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The
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PAT. OFfl
SATURDAY,SEPTEMBER 12 1931.
VOL. 133.
financial Thrrinicte
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The Financial Situation.
The developments of the week have been highly1
disturbing, and confidence in the future has been
further impaired as a result. On every side the
country is being confronted with schemes for the
spending of money on a huge scale, for incurring
debt and for increasing taxation, all intended for
relieving unemployment and for aiding in the
attempt to bring about trade revival, while the very
effect of the proposals, by reason of their fantastic
character and the huge drafts on Government revenues from the public treasury which they involve, is
further to retard the revival of trade which everyone
is so earnestly and so urgently seeking.
After the Labor Day holiday on Monday the budget
of news of this character which filled the columns of
the daily papers was perfectly astounding, and the
effect was that on the Stock Exchange both bond
values and stock values took another plunge downward, and the decline then started has continued
the rest of the week. Looking only at the headings
most conspicuously displayed in the daily papers on
Tuesday morning, the eye was confronted with a
budget of sensational items that has rarely been
equaled in the past.
First and foremost was the startling announcement that the veterans of the war, after having received a bonus in amount of about a billion dollars
only six months ago, were planning to make a second
raid on the Treasury which would involve an outlay
of over $2,000,000,000 more. As a result of the legislation in their favor, passed by the last Congress
before its adjournment on March 4, they were given
the privilege to borrow up to 50% of the face value
of their adjusted service certificates. Now the proposition is to collect the full face value of these certificates which are in the nature of insurance for
the benefit of the veterans and which will not become
NO. 3455
due until 1945 or 1946. It was indicated, too, that
this proposal was likely to be endorsed at the National Convention of the American Legion, scheduled
to be held at Detroit on Sept. 21. It was urged that
at this convention the Legion was almost certain to
go on record as favoring prompt payment in full of
the World War veterans' adjusted service certificates. As the United States Treasury, even as it is,
faces a deficit for the current fiscal year in amount
running anywhere between $1,000,000,000 and
$2,000p0,000, it is easy to imagine the feeling of
anxiety that was created by this bit of intelligence
that the impending deficiency of the Treasury was
likely to be increased in the sum of another
ppopopo.
On the same day the papers contained numerous
other items of the same nature. Syracuse dispatches
stated that at a Labor Day address at the State Fair,
Senator Robert F. Wagner had demanded two billion
dollars for the idle. Another column gave the information that Senator William E. Borah had declared in an address at Cottonwood, Idaho, that the
rich of the country must feed the unemployed during
the coming winter, and warned that "if they do not
do it voluntarily they will nevertheless do it." "If
the wealth of the country," he said,"does not voluntarily contribute to the end that we may take care
of them, there is only one thing to do, and that is to
feed those people from the Treasury of the United
States and increase the income tax, particularly in
the higher brackets, to enable us to do so."
As Des Moines, Iowa, John L. Lewis, head of the
United Mine Workers of America, called the economic depression "a ruthless assault on the wage
structure of American workers," and asserted that
there could be *.o permanent progress or prosperity
until the economic axis of capitalism revolves on a
sound basis of an equitable distribution of profits."
At Detroit, Michigan, Matthew Woll, Vice-President
of the American Federation of Labor, predicted that
unless capital recognizes the rights of labor there is a
likelihood of the nation facing some sort of Communism in the future."
At Chicago, where the golden jubilee of the American Federation of Labor was celebrated, Governor
William H. Murray, of Oklahoma—"Alfalfa Bill"—
in an address denounced Wall Street as "a great
gambling den," and blamed the "international bankers" for upsetting the economic structure of the
country. "Bankers should be barred from serving
on the Federal Reserve Board, so that the producing
classes could dictate the nation's financial policies."
Governor Murray also warned of a coming revolution.
At the same time a letter to President Hoover was
made public by the League for Independent Political
1654
FINANCIAL CHRONICLE
Action, of which Dr. John Dewey is the head, urging
the President to call a special session of Congress to
provide "a hunger loan" of at least $3,000,000,000 to
make possible a public building program to include
housing for workers, roads, river development and
electric power lines in agricultural regions. Another
news item of another kind, but illustrative of the
prevailing conditions of distress, was to the effect
that in the City of Chicago over $3,000,000,000 of
property was listed for sale for non-payment of
taxes.
Many news items from other parts of the country
told of similar speeches and addresses, all preaching
the doctrine of discontent, if not of revolution. In
the meantime, the United States Treasury was having an experience that furnished a graphic idea going
to show whither all this talk of further drafts on
Government resources was likely to lead. Last week,
as related in these columns at the time, Secretary
Mellon offered for subscription two new obligations
of the United States, one consisting of a long-term
issue of Treasury bonds for $800,000,000, and the
other of a $300,000,000 issue of one-year Treasury certificates of indebtedness. The rate of interest was
1
2% in the
3% in the case of the bonds and only 1/
case of the certificates of indebtedness. With the
money market congested with short-term funds to an
unparalleled degree the certificates of indebtedness
were readily subscribed for many times over, but the
bond issue, it now turns out, was oversubscribed by
a very narrow margin, aggregate subscriptions
reaching only $940,559,550, or but $140,559,550 in
excess of the offering. This was in strange contrast
with Mr. Mellon's experience in putting out new longterm obligations in June of the present year, and
also the previous March.
In June the Treasury offered $800,000,000 of
8% interest and maturing
Treasury bonds bearing 31/
June 15 1949, but redeemable at the option of the
United States on and after June 15 1946. Total subscriptions at that time ran well in excess of $6,000,000,000, the exact aggregate being $6,315,524,500.
The previous March the Treasury offered $500,000,000 of Treasury bonds bearing 3%% interest,
and the subscriptions aggregated $2,111,871,300, or
over four times the amount offered.
The small oversubscription in the case of the
$800,000,000 offering the present month reflected the
hesitancy of banks and investors in subscribing for
new issues in view of the probability of large further
new issues to make good the growing deficit of Government revenues below expenditures, the threatened
further drain upon the United States Treasury for a
new soldier bonus, and the possibility that Congress
may vote large sums for unemployment and to push
through other schemes necessitating new bond issues.
With the Treasury obliged to put out large further
new issues for these various reasons, the rate of
interest will necessarily have to be raised. This, in
turn, means a depreciation in outstanding United
States bonds bearing a lower rate of interest. It is
this fear of loss from depreciation that makes banks
and investors reluctant to load up with new United
States securities. As a matter of fact, this week's
new Treasury bonds actually sold ata discount,being
quoted at 995/s@997
/
8 on Wednesday.
In this state of things it is a question whether the
experience on the present occasion does not imperil
the Treasury's contemplated financing in December.
It will be recalled that in June Secretary Mellon
gave six months' notice, as required, to the holders
of the 3/
1
2% Treasury notes of Series 0-1930-1932
still outstanding, that the Government intended to
redeem them on Dec. 15 1931, a year in advance of
their maturity. It was estimated that $451,719,450
of these 3/
1
2% notes now called for redemption was
still outstanding. The object in calling these notes
was of course to replace them with other long-term
obligations at a lower rate of interest. But with the
Government obliged to make repeated appeals to the
money market and the investment market, it is a
question whether the Treasury will be able to effect
the saving in interest which it counted upon when
calling the notes for redemption in advance of their
maturity.
The plans for unemployment relief coming from
labor leaders and from Congress and from social reformers all provide for an increase in the income
taxes, and especially those in the higher brackets.
But such plans overlook the fact that the income of
1931 is certain to be very greatly reduced. For ourselves we think that this income, already reduced in
1930, will be so much further reduced in 1931 and
subsequent years, that it will no longer be possible
to rely upon the income taxes as a sure source of
revenue, and perhaps no large source of revenue
at all. At the present time virtually no one in business, whether in partnership or as individuals, is
making any income or profits on which alone income
taxes can be levied. As for the income of corporations, the dividend reductions and suspensions which
have become a daily feature, as well as the monthly
returns of earnings of the railroads, show how seriously their income, on which taxes must be levied,
is being reduced.
In the last extreme it may become absolutely
necessary for the Government to repeal the prohibition amendment, or at least so modify it to such an
extent that the Government will get the income
which is now the source of profit of the bootlegger.
This is the point made by James Speyer in the
utterances he has given the press this week on his
return from Europe. Mr.Speyer says that"A proper
and early modification of our prohibition law would
surely be a big step towards restoring national prosperity," and there can be no question as to the truth
of this declaration. Mr. Speyer says that "We could
easily increase our national revenue $500,000,000 or
$600,000,000 through a proper licensing system and
secure legitimate income to the nation, instead of
illegitimate profits to law-breaking racketeers."
He points out still another direction in which important benefits would accrue when he says that "besides helping our national finances, proper amendment to the Volstead Act would help the farmers by
creating a regular market for large amounts of grain,
and would also give regular employment to hundreds
of thousands of deserving men, more traffic to the
railways, &c."
Otto G. Kahn, in his remarks last week, made a
similar suggestion, and, indeed, everyone who has
given the matter any thought is in full agreement
with the idea. Certainly with the income taxes sure
to be heavily reduced,and very likely to a point where
in the future they may yield only a relatively small
proportion of the Government's total revenue, some
new source of income will become absolutely necessary, and there seems to be no surer or better way
of providing the new source of revenue than by putting the liquor business under Government control
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1655
so that the income from it will reach the public
The Shawinigan Water & Power Co. reduced its
treasury instead of going to other and improper quarterly dividend from 62y2c. a share to 50c. a
channels.
share. The Tidewater Oil Co. omitted its quarterly
dividend, due about Sept. 30, and so did the AssoIn view of the above it is almost needless to say ciated Oil Co. Warren Bros. also omitted its quarthat signs of any revival in trade still continue con- terly dividend. International Tel. & Tel. reduced
spicuously absent, and, as a matter of fact, steel its quarterly dividend from 50c. a share to 25c. Elec.
production has suffered a further decrease the pres- tric Storage Battery Co. reduced its quarterly divient week, the steel mills now being engaged to only dend on common and pref, from $1.25 a share to $1.
28/
1
2% of capacity, according to Dow, Jones & Co.,
as against 31% last week, the further decline conThe Federal Reserve statements this week show
stituting another new low record in the downward only one change of any great consequence the present
movement. To the further discomfiture of business week. This is a further increase in the deposits of
and of the stock market, dividend reductions and foreign banks. These deposits have risen during the
dividend suspensions by corporations have been un- week from $178,136,000 to $207,415,000. As previusually numerous the present week. Indeed, they ously pointed out, back on June 17 these foreign bank
have come in such fast succession that the result has deposits aggregated only $5,676,000, and they have
been positively bewildering. That is particularly increased in each and every week since then with a
true in the case of the railroads. The New York single exception. The constant expansion in the
Central RR., which in February last reduced its item, and the rise in it to a total of such large proquarterly dividend from $2 a share, this week further portions, are a complete mystery. At first the
reduced to $1 a share. As a consequence, the com- growth in the item was ascribed to selling of bankers'
pany is now on a dividend basis of 4% per annum as acceptances handled for foreign banks and the transagainst the previous 8% per annum. The New York fer of the proceeds to the Federal Reserve banks.
New Haven & Hartford has cut its quarterly divi- The concurrent decrease in the aggregate of bills
dend from $1.50 to $1 a share, and, accordingly, is purchased by the Federal Reserve banks for their
now on a basis of 4% per annum against the previous foreign correspondents appeared to bear out this
6%. The Maine Central RR. voted to omit the quar- theory. But latterly the holdings of bills for foreign
terly dividend ordinarily payable about Oct.1 on the correspondents has again been increasing, though
common stocks. Three months ago the dividend on only in very small amounts. The only other theory
this stock was reduced to 75c. a share (par $100) on which the continued growth can be explained is
from $1.25. The Chicago Rock Island & Pacific has that foreign banks for some reason connected with
also passed off the dividend list in the case of its exchange operations deem it necessary to hold large
common shares. The directors decided to omit the balances here or still again it may be that foreign
quarterly dividend usually payable about Sept. 30. banks are sharing in the general loss of
confidence
On June 30 last a distribution of $1 a share (par and are transferring balances here as a matter of
$100) was made, as compared with $1.25 a safety and caution from Europe—from Great
share on March 31 and $1.75 a share in previous Britain, from Germany,from France, &c.
quarters.
Apart from the change in the foreign bank deIn the industrial list the changes are too numerous posits, the changes in the different items
in the reto mention at length, and we can refer here only to a turns of the Reserve banks
appear to be of no great
few of those most well known. The Youngstown consequence. Holdings
of acceptances are reported
Sheet & Tube Co. on Sept. 8 voted to omit the quar- at $197,788,000 this week as against
$197,868,000 last
terly dividend ordinarily payable about Oct.1 on the week. This includes both foreign and
domestic bills,
common stock; on July 1 last a. distribution of 50c. a and as no separation of the two is made,it
is not posshare was made on this issue as compared with $1 on sible to tell whether or not there have been
any furApril 1 1931 and $1.25 a share each quarter previ- ther purchases of foreign bills in the carrying
out of
ously. The B. F. Goodrich Co. on Sept.8 decided to the credits extended to the Bank of
England, the
defer the quarterly dividend of 1%% due Oct. 1 on Bank of Germany, and the Bank of
Austria. It is
the 7% cum. pref. stock, par $100. The Cooper Bes- easy to see that the amount of
the foreign bills might
semer Corp. voted to defer the quarterly dividend of have heavily increased, but
the result in the general
75c. a share due Oct. 1 on the $3 cum. pref. stock totals be neutralized by
a decrease in the holdings
series A. Porto Rican-American Tobacco
Co. of domestic bills. The discount holdings, which
omitted the quarterly dividend due Oct. 10 on
the represent direct borrowing on the part of the mem31/
2% cum. class A stock, no par value. In the ber banks,still keep
up their record of steady growth,
publishing line the Chicago "Daily News"
decided but growth in a moderate way. This week the disto defer the quarterly dividend of $1.75 a share due count holdings have
increased, roughly, $3,000,000,
Oct. 1 on the $7 cum. pref. stock, no par value. The rising from
$257,285,000 Sept. 2 to $260,232,000
Addressograph-Multigraph Corp. reduced its quar- Sept.
9. Holdings of United States Government
terly dividend from 35c. a share to 25c. a share. securities
are substantially unaltered, being reported
Congress Cigar Co. decreased the quarterly dividend at $728,065,00
0 Sept. 9 and at $728,108,000 Sept 2.
on common from $1 a share to 25c. a share. The EastWith the changes in the different items so slight,
ern Steamship Co. reduced the dividend on common the total of the bill
and security holdings, which constock from 50c. to 37y2c. quarterly. The Nevada stitutes a measure of the
amount of Reserve credit
Consolidated Copper Co. made its quarterly
dividend outstanding, is also only slightly changed, standing
this time only 20c. a share. From Sept. 30 1930 to at $1,192,352,000 this week against
$1,189,513,000
and including June 30 1931, the quarterly distribu- on Sept. 2. A year ago, on Sept. 10 1930,
the total
tion was 25c. a share, and back in June 30 1930 the of these bill and security holdings
was only $985,dividend was 371/2c. a share, while prior to that it 120,000. The volume of Federal
Reserve notes in
was 75c. a share.
circulation keeps expanding,and now is up to $2,010,-
4.656
FINANCIAL CHRONICLE
322,000 as against $1,958,203,000 last week, and comparing with $1,351,250,000 on Sept. 10 last year.
Gold reserves during the past week rose from $3,464,960,000 to $3,470,046,000, and at the latter figure
compare with $2,959,600,000 on Sept. 10 last year.
Brokers' loans by the reporting member banks in
New York City call for no special comment now, as
the changes are slight from week to week, one week
rising a few million dollars and the next week falling back again, though in a general way the drift
is to steadily lower figures. Last week these brokers'
loans increased from $1,349,000,000 to $1,366,000,000; the present week they have fallen back to
$1,325,000,000. In this reduction the loans in all
the different categories have participated, the loans
for own account having fallen from $983,000,000 to
$949,000,000; the loans for account of out-of-town
banks from $220,000,000 to $215,000,000, and loans
"for account of others" from $163,000,000 to $161,000,000. At $1,325,000,000 the total of these loans
in all the different categories compares with $3,143,000,000 a year ago on Sept. 10 1930.
A decided revision downward for corn and spring
wheat, characterizes the September crop report,
issued by the Department of Agriculture at Washington on Thursday of this week. The yield of corn
is now placed at 2,715,357,000 bushels. This is a
reduction of 60,000,000 bushels from the August report. It compares with the harvest last year of
2,094,000,000 bushels. The latter was the smallest
yield of corn for many years. Of the 10 years prior
to 1930, there were six years when the yield of corn
was in excess of 2,800,000,000 bushels, three of the
latter being for 3,000,000,000 bushels, and one,
that of 1920, 3,208,000,000 bushels. In two other
years out of these 10 years the production approximated 2,700,000,000 bushels. From the above it is
apparent that the crop this year of 2,715,000,000
bushels should be ample for all probable requirements. The condition of corn on Sept. 1, on which
the latest estimate of yield is based, was 69.5% of
normal and compared with a condition of 76.3% on
Aug. 1. A year ago, for the crop harvested in that
year, the Sept. 1 condition was 51.6% of normal, an
exceptionally low ratio, as the final outcome of the
crop clearly indicated.
As to spring wheat, the situation this year is much
worse. With a very poor start little was expected
from that crop. The Sept. 1 condition, fixed by the
Agricultural Board, was 36.5% of normal, the lowest ever reported since records of this crop were first
established. Spring wheat is a rather hazardous
crop, as the wide variation in the condition report
in different years will testify. A yield this year of
only 110,463,000 bushels is now indicated, against
last year's harvest of 251,000,000 bushels, and a production as high as 336,253,000 bushels in 1928. The
Board reports that a large acreage of spring wheat
in the Dakotas and in Montana has been abandoned
or cut for hay. With the heavy yield of winter wheat
this year the total wheat production is now put at
885,643,000 bushels, and compares with 863,000,000
bushels harvested last year. This year's yield is in
excess of every year back to 1919, with the single
exception of 1928. The crop of oats, as was indicated earlier in the year, is considerably under that
of recent years, and is now estimated at 1,160,887,000
bushels. The Board reports that in most of the
Eastern States and in the South,crop prospects have
[vol. 1.C3.
improved and yields will be somewhat above the
average, but from Michigan, Illinois and Kansas
west, drouth and short supplies of water for irrigation have caused considerable losses. Spring wheat,
barley, rye, flaxseed and wild hay, grown chiefly in
this area, are showing the lowest yields in many
years. The low yields of corn,spring grain and other
crops are in a measure offset by good yields of cotton,
winter wheat and apples.
Cotton prospects have made a new record. For
better or for worse, the September estimate is the
highest ever reported. The Department of Agriculture, in its September return, issued at Washington early this week, sets forth a yield of cotton this
year of 15,685,000 bales. This is 101,000 bales larger
than the August estimate, for which the Department
was so roundly criticized by many Southern growers
and their loyal adherents, the political roustabouts.
There have been larger yields of cotton in the South
than is now indicated for this year's crop, but never
a greater indicated production in the September
estimates even in the years when the final output
has topped existing records. The estimate for September generally foretells pretty definitely what is
to be expected from the growth. Private estimates,
which a month ago were used to discredit the Government's forecast, have since been revised quite
radically upward, and while they are still somewhat
below the Government's figures, more nearly approach the total now made.
There las been, furthermore, an advance this
month in the Department's estimate of area under
cultivation. These figures are now placed at
40,889,000 acres as against 40,129,000 acres indicated
in the earlier reports. Last year the area under cultivation was 44,791,000 acres. The Sept. 1 estimate
of yield a year ago was 14,340,000 bales, while the
final production, based on total ginnings in 1930-31,
was 13,932,000 bales. In eight of the preceding 10
years, however, the final estimate of yield was in
excess of the September estimate. In two years,
1925 and 1926, years of a record production, the final
figures showed a very large gain; in 1925 the increase was no less than 2,364,000 bales over the September report, and in 1925 it was 2,811,000 bales
heavier.
The Sept. 1 condition this year was quite a little
lower than that indicated on Aug. 1, a situation that
is customary. The Department indicated a condition
of 68.0% of normal on Sept. 1 against 74.9% on
Aug. 1, a decline during the month of 6.9 points. In
other recent years the falling off during August in
condition has frequently been considerably in excess
of the ratio of loss indicated this year. A year ago
the Sept. 1 condition was 53.2% of normal. The
yield for this year is now placed at 183.6 pounds per
acre. On the Aug. 1 condition of this year the yield
per acre was estimated at 185.8 pounds. The final
estimate of production last year was 147.7 pounds
per acre, and the 10-year average yield has been 154.1
pounds per acre. The abandonment of area since
July 1 this year is placed by the Department at 1.5%
against 3.4% a year ago.
Of the larger cotton States, only three show evidence of a reduction in yield during August. These
three are Arkansas, Louisiana and Mississippi. Production in the first two of these States promises to
be substantially larger than it was last year, while
for Mississippi it will also be heavy. The estimate of
SErr. 121931.]
FINANCIAL CHRONICLE
yield for Texas promises a production in excess of
the August figures and considerably larger than that
of last year. The increase now indicated in this
month's return for the current year over that of the
last harvest is mainly in the Southwest, where production last year was somewhat curtailed. In several of the leading cotton States, among them the
Carolinas, Georgia and Alabama, prospects now are
for quite a little lower yield for 1931 than that of
the preceding crop.
1657
The increase in liabilities reported for August of
this year was in part due to the number of larger
failures, particularly those in the trading division.
The separation of the figures for August of this year
shows 95 defaults with liabilities of $32,416,072. Included in this number are the failures where the
indebtedness in each instance is $100,000 or more.
A year ago the number of similar defaults was 91, but
the liabilities were somewhat less, at $28,297,636.
The stock market this week had another bad turn
Mercantile insolvencies have been very numerous as the result of a steady accumulation of bad news
this year, more so than is usual. Adverse economic and many unfavorable developments. On Tuesday,
conditions have contributed to the downfall of many after the three-day holiday—the Stock Exchange
business concerns, and, unfortunately, constantly having been closed on Saturday by the voluntary
recurring disturbances have prolonged the trouble action of the members and on Monday owing to the
well into the middle of the year. The number of mer- Labor Day holiday—the market was considerably
cantile defaults in the United states so far this year depressed, and prices moved lower for reasons which
has exceeded previous records, while the total of are enumerated with considerable• detail at the
defaulted indebtedness is also larger than in any pre- beginning of this article, but the chief of which was
ceding year. There was an increase in the number the prominence given to the proposal that Congress
of insolvencies each month this year over those re- shall vote a further bonus to veterans of the war
corded in 1930 up to and including May, but for June based on their adjusted service certificates with the
and July fewer defaults occurred. The completed prospect that other large sums shall be voted out of
returns for August, however,show a further increase, the United States Treasury. Another blow to the
the number being 1,944, according to the records of market on that day was the reduction in the dividend
R. G. Dun & Co. The figures include only business on the New York New Haven & Hartford stock from
failures. They compare with 1,983 similar defaults a basis of 6% per annum to 4%. Further dividend
in July and 1,913 in August of last year. Liabilities reductions came on succeeding days, especially in
in August continued quite heavy, the total for that the case of the railroads, and these had the effect of
month being $53,025,132 against $49,180,653 in causing further sharp declines on Wednesday and
August of last year. For the eight months this year Thursday. On Wednesday the further paring down
there have been 19,034 business failures in the United of the dividend on the New York Central stock, which
States compared with 17,712 in the same period of had been reduced six months ago from a basis of 8%
1920, while the liabilities this year to date amount per annum to 6% per annum, and was now further
to $477,795,222 against $426,096,153 a year ago.
lowered to 4% per annum, was the distinctive feature
For the month of August 427 failures in manu- of the day. On the same day publication of steel profacturing lines occurred: 1,381 in the trading division duction figures, showing a further decrease of 2/
1
2%
and 136 of agents and brokers. Last year in August in the week ending Monday, and bringing the rate
the number of manufacturing defaults was 566; trad- of operation at the mills down to 28/
1
2% of capacity,
ing failures 1,234, and of agents and brokers 113. the very lowest on record, according to the compilaThe increase is again almost entirely in the large tions of Dow, Jones & Co., was a further depressing
trading class. This has been the case now for many feature, under the influence of which the whole marmonths past. The increase in the liabilities was ket yielded once more.
also in the trading division. Thus the defaulted inOn Thursday the market broke still further owing
debtedness for the failures in August this year to the announcement that the Chicago Rock Island &
among manufacturing concerns amounted to $16,- Pacific had omitted entirely the quarterly dividend
967,317; for trading defaults, $25,847,665, and for payable about Sept. 30 on the common stock. As
the brokerage class $10,210,150. These figures com- the St. Louis-San Francisco owns a considerable
pare with $22,734,635 for the manufacturing division amount of Rock Island stock, the effect was to cause
in August of last year; $17,829,159 trading liabili- a sharp break in that stock and the Rock Island stock,
ties, and $8,616,859 for agents and brokers. The in- and this was attended also by sharp declines in the
debtedness reported for the manufacturing class last bond issues of the two companies. Rock Island commonth was considerably smaller than last year.
mon, which had sold at 30 at the close on Wednesday,
Most of the business lines making up the trading dropped to 20 on Thursday, with a recovery only to
division contribute to the increase in the number of 23/
1
4at the close on that day,and St. Louis-San Franfailures this year. There was quite an increase last cisco common,from 121/
4 at the close on Wednesday,
month in the large grocery class; also, among general declined to 91/4 on Thursday and closed at 97
/8 on
stores, dealers in dry goods, hardware, drugs, and in that day. The bonds of both companies, as already
the jewelry division. The same was true as to fail- stated, were also decidedly weak. St. Louis-San
ures of hotels and restaurants. A small increase was Francisco Cons. 41/2s series A, which had closed at
shown in some of the other divisions, among them 41 Wednesday, dropped to 39 on Thursday, with the
books and stationery, and hats, furs and gloves. In close on that day at 39, and with a further decline on
the manufacturing section, the large lumber class Friday to 38, making a new low record for the year,
reports fewer defaults this year; also, the printing Chicago Rock Island & Pacific ref. 4s, which
division, and for leather and shoe manufacturing. closed on Wednesday at 81, touched 79/
1
2 on ThursOn the other hand, for the iron trade and manufac- day, with the close on that day at 80. This issue also
turers of machinery and tools,insolvencies in August reached its low level for the year, touching 781/
4 on
were more numerous than they were a year ago; also, Friday, with the close on that day at 81. Numerous
in clothing manufacturing, and in baking.
bond issues of other companies, particularly rail-
1658
FINANCIAL CHRONICLE
[Vox,. 133.
roads, also succumbed under the selling pressure I son Motor Car at 11% ex-div. against 12%,and Hupp
/
8 against 6%. In the rubber group
precipitated. On Friday the market steadied itself Motors at 63
tone,
with
Goodyear
Tire
strong
& Rubber closed yesterday at 37%
displayed
a
fairly
somewhat, and
trading quiet at the close. New low prices for the against 39 on Friday of last week; United States
1
2against 12%,and the preferred at 29
year were recorded by 257 different stocks during the Rubber at 11/
Week. Call loans on the Stock Exchange again against 21%.
The railroad stocks have again suffered beyond all
ruled unchanged at 1/
1
2%, as for so many previous
others, owing to the serious dividend reductions and
weeks.
With liquidation on an extensive scale, the volume suspensions. Pennsylvania RR. closed yesterday at
1
2 on Friday of last week; Erie RR.
of trading also increased. The Stock Exchange was 34% against 36/
closed
Monday,
which
was
yesterday
at 15% against 16%; New York
closed on Saturday, and also on
Labor Day and a holiday. On Tuesday the sales on Central at 64% against 64%; Baltimore & Ohio at
/
8 against 50;
the New York Stock Exchange were 2,044,160 shares; 37 against 41%; New Haven at 485
on Wednesday, 2,024,210 shares; on Thursday, Union Pacific at 136 against 137; Southern Pacific
1
2 against 70/
1
2; Missouri Pacific at 14%
1,504,870 shares, and on Friday, 1,974,460 shares. at 67/
1
2; Missouri-Kansas-Texas at 9 against
On the New York Curb Exchange the sales on Tues- against 16/
day were 380,573 shares; on Wednesday, 364,631 10%; Southern Railway at 21 against 221/
2; Chesashares; on Thursday, 331,297 shares, and on Friday, peake & Ohio at 32 against 34%; Northern Pacific at
28% against 311/
2, and Great Northern at 31%
343,955 shares.
As compared with Friday of last week prices are against 321/
8.
The oil stocks moved down with the rest. Standquite generally lower. General Electric closed
yesterday at 37 against 39% on Friday of last week; ard Oil of N. J. closed yesterday at 36/
1
2 against
/
8 on Friday of last week; Standard Oil of Calif.
Warner Bros. Pictures at 10 against 91/
8; Elec. 385
8 against 39; Atlantic Refining at 151/
Power'& Light at 35 against 37; United Corp. at at 371/
8 against
201/
8 against 211/
2; Richfield Oil
4; North American at 62/
1
2 against 16; Texas Corp. at 221% against 241/
4 against 1%;Phillips Petroleum at 7% against
65; Pacific Gas & Elec. at 43 against 45; Standard at 11/
Gas & Elec. at 57/
1
2 against 60; Consolidated Gas of 8, and Pure Oil at 7% against 8.
N. Y. at 89 against 90%; Columbia Gas & Elec. at
The copper stocks have also declined. Anaconda
251/
2 against 28/
1
2; International Harvester at 3314 Copper closed yesterday at 20% against 23% on Friagainst 361%; J. I. Case Threshing Machine at 50% day of last week; Kennecott Copper at 15/
1
2against
against 48%; Sears, Roebuck & Co. at 52 against 16%; Calumet & Arizona at 351/
8 against 37/
1
2 bid;
541/
2; Montgomery Ward & Co. at 171/
8 against 18/
1
2; Calumet & Hecla at 5% against 6, and American
Woolworth at 64% against 67; Safeway Stores at Smelting & Refining at 27 against 293%.
59 against 62; Western Union Telegraph at 108
against 105; American Tel. & Tel. at 164/
1
2 against
Price trends on the stock exchanges in the im1661
/
4; Int. Tel. & Tel. at 21% against 251/
8; Amer- portant European financial centers were mildly
ican Can at 91/
1
2against 89%; United States Indus- irregular this week, with the tone more cheerful than
trial Alcohol at 32% against 321%;Commercial Solv- formerly owing to vigorous steps toward a balanced
ents at 151
/
4 against 161/
8; Shattuck & Co. at 16% British budget, the reopening (last week) of the
against 173%;Corn Products at 60 against 631/
2,and Berlin Boerse and a few minor indications of relaxaColumbia Graphophone at 6 against 7.
tion of the European credit crisis. ,Steady improveAllied Chemical & Dye closed yesterday at 10414 ment of quotations on the German exchange during
against 1081% on Friday of last week; E. I. du Pont the early sessions of this week was considered espede Nemours at 76'/
78 against 82/
1
2; National Cash cially encouraging. Publication in Brussels,WednesRegister at 24% against 25%; International Nickel day, of a favorable survey of Belgian economic conat 111/
2 against 12%; Timken Roller Bearing at 31 ditions also found favor. The survey depicted Belagainst 311/
2; Mack Trucks at 25/
1
2 against 26%; gium as"happy and prosperous"despite the economic
Yellow Truck & Coach at 63
/
8 against 7; Johns-Man- troubles apparent elsewhere. In the larger European
ville at 48% against 48%; Gillette Safety Razor at countries, however, few signs of improvement are
16/
1
2against 18%; National Dairy Products at 30% visible. The downward trend of wholesale prices
against 32%; Associated Dry Goods at 183
/
8 against remains unchecked, and it continues to occasion
19; Texas Gulf Sulphur at 32 against 331/
8; Amer- much unsettlement. Unemployment in Great Britain
ican & Foreign Power at 22% against 25; General is still rising, latest figures showing 2,762,219 out of
American Tank Car at 541/
2 ex-div. against 56; Air work, an increase of 28,437 in a week. The French
Reduction at 76 against 74%; United Gas Improve- trade and industrial outlook is not regarded with
ment at 26% against 28%; Columbian Carbon at much optimism,according to Paris reports, and there
5684 against 561/
2; American Tobacco at 105% is growing uncertainty regarding the budget, which
against 105%;Liggett & Myers at 621/
8 against 6,i3
/
8; threatens to show a deficit for this year of $250,Reynolds Tobacco class B at 463
% against 47%; 000,000. Some satisfaction was derived at Berlin
Lorillard at 163% against 163%,and Tobacco Products from improvement in the German credit position, but
class A at 91% bid against 9%.
the official reports on trade and industry are almost
The steel shares are again lower. United States all unfavorable. The depression has deepened in
Steel closed yesterday at 82% against 83 on Friday Italy recently, and unemployment is increasing.
of last week; Bethlehem Steel at 37/
The London Stock Exchange was quiet and some8;
1
2 against 371/
Vanadium at 24% against 26%,and Republic Iron & what easier, Monday, traders preferring to await the
Steel at 11 against 121/
8. In the auto group Auburn budgetary developments before entering upon new
Auto closed yesterday at 1271/
% on Fri- commitments. The holiday at New York, Monday,
2 against 1303
day of last week; General Motors at 32 against 34%; also tended to keep trading down at London. British
Chrysler at 185
/
8 against 19%; Nash Motors at 22 funds softened, and slight recessions also developed
against 24;Packard Motors at 61/
8 against 61/
8; Hud- in British industrial stocks. Dealings were again
SEPT. 12 1931.]
FINANCIAL CHRONICLE
restricted Tuesday, but the general tone was harder.
British Government issues improved after an easy
opening. International stocks followed an opposite
course, quotations dropping after early firmness.
British industrial issues were mixed, with a number
of stocks showing fair gains. Moderate recessions
appeared Wednesday in almost all parts of the list.
Overnight reports of a weak trend at New York
brought some liquidation at London, while budget
fears also occasioned selling. British and international stocks alike moved to lower levels. British
funds were unsettled by softness in sterling. Trading
Thursday was of very small proportions, as the new
budget proposals were expected soon after the close
of the market. The belief that a tariff on imports
of manufactured goods might be included in the proposals caused improvement in British industrial
stocks. International descriptions also were a little
better. British funds were again depressed. The
London market reacted rather favorably yesterday
to the budget proposals. British funds were off very
slightly, but stocks generally were well maintained.
The Paris Bourse started with a weak spell, Monday, many stocks breaking to new low levels. The
weakness was most pronounced in Royal Dutch,
liberal selling orders being reported for account of
Amsterdam interests. Rio Tinto Copper shares also
were sold heavily, while French bank stocks were
soft as a group. A slight rally toward the close wiped
out part of the losses, but the net declines were nevertheless severe. The downward trend was resumed
Tuesday, with Suez Canal and Royal Dutch shares
in ample supply. French stocks were more stable,
however, and offerings in this section dwindled.
Turnover for the session was very small. The Bourse
remained heavy Wednesday, and many stocks moved
into new low ground. International stocks were
sold heavily, while French issues also suffered a
little. Improvement set in toward the close and
prices recovered quickly, although not all the losses
were made up. Quotations again receded slowly
Thursday, under a limited volume of selling orders.
Much of the liquidation was ascribed to foreign markets, especially London, Amsterdam and Zurich.
International stocks were off more than French
issues. After a firm opening yesterday, further
small recessions developed on the Bourse.
Operations on the Berlin Boerse were slowly extended this week. In the first three sessions only
one quotation for each stock was again permitted,
the figure for the day being fixed by the Boerse Committee after adjustment of all buying and selling
orders in hand at the opening. Beginning Thursday,
however, trading was started virtually on a normal
basis, with quotations varying during the day in
accordance with supply and demand. In the first
session of the week prices were firm on the Boerse,
industrial stocks and fixed income issues being in
good demand for both domestic and foreign account.
Quotations arrived at by the officials were slightly
higher than previous figures, with potash and artificial silk stocks showing the best gains. Further
improvement was registered Tuesday, many stocks
advancing five to seven points. Not all the buying
orders could be executed on this occasion. I. G.
Farbenindustrie and Siemens & Halske led the industrial stocks with advances of six and seven points,
respectively. The gains were extended Wednesday,
with small investors appearing in considerable numbers for the first time since the resumption of trad-
1659
ing last week. Stocks again mounted five to seven
points, in many instanees, and much of the recession.
witnessed since the closing on July 13 was made up.
When trading at fluctuating values was started,
Thursday, prices turned irregular. Most industrial
stocks declined, but potash and electrical issues held
firm. Bank stocks were uncertain, but fixed interest issues were again in demand and further improvement appeared in this section. Stocks were offered
liberally in the early dealings on the Boerse yesterday, but most of the early losses were recovered before the close.
Recent reports from some of the minor European
stock exchanges indicate that tendencies in such centers are quite similar to those in the larger markets.
The Belgian Bourse was subjected to some extensive
liquidation last week, and subsequent recovery has
been slow and halting. The general atmosphere is
said to be rather gloomy. The Italian stock exchanges are lifeless, buyers being "virtually absent,"
according to Rome reports. Trading on the small
scale is not producing any significant changes in
quotations. The Madrid and Barcelona stock exchanges are steeped in pessimism, and prices of Government securities and industrial stocks have tended
to move downward recently. Operations are very
small, however, most traders preferring to await
with what patience they can muster some definite
plans for defense of the peseta. The Stockholm exchange has been subjected recently to severe liquidation, owing to heavy withdrawals of foreign deposits
from Swedish banks. A precipitate decline in the
Bank of Sweden currency reserves reflects this
movement. Calling of loans on stock collateral has
been extensive, it is reported from London, and leading Swedish industrial stocks suffered severely in
consequence.
Rapid progress toward setting the British financial house in order was made this week by the National Cabinet, which set before the newly assembled
House of Commons an extensive plan for balancing
the budget and restoring international confidence in
sterling. When the Parliament reconvened for the
special session, Tuesday, an ample vote of confidence
was promptly granted Prime Minister Ramsay MacDonald and his associates. In order to speed the
needed reforms a bill was introduced Wednesday
authorizing the Government to put economies into
effect by orders in council, or decrees. This also
was quickly accepted by the House, and the stage
thus set for announcement of the drastic measures
needed to reduce expenditures and increase revenues.
Chancellor of the Exchequer Philip Snowden presented the program Thursday in the form of a supplementary budget, which includes economies and
new taxation designed to fall in the most equitable
manner possible on the entire population of the
United Kingdom. An estimated deficit of $373,395,000 for the current fiscal year is to be eliminated
by this means, and a surplus of $7,605,000 achieved.
For the fiscal year of 1932-33 Chancellor Snowden
estimated the deficit under the existing arrangements at $850,000,000, but it is indicated that the
new measure will transform this into a surplus of
$7,500,000. Increases in taxation, both direct and
indirect, will provide $202,500,000 in new revenue
for the current fiscal year, and $407,500,000 for the
next year. Economies in nearly every government
department will effect the savings necessary to
1660
FINANCIAL CHRONICLE
bring the budgets to a balance and produce the small
estimated surplus.
Taxes are to be increased chiefly by raising the
standard rate of income taxes 21/2%, making it five
shillings in the pound, or 25%. Exemptions for
married men are reduced from $1,125 to $750, and
for single men from $675 to $500. The income supertax is increased 10% on incomes above $10,000, with
unearned income bearing a larger proportion than
earned. The tax on beer is to be increased a penny
the pint, and that on leaf tobacco eight pence the
pound, with other farms of tobacco increased proportionately. Motor spirits are to pay an additional
two pence a gallon, while the theater tax will be
increased 162/3%. These additional levies will produce approximately $202,500,000 this year, and $407,500,000 nekt year. In economies the most important
step consists of a 10% reduction in the unemployment insurance benefits, as forecast by Prime Minister MacDonald. Wages of school teachers are to
be lowered 15%, and police wages will be cut five
hill lugs a week. Salaries of civil servants are lowered 20% where compensation is more than $10,000,
and 10% otherwise. The defense services, the road
fund and pension fund are all to share in the sacrifices. Finally, debt amortization is to be lowered
by $68,500,000 this year, and $100,000,000 next year.
Before presenting his new budget figure, Chancellor Snowden spoke of the effect of the world-wide
trade depression upon Britain, and asserted that the
country kas for some time been living beyond its
means. Although local and national taxation are
now very nearly one-third of the national income, he
said, the country must face the position, and he proposed to do it then and there. The first step in this
direction, he went on, would be a revision of the
unemployment insurance scheme whereby the contributions of the employers and the insured would
be increased, and borrowings from the Treasury
ended. After presenting the figures outlined above,
Mr. Snowden said: "I have finished what I have
described as my unpleasant task. These proposals
are admittedly drastic and disagreeable. They are
justified only by regrettable necessities urged upon
us by the present financial position of the nation,
but I have received during the past few months amazing evidence of the willingness of men and women of
all classes to make contributions. The proposals I
have submitted give everybody an opportunity to
contribute. I have tried the best I could to spread
the burden and sacrifice as fairly and evenly as
human ingenuity could devise." The Conservative
and Liberal members greeted the proposals warmly,
but shouts of protest came from the benches of the
Laborites, who form the new Opposition. The budget resolutions were debated until a late hour, and
finally passed without a vote.
The need for the drastic measures was made apparent in New l'ark late last week, when it was made
known that artificial support was still being extended to sterling. The British Treasury made its
first draft, amounting to about 10%, against the
$200,000,000 credit arranged here on Aug. 28. On
the eve of the convening of the Parliament, King
George announced in a letter to the Prime Minister
that he desired a reduction of £50,000 in his civil
list, or annual income paid by the Government to the
Crown. The Prince of Wales at the same time informer Mr. MacDonald that he intended to contribute £10,000 to the national funds from his in-
[VoL. 133.
come. Prime Minister MacDonald issued an appeal
to the nation last Monday for confidence in the new
National Government. He asked the country to
"banish from its mind all notions that the crisis
which confronted us was not real and dangerous, or
that we could have met it with measures less vigorous
than those we shall ask Parliament to sanction."
There were further indications, however, in advance
of the Parliamentary session, that the Labor group
would fight the proposals stubbornly.
When the special session began, Tuesday, leaders
of the various parties and groups restated the
opinions they •had expressed previously, and there
were no surprises in this regard. Mr. MacDonald
again outlined the difficulties faced as a result of
the heavy outflow of funds from London to other
countries and the need for protecting sterling. In
his opinion, he added, the emergency was such that
the normal methods of Parliamentary procedure
would have been hopelessly inadequate to deal with
it. Stanley Baldwin, leader of the Conservatives,
regretted the necessity of sharing the divided responsibility of a three-party Cabinet, but he declared
firmly that it was unavoidable in order to accomplish the specific tasks set out. Arthur Henderson,
former Foreign Secretary and now the acknowledged
leader of the Labor group, replied to the new Cabinet
heads in behalf of the official Opposition. He had
never denied the existence of a crisis, he said, and
never refused to consider steps to meet it, but he
repeated his well known objections to reductions of
the unemployment insurance benefits. He warned
the House that he fully realized the duty of the Opposition is to oppose, thus giving the impression that
his opposition will be protracted and bitter. A
division was finally reached on the technical question that the House resolve itself into a Committee
of Ways and Means,in order to consider steps necessary for balancing of the. budget. The new Government was upheld by a vote of 309 to 250, only 11 of
Mr. MacDonald's former adherents in the Labor
party joining with the Conservatives and Liberals
in support of the regime.
In Wednesday's session Mr. MacDonald introduced an economies bill which, while giving no indication of the proposed reductions in expenditures,
provided authority for orders in council to place the
measures in immediate effect without waiting for
formal legislative endorsement. Under this system,
which was immediately applied, the measures are
placed in effect without ado, and the Parliament has
the right to discuss them afterward and, if it so desires, to rescind them. In order to speed the legislative machinery, Mr. Baldwin introduced a motion
designed to prevent the presentation of members'
bills, during the period of the emergency legislative
session. This measure was submitted to a division
and the Government was sustained by a vote of 306
to 212. Prime Minister MacDonald moved the second
reading of the national economy bill yesterday, explaining that the orders in council to be issued thereunder would be effective for only one month and
could be issued only within one month of enactment
of the bill. The orders in council have something of
the semi-dictatorial effect of government by decree,
he said, and could be altered only by act of Parliament.
An opinion on one of the most important questions ever placed before the Permanent Court of In.
SEPT. 121931.]
FINANCIAL CHRONICLE
ternational J ustice was handed down at The Hague
last Saturday, when it was held, by the narrowest
possible majority of the 15 justices, that the proposed
Austro-German customs union would violate Austrian engagements under the Geneva protocol of
1922. The eight-to-seven decision of the Court was
robbed of much of its significance by the formal renunciation of the project at Geneva two days earlier,
by the Foreign Ministers of Germany and Austria.
