphis, Tenn.__
190,200
20.20
Miami, Fla
156.700
9.58
Milwaukee, Wig_ - 24.03
544,200
Minnea wills, Minn_
455,900
26.43
Nashville. Tenn_ _ _
139.600
21.78
Newark, N..1
473.600
21.77
New Bedford, Mass. '919,539
2.17
New Haven. Conn_
187.900
19.22
New Orleans, La.__
429,400
15.03
New York, N. Y__. 6,017,600 107.95
Norfolk, Va
7.43
184,200
Oakland, Calif
274,100
24.44
Omaha, Nob
222,800
9.17
Paterson, N.J
144,900
15.56
Philadelphia, Pa___ 2,064.2.00 .26.12
Pittsburgh, Pa_ _
673.800
22.81
Providence, R. I__
286,300
20.53
Reading, Pa
115,400
31.22
Richmond, Va
194.400
33.42
Rochester, N. Y...
328,200
21.12
St. Louis, Mo
.
848,100
16.53
Salt Lake City,Utah
138.000
19.53
San Antonio, Tex..
218,100
46.87
San Diego, Calif...
119,700
40.97
San Francisco.Calif.
585,300
27.25
Scranton, Pa
144,700
9.81
Seattle, Wash
39.28
383,200
Somerville, Mass._
16.93
102,700
Spokane, Wash....
109.100
12.51
Springfield, Mass..
16.43
149,800
Syracuse, N. Y.. __ _
199,300
23.25
Tacoma, Wash....
110.500
19.96
Tampa, Fla
113,400
9.32
Toledo, Ohio
18.20
313,200
Trenton, N. J
8.59
139,000
Tulsa, Okla
170,500
38.95
Utica, N. Y
8.99
104.200
66.10
Washington, D. C.
552,000
Wilmington, Del.__
128.600
25.46
Worcester. Mass...
197,600
13.26
Yonkers, N.Y
121,300 118.89
Youngstown, Ohio.
14.82
174.200
.-__
$20.05
11.77
8.96
5.48
14.12
5.53
27.40
4.18
8.98
18.42
19.06
7.39
14.40
8.14
3.31
12.87
6.39
22.42
4.22
7.61
0.68
28.87
13.49
17.86
8.23
4.73
10.90
8.63
11.80
2.55
11.80
13.18
44.92
9.45
0.75
10.64
13.35
2.61
16.53
8.68
11.93
4.87
0.80
4.74
3.98
44.97
4.22
11.85
5.26
5.51
9.83
9.26
10.17
7.83
10.13
5.02
9.84
11.54
14.97
22.57
13.53
2.84
19.21
7.47
9.10
8.83
12.86
7.64
2.28
10.26
2.71
20 14
3.39
22.77
11.75
5.53
74.34
8.79
$18.55
•State census, 1925.
Construction Activity in United States 1929 and 1928
Compared By Greenebaum Sons Security Co.
New construction is going ahead at a more rapid pace this
year than last in several important classes of work, according
to latest data examined by the Research Department of
Greenebaum Sons Security Co. It states that in other classes
activity is below the 1928 levels, and adds:
More money is being invested in new office buildings, factories and
stores and in heavy engineering Projects than a year ago, the analysis
reveals, while for residential work and buildings for public and social purposes the outlay is loss.
New conunorcial and industrial structures contracted for in the first eight
months of 1929 are valued at $1,188,816,000 in reports of the F. W. Dodge
Corp. Last year in the same period $1,003,568,000 worth of such work
was undertaken. Engineering projects begun this year have a valuation of
$921,814,000 as against $896,799.000 in 1928.
For res dentlal construction the figures are: 1929, 51,449,084,000; 1928,
$1,973,270,000. Schools, churches, hospitals, and other public and social
buildings represent a total of $597,151,000 compared with $671,633.000.
The proportion which the expenditure for each type of work this year
bears to the total Is as follows: homes and apartments 34.8%. offices, factories and stores, 28.6; engineering works 22.2%. and public and social
buildings. 14.4%•
Last year the proportions were: homes and apartments 43.4%, offices
and factories 22.1%. engineering works 19.7%. public and social buildings
14.8%.
2151
Increased Consumption of Electrical Energy by Industrials in Philadelphia Federal Reserve District
During August.
The use of electrical energy by industries in the Philadelphia Federal Reserve District, increased about 11% from
July to August; it was also 16% larger than in Aug. 1928.
Total sales of electricity showed a gain of 7.1% over July
and 21% in comparison with a year earlier. Production of
electric power by 12 systems increased 5.1% in the month
and almost 16% in the year as is indicated in the following
tables, supplied by the Federal Reserve Bank of Philadelphia:
Electric Power.
(Philadelphia Federal Reserve
District (12 Systems)1
Rated generator capacity
Generated output
Hydra-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial..
Power
Municipal
Street cars and railroads
Industries
All other sales
August.
Change
from
July
1929.
1,824,000 k.w.
+1.8%
559,161,000 k.w.h.
+5.1%
38,918,000 k.w.h. -47.2%
394.606,000 k.w.h. +15.7%
125,637,000 k.w.h.
+7.3%
459.460.000 k.w.h.
+7.1%
68.880.000 k.w.h.
+3.3%
9,537,000 k.w.h. +18.2%
59,343,000 k.w.h.
+1.3%
296.082,000 k.w.h.
+9.1%
7,389,000 k.w.h.
+6.9%
47,960,000 k.w.h.
+1.1%
240,733,000 k.w.h. +10.9%
94,498,000 k.w.h.
+3.8%
Chang,
front
August
1928.
+2.0%
+15.8%
-68.8%
+41.0%
+62.8%
+21.0%
+5.8%
+13.7%
+4.6%
+14.4%
+29.0%
+5.4%
+16.0%
+69.1%
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The Federal Reserve Bank of Philadelphia makes available
the following perliminary report on the hosiery industry by
120 hosiery mills in the Philadelphia Federal Reserve District
from data collected by the Bureau of the Census:
PERCENTAGE CHANGES FROM JULY TO AUGUST 1929.
Men's
Women's
Bops'
Misses'
Full- Seam- Full- Seamand
InTotal, fashion, less, fashion. less. Cairns' fangs'
Hosiery knit during month.... +6.2 +5.3 +6.6 +12.5 -6.5 -23.2
Net shipmens
during month -2.0 -14.8 +13.1 +7.2 +1.5 -45.6
Stock on hand at
end of month.
finished and in
the gray
+6.2 +5.0 -0.2 +8.3 -1.4 -0.4
Orders booked
during month_ +17.0 +67.4 +7.3 +28.6 -15.9 -12.7
Cancellations
during month_ -42.0
---- -3.8 -31.3 -77.6 -11.2
Unfilled orders at
end of month_
+8.4 +18.2 -2.0 +3.8 -11.3 +45.0
AilsIdle.
-9.0 -36.1
-58.0 -31.8
+32.9
+2.6
+32.6 -42.7
-91.1
+131.6
-0.1
Business Conditions in Philadelphia Federal Reserve
District-Improvement Noted with Approach of
Fall.
According to the Business Review, Oct. 1, of the Federal
Reserve Bank of Philadelphia, "business conditions in the
Philadelphia Federal Reserve District show decided improvement with the approach of the Fall season." The
further summary of conditions in the district says:
The manufacture and distribution of commodities are expanding gradually, and the volume of transactions continues appreciably larger than
was the case at the same time last year.
The demand for manufactured products is broadening, and sales have
increased further. Comparisons with a year ago also are quite favorable.
This holds especially true with respect to most textile products, leather
and shoe products, chemicals, and tobacco products. The market for
building materials, on the other hand, while fair, does not measure up to
the level that prevailed at the same time either last year or two years ago.
The reason for this is lessened activity in the building trades.
Further evidence of seasonal betterment is afforded by the increase in
unfilled orders for various manufactured products. Reporting firms in
most lines show that the advance business on their books has not only
increased in the volume exrected at this time, but it also exceeds the
amount reported for the same period last year. Again this is true of most
industries but is not characteristic of building materials.
Factory operations are being enlarged to a somewhat greater extent
than was the case in the past two Fall seasons. Labor generally is well
employed and the early reports indicate that the &eland for workers by
employers continues upward; it is also well ahead of that of a year and
two years ago. Since the first of the year, employment in this section has
increased approximately 10%, and in August it exceeded the total of a
year ago by almost the same percentage.
Factory wage disbursements have shown a similar trend, barring seasonal
variations. Payrolls showed marked increases from July to August in most
reporting industrial groups. In contrast with a year earlier, wage
payments in Pennsylvania during August were nearly 14% larger, the
groups chiefly contributing to this gain being those making metal, chemical,
and textile products. Automobiles and their equipment and a few of the
building materials, on the contrary, showed declines.
The output of shoes and hosiery increased considerably between July
and August. Mill takings of wool fibres also were much larger. Production
of pig iron in this district showed a slight drop, but the daily tonnage was
substantially ahead of that produced in August 1928. Operations of iron
and steel foundries continued noticeably above the level prevailing at the
same time last year.
Conditions in the cement industry are mixed. Production recently has
shown a considerable improvement; shipments of cement were larger in
August this tear than last, but the output was smaller. The demand for
crude and refined petroleum continued strong and production continues
large.
2152
FINANCIAL CHRONICLE
Construction activity, though fair, does not come up to the level of the
past two years. This is supported not only by the present rate of operations, but also by figures on the value of building permits and contracts
awarded thus far this year. The real estate market in Philadelphia is
rather quiet and does not measure up to that of last year, although in
August the value of mortgages recorded was noticeably higher than that in
the same month last year. Foreclosures in September established the
high record for any month in past years.
In response to seasonal demand, mining of both anthracite and bituminous coal has expanded. Compared with a year ago, the output of the
latter is also appreciably larger, while that of hard coal is slightly smaller.
Industrial consumption of electrical power has increased seasonally and in
contrast with a year earlier.
The distribution of finished goods continues in large volume. Railroad
shipments in this section are moving seasonally upward, all classes of
commodities showing increased freight car loadings. This is significant
especially in view of the fact that since late Spring total commodity shipments have been substantially above the volume of each of the preceding
three years.
Business at retail reflects a fair degree of recovery from Summer dullness
as Is indicated by gains in sales from July to August. Comparisons with a
year earlier also were satisfactory, since August sales by department,
apparel, shoe, and credit stores showed increases. The wholesale and
jobbing trade is active, as usual at this time. Sales during August were
larger in most lines than in July. Compared with a year ago, however,
the total dollar volume of business was a trifle smaller, reflecting probably
a lower level of wholesale prices. • Sales of new passenger cars in August,
as measured by registrations in this district, increased more than seasonally
and were the largest for that month in the past seven years.
Member banks report a further increase in commercial loans during the
past month, which was accompanied by seasonal expansion in business
activity. These loans are in substantially larger volume than a year ago.
Loans on securities, investment holdings, and deposits also are higher
than a month ago. There was a material rise in Government deposits
because of the new issue of Government securities on Sept. 15. The past
four weeks have brought little change in the reserve ratio of this bank or
In its total holdinga of bills and securities; a reduction in the borrowings
of member banks was nearly balanced by Increases in holdings of
purchased bills.
Manufacturing Activities and Output in Chicago
Federal Reserve District-Falling Off in Mid-West
Distribution of Automobiles.
From the "Monthly Business Conditions Report" Oct. 1
of the Federal Reserve Bank of Chicago, we take the following regarding manufacturing activities and output:
Automobile Production and Distribution.
Passenger cars produced in the 'United States during August totaled
443.714 in number, representing an increase of 4.1% over the preceding
month and of 10.9% over Aug. 1928. August output of trucks aggregated
54,918, or 25.4% below July and 9.5% under a year ago-the first decline
in the latter comparison since June 1928.
Both wholesale and retail distribution and used car sales by dealers in the
Middle West showed a recession in August from the preceding month, while
the number of retail sales and of used cars sold totaled above the volume
of last August and wholesale distribution continued much smaller than a
year ago. Reports of38 dealers indicate that deferred payment sales averaged
51.7% of total retail sales in August, compared with 57.4% in July and
47.9% for 22 firms in Aug. 1928.
Midwest Distribution of Automobiles.
(Changes in Aug. 1929, from previous months.)
-Per Cent Change From- -Companies IncludedJuly 1929. Aug. 1928.
July 1929. A ug.1928
New CarsWholesale:
Number sold
-9.3
-37.0
34
25
Value
-7.5
-40.1
34
25
Retail:
Number sold
-11.0
+3.9
59
38
Value
-4.2
-11.0
59
38
On hand Aug. 31:
Number
+5.1
+53.2
61
90
Value
-1.1
+37.7
61
40
Used CarsNtunber sold
-12.5
+32.3
59
38
Salable on hand:
Number
+3.7
+37.0
59
38
+6.9
Value
+4.2
59
38
Furniture.
Declines of 16.2% from the preceding month and of 0.1% from a year
ago were shown in the volume of new orders booked during August by
28 furniture manufacturers in the Seventh Federal Reserve district. Individually, however, 17 of the firms registered an increase over a month
previous and half of them showed gains over last year. Shipments increased
seasonally 32.3% over July and were 8.0% above the corresponding period
of 1928. Shipments exceeded orders booked, so that unfilled orders declined
10.5% on Aug. 31 from July 31. The amount of orders on hand was 10.6%
above the same period of last year. Nineteen firms had an average rate of
operation for August of 85.1%, which compares with 77.9% during August.
Building Operations in Philadelphia Federal Reserve
District Below Last Year's Scale.
The Federal Reserve Bank of Philadelphia reports that
building operations in its District continue at a much lower
rate than last year. These advices are contained in the
Bank's Business Review, dated Oct. 1, which also has the
following to say:
The total value of building contracts awarded in August declined as
compared with July and last August and was the lowest monthly total since
January. 1926. Reports for the first twenty days of September show some
Improvement. Eastern Pennsylvania and Southern New Jersey were responsible for the decrease in the August figures, since Delaware reported
a slight gain. Among the reporting ctities, all of which showed losses,
large declines were reported by Philadelphia, Camden, and Wilmington.
Of the various classes of' buildings, industrial plants and public works and
utilities showed gains over last year, while residential buildings had the
greatest declines.
The proposed expenditure under building permits issued in 17 cities of
this district decreased appreciably during August and was 43% smaller
than in the same month last year.
[VoL. 129.
The value of mortgages recorded in Philadelphia declined 22%
from the
high figure of last month. Compared with August, 1928,
however, it
was almost 23% larger. The number of deeds recorded was the
smallest
in the past 11 months and was about 13% below the July figure.
August
1929.
Building Activity.
Contract AwardsPhiladelphia Federal Reserve DistrictTotal
524.902.000
Residential
9,245,000
United StatesTotal
488,882,000
Residential
146,088,000
Permits IssuedPhiladelphia Federal Reserve Dist. (17 cities)._ 9,696,000
United States (577 cities)
236,721,000
Source: F. W.Dodge Corp. and S. W. Strauss dc Co.
Change
from
August
1928.
8 Mos.
of 1929,
Compared
with
8 Mos.
of 1928.
-28.7% -15.8%
-42.4
-28.1
-5.4
-31.6
-8.2
-26.6
-43.1
-18.4
-2.3
Merchandising Conditions in Chicago Federal Reserve
District-Increased Sales in Wholesale and Department Store Trade in August as Compared with
Preceding Month.
Larger sales in the Chicago Federal Reserve District in
wholesale and department store trade in August as compared
with July are indicated in the Oct. 1 Monthly Business
Conditions Report of the Federal Reserve Bank of Chicago,
which thus surveys merchandising conditions in the District:
Wholesale Trade.-Increased sales over July were recorded during August
In all reporting lines of wholesale trade except hardware, as compared with
a year ago, grocery and dry goods sales totaled less, although the majority
of firms in the latter line had larger sales. Merchandise sold in the eight
months of 1929 aggregated larger than in the same period of 1928 by
1.1%
for the grocery trade. 7.6% for hardware, 6.0% in dry goods, 3.4% in
drugs, and 19.7% for electrical supplies, with shoe sales 0.4% less. Collections are fair to good in most groups, but were reported as poor by
several electrical supply firms. Prices are generally steady and continue
to trend upward in groceries.
WHOLESALE TRADE DURING THE MONTH OF AUGUST 1929.
Na Sales During Month
Per Cent Changefrom
Groceries
Hardware
Dry Goods
Drugs
Shoes
Electrical supplies
Preceding
Month.
Same Month
Last Year.
Preceding
Month.
Same Month
Last Year,
(32) + 0.5
(14)- 0.6
(10) +27.5
(10) +10.7
(8) +84.4
(40) + 6.4
(32)- 3.4
(14)- 5.3
(10)- 1.1
(10) + 0.7
(8) + 0.7
(40) +15.2
(22) + 1.9
(10)- 0.7
(8) + 5.6
(8) + 0.8
(6)- 3.7
(34) + 4.2
(21) -12.9
(10) + 7.3
(8)- 2.6
(8) + 5.1
(6)- 0.7
(34) +31.7
Accounts Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Stocks at End of Month
Per Cent Change Porn
Same Month
Last Year.
Ratio to
No Sales
During
Month.
Collections During Month,
Per Cent Change from
Prededing
Month.
Same Month
Last Year.
Groceries_ _ (29)- 0.7 (29) -10.2 (29) 88.2 (28) + 0.9 (24) + 3.0
Hardware (14) + 2.7 (14) + 5.2 (14) 202.6 (11)9.7 (11) + 6.9
Dry Goods (10) + 9.2 (10)- 0.5 (10) 273.6
(9)- 7.1
(9) + 4.5
Drugs
(9) 138.3
(8)+ 3.8
(9) + 7.4
(7) + 3.3
(7) + 3.3
Shoes
(7) +12.7
(7) + 5.0
(7) 252.9
(6) + 7.0
(6)- 0.5
Elec. sum)! (40) + 4.6 (39) +22.2 (40) 138.1 (27) + 1.6 (261 +21.6
Figures In parentheses indicate number of firms included.
Department Store Trade.-A seasonal increase of 12.1% over July was
recorded in aggregate August sales of 118 department stores in the Seventh
(Chicago) District; the volume of merchandise sold likewise gained 3.7%
over August 1928, with the total for the eight months of this year showing
an expansion of 3.5% over the same period last year. The larger cities and
stores in small centers shared in the increases In the month-to-month comparison and for the eight-month period,and with the exception of Milwaukee
all showed gains over a year ago; more than half of the Chicago firms,
however, reported declines in the last two comparisons, and the majority
of stores in smaller centers had sold less for 1929 to date than through
August last year. Stocks on hand Aug.31 were 9.0% heavier than a month
previous and 7.7% above those on the corresponding date of 1928. Stock
turnover showed little change as compared with a year ago, averaging
0.29 times for the month and 2.46 for the period. The amount of collections
during August fell 14.0% below the preceding month, but gained 10.4%
over last August; accounts receivable the end of the month were 1.4% less
than on July 31 and 9.8% larger than a year ago. The ratio of August
collections to accounts outstanding the end of July averaged 36.0% this
year. which is about the game as the corresponding ratio of 1928.
Chain Store Trade.-For the first time since September 1928, average
sales per chain store increased in the comparison with the preceding year;
sales of 21 chains operating 2,657 stores in August averaged 7.6% heavier
than in July and were 2.8% greater than in August last year. The
number of units operated gained 0.8% in the month-to-month comparison and 15.6% over a year ago, while aggregate sales increased
8.4% over July and 18.9% over last August. Sales of grocery and furniture
chains totaled less than in the preceding month, and those of five-and-tencent drug,cigar,shoe, musical instrument, and women's and men's clothing
chains were heavier; as compared with August 1928, all groups except
musical instruments recorded gains.
Other Retail Trade.-August sales of shoes by 26 dealers and 23 department stores in the Seventh District aggregated 4.5% loss than in the preceding month,although increases predominated among the individual firms.
In the comparison with August last year, sales gained 6.1%. and for the
eight months of this year exceeded the corresponding period of 1928 by
4.8%. Stocks on August 31 were 15.4% larger than a month previous
and averaged 3.0% heavier than a year ago. August collections by dealers
declined 7.1% from the July volume, but increased 32.9% over August
1928, while accounts receivable fell off 18.4% in the monthly and
gained
5.9% in the yearly comparison. Accounts receivable totaled 57.8% of
August sales, which compares with 64.1% in July and 58.6% for
August
last year.
Gains of 29.6 and 8.5% respectively, over July and a year ago were
recorded in sales of furniture and house furnishings during August
by 26
dealers and an equal number of department stores. Installment
sales by
dealers increased 46.6% in the month-to-month comparison, and
totaled
p
OCT. 5 1929.]
FINANCIAL CHRONICLE
2153
9.5% more than for last August. Collections on this type of sales exceeded
the July volume by 1.6% but were 0.5% less than a year ago, while total
collections declined 0.5% and 0.9% in the respective comparisons. Accounts
receivable the end of August were 1.2% larger than a month previous and
1.8% greater than on the corresponding date of 1928. Stocks of dealers
and department stores averaged 5.3% heavier on Aug. 31 than on July 31
and 4.1% above a year ago.
tobacco, potatoes and pasturage, but virtually all late crops suffered more
or less deterioration. Since Sept. 1 general rains have helped matters
somewhat, particularly in the winter wheat sections. However, in many
cases growth of crops was too far advanced to be benefited by the moisture.
Deferred frost dates axe essential to mature corn, cotton and other late
crops.
Conditions in the bituminous coal market underwent moderate improvement in August, and since Sept. 1 the betterment has been carried
at a more rapid pace. Purchasing for domestic use picked up
Industrial Employment Conditions in Chicago Federal forward
substantially during the last half of August, both dealers and householders
Reserve District - Gains in Employment and being anxious to place their orders prior to the usual Sept. 1 Price increase.
Operatorsin the Illinois, Indiana and western Kentucky fields reported
Wages.
a measurable decrease in the
of loaded cars for which no orders had
Increases in industrial employment of the Chicago Fed- been received. Demand fornumber
domestic coal in the rural areas, however.
continued
quiet,
despite
generally depleted stock piles, both in dealers'
erad Reserve District during the period July 15 to August 15
yards and with ultimate consumers. While consumption of steaming coal
were about as large in the aggregate as the losses of a was
in larger than the average seasonal volume prices of screenings and other
month earlier, gains of 0.7% in the number of workers and steam sizes were adversely affected by the increased output of lump coal.
by the railroads developed distinct improvement, with several
3.9% in payrolls offsetting the declines of 0.2 and 5.0%, Purchasing
Western trunk lines adding heavily to their reserves. Contracting by pubrespectively, reported for the preceding period, says the lic utilities companies,
municipalities and certainiargeindustrial consumers
Federal Reserve Bank of Chicago, which, in its Oct. 1 was in considerable volume.
s s •
Monthly Business Report, goes on to state:
Irregularity, both with reference to different sections and the several
Groups in which previous losses were followed by gains were the metals lines, was reflected
in advices relative to collections during the past thirty
and metal products, where the recovery was almost complete, and vehicles days. As was the
case a month earlier, wholesalers of merchandise for
where it was only partial, gains of 1.8% in men and 5.9% in pay com- ordinary consumption
reported settlements in relatively larger volume
paring with declines of 3.8 and 7.4% in the preceding period. The than producers and distributors
of the more durable commodities. Comchemical products, leather products, and paper and printing, showed plaints of backwardness came
from building material interests. Taken as
substantial increases in both employment and payrolls, the latter reversing a whole, improvement developed in
retail collections. In the winter wheat
the trend of a month previous. Only one group, food products, showed a areas liquidation was in good
volume, both with merchants and country
decrease in both volume of employment and payrolls, but the declines did banks. Sept. 1 settlements of dry goods,
boot and shoe and hardware
not fully offset the heavy increases reported earlier in the season. In the interests in the large cities were fully up to
expectations. Less satisfactory
remaining groups, covering the manufacture of clothing, of building conditions were reported by wholesale clothing firms.
Replies to quesmaterials, and rubber products, employment continued to be reduced, tionnaires addressed to representative interests in the several
lines through
while payroll amounts showed a recovery from the previous depression.
the district showed the following results:
Outside of manufacturing industries, there was also slight improvement
Excellent.
Good.
Fair.
Poor.
in employment conditions, wholesale and retail trade, coal mining, and the August 1929
1.3%
30.6%
12.5%
55.6%
construction industries recording increased activity. Reports from the free July 1929
1.4%
25.0%
57.0%
16.6%
employment offices of Illinois and Iowa showed a drop in the ratio of the August 1928
1 4%
23.6%
58.3%
16.7%
number of applicants to positions available, declining in the former State
Commercial failures in the Eighth Federal Reserve District in August,
front 149% for July to 137 for August, which was slightly below the 138% according
to Dun's, numbered 103, involving liabilities of $1,393,363.
reported a year ago, and in the latter from 281% to 196, a point con- against 111 defaults in July
with liabilities of $1,331,242, and 99 failures
siderably below the 215% of last year. For Indiana the ratio increased, for a total of $4,765,633
in August 1928.
registering 119% for August, as compared with 1J3 in both the preceding
month and August 1928.
High Rate of Activity in Industry in Kansas City
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
Federal Reserve District Continues in August.
DISTRICT.
Number of Wage Earners,
Industrial Groups.
Week Ended
Per
Aug. lb July 15 Cent
1929.
1929. Change.
All groups (10)
413,894 410,820
Metals & metal prods.
(0th. than vehicles) _ 176,327 173,437
Vehicles
46,337 45,502
Textile & textile prods. 30,177 30,683
Food & related prods_
49,701 50,201
Stone,clay & gl. prods_
13,438 13,698
Lumber & Its products_ 33,450 33,962
Chemical products_ ...._ 10,957 10,538
Leather products
19,267 18,956
Rubber products
4,167
4,175
Paper and printing30,073 29,808
Total Earnings.
Week Ended
Aug. 15
1929.
July 15
1929.
+0.7 511,809,661 $11,385,114
+1.7
+1.8
-1.6
-1.1
-1.9
5,446,783
1,358,167
731,194
1,291,152
390,678
836,217
287,899
448.572
94,359
923.640
Per
Cent
Change.
+3.9
"Industry and trade in the Tenth Kansas City Federal
Reserve District continued at a high rate of activity through
August, showing less than the customary summer-time
slackening, and September opened with a general volume of
business on a higher plane than was witnessed in the opening
month of the fall season of 1928." The Federal Reserve
Bank of Kansas City, in its Oct. 1 "Monthly Review," in
indicating this, says:
5,226,064 +4.2
1,281,026 +5.9
718,599 +2.2
1,308,513 -1.3
The aggregate of credit outstanding at reporting member banks, after
380,680 +2.6
768,866 +8.8 reaching the highest peak of record early in August, declined in subsequent
+4.0
286,891 +0.4 weeks, although the total at the first week of September VIM considerably
+1.6
419,099 +7.0 higher than a year ago.
Net demand deposits declined slightly, while time
-0.
84,826 +11.2
+1.6
890.750 +3.7 and savings deposits increased in recent weeks, and all class's; of deposits
were larger than a year ago. Payments by check at banks in 30 cities for
five weeks ending Sept. 4 were smaller by 11.8% than in the preceding five
Activities in St. Louis Federal Reserve District in weeks, but were larger by 11.8% than for the corresponding five weeks in
August Above That of Same Period During Past 1928.
The Department of Agriculture reports indicated crop prospects declined
Few Years.
sharply between Aug. 1 and Sept. 1, as a result of the nearly nation-wide
drought.
On the whole, farm production in this district was expected to
Activities in commerce and industry in the St. Louis
be
below the average for the preceding 10 years, large reductions in
Federal Reserve District during the past thirty days "con- the10.3%
production of corn and winter wheat accounting for most of the decrease.
tinued at a rate considerably above the average at the corresProduction in other industries of this district continued at a high level
the season. The output of flour, crude oil, coal, cement and zinc and
ponding season during the past several years." We quote for
lead ores showed increases over July. and, save for small decreases in
from the Sept. 30 Monthly Review of the Federal Reserve production ofsoft coal and lead, each of these branches of industry reported
a larger output than a year ago. Meat packing operations declined during
Bank of St. Louis, which reports further as follows:
The demand for a broad variety of merchandise was on a large scale, and the month, in line with decreased supplies of livestock. The slaughter of
cattle
and sheep was slightly below the record for the same month last year,
throughout August manufacturing plants reported greater activity than
usual at this season. In counter-distinction with the preceding two months, while the slaughter of hogs increased by 26.3% over a year ago.
Distribution of commodities, evidenced by carloadings of freight in
relatively the greatest activity was shown in distributive lines handling
goods for ordinary consumption. In a large majority of the lines investigated August, was at the peak of the year for the railroads which serve this district.
Carloadings of all groups of commodities showed increase; over a
sales were in excess of the preceding month, and in a number of important
classifications, was in excess of the corresponding Period last Year. The year ago with the exception of livestock.
Distributive
trade in leading wholesale and jobbing lines reflected heavy
rate of production at factories was on the whole well sustained, and the high
level of operations was due to actual consumptive demand, as inventories buying by retail merchants for fall trade, with the dollar volume of sales
of finished materials remained generally of moderate size, and shipments In five lines 1.5% below that for August a year ago. Retail trade at department stores exhibited more than the usual seasonal July to August inin general were equal, or close to current output. While purchasing of
commodities is still largely on an immediate requirement basis ordering for crease, and sales for the month and eight months ran ahead of last year.
Building in leading cities took on increased activity during August, with
future delivery was somewhat freer than earlier in the year.
August sales and shipments of boots and shoes in the district were the the value of permits Issued 21.3% higher than in August a year ago. Contracts
awarded in the district as a whole reflected a large investment for the
largest for any month on record, and showed a substantial gain over the
same month in 1928. Increases over a year ago were also reported by whole- month, although not up to the amount of awards in August last year.
The
Department of Labor reports from over this district reflected more
salers of clothing. men's hats,drugs and chemicals, groceries and some lesser
lines. Slight declines were shown in sales of hardware, furniture and dry generally satisfactory employment conditions than had been witnessed
in
recent
years.
goods interests as compared with last year, but in all these lines August
Regarding wholesale and retail trade, the Bank says:
sales were substantially heavier than in July this year. According to
automobile dealers reporting to this bank August distribution of new pasTrade.
senger cars was considerably larger than a year and a month earlier. In
Retail.-Sales at 36 department stores in cities of this district during the
the iron and steel industry plant operations were on a considerable scale, month of August were in the aggregate 20.3% larger than
in July, 2.3%
but in a number of important instances moderate reductions in unfilled larger than in August last year, and for the first
eight months of the year
orders were reported. As indicated by permits issued and contracts let 3.4% larger than in the like period of the preceding year.
Of the firms
for new construction, there was a rather sharp slump in building during reporting their August sales, 20 showed increases
and 16 decreases as comAugust as contrasted with the preceding month and last year. Debits to pared with August hat year. Reports of single line
retail stores showed
individual accounts in the chief cities of the district decreased 6.3% August sales of shoes were markedly smaller than a year ago, while
sales
under the July total, but were 6.2% larger than in August 1928. A of furniture were slightly larger than a year ago.
moderate gain was recorded in August sales of department stores as comInventories on Aug. 31 showed department store stocks increased 9.3%
pared with a year ago.
over July 31, but were smaller by 2.5% than on Aug. 31 1928. Stocks of
The drought which prevailed throughout August materially reduced shoes at the close of August were smaller
than a year ago, while stocks of
prospects for crops in this district, besides halting or seriously delaying furniture were larger than a year ago by less
than 1%•
general farm operations, including preparation of the soil for seeding winter
Wholesale.-The combined August gales of reporting wholesale firms in
Wheat. The crops most affected by the dry weather were corn, cotton, flve leading lines in this district
was 18.2% larger than in July, reflecting
2154
FINANCIAL CHRONICLE
[VOL. 129.
seasonal activity in buying by retailers for their fall and winter trade. 10%, and an increase in orders of 52%, compared with the same week a
However, the August volume of wholesalers' sales was 1.5% below that for Year ago.
Hardwood Reports.
August last year.
By separate linos the reports showed August sales of dry goods, groceries,
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
furniture and drugs were larger, while sales of hardware were smaller than production from 199 mills as 46,513,000 feet, shipments 41,888.000 and
In July. Compared with a year ago, this year's August sales of dry goods new business 43.419,000. Reports from 185 mills showed an increase in
and groceries decreased, while sales of hardware, furniture and drugs production of 12%, and an increase in new business of 10%,in comparison
increased.
with 1928.
Inventories at the close of August showed wholesalers' stocks of dry
The Northern Hemlock and Hardwood Manufacturers Association, of
goods, hardware and furniture were reduced during the month, while stocks Oshkosk, Wis., reported production from 24 mills as 3,664,000 feet, shipyear
ago,
over
July
31.
Compared
with
a
drugs
increased
of groceries and
ments 5,351,000 and orders 3,644,000. The same number of mills report a
stocks of dry goods and groceries showed decreases and stocks of hardware, decrease in production of 8%. and an increase in orders of 6%,compared
furniture and drugs increases.
with the corresponding week last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDING SEPT. 28 1929 AND FOR 39 WEEKS
Lumber Orders and Shipments Below Production.
TO DATE.
Shipments and orders for both softwood and hardwood
AssociationProduction, Shipmenis,P.C.of Orders P.0
Pine:
M. Feet. M.Feet. Prod. M.Feet. Prod.
lumber are indicated to have been below production for the Southern
Week-I49 mill reports
87,793
67,928 100
59,602 88
2,622,786 2,649,235 101 2,633,198 100
week ended Sept.28in the reports of 793 mills to the National 39 weeks-5,821 mill reports
West
Coast
Lumbermen's:
Lumber Manufacturers Association. Five hundred and
Week-219 mill reports
183,439
167,789 91
165,777 90
6.853,010 6,900,533 101 6,946,515 101
ninety-four softwood mills reported orders 10% and ship- 39 weeks-7.851 mill reports
Western Pine Manufacturers:
ments 7%, respectively, below production, while 223
Week-38 mill reports
35.727
33,925 95
32,053 90
39 weeks-1,482 mill reports
1,378,082 1,399,105 102 1,295,460 94
hardwood mills gave both new business for the week and
California White & Sugar Pine:
shipments as6% below production. Unfilled softwood orders
Week-14 mill reports
18,441
14,045 76
13,178 71
39 weeks-I,001 mill reports
1,055,770 1,049,027 99 1,063,993 101
at 483 mills on Sept. 28 were given as the equivalent of 20 Northern
Pine Manufacturers:
Week-9 mill reports
10,119
8,462 84
7,292 72
days' production, which may be compared with reports the
39 weeks-351 mill reports
306,433
337,575 110
319,970 104
week before from 507 mills giving an equivalent of 19 No.
Hemlock dr Hardwood (softwoods):
Week-24 mill reports
4,345 107
2,408 59
4,055
days' production.
39 weeks-1,602 mill reports
187,598
166.972 89
149,606 80
Lumber orders reported for the week ended Sept. 28 1929, Northern Carolina Pine:
Week-127 mill reports
14,810 123
12,076
10,703 89
by 594 softwood mills totaled 305,236,000 feet, or 10% 39
weeks-3,158 mill reports
387,642 97
360,931 90
400,374
below the production of the same mills. Shipments as California Redwood:
Week-14 mill reports
7,148
10,116 142
7,575 106
reported for the same week were 314,772,000 feet, or 7% 39
weeks-546 mill reports
291,447
295,656 102
310,136 106
below production. Production was 338,798,000 feet.
Reports from 223 hardwood mills give new business as
47,063,000 feet, or 6% below production. Shipments as
reported fer the same week were 47,239,000 feet, or 6%
below production. Production was 50,177,000 feet. The
Association's statement further says:
Softwood total:
Week-594 mill reports
338,798
314,772 93
305.236 90
39 weeks--21,812 mill reports
13,095,500 13,185,745 101 13,079,800 100
Hardwood Manufacturers Institute:
Week-199 mill reports
41,888 90
43,419 93
46.513
39 weeks-8,153 mill reports
1,570,147 1,600,518 102 1,619,685 103
Northern Hemlock 4r Hardwood:
Week-24 mill reports
3,664
5,351 146
3,644 99
423,994
39 weeks-1,602 mill reports
344.178 81
320,529 76
Unfilled Orders.
Hardwoods total:
Reports from 483 softwood mills give unfilled orders of 999,842,000
Week-223 mill reports
50,177
47,239 94
47.063 94
39 weeks-9,755 mill reports
1,994,141 1,944,696 98 1,940,214 97
feet, on Sept. 28 1929, or the equivalent of 20 days' production. This is
of
latest
calendar
year-300
production
-day
year
-and
may
upon
based
Week-793 mill reports
388,975
362,011 93
352,299 91
be compared with unfilled orders of 507 softwood mills on Sept. 21 1929, of
39 weeks-29,965 mill reports
15,089,641 15,130,441 100 15,020,023 100
1,018,623,000 feet. the equivalent of 19 days' production.
The 341 identical softwood mills report unfilled orders as 806,078,000
feet, on Sept. 28 1929, as compared with 882.779,000 feet for the same
week a year ago. Last week's production of 379 identical softwood mills Canadian Pulp and Paper Exports for August Valued
was 254,514,000 feet, and a year ago it was 266.651,000: shipments were
at $17,449,227-$2,064,890 Above July Figure.
respectively 235,779,000 feet and 277,001,000; and orders received 232.Canadian
exports of pulp and paper in August were valued
and
In
the
case
of
identical
276,629,000.
hardwoods, 209
979,000 feet
mills reported production last week and a year ago 45,959,000 feet and at $17,449,227, according to the report issued by the Cana41.916.000; shipments 45,010,000 feet and 42,227.000, and orders 45,dian Pulp and Paper Association. This was an increase of $2,071.000 feet and 41,079,000.
064,896 over the July total and of $1,885,752 over the total for
West Coast Movement.
August 1928, says the Montreal "Gazette" of Sept. 26,
The West Coast Lumbermen's Association wired from Seattle that
new business for the 218 mills reporting for the week ended Sept. 28 totaled from which the following is also taken:
Wood-pulp exports for the month were valued at $4,272,047 and exports
165,746,000 feet. of which 51,856,000 feet was for domestic cargo delivery,
and 32,798,000 feet export. New business by rail amounted to 67.756,000 of paper at 813.177.180, as compared with $3,618,205 and $11,945,270
feet. Shipments totaled 167,605.000 feet, of which 50,341,000 feet moved respectively, in August 1928. •
coastwise and intercoastal, and 32,820.000 feet export. Rail shipments
Exports of the various grades of pulp and paper for August 1929 and
totaled 71,108,000 feet, and local deliveries 13,336,000 feet. Unshipped 1928 were as follows:
August
August
August
orders totaled 650,250,000 feet, of which domestic cargo orders totaled
August
1928.
1928.
1929.
1929.
264,511,000 feet, foreign 218,367,000 feet and rail trade 167,372,000 feet.
Pulp(Tans.)
(Tons.)
feet.
For
the 38 weeks ended
Weekly capacity of these mills is 250,933,000
$557.046
17.834
$500.216
19.606
Sept. 21, 139 identical mills reported orders 3.6% over production and Mechanical
1,904.507
18,915
1.519,578
25,980
shipments were 2.2% over production. The same mills showed a decrease Sulphite, bleached
966,515
17,252
840,955
Sulphite,
unbleached
19,791
in inventories of 8% on Sept. 21, as compared with Jan. 1.
12,000
Sulphate
767,921
698,351
13,265
Southern Pine Reports.
2,913
Screenings
75.458
59,605
4.560
The Southern Pine Association reported from New Orleans that for
68,914 83.618,205
84,272,047
83.211
fraction
of
1%
shipments
were
a
above
production,
reporting,
mills
149
Paperand orders 12% below production and 12% below shipments. New business Newsprint
217,638 12.659,566 179.334 11,473,052
taken during the week amounted to 59,602,000 feet, (previous week 71.- Wrapping
1,342
161,717
146,730
1,474
997.000, reported by 156 mills); shipments 67,928,000 feet, (previous week Book (cwts.)
7.260
54,818
56,135
6,695
feet,
(previous
67,793,000
week
70,974,000)• Writing (cwts.)
69,942,000); and production
5.881
642
5,021
692
The three-year average production of these mills is 76,564.000 feet. Orders All other
295.198
264,332
on hand at the end of the week at 117 mills were 160,981,000 feet. The
$13,177,180
$11,945,270
132 identical mills reported a decrease in production of 7%, and in new
For the first eight months of the current year the total value of pulp
business a decrease of 27% as compared with the same week a year ago.
Association,
of
Manufacturers
Portland,
Ore.,
reported
to
amounted
$130.033,538
as compared
The Western Pine
and paper exported from Canada
Production from 38 mills as 35,727.000 feet, shipments 33,925.000 and new with a total of $124,789,718 for the corresponding eight months of 1928:
business 32.053,000 feet. Thirty-six identical mills reported production an increase for this year of 85,243.820.
Wood-pulp exports for the eight months were valued at $28,869,844 and
and new business 8% below that reported for the same week of 1928.
The California White and Sugar Pine Manufacturers Association, of exports of paper at $101,163,694, as compared with $29,854.839 and
San Francisco, reported production from 14 mills as 18,441,000 feet. $94,934,879 respectively, in the eight months 1928.
shipments 14,045,000 and orders 13,178.000 feet. The same number of
Details for the eight months' period are as follows:
mills reported production 14% above, and orders 9% below that for the
8 mos.
8 Mos.
8
aM
onoss..
)
8 Mos,
corresponding week last year.
1928.
1929.
1928.
Pulp(Tons.)
Association,
of
Minn.,
Minneapolis,
The Northern Pine Manufacturers
Mechanical
128.438 $3,525,118 121,761 83.327.596
reported production from nine mills as 10,119.000 feet, shipments 8,462,000 Sulphite.
13,183,095 166,335 12,589,719
173,781
bleached
and new business 7,292,000. The same number of mills reported a decrease Sulphite, unbleached
6.276,353 142.648
7,173,701
126.852
5,459,557 107,544
6.357,832
In production and new business of 22% compared with the same period a Sulphate
92,253
19,990
425.721
•
405,996
Screenings
24,005
year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
545,329 828,869,844 558,278 829,854.839
Oshkosh, Wis., reported production from 24 mills as 4,055,000 feet, shipPaper1,627.631 97.074,303 1,412,170 90.942,977
ments 4,345,000 and orders 2,408,000. The same number of mills reported Newsprint
10,713
1,105,170
'Wrapping
1,173.549
10,202
an increase in production of 79%, and a decrease in orders of 30% com43,503
427.167
358,956
Book (cwts.)
50.324
pared with 1928.
34,309
3,467
Writing (cwts.)
31,988
3.806
The North Carolina Pine Association, of Norfolk, Va., reported pro- All other
2.522,745
2,427,909
duction from 127 mills as 12,076,000 feet, shipments 10,703,000, and new
$101,163.694
894.934,879
business 14,810,000. Forty-eight identical mills reported an increase in
Pulpwood exports were higher in August than for some years past but
production of 18% and in orders of 50% compared with the corresponding
for the first eight months were smaller than for the corresponding months
week last year.
The California Redwood Association, of San Francisco, reported pro- of 1928. Total exports of pulpwood for the period amounted to 933.297
duction from 14 mills as 7,148,000 feet, shipments 7,575,000 and orders cords, valued at $9.340,714, as compared with 1,110,327 cords, valued at
10,116,000. The same number of mills reported a decrease in production of $10.772.138 in the eight months of 1928.
OCT. 5 1929.]
FINANCIAL CHRONICLE
Parts-Accessory Industry Has Greatest Eight Months'
Period-Manufacturers Begin to Slacken Pace.
The parts-accessory industry has fully enjoyed the prosperity which has marked the automotive vehicle business this
year, and at the end of August had completed its greatest
eight months' period in production and sales, according to
the Motor and Equipment Association. During August
some normal slowing up in production was noticed and
this continued in September. Operations are still at a satisfactory level, however, and moderately reduced schedules
for the remainder of the year, a natural result of the unusually heavy production of the first half, will still allow
the industry to make a new all-time year record by the end
of 1929.
Shipments of units and parts to car manufacturers for
original equipment declined from July and were also below
August last year. August was the first month in which
shipments for this group fell below last year. Service parts
business scored an impressive gain over July but was below
August 1928. Service equipment business held even with
July and continued, as it has all year, ahead of last year,
according to reports from member companies, which have
just been tabulated by the Association. Aggregate shipments
in August of several hundred manufacturers supplying parts
and accessories to the car and truck manufacturers and
parts, accessories and garage repair equipment to the wholesale trade were 182% of the January 1925 base, as compared with 188 in July, 208 in June and 212 in August last
year.
Reports by divisions, of member manufacturers' business
in August follows:
Parts and accessory manufacturers selling their products to the car and
truck manufacturers for original equipment made shipments aggregating
193% of the January 1925 figure, which compares with 205 in July, 231 in
June and 230 in August last year.
Shipments to the trade of service parts in August were 169% of January
1925 as compared with 152 in July, 150 in June and 176 in August a year ago.
Accessory shipments to the wholesale trade In August were 88% of January 1925 compared with 92 in July.90 in June and 147 in August last year.
Service equipment shipments, that is, repair shop machinery and tools,
of member companies In August were 170% of the 1925 base, as compared
with 170 in July and 148 in August a year ago.
Business of the automotive wholesalers In the M. R. A. in August was
good, the aggregate volume of sales for all reporting Companies
running
2% ahead of July, though accounts receivable also increased.
Report of Finishers of Cotton Fabrics for August, 1929.
The National Association of Finishers of Cotton Fabrics
collects and compiles each month, and furnishes to the Federal Reserve Board by Federal Reserve Districts, statistics
on production and shipments of finished cotton goods. The
August figures, furnished by 27 (out of 49) members of the
National Association, are shown in the following table made
available by the Reserve Board Sept. 28:
White
Goods.
Dyed
Goods.
Printed
Goods.
Total finished yards billed during mo.
No. 1-Boston
41,307,621 10,477,147 14,059,279 11,071,656
No. 2-New York
12,881,256 3.773.492
715.559 2,874,207
No. 3-Philadelphia
11,235,508 7,169,712 4.065,796
No. 5-Richmond
7.704,587 5.848,981 2,055,628
No.8-St. Louis
2,715,830 2,715,830
Federal Reserve District.
Total.*
Total
75,844,802 29,785,142 20,896,260 13,745,863
Total gray yardage of finishing orders
received:
No. 1-Boston
35,281,412 12,433,095 12,707,839 8.445,915
No. 2-New York
12,590,947 4.978,384 2,670,096 2,529,768
No. 3-Philadelphia
10,237,086 8,736,483 3,500.802
No. 5-Richmond
7,590,138 8.023,195 1,566.943
No. 8-Bt. Louis
3,468,835 3,468,635
Total
69,188,217 33,639,792 20,445,480 10,975,683
Number of cases finished goods shipped
to customers:
No. 1-Boston
24,342
4.967
4,030
1,785
No. 2-New York
8,358
2,495
817
No. 3-Philadelphia
6,121
4,311
1,810
No. 5-Richmond
4,303
4,303
No. 8-St. Louis
2,116
2,118
Total
45,238
18,192
6,457
1,785
Number of cases finished goods held in
storage at end of month:
No. 1-Boston
16.885
3,102
3,831
1,903
No. 2-New York
8,887
3,032
985
No, 3-Philadelphia
7,373
829
307
No. 5-Richmond
2,363
2,342
No. 8-St. Louis
812
812
Total
36,320
10,117
4,903
1.903
Total average percentage of capacity
operated:
No. 1-Boston
81
57z
87
No. 2-New York
45
341
81
No. 3-Philadelphia
57
571
No. 5-Richmond
72
72x
No. 8-St. Louis
131
131x
Average (five districts)
Total average work ahead at end of
month expressed in days:
No. 1-Boston
No. 2-New York
No. 3-Philadelphia
No. 5-Richmond
No. 8-St. Louis
60
56x
5.3
2.5
4.2
7.7
13.7
3.21
2.4x
4.2x
7.71
13.7x
85
13.9
5.7
Average (five districts)
4.9
3 9x
1? 9
*Includes in certain instances figures for plants reporting totals only.
x Figures for white goods and dyed goods combined.
2155
Raw Silk Imports Decline During September-Deliveries to American Mills also Lower-Stocks Again
Increase.
According to the Silk Association of America, Inc., imports of raw silk in September amounted to 59,970 bales,
a decrease of 5,546 bales as compared with the preceding
month, but represents an increase of 11,113 bales over
September 1928. Approximate deliveries to American mills
in September 1929 totaled 53,274 bales, 6,430 bales less
than in the previous month, but 5,477 bales higher than in
September last year. Stocks of raw silk at Oct. 1 1929
amounted to 55,104 bales, as compared with 50,464 bales
on the same date last year and 48,408 bales on Sept. 1 1929.
The Association's statement follows:
RAW SILK IN STORAGE OCT. 1 1929.
(As reported by the principal warehouses In New York City and Hoboken.)
Figures in BalesEuropean.
Japan. All Other.
Stocks Sept. 1 1929
747
38,821
10,840
48,408
Imports month of September 1929.:
618
51.980
7,392
59,970
Total amount available during Sept...Stocks Oct. 1 1929.z
1,385
770
88,781
43,146
18,232
11,188
108,378
55,104
Approximate deliveres to American mills
during September-Y
595
SUMMARY,
45,635
7,044
53,274
Imports During the Month.:
January
February
March
Spill
&4ay
June
July
hugust
September
October
November
December
Total
&osmium nInnthly
1928.
1927.
1929.
1928.
1927,
58,384
43.278
48,193
47,782
49.894
54.031
48,795
115.518
59,970
.
48.403
44.828
50,520
36,555
52.972
45,090
38.870
62,930
47.288
48.857
48,134
44,128
48,458
33,981
38,600
46.486
49.284
42,809
47,858
59,819
52.475
51,207
38.850
44.828
49,943
48,993
45,218
39.125
39.898
47,425
42,598
48.408
55,104
____
--....
----
47,528
41.877
40.188
35.483
42.088
41,127
38,8.88
60,975
50,484
49,381
49,808
48,908
62.627
43.758
83.118
31.749
85.627
87.024
43,841
58,818
58,986
82,388
52,089
53.540
473.733
55537
588.378
47 MR
552.441
44(1.47
45 "7'
1.4-;;;
aria
Approximate De2iveries
to American Mills.,
January
February
Karapdl
Slay
Rine
July
litmus*
September
October
November
December
Total
everage monthly
StOrelf at End of Mostel.2
1929.
Approximate Amount in Trona{
Between Japan & New Yorki
End of Month.
1929.
1928.
1927.
1929.
1928.
1927.
57,349
48,228
49.878
53.855
49.121
46,504
51,624
59.704
53,274
52,420
50.679
52,011
41,258
46.387
48.051
40,931
50.821
47,797
49.940
47.709
45,028
48.307
42,880
49.242
47.853
45.486
41,312
41,039
47,042
50,107
47.827
46,947
43,867
81.000
30.000
29.000
30.700
28.000
21,200
34,100
41.800
39,000
25.000
23.500
19.200
28,500
24,000
17.800
32,300
27.500
25,600
31,200
22,800
42,500
17.700
19.000
21,700
25,000
22.900
28.800
29,000
28.400
21.500
18,500
28,900
33,500
487,537
51,949
671.010
47.684
651,879
45.948
31,622
26.642
24:iii
x Imports at New York during current month and at Pact 10 ports previous to
the time allowed in transit across the Continent (covered by Manifests 217 to 243.
Inclusive). y Includes re-exports. a Includes 450 bales held at railroad termicals
at end of month Stocks in warehoused Include National Raw Silk Exchange
rortitted stocks. 1.780 bales.
•
Members of New York Coffee & Sugar Exchange Approve Amendments for Creation of New Coffee
Contract.
Members of the New York Coffee & Sugar Exchange on
Sept. 30 by unanimous vote approved amendments to the
by-laws adopted by the Board of Managers providing for
the creation of a new coffee contract, to be known as "Contract F," covering mild coffees. The new contract, which
will become effective on a date to be determined by the
Board of Managers, has Colombian Honda, Girardot,
Manizales and Libano coffees as the basis grades. Other
coffees to be traded on this contract include the various
grades of Colombian, Venezuelan, Salvador, Guatemala,
Mexican and San Domingo coffees falling within the mild
coffee classification. Suitable differentials have been pro..
vided for these other grades. The amendments approved
this week also provide for the creation of a grading and
classification committee to supplant the present grading committee. The new committee will provide standards for the
grading of coffee under Contracts "A,""D"and "F," eovering Rio, Santos and mild coffees, respectively. A previous
item regarding the amendments appeared in our issue of
Sept. 28, page 1999.
Petroleum and Its Products- Pennsylvania Crude
Again Reduced-Fourth Cut Made Since July 1
-Action Fails to Effect Mid-continent Fields.
On Tuesday, Oct. 1, the South Penn Oil Co. announced
a reduction of 25 cents a barrel on all grades of Pennsylvania
crude oil. This makes the new prices range from $2.70 a
b trrel for Pennsylvania crude in Buckeye Pipe Line Co.
lines, to $3.05 for Bradford district oil run July 1 and after.
2156
The latest cut in Pennsylvania crude has had no effect on
Mid-continent prices. This is contrary to conditions in
former years, when a cut in Pennsylvania presaged a general
out in Mid-continent, and indicates that price changes in
the Pennsylvania area no longer influence the course of
prices in the other producing territories.
The last change in Pennsylvania, prior to the Oct. 1 cut,
was on Aug. 16, when a general reduction of 25 cents a
barrel was made and oil in the Buckeye Pipe Line Co. lines
was cut 30 cents. The latest drop brings Pennsylvania
crude to the lowest quotation of the year. The top price
now is $3.05 for Bradford crude, which is 30 cents a barrel
less than the prevailing quotation at this time last year.
As a matter of fact, prices in 1928 were on a rising scale
throughout the year, with Bradford oil starting 1928 at
$2.80 a barrel and ending up at $3.85 a barrel in December.
Then in January of this year another advance was recorded,
this time of 25 cents a barrel, bringing the year's high price
of $4.10 a barrel. This level continued until July 1, when
the series of cuts began, during which time a total reduction
of $1.05 a barrel has been made in Bradford district oil.
Increased production in the Pennsylvania fields accounts
for the lowering prices, coupled with the usual seasonal decline in the call for refined products.
In the Midcontinent field there have been no changes
since May 20 of this year, when Paririe Oil & Gas Co. posted
their new schedule which involved a maximum increase of
41 cents a barrel, making the average grade, 36 degrees
gravity, $1.45 a barrel.
On Wednesday, Oct. 2, the Ohio Oil Co. reduced the
price of western Kentucky crude oil 15 cents a barrel, making their new price $1.68 a barrel. This is not as especially
important move in the market, as the total output of Kentucky averages only about 23,000 barrels daily. There has
recently come about renewed activity in drilling in the
.western Kentucky oil fields, notably in Ohio county. There
have been some fairly good wells brought in raising the daily
production and leading incidentally to the 15 cent cut.
According to reports received by the Bureau of Mines of
the Department of Commerce the production of crude petroleum in this country during the month of August amounted
to 92,288,000 barrels, a daily average of 2,977,000 barrels,
which established a new high record, representing a daily
fncrease over the previous month of 31,000 barrels.
The daily increase was largely accounted for by increased
production in Texas, which amounted to 23,000 barrels
daily. The total Texas daily output was 896,000 barrels,
as against 873,000 barrels daily during the previous month.
Changes in prices for the week have been:
Oct. 1:-South Penn 011 Co. announces 25 cents a barrel reduction in all
wades of Pennsylvania crude oil. New price range is $2.70 a barrel for
Pennsylvania crude in Buckeye Pipe Line Co. lines to $3.05 a barrel for
Bradford district oil run July 1 and after.
Oct. 2:-Ohio 011 Co. announces 15 cents a barrel reduction in western
Kentucky crude oil, making new price $1.68 per barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$3.05 Smackover, Ark., 24 and over
Bradford, Pa
1.75 Smackover, Ark., below 24
Corning, Ohio
1.35 Eldorado, Ark., 34
Cohen, W. Va
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
Mideontlnent, Oklahoma, 37
.80 Artesia, New Mexico
Corsicana. Texas, heavy
.87 Santa Fe Springs, Calif., 33
Efutchinson, Texas, 35
1.00 Midway-Sunset, Calif., 22
Luling. Texas
1.20 Huntington, Calif., 26
BpindIstop. Texas, grade A
1.05 Ventura, Calif., 30
Spindietop, Texas, below 25
.65 Petrolla, Canada
Winkler, Texas
gravity, 390 end point, at 8.50 cents per gallon, for shipment
to England. There have been several inquires for large shipments this week, but neither has as yet been reported consummated.
Domestic heating oils are going very well, now that the
heating season has really started in homes, apartments and
business buildings. Stiffer competition is developing and
several instances of price shading have been reported, but
not of a nature important enough to affect the market.
Bunker oil continues steady at $1.05 at refineries and Diesel
oil holds firm at $2 a barrel at refinery. Kerosene sales are
satisfactory with production increasing to meet the rising
consumption figures. Prices are holding steady and unchanged.
Figures just released by the Bureau of Mines, Department
of Commerce, show that gasoline production reached a new
high peak in August with a daily average of 1,242,000 barrels
as against 1,221,000 barrels daily average in July and
1,095,000 barrels daily in August 1928. Production of
kerosene also increased in August but this was offset by
larger demand with a resulting decline in stocks.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
New York(Bayonne)$.09
Arkansas
$.0834 North Louisiana.
.083i North Texas
West Texas
.0634 California
Chicago
093f Los Angeles, export_ .0734 Oklahoma
New Orleans
07,4 Gulf Coast, export- .0834 Pennsylvania
Gasoline, Service Station, Tax Included.
Minneapolis
$ 18
New York
Cincinnati
$ 18
New Orleans
Atlanta
.16
.21
Denver
Baltimore
188 Philadelphia
.22
Detroit
San Francisco
.18
Boston
.20 Houston
.24
Spokane
Buffalo
15 Jacksonville
179 St. Louis
Chicago
15
Kansas City
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
New York(Bayonne)$.08
$.0534 New Orleans
Chicago
North Texas
.0534 Los Angeles, export_ .0534 Tulsa
Fuel 011, 18-22 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)_$1.05 Los Angeles
5.85 Gulf Coast
Diesel.
95 Chicago
2.00 New Orleans
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)$.051j Chicago
$.03 Tulsa
.063i
.07
09%
$.182
195
.21
215
.206
.169
$.073i
.0634
5.75
55
5.00
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,214,000 barrels, or 94.4%, of the
3,404,700 barrels estimated daily potential refining capacity
of the plants operating in the United States during the
week ended Sept. 28 1929, report that the crude runs to
stills for the week show that these companies operated to
84.8% of their total capacity. Figures published last
week show that companies aggregating 3,200,100 barrels,
or 94.0%, of the 3,404,700-barrel estimated daily potential
refining capacity of all plants operating in the United
States during that week, but which operated to 85.8%
of their total capacity, contributed to that report. The
report for the week ended Sept. 28 follows. For the sake
of comparison, total figures for the previous week are also
shown.
cnunn RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
WEEK ENDING SEPT. 28 (BARRELS OF 42 GALLONS.)
$.90
.75
1.14
,90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.00
REFINED PRODUCTS-GASOLINE MARKETS QUIET IN EAST
WITH PRICES UNCHANGED-DOMESTIC HEATING OILS IN
BETTER DEMAND AS HEAVIER SEASONAL CONSUMPTION
GETS UNDER WAY-KEROSENE SALES SATISFACTORY.
Gasoline markets were quiet during this week, with no
price changes reported in U. S. Motor. There was some
weakness in California gasoline, but the easier prices were
reported only at certain points where the downward revision
was necessary to meet competition from other points and
was not made in an effort to lower the general market to
secure business. Buying in the past few days has been of a
spasmodic nature in gasoline, although there has been a better tone in export demand. Reports from Philadelphia indicate that business done during September by certain
factors would exceed the sales for August, which is normally
a much better month.
There is less price shading in U. S. Motor gasoline in the
local territory. At one time recently business was reported
. done on a basis of 8.50 cents a gallon but now 8.75 is considered the low point in the general market. In the export
market a New York broker reports the sale, for early October
shipment, of 75,000 barrels of California gasoline, 58-62
[you 129.
FINANCIAL CHRONICLE
District.
Crude
Runs
to
Stills.
P. C.
Oper.
Of Tot.
Capac.
Report
Gasoline
Stooks.
Gas
and
Fuel Oil.
Stocks.
3,338,900
596,400
2,145,700
1,980.100
4,269,400
1,391,100
480,100
4,876,700
84.0
84.1
92.7
74.1
91.8
81.0
55.3
87.3
4,279,000
837,000
4,108,000
2,358.000
3,741000
1,735.000
1,740,000
12,511,000
8.922.000
750,000
3,622,000
4,306,000
12,895,000
5,343.000
080,000
108,048,000
19,076,400
2.725.200
19.226,900
2,748,700
84.8
31,309,000
144,848,000
85.8
32,402,000
145,068,000
100.0 '3,388.000
080 200
95.5
80.4
3.110,000
1.485.o00
P. C.
Potertflat
Cam's
Report.
East Coast
100.0
Appalachian
90.5
Indiana, Illinois, Kentucky 98.7
Okla., Kansas, Missouri
89.5
Texas
90.4
Louisiana-Arkansas
96.7
Rocky Mountain
93.5
California
95.0
Total week Sept. 28
Daily average
Total week Sept. 21
Daily average
Texas (Gulf Como
Ln0Inlanti (ChM Onnan
94.4
94.0
inn A
9,708,000
nnn
4 Mil
Note.-Ail crude runs to stills and stocks figures follow exactly the present
Bureau of Mines dettnit ons. In California stocks of heavy crude and all
grades of fuel oil are included under the heading "Gas and Fuel Oil Stocks."
Crude oil runs to stills Include both foreign and domestic crude.
Crude Oil Production in United States Again Decreases.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ending Sept. 28 1928, was 2,900,400 barrels, as
compared with 2,924,500 barrels for the preceding week, a
decrease of 24,100 barrels. Compared with the output for
the week ended Sept. 29 1929, of 2,509,800 barrels per day,
the current figure represents an increase of 390,600 barrels
daily. The daily average production east of California for
the week ended Sept. 28 1929 was 2,022,700 barrels, as compared with 2,034,000 barrels, for the preceding week, a
decrease of 11,300 barrels. The following are estimates of
OCT. 5 1929.]
FINANCIAL CHRONICLE
2157
daily average gross production, by districts, for the weeks
Natural Gasoline Output in August Increased Approxishown below:
mately 44,900,000 Gallons Over the Same Month a
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Year Ago—Stocks Decline.
Week Ended—
Sept.2829. Sept. 21 '29. Sept. 1429. Sept. 29 28
According to the United States Bureau of Mines, DepartOklahoma
689,050
698.600
748,700
735.100
ment of Commerce, the production of natural gasoline in
Kansas
127,500
128.850
129,000
99.000
Panhandle Texas
115,050
121,950
126,650
64.800 August amounted to about 189,300,000 gallons, an increase
North Texas
94.950
96.600
97.400
89,250 of approximately 44,900,000 gallons
over the same month
West Central Texas
58,350
58.250
55,100
57.800
West Texas
371,450
366,300
365.050
341.600 last year and an increase of about 2,800,000 gallons over
East Central Texas
17,900
18,000
22.250 July 1929. The average daily outputfor August 1929 totaled
17.450
Southwest Texas
74,200
25.900 about 6,110,000
73,250
74,450
gallons as against 5,980,000 gallons in the
North Louisiana
38.850
38,850
36.700
35.150
Arkansas
64,750
64,700
84,350 preceding month and 4,660,000 gallons in August 1928.
65.900
Coastal Texas
129,160
108.250 Stocks on hand decreased from 48,543,000 gallons at July
133,700
135,850
Coastal Louisiana
24.500
22.650
25,250 31 1929
20,500
to 37,524,000 gallons at Aug. 31 1929. The Bureau
Eastern (not incl. Michigan)
120,900
1110.200
120.300
137,500
Michigan
1 1,800 released the following statistics:
17,600
17.200
Wyoming
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North. West Central,
West, East Central and Southwest Texas, North Louisiana, and Arkansas,
for the week ended Sept. 28, was 1,652.050 barrels, as compared with
1,663,200 barrels for the preceding week, a decrease of 11,150 barrels. The
Mid-Continent production. excluding Smackover (Arkansas) heavy oil,
was 1.606.450 barrels, as compared with 1,617,950 barrels, a decrease of
11,500 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow;
Production. •
Aug.
1929.
Appalachian
Illinois, Kentucky, ace
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total (gallons)
Daily average
CO
2,509,800
NATURAL GASOLINE (THOUSANDS OF GALLONS).
Cs1
i14,O.&I CO CO 14
Total
2,900.400 2,924.500 2,965,400
x Decrease due to shut down of operations in Oklahoma City Pool.
55.400
11.500
6,500
3.550
890,500
01.
898887888o
62.950
10,600
7,100
1,950
625.800
57,750
11,050
6,250
3,450
877,700
:41a-co .-14
57.000
11,800
6,000
3,400
873,800
Montana
Colorado
New Mexico
California
July
1929.
Aug.
1928.
Stocks End
of Month.
Jan.
Aug.
1929.
Aug.
1929.
July
1929.
5,900 5,800
66.300 2,454 3.202
900
900
8,900
225
190
57.600 48.500 447,700 17,478 20.223
2.500 2,900
22,400
646 1,199
33.200 26,400 263,400 13,895 20,508
4,900 MOO
39,500
638
820
2.700 2,800
21,300
269
254
4,000 4,200
30,800
525
543
73,800 48.400 520.30. 1,429 1,461
189,300 185,500 144,400 1,420,600 37,524 48.543
6,101 5,984 4,660
5,850
__-----
Total (barrels)
Daily average
4,507 4,417 3,438
33,824
893 1,156
142
142
111
120
Southwest Texas-Laredo District
Luling
Copper and Lead Prices Hold Firm—Tin Down on
Salt Fiat
North Louisiana—
Weakness in London—Zinc Trade Dull.
Ilaynesville
4,900 4,900
Urania
6,600 5,800
Prices of non-ferrous metals, except for tin and silver, were
Arkansas—
Champagnolle
5.450 5.750 firm in the past week, "Engineering and Mining
Journal'*
Smackover (light)
5,800 5,800
Smackover (heavy)
45,600 45,250 reports, and then adds:
Coastal Texas—
An average business was done in lead but copper and zinc were given
Barbers Hill
19.300 21,200
Hull
8.250 8.150 little attention by the buying fraternity. Some interest in tin was aroused
Pierce Junction
12.950 12.750 by the drop below 44 cents and by the release of statistical data, but the
Raccoon Bend
8.850 8.000 market was not active. Silver, at 50
cents, again touched a new low for
SpindietoP
22,450 23.150
Sugarland
10,750 11.900 14 years.
West Columbia
Average prices for September show the fifth consecutive month of coppee
5,350 6.150
Coastal Louisiana—
at 18 cents, delivered; the highest lead prices since June; a practically unEast Hackberry
2.500 2,000 changed level for zinc and
a lower price for tin, compared with August.
Old Hackberry
,.._
2.850 2.150
Sulphur Dome
5.600 5,500 Copper consumption continues active and producers are optimistic that
Vinton
4,350 4,450 another good buying movement will set in at present levels before the end
Wyoming—
of October.
Salt Creek
34,250 32,000
Zinc has been dull, but the full price of 6.80 cents seems to have been
Montana—
Sunburst
8,900 8,950 quoted by.all sellers and to have been realized on such business as was
California—
done. Lead transactions for the week made a good showing, sales being
Dominguez
9.000 9.000 close to average in
volume. Prices were firm at 6.90 cents. New York,
Elwood-Goleta
;0.100 20,000
Huntington Beach
13.500 43.500 and 6.70 cents, St. Louis. Despite slackened activity in the automobile
Inglewood
23.500 23.600 industry, there was a steady call for the metal from battery makers. The
Kettleman Hills
10.500 4,800 September sales volume was well above expectations and producers
find
Long Beach
172.000 171.000 themselves in a
rather comfortable position.
Midway-Sunset
70.000 68.000
Rosecrans
Tin
prices
broke
sharply
in
London,
which
was
7.000 6.500
reflected in lower prices
Santa Fe Springs
275.000 295.000 here. Toward the close this metal was quoted at 435 cents, against 45
Seal Beach
41,000 41.000 cents a week ago.
East Central Texas-Torrance
12.500 13,000
Corslcana-Powell
7.050 7,650 Ventura Avenue
61,500 63,000
I Decrease due to shut down of operations.
—Week Ended—
Oklahoma—Sept.28.Sept.21.
Allen Dome
24.450 23,450
Asher
8.200 9,350
Bowlegs
31,950 31.450
Bristow-Slick
22.500 21.500
Burbank
18.150 18.250
Carr City
11,450 11,700
Cromwell
7,800 7,800
Earlsboro
103.150 107,250
East Seminole
Little River
82,550 83,700
Logan County
14.500 15,600
Maud
10,400 11,100
Mission
24,050 24.200
Oklahoma City
950
1.750
St. Louis
62.500 62,800
Basaltwa
10.450 10.000
&aright
11.100 11,650
Seminole
32,200 32,400
Tonkawa
8,650 9,100
Kansas—
Sedgwiek County
36,350 36,200
Panhandle Texas—
Carson County
10.100 10.300
Gray County
78,300 84.850
Hutchinson County
25,100 25.050
North Texas—
Archer County
19.050 19,200
Wilbarger County
31,500 31,700
West Central Tams—
Brown County
9.600 9,050
Shackelford County_ __- 10,400 10,450
West Texas—
Crane and Upton Cos___ 46.950 47,100
Howard County
38,300 36.600
Pecos County
136.600 133,250
Reagan county
17,600 17.650
Winkler County
121,350 121,000
—Week Ended—
Sept 28. Sent.21.
9,900 10,900
10,600 10.750
42,100 41,600
Record September in Pig Iron Output.
With all furnaces reporting and with only a few which
Plan Oil Proration in Oklahoma Fields—Operators' could not give actual totals, data collected by wire on Oct. 1
Committee Agrees on Program Which Will Limit by the "Iron Age" show that September pig iron output
established a new record for that month. A new total for
Production.
From Tulsa, Okla., Oct.3 the New York "Times"reported the first nine months of any year was also registered. September production was at the rate of 115,553 gross tons per day,
the following:
A drastic state-wide program of oil proration, designed to limit Okla- a decline of 5,598 tons, or 4.6% from the August rate of
homa's production to 660,000 barrels daily until Jan. 1, was accepted here 121,151 tons per day. The nearest approach to this for
to-day by the operators in the Oklahoma City flush area and will be subSeptember was 113,942 tons per day in 1918. The September
mitted to the operators in the other flush areas at a meeting in Tulsa
total was 3,466,611 tons or 115,553 tons per day for the
Tuesday.
The program was formulated by an operators' committee, with C. C. 30 days, as compared with 3,755,680 tons or 121,151 tone
Herndon. President of the Skelly Oil Co., as Chairman. Earle
W. Sinclair per day for the 31 days in August. The September daily
of New York City was among the big operators present.
If the operators in the other fields adopt the program the State Cor- rate is the smallest since February this year when it was
poration Commission will be asked to put it into effect, with
Ray M. Col- 114,507 tons. In September a year ago the daily rate was
lins as umpire.
102,077 tons.
The Oklahoma City field was completely shut down on
Sept. 12 for
one month. Under the new program it will not be curtailed 100%
and
production in East Earlsboro, Logan County, Allen Dome,
Sasakwa. the
Peason St. Louis area and all pools of the greater Seminole
area will be
limited, in order to equalize the situation.
It is suggested that the Oklahoma City pool be opened up on Oct. 12
and be permitted to produce to capacity until Oct. 31. and that not later
than Oct. 15 all wells in the other Oklahoma flush areas be prorated
by
curtailing output 20% until Oct. 31.
The committee urges that the proration order of 50% in the Earlsboro
pool be extended to Oct. 31, that during November the Oklahoma City
pool and the East Earlsboro pool be curtailed 40% and the remaining
areas 20%; that during December the Oklahoma City pool and East Earlsboro pool be curtailed 50% and the other pools 25%.
To establish equality between producing and drilling wells, each well
drilling in any of the areas listed or which may be commenced before Jan.
1. shall take a delay prior to being brought into production equal to the
accumulated shut-in time and accumulated equivalent resulting from
pinching in of producing wells from the begininning of the proration period
In each P00L
Operating Rate on Oct. 1.
There were 205furnaces operating on Oct. 1 having an estimated operating
rate of 115.190 tons per day. This compares with an operating rate of
119,130 tons per day for the 210 furnaces active on Sept. 1. Nine furnaces
were shut down and four were blown in during September—s net loss of
five furnaces. This compares with a net loss of six furnaces in August.
No merchant furnaces were blown in or out last month. The Steel Corp.
sustained the largest loss—one blown in and six shut down. Independent
steel companies blew in three and shut down three. The net loss of five for
the month was in steel-making furnaces.
Nine Months Make a New Record.
For the nine months ended with September the total output was 32.648.371 tons. The nearest approach to this for the same period was 31,094,873 tons in 1923, an increase of 1.553.498 tons or 5%.
Large Loss in Steel-Making Iron.
There was a loss of 4.986 tons per day, or 5%, in steel-making Iron or
93,914 tons per day for September compared with 98.900 tons per day for
August. The merchant loss was only 612 tons per day.
FINANCIAL CHRONICLE
Z158
September Output of Ferromanganese.
' Ferromanganese output in September was 27.310 tons which compares
.with 28.461 tons in August. It was the fifth largest this year. Two companies were making spiegeleisen last month.
Furnaces Blown In and Out.
Among the furnaces blown in during September were one Ashland
furnace of the American Rolling Mill Co.in Kentucky. No. 3 Ohio furnace
• of the Carnegie Steel Co. and one Campbell furnace of the Youngstown
Sheet & Tube Co. in the Mahoning Valley, and one furnace of the Colorado Fuel & Iron Co. in Colorado.
' Among the furnaces blown out or banked during September were No. 1
Isabella furnace of thefl Carnegie Steel Co. in the Pittsburgh district, 0
,furnace at the Maryland plant of the Bethlehem Steel Corp., No. 6 Ohio
furnace of the Carnegie Steel Co. and Grace furnace of the Youngstown
Sheet & Tube Co. in the Mahoning Valley, one furnace of the National
Tube Co. for complete relinbag in Northern Ohio, two South Chicago furnaces of the Illinois Steel Co. and one Gary furnace in the Chicago district,
and No.3furnace of the Sloss Sheffield Steel & Iron Co.in Alabama.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS.
•
1924.
January..
97.384
106.026
February
111,809
March
107.781
April
84.358
May
67,541
June
First six months.- 95.794
57.577
July
60.875
August
68,442
September
79.907
October
83.656
November
95.539
December
12 months'average-. 85,075
1925.
1926.
1927.
1928.
1929
108.720
114.791
114.975
108,632
• 94,542
89.115
105.039
85.936
87.241
90.873
97.528
100.767
104.853
99.735
106.974
104,408
111.032
115.004
112.304
107.844
109,660
103.978
103.241
104,543
107,553
107,890
99.712
107,043
100.123
105.024
112,366
114.074
109.385
102.983
107,351
95.199
95,073
92,498
89.810
88,279
86,960
99.266
92.573
100.004
103,215
106,183
105,931
102.733
101,763
99.091
101.180
102.077
108,832
110,084
108,705
103.382
111.04,
114.50'
119,82:
122,08'
125 741
123.901
119.56•
122,101
121.15
115,58
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS
Steel Works.
Merchant.*
69,520
23,053
78.444
21.560
83.489
19,726
85.183
21,000
85.576
20,355
81,630
21.103
79,513
19.578
82.642
18,538
82.590
19,487
88.051
20.781
88,474
21.610
23.290
85.415
85.530
25,514
89,246
25,261
95.461
24,361
95,680
26.407
100,174
25,571
99.993
23,915
98,044
24,056
22,251
98,900
93,914
21.639
market
by
steel
companies.
•Includes pig iron made for the
Total,
92.571
100.009
103,211
106,181
105.931
102,73/
99,091
101,181
102.071
108,832
110,084
108,701
111.044
114.607
119,822
122.087
125,741
123.90/1
122.100
121,151
115,552
1928-January
February
March
Aprll
May
June
July
August
September
October
November
December
1939-January
February
Marsh
April
May
June
July
August
September
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JAN. 1 1927-GROSS TONS.
1929.
1927.
1928.
1929.
1928.
1927.
Jan- 3.103.820 2,869,761 3,442,370 July- _2,951,160 3,071,824 3.785.120
2.900.126
3.206,185
Aug...2.947.276
3,755,680
3.136.570
2,940.679
Feb3,466,611
Mar- 3.483.362 3,199.674 3,714.473 Sept- -2,774.949 3,062,314
Apr-- 3,422.226 3,185,504 3,662.625 Oct_2,784.112 3,373,806
May... 3,390.940 3.283.856 3,898,082 Nov_ _2,648.376 3,302.523
Juno__ 3.089,651 3,082,000 3,717,225 Dec-2,695.755 3.369,846
34 yr_19,430.678 18.520.921 21,640.060 Year•36,232.306 37,837.804
•These totals do not Include charms pig iron. The 1928 production of thb
Iron was 142,960 gross tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
Total Pig IronSpiegel and Ferromanganese.
1927.
1928.
1929.
Ferromanganese.:
1927.
1928.
1929.
(VOL. 129.
Meanwhile, railroad buying of both rails and equipment is assuming
larger proportions. The Santa Fe has purchased 87,200 tons of rails, and
the Monon,4,500 tons, while the formal distribution of orders by the ChesaPeake & Ohio, Pere Marquette and Hocking Valley called for a total of
79,256 tons. The New York Central is in the market for 200,000 tons, to
which 14,000 tons may be added for new lines. The Pennsylvania's inquiry
for 310,000 tons is the largest it ever put out.
Orders for track accessories, the trend of which is upward, will call for
at least 30% of the tonnage of the rails bought, compared with 20% a decade ago.
Rolling stock purchases include 3,700 freight cars, nearly 1.000 car bodies
and 73 locomotives. Including 7,000 cars to be bought by the Baltimore &
Ohio, approximately 6,000 each by the Chesapeake & Ohio and the Santa
Fe,4,000 bY the Southern. 2.700 by the Burlington and 1.900 by the North
Western, freight equipment orders definitely in sight total 30,000 unite.
Mills serving the railroads and the construction industry, in contrast
with those primarily dependent on the motor car manufacturers, have
undergone the smallest reduction in operations and may show a gain this
month. From the standpoint of weather conditions, October is an ideal
production period and in past years has usually been the peak month of the
last half of the year.
To fill up gaps in rolling schedules railroads and others are co-operating
with producers by speeding up their specifications. A Chicago mill is
already rolling 12,000 tons of plates for 1,000 St. Paul cars, and the A. 0,
Smith Corporation, Milwaukee, which has booked two California line pipe
orders, is releasing orders against the 09,000 tons of plates required.
Fabricated structural steel lettings are large, totaling 50,000 tons, against
35.000 tons last week.
While ingot output or the steel industry at large has declined further and
the lull in automobile manufacture will tend to offset heavier demands
from other sources, it Is possibly significant that the Steel Corporation rate,
89%, shows a gain of a few points. Production of independents, on the
other hand, probably does not average more than 80%, with some of them
running as low as 75% of capacity.
Finished steel prices have developed further weakness, notably in sheets
and wide strip, on which concessions are more common. Wire nails, despite
the recent reduction in price, are very irregular, particularly in some parts
of the Chicago district.
Pig iron production in September totaled 3,466,611 tons, or 115,553 tons
a day. While this was the largest output for any ninth month, it showed
a decline from August, in terms of daily rate, of 4.6%. Four furnaces
were blown in and nine blew out, all of them steel company stacks, making
a net loss of five stacks for the month. Output for the nine months, at
32,648,371 tons, established a new record, surpassing the previous high
total, for the corresponding period In 1923 by 5%•
Scrap markets continue to weaken, and heavy melting steel has undergone a further decline of 25c. at Pittsburg and 50c. at Chicago.
Both of the "Iron Age" composite prices are unchanged, finished steel
at 2.384c. a lb. and pig iron at $18.29 a gross tons. The former is 44c. a
net ton higher than a year ago, the latter 45C. a gross ton higher, as the
following table shows:
Finished Steel.
Pig Iron.
Oct. 1 1929, 2.3840. a Lb
Oct. 1 1929. 818.29 a Gross Ton.
One week ago
2.898c. One week ago
$18.29
One month ago
2.3980 One month ago
18.25
One year ago
2.3620 One year ago
17.84
10-year pre-war average
1.6890 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Dosed on average of baste iron at Valley
wire, rails, black pipe and black sheets furnace and foundry irons at Chicago;
Mese products make 87% of the United Philadelphia, Buffalo, Valley and Bir4tates output of finished steel.
mingham
High.
Low.
High.
Low.
1929...2.4120. Apr. 2 2.3840. Sept. 24 1929_818.71 May 14 $18.25 Ang. 27
1928..2.391c. Dec. 11 2.3140. Jan. 3 1928_ 18.69 Nov. 27
17.04 July 24
1927_2.4530. Jan. 4 2.2930. Oct. 25 1927_ 19.71 Jan. 4 17.54 Nov. 1
1926..2 453c. Jan. 5 2.403c. May 18 1926_ 21.54 Jan. 5 19 46 July la
1925_2.560c. Jan. 6 2.396o. Aug. 18 1925.-- 22.50 Jan. 13 18.96 July 7
October opens with an abundance of prospective steel
business but with actual orders still declining, reports the
"Iron Trade Review" in its issue dated Oct. 3. Seemingly
contrary to this situation, steelworks operations have expanded slightly this week. While there is little expectation
of a decided upturn in production this month, the placement
of business now under negotiation should lend much support
to the closing months of the year. The "Review" further
adds:
Railroad demands continue to dominate the market. In the past week
the carriers have ordered 166,656 tons of rails, 3.600 freight cars and about
60 locomotives. They have on active inquiry over 600,000 tons of rails and
20,000 freight cars, with attractive rail and track fastening business yet
7.275,949 7,018,171 8,109.612 84.238 89.530 79.164 to develop.
3 months
2.637.919 2,555,500 2.826,028 24,735 18.405 23,413
April
Shipping requirements for steel loom prominently. Eighteen thousand
2.619.078 2.652.872 3,105.404 28,734 29.940 25,896
May
2,343,409 2.448,905 2,999,798 29.232 32,088 33,363 tons of plates and 6,000 tons of shapes are to be ordered shortly for four
Tune
Dollar line steamers. Standard Oil tankers will required 8,000 tons. At
14.876,355 14.675.448 17,040,842 166,939 149.963 160.836 Chicago nearly
Half year
25,000 toru3 of oil tank work is active, while the Milwaukee
2,163,101 2.464,896 3.039.370 26,394 32,909 31.040
Yuly
2.213.815 2,561.904 3,065.874 21.279 24.583 29,461 maker of welded pipe has booked 54.000 tons in a California pipeline.
August
2,090.200 2.477,695 2,817.427 20,675 22.278 27,310 Newark, N. J., Is closing on 12,000 tons for a water line.
September
In some products and in some districts steel prices are irregular, and
21.343,571 22,179,943 25.963,513 235,287 230.733 247,647 declining
9 months
requirements are more a factor for weakness than strength,
17,710 23.939
2,076.722 2,729,589
October
yet
it cannot be said that the price structure has softened materially. On
2,654.211
17.851
29.773
1.938,043
November
20,992 28.618
1.987.652 2,647.863
the great bulk of orders for heavy steel 1.95c, Pittsburgh, still applies,
December
and many fourth-quarter contracts have been written at that figure or
291.840 312,061
Year
27.345.888 30.211.608
producers instructed to continue third-quarter arrangements.
:Includes output of merchant furnaces.
More black sheets have been sold at 2.75c., Pittsburgh, and the higher
sheet finishes are under more pressure. Cleveland and Buffalo, as well
as Pittsburgh and Chicago, now are bases for cold finished bar prices.
Steel Operations Higher-Railroad Demand Expanding Wire seems to have settled to 2.404., Pittsburgh-Cleveland, and nails to
-Further Decrease in Automobile Production- 22.45 to $2.55. Hot strip is shaded $2 per ton, and cold strip is more
general at 2.75e. Wire rods are settling to $40, Pittsburgh, and sheet
Steel and Pig Iron Prices Unchanged.
bars and billets are none too strong.
The week's rail orders include 87.400 tons by the Santa Fe, 53,480 by the
Automotive demand for finished steel has undergone
Chesapeake & Ohio, 20,000 by the Pere Marquette and 5,476 by the Hocka further slump, in contrast with the expanding require- ing
Valley. The Pennsylvania inquiry is for 310,000 tons, making 900.000
ments of the railroads and the sustained needs of the struc- tons of rails this road will have purchased in three years. The New York
tural steel industry and other avenues of consumption, says Central order should approximate 200,000 tons, with the Chicago & North
Western in the market soon. Orders for fastenings are coming out slowly.
the "Iron Age" of Oct. 3, in its weekly review of the iron and
Including 2,000 hoppers placed by the Norfolk & Western, September
steel markets. The "Age" continues:
freight car awards approximte 6.965. This does not include 1,500 cars
The two leading makers of low-priced automobiles, both of which are reported bought by the Baltimore & Ohio. In August only 2,854 cars
bringing out new models,are scheduled to shut down their plants this month, were purchased, and last September, 1,378. Burlington is expected out
one for two to four weeks and the other for 30 days. Although several soon for 2.700 freight and 34 Passenger cars and 13 locomotives. Illinois
'motor car builders are preparing to get under production on new models Central is reported contemplating purchasing 2,000 cars. New York Central
• about Nov. 1, the industry's operations during the_rest of .the year are has closed on 42 oll-electric engines and the Great Northern on 14 steam
unlikely to show much recovery.
locomotives.
fanuary
February
Mara
2.343.881
2,256.661
2.675,417
2,155,133
2,274.880
2.588,158
2.651.416
2.498.901
2.959.295
31.844
24,560
27.834
22.298
19.320
27.912
28,201.
25,973
24.973
OCT. 5 1929.)
2159
FINANCIAL CHRONICLE
The $18.50, valley, price on basic iron is reported to have stood the test
against 340,118,000 tons in the same period in 1928, while
of two sales aggregating 8,500 tons. Valley steelworks, however,are coming
Into a pried when they will have surplus iron. Sales at St. Louis the past output of Pennsylvania anthracite totaled 52,193,000 net
week totaled 18,000 tons and at Cleveland 23,500 tons. Automotive found- tons as compared with 52,388,000 tons in the calendar year
ries continue to restrict their receipts ofiron. Coke prices generally are unchanged. Iron and steel scrap, while tending toward lower levels, is less to Sept. 22 1928. The Bureau's statement follows:
precipitate this week.
BITUMINOUS COAL.
Steel corporation subsidiaries are operating this week at 89%, comThe trend of soft coal production showed practically no change in the
pared with 85% last week and 86 a year ago, Independent producers average
81% this week, against 79 last week and 85 a year ago. For the entire week ended Sept. 21. The total output, including lignite and coal coked
Industry the operating average is 85%, a gain of 3 points over last week at the mines, is estimated at 10,867,000 net tons in comparison with 10,863,000 tons in the preceding week. Production during the week in 1928
and equal to a year ago.
Although the daily rate of pig iron production declined in September to corresponding with that of Sept. 21 amounted to 10,021,000 tons.
116,098 gross tons, compared with 120,845 tons in August, nevertheless
Estimated United States Production of Bituminous Coal (Net Tons.)
it set a new high record for September. The month's total of 3,482.936
1929
1928
gross tons brought the 9-month total up to 32.649,182 tons, compared
Cal. Year
Cal. Year
with 27,783,762 tons a year ago and 28.117,026 tons in the comparable
Week Ended—
Week.
to Date.a
to
Date.
Week.
period of 1927. The 9-month total also is a record. Ten steelworks stacks
319.900,000
9,338,000
347,067,000
8,935,000
were blown out in September and five were lighted, leaving a net loss of Sept. 7
Daily average
1.511.000
1,762,000
1,639,000
1,655,000
five stacks in this classification. One merchant stack was blown out and
Sept. 14 b
330,097.000
10,863,000
357,930,000
10,197,000
none lighted, leaving 204 stacks active at the close of September, against
Daily average
1.516.000
1,811.000
1,700,000
1,644.000
210 a month ago.
Sept. 21 c
340.118.000
10.867,000
368,797,000
10,021,000
Reflecting a recession in wire rods, the "Iron Trade Review" composite
Daily
1.520,000
average
1,811,000
1,649,000
1,670.000
of 14 leading iron and steel products is down 8 cents this week to $36 36
Last week this index also fell 8 cents after being stationary 7 weeks.
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
"Wall Street Journal" of Oct. 1 said:
The total production of soft coal during the present calendar year to
There has been an unexpected and sharp rebound in operations of the
U. S. Steel Corp. This company is running at slightly better than 89%. Sept. 21 (approximately 224 working days) amounts to 368,797.000 net
an increase of nearly 4% over the preceding week, when the rate was a tons. Figures for corresponding periods in other recent years are given
below:
shade over 85%. Two weeks ago it was at 88%.
340,118.000 net tons11926
388,336,000 net tons
The Bethlehem Steel Corp. has been maintaining its activities at a com- 1928
379,015,000 net tonal 1925
331,405,000 net tone
paratively high rate and is running at about 90%. Independents generally 1927
have expanded moderately and are running at around 81%,compared with
As already indicated by the revised figures above,the total production
79% in the previous week and 81% two weeks ago.
of soft coal for the country as a whole during the week ended Sept. 14 1929.
For the entire industry, the average is at approximately 85%,contrasted amounted to 10.863.000 net tons. This is an increase of 1,525,000 tons, or
with 82% a week ago and 8454% two weeks ago.
16.3% over the output in the preceding week, when working time was
At this time last year, the Steel Corp. was running at only a shade over curtailed by the holiday on Sept. 2. The following table apportions the
86%, with independents around 85% and the average for the industry tonnage by States and gives comparable figures for other recent years:
was about 85%.
Estimated Weekly Production of Coal by States (Net Tons.)
No one in the industry anticipated a reversal of the trend of operations
Week Ended
Sept. 1923
at this time. It had been expected that the downward tendency in activities
State—
Sept. 14'29. Sept. 7 '29. Sept. 15'28. Sept. 17'27. Averaye.a
would be continued until near the end of October, because of the smaller Alabama
d295.000
325,000
367,000
406.000
325,000
current demand which had been experienced in recent weeks.
47,000
31,000
39,000
43,000
46,000
Arkansas
October is normally a month when weather conditions are favorable for Colorado
214.000
142,000
216,000
215.000
234,000
steel mill operations,and with the beginning of the month at such a high rate Illinois
908,000
976,000
250,000 1,587.000
1,099,000
there is now a possibility that the average for the entire period will be some- Indiana
550.000
283,000
296,000
300.000
333,000
what bettor than September. However, much depends upon the incoming Iowa
18,000
117,000
57,000
72,000
87,000
business and the desire of steel men to meet immediate shipping demand
95,000
e
43,000
72,000
e
Kansas
from consumers.
713.000
d936,000 1,021.000 1,030,000
990,000
Kentucky—Eastern
It is significant that the theoretical rate of operations assigned to the
248,000
317,000
507,000
269,000
240,000
Western
mills of the largest companies were exceeded in the past week by from 2%
61,000
40,000
40,000
61.000
53,000
Maryland
to 3%. This indicates the difficulty of keeping down activities when con27,000
11,000
16,000
13,000
14.000
Michigan
ditions are favorable.
73.000
64,000
70,000
55,000
66,000
Missouri
There is a possibility that the active demand from the railroads may have
68,000
90,000
66.000
67.000
79,000
been a factor in the past week's good showing of operations. Rail orders Montana
56.000
56.000
57.000
44,000
52,000
New Mexico
are being placed and judging from the inquiries which have been put out
27.000
18.000
33,000
15,000
31.000
North
Dakota
by some of the large systems, including 312,000 tons from the Pennsylvania
861.000
426,000
371,000
177.000
531,000
Ohio
and 200,000 tons from the New York Central, there will be active opera65,000
61,000
69,000
97,000
69,000
Oklahoma
tions at rail mills in the near future.
2,497,000
3,585.00
2,537.000
2,825,000
2,447.000
Perhaps steel companies, such as U. S. Steel, Bethlehem and Inland, Pennsylvania (Bit) _
119,000
115.000
104,000
d110,000
115,000
which are the largo rail makers, are producing ingots to take care of their Tennessee
26.000
26,000
18,000
22,000
20.000
rail mill operations. It is also probable that the evidence of good buying Texas
103,000
91.000
85,000
111,000
112,000
of cars and locomotives in the future have been taken into consideration in Utah
245.000
243.000
251,000
257,000
272.000
Virginia
increasing Ingot production.
50.000
58.000
43,000
59,000
53,000
Some of the smaller independents are not doing as well as the leading Washington
2,212,000 1,512,000
1,971,000
2,103,000
2,230.000
W.
Va.—Southernb
interests, but this can be attributed to the Shot that these concerns are
819,000
880,000
627.000
769,000
738,000
Northern c
not so well diversified and the let down in automobile demand and other
165,000
148.000
153,000
159,000
108,000
buying has more immediate influence on the operations of such companies. Wyoming
4,000
4.000
48.000
3,000
61,000
Steel trade authorities are by no means pessimistic on the outlook. They Other States
insist that the somewhat lessened demand, as well as the concessions in
11,814.000
9,338,000
10.197,000
9.610,000
10.863,000
bitum.
coalTot.
prices are normal developments following the period of heavy produc.ion Penna. anthracite__ 1,489,000 1,264.000 1,414,000 1.602.e00
714,000
during July and August, months which are normally featured by a IOW record
12,528,000
11.212,000
1,611,000
10,602,000
12,352,000
_
_
_
Total
all
coalbuying.
of operations and
Should there be a normal rebound in the demand In the next few months
a Average weekly rate for the entire month. b Includes operations on the N.&
the operations will be affected. At the same time price stability also can W.: C.& 0.; Virginian: K. dr M., and Charleston division of the B. & 0. c Rest of
be brought about by increased buying, for the shading and lower levels state, Including Panhandle. d Revised. e Kansas included In "Other States."
which have been recorded in the past two weeks are directly the r(suit of the
PENNSYLVANIA ANTHRACITE.
efforts of some of the steel companies to secure business and keep their
plants operating at a high rate.
The total production of Pennsylvania anthracite during the week ended
Leading concerns have been compelled by circumstances to meet the lower Sept. 21 is estimated at 1,624,000 net tons. Compared with the output In
prices as their customers would have been able to place contracts with the preceding week, this is an increase of 135.000 tons, or 9.1% ProCompetitors at concessions. To keep their regular consumers in line the big duction during the weak of 1928, corresponding with that of Sept. 21
companies have been establishing the lower levels.
amounted to 1,497.000 tons.
With business again on a basis where those first making concessions are
getting a sufficient toanage to satisfy their operating desires there could be
Estimated Production of Pennsylvania Anthracite (Na Tons).
1928—
a firmer tendency in the price structure. Under the ch.cumstances the con1929
Cal. Year
ditions prevailing In the next four to six weeks will be watched with greater
Cal. Year
to Dates%
Week.
to Date.
Week.
Week Ended—
interest than ever before.
49,477.000
1,116,000
49,080.000
1,264,000
Sept. 7
50.891.000
1.414.000
50,569,000
1,489,000
Sept. 14
52,388.000
1,497.000
52,193.000
1,624,000
Production of Bituminous Coal, Anthracite and Sept. 21
Beehive Coke for Week Ended Sept. 21 1929, Ahead
of That of a Year Ago.
According to the United States Bureau of Mines,Department of Commerce, the production of bituminous coal, Pennsylvania anthracite and heehive coke for the week ended
Sept. 21 1929, exceeded that for the same period last year
and the week ended Sept. 14 1929. Total output for the
week ended Sept. 21 1929, was: Bituminous coal, 10,867,000
net tons, Pennsylvania anthracite, 1,624,000 tons and
beehive coke, 124,800 tons. This compares with 10,021,000
tons of bituminous coal, 1,497,000 tons of Pennsylvania
anthracite and 75,900 tons of beehive coke produced in the
week ended Sept. 22 1928, and 10,863,000 tons of bituminous
coal, 1,489,000 tons of Pennsylvania anthracite and 123,000
tons of beehive coke in the week ended Sept. 14 1929.
For the calendar year to Sept. 21 1929, the production of
bituminous coal amounted to 368,797,000 net tons as
.Minus one day's production first week in January to equalize number Of dais In
the two years.
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during the
week ended Sept. 21 18 estimated at 124.800 net tons. This is in comparison with 123,000 tons in the preceding week, and 75.900 tons In the
week of 1928 corresponding with that of Sept. 21.
Estimated Production of Beehive Coke (Net Tons).
1928
1929
Week Ended
to
to
Sept. 22
Sept 14
Sept. 21
Date.a
Date.
1929.c
1928.
1929.b
Region—
53.100 3,790.100 2.152.500
97.500
95,200
Pennsylvania and Ohio..
403,200
440.200
11,000
12.400
12.100
West Virginia
118,800
68,100
1,400
3.400
Ga.. Ky.
. and Tenn
212.000
180.000
4.800
6.900
6.900
Virginia
193.600
159.300
5.600
6.200
7,200
Colo., Utah & Wash_ United States total—
Daily average
124.800
123,000
20.800
20.500
75.900 4,657.000 3,050.800
12,650
20.606
13.499
a Minus one day's Production first week in January to equalise number of dartIn
the two years. b Subject to revision. c Revised.
2160
[VoL.129.
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 2, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows decreases for the week of
$13,800,000 in holdings of discounted bills and of $6,300,000
in Government securities, and an increase of $58,900,000
in bills bought in open market. Cash reserves of the Federal
Reserve banks declined $21,400,000 and Government deposits $10,700,000, while member bank reserve deposits
increased $34,500,000 and Federal reserve note circulation
$13,300,000. Total bills and securities were $38,800,000
above the amount reported a week ago. After noting these
facts, the Federal Reserve Board proceeds as follows:
Holdings of discounted bills decreased $81.100.000 at the Federal Reserve
Bank of New York and increased $48,900,000 at Chicago, $8,600,000 at
San Francisco, $6,400,000 at Kansas City and $5.800,000 at Boston. The
System's holdings of bills bought in open market increased $58,900,000 and
of Treasury certificates $1,700,000. while holdings of Treasury notes
declined $8.000,000.
The principal changes in Federal Reserve note circulation for the week
included increases of $9,200,000 at the Federal Reserve Bank of New
York, $6,800,000 at Boston and $3,700.000 at St. Louis, and declines of
$5.900,000 at Cleveland, $2,600,000 at Chicago and $2,000,000 at Philadelphia.
The statement in full, in comparison with the preceding
week and with the corresponding date last year will be
found on subsequent pages—namely, pages 2189 and 2190.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended Oct.2, is as follows:
Total reserves
Gold reserves
Increase (-I-) or Decreas (—)
During
Week.
Year.
Oct. 2 1929.
$
$
$
3 140,810,000 —21,365,000 +389,409,000
2,982,792,000 —14.775,000 +366,157.000
+38.761
—156,850
930,633,000 —13,766,000
Bills discounted, total
Secured by U.S. Govt. obllga'ns. 432,115,000 —11,099,000
498,518,000 --2,667,000
Other bills discounted
—95,285,000
—183,972,000
+88,687,000
Total bills and securities
1,414,228
322,818,000
+58,884,000
+12,842,000
U. B. Government securities, total_ 145,752,000
37,648,000
Bonds
79.080,000
Treasury notes
29,024,000
indebtedness
Certificates of
—6,307,000
—12,000
—7,970,000
+1,675,000
—84,852,000
—15,501,000
— 11,283,000
—58.068,000
Federal Reserve notes in circulation_ _1,851,167,000
+13.268,000
+147,537,000
2,470,709,000 +24.549,000
2,398,926,000 +34,492,000
44,000,000 —10,685,000
+56,719,000
+49,373,000
+12,031,000
Bills bought in open market
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York andiChicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, the grand aggregate of
these brokers' loans the present week has increased another
$43,000,000, and for the seventh week in succession
establishing a new high record in all time. These loans have
expanded no less than $852,000,000 in the past seven weeks.
The total of these loans on Oct.2at $6,804,000,000 compares
with only $4,570,000,000 on Oct. 3 1928.1when the amount
was considered unduly swollen.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Oct. 2 1929. Sept. 25 1929. Oct. 3 1928.
$ wee $
$
7.563,000,000 7,474,000,000 7,039,000.000
Loans and Investments—total
Loans—tota1
On securities
All other
Investments—total
U.S. Government securities
Other securities
5.876,000,000 5,777,000,000 5,259,000,000
2.947.000,000 2,883,000,000 2,572.000,000
2 929,000,000 2,894,000,000 2,686,000,000
1,687.000,000 1,697.000,000 1.780,000,000
921,000,000
766,000,000
927.000,000 1,069,000,000
769,000.000 711,000,000
Oct. 2 1929. Sept. 25 1929. Oct. 3 1928.
S
$
$
Reserve with Federal Reserve Bank___ 752.000.000 741,000,000 719,000,000
52,000,000
52.000,000
52,600.000
Cash In vault
5 279,000,000 5,130,000,000 5,123,000,000
1,256,000.000 1,240,000,000 1,184,000,000
65,000,000
65.000,000
27,000,000
Net demand deposits
Time deposits
Government deposits
126,000,000
Due from banks
965,000,000
Due to banks
Borrowings from Federal Reserve Bank- 63,000,000
118,000,000
887.000,000
147,000,000
98,000.000
982,000,000
256,000,000
Loans on securities to brokers and dealers
1 071.000,000 1.024.000.000 930,000,000
For own account
For account of out-of-town banks„...1,826,000,000 1,876,000.000 1,682,000,000
3,907.000,000 3,860,000,000 1,958,900,000
For account of others
6.804.000.000 6,761,000,000 4,570.000.000
Total
On demand
On time
Loans and Investments—total
6,442,000,000 6,391,000,000 3,917,000,000
362,000,000 369,000.000 652,000,000
Chicago,
2 105,000.000 2,079,000,000 2,052,000,000
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
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1 717,000.000 1,686,000.000 1,596.000,000
981,000.000
735.000.000
964,000.000
723,000,000
853,000,000
743,000,000
388,000,000
393,000,000
456,000,000
164,000.000
224,000,000
164,000.000
229.000,000
202,000.000
254,000,000
178,000,000
15,000,000
180.000,000
16,000.000
179,000.000
16,000.000
1.280.000.000 1,281,000,000 1,269,000.000
648.000.000 652,000.000 680,000.000
16,000,000
16,000.000
7,000,000
168,000,000
314,000,000
140,000,000
303,000,000
164,000,000
379,000,000
66,000,000
23,000,000
47,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board repecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Sept. 25:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Sept. 25, shows decreases for the
week of $60.000,000 in loans and investments, and $107,000,000 in net
demand deposits, and increases of $24,000,000 in time deposits and $15,000.000 In borrowings from Federal Reserve banks.
Loans on securities Increased $17,000,000 in the Chicago district, $16,000,000 in the Boston district, $14,000,000 in the San Francisco district,
and $34.000,000 at all reporting banks, and declined 313,000,000 in the
New York district, and $7,000.000 in the Kansas City district. "All other"
loans declined $27,000,000 in the New York district, $12,000,000 In the
Chicago district, $8,000,000 in the San Francisco district, and $43,000.000
at all reporting banks.
Holdings of United States Government securities decreased $39,000,000,
and of other securities $13,000,000. banks in the New York district reporting
declines of $23,000,000 in holdings of United States Government securities
and 39.000.000 in holdings of other securities.
Net demand deposits declined $72,000,000 in the New York district,
$11.000.000 in the Philadelphia district, $9.000,000 In the Kansas City
district, and $107,000.000 at all reporting banks. Time deposits increased
$18.000.000 in the New York district, 38,000,000 in the Chicago district,
and 324,000.000 at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week include Increases of $16,000,000 in tho New York district, and
$9,000,000 In the Cleveland district, and declines of $13,000,000 in the
Chicago district and $8.000,000 in the Chicago district and 88.000,000.in
the Philadelphia district.
OCT. 5 19291
FINANCIAL CHRONICLE
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
Sept. 25 1929, follows:
Increase (-I-) or Decrease (—)
Since
Sept. 18 1929. Sept. 26 1928.
Sept.25 1929.
$
$
•
$
.oans and Investments—total_ _ _ _22,682,000,000 —4'60,000,000 +798,000,000
Loans—total
17,244,000,000
On securities
All other
7,720,000,000
9,524,000,000
—*10,000,000 +1,376,000,000
+.34,000,000
—*43,000.000
+909.090.000
+466,000,000
5,438,000,000
—51,000,000
—578,000,000
U. S. Government securities_ - - 2,680,000,000
Other securities
"757,000,000
— 39,009,000
—13,009,000
—347,000,000
—232,000,000
Reserve with Federal Res've banks 1,708,009,000
Cash in vault
236,000,000
—13,000,000
+23,000.000
—12.000,000
13,072,000,000
6,829,000,000
227,000,000
--107,000,000
+24.000,000
+91,000,000
—20,000,000
+62,000,000
1.111,000,1300
2,990,000,000
—44,000,000
—57,000,000
—21,000,000
—273,000,000
688,000,000
+15,000,000
—90,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Sept. 18 figures revised.
-•
-
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Oct. 5 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA..
Economic conditions during the month of September were satisfactory.
The rainfall all over the country during the latter part of the month relieved the drought entirely. Conditions are now favorable to the growing
crops and the outlook is generally optimistic. Except that they show an
increase of 30,000.000 paper pesos in loans, Buenos Aires bank statements
for August were about the same as those for July. Collections have been
better during the second half than during the first half of the month. The
mid-month rains received the demand for textiles, and wholesalers and retailors have become more optimistic and are placing orders. Sales include
job lots of silk mixed crepe and recorders of other American summer goods.
Sales of grey goods were quiet; of bleached goods normal: of silk hosiery
less than in August and last September but the October outlook for the
sale of this last article is good. Sales of yarns were comparatively quiet in
September, but better than in August. Mills which usually work day and
night now work during the day only, but it is expected that their activity
will increase in October.
AUSTRALIA.
Hesitancy continues in the Australian market, due to the poor seasonal
outlook. Droughts in many pastoral and wheat sections of Now South
Wales are still unbroken. Melbourne and Brisbane wool sales opened at
recent price level but the tendency is downward.
2161
ininging, transportation and trade. In connection therewith, it is noted
that employment offices in the Toronto district have since reported a
decided improvement in manufacturing,although the rubber and automobile
industries continue quiet. Wheat continues to grade very high in the
Prairie Provinces, with threshing practically completed in Manitoba and
very well advanced in Saskatchewan and Alberta. Some congestion is
noted at Lakehead elevators; stocks there on Sept. 20 amounted to 49.069.000 bushels.
CHINA.
Uncertainty with regard to the domestic political situation continues to
influence North China trading circles, resulting in a slight tightening of
credit on commitments for forward business. Conditions on the PekingMukden Railway continue to show improvement under the new arrangement
for unified control. Early frosts are reported to have injured crops in
certain districts of Suiyuan Province, but the famine relief commission
reports the crop situation generally fair. Unconfirmed reports of famine
need continue to be heard from Shensi Province. Sine-Soviet disagreement
continues to hamper business in North Manchuria. Customs collections
at Tientsin during the first eight months of the year totaled 9,042,000
Haikwan taeLs, compared with 5,797,000 in the similar period of last year,
an increase of approximately 56%. (Haikwan tael equals approximately
$0.64). Export collections in that period show an increase of approximately 4.8%, largely due to the increased tariff, and calculations based on
old tariff rates indicate a decline of 20.7% in the value of dutiable import
items. However, continued heavy imports of duty free flour brings the
total value of imports for the period from 5 to 10% more than in the similar
period of last year.
DENMARK.
The month of September was characterized by a continued favorable
improvement in industrial and commercial
further
and
business
in
trend
activity. Practically all branches of industry, notably shipping, shipbuilding, foodstuffs, tobacco, cement, vegetable oil, show satisfactory
progress, while footwear, tanning, and textiles reveal only limited improvement. With all important wage agreements extended till 1931, the
outlook for labor is peaceful. The agricultural situation is still encouraging
with the completion of an excellent harvest and maintenance of high production and exports of the principal agricultural products.
HAITI.
Although credit conditions continue difficult and the volume of dry
goods trade remains at a low level, the general trade situation is now beginning to show a more encouraging tone. The general trend is expected
to be upward as the coffee crop is gradually marketed and as payments
from this crop permit the resuniption of active buying. The new coffee
crop is expected to be above normal. The operations of the new standardization law is having a beneficial effect by improving the quality of
the coffee. The sugar company operating in Haiti is expected to cut
7,038 acres of cane with an estimated production of 178,000 long tons
of sugar cane. Sugar estimates as of Sept. 1 placed stocks on hand as
4,851 long tons. No sugar was produced in August, 48 tons were exported
and 245 tons locally consumed.
HONDURAS.
General business conditions disclose that merchants are still overstocked
but some improvement is noted and orders are being withheld on account
of high prices. Coffee experts are slow, the merket being very slow.
Total banana exports during August amounted to 2,624.535 sterrs, as
compared with 2,908,410 stems in July. The situation caused by the
partial failure of the corn and bean crops is somewhat improved as a result
BOLIVIA.
of rains and second plantings. Government revenues are showing a
The business situation in Bolivia continues generally unsatisfactory. healthy increase. The banks' selling price for New York sight drafts
Retail trade remains below normal. The continued low price of tin is being 2.03 pesos to the dollar and the buying rate 2.01 pesos. Money
forcing the large mines to continue their policy of restricting purchases. is easy at rates of 10% and collections are stated to be fair.
The Government has released a number of employees increasing the number
HUNGARY.
of unemployed, and the unsettled political situation is adversely affecting
The lull in the upward trend of business that has been prevailing in
business. Little improvement is expected in the general situation until
low point. The
after the presidential elections next May. The shortage of money and Hungary since the autumn of 1927 seems to be past the
favorable
restricted credit continues to handicap trade. In addition to the closing factors that point to a more promising future are the following: A
investon Nov. 2 of the La Paz branch of tho Banco Aleman it is rumored that a harvest, possibilities for marketing surplus produce, and proposed
were slowly
large American importing firm with branches in Bolivia will also close out ments on the part of the Government. While conditions
diffipresent
its banking section. The Anglo-South American Bank is expected to open improving during the third quarter of the year, the greatest
culties are due to lack of foreign funds, slow collections, heavy taxes, and
a branch in La Paz some time before the first of the year.
foreign dumping. A substantial decline in the adverse trade balance is
CHILE.
mainly attributable to higher exports of hogs, flour, wheat, vegetables,
Some improvement occurred in the general merchandising situation dur- machinery, raw tobacco, and wool. Imports have also declined, chiefly
ing September but the market has not reacted as rapidly as was anticipated, in the categories of cotton and woolen cloths, machinery, hardware, and
notwithstanding that heavier sales in practically all lines were reported wool.
within the last ten days. Retail sales in Santiago were only slightly better
JAMAICA.
as a result of several national holidays, which resulted in a curtailment of
A perceptible Improvement in the economic situation of Jamaica has
business activities. Heavy stocks in a few lines have curtailed import
orders as a result of over buying in the earlier months. Some of the large taken place since Sept. 1 as compared with existing conditions at the same
merchandising houses continue to complain of slow collections although period of 1928. As a result of the breaking of the drought throughout the
the banks are not experiencing any difficulties. Money is somewhat island and the record breaking banana crop, the value of declared exports
tighter and discount rates continue at the same levels as last month. The to the United States for the first 26 days of September increased $94,000.
heavy demand for commercial credits continues and Central Bank rates chiefly owing to the higher price of bananas and larger shipments of pimento
remain unchanged. The currency circulation of Central Bank notes was and orange oil. During the elapsed part of September imports into Jamaica
remains
315,192,000 pesos. The average daily movement on the stock exchange from all countries increased approximately 13%. Retail business
for the first 20 days of September was the lowest at any time this year seasonally quiet and bank collections and deposits are reported normal.
with bonds and shares both several points below the price levels of last Building and road construction work continues active. Summer tourist
month, but the recent tendency of shares has been upwards. Reports traffic for September has fallen off some 21% below the same time of last
from the agricultural zones indicate that weather conditions have boon year. Labor conditions are satisfactory.
favorable and plantings heavy with all products continuing at good levels.
JAPAN.
The manufacturing industries likewise report a satisfactory situation with
Business continues dull in Japan. The financial position shows signs of
production at high levels, several of the key industries reporting a substrengthening. Prices are falling, and yen exchange Ls rising. Considerstantial increase in orders for future delivery.
able unemployment in Tokyo is reported. Japan's foreign trade for the
BRITISH MALAYA.
period Sept. 10-20 developed a favorable balance of exports over imports
Local importers are showing confidence in future business conditions by amounting to 27,000.000 yen. (Yen equals approximately $0.47.) Postal
General
commodities.
trade
conditions savings deposits have now passed the 2,000,000 yen mark. Mitsui Bussan
taking on new agencies for various
Kaisha announce a plan for the investment of 20,000,000 yen for new
throughout Malaya, however, continue quiet.
steamship construction and is considering measure providing low-rate loans
CANADA.
to tramp steamship corhpanies for construction purposes.
The Dominion Advisory Board on Tariff and Taxation will begin its fall
MEXICO.
Attings on Oct. 29. Among the references to be heard are four initiated by
Business generally was good throu ;hout September, although the conthe Minister of Finances, viz.: On China tableware, various kinds of
glassware, wall papers, linoleum and other floor coverings. These refer- tinuance of the rainy season affected retail sales and hindered transportaences by the Minister to the Board for the purpose of investigating desirable tion in the interior of the country. The lines of goods reporting favorable
tariff adjustments constitute a new departure since applications heretofore sales were shoes, cotton goods, and ready-made wear. Sales of domestic
heard have been initiated by Canadian producers and consumers. The electric equipment were satisfactory, whereas industrial equipment sales in
trade outlook continues quite satisfactory. Collections at Toronto are the same line were not so good. Work on public improvements continues.
good and credit men there anticipate satisfactory business during the and a constructive program has been outlined by President Porte..Gil along
autumn months. Both wholesale and retail business is well maintained in this line for 1930. Some minor improvements have been made in the
the Prairie Provinces. A slight seasonal recession is noted in employment Mexico City water system, but it is not likely that action will be taken on
returns for Sept. 1, although the index was several points higher than that proposals for the needed expansion and reconstruction of the system, until
established for Sept. 1 1928. Construction and manufacturing register after a new Federal administration is inaugurated in February 1929.
tosses by comparison with Aug. 1 figures, but there were gains in logging, According to budgetary plans, twelve million pesos will be provided for
2162
FINANCIAL CHRONICLE
highways in 1930. It Is also planned to complete work on the Canes and
Don Martin irrigation projects which will make available for cultivation
about 200.000 additional acres of land. Petroleum production for the first
half of 1929 amounted to 20,918.000 barrels, at 22% decrease from the
production for the corresponding period of 1928. The output for the first
four months of 1929 is fairly evenly distributed with an average monthly
production of 3,419,000 barrels, and with the production for the months of
May and June totaling 3.624,000 barrels and 3,616,000 barrels, respeotively, it appeared that the decline had been temporarily checked.
NETHERLAND EAST INDIES.
The somewhat decreased purchasing power of natives in Java, which
has resulted from low foreign prices for major export crops, was reflected
during the past week in generally dull retail markets. Exports of rubber
In August amounted to 4.664 long tons from Java: 7,298 from the Sumatra
East Coast. and 10,782 tons from all other rubber producing districts,
making a total shipment of 22.744 long tons.
[VOL. 129.
The mere failure of Cuba and Japan to sign the amendment protocol,
however, does not affect it, for it contains a special provision whereby
will go into force anyway unless within a limited period some court membnot only refuses to sign but makes formal objection to the amendments,
which none has yet done. Thus under this clause the United States need.
only to refrain from objecting to the amendments to allow this protocol
to be enforced.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that,
NEW ZEALAND.
beginning with the statement of Dec. 31 1927, several very
Improved weather conditions in New Zealand present increasing optimism for a good agricultural season, although it is anticipated locally that Important changes have been made. They are as follows:
wool prices will be lower. Trade conditions are generally brighter for (1) The statement is dated for the end of the month instead
automotive products, builders' hardware, and electrical equipment.
of for the first of the month;(2) gold held by Federal Reserv:
SWITZERLAND.
banks under earmark for foreign account is now excluded,
Noteworthy developments in Switzerland during September include the
following: Completion of commercial treaties with Belgium and France and gold held abroad for Federal Reserve banks is now inwith a new most favored nation clause: Parliament held a session to con- cluded; (3) minor coin (nickels and cents) has been added.
sider a universal old-age pension scheme: the League of Nations completed On this basis the figures this time,
which are for Aug. 31
Its convention looking towards the removal of export duties on hides and
skins, and reducing bone duties effective Oct. 1. The League Assembly 1929, show that the money in circulation at that date (inhas adopted recommendations contemplating a two-year tariff truce; a cluding, of course, what is held in bank vaults of member,
convention to consider the question of equitable treatment of foreigners banks of the
Federal Reserve System), was $1,839,858,913,
will meet in Geneva on Nov. 5. Present prospects point to heavy crops:
the building boom is beginning to wane. A decline in exports to Germany. as against $4,716,862,547 July 31 1929 and $1,802,819,937
Switzerland's best customer, is causing some disturbance but is partly Aug. 311928, and comparing with $5,698,214,612 on Oct.
offset by heavier exports to America. Otherwise, conditions are generally 311920.
Just before the outbreak of the World War, that
excellent, especially with regard to employment. Capital issues have been
many as well as varied and include a large number of capital increases of is, on June 30 1914, the ,total was only $3,458,059,755.
financial companies: several carry plural voting provisions and other com- The following is the statement:
plicated features which are proving rather disturbing to the stock exchange
and restricting other types of investment. The position of the banks continues favorable, with an increased percentage of short-term resources.
e103,414.524 6.587.961.572 1.748,102.659 4.839,858,913
1
227.963,012 6.634.132.215 1.917.269.708 4.716.862.547
206.417.666 6.402.521.184 1 1.599.701.2474.802.819.937
352.850.336 6.761,430.672 1 1.063,216.0E0 5.698.214.612
117,350.216 5.126,267.436 953.321.522 4.172.945.914
188.397.00913,458,059.755
3,458.059.755
90,817.7621 816.266.721
816.266.7211
omb,co
4
t
a
40000.3002
ONVV ,
-, vM
op.mmv...o
c.i. vi .0 v 0,....5
s4e..:vi.
e-IgdMovi.4
.
7
E Oc2 El° et-=
I n.it. .2
,.,.
v
.-..v.v.0
vi..;aini
o 4 22`2'
aaaaaa
§
MODC
iti°'2
.
ON
8888-4
2agg
g
V.
•
4
7d
;43 2.
Noon,
2 2 <1
0 ,-.047/NCO
8 A .8 2
gltgg .40
1
1
mrolm
. qmomn.wo
..-;MMeeivin
dv
t
8'
2 : 8 ::: A' 2 S
...;
.
aa
,,
-t
4
....,..
.Cm
0
.
m
('C".
8
°t
b
a
r. ,
c:. s e1rig., ,
.0N0QvN
t..:r:osiMeei
WNVN
tvv0v
OiNviv7
0
d
N
4
4
o0..
co""Zo"C."
1 52
t
t'a
-a ive -2
,4
V.01 4* 41
2
1 gt30
14-§
g
i
sptl.
40
al Iv
.a.•
t
E,
es
Sc
Qg
Fe $
1
0.
ci.iaci...
228888
"
.830.637.390 1.717.640.9E4
•s•
g
wq
8.700,957,998
V 1
8 7•". 8
*ciq
. ., .m,
_
'qes
1
888248
22? x,
00NW
0tvOON
1
v.v
2.9 4'. 8288228 g
02
N
me‘i ea ?
3787,584
2,197,225
1,049,023
1,123.950
8.138
20.015,227
Fifty signatories of the World Court statute, including all but three of
the States which have ratified their signatures, have now signed the protocol
for American adherence under the Root formula. The three States whose
signatures remain necessary are Abyssinia, Albania and Lithuania, and
their failure to sign is believed due to oversight rather than opposition to
the protocol.
One other signatory of the statute, Costa Rica, also has not signed the
American protocol, but, since Costa Rica never ratified her signature and
is no longer a member of the League, her acceptance of the Root formula
Is not necessary. The same applies to two League members, Argentina
and Honduras, who have also not yet signed the American protocol, for
neither ever signed the original statute.
The 50 signatories include ten States, Bolivia, Colombia, Guatemala,
Liberia, Luxemburg, Nicaragua, Paraguay, Persia. Peru and Salvador,
whose subsequent ratification of the American protocol is not considered
absolutely essential since they have not yet ratified their adherence to the
original statute. Indeed, two of them, Peru and Nicaragua, signed the
original statute at the same time as they signed the American protocol.
On the other hand, the signatories include one non-League member.
Brazil, whose subsequent ratification of the American protocol was essential
since she had ratified the court statute.
The present position, therefore, is as follows: Before America can enter
the Court the United States on one side and Abyssinia, Albania and Lithuania on the other, must sign the Root protocol and then the United States
and all the 43 States which have ratified their adherence to the original
court statute must ratify the Root protocol.
Rarely, if ever, have so many States signed a League instrument in so
short a time as has been done with the American protocol, a fact which is
considered to augur well for their future ratifications of it. On the other
hand, the fact that this extraordinary good-will the members of the Court
have shown still remains neither officially recognized nor reciprocated by
the United States, which has not yet even signed the protocol drawn up
by Elihu Root according to Washington's own stipulations, is considered
a bad sign. It is doubted whether Court members will hasten their ratifications if the place left for America's signature to the protocol continues to
remain one of the few blank spaces in the document.
All but two of the States signing the American protocol also have signed
the other protocol containing the amendments to the original statute drawn
up by a conference during the recent League assembly. The two are Cuba
and Japan. Cuba opposed most of the amendments during the conference
as not being urgently necessary, but Japan did not make her attitude as
clear.
i
.a&i,...
c(1.279.600)
305.158.712
121,161.889
346,681.016
2,336.915.235
3.557.901
687.950.583
Fifty Nations Sign Root Court Plan—Only Three More
Signatures to Formula for American Adherence
Necessary—United States Holds Back.
From Geneva, Sept. 28, the New York "Times" reported
the following:
•
6-i-is
,
:is:4
aa,:aa.5
v
Sg%
ti
4- of
8
$
54.359.573.833 3.313,867,049 1,234.974.009
c(1,234,974.009)
539,9E0,849
488.589.194 482,866.955
c(481,387.355)
PHILIPPINE ISLANDS.
A bill is before the Legislature to abolish the Philippine Government
Bureau of Supply and allow each department to purchase its own requirements. The convention of the Philippine Sugar Association, which closed
on Sept. 21. pledged its unanimous support to the policy of restriction on
Increased sugar output. Textile business continues quiet, with no buying
spirit in evidence except for necessary staples. Stocks on hand are sufficdent for the general market demand. Abaca trade is very slow, with light
Inquiry from all markets, and a downward price tendency.
si
6
0
4
.
MONEY OUTSIDE OF THE TREASURY.
The Department's summary also includes the following
with regard • to the Island possessions of the United States:
1 11111
MONEY HELD IN THE TREASURY.
VENEZUELA.
Business in Venezuela is slightly reviving in anticipation of a greater fall
activity. Although the general political situation is improved, a slight
uncertainty continues in business circles. One factor stimulating local
trade is the changed policy of the Government in buying supplies and
equipment from local dealers instead of purchasing direct from abroad as
heretofore. Public works are active in the Maracaibo region but slow
elsewhere. In' general, merchants are conservative in their buying of
staple commodities.
P.. •
COs
C/
'
4
Ic
14
a Includes United States paper currency in circulation in foreign countries and
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
Does not Include gold bullion or foreign coin other than that held by the Treasury. Federal Reserve banks, and Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account is excluded, and gold held abroad
for Federal Reserve banks Is included
OCT. 5 1929.]
FINANCIAL C,TTIZONTCLE
c These amounts are not Included In the total since the money held in trust
against gold and silver certificates and Treasury notes of 1890 Is Included under
gold coin and bullion and standard sliver dollars, respectively.
d The amount of money held In trust against gold and sliver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the U
e This total includes 520,524,032 of notes in process of redemption. 861.817.078
of gold deposited for redemption of Federal Reserve notes. $466,030 deposited for
redemption of national bank notes, 51.950 deposited for retirement of anditional
circulation (Art of May 30 1908), and 57,460,692 deposited as a reserve against
postal savings deposits
I Includes money held by the Cuban agency Of the Federal Reserve Bank of
Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of 5156,039,088 held In the Treasury. This reserve fund
may also he used for the redemption of Treasury notes of 1890. which are also
Secured dollar for dollar by standard silver dollars held in the Treasury Federal
Reserve notes are obligations of the United States and a first lien on all the assets
Of the issuing Federal Reserve Rank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as Is eligible under the terms of the Federal Reserve
Act. Federal Reserve hanks must maintain a gold reserve of at least 40%. Includ
lag the gold redemption fund which must be deposited with the United States
Treasurer, against Federal Reserve notes In actual circulation, lawful money has
been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes. National bank notes are secured by United
States bonds eseept where lawful money has been deposited with the Treasurer of
the United States for their retirement. A 5% fund is also maintained In lawful
money with the Treasurer of the United States for the redemption Of national bank
notes secured by Government bonds.
S. Parker Gilbert Agent General for Reparations En
Route to Europe.
S. Parker Gilbert, Agent General for Reparations, whose
visit to this country was noted in these columns Sept. 21,
page 1818, and Sept. 28, page 1994, sailed for Europe on
Oct. 2 on the Cunarder Aquitania with Mrs. Gilbert to
return to his duties. The "Times" of Oct.3 said:
He had nothing to say on leaving except that he had come for a holiday
and would return to America to live after turning over his duties in connection with the newly created bank for international settlements, which,
Mr. Gilbert said, would begin to function after another meeting of the
bankers had been held.
Jackson E. Reynolds Named as Chairman of Organization Committee of Bank for International Settlements.
From the New York "Herald Tribune" we take the following Associated Press account from Baden Baden (Germany),
Oct. 3:
The United States was again placed in the position of leader in settling
Europe's post-war problems, when the bankers of seven nations to-day
unanimously elected Jackson E. Reynolds, President of the First National
Bank, New York chairman of the organization commitee of the Bank for
Internatiorrel Settlements.
Mr. Reynold's first act as chairman was a tribute to Foreign Minister
Gustav Stresemann of Germany, whose death shocked all the delegates.
In the name of aie committee Mr. Reynolds paid tribute to "the services
which Dr. Stresemann contributed to the reconstruction of Europe and the
re-establishment of world peace." He said these could "scarcely be overestimated."
Will Draft Complete Plan.
According to Dr. Hjalmar Schacht, head of the Reichsbank and chief
of the German delegation, the committee intends to draw up a complete
plan of organization for the new bank, for which the Young reparations
plan provided. This will include the choice of a location, about which
there have been signs or disagreement among the big powers.
Dr. Schacht, when reminded that some governments wish the committee to refrain from choosing a site, said to-day: "How can we draw up
the statutes without taking into account the place where the bank is to be
located.
"I expect we will agree not only on the place, but also on the management
of the new institution. There is a possibility that we may leave the latter
question for another meeting after the governments have acted on our statutes for the bank. But I do not see how we can get around choosing a
location."
Sets Fortnight for Task.
Dr. Schacht, who met the correspondents of all nations at the request of
the other delegations, gave it as his opinion that the committee would
finish its work within a fortnight. He said most of it would be done in
informal subcommittees.
"Red tape will be eliminated. We are business men and do not intend
to stand on formality," he declared. "The Young plan and nothing else
serves as the basis for our labors. DISCIISSi0118 probably will ensue on only
two or three points, where there may be divergences of opinion."
The meetings are being held in the banquet hall of the Hotel Stefanie,
under walls hung with gilt-framed mirrors. The principal delegates sat to
day at the head of a T-shaped table, with alternates, secretaries and experts at the lower end.
Mr. Reynolds occupies the center, with Melvin A. Traylor. President of
the First National Bank of Chicago, the other American delegate on his
right, and Dr. Schacht on his left.
Walter Lichtenstein of Chicago was unanimously elected General Secre
tary of the conference of the Bank for International Settlements to-day.
Jackson E. Reynolds and Mr. Lichtenstein constitute the only officers
of the conference.
2163
Chancellor Snowden took occasion in his address to criticize sharply
what he termed "an orgy of speculation" in America. which he blamed for
upsetting the equilibrium not only of Britain but of the world in general.
He discussed in defensive tone the action of the Bank of Eneland in recently
raising its discount rate, justifying it by the "menacing situation" which
was facing it at the present time.
It had been apparent for three months back. Mr. Snowden told the
Labor party members, that a grave financial si uation was inevitable, in
view of the course of events, and the strongest measures Were needed to
avert disaster. "We were approaching a very menacing si uation." he
reminded them. "The rise in the bank rate was, under the existing conditions, the only means we had of restoring unfavorable exchanges and regulating the basis of credit." He pointed out that the period of greatest strain
on the exchanges was close at hand when paymen's for food and other
necessities would have to be made, and were sterling at a discount the raw
material cost would necessarily be increased to the detriment of the export
trade.
Dealing with speculation in the United States, Chancellor Snowden COMO
briefly to the point. He said:
"There must be something wrong,something which needs attention, when
an orgy of speculation in a country three thousand miles away should
dislocate the financial system here and inflict grave suffering upon workers
in practically every country in the world. This is a matter to which our
serious attention must be directed."
In referring to the salutary effect that the proposed International Bank
for Reparations, as proposed by the Young Plan, is expected to have by
economizing the use of gold through general co-operation, Chancellor
Snowden said: "We cannot wait for that. We must see if anything can be
done within our own control."
"The point I wish to make is that if we have a high bank rate it tends to
discourage speculative adventures. People hesitate to borrow from a bank
at 734% for a risky investment, and that apparently has been the effect
upon the New York market.
"There is a good deal to be said for State banks. The Federal Reserve
Board of America has been held up by Mr. McKenna, the head of the
Midland Bank, for our admiration. But there is no institution in the sorld
which is so much under State control as the Federal Board in its constitution. What has been the result? This orgy of speculation completely
deprived the Federal Reserve Board of its control of the money market.
"It had a higher bank rate than we. until the recent rise In our bank rate.
I hope that the proposed International Bank will have a great effect In
regulating the monetary condition of one country as against another.
"This is a matter to which our serious attention must be directed. We
must try to see whether it is possible to prevent such disasters. I doubt if
anything very effective-can be done except by international co-operation,
and I am hopeful that the International Bank. which is to be set up under
the Young plan, will be able to carry out that which was intended in the
Geneva resolution—to devise a system of international co-operation for the
purpose of economizing in the use of gold, and some form of international
machinery for preventing the unnecessary transshipment of gold. I hope it
will be able to fulfill that function."
Austria Averts Panic—Financial Conditions Improve
With Change in Government.
A special cablegram from Vienna Sept. 30 to the New
York "Times" stated:
The change in Government and the peaceful issue of yesterday's Heimwehr
demonstrations have apparently put an end to the incipient financial panic
of the last few days. The withdrawal of bank deposits and the purchase of
foreign currencies, which had caused alarm in financial circles, have almost
ceased and the dollar rate has dropped from 7.14 schillings to 7.10 since
Saturday.
Chancellor Schober received newspaper men to-day, pointed out that,
despite dire predictions of bloodshed. Sunday had passed peacefully, and
assured them the new Government would continue to maintain order.
Mgr. Ignaz Selpel, former Chancellor, has notified the Christian Socialist party, of which he is the leader, that the unsatisfactory state of his
health will necessitate a vacation until at least after Christmas. It is reported that attacks made upon him lately as a result of his connection with
the Heimwehr and his differences of opinion with radical Heimwehr leaders
to whom he had earlier lent support are largely responsible for his poor state
of health.
Delay in Advancing English Bank Rate Defended—
London Economist Says Bank of England Was
Justified in Waiting.
Under date of Sept. 28 the New York "Times" reported
the following from London:
The London "Economist" discussing to-day the advance in the Bank of
England's rate, declares that the Bank was justified in not raising the rate
atan earlier date:this on the ground that the outflow of gold was largely of an
abnormal character, which could not be checked by a higher official rate.
That being so, the risk incurred by deferring the Increase was wed worth
taking on behalf of British industry and the British taxpayer. The "Economist" even considers that the refusal of the Bank to show alarm at the lose
of so very large a quantity of gold must have caused confidence in the
strength of London's position.
Nevertheless, the time had arrived to call a halt. In regard to the effect
of the 6j.4% rate. the "Economist" takes the view that current omens are
favorable in many respects. Political prospects are brighter,and the process
by which.French short money was withdrawn from this and other markets,
only to be immobilized by the tax collector, is likely soon to be reversed. It
thinks, therefore, that the drain of gold to Paris should cease at the end of
this month.
The outlook as regards Berlin and New York, the "Economist" considers less certain, but it thinks that on the whole the Bank of England
chose the right moment for imposing dearer money.
Philip Snowden, British Chancellor of Exchequer
to Order Financial Probe—Criticizes U.S. Speculation—Asserts "Orgy" of Market Activity Here Has
Deprived Federal Reserve Board of Control Over
British Gold Store Termed Excessive—Experts Say
Money Market.
131,000,000 Pounds in London Is Too High.
inquiry
into
the
an
Formation of a committee to conduct
Francis W. Hirst, former Editor of the London "Econorelationship between industry and finance, as well as to
mist"
writing from London under date of Sept. 29 to the
financial
banking,
and
aspects
Britain's
all
of
probe
Great
credit policy was promised by Chancellor of the Exchequer New York "World" says:
Bank of England's decision to raise the rediscount rate from 534 to
Philip Snowden, speaking before the conference of the 6 The
4% has imposed on commerce and finance the highest money rates since
Labor party at Brighton, Eng., on Oct. 2. A cablegram to April, 1921, when postwar boom prices wc.e in process of deflation. The
the New York "Journal of Commerce" indicating this added: continued gold withdrawals to France, Germany and the United States
2164
FINANCIAL CHRONICLE
produced this decision although some experts consider that the present
gold stock of £131,000.000 is excessive being more than treble the amount
considered adequate before the war.
The raising of the rate will cause dearer money in Europe and In the
financial centers which have been anxiously watching the Bank of England,
Scandinavian bank rates also having been advanced.
. The Stock Exchange received the announcement with philosophic calm
and the effect was negligible except among gilt-edged and fixed interestbearing stocks where readjustment to higher money rates is inevitable.
Speculative markets have long since discounted the actual event and many
brokers expressed the belief that the long period of suspense and uncertainty
was now ended.
The collapse of the Hatry group of shares has exercised a potent Influence
on the markets during the last week. The Stock Exchange committee's
prompt and energetic action is much praised and probably averted widespread selling.
Actually, prices were marked down more as a precautionary measure than
as the result of any selling pressure. Only unimportant failures have occured and the impression is that severe losses will fall on shoulders well able
to support them.
Increase of Fiduciary Notes by Bank of England Was
Discussed Incident to Increase in Bank Rate.
An account from London Sept. 27 regarding the above
appeared as follows in the New York "Times" of Sept. 30;
[VOL. 129.
At the same time, beginning with the middle of the period,
75,000,000
rubles will be allotted for the construction of the Volga-Don Canal.
The
capital to be invested in seaports is set at 170,000,000 rubles, and
in
construction of seagoing vessels, 135,000,000 rubles.
An outlay of 400,000,000 rubles from the budget of the People's Commissariat for Transportation, and about 700,000,000 rubles from
local
budgets will be made for the improvement of highways. Finally, it is
planned to spend 100,000,000 rubles in the course of the period for
the
development of commercial aviation.
Incidental problems which the Soviet Union must face in carrying out
the plan are improved housing for workers, the development of a
skilled
personnel for technical work, better working hours, a financing plan,
and the development of foreign trade.
Mr. Saul G. Bran, Chairman of the Board of Directors of the Amtorg
Trading Corporation, the principal purchaser of American equipment for
shipment to the Soviet Union, made the following statement in reference
to the import program of the Five-Year-Plan:
"It would be impossible to say now what the share of the United States
in these imports may be. In the last two years the United States supplied
22% of Soviet imports. What this percentage will be in 1933 is dependent
not only upon the demand for machinery and other products, which the
United States is well able to supply, but also on a number of other
considerations.
'
"There is first of all the problem of carrying on Soviet trade under
conditions more closely approximating those prevailing in ordinary trade
Intercourse between nations. The matter of the overwhelming Soviet
unfavorable balance in its trade with the United States, involving the
problems of increasing Sov:et exports to the United States and of
shipping gold to this country, must be taken up. The question of longterm credits will also be a vital factor in determining the share of the
Soviet import program which will be supplied by the United States."
While the change in the bank rate was still being postponed, discussion
of an arbitrary increase in the Bank's fiduciary note circulation was at
one time discussed in financial circles. There is no reason, however, to
believe that the Bank of England ever seriously considered taking such
a step, though it could have obtained the necessary permission had the
policy been deemed desirable.
Under the currency amalgamation act of last year the Bank is authorized
Genoa (Italy) Pays $8,500,000 Loan.
to issue bank-notes up to the amount representing the gold coin and gold
bullion at the time in the issue deaartment and to issue in addition bankThe New York "Times" reports the following Associated
notes to the amount of £260,000,000 in excess of the amount covered by
gold. It was also provided, however, that if the Bank should at any time Press advices from Genoa, Italy, Oct. 3:
The municipality of Genoa to-day paid off a loan of $8,500,000 contracted
represent to the treasury that "it is expedient that the amount of the
fiduciary note issue shall be increased to some specified amount above in 1927 from Dillon, Read & Co. of New York at 5.75% a consortium of
Italian
banks furnishing the sum at 7.75%. New York banks asked 9.50%
E260,000,000 the treasury may authorize the Bank to issue notes to such
an increased amount for such period, not exceeding six months, as the for renewal.
treasury may think proper."
Loan To Cuba Complete.
Loan Expansion at Bank of France—Paris Ascribes
Havana Associated Press advices Oct. I were published as
Fourfold Increase in a Year to Results of Stabiliza- follows in the New York "Times":
tion.
The fifth and last conversion of a 350,000.000 loan to the Cuban Government by the Chase National Bank of New York was concluded here to
-day,
In its issue of Sept. 23, the New York "Times" had the following
signing of bonds in New York last week by Dr. Gutierrez De
following to say in a Paris message dated Sept. 20:
Cells, Secretary of the Cuban Treasury. The bank to-day delivered
$190,-
The markable increase during the past year in loans by the Bank of
France to the home market, which reached a total figure exceeding 8,
000.000,000 a few weeks ago, as compared with barely 2,000,000,000 at
the same date in 1928 and 1927, represents a rapid growth of rediscounting
by private banks of their own loans at the Bank of France. It is one of the
consequences of stabilization. When the franc had been stabilized, the
banks no longer faced the risk of depreciation in the franc value of their
loans on maturity. Therefore they gave much wider facilities to customers—
which the market needed urgently, first because prices rose and production
Increased, but, second, because business men were no longer able to borrow francs against foreign exchange as they had been doing during the
period of moderate stability preceding regular revaluation.
After the formal stabilization, French private banks began to invest
capital abroad. The sequel as affecting home credit was somewhat as
follows: Private banks had to meet larger credit requirements from industry and trade, yet still desired to invest part of their funds abroad.
To effect this twofold purpose the private banks got the Bank of France
to rediscount trade bills with a freedom not previously witnessed. This
is the simple explanation of the year's great increase.
000 to Luis E. Alzcorde, the treasury's representative.
Loan Curb Hits Colombia—Rise in Unemployment Laid
to New Laws by Newspaper.
Under the above head the New York "Times" of Sept. 22
stated:
Considerable unemployment has been caused In Colombia by the existing Federal laws restricting the floating of foreign loans, according to
El Espectador of Bogota. Less money has been borrowed by the departments and county governments since the Federal decree was passed some
time ago prohibiting the floating of loans by these subsidiary government
units unless they obtained the consent of the Federal authorities. They
are not allowed, under the decree, to mortgage their income to the extent
of more than 20% of its total amount.
The business of the country was reported by the paper to be exceedingly
sound. The exports of coffee are said to have totaled 2,659.000 bags last
year, compared with an average of 2,180,000 bags during the previous five
years. The exports of petroleum also were reported to be very satisfactory.
despite the heavy stocks existing in various producing countries.
Soviet Russia to Spend 33 Billion Dollars Prior to 1933
to Transform Country from Agricultural to IndusBrazilian Coffee ConventionNames Committee to Study
trial Nation.
Distribution of Coffee Entries into Ports.
Before 1933 the Soviet Union will spend $33,000,000,000
Advices, Sept. 20, from Washington to the New York
in transforming Russia from an agricultural to an indus- "Times" said:
trial country, it is 'announced in a new book, "The Soviet
The Inter-State Coffee Convention held in Sao Paulo, Brazil, was conUnion Looks Ahead," published by Horace Liveright on cluded with the prorogation of the agreement of September 1928, and in
addition a committee was appointed to study a plan for a more equitable
Sept. 28. It is stated that this is the first exposition, in Inter-State
distribution of coffee entries into ports, which is to be placed
English, of the Five-Year-Plan for Economic Reconstruc- before the Federal Government for approval, according to a cable received
tion, ratified by the Congress of Soviets last May. An to-day by the Department of Commerce from Trade Commissioner Walter
G. McCreery at Sao Paulo.
announcement from Mr. Liveright's office also says:
According to the plan, the Soviet Union expects to import from foreign
countries products to the total value of 3.2 billion dollars, the bulk of
the investment going into producers' goods, such as industrial, electrical,
agricultural and automotive equipment, and raw material for industry.
The plan provides for practically trebling the industrial output of the
Soviet Union within the period, and for a substantial increase in agricultural production. It lists thousands of factories to be built, expanded
or re-equipped, at a cost of over eight billion dollars.
The expansion of agriculture calls for the establishment of several
hundred state farms, to have an aggregate area of fifteen million acres,
and for the organization of thousands of farina operated collectively.
Provision is also made for the construction of railways, including the
900-mile Turkestan-Siberian Railway, which is to be completed early
next year.
Greater development of electrical power, the coal industry, the petroleum
industry, the metal industry and machine construction, a shipbuilding
program, a program for the development of automobile and agricultural
machinery production, the creation of a chemical industry, a building
materials industry, and a forestry and lumber industry are some of the
plans outlined.
Of the 10 billion rubles which are to be invested in transportation,
over 6.7 billions will go into railways. Of this amount, about 60% is
assigned for the reconstruction of existing railways and about 40% for
new railways, according to the plan. It also provides for investments
of about 180,000,000 rubles in the development of waterways and an
outlay of 150,000,000 rubles for river ship construction.
Argentina Bill For Farm Loan Bank Approved—Deputies
Vote Measure in Session Prolonged by Public Force
to 28 Hours.
From the New York "Herald Tribune" of Sept. 28 we
take the following Buenos Aires advices Sept. 27:
In one of the longest and most active sessions of recent years, the Chamber of Deputies late yesterday approved bills creating an agricultural
loan
bank, increased the capital of the Mortgage Bank to $84,000,000, and.
incidentally, broke all records for coffee consumption.
Determined to make some progress against the mass of unfinished business on hand, administration deputies on Wednesday voted the Chamber
In permanent session by public force. Police gaurds were stationed at
the
various exits to prevent any one from leaving the room. The session
lasted
from 4 p. m. Wednesday until midnight Thursday (Sept. 26) with a
fourhour recess Thursday afternoon. The Deputies were not permitted
to
leave the building during the recess. Early Thursday morning
opposition
Deputies, angered by the prolonged session, loudly demanded
stewed
chicken. The Congressional chef, called to the floor of the Chamber
at
5 a. m., apologetically explained that he was unable to furnish the
at such an early hour. The Deputies then ordered the chef to delicacy
bring in
the dish "by public force" if necessary. The chicken was served at
6.30 a.m.
The weary Deputies called for cup after cup of steaming coffee.
When
the 28-hour session terminated a total of 2,300 cups had been
consumed by
the 159 Deputies present. Food and coffee consumption costs
for this
OCT. 5 1929.]
FINANCIAL CHRONICLE
session alone were estimated at $2,000, while the monthly food appropriation
for the Chamber is only $4,200.
Many of the Deputies slept soundly during the greatest part of the session,
utilizing chairs and benches In the cloak rooms, while other heatedly debated the various bills before the Chamber.
Debate centered on the creation of an agricultural loan bank, increase in
capital of the mortgage bank, both of which were approved, and on a labor
law. A bill was presented to the Chamber which would grant women the
right to vote.
Japanese Finances Directed by Small Group of Bankers
—Nations Five Most Powerful Institutions in Control of One-Third of All Money in the Empire.
Five banks dominate Japanese financial operations, and
hold deposits more than 2M times greater than those of
Japan's 100 savings banks combined, according to a review
prepared by Herbert M. Bratter, of the Finance Division,
and just made public by the Department of Commerce.
The "United States Daily"of Oct. 1,in reporting this, added:
These five banks hold roughly one-third of all "ordinary bank" deposits
in Japan, the review reveals, and this concentration of assets is best realized
from the fact that the remaining two-thirds is held by 1,026 banks.
A foreword to the review, prepared by the Acting Director of the Bureau
of Foreign and Domestic Commerce, 0. P. Hopldns, summarizing Mr.
Bratter's survey, follows in full text:
Development Traced.
Not the least interesting of the phenomena witnessed in modern times
has been the marvelous political and economic transformation of Japan
following the restoration of 1868. With an indomitable spirit and untiring energy, Japan has in 60 years developed into one of the great powers.
In certain cases, according to Japanese critics, too great haste was made
in introducing western methods, with a consequent postponement of their
successful application. This is evident in Japan's banking history, from
the establishment of the first American-type national banks in 1872 to
their elimination at the end of the century.
The present banking system in Japan evidences several characteristics
peculiar to the country. Thus, there exists a group of powerful "special
banks," state-controlled institutions by means of which the Government
has, in many instances, effectively guided the trend of economic development. Among these special banks are the Dank of Japan and the closely
allied and distinctly Japanese Yokohama Specie Bank.
The system of commercial bankIng in Japan also embodies features considerably at variance with the systems generally prevailing in occidental
countries. The present study reveals the fact that five commercial banks
hold roughly one-third of all "ordinary bank" deposits. This concentration of banking assets is best realized from the fact that "ordinary banks"
In Japan number 1.031. If the figures for nine other ordinary banks be
added to those for the "Big Five," the 14 banks thus grouped show total
deposits of 5,062.000,000 yen, while the remaining 386 banks can muster
only 4,154,000.000 yen. The strength and independence of these 14
institutions are indicated by the fact that, while they hold roughly fiveninths of all deposits in ordinary banks, their loans and discounts are only
a little over three-ninths of the total.
This eminence of a few Institutions is but an outgrowth of the oriental
family system. In almost every case the family group which controls a
particular important bank is at the same time engaged in a multiplicity of
activities, in each of which it may be said to hold a similar position of
Importance.
Families Own Bank.
The origin and development of the five principal banks and the family
groups behind them are in this study traced from the Tensho Era (1591
A. D.)to the present day. The condition of each of these banks is analyzed.
balance sheets and other statements as of the end of 1928 being included.
Moreover, the "Big Five," as a group, are treated from the standpoint of
total resources and profitable employment of capital and are viewed with
regard to their relation to other clearing-house banks, all other ordinary
banks, and the remaining banks of Japan. These comparisons, supplemented by authoritative statistics, are particularly enlightening as to the
effects of the 1927 financial crisis.
The present study is the work of Herbert M. Drafter, of the finance
and Investment division. This division will be pleased to give its attention to inquiries on this and related subjects.
2165
par, at the office of J. P. Morgan & Co., 23 Wall Street, or
at the head office of The National City Bank of New York,
55 Wall Street, prior to 3 p. m., Nov. 1 1929. If the tenders
so accepted are not sufficient to exhaust the available
moneys, additional purchases upon tender, below par, may
be made up to Dec. 31 1929.
$64,000 of Bonds of Department of Cundinamarca
Drawn for Redemption.
J. & W. Seligman & Co. as fiscal agents are notifying
holders of Department of Cundinamarca external 6W/0
bonds, due Nov. 1 1959, that *64,000 principal amount of
bonds of this issue drawn by lot for redemption at their
principal amount and accrued interest on Nov. 1 1929.
Drawn bonds will be payable on and after that date upon
presentation at the office of the bankers, 54 Wall Street,
New York.
Bonds of Mortgage Bank of Chile Drawn for Redemption.
Kuhn, Loeb & Co. and Guaranty Trust Co. of New York,
as fiscal agents, are notifying holders of Mortgage Bank of
Chile guaranteed sinking fund 6% gold bonds of 1928, due
April 30 1961, that $106,000 principal amount of the bonds
have been drawn by lot for redemption at par on Oct. 31
1929. Bonds so drawn will be paid upon presentation and
surrender with subsequent coupons attached at the office
of Kuhn, Loeb & Co., or Guaranty Trust Co. of New York
on and after Oct. 31, after which date interest on the drawn
bonds will cease.
Kuhn, Loeb & Co. and Guaranty Trust Co. of New York,
as fiscal agents, are likewise notifying holders of interim
certificates for Mortgage Bank of Chile guaranteed sinking
fund 6% gold bonds of 1929, due May 1 1962, that $100,000
.principal amount of bonds of this issue have been drawn by
lot for redemption, Nov. 1 1929, at their principal amount.
Certificates representing these bonds will be paid upon presentation at the principal office of Guaranty Trust Co. on
or after the redemption date, from which the drawn bonds
will cease to bear interest.
Increase in Net Profits of Mortgage Bank of Bogota.
Substantial increases in mortgage loan business and net
profits are reported by the Mortgage Bank of Bogota to
J. & W. Seligman & Co., fiscal agent for the bank's 20-year
7% sinking fund gold bonds, due Oct. 1 1947. Mortgage
loans aggregating 29,467,748 pesos (approximately $28,400,000), secured by properties appraised at 73,969,883 pesos,
which is, it is stated, approximately 250% of the loans, were
held by the bank June 30. This compares with 23,065,540
pesos June 30 1928, 15,864,881 pesos June 30 1927, and 6,216,035 pesos June 30 1926. The Bank was established in
1925 with a capital of 600,000 pesos, as compared with its
present capital of 4,000,000 pesos and reserve on June 30 of
1,191,890 pesos. Net profits after all charges have been as
follows: 1926, 141,883 pesos; 1927, 356,611 pesos; 1928,
752,387 pesos, and for the first 6 months of 1929, 408,309
Purchase of Bonds of Argentine Government Through pesos. The bank's sight and time deposits June 30 were
Sinking Fund.
1,936,782 pesos.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, have issued a notice to holders of Portion of Bonds of Republic of Uruguay Retired.
Hallgarten & Co., and Halsey, Stuart & Co., Inc.,
Government of the Argentine Nation external sinking fund
6% gold bonds, issue of Oct. 1 1925 due Oct 1 1959 to the announce that $186,500 principal amount of Republic of
effect that $182,275 in cash is available for the purchase Uruguay 6% external sinking fund gold bonds, due 1960,
for the sinking fund of such bonds of this issue as shall be have been tendered to the sinking fund for retirement, leavtendered and accepted for purchase at prices below par. ing outstanding $28,813,000 par value of bonds.
Tenders of such bonds, with coupons due on and after
April 1 1930, should be made at a flat price, below par, at
the office of J. P. Morgan & Co., 23 Wall Street, or at the
head off!ce of The National City Bank of New York, 55
Wall Street, prior to 3 p. m., Nov. 1 1929. If such tenders
so accepted are not sufficient to exhaust the available
moneys, additional purchases, upon tender, below par, may
he made up to Dec. 31 1929.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, have also issued a notice to holders
of Argentine Government Loan 1926 external sinking fund
6% gold bonds public works issue of Oct. 1 1926. due Oct.
1 1960, to the effect that $98,216 in cash Is available for.
the purchase for the sinking fund of such bonds of this
issue as shall be tendered and accepted for purchase at
prices below par. Tenders of such bonds, with coupons due
on and after Apr. 1 1930, should be made at flat price, below
Redemption of Bonds of Kingdom of Italy.
J. P. Morgan & Co., as sinking fund administrator, are
notifying holders of Kingdom of Italy external loan sinking
fund 7% gold bonds, due Dec. 1 1951 that $1,857,600 principal amount of bonds of this loan have been drawn by lot
for redemption at their principal sum on Dec. 1 1929 out
of moneys in the sinking fund. Bonds so drawn will be
paid on and after Dec. 2 1929 upon presentation and surrender at the office of J. P. Morgan & Co., 25 Wall Street,
New York. Interest will cease on such drawn bonds after
Dec. 1 1929.
Loan For Georgia Cotton Growers' Co-Operative
Association Approved by Federal Farm Board.
The Federal Farm Board approved on Sept. 26, an application of the Georgia Cotton Growers' Co-Operative Asso-
2166
FINANCIAL CHRONICLE
elation, of Atlanta, Ga.,for a commodity loan supplementing
one already advanced by the Federal Intermediate Credit
Bank. The maximum of this loan is fixed at $750,000,
says the Board, which adds:
[VOL. 129.
Governor Shafer told the bankers that the embargo iate in August alas
,
has resulted in the piling up of grain for future shipment and
asked for
the co-operation of the bankers in providing funds.
Commission Questioned.
Oliver Kundson, North Dakota Farm Storage
Commissioner, was
questioned regarding the certificates and satisfied bankers that
the certificates were suitable for loans and that they had many advantages
over
the usual chattel mortgages.
Representatives of the Bank of North Dakota attended the meeting.
Otto Bremer of St. Paul, Chairman of the American National Bank:
The Atlanta "Constitution" of Sept. 27 commenting on the Paul
J. Leeman, Vice-President of the First Bank Stock Corp.: R. E.
action of the Farm Board said:
McGregor. Vice-President of the Northwest Bancorporation of Minneapolis,
Great benefit to Georgia farmers is expected to result from the action and other bankers assured the North Dakota Bankers Association that
the
taken Thursday by the Federal Farm Board, in Washington, In approving banks with which they were connected would endeavor to
make funds
an application for a supplemental loan of $750,000 to the Georgia Cotton available for farm-storage grain loans as rapidly as possible.
Co-operative Association. This loan will be used by the Georgia Assochtion
The farmer must lift all prior loans before he can obtain funds. The
in making additional advances to its members at the time of delivery of bankers agreed to work out a blanket form of insurance which
would be
their cotton and for the first time, according to officials of the Association. available to lenders at a moderate cost and which would include all hazards
will enable the organization to pay its members approximately 75% of the such as fire and tornado.
market value of their cotton at the time of delivery.
Several days ago, it was pointed out, the Farm Board took action in
providing for an advance of 10% of the market value on cotton of members of Value of Transactions Settled Through New York
co-operative groups, which now are borrowing approximately 65% from
Stock Clearing Corporation.
the
Federal Intermediate Credit Banks and other banks with which to make
The value of the stock and bond transactions settled
initial payments to their members as cotton is shipped to them.
With the advance of 75% of the market value, now made possible through through the Stock Clearing Corporation during
the month
the action of the Board, the farmer can retire his obligations incurred in the
of September 1929, amounted to $11,935,065,311, which
production of his crop and at the same time. instead of being compelled to
compares with $11,121,384,230 last month and $9,167,sell his cotton dill ig the harvesting months, he can deliver it to the
cooperative association and have It sold in an orderly manner throughout the 665,364 a year ago.
season.
This assistance to the co-operative marketing association is the first
act
of the Farm Board, created under the farm relief bill, passed this summer Higher Money Rates in Minneapolis on Loans With
by Congress in an effort to give further aid to the nation's agriculturists.
Stock as Collateral.
The Cotton Co-operative Association of Georgia is entering upon
Its
Minneapol
eighth year of operation, having been organized in the spring of 1922.
is
advices
to the "Wall Street Journal" of
The
total deliveries to the Association for the past season were approximate
ly yesterday (Oct. 4) said:
65.000 bales, It was pointed out Thursday. It also was stated
that although
Local banks have raised rates to 7% basis on all loans with stocks for
the delivery season does not get well under way before Oct. 1, approxicollateral, on all personal accommodations and on all items other than
mately half as much cotton as the total amount received last
year already strictly commercial, agricultural or industrial transactions.
Banks conhas been delivered to the Association.
tinue the 61i% to 7% basis on commercial loans, with a 6% minimum for
largo transactions on terminal grain paper or other preferred security.
•
North
The Association, which Is operating a seasonal pool, requested the
supplemental loan so that it could make larger advances to its grower
members.
Mr. J. E. Connwall, President and General Manager, presented the
application for the Georgia Cotton Growers' Co-operative Association.
Dakota Banks Pledge Loans on Stored Grain.
From the St. Paul "Pioneer Press" we take the following New
Commercial Exchange of Philadelphia Begins
Associated Press advices from Fargo, N. D.:
Operations.
North Dakota banks and correspondent banks in Minneapolis
and St.
Paul will make loans on grain stored on North Dakota farms
Philadelphia's new Commercial Exchange began functionin accordance
with the storage law and will co-operate otherwise with the State
Admin- ing on Oct. 1, the Philadelphia "Ledger" thus referring to
istration to make the statute a success, according to a resolution
adopted its opening:
at a bankers' conference here to-day.
The new securities market of the Commercial Exchange of Philadelphia
The resolution was adopted at the close of a conference of
the Executive
opened for trading yesterday In the Bourse. Approximately 30 memCouncil of the North Dakota Bankers Association with other
State bankers
and representatives of the Northwest Bancorporat
ion. the First Bank bers of the Exchange participated in the buying and selling of securities.
Activity was naturally slow, according to G. W. Kendrick, 3d, manager,
Stock Corp., the Ninth District Federal Reserve Bank and
Intermediate
on account of members not being fully acquainted with the extent of
Credit Bank.
the
stock list. A large volume of trading is not expected at first, Mr. KenSome banks of the State were said to be making loans
already on storage
certificates and others were completing arrangement
drick
said,
but
a
growth
is
steady
contemplate
d.
s to do so at once.
The aim of the new market is to give investors in approved stocks not
All conferees asserted it was imperative that such loans be
made quickly
otherwise listed the advantage of recording of sales and prices, with a
to meet any emergency in the State. and to enable farmers
to hold grain
consequent stabilizing of the value of such securities.
on farina until better marketing conditions
Prevail.
The market is made up of more than 300 members, including some of
A further account in the same paper Sept. 28 stated:
the leading banks and trust companies in Philadelphia.
Loans to grain growers on farm-stored grain will be available
immediately on presentation of storage certificates to banks in
The Philadelphia "Record" of Oct. 1 said:
North Dakota
which are members of the North Dakota Bankers Association.
Unlike most other exchanges of the country, banks, trust companies
This announcement was made Friday afternoon after
an agreement and incorporated investment bankers may become members or associates of
had been reached between the North Dakota Bankers Association
and the Exchange. The Exchange will provide a trading place for securities now
the Hartford Accident & Indemnity Co. for a blanket
policy on farm-stored sold on an over-the-counter basis. No securities will be traded on the Comgrain. R. E. Barron of Minot, D. N., President of
the North Dakota mercial Exchange which are listed on the Philadelphia Stock Exchange.
Bankers Association, and W. O. Maefadden of Fargo.
Secretary, were
in Conference with insurance company officials in Minneapolis
Friday.
Arrangements were made for a blanket insurance policy which
will Expanding Brokers'Loans on New York Stock Exchange
cover all banks In North Dakota that are members of
the State Association.
Reach New High Figure of $8,549,383,979.
The policy will provide for coverage due to loss
by fire, tornado, pests
and conversion of grain.
The outstanding brokers loans on the New York Stock
Policy To Run Two Years.
Exchange have reached the prodigious figure of 38,549,383,The blanket insurance policy will run for two years.
The North Dakota
979—the largest total ever recorded. This amount, as of
law provides that the owner of the grain must protect the
holders of the
certificates in making loans. The charge to farmers will
be an addition Sept. 30, compares with $7,881,619,426 on Aug. 31, an
of 1% to the charge for the loans. The Insurance covers only
the interest increase of $667,764,553 having thus occurred during
of the bank in the stored grain.
the
month on top of the increase of $407,825,132 in the interval
This action clears up the only obstacle which was In the way
of making
loans immediately. Loans on stored grain already are being made
through from July 31 to Aug. 31. In the Sept. 30 statement demand
the Federal Intermediate Credit Bank of St. Paul.
loans are shown as $7,831,991,269 while time loans stand at
Assurances were given to bankers at the Fargo conference
Thursday by
Governor W. B. Geery that the farm storage certificates would be eligible $717,392,710.
The Aug. 31 statement showed demand
for rediscount at the Federal Reserve Bank to the member banks.
loans of $7,161.977,972 and time loans of $719,641,454.
Flow of Funds To Start.
Noting that the major portion of the advance for the month
The North Dakota banks which are affiliated with the First Bank occurred in
the loans offered by New York banks and trust
Stock Corp., headed by the First National banks of St. Paul and Minneapolis, and with the Northwest Bancorporation of Minneapolis expect to companies, a classification made by the Stock Exchange,
start the flow of funds to farmers at once, as well as the other banks which roughly equivalent to the New York members
banks, the
are members of the North Dakota Bankers' Association.
New York "Journal of Commerce" of Oct. 3 added:
Governor Shafer of North Dakota outlined the grain situation at the
New York Institutions Increased their demand loans by
$580,664.176
conference of bankers In Fargo Thursday and stated that he had been and time
loans by $4,697,125, bringing the totals, respectively, to $6,543,advised that the congestion problem was so serious that one day of excep- 061.807
and $534,323,249.
tionally heavy receipts at Minneapolis and Duluth terminals would cause
The second group on which the Stock Exchange reports, private bankers,
an embargo on grain.
brokers, foreign banking agencies or others, Increased demand loans
by
Farmers are at the point where they must meet threshing expenses $89,349,121
to the total of $1.288,929.462. Time loans were decreased by
and prepare Immediately to pay their taxes, the Governor said, and issued
$6,945.869 and totaled 8183.069.461.
a plea to the bankers for a fair chance for the farm storage plan of credit
Loans by New York banks showed a larger proportional advance
than
for farmers, assuring the bankers that North Dakota would do everything outside
loans. It was pointed out that this was consistent with rumors
In its power to safeguard the loans.
during the month that foreign funds, to some extent, were being withdrawn
Ile reported that the wheat crop of North Dakota this year was only from the
local market.
85,000,000 bushels, compared with an average of 100,000,000 bushels, and
There was a slight net decline In time loans amounting to
$2.248,744.
last year's crop of 140,000,000 bushels, and said that the congestion had During the
last week of the month time money was unusually firm and was
resulted from
being offered at 94i%. This, It was pointed out. Indicated
First, a large carryover of 1928 wheat.
reluctance
Second, greater use of terminals In the Northwest for the storage of to make time loans on collateral, although a large demand, as measured in
bid rates, was evident
winter wheat from the Southwest.
Third, the early movement of crop, resulting from an early season In
The following is the statement issued Oct. 2 by the Stock
traturing of grain, greater use of combines in threshing and rapid transportation to country elevators by trucks.
Exchange:
FINANCIAL CHRONIC'T E
OCT. 5 1929.]
2167
In some quarters this practical difficulty is being recognized. One
Total net loans by New York Stock Exchange members on collateral,
investment trusts in Great Britain now considers availcontracted for and carried in New York as of the close of business Sept. 30 of the best known
able as distributable income enough of its realized profits to bring the total
1929, aggregated $8.549,383.979.
return somewhere near an expectation of reasonable interest and dividend
The detailed tabulation follows:
yield, on the assumption that income, rather than appreciation, is the
Demand Loans. Time Loans.
main objective.
(1) Net borrowings on collateral from New York
$6.543,061,807 $534,323.249
banks or trust companies
There is no "investment trust problem" in Great Britain,
(2) Net borrowings on collate'al from private bankers,
broke's, foreign bank agencies or others in the
Mr. Robinson stated, because the confusion of terms which
1.288,929.462 183.069.461
city of New York
has arisen in America does not exist on the other side.
$7,831,991,269 $717.302.710
He added:
$8,549.383,979
Combined total of time and demano loans
We have a habit here of referring the bank, industrial public utility,
The scope of the above compilation Is exactly the same as In the loan
railway holding companies as investment trusts, and the same name
and
ago.
report Issued by the Exchange a month
is loos. ly applied to gigantic combinations of capital put together to engage
The compilations of the Stock Exchange since the issuance In such varied activities as merging, controlling, managing, or financing
and originating and even distributing
of' the monthly figures by it, beginning in January 1926, industrial and utlity enterprises,
securities. These far-flung undertakings do not create an "investment
follow:
problem," for the simple reason that they are not-investment trusts"
Total Loans. trust
to
Tim Loans,
Demand Loans
1926—
Security-owning companies of these kids have been familiar
at all.
$3,513.174.154
$966.213.555
$2,516.960,599
Jan. :10
3.536.590,321 the American public for several decades in the form of public utility holding
1,040.744,057
2,494,846.264
Feb. 27
old
the
3000.096 187 or management companies, pre-war industrial combines such as
966.612.407
2,033.483.760
Mar. 31
2.835.7113.509 American Tobacco and Standard Oil of New Jersey companies, and in
865 848.657
1.969,869.852
April 30
2 767.400.514
780 084 III
1.987.316.403
May 28
2,926.298.345 other ways.
700.844.512
2.225.453.833
June 30
2.996.759.527
714.782.807
2.282.970.720
J5.), 31
It is Mr. Robinson's view that clarity of public thinking
3.142.148 0e8
778.286 686
2.363.861.382
Aug. 31
3 218.937 010 in this field has been promoted in Great Britain by confining
799.730.286
2.419.206.724
Sept 30
925
176
3.111
821.7411.475
9.289.430.450
Oct. 31
3 129.161 675 the use of the term "investment trust" to companies having
799 625,125
2.329.536.550
Nov. 30
3.292.860.254,
751.178,370
2.541 682.885
1)e0. 31
as their sole purpose the best possible investment of their
1927—
3.138.786.3313 funds in diversified securities. Companies engaged in
810.446.000
Jan. 31
2.328.340.338
3.256.459.379
780 961,250
industrial,
2.475.498.129
Feb. 28
3.289 781 174 finance, and organized to manage or control
785.093.500
2.504.687.674
Mar. 31
3.341 209.847
799.903.950
concerns exist side by side
2,541.305.897
April 30
utility
or
public
raw
material,
8e9.029
3.457
783.875.950
2,673,993.079
May 31
3.568.986,843 with the investment trusts, but are always sharply dis811.998.250
2 756.988.593
June 30
3.641.695.291,
877 184.250
2.764.511 040
JII1Y 30
3.673.801.333 tinguished from them. He believes that a like usage will
928.320.545
Aug. 31
2.745.570.788
3.914.627.570
8915.953 245
3.107.674 325
Sept.30
3.946.137.374 soon prevail in the United States.
898.500
922
3.1123,238.874
Oct. 31
4.091 8:46.3n;
957 809.300
3.134 027 003
Nov.30
4,432.907,321
952.127.500
3,480,779,821
Dec. 31
1928—
Jan. 31
Feb. 29
Mar. 31
Apr1130
May 31
June 30
July 31
Aug. 31
Sera.30
Oct. 31
Nov. 30
Dec. 31
1921—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 30
3.392.873.281
3.294.378.654
3.580.425.172
3.738.937,599
4.070.359.031
3.741.632.505
3.767.694.495
4.093.889.293
4.6119.551.974
5.115.727,534
5.614.388.360
5,722.258.724
1.027.479,260
1.028.200.260
1.059.749.000
1.168.845.000
1,203.687.250
1.156.718.982
1,069.653 084
957.548 112
824 087 71!
763.993.528
777.255.964
717.481.787
4.420 352,54;
4.322 578.914
4.640.174.177
4.907.782.59,
5.274.046,281
4.898.351.413.
4.837.347.57'
5.051.437.40.
5.513.839.68;
5.879.721.06:
6.391 644.264
6.439.740.511
5,9/42,672.411
5.948.149.410
6.2119.99R.520
6.203,712,115
6,1199,920,475
6,444,459.079
6870,142.803
7.161.977.972
7.831.991.369
752.491,831
730.396,507
594,458,888
571,218.280
365.217.450
626.762.195
6e3.651.630
719.641,454
717.392,710
6.735.164,24
6.6714,345.917
6.804,457 teR
6.774.930,395
6.665.137,925
7,071.221.275
7.173.794,294
7.881.019.428
8,549,383.979
British Investment Companies Reversing Position,
According to Leland Rex Robinson—Studying
American Methods Due to Changing Conditions
in the Securities Field.
British investment companies are studying the methods
now employed by American companies, thus to some extent
reversing the position of earlier years, according to a statement Oct. 3 by Leland Rex Robinson, President of Second
International Securities Corp., who has recently returned
from London and Berlin. Mr. Robinson says:
The investment trust companies in England and Scotland found their
task a comparatively simple one in earlier years. Obtainaing as a rule
from two-thirds to four-fifths of their total capital at relatively low fixed
costs, they have placed this for the most part in bonds and preferred stocks
giving good current yield. Moreover, they have attained safety through
very wide distribution of risk, and without that continuous Item-by-item
supervision which is essential for a policy of active trading. As compared with many American companies these British invcstment trusts
make few changes from year to year in their security holdings.
There is undoubtedly a tendency among these predecessors of the American investment companies to follow the example set in the United States,
and to depend lees exclusively upon personal contacts and general information in supervising the Investment funds. While American investment
trusts, some of which have been stronger in their statistical and research
organization than in their banking relations and investment contacts,
have been trying to make up any deficiencies in this respect, a number
of the strong British companies have been rounding out their research
and management organizations.
Outlook for Investment Trusts as Viewed By W. F.
Hickernell, of Atlantic and Pacific International
Corporation.
Have investment trusts pushed up the prices of most
good stocks to an inflated level. Will there remain satisfactory opportunities for the investment of new capital
obtained by investment trust during the coming year. These
questions are being asked following newspaper reports
that the capital already accumulated by investment trusts
aggregates the huge sum of three billion dollars. Dr. Warren
F. Hickernell, Vice-President of the Atlantic and Pacific
International Corp., a general investment trust, comments
on the subjects and says:
opportunWith respect to the possibility of a scarcity of good investment
look rather high
ities, it is admitted that the prices of the very best stocks
ago. In taking a broad
as compared with the levels prevailing twelve months
that
view of the investment trust situation, however, it would seem certain
We have a poputhere will be abundant opportunities from year to year.
continue
should
lation of 120.000.000 people and the growth of population
should continue to
at the rate of 1 14% a year. Production and commerce
$90,000.000,000
grow at an annual rate of 4%. National income is around
814,000,000.000
a year. Annual savings in the United States approximate
"reported" building
per year, of which about 88.000.000.000 goes into
non-reported
into
building
construction, and the remaining $6,000,000,000
and other forms of permanent investment.
trusts with a
In such a country it should not be difficult for investment
for profitable
total capital of 83,000.000.000 to find adequate opportunities
place more
Investment. Moreover, it is desirable that investors continue to
in semi-worthless
of their savings in the shares of investment trusts and less
several hundred
promotion stocks. It has been estimated that investors lose
audulent
mill:on dollars annually through the purchase of stocks of a semi-fr
There is
character, created for the sole purpose of mulcting the public.
reduced
during
reason to believe that this Class of losses has been greatly
investors
the past twelve months, owing to the fact that many thousands of
purchasand
promoters
stock
fraudulent
the
from
have been turning away
the Investor but
ing investment trust securities. This is not only good for
the trusts, by
also for the whole country since the investments made by
and large, are In the best companies of growirg industries.
still room for
Owing to the large annual savings of the public, there is
huge sums
the growth of the investment trust Industry. And owing to the
expansion,
required annually for new construction and exonomic
at the
there will be no derth of opportunities for investing the funds placed
disposal of the investment trusts.'
Northwest Bancorporation Defendant in Anti-Trust
Action.
The reason for this, Mr. Robinson thinks, is the more
From the "Wall Street Journal" of Sept. 30 we take the
important position taken by common stocks in even con- following Minneapolis advises:
defendant
servative investment portfolios, and the necessity for proNorthwest Bancorporation of Minneapolis, was recently made
combination
damage action alleging corporation is unlawful
gressive investment companies to take account of this ins 84,000.000
National
in restraint of Iowa trade, by acquiring control of Des Moines
changing emphasis. The analysis of common stocks re- Bank; Iowa National Bank and Des Moines Savings Bank & Trust Co.
been
has
In the opinion of local authorities unwarranted importance
quires closer application and keener business judgment than
case as they are accepted here are as
the
of
this
to
facts
The
suit.
attached
any
placing
reasonable
trusts
investment
senior issues, and
follows:
proportion of their funds in junior issues must.be equipped
Northwest Bancorporation, organized in January as a holding company.
part of
Mr.
,
Continuing
ties.
responsibili
greater
has brought into affiliation by exchange of stock 35 banks in this
these
for meeting
the country with total resources of $350,000,000. Recently, the Iowa
Robinson said:
& Trust
attaching to high-grade National, Des Moines National, and Des Moines Savings Bank
It in worth noting that the low yields currently companies
affThated
from making Co. consolidated, making the largest bank in Iowa, which later
stocks have kept many newer British investment
reasons. In the first
otherwise desirable purchases, and this for two
than common
place, most of them start out with a higher ratio of preferred
without any
stock capital and they must make cash earnings at once
the British pracaccumulated reserves to help them. In the secoud place.
tice among investment trusts is to exclude from income account all prof'
realized upon selling investments; hence common stocks are auto natically
securities
prevented from directly "carrying their load" in competion with
giving higher cash yield and carrying few if any prospects of appreciation.
with Northwest Bancorporation.
About four years ago, during a period of general disturbance in this
part of the country, the Iowa Loan & Trust Co,. Des Moines, failed. Its
deposit liabilities were $5.500.000: GO% of which has been paid, and an
not
additional 30% payment is expected. Northwest Bancorporation was
connected With this incident.
Dee
of
banks
During this period of stress, however, the Clearing House
Moines In an effort, t,o maintain confidence, published a large newspaper
2168
FINANCIAL CHRONICLE
advertisement, the names of the respective Des Moines banks appearing,
the nature of which was an assurance to the public that conditions were
sound. Iowa National and Des Moines National were Clearing House
members, and their names appeared in the advertisement, along with that
of Iowa Loan & Trust. J. D. Pugh, Des Moines attorney, contends that
the Clearing House advertisement was an implied guarantee of the bank
that failed.
Aside from the fact that a National bank cannot guarantee for another
bank, the interpretation placed upon the Clearing House advertisement by
Mr. Pugh is considered here as being far-fetched. Northwest Bancorpor
ation is involved through an appeal granted by an Iowa court, preventing
Northwest Bancorporation from removing the assets of the Iowa
Des
Moines National Bank from the State of Iowa. This is regarded as
unnecessary since Northwest Bancorporation is a holding company and
every
bank affiliated with it remains and operates as before affiliation.
[VOL. 129.
repatriation of French balances was also accelera
ted by
increasing confidence in the French political
situation, the
bank believes, as well as by uncertainty as to
the program
of the new British Labor Government and
unsettlement
of the London money market by uncertainty
as to a rate
advance. The review further says:
"As a result of withdrawals of gold by France
from Great Britain, and
to a lesser extent from the United States, gold
holdings of the Bank of
France are now at the highest point in history.
Imports from Great
Britain account for a great part of the gain in gold
by the Bank of France
and in addition, France has taken gold from
Germany which Germany in
turn took from Great Britain.
"The repatriation of French foreign balances is an
operation which must
be expected to continue until the greater part
of Frenoh gold reserves
are held in France, and France is once more on a
gold, rather than a gold
exchange standard. In all probability the Bank
of France will continue
the withdrawal of its foreign balances by converting
sterling into gold,
or by converting sterling into dollars and the dollars
into gold. Whatever
plan of repatriation of balances is followed, there
is every reason to
expect that it will be done gradually and not on such
a large scale as to
disturb too greatly the international market."
Bank of America N. A. Says Undesirability of Further
Gold Imports from London Appears to be Realized
in this Country—Advance in Bank of England
Rate.
Efforts of the Bank of England to check London's loss
of
gold, which, since the middle of June, has amounted to
about
Meanwhile gold and bullion holhings of the Reichsb
$150,000,000, and to strengthen the position of sterling
ank
are have been gaining steadily in
recent months, the increase
likely to receive some support from the United States,
the since May 30 being about
*100,000,000. This is explained
Bank of America, N. A., declares in its monthly
review, by a policy of the Reichsb
ank in direct contrast to that of
expressing the opinion that the undesirability of
further the Bank of England
, which left its rate unchanged until
heavy gold imports from London appears to be fully
realized the advance of last
week because of the adverse effect
in this country. The bank anticipates that the greater
part which it was believed higher
interest charges would have
of the Autumn movement of trade will be
financed this upon British commer
ce and industry.
year in New York, instead of in London, and feels
that this
should greatly 'relieve the seasonal strain on British
exContinued Gold Imports Essential to Credit Position,
change and tend to check London's loss of gold.
The review records the opinion of some observer
is Washington View.
s that
the advance in the Bank of England discount rate
From
its
Washing
ton correspondent Sept. 30, the New
to 6/
1
2%
will only penalize British business without checkin
York "Journal of Commerce" reports the following:
g the
A continued flow of gold into the United States from abroad
export of gold from London, due to the special
was to-day
circumstances hold essential in
high Administration circles to avoid credit pitfalls, not
Influencing this movement and to the probability
that rates only to stock speculation, buZ productive business and industry.
of practically all European central banking institut
Some experts took the position that only a maintenance of
ions will can
gold imports
support the level of security prices on the present levels. These
be correspondingly advanced. But, the bank points
experts
out, the were keeping a close watch on the movement
of gold,especially in view of the
action of the Bank of England in advancing its
rate "Indi- increase in the Bank of England's rediscount rate.
cates, obviously, that the officials of that institut
While It still is too early to get a definite reaction to the London
discount
ion expect rate
boost, officials were doubtful whether that would stop the
some assistance to sterling to result from the higher
flow of
rate." gold to the United States. This appeared to be gratifying
to
those
who
The foss of about $150,000,000 by England from
its gold feared the effect of a decline in the net gold import. However,that Increase.
combined with heavier demands for credit in many parts of
reserves, through export principally to the
the world, may
United States, conceivably check gold
movements to this country materially.
France and Germany, occurred for the most part
Gold imports dropped off from 835,524,000 in July to 819,771,0
at a time
00 in Augwhen there was no seasonal strain upon sterling
exchange, ust. Complete figures were not available for September, but there was a
continuation of the Inward flow of gold. For eight months ended
the review declares, and in the face of exceptionally
August
heavy 31 importations of gold amounted to 5236,304,
000, with exports of $8,738,tourist expenditures in Great Britain and a more
favorable 000. Experts did not believe that this ratio would be maintained for the
foreign trade trend than in either of the two precedin
entire year.
g
To some, the decrease between July and August
Summers. The bank also says:
was taken to mean a
temporary checking of
"High money rates in the United States, the
repatriation by France of a
substantial amount of the very large accumulation
of French foreign
balances, shortage of capital and firm money in
Germany caused by
reparation payments and inability to obtain foreign
loans, have been the
main factors which have been responsible for the
drain of London's gold."
Conditions in the United States, the bank
finds, have
exerted an unfavorable influence upon sterling
and upon all
continental European exchanges for the
last eighteen
months. These conditions, the review sets forth,
have not
only acted to reduce very greatly foreign lending
operations
of the United States, but have entirely reversed
our previous
position and have made this country a large borrowe
r of
foreign funds. A large amount of foreign capital
has flowed
into this country for investment in American
securities,
In the call loan market and in commercial acceptan
ces, the
Federal Reserve Banks on Sept. 25 showing $456,000
,000
bills purchased for foreign correspondents. The last previous advance in the Bank of England rate to 5/
1
2% In Feb.
1929 was effective for a time in aiding sterling and checkin
g
the outward movement of gold, but by the latter part of
June, the review continues, various factors had combine
d
to offset the strengthening effect upon sterling of the
advance in the discount rate. The review also remarks
:
"Apparently. a bank rate of 51
/
2% could no longer hold British gold
against a New York call loan rate that ranged from 7
to 15% and on
occasions even touched 20%. The fact that practically
all central banks
were accumuliting dollars preparatory to making war
debt payments to
the United States added to the strength of dollar
exchange and made more
difficult the maintenance of sterling on a parity with
regard to the
dollar."
It is pointed out that as a result of French operatio
ns in
July to accumulate dollars and the attraction to German
y
by the high rates there of surplus funds in the international
market, ParIs took about $45,000,000 gold from London
and
Germany about *48,000,000 during the month. Exports
of
gold to the United States from London during
July were
slightly less than *10,000,000. The Bank of America
attributes the continued heavy takings of gold in London
by
Paris during August to the expansion in commercial loans
in France and increased demand for currency
. Active
the heavy flow of gold to the United States.
The Administration's main concern about the gold
and credit situation
revolves around brokers' loans. Some experts said
that it was realized with
nearly $7.000.000,000 tied up in securities there could
easily be a recession
In business sufficient to cause a serious disturban
ce. Officials had faith
that present prosperity would continue. As to the gold
movement, this
Government has consistently considered the needs of Europe
and the
re-establishment of gold standards in foreigh countries during the reconstruction period. They felt that a redistribution of gold would
be helpful
to world economic conditions, with the United States as
the greatest exporting nation, reaping an advantage.
Not much consideration was given in official circles to the
influence of the
Federal Reserve Board on the stock market. It was stated
that the 6%
rate the board permitted the New York bank to establish
has accomplished nothing but to permit that institution to manage its own
affairs to
a greater extent. It generaily was felt by some experts that
oven a more
far reaching scheme for credit control by the board would
not accomplish
much more.
Even if some larger scheme were launched It would not
any deflation policy:such a policy, experts said, would be highly contemplate
undesirable,
since it may go too far, just as records indicate that easy
money was permitted to get out of control.
Violent downward fluctuations of the stock market are not
regarded as
likely here. If shrinkage takes place there will be subsequen
t upward movements, although not reaching the old peak, according
to some officials.
This would permit a slow readjustment without serious
effect on general
conditions. In some quarters such an "orderly deflation"
was anticipated.
Attention of the Federal authorities also was directed to
the credit situation and the rising tide of brokers' loans because of
the political aspect
and the investigating mood of the Senate. While officials
do not anticipate
that brokers' loans will reach $7,000.000.000, it was
frankly admitted that
Congress would get badly excited over such an event.
Some officials feared
the effect on general business of a vigorous inquiry into
credit by the Senate.
Ruling of Federal Reserve Board Regarding
Advertising of Bond Issue Under Which National
Bank
Is Trustee.
In noting the use of misleading language in an
advertisement, the Federal Reserve Board in its Septemb
er "Bulletin" suggests that national banks acting as
trustees under
bond issues "scrutinize carefully" all advertisements
of such
issues with a view to preventing misleading
statements.
The following is the Board's ruling in the
matter:
The Federal Reserve Board recently had called to
its
tisement Issued by a mortgage corporation containin attention an adverg tho following statement:
"Representatives of the Comptroller of the Currency
, the very people
who issue the national bank notes, make regular
periodical examInati
,
the trust which secures
ons of
Mortgage Corporation bonds.
"
OCT. 5 1929.]
FINANCIAL CHRONICLE
p This statement was based upon the fact that the bonds In question were
secured by mortgages pledged with a national bank as trustee.
While it is true that national bank examiners examine trust departments
of national banks, they do so for the purpose of assuring compliance with
the laws and regulations governing the conduct of such departments and
, not for the purpose of passing upon the value or adequacy of mortgages
pledged with such national banks as trustees to secure bond Issues. The
above statement, therefore, was believed to be misleading to prospective
purchasers of bonds issued by the corporation using the above language
in its advertisement; and the Board called the matter to the attention of the
Attorney-General of the United States, as a possible violation of the following provision of section 1 of the Act of May 24 1928 (44 Stat. 628, United
States Code, Title 12, section 485):
"Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That no bank, banking association, trust
company, corporation, association, firm, partnership or person not organized under the provisions of the Act of Jul 17 1916, known as the Federal
' Farm Loan Act, as amended, shall advertise or represent that it makes
, Federal farm loans or advertise or offer for sale as Federal farm loan bonds
; any bond not issued under the provisions of the Federal Farm Loan Act,
or make use of the word 'Federal' or the words 'United States' or any other
word or words implying Government ownership, obligation, or supervision in
advertising or offering for sale any bond, note, mortgage, or other seurity
not issued by the Government of the United States or under the provisions
of the said Federal Farm Loan Act or some other Act of Congress."
Through the intervention of the Department of Justice the use of this
misleading language in the Instant case was terminated.
The Board desires to call this matter ,to the attention of all national
banks acting as trustees under bond issues, and suggests that they scrutinize
carefully all advertisements of bond issues under which they are acting
as trustees with a view of preventing the use of misleading statements
similar to that quoted above, not only for the protection of prospective
purchasers of such bonds, but also for the protection of the good names
and reputations of such national banks themselves.
Senate Action on Tariff Bill—Amendment of Senator Simmons to Flexible Provision Adopted—Lodges With
Congress Power to Proclaim Rate Changes.
The principal action by the Senate this week on the
pending tariff measure was taken on October 2, when it
adopted by a vote of 47 to 42, the Simmons amendment
lodging with Congress instead of with the President, the
power to proclaim changes in tariff rates recommended
by the Tariff Commission. The Washington correspondent of the New York "Journal of Commerce" on Septen2ber 27 stated that retention of the flexible tariff in some
form or other in the proposed tariff law was assured that
day when the Senate Democrats surrendered their position
as unalterably opposed to that feature, and presented
through Senator F. M. Simmons (North Carolina), ranking minority member of the Senate Finance Committee a
modified f9rm of the present law. The paper from which
we quote continued:
Under the Simmons amendment, the Tariff Commission would function substantially as at present, but it would be left for the determination of Congress, on recommendation from the President, whether
its findings would or would not be adopted.
On the same date (September 27) the New York "Times"
in its Washington advices said in part:
The Simmons amendment, which will supplant the proposal the Senator recently made to wipe out the flexible sections altogether, was
presented in order to obtain a preferential parliamentary position, and
to win stronger support of the farm bloc.
Because of the parliamentary situation, the new amendment will be
the first thing voted upon, probably next Tuesday. The other amendment would not have had this strategic status.
The amendment would direct the Tariff Commission, on application
of any interested party, to hold public hearings when new rates are
demanded, investigate relative production costs here and abroad and report the facts to the President. So far the amendment is more or less
close to present laws, but instead of the President being able to proclaim a changed rate, as at present, the Simmons plan would make him
virtually only a transmission agency.
Congress Would Set the Rate.
The amendment says the President "shall" send the Tariff Commission findings to Congress, with or without his recommendations.
Congress would then make the rate.
"The President upon receipt of any such report of the commission,
shall promptly transmit the report to the Congress with his recommendations, if any, with respect to the increase or decrease in duty
proposed by the commission," the amendment reads.
Obviously the measure was drawn to appeal to the farm bloc, which
wishes to be in position to have tariff rates on agricultural products
adjusted, at various times, between regular revisions of the tariff. The
farm bloc is generally opposed, however, to allowing the President and
the Tariff Commission to control these readjustments. As the Simmons amendment stands, legislation for the benefit of agriculture could
come before Congress at undesignated periods, and be quickly disposed of.
On the following day (September 28) Progressive Republicans, the controlling group in the Senate dispute over
tariff revision, worked out a plan aimed to assure periodical readjustment of separate tariff rates and at the same
time prevent Congress from using these opportunities to
throw the entire tariff schedule wide open to changes. The
advices to this effort were contained in a dispatch to the
"Times" from Washington, this also stating:
Meeting in Senator Borah's office, the insurgents decided to support
the amendment offered yesterday by Senator Simmons, Democrat, of
North Carolina, but to insist upon two very important qualifications.
The first would be an amendment to stop general tariff revisions whenever the Tariff Commission recommended rearrangement of a particu•
2169
lar rate. The second would force the Tariff Commission to send its
findings to Congress simultaneously with their presentation to the
President.
These amendments, both offered by Senator Norris, will be brought up
in the Senate next week when the Simmons scheme to repeal the
flexible provisions, deprive the President of rate-making authority and
convert the Tariff Commission into a fact-finding body is taken up.
Would Make Action Specific.
The first of the Norris amendments would declare out of order any
amendments offered to a recommendation for rate changes by the
Tariff Commission which are not germane to the particular items in
the Commission's report. This proposal, approved by Senator Simmons, is designed to prevent special interests from trying to secure tariff
benefits, with the consequent log-rolling that occurs.
The second Norris amendment is intended to prevent, a President
from pigeon-holing findings or recommendations of the Tariff Commission for months, without Congressional knowledge of their existence.
Mr. Norris pointed out that a sugar report from the commission was
held up for a long time by President Coolidge.
While the insurgents were formulating their plans, the Old Guard
leaders were giving consideration to the tentative plan of Senator Nye,
insurgent Republican, to permit the President to act under the flexible
clause, but to make it necessary for his action to be accepted or reSenator
jected by either branch of Congress within ninety days.
Watson, the Republican leader, may be willing to approve the Nye
resolution if the author will agree to a sixty-day limitation, and make
it mandatory that both Senate and House shall act by concurrent
resolution. Because the Nye amendment would still leave some power
in the President's hands, the regulars prefer it to other suggestions,
but want to remodel it materially.
As we indicate in 'another item in this issue, a statement expressing the views of the Democratic members of
the Senate Finance Committee on the flexible tariff provision—making Congress and not the President the medium
through which changes in tariff rates are to be proclaimed
—was issued by Senator Simmons on September 29, the
statement being signed by Senators Simmons; Pat
Harrison, of Mississippi; William H. King, of Utah;
Walter F. George, of Georgia; David I. Walsh, of Massachusetts; A. W. Barkley, of Kentucky; Elmer Thomas, of,
Oklahoma, and Tom Connally, of Texas.
It was stated in the United States Dail,/ of October 1
that with October 2 generally agreed upon as the date
for a vote and final decision on the flexible tariff policy in
the Senate debate, on September 30, continued to center
on the question of whether the power vested in the President to adjust rates by 50% of their enacted value shall
be continued. This account also said:
Debate was directed to the amendment offered by Senator Simmons
(Dem.), of North Carolina, ranking minority member of the Finance
Committee, which would take from the President the right to proclaim duties recommended by the Tariff Commission, making Congress
the pole authority to put the Commission's recommendations into effect.
Resolutions on Legislation.
In accordance with a previous announcement, Senator Norris (Rep.),
of Nebraska, Chairman of the Judiciary Committee, introduced an
amednment to the Simmons proposal to limit Congress action strictly
to matters germane to the rates recommended by the Commission. The
Norris amendment reads as follows:
"Any bill having for its object the carrying out, in whole or in
part, of the recommendations made by the Commission in any such
report shall not include any schedules or items not included in such
report; and in the consideration of such bill, either in the House of
Representatives or in the Senate, no amendment thereto shall be considered which is not germane to the schedule or items included in
such report."
While Senator Simmons has not formally accepted the revision of
his amendment suggested by Senator Norris, he declared, in a statement favoring his amendment signed by himself and his seven minority
colleagues on the Finance Committee, that, "for the purpose of preventing apprehended congressional delay, an amendment has been made
providing for the submission of the reports to the Congress by the
President, and, furthermore, an amendment will be presented strictly
limiting action by the Congress to matters germane to the particular
subject matter or rates recommended by the President after investigation by 'the Tariff Commission.'
The statement of the minority of the Finance Committee declares it
to be their judgment that the issue to be decided is between taxation
by one official "in contrast to taxation by representatives of the people
elected." •
Veto on President's Act.
An amendment was also introduced by Senator Nye (Rep.), of North
Dakota, to the language which is supported by the majority. This
proposal would provide, in the event that the Simmons amendment is
defeated, that while the President would be able to continue to proclaim rate adjustments as in the past, either House of Congress could
veto such a change through a simple resolution enacted within 90 days
of the receipt of the Tariff Commission's report.
The Nye amendment follows in full text:
"Whenever the President proclaims under this section any increase
or decrease in rate of duty, the United States Tariff Commission
shall transmit to the Senate and to the House of Representatives a
copy of the proclamation and of the report made to the President by
the Commission of its findings and investigation.
"The report shall be transmitted promptly upon the making of the
proclamation, except that if the Congress is not in session at the time
the proclamation is made, then the copy of the report shall be transmitted at the commencement of the next regular or special session of
the Congress.
"Any increase or decrease in duty (including any change in the
classification or basis of value in connection therewith) proclaimed by
2170
FINANCIAL CHRONICLE
[VOL. 129.
the President under this section shall cease to be in effect on the day
following the adoption by either House of Congress of a resolution
disapproving the increase or decrease in rate of duty, provided such
resolution is adopted within 90 calendar days after the receipt of the
copy of the report by such House."
Senator Steck (Dem.), of Iowa, who declared himself opposed to
the Simmons amendment, introduced an amendment which would make
it compulsory upon the President to proclaim rates recommended to
him by the Tariff Commission after a thorough public investigation.
Senator Broussard (Dem.), of Louisiana, said the Philippines want
their independence. He read editorials and offered evidence as proof.
Mr. Broussard is the author of two amendments to the tariff bill,
one providing that imports from the islands be made dutiable and the
revenue collected be turned over to the Philippine government, and
the other that a conference of the powers be called looking to the independence of the islands.
they are not yet resigned to such a result. On the other hand, the
tenor of talk both in House and Senate circles today was that the
Senate would finally give way, abandon the Simmons amendment, and
stand for the flexible tariff in some form. The outcome, as many
believe, will be the retention of the present flexible tariff law with
minor modifications, since this is more aceeptable to a majority of the
Senate than the House provision, which gives the President greater
power in changing rates than the present law gives him.
Senator James E. Watson, Senate Republican leader, predicted that
the conference report would be adopted and the bill passed without
the Simmons amendment. He said that in his opinion a bill would
undoubtedly be passed.
Today the Senate took up the question of conversion of rates, and
although long debate had been expected, the subject was disposed of
after four hours of discussion. The prompt action caused general surprise, and it was accepted as meaning rapid progress on the rest of the
provisions. The Senate, without a roll-call, accepted the
The following account of the action of the Senate on administrative
Finance Committee amendment, which requires the Tariff Commission
October 2 in adopting the Simmons amendment is taken to convert the rates imposed by the present
bill—which are based on
from the Washington advices that day to the New York foreign value—to rates based upon "domestic value" as defined by
section.
the
The
commission
is
directed
to
report
back to Congress on
"Times":
or before January 1, 1932, the result of its work and Congress will
President Hoover was defeated on a major issue when the Demo- then decide
whether to shift the tariff to the domestic value basis.
cratic-Progressive Republican coalition in the Senate this afternoon
At the suggestion of Senator Norris, the Senate, also without a rollforced through that body, by a vote of 47 to 42, the Simmons amend- call, accepted
the House provision relating to conversion. The House
ment to substitute for the flexible provisions of the tariff law a plan provision
calls for an investigation by the President, through such
whereby Presidential participation in tariff-making would be limited agencies
as he may designate, of bases of valuation of imported merchanto transmitting recommendations of the Tariff Commission to Condise with a view to determining the wisdom of using the domestic values
gress, which would then fix the duty.
and for a report back to Congress. Senator Norris held that the
Retention of the present flexible provisions, giving Executive jurisinvestigation under the House plan ought to be made by a different
diction, had been strongly insisted upon by President Hoover.
agency than the Tariff Commission. He held that if Congress had the
Thirteen insurgent Republicans, of various shades, joined with
report of the investigation ordered by the House and also the table of
thirty-four Democrats in voting to strip the President of his tariffconverted rates from the Tariff Commission under the Finance Cornmaking authority. Thirty-eight Republicans and four Democrats, Senarnittee plan, it would then be in position to act with full information.
tors Broussard and Ransdell of Louisiana, Fletcher of Florida and
Democrats scored the plan of domestic value and Senator Pat HarriSteck of Iowa, opposed the Simmons plan.
son spoke vigorously against it. Senator W. H. King, of Utah, DemoSenator Schall of Minnesota, the blind Republican radical, and Senacrat, and member of the Finance Committee, charged that the plan
tor Kendrick, Democrat, of Wyoming, whose position had been in
was intended to increase rates and was put forward by "the Grundy
doubt, remained with the Democratic-Progressive combination.
crowd." This was denied by Senator Reed Smoot, chairman of the
Finance
Committee, who said the bill is now made up on the basis of
Republicans Foresaw Defeat.
foreign value partly because adequate information was not available
Even before the vote, Republican leaders privately confessed themfor proper conversion to a domestic value basis.
selves beaten. They had exerted all their influence to swing the deWe give elsewhere in these columns today the text of
cision, but to no avail.
When the roll was called there were no upsets, except that Senator the Simmons amendment.
The statement of President
Trammell of Florida lined up with the coalition. This was indeed a
surprise, as it had been predicted that he, like Senator Fletcher, his Hoover urging the retention of the existing flexible procolleague, would desert the Democrats to support the administration. In visions was given in our issue of September 28, page 2006.
fact, they together had tried vainly a few minutes earlier to modify
the Simmons program in a way that would have left some power in Mr.
Hoover's hands.
Democrats were surprised by these moves, which were defeated by Statement By Minority Members of Senate Opposing
Stand of President Hoover for Retention of Flexible
respective votes of 47 to 42 and 48 to 41. Whether the Floridians had
been in consultation with the administration lieutenants was not diProvision of Tariff Law Empowering President to
vulged, but it was surmised that they had, particularly as Mr. Fletcher
Proclaim Changes in Rates.
had said publicly that he would oppose the coalition's views.
At at any rate, Mr. Fletcher submitted an amendment to the Sin:Prior to the vote on Oct. 2 on the flexible provision of the
mons amendment which would have allowed the President to proclaim proposed tariff
legislation, the minority members of the
a tariff rate if Congress had not acted upon it within three months.
This went down by 47 to 42. Then Mr. Trammell proposed that the Senate Committee on Finance, on Sept.29.issued a statement
President could proclaim a rate if either branch of Congress, or both, opposing the stand of President Hoover, who in a statement
had not acted in six months. This was beaten by 48 to 41.
given in our issue of Sept. 28 (page 2007) declared that ho
The roll-call on these amendments differed from that on the Simregards it "as of the utmost importance in justice to tho
mons plan only in the votes of Senators Dale and Couzens, Republicans. Mr. Dale opposed both Florida proposals on the ground that he public, as a protection for the sound progress in our economic
did not wish to change the present law. Senator Couzens voted for the system and for the future protection of our farmers and our
Fletcher amendment because it would give prior authority to Congress as industries
and consumers, that the flexible tariff through the
a whole to act upon a tariff rate, but against the second because it
recommendation of the Tariff Commission to the Chief
would give power to either branch individually.
When the final roll-call came several Democrats congratulated Mr. Executive should be maintained." The statement of the
Trammell for standing with them. Senator Barkley shook his hand minority members
of the Senate Committee was signed by
and Senator Swanson smiled warmly. It was understood that Mr.
Trammell took the position that, having unsuccessfully tried to modify Senators Simmons of North Carolina; Harrison of Mississippi;
the Simmons amendment, he could do no more, and would remain with King of Utah; George of Georgia; Walsh of Massachusetts;
his party.
Barkley of Kentucky; Thomas of Oklahoma, and Connally
As approved, the Simmons amendment would instruct the Tariff Comof Texas. In their statement they said "no one seeks to
mission, on motion of any responsible interested party, to investigate
the necessity for changes in specific rates and report to the President, prevent or in anyway to interfere with the investigations
who would then transmit the findings to Congress, with or without a and reports of the Tariff Commission in connection with
recommendation. The amendment, by modifications drafted by Senator emergency
tariff legislation. The point is, we emphatically
Norris, makes it mandatory for the commission to submit a report
simultaneously to Congress, and prevents wholesale tariff revision by insist that final action and responsibility based on the Tariff
restricting any action by Congress to the individual rate change under Commission reports shall be taken by the Congress." The
consideration.
Simmons'amendment to the tariff bill, embodying the legisNow that the flexible provisions have been voted upon, the Senate
lation advocated by the minority members of the Comwill begin to discuss the scheme to convert ad valorem rates into a
domestic specific value, the so-called United States value scheme. It is mittee, was passed by the Senate on Oct. 2, and is referred
believed the remaining administrative provisions of the bill will con- to more at length in an item on the tariff bill in this issuo
sume a week's debate, before the Senate reaches the actual rates.
of our paper. The following is the statement
issued by the
The possibility of the House restoring the flexible tariff Democrats of the Senate Finance Committee on Sept. 29:
provision was referred to in the Washington advices OctoA question of far-reaching consequence transcending considerations of
ber 3 to the New York "Herald-Tribune," from which we party prompts us to Issue a public statement In relation to the so-called
flexible provisions of the tariff bill slow pending before the Senate.
take the following:
The question involved Is one that in our opinion strikes at the very
Moving with unexpected rapidity, the Senate adopted the Finance
Committee amendment on conversion of rates to the basis of domestic
value and also accepted the House provision on this subject. It debated the subject for a time, but there was much more interest about
the corridors and cloakrooms in the effect of the flexible tariff action
yesterday.
After disposing of conversion of rates the Senate discussed but did
not act upon the make-up of the Tariff Commission. In this discussion
Senator George W. Norris, leader of the insurgents, who yesterday
opposed the President on the flexible tariff, supported the House proposition which the President favors for a non-partisan commission made
up of economists.
House Republicans made it plain they would not accept the Simmons amendment to repeal the flexible tariff law. Mile they foresee
that this may mean a deadlock and the defeat of all tariff legislation,
roots of constitutional government. It concerns the preservation unimpaired or the abandornent of the power of levying taxes by that branch
of the Government which the forefathers agreed should alone be charged
with that duty and responsibility.
Whatever argument could be advanced during the war and immediately
following for delegation to a degree of the taxing power to the Executive
unquestionably no longer exists. To incorporate now in the law any
recognition of a right of the Executive to impose taxes without the concurrence of the legislative branch is without justification.
Authority in the Executive to make the laws that govern the course
of commerce through taxation is especially objectionable. It is an entering
wedge toward the destruction of a basic principle of representative government, for which the independence of the country was attained and which
was secured permanently in the Constitution.
There is no issue here as to the integrity of any Executive who has
had or may have extended to him the exercise of this power. The issue
OCT. 5 1929.]
FINANCIAL CHRONICLE
Is one of taxation by one official, be he President or monarch, in contrast
to taxation by the representatives of the people elected, entrusted exelusively with the power to seize the property of the citizen through taxation. If proof be needed that the danger which the forefathers foresaw
Is inherent In this Issue, a mere casual inquiry into the methods employed,
selfish influences used, sinister schemes and contrivances brought to bear,
one need but examine the record.
The principle is: Are taxation laws and their application to be made
virtually in secret, whatever may be said about a limiting rule, or are
they to be enacted by the responsible representatives of the people in
the Congress, where public debate is held and a public record made of
each official's conduct?
The arbitrary exercise of the taxing power, all the more dangerous if
disguised and not obvious, in Its basic character is tyranny. Resistance
to the impairment of this popular right has largely occasioned many of
the wars and revolutions of the past.
An issue of this importance should not be associated with the opinions
or necessities of those interests, States or sections that directly profit
by some rate schedule in the body of the Tariff Act. With respect to the
principle here at stake, any trading or log-rolling is especially unjustifiable
and indefensible. Neither should we be unduly influenced by the attempt
to divert attention from this momentous issue by condemnation of and
emphasis upon the dilatory and unsatisfactory results of Congressional
procedure.
No one seeks to prevent or in any way to Interfere with the investigations and reports of the Tariff Commission In connection with emergency
tariff legislation. The point Is, we emphatically insist that final action
and responsibility based on Tariff Commssion reports shall be taken by
the Congress.
For the purpose of preventing apprehended Congressional delay an
amendment has been made providing for the submission of the reports
to the Congress by the President. and, furthermore, an amendment will
be presented strictly limiting action by the Congress to matters germane
to the particular subject matter or rates recommended by the President
after investigation by the Tariff Commission.
We do not hesitate to say that if this extraordinary and what we bebelieve to be unconstitutional authority passes now from the Congress.
It is questionable if there will ever again be a tariff bill originated and
enacted by the Congress.
It is our solemn judgment that, hereafter, all taxation through the
tariff, and regulation of commerce thereby, will be made by the Executive.
It is the inherent tendency of this tariff changing device and the apparently
conscious purpose of its proponents to use it to keep the tariff out of
Congress, where It is such an embarrassing business,as everybody knows.
to the party that profits politically by it. So also it will be of distinct
advantage to the interests that are the direct beneficiaries of the tariff.
In an age where there has been a steady tendency to rob the individual
citizen of his power and influence in his Government through bureaucracy,
we deem it our duty to vigorously protest any further encroachments in
this direction, and especially with respect to taxation.
In the hope of arousing the people, regardless of party, to take a broad
and public view of this important public question, we make this appeal.
FURNIFOLD M. SIMMONS of North Carolina.
PAT HARRISON of Mississippi.
WILLIM H. KING of Utah.
WALTER F. GEORGE of Georgia.
,
DAVID I. WALSH of Massachusetts.
ALDEN W. BARKLEY of Kentucky.
ELMER THOMAS of Oklahoma.
TOM CONNALLY of Texas.
of Simmons's Proposal Amending Flexible Provision of Tariff Legislation.
The following Simmons proposal, adopted by the Senate
October 2, amending the flexible provision of the tariff
Whereby the power to proclaim changes in duties recommended by the Tariff Commission would be lodged with
Congress instead of the President.
Text
(a) Upon its own motion or upon application of any interested party
showing good and sufficient reason therefor, the Commission shall investigate and ascertain the differences in the cost of production of any domestic
article and of any like or similar foreign article.
If the Commission finds it shown by the investigation that the duty
imposed by law upon the foreign article does not equalize the differences
in the cost of production of the domestic article and of the foreign article
when produced in the principal competing country or countries, then the
Commission shall report to the President and to the Congress such increases
or decreases in the duty upon the foreign article as the Commission finds
to be necessary in order to equalize such differences in the cost of production.
Any such increased or decreased duty may include the transfer of the
article from the dutiable list to the free list or from the free list to the
dutiable list, a change in the form of duty or a change in classification.
The report shall be accompanied by a statement of the Commission setting
forth the findings of the Commission with respect to the differences in
costs of production, the elements of cost included in the cost of production
of the respective articles as ascertained by the Commission, and any other
matter deemed pertinent by the Commission.
The President, upon receipt of any such report of the Commission, shall
promptly transmit the report to the Congress with his recommendations, if
any, with respect to the increase or decrease in duty proposed by the
Commission.
Any bill having for its object the carrying out, in whole or in part, of
the recommendations made by the Commission in any such report shall not
include any item not included in such report; and In the consideration of
such bill, either in the House of Representatives or in the Senate, no
amendment thereto shall be considered which is not germane to the items
included in such report.
(b) No report shall be made by the Commission under this section unless
the determination of the Commission with respect thereto is reached after
an investigation by the Commission during the course of which the Commission shall mare held hearings and given reasonable public notice of such
hearings, and reasonable opportunity for the parties interested to be present, produce evidence, and to be heard. The Commission is authorized to
adopt such reasonable ru!es of procedure as may be necessary to execute its
functions under this section.
Considerations of Production
(c) In ascertaining the differences in cost of produotion under this
section, the Commission shall take into consideration, in so far as it finds
it practicable.
2171
(1) The differences in conditions of production, including wages, costs
of materials and other items in cost of production in like or similar articles
in the United States and in competing foreign countries;
(2) Costs of transpertation ;
(3) Other costs including the cost of containers and coverings of whatever nature and other charges and expenses incident to placing the article
in condition, packed ready for delivery, storage costs in the principal market or markets of the United States and of the principal competing euuntry
or countries, and costs of reconditioning or repacking wherever incurred;
(4) Differences between the domestic and foreign article in packing and
containers, and in condition in which received in the principal markets of
the United States.
(5) Differences in wholesale selling prices of domestic and foreign
articles in the principal markets of the United States in so far as such
prices are indicative of costs of production, provided such costs cannot be
satisfactorily obtained ;
(6) Advantages granted to a foreign producer by a foreign government
or by a person, partnership, corporation or association in a foreign country;
and
(7) Any other advantages or disadvantages in competition which increase
or decrease in a definitely determinable amount the total cost at which
domestic or foreign articles may be delivered in the principal market or
markets of the United States.
Inheritance and Income Taxes in Relation to Investments—Study by John L. Kuhn, Published by
Sinclair, Murray & Co., Inc.
Inheritance reciprocal exemption provisions have been
adopted during 1929 by 14 States, making a total of 25
States whose inheritance tax laws now contain such provisions,according to a tabulation in the new edition of "Inheritance & Income Taxes in Relation to Investments," by
John L. Kuhn, published by Sinclair, Murray & Co., Ino.
It is noted that 9 other States impose no tax on transfer of
intangible personal property owned by non-reside it decedents, regardless of the States of residence, and 3 States—
Florida, Alabama and Nevada—impose no death taxes
whatever. Incidentally it will be recalled that we published
in our issue of Sept. 14, page 1632, a letter from which, as we
stated, it appears that Wisconsin has joined the States which
have removed the double estate tax. As to the publication
under review, a summary of the information contained
therein says:
The adoption of reciprocal exemptions by a majority of the States, following the example set in 1925 by New York, Pennsylvania, Massachusetts
and Connecticut, has broadened the field for investment in stocks and bonds
relatively free from multiple taxation.
The possible importance of this matter is illustrated in the case of the
tax of some $430.000 imposed by Pennsylvania on the transfer of stocks of
Pennsylvania corporations owned by Henry R. Taylor, of New York. who
died in Dec. 1925, after the reciprocity agreement between New York and
Pennsylvania had gone into effect.
On July 20 1927 the New York reciprocal exemption was nullified,through
unconstitutionality of Article 10-A, in which the provision was contained.
and Pennsylvania thereupon assessed the tax, refusing to recognize the
retroactive application of the New York provision reenacted March 12 1928.
Aside from selection of investments free from unusual inheritance tax
liability,legitimate and sometimes appropriate means of minimizing prospective death duties may Include the formation of trusts or corporations.
Tables in the pamphlet show the savings effected by these means in
typical cases; and a list ofsome 2.000 corporations with States of Incorporation aids in determining what States, if any,other than the State of residence, may impose an inheritance tax upon the transfer of their stocks and
bonds.
Other matters of interest to investors include a treatment of Federal
income tax liability in connection with corporate reorganizations and stock
rights.
Those Making Change in Address Urged to Notify
Post Office of Change.
A notice issued Sept. 28 by the New York Post Office says
Postmaster Kiely announces that during the week of Oct. 1, it is anticipated that more than 100.000 families in New York will change their
residences. These removals involve the transfer of the mail addressed
to the persons moving, and with a view to expediting the handling of such
mail, and in order to prevent complaints of failure to receive mail, it Is
requested that all orgalnzation or persons who will change their addreas,
send notification to their local Post Office Station, showing clearly and
legibly the address from which they are moving and their proposed new
address.
The Post Office Department provides a form card for use in this connection, and such form may be secured from any Post Office Station. or
from letter-carriers. The use of this form, however, is not obligatory, and
the instructions may be sent to the Post Office, or any local station, by mail.
Persons who are moving should also notify their known correspondents
of their change of address and by so doing will expedite the handling of
their mail.
Seventy-One Story Building To Be Erected by City
Bank Farmers Trust Co. of New York.
A 71-story building, the tallest in the world for which
plans have as yet been filed, will be erected by the City
Bank Farmers Trust Company,trust affiliate of The National
City Bank of New York, on the block bounded by William,
Beaver and Hanover Streets and Exchange Place. Plans
for the new building, which will tower 925 feet above the
street, were filed on Oct. 2 with the building department.
An announcement regarding the plans says:
The building will have four extra working Mere below the street level.
reaching a depth of 65 feet. The new structure, which will rest on a coffer-
2172
FTNA NCIA L CHRONICLE
dam foundation, will provide 600,000 square feet of office space, practically
all of which will be occupied by The National City organization.
The site of the new building has been in the possession of the Farmers'
Loan and Trust Company, merged last summer with The National City
Bank of New York, for half a century. Demolition of the old bank building
and three other structures located on the block already has been completed and the work of erecting the foundation is expected to be finished
by Feb. 1. next. With the first steel due on to be set at that time, present
plans call for opening the building for occupancy by Jan. 1 1931.
The operating quarters of the City Bank Farmers Trust Company on the
first floor of the new building will represent the very latest in design and
equipment and will constitute the most up to date facilities in the world
for carrying on trust business.
Provision is made for entrance into the building on three sides. The
main bank entrance will be at the corner of William St. and Exchange Pl.
Entrance to the bank proper will be through a circular marble hall from
which a monumental stairway will lead to the main banking rooms. The
lower banking room, to be occupied by executives of The National City
Bank of New York, will be of Empire sytie, executed In mahogany and
ebony with the latest type of bank screens. The main banking room,
headquarters for the City Bank Farmers Trust Company will be treated as a
modernistic adaptation of the Renaissance period, resulting In a monumental room with vaulted ceiling done in murals. Direct private elevator
service will be available from the main banking rooms to the upper floors
of the building and also to the vaults in the basement. Connection may be
had between the banking rooms and the general building lobby. The main
entrance to the new building will be midway of the block on Exchange
Place, with a secondary entrance on Beaver Street.
The new structure, to be known as the City Bank Farmers Trust Company Building. sill be constructed of limestone taken from the Rockwood
Quarries of Alabama. It will be of the setback type to confrom to the
zoning law and will have a tower, specilly windbraced, rising from the
28th floor to a new high mark on New York's skyline. The tower, which
will be 81 feet square and center on the William Street side of the building,
will t,nor itrrbri from the 50th floor, culminating ins specially illuminated
bronze sphere 15 feet in diameter supported by four colossal bronze eagles.
Structurally, the building, which will be erected by the George A. Fuller
Company, Inc., from plans drawn by Cross & Cross, architects, will be
conservative modern in style and of classic proportions. Special arch
construction will provide unbroken surfaces in the ceilings of each office.
Special design of the exterior of the building will permit of installation of
the latest type of heating and ventilating system.
The building will contain the largest individual telephone exchange in
the world, comprising 1,000 trunk lines, about one-tenth the number of
trunk mires in the average telephone company exchange. Transportation
within the building will be handled by 30 elevators of the high-speed type,
fully automatic and with a new leveling device. Eight of the elevators
will run to the 67th floor, above which level will be four floors devoted to
utilities.
Air in the basement and in all banking rooms and executive offices will
be conditioned and tempered by special process. The vaults In the building
will occupy two of the sub-street floors, providing 12,000 square feet of
'pace to house billions of dollars' worth of securities.
The water supply for the building will be handled on four levels with tanks
for fire and water storage supplying specified floors.
Annual Convention of Investment Bankers' Association
of America To Be Held at Quebec Oct. 12.18.
Appraised from its unusually detailed official program, the
18th annual convention of the Investment Bankers Association of America, which will bring more than 800 foremost
representatives of the world's largest buy-and-sell business to
Quebec, Oct. 12 to 18, gives assurance of being one of the
most productive meetings in the history of that organization. Following precedent, the major portion of each business session will be devoted to the presentation and discussion of the reports and studies of the Association's 22
standing committees and four important sub-committees.
Thirty reports, dealing with every major form of business and
governmental activity wherein finance is involved, with
taxation and legislation as they effect securities, and with
the problems, trends and ethics of the investment banking
business, are scheduled to be laid before this meeting. These
reports, to which some 400 men have given their time and
effort, will undoubtedly reflect the enormous expansion and
bewildering array of changes which the business of supplying
long-term credit has faced within the last few years.
A feature of the Quebec meeting will be the President's
receiption to all delegates and guests, shortly after the close
of the business session on Tuesday, Oct. 15. The reception
will be followed immediately by the President's luncheon,
which claimq uniqueness in that there will be no speeches of
any kind. The reception and luncheon were planned wholly
and simply to enable all delegates and guests in attendance
to meet President Rollin A. Wilbur and the other officers of
the Association.
Speakers of international prominence, including L. A.
Taschereau, K. C., LL.D.,Premier of the Province of Quebec,
Henry George Carroll, K.C., LL.D., Lieutenant-Governer
of the Province of Quebec, and E. W.Beatty, K.C., LL.D.,
Chairman and President of the Canadian Pacific Railway,
will address the delegates at each of the four business sessions.
The late revolutionary transition of investment funds, the
conflicting ideas which continue to characterize bond market
opinion, and the preplexing problems attending the rapid
rise of investment companies in this country will doubtless
lend interest to the reports of this meeting. Of paramount
interest will probably be the reports of the Foreign Se3uriti-
[Vor.. 129.
ties, Investment Companies and Industrial Securities
committees. The work of the Business Problems committee,
ant its four sub-committees on Cost Accounting, Distribution, Salesmen's Compensation, and Trends of the Business,
is also expected to bring interesting comment. The activities
of these latter committees, which relate to purely internal
problems, have probably engaged the interest of investment
bankers to a greater degree within the past several years
than any other phase of the Association's work. This year's
report of the Business Problems committee will be presented
by Arthur H. Gilbert, Spencer Trask & Co., Chicago. A
previous reference to the convention appeared in our issue of
Aug. 24, page 1232.
Probe of Sherman Anti-Trust Laws Urged by Secretary
of Labor Davis—Cites Overproduction in Textile
and Coal Industries.
Secretary of Labor James J. Davis, discussing unemployment in the coal and textile industries before the American Industrial Lenders' Association convention, at Philadelphia Sept. 18, declared himself in favor of modification
of the Sherman Anti-trust laws if this legislation could be
shown to be a contributing cause. We quote from a Philadelphia dispatch of the New York "Journal of Commerce"
which also had the following to say:
The Labor Secretary said his views might be termed "a sort of treason,"
but considering the effect of idleness by a quarter of a million people for
six months each year, as in the coal regions, he hazarded the opinion that
the laws should be closely studied.
Mr. Davis urged association members, on account of their close contact
with the working classes, to work in behalf of any legislation that might
benefit the country. This message, he slid, came to the convention from
President Hoover, who, be added. "has accomplished more in his first six
months In office than any of the three Presidents for the same period" under
whom he has served.
Fruits of Overproduction.
On account of overproduction the coal Industry has 250,000 workers idle
for six months of the year, and in the textile Industry the mills can produce
enough in eight or nine months to satisfy current consumption, according
to the speaker. He did not directly trace this situation to the r straints of
co-operative action by producers imposed by the antitrust laws, but he
held that if these measures were a factor they should be examined with a
view either to repeal or modification.
Mr. Davis' comments prefaced his prepared address, in which he described the changing relationship of employer and employe and the increasing recognition that labor cannot be classed as a commodity. Credit
has become one of the foundation stones of the present prosperity, and with
this the loan sharks are steadily being eliminated, Mr. Davis said.
"Our civilization is too pronounced in this day and time to permit us to
continue such ancient acts of inconsideration. Indeed, the time is upon us
when a man's worth, character and standing in the community ought to be
wort,. more than all the security in the world, especially when short-time
loans of small amounts are desirable and necessary," he continued, and
added:
"Indeed, character has become one of the chief bases of credit. After all.
this step has been a boon to the community itself. It has made men jealous
of the standard by which they are measured in the community. They
have sought to exemplify 1-oth character and a reputation which would co u•
mend them to bankers and others upon whom they might be dependent for
financial CO-Operation."
Thomas E. Mitten Dies Suddenly.
Thomas E. Mitten, dominant figure in the Philadelphia
Rapid Transit Co., and one of the outstanding street railway managers of the world, was drowned on Tuesday of this
week, Oct. 1, in a lake on his country estate "Sunnyland,"
near Milford, Pa. His death, unwitnessed, occurred in
the early morning. The supposition is that affected by a
heart attack or a dizzy spell, or in merely changing his
position, Mr. Mitten while fishing fell from a round bottom
boat, which was capsized. Mitten Management, Inc., of
which Mr. Mitten was President, operates the Philadelphia
Rapid Transit Co. system, the International Railway Co.
of Buffalo and the Yellow Cab Co. of Philadelphia and a
number of enterprises outside the street railway business.
Mr. Mitten, who was 65 years of age, was born at Brighton,
Eng. At the beginning of the present year M. Mitten
retired as Chairman of the Board of the Mitten Men &
Management Bank & Trust Co. of Philadelphia and was
succeeded in the office by his son, Dr. A. A. Mitten.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
At the regular meeting of the executive committee of the
National City Bank of New York, held this week, Thomas A.
Rave was appointed an Assistant Cashier.
James F. McClelland, until recently Vice-President of
the New York Trust Company, New York, has been elected
Vice-President of the Chemical National Company, Inc.
and of the Chemical Bank & Trust Company, New York.
At a meeting of the directors of the Chase National Bank
of the City of New York this week, Ralph C. Holmes,
OCT. 5 1929.]
FINANCIAL CHRONICLE
2173
President and director of The Texas Corporation, was institution will open new banking offices at 20 East 45th St.,
elected a director of the bank. William F. Wilson, Robert now occupied by the Seaboard Bank. This office will be
M. Dunwoody and Esmond B. Gardner were appointed the main office of the Chelsea Bank.
Assistant Trust Officers of the bank.
Norman C. Stenning, President of the Anglo-South
Rollin P. Grant, Vice-Chairman of the Irving Trust American Trust Co., 49 Broadway, is in receipt of cabel
Company and head of that company's out-of-town office, advices from London to the effect that the Anglo-South
was the guest of business associates in the evening of Oct. American Bank, Ltd., of which the Anglo-South American
3, at a testimonial dinner at the Union League Club, marking Trust Co. is the New York representative, has declared a
his retirement from active banking after a career of over final dividend of 5 shillings a share, payable on Oct. 21,
40 years. Mr. Grant will relinquish his present duties to-day, less tax, making a total of 10% for the year ended June
Saturday, Oct. 5,the 31st anniversary of his association with 30 1929. In addition to the amount applicable to the paythe Irving. He his taken this step to be relieved of the ment of the dividend, £25,329 3s. 7d. is to be transferred
exacting duties involved in directing the company's relations to legal reserves in Chile, Colombia and Ecuador, £30,000
with customers throughout the United States outside New added to the staff pension fund, £75,000 to the reserve
York City. Freedom from these responsibilities will enable fund and £507,901 carried forward. The annual meeting
him to give more time to personal affairs and to continue of shareholders will be held in London on Oct. 15.
his association with a number of corporations. He will
A new independent bank, of which James A. Kenny, Viceremain, however, a member of the Advisory Board of the
of W. F. Kenny Co. and brother of W. F. Kenny,
President
Irving which counsels with the management in handling
the business of the company's out-of-town clients. George is President, opened Oct. 1 as the Union Bank of Bronx
F. Gentes, for a number of years a Vice-President of the County. It is located in its own new building at 878 ProsIrving and a member of its Board of Directors, will succeed pect Avenue, Bronx. An opening day program included the
to Mr. Grant's position as head of the out-of-town office. attendance of former Governor Smith, W. F. Kenny and
Mr. Grant began his banking career as a messenger in the political and business leaders of the Bronx. The ViceClinton Bank in 1888. His connection with the present President and Cashier of the bank is Alfred Koch, formerly
Irving Trust Co. began in 1898 when he joined the staff of Cashier of the Bronx Borough Bank before its absorption.
the New York National Exchange Bank as a teller. In Nathan Berkman, a local attorney, is also Vice-President.
1901 he became Cashier of that institution, and 1907, when The directors include William Goldfine, Secretary of the
the New York National Exchange and the Irving National Bronx Credit Union; George Leary, Jr., a contractor;
Bank were merged, he was made a Vice-President. In 1912, Nathan Strauss, President of Nathan Strauss, Inc.; Joseph
he became President of the then Irving National Bank and A. Waterman, Jr., President of Waterman Motors, Inc.;
held that position until 1919, when he was made Vice- James A. Ward, Secretary of the Union Bank and former
President of the Merchants' & Manufacturers' Association
Chairman.
During his long association with the Irving, Mr. Grant of Bush Terminal; Abraham C. Kaufman; Frank A. Holby,
has developed a wide acquaintanceship among American President of Holby Burner Corporation; Nathan C. Heiman,
bankers and through frequent journeys to various parts of Vice-President of the Beacon Bond and Mortgage Corpothe country has become thoroughly conversant with busi- ration; Jack Bucksbaum, Secretary of the Melrose Credit
ness,conditions in all parts of the United States. In addition Union; A. Henry Baum, Assistant Treasurer of the W. F.
to his position as head of the out-of-town office, Mr. Grant Kenny Co.; Murray Antkies, President of Lawrence Textile
is a director of the Electric Power and Light Company, the Corportation, and Charlgs Gurenson, Treasurer of the UniDiamond Match Company, the Independence Indemnity versal Type Radiator Co.
Company, the Independence Fire Insurance Company and
In line with its plan to have down-town Brooklyn repreother corporations.
sentation on its board of directors, the Lafayette National
The Irving Trust Company announced on Oct. 2 the Bank of Brooklyn announces that Howard Burdick, Assistant
election of Sidney A. Mitchell, Vice-President of Bonbright Vice-President of the Title Guarantee and Trust Co., and
& Co., Inc., to its board of directors.
a director of the Brooklyn Real Estate Board, has joined
The Harbor State Bank of this city, which represents a the board. Mr. Burdick is the son of Clinton D. Burdick,
conversion into a State banking institution of the private Presidnet of the Title Guaranty and Trust. The bank also
banking business of Emil Kiss, began business on Oct. 1. announces that it has received authorization from the
The proposed change was noted in these columns July 27 Comptroller of Currency in Washington for transference of
page 578. The bank is located in the Bible House, at 4th its main office to 100 Livingston St., Brooklyn. The office
Ave. and 9th St. Its officers are: Emil Kiss, President; was formally opened last week.
Henry Z. Kressler, Vice-President; Gustave Hartmann and
George S. Horton, President of the Lafayette National
Albert B. Bauer, Assistant Vice-President;s Wm, Albath,
of Brooklyn in New York, and Charles E. Warren,
Bank
Alex
Comptroller;
Lefko,
and
Manager
Assistant Cashier
of the Bedford National Bank of Brooklyn in
President
Foreign Dept.; Fred. Nordenholt, Manager Travel Dept.
New York, authorized the following statement on Sept. 27:
and Albert B. Mark, Assistant Secretary.
"The Directors of the Bedford National Bank of Brooklyn in New York,
The following are the directors of the bank:
and the Lafayette National Bank of Brooklyn in New York have entered
H. 0. I3oehme, President' H. 0. Boehme, Inc., Mfrs. of Automatic into an. agreement of consolidation of the two institutions.