It attracted world-wide interest, however, and an
immense amount of comment regarding the Court
itself. The majority opinion held that "the regime
established between Germany and Austria on the
basis and within the purview of the principles laid
down by the protocol of March 19 1931 (the customs
union plan) would not be compatible with protocol
No. 1, signed at Geneva on Oct. 4 1922." In the
agreement made in 1922, under which international
financial assistance was rendered Austria, that
country agreed "to abstain from any negotiations or
from any economic or financial engagements" which
would directly or indirectly compromise her freedom. The opinion of the'Court was requested by the
Council of the League of Nations, at the suggestion
of the British Foreign Secretary, owing to the great
strain in European diplomacy occasioned by the proposal. When the decision was placed before the
Council, Monday, it was duly noted and the Council
declared that it was no longer necessary to examine
the question in view of the previous renunciations
by Austria and Germany.
In view of the intense opposition to the customs
union proposal expressed by France and her European allies, and the milder opposition of Italy, much
interest was taken in the division of.the World Court
on this matter. The majority opinion was reached
by the justices representing France, Poland, Rumania, Italy, Spain, Colombia, Cuba and Salvador.
There was a tendency in some quarters to describe
this grouping as a Latin bloc. The seven dissenting
justices are from Germany,Great Britain, the United
States, Holland, Belgium, Japan and China. The
question was widely discussed whether the grouping
in each case did not suggest a nationalistic bias.
Seven of the eight justices signing the majority
opinion also held that the customs union would violate Article 48 of the Treaty of St. Germain, which,
pronounced Austria's independence inalienable, except with the consent of the League Council. The
Italian justice joined the dissenting group in this
instance. In the dissenting opinion it was strongly
maintained that the Austro-German proposal violated neither the Treaty of St. Germain nor the
Geneva protocol. It was pointed out that these two
agreements themselves imposed numerous restrictions on Austria's liberty of action in matters military, financial and economic. "None of them was
reciprocal in character," the dissenting opinion continued, "yet all were regarded as compatible with
Austria's sovereignty and independence. It seems
to follow that a customs union such as that proposed,
organized on a basis of parity and reciprocity, does
not prejudice the independence of Austria." The dissenting justices stated, moreover, that they could
not find in the unfavorable majority opinion any
reasons explaining how the customs union regime
would endanger Austrian independence.
1661
League of Nations now in progress at Geneva, and
informally in the press of all leading nations. This
question will probably remain of foremost interest
for months to come, owing to the international
maneuvering likely to develop in advance of the general disarmament conference, scheduled for Geneva,
next February. The most important development of
the week occurred Tuesday, in the session of the
League Assembly. The Italian Foreign Minister,
Dino Grandi, startled the Assembly by proposing
that an agreement be reached for immediate general
suspension of new armaments programs, the truce
to last at least until after the general disarmament
conference. A veritable and effective armament
truce," he said, would be of great practical value for
improving the atmosphere in which the forthcoming
conference will be held. He referred, circumspectly,
to the relation between disarmament and intergovernmental debts, declaring that there is at any rate
a "moral connectiOn." Disarmament is the starting
point for many forms of development, he remarked,
and solution of the problem "would have a very favorable effect in other spheres." Geneva dispatches indicated that the Italian Minister's suggestions provoked much thought, but no general discussion in
the Assembly. In the French press sharp criticisms
were expressed. There is a "unanimity of feeling,"
a Paris report to the New York "Times" said, that
the Italian Minister's speech was written with a view
to pleasing Washington and Berlin. The reaction in
Washington was one of hearty sympathy to the principle of the plan, but it was added that the Hoover
Administration does not see its way clear to undertaking the suggested armaments holiday.
In the informal councils of Geneva there was
much discussion this week of a possible postponement of the Geneva Disarmament Conference of next
February. Although French sources denied that
they have requested postponement of the conference, a dispatch to the New York "Herald Tribune"
said, "it remains reasonably clear that France desires to have it postponed." The Administration in
Washington let it be known Tuesday that it will
oppose any effort to postpone the meeting. No definite program will be drawn up for American procedure at the conference, however, until some two
or three months from now, in order to prevent any
crystalization of the situation.
It was reported from Geneva,Paris and Rome that
Franco-Italian conversations on naval building programs might be resumed soon,in an attempt to break
the present impasse. Geneva circles stated that the
latest step in the negotiations consisted of French
proposals for abandoning new construction of "certain small units." Information made available in
Rome,Tuesday, was to the effect that the last French
suggestions are unacceptable to Italy. The Italian
Government was said to have proposed even before
the Grandi speech was delivered at Geneva, that a
complete naval holiday be arranged between the two
countries until after the general disarmament conference. Early this week, however, the French view
was again put forward in a speech by Air Minister
Dumesnil, delivered at a celebration of the seventeenth anniversary of the battle of the Marne.
France, he said, has already reduced her armaments
to a position consistent with her security. In preparation for the general conference of next February,
World disarmament problems were discussed Germany and Italy filed with the League Secretariat
widely this week, formally in the meetings of the this week statements showing their armaments,
1662
FINANCIAL CHRONICLE
effectives and military budgets. The German army
was shown to consist of 105,000 officers and men,
while the navy has not yet been built up even to the
limits laid down in,the Treaty of Versailles. The
Italian army, as disclosed in the Rome statement,
consists of about 280,000 men.
The League of Nations reached this week its annual period of greatest activity, with the Assembly
and the Council both in session and a number of the
minor committee meetings also in progress. Deliberations of the Assembly were opened, Monday, with
a proposal that an invitation be extended to Mexico
to become a member of the League. Intimations that
this action would be taken were already available
from Mexico City last week, and it was also stated
at the time that the country would accept. A resolution embodying the proposal was adopted Tuesday
and forwarded to Mexico City immediately, and the
favorable response of the Mexican Government was
announced the same day. "Mexico considers it necessary," Foreign Minister Estrada advised the League
Assembly,"to accompany her act of acceptance with
the declaration that she has never admitted the
regional understanding mentioned in Article XXI of
the League Covenant." The article referred to
specifies that regional understandings such as the
Monroe Doctrine shall not be affected by the League
Covenant.
Acting President Alejandro Lerroux,Foreign Minister of Spain, made a speech before the Assembly
Monday which attracted some interest. He called
upon the governments to arrest the wave of pessimism which is sweeping the world by means of a
co-ordination of efforts in the financial, economic
and political domains. Nicolas Titulescu, of Rumania, was elected the permanent President of the
Assembly. As the sessions progressed, one of the
most striking incidents was the speech by Signor
Grandi of Italy, referred to elsewhere, in which he
suggested a holiday in armaments programs until
after the scheduled general disarmament conference.
The Estonian representative proposed, Tuesday, that
the Assembly instruct the commission of inquiry for
European Union to proceed "forthwith" to study the
political question of the constitution and organization of a European Union. Problems of disarmament
were discussed guardedly and to no great effect in
Wednesday's session of the Assembly, while the most
important incident Thursday was a speech by Viscount Cecil of Britain, urging the necessity of "reviving international investments" if the world is
to be saved from financial disaster. Lord Cecil deplored the practice of leading nations of holding air
maneuvers. He also remarked that the present is
not the time for revision of existing treaties.
The only Council session mentioned in Geneva reports was held Monday, when a dispute developed
between Premier Venizelos of Greece and Premier
-Malinoff of Bulgaria. "One of the things they fought
about," a dispatch to the New York "Times" remarked, "was which of their countries had lost the
last war most." The real issue related to the extension of the Hoover debt suspension proposal to a
Greek Government debt of $500,000 to Bulgaria.
Foreign Minister Briand of France, who was requested to report of the matter, asked for a few days
to digest all that had been said. The League's financial committee held a private meeting Wednesday
at which, it is said, the practical question of what
[Vora. 133.
to do about the financial plight of Austria and Hungary was taken up. Results of the deliberations were
not divulged. The Commission of Inquiry for European Union ended its fourth session last Saturday
with the adoption of a report that is to be submitted
to the present Assembly. The closing debate in this
body centered around the economic non-aggression
proposal of Foreign Commissar Litvinoff of Russia.
It was decided to establish a special committee to
study the proposal "as quickly as possible after the
Assembly approves its establishment."
Sales of American wheat from the vast accumulations of the Federal Farm Board have been made to
China and Germany on the basis of long-term credits,
the former country taking 15,000,000 bushels, while
the latter purchased 7,200,000 bushels. Together
with the barter arrangement announced in August,
whereby Brazil is taking 25,000,000 bushels in exchange for 1,050,000 bags of coffee, some 47,200,000
bushels of Federal Farm Board wheat are thus disposed of. Announcement of the sale to China was
made by President Hoover Sept. 4. The wheat is to
be used by the Chinese Government exclusively for
famine relief purposes, it was indicated, and payment is to be made over a period of years. The
Chinese Government undertakes the transportation
of the wheat under the agreement, and it was stated
that American vessels are to have an equal opportunity with others in transporting the purchase.
Shanghai dispatches indicated that the wheat will
be shipped over a period of about nine months, that
the price will be that prevailing on the day of export,
and that payment will be made in equal annual installments in 1934, 1935 and 1936, with interest at
4% to be charged in the meantime. The German purchase was announced officially in Berlin, Tuesday.
Under this agreement, it was stated, Germany will
take 7,200,000 bushels of American hard winter
wheat of the best quality, payment to be made over a
number of years..
A rebellion of all the naval forces of Chile, engineered with the aim of forcing a change in the Government, was put down by the Santiago authorities
Monday, after a week of strenuous efforts which included an aerial bombardment of the mutinous
crews. Not a little loss of life was occasioned by
the revolt, which took its immediate rise from objections of the sailors to reduction of their compensation. Communistic agitators are said to have given
the movement a decidedly "Red" tinge. The mutineers took over the ships at the Coquimbo and
Talcahuano bases early last week, while the fortifications at the latter point also fell into their hands.
Loyal forces recaptured the Talcahuano forts last
Saturday, the killed and wounded being estimated
at 300. In the course of this engagement the cruiser
Riveros surrendered, while other vessels at Talcahuano were taken over by the loyalists Monday. The
more important units of the Chilean fleet were at
Coquimbo, however, and protracted efforts were
made to induce the crews to surrender so that the
incident might be ended without further bloodshed
and without injury to the vessels. These were unsuccessful, however, and a fleet of loyalist airplanes
swept down on the ships Sunday and showered them
with bombs and machine gun bullets. The mutinous
crews surrendered one after another during the next
24 hours, and the Government was able to announce
SEPT. 12 1931.]
the end of the rebellion late Monday. More than
1,000 prisoners were taken by the loyal forces at
Talcahuano, while the mutinous crews at Caquimbo
were said to number 2,730 men. The air force, which
was credited with suppressing the revolt, is directly
under the command of the President, and operates
independently of the army and navy.
Owing to the defaults by Bolivia, Peru and Chile
on their external debts, and the suspension by Brazil
of amortization on all but three external bond issues,
much attention is currently centered on the political
and financial developments of Latin America. Political unrest is reported with great frequency in
virtually all South American lands, and observers
maintain in all instances that there is an intimate
connection between such incidents and the precarious economic conditions everywhere prevalent. In
several of the larger countries, however, steps have
recently been taken which give encouraging evidence
of a return to normal political rule. The Provisional
Government of Argentina, headed by President Uriburn, issued a decree last week calling for the election of a President and Vice-President on Nov. 8.
There are indications, despite this, that General
Uriburu intends to retain the Presidency for some
months in order to supervise the drafting of a new
Constitution. In Brazil Provisional President
Getulio Vargas signed a decree Sept. 1 outlining a
new political organization for all States and municipalities and preparing the country for a return to
Constitutional Government.
From the purely financial viewpoint much uncertainty is prevalent and the recent developments are
not all reassuring. The partial moratorium on foreign debts announced by the Chilean Government in
July has been extended and made complete. Under
the earlier arrangements,funds were to be deposited
locally in amounts sufficient to cover the external
debt payments, with transfer only suspended owing
to the need for protecting the peso. Funds no longer
being available for the stipulated deposits, all payments have been suspended by the Chilean Government. Argentina, on the other hand,has given ample
indication of a determination to meet all foreign
debt requirements. A short-term loan of $50,000,000,
which matures in New York Oct. 1, is apparently to
be paid in gold, the first shipment of $10,000,000 having been made last Saturday. In order to make this
gold payment possible without decreasing the discount facilities of the Gold Conversion Office, an
internal loan of 118,000,000 pesos has been floated
successfully. It is planned to permit the rediscount
of commercial paper in the amount of the loan, and
by this means circulation will be kept at its former
level notwithstanding the loss of gold.
Reports that Uruguay and Colombia might default
on their external debts have been firmly denied in
both cases on the highest official authority. The
Uruguayan Government has announced through its
Washington Legation its determination to meet all
interest and sinking fund payments "at whatever
sacrifice." President Olaya Herrera stated emphatically last month that Colombia "does not and
will not need a moratorium." Recent reports indicate that French bankers may extend substantial
loans to some of the South American countries. A
Sao Paulo dispatch of last Saturday to the New
York "Times"said that a Paris syndicate had offered
a loan of $54,500,000 to the Brazilian Government
1663
FINANCIAL CHRONICLE
for a 10-year period at 5%. A Montevideo dispatch
of Monday to the same journal stated that five
French banks had formed a group to open a credit
in favor of Uruguay in an unnamed amount.
The Hungarian National Bank on Sept. 10 reduced
its discount rate from 9% to 8%. On the other hand,
on Sept. 11 the Norwegian Bank raised its rate from
4% to 5%. Discount rates are 8% in Germany and
1
2%
in Hungary;10% in Austria;7% in Portugal;6/
in Spain;5/
1
2% in Ireland and Italy;5% in Norway;
4% in Sweden and Denmark; 4/
1
2% in England;
2/
1
2% in Belgium, and 2% in France, Holland and
Switzerland. In the London open market discounts
for short bills yesterday were 41/
8@
4% against 41/
4% on Friday of last week, and 41/
4@4 5/16% for
41/
1
4% the previthree months' bills against 4 3/16@4/
ous Friday. Money on call in London on Friday was
4%. At Paris the open market rate continues at
31/
/8%.
17
/
8%, and in Switzerland also 17
The Bank of England statement for the week
ended Sept. 9 reveals a gain in bullion of £1,537,817
and as this was attended by a contraction in circulation of £1,045,000 reserves rose £2,583,000. The
Bank's gold holdings now aggregate £137,206,244
compared with £156,573,751 a year ago. Public
deposits increased £8,882,000 while other deposits
fell off £6,810,827. The latter consist of bankers accounts and other accounts which decreased £5,506,042 and £1,304,785 respectively. The reserve ratio
is now 45.81% in comparison with 44.51% a week
ago and 50.07% last year. Loans on government
securities fell off £2,590,000 and those on other
securities rose £2,093,945. Other securities consist
of discounts and advances and securities. The
former increased £1,029,666 and the latter £1,064,279. The discount rate remains at 432%. Below
we furnish a comparison of the different items for
five years:
BANK OF.ENGLAND'S COMPARATIVE STATEMENT.
1928.
1929.
1927.
1930.
1931.
Sept. 11.
Sept. 14.
Sept. 12.
Sept. 10.
Sept. 9.
353,931,000
Circulation
21.808,000
Public deposits
105,378,419
Other deposits
Bankers' accounts 54,845,474
Other accounts— 50,532,945
Govt. securities__ — 51,145,906
Other securities_ _ - _ 36,033,940
Dint. & advances 8,291,359
27,742.581
Securities
Reserve notes de coin 5S,275,000
Coln and bullion__ _137.206,244
Proportion of reserve
45.81%
to liabilities
Bank rate
434%
361,326,291
9,013.456
101.303.231
67,166,323
34,136,908
45,911.247
27,411,081
5,769,699
21.641.382
55,247.460
151,573.751
364,958,974
14.010,848
102.971,126
66,458,288
36,512,838
75.686,855
27,173,600
3,457.467
23,716,133
32.433.607
137,392,581
50.07%
3%
27.72%
44%
134,607.285 136,102,470
13,073,725 11,730,294
98,886.342 100,121,029
27,145,326 51,254,031
41.396,198 44,164,070
71,727.504 34,707.313
176,584,789 151,059.783
5534%
454%
31%
434%
The statement of the Bank of France for the week
ended Sept. 5, shows a gain in gold holdings of 4,730,523 francs. The total of gold now is 58,567,719,261 francs, as compared with 47,477,717,185 francs
in the corresponding week last year and 39,006,474,790 francs the year before. An increase appears in
credit balances abroad of 563,000,000 francs and a
decrease in bills bought abroad of 599,000,000 francs.
Notes in circulation expanded 292,000,000 francs,
raising the total of notes outstanding up to 78,927,365,000 francs, in comparison with 73,453,000,975
francs last year and 65,780,958,600 francs two years
ago. French commercial bills discounted and
creditor current accounts record decreases of 976,000,000 francs and 1,481,000,000 francs while advances against securities rose 88,000,000 francs.
Below we give comparisons of the various items for
three years:
1664
(VOL. 133.
FINANCIAL CHRONICLE
is absolutely no movement in this class of accommo2% for 30 and 60
1
4@1/
dation. Quotations are 11/
days; 11/2@13
4% for 90 days and four months, and
/
4@2% for five and six months. The demand for
/
13
prime commercial paper was extremely light all
through the week, and while there was no great surplus of paper, dealers had little difficulty in supplying all that was needed. Rates for choice names of
4(4)2%.
/
The Bank of Germany in its statement for the four to six months' maturity continue at 13
%.
2
1
/
4@2
/
21
well
are
less
known
Names
gold
in
gain
a
first quarter of September reveals
and bullion of 4,433,000 marks. Owing to this gain,
Prime bankers' acceptances were in brisk demand
gold now aggregates 1,370,514,000 marks,in compariweek. There was a larger supply of high class
this
son with 2,618,902,000 marks last year and 2,183,available, most of which was quickly absorbed
paper
343,000 marks two years ago. Increases appear in
and other institutions in New England and
banks
by
reserve in foreign currency of 44,240,000 marks, in
West. Rates are unchanged. The quoCentral
the
silver and other coin of 5,565,000 marks and in
the
of
American Acceptance Council for
tations
notes on other German banks of 4,331,000 marks.
continue at 1% bid, 7% asked;
days
bills
90
to
up
remarks,
Notes in circulation dropped 91,777,000
for
8% bid, 1% asked; for five
11/
bills,
months'
four
marks.
4,292,061,000
to
ducing the total of the item
0 bid and 114% asked. The FedTotal circulation a year ago was 4,486,210,000 and six months,1%7
marks and the year before 4,602,590,000 marks. eral Reserve banks showed an insignificant decrease
The item of deposits abroad remains unchanged. in their holdings of acceptances during the week, the
Decreases are shown in bills of exchange and checks total having dropped from $197,868,000 to $197,of 113,910,000 marks, in advances of 56,223,000 788,000. Their holdings of acceptances for foreign
marks, in investments of 58,000 marks, in other correspondents increased from $230,004,000 to $231,assets of 63,438,000 marks, in other daily maturing 260,000. Open market rates for acceptances also
obligations 74,542,000 marks and in other liabilities remain unchanged, as follows:
SPOT DELIVERY.
of 8,741,000 marks. A comparison of the various
—180 Daps— —160 Days— —120 Days—
RM. Asked..
Rid. Asked.
BM. Asked.
items for three years is given below:
1
114
114
191
191
134
Prime eligible bills
REICHSBANK'S COMPARATIVE STATEMENT.
—30Days—
- —60 Days—
—AO Days
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Sept. 5 1931. Sept. 6 1930. Sept. 7 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings.. _ _ _Inc. 4,730,523 58,567.719,261 47,477.717,185 39.006,474.700
7,228,653,187
6,832,314,098
14,817,974,579
Credit bats. sbed_Inc. 563,000,000
French commercial
bills discounted_Dec. 976,000,000 4,514,290,710 4,896,658,865 8,027.829.587
Bills bought abed_Dee. 599,000,000 10,952,510,953 18,740,450,400 18,571,615,056
Adv. sat. secure_ _Inc. 88,000.000 2,816,849.397 2,835.979.103 2.481.112.894
Note circulation_ _Inc. 292,000.000 78,927,365,000 73.453,000,975 65,780,958,600
Cred. curr. accte—Dee.1481000,000 25,638,250,003 16,921,282,966 19,184,218,049
Changes
Sept. 7 1931. Sept. 6 1930. Sept. 7 1929.
for Week.
Retchsmarks. Retchsmarks. Reichamarks. Reichsmark,.
Assets—
Inc. 4,433,000 1,370,514,000 2,618,902,000 2,183.343.000
Gold and bullion
99.553,000 149,788.000 149,788.000
Of which depoe.abed. Unchanged
Res've in torn cum —Dm 44.240,000 400,438,000 392,108,000 320,296,000
Bills of exch. & checiaiDeo. 113,910,000 3,025,463,000 1,571.806,000 2,518,236,000
80,539,000 148,439,000 114,438,000
Silver and other coin--Ino. 5.565,000
13,009,000
13,914,000
6,756,000
Notes on 0th. Ger. bksIno. 4,331,000
52,190.000
57,007,000
Dee. 56,223,000 151,417,000
Advances
72,755,000
Dec.
58.000 102,913,000 102,677.000
Investments
Dec. 63,433,000 830,149,000 668,097,000 575,308,000
Other assets
Llablfates—
Notes in circulation—Dec. 91,777.000 4,292,061,000 4,486,210,000 4.602.590,000
Oth.dally matur.oblig.Deo. 74,842,000 435,105.000 368.396,000 471,409,000
Dec. 8.741,000 755,411,000 225,023,000 352,980,000
Other liabilities
Funds remained in ample supply in the New York
money market this week, and the phenomenally low
rates prevalent most of the year were continued.
Some money brokers are of the opinion that slightly
firmer conditions will appear later in the year, but
no indications of any such firming are apparent as
2%
1
yet. Call loans on the Stock Exchange were 1/
being
loans
new
and
renewals
both
throughout,
quoted at this figure. In the unofficial outside market banking house funds were offered in all sessions
2% from the official level.
1
nt 1%,or a concession of/
Dema::d for money was small, and business remained
dull. Brokers' loans against stock and bond collateral, as compiled by the Federal Reserve Bank of
New York, were down $41,000,000 for the week to
Wednesday night. The monetary gold stock of the
country moved above $5,000,000,000 for the first
time in history this week. Movements of the metal
consisted of imports of $5,376,000 for the week to
Wednesday, with no exports reported. There was,
however, a gain of $5,000,000 in gold held earmarked
for foreign account, which is equivalent to an export.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no deviation at any time from the figure of 11/
2%,this having
been the quotation both for new loans and for renewals on every day of the week. Time money continues in the doldrums. Dealers report that there
Bid. Asked
891. Asked.
1
14
1
Prime eligible bills
14
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
Asked
%
Rid.
I
134 WS
134 Ole
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston.
NewYork
Philadelphia_
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate 6nEffect
On Sept. 11.
Dale
Established.
Precious
Rate.
2
14
3
214
3
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
24
2
354
3
34
34
a
24
24
34
a
3
24
a
3
4
834
34
a
Sterling exchange is extremely dull, with trading
at a minimum, which may perhaps account for the
fact that rates have been lower this week than at
any time in several weeks, although it is evident
that the exchange is meeting with official support in
New York, Paris, and other markets. The range this
week has been from 4.85 11-32 to 4.859 for bankers'
sight bills, compared with 4.853" to 4.85 15-16 last
week. The range for cable transfers has been from
4.85 25-32 to 4.86, compared with 4.86 to 4.86 3-16
a week ago. The dullness in sterling this week was
due to the hesitancy of bankers awaiting Chancellor
Snowden's new budget program, which was presented to the House of Commons on Thursday. In
New York, owing to the Labor Day holiday there
was a practical cessation in foreign exchange transactions from the close of business on Friday until
Tuesday morning. The details of the MacDonald
National Government program for balancing the
British budget will be found on another page.
Although the.budgetary program which Parliament is
SEPT. 12 1931.1
FINANCIAL CHRONICLE
1665
expected to adopt without material change will now for the active intervention, at least by moral
suasion,
enable foreign exchange traders to revise their of central banks in the more important
countries,
technical positions in the market, and resume especially in New York and Paris. This
week the
operations with greater confidence for a time at Bank of England shows an increase
in gold holdings
least, the British situation must continue rather of £1,537,817, secured chiefly through
open market
precarious for a considerable period, so that there purchases. The bank's total bullion
as of Sept. 9
can be no prospect of any immediate firmness in stands at £137,206,244, which compares with £156,sterling exchange. From now until after the middle 573,751 a year ago. On Tuesday
the Bank of
of January even under normal conditions exchange is England bought £1,048,591 gold bars,
received
seasonally adverse to London. It is now a fully £2,270 sovereigns
from abroad and exported £19,000
established fact that the joint credit granted a few sovereigns.
On Wednesday the Bank released £100,weeks ago by the Bank of France and the Federal 000 in soveriegns, bought
£43,399 in gold bars, and
Reserve banks, aggregating $250,000,000 was nearly exported £21,000
in sovereigns. On Thursday the
exhausted before the recent additional credits Bank bought
£20,710 in gold bars, and exported
totaling $400,000,000 were arranged by private £67 in sovereigns
. Yesterday the Bank exported
banking groups in New York and Paris. The total £58,000 sovereign
s and bought £5,841 gold bars.
contributed to the support of sterling and the British
At the Port of New York the gold movement for
financial structure thus amounts to $650,000,000. the week ended
Sept. 9, as reported:by-the Federal
Prime Minister MacDonald in his speech before Reserve Bank of
New York, consisteed imports of
the House of Commons on Tuesday said that between $5,376,000, of which $1,995,00
0 came from Canada,
July 15 and July 30, the Bank of England lost $1,203,000 from Mexico, $2,024,000 from
Peru, and
$170,000,000 in gold and that by the third week in $154,000, chiefly
from other Latin-American counAugust the large credits had been nearly exhausted. tries. There were no exports.
The Reserve Bank
"A further loan was required," he said, "not to reported an increase
of $5,000,000 in gold earkeep sterling from going off gold, but from tumbling marked for foreign account.
In tabular form the
off. Each day's report we received was gloomier than gold movement at the Port of New
York for the
the one of the day before. We had to face the fact week ended Sept. 9,
as reported by the Federal
that a typhoon was approaching and that unless we Reserve Bank
of New York, was as follows:
could arrest it, it would pass over, leaving widely
GOLD MOVEMENT AT NEW YORK,SEPT. 3-SEPT. 9, INCL.
strewn wreckage behind. Our only problem was to
Imports.
Exports.
restore waning confidence, stop the drain on gold, $1,995,000 from Canada
1,203,000 from Mexico
and secure the loan that was necessary to give us a 2,024,000 from Peru
None.
154,000 chiefly from other Latin
chance to rebuild our finances." He made a few
American countries.
other statements having an important bearing on the
present and immediate future of sterling exchange. $5,370,000 total
Net Change in Gold Earmarked for Foreign Account.
"When the present emergency is over," he said,
Increase: $5,000,000
"there are criticisms of the banking system which
On Thursday the Federal Reserve Bank reported
will have to be examined. There are war debts and the receipt of $2,946,000 of gold from Colombia
reparations—what is said about them is common and yesterday
$4,255,200 gold was received from
ground for most people who know anything about Argentina.
international finance. This country has burdened
Canadian exchange continues at a discount. On
itself by its honesty, by the generosity of its policy Saturday Montreal
funds were at a discount of
in paying its debts and helping other countries, but
M of 1%. On Monday, Labor Day, there was no
is alone now in thinking of these things in connection quotation in New York.
On Tuesday, Montreal
with the present crisis. None of these things can be funds were at discount
of 7-16%, on Wednesday
a
overlooked and none will be overlooked when the at %%, on Thursday at 15-16%, and on Friday
at
lack of confidence in this country has been overof 1% discount. As noted above, the Federal
4
3
come." Referring to British foreign trade, Mr. Reserve Bank reported the receipt of $1,995,00
0
MacDonald added, "the figures of our trade balance gold from Canada. Bankers are
of the opinion that
are not favorable and we must be careful lest we be this is the first of a series of shipments which will
be
• put in a position of paying for our imports from made from Canada in order
to check the decline in
capital or by printed paper."
the Canadian dollar. From now on American tourist
The whole situation is such that sterling exchange traffic in Canada is expected to decline sharply,
would now be ruling much lower and probably below which must
of course affect Canadian Exchange
the gold point but for the credits which have been adversely.
arranged and the official support given to the market
Referring to day-to-day rates, sterling exchange on
daily. Some months ago it was declared the policy Saturday last was steady with trading extremely
of the London financial authorities to establish gold limited. Bankers' sight was 4.85 15-32®4.853%;
holdings with the Bank of England in excess of
cable transfers 4.85 29-32@4.86. On Monday,
£160,000,000 with which to face the seasonal autumn
Labor Day, there was no market in New York. On
drain on London. It is only reasonable to believe Tuesday the market was dull.
The range was 4
that there is no longer any possibility of establishing ®4.85% for bankers' sight and 4.85 29-32@4. .853/2
86 for
so high a reserve. One hopeful factor in the situa- cable transfers. On Wednesday sterling continued
tion, however, is that the Bank of England is able quiet and steady. The range was 4.85
9-16@4.855A
to add to its gold holdings from week to week and for bankers' sight and 4.85 15-16®4.86 for
cable
bankers are inclined to believe that these small but transfers. On Thursday the rate
was steady in a
encouraging additions will continue for some time.
dull market. The range was 4.85 11-32®4.855
4 for
The fact must nevertheless be faced that even these bankers' sight and 4.85 25-32®4.85
15-16 for cable
increases in gold holdings, as shown by the Bank of transfers. On Friday
the range was 4.85 7-16®
England statements, could not be made were it not 4.85 11-16 for bankers'
sight and 4.857
4®4.86 for
1666
FINANCIAL CHRONICLE
[Vol. 133.
financial stability. Paris dispatches on Wednesday
stated that the success of the British one-year
treasury bond issue amounting to 2,500,000,000
francs was acclaimed there as the largest foreign
loan ever placed in France without the participation
of the Bank of France. The loan was over-subscribed in three days following the public announcement of the issue last Wednesday. A heavy demand
a gentleExchange on the Continental countries presents coming from England was not filled due to
ters
underwri
French
the
no new features of importance. Foreign exchange man's agreement between
of
export
useless
avoid
to
the
and
treasury
British
operators in all markets are watching the progress of
from
came
demand
French
The
British
capital.
and
events in Berlin and London with some anxiety
companies
are hesitant in all their operations, despite the fact capitalists, small banks, and insurance
s of
amount
large
of
their
ent
free
seeking
investm
is
y
in
German
and
that the outlook in England
of
Bank
the
now much improved. German marks have declined idle funds. The current statement of
holdings
gold
in
sharply in the past few days. On Wednesday the France, as of Sept.4shows an increase
nevertheless,
rate dropped to 23.30, causing much uneasiness in of only $4,730,523 francs, which is,
for its gold
record
high
new
a
h
foreign exchange circles. Par of the mark is 23.82. sufficient to establis
at 58,567,stand
holdings
gold
Present
.
Bankers in New York state that the decline is not holdings
717,185
47,477,
with
s
compare
which
francs,
so much the result of selling pressure as it is a re- 719,261
000,000
28,935,
with
and
1930,
6
Sept.
on
francs
flection of disappointment that confidence has not
of the bank following
been more completely restored. Transactions in the francs on the first statement
in June 1928. Other Conexchange are still extremely limited in volume so stabilization of the franc
and steady considering
far as the New York market is concerned and any tinental currencies are quiet
seasonal pressure is against
sizeable transaction probably could not be made at the fact that from now on
that tourist support
anywhere near the quoted rates. The decline has the European currencies and
er.
given rise to rumors in Berlin of impending inflation drops off sharply in Septemb
The London check rate on Paris closed at 123.94
and it is thought probable that the Reichsbank will
on Friday of
be compelled once more to give support to the on Friday of this week, against 123.95
the French
on
bills
sight
York
New
exchange. Advices from Berlin state that while keen last week. In
1-16 on
3.92
against
15-16,
3.91
at
that
finished
centre
disappointment is felt in financial circles there
s at 3.92 1-16,
such support has once again become necessary, the Friday of last week; cable transfer
ial sight bills at
Reichsbank with its exchange holdings of Rm. 443,- against 3.92 3-16, and commerc
finished at
800,000, is in a position to restore the exchange to 3.91%, against 3.91%. Antwerp belgas
for cable
13.91
parity. Since July 15 devisen reserves of the Reichs- 13.903/ for bankers' sight bills and at
quotaFinal
13.92.
4 and
bank have increased Rm. 319,400,000. The task of transfers, against 13.913
' sight
bankers
for
23.56
the bank at this time, it is thought, will be easier tions for Berlin marks were
son
compari
in
s,
transfer
than in the previous crises because of the exchange bills and 23.58 for cable
23.75.
of
week
last
on
quotati
decrees and the agreement on foreign short-term with the nominal
bankers' sight
balances, which will prevent wholesale withdrawals Italian lire closed at 5.22 13-16 for
s, against
of capital from the country. After difficult nego- bills and at 5.23 1-16 for cable transfer s closed
schilling
tiations regarding important details, all creditor 5.22 13-16 and 5.23 1-16. Austrian Czechoslovakia
on
committees have accepted the plan for a six-months at 14.05, against 14.05; exchange
st at 0.593/a,
Buchare
maintenance of existing volume and prolongation of at 2.963L, against 2.9614; on
11.20,
against
11.20,
at
foreign short-term credits in .Germany. The agree- against 0.593/2; on Poland
Greek
2.51%.
against
8,
5
/
ment expires March 1. Credit conditions continue and on Finland at 2.51
for bankers' sight bills
to improve in Germany. Great importance is exchange closed at 1.29 7-16
5 for cable transfers, against 1.29 7-16
attached to the Reichsbank's promise of increased and at 1.294
rediscount facilities. Henceforth the Reichsbank and 1.29%.
will rediscount any class of commercial bills allowed
war
Exchange on the countries neutral during the
by the banking laws, that is to say bills running no
ng
beginni
the
as since
longer than three months, based on bona fide com- follow much the same trends
inclined
are
es
currenci
mercial transactions, and bearing three good sig- of June. The Scandinavian
crises in the German
the
to
largely
to
its
of
very
as
part
due
ease,
ank
Reichsb
natures. Hitherto, the
ns and partly, no
credit restriction policy has rejected many bills and British financial situatio
decline in tourist
the
which fulfill these conditions. The new policy doubt, to seasonal pressure and
the parity of the three
promises to help industry materially. It will save requirements. For instance,
es is 26.80. Curhundreds of small and middle-sized concerns which important Scandinavian currenci
26.753/2, exchange
would otherwise have to close down owing to lack of rently Swedish krona are around
e on Denmark
working capital. French francs are firm in all on Norway around 26.73, and exchang guilders have
Holland
markets. There can be no doubt that the franc is also at 26.73. This week
parity of the guilder
Dollar
firm.
nally
pound
the
been
exceptio
to
would be much firmer with respect
been quoted
sterling but for the active intervention of the Paris is 40.20. Guilder cable transfers have
can be no
There
2.
banking authorities in the interests of sterling. during the week 40.323-40.343/
withdraw
to
e
continu
Despite the plethora of funds in Paris, unloanable doubt that Dutch bankers
h money
althoug
centres,
even at very low interest rates, it would seem that their funds from all foreign
to
lowered
been
again
French private banks and individuals continue to rates in Amsterdam have
.
Holland
ble in
withdraw funds from New York and London, as record low levels and money is unlenda
against
1%,
well as from other centres. This movement is due to The private discount rate is at M of
rate on
buying
the
and
ago,
week
a
1%
and
11-16 of
anxiety over the immediate prospects for trade
cable transfers. Closing quotations on Friday were
4.85% for demand and 4.86 for cable transfers.
Commercial sight bills finished at 4.85 9-16; 60-day
bills at 4.81 13-16; 90-day bills at 4.80 1-16; documents for payment (60 days) at 4.81 13-16, and
seven day grain bills at 4.84 15-16. Cotton and
grain for payment closed at 4.85 9-16.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1667
prime guilder acceptances has been lowered to
London dispatches Argentina has a favorable foreign
of 1%, against 13-16 of 1% a week ago. Three trade balance for the first
seven months of 1931
months bills in London are quoted at 4 3-1643%. amounting to approximately $50,000
,000, which comTheoretically this rate should attract large quantities pares with an unfavorable balance
in the same period
of Dutch funds, but guilders remain strong against last year. According to London
authorities there
sterling, being quoted at 12.055, compared with seems to be good reason
to expect a credit balance beparity of 12.107 guilders to the pound. It is thus fore the end
of the year large enough to cover Argenevident that Dutch bankers are bringing funds tina's foreign
debt service, with a considerable margin
home, and it is believed that much of the foreign over.
selling which has taken place in stock markets such
Argentine paper pesos closed on Friday at 28.00
as London and New York, is for account of Amster- for bankers
' sight bills, against 281/g on Friday of
dam, where considerable nervousness over the last week
and at 281
% for cable transfers, against
immediate future is reported. Swiss francs continue 283i.
Brazilian milreis are nominally quoted 6.20
firm. The par of Swiss exchange is 19.30. This week for bankers
' sight bills and 6.25 for cable transfers,
the quotations frequently moved up to 19.503/2. against
6.20 and 6.25. Chilean exchange is nominally
The firmness in the Swiss franc is also due to the quoted %
121 for bankers' sight bills and 123 for
withdrawal of Swiss funds from other centres, as cable
transfers, against 12%
1 and 123/g. Peru, not
well as to the secret flights of capital in Europe to quoted.
the Swiss centres for security. Doubtless the firmness in Swiss is also due to transactions in connection
Exchange on the Far Eastern countries is in all
with the Bank for International Settlements.
important respects essentially unchanged from recent
Spanish pesetas have fluctuated rather widely weeks
and unchanged in its larger aspects from the
during the week, frequently giving indications of past
year, or more properly since the drop in silver
official support, but the rise was brought about prices.
The Chinese currencies have been steady
chiefly by the order of the Spanish Government to this week
owing to the steady and featureless charthe banks that they convert their foreign currency acter
of the silver market, with the price for silver
accounts immediately into pesetas. Undoubtedly ranging
in New York around 27%c. per ounce. The
this measure will meet with some success in raising extreme
ly unsatisfactory condition of the silver marthe level of the pesetas, but bankers state that the ket is, of
course, the most upsetting factor in exchange
wisdom of the step is open to question. It is believed on
the Far Eastern countries, overshadowing in imthat the inability of Spanish banks to hold foreign portanc
e even the disturbed and warlike conditions
balances abroad will work hardship in the proper in China
and the present great catastrophes of flood
financing of foreign trade. Bankers have declared
and famine which have overwhelmed a large portion
repeatedly that the only lasting solution for the of
the country. Japanese yen continue exceptionally
peseta will be the free use of the gold and foreign steady,
considering the poor state of business in the
currency reserves of the Bank of Spain.
Far East, where Japan finds her largest markets.
Bankers' sight on Amsterdam finished on Friday
Despite the world-wide drop in commodity prices and
at 40.32%, against 40.283'4 on Friday of last week; the hesitanc
y prevailing everywhere, Japan continues
cable transfers at 40.34, against 40.293/2, and com- to make
slow but steady improvement in its business,
mercial sight bills at 40.283/2, against 40.26. Swiss banking
, and financial affairs. Closing quotations
francs closed at 19.503/2 for checks and at 19.51 for for yen
checks yesterday were 49.35@4932, against
cable transfers, against 19.493 and 19.49%. CopenEXCHANGE RATES CERTIFirsD BY FEDERAL RESERVE
hagen checks finished at 26.713 and cable transfers FOREIGNBANKS
TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 5 1931 TO SEPT. 11 1931, INCLUSIVE.
at 26.73, against 26.724
1 and 26.733/2. Checks on
Sweden closed at 26.744
3 and cable transfers at
Noon Buying Rate for Cable Transfess in New York.
Monetary
26.76, against 26.75 and 26.763.j, while checks on Country awn
Valise in United Mates Money.
Unit.
Sept. 5. Sept. 7. Sept. S. Sept. V. I Sept. 10. 501.11.
Norway finished at 26.72 and cable transfers at
EUROPE$
$
$
26.734,
$
$
1 against 26.724
$
3 and 26.74. Spanish pesetas Austria.
&chilling
.140436
.140426 .140426 .140420 .140438
Belgium, belga
.139236
.139225 .139186 .139048 .139075
closed at 9.00 for bankers' sight bills and at 9.01 for Bulgaria,
ley
.007191
.007140 .007158 .007143 .007140
Czechoslovakia, kron .029629
.029628 .029628 .029626 .029624
cable transfers, against 8.84 and 8.85.
Denmark, krone
.267315
.267294 .267305 .267295 .267275
Exchange on the South American countries continues in an extremely unsatisfactory condition,
owing, of course, to the sharp fall in prices of their
leading export commodities, to the revolutionary
movements, and to the political uncertainty prevailing in all the Latin American countries. Argentine paper pesos are exceptionally weak, ruling this
week around 28.00, which compares with dollar parity
of 42.45. Business in Buenos Aires is exceptionally
quiet. An attitude of waiting an expectancy is
apparent regarding the final plan to be adopted for
repaying the $50,000,000 due in New York Oct. 1.
The Minister of Finance has repeatedly announced
that the government will ship gold to repay the loan.
Buenos Aires dispatches on Monday stated that the
first shipment of $10,000,000 was going forward on
The Northern Prince. Yesterday Friday, the Federal Reserve Bank of New York reported the receipt
of $4,255,200 of gold from Argentina. According to
England. pound
sterling
4.859301
Finland, markt&
.025155
France. franc
039206
Germany, reichsmark .236670
Greene, drachma
.012951
Holland, guilder
.402884
Hungary. pens.)
.174390
Italy. lira
.052298
Norway, krone
.267322
Poland, zloty
.111980
Portugal, escudo
.044200
Rumania.leu
005937
Spain, peseta
.088854
Sweden, krona
.267591
Switzerland. franc
.194980
Yugoslavia, dinar..017663
ASIAChinaC116100 tael
.311458
Hankow tadl
.305468
Shanghai teal
300178
Tientain tael
.314791
Hong Kong dollar- .239732
Mexican dollar_ _ _ _ .316562
Tientsin or Pella
dollar
.215000
Yuan dollar
.212083
India, rupee
.359410
Japan, yen
.493764
Singapore (8IC) do
.560416
NORTH AMER.
Canada. dollar
.994923
Cuba. peso
1.000390
Mexico. peso (silver). .325250
Newfoundland. do
.992397
SOUTH AMER.
Argentina, peso (gold) .839148
Brasil, mlireis
.081500
Chile. peso
120137
Uruguay, peso
.450833
Colombia. time
965700
4.859088
.025156
.039204
.235755
.012950
.403001
.174505
.052301
.267310
.111972
.044197
.005933
.089192
.267594
HOLT- .195000
DAY. .017681
4.859228
.025161
.039208
.234705
.012953
.403239
.174468
.052303
.267330
.111970
.044195
.005941
.090102
.267601
.194970
.017854
4.859000
.025159
.039205
.233094
.012948
.403398
.174475
.052304
.287302
.111970
.044195
.005945
.090010
.267561
.195015
.017652
4.859019
.025146
.039202
.235536
.012947
.403347
.174465
.052302
.287285
.111970
.044195
.005945
.090147
.267539
.195011
.017655
.311458 .815625 .813125 .313541
.303281 .311458 .307343 .308281
.299196 .803482 .302410 .303641
.316041 .319791 .316875 .316875
.238571 .240357 .239821 .240892
.217875 .220000 .218125 .219375
.218083 .223333 .220416 .222083
.214750 .220000 .217083 .218750
.359408 .359325 .359358 .359308
.493850 .493709 .493696 .493621
.560833 .560208 .580208 .580208
.995290 .995243 .993033 .991130
1.000390 1.000187 1.000273 1.000260
.335000 .352500 .355000 .345000
.992865 .992623 .990375 .988812
.634569 .636125 .634459 .683974
.061755 .081977 .061500 .061488
.120077 .120834 .120632 .120632
.448500 .449333 .457000 .455333
.965700 .985700 .965700 .965709
1668
FINANCIAL CHRONICLE
[VOL. 133.
ic
"special undertakings not to violate her econom
special
a
State
independence by granting to any
en
regime or exclusive advantages calculated to threat
that independence."
The opinion of the Court was rendered by eight
out of the fifteen members. The dissenting minority
of seven, while agreeing in general with the analysis
bul- of the documents involved in the case, held that
The following table indicates the amount of
neither the Treaty of St. Germain nor the Geneva
lion in the principal European banks:
protocol was violated by the proposed customs union,
Sept. 111930.
Sept. 10 1931.
and that no evidence had been submitted showing
Banks of—I
Total.
Gold.
Silver. I Total.
Gold.
that the independence of Austria would be jeopar£
1
156.573,75
1
156,573,75
1
44
£
137,206,2
The numerous restrictions imposed upon
England__ 137,206,244
379.821,737 dized.
(d)
d
1468,541,754379,821.737
France a__ 468 541 7
994,800,124,450,350
50
123,455,7
0
64,542,65
a
c994.600
Austri by those agreements, the minority declared,
Germany b 83,548,050
98,956.000 28,803,000'127.759,000
Spain_ _ - 01,024,000 26,651,000 116,675,000 56,503,000
56.503,000
58,093,000
1
0
"affected Austria in matters military, financial and
Italy____ 58,093,00
32,552,000 2,057,000 34,609,000
Netherl'ds 53,978,000 2,943,000 56,021,000034.584,0
0
34,564.00
00
her national sov45,380,00
Nat'l Bela
25,583,000 economic which touch most on
33,970,000 25.583,000
Switzeri'd_ 33,970.00
13,469.000
13,469,000
cal in character,
12,774,000
Sweden_ __1 12,774,00
9,566.000 ereignty. None of them was recipro
9,544,000 9,588.000
Denmark _ 9,544.00
8,141.000
8,141,000
8,129.000
Norway ..- 8,129.00
yet all were regarded as compatible with Austria's
31,854.600971,039.838
0
939,185,23
648
01011776,
29.588,60
. It seems to follow
Total wee]4)82,188,0481
4 31,810,600 967,838.664 sovereignty and independence
Prey. wee 979,483,737 30,222,6001009706,337 936,028,06
form
that proposed, organas
that a customs regime such
France as reported In the new
a These are the gold holdings of the Bank of
are exclusive of gold held
Of statement. b Gold holdings of the Bank ofisGermany
1924.
reciprocity, does not
and
7
Oct.
of
parity
As
c
£4,977,650.
ized on a basis of
abroad, the amount of which the present year
d Silver Is now reported at only a trifling sum.
Austria."
of
ndence
indepe
the
prejudice
renounced by the
been
had
union
s
Goes
As
custom
the
The League Debates, Great Britain
Austria before
and
ny
Germa
of
ers
n
Minist
Foreig
Forward.
was actually
on
questi
the
ed,
render
le"
n
was
Nouvel
the
decisio
In an article in the Paris daily "L'Ere
Premier, no longer an issue. The significance of the decision,
of Sept. 3 Edouard Herriot,former French
League of however, lies in the division of the Court into a
expressed frankly the opinion that the
of eight and a minority of seven. The eight
Nations was declining in influence, and that before majority
will members of the majority represented France,Poland,
long "the only prominent feature of the League
ia, Spain, Italy, Colombia, Cuba and Salvabe its godchild, the Bank for International Settle- Ruman
the dor; the seven members of the minority represented
ments," whose recent operations at a time when
was
the United States, Japan, Great Britain, Germany,
nations needed money are fresh in memory. It
his
of
Holland, China and Belgium. It is extremely diffiry
clear, he said (we quote from a summa
to believe that the opinion of the majority was
article in an Associated Press dispatch), "since the cult
by the open and aggressive hostility of
last six months that the old system of diplomacy not colored
to the proposed union, or that the judges who
has come to the fore again as against the new France
Poland and Rumania, both countries
diplomacy which Foreign Minister Briand attempted represented
by offensive and defensive alliances,
to inaugurate at Geneva," and while he "hoped that bound to France
uninfluenced by French opinion.
be
to
M. Briand might arrive at Geneva in time to save were likely
of Belgium, on the other hand,
ion
except
the
the declining League," he doubted if his efforts With
ty represented mainly countries
minori
ting
dissen
the
numwould be successful. The article was one of a
ed as friendly to Germany,
regard
been
have
which
have
which
ber of newspaper expressions in France
hostile to France. Politics,
,
course
of
not,
gh
l
althou
ationa
intern
ant
lately commented upon the import
words, appears not to have been absent from
arrangements that have been made outside the ill other
the deliberations of the Court. There is no reason
League, and intimated that the League was being
why politics should have been absent, for the World
rather obviously left at one side.
the Court is the Court of the League, the League is
The session of the League which began with
dominated by France, and it could hardly have been
meeting of the Council last week, and continued
y, has expected that a decision favorable to Austria and
with the meeting of the Assembly last Monda
Germany, on a point involving the peace terms,
already had before it a number of questions regardwould have been rendered so long as the strict maintake
ing which it would naturally be expected to
e of the peace treaties remains the underlying
tenanc
Court
definite positions. On Sept. 5 the World
policy of the League.
made public its decision adverse to the proposed
It is not surprising to learn that the decision, while
Aca.
Austri
customs union between Germany and
ally upholding the contention of France, has
cording to the extracts and summaries of the opin- technic
a good deal of concern in League circles,
ion cabled to this country, the Court held that the occasioned
or that the prestige of the Court is regarded as havproposed union would be incompatible with the
ing been considerably dimmed. The expected debate
protocol of Oct. 4 1922, whereby Austria, in conon the decision did not occur, but Berlin dispatches
sideration of a loan, undertook to abstain from any
condition of public feeling in Germany so
act that might "compromise her independence," and report a
France as possibly to necessitate
ul
with Article 88 of the Treaty of St. Germain, by resentf toward
the promised visit of Premier
of
nement
a
postpo
be
which the independence of Austria was not to
n Minister Briand, and renewed
alienated. In the view of the Court, the undertaking Laval and Foreig
tion of Dr. Curtius, the Gernot to do anything that might compromise Austria's demands for the resigna
er. Dr. Schober, Foreign Minisindependence "must be understood to refer to any man Foreign Minist
tood to have tendered his
act capable of endangering that independence in 60 ter of Austria, is unders
for Geneva, and for the
left
far as, can be reasonably foreseen." The undertak- resignation before he
office seems uncertain.
in
uance
contin
ings assumed by the Geneva protocol, while falling moment his
a, meantime, has been
Austri
of
t
assmen
"within the scope of Article 88," are "nevertheless The embarr
negotiating for a loan
is
it
that
fact
the
by
valid and Obligatory in themselves," and constitute increased
49.35@49%. Hong Kc ng closed at 243'@24 5-16,
against 23 15-16@24 1-16; Shanghai at 30%@30g,
49%;
against 30@30M; Manila at 4978, against
Bom56%;
Singapore at 563I@56%, against 563@
t
bay at 36, against 363 and Calcutta at 36, agains
36g.
SEM% 12 1931.1
FINANCIAL CHRONICLE
from France—a loan which it is feared now may not
be granted without assurance that a customs union
or any other special commercial arrangement with
Germany will be renounced for the entire period of
the loan,
The most striking proposal made at Geneva is
that of Signor Grandi,Foreign Minister of Italy,laid
before the Assembly on Tuesday, urging that all the
nations should "reach an immediate general agreeanent with a view to arriving at the suspension of
the texecution of their new armament programs," the
suspension to ,continue "at least for the period during Which they will sit in the conference" on disarmament which is to meet in February. The proposal set in sharp contrast the well-known view of
Mussolini that disarmament is the immediate problem and the French thesis that disarmament must be
preceded by'effective guarantees of security. There
fihould be no surprise, accordingly, that the proposal
has been strongly resented by thesemi-official French
press, which sees in it a move directed primarily
against France and a further reason for postponing
the conference. On its face the Italian proposal has
much to commend it, but its adoption by the League
seems more than doubtful. Something at least, per.
haps a good deal, depends upon the attitude of Mr.
Hoover. Washington dispatches report that while
Mr. Hoover is not 'disposed to take an attitude of
opposition to the proposal, he is concerned lest its
adoption should increase unemployment and create
difficulties between the Government and firms haying contracts for naval construction. It seems to be
the desire of the Administration to keep the whole
subject of disarmament open, and to avoid committing the United States to any particular plan for
dealing with the question, meantime pushing on the
preparations for American participation in the conference and continuing to oppose all suggestions of
postponement.
Signor Grandi's proposal is the bright spot in a
session which does not promise to be notable for constructive action. The unexpected proposal made by
C. R. Pusta, Estonian Minister at Paris, that the
European Union Commission which has been studying the economic aspects of a union, and has made
a report to the League on that subject, be directed to
proceed at once to a consideration of the political
organization of the union, can scarcely be said to
foreshadow anything but further political anxiety if
the proposal is adopted, since a discussion of political union would be likely to raise a host of questions
at a moment when political quiet and stability, as
well as international good feeling, are peculiarly
to be desired. The appeal of Lord Cecil, a British
delegate, on Thursday for a revival of international
investment as a means of fending off world calamity
was hardly more than a reiteration of some of the
points in the recent report of the Wiggin bankers'
committee.
The conspicuous absence of British influence at
Geneva is explained, of course, by the political situation at home, where the new MacDonald Government is wrestling with what Philip Snowden,
Chancellor of the Exchequer, has character
ized as
"one of the most desperate financial crises in the
nation's history." No one, certainly, can accuse the
new Government of lack of firmness, or fail to feel
satisfaction with its initial successes. On Tuesday,
when Parliament reopened, the Government won a
vote of confidence in the House of Commons, after
1669
a long and acrimonious debate, by the substantial
vote of 309 to 250. The expected break in the Labor
ranks, however, did not occur, only twelve Labor
members, including seven members of the Ministry,
voting with the Government. On Wednesday came
a bill giving the Government authority to put Its
new economy measures into effect immediately by
means of orders in council, a method which would
dispense with the usual legislative procedure
although not precluding subsequent debate, and
amendment or repeal of the statutes, if Parliament
so chose. The bill itself, of course, requires Parliamentary sanction, but support was forecast by the
action taken on a motion introduced by Stanley
Baldwin,leader of the Conservatives in the new Government, excluding private members' bills from
consideration during the period of the present
emergency. After debate, the closure on this motion
was ordered by a vote of 306 to 212, a Government
majority of 94, and the motion itself was then
adopted by a majority of 93.
The anxiously-awaited budget, introduced by Mr.
Snowden on Thursday, was even more comprehensive
and drastic than had been expected. The estimated
deficit for the present year, Mr. Snowden reported,
was $373,395,000, and that for, the coming, year
$850,000,000. To meet the deficit of the present year,
according to the summary of the budget speech
cabled by the Associated Press, Mr. Snowden proposed economies of $110,000,000, savings in debt redemption of $68,500,000, new taxes and inland revenue of $145,000,000, and customs and excise duties
of $57,500,000, leaving a surplus of $7,605,000. For
the deficit of next year the proposals offered economica of $350,000,000, saving on debt redemption of
$100,000,000, new taxation and inland revenue of
$287,500,000, and customs and excise duties of $120,000,000, leaving a surplus of $7,500,000.
The economies to be made included reductions in
salaries of civil servants, from Cabinet Ministers
down, of $22,170,000, a 10% cut in the salaries of
members of the House of Commons (now $2,000),
a saving in the defense services, in addition to pay
and pension reductions of $25,000,000, in education
of $51,500,000, and in the road fund $39,325,000. The
expenditure for unemployment insurance is to be reduced by $129,000,000, and contributions to the fund
increased by $50,000,000. A downward revision of
the bonus paid to workers in dockyards and ordnance
factories was also indicated, and policemen's pay is
to be lowered on a sliding scale running upward from
five shillings a week. The principal tax changes reported were an increase of 1 penny a pint in the tax
and pension reductions, of $25,000,000, in education
on beer and 2 pence a gallon on gasoline, with an
increase to 162/3% of the tax on film and legitimate
theaters, while the duty on imported leaf tobacco
is
to be raised 8 pence per pound and other kinds of
tobacco proportionately. Capping the scheme was
a proposed rise in the income tax to 5 shillings on
a
pound, together with an increase of 10% in the tax
on incomes over £2,000, and heavier taxation of unearned income.
The Government has shown its courage, and
unless
all signs fail the British people will respond.
The
announcement by Arthur Henderson, the new
Labor
leader, that he favored a 10% revenue tariff
as a
means of meeting the financial emergency loses
some
of its force in the face of the Government
program,
and at any event it appears that the question
of pro-
1670
FINANCIAL CHRONICLE
For,. 133.
are possible, stimulating enterprise to increased
activity. Third, proper relation among retail prices,
wholesale prices, rentals, &c. Fourth, proper balance of exports and imports, taking into account the
invisible items in the international balance sheet and
including a proper proportion between the flow of
goods and the flow of credits in international relations. Fifth, a proper balance in the money and
capital markets." . . . "The equilibrium view
"Economic Equilibrium."
relies upon the automatic forces of the market places
Storm-beaten waters of trade eventually find thei to restore equilibrium when it has once been broken,
level. The time may be long or short, according to ather than looking to governments and to central
the interference of external forces. Constant fac- banks to guide and control the process of re-equilibtors in the readjustment are the energies of men and eration." . . . "It is very skeptical of governthe resources of earth. The law is the labor that mental interferences. In the present situation, it is
sustains life. It is a prime service to the clarifica- particularly concerned regarding the high tariffs and
tion of thought in these muddled times to have the other hindrances to the international movements of
analysis of a trained mind such as that presented to goods. It wishes the lines of trade to be open." . . .
"In credit matters, the equilibrium doctrine is far
us in a talk in the Ohio Bankers' Convention at its
Benjaby
more anxious to have a good quality of credit than
annual meeting in Toledo on June 10 last
NaChase
it
is to have a large quantity of credit It holds that
the
min M. Anderson, Jr., Economist of
extensive
published
liabilities should be matched by assets, and that
tional Bank of New York. We
20
June
of
issue
outgo should be matched by income." . . . "The
our
in
extracts from the address
worth
is
said.
then
he
doctrine is very distrustful of projects
equilibrium
what
but
1931, pages 4523-4524,
fantastic
for
many
borrowing as a means of meeting
so
heavy
public
when
time
this
at
recalling
schemes for dealing with present day problems are industrial depression, knowing well that long after
the effects of such borrowings. have passed the inbeing offered to us.
oppostwo
creased tax burden for interest and amortization on
In speaking concerning "the conflict of
AnderMr.
"
the public debt will remain." . . . "The equiing sets of ideas regarding depression,
which
to
thought,
of
librium
doctrine looks upon periods of reaction and
son said in part: "One school
the
in
disturbance
as, properly, periods of liquidation of
a
in
depression
difficulty
I adhere, finds the
to
things
expect
t of the quality of credit, as
credit
and
would
improvemen
and
,
equilibrium
economic
right themselves again and business to go on actively times for the paying of debts and the restoration of
and satisfactorily when balance is once more re- sound credit conditions."
We look about us and what do we find as to "a
stored." . . . "The other school of thought finds
purchasing
proper balance among the various types of producthe causes of depression in deficiency of
artiby
remedies
tion"? Because of the madness of war and the insane
power, and would seek to find the
or
way
one
in
power
purchasing
jubilatiqn of the after-inflation, there is no balanced
ficial increases of
purthe
of
adherents
"Among
production inside the various types of production as
.
.
.
another."
chasing power school" Mr. Anderson listed "those well as among or between them. Manufacture, at
who advocate cheap money policies to encourage ex- least with us, by reason of the machine, overpropansion of credit; those who urge increased expendi- duces. Agriculture, at least in some lines, as the
tures and condemn savings in times of depression; much talked-about wheat, produces a plethora, probthe faction which favors heavy borrowing by govern- ably for the world's consumption. Raw materials,
ment for public works and oppose wage cuts, and though in almost exhaustless plenty, are not authose who advocate artificial support of the silver spiciously placed for immediate use. Transportamarket to increase China's buying power." . . . tion, dependent upon production and consumption,
"The general picture which the purchasing power now in the trough of depression,in the United States
school presents is that of production running ahead at least, is well equipped, but unable to earn a living
of purchasing power," Mr. Anderson said. "Produc- profit. No balance—because there are interferences
tarifftion is one thing, buying power is another thing. everywhere. Porte are partially closed by
cancompetent,
The two are separate and are governed by separate taxes. Shipping, though reasonably
largely
still
are
not
find freedom of entry. Wages
causes, and the problem for governments and central
unionism
banks to work out is that of keeping buying power at war-time rates. Coercion of outside
We
factories.
school."
gate
of
open
the
a
this
at
stands
of
menace
abreast of production, in the view
when
production,
buy
ecoof
that
with
and
services
the
goods
maintains
. . . "The opposing view
hence
nomic life will go on smoothly and satisfactorily markets are not closed by ourselves and others,
not
are
that
low
stocks
purand
nt,
separate
prices,
unemployme
not
does
It
when it is well balanced.
tastes,
the
by
disordered
upon
is
n
movable.
look
not
Consumptio
does
It
production.
chasing power and
idle
production and consumption as two independently manners and customs of peoples, trying through
whole
The
"
controlled factors. It maintains, rather, that pur- pleasures to "escape from themselves.
chasing power grows out of production and that world is out of joint!
Can this condition be removed by laws, conferability to consume depends upon ability to produce."
"Equiences,
cheap credit, overabundance of money—
Mr. Anderson continued as follows:
primary
though
several
silver be demonetized and gold improperly
librium in economic life involves
varithe
? Who borrows cheap money for investamong
distributed
elements: First, a proper balance
main
ment
new
or enlarged enterprises? Who can
raw
,
agriculture
ous types of production, as
corrals
terials, manufacturing, transportation. Second, a trade in, or ship, grain, when government
new
sell
can
proper balance between the prices of goods and the the "surplus" and pegs the price? Who
appliances,
home
costs of production, including wages, so that profits plows, cash registers, typewriters,
tection has been shelved for the present session. The
new taxes will weigh heavily upon many persons,
but the firm determination of the Government to
balance the budget, be the burden what it may, is a
manifestation of statesmanship which will do more
than anything else to restore confidence, and which
shoul 'everywhere command respect and commendat* n.
SEPT. 121931.]
FINANCIAL CHRONICLE
when credit and money are consumed by luxuries?
Who can diversify crops when farm taxes are used
to build roads in partnership with government
gratuities? You may say, "Still they do,"—but at
what cost to old-time legitimate business?
No—we flew with magic wings into the upper airs
of inflation and the engine went dead on us and we
dropped in a tail-spin to hard earth. What are we
doing but using political cures for an economic sickness? We talk of "purchasing power" as if it were
Aladdin's lamp which we can rub before breakfast,
and set the world of business moving toward "prosperity"—without work,services, goods—as well wish
for the moon!
Every quack cure resorted to is an additional interference. We cannot give business a chance to resume
while we are continually tinkering with its processes.
Business customs have been long decades in forming.
They were disjointed by the war. They need "normalcy" to restore their power. Not one industry
stands alone. They are all interwoven,inter-related,
interdependent, intersupporting. Trying to boost
one, without a sense of the others, is but a new form
of interference. War and the machine, inflatton,
speculation and collapse, are sudden and quite modern disturbances. How can the harmony of free
effort and interchange come about while new barriers are raised and politically-evolved methods injected into the already disordered procedures.
Gold would flow if trade could grow. Commerce
would increase if taxes could decrease. We make
tariff barriers ever higher by Congresses trying, mistakenly, to protect trade and labor, en bloc, and then
try to even things by the piecemeal working of a
"commission" hearing objections at the rate of a
dozen articles a year. We appropriate billions for
public improvements and wait a year or two (even
in such a dubious way) for work to begin. We create
a Farm Board with half a billion at its disposal and
subject the farmers to its caprice to buy or not
to buy.
What is to be done? Perhaps it were better to do
nothing in a legislative way. Perhaps the .unity of
many independent efforts, acting and reacting, but
always advancing under the major law of supply and
demand, would •be better than following some
"leader" and his egoistic and egotistic "plan." We
need courage to inaugurate larger enterprises in the
legitimate rather than temerity in the development
of money-making schemes. If we borrow now from
the earnings and property of the citizens we must
pay sometime when again the shoe will pinch. We
have followed one will-'o-the-wisp after another and
are now lost in the swamp. If "business" is "fundamentally sound," why are bonds so low? If common
stocks are a good investment, why are none, comparatively, being issued?
We have much to explain from any standpoint_
but limitless spending on a shrinking income can
only result in disaster. Millions are "out of work,"
other millions are said to be starving, with surplus
crops and machine-made mass-production that cannot be sold or transported. What can artificial "purchasing-power" do for this condition but make it
worse confounded? Nevertheless, it is "the long
pull, the strong pull, the pull all together" that will
lift us out of the morass. If "civilization" and
"progress" cannot "buck up" to drive away the
demon of "depression," they are mere words without
meaning; they are boasting without substance. We
1671
will have "purchasing power" in proportion to the
goods and services we are able to reinaugurate!
Where Citizens Take Care of Their Own.
Seated at a high window, in a house on a hill, the
lights of home flash out, one by one, and the stars
gather in the sky, as the day is done. No longer factories for the making of homespun and the moulding
of tallow-dips, these homes are but factories of another kind,for here ideas are born and are discussed
that rule the nation. We look not down upon a
million-windowed city—but out upon a country town
where friendship abides and love endures and normal
minds have time to think.
That million-windowed city yonder, a few miles
away, has its imperishable place in a modern world;
filled with eager and aspiring men and women, holding huge processes of industry and wealth, having
more than its share of influence on the economics,
politics and commercial finance of a nation's people,
but still crowded with contest, ambition, love of
pleasure, and relentless strife for place and power.
It lacks the calm of the country town, none too quiet
in these days; it lacks the detachment of the countryside, where the little things of life grow large with
exaggerated importance; and it lacks a close community of purpose which those may form who gather
in the town hall to listen to lecture and debate.
What are these townspeople thinking on under the
evening lamp? It is the universal topic in town,
city and country—the "state of the times"!
There are literally thousands of these towns; in
close touch with the countryside, scattered over the
domain of the United States. They have their poor—
and their local societies to look after them. They
have almost no bread-lines, and few mass meetings
of the unemployed. Yet in them all millions of citizens reside, affected by the fortunes of the whole
people, interested in politics and business, taking
earnest part in the destinies of the Republic. What
are these townspeople thinking of in these universal
hard times? And here, with apologies, it is necessary to say that they read city-made daily newspapers bred in the excited atmosphere of metropolitan centers.
Unwittingly these papers, and unconsciously these
people, follow the lead of vast trends and tendencies.
But for all this, these townspeople under the evening
lamp are discussing their immediate local problems,
their intimate family affairs, are dwelling in thought
upon the doings of the day and the'expectations of
the morrow—that constitute the meat and bread of
their existences, and as they do this their life-efforts
swell the accomplishment of the nation's people; as
they do this they augment that body of public opinion
which in the end rules us all.
Neighbor meets and greets neighbor with goodwill.
Here, too, are evidenced the faults of our human
nature. We speak not of these. The conversations
under the evening lamp and casually on the streets
in times of stress turn to local needs, comprise personal conditions that should engage sympathy and
help. Personal giving and living are real topics.
There is local organization, but it relates only to
those who are known, part and parcel of the community. Thus they do not, save in the newspapers
we have spoken of, measure their present difficulties by the yardstick of all-embracing schemes, plans
and movements. They know there is suffering, want
and unemployment, but they concentrate on their
1672
FINANCIAL CHRONICLE
own. Sufficient to their own responsibilities and
duties, they do not dwell on the world at large, nor
are they in the depths of despair. They commiserate
their own fate, but gird themselves for the conflict.
Perhaps, and this also is a human trait, when great
sums are gathered for distribution to the needy, they
apply for their share. But they do not look far
away to the cities for the brunt of misfortune and
idleness and find in these moving tales cause for
misanthropy and mourning. They are more tempered in thought, and find food for courage and hope
in their own sufficient efforts to care for the
needy.
It is because of this attitude that "unemployment"
is not the only problem these men need now consider.
They put no obstacle in the way of vainglorious plans
germinated in metropolitan centers to overcome the
poverty therein concentrated. But they hold these
conditions to be specialized and demanding special
treatment. So that they can look upon big business
as a necessary concomitant of civilization and a
natural growth. They can look upon government as
a shield under which every citizen high or low, poor
or rich, can seek shelter and protection. They can
look upon elections as the people's choice of those
who shall for a term of years administer the laws
•and make those newly imperative (alas! these people
in the "provinces" are fast becoming suppliants at
the foot of the throne of government). What we are
trying to indicate is that these minds and hearts do
not sweep the earth for new problems in economics
and politics upon which to base life and liberty—but
are content to master their local demands by local
efforts—in ways that are effective and comprehensible.
We discover by appreciating this division of our
citizenry that we live in a pretty good world after all.
In the family circle under the evening lamp the case
of John losing his job is a very important topic. It is
discussed pro and con evening after evening. Ways
to assist him to find other work are spontaneous and
level-headed. There is little notion that the "Government" will somehow make a job for him. There are
condemnations sometimes on the state of affairs
brought on by mergers and monopolies, but on second
thought there is realization that there has been no
personal force, no municipal or national, actually
working against John. He is seen to be the victim
of an interwoven fabric of personal endeavors merging into a force that while it helps all sometimes
crushes one or casts him aside. They see that John
must hustle himself, and not depend on far-away
schemes, plans, provisions, wrought out of the minds
of professional uplifters obsessed unwittingly by
their own ideas. What difference does it make
whether there are seven or even ten millions of "unemployed"—John must help himself.
Our thought is that when as individuals we take
the State or the world on our own shoulders the burden is too heavy to bear. If we will but look around
us there is a substantial profit in business affairs
even under present circumstances. Not all are receiving it. Not all deserve it. But the very intertwining that elevates the many must sometimes stifle
the few. As we will and work at our own enterprise
we find ways to better it under circumstances the
most adverse. But we do not better it by thinking
too long on "depression," no more than we help
the masses always by herding them into breadlines.
[Vox,. 183.
We are, with the best of intentions, in providing
for the coming winter,sowing the seeds of Socialism
for all the winters to come. There is in the seething
crowds of large cities a contagion of desperation on
the one side and of energetic action on the other
which teaches the masses to look for help whence no
help should come. Making all allowances for the
crisis of our emergency, our methods of relief should
be held to a strict accounting, such as we apprehend
is given to the agencies constructed in our country
towns.
The gravity of an emergency calls for a realization
that it is an emergency. It may or may not come
again. But because it is an emergency it will never
come again in the same form. There is little reason
for embroiling the State or the nation in relief measures. Because our huge cities, with their huge populations, must act more or less by organization and
system is no excuse for placing local, State and
national governments into the hands of the "unemployed," many of whom are not willing to work,
many of whom will not starve while warm hearts
beat about them, though no millions are appropriated by governments.
We have contrasted country and city for no invidious purpose. There are millions of citizens in
each worthy of all praise. But it does seem that the
weight of woe talked of in portions of the press applies to cities where there is an undue zeal to overcare for those easily congregated into masses and
those who are so borne down by surroundings that
they believe there is no life or hope save in the charity
of governments.
Comptroller of Currency Pole Liberalizes Rules on
Depreciated Government, State and Municipal
Bonds.
From the New York "Sun" of last night (Sept. 11) we take
the following from Washington yesterday:
National banks have been permitted to refrain from writing off depreciation of high grade Government, State and municipal bonds, according to
John W. Pole, Comptroller of Currency. The banks have been permitted
to enter in their assets the full value of these bonds which have permitted
them to hold such securities that otherwise perhaps would have been
thrown on the market at a loss.
Mr. Pole stated that depreciation in these high grade securities has been
due purely to market fluctuations, and that to permit banks to report them
at face value Is now and has always proved sound and reasonable.
As regards speculative bonds or bonds of inferior grade Mr. Pole said
Government is asking a reasonable reduction for depreciation, which may
be accounted for over a spread of three or four years.
This policy of permitting high-grade bonds to be entered at face value has
been considered and enforced as being in public interest, and bank examiners have been given a great latitude In putting the policy Into effect.
Under this policy, according to Mr. Pole, there have been but few cases
reported where banks were forced to dispose of them in the market.
It Is pointed out that State, Municipal Government and the first four
ratings by statistical corporations of bonds did not have their Intrinsic
value impaired by market fluctuations, and that the banks were entitled to
rate them as full value in their assets.
Comptroller Pole said that he had discussed the policy which his office
had adopted with Treasury officials and prominent bankers throughout the
country, all of whom agreed that it was sound and within public interest—
many banks he pointed out would be little affected by the depreciation of
these securities, while others, on the other hand, would feel it keenly.
The "Sun" also said:
Coincidentally with a statement on national bank investment policy made
In Washington by John W. Pole, Comptroller of the Currency, local na-tlOial bank examiners in various districts had been given wider powers of
N aluation of bonds held in bank portfolios. The effect of these wider powers
Is to give more lenient treatment to banks In need of vrriteoff. Where
a severe vrriteoff will imperil the solvency of a bank through impairment
of capital, the Comptroller, if the bonds which have depreciated are not
speculative or in default on interest, will require only reasonable depreciaon charges.
- It was emphasized in national banks here that no blanket rules have been
Issued applying to all national banks, but that the new discretionary powers
given national bank examiners or superintendents in various districts
apply to individual banks under examination.
The purpose of the liberalization of the rules as to valuation of bonds Is
to reduce the number of bank failures or closings and to prevent the wholesale throwing of bank-held bonds upon the market. A prominent local
banker said to-day that the rules had apparently become operative only
within the last week or so and had an important influence upon both banks
and the investment market. It was recognized, however, that the comptroller had merely given national bankers "legal permission to stick their
heads in the sand." While the new rules vitally affect solvency they do
not affect liquidity. State banking departments are expected to take
notice of the new requirements for national banks and modify their own
rules accordingly.
SEPT. 12 1931.1
FINANCIAL CHRONICLE
1673
Gross and Net Earnings of United States Railroads for the
Month of July
For over a year and a half our monthly compilations of the earnings of United States railroads have
been monotonously alike in recording heavy losses in
gross and net alike, and the tabulations we present
to-day for the month of July are no exception to
the rule. Large further shrinkage appears in both
gross and net, on top of the huge shrinkage in July
1930. A year ago the showing seemed inconceivably
bad, but the present year it is still worse, because
the comparison is with such notoriously poor results
in 1930. As a matter of fact, the comment we made
in reviewing the results for July last year might be
repeated in much the same words as exactly applicable to the present year, but with greatly added
emphasis, since this year's falling off is cumulative
in character, the present constituting the second consecutive year during which gross and net have been
sliding back.
In analyzing the figures a year ago we were led
to remark that the July exhibit was of the same character as the exhibits for the months preceding, and
was absolutely devoid of encouraging features of any
kind. The falling off from the corresponding month
of the preceding year, we observed, was heavy in
gross and net earnings alike, and the record was one
of losses from one end of the country to the other,
with no section and no class or group of roads exempt
from the general shrinkage. In a word., the returns
then were uniformly bad and entirely lacking in
exceptions of any consequence. This comment, too,
holds good almost word for word the present year.
The cumulative nature of these successive losses are
stated in a nutshell when we note that our tabulations for July of the current year show a loss of
$80,150,008 in gross, or 17.49%, and a loss of $28,465,456 in net, or 22.73%, after a falling off in July
1930 as compared with July 1929 of $101,152,657
in
gross, or 18.15%, and of $43,753,737, or 25.85%
in
net. The total of the gross now for 1931 is only
$377,938,882 as against $557,522,607 in July 1929,
while the amount of the net is down to $96,965
,387
as against $169,249,159 in 1929.
Month of July—
1031.
1930.
Inc.(+)or Dec.(—)%
Miles of road:(1721roads)
232,831
232,405
+426
+0.18
Gross earnings
6377,938,882 18458,088.890 —880,150,008
—17.49
Operating expenses
280,973,495 332,578,047 —51,684,552
—15.52
Ratio of earnings to expenses74.33%
72.59%
+1.74%
•4411 did
Net earnings
$90.965,387 8125,430.843 —328,465.458
—22.73
In summarizing the causes of the poor results in
1930 and 1931 we may also repeat precisely what we
said a year ago. Business depression of an extremely
severe type lies at the bottom of the unfavorable
results disclosed, only that this business depression
in the interval of a year since 1930 has become
greatly intensified. In 1929 industrial activity
was
still the distinctive feature of the times, *and this
was reflected in the revenue returns of the roads,
though candor compels the statement that the gains
in railroad earnings then (1929) were not at all proportioned to the growth in business activity, one
reason for this being the fact that Southern roads
did not at that time share in the general prosperity_
not a few of them actually reporting larger or smaller
losses on top of the very heavy losses sustained by
Southern roads in the two years immediately preceding, this being due in the main to the collapse of
the speculative boom in real estate at the Southern
winter resorts—and a further contributing factor
being the loss of passenger business by reason of the
competition of the automobile and the bus and other
similar means for the transportation of passengers.
In the two years since the great industrial activity
of 1929 'business depression has been growing in
intensity, unrelieved by any favorable factors, and
the South 'has not escaped further breakdown in
trade, notwithstanding the antecedent great depression in that part of the country due to the collapse,
as already stated, of the Florida real estate boom.
As to the statistics illustrating the great prostration of trade in all lines, the figures relating to the
production of automobiles stand foremost, the same
as heretofore. In July 1931 the production of motor
vehicles was only 218,961 against 265,533 in July
1930 and 500,840 in July 1929. From this it appears,
it will be seen, that the production of motor cars in
the month the present year was only about 45% of
that two years ago. Confirmatory statistics of the
great contraction in trade and industry which has
taken place in the two years since 1929 are found in
many other directions. Thus the make of iron in the
United States in July 1931 was only 1,463,220 gross
tons as against 2,639,537 tons in July 1930 and
3,785,120 tons in July 1929. Here the 1931 output
was less than 40% of that in July 1929. The comparison is the same in the case of the production of
steel ingots. This was only 1,876,149 tons in July
1931 against 2,922,220 tons in July 1930 and
4,850,583 tons in July 1929. In this instance, too,
it will be seen the 1931 product for the month was
less than 40% of that in July 1929. Coal production,
also, suffered a big contraction. In July 1931 only
29,790,000 tons of bituminous coal were mined in
the United States against 34,715,000 tons in July
1930; 41,379,000 tons in July 1929, and 46,707,000
tons back in July 1923. The production of Pennsylvania anthracite at 3,954,000 tons for July 1931 compares with 5,557,000 tons in July 1930;4,810,000 tons
in July 1929, and no less than 8,136,000 tons in
July 1923.
In another direction, we have figures going to show
severe curtailment of the lumber output. For 649
identical mills the lumber production was only 785,130,000 feet in the four weeks ended Aug. 1 1931 as
against 1,085,911,000 feet in the corresponding four
weeks a year ago. Last year in July lumber production in this country was about 28% less than in
July 1929. The reason for the great shrinkage
in the volume of lumber sawed and out becomes
perfectly evident when we find how great has
been the contraction in new building projects.
According to the compilations of the F. W.
Dodge Corp., construction contracts awarded in
the 37 States east of the Rocky Mountains had
a money outlay in July 1931 of only $285,997,300 as
against $367,528,400 the amount for July 1930, and
no less than $652,436,100 the figure for July 1929.
The statistics regarding building permits prepared
by S. W. Straus & Co. tell the same story of a falling off in new building work. Building
permits
issued in 528 cities and towns during the month
of
1674
[vol.. 133.
FINANCIAL CHRONICLE
July 1931 represented a money outlay of $110,399,933, which was 33% below the amount involved
in the building permits issued in July last year.
The Western grain movement, as it happened, was
a little heavier than a year ago, when, however, it
showed a loss from the year preceding (taking the
movement as a whole) of about equal volume,so that
roughly speaking the Western grain receipts in 1931
were about the same as in 1929. The details of the
Western grain movement will be found particularized further along in this article. As a sort of composite picture of the freight movement as a whole,
over the railroads of the United States, the figures
showing the loading of revenue freight are very
apposite. For the four weeks in July of the present
year the loading of revenue freight on the railroads
of the United States reached only 2,930,767 cars as
against 3,555,610 cars in the corresponding four
weeks of July 1930 and 4,160,078 cars in the same
four weeks of 1929, this being a contraction for the
two years of, roughly, 30%.
In all this we have sufficient reasons to account
for the heavy further falling off in railroad revenues
in 1931, following the large reduction in 1930 as
compared with 1929. In the case of the separate
roads and systems the showing is the same as in the
case of the general totals. In other words, we have
heavy losses in gross and net alike, following very
heavy losses in 1930 as compared with 1929. And
these cumulative losses come from all classes of
roads and from all parts of the country. They are
so numerous that to name separately even the more
conspicuous of these losses is out of the question.
Accordingly, in the table further below we follow
our usual custom in bringing together in tabular
form all changes for the separate roads and systems
for amounts in excess of $100,000, whether increases
or decreases, and in both gross and net. It will be
seen that in the case of the gross earnings there is
only one increase for amount of $100,000 or larger,
namely, the International Great Northern, which
reports a gain of $683,728 over the same month last
year, and the reason for its exception to the rule is
found in the oil developments in East Texas. In the
net earnings there are five instances of increases
running in excess of $100,000, the International
Great Northern being one of the five, with a gain of
$475,581 to its credit. The other four are the Chesapeake & Ohio, with $596,168 increase in net; the Rock
Island, with $517,223 increase; the Colorado Southern, with $278,375 increase, and the St. Louis Southwestern, with $135,969 increase. All the roads mentioned, with the exception of the International Great
Northern, were able to effect important reductions
in expenses, while the improvement in the case of
the International Great Northern followed, not as
a result of lower expenses, but from decidedly enlarged gross revenues from the cause already
mentioned.
Decrease.
Decrease.
Elgin Joliet & Eastern-- $794,113 San Ant Uvalde & Gulf-- $346,162
303,357
Bessemer & Lake Erie.....
767,066 Yazoo & Miss Valley--288,471
AtlanticCoast Line
702,653 Chic Ind & Louisville..-276,934
N Y Chic & St Louis-657,891 Western Pacific
276,455
Kansas City•Southern_-598,955 Maine Central
271,902
Texas Pacific
578.098 Grand Trunk Western_ _
250,382
Deny & Rio Grande W..533,787 St. Louis Southwestern_ _
216,571
Delaware & Hudson_513,515 (line New Or!& Tex Pac_
209,201
Chic St Paul M &0
464,788 Western Maryland
173.528
Union RR of Pa
432,948 Term RR Assn of St L...._
149,121
Los Angeles & Salt Lake..
428,077 Buff Roch Sc Pittsburgh_
New Or!& Tex & Mex(3)
139.012
423,398 Lake Sup & Ishpeming _ _
137.941
Seaboard Air Line
422,618 Det Toledo ac Ironton___
Alton RR
121,384
419,041 Spokane Portl & Seattle..
118,321
Nash Chatt & St Louis,,.
417,404 NorthwesternPacific-116,503
Wheeling& Lake Erie
393.695 Central of Georgia
114,695
Wabash
389.528 Central Vermont
114,447
Chic Rock Is! & Pac (2).
387,505 Dul South Shore & At!..
104,186
LangIsland
389,378 Lehigh & New England102,355
Mobile & Ohio
363,537 Atlanta Bit' & Coast --Chesapeake & Ohio
350,624
$77,351,040
Chic & East Illinois
Total (84 roads)
348,328
These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is a decrease of $7,535,889.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JULY 1931.
Decrease.
Increase.
Chesapeake & Ohio
$596,168 Pittsburgh & Lake Erie_- 2508,969
455,802
Chic Rock Isl & Pac (2).. 517,223 Reading Co
InterGreat Northern
475.581 Elgin Joliet & Eastern _--- 431,455
367,618
Colorado Southern (2)
278,375 Wabash
349,823
St Louis Southwestern.... 135,969 Central of New Jersey340,286
Atlantic Coast Line
334,987
Total(7 roads)
$2,003,316 Bessemer & Lake Erie318,054
Decrease. Long Island
297,105
Pennsylvania
$5,403,449 Kansas City Southern__
290,370
New York Central
*1,773,133 Missouri Pacific
Union Pacific 4)
238,396
1,718.197 Nash Chatt & St 1401.1b3...- _
Southern Pacific (2)
1,411,483 Los Angeles & Salt Lake_ 221,976
Southern Ry
1,222,159 New Or! Tex St Mex (3).. 219,247
Dul Missabe & Northern- 1,151,093 Wheeling & Lake Erie_- 214,487
205,319
Baltimore & Ohio
1,123.413 Seaboard Air Line
202,457
Norfolk & Western
906.550 Minn St Paul Sc 111 8 M
195,710
Great Northern
764,416 Union RR of Pa
182,503
Lehigh Valley
733,084 Louisville &
166,873
Missouri-Kansas-Tex--. 715,906 Illinois Central
163,369
Northern Pacific
705,219 Delaware Sc Hudson
162,858
Chicago & North Western 655,577 N Y Chic & St Louis
148,380
NYNH& Hartford
639,662 Mobile & Ohio
Atch Top & Santa Fe (3).. 624,257 Denver Rio Grand St West 138,840
St L-San Francisco (3)... 620,561 Western Pacific
116,699
114.721
ChicBurl & Quincy
614,563 Chic Ind & Louisville
Pere Marquette
112,394
600,938 Chic St Paul M &0
Del Lack & Western
597,082
Total(56 roads)
Erie (3)
$29.059,41
&th&Nenorki@ingalnand leased
/11''1figures
g:tipernions of
Michigan Central,
lines-Cleveland neTne:i
Ch.
InCincinnati Northern and Evansville Indianapolis BS; Terre
cluding the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the r suit
is a decrease of $2,364.037.
When the roads are arranged in groups or geo
graphical divisions according to their location, as
is our custom, we find what would be expected and
what is a repetition of the experience of the previous
year, namely, losses in all the different districts as
well as all the different regions grouped within each
of these districts. And the remark applies to net
earnings and gross earnings alike, decreases appearing everywhere and following decreases likewise a
year ago in comparison with the year preceding.
Our summary by groups appears immediately below.
As previously explained, we group the roads to conform with the classification of the Inter-State Commerce Commission. The boundaries of the different
groups and regions are indicated in the footnote to
the table.
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Month of July1931.
1930.
/cc.(+) or Dec.(-)
Eastern District$
$
$
%
New England region (10 roads).- 16.205,497 19,037,141 -2,831,644 14.89
Great Lakes region (31 roads)
70,941,132 85,953,588 -15,012,456 16.41
Central Eastern region (26 roads).- 75,088,320 96,586,394 -21,498,074 22.27
Total (67 roads)
Southern DistrictSouthern region (30 roads)
Pocahontas region (4 roads)
162,234,949 201,577,123 -30,342,174 10.46
41,398,999
10,863,910
49,244,932
21,812,886
-7,845,933 15.95
-1,948,976 4.36
Total (34 roads)
61,262,909
Western DistrictNorthwestern region (17 roads).- 45,019,801
Central Western region (24 roads). 71,325,852
Southwestern region (30 roads)
38,095,571
71,057,818
-0,784,000 13.78
Total (71 roads)
56,322,814 -11.303,213 20.09
83,331,340 -12,005,488 13.22
45,799,795 -7.704,224 14.64
154,441.024 185,453,949 -31,012,925 16.68
Total all districts(172 roads)
377,938.882 458,088,890 -80,150,008 17.49
District and Region.
Net Earnings
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
Month of July. -Mileage1931,
1930. Inc.(-I-) or Dec.(OF JULY 1931.
Eastern District1931. 1930.
6
%
$
Fngland region- 7.304 7,341 3,857,584 4,797,665 -940.081 19.58
Decrease. New
Increase
Great Lakes region__ 27,943 27,941 13,825,057 19,522.197 -5.697,140 29.21
It
$1,645,275
Fran
(3)--Louis-San
Inter Great Northern --- $683,721
1.591.020 Central Eastern region 24,397 24,413 17,781.466 26,917,470 -9,136,004 33.93
;tie (3)
1,454.188
Total(1 road)
$683.72' Ilinois Central
Total
59.844 59,695 35,464,107 51,237,332 -15773,225 30.79
'3u1 Missabe Sc Northern 1,450.096
Southern
1.433.198 Southern District- 40,035 40.101 6,458,225 9,160,085 -2,701.880 28.41
Decrease qeading
region
1,409,321
Western
&
$11,249.786 Norfolk
Pennsylvania
Pocahontas region__ 8,119 6,032 8,022,643 8,392,123 -369,480 4.41
a6.349,576 N Y N ll & Hartford-- 1,354,779
New York Central
1.281,564
Southern Pacific (2)_ _ .... 4.055.195 Lehigh Valley
Total
48,154 46,133 14,480,868 17,552,208 -3,071,340 17.50
1,281.261
3,409.656 9outhern Ry
Baltimore & Ohio
Western District1.259.050
Union Pacific (4)
2.814.639 Northern Pacific
1.132.607
Jersey-Northwestern
region.