Telegraph Apparatus; Clarke G.Dalley, President Alliance Realty Co.;
"The agreement provides that the banking associations shall be conGilbert Darlington, Treas. American Bible Society, N. Y. C.; Emery De solidated
under the name and charter of the Lafayette National Bank of
Josika-Herczeg, Director of Bolivia Ry. Co., Director of Tierney Dining
Brooklyn in New York, and that said bank shall have three offices,
Car Co.; Edmund J. Horwath, Senior Partner of Horwath & Horwath. 100
Livingston Street, 69 Lafayette Avenue, and 1273 Fulton Street. These
Hotel Accountants, Director The Savanna, Inc., Herbert B. Keen, Equitare the present locations of the Lafayette offices and the Bedford office.
able Trust Co.. New York City; Emil Kiss, President; J. K. Klein, Manu"The consolidated association will have a capital of $1,075,000, divided
facturer; L. D. Newborg, Hallgarten & Co.; Emery Roth, Architect; Theo.
a surplus of $600,000,
E. Schulte, President Schulte's Bookstore, Inc., and E. M. Sperling. Vice- into 43,000 shares of the par value of $25 each, and
and undivided profits of approximately $125,000. In addition thereto,
President F. ICleinberger Galleries, Inc.
as the consolidated association receives all the assets of both banks, the
will have a reserve of about $162,000.
An informal charter giving Chelsea Exchange Bank per- bank
"The board of directors of each bank believes that this consolidated
fiduciary
and
business has been instPution, with its board of directors consisting solely of Brooklynites.
mission to carry on a trust
granted by the State Banking Department, Edward S. will be able to render to the people of Brooklyn an efficient and compreRothchild, President, announced this week. It was also hensive banking service."
made known that the directors have approved a change in
name of the bank to Chelsea Bank and Trust Co., subject
to approval of the stockholders. A special meeting of stockholders has been called for Oct. 28, for the purpose of acting
on the change. The formal trust charter will be granted
the bank as soon as the stockholders approve the change.
Last week as stated in our issue of Sept. 28, page 2013, stockholders approved an increase in capital and surplus account
from $3,000,000 to $4,600,000 which with undivided profits
of some $650,000 gives the bank liquid funds of over $5,250,000. The increased capital and surplus will result from
the issue of 20,000 shares of additional stock at $80 per share
to stockholders of record Oct. 4. In the near future the
The Bedford National Bank was organized in 1927 and
occupies its own building on Fulton Street, near Nostrand
Avenue. It has a capital of $500,000 and deposits of about
$1,400,000. The Lafayette National Bank was organized in
1926, with its banking office at 69 Lafayette Avenue, and a
capital of $200,000. In December 1926 it increased its capital, and again increased its capital in June 1928. In May
1929 its stock was split on a four-for-one basis and the
capital was again increased, so that its present capital is
$700,000, Its surplus is $250,000, and, in addition thereto,
It has a reserve set aside for contingencies, as well as the
amount of its undivided profits. Last week the Lafayette
National Bank opened an additional banking office at 100
2174
FINANCIAL CHRONICLE
[Voi. 129.
Livingston Street. An item concerning the proposed conThat a holding company is in process of formation by the
First National Bank of Boston for the purpose of acquiring
solidation appeared in our issue of Sept. 28, page 2013.
the stock of other New. England banks, in connection with
Gardner B. Perry, heretofore a Vice-President of the the consolidation of the Old Colony Trust Co. of Boston
National Commercial Bank & Trust Co. of Albany, N. Y., and the First National, was indicated in the following adwas appointed a Vice-President of the Northwest Bancor- vices from that city on Sept. 28 to the "Wall Street Journal":
D. G. Wing. Chairman of First Natioml Bank of Boston. commenting
poration of Minneapolis at the recent quarterly meeting of
on report that a holciag company was being formed for purpose of acquirthe directors of the organization. He will be in charge of ing ownership of other New England
banks, In connectl m with merger of
new business for institutions in the corporation. A brief sild Colony Trust and First National Bank, admitted that a plan was
being
"matured"
by
the
First
National-Old
Colony Trust group which
outline of Mr. Perry's career furnished us by the Bancorwill give New England banks and trust companies an opportunity to beporation, says:
come affiliated with a strong banking corporation on an advantageous basis.
Mr. l'erry. who Is forty-nine years of age, attended school In Boston
and took an A-B degree at Harvard, graduating in 1003. after which he
became a clerk for the Boston brokerage firm of F. S. Moseley & Co..
being sent later to the firm's New York office. In 1914 Mr. Perry became
Secretary to Robert C. Pruyn, Chairman of the Board of the National
Commercial Bank, Albany. and was made assistant to the President and
elected Vice-President after the consolidation with the Union Trust Co.,
which created the National Commercial Bank & Trust Co. In 1920 Mr.
Perry went to New York as a director and member of the executive committee of the American Trading Co., an exporting and importing concern.
and remained with that company until Jan. 1 1928. Mr. Perry has tra veled
extensively. During the year 1919 as President of the American Institute
or Banking, he visited 67 cities, and nearly all the States in the Union.
apoiking to the various chapters. From 1917 to 1920. he was a member
of the executive council of the American Bankers' Association. In 1912
and again in 1913. Mr. Perry traveled extensively In Europe and In South
America. visiting all the countries and capitals of both continents. In
1924 he made another extensive business trip to South America and Europe.
"The plan contemplates." he said. "securing to banks and communities
benefits which are incidental to branch banking but without loss of Individual identity or the benefits of local management. This is along the
announced policy of this group to use every effort to build up New Eng,hod resources for the benefit of all."
acquire a controlling interest in stocks of banks and trust
companies, were being allotted yesterday by Stone & Webster and Blodget, Inc., White, Weld & Co., Marine Union
Investors, Inc., and Schoellkipf, Hutton & Pomeroy, Inc.
Application will be made for listing the stock, priced at
$60 a share, on the New York Stock Exchange, it was annpunced. Plans contemplate the establishment of a Statechartered bank in New York City, to be controlled by the
corporation.
Based on the exChange and allotments of stocks, it is expected the Marine Midland Corp. will begin operations with
more than 10,000 stockholders. A large proportion of the
offering has been taken by financial institutions. More than
51% of the stockholders of each bank and trust company
to which an offer of exchange of stock has been made have
accepted by depositing their stock. These banks are as
follows:
The directors ot the Worcester County, Clinton :Ind Spencer Banks have
approved a plan of merger wnich will be submitted to their stockholders.
It calls for exchanges of 1% shares of Worcester County National stock
for one share of Clinton stock and 1% shares of Worcester County National
for one share of Spencer stock.
The county town banks will be maintained in their present locations
and wiii retain their present staffs.
Siipplemenrng our item of ingt week (page 2013), with
refetence to the proposed affiliation of the North Brookfield National Bank, North Brookfield, Mass., and the
Second National Bank of Barre, Mass., with the Worcester
County National Bank of Worcester, Mass., a dispatch by
the Associated Press from Worcester on Sept. 27, printed
in tile New York "Times" of Sept. 28, stated that announcement was made that day (Sept. 27) that the Clinton Trust
Co., Clinton, Mass., and the Spencer National Mink, Spencer,
According to last night's (Oct. 4) New York evening papers Mass., would soon Join the Worcester County National Bank
one million shares of the Marine Midland Corp., recently under s:milar arrangements. All the institutions are in
organized by New York and Buffalo financial interests to Worcester County. Continuing, the dispatch said:
The Marine Trust Co. of Buffalo.
First Trust Co. of Tonawanda.
Niagara Falls Trust Co.
Niagara County National Ltank and Trust Co., Lockport.
Workers Trust Co. of Johnson City.
Lackawanna National Bank
Cortland Trust Co.
Bank of Snyder.
Union Trust Co. of Rochester.
State Trust Co. of North Tonawanda.
Manufacturers National Bank of Troy, with its affiliated securities
corporation
Peoples Trust Co. of Binghamton.
Union Trust Co. of Jamestown.
Bank of East Aurora Orleans County Trust Co. Albion.
Bank of La Salle, Niagara Falls.
The initial authorized capitalization of the corporation,
it is said, will be 10,000,000 shares capital stock with a par
value of $10. Of this amount 1,000,000 shares is being sold
for cash and 4,127,750 shares are reserved for exchange for
the stocks of the banks listed above on the basis of 100%
acquisition. Proceeds will be used for establishing a bank
and for other corporate purposes.
The principal officers of the new corporation were given
in the New York "Evening Post" as follows:
George Franklin Rand. President of the Marine Trust Co. of Buffalo:
Earnest Stauffen Jr.. and Harral S.Tenney, formerly Vice-President of the
New York Trust Co., are respectively President, Chairman of tho board
and Vice-President of the corporation, and Walter P. Cooke, Chairman of
the board of the Marine Trust Co. of Buffalo, Is Chairman of the executive
committee of the corporation.
A voting trust has been formed by the Springfield Safe
Deposit & Trust Co., Springfield, Mass.. for "the best interests of its stockholders," and 8,325 shares out of a total
of 10,000 shares have been deposited under a voting trust
agreenient with five trustees of the bank named in the
agreement, according to the Springteld "Repub!ican" of
Sept. 26. It was explained, the paper mentioned said, that
each stockholder will receive a voting trust certificate in
lieu of a certificate of stock, which will be negotiable and
can be sold the same as a stock certificate. A statement
in the matter, issued Sept. 25 by George H. Kemater, President of the institution, as printed in tile "Republican." said:
"The directors of the Springfield Safe Deposit & Trust Co. considered
that it would be for the best Interests of its stockholders to form a voting
trust and ask the stockholders to deposit their stock under a voting trust
agreement with the following trustees: Frank A. Woods, Lyman W. Besse,
Walter S. Robinson, George H. Kemater and Edward Kronen!. So far,
8,325 shares out of a total of 10,0011 have been deposited, thus assuring
the success of the plan, and the bank will continue as a separate entity
without consolidation with any other institution. The directors believe
that in Springfield there will always be a demand for a strong independent
bank with ample resources for the most liberal treatment of its customers,
consistent with sound and conservative banking, and with the added
advantage of perasnal contact. The permanency of the trust funds under
the present management is also now assured, the directors feeling that this
is a sacred duty to those who have intrusted their estates to the Springfield
Safe Deposit & Trust Co. to be administered.
"This step also opens the way for the rapid growth of the banking department, and it is safe to assume thst althoigh the bank is to-day one of the
largest In Western Massachusetts, if not the largest, with total assets in all
departments of over $51,000,000, it will materially increase this amount
within the next five years."
•
The trustees of the Hartlora-Connecticut Trust Co., Hartford,a t their regular meeting,op Sept.19, decided to organize
a $3,000,000 subsidiary corporation, to be known as the
Hartford-Connecticut Co., for the purpose of supplementing
the activit:es of the bank, thereby rendering its patrons a
more fully rounded out service than is now possible, according to the Hartford "Courant" of Sept. 20. A formal announcement in the matter given out at the conclusion of
the meeting (as printed in the Hartford paper) is as
Directors of the Appleton National Bank of Lowell, Hass., follows:
"Following the regular meeting of the trustees of the Hartford-Conon Sept. 27 announced proposed acquisition of the institu- necticut
Trust Co. the officers announced that
tion by the Old Colony Trust Associates, closely affiliated
with the Old Colony Trust Co. of Boston, according to
advices from Lowell on that date to the Boston "Herald,"
which went on to say:
Directors of the Appleton Bank have unanimously recommended to the
shareholders that the Old Colony offer be accepted, which embraces the
purchase of ell the stock or any part of it from 51% upward providing
that the local institution, established in 1847, retain its present name and
identity and that the present officers and directors continue in office.
George E. King is President, and Charles II. Allen, former Governor of
Porto Rico, heads the Board of Directors. The Appleton Bank owns its
own building at Central and Hurd Streets. It is capitalized for $300,000
with surplus of and deposits of $1,800,000. It has long been considered
one of the strongest financial institutions In the city.
plans had been perfected
for the organization of the Hartford-Connecticut Co., with an authorized
capital stock of 240,000 shares of no par value, of which 120,000 shares
are to be issued presentiy. These 120,000 shares will be divided into
12,000 shares of voting stock and 108,000 shares of non-voting stock.
The entire voting stock will be purchased by the Hartford-Connecticut
Trust Co. at $25 per share. Of the balance of the stock, 80,000 shares, or
one-half of the present issue, are to be offered at $25 per share to the
stockholders of record this day of the Hartford-Connecticut Trust Co. in
the ratio of one share of the new corporation for each two shares par $26
of the trust company stock which they hold. A limited number of shares
are to be offered at the same price to the employees of the Hartford'
Connecticut Trust Co. The entire issue has been underwritten by Putnam &
Co. It has been arranged that they will take the remaining stock at an
advance over $25, and offer the stock at $28 per share. All stock is to be
paid for 'n lull at the office of the Ilartford-Connecticut Trust Co. on
or before Oct. 24 1929.
OCT. 5 1929.]
FINANCIAL CHRONICLE
"This plan will provide working capital pin excess of $3.000,000.
"While the subsidiary company will be operated for profit, it is to be
launched primarily for the purpose of supplementing the activities of the
Trust Company and in order to enable the latter to render to its patrons
a more fully rounded service than is now possible.
"It Is not proposed that tile new organization shall engage in the business
of dealing in securities. The initial board of directors and officers of the
new company will be selected from among the trustees and officers of the
Hartford-Connecticut Trust Co."
2175
"With the large resources that the combination will give, the Cincinnati
banks will be in a position to render services that now are impossible to
business and industry in the part of the separate institutions.
The association of the banks will make possible economies in a large
way, will give them the advantage of mutual experience and will enable
them to finance individual businesses more effectively and tamale much
larger financial deals."
Announcement was made on Sept. 26 that the Union
Cleveland Corporation, the investment company aff.liated
The possibility of, the acquisition of the F:rst National
with the Union Trust Co. of Cleveland, had bought the stock
Bank of Middletown, Conn., by the new subsidiary of the of the Chagrin Falls Banking Co., Chagrin Falls, Ohio.
Hartford-Connecticut Trust Co. was indicated in the Hart- The change in stock ownership, however, will not involve
ford "Courant" of Sept. 28, which said, In part :
any change in management, personnel or policy of the
The Hartford-Connecticut Co. the new subsidiary of the Hartford-ConFalls Bank. The same directors, officers and bank
necticut Trust Co., it is understood, has made an offer to acquire the First Chagrin
National Bank of Middletown, and it is expected that the acceptance of staff will continue.
the offer *will soon be recommended to the stockholders of the First
National.
The offer is understood to be $170 a share for stock in cash or the
equivalent in shares of stock of the Hortford-Connecticut Co. In view of
the keen public interest in holdings of financial affiliates of banks it is
believed that the exchan..ta of stock will prove popular among the holders
of the First National Bank and already it has been favored by those
consulted. Middletown has observed the success of trading companies, and
the exchange is expected to interest them. This information comes from
reliable sources usually well informed on matters pertaining to banking.
Officials of the Hartford-Connecticut Trust Co. could not be reached to
give their official confirmation.
•
•
•
The First National Bank of Middletown was ahartered in 1884 and
operates a savings department as well as a commercial department. It
is a State depository. The capital is $200,000 shares $100 par, and for
many years has been on a dividend basis of 8%, four regular and two extra.
The surplus as of June 28, when the last call statement was published,
amounted to $50,000 and the undivided profits were $61,571. Demand
deposits then amounted to $309,101 and time neposits were $100,074.
Total resources were approximately $1,200,000. The book value of the
stock was approximately $155 a share.
Earle C. But1er, who was President of the First National for many
years, died in January this year and was succeeded by his son, E. Dudley
Butler.
Consolidation of five Detroit banks with total resources
in excess of $725,000,000 through a huge holding company
to be formed, the combined capital, surplus and undivided
profits of which will aggregate $90,000,000, was announced
in Detroit on Sept. 28. The institutions entering the
merger are the Peoples Wayne County Bank, the First
National Bank, the Detroit & Security Trust Co., the Bank
of Michigan and the Peninsular State Bank. In its issue
of Sept. 28, the Detroit "Free Press' after stating that the
respective directors of the banks involved had the previous
day recommended to their stockholders the exchange of their
stock for stock of a holding company to be organized, went
on to say in part:
Supplementing our item of last week (page 2014) with
reference to the acquisition of control by the Banco Kentucky Co. of Louisville of the Brighton Bank & Trust Co.
and Pearl-Market Bank & Trust Co. of Cincinnati, the Cincinnati "Enquirer" in its issue of Sept. 26 stated that under
the plans of James B. Brown, President of the Banco Kentucky Co. and of the National Bank of Kentucky, Louisville,
and his associates, the two banks will be merged into one
institution, thus becoming one of the larger Cincinnati units,
with Gustave M. Mosler, President of the Brighton bank,
as head of the combined institutions. The enlarged bank
will have a ea ital of $1,000,000, surplus and undivided
profits of $1,00,000, and total resources of $30,000,000.
In addition to Mr. Mosier, other active officers and the
entire personnel of both institutions will be retained and all
the present banks and branches continued. "It is planned
to open a downtown office, probably on Fourth Street, and
with this, the bank will have eight offices well distributed
through Cincinnati. It is possible that another Cincinnati
institution will be taken into the fold." Definite action for
the acquisition of the institutions was taken on Sept. 25 at
meetings of their respective directors. Both boards acted
favorably upon the proposals of Mr. Brown and recommendations will be made to the respective stockholders for
the acceptance of the terms contained in the deal. With
the recommendations will go formal offers to the stockholders of the institutions for their stock. The offer to the
Brighton Bank shareholders is $900 a share and to the PearlMarket bank stockholders $750 a share. Stockholders will
have the option of taking cash for their holdings or part
cash and part stock in the Banco Kentucky Co. Mr. Brown
and Maurice L. Galvin, attorney for the Banco Kentucky
Co., will become directors of the enlarged Cincinnati bank.
A statement by Mr. Brown, printed in the paper mentioned, follows:
Holding approximately 60% of the banking capital, the deposits and
total resources of Detroit. the combination will be the largest bank and
trust company group in Michigan and the largest between New York and
Chicago. With 192 branches, the combined banks will serve 900.000-odd
depositors and clients.
The combine has been rumored in the financial district of Detroit for
several weeks, during which period there have been under way the negotiations which culminated in the announcement of yesterday.
The holding company, into which the banks will be consolidated, will
have a total authorized capital of $50.000.000. consisting of 2.500.000
shares of the par value of $20 per share. It is proposed that $35,000.000
of capital will be exchanged for the stocks of the four banks and the trust
company which make up the combination. The balance, $15,000.000, will
remain in the treasury of the company.
Julius H. Haass. President of the Peoples Wayne County Bank, is to
be President of the holding company. Announcement of the names of the
remaining executive officers will be made later.
The eschange of stocks will be made upon the following basis: Peoples
Wayne County Bank 1 yi shares of the holding company stock of $20 par
for each share of present stock of the bank of $20 par; First National Bank,
4.166 shares of the holding company stock of $20 par for each share of
present stock of the bank of $100 par; Detroit and Security Trust Co., 10
shares of the holding company stock of $20 par for each share of present
stock of the company of $100 par; Bank of Michigan,3 shares of the holding
company stock of $20 par for each 4 shares of present stock of the bank of
$20 par; Peninsular State Bank, 4 1-5 shares of the holding company stock
of $20 par for each 5 shares of present stock of the bank of 320 par.
"I believe Cincinnati has a great future before it," Mr. Brown said, in
explaining his entry into the Cincinnati field. "I have boon wonderfully
impressed by the groat progress the city has made in the past few years.
No city in the country today is going ahead any faster nor is showing finer
spirit than Cincinnati. With a continuation of this spirit and this progress
the future looks very bright.
"There is a great change coming over the banking situation in the United
States and the Banco Kentucky Co. has been organized to meet this condition. Our plan is to develop an organization that will have the resources
necessary to take care of the needs of the territory which we servo without
dependence on institutions in other sections of the country. ,
By grouping a chain of strong banks In the key cities of the East Central States, we will form an association that will be able to handle the
business needs of the communities served. The change is corning in the
banking world and we believe we have taken the logical steps to meet it
according to the best economic principles.
Our coming to Cincinnati is duo to its groat importance in the Ohio
Valley and likewise in recognition of its remarkable development in the
past few yews. By tieing into our group strong Chicago and Indianapolis
banks with what we have in Louisville and are acquiring In Cincinnati, we
will have a group that will be second to none in this territory. We are
friendly neighbors and our aim is to develop the best interests of this
section of the country.
As spokesman for the five institutions named, Mr. Haase
on Sept. 27 issued the following statement:
In conceiving this group, the bankers concerned and the directors of
their respective institutions, desire to give to Detroit and Michigan one
of the strongest banking Institutions in the country, which will be more in
keeping with the growing needs of the community which it serves.
It will have capital, surplus and undivided profits of approximately
$10.000,000 and resources of over $725.000.000. No Intangible sassets
will he included, nor furniture and fixtures. It will furnish the broadest
financ al service possible, but always with a due regard for wise conservatism
and sound practice. The basis for the combination is book value and earning power a Aely, with no regard whatever to the present market value of
the various stocks.
In order that no customer of these allied institutions may be disturbed
in any way. It is designed to carry on each institution as formerly, with no
change of either officers or directors, and every effort will be made to insure the best possible service and coortesv to our clients.
A joint statement by C. S. Campbell, President of the
First National Bank & Trust Co., Kalamazoo, Mich., and
Robert 0. Lord, President of the Guardian Detroit Group
of Financial Institutions, announces that at a recent meeting of the board of directors of the First National Bank &
Trust Co. it was unanimously voted by the board and
recommended to the stockholders that the Kalamazoo institution become a unit of the Guardian Detroit Croup, Inc.
The First National Bank & Trust Co. was organized during
the year 1863 and consolidated with the Michigan National
Bank In 1912. The officers of the First National Bank &
Trust Co. are: C. S. Campbell, President; E. H. Shepherd,
Vice-President; H. B. Allen, Vice-President; S. A. Pratt,
Assistant Vice-President; R. G. Rye, Cashier; J. H. Tolhuizen, Assistant Cashier, and C. C. Boers, Assistant
Cashier.
With further reference to the proposed consolidation of
Chicago and
the North-Western Trust & Savings Bank of
the iitle
under
city,
that
of
Co.
the Home Bank & Trust
Bank, notcd
Savings
&
Trust
Home
n
North-Wester
the
of
from the
In our issue of last week (page 2014), we learn
Peter L.
Chicago "Journal of Commerce" of Sept. 27 that
of
Chairman
be
will
Bank,
Home
the
Evans, President of
2176
FINANCIAL CHRONICLE
the Board of the new organization; Frank E. Lackowski,
Chairman of the Board of the North-Western Trust &
Savings Bank, will be President; William H. Schmidt, Executive Vice-President; Walter J. Raymer, Chairman of
the Executive Committee, and Edward J. Prebis, Vice-President. Detail regarding the basis on which stocks of the
two banks will be exchanged were refused by officials the
previous day, it was said. The North-Western Trust &
Savings Bank was founded in 1906 by the late John F.
Smulski, and from a modest beginning developed resources
in excess of $21,000,000. The Home Bank & Trust Co., on
the other hand, was organized in 1911 by Ralph I. Terwilliger, a pioneer mortgage banker on the Northwest side
since 1886.
The following news item comes to us this week from
Chicago:
The Central Trust Co. of Chicago, generally referred to
as the Dawes Bank, and its securities affiliate, the Central
Illinois Co., It is reported, are contemplating formation of
a new investment trust. Details covering the financial
structure are reported to be well under way and a statement covering the set-up is expected to be made within the
not distant future. So far as could be learned, the new
company, the name of which has not as yet been decided,
will start operations with an initial paid-in capital of upwards of $15,000,000. The Board of Directors will include
numerous prominent Chicago bankers, as well as several
bankers prominent in the Middle Western States.
•
[vol. 129.
*First 'A i,consin Group
$213,506,052.66
First National Bank, Oshkosh
First National Bank, Madison (includes Central Wisconsin Trust 10,400,000.00
Co. and University Avenue National Bank)
13,000,000.00
Bank of Wisconsin, Madison (includes State Bank, Madison)
11,000,000.00
Union National Bank, Eau Claire
3,800,000.00
Commercial National Bank, Madison
6,200,000.00
First National Bank, Menominee, W is
3,300,000.00
First National Bank, Menominie, Mich
2,500,000.00
First National Bank, Bessemer, Mich
1,400,000.00
First National Bank, Wisconsin Rapids. Wis
2,800,000.01I
6267,906,052.66
*Includes First Wisconsin National Bank, 13 affiliated banks; First
Wisconsin
Trust Co., First Wisconsin Co.. First Wisconsin Mortgage Co.
Announcement was made on Sept. 28 of the organization
of the Midway National Corporation, with authorized capital of $1,000,000, as a holding company for the following
St. Paul, Minn., banks: Midway National Bank, Minnesota Transfer State Bank, the Twin Cities National Bank,
and the Western State Bank. The institutions have a'total
invested capital of $571,554; combined deposits of $4,740,926,
and combined resources of $5,730,836. Herbert H. Bigelow
Is President of the new holding company.
On Sept. 27 two Racine, W- is., banks were consolidated,
namely, the First National Bank (capital $500,000) and
the Manufacturers' National Bank & Trust Co. (capital
$300,000). The new organization is known as the First
National Bank & Trust Co. of Racine and is capitalized
at $1,000,000.
A charter was issued by the Comptroller of the Currency
on Sept. 27 for the Plaza National Bank of St. Louis, Mo.
The new institution is capitalized at $300,000. J. W. Reinholdt, Jr., is President and C. A. Reinholdt, Cashier.
That two Scandia, Minn., banks, the Scandia State Bank
Negotiations were complete-d on Sept. 17 for the purchase
and the Farmers' State Bank of Scandia, Inc., with combined resources of $750,000, were to be consolidated on of a controlling interest in the First National Bank of
Sept. 23 was reported in the Minneapolis "Journal" of Nicholasville, Ky., by the First National Bank of Louisville,
Sept. 13, which stated that announcement to that effect Ky., according to an announcement by Embry L. Swearinwas made by A. J. Veigel, State Superintendent of Banks. gen, Chairman of the Board of the latter and its affiliated
The "Journal" went on to say:
Institutions. In reporting the matter, the Louisville "CourThe consolidated bank will retain the name of the Scandia State Bank.
The Farmers' State Bank was organized in 1917 and the Scandia in 1907.
The merger will give Scandia one of the largest banks in Washington County.
James E. Melin of Center City is President of the Scandia Bank;
Charles W. Grandstand of Scandia is Vice-President, and Henry A. Johnson
of Scandia, Cashier. P. N. Nelson is President of the Farmers' State
Bank; Frank Sandstedt is Vice-President, and R. L. Swanson, Cashier.
The merged bank will have a capital of $32,500.
It is learned from the September Issue of • the "First
Wisconsin Teller," the official organ of the First Wisconsin
group of banks, Milwaukee, that three banks were added
to the First Wisconsin group recently. They are the Sherman Park State Bank, Milwaukee; the Union National Bank
of Eau Claire, Wis., and the First National Bank of Osh,kosh, Wis. A statement from the First Winconsin National
Bank with regard to the purchase of control of the Eau
Claire bank was printed in the issue of the "Chronicle" for
,Sept. 21, page 1841. The First National Bank of Oshkosh,
the third recent addition to the First Wisconsin family,
has resources of approximately $9,500,000. Its President,
'Louis Schriber, is a director of the First Wisconsin National
Bank. Another development in the growth of the First
Wisconsin, the paper mentioned said, involves the proposed organization of a holding company comprised of key
banks throughout the State. The formation of such a company has been recommended by the Board of Directors.
An announcement by the Board stated that "this action of
the Board of Directors is brought about by the present
situation making it advisable to unify and strengthen the
banking situation in the State." We are now informed that
several other banks, two of them Michigan institutions, have
joined the First Wisconsin National Group. A statement
regarding these additional banks furnished by the First Wisconsin National Bank says in part as follows:
The first bank outside of the State to join the group is the First National
Bank of Menominee, Mich. Total resources are $2,500,000. Shortly after
this, announcement was made that the First National and Commercial
National banks of Madison had signed up. On Sept. 25 the State Bank of
Wisconsin. Madison, also announced it had joined the group. The First
National of Madison and the Central Wisconsin Trust Co. have total resources of $12,600,000.
The First National has a capital of $800,000,
surplus of $463,000 and deposits of $8,500,000. The Central Trust Co. has
a capital of $300,000, surplus of $176,000 and deposits of $2,400,000. The
total resources of the Commercial National Bank are $6,100,000, capital
stock $200.000. surplus $264,000 and deposits $6,100,000. Total resources
of the State Bank of Wisconsin are $10.600,000. The State Bank is a consolidation of the State Bank and the Bank of Wisconsin.
On Oct. 1 It was announced that two more banks had Joined the group—
the First National Bank of Bessemer, Mich.,and the First National Dank of
Wisconsin Rapids. The First National Bank of Bessemer has resources
of $1.400,000. The First National Bank of Wisconsin Rapids has total
resources of $2,800.000.
Below are listed total resources of all banks which have signified their
Intention of becoming associated with the State banking group which is
headed by the First Wisconsin:
ier-Journal" of Sept. 18 went on to say:
This Is the four& bank acquired by this group in Its quoit for control
of several of the stronger banks out in the State, according to S. Albert
Phillips, Vice-President of the First National Bank, who has assisted Mr.
Swearingen in negotiating for the stock.
Other banks bought recently are the First National Bank & Trust Co.,
and the Farmers' St Traders' Bank at Owensboro, and the Boyle Bank &
Trust Co. at Danville.
The First National Bank at Nicholasville was founded in 1871. Its
deposits are more than $748,000 and its resources total $1,033,598. It is
capitalized at $100,000 and has a surplus of $100,000.
Officers of the bank are: President, N. L. Bronaugh ; Vice-President
and Cashier, 0, L. Knight; Assistant Cashiers, Peyton Perry and Wallace
Wharton.
Purchase of the Bank of M- organton, N. C., by parties
interested in the First National Bank of that place, was
reported in a press dispatch from Morganton on Sept. 27,
which stated that the price paid for the stock of the Bank
of Morganton was something more than $200 a share. The
dispatch furthermore said in part:
For some time the directos of the Fitst National Bank have been considering the establishment of a trust company, either by making it a subsidiary
of the bank or by the organization of a new banking corporation.
Having reached the conclusion that the growth of Morganton and the
surrounding territory now demands a bank possessing the powers of a
trust company as well as that of a commercial bank, a conference of the
directors of both the Bank of Morganton and the First National Bank was
held, with the result above stated.
An application to organize the Barnett National Bank of
Sebring, Fla., with capital of $50,000, was made to the
Comptroller of the Currency on Sept. 26.
A consolidation of the City
Bank & Trust Co. of Houston,
Tex., and the Seaport National Bank of that city, under the
title of the former, was consummated on Oct. 2, according
to advices from Houston on that date to the "Wall Street
Journal". The enlarged bank is capitalized at $500,000,
it is understood, and has deposits of 84.000,000. Its headquarters are in the City Bank & Trust Co. Building. J. A.
Elkins, President of the City Bank & Trust Co., continues
as President,of the new institution.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has had another bad week. The continued expansion in brokers' loans together with the references to a decline in the automotive field and the recessions
in the steel trade culminated on Thursday afternoon in the
most drastic break of the year and this was followed by a
another severe break on Friday. Throughout the week prices
have been unsettled, and early rallies have been succeeded
by sharp declines forcing many of the more active speculative
stocks to new low levels. The weekly statement of the
Federal Reserve Bank made public at the close of the mar' et
on Thursday showed a further expansion of $43,000,000 in
Om.5 1929.1
FINANCIAL CHRONICLE
brokers' loans, carrying the new total to a new high record
amounting to $6,804,000,000. The monthly statement of
the New York Stock Exchange for Sept. 30 showed brokers'
loans up to an aggregate of $8,549,383,979. Call money
renewed on Monday at 9%, advanced to 10% in the afternoon and thereafter gradually moved downward and closed
at 6% on Thursday, and again dropped to 6% on Friday.
The market displayed considerable confusion and uncertainty during the abbreviated session on Saturday, some
of the leaders receiving good support while others equally
important were under pressure. Public utilities were again
the outstanding feature on the side of the advance, and
shot upward under the leadership of Columbia Gas & Electric which moved ahead to a new top record at 1358% closing
at 1338% with a net gain of 48% points. American & Foreign
Power advanced to 1998% at its high for the day and American Power & Light moved up 28% points to 165. Other
strong stocks worthy of note included Commercial Solvents
up 23 points at 673, Auburn Auto up 6 points at 486, Adams
Express up 10 points at 580 Mathieson Alkali up 53/i points
at 71 and Allied Chemical & Dye up 5 points at 331. In
the railroad group Atchison was the strong issue and moved
ahead 6 points to 2748%, but most of the others yielded one
or more points. Republic Iron & Steel moved up a point,
but United States Steel, common was down nearly a point.
On Monday prices were again driven downward, though
occasional rallies during the day helped a few special stocks
to move upward to higher levels. The latter included such
stocks as National Biscuit, Pullman, Southern California
Edison, Air Reduction, General Asphalt, Columbia Carbon,
United Carbon and Mexican Seaboard Oil. A. M. Byers
moved ahead 8 points to 165, Houston Oil gained 6 points
3 and Murray Corp. was up about 2 points at the close.
at 97%
Railroad stocks, on the other hand, were heavy, motor shares
were down and steel stocks were without noteworthy movement, United States Steel, common declining 38% points to
a new low.
Selling pressure was again in evidence an Tuesday, many
stocks being pushed into new low ground before the close
of the session. United States Steel, common for instance,
dropped below 219, recovered to 223 and again slipped
downward closing at 2213
4. Republic Iron & Steel also
was under pressure and closed at 1243
4 with a loss of 28%
points. Public utilities were severely depressed in the early
trading and losses ranging from 5 to 20 points were numerous at the close. The final hour rally carried a few of the
stronger stocks upward from the low levels of the morning
but the gains were barely sufficient to cover the early losses.
Industrial favorites also were forced down. Prominent
speculative issues like Allied Chemical & Dye, General
Electric, American Can, Johns-Manville, Westinghouse
Electric, Chrysler Motors, National Biscuit and Anaconda
copper yielded from 2 to 10 more points. Railroad stocks
generally receded New York Central, Atchison, Pennsylvania and Chesapeake & Ohio losing from 2 to 5 or more
points.
The tone of the stock market was somewhat stronger on
Wednesday and there were moderate price recoveries throughout the list, though toward the close of the session some of
the more active issues dropped back. Public utility stocks
continued in the foreground, Standard Gas & Electric going
up about 8 points to 227 followed by Columbia Gas which
gained 6 points, Detroit Edison which improved 83.( points
to 3608%, American & Foreign Power which advanced 28%
points and Standard Gas & Electric which moved upward
8 points to 227. Specialties also moved to the front, Timken
Roller Bearing making a new top above 121 and closing at
118 with a net gain of 4 points. Steel industrial issues were
moderately higher, United States Steel common closing at
223 with a gain of 1% points followed by Bethlehem Steel
which improved nearly 2 paints and Republic Iron & Steel
which scored a gain of 38% points to 128. Commercial Solvent closed at 630 with a gain of 22 points and Case Threshing Machine registered an overnight gain of 15 points at 375.
On Thursday the market suffered one of the worst breaks
of the present year. The Stock Exchange statement showing
an increase in brokers loans for the month of September of
$667,764,553 was the main contributary cause. In the
final hour the selling had reached a point where the tickers
were unable to keep the pace and were more than 40 minutes
behind at the trading on the floor. United States Steel,
common suffered a loss of 10 points. General Electric,
Westinghouse Electric and a dozen other of the favorite
speculative issues tumbled downward from 2 to 6 points.
2177
Railroad stocks also were extremely weak and stocks like
Atchison, Baltimore & Ohio, New York Central, Chesapeake & Ohio, Erie, New Haven, Pennsylvania and Canadian .
Pacific were down from 3 to 6 or more points on the day.
Other noteworthy declines were Standard Gas & Electric
25 points, Consolidated Gas 12 points, Air Reduction 11
points, Allied Chemical & Dye 12 points, Commercial Solvents 70 points, Auburn Auto 278% points and American &
Foreign Power 198% points.
On Friday the market was again nervous and unsettled.
Transactions were very heavy and liquidation on a large
scale was in evidence throughout the list and many of the
market leaders slumped to new low levels for the current
year. United States Steel common broke to 206, but recovered to 210 at the close, with a net loss of 3 points.
American Water Works advanced 8 points to 164. Some
of the lower priced issues improved fractionally, but practically all of the active speculative stocks closed at lower
levels. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
. &c.,
Bonds.
2,205.260
3,211,500
4.524,810
3,367,610
4,747,330
5,623,900
$3,438,000
6,120,500
8,442,003
6,477.000
7,822,000
8,584,000
$1,161.000
2.194,000
1,979,000
1,941.500
2,385,000
1.491,000
8240,000
169.000
340.000
484,000
205,500
236.000
23.680.410
540.883.500
511.151.500
51.674.500
Week Ended Oct. 4.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
State,
Municipal &
ForeignBonds.
Week Ended Oct. 4.
1929.
Stocks—No, of shares_
Bonds.
Government bonds_ __
State and foreign bonds
Railroad & misc. bonds
1928.
United
States
Bonds.
Jan. 1 to Oct. 4.
1929.
1928.
23,680,410
21,397.440
845.271,100
609.321.169
81.874,500
11.151,500
40,883,500
$1,592,000
11,491,000
40,734,000
595.835.200
468.653.150
1,550,027.800
5148,393.250
594.931.635
1.804,940,176
Total bonds
853,709,500 853.817,000 82,114416,550 82,548.265.061
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
•
Week Ended
Oct. 4 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Philadelphia.
Baltimore.
Shares. Bond Sales, Shares. Bond Sales. Shares. BondBates.
*57,763
.62,360
•101,083
*73,614
.88.531
111.596
$19,000 a53.740
6.500 a80,602
48.000 a98,034
41.030 a99,071
34.000 0101,429
38.000 a28,649
$17,000
18,000
8.800
22,000
10,000
4,106
7,917
7.128
7.288
7,351
8,546
88.000
50.000
16.000
18.100
19.000
25,000
494,947
$186,500
361,525
$75,000
42,234
589,100
46R MO
R211 non
Ansi 226
%QA 520
RI ROA
576.700
• In addition, sales of rights were: Saturday, 2 368: Monday. 11,015: Tuesday.
12,441; Wednesday, 13,930: Thursday, 11.092.
a In addition, sales of rights were' Saturday. 8.600: Monday, 21,100.
THE CURB EXCHANGE.
Curb Exchange prices suffered heavy losses this week
under a continued liquidating movement which was interrupted by only a slight rally on Wednesday. Utilities were
the heaviest losers. Allied Power & Light corn. was down
from 788% to 63%;Amer. Cities Power & Light class A from
7 to 3434, close to-day at 35;
62 to 49; class B from 44%
Amer. & Foreign Pow, warrants, from 154 to 115; Amer.
Gas & Elec. corn., from 2073
4 to 1778%, close to-day 180;
Amer. Light & Tract. corn., 379 to 32534, close to-day 330;
Amer. Superpower from 56 to 4434, close to-day, 4534;
Associated Gas & Elec. class A, from 7034 to 628%, close
to-day, 65; Central States Elec. corn. from 74 to 6334, close
to-day, 65; Commonwealth-Edison from 386 to 326; Elec.
Bond & Share corn., from 1753
4 to 141, close to-day, 14434;
Electric Investors, from 2743
4 to 221, close to-day, 2218%;
Tampa Electric, from 100 to 90; United Gas Improvement,
from 272 to 240; United Light & Pow. corn. A, from 553
4
to 438%, close to-day, 45; Utilities Pow. & Light, class B,
from 72 to 648%. Investment trusts also suffered in the
3 to 288% close
break. Amer. Investors corn. B, from 37%
to-day, 288%; Capital Admstr., class A, from 695
% to 573g;
Comm'l Invest. Tr. corn., from 80% to 74, close to-day,
7 Goldman, Sachs & Co.,from 111 to 99/s,
3 close to-day,
74%;
1003
4; Insull Utilities Invest., from 1083
% to 98; Lehman
Corp., from 118 to 110, close to-day, 1108%; National In5 close to-day,47; N. Y. Investors,
vestors,from 588% to 45%,
from 443
4 to 39, close to-day, 3934; Tri-Continenta' Allied
units infs. from 9934 to 87, close to-day, 877/s. Among
industrial and miscellaneous issues, Adams Express was
down from 61 to 543/2; Aluminum Co.,from 415 to 355, close
to-day, 370; Elec. Power Associate corn. fr m 573
4 to 74;
class A stock from 8434 to 6834, close to-day, 698%. Oils
held fairly well throughout the break.
A complete record of Curb Exchange transactions for the
week will be found on page 2210.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par value).
Week End*
Oct. 4.
Saturday
Monday '
Tuesday
Wednesday
Thursday
Friday
Total
Foreign
Government
Storks
(No. Shares)
Rights:
Domestic
108.600
113.900
203.500
143.400
171.030
209.300
$782,000
1.447.000
1.561.000
1,429.000
1.351.600
1,591.000
$126,000
258,000
334,0(10
342.000
349,000
434.000
10,482,400
949.700
38.160,000
51.843,000
GOLD.
The Bank of England gold reserve against notes amounted to S136,054,213 on the list inst. (as compared with £136,256.451 on the previous
Wednesday), and represents a decrease of £17,852,102 since April 29 1925.
when an effective gold standard was resumed.
£875,001) of bar gold from South Africa was available in the open market
yesterday. The exchange with New York being at a point which made
shipments to that quarter practicable, there was a keen demand and the
parcel realized 8-1s. 11%cl. per fine ounce. The home and Continental
trade took .C137,000 and India $30.000: the balance of about .E708.000 was
acquired for New York.
The following movements of gold to and from the Bank of England
have been announced, showing a net efflux of £524,355 during the week
under review:
Sept. 12 Sept. 13 Sept. 14 Sept. 16 Sept. 17 Sept. 18
£1.503 £2,938
Received
Withdrawn
20.553 142.914 £3,000 £133,609 £1,725 £226.995
Of the amount withdrawn on the 13th. about £100.000 in bar gold was
for New York. and to-day about £200.000 in bar gold was for France.
The withdrawal on the 16th inst. Included £125,000 in sovereigns "set
aside."
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Imports--
Exports£10,426 Germany
967.023 France
1.001 Switzerland
United States
Egypt
British India
Other countries
£188.500
169.513
80,115
628,500
20.475
49.226
18,366
£978,450
£1,154,695
United Kingdom imports and exports of gold for the month
last are detailed below:
Imports.
Sweden
Germany
Netherlands
£18,261
France
Switzerland
Egypt
64.598
West Africa
United States
3,352,374
Union of South Africa
84,225
Rhodesia
British India
Straits Settlements
Austria
20.321.
Other countries
of August
£3.539,779
Exports.
£500,285
1,753.652
10.626
8,534,336
109.107
20.500
2.027.526
72.851
67,631
53.785
30,527
£12.180.826
SILVER.
Silver prices have declined still further during the week. China and
America have continued to sell silver although the pressure to sell eased
somewhat on the falling market. The Indian Bazaars have also sold, but
at the same time there has been buying for the genie quarter, and this,
together with some speculative purchases at the lower level have been the
sources of support.
At present indications point to some enquiry at slightly lower rates and.
If sellers continue unwilling to follow a further decline, it may be that the
market will remain fairly steady for the time being.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
ImportsGermany
France
Me:deo
British India
Other countries
Canada-
Exports£10.830 Russia
8.084 Germany
157.262 Hong Kong
76.646 British India
3,808 Other countries
38.497
£295,127
£84.700
34,543
29.969
107,714
5.031
£261,957
INDIAN CURRENCY RETURNS.
Sept. 7. Aug. 31. Aug. 22.
(In 1.47C3 of Rupees)18.518
18.592
18.520
Notes in circulation
11.04:3
11,181
11.105
Silver coin and bullion in India
Silver coin and bullion out of India_
3,222
3.221
3,222
Gold coin and bullion In India
Gold coin and bullion out of India
3,912
4,124
3-i15
Securities (Indian Government)
219
204
Securities (British Government)
204
The stocks In Shanghai on the 14th Inst, consisted of about 83,100,000
ounces In sycee. 135.000.000 dollars and 6.860 silver bars, as compared
with about 83.100.000 ounces in sycee, 133,000,000 dollars and 8,040
silver bars on the 7th inst.
Quotations during the week:
Bar Gold per
-Bar Silver per Oz. Std.2M
Oz. Fine.
.
23 15-16d.
Sept. 12
84s. 1134d.
2334d.
Sept. 13
84s. 11%d.
235.4d.
23 1I-10d.
23 11-16d.
Sept. 14
84s. 11 Sid.
23%d.
2334d.
Sept. 16
84s.
23 9-16d.
2:39jcl.
Sept. 17
84s. 11.4d.
23 9-16d.
23 9-16d
Sept. 18
84s. 11Sid.
2334d.
Average
23.098d.
848. 115d.
23.635d,
The silver quotations to-day for cash and two months' delivery are
each 5-16d. below those fixed a week ago.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The dai'y closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sat.,
Sept. 28,
959,900
1,536.400
1,906,090
1,187.390
1,933.600
2,558.300
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written, under date of
Sept. 18 1929:
France
British South Africa
Other countries
[VoL. 129.
FINANCIAL CHRONICLE
2178
p. oz_d_ 23 5-16
Gold, p. fine oz 84.1134
Consols, 234s.. 5234
British, Is.. __l01
British, 434s.._ 93
French Reuses
(in Paris)_fr. 79.20
French War LI)
(In Paris).rr.105.35
Mon.
Tues.,
Sept. 30, Oct. 1.
233-16
255-16
84.1134
84.11
5234
5234
101
101
93
9334
79.25
105.05
Wed.,
Oct. 2.
2331
81.1134
5234
101
93
SO
105.50
Thurs.,
Oct. 3.
2334
81.1134
524
101
9334
Pr&
Oct. 4,
2334
84.1134
5294
101
92
80.80
80.70
80.50
105.75
105.95
105.45
The price of silver in New York on the same days has been:
Silver In N. Y., per oz. (ets.):
50
5034
Foreign
50'4
5034
5034
50
Course of Bank Clearings.
Bank clearings continue to show substantial inareases compared with a year ago. Preliminary figuras campila I by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Oct. 5) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
18.6% larger than for the corresp gelinc.; week last year.
Our preliminary total stands at $16,155,333,631, against
$13,958,663,368 for the same week in 1923. At this centre
there is a gain for the five days ended FfilAy of 31.2%.
Our comparative summary for the week fallows:
Clearings-Returns by Telegraph,
Week Enasa October 5.
New York
Chicago
Philadelphia
Boston_
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Per
Cent,
1929.
1928.
$9.829.003,000
651.987,855
540,000,000
5134.000.000
134,263.120
122,100,000
205,083.000
177.827,000
192.520,586
202.334.294
166.521.615
104.838.336
50,154,043
37,494,000.000
711.694,174
546.003.000
501,000.000
135.872,798
136,700,000
206.358.000
179.290,000
198,312.612
193,091,122
131.501.23.3
102.740.179
60.176.854
+31.2
-8.4
-1.1
+12.6
-1.1
-0.0
-0.8
+2.2
+4.3
+26.6
+2.1
-16.7
Thirteen cities. 5 days
Other cities, 5 days
512.940,629.849 510.587.677,372
1,166,974,105
+22.2
+1.9
Total all cities, 5 days
All cities. 1 day
314.129,483.859 $11.754,651,877
2.204.011.401
2.425.892.772
+20 2
+10.1
1,188,834.010
sin gc,
4.11,
1 94,
Total ail cities for wcek
lAq
6
Complete and exact details for the wee& covaca 1 by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above, the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Sept. 23. For
that week there is an increase of 22.3%, the 1929 aggregate
of clearings for the whole country being $14,937,469,712,
against $12,259,627,427 in the same week of 1923. Outside
of this city the increase is only 1.9%, the bank exchanges at
this center having recorded a gain of 34.0%. We group the
cities now according to the Federal Rasarve Districts in
which they are located, and from this it appaars that in the
New York Reserve District, including this city, there is an
expansion of 31.7% in the Boston Reserve District of 15.7%
and in the Philadelphia Reserve District of 7.3%. In the
Cleveland Reserve District the totals are larger by 16.4%,
in the Richmond Reserve District by 1.8% and in the Atlanta Reserve District by 1.7%. The Chicago Reserve
District has a gain of 6.3% and the Minnsapalis Raserve
District of 3.1% but the St. Louis Reserve Distriut shows a
loss of 2.0%. The Kansas City Reserve District falls behind
2.3%, the Dallas Reserve District 4.3% and the San Francisco Reserve District of 0.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
ti'eek End. Sept. 28 1929.
1929.
1928.
Federal Reserve Discs.
$
$
591,091,796
tSt Boston._ _ _12 cities
510,969,386
Lod New York_ Ii " 10,444,429603 7,942,592
6.36,686,364
592,488,531
3rd Philadel la_10 "
479,114.569
450,267,338
1th Cleveland__ $ "
179,339,736
176,104,881
5th Richmond _ 6 "
187,667,627
184.514,212
ith Atlanta_ ___13 "
1,134,384402 1,062,534,166
7th Chicago ___2(1 "
228,452.511
233.110,757
8th St. Louls___ 8 "
156.667,592
152,018,410
9th 11 trine:wails 7 "
251.362,057
257,376.713
10th KansasCity 12 "
97,213,364
1 lth Dative
101,565,15
5 "
602,059,391
600,105,903
12th San Fran 17 "
Inc.or
Dec.
1927.
1920,
5
$
%
544,720,468
657,415,016
+15.7
+21.7 6,704,605,012 6,078,466,663
605,712.373
617,233.575
+7.3
411.341.521
439.426,757
+16.4
188,180 466
205,488,411
+1.8
200,361633
211,638,344
+1.7
gc2491,788
952.506,214+6.8
225,278,460
217.482,039
-2.0
150,620.523
129.371,494
+3.1
213.193,444
-2.3
234,054,124
99.521.196
-4.3.
98,641,861
635.714.880 5,444,936,931
-0.7
Total
-.129 cities 14,997.469.712 12,259,627.427 +213 10,827,012.766 10.296,758,6)9
4,523,392,908 4,440,139,788 +1.9 4,257,103,668 4,349.321.207
Outside N. Y. City
-_ _ _ - _
.----.- -__ _-_.-....------ •-•
OCT. 5 1929.]
FINANCIAL CHRONICLE
2179
September
Jan Ito Sept 3
We also furnish to-day a summary by Federal Reserve
(000.000s
1929. 1928. 1927. 1926. 1929.
1926.
1927.
1928.
districts of the clearings for the month of September. For that
ornUtvi.)
55
54
63
590
507
58
634
518
month there is an increase for the entire body of clearing Providence
1.575
174
1,789
178
200
1,733
205
1,353
houses of 19.7%, the 1929 aggregate of the clearings being Omaha
Buffalo
319
2,036
221
2,529
2,021
229
2,052
221
$59,102,084,597, and the 1928 aggregate $49,366,570,835. St. Paul
115
1.186
127
134
1,078
1,109
127
1,168
102
687
93
964
901
96
892
96
Outside of this city the increase is only 4.5%. In the New Indianapolis
Denver
1.226
159
1,323
147
155
1,453
1.235
148
York Reserve District improvement reaches 29.6%, in the Richmond
187
212
188
1.828
212
1,654
1,921
1,648
Boston Reserve District it is no more than 10.0%, and in Memphis
110
847
87
819
102
754
98
796
228
211
1,748
214
1,845
1,761
202
2.008
the Philadelphia Reserve District only 4.6%. In the Cleve- Seattle
Hartford
611
98
57
74
60
786
604
680
land Reserve District the gain is 9.1%, in the Richmond Salt Lake
86
661
79
649
76
681
80
737
Reserve District 3.0% and in the Atlanta Reserve District
Tits!
55,097 45.614 41,992 38,197 495,462 425.231 372,441 355,421
9.0%. In the Chicago District the increase is only 1.3% Other cities
4,005 3,753 3.80 3.970 35.398 33,390 33.491 40,553
and in the St. Louis Reserve Distri3t 0.5% but in the
Total all
59,102 49.367 45,823 19.138 530.860 458,621 401.932 390.523
Minneapolis Reserve District 4.5%. The Dallas Reserve Outside N. Y.C„.20,149 19.264 19,234 18,748 184,008 176,979 172.073 173.469
District falls 2.8% behind and the San Fraa3is33 R3serve
Our usual monthly dettillt.d statement of trinsactions on
District 0.6% while the Dallas Reserve District has a gain the New York Stock Exchange is appended. The results for
September and the nine months of 192j and 1928 are given
of only 0.6%.
below:
September
1929.
September
1928.
Inc or
Dec.
Federal Reserve Dist*.
6
8
let Boston
_14 cities 2.388.866,830 2.171.024.266
2nd Sea York...14 39.867,822,0 5 92,761311,020
3rd Phil:4(101)1a 14 "
2.95,002.892 2,384.868.780
4th Cleceland..15 "
2,015,928,815 1,847,058,755
6th Richmond .10 "
737.999.306
759,961.667
6th Atlanta_ .....18 "
820,630,65i
753,194.348
7th Clikago ...29 "
4,590,841,083 4,531.769.965
8th Rt. 1.0111s...10 "
937,221.211
9'2.677,399
9th ktinnea130111313 682,495,635
654,785,536
111th Ks itsa.4(2111 IS "
1,283,237,804 1.120.507.421
11th 1 wallas
12 "
624,670.8E2
621.084.584
12th San Fran_.23 "
2,835,363.081 2,650,480,5C5
%
+10.0
+29.6
+4.6
+9.1
+3.0
+9.0
+1.3
+0.5
-1-4.5
-2.8
+0.6
-0.6
September
11127,
September
1926.
$
$
2.282.122.476 22776.193.057
27.254,273.160 21.987,787.510
2,503.860,1'5 2.056.0,9.212
1.781,737.482 1.770.989.040
885.987,821
821,501.148
981,381.759
958.212.231
4,374.901,70 4 4.011.229.57'
959,983.551
944.521,824
698 033.529
899.e65.362
1,199513,566 1,250546,416
597.511,310
647,038,521
2.393,802.797 2,476,244561
Month of September.
1929.
Stock, number of shares_
1929.
1928.
Federal Reserve Dias.
let Boston .....14 titles 22.013,217.742 21,498,371.625
2nd Sea York,.14 " 354,361.130.581 287.942.808,187
2nd Philipielicia 14 " 24.461.783.97' 22.950.145.705
4th Cies eland._15 "
18,335,N:6.125 16.702,472.61E
5011 Richmond .10 "
7,214,527.671 7,202.305.571
60 Atlanta_ ___18 "
7,450,768,111 7,241.969 333
765 Chicago ._29
42,049,511,992 41.+51.e77,189
8th St. Louts_ _10
8.634.463,819 8.628,459.1E0
9th M In nes lions 1 3
5.316,779.385 5.051,07.08
10th RansasCity 16
11,657,594,178 11,233,522.509
11th
12
5,012.253,619 4.630,679,555
.•
12th San Fran_28
24,332,943,518 23.989,3E5,221
Inc.or
Dec.
1927.
1926.
+ 2.4 21.162.274.05: 70 577,208.253
+2.31 239.90 585.219 222,960.959,125
+66 22.625,80.178 23.437.713.5 42
+9.8 16,473,642.552 15.994.085.955
-6.1 7,655.661,508 8.168.4 49.633
+15 8.110.285.282 9.507,4E7,662
+1.3 39,431593.574 38,931566.892
+0.1 8.570.318,501 8,742,502,849
+5.
, 4,684.146,186 4,901,858,520
+3.9 10.938,324.696 10,911,5E8,685
+8.2 4,701,491,061 4.845.061,180
+1.4 21,520.803,661 21.511.651,337
Total
193 cities 530,850,280,735 58.621.110,120 +15.8 405.911.556.511 '90,523,533,944
OUtalde N. Y. City____ 184.007.943,486 176,979.243,919 +4.0 172,073,133.196 173,468.808,186
Canada
29 cities 16,227.807.22
, 17.
,
84,429.2D
Total bonds
(000.0003
emitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Plttsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
BANK CLEARINGS AT LEADING CITIES.
Set!ember
Jan. Ito Serf, 3111929. 1928. 1927. 1926.
1929.
1928.
1927.
1926.
8
3
3
8
S
$
6
6
38,953 30,102 26,599 21,360 346,852 281,642 233.858 217,055
2,890 2,916 2.940 2.651 27,214 27,931 26,945 26.391
2,094 1.938 2,030 1,843 19,381 19.055 19.025 18.320
2.327 2,214 2,322 2,382 22,814 21,313 20.994 21,827
555
012
591
5.385
581
5,555
5,611
5,473
836
760
765
7,568
732
6.920
7.019
6,800
890
836
908
8,027
838
8,494
7.361
7.260
318
308
304
304
2,943
2,922
2.874
2,891
443
403
491
382
3.922
3,943
4.198
4,550
574
619
624
643
5.546
5.364
5.439
5,348
534
668
510
575
5.934
5,035
4,800
4,569
292
223
267
210
1.977
2.119
2.197
2.249
472
416
450
367
3,421
3,104
2,826
2,995
157
150
153
140
1.467
1,433
1,379
1,346
1,049
749
750
926
8,832
7,481
6,543
6.623
148
171
1,364
181
176
1,612
1,677
1.623
838
753
882
8.340
705
7,891
6,974
6,631
90,578,701
1.798.855.860
212.252.800 197,310,500 2.070.437.950 2.249.450.325
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for
the years 1926 to 1929 is indicated in the following:
Month of January
February
March
1929.
1928.
1927.
1926.
No. Shares
No, Shares,
No. Shares.
No. Shares.
110.805.940
77.968.730
105.661.570
56.919.395
47.009.070
84.973.869
34.275.410
44.1112.496
49.211.663
38,987,883
35.725.949
52,271,691
1st quarter
294.436.240
188.902.334
127.640.569
126.0145.565
Month of Anr11
May
June
82.600.470
91.243.550
69.546.040
80.478.835
82,398.724
463.866.110
49.781.211
46.597.830
47.778.544
30.326.714
23.341.144
34.251,575
2d quarter
213.130.0611
226,763.669
144.157.585
91,922.433
6 months
537,866,300
415.666.003
271.807.154
218.907.998
93,378,4184
9.5.704.890
100.056.120
39,197;234
67.191.023
90.578.701
34,075.576
51.205.812
51.576.590
36,1191.187
44.491.314
37.030.166
289.139.700
196.966.962
141.357.978
118.212.667
Month of Joly
August
September....
3d quarter
• Largest single day's transaction in the history of the Exchange took place on
Tue•day, June 12 when 5.052.790 shares were traded in.
The following compilation covers the clearings by months
since Jan. 1 in 1929 and 1928:
MONTHLY CLEARINGS.
+4.9 11.972.292.248 12,514,425.270
The course of bank clearings at leading cities of the country
for the month of September and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
1928.
1929.
612 632.965
s
Railroad and misc. bonds 157.599.900 143.516.000 1.514.657.300 1.518.169.65*
State. foreign. .Sc.., bonds
45.509,500
43 596.000
584.137 425
469.794,151
U.S. Government bonds_
9,143,400
10.198.500
146.943.250
94.982.530
'
1
Nine Months.
1928.
100 056,120
Total
.193 cities 59.102.084 597 49.366.570.885 +19.7 35.812,119,893 40.108.227,999
Outside N. Y.(My
20.119,122,928 19,951.242,525 +4.5 19.232,748,201 13,738,209,251
We append another table showing the clearings by Federal
Reserve districts for the nine months back to 1926:
Nine Months.
Description.
Clearings, Taal AU.
Clearings Outside New York.
kfordh.
1928.
1929.
%
1929.
1928.
%
$
$
$
$
Jan.__ 66,131,376,486 51.499.545.411 +28.4 22.227,710,616 20.4541.065.482
.54,668,507.864 44,568,430,792 +22.7 18.738.719.534 17.744,304.726
Feb_.
March 63,226.050.132 55.817,421.912 4-13.3 20.907,211.454 20,363.586,823
+8.7
4-5.6
+2.7
1st qu. 184 025034 482 151 885 398 115 +21.2 61,873,671.604 58.563.957.031
+6.7
April.. 55.171,872,701 51,718.412.536 +6.7 20,174,319.300 19,678.582.063 +2.5
May.. 56.913,490.597 57,893,281.349 -1.720,131.551.00321,188,204,482 -5.0
June.. 53.918.142,206 55,235,314.947 -2.4 19.357.496.066 20.496,576,935 -5.6
2d tin_ 186003505507 164847042832
+0.7 59,663.366.373 61,363.453,480 -2.8
6 mos. 3500294399811 316732440947 +10.5 121 537037977 119927410511
1-1.3
July.. 53.643.007,67846,909.410.422 +31.4 21,435.258,719 19,153.952.924 +11.9
Aux__ 60.085,748.47i 15,612,687.864- +31 7 20.886,523,862 .8.633.637.959 +12.1
Sept -- 59.102.084.597 19.366,570,885 +19.7 20,149.122.928 19.264,242.525 +4.5
3d qr. 180830840.746 141888669,173 +27.4 62,470,901,509 57,051,833,408
+9.5
9 moa 53115u096n 734 458(121 11n 12n -4-1.56 16443437 013 490 176970213 019
+4.0
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. 28 for four years:
CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 28.
Month of September.
Nine Months Ended Septem5cr.
Clearings at1929.
1928.
Inc. or
Dec.
1929,
1928.
Inc. or
Dec.
$
$
%
$
$
%
First Federal Rose rve District- BostonMaine-- Bangor
2,759.713
2,597.127
+6.3
25,334,290
26.779,832 -5.4
Portland
20.797,768
17,072,904 +21.8
164,275.516
147,686.672 +11.2
MISS.-Boston
2,093.540,613 1,938,395,455
+8.0 19,380.773,962 19,055,483,744
+1.7
Fall River
5,484.741
+6.1
5,167.284
51,674,455
64,938,979 -20.1
Holyoke
2,518,237
2,278,021 +10.6
24,127,758
25,978,616
+7.1
Lowell
5,023.975
4,663,989
+7.8
48,574,05
+5.9
45,886.011
New Bedford
5,022.822
4,032,195 +24.6
47,576,536
41,826.083 +13.7
Springfield
23,193,954
20,742,140 +11.8
223.108.553
+3.4
215,759.507
15,313,831
Worcester
14,051,137
+9.0
145.956,302
137,426.599
+6.2
Conn.-Hartford_ --98,264.749
57.168.675 +71.9
785.058,723
680.236,330 +15.6
New Haven
40.415.770
34,661.286 +16.6
350,678,088
339.623.980
+3.3
Waterbury
9.199.100 +14.9
10.572,f'OO
101,978,700
97,840.800
+4.2
It, I.-Providence_ ...
63,048,500
57,829,800
+8.9
634,441,400
+7.11
589,698.200
N. H.-Mancliester
2,910,157
3,161.153 -7.9
28,659,409
27,306,272
+4.9
Total(14 cities)
2,388,866,830 2,171,023,266
+10.0 22.013,217.742 21,496,471,625
+2.4
Week Ended Sept. 28.
1929,
1928.
Inc. or
Dec.
1927.
1926
$
$
%
$
$
619,173
5,245,290
523,324,013
1,139,906
+7.3
577,209
4,502,950 +111.5
459,000,000 +14.0
1,086,495
+4.8
7I8.572i
5.069.7671
488.000,0001
1,682,5061
922.598
5,751.789
492,000.000
2,059,025
1,054,715
1,141,803
+8.3
958,639 +35.2
1,295,791
5,108.676 +13.1
5,778,464
3,992.412 '3,136,010 +27.3
22.838,455
13,459,303 +69.7
7,861,518 +24.3
9,771.933
1.092.8001
1,095.1731
4,971,5741
3,402,3591
16,709.6891
7.812.5171
953,125
1,035,546
5,979,782
3,918,496
16,979.527
7,960.759
15,243,000
703.556
13,519,5001
625,611I
18,038,300
823.069
591,091,796
13,513.000 +12.8
710.871
-1.0
510,969,388
+15.7
544,720,468
557,415,016
[Vol.. 129.
FINANCIAL CHRONICLE
2180
CLEARINGS-(Continued.)
Month 0.1 September.
Clearings at1929.
1928.
$
$
%
Second Federal e serve District -NewYork25,389,084
26,193,246
N. Y.-Albany
5,333.612
5,825,946
Binghamton
223,568.515
318,973.993
Buffalo
4,449.241
4,986.548
Elmira
6,146,225
5,706,645
Jamestown
- 38,952,961,669 30,102,328,360
New York
6,866.587
*7,0'0.000
Niagara Falls. _ _ _.
59,711,820
72,241,572
Rochester
30,464,804
24,802.810
Syracuse
16,682,845
17,480,163
Conn.-Stamford_ _ _ _
3,910,718
3,379,225
N. J.-Montclair_ r_.
156,683,435
112.365,211
Newark
258,085,341
163.958,263
Northern N. J..._
6,037.311
7.439,878
Oranges
Week Ended Sept. 28.
Nine Months Ended September.
Inc. or
Dec.
1929,
1928.
Inc. or
Dec.
8
8
%
•
1929.
1928.
Inc. or
Dec.
1027.
1926.
$
$
%
5
5
5,137,248
5,644,392
245,582,541 -0.4
+3.2
244,500,357
1,225,846
1,352,041
50839.566 + 11.0
+9.2
58,672,585
52,992,664
71,553,586
+42.7 2,528,994,894 2,052,143,473 +23.2
950.479
720,811
42,837.479 +10.8
+12.1
47,378,984
1,267,269
1,498,837
51,462.870 +3.6
+7.7
53,314,879
+20.4 346,852,337,249 81,641,866,201 +23.2 10474076,804 7,817,487,659
80,869,590 +2.0
+1.9
62,075,177
13,456,522
18,438,992
566,816,790 +12.8
+21.0
639,350,727
5,307,000
7,459,977
257,053,552 +13.4
+22.8
291.555,895
4.126,410
4,675,463
+4.8
157,703,123 +11.3
175,515,090
800,972
707.468
37,519,587
34,890,007 +7.6
-13.6
+39.4 1,340,786,678 1,111,512,154 +20.6
39,770,000
80,301,432
+57.4 1,958,311,462 1.603,127.387 +22.2
+23.2
84,103,651 +10.4
70.787.237
+9.9
5.887,235
6,566,458
1,024,500
1.186,562
+10.3
52,785,569
+35.0
35,882,876
-24.2
891,025
1,060.660
+18.3
1.096,297
1.141,266
+34.0 8,569,909,098 ,947,487,441
+37.0
+40.6
+13.3
-11.7
13,979,751
6,042,895
3,314.390
791.643
15,870,642
6,517,292
3,354,533
792,858
+51.6
45,785,302
41,723,382
Total(14 cities)....._ 39,867.862,045 30,761,111,020 +29.6 354,361,130,581 287,942,808,387 +23.1 10464429,803 7,942,522,069 +31.7 6,704,605,012 6,078,466,663
ThirdFederal R s erve District- -Philadelphia59,978,222 -0.1
6,560,476
+3.4
59,901,820
6,785,396
Pa.-Altoona
184,400.206 +16.0
213,820,411
22,919,385 -1.4
27,822.365
Bethlehem
5,212,182 -11.7
48.377,20
49.987,489 -3.2
4,600,128
Chester
17,947,246
20,561,009 -12.7
183.719,173
179,646,830 +2.3
Harrisburg
85,631.393 -5.4
8,133,099
7,794,399 +4.3
81,010.459
Lancaster
+6.1
2,482,948 +19.7
26,019,928
24,094,266
2,972.030
Lebanon
39,184.529 -11.7
3,811,652
3,972.371 -9.1
34,8163368
Norristown
2,327,000,000 2,214,000,000 +5.1 22,844,000.000 21,313,000.000 +7.2
Philadelphia
18,735,470 +0.9
16,888,608
161,179.455 +3.3
169.474,623
Reading
24,016,420 + 11.6
26,796,010
247,234,923 +0.9
249,529,035
Scranton
154,101,173 -0.1
17,201,584 -8.9
18,017,061
153.948,086
Wilkes-Barre
70059,012 +9.3
9,015.843
8,235,959 +9.5
86.431,017
York
10,474,721
10,303,547 +1.7
98.376.467 +0.9
99,245,178
N.J.-Camden
24,873,030 -11.8
21,938,730
271,268.740 -22.0
211.630,066
Trenton
Total(14 cities)- . 2,495,002.892 0384,868,780
Fourth Federal R
Ohio-Akron
Canton
Cincinnati
Cleveland
Columbus
Hamilton
Lorain
Mansfield
Youngstown
Pa.-Beaver Co-- _ _
Franklin
Greensburg
Pittsburgh
Ky.-Lexington _ _ _
W. Va.-Wheeling_
Total(15 cities). Fifth Federal Re'
W. Va.-Huntingtor,
Va.-Norfolk
Richmond
N.C.-Raleigh
S. C.-(
Columbia
Md.-Baltimore_ _
Frederick
Hagerstown
D. C.-Washington_
serve District -Cleveland27,159,000
34,019,000
22,405,578
20.372,317
308,294,540
304,095,889
668,398.010
575,784,822
73,481,406
71.160,500
5,104,437
4,924,702
2.477,81
1,978.680
9,778,101
9,487,117
24,505,69
24,205.833
2,427,721
2.947,736
932,63''
912.000
7.346.91'
6,068.295
836,797.57.
764.861,871
6,449,56
6.877.004
20,371,821.
19,372,989
2,015,928,81
1,847,068,755
+4.6 24,461,783,974 22,950,145,705
-20.2
+ 10.0
+1.4
+16.1
+3.3
+3.6
+26.2
+3.1
+1.3
-37.6
+2.3
+21.1
+9.4
-6.2
+5.2
+9.1
ye District- tichmond4,966.92
4,879.680 +1.8
16,588,46.
18.854,688 -12.,
187,022,0Ck
187,557,000 -0.1
9,394,52
11,072,909 -15.1
9,740,03
7.421.575 +31.3
8.553.01
8,173,779 +4.7
403,298,351
381.696,345 +5.7
2,195.80
2,140,695 +2.6
3,214,63
3.085.182
+4.2
114,986,930
113,117.413 +1.7
759,981.667
753.194,348
Total (28 cities). _ _
4,590,841,083 4,531.769.965
2,303,637
2,819,052
561,000.000 +7.7
4,452,817 +5.7
4,694.989 +36.5
3,718,897 +1.1
1,882,328 +6.8
572.000.000
4,553,751
6,609,672
4,531,786
1,795,190
578.000.000
6,826,514
8,230,260
4,144.783
2,183,455
6,651,572 -31.0
6,226,443
6,728,232
+6.6
635,686,364
.
592,488,531
+7.3
605,712,373
617,233,575
+3.1
+ 12.7
+0.7
+17.9
+0.1
+5.7
+3.7
+ .7
+10.8
-39.4
-21.5
+9.5
+9.1
+6.3
+37
9,499,000
4,301,799
70653.561
155,621,154
14,930,700
12,386,000
3,658,057
76,099,000
140,710.515
18,067,200
-23.3
+ 17.3
-1.5
+10.7
-17.4
8.629,000
3.324,365
72,514,246
120.161,015
18,462,200
9,941.000
0269,653
74,477,581
131,796.575
19,275,400
2,219,517
5,667,303
2,005,863 +10.7
6,348,187 -10.7
1,808,200
5,201,760
2,050,239
5,650,123
214,212,535
190,981,516 +12.3
181.290,70 -
192,957,180
+9.8
479,114,589
450,267,238
+8.4
411,301,52
439,426,757
1,019,678
3,954,999
47.552,000
1,014,992
4.000.200
50849.000
+3.4
-1.2
-8.5
4.591,448
7,202,300571
-6.3
129,670,643
122,622,018
858,778,955
924,449,773
2,148,163,596 1,899.460219
70.864.344
80,582.794
41,727,544
46,560,072
81,130219
65,550,759
632.976,745
599.012,013
114,298,000
110,077,000
141,038,284
111.959,828 927,55.5,379
927,128,736
65,613.725
77.651,888
83.060202
63.408,861
86,612,000
65,712,000
77.393,206
83,728,932
33,546,212
33,464,019
15.784.898
13.738,755
1,978.955,267 2.119,410,729
-5.4
+7.6
+13.1
+ 13.7
+9.2
-22.1
-5.4
-3.7
-20.6
-0.1
+18.3
+0.6
-1.1
.+8.2
-0.1
-13.0
-6.8
7,341.989,334
+1.5
187.667,827
184,514,212
10,444.892
+7.7
+1.4
11,245.944
37.154,114 +11.2
+22.3
41,309,787
+4.8
+13.3 8,832.133,989 7,481,127,835
151.937.283 + 12.2
170,511,651
+2.4
330,693,715 -8.0
-17.7
301,383,282
81,103,285 -0.4
-8.0
80,729.635
123,926.722 +27.8
158,361,973
+18.7
127,081,355 +21.4
+26.3
154,193,431
222,567,206 -0.4
221,585.921
-0.8
892,482,970
+ 10.2
+8.0
964,310,000
119,758,757
+1.8
125,293,853
+0.4
207,598,702
+1.2
209,979,344
+5.2
140.582.610 -12.4
-12.2
123,201.072
-13.4 1,364,160,897 1,611,885,083 -15.3
30,333,977 -4.7
-1.8
37,4863116
114.858,601
+8.1
123.931,368
+21.8
459,567,152
487.406,839
+8.2
-0.5
391,247,353 -1.5
-3.0
385,221,313
10,270.094 -1.0
+1.5 , 19,071.748
271,310,484
+1.8
276,311,179
-10.1
53.854.277 +18.0
+14.8
63,605,501
52.515,443 -3.3
-2.8
50,773,543
72,836.856
78,904,622
+8.8
+0.5
-1.9 27,214,037.356 27,931.063,365 -2.6
50.857.833 -1.0
+6.0
50.336,548
210.719,032 +11.4
234,910.620
+10.2
139.800691 +11.3
155,576,421
+20.8
110,469,561
106,902.903
+3.3
+6.3
288,864
1,507,878
282,478,365
+9.0
7.450,766.111
+1.3 42,040,513,992 41,451.837.189
Eliihth Federal Re serve District -St. Louis-Ind.-Evansville. _
22,520,841
22,659.439 -0.6
New Albany
858,3.50 +33.0
875,363
Mo.-St. Louis
554,555.685
590.877.552 -6.1
149.088,242
+5.4
157,166,369
Owensboro
1,408.245
+9.9
1,548,311
Paducah _ _ .....
9,326,700 -1.7
9,169,141
Tenn. Memphis
109,687,438
87,273,953 +25.7
Ark -little Rock.
73,718,317
63,693,616 +15.7
Ill.-Jacksonville _
1,520.542
+3.3
1,57^,805
Quincy
4,170,751
+3.0
6.410.941
Total(10°Mei)_ _ _
-7.4
2,065,540
7,214,527.671
-4.8
+7.2
+21,5
+37.4
+21.5
-26.2
-10.8
-3.1
-49.5
+8.4
+73.7
+16.2
-4.8
+9.4
+12.6
-24.7
+6.2
820,630,852
1,899,215
4,749,631
1,654,433
-4.6
-8.9
-0.1
-3.8
-2.7
+7.1
-0.7
-0.1
-5.7
+5.)
Sixth Federal Res , rve District- %Dante11,958,437
12,557,924
Tenn.-Knoxville_ __ •
•
99.491,244
92,804,852
Nashville
248,956,20'
204,949,454
Georgia-Atlanta _ _ •
•
19,881,02C
7,922,703
Augusta
4,618,639
5.711,040
Columbus
10,597,429
Macon
7.815,66
54.384,376
48.492,42'
Fla.-Jacksonville
7,671,000
Miami
7.437,00C
6.154,00
12,176,434
Tampa
107,555,377
99,249,111
Ala.-Birmingham _ _
7.271,173
Mobile
12,830,0te
8,285,651
7,111,708
Montgomery
7,922,000
7,541.001
Miss.-Hattiesburg
8,659,328
Jackson
9,475,001
4,155,671
3,688,970
Meridian
1.802,412
1,358,601
Vicksburg
222,754,244
Ls.-New Orleans.
209.728,835
Seventh Federal
eserve Distrh. t-Chicago1,137,314
1,153,537
Michigan-Adrian. _
Ann Arbor
4,921,957
4,011,873
1,049,126,529
925.877.789
Detroit
20,175,655
19,709.982
Flint
38,859,912
31,929,412
Grand Rapids
8.303.505
9.023.274
Jackson
22,356,769
19,157,480
Lansing
13,549,092
17,113,033
Ind.-Ft. Wayne.....
23.403.280
23,507,571
Gary
92,604,181
102,054,000
Indianapolis
12.840,070
12,710./00
South Bend
20,792,716
21,870.670
Terre Haute
13,175,813
11.567.508
Wis.-Madison
171,104,935
148,232,639
Milwaukee
3,994,363
3,922.465
Oshkosh
14.715,563
12,079.019
Iowa-Cedar Rapids 51,850.338
51,600.050
Davenport
43,285,812
41,981,189
Des Moines
2,130,833
2,182.373
Iowa City
29,125,486
32.381.532
Sioux City
8,228,678
7.150.266
Waterloo
5,457,781
Illinois-Aurora
5.304,185
8,622,448
8.662,797
Bloomington
2,890,193,081 2,946.014.104
Chicago
5,353,450
Decatur
5,672,148
Peoria
26,103,455
23.690.947
Rockford
17,661.289
14,822.290
11,539,162
10.845.558
Springfield
18,345,308,125 16.702.478.818
801,000,000
4,706,068
6,403,096
3,781,629
2,006,916
1.580,335
4,624,712
1.483.847
47,951,743
198,84.1,301
1.654,272.964
95,529.959
85,4253854
81,539,503
3,943.280408
18,187.211
31.814.931
1.015.377,252
+3.0
Total(17 eftles) _
273,447.000
167.988,930
2.921,827.162
5,035.207,249
670.756.650
45,033.289
16,478.796
76,385,509
226.457.271
27,945,487
10,667,098
57,431,173
6.919.642.907
78.506,987,
174,025.158
1,912,918
+5.4
1,529,421
*4,200,000 +33.3
1,292,965 -15.9
45,765,151
181,086.00
1,647.608,333
91,939.918
83,148,279
87,355,484
3,922.492,131
18,024,088
30,021,260
1,107.086,077
737,999.306
Total(10 cities)---
282,005,000
189,386,998
2.942,855,881
5,934,158,217
871.758,500
47,616,312
18,083,399
82.267,670
250.364,107
22,523,435
8.378,173
62,901.393
7.568,234,680
83.461,974
181,327,556
1,611,456
5,601,071
1,086,762
212,202,208
7,268,754
5,384.811.554
1,467,289.771
15,783,591
98,764.835
819,499.030
553,884.733
15,824,458
59.334,965
,
187,153,493
6.579.787
5,555,487.615
1,433,382,709
15,153,456
90,551,431
753,737.231
512.626,703
14,381,803
59,417,121
1,729,068
8,119,143
52,701.000
1,769,331 +42.7
0112.778
3,030,940
90,974.938
+6.9
99.893.60(1
113,930,884
27.054,632
27,496,220
-1.6
25,819,164
25,977,376
179,339,736
178,104,881
-1-1.8
188.180.466
205,488,411
2,555,581
24,272,126
57,847,560
2,536.071
2,498,077 +2.3
23,088,009 +5.2
50.648,583 + 14..
7,228,264 -64.0
2,708.975
22.976.115
54.243.825
3,538,177
2.850923
21,409.655
55,851,015
2,980.060
*3.000,000
11,052,984
1,321,000
2,781.618
+7
12,812.385 -13.7
1,521,558 -13.
2,801.718
13.711.973
2.857.000
2,371,592
18,983,546
5.832,254
25,856,160
2,848,624
+7
24,076,261
1,934,808 +47.
30,750.336
1.780,137
27,455,254
2,220,010
1.880.000
1,759,000
471,116
82,543,881
482,029
70,627,000
200.361,633
211.638,344
243,448 +19.8
914.078 +65.0
231,328,115 +22.1
275,176
1.250000
181.981,249
236,015
1,358,070
169,467,629
2,525,697
97.202,730
1,985,000
262.040
54,190,472
2,149.379
-7.
448,331 -41
54,450,936 -0
+1.
6,657,202
7.762,708 -14.2
6,944,915
8,782,961
4,928,000
4,024,573
3,804,767 +29.5
3.370,142 +19.4
2,02.5,132
2.737,276
2,870,639
2,801,295
22,429,000
0023,609
5,171,474
20,833,000 +7.7
2,749.300 + 10.0
+1.3
5,002,661
21,314.000
2,618.300
5,500977
21,783.917
3,034,900
5,334,911
30822,384
37,738,900 -10.4
39,409,917
41,974,278
3,211,186
2,849.209 +12.7
2.757,688
2,756,451
9,627,454
10,697.000 -13.3
8,060,089
9,622,116
7,487,603
1,854,585
7,950,175 -5.8
1,486,451 +24.8
5,911.270
1,211,957
8,860,002
1,422.330
1,911,364
722,389,201
1.250.361
5.737,173
3,811,832
2,714,796
1,558,277 +22.8
701,335.480 +3.0
1.218,553 +2.6
5,522,721
+3.9
3,371,958 +13.8
+1.6
2,700,026
1,525,420
675,970,590
1,261,680
4,317,317
3,131.010
2.417,113
1,510,278
670,926,222
1,245,838
4,764,588
3,189,138
2,550,212
+8.8
952,500214
962,491,786
+1.4 1,124,384.902 1,052,534,165
+104
+10.5
-3.1
+2.4
+17.2
+9.1
+8.7
+8.0
\+10.0
-0.1
1,353,818
4,379,07:
54,202,000
5,045.208 -26.6
4.914,030
5,798,441
133,100.000
36,140178
330,165
147,600,0114 -9.8
35,384,831
+2.1
285.0.47 +15.6
130,800.000
32,998,987
281.435
141,400,000
30,054,891
282,052
32,677,614
20,012,726
373.443
1,403,257
25,682,100 +27.2
16,467.702 +21.8
300,126 +24.4
1,445.093 -2.9
4,365,328
31.010205
15.788,007
320.283,
1,337.1301
28,485,545
18,645,321
408.039
1,324,171
OCT. 5 1929.]
2181
FINANCIAL CHRONICLE
CLEARI NG S.-(Concluded.)
1929.
1928.
Week Ended Sept. 28.
Nine Months Ended September.
Month of September.
Clearings at-
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1927.
1926.
$
$
Ninth Federal Res erve District -Minneapoll s46,211,159 -33.8
30,560,638
Minn.-Duluth
415,941,668 +13.6
472,361,390
Minneapolis
2,679,850 +3.0
2,760,366
Rochester
133,675,340 -14.0
114,889,153
St. Paul
7,944,632 +13.4
9,011,587
N. D.-Fargo
6,225,000 +54.1
9,594,000
Grand Forks
+32.2
2,184,286
2,887,468
Minot
6,962,735 -31.1
4,793,952
S. D.-Aberdeen_ _ _ _
6,574,349 +16.4
7,652,268
Sioux Falls
3,668,770 -2.6
3,609,743
Mont.-Billings
6,819.657 +7.4
7,321,246
Great Falls
+8.7
14,935,016
16,237,943
Helena
963.074 -35.3
815,881
Lewistown
295.690,402
3,421,366,287
24,170,285
1,077,835,750
79.012,857
59,567,000
18,672,005
45,854,453
74,483,700
27,002,665
52,460,685
135,182,377
5,480,919
291,095,203
3,104.461,919
24,248,273
1,167,625,308
75,385,108
51,476,000
15,202,384
52,197,341
64,412,399
25,647.57
45,744,45
127,038,82
6,512,26
+1.5
+10.2
---0.3
---7.7
+4.8
+15.7
+9.7
--12.2
+15.6
+5.3
+14.7
+5.4
--35.9
8,885,517
114,832,423
12,985,791 -48.5
100,354.082 +14.4
18,166,730
106.727,667
9,242,684
83,563,837
26,718,816
2,157,659
30.707.949 --13.0
1,772.989 +21.7
27,890,535
1,788,360
29,136.933
1.818,728
1,485,585
+4.5
5,316,779,385
5,051,047,018
Tenth Federal Res erve District -Kansas Cit y1,683.892 -7.1
1,564,649
Neb.-Fremont
2,533,344 -5.5
Hastings
2,393,634
19,553,047 -23.1
Lincoln
15,034,216
204,948,073 -2.4
Omaha
199,974,206
+1.8
Kan.-Kan. City......
9,264,846
9,435,478
15,233,160 +2.3
Topeka
15,588,448
38,025,067 -11.9
Wichita
33,507,940
+8.8
5,582,481
5,962,007
Mo.-Joplin
642,276,891 -3.6
Kansas City
619,327.000
33,337,000 -14.3
St. Joseph
28,582.000
Okla.-Okla. City
126,477,743 +4.6
132,338,000
. Tulsa
54,289.000 -24.0
47,252,546
5,930 563 -5.1
5,659,494
Colo.-Colo. Springs_
154,707,289 +2.6
158,708,651
Denver
6,835,025 +19.2
7.909,537
Pueblo
15,421,023
23,377,372
161,877,500
1,789,305,827
84.945,222
142,874,729
337,747,309
53,212,933
5,545,543,622
278,374,773
1,174,311,017
483,062,741
57,277,276
1,453,165,698
67,097,136
Total(13 cities).-
682,495,635
854,785.536
Total(10 cities)_--- 1,283,237,804 1,320,507,421
Eleventh Federal Reserve Dlstr ict-Dallas10,631,355
Texas-Austin
8,204,995
8,200,000
8,985,000
Beaumont
261,719,707
Dallas
261,650,608
22,560,098
El Paso
23,636,951
61,452,128
Fort Worth
56,704,210
37,640,000
27,800,000
Galveston
176,223,906
186,985,841
Houston
2,466,208
Port Arthur
4,008,234
3,519,290
Texarkana
3,676,728
9,855,000
Wichita Falls
9,372,000
26,816,892
La.-Shreveport
33,646,315
1,406,111
1,406,212
--0.1
1,667,723
967,066
1,019,387
--5.1
801,508
729,271
3.900,000
3,822,000
+2.0
3,578,000
3.366,476
+5.3
156,667,592
152,068,410
+3.1
160,620,523
129,371,494
16,197,108
21,427,307
189,590,466
1,733,118,511
80.636,594
144,102,041
362,547,818
52,240,435
5,363.921,045
276,527,429
1,109,525,033
452.724,181
52,738,253
1,323.026,078
55.200,407
-7.1
+9.1
-14.6
+3.2
+5.3
-0.8
-6.8
+1.8
+3.4
+0.7
+5.9
+6.7
+8.5
+9.8
+21.6
319,518
510.602
3.134,015
47,789,358
368,824 -13.4
494,070 +3.3
4,217,200 -25.7
48,478,458 -1.4
208,205
395,987
4,336,901
38,510,931
307.099
434,460
4,569,305
40,703,340
3,978,275
7,455,889
2,832.362 +41.1
8,710,094 -14.4
2,373,040
6,791,078
2,578,447
7,113,700
147,134,225
8.643.951
31,492,336
150,849,350 --2.5
7.446,952 --10.8
30,988,924 +1.6
124,487,531
6.042,562
28.480,380
138,710,641
6,145,042
29,868,407
1,239,883
1,508,923 -17.8
a
a
1,481,556 +12.4
1,213,191
a
1,281.038
1,442,501
a
1,181,192
-2.8 11,867,594,178 11,233,522.508
+3.9
213,193,444
234,054,124
1,868,005
251,362,057
257,378,713
--2.3
2.269,479
2,485,968
--8.7
1,921,834
2,117,670
67,901,537
67,224,138
+1.0
62,008,837
59,299.429
13,697,794
6,797.000
15,462,289 --11.4
9,616,000 --29.3
14,660,482
7,910,000
15,179,287
15,820,000
-22.8
+9.6
-0.1
+4.8
-7.7
-26.1
+6.1
+62.5
+4.5
-4.9
+25.5
73,398,782
84,906,692
2,067,994,518
235,824.792
537.385,556
200,800,000
1,448,857,602
31,273,624
23,533,627
98,640.246
209,838,199
68,156,129 +7.7
76,355.000 +8.6
1,934,765,961
+6.8
209.145,741 +12.8
+6.1
506,701.508
205,333,000 --2.3
1,271,626,570 +13.9
21,545,681 +15.2
23,229,454 +1.3
99,060,013 --AD.4
214.760,520 --2.3
+0.6
5,012,253,639
4,630,879,555
+8.2
Twelfth Federal R eserve Distric t-San Franc 'see3,438,000 +1.8
Wash.-Bellingham_ *3,500,000
210,622,288 +8.0
227,526,391
Seattle
62.543,000 -0.9
81,994,000
Spokane
8,358,495 +3.3
• 8,633,510
Yakima
6,593,869 +8.0
Idaho-Boise
7,118,453
2,297,000 +0.9
2,318,217
Oregon-Eugene
171,758,403 +5.3
180,900,716
Portland
10,586,012 -4.7
Utah-Ogden
10,068,963
79,497,629 +7.6
85,523,381
Salt Lake City
14,129,000 +22.2
17,266,000
Arizona-Phoenix
5,006.209 +11.8
5,595,117
Calif.-Bakersfield_
20,554,226 -4.1
19,710,746
Berkeley
14,956,977 +30.0
19,436,351
Fresno
34,714,121 -3.7
33,422,489
Long Beach
881,573,000 -5.0
Los Angeles
837.817,000
4,350,015 +10.4
4,802,487
Modesto
80,669,263 +2.7
82,884,493
Oakland
26,738,446 -8.3
24,407,229
Pasadena
4.003,084 +2.1
4,085,990
Riverside
34,440,063 +2.2
35,185,397
Sacramento
22,968,540 +10.9
25,466,310
San Diego
907,577,905 -2.0
889,656,062
San Francisco
13.764.723 +32.1
San Jose
18,185,528
7,216,126 +16.1
8,374,985
Santa Barbara
8,967,20.5 -2.7
8,728,176
Santa Monica
2,314,626 -2.0
2,269,195
Santa Rosa
10,862,300 -3.5
10,486,900
Stocktov
33,697,000
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
8,340,414,000
37,910,126
756,254,804
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
32,372,000
1,885,092,326
513,641,000
56,094.914
97,385.551
18.444,856
1,443,950,652
64,937,207
683,935,112
138,059.000
48,552.817
197,043,920
138,757.880
313.810,864
7,890,822,000
35,856.335
772,676.024
268,111.865
41,322,223
286,449,917
219,329,435
8,494,314,866
124,054,833
66,466,134
86,844.568
19,755.625
101,303,500
+4.1
+6.5
--3.3
+4.6
+8.2
+8.1
+5.2
+2.8
+7.8
+29.6
+9.3
--4.0
+2.8
+10.0
+5.7
+5.7
-2.1
+4.3
+15.6
+1.7
+7.8
-5.5
+6.0
+16.7
-0.1
+0.1
-1.3
5,022,393
8,305,961
206,450,000
2,486,500
2,401,100
+3.6
-0.6 24,332,943,518 23,989,385,224
+1.4
602,059.391
608,105,903
-0.7
Total(12 cities)
Total (27 cities)
624,670,882
621,084,584
- 2,835,363,1381 2,650,480,505
6,547,554
8,776.768
-3.4
6,020,043
6.225,495
97,213,364
101,565.159
-4.3
92,521,196
98,641,861
53,862,473
14,524.000
2,001,993
48,256,717 +11.6
14,220,000 +2.1
1,869,802
+7.0
46,645,054
12,653,000
1,609,747
48,795,209
11,558,0041
1,681.552
42,045,571
39,770,105
+5.7
38,103.737
40,462,435
21,312,983
20,159,950
+5.7
17,959,454
20,100,020
4,138,447 +21.4
8,328,899 -0.3
207,752,000 -0.6
4,904,509
6,160,354
182,868.000
5,323,359
6,607,173
173,173,000
+3.6
-5.1
17,560,656
5,373,618
17,826,719
5,423,175
7.032,469 -2.0
5,090,888 +13.9
216,913,992
+1.7
3,170,711 +22.3
+4.5
1,556,251
1,925,808 -4.0
6,169,514
4,262,681
202,892,000
3,058,363
1,221,181
1,952,834
7,704.799
5,354,908
189,587,000
3,817,477
1,319,343
2,112,284
2,519,600
2,509,500
18,324,215
5,530,462
6,890.232
5,796,906
220,689,400
3,879,286
1,626,460
1,848,556
17,890,331
5,830.633
535,714,880 5,444,935,931
Grand total(193cities) 59,102,084,597 49,366,570,885 +19.7 530,860,280,735 458,621,110:120 +15.8 14997469,712 12259627,427 +22.3 10827012,766 10296788,849
Outside New York... 20,149,122,928 19,284,242,525
+4.0 4,523.392.908 4,440.139,768
+4.5 184,007,943,486 176,979,243.919
+1.9 4.257.103.888 4,349,321,207
CANADIAN CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 26.
'
,
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster..._
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Total (31 cities!__
1929.
$
633,071,450
885,188,609
296,378,252
95,715,108
32,205,340
29,671,895
14,471,212
27,866,866
58,044,297
10.577,492
11,862,145
15,396.683
26,996,084
28,199,913
2,953,969
3.718,867
•12,000,000
5,832,908
5,486,713
4,579,001
4,578,853
2,520,059
4,434,141
4,498,210
5,401,838
21,655,920
2,193,355
4.036,691
3,984,261
2.744,612
*3,500,000
1928.
$
540,516.260
553,989,016
245.267.247
80,967,643
32,986,904
30,918.556
14,097,633
26,380,455
47,903,542
11,061,034
10,221,796
13,772.226
27,451,898
27,451.715
3,579.473
3,736,777
11,861,320
8,667,586
5,369,580
5,335,917
3,846,904
2,426,048
4,137,095
3,993.338
5,157,095
22,608,308
2,068,020
3,915,353
3,857,846
3,125,625
3,079,325
Isr,R an4 542 1.757.551.541
Week Ended Sept. 26.
Nine Months Ended September.
Month of September.
Cleartno at-
Inc. or,
Dec.
1929.
1928.
inc. or
Dec.
1928.
$
5,762,798,052
5,500,307,824
2,310,811,538
808,215,762
304,344,245
258,379,792
135,688,284
248,448,418
464,649,843
110.031,832
98,573,882
131,926,763
249,710,738
204,707.966
25,145,366
28,557,087
9.5,231,838
50,228,112
53,430,508
41,620.070
32,325,831
17,815,579
35,242,071
36,894,975
48,018,448
189,764,867
17.343,157
35.336.552
33,481,155
30.597,246
26,801,409
%
+3.4
+1.1
+0.8
+16.2
+6.2
+4.2
+8.9
+3.4
+10.1
+5.0
+14.0
+2.9
+4.5
+13.8
+0.2
-6.8
+6.1
+3.8
+5.9
-10.2
+18.9
+5.5
+9.0
+9.7
+7.7
+24.4
+9.6
+6.7
+2.3
-0.4
+21.0
$
146,322,144
138,406,794
81,145,470
25,480,467
7,164.855
8,932,124
3.413.257
7,082,988
8,489,288
2,331,983
2,730,459
3,733,591
8,489,388
6.947.942
715,138
943,780
2,858,977
1,446,505
1,331,351
1,057,755
1,018,112
636,138
1,045,837
1.006.092
1,350,573
5,076,482
497,994
916,262
929,808
627,449
928,135
$
125,044,709
122,038,819
71,733,341
20,925.142
7.523.929
8,837,605
3,370.977
8,078,882
12,560,288
2,843,569
2,271,798
3,129,868
8,220,531
6,638,229
857,069
894,929
2,958,138
1,512,610
1,316,092
1,373,505
823,684
483,114
940.969
849,60.
1,283.958
5,948.992
481,587
902,431
859.056
758,527
834.122
+10.4 18,227,807,223 17,384,429,213
+4.9
487.059.738
420.092.913
%
+17.1
+5.6
+19.4
+18.2
-2.3
-4.0
+2.7
+5.6
+21.2
-4.4
+16.0
+11.8
+2.0
+9.3
-17.5
--0.5
+1.2
-12.5
+1.8
-14.2
+19.1
+3.9
+7.2
+12.6
+5.9
-4.2
+6.1
+3.1
+8.9
-12.2
+13.7
$
5,958,912,812
5,763,397,300
2,329,625,788
936.979,182
323,261.385
269,141,080
147,778,286
258,916,178
511,618,814
115,501,691
112,315,570
135,623,999
260.052,863
231,138,849
25,185,256
26,621,204
101,029,088
52,181,4413
56,566,109
37,373,778
38,488,125
18,791,133
38.417,543
40,499,484
51,705.409
236,066,948
18,908,938
37,712,266
31,253,515
30,480,464
32,449.664
a Manager of clearing house refuses to report clearings for week ended Saturday. * Estimated.
1929.
Inc. Or
Dee,
1927.
1926.
$
9.1
+18.8 127,443,129
+13.4 132,349,430
44,582,718
A-13.1
18.573,852
A-21.7
8.069,015
-4.8
+1.4' 5,818.285
2.896,287
1-1.3
5.858,749
+18.5
6,738,999
-48.3
2,233,761
--18.0
2,108,493
+20.2
2,958,841
+19.3
4-4.3
5,527.168
4,616,021
A-4.7
572,496
--18.6
1-5.5
563,116
-3.4
2,041.040
1,272,118
-4.4
4-1.4
1,330,722
--23.0
963,990
A-27.2
860,158
360,194
+31.7
A-11.2
801,496
+18.4
711,638
1,058,875
A-5.2
4,732,924
-14.7
308.811
+3.4
A-1.5
735.285
1-8.2
1,075,302
--17.1
766,353
+48.4
634,483
$
98,117,384
90.421,827
58,887.253
15.437,937
5,419,808
5.966.707
2,769,611
4,852,568
4,727,310
2,253,958
1,769,990
2,230,523
4,438,489
5,387,532
588,683
434,147
1,836,445
1,429.527
932.607
786,305
718,759
272,083
847.535
775.104
934,337
4,221,449
330,518
781,181
616,739
580,156
831.792
384,413,579
319.227.746
A-11.2
FINANCIAL OHRONICLE
Iv/
CURRENT NOTICES.
—The New York Stock Exchange firm of Baker, Winans & Harden has
been formed with offices at 52 Wall St., New York,to take over the business
heretofore conducted by Campbell, Starring & Co. at the same address.
The firm of Baker, Winans & Harden will consist of Frank E. Baker,
formerly of Thayer. Baker & Co., investment bankers of Philadelphia:
Frank F. Winans, for several years a Vice-President of the National City
Co..resident in Chicago. and formerly President of the Chicago Association
of Commerce: William H. Baker, formerly with Cassatt & Co., who has a
seat on the New York Stock Exchange, and Walker Harden, not previously
engaged in business. The limited partners will be F. A. Vanderlip, H. E.
Benedict and Albert R. Thayer. Mr. Vanderlip, one of the special partners, was formerly Assistant Secretary of the Treasury and for ten years
President of the National City Bank. Be was a special partner in the firm
of Campbell. Starring & Co. H. E. Benedict, who was also a special partner in the firm of Campbell, Starring & Co.. has been associated with
Mr. Vanderlip since 1920. He was formerly connected with one of the
la-gest banking institutions in New York and was Executive Secretary
of the National War Savings Committee at the Treasury in Washington
during the war. Albert It. Thayer. the third special partner, has been
associated with Frank E. Baker in the Philadelphia investment house of
Thayer. Baker & Co. Coincident with the formation of the firm of Baker,
Winans & Harden, it was announced that the firm of Thayer. Baker & Co.
will hereafter be conducted as a corporation under thesame name. A Philadelphia Stock Exchange seat held by Frank E. Baker will be brought by
him to the firm of Baker, Winans & Harden. The new firm will have in
addition to its main office at 52 Wall St.. a branch office in the Graybar
Building. 420 Lexington Ave., New York, and will shortly have a branch
office in Philadelphia. In the meantime, Thayer. Baker & Co., Inc., will
act as its Philadelphia correspondents.
—There has been a 665e % increase in the volume of air mall carried in
the United States in the past 12 months, according to Adams & Peck. 63
Wall St.. New York, who have prepared tables comparing the pounclaae
carried in Auzust. 1928, with that carried in August 1929. "This
popularity of the air mail service," says their statement,"is theunexpctd chief
factor necessitating a revidon of the contracts with the air mail operators.
Executives of the air mail lines have been called into conference with the
Post Office officials beeinning on Sept. 30, with respect to modification of
their contracts for carrying the mail, most of which were entered into before
the air postage rate was reduced. The Government contends that the volume of mall is increasing so rapidly that the payments to the contractors
will exceed the Post Office Department appropriation for the service. The
contractors are now paid on a poundage basis, some of the lines receiving
as high as $3 per pound. It is expected that the contract rates on several
of the leading routes will be reduced."
—"Direct Mail in the Selling of Securities; a Big Failure and a Dig
SUCCess." is the subject of an address to be delivered by Robert G. Fields
of Caldwell & Co. of Nashville. Tenn., before the convention of Direct
Mall Advertising Association which will be held in Cleveland,0., on Oct. 910-11. In addressing the Financial Departmental Session on Thursday.
Oct. 10. Mr. Fields plans to demonstrate how investment bankers use
direct mall for both wholesale and retail distribution and its particular
place in the general plan of investment advertising, according to word
received at the Cleveland headquarters for the convention. Two other
prominent advertising men who are in the banking business will deliver
addressee at the same session. They are Frank Fuchs, manager of publicity
of the First National Bank of St. Louis, Mo., whose subject will be "Defensive Direct Mail Selling," and M. J. Easton, advertising manager of
the Northern Trust Co. of Chicago. Ill., who will talk on "Traceable Results
from Trust Direct Mail."
—Eugene E. Allem and John Leland Cross, both former executives of the
National City organization, have become members of the 50-year-old New
York Stock Exchange firm of Carter & Co. Other partners of the firm
are James H. Carter,also a former National City executive, who was elected
a member of the Stock Exchange upon the death of his brother, the late
Edwin M.Carter. and John H. Dowdell. associated as amember of the firm
for a number of years. The new partners in the firm will fill vacancies
created by the death of Mr. Carter's brother and the retirement of Fred
S. Cutter. Mr. Cress, prior to his association with the National City
Bank of New York, was Federal Reserve bank examiner and Deputy Governor of the Federal Reserve Bank of Kansas-City. Mr. Alio], as Assistant
Vice-President of the National City Co., played a prominent part in that
organization's activities in the South.
—An alliance between two of the largest and oldest investment banking
Institutions of the Pacific Coast became effective Oct. 1 with the consolidation of Hunter, Dulin & Co. and Bond & Goodwin & Tucker, Inc., under
the name of Tucker. Hunter, Dulin & Co. The merger creates the strongest underwriting, wholesale and retailing investment organization on the
Pacific seaboard. Principal offices are in the Hunter Dulin Bendiest.
San Francieco. and the Rowan Building, Los Angeles. Branch offices are
located in a cities extending from Seattle to San Diego. The officers are:
Frank L. Taylor, President: Nion R. Tucker. Executive Vie-President:
Robert E. Hunter. Thomas B. Eastland, Garrettson Dulin, Bernard W.
Ford, G. Parker Toms, Carey S. Hill, E. S. Dulin, Mark C. Elworthy
and Henry G. Reed. VIc3-Presidents.
—Stevenson E. Ward. President of the National Bank of Commerce in
New York City until its merger with Guaranty Trust Co. in May of this
year, has been admitted to E. F. Hutton & Co., members of the New York
Stock Exchange, as a general partner, according to an announcement made
today. Mr. Ward started his banking career with his father in the Bank of
Mansfield. Mansfield, Ohio, In 1502. leaving there in 1912 to become assistant cashier in the National Bank of Commerce of New York. Subsequently
he was named cashier, Vice-President and President in 1923, which post
he held up to May 6 1929. Mr. Ward is an alumnus of the University cf
Michigan law school. Announcement was also made that the firm has admitted as a general partner Gerald M. Loeb. head of its statistical department.
—It is announced by the engineering firm of Sanderson & Porter teat
Robert L. Hamill and Dennis J. Walsh Jr., have been admitted as partners
in tee firm. The new partners have long been associated in important
executive capacities with Sanderson & Porter. The engineering firm.
established in 1896. now has offices In New York. Chicago and San Francisco. As consulting and constructing engineers, the firm has been identified with the organization, management and operation of many wellknown public utility and industrial corporations. The other partners of
the firm include E. N. Sanderson, H. Hobart Porter. Francis Blossom.
Richmond Talbot, Wynn Meredith, Seton Porter, Lucien R. Shattuck,
Frank W. Lawrence and Frederic G. Coburn.
—Kean. Taylor & Co., members of the New York Stock Exchange, announce the opening of a Newark, N. .7., office at 730 Broad St. Charles
H. Reed will be the resident partner and Edwin C. Stengel Assistant Manager.
[Vor.. 129.
—Hirsch, Lilienthal & Co., members of the New York Stock Exchange
announce the opening of a Paris office at 44 Avenue des Champs-Elyssees.
The office will be under the management of Captain Daniel Sickles, while
Charles S. Hirsch, Jr., who is now in Paris and has completed arrangements
for the opening of the quarters, will be the American representative at the
office. The office is located in the new up-town financial section of the
French metropolis in the recently completed building now occupied by the
National City Bank. An instantaneous wire system has been installed which
supplies every fifteen minutes quotations on 70 to 80 active stocks listed on
the New York Stock Exchange.
—Announcement has been made that Ferdinand Eberstadt has become a
partner in the firm of Otis & Co., resident in New York. Mr. Eberstadt
resigned his partnership in the firm of Dillon. Read & Co. on Jan. 1 of this
year and subsequently attended the Reparations Conference in the capacity
of assistant to Mr. Owen D. Young. The firm of Otis & Co. was founded
In 1899 in Cleveland and is closely identified with large banking, public
utility, steel and other industrial interests in the United States, particularly
in the middle west. Otis & Co. are members of the New York. Chicago
and other leading stock exchanges in the United States and maintain office,
in 21 cities.
—G. Edward Prouty, for twenty-one years associated with Hayden
Stone & Co., has been elected a Vice-President and Director of A. B.
Conant & Co., Inc., specialists in public utility securities. With its predecessor firms A. B. Conant & Co., Inc. has been active in the investment
banking field of Boston for more than twenty years. Other officers are
Augustus B. Conant, President, Edgar J. Driscoll, Vice-President, and
Harold B. Kelley. Treasurer.
—Heavy trading has forced Hornblower & Weeks to increase by 50%
their telephone facilities in their offices at 42 Broadway, New York, and the
company now has one of the largest telephone installations of its kind in
Wall Street. With their new number Digby 6600 the firm has fifty-five
trunk lines for the reception of the thousands of daily calls from customers,
plus twenty additional lines into the clerical department, or seventy-five
trunk lines altogether.
—Edward N. Hurley, former Chairman of the Federal Trade Commission and war-time head of the U. S. Shipping Board, has joined the securities firm of Hurley & Co.. Chicago, as Chairman of the Board. His son,
Raymond J. Hurley, will continue as President of the enlarged firm, the
capital of which has been increased to 200,000 shares of $25 par value, a
total of $5.000,000. The firm will deal in general investment securities.
—Charles M. Kinsolving has been elected Vice-President of Hambleton
8z Co.In charge of the New York company and subsidiaries, including offices
In Brooklyn, Newark, Syracuse, Boston, Buffalo, Providence. New Haven,
Albany and the Bronx. After serving four years in the investment department of J. & W. Seligman & Co., he assumed charge of distribution In
Hambieton & Co.'s New York office last spring.
—Ross Beason & Co. with offices in Los Angeles and Pelt Lake City,
and Smith, Burris & Co. of Chicago, have acquired the interest of F. J.
Lisman & Co. in American Basic-Business Shares Corp., depositor for
Fixed Trust Shares and Basic Industry Shares. Ross Beason & Co., who
will handle wholesaling in eastern territory, are establishing a New York
office to take care of this business.
—The Atlantic City office of The National City Co. have opened for
business in the new and enlarged quarters provided for it at No. 1237
Boardwalk. The new location is in the same block with the smaller
quarters heretofore occupied by the company and is centrally situated
to the hotel, business and amusement districts of the city.
—Charles 8. Hart. for the past seven years business manager of the
'Elks National Publication" and formerly connected with the Hearst
organization as business manager of the "American Sunday Monthly Magazine" and "Hearst International," has become associated with the New
York Stock Exchange firm of Jackson Bros., Deese' & Co.
—.7. E. Jarrett Co., Inc., established in 1912 with offices in Dallas,
San Antonio and Houston, Texas, announce the opening of a New York
office at 57 William Street, under the management of Warwick F. Field,
Vice-President. The firm will act as originators, participators and distributors of high grade investment securities.
—Announcement is made by IIambleton & Co. that E. Jay Comer,
who recently became a Vice-President of the company, will soon leave
Chicago to make his headquarters in New York as bead of the firm's buying and originating department. Mr. Comer was formerly a Vice-President of Peabody, Houghteling & Co.
—U.S.Cherry and J. F. Van Leer have organized a company to be known
as Cherry, Van Leer & Co., with headquarters in Chicago and branch
offices in Minneapolis, Grand Rapids, Milwaukee and Detroit, to originate
and distribute general market securities and investment trust issues.
—Announcement Is made of the formation of a new firm to be composed of Oscar Engels Jr., and Ferdinand V. Z. Didrichsen, under the firm
name of Engels & Didrichsen, for the transaction of an unlisted stock and
bond business, with offices at 11 Broadway, New York.
—Upon completion of the new 71-story building for the City Bank
Farmers Trust Co., the Canadian Bank of Commerce will have its headquarters on the main banking floor on the Hanover St. side, according to
announcement made here on Wednesday.
—The Pacific Coast investment houses of Hunter, Dulin & Co. and
Bond & Goodwin & Tucker, Inc. announce their consolidation effective
Oct. 1 1929. The merged business will be conducted under the name of
Tucker Hunter Dunn & Co.
—Townsend. Anthony & Tyson. members of the New York and Boston
Stock Exchanges, announce that John W. Adie has been admitted to
partnership in that firm. Mr. Adie has been associated with this investment firm since 1926.
—Preston F. Walsh, formerly of Hayden, Stone & Co., and Theodore
W. Baumfeld, formerly with Colvin & Co.. and prior to that connected
with Hardy & Co. of Berlin, Germany, have become general partners in
&Aro Bros. & Co.
—John Munroe & Co., 100 Broadway, N. Y., have published the
October "American Letter" which, in addition to the general news and comment, gives a report on the Bohn Aluminum & Brass Corp. and CutlerHammer, Inc.
—Barnes & totem& who have conducted a general investment business
continuously, since the firm was established in 1892, in the same quarters.
have moved to the Integrity Building, 1528 Walnut St., Philadelphia.
—Chester D. Judis & Co., members of the Now York Curb Exchange,
25 Broadway, announce that Percival R. Lowo, Jr., member of the New
York Curb Exchange, has become a general partner in their firm.
—Wisner 4k Co., members of the New York Curb Exchange, announce
the removal of their offices to 42 Broadway, New York. They also announce that Paul Krubel has become associated with them.
OCT. 5 1929.]
FINANCIAL CHRONICLE
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
int.
Maturity.
Bid.
Maturity,
Asked.
Rate.
Bid.
Dec. 15 1929... 4Ii% 992.8, 991Iss Sept. 15 1930-32 3)4:%
Mar. 15 1930... 511% 100241 1004e Mar. 15 1930-32 3 vi %
June 15 1930_ __ 44% 100In 100881 Dec. 15 1930-32 3t4'
434.7
Der
is 1020
Asked.
97'n
97.sz
97'n
een.
97un
97ne
97uzi
Inns..
Bid
Ask
Btd
Ask
120 Lawyers West135
chest M & T 273
96 Mtge Bond__ 193
79 NY Title &
50
Mortgage__ 48
335 U S Casualty.
Bid
Ask
N. Y. Inv't
313
1st pref.... 98
2d pref.... 97
203
Westchester
49
Title & Tr_ 160
95
----185
100
gonninercial antiMiscellaneonsBrno
waroeva
Breadstuffs figures brought from page 2259.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, Ve., are prepared 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-
Plots?.
Wheat.
Oats.
Barley.
Rye.
Corn.
_
bls.196lbs.bult. 60158. bush.56 lbs.bush. 32 lbs.bus. 48 lbs.'us. 56 lbs.
Chicago
250,000
541,000 1,922,000
578,000 149,000
65.000
Minneapolis3,281,(100
207,000
809,000 582,000 244,000
Duluth
188.000 439.000 460.000
3,092,000
26,000
Milwaukee63.000
63.000
29,000
208.001
274.000 292,000
Toledo
72.000
98,000
15,000
1,000
Detroit
36,000
5,000
12,000
13,000
17,000
Indianapolis.
42,000
506.000
146,000
2,040
St. Louis_ _- - 133,000
407.000
704,000
721.000
67.000
28.000
Peoria
42,000
12,000
498,000
63.000
71,000
Kansas City_
422,000
162,000
1,871.000
Omaha
356,000
402,000
655,000
Bt. Joseph28,000
333.000
175.000
Wichita
421,000
7,000
Sioux City8,011
186,000)
156,000
10,000
2.000
Total wk. '28
Same wk. '28
Same wk. '27
478.000 11,123,000
534,000 19,793.000
651.000 20.068,000
5.254.111
5,654,000
3,344,000
$300.000
VOLUNTARY LIQUIDATIONS.
Sept. 23-The Citizens National Bank of Raleigh, N.