37.674 37.745 11.233,626 15,018,384 -3,784,758 25.19
of
New
Chic Burl & Quincy
Central
2,788 418
Chic Milw St P & Pac
2.216.929 Del Lack & Western...... 1,119.741 Central Western reg'n 52.146 52.013 23,910.787 27.807.288 -3,896,501 14.00
Great Northern
2.124.25 Pittsburgh & Lake Erie.- 1,099.423 Southwestern region_ 37.213 36.819 11.875,999 13,815,631 -1,939.632 14.05
1,058.711
Chicago & North western 2,082,101 Missouri-kans-Tex
Total
949.114
125.996 126.577 47.020,412 56.641.303 -9,620,891 1090
Louisville & Nashville__ .. 1.830.490 Pere Marquette
876.416
Missouri Pacific
1,701.694 Boston & Maine
852,070 Total(all districts)---232,831 232,405 98,985,387 125,430,843 -28485,458 2'2.73
Atch Top & Santa Fe (3) 1,672.601 Minn St Paul & S S M.....
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1675
NOTE.-We have changed our grouping of the roads to conform to the claasifl'Mien of the Inter-State Commerce Commission, and the following indicates
the
confines of the different groups and regions:
WESTERN FLOUR AND GRAIN RECEIPTS.
Jan. Ito
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
July 25.
(bush.)
(Ms.)
(bush.)
(bush.)
(bush.)
(bush.)
ChicagoEASTERN DISTRICT.
1931 ___ 5,513,000 31,577.000 32,457,000 6,316.000 1,995.000
564,000
New England Regton.-Thla region comprises the New England States.
1930 ___ 6,553,000 11,707,000 46,036,000 13,924.000 2,414.000 1.049,000
Great Lakes Region,-This region comprises the section on the Canadian boundary Minneapolisbetween New England and the westerly shore of Lake Michigan to Chicago.
1931 _
42,116,000 5.243,000 5,222,000 5,650,000 1,545.000
and
north of a line from Chicago via Pittsburgh to New York.
1930 _
31,294,000 7,398,000 5,880.000 6.596.000 2.474.000
DuluthCentral Eastern Region.-This region comprises the section south of
the Great
1931 _
28,725,000 1,319.000 1,135,000
668.000
Lakes Region, east of a line from Chicago through Peoria to St. Louis
335,000
and the
1930 _
19,489,000
784,000 1,400,000 1,021,000 1,444,000
Mississippi River to the mouth of the Ohio River, and north
the Ohio River to MilwaukeeParkersburg, W. Va., and a line thence to the southwesternof
corner of Maryland
1931 ___ 384,000 9,161,000 4,680,000
1,490,000 3,789,000
and by the Potomac River to its mouth.
81,000
1930 ___ 602,000
7,427,000 2,224,000 5,359,000
1,790,000
334,000
ToledoSOUTHERN DISTRICT.
1931 _
5,089,000
557,000 4,034,000
20,000
4,000
Southern Region.-Thla region comprises the section east
1930
6,969,000
791,000
3,170.000
13,000
15.000
the Mississippi River
and south of the Ohio River to a point near Kenova, W.of
DetroitVa.,
and
a
line
thence
following the eastern boundary of Kentucky and the southern boundary
1931 _
595,000
155,000
406,000
245,000
67,000
of Virginia
to the Atlantic.
1930 _
897,000
271,000
352,000
21,000
112.000
Indianapolis & OmahaPocahontas Region.-This region comprises the section north
1931 _
boundary of Virginia. east of Kentucky and the Ohio River north of the southern
22,222,000 23,516.000 5.970,000
2,000
to Parkersburg,
W.Va.,and Bouts of a line from Parkersburg to the southwestern corner
16,078,000 32,736,000 10,587,000
11,000
8,000
of Maryland St.1930
Louisand thence by the Potomac River to its mouth.
1931 ___ 3,721,000 21,965,000 13,452,000 10,404,000
909,000
55.000
1030 --- 4.331.000 24,104,000 17.080,000 11,324,000
501,000
22,000
WESTERN DISTRICT.
PeoriaNorthwestern Region.-This region comprises the section adjoining
1931 --- 1,662,000 1,781,000 5,991.000 1,853,000 1,915,000 2,388,000
Canada
lying
west of the Great Lakes region, north of a line from Chicago to
1930- 1,333,000 1.235,000 14,582,000 3.317,000 2.280,000
Omaha and thence
39,000
to Portland and by the Columbia River to the Pacific.
Kansas CityCentral Western Region.-Thls region comprises the section south
..-1931
18,000 71,530,000 17,947,000 1,967,000
11,000
2,000
of
the Northwestern region west of a line from Chicago to Peoria and thence
1930
51,658.000
19,836,000
3,805,000
north of a line from St. Louis to Kansas City and thence to El to St. Louis, and St. JosephPaso
and
by
the
Mexican boundary to the Pacific.
1931
7,056,000 7,142,000 1,423,000
5,000
2,000
1930
Southwestern Region.-Thls region comprises the section
5,819,000 7,342.000 1,006,000
between the hfis- Wichitaeissippi River <smith of St. Louis and a line from St. Louis to Lying
Kansea City and thence
1931 _
16,285,000 1.401,000
to El Paso and by the Rio Grande to the Gulf of Mexico.
131,000
83,000
1930 14,630,000 3,202,000
163,000
Sioux City1931
1,052,000 1,254,000 1,010.000
38,000
2,000
1930 --811,000 4,343,000 1,428,000
81,000
2,000
Total
1931 ...-11,298.000 259,154,000 115,114,000 41,361,000 15,328,000 5,047,000
1930 -12,819,000 186,479,000 161,828,000 58.580,000 18,294,000 5.502.000
As we have already indicated, Western roads,
taking them as a whole, had a somewhat larger grain
traffic in July 1931 than in the month a year ago,
but this followed a decrease of about the same volume last year as compared with 1929. The increase
was entirely the result of a larger wheat movement,
that of all the other cereals, in greater or lesser
degree, having 'been on a reduced scale. The falling
off in the case of oats was particularly pronounced.
The receipts of wheat at the Western primary markets for the four weeks ended July 25 the present
year aggregated 87,636,000 bushels as compared with
80,071,000 bushels in the same four weeks of 1930;
the receipts of corn were 13,403,000 bushels
as
against 13,710,000 bushels; of oats, 3,293,000
bushels
against 6,154,000 bushels; of barley 1,488,000
bushels
against 1,672,000, and of rye 337,000 bushels
against
462,000 bushels. For the five cereals, wheat, corn,
oats, barley and rye combined, the receipts at the
Western primary markets for the four weeks of
July
the present year reached 106,157,000 bushels as
compared with only 102,069,000 bushels in the
corresponding four weeks of 1930 and 106,454,000
bushels
in the same four weeks in 1929. In the
following
table we show the details of the Western grain
movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Wks.End. Flour.
Wheal.
Corn.
Oats.
Barley.
July 25.
(DNS.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1931
766,000 11,994,000 5,978,000
874,000
444.000
1930
8713.000 7,819.000 3,801,000 1,455,000
109,000
Minneapolis1931 _
5,200,000
503,000
187.000
343.000
1930 --4,130.000
828,000
393,000
457.000
Duluth1931 ___
2.398,000
186.000
110,000
161,000
19302,163,000
98,000
56,000
135,000
Milwaukee1931
52.000 3.778,000
345.000
336,000
218,000
1930 -64,000 1.282.000
576.000
496,000
588.000
Toledo1931 _
1,744,000
93,000
403,000
3,000
19302,359,000
72,000 1,005,000
3.000
Detroit1931
22,000
11,000
32.000
28,000
1930
158,000
10,000
30,000
Indianapolis & Omaha1931
4,163,000 2,024,000
548,000
1930
8,827,000 2,949,000
758,000
2,000
$t. Louis1931 ___ 450,000 7,540,000 1,387,000
480,000
29.000
1930 --- 887.000 10,327.000 1,649,000 1,048,000
97,000
Peoria1931 ___ 154,000
325,000
768,000
155.000
238,000
1930 --- 157,000
500,000 1,602,000
547,000
271,000
Kansas City18,000 34.482,000 1,578,000
1931 _-106.000
11.000
28,554,000 1,415,000
1930
184.000
St. Joseph1931
5,035,000
442.000
52.000
3,729.000
1930
285,000
90,000
Wichita10,208,000
1931
32.000
2,000
8,000
9,846,000
1930
21,000
4,000
Sioux City1931
769.000
56,000
10,000
5,000
377.000
1930
404,000
90.000
10,000
Total1931 -_. 1,440.000 87,636,000 13,403.000 3,293.000 1,488.000
1930- 1,984,000 80,071.000 13,710,000 6.154,000 1.672.000
On the other hand, the Western livestock movement appears to have been much smaller the present
year than in July 1930. At Chicago the receipts
comprised only 14,043 carloads against 16,150 carloads in July last year, and at Kansas City only
3,924 carloads against 5,618 carloads, though at
Omaha they were 6,377 carloads as against 6,276.
The cotton movement in the South is never very
large in July, it being the tail end of the old crop
season. The present year the movement was somewhat larger than in July 1930, when, however, it was
exceptionally small. Gross shipments of the staple
overland aggregated 28,361 bales in July 1931
against only 18,912 bales in July 1930, but comparing
with 60,918 bales in July 1929; 29,323 bales in July
1928; 71,434 bales in July 1927, and 59,015 bales in
July 1926. At the Southern outports the receipts of
cotton aggregated 93,986 bales in July the present
year as against 81,860 bales in July 1930; 77,291 bales
in July 1929, but comparing with 115,861 bales in
1928; 147,755 bales in 1927, and no less than 200,650
bales in July 1926. The details of the Southern cotton movement are shown in the table we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JAN. 1 TO JULY 31 1931, 1930 AND 1929.
Rye.
(bush.)
41,000
21.000
179.000
350,000
47,000
8.000
8,000
39,000
1,000
3.000
28,000
3,000
2,000
7,000
4.000
5,000
25.000
26,000
2,000
337,000
462,000
July.
Since Ian. 1.
Ports.
1931.
Galveston
Houston
New Orleans
Mobile
Pensacola, dro
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Beaumont
Jacksonville
Total
1930.
1929.
1931.
1930.
1929.
9,583
13,206
16,616
6,588
19,143
7,592
8,222
488
4,098
3,724
4,165
585
9,222
8,130
15,944
1,361
281
10,332
9,686
11
1,748
24,833
140
172
27;182 269.002 288.021
885 392,2M 380,121
14,491 477,888 474.397
1,318 210.936
97,220
700
37,697
4,998
5,058 164,313 126,767
9,864
54,942
88,294
211
18,840
15.208
2,791
37.043
47,366
14,904
38.529
19,999
110
18,781
5,109
5,398
961
68
93,986
81,860
77,294 1,707.161 1,566,989 2.039,668
601.404
555,884
546,178
91,722
1,748
81.876
42,939
22.602
47.759
47,444
110
RESULTS FOR EARLIER YEARS.
In carrying the comparison further back, beyond 1930, it
is found that the heavy shrinkage of the last two years-a
loss of $80,150,098 in gross and of $28,465,456 in net in
July 1931, following $101,152,657 loss in gross and $43,753,737 loss in net in July 1930-it is found that the very
heavy shrinkage in these two years comes after $43,884,198
gain in gross and $30,793,381 gain in net in July 1929
(which was before the advent of the stock market
panic
in that year), and also follows moderate improvement
in
July 1928 when our compilation showed $3,333,445
increase
in gross and $11,711,856 increase in net. In July
1927, on
the other hand, there was heavy contraction in
gross and
net alike, and the moderate increase in July 1928
was merely
a recovery of what had been lost in 1927, and
only a partial
1676
[VoL. 13&
FINANCIAL CHRONICLE
recovery at that. The loss in gross in July 1927 reached no
less than $48,297,061, or 8.67%, and the loss in the net $35,436,548, or 22.03%. At the same time, the fact must not be
overlooked that these 1927 losses came after very substantial
gains in both gross and net in each of the two preceding
years. In July 1926 our compilation showed $33,875,085
gain in gross and $21,435,011 *gain in net, while in July 1925
our tabulation registered $40,595,601 increase in gross and
$27,819,865 in net. On the other hand, however, it is equally
important to bear in mind that in July 1925 comparison was
with heavily diminished earnings in 1924. The latter, it
may be recalled, was the year of the Presidential election,
When such a very decided slump in business occurred, and
this was reflected in heavily diminished traffic over the
country's transportation lines, large and small. So decided
was the slump in business at that time, and so great the
falling off in railroad traffic, that our July compilation
recorded a falling off in gross earnings of $53,517,158, or
10.02%, and a falling off in net of $9,601,754, or 7.86%, as
compared with the year preceding (1923). This last,
though, was a year of very active business, when the railroads enjoyed-at least in the great manufacturing districts of the East-the very largest traffic movement in
their entire history. Our tables for July 1923 recorded the
huge gain of $91,678,679 in gross and of $18,392,282 in net.
However, if we go still further back we find that the
1923, gain in gross itself followed losses in both 1922 and
1921, though the gains in net were continuous, extending
through 1921 and 1922, even while the gross earnings were
declining. Our tabulations for July 1922 showed a decrease
of $19,960,589 in the gross, with $1,964,485 increase (1.95%)
In the net. The reason for the poor showing in that year
was that the strike at the unionized coal mines of the
country, which had been such a disturbing factor in the
months preceding, not only continued, but that its adverse
effects were greatly emphasized by the fact that on July 1
the railroad shopmen had also gone on strike and that this
led to acts of violence on the part of the men who quit
work, or their sympathizers, to prevent others from taking
the abandoned jobs, with the result of interrupting railroad
operations, and in some Instances even preventing the movement of coal from the non-union mines. It should not be
forgotten, either, that it was on July 1 of that year that
the 10% horizontal reduction in freight rates promulgated
by the Inter-State Commerce Commission went into effect.
There was at the same time a reduction of about 7@8%
In the wages of the shop crafts employees and the maintenance of way men, but the benefit that might have accrued
from this was, of course, vitiated by the fihopmen's strike,
which increased expenses rather than decreased them. The
previous year there had been a reduction in wages of 12%,
effective July 1 1921, but this, in turn, followed 20% increase
in wages put in effect by the Labor Board on July 1 1920
immediately after its advent to power.
Not only did the 1923 gain of $91,678,679 In gross earnings
follow $19,960,589 loss in July 1922, but this latter, in turn,
followed an antecedent loss of no less than $66,407,116 in
July 1921 as compared with July 1920. On the other hand,
the loss in 1921 was attended by an enormous saving in
expenses, with the result of bringing a gain of $84,615,721
in the net at that time. The contraction in expenses
amounted to no less than $151,022,837, and while due in
part to the shrinkage in the volume of traffic owing to
the intense business depression prevailing, it was in no
small degree the outgrowth of dire necessity, the railroads
being obliged to practice the utmost saving and economy to
avert bankruptcy after the enormous additions to expenses
forced upon them in the year preceding, during the period
of Government control.
The truth is, prior to 1921 expenses had been mounting
up in such a prodigious way that in 1920 net earnings had
got down to a point where some of the best managed properties were barely able to meet ordinary running expenses,
not to mention taxes and fixed charges. And it is the
Inflated expense accounts of these earlier years that furnished the basis for the savings and economies effected subsequently. As an indication of how expenses had risen
in 1920 and prior years, we may note that in July 1920,
though our tables showed $65,975,059 gain in gross, they
registered $69,121,669 decrease in net, while in July 1919
there was a falling off in both gross and net-$14,658,220
In the former and $55,352,408 in the latter. In the following
we furnish the July comparisons back to 1906. For 1910,
1909 and 1908 we use the Inter-State Commerce Commission's totals, since in those years they included all the
minor roads and were more comprehensive than our own
figures, but for the preceding years (before the Commerce
Commission began to require returns) we give the results
just as registered by our own tables each year.
Net Earnings.
Gross Earnings.
Year.
Year.
Given.
Inc. (+)
Year
Preceding. Dec.(-).
Year
Given.
Year
Inc. (+) or
Preceding. Dec.(-)•
$
$
$
$
$
July.
$
1908 .._ 129,386,440114,556.367 +14.330,073 42,808,250 36,718,416 +6,089,834
+2,443,066
1907 _-_ 137,212,622118,666,092 +18,546.430 41.891,837 39,448,771 -8.435,484
1908 ___ 195.246,134228.672,250 33,426.116 67,194,321 75.679,805
1909 .....219,964,739 195,245,655 +24,719,084 73.350,772 67,267,352 +11.033,420
1910 __ 230,615,778217,803,3.+12.312.422 73,157,547 77.643,305 -4,485.758
+31,411
1911 ...._ 224,751,083 226.306,73 -1,555.652 72,423,469 72,392.058 +8,390.538
1912 ___ 245,595,532222,587,87 +23,007,661 79,427.565 70.538,977
1913 ___ 235.849,764223,813,526 +12,036,238 64.354,370 67,620.157 -3.265.787
4 :____ 252:
42 8281,303.011 -9.571.763 75,349,466 76,358,377 -998,911
1915
32 1:
+2:234:115 87 684 98 77,833.745 +9,851,240
37
99
7:5
150
354
20:28
+
5+
59
:9
.
1918 ___ 308,040,791 263..944.'649
.542 10888:249231
1917 _.353,219,982 306.891,957 +46.328.025111.424.
+34.466,131
109,832,551
1918 ___ 463,684,172348.022,857 +117661 315144.348,682
1919 __.454,688,513469,248,733-14,658,22 96,727.014 152,079,422-55,352,408
,121.669
1920-_ 467.351,544401,376,485 +65,975.059 18.827.733 87,949,462-69
1921 -_ 460,989.697527,396.813-86,407,116 99,807,93 15,192,214 +84,615,721
1922 ___ 442,736,397462.696,98619,060.589 102,258,41 00 293 929 +1,964.435
1923 ___ 534,634,552442,955,873 +91,678,679121.044.775102.652.493 +18,392,282
1924 ___ 80.704,944534,222,102-53,517,158112,826,696 122,228,460 -9,601,754
1925 ___ 521.538.604480,943,003 +40.595.601139.806.752111,788.887+27.819.865
72 6521,596,191 +33.875.085161.079.612139,844.601 +21.435,011
74 1:
.555:
..
1926::
. , -48,297,081 125.438,334 160,874,382-35,438,548
1927
1928 .__ 502,145,331 508.811,788 +3.333.445137,412,487125,700,631 + 11,711,858
1929 ....558.708,135 512,821,937 +43.884,198168.428.748137.635,367+30,793,881
1930 ___ 456,369,950557,522,607-101152857 125,495,422 169,249,159-43,753,737
1931 ___ 377,938.382458.038,890-80.150,008 98,965,337 125,430,843-28,485,458
Note.-In 1908 the number of roads Included for the month of Ju y was 90; in
1907, 82; In 1908 the returns were based on 231,836 miles of road: In 1909, 234,500:
In 1920, 233,169; In 1911, 230,076; in 1912, 230,712; In 1913, 206,084; In 1914,
235,407; In 1915, 243,042; In 1916, 244,249; In 1917, 245.899; In 1918, 231,700:
In 1919, 228,654; In 1920, 220,459; in 1921, 230.991; In 1922, 235,082; In 1923,
235,477; In 1924, 235,145; In 1925, 236,762; In 1928, 236,885; In 1927, 238,318;
n 1928. 240,433; in 1929, 241.450:10 1930, 235,049, and In 1931, 232,831.
The New Capital Flotations During the Month of August and for the
Eight Months Since the First of January.
investment and trading companies, and by States and
municipalities, foreign and domestic, and also farm loan
emissions. The grand total of the offerings of securities in
this country under these various heads during August
aggregated no more than $126,418,357. This compares with
$270,874,883 in July; with $402,165,076 in June; with $425,652,922 in May; with $590,091,926 in April; with $698,780,382 in March; with $221,497,966 in February (a short
month); with $648,635,186 in January; with $394,889,991 in
December; with $267,743,332 in November; with $449,357,451 in October, and with $496,256,737 in September.
As against $126,418,357 in August 1931, the new capital
flotations in August 1930 were $201,114,219 and in August
1929 no less than $884,094,813. As a matter of fact, aside
from the municipal awards for a total of $74,421,235, the
new issues comprised simply $51,997,122 of corporate financing, and this was made up entirely of domestic offerings, no
foreign corporate issue of any kind, as already stated, having
behalf of the Dominion of Canada.
been brought to market during the month the present year.
the
include
months,
Our compilations, as in preceding
issues that the bulk of the falling
stock, bond and note issues by corporations, by holding, It is in these corporate
There is very little to be said regarding new financing
The
in the United States during the month of August.
total of the new securities brought out during the month
was the smallest of any month since immediately after the
signing of the Armistice in November 1918-or, to be precise, since March 1919. Even more so than was the case
in July, corporate offerings were very few and only of
the economic and financial upheaval through which Europe
moderate size, while as to financing on foreign account
Is passing appears to have put a complete bar upon flotations of that description for the time being. No foreign
government issues of any kind were floated here during the
month of August, not even municipal issues on behalf of
foreign
municipalities in Canada. The same is to be said of
corporate financing, not a single foreign corporate issue
having been offered in this market either in August or in
July, this statement also applying to corporate issues on
SEPT. 12 1931.1
off appears, and the total at $51,997,122 for August 1931 is
the smallest monthly total of this class of financing which
the smallest monthly total of this class of financing since
the inception of our records.
Proceeding further with our analysis of the corporate
offerings during August, we observe that public utilities
again lead in volume with $27,455,500, or a little more than
half the corporate total of $51,997,122. This amount compares with $136,800,000 put out by utilities in July. Industrial and miscellaneous flotations aggregated only $12,246,622 for August as against $19,133,750 for July. Railroad
offerings for August totaled $12,295,000. There were no
railroad offerings of any description during July.
Total corporate offerings of all kinds during August, at
$51,997,122, were, as already stated, all for domestic corporations. Of this amount long-term bonds and notes comprised $26,485,500; short-term bonds and notes amounted to
$13,350,000, while stock issues aggregated $12,161,622. The
portion of the month's financing raised for refunding purposes was only $5,800,000, or about 11%. In July the refunding portion of the corporate offerings was $40,864,000, or
over 26%. In June the amount raised for refunding was
$121,575,000, or more than 48%. In May the amount was
$81,230,000, or over 32%; in April it was $189,206,500, or
about 41%; in March it was $132,199,200, or about 32%; in
February it was $13,975,000, or about 16% of the total, and
In January it was $180,858,000, or somewhat over 31% of the
month's total. In August of last year the amount for refunding was $68,350,000, or over 35% of the total. There were no
corporate issues during August involving any considerable
amount for refunding.
The total of $5,800,000 raised for refunding in August
comprised $5,000,000 new long-term to refund existing longterm, and $800,000 new short-term to refund existing longterm.
No financing, as already stated, was undertaken in this
country during August for the account of foreign governments or foreign corporations. However, during the month
Great Britain was granted a one-year credit of $200,000,000
by a nation-wide group of American banks and banking
houses headed by J. P. Morgan & Co. The total credit
obtained by Great Britain was for $400,000,000, the remaining $200,000,000 being furnished half by a French banking
group and half by the French public. The rate on the American portion of the credit has not been disclosed, and no
public offering was made. It should perhaps also be added
that on the 1st of August the Federal Reserve Banks of this
country extended a credit of $125,000,000 to the Bank of
England, the latter at the same time also receiving a credit
of $125,000,000 from the Bank of France.
The largest corporate offering during August was $10,000,000 Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
one-year secured 5% notes, due Aug. 1 1932, priced at par.
This was the only railroad offering of importance during
the month.
Public utility financing was featured by the following:
100,000 shares Electric Bond & Share Co. (N. Y.) cum. $5
pref. stock, offered at 80%, to yield 5.57%; $5,000,000 Bridgeport Hydraulic Co. 1st mtge. 4%s D 1961, issued at 101%,
to yield 4.23%, and $5,000,000 Houston Lighting & Power
Co. 1st lien & ref. mtge. 4%s I) 1981, sold at 98%, to
yield 4.57%.
The only financing of interest among the Industrial and
miscellaneous group during August was the underwriting of
$6,000,000 Cuban Dominican Sugar Corp. 1st mtge. coll.
cony. 6s 1946, which, together with 300,000 shares of common stock, was offered for subscription under the company's
plan of reorganization. The bonds and stock were offered
to depositing security holders in units of $100 of bonds and
six shares of common stock at a price of $80 flat per unit.
There were four offerings of securities in August which
did not represent new financing by the companies whose
securities were offered. These issues aggregated $14,105,000,
and,as pointed out by us in previous months, are not included
in our totals of new capital flotations. The issues are shown,
however, in tabular form following the details of actual
new capital flotations during the month. See page 1680.
No farm loan issues were brought out during August.
The formation of new fixed investment trusts continues, but
In nothing like the numbers of it few months back. There
was only one new offering of this kind during August,
1677
FINANCIAL CHRONICLE
namely, Hamilton Trust shares, offered at market by Hamilton Depositor Corp., Denver.
One feature of the old method of financing is still availed
of to some extent. We refer to the practice of making
bond issues and preferred stocks more attractive by according to the purchaser rights to acquire common stock. We
bring together below the prominent issues floated during
August of the present year carrying convertible features
of one kind or another. In the detailed list of all the
issues offered during August, given at the end of this
article, we have put in italics the convertible feature, italic
type being used to designate the fact so that it may readily
be detected by the eye.
CONSPICUOUS ISSUES FLOATED IN AUGUST WITH CONVERTIBLE FEATURES OF ONE KIND OR ANOTHER OR CARRYING
RIGHTS TO ACQUIRE COMMON STOCK.
$6,000,000 Cuban Dominican Sugar Corp. let mtge. coll. cony. 63
1946, convertible at any time prior to maturity, or, if called
for redemption, up to 5 days prior to redemption date, into
common stock at rate of 60 shares for each $1,000 bond.
1,000,000 American Concrete & Steel Pipe Co. 8% cony. pref. stock,
convertible, at any time, into common stock on a share for
L.
share basis.
1.*
1,000,000 Southeastern Gas & Water Co. 1st lien 6s 1941, each bond
accompanied by a warrant, non-detachable, except upon exercise, evidencing right of holder to receive, without cost, a
voting trust certificate representing two shares of common
stock for each $100 par value of bonds on or before June 11932.
800,000 Western Continental Utilities, Inc. 3-year secured cony.
Gs Sept. 1 1934, convertible into common stock until maturing
at prices ranging from 815 to $20 per share.
500,000 Allied Telephone Utilities Co. cony. 5s and 5;is July 1
1932-36, convertible for a period of six months immediately
preceding maturity, or, if called for redemption. into $1.75
cum. pref. stock in ratio of 40 shares of stock for each $1,000
note.
The following is a complete summary of the new financing
—corporate, State and city, foreign government, as well as
farm loan issues—for August and for the eight months ended
with August:
SUMMARY OF CORPORATE, FOREIGNIGOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1931.
MONTH OF AUGUST—
Corporate—
Domestic—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
Farm Loan issues
Municipal, States, cities, Ac
U. B. Possessions
Grand total
8 MONTHS ENDED AUG.81—
Corporate—
Domestic—
Long term bonds and notes
Short term
Preferred stocks
Common stooks
Canadian—
Long term bonds and notes......
Short term
Preferred stooks
Common stocks
Other foreign—
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
Farm Loan iSstIC8
Municipal. States, cities, dm
U. S. Possessions
Grand total
New c:aptica.
$
rcerunatng.
$
Total.
$
21,485,600
12,550,000
10,475,000
1,686,622
5,000,000
800,000
26,485,500
13,350,000
10,475,000
1,686,622
46,197,122
5,800.000
51,997,122
73,866.552
554,683
74,421,235
120,063,674
6,354,683
125,418,357
817,020,600
259.881.350
106.449,667
128,437,756
651,758,200 1,468,778,800
77,899.500 337,760,850
31,060,000 137,499.667
126.437.756
90,000,000
90,000,000
72,800,000
5,000.000
72,800,000
5,000,000
1,472.569,373
40,922,000
765,707,700 2,238,277,078
9,500,000
60.422,000
44,600.000
1,009,941,654
295,000
75,600,000
31,000,000
16,070,683 1,028,012,337
295,000
2,568,328.027
822.278,383 3,390,606,410
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1931 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during August, including every
Issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
of the half year can be found In the monthly articles for
those months, these articles appearing usually on the first
or the second Saturday of the month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT FARM LOAN AND MUNICIPAL FINANCIN
1931.
1930.
1929.
1928.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—Domestic—
$
$
$
$
$
$
$
$
Long term bonds and notes_
$
$
21,488,500
$
8,000,030
28,488,800
35,179,000
67.000,000 102.179,000
88,712,500
15,645,000 104,357,500
75.721,900
Short term
3,331,000
12,550,000
800,000
13,350,000
8.513,400
8,513,400
6,625,000
900,00
7,525,000
45,880.700
Preferred stocks
2,600,000
10,475,000
10.475.000
12,478,834
-------1.350,000
13.828,834
235,167.000
_
235,167,000
16,198,125
Common stocks
5,000,000
1,686.622
1,686.622
27,328.200
27,328,200
426,422,540
8,500,000 434.922,540
44,415.535
Canadian—
7,778.418
Long term bonds and notes21,500.000
21,500,000
Short term
Preferred stocks
Common stocks
16,516,340
16,516,340
Other foreign
Long term bonds and notes_
6.250,000
6,250.000
Short term
Preferred stocks
500.000
Common stocks
Total corporate
46.197.122
5,800,000
51.997,122
121,515,774
68,350,000 189,865,774
763,177,040
25.045.000 788,222.040
182,716,260
18.709,418
Canadian Government
500,000
500,000
Other foreign Government
2,680,000
2,680,000
15,000,000
15,000.000
Farm Loan Issues
8unicipal, States, Cities, &c.__
73,866.552
554.683
74.421,235
82,973,445
15,095,000
98,068,445
80.656,773
216.000
80,872,773
67.961.609
United States Possessions__
956,520
76.500
Grand Total
120.063,674
6,354,683 126,418,357
204,989.219
86,125,000 291,114,219
858.833.813
25.261.000 884.094,813
250,754,369
19,668.938
MONTH OF AUGUST.
1927.
Total.
New Capital. Refunding.
$
S
$
78,911.000
139,260,000
79.052.900
13,050,000
29,280,000
48,480,700
74,485,000
31.574,350
21,198.125
47,827,419
52,193.953
665,000
665,000
24,225.000
5,000,000
24,225.000
5,000,000
500,000
201,425,678
277,831,769
166,446,000
68,918,129
76.500
270,420,307
444,277,769
81,000,000
81,000,000
90,808.494
1,278,500
92.086,994
449,640,263
167,724,500
617,364,763
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE M
- - - - --- - - --- - - - - - ----1931.
1930.
1929.
1928.
1927.
MONTH OF' AUGUST.
New Capital, Refunding,
Total.
New Capital. Refunding.
'New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Notes—
16
$
$
$
$
$
$
$
$
$
Railroads
$
$
$
$
2,295,000
2,295,000
1,416,000
41,516,000
40.100,000
660,000
660,000
13,726,000
13,726.000
59,804,000
Public utilities
19,598,000
10,680,500
5.000,000
15,680,500
31,765,000
31,765,000
36,255,000
8,443,000
44,700,000
33.995.000
750,000
34,745,000
Iron. steel, coal, copper, &c
70,414,000
12,723,000
2,000,000
2,000.000
4,225,000
Equipment manufacturers
660,000
660.000
700.000
700,000
Motors and accessories
170,000
130,000
Other industrial and manufacturing
6.410,000
6.410,000
20,900,000
26,900,000
47,800.000
7,700.000
1,500,000
9,200,000
1,581,000
729,000
2,310,000
25,525,000
3,610,000
Oil
Land, buildings, &c
2,100,000
2,100.000
1,938,000
1,938.000
28,402,500
28,402,500
20,846,900
1.100,000
21,946,900
30,812,000
2,100.000
Rubber
Shipping
1,506.000
419,000
Inv. trusts, trading, holding, &c
1,000,000
1,000.000
2,000,000
2,000,000
Miscellaneous
18,245,000
5,700,000
23,945.000
3,573,000
752,000
4,325,000
11,900,000
125,000
Total
21,485,500
5,000.000
26,485,500
56,679,000
67,000,000 123,679.000
94.962.500
15,645,000 110,607,500
75,721,900
3,331,000
79,052.900
164,150,000
Short Term Bonds and Notes—
78,911,000
Railroads
10,000,000
10.000,000
17,000,000
Public utilities
2,000,000
800.000
2.800.000
4,000,000
4,000.000
2,100,000
900,600
3,000,000
41,500.000
1.850,000
43,350,000
700.000
Iron. steel, coal, copper, &c
2,000.000
Equipment manufacturers
Motors and accessories
750,000
750,000
Other industrial and manufacturing
600.000
Oil
1,000,000
1,000,000
7,650,000
12,350,000
Land, buildings, &c
550.000
550.000
1,163,400
1,163.400
3,525,000
3,525.000
4,380,700
4,380,700
4,080,000
Rubber
3.100.000
3,100,000
Shipping
Inv. trusts, trading, holding, &c.._
2,000.000
_Miscelanou
250,000
250,000
950,000
Total
12,550,000
800,000
13,350,000
8,513,400
8.513,400
6,625,000
900.000
7,525.000
45.880,700
2,600.000
13,050,000
48.480.700
34,280,000
Stocks—
Railroads
.,38,325.000
49,036,700
Public utilities
•
8,975,000
8,975,000
10,956,334
1,350,000
12,306,334
52,709,602
61,209,602
8,500.000
16,181,325
19,681,325
3,500,000
4,274,200
10,984,000
Iron, steel, coal, copper, &c
140.000
140,000
17,471,800
17,471.800
12,179,280
12,179,280
Equipment manufacturers
Motors and accessories
591.300
591,300
9,990,508
9,990,508
388,000
1,000,000
1,388,000
4,900.000
Other industrial and manufacturing
2,646,622
2,646,622
18,191,300
18,191,300
69,391,785
69,391,785
14,833.700
16,362,118
12,500,000
13,731,700
Oil
1,528,418
400,000
400,000
1,105,008
1,105,008
1,964,300
3,035,700
Land, buildings, &c
3,575,000
3,575,000
3,928,750
3,928,750
1,300.000
Rubber
Shipping
2,113,355
2,113,355
Inv. trusts, trading, holding, asc..
452,727,220
452,727,220
1,030,000
9,926,250
1.030,000
Miscellaneous
9,112,640
9,112,640
72,090,417
72,090.417
10.459.250
17.209,250
3.908,919
6,750.000
Total
12,161,622
12,161,622
56,323,374
1,350,000
87,673,374
661,589,540
8,500,000 670,089,540
61,113,660
74,485,000
12,778,418
73,892,078
79,401,769
Total—
Railroads
12,295,000
12,295,000
1,416,000
40,100,000
41,516,000
660,000
660,000
13.726.000
108,840,700
13.726,000
74,923,000
Public utilities
21,655,500
5,800,000
37,455,500
46,731,334
1,350,000
48,071,334
91.064,602
17,845,000 108,909.602
91,676,325
97.776,325
6,100,000
76.688.200
24,407.000
Iron, steel, coal, copper, &c
140,000
140,000
17,471,800
17,471.800
2,000,000
2,000,000
12,179,280
4,225,000
12,179,280
Equipment manufacturers
660,000
660.000
700,000
700,000
Motors and accessories
591,300
591,300
9,990,508
9,990,508
388,000
1,750,000
5.070,000
130.000
2,138,000
Other industrial and manufacturing
9,056,622
9,056,622
39,091,300
26,900,000
65,991,300
77,091,785
1,500,000
78,591,785
16,414,700
2,257,418
18,672.118
39.856,700
16,110,000
Oil
400,000
400,000
2,105,008
2,105.008
14,314,300
10,685,700
Land. buildings, &c
2,650,000
2,650,000
3,101,400
3.101.400
35,502,500
'
35,502,500
29.156,350
1,100,000
30,256,350
36,192,000
2,100,000
Rubber
3,100,000
3,100,000
Shipping
2,113,355
1,506.000
419,000
2,113,355
Inv. trusts, trading, holding. &c_
453,727,220
453,727,220
3,030,000
11,926,250
3,030.000
Miscellaneous
9,362,640
9,362.640
90,335,417
5.700 000
96,035,417
14 032.250
7,502,000
21,534,250
125.000
16,758,919
Total corporate securities
46,197,122
5.800.000
51.997.122
121.515,774 - 68.350,000 189.865,774
763,177,040
25,045,000 788,222,040
182.716,260
18,709,418 201.425.678
277.831,769 166,446,000
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Total.
$
218,171,000
42.330,000
106,059,350
47,827.419
Total.
$
79,402,000
83,137,000
4,225,000
300,000
29,135,000
32,912,000
1,925,000
12.025,000
243,061.000
17.000,000
2,700,000
600.000
20,000.000
4.080,000
2,000,000
950.000
47,330,000
87,361,700
15,258,200
4,900,000
26,231,700
5,000,000
1,300.000
9,926.250
3,908.919
153,886,769
183.763.700
101,095,200
4,225,000
5,200,000
55,966,700
25,000,000
38,292.000
1,925,000
11,926,250
16.883.919
444.277,769
83.480.000
68,792,000
152,272.000
22.000.000
8,613.400
26,000,000
48,000,000
8,613.400
118.128,000
2.000,000
1.000,000
20,000.000
138,128,000
2,000,000
1,000.000
18,787,000 251.575,000
232,788.000
46,118,500 396,900.000
350,781,500
17.000,000
10.000,000
17.000,000
10.000,000
12,030.000
12.030,000
5,355.625
5,355,625
30.281.750
30.281.750
3,434,342.369 1,525,888,830 4,960,231,199 3.445,302,455 1,212,045,660 4,657,348.115
67,479.000
38.510,000
28.969,000
28.840,000
28.840.000
487,374,800
29,500,000 516,874.800
442,331.587 100,538,413 542,870,000
50,850,000
92.800,000 143,650,000
38.100.000
38.100.000
23.044,800 1,060,936,272
30.530,109 928.136,644 1,037,891.472
897,606.535
5,345,000
5.345.000
6,161.500
6,161,500
4.847.381,991 1.656.957.352 6.504,339,343 5.065,273,727 1,386,359.460 6,451,633,187
[126I gt
1927.
1928.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
3
$
$
$
$
s
1,362.885,500 936,619,400 2,299,504,900 1,977,951,990 945.401,010 2,923,353,000
41.425,200 197,723,500
156.298,300
38,373.800 189.707,200
151.333.400
497,104,575 117.606.350 614,710,925
617,342.267 236,802,300 854,144,567
68,826,100 506.502,065
437,675,965
785,594.552 173,182,830 958.777,382
*XclUS
SUMMARY OF CORPORATE,FOREIGN GOVERNMBNT,FARM LOAN AND MUNICIPAL FINANCING FOR THE EIGHT MONTHS ENDED AUGUST 31 FOR FIVE YEARS.
1929.
1930.
1931.
3 MONTHS ENDED AUG. 31.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate—
$
$
Domestic—
$
$
$
$
$
$
$
Long term bonds and notes- 817.020,600 651,758.200 1,468,778,800 2.086,778,660 278,628,250 2,365.406,910 1.398,481,340 405,490,260 1.803.971,600
43,937,500 171.742.700
127,805.200
355.002,650
57.613.000 412,615.650
77,899,500 337,760,850
259,861.350
Short term
93.251,540 1.268,543.306
370.201.780
1.350,000 371,551,780 1,175.291,766
31,050,000 137,499,667
106.449,667
Preferred stocfcs
959,979,551
13,315,750 973.295,301 3,028,616,878 393.736.3023.422,353,180
126,437,756
Common stocks
126,437.756
Canadian—
214,100,000
214.100,000
38.000.000 211.638,000
173.638.000
90.000,000
90.000,000
Long term bonds and notes_
5,000,000
5,000,000
Short term
10,400,000
13,000,000
10.400,000
13,000,000
Preferred stocks
18,163,900
18.163,900
16,516,340
16.516,340
Common stocks
Other foreign—
156.260,000
2,000,000 158,260,000
4,000,000 173,015.000
72,800,000
169.015.000
72.800.000
Long term bonds and notes_
12.050.000
1,617,283
10,432,717
31.000.000
31.000.000
5,000.000
5,000.000
Short term
102.312.200
102.312,200
Preferred stocks
32.256.347
32,256,347
10.060,000
10,060,000
Common stocks
1,472,569.373 765,707.7002,238.277,073 4.190,191.981 392,907,000 4,583,098,981 6,265,304,914 948.845.319 7.214.153,233
Total corporate
36.612.000
54,400,000
28,612.000
8.000,000
7,158,000
47.242,000
50,422.000
9,500.000
40,922,000
Canadian Government
56,750,000
56,750,000
411,306,000
8,180,000 419.486.000
Other Foreign Government_
30,500,000
30,500,000
75,600,000
31,000.000
44,600,000
Farm Loan Issues
836,370.593
975.963,112
827.595.567
8,775.026
1,026.012.337
938,001,475
37.961.637
16,070.683
1,009.941,654
Municipal, States, Cities, &c
1.995.000
9.675,000
1.995.000
9,675.000
295.000
295,000
United States Possessions_ __ _
2,568.328,027 822,278,383 3.390,606.410 5.626.916.456 446,206,6376,073,123,093 7,180.257.481 965.623.345 8,145.880.826
Grand Total
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE EIGHT MONTHS ENDED AUGUST 31 FOR FIVE YEARS.
8 MONTHS ENDED AUG. 31. New Capital.
$
Long Term Bonds and Notes—
250,110,300
Railroads
483.498,500
Public utilities
102.939,800
Iron, steel, coal, copper, ezc
12.434,000
Equipment manufacturers
Motors and accessories
82,952,000
Other industrial and manufacturing
2,000,000
011
31.950.000
Land, buildings, &c
Rubber
1.650,000
Shipping
Inv. trusts, trading, holding. &c.
12,286,000
Miscellaneous
979,820,600
Total
Short Term Bonds and Notes—
34.970,000
Railroads
164.447,500
Public utilities
899,000
Iron,steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
21.535,000
Other industrial and manufacturing
9,649.000
011
8,260,850
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_ _
20,100.000
Miscellaneous
259.861.350
Total
Stocks—
Railroads
190,538,511
Public utilities
1,640,000
Iron, steel, coal, copper, &c
manufacturers
Equipment
Motors and accessories
16,252,872
Other industrial and manufacturing
3,452,500
011
1,466,500
Land, buildings, &c
Rubber
Shipping
3,143.750
Inv. trusts, trading, holding, &c
16,393,290
Miscellaneous
232,887,423
Total
Total—
285.080.300
Railroads
838,484,511
Public utilities
105,478.800
Iron, steel, coal, copper. &c
12,434,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing 120,739:02
15.101,500
011
41,677.350
Land, buildings, &c
Rubber
1,650.000
Shipping
3,143,750
Inv. trusts, trading, holding, dro
48.779,290
Miscellaneous
Total corporate securities___. 1.472,569.373
1931.
Refunding.
146119,700
489.512,000
6,062,500
Total.
1930.
New Capital. Refunding.
625.191,250
396,430,000
973,010.500 1,138,478,000
109.002,300
21,500,000
12,434,000
9,040,000
Total.
217, 5,750 842,877,000
67,547.500 1,206,025,500
21,500,000
9,040.000
27.355,000 230,856,910
203,501,910
142.550.000
6,950.000 149,500.000
70,000 110.705.500
110.635.500
30,000,000
in 30,000,000
10,000.000
1,650,000
10,000,000
75.250.000
75.250,000
64,305.000
14.980,000
63.285.000
1.020.000
2,694,000
651.758,200 1,631,578.800 2,429,431,660 _ 320,628,250 2,750,059,910
1,220,000
88.902,000
2,000,000
33,170,000
12,530,000
31.077,500
3.101,000
47,500,000
195,525,000
4.000,000
33.500,000
791,000
1.400.000
55,035,000
10,440,000
9,660.850
500,000
500,000
20,100,000
342,760,850
1,000,000
15.750.000
391,002,650
221,588.511
1,640.000
66.055,600
665.728,095
133,351,675
16,252.872
3.452.500
1.466,500
4,723,962
192,333,695
82,323,463
16.320,000
5,950.000
82,899.500
31.050,000
31.050,000
12,000,000
182.522.000
28.000.000
12.000,000
10.100.000
71,105.000
6.650.000
47,975,650
3,900,000
.""Zgliiiroao
15.628.000
3.143,750
82.987,079
16,393.290
125.934,102
263.937,423 l.369,757,671
1929.
New Capital. Refunding.
17,200,000
600,000
685,000
15.000.000
1.000,000
57.613,000
1,000,000
16.750,000
448,615.650
23.103,500
129.422,483
12,912,250
66,055,600
678,640,345
133,351,675
71,107.700
932.905,901
143,027.385
77,351,710
603,871,973
84,948,652
109,772,330
54,233,534
23,178,000
-0,987,079 1.488.031,872
778,612,034
382.000 126,316.102
14,665.750 1.384,423,421 4.367,041,091
1,371,500
4,723,962
193,705,195
82,323.463
16,320,000
158,849,700 443.930.000
703.246.850 220,185,750 923.432,600
551,639,500 1.390,124.011 1.986,728,095
96,087,750 2,082,815,845
9,163.500 114,642,300
182.851,675
5,000,000 187,851,675
12,434,000
21,040.000
21,040,000
14,823.962
14,823,962
39,450.000 160.189.872
468,940,605
45,926,500 512,867,105
791,000
15,892,500
231,523,463
7.550,000 239.073.463
2,620,000
44,297.350
174.931.150
• 755.000 175,686,150
48,900,000
33,900,000
15,000,000
1.650,000
10,000,000
10,000,000
500,000
3,643,750
159,237,079
159.237,079
2.694,000
51,473,290
204.969,102
2,402,000 207,371,102
765.707,700 2.238,277.073 4390.191.981-392.907.0004.583.098.981
New Capital.
1928.
Refunding.
Total.
1927.
New Capital. Refunding.
Total.
310,747,490 319,678,510 630,426,000
115288.500 206,691,500 322,580,000
2 177,240 112.143,760 401.521,000
709,882,600 403,946.900 1,113,829,500
556,831.500 531,189,300 1,088,020,800
-' 3,096,500 251.835,000 719.931,500
94,425,000
78,265.000
16,160.000
85.207,700
61,744,300 146.952,000
123.513,500
3,186,500 126.700,000
11,155.000
11,155,000
5.816,000
5.816.000
1,850.000
1.850.000
50,300,000
50.170.000
130,000
5.800,000
780,000
150.000
5,020.000
150.000
281,274,000
71,283,000 352.557,000
217.865,700 105,030,300 322.896.000
215.553,000
2,075,000 217,628,000
211.859.400
54,540,600 266.400.000
59.500,000
31,747,000
27,753,000
34,400,000
18.984,000
15.416,000
30.371.000 390,748,000
360.377.000
395,652,100
71.720.000 467.372,100
289,412,100
3,929,000 293,341,100
60.000.000
60,000.000
1.300,000
1.300,000
1,000.000
1,000,000
4,285,000
3,866.000
419,000
9,100,000
3,100,000
6.000,000
54,000,000
54,000,000
83,400,000
1,012,000
82,388.000
114,250,000
114,250,000
284.930,500
27,659,000
257,271,500
41,615.500
345,040,000
303,424,500
243.555.000
12.905.000 256,460.000
1,768,841,340 407.490.260 2,176,331,600 1,797.147.000 1,051,529,900 2,848,676,900 2,328,867,990 984,188,010 3,313,056.000
17,650,000
650,000
17.000.000
29,500,000
17.000,000
12,500,000
5.360,000
6,860,000
1,500,000
68,385,000
22.309,200
46,075.800
91,172,000
85,172,000
6,000,000
69.290.000
27,976,283
41.313.717
2,300,000
2,300,000
400,000
400,000
6,500,000
720,000
5.780,000
1,200.000
1,200,000
4,400,000
4,400,000
1,950.000
750,000
1,200,000
500,000
500.000
14.200.000
4,450,000
9.750,000
6,592.000
2,488,100
4,103,900
13.150,000
13.150.000
50.200,000
12.350,000
37,850,000
17.200.000
10,694,200
6,505,800
1,000,000
1,000.000
29,078,500
1,666,000
27.412,500
25,718,200
1,441,500
61,472,700
24,276,700
61,472.700
14.500,000
198,150,000
33,000,000
12,000.000
10,100,000
88,305.000
7.250,000
48,660,650
18,900,000
5,000,000
Total.
1,916,500
54.370.217
25,020,000
183,792,700
60.706,590
263,020,200
71,107.700
993.612,491
406,047,585
82,863,562
688,704,193
143,614,732
110.180.830
54.233.534
23.178,000
1.500,000 1,489.531,872
12.342,400 790.954.434
486.987,842 4,854,028,933
5,511,852
84,832,220
58.666,080
408,600
1.600.000
24,575.000
160.333.400
51,597,650
521,829,263
57.379.861
1,920,000
. 8.416,400
282,615,033
10.126,180
54.545.783
11.887.975
8,325.855
214,227,790
253.990.179
1,476,861,969
38.373,800
1,600,000
24,575.000
198.707,200
139,954,700 191.552.350
151,318,048'673.147.311
74,579,861
17,200,000
1,920,000
36,705,102
28,288,702
65,653,040 348,268.073
10,126.180
55,891.783
1.346,000
12,930.375
1.042,400
8,325.855
2,964,500 217,192,290
28,217.740 282,207,919
435,985,130 1,912.847,099
125.000
3,000,000
26.185.000
175,298,300
41,425,200
125,000
3.000,000
26.185.000
216,723,500
172,205.187
514.264.036
6,019.250
88,168.487
469.769.536
6,019,250
84.036,700
44.494,500
31.918,791'
143,896.086
14.848.200
28.478.500
2,701,675
------32.158.700
1.964,300
100,000
58.379,47f
96.956.164
941.136,165
58,379.478
23,678.250 120,634.414
186,432.450 1,127,568.615
-31.911-0945
176,054.785
16,812.500
28,578.500
2,701.675
415,915.977 404,365.210 820.281,187
179,986,150 363.646,200 .543,632.350
361,984.940 117.503.760 479,488,700
1.696.478.536
1,428,978,684 353,855.307 1.782,833,991 1.163,832,763 688.507,348 1,852.340,111 1.225.727,931' 470.750.600
16,160.000 102.744,250
86.584,251'
221.931.861
78.944,300
142.987,561
267.260.885 271,986,700 539,247,585
12.355.000
12.355.001'
7.736.000
1.850.000
7.736,000
1.850,000
86.618.790
130,000
86,488.791'
44,455,102
14,636,400 .
29,818.702
5,511.852
83.513,562
78,001,710
542.811.785
107,891.700
434.920,086
677.756,073
504,584,633 173.171,440
86.907.220 919,482,193
832,574.973
68,854,900 333.412.500
264,557.600
86.826,180
42,441.200
44,384,980
74,082,080 179.014.732
104.932,652
32,137,000 448,405,000
416.268,000
74,507,500 548,982.083
474,474,583
460.657.130
4.337.500 464.994,630
62.701.675
60,000.000
2.701,675
14.230,375
1.042,400
13,187,975
55.233.534
55,233,534
4.410,000
419,000
3.991,000
8,325.855
8,325,855
32,278,000
26,278.000
6.000.000
115,379,478
115,379,478
302.192,290
3.976.500
298,215,790
1.500,000 1.603,781,872
1,602,281,872
431.749,914
51,337.250
380,412.664
69.833,240 651.822,919
581.989.679
27,163,900 1.072,434.434
1.045.270.534
6,265,304.914 948.848,319 7,214,153.233 3,434.342,369 1,525.888,830 4,960,231,199 3.445.302.455 1.212,045.660 4.857.348.115
1-4
104
1680
FINANCIAL CHRONICLE
[VOL. 133.
DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1931.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
To Yield
About.
Price.
Railroads1,245,000 New equipment
1,050,000 Additions, betterments, &c
10W,
2,295,000
Public Utilities5,000,000 Refunding
104A
Company and Issue, and by Whom Offered.
3.00-4.50 Fruit Growers Express Co. Equip. Tr. 4s "I" 1932-46. Offered by First Nat.I3anli, N.Y.; National
City Co.; Clark, Dodge & Co. and Freeman & Co.
4.90 Portland Terminal Co. 1st M.5s 1961. Offered by Merrill Securities Corp., Bangor, Me.
4.23 Bridgeport Hydraulic Co. 1st M.
"D" 1961. Offered by Lee, Higginson & Co.: Estabrook &
Co.; The Bridgeport-City Co.; Mocks Bros. & Co.; Putnam & Co.; Chas. W.Scranton & Co.;
Stevenson, Gregory & Co.; T. L. Watson & Co. and First Nat. Co. of Bridgeport.
5,000,000 Acquisitions; other corp purposes_ - 9834
4.57 Houston Lighting & Pr. Co. 1st Lien & Ref. NI. 4)4s"E" 1981. Offered by Halsey,Stuart & Colne.
1,000,000 Extensions, additions, &c
5.90 Interstate Pr. Co. (Del.) 1st M. 5s 1957. Offered by Chase Harris. Forbes Corp.: Central Republic
88
Co., Inc.; Halsey, Stuart & Co., Inc.; Dancamerica-Blair Corp. and N. W.Ilarrls & Co., Inc.
90(‘
200,000 Acquire telephone properties
5.60 Lee Telephone Co. 1st M.555s 1941. Offered by Mason-Hagan, Inc., Richmond, Va.
550,000 Improvements, extensions, &c__
Price on applica'n New Haven Water Co. 1st. & Ref. M.4s "C" 1981. Offered by Chas. W. Scranton & Co. and
Edward M. Bradley & Co., Inc.
95
1,000,000 Capital expenditures
6.70 Southeastern Gas & Water Co. 1st Lien 65 1941. (Each bond accompanied by a warrant non-detachable
except when exercised evidencing The right of the holder to receire without cost a voting trust certificate
representing two shares of common stock for each 8100 par value of bonds upon presentation of such
warrant on or before June 1 1932.) Offered by A. C. Allyn & Co., Inc.; Bond & Goodwin, Inc.,
and Mark C. Steinberg & Co.
930,500 Additions; other corp. purposes
5.75 West Virginia Water Service Co. 1st M. 5s "A" 1951. Offered by Halsey, Stuart & Co., Inc., and
91
G. L. Ohrstrom & Co., Inc.
2,000,000 Acquisitions, tracts., &c
4.80 Wisconsin Pr. & Light Co. 1st Lien & Ref. M.5s "G" 1961. Offered by Hill, Joiner & Co., Inc.;
103
HaLsey, Stuart & Co., Inc.; Paine, Webber & Co.; E. H. Rollins & Sons, Inc.; A. B. Leach & Co.,
15,680.500
Inc., and Emery, Peck & Rockwood Co.
Other Industrial $c Mfg.
6,000,000 Pursuant to reorg. plan
Cuban Dominican Sugar Corp. lot M. Coll. Cony. 6s 1946. (Convertible at any time prior to maturity
80b
or if called for redemption,five days prior to redemption date, into common stock at rate of 60 sharesfor
each $1,000 bond.) Issued pursuant to re-organization plan; underwritten by National City Co.
250,000 Improvements; wkg. capital
6.00 Universal Mills 1st M.6s 1932-41. Offered by First National Securities Co., Dallas, Tex.
100
160,000 Acquisitions
5.50-6.15 Wisconsin Lumber Co.(Des Moines, Iowa) 60 1932-41. Offered by Iowa-Des Moines Co.
6,410,000
Land, Buildings, &c.
300,000 Finance construction of building
6.70 The Arlington Corp. of California, Ltd., 1st (Closed) M.6I4s, 1946. Offered by Basics, Huntley
98
& Co.
635,000 Real estate mortgage
5.00 40-44 West 86th Street(N.Y. C.)(ltd.5% ctfs., Jan. 101937. Offered by Lawyers Mtge. Co., N.Y.
100
300,000 Provide funds for loan purposes__ _ 100
6.00 Potomac Mortgage Co. 1st Coll. Tr,6s, 1941. Offered by the Baltimore-Gillet Co., Baltimore.
600,000 Retire bank loans; Mints., &e
5.62 The Roland Park Montebello CO. (Md.) 1st M. 51-Is, 1941. Offered by Robert Garrett & Sons,
99
the Equitable Trust Co., Baltimore, and the 13altimore-Gillet Co.
150,000 Finance construction of building
Price on applic, Salina Theatre Building Co. 1st M. 6s, 1932-41. Offered by the Wheeler-Kelly-Hagny Trus Co.,
Wichita.
5.50 Western State College of Colorado Dormitory Bldg. 55Is, 1933-49. Offered by Causey, Drown
115,000 Finance construction of building
100
& Co.
2,100,000
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads$
10,000,000 General corporate purposes
To Yield
About.
5.00 Minneapolis St. Paul & Sault Ste. Marie Ry. Co. 1-year Sec. 5s, Aug. 1 1932. Offered by Dillon,
Read & Co. and National City Co.
100
Public Utilities500,000 Pay maturing debt; improvts., &c_
1,500,000 Retire bank loans;reduce debt, &c_
800,000 Refunding
Price on scone.
Allied Telephone Utilities Co. Cony. 59 and 514s. July 11932-36. (Convertible for a period of
6 months immediately preceding maturity, or if called for redemption, into $1.75 cum. pref. stock
in ratio of 40 ohs, of stock for each $1,000 note.) Offered by G. W. Thompson & Co., Inc., and
Patterson, Copeland & Kendall, Inc., Chicago.
5.06 Scranton-Spring Brook Water Service Co. 434% notes, July 31 1932. Offered by Halsey, Stuart
& Co., Inc., G. L. Ohrstrom & Co., Inc., Janney & Co., Graham, Parsons & Co. and Coffin
& Burr, Inc.
6.94 Western Continental Utilities, Inc. 3-Yr. Sec. Cony. 60, Sept. 1 1934. (Convertible into common
stock until maturity at prices ranging from 515 to $20 per share). Offered by Central-Republic Co.
9950
97S0
2,800,000
Land, Buildings, &c.
500,000 Finance construction of
50,000 Provide funds for loan purposes
Company and Issue, and by Whom Offered,
10()
100
6.00 Denver Orpheum Co. 1st (a.) 6s, Sept. 11936. Offered by United States National Co., Denver.
6.00 Potomac Mortgage Co. 1st coll.Tr. Os, Sept. 1 1936. Offered by The Baltimore-Gillet Co., Ball
550,000
STOCKS.
Par or No.
of Shares,
Purpose of Issue.
.
Public Utilities•100,000shs General corporate purposes
Iron, Steel, Coal, Copper, &c.
28,000shs Additional equipment, &e
Other Industrial & Mfg.1,000,000 Additions; working capital
•10,000shs Liquidate notes payable, &c
•360,000shs Pursuant to reorg. plan
(a)Amount Price
To Yield
Involved. Per Share. About.
8,975,000
500,000
100,000
1,046,622
50,000 Expansion of business
•59,807shs Additional capital
893.
5.57 Electric Bond & Share Co.(N. Y.) Cum. $5 Pref. Offered by Bonbright & Co., Ino
25(par)
8.00 American Concrete & Steel Pipe Co. 8% Cony. Pref. (Each share convertible into one
share of Common Stock.) Offered by M. II, Lewis & Co., Los Angeles.
7.00 Creameries of America $3.50 Cum. Pref. Offered by B. B. Robinson & Co., Los Ang.
Cuban Dominican Sugar Corp. Common Stock. (Details given under let mtge, coll.
cony. (is, 1946.)
Peacock Motion Picture Corp. Capital Stock. Offered by C. E. Minor Co., N. Y.
Westvaco Chlorine Products Corp. Common Stock. Offered by company to stockholders; underwritten by Hornblower & Weeks and United Chemicals, Inc.
140,000
1,000,000
KlIdun Mining Corp. Capital Stock. Offered by company to stockholders.
50
2
17!
2,646,622
011400,000 Acquire lenses; other corp. purp
400,000
Company and Issue, and by 1Vhom Offered.
Market ($1)
Cunningham Natural Gas Cop capital stock. Offered by Steelman & Birkins, N.Y.
ISSUES NOT REPRI SENTING NEW FINANCING.
Par or No. (a) Amount
of Shares. Involved. Price.
10,000 8i1.9
4,000,000
7,000,000
15,000 ohs
To Yield
About.
1,200,000 120
4,000,000 88
7,000,000
99
1,905,000 Mkt.(127)
Company and Issue and by IT'hom Offered,
5.00 Allegheny & Western Ay. Co.6% Guaranteed Stock. Offered by Adams & Peck, New York.
5.90 Interstate Power Co.(Del.) 1st M. 5s, 1957. Offered by Chase IIarris Forbes Corp., Central Republic Co., Inc., Halsey;
Stuart & Co., Inc., Rancamerica Blair Corp. and N. NV. Ilarris dr Co., Inc.
4.55 New York State Electric & Gas Corp. lot M. 414ti, 1980. Offered by Field, Clore & Co., Chase Harris Forbes Corp..
Halsey, Stuart & Co., Inc., Continental Illinois Co., Inc., N.W.Harris & Co., Inc., J. G.White & Co.. Inc., W.C. Langley & Co.. Graham, Parsons & Co. and General Utility Securities, Inc.
5.50 The pacific Telephone & Telegraph Co. COMI11011 Stock. offered by G. NI-P. Murphy & Co., Mitchum, Tully & Co.and
Dean Witter & Co.
14,105,000
•shares of no par value. a Preferred s ocks of a stated par value are taken at Par, while Preferred stock of no par value and all classes of common stock are computed
at their offering prices. b Subscription price of $80 flat per unit, consisting of 5100 of bonds and 6 shares of common stock.
to the recovery of business by enlarging opporRails' Merging Halt Is Puzzle-Despite Pro- contribution
tunity for employment and by increasing the financial
claimed Advantages Roads Cannot Agree.
stability of all the railroads, and, particularly, some of the
[Charles F. Speare in the Newark "Netts" for Sept. 2.]
"Over eight months ago the heads of the Pennsylvania,
New York Central, Baltimore & Ohio and Nickel-PlateChesapeake & Ohio RR. systems came to a general agreement on a plan of consolidation in official classification
territory, which was to divide this region into four independent roads. President Hoover made the announcement
concerning the agreement, and in his statement at that
time said that the consolidation might be regarded 'as a
weaker roads.'
"That was Dec. 30 1930. Sept. 2 1931 we have this
situation:
"For seven months to July 31 this year, these being the
latest figures available, the gross earnings of the four major
systems that were to be consolidated, along with those of
properties that were allocated to them, show a reduction of
nearly $250,000,000. At the same time net earnings have
declined $75,000,000.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1681
"The dividend of the New York Central has been reduced able and all
that Wall Street and most of the country imagines
from $8 a share to $6 a share [This week it was further re- to be so.
duced to 4%.—Ed.1, that of the Baltimore & Ohio from $7
"The Chairman of the Security Holders' Committee
to $5 a share, of the Pennsylvania RR. from 8% to 6%, which it attempt
ing to obtain higher freight rates likens the
that of the Lackawanna to 4%, while payments on the flight of
capital from railroad securities to the flight of
common and preferred stocks of the Nickel Plate have been
capital from Germany in July. Recent estimates indicate
omitted, as well as those on Pere Marquette common, Erie that
the depreciation in railroad stocks and in railroad
second preferred and Lehigh Valley, whose dividend was bonds
from the levels of 1929 amounts to nearly 50% of
acted upon to-day.
the total property value of the carriers.
"A day or two after the Washington announcement was
"With such appalling conditions facing them and alarm
made concerning the proposed consolidation, Pennsylvania
so general and so intense on the part of owners of railroad
stock sold at 573
4. To-day it was around 39. New York securitie
s, it seems strange that a consolidation advertised
Central was then 116 compared with the present price
of to do so much good to the carriers in the East and to have
about 71. Baltimore & Ohio in the eight months' period
beneficial reactions elsewhere should be delayed because
has dropped from above 71 to this week's low price below
one road will not give trackage rights on a small piece of
40, while the market value of Nickel Plate shares has deline to a competitor.
clined from 60% to 75%.
"So far as outward signs go, this is the only cause for
"It would be unfair to attribute any considerable
portion delay in the negotiations. The feeling is becoming someof this reaction in earnings, in dividends and in
market what general, however, that there is a lukewarmness toward
prices to the failure of the consolidation plan,
heralded as a consolidation in the East that interferes with the swift
sort of panacea for Eastern railroad ills, to eventua
te. On progress of a merger which was expected to have been
the other hand, at a time when railroad credit is under
con- submitted in its final form to the Inter-State Commerce
stant attack and when holders of railroad bonds are
acting Commission months before that body became involved in
as though they expected the transportation system of
the the application by all of the carriers of the country for a
United States to cease to function, it strikes the layman
as 15% increase in freight rates. In other words, some of
somewhat queer that the so-called minor complic
ations in the parties to the agreement are more content to maintain
the railroad merger cannot be adjusted and whatever
value the status quo than to involve themselves in the additions
there may be, sentimentally or practically, in railroad
unifi- and subtractions from their systems recommended in the
cation, be secured as an offset to all that is visibly
unfavor- original conferences last December."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITO
ME. partment stores in New York have had a moderate trade.
Friday Night, Sept. 11 1931.
Chicago reports a good week and in some cases a better
A slight increase in the wholesale and jobbing business
is business than a year ago. Iron and steel industry has been
one of the features of the week. It is nothing remarka
ble, quiet with production still at a low level. From present
but the fact remains that the business in these lines
was appearances there is no likelihood of more than a moderat
e
somewhat larger. There was a fair retail business.
The
opening of the schools tended to stimulate retail buying. amount of business for a time. Structural steel meets with
the largest demand.
Merchandise for the fall is at low prices. In the
wholesale
Detroit wires that the Ford company will reach the peak
line it is noticeable that the buying is mostly for immediate
of its employment with 87,000 men by the middle of Septemdelivery. Very few are inclined to buy far ahead.
There
was a moderate business in dry goods and notions. The ber. Other auto plants are also increasing the number of
grain markets have acted very well. So for that matter their employees. Martial law has been discontinued in
has the stook market,in spite of frequent passing or reducin Eastern Texas and oil people are curious to see the result.
g
of dividends on railroad and other shares. The situatio Oklahoma is still under martial law and there seems little
n
in Europe is not satisfactory, nor for that matter is it satis- prospect of a change in prices for refined products. Fuel
oil has been firm. Building throughout the country has
factory in this country. But the big increases in
taxation increased somewhat by public construction
and remodelling.
in England are a sign of the times not at all pleasant
to
contemplate. Foreign bonds have declined rather sharply Copper mining in the West is quiet. There is considerable
, prospecting for gold owing to its relatively
high price.
and the new 3% of the United States Government are
below Rains have partly extinguished the serious forest
fires at
par. Things might be far better than they are at
home the Northwest.
and abroad. But the country is in much better state
than
Wheat, at times, has advanced owing to the decided
it was, for instance, after the Civil War, when a large
part
of it had been devastated by military operations and a big firmness of cash wheat at the Northwest, and some lessening
of pressure of offerings in European markets. The export
population was practically impoverished. No such
con- demand of late has increased somewhat. The
spring wheat
ditions exist to-day. It is believed that the condition
of the crop will be only about 110,000,000 bushels.
Corn declined
country is far better than most people imagine. There
is, with the weather generally favorable aside from
however, a regrettable lack of confidence. The
hot winds
country in Kansas and Missouri, and some selling
of corn against
needs a jog. That would be an open sesame. It will
get
it some day and then it will start, no doubt, like the tra- buying of wheat by those who think corn is too high. But
the cash demand for corn has been more active. Rye has
ditional giant rejoicing to run his course.
advance
d sharply for September delivery, owing to the
Meanwhile bank clearings show a decrease. The
index
of commodity prices shows a marked decline during August. arrival at last of some demand for export and with supplies
none too plentiful. Lard has advanced. Wool has been
Fall goods are lower than they were a year ago. There
are less active as usual at this season. Hides
have declined
fewer special sales of summer lines in spite of the
sudden sharply and leather still has a downward
tendency. The
return of summer within the last few days all over
the shoe industry is still active. Cotton has advance
country not excepting the Northwest with tempera
d from
tures of
as high as 92 degrees here and no sign to-night of abatement. time to time, owing to the scarcity of contracts due to the
compara
tive absence of hedge selling, while the demand from
It has been 94 to 98 at the West and Northwest. Whereve
r the trade has been steady. The crop has been
business is is going on profits are apt to be small.
opening
Collections rapidly in Texas, owing to dry hot weather
with
throughout the country are still slow. In the retail
business tures of as high as 106 degrees, and it was said temperachildren's clothing, school supplies, shoes, millinery
that the
and Texas crop is being sold about as fast as it is being
women's ready to wear clothing sell the most rapidly.
picked.
There From some other parts of the bolt come reports
of holding
is only a fair business in men's clothing. It is smaller than
usual at this time of the year. The demand for furnitur back of cotton by irate farmers, some of whom complain
e that the price is below the cost of production.
Moreover,
and household hardware is fair. It is not surpirsing to be
there is a persistent agitation at Washington in favor
told that the jewelry business here and in Boston is smaller
of
measures looking to the facilitation through
debentures
than that of a year ago. In these hard times the demand
of
the
sale
of
cotton for export. At the same time, the
for luxuries is apt to be small. Chain stores in Philadelphia
impression is growing that the Government will
not in the
have been doing more business than usual. Uptown defuture meddle with the law of supply and demand
, but will
1682
FINANCIAL CHRONICLE
[VOL. 133.
officially and 1% outside. Transactions
endeavor to assist the farmer in getting the best possible Money was 13/2%
approximately 1,900,000 shares, or 400,000
price for his cotton or grain. Back of it all, however, is in stocks were
and 700,000 more than a week ago,
yesterday,
than
more
and
cotton
of
the necessity of reducing the production
year
ago, but some 3,000,000 under the
a
as
same
the
about
grain. And that is up to the farmer himself. Measures
ago.
two
years
of
total
burdena
of
rid
get
him
help
to
Government
adopted by the
Detroit reported that between 15,000 and 20,000 former
some crop can be in the nature of the case nothing more
Co. went back to work on the
than palliatives. As to cotton, the Government now esti- employees of the Ford Motor
have been sent out last week,
to
said
were
Letters
inst.
8th
bales
13,932,000
against
bales
mates the crop at 15,685,000
Ford officials are quoted as
and
return
to
the
workers
asking
last year. But everybody knew the crop was large and
50,000 men at work by the
have
to
saying that they planned
the report had comparatively little effect.
of American radio apexports
The
month.
of
the
middle
cloths.
print
in
t
Baltimore reports some improvemen
the general business
despite
to
increase
continue
paratus
Here unfinished cotton goods have been very quiet. Finto the Commerce Department's
according
depression,
good
reports
Paul
St.
sale.
moderate
a
ished cottons had
division. The total receipts are higher despite
sized wholesale orders for furs and men's hats for prompt electrical
The total of all radio exPorts amounted to
prices.
lower
delivery, with buying for future delivery falling off. Wholecompared with $10,031,000. Building
as
,
$11,455,000
business.
better
a
report
West
sale coal dealers in the Central
August as reported to Bradstreet's from
for
values
permit
As to failures, they are larger in the wholesale, jobbing and
showed a more than seasonal drop. New York
cities,
215
goods
dress
worsted
and
woolens
In
three.
all
lines,
retail
taken alone, registered a substantial increase over a
and cloakings a good business was reported. Men's wear City,
but declines in the outside cities dragged down the
ago
year
goods were quiet owing to the expectation of offerings of
for the month to $96,845,284, as against $132,values
total
better
the
of
silks
Broad
future.
near
spring lines in the
1930, a decrease of 26.9% in value. The
August
in
470,702
quarters
grades were steadier with a larger trade in many
than in the month of July this year
lower
4.6%
were
figures
Raw silk was dull. Du Pont announced new prices on
rise of 0.9%. But while the rest
seasonal
normal
a
against
a
cents
54
to
223'
acetate yarns, showing reductions of
lagged behind, New York City took a tromencountry
the
of
pound.
the building permit values showing a program
On the 8th inst. stocks fell some 1 to 4 points, owing as dous spurt,
increase of expenditure for construction amountan
involving
much as anything to fears of further reduction of dividends.
over August 1930, and an increase over July
17.1%
to
ing
New York, New Haven & Hartford was lowered to $1 for
92.8%.
of
$4.
of
level
the
to
the quarter on common, a drop of 50 cents
On the 8th inst. New York temperatures were 66 to 80
Directors' fees will be half what they have been and salaries
Boston had 62 to 78, Buffalo 66 to 72, Philadelphia
degrees.
of
stocks
price
average
The
10%.
were
cut
of high officers
Me., 54 to 74, Chicago 70 to 90, ClevePortland,
80,
to
68
at
low
on the 8th inst. was within about $1 of the year's
62 to 84, Detroit 70 to 78, IndianCincinnati
78,
to
68
land
the opening of June. Western Union was a refreshing ex76 to 94, Kansas City 74 to 96,
Milwaukee
88,
to
68
apolis
dozen
a
nearly
while
cuts,
dividend
of
ception to the story
City 72 to 97, St. Louis 72 to
Oklahoma
98,
to
72
Paul
St.
corporations reduced or passed their dividends. Western
60 to 78, Portland, Ore.,
Angeles
Los
90,
to
62
Denver
Union declared the old quarterly dividend of $2, whereupon 90,
52 to 66, Bermuda
Seattle
64,
to
54
Francisco
San
66,
to
54
railhand,
the stock advanced 73,4 points. On the other
58 to 78. On the
Winnipeg
74,
to
60
Montreal
82,
to
72
road bonds were lower and foreign were irregular. On the
minimum was 73.
The
here.
degrees
9th inst. quite a number of railroad shares advanced 1 to 10th inst. it was 92
was no relief
there
and
here
heat
the
of
died
persons
Four
2 points. This included New York Central with a net rise
66 to
had
Boston
Saturday.
or
to-day
in
for
sight
of 13i points despite the reduction of its yearly dividend
64 to 94, Cleveland
Cincinnati
94,
to
70
Chicago
degrees,
of
drop
A
previous
4%.
rate of 2%, namely from 6% to
70 to 92, Kansas City
more than 10 points last week in the stock on the rumors 72 to 84, Denver 62 to 92, Detroit
72 to 104, MonMinneapolis
98,
to
76
of an impending sharp reduction in the dividend had dis- 74 to 94, Milwaukee
a 72 to 94,
Philadelphi
98,
to
74
Omaha
86,
70
to
treal
in
counted it. Since February the dividend has been cut
Portland, Ore.,
86,
to
62
Me.,
Portland,
100,
to
76
Phoenix
half and is now the smallest in 32 years. Yet it is felt thaa
54 to 64, St. Louis
this is just so much water gone over the bridge. It is a 50 to 68, San Francisco 60 to 66, Seattle
70.
to
54
94,
74
Winnipeg
to
thing of the past. United States Steel fell 43 points to
To-day the highest temperature of the week was reached
129, the lowest in over four years, or 20 points under the
here
of 93 degrees. It was the hottest Sept. 11 for all time
a
at
a
of
quarter
ended
price of a year ago. Steel common
in
the
City, or 25 above normal for this date. The forecast
point higher. The total transactions were some 2,000,000
was
for
continued fair and warm weather to-night, Saturshares.
day
and
Sunday. Overnight it .was 74 to 94 at Boston,
On the 10th inst., stocks were irregular with Rock Island
at
Buffalo, 78 to 94 at Philadelphia, 66 to 92 at
76
72
to
down 10 points on the passing of the dividend on its common
to 86 at Portland, Me., 72 to 94 at Chicago,
72
Pittsburgh,
in
7
March.
June
against
in
stock. It was reduced to 4%
72 to 84 at Cleveland, 70 to 90 at
Cincinnati,
64
at
to
94
The persistent reduction of dividends rather get under the
, 74 to 98 at Milwaukee,
Indianapolis
at
skin of the market and prices in general declined. The Detroit, 72 to 92
at Kansas City, 72 to 100
94
to
74
Orleans,
New
72
at
to
86
l
Maine Central also passed its dividend. Internationa
62 to 74 at Jos Angeles,
Louis,
St.
at
94
to
St.
74
at
Paul,
Telephone & Telegraph cut the quarterly dividend in half
at San Francisco, 56 to
66
to
54
Ore.,
Portland,
52
at
to
68
of
the
1929.
summer
since
by declaring 250. as against 50c.
70 to 86 at Montreal
Bermuda,
at
88
to
72
64
at
Seattle,
The Tide Water Oil Co. passed its dividend. Prices reached
Winnipeg.
a new low average, although industrial shares were not down and 58 to 70 at
to the low of June 2 this year. Yet declines on the 10th
at Babson National Business Coninst. were far from striking. The market seemed hardened Prof. R. B. Wilson
is Set for Better BusinessStage
Says
ference
in
ended
fact,
Steel,
to dividend defaults. United States
Laying Foundation for
ent
Readjustm
Present
unchanged, American Can and American Telephone ad-Improved European
Prosperity
of
Period
Next
and
%,
Fe,
Santa
point;
1
Chemical,
vanced slightly, Allied
For.
Looked
Conditions
took
Eastman Kodak, 1%. Declines generally moderate
In visioning the "Outlook for 1932" Ralph B. Wilson,
place in Union Pacific, Westinghouse Electric, Mullins
bonds
Foreign
of
the Babson Statistical Organization, declared that "to-day
.
Manufacturing, Auburn and Lackawanna
greatest business and
were noticeably lower. England will increase taxes sharply. we are standing up to our knees in the
has known since
country
this
that
s
par.
opportunitie
below
3%
new
investment
the
with
down
United States bonds were
commodbonds,
priced
low
stocks,
good
estate,
moderate
a
had
1893. Real
To-day stocks were irregular, but finally
in the bargain
sale
for
are
enterprises
In
lower.
business
were
ities
and
Bonds
covering.
on
here
and
there
rally
business men and investors are
stocks, Rock Island, for an exception, advanced 5 points basement to-day. Shrewd
and are thereby laying the
s
or more. New York Central rose a couple of points, and seizing these opportunitie
Others are permitting perfortunes.
a
future
had
a
for
Lackawann
foundation
But
points.
some others were up 1 to 3
to
the extraordinary moneythem
blind
points,
to
3
pessimism
nicious
new low record. Delaware & Hudson, falling
present. The
conditions
to-day's
that
possiblities
making
23s
Reading
dropped
1924.
of
level
low
went below the
act while the
who
to
those
comes
advantage
single
a
on
points
tremendous
points. Federal Mining shot down 27
waits until
always
great
majority
-the
transaction. Proctor & Gamble fell more than 4 points. opportunity exists
Mr. Wilson spoke
upward."
way
their
on
well
Telephone,
are
al
prices
Internation
for
Lower prices were reported
Annual National Business Conference
Water Works and Foreign Power. Electric Auto Light thus before the 18th
Sept. 9. According to Mr. Wilson
Mass.,
Park,
at
dividend.
Babson
the
in
reduction
a
despite
net,
2%
advanced
SEPT. 12 1931.]
FINANCIAL CHRONICLE
"statistics now indicate that one half of the excesses developed in our last period of over-expansion have already
been paid for. Business indicators," he continued, "begin
to show that the next major move is upward. Now is the
time for optimism and opportunity. Money is plentiful.
Stock prices have been tragically deflated. Fundamental
trend of bond market is upward. Production is below consumption. Inventories of finished products are at the
lowest point in years. Many commodities are on the bargain
counter and business in general has seen the worst. This
is just the kind of foundation upon which to erect another
period of prosperity. I don't mean by that that we are
going to have an immediate boom in business, but that we
are gradully working out of this period of readjustment."
In part Mr. Wilson also said:
The present readjustment is not only agricultural,industrial and financial.
but it is world-wide as well. It has become inextricably interwoven with
the affairs of Nations. The problems of reparations, war debt, national
budget, taxation, tariff, monetary standards, standards of living and excess
producing capacity are all clamoring for attention and solution. Strange
as it may seem, many of the problems created by a drastic readjustment
are in like manner solved by a business recovery.
We must classify our problems into:
(1) those that a business revival work out;
(2) those that can be controlled by industry;
(3) those that are practical and of relatively immediate solution;
(4) those that involve international consideration and into;
(5) those which by their very nature are somewhat utopian and remote.
Then having classified and analyzed our problems, the next step Is to
ttack those problems first which are workable, of more or less immediate
lution and within our control. Then we should test the tentative soluone of our problems to see whether they are economically sound. Curefforts outside of our control, while of the best intentions have agavated the seriousness of our situation rather than benefited us because
hose activites worked against economic laws rather than with them.
Such activities present another problem that sooner or later will require
ome fundamental thinking and action.
Our practical problem two years ago was not only excess-producing capacty but also excess production. A great deal has already been accomplished in
he control of this excess-producing capacity, but there is yet much to be acmplished if the government must step in as it has recently done In Oklaoma and Texas to prevent excess production. There are companies
hat do not permit themselves to "over-expand." These companies adjust
he supply of their goods to the demand.
There are companies that put quality into their goods and render service
their clients no matter what conditions be. Companies so operated are
fleeted by the ups and downs of the beefless cycle, but they continue to
ve their clients well in the depths of depression or at the peak of prosperity
d make in the long run a reasonable profit. You don't see these cornantes in the headlines of the paper with some gigantic financial program
hat they expect to foist on a gullible public. Neither do you see these
ompanios in the bankruptcy columns of the papers Such companies
contnet to grow with and to become a part of the fundamental growth
the country. That is the growth to which all are entitled.
Fundamental Growth of the Coutnry.
I believe that Europe has turned the corner and that foreign conditions
ill gradually improve from now on. Also, I am not unmindful of the
t importance of our foreign trade. However. I believe that out greatest
pportunities lie in the correction of our own immediately solvable problems
nd the fundamental growth of this country.
The fundamental growth of the United States has been upward for years
d it should continue to be upward for years to come. Every year there
e four hundred thousand boys and girls graduated from our high schools
ho go into.the various walks of life. Every year one million two hundred
d fifty thousand brides establish new homes in the United States,creating
emand for our products. Every year two million five hundred thousand
bies are born In the United States—one baby is born every thirteen
nds—there have been a hundred born since 1 have been talking to you.
very three minutes an immigrant comes into the Unites States, bringing
ith him a demand for goods. There is a net increase in the United States
ver death and emigration of one human being every 35 seconds. Projectg this figure, there are 7,000 new prospects for our goods and services in
he United States every day. By 1970 it is estimated that we will have a
opulation of 160,000,000 human souls. This is an increase of approxlately 40,000,000 people in the next 40 years. That is the fundamental
owth of this countty.
Conclasion.
This fundamental growth should thrill us with optimism for the future
f America. The present, readjustment is laying the foundation for the
ext period of prosperity. Business has seen its worst, the efficiency of
anagement and labor has been greatly increased, commodity prices are
t record lows, many good stocks and bonds are selling far below their
me, real estate bargains abound, and Europe has turned her face toward
ecovery. The stage is set for better business. Extraordinary profiteking opportunities surround us. The maximum advantage comes to
hose who act while the opporoinitias exist. You can't build a fortune by
Milking about it. Act. Seize those opportunities, and lay the foundson for your future fortune. The 'Millenaries of to-morrow are getting
heir start to-day.
ew York Federal Reserve Bank's Indexes of Business
Activity.
The indexes of business activity of the Federal Reserve
ank of New York, as given in its Sept. 1 "Bulletin" follow:
Although irregularity continued to be evident in the movement of this
ank's indexes, the prevailing course of business activity during July
Ppears to have been slightly downward. Car loadings of merchandise and
iscellaneous freight showed an uiaseasonal decline during July and the
irst half of August, and after seasonal adjustment reached the lowest
vel since 1922. In addition, declines of more than seasonal proportions
tarred in department store sales, both in this district and in the country
a whole, in sales of ordinary life insurance, and in the volume of check
ansactions. The number of business failures was little changed from the
viou.s month's level, whereas usually a small seasonal decline occurs
t this time.
On the other hand, an increase in car loadings of bulk freight was larger
ban the usual rise, and, after adjustment for the average seasonal movecats of past years, little or no change was shown in the volume of this
ountry's foreign trade, in advertising, and in postal receipts.
1683
(Adjusted for Seasonal Variations and Usual Year-to-Year Growth)
July
1930.
Primary Distribution—
Car loadings, merchandise and miscellaneous____
89
Car loadings, other
89
Exports
81r
Imports
87r
Panama Canal traffic in Amer. vessels
102
Distribution to Consumer—
Department store sales, Second District
96
Chain grocery sales
967
Chain store sales, other than grocery
86
Life Insurance paid for
987
Advertising
85
General Business Activity—
Bank debits, outside New York City
96
Bank debits, New York City
115
Velocity of bank deposits, outside of N. Y. City 105
Velocity of bank deposits. New York City
118
Shares sold on New York Stock Exchange
157
Postal receipts
94
Electric power
93
Employment in the United States
89
Business failures
106
Building contracts
72
New corporations formed in New York State
92
Real estate transfers
62
General price level*
167
Composite index of wagcs•
223
Cost of living*
164
y Preliminary. r Revised. •1913 average = 100.
May
1931.
June
1931.
July
1931.
79
68
71r
72r
76
78
65
67r
79r
73
75
69
65r
80r
--
95
95r
87
92r
77
99
96r
84
92r
76
80
94r
81
89r
76
86
102
91
93
117
87
81r
80
109
60
86
102
89
96
157
84
81p
78
98
62
94
62
150
215
148
82
es
54
153
216
149
as
as
so
104
85
-77
100
58
__
1iii
213
148
Department Store Sales in August /2% Less Than in
August Last•Year.
Under dkte of Sept. 11 the Federal Reserve Board reports
as follows on department store sales in August:
Preliminary figures on the value of department store sales show an
Increase from July to August of somewhat ltss than the estimated seasonal
amount. The Federal Reserve Board's index, which makes allowance
both for number of business days and for usual seasonal changes, was
90 in August, on the basis of the 1923-1925 average as 100, compared with
91 in July and 95 in June.
In comparison with a year ago the value of sales for August. according
to the preliminary figures, was 12% smaller. The aggregate for the first
eight months of the year was 9% smaller.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve Distrta.
August.*
—13
—12
—13
—16
--8
—12
--9
—8
—10
—17
—16
—10
Boston
New York
Philadelphia_
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Number of
Jan. 1
Reporting
to
Aug. 31.*
Stores.
—8
--7
—9
—10
--4
—9
—11
—11
—6
—8
—12
--9
97
57
45
38
57
30
52
20
19
24
18
79
Number
'
of
Cities.
30
28
19
14
22
18
32
a
11
15
7
30
235
Total
536
—12
—9
* Anznut Hawes orellmtnarv: in most districts the mouth had the same number
of business days this year and last year.
Consumption of Coal by Electric Power Plants in the
United States Declined 8.8% As Compared with
Correpsonding Period Last Year.
Although the consumption of coal by the electric public
utilities in July 1931 was considerably higher than in the
previous month, it remained far short of that in the corresponding month of last year, reports the United States
Bureau of Mines, Department of Commerce. Total consumption during the month amounted to 3,148,068 tons, a decrease
of 303,882 tons, or 8.8%, when compared with July 1930.
With the exception of the Lake Dock Territory, all regions
shared in this decline, but the most pronounced losses were
shown by the plants in the New England, Southeast, Southwest, Northern Rocky Mountain, and Pacific regions.
CONSUMPTION OF COAL BY ELECTRIC POWER PLANTS IN THE U.S
AS REPORTED BY THE U. S. GEOLOGICAL SURVEY.
Region.
New England
Middle Atlantic
Ohio
Southern Michigan
Illinois-Indiana
Lower Missouri Valley
Lake Dock territory
Southeast
Southwest
South Rocky MountainNorth Rocky Mountain_
Pacific
Total
Nennbet
Net Tons Consumed.
of
Plants. July 1930. July 1931.
62
150
85
37
116
164
117
158
206,827
1,223.759
337,988
167,113
651,886
260.689
151.837
328,944
78,047
4
97 1
35.394
9,276
190
986
3,451,950
Increase or Decrease.
Net Tons. Per Cent.