Effective Sept. 21 1929. Liq. Agent: A. B. Andrews,
Raleigh, N. C. Succeeded by a new state bank. The
liquidating bank has one branch.
Sept. 23-The Murchison National Bank of Wilmington, N.
Effective Sept. 21 1929. Liq. Agent: M. J. Corbett,
Wilmington, N.C. Succeeded by a new state bank.
Sept. 23-The First National Bank of Wetumica. Okla
Effective March 11 1929. Lig. Comm.: W. C. Farmer,
X. X. McGee and P. C. Hawkins, Wetumka, Okla.
Absorbed by The Nat. Bank of Cons.of Wetumka,Okla.
Sept. 23-American Nat. Bank & Trust Co. of Greensboro, N.C _1.000,000
Effective Sept. 21 1929. Lie. Agent: W. H. Spradlin,
Greensboro, N. C. To be succeeded by a new State
bank. Liq. bank has one branch.
Sept. 23-The First Nat. Bank of Rocky Mount,.N C.
262.500
Effective close of' business Sept. 21 1929. Lb. Agent: R.
B. Davis, Rocky Mount, N. C. Succeeded by a new
State bank.
Sept. 23-The First National Bank of Chesaning. Mich
50,000
Effective Sept. 23 1929. Liq. Agent: Clarence W.Schafer.
Chesaning, Mich. Absorbed by Chesaning State Bank.
Sept. 24-The First National Bank of Helena,'Ark
200,000
Effective May 28 1929. Liq. Agent: H. Wadsworth,
West Helena. Ark. Absorbed by The Interstate Nat.
Bank of Helena, No. 11234.
Sept. 24-The First National Bank of Roanoke Rapids, N. C
100,000
Effective Aug. 30 1929. Liq. Comm.: Julian R. Ailsbrook, J. W. Taylor, Roanoke Rapids, and Howard
V. Bounds, Weldon, N. C. Absorbed by Roanoke
Bank & Trust Co., Rosemary, N. C.
Sept. 27-The City Nat. Bank & Trust Co.of Bridgeport, Conn_ _1,000.000
Effective Sept. 20 1929. Liq. Agent: Charles E. Hough,
Bridgeport, Conn. Succeeded by The Bridgeport City
Bank, Bridgeport, Conn.
C
New York City Realty and Surety Companies.
(Alt prices dollars per share)
Alliance Wits,
! 115
Am
- 130
BondSurety-& MtgG
($20 par)._ 91
HorneTitle I
74
Lawyers Mtge 46
Lawyers Title
& Guaranteel 325
APPLICATION TO ORGANIZE APPROVED.
Sept. 24-First National Bank in Turlock. Calif
Correspondent: J. E. Weaver, Peoples State Bank,
Turlock, Calif.
CHARTER ISSUED.
Sept. 27-The Plaza National Bank of St. Louis, Mo
President: J. W.Reinholdt Jr. Cashier: C.A.Reinholdt.
$75.000
Ira.
Rate.
2183
$750.000
C...1.000,000
40.000
CONSOLIDATION.
Sept. 27-The First National Bank of Racine. Wis
Sept. 27-Manufacturers Nat. Bank & Trust Co.of Racine, Wis..
Consolidated to-day under the Act of Nov.7 1918, under
the charter of The First National Bank of Racine. No.
457. and under the corporate title of "First National
Bank de Trust Co. of Racine, with capital stock of
$1.000,000.
9500.060
300,000
BRANCH AUTHORIZED UNDER THE ACT OF FEB.25 1927.
Sept. 27-The National City Bank of New York, N.Y
Location of Branch:43 Exchange Place, New York. N.Y.
3.267,000'1.623.000 882.000
3,077,000 4.314.000 1,569.000
3,289,000 2,952,000 2.397,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
• . .tIIhU 'hfl.'Jfl's,IflIII • .
By Adrian H. Muller & Son, New York:
Total receipts of flour and grain at the seaboard ports for
Shares. Stocks,
$ Per Sh.
Per 513.
the week ending Saturday, Sept. 28, follow:
10 Rapid Freezing & Refrigeration
4 Accomtamuck Land Co., Inc.,
Since Aug. 1
1929
192.
8
MO,
Receipts atNew York_ _ _
Philadelphia_
Baltimore....
Norfolk
New Orleans *
Galveston-Montreal- _ -.
Boston
3.960.000 165,034,000 39,180,000 50,546,00025.077.000 8.163.000
4.425,000165,956,000 43.795, 1 1 42.974.00041.301,000 7.421.000
• •In• n,tn I n C n/.1 e•fln •DIA ft•et •,••••
A • 1....• A,.....•• .,... ....... ... -, ... .,.,
.
Flour.
,
Wheat.
Corn.
Oats.
Barley.
Eye.
bis.198105.bush.60 lbs. ash.56 lbs.bush. 32 lbs.bus. 48 lbs.has.56 Os
295,000
809,000
11,000
151,000 289,000
2.000
37,11
59,000
79.000
32,005
275.000
11,000,
7,000
21.115
3,000
2,111
54,000
227,000
36,0001
21,000
396.IS'
95,000 1,207,000
9,000,
277.000 1,725 'I,
67.000
26,000
47,000
15.000
1,000
Total wk. '29 541,000 3,020,00
67,000
550,000 2,035
Since Jan.1'29 19.152.000138,123.000 16,035,000 13,779.000124,044
Ill
II1
73,000
3.373,000
Week 1928_
108,000
6,535.000
960,00 3,764.000 208.000
Since Jan 12817,925.000 174,980,000 10.227,000 27.00.5,00029,996.00(1 13.657.000
* Retelpte do not int lode train passing through New Or cans for foreign por
on through hills of lading.
The exports from the several seaboard ports for the week
ending Saturday September 28, are shown in the annexed
state ti ent
Exports fromNew York
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Flour,
Oats.
Rye,
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
74,928
337,000
21,000
3.000
56,000
8,000
35,000
2,000
42.000
4,000
168,000
12,000
124,000
15.000
35.000
942,000
320.000
1,000
Total week 1429._ 1.662.000
Same week 1928.... 5.891.323
177.928
4.000
356.000
moon 279.199 596.135 5119.600 3.364.86)
The destinat'on of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 110Sept.28 July 1
1929.
1929.
Wheat.
Week
Sept. 28
1929.
Since
Jzdy I
1929.
Corn.
Week
Sept. 28
1929.
United Kingdom_
Continent
S. dt Cent. Amer__
West Indies
Other countries_
Bushels. Bushels,
Barrels. Barrels. Bushels.
80,948
886,460 1,116,000 21,384,000
56,115
527,000 24.700.000
941,165
279,000
13,000
6,000
99,000
6,000
16,000
132.000
6,000
93.000
119,161
18,865
Total 1929
Total 1928
177.928 2,177,786 1,662,000 46.462.000
279.190 2.845.562 5.891.323 91.822.339
Since
JULY 1
1929.
Bushels.
30.000
29,000
116,000
175.000
19.000 lien A7R
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED, WITH TITLES
REQUESTED.
Capital.
Sept. 28-The Barnett National Bank of Sebring. Fla
Correspondent: Win. R. McQuaid, Barnett Nat. Bank,
Jacksonville, Fla.
Sept. 28--The First National Bank of McDonald. Kansas
25,000
Correspondent: E. L. Dobbs. McDonald. Kansas.
$50.000
Corp , par $10
SI lot
par 5.50: 330 Alliance 011 & Refg.
Co., par $5; 10 Amalgamated
3,806 Grand Central Mining Co..
Travel & Tourist Assn., par $10;
par 81: 20 John I. Kane & Co..
100 Atlantic Fruit dr Sugar Co.,
par $10
5710$
150 Eastern Steel Co., 1st pref.:
corn.. par $5: 1,000 Mexican Producing & Rein. Co.. par $1:
1.87 common
135 lot
5,000 Nevada Rand Mines Co..
Par 10c.; 200 Penn Beaver 011
Bonds.
Pa Cast.
Co. and 25 rights. par SI: 6.000
Yankee Mines Co.. par 500.. _$210 lot 85.750 Delbondlo Theatrical Enterprises, Inc.. 6% notes dated from
1,000 Radio Electric Clock Corp.,
common, no par
15c
Oct. 15 1928 to Feb. 15 191.9...$50 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
SperSh.
$89,750.49 promissory notes dated
Pottsville, Pa., Sept. 12 1929,
payable on demand to Miners
Realty Co., signed by Hollywood
Theatre. Inc
8500 lot
40 Central Nat. Bank, par $10.... 80
3 Adelphia Bk. dr Tr. Co., par SIO__ 21
74 Commercial National Bank &
Trust Co.. par $10
37
10 Commercial National Bank &
Trust Co., par SI°
3714
35 Union Bank & Trust Co
25
WI Ninth Bk. & Tr. Co.. par $10._ 60
5 City National Bank & Trust Co_ _234
50 Bankers Trust Co.. Par $50-- -138
50 Bankers Trust Co., par 550...136 •
25 Bankers Trust Co., par 50
133
100 Bankers Trust Co., par $50_ ...130
2 Lancaster Ave. Title & Trust
Co., par $50
80
425 Franklin Trust Co., par $10- 7014
3 Integrity Trust Co., par $10
163
5 Manufacturers Title & Trust Co.,
par $10
14
15 Germantown Trust Co., par $10. 78
8 Manhelm Trust Co., par $50_
58
10 Kensington Trust Co., par $50_ A40
5 Colonial Trust Co., par $50
3251(
100 Colonial Trust Co , par 550..325
3 Colonial Trust Co., par $50
3.'5
Shares. Stocks.
$ Per St
40 Northern Central Trust Co.,
par $10
3434
5 Aldine Trust Co.
200
23 Camden tN. J.) Sate DePotrit &
Trust Co
198
8 Drexel Hill (Pa.) Title & Tr. Co_ _175
32 Moorestown (N. J.) Trust CO... 5214
5 Bristol (Pa.) Trust Co.. par 550.153
5 Woodbury (N. J.) Trust Co
750
50 Broadway Merchants Trust Co,.
Camden, N. J , par 820
64
40 Bankers Securities Corp.. corn.. 90
4 Bankers Securities Corp.. corn... 85
16 Lana Title Building Corp
101
300 Bankers Bond & Mtge. Gum.
so
Co. of America. no par
45 Lee Lash Co., no par
5
5 William Penn Title dr Trust Co 60
2 Mitten Bank
95
50
n Tacony Palmyra Bridge Co
25
4 Bourse, common
Per Coif.
Bonds.
$.50 lot
100 Garden Drive Realty Co
$6.000 Maher Collieries Co.. 1st
500101
serial 634s. due 1943
$1,000 Pittsburgh Term. W'house &
Transf Co., 1st ref. 55. 1938_ _ _ 5614
$6 lot
57.000 Thee. Furness 78
$26 lot
54,000 Wayne Coal 6s
By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per Sit.
100 Atlantic Nat. Bank, Dar $25-142
25 Federal National Bank
642
10 Webster & Atlast Nat. Bank__ _ _255
100 Find Nat. Bank. par $20
19731
330
25 Exchange Trust Co
10 Exchange Trust Co
365
10 Naumkeag Trust Co., Salem,
Mass
43
25 Ludlow Mfg. Associates
167
50 Berkshire Fine Spinning Atm-
$ per EY
Shares. Stocks.
10 Amer. Glue Co., Ore!
11634
3 Central Me. Pow. Co.7% pf_1013( flat
10 Haverhill Elec. Co., v.t.c., par
$25
86
154
4 Collateral Loan Co
40 New Bedford Gas & Edison Lt.
Co.. undep . par $25
11744
111
200 City Central Corp., pref.
40 Chrysler Corp., common
5634
25 General Motors Corp., cons., par
10 Dwight Mfg. Co., par $25
1214
10 Farr Alpaca Co
101
15 Potomake Mills
3711
26 Union Cotton Mfg. Co
47
IC Richard Borden Mfg. Co
411
15 Old Colony Trust Associates.... 60
106 Fall River Gas Works, par 525_ 605.1
23
6 units First Peoples Trust
50 Amer. Glue Corp., pr-el
11614
5 Boston Woven Hose & Rubber
95
Co., common
1,000 Boston Refrigerating Co.. par
810; 100 Producers Fish Co., par
$10 lot
510;60 Fidelity Trust Co
60 Florence Stove Co.,common_._ _ 45
10 Merrimac Hat Corp.,corn
6834
Rights$ per ROM.
18016 Colony Trust Co
15511
BondsPer Cent.
$1,000 Clyde Steamship 5e, Feb.
1931
100 & int.
$2.000 Des Moines City Ry. 5s.
Jan. 1936
45 & Int.
$500 Inter Urban Ry.
. 734s. Oct.
1931, Apr. 1927 coupon. _
434
$11.500 Peoria & St Louis Rd. Co.
8730$
434,, Dec. 1939 ctf. den
$2,000 Eastern States Refrigerating
so
7s, June 1952
2184
[voL. 129.
FINANCIAL CHRONICLE
By Wise, Hobbs & Arnold, Boston:
Spec Sh. Shares. Stocks.
$ Per Sh.
Shares. Stocks.
100 First Nat. Bank, Dar $20_ _ _197-198 1 Quincy Market Cold Storage &
Warehouse
Co.,
pref
Atlantic
Nat.
Bank,
par
S25-144
853.4
20
11141135 20 Eastern Utilities Associates, corn. 4534
10 Old Colony Trust Co
100 Johnson Educator Biscuit Co.,
40 Connecticut Mills Co., corn.,
50c
class B
53-4
class A, v.t.c., par $10
25
60 Johnson Educator Biscuit Co..
50 Arlington Mills
25
class A
1235
100 Arlington Mills
40
2 U.S. Envelope Co., pref
11535
10 Hoosac Cotton Mills, pref
35
14 Worcester Investment Trust,
250 Associated Textile Co
preferred; 3 common
8 on pref.
3651
6 Potomska Mills
49)4 15 Reen-Prentice Co., corn.; 365
10 Newmarket Mfg. Co
Garland Mfg. Co. 26 pref. stock
20 Connecticut Mills Co., corn.
500
trust ctf.; 10 U. S. Machine Gun
class A, par $10
51
Co.. trust ctf. for cl. III shares;
20 Newmarket Mfg. Co.
10 Hopkins & Allen Arms Co.,
20 Worcester Consol. St. Ry. 1st Pt.
22
pref.; 325 The Cucharas Land &
parSO
Water Corp.: $6,000 Idaho-Ore.
I Nat. Fabric & Finishing Co., p1. 20
Lt.& Pow. 1st mtge. es. Nov.'40
10 George E. Keith Co., 1st pref.__ 9854
5
(May 1913 coupon & subsequent
10 O'Hara Waltham Co., class A
coupons); $6,500 The Cucharas
100 Old Colony Investment Tr. 2295-22g
Land dr Water Corp., Inc. 55,
1 Greenfield Tap & Die Corp., pre105 & div.
due Jan. 1935
8100 lot
ferred
2 Huff Electrostatic Separator, par
210 Beacon Participations Inc.. class
18
$25; 2 Monitor Speed Recorder,
A preferred
par $50; 10 Mutual Tire dr Rubber
12 New England Bond & Mtge.Co.,
35
Preferred, par $50
Corp.. Dar $10: 25 Nevada Douglas Copper Co., par $5; 5 W. H.
16 1-16 New England Bond & Mtge.
35
& Webster Jones Co., pref., par
Co., common
$1 lot
693.4
$10
15 Merrimac Hat Corp., corn
250 Boston Maritime Corp.;
62 Units Thompson's Spa., Inc..... 97
67
98 City Central Corp. of America;
100 Greeser Mfg. Co., class A
10
2 Finance Corp. of New England.
50 C. A. Goodnow Shoe Co., com
5834
pref., par $50; 35 Finance Corp. of
6 units First Peoples Trust
96 No. Bost. Ltg. Properties, pref.
New England, corn., par $50:
51 div. on
(undep.), Par $50
5 Trumbull Vanderpool Elec. Co.,
5834
Pref.: 4 Sterling Stove & Range,
4 units Mutual Finance Corp
pref.: 5 Frank Ridlon Co., pref.;
4 Mutual Finance Corp., pref., par
1 Stevens Fuel Co., common;
$50
2951
97-100
10 units Thompson's Spa, Inc
42 Wickwire Spencer Steel, corn.
10
50 C. A. Goodnow Shoe Co., corn
(old): 27 Amer. Soda Fountain,
corn.; 115 Queens Runs Refractor8 units First Peoples Trust
2234
80c
5 Laconia Car Co., corn
ies, corn.;4-100 State Theatre Co.
22 ' Pref.; $500 Y-D Service Garage
18 units First Peoples Trust
6034
Co. of Worcester 75, due July '60;
5 Fall River Gas Works, par $25_
6 Springfield Gas Lt. Co. (under...).
5 Y-D Service Garage of Wor6495
cester, common
$400 lot as Is
par $25
$500 Ctf. of int. New England In7 Brockton Gas Lt. Co., v.t.c.,
43
vestment Security Co., pref.;
par $25
Shareholders Protective Agree9 Haverhill Elec. Lt. Co., par $25 86
734
$200 lot
ment dated July 2 1914
43 State Theatre, corn
4,000 Kay Copper Corp., Par $10_280 lot $700 New England Southern Corp.
55. dye Dec. 1933: 217.50 salt).
25 New Bedford Gas & Edison Lt.
11735-11891
dated June 11929; 10 prior pref.$85 lot
(undep.), par $25
7 Springfield Gas Lt. Co., v.t.c.,
Rights.
$ per Right.
par $25
64
239
155%
16 Old Colony Trust Co
10 U.S. Envelope Co., com
15554
10 U. S. Envelope Co., pre:
11534 123 Old Colony Trust Co
Bonds.
Per Cent.
200 Ford Motor Co. of France
1034
10 Morse Twist Drill & Mach.,com.110% $3,000 International Traction Co.
serial deb. as (ctf. of dep.).$1 per bond
2 Quincy Market Cold Storage dr
653.-I $2,000 Southwest Gas Utilities8%s,
Warehouse Co., pref
due May 1943 with warr_2110 & int.
100 Pioneer Petroleum Co.. par 25 250 lot
Name of Company.
Per
When
Cent. Payable.
Books Closed
Inclusive.
Days
Fire Insurance,
American Equitable Assur., corn.(qu.) _ "373-Ic Nov. 1 "Holders of rec. Oct. 15
Common (extra)
*50c. Nov. 1 *Holders of rec. Oct. 15
Common (payable in common stock)_. '331-3
*Holders of rec. Oct. 18
Miscellaneous.
Abercrombie & Fitch, pref.(qu.)
*1% Oct. I 'Holders of rec. Sept. 20
Adams J.D. Mfg.,corn.(guar.)
*60c. Nov. 1 *Holders of rec. Oct. 15
Aldred Investment Trust, corn
*50c. Oct. 15 *Holders of rec. Oct. 3
Alliance Realty. corn.(guar.)
62)4c. Oct. 22 Holders of rec. Oct. 11
Allied International Invest,Partly. pref. (acct. accum. div.)
*S3 Nov. 1 *Holders of rec. Oct. 15
Allis-Chalmers Mfg., corn. (quar.)
60c. Nov. 15 Holders of rec. Oct 24
Alpha Portland Cement, corn.
Oct. 15 *Holders of rec. Sept.25
Altorfer Bros. Co.,corn.(quar.)
*35c. Nov. 1 *Holders of rec. Oct. 15
5750, Nov. 1 *Holders of rec. Oct. 15
Preferred (quar.)
Aluminum Goods Mfg.(quar.)
•30c. Oct. 1 *Holders of rec. Sept. 20
American Chain, common
•75c.
Amer. Cigar Co., corn. (quar.)
2
Nov. 1 Holders of rec. Oct. 15
.11.‘ Oct. 10 *Holders of reo. Sept.30
Amer. Fruit Growers, pref. (quar.)
'hi 34 Oct. 10 *Holders of rec. Sept.30
Pref. (acct. accum. div.)
American Glue, pref. (quar.)
Nov. 1 *Holders of rec. Oct. 19
Amer. Ice, corn. (guar.)
75c. Oct. 25 Holders of rec. Oct. 8
Preferred (guar.)
134 Oct. 25 Holders of reo. Oct. 8
Amer. Mach. & Fdy., corn. (ouar.)_ _ _ $1
Nov. 1 Holders of rec. Oct. 17
1% Nov. I Holders of rec. Oct. 17
Preferred (Guar.)
American Salamandra Corp. (quar.)
*75c. Oct. 1 *Holders of rec. Sept.20
Amer. Smelt. & Refg., corn. (quar.)
•21 Nov. 1 *Holders of rec. Oct. 11
Preferred (quar.)
Dec. 2 *Holders of rec. Nov. 1_
Amer. Vitrified Products, corn. mu).-- *50c. Oct. 15 "Holders of rec. Oct. 5
•1% Nov. 1 *Holders of rec. Oct. 19
Preferred (guar.)
Anaconda Wire & Cable (guar.)
75e. Nov. 11 Holders of rec. Oct. 110
Apollo Steel (quar.)
•30c. Oct. 1 *Holders of rec. Sept.27
'Sc. Oct. 1 *Holders of rec. Sept.27
Extra
Atlantic Ice & Coal--alvidend omitted.
Atlas PlywoodCorp.(quar.)
Oct. 15 *Holders of rec. Oct. 1
Nov. 1 Holders of rec. Oct. 18a
Atlas Powder, pref. (guar.)
"el0 Oct. 11 *Holders of rec. Oct. 11
Atlas Stores Corp.(in stock)
*75c. Dec. 27 *Holders of rec. Dee. 18
Balaban & Katz, corn. (guar.)
•1% Dec. 27 *Holders of rec. Dec. 16
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 15
Belding Corticelli, corn. (Quar.)
Boots Pure Drug (Amer. dep. rcts.)---Oct. 7 *Holders of reo. Sept. 27
*75c. Nov. 30 *Holders of rec. Nov. 15
Borden Company (guar.)
Dec. 16 Holders of rec. Dec. 2
Boston Woven Hose & Rub.,corn.(extra) $2
1% Nov. 1 Holders of rec. Oct. 21
Brown Shoe, pref. (guar.)
Bunker Hill & Sullivan Mining &
*25c. Oct. 5 *Holders of rec. Sept.27
Concentrating (mthly.)
*50c. Oct. 5 *Holders of rec. Sept.27
Extra
•1 Oct. 15 *Holders of rec. Oct. 1
California Cotton Mills, corn.(guar.)62950. Nov. I Holders of rec. Oct. 18
Canaalan Bronze, Ltd., corn.(qu.)
1% Nov. 1 Holders of rec. Oct. 18
Preferred (guar.)
•194 Dec. 2'Holders of rec. Nov. 20
Century Ribbon Mills. pref. (qu.)
$1.50 Nov. 1 Holders of rec. Oct. 10
Cerro de Pasco Copper Co.(quar.)
'623.c Nov. 1 *Holders of rec. Oct. 15
Cherry Burrell Co.,corn.(guar.)
*21 75 Oct. 1 *Holders of rec. Sept.20
Chicago Daily News. pref.(guar.)
•750. J. 2 '30 *Holders of rec. Dec. 2
Chrysler Corp. (quar.)
2.5c. Oct. 15 Holders of rec. Oct. 5
Coca Cola Bottling
*21 Nov. 1 *Holders of rec. Oct. 15
Columbian Carbon lunar.)
*25c. Nov. 1 *Holders of rec. Oct. 15
Extra
1% Dec. 2 Holders of rec. Nov. 15
Consol. Cigar Corp., pref. (quar.)
195 Nov. I Holders of rec. Oct. 15
Prior preferred (guar.)
•250.
Credit
Alliance
Corp.,
earn.
A
(qu.)
Oct. 15 *Holders of rec. Oct. 5
&
el.
Wright
&
Co.,
J.
Buffalo:
By A.
*25c. Oct. 15 *Holders of rec. Oct. 5
Common & class A (extra)
$ per Sh.
Shares. Stocks.
S per Sh. Shares. Stocks.
•195 Oct. 15 *Holders of rec. Oct. 5
Crocker
Wheeler
Elec.
Mfg.,
pt.
(qu.)
10,003 Adargas Mines, par 1 peso $291 lot 500 Barry Hollinger Mines, par 81_ 17e
*h10 Oct. 15 *Holders of rec. Oct. 5
Pref. (In full of all accum. criv.)
1,000 Apex Mines, Ltd.. par $1_ _ _ _ 95c 8,973 Adargas Mines, par $1 peso_ _$1 lot Curtis
•33c. Nov. I *Holders of rec. Oct. 15
Lighting. corn. (quar.)
100 Boston & Montana Develop405 Reorganized Kewanas Mining
•15.4 J. 1 '30 *Holders of rec. Dec. 20
Curtis Publishing. pref. (guar.)
ment Co., Boston, at. par 85_ _20c lot Detrolt
25 lot
Co.. par $1
*35c. Oct. 1 *Holders of rec. Sept.20
Creamery (guar.)
Diversified Investments, 1st pf.(qu.) _ - •195 Oct. 15 *Holders of rec. Oct. 1
•20c. Oct. 15 *Holders of rec. Sept. 30
Eagle-Picher Lead ((Mar.)
DIVIDENDS.
Preferred (quar.)
'13.4 Oct. 15 *Holders of rec. Sept. 30
*75c. Oct. 1 *Holders of rec. Sept. 23
East Hampton Securities
Dividends are grouped in two separate tables. In the
Extra
•25e. Oct. 1 *Holders of rec. Sept.23
•250.
Economy
Grocery
Oct. 15 *Holders of rec. Oct. 3
Stores
(ouar.)
bring
together
all
dividends
the
announced the Emsco Derrick & Equip.
first we
*40e. Oct. 25 "Holders of rec. Oct. 15
current week. Then we follow with a second table, in Eureka Pipe Line (quar.)(guar.)
$1
Nov. 1 Holders of rec. Oct. 15
Eureka Vacuum Cleaner (guar.)
•$1
Nov. 1 *Holders of rec. Oct. 20
which we show the dividends previously announced, but Exchange
Buffet (quar.)
3754c. Oct. 31 Holders of rec. Oct. 15
which have not yet been paid.
Fafnir Bearings (guar.)
*50c. Sept.30
Firestone Tire & Rubber, corn. (qu.) _- $2 Oct. 20 Holders of rec. Oct. 10
The dividends announced this week are:
1% Oct. 15 Holders of rec. Oct. 1
Preferred (qIlar.)
25c. Oct. 15 Holders of rec. Oct. 106
First Internat. Securities, corn. (cp1.)
Foshay(W.B.) Co.(Del.), com.(mthly:) *16trc Oct. 10 *Holders of rec. Sept. 30
Per
When
Books Closed,
•50c Oct. 10 *Holders of rec. Sept.30
$6 preferred (monthly)
Name of Company.
Cent. Payable.
Days Inclusive.
56 preferred (extra)
*1628c Oct. 10 *Holders of rec. Sept.30
Foster & Kleiser Co.. pref. (guar.)
•135 Oct. 1 *Holders of rec. Sept. 27
Railroads (Steam).
250. Nov. 15 Holders of rec. Oct. 31
Atch.Top.& Santa Fe common (qu.)_ _ - *2% Dec. 2 'Holders of rec. Nov. la Foundation Co. of Canada (quar.)
"25e Oct. I *Holders of rec. Sept.7.0
151 Oct. 10 Holders of rec. Sept. 300 General Alloys, corn. (quar.)
Caro. Clinchfield & Ohio stmpd. (qu.)__
General Foods Corp., corn. (dual.)
750. Nov. I Holders of rec. Oct. 15a
*$1.50 Nov. 1 'Holders of rec. Oct. 28
ann.,Sandusky & Cleveland, pref
Gen.Parts Corp., cony. pf.(qu.)(No. 1) *30c Nov. 1 *Holders of rec. Oct. 20
.1.234 Oct. 15 *Holders of rec. Oct. '1
Georgia RR.& Banking (guar.)
Gilchrist Co. (payable in stock)
Oct. 31 *Holders of rec. Oct. 15
*52
Subject to approval at stockholders' m eeting Oct. 10
Public Utilities.
•154 Oct. I *Holders of rec. Sept. 26
Amer. Light & Trac. common (guar.)._ _
23.4 Nov. 1 Holders of rec. Oct. 18a Grace Securities, pref. (guar.)
250. Oct. 21 Holders of rec. Oct. 12
13.4 Nov. 1 Holders of rec. Oct. 18a Grand(F.W.)5-10-25c.Stores, corn.(qu.)
Preferred (quar.)
Preferred guar.)
25c Nov. 15 Holders of rec. Oct. 26
13-I Nov. I Holders of rec. Oct. 12
Amer. Water Wks. & Elec. corn. (qu.)_ _
Hanaley Page, Ltd.1 1% Nov. 1 'Holders of rec. Oct. 15
Central West Pub.Serv. pref(quar.)_ _ ..
Amer. dep. rots. for panic. Pf
•w5 Oct. 71 *Holders of rec. Sept.30
Cities Service Pow.& Lt. $6 pf. (mthly.) *50c. Oct. 15 *Holders of rec. Oct. 1
Hal:Arab:1w Cable Az Wire (guar.)
250 Oct. 1 Holders of ree. Sept. 3a
58 1-3c Oct. 16 *Holders of rec. Oct. 1
$7 preferred (monthly)
Hamilton Steel of Can.,corn. dz pt.(qu.)- *4341c Nov. 1 *Holders of rec. Oct. 15
Eastern Mass. Street By.
Hancock
Oct. 1 *Holders of rec. Sept.25
Oil,
•13.4
Nov.
15
class
*Holders
of
rec.
Nov.
1
A
•331/sr
(quar.)_
let pref. A & sink, fund stks.
(guar.)
Hart & Cooley Co.(guar.)
.013-4 Nov. 1 *Holders of rec. Oct. 15
•$1 50 Sept.30
Preferred B (quar.)
Extra
'Si 25 Sent.30
Electric Power & Light13-i Nov. 1 Holders of rec. Oct. 15
Allotment etts. 50% paid (guar.).- - 63-Ic Nov. 1 Holders of rec. Oct. ha Holly Sugar Corp., pref. (guar.)
Holt, Renfrew & Co., Ltd., corn. (qu.)
1234c Nov. 1 Holders of rec. Oct. lb
34 Oct. 1 Holders of rec. Sept.26
Allotment ctts. full paid (guar.)
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 26
*50e. Oct. 1 *Holders of rec. Sept. 13
Fall River 31...c. Light (quar.)
Horni Signal Mfg., corn. A & AA (qu.)2543 Oct. 20 Holders of rec. Oct. 10
1y., Nov. 15 Holders of rec. Oct. 21
Havana Elec.& Utilities 1st pref.(qu.)
Hunt Bros., class A (quar.)
*50c Nov. 1 *Holders of rec. Oct. 15
$1.25 Nov. 15 Holders of rec. Oct. 21
Cumulative preference (quar.)
Hupp Motor Car, corn. kquar.)
50e Nov. 1 Holders of rec. Oct. 15
194 Oct. 15 Holders of rec. Sept. 30
Interstate Public Service Pr. lien (au.)- Independent Oil & Gas (guar.)
500. Oct. 31 Holders of rec. Oct. 14
Oct. 15 *Holders of rec. Sept. 30
Middle West Utilities 7% Pref.(au.).- - *2
Industrial Collateral Assn., corn.(qu.)
20c. Oct. 15 Holders of rec. Sept. 30
*2
Oct. 1 *Holders of rec. Sept. 30
Mountain States Tel. & Tel. (guar.).
Internat. Cigar Mach'y (quar.)
Nov. 1 Holders of reo. Oct. 17
*45e. Nov. 15 *Holders of rec. Oct. 15
Si
National Elec. Power, class A (guar.)
Kayser (Jullue) & Co. corn. (guar.) _
$I Nov. 1 Holders of rec. Oct. 15
194 Nov. 1 Holders of rec. Sept. 30
Nevada-Calif. Elec. Corp.. pf. (quar.)-Kentucky Rock Asphalt, corn.(qu.) _ - - - •40e. Oct. 1 *Holders of rec. Sept. 16
91 Oct. 15 *Holders of rec. Oct. 3
North Boston Ltg. Prop., corn. (qu.)
Key Boiler Equipment (guar.)
250. Oct. 10 Holders of rec. Sept. 30
.5323-Ic Nov. I Holders of ree. Oct. 10
Pac. Public Service, corn. A (guar.)
Kidder Participations, Inc., corn.(qu.)
.- *37 Mc Oct. 15 *Holders of rec. Oct. 1
*$1 25 Oct. 10 *Holders of rec. Sept.30
Philadelphia & Camden Ferry (au.)
Preferred (participating dividend).
•25c. Oct. 15 *Holders of rec. Oct. 1
Public Serv. Co. of Nor. Ills.Knott (A..).) Tool & Mfg.. Pf.(qu-)
*51 75 Oct. 1 *Holders of rec. Sept. 15
*S2 Nov. 1 *Holders of rec. Oct. 15
Common no par) (guar.)
Kress (S. II.) & Co., corn. (guar.)
*25c. Nov. 1 *Holders of rec. Oct. 10
*2
Nov. 1 *Holders of rec. Oct. 15
Common $100 par) (guar.)
Corn.(payable in special $10 par pf.). *50o. Nov. 1 *Holders of rec. Oct. 10
*135 Nov. 1 *Holders of rec. Oct. 15
7% preferred (quar.)
Special preferred (guar.)
*13.4 Nov. I 'Holders of rec. Oct. 15
•115e. Nov. 1 *Holders of rec. Oct. 10
6% preferred (guar.)
La Salle Extension University, pf. (au.) 134 Oct. I Holders of rec. Sept. 30
Nov. 1 *Holders of rec. Oct. 15
Rhode Island Pub.Serv. class A (guar.) _ 551
Letcourt Realty Corp.. pref. ((mar.). _
•50c. Nov. 1 *Holders of rec. Oct. 15
75c. Oct. 15 Holders of roc. Oct. 5
Preferred (guar.)
Ley (Fred T.) & Co., Inc
50c. Nov. 1 Holders of rec. Oct. 16
•750. Oct. 1 *Holders of rec. Sept. 25
Sierra Pacific Elec. Co., corn. (qu.) - Mager Car Corp., pref. (altar.)
1
Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
•19i Sent. 30 "Holders of rec. Sept. 23
Manischewitz (B.) Co., class B (quar.)_ *1
50c. Nov. 15 Holders of ref. Oct. 20
Southern Calif. Edison, corn.(WO ---.
Dec. I
•1
Quarterly
Sou. Canada Power, Ltd., corn. (qu.)
250. Nov. 15 Holders of rec. Oct. 31
Marl'30
Quarterly
Oct. 15 *Holders of rec. Sept. 30
*2
Si
Southern N:E. Telep. (guar.)
J'nel'30
Maytag Co., tat pref. (guar.)
Standard Power di Light, pref. (guar.)_ _ 51.75 Nov. 1 Holders of rec. Oct. 16
*51.50 Nov. I *Holders of rec. Oct. 15
Preference (guar.)
Western Power Light & Telephone
*75c. Nov. 1 *Holders of rec. Oct. 15
Mereh. & Mfrs. Secur.. pr. pref. (guar.) *$1.75 Oct. 15 *Holders of rec. Oct. 1
Participating class A (guar.)
*50c. Nov. 1 *Holders of rev. Oct. 15
Metro. Chain Stores, Pref. (guar.)
West Penn Elec. Co. 7% pf. (quar.)
51.75 Nov. 1 Holders of rec. Oct. 15
134 Nov. 15 Holders of rec. Oct. 19
Mid-City Co. of Amer., cm.(guar.). _ _
1.4. Nov. 15 Holders of rec. Oct. 19
6% preferred (altar.)
30c. Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
1,-4 Oct. 15 Holders of rec. Sept. 30
Mid-Continent Laundries, cl. A (qu.)_ •60c. Oct. 15 *Holders of rec. Oct. 7
Banks.
Mid-Continent Petroleum, corn. (guar.) •501. Nov. 15 *Holders of rec. Oct. 15
Oct. 1 Holders of rec. Sept. 25
Bryant Park
3
Mississippi Valley Util. Invest.$6 prior lien stock (quar.)
Trust Companies.
*$1.50 Nov. 1 *Holders of rec. Oct. 15
Moloney Elec. class A (quar.)
Nov. 1 Holders of rec. Oct. 24
Corn Exchange Bank & Trust (quar.) _ _
31
$1
Oct. 15 Holders of rec. Oct. 1
Kings County (Bklyn.)(quar.)
Monarch Royalty. Si par pref. (mthly.) 13(0. Oct. 10 Holders of reo. Sept. 30
Nov. 1 *Holders of ree. Oct. 25
*20
Preferred class A
*25
Nov. I *Holders of ree. Oct. 25
Extra
1234 c. Oct. 10 Holders of rec. Sept. 30
OCT. 5 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cen,
. Payable
Books Closed
Day. inclusive.
Miscellaneous (Conducted).
Moreland Oil, cl. A (No. 1) (guar.) _ _ *25c. Aug. 31
Class it (No. 1) (guar.)
*15c. Sept. 30
Class B (extra)
.5e. Sept. 30
Nash Motors (quar.)
*51.50 Nov. I 'Holders of rec. Oct. 19
National Acme Co., corn. (quar.)
*37%c Nov. 1 'Holders of rec. Oct. 15
Nat. Bearing Metals, pref. (Soar.)
37I4e. Nov. I Holders of rec. Oct. 16
National Club Hotels, pref. (No. l)_.
Oct. If *Holders of rec. Sept. 30
Atrate of 7% from date of issue to Oct 1
Nat. Dept. Stores, lot pref. (Suer)..... *1% Nov. 1
'Holders of rec. Oct. 15
Second preferred (mar.)
*1% Dec. 1 'Holders of
rec. Nov. 15
National Tea. pref. (guar.)
*13%c Nov. I *Holders of rec. Oct. 14
Neelick's, Inc
•
75c. Oct. 31 Holders of rec. Oct. 21a
Nell Corporation, lot pref. (quer.)
*$1.32 Oct. 1
New River Co., pref.(acct. accum. div.). /15E50 Nov. 1 *Holders of rec. Sept. 14
*Holders of rec. Oct. 15
New York Hamburg Corp
31.2: Oct. 2!' Holders of rec. Oct. 15
New York Trading Corp., class A
50c. Oct. 31 Holders of rec. Oct. 16
North dr Judd Manufacturing
*50c. Sept. 30 *Holders of rec. Sept. 17
Northern Paper Mills, corn. (quer.) _
*Mc. Sept. 30 *Holders of rec. Sept. 21
011 Shares, Inc., pref. (quer.)
75c. Oct.
OpPenheim, Collins & Co., corn. (quer.) 51.21 Nov. 11. Holders of rec. Oct. 30
11 Holders of rec. Oct. 25
Outle,t Company, corr. (quar.)
El
Nov. 1 Holders of rec. Oct. 21
First preferred (guar.)
1 SI Nov. 1 Holders of rec. Oct. 21
Second preferred (quer.)
I IS Nov. 1 Holders of rec. Oct. 21
Pacific Finance Corp., corn. (quar.)
Common (payable in corn. stock) _ _ _ _
Pacific Portland Cement, met (quar.)_ _ *1M
Oct. f *Holders of rec. Sept. 30
Packer Corp., corn. (guar.)
*62%c Oct. 15 "Holders of rec. Oct. 5
Paramount Industrial Bankers, corn. A.
35c Oct. 15 Holders of me. Sept. 30
Common A (extra)
2''.r Oct. 12 Holders co' rec. Sept. 30
Preferred (quar.)
Oct. 12 Holders of rec. Sept. 30
Partos Realty Holding, corn. (cm.)
35e. Oct. 10 Holders of rec. Sept. 30
7% Preferred (quar.)
44e, Oct. 10 Holders of rec. Sept. 30
Pennines, Ltd., con. (quar.)
$1
Nov. it miders of rec. Nov. 5
Preferred (quer.)
Nov. I Holders of rec. Oct. 21
Petroleum IndestrIcs, pref.(mar.)
75c. Oct. H Holders of rec. Oct. 50
Pick (Albert) & Co., pref.-Dividend pr ssedPickwick Corp., corn. (guar.)
*20c. Oct. 2: *Holders of rec. Oct. 15
7% preferred (quer.)
"14 Nov. 21 •Ireldere ef rec. Nov. 15
8% preferred (guar.)
"2
Dec. 21 *Holdees of rec. Dec. 15
Pittsburgh Forging (No. 1) (quar.)
540c. Oct. 21 'Holders of rec. Oct. 15
Polygraphic Co. of Amer., prof
Oct.
23 Holders of roe. Sept. 30
All deferred quer. dividends 011928 a nd 192 9
Providence Biltrnore Hotel, pref. (quer.)
87%c
Oct.
1 Holders of rec. Sept. 25
Public Investing Co,(guar.)
25c Dec. IC Holders of rec. Nov. 15
Extra
121cc Dec. 10 Holders of rec. Nov. 15
Richfield Oil, corn. (Suer.)
*50c
Richmond Radiator, pref.-Dividend pr. ssed- Nov. 11 *Holders of rec. Oct. 20
Ritter Dental Mfg., corn. (Soar.)
Oct. 1 Holders of rec. Sept. 25
62%c.
Rollins (II. M.) pref.(No. 1)
*90c Nov. 1 *Holders of rec. Oct. 15
Rollin Hosiery Mills, pref
•90c
If *Holders of rec. Oct, 7
Ruud klfg., common (quer.)
65c Nov. 1 Holders of rec. Oct. 20
Salt Creek Producers Assn. (guar.)
Nov.
*Holders of rec. Oct. 15
&blase Lock, corn. (in common stork).... *50c
"10
*Holders of rec. Oct. 10
Sears, Roebuck & Co. (quar.)
"1321c Nov. 1 *Holders of rec. Oct. 15
Second Twin Bell Syndicate units
32.50 Oct. 5 Hollers of rec. Oct. 1
Selfrldce Provincial Stores Am. del).
ret‘ *v31.4 Dee.
'Holders of rec. Nov. 15
Beton Leather, corn. (quer.)
"500 Nov. 1 *Holders of rec. Oct. 16
Silver (Isaac) & Bros. Co., pref. ((BIS
Nov. 1 *Holders of rec. Oct. 20
•1
Simmons Co. (quar.)
*75c Nov.
Holders of rec. Oct. 19
Stock dividend (No. 1)
Smith-A!sop Paint dr Varnish, common_. *el% Oct. 31 *Holders of rec. Oct. 21
Dec. 1
121
,
4
Southland Iloyelty, common (quar.)__.
*25e Oct. If "Holdere of rec. Oct. 1
Sparta Foundry (quer.)
•75c Oct. I *Fielders of rec. Sept. 14
Extra
•50e
Oct. I *Holders of roe. Sept. 14
Standard Royalties Wichita Corp., pref
(monthly)
lc Oct. H Holders of rec. Sept. 30
Standard Royalties Wetumka Corp.
Preferred (monthlY)
lc Oct. 1: Holders of rec. Sept. 30
Standard Royalties Wewoka Corp., pref.
(monthly)
lc Oct. 1: Holders of roe. Sept. 30
Stern Brothers, class A (mar.)
Oct. 1 'Holders of roe. Sept. 19
*81
Sun Investing Co., prof. MIL/
*75c Nov.
*Holders of rec. Oct. 20
Superheater Co. (quar.)
$1.10 Oct. II Holders of me. Oct. 5
Extra
Nov. 1 Holders of rec. Oct. 21
31
Swedish Width A & B (Interim)
se
Syracuse Washing Mach., corn. B (qtr.). •25e. Oct. 1
*Holders of rec. Sept. 19
Tin Selection Trust, Ltd.Amer. dep. receipts for reg. shares__ _ *zr5
Sept. 3C *Holders of rec. Sept. 24
Tooke Bros., Ltd., pref. (quar.)
Oct. It Holders of rec. Sept. 30
Truax-Traer Coal (quer.)
*40c. Nov 1 *Holders of rec. Oct. 14
Tubize Artificial Silk, common It
42.50 Oct. 1 "Fielders of rec. Sept. 20
Tung Sol Lamp Works, common (quer.). *50c Nov. 1
"Holders of rec. Oct. 20
Preferred (guar.)
*750. Nov. 1 *Helices of rec. Oct. 20
Twin Bell 011 Syndicate units (extra)
$25 Oct.;
Holders of rec. Oct. 1
United Crescent Dry Cleaning, pref.-T ividen d omItt ed.
United Electric Service, American share $1.41 Oct. IC Holders
United Porto Rican Surer, pref. (guar.). *87'cc Sept. 30 *Holders of rec. Oct. 7
of rec. Sept. 23
U. S. Playing Card, old (extra)
*75c Oct. 15 *Holders of rec. Oct. 9
Victor Talking Machine, corn. (quar.)_ _
Nov. 1 Holders of rec. Oct. 7
St
Preferred (Omar.)
PC Oct. If Holders of rec. Oct. 7
Washington 011
.175c. Oct. 20 Holders
West Virginia Pulp & Paper, corn. (an.). *50e Oct. 1 *Holdere of rec. Sept. Hi
Wizard, Inc., class A (No. 1) (quar.)_ 525e. Oct. 1 *Holders of rec. Sept. 20
of rec. Sept. 25
Western Royalty, class A (monthly)__
15c Oct. C
Weslx National Co., common A (No. 1). *37Is c Oct. 10 'Holders
of rec. Sept. 30
Wolverine Tube (quar.)
•30e Oct. 1 'Holders of rec. Sept. 13
Extra
•15c. Oct. 1 *Holders of rec. Sept. 13
Yarns Corp. of Amer., corn. A (qu.).
, 30e
Holders
Yellow Cab (Baltimore), pref. guar.)._ •17%e Sept. 30 'Holders of rec. Sept. 30
of rec. Sept. 20
Prior preferred (quer.)
•I
4ePt. 30 'Holders of rec. Sept. 20
Zonite Products (Sitar.)
Nov.
Is *Holders of rec. Nov. 1
*40c.
Below we give the dividends announced in previous weeks
and not yot paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railsoade (Steam)
Baltimore & Ohio common (guar.)
Preferred (guar.)
Bangor & A roos.,com.(old & new)(quer.)
Preferred (guar.)
Carolina Clinctifield & 0., corn. (qu.)
Chesapeake & Ohio. pref. (guar.)
Chic. ft I & Pa1.1110. NM, Koons)
Clove., Ctn., Chic. & St. Lou., com.(qu )
Preferred (quer.)
rube RR., Prof. fIllht%t.L. .
Delaware Lorkawanna & Western (qtr.)
Erie RR..find & seeond pref
Joliet & Chicago (quar.)
Kansas City Southern common (quar.)_ _
Preferred (quar.)
Motioning Coal RR., corn. (quer.)
Midland Valley, corn
New York Central RR.(quer.)
Norfolk & Western, ad). pref. (quar.)- - Northern Pacific (quer.)
Pere Marquette. pref. & prior pre (rm./
Pistol., Ft. Wayne & Chic., pref.
(quer.)
PIttstairgh & West Va. com.
_
Reading Company. corn. (guar.)
Second preferred (guar.)
Rutland RR., prof
sit. Lords-son Fran.. Prof 'finer 1
Sonthern By., common (quer.)
Preferred (oiler.)
Pet When
Cent. Payable.
1% Dec. 2
Dec. 2
1
87c. Jan. I
134 Jan. 1
$1 Oct. 10
334 Jan 1311
134 Sept. 30
Oct. 19
2
1 34 Oct. If)
Febl'30
$1.50 Oct. 21
2 Dee. 31
134 Oct. 7
134 Nov. 1
Oct. 15
1
12.50 Nov. 1
31.25 Oct. 15
Nov. I
2
$1
Nov. 19
Ili Nov I
Books Closed
Days Inclusive.
Holders of rec. Oct. 1 la
Holders of rec. Oct. I la
Holders of me. Nov. 30
Holders ot rec. Nov. 30
Holders of rec. Sept. Sue
Holders of rem Dec. da
Holders of rec. Sept. 60
Holders of rec. Sept. 27a
Holders of rec. Sept. 270
Holden, of ree. Jan. 15n
Holders of rec. Oct. 5a
Holders of rec. Dec. lea
Holders of rec. Sept. 27
Holders of roe. Sept. 30a
Holders or rec. Sept. 300
Holders of rec. Oct. 15a
Holders of roe. Sept. 30rt
Holders of rec. Sept. 27a
Holders of rec. Oct. 310
Holders of rec. Sept. 30a
134 Nov. 1 Holders of rec. Oct. 40
Iloldere of rec. Sept. 10a
134 Oct.
IS Oct 31 Holder+ of roe. ()et. 15,9
1
Nov. 14 nellers of rec. Oct. 17a
b0c. Oct. 10 Holders of rec. Sept. 19a
Oct. 15 Holders of rec. Sept. 300
2
I% Nos. 1 Holders of rec Oct
1•
1 Holders of rec. Oct. la
25
ONov..
ct.(
Holders of rec. Sept. 23a
134
Name of Company.
Railroads (Steam) (Concluded).
Wabash Sty., pref. A (quar.)
West Jersey & Seashore
2185
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
51.25 Nov. 25 Holders of rec. Oct. 25a
$1.25 Oct. 15 Holders of rec. Oct. la
Public Utilities.
Alabanut Power, $7 pref. (guar.)
$1.75 Nov. I Holders of rec. Oct. 15
36 preferred (quer.)
$1.50 Nov. 1 Holders of rec. Oct. 15
$5 preferred (quer.)
51.25 Nov. 1 Holders of rec. Oct. 15
Amalgamated Elec. Corp. (Canada), pf_
7.50. Oct. 15 Holders of rec. Sept. 27
Amer. Cities Pow.& Lt. class A (qu.)_ _ _ 075t,. Nov. 1 *Holders of me. Oct. 5
Payable 1-32 share of class B stk. or In ash at option of holder.
Maerican Commonwealths PowerCorn. el. A &B (I-40 share cl. A stock) (f) Oct. 15 Holders of rec. Oct. 1
Amer. Dist. Teleg. of N. J.. cam. (qu.) "31 Oct. 15 "Holders of rec. Sept. 15
Preferred (quar.)
'134 Oct. 15 *Holders of rec. Sept. 15
Amer. Gas dr Elec. preferred (quer.) _
$1.50 Nov. I Holders of rec. Oct. 8
Amer Telp. & Teleg. (quar.)_ _
2% Oct. 15 Holders of rec. Sept. 211a
Associated Gas & Elec., cl. A (q11.) - - (r)
Nov. 1 Holders of rec. Sept. 30
Associated 'Pelee. Utilities, cons. (quer.) .25e. Oct. 15 *Holders of rec. Sept.
Common (payable In corn. stock) _ _ •12%c Oct. 15 *Holders of me. Sept. 31)
Bell Telephone of Canada (quar.)
Oct. 15 Holders of rec. Sept. 23
Bell Teter). of Pa. pref. (tmar.)
134 Oct. 15 Holders of rec. Sept. 204
Bridgeport Hydraulic Co. (quer.)
*40c Oct. 15 'Holders of rec. Oct. 1
British Columbia Power class A (quer.)
50c. Oct. 15 Holders of rec. Sept. 20
Brooklyn-Manhattan Trarsit corn. (qu.) Si
Oct. 15 Holders of rec. Oct. la
Preferred, series A (quer.)
.50 Oct. 15 Hullers of reo. Oct. la
Preferred, aeries A (quer.)
51.50 Jan15'30 Holders of rec. Dec. 31e
Preferred, swim A (quer.)
$1.50 AprI5'30 Hold, of rec. Apr. 1 '30a
Buffalo Slag & E. Pow., first pref.(qu.) $1.25 Nov. 1 'Holders of rec. Oct. 15
Cables & Wireless, Ltd.Amer. dep. rcts. for pref. stock
Oct.
"2:
5 *Holders of rec. Sept. 16
e. 2.
5,
5 0t
California-Oregon Power,7% pf. (quer.) 1% Oct. 15 Holders of rec. Sept. 30
6% Preferred (guar.)
1 14 Oct. 1, Holders of roe. Sept. 30
Canada Northern Power (quar.) (No. 1)
Holders of rec. Sept. 31)
Cane Breton Electric Co., preferred......_ "3
Nov. 1 'Holders of rec. Oct. 13
Central Illinois Pub. Ser. pref. (quar.) .11.50 (let. 15 *Hollers of rec. Sept. 30
Cent. &,Southwest Utilities, corn. (au.) _
75c. Oct. 15 Holders of rec. Sept. 30
Ches.& Po. Teleu. of Bail.. pref. (arm.).... 1% Oct. 15 Holders of rec. Sept. 30
Chic. P.apid Tran., pr. ref. A (rittily.)
*Holders of rec. Oct. 15
Prior pref.. series A (rnonthly)
Dec.
'Holders of rec. Nov. 19
:: Nov.
.
*6:5
(
5
Prior Prof.. series B (monthly)
•60c.
I *Holders of rec. Oct. 15
Prior pref., series B (rru/Mille)
*Holders of rec. Nov. 19
Ctn. Newp.& Cov. Lt.& Tr.. corn.(qu.) *51.50 Oct. 15 "Hollers of rec. Sept. 30
ss 1.1214 Oct. 15 'Holders of rec. Sept. 30
Preferred (anal.)
Cleve. Elec. Illuminating, pref. (guar.). 1% Dec. 2 Holders of me. Nov. 15
Columbia Gas & Electric corn. (guar.)._
I50,
c. Nov. 15 Holders of rec. Oct. 150
preferred (quar.)
Nov. 15 Holders of rec. Oct. 150
5% preferred (quar.)
*2
1% Nov. 15 Holders of rec. Oct. 15a
Commonwealth Edison Co.(guar.)
Nov. I *Holders of rec. Oct. 15
Commonwealth Power, corn. (quar.) _
Nov. 1 Holders of rec. Oct. 110
6% preferred (guar.)
Nov. 1 Holders of rec. Oct. 11*
Consul. Gas of N. Y. 55 pf. (guar.)._
Nov t Holders of rec. Sept. 28
$1.25 .1
Consumers Power, $5 pref. (quer.)
Holders of rec. Dec. 14
6% preferred (imar.)
$1%25
Jan2 30 Holders of rec. Dec. 14
1
.6% preferred (quar.)
65 j
2:330
Ja
0 Holders of rec. Dec. 14
14
an 2
7% preferred (quar.)
Holders of rec. Dec. 14
5% Preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
50c. Dec. 2 Holders of roe. Nov. 15
6% preferred (monthly)
50c. Jan 230 Holders of rec. Dec. 14
6 6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dec. 2 Holders of rec. Nov. 15
6.6% preferred (monthly)
Mc. Jan 2'30 Holders of rec. Des. 14
Detroit Edison Co. (quar.)
Oct. 15 Holders of rec. Sept. 20
2
Duquesne Light, 5% 1st pref. (quar.)_
1% Oct. 15 Holders of roe. Sept. 14a
Eastern Mass. St. Sty., corn ((mar.)
371sr Oct. 15 Holders of rec. Oct. 1
Electric Bond & Share, corn. (quar.)- - 1134 Oct. 15 Holders of rec. Sept. 20
Preferred (guar.)
81.50 Nov. 1 Holders of rec. Oct. 10
Electric investors. Inc., pref. (guar.).- 81.50 Nov. 1 Holders of rec. Oct. 15
Electric Power & Light. corn.(guar.)
25c. Nov. 1 Holders of rec. Oct. 12
English Elec. Co., class A (quer.)
75e. Oct. 15 Holders of rec. Sept. 30
Illinois Nothern Utilities, pref. (quar.)
*114 Nov. 1 *Holders of rec. Oct. 15
Junior preferred (quer.)
"31.75 Nov. 1 'Holders of rec. Oct. 15
Illinois Power & Light. $6 Pref. (quer.)- 81.50 O
No
ctv. 15
1 Holders of rec. Oct. 10
Internat. Hydro-Elec., cl. A (qu.)
Holders of rec. Sept. 270
Optional, 1-50th sh. Cl..5 stk. or Me.c ash, h older to notify Co. before Oct. 10.
International Telee. & TeleP. (quar.)_
50c Oct. 15 Holders of rec. Sept. 200
International Utilities, cl. A (quar.).... 8714c Oct. 15 Holders of rec. Sept. 300
$7 preferred (quer.)
$1.7: Nov. I Holders of rec. Oct. 18a
Jamaica Public Service, pref. (Suar.) _ "134 Oct. 10 *Holders of rec. Sept. 18
Kentucky Securities. pref. (Suar.)
1% Oct. 15 Holders of rec. Sept. 200
Lowell Electr,c Light (guar.)
"65c Nov. 1 'Holders of rec. Oct. 16
Manhattan Sty., modified quar.Deferred div. rental of Jan. 1 1928... 134) Oct. 21 Holders of roe. Oct. 4a
Deferreddiv. rental of Apr. 1 1928...
MassachusettsGas Cos.. corn. (quer.)
1% Nov. 1 Holders of rec. Oct. 15
Massaelusetts Util. Assoc., pref. (qu.)
6214c Oct. 15 Holders of rec. Sept. 27
Middle West Utilities, corn. (quar.)
Oct. 15 *Holders of rec. Sept. 30
- "2
S6 preferred (guar.)
81.50 Oct. 15 Holders of rec. Sept. 30
Midland Utilities, prior lien stk.(qu.)
1% Oct. 7 Holders of rec. Sept. 21
6% prior lien stock (quar.)
1% Oct. 7 Holders of rec. Sept. 21
7% preferred class A (guar.)
1% Oct. 7 Holders of roe. Sept. 21
6% preferred class A (quar.)
1% Oct. 7 Holders of rec. Sept. 21
Milwaukee Dec. By.& Light. pref.(qu.) 134 Oct. 3
Holders of rec. Oct. 210
Missouri River-Sioux City 13dre.,pf.(qu.) 51.75 Oct. 1
Holders of rec. Sept. 30
Montreal Lt. Ht. & Power Consol. (qu.)
60c Oct. 3 Holders of rec. Sept 30
Montreal Telegraph (quar.)
Oct. 15 Holders of rec. Sept. 30
2
Montreal Tramways (guar.)
234
. 15 Hollers of rec. Oct. 7
Mountain States Power, pref.(quer.).
1% Oct. 21 Holders of rec. Sept. 30
National Friel (Ins (Misr 1
210. Oct. 15 Holders of rec. Sept. 30
Natl. Power & Light, $6 pf. OR.)
51.50 Nov. 1 Holders of rec. Oct. 12
New Bedford(lank Edison Light (qu.)._ 'St
Oct. 15 'Holders of rec. Sept. 26
New England Power Assn.. corn.(qu.)
50e. Oct. 15 Holders of rec. Sept. 30a
New England Pub. Serv. $7 pf.
91.75 Oct. 15 'Holders of rec. Sept. 30
New York Telephone, pref. (quar.)... 1% Oct. 15 Holders of rec. Sept. 20
North Amer. Edison pref. (guar.)
81.310 Dec. 2 Holders of rec. Nov. 150
North Amer. Gas & Elec., el. A (No. I).
Nov. 1 *Holders of rec. Oct. 5
40c. cash or I-50th share cl. A stock
North Amer. Light & Power corn. (qu.). f2
Nov. 15 Holders of rec. Oct. 19
Northern Indiana Pub. Ser. 7% pf.(Q11.) 1% Oct. 14 Holders of rec. Sept. 30
6% Preferred (guar.)
14 Holders of rec. Sept. 30
Oct.134
514% preferred (guar.)
1% Oct. 14 Holders of rec. Sept. 30
Northern States Power, corn. A (quar.). 520i
1 Holders t rec. Sept. 30
.. 21
Seven per rent preferred (quer.)
Holders of rec. Sept. 30
Oct.
Six per rent preferred (quer.)
1% Oct. 21 Holders of rec. Sept 30
Northwestern Bell Telep., Pref. (qu.)
1% Oct. 15 Holders of rec. Sept. 150
Oldo Edison Co.6% pref. (guar.)
1% Dec. 2 Holders of rec. Nov. 15
6.6% preferred (quar )
1.65 Dec. 2 Holders of roe. Nov. 15
7% preferred (quar.)
1% Dec. 2 Holders of roe. Nov. 15
5% preferred (quar.)
21 Holders of rec. Nov. 15
De
ecocv... 2
150c DN
6% Preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
Holders of rec. Nov. 15
6.6% preferred (monthly)
Holders of rec. Oct. 15
6.6% Preferred (monthly)
55c Dec. 2 Holders of rec. Nov. 15
Pacific Gas & Elec.. corn. (quer.)
5(10. Oct. 15 Holders of rec. Sept. 306
1„;
Pacific Lighting. $6 pref. (quer.)
*51.50 Oct. 15 *Holders of rec. Sept. 31)
PacItle Tel. & Tel preferred (quar.)
Oct. 15 Holders of rec. Sept. 306
Penn-Ohio Edison common (guar.)
ov. 2
N
pec
1 Holders of rec. Oct. 15
7% prior Prof. (quer.)
Holders of rec. Nov. 15
13%
$6 preferred (quer.)
51.50 Oct. 15 Holders of rec. Sept. 30
Pa.-Ohlo Power A Light $6 pt. ((luer.)- - $1.50 Nov. 1 Fielders of rec. Oct, 21
7% preferred (quer.)
Nov.
Holders of roe. Oct. 21
7.2% preferred (monthly)
60c. Nov. 1 Holders of rec. Oct. 21
01.0% prefeered (monthly)
Me. Nov.
Holders of roe. Oct. 21
Pennsylvania Pow. Co.. $6.60 pf.(mthly
550. Dec. 2 Holders of rec. Nov. 20
sr, preferred (suer.)
$1.50 Dee 2 Holders of rec. Nov. 20
Peoples Gas Light & Coke (Sliar.)
Oct. 17 Holders of rec. Oct. 311
2
Philadelphia Co., cont. (Soar.)
SI
Oct. 31 Holders of rec. Oct. la
Common (extra)
75c. Oct. 31 Holders of rec. Oct. la
6% preferred
31 .50 Nov. 1 Holders of rec. Oct. la
Phila. Rapid Transit corn. (quar.)
SI
Oct. 31 Hollers of rec. Oct. 1511
Preferred (quer.)
51.75 Nov. 1 Holders of rec. Oct. Is
$44
51:0
2186
Name of Coalman,•
[VOL. 129.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
books Cloud
Days lselusim.
Name of Company.
When
Per
Cent. Payable,
Rooks Cloud
Days Inclusive.
Miscellaneous (Continued).
24c. Nov. 1 Holders of ree. Oct. 15s
Cities Service Co.. corn. (nobly.)
Common (payable In corn stock)---. fbi Nov. 1 Holders of rec. Oct. 155
50c. Nov. 1 Holders of rec. Oct. 15.
Preference and preference BB (ra(dy.)
Sc. Nov. 1 Holders of rec. Oct. 15.
Preference B (mthly.)
874c• Nov. 1 Holders of rec. Oct. 150
City Stores Co., class A (guar.)
Coats (J. P.). Ltd.Amer dep. refs. for ordinary shares-- *wed Oct. 5 *Holders of rec. Sept. 7
37 4c Nov. I Holders of rec. Oct. 15
Cockshutt Plow, Ltd ((luar.)
"374c Oct. 15 'flouters of rec. Sept. 30
Coen Cos.. class A (quar.)
6234c. Oct. 15 Holders of rec. Sept.27
Cohn-Hall-Marx Co.,coin.(guar.)
500. Oct. 15 Holders of rec. Oct. 1
Colgate-Palmolive-Peet Co., corn,(qu.).
Holders of roe Dec. 7
1 4 Janl
Preferred guar i
4354e. Oct. 15 Holders of rec. Oct. 1
Commercial Bookbinding (guar.)
lit Dee Si Holders of roe. Dee. 20
Communtty State Coro A & B (guar.)
154 Nov. 15 Holders of rec. Oct. 15
Consol. Bond & Share Corp., pref.(qu.)
Consolidated Dairy Products (quar.)__. •50e. Oct. 5 Holders of rec. Sept. 20
•el 34 Oct. 5 *Holders of rec. Sept. 20
Extra
•25e. Oct. 15 'Holders of rec. Sept. 30
Consol. Paper Box,cl.B (guar.)
"15c. Oct. 25 "Holders of rec. Oct. 15
Consolidated Royalty 011 (guar.)
•40c. Nov. 1 *Holders of rec. Oct. 4
Service
Credit
Constructive
20c. Oct. 30 Holders of rec. Oct. 155
Continental Motors Corp. (guar.)
Oct. 15 'Holders of rec. Oct. 1
*El
Continental Securities (guar.)
Nov I Holders .if ree Oct. 10
•60e.
eon 1W B.) Co., corn
Banks.
Is Nov I •Holders of roe Oct. 10
..
Preferred
25
Sept.
rec.
of
5
Holders
14
Oct.
Trade Bans.or N.Y.(quar.)
15 Holders of rec. Sept. 14
Oct.
60c.
(guar.)
Co.
Range
Copper
750. Oct. 21 Holders of rec. Oct. 41
Corn Products Refining, corn. (guar.).Trust Companies.
15
Holders of ree. Oct. 4,1
Oct.
14
30
Preferred
Sept.
(quar.)
reel.
of
*Holders
'50c. Oat. 10
Bank of Sicily Trt et Co. (guar.)
134 Nov 27 Holders of roe Nov. 12
Cm. Ine stock dividend
Mfg. corn,(quar.)__. '50c. Oct. 10 'Holders of rec. Oct. 1
Package
Creamery
Insurance.
Fire
•14 Oct 10 "Holders of rec. Oct. 1
Preferred (guar )
50o Dec. 16 Holders of rec. Dec. 6
North River (guar.)
•2c. Oct. 10 *Holders of rec. Sept. 30
Cresson-Cons. Gold Min.& Mill.(qu.)
e4 Dec Si Holders of eve Dee 20
dividend)
(stock
Radio
Crosley
Miscellaneous
25e. Out. 15 Holders of rec. Sept. 30.
corn
Corp.
Omani
'rown Zellerbach
1)4 Oct. 21 Holders of rec. Oct. 106
Abitibi Power & Paper.6% Pref.(qO
134 Oct. 31 Holders of rec. Oct. 15a
1)4 Nov. 1 Holders of rec. OM. Its Crucible Steel common (guar-)
Abraham & Straus. Pref. (guar.)
(guar.).
250. Oct. 15
B
class
ea
Inc..
Forster,
lb
Oct.
&
Crum
Nov. 1 •Hoiriere of rec.
Acme Wire. Peet• (guar.)
$1
Oct. 15 Holders of rec. Oct. 4.
Cudahy Packing, corn. (quar.)
Dee. 2 *Holders of rec. Nov. 2U
•el
Ainsworth Mfg stock die.(quar.)
Nov. 1 Holders of rec. Oct. 21
3
preferred
20
rec.
Feb.
of
6%
*Holders
Niar1311
.01
Stock dividend (guar.)
Nov. 1 'Holders of rec. Oct. 21
34
7% preferred
Juu 220 *Holders of rec. May 21.
•el
Stuck dividend (guar.)
•500. Nov. 2 *Heiden of rec. Oct. 20
(monthly)
corn.
Publishing,
Curtis
300
of
rec.
Sept.
15
Holders
75e.
Oct.
(guar.)
Inc.
Air Reduction.
*25e. Oct. 15 'Holders of rm. Oct. 4
$1.50 Oct. 15 Holders of rec. Sept. 300 Darby Petroleum (Quiz.)
Extra
50c. Oct. 15 Holders of rec. Oct. I
Davenport Hosiery Mills, Inc.. com.(qu)
*15c. Oct. 18 *Holders of rec. Sept. 30
Allegheny Steel, corn.(mthly.)
"55e. Nov. I *Holders of rec. Oct. 20
Co.. pref. (guar.)
30
Sept.
Derrets
rec.
of
'Holders
Oct.
18
'25c
Common (extra)
Oct. 15 'Holders of rec. Sept. 30
•20e.
Detroit Motorbus
*15c Nov. 18 *Holders of rec. Oct. 31
Common (mthly.)
*Mc. Oct. 15 "Holders of rec. Oct. 1
Devonshire Investing Corp.corn.(qu.)
1)4 Dec. 1 Holders of rec. Nov. I5a
Preferred (guar.)
Dec. 30 *Holders of rec. Dec. 20
•50e.
common
Mtg.
Elec.
110
Oct.
(qu.)
Diamond
rec.
$1.5e Nov. 1 Holders of
Allied Chen.ical & Dye Corp.. corn.
Dec. 30 "Holders of rec. Dec. 20
'12
Common (Payable in corn. stock)
•25.• mt. 10 *Holders of rec. Aug 20
Allied Motor industries. corn.(quar.)
Oct II Holder. of rec. Oct.
25c
Products
(guar.)
II
Dletoeraph
tee.
Dec
of
Dec.
31
*Holders
•60c
AJundnion Mfrs.. corn. ((mat.)
21 Holders of ree. Sept. 305
Oct.
250.
Horne Mines. Ltd. (guar.)
•laa June 30 *Hoiden of me June lb
Preferred (qoor.)
Oct. 15 Holders of rec. Sept. 30
51
Dominion Engineering Mari
"I at Sept 20 *Holders of rem Sept lb
Preferred (guar.)
15 Holders of rec. Oct. 1,
Oct.
50c.
Co
Park
lb
Dec.
Dominion
rec
Dem
31
of
*Holders
Preferred (guar.)
14 Nov. I Holders of rec. Oct. 7
Dominion Tar & Chem., pref. (guar.)
50e. Oct. 31 Holders of rm. Oct. 15
Amerada Corp. (guar.)
Oct. 15 Holders of rec. Sept. 30
1
prof.
(quar.)--Textile.
Ltd..
Sept
Dominion
30
(qu.)_
me
of
pt.
15
Holders
$1.50
Oct
&
corn.
American Art Works
Oct 15 Holden. of me Oct. la
i)unhill Internat. common (guar --- • $1
750 Nov. 15 Holders of rec. Oct. 3Ia
American Can, corn.(gran)
tret IS Holders of met (let. la
fl
• h
Common payable it, common stock)
Nov. I •Holdem of rec Oct. 20
Anier10..n Cr:million Co.. VI. (WI.)
1530 Holders of roe Dee. 31a
in
$1
II
Oct.
Common
rec.
of
(quar.)
Nov. 1 *Holders
•11
American Coal (guar.)
In 1550 Holders of roe Dec. 31a
11
(quar.)
Common (payable In corn. stock)
40e Oct. 17 Holders of rec. Sept 200
Amer. Commercial Alcohol. corn.
API530 Holders of ree Arw, la
$1
Omar.)
10
Common
Oct.
rec.
1
Nov.
of
•Holders
•14
Preferred (guar.)
Api5'30 Holders of rec. Apr. to
fl
Common (payable In mm.stock)
3)4 Oct. 15 Holders of rec. Oct. 5
Amer. Fork & Hoe. pref
•1
Du Pont (E. Li de Nemours & CoJana'30 •Holdere of rec Dec 17
Amer. Hardware Corp.(guar.)
25 Holders of roe. Oct. 10a
Oct
14
stock
14a
Oct.
(guar.)
Debenture
rec.
(mthly.).
of
1
Holders
30c Nov.
Amer. Home Products, corn.
$1.75 Nov. 1 Holders ot rec Sept. 30
Eastern Bankers.(reep.. pre! (quit.)
Dee. 2 *Holders of rec. Nov. 21
Amer. Laundry Machinery. corn. (qu.) *SI
Febt'30 Holders of rem Dec. 81
$1.75
21
Preferred
Nov.
(guar.)
rec.
stock).
of
Dec.
2
*Holders
corn.
•13
in
Common (payable
Eastern Utilities Investing CorpAmerican M anufseturiugHolders of rec. Sept. 30
1.75 Nov.
Partielpating preference (quit.)...
75e Dec. 31 Holders of ree Dec lb
Common (guar.)
S1.50 Dec. 2 Holders of rec. Oct. 31
1:
$6 preferred (quar.)
Dee
ree
of
14 Dee. al Holders.
Preferred (lum.)
Holders of rec. Oct. 31
2
Dec.
.75
$1
$7 preferred (qum.)
75c Oct. 10 Holders of rec. Oct. 40
American Phenix Corp.(guar.)
$1.25 Oct. 1 Holders of rec. Aug. 1
Prior preferred (guar.)
- 60c Oct. 16 Holders of rec Sept 30.
ArnenCLIII Hollins Mill, corn (guar.)
Holders of rec. Nov. 30
'30
Jan2
$1.25
15e
(guar.)
Prior preferred
Nov. 1 Holders of rec. Oct
2
Amer. Shipbuilding, corn. (guar.)
Eaton Axle & Spring common (quiz.)... •75e. Nov. t 'Holders of rec. Oct. 15
14 Nov. 1 Holders of rec. Oct 15
Preferred (guar.)
'Holders of rec. Oct. 1
Out,
15
•250.
(guar.)
Stores
Grocery
la
Oct.
Economy
(qua-..
rec.
of
15
Holders
(let.
corn.
75c
American Steel Foundries.
•250. Oct. 20 Holders of rec. Sept. 30
Edison Bros. Stores. corn.(No. I)
750. Oct. 15 Holders of rec. Oct. la
Amer. Sumatra Tobacco. corn.(guar.)
250. Oct. 25 Holders of rec. Oct. 10
Electric Household utilities(qum-)
30c. Nov. 1 Holders of rec. Oct. 20
Amer. Thermos Bottle, cl. A (quar.)_.
14 Oct. 25 Holders of rec. Oct. 10
dividend
Oct.
20
Stock
•350. Nov. I *Holders of rec.
American Transformer (guar.)
•624e Nov. I Holders of rec. Oct. 16
Oct 15 Holden' of rec. Oct. 56 Elgin National Watch (guar.)
Amer. Type Founders, corn. (guar-)--- - 2
60c. Nov I Holden. of me Oct. 21a
1)4 Oct. 15 Holders of rec. Oct. 50 Fait (The), corn (guar.)
Preferred (guar.)
st Nov 1 flowers of ree Oct. 21.
Preferred (guar I.
31.75 Nov. 18 Holders of rec. Oct. 110
Anaconda Copper Mining (guar-)
Nov. 1 Holders of rec. Oct. 151
134
Park
..pret.(quar.)
ha
Oct.
Fashion
rec.
Associates.Inc
of
Holders
11
Nov.
750.
Andes Copper Co.(quar.)
Oct. 11 Holders of rec. Oct. 3
25e.
Metals
rec.
On.
15
Federated
(gum.)
75e Nov. 1 Holders of
6
Art Metal Works, Inc. (guar.)
Finance Co. of Amer., corn. A & B (qu,). 17 tbe. Oct. 15 Holders of rec. Oct.
62e. Nov. 1 Holders of rec. Oct. 12a
Associated Dry Goods. corn.(quiz.)
4314e. Oct. 15 Holders of rec. Oct. 5
Preferred (guar-)
14 Dec. 2 Holders of rec. Nov. 9a
First preferred (guar.)
1
Oct.
rec.
of
Holders
15
Oct.
-IM Dec. 2 Holders of rec. Nov. 9a Fishman(M.II.) Co., Inc.. peel. (qtr.)
Second preferred %quar.)
vim Simon.,& Connell I bwirre A I
Atlantic Oral & West Indies 13.13. Linea.
(f)
share).
1-40th
die.,
(stock
.....
Ile
Gown
Dee
rec.
Dec. II Floldere of
$1
Preferred (quar/
Oct. 15 Sent. 26 to Oct. 15
3
551 Fifth Ave.. Inc., pref
"14 Oct. 15 *Holders of rec. Oct. 16
Atlantic Macaroni (guar.)
3734e Oct. 15 Holders of rec. Oct. 10
750. Oct. 15 Holders of rec. Sept.300 Flintkore Co. corn..(guar.)
Auto Sales Corp., pref. (guar.)
15 Holders of rec. Oct. 7
Oct.
4354r.
(qua
Fokker Aircraft Corp., 151 pref.
14 Jan 1114: Holden of ree Nov .
Bakers Snare Corp.. eem au.)
roe. Sept.30
Food Machinery Corp., corn. (quar.)... *37 tic Oct. 15 'Holders of
*37 tec Oct. 15 •Holaers of rec. Sept. 30
Baldwin Company,corn.(guar.)
15 Holders of rec. Oct. 1
Oct.
50e.
30
Fabrics
Sept.
Foremost
(guar.)
*14 Oct. 15 *Holders of rec.
Preferred (guar.)
roc Doe. 14
of
'all
•Holdere
I
Jan
•350.
wormier, insulation ((Mar.)
(qu.).
14 Dec. 2 Holders of reC. Nov a .a
Bamberg&(Li & Co .64% pt
Oct. 15 Holders of roe. Sept. 30e
$1
Fox Film Corp., corn. A& B (guar.).Bancroft (Joseph) dr Sons Co., pref.(qu.) 1M Oct. 31 Holders of rec. Oct. 15
rec. Sept. 15
of
*Holders
1
Oct.
'114
(quar.)
Frank (A. B.) Co., pref.
Oct. 15 •Holders of rec. Seer- 30
*52
Bankers Capital Corp.. pref.(guar.)
•134 Jan 1'30 *Holder's of rem Dec. 15
Preferred (guar.)
Jan16'30 *Holders of rec Dec 2$2
Preferred (guar.)
of rec. Mar. 15
'Holders
1'30
Apr
•134
(guar.)
304
Preferred
Sept.
(quar.)..
750. Oct. 15 Holders of rec.
Bankers Securities Corp., corn.
'134 Jul 130 'Holders of rec. June 15
Preferred (guar.)
94e. Oct. 15 Holders of rec. Sept.30a
Common (extra)
•134 0.41'30 'holders of rec. Sept. 15
Preferred (guar.)
75e. Oct. (5 Holders of rec. Sept.30a
Participating pref. (guar.)
•50c. Oct. 20 *Holders of rec. Oct. 10
(qual.)...
corn.
260. Oct. 15 Holders of rec. Sept.20a Franklin (H. H.) Mfg.,
Participating pref. (extra)
Nov. 1 'Holders of rec. Oct. 20
0
3u
pt.
Preferred
Se
of
rec.
(guar.)
*Holders
10
(guar.)
Oct.
B
•250.
&
A
cl.
Bansicilla Corp.,
Holders of rec. Oct. 151
Nov.
$t
Co.
Texas
70
Oct.
Freeport
(quar.)
rec.
50c Nov. 7 Holders of
Bar nsdall Cot p., cl. A dr B (guar-)
15 'Holders of rec. Sept.27
Oct.
'68340
50c. Oct. 15 Holders of rec. Sept 306 Gait(ROL)Co. class A (guar.)
Bayuk Cigars, Inc., common (quar.)
Car,
Tank
Amer.
General
IlOa
roe.
Rept
of
Nobler;
15
IM Oct.
First preferred (quar.)
Jan 1'3( "Holders of ree Dee. 13
Common (payable In nom. stock)....
760 Oct. 10 Holder, of rec Sept 250
Beech-Nut Park)ne. corn (guar-)
•1 yi Dec. I 'Holders of rec. Nov. 15
$1.30 Nov 15 Holders of rec Oct 18e General Box. met (guar.)
Bethlehem Steel common (guar.)
Oct. 25 Holders of rec. Sept. 20s
Si
(gum.)
corn.
Electric,
lb
General
Oct.
of
rec
Nov 1 'Holders
Bigelow liertford Carpet. prof. Bloat.),. •1
15e. Oct. 25 Holden of ree. Sept. 20s
Special ((muter)
25c. Oct. 15 Holders of rm. Oct. I
Bishop Oil Corp
Corp.
Bankshares
&
Industrial
General
dlea
Oct.
rec.
(quar.)_.
of
1
Holders
Nov.
pref.
13
Bloore.inedale Bros., Inc..
374c. Oct. 15 Holders of rec. Oct.' 10
Class A (quar
Oct. 30 Horders of rec. Oct. tba
$1
of rec. Oct. 75
Boa And Co., corn. class A (guar.)
General Motors Corp.,6% pref.(qua?.). 14 Nov. 1 Holders
Oct. 15 Sept. 28 to (Set. 14
51
Borne Scryrnser Co
134 Nov. I Holders of rec. Oct. 75
24
Sept.
roe.
(Misr.)
7% preferred
75e. Oct. 10 Holders of
of roe Oct. • 71
Holdera
1
114
Boyd-B club Shoe (guar.)
Nov
,(mime.)
fl% debenture stork
50e. Nov. 1 Holders of rec. Oct. 15
Brading Breweries, corn.(quar.)
50e. Oct. 15 Holders of rec. Oct. 5s
Genl. Outdoor Advernsing.(quar.)
*w4 Oct. 7 *Holders of roe. Sept. 23
of roc. Oct. 10
1
Holders
British Aluminum. Am.dep.rights
Nov.
$1.50
(quar.).
$5
pref.
75e. Nov. I Holders of rec. Oct. 15a General Public Service.
Brockway Motor Truck, corn. (guar.).51.375 Nov. 1 Holders of rec. Oct. 10
$5.50 preferred «mar.)
__
50c. Oct. 15 Holders of rem Sept. 30
Brom pton Pulp & Paper, corn.(guar.)
of
rec. Sept. 21
15
*Holders
Oct.
pref
&
1
$6
Realty
Nov.
General
Utility,
rec.
•50c. Nov. lb *Holders of
Co., corn. (quar.)
Brown Darrell Co.
•I
75-1000 share of stock for each sham,o c$1.50 In cash.
I , 1/30 *Holden, of rec. Dec. IS
64% ireferred
, 1 'Holders of ree Nov. 15
Iwo
tse
.37
Co
Nun
30
A
04
I
(quar.1
Gerrard
Oct.
rec.
of
19
Holders
$1 Oct.
Burroughs Adding Mach.(special)
14 Nov. 1 Holders of rec. Oct. 151
50e. Nov. 1 Holders of rec Sept 270 Gimbel Brothers, pref. (guar.)
Bush Terminal common (guar.)
14 Oct. 15 Holders of rec. Sept. 30
fl 4 Nov. I Holders of rec Sept 270 Globe Wernicke Co.. pref. (quilt.)
Common (payable in common stork)
Nov. 1 Holders of rec. Oct. 100
62340
(quar.)
corn.
Dust
Corp.,
27
Gold
1M Oct. 15 Holders of rm. Sept.
Debenture stock (guar.)
Dm 1 Holders or ow Nov. 16
bel
diva.
III Nov. I Holders of rec. Oct. 15. Golden State Milk Products (stk.
Byers(A M.)Co pref.(quar.)
$1.25 Nov. 1 Holders of rec. Oct. la
(guar.).
corn.
Tire
&
Rubber.
la
Goodyear
Oct.
rec.
of
Holders
15
$1.25 Oct.
Canada Dry Ginger Ale (guar.)
511e )ec 1 iloi.1.-rs if rec Nov. 1
Gorham Mfg.. Min (guar.)
Canada Foundries & Fore. cl. A (quar.) 37)4e. Oct. 15 Holders of rec. Sept. 30
1M Nov. 1 Holders of rec. Oct. 121
Gowen) Silk Florriery. Pref.
50c. Oct. 15 Holders of rec. Sept. 30
Canadian Brewing Corp. (guar.)
Nov. 11 Holders of rec. Oct. 180
$2
(qu.).
Pow.
lc
Smelt.
Cons.
Min.
25
Sept
Granby
1% Oct. 10 Holders of roe
8
Canadian Car & Fdy„. pref. (guar.).- Grand Rapids aletaleraft. corn. (qual.). *M.Oct. 15 Holders of rec. Oct. 8
Canadian Fairbanks Morse, pref.(qua- 14 Oct. 15 Holders of rec. Sept. 30
•10e. Oct. 15 •Holders of rec. Oct.
Common
30
(extra)
Sept.
of
Holders
15
ree.
Oct.
38c.
20
Caned. Indust. Al. vot. & non-parttou
Dem
tee
of
'Holders
31
*Um
Dec.
Grand Rapids Varnish (gnarl
1M Oct. 15 Holders of ree. Sept. 30
Canadian Inaustries„ Ltd., pref.(guar.) •
Oct. 7 Holders of ree. Sept. 12s
Greene(7atudiers Copper Co.(quar.).- 32
124e. Oct. 15 Holders of tee. Sept.30
Canadian Wineries, Ltd..(guar.)
Nov. 1
Greenway d arm . 5% pref lquari --- • •75c Nov i •H. Mete of en Oct. 10
$1.76 Dee. 31 Holders of rec. Nov. lu
Canfield Oil, con,. & peer (quar.)
•25e
Oct. 15 'Holden of rec.
Ground Gripper Shoe corn. (guar.)
Carnation Milk Products'Holders of rec. Oct. 10
*25c.
15
Oct.
Common
21
(extra)
Dee.
rise.
of
2'30
*Holders
*1 Jan
Common (payable In common stock)._
•75c. Oct. 15 *Holders of rem Oct. 10
Preferred (guar.)
Central Alloy Steel common (guar.).- 50c. Oct. 10 Holders of rem Sept. 260
•50c Dec. 1 *Holders Of rec. Nov. 20
14 Oct. 15 Holders of rec. Sept. 30a Gruen Watch, common Man/
Central Coal & Coke. pref. (guar.)
We. M'r 1'30 •Hold, of ree. Feb. 1830
(guar.)
Common
25
Sept.
•31 tic Oct. 15 *Holders of me.
Chapman Ice Cream (guar.)
•154 Nov. I 'Holder, of ree. Oct. 21
Preferred (guar.)
•25e. Oct. 15 *Holders of rec. Sept. 25
Extra
•1t,i Feb I'30 •Hold. of tee. Jan. 21 '311
(guar.)
Preferred
1
Nov.
rec.
of
lb
Holders
260. Nov.
Melees Exchange Corp.clam A & B (gal
114 Jan 230 Holders of me Dee it.
Gulf States Steel pref (quar.)
25e. FbI5'30 Hold. of rec. Jan. 31 '30
Clam A & B (guar.)
•25c. Oct. 31 *Holders of rec. Oct. 21
Hall(W. F.) Printing ((muar.)
25e. My16'30 Hold, of rec. May 1 '80
Class A & B (guar.)
•25c.
Oct. 31 *Holders of rec. Oct. 21
Extra
180
Oct.
260. Nov 1. Holders of rec.
Memo Yellow Cab (monthly)
14 Nov. 1 Holders of rec. Oct. 15
260. Dee 2 Holders of rec. Nov. 200 Hamilton Bridge, Ltd., pfd. (quar.)
Monthly
19 Holders of rec. Oct. 90
14
Oct.
(quit.)...
pref.
Rafe..
ker
10
Dec.
Harbison-Wal
tee.
of
•75e. Janl'30 *Holders
Chickasha Cotton Oil(guar.)
Public Utilities (Concluded).
624c Oct. 15 Holders of rec. Sept, 30a
ar Western Ry. pref. (guar.)
iv, Oct. 15 Holders of rec Sept. Se
Power Corp. of Can.. let [wet (quar.)
50e. Oct. 31 Holders of rec. Oct. 4a
Public Serv. Corp. of N. J., pt.(mthly.)
624c Oct. 15 Holders of rec. Sept. 26
Quebec Power (guar.)
Oct. 15 Holders of rec. Sept. 30
1)4
(guar.).
pref.
6.8:E.,
San Diego Consol.
rec. Sept. 17
Shawinigan m ater & Power (guar.).- 600, Oct. 10 Holders of
Southeastern Power & Lightrec. Sept. 30
of
19
Holders
Oct.
11
stock)
Common (in common
50c. Oct. 15 Holders of rec. Sept. 20
Southern Calif. Edison, orig. pi. (gear.)
15 Holders of rec. Sept. 20
Oct.
he
34
(quar.)
C
series
preferred
64
14 Oct. 15 Holders of rec. Sept. 20
Southern Canada Power, pref. (quar.)
1M Oct. 15 Holders of rec. Oct. 1
South Pittsburgh Water. Pref. (quar.)
Oct. 25 Holders of rec. Sept. 30a
874c.
corn.
Elec..
intl.)
Standard Gas &
1)4 Oct. 25 Holders of rec Sept. 30
Prior preference (quar.)
Nov. 1 *Holders of rec. Oct. 15
s$1.75
(quiz.)
Pref.
Co.,
Telephone
Standard
750. Nov. 1 Holders of rm. Oct. 150
United Lt. & Pr. corn. A & B. old (qu.)_
150. Nov. 1 Holders of rec. Oct. 15a
Common A & B new (guar.)
IM Oct. 15 Holders of rec Sept 30
Western Power Corp.. pref.(guar.)
Oct. 15 Holders of rec. Sept. 250
2
Western Union Telegraph (qu.)
III Nov. 1 Holders of rec. Oct. 50
West Penn. Power Co., 7% pt. (qu.)_
Nov. 1 Holders of rec. Oct. 55
1)4
6% preferred (guar.)
IM
1.M
OCT. 5 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
Hartford nines, Inc., partle. pref.(qu.). 75c. Nov. 15 Holders of rec. Nov. 1
Hawaiian Com'l & Su.(rittle)
•26C. Oct. 5 *Holders of rec Sept. 25
Monthly
.25c Nov. 5 "Holders of ree Oct 25
Monthly
Dec. 5 *Holders of rec Nov 25
111awailan Pineapple (stock dividend... e20
Jan 110 Holders of rec. Nov. 154
Hayes Body Corp.(guar.) (pay in elk.) 2
Jan3'30 Dec 26 to Jan. 1
Hercules Powder, pref. (guar.)
151 Nov. 16 Holders of roe. Nov. 4a
Hibbard,Spence,Bartiett & Co.(mthly.)_
35c. Oct. 25 Holders of ree. Oct. 18
Monthly
35c. Nov. 29 Holders of rec. Nov.22
Monthly
35c. Dee. 27 Holders of rec. Dec. 22
Entered Collieries, corn. (guar.)
Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
151 Oct. 15 Holders of tee. Sept. 30
Hires (Charlet E.) Co., corn A lunar.).
50c Dee.
Holders of rec Nov 11.0
Hollinger Cons. Gold Mines (mthly.)
be. Oct. 7 Holders of rec. Sept. 20
Hollywood Development(guar.)
*2He. Oct. 15 "Holders of rec. Sept. 30
Home OH, Ltd.(for mos. of July & Aug.) 20
Oct. 25 Oct. 1 to Oct. 19
Horn & Hardart (N. Y.) corn. (guar.)._ 6234c Nov. 1 Holders of rec. Oct. 140
Household Finance. Cl. A & B (guar.)... *75c Oct. '15 °Holders of rec. Oct. 1
Participating pref. (guar.)
75c. Oct. 15 Holders of rec. Oct. I
Participating preference (extra)
10e. Oct. 15 Holders of rec. Oct. la
Howe Sound Co.(guar.)
$1 Oct. 15 Holders of rec. Sept.300
Hudson Motor Car (quar.)
Oct. 11 Holders of rec Sept. 114
Hupp Motor Car. (guar.)
50c. Nov. 1 Holders of rec. Oct. 150
Stock divideno(gum.)
e234 Nov. 1 Holders of rec. Oct. 150
Hussmann-Ligonler Co., corn. (guar.)._
60c. Oct. 15 Holders of rec. Oct. 4
Illinois Brick (guar.)
.60e Oct. 15 *Holders of roe. on
3
Incorporated Investors(guar.)
.25e. Oct. .15 "Holders of rec. Sept. 21
Stock dividend
5e234 Oct. 15 "Holders of rec. Sept. 21
Indiana Pipe Line (guar.)
50c. Nov. 15 Holders of rec. Oct. 25
Extra
25c. Nov. 15 Holders of rec. Oct. 25
Industrial Finance Corp.,7% pf.(qua
134 Nov. 1 Holders of rec. Oct. 18
6% Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 18
Inspiration (5sol. Copper Co. (quar.)- Si
Clot. 7 Hoiden, of roe Sept 111/1
Insuranshares Corp., pref.(guar.)
156 Oct. '15 Holders of rec. Oct. 1
Internet Bustlers Mach (guar.)
21.26 Oct. ID Holders of me Sept 210
Internet Harvester, ruin.(ima.)
62%i Oct. 15 Holders of rec Sept 250
International Match cons. & pf. (qua?.).
80... Oct. 15 Holders of rec. Sept 25.
International Nickel of Can. pref. (qu.). 134 Nov. 1 Holders of rec. Sept 280
International Paper, 7% pref. (ouar.)... 131 Oct. lb Holders of rec. Sept 25a
8% preferred (guar.)
14 Oct. 15 Holders of rec. Sept 25
Internat. Paper di Power 6% pf. (qu.)
134 Oct. 15 Holders of rec. Sept. 254
7% Preferred (guar.)
116 Oct. 15 Holders of rec. Sept. 254
Internat. Printing ink, corn. (guar.)... 6234c Nov. 1 Holders of rec. Oct. 140
Preferred (guar.)
114 Nov. 1 Holders of rec. Oct. I40
International Shoe. corn.(mthly)
50e Nov. 1 Holders id ree Oct 14
Preferred (monthly)
*60e Deo. 1 *Holders of roe Nov 16
Preferred (moutnlyr
Jan 110 *Holders of ree Dee it
Interstate Iron & Steel new corn.((M.)._ .30c Oct. 15 "Holders of rec.
Sept 31.1
Irving Air Chute (guar.)
3734c. Oct. 5 Holders of rec. Sept. 30
Jackson Motor Shaft (guar.)
Oct. 15 *Holders of rec. Sept. 14
Jewel Tea common (guar.)
on 15 Hoiden. of ree Oct
Jobna-Manville Corp.. coin. (quar.)
75c Oct. 15 Holders of rec. Sept 240
Joint Security CorpCoin (Dayableln corn stock)
Nov
0
Holders of roe.
lb
Kalamazoo v.aerable Parchment(ad.).- •15e Dec. 31 *Holders ot roe. Oct.
Dec. II
Kaufmann Dept. Stores. common (qu.). 374c. Oct. 28 Holders of rec.
Oct. 100
Kawneer Company (quar.)
6234c.
Oct. 16 Holders of roe Sept 3(
Quarterly
ier Jan1510 •Floidera of roc Dee 31
Kelses-Hayes Wheel Corp_ prof (guar.) 134 Nov. 1 Holders of rec. Oct.
21
Kent Garage Investing Corp. pref
(I) Oct. 15 Holders of rec. Aug. 31
Keystone Steel & Wire. coin. (311111f.)....
Oct. 15 "Holders of ICC. Oct. 5
Preferred (emir.)
•151 Oct. 1° *Holders of rec. Oct. 5
Kirby Lumber (guar.)
•134 Dee. 10 "Holders of rec Nov 30
Knott Corp.. common (qua?.)
1.1.60c. Oct. 15 Holders of rec. Sept. 30
Knox Hat. participating prof. (guar.) -73c Deo. 2 Holders of rec Nov 15.
Lakey Foundry & Machine (guar.)
50c. Oct. 30 Holders of rec. Oct. 15
Stock dividend
e234 Oct. 30 Holders of rec. Oct. 15
Landers. Frerv
'lark 1ottar.)
Dec 3. •finkiers of ere flee 21
Landis Machine (guar.)
• .75c. Nov. 15 "Holders of rec. Nov. 5
Lansendurs I plied MaterielClaes A and B (quar)
.50e Oet 16 •Hoiclers of rec tiern 30
Class A and B (quar
.50.- Ja 161e •Holders of roe Dee 31
Lanston Monotype Mach (guar.)
134 Nov. 30 Holders of rec. Nov.d20
Lehigh Portland Cement. corn. (guar.)._ 624c Nov.
Holders of rec. Oct. 143
Liberty Shares Corp.stock dividend.... "el
Dec. 31
Stock dividend
"el
Mar3I'30
Lindsay Light, Prof.(guar.)
•17 He Oct. 5 'Holders of rec. Sept. 30
Link Belt Co. (guar.)
85c Dec. 1 Holders of rec. Nov 154
Lion Oil Refg.. corn (guar.)
.50c. Oct. 28 "Holders of rec. Sept. 2R
Liquid Carbonic, coin. (guar.)
Nov. 1 Holders of rec. Oct. 194
$1
Loose-Villm Biscuit, coin. (artar.)
85e. Nov. I Holders of rec reg. 18e
•1%
Louisiana 011 Refg., pref. (guar.)
Nov. 15 "Holders of rec. Nov 1
Lunkenlielmer Co., pref. (guar.)
"It', Deo. 31 •Holdere of tee Dee 21
Luther Met (guar 1
Nov 1 •11 omens of err Oct 15
*2
MacAndrews & Forbes, corn. (guar.)--65e. Oct. 15 Holders of rec. Sept 30n
Preferred (guar.)
114 Oct. 15 Holders of rec. Sept 30a
Macfadden Publicarns, new corn.(N0.1)
50e. Nov.
Holders of rec. Oct. 10
MacKinnon Steel Corp.. Ltd., pref.(qu.) 151 Nov. 1 Holders of rec. Oct. 15
MacMillan Petroleum (guar.)
.500. Oct. 15 "Holders of rec. Sept 30
Stork dividend
Oct. 15 "Holders of roe Sept. 30
.2
Macy (R. H.) & Co.(guar.)
50e. Nov. 15 Holders of rec. Oct. 254
Madison Square Garden (quar.)
37 he Oct. 14 Holders of rec. Oct. 40
Magma Copper Co. (guar.)
21.25 Oct. 15 Holders of rec. Sept 300
Magnin
& Co.. Corn. (guar.)
•37 56c Oct. 15 "holders of roc Sept 30
Preferred (guar.)
*144 Nov. 15 "Holders of rec. Nov 6
Mahon (It C.) Co.. prof. (guar.)
*55e. Oct. iS •Ilolders of rec. Oct.
Maple Leaf Milling, pref. (guar.)
151 Oct. 18 Holders of rec. Oct. 3
Merchant Calculating Maell. (guar.).- .1.411e J'n15'311 •Holders of roe Dec 31
Margay MCorp.(guar.)
50c. Oct. 10 Holders of rec. Sept 2f
Massey-Harris. Ltd., corn. (qUar.)----.
760. Oct. 15 Holders of rec. Sept 30
Mayer 011 (No. 1)
*25c. Oct. 5"Holders of rec. Sept. 15
McCall Corp (alter.)
Nov 1 Holders of roe. Oet a154
$1
McColl-Frontenac Oil. ltd.. pref.(qua - 134 Oct. 15 Holders of rec. Sept. 30
Merck Corp . preferred (guar.)
$1 Jan 230 Holders of rec. !Sec. 17
Meteor mend r hi (Qum.)
•60e. Dec
•Holders of rec. Nov 20
Mexican Petroleum, corn. (guar.)
Oct. 21 Holders of rec. Sept. 300
$3
Preferred (piar.)
$2
Oct. 21 Holders of rec. Sept. 300
Meyer-B anke. pun. (quar.)
3151 Oct. 10 Holders of rec. Sept. 30
Mirhigan
rom. (quar.)
6244e Oct. 19 Holders of rec. Oct. la
Common (extra)
50e. Oct. 19 Holders of rec. Oct. la
Michigan Steel Tube
.25e. Dec. 1 •Holders of rec. Nov.
Minneapolle- Honeywell. reg. twef. (qu.) •134 Nov. 15 "holders of rec Nov 25
i
Mitchell (Hobertt Co lid loom%)
25e. oft 15 Holden, of nee Sept 30
Modine Manufacturing (guar.)
.75e. Nov. 1 *Ifoldf rs of rec. Oct. 21
Mohawk Investment Corp
*50c Oct. 16 "Holders of rec. Sept. 30
Monarch Mtge.& Invest.(Toronto)(qu.) 2
Oct. 15 Holders of rec. Sept. 30
Moody's Investor Srv., ;Artie. pf.(qu.)
The. Nov. 15 Holders of rec. Nov. I
Mountain & Gulf Oil (guar.)
.21'.. Oct. 15 "Holders of rec. Sept 30
Murray Corp. of Amer.(guar.)
750. Oct. 15 Holders of rec. Sept. 16
Stock dividend
Cl.. Oct. 15 Holders of rec. Sept. 16
Mutual Investment, class A (guar.)._ '1)4 Oct. 15 "Holders of rec. Sept. 30
Class A (extra)
5.4 Oct. 15 *Holders of rec. Sept. 30
National American Co.(guar.)
50e Nov. 1 Holders of rec. Oct. 15
Nat. Hellas-Bess. new ooze.(qua?.).
Oct. 15 Udders of roe. Oct. la
New Nonnlon (guar.)
280 Janine Holders of rec. Jan.2 30a
Stock dividend (guar.)
Oct. 16 Holders of roe Oct. la
01
Stook dividend (qua?)
el
Ja 1810 Holders of ree. Jan. 2'30a
National Biscuit. com.(quar.)
$1.50 oct 15 Holders of roe Sept 270
Common (extra)
Nov. 15 Holders of rec. Oct. 310
$1
National Carbon. pref. (Qua?.)
Nov. 1 "Holders of rec. Oct. 20
*2
National Cash Register, class A (guar.).
750. Oct. 15 Holders of rec. Sept. 30.
National Casket, common
... 92 Nov. 15 *Holders of roe. Oct. 31
Nat. Fireorm neg. pre' taw)
S2lee Oct 16 Holders of rec. Oct. 1
National Food ProduenClass II (payable In clue B stk.)
Oct lb Holders of ree. Oct. 6
2
National Fuel Gas (guar.)
.25e Oct. 15 *Holders of roe. Sept. 30
National lead. preferred 14 (gnar)
14 Nov. 1 Holders of rec Oct lite
National Rubber Marhinery (guar.)- "500. Oct. 15 *Holders of rec.
Sept. 30
Newberry(.1.3) Realty E033
Nov. 1 "Holders of rec. Oct. 16
4%9f.(49.)6% preferred (guar.)
•1).‘ Nov. I *Holders of rec. Oct. 16
Name of Company.
2187
Per
When
Cent. Payable.
Banks Closed
Days Inclusive.
Miscellaneous (Continued).
New Bradford Oil (guar.)
Oct. 15'Holders of rec. Sept.30
•12
Newhall Building's Trust. prof. (.211.)
1 51 Oct. 15 Holders of rec. Oct. 1
N..1. Bond & Shareholding. preferred.-- 334 Oct. 15 Holders of rec. Oct. 1
New Jersey Zinc (quar.)
.50e. Nov. 9 "Holders ot rec. Oct. 21
Newmont Mining Corp.(Qua?.)
Oct. 15 Holders of rec. Sept.30
21
New York Air Brake (qua?.).
75c. Nov. 1 Holders of rec. Oct. 85
New York Investors. Inc. corn
60c. Oct. 15 Holders of rec. Oct. 1
Second preferred
Oct. 15 Holders of rec. Oct. 1
3
New York Transit
40e. Oct 15 Holders of rec. Sept. 20
Nichols Conner Co . class B (attar.)-*75e Nov 1
Nipissing Mines (guar.)
'714c Oct. 21 'Holders of rec. Sept. 20
Noma Electric Corp., COM.(guar.)
40e. Nov. 1 Holders of rec. Oct. 15
Norman (N. S.) [merle. pt.(No.
°6234c Nov. 1 *Holders of rec. Oct. 1,5
Normandie National Securities Corp
Participating preference (qu.)(No. I). 6214e Nov. 1 Holders of ree. Oct. 15
Northern Marerfactirring pref (guar.)
lee Dec 1
Northwestern Engineering (guar.)
*50c. Nov. 1 'Holders of rec. Oct. 18
Ohio Braes. clam B (guar.)
31.25 Oct. 15 Holders of rec. Sept. 30
Class B (extra)
Oct. 15 Holders of rec. Sept 30
$1
Preferred (guar.)
1% Oct. 15 Holders of rec. Sent. 30
Oil Well Supply. pref.(gum.)
151 Nov. 1 Holders of rec. Oct. lla
Oliver United Filter. class A (quar.)
50c. Nov. 1 Holders of rec. Oct. 21
()Hs Elevator, corn.(guar.)
$1.50 Oct. 15 Holders of rec. Sept 305
Preferred (guar.)
13.4 Oct. 15 Holders of rec. Sept.$W
Preferred (guar.).
134 J11510 Horner/ of roe Dee 815
Parlfle Equitief (guar.)
.80e. Oct. 15 *Holders of rec. Sept. 30
Packard Electric (guar.)
650. Oct. 15 Holders of rec. Sept. 30
Packard Motor Car (for period from
15e. Oct. 81 Holders of rec. Oct. Ill
rlose of old fiscal year. Aug 31. to be15c. Dec. 31 Holders of roe. Dec. 120
ginnthe of new fiscal year. Jan. 1 1930
Paeprke core , corn Wear.)
'1% Nov 15 "Holders of roe Nov 6
Park & Tiltord. Inc. (guar.)
760 oet 14 Holders of ree. Sere 300
Stork Alvtdend
1
Oct. 14 Holders of tee Sept 30a
Quarterly.
75e. Jan11111 Holden, of roe Dee 30a
Stork dividend
Janine Holden of roe Dec 304
1
Quarterly
75e. Apr1410 Holiiere of tee Mar 290
°nook d'vidend
Apr1416 Holders of roe Mar 21(0
1
Parmelee Transportation, eom.(mthly.). '1240 Oct. 10 "Holders of rec. Sept. 27
Penna. First Nat. Corp.. pref. (qua?.) d17 He. Oct. IS Holders of rec. Oct. 10
Pennsylvania Salt Mtg.(guar.)
31.25 Oct. 15 Holders of rec. Sept- 303
al
Extra
Oct. 15 Holders of rec. Sept. 304
Perfeetton Stove (monthly)
37(4c Oct 31 *Herders of roe Oct 17
"37 14c Nov 30 *Holders of rec Nov 18
087 46e Dec 31 "Holders N nee Dee 18
Philip Morrie ,e.
T.td.. Inc..com.(gu)
25e. Oct. 15 Holders of rec. Oct. 24
Phillips-Jones Corp.. pref (guar.)
151 Nov. 1 Holders of rec. Oct. 21.
Pittsburgh Screw & Bolt (guar.)
35e. Oct. 15 Holders of rec. Sent 254
Pittsbureh Steel Foundry, corn. (Cpl.)
.21 Oct. 15 'Holders of rec. Sept. 28
Plymouth Cordage. corn. (guar.)
'114 Oct. 19 "Holder* of rec. Oct. 1
•156 Oct. If)"Holden of rec. net. 1
Employees':merle! stock (guar.)
Polymer Mfg., new stk (payable In etk). *el
Jan 110 *Hoidens of roe. Dee. 20
Porto Rican Amer.'Fob.. el. A (guar.). _
154 Oct. 10 Holden of rec. Sept. 204
Peeesed Metals if Amer pre. tonar.)
roe. Dee. 12
•151 Janes° *Heider,
Oct 15 Holders of roe Sept 251
Procter & Oantl3e 3% pref. (guar.)
2
Pro-phy -lac-tle Brush common (qua?.)..
500. Oct. 15 Holders of roe Sept 30
34
Nov. I Holders of rec. Oct. 10
Prudence Co., Inc.. pref
.1.20e. Oct. 15 'Holders of rec. Oct. 1
Q.-R.-S.-De Vry Corp.(guar.)
"Si
Oct. 15 "Holden, of ree. Oct. 1
guaker Oats, corn. (guar.)
Preferred (Oiler.)
'134 Nov 30 "Holders of rec. Nov. 1
50e. Sept. 30 Holders if rec. Sept. 144
Railway & Express Co. (qua?.)
II& Sept 30 Holders of roe Sept 141
Old frock (guar.)
50e. Nov. 1 Holders of rec. Oct. 21
Reed (C. A.) Co., class A (guar.)
14 Nov. 1 Holders of rec Oct 101
sepublle Brass prof Omar
- -Rice-SUR Dry Goods, corn. (guar.)
3734e. Nov. 1 Holders of rec. Oct. 15
4351c Nov. 1 Hoidens of rec. Oct. 5
leh field Oil of Calif., pref. (quer.) _ _ _
(r)
Hold. of rec. Jan.5 1930
El
Rio Grande Oil
Oct. 25 Holders of rec. Oct. 6
r Stock dividend
el
Oct. 15 Holders of rec. Oet. 1
1
Royalty Corp of Am.. partle. pf.(mthlyi
134 Oct. 15 Holders of rec. Oct. 2
St. Lawrence Paper Mills. pref.(guar.)-Savage
'134 Nov 15 "Holders of roe Nov. 1
Schnehbe Fire Protect. Eng..corn.(qua _ '1214c Oct. 15 "Holders of rec. Oct. 1
..
1 600Oct. 15 'Holders of rec. Oct. 1
eai 4rm
A (r:u
.a;
2 .1)Pref (guar3
$3 preferred (gear.)
*75c. Oct. 15 *Holders of rec. Oct. 1
Omer Paperram 'ID etk sub1 to stkhrs.'approv .1 (2
Dee. 81
Preferred A (Qua?.)
131 Nov. 1 Holders of roe. Oct. 17.
Preferred B ((luar.)
134 Not. 1 Holders of rec. Oct. 171
75e, Oct. 15 Holders of rec. Sept. 30
Scullin Steel, pref. (guar.)
30e. Oct. 19 Holders of rec Sept. 301
Peagrave Corp.. corn. (guar.)
Common (payible In corn • stork) - - f2 t4 Oct. 19 Holders of rec. Sept. 3041
Optional 30c.cash or 24% stock, hold or to n otify co mpany before Oct. 15.
Sears Roebuck & Co.el 'Nov I Holden, of ree Oct 18e
Quarterl y (payable In mock)
750. Nov. 1 Holders of rec. Oct. 15
Seeman Bros., corn. (guar.)
•50c. Oct. 15 "Holders of rec. Oct. 5
Semstrand Machine
abetter 011 & Reg.. pref. (guar.)
151 Oct. 25 Holders of rec. Sept. 30
50e.015. 25 Holders of nse. Oct. 54
Sharon Steel Hoop, COM. (quni%)
dhartork (F. G.) Co.. new eom.
25e. On. 10 Holden GA ree. Sept. KM
Shenandoah Corp., corn. (No. 1)
1134 Nov. 1 Holdere of rec. Oct. 6
6% cony. preference (gear.)(No. I)
Nov. I Holders of rec. Oct. &
Payable In corn stock at rate of 1-32 sh are for each eh are cony. preferred
Signode Steel Strap'g, corn.(qu.)(No. 1) .20e. Oct. 15 "Holders of rec. Sept. 20
Common (payable in common stock). *ft
Oct. 15 °Holders of rec. Sept.30
Preferred (guar.)
.624c Oct. 15 "Holder Ot rec. Sept. 30
Nivel& Consol Oil, corn. (guar.)
60e. Oct. l5 Holders of roe Sent 144
• romnton (extra)
25e. Oct. 15 Holders of rec. Sept. 144
Southern Bankers Seenr., corn.(No. 1). .25c. Oct. 15
Common (payable In common stock). ../1
Oct. 15
kle. net. is Holden. of rec Sept 284
Sealdlnu (A.01.4 Bros corn.
Spleer Mfg.. preferred (guar.)
75c. Oct. 15 Holders of rec. Oct. 54
.75e. Nov. 1 *Holder* of rec. Oct. 15
Splezel. May Stern Co., corn. (guar.)._
Preferred (guar.)
•181 Nov. 1 "Holders of rec. Oct. 15
standard investing mom (In stork)
(14 on 10 Holden, of roe Sept. 204
Steel Co. of Canada, corn. & pref.(au.). .43116c Nov. 1 *Holders of rec. Oct. 5
arerehl line Stores. Inc.. coin. taller.).. .30e. Nov. lb "Holders of tee. Oct.
Stewart-Warner Corp.New 510 par nook (In stook)
02
Nov. 15 Holders of tie. Nov II
New 610 par stock an stook)
02
2/15/30 Holders of roe. Pub 5114
*37 tir Dee 1 *Holders of rec. Nov. LS
acts Baer & Fuller. nom.(guar.)
Swoork (111.1 Ca, kluge' I
.75c. Dee. 21 Holders of ree. Dee. 18
dtudebaker CorporationCommon (payable to awn. stock)
Dec. 1 Holders of roe. Nov. 9
/1
aullivan alarhinery (guar.)
Oct. 15 Oct. 1 to Oct. 4
*I
Sweets Co. of Amer. (quar.)
25e. Nov. 1 Holders of rec. Oct. 15.
Telatitograph Corp. (quar.)
*25e. Nov. 1 *Holders of rec. Oct. 15
Extra
'Sc. Nov. 1 'Holders of rec. Oct. 15
Temple Corp. Preference (guar.)
*45e. Oct. 15 *Holders of rec. Sept.:10
Thompson (John R.)(monthly)
30c. Nov. 1 Holders of rec. Oct. 23.
Monthly
30e. Dec. 2 Holders of rec. Nov. 221
Thompson Products pref (qual.)
le( Dec. 1 Holders of rec. Nov. 20
Tobacco Products Corp. common Pie.).
35e. Oct. 15 Holdens of rec. Sept. 254
Tonopah Mining
7340 Oct. 21 Oct. 1 to Oet.
Transamerica Corporation, stk. div._
...IN) Oct. 25 'Holder, of me. Rook. 810
New stock (guar.)
.40e. Oct. 25 *Holders of lee. Oct. II '
New stock (stock dividend)
Oct. 25 *Holders of rec. Oct. 15
"el
Transue & Williams Steel Fore.(gu.)
250. Oct. 15 Holders of roe. Oct. 51
Tri-National Trading Corp.. corn.(qu.).
300. Oct. 8 Holders of rec. Sept. 21
Preferred (Guar.)
114 Oct. 8 Holders of ree. Sept. 21
Truscon Steel, corn (qua?)
30e. Oct 15 Holders of rye Sept 254
Tuckett Tobacco. corn. (guar.)
1
Oct. 15 Holders of rec Sept. 30
Preferred (guar.)
134 Oct. 15 Holden of roe. Sept. 30
United Biscuit, Pref. (guar.)