177,074
1,129,405
325.521
154,766
603.181
244.491
158.145
259.856
54,817
32,620
8,192
—29,753
—94,354
—12,467
—12,347
--48.705
—16.198
+6.308
—69,088
—23.230
—2,774
--1,084
—190
—14.4
—7.7
—3.7
—7.4
—7.5
—6.2
+4.2
--21.0
—29.8
—7.8
--11.7
—100.0
3,148.068
—303.882
—8.8
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on Aug. 29
totaled 763,764 cars, the Car Service Division of the American Railway Association announced on Sept. 8. This was
an increase of 15,053 cars above the preceding week but a
decrease of 220,746 cars below the corresponding week last
year. It also was 398,336 cars under the same week two
years ago. Details are given as follows:
Miscellaneous freight loading for the week of Aug. 29 totaled 282,202
cars, an increase of1,612 cars above the preceding week this year but 102.849
cars under the corresponding week in 1930:and 186,212 cars under the
same week In 1929.
a
Grain and grain products loading for the week totaled 40,453 cars,
cars
decrease of 4.307 cars below the preceding week this year and 19,205
correthe
under the same week last year. It also Was 13,043 cars below
and
sponding week two years ago. In the Western districts alone, grain
cars,
grain products loading for the week ended on Aug. 29 totaled 28,006
a decrease of 17.071 cars below the same week last year.
703 cars above
Forest products loading totaled 28,036 cars, an increase of
week in 1930.
the preceding week this year but 14,788 cars under the same
years ago.
It also was 41,787 cars below the corresponding week two
cars below the
Ore loading amounted to 34.927 cars, a decrease of 797
last year. It
week before and 20.821 cars below the corresponding week
1929.
in
week
same
also was a decrease of 40,310 cars under the
214.627 cars,
Loading of merchandise less than carload lot freight totaled
but 24.695 cars
an increase of 617 cars above the preceding week this year
the same
below the corresponding week last year, and 52,116 cars under
week two years ago.
preceding
Coal loading amounted to 134.403 cars, 15,514 cars above the
It also was
week but 34,476 cars below the corresponding week last year.
55,297 cars under the same week in 1929.
the
Coke loading amounted to 4,868 c /IL an increase of 505 cars above
preceding week this year but 3.615 cars under the same week last year.
It also was 6,991 cars below the same week two years ago.
Livestock loading amounted to 24,248 cars, an increase of 1,206 cars above
the preceding week this year but 306 cars below the same week last year.
It also was a decrease of 2.580 cars under the same week two years ago.
In the Western districts alone livestock loading for the week ended on
same
Aug. 29 totaled 18,724 cars, an increase of 473 compared with the
week last year.
All districts reported reductions in the total loading of all commodities,
week
compared not only with the same week in 1930 but also with the same
In 1929.
years
Drevious
two
the
with
Loading of revenue freight in 1931 compared
follows:
Five
Four
Four
Four
Five
Four
Four
Five
weeks in January
weeks in February
weeks in March
weeks in April
weeks In May
weeks in June
weeks in July
weeks in August
Total
1929.
1931.
1930.
3.490,542
2,835,680
2,939.817
2,985,719
3,736,477
2,991,749
. 2,930,767
3,747,284
4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
3,555,610
4,671,829
4,518.609
3,797,183
3,837,736
3,989.142
5,182,402
4.291,881
4,160,078
5,600,706
25.658.035
31,428,015
35,377,737
The foregoing, as noted, cover total loadings by the
railroads of the United States for the week ended Aug. 29.
In the table below we undertake to show also the loadings
for the separate roads and systems. It should be understood, however, that in this case the figures are a week
behind those of the general totals-that is, are for the week
ended Aug. 22. In the comparisons for the separate roads,
the only road which continued to show a substantial increase
over the corresponding period last year was the InternationalGreat Northern RR. This system reported loading 4,078
cars during the week of Aug. 22, as against 2,703 cars in the
same period in 1930. Oil developments in eastern Texas
were, of course, responsible for the advance. A complete
shutdown, became effective in this field on Monday morning,
Aug. 17, and lasted until Sept. 5, when the wells were
reopened.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS)-WEEK ENDED AUG. 22.
Tom L.0004
Received from
Total Revenue
Connections.
Freight Loaded.
Railroads.
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. V. N. H.& Hartford
Rutland
•
•
•
•
Total
Group 13Buffalo, Rochester &Pittsburg
Delaware & Hudson
Delaware LaCkawanna & West
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern.....
Ulster & Delaware
Total
Group C
Ann Arbor
Chicago,Ind. & Louisville
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit, Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York, Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
1930.
1931.
1930.
1929.
1931.
781
3,692
10,047
835
3,751
13,278
604
1.244
3,909
11,797
983
4.622
14.404
745
1,113
4,324
13,550
1,063
5.181
18,903
773
300
5,632
10,962
3.171
1.974
13.222
1,234
437
6,172
11,602
3,428
2.450
13,616
1,446
32.988
37,704
44,907
36,495
39,151
3,959
6,320
10.605
14,270
206
1,722
8,537
2,048
26,801
2.347
390
406
79
5,042
10.193
14,039
17,104
235
2.602
11,771
2.201
33,566
1,728
538
461
65
5.631
9,153
15.154
20.135
309
2.598
13,441
2.783
40,758
2,102
713
629
82
1,375
7,150
6,232
14,409
2,065
1,086
7,101
44
29.156
1,982
22
311
61
1,792
8,582
6,629
18,662
2,448
1,514
8,631
110
36,058
2,484
67
426
128
77,690
99,545
113,488
70,994
87.531
634
2,213
9,600
60
322
255
1.320
3,225
7,900
4,191
5.783
5,479
4,486
1,387
6,891
3,978
567
2,216
11,892
96
441
256
2,551
4,552
9.269
5.225
7,195
8,308
7,210
1,726
7,028
4,381
753
2,962
14.316
125
635
535
4,326
8.303
13,140
6.219
8,424
10,502
9,425
1.357
9.117
6,256
1,084
2.191
12,406
156
249
1,926
780
5,217
8,058
266
8,702
4.061
5,280
831
7.883
2,581
1,714
2,910
15,530
94
219
2.459
1,379
7,416
9,816
459
12.868
5,359
8.040
903
10.378
3,507
57.724
72,893
96,395
61,671
83.051
Grand total Eastern District. 168.402
210,142
254,790
169.160
209,733
Total
[Vol.. 133.
FINANCIAL CHRONICLE
1684
1929.
28,329
3,942
579
124
8,123
566
291
126
1,412
74,635
15,102
6,761
39
3.153
38,037
6,536
586
197
12.061
608
410
206
1,850
93,954
19,022
12,342
52
3,648
46,454
8,426
532
307
13,315
1,047
512
230
1,921
117,632
21,605
14,810
61
4,347
22,19
16,856
3,12,
1,351
401
171
4
14,40
11,527
38
0
2
34
3
26
3,133 • 3,67
49,86
39,946
21,49
17,333
7,1.
3,630
2
5.21,
3,970
143,182
189,409
231.199
98,021
23.992
18,563
828
3,975
27.294
21,978
977
4.086
30,755
26.939
10,521
4,519
8,288
4.155
1,463
425
10,12.
5,96
2,05
56 '
47,358
54,335
63,265
14,331
18,71.
7,814
1,180
384
140
60
1,585
500
376
7,901
22,506
184
10,467
1,343
615
127
47
1,830
427
427
9.674
25,215
210
12,037
1,515
760
200
62
2,499
485
597
9,869
31,094
199
4,770
1,249
975
443
101
1,291
723
2,375
3,249
12,299
1,015
6,22
1,30
1,02.
38
9,
1,58
92
2,6,
4,11
14,38.
1,05
42,630
50,382
59,317
28,490
33,74
283
767
664
3,796
x250
403
1,023
648
808
24,507
20.600
•110
184
2,534
2,670
681
594
271
1,236
774
4,947
295
531
1,139
978
891
26,635
25.769
221
294
2,625
4.078
859
707
297
1,216
1,050
5,436
502
685
1,346
682
1.493
35,572
30,332
173
427
3,612
4,976
864
739
232
467
1,069
2,344
x221
449
1,317
385
764
9.232
4,210
254
380
1,186
1,906
333
591
23
60
1,20
2,82
44
66
1,46
54
1,52
12,68
5,80
33
29
1,82
2,54
50
55
Pocahontas MarlaChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian_
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina_
Durham dr Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond, Fred. & Potomac
Seaboard Air Line
Southern System
Winston-Salem Southbound- -Total
Group ftAlabama, Tenn.& Northern
Atlanta, Birmingham & Coast.
Atl.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon, Dublin & Savannah_
Mississippi Central
Mobile & Ohio
Nashville, Chattanooga & St.L.
New Orleans Great Northern
Tennessee Central
Total
Grand total Southern Dist
Northwestern DistrictBelt RY. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw, St. Paul & Pacific_
Chic. St. Paul, Minn.& Omaha
Duluth, Missabe & Northern
Duluth, South Shore& Atlantic
Elgin, Joliet dc Eastern
Ft. Dodge. Des M.& Southern_
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & 8.8. Marie
Northern Pacific
Spokane, Portland & Seattle.._
Total
Central Western DtsfricfAtch, Top & Santa Fe System_
Bingharn & Garfield
Chicago & Alton (Alton)
Chicago, Burlington & Quincy.
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth Ai Denver City
Northwestern Pacific
Peoria & Pekin Union
S. p (Pacific))
St. Joseph & Grand Island
Toledo. Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwest'AstridAlton de Southern
Burlington-Rock Island
Fort Smith de Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern..
Kansas, Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas.Missouri-Kansas-Texas Lines.Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St Louis-San Francisco
St. Louis Southwestern
San Antonio, Uvalde & Gulf
Southern Pac. in Texas & La
Texas & Pacific
Terminal RR. Assn. of St. Ionia
Weatherford Min, Wells & Nor_
s Previous figures.
1930,
1930,
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo & Susquehanna
Buffalo Creek & Gauley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
1931.
1931.
Group C (Concluded)
Total
Total Loads
Received from
Connections.
Total Revenue
Freight Loaded.
Railroads.
127,69
60,522
72.250
89,402
25,340
34.06
103,152
122,632
148.719
53.830
67,8
1,315
23,301
3,106
22,108
4,166
11,514
957
4,743
358
16,026
644
2,663
6,205
10,835
1,101
1,788
28,232
3,709
29.082
5,597
18.220
1,512
7,732
504
24,953
684
3,649
9,594
13,983
1.447
2,350
36,885
4,160
35.835
6,613
25,630
2,472
10,952
645
27,216
758
4,156
11,512
16,455
2,213
1,745
10,250
2,605
8,078
3,689
130
463
4,098
148
2,690
392
1,518
2,147
2,884
1,129
2,03
11,87
3,30
10,15
6,3
19
61
7,63
22
2,9
46
1,94
2,72
3,67
1,64
109.042
150,666
187,852
41.966
54,:I
-
27,977
188
3,698
19,950
16,058
3.193
1.068
2,652
626
1,272
1,049
164
21,608
285
334
14,662
424
1.667
28,833
323
4,903
26,049
19.467
3.819
1,171
3,497
534
1.224
1,666
275
26,376
416
372
16,976
347
2,031
34,118
497
5,409
29,856
23.058
5,914
1,674
4,617
716
1,708
1,865
354
29,605
404
542
20,162
620
2,050
5,217
22
2,503
6,900
7,984
2,213
998
2,226
13
1,130
311
43
3,798
271
972
7,292
13
1,974
6,49
4
3,22
8,17
9,77
2,79
1.21
2,70
2
1,30
51
116,875
138,279
162,069
43,880
55,46
183
163
202
1,498
278
4.078
396
1,046
2,012
234
893
79
5,488
17.461
37
104
9,654
1,926
552
6,496
5,005
2,069
46
283
364
225
2,600
192
2,703
357
2,552
1,864
220
1,311
143
6,688
21,983
32
125
11,664
2,653
626
10,182
5,277
2,088
63
312
395
286
2,247
686
2,468
379
3,124
2,190
336
1,444
244
8.008
26,598
69
164
15,128
3,516
633
10.899
6,443
4,537
66
2,804
202
149
1,787
54
2,113
895
2,237
797
658
293
266
2,926
9,794
46
152
3,919
1,512
346
3,857
4.341
2,707
48
3,21
48
26
1,90
8
1,84
1,28
2,54
1,0
1,13
23
5
3.68
0,80
.2
10
5.12
2.22
46
4.12
3,51
3,47
4
60.700
75.095
89.172
41.903
47.15
s
6,73
26
1,12
9,47
1
2,52
SEPT. 12 1931.]
FINANCIAL CHRONICLE
Wholesale Price Index of National Fertilizer Association
Declined Slightly During Week of Sept. 5.
The weekly wholesale price index of the National Fertilizer
Association declined three fractional points during the latest
week. During the preceding week the index number advanced one fractional point, *hile three weeks ago the index
number declined two fractional points. The latest index
number, as of Sept. 5, was 67.3. A month ago it was
67.5,
while a year ago it was 85.1. The Association further
reports.
Three of the 14 groups comprising the index advance
d during the latest
week,five declined and six showed no change. The
advancing groups were
fats and oils, building materials and the fuel group, which
includes petroleum
and its products. The largest gain was shown in the
group of fats and oils,
due to stronger prices for lard and butter. The advance
s in the other two
groups were less than 1%. The groups which declined
were textiles, foodstuffs. metals, grains, feeds and livestock and
chemicals and drugs. The
largest drop in the declining groups was shown in
grains, feeds and livestock, due to weakened prices for cattle, hogs,
wheat and feedstuffs.
The number of commodities that advanced and
declined during the latest
week was slightly less than the changes during the
previous week. During
the latest week 20 commodities advanced, while 29
commodities declined.
During the previous week 18 commodities advanced
and 33 declined. Important commodities that advanced during the
latest week were lard.
butter, cheese, eggs, molasses, corn, oats, barley,
lumber, anthracite coal,
silk, camphor and petroleum. Listed among the
declining commodities
were cotton,cotton yarn, wool,cottonseed oil,cotton
seed,sugar, ham,pork,
sweet potatoes, wheat, choice cattle, lambs, hogs,
lead, tin, cement, brick,
bituminous coal and rubber.
The index numbers and comparative weights of
the groups are shown
In the table below.
1685
the Maritime Provinces an average quantity of hay was
cut and there is
the prospect of large yields of other crops.
"British Columbia was favoured with good weather for
the harvesting
of heavy yields of hay and grains, but the absence of
rain left the large
commercial fruit districts dependent upon irrigation systems,
the supply
of water for which was not large, although no marked
damage is reported.
"Grain-cutting commenced in the Prairie Provinces
early in August
and threshing about mid-August. Good progress has
since been made in
harvest operations. Judging by protein tests of early wheat
there Is the
promise of a high quality crop, although the general
grade will not be
known until most of the crop undergoes inspection. The
most important
factor in this area during August is that late grains, includin
g wheat in
the Northern districts, have so far progressed safely
towards maturity;
another week or so of good weather Is required In these districts
, which this
year are counted upon to furnish more than one-thir
d of the Western grain
production."
Trend of Business in
Hotels During August by Horwath
Horwath.
In their survey of the trend of business in hotels Horwa
th
& Horwath has the following to say:
Total sales decreased 19%, room sales 17%
and restaurant sales 21%.
These are slightly larger decreases than
those of recent months, and since
at this time last year the depression was
being more and more felt, the
decline from 1929 and 1928 is now very pronoun
ced.
The occupancy was the same as in July-64
%-which 16 the lowest
figure on record for these two months.
The average room rate again
declined 8%, this being attributable in large
degree to the fact that with
the low occupancy more of the low priced rooms
are sold.
More contributors showed increase in sales over the
same month of last
year than usual-17% against less than 10% in the
last few months.
The group, "Other Cities," recorded the largest decrease
yet, while for
several of the big cities the decrease in August was
WEEKLY WHOLESALE PRICE INDEX-BASE
less than it has been in
D ON 476 COMMODITY recent
months.
Small
town
hotels
are
PRICES (1926-1928=100.)
suffering from lack of tourist trade.
Cleveland again benefited by some convention business
, and, as in July,
made the best showing of all the groups.
P. C. Each
Latest
Group Bears
Followin
g
a
is
sales
comparison with 1928. The total sales this August
Week
PreMonth
Year
to the
Groups
fall 27.6% below those of August three years ago. Detroit
Sept. 5 ceding
Ago.
Age,.
has the sharpest
Total Index.
1931.
drop-40%; Cleveland the least sharp-21.2%. Only
Week.
two cities, Chicago
and Philadelphia, make a better comparison
23.2
Other foods
with
1928
August than in
in
68.5
69.0
68.5
85.6
16.0
July.
Fuel
60.6
59.9
55.5
85.4
12.8
Grains, feeds and livestock... 54.5
56.1
59.2
88.1
10.1
Textiles
54.2
54.8
57.2
71.4
8.5
Miscellaneous commodities_ 68.2
Decreasesfrom Same Months in 1928.
68.2
69.8
79.0
6.7
Automobiles
88.6
88.6
88.4
94.5
6.6
Building materials
March. April.
May.
77.9
June.
77.5
July. August.
76.8
86.0
6.2
Metals
76.9
77.1
76.9
84.1
4.0
New York
Rouse furnishings
28.0% -24.1% -25.1% -28.1% -29.4% -31.4%
89.3
89.3
89.9
97.6
3.8
Chicago
Fats and oils
19.7% -18.8% -16.9% -19.4% -31.5% -28.3%
59.5
58.6
57.6
84.6
ChemIcals and drugs
1.0
Philadelphia
27.9% -27.2% -28.3% -34.9% -34.5% -32.3%
86.4
86.8
86.8
95.0
.4
Fertilizer materials
Washington
-31.0% -19.5% -22.7% -16.3% -25.5% -28.3%
75.4
75.4
76.4
85.9
.4
Mixed fertilizer
Clevelan
d
20.7% -20.1% -20.1% -26.1% -8.5% -21.2%
81.2
81.2
82.7
96.0
.3
Agricultural implements
Detroit
26.4% -24.3% -26.0% -32.9% -38.4% -40.0%
95.2
95.2
95.3
95.6
California
-18.9% -21.1% -22.3% -16.9% -27.9% -28.2%
IMO
All grOURS combined (14) __ 67.3
Other
cities
-15.3% -17.1% -21.4% -27.5% -20.7% -26.7%
67.6
67.5
AR 1
Total
Annalist Weekly Index of Wholesale Commodity
Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices rose slightly to 101.2 on Tuesday, Sept.8, a fractio
nal
gain of 0.1 from last week's low for the past six months
.
The "Annalist" adds:
Gains in steers, gasoline and petroleum were
instrumental in
Slight gain, although largely offset by losses in cotton and beef.causing the
The index continues to refrect the absence of any definite
trend, the
Present week marking the 17th in which the moveme
nt of the index has
been confined to the 100.5-102.6 zone. Its limited range of
2.1 since May
9 would ordinarily be taken as showing relative stability
were It not for
the continued wide changes In the individual commodi
ties, which, it is
ue, largely cancel each other but which can hardly be said
to indicate
state of stability.
HE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
(1913=100)
Farm products
Food products
Textile products
Peels
Metals
Building materials
Chemicals
Miwellarle0U9
e It ,.....-nnInr11 LIPS
Sept.8 1931.
Sept. 9 1931.
Sept. 9 1930.
85.5
111.4
90.3
126.2
101.7
115.7
96.6
88.1
101.2
85.1
112.6
•90.4
125.0
101.8
115.3
96.6
84.1
101.1
118.2
132.1
111.4
154.3
108.0
131.2
106.3
97.3
124,8
•Revised.
"Moderate Seasonal Expansion in General Busine
ss Is
Now in Sight" Says General Manager Logan of the
Canadian Bank of Commerce.
"The most favorable factors in the Western crop situation
are the satisfactory state of grains in the Northern area and
the indications to date that the general quality of Wester
n
Wheat will be high" states S. H. Logan, General Manager
of the Canadian Bank of Commerce. "The crops of Eastern
Canada are almost uniformly good." Mr. Logan continued:
expansio
n in general business is now in
"Moderate seasonal
sight, although industrial operations were on a very low level
during August.
This expansion Is consequent upon the continuation of a fair volume
of
construction work contracted for during the past few months
and the
offIriai plans for projects designed to relieve unemployment;upon
harvesting
and movement of the new crops: and upon the usual autumn increase in
the consumption of certain products, such as newsprint.
"The weather during August was generally favourable to farmers. In
°Mario field work proceeded more rapidly than usual, and while some
sDring grain crops, oats and barley, were not as large as were first
expected
alld there were complaints of poor pastures in certain districts, an excellent yield of winter wheat was harvested: such later crops as corn, roots,
tobacco and tree fruits continued in excellent condition. In Quebce
and
-20.6% -19.7% -22.4% -23.7% -23.9% -27.6%
They also furnish the following analysis:
Sales.
Analysis by Mies in
Occupants.
RoossRats
1Vhkh Horwath dk PerCentofInc.(+)or Dec.(
)
PerCentof
Horwath Offices
This
Some
Mo.
Inc.
(+)
Are Located.
Total.
Rooms. Sealant.% Month. Last Year orDeC.(-)
New York City
-17
-15
-18
49
54
-7
Chicago
-20
-18
-23
64
70
-10
Philadelphia
-20
-19
-21
38
44
-6
Washington
-19
-17
-22
84
37
-9
Cleveland
-7
-3
-11
73
76
+1
Detroit
-28
-28
-28
45
53
-15
California
-22
-19
-24
60
as
--a
Texas
-14
-13
-14
64
67
-8
All other allies report's -21
-21
-22
54
63
-8
Total
-19
-17
-21
54
60
-8
S. I. Miller of National Association of Credit Men
Expects Business to Reveal Benefits of Seasonal
Upturn in September.
Business has passed its usual midsummer lull, and within
the next few weeks should begin to get some benefit from
seasonal activity, in the opinion of Dr. Stephen I. Miller,
retiring Executive Manager of the National Association of
Credit Men, as expressed in his monthly review of business
sent to the Association's members on Sept. 7. Although production in general is still at low levels, particularly in
the
steel and motor industries, Dr. Miller notes favorable improv
ements in textiles and shoe manufacture, with these
industries showing improved schedules and going into
the autumn
period under fair headway. "The leading busines
s indices
show no signs of recovery thus far," the report
says. "Car
loadings are still about 175,000 under a year ago,
and the
commodity price index stands at about 69 .for
the United
States and 63 for England, figured on a basis
of the year
1926 equal to 100."
Dr. Miller finds retail distribution to be spottyChicago,
Richmond and Atlanta showing the best sales.
Wholesalers
throughout the country report orders in fair
number, but for
small unit quantities. Hand-to-mouth buying
still persists,
is the comment of the review.
Encouraging factors are the renewed attemp
ts of the
copper producers to get together for a curb
of production;
the favorable reception by oil men of the
Texas oil and gas
conservation legislation, and progress made toward
stabilize,-
[VoL. 133.
FINANCIAL CHRONICLE
1686
last month than a
Dr. Miller foundry division were more numerous
tion in Germany and other European countries,
for clothing, hats,
tools,
and
year ago; also for machinery
reports.
ies.
g
baker
amon
and
s,
and
glove
furs
Tnid-Western
-AUGUST, 1931.
Included in the review is a special survey of
FAILURES BY BRANCHES OF BUSINESS
conditions.
States covering sales, collections, and failure
Liabilities.
are the most
Number.
Of the States surveyed, Illinois and Michigan
1929.
bet
1930.
vemen
1931.
impro
1931. 1930.1929
cheerful, Indiana and Wisconsin look for
conr
$
bette
ts
expec
$
Ohio
s,
$
torie
low
inven
cause of present
Manufacturers241,639
577,202
731,652
10
10
22
s to come Iron foundries and nails
466,127
363,230
7
991,71
25
23
27
ditions in the Cleveland area when steel begin
tools
and
Machhaery
77,010
195,000
3 ___
1
optimistic Woolen
s,carpets and knit goods
4,400
515,678
300,000
1
2
back, while Minnesota and Missouri are the least
1
Cottons,lace and hosiery
33 6,020.408
6,285,4
75
3,039,2
102
98
52
.
&o
tions
g
Lumber, buildin lines,
3
356,67
03
1.099,2
In regard to general business condi
50
1,106,5
25
47 40
g and millinery
115,425
137,800
s the com- Clothin
483,340
12
10
12
Hats, gloves and furs
140,116
From all of these States, the survey says, come
185,500
196,449
9
9
6
ls and drugs
4.500
rcial loans. Chemicaand
373,030
89,000
2
5
3
oils
Paints
plaint that the banks are too tight on comme
199,690
953,626
136,125
11
19
14
nt in Printing and engraving
loyme
unemp
496,555
ased
0
incre
are
217,30
3
rs
316,98
facto
34
e
29
orabl
30
Other unfav
Milling and bakers
23,212
458,671
252,177
4
21
18
Leather, shoes and harness
64,172
491,550
174,850
6
11
certain sections and low prices for farm products.
7
o, &c
August.
Dun's Report of Business Failures in
numerous
more
ly
slight
again
were
t
Insolvencies in Augus
it is stated, some
ts,
reflec
this
bly
Possi
ago.
year
a
than
feeling of depression
additional stress in business caused by a
es abroad and the
rbanc
distu
accompanying the financial
. For the month
prices
y
odit
comm
in
sions
reces
further
1,944 commercial
show
ds
recor
Co.'s
&
just closed R. G. Dun
1,983 similar defaults
failures. These figures compare with
year. The reduction
in July and 1,913 in August of last
the average decline
as
where
2%,
from July is slightly under
has been someyears
l
norma
t
recen
in
t
Augus
to
from July
there were
July
and
June
in
e,
ermor
what higher. Furth
months
two
those
with
red
fewer failures reported as compa
in almost every
ase
incre
le
derab
consi
a
st
again
in 1930,
t again shows an
month back to November 1929. Augus note, however,
to
r
increase over last year. It is prope
August this year there
that for each of the four weeks of
number of defaults,
the
in
ne
has been a continuous decli
on since the third
rupti
inter
no
n
show
has
which
tion
a condi
nal.
seaso
is
tion
reduc
a
week of July. Such
heavy, the' total
Liabilities in August continued quite
August of last year
In
2.
25,13
$53,0
being
h
mont
for that
Large failures still
liabilities reported were $49,180,653.
month. This has
add to the total of indebtedness for each
a year or more
for
now
d
recor
vency
insol
the
characterized
and August
July
in
lts
defau
past. The number of such
eight months of
of this year has been very heavy. For the
es in the United
1931 there have been 19,034 business failur
period of 1930,
same
the
in
2
States, compared with 17,71
amounted to
have
date
to
year
this
ities
liabil
the
while
The August
ago.
year
a
53
096,1
$426,
st
$4477,795,222 again
return for the eight
statement is infinitely better than the
months.
ng number and
Monthly and quarterly failures, showi
ds mentioned:
perio
the
for
below
asted
contr
are
liabilities,
Liabilities.
Number.
1931.
1930.
1929.
August
July
1,944
1,983
1,913
2,028
1,762
1,752
June
May
April
1,993
2,248
2,383
2,026
2.179
2,198
1,767
1,897
2,021
1931.
1930.
1929.
$53,025,132 $49,180,653 $33,746,452
60,997,853 39,826,417 32,425,519
$51,655,648 $63,130,762 $31,374,761
53,371,212 55,541,462 41,215,865
50,868,135 49,059,308 35,269,702
Tobacc
Glass, earthenware and brick
All other
Total manufacturing
TradersGeneral stores
Groceries, meat and fish
Hotels and restaurants
Tobacco, &c
Clothing and furnishings
Dry goods and Carpets
Shoes, rubbers and trunks
Furniture and crockery
Hardware, stoves and tools_._
Chemicals and drugs
Faints and oils
fewelry and clocks
Books and papers
Efate, furs and gloves
kll other
Total trading
3ther commercial
Total United States
6
181
7
279
427
566
377.861
254,705
243.300
6
225 8,710,899 10,744,697 5,345,928
48216,967,31722,734,035 13,856,696
776,751
844,043
72 1,211,566
87
78
01
310 221 276 3,509,220 1,705,480 2,777.1
1,324,184
30
2,862,7
80
3,624,8
99
90
110
151,803
117,010
126,113
24
18
21
11
1,239,1
166 207 120 2,478,526 2,642,604 1,229,423
865,434
67 1,642,518
76
87
0
696,88
579,202
39 2,352,420
41
53
47 2,290,916 1,629.430 1,061,768
57
53
372,410
2
807,22
6
651.02
36
43
54
748,440
664,529
63 57 1,022.132
96
41,000
176,830
7
84,307
15
13
354,953
7
292,83
29 1,423,382
28
41
165,892
84.476
109,710
15
11
12
74,291
181,600
225,212
4
10
13
286 275 271 5,095.737 4,987,649 4,987.649
656
1,381 1,234 1,10325,847,665 17,829,159 16,001,
00
136 113 117 10,210,150 8,616,859 3,888,1
1,944 1.913 1,762 53,025,132 49,180,653
33,746,452
s.
Dun's Monthly Index of Commodity Price
sale
Whole
of
Index
Dun's
of
s
The monthly comparison
Commodity Prices follow:
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Mlscelktneous
Total
Sept. 1
1931.
Aug. 1
1931.
Sept. 1
1930.
Sept. 1
1929,
Sept. 1
1928.
$19,982
13,983
15,471
16,418
20,091
18,605
31,174
$22,098
14,571
15,306
16,653
26,868
18,816
31,286
$31,946
18,874
19,633
17,668
28,807
20,001
33,995
$33,743
24,816
21,838
19,117
34,799
21,090
36,601
$35,007
24,268
21,614
19.774
35,771
20,891
36,600
5141,724
$145,598
$170,924
$192,004
$193,925
Net Decrease
New York State Factories Report Small
st.
Augu
in
nt
in Employme
representative
The total number of workers employed by
about 13' %
of
ase
decre
a
New York State factories showed
er Frances
ssion
Commi
trial
Indus
t,
Augus
to
from July
nearly
ward
down
d
move
lls
Payro
Perkins stated Sept. 12.
emry
facto
of
index
1%. As a result of these changes, the
100, stood
as
27
1925of
ge
avera
the
upon
ployment, based
at 65.0. Average
at 71.5 in August and the index of payrolls
$26.32, 70. below
to
ased
decre
hile
meanw
ngs
y
earni
weekl
upon the regular
the July figure. These statements are based
ed to represent
select
firms
of
monthly reports of a fixed list
on throughout
ed
carri
ing
actur
manuf
of
types
the diverse
continues:
ment
state
ns
Perki
er
the State. Commission
e change
were contrary to the averag
This month's losses, although small,
a
August has usually shown
ed in the past 16 years. In recent years,
The
record
0,328
1,532
$107,86
$167,73
4,995
ss in anticipation of fall activity.
5,685 $155,89
dullne
r
6.403
summe
6,624
from
ry
-recove
the
small
Sd quarter
the past two years appears from
560,386,5.50 $56,846,015 $36,355,691 severity of the downward movement of
and of 27% since
2,604 2,347 1,987
Mardi'
59,607,612 51,326,365 34,035,772 drop of 14% In the number employed since last August
1,965
below
2,262
2,563
145
171
53.877,
February
s lowered them 20%
94,608,212 61,185,
two years ago. Sharper reductions in payroll
3,316 2,759 2,535
January
1929.
2,374 $169,357,551 $124,268,608 August 1930 and 36% below August
$214,60
6,487
greatest reported by any
7,368
the
was
8,483
1st quarter_
The 6% employment loss id the metals
of forces in
ng division last industry group in August. On the whole, severe curtailment
tradi
the
in
lts
defau
, although more metal
decline
the
There were 1,381
of
size
the
for
ted
accoun
on
47,665; 427 in manufacturing certain firms
Reopenings after vacati
month with liabilities of $25,8
were laying off than taking on workers.
other metal
agents and brokers for firms
of
136
e in silverware and jewelry. All the
and
increas
the
7,
ned
67,31
e
explai
$16,9
airplan
lines, owing
firms in the automobile and
August of last year the Industries reported declines. A few of
with heavy slashes
forces
cut
them
most
$10,210,150 of indebtedness. In
but
s
worker
ry replaced
were
1,234 with liabilities of indust
ment and repair shops
several concerns. As many railroad equip
number of trading defaults was
several large
ing lines owing In
actur
manuf
July forces as were reducing them, but
ing
enlarg
in
g
or
holdin
es
failur
and ap$17,829,159; 566
This held true for the instruments
among agents and brokers reductions produced a net loss.ard
ued in machinery and
contin
ent
movem
downw
The
$22,734,635 and 113 insolvencies
pliances industry.
some plants.
separate classifications in the electri
cal apparatusfirms with drastic cuts in
for $8,616,850. Of the 14
textile groups indicated good
the month
for
lts
defau
fewer
The clothing, furs and leather goods, and
show
were greater in New York
trading section, only four
groups
in
those
es. The gains
es
increas
venci
al
ago.
Insol
season
year
a
with
r of reopening's marked
numbe
rison
a
compa
and
es
l
in
increas
d
Genera
just close
than up-State.
ed
rous in the grocery City
large seasonal gain occurr
nume
lly
unusua
more
An
ry.
ly
ng
Indust
derab
clothi
consi
's
the women
definitely enlast month were
,
,
drugs
te men's clothing shops were
goods
dry
Up-Sta
in
ry.
rs
milline
's
deale
In
women
s,
l gains in
division; among general store
In one shop offset fairly genera
quite an increase larging forces while a severe cut gain
also
shops appeared
was
hing
furnis
There
men's
in
ry.
al
jewel
season
hardware and
New York City. The
Large
reduction in the number of earlier than usual. Many furriers were still increasing their forces.
ry to general
for hotels and restaurants. The
s
City shoe concerns were contra
class,
York
dealer
ing
New
a
few
cloth
In
ions
s
reduct
the
textile
makers were busier. The
defaults this year mainly affected
advances. Most of the glove and bag
group were lowering
food
the
in
firms
More
.
moved irregularly upward
in shoes and furniture.
candy makers
antial reduction appears forces than holding or increasing them. The gain among
industries
In manufacturing lines a subst
fall season. All of the chemical chemical
the
of
ing
ficar
beginn
classi
large
the
ented
13
repres
other
industrial
downward except for the drug and
for the lumber class. Eight of the
move
to
ued
contin
ago.
month than a year
division.
ng and
tions also show fewer defaults last
pulp and paper and in printi
acturing and shoes, the
Irregular changes caused a net loss In
the gain In furniThe latter includes leather manuf
es in the paper goods. Reopenings after vacation largely explained
Insolvenci
printing trades and chemical lines.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
ture and cabinet work, and in pianos and musical instruments. The stone,
clay and glass group recorded improvement due to irregular advances in
miscellaneous stone and mineral firms and replacement of forces after vacation in glass factories.
A net gain of 1% in the number employed in New York City resulted
primarily from seasonal gains in the clothing and related industries. Irregular changes in Syracuse resulted in a 2% gain in employment and a 4%
drop in payrolls. Increase in the shoe and men's clothing industries in
Binghamton were insufficient to offset other losses so that the district
recorded a net loss of about 1% in employment and payrolls. The metal
industry accounted chiefly for declines in the other up-State cities. Cuts
of 7% in forces and of 6% in total earnings in the Albany-Schenectady
Troy District represented the most severe decline. The Utica
District
reduced payrolls 7% but forces only 2%. Decreases in employment
and
payrolls amounted to over 2% in Buffalo and to less than 1% in Rochester.
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary).
Industry.
Stone, clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and Machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, dtc
Railroad equipment and repair shops
Boat and shipbuilding
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood. ttro
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoat
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, &o
Chemicals, oils, paints, dto
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and Paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets. felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and daily producta
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Percentage Change
July to August 1931
Total State
N. Y.City
+2.1
+1.6
-1.5
-3.6
+12.9
-6.0
+7.1
-12.4
-3.1
-2.1
-1.3
-2.7
-1.2
-7.5
-10.2
-4.6
-14.3
-3.8
+5.4
-2.2
+5.5
+26.4
+2.2
+2.1
+3.7
-3.2
+1.4
+18.3
-18.2
+12.7
-2.8
+0.7
-1.4
-1.6
-6.2
-0.5
-1.8
+2.3
-3.7
-2.0
+3.7
+3.5
+4.6
+0.8
+3.8
+3.4
+7.4
+1.9
+2.3
+16.7
+6.2
442.4
+10.0
-2.3
-1.0
+3.3
-17.1
+0.2
-1.7
-0.8
+13.4
-3.6
+0.5
+0.3
-1.7
+9.0
-9.5
+8.3
-11.8
-9.3
+16.1
-13.4
:Ye
-1.4
-I:1:4
-15.7
-5.9
-3.4
-13.4
+1.0
+1.5
-3.1
+1.3
+6.7
+2.8
+4.7
=-Ii
-4.1
+45.7
-2.2
+11.9
-2.1
-2.1
-1.0
-3.2
+6.3
+4.0
-1.9
+1.8
-2.0
-2.1
+4.9
+6.6
+19.6
-1-18:9
-0.9
+9.6
-6.1
+4.6
+17.4
+6.6
+42.4
+13.6
-2.8
+2.2
-:--i:ti
-0.9
-1.6
-0.8
+15.1
-2.1
+5.4
__--
1687
demand deposits declined, from June to July, and both were less than
for July 1930.
The Bank reports wholesale and retail trade conditions
as follows:
Wholesale Trade.
The volume of wholesale trade in this district has always reached its
lowest level of the year in June or July. From 1920 through 1929 this
bank's index number of wholesale trade increased from June to July in five
instances, declined in four instances, and in 1922 was the same for both
months. In 1930 the volume of sales at wholesale increased from June to
July by 5i of 1%, and this year there was a decline of /
1
2 of 1%. July
sales were 17% less than in that month last year.
Cumulative sales for the seven months of 1931 have averaged 23.1% less
than during the same part of 1930. The decrease in cumulative sales
has been smaller for each successive period than for those earlier in the year.
Stocks on hand, and accounts receivable, declined from June to July by less
than 1%, and were 17.9% and 10.9%, respectively, smaller than a year
ago, and collection declined 4% compared with June and were 24.1% less
than in July 1930.
These comparisons are of dollar figures and make no allowance for the
lower level of prices. Cumulative sales by individual lines of trade are
shown below, and are followed by detailed comparisons for the month:
P.C. Comparison
P.C. Comparison
of Sales Jan.of Sales Jan.July 1931 With
July 1931 With
Same Period
Same Period
1930.
1930.
Groceries
-21.3
Electrical supplies
-25.4
Dry goods
-23.6
Shoes
-32.1
Hardware
-27.6
Stationery
+0.5
Furniture
-19.7
Drugs
-14.8
Total
-23.1
Retail Trade.
During the past 11 years, for which retail trade statistics are available
for this district, the volume of department store sales reported to this
bank has always declined seasonally from June to July, and in nine of those
11 years July has been the lowest level for the year. August sales have
decreased from those in July in only two instances, but have signified the
beginning of the fall increase in nine instances.
Department store sales in this district during July this year have followed the seasonal trend, registering a decline of 21.5% from June, only
slightly larger than the decrease of 20.2% at the same time last year. July
sales by the 41 reporting department stores show an average decrease of
4.5% compared with July 1930, a small gain at Atlanta being offset by
decreases at other reporting points. For the seven months of 1931 through
July, total sales by these 41 department stores have averaged 8.2% less than
during that part of 1930. These comparisons are of dollar amounts and
make no allowance for the different level of prices.
Stocks of merchandise declined an average of 8% from June to July, and
were 19.1% smaller than a year ago, and the rate of turnover continues
higher than at the same time last year. Accounts receivable declined 8.8%
frcca June to July and were 5.2% less than a year ago, and July collections
were 2.8% smaller than in June, and 9.4% less than in July 1930.
The ratio of collections during July to accounts receivable and due at the
beginning of the month for 33 firms was 29.8%, as compared with 29.5%
for June, and with 30.8% for July 1930, For July this year the ratio of
collections against regular accounts was 31.9%, and the ratio of collections
against installment accounts was 15.5%.
Commercial Failures,
Statistics compiled by R. G. Dun & Co. indicate that in the Sixth (Atlanta) District there were 99 failures in July, 135 in June, and 96 in July
last year, and liabilities for July amounted to $2,652,050, smaller by 12%
than for June, and 0.9% less than for July 1930. For the seven
months
of 1931 there have been 1,095 failures with liabilities of $19,241,325, compared with 831 failures with liabilities of $17,692,503 during
that period
of 1930, an increase of 31.8% in number and a gain of 8.8% in
liabilities.
Agricultural and Business Conditions in Dallas Federal
Reserve District-Wholesale and Retail Trade
-0.4
+1.3
Conditions.
The Federal Reserve Bank of Dallas in its September 1
Business Conditions in Atlanta Federal Reserve District "Monthly Business Review" has the following
to say regardShow Further Seasonal Decline.
ing business in its district:
Available statistics for July relating to business in the
Wholesale and retail trade conditions are indicated as
Atlanta Federal Reserve District indicate further seasonal follows:
A substantial gain in the prospective production of principal agricultural
declines in the volume of trade, in outstanding member bank
and a drastic decline in the price of cotton, the district's
credit, and in the production of pig iron and coal in Alabama, commodities
major crop, were the outstanding developments in the Eleventh (Dallas)
but increases are shown in prospective building and con- Federal Reserve District during the past 30 days. Weather conditions
struction as reflected in both building permits and contract have been generally favorable for crop growth and harvesting operations.
On the basis of the Aug. 1 report of the Department of Agriculture, the
awards, in production by cotton mills, and in the volume of prospective production of most major crops
and many minor crops is maReserve Bank credit, says the Aug. 31 "Monthly Review" terially larger than a year ago and in many instances it exceeds by a wide
margin the five-year average production. The large supplies of food
and
of the Federal Reserve Bank of Atlanta, from which we feed will enable farmers to go through another crop season
with a minimum
of assistance and will form a back-log during the period of low agricultural
further quote as follows:
Total
Rains during July over most of the district brought improvement in crop
conditions, and Aug. I estimates by the United States Department
of
Agriculture are higher for most crops than they were a month
earlier.
Production of cotton, tobacco, rice and sugar in this district is
estimated
to be smaller than last year, but other crops show increases. The cotton
crop, not including those parts of Tennessee, Mississippi and Louisiana
situated in other districts, is estimated to be 15.6% smaller than last year.
Consumption of fertilizer during the 12 months ending with July, as indicated by tag sales by State authorities, was 29.8% less than in the previous
12-month period.
Department store sales declined seasonally in July and were 4.5%
less
than in July 1930. Wholesale trade was in about the same volume as in
June, and averaged 23.1% less than a year ago. Debits to individual
accounts declined 6.7% over the month, and were 13.7% less than in July
last year. Production by both cloth and yarn mills in the Sixth District
Increased in July and was greater than a year ago, and consumption of
cotton in Georgia, Alabama and Tennessee was 13.8% greater than in July
last year. Volume of Federal Reserve Bank credit increased somewhat
between July 8 and Aug. 12, but total loans and investments of weekly
reporting member banks declined further. Time deposits increased, but
prices. The price of cotton, which had been declining almost steadily
since the early days of July, broke sharply following the issuance of
the
Government's report on Aug.8 and at the middle of August was
more than
three cents lower than the high point in July. The low price will materially
reduce the returns from this year's cotton crop and, consequently,
the
farmers' debt paying and purchasing power.
The demand for merchandise in both retail and wholesale channels
remained sluggish during July and the early part of August. The July
sales
of department stores reflected a seasonal decline of 26% as compared
to
the previous month and were 18% less than a year ago, the latter
comparison being the most unfavorable shown during the current year.
While
some lines of wholesale trade evidenced a seasonal gain in sales, all
ing lines showed a considerably smaller volume of distribution thanreportin the
corresponding month last year. Consumer demand is at a low
ebb and
retailers are purchasing sparingly and for current requirements
only. Both
the number and liabilities of commercial defaults were
smaller than in
June, but were considerably larger than a year ago.
There was a seasonal expansion in the demand for Federal
Reserve Bank
funds, the loans to member banks having risen from
$10,503,000 on July 15
to $13,355.000 on Aug. 15. The latter figure was
$754,000 less than on
that date in 1930. The combined net demand and
time deposits of member banks averaged $763,161,000 during July, which
was $11,874,000 less
[VOL. 133.
FINANCIAL CHRONICLE
1688
than in June, and $69,356,000 below July last year. The loans and investments of reserve city banks declined sharply between July 8 and Aug. 12.
and on the latter date reached the lowest level in several years.
district
The valuation of building permits issued at principal cities In this
and
reflected a further decline of 8% as compared to the previous month
of
shipments
was 39% smaller than in July 1930. The production and
greater than
cement were slightly larger than in June and production was
a year ago.
Wholesale Trade.
occurs in
The general picking up in wholesale business which usually
gains
July was not in evidence in some lines this year. While perceptible
in dry
noted
were
in sales were recorded in groceries and drugs, decreases
lines was congoods, farm implements and hardware. Distribution in all
hardsiderably smaller than in July 1930. yet in the case of groceries and
June.
ware the comparison with a year ago was somewhat better than in
small
many
consequently
Retail inventories are being kept at a low level;
of commitorders are being placed to fill in depleted stocks, but the volume
farm implements for fall delivery is very small. With the exception of
ments, collections in all reporting lines either reflected a decline or showed
little change from the previous month.
at
Contrary to the seasonal tendency in July, demand for dry goods
the
wholesale in this district showed a decrease of 12.4% as compared to
cautious
A
previous month and was 27.7% less than in July last year.
await
policy is being followed by buyers, who display an inclination to
developments in consumer demand before making future commitments.
conservaReports indicate that business during August is proceeding on a
tive basis and that orders being placed are for current requirements only.
June.
in
as
scale
same
the
Collections during July were on practically
Reports from ten wholesalers of drugs in the Eleventh District indicate
that distribution during July was 4.2% larger than in June, but remained
10.9% below the level of a year ago. While most firms participated in the
gain over the previous month, the improvement was of a seasonal nature
and reflected principally the placing of orders for replacement purposes.
Collections continued slow, showing little change from June.
off
The distribution of hardware through wholesale channels in July fell
same
5.1% from June,and reflected a decrease of 23.2% as compared to the
month a year ago. Buying is very conservative, being restricted almost
entirely to immediate needs. Despite the general quietude, it is indicated
that in some quarters business is showing an upward tendency. July
collections reflected a substantial decline from the preceding month.
Following three consecutive monthly increases, the volume of sales
reported by wholesale farm implement firms in this district during July
reflected a decline of 65.4% as compared to June, and was 42.5% smaller
prices
than in July a year ago. Despite the generally light buying demand,
than
are reported to be continuing firm. Collections were sizably larger
in June.
imgeneral
Sales of groceries at wholesale during July showed a fairly
provement in this district, being 3.6% larger than in the previous month
and only 10.8% below the level of the same month last year, as compared
were
to a corresponding decrease of 15.0% in June. While varied trends
in evidence, collections reflected a slight downward tendency during the
month.
CONDITION OF WHOLESALE TRADE DURING JULY 1931.
Percentage of increase or decrease in-
for the same week were 195,011,000 feet, or 12% above
production. Production was 173,620,000 feet.
Reports from 199 hardwood mills give new business as
19,529,000 feet, or 21% above production. Shipments as
reported for the same week were 22,943,000 feet, or 42%
above production. Production was 16,123,000 feet. The
Association's statement further shows:
Unfilled Orders.
Reports from 481 softwood mills give unfilled orders of 560,563,000 feet,
on Sept. 5 1931, or the equivalent of 12 days' production. This is based
upon production of latest calendar year-300-day year-and may be
compared with unfilled orders of 517 softwood mills on Sept. 6 1930, of
754.705,000 feet, the equivalent of 15 days' production.
The 418 identical softwood mills report unfilled orders as 547,124,000
feet on Sept. 5 1931, as compared with 708,184.000 feet for the same week
a year ago. Last week's production of 458 identical softwood mills was
163,780,000 feet, and a year ago it was 205,436,000 feet; shipments were
respectively 185,160,000 feet and 187,569,000; and orders received 181,837,000 feet and 199,405,000. In the case of hardwoods, 219 identical
mills reported production last week and a year ago 14,201,000 feet and
20,484,000;shipments 20,221,000feet and 21,051,000;and orders 17,408,000
feet and 20.124,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 224 mills reporting
for the week ended Sept. 5:
SHIPMENTS.
UNSHIPPED ORDERS,
NEW BUSINESS.
Feet.
Feet.
Fed.
Coastwise and
Domestic cargo
Domestic cargo
44,294,000 delivery____140,401,000 intercoastal. 48,028,000
delivery- 16,430,000
93,532,000 Export
Export
14,798,000 Foreign29,146,000
79,143,000 Rail
Rail
31,910,000 Rail
11,051,000
Local
Local
11,051,000
Total
102,053,000
Total
313,075,0001
Total
104,656,000
Seasonal dulness was in evidence during July at department stores located
in principal cities throughout the Eleventh Federal Reserve District.
The volume of business as compared with the corresponding month of 1930
in
showed a material decline, being the most adverse comparison shown
with the
many months. Sales registered declines of 26.3% as compared
Merchants
previous month and 18.2% as compared with July a year ago.
to stimulate
continue to offer extensive reduced priced "sales" in an effort
first seven
the sales of summer merchandise. Distribution during the
of
months of 1931 was 11.4% less than in the corresponding period 1930.
from the
Stocks of merchandise held at the close of July declined further
year ago. The rate
preceding month by 7.2% and were 13.4% less than a
1931 was 1.90 as
of stock turnover during the period January through July
against 1.86 during the same period of 1930.
to both
Collections during the month reflected a decline as compared
year. The ratio
the previous month and the corresponding month last
33.0% in
of charge accounts collected during July was 31.7% as against
June and 32.8% in July 1930.
Production for the week was 93.147,000 feet.
For the year to Aug. 29. 167 identical mills reported orders 1.8% above
production, and shipments were 5.2% above production. The same number
of mills showed a decrease in inventories of 8.9% on Aug. 29, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 134
mills reporting, shipments were 26% above production, and orders 26%
above production and about the same as shipments. New business taken
during the week amounted to 35,637,000 feet. (previous week 35.154.000 at
127 mills); shipments 35,532,000 feet. (previous week 37.044,000 feet);
and production 28,246.000 feet, (previous week 26,729,000 feet). Orders
on hand at the end of the week at 134 mills were 59,291,000 feet. The
122 identical mills reported a decrease in production of 39%, and new
business about the same, as compared with the same weeks year ago.
The Western Pine Manufacturers Association, of Portland. Ore., reported production from 83 mills as 29.136,000 feet, shipments 30,462,000
and new business 25,626,000 feet. The 60 identical mills reported production
17% less and orders 26% less than for the same week last year.
The California White ck Sugar Pine Manufacturers Association, of San
Francisco, reported production from 23 mills as 15,547,000 feet, shipments
14,643.000, and orders 16,047.000 feet. The same number of mills reported
a decrease of38% in production and an increase of 17% in orders, compared
with the corresponding week of 1930.
The Northern Pine Manufacturers, of Minneapolis, Minn., reported
production from seven mills as 1.539,000 feet. shipments 2,581,000, and
new business 2,020,000 feet. The same number of mills reported a 66%
decrease in production and a 7% decrease in now business, compared with
the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 16 mills as 1,234,000 feet, shipments 959,000 and orders 1,008.000. The 13 identical mills reported
production 13% less and orders 2% less than for the same week of 1930.
The North Carolina Pine Association, of Norfolk, Va., reported production from 81 mills as 4,771,000 feet, shipments 6,178.000, and new
business 4,391.000. The 39 identical mills reported a decrease of 28% in
production and a decrease of 25% in orders, compared with the same week
last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 284 mills as 15,659.000 feet, shipments 21,895,000, and
new business 18,824.000. The 216 identical mills reported production 32%
less, and new business 13% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 15 mills as 464,000 feet, shipments 1,048.000 and orders 705.000. The 13 identical mills reported
production 43% more and orders 16% less than for the same week of 1930.
Lumber Orders Exceed Curtailed Production.
Lumber orders were approximately 9% above production
during the week ended Sept. 5, it is indicated in telegraphic
reports from 851 leading hardwood and softwood mills to
the National Lumber Manufacturers Association. This
marks the fourth consecutive week in which the ratio of new
business over production has been favorable, although
continued curtailment of the cut should be noted. The cut
of these mills for the week amounted to 189,743,000 feet.
Shipments were 15% above this figure. A week earlier 847
mills reported orders 7% above and shipments 12% above a
cut of 196,195,000 feet. Comparison by identical mill
figures of the latest week with the equivalent week a year
ago shows-for softwoods, 458 mills, production 20% less,
shipments 1% less, and orders 9% less than for the week in
1930; for hardwoods, 219 mills, production 31% less, shipments 4% less, and orders 13% under the volume for the
week a year ago.
Lumber orders reported for the week ended Sept. 5 1931,
by 567 softwood mills totaled 186,782,000 feet, or 8% above
the production of the same mills. Shipments as reported
July Automobile Production Shows Continued
Falling Off.
July factory sales of automobiles in the United States,
as reported to the Bureau of the Census, consisted of 218,961
vehicles, of which 182,927 were passenger cars, 35,854
trucks and 180 taxicabs, as compared with 265,533 vehicles
in July 1930 and 500,840 in July 1929. For the seven
months to July 31 in 1931, the production has been only
1,791,913 vehicles, against 2,464,173 in 1930 and 3,726,283
in the seven months of 1929.
The table below is based on figures received from 144
manufacturers in the United States for recent months,
42 making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for• passenger
cars include only those designed as pleasure vehicles, while
the taxicabs reported are those built specifically for that
purpose, pleasure cars later converted to commercial use
not being reported as taxicabs. Figures for trucks include
ambulances, funeral cars, fire apparatus, street sweepers
and buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
Ratio of collections during July
to accounts and
notes outstanding
on June 30.
July 1930 June 1931 July 1930 June 1931
Net Sales
July 1931
compared with
Groceries
Dry goods
Farm implements
Hardware
Drugs
-10.8
-27.7
-42.5
-23.2
-10.9
+3.6
-12.4
-65.4
-5.1
+4.2
Stocks
July 1931
compared with
-10.6
-34.8
+.7
-11.6
-10.5
-1.5
+18.5
+2.9
+.9
+1.9
62.9
24.1
7.5
32.2
37.3
Retail Trade.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
NUMBER OF VEHICLES.
United States.
May
June
July
401.037
486,418
585,455
621.910
604.691
545.932
500,840
345,545
404.063
511,577
535.878
514.863
451.371
424,944
TartTrucks. cabs.:
53.428
60.247
71,799
84.346
88,510
93.183
74,842
2,064
2.108
2,079
1.886
1.318
1,378
1,054
Total(7 mos.) 3.726,283 3.188,241 526,355 11,687
August
September
October
November
December
498.628
415.912
380,017
217,573
120,007
440,780
363.471
318.462
167.846
91,011
56.808
51,576
60.687
48,081
27,513
1,040
865
868
1,646
1.483
Total (year)- 5.358,420 4.569,811 771.020 17.589
1930.
January
February
March
April
May
June
July
273.221
330.414
396,388
444.024
420.027
334,506
265,533
232,848
279.165
329,501
372,446
360.928
285.473
221,829
39,406
50.398
65,466
71.092
58,659
48.570
43.328
Total(7 mos.) 2,484,113 2,082,190 376,919
August
September
October
November
December
224,368
220.649
154.401
136.784
155,701
183.532
175.496
113.226
100.532
120.833
40,450
44.223
40.593
35.613
33,44?
Total (year). 3.355.986 2.775,809 571.241
1931.
January
February
March
April
May
June
July
171,848
219,940
276,405
*336,939
*317,163
*250,657
218,961
137,805 33.531
179.890 39,521
230.834 45,181
*286,252 *50,022
*271,135 *45.688
*208.955 *41,342
182.927 35,854
967
851
1,421
486
440
463
376
10.188
8,556
."t•2400343.2i+
1929. •
January
FebruarY
March
Apr11
Passenger
Cars.
gallon. On July 1 1931 rates of 4c. per gallon or over were in force in 33
States; 12 States had enacted Sc. rates; and 5 States had 6c. rates. Very
recently Florida has set a new precedent with a 7e. rate. A comparison of
the average rate with the average service station price shows that of every
PassesTotal. ger Cars Trucks. gallon sold In 1930, 23.08% of the receipts was absorbed by the fuel tax.
The rates In this country, on the whole, however, are lower than in other
21.501
17,164 4,337 countries. The increase in the motor fuel rates is explained by the constant
31.287 25.584 5,703 and urgent demand for additional revenues to construct and maintain high40.621
32.833 7,788 ways and the desire to relieve property and other bases from a heavy tax
41,901 34.392 7.509
31.589 25.129 6.430 burden.
The study seems to indicate that there is some support for the view that
21,492 16.511 4.981
17,461
13,600 3,881 notwithstanding the fall in prices the addition of taxes in increased amounts
has had the general effect of checking the rate of increase In the consumption
205,822 165,213 40.609
of motor fuel. Had the motor fuel prices been rising instead of falling In the
past
the higher tax might have had serious effects on the development of
14.214
11,037 3.177
13.817 10,710 3.107 motor transportation. It is believed that the time is approaching in many
14.523
8,978 5.548 States when this factor must be given greater study and consideration if the
9,424
7.137 2.287
5.495
4,426 1,069 tax Is to be administered at its maximum efficiency and without deterrent
effects on the development of motor transportation within such States.
263.295 207,498 55,797
A comparison of the average yield of the motor vehicle license taxes and
the motor fuel taxes shows that the license tax has yielded a substantial
revenue since 1913. gradually increasing up to 1926, and remaining about
10,388
8.856
15,548 13,021
constant since that year. In 1928 the average motor fuel tax per motor
20,730 17,165
vehicle exceeded the average license tax for the first time. In 1930 the
24,257 20,872
average fuel tax per car was $18.63, while the average license tax was only
24.872 21.251
813.41.
15.090 12,194
Canada.
013003CO3003
boa- 03034 to
Total.
5,004 120,873 101,915 18,958
386
930
582
609
1.425
9,792
7.957
4.541
5.407
5,622
6,946
5.823
3,206
3,527
4,225
2,846
2,334
1.335
1,880
1,397
8.936 154,192 125.442 28,750
512
529
410
665
340
360
180
8.496
9,871
12,993
17,159
12,738
6,835
4,220
4,552
7,529
10.483
14.043
10,621
5.583
3,151
1.944
2,342
2,510
3,116
2.117
1,252
1.069
Total(7 mos.) 1.791.913 1.497.798 291.119 2.996 70.312 53 062 14 3.sn
x Includes only factory-bullt taxicabs and not private passenger cars converted
Into vetdclee for hire.
• Revised.
August Motor Production Off 12%, Estimate Indicates
—Month's Output Placed at 197,030.
Seasonal influences in the automobile market were again
revealed in the monthly production estimate reported at
the meeting of the Board of Directors of the National Automobile Chamber of Commerce, Wednesday, (Sept. 9)
placing the output for August at 197,030 cars and trucks.
This figure is 12% under the July total and 16% under the
output for the corresponding period in 1930.
Production for the first eight months was set at 2,054,781
units, or 27% under the total for the same period in 1930.
Increase in Motor Vehicle Registrations in United
States 160% in Ten Years According to National
Industrial Conference Board—Yield From License
Taxes Greater.
The number of motor vehicle registrations in the United
States has increased 160% in the past ten years, and the
gross yield from license taxes on motor vehicles has increased
in still greater proportion, says the National Industrial
Conference Board under date of Aug. 29. In 1921 there were
10.5 million registrations, and in 1930 there were 26.5
million. In 1921 the gross receipts from license taxes were
122.5 million dollars, and in 1930 the yield was 355.7 million
dollars, or an increase of over 190%. This tremendous increase in motor vehicle license tax income, together with the
similar and more rapid increase in receipts from motor fuel
taxes, says the Board in so comparatively short a time has
given rise to a number of problems in many States, problems
in which every motorist takes a lively interest. A comprehensive study of the taxation of motor vehicle transportation
has been made by the research Staff of the Board. The
Board reports:
The study disclosed several marked and significant tendencies among the
various taxing authorities. Among these may be mentioned a tendency
toward the use of the gross weight of the motor vehicle in determining the
amount of license tax payable and a tendency among the States to increase
the amount of the motor fuel tax and to divert the proceeds of the tax to
other than highway purposes. There is also a trend in the direction of
increasing the proportion of refunds on the motor fuel tax, this item, in
some of the Western States, being as high as 40% of the total tax collected.
Motor fuel used in tractors, motor boats, and stationary engines Is subject
to refund in certain States. It was also found by the study that the special
motor vehicle taxes are supplying an over increasing proportion of total
highway revenues and that the motor fuel tax is becoming a greater revenue
producer than the license taxes.
In 1930 the receipts from license taxes, after deduction of administrative
expenses, were expended as follows: 75% for construction and maintenance
of State highways and the retirement of State highway bonds; 22.5% for
local roads and bonds and 2.5% for other purposes.
}: The motor fuel tax set a record In American taxation for rapidity of
growth and also for popularity. It has developed within 12 years and is
now imposed by every State and by the District of Columbia. The advancement in the rates of this tax has boon as sweeping as the adoption of the
tax in the first instance. The Present rates range from 2 to 7 cents per
1689
August Lumber Bankruptcies Decline.
Bankruptcies in the lumber industry were not as heavy
during August as compared with a year ago, there being 20
failures reported compared to 23 for last August, according
to the Lumbermen's Blue Book analysis, which further
reports:
Receiverships held even at 15 as did assignments at 6. During the
month there were 6 extensions, 3 compromise settlements and 9 creditors'
committees appointed, all of which were In excess of those reported in
August 1930. Most of the creditors' committees appointed were for millwork concerns.
Claims placed for collection during the month far exceeded the volume
of a year ago and were far in excess of any previous month this year. The
average claim was about 12% lower than last year and slightly less than
the average for the past few months. Collections continue difficult the
same as a year ago-
Shipments of Pneumatic Casings and Tubes Again
Exceed Output—Inventories Decline.
According to the Rubber Manufacturers Association, Inc.,
figures estimated to represent 80% of the industry, show
that shipments of pnuematic casings and tubes again exceeded
production during the month of July 1931. During this
period there were produced. according to these estimates, a
total of 3,941,187 pneumatic casings—balloons and cords-and 13,370 solid and cushion tires as compared with 3,193,057 pneumatic casings and 12,893 solid and cushion tires
in the corresponding month last year and 4,537,970 pneumatic casings and 11,764 solid and cushion tires during
June 1931. Shipments in July of this year amounted to
4,369,526 pneumatic casings and 16,051 solid and cushion
tires as against 4,357,836 pneumatic casings and 20,545 solid
and cushion tires in July 1930 and 4,457,509 pneumatic
casings and 15,364 solid and cushion tires in June 1931.
Pneumatic casings on hand as of July 31 1931 totaled
7,935,565 as against 8,357,768 at June 30 last and 9,449,318
at July 311930.
Output of balloon and high pressure inner tubes during
July 1931 amounted to 3,964,174 as compared with 4,286,467 in the preceding month and 3,151,107 in the corresponding month last year. Shipments totaled 4,664,964 inner
tubes, as against 4,317,543 in June 1931 and 4,684,182 in
July 1930. Inventories at July 31 1931 declined to 7,671,801 inner tubes, as compared with 8,403,401 at June 30 last
and 9,325,602 at July 311930.
The Association, in its bulletin dated Sept. 8 1931, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINOS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the IndustrY•1
Inner Tubes.
Pneumatic Casings.
Ineets-
Shipments.
Inventory.
OW-
tory.
Output.
put.
Shipmeas.
7,165,848
7,628.520
8.011,592
8,025.135
8,249.856
8.357.768
7.935,565
2,939,702
3,188.274
3.730.081
3.955.491
4.543.003
4,537,970
3,941,187
2.995,479
2.721.347
3,297.225
3,945,525
4.332,137
4,457.509
4,389.526
7,551,503
7,936,773
8,379,974
8,330,155
8,438,799
8,403.401
7,871.801
2.898,405
3,132,770
3.559.644
3,693,222
4,329.731
4,286.467
3,964,174
3,249,734
2,720,135
3.031,279
3.708,949
4,224,594
4,317,543
4,684.964
1931—
January
February
March
April
May
June
July
1930—
9,539,353 3.588.862 3.505,404 10,183.287
January
9.928.838 3,844.608 3.356,104 10.428.968
February
10,010,173 3.890.981 3.773.865 10,543.028
March
10.461,208 4.518.034 4.071,822 11.027.711
April
10.745.389 4,573.695 4,173.177 11.081.523
May
10.621.634 4,097,808 4.234.994 10,889.444
June
9,449,318 3.193.057 4,357.836 9.325.602
July
8.678.184 3,332.489 4,139.900 8.589.304
Aunrit
September- - 7.849.411 2.692,355 3.524.141 8.052,121
7.842.150 2.865.933 2.799.440 8,413,578
October
7,675.786 2.123,049 2,287,465 8.250.432
November _ _
7,202,750 2.251,269 2,888.980 7,999.477
December
3,685.410 3.885.717
3.707.066 3,489.919
3,952.921 3,781.789
4,408,030 3,078.697
4,428.367 4,058,847
3.959,972 4.212.082
3.151.107 4.684,182
3.836,880 4.609,856
3.053,424 3.832.458
3.161.1)482,777,985
4.143,609 2,230,8.54
2.448.195 2.729,973
FINANCIAL CHRONICLE
1690
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
:Production.
Consumption.
Cotton
Fabrics
Crude
Rubber
(80%)
(80%)
Calendar years:
1926
1927
1928
1929
1930
Month of:
Jan. 1931
Feb. 1931
Mar. 1931
April 1931
May 1931
June 1931
July 1931
(Pounds)
165,963,182
177,979.818
222,243,398
208,824.653
158,812.462
12,738,467
12,002,161
14,040,803
15,243.625
18,009.764
17,084,749
15.139,769
Passenger
Cars
Gasoline
(100%)
(Pounds)
(Gallons)
518.043,062 10,708,068,000
514,994.728 12.512,976,000
600.413.401 13,633,452,000
598,994,708 14,748,552,000
476.755,707 16,200.894,000
36.318,980
36,651,119
41,850.638
45,016,344
53,417.709
51,279,827
46.696,925
(100%)
Trucks
(100%)
3.929,535
3,093,428
4,024,590
4,811,107
2,939,791
535.006
486,952
576,540
810.549
569,271
144,878
189,264
241.728
299.736
280,041
213,741
186,258
33.521
39,975
47,606
53,131
47.812
42.556
36,923
1,127,832.000
1,097,208,000
1.303,302,000
1.402,800.000
1,499,904,000
1.611.540.000
1,657.446,000
x These figures include Canadian production and cars assembled abroad the parts
of which were manu actured in the United States.
Note.-WIth the exception of gasoline consumption and ear and truck production,
the figures shown above since January 1929 are estimated to represent approximately 80% of the industry as compared with 75% for prior years.
Agricultural Department's Official Report on
Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture, made public late Thursday afternoon,
Sept. 10, its forecasts and estimates of the grain crops of the
United States as of Sept. 1, based on reports and data furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 775,000,000 bushels, which is the same as
the Department's estimate a month ago, and with 612,000,000 bushels harvested in 1930. The production of spring
wheat is estimated as of Sept. 1 to be only 111,000,000
bushels, which compares with a production of 251,000,000
bushels in 1930 and a 5-year average production of 274,000,000. The condition of durum wheat for Sept. 1 1931
is placed at 37.5% of normal and of other spring wheat at
36.5% of normal as compared with a Sept. 1 1930 condition
of 69.8% and 63.1%, respectively. The 10-year average
condition of durum wheat is 73.7% and of other spring
wheat 71.1%. The probable production of corn is now
placed at 2,715,000,000 bushels, which compares with
2,094,000,000 bushels harvested last year, 2,614,000,000
bushels harvested two years ago and a 5-year average production of 2,761,000,000 bushels. The condition of corn
on Sept. 1 was 69.5%, comparing with 51.6% on Sept. 1
1930 and a 10-year average of 76.5%. With only a few
exceptions, such as hay and tobacco, the crops generally
show a somewhat smaller production than was indicated
a month earlier. We give below summaries of the principal
crops; full details will appear in our issue of next Saturday.
CROP REPORT AS OF SEPT. 1 1931.
Total Produdlon In Millions (a)
Condition
Indicated by
Condition (b)
Sept. 1
Crop.
10-yr.
Argo. Sept. 1 Heist. 1 5-Ft.
1930.
A age.
1931
1920-29 1930
Per Ct. Per Ct. Per Cl. 1925-29
bush.
76.5
Wster wheat
Durum wh't, 4 St's "
Other spring wheat,
e71.1
U.S
All wheat
77.3
Oats
77.9
Barley
Rye
71.8
Flaxseed
Hay, all tame
tons c131.8
Hay, wild
bush.
Potatoes
177.6
Tobacco
77.0
lbs.
Sugar beets
86.5
tons
51.6
69.5
89.8
37.5
63.1
36.5
80.3
74.7
66.7
52.4
i
66.9
34.9
69.8
6-3:4
63.6
85.2
6-77
.4
77.7
76.4
Aug. 1 Sept. 1
1931
1931
2,761
547
67
2.094
612
57
2,775
c775
23
2,715
c775
20
207
822
1,317
265
46.1
20.9
94.4
13.1
381
1,357
7.38
194
863
1,358
335
48.1
21.4
77.8
11.8
343
1,641
9.20
95
894
1.170
221
c36.2
13.8
77.6
8.6
371
1,617
7.20
91
886
1.101
212
c36.2
11.8
77.9
c9.1
361
1,648
7.13
[VOL. 133.
Official Estimates of the Crops of the Dominion of
Canada-Wheat 271,400,000 Bushels Against 397,872,000 Bushels.
The Dominion Bureau of Statistics on Sept. 9 issued a
bulletin reporting for 1931 (1) the preliminary estimate of
the yields of the principal grain crops and (2) the condition
of the late-sown crops. The estimates are based on schedules
returned by a numerous corps of crop correspondents including practical farmers throughout Canada and bank
managers, rural postmasters and bank and elevator agents in
the Prairie Provinces and the Alberta Provincial police.
A list of selected agriculturists was also circularized, in addition to those already co-operating as regular crop correspondents. Estimates of yield are based on acreages sown,
the acreages being compiled from the annual survey conducted through the rural schools in the Prairie Provinces
and Ontario and from the reports of crop correspondents in
the other Provinces.
Crop Production in Canada, 1931.
The total estimated yields of all the small grain crops, except fall wheat.
are lower in 1931 than in 1930. In the Maritime Provinces, conditions
and yields are very similar to 1930. In Quebec, production will be slightly
lower. Wheat, rye and flaxseed production will be higher in Ontario, but
the later sown oats and barley crops were reduced by summer drouth. In
British Columbia, yields are generally higher than in 1930. The grain
harvest has proceeded under particularly favorable weather conditions,
giving promise of high quality.
The condition of the late-sown crops and pasture deteriorated because of
drouth during the month of August in the Maritimes, Quebec, Ontario
and British Columbia, but showed a considerable improvement In the Prairie
Provinces. The potato crop and pastures in the Maritime and Eastern
Provinces have suffered particularly from lack of rain.
The Wheat Crop of the Prairie Provinces.
The wheat crop of the three prairie Provinces is forecasted at 246,400.000
bushels as compared with 374,500,000 bushels in 1930. The map of wheat
yields is similar to that of 1930. but the drouth was more extreme in southern
regions than In 1930. An unusually high regional variation In yields Is
shown, ranging from complete failure in southern regions to bumper crops
In central Alberta. Another notable feature is the higher wheat production
forecasted in Alberta than in Saskatchewan despite the fact that the seeded
acreage in Alberta was roughly one-half that of Saskatchewan. If the
Provincial estimates are justified by the oututrn it will be the first time
that Alberta has been the leading wheat-producing Province.
The western wheatlands held very little reserve moisture at seeding time,
so that crop growth was dependent on the rains of the growing season.
These were distinctly limited and late in a somewhat triangular area bordered on the east by Brandon, Manitoba and on the west by Medicine Hat.
Alberta and attaining its greatest width in central Saskatchewan. The
eastern and norther parts of Manitoba, most of northern Saskatchewan,
and western, central and northern Alberta were fabored with greater precipitation, although this came too late to make really heavy crops in many
districts. Rust and hall caused less damage than in 1930, but cutworms
and grasshoppers took a greater toll of the crops. Frost injury has been
limited up to this date and with the possible exception of some areas in
central Alberta, can not do much damage now, with wheat cutting completed in Manitoba. 90% finished in Saskatchewan and about 75% in
Alberta. Threshing is about two weeks behind last year but, with excellent
weather prevailing, has reached good proportions in southern regions and
in the Peace River district. The quality of the crop promises to be high,
although there will be shrunken kernels in the south and same starchiness In
the regions of high yields. The market movement of the new crop is
very tardy.
Generally speaking, the wheat crop again proved its ability to withstand
adverse drouth conditions better than the other small grains. The proportional reduction in wheat yield from 1930 is much was than in barley,
rye and flaxseed. with the barley crop of 1931 estimated at less than half
that of1930 and the rye crop little more than one quarter.
Preliminary Estimate of Grain Yields.
For all Canada, the average yields per acre in bushels are as follows, with
the figures for 1930 within brackets: Fall wheat, 28.5 (25.8); spring wheat,
10.7 (15.6): all wheat, 11.3 (16.0); oats, 24.9 (31.9): barley 17.8 (24.3);
fall rye. 7.1 (15.1): spring rye, 9.9 (16.0); all rye, 7.7 (15.2); flaxseed. 4.6
(7.6). The total yields in bushels, based on these averages and on the
areas sown, are as follows, with last year's figures. within brackets: Fall
a Data for 1930 mostly revised on basis of 1929 census, but fcr curlier)ears not
revised
h Indicated production increases or decreases with changing conditions wheat, 21,077,000 (21,022,000); spring wheat, 250,323,000 (376,850,000);
during the seazon. c Preliminary estimate. d Short time average. e All spring all wheat, 271.400.000 (397.872.000); oats. 339.380,900 (423,148.000):
wheat.
barley, 72,516,000 (135,160,200); fall rye, 5,466,000 (16.321.000); spring
rye, 2,110,000 (5,697.500); all iye,7,576,000 (22,018,500);flaxseed, 2,758,Yield per Acre.
000 (4.399.000).
Acreage.(a)
Grain Yields in the Prairie Provinces.
Indi1,000 Acres.
cated by
1931 10-Yr.
Crop.
1930 Cond'n II For the three Prairie Provinces, the preliminary estimates of total proPer Ct. A vge.
5-Yr.
Sept. 1 duction In 1931, as compared with the figures for 1930 within brackets, are.
1920of
Aver. 1930. 1931.
1931.b
1030. 1929.
0(25-29
In bushels, as follows: Wheat, 246.400,000 (374,500,000); oats, 177.700,000
(254,011.000); barley, 52,800.000 (109.495,400); rye, 5,970,000(20.641.000)
25.7
20.6
Corn
28.0
bush. 99,568 101.413 105,557 104.1
flaxseed. 2,630,000 (4,293,000). By Provinces, the yields In bushels are:
15.5 d19.0
Winter wheat
14.9
36.466 39.514 c40.692 103.0
5.5
Durum wh't, 4 St's
12.0
12.4
5.380 4,763 3,543 74.4
Manitoba, wheat, 26,000,000 (45,278,000); oats, 27,800.000 (50,562.000);
Other spring wheat.
barley. 17,800,000 (49,974.000); rye, 670.000 (2,052,000); flaxseed, 660.000
6.8
12.9
11.9
U.S
15,604 16,243 13,434 82.7
Saskatchewan, wheat, 101.300,000 (196.322,000); oats,
(1.086,000).
All wheat
15.4
14.3
57.449 60.520 57,669 95.3
14.2
Oats
28.1
33.8
42,553 40,125 41,248 102.8
31.1
71,300.000 (125,509,000); barley, 15,300.000 (40,522,000); rye. 3,100.000
16.6
10.222
26.0
25.2
Barley
12,901 12,771 99.0
(14,875,000);flaxseed, 1,800,000 (3.017,000). Alberta, wheat. 119,100.000
Rye
3.601 3,525 c3,294 93.4
13.7 d11.0
13.5
(132.900,000); oats. 78,600,000 (77,940,000); barley. 19,700,000 (18,999,Flaxseed
3.8
2,909 3.692 3,132 84.8
5.8
7.6
Hay, al: tame
tons 59,172 54.080 54,591 100.9
1.43
1.44
000); rye. 2,200,000 (3,714,000); flaxseed, 170.000 (190.000)•
1.56
Hay, wild
d.86
13,872 13,810 13,283 96.2
.99
.86
Soy beans(0
2,212 3,109 3,805 122.4
Conditions of Late Sown Crops.
Cow peas (f)
1,773 1,450 1,883 129.9
Ve.vet beans (0
gios
126
112 88.9
condition on Aug. 31 1931 of late sown crops for Canada, in
The
average
Potatoes
bush.
.
6
03
3,369 3,167 3,506 110.7 110.6 10-87.4 1- 7
percentage of the long-time average yield per acre, is reported as follows.
111s.
Tobacco
786
1,787 2,117 2,098 99.0
775
764
Sugar beets
tons
10.2
the figures within brackets representing in the order mentioned the condi11.9
675
hR21
10.4
h754 h91.8
a Data for 1930 mostly revised on basis of 1920 census, but for earlier years not don on July 31 1931 and Aug.311930: Peas.87(92, 100); beans. 94(97,91);
revised. b Indicated yie d increases or decreases with changing conditions during buckwheat, 95 (97,92); mixed grains, 92 (94, 103); corn for husking, 101
the season. c Acres remaining for harvest. d Preliminary estimate. f Grown alone (101. 78); potatoes. 92 (95, 93); turnips. &c., 94 (97, 94); fodder corn, 102
for all purposes. g Short time average. h Planted acreage, 90% of which is
(101. 90); sugaribeets, 91 (95, 93); pasture, 91 (96.92).
usually harvested.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1691
PRELIMINARY ESTIMATE OF THE YIELD OF WHEAT, OATS, BARLEY,
the legal provision enacted by the last Legislature requiring the State to
RYE AND FLAXSEED, AUG. 31 1931 AS COMPARED WITH 1930.
pay the "prevailing wage rate" of the locality where work on State contracts is being done.
1930.
1931.
1930. 1931.
1930.
1931.
Work planned but held up by the wage disputes would have given employment to an estimated 11,250 men. it was said here, had the contracts
Bush.Bush
per per
been let in time to complete all of the projects before winter. Hundreds
CanadaAcres.
Acres.
Acre. Acre Bushels.
Bushels.
of men will be given work, however, on the contracts under which construcFall wheat
815.000
739,900 25.8 28.5 21,022,000 21,077,000
Spring wheat
24.082,900 23,359,500 15.8 10.7 376.850.000 250.323,000 tion will be begun before snow files.
All wheat
24,897.900 24,109.400 16.0 11.3 397,872,000 271,400,000
Oats
13,258,700 13,650,000 31.9 24.9 483,148.000 339,380,000
Barley
5,558,700 4,075,200 24.3 17.8 135,160.200 71,516,000 Breakdown of Cotton Wage Scale Negotiations in
Fall rye
1,091,000
771,000 15.0 7.1 16,321.000 5.466,000
Spring rye
Manchester, Eng.
357,050
212,150 16.0 9.9 5.697,500 2,110,000
All rye
1.448.050
983.150 15.2 7.7 22,018.500 7.576.000
Flaxseed
London press advices Sept. 4, said:
581.800
599.400 7.6 4.8 4.399.000 2 7514 ono
A flurry was created in the Manchester Cotton Exchange by the anYIELD OF WHEAT, OATS, BARLEY, RYE AND FLAXSEED IN
THE nouncement
of breakdown negotiations for the connection of more looms
PRAIRIE PROVINCES, 1931 AS COMPARED WITH 1930.
through the weaver system. Employers and weavers have been unable to
come
to
an
agreement
as to the amount of minimum wage to be assured
Wheat.
Oafs.
Barley.
Rye.
Flaxseed.
under the system.
ProvinceBushels.
Bushels.
Bushels.
The differences bewteen the two parties narrowed down to between two
Bushels.
Bushels.
Manitoba
1930 45,278,000 5t,562.600 49.974,000 2,052.000 1,086,000 and three
shillings per week but when that point was reached both sides
1931 26,000,000 27,800,000 17.800,000
670,000
660,000 were adamant. It is hoped the breakdown is
Saskatchewan 1930 196,322,000 125,509.000 40.522,000 14.875.000
not final, but opinion rules
1931 101,300.000 71,300.000 15.300,000 3.100,000 3,017.000
In
the
market
that negotiations will not be resumed without outside interAlberta
1930 132,900.000 77.940,000 18,999,000 3.714.000 1,800,000
vention.
190,000
1931 119,100,000 78.800.000 19,700.000 2,200,000
170,000
Total
11930 374,500.000 254.011.000 109,495.000 20,641,000 4,293,000 Continued Unsatisfactory
Conditions in European
11931 246.400.000 177.700.000 52.800.000 5.97004)0 2 Ran non
United States Wheat Carryover Estimated by Department of Agriculture at 659,000,000 BushelsWorld Crop Estimate of 3,169,000,000 Bushels
Shows Decrease from 1930.
The latest estimate for the world wheat carryover as of
July 1 indicates a total of 659,000,000 bushels, compared
with 569,000,000 bushels July 1 1930, the Department of
Agriculture at Washington announced on Sept. 4. Associated Press advices added:
This includes the estimated carryover of domestic wheat in the
States, Canada, Argentina and Australia, port stocks in the UnitedUnited
Kingdom and quantities afloat, as well as commercial stocks of United
States
wheat in Canada and Canadian wheat in the United States.
The latest estimate of the world wheat crop exclusive of Russia and
China indicates a total productio4.of 3,169,000,000 bushels.
compared to
3,303,000,000 bushels last year, tereduction of from 250,000,000 bushels
to 300,000,000 bushels.
News from Russia indicates a considerably smaller crop than
last Year.
and Southern Hemisphere indications are for smaller acreages in
Argentina
and Australia.
The 1931 Northern Hemisphere crop continues to give indications
of
being smaller than a year ago.
Liberal European crops, combined with stringent import and milling
restrictions are tending to reduce taking of overseas wheat.
Except in
Russia and the Danube Basin, stocks of old wheat were small.
Rumanian Corn Crop 5,800,000 Tons.
Bucharest Associated Press advices Sept. 8 said:
An official report to-day said Rumania was harvesting a corn crop of
5,800,000 tons, more than 1,000,000 tons greater than in 1930 and the
second largest in her history.
Canadian Wheat Pool Fixes New Agency.
Press advices from Calgary, Alberta, Aug. 26, were published as follows in the Brooklyn "Daily Eagle" of Aug. 28:
The wheat pool announces establishment of a provincial selling agency,
Cotton Mills Reported by New York Cotton Exchange Service.
European cotton mill advices show a continuance of the
unsatisfactory conditions which have prevailed in recent
months,according to the New York Cotton Exchange Service.
Individual countries report some modification of the situation,
in some cases upward and in other cases downward, but there
is no marked change in any direction and no clear indication
of a trend, says the Exchange Service Sept. 8, which adds:
England reports yarn and cloth sales limited and probably not equal to
current restricted output. The Near East and Russia are reported to be
selling quantities of manufactured goods at very low prices. The German
situation shows no relief, and it is believed that no improvement lies immediately ahead.
France cables that mill activity Is declining, with stocks increasing and
orders declining. Italy reports an unchanged situation with spinners
showing increasing tenclancy to fr.vItch from Indian cotton to American.
Sponners of Sweden and Denmark are operating abou9zormally with fairly
good prospects. Holland reports that sales of yarns and goods are not equal
to production and there is some prospects of a decrease in mill activity in
the near future.
International Paper Co. Cuts Wages and Salaries.
The International Paper Co. and subsidiaries announced
on Sept. 5 a reduction in salaries and wages by about 10%
effective Sept. 15, the reduction applying to all executives
and employees. The foregoing is from the New York
"Times."
Canadian Paper Co. Cuts Wages and Salaries.
Canadian Press advices from St. John's, N. F., Sept. 6
said:
A 10% reduction in all salaries and wages, to take effect Sept. 15, has
been announced hero by the International Pulp & Paper Co., which
operates a large plant at Corner Brook, N. F.
which will operate independently of the central selling agency and which
will hold a seat on Winnipeg Grain Exchange for selling and hedging purposes. Sales of the 1931 crop are now being handled by the provisional
agency, which is separate from the central selling agency, which, under
J. I. McFarland. is continuing in operation as agency for all prairie wheat
until 1930 crop Is all disposed of.
Farmers may sell to the Alberta pool and receive open market price, or
they may take initial payment of 35 cents, with further payments later.
Farmers will receive 5 cents a bushel bonus from the Federal Government,
Irrespective of how they market their grain.
Australian 1931-32 Wool Clip.
At the annual joint conference between the Australian
Woolgrowers' Council and the National Council of Wool
Selling Brokers of Australia held during June the total
Australian wool clip during the 1931-32 season was estimated at 2,942,500 bales, Trade Commissioner E. C. Squire,
Sydney, informs the Department of Commerce. The Department in announcing this on Sept. 3 added:
East Canada Wheat Pools to Be Closed.
Special Montreal advices Sept. 8 to the New York "Journal of Commerce" said:
The 1930-31 clip totaled 2,728,000 bales, and shipments amounted to
2,661,800 bales, as compared with 2,466,027 bales forwarded during tte
12 months ended June 30 1930. Chief outlets during 1930-31 were the
United Kingdom, France, Japan, Germany, Belgium. Italy and the United
States Decided gains were noted in exports to Japan, the United Kingdom, Germany. and Italy
Montreal and other Eastern offices of the Canadian wheat pool are
under orders to close and are now engaged in winding up current business.
This business has to do solely with the old grain crop, as the new crop is
being handled by new arrangements recently brought into effect. Pool
business from now on will be conducted at points west of Fort William.
The closure marks another stage in the receding process of the pool movement
in Canada.
Last year when a rearrangement was found necessary owing to heavy
losses by the pool, provincial prairie governments having to come forward
with financial guarantees to the banks, the pool pulled in its overseas business and announced discontinuance of direct overseas export selling.
Petroleum and Its Products-East Texas Fields to Be
Held to 400,000-Barrel Production, Commission
Declares-Seek Uniform Price Scale and Production in Six-State Parley.
Re-opening of the East Texas fields on Saturday of last
week was quickly followed by the statement of the Texas
Railroad Commission that regardless of the number of new
Union Wage on Illinois Roads Granted by Governor drillings, production would be rigidly held to a maximum of
Emmerson's Appeal Board.
400,000 barrels daily. The first reaction to the opening of
from Springfield, Ill., Sept. 3, is from the the field was a weakening of the Chicago gasoline market and
following
The
Chicago "Journal of Commerce":
a re-awakening of the pessimistic attitude of the entire inGovernor Enunerson's Wage Appeal Board to-clay granted the union dustry. Yesterday, Sept. 11, representatives of six Midscale for highway work in the metropolitan area and established a down- Continent States met in conference at Oklahoma City
with
State wage scale that will permit an aggregate of $11,000,000 worth of
members of the Oil States' Advisory Committee, headed by
road contracts to be awarded soon.
The acceptance of the union scale in the Chicago district will permit Cicero Murray, cousin of Governor William H. Murray of
bids to be received Tuesday on road construction in Cook. Lake and DuPag,0 Oklahoma. Their purpose was understood to
be the developCounties aggregating $3.450,000.
All of the road projects have been delayed, some of them for two months, ment of a basis for uniform price quoting and production
because of controversy over the wage scales to be adopted 58 a result of regulations in the major oil States they spoke for,
namely,
1692
Louisiana, Arkansas, New Mexico, Oklahoma, Kansas and
Texas.
Governor Murray has strongly urged a plan for unitization
of the oil fields of Oklahoma, Kansas and Texas, with production gauged by flow meters. He points out that in the
last six weeks prices have climbed from a low of 10c. per
barrel to a general top price of 70c. per barrel, brought about
mainly by the curtailment enforced by martial law in Oklahoma and Texas.
Aside from State officials, the conference was attended by
representatives of the Standard of Indiana, Standard of New
Jersey, Gulf and Shell.
Reports from Texas last night were to the effect that the
Railroad Commission has ruled that after noon on Tuesday
of next week not more than one well could be drilled on each
20 acres.
Production for the week ending Sept. 5 totaled 1,746,300
barrels daily, as against 2,437,050 barrels daily on.the same
period last year. This is a definite demonstration of the
efficacy of the method taken by Governor Murray of Oklahoma and followed by Governor Sterling in Texas.
Sept. 10.-Atlantic Refining Co. advances service station prices lc. per
gallon In Philadelphia district.
Gasoline. U. S. Motor, Tank Car Lots, F.O.B. Refinery.
$.04-.045(
Arkansas
N. Y.N. Y.(Bayonne).05-.07
California
Colonial-Beacon...8 06
Stand. Oil, N.J-50.06
Los A ngeles,ex 04 M-.07
08
Crew Levick
Stand. Oil. N.Y._ .08
Gulf Ports--. .05-.05 lf
06
t Texas
Tide Water Oil Co .00
0454-.05
.0534 Tulsa- Gulf
Richfield 011(Cal.) .061.(
.05M
Pennsylvania- _ _
.06
Continental
Warner-Quinl'neo .063j
06
Republic Oil
Pan-Am.Pet. Co_ .08
.0434-.05
Chicago_ _ _ _
Shell Eastern Pet_ .08
New Orleans. ex._ .05-.053
t -Texaco" is 6540.