151 Nov. 1 Holders of recs. Oct. 17
United Bond & Share, corn. (extra).... .$250 Dee. 2 *Holders of rec. Nov. 15
Participatingpreferrea (extra)
*500. Dec. 2"Holders of rec. Nov. 15
United Carbon, partic. pref. (qua?.).... 334 Jan 110 Holders of roe. Dec. 16
United 1)ept Stores, corn. (go.)(NO. I) .22.se Nov. I "Hoidens of roe. Oct 20
Preferred (guar 1 (N., I)
•1175se Nov. I *Redden, of ree. Oct. 20
United Linen Supply class B
•$1.50 Oct. 20 "Holders of rec. Oct. 1.
United Milk Crate, Masa A (guru.)
.50e. Dee. 1 *Holders of rec. Nov. 15
Class A (extra)
'Be. Dec. 1 "Holders of rec. Nov. 15
as
129.
FINANCIAL CHRONICLE
2188
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days[mimics.
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. 27:
Miscellaneous (Coacluded).
150. Oct. 15 Holders of rec. Oct. 1
United Pacific Corp. partic.pf.(mthly.).
15o. Nov. 15 Holders of roe. Nov. 1
Participating pref.(monthly)
150. Dec. 16 Holders of rec. Dec. 2
Participating pref. (monthly)
Jan2'30 Holders of rec. Dec. 200
1)4
(qu.)
p1.
Wks.
Dye
635%
Piece
United
500. Oct. 31 Holders of rec. Sept. 30a
United Profit-Sharing, prof
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
United Retail Chemists, pref.(quari - *8754c Oct. 14 *Holders of rec. Sept. 27
United Shoe Machinery COM.(quar.)--- 6254c Oct. 5 Holders of rec. Sept. 17
FOR THE WEEK ENDED FRIDAY. SEPT 27 1929.
Oct. 5 Holders of rec. Sept. 17
31
Common (extra)
3754c Oct. 5 Holders of rec. Sept. 17
Preferred (Quan)
NATIONAL AND STATE BANKS-Average Figures.
2a
Oct.
rec.
of
Holders
1
Nov.
$1
Milted Verde Exton. Mining (quar.)
50e. Oct. 21 Holders of rec. Sept. Re
U.S. Cast Iron Pipe dt Fdy.. cool. (qu.)
3Ia
Dec.
rec.
of
Holders
50e.
90
Jan20Common (guar.)
OtherCash Res., Dep., Dep. Other
300. Oct. 21 Holders of roe. Sept. ltea
First & second pref. (guar.)
Gross
Including N. F. and Banks and
30e. Jan20'30 Holders of roe. Dee. 81a
First & second pref. (guar.)
Gold. Bk.Notes Elsewhere. Trust Cos. Depotrits.
Loans,
7
Oct.
rec.
of
Holders
15
Oct.
50c.
U.S. Finishing, common (quar.)
Oct. 15 Holders of rec. Oct. 7
/1
Common (payable in common stock)
$
$
$
$
$
ltfanhattan$
U. S. dr Foreign Secur., 1st pf. (41u.)- - - II .50 Nov. 1 Holders of rec. Oct. 110 Bank of U. S____ 245,896,900 61,000 5,280,600 35,945,000 2,555,800 236,285,000
U.S. Industrial Alcohol corn. (quar.)_ _ 31.50 Nov. 1 Holders of rec. Oct. 15a Bryant Park Bk_
2,180,000
196,600
214,500
2,272,900
U.S.& Internal. See. lot pref. (quar.)._ •31.25 Nov. 1 Holders of rec. Oct. 11
19,455,000
1,860,000 1,127,000
Chelsea Exch.Bk. 21,915,000
1st pref. allot. ctfs. 50% pd. (quar.)_. *6254c Nov. 1 Holders of rec. Oct. 11
55,400 2,217,500 3,014,900 23,101,300
Grace National__ 23,101,100 2,500
*50e. Oct. 15 *Holders of rec. Oct. 1
U. S. Radiator. common (qiutr.)
3,202,000
239,700
83,300
30,500
3,585,800
Morris
Port
•15.1 Oct. 15 *Holders of rec. Oct. 1
Preferred (quar.)
Public National_ 146,651,000 30.0002,066.000 9.797.00037.358,000 167.552,000
Oct. 15 *Holders of rec. Sept.20
U.S. Securities, cl. A (qu.)(No. 1)..... (11
Brooklyn
U.S. Sm., Ref. & Min., corn. & pf.(q11.) 97%e Oct. 15 Holders of rec. Oct. 70 Brooklyn Nat.__
560,300 5,313,900
458,100
54,100
8,041,100 23,100
Oct. 25 Holders of roe. Oct. 70 Peoples Nat.. _ _ _
U.S. Tobacco common (in corn.stock)._ 120
7,000,000
54,000
574,000
7,900,000 5,009 108,000
1)4 Nov. 1 Holders of roe. Oct. 150
Universal Pipe & Radiator pref. (quar.)_
•400. Oct. 15 *Holders of rec. Oct. 1
Upson Co.class A (quar.)
1
Oct.
rec.
of
*Holders
15
Oct.
•10c.
Clam A (extra)
TRUST COMPANIES-Average Figures.
1)4 Nov. 1 Holders of rec. Oct. 150
Vadsco Sales Corp.. pf. (quar.)
•154 Dee. 10 *Holders of rec. Dec. 2
Vapor Car Heating, pref.(guar.)
17a
Oct.
rec.
62 54e Nov. 1 Holders of
Vick Chemical (guar.)
50e. Oct. 15 Holders of rec. Oct. 1
Reeve Dep., Depos.Other
Viking Oil Corp. panic. pref.(quar.)__ _
Gross
*355 Dec. 19 *Holders of roe. Nov.30
N. Y. and Banks and
Cash.
Volcanic Oil & Gas (quar.)
Loans,
•50 Dec. 10 *Holders of rec. Nov. 30
Elsewhere. Trust Cos. Deposits.
Extra
1% Oct. 19 Holders of roe. Oct. ea
Vulcan DetinnIng, pref. (guar.)
Oct. 19 Holders of rec. Oct. 90
s
$
$
/54
$
8
ManhattanPreferred (accrued /1C.CULW. div.)
21,300 49,230,700
Oct. 19 Holders of roe. Oct. 90 American
48,957,800 10,809,300 1,029,400
Preferred A (guar.)
Oct. 10 Holders of roe. Oct.
.)__
16,154,420
dlv
127.456
A4
secant.
866,325
Preferred A (accrued
Bk. of Europe & Tr_ 16,880,165
25,673,860
*50e. Oct. 15 *Holders of rec. Sept. 300 Bronx County
703,777 1,595,029
Warner Company common (guar.)
27,603,094
50c. Oct. 15 Holders of rec. Sept. 300 Empire
Common (extra)
78,937,800 *5,163,600 3,509.400 3,761,900 75.276,700
40e. Nov. 1 Holders of rec. Oct. 15
165,383 17,820,740
139,789 1,253.340
18,032,607
Welboldt Stores. Inc. (quar.)
Federation
14,593,400
60c. Oct. 7 Holders of rec. Sept. 30
281,800
Westchester Title & Trust (quar.)
17,512,500 *2,151,700
Fulton
West Coast Bancorporation A &B (qu.)_ *25c. Oct. 25 *Holders of rec. Oct. 5
399,635,000 3,232,000 58,043,000 1.952,000 360,334,000
Manufacturers
72,604,378
•31.50 Oct. 5 'Holders of rec. Sept. 25
West Coast 011 Prof.(qua?.)
83,078,037 4,066,667 11,323,239
United
States
esg
Oct. 5 *Holders of rec. Sept. 25
Preferred (extra)
Brooklyn114,370,400
116,957,500 2.503,200 20,549,000
Wert Va. Pulp & Paper met (quar)... •114 Nov. 15 *Holders of rec. Nov. 5
Brooklyn
1% Oct. 15 Holders of rec. Sept. 20
23,849,829
Western Grocers (Canada). Prof.(qu.)
28,622,514 1,680,019 2,017,580
Kings County
50c. Oct. 31 Holders of rec. Oct. 300
Westinghouse Air Brake (quar.)
Bayonne, N..1.70
200.854 0.022.176
711.141
216.1(011
Oct. 31 Holders of rec. Oct.
0 180 824
Marhantra
Westinghouse Elec. & Mfg. corn.(guar.) SI
Oct. 15 Holders of roe. Oct. 70
$1.
Preferred (quar.)
50e. Oct. 21 Holders of rec. Sept. 30A
White Eagle Oil& Refit (quar.)
25c. Nov. I Holders of rec. Oct. 190
V7,1gley (Wm.) Jr., Co.(monthly)
•Includes amount with Federal Reserve Bank as follows: Empire, $3,434,000
50e. Dec. 2 Holders of rec. Nov. 200
Monthly
Fulton. 82.050300.
434 Oct. 15 Holders of rec. Oct. 1
Yale Leasing Corp.(annual)
Yellow Checker Cab,corn. A (monthly)•33 1-3c Nov. 1 *Holders of rec. Oct. 26
• 33 I-3e Dec. 1 *Holders of rec. Nov. 28
Common A (monthly)
• VIVID unofficial!sources. t The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice I The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not clotted for this dividend. a Correction. e Payable in stool.
t Payable In Common stock. o Payable In scrip. S On account of accumulated
dividends. .1 Payable in preferred stook.
I Authorized at stockholders' meeting Oct. 11.
Rio °made 011 stock so be placea on a $2 per annum basis. The company
declared $1 payable July 25 and intends to declare another $1 payable on or before
Jan. 26 1930. The stock dIsidends are 54 shares on each 100 shares, the first
54% having been declared payable April 25 with the Intention to declare a second
154% Payable on or before Oct. 25.
s Pacific Public Service dividend will be paid In corn. A stock unless holder notifies the company on or before Oct. 10 of his Intention to take cash.
N. Y. Curb Exchange rules Transamerica Corp. be quoted ex-the 150% stock,
400. cash and 1% stock tividenas on Friday. Oct. 4.
w Less deduction for expenses of depositary.
Associated Gas & Elec. class A dividend is one-fortieth share elms A stock for
each share held unless stockholders by notification on or before Oct. 15 request cash.
Kent Garage Investing dividend is at rate of 7% per annum from date of issue to
Sept. 30.
11Knott Corp. div. opt., payable either In cash or stk. at rato of loth share corn.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Sept. 25
1929.
Changesfrom
Previous Week
Sept. 18
1929.
Sept. 11
1929.
i
8
$
$
95,825,000
95,825.000
95,825,000 Unchanged
Capital
113,178,000 113,178,000
113,178,000 Unchanged
Surplus and profits
Loans. diseits & investla. 1,166,080,001) +9,230.000 1,156,850,000 1,145,419,000
686,772,000 -2,986,000 6119.758,000 883,229,000
Individual deposlta
134,477,000 -6,673,000 141,150,000 136,902,000
Due to banks
+922.000 275,025,000 273.258.000
275.947,000
Time deposits
771,000
7,808.000
14,845,000 +7,037,000
United States deposits.,...
35,152.000
38,891,000
-890.000
36,001,000
Exchanges for Clg. HOMO
86,775.000
92,592,000
-6.950,000
85.642,000
from
Due
other banks.....
82,422,000
83,884,000
81,615,000 -2,269,000
Resive in legal deposit's
8,933,000
8.543,000
-534.000
8,009,000
Cash in bank
798,000
1,606,000
-25,000 -1,631,000
Ree've excess in F. R.Bk.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
Philadelphia Banks.-The Philadelphia Clearing House
House Association discontinued giving out all statements
return
for the week ending Sept.28,with comparative figures
a
of
kind
barest
the
only
makes
now
and
issued
previously
for
the
two weeks preceding, is given below. Reserve
report. The new returns show nothing but the deposits,
Reserve System
along with the capital and surplus. We give it below in full; requirements for members of the Federal
are 10% on demand deposits and 3% on time deposits, all
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE to be kept with the Federal Reserve Bank. "Cash in vaults"
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 28 1929.
is not a part of legal reserve. For trust companies not
Time
members of the Federal Reserve System the reserve required
*Surplus and Net Demand
Deposits
Deposits
Undivided
*Capital.
Clearing House
10% on demand deposits and includes "Reserve with
is
Average.
Average.
ProfUs.
Members.
legal
depositaroes" and "Cash in vaults."
$
$
$
$
10,499.000
62,757.000
13,828,900
6,000,000
with the return for the week ending May 14 1928,
Beginning
Bank of N. Y.& Tr. Co__
44,448,000
42,862,600 178,583,000
22,250,000
Bk.of the Manhattan Co_
Clearing House Association discontinued showthe
Philadelphia
52,865,000
174,376,000
/38,675,900
/35.775,300
A...
N.
Bank of America
110,000,000 125,260,400 41005123,00 206,527,000
National City Bank
18,853,000 ing the reserves and whether reserves held are above or below
21,003,400 188,761.000
15,000.000
Chemical Bank & Tr. Co_
590800,000 5196,418.100 8759,580,000 105,090.000
Guaranty Trust Co
account for the queries at the end
37,662.000 requirements. This will
16,212.700 156,090.000
13,500,000
Chat.Ph.Nat.Bk.dar.Co.
39,996,000 of the table.
79,153,300 322,715,000
21,000,000
Co_
Tr.
dr
Cent. Han.Bk.
31.134,000
22.425,500 174.035,000
12,100,000
Corn Exch. Bk. Trust Co.
97,773.200 245,631,000
10,000.000
First National Bank
81.396,700 345.152,000
50,000,000
Irving Trust Co
9,814,000
96,000,000 g11,000,000
Continental Bank
c895,087,000
1136,937,500
(105,000,000
Chase National Bank
3,738,600
24,856,000
500.000
Fifth Avenue Bank
116,500,000 j44,499,300 d484,349,000
Equitable Trust Co
79,638,500 e355.960,000
25,000,000
Bankers Trust Co
33.290,000
21,063.500
10.000,000
Title Guar. & Trust "o__ _
42.673,000
3,933.100
4,000,000
Fidelity Trust Co
4,327,000
18.000,000
Lawyers Trust Co
3,000,000
33,094,500 141,046,000
12,500,000
New York Trust Co
7,1586,400
41,503,000
7,000,000
Com'l Nat. Bk.& Tr. Co_
2,845,300
32,952,000
1.500,000
Harriman N.B.& Tr. Co_
Clearing Non-Menthers:
City Bk. Farmers Tr. Co_
M ech'es Tr. Co.. Bayonne
Tntelo
10,895,000
53,692,000
607,000
75,269,000
1,086,000
48,703.000
54,525,000
1,874,000
5,797,000
2,331,000
20,179,000
6,503,000
6.231,000
8,877,000
3,118,000
1,373,000
5,570,000
cvn, •ne onn I nnn Onn 1 All 0 KAI Ono nnn
2 11 1141.0
04 2 ,
10,000,000
500,000
10,000,000
832.800
•As per official reports: National, June 29 1929: State, June 29 1929: Trust
June 29 1929. /A,of July 1 1929. g As of July 15 1929. h M of July 22 1929.
LAs of Aug. 24 1929. / As of Sept. 16 1029.
Note.-"Net Demand DeposIts-Average," Includes dep-sits in foreign branches
as follows: a $323,394,000; S $153,661,000; c $14,046,000; d $148,519,000; P 873.273,$00.
Week Ended Sept. 28 1929.
Two Ciphers (00)
omitted.
Trust
3temhers of
F.R. System Companies.
$
61,002.0
Capital
204,393,0
Surplus and profit/I__
Loans, Meets. & invest 1,091,869.0
42,982.0
Exch. for Clear. Howie
99,910.0
Due from banks
131.519,0
Bank deposits
633,096,0
Individual dePoalta215,184,0
Time deposits
979,709,0
Total deposits
68,717,0
Res, with legal depos.
Res. with F. R. Bank_
10,878,0
Coati in vault*
Total res. dt cash held.
79.595,0
Reserve required_ _ .
Excess reserve and cash
in vault
Sept. 21
1929.
Sept. 14
1929.
Total,
$
$
68,502.0
69,502,0
7,500,0
68.502,0
16,519,0 224,912,0 224.912,0 224.912,0
72,478,0 1,167,317.0 1,169,423,0 1,160.907,0
41./118,0
318,0
43,300,0
38.220,0
13,0
99,923,0 101,358,0
97.342.0
963.0 132,482,0 135,295.0 136,1153,0
32,043,0 666,039,0 663,195,0 650,496,0
18,978,0 234,162,0 231,983,0 227,635,0
52,894,0 1,032,883,0 1,029,975,0 1,011,165,0
68,717,0
69.026,0
70,300,0
5,618,0
5,3918
5,619,0
5,547,0
12,494,0
1,731,0
12,609,0
12,514,0
86.944,0
86.911,0
7.349,0
88.361,0
• Cash in vault not counted as reserve for Federal Reserve members.
OCT. 5 1929.]
FINANCIAL CHRONICLE
2189
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.3, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2160, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT.. 2 1929.
Oct. 2 1929. Sept. 25 1929. Sept. Is 1929. Sept. 11 1929, Sept. 4 1929. Aug.281929. Aug. 21 1929. Aug. 14 1928. Oct. 3 1928.
$
RESOURCES.
$
$
a
$
8
$
$
Gold with Federal Reserve agents
1,541,345,000 1,529,345,000 1,540,555,000 1.560.899.000 1,540.669,000 1,565.163,000 1,561,563,000 1.553,821,000 1,178,312.000
71,232,000
Gold redemption fund with U.S. Treas.
67,195,000
64,114,000
67,109.000
67,146,000
67,213,000
69,947.000
67,745,000
75,494,000
Gold held exclusively agst. F. R. notes 1,608,491,000 1,593.459,000 1,613,750,000 1,632,131,000 1.607,778.000 1,632.376,000 1,629,308.000 1,629,315,000 1,248,259,000
Gold settlement fund with F.R.Board
734,211,000 754.882.000 730,013,000 721.202.000 711.637.000 719.608.000 716.863.000 686,248,000 688,054,000
Gold and gold certificates held by banks_ 620,090,000 649,226.000 645.637,000 618.402,000 623.953,000 610,115,000 608,017.000 622,876,000 680,322,000
Total gold reserves
Reserves other than gold
2,582,792,000 2.997,567.000 2,989,400,000 2,971,735,000 2.943.368.000 2,962,099.000 2,954.188.000 2,938,439.000 2,616,635,000
158,018,000 164,608.000 166,731,000 174,491.000 172.829.000 186,939.000 188,626,000 100,379.000 134,766,000
Total reserves
3,140,810,000 3,162,175,000 3,156.131,000 3,146,226,000 3.116,197,000 3,149.038.000 3.142,814,000 3.128.818.000 2.751,401,000
Non-reserve cash
66.989,000
57,793.000
69,423,000
73,617,000
66,019,000
63,248.000
58.782,000
53,801,000
63.139,000
Bills discounted:
Secured by D. S. Govt. obligations__ - 432,115,000 443,214.000 438,358.000 491,986,000 541,074,000 469,396,000 448,120,000 511,435.000 616.087,000
Other bills discounted
498,518,000 501.185.000 495,558,000 480.941.000 504.942.000 504.231.000 638,258,000 516,533,000 409,831,000
Total bills discounted
Bills bought in open market
D. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
930,633,000
322,818,000
944,399,000
263,934.000
933,916.000
241,103,000
37,648,000
79,080,000
29,024,000
37.6130,000
87,050,000
27.349.000
42.658,000
94.983,000
39.968,000
Total D. S. Government sectulties
Other securities (see note)
Foreign loans on gold
145,752,000
15,025,000
152.059.000
15,075,000
177,609,000
15,050,000
972,927,000 1,1146,016.000
222,229,000 182,916.000
973,627,000
156,514,000
44,877,000
98.485,000
15,655,000
12,722.000
91.412.000
14,846.000
42,678,000
91,073.000
11.670.000
42,693.000
90,943.000
14,971.000
42.673.000
89,053.000
22.577.000
53,149,000
90.363,000
87,092,000
159.017.000
16,100,000
148,980.000
16,100,000
145.321,000
16,100.000
148,607.000
15,950.000
154,303,000
10,650.000
230,604,000
4,580,000
986.378.000 1,027.988.000 1,025,918.000
132,137.000 117.885.000 309,976,000
Total bills and securities (see nate)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,914,228,000 1,375,467,000 1,357,676.000 1.370,273,000 1,394,012,000 1,291,562,000 1.283,072.000 1,310,826,000 1,571,078,000
___
725.000
769.000
726,000
727,000
721.000
801,000
724.000
574,000
723.000
816.320,000 750,429,000 910,962,000 741,285,000 716.880.000 648,495,000 712.509.000 784.158,000 780,349,000
58,861,000
58,868,000
58.903,000
58,935,000
58,818.000
58,860,000
58,890.000
58.818.000
60,318,000
10,061,000
10,643.000
9,814,000
10.665.000
10.484,000
10,569,000
10.079,000
10.610,000
8.909.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,506,927,000 5,431,421,000 5,573,890,000 5,395,032,000 5.355.111.000 5.222,496,000 5.267.203.000 5,357,092.000 5.226,430,000
Total deposits
Deferred availability items
Capital paid in
'Surplus
All other liabilities
2,470,709,000 2,446.160,000 2,428,450,000 2,403.979,000 2,374.006,000 2.347,508.000 2,337,173.000 2.376,112.000 2,413,990,000
726,600,000 689,263,000 841,196,000 670,624.000 642.529.000 591,537.000 654,838.000 714.079.000 700,191,000
166,907,000 167,028,000 166,716,000 166,733.000 166,754.000 166,740.000 106.217.000 166,135.000 145,658,000
254,398,000 254,398.000 254,398,000 254,398,000 254.398.000 254,398,000 154,398.000 254.398.000 233,319.000
37,146,000
34.157.000
36,073,000
35,150.000
32,941.000
35,703,000
31,724.000
29,642,000
30.990.000
1,851,167,000 1.837,899.000 1,847,427,000 1,864,148.000 1.883,267,000 1,829.372.000 1.822.853.000 1,815,378,000 1,703,630,000
2,398,926,000 2,364,434,000 2,381,364,000 2.360,265.000 2,320,176,000 2,305,508.000 2,292,032,000 2,330,365,000 2,349,553.000
28,703,000
55,285,000
44,600,000
17,454,000
17,400,000
18,468.000
13,449,000
18,161,000
32.569,000
4.952.000
6,622,000
6,625,000
5,130.000
7.234.000
7,142,000
7.658,000
5,942,000
4,924.000
20.175,000
20.558,000
19,638,000
19.207.000
19,531.000
19,380,000
25.979,000
22.662.000
25,926,030
Total liabilities
5.506,927,000 5,431,421,000 ,573,890.000 5.395,032.000 5,355.111.000 5.222,496,000 5,257.203.000 5.357.092.000 5.226,430,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
69.9%
69.1%
69.0%
69.6%
71.0%
70.9%
69.9%
70.7%
63.6%
Ratio of total reserves to deposits and
F. 11.. note liabilities combined
73.8%
72.7%
73.2%
75.5%
75.4%
73.7%
74.6%
73.8%
66.8%
Contingent liability on bills purchased
for foreign correspondents
453,008,000 455.776.000 448,503,000 446.973.000 453,020,000 447.997,000 442.668.000 441,924,000 267,635,000
Distribution by Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days bills bought in open market _
16-30 days bills discounted
16-30 days U. B. certif. of Indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market _
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
'81-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebteduess
Over 90 days municipal warrants
$
124,265,000
695.164,000
7,190,000
300,000
37,089,000
66,416,000
61,388,000
98,649,000
97,441,000
63,969,000
5,054,000
125,000
2.635,000
6,435,000
16,780,000
$
123,010.000
714,584,000
6,866.000
$
116,023,000
693,117,000
25,245,000
5
115,879,000
723,599,000
14,151.000
9
110.010.000
799.892.000
11.444.000
3
90.597.000
719,548.000
2,855,000
$
90.337.000
728,899.000
5.600.000
$
86.311,000
768.320.000
13.600.000
$
121,609,000
887,007,000
5,380,000
32,213,000
60,035,000
20,202,000
65,234,000
22.490,000
62,999,000
24.000
20,258,000
54,371,000
8.521,000
13.008.000
63.432,000
8,818.000
9.514,000
63,595,000
30,889,000
39,193,000
300,000
49.948,000
103,521.000
300..000
45,435,000
112,035,000
25,521,000
68,520,000
10,000
300,000
41,635,000
110,853.000
28.484.000
110,573.000
25.422.000
114.842.000
14.694.000
117.011.000
57,777,000
55,401,000
57.092,000
54,519,000
5,092,000
48,410,000
57,991,000
540,000
36,738,000
64.555,000
300,000
19,448.000
66,910,000
300.000
17,173,000
77,111.000
300,000
11.770.000
80,070.000
12.294.000
107,510,000
8,723,000
300,000
7,692.000
84,138,000
1,671,000
5,740.000
15.391.000
25,000
2,033,000
5,539,000
14,183,000
2,456.000
5,400,000
1,494.000
2,484.000
5.642.000
378,000
3,064,000
7.755.000
194.000
2,288,000
8.066.000
655.000
2,074.000
14.425,000
254.000
94,304,000
34,308,000
37,759,000
30,000
5.397,000
9.732,000
43,953,000
7.16. notes received from Comptroller__ 3,710,112,000 3,734,811,000 3,781.088.0003,805.088.000 3.783,678.000 3.758.556,000 3,749.414.000 3,756,266,000
2,864,043.000
F. R. notes held by F. It. Agent
1,398,630,000 1,452,465,000 1,453,369,000 1.448,118,000 1.427,089,000 1.436.728,000 1.423.031.000 1,413,986.000 773,720,000
issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
2,311,482,000 2,302,346,000 2,327.717,000 2,356,970,000 2,356.589.000 2.321.828,000 2.326,383,000 2.342,280,000 2.090,323,000
414,409,000 414,409,000 415,619,000 427,863,000 406.885,000 431.463.000 435,863,000 432,121,000 344,067,000
98,510,000
1.126,036,000 1,114,036,000 1,130,936,000 1,133,036,000 1.133.784.000 1.133.700,000 1,125.700.000 1,121.700,000 735,735,000
1,178,936,000 1.123,854,000 1,091,297,000 1,113,638.000 1.144,105,000 1,058.868,000 1,062,853.000 1,068,611,000 1,291,675,000
Total
2,720,281,000 2,653,199,0002.637.852.000 2. 674.537.000 2.684.774.000 2.624.031.000 2.624.416.000 2.622.432.000 2.469.987.000
'Revised figures.
NOTE.-Beginning with the statement of Oct. 7 1925. two new Items were added in order to show separately the amount of
balances; held abroad and amounts duo
so foreign correspondents In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit
Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities:' The latter Item
was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 Of the Federal
Reserve
Act.
which,
are the only Items included
It
was
stated,
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS OCT.2 1939
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis Minneap. Ran.City. Dallas.
Total.
Federal Reserve Bank ofSassitan.
RESOURCES.
B
$
$
$
$
$
$
$
$
$
$
$
9
Gold with Federal Reserve Agents 1,541,345,0 169,917,0 324,330,0 117,000,0 128,900,0 46,656,0 101,500,0 329,564,0
23,800,0 42,157,0 70.000.0
161,763,0
Gold red'n fund with U.S. Trees
14,862,0 5,398,0 4,295,0 4,577,0 4,162,0 6,264,0 5.716,0 3,128.0 2,044.0 25.758,0
67.146,0 7,684,0
3,758,0 5,258,0
Gold held excl. asst. F. R.notes 1,608,491,0 177,601.0 339,192,0 122,398,0 133,195,0 51,233,0 105,662.0
29,516,0 45,285,0 72,044,0 29,516,0 167,021,0
Gold settlel fund with F.R.Board 754,211,0 53,389,0 299,958,0 44,469,0 86.255.0 30.442,0 18.512,0 335,828.0
63,908,0 48,455,0 17,201,0 33,600.0 27,480,0 33,542,0
Gold and gold ctfs held by banks
620,090,0 31,479,0 382.098.0 29,783,0 35,039,0 8,238,0 3,667,0 78.747,0 5,636.0 3,904,0 4,691,0
8,852.0 27,936,0
Total gold reserves
2,982,792,0 262,469,0 1,021,248,0 196,650,0 254,489.0 89,913,0 127,8410 475,483,0 83,627,0 66.390,0 110,335,0 65,848,0 228,499,0
Reserve other than gold
63.672.0 9,764,0 8,034,0 8.692,0 10,225,0 16,068,0 7,095,0 1,847,0 4,166,0
158,018,0 11,960,0
4,187.0 12,308.0
Total reserves
3.140,810,0 274,429.0 1,984,920,0200,414,0 262,523,0 98,605,0 138,066,0 491,551,0 90,722,0 68.237,0 114,501,0
240,807.0
70,035,0
Non-reserve cash
20,027.0
66,019,0 10,124,0
1,610,0 4,012,0 4,995,0 6.326,0 7,030,0 2,824,0 1,335,0 1,679,0
2,160,0 3,897,0
Bills discounted:
Sec. by U. S. Govt. obligations 432,115,0 33.810,0
84.705,0 42,376,0 37.518,0 20,079,0 6,198,0 91,838,0 24.517,0 14,454,0
14,025,0
Other bills discounted
67.113,0 32,862,0 42,195,0 31,597,0 58.169,0 59,274,0 48,089.0 26,959.0 28,843,0 11,797,0 50,798,0
498,518,0 37,379,0
22,313,0 43,725,0
Total bills discounted
75,238,0
930,633,0 71,189,0 151,818,0
79,713,0 51,676,0 64.367,0 151,112,0 72,606,0 41,413,0 42,868,0 34,110.0 94,523,0
Bills bought in open market
322,818,0 21,588,0 126,650.0 16.106,0 25,820,0 12,493,0 18,943,0 36,287.0
42,0 7,572.0 13,704,0 12,036,0 31,577,0
U. 8. Government securities:
Bonds
37,648,0
853,0
786,0
818,0 1,152,0
875.0
20,0 20,231,0
4,646,0
152,0 7.813,0
302,0
rreasury notes
17,605.0 8,832,0 26,929,0
79,080,0 1,445,0
375.0 2,817,0 2,731,0
3,775,3
468,9 2,774,0 11.329.0
Certificates of Indebtedness
29,024,0 1,082.0
12.944,0 8,061,0 1,260,0
282,0
573.0 2,137,0
525,0
310,0
675,0 1.205.0
rota' U. S. Gov't securities
145,752,0 3,402.0
31,402,0 17,679,0 29,007,0 1,809.0 3.410,0 25.069.0
8.946.0
930.0 11.262,0 12.836,0
[Vat. 129.
FINANCIAL CHRONICLE
RZSULifa 'Ea teenchonsb Two ciphers (00) omitted.
Total bills and securities
Due from foreign banks
Uncollected Items.
Bank premises
All other
$1
10.850,0
$
S
15,025,0
Other eecuritlee
Foreign loans on gold
New York.
Boston.
Total.
Phila.
Cavetand. Richmond Atlama
Chicago St. Louts. kfinneap Ran.Citg. Dallas. San/Fran.
$
$
$
S
425.0
$
600.0
8
$
3.250,0
$
$
1
320.720.0 109.448.0 134,540.0 65,978.0 86,720,0 212.968.0 72,848,0 61,181.0 57.502.0 57,408.0 138,938.0
26.0
20.0
26.0
29.0
57.0
108.0
80.0
38.0
31.0
76,0
254.0
238.228,0 70.922.0 78.591.0 58.989,0 24.408.0 95.277.0 38.083,0 17.080,0 46.940.0 28.214.0 39,249.0
16.087,0 1,762,0 6.535,0 3,395,0 2.744.0 8.529.0 3,997,0 2,110.0 4.140.0 1,922.0 4.012,0
809.0
309.0
232.0
474.0
469.0
549.0 4.109.0
836 0
132.0 1.239.0
740.0
1,414,228.0 96,179.0
58.0
811.0
816,320.0 82.339,0
58,935.0 3,702.0
118.0
9.814,0
5.506.927,0 466.947.0 1.680,976,0390,384.0 487.520,0 230.547,0 262.404,0 816,299,0 208,612.0 150.572.0 225,020,0 180.239,0 427,427,0
Total resources
LIA BILITIRS.
I
1,851.167.0 199.786.0 329.753,0,145.296,0 179.994,0 80.964.0 153.834,0 309,679.0 74,277,0 68.200,0 80,614.0 51,815.0 176.955,0
circulation_
actual
In
notes
F. R.
1
Depoeita.
83,787.0 174,202,0
menther hank-reserve awl._ 2,398.926,0 152.465,0 985.276,0 136,104,0 188,924.0 86.744.0 62,214.0 350.526.0 76.328.0 54,353,0 88,003,0
661,0
12,288.0 1,542.0 1,543.0 10,041.0 5,992.0 3,882.0 1,350,0 1,799,0 1.123,0 2,222.0
44.600.0 2,157.0
Government140.0
185.0
225.0
185,0
405.0
770.0
219.0
259.0
573.0
539.0
2.709,0
416,0
8.825,0
Fonda' mutt
275.0
23.0 7,811,0
241,0
251.0
194.0 1.631,0
161.0
127,0 1,009.0
8,647,0
188.0
20,558.0
Other deposit.
2.470,700.0 155.226.0 1,008.920.0 138.312.0 192.049.0 77.205.0 68,619.0 358.809.0 78.154,0 56.533,0 89,586,0 66,217.0 183.079,0
Total deposit,
726,800,0 79.081.0 195.987,0 63,616 0 73.086.0 52.0.16.0 21.220,0 87.545.0 38.300.0 14,312.0 40.274.0 27.944.0 36.199,0
Deferred availability items
64.345,15.590,00 16.518,06.051.0 5.371.0 19.844.0 5.220,0 3.051.0 4,209.0 4.488,0 11,370.0
166.937.0 10.800.0
Melt& pald in.
71.282.0 24.101.0 26.345.0 12.399.0 10.554,0 36.442.0 10.820.0 7.082.0 9,168.0 8.690,0 17.978.0
254,398,0 19,619,0
Bumble
10.689,0 2.521.0 3,456,0 1.872.0 2,806,0 5.980.0 1.841,0 1.394,0 1.201,0 1,085.0 1,846,0
2,455.0
37.146.0
En other Habilities
5,508,927,0 466.947,0 1.680.976,0 390,364.1)487,520,0 230.547,0 262.404,0 816.299.0 208,612.0 150,572,0 225,020,0 160,239,0 427,427,0
Total liabilities.
Memoranda
66.9%
59.3%
67.3%
54.7%
59.5%
73.8%
62.1%
62.3%
706%
72.8%
81.0%
77.3%
72.7%
Reserve ratio(per cent)
Contingent liability on bills purchased for foreign eorrespondls 453,908,0 32.872.0 144,293.0 42,644.0 45.310.0 20.434.0 17.324,0 60,857.0 17,708,0 11,105.0 14,659,0 14.659.0 31,983,0
F. R. notes on hand (notes reed
rump R Agent less notes in Attn.:len AT 00, n 1KO n's A 90019 A on gQ1 A 11 920 A 97 009n 17 0190 19191 n ARIA A In 020 A to 9700 AK 0000
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OP BUSINESS OCT. 2 1929.
Rastas, I New York,
Total.
Federal Reserve Agent at-
Phila.
Cieeetand. Richmond Atlanta
Chicago. St. Louis Minneap. Kan.City. Dallas
Sets Fran.
$
$
$
$
$
$
$
S
$
$
$
954.576.0 246,128,0 288.250.0 169.807.0297.786,0 561.301.0 124.531.0 142.845.0 133.313.0 82.467.0 372.645,0
465,745.0 61.820,0 87,725,0 74.554,0 116,260,3 204.080.0 37.830.0 68.029.0 42.660.0 20.37-.0 133.100,0
I
i 95,253,0 181,526.0 357.221.0 86.701.0 74.810.6 90.653,0 62.090.0242,845.0
'
488.831.0 184.308.0 200,525,0
$
i
Two ciphers (00) omitted
7.R.notes reed from Comptroller 3.710.112,3336.463.0
PR.notes held by F It Agent 1,398.630.0 89.453.0
F. R. notes lamed to F R Bank 2,311,482.0 247,013.9
Oollateral held as security for
7 FL notes Issued to F it Bk
Gold and gold certificatee____ 414.409.0 35.300.0
Gold redemption fund
1.126.936.0 134,617,0
Gold fund -F R. Board
1,178.936,0 91.521.0
Eligible paper
I
17.258.0 35.000,0
7.800.0 14,157.0
220.704,0 29.600.0 28.903,0, 16.190.0 9,500.0
-1
8.500,0 126,763,0
70.000.0
28.000.0
16,000.0
329,564,0
92,030,0
30,468.0
100,000.0
103.626.0 87,400.0
237.232,0 78.078.0 98,860.0 59,195.0 82.459,0 184,977,0 72,475.0 48.291.0 55,904.0 45.536,0 124.579,0
I
2.720.2810 281 438 0 Ml 0R2 ri lOk n75 0 927 589 n !MASI.° 1512 1:159 11 A14 541.0 98.275.0 90.448.0 125.904.0 71.294.0 288.342.0
Total collateral
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve hanks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Brenta and Discussions," on page 2160, immediately preceding which we also give the figures of New York and Chicago reporting member banksfor 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 enPreviously acceptances of other banks and bills sold with
dorsement.' and include ail real estate mortgagee and mortgage loan, held by the bank
Loan, secured by U ti Government obligations are
endorsement were Included with loans, and some of the banks Included mortga.ges In in ventments
Furthermore, borrowings at the Federal Reserve are not any more subno longer shown separately, only the total of loans on securities being given
slump total being given. The num her of reporting
paper,
commercial
those
only
and
by
secured
obligations
amount
the
show
S.
U
by
secured
to
divided
banks is now omitted. in it,. place the number of cities Included has been substituted. The figures have also been revised to exclude a bank In the San
Francisco district with loans and Investments of 8135.000,000 on Jan. 2. which recently merged with a non-member bank. The figures are now given in
round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANNS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPTEMBER 25 1929. (In millions of dollars),
Federal Reserve District-
Total,
Boston. New York
PAWL
Cleveland Richmond AUarua. Chicago, St. Louis Minnsap Kan City Dallas
Loans and investment,-total
$
22,682
$
1,540
$
8.726
$
1,242
$
2.197
Loans-total
17,244
1,202
6.727
935
1.568
On securitiee
All other
Invertmente-total
U. 0 Government securities-Other securities
Reserve with F. It, Bank
Cash in vault
Net demand depordte
Time depoedte
Government deposits
Doe from banks
Mato bank.
linn•rturtnry• fenn. V R Ronk
$
695
411
899
491
t
1,965
2.715
538
289
471
369
1.379
87
202
135
337
102
266
441
938
682
653
$
3,380
523
527
$
San Its..
8
$
$
$
7,720
9,524
522
679
3,312
3,415
487
448
742
826
204
319
161
367
1.291
1,424
235
303
5,438
338
1,999
307
628
160
125
664
157
123
228
122
586
59
86
305
359
48
109
69
54
103
125
79
43
341
245
2.680
2,757
173
166
1,029
970
96
211
305
324
75
85
1,708
238
100
18
805
66
74
14
130
28
40
13
39
10
258
37
41
6
27
6
53
12
34
s
106
19
13.072
6.829
227
912
469
13
5,721
1.783
70
693
268
23
1,031
947
27
347
244
8
317
234
16
1,902
1,250
22
356
224
4
234
134
1
500
184
3
283
142
18
776
954
23
1,112
2.890
50
111
163
942
55
156
90
195
48
93
75
99
201
428
56
111
54
82
112
196
57
91
152
187
055
41
188
43
RI
20
44
72
49
33
28
2?
79
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Oct. 2 1929,
In comparison with the previous week and the corresponding date last year:
Resource,Gold with Federal Reserve Agent
Gold redemp fund with U. B. Treasury_
Oct. 2 1929. Sept.25 1929, Oct. 3 1928.
s
324,330,000 274,330,000 175,040,000
16,500,000
14,862,000
15,804,000
339,192.000
299,908,000
382,098.000
289,934,000
234,192,000
402.632,000
191,540.000
148 841,000
435.723.000
1,021,248,000
63,672,000
928,758.000
64.423,000
776,104.000
22472.000
1,084,920,000
Total reserves
20,027.000
Non reserve cash
Bills dlarounted84,705,000
Seeured by U. A. Govt. oblIgstions___
87,113,000
Other hills discounted
991,181,000
24,347,000
798.776.000
16,097,000
138,751,000
94 192,000
230.767,000
123,231,000
151,818,000
126,650,000
232,943,000
113,527,000
353.998.000
99.902.000
853,000
17,605,000
12,044,000
853,000
25,195,000
11.270.000
3,425.000
11.873.000
36.413.000
31.402,000
10,850,000
37,318,000
11,000,000
51,711,000
1,050.000
Gold held exclusively agst. F. It. notes
Gold settlement fund with F ft Board.
Gold and gold certificates held by bank_
Totsi gold reserves
Reserves other than gold
Total bills discounted
BM. bought In open market
U. it Government securitiesBonds
Treareiry notta
Certificates of Indebtedness
Total U. S. Government securities-Other securities (see note)
Forelgn Imo8 on gold
Oct. 2 1929. Sept. 251929. Oct. 3 1928.
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank prelubles
All other resources
Total resources
Ltahilitirs-P'ed3 Reserve note. In actual circulation_
po.dts-Member bank, reserve met-DeGovernment
Forelge bank (Sell Neg.)
Other deposits
Total depoelts
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
255.000
238,228.000
16,087.000
739,000
281,000
208,402,000
18,087.000
989,000
218,000
217,268,000
16,675,000
1.107,000
1,680,976,000 1,636,058,000 1.556,802,000
329,753,000
985,276,000
12,288,000
2,700,000
8,617,000
320.586.000
957,988,000
16,946,000
33342.000
7,206,000
339.506.000
902.802,000
10,117.000
1.315,000
7,992)000
1 008,920.000
195,987.000
64,315,000
71.282,000
10,889,000
985,782.000
183,054.000
64,409,000
71,282,000
10.915,000
921.126.000
173,495.000
49.343.000
63,007.000
9.325.000
1,680.976,000 1,838,058,000 1.556,802,000
Ratio of total reserves to deposit and
63.3%
75.9%
81.0%
Fed'I Ree've note liabilities combined_
Contingent liability on bills Purchased
76.999,000
140,024,000
144.293,000
for
506,661,000
foreign
correspondence
Total bills and securities (See Note)... 320,720,000 394,788,000
abroad 111111 *mounts due to
NOTE.-Besdnolug with the statement of Oct. 7 1925. two now Items were added In order to 81108r separately the amount of buianoes held
up
earning
other
assets."
FaLeral InterMediate Credit balk deueUtUret 5V0Q eitauged to
"All
of
previously
awls
in
caption
poudsms
addition,
corms.
the
foreign
Of Ms tOtaki Of tile
deterlptiot
accurate
rn4re
a
as
&looted
was
terra
latter
"Other securities." dad tile caption 'Total awning assets" to "Total bills aud seedrttiet" Toe
only Items Included tb.refn.
diaroUnte.acceptance.and securities acquired under the provtlicsna of Sections 13and 14 of the Federal Reserve Act, which,It was stated, are the
OCT. 5 19291
FINANCIAL CHRONICLE
tianturs'
STOCKS.
Week Ended Oct. 4.
Gazette,
Wall Street, Friday Night, Oct. 4 1929.
Railroad and Miscellaneous Stocks.—See page 2177.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended Oct. 4.
Sates
for
Week.
Range for Week.
Lowest.
Highest.
1,
Range Since Jan. 1.
Lowest,
Highest.
Railroads—
Par. Shares. $ per share. 5 per share. 3 per share.S per share.
Bkiyn &(los Transit
1,700 934 Oct 3 914 Oct 2 9
Sept 1234 Sept
Preferred
•
600 56 Oct 2 .56 Oct 21 .56
Oct 65
Sept
Central RR of N J _ _100
200 325 Oct 4326 Oct 1 305
Apr 360
1.'e o
C C C & St Louis_ _ _100
100263 Oct 3263 Oct 3 248
May 275
July
Preferred
100
20 105 Oct 4 105 Oct 41103
July 108
Jan
Cleveland dr Pitt.i..lOO
hi 74 Oct 4 74 Oct 4. 7234 Aug 794 Jan
Cuba lilt pref
1)10
10 68 Oct 1 68 Oct 1 60
May 81
Jan
Detroit & Mack pref100
50 60 Oct 3 60 Oct 3 60
Mar
Mar 60
Erie & Pitts.mrgh _5
10 59 Oct 3 59 Oct 31 5834 Sept 614 Jan
Green Bay & West _1;10
100 80 Oct 2 80 Oct
80
Aug 824 Apr
h1anhat Elm,guar_ _100
20 6834 Oct 3 684 Oct 1 6034 Augu
Ap 87
Jun
Market St fly 2d pf.100
100 5 Oct 3 5 Oct 31 5
n
34 Feb
N 0 Tex & Mee_ _ _10
151)140 Sept 30 141 Oct 1'130
Apr 156
May
NY State Rya prof.100
390 8 Sept 30 9 Oct 1 734 Sept 41
Jan
Northern centrai...btJ
30 81 Oct 1 81 Oct 1 81
Aug 864 Feb
Pacific Coast lot pi .100
90 32 Oct 4 32 Oct 4 32
Mar
Mar 50
Phlia Rap Trail pf _ _50
11 4734 Oct 2 4734 Oct 2 474 Oct 51
July
Pitts Ft W & C pf _ _100
11 145 Sept 30 145 Sept 30 1444 July 15334 Feb
Rensselaer & Sar _ _.10
10 128 Oct 2 128 Oct 2 128
Jan
Sept 140
Wheel & L Erie prof 100
200 100 Oct 4 100 Oct 4 70
Mar 110
July
Vick Shrev & Pae_ _WO
100 90 Oct 3 924 Oct 3 88
Sept 10034 Jan
Indus. & OLsceli.
1
Allegheny pref ex-warr_ 2,000 8234 Sent 28 86 Oct 4 8034 Sept 8634 Aug
Prof receipts ex-war r. 1,000 8234 Sent 28 8434 Oct 3 80
Sept 8334 Aug
Alpha Portl Cement_ _ _
300 294 Oct 4 3034 Oct 3 2934 Oct 3034 Oct
Am Comm Alcohol rts_ 13.600
34 Oct 4 134 Sept 2
0:1 134 Sept
Am Mch &ley pf x-w.100
1011134 Oct 411134 Oct 4 105
Jan
Au.
Am Touaceo rights_ _ _ _ 55,700 834 Sept 30 954 Sept 28 84 Sept 11634 Sept
1234
Arch Daniels Mid pf 10
150 10234 Oct 1 103 Sept 28 10234 (3 ., 115
Jan
Artloom Corp prof..100
10 924 Oct 49234 Oct 4 9234 0 a 106
Jan
Art Metal Construct.!)
100 274 Oct 1 2734 Oct 1 2634 Jun, 3034 Feu
Assoc Dry Gds 2d pf 1 •
100 93 Sept 28 95 Sept 28 94
May 110
Jan
Aviation Corp
• 44.500 1034 Oct 4 13 Sept 28 1.334 0 t 20
Aug
Beatrice Creamery...50 13.300 117 34 Oct 4 131 Oct 1 9334 Au. 131
01
Bethlehem steel rights_ 294,700 24 Oct 4 334Pt
534 Sept
Briggs & Stratton_ _ _.• 4,700 3634 Oct 3 3934 Sept 30 3531 S
July
(
e
't 43
Sep.
Bristol-Myers
• 1,900 128 4 Sept 30 12934 Oct 1 1154 Joh .384 Sept
Brit Ernp steel lot pf100
20 33 Oct 3 33 Oct 3 33
Sep 3634 Mar
Brown Shoe ptet. _ _10
20 118 Oct 2 121 Oct 1 1114 Au .21
Oct
Campuell(W&C, Fdy • 4,100 35 Oct 4 42 Sept 28 35
0. 4934 Aug
Case Thresh Mach rts_
400 75 Oct 11 81 Sept 30 73
0c, 81
Sept
Colum Gas & El of 1310
600 94 Oct 11 9634 Oct 4 86 Jun. 9654 Oct
Receipts part paid... 3,200 115 Oct 112234 Oct 3 88
Sew ,30
Sept
Columbia Graphophone
full paid ctfs
600 51 Oct 31 57 Oct 1 51
0 . 70% Sept
Checker Cab
* 14,600 6534 Oct 4 75 Sept 28 6514 0 , 8034 Sept
Colo Fuel & Irou p1100
20 133 Sept 30 133 Sept 301133
Ma :173.4 Sept
Comm Credit el A._ _00 8,400 45 Oct 4 473.4 "Sept28 45
a. 5134 Sept
1st pref ex-warr_ _100
2)1 86 Oct 3' 86 Oct 3 86
95 June
Conn fly & Lighting lii
10 6334 Oct 3,1 6334 Oct 3 6374 0.1 65
July
I
Consol Cigar peel (7)10
10 844 Oct 4, 85 Oct 4' 814 Au 100
Mar
Consol Film Indus ..._. 4.100 2134 Oct 41 2234 Sept 28 2134 O
2504 Sere
Consol Gas rights
702.900 64 Oct 41 84 Sept 28 634
904 Sept
Cont'l Bank of N Y..10 6.300 54 Sept 28 57 Sept 28 54
Sew 624 Sept
Continental 011
• 50.000 31 Oct 4 3234 Oct 2 2834 At,, 374 Aug
Curtiss-Wright
•117.500 1634 Oct 4 2034 Sept 20 1654 Oct 304 Aug
Class A
• 17,500 284 Oct 4 314 Oct 3 284 0 37% Aug
Duplan Silk
400 20 Oct 4 204 Sept 33 20
Sept 2874 Jan
Preferred_ _. __ _ _130
100 95 Oct 1 95 Oct 1 92
Jan
July 102
Eastern Roiling Mill. _. 1,200 31 Oct 4, 33 Sept 30 31
Oct 39 34 Sept
Elk Horn Cool pref. _50
80 734 Oct 11 8 Oct 2 734 Oct 13
Jan
Emerson-Brant el B._*
100 4 Sept 28 4 Sept 28 234 Sept 13
Fee
Emporium Capwell. _..*
. 30 26 Sept 30 26 Sept 30 24
Au, 38
Feb
Eng Pub Serv 01(1(5 4)* 2.200 106 Sept 28 108 Oct 2 924 June 1084 Aug
Eilenes Sons MN
500 71 01 4 75 Sept 30 70
Aug 7634 Sept
Federal Wat Serv el A.• 6.600 47 01 4 504 Sept 28 47
Oct 5634 Sept
First Nat Storea rts._ _ _ 8.500 14 Oct 4, 714 Sept 30 134 Oct 2
Sept
Fisk Rubber list pfd tOO 1,140 334 Oct 4 39 34 Sept 28 3334 Or 724 Jan
1st prof cony
100
530 3.5 Oct 4. 394 Sept 30 33
Aug 823.4 Jan
Foster Wheeler
• 44,000 8144 Oct 4 9114 Oct 2 614 Sept 95
Sept
Preferred
1,010 2104 Oct 122534 Oct 2 165
Sept 230
Sept
Franklin Simon pfd.100
100 9934 Oct 4 100 Oct 4 983.4 Sept 110
Jan
Gamewell Co
• 1,400 76 Sept 30 80 Sept 30 75
Aus 834 July
Gen'l Baking pref._ _•
70 130% Oct 1 130% Oct 1 130
Star 140
Feb
Gen'l Cigar pref... _100
10 116 On 1 116 on 11 1124 Jan 122
Jan
Gen'l Foods
'
0 49,000 60 Oct 4 67 Sept 30, 60
01 77
July
Gen Public Service._ • 11,800 864 Oct 4' 784 Sept 3(i 57
June 98
Aug
Gold Dust pref
• 1.601 112 Oct 311434 Oct 11 195
Sept 120
Mar
Grigsby-Grunow.. _ _ _* 119.100 594 Sept 28 6934 Oct 2 5554 Aug 70
Sept
Hartman Corp el A._ _* 9.500, 30 Oct 3 3034 Sept 28 2334 July 31
Sept
Hayes Body rts
34 Oct 4 1 Sept 30:
25.7901
14 01 114 Sept
Heltne to W) pref _10
110 127 Oct 3 127 Oct 3 12334 Jan 136
May
Hercules Powder 01.100
100 120 Oct 4 120 Oct 4 120
July 120
July
Household Fin part p150 1,5001 504 Oct 4 52 Sept 30 45
Aug 524 Sept
Ingersoll Rand pref ___•
10 116 Oct 1 116 Oct 1 111
Apr 118
Sept
Int Hydro-El Sys A...* 52.l00 51 Oct 4 57% Sept 30 47% July 5954 Sept
Opt Shoe
• 6,0001 6934 Oct 4 74 34 Sept 30 6934 Oct 77 34 Sept
Intent Dept St pref 100
Sept 150
Jan
201 98 Oct 1 98 Oct 1 92
Preferred ex-war.10
501 8534 Oct 3 8534 Oct 3 84
Sept 97
May
Investor Equity
• 8,1001 57 Oct 4 60 Sept 28 57
Oct 7214 Ant
Island Creek Coal pref 1
40 105 Sept 30105 Sept 30 103
Sept 1054 Mar
Kup'heimer & Co._ 5
20 36 Oct 4 38 Oct 4 34
Apr 4954 Mar
Laclede Gas
1002.3434 Oct 1 234 34 Oct 1 2314 May 325
100
Aug
Libby-Owens Glass. _ _• 4,600 36 Oct 4 3934 Sept 30 36
01 43
Aug
Loew's Inc Prof
300 9334 Oct 2 98 Sept 28 9234 June 11054 Jan
*
Lorillard Corp rights
34
Sept
28
28
34 Sept
13,400
34 Sept13-4 Sept
McLellan Stores_._ _
900 43 Oct 4 47 Sept 28 43
01 5954 Aug
Middle States On newll
200 134 Oct 1 14 Oct 1 14 Oct
Aug
Minn Mol Pow Impl • 11.100 2634 Oct 2 3034 Oct 2 263.4 Oct 834 July
4354
Preferred
500 88(4 Oct 4 904 Sept 28 8834 Oct 102
•
July
Minn-Honey Reg_._ _•
Oct
4:117
1
60010134 Oct
1014 Oct 1234 Sept
Murray Corp rights. _ _ 12.500 1134 Sept 30, 1334 Sept 30 1134 Sept 1034 Aug
Myer (F El & Bros_ _ _. 50.300 574 01 41 674 Oct 2 40
Aug 6754 Oct
Nat Supply pref.... _100
40 115 Oct 3 115 Oct 3 11
July 117
Apr
Neisner Bros
600 06 Oct 3 9834 Oct 3 96
Oct 984 01
North American rights_ 148,400 434 Oct 4 634 Sept 28 44 Oct 73.4 Sept
'Outlet Co
Sept 9634 Jan
80 75 Oct 1 79 Oct 1 75
•
Par Gas & El rights el A 81.700 24 Oct 3 334 Sept 28 24 On 34 Sept
Rights No 5
83.900 534 Oct 3 05.4 Sept 30 534 Oct 65.4 Sept
Pitts Screw eft Bolt _ _ _ _• 5.700 23 Oct 4 25 Sept 30 23
On 273.4 Aug
Piths Steel prof
100
12010034 Sept 3010134 Oct 2 924 Fet,101
Sent
Procter & Gamble _ _ _ ..• 19,600 80 Oct 4 8634 Sept 30 80
Oct 98
Aug
Pub Ser of N J pf(5)._•
400 95 Sept 30 95 Sept 30 95 June 96
Jan
Radio Corp pref B____. 5.900 76 Sept 28 77 Oct 2 74
Mar 82(4 Apr
Railway & Express . __* 10,400 503.4 Oct 4 564 Oct 2 49
Aug 6174 Sept
Raybestos-Manhattan* 16,900 4934 Oct 4 5334 Oct 2 4934 Oct 583.4 Sept
Reynolds Tob eines A 1
Apr 80
150 75 Oct 4 78 Oct 2 70
Mar
Scott Paper
July 85
624 Sept 30 0234 Sept 30, 62
Aug
1
Second Nat Invest pfd•
Sept 19034 Sept
600 171 Oct 317534 Oct 11 171
Serve! Inc
• 30.20 1534 Oct 4 1734 Sept 281 154 Oct 214 Aug
Sharp & Dohme prof,.• 4.300 64 Sept 28 6434 Sept 331 84
Aug 653.4 Aug
Shattuck(F G. Ms
3.030
114 Oct 4 2)4 Oct 11 134 Oct
24 Ore
Solvay Amer inc p1.10 11.7 1044 Oct 410634 Sent 28 10434 Oct 111
Sept
So Porto file Sufi p1-10
10 120 Oct 4 120 Oct 4, 118
Sept 135
Fe)'
., Stand Brands
•250,700 35% Oct 4 39 Sept 301 3.034 Oct 4434 Sept
Preferred
•
Sept 118% Sept
50011634 Oct 111734 Oct 11 116
Stand Investing
• 1.700 41 34 Oct 4 4434 Sept 28 4134 Oct 48
Sept
Sterling Securities el A • 78.090 324 Oct 4 3674 Sept 30', 2554 June 38
Sept
Preferred
20 660t) 1434 Sept 28 1414 Sept 28 133-4 June 1534 2111y
let pref cony
5 21.000 51 Sent 2/1 5414 Sept 28 54
Sept 5534 Sept
Sales
for
It'eek.
2191
Range for Week.
Lowest.
Rance Since Jan 1.
Highest.
Lowest.
Highest.
Par Shares. $ per share. S per share.
per share S per share.
Indus. & Mist (Conc.)
Tobacco Products Ws_ 11,500 734 Oct 4 1134 Sept 30 734 Oct 16
July
A certificates
3.600 1214 Oct 4 1534 Sept 30 1234 On 19
Aug
United Carbon
Aug 11154 Sept
• 53.400 9014 Oct 411134 Sept 301 78
Rites
2,400 634 Oct 4 734 Oct 4 654 Oct 734 Oct
United Cig Stores ars
5,200 8 Oct 4 114 Sept 28 8
Oct 1654 July
Union Carbide & C rts_ 205,930 234 Oct 4 334 Sept 30 254 Oct 334 Sept
Unit Dyewood pfn_ _130
May
80 65 Oct 3 65 Oct 3 533.4 Apr 75
On Gas Improver-1ft_ _• 569.600 44(4 Oct 4 5334 Sept 28 443.4 Oct 59% July
Preferred
• 3.400 934 Oct 4 9434 Oct 1 9234 July 9634 Aug
Un Piece Dye Works_ _• 3,300 35 Oct 2 3854 Sept 28 35
Oct 48% Aug
US Freight
*108.800 11134 Oct 4 120% Oct 310134 Aug 13454 Sept
US & For',) Smits_ _ _• 8,8001 50 Oct 3 6154 Sept 30 50
Aug
On 72
Preferred
• 1,900 8934 Oct 4 90 Sept 30 89
Sept 92% Aug
Va Iron Coal & Coke100
20 20 Oct 1 20 Oct 1 20
Aug 25 34 May
Wextark Radio Stores• 1,300' 61 Oct 4 64540.1 1 61
Oct 75
Sept
Z^nith Radio
• 9,000 33 Oct 4 4174 Sept 30 33
Oct 5231 July
*No par value
New York City Banks and Trust Companies.
(.10 prices dollars per share)
Banks
New York
Bid
America
224
Amer Unlon•_ 213
Bryant Park. 75
Central
Chase
Chath Phenix
Nat Bk & Tr
Chelsea Each.
Rights.
Chemical
Commercial..
Continental*.
Corn Each...
195
244
164
97
5
122
850
56
372
Fifth Avenue_ 3800
First
7910
Grace
900
Harriman_ _ _ _ 1800
Lefeourt
63
liberty
215
Manhattan.... 1165
National City 484
Penn Each...
Port Morris _
120
81
Banks
Ask
N. Y.(Con.)
229 Public
223 Seward
80 Trade •
S lot 525•
200 Yorkville
249 Yorktown._
Bid
258
154
300
170
Ask
263
158
312
175
230
226
214
Brooklyn
168
100 Globe Each'. 415
7 Peoples
15.50
127 Prospect
190
870
37
380 Trust Cos.
New York.
900 Bence Comic
Itallana Tr. 420
200
Bank of N Y.
1900
& Trust Co_ 1025
68 Rankers Trust 228
220 Bronx Co Tr 100
1185 Cent Ilanover 410
489 County
450
Empire
580
130
New
118
Flontrahl" Tr (3g1
Trust Cos.
N. Y.(Con.) Bid
Fidelity Trust 69
Fulton
620
Ask
73
Guaranty.... 1105 1120
Int'lGermanic
Interstate new
Irving Trust..
93
65
88
97
67
90
Manufacturers 262
Murray 11111., 300
Mutual(Westchester).- 375
266
330
435
200
Lawyers Trust
430 N Y Trust__ 418 424
Times Square- 123 135
050 Title Gu & Tr 170
175
232 United States_ 4510 600
110 Westches'r '171000
478
Brooklyn.
470
1310 1360
600 Brooklyn
123 t<lngs County 3610 3700
r fawner'
691
"81 405
it Ex-stnek tie, it Ex-rigata.
• state banks. I New stork. z Ex-divl lend
Quotations for U.S. Treas. Ctfs. of Indebtedness -p.2183.
New York City Realty and Surety Companies.—p. 2183.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. .S. Bond Prices. .Sept. 28 Sept. 30 Oct. 1. Oct. 2. 00. 3. 00. 4.
LoanHigh
First Liberty loan(
9714,
34% bond,of 1923-47_ _ Lour(First 34)....... ____ Close 97',,
Total sales in 31.000 unUs _
12
Converted 1% bonds oil High
t Low1932-47 (First 4s)
---l Close
Total sales 41$ st.coo moo ._
Converted 434% bonder High
C8
-1i;
of 1932-47 (First 4344)(1.0w- 9g,„
iClows 984:
Tatar sales In 11.000 wills...
35
Seeond converted 4 4%i High
bonds of 1932-47 (First Low
---Seemid 434*)..... ._ Close
____
Total safes in $1,000 unto ......
Fourth Liberty Loan
High 98141
434% honde of 1933-38 (Low- 9510 ,
(Fourth 434*)
Close OS",,
Total tales in 21,000 unlit -aIi h 10611'
Treasury
0
1,
52
4 34s. 1947-52
Low
1(11)",
Close 108",,
Total sales in 31,000 units ._
10
{ High 102",,
45, 1944-1954
Low
10210,,
Close 10200,1
Total sates in $1,000 units,..
1
H igh
law.
34s. 1946-190
M
(Close
Total sales in $1,000 units _
____
H igh 970,1
334*, 1943-1947
Lew
970,,
Close 971:,
Total sales in 11,000 walls.._
17
(High
314s. 1040-1943
Low_
____
Close
Mini sales in SI .000 units
974i
17's,
974,
20
974,
974,
970,,
5.3
974,
97
97
1
96't
9604,
96.41
9-3117s,
9S11 's,
9814,
2
901,s,
901 s,
9814,
6
9.5;;
990
gsu
38
9-S-1
980,
9810,
41
971,:
96,04
49
934,
98101,
17
_
&sic: 0111,;
9810,
9qI4, 9814,
13.)
80
100",,
10,14
106"
106"0 10614,
17
5
102",, 10210,,
10210,, 102114,
10210,, 10210,,,
7
10
1001°,,
0197
97
5
9313;
9510 s 98",, 9:14,
983 22 35"
9S"n
129
51
159
10614, 106100 106":,
10514,
106"1,
106101, 10511,,
67
10
11
10200., 1021 4,
1021°,, 1021cu
102.^21 10214,
3
129
10002,
1093,,
10001,
112
1
96.1,
9610,1
9630y,
10
5
960.1u
97
97
9601,1
96
,
97
9
to
Note.—Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 let Is
to 94
94
2 lot 4 348
58 4th 454*
980,, to Ws,
980,, to 9814s
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.84 7-16@
4.8574 for checks and 4.85 3-3204.8634 for cables. Commercial on
banks, sight, 4.85 5-16©4.8534; sixty days, 4.79%(.04.79 15-16: ninety
days, 4.77%04.77 15-16. and documents for payment, 4.79 15-160
4.83 13-16. Cotton for payment, 4.8454. and grain for payment. 4.84 A.
To-day's (Friday's) actual rates for Paris bankers francs were 3.91 15-16
@3.92 11-16 for short. Amsterdam bankers' guilders were 41.02@40.16
for short.
Exchange at Paris on London, 123.96 francs; week's range, 123.96 francs
high and 123.83 francs low.
The range for foreign exchange for the week follows:
Sterling. Actual—
Checks.
Gables.
High for the week
4.86
4.86 9-16
Low for the week
4.85 3-32
4.8434
Paris Bankers' Francs—
High for the week
3.9274
3.92 11-16
Low for the week
3.9134
3.91 15-16
Amsterdam Bankers' Guilders—
High for the week
40.16
40.17
Low for the week
40.09
40.1334
Germany Bankers' Marks—
High for the week
03.84
23.85
Low for the week
23.82%
23.8034
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see percedIng page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT,
Saturday,
Sept. 28.
Monday,
Sept. 30.
Tuesday,
Oct. 1.
Wednesday, Thursday,
Oct. 3.
Oct. 2.
Friday,
Oct. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads
Par $ Per ebare
3 per share $ per share $ per share $ per share $ per share $ per share Shares
1
4 274 26534 2734 265 26712 25,200 Arch Topeka & Santa Fe-100. 1954 Mar 26
1
4 268/
26812 27414 267 27134 266 271/
100 99 May 16
1011
/
4 10158 10118 102
10138 10138 10134 102
1,700 Preferred
10138 10168 10038 102
2,800 Atlantic Coast Line RR-100 169 Jan 2
18212 185
18314 186
185 188 *185 188
189 190
190 190
100 11518May 27
130% 13234 13114 13338 12818 13312 12738 12934 71,100 Baltimore & Ohio
132 134
13212 13.5
*76
79
100 75 June 13
1,500 Preferred
7614 78
*78
79
79
7988 79
7918 7918 79
30 841aMay 8
3,400 Bangor & Aroostook
78
79
81
8018 80/
1
4 79
8112 82
8338 8338 8212 84
100 106 Apr 4
11114 11114 *111 112 *111 112
10 Preferred
*110 114 *110 114 *111 112
100 85 Apr 4
Boston & Maine
*126 138 *122 137 *125 135 *126 130 *125 130 *125 130
5934 6012 8,100 Bklyn-Maniz Tran v t o_No par 5712 Aug 13
60/
1
4 62
6218 6112 62
6312 6414 z62
63/
1
4 64
No par 79 July 29
80 *8012 8234 1,100 Preferred v t o
8212 80
83 83 *80 8212 80
83
4181
1434 1,400 Brunswick Term & Ry Seo_100 14 Oct 4
1512 1512 14
1634 17
16
1
4 16
1612 1612 1534 17/
1
43514 75
200 Buffalo & Susquehanna _100 5434 Jan 28
65 65 *6514 75 /
70
70 *60 65
75
0170
100 5118July 1
Preferred •
7212 *- -- - 7212 *5812 72 *__- _ 70 *5812 70 *---- 70
1072
100 210 Oct 4
24,000 Canadian Paelflo
22012 223 21814 22134 217 21812 218 22012 215 21834 210 216
st'd100
9012Sept 17
Clinch
&
Ohio
etta
*9012
Caro
220
95
8
90
3
4
903
*903
4
95
*903
4
95
95
*8914
91
91
100 193 May 20
9,100 Chesapeake 44 Obto
25534 260 253 254 24814 253 25012 255 25012 25312 24812 251
412July 11
100
5% 3,600 Chicago & Alton
5
514 514
5
534
538 534
6
618
534 534
100
638 Oct 4
1,800 Preferred
6/
1
4 7
74 8
8
8
8
8
814 838
*812 9
29
29 *25
Ohio & East Illinois ER-100 25 Aug 26
*25
29
*25
*25
29
29
30 *25
*26
100 49 June 28
Preferred
1150 55
55 *50 55
55 *50
55 .50
*53
55
*52
1438 13,200 Chicago Great Western-100 12114May 28
15
1512 1434 154 14
1534 1638 1434 1534 1518 16
100 38 June 11
1
4 13,8001 Preferred.
5012 5112 47% 5034 4512 47/
4934 52
51/
1
4 5278 5038 52
3738 3518 3618 32,400 Chicago Milw St Paul & Pae- 2738May 28
1
4 374 36
87
3738 3718 3814 3818 374 36/
464May 28
5512 5914 5418 5613 44,2001 Preferred new
5914 6012 594 6034 584 5958 5818 60
9534 9334 95
9412 9412 9638 94
30,800 Cliteago & North Western_100 8014May 28
9418 9438 93 9412 93
Apr 24
134
100
*13918
Preferred
142
142
*13918
142
*13918
*1394
142
*13918
142
142
*13914
12834 12914 18,900 Chicago Rook hi & Paelflo_100 115 May 2/
13138 13212 131 13212 12812 131
132 133
133 133
100 10514 Mar 27
200 7% preferred
106 108 *108 10714 *10612 10714 *10612 10714
*10612 108 *1084 108
100 9812June 20
500 6% preferred
1004 10012 *9912 102 *9912 10214 *994 102
10214 10214 101 101
100 101 May 28
115 115 *113 124 *113 124
100 Colorado & Southern
*115 120 *115 120 *115 120
preferred
100 6814Sept 30
First
71
60
*6712
70
70
6712
893
4
6712
*6512
6614
68
70
*68
100 64 Apr 22
Second preferred
*6814 70 *8812 70 *6812 70 *6812 70 *6812 70
*6814 70
53
55
600 Consol RR of Cuba pref-100 60 Aug 14
55
54
55
1,54
58
5512 *53
*54
54
54
Delaware
&
Hudson
100 182 Mar 28
185
194
194
19714
197
200
21,900
197/
1
4 201
19812 207
204/
1
4 208
21,900 Delaware Leek & Weetern_100 12014June 11
15014 15118 150 15212 14612 15234 15212 155 1514 15434 15038 153
1,800 Deny de Rio Or West pref-100 5514 Jan 2
6234 84
65 6534 6534 6534 6413 85
66
66
68
*66
248June 11
100 Duluth So Shore & AtI____100
212 24 *214 312 *212 34 *212 34
3
*212 34 *2
*34 a
4 June 11
100
100 Preferred
*3% 0
4
4' *312 5
*2
4
*3
4
100 64 Mar 26
794 8138 7558 8078 75
81
7712 65,600 Erie
1
4 8014 8314 77
8118 82/
100 67 Mar 20
/
4 611
62/
1
4 611
/
4 4,900 First Preferred
61/
1
4 6238 62
61
60/
1
4 8078 61
61
61
5812 5812 584 5838 2,200 Second preferred
100 66 Mar 27
5812 5812 *5812 59
*5.918 59
5812 59
10,600 Great Northern Preferred-100 101 May 28
11012 111
112 11434 11038 11114 1114 11212 111 113
1143, 115
100 100 May 15
6,500 Pre/ certificates
107/
1
4 109
*11134 11312 110 11112 108 11014 109 110 108 109
1
4May 27
1,200 Gulf Mobile & Northern_100 32/
39
40
40 42
43 43
42 43
45 *4014 45
*40
100 904June 8
200 Preferred
95
9134 9154
9312 *92
95 *92
95 *92
93 *92
*92
7 Feb 18
2001Havana Electric Rye-No par
*6
9
912
734 7/
1
4 *8
*6
9
*64 9
*6
9
100 65 Feb 16
601 Preferred
/
4 -__ *70 ____
*70 --__ *70 __-- *70 ---- 7018 7038 *711
100 376 Mar 28
20 Hocking Valley
535 535 *535 560 540 540 *535 550
*51712 550 *535 550
5318 5314 5134 543k 5114 5278 14,800 Hudson & Manbattan__100 8412May 28
1
4 53
514 5234 51/
5138 53
7212
1 Preferred
100 70 June 26
73 *65
7412 *68
7412 *70
741 *70
*70
75
*70
100 1324May 27
3,300 IllinolsCentral
13412 136
13718 13818 135 13514 138 137
13414 135
13784 138
Preferred_
1
100 13312May 81
*133
145
*133
145
*133
145
*135
145
*135
145
140
*135
7138Sept 24
30 RR See Stook eertineates71/
1
4 7178 711
*7114 72
*7114 72
/
4 711
/
4
*7114 72
*7114 72
8,200'Interboro Rapid Tran•t e_100 193sJuly 30
2912 3012 2714 29
311
3012 31/
1
4 30
3112 333
324 34
100 Jut By,of Cent Amerloa_100 4018 Oct 4
4018 4018
47
47 *41
*41
47 *41
*4018 47
.41
42
404June 1
Ne pa
200, Certificate's
41
41
*4018 45 *4018 45 *404 45
*41
45
.4012 45
100 89's/one 13
601 Preferred
7118 7118 70/
1
4 723 *7118 7312 *7118 7312
1
4 727
73/
1
4 7312 72/
14,300,Kaness City Sonthern___100 78 Mar 26
94
1
4 9312 95/
1
4 9212 9534 92
9434 9612 29458 9638 9378 95/
100 6318July 3
1
4 8538 1,200; Preferred
88 *654 6612 65/
6714 6714 *66
66
67/
1
4 266
*67
60 7784May 29
8318 8378 8,000 Lehigh Valley
84
84
1
4 842 8412 8512 84 84
8414 8414 83/
100 1384May 28
2,100 Louisville & Nazhville
146 14614 143 1461 14218 143% 14212 1421 1414 142 *14112 142'
4,700,Manbat Elev modified guar100 314 Apr 8
42
42
46/
1
4 4512 46
4614 45
46
4612 4714 4534 47
700 Market St Ry prior met_ A00 20 May 28
2212 2212
*2212 24
*2214 2314 2212 221s 2212 2212 *2212 24
2 May 22
1,500!Minueapolls & St Louis_ .100
2
2
218 2%
2% 21
2
214 *218 214
214 214
Minn St Paul & SS Marle_100 35 May 31
2,300:
55
55
/
1
4
*52
55
56
56
56
5518
56
56
56
55
100 0814June 3
500 Preferred
77
7618 7618 76
*76
82
.76
82
*76
81
79
79
100 56 Sept 9
260 Leased lines
58
58
58
58
58
58
58
57/
1
4 5784 5734 57
557
1
4 511
/
4 67,600 Nth-Kan-Texas RR__-.Ne par 4212 Mar 28
1
4 5451 4918 53% 49/
53% 5412 5312 5412 5138 5414 52/
100 102 Apr 9
10214 l02'z 10218 10212 102 10212 2,100 Preferred
1034 103/
1
4 10318 10312 1023, 103
100 6212 Jan 4
1
4 11,500 Missouri Pacific
884 854 86/
8878 8712 8838 8678 8712 8818 8934 86
88
13218 13612 135 1354 134 13438 8,000 Preferred
100 120 Jan 2
1354 13518 135 13518 13234 135
150'Morrie & Eilflal_.
7512 76
60 77 July 18
77
*713
80 *76
80
80 *76
*76
80 *76
Chap,
Nash
de
St
Louie_
-100
70
217
220
22434
186 Jan 29
*220
*216
224
*215
218
215
215
2244
*215
112 Oct 4
112 1/
1
4 1,700 Net Rya of Mexico 26 pred_100
/
43 134
134 134 *158 134 .11
.138
134 *138 184
100 1784 Mar 26
21934 223 21534 222/
1
4 21418 219 108,400 New York Central
22012 22434 218 224 215 220
Mar 28
NY
Ohio
Louis
00_100
1284
&
St
7,000
17014
172
1713
8
171
17112
178
171 174
17514 17614 174 178
100 100 May 28
10712 10712 *107 10812 10712 10834 10712 10752 10738 10738 107 10734 1,100 Preferred
Oct 1
Harlem
28212
N
le
&
60
280
275
282
275
290
290
*280
26212
265
275
265
270
*2644
100 8072 Jan 4
30,600 NY N 11 & Hartford
115 11912 113 116
11712 120
1164 119
11718 121
12038 121
1145. Jan 3
3,300 Preferred
120 1234 120 12012 123 12434 123 12484 1244 125
*123 124
5,700 N Y Ontario & Weetern-100 1712 Oct 4
,
4 198 2138 1914 211
/
4 1712 20
1
4 2112 1912 20
*2112 2214 20/
24 Aug 30
N Y Railways Pref----No par
5
513
*3
5
*312 5
*312 54 *312 512 *312 5
Norfolk Southern
31
*25
100 32 Sept 13
29
/
1
4
*_
.
32
*30
*30
32
32
3234 *30
*30
100 191 Jan 9
25312 25934 11,000 Norfolk & Weetern
28434 265 258 2614 25512 26012 260 262 259 266
100 83 Feb 15
50 Preferred
87
--- 87
87 *87
87 87 '87___ - 87
87
87
100 9512May 27
13,000 Northern Pacifie
98 100
98 103
1004 1013
98 101
103 10412 2100 103
100 9534 Oct 4
1
4 3,400 Certificates
99/
1
4 10078 9534 99/
99
99
98 100
10018 102/
1
4 29918 100
98
100
Pennsylvania
102,100
10114
60 7218 Mar 20
10012
10134
971s
99
4
983
10012
10214
100 10112
Peoria & Eastern
100 2612June 4
*20
*20
30
30
30 *20
30
*25
30
*25
32
*25
100 148 Jan 11
600 Pere Marquette
210 21014
211 211
220 220 21112 2174 *210 218
*220 231
100 96 Jan 5
280 Prior preferred
97
9651 97
97
1
4 *9812 97
96/
1
4 96% 9658 96% 9858 96/
100 92 Mar 15
200 Preferred
*93
99
9488 9438 *9414 95
*94 i 99
*94
99
95 95
2,400 Pittsburgh & West Va.-100 1263sMay 28
13634 13734 130 135
136 137
137 138
13712 138
135 139
8,300 Reading
60 10112May 27
125 12554 121 12634 120 122
12014 125
124 126
125 125
*46
4612 *46
464 1,300 First preferred
50 4112 Apr 22
4314 46
46
4434 45 *43
45
44
50 4338letay 21
1,000 Second preferred
49
49
50
51
4812 50
5112 4812 4812 *4812 53
*49
Rutland RR pret
100 834 Mar 21
*63
71
*63
71
71
*64
71
7012 .64
*64
71
*65
12158 12338 12114 l221s 12014 1224 117 1193s 11,20066 Louis-Ban Franelsoo----100 10912May 20
12418 125/
1
4 123 124
91/
1
4 2,500 let prof paid
*9112 9178 91
100 91 Oct 4
/
4 92
93 9338 9312 9334 9112 9218 911
82
8538 7,200 61 Louis Southwestern...AO° 82 May 27
8512 86
8612 844 863
85
8714 88
87% 873
600 Preferred
100 87 June 14
9111 9034 90
9134
,
4 *89
90
90 90
*913
92
*834 90
1312 18
174 1618 1614 4,700 Seaboard Air Line
100 12 June 15
1534 16
1618 1618 1634 1717 17
5,200 Preferred
3512 35/
1
4 35
100 1614June 14
35
3414 36
34/
1
4 35
3351 35
34/
1
4 347
100 124 Mar 26
14318 144
142 144
140 14234 14114 14334 140 14114 13834 14112 16,500 Southern Paelfle Co
7,200 Southern Ratline
1481
/
4 151 1 148 150
100 138 May 27
15234 154 z150 152
1
4 154
14934 152
153/
1,600 Preferred
100 93 June 14
97
98
97/
1
4 97
98
99
98
97
98
9638 9651 *98
Mobile & Ohlo certifs.-100 104 Apr 4
*103 112 *103 112 *103 112 *103 111 *103 111 1103 111
1,100 Texas & Pacific
100 138 Oct 1
145 145 41142 155
138 140 *145 154
*140 155 *144 150
100 10 Aug 79
*14
141z 9,000 Third Avenue
1588 16
16
15
14/
1
4 1434 1458 16
1614 16
300 Twin City Rapid Tranelt_100 38 Sept 30
38
397 *37
38
39's 38
3912 *38
*38
38
*3934 40
Preferred
100 85 Sept 12
85
*65
88 *__ 85 *____ 85 *__ -- 85 •
88
*85
100 209 Mar 26
1
4 18,200 Union Pacific
26714 270 264 26914 26114 26934 26514 26978 2631g 269 1 ii6T8 264/
100 804 Aug 12
8412 2,000 Preferred
84
84
84
84
84
84
84
*8158 83 *8138 84
• Bid and asked prime: no &ilea on this day. I Ex-dividend. y Ex-rights.
,
PRA SHARE
lawn for Preview
Year 1928
Moss
Lowest
_
3 per Mare $ per Mar 3 Per .20e
1
4 Mar 204 No
29838 Aug 30 182/
1037s Jan 7 1024 Jan 1084 AR:
20912July 18 167% Oct 1914 Mai
14518Sept 14 10314 June 12538 Deo
77 Nov 86 Ap
8012 Mar 20
9038Sept 19
01 June 844 Jaz
115 Sept 23 104 Dec 1155.. Mal
145 July 25
68 Feb 91 Del
811
/
4 Feb 25
63/
1
4 Jay 7714 Mat
82 Jan 95/
9218 Feb 1
1
4 Ma3
1
4 Sam
144 Jan 47/
444 Jan 18
321
/
4 July 044 No'
85 Mar 2
8112 Aug 2
38 Sept 63 Not
26978 Feb 2 1954 June 258 Noz
1014 Mar 14
98 Sept 10718 Me
27934Sept 3 1754 June 21834 Da
18/
1
4 Mal
5.8 Jan
19/
1
4 Feb 6
/
4 Mal
7/
1
4 Feb 261
2534 Feb 4
37 Feb 4854 Mal
43 Feb 6
1
4 Mal
58 Aug 76/
6672 Feb 4
94 Feb 25 De,
2372 Feb I
204 Feb 50/
1
4 De,
6338 Jan 81
4472 Aug 391 2214 Mar 404 Ap:
87 Mar 69/
8832 Aug 29
1
4 Nol
1081zSePt 7
78 June 941* Mal
145 Feb 5 186 Dec 160 Mal
143128ePt 3 106 Feb 1395,, No"
10814 Jan 25 105 Dec11112 Ma]
99 2 Dec DM Mal
10278 Feb 5
135 July 20 103 Aug 120 /dm
80 Jan 25
67 Ally 86 AP
7212Mar 5
6912 Nov 85 Mal
6912 Dec ET% Jun
7088 Jan 2
228 July 20 16314 Feb 226 AP
169
,
4Sept 10, 1254 Dec 150 AP
7734 Feb 211 5018 Feb 8514 Ap
3 Aug
4/
834 Jai
1
4 Feb 41
918 Ma:
712 Feb 4
Os June
1
4 June 7212 De,
931213ept 91 48/
6614July 21 60 June 6378 Jai
4914 June 62 Jai
8872July 2
9311 Feb 1144* No,
12814July 22
914 Feb 11144 No'
12214July 22
38 Aug 6172 Mal
69 Feb 4
99 Aug 108 Ma:
103 Jan 3
1112 Apr 20
7 Aug 1734 J un,
PBX SHARD
1
Rasps Sews Jae. 1.
Os barls of 100-.bare iota
Lowest
Il4'3es1
I
73 Apr 16
583 Aug 27
68/
1
4 Jan 5
84 Jan 18
16312July 20
15112July 20
801s Feb 21
68/
1
4 Feb 26
59 Jan 26
5912 Jan 25
8014 Jan 2
108/
1
4July 20
7012 Jan 15
10214 Feb 2
15434Sept 16
574 Jan 21
394 Jan 4
344 Jan 19
6114Sept 24
87 Jan 23
66 Jan 26
1
4July 20
65/
10714 Apr 25
1011
/
4July 16
147 July 22
86/
1
4 Jan 17
240 Aug 29
33 Jan 25
25812 Aug 30
19238 Aug 30
/
4 Jan 4
1091
379 Jan 18
12612 Aug 26
131 12 Aug 14
32 Feb 4
938 Feb 21
48% Feb 4
290 Sept 3
8714May 14
118/
1
4July 22
11452July 22
110 Aug 29
36 July 16
280 Aug 29
101 Mar 22
97 Jan 8
14844 J2,3210
14738Sept 5
50 Sept 7
13038Sept 7
7414Sept 18
13334 Aug 30
9812 Feb 2
116/
1
4 Feb 6
94 Apr 26
31/
1
41111r 6
36 Oct 2
16712SePt 3
16218Sept 4
99 Jan 3
1407s Jan 14
181 May 2
89 Feb 26
5814 Jan 25
100 Jan 5
29732 Aug 29
8612Sept 4
$1 Dee 784 Set,
340 July 673 No,
504 Dec 7312 Ap
81 Oct934 AD
13134 Jan 14838 Ma:
13012 Jan 147 Ma:
76 July 8212 Jul'
29 Jan 02 Ma:
3612 Mar 5212 /40,
6978 Jan 82 Ma:
43 June 93 No'
864 Aug77 AP
1
4 Feb116 AP
81/
/
4 Ma
13914 Nov1691
20 Jan 64 Ma
1
4 Ma
3812 Dec 44/
04 Ma
11
/
4 May
40 Jun
ase Ja
1
4 Ma
704 Dee 87/
7118 Jai
60 De
3012 June 38 De
10112 JulIe 109 15e1
8178 Feb76/
1
4 Sets
103 Feb12678 De
824 Aug89 Jun
17112 Aug20444 Ma;
2 Feb54 AP
158 Feb 19C _ No'
1211
/
4 Oct 146 Ma:
1044 Aug 110 Jai
188
Jae 605 AP
5438 June 8234 De
112 Sept 117 Ma
24 Feb 89 Ma
614 Jan
18 Ma
32 June 58 No
175 June 1984 Nb
847s Oct 90 Jun
9288 Feb 119 No
905 Feb "15 No
6172 June 767s De
26 Mar :1 MN
12472 Feb 154 No'
26 Oct 10138 374
92 Nov 100/
1
4 Ma
12114 Feb 163 02
9414 Feb 1191. Ma:
4112 Nov 60 An
44 Jan 59% Ma:
60 Feb 77 De
109 Feb 122 Ma
94 Des 101 Ma:
87% Feb 12414 No
JIV
89 .1,11Y 96
11% Mar 804 Ja
17 Aug 88 Ja
117/
1
4 Feb 1314 Ma
13912 Feb 166 Ma
981s Sept 10214 Ja
100 Jan 15918 Ja
994 Jan 19418 0
28% Jan 4618 Ma
3214 Sept 56 Ma
94/
1
4 Oct 107 Fe
/
4 No
18612 Feb 2241
824 Oet 8714 Ja
New York Stock Record-Continued--Page 2
2193
For ewes during the week of etoces not recorded here. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 28.
$ Per share
6334 6334
*90
92
*80
84
38
3912
*37
42
34
34
5812 59
Monday,
Sept. 30.
Tuesday,
00.1.
Wednesday, Thursday,
Oct. 2.
00. 3.
Friday,
Oct. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $S per share 5 per share Shares
Railroads (Con.)
647 647
6438 6478 64
62
6212 6012 6214 3,300 Wabasb
64
*9014 92
*69
91
9014 9014 9014 9014 9018 90%
300 Preferred A
13
*80
85
77% 77
*78
84 .78
84 .78
84
300 Preferred B
3712 388 3618 3838 3612 38% 355 3814 33,8 36
16.900 Western Maryland
.3612 42
3614 3614 *3612 417 •34
40
300 Second preferred
323. 3312
3312 3313 33
337
33
3318 33
3318 32% 328 3,900 Wegtern Pacific
575 58
57% 578 57
57
56% 57
5618 5718 4,400 Preferred
PSB SHAM?
Rowe Mace Jos. I.
Os bate of 100-share lots
Lowest
13lebeet
Y Ex-rights*
Leonel
Higlail
Par $ Per share
Per snare I per Were $ per eisore
100 60 May 27 814 Jan 5
51 Feb l 984 May
100 8814 Aug 16 10478 Jan 7
8812 Feb l 102 May
100 7718 Oct 1
91 Jan 8
87 Feb 9912 May
100 3212 Mar 28 64 Feb 4
3153 Feb 6434 May
100 3238 Oct 4 6312 Feb 4
334 Feb 6472 May
100 32 May 27 4172 Mar 6
2814 Feb
3812 Dec
100 66 May 27 6734July 22
6212 Aug 624 Jan
nduetrial Pe 1liscenaneous
51
53
5212 53,4 51% 5338 52
52
5112 52% 5034 5112 17.300 Abitibi Pow &Pal/
No par 3812May 27 5772 Aug 15
*82
8313 82
8112 8112 8112 8112 8112 8112 81
82
81
600 Preferred
100 79 Apr 10 8C32 Jan 7
•110 120 *110 120 •107 119 *107 120
115 115
112 112
200 Abraham & Straus___No par 101 May 28 15913 Jas 3
•10612 11014 •10612 108
10612 10612 10612 10612 *105 108 •105 108
40 Preferred
100
106 June 4 112 Jan 2
•500 600 *550 599 *500 600 *500 600 *500 550 •400 600
Adams Exprese
100 389 Jan 16 750 Apr 23
*88
8812 88
88
8778 87% 87% 8738 87
87
2,900 Preferred
87
87
100 8434June 28 96 Jan 3
3014 3014 30% 3012 3012 3012 30% 30% 2934 30
2912 2912
900 Adams Millie
No yar 2738May 1 3572 Jan 15
23
2512 22141 24
19
22
20
2012 21
2012 1818 20
3,700 Advance Rumely
100 15 Sept 23 10472May 1
3512 3512 35% 37
34
35
3314 3314 *33
34
1.600 Preferred
32
33
100 32 Oct 4 119 May 1
112 113
112
112
114
112
lls
138
114
1%
114 14 15,200 Ahumada Lead
I
11, Oct 2
478 Feb 20
20112 20534 120114 204
194% 19914 195 203% 188 201
186 19278 22,900 Mr Reduction. Ina____No par 954 Apr 10 21878Sept 20
.36
37
3512 36
3514 35% 34% 3538 3438 3538 3412 35
Air-Way
4,000
Elec ApplianceNo Par
3438 Oct 2 4878May 13
212 334
312 323
3,2 3%
318
312
3
No par
3% 3%
31 10,000 Max Rubber,Inc
212Sept 27 114 Jan 2
714
714
7% 712
718 7%
738 84
718 712
712 814 28,300 Alaska Juneau Gold Min_le
412June 4 1014 Jan 8
17
17
16
16
15
15
16
16
le May 31 25 Jan 3
15
8 *1418 15
1,000 Albany Pert Wrap Pap_No pa'
49
49% 48
4978 44% 47% 4612 4838 40
Allegheny Corp
484 42
382,600
27%
4334
Mar 26 5612Sept 3
par
No
112 112
11214 11214 11012 11134 •11014 11012 10914 11114 10812 109
3,400, Preferred
100 9918 Apr 15 11934 July 15
111% 112
11113 11112 11012 11112 11013 11013 10934 11114 10812 109
10038May 14 11234Sept 5
3.600' Receipts
31612 318
31212 31814 308 314
309 317
*4l Jan 7 354% Aug 30
26,600 Allied Chemical & Dye_No pa
300 3143 29114 305
•121l4 12312 *12112 12312 122 12214 12214 123 •123 124 4 123 123
600 Preferred
.100 12(14 Apr 8 129 Apr 27
6718 70
67
6814 6514 68,8 6512 67% 58
66
13,500 A1115-Chalmers Mfg new No par 6514 Oct 1
60
64
75129e1,t 26
*514 5%
*514
4514
514 514
100 Amalgamated Leather_No par
6 May 81 114 Jan 14
*5% 6
*514 6
27
27
27
2712 27
27% 26% 2714 2612 27
No par 2212May 25 42% Jan 3
2612 27
6.300 Amerada Cory
914 914
(118 028
312 9%
834 978 9,900 Amer Agricultural Cbem_100
9
814 834
10
814 Oct 2 23% Jan 15
3812 3812 3814 3813 3712 3814 3712 38
3734 40
100 3712 Oct 1 734 Jan 11
3,6001 Preferred
38
40
14012 14434 143 146
13934 143
144 14612 141 1465. 13912 14012 6,700 Amer Bank Note
10 110 Mar 26 155 Sept 3
*6012 6312 *60
6012 6012 6012 6012 6012 60
6012 5934 5934
60 57 July 23 6534Jube 14
120 Preferred
•13% 14
•1334 14
1334 1334 *1312 14
1312 1312 1312 1312
13 Aug 27 2012 Jan 16
300 American Beet Sugar_No par
*51
5312 1.51
5278 *51
53
51
51
*5013 52
*5012 52
100 46 Apr 24 6014 Fab 5
100 Preferred
6534 67% 6712 6912 6514 68% 66% 69% 625. 6718 58
613. 22,700 Amer Booth Magneto_No par 4012 Feb 14 7612SCIA 7
55
55% 5514 57
5634 5713 •5614 57
55
5614 5412 55
4,500 Am Brake Shoe A F.. ,._No par 45 Jan 10 02 Feb 4
*117 11712 11712 11712 11612 11712 *11612 11978 119% 1197 11612 117
100, 11612 Oct 1 12612 Mar 21
170 Preferred
1512 1612 154 1714
16
1612 1618 1678 1512 1612 14
1534 14,600 Amer Brown Beveri El_No Purl 14 Oct 4 3434June I
79
79
77
77
77
7934 7984 7934 *7712 7912 7634 80
310 Preferred
100 494 Jan 7 104 June 12
16538 16834 16512 1695. 16412 16878 167 17134 162 17114 158 16612 199,800 American Can
23 10734 Feb 18 1841! Aug 24
*138 13812 138 13812 *13812 139 *13812 139
139 139 .138 140
800, Preferred
100 13612July 8 142 Mar 28
95
9634 9412 963. 9312 95
95
9638 9212 9614 92
American Car A Fdy__No Par 92 May 27 10612 Jan 8
05
6.500'
*114 11612 *113 11612 *113 1151t *113 11512 11212 11212 *11212
100 11212 Oct 3 120 Jan 29
11512
100 Preferred
*8712 8912 8712 8712 8712 8712 88% 8914 89
8913 89
89
100 704May 31 803*Sept19
1,100 American Chain pref
66
67
6512 6612 6414 6614 6514 6514 627 6412 61
63
No par 4634 Mar 26 8132Sept 5
Amerloan Chicle
3,900.
4334 4514 4312 45
4314 4334 4312 4412 4112 45
41
No par 4112 Oct 3 55 May 20
43
8,7001 Am Comm'l A leohol
*2812 294 •28
2912 .28
30
*28
30
*28
30
2712 28
200,Amer Encauetic Tiling_No par 2334Nlay 31 4734 Feb 25
79
83
8018 81
77
8012 7812 80
79
8212 77
European
11,9001Amer
No par 77 Oct 1 9812Sept 3
78
deca
16818 173
16812 174% 15514 16934 1587 16678 14312 165
13614 14612 407,900 Amer & Forn Power _No par 754 Jan 4 19914 Sept 21
2,10614 107
10614 10614 106 108 *106 107 *10614 107
1064 10612
Preferred
No par 104 July 1 10812 Feu 14
800
96
96
94
97
93
94
.9314 94
93
9314 93
9311 2,200 2d preferred
No par 88 Apr 9 103 Feb 21
2712 28
28
28
2712 284 273. 30% 28
271t 6.300 An, Hawaiian 89 Co
29
27
10 2418 Mar 26 42 Apr 19
8
814
8
8
*7
8
*7
8
*614 8
612 612 1,000 American Hide A Leather_100
6 July 30. 10 Jan 2
4514 4514 4514 4512 *444 45
43
4314 43
44
4218 4218 1,600 Preferred
100 304 Feb 6 5214 Aug 29
65
65
6434 6518 65
65
63
6418 65
64
63
64
83
Home
Oct 3 8558 Jan 24
Producte_No
par
Amer
3,700
4734 4814 46
4738 4534 4634 4612 47
458 47
4434 4514 14,200 American Ice
No par 38 Mar 211 5312 Aug 23
*90
9012 90
90
•90
9112 *90
9112 *90
9212 •00
9112
Preferred
893
481ay
100
23 96 Mar 6
100
8438 8714 84
8712 8012 8512 82% 85% 783 8314 75
793 105,400 Amer Internet Corp _ No par 5212May 31 9634Serm 20
414 43
•48 412
41
418 4,8
4
41
4
4
41s
4 Oct 3
Amer La France A Foamite_10
872 Jan 10
1,500
48
48
48
48
*4812 --- - 4934 4934 4712 50
4718 4718
100 45 Aug 6 75 Feb 21
380 Preferred
11314 11312 113 11434 11212 114
11312 1147 Ill 11478 110 113
5.700 American Locomotive_No par 10232 Feb 18 136 July 16
113 113 .112 114
113 113
114 114 *114 116 *114 115 I
300 Preferred
100 112 Sept 26 11978 Aug 2
24814 256 *25212 260
248 25012 253 253
248 249
243 248
2,404' Amer Machine & Fdy__No par 14714J0ne 3 27912Sept 12
725, 7312 72
73
6912 7278 70
7178 6712 7034 6614 683. 27,800 Amer Metal Co Ltd___No par 50 May 27 314 Feb 6
*126 12614 126 126
126 126
126 12614 12614 12614 125 125 1 1,000 Preferred (6°Z,)
100 11332May 21 135 Feb 6
.87
89
893 90
89
90
90
90
90
90
86
88
680 Amer Nat Gas Dref__No par 65 July 19 9814 Jan 7
*418 5
*4% 5
414 5
*44 5
41
*44 412
4%
1778 Jan 31
334 Aug 14
700, American Plano
No par
*25
27
•25
26
25
25
*2312 27
*2014 25
27
27 1
110: Preferred
100 1812June 28 65 Jan 31
15512 157
155 162
145 154
145% 1515. 13912 147
13514 141
53,900 Ain Power & Light____No pa
8118 Jan 8 17534SePt
10112 10112 10112 10134 10112 1011_ 10114 1013 102 102
10114 10112, 1,8001 Preferred
98322une 14 105 Feb 28
No pa
*72
7334 *72
733
7312 7312 733 733
74
74
3001 Preferred A
No pa
70 May 31
SO Feb 13
--,, _--80
8012 8014 8053 80
80
797 797
795. 8014 7,94 -79% 2,300, Pref A stamped
78 July 25 8418 Feb 15
No pa
4634 478 96
468 475
467
4618 473
445. 4678 43
4512 97,200'Am Rad & Stand ihua'ry No Pa
4012May
28
553
sSept 7
•135 138 *135 138 •135 138 .135 138 •135 138 •135.
138
1 Pielerred
100 135 Sept 3 139 Sept 13
*4012 42
41
4212 38
4078 3912 4134 3938 394 30
3712 6,000 A111021C1121 Republice___No par 30 Oct 4 6434 Jae 2
1267 139 2134 14112 130% 135
13214 1357 130 13638 126 13112 55,600 Amer Rolling Mill
25 10612May 28 14438Sept 9
*63
66
•64
6512 CO
60
6312 645. 6012 6312 6012 62
4,600 American Safety Rasor_No par 60 Oct 1 748 Jan 31
30
30
30
30
30
30 .30
304 30
3014 30
3014
Seating
vie
Amer
5,500
30 Sept 18 4178 Mar 15
NO
Par
214
278 *218 238
214 2%
238 25,
212 212
212 25. 2,000 Amer Ship & Comm
218Sept 27
No par
7 Feb 5
95
0612 954 96
96
96
*95
96
9518 9518 9518 9518
400 America])Shipbuildlng_ ___100 8112June 13 11212 Aug 8
11112 11218 111 11434 110 11212 1104 11212 107 1123. 10618
109
Smelting
Am
9312
55,600
Jan
&
16
Refining_100
14
5'
13014Sept
•13512 136
13538 13512 135 13538 135 135
13518 13514 135 135
2,500 Preferred
100 130 May 91 138 Jan 41
45
4578 4312 45
4312 44
•44
44
44
4412 4312 45
American
new
2,900
Snuff
4314
Aug
25
21
49
July
26'
*10012 10212 *10012 10212 •1011, 103 *10118 103 *10118 103 *101% 103
Preferred
100 101 12July 29 112 Jan 24
57
59
58
5912 x57
58
5612 5734 5418 5712 5412 5634 12,900 Amer Steel Foundriee_No par 5418 Oct 3 7978 Feb 4
11012 111
11013 111
11012 110% 11012 11012 0111 11212 111 111
450 Pre!&red
100 110 June 17 114 Mar 13
6734 6734 67
674 6734 66
66
07
673
67 1 65
66
3.200 American Stores
No par 65 June 21 85 Apr 25
7712 7734 763 7714 7612 77
76% 77
74
7778 7334 75
7,800 Amer Sugar Refining
9434 Jan 25
100 7112 Apr
10614 10614 10614 106,4 •10414 1057s *1044 105
104 10414 104 104
Preferred0
10 104 Oct
111 Feb 1
3878 39
3834 3834 x36% 39
38
3812 37
38
364 37
Tob
4,00000' Am
NO par
3514June
60 Jan 2
*23
24 .23
25
23% 23% *2212 2238 *2312 235* •2312 235.
100 Amer Telegraph & Cable_ _100 17 Jan 2 3278 Mar 35
28912 295
28813 29614 286 293% 288 29412 285 29412 278% 28812 166,100
Amer Telep & Teleg
100 19314 Jan 8 31014Sept 19
17134 173
17014 172
16713 169
16834 171
166 16812 162 166
5,100 American Tobacco corn____60 160 Mar 26 205 Aug 30
172 1733 170 17334 16612 170
16714 16934 16532 168
160 166
Common
class
8
22,600
50 160 Oct 4 205 Aug 30
*115 116
116 116
115 115
115 115 *11512 116 *11512 1610
1
8001 Preferred_.
0 115 June 20 12114 Jan 15
163 163 *159 163 •157% 160
16212 10212.158 163
155 158
700 American Type Founders_100 1361, Jan 6 181 Sept 11
10912 110 *110 11184 *110 11134 110 110
110 110
10814 10814
140 Preferred_
100 10714May 16 112 Apr 5
191 10634 18512 195
180 18814 179 185
156 18312 161 171
No par 674 Jan 8 199 Sept 27
•10112 105
10112 10112 1004 100,8 *10018 105 *1004 10112 •10014 10112 56,100 Am Wet Wks & El
let
preferred
200
97 Jan 3 104 Jan 28
16
16
16
16
15,
8 1638
1512 1618 1578 1614
153. 16
4,200 American Woolen
100 15 Aug 16 2772 Jan 3
36
36
36
36
35% 35% 3512 36
*3511 353. 35
353. 3,400 Preferred_
100
35 Oct
58% Jan 2
1338 14
1312 135
1314 13%
1318 1318 1218 13
1218 1212 1,700Am Writing Paper ctIe_No par
9 May 28 1618July 18
*42
4418 .42
4418 *4312 44% *4312 4434 *4312 443
43
43
100' Preferred certlfleate
100 39 Aug
46 Mar 2
1912 20
1913 20
1812 19
17841
16
1934 1578
1318 18
13,200'Amer Zinc, Lead & Smelt___25 134 Oct 4 4914 Mar 18
99
99
9712 9812 *90
9712 *90
9712 92
94
853, 9018 2,100
Preferred
s Oct
1114 Mar 19
116 11712 11514 11812 114 11712 1155 11738 110 11612 1084
261 85,
112 581,500 Anaconda Cooper Mln. oew50, 99 May 20, 140 Mar 22
79
804 7914 80
77
79
79
79
77
7834 76% 7634 2.700 Anaconda Wire A Cable No purl 6234June 131 894Sept 7
7418 75
70
731. 68
71
73% 69
7378' 685. 7134 19,800 Anchor Cap
713
No par 43 June 26 7638Sept 27
•140 150 *139 145
13312 13312 *135 14434 13618 136,
1 137 133
500 Preferred
No par 10212June 17 150 Sept 20
5134 52
515* 53
505. 5134 5058 5038 50
503. 4918 497
Copper
6,600
Andee
Minine_No
par 4432May 28 68,14Mar 1
39% 40
3912 4014 39
3912 3912 41
40
4212' 393. 41
13,400 Archer, Danl. Mina_ No Par 29 May 28 4912Mto 4
*8312 8512 833 833
8312 8313 *SW* 8612 *8314 8512 85
85
A
500
Co
Armour
Well
pref___100
83,2SePt 24 46 Jan an
1034 10%
1078 1118 1038 1078 1014 103. 10
105.1
95. 105. 32,800 Armour of Illinois claw A __26
918 Oct 4 184 Jan 2
6
614
0
58
57
614
534 6
58 618
512 534 26,600 Clime B
512 Aug 9 104 Jan 2
26
*71
74
7114 72
2
7014 71
*7012 72
714 7134 7012 71
1,300'
Preferred
Aug 16 88 Jal. 24
100
7014
25
2514 2434 2512 2338 2434 23118 25
235 2412, 234 2312 4,300 Arnold Conetable Corp.J; par
19 July 17 4072 Jab 2
22
22
2112 22
22
22
*22
2412 •22
24121 22
22
500 Artioom Corp
3', par 1938Sept 6 30 Feb
47
4714 4712 4712 46% 4712 4712 43
4612 47
4612 465, 3,500 Ageocieted Apparel Ind No par 4612 Oct 3 584June 18
51
5218 503. 525. 50
51
4012 51
4758 4953 46
4738 19,700 Assoc Dry Goods
No par 43 May 22 7034 Jan 10
*4474 45
4478 4478 4478 4478 4412 4412 437 4412 444 45
4714 Apr 5
350 Associated 011
25 4012May 31
79
8178 7938 847
8314 8478 SO% 825
7914 79121 76
78
10,400 AG (1 & W I it it Line_No par 32% Feb 16 8453 Sept 301
61
6238 603. 62
603. 6112 5933 6114 59
5912 58
58
3,400 Preferred
100 4534 Feb 11 6278Sept 26,
5818 59% 5853 5934 5512 588 5638 5912 5518 587
53% 5814 76,400 Atlantic Refining
25 5318 Oct 4 771 July8'
13414 136% 12714 13578 12514 132
129 130
119 1288 11614 121
15,900 Atlas Powder
NO par 90 Apr 15 140 Sept 10'
103 103 *103 101
103 104
103 10412 103 103 *103 104
29)) Preferred
100 9812July 30 10612 Jan 141
•1314 131:, •1314 1418 *1314 1414 *1314 1312 12%
1314 *1278 1312
400 Athus.Crack
No yar
1012 Feb 25 177k July 16
415 439
401 43814 400 42412 420 430
380 395
397 407
8,300 Auburn Automobile
No par 221 May 16 514 Sept 18
•Bld and asked prima; no sales on this days s Ex
-dividend:
PSR RH ARS
Rases for Previous
Year 1928
85 Apr
10232 July
Dec
142
1144 June
Dee
425
924 Mat
334 Deo
65 Sept
6914 Se PI
534 Mar
June 99% Deo
364 Nov
70 Nov
90 June
109
Oct
195
Jan
93
Jan
3012 Dec
11
Jan
3.14 Jar
234 Jan
59
-WsJul e
1
Jan
22% Dec
-I-4-1; Jan
10 Nov
314 Jan
146
Feb 25253 Nov
12012 June 127% May
918
2718
1538
5b38
74%
60
14%
36
15%
3972
120
10%
4014
7012
136%
8814
11028
71
44
Oct
Feb
Feb
Feb
Jan
Oct
July
Feb
Feb
July
Dec
Apr
Apr
Jan
Jan
J1117
Aug
Dec
Dec
16% Apr
6378 Nov
26 Nov
79% Nov
159 May
6578 Jan
2412 Aug
61% Sept
64
,
8 Nov
494 Jan
128 June
264 May
6572 May
11712 Nov
147
Apr
11112 Jan
13712 Mar
106 June
5034 Dee
-_____
335 Feb 85 Dec
10434 June 110 May
81
Feb 100 Sept
Oct
Nov
Feb
Jan
Jan
_
54 Jan
58
Jan
87 June
10314 am
12912 June
39 Mar
109 Aug
9614 Dee
1214 July
38 Dee
824 Jan
10012 Dec
7018 Nov
8112 Dec
814
81
59
28
90
515.
56
37%
34
80
109
131
_
Feb
15% Feb
67% Feb
86 Nov
4638 Aug
9912 May
1153 Oct
854 Oct
116
Jan
134 Mar
183% Dec
631. Nov
11712 May
9914 Nov
25 Feb
Jan
90
96 May
10714 May
7712 Nov
8614 Nov
85
Jan 7472
Nor
65
Aug
64
Sept 119
Feb 293
Ma 142
Apr
Bere
May
May
Jan
Dec
Apr
RTC Oct fici" June
604 June 70% Jan
June 120 Feb
109
Feb
55
Feb
100
Feb
46
174 Dec
172 July
152 June
152 June
1154 Sept
10872 Aug
107 Nov
62 June
Oct
93
14 ;uly
39 Aug
104 June
34 June
Cl. Jar
Jut
40
48
10614
364
554
842g
1114
44
74
354
2814
934 Nov
11012 May
73% Sept
Jan
32
211 May
184% Dec
18472 Nov
126
Apr
1421.Nov
115 Mar
7614 Nov
106
Apr
33% Ncv
654 Nov
191s Feb
53% Oct
Oct
57
11772 Oct
Deo 54% Dee
Dec 111
Dee
Nov
56 Nov
Feb 11272 Nay
Jan 9712 June
Jan 234 Sept
Jan
1312 May
Jan 9112 June
July 51% Apr
Dec
4Og •
405. June 751* Dec
3712 Feb
53% Sept
Feb 5972 May
88
Feb 6514 Oct
50 Nov 6612 Des
83
Jar 114 Dee
102 July 11012 May
814 Jan
1738 June
av,
New York Stock Record—Continued—Page
2194
3
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Sept. 28.
Monday,
Sept. 30.
Tuesday,
Oct. 1.
Friday,
Oct. 4.
Wednesday, Thursday,
Oct. 3.
Oct. 2.
STOOK
NEW YORK STOCK
EXOHANGE
Sales
for
the
Week.
$ per share $ per share $ Per share lb per share 8 per share $ per share Shares Indus. lit &fiscal. (Con.) Par
812 812
8
834 2,800 Austin. Niohols & Co-No par
814 814
812
8
814 812
812 9
*36
41 I 36
36
600 Preferred non-voting-100
41
3612 *36
3612 3612 *3612 3812 36
300 Austrian Credit Anstalt
*5312 54
54
54 *5312 54
54
5512 5414 5414 54
*54
No par
2812 2914 2778 2818 5,500 Autosalee Corp
29
2912 29
2912 29
29
29
29
50
44341 38
300 Preferred
3912
*3912 45 *3912 4434 *3912 4434 *40
45
*40
par
"A"
_No
Sat
Rasor
41
500
Autostr
*4018
4014;
4014
4014
*4018
4112
4014
41
40
*4018
40
5834 5612 5712 57
59
5578 5732 5534 5712 77,400 Baldwln L000 Wks new No par
5734 58% 57
111.1
390 Preferred
11612 118 1 11612 11612
11934 11934 118 118
117 118
117 117
280 Bamberger (L) too pref__100
10538 106
106 107 107 107 f 10512 107
107 107 *10512 108
No par
760 Barker Brothers
2712 *2712 28
2712 2738 274 2712 27
29
2818 2818 *28
100
190 Preferred
92
93
93
93
9334 93 93
94 *93
9378 *93
*93
No par
400 Barnett Leather
5
7
*7
9
9
9
*7
9
*7
9
*7
*7
25
3514 3312 354 333* 3538 3112 3312 51,300 Barnedall Corp eLaga A
3414 3412 3418 3478 34
No par
85
200 Bayuk Cigars, Ino
8512
90 *80 90 *8512 90
*80 90 *8412 90 *80
100
80 First preferred
99
98
9812 9834 99
*9834 99
984
*9834 100
100 100
No par
9,600 Beacon 011
2778 2612 2718 2612 27
27
2714 2838 2718 28
28
28
20
1,500 Beech Nut Packing
79
79
8412 85
86
8512 8512 8412 8412 8478 85
86
913
94 918 2,100 Belding Hem'way Co_-No par
9
912 912
912 912
912 912
913 912
Pref.—
Belgian
Nat
Nye
Owl
1.300
*7933
793
8
79
7912
7912
7938
7912
7812
*7913 80 *7934 80
No par
7112 7273 7112 7213 7014 7338 7118 7412 6638 7272 6212 68 63.030 Bendlx Aviation
No par
11214 116 55518 5912 5678 5978 5412 5812 534 5512 18,800 Beet & Co
113 115
114 11634 114 11853 11318 11614 11434 11738 1113811638 11012 11418 187.400 Bethlehem Steel Corp____100
12512 12518 12518 12578 12518 12518 1254 12534 12518 12514 12518 12514 3,900 Beth Steel Corp pf (7%)_100
600 Bloomingdale Bros----No par
*5014 52 *5014 5312 4638 465
50
48
*53
5312 50 50
100
50 Preferred
•107 108
0
107 107
*106 107 *106 107 *106 107
IBlumenthal & Co pref_-__100
*8434 95
*8434 95 *8434 95
*8434 95
*8434 95 *8434 95
5,300 Bohn Aluminum & Br__No par
1044 107
110te 11034 11034 11112 110 11014 10934 11113 107 111
No par
1.300 Ben AinI class A
82 8318 80 80
84
8318 8312 84
*80 8212 83 83
No pa,
512 534 1.100 Booth Fisheries
534 534
534 534
*534 6
553 534
534 534
100
let
preferred
45
*35
4312
*20
40
*40
45
*40
44
*40 45 *40
25
83
8612 8714 8434 87
853* 28,700 Borden Co
90
86
89
88 89% 88
10
56
67
5518 60 I 17,200 Borg-Warner Corp
67
6412 6712 66
6514 70
68 69
1,100 Botany Cone Mills dale A_50
7
612 612 *6
7
*6
7
7
612
612
6
*6
Briggs ManufacturIng_No par
2658 2658 2553 2654 25 28 2512 2614 2053 2812 2112 2358 76,800
100
800 British Empire Steel
273 273 *234 312
253 234
273 2%
273 278
*273 3
100
100 2d preferred
*813 812 *612 812 *612 812
*852 7
653 653 34312 73
3314 334 32
3238 6,100 Brockway Mot Tr---_No par
3478 3313 34
3513 34
3434 3534 35
100
30 Preferred 7%
95 I
95 *85
95 *85
87
87 *85
95
*85 95 *85
No par
900 Bklyn Union Gas
22614 22612 *225 227 22712 22712 *215 227 *210 226 210 210
No par
47
4734 4812 4834 1,400 Brown Shoe Ina
4812 4812 474 4814 *4613 48
48
48
3711 3982 40
3818 10,100 Bruns-Balke-Collander_No par
417* 3812 41
39
3912 3812 3812 37
10
2912 295* 8,300 Buoynue-Erle Co
3053 3134 3112 3134 2952 3112 3013 3112 2934 31
10
3912 3934 39
3934 6,5001 Preferred
404 4072 3912 4012 3938 3934 3978 40
100
11112 112
680 Preferred (7)
112 112
11113 11112
112 112
11113 III% *11112 112
No par,
1,600 Bullard Co
47
43
44
4734 48
46
44 46
4813 47
48
46
800,Burns Broa new elAeomNo par
98 105
100 100
9812 100 100
*98 100 *98
99 99
No par
600 New class B oom
32
32
32
3212 '331
3172 3172 *31
32
3012 3312 *31
100
9514 9882
90 Preferred
*9513 97
9513 9512 *9512 98
*9512 9712 *9512 112
72,300 Burroughs Add Maoh_No par,
8014 84
94
8718 9132 9113 9433 9314 91378 9418 9578 x84
3,000 Bush Terminal
No par
53
5238
513 5
54
5414 5353 54
57
5354 5418 *54
100
10232 10233
200 Debenture
10212 10334 10314 10412 10212 104
102 102
*10173 105
20 Bush Term Bides pref. —100
110 110 *110 111
110 110 *10814 111 *110 111
*110 111
714 733 *714 8
714 714 1,800 Butte & Superior Mining...10
713 752
732 752 *712 738
5
37
9,200 Butte Copper & Zino
378 4
4
418
37,1 4
338 4
4
378 412
100
333 358 33% 3312 364 3812 *32
35
900 Buttertek Co
35 *32
36
*34
1524 15773 157 16678 15512 16512 1604 17012 15612 16812 15134 16078 76,100 Byers & Co (A M)____No par
100
10 Preferred
110 110 *110 112 *110 112
*11012 118 *11012 118 *11012 118
No par
4073 383 4134 3934 4234 4012 4278 4034 4334 65,400 By-Produets Coke
3712 3934 38
4.700 California Packing__ _No par
7814 7812 7834 7613 784 758 77
79
7912 7814 7934 78
California Petroleum
25
35 '30's
35 *30
33 '330
*30
38
*30
10
2
2
2
134 178
132 134
4 134 2.300 Callahan Zino-Lead
2
1,
218
2
1244 12434 1237s 12814 12272 1237 12134 12338 12013 123 1 11914 12114 17,200 Calumet & Arizona Mining_20
25
4112 4218 4118 41h 4014 413s 4012 4112 404 4138 3914 4018 20,200 Calumet & Recta
8412 8572 8214 8478 8138 8214 13.800 Canada Dry Ginger Ale No par
x8353 86
8613 8814 8612 87
9,700 Cannon Mills
No par
42 43 . 414 43
42
4212 435
433* 4218 43
43 435
1,500'Case Thresh Machine e84s100
375 375 *380 375 340 380
•370 390 *370 395 380 371
200
100
Preferred
etts
*11814
125
*11814
120
120
120
*11814
125
*11814
125
*11814 124
1812 *1713 178 *1712 19 *1712 19
300,Cayanagb-Dobbe Inc—No par
18
19
19
*14 20
100
8112
130
Preferred
8112
80
80
*7814
80
844
*7814
83
783*
788
*7814
No par
5212 7,900ICelotez Corn
5614 5212 564 52
5438 5614 54
*55 5614 55 56
100! Preferred
100
*834 887s *85 8512 85 85 *--- 85 *---- 85 *____ 85
Asso_No
par
2.500
Central
Aguirre
31
32
32
32
32
32
3218
32
*32
3214 3218 3214
5214 54% 524 5472 33.600 Central Alley Steel----No par
544 5578 5433 5633 5318 5478 5432 55
100
100
Preferred
*111
_
111
111
111
111
111
111
*1104
111
—
*111
400 Century Ribbon MIllo_No par
*618 -714 4.611 714
41313 -9
812 612
6
612
*612 8
10 Preferred
100
66 *59
66
*6234 66
6234 6234 *59 66 *59
*6234 66
10.900'Cerro
de Pasco Oopper_No par
9114
90
9218
8814
9234
9114
92
9214
93
91
0812 9218
24314 35
2512 7,500 Certain-Teed Prodsctil-No par
2718 264 2612 35
27
2834 2712 274 277
200 7% preferred
100
73
74
*74
76 *74
76
372
74 *74
76
76 '
*74
600 City Ice & Fuel
No par
564 5613 *533* 554
*5812 57
56
56
56
56
557 557
150 ce
100
___ _____
_ ___ ___
99 _ *____
_ ___ _99___
9999
99 *____
_
! _9_85_4 ___
__ __ _9_9___9_8_3
*....:
No par
PreferredrtoCorp
18,100 Chesapeake Cory
No par
This 7912 7714 7912 7618 7718 7634 7712 7618 7712 7538 77
6.500 Chicago Pneumat Tool NO par
4018 41
4214 4312 4214 435
418 421
4318 437
43% 44
3,500 Preferred
No par
56
5612 56
56
5618 5714 5718 5714 5638 5634 5612 57
220 Chicago Yellow Calz___No par
31
*30
3078 2812 30
284 284
*2978 3012 3112 3178 *30
Chickasha
2.700
10
Cotton
011
3512
36
3512
3512
35
3512
36
3512
8
3538
38
353
*3553
14,200 Childs Co
No par
69
72
6738 7178 66 69
6818 6918 6738 6834 6714 69
300 Chile Copper
25
95 95
93
93 *90 110
9434 948
*92 100
*91 105
567
No var
524 5418 211.200 Chrysler Coro
5838 5938 5578 5912 5414 5612 5534 585* 54
City Stores clue A____No par
*4612 48 *4512 48
*4512 48
*4512 48
*4512 48
*454 48
28,800 New.
No par
1572 177
1578 1634 1518 1578 1418 16
18
1738 1878 15
5,000 Cluett Peabody & Co—No par
41
41
43
4512 4434 4714 4412 46
*4034 41
41
41
100
97
97 *9780 Preferred
100 10014 *____ 101 *____ 100
*10014 102
No par
14518 146
146 14678 1474 147h 1424 1-41- 4,900 Cosa Cola Co
14714 14714 *146 147
No par
48
47
4712 *47
4712 1,800 Class A
4638 4738 *47
48
*47
*4712 48
No par
3812 35
3634 12,500 Collins & Altman
36iz 374 3978 37
374 3712 38
38% 39
400 Preferred non-voting-100
881
90 9014 *88
90
92 *88
*88
921a 88
*88 90
100
6214 64
5934 64 1 5912 63 22,200 Colorado Fuel A Iron
6318 6412 6312 6552 60 64
275 290 30.200 Columbian Carbon v t oNo par
27812 29212 29012 303 288 311
2684 28312 280 294
12012 12532 12212 13034 122 13414 12012 127 675,700 Oolum Gas & Fleo..___Ne par
121 12633 121 128
100
10712 1091 10712 10712 2.000 Preferred
10734 108
10712 10712 108 108
108 108
513 247.400,0olumbla Grataiophone
5714 42
575
554 585* 51
54
563* 597
577
56
4614 47'm 45
477
4714, 4413 457k 25.900 Commercial Oredit__No par
48
4613 4713 484 48
10 Preferred
25
26 *24
25
25 i
25 *25
*24
25 *24
25
25
*24
25
100 Preferred B
2614 264 2614 2614 *2614 27 *2614 2612 2614 26141
*2614 27
580 1s1 preferred (814%)___100
95
9314 9432 93
9434 943 *93
9413
9312 9312 93 943
Trutt...N0
par
Invest
15,000,Comm
1993
18912
189%
198
1
183
1983
196
190
194
189
10418 198
80, 7% Preferred
100
103 103
103 103 *10214 104
103 103 i
*10214 104 *103 104
100
934 931
93
94
928 9254 1,600! • Preferred (634)
93 93
93 93
i *93 94
1008 Warrants
100
5412
59 *5012 55 *51
5712 571 *58
•5712 80 *5712 60
607 630 560 625 I 550 585 I 5,500 Commercial Solvents__No par
64912 64912 61638 626 602 621
Commonwealth Power_No par
41
nos 224 *20014 224 *201 22014 *20112 22014 520112 2204I520014 2201
1,500 Conde Nail Pubilea___No par
80 60
62 *60 62
60 60
60 60 *BO
60 80
2234 71,800 Congoleum-Nairn Ino_No par
3414 2533 2414 2512 231* 2514 2334 2478 2238 24 I 21
No par
6213 6441 3,700 Congress Cigar
67 6712 6412 67
6814 655* 68
6813 6818 88
800 Conley Tin Foil etpd No par
58
es
,
t
*be
IN
34
58
34
5I3
34
513
*53
6218 3.700 Consolidated Olgst—No par
6112 6214 60
624 6218 5218 6212 6118 624 6112 62
100
814 83
81
82 82
81
81
81781 1.350 Pilor prof
7934 83 *____ 84
4.800 Oonsol Film Ind prel__No par
247
2412 24% 2453 2434 24
25
254 25 2512 25
25
par
359.100
Consolidated
Gag
No
144
1541
138
(NY)
15114
14112
15312
15414
14812
158
15378 1573 1524
No par
9714 98 I 5,300 Preferred.
975s 978
973 9734 9712 9784 9714 977
*8718 98
218
2
212 9,500 CoConsolidatedTertile No Par
2
218
2
24
2
2
218
2
2
*1612 171
*1612 17
1634 1634 1612 1612 3,200 Container Corp•vot No par
1812 1611 1638 17
No par
7
7 I 2.000 Class B voting
738
7
7 1
7
718 714
714 714
7
7
88 I 10,800 Continental Baking el ANo par
724 64
73
7338 67
7438 7412 741
73
74
73
No
ow
Class
B
32.600
1012
101s 1078 10
1112 10,
4 1138 1084 111
11
ll1z 11
100
932.100 Preferred
9432 93
94
95
9434 943
94
94
*94
94I 9112
par
Ine_No
80.000
Continental
Can
8318
8714
78
8838
834 86101
8453
, 8512
83 861
86
873
10
9714 95
9512 9738 95
9734 921s 9712 914 93 1 22,900 Continental Inc
9858 987
11781 42,90010ontlnental Motors—No par
1238 12
1212 12
1238 115 1214 11
124 125* 12
1
I
PER SHARE
Ranee Since Jan. 1.
Os basis of 100-sAare lots
kligliess
Lowest
I
Lows:
MOM
i Per share I I per share 8 per shore $ yet share
514 Aug 5 113 Aug 27
418 Jan
94 MAY
32 Mar 14 4212 Jan 14
25 July 89 Jan
5112July 15 65 Jan 8
58
Oct 75 May
2212 Feb 15 8512 Aug 16
612 Jan 8454 Nov
3814 Mar 4 4572 Aug 19
25 Aug 41 Nov
38345ept 25 50 Jan 11
43 Oct 5213 May
5534 Oct 4 6638 Aug 12
— — _
-- —
11412June 7 125 Apr 3 ifa
Oct 124/4 -AN
104 JULIO 13 11012 Feb 1 10714 Nov 1117s Jan
25 July 2 33% Jan 23
2671 Aug 8514 Dee
853a July 2 97 Jan 28
9172 Deo 10113 June
5 Oct 4 2914 Jan 15
2313 Aug 5212 Feb
3112 Oct 4 4910day 10
20 June 53 Nov
85 Oct 4 11354 Jan 25
98 June 14012 Mai
98 Oct 4 106114 Jan 29 1034 Dee 110es Mar
1214 Mar 2413 0o3
20 Feb 7 3272July 17
73 May 28 101 Jan 12
70% July 10114 Dee
9 Aug 5 1734 Apr 18
12 Dee 23 Jan
784 Oct 4 8471 Jan 3
82% Sept 9211 Map
6212 Oct 4 10438July 24
4
85318 Oct
123128ept 24 -533.2 Jan 102 001
5171 June 884 Dee
824 Jan 31 14084 Aug 24
11653May 31 128 Sept 18 11618 June 125 Apy
4214 Jan 21 6171 Apr 5
8853 July 50 SIM
102 Aug 9 III Jan 15 10913 Jan 11184 J1117
87 June 122 Die
9212 Aug 6 118 Jan 2
10114 Oct 4 13634May 4
784 Mar 25 894 Jan 13
silo Jan 8-51-2 —nee
51esept 27 1138 Jan 2
514 Jan 124 Nov
44 Aug 23 6334 Jan 18
4114 Mar 724 NOV
83 Oct 4 10012July 10
5518 Oct 4 1433May 1
28 ---- -Jan
6 Sept 27 154 Fob 11to4 Aug
2112 Feb 6353 Oct
2052 Oct 3 6313 Jan 3
073 Jan 38
14 Jan
94 May
253 Oct 4
24 Jan 12 Feb
534 Jan 14 1313 Jan 38
4512 June 7512 Nov
32 Oct 4 7371 Jan 2
87 Oct 1 145 Jan 2 110 June 150 Nov
170 AIR 9 2484 Aug 26 139 June 2038* Nov
3813 Apr 4 5112Sept 4
44 Dec 5512 Apr
2712 Feb 1321* Sepl
85I2July 28 5514 Jan 18
2412 Feb 61334 May
2518May 28 42114 Jan 5
884 Aug
50 Feb 5
335s Feb 54% May
111I2Ju1y
117 Apr 25 11014 Mar 117 Aps
42 Sept 12 5453JulY 19 - - ,-_..„... -.,-9312 -Feb 127 0o1
94 Aug 6 127 Jan 11
157s Mar 43% June
3253June 4 39 Jan 14
9734 Feb 11038 June
9514J une 27 10514 Jan 7
56214 Aug 9 32934May 21 139 Jan 249 Dec
50 June 88 Dec
58 Oct 4 894 Feb 2
102 Sept 30 1104 Mar 2 10472 Aug 115 May
108 Sept 13 1184 Feb 19 111 Aug 11912 June
884 Aug 18% May
614Pday 28 1212 Jan 4
94 Jan 3
eils Jan 1214 Nov
334 Oct 4
374 Dec 671 May
22 June 8 41 Jan 2
904 Jan 20854 Dee
12014 Aug 9 19275 Jan 2
105 Apr 8 1214 Jan 8 1085* Apr 118 Dee
— ____
-- ---314 Aug 12 4334 Oct 4
.
25, Sept
7214 Mar 26 8473 Aug 29 11812 June -8
2514 Mar 36 Sept
25 June 17 3413 Aug 28
lh Mar
4 Jan 22
54 Apt
1 12July 26
11914 Oct 4 131334 Aug 7_2012 Jan 475s Nov
36%May 38 6112 Mar 1
547k Jan 8612 May
78 Jan 4 9854July 13
43 Des 50 Sept
35 Aug 5 4834Sept 7
308 June 20 487 Sept 18
120 July 3 12211 Aug 6
16 Sept 12 4218 Feb 28
783 Oct 4 10512 Mar 8
52 May 29 798 Feb 4
8414Sept 27 9312 Feb 7
184 Dec -394 Dec
80 June 10 4834 Jan 30
284 Mar VA Dee
4012 Mar 26 59 Sept 12
10544 Apr 2 11212 Jan 38 107 Jan 11114 May
11 Aug 24 Oct
6 Oct 4 2012 Jan 3
77 Aug 92 May
6234Sept 7 82 Jan 17
584 Jan 119 Nov
8814 Oct 4 120 Mar 1
2313 Dec 6453 Apt
1612 Apr 10 32 July 30
75 Nov 100 May
474 Apr 12 8111 Jan 11
49 June 24 8234 Jan 30
98 Sept 6 10514 Jan 24
YOls Oct ills itee
5634 Mar 28 9214 Jan 31
6314 July 811s Jan
753* Oct 4 112 July 2
2814 Mar 36 4712SePt 21 111 Aug 1281e Dee
484 Mar 27 81 Sept 20
2971 Aug 48 Jan
28 Sept 14 36 Jan 7
46 Dec 5612 Ost
35 Sept 13 50 Jan 2
37 Apr 64 Dee
4474 Mar 26 757s Sept 3
37,
11 Mar 7472 Nov
1274
Mar
21
8
Jan
7114
648s Jan 14012 0411
5213 Oct 4 135 Jan 2
5114 Jan 5414 June
4613 Aug 24 52 J40 2
1438. Oct 4 27 Feb di
41 'Sept 23 72% Jan 3 50% -Dee 103'4 -Ape
97' Oct 3 119 Jan 3 11112 Deo 12484 hiat
12013June 1 15412 Aug 30
46':July 3 50 Feb 4
35 Sept 19 7314 Mar 14 Iiiis -Deo ilia.'MG
90 Nov 109 Jan
88 Sept 12 10313 Feb 6
52'j June 844 Jan
55 May 27 784 Mar 8
79 June 18434 Dec
12114 Mar 26 311 Oct 3
894 Mar 1407* Dee
5315 Mar 28 140 Sept 25
10372 Mar 21 109 July 18 106 Juae 11012 Jan
131 Dec 84% Nov
42 Oct 4 8838 Jan 9
21 Feb 71 Nov
43 Mar 26 8211 Jan 2
23 Feb 37 Mar
24 May 27 24132.fune 18
28 Feb 28 Dee
35 Jan 21 23 June 14
85 June 107 Nov
9213Sept 6 10514 Jan 34
5538 Mar 14071 Nov
1814 Jan 2 21212SePt 4
99 Jan 109 May
1014 Mar 27 109 Feb 5
92/
1
4 June 984 Aug
91 Sept 3 09 Jan 28
614 Aug 307s Dee
274 Jan 7 6912SePt 4
2254 Feb 18 700 Sept 19 137% June 3504 Nov
624 Jan 1104 Doe
1074 Jan 7 246 June 15
48
59sJune 3 98 Jan 19
Jan 84 Oel
33 June 811s Apr
1911'day 38 3554 Jan 28
67 Feb 8714 Dec
6218 Oct 4 923* Feb 6
8% May
113 Feb 7
14 Jan
IsJune 27
7912 Jan 100 Dee
60 Oct 4 9514 Jan 2
754 Aug 14 96 Jan 7
945s Oat 10204 Apt
23 July 3912 Sept
24 Oct 4 3038 Apr 33
961e Mar 26 18314Sept 3 p74 Aug 1704 May
jsrl: 9274
14 Aug 1054
2 DeeM
9612June 28 1005s Mau
Aug
Ps
2 Sept 18
20 Nov 88 App
13 May 34 234 Jan 9
95 Oct 1914 App
6 Apr 20 11Is Jan 2
3613 Apr 5312 Jan
474 Jan 8 90 July 9
gill Jae g 1514Jul7 9
834 Apr
9Is Dee
584 Jan 2 100 June 6
73 Apr eels yaa
53 Uee 1387 Sept
80 Jan 19 92 Sept 24
75 Feb 9474 May
79 Mar 25 11014Sept 3
10 Mar 2011 Nov
11 Oct 4 2833 Jan 21
I
•Bid and asked prices: no sales on this day. b Ex-d1v. 100% in common stook. p Ex-dividend and ex-rights. z Ex-dividend.
PMR SHARI
Banos for Preston,
Year 1928
New York Stock Record-Continued-Page 4
2195
For sales during the we,..a of sto,ks not recorded he,e. see fourth page preceding.
RICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 28.
Monday,
Sept. 30.
Tuesday, 1Wednesday,iThursday,
Oct. 2.
Oct. 3. I
Oct. 1.
Friday,
0a. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share S per share $ per share S per share S per share
111 11414 11218 11538 10978 11314 1101 11438 10812 11334 10714 11013
140 140 *14012 142 *14012 142
14018 14018 *14012 142
13814 13814
5078 5138 51
5134 5014 52
5034 5178' 48
5078 4613 48
•27
30
*27
2912 27
27
*26
2834 26
26
26
26
9212 93
9034 9238 9014 9134 9014 92
8614 91
8414 8712
7078 7078 70
70
*6812 6912 6933 6938 *67
69
6514 7114
9238 9238 *9238 9634 *9238 9634 *9233 94
9233 9238 9238 94
2312 2312 22212 2233 *2278 23
2318 2312 *2212 2312 *2212 2312
104 106
104 10614 10014 10518 101 10434 101 103 1 10012 10114
*109 11338 *109 113 *109 11212 *10934 114 *10934 114 *10934 114
14
1514
14
15
1378 1412 1412 1412 1418 1418 14
1434
•138
112
138
138
114
138
114
114
1
138
138
114
*412 478 *434 514
412 413
4
414 438
4
414 414
12
12
12
12
1112 12
1114 1112
1112 12
1134 12
*71
73
71
71
68
71
6934 6814 6814
7034 7034 68
*3
312
3
3
*3
312 *3
4
*312 4
3
312
50
5014 50
5078 4978 50
4934 4934 4934 4934 4818 49181
•125 130 *125 130 *125 130 *125 130
124 124
121 124
*12014 122
121 121
120 120
12014 1204
11978 12014
, 120 120
11712 11712 *116 11712 116 116 *115 116 *115 11512 1 115 115
PRA SHARR
Range Since Jan 1.
On Urfa of 100-sbare tote
Lowest
Molten
P/tie SE Ina
Range for Preeious
Year 1928
Lowest
Iligkeli
Shares Iudus. & htiscel. (Con.) Par $ DAT siars $ per chars $ per shore $ per share
62,000 Corn Products Reflning___25 82 Mar 26 11814Sept 12
6438 Jan 94 Nov
100 13814 Oct 4 14434 Jan 19 13812 Jan 14634 Apr
70 Preferred
No par 4612 Oct 4 8214 Jan 28
29,200 Cote Inc
024 Dec 897s Nov
100 2258 Jan 10 5758 Apr 17
300 Crex Carpet
124 Sept 27 Nov
0.600 Croaley Radio Corp____No par 83 July 15 125 Feb 25
1,600 Crown Cork &Seal-----Vs par 4214June 26 79 Aug 5
20 Crown Will Pap let pf_No par 924Sept 28 10114 Jan 18 -9-1;1s Jan
No par
18I2July 9 2514 Jan 9
700 Crown Zellerbach
2314 Dec 261, Nov
14,000 Crucible Steel of btnerlea_100 85 Mar 26 12134 Aug 26
6914 July 88 Feb
Preferred
100 109 Jan 8 1164 Feb 28 111 Dec 121 M87
No par
1112May 31 2412 Jan
6,300 Cuba Co
20
Oct 284 M47
NO Dar
64 Aug 13
5.600 Cuba Cane Sugar
513 Jan 3
itls July
74 1117
24 Aug 13 1878 Jan 3
100
1,800 Preferred
1334 Oct 824 Jan
_10 11 Apr 24 17 Jan 3
2,000 Cuban-American Sugar
1538 Dec 2414 May
Preferred
6018June
14
100
95 Jan 3
210
934 Dee 108 Feb
2 June 21
634 Jan 2
300 Cuban Dom'can Sug_No pi?
12
5 Nov
Jan
50 4818 Oct 4 6778 Jan 15
4,400 Cudahy Packing
54
Jan 784 Aug
300 Curtise ker & Mot Co_No parl 121 Oct 4 17312 Feb 5
5318 Feb 192% May
800 CurtLs Publishing Co_ __No par l 117 Mar 28 129 Mar 16
No par' 11312 Mar 23 121114May 25
700 Preferred
No par 20714 Apr 17 325 July 25 1444 Jan 230
Cushman's So
Sons
Oct
*11824 120 *HoPreferred (7)
*Ho- 12-6100 1181
58i
,4re
sr
t gi 130 M ar 22 114
*119 120 *119 120
fic
Jan 141 Sept
115 115
11412 115 *112 115 *115 116
12114Sept 27
10
116 116
10934 11012 1,200,00tler-Hammer hltg
62 June 654 Nov
104 104
103 103
No par 63 Jan 8 108 Sept 9
101 10114 10018 10014 101 101
49 July 63
99 10014 2.3001Cuyamel Fruit
Oct
51
52
5114 52
No par 4278May 1t1 69,s Jan 31
4938 5178 4914 5078 4714 50
3438 Feb 684 Nov
4718 4912 21,700 DavLson Chemical
*3138 3312 3034 3034 3112 3112 33
400,Debenham Securities
5: 30348ept 30 4678 Jan 24
36
*3138 35
Oct 694 Apr
3318 *3112 33
*117 118
11734 11734 *11714 118
100 116 Feb 26 128 Jan 4 1154 Feb 12684 May
100 Deere & Co prof
118 11814 11814 119
11714 11714
•350 360
35014 360
100 224 Jan 2 385 Aug 2 16612 Jan 2244 Dec
35013 355
3,200 Detroit Edhion
356 36014 360 360
356 360
*46
47
45
4618 4438 45
4518 4612 46
4538 2,900,0e00e & Raynolds A__No par 4312June 13 644 Feb 5
4618 45
40
Jan 61
Apr
112 112 *11114 114 *113 114 *113 114
100 112 Jan 7 11511 Jan 15 108
70 let preferred
113 113 *113 114
Jan 120 May
•12812 129
12812 129
100 126 Oct 2 1644 Jan 11 1344 Jan 172 Nov
128 12812 126 127
580 Diamond Match
127 12812 127 12834
878 91 i
9
838 Oct 4 11 14 Aug 1
9
No par
4,800 Dome !Miles, Ltd
834 878
833 9
834 9
8 June
8e 9
134 Jan
39
40
3,900,Dominlon Stores
..No par 3314 Oct 4 5414July 1
3812 3978 39
3978 3912 3973 3818 39
3314 37
11012 11134 111 11258 11012 113
No par 105 May 27 126,8 Feb 4 16- Mar 110.1; Nov
11118 113
11038 11114 109 11058 19.400 Drug Inc
50
50
50
50
*4612 48
*4612 49
800 Dunhill Intemational No par 46 Oct 4 92 Jan 2
4614 4614 46
4618
5512 Jan 9958 Noy
•100 10012 100 100 *100 10012 100 100
10012 10012 100 10012
994 Oct 1164 Mal
900 Duquesne Light let pref___100 6912 Jan 24 1004 Mar 5
414 414 *4
4 July 19 11 ,
1 Mar 4
414
4
3 Aug
600 Durham Hosiery Mills B. _ 60
4
4
4
5
*4
818 may
412 *4
214 21978 216 22412 216 22114 21878 229
No par 168 May 37 23514 Oct 3 183 Feb 1944 July
224 23514 22114 23118 94.900 Eastman Kodak Co
*12334 12434 *12334 12434 *12334 12434 *12334 12434 *12334 12434 *12334 12434
100 12334Sept 3 128 Mar 9 1231, Aug 134
I Preferred
Apr
553s 56
55
5534 5418 55
26
54,8 5634 5312 5412 5214 5314 8.100 Eaton Axle & Spring__No par 5214 Oct 4 764 Feb 1
Jan 684 Noe
20 15534 Jan 22 231 Sept 7
19012 19313 18812 19334 184 19134 18812 193
17614 18934 17614 18234 59.600,E 1 du Pont de'Nem
116 11678 *11684 117 I 11534 11633 *11534 11614 11578 11614 11512 116 , 4,400 6% non-vot deb
100 112 Aug 9 11934 Aug 26 114 i-uii
Egli;
25
25
801111
Li8011116
*25
NO par 241 4 Oct 1 394 Jan 10
2618 2414 25
*2414 2518 *2414 2573 2414
1,2001 Eft
834 Aug 43 Nov
6Ingo
*8378 8578 *8378 86
8178 8378 *8073 83
Preferred 61.4%100 8178 Oct 1 113 J An 19 10138 Aug 12172 Nov
500
8214 8214 *82
n I
136 140
12634 Mar 26 174 July 12
13678 13812 132 13734 136 14612 136 147 1 13312 13914
No norte
39,800 Electric Autoll
60 June 13613 Dee
108 108 *10634 108
10634 10634 *10634 108 •10634 108
100 10634 Oct 1 115 Apr 2 1084 Sept 1124 Dee
60 Preferred
10634 10634
814 814
6 Oct 3 1838 Mar 19
814 81
No par
8
812
6
814
814
814 Aug
8
7
712 7,400 Electric Boat
17% Juno
76
78
No par 434 Jan 8 86585ept 17
75
781
7218 7512 7214 7438 6514 7378 6312 67 i 80,600 Electric Pow & Lt
2834 Lan 49% Dee
*106 107,2 10612 1061 10614 10638 10712 10712 107 10712 10638 10612 1,100 Preferred
No par 103 June 25 1094 Feb 13 105 Dec 1104 Mar
•139
*135
_ _ *13512__ *135 ____ •136
12212
Jan 4 14012Juue 28 12014 Nov 1294 Apr
Certificates 50% paid
__
____ •136
__
8638 88
87 18,2 8712 -9-04 90
9178 88
91 I 88
69 Feb 914 Dee
23,900 Elec Storage Battery___No par 77 Mar 26 924 Feb 4
90
8334 412 *4
312 4
4
*314 412
4
31/June 16
412
61,Jan 9
6
4
une
9
2,900 Elk Horn Coal Corp___No par
Jan
4
638 638 *6,2 8
*7
8
5 May 31 2212 Feb 7
*7
8
7
7 I
54 Feb
614 612
15% Dee
500 Emerson-Brant dale A_No Par
*62
63
61
61
6218 6218 *6212 64
7414 Dee 85 AD/
6214 6214 6212 63
1,000 Endlcott-Johnson Corp____50 5718 Aug 5 83118 Jan 4
•110 11213 •110 11212 *110 11212 *110 11212 110 110 *110 11212
100
10814Sept 21 12414 Feb 28 1214 Jan 1274 Dec
100 Preferred
6733 6978 6838 70
6818 6912 6814 6978 68
7112 6434 6838 33.900 Engineers) Public Elerv_No par 47 Mar 25 7958 Aug 5
33 Feb
51 Nov
•10912 110
10818 10814 108 108 *109 111
No par 90 Jan 12 12314 Aug 5
108 109 I 106 108
901, Dec 1024 001
1,600 Preferred
3914 39,4 39
39
39
39
3114 Jan 4 41 May 1
39
3914 39
39141 3834 39
294 Oct 83% July
5.300 Equitable Office Bldg.-No Par
4912 5012 4914 49,2 50
5014 50
.50
4934 50 I 49
63 Dee 79
Jan
49
2,000 Eureka Vacuum Clean_No Par 4418 Fet 1 64 Feb 28
•___ 45
*42
___ 44 .3 _ _ _ 45 *_ _ __ 45
45 •__
5 42 Sept 13 7334 Mar 16
42
42
200 Evans Auto Loading
2534 2534 2612 2658 2612 2612 2614 2612 *2614 2623 2614 2614
1934 July
90 Exchange Buffet Corp__No par 2214 Jan 15 27's July 20
*47
4713 45
49
48
47
49
47
4714 4714 46
No par 4033M aLP 28 547s Sept 9
324 Jan
4534 1,200 Fairbanks Morse
107 107
100 107 *10434 10634+106 10634 10634 10634
107 107
100 106 Aug 13 11078 Jan 9 104
Jan
370 Preferred
55,
8 55% 5538 55,
8 5434 5434 5434 5434 5458 544 5013 51
_
1,000,Fashion Park Aesoo____No par 50's Oct 4 7258 Mar 21
*8834 92
*88
92
*8834 9034 *8834 9088 *8834 0038 *8834 9038
I Preferred
100 8834Sep1 14 1014 Mar 21
89
89
*89
90
90
90
*89
93
89
8918; 8834 89
15 6818 Jan 3 109 June 19 I 42 Jan
71 Dac
1,400'Federal Light & 'Frac
•100 101 *100 101 *100 101 •100 101 *100 101 I*100 101
No par 9712,1une 11 104 Feb 6
I Preferred
98
Jan 109 Apt
237 237 *225 240 *225 235 *225 280 *220 230 *220 230
100 Federal Mining & 8meleg_100 216 May 22 310 Feb 4 120
AD 230 Dee
*9812 9934 *9812 9934 *9812 9934 *9812 9934 *9812 99141 *9812 9914
100 9814 Mar '47 102 July 5
9114 Jan 1021a Sept
I Preferred
13
13
13
13
1278 13
1212 1278 1234 1234 12
12 Oct 4 2238 Feb 6
1238 7.000 Federal Motor Truck_No par
1638 Aug 2578 May
11012 11134 11018 11012 108 11012 108 11134 108 11134 104 106
904 Mar 26 123 Sept 3
754 Jun
1071, Dee
8.600 Fidel Phen Fire Ins N Y____ 1
.73
4
9
*7,
3 9
738 734;
*734 9
*734 9
64 July 23 1334 Mar 2
No par
1114 Jan
154 May
8
GO Fifth Ave Bus
873
78
•75
7518 751s 75
75
*75
7518 75
75 1 75
65 July 31 9812 Fob 25
75
No pa
900 Filene'e Sons
*9712 9912 *9712 9912 9712 9712 *9712 9912
96
9712 *9712 100
100 96 Sept 28 107 Jan 23
130 Preferred
84,2 8578 83
8434 831 2 8412 8312 84
8212 8438, 7934 82
62 Apr 181 90 Sept 19
28
Apr 76% Dee
13,000 First National Eitoree_No pa
634 7
658 7
634 7
634 67s
614 Aug 27 2018 Jan 23
No pa
638 6331
870 Aug
17% Jan
633 634 23,100 Flak Rubber
8518 Apr 30 10958Sept 11
Vo pa
65 June 8938 Oa
---- ---- ---- ---- -___ I ______ I FIetschmann Co
---51
51
51 -511-2 ;5114 52
5212 53
53
53
No pa
46 June281 54 Jan 8
494 Nov 561 Nov
51
51
1,100 F101'8110143 Shoe el A
*95
9734
9734 *____ 97 *____ 9712*--- 9712*_-_ 9712
100 95 Sept 19 1021s Jan 18
I Preferred 6%
9318 Oct 100
Des
71
7018 7012 69
6812 60
69
72
68
72
6938 71 1 5.000 Follansbee Brea
No pa
5714May 28 8234 Aug 26
564 Dec 691, Dec
*38
3812 40
3934 40
40
39
41
40
4014 3913 3918 3.000 Foundation Co
35 Sept 14 6933 AM 30
No pa
364 Oct 5712 Dee
9514 98,4 x97
9978 9638 991 2 9712 9914 95
99
93
97
803*May 28 1054Sept 24
No pa
72 June 1194 Sept
58.900 Fox Film class A
4318 4313 4314 4334 4314 4434 4414 45
43
4418 4213 43
No pa
3734June 1 54.. Jan 25
43
Oct 10914 Jan
13,900 Freeport Texas Co
103 103 •103 10612 *103 105
10434 105 *103 104
10278 104
No par 99 Mar 26 10712May 7 102 Mar 1094 Apr
700 Fuller Co prior pref
1819 1812 18
16
18
188
18741
18
17
18
16
14 Sept 14 334 Feb 5
15 Mar 284 Jan
1734 4.000 Gabriel Snubber A
NO Da
812 912
812 938
814 833
8
833
8
878
8
812 13.800 Gardner Motor
8 Sept 20 25 Jan 31
714 June
17% Dee
11538 11833 11534 11978 114 11934 11634 12134 116 12034 11238 11512 40.200 (ion Amer Teak Car___No pa
81 May 28 12134 Oct 2
6078 Feb, 101 Dee
81
81
8034 84121 8212 8412 8414 8734 8334 8714 81
8278 34,200 General Asphalt
100 61 Mar 26 944 Aug 17
68 Junel 944 Apt
•117 125
12314 125 *125 130
12758 12758 *124 13434 .116 124 I
10412 Mar 261 138 Aug 151 1104 June 14112 Apt
600 Preferred
54
54
53
*53
5312 5312 53
5434 5038 5214 4714 4914. 3,800 General Bronze
No 100
Par 4714 Oct 4 6934June 8
4914 4934 51,2 5018 52
4818 49
49
4934 5034 4713 50 1 6.200 General Cable
No 1par
0o 371s Jan 9 61 Feb 28
- Feb 'ifs;Nov
10213 1031 10314 104
10114 10378 10214 10318 101 103 I 10012 101 18 5,900 Claws A
NO par 81 Jar 8 1204 Feb 28
56 Feb 884 Nov
*105
105 105 *105
*105
*5
10
__ _ *105
104 Apr 13 10712 Jan 21 102
___ _ ,
100 Preferred
Oat
Oct 107
6534 6712 6618 6618 6614 6712 6634 6634 6512 6614, 6312 6512 4,500 General Cigar Inc
pl
83 Jan 8 74 Feb 26
6918 Nov
754 Feb
35214 36412 356 36312 351 362
357 36634 350 363 1 34212 353 151,200 General Electric
No par 219 Mar 26 403 Aug 20 124 Feb 2214 Dee
1118 1118
1118 1118
1118 1114 1114 1114 1118 1114 4,800 Special
1114 1114
11 Jan 3 114 Feb 4
11 Beet 12 JUDO!
10212 104
10114 104
100 10212 10014 103
96 10212 9232 9612 40,800 General Gas & Elee A No Per 70 Jan 7 112 Sept 23
3514 Jan 74 Nov
•116
*116
*116 .... •116
*116
__
*116
____ ______ i Class 13
Jan 80 Not
No par 76 Jae 3 115 Sept 23
37
•116 118 •116 118 *116 118 *11634 118
11634 11634 *116 118 ,
No par 111',July 18 135 Feb 14 121
20' Prof A (8)
Oct 144 Apt
•10312 105
105 105 *104 105 • 10413 10418'
105 105
105 105
No par 102 July 20 1164 Jan 21 1U812 Jan 11812 Dec
200 Preferred A (7%)
-115- -ii -_- ---- ----I --__
I _ _ _ __ _ 1 Pref B (7)
No par 99 June 20 115 Feb 1.6 105
Oct 11474 May
9,
-;79- -767-8 "891! 7038 -95T8 70
8 6814 6938 6614 -6-878 4,700 General Mille
ar 6614 Oct 4 8918 Jan 18
Na 1pw
79 Dee 864 Nov
*91
*9118 93
92
92
91,2 91,2 *91
*91
92 1 31
92
eels Dec 1004 Dee
July 12 100 Jan
200 Preferred
91
6614 6712 66
66
67
6778 6618 6778 63
66'4, 6312 6538 789.300 General Motors Corp
10 63 Oct 3 914 Mar 21
7334 Dee 904 Nov
*123 12412 123 12314 12234 12314 12258
12234 12212 123 1 12212 123
2.400 7% preferred
100 1221,Mey 28 1264 Jan 2 1231, Jan 1274 Apr
4312 4312 *44
*4212 45
4512 *45
4512 45
4512 45
4538
600 Gen Outdoor Adv A__..No par 43 Sept 25 52 Jan 2
49 Aug 584 Jan
28
2838 2938 2912 30
2733 27,
8 28
29
29 1 27
29 1 3,100 Trust certificates____No par 27 Oct 4 61 Mar 12
291
: Au! 524 Jan
114 116
107,
114 115
8 114
111 11334 10138 11112 102 106 1 16,5'0 Gen RY Signal
No par 931, Mar 26 12612 Aug 26
, Jan
8414 June 1235
8414 8512 8114 8412 83
8418 85
8338 7838 8218 78
80
No par 68 Apr 10 8812 Aug 12
13,100 General Refractorles
Jag
454 June 82
12618 12714 12514 12912 12412 12718 12512 13338 129 13438 12814 13212 64,401 Gillette Safety Rasor No par 101
June 1234 Oct
Aug
22
9718
June
11
1427
8
34
32
33
33,4 34
3373 334 334 33
34 I 3232 34
4,900 Gimbel Bros
No par 2914 July 30 484 Jan 28
344 Mar 594 June
90
0014 02
92
90
90
90
90
9218 94 I *90
94 I
87 Mar 101 June
100 761,Aug 8 04 Oct 3
54
5478 5378 5478 53
5438 8312 54 2 52
54
51
5218 22'6
feurrgo
l
70
No par 3678 Jan 2 6438 July 19
00 011Pdrdee
2038 Jan 87 Dec
104 104
103 103 •10312 10412 *104 10412 10412 10412 1.
*10214 105
Jar 105 Sept
100 101 18June 7 10618 Apr 22
96
3212 3018 32
3214 3234 32
3073 3138 29
3012 28
2818 10.63
p
par
r Apdre
00 GoPbe
a, 28 Oct 4 66 Feb 5
dlo(
424 Dec 621,No11
ofIl)
erred
6978 6514 6914 6534 6734 59
6438 6734 67
6634 5912 63 261,700 Gold DUO. Corp v t ii___N
N
oo
May
27
82
Jan
19
53
71
•
Jan
1434 D60
68
6912 6834 6912 6713 69
6712 6812 6512 6813 6434 6514
GoodrIeb Co (B 1r).___No par 6434 Oct 4 1054 Jan 2
6818 June 1094 Dee
108 103 *108 109 •108 109 *108 109 i*108 109I 35,900
*108 109
200 Preferred
10712Sept 23 11518 Feb 25 1094 Feb 115% May
100
1003
99 10334
8 10214 29813 10073 99 10012 9518 99331 9314 96
57.200 Goodyear T & Rub ___No par 93 , Oct 4 1644 Mar 18
4518 June 140 DM
*9912 1001 2 *9912 ma
9912 9912 9913 9912 9914 9912 9812 9812
700 let preferred _______No par 98125ept 27 1044 Feb 28
924 Mar 105 Dee
3238 3238 3012 3238 30
3012 29
3018 30
3012 2913 3014 6,500 Gotham SlIk Hos new.._No pa
Oct 2 60 Apr 11
29
70
Dec 98 Apt
90
*80
*80
87,2 *80
8212 80
80
80
80
80
80 Preferred new
100 80 Oct 2 1014 Jan 5 100 Dec 130 Apr
85
•___ 85
80•_
80 *---- 80 *--- 80
Preferred ex-warrante
June 8 100 Jan 12
I
92
95
100
Dec 112 May
*8
9
9
9
9
9
84 9
3
9
9
9
14 May 6
1,200 Gould Coupler A
No pa
7 Feb 18
678 Dec 124 Feb
1734 1814
1734 1812 1712 1778
1712 1814 1714 18
1633 1733 22.900 Graham-Paige Motore_No par 164 Oct 4 54 Jan 2
1634 Feb 614 Sept
15
1612 15
1518 *1518 16,4 •1512 1614 .15
1614 15
15
2,100 Certificates
Vapor 15 Sept 28 4913 Jan 11
2612 June 66 Sept
86
85
84
8518 8312 85
85
8512 81
85141 7914 82
11.100 Granby Cons M Elm ae Pr_100 624May 28 1024 Mar 20
3918 Feb 93 Dee
79
80
80
80
7973 80
78
80
77
79
7812 79I 2,800 Grand Stores
77 Oct 3 9r112 Mar 18
June 944 Oel
10
654
25
•24,
3
23,
8 2434 2314 2373 2318 2334 2318 24
20
2313 7,300 Grand Union Co
Jan 2
20
Oct
4
324
263
4 July 414 Oct
No
pa
43% 4334 4378 45
4314 4312 4338 4338 4314 4314 40,2 43,3 1.900 Preferred
No par 4012 Oct 4 5433 Jan 4
481, Aug 62% Oct
5334 5414 55
55
5312 54
54
54
5334 5414 50
53 1 4,500 Granite City Steel
No par 4.334June 17 633sSept 3
•Bld and asked prices; DO sales on this day. •El-dividend, S Ex-dividend
ex-Minnie
2196
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
THCII AND LOW SALE PRICES-PER SI1ARE, NOT PER CENT.
Saturday,
Sept. 28.
Monday,
Sept. 30.
Tuesday,
Oct. 1.
Wednesday, Thursday,
Oct. 3.
Oct. 2.
Sales
for
toe
Week.
Friday,
Oct. 4.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lois
PERRHARM
Range for Preotous
Year 1928
Lowest
1:11gbest
Lowest
Hlthes1
-9 per share $ per share $ per share $ per share 8 per share 3 per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share $ per chard a per Rom
1,900 Grant (W T)
•13412 136
13412 13534 13312 13412 133% 13414 13112 13234 12812 131
No par 114% Apr 12 14410 Feb 6 111% Dec 12512 Sept
2914 30
285 2914 29
30
2812 2912 2710 281 21,600 Gt Nor Iron Ore Prop No par 2514May 28 3914 Feb 1
2834 30
1914 June 3338 Oct
3518 3612 9,300 Great Western Sugar
No par 323 Mar 26 44 Jan 25
37
37
37
3710 3612 3714 3634 3714 363 37
31
Jan
3812 Del
115 115
115 11634 *11512 116
115 11634 115 115
115 115
220 Preferred
100 11212.1une le 11912 Feb I 11212 Feb 120 Jan
171 176 *170 176 *168 170
17414 177
*175 184
170 170
900 Greene Cananea Copper 100 13618May 2S 20012Sept 7
8938 June 17714 Del
41 Doc
*3
314
3
3
3
3
3
314 314 •258 4
3
212hlay 28
700 Guantanamo Sugar____No par
5% Jan 3
955 Jan
6012 *44
6012 *44
*____ 6012 *44
6012 *44
Preferred
6012 *44
100 44 Sept 27 90 Jan 2
90 July 107
6012
Jan
6612 6612 6612 6612 6612 6612 6612 6634 6612 6655 6612 67
6,300 Gulf States Steel
100 5514June 12 79 Mar 5
51
Jan 7372 Sept
100 100 Aug 6 109 Feb 14 10333 Nov 110 Ater
•103 105
104 104 *101 105 *101 105
101 101 *101 105
50 Preferred
29 .28
*2814 2914 293 2938 *28
2914 28
2812 *28
28
30 Hackensack Water
25 25 Jan 7 35 Aug 27
23 Jan 30 Jae
2712 2712 •2712 28
*2712 28
*2712 28
*2712 28
*2712 28
60 Preferred
25 27 Feb 18 31 Mar 8
23 Jan 30 Des
2812 *2714 2812 *2714 2812 *2714 2858 '
•27
Preferred A
2812 *27
32714 28%
25 26 Jan 31 30 Aug 8
2513 Jan 22 June
3034 31
3014 3034 297 3012 29
30% 30% 3014 31
29% 28,900 Hahn Dept Stores
No par 29 Oct 4 56% Jan 10
8912 8912 893 89% 8914 8912 8812 8914 2,200 Preferred
8912 8912 8912 90
100 8812 Oct 4 115 Jan 31
•100 101 *100 101
101 101 *100 101
100 100 *100 101
800 Hamilton Watch pre!
100 100 Aug 26 10510 Jan 8
99 Aug 104 Apt
106% 10618 1094 10334 *108 109
10412 10434 105 106
330.11anna let pre! class A
100 91 Jan 14 112 July 16
107 10814
69 May 97 Nov
69 .67
6978 69% *67
__ 68
69
*6614 69I *68
68
20 Harbison-Walk Refrac_No par 54 Jan 3 72 Sept 17
54 Doc 5712 Oct
2934 3118 2912 30
29
30
29
2734 17,200 Hartman
29% 2778 -2-9% 26
m
Corp class B_No par 2074May 31 41% Aug 28
1658 Aug 37% Dee
8812 6812 70
70 *6712 70
70
6912 6912 70
*6838 70
800'Hawaiian Pineapple
20 60 Feb 191 72% Aug 30
61 Deo 68 NOV
2412 2114 23
2318 24 ‘ 2312 2573 2212 237
184 Oct 4 6838May 17
23
No par
1814 2212 15,800 Hayes Body Corp
10014 10014 100 100
100 100
100 100
*99 102
100 100
1,100 Helme(0 W)
25 973 Aug 28 11812 Jan 29 105 -Dec
Oct
128 12834 125 12612 123 125
12612 13034 128 13112 128 129
9,200 Hershey Chocolate-__No par 64 Feb 16 13514Sept 18
3034 Jan
7212 Dee
127 129
127 130
127 127
129 131
125 127
123 12434 5,100 Preferred
No par 80 Feb 16 135 Sept 18
7014 Feb 89 Nov
____ *106
___ *106
*106
Prior preferred
__
_ *106 110 *106
_ ._.
100 104 Jan 4 10614Sept 9 10014 Aug 105
Apt
27
27
2658 27
27
27 17 •106--27 ii
26
27
No par
15 June 4 33 Aug 13
2612 1,600 Hoe (R) & Co
1514 Sept 30% Jan
*3612 3712 365 3612 37
3718 *3712 40
3712 3712 36
No par 34787cIay 23 51 Mar 9
40% Dec 4934 Oet
38% 1,200 Holland Furnace
3
'2012 21
*1912 19
1312May 27 2410 Aug 3
*1912 20%
1910 2014 1912 1912 1818 19
700 Hollander & Son (A)
No par
18 Dec 307 Apr
*8612 89% 8612 8612 .85
8712 .85
87:2 8514 8514
8712 *85
300 Homeetake Mining
100 72 July 19 93 Aug 22
67
Jan 80 Nov
4134 4412 4312 4512 42
4312 4214 43
3812 4014 21,200 Houdaille-Hershey el B No par 3712June 10 5234May 20
4012 43
6414 6512 6514 6514 64% 844 6414 65
64
65
83
85
15.700 Elouseh Prod Inc
No par 62 June 1
7913 Jan 7 -6-418 -Feb -Si Oct
8812 92
92
9814 91
9834 93
9653 85% 95
79 Dec 167
7934 8734 94,200 Houston Oil of Tex tern otfe 100 6812 Aug 10 109 Apr 2
Apr
259
61
6034 82
59
60
58
5814 60
6012 56
4033 Feb 73$4 Nov
No par 56 Oct 4 8212 Mar 21
565s 9.700 Howe Sound
75
7812 7434 7638 7218 745
No par 721s Oct 1 9312 Mar 15
7310 7410 7212 75
75 Jan
7413 7512 54,500 Hudson Motor Car
9978 Mat
4118 4238 411 4218 4012 4178 4058 4218 4012, 42
4014 41
36,000 Hupp Motor Car 004'9_7_10 3812July 22 82 Jan 28
29
Jan 84 Nov
3114 3014 31
30% 3034 3038 313
31
3012 31
2134 Feb
2918 3055 20,8001ndependent 011 & Gas_No par 2918 Aug 10 3938May 7
3838 Nov
714 714
8
812
1012 1012
0
914
9
1018 2,700.1ndian Motocycle
No par
57sSept 27 3213 Jan 2
20
9'2 10
Oct 70 Ape
4218 43
43
44
4218 437
3812 4214 47,400,Indian Refining
4334 4534 4218 45
10 29 Jan 8 53 Aug 17
9 Feb
3910 July
4012 4258 4018 4238 4238 44
40
41
3934 43
812 Jan 3714 July
38
4058 25,000 Certificates
10 28 Jan 7 5114 Aug 17
82
92
8714 8534 8814 81
94
*8612 88
No par 74 May 31 135 Jan 18 118 Dec 146
Industrial Rayon
83
8234 83 I
Oat
195 195
195 199 *190 200
19412 199 *195 200 *195 195
1,800 Ingersoll Rand
No par 120 Jan 3 205 A
90 Feb 127 Nov
Aug 29
9512 9612 96
97
97
97
99
98
94
No par 7812 Jan 2 113 Aug 28
98
46 Mar 80 Dee
95
98
9 000.Inland Steel
4118 414 4112 4334 4114 42
4114 4214 41
42
37
3912 12,500Insplration Cons Copper___20 37 Oct 4 6612 Mar 1
18 Feb
4872 Nov
9
9
9
1414 Jan 11
9
No par
88 834
9
818May 31
812 July 2134 Jan
9
9
85s 834, 2,600lIntereont'l Itubber
9
67
7
7
7
7
7
678 7
4,300,Internat Agricul
7
7
612 Aug 7 177g Jan 28
13 Feb 2072 May
7
7
No par
.5512 57
'
356
58
56
*5638 58
58
*5513 56
200 Prior preferred
56
56
100 53 Aug 30 881 Inn 26
4855 Mar 85 Dec
22018 23012 22818 22918 22512 228 •22714 228 .227 230
3,2001 1n3 Business Machlnes_No par 14932 Jan 24 24612July 16 114
Jan 10655 Nov
223 228
*6624 6712 *67
68
66
68
6612 GS
56
6614 8614 6412 6512 2,500 International Cement_No par 6412 Oct 4 10234 Feb 4
Jan 94% Dec
7
59
52
56
54
60
41
5212
4612 3918 4212 33
384 659,100 Inter Comb Eng Corp_No par 33 Oct 4 10312 Feb 15
4514 Feb SO Dee
10414 10114 10314 10338 97 10314 01
98
92
3,3001 Preferred
8612 91
100 8612 Oct 3 121 Feb 16 103 Mar 110 Sera
00
115 11938 11758 12112 11518 118
117 11912 11318 117
11018 11614 41,200 International Harvester No par 92 May 31 142 Aug 30
80 Dee 977
,Dee
13914 13914 13914 13914 13914 13912 13014 1391.1 13914 13914
139 139
1,3001 Preferred
100 137 Aug 5 145 Jan 18 13614 M .r 147 May
7812 7412 7612 75
76
74
7712 7814 77
7558 7112 74
12,100 International Match pref....35 6514 Mar 26 102% Jan 4
85 Dec 12172 May
3278 3312 3334 '3512 34
35
34
34% 33% 34
3214 34% 11,300 Int Mercantile Marine etts_100 2013 Aug 0 3612Sept 7
_ 1 Preferred
100 3612 Feb 1 5114 Apr 23
3418 June 6452 Jan
58
565 5834 5473 5712 5512 5714 5212 5653 4858 53 330,100 Lot Nickel of Canada_No par 4012 Mar 26 7255 Jan 23
7353 Feb 2891k Dee
'60
80 .60
80
80 .80
*66
;International Paper___No par 5713 Jan 11 83 Apr 9
80
80 .68
*66
80
50
Oct 8688May
88
88
.88
90
89
88
•87
89 .87
200 Preferred (7%)
88
*88
8912
89 Dec 108
100 8514May 22 9412 Jan 8
Jan
34
3458 34% 3434 34
34
34
3412 3318 34
3312 34
11,700 Inter Pat) & Pow Cl A__No par 25 May 20 3712 Aug 13
22 Dec 3413 Nov
2178 2213 2212 2212 2214 2212 22
23
2234 2378 23
2314 5,600 Clase 11
1434May 22 2558 Aug 8
No par
1478 Dec 19 Nov
1718 18
1712 17% 1814 1712 18
1712 1758 17
17
1712 15,6001 Class 0
1034 Nov
No par
1053 Jan 10 20 Sept 16
1334 Dee
89
90
8918 *87
89
•87
8814 89
89121
*8814 89
800 Preferred
*88
100 80 Apr 15 93 Jan 23
88 Dec 91 Dee
5818 60
5818 59
59
6112 01
64
6155 6414 6014 60% 8,400 Int Printing Ink Corp_No par 4378May 21 8414 Oct 3
4755 Oct 60 Dee
997
9813 99
*98
398
99
99
*98
99
9934 '
200' Preferred
*99
100 95 June 5 106 Mar 4 100 Dee 100 Dee
992
*7512 7914 7512 7512 *7312 75
75
75152 7512 7512 *7512 76
60 Internattonal Salt
4913 Mar 6834 Jan
100 5512 Jan 4 9034 Feb 4
.•14312 145
14312 14312 *137 140
137 137
137 137
138 142
800 International Silver
Jan
100 118 June 14 1591g Alm 5 128 June 190
110 110 *110 118 *11014 118 *110 117 I
301 Preferred
*10833 110 *10838 110
May
16
110
Jan
Jan
17
108
11214 Dec 131
100
11834 1243 11912 1233 118 1233
12412 12838 12212 128
, 115 11912 260.7001 Internat Telex. 44
_100 78 May 27 14914Sept 3
5813 5334 5512 581
577 59
553 5834 5312 557
5912 597
4,200 Interstate Dept Stores_No
6112 Nov 90 Dee
Teleg_- par 5312 Oct 4 9312 Jan 2
3512 34
34
35
35
3312 3312 .2812 32 I
*34
3512 *34
300 Intertype Corn
2355 Sept 3811 Jan
No par 29 Jan 2 387July 20
4912 49
4912 4912 49
497
4878 4878' 48
*4912 50
48% 1,900 Island Creek Coal
Oct 81 May
1 48 Oct 4 69 Mar 5
47
63
63
61
65
63 s61
65
62
58
61
2.800 Jewel Tea. Inc
66% 68
No par 88 Oct 4 16214 Feb 5
77% Mar 179 Nov
53,300 Johns-Manville
178 182
18513 19312 188 19434 18112 192
95% June 202 Dee
No par 15212May 31 242% Feb 2
1911j 197
19055 198
121 121 *121 122 .121 122
122 122 *121 122
20' Preferred
*121 122
100 119 Jan 21 123 May 15 11102 Oct 122 ADP
*12038_ __ 120 12012 120 1208 120 120
120 120
120 12078
460 Jones & Laugh Steel pref 100 117 June 14 12212Sept 11 119 Dec 12414 May
412 -5
412 5
412 47
414 412
4
412
4
418 4,600 Jordan Motor Car
No par
4 Oct 31 1612 Jan 2
818 Aug
1912 Oct
50 Kan City P&L let pf B_N0 par 106 Feb 16 11234 Jan 22 108 Aug 114 Apr
*109 10914 *109 10914 *109 10914 .109 1091 1'3109 10914 109 109 I
28
26
26
26
26
26
2618 2614 26
2,100 Kauffnaen Dept Storee_212.50 24%May 22 3718 Feb 6
2618 2512 26
2912 Doe 34
Oct
5012 4958 5014 4955 5138 49
5014 5012 50
No par 48 Aug 23 5812July 2
485 4912 6,700 Kayeer (J) Co v t e
60
3712 3612 3612 *37
400 Kelth-Albee-Orpheum_No par 25 Apr 11 46 Jan 4
3414 34% *34
4512 May 5113 Nov
90
37
37
•34
37
111 112
115 115
*106 115
116 120 *111 116
7512 May 180 Nov
4501 Preferred 7%
110 111141
100 9412 Apr 11 138 Jan 5
71 Oct 4 2372 Jan 2
818 834
8
714 0
818
718 7% 27,100;Kelly-S1,rIngfield Tiro_No par
8
814
712 818
19,4 Dee 2512 Nov
*5012 55
50
5012 50% 5012 •50
55% Feb 96 Nov
5012 *50
101 8% Preferred
5012 *50
5012
100 50 Sept 30 9472 Jan 9
3712 38
3814 39
3713 38% 3718 3812 3518 3810, 33
3414 15,600'Kelsey HayeeWheelnewNo par 33 Oct 4 5934May 13
1314 1312 1318 1334 1234 14
13
1333 12
1318 1112 1238 17,800, Kelvtnator Corp
7% July
1914 Feb 8
2272 AMP
No par
11,2 Oct 4
89
*86
89
90
89
*86
87
20 Kendall Co pref
88
*86
88
*86
88 1
No par 85 Sept 19 96 Feb 16
81141 8314 8112 834 8018 8214 82
8314 79
8212 7813 798 166.400 Kennecott Cooper
No par 7758May 27 104% Mar 18
7
7
g
5512 5338 5334 *5312 55
5313 5455 54
54
55
54
5412 3,800, Kim berley-Clark
No par 4514May 25 5612 Aug 30
417 42
4173 4173 414 42
4134 42
4112 4134 4114 4134 3,500l 111nney Co
No par 2712May 20 4112July 17
9714 9713 9712 9712 97
97
87% Mar 100 Apr
901 Preferred
9714 9714 9712 9712 07
97
100 9312 Jan 2 10934 Mar 6
25% 2633 2514 2578 2314 2614 2418 257
5114 Aug 9578 Nov
40,800 Koister RadloCorP--__No par 20 Oct 4 7855 Jan 3
22
2014 2518 20
32 Dec 42 Nov
6334 65
64
7118 6655 7114 6855 7114 66
7018 65
688 41,900 Kraft Cheese__ __ ... _ --No par 32% Mar 28 73388ept 20
101
Sent
*99 100
19
99%
7001
*99 10114 *99 100
100 100
Dee 10114 Dee
20
100 100 .99
Preferred
Apr
100 95
998
49
4934 4812 4934 4812 49
9114 Nov
4634 481 10,500.Kreege(83) Co
4834 49
47% 49
10 4418May 28 5712Mar 4 065 Feb
11214 11214 .11073 111 •110% 111 *11078 111
101 l'referred
*11078 116 '31.107 116
Apr
100 109 Jan 5 116 June 7 11014June 118
1612 1612 *1811 18
17
1813 Jan
17
*1614 18
300 KresgeDept Htorea____No par
1714 1714
2714 Feb
*1614 18
1234May 20 23 Jan 2
5114 Feb 76 Aug
*7018 80
50 Preferred
7018 7013 *7018 80
•72
80
7018 7018 *7018 75
100 6812July 2 76 Sept 17
87 Feb 12414 Nov
92
9034 91
*91
92
98
95
95
8758 904 8712 8712 1,000 Kress Co
No par 86 Aug 9 114 Jan 5
33%May 27 4(3321hLu 6
3210 Dec 40% Oct
3558 3612 3514 3614 3458 3514 34% 36
3412 3512 345s 3514 130.400 Kreuger & Toll
86
8634 8118 84% 33.000 Kroger Grocery & Bka_No par 75I2May
3
89
7
28
7%
14 15F
MAY3
Isabr 13392,1: AprN
87
27
1 13
8858 8614 8738 86144 87
28238
%3
84
,
.13r
,17
26% 2612 30
30
29
2912 2712 2712 1.700 Lego On& Tranuport_No par 26
30
30 .29
30
7913 Jan 13638 Nov
12914 13258 12618 13078 12658 130,2 12418 129
13018 132
120 12378 38.000 Lambert Co
No par 120 Oct 4 15714 Mu 19
1012 1034
1714 Jan 2814 Oct
1014 1012
912 1014
1012 1012 1078 111
812 Oct 4 25 Jan 14
812 97 10,200 Lee Ilubber & Tire__ _No par
4214 June 5813 Nev
43
41
4112 •40
1,100 Lehigh Portland Cement__ 50 40 Oct 4 65 Feb 6
43 '340
42
40
43
40
4114 42
130 Preferred 7%
*10814 109
10814 10814 10814 10814 10812 10312 *10814 109 *10814 109
100 106% Jan 3 110341vfay 9 19614 Dec1108* May
26,100 Lehigh Valley Coal_..No par
2812 32
2958 3112 2834 30
10 Feb 19 32 Oct 2
2938 28% 30
2734 2818 23
4212 4278 43
4118 42
•4112 42% •41
4218 43
43% 1,800' Preferred
43
60 3412 Mar 27 441*July 17
-38- Jan lii 6
4318 41
44% 4312 44
43
44
43
44
4112 4212 1,700 Lehn & Fink
44
No par 40 Aug 21 6812 Feb 4
.
01
831s June 12212 Jan
1,800 L1431(ett & Myers Tobseeo___25 8114 Oct 4 10513 Jan 28
8514 8114 86
87
8712 85
89
*8712 90
8712 80
*88
S014 June 12312 Jan
8712 88,2 86
87
88% 884 887
8734 8414 8614 8212 8414 15,700, Series 11
25 8118 Mar 26 10312 Jan 29
300 Preferred
Apt
100 125 July 29 13711 Mar 1 134 Aug 147
130% 13014 1291z 12912 130 130 *128 134 *128 134 *128 134
38 July 88,
11 Mal
*46
4912 *48
4678 4678 44% 46% 43%464 1,800 Urns Loeom Worte___No Par 4234MAY 28 57%July 18
47
48% 47
900 Link Belt Co
48
4712 4814 '347
*48
49
48
49
*47
No par 4712 Oct 1 61 Feb 14
48
48
48
W313 Feb 11413 NOV
• 8358 8310 8534 87
86
8012 8,800 Liquid Carbonic
No par 7155 Mar 26 113% Jan 3
83
83
85
81
8478 75
Ms June 77 May
6112 8455 6334 6534 6258 6358 83
No par 4812May 27 8412 Feb 27
6414 6234 6418 5914 8212 20,000 Loew's Incorporated
1113
Apr
1
534 Feb
4
Oct
1918 Aug
Loft
7
27,200
par
712 7S8
No
Incorporated
712 8
4
7
755
712
712 8
73
758 8
Jan 35% Feb
26
*1812 19
181284,1't 30 321, Jan 5
1812 1812 1834 1834 1834 1834 1812 1812 '318
19 I400 1,0110Bell Lumber A
No par
4414 June 8855 Sept
7418 778 7538 7812 7512 7978 7612 8078 7514 8038 7038 7538 43,300 Loose- WON BLecult
25 56 May 29 8778Sept 7
4.11612 119 e11612 11812 *11614 11812 3'11614 11812 .11614 1181z 11614 116141
1001 let preferred
100 11534June 20 12113 Apr 2 117% Aug 125 May
2112 2218 21
2338 Juno 467s Apr
2178 2018 21
25 18 Oct 4 3112May 17
2014 2034 1812 2014 18
1934, 51.1001Lortnard
8813 Dec 114 Mel
100, Preferred
*92
94
•90
9312 *90
100 8412May 8 9713May 17
9313 90
9312 *8912 9312 0012 9012
1955 Apt
11
11
955 Feb
117
1013 Oct 4 18 Jun 9
1155
1012 11
1058 11
1058 107 1 1013 11 1 29.700 Louielana 011
No par
78 July 96
9033 9038 *8878 90 '
401 Preferred
App
100 80 Feb 8 10014 Feb 21
388% 90
*8878 90
*88% 90 I *8878 90 1
May
28
Feb
61
7253Sent
12
357
8May
El
31
a___Ara
84.300
par
Louisville()
59%
&
61%
6612
6078
6478'
6612
64
6338 6818 6014
85
09
9012 9338 93
9412 91
No par 66% Mar 26 10872July 8
93
9134 9834 9318 9734 9134 0512 24,000 Ludlum Steel
•10878 109
1087* 10878 *106 110 *108 110 *108 110 I 10212 1051s.
3001 Preferred
No par 985 Mar 26 118 June 1
-44 -Aug If% -Apr
39%1 1,600IMacAndrews & Forbas_No par 34 Aug 19 46 Jan 4
3812 3812 3938
3812 3858 z3812 3812 3812 3812 *38
Oct 110 Not
*107 10714 *10512 10714 '310412 ___ *107
100 104 Jan 8 10714 Apr 19 106
Preferred
__ ,*107 ----I __ .7._
_ •107
83 Apr 110 Nov
26
11414
Feb
5
4i 92
Mar
94
2-1,4941.Mack Trucks, inc
93% -0-688 9318 -9619412 9512 9453 9812 9412 -96
91
par
No
2234 227
22514 231
216 226
No par 148 Mar 26 25512Sept 3 9184 Aug $83 Aug
221 22834 220 222 I 21613 223 i 10.100 Macy Cu
1814 Deo 34 Mal
•1734 18
1734 1734
16 Aug 28 24 Feb 28
1712 18
18
1718 17% 4.400 Madison Be Garden. No par
1813 171 18
4314 Feb 75 No,
z68% 6755 6634 67
6853 70
GO May 28 8213Mar 21
No pa
6634 689i 854 67%, 6512 6678i 10,700i Magma Copper
fio
"533
I
1
I
•Bid and asked Dr ces: no sales on this day. b Ex-dividend 75% In stock. z Et-dividend, o Shillings.
1
V Ex-rights.
2197
New York Stock Record-Continued--Page 6
For soles during the week of stocks not recorded here. see sixth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 23.
Monday,
Sept. 30.
Tuesday,
Oct. 1.
Wednesday, Thursday,
Oct. 3.
Oct. 2.
Friday,
Oct. 4.
Sales
for
the
Week.
STOCKB
NEW YORK STOCK
EXCHANGE
P58 Sit ARS
Range Since Jan. 1.
Om basis of 100-s8are lets
Highest
1
Lowest
PBR Rd ARII
Range for Previous
Year 1938
Lowest
Highest
Par $ pet altars $ per share 8 per share $ ter sker,
8 Per share 8 per share 5 per share $ per share $ per share 8 per share Shares Indus. & Misc.!.(Con.) par
381g Noi
Jan
18
1414 Oct 4 394 Jan 15
15
16
1534 1414 1512 3,300 Malllson (H R)& Co-No
16
1534 16
1618
16
1614 17
8712 Jan 110 00
100 84 Sept 10 1)54 Jan 18
Preferred
91
.84
91
91 .84
*84
____ 91
91
.84
91
*84
21 Nov 41 ' Jar
100 1212June 22 26 Jan 14
30 Manati Sugar
15 .1418 1413 141s 1418
15
*1412 19
•1418 18
.1418 18
Jar
40 Nov 88
100 31 June 24 5013 Jan 10
Preferred
.3212 381s *3212 3818 .3212 3818 .3212 3818 03213 3818 *3212 384
82 June 4012 Jar
No par 22 July 25 3838 Mar 9
Mandel Bros
25
•24
25
25 .21
*23
*2412 25 .2434 25 .2434 25
2812 Sept 8832Juni
4 Jan 14
373
1
Oct
235*
par
No
Manh
Supply
Elea
5.400
24
4
233
23
24
2412
23%
2612 27
2538 2612 2358 26
314 Feb 43 Mat
25 2552May 29 3552 Jan 4
2,900 Manhattan Shirt
274 2612 27
2712 271s 2713 27
27
2712 *27
27
*27
1212 Feb 254 Apl
1214 2,700 Maracaibo 011 Expl____No par 12 Feb 18 1812 Apr 18
*1234 14
1234 1234 1212 1212 1214 1214 12
1214 13
33 Feb 4934 Not
No par 3312May 31 4712 Jan 3
Marland 011
Mar 83 Not
454
20
2May
897
26
Mar
6814
--3,800 Marlin-Rockwell
No par
--7212 7534 -7312 7312 72% 75
75
75
77 Dec 86 De,
No par 3712 Oct 1 104 May 10
4012 38,700 Marmon Motor Car
4134 4414 38% 42,2 38
5312 43
48
508 3712 46
25°*2Juni
Mar
1212
2
Jan
18
3
Oct
4
43
par
__..No
700 Martin-Parry Corp
54 514
6
6
*514 612 *514 8
6
6
434 578
28 218 Feb 27 11714 June 190 Del
6214 6512 6014 6578 604 6214 39,200 Mathieson Alkali WorksNo par 4214May 28
67% 6514 6734 6018 647
65
An
Jan 130
115
2
Jan
125
Jan
120
100
Preferred
1221
5122
2
*12212 __ .12212
_ *12212
_
.122
75 July 1134 Not
25 7312May 31 1034 Jan 10
22,500,May Dept Stores
4 8312 -843-4 8258 -8-678 8212 84
83 -9'f3-4 835* 1438 8258 -843304 Not
1715 Aug
19 May 31 2912 Aug 2
No par
4.7001 Maytag Co
207
2118 21% 20
2212 2234 2218 2212 22
224 2112 22
4 Aug 52 Mal
/
401
No par 37 Oct4914July 31
8001 Preferred
38
.37
38
3812 37
38
38
377 3812 •38
38
38
8913 Dee 101 Ma!
No par 80 Apr 201 904 Jan 10
200 Prior preferred
31
*8112 8214 .8112 8214 8214 8214 .8112 8214 8112 8112 *80
58 Feb 80 Ds
4June 7
1043
10,
Feb
4
/
711
par
No
McCall
700'
Corn
9512
9512
31100 101
9934 *99
995* 9618 9618
100 100
98
77 Feb 10972 Not
300 McCrory Stores class A No par 954 Aug 16 1134 Feb 51
.9512 9612 •9512 9612 *9512 9612
96
9613 96
96
96
96
8012 Mar 119E5 Not
No par 97 Oct 4 11512 Feb 6
400 Claes B
97
97
.97 105
.97 10512 .97 102
98 .97 104
08
RIO 100 Aug 19 120 Feb 7 109 Feb11812 NO,
500 Preferred
10312 10312 10212 103 .10212 10412 *10212 10412 10212 10212 10212 10212
14___.
039
500 McGraw-11111 Publica's No par 39 Oct 4 43 Feb
39
39
40
90
40
40 .39
*3912 40 .39
40
1314 Oct 3 2312 Jan 5 -1-9-14 Sept -234 ids
1334 1334 1334 1334 .13
1334 .13
1334 13,4 135* *1314 1312 1.300 McIntyre Porcupine Minee_5 6212 Mar 26 82 Jan 31
624 June 785* Not
par
Plate_No
Tin
McKeesport
7,300
67
6734 66
6858 6912 6318 70
6714 69
6713 69
67
454 Nov 504 De
4514 4534 3,300 McKesson & Robbins-No par 4514 Oct 4 59 Mar 4
*4614 477
4634 47
4534 4612 4534 4612 4572 46
54 Nov 6338 Not
50 53 Oct 1 83 July 19
.5313 55
*54
55
54
53
5414 5412 5414 5414 5412 5413 1,100 Preferred
13072 Nov
70 Sell
3
Jan
72
26
Mar
5612
par
No
Shoe
Melville
1,000
58
58
59
59 .59
59
58
61
565* 5658 *5714 59
7
2514 July £1 See/
A
Jan
34
26
Mar
20
No par
9.800 Mengel Co(The)
247
24
23
2238 2338 23
2214 23% 2214 2312 23
24
2414 Dec 2712 Mal
10 27 Feb 25
Jan
24
91_27
Pictures
Metro-Cloldwyn
*24
2412
2412
.2418 25 .24
2412 .24
2412 .24
2412 .24
73 De
3
458 Jan
3013 101,000 Mexican Seaboard 011 No par 2134Sept 21 6938 Jan
294 3334 28
28
2834 23
345* 3118 345* 32% 34
1734 Jan 83 De
5 3018 Jan 8 5411 Mar 20
17,500 Miami Copper
40
4014 4113 3914 4114 38
41
4012 41
4014 4112 40
4July 22
1227
3
June
85
par
No
Steel
Michigan
1,700
99
98
•10.112 105
100 100
104 104 210234 10278 100 101
No par 3012 Feb 16 3971 Jan 3 -2512 Feb 141g No
3112 327s 25.000 Mid-Cont Petrol
3218 33
3212 3213 317 3234 3134 3212 3134 33
71g Ma
24 Jan
512 Jan 3
I343ep1 16
10
5,900 Middle States Oil Corp
172 2
178 2
2
2
2
18
2
178
57 Ma
178 2
112 Jan
352July 31
112 Oct 4
10
Certificates
17
112 118 2,100
104
134 114
134
134
134
15*
2
2
295 No
500 Midland Steel Prod pret.„100 225 Feb 15 321 Aug 27 193 June
26312 266
•270 295 .280 290 .270 295
27014 27014 266 285
Ja.
184 Aug 27
20
Mar
8
287
30
914Sept
par
____No
_
___
Rubber
Miller
3,000
4 1018 1012 .1018 1014
/
10
914 1018 10
1018 101
1018 1014
7571 De
4 Aug
/
391
4.700 Mohawk Carpet Mills_No par 60 Oct 4 8014 Mar 1
53
6512 60
66
66
664 6418 6572 63
6512 67'2 65
99 May 31 15417 Jan 2 11514 Dec 15612 De
11812 12112 116 12178 111 11712 11212 11634 106 11412 1035* 109 569.100 Mont Ward&Coll1CorpNo par
51 Feb
1112 Ma:
8 Jan 8
212Sept 3
No earl
24 234 2,300 Moon Motors
3
234 234
3
3
3
234 24
234 234
No paid 70 Aug 9 801* July9
7,100 Morrell (J) & Co
74
7112 7112 717
71
7134 7134 7134 7412 7318 7452 72
Aug
238
413 Ma.
4
611 Mar
214 Oct 4
25* 9,9)0 Mother Lode Coalition_No par
214
23* 21
238 24
2% 25*
238 212
25* 212
147 De
5 Mar
1212 Jan 8 6032June 21
No par
4.240 Motion Picture
34
33
33
32
34
35
34
3512 34
35
3478 34
1
Aug
3114
4
Oct
15
par
1612 15
1634 6,800 Moto Meter GaugekEq No
1714
164 1712 17
1614 167
164 164 16
, Or
94 July Zito6.300 Motor Products Corp No par 80 Oct 4 206 Mar I
80
80
981
98
•10412 107
103 103
10113 1041 .97 102
514 Of
2512 Jan
4 Aug 1
1
No par 3832Sept 10 55/
384 3912 4,300 Motor Wheel
395 40
394 40
40
40
3934 397
3934 40
Oc
9514
June
0914
4
Jan
81%
4
No par 28 Oct
3212 28
302 3,500 Mullins Mfg Co
33 .32
32
327
33
30
33
32% 33
4 No
1
98 Dec 104/
No par 74 Sept 9 10214 Jan 11
450 Preferred
85 .8412 85
84
85
•80
8113 85
85
8112 .80
811
Mar
4
Ma
465*
6114May
6212
6
Apr
504
par
.No
5134 1,200 Munsingwear Inc__
51
521
53 .52
5234 5234 5234 52
.5238 5112 53
2112 Feb 12414 Oc
No par 60 Sept 13 10072June 17
6214 60
6033 53,200 Murray Body
6112 64
6134 6334 60
6013 623* 6052 611
8014 Feb 112 No
No par 7813 Oct 4 11878 Jan 25
7712 SO'8 7612 7778 28,900 Nash Motors Co
81
79
7712 79
774 7938 7712 795
714 Jan 1124 De
18
4172July
4
Oct
3114 3012 3138 2778 297 11,400 National Acme stamped _ ___10 277
3034 317
3114 3238 3034 3134 31
No par 2614 Oct 4 4814:slay 24
3214 274 2912 2618 271g 12,900 Nat Air Transport
291z 29
28
2914 2334 29
28
1
Mar
71
4
Oct
2518
par
No
3434 295* 3378 2878 3078 251s 28
23,900 Nat Bella@ Hess
3512 367 213
3658 37
4 Jan 11812 Da
1
90/
100 90 Oct 2 118 Jan 3
200 Preferred
.91 100 .92 100
91
90
.91 103
96
*91
.91 103
35 16812May 28 223 Sept 30 15912 July 19514 No
209 21812 20512 21334 71,000 National Blacult
213 221
2094 2177 21738 223
21014 220
Ap
Feb 160
13712
26
Jan
144
15
Aug
140
100
900 Preferred
143 143
143 143
14313 1431 14314 14314 14214 14212 .14213 146
4714 Jan 1044 De
20
62.500 Nat Cash Regleter Awl No par 96 Jan 8 1484 Mar
12212 12612 212318 12658 12034 12534 123 127
1194 12512 115 120
27
Aug
8812
22
8212klay
par
No
6658 725
0514 68 117,600 Nat Dairy Prod
714 73
717
72
75
74
7334 75
324 Oc
2172 Jan
2952 3058 2913 2958 2,900 Nat Department Stores No par 2818 Jar 4 3714 Mar 5
30
.3012 31
30
3034 2958 30'8 30
Jan 102 Ma
91
100 92 Aug 7 96 June 8
94
110 let preferred
*92
94
92 .92
92
92
92
94
•92
94
.92
5313 Ja
June
2914
17
JUDO
58
26
Mar
33
par
etts___No
10,100 Nat Distill Prod
4814 4412 454 4358 46
47
47
478 45
484 4734 46
5114 June 711s Ja
Preferred temp ctfs....No par 6713 Feb 7 1104 Aug 23
___ ____ ____ ____ ____ ____ ____ ____ ____ ____
5738 No
Mar
2314
9
Jan
624
29
May
43
100
Stamping
&
Enam
4912 50
800 Nat
48% 4832
51
*50
51
5112 507 5072 51
•50
Ja
100 132 Jan 2, 194345ept 17 118 July 136
185 190
5,300 Natfonal Lead
172 178
18114 186
175 178
180 181
183 185
Ma
14714
Jan
139
1
_100 13814June 12I 14112 Feb
320 Preferred A
139 139
139 13912 139 139
139 139
139 139
139 139
122 Jul
Mar
11212
24
Ayr
1234
5
Aug
116
100
1.1
Preferred
30
11812 11613 .116 116,2
116 116 *116 11612 116 116
•116 118
2172 Jan 464 De
No par 4214 Mar 28 7134 Aug 20
5132 5838 513 54 127,600 National Pr A Lt
6178 5814 597
56
6112 6312 5978 63
14 July 4014 Ja
334 Oct 4 17 Jan 10
Nn par
35* 1,000 National Radiator
414 412
4
44
304
4% 4% .414 5
5
5
36 Dec 9812 Ja
29
Jan
41
1
Oct
812
par
No
1034 *10
800 Preferred
1034 10
812 1018 *10
1034
934 10
10
10
4 June 148 De
841
2
50 11144Mar 26 144 Jan
126 12814 126 129
1,600 National SupP1Y
126 130
130 13113 127 131
*127 128
50 101 June 14 155 Feb 1 13834 Dec 150 No
900 National Surety
105 105
106 109
11113 11113 110 110 .105 110 .105 110
Jan 890 De
0160
1
Mar
2
913
4
Oct
No par 6018
6112 8332 8018 6112 4,900 National Tea Co
6278 6134 6214 8113 62
6152 6134 62
1734 Jan 42E5 De
4 423 4414 4012 424 48,300 Nevada ConaolCopper_No par 3934 Jan 16 6278 Mar 21
1
437 4514 4138 4514 4234 4438 4338 44/
26
Sept
103
28
Mar
43
60
A
class
Co
91
13,700 Newport
9912 9912 100 10034 9813 9914 9812 9934 9713 9814 89
No par 82 Oct 4 113 July 15
2,500 Newton Steel
95
94
82
97
90
96
98
94
99
.95
96
96
No par 4114 Oct 4 49E4 Mar 4 iii Oct -Nis Na
*4278 43% 425 4278 4114 4212 4.400 NY Air Brake
43
4314 43
434 43
43
47 Aug 644 Ja
4 Feb 2
1
100 40 May 28 58/
4,000 New York Dock
.50
53
5312 524 54
5114 52
50
*5212 5612 5114 52
Ja
85 Sept 95
100 8234July 29 90 Apr 10
Preferred
92
.85
•85
500
86
90
86
90
.86
90
*86
*8614 90
Oct 10511 Ma
9814
10
Jan
103
17
June
98
par
(6)____No
prat
Steam
9914 •99
150 N Y
9914
9912 .99
99
9912 100
10018 1004 100 100
Jan
Al
102
115
30
Aug
No par 11014June 17 115
20 1st preferred (7)
11012 113 *11014 114 .11014 114 .10814 114 .11014 114
*11014 114
5814 Jan 97 NC
No par 905 Jan 7 18634Sept 3
151 161 14714 162
75,500 North American Co
160% 163
16514 16734 165 16814 160 161
51 Sept 5552 Ms
50 5114June 18 544 Jan 9
5272 5278 5234 5234 5234 5234 1,400 Preferred
*5212 52% 5213 524 5234 .53
9934 Oct 105% Fe
18 10354 Jan 15
Sept
99
par
pretNo
Edison
Amer
No
700
10012
100
1001s
.100
1004
100
1004
100
*100 10014 .100 10038
5334 June 6912 Ns
4812May 28 6414 Jan 12
1,100 North German Lloyd
5113 5058 505 .5012 51
5218 5218 5212 5212 5114 0134 *51
Oct 65 Ms
4512 *45
70 Northwestern Telegrapb_50 4312Ju1ie 14 30 Mar 16, £8
45,2
44
4512 *4412 4512 *1412 4512 .1412 4512 *45
214 Mar
74 Sel
41
Feb
614
14
Aug
4
13
___10
Rubber_
A
The
Norwalk
4
400
.13
8
8
17
17
8
17
2
2
134
178 •158
14
172
1711
1
18 Ms
64 Dec
8 Feb 81
5 July 29
Nunnally Co (The)___No par
512 *4
6
.4
6
al
6
.4
6
512 .4
.1
Ja
61
June
2014
Jan
32
9
23 1632 Aug
31
1912 1912 19
1912 2,000 011 Well Supply
2014
1912 20
2034 2034 2012 2012 20
Preferred
100 92 May 31 10612 Jan 181 97 June 11012 Ja
9934 *97
9934 .97
9934 *97
9934
994 .95
9934 *95
•95
25
Apr
6412
4
Oct
31
par
3633 34
6,700 Oliver Farm Flquip._ __No
35
3612 35
3558 3678 35
38
37
3512 37
-- --.
4912 507
4812 50
7,700 Cony participating_No par 1818 Oct 4 69% Apr 25 --4912 515* 4913 515
5212 51
52
62
No par 85 Oct 4 9912May 2
8612 85
8612 1,600 Preferred A
8612 3772 86
8812 8712 88
88
*8812 89
lila Mt
Dec
713
28
Feb
8
107
413 Oct 4
614
6
584 6413 512 5,600 Omnibus Corp_No par
618 614
614 63*
64 614
8314 Dec 9932 Jul
100 80 Mar 26 90 Feb 28
Preferred A _
-3 - 80 . _ _. so ._ _ _ _ 80 .____ 80 *---- 80 •-___ 80
Jr
884
Aug
4
673
13
Apr
844
13
Aug
89
par
600 oppenheica Collins& CoNo
70
70
7212 7212 •7014 71
72
72
73
74
ii
•72
75 May 104 tge
80 .78
79
80
80
70
140 Orpheurn Circuit, Ina pret_100 60 Apr 12 9534 1 an 2
79
*77
79
794 .70
•69
D,
28514
Feb
14714
19
4Sept
4453
7
Jan
276
Elevator
408
Otis
-,..-50
40314
400
401
4,300
405
40114
410 410 x408 412
40412 406
100 120 Aug 13 125 Jan 24 11914 Jan 13814 JO
Preferred
*12018 12112 .11812 12112 *11858 122 .11858 120 .1184 120 *11858 120
104 Jan 4014 N(
4 Aug 28
1
No par 37 May 29 52/
434 4512 4212 4612 27,800 Otis Steel
4358 47
431s 44
4318 4414 4314 44
8212 Jan 103 Tie
Prior
100 9014July 12 108 Feb 20
preferred
99
*9912 997 .9913 997
800
997s
997 09% .9912 100
997 997
82
400 Owens Rlinols GlAsa Co ____25 75 July 23 8912Sept 24
81
8112
8472 8472 82
85 .82
85
.8313 85
•82
4314 Feb 5612 tic
25 5352 Jan 2 0334Sept 18
83
77
7934 47,400 Pacific One he Cleo
8418 8634 78314 8872 8113 8378 8238 8434 77
89 Dec 83% Jai
No par 70 Jan 7 14612Sept 27
1314 13612 124 13634 124 1287 47,500 Pacific Ltir Corp
13814 142
13212 14214 129 137
Oct 3512 Nz
25
17
Apr
0
87
3
2712June
100
Mills
32
Pacific
3012
32
3312
8
.307
30
.31
*3012
3112
335*
*3113 3312 314
214 Al
1 Sept
112 Jan 10
1 Mar 6
No par
9,800 Pacific Oil
1
1
I
1
14
1
1
1
1
1
112
1
189 D
June
100 150 Jan a 220 July 251 145
202 205
198 202
940 Pacific Telep & Tales
20214 205
202 202
202 202
201 203
Oct 12512 Alt
114
1
5
Sept
136
3
4
1163
Jan
Preferred
•135
__
___
__
_
•135
__
__
_ •135
.131
___ •135
•1324 _
0,
'-2672 265* -2-772 254 -2712 254 -6 291,600 Packard Motor Car__ _ No par 2512 Oct 3 321221a01
2512 -26-7S 26 -2733 26-2
3814 Feb 5514 -Ng
281
6134 6212 8134 624 607 6114 6114 6212 6112 8212 6112 6234 4,600 Pan-Amer Petr & Trana____50 40,4 Feb 18 69 Aug
3714 Feb 58% Nt
28
Aug
894
10
Feb
B
4012
8
Class
635
50
607
615*
63
90,100
614 6312
6212 6238 6112 6214 6058 62
154 July 2832 A
260 Pan-Am West Petrol B_No par 1312Sept 261175* Jan 3
134 135* 1358 1358 135 1353 1358 1338 1358 1358 1358 1352
1112 Feb 2145 MI
4 Jan 3
1
15/
4
Oct
4
53
A
par
Prod
ref__No
Panhandle
54
672
64
612
2,900
672
618
714
652
712
712
718 718
4 2.11
/
Feb 1061
70
16
Jan
76
25
Feb
4712
55
*____
100
Preferred
55
55 *____ 55 *____
*- _ - 55
55'8 *- - - *- --Oct 56/
£74
26
40
1
2 7412Sept
7034 7172 7034 7313 704 • 735* 6958 71,4 113,000 Paramount Fam Lasky_No par 5512 Jan 4
704 727
7118 72
Mar 38 NI
24
14
Jan
87%
Oct
43
par
4114
No
43
'Milord
44
&
Park
2,100
4112
4312
4438 44% 414
4454 4414 14434 95
1415 Ji
9 Aug
4 Scot 10 1372 Feb 28
I
412
4
4
4
414
13,800 Park Utah C 34
4
44
4
414
4
44
4
15 Ni
2 Feb
1472 Jan 9
712 Mar 26
No par
8
8% 27,200 Pattie Exchange
84 9
812 9
9
84 94
9i4
015 912
Al
34
Feb
84
9
Jan
30
26
Mar
1312
par
No
A
Class
1818
8
1714
165
175
1812
4,900
18
19
18
19
19
1812 185
A
42
Jan
23%
4
Mar
,
471
374 36
364 8,900 Patine Mines h Enterpr__20 34. Jan 7
3714 3714 3618 3758 3712 3772 3712 3718 37
1414 Sept 3574 M
2212 Jan 11
25
sSept
83
Car
50
85*
Motor
Peerless
8711
8
87
1,000
85*
8
87
87
4
83
834 9
9
9
87
0
4115
Jan
22E5
17
Sept
6072
2
Jan
38
par
No
534 17,000 Penick & Ford
554 5234 5434 52
54
564 5318 545* 53
53
54
Oct 115 M
100 100 Apr 2 110 Jan 9 103
200 Preferred
•107 109 .107 109 .107 109 *107 109 *107 109 .107 109
1414 Ii
8 Aug
54,May 27 14 Sept 10
Si)
11
400 Penn Coal & Coke
11,2
•1014 1212 .1014 1213 .1014 1212 .1014 1212 .104 11
81 Mt
July
144
6
Jan
27
I
8 Oct
4,800 penn-Dixte Cement__ __No par
812 9
812 8,2
814 *812 9
84 9
8
818 834
94 Jan 22
75 Sant 9814 A
26
Sept
40
100
40
40
Preferred
40
40
200
40
1140
40
42
42
all)
•40
42
358 3594 1,200 People's0 L & 0(ChM., _100 208 Jan 11 404 Aug 5 16105 Jan 217 Ni
.36212 36252 *371 '375 .361 375 .361 375 .305 375
4112 Dec 6614 D
Aro par 2772 Oct 4 4515 Jan 3
2958 2958 .2914 2912 2838 2914 294 294 •2812 2912 277 2812 1,200 Pet Milk
25 58125fay 28 7972May 10
574
5834 12,400 Phelps-Dodge Corp
57
8
804
5472 605
5312 6018 5912 6238 59
60
Mar 17435 MI
145
26
17
Apr
Sent
283
50 15714
100 Philadelphia Co (Pitteb)
280 280 •250 278 .250 280 0250 280 '230 275 i
*250 280
4512 Mar £9 A;
50 4714 Aug 9 51 May 20
484 4812 •4812 49 1
100 5% Preferred
4313 4812 *4812 49
*---- 485* *--__ 48
Oct 57 M
5144
18
Mar
54
31
Oct
505*
50
Preferred
900, 8%
*52
5212 52
5212 25114 514 *5012 5114 5012 5012 50 12 5013
*Bid and aimed token no Bales on this day. b Ex-dividend and ex-ri Mts. I Ex-clvIdend.
2198
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page
preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
PER SHARE
Sales
PER SH ARS
STOCKS
Rasp Since Jan. 1.
for
Banos for Previous
NEW YORK STOCK
Os Saab of 100-share tots
Friday,
the
Year 1928
EXCHANGE
Oct. 4.
Week.
Lowest
Hiphest
Lotoest
Higaesi
Per share $ per share $ per share 5 Per share $ per share $ Per share Shares Indus. &
MlaceII. (Con.) Par
per share $ per share S per share
2658 28
2612 2778 2518 27,4 2638 2778 2518 2738 2518 26
per Oars
38,500 Phlla & Read C & 1__No par 1738May 28
34
972 978
Jan
978 10
8
2738 June 3934 Jan
978 10
2934 97s
934 97s 6,900 Philip Morris & Co.. Ltd_ 10
934 10
034 Oct 2 2314 Feb 28
*35
37
36
15
36
36
Mar
36
36
36
*36
251
4 May
37
3514 3512
Phillips
700
Jones corp.. .No par 3514 Oct 4 73 May
• __ 9312
17
86
84 *____ 85
38
Apr 54 Aug
85
85
Phillips Jones pref
100 8314 Aug
3712 38
3712 377s 37
85 Apr 99 Ma7
3778 37
3838 3718 39
3612 3752 49.000 Phillips Petroleurn____No par 35 Aug 15 96 May 1
9 47 Jan 3
*21
22
*21
22
*21
3514 Feb 5372 Nov
22
21
21
*20
21
20
20
200 Phoenix Hosiery
5 20 Oct 4 3758 Jan 22
*____ 93
93
21
93 8____ 93 C---- 93
Oct 38 May
93
Preferred
' 100 9112 Aug 21 100 Jan e
*31
3112 3014 3112 3012 3012 3012 3038 3032 3012 2814 304 3,100 Pierce-Arro
94 Dee 10314 Feb
w Clan A-NO-Por 2712Mar 25 3772 Jan 9
*79
80
819
84
80
1812 Oct 3072 Dec
80
79
79
72
72
72
72
1.300 Preferred_
100
72
Oct
3
8712Ju
134
134
172 212
ne 7
178 218
6812 Oct 7472 Deli
134 2
178 2
134
134 8,100 Pierce 011 Corporation
25
112 Aug 9
338 Mar 18
41
444 47
4 Mar
5134 4214 47
4358 46
44
54 A108
45
4114 4334 17.800 Preferred
100 30 Jan 8 5112 Mar 18
4
4
418 434
1614 Feb 50 001
412 412
414 414
4
4
414
4
6,200
Pierce
Petrorni
__
No
__
par
34
Sept
21
47
578 Jan 15
4712 4712 4734 46
312 Feb
4634 44
46
43
6152
Apr
45
4258 44
9,500
Pillsbury
Flour
NI
1112__No
par 3911/ May 27 6372 Jan 15
60
6014 5953 6014 5918 60
3234 Feb 5872 Dee
59
5912 5758 5918 5612 5814 7.800 Pirelli Co of Italy
5012 Mar 26 68 Aug 1
7412 75
7438 7534 7414 74,4 74
7478 7014 72,2 7018 71
---2.200
Pittsburgh
Coal
of
Pa
5412Ju
ne 4 8334 Jan 9 -301-2„June 7872 Dec
*95
9612 95
05
93
93
93
93
*93
95
9212 9212
400 Preferred
10
070! 8312June 5 100 Jan 5
21
21
*21
*21
24
81 May 1004 Deo
24
*20
24
*20
25
*20
24 I
400 Pitts Terminal Coal
100 20 June 10 3438 Jan 9
*53
68
*50
58
20 Feb
*50,4 53
*53
38 Dec
54
1 5212June
*50
58
*50
58
Preferred
10 7834 Jan 9
3112 34
3314 34,4 3314 34
8312
Oct 82 Mal
,
8 3412 3634 344 3534 3418 35
10,300 Poor & Co class 13
No par 26 June 24 4378 Aug 1
-7212 721
7114 711 *7012 7312 *7058 7312 7038 7012 *65
70
1,300 Porto Rican-Am To!, 01 A.100 7038 Oct 3 9534 Mar
2434 25
25
15
2534 2434 25,4 *2412 2512 24
5334 July 8534 Del
2412 23
2378 2,000 Class B
No par 23 Oct 4 5084 Jan 2
*10114 1011 10112 10112 10114 10114 *101 19112'101 10112 *101 10112
234
Aug
517
2
Dee
400 Postal Tel & Cable Dref- -100 10112May 27 105 Jan
31 10058 Aug 106 Sell
IPosturn Co, Ine
No par 6234 Mar 28 8184May 3
54
54
613
521j 51
8
July
-5334 54
13612
54
54
5212 5412 6218 54
May
7,400 Prairie 011 dr Gas
25 6038 Aug 7 8558 Jan 2
6012 6034 6014 60,
5912 Dec 6458 Deo
8 60
6058 604 6072 601g 604 60
6012 7,300 Prairie Pipe & Line
25 534 Jan 14 65 Aug 23
15
1538 15
15
1458 1518
1434 1518 1412 1512 1213 1412 12,400 Pressed Steel Car
No par 1218 Oct 4 253111.1ar 22
70
*65
67$8 67$, *65
18 June 3313 001
70
654 66
6534 66
6512 6612 1,700 Preferred
100 6512 Oct 4 81 Mar
124 1252 1258 123
70 Aug 9313 Oct
1212 13
124 14
1252 144 12
1252 5,500 Producer@ & Refiners Corp .50 1112 Aug 10 2572 Jan 27
38
38
3
3814 3814 *38
16
Feb
2972 Nov
40
*3814 40 •38
40
38
38
60( Preferred
50 34 Aug 9 4634 Nfar 21
40
240
40
41
40 .
40
41
Feb 1952 June
*40
41
*40
4012 40
4012
210 Pro-phy-Lac-tIc Brush__No par 40
28 8234 Jan 14
12214 12614 12158 12638 11834 1237s 120 124
52 Nov
91
Feb
11414 12234 11214 11712 226,200 Pub Eler Corp of N J__No par 75 Sept
Mar 26 137349ept 23
*10658 107
10658 107
414 Jan 8312 Deo
10652 10714 10614 10614 10614 10672 *10614 10652 1.400 6% preferred
100 10312June 8 108,8 Feb 6 10338 Jan 115 May
*130 122
120 120 *119 12014 *119 12014 120 120 *119 120
200
7%
preferred
1173
10(
8-fune
25
12471 Jan 3 117
14858 14858 14812 14858 *1485s 14978 *14858 150 *14858 150 *1485s
Oct 12912 May
150
400 8% preferred
100 145 Apr 17 161 Sept 4
*10612 107,4 •10612 10634 *10612 10714 107 107
Jan 150 May
107 107
10612 107
600 Pub Serv Else & Gas pref.100 105 July 26 1094 Jan 28 134
9412 983s 94
1064 Dec 11012 Apr
99,4 9234 95,2 9258 9734 90
9714 89
923
4
193,400
Pullman,
Ins
No Par 78 May 17 99,4SeDt 30
15
15
15
7772 Oct 94 May
15
1418 15
1412 16
*1512 16
1414 15,8 3.000 Punta Alegre Sugar
50 14 18 Oct 1 2112July 24
26
2618 2512 26
175/1 Dec 3478 Jan
2512 26
2512 2614 2558 2618 2514 2534 20,400 Pure 011 (The)
25 2314 Feb 16 1303.251ay 9
*11134 112
11134 11134 11112 11112 112 112
19 Feb 314 Noy
11112 112
11118 112 ,
410,
8% preferred
100 1101 2Sept 13 116 Feb 25 108 Mar 119 June
13512 13678 135 13838 13514 13612 13512 13812 13334 13672 1285/3
13.100 Purity Bakeries
10932May 28 14852 Aug 20
85
8838 8534 88, 8612 9134 871s 9112 8212 8834 8114 13313
75 June 1393* Oot
8578 881,900 Radio Corp of Amer___No par 6814 Feb 18 11434Srmt
s53
541, *53
12
54,2 *5414 5412 54
54
5412 544 544 5434
900 Preferred
50 52 July 5 57 Jan 3
5412 Jan 80 Map
35
36
35,2 3712 3558 3878 3714 3938 3534 3832 3312 364 294,300'Radio Keith-Orp
el A_No pa
19 Mar 26 4672 Jan 4
72
72
344 Dec 5112 Nov
7014 7214 72
7278 7278 7434 71
744 64
71
9,000,Real Silk Hosiery
10 57 Jan 7 8438 Mar 4
*96
98
*95
2472 Jan 6052 Dee
98
*9734 98
*9734 98
*97
98
*97
98
2001 Preferred
100 95 May 27 1024 Feb 8
*1034 1078
958 1034 *10
8011
July 974 Des
1012 *912 10
932 104
814 934 2,5
90
00
lsi(
0.Reir
rs o
pb
retf
ckCo
)err
No pa
6 May 28 1614 Feb 1
*78
80
73
7812 7934 80
512 Feb
15 Deo
7312 8512 *80
8212 *80
84
preferred
100 80 May 29 1084 Feb 6
4638 47
4614 4778 4712 5238 5112 5314 484 52
6114
Feb 8912 Do0
48
515,112,200,Retnington- Rand
No pa
28 Mar 26 5314 Oct 2
9214 92,4 *89
2313 Jan 3612 MaY
9214 9214 9378 9214 9214 *9312 94
9312
94
600
First
preferred
100
9014
Jan
4 06 Feb 4
*99 100
*99 100
8714 Dec 98 June
100 100
*9978 105
10012 10012 10012 10012
300 Second preferred
100 93 Mar 20 101 Apr 15
1834 19
1834 1815
884 Oct 100
1778 1812 1734 1834 171 181
Jan
1612 1712 26,600 Reo Motor Car
10 1618 Oct 4 314 Jan 3
4412 4412 *44
2212 Jan 3514 001
45
*43
4412 *4314 4412 .44
4412 44
4478
Republlc
600
Brass
)
No (
r 41 Aug 27 5478May 3
10512 10512 •19.512 106 *10512 106 *10512 106
10512 10512 *100 105 I
120 Preferred
105 May 3 107 June 5
100 100
10112 10112 *100 10112 *100 10112 *100 10112 100 101
---400 Class A
par 9352May 29 Ill May 8
No.1poo
12414 129
12512 130$,4 12158 1281, 125 12938 11714 12978 11578 1213
____
_4 81.500 Republic Iron & Steel- 7914 Feb 8 14614Sept 20
N
.
*10912 11134 11012 11012 1101,1101s •110 1111_ *11018 111121 11018 11012
4912 June 1:4411 NOT
300
Preferred
10872
100
Jan
7
11512
912 934
Feb 27 102 June 112 Feb
9
10
91/i 10
10
1014
918 1012
9
11,500
912
Reynolds
Spring
No pa
0 June 8 124 Jan 16
54
5434 54
5414 5378 543
84 Feb
1472 Juni
5318 54
53
547/11 53
5352 48.100 Reynolds (11.1) Tot) class B_10 53 Mar 28 66 Jan
5514 5514 *5434 5572 *5434 56,4 543t 543. *54
5434 54
54 I 2,900 Rhine Westphalia Eloo Pow_. 53 Feb 26 64 Jan 11
39
40
2
39
50
Oct 61 Dee
3912 38
383
37
3934 3814 40181 3718 38
25,100
Richfield
Oil of California_ _25 37 Oct 2 4952 Jan 3
2712 2712 2714 2918 2818 29
234 Feb 56 Nov
2814 2978 2832 29781 27
2778, 22,900 Rio Grande Oil
No pa
2514June 11 4212 Mar 28
6514 6514 6514 65,4 •6514 67
*6518 6712 65
6518 6434 6434
500 Ritter Dental Mfg
No pa
59 May 28
6912 703s 6978 71
67
6958 6714 70
65
7034 6434 6712 7.400 Roselle Insurance Co new..... _10 63 May 23 70 June 29
98 May 9
*34
42
*34
42
*34
4'1 .
34
- 42
*34
42 I *34
42
'Royal Baking Powder__No pa
27 May 31 4312Sept 9 -40- -Dec -494 Dee
*11212 11914 *11212 11914 •11212 11914 *11212 11914 *11212 11914
*11212 11914
I Preferred
100 95 June 12 11472Sept 16 10412 Deo 10412 Deo
5818 591s 58
5918 5658 5814 5712 6032 57
5934 5734 59 128,200 Royal Dutch Co(NY shares)
4972 Feb 19 64 Sept 16
6212 65
6458 Jan 64
6314 65
Oct
62
65
65
6534 6312 66
62111 6312 13.000,81.Joarmb Lead
6912July 25 94 Jan 21
1
176 18112 176 17714 175 17814 176 177
37 Mar 7111 Dee
171 175
1681,17214 14,100 Safeway Stores
No pa 15414May 281 19514 Jan 4 171 Dee 20154 Dee
*9612 9712 9612 9612 *9612 9712 96
9612 9512 9512 9712 9712
130 Preferred (8)
93 Apr 4 101 Sept 17
10
*104 105 *104 105 •102 104 •10312 104
95 Dec 97 Dee
104 104 *10312 104
50 Preferred (7)
10 10114Sept, 23 108 Jan 18 1064 Dec 1064 D91
38
39
*3812 3914 3712 3812 38
3812 *3712 3812 3634 3712 3,500 Savage Arm. Corp. _
_
pa
_No
Oct
363
4
4
517
g
17
24
Jan
3614 Deo 51 Del
1712 17
1678 17
1714
17
17
17
17
16
17
17,200 Schulte Retall fitores_No pa
16 Oct 4 4113 Jan 8
90,8 90,8 90
354 Dee 6712 Apt
9034 90
90
90
90
90
90
90
90
470 Preferred
100 90 July 26 1184 Jan 2 115 Dec 129
1512 1634 z1634 104
Az9
1534 1634 16
1658 1634 17
1612 1734 4 800 Seagrave Corp
No pa
13 Sept 10 3314 Apr 12
15618 1577s 156 160
10 Feb
1712Juni)
15338 15712 15612 158
14858 158
14712 15134 71,500 Sears. Roebuck & Co No pa 13934 Mar 26
181 Jan 2
434 478
8212 Jan 1974 Nov
434 478
434 478
434 472
412 434
45
8
5,200
4'
Seneca Copper
48
o
4 May 28 1012 Mar 20
s
No par
6272 6334 6214 6378 75812 6212 584
2
Jan
713 Oel
5834 6078 59
6134 5612 5912 26,900 Shattuck (F(1)
par 5612 Oct 4 194 Aug 30
*4314 44
804 Feb 16014 001
45
4834 45
4512 4412 4538 4312 44
3,3001Sharon Steel hoop
43
No pa
41 June 4 5384July 1
2658 271ti 2612 2658 2612 2634 2612 2758 2638 2712 4134
26
2634 27,1001812611 Union Oil_ __ _No pa
25 Aug 9 3134 Apr 2
*39
40
-2-11-4 -Feb 39-3e Nov
39
3934 38
38
38
38
37
38
32
37
2,100 Shubert Theatre Corp_No Da
32 (Jet 4 7412 Jan 24
17534 181
544 June 8514 Nov
175 18178 16978 17712 172 17712 16214 17512 159 166 133,700181
mmons Co
No
pa
75
26
Mar
Sept
188
26
3012 308 3038 3012 301s 30,4 31
5534 June 10132 NO:
33
31
32
3014 30.1 11,300 tilmma Pefrolem
10 184 Mar 26 4012 Aug 17
184 Feb 274 Nov
34
3412 3418 3434 3312 3452 3312 3514 3312 35
3214
3312
113,500
Sinclair
Con,
011
Corp_No Par 3112 Aug 9 46 Jan 2
1738 Feb 484 Nov
•107 10914 *107 10914 *108 10914 *108 10914 *108 10914 *108
Preferred
100 1074Ma7 1 111 Jan 29 1024 Jan 110
4012 4014 4018 4058 3952 4014 3958 4114 3952 4114 39 10914
Oct
40 I 26.400 Skelly 011 Co
25 3272 Mar 7 4012May 6
25 Feb 425
*5034 63
,Noy
*5012 51
5012 5012 5014 5014 4978 5018 4912 4912
900
Slow-S
heffield Steel & Iron :00 48 Sept 4 125 Jan 19 102 June 134 Feb
*6334 70
*6334 70 .
67
70
*6334 70
*6334 70
*6334 70 I
Preferred
100 68 Sept 3 112 Jan 18 1044 Oct 123 Mat
878 878
878 87s
814 814
814 812
8
84
612 7
2,70018nIder Packing
612 Oct 4 161‘ Feb 5
No par
11 Dec 20 AP,
3718 38
*3714 3812 36
37
3712 371
. 36
364 34
35
1,700
I
Preferred
No par 83 Jan 3 6412July 9
31 Nov 60
3478 35
3478 351s 3514 3558 3518 3734 3512 3612 3478 3578
Jan
10,500 So Porto Rico Sug
par
No
May
45
26
Mar
34
13
3212
Feb 494 May
8958 92
8918 9314 8634 9114 86
8872 8212 87
7852 824 120.400 Southern Calif Edison
5338 Jan 4 031 1Sept 30
4312 Jan 564 Nov
*35
45 .38
45
*35
45
*35
45
*35
45
*35
45
Southern DaIrtes ci A__No par
Feb
501/Oe
rm 14
2412 Jan 6052 My
812 812
9
9,4
9,4 914
818 858
818 834
8
818
1,300 Class B
No par 355'e AugA
F 26
16 1532 Jan 12
9
50
Jan 3
.0,_ App
50
51
50
50
4978 4978 50
50
50
48
1,900 Spalding Bros
50
No 1p00
ar 48 Oct 4 6312May 6
•11034 112 •1104 112
112 11278 •11034 112 *11034 112 *11034 112
20 Spalding Bros let pre
1103
Aug
117
4
17
6
Feb
109
- Jan 1-20
4214 43
App
42
43
4158 4212 42
4378 41
4338 3958 4078 12,900 Spam/ Chalfant&Co InoNo par
34 May 28 5214 Jan 3
26 July
*9514 97
5752 Dee
*9514 97
9614 9614 9614 9614 9614 9614 96
96
110 Preferred.
100 89 Mar 19 07 Jan 17
97
Oot
65
100
Aug
6612 6312 6578 6134 6418 6234 6434 62
6434 59$8 6212 12,400 Sparks Withington_.--No
_
Dar 334 Aug 9 73 Aug 22
*7
8
65s 7
*6
7
8
7
*7
712
7
7
190 Spear & Co
No par
4 Nov 16" Feb
6 May 20 1434 Feb 4
-10-17834 7878 7373 80
7978 80
80
80
80
80
80
80
950 Preferred .
Aug
100
23
70
Jan
804
2
76%
Nov
39
1423s Feb
40
4018 4018 39
40
3978 40
39
40
38
3918 3,700 Spencer Kellogg dr Sons No par 3512 Apr 22 45 Aug 20
62
6258 5158 5434 5112 5318 *5212 53
50
5212 50
5078 5.500 Spicer kits Co
45
No
7
Jan
par
Mar
6654
1
2
Jan
3
-1i
11
51 Dee
4914 4912 50
50
49
49
*48
49
48
48
4514 47
1,200 Preferred A
No par 45 July 24 5578 Mar 1
_
8012 82
82
84,4 8034 83
8212 83
8018 8278 7758 81
7,300 Splegel-May-Stern Co_No par 70 Aug 6 11772 Feb fl
654
Sept
13
Nov
91
13
12
1312 131s 1314
12
12
11
114
97 11
2,100 Stand Comm Tobacco.No
8 Sept 23 4352 Jan 11
24
Oct 6014 Nov
23414 24112 223314 24014 216 23414 21812 232
202 230
202 21234 109.200 Standard Gas & El Co_No Par
par 804 Mar 26 24334Scut 27
5771 Jan 844 Deo
6414 6412 6418 65
6418 6412 6312 644 64
64
64
64
2,200
Preferred
_
54)
0 6252May ill 67 Feb I
6458 Dec 7112 Ma,
*112 120 •11434 125 *110 125 '112',
*1121^ 120
____
__ ____ ____ _____ IStale
bat 1 n if
100 10212 Aug 16 16314 Jan 18 100
Jan 1134 Dec
•109 112
109 109 *11014 112 *10914 11212 *10914 112 *10914 112
20 Preferred
100 98 June 17 133 Jan 12
97 No* 116 Des
73
7314 7234 7378 73
7414 7314 7572 7312 75
7212 7414 43,000 Standard Oil of Ca'----No par 64 Feb 18 817aMay 8
53
Feb
7212 7452 7314 7434 72% 7438 7334 7634 731s 7678 73
80 Nov
7558 481,200 Standard 01101 NewJerse7-25 48 Feb 16 83 Sept 16
3734 Feb 59114 Nov
4258 4312 4234 4375 4258 4334 43
4412 4252 4458 4134 43 133,600 Standard 011of New York __25 375. Aug 10 4818Sep
11 12
2834 Feb 4514 Dee
3,2 358
338 338 *312 34
352 358
3,2 334
312 312 1,100 Stand Plate alma Co
34 (4et 1
952 Jan 21
,Nvyoeo par
214 Jan
*1212 13
74 Feb
*12
1212 12
12
*12
13 •12
13
12
12
100 Preferred
100 10 Sept 5 31 Jan 18
10
Jan 40 Feb
Stand San Mfg Co____No par 41 Jan 26 56 May 3
39
June
53
5e Dee
- -865.8 111.; -i.,6)
.8 ifti, -6614 ii- - tii:t 60g -ii,i2 58's -2-4,200 Stewart-Warn SP Corp
10 5512 Oct 4 77 May 10
175 17714 177 18134 17014 175
175 178
16712 17534 16012 166
19.200 Stone & Webster
15514 Aug 0 201 13 Aug
6358 65
6312 65
634 65
624 644 6114 63,4 5812 615g 49,000 Studeb'r Corp (The___No par 5812 Oct 4 98 Jan 30
26
57
Jan 874 Oct
123 123
123 123 *123 124 *123 12414 *123 12412 *123 12412
230 Preferred
100 123 May 13 126 June 25 12112 Feb 127 June
112
112
112
134
158
158
112
158
112
112
112
158 3,100 Submarine Boat
112 Aug 2
par
412 Mar 14
3
Feb
614 Mat
7612 7612 *77 '79
77
7712 79
79
79
79
7312 77
1,600 Sun 011
Aro pa r 57 Mar 26 8434Sept 16
302 Jan 77 Nov
104 104
104,2 10412 104 104
10312 10312 10312 10312 *10312 104
150 Preferred
100 100 Jan 3 1054 Jan 8 100
Jan 110 sot
1918 1912 19
1938
1834 1912
1814 1914
1734 19
161,
12,500.Super
174
lor 011 new
1612 Ort 4 24 Aug 20
cior
No ipo
4518 4512 44,2 4514 4212 44
4318 4412 4112 43
-4034 4132 10,409 Superior Steel
34 May 31
7384 Apr 9
Jan iff7-2 No
18
12
12
1134 12
7;
1134 1131
1134 1134
9
9
10
1052 4,200iSweete Co of America
9 Oct 3 2214 Apr It
50
1158 Feb 334 SeDI
*412 473 *412 5
412 412 *412 478 *412 478
3001SymIngton
412 412
Mar 12
9 May 2
412
No
Par
6
Aug
*1212 1412 •1212 1412 13
7 May
13
13
14
1212 1212 1212 1212 t,200 CIM. A
1958May
No par
2
121,4 Mar 11
10 Aug
1958 Arm
2012 2012 19711 2034
1978 1978 2018 201s 2018 2018 1958 194 2,600 Telautograph
18 Juno 17 2513 Mar 28
Corp..-No Par
154 Jan 2253 MT7
1712 18
1712 1734
1714 1712 17
1734 1652 1718 1612 17
11,600 Tenn Copts & Chem No par
16 Apr 9 20e Apr 29
104 Jan
65
1972 Des
6534 6514 6534 6458 13578 6434 6634 6338 6614 63
82.600
Texas
643
8
Corporation
25 5714 Feb 21 7 17gScDt 12
50
Feb 7434 Nov
6712 6818 6714 68
6612 6778 6712 681 4 6618 6834 6558 67
33.700 Texas Gulf Sulphur____No par 6358 Oct 4 8514 Apr 18
621/ Juno 824 Nov
15
15
1518 1538
1434 15,8
15
1538 , 15
1512 144 1472 10,2001 Texas Pacific Coal & 011
10 1432 Oct 4 234 Mar 21
1212 Mar 2658 Nov
1338 1384 1318 1334
13
)312
13
1412 13
14
1212 1318 22,0001Texes Pao Land Trust
1212 Oct 4 244 Jan 17
1
20 June 3054 Aye
Saturday,
Sept. 28.
Monday,
Sept. 30.
Tuesday,
4.cl. 1.
Wednesday, Thursday,
Oct. 2.
Oct. 3.
-azia 02
•131d and asked prices; no sales 03 this clay. z Et-dividend
.
y Ex-rights
d
200% In eon:in:ion stock.
2199
New York Stock Record-Concludea--Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 28.
Monday,
Sept. 30.
Tuesday,
Oct. 1.
Wednesday, Thursday,
Oct. 3.
Oct. 2.
Friday,
Oct. 4.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER 811ARE
Range Sines laze. 1.
Os baste of 100-40ar6 lots
IMAM
Lowest
PER SHARI
Ranee for Prerfout
Feat 1428
Z. west
J71;11481
(Con.) Par $ per share 5 per share $ Per share 5 per sbereir
$ Per share $ per share 3 Per share SS per share $ ner share $ per share Shares Indus. & MIscel.
Jan 3913 May
22
No Pat 1612 Mar 14 35 Sept 16
12,000 Thatcher Mfg
31
27
304 3212 3253 3334 3234 3378 33$8 3312 3014 33
Oct 5353 Joao
45
No par 35 Mar 9 4978Sept 4
1
Preferred
600
4614 4614 *4618 4718 *4618 4712 4714 4714 47 4 47,2
*4518 47
Jan 5211 Deo
34
15
Jan
4
517
28
Mar
3414
No par
3712 3712 3712 3812 4.700 The Fair
3712 3712 3712 3734 37,2 374 3712 38
26 110 Jan 2 10413 Jan 11414 Oct
Feb
10412
100
7%
Preferred
30
111
*107
111
111
*107
*107
110
110
*110 111
110 110
Jur.
5914
12
Jan
7138 June
62
27
Sept
42
25
Thompson (J 11.) Co
4312
4312 *424 4312 *42
4312 *42
4312 *42
*42
140, Fe
4433 *42
25 Sept
17 Oct 4 2312June 7
1734 40,800 Tidewater Assoc 011__No par
1814 1812 1833 1878 1818 1874 1318 1812 1734 1812 17
78 Mar 910 Dee
Aug 2
8
907
18
June
84
100
Preferred
8578 86
85
86 1 8412 8434 1,600
*86
86
87
86,8 8512 86
345* Mar 4113 Dee
100 274 Feb 1 40 June 7
1,300 Tide Water 011
34
32
3114 3212 *31
3234 32
*3234 34
3312 3312 31
8654 July 10013 Des
0 90 July 26 974 Jan 17
800 Preferred
*9134 9410
92 •9134 92
*9134 93
9158 9158 9158 9153 92
24
Sept
314
13
3June
225
10
Detroit
Axle
19,900 Timken
2518 27
2958 3073 2973 3038 2678 30
3018 30,2 3014 32
Jan 3
ijfai 154 NoT
11218 11478 56,900 Timken Roller Bearing_No par 731g Feb 16 150
10914 11378 11312 12112 11418 119
112 114
10914 112
9 Oct 4 224 Mar 18
20
1012 15.100 Tobacco Products Corp
9
1114 1112 1114 1112 1113 1134 1012 1112
1114 1134
18
225sMar
4
Oct
14
20
1434 3,200 Class A
1634 144 1418 14
1514 15,2 1514 1512 16
•1512 16
19 Aug 25l Jan
814 Aug 2 18 Feb 13
Dividend certificates A -10 1
*9
•912 10
*912 10
*912 1118 *958 157s *912 10
24 June
Aug
In
814 Aug 2 20 Mar 38
:86, 10
100 Dividend certificates B
1'812 10
*812 10
*812 10
10
10
*812 12
19 Dec 23 Aug
15
Jan
1914
2
Aug
814
Dividend certincates 0 -*812 10
*812 10
154. *812 10
*812 1512 *84 15,2 ▪
141,Nov
634 June
1514 Aug 28
26
Feb
9
tern
Par
011
etf_-No
Tranac't'l
1218
1112
139,900
4
123
4
12
113
13
1212
1218 1258 1214 1253 12
444 Dec 5913 Feb
Transue & Williams St'l No par 41 Feb 28 534 Apr 18
*40
43
43 I
*40
45
*40
50
*40
46
50
*40
*40
3 Sept
447
June
8
325
3
July
18 63
4653 4058 45 ' 5,900 Trico Products Corp_ __No par 3834 Feb
4712 4874 4853 4858 4514 4778 *4612 47,2 45
18 3174 Jan 23
1812Sept
par
No
Coal
Truer
Truax
4,800
2412
23
23
23
8
23
227
23
2412
21
2278 2212 23
5514 Nov 6373 Deo
10 4434 Mar 26 6154 Jan 3
700 Truseon Steel
48
43
49
50
48
4912 49,2 *4833 4912 4834 4834 *48
63 June 9373 Dec
45ept 27
21,700 Under Elliott Fisher Co No pat 91 Jan 7 1773 Jan
158 163
168 172
159 171
16514 170
16712 17234 171 176
Apr
119 Mar 126
125
5
Jan
125
0
0
1
Preferred
125
70
125 125 *124
*125 12514 125 125
125 125
*125
30 Dec 49% Feb
2,400,Union Bag & Parer Corp _100 24 June 1 43 Jan 14
25
24
*2513 26
261
2512 26
26
2514 26
2612 26
'Jo par 7514Niay 22 140 Sept 10
120 12578 12114 125
11878 12234 118.2 12273 114 12338 113 11634 116,600!UulouCarbi&Carb
Nov68
42% Feb
els 4513 Aug 9 57 Sept 30
5358 5412 5334 5578 5414 5534 5114 534 57,7001 0n10n 011 California
5312 5378 5478 57
Oct 12818 MAY
100 12174 Jan 15 163348ept 11 110
300 Union Tank Car
15812 15813 152 15214
•152 159 •152 160 *152 160 *158 164
11 162 May 1
Apr
7838
par
No
Tran
&
Aircraft
United
83,600
4
10413 10978 10012 1064 9714 1023
10014 101
101 10438 10014 106
50 6818 Apr 11 1091251aY 1
1.300 Preferred
741, 75
78
*73
78
80
7514 75,4 75
76
*7312 84
/ bai
8413 Apr W.
No par 41 May 31 5914Sept 24
5012 5234 7,800 United Biscuit
55
5314 5434 54
55
5414 5453 5334 5538 53
Oat
11412June 11 133 Oct 2 11214 Mar 135
100
Preferred
300
____ 131 131
____ 136 136 *131
*131
13412 13412 *131
227
3453
Feb
4
11
Aug
Jan
274
4
Oct
11
10
14.000 United Cigar Stores
12
11
13
13
12
13
1212 1314
1238 13
1273 1338
Sept 12 104 Jan 2 10373 Dee 11413 Apr
75
100
Preferred
100
81
.77
81
8112 *77
8112 77
81
*77
*77
77
*77
No par 5834May 27 7512May 11
654 6814 6214 6754 6014 6312 566,1001United Corp
6758 6934 6753 70
6453 68
_ ---- -No Pat 45 May 13 4974July 29
4814 14,100 Preferred
4834 48
4834 48
4814 4814 484 4812 48
4812 48
5814 Oct 894 Dee
No par 30 June 3 814 Feb 6
Coal
Electric
United
6.100
32
3134 324 3134 3312 3212 3234 3013 32
32
32
31
148 Nov
1$113
31
June
Jan
1544
12
1095sJune
No par
115 11634 30.000 United Fruit
•11714 11812 11812 121
118 12134 118 1211_ 116 119
1613 Dec 3773 API
938 Oct 4 2838 Jan 22
100
94 1014 3.500 United Paperboard
*1012 11
1034 *10,8 1034 *1018 1012
1012 1012 10
June
3
503
8753 Nov
4May
10
857
4
Oct
47
par
No
Tobacco
Leaf
47 1 1.500 Universal
47
50
*47
*47
.50
48
49
4712 00
50
50
Feb
9114 Nov 100
Jan 2
10 Unlvenaal Pictures let P10-100 59 Oct 2 93 Jan 2
59 *---- 59 *---_ 59 1
59
63
61
60
*60
*55
*60
1553 June
3574 001
2214
4
Oct
514
par
Rad__No
&
Pipe
Universal
54 554 6,500
558 6
534 6
618 638
634
6
512 618
Del
4
5
105
Sept
Jan
3
877
10014
9
4
Oct
72
100
70 Preferred.
72
73
74
*74
7312 73,2 7312 7312 *73
76
74
74
88 Dec 53 Nov
557e Mar 18
25121 15,800 U 9 Cast Iron Pipe & Fdy..20 24 Oct 4 19 Jan 11
254 2612 24
2612 264 2618 27
2634 2714 226
27
194 Nov
18 Nov
1612Sept 11
No par
1st preferred
4.100
8
165
*1612
1612 1612
1612 161
1658
*1612 1678 71612 1612 •16
18
June
1813 Nov
20
194 Dee
18
Apr
8
185
par
_No
_
_
derred_
1,100 Second pr
19
1934 19
1914 191 1 *19
•1912 1934 *1012 1034 *1912 1934
1313 June 2014 Jan
1258 Mar 26 23 Sept 24
No par
Corp
Distrit.
9
U
10,100
2114
20
2114
2114
2053
211,
2113
215
21
8 2134
194 2158
76
Oct 90% Jan
97 Sept 24
12
Mar
714
100
Preferred
1,100
94
93
95
95
96
96
96
*94
95
96
94
*95
Jan
6
278 Nov
2 Jan 22 10 Apr 8
100
200 0 9 Express
712
712 *6
712 *6
712 *6
618 618 *6
74 *6
41
Dec 58% Jan
2
8.800 128 Hoff Mach Corp--No Par 294 Aug 28 4974 Jan 20
40
394 4178 39
4278 4158 44
40
4014 44
41
45
138
June
Oct
1024
22612Sept
18
Jan
128
100
Alcohol__
20114 20678 41,800 U S Industrial
210 21478 20534 215
2054 210,4 20734 21434 2054 213
22
51 May
Jan
1714July 24 354 Jan 14
No par
6,500 U fil 1 Bather
2058 1912 20
2018 2012 2018 2178 2058 2118 2058 2118 20
72
Jan
Apr
53
Jan 14
4
617
24
291:July
Dar
No
A
Chun
2,500
301s 2934 30
32
3312 2974 3212 3034 3034 3058 3053 30
100 90 July 30 107 Feb 1 100% Dec 10913 May
200 Prior oreferred
95
954 95
*95
95
95,4 •95
*9412 95
*9412 95
95
8114 Feb 9353 May
par 81 Jan 8 1194 Feb 6
Impt____No
&
Realty
9
0
18,500
86
83
8
865
84
8514
834
8514 87
874 8878 8612 87
27 June 8314 Jan
100 42 Jan 8 66 Mar 18
5318 5013 5178 5014 5078 37.500 United States Rubber
524 5312 5212 5334 5113 5278 52
55 July 109% Jan
100 6912 Aug 14 924 Jan 16
4,200 Ist preferred
73
7314 72
7318 731s 7412 73
73
75
*74
74
75
8 Mar 20
3915 Feb 714 Nov
727
4
Oct
4612
Min___50
&
Ref
Smelting.
481
9
U
4612
4
3
43
2 5.000
49
4712 4914 4312 4934 4812
49
49
50
Jan
51
58 Dee
50 501,July 16 68 Jan 3
400 Preferred
54
5334 5334
*52
52
52
54
54
*52
*52
52
52
3
20612 215 1044500 United States Steel Corp._100 163 May 27 26134Sept
21214 224
222 22614 22118 2254 21834 22412 22158 226
14714 API
1
Jan
Mar
13853
1444
5
Aug
1394
100
Preferred
8,400
143 143
143 14312 143 14338 143 14334 143 14314 143 143
Oct
86 June 120
0 8034 Sept 25 1094 Jan 30
2,0ar
No 1
2,300 U 9 Tobacco
89
8812 8812 *88
38
88
844 8434 8478 9212 8514 91
12614Sept 20 143 May 3 1274 Jan 139 June
20 Preferred
12614 12614 12633 12633 *12614 130 *12614 123 *12614 128 *12614 128
Dee
273
Jan
139
191
Mar
353
2
Jan
264
10
Utah Copper
*290 320 *290 325 *290 320 *290 325 •290 325 *290 325
:Aug 51 284 Feb 45% May
49,300 Utilities Pow & Lt A__No par 35 Mar 26 581
5114 47
49
5012 5178 47
53
5112 5212 50,4 52
52
614May 28 134 Jan 211
No par
10,900 Vs.dseo Sales
678 712
634 8
64 7
713
7
74
7
712
7
100 8714 Aug 12 82 Jan 16
6912
800 Preferred
6912 6912 69
*6712 69
6712 69
70
6912 *69
69
es May 31 1164 Feb 8 80 Jan 11113 NOT
No pa
79
19,700 Vanadium Corp
83
7712 8134 75
83
85
8514 7812 8338 81
83
4 Jan 4074 Oot
1
7/
27 Mar 12 42 Sept 6
No
Rualte
Pa
Van
40
300
*39
*39
40
40
40
40
40
41
43
*40
41
78 Nov
4373 Jan
Jan 2 83 Apr 24
60
100
list preferred
*74
80
78
*74
*75
SO
80
*75
80
•75
*70
80
Jan 85 Dee
58
42 Oct 4 109 May IS
pa
No
Chemical
Vick
42
6,600
45
4353
4314
453
45
4
8
445
4512
44
454
4312 45
: Dee
1121
Jan
5
8July
10113
1157
1
Mar
110
pref_10
pr
7%
Mach
Talk
Vie
12 June 20% Nov
9125ept 27 244 Jan 26
No pa
958 1018 5,200 Virg-Caro c;hein
1018 1012 1014 1034 1014 1034
1014
958 1012 10
4453 Jan 6414 Nov
Jan 26
654
25
Sept
35
100
Preferred
6%
35
3718
3614
3612
1,200
3634 364
35
*35
3512 3513 35
37
854 Jan 994 Nov
8312 Oct 4 9712 Feb 4
10
*8512 87
8678 8312 86800 7% preferred
8512 8512 8678 8678 .86
*85
87
11414 Apr
10 Virg Eieo & Pow Of (7)____100 111534Jurie 8 110 Sept 16 1064 Doe 6254 JAB
110 110
•10838 11014 *10334 11014 •10838 11014 *10338 110 *10834 110
Oct
47
29
Jan
48
22
July
40
100
Coke
A
Coal
99__
Iron
Virg
45
45
*43
*43
50
*43
50
*43
50
*43
*43
50
74 Nov
June
2211
12
Aug
3
1497
16
00 50 Jan
270 Vulcan Detinning
124 125
117 1221
12312 125
125 12518 12014 125
•125 130
une 99 Sept
74
100 91 Jan 4 110 Apr 25
Preferred
•101 106 *101 106 •100 103 *101 106 *101 106 *101 106
4854 Nov
June
3
9
Sept
191
142
2
Jan
41.?
100
125 125 *123 127 *120 130 *120 130 *120 125 *120
2814 Dee
194 Jan
2218 Mar 26 3412July 10
No Pa
Systern
3158 6.10
10 Waldorf A
3034 3012 304 3012 3118 31 1250
30
31
31
3034 31
Dec 10612 Sept
105
24
Jan
106
11
Jan
4
1003
uref
('0
Waigreeti
*98 101
*98 101
*98 101
*98 10112 *90 101
*98 103
1414
2678 Sept
Aug
19
4812Sept
2318 Jan 8
No pa
4553 4312 4418 4112 434 10,700 Walworth Co
4513 4558 4418 461s 4412 4578 45
70 Dec 123 Feb
43 Apr 13 8434 Jan 17
n"
840 Ward Baking Chaos A_ _No Oa
4314 4312 4312 4314 4314 *4314 4312
*4514 50
4312 43,4 43
Jan
294
Dec
151a
16
Jan
2114
4
Oct
6
No Da
Class B
812
812 10,100
8
6
812 874
84 918
914 934
914 9,2
Dec 974 Jan
77
7 i Mar 25 874 Jan 15
No pa
74
74
3,810 Preferred (100)
74
7413 7413 74
7634 744 75
*74
7512 *75
20
Aug
:
641
4814
4
Oct
_
_
new_
Picturee
Bros
Warner
4814
5312
50
49
56,900
5258 5533 5278 5578 524 54'2 5234 54
5184 Dee 5714 Dee
44 Apr 10 5914 Jan 22
No pa
Preferred
4614 50
4578 4618 1,609
46 .
46
52
*47
4812 4812 *47
52
6474 Oct
Feb
26
No par 274 Oct 4 4274 Jan 2
2714 2818 8,600 Warner Quinlan
284 29,2 2812 29
28
2812 28,3 2912 2814 29
No par 139 Apr 16 200 Aug 27 140 June 1924 Ayr
1884 19112 18614 19734 18112 18612' 8,500 Werren Brea
18512 188
186 189
18512 190
Apr
Nov
61
27
4914
Mar
53
15
60 39 Aug
51
51
130 First preferred
51
51
50
50
49
49
50
49
49
.49
13 June 3673 Oct
1618 Mar 26 3414 Jan 3
171, *17
1712 17
17
3,500 Warren Fdry & Plue___No par
17
17
17
17
17
17
17
_
5
Feb
3
1133
4
Oct
6914
25
.
._
._
7518 6914 7214
1,300 Webster Eisenlohr___
7713 7713 *7612 7818 7758 7758 *7612 7734 74
87 Nov iio- 15-ei
3238 31
3112 2,400 Wesson 011 & Snowdrift No par 3012 Aug 9 48 Mar 7
31
324 33
3212 33
*3312 34
3212 33
No part 5634 Oct 4 7212 Mar 9 10538 Dec 108% Nov
Preferred
5712 5634 5714. 1.800
5778 574 5718 57
5718 5712 57
58
58
July 201
Oct
13911
26
Aug
23812
2
Jan
198 20312 34,100 Western Union Telegram_100 17984
203 21014 207 21134 200 210
20934 215
21034 214
4213 June 57% Jan
56
5734 28,400 Wetughse Air Brake,. Ns par 4314May 31 67% Aug 16
5614 60
5614 5334 5814 59
5918 5978 2.5753 60
Nov
144
Jan
8818
23
Aug
8
2925
15
Jan
13712
Mig_50
Westinghouse
Elec &
229 23433 223 23533 22512 23278 228 23634 212 23334 202 21778 127,400
954 Jan 139 Nov
50 132 Jan 2 284 Aug 23
1s1 preferred
19518 207
207 210
1,170
208 20812 212 217
21212 215
208 215
124 Jan 284 June
6114 5434 57
24,100 Weston Elec Instrurn't No par 22 Jan 28 6438Sept 18
5978 5934 624 55
56
5712 58
59
57
30% Jan 4013 May
43
Apr
384
No par 3211 Aug 8
*3212 35
*3212 35
100 Clalifl A__
3314 3314 *3212 35
*3234 34
*3234 34
APT
No par 102 Aug 6 110 Feb 1 103 June 112
102 10234
150 West Penn Elea el A
10478 105 *103 10412 *103 10412 *10312 104 *10234 104
100 103 Mar 28 11114 Jan 17 10713 Oct 1154 Apr
106 10612 10614 10612
390 Preferred
*104 106
105 10514 104 10578 106 106
9513 July 1044 Apr
100 9014 Oct 4 102 Jan 17
93
92
470 Preferred (6)
9014 93
94
*91
94
94
94
91
94
*92
100 113 Jan 8 117 Mar 18 11312 Oct 118 June
8 11578 *11533 11578
3312
15
320 West Penn Power pref
11512 11633 115 11538 11538 1157, 11538 11533 10
Jan
100 102 Sept 27 11011 Jan 16 103 June 113
10612 1034 10334
400 6% Preferred
*10214 106
10312 10312 103 10358 104 10512
Apr
5214 Dec 78
56
58 1 *54
300 West Dairy Prod Cl A...No par 485,July 10 GO Sept 23
*54
5412 •54
5578 5512 5512 55
55
*55
Apr
49
Jan
20%
4
Sept
40
It
B
Class
par
No
3212
2212June
8
357
3412
12
3418
7,000
36
33
35
354 3112 3358 34
35
9413May II
1,100 Westvaco Chlorine ProdNo par 4934June
6$
7212 68
70
75
74
73
72 .1.71
73
72
74
2113 -Feb Ili- Nov
26
Feb
38
30
&
par
Jan
4
_No
2,800
E'agle01
Refg
3212
white
3212
,
30
4
343
33
3
347
3312
3412
34
3312
z34
33
3412
3014 Feb 4354 June
No par 38 May 29 534 Mar 2
4558 44
4418 12,000 White Motor
4412 4312 4414 4312 454 44
4518 4578 44
344 Jan 4974 Nov
4512 47
8,700 White Rock Min Sp etf
43
60 63 Jan 3 5534Sept 9
4718 45
47
4858 47,8 50
*4958 50
47
3314 June 524 DO
5,800 White Sewing Machine_No par 12 May 27 48 Jan 2
17
1412 16
1353 1434 1458 1612 154 16
16
16
16
Dee
5134 Aug
58
35
No par 32 Oct 1 5778 Jan 16
5001 Preferred
3234 3234 364 3614 35
3612 32
32
3512 3512 *32
1714 Dec 224 NOT
1614 2.400 Wilcox 011 Ai Gas
No par
16 Oct 4 2934 Feb 6
1614 1678 16
1618 17
1718 1718
*1738 1712 1718 17.8
3
6114May
4
Oct
3414
41
3953
par
CI359
_No
A.._
40
1.600.Wilcox-Rtch
3114
39
40
4014 405
381,
, 4038
42
42
No par 34 Mar 26 62 May 3
3513 3612 15.8001 Class B
38
42
3938 3734 3978 36
37
*41
3753 40
Le;
33 '
184 18
1812 51,000 Willy,-'Overland (The)
5 17125ept 24 35 Jan 3 Ifs; Jan 10414
1312 18
1814
1814 1878 18
1834 18
13
Dee
9254 Jan
93
9318,
94
100 92 June 25 103 Jan 3
900 Preferred
9312 9312 94
94
*9413 95
94
95
*94
Feb
11
16
Oct
134 Jan 23
55,
&
24
Wilson
Co
8Sept
4,100
513
Inc
par
No
54
51
54
8
57
1
578
8
55
512
4
3
6
8
55
512
52
Jan
May
22
35
21
Jan
27
4
Oct
4
3
1312
Class
1341
2.400
1312
1414
par
No
14
1412
1412
1438
8
143
1414 1414
•1414 16
6314 Oct 77114 Feb
50
50
2,700 Preferred
51
50
100 50 Oct 3 79 Jan 23
5214 52
52
5212 51
52
54
54
9033 9412 71.700 Woolworth IF W) Co
10 85 May 27 112 Sept 6
9734 9333 97
9533 9738 98
9612 9838 9638 99
28
55 Nov
Jan
12,000 Worthington P & M
100 43 Mar 25 13738Sept 20
111 11512 10814 11434 1024 108
113 11714 11112 115
115 116
4614 Jan 93 Nov
200 Preferred A
9212 9212 *9212 98
100 7754 Apr 12 10012sept 9
*9212 110
984 *9211 95
.95
98
95
.
Nov
41
80
9
Jan
9012Sept
6
B
Preferred
85
Apr
800
84
8612
100
85
•
66
85
85,
86
8512
85
*8512
*8512 86
Feb 289 Nov
69
200 Wright Aeronautical___No par 90 Oct 4 299 Feb 6
*so 110 *95 115 •80 110 1 90 90
*70 115
*80 109
68 J'IlY 84 Aug
7412 3,000 Wrigley(Wm Jr)
No par 70 Mar 26 8074 Jan 30
744 7434 7412 74121 73
7478 75
75
*7334 7413 74
Silt 1.10Y 844 ALSO
1,900 Yale & Towne
79
25 6154 Feb 11 88 Aug 30
8114 814 79
8234 *81
8112 8112 81
83
82
83
57% Nov
274 Feb
50,100 Yellow Truck & Coach Cl B,10 21 Oct 4 5114 Apr 24
24
21
27
2612 2774 25
28
274 2953 26
274 29
Apt
10
83 Nov 96
9811May
300
Preferred
8
80
Mar
80
8414
80
8418
90
100
*84
90
90
*84
*84
90
*84
5334 26.900 Young Spring & WIre_No par 53 Aug 9 598k Aug 19
5434 53
54
5453 56
544 55
554 57
5612 57
8312.1une 1155, Dee
120 124
123 123 1 12234 12434 5,500 Youngstown Sheet & T_No par 105 Feb 19 175 Sept 3
125 125
12712 12712 *123 126
•Bid and coined prices; no sales on this day. a Ex-div. 20% in stook. z Ex-dividend. y Ex-rights.
2200
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jas. 1 1909 the Exchange
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4.
FZC
t3
eshod of mils° bonds was ahasoal and Driest are now
Price
Friday
Oct. 4.
Weel's
Range or
Last Sale.
4
-,31
U. S. CI
aunt.
415 Lew
804
HOC) No.
Fires Liberty Loan
318% of 1932-1947
J D 961344 Sale 961138 97"” 136
Cony 4% of 1922-47
J D
99 June'29
Cony 434% of 1932-47
• D 981544Sale 98844 981588 140
26 cony 434% of 1932-47
3D
993384Mar'29
Fourth Liberty Loan634 % of 1933-1938
40 98114s Sale 981184 981782 663
Treasury 434.
1947-1962 40 1061,44 Sale 0613,4 10613.8 120
Treasury 48
1944-1954 Jo 10211441021,24 10214002342 150
Treasury 334e
1946-1956 M
100311,2 - - 100141 10014, 113
Treasury 2188
1943-1947• D
96948 9734, 37
Treasury 310 June 15 1940-1943 J O
9694, 97
13
Range
Since
Jan. 1.
Low
and interell"—excern for income ant defaniied 9ors50,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 4.
PTICI
Friday
00.4.
Week's
Range or
Lass Rale.
Ranee
Since
Jan. 1.
High
804
Ast Low
Heel No Low
High
Czechoslovakia (Ftep of) 88_ _1951 A 0 10914 Sale 10834 10912 13 10834 111
96
991142
Sinking fund 8a ger 13
1952 A 0 109 Sale 10934 110
61 108 111
06
993,14, Danish C0138 Municlp 80 A1946 F A 10978 Sale 10834 10934 29 1077
8 III
98181 100.81
&flea B f 81
1946 F A 10812 Sale 10812 10834 17 10712 11012
99134899.88 Denmark 20-year ext165
)942 J J 10178 Sale 10178 103
21 10178 10478
Ertl 5 510
1955 F A 9934 Sale 9938
9934 38
9834 10134
985n 000"8,
Eat! 410
Apr. 161962 A 0 86 Sale 8512
8612 21
8518 90
105 1111.48 Deutsche 13k Am Dart ctl 68_1932 NI S 9(178 Sale 9612
97
79
96
99
1013010615n Dominican Rep Oust Ad 510 42 M
9212 Sale 92
92,2 37
914 99
98,38,1039n
lot ger 5185 0( 1926
1940 A 0 8814 9078 90
4
0012
8814
9812
9558, Moo
26 series sink fund 10
1940 A 0 9234 10018 9234
5
9:314
90
9734
95383 9814, Dresden (City) external 7a 1945 NI N 100 Sale 9912 100
8
98 10158
Dutch East Indies anti fla
J 10214 Sale 1024 10211
1947
6 10134 10412
Slats and City Securities.
40-year external 68
1962 M S 10214 Sale 10214 1024 18 10134 104
30-year external 530- — 1953 M 8 10134 10178 102 Sept'29
10034 10378
N 7 C 318% Corp it_Nov 1954 MN
8634 Sept'29
8634 884
30-year external 810
1953 51 N 10158
102 Sept'29
101 10312
334% Corporate et- _May 1954 MN
8814 Aug'29
8514, 8812 El Salvador (Repub) 8a
1948 J J 108 Sale 108
109
12 106 III
1936 MN
411 registered
9934 Mar'28
Estonia (Rep of) 7s
J
1987
J
78
8112 79
79
16
79
8658
4a registered
1958 SI N
0912 June'28
Finland (Republic) exti 68_1945 38 S 88
8934 88
88
1
864 973a
4% corporate stock
1957 M N 9112 99
9512 June'29
95
99
External sink fund 7a
195) 311 8 98 Sale 98
99
24
9718 101
414% corporate stock
N
1957
102 Aug'29
102 104
External s 163-41
1956 NI S 92 Sale 9112
9238 24
9034 994
414% corporate stock _ _.._1957 St N
_ 101
101
101 104
Ertl sink fund 1145
1958 F A 8334 Sale 8334
8438 28
8334 92
4% corporate stock
1958 MN 0112 97
9712 9712 Finnish Mun Loan 610 A 1954 A 0 91
9712 Jan'29
92
9118
914 9912
2
9114
4% corporate stock
1959 MN 9112 99
0534 June'29
954 98
External 610 series B_1954 A 0 91.4 Sale 904
2
914
9013 9514
4341 corporate stock
1960 M
9514 9812 97 Sept'29
97 1004 French Republic ext 7 Me__ _1941 .1 14 11212 Sale 11212
11318 118 11)938 115
434. corporate stock
1964 MS 95
99 Mar'29
99
External 7s of 1924
99
1941) J
10818 Sale 10812 109
199
10512
111
4145 corporate stock
1986 40
Niar'29
101
101 10114 German Republic ext'l 7a___1949 A 0 10538 Sale 10438 10534 134
10438 108
4.348 corporate stock
1972 40 95
10012 Sept'29
9814 10118 Graa (51unIcipality) 85
1954 M N 9312 95
93
95
5
93 1024
4.10 corporate stock
1971 J o 98 105 10134 Sept'29
10134 10134 Gt Brit & Irel(UK of) 510_1937 F A 10212 Sale 10134 10212 144
1014 10438
410 corporate stock
1963• S
9912 101
2
994 10512
el% fund loan .£ op 1960 _1990 M N c8038 8134 c7934
81'* 45 c7034 8778
41.4s corporate stock
1965 J O 98 101 101
1 101 10358
101
a% War Loan opt 1929_1947 J I) c0538 97 6)612 Sept.29
_
c9544 100
410 corporate stock_July 1967 J J
101
101
1 101 10418 Greater Prague (City) 710_1952 MN 10558 10334 lOS5n
105,
8 23 104 1074
New York State Canal 4a_ __1960
10114 May'29
9918 10114 Greek Government of see 75_1964 M N 9278 94
9212
6
021z
919a 99
48 Canal
Mar 1958
-:71
10114 July'29
9912 101 14
Sinking fund sec 65
1968 F A
78 Sale 764
79
22
764 8734
Haiti (Republic) s I Se
1962 A 0 98 Sale 9738
98
26
984 101
rsraign Goat. &Municipals.
Hamburg (State) 68
1946 A 0 8934 Sale 8934
9038
3
8934 9714
Heidelberg (Germany) ext 7 Ms 50 J J 10212 Sale 100
10212
1
4 100 1044
Agri° Mtge Bank s f Oa
1947 FA 74
76
75
764
6
73
9012 Hungarian Munic Loan 730 1945 J J 87 Sale 87
89
5
87 100
Sinking fund 68 A __Apr 15 1948 AO 74
78
74
7634 12
7318
90
External II 78_ __Sept 1 19463 J
79 Sale 79
1
7978
Akers/qui (Dept) anti 61_
94
79
1963 MN 8418 8538 8418
8412 16
84
8918 Hungarian Land NI that 710 '61 M N 91
92
91
8
9214
894 9814
Antiooula(Dept)00175 A
1948
5 ii 8312 Sale 84
7
8412
84
13 730 ser B
9634
1981 M N 91
9112 91
91
1
91
Exterl
9412
na f 78 ear B
86
84
8312
8612 23
8312 9478 Hungary Mined of) of 710_1944 F A 100 101 100
101
14
994 10111
External a f 7s series C
194
45
6• J 8312 8512 8312
8312
1
8312 9578 Irish Free State extia I Sa _1960 SIN 9512 9678 9512
9534 24
95
External a f 7s
9714
J
D
8312
8314 Sale 8278
7
8278 954 Italy (Kingdom of) anti 7a. _1951 3 D 9512 Sale 9434
180
9312
9418
External oils lot ger _
974
1957 A0 85 Sale 85
11
86
85
Italian Cred Consortium 78 A1937 M
05
9334 Sale 9314
94
18
Esti sec a f is 2d sac
934 9134
1957 40 85
86
1
85
85
85
Extl,ec.flI,erlJ
96
1947M
Sale
91
91
9212
6
91
Ertl see a I 7a 3d ser
951
:
1957 40 8512 Sale 84
9
8512
Italian Public Utility ext 75_1962 J J 9112 Sale 9034
93
83
9112 21
Antwerp(City) anti 91
90
9513
1959 J 1) 9034 Sale 9034
22
91
93
Japanese Govt 5 loan 4s_ _1931 J J 9314 Sale 0314
86
9338 50
94
Argentine Govt Pub Wks 68_1900 40 0838 Sale 98
90
51
99
98
30
1007
-year
8
s
f
610
1954 F A 10211 Sale 10212 103
174
Argentine Nation (Govt of)—
987
,103
Lellnig (Germany) I 78_11147 F A 98 Sale 97
9812 19
95 10011
Sink fund Oa of June 1925-1959 J
98 Sale 0734
9812 87
97Z1 10112 Lower Austria (Prov) 710_1960 J
96
99 98
1
98
9218 997s
Ext1 a f 8s of Oct 1925
1959 40 9814 Sale 9712
1)5
99
9712
10034 Lyons (City of) 16-y9ar 61..1934 38 N 0978 Sale 9958 100
20
Sink fund 68 aeries A
984 101
1057 SI S 9914 Sale 5918
9912 61
95 101
External as series B_ _Dec 1938 J o 9734 Sale 9734
9838 41
14734 1004 Marsellos (City of) 16-ye 88_1934 MN 100 Sale 9934 10134 34
9812
Exti a f Os of May 1926 1960 MN 9814 Sale 9818
101
9938 30
9818 10034 Medellin (Colombia) 6385_1954 J
72 Sale 72
75
30
External a 16a (State Ry)_1960 SI S 98 Sale 9778
72
8934
9878 80
9778 1004 Mexican Irrigat Asstng 4188_1943
15
19
14 Sept'29
14
Ertl fla Sanitary Workm
1961 FA 9712 Sale 98
25
983g 73
93 101
Mexico(U 8) esti iSs of 1899 '45 QJ
4934 Jan'28
Est 69 pub wks(May '27).1961 MN 9734 Sale 9734
9834 50
9731 1004
Assenting
Se
01
1899
1945
20
22
2018
22
9
Public Works anti 5184
20
35
1962 F A 9338 Sale 92
9154 9714
0333 37
Assenting
large
58
28 July'29
Arirentine Treasury Si E___ _1945• S 8912 9014 8933
26
34
9012 10
89
Assenting 481 of 1904
14212
14 Sale 14
14
13
Australia 30-yr Si_ _July 16 1955 J J 9214 Sale 9134
14
224
9212 73
01
Assenting 4a of 1910 largo- - - 97
1312 14
1612
14
7
External La of 1927__Sept 1957 MS 92 Sale 9134
14
2314
9238 55
9012
Assenting
9512
is 01 1910 small
134 Sale 1312
1412 36
Extlg4j4ioXlU28
1312 224
1956 MN 8438 Sale 8412
851,, 122
Tress 418 01 13 assent (large)'33
8415 884
---- -- 30 Sept'29
Austrian ((lost) a I 78
25
1943• D 101 Sale 101
3712
10238 38 101, 105
Small
25 June'29
25
354
Milan (City. Italy) ext'l 6348 '52 A0 8514 Sale 85
8534 62
Bavaria (Free State) CI 185 1946 FA 93 Sale 91
9138
84
22
94
90
Minas
9612
Geraee
(State)
Brazil—
Belgium 25-yr ext I 7105_1946 J O 11438 Sale 11458 11478 36
11212
Esti IAI 6388
1958 M
8512 Sale 86
864 28
85
20-yr a f 84
1941 FA 10812 Sale 10812 10912 46 10512 1154
9513
110
Montevideo (City of) 711__ 1052• D 98l2 Sale 984
9911
15
25-year external 6148_
9718 10338
1949 SI S 10438 Sale 10338 104,2 51 10218 107
Exti s f 6s ser A
1959 SIN
9514 9512 9514
9514
2
9514 96
External s f 6s
1955 33 9312 Sale 9938 10018 93
9734 10118 Netherlands Bs (fins oriole) _ _1972 M 8 102 104 103
104
5 1024 108
External 30-years 17a
1955• D 10758 Sale 10712 10778 134 10(134 109
New So Wales (State) ext 5e1957 FA 91 Sale 90
9134 45
Stabilization loan 7e
90
1956 MN 10558 Sale 10512 106
95
117 10418 1064
External a f 50
Apr 1958 A () 92 Sale 90
92
38
90
Bergen (Norway) 3 I 88 _......1945 SI N 110 111 110
9434
111
4 109 11212 Norway 20-year esti Ca......)943 FA 10012 Sale 10018
1011z 39 100 10314
15-year sinking fund 6a
1949 A0 99
9912 99,2 100
1
9618 101
20-year
external
fia
1944
FA
1001s Sale 10018 10134 28 100 10314
Breslin (Germany) a f 634e_..1950 AO 95 Sale 9212
14
95
89
30-year external 68
99
1952 AO low, sale 10014
10034 43 100 1034
External sink fund Oa_1958 3D 89 Sale 85
89
19
8118 32
40-year a I 518a
1966 J O 9938 Sale 9834 100
36
Bogota (City) ext'l ci 8.._1945 40 100 Sale 9912 10014 36
981t 10134
98
104
External
af
5s _ __Mar 15 1963 MS 92 Sale 9134
91
35
Bolivia (Republic of) anti 88_1947 MN 100 Sale 9914 100
9134 9738
37
98 104
Municipal Bank esti at 58_1967 J o 9178 Sale 9038
9178
External sea 75
9
8814 95
1958 J J 7934 Sale 7934
82
793
4
51
95
Nuremberg
(City)
FA
1952
esti
Si.
83
82
8314 Sept'29
_
82
Externals tie
1969 M
9012
81 Sale 80
8112 39
Oslo (City) 30-year a I Si. 1955 MN 9738 99
92
80
99
9812
22
Bordeaux (City of) 15-yr 68_1034 MN 9978 Sale 9934 100
9812 1024
10
9814 101
Sinking fund 5141
9534
1946 FA 9578 97
9534
5
Brasil(US of) external 81__ _1941 3D 105 Sale 105
94,4 102
56
1054
105
Panama
109
(Rep)
anti 5148- - — 1953 J
9914 Sale 9918 100
8
98,8 1021z
External f 010 Of 1926-19
86
57
7 AO 87324 Sale 87
8734 118
8638 9612
Esti f 58 ser A._May 16 1963 MN 9214 9234 0113
9278 54
40 87 Sale
1E01 a 1 530 of 1927
8878 944
8734 113
8612
8618 963s Pernambuco (State of) ext 78 '47 M
87 Salo 87
8712
8
86
78 (Central Railway)
95
1952 J D 95 Sale 9438
954 26
Earn (Republic of)
94
102
734,(coffee 80Cur) (flat)_l952 AO 105 10712 10234 10638 13 10134
Esti 5 I sec 78
10758
1969 MS 97 Sale 137
9834 19
97 103
Bremen (State of) sztl 78....193.5 M S 100 Sale 100
10018 16
Nat Loan extlaft, 1st ser _1960 J O 784 Sale 78
9912
10211
80
74
78
Brisbane (City) 0 I 59
9014
1957 M
8714 91
9012
91
Nat Loan ext' 81 6a 2d ser .1961 40 7838 Sale 7838
13
8518 9312
80
29
7838 9012
Sinking fund gold 54.
1958 fr
89 Sale 89
90
15
93
86
Poland (Rep of) gold Oe___ _1940 A0 77 Sale 76
7814 13
74
Budapest (City) anti if Si _1962 3D 7014 Sale 7018
8312
71
26
70
8318
StabIllzatIon
loan s I 75_ _1947 40 8114 Sale 804
814 105
Buenos Aires(City)610.___1955 3 J 9978 Sale 9978 1003
8018 8834
99 1024
Esti stuk fund g 85
8 13
1950 3 .1 9214 Sale 91
9234 49
9035 99
Esti s f
ser C-2
1960 A0 96
99 96
97
Porto
13
100
94
Alegre
J
(City
1961
of)
8a
101 Sale 1004 101111 141 10014 10818
Esti e 1 Oa ser C-3_ __
_ _1960 AO 9612 99 96
97
21
944 1001s
Esti guar sink Id 7188__ _ _1966
'
3 9512 9514 95
6
90
95 1024
Buenos Aires (Prov) anti 44_1901
8914 Sale 8914
91
58
8914 4
Queensland (State) esti it 7s 1941 A0 10912 110 10914 1091E 13 10014 113
Bulgaria (Kingdom) I la_ _1967 J
74
7514
75
3
,
4
26
74
-year
90
external In
1947 FA 10214 103 10212 102111
1
100
EltabTnl'n If 710.Nov. 1568
1044
8514 Sale 8514
85,
s
4
83
9714 Rio Grande do Sul anti sf88.1946 AO 10514 Sale 10514 10538 29 10434 10614
Ertl 5 I fin
1968 i0 78 Sale 78
7834 20
Caldaa Dept of(Colombla)734s'46 • .1 88 Sale 8778
78
92
8912 23
8718 101
Kill 5 f 78 of 1926
1968 MN 9212 Sale 9212
9311 40
Canada (Dominion of) 58_1931 *0 9938 Sale 9958 100
90
9918
9812 10138
Esti if 781nunIc loan
60
1967 J 1) 86 Sale 8(1
9
89
86
93
58
1952 MN mils Sale 10034 10212 168
9944 1054 Rio de Janeiro 25-yr 5 f 8a
1946 * 0 103 Sale 10014 10314 18 1004 10612
41811
1936 FA 96 Sale 96
97
96
Ertl I f 6188
36
994
1953 FA 81 Sale 80
8014 97
80
9534
Carlsbad (City) 81 85
1954 J J 10412 Sale 104
10412
103
2
Rome
10718
(City)
esti
*
0
838s
Sale
1952
854
854
8638 31
8512 9134
Cauca Val (Dept) Colom 7381 '53 AO 9534 98 954
96
95,
Rotterdam (City) esti 6e
8 102
10
N 10318 104 104 Sept'29
1964
_ 10134 10412
Central Agile Bank (Germany)
Saarbruecken (City) 6.
1963 I J 8514
-- 85 Sept'29 _ _ _
Farm Loan s 1 78 Sept 15 1950 MS 9312 Sale 9312
824 9112
9412 33
9212
Ban
Paulo
99
(City)8 8d--Mar 1952 MN 10734 Sale 10734 109
3 10734 115
Farm Loan at 08...11111 15 1900 3 3 7734 Sale 7634
7734 36
Esti a 1 63.85 of 14127
7634 884
1957 MN 8978 Sale 8818
884 9812
89
20
Farm Loan f de_Oct 15 1960 AO 75113 Sale 7512
136
7712
7518
San
Paulo
138
(State)
33
103
88_1936
esti
5
I
102
102
1024
3 10134 108
Farm loan 65 vet A_Apr 16 '38 *0 8512 Sale 85
8612 81
844 924
External sec s 1 818
1950 J J 10112 Sale 101
10112 31 101 1074
Chile (Republic of)External a 17. Water Ln.1956 MS 93i4 Sale 9212
9312
5
9212 102
20-year external e f 7a
1942 MN 10078 Sale 0018 10112 30
9934 103
Esti a I 68 S Int rag
1969 J J 80 Sale 80
8112
7
80
9314
External sinking fund 6e-1960 AG 884 Sale 88
89
36 88 94 Santa Fe (Pro, Arg Rep) 7() 1942 M 5 95 Sale 95
97
15
944 98
1961 FA 8818 Sale 8734
Externals iSa
89
57
873
Saxon
4
9414
StateeMtg
JD
Sale
_1945
Inst
9412
7s
_
93
944
5
9112
Hy ref esti e 68
1961 J J 914 Sale Mlz
1004
90
8
f
94
g
8818
34
610
Dee 1946 J
861 4
8614 Sale 85
7
95
85
Esti sinking fund Se
1961 M
8914 Sale 8912
9214 73
8312 94
Seine. Dept of(France) esti 7s '42 J J 104 Sale 10334 10458 32 10218
Eatl sinking fund 62
10812
1962 MS 8334 Sale 8838
90
94
88
Serbs, Croats at Slovencs 88'62 MN 8012 Sale 7912
79
83
52
96
Chile Mtga Ilk 610 June 30 1957 3D 92 Sale 13114
7912
92
9111 9934
Esti gee 78
16
B
1902 MN 7312 Sale 73
74
81
724 8118
9 1 Otis of 1926__June 30 1961
D 97 Sale 9612
9714 31
9514 1004 Silesia (Prov of) ext 78
1958 J I) 7034 Sale 6912
74
10
6912 80
Guars f 69
Apr 30 1961 A0 8712 Sale 87
8914 59
Sileelan Landowners Assn 68_11)47 FA 70 Bale 69
94
87
0918 14
(19
8478
Chinese(Hukuang Ry)58_ ._1951 .1
36
4438 Solmona (City of) ext1 (31___1936 MN 9834 Sale 9834
37
3512 37
34
3
994 26
Christiania (Oslo) 30-yr. I Oa '64 38 S 9818 100
0755 100
00
100
9814 102
Styria (Prov) esti 7a______1948 FA
1
85
8.5 Sale 85
1
8218
94
Cologne(City)Germany 6101950 hI 8 93
944 93
93
874 9738 Sweden 20-year 6,
1
1) 10138 Sale 10114
1939
10118 38 10114 10414
Colombia (Republic) Os
1961 33 7912 Sale 79
80
764 91
External loan 518a
29
1054 MN 10212 10234 1024 103
31 10034 1054
External s f 08 of 1929
1961 AO 774 Sale 77
7912 85
91
7614
Swiss
Confed'n 20-yr a f 8E4_1940 J J 10778 Sale 10778 10812 17 1074 11034
Colombia Mtg Bank of 1310_1947 40 7412 Sale 7112
7412 27
7118 8812 Switzerland Govt sit 5115 1944 AO 10312 Sale 10114 104
149 1004 10514
Sinking fund 78 of 1926
1946 MN 8112 Sale 80
83
9 80 9314 Tokyo City 5e loan of 1912 1952 St S 7434 Sale 7458
75
17
724 7834
Sinking fund 78 of 1927_1947 FA 83 Sale 83
83
3
Esti sf 530 guar
9558
82
A0 8458 Sale 8412
1961
9518
25
834 9011
Copenhagen (City)68
J
D
1952
9338 94
9338
94
934 97
Tolima (Dept of) esti 78
23
79
3 78 92
1947 MN 79 Sale 79
26-yr g 410
1953 MN 8412 Sale 84
841
84
8918
'rrondhjein (City) lei 53.8s_ _1957 MN 913s 9214 9138 802'29
17
_
905s 9614
Cordoba (City) esti f Ts__ _1957• A
95
94
9114
Upper Austria (Prov) 7a_ _ ..1946
9414
9114 98
D
9312 Sept'29
90
9818
External s f 7a Nov 16 1937 NI N 93
93
95
External. I 0 104 _June 15 1957 31)
93
92
974
3
8614 Sept'29
Cordoba (Prov) Argentina 781942 3 3
834 8954
9618 981z 9512
9618
9412 101
7
Uruguay (Republic) esti 85_1946 FA i0814 Sale 1074 10834 14 10412 10916
Carta Rica (Repub)ext1 78_1951 NI N
92 Sale 91
92
98
90
External 5 1 88
11
97
33
1960 MN 9014 Sale 9614
9512 100
Cuba (Repub) .66 of 1904_1944
10018 Sale 9913 10078 32
99 10212 Venetian Pros MCA Bank 71..1952 A0 88 Sale 88
11
88
86
94
External 68011914 ser A _1949 FA
Sale 0212 1024
9734 103
Vienna (City of) esti C f 014_1952 MN
2
Sale
824
81
58
81
External loan 438 ear 0.1948 FA 10212
8
9012
9512 954 954
9312 9912 Warsaw (City) external 78..1958 FA 817 Sale
9512
31
77
75
10
75
Sinking fund 610_ _Jan 15 1963 J
75
85,
4
100 101
0034 101
9734 107
Yokohama (City) esti 6a._..1961 in 9214 Sale 9114
51
9214 23
CzindInamarea (Dept) Columbia_
8914 9684
Eat] ti I 634s
1959 MN 70 Sale 70
73
70
17
894
c On the basis of 95 to the sterling. o Sales for cash,
2201
New York Bond Record—Continued—Page 2
BONDS
IC T. STOCK EXCHANGE.
• Week Endcd Oct. 4. .
r: t
Pries
Friday
Oct. 4.
Week's
Range or
Last Sale.
Banos
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4.
t
zt
Prize
Friday
Oa,4.
Week's
Range or
Lash Sala,
00
a.
Range
Since
Jan. I.
Bid
Ask Low
High No. LON
High
High N . Low
Bia
Ask Low
High Chic Milw & St P (Concluded)—
Gen 410 series C___May 1989 J J 9018 9112 8958
RsBroad
9014 13
89% 9534
994 Sept'29
Registered
99/
1
4 10312
Ala Gt Sou let cons A be__1943
100 May'28_
D 9914 103
93
94
93 Sept'29
Gen 4lie seriee E_ _ _ _May 10893 J 8912 Sale 8918
let cone te ear B
8978 77 -13s 96
1943 JO
2
Deb 4.8 (June '25 coup on)_1925 J D
81
8612
83
83
Alb & Sims lit guar 314e...1946 AO 83
814 Feb'28............
86
9212 Chic Milw St P & Pao be___ _1975 P A 88 Sale 87
234
90
9212 May'29
88
Alleg & West lit g gu 4e
c
1998 AO
9
Cony adi 5s
Jan 1 2000 A 0 724 Sale 7214
9014 95
69/
1
4 80
751
77
9014
S 9018
klieg Val gen guar g 4e
9014
1942
1
744 7334
Chic & N'weet gen g 314s___1987 M N 73
78
71
7234
1
4 76
Ann Arbor lit g 4._ _ __July 1995 Q J 72/
72
8012
1
7334
7234
70
771z Oct'28
Q F
90
94
Registered
Ateb Top & S Fe—Gen g 48_1995 AO 9012 Sale 9014
91
92
General 4e
1987 M N -g512 85
85
--915i
8411 Sept'29
8738 Sept'29
AO
Registered
2
84% 92
Registered
871
/
4
84
34
84 Apr'29 --__
Adjustment gold is_ _July 1996 Nov 8614 Sale 8614
Q F
Blvd 02 non-p Fed in tax '87 M N
83/
1
4 90
9
83/
1
4
83/
1
4
N 8512 Sale 8612
Stamped
8388 90/
1
4
8614 24
July 1995
Gen 484s stpd Fed Inc tax_1987 MN -512
974 -1
80/
1
4 85
MN
9712 99
2
99
91 99
85 May'29
Reid:flared
Gen Si etpd Fed inc tax...1987 M N 104 Sale 104
86
90
1044 24 10384 10104
88 Aug'29
Cony gold 49 01 1909
1965 3D 8314 __
MN
91
Registered
Cony 48 of 1905
85
D 8618 88
88 Sept'29
1955
---- 101 Apr'29 --__ 101 101
Cony g 44 Issue of 1910._..1960
Sinking fund 6e
1879-1929 A 0 ___
811
/
4 90
D 83I 8614 8614 Sept'29
99 100/
1
4
9912 Aug'29 ---235 10812 165
A 0
Registered
Cony deb 4-4e
10014 Oct'28
156
15012 Sale 150
1948
Sinking fund ga
1879-1929 A 0
8312 92
Rocky Mtn Div lit 46_1965'3 83
8412
841 844
9914 Aug'29
10
- 12
11
A 0
Registered
Trans-Con Short L lit 48_1958 J J
8538 93
88
99 Mar'29 ---88
99
99
Sinking fund deb Si
Cal-Aris let & ref 434s A_1962 M
93 100
9412 9514 944
10018 Sept.29
1933 M N 1003,
951
/
4 20
9512 1004
All Knox'
MN
Registered
,& Nor let g Se_ _1946 3D 9958 1033 103 Apr'29
_
103 10314
100 June'29
100 10084
10-year secured g 78
All & Charl AL let 414s A_1944
19303 D 100 gale 100
93
961s
J 9434 __ -- 95 June'29
40 100 103
101
4
lit 30-year 5e series B...._ _1944 3, 994 Sale 9934
15-year secured g 614e_
1936 M 5 108 Sale 107
99 104
4 10614 11114
108
991/4
lit ref g 59
Atlantic City let eons 48_ _1951 3, • 83
1
4 16588
10234 19 100/
May 20373 D 102 Sale 102
84
8712
891 84 July'29
All Coaet Line let cone 4A July'52 MB 8812 891 89
1
4 Sale 9034
let & ref 4148
May 20373 D 90/
9112 17
8.814 93
8912 11
901
/
4 9784
MS
Registered
9014 9014 Chic R I & P Railway gen 48 1988 3 3 8334 Sale 83
8134 89
9
83/
1
4
9014 Jan'29 _
General unified 454s
Registered
J J 8314 85
93
991s
81% 81
811
/
4 Aug'29
9438 • 23
1964 in 9414 Sale 94
L & N 0011 gold
6
Refunding gold 4.
91
1934 A 0 9134 Sale 9134
84
924 172
_Oct 1962 MN 8658 871 864
9134 95
864
4
Atl& Day let g 4s
A0
Registered
62
1 6018 Sale 6018
9234 Jan'29
6018 75
1948
9214 9284
2d 4e
Secured 4lie series A
1952 MS 8838 Sale 88
53
6712
1948
88/
1
4 100
8514 951s
5518 5778 594 Sept'29
All & Yeti lit guar 48
8312 Ch St L & N 0 Mem Div 48_1951 J D
84 Aug'29
78
78 Sept'29
1949 so
83
88
Austin & N W let gu g 59_ 194I
Gold Si
101 Sept'29 ---_ 101 105
June 15 1951.0 13
1
4
J
9514 103/
97 Sept'29
J D
Registered
107 Apr'28 _ 9112 29
Balt & Ohio let g 4A—_ _July 1948 At) 904 Sale 9014
D
1951.0
811,
Gold 35411
89
9314
81 July'29 ---81
9814
June 15
J 13
92
Registered
78 Apr'29,---Registered
8714 July'29 July 1948 Q 3
87
78
80
9714 115
20-year oonv 414s
Ch St L & P lit Omit bi--1932 A 0 9912
9911 Sept'29
9512 99
1939 MS 964 Sale got,
9912 101
Registered
S
Registered
A 0
98 June'28 -101% June'28 -114
Refund & gen 5a series A-1995 JO 9934 Sale 9911 100
99 10212 Chic SSP M Is0cone 6e___1930 9 D
16i
914 9934 9918
- 994 13
3D
Cons62 reduced to 3141—_1930 J D 97
9914 9914
994 June'29
Registered
95/
1
4 97
9534 May'29
_
lit gold 15e
67 10012 10411
Debenture be
102
1
4 foci
1930 111 S 98/
July 1943 40 10114 Sale 10114
99 Sept'29 ---96 101
Ref & gen 6s aeries C
M fil 9578 9914 9914 Sept.29 ---Stamped
1996 ID 10734 Sale 10712 1084 57 10714 110
9712 9914
PLE&W Vit Sye NT 46_1941 MN 8912 921 92
934 31
Chic T H & So East 1st &a__ _1960 3 D 9058 Sale 9012
8914 94
89/
907e 17
1
4 10012
Bouthw Dlv lit Si
Peel 1960 M S 8212 Sale 8212
15
83
Inc gu 54
99% 10312
1960 Ii 9934 Sale 9934 10014' 54
783, 92/
1
4
To!& Cin Div lit ref 4e A_1959 3, 82 Sale 81
5
82
94
7812 8514 Chic Un Sta'n 1.t gu Illis A _1963 3 .1 93
93
9312 14
9012 10014
Ref & gen Se series D_...2000 M
37
let 56 series B
99 103
9934 Sale 9934 100
24 10012 10412
1963 3 J 102 Sale 10012 102
1
Bangor & Aroostook let 54-1943 J
99
Guaranteed g lis
99 105
99
1944 J I) 10011 Sale 10014 10012 10 100 108
99 105
4
Con ref 4e
82
let guar 6 lis settee C
82
1961 3, 81
11 112 nos
1
4 115 11312 115
1963 3 3 113/
78
8614
81
881z Feb'28
Battle Crk dr Stay let gu 88..1989 JO
Chic & West Ind geniis Des 19320 1.4 1004 107
_
9914
1
9914
9914 10114
Beech Creek let gu g As__ _1936 j j -65E8 97
Comm'50-year 4s
9358 Sept'29
1952 3 J 85 Sale 85
93 96
8312 8914
87
86
Registered
1st ref 5 Ms series A
95 Aug'28
1962 M S 10112 Sale 10018 10184 17
9912 105
26 guar g Si
97 June'28
1936 ii
Choc Okla & Gulf cons 5e.....1952 M N
9912 Jan'29
98
9912 10112
Beech Crk Ext lst g 3He__ 1961 A0 7714 _--- 80 Mar'29
CID H & D 2d gold 4lie
19373 J 92
92
2
92
80
94/
1
4
974 92
80
Belviders Del cone gu 3148_1943 .1
-- 0 I St L & C 1st g 4e-Aug 2 1986Q F 93 Sale 93
93
9612
2
93
Big Sandy let Le guar
Aug 2 1936 Q F
1944 JD 85
90
9258 Sept'29
Registered
35
9312
85's Aug'29
9258 928s
1
Bolivia Sty let 191
1927
CM Leb & Nor let con gu 4e 1942 M N 8712 9
86 Sept'28 ---81
9518
Beaton & Maine let 58 A C_ _1947 MS 94 Bale 9313
59
95
9112 99
4
3309969 &N Y Air Line let 4s 1955 PA 76
76
78
7618
76
8112 Clearfield M Msh 1st gu Ile_ _1943 J J 984 ___ 100 July'28 -Bruns & West lit gu g 4s-1938'3 9012 Sale 9012
1
9012
2 -iif2 If"
844
9012 10012 Cleve Cln Ch & St L gen 49_ _1993 J D 84 -8512 844
4
Buff Roch & Pitts gen g be_ _1937 M S 100 Sale 100
1 _ _
2
100
1931 J J
20-yeor deb 4 As
99 1011
97
991s
/
4
Consol 434i
1957 MN 87 Bale 87
5 10o34 112
1993 J D
100/
1
4 101
General bs series' B
871s 35
85
92%
2
Burl C R as Not lit & eon 68 1934 AO 964 99 96
19413 J 1034 ____ 10312 Sept'29
9612
10034 10530
Ref & Inapt 138 e'er C
9512 102
1963 3 J 101 1014 1004 10118 18
Ref & impt bs ser D
98 10312
Canada Sou cone gu 54 A __ _ _1962 AO 10158 102 10158 10214 50 101 10684
9118 July'29 --__
9819
Cairo Div 1st gold 46 ____1939 J J 8018 82
91
4
Canadian Nat 4 He_Sept lb 1954 MS 90
92
90
91
4
80
__— 80
90
CM W & M Div 1st g 48_1991 J J
80
92
9684
9912 37
5-year gold 434s_ _Feb 15 1930 FA 9914 Sale 9918
8034 24
_ 80
97% 99/
80
St L Div let coil tr g g 4s_ _1990 MN 801
1
4
8811
30-year gold 614s
9034 9114
1967 3 .1 90
4 -93
9138 15
9218
Spr & Col Div let g 4s____1940 M S 9138-9012 96
921a 921s
Gold 414s
1963 313 8912 Sale 8834
90
Oct'28
1940 3 J
9078 40
V17 W Val Div let g 411
8884 95
18 108% 113
Canadian North deb if 70..1940
111
110 Sale 110
16
93
1977 J J 9158 Sale 9158
91 11
Ref & impt 4lis ser E
- 11414 15 112/
26-year s f deb 6141
1946 J J 114 Bale 114
1
4 CCC&Igenconeg6s
1
4 116/
____ 102 Aug'29
19343 J 101
10082 104/
1
4
112 Apr'28
Registered
97 Sept'29,-- _
1933 A 0
112 113
97 10112
Clev Lor & W con let g be
10-yr gold 6149___ _Feb 16 1935 PA 961
/
4 Sale 95
1938 J J 944 _-__ 100 Oct'28 -95
961
/
4 17
Cleve & Mahon Val g be
99
122
Canadian Pao Ry 4% deb stock_ _ J J 8038 Sale 8038
81
95 July'29 --__ -66- WI;
CIA Mar let gu g 4%1—.1935 M N 9458
801s 86
Col tr 434N
17
1946 MS 964 9713 9614
97
10034 Mar'28
95
Cleve & P gen gu 414e ser B_1942 A 0 9458
99
Si equip tr temp Ws
1941 J J 99 Sale 98/
1
4 1004 94
-97 97
1942 A 0 9538 9-84 97 May'29
0884 101%
Series B 354s
Carbondale & Shaw let g 43_1932 MS
98 May'29
9818 Mar'28
97
19423 J
9838
Series A 4 He
Caro Cent let cons gte
1
72
74
1949'3 73
72
851 8518
1948 M N 83.__ 854 May'29
70
Serie' C 3He _ _
80'i
Caro Clinch &0 let 30-yr 51_1938 JD 10018 ___ 10012 Sept'29
89 8934 Jan'29
89% 89
/
1
4
1950 F A 83
98 102
Series D 3lis
7 106 109
lit & con g Si ear A_Deo lb '62 JO 10634 10714 10634 10714
11
95
92
99%
Cleve Shor Line let gu 4141_1961 A 0 94 Sale 934
Cart & Ad letgugd.
2
19813 D 80
80
80
2 105/
84
1
4 109
80
8744 Cleve Union Term let 534e-1972 A 0 1054 Bale 1054 1054
1
Cent Branch U P lit g 4e 1948 J D 77
7612
81
7612
107
Oct'28 -A0
Registered
7612 86
/
4 Sale 10058 10114 14 10014 ia7;
1973 A 0 i1301
lets!fieserB
Central of Gs let ge_Nov 1945 F A 1014 ___ 103 Sept'29
1
97 I
101% 10312
late:guar 4lieserC
1071A 0 9618 98 97
96 101
9914
Coneol gold Se
1945 M N 994 Sale 9914
98 103
MN
97 Sept'29
5412 90/8
Registered
97 100
87 844 Aug'29
1945 J D 83
Coal River Ry lit gu 46
1
4 103 ;101 Sept'29
Ref'9 gen 5%s Pierian B___1959 A 0 100/
964' 11
9184 10512 Colo & South ref & ext 4%8_1935 M N 964 Sale 9638
83% 9784
1969 A 0 96 Sale 9514
14
Ref & gen ba series C
96
84 Aug'29
1948 A 0
9484 10112 Col & H let ext g 4A
8358 91
Chain Div pur money g 45_1961 .1 D
__ 8412 87 Mar'28
92 Aug'29
911
/
4 92
1951 F A
87
Col & Tot lit eat 48
87
Mac & Nor Div lit g 5s
1946 J J ____ 107 101 June'29
88 Apr'29
101 101
Conn & Passum Riv let 46_ _1943 A 0
88
90
MId Ga & Atl dly pur m ba 1947 J
99/
1
4 974 Aug'29
95
9412 June'29
95
99/
1
4 Consol NY deb 41
1
4 961,
1930 F A
94/
Mobile Div let g 56
_ 100 Sept'29
1946 3 3 100
68 1 12
9958 101
Non-conv 44
65
6712 674
1954 3 J 65
75
J
5
Cent New Eng lit gu 41____1961 J
7838
7734 7934 7814
76
67 Aug'29
70
Non-cony deb 4s____J&J 1965 J .1 65
84
67
72
Central Ohio reorg 1st 4 yis_ _1930 M
100 Aug'29
97 100
Non-conv deb 4s____A&0 1955 AO
Cent RR & Bkg of Gs coil 581937 M N 9518 97
95 Sept'29
95
_1966 J J 65
69/
1
4 69 July'29
Non-cenv debenture
9914
69
75
Central of NJ gen gold 56_1987 3
7 105 1111
108
1074 Bale 1074
27
80
19423 D 80 Sale 79
/
4 Cubs Nor Ry let 5141
78
9314
Registered
1987 Q 3
107 Sept'29
103% 109% Cuba RR let 50-year 51 2-1952 .
8214
8318 28
84
80
96
83
8
J
J
1987
General 4e
89 Feb'29
3
89
39
98
lst ref 734s series A
10363 D 98
98 106
99 98
Cent Pao let ref 'Cu 11 41
1949;2 88/
8878 35
1
4 Sale 8878
88% 98
1936 J D 91
1
91
lat lien & ref 6e ser B
92/
1
4 91
9012 98
Registered
8714 Sept'29
874 8714
5
Through Short L 1s1 gu 48_1954 A CO 8534 8834 87
87
87
97
97 June'29
98
911
/
4 Day & Mich lit cons 410_1931'3 97
9810
1960 F A 100 Sale 9911 10012 38
Guaranteed a Si
99 103
Del & Hudson lit & ref 46_ _ _1943 M
90 Sale 8914
8814 94l•
904 27
36-year cony 6.
97 10412
97 Sept'29
99
1935 AO 97
10814 __
Charleston & Elayn'h 1s1 75_1936 J
11114 Mar'29
/
4
15-year 6348
1937 MN 102 Sale 102
11114 1131
1024 16 100 105
N 102 104 102
Choi & Onio letcon g 6s
10214 11 1011
1039
9 10018 10314
10-year secured le
1
4
/
4 10.01
1930 3D 10014 Sale 10014 100/
9713 Sept'29
Registered
1939 MN
97% 971
9614 Aug'28
/
4 D RR & Bldge lst gu g 46_ IPSO FA
General geld 4348
95
21
1992 MS 94/
1
4 Sale 9458
94 100/
1
4 Den & R 0 lat cons g 4o..._ J936
8714 9214
84
89
8838 Sale 8838
MS
Ref/filtered
2
911
/
4
9134
9184 98
Coma'gold 4He
1038'I 8812 9012 881s
8812 94.11
9018 64
A 99 Sale 99
20
-year cony 414i
1993
1930 F 0
9912 83
98/
1
4 9952 Den AR 0 West gen 5s-Aug 1955 MN 88 Sale 8712
8712 98
894 168
A
Ref & Inuit 414e
93
33
9218 Sale 92
Ref & Imp% Si per B Apr 1978 MN 8018 83
90/
1
4 95%
93
/
1
4
1
81
8234
81
F A
Reel/tared
9034 Sept'29
9034 924 DesM&FtDleIgu4s
25
40
3014 39
3014 Sept'29
1936 J
Craig Valley let be. May 1'40 J J
10314 June'29
99% 10314
Temporary Ctrs of deposit
25
27 Aug'29
2618 32
36
Potts Creek Branch let 44_1946 J
8512
ggy,
89 8812 May'29
80
Dee Plaines Val lit gen 410_1947 MS 90
1
9258 Feb.29
97
92% 92,
R & A DIY let con g 4s___1989
I 824 85
814 Sept'29
8112 86/
1
4 Del & Mac let lien g 4A
65
79 65 Aug'29
7614
1996 in 69
2d °ousel gold 4s
l9ii 3 8114 95 82 July'29
81
86
Gold 48
7
1996'ID 66
75
65
65
65
99
100 100
__ 100 100 Mar'29
Detroit River Tunnel 4 He_ _1961
5
N 934 95
93
93
93 10014
Cheesy Corp cony Si May 151947 M N 97 Sale 97
96 10012 Dui Mamba & Nor gen be 1941 J J 10058 ____ 10034 Aug'29
9734 234
imps 10314
Chic & Alton RR ref g 31.. _1949 A 0 6314 65 634
6334 18
63/
1
4 70% Dui A Iron Range let be__ _1937 AO
99 Sept'29
9718 101%
Ctf dep stpd•pr 1929 int _____
6512 64 Sept'29
64
69
Dul Sou Shore & All g 5e
1937
75 Sept'29
79
,
70
811
-- 6212
&dinar flint lien 3 Hs_ _1950 3i
70 Sept'29
71
68
66
East Ry Minn Not Di, let 48'48 AO -824 91
71
87 Aug'29
87
94
Certificate(' of deposit
70
10
70 Sale 70
60 101
East T Vs & Gs Div g 58_1930 J J
6.5% 71
9834
100 9834
Chic Bun & 0—Ill Div 314E1949 J J 8178 834 814
8338
81
Em
8
Cone let gold Si
8 101 105/
1951 MN 10112 10158 10111 10158
1
4
J J
Registered
84
gi
_ 84 Apr'29
Elgin „Toilet & East let g 5e_ _1941 MN 100 10514 100 Sept'29
9712 105
Illinois Division 4.
1949 3 J 8814 -8-9-12 8988
4
8813 94
8911
El Paso & W let be
98 _- 98 Sept'29
1965
9552 10514
1953 M S 8818 8912 88 Sept'29
General 4e
88
9312
M S
9184 Sept'28
Registered
_
1
4 101
Erie lit eoneol gold 78 ext_ _1930 M 5 101 Sale 100/
4 100 104
1977 F A fla gale 96
lit & ref 4 Weer ft
7
96
931k 49hz
81
let con.g 4e prior
8134 24
8158 8058
1996
8012 85%
Hai F A 104 Sale 104
10538 13 1011
/
4 106
7958 Mar'29
Registered
10963 J
7918 8112
Chicago & East Ill let 8s___1934 A 0 10314 10018 98 Sept'29
_
98 106
lst consol gen lien g 4&...l9963 J 7412 Sale 74
74
18
8088
0& E Ill Ry (new co) con 61_1951 MN 76 Sale 75
60
76
74
85/
1
4
Registered
Aug'29
75
112
1988 J J
7113 733,
Ohio& Erie let gold bs
1962 MN 100/
1
1
4 104 10058 10058
9982 108
17
0
7
1
'18
2
163
-13
Penn coil trust gold 4e___ _1951 F A
10 100/
1
4 102
Chicago Great Weet let 41 1959 M
65
62
697i
56
6458 Sale 64
60-year cony 4e seriee A_ 1963 A 0 77
9.4 B9a2le 87291182 739
8791388 33
78/
1
4 84/
1
4
Chic Ind & Loulev--Ref es_ _1947 J
108/
1
4 Sept'29
1091z
10012 11384
Serie"! B
1953 A 0
2
7918 8412
Refunding geld Si
1947 3 1 98 10412
__- 10018 June'29
100 108
8258
Oen cony 4e series D
1953
83
10
79
/
1
4
Refunding 'te Series C
1947 3 J 87
_
____ 91 Aug'29
82% 92
91
Ref & impt 5e
1067 M N 92
223
92
97
91
1st & gen
ear A
5
95
1966188 N 95 Sale 95
94% 10314
1071
/
4 109 109
Erie & Jersey let s f 6e_ _1955 .1
2 105 111/
109
1
4
let & gen fie ger B___May 1966,3 3 104 Bale 104
16 103 110
104
105 107 105
Genesees River 1st if 52_1957
106
5 105 112
Ohio Ind & Sou 60-year 4_19116J 8512 88
8512 Sept'29
8512 94% Erie & Pltta gu g 1114s ser 8_1940 .7 1 854 ____ 8878 July'29
887s 881
/
4
ChiiLS& East 1st 6 Hs_ _ _ _1969 3
911
/
4 94
93
____ 93 Sept'29
1
4
19401 J 85/
8818 Jan'29
Series C Hs
884 884
Ch NI& St P gen g ls A_Mity 1989 3 3 8114 Sale 81
8112 18
80
8084 Est RR exti f 7e
1964 M N 10218 Sale 102
10214 61 10113 105
Registered
_
7618
Aug'29
7614 80
IQ
Geu 10-48 ear B.— _Msy 1986
70 ____ 70 Sept'29
70
75
.
§a-e."
2202
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4,
New York Bond Record-Continued-Page 3
Prle.4
Friday
0.4.
Week's
Range or
Last Sale
ca4
Rang
Since
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 4.
Price
Friday
Oct. 4.
Week',
Range or.
Lao Said.
al
Ad Low
Ria
High No, Low
High
BM
Ask Low
High No
92 9778 98 Apr'29
93 98
Louisville & Washy (Conchilea)87
9338 9914
91% 9513 June'29 _ _
let refund 534. eerie/ A _ _2003 * 0 103 10412 104
10434 17
90
26
8878 94
88% Sale 8878
lit & ref Si series B
7
103
2003 * 0 101 Sale 101
68
58 89
67 Sale 07
lit & ref 434e Belled C_
10
13
93
200I3 AO 9214 93 9214
3412 17
32% 35 33
'
3 9934 --__ 9934
2511 50
N O& M let gold es
2
1930
9934
9314
2
9334 9613 9334
9334 94
211 gold 138
6
9912
1930• J 9912 Sale 9938
10414 Aug'29
105
10414 10714
Paducah & Mom Div 48_1948 FA _
90 87 Sept'29
100
1 100 103%
10018
- 100
5512 65 62
St Louis Div 2d gold 8s.. _1980 M
62
9718
5
97 100 9718
Mob & Montg lit g 4341_1945 M S 9412 97 97 Sept'29
961s 100
97 9712 9718 Sept'29
9614 100
8612 89 8613
South RI joint Monon 0_1952 J
2
8612
9613
9612
5
92 100
Atl Knox,dr Cin Div 4e....1955 MN 8712 89 8713 Sept'29
89 86 Sept'29
86
85
89
Louis,Cln & Lox Diva 4548'31 MN 97 100 97 Sept'29
Mahen Coal RR lit 6e
- 9812 Sept'29
1934 .1 .1 9714
98% Aug'29
944 100
Manila RR(South Limn)41-1939 MN 74 -i(f 74
41
74
60 727-8 74 May'29
let eat 45
7313 7813
1959 MN 6612 7373 65 Sept'29
9618 ---- 9834 Feb'24
5
Manitoba S W Colonise% 511934 3D 97 9834 9714
9714
9313 96
9612 Sept'29
-oils If"
Ill Sale 1085
Ill
27 10814 113
90 8538 Sept'29
Man GB&NW 1st 3;0_1941• J _
9984
10312 Sale 103
10312 14 10214 1011
Mich Cent Del& Bay City 5/..'31 M
9934 Aug'29
9712 9212 93 Sept'29
93 97
QM
11/6 10034 Apr'28
Registered
Mich Air Line 4e
9214 Apr'29
1940 j j
j
j
10834 Sale 10812 10938 115 108 11258
Gress Nor gen 7a series A...1936 J
Registered
9218 July'28
J
Registered
10712 Aug'29
10712 109
Jack 1-ans & Sag 348.-1951 MS 78,
_
79 Mar'26
1s1 ft ref 434s series A____1981 J
-559212 Sept'29
98
lit gold 330
92
1952 MN 82 Sale 82
82
3
1
General 654s eyries B_-1952
10614 Sale 10618 10612 20 10412 10954 31141 of N J lst ext 55
1940 A0 9118 9214 90 Sept'29
General 58 series C
10112 Sale 10114 10112 19 1004 10414 Mil& Nor lst ext 430(1880) 1934 J D 90
1973
9612 92 Sept'29
General 430 series D__.1976 33 9434 Sale 9412
95
14
914 9714
Cone ext 430(1884)...1934• D _
90 92 Sept'29
General 430 series E
9338 9413 9438
9438
5
1977
92
97/8 Mil Spar & N W let gu 48-1947 MS 5-53 Sale 8713
8712
5
Green Bay & West deb ctfs A__ __ Feb 81
83 86 Oct'28
Mllw & State Line let 334s.._1941 J J
90 Apr'28
Feb
Debentures Otte B
27
4414 44
2812 27
28
25 11 IA Minn & St Louis let cons 58.1934 MN 44
2
44
Greenbrier RI let gu 4s,.._1940 MN 9134 _--- 9134 Aug'29
Temp ctfe of deposit-1934 MN 4118 4412 44
9114 9114
44
5
Gull Mob & Nor let 534s...1950 AO 10014 10378 10018 10012 11
let & refunding gold 45.....1949 M
97 108
20 Sale 20
2034
5
let M 58 series C.
1950 AO ____ 9634 100 Sept'29
96 100
1912 19 Sept'29
Ref dc ext 50-yr be ser A 1(182 Q F 18
Gulf & S I 1st ref dc ter g 58_51952 .1 .1 10334 _-_- 1031.4 Sept'29
101 108
17
Certificates of deposit......
1913 1712 Aug'29
Hooking Val 1st cons g 4348-1999 3, 91
9218 9314
9314 10
9118 99
8514 Sale 8514
M StP&SEIM con g 4/int iru'38
86
5
Regbitered
10212 Mar'28
1999 3,
lit 0005 8a
94 90
90
2
1938 J J 89
Housatonic RI cons g 5s___ _1937 MN 9418 97 94 Sept'29
92
let cons Si gu as to Int-_1938 3, 96
07
2
97 97
98's
•
.1
H & T C 1st g 5a int guar_1937
---- 10118 Sept'29 ____ 10118 10214
10-year coil trust 1130___1931 MS 9834 99
9812
9914
2
-_
MN
10014 Mar'29
95 Sale 95
let & ref aeries A
10014 102
101%
2
1948 J
Houston Belt & Term 1st Se.
9778 9812 Aug'29
37 J
25-year 5345
98 100
35
88 Sale 8738
88
1949 M
Houston E & W Tex let g 54_1933 M N
9538
9533 10
lit Chicago Terms 1 41.. _1941 MN 8414
Ms 9912
- 8313 Jan'29
lit guar Si red
9534-9714 9618
9713 19
1933 M N 9612
96
1
96 -9fi
96
1024 MiesiselIMI Central 1st Se..1949 J
End & Manhat lit Se ear A.1957 F. A_ 91 Sale 901
91
39
Mo Kan & Tex let gold 46_1990• D 8138 Sale 8138
14
87
98
82
Aditment
tui
inoome 68 Feb 1957 A U 72 Bale 7112
73
110. 7112 8454 Mo-K-T RR prilen ostler A _ 1982 ii 9534 Sale 9518
9578 19
40-year 44 series B
9578 97 80
8114 22
1982 j
3 9014 Sale 90%
Illinois Central 1st gold _ 1951
91
13 894 9514
'
3 8712 89 88 Sept'29
Prior lien 43.48 set D
1978
Registered
95 May'28 ___•
Cum adjust 58 ser A _Jan 1967 A0 102 Sale 102
10312 20
lit gold 330
8014 8313 80 Aug'29
9718 13
"W 8518 Mo Pao let & ref Suer A ___1985 FA 9634 9918 9612
Registered
84 Nov'28
General 45
72 I 116
1976 MS 7012 Sale 7013
Extended 1st gold
8312 8318 Apr'29
_ _1951 AO
let & ref 5e series F
9518 Sale 9434
1977 M
8311 831s
9514 88
M
lit gold 38 sterling
73 7118 June'29
1951
N 95 Sale 9412
1st & ref g 50 eer
7118 7414
9533 16
1978
Collateral trust gold 48_ _1952 AO 8638 87 8612
87
11' 884 9314
Cony gold 530
1949 MN III Bale 111
115 , 201
MN
Registered
-_-- 81
Oct'28 _
1838 MN 85 8914 9038 July'29
MoFacid 7a mast 4%
lit refunding 48
88 8778
1955 MN 87
8778 11' "iii" 9214 Mob & Bir prlor lien g ;;;.
;845 3,
10014 00 Apr'29
Purchased lines 34e
77 9012 8312
1952
8312
Small
7532 83%
... • J
99 Feb'29
3,
Registered
87 Nov'28
lstMgold4i
1845 J
8678 88 Aug'29
Collateral trust gold le_ _1953 MN 8538 87 8518
8512
8 84 91
Small
_ _ 85 85 May'29
11145 j
MN
Registered
8312 July'29
8312 8312 Mobile & Ohio gen gold 4a_ _1938 MI 92
94 91 June'29
Refunding 58
1955 MN 103__ 10212 Sept'29
10014 10514
Montgomery Div ist g 51-1947 P A 98% Sale 97
9878
7
15-year secured 8He g _ _ 1936 J
105 1-07 107 Sept'29
Ref & impt 4He
10614 1114
1977 MI 9014 92 92 Sept'29
FA
40-year 4315
9512 Sale 9514
Aug 11986
9614 27
9412 10012 Mob & May let gu gold 48_1991 MS 834 Sale 8278
15
8313
Cairo Budge gold 48
1950 J
87
8834 90 Mar'29
Mont C lit gu Se
86
00
1
103
102 108 03
1937 J
Litchfield Dly let gold 35_1951 ▪ 3 7118 76 7434 June'29
1st guar gold fa
7114 7514
.1937 .11
1
951/3 100 9313
9312
Loulsv Div & Terms 334s 1953 .1
7912 8034 80 Sept'29
D 7512 80 77 Sept'29
79
8458 Morris & Essex Ist gu 830_2000
Omaha Div bit gold 3e.. 1951 FA 7233 75
7212 Sept'29
724 7412
7414 __-- 7412 July'29
Si Louis Div & Term a 38_1951 .1
7412 744 Nash ChAtt & St L 4a ser A.1978 P A 8412 87 85% Sept'29
Gold 334s
1951 3' 8058
82 Sept'29 _
78
8812 N Fla & B let gu a 58
1937 P A
99 Aug'29
JJ
Registered
76 July'29
Nat Ry of Me: or lien 4346.1957 J
76
76
18 July'28
'
3
Springfield Div lat j 3tie_ 1951
82 Sept'29
July 1914 coupon on
J J
82 82
9379
834 July'28
834
9
Western lines let g 46____1951 FA 87
8912 88 July'29 ___
Assent cash war rot No 4 on
88
9012
FA
Registered.
92 Apr'28
Guar 70-year s f 48
8713 Aug'28 -1977 -0
/11 Cent and Chic St L & N 0Ammon cash war rot No 500
8% Sept'29
JOint let ref Si series A___1963 J O 9934 Sale 9912 100
44
9912 10514 Nat RR Mel pr nen 4%5 Oct'28
3513 July'27
lit & ref 434e series C1983 D 93 94 93
94
3
iteeent cash war rot No 4 on
9234 9712
16E8 EiZe- 1818
17
7
let consul 49
_
1951
22 Apr'28
Ind Bloom & West let ext 48 1940 * 0 8014 ---- 91 Nov'28
Assent cash war rot No 4 oa
818 Bale
838
933 68
Ind Ill & Iowa let g 48
891 8814
1950 J J 86
8614
1
88 I2-14 Naugatuck RR ist g 45_ _ _ _1954 MN
76 Sept'29
'
3 81
Ind & Louisville let gu 44-1956
87 82 Aug'29 _ _ _
New
80 8814
England RR Cons 5e 1945 3, 92
95 9112
9138
5
Ind Union RY gen 50 ser A 1965 J J 98 100 100
100
2
gots 103
Consul guar0
8018 82 80 Sept'29
1945 J
Gen de ref 58 series B
.• 11 9912 100 100
1965
100
10 100 103
NJ Juno RR guar let0_ 1988 P A - 88 Mar'29
Ins& Oct Nor 1st 8eser A_ 1952 J
102
18
102 Sale 1005
99 10613 NO&NE barer& imp 44eA'62 J J 8518 Sale 8518
8518
1
Adjustment Si ear A July 1952
84 Sale 82
8612 78
New Orleans Term let 48._ _1953 J J 8518 91
8312
2
82
98
8313
Stamped
7712 Feb'28
_
NO Texas & Me:a-a Inc 5a_1935 * 0
_
92 Sept'29
lit 55 series B
J
1958
88
8834 89 Sept'29 _
1.1 5.series B
22
89
96's
92
1954 * 0 -55 gale 9134
lit a 58 series C
_ , 91
1958"3 90
9233 9334 Sept'29
let Si series 0
98
6
9512
1956 P A 9818 10014 98
Int Rye Cent Amer let 55_1972 MN 73
78
5
P A 8
74% 75%
72
82
1st 445 series D
Sept'29
i0 4
9
,
4
12
8
9
a
O8
le
9
9
5
1
;
1958
let coll tr 6% notee._ 1941 MN 94
9438. 17
9413 94
A0
lit 6%8 miles A
90
28
9614
1954
1st Ilan & ref 8 Hs
1947 FA 9012 Sale 90
92
4
89
9858 N & C Bdge gen guar 4Sis__1945 J
-_- 9438 95 June'29
Irma Central let gold 51...1938 3D 3614 42 36
36%
9
NY B&M B 1st cong65-1935 A 0 ---- 9
36
51
97 Bonen
Certificates of depoeit
3614 11
3614 Sale 36
86
5112 N Y Cent RR cony deb 81_1935 Al N 10278 Sale 10278 104
17
Refunding gold 4a
1951 1711-1-1 1014 1012 II Sept'29
NN
Registered
104 20
---- 100 Jan'29
James Frank & Clear 151 48_1959 J O 85 8634 8514 Aug'29
Consul 48 series A
8314 92
1998 F A -isla 86 85
83
,
4
5
San A & G R 1st gu g 50_1938 J J
Ref & irnpt 430 series A 2013 A 0 9538 9738 97
10014 Apr'29
97
3
9914 1004
Ilan & M 1st gu g de
1990 *0 8112 ---- 8112 Sept'29
Ref &[mot 58 series C
8112 8412
2013 A 0 10234 Sale 10234 10312 94
A0
Registered
106 Mar'28
iir C Ft 8 & M RI vet a 48_19118 A 0 91 Sale 90
91
10 89
9312
K C & M R & B 1st gu 59_1929 A 0
98
9918 N Y Cent& Hud Mr M 8Hs 1997 .1 .1 7518 7638 7512
99 June'29 _. _
38
80
Kan City Sou 1st gold 312. _1950 A 0 7214 7412
76
Registered
77% Aug'29
1997 3"
70
94%
Ref & impt Si.
100
2
;g
Apr 1950 3 J 9514 Sale ;511 4
1
MN -56- gide- 9514
98
Debenture gold 44 *
30
a n City Term let 48_ _1960 / 3 8512 Sale 8512
K s 42
ma
883
MN 0513 9534 94 July'29
84
2012
Registered
Kentucky Central gold 18_1987 J J 84 Sale 84
8412
30-year debenture 4s
8 8
1
91 9
957
04
9018 9212 92 Sept'29
Kentucky & Ind Term 1348_1941 3 3
95 Jan'29
LaR
kL8ishte
7438
ore
redcoll gold 330- 11999429384 P A 7414 7512 7368
9
51 1 4
1 -i
84
10
98
Stamped
.
i- lii- 85 Sept'29
85
90
138 74 _ 74 Aug'29
1998 P A 75
Plain
84 Sept'29
Mich Cent eoll gold 3pie_ _1998 P A 7334 .
05
84
75 se
Sep
pt:2
29
81
Lake Erie at West let g &L....1937 J 3 97% 11564 101
101
5 05
010
9714 10
Registered
1998 P A
241 gold 5a
9854 July
July'29
7r
8 .....i
.
N Y Chic & St L 1st g 4/-1937 AO 9318 -98-12 937
9412 13
7684 8it2
1"1 j
1 11 -78
Lake Sh & Mich So a 334e_ _1997
Registered
9214 Sept'
1.937 AO
1997 1 0 7312 78 78 Sept'29.
Registered
N
25-year debenture 4s
Sale
1931
741 7812
29
963
8
9712 Sale 9718
991e
S4I-year gold 48
2d Se eerie' A 13 C
9734 58
MN 10
4 10
ale 10
90
713
97
1
101% 15
Registered
9934 Apr'28
Refunding 534a series A._9
34
1 AO 103 Sale 10134 10312 50
197
lab Val Herber Term gu 88_11984
31 MM
F NN
A iaii. fiii" 101
102
11 joiji8 foils
Rebinding 648 series B...1975 J
19178 10314 10134 10238
6
Leh Val N Y 1st gu g 434e_ _ 1940 1 / -_ 93 9512 Sept'29
Ref 450 series 0
MS
954 9814
- 9314 93
93
4
Ialfgh Val(Pa) Cons g 48_2003 MN 64
.
85 84
85
FA 93 9534 93
17
Connect
93
2
M
N
Registered
86 June'29
8
96
3 81114 NlY
'm
'
181184
998
4148 A-1119
996
573
38 P A 10212 __-_ 100 Sept'29
General cons 430
2003 MN 9212 Sale 9212
93
N Y & Erie let ext gold 4s 1947 MN
17
92 190
M N
Registered
Nov'28
99
84 ext gold 4Hs
1933 MS _88 1-0-0
- 8
9812 8
1V1
9P
art34
:21
4th ext gold 6s
1930 AO oii4 9912 99 Aug'29
Lehi Valley RR gen 66 series 2003 M N 10218 Sale 102
103
13 10078 10714 N Y & Greenw L gu g 58_1948 MN 90
96 95 July'29
Leh V Term Ry let gu g 68_ _1941 A 0 10038 102 0038 101
2
9918 10318 N YR
&e0Histcr
arleed
m gold 330-2000 MN 75 Sale 75
75
3
A 0
Registered
052s Feb'28
MN
8518 Apr'28
Lab & NY let guar gold 4e_ _1945 S1 S
9818
%88
1087". N Y Lack & W let & ref gu 51'73 MN 101 -- l00l8 Ifeb'29 88 88 Aug'29 _ 87
Le:& East let 50-yr 54 gu. _1935 A 0 102 10512 2411; Aug'29
1st & ref gu 454e con
MN 9738 ---- 96 Apr'29
Little Wain!gen 4e aeries A.1962 M 34
-_
N Y L E & W lit 78 ext___1
19
993
30 MS
9
08
038 Sept'29
9
Long Dock consol 368
1935 A 0 100- 1-08 - 0213 Mar'29
10211 10412 N Y & Jersey let 5a
1932 P A 9814 Sale
6
Long hid lit con gold 5sJuly19131 Q J _ _ 100 9314 Aug'29
9314 10114 N Y & Long Branch 48
1941 MS
97 Sept'29
lit consul 5011148--JulY 1931 Q 3 iii
__
97'-Sept'29 _ __
N
Y
&
N
9634 100
E Bost Term 48_1039 * 0 ---_
9513
July'29
3eneral gold 4s
1938J D 87
gall 04
N It N EC & 11 n-e deb 44
1 • • 11 Sept'29
1947 M
79
80 7913 Sept'29
Gold 48
9112 Dec'28
1932
Non-cony debenture 34e.1947 MS
2
'
03
29
4
12
7
204
53344 July
Unified gold 4e
IO-14
1949 il itil igoi -81- 85 July'29
Non-conv debenture 3148-1954 A0
9
Debenture gold Si
1984
D
9
9814 July'29 _ _ _ _
Non-cony debenture 4s_....1955 3, 7814 -80
95 100
9
7818
7873
30-year t. m deb 5e
9938
1937
93,
95
4
9213
Non-oonv debenture 48_ _ _1956
N
4
Guar ref gold 413
I 1.4 ki712 lire 8712
1949 M
8712 10
Con,debenture 34e
8454 915e
• J
41
1958
Nor Sh 13 1st eon Cu 5s-Oct'82 Q J 97
9912 99 Sept'29
Cony debenture Se
95 100
'
3 2
913
:
1 143
674
96142 12
774
9
1948
7731k 75
09Ni's Sale
7939 8 2
Lou & Jeff Mtge Co ad g 48.1945 M 13 8812 -- 8812
8812
2 8412 90
'
3
2
Louisville & Nashville 54
1937 Al N 101 10178 10158 Aug'29
Collateral
Regi
9912 1024
trust Os
1940 A 0 .
6412 Sale 10412 10434 47
Unified gold es
19403 11 93 Sale I 9212
93
281 9112 9514
Debenture 48
2
7412
1957
7312 7412 7412
Registered
let & ref 430 ser of 1927.19673 0 8712 Sale 87
/ /
___ _ 9314 May'29
9314 9314
8712 48
Collateral trust gold 54_ _1931 M
Harlem R & Pt Chas lat 481954 N N 8418 87 I 85 Sept'29
984 10014
994 100 9912 Sept'29
10-year sec 76.--May 16 1930 M N 10012 10078 10018 10058 22 100 103
b Due Feb. 1.
Fla Cent & Pen lit eat g 5e__1930 J J
'
3
lit con/ol gold Si
1943
Florida East Coast lit 4348_1959 J D
let & ref &series A
1974 MS
Fonda Johns & Glov let 434e 1962 MN
'
3
Fort St U D Co 1st g 430
1941
Ft W& Den C let g 530_1981 J O
Frem Elk & Mo Vat lit 8e 1933 AO
1931 MN
H & SAM&P 1st 55
2d extens 58 guar
1931 J
Galv Hone & Fiend let 58_1933*0
Ga & Ala Ry lst cone 55 Oct 1945 33
Ga Caro & Nor let gu g 5s_1929 J 1
Extended at 8% to July 1 1934 J 1
1945 * 0
Georgia Midland let 38
Gouv & Oswego let 58
1942 ID
Or R & I ext let gu g 4%a_ _1941 „I
Grand Trunk of Can deb 68-1940 AO
15-year e I 8i
1938 M S
Grays Point Term let 58.-_1947 3D
Sale
20:
-.-
Range
&ince
Jas.1.
Low
HAM
10013 10718
101 10578
9118 99
994 101
9938 10014
85 9114
6013 6712
9358 97
84 8912
86
92
97
9912
9714 100
72
75
65 77
9714 1004
8538 864
9913 100
9214 93
78
874
884
92
8714
8518
9654
96
95
92
551,
43
40 5314
191a 85
1658 22
16
1912
8914
58
90 99
9218 9912
9714 101
91 102
83 9812
934 9312
95 9955
8118 86
9553 102
7914 865s
8778 9412
10112 10713
gigs 10118
70
77
0412 9918
9312 100
10012 12512
8911 9178
99 100
99 100
85 98
86 89
91
9353
97 100
90 971s
8218 87
102 10612
9312 101
7111 80%
854 9078
9812 102
e
1314
Yit;
9112 99%
8818
80
88
88
854 974
8318 91
90 100
90 10011
98 101
8818 96
98 10512
9418 954
9312 97
10214 10814
106 106
gels go
94 10012
10154 1074
8214
74
7412 7812
9884 9754
94 95
90 9671
734 8114
7314 75
74
79%
73 78
9112 96
9018 9314
95118 0834
100 102%
101% 10714
101 107
91
954
89 971s
9914 10212
88 98
90
91
70
100
98
83
gar, 1001.
98 100%
10018 10013
92 10012
97 97
9618 9511
74% 81
7714
73
6812 75
841e
74
7412 841
,
68/
1
4 75
118 187
115 129
102 10613
7012 79
844 9212
sal, 901,
2203
New York Bond Record—continued—Page 4
Range
Since
Jon. I.
Week's
Range or
Last Sale,
Pries
Friday
Oct. 4.
BONDS
No Y. STOCK EXCHANGE.
Week Ended Oct. 4.
A k Low
High
Bid
64
6434 6378
N Y 0& W ref let g 4e_Juna 1992 MS 64
70 Apr'28
Reg 55,000 only__June 1992 M S
52
4
/
General 4s
1955 J O 52 Sale 501
N Y Providence & Boston 4. 1942 * 0 84,
8 ____ 90 June'29
Jan'28
AO
Registered
4
893
9212 83 Sept'29
N Y & Putnam 1st con gu 4s 1933 AO 84
NY Susq & West 1st ref 56_1937
J 7612 81
80 Sept'29
211 gold 414a
A
8434 Nov'28
____ 75
1937 P
70
7012 70
General gold 56
1940 FA 68
95
MN
91 Aug'29
91
Terminal let gold Is
1943
82
NY W-ches& B 181 ser I 414e '46 J
82 Sale 81
Nord Sty ext'l 6 f 645
1930 AO 101 102 10012 10212
7112
Norfolk South let & ref A 55_1961 FA 7112 Sale 71
Norfolk & South let gold 56_1941 MN
100 Sept'29
1
2
10118 10118
_
4 Aug'29
1
104/
1
10112 10112
4 14
1
89/
8834
1
86
86
9118 10
91
270 Aug'29
9114 ---- 9114 Sept'29
____
10778 Jan'29
3
95
96
4 9,5
96,
____ 92
92 Sept'29
43
85
85 Sale 84
8312
8414 July'29
40
6213 Sale 6214
63
82 Mar'29
9214 Sale 92
26
93
11012 Sale 11018 11012 112
5
102 103 101% 102
7
102
102 Sale 102
_
10934 Sept'29
07 100 100 Aug'29
109-
Norfolk & West gen gold 65_1931 MN
Improvement & ext 6s__1934 P A
New River let gold 6s.__ 1932 * 0
N & W Sty let nom g 46_19116 AO
Registered
1096 AO
Dly'l let lien & gen g 48_1944 J J
10-yr cony 68
1929 M
Pocab C & C joint 4s _ _ _ _1941
North Cent gen & ref 5 A 1974
S
Gen & ref 4136 set A stpd_1976
North Ohio let guar g 5e
1945 A 0
North Pacific prior lien 43._1997
Registered
1997
Gen lien ry & Id g 38_2an 2047
Registered
Jan 2047
Ref & Rapt 4333 series A__2047
Ref & Impt 68 serlea 13____2047
Ref & Impt Is codes C____2047
Ref & Rapt Is aeries D____2047
Nor Pao Term Co let g 6a. _1033
Nor Sty of Calif guar g 5e___1938 A 0
10034 101%
101 10212
10112 Sale
8834 Sale
North Wisconsin let 6e _ ___1030
J
Og & L Chem 1st gu g 4s _1948 J J
Ohio Connecting RY 184 48-.1943 M S
Ohio River RR let g 56_ _1935 J O
General gold be
1937 * 0
Oregon RR & Na,cone 43..1946 J O
Ora Short Line 1st cons it 66_1946 22
Guar stpd cons be
1946 J
Guar refunding 46
1929 JO
Oregon-Wash 150 & ref 46._1981 22
Paolfla Coast Co let g bs _ _ _1940 J D
Pao RR of Mo 1s0 ext g 413._1938 FA
26 extended gold Ss
1938 J
Paducah & Ills let, f 4%3_1955 J
Paris-Lyons-hled RR extIlle 1958 FA
Sinking fund external 76_ _1968 M S
Paris-Orleans RR f 7a__ _ _1954 MS
Ext linking fund 5%s
1968 MB
Paullata Sty let & ref. f 7s 1942 MS
100 Sept'28
9012 7078 73 Sept'29
4 Nov'28
1
95/
4 9812 99 Sept'29
/
961
8 0812 9912 July'29 96,
88
8934 8778
88
102 Sale 10112 10218
10278
10218 Sale 102
4 Sale 9914
1
09/
9912
8514
8414 Sale 8438
66
66 Sale 64
91
96 10012 91
98 Sept'29
9112 June'29
9978 Sale 9912 100 I
4
1
10134 Sale 10114 102/
10338 Jan'28
9534 Sale 9434
96
10014
10014 101 10014
Pennsylvania RR eons g 4e_1943 MN
Conan' gold 44
1941, MN
ge aterl stud dollar_May 1 1948 MN
Comol sink fund 4 tie_
1960• A
General 4%.series A
1965 J O
General 58 aeries B
1988 JO
10-year secured 7,
1930 * 0
15-year secured 614s
1936 FA
P A
Registered
40-year Secured gold 5s___1964 MN
Pa Co et! 3346 coil tr A reg_1937 M S
Guar 3136 coil trust aer B..1941 FA
Guar 8%s trust etre C____1942 J O
Guar 334e trust ctfe D____1944 J O
Guar 15-25-year gold 4a_ _1031 * 0
Guar 48 sec E trust etfs___1952 MN
Secured gold 414e.
1983 MN
Pa Ohio & Bet 1st & ref 4%e A'77 A 0
Peoria & FAultern let eons 45_1940 * 0
Income 4s
April 1990
Peoria & Pekin lin 1st 149_1974 F A
Pere Marquette let eer A 58_195(3 J J
lot 4s series B
1956 j
9218 _
4 9012
/
001
4 ___
/
901
9812 Sale
9412 Sale
104 Sale
1003s Sale
4 Sale
107,
Ma Bait & Wash let It 48_1943 M N
1974 F A
General be aeries B
P911111/DIne Fly 1st 30-yr. f 48 '37 3 2
Pine Creek regbiterecl let 68_1932 J D
19582 D
Pitts & W Va Int 4 /ill
1940. A 0
P 0 C & St L gu 4 tis A
Series B 41.4, guar
1942 A 0
Swim C 4%,guar
1942 M N
Series I) 49 guar
1946 M N
Serial E 3%a guar gold__ _1949 F A
Series F' 44 guar gold
1953 J D
Series 0 4. guar
1957 M N
Series II con guar 4s
1980 F A
Series I cone guar 4%s_1963 F A
Series .1 cons guar 4%a. 1964 NI N
General M 55 scrim A ___ _1970 J D
J I)
Registered
Gen intge guar 56 ger 13___1975 A 0
A 0
Registered
0038
101
3014
_ __
92
Salo 901
9038
4
/
104 10714 May'29
3014
Sale 3014
103 101 July'29
92 July'29
03
4 Sept'29
1
97/
9812 9712 Sept'29
9712
9712
4 July'29
/
961
93 June'29
9614 May'29
9914 July'29
9612 May'29
0812 Sept'29
100
-- 98 Sept'29
Sale 10278 102%
102 June'29
Sale 10318 10318
11312 Jan'28
13
Pitts 54cR & Y 1s0 go be__ __1932 j
Zd guar 6s
1934 J J
Pieta Eib & LE 1st g 56
1940 w 0
let 000801 gold 58
1943 j
Pitts Va & Char 150 48
1943 MN
Pitts Y & Ash let 4s ser A _ _1948 J O
let can 68 series B
1962 FA
let gen 65 series 0
1974 J O
Providence Secur deb 4s
1957 MN
Providence Term 1st 4s_
195i3 M
Reading Co Jersey Con coil 4651 * 0
Registered
*0
Gen & ref 41.4e eerie, 4_1997 J
Renaselaer A Saratoga 6s.._ _1941 MN
Rich & Meek Ist g 4s
1948 MN
RIchm Term Ity 1st gu 56..1952• .1
Rio Grande June let gu 56..1939 J O
Rio Grande Sou 1st gold 48.1940 j j
Guar 44 (Jan 1922 coupon) '40• J
Itto Grande West let gold 48.1939 J J
1st con & coil trust 4s A 1949 * 0
R I Ark & Louie 1st 4140_1934 MS
Rut-Canada let gu g 4s _ _1949 J J
1941 J J
Rutland let con g 4338
101% 102
8 July'28
103,
10018 Sept'29
10014 Aug'28
9918 Sept'28
9112 Apr'29
1-03-14 10078 Sept'29
9912 -4 -- -in- dW55
/
661
801
4
/
7912-— 7912
9112
9018 gale 9018
9434 July'28
9534
9512 Sale 95
4 Mar'21
/
1001
101
4 May'28
/
781
79
102 Sept'29
102
08
93 Sept'29
6 May'28
712 Apr'28
8678
8612 8678
85
4
/
8 Sale 781
78,
81
9412
9412 Sale 9312
75 81 July'29
_
88 Sept'29
81T8 84
3
St Jos ts Grand 131 let 4a___1947
• Lawr & AdIr let g ba____1996 J
2d gold Gs
1996 A
1931
SS L & Cairo guar g 4e
▪ L Ir Mt & eau eon 11 68_1931 A
Stamped guar bto
1931 A
Illy & 0 Div 1st g 58
1933M
131 L M Bridge Ter gu g 56_1(130 A
BS L-San Fran pr lien 421 A._1950 M
Con M 4 ki s series A __ ._19/8 M
1960 J
Prior lien Is series 11
Bt Louis & San Fr Sty gen 68_1931 J
General gold 65
1931 .1
2
12
8
79
74
21
5
--
47
22
II
2
9214 Sept'29
92
9114
9114 Sept'29
14
99
95
9412
9512 83
10434 35
104
10013 141
10018
10814 45
107
112 Apr'28
10112 Sale 10112 103
29
84 Aug'29
8412 Aug'29
4 Sept'29
1
83/
4
1
83/
8112 _- 82 Sept'29
9714 9712 9738
9712 10
87
9612 99
6
36
72
06
9538 Sale 95
02
92 Sale 91
20
80
7938 Sale 70,8
8
30
4112 41 July'29
_ _ -- 100 Sept'29
101
10112 18
101 Sale 101
1
8612
8612 8878 8612
9614
9914
10278
10318
101
1171134
10018
13
727s 83
-55- -5-6;
4 100
/
991
9212
85
10018 106/
4
1
100% 106
4 9978
/
971
8311 891
4
/
64
86
8914 9418
9614 99
9112 98
4 101
1
97/
10114 105
-51
9859
991e 104
9214
8
89,
90
95
9312
10214
10018
10612
95
94
9334
10112
4
/
1001
10812
10378
111
101 105
84
90
8412 8712
4 89
1
83/
8114 99,,
35
961/4
8 92
,
85
9412 99,8
91
9714
79/
4 87
1
36
45
9934 103
100 104%
86
91%
90
95'
107 108
21112 89
101 103
92
96
8 9934
,
95
93.18 10012
9712 9934
4 9612
/
941
93
93
94% 9614
05
9612
96
961
4
/
96% 100
96/
4 99
1
4
,
10213 10818
102 102
10212 10812
10114 102
-iikt 9312
4 10312
1
100/
20
30
7912 84
90
9312
-;2.
9078
-55T, 1-6i9178 93
5
15
28
Prfce
Friday
Oct. 4.
Piece's
flange or
Lon Sala
nano
Since
Jan. 1,
e
—
High
Ask too
BPI
High
Low
Low
High
Sept'29
1C0
9812 10318
9812
9812
J
741
e St L Peor & N W 1st gu be__1948
6312
9512 9713
9618 July'29
St Louis Sou le: gu g 48____1931 hf S
4 81
/
841
8118 22
8012 89
-Eci- 7114 St LB W tat g 46 bond etfe__1989 JMNJ 8118
82
7178 72 Sept'29
72
70
26 g 4s Inc bond Ws Nov 1989
91
90
9413 27
9312 9613
1932 J D 9334 Sale 9334
Coneol gold 48
16
9314
4
1
/
93
9114
9112
8
1013
4
933
J
J
58.1952
unifying
&
let terminal
83
2
92
91
00
8914 9514
4 8612 St Paul & K C Sh L let 4%8_1941 P A 90
/
741
98
9912
4 99 Sept'29
/
931 F A 8818 891
St Paul & Duluth let 58_ 1905
8818 Mar'29
8014 8818
J O
1st coneol gold 4s
82
70
0718 Jan'28
91 10112 St Paul E Or Trunk let 4%6_1947 ▪ J
Sept'29
2T29812
9512
9212
9212
-97
J
▪
40_1933
con
Man
&
Minn
Paul
St
8 85
79,
1 10118 10418
100
1933 ii 100 103 100
let consol g 63
100 105
Jan'29
103
103 1031.4
'
J
Registered
9034
71
2
98
9712
9612 99
9712 100
9712 102
So reduced to gold 434e___1933 J
95 Dec'28
J J
Registered
4 Aug'29
1
-1;CIT2 95
1937 J D -56i8 -5-i- 88/
Mont ext let gold 46
100 10314
86
8712 89 8812 Sept'29
4
1
89/
Pacific ext guar 4s (sterling)'40 j
10438 105
6 100 10514
3 10212 Sale 10212 10212
'
St Paul Un Dep let & ref 56.1972
9972 104
2
88
88
91
8
88
867
87
J
1943
8812 9214 S A & Ar Pass let go g 4.8
10
98
98 102
86
8912 Santa Fe Pres & Phen 1st be_ 1942 54 S 98 Sale 98 July'29
104
10212 106
94
Bar Fla & Weet let g 6s._ ,1934 * 0
89
Apr'29
9814 10012
0
*
9814
Ist gold 5s
13212 270
88 Sept'29
88
9012
4 MN 8812 90
39
9f3
19
9114 96% Scioto V & N E 1st gu g 48
Sept'29
74
4
1
/
65
64
4
1
/
65
4
,
61
AO
10778 107/
g
let
1950
43
4 Seaboard Air Line
1
6214 28
6012 7514
* 0 6212 65 61
Gold 4e stamped
957s 99
33
6612
5734
4 58
1
35/
Oct 1949 F A
91
Adjustment 56
1/614
57
4 82
1
57/
4
1
55/
4113 58
Certificates of deposit_ _ _
84
90
195
6012
Si
55
Refunding 45
1959 AO 5484 Sale (4. 34
8334 89
242
7612
7412
Sale
4 80
1
/
64
7412
MS
series
6s
cons
&
4
5
1
5
4
let
9
1
A
4 8712
/
601
75 Mar'29
75
75
MS
Registered
6312
62
3
7912
89
78
4
79,
3 MS -7953 82
1936
Atl& Birm 30-yr 1st g 48_41
8914 Des
53
7012
71
Sale
7012
7112
5912
FA
109 11312 Seaboard All Fla 1st gu6s A_1935
9
7014
4
1
7013
59
FA 7012 72 69/
Series B
10012 105
0814 12
97
97
9814
101 10438 Seaboard & Roan 1st be extd 1931 J J
9918 14
4
/
99 10018
1936 F A 9918 Sale 991
109/
4 10934 S&NAlaconegugld
1
5
103
4 10312 103
1
10214 107
1963 AD 103/
Gen cons guar 50-yr bs
99 100
4
1
4 100/
/
991
--
J 80/
s
80,
4
/
4 8812 8011
1
J
_ _ 9412 July'29
0 9610312
- 102 Aug'29
J 9614 98
97 Sept'29
0 9812 Sale 9812
9912 63
0 9914 99/
4 10134 Dec'28
1
N 9312 Sale 93
8 44
,
93
0 99 100
99
• 1
09
S 8334 Sale 831
85
75
4
/
e 84,
197
85
8 Sale 8314
J 99 Sale 971
99
31
4
/
J 10012 100/
4 10078 Sept'29
1
9912 Sale 9734
9912 16
cl Due May. 6 Due June. 14 Due August.
_
_
_
_
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4.
8114
78
4
/
911
81
801
4
/
9314
87
9674
81
9012
4 8814
1
80/
9413 104/
4
1
109 102
9613 0718
97 101
92
9434
961
4 100
/
88
5812
8314 8911
97 1011
4
/
09 102
9538 10012
13
90
So Pao coil 4s(Cent Pao col) k'49 J O 8612 Sale 8612
4 June'29 -1
J O ---_ -- 87/
RegIstered
Sale
9314
9312
9314
13
M
lst 4%e(Oregon Lines) A.1977
8
99
9812
1938 J
23-year cony 58
11
93
MS 9112 9214 91
Gold 434s
370
9812
4
/
961
Sale
9614
N
‘
89
May 1 199
Gold 4185 w I
88
San Fran Term let 4e____1950 * 0 88 Sale 87%
83 May'29
86
*0
Registered
tm let con gu g 58_1937 MN 100% Sale 10018 10018
'ar
C
So Fa
So Pee Coast let gu g 48—.1937 33 ____ 9614 9514 Apr'29 66
8734
J 8718 Sale 86
1955
So Pee RR let ref 48
8612 Aug'211
J J
Registered
29
10514
106
Sale
105
bs__1994
Registered cone g
SouthernRylet
10312 July'29
3,
34
86
4 Sale 85
1
Devel & gen 48 caries A___1956 * 0 85/
8714 Sept'28
*0
Registered
1299416 * 0 11112 Sale 11118 11214 60
Develop & gen es
34'
4 118
/
4 Sale 1171
/
* 0 1171
Develop & gen 6148
100 10614 10212 Aug'29
1996 J
Mem Div let g 55
8
8612
_ 8612
1951'3 8612
St Louis Div let g 48
9834 July'29
East Tenn reorg lien g 8a-- 1938 Si S 9834
5
9012
1938 54 S 8312 9012 90
Mob & Ohlo coil tr 45
Spokane Internet let g Sa___1955 j j
Staten Island Ry let 413e___1943 J
Sunbury & Lewiston let 48_ _1936 J J
Superior Short 1.1ne lot 53-.81930 MS
Term Assn of St L let g 41)46_1939 AO
3 FA
48
195
let cons gold 53
J J
Gen refund f g 48
Texarkana & Ft S 1st 5%8 A 1950 FA
1943 ▪ J
Tex & N 0 com gold 55
1 D
Texas & Pee 1st gold 5a
9 Mar
94
26 locbs(Mar'28cp on)Doe 20
11997797 * 0
Gen & ref as aeries B
A0
Gen & ref 58 sertee C
1931 .1 .1
La Div B I. 1st g 56
1 MS
1964
Tea Pee-hio Par Ter 5%6_1
Tol & Ohio Cent let gu 5e._.11)35 j
1935 AO
Western Div let g be
1935 J O
General gold 6a.
Toledo Peoria & West let 48_1917 J
IWO * 0
Tol St L & W 60-yr g 48_
Tol W V & 0 gu 4148 A__1931 ii
1933
let guar 4%. series 13
1st guar 45 aeries C
M
6J
Buff 1st g 4,3 1942
Toronto Ham & B
Ulster & Del let cons g Se...1928 J D
Certificates of deposit
1st refunding g 45
7 JA
942
Union Par let RR & id gr't 481195
Registered
1s0 lien & ref 4s
June 2008 M
1967 J
Gold 410
1st lien & ref 55
June 2008 M S
40-year gold 4e
2 D
4 MS
998
194
U NJ RR & Can gen 46
1933 J J
Utah & Nor let ext Is
Vandalla cons g 48 series A 1955 F A
Corof 48 aeries li
N
4
57M
93
19
Vera Crus & P assent 4%13_1
Virginia Mid be Berke F
1931 MS
General Is
.1
Va Southven let go 5a
6 1"
9313
10(
2
O
A N
2H
let cons 60-year 63
,
958
19
Virginian Ity let ba earlea A.
Wabash RR let gold be
1931 M N
F A
_1199759m
s
26 gold
Ref & gen
f 5338 sor A__
5e3
Debenture B (Is registered.19314 J J
1st lien 50-yr g term 40
1964 2 3
Oct & Chic ext let g 5e
1041 J
Des hfoinee Div let g 48_1939 j
Omaha Div let g 338(8...J941 A0
1941 M
Tol & Chla Div g 4s
Wabash Ity ref & gen be B._1
_ 197
401 * 0
Ref dc gen 413s series C
1978 FA
65
70
95
98
97
1-66-
65 Sept'29
86 Nov'28
r:
pt
cia
5 sA
97
9
99 Mar'29
100 10138 9912 Sept'29
8(114
86'4 87
8614
10038 Sale 9934 100/
4
1
98 Mar'29
10318 Sale 10318
10318
4 95 May'29
/
104 1031
96
4
/
96 Sale 941
9514 Sale 95
961a
9878 Sale 9834
9912
4 102/
,
10234 Sale 102
4
1
119 Sept'29
____ 99
5 s
93
9
pgt:229
tu
9_5_ 10
_961_8 .
7
Si
3
20
51
29
6
18
9
ar:L
5 NAIP
54
8 ----_- 97
5118
90
0
8 4
843
8 845's
8 -8574,
6
17
9114 ____
781.8 9412 9014
0 Sept'29
77
5
57
7
60
Sale
9234 17
9118 Sale 9118
8912 9312 90 Aug'29
8634 55
86 Sale 86
6
9412
---- 7514 93
5
105% Sale 10518 10518
3)4
8312 Sale 8234
94 Sept'29
-_ 96 Nov'28
--91 Aug'29
91
85
__
-_ 82% May'29
821
12
10
978
12
10 21
98
9934 98
08
9918 Sept'29 -99 100
9112 9412 98 Sept'29
8234 82 Sept'29
__
10112 75
i - Sale 10014
0112
10112
10014 Sale 10014
7
97
96% Sale 9612
_
_9
2
0
07
842 maly
98
100 10012 0
98
8218
79
85
95
85
8
-&7-7Sale
90
82
8712
Sale
Sale
1091* 115
117 123
4 10614
/
1021
4 89
1
82/
4 108
/
961
8514 9312
65
12-- __: 12 Sept'29
4 88
1
86/
87
86%
____ 98 Apr'29
97
-i5Tz
4
/
4 911
1
85/
8514 87/
4
1
9212 9914
9714 102
881, 9712
8934 100
8673 91
83
83
109 103
9514 9512
9212
85
8812 0034
18414 110
1n311103
4 99
1
88/
7759 Aug'29
1
98
98
Jan'29,.....
88
82 Sept'29
85 Sept'29
9512 20
95
8512 16
84
Warren let ref gu g3)4,
8034 83 Nov'28
5F A
40
;7
4 Mar'29
/
841
Wash Cent 1s1 gold 4s
1948 QM
FA 8312 - -- 8312 Sept'29
Wash Term let gu 314a
85 Aug'29
let 40-rear guar 45
1945 P A 8812 _ _ _
97 Feb'29
99
W hitti W & N W let 1311 be 1930 FA 97
7514 45
West Maryland 1st g 4a_
1952 AO 7418 Sale 7312
9112 12
let & ref 5 tie scrIce A.
1977 J J 91 Sale 91
2
10012
100 10034 10014
West N Y & Pa hit g be
1937 .o
Gen gold 48
1943 AO 8512 8812 8512 Sept'29
16
Sale
MS
96
95%
lot
4
1
95/
WeSt8t11 Pao
ser A (Is....1946
83
13
8234
VVot Shore let 4s guar
8412 88
2361 .4
6
4
1
82/
3 81 Sale 81
'
Registered
2361
Wheeling & Lake Erie—
9012 100 Sept'28
1930 F A
Rita & impt gold be
8512 Sept'29
85
82
Refunding 414s series A 1966 M
97 102 Feb'29
92
Refunding ba series 13
1986
8312 Sept'29 ____
RR 1st consol 48
1949 MS
4
4
/
611
.--I 61
1942• D 61 -62
Milk & East let gu g be
99 Apr'29 __
1938• I)
AllIA8F1 et gold 5s
86 July'29 ____
1960 j j
Winston-Saism 8 IC 1st 4e
7
7253
Wis Cent 60-yr let gcn 4s.._ _1949 3 1 7212 Sale 7112
4 86 Sept'29 ____
/
871
Sup & Dul dly & term 1st 48'36 M N 86
9138 Dec'28
4 91
/
781
War & Con East 1st 4 Sse_ __ _1943 J J
8114
99
99
98
95
9814 103
8012 90
4 19412
/
981
98
98
10113 10959
95
95
92% 10214
94% Ma
974 1011e
1001, Neu
964 10112
9911 143
1f, 100/
4
1
12
12
91
86
98
95
9813 95/
4
1
9738 9912
4
1
8414 94/
9114
60
85
55
6212
33
91'8 95
92
90
4
1
831z 90/
9913
92
105 10914
4 8914
1
82/
91
96
4
.
91 14
9444
92
Kg 19
97ta 10012
9614 10051
93 100
9514
82
9978 10414
100,2 10314
951s 10112
9812 10414
98
88
78
8112
9312
8311
i
;
6
10112
88
8534
9013
10912
907s
-1-3414
541k
4 86
/
8'21
797g 91
97
97
82
73
91 100
988A 1011g
8414 9112
95 100
82
8812
88%
81
-lb- 92.102 102
83
8934
74
81
4
1
99 100/
88
85
7114 8414
8412 9113
2204
New York Bind Record-Confirm(Id-Parle 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4,
3I
Pried
Friday
Oct. 4.
Week's
Range or
Last Sale
_
Ash tow
Sale 83
I 41;.
41
Fa,
INDUSTRIALS
Rid
High NO
Abitibi Pow & Pap lit 5.1-1953 J D 84
8412 69
Abraham & Straus deb 5445_1943
A 0 108 Sale 10712 10812 46
With warrants
Adriatic Elea Co esti 7e ____1952 A 0 9334 Sale 9334
27
94
Adams Express coil tr g 48___1948 M S 84 Sale 84
8414
8
Alas Rubber 1st I5-yr e 189_1936 J 0 73 Sale 73
73
16
Alaska Gold M deb Os A____1928 M S
318 6
312 June'29
318 10
Cony deb Si aeries B
1926 M S
3 Apr'29
Albany Peter Wrap Pap 6a 1948 A 0 ____ 89
9112 Aug'29
Allegheny Corp cull It 5a__ .._ 1944 F A 10412 Sale 103
108 403
D 10312 Sale 10212 108
Coll & cony 5e
1949
395
Allls-Cbalmere Mfg deb 5e 1937 M N 100 Sale 99
100
52
Alpine-Montan Steel 1st 7c._ 1966 M 8 94 Sale 9334
94
3
Am Agrie Chem 1st ref sf7 4s'41 F A 104 Sale 104
18
105
Amer Beet Sug cony deb 65.1935 F A 8312 Sale 8312
5
8418
American Chain dabs 18s_ 1933 A 0 9614 Sale 964
9712
6
Am Cot Oil debenture 5s
1931 MN 9818 100
9818 Sept'29
An Cynarrild deb be
1942 A 0 9614 0612 9614
9638 42
8978
Amer Ice s f deb ba
Sale 8978
1953 J D
90
116
Amer I CI Chem cony 540_1949 MN 112 Sale 11112 114
450
Amer Internal Corp cony 54211'49 J J 11112 Sale 11014
320
116
1939 A 0 10334 Sale 10334 103/
Am Macb & Fdy f (18
1
4
1
American Natural Gas CorpDeb 61
8678 8934
/
41 (with ouch ware)'42 A 0 85
92
21
Am Sm & R lit 30-yr 135 ser A '47 A 0 101 Sale 99
101
83
Amer Sugar Ref 15-yr de__ ...1937 J J 10212 Sale 10212 103
58
93
94
Am Telep & Teleg cony 48__ _1936 F A
9378
9378
1
20-year eonv 444a
1933 M b 98 100 100
100
23
/
4 Sale 10138 102
1946 J 0 1011
80-year coil tr be
70
Registered
J--------101 Feh'20
35-yr e f deb Gs
1960 J J 10134 Sale 10114
10134 ioi
20-year s f 544s
1943 M N 10418 8:Le 10434 10514 128
Con• deb 4448
1939 J J 20314 Sale 201
21612 8079
Am Type Found deb Ss
1940 A 0 10318 Sale 10318
10312 13
Am Wet Wks & El col tr5e1934 A 0 9678 Sa.e 9612
9712 25
Deb g fle eer A
1975 MN 10214 Sale 10134 103
32
Ara Writ Pap /et g fle
1947 J J 77 Sale I 7612
7712 16
Anglo-Chilean s 1 deb 7c.. _..,1945 13.1 h 9412 Sale • 9312
9558 59
Antilla(Comp Asia')740-.1999 J 3 6318 Sale 5031
54
16
Ark Jr Mem Bridge & Tor 5.8_1964 M 8 9512 ____ 9912
9812
2
Armour & Co let 4148
1939 J D 9778 Sale 8412
88
03
Armour & Co of Del 514s
1943 J 3 8412 Sale 8438
86
51
Alleeeleted 0110% gold notes 1935 M S 10134 Sale 10134 102
34
Atlanta Gas L let be
1947 J D 191_ 10134 Sept'29
D
Atlantic Fruit 7e cue dep
6 1212 1238 May'28
1934
J D
Stamped etfe of depoelt
6
____ 1258 May'29
J 7212 Sale 7212
All Gulf & W I SAL col tr 55_1959
7318 117
Atlantic fiefs deb fa
1937 J J 10014 Sale 10014
26
101
10612 Sale 10612 10612
Baldw Loco Works let 5s
1949 M
7
Beregua (Comp As) 744e_ 1937 J
86/
1
4 Sale 8614
8658 10
Batavlan Pete gen deb 434,1942 J J 91 Sale 9014
91
48
J 8712 89/
Belding-Hemingway 68
1
4 8712
1936
8878
8
Hell Telep of Pa 5e erica B_ _1948'3 10212 Sale 10212 10234 20
10278 Sale 10214
1960 A
let & ref be series C
12
103
88/
1
4 Sale 8712
Berlin City Elea Co deb 61491951 J
89
13
Deb sink fund 64e
1959 FA 8834 89
86
8812 70
Berlin Elea El & Uncle 6448_1956 AO 8714 Sale 8714
8818 24
N 99 Sale 99
Beth Steel tat & ref 5s guar A '92
10012 16
80-yr p m & Impa 1511. _ _ 19341 .1 3 98 Sale 9712
9914 46
Cons 30-year 61 eerlee A_ _ 1948 FA 10418 Sale 104
10412 187
Cons 30-year 514e tier B
1953 FA 10412 Sale 10412 105
96
Bing & Bing deb 644s.
1950 NI 8 92 Sale 02
93
38
1934 AO 54 Sale 02
Botany Cons 13411186 148
23
54
Bowman-Bill Hotels 7.
1939 MS 102 Sale 102
10278 37
B'way et 7th As 1st cons be 1943 JO
5812 60 Sept'29
.1 8318 Sale 8318
Brooklyn City RR let 65_,...1941
8318
2
Bklyn Edison Inc gen be A
J 10212 Sale 10212 10312 10
1949
General 6e eerie, B
1930 J J 9934 Sale 9934 100
13
Bklyn-Man R T sec 61
91 Sale 9012
11.88 J
92
145
Bklyn Qu Co & Sub con gtd 5'4i
N 69
7078 7012 Sept'29
1st 5a stamped
1941 J J 7114 74
84 Sept'29
Brooklyn R Tr lit eons g 48 7002 .1 J
9212June'29
3-yr 7% secured notes_.._ 1921 J J 105 ___ 10614 Nov'28
Bklyn Tin El 1st g 4-6e
1950 FA 8412 Sale 84
8412
8
Stamped guar 4-55
1950 FA 83
86
87 Sept'29
_
Bklyn He Gam I et cone g 58 1945
N 10212 10314 10218 10212 16
let lien & ref Sc series A __1947 MN 10212 102/
1
4 11558 11558
1
Cony deb 540
_1936 I J 410 450 46014 Sept'29
Buff & Suss Iron let s 1(0_1932 JD
9212 June'29
Bush Terminal let
__ 8614 Sept'29 --__1952 *0 8534
Con/44)15s
_1956'3 DO 8ale 8912
90
4
Both Term 111dge Se gn tax-ex'
9812 100
3
00 *0 9812 101
By-Prok Coke let 544s A___1945 MN 98/
1
4 100
99
99
6
Cal GA E Corp unit & ref58_ 1937 MN 99 Sale 99
100
4
Cal Petroleum cony debef be 1939 FA 95
9512 95
9512 10
Cony deb a f i/
1938 MN 98)2 Sale 9812
1
4.
99
19
Camaguey Sue le/ if g 7e___1942 AO 72
75
72
72
5
Canada Ft9L 1.* & can 6e
1941 AO 95
97
97 Sept'29
_
Cent Diet Tel let 30-yr 5e_ _ _1943
101 Sale 101
101
10
Cent Foundry let if es May 1931 FA 55
9738 9778 Apr'29
_
Cent Hud & E res
10038 102 100 Sept'29 _ _
Jan 1957 M
Central Steel Isle if Os
1941 MN 12114 123 12114
3
12112
Certain-teed Prod ...140 A- - - 1998 111 8 73 Sale 73
74
51
Cesperlem Sugar Co let s f 7541'
8634
85
5
39 M
Ckle City & Conn Rye Se Jan 1927 A 0
88
83 July'29 __ _
Ch L & Coke let gu g 521_ 1937 J
100 Sale 9934 10012 14
Chicago Rya lot 58 stamped
Aug 1 1929 int 10% pald_1927
74
7834 77
7814 20
Chile Copper Co deb be
19473 J 9314 Sale 9212
9334 53
CM & E lot M 40 A
1968 A 0 8418 8418 8414
/
4 23
841
Clearfield Bit Coal let
_ 7238 90 Dec'28
J J
Colon 011 cony deb Si
1938 F A 9034 Sale 9034
93
91
19433
9218 95
Colo F & ro gen f 5s
9318
9314 10
Col Indus let & coil be gii
1934 F A 93 Sale 93
94
17
Columbia GA E deb 542May_ 1952 MN 97 Sale 9634
9712 97
Debenture Is
Apr 15 1952 A 0 9718 Sale 9634
9712 12
3 90
Columbus Gas lit gold 5s_ _ _ 1932
OS
95 June'29 ___Columbus Ry PAL let 145 1957 J
8812 Bale 8812
8812
7
Commercial Cable let g 42_2397
J 8712 _- - - 8712 Feb•29 _.__
Commercial Credit
6e____1934 M N 9814 Sale 9712
9812
8
Col tr s 54% notes
19383 J 9118 92
9118
9118
2
Cornell Invest Tr deb 62
1948 M 8 93 Sale 93
94
56
Cony deb 544o
1949 F A 10234 Sale 10212 106
767
Competing-Tab-Bee 1 tle_1941 J J 10412 104/
1
4 l0384
105
10
Conn Ry & L let & ref g 442e 1951 J J 8632 95
95 July'29 __
Stamped guar 414s
1951 .1 J 87
85 90 Sept'29 -__.
Canso! Agdoul Loan 9!-4 e
Sale
1958 J
80
7912
81
112
Consolidated Flydre-Elec Works
ofUpper Wuerternberg 78-1956
92
7
3 92 Sale 9114
Cons C al ofMd let & ref 54_1950 J
67 Sale 67
6812 28
Cense] Oas(N Y)deb 544e_ _1946 F A 1041
/
4 Sale 10414 105
87
Consumers Gas of Chic gu Se 1936 J D 9934 Sale 9934
9934
7
Consumers Power lit Ce
1952 M N 101 Sale 101
10212 26
Container Corp lit 6.
1946 J D 921.1 Sale 9178
9234
9
lb-yr deb Sc with warr
1943 J D 72
73
74
747
9
Copenhageo Teen be Feb 15 1945 F A 8912 9012 8912 Sept'29 ____
Corn Prod Refit let 25-yr s f 68'34 MN
- - 00 Sept'29 ___Crown Cork & Seal s f 68
1947
D 100-9812 98/
1
4 9812
918
12
Crown-Willamette Pap es
1951 J
9912 Sale 99
10018 19
Cubit Cane Sugar eon• 71... _1930 J J 5412 Sale 5412
56
23
Certificates of depoalt
5218
52
5512
6
Cony deben stamped 8%_1930 s
55 8ale 55
56
47
Ctfs of deposit
5312 Sale 5312
5558 12
Cuban Am Sugar let co11821_1931 1M 8 991
/
4 Sale 9912 10014 23
Cuban Dom Eing let 740_1944 M N 60 Sale 59
Cl
27
Certificates of deposlt
6058 61
59
63
11
Comb TAT let & gen 58_193713 J 9914 Sale 9914
100
11
Cuyamel Fruit 1st s f 60 A___1940 A 0 98
9814 98
9813 21
Jo
Range
Since
Jan.l.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4.
Price
Friday
Oct. 4,
Wake,
Inv@ or
Lad
Rang*
Since
Jan.!.
R
Low
83
High
Ask Low
Bid
High No. Low
Hfjh
85
Denver Cons Tramw let 5s__1933 A0
76 Dec'27
Den Gas & E L let & ref e f g 58'51 MN "oi
9934 98
2
98
96/
1
4 101
1021
/
4 120
Stamped as to Pa tax
1951 MN 934 - - -- 9814
3
99
96 101
9331 99/
1
4 Dery Corp(D
1st If 7s_1942 2.5 $ 52
70
59 Sept'29
55
73
8314 8834
Second stamped
5312 5978 6234
2
6234
51
70
72 10714 Detroit Edison let coll It 6a_1933 33 100 Sale 100
8
10114
98/
1
4 102
318 4
1st & ref 52( series A_July 1940
10112 Sale 10112 10212 13
99 10434
3
8
Gen & ref be serlee A
1949 AO 101 Sale 101
22
102
9972 10414
9112 9814
let & ref Ss series B__JullY 1940 M
107 Sale 10658 10712 27 10512 108/
1
4
98 112
Gen & ref 54i ser B
1955 3D 10012 Sale 00
10058 12 100 104/
1
4
9724 11112
Series C
1962 FA 101 10112 01
101
2 100 1051
/
4
98 101
Del United let cone g 440_1932
'
3 94
9638 98 Sept'29
9612 98
9034 97
Dodge Bros deb Se
1940 MN 96 Sale 9512
9814 327
9512 10572
103/
1
4 10612 Dold (Jacob) Pack let 6s___ 1942 MN 78
SO
78
6
79
78
88
90
80
Dominion Iron dr Steel 5s
1939 MS 90 Sale 90
1
90
90
98
9312 99
Donner Steel let ref 78
1942 3, 10112 Sale 0112 10112 10
9814 10212
98
9914 Duke-Price Pow let 6s set A '66 MN 10312 Sale. 0314
52 10114 105/
104
1
4
9334 951
/
4 Duqueene Light let 41
/
48 A _ _1967 AO 9612 Sale 9014
52
97
96 100/
1
4
874 0212 East Cuba Sug 15-yr e f g 740'37 MS 84 Sale 83
28
86
78
07
951
Ed El Ill Bkn 1st con g 4s
/
4 135
'
3
1939
9312 Sept'29
9314 9312 97
101 1224 Ed Elec Ill let cone 9 bs
1995
10578 ---- 06 Sept'29
10512 110/
1
4
10334 10412 Edith Rockefeller McCormick
Trust eon It 6% notes__ ..1934
100 Sale 00
10138 54
9914 10212
7512 9(318 Elec Pow Corp(Germany)8445.50 MS 91 Sale 91
9118 53
8712 90
9814 102
Elk Horn Coal let & ref 6418.1931 JO 91 Sale 9034
9078
3
90
951a
10112 10472
Deb 7% notes(with warr'ta)'31 JO 7158 7212 91 Sept'29
7212 91
9114 9712 Eqult Gas Light let con be_ _1932
0918
Aug'29
98 10012
96 101
Federal Light & Tr let be _1942 M
9012 93
92 Sept'29
11884
02
101 1047s
1st Hen e 165 atamped
1942 M
9112 Sale 9034
9112 10
9034 9734
101 101
let lien fle stamped
108 Sale 103
1942 M
103
3 101 104
10114 105/
30-year deb 68 set B
1
4
97/
1
4 1014
103
1954 JO
9
9512 103
10412 107/
1
4 Federated Metal,,, f 7e
1939 31) 100 Sale 100
100/
1
4 17
9872 105
12014 227
Flat deb 72 (with wart)
1946 3.8 105 114 11034 114
7 11034 171
102 10514
Without stock purcb warrants_ ---8934 55
8918
_ 8734 91
8918 103
96 10012 Flak Rubber 1st I 1 as
89 Sale 89
1941 M
92
20
84 114/
1
4
101 10534 Framerle Ind di Deb 20-yr 7)0'42 3 ei 10234 Sale 10234 104
25 10112 10612
7612 8512 Francisco Sugar let e 1 7/
9412 Sale 9412
1
4s_ _1942 M
95
8
9412 109
9312 100
French Nat Mall SS Lines 7e 1949
9 10034 103
u 10112 Sale 10112 102
1943 F A 92
44
7972 Gannett Co deb Se
9212 92
9214 23
84
95
93 10312 Gaa&ElofBergCoconcgOsl94oJ 0
100 July'29
_
_ 100 106
1930 A u
8412 9272 Gen Asphalt cony Be
10434 10434
2 103 110
8334 9212 Gen Cable let e f 514s A_
96 Sale 96
06
1847
97
9478 100
100 10312 Gen Electric deb g 31/4s
1942,F A 94
95
4
94
94
93/
1
4 96
10114 101% Gen Mee(Germany) 7s Jan 15'4013
10112 Sale 10112 10238 16
9912 10414
Sf deb 64.1e with Warr_ _ _1990'3 _u 120 129 125 Sept'29
11118 130
1218 125e
Without warr'ta attach'd '40[3 u 9.538 Sale 9538
9512
4
911
/
4 9914
20-year at deb 6
87
77
/
1
4
9012 29
1943711 N 9012 Sale 89
87/
1
4 94/
1
4
9934 10312 Gen Met Accept deb 6s
116 100 104
102
1937 F A 101 Sale 101
Gen] Petrol late f be
1940 F A 100 10014 99
7
100
102
/
1
4
99
106 1071z Gerd Pub Serv deb blis
1939 J 3 109 Sale 108
99 108 122
112
8312 09
Gen'l Steel Cast 51
/
4e with war '49
10014 Sale 9934 10078 109
9811 104
891
/
4 93/
1
4 Good Hope Steel & I Flee 78_1995 A 0 9312 96
94
3
95
9213 1007o
8712 941
/
4 Goodrich (11 F)Co let 610..1947
10658 Sale 10638 107
31 106/
1
2 10814
102 10512 Goodyear Tire & Rub let 58_1957 M
8812 Sale 88
94
89
89
95
10214 10814 Gotham Silk Hosiery deb 60_1936
94
86
9012 Sept'29
8958 100
87
Gould
96
Coupler let e l(38
1940 FA 7014 7178 70
6
71
6872
81
85
92
Gt Cone El Power(Japan)7s_ 1944 FA 9818 Sale 9712
9812 23
9514 9912
let & gen e 1 64s
8012 94
1950 3, 9012 Sale 90
90/
1
4 56
86114 9511
Great Falls Power let elSe...1940 MN
1
4 104
97/
0612 Apr'29
10414 107
Gulf States Steel deb 6 42s
9712 102
957 9518
1942 31)
96
s
9518 99
1021
/
4 10534 Hackensack Water let 4a_ _ _1962• J 8412
8412 Sept'29
8212 874
10034 105
Ilarpen Mining Cs with stk porch
92 100
war for corn stock or Am elis'49 J J 8912 Sale 8912
8978 24
8911 ge
491
/
4 7414 Hartford St By let 4e
1930 Si S 9612 ____ 9612 Aug'29
9612 961,
'
9612 10312 Havana Elec consol g Se,,,..,1952
5 8312 Sale 8312
8334 13
80 87
Deb 544e series of 1926_ 1941 • S 6712 6912 6734
5972 7718
3
6778
59
7012
83
921
/
4 Hoe (RI & CO let 8
aer A_ 1934 AO 8418 Sale 8418
85
83
94lo
10012 10512 Holland-Amer Line Se (flal) _1947 MN 100 101
00
5
100
98 103/
1
4
99/
Fludeon Coal let a I be set A_1962 ▪ D 71 Sale 70
1
4 103
7158 170
85
70
8814 9834 Hudson Co Gas let g be
1940 MN 10018 Sale 0018 10014
5
99 105
63
781
/
4 Humble Oil& Refining 5;45_1932 J J 9978 Sale 9978 10014 34
9958 10212
6812 84
Deb gold Sc
/
4 Sale 9914
1937 AO 991
9978 87
9914 10112
9212 9212 Illinois IMI1 Telephone 59_1950 3D 10218 Sale 0138 10218 38
10114
10472
illieole Steel deb 414e
1940 A0 9634 Sale 9634
23
98
9372 100
-Silk, WI: Ilseder Steel Corp.
_ 10312 03 May'29
1946 A0
17e
103 10312
93
Mtge 68
83
FA
7912 8014 7912
1948
80
12
7912 9214
10112 10014 Indiana Limestone let e 168_1941 MN 7814 Sale 77
79
31
92
75
Ind Nat Gat & Oil be
112 118
N 10118 103 101141
10118
1936
2
9712 102
354 489
Indiana Steel 1st be
N 10412 Sale 10412 10458 32 1011
1952
/
4
105
9212 961s Inland Steel let 444e
1978 AO 9012 Sale 9012
9138 91
8914 93
85
Inspiration Con Copper 644e 1931 M
88
100 Sale 100
100,
8 41 100 102/
1
4
8912 9934 Interboro eletrop 4442
1912 May'211
1956 * 0 1912 20
lillg 1912
8938 104/
1
4 Interboro Rap Tran let 56-1966
'
3 6412 Sale 631
/
4
66
172
6012 791
/
4
Stamped
99 102
J
6414 Sale 63
6512 400
60
7912
98 103
Registered
76 Mar'29
__
76
7612
10-year (94
0212 102
A
9
1932 .
55
55 Sale 55
4912
84
10-year cony 7% notes
9612 10314
90
1932 MS 89 Sale 8712
28
8712 9934
72
9712 lot Agile Corp let 20-yr 158_ _1932 MN 93
95
03
93
10
9012 95
97 101 12
MN 72
Stamped extended to 1992_ 73
73
72
6
72
8112
101 10414 lot Cement cony deb 54.-1948 MN 944 Sale 94
95
94
94 11812
984 Internet Match deb tie
96
1947 MN 9312 Sale 9312
9412 45
93
99
Inter rvierean Marines 168..1941 AO
100 102
99 Sept'29
90 102
12114 1241, Internal Paver 58 ear A & B _1947'3 88 Salo 8712
20
90
84
9101
Ref e f es ser A
68
83
9014 58
8934 Sale 8834
1955 M
871
/
4 97
Int Telep & Teleg deb g 4 He 1952 J
85 100
92
92 Sale 9114
77
884 9512
Con, deb 414e
83
85
J
J
177
Sale
193 1347 10912 224
1939
17612
Kansas City Pow & Lt 5s__ _1952 MS 100/
9912 103
1
4 101 10012 101
2 10012 10534
let gold 444e series B
'
3 92
9734 98 Mar'29 _ _ _
1957
98 10012
Kansas Gas & Electric 68._.l962 M
815
77
10378 14 1011
103 Sale 10214
/
4 106
921
/
4 9612 Keith (R F) Corp let 6e. _ _1946 MS 82 Sale 82
82
3
7458 97
89
89/
1
4 Kendall Co 6442 with warr_ _1948 M
8914
90
8938 90
3
89
96/
1
4
Keystone Telep Co let 5e
7978 90 July'29 ____
1935• 3
85
95
"isii, 1-1411
/
4 Kings County El & P g 5a_ 1937 AO
10112 10112 8094;29
10012 10412
9178 9912
AO
Forebear money Se
1997
12518 128 12518
12518
1 1251
/
4 13u
90
9872 Kings County Elev Ist g 48_1949 FA
80 Sept'29
85
78
96,2 10012
Stamped guar 48
7111 7912 Sept'29 _ _
1949 FA 79
82
79
KIngs
9612 09
County Lighting be_ 1954 J
101
101
_
1 101 10514
101
Find di ref 934e
95
9194
1954 J
112 115 11218
11218
2 112 11614
8812 9334 Kinney (Olt) & Co 7
▪ D 10334 1054 104
104
2 10112 10712
871
/
4 8712 Kresge Found'n coll tr 6s1191139.39
1936 3D 102 Sale 101
102
15 100 10412
94
9912 Kreuger & Toll Si with war, 1951) MS 9812 Sale 9812
9912 514
96 10312
87
97
Lackwanna Steel let be A..1050 MS 100 Sale 9978
10
100
96 10212
/
4 Lace! Gas of St L refarest 68,13134 * 0 9812 Sale 9812
9014 981
99
5
97/
1
4 10178
9014 1104
Col & ref 544e series C...1953 FA 102 Sale 1011
/
4 10238 44 10012 10512
LaMar° Nitrate Co cony 66_1954
10334 106
96
With svarrimts
99
1
9614 Sale 9534
97 2 315
9534 104
Lehigh C & Nay e 1 41
89/
1
4 99
/
4e A.1954 J
9512 98
9518 Sept'29
93
99/
1
4
7812 8712 Lehigh Valley Coal 1st g 50_1933
J 99 Sale 99
7
9914
97/
1
4 101
let 40-yr go 1st red to 4%_1933
'
3 9414 90
Oct'28
97
8914 9734
let & ref e 1 te
1934 FA 101 Sale 101
13 101 101
101
63
let & ref, 15s
7354
1944 FA
8778 88 May'29
80
9332
104 10634
let & rate f Si
7112 9312
1954 FA 7518 80
72 8014'29
9812 1011
1st & rate f Os
/
4
1964 FA 72
80
88 May'29
88
88
100 104
1st ref e f
FA
11974
75 88 Mar'29
72
88
9012
89 10012 Lex Ave & P F 1st gu g 5s___1903 M S
3714 May'28
_
66
9112 Liggett dc Myers Tobacco 7(4.1944 AO 115- 119 11814
1 1141
11814
/
4 12112
Se
89
9012
1951 F A 100 Sale 100
98 103
1003l 24
Loew's Inc deb tle with wart'.1911 A 0 106 Sale 106
9512 103
10612 29 103 1231
/
4
95 100
Without stock put warrants_ * 0 91 Sale 91
19
93
91 10012
9834 10314 Lombard Elec let 76 with war '52 3D 9612 Sale
12
9514 102
98
9612
/
4
541 2 791
Without warrants
3D
1
9112
9112
90
97/
1
4
62
5718 Lorillard (P) Co 7e
3 10(11
1944 AO 1'6/ Sale 107
107
/
4 113/
1
4
542
80
55
1
1951 8' A 79
79
8278 79
761
/
4 917s
5312 5718
Deb 53.4s
J
1937
8512 37
8412 Sale 8412
84
8971
9912 10314 Louisville Gas & El(Ky)65.1952 MN 10012 Bale 10012 101
20
99 104
65
9772 Louisville fly bat cons 58_
1930 .1 .1 9918 94
90 Sept'29
8912 95
59
lower Austrian Hydro El Pow70
1 21516345
99 103
go
g772
1944 P A 80 Sale 80
87
9
9712 102
i
-
New York Bond Record - Concluded-Page 6
BONDS
EL Y. STOCK EXCHANGE
Week Ended Oct. 4.
11
..
Price
Yrtdoa
Oct. 4.
Week's
Range or
Last Sale.
11'.4
Ask Low
514
Hick, No.
MeCrory Stores CorP deb 54841 J D 9634 Sale 96
96341 17
Menial Sugar lot a f 749_ _ _1942 A 0 8112 Sale 8112
8318 19
Manhat Ry(NY)cone g 413_1990 A 0 5714 Sale 56
5714 27
204s
20133 D 50
54
60 May'29 ____
Manila Elec Ry A Lt 5 f Ss_ _1953 M 8 9518 Sale 9518
0518
2
Marion Steam Shove a f 613_1947 A 0 86
89
1
87
87
Mire 'Fr Co etre of panic In
A I Namm A Bon lot 611_1943 J D 9512 96
9518
98
3
Market St Ry 70 ser A April 1940 Q J 9112 Sale 8938
93
214
Meridional El let 7s
1957 A 0 99 Sale 97
99
35
Metr Ed let & ref 55 set C_ _ _1953 J J 10012 __ 10012 10012 12
Metr West Side El(Chic) 49..1938 F A 7214 82
72
7212
4
Wag MIll Mach 75 with war_1958 J D 92
97
93 July'29 ____
Without warrants
g D 85
89
85
8478
15
Midvale Steel &0cony of 50.1936 M S 9812 Salo 984
9912 63
8.111w El Ry dr Lt ref & eat 4340'31 1 I 9734 98 9734
9814
7
General A ref 55 series A__1951 i 0 99 10034 10114 Aug'29 ____
lot & ref be series B
1961 J D 98 Sale 97
86
98
Montana Power lot 58 A _ _ _ _1943 I 2 10118 Sale 10018 1014
19
Deb bs series A
19823 D 0612 Sale 9618
97
18
Montecatini Min & Agile-Bob 7e with warrants__ _ _1937 1 J 10434 Sale 10434 10514 14
Without warrants
.1 J 9438 95 9418
96 • 60
Montreal Tram lat & ref 56_1941 .1 J 93 Sale 93
93
1
Gen &ref 8 1 68 series A__1955 A 0 90
93
95 .June'29 ---Series B
1955 A 0 90
93
9312 Sept'29 ____
Morris & Co 1st a f 440_1939 J .2 80
81
79
80
20
Mortgage-Bond Co 4s set 2_ _1988 A 0 73
90
75 Aug'29 ____
10-25-year 50 series 3
1932 3 J 9512 071 9512
9512
6
Murray Body lot 6340
1834.2 0
_ 9758 9738 Sept'29 ____
Mutual Fuel Gas 1st gu g 08_1947 51 N 101
____ 10018 10018
2
Mut Un Tel gtd 65 ext at 5% 1941 MN
98
98
11
Narnm (A I) & Son-See Mfrs Tr
Nassau Elee guar gold 4n...1951 1 I 51 Sale 51
51
5
Nat Acme let e ills
1042.2 D 102 Sale 102
102
6
Nat Dairy Prod deb 5sie__ _1948 F A 9534 Sale 9534
9612 151
Nat Radiator deb 6348
1947 F A 39
40
3934
40
13
Nat Starch 20-year deb 58_ _ _1930 J J 9658 100
98
9814
3
National Tube 1st a f 5s_ _ _ _1952 M N 10412 Sale 10412 10458
5
Newark Conaol Gas cons 55_1948 J D 10014 ---- 10014 10014
1
New England Tel A Tel bs A 1952 J D 10258 Sale 102
10258 16
beta 43488er:0813
1951 al N 9634 Sale 9612
97
10
New On Pub Serv let 55 A.1952 A 0 82 Sale 8158
8258 15
First & ref 5s series s_ _ _ _1955 J la 8012 sale 7912
8278 30
N Y Dock 50-year lot g 40_1951 F A 7912 Sale 7912
8014 14
Serial5% notes
1938 A 0 78 Sale 77
7812 29
NY Edison 1st & ref 640 A_1941 A 0 111 11112 11012 11114 26
lot lien & ref ba serlea II_ __1944 A 0 10112 102 110122 102
11
NY Gas El Lt 11 A Pr g ba._1948 J D 10258 Sale 10258 10312 17
Purchase money gold 414._19411 F A 9018 9112 904
9012 16
NY L E & W Dock & Imp be 1943 I 3 9718 101 I 9712 Sept'29 --__
N Y A Q El I. A P lot g 60_1930 F A 99 100 I 99
99
1
NY Rya 1st RE & ref 40_1942 3 3 40
54
Jan 29 --__
06
Certificates of deposit
40
5614 Mar'29 --__
/10-year ad) Inc 50_ __Jan 1942 A 0 ____
978 1 Aug'29 _-_Certificates of deposit..............
2
1 July'29 ____
- - __ _ _
N Y Rye Corn Inc 6a_..-Jari 1965 -Ain
812 10
812
9
12
Prior Ilen 68 sluice A
1965 J J 75
7512 75
221
75
NY & Itichm Gas lot 60 A _ _1951 M N 10312 _--- 10312 10312 20
N Y State Rye 1st cons 4;0_1962 M N 254 Sale 2558
l2f
26
let cons 648 eerier, 13
1962 SIN 2978 __-- 29
30
2
N Y Steam lst 20-yr 6sser A 1947 MN 10412 10612 10412 105
7
NY Telep let A gen a 1430_1939 51 N 9734 Sale 9758
98
80
80-year deben of Os_ _ Feb 1949 F A 10934 Sale 10934 11038 20
20-year refunding gold 6s-1941 A 0 10512 Sale 10512 106
57
N Y Trap Rock lot Os
1946.2 D
_ 9514 95
9512 11
Niagara Falls Power let 140_1932 J J 100 Sale 9978 100
19
Ref & gen fle
Jan 1932 A 0 101 Sale 101
101
6
Nlag Lock A 0 pr 1st 58 A.1951 A 0 10012 101 10W4
10014
1
Norddeuteche Lloyd (Bremen)20-year a 163
1947 MN 8634 Sale 8614
8678 45
Nor Amer Cem deb 6340 A_ _1940 M S 57 Sale 57
60
11
No Am Edison deb baser A._1917 M 13 9834 9914 99
9912 15
Bob 534eser 13_ _ _ _Aug 15 5983 F A 9912 Sale 9938 10014 65
Nor Ohio Trac A Light 68___1947 M 13 97 Sale 9612
97
19
Nor States Pow 26-yr ba A_ _1941 A 0 98 Sale 9734
9834 06
lot & ref 5-yr Os series H__1941 A 0 10412 sale 104
10514
11
North W T Ist fd g 454s gtri_1934 J J 9478,98 914 Sept'29 _ _ _
Norprog Hydro-El Nit 5448_1957 M N 8634'Sale
8712
09
Ohio Public Service 734s A..1046 A 0 11014 Sale 11014 11012
2
lot A ref 7s Berlee 13
1947 F A 10912 sale 10914 10912
8
Ohio River Edleou let 60
1948 3 .1 104 sale 104
10412 21
Old Ben Coal 1st 65
1944 F A 8312 84
84
84
1
Ontario Power N F 1st 58_ _1943 F A _ _ 9878 9812
9812
2
Ontario Transralasiou 1st 58_1945 M N 6i Sale 98
98
1
Oriental Bevel guar Cs
1953 M 8 94 Sale 94
95
19
Extl deb 5345 int ctfe
1958 M N 86 Sale 85
8512 78
Oslo Gas & El Wks exit 50..1983 M 8 8634 Sale 8634
87
2
Otis Steel 1st NI Os set A_ _ _ _1941 al 8 10114 Sale 1014 10178 08
Pacific Gas A El gen & ref 55 1942 J J 100 sale 9912 10014 119
Par Pow A Lt 151 de ref 20-yr 58'30 F A, 9712 Sale 9712
0878 26
Pacific Tel & Te lotllk]
1937 1 .1; 10012 Sale 10018 1014
9
Ref mtge be Bedell A
1952 M N 10112 Sale 10138 102
35
Pan-Amer p A T cony c 1 68_1934 M N 106 sale 108
10612 26
lot lien cony 10-yr 70
1930 1, A 10412 105 10434 10434
1
Pan-Am Pet Co(of Cal)nOBV 68'40 J 0 944 Sale 9234
9412 40
Paramount-B'way let 548 _1951 3 I 9712 983 9712 100
24
9814 30
Paramount-F`am'e-Lasky 6019473 D 97 Sale 97
Park-Lox lot leasehold 630-1053 3 3
85 Sale 85
6
85
Pat Sc Passaic CI A El cons 55 1949 M 8 9812
99l June'29
100
--__
Pathe Exch deb 713 with wart 1937 al N 65
68
68
70
13
Penn-Dixie Cement 60 A_ _ _ _1941 m 8 684 Sale 684
7018 25
Peep Gas A C lot cons g 68_1943 A 0 11014 111 11014 11014
1
Refunding gold ba
1947 M S 10058 1011 1011z 11a134
2
Co sec bs mor A_1067 3 D 9612 Sale 9618
!bile Elm Co lot 434s
1967 M N 97 Sale 90
9714 21
Phila & Reading0& I ref 50_1973 J J 83 Sale 8214
83
13
Cony deb Os
1949M 13 110 Sale 109
11512 726
Phillips Petrol deb 5140
1939 .3 D 8634 Sale 8612
8834 149
Pierce-Arrow Mot Car deb 881943 M 8 --------10558 Sept'29
Pierce 011 deb of 88_ _Dec 15 1931 3 0
5 2 sale 10512 10512
4
Pillsbury Fl Mills 20-Yr 68-1943 A 0 10312 1017 103
105
26
Pirelli Co(Italy) cony 76-1952 M N 12934 13514 13434 140
15
Pocah Con Collieries lets f 581957 ./ J 9412 ___ 9412
9412
3
Port Arthur Can & Dk Os 5.1953 F A 10234 1-041 103
10312
2
let M Os aeries B
1953 F A 10214 Sale 10218 103
5
Portland Eleo Pow 1E46811_1947 at N 974 Sale 97
9812 23
Portland Gen Elec let bw__ _ _1935 3 2 03
971 924
9212
I
Portland Ry let A ref bit_ _ _ _1930 M N 9678 977 9634
9634
3
Portland By LAP let ref 06_1042 F A 9634 974 9658
97
52
1st lien & ref 8 series B___1947 al N 97
9724 9758
974
2
lat lien & ref 7348 series A.1946 MN 105 1061 105
105
1
Porto Rican Am Tob cony Os 19423 .1 9178 Sale 9034
9234 55
Postal Teleg A Cable coil 58_1953 J .1 9034 Sale 90
91
42
Pressed Steel Car cony g 5s__1933 J J 80 Sale 80
8418 10
Prod A Ref of llo (with war)_1931 J D ____ ____ Ill Mar'29 ____
Without warrants attached__ J D --------108 Sept'29 ____
Pub eery Corp N J deb 440_1948 F A
_
__
1
Pub Berl,El & Gas 1st & ref 513'65 J D 1-02- Sale 1014 10134
4
let A ref 4%o
1967 I D 964 964 08
964 13
Punta Alegre Sugar deb 75._1937 J 1 74 Sale 74
76
6
Pure 011e f 534% notes
1937 F A 9758 Sale 9718
9758 03
Purity !Interims f deb 58_ _1948 J .1 Otis Sale 91
9113 17
Remington Arms fla
1937 M N 9358 Sale 934
9434
2
Rem Rand deb 5340 with war '47 M N 9612 Sale 9412
9834 365
Repubbo Brass 60
July 1948 M S 101 Sale 101
102
2
ReDub I A S 10-30-yr bs a 1_1940 A 0 10012 10034 10038 10038
5
Ref & gen 5548 series A___1953 J J 10212 Sale 102
10212 17
maaciphia
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 4.
..
€...g
•!..1"E'
..1.; 2.1
2205
Price
Friday
Oct. 4,
West's
Range or
Last Sa1e.
4 •
g -13
i.ci
Basile
Since
Jan. 1.
Low
92
80
5218
5834
9312
87
Mal
Ilist
Ask Low
HUB No. Low
High
9938 Relnelbe Union 7s with war_1948 2 .210058 Sale 10078 101
15
0
99
1 10
004
6
10012
Without stk porch war_ __1946 J J 92 Sale 91
g
9218
68
Rhine-Main-Danube 70 A _ _ _1950 M S 9812 Sale 9812
99
3
9712 103
604 Rhine-Westphalla Elec Pow 7M0
5 /4 N 100 10012 100
13
18
00
5 18
03
10012
2%
10412
Direct mtge Os
N 8612 Sale 8512
8638 20
8512 934
0912
Cons m 6s of '28 with war.1953 F A 89 Sale 89
004 43
Without warrants
8312 Sale 8312
9412 105
Richfield Oil of Calif 63_ _ _1944 MN 9834 Sale 98
1
99
85 423
9
118
312 10
89
21142
1955 F A 92 Sale 9112
80
9758 Rims Steel let of 78
92
2
01
96
93
99
Rochester Gas & El 7e act B.1946 M 8
10612 10612
6 1044 1111
9812 103
Gen mtge 5345 series C ___1948 M S 12112
2 1V5e34 0478 Sept'29 --__ 10312 107
72
Gen mtge 4 iis aeries D___1977 M S 93
8014
98
9978 Apr'29 ____
9212 9838 Roth &Pitts C & 1 p m 5s._1948 M N 00
_ _ 90 Sept'29 ____
9090
95's 10018
84
944 St Jos Ry Lt A Pr 1st be_ _ _ _1937 Si N 9378 9-4-12 9378
9312 984
9378
5
96 10018 St Joseph Stk Yds lot 448_1930 J
_ 99 Feb'29 --__
1.9
99
9712 9958 St L Rock Mt dr P56 stnspd_1955 J JJ
iis --6213 6112
62
7
8112 77
98 103
St Paul City Cable cons 56_ _1937 J J_ 0678 92. June'29 ____
94
92
9638 10158 San Antonio Pub Seri, let 68_1952 J J .
15118 103
9978 102
9978 10712
37
9312
3
Saxon Pub Wks(Germany) 70'45 F A 9312 Sale 9212
90 104
9212 10010
0818 101
1951 MN 8518 Sale 8258
Gen ref guar 64s
8518 24
8338 9434
1940 I J 80
Schuico Co guar 640
81
80
SO
2
80 101
B8
104 127
Guar s f 634s aeries
0
1946 A 0 80 Sale 80
80
16
101
93
994 Sharon Steel Hoop 8 i 548_ 1948 MN 97 Sale 97
9712 29
94
912 19
07
534
91
9938 Shell Pipe Line of deb 6/3-1952 51 N 9158 Sale 914
914 97
9212 60
934 9584 Shell Union Oils 1 deb 58.-1947 M N 9234 Sale 9212
9214 9878
9312 58
9312 984 Shluyetsu El Pow let 848_ _1952 J 0 8638 Sale 9334
8
8312 94
964
7712 8812 Shubert Theatre 6s_June 15 1042 J D 70 Sale 7
18
75
6258 9112
75
8112 Siemens A Betake of 7s
103
1935 2 I 101 Sale 101
9
95
9712
104
Bob a f 6 340
1951 M S 104 Sale 102
35 10012 108
9738 102
Sierra dz San Fran Power 06_1949 F A 9418 9438 9434
95
5
9414 101
9912 104
Silesla Elec Corps f 6340___ _1946 F A ____ 80
7858
754 SI)
2
7858
98
Silesian-Am Exp coll tr 70_ _ _1941 F A 94 Sale 94
98
94 I 12
94
99
Slums Petrol 6% notes
1929 M N 100 10012 100 Sept'29 ____
99 100
50
64
Sinclair Cons Oil 15-year 7s_1937 M S 101 Sale 101
10112 48 10034 10311
101 10214
let lien coll Os series D____1030 M S 9834 Sale 9812
53
99
98 100
9311 9778
1st lien 6 As series D
1938 J D 9912 Sale 9914
9934 72
9778 1014
3934 8214 SIncalir Crude Oil 54sser A_19382 J 9414 Sale 94
9512 56
9234 9734
98
9912 Sinclair Pipe Line 0 f Ss
9234 93
9234
93 , 18
02
95
99 10458 Skelly Oil deb 534s
8 8012 Sale 8912
90
26
8912 9518
99 10312 , Smith (A 0)Corp lot 640_ _1933 NI N 10112 Sale 10112 10112
3
994 1024
10178 107
South Porto Rico Sugar 78..1941 J D 100 10458 10434 10434
8 101 107
96 10014 South Bell Tel & Tel 10E91681941 J .1 101 10112 101
10112
7
9978 10414
81
9634 Southern Colo Power Cs A_1947 J J 101 sale looks 101
13 100 10413
7912 864 Sweet Bell Tel 1st A ref 55.1954 F A 10114 Sale 10114 102
28 101 10514
79
8734 Spring Val Water lot g 5a---194318 N 9758 102
98 Sept'29 ____
9612 1014
77
90
Standard Milling let be
1930 MN 98 Sale 98
98
8
11012 11534
lot & ref 540
1946 M S 10134 Sale 101
10134
8
101 105
Stand 011 01 NJ deb be Dec lb '46 F A 100 Sale 100
10058 103 19
23
2538
0
957231
0 10
10258 10712 Stand 01101 N Y deb 4345...1951 J D 9334 Sale 93
94
61
9212 98
90
94
Stevens Hotel let es series A-1045 .1 J 90 Sale 8978
90
20
894 100
9718 9108 Sugar Estates (Oriente) 78_1942 M S 72
7512
73
75
8
85
98
98 10018 Syracuse Lighting let g 55_1951 J D 103 10412 102 Sept'29 _-__ 102 107
58
56
Tenn Coal Iron & RR gen 56.1951 J .1 100 __-_ 10014 Sept'29 __
10014 1054
66
58
Tenn Cop & Chem deb 13e A _1941 A 0_
_ _ 10458 Sept'29 ____ 102 115
1
258
Cony deb 6a ser B
1944 M S ioe, Sale 99
61
100
10
10
7
1
3
Tennessee Elec Pow lot 69_1947 g D 10378 Sale 103
10414 36 102
9912
714 2412 Third Ave 1st ref 48
1960 J .I 5324 Sale 5334
16
54
60
66
7212 87
Adj Inc be tax-ex N Y Jan 1980 A 0 3334 Sale 3334
36
30
SA 644
10114 106
Third Ave Ry 1st g 513
1937.2 J 91
9112 Sept'29 _-_,
94
iki
9714
TotioElec Pow lot 7s
1955 M S 9812 Sale 9818
2512 54
9812 26
9512 994
27
70
6% gold notes____July lb 1929 J J ____ ____ 9638 July'29 _ _ __
9618 10012
103 108
8% gold notes
9534 87
9512 Sale 9512
9514 964
93 101
Tokyo Eiec Light Co. Ltd-1932 j i
10934 1114
let 68 dollar series
19533 D 88 Sale 8734
8838 95
88
9112
9913 25
11)434 10812 Toledo Tr LAP 534% notes; 1930 J .1 9912 Sale 994
9812 10012
95 161
Transcont 0118345 with war 19383 J 9912 Sale 9812 101
118
98 10434
9958 103
Without warrants
9934 100
92 Sept'29 ____
91
9212
10014 10318 Trenton GA El 1st g be_ _ _ _1949 M 8 985
__ 9858 Sept'29 ____
98 10011
99 10418 Truas-Traer Coal cony 6340_1943 51 N 9014
8-95
9214
9214
5
90 10311
Trumbull Steel 1st a 1 6s _ _ _ _1940 M N 10214 Sale 10158 10212 39 101 10318
8614 94
Twenty-third St Ry ref 60_1962 J J ____ 11978 57 June'29 ___
57
62
51
80
Tyrol Hydro-Elec Pow 748_1955 M N 9414 Sale 9212
95
7
9111 9911
0812 102
Guar sec a f 78
--------87
8712
5
87
9212
99 10178 Ujigawa El Pow 8 f 70
s 98
5 rd t
;
1 2
99 9734
9812 29
95 100
9612 104 TjoionEle
,4,
2,
E4
,
2 m058_ 03 M
___ 99 9812
99
9
9812 101
974 10134
58N 98
Ref& int
99
9738
9712 29
9738 10138
104 10812 Un E LAP(Ill) Isle 5340ser A1'
_95
3 17 J 10018 Sale 10018 101
20 10018 104
9158 10534 Union Elev Ry (Chic) 5s...1045 A 0 ____ 7734 81 June'29 _-__
81
874
8512 9212 Union Oil lot lien a f ba
1931 J J 10018 - - 9934 Aug'29 ____
98 1014
10914 11312
30-yr 80 series A__ _May 19421 F A 105 gale 105
10612 22 10434 10914
10914 11512
let lien s f bs series C_ Feb 1935 A 0 9018 97
97
97
14
94 10158
102 1074 United Biscuit of Am deb 00_1942 M P4 96
98 9612
97
7
9412 10012
8218 alUnited Drug 25-yr 58
11153 M El 9114 Sale 9012
9112 83
90
9714
9812 10278 United Rya St L 1st g 413. _1934 J J 7412 Sale 7412
76
51
7412 8411
97 103
United SS Co 15-yr 130
1937 kil N 98
9612
99
9612
6
90 100
90
9778 Un Steel Works Corp 8348 A_1951 J D 83 Sale 8012
83
66
8 02 9012
83
90
Series C
1951 1 D 8212 Sale 8218
83
10
81
904
85
9314 United Steel Wks of Burbach
!
100 10312
Esch-Dudelange of 7s_ __ _1951 A 0 10238 Sale 10238 10312
6 10018 108
99 10212 US Rubber let A ref 6s ger A 19473 .1 8634 Sale 8514
87
79
84
9234
9711 10012
10-yr 74% secured notea_1930 F A 9938 Sale 0912
994 46
9912 10238
9912 10314 U 8 Steel Corp(Coupon Ayr 1963 MN 10958 Sale 10912 1094 314 107 10934
101 10558
of 10-60-yr belRegle_Apr 1963 MN --------10834 109
4 10834 109
10212 11014 Universal Pipe A Bad deb Os 1936 J D 7514 7978 7534
7534
1
7534 90
10258 105
Unterelbe Pr A Lt (39
1053 A 0 75
80
77
77
19, 77
01
92
9812 Utah Lt A Trac 1st A ref 50_ _1944 A 0 8934 Sale 8934
91
19 89964
9714 103
Utah Power dr_ Lt 1st 52
1944 F A 98 Sale 97
98 _ __
21
O
m
9658 10034 Ultra Elan L dr P lat s f g 58_1950 .1 J 103
_--- 102 Sept'29
82
9612 Ultra Gas & Elec ref & ext. bs 1957 J 1 102 Sale 10112 102
12 10112 107
9912 105
utilities Power & Light 540_1947 J D 8812 Sale 8812
9012 28
8812 98
58
84
Vertientes Sugar lot ref 78_ _1942 J D 72 Sale 72
7512 10
68
97/
1
4
6878 9714 Victor Fuel lets f bs
1953 3 1 25
3478 2518 Sept'29 _-__
2518 40
110 113
Va Iron Coal & Coke let gba 1949 M 8 ____ 70 69 Sept'29
1054 Va Ry & Pow let & ref 5s_ _1934 J J 99 Sale 99
4 -23
Walworth deb 63.4s (with war)'35 A 0 100 Sale 100
00
10212 23
8712 104
9518 10012
Without warrants
85
8434
85
10
8434 8712
81
94
lot stnk fund (is series A_ _ _1945 A 0 85 Sale 8338
85
8312 93
22
9114 11814 Warner Sugar Refin 1st 7e__1941 J D 10112 Sale 10118
10112 15
9578 10711
8612 94
Warner Sugar Corp lot 7a___1939 J 2 61
68 6012
6118
7
594 854
10512 10934 Warner-Quinlan deb 130
9914
1939 M S 95 Sale 95
9514 31
94
10518 107
Wash Water Power of bs_ _ _ _1939 .1 1 9812 ____ 9912
1
9912
9834 1024
101 106
Westches Ltg g ba atnapd gtd 19503 D 10014 103 10018 101
10
1004
1054
119 16412 West Penn Power ser A 50_1948 M 13 10012 Sale 100
101
18
9934 104
9412 95
1963 al 13 102
____ 101
101
6 100 105
100 10534
ssersie
erslea
let 5
EF
584
1953 A 0 10234 Sale 10234 104
18
101 10511
10112 10558
1st sec be aeries CI
1956 J D 102 Sale 100
102
55 100 10418
97 10314 West Va C AC 1st 60
19501 J
1314 17
1314
1314
2
134 3314
9212 102
Western Electric deb be_ _ _1944 A 0 10114 Sale 10012 102
71 10012 10334
9b58 99
Western Union colt tr cur 56_1938 J J 10012 Sale 101
10234
5 100 10434
9512 100
Fund dr rep' it g 43414.--1950 MN 96 Sale 9514
98
3
95
994
10
93
84 10,71
02122
15-year 63ig
1930 I
, A 10814 Sale 10814 109
25 10614 111
25-year gold ba
19513 D 10012 Sale 10014 101
40
903
4
1033
8
89 107
westphalla Un El Pow Os_ _1953 1 .1 79 Sale 7812
791
46
7812 90
89
95
Wheeling Steel Corp lot 5340 1948 J J 99 Sale 9812
99
48
98 102
80
99
let & ref 434s series B _ _ _ _1953 A 0 8514 Sale 8518
851
36
8412 8714
111 111
White Eagle Oil& Ref deb 540'37
106 11218
With stock purch warrants_ _ _ _ M 8 10138 Sale 10138 102
22
98 1054
at Mis White Sew Mach 60 (with warr38 1 J
99
98 130
Without warrants
85 12 gelt
t:21is
)
9 -----_-_
9911:
178 100
80
7
9534 9978
Partin of deb Cs
N 8218 Sale 8178
82
74
88
Wickwire Spen St'l lot 7s_
J 40 Sale 40
40
2
40
61
9634 10014
Ctf deo Chase Nat Bank _____ - __ ____ 40
40
41
8
394 47
894 95
Wickwire Sp WI Co 7s_Jan 1936 M N 3812 Sale 3812
40
9
3812 6034
9358 101
Cu dep Chase Nat Bank _____ ___ _ 3812 4_2_ 43
58
,212 42
38
3812
48
914 9834
Ctrs den Chase Nat Bk stpd_ _ _
Aug'29 _ _
4114 40
101 10358 Willye-Overland a f 048_1933 ii-I io0T2 gale 100
10012 10 100 1024
100 1034 Wilson & Co let 25-yr a f 65...1941 A 0 99 Sale 984
99
43
98 10313
9913 104
Winchester Repeat Arms 740'41 A 0 10612 Sale 10614
10612 16 10614 108
Youngstown Sheet &Tube M 1975 2 3 9954 Sale 9914
100
125
9914 101 ...
IgN A 0
a
l
tiN 1,9)23:
1
S3,, 1g21
_It r
[VoL. 129.
FINANCIAL CHRONICLE
2206
Outside Stock Exchanges
Aug
Sept
Oct
Jan
July
July
Mar
Sept
Jae
Apr
May
Aug
Aug
Sept
Jan
Jan
Mar
Sept
Jan
Aug
Oct
May
Sept
Sept,
Oct
July
Sept
Mar
Oct
Aug
Jan
Jan
May
Sept
Feb
16
Sept
20
Apr
10034 June
12
Jan
Jan
39
Oct
42
29
Aug
Jan
110
18
May
3634 Sept
9334 Sept
July
25
20 June
21
Oct
40
Oct
43
May
Oct
7
9024 Apr
1034 Apr
10
July
125 June
Mar
78
11
June
10031 Feb
224 June
4
May
2215 Apr
3415 Feb
91
Sept
89
July
9615 Oct
140
Apr
934 Oct
4
Sept
20
3324
14215
2515
60
47
3524
130
3934
5215
108
3334
2415
2814
10234
59
12
9324
22
13
201
85
18
11214
534
9
3615
4415
100
9834
10414
175
1924
3514
Jan
Jan
Aug
Sept
Sept
Jan
Feb
Sept
Sent
Jan
Feb
Jan
July
Sent
Feb
Sept
Aug
Feb
Sept
Jan
Sept
Aug
June
Mar
Jan
Sept
Aug
Apr
Apr
Jan
Jan
Sept
May
Jan
June
Sept
Aug
Sept
Apr
Sept
Aug
June
July
June
July
Apr
Oct
Jan
Oct
May
Mar
Aug
Aug
Sept
Aug
June
Sept
Oct
Oct
Sept
2724
3715
110
1815
2
49
21
35
37
'200
14535
85
1724
2424
105
5624
6531
2234
7434
315
87
8124
4134
3315
5215
38
Apr
Sept
Sept
Mar
July
Sept
Aug
Sept
Jan
Sept
Sept
Sept
Feb
Feb
Aug
Aug
July
Sept
Sept
Sept
Jan
Jan
Apr
Oct
July
Sept
May
3834
Jan 155
Apr
931
Feb 83
June 9534
Sept
Aug
Jan
Sept
Jan
3234
3715
107
1714
131
4414
21
2811
3634
175
137
80
625
21
100
4414
5434
21
7234
334
73
31
39
3316
40
3515
28
3415
102
1615
134
4015
21
2014
2715
108
124
7024
5
1024
9515
2934
25
21
6534
234
60
3624
3824
3234
35
35
3434
139
3
7815
8234
23
100
2
66
7834
Bonds-80
kmoskeag Mfg
__1948 80
78
3reda Co (Ernesto)78
6a.- 1954
int & Hung BkLtd734s'62
9534
-Me Jet Ry U 43 Y 5e.1940
9735
tarn Mass Street RR
5034
4%s serle8 A
1948
60
58 series B
1948 62
Fox Metro Playhouses inc
9811
1932
61589915
;'oxNewEngThea6 As 1943
96
lood Rubber 7s
1936 96
10734
nt Hydro-Elee Syst 6e1944 104
85
sareollydroElecCo7s 1952
78
(arstadt(RIM) Inc 65 1943 78
96
dass Gas Co 4158.__.1931
9915
993.6
dim River Power 5s_ _1951
983-4
'few Engl Tel & Tel 5s 1932
,C Poen Co 70 deb_ _1935
107
70
tuhr Chemical Corp as '48
9974
!wilt & Co 58
1944
Xlmataarn Teal .... T.1 Ita•
11110
CIO Va
• No par value
<Aral;
.tmtE
35,000
81
15,000
78
9515
1,000
5,000
9815
5134 12,000
5,000
62
100
100
9634
10814
85
80
9915
9915
9914
107
70
100
WI
6,000
3,000
9,000
35,000
2,0)0
27.000
13.000
6,000
24,000
2.000
1.000
2,000
4 00 1
50c
2
53.4
6034
3224
5
411
136
66
10534
85
721
3%
234
800
1
6434
65e
67
825
515
1934
22
50
46
55e
634
224
3
Mar
Feb
Jan
Mal
Mat
Mar
Sept
Mar
Mu
Jan
Mao
Mar
Mar
Jan
Jan
Mao
Sept
Mao
Apr
Ma/
Jan
Jan
Mar
Feb
Mao
Mar
MU
MM
Sept
00
Jan
9624 Feb
97
Jan
10034 Jan
g4g4.
,
:74
334
12234
6%
75
1514
2934
50
31034
24
10615
107
29 .,
54
4134
94
8834
120
78
4725
2015
1515
8
5511
83
9411
1273,5
50
10215
59
440
4924
6124
1911
83
1715
;14.:Y.4%taV,'V.g..-ilkg,
Aug
Jan
Sept
Sept
Jan
July
Mar
Jan
July
Sept
Jan
Oct
Oct
Oct
Oct
June
Aug
Oct
Oct
Apr
Oct
Feb
Aug
Oct
Aug
Jan
Apr
Mar
Jan
Jan
Oct
Sept
Oct
Oct
June
Aug
Jan
Mar
June
July
MIg
31
71
5
6734
2%
15
45
193
15
9134
100.5
1634
4234
36
80
554
8914
65
3034
16
15
4
3234
77
92
99
45
97
22%
280
3435
20
835
7215
1015
100
1,000
2,790
301
2,256
215
100
100
505
25
893
20
50
500
50
300
323
800
22s
6,057
200
1,300
3,171
1,755
250
65
5,020
1,185
200
High.
200
52
53
3835
1434
(34
80
g;:leg.71.1g;:F.°P4g
Feb
July
Sept
Sept
Jan
Aug
Feb
Feb
Jan
Jan
Jan
Aug
Aug
Feb
Feb
Feb
Aug
Feb
Feb
30c
80c
125
42
2215
234
334
65c
50
105
2115
4
134
1%
25e
30e
5034
18c
65
511
215
8
1634
4135
3815
28e
52I
05c
1
X"
195
12015
9034
141
199
166
10715
27
72
72
5614
85
12814
115
134
13934
110
185
121
ElaineAdventure Cons Cop
25
30e
80c
treadlan Cons Mtn Ce_ _26
Vilma Commercial
5
125
124
40
Calumet & Hecht
26 40
Copper Range CO
2134
25 2115
gest Butte Copper Min.10
234
331
Hancock Consolidated_ _25
Helvetia
650
25 65c
Island Creek Coal
49
49
105
Preferred
100 105
20
'inle Royal Copper.
25 2014
geweenaw Copper
25
4
La Salle Copper Co __ _ _25
115
115
115
Mason Valley
5
25c
Mass Consolidated
25
25c
Mayflower dr Old Colony 25
vfohawk
25 57.54 573
New Dominion Copper- _ _. 15c
155
New River Co pref _._ _100
64
North Butte
415'
lb
434
236
3,11bway Mining
25
7%
714
lid Dominion CO
25
15
P C Pocahontas Co
• 1511
40
4ufncy
26 40
37
it Mary's Mineral Land_25 37
28c
1hannon
10
2%
Utah Apex 13/Mu
5
4
90c
Rtah Metal & Tunnel,_ _ _1 90c
Victoria Copper Min Co.25
1
Low.
°XX
Sept
May
Apr
May
June
Sept
June
Sept
Sept
Oct
May
Jan
Mar
Apr
Oct
Apr
Mar
July
Apr
W0
W-44. .
M0.D...WW...0WWW
.1WW
0N.4W0000W4.0,00W..00NOW-4-4N0WW
0000.0WW0W000030000.W-400-400
3034
100 3115
Pacific Mills
3515
3634
Public Utility Holding corn
Ry & Light Sec Co corn__ ______ 105
1734
Reece But Hole MachCol0
134
Reece Folding Machine -10
See ineorp Eqty coin stk.. 4224 4215
21
Second Intl Sec Corp
25
25
Shawrnur A tern Con Stk._
3514
Sterling Sec Corp
17434
Stone & Webster Inc
136
10(1 137
Iltwift dc Co
75
Torrington Co
• 78
5
5
Tower Mfg
18
18
Traveler Shoe Co
9534
Trl Coot Allied Co Inc
4034
Tr-Continental COrP---51
Union Twist Drill
5 51
21
United Carr Fastener Corp 21
United Founders Corp-- 7034 67
Rights
311
315
68
United Shoe Mach Coro _25 69
31
Preferred
28 31
V 8 Brit In• S3 pfd allot etf
39
U S Elec Power Corp
3234 3231
35
35
US & lot Sec Corti pre
35
35
U S & Overseas Corp com
Utility Equities Conk
3114
Common
• 32
125
126
Preferred
Venezuela Holding Corp --------3
Venezuelan Mx Oil non, 10 7615
7634
82
Waltham Watch pfd___100
170
10434
71
112
168
163
99
16
57
57
42
(12
8215
105
115
120
7234
171
113
WWONW
WW000
Miscellaneous3115
3134 3234
Amer Equities Co cow_ _
117
111
Am Founders Corp cow itk 116
611
654 6%
Rights
6924 6934
..__ _ _
Amer.& Gen Sec Corp
10
1034
Amer Pneumatic Service 26 1031
2515 2634
26 2534
Preferred
4711 4734
100
1st preferred
10u 2583.4 28031 29534
Amer Tel & Tel
• 16
1534 1634
amoakeag Mfg Co
9115 94
IlIgelow-Hart1 Csrpet- •
100
10115 10134
Preferred
16.4 1815
Blue Ridge Corp
4211 4315
Preferred
3815
36
Boston Personal Prop Trust 36
82
81
80
brown & Co
5531 5934
Columbia Graph'n
s02
93
Continental Becuritiee Con/
65
72
65
Cons Shares ins corn
3035 3014 3211
Credit Alliance Coro el A
1634 17
17
Crown Cork & Intl Corp
15
1515
15
Detroit Aircraft Corp
5
4
4
10
East Boston Land
47
46
5011
East Gas & Fuel Assn com
------77
77
100
pre'
prior
415%
1011 9334 93
9434
6% cum pfd
110 11935
Eastern SS Lines Inc__ ..? 110
• 47
4615 47
Preferred
99
99
100
let prefened
59
Economy Grocery Stores. -------50
360 366
101 360
Edison Elea Ilium
3434 36
3434
Empl Group Assoc__
25
Galveston 110115 Elecpf 100 ------25
834 815
General Alloys Co ________ ____ -7215 81
73
General Capital Corp .
1015 1234
Georgian Inc(The) pf A20 1015
German Credit & Invest
18
16
Corp 25% 1st pref
20
2434
Gilchrist Co. •
12434
131
13315
Razor
Co
•
Gillette Safety
20
20
Greenfield Tap & Dle_ _ _25 20
4515 47
4515
Greif Bros Coop'ge class A
42
42
_
Hathaway Bakeries el
3015 32
3015
A_Hathaway Bakeries classB
125 128
Preferred
3015 33%
• 31
Hood Rubber
44
43
44
Hygrade Lampe°
99
99
Preferred
31
31
10
Insurance See Inc
Insuranshares Corp ci A _ _ _ _ _ -- 22% 2235
2534
21
Intermit Carriers Ltd corn. 21
6025
_... ____-- 40
International Corn
5734
Intl Hydro Eie• sV.tefli A ------50
9%
7
Jenkins Television corn......
7
92
92
Kidder Peab acorn) API 100 92
1535 17
16
Libby McNeill & Libby _lb
1011
10
25 1014
Loew's Theatres
181 191
Massachusetts Gas Co_100 190
77
76
101
76
Preferred
15
1534
1614
Mean Utilities Ass. coca
10234 103
Mergenthaler Linotype.100 103
325
10
3
231
National Leather
7
8
7
Nat! Service Co
25
5 ------24
Nelson Corp(Herm)
3915 41
New Eng Equity Corp.... 40
95
95
100 95
Preferred
89.24 9015
New Eng' Pub Service_ ...•
9625 98
New Engl Pub Sere pr pfd• _ _ _ _ - _
160 163
New Eng Tel & Tel_ _101 150
911 1035
_ _ _ _ -North Amer Aviation Inc
5
4
5
Nor Texas Elec let pf_ _100
Jan
Jan
Jan
May
Jan
Aug 101
Sept 116
Oct 108
55
581
15
195
275
X X ° "X X
173
10714
89
139
173
163
100
1615
60
57
43
7915
121
108
115
126
10234
175
116
Oct 182
as% Oct mg
87
100
86
188
51
50
38
10
X°
173
107
88
139
173
163
100
1611
60
57
43
7734
114
108
115
126
9715
175
116
16834
18534
50
50
36
8
X
170
70
8815
10234
8834
High.
Low.
Warren Bros
50 186
1st preferred
50 50
2nd preferred
50
Westfield Mfg Co corn__
36
0
Whittelsey Mfg Co A
Range Since Jan. 1.
XXX
16815
6835
88
100
86
Range Since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High Shares
4
Railroad100 170
Boston & Albany
100 70
Boston Elevated
100
Preferred
100 10134
let preferred
100 8611
2t1 preferred
Boston & Maine
Ser D 1st pf unstpd A00
Prior preferred stpd_100
Ser A let pfd stpd . _10..
SerB 1st pr stpd.____100
Boston-Providence ....100
Chic Jet Ry & US Y_ _100
Chic Jet Ry & US It p1_100
East Maas St Ry corn_ _100
100
1st preferred
100
Preferred B
100
Adjustment
100
Maine Central
NY NB & Hartford_ _100 114
North New Hampshire.100
Norwich Worcester pref100
Old Colony
100
511 98
Pennsylvania RR
Providence & Worcester100
Vermont & Mass
100
C.,
-4.
.00000
Ww0w.
.)ales
Frivay
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
NN
0
W.
IA
N.
00Co
WAN.014-,P 14.4a.00
..W
.1.-w0b414
=.
to
.0
0,0.40.WWW.-4N.C.N4,4WWW.0.03.WW00.WW.
0=0
WN. 0=4,
N
00W00004-000.0.00 04-0000
,0000.061000,
0.4,
00.403M00.0-4NON.0000,
0000,
400.0W-4WW.0
WOWWW.N0000000W0000
Stocks-
Exchange.
-Record
22-8&14=12Vg
of transactions at
the Boston Stock Exchange, Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists:
Boston. Stock
102
10634
99
10915
85
98
9915
102
10034
125
85
102
10031
Jan
Feb
Sept
Jan
Aug
Sept
Sept
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
z En d vidend
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Sept. 28 to Oct.4, both inclusive,
compiled from official sales lists:
Stocks-
aims
Frtaay
Last Week's Range for
1Veek.
of Prices.
Sale
Par. Price. Low. High. Sahres.
Abbott Laboratories oom_• 4034
teme Steel Co _ _ __AO 124
Adams (J D) Mfg com.-• 3534
Adams Royalty Co corn__• 15
Aadressograph lot corn_ _• 34
Ainsworth Mfg Corp com10 38
All-Amer Mohawk -A"....5 15
Allied Motor Ind Inc corn.* 41
NA
*
Preferred
tilled Products "A"
•
Altorfer Bros Co eon, pfd • 42
Amer Cm:maw Pow "A".• 30
Warrants
Am Eqult As.sur Co coot_ _5 _
Amer Equities Co corn- • 32
Hoy
'"se' ('A/ :seri, Laut
Am Pub Util Prior pref.100
Amer Radio & Tel St Coal.
9
American Service Co,core• 10
Am States Pub Ser A corn.* 29
art Metal Wks Inc Corn..' 34
/MOO Appar Ind Inc corn _• 47
ague investment Co_
•
Assoc Tel & Tel el A
•
Amon Tel OBI Co corn_ _ _• 36
Silas Stores Corp own _ _ _• 37
auburn Auto Co corn
• 370
Automat Wash Co cony pf•
Backstay Welt Co corn _ ...• 43
Balaban & Katz v t C. _25
klastian-Bleselng Co corn.' 51
Suter Laundries Inc a,.. 18
Beatrice Creamery com_50
Bendix Aviation com---_• 66
Oinks Mfg Co cl A cony pf• 2724
liurg-Warner Corp corn _10 573.4
Brach & Sons(E J)corn...' 2335
2
Bright S(& Elec class B__•
6
*
Class A
Brown Fence & Wire el A_• 21
• 153-4
Class "13"
Bruce Co E L common • 76
Bulova Watch Co corn_' 3615
$315 preferred
•
Bunte Bros common__ _10
Burnham Trading Corp6034
Allotment etre
Butler Brothers21) 2915
Canal Constr Co cony pt.*
10 65
Castle (AM)& Co
Cetlo 64fg ce Inc ewe ..• 52
CentraillIPubServ pref .._• 9635
Cent Pub Serv class A_ _• 57
•
Common
Central SW Era! Pre
•
Prior lien.
s 145
Common priga
536
Rights
Chain Belt Co corn
• 50
Chain Stores p10
s 3635
Chain Store Stock
Cherry Burrell Corp corn.•
Chic City & Con Ry pt pl.* 14
• 40%
Chicago Corp corn
riee•••Hui• ......0••••.• • 502/.
4034 41
124 126
36
35
15
15
3315 3531
44
38
16
15
4415
91
51
49
6011 6336
4215
41
2834 31
715
715
62
62
3135 3234
1013-4 103
96
96
836 10
1015
10
2824 29
39
34
47
45
6634 6734
5911 61
3515 4036
38
35
355 450
24
24
4115 43
77
77
5215
50
1911
18
11934 130
6315 74
2724 2834
6936
55
2335 2315
2
3
515
5
2024 2324
1534 18
80
75
3611 3811
4134 4215
28
25
603.4 631.1
31
29
17
15
65
65
56
62
9536 9635
5515 5715
74
74
99
9935
102 102
135 16035
511 634
50
50
19
193,1
3515 3614
46
4615
1611
14
3815 487-4
50
52
Range Since Jan. 1.
Low.
H(gh.
Mar
52
350 39
900 8334 Feu 146
41315
2,000 253,4 Aug
Sept
25
350 15
3315 Oct 3615
10,700
1,550 3434 Mar 5815
1,200 1254 Mar 39
3,820 293.4 Mar 5724
May 55
950 46
81
1,750 4934 Jan
June 53
450 36
May
3234
8,850 21
June
12
6
50
100 5234 Aug 62
9,250 3034 Sept 3311
450 9921 Jan 10336
100 9115 Mar 96
835 Oct 3724
1,950
911 Sept 16
2.05()
1,000 253,4 Aug 29
June 5724
5,300 31
900 414 Sept 581.1
650 4814 Aug 8115
1,450 5911 Oct 6234
June 52
19.700 26
June 7434
700 30
4,850 13111 Jan 510
Sept 40
100 24
300 3734 Sept 5234
May 88
350 69
4,150 85
Mar 62
600 15
Apr 26
Mar 130
2,350 78
28,500 6336 Oct 104
May 3724
2,050 27
Oct 152
64,150 55
550 2134 May 2924
2
Oct
750
18
5
Sept 26
900
2,800 19
Sept 3611
600 1534 Oct 87
Aug 8634
750 40
2,500 28 June 40
Aug 55
150 40
Sept 3434
350 25
22,800 6035
7,100 2534
300 15
200 65
3,000 4334
400 94
11,720 35
100 24
850 94
100 100
1,050 7024
3
3,050
200 4515
400 1854
500 353.4
200 46
1,400 14
109,150 18
24.750 44
Oct 6515
June 45
Oct 2115
Oct 7911
Mar 8634
Mar 98
Jan 5715
Jan 74
Jan 103
Jan 109
Mar 180
Sept
7
June 5931
July 2015
Oct 3634
Aug 5815
Oct 31
Feb 78
July 60
May
Aug
Feb
Jan
Sept
Aug
Jan
Feb
May
May
Jan
Aug
Aug
Oct
Aug
Aug
Sept
Mar
Feb
Jan
Feb
June
July
Sept
Aug
Feb
Sept
May
Jan
Jan
Aug
Jan
Oct
July
Jan
Jan
Jan
May
Jan
Jan
Jan
Aug
Sept
June
Mar
Sept
Jan
Jan
Jan
Feb
Jan
Oct
Oct
Aug
Aug
Aug
Sept
Jan
July
Oct
Jan
Mar
Aug
Aug
OCT. 5 1929.]
FINANCIAL CHRONICLE
Chic Elec Mfg Co el A_ •
7%
Chicago Flex Shaft corn 5
1735
Chic Investors Corp corn _• 38
364
Preferred
• 501f
49%
Chicago Rapid TransitPrior met A
100
9855
City Radio Stores corn_ •
33
Cities Service Co corn ___• 6014 60
Club Alum Uten Co . •
5
Commonwealth Edison_100 337% 335
Right
2914 28
Commonwith Util corn It.•
57
Community Tel Cocupart• 29
28)4
Com'ty \Vat Sell, corn.
164
1614
Consol Service Co ctf dep_ _
35
Construction Material__.* --22;5 21%
Preferred
• 41%
40
onnsurners Co common
9)1
914
Cent Chic Corp allot Ws.*
83
Continental Steel com_ •
42
Cord Corp
• 29)4
2935
Crane Co common
25
45
Curtis Lighting Inn com_ •
284
Curtis Mfg Co corn
5
2736
83n
Dayton Rubb Mfg A corn • 384
DeekerC&Co"A''com _ _ IGO
15
Dexter Co (The) com
•
Eddy Paper Corp (The)._•
El Household UM Corp_10 80
Mee Research 1 at, Inc. •
7%
Empire & F 6% pref_100
8% preferred
100
Emp Pub Service A. - •
Fabrics Fint)h Corp corn.*
Federated PublIcit's $2 pf.• 32
Federal Screw Wks
•
Fitz Sim &Con D&D corn*
F-rote Bros G & M Co
6 2235
Gardner Denver Co corn...*
General Box Corp corn__ •
Gan Candy Corp el A ____5
6
GenThertiFqCorp corn ___• 54
Gen Water Wks& El A
28
Gerlach Barklow corn
•
Gleaner Corn Hurry corn...• IIS
Godchaux Sug Inc "11" •
Golablatt Bros WO corn • 3215
Great Lakes Aircraft A__• 17
Great Lakes 13 & D. __100
Greif Bros Co-op"A"com •
Grigsby-Frunow Co com..• 61
GroundOriPDShoescom --• 434
Hall Printing Co corn __1(
30)5
Harnischfeger Corp corn__• 30%
Hart Carter (1.0.,nv 51 • 234
Hartford Times part pfd _ _•
Bibb Spencer & Bart com25
Hormel 0 & A
• 56
Houulaille-Hershey Corp A• 39
Class B
397-4
Hualmann Ligonier corn • 29)1
Inland MU Inc cl A
• 26
Insull Util Invest ine
• 100
Without warrants
•
2nd prof
100
Iron Fireman Mfg Co v5 n• 334
Jefferson Electric Co corn_
42%
Kalamaeco Stove nom_
9014
Hate Drug Co corn
• 60)6
Kellogg Switentrd corn _ lu
124
Ken-Raul Turtre&i.ir A com• 24
Kentucky UM Jr cum pfd50
Keyetone 41 & WI elln,
40
Keystone Wet Wks & El A• 4336
Kirsch Co cony prof
• 1914
La Salle Ext Unit,corn.. iii
2%
Lane liner corn VI e
• 1334
Cum preferred
• 21
Leath & Co common
• 15
Corn preferred
• 40
Lehman Corp(The co P tk' 111
Libby McNeill & Libby1635
Lincoln Printing emu__.• 23%
,
7% preferred
511 4315
' Lindero, 1.1ght Co corn _10
616
Lindsay Nunn Pub pref_ •
Lion 011 Ref r`o coin
26
Loudon Parking Co
• 544
Lynch Glass Mach Co_
21
McCord Mfg Co class A. •
Manhattan-Dearborn sum' 52
Mapes Cons Mfg Co
•
Marks Bros Thee pref___• 16
Material Service corn ___10 314
Meadow Mfg Co corn . •
5
Mer & Mfrs Sec cl A com _• 3I15
Mid-Cont Laund A
• 22)5
Midland United Co corn. _• 31
Midland Ut117% pr lien 100 100%
7% class A prof
100 98
6% prior lien
100
Middle West Tel Co com.• 27%
Middle West Utilities_ ___• 410
New
42%
Rights
56
Preferred
101 118%
$6 sum preferred
• 108%
$11 cum pr lieu pfd
Prior lien met
100 123%
Miller & Bert cony pfd_ _•
MO-Kan Pipe Line com_.• 32
otlIne Mfg corn
63
Mohawk Rubber Co corn_• 20
Monigban Mfg Corp"A" _•
Monroe Chemical Co corn •
Preferred
Monsanto Chem W new ..• 7455
Morgan Lithograph ecnn •
Morrell R: Co Inc(Ms. •
Muncie Gear class"A" •
Common
•
5%
MustegonMotSper conv&• 23
Naenmautipringtilled corn.
• 45
Nat Battery Co prof
Nat Flee Power A part_ _ .• 39
Nat Family Stores corn • 264
National Leather com_,..lim
215
Natl Republic Invest trust
604
Nat Secur Invest Co com.• 45
Certificates
• 104
Nat Standard corn
• 41
Nat Term Corp trait pfd.' 1636
Nat Un Radio Corp corn_• 28%
Nobblitt-Fiparke Iud oorn_• 57
North American Car corn.'
Rights
North Amer(1k El el A.• 2215
No Am Lt & Pr Co com • 70
NorthAmWatWks&El'A' • 23
N & S Am Corp A com__ • 31
100
735
650
1714
45% 17,300
541( 7.850
9815
33
6116
6
385
32
584
29
16%
3534
26
42
1034
93%
42
34
46
30
28
Low.
74
1715
3655
4934
50 9836
150 24
45,600 384
1,150
6
2.950 209
44,850 28
200 35
650 23)1
1,700 16%
150 35
1,700 2111
1,650 40
1,550
7
51,010 83
10
38
50,100 27
1.050 44
3,90
20
500 27
37
300
39
14
15
450
1915 19%
150
20
20
100
83
80
3,700
81.4 4,800
7)1
8616 86%
150
103% 103%
100
31
29
1,150
7
7
50
3016 32
550
64% 69
350
69
70
200
22
23)1 3,300
80
804
100
10
10
100
6
615
400
644 9,400
54
28
23
800
18
1,250
16
118 1294 2,450
34
200
35
1,500
324 34
5,050
17
21
225 225
72
4651 46%
150
5934 6934 333,600
434 46
1,350
4,500
284 34
304 324 3.150
2234 2535 3,600
42
42
50
514 5135
50
5635 4.650
55
3816 44
2,150
354 437-4
1.650
1,950
2935 3014
25% 264 3.700
68,200
97 100
89
88
450
9,000
99 10016
33
4,500
353-4
42
4415
1,150
97
89
3.200
60
624 2,450
1214 134 2.800
4,200
234 26
51% 52
650
3915 40
1,500
4316 434
350
19% 20
200
21.6
3%
700
124 1.5
1,150
21
2135
950
15
11114
650
4015
39
750
III
117
1.500
15% 174 9.100
1,400
224 2331
423-5 437-4
550
515 636
1,400
2815 30%
1.600
25
30
7,250
54
5416
500
21
21
600
41% 41%
51)
514 5214 62,700
3935 39%
50
200
29
600
3314
3
61i 4,800
3116 344 7,250
23
21
600
12,100
3035 35
100 101
166
98
99
125
50
9056 9016
27% 28
750
3.900
410 470
41% 494 382.025
55
68% 10,550
118 120
2,600
10854 109
1,750
300
108 110
122 124
650
43
30(
4434
31
3336 18,50
63
700
66
400
2315
20
50
24% 24%
150
18
IS
3615 37
200
49)
75
73
1.900
1811 20%
150
7315 744
35(1
11
10
5)5 64
900
23
1,150
24
58
100
58
45
4815
600
44% 4,600
39
24
800
25%
1,550
2% 3%
3.150
6454
60
10.850
45
51
103 111
3,150
1,800
43
41
650
15% 1611
4,500
32
27
2,400
56
59
500
47
474
54 5,450
2,200
23
21
3,550
70
70
750
23
23%
4.850
33
37
11
Range Since Jan. 1.
Aug
Sept
Oct
Oct
High.
15
Jan
1734 Sept
514 Aug
58
Aug
Apr 10015 Jan
May 36% Sept
Aug 614 Oct
Aug 344 Feb
Jan 449% Aus:
Oct 32
Sept
Jan 68
Sept
June 354 Feb
Oct
1614 Sept
Mar 38
Aug
Sept 38
Feb
July 65
Feb
Mar
1314 Jan
Oct 9715 Sept
July 4716 Sent
Aug 3715 Sept
Sept 48% Mar
Aug
30
Oct
Sept 37
Jan
344 Aug 44
Mar
14
Sept 27
Jan
16
June 2531 July
20
Sept 28
Jan
80
Jan 904 Sept
7
Mar 2215 Jac
8616 Sept 97
Jan
103% Oct 1104 Jan
May 37
24
July
7
Oct 3434 Jan
Jan 32
25
Oct
644 Oct 734 Aug
57
Aug 8334 Feb
21
May
324 July
May 80% July
64
July
S
10
July
6
June
10
May
31
Aug 66
Sept
2514 Sept 30
July
15h Aug
26
Feb
90
Mar 149
Aug
15% June 38
Sept
28
Mar
36
Jan
154 Mar
32
Jan
190
Apr 290
July
89)1 Feb 48
Sept
5535 Aug 6934 Sept
354 Feb 484 Sept
23
Mar 35(4 Jan
304 Oct 3314 Sept
22% Oct 344 Jab
42
Jan 45
Feb
50
Aug 58
Jan
334 Jan 5834 Sept
34
Mar 5114 Feb
30)1 Mar 59
Feb
25% July
301i July
2411 Aug 2634 Sept
30
Jan 1494 Aug
844 June 90
July
99
Sept 108
Aug
2434 Jan 38
Aug
40
May 59
Mar
89
Oct 131
Jan
28% June 65 Sept
104 Mar
1935 Jan
19
June 42
1. et
5035 Feb 5235 Mar
374 Sept68
Jan
4315 Oct45
Sept
194 Oct32
Jan
215 July
514 Jan
12
May
2935 Jan
18
14
kp
l)
Sj
faar
b
39
Oct46
Jan
111
Oct 13515 Sept
1074 May
2254 Sept
20
June 28
July
42
Jan 46
July
34 Jan
655 Oct
23
Aug
3135 Sept
23
Mar
38)1 May
404 Apr 60
Feb
20
Mar 30
Jan
324 Sept 4415 Jan
514 Oct 544 Aug
37
Mar 42
Jan
16
Sept 3314 Jan
28
July 424 Jan
3
Oct 2914 Feb
20 June 3614 Aug
21
Oct 354 Feb
2834 Sept 354 Sept
95
May 10615 Sept
90
Mar 1024 Sept
854 Mar 97
Sept
2755 Sept 2834 Sept
1574 May 570
Sept
4115 Oct 50
Sept
55
Oct 7015 Sept
116
June 202
Sept
08
Jan 194
Sept
90
Jan 194
Sept
119 June 212
Sept
43
Judy
52
Jan
2215 Jan 4214 May
48
Mar 75
July
20
Oct 66
Jan
24
Sept 35
Jan
15% July 264 Jan
3534 July
51
Jan
72
Sept 78% Sept
18n Sept 584 Jan
5831 Apr 8014 July
10
Sept 81
Jan
54 Sept 30
Jan
23
May 36)5 Jan
514 July
7834 Feb
40
Slay 64
Jan
27
Mar 6614 July
24
Oct 344 Jul,
215 Aug
5% Jan
60
Oct 7214 Sept
25
Feb 553j Sept
103
Oct 118
Sept
39
Mar 56
Pet
1415 May
20
Aug
27
Oct 4314 Sept
324 Mar 644 Sept
40
Mar 70
Jar
35 Sept
3-5 Sept
1815 June 26
Fel
Sent 90
67
Jul.
23
Oct 254 Sept
13
Oct 44
Aim
P/14
2207
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices
Stocks (Concluded) Par. Price. Low. High Shares
Nor th west Bancorp com _ 50 95
9315 9935
Northwest Eng Co corn. _• 27
2515 30
niverio Mfg Co 00M
• 40
44
37
Oshkosh Overall corn_
*
715 8)5
815
Convertible preferred_ •
20
20
Pac Pub Ser Coal"A"com• 29% 294 3036
Parker Pen (The)Cc corn 10 47
46
48
Penn Gas & Elec "A"com• 2016
2015 22
Peoples Light & Power A.
50
5014
Perfect Circle (The) Co_ •
5216 56
Pines Winterfront corn- -.5
65
78
Polymet Mfg new
3615
3614 33
Poor & Co cla.ss B
3315 35
Potter Co(The) own
•
36
35
Process Corp corn
• 2051
2014 25
Pub Seri,of Nor Ill corn.. 330
330 370
Common
100
3304 375
Rights
3716 3734 40%
Quaker Oats Co corn
•
315 320
Q-R-S De Vry corn
• 36
36
43
Rath Packing Co corn. 10
32
3215
,tnytheon Mfg Co _
• 57
64
57
Reliance Mfg Co corn___10 21
21
224
Hollln.sllos Mills cony 0.5 5516 54
553-6
Sore Gear & Toot com___• 41
38
4734
Ruud Mfg Co common_ _* 3635 364 38
aYerson & Son Inc corn...' 40
40
44
Sally Frocks. Inn. corn
•
31
30
Sangamo Electric Co _.__• 41
40
42
Seaboard Util Shares Corp*
13
1274 15
Sheffield Steel Corp com_• 72
71
73%
Signode Steel Strap corn_ _*
1615 1615
Preferred
30 264 264 264
Purchase warrants
13-1
114
So Colo Pow Cl A corn__ _25 29
29
3154
So'west Gas & El 7% pf 100
974 99
Standard Dredge cony p1.' 344 34
3514
Common
• 3435
34
35
Standard Pub Seri A
•
17
2015
SteinIte Radlo Co
• 1815
184 21%
Sterling Mot Tr pfd
30 28
28
28
Stone & Co (LI 0)corn
3435
36
36
Preferred
100
9614 9634
Super Maki Corn corn.. •
564 59%
Sutherland Pap Co corn _10
14
1431
Swift & Co
100 136
136 138
Swift International
32
15 32
3315
Tenn Prod Corp corn_
•
19
19
Time-O-St Controls "A"..• 32
32
34
TM-Utilities Corp corn_ •
58
58
volt Corp of Am pref __.• 23% 23
2515
United Dryaocks Inc corn *
13
13
United Gas Co corn
• 42
38
4835
On Repro Corp part pf A.' 2314 23;4 254
Gypsum
20 794 7915 84%
"8
• 174
U S Lines Inc prat
17% 18
r.6 Radio & Telev corn_ • 3515 35
3954
S Stores Corp pref .100
7134 72
Jtah Radio Products com• 20
1834 2316
• 46
fit & Ind Cern. Com
4515 53
COM" pref
• 43
48
544
Utilities Pow&LtCorpcIA • 47
53
47
Common
2916
2831 33
Van Sieklen Corp part A.• 29
27% 304
Viking Pump Co oom
•
16% 18
Preferred
• 27
28
27
Vogt Mfg Corp corn
29
29
• 28% 28
Vortex Nlfg
32
• 33
Class A
324 34
giabi Co corn
151( 1714
• 1534
Warchel Corp pref
• 294
2916 32
• 23
Common
23
25
Ward(Monte y)&CoelA._• _
- 133 135
Waukesha Motor Co corn • 185
185 190
Wayne Pump Co corn_
•
194 194
Preferred _ _ _
•
35
35%
Wieboldt Stores Inc
• 383-5
3734 41
Wextark Rad Sts line, come 61
60
6535
West Con Utli Inc A __ _ .•
221-6 2414
West Pow Lt.kTel lot pf A•
30
304
aillitm. 011-0-Matic Corn'
1634 1634
Winton Engine Co com
•
70
67
Wolverine Port Cement_10
5
5
Woodruff & Edw'ds part A*
18
21
ratee-Amer Mach part Pf• 23% 23% 25%
Yellow Cab Co Inc (Chic)• 2915 294 30%
Senitb Radio Corp corn_• 34
34
41
BondsChicago City fly 5s___1927
Certificates of deposit.
Chicago Rye 55 A____I927
1st 55
1927 79
Commonw Edison 5s B '54
Insull UCH Inv 55... _1949
Madison Mich Bldg 648'46
Memphis Nat Gas 6s ww'43
Met \Vest Side El 48 _1938
Pub Serv Co 515s_ __ _1962
1st 545 B
1964
Soil Nat Gas Corp Rs ..1944
• No par value. y Ex-rights.
Range Since Jan. 1.
Low.
4,450 9354
1,450 2515
1,450 2015
150
7
50 18
1,500 21%
1,250 44
750 20
650 464
650 45
3,750 58
3,800 31
550 2215
650 27
650 14
713 205
125 205
2,414 374
70 294
3,300 32
600 32
1,300 514
1,100 20
75(1 5454
2,500 38
200 36
850 37
7934 7936 85,000
7614
60
79
994
91
100
100
73
1023-5
102%
9714
77
60
79
100
91
100
100
73
1023-6
1024
974
High.
Oct 99%
Oct 48
July 4514
June
154
June 27
Fe)' 38%
Apr 57
June 314
May 58
Apr 67
June 90%
Sept 3615
Mar 4351
Mar 44)5
June 33
Jan 435
Jan 400
Oct 4034
June 369
May 52
June 44
July 81%
Mar 3035
Oct 584
Oct 57
Aug 443.4
July
50
Sept
Feb
Sept
Mar
Mar
Sept
Jan
July
Feb
Aug
Aug
Oct
Aug
May
Jan
Aug
Aug
Oct
Feb
Sept
Sept
Apr
Jan
Aug
Feb
Mar
July
1,750 27 June
35 Sept
1,650 354 Jan
464 Jan
41,650 124 Oct
1814 Sept
1,100 5855 Apr 90
Jan
1151 June 20)4 Jan
15
150 25
July
3255 Jan
115 June
50
4% Jan
600 224 June 3515 Sept
350 9634 Apr 101
Jan
3.300 28
Mar 41
Feb
2,500 26
Mar 394 Mar
150 17
Oct 334 Feb
2,700 184 June 49
Jan
200 28
Feb
Aug 36
3,250 38
Oct 3834 Oct
450 9635 Sept 984 Aug
700 60
Mar 74
Jan
100 14
May
Jan
21
2,450 1244 June 145
Aug
3,050 3014 May
46
Aug
50 19
July 2814 Jan
1,800 26
Mar 50
Aug
600 45
Aug 61
Sept
3.350 23
Mar 37)4 Jan
450 13
Jan
Sept 23
4,300 22 June 5134 Sept
1,950 20
May 4214 Jan
11,550 4.134 Apr 9215 Sept
2,650 174 Apr 19
Aug
17,650 22(4 June 141
Feb
165 7134 Oct 72
Oct
38.350 1416 July 66
Jan
68,200 204 Feb 65
Aug
15,550 25
55
Feb
Aug
800 2714 July 56% Sept
4,050 2715 July
July
40
2,191 26
Sept
3615 Jan
May
90 15
194 Aug
600 224 June 32
May
100 29
Apr 3534 Aug
2.45(1 26
Aug 324 Sept
2,200 324 Oct 42
Aug
800 1534 Oct 27
Jan
200 28
May
Jan
36
350 1655 Apr 30
July
100 129
July 135
Sept
627 160
Aug 210
Mar
100 16% July 35
Apr
July
300 30
Jan
46
1.100 374 Oct 57
Jan
4,850 87
June 7414 Sept
2,050 22
Aug
284 July
750 sn
July
3535 Jan
100 164 Oct 2935 Jan
July 77
700 67
Sept
Aug
5
50
Feb
8
Oct 28% Jan
300 18
2.650 2115 Mar 32)4 Apt
1,500 28
Sept 35
Jan
8,150 28% May 6214 Feb
79
3,00
7614
5.00(
584
5,00
78
4.00
9934
1,000 91
5,000 100
5.000 100
5,000 7134
1,000 97
1,000 1024
1 00) 17%
Sept 874
Oct 8514
Sent 784
Feb8815
Oct 101%
Oct 251
Sept 100
Sept 100
Sept 781'
Jan 10414
Sept 103%
Aug 974
July
July
May
Mar
May
Feb
Sept
Sept
Feb
May
Apr
Aug
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept. 28 to Oct. 4, both
inclusive, compiled from official sales lists:
Stocks-
Friaay
sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low, High. Shares
Alma! Stores
•
54
514 514
American Stores
•
6535 674
Bankers Securities pref _ _50 48
47% 50%
Bell Tel Co of Pa pre!__100 114% 1144 115
Bornot Inc
94 93,1
Budd (ED) Mfg Co
• 1936
19
21
Preferred
7515 73
7616
Budd Wheel Co
65
77
60
When issued
20
17
17
Camden Fire Insurance_
3034 30% 314
Catawissa ItR 1st pref_50
43
43
Central Airport
7%
7
814
Commonwealth Cas Co_10
2654 273-4
Consol Traction of N J.100
4615 474
Elec Storage Battery_ _100
8735 913-4
Fire Association
10
45% 4635
Fishman & Sons A
7315 734 78
Horn & Ilard't(Phila)com •
228 226
Horn & Ilardart(N Y)com•
6131
60
Preferred
100
102 103
Insurance Co of N A_ _ _ .10 814 8115 854
Keystone Watch Case_
•
55
55
Lake Superior Corp ..100 1834 18
21
Lehigh Coal & Nay ____50 149
141 1494
Manufact Cas Ins__ _____
48
464 46
IC
1,
p...
W
b2
•4 W
•-• 4.rla. W •-• w
W
.
cs, c,3 r
bzp ,
-.
-.ZU4C01-, .
.7,500-ri..WitO
01.0Gt,;-.N.-,Nt7,14i,1
,0,
-0, DCZOOCA=0,Q. ,
-.00.0000 C,Q ,
C40.0044
>0000,0.1.00.00000.wV.WW00.
000
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
5
6555
4714
114
84
14
5614
34
17
3015
43
7
22
464
1
79%
4535
71
197
5115
994
73
4714
14
141
46
Apr
May
Oct
June
Jan
June
Jan
Jan
Oct
Oct
Aug
Oct
June
Sept
June
June
Aug
June
May
Aug
Aug
Jan
May
Oct
Sept
High.
814
97
6316
118
10
677-1
94
108%
22
4214
453.4
13
3315
61
9234
5214
81
235
6414
108
9131
56
42
174
71
Jan
Jan
Jan
May
Feb
Mar
Jan
Mar
Sept
Jan
Feb
May
July
Jan
June
Mai
Aug
SePI
Sepl
Fet
Sept
JUnf
Jar
Aug
Jan
FINANCIAL CHRONICLE
High.
'4....
,
”
.,'0zvr'vvv,-4-4741iggF,q45tggtriAg,i4t1';iggqf
w
.
.
...
A.0N0N00004> ,
1W0
M00..4WNN00 00.3000000. ....4W0000
04.
00a.
40000000&.0....WWWWN=4.WN0000.0,
0A.
004..
gl-g
.g''k
g
gggg
gg
c...,104Wwc.,.
ItCg.VPA'7.gg
ggg
VONWA.00,POWO
g g gg
July
Sept
July
July
Sept
0...0
00000
c.UP
30
36
34
76
7
85
65
32
48%
90
65
70
Oct
July
May
Aug
Jan
Sept
June
* No par value
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Sept. 28 to Oct. 4, both
inclusive, compiled from official sales lists:
Stocks-
sates.
Prtaag
Last Week's Range for
Week.
of Prices.
Sale
Par, Price, Low, High. Shares.
Range Sine: Jan. .1
Lore.
Feb
100 60
Allegheny Steel
67
67
" 67
Mar
160 29
Aluminum Goods Mfg . 2834 2853 30
81) 1533 Aug
Am Vitrtfied Prod coin -50
1533 1553
354 Jan
3,605
24
Ark Gas Corp corn
21
• 21
754 Jan
780
Preferred
sq 853
10
1,592 614 Jan
Armstrong Cork Co
• 7433 7453 75
July
4,053 38
Blaw-Knox Company _._ 25 5251
5253 58
June
235 16
16
16
_10
Carnegie Metals Co
144
Aug
895
1853
Clark (D L) Co corn
15
15
•
June
11 302
Colonial Trust Co
325 327
100 327
Mar
6
Devonian 011
1353 1533 4,308
10 14
Jan
65 70
Dixie Gas & Util pfd -100 74
74
74
Oct
300 40
Duff Norton corn
40
40
" 40
270 1531 May
Donohoes Inc cl A
* 17
1654 17
Apr
5 400
First National Bank_ _100
405 405
90 9451 June
Follansbee Bros pref ___100 06
0833
06
Aug
123 33
Horne (Joseph) cost
37
37
• 37
Oct
50
1
1
Independent Brewing_ 50
1
455 98
Sept
Koppers Gas & Coke pf100 9833 983.6 09
July
Lone Star Gas
6751 25,745 37
25 6451 64
1,585 1034 Oct
'McKinney Mfg corn
1033 12
• 11
900 103-6 Jan
Nat Fireproofing com__50 30
2934 34
4153 1,780 28% Jan
40
Preferred
50 40
Oct
30 87
Penn Federal Corp pfd 100 87
87
87
75 160 June
Peoples Say & Trust__ _100
195 19753
3,745
Pitts Brewing corn
134 Aug
3
3
50
Jan
6
20
6
6
Preferred
50
Jan
1,461 64
Pitts Plate Glass
6654 68
100 67
Pittsb Screw &Bolt Corp_* 24
2333 2553 4,530 2353 Oct
Jan
30 33
Pittsb Steel Fdy, core_
56
56
•
1,332 2253 May
Plymouth 011 Co
2531
24
5 24
Oct
100 35
Ruud Manufacturing_--• 35
35
35
3c Sept
San Toy Mining
4c 1,000
4c
1
25 20 Sept
21
Suburban Electric Dev_ •
21
Jan
5234 1.375 38
United Engine Ac Fdy com• 50
49
Aug
70 10
United States Glass
10
0
25
9
Feb
150 60
Vanadium Alloy Steel__ •
75
73
5953 1,170 4434 May
56
Westinghouse Air Brake..• 56
May
200 13
Wiser 011Co
25 1453 1453 1453
920 313-6 Jan
Witherow Steel
3953 59
• 40
UnlistedOct
210 10
1053
American Austin Car
10
553 Sept
Internat Rustless Iron
5% 7% 43,518
5%
453 Sept
Mayflower Drug Co
753 8% 5,795
734
July
510 96
98
Penna Industries units__ _ _
98
98
Sept
1654 1653 1853 2,100 17
Pittsburgh Forging
1,565
18
Oct
18
Pittsb Steel Fdy class A.__
18
18
Sept
564 14
1451
14
Shamrock Oil & Gas
West Pub Service v t c_
303-6 42% 18.210 2453 Apr
40
..,
•./
n
n nan
1 t, Onn•
--•Rights-
Stocks-
57.$.4 gg3
Aug
June
July
85
7,000
5753 13,000
3553 43,000
51%
3,100
3,000
97
6634 6,000
7034 7.000
High.
Mar
00
40
Feb
Jan
18
26
Sept
8% Aug
75.53 July
63
Sept
July
21
20
Feb
327 Oct
Aug
17
8053 May
4333 Mar
Sept
17
Jan
435
9954 Jan
40
Jan
Feb
3
10353 Feb
68
Sept
1634 Mar
35
Sept
4153 Sept
Apr
92
Sept
208
Apr
4
Feb
8
Jan
75
284 July
Aug
65
304 Jan
4253 July
Jan
25c
Jan
29
54
Aug
Feb
15
82 June
67
Aug
16
Aug
Mar
80
1251
9
12
111
1854
18
1434
46
0 IZ
Sept
Sept
May
Feb
Sept
Oct
Sept
Sept
Cnr• a.
Cleveland Stock Exchange.-Record of transactions at
Cleveland Stock Exchange, Sept. 28 to Oct. 4, both inclusive, compiled from official sales lists:
g
55
40
92
85
5753
35
5151
97
6653
7053
* No par value.
gg
o.-c0
May
24
May
25
July
91
2334 June
88
Mar
Aug
131
Mar
100
104% May
100 June
114 Sept
Jan
200
Jan
1
392
Oct
2751 Mar
28
Jan
12434 Feb
5634 Apr
221
Sept
Sept
235
11
Aug
1053 Jan
1653 Sept
52 June
May
80
1734 Aug
1553 July
15
May
125
Sept
21
May
42 June
2433 Aug
1054 Sept
29
Oct
13
Jan
7353 June
June
266
216
Sept
67 June
48
July
4651 Oct
82
Sept
2854 May
8153 May
CO CO
NW
.
W
.....
00
0.CO0CC-0000a. ON=0.4,
0NONN
0NWWW0400N00A...4,
10W0N=N00A.004...4000.00NW0.000A.,
10
X
XX
XX
XX X
Oct
Sept
Apr
Jan
Aug
Sept
Jan
July
May
May
Jan
07.7.7.7.00.7.741:4•
High.
Low
1253
1154
3853
165
60
20
31%
27
32
178
11331
000
.0W
X
17
1253 1253
AnnapDalry Prod com____ __ __ __
8,970
Appalachian Corp
1153
1153 12
1,275
• 4234 4253 43
Arundel Corporation
50 210
84
210 219%
Baltimore Trust Co
200
Baltimore Tube pref___100 60
60
62
20
21% 22
Bed-Joyce Aker Corp com
6051 6,333
• 5534 55
Black & Decker cora
25 273-3 274 2734
29
Preferred
78
Central Fire Insurance_ _10 35
353.3
35
172
212 2124
50 212
Century Trust
18
Ches &Po Tel of Bait pf100
1144 116
Commercial Credit25 25
125
2434 25
Preferred A
25
50
2551 26
Preferred B
18
653% lit preferred_ _100 8753 8753 93
10
25
25
Corn Credit of N 0 pref_25
439
125 136%
Consol G. E L & Power..• 125
65
125
125 13553
Voting trust
28
109 10953
6% preferred ser D__100
41
105 106
553% pref w 1 ser E_100
100
170
10053 10051
5% preferred
655
1153 1134
Consolidation Coal__ _100
248 248
100 248
30
Continental Trust
2
75
2
Dellou Tire & Rubber_ •
17
392 392
Drover & Mech Nat Bank_
33
532
31
• 31
Eastern Rolling Mill
112
32
32
Scrip
100
162 162
25 162
Equltable Trust Co
178
5833 62
Fidelity &Guar Fire Corp 10 60
192
50 225
225 230
Fidelity dc Deposit
315
235 235
Scrip
620
1451 1534
Finance Co of Amer A___• 1453
115
1451 144
• 144
Series B
768
1653 17
Finance Service corn A-10 17
58
945
56
56
1
Bank
w
Nat
First
40
80
80
Houston 011 pf v t c_ _100
5
2253 2253
Mfrs Finance corn v t...25
58
18
184
25
let preferred
50
16
1651
25
2d preferred
1,439
125% 1303.3
Maryland Casualty Co__25 127
90
27% 2934
•
May 011 Burner
4553
679
Merch & Miners Transp__• 4534 45
30
2433 2434
Monon W Penn P S pref_25
100
10 1253 123,3 1253
Morris Plan Bank
120
30
Mort Bond & Title WI....29
27
17
17
Mt Vernon-W Mills v t 100
262
79
78
Preferred
100 78
35
275 27533
Nat Bank of Baltimore_100
3
316 316
National Cent Bank_ _100
10
National Marine Bank__30
69% 69%
200
5033 5053
Nat Sash Weight pref
1,379
New Amsterdam Ca8 Co 10 47
4634 48
31
No,thorn Central Ry _ _ 50 8254 8253 8253
240
Park Bank
2951
10
29
890
Penns. Water & Power_ •
98
95
Second So Bankers25
Common 50% paid
5754 5733
20
Southern Bank Sec Corp__
54
56
54
10
Preferred
94
94
Stand Ga
@FedFRASER