Gasoline, Service Station, Tax Included.
3.149
8.15 Kansas City
New York
$ 163 Cincinnati
.162
15 Minneapolis
20 Cleveland
Atlanta
.118
.19 New Orleans
144 Denver
Baltimore
.10
131 Philadelphia
18 Detroit
Boston
.17
.14 San Francisco
158 Houston
Buffalo
129
.19 St. Louis
14 Jacksonville
Chicago
Kerosene, 41 43 Water White. Tank Car Lots, F.O.B. Refinery.
L0274-.0314 I New Orleans, ex.$0.0334
$.05 1Chicatto
N.Y.(Bayonne)
.0454-.0334
.03 I LosAngeles.ex. .0454-.06 I Tulsa
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
!Gulf Coast "C".... 3.55-.65
California 27 plus D
New York (Bayonne)$.75-1.001Chicago 18-22 D..4254-.50
$.70
Bunker "C"
.551
"C"____
Orleans
New
1.40
• Diesel 28-30D
Gas Oil, F.O.B. Refinery or Terminal.
'Tulsa'ChicagoN.Y.(Bayonne)36D Ind_5.0134-.03
,
2813 plus.--5.0354-.04 I 32-36D Ind_5.0154-.02 1 32
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$0.48
$2.10 Eldorado, Ark.. 40
Bradford, Pa
•.68
.75 Rusk, Texas, 40 and over
Corning. Pa
.80 Salt Creek, Wyo., 40 and over_- .70
Illinois
.52
.75 Mast Creek
Western Kentucky
1.05
MIdcontinent, Okla., 40 and above 1.00 Sunburst, Mont
Hutchinson. Texas. 40 and over.... .51 Santa Fe Springs, Calif.,40and over .75
.72
Spindletop, Texas, 40 and over.... .71 Huntington, Calif., 28
1.75
.71 Petrone. Canada
Winkler, Texas
.45
Smackover, Ark., 24 and over
REFINED PRODUCTS-SLIGHT EASING IN GASOLINE PRICE
STRUCTURE DUE TO OPENING OF EAST TEXAS FIELDREFINERS FEAR GENERAL WEAKENING WHEN SEASONAL
SLACK BEGINS.
Although gasoline consumption has continued through the
week unabated, refiners and distributors declare that with
the first signs of seasonal slackening in demand they anticipate a weakening of the price structure, due to the opening
of the East Texas field last Saturday. They hold to this
opinion despite the fact that the Texas Railroad Commission
intends to hold production to a 400,000-barrel per day
basis, regardless of the number of new wells drilled.
It has already become noticeable that bulk sales have
fallen off in this territory, but prices as a whole have shown no
change. Local conditions in Philadelphia brought about a
one-cent per gallon advance in service station prices, announced Thursday by the Atlantic Refining Co. No
change was made in the company's tank wagon quotations.
The stronger tone in kerosene continues, with the price of
5c. per gallon for 41-43 water white, tank car at refinery,
still ruling. It is reported, however, that several sales were
4c. The firming
made this week at the former price of 43
up of the crude oil situation coupled with cooler weather in
certain sections of this territory led to last week's upward
movement in kerosene prices, which had been stagnant for
some time.
U. S. Motor gasoline continues steady at 6c. to 63.40. per
gallon, with Gulf Refg. advancing their quotations Mc. per
gallon to 6e. at Norfolk and Philadelphia, and he. to Oho.
at Savannah. Shell Eastern also advanced bulk gasoline
York, but
he. per gallon at seaboard points north of New
excepting Portland, which stands unchanged at 63'c.
Several unimportant changes were made up-State in service station prices as the result of local competitive con di'lions, but as a rule the market has been held firmly in this
territory. What the immediate future will bring is open to
conjecture, as the combination of increasing crude supply and
decreasing gasoline consumption is one which would seem to
bear out the anticipation of distributors here.
Bunker oil has been rather inactive, with prices unchanged
at 70c. a barrel, refinery, for Grade C. Diesel is quiet and
steady at $1.40 per barrel. Domestic heating oils have improved somewhat, but seasonal consumption will be under
way some time before prices move,it is believed.
It is understood that California operators have sold several
million gallons of gasoline for East Coast consumption within
the past few days, due to the shortage brought about by the
cessation of Mid-Continent activity.
Price changes follow:
Sept. 8.-Shell Eastern Petroleum advances bulk gasoline Yic. per
gallon at seaboard points north of New York, making new price at Boston
and Providence 63.0. Portland unchanged at 6 Mc.
Sept. 8.-Gulf Refining Co. advances bulk gasoline h•c. per gallon at
Savannah, making new price 63c. per gallon.
Sept. 9.-Gulf Refining Co. advances bulk gasoline Mc. per gallon at
Philadelphia and Norfolk, making now price 6lie. per gallon.
Sept. 9.-Sincla'r Refining Co. announces new schedule of 6c. per
gallon for U. S. Motor at New York. Providence, Philadelphia and Southern
coast ports.
[voL. 133.
FINANCIAL CHRONICLE
Reopening of 1,800 Wells in Texas Oil Fields-Military
Authorities to Guard Against Proration Violation
•
-Prices Stay High.
Gas flares burned again to-night over the 600 square miles
of the East Texas oil fields, one of America's greatest petroleum-producing areas, said an Associated Press dispatch from
Kilgore, Tex., Sept. 5, and then proceeded as follows:
The field, under a martial law shutdown since Aug. 17. was reopened at
7 a. m. to-day In compliance with a general order from military authorities
acting for Governor Roes S. Sterling.
Occupation of the area by National Guardsmen may be continued Indefinitely, but only with a skeleton force of probably not more than 60 men
and a few officers. Plans were being made for demobilization of 709 men
by Monday or Tuesday.
As valves of the more than 1,800 wells were turned open again, every
precaution was taken against possible outbreaks of fire that conceivably
might result from the release of tremendous gas pressure accumulated
during the 19-day shutdown period.
Military headquarters will receive to-morrow the first reports as to the
amount of production to-day and will get similar reports daily thereafter
to serve as a check to prevent evasion of the State Railroad Commission
proration order limiting production of each well to 225 barrels daily. Total
daily production is expected to be in the neighborhood of 400,000 barrels.
compared with 800,000 barrels or more before the shutdown.
Crude prices remained as high as 68c. per barrel here, so far as local
postings showed, compared with the minimum price of Sc. a barrel which
prevailed before martial law was declared.
Bulk Terminal Stocks of Gasoline Decline-Gasoline
in Transit Increases.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in bulk
terminals and in transit thereto, by Bureau of Mines'
refining districts, East of California: The Institute, in its
statement, says:
It should be borne definitely in mind that comparable quantities of
gasollne have always existed at similar locations as an integral part of the
system of distribution necessary to deliver gasoline from the points of
manufacture to the ultimate consumer. While it might appear to some that
those quantities represent newly found stocks of this product, the industry
itself and those closely connected with It, have always generally known of
their existence. The report for the week ended Aug. 22 1931 was the first
time that definite statistics had ever been presented covering the amount
et such stocks. The publication of this Information is in line with the
Institute's policy to collect, and publish in the aggregate, statistical Information of interest and value to the petroleum industry.
For the purpose of these statistics which will be issued each week, a bulk
terminal is any installation, the primary function of which is to supply other
smaller installations by tank cars, barges, pipe lines or the longer haul tank
trucks. The smaller installations referred to, the stocks of which are not
included, are those whose primary function is to supply the local retail
trade.
Up to Aug. 22 1931. statistics covering stocks of gasoline East of California reflected stocks held at refineries only, while for the past several
Years California gasoline stocks figures have included, and will continue to
include, the total inventory of finished gasoline and engine distillate held
by reporting companies wherever located within Continental United
States, that is, at refineries, water terminals and all sales distributing
stations including amounts in transit thereto.
District.
Gasoline at Bulk Terminals.
Gasoline in Transit.
Figures End of Week.
Figures End of Week.
Sept. 5
1931.
Avg. 29
1931.
Sent. 6.
1930.
Sept. 5
1931.
Aug. 29
1931„
Sept.
1930.
8,949,000 7,425,000 8,559.00 2,204,000 2,078,000 2,137.000
East Coast_
19,000
53,000
291,000
297,000
288,000
Appalachian_
32,000
13,000
27,000
Ind., Ill., Ky. 1.997.000 2,1130.000 1,551,000
281.000
Okla Kan.Mo. 271.000
53,000
178.000
224.000
208,000
Texas
83,000
5,000
23,000
257.000 288.000 307,000
La.,-Ark
Rocky NITn.
Tot.E of Cal_ 9.988.000 10.635,000 10,888,000 2.360,000 2.115.000 2,232.000
Texas Gulf.La. Gulf
172,000
247.000
107,000
255,000
150,000
293,000
53.000
63,000
SEPT. 12 1931.]
FINANCIAL CHRONICLE
Receipts of California Oil at Atlantic and Gulf Coast
Ports Declined Sharply in August.
Receipts of California oil (crude and refined oils) at
Atlantic and Gulf Coast ports for the month of August
totaled 1,009,000 barrels, a daily average of 32,548 barrels
compared with 1,702,000 barrels, a daily average of 54,903
barrels, for the month of July, reports the American Petroleum Institute.
Receipts at Atlantic and Gulf Coast ports for the week
ended Sept. 5 totaled 35,000 barrels, a daily average of
5,000 barrels, compared with 409,000 barrels, a daily
average of 58,429 barrels, for the week ended Aug. 29.
The Institute's statement shows:
CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST
PORTS.
(Barrels of 42 gallons.)
month of
August.
At Atlantic Coast PortsBaltimoreBoston
New York
Philadelphia
Others
Total
Daily average
At Gulf Coast PortsTotal
Daily average
At Atlantic & Gulf Coast PortsTotal
Daily average
Week Ended
July.
107.000
Sept. 5.
210.000
37.000
763.000
343.000
307.000
35,000
509.000
230.000
133.000
979.000
31,580
1,660.000
53,548
35.000
5,000
30,000
968
42.000
1,355
1.009,000
32,548
1,702.000
54,903
Aug. 29.
377.000
32.000
35.000
5,000
409.000
58.425
409.000
58,429
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels 01 42 gallons.)
Month of
August.
At Atlantic Coast PortsGasoline
Kerosene
Gas oil
Fuel oil
Lubricants
Total
At Gulf Coast PortsGasoline
Total
803,000
Week Ended
July.
1,508.000
54,000
107.000
61.000
8.000
98.000
979.000
1,660.000
30.000
42.000
30.000
42,000
Sept.5.
Aug.29.
35,000
409.000
35,000
409,000
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES
PORTS.
(Barrels of 42 gallons.)
Month of
At Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others
Total
Daily average
Al Gulf Coast PortsGalveston district
New Orleans and Baton Rouge.Port Arthur and Sabine district_ _
Tampa
Total
Daily average
July.
Week Ended
Sept. 5.
Aug. 29.
1,011.000
483.000
2,844.000
694.000
798.000
818.000
348.000
3.245.000
909.000
675.000
409,000
65.000
969.000
224.000
100,000
148.000
238.000
503.000
98.000
65.000
5,830.000
188,064
5.995.000
193,387
1.767.000
252,429
1,052.000
150,285
129.000
78,000
214.000
230.000
130.000
98.000
305.000
9,839
65.000
78.000
58.000
574.000
18,510
58.000
8.285
143.000
20.429
6,135.000 6.569.000 1,825.000
197.903
211.903
260,714
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 gallons.)
1,195,000
170.714
At all United States PortsTotal
Daily average
Month of
August.
July.
Week Ended
Sept. 5.
Aug. 29.
Crude
Gasoline
Gee oil
Fuel oil
2,891,000
1,313.000
61,000
1.870.000
3,515.000
1,218,000
101,000
1.735.000
611.000
356.000
Total
6.135.000
6.569.000
1,825,000
1,195,000
910.000
304,000
606,000
233.000
Weekly Refinery Statistics for the United States.
Report compiled by the American Petroleum Institute
for the week ended Sept. 5, from companies aggregating
3,656,100 barrels, or 95.0%, of the 3,848,500 barrel estimated daily potential refining capacity of the United States,
•
indicate that 2,456,300 barrels of crude oil were run to stills
daily, and that these same companies had in storage at refineries at the end of the week 31,184,000 barrels of gasoline
and 135,330,000 barrels of gas and fuel oil. Reports received on the production of gasoline by the cracking process
indicate that companies owning 95.6% of the potential
charging capacity of all cracking units manufactured 3,376,000 barrels of cracked gasoline during the week. The complete report for the week ended Sept. 5 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED SEPT. 5 1931.
(Figures in Barrels of 42 Gallons)
District.
Per Cent
Potential
Capacity
Reporting.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 98.9
Okla., Kans., Missouri_ 89.6
Texas
91.3
Louisiana-Arkansas
98.9
Rocky Mountain
89.3
California
96.5
Crude
Runs to
Stills.
Per Cent
OperWed.
3,200,000
705.000
2,453.000
2,009,000
3,882.000
1.217,000
318,000
3,410,000
72.1
73.3
81.2
65.9
72.5
75.4
31.9
55.3
Total week Sept.5
Daily average
Total week Aug. 29._
Daily average -
95.0
95.0
17,194,000
2.456,300
17.171,000
2,453,000
Total Sept.6 1930
Daily average
95.6
16.537,000
2,362,400
Gasoline
Stocks.
4,462,000
1.171,000
3.640,000
2,439,000
5,597.000
741.000
1,266,000
.11,868,000
Gas and
Fuel CM
Stocks.
10.937.000
1,472.000
4.570.000
5,060.000
11,790.000
3,154.000
809,000
97,538.000
67.2
31.184.000
135.330,000
67.1
b32,267,000
134,885.000
67.0
b37.176.000
140.330.000
c Texas Guif Coast_-- 99.8
2,961.000
79.6
4,461,000
8.337.000
c LouLsiana Gulf Coast_ 100.0
808,000
78.2
574.000
2,119.000
a In all the refining districts Indicated except California. figures in this column
represent gasoline stocks at refineries. In *California they represent the total
Inventory of finished gasoline and engine distillate held by reporting companies
wherever located within continental United States (stocks at refineries, water terminals and all sales distributing stations, including products In transit thereto).
b Revised due to transfer in Indiana-Illinois district or 948,000 barrels to bulk terminal stocks from "at refineries." where they had previously been included. Aug. 1,
8 15 and 22. 1931. U. S. total at refineries previously reported should be reduced In
Indiana-Ipinols district by 1.119.000, 1,044,000. 1,008.000 and 1,039,000 barrels.
respectively. Weeks of Aug. 2. 9, 16. 23 and 30 1930 should be similarly treated
by subtracting 1,134.000. 1.162,000, 1.235,000, 1.245.000 and 1,253,000 barrels,
respectively, from U. S. total and Indiana-Illinois district figures previously reported. c Included above In tab.e for week ended Sept. 5.
Note.-All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills Include both foreign and domestic crude. In California stocks of
heavy crude and all goods of fuel oil are Included under the heading "Gas and Fuel
011 Stocks."
Export Copper Cut to New Low of 73
4 Cents-Wire
Price Also Is Lowered.
The following is from the New York "Times" of Sept. 11:
States
Imports of Petroleum at Principal United
Ports Decline During August.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined oils',
at the principal ports for the month of August totaled
6,135,000 barrels, a daily average of 197,903 barrels, compared with 6,569,000 barrels, a daily average of 211,903
barrels for the month of July. Imports at the principal
United States ports for the week ended Sept. 5 totaled
1,825,000 barrels, a daily average of 260,714 barrels, coin.'
pared with 1,195,000 barrels, a daily average of 170,714
barrels for the week ended Aug. 29. The Institute further
reports:
August.
1693
A low record price for copper for export was established yesterday,
when Copper Exporters, Inc., announced a reduction of a quarter cent
a pound in that quotation to 7.75 cents, c.i.f. European base ports. The
reduction brought the export price In line with the domestic quotation,
which has been 7% cents a pound for more than a month.
The cut, which was the first since the end of July. stimulated business
sharply, and export sales for the day were estimated at 3,000,000 to
4,500.000 pounds.
Upon announcement of the lower export price, the General Cable Corp.
reduced the price of copper wire a quarter cent to 9!..4 cents a pound.
The National Electric Products Corp. also lowered the price of wire products.
The cut in copper prices was accompanied by rumors of a forthcoming
conference of coPper producers to act on proposals to bring the output of
the metal Into line with the diminished demand. Copper producers said
that conversations aiming to reduce output would probably be held within
the next month.
Crude Oil Production in United States 28% Below
That of a Year Ago.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Sept. 5 1931 was 1,746,300 barrels,
as compared with 1,751,550 barrels for the preceding week, •
a decrease of 5,250 barrels. Compared with the output
for the week ended Sept. 6 1930 of 2,437,050 barrels daily;
the current figure represents a decrease of 690,750 barrels
per day. The daily average production east of California
for the week ended Sept. 5 1931 was 1,243,100 barrels, as
compared with 1,245,750 barrels for the preceding week,
a decrease of 2,650 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedSept. 5 '31. Aug.29'31. Aug.22'31; Sept. 6 '30.
Oklahoma
256,600
269.850
265.850
565.000
98.700
Kansas
99,550
104.400
113.550
61.200
Panhandle Texas
57.800
59.000
97,450
54,350
North Texas
55.500
55.150
71.200
22.750
West Central Texas
23,150
23,150
52.000
209.900
West Texas
206.050
204.550
275.950
Texas
Central
East
58.200
51.550
53,950
40.150
848.450
a
East Texas
5
Southwest Texas
54.350
58.750
57.350
88.400
29.800
North Louisiana
29.650
29.750
40.450
37,900
Arkansas
37.300
37.450
53.500
129.000
Coastal Texas
127.400
130,750
179.600
23,650
Coastal Louisiana
22.450
23.500
24.600
Eastern (not including mtehtsan)
106.050
101.750
99.800
113.500
8.500
9.900
10.150
NI kbIgan
9.350
39.150
38.000
85.500
Wyoming
45.550
7,900
7.900
Montana
7.850
9.100
4,200
4,000
Colorado
3.950
4.500
42,100
43.300
43.100
New Mexico
46.900
503,200
505.800
California
515,300
606.300
1.746,300 1.751.550 2.608.250 2,437.050
Total
x The complete shutdown, which became effective in East Texas on Monday
morning, Aug. 17. was still in effect during the period which would ordinarily
be reported for that area in this statement, that is, the week ended Wednesday
morning, Sept. 2.
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west central, west,
east central, east and southwest Texas, north Louisiana and Arkansas,
for the week ended Sept. 5 was 884.150 barrels, as compared with 888.400
barrels for the preceding week, a decrease of 4.250 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
857.400 barrels, as compared with 861,850 barrels, a decrease of 4,450
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
—Week Ended—
—Week Ended—
Sept. 5. Aug.29
Southwest Texas—
Sept. 5. Aug.29
Oklahoma—
2,650
2,650
Chapmann-Abbot
3.750
Bowie
19,050 22,700
12,750 12,700 Darst Creek
Bristow-Slick
7.450
7.400
12,300 12,350 Luling
Burbank
11,000 10,750
1,100 Salt Flat
1,000
Carr City
North Louisiana
8,250 8,850
Earisboro
900
900
2,150 Barents-Carterville
1,650
East Earlsboro
6,450
6,500
1,700 Zwolle
1.300
South Earlsboro
Arkansas—
1,350
1,300
Konawa
3.100
3.200
9,300 10.600 Smackover. light
Little River
26,750 26,550
3,350 Smackover,heavy
2.850
East !Atte River
Coastal Texas—
950
950
Maud
19.300 20,450
2,100 Barbera Hill
1.600
MissIon
6.400
6.300
7,650 Raccoon Bend
9.300
Oklahoma cny
24.300 24.100
12,100 13,600 Refuglo County
St. Louis
11.550 11,500
2,600 Sugarland
2,300
Searight
Coastal Louisiana—
5.500
4,500
Seminole
1,900
2,950
1,050 East Hackberry
850
East Seminole
650
650
Hackberry
Old
Kansas—
Wyoming-6,700
3,950
Ritz
24.450 23,150
15,650 15,000 Salt Creek
Sedgwlek County
Montana—
14,950 14,700
Voshell
4.400 4,400
Kevin-Sunburst
Panhandle Texas—
Mexico—
Nets
42.450
41,650
County
Gray
37.050
37.050
12,000 10,700 Hobbs High
Hutchinson County
3,950
Balance Lea County.... 2,700
North Texas—
California—
11,700
11,500
Archer County
26.400 26.300
7,500 Elwood-Goleta
North Young County__ _ 7,450
19.300 20.000
12,600 12,700 Huntington Beach
Wilbarger County
13.700 13.900
Inglewood
Wed Central Texas—
61.400 62.500
3,000 Kettleman Hills
South Young County... _ 3,000
77,300
77,400
Beach
Long
West Texas—
50.700 50,200
Crane & Upton Counties 22,400 21,350 Midway-Sunset
21.200 22,000
7,800 Playa Del Rey
7,650
Ector County
61.700 61,400
29.000 28,400 Santa Fe Springs
Howard County
13,400 12,700
28,600 24.800 Seal ileac%
Reagan County
40,400 39,800
38,000 38.700 Ventura Avenue
Winkler County
69.500 70,800
Yates
Pennsylvania Grade—
2,600
3.100
Balance Pecos County
6,450
7.300
Allegany
East Central Texas—
25.600 24,000
49,750 45,900 Bradford
Van Zandt County
7.350 6.600
Kane to Butler
East Texas—
6.500 6,150
--- Southeastern Ohio
Runk County—Jolner... ---3,150
3.400
Southwestern Penna
Kilgore
13,900 12,400
Virginia
West
..
---Co.—Longview..
Gregg
a See footnote x under table above.
Slab Zinc Production Slightly Higher—Shipments Fall
Off—Inventories Decline.
According to the American Zinc Institute, Inc., output of
slab zinc totaled 21,467 short tons during the month of
August 1931 as against 21,365 tons in the preceding month
and 41,012 tons in the corresponding period last year. Shipments amounted to 23,599 tons as compared with 28,460 tons
in July 1931 and 31,901 tons in August 1930. Stocks at the
end of August 1931 totaled 129,701 tons as against 131,833
tons at July 31 1931 and 126,835 tons at Aug. 31 1930.
Production of slab zinc during the eight months ended
Aug. 31 1931 amounted to 215,552 short tons as compared
with 358,241 tons in the same period last year, while shipments totaled 229,469 tons as against 306,836 tons during
the first eight months of 1930. The Association's statement
shows:
SLAB ZINC STATISTICS(ALL GRADES)1929, 1930 & 1931 (Tons of 2,000 lbs.)
Produced
During
Month.
Shipped
During
Month.
50,882
48.057
55.107
55.203
57.475
52.532
64.447
55.708
51.994
54.513
48.411
47.292
60.234
52,395
58.483
68.334
58,228
49,182
47.943
51,980
47.202
48,777
43,148
36,717
Total
1930.
January
February
March
April
May
June
July
August
September
October
November
December
631.601
802,601
52,010
44,628
48.119
44,435
44.556
43.458
40,023
41,012
40,470
40.922
32,097
32,733
40.704
41,298
41,820
40,597
38,681
36,448
35,389
31,901
32.470
32.430
30.285
34.254
Total
1931.
January
February
March
April
May
tune
July
August
504.463
436.275
32.522
29,562
30,328
29,137
25.688
23.483
21.365
21,467
31,064
30,249
35,224
27.418
25.851
27.604
28.480
23,599
215.552
229.469
Month,
Rdorts Unfilled
Stock at a SW- OPerarg Orders Daily
End of pad for End of End of Aver.
Month. Export. Month. Month. Prod.
.
1929
January
February
March
April
May
June
July
&must
September
October
November
December
Total
[VOL. 133.
FINANCIAL CHRONICLE
1694
47.058
42,720
39.364
38.233
35.482
38.832
45.336
49,084
53.856
59.592
64.855
75,430
63,698
68.127
68.015
70,455
70.533
69.703
69.911
69.408
69.468
87.638
68.723
57,999
58.726
59.610
79.995
55.571
42.883
38.127
32,031
24.283
20,370
14.844
11,872
18,585
1.641
1,718
1.778
1,840
1454
1,751
1,758
1,797
1.733
1,758
1,814
1,526
59.457
57.929
51,300
50.038
52.072
52.428
46.030
50.404
44,974
41,004
37,492
33,640
39.017
32.982
29.330
29,203
30.515
28.979
34.135
28.972
27,108
29,510
24.481
28.851
1,678
1.594
1.552
1.481
1,437
1.449
1.291
1.323
1,349
1.320
1.070
1,056
1 35,635
0 35,518
0 34.221
0 29.072
20 23.024
0 21.422
20 21,666
0 721.705
30.251
33,453
31,216
38,150
31,146
33.086
24,815
20,503
1.049
1,056
1,043
971
829
783
889
692
1,551
1.014
1,025
1,227
690
235
185
185
123
67
39
11
8,352
88.736
90.068
96,367
100.205
108.080
113,090
117,724
126.835
134,835
143.327
145,139
143,618
20
8
17
28
31
37
31
17
11
0
0
0
196
14.5,076
144.389
141.493
143.212
143.049
138,928
131.833
129,701
41
Export shipments are included in total shipments. 7 One company's retorts
estimated.
Average Retorts Operating During First Eight Months.
Jan.
Feb.
Aug.
April. March.
July.
May.
June.
35,137
36,823
33,047
29,165
23,032
22,298
1931_20,540 20,320
58,403 61,612
54,809
1930._ _48,575 44,646
52,440 52,004 50,261
Note.—The foregoing figures have been adjusted to Include a number of corrections
made by slab zinc producers In their reports as originally submitted to the Institute.
The corrections were made to Insure uniformity In the method of reporting and
particularly to include in "Stock on Hand- all slab sine at the reporting Plants.
regardless of whether sold or unsold.
Non-Ferrous Metal Prices Hold in Stagnant Market
Copper 73/ Cents—Lead, Zinc Unchanged—Tin
Off ,1 Cent.
Prices of non-ferrous metals in the domestic market
held remarkably well in the past week considering the almost
daily weakness in London, the continued downward trend
of the stock market, and the lower levels of other commodities, "Metal and Mineral Markets" reports. Volume of
sales, however, was so small that prices in many instances
were little more than nominal. The publication adds:
Copper is still 73,6 cents, though the position is easier. Lead also is unchanged so far as primary producers are concerned, but the market was
killed by offers of remelted lead at a 15-point concession. Zinc has not
budged from 3.80 cents. Tin dropped a cent for the week, following the
London market, but silver gained half a cent. The minor metals were
unchanged.
The large copper producing groups are still out of the market,leaving the
custom smelters what little business there is. Heretofore, these sellers have
had as much copper to sell as the consuming trade was willing to take, but
in the last few days it appears that all offers have been accepted. Further
limitation of production is generally considered to be the only hope for a
preservation of even the present low price structure. It was expected that
some steps would be taken in this direction this month, but no gathering of
the officials of the large producers now seems to be in prospect before October.
Demand for lead has dropped to almost nothing following the broadcasting of lower prices in the New York market. The producers of primary
lead disclaim any Intention of making any reduction unless London should
drop much further. They have sold most of their September intake already
and with production well in line with consumption, their books are in good
shape.
World Zinc Output Continued to Decline in July.
World production of zinc in July is estimated at 76,033
tons compared with 80,555 tons in June and 86,328 tons in
May, according to statistics released by the American Bureau
of Metal Statistics and given in the "Wall Street JournaL"
Production of zinc in the United States in July was 21,365
tons against 23,483 tons in June and 25,688 tons in May.
Polish production of zinc in July was 12,017 tons against
13,417 tons in June and 13,887 tons in May. Canadian production was 10,450 tons in July against 11,226 tons in June
and 12,049 tons in May.
The following table shows production of slab zinc in the
several countries, unallocated according to the origin of the
ore, except in the instances of the United States and Mexico.
Zinc produced in the United States from Mexican ore is
separated and added to Mexico.
ZINC PRODUCTION OF THE WORLD (IN TONS OF 2,000 POUNDS)•
First
June.
July.
May.
7 Mos.
April.
March.
United States
Mexico
Canada
*Belgium
France
:Germany
Great Britain
Italy
Netherlands
sPoland
Spain
A stralla
Rhodesia
eElsewhere
Totals as reported
and estimated_
32,328
3,275
11,622
•
6,350
4,884
3,218
1,532
2,056
15,577
983
5,139
1,495
9,100
29,137
3,384
11,280
•
6,105
3,944
2,192
1,433
1,924
14,154
947
5,006
1,131
9,000
25,688
3,630
12 49
10
6,044
3,354
1,924
1,409
1,935
13,887
972
5,339
1,137
9,000
23.483
3,184
11,226
*
5,786
3,015
1,282
1,436
1,769
13,417
938
4,973
1,148
8,900
21,385
3,255
10,450
*
5,707
3,096
1,809
1,593
1,746
12,017
957
5,038
9,000
194,085
23.921
76,963
•
43.708
30,428
15.402
11,124
13,281
101,818
6,831
36,275
7,896
81,700
97,639
89,637
86.328
80,555
76,033
621,812
a Includes zinc dust, which amounts o about 300 tons per month. Y Partly
estimated. Includes Norway, Jugo Wavle, Czechoslovakia, Russia, Indo-China and
Japan. z Includes zinc dust. • Not reported.
Note.—The production of Belgium, omitted from the above table, which averaged
13,250 tons in the first six 111011th9 VMS probably somewhat lower than that In July
Steel Backlog at Low for Year.
The unfilled orders on the books of subsidiaries of United
States Steel Corp. at the end of August totalled only 3,169,457
tons, the lowest since May 1927, when the backlog was
3,050,941 tons. During August the orders fell off 235,359
tons, the tonnage on July 31 having been 3,404,816 tons. At
Aug. 31 1930 unfilled orders were 3,580,204 tons. Below
we given the monthly figures back to January 1926.
UNFILLED ORDERS OF SUBSIDIARIES OF
End of Month.
1929.
1931.
January
,5
4
4,468,i10 4,109,487
February
3,965,194 4,479.748 4,144,341
March
3,995,330 4,570,653 4,410.718
April
3897.729 4.354,220 4,427.763
May
3,620,452 4,059,227 4,304,167
June
3 479.323 3,968,064 4,256,910
July
3,404,816 4,022.055 4,088,177
August
3 189,457 3,580.204 3,658.211
3,424,338 3,902,581
September _ _ _ _
3,481,763 4,086,562
October
3,639.636 4,125,345
November3,943,596 4,417,193
December
U. S. STEEL CORPORATION.
9 .
1928.
4.275,947 3,800.177 4,882,i39
4,398,189 3,597,119 4,616.822
4,335,206 3,553,140 4,379,935
3,872,133 3,456,132 3.887,976
3,416,822 3,050,941 3,649,250
3,637,009 3,053,246 3,478,642
3,570,927 3,142,014 3,602,522
3,624,1'43 3,196,037 3,542,335
3,698,368 3,148,113 3.593,509
3,751.030 3.341,040 3,683,661
3,643,000 3,454,444 3,807,447
3,976,712 3,972.874 3,980,969
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1695
fabricating projects, aggregating 37,000 tons, include two Federal buildings at Washington, each of which calls for 10.000 tons. Many pending
jobs are approaching the contracting stage. On the Pacific Coast alone
work likely to be placed this month calls for a total of 46,000 tons. In
Illinois the award of considerable concrete bar and structural steel tonnage
is expected to follow the apparent settlement of a controversy over the
State's "standard" wage law.
Rail inquiries include 8,200 tons for the Delaware & Hudson and 10.000
to 30,000 tons for the Boston & Maine. The Pennsylvania is expected to
come into the market for 150,000 tons.
A slightly stronger scrap market at Pittsburgh has raised the "Iron
Age" composite price for heavy melting steel to $9.17 from the season's
low of $9.08 a ton. The pig iron composite price has declined to $15.42,
a new low since October 1915. Finghed steel is unchanged at 2.116c. a lb.
A comparative table follows:
FinisheceSteel.
Sept. 8 1931. 2.116c. a Lb.
Based on steel bars, beams tank plates
One week ago
2.116c. wire, rails, black pipe and sheets.
One month ago
2.1160. Those products make 87% of the
2.142c. United States output. .
MONTHLY PRODUCTION OF STEEL INGOTS,JANUARY 1930 TO AUGUST One year ago
Low.
High
1931-GROSS TONS.
1931
2.142c. Jan. 13
2.102c. June 2
Reported by companies which made 95.21% of the open-hearth and Bessemer 1930
2.362e. Jan. 7
2.1210. Dee. 5
steel ingot production in 1930.
1929
2.412c. Apr. 2
2.362c. Oct. 25
1928
2.391.0. Dec. 11
2.314c. Jan. 3
•
1927
2.453e. Jan. 4
2.293c. Oct. 25
Monthly
Calculated NO.Of Approx. Per
1926
2.453o. Jan. 5
2.403c. May 18
Month.
OpenBessemer.
Output
Monthly Work- Daily
Cent,
1925
2.56Gc. Jan. 6
2.396c. Aug. 18
Hearth.
Companies Output AU fag Output OperaPig Iron.
Reporting. Companies. Days. AU Cos. tion.a
Sept. 8 1931. 315.42 a Gross Ton.
Based on average of bask Iron at vane.
1930.
One week ago
$15.50 furnace and foundry irons at Chicago.
Jan
3,157,761
One month ago
441,572 3,599.333 3,778,235 27 139,935 69.89
15.50 Philadelphia, Buffalo, Valley and SirFeb
3,335.428
508,618 3.844.046 4,035,111 24 168,130 83.59
One year ago
16.88 Ininghs,m.
March
3,513.269
539.616 4.052.835 4,254.331 26 163,628
High.
Low.
April
3.405,671
509.234 3.914.905 4.109,492 28 158.057 81.73
1931
$15.90 Jan. 6
78.95
$15.42 Sept. 8
May
3.265.353
528.968 3,794,321 3,982,915 27 147.515 73.68
1930
18.21
Jan. 7
15.90 Dec. 16
June
2,849.079
407.586 3.256,665 3,418,535 25 136.741 68.30
1929
May
18.71
14
18.21 Dec. 17
July
2.430.128
353,723 2,733,851 2.922.220 26 112.393 56.14
1928
18.59 Nov.27
17.04 July 24
Aug
2,541.367
374,467 2.915.834 3,080,763 28 117.722 53.80
1927
19.71 Jan. 4
17 54 Nov. 1
1926
21.54 Jan. 5
19.46 July 13
8 mos.. 24,498,056 3,663,784 28,161,840 29,561,602 207 142,810
1925
22.50 Jan. 13
71.33
18.96 July 7
Steel Scrap,
Sept
2,275,910
429.975 2,705,885 2,840,379 26 109.245 54.56
Oct
Sept. 8 1931, 39.17 a Gross Ton.
2.165.341
Based on No. 1 heavy melting steel QUO399,704 2.565,045 2,692.539 27
99,724 49.81
One week ago
Nov
39.08 tations at PIttsburgh. Philadelphia
1.807.133 300.337 2,107,470 2,212,220 25
88.489 44.20
One month ago
Dec
and Chicago.
9.25
1.659.026
226,788 1.885.814 1,979,547 26
76.136 33.03
One year ago
13.75
Total -- 32,405,466 5,020,588 37,426,054 39,286.287 311 126,322
High.
Low.
63.09
1931
311.33 Jan. 6
59.08 June 23
1931.
1930
15.00
Feb. 18
11.25 Dee. 9
Jan
2,044,298
296,620 2,340,918 2,458,689 27
1929
17.58 Jan. 29
42.86
14.08 Dec. 3
Feb
2,085.529
296,974 2.382,503 2,502,366 24
1928
49.08
16.50 Dec. 31
13.08 July 2
March
2,501,060
346,137 2.850,197 2,993.590 26
1927
54.20
15.25 Jan. 11
13.08 Nov.22
April
2,275.404
316.668 2,592,072 2.722,479 26
1926
49.29
17.25 Jan. 5
14.00 Juno 1
May
2.083.833
301.639 2,385,472 2.505,485 26
1925
45.36
20.83 Jan. 13
15.08 May 5
June
1.7R0 109
246 365 1.976.474 2.075 910 26
37.58
July
*1,570,776
225.030 •1,795,806 *1,886,153 26
Steelmaking operations this week are down to about 28%,
*31.15
August.- 1,462,469
174,631 1,637.100 1,719,462 26
31.13
three points under last week, and the lowest since the begin8 mos__ 15.758.478 2.2841814 17_4188.542 18.8114 114 207
al 121 go on
ning of the depression, due, of course, to the interruption
•Revised.
on Labor Day, according to the magazine "Steel" of Sept.
•The figures of "per cent of operation" In 1930 are based on the annual
capacity 10. The outlook is that next
as of Dec. RI 1929: of 62,265,670 gross tons for Bessemer and open-hearth
week operations will rebound
steel
ingots,and In 1931 are based on the annual capacity as of Dec.31 1930, of
66,069,57(1 at least to the level prior to the holidays. This expectation,
gross tons for Bessemer and open-hearth steel Ingots.
•
m..3-40o.0c
cowro.F.A.r.
7.1,61W:4.14g
wo..0.w=
w&wo.m.w
Steel Production Off Further in August.
The American Iron & Steel Institute in its usual monthly
report of steel ingot production calculates the output by all
companies during the month of August at 1,719,462 tons,
a decrease of 166,691 tons from the previous month when
there were produced 1,886,153 tons. In August 1930 the
output was 3,060,763 tons. For the 26 working days in
August 1931, approximate daily output was 66,133 tons
while in July, with the same number of working days,
production averaged 72,544 tons per day. In August 1930
in which month there were also 26 working days, the output
approximated 117,722 tons daily. Below we give the figures
as put out by the Institute for each month back to January
1930:
however, is not based on any turn for the better in tangible
demand. "Steel" further states:
Steel Output Again Falls Off, Due to the Interruption
Considering all products, there is no change in the market situation so
on Labor Day-Price of Pig Iron Lowest Since far as mill books are concerned, and no expansion in consumers' commitments.
But, there still is a rather wide-spread conviction that over the
October 1915-Steel Scrap Price Higher.
final weeks of September, and carrying through October, there will be
passing
of Labor Day, which marks the end of the some mild improvement. This, too, is more of an expectation than a
The
summer vacation period, has had the usual effect of inject- deduction founded on actual business.
Even structural steel,
has been one of the major supports of the
ing renewed vigor into iron and steel sales programs, reports market, fails to display which
much activity this week. Structural awards for
the "Iron Age" of Sept. 10. While it would be an exaggera- the week, amounting to 20,184 tons, are less than a fifth as large as last
week, and a little more than a third of the 47,615 tons in the comparable
tion to say that any marked betterment in demand is ex- week
last year. The largest single award is 8.200 tons for highway work
pected to result from a more concerted drive for business, in Newark, N. J.
Inquiry for structural steel at New York continues to pile up, with
the industry is at least more cheerful, viewing such favor40,000 tons additional about to come out, of which 25,000 tons is for
able indications as there are with satisfaction and awaiting elevated
highways. Bids go in this week on 22.500 tons for a freight
further developments with hope. The "Age" continues:
terminal for the Port of New York Authority. Eleven thousand tons of
reinforcing bars have been released for Illinois highway work by interWhile August was a disappointment, in that it failed to give any
cue as pretation of the Illinois "prevailing wage rate" law.
to fall business prospects, it was nevertheless reassuring in that it
showed
Automotive requirements are almost certain to increase as September
that both production and prices have struck resistance levels. Steel
ingot wears on, due to the scheduling of many new models for
output varied but little throughout the month and registered the
October and
smallest
November production. Ford has distributed orders for 25,000 of certain
decline from a previous month since the inception of the current
recession parts to complete current models. Railroad releases
of track material
last April. The record since the first of September likewise suggests
that are moderately broader at Chicago, but diminished elsewhere.
bottom has been plumbed so far as production is concerned.
An inquiry
Although from Lincoln, Neb., for 12,000 tons, is the largest of fresh
adversely affected by Labor Day curtailment, present ingot
requirements
output aver- for pipe. Due to an anticipated
advance in railroad freight rates, inquiries
ages about 30% and before the week end may again equal or possibly
at Pittsburgh for general cargo and tank barges is more active, one line
exceed the 31% rate of a week ago.
inquiring
as
many
for
as
40.
More
Belgian wire fencing and netting hag
rather
held
evenly since the first of August. There
Prices have
have been imported by the Chicago mail order houses.
been a few additional readjustments in pig iron. Including one in the
curBecause of low demand and the rather general conviction that Current
rent week which brings the "Iron Age" composite price down to $15.42
a ton, a new low since October 1915, but ruling quotations in most market prices are at, or close to the bottom, interest in prices for fourth quarter
is
only mild. The general expectation is that most of the current levels
unchanged.
Finished steel prices have remained
centers remained
gen- will be extended. Strip prices have been reaffirmed
for fourth quarter;
erally firm throughout this period.
wire prices are to be announced this week. Large rivets have been marked
Evidences of improved demand, although still too fragmentary
to be down $5 a ton, effective Sept. 9. Sheet mills
hope to obtain a moderate
regarded as conclusive, include a slight gain in releases from the automobile industry, the appearance of several rail inquiries, a heavier flow of advance on autobody sheets.
Although production of steel Ingots declined in August, as did the outpublic works requirements in structural steel and reinforcing bars
and
More active consumption by a number of miscellaneous industries, among put of pig iron, the decrease in the daily average for ingots was only 8.3%,
while for pig iron it was 12.7%. The August rate of ingot production was
them radio, stove and steel barrel manufacturers.
The Ford company placed steel orders to balance stocks for the produc- 31.1%, lowest since December 1921.
Actual daily ingot output was 66,133 gross tons, compared with 72.160
tion of 50.000 or more assemblies of its present model before going over to
tons in July, and 117,722 tons in August, 1930. Total output during the
a new car. Subsidiaries of the General Motors Corp. ordered steel for
was 1.719,462 tons, against 3,060,763 tons last year. For the
month
new models to be brought out late in the year. The Chrysler and Hudson
companies have issued inquiries for steel for fourth quarter which are eight months this year steel ingot production was at the rate of 42.9%;
expected to provide a severe test for current prices on baxs, strip steel last year, at 71.3%.
In raw materials, the prospects for improved shipments of pig iron are
and sheets. While estimates of automobile output for this month have
beginning to materialize moderately. The only price change of note is a
been revised upward from 160,000 to 180,000 units, substantial gains in
reduction of $2 a ton in Lake Superior charcoal iron at Chicago.
steel requirements are not expected to be felt until later in the year, when
"Steel's" price composites are unchanged this week, at $31.04 for steel
manufacturers start producing new models to stock their dealers. Orders
and iron: $48.72 for finished steel, and $8.66 for steelworks scrap.
for equipment necessitated by Impending model changes are giving a new
Although Labor Day is not generally recognized in the
stimulus to machine tool output. Folowing recent purchases by the
Chevrolet company, now estimated as totaling close to $1,000,000, the steel industry as a holiday, the small amount of new
busiLycoming Manufacturing Co., an Auburn subsidiary, has placed orders ness resulted
in many shut-downs for the beginning of the
amounting to $400,000.
Structural steel awards, at 41,000 tons, are well above the average, current week, states the "Wall Street Journal" of Sept. 9.
although falling far short of the total of 76,000 tons of a week ago. New As a result, steel ingot production for the
seven days
ended
1696
FINANCIAL CHRONICLE
with Monday, according to the "Journal" is estimated at
28%% of theoretical capacity, the lowest since the current
business depression started, a decrease of 2M% from the
preceding week, when the rate was 31%. Two weeks ago
the industry was at 32% of capacity. The "Journal" goes
on to say:
The United States Steel Corp. is credited with an average of 32%,
contrasted with 34% in the previous week and a little under 35% two
weeks ago. Leading independents dropped nearly 3% to 26%, against a
shade under 29% in the week before and about 30% two weeks ago.
the average was down 1% to 56%.
In the corresponding week of 1930.
with United States Steel off 2% to 63%, and the independents down a
small fraction to 51%. For the same 1929 week there was a decrease of
1% all around, with the average St%, United States Steel at 91% and
independents at 82%. For the like week in 1928 there was a fractional
gain in the average to 773%, with United States Steel up 1% at 78%.
and independents unchanged at 77%•
There has been some increase in output in the past two days with the
resumption at various plants, but the rate is not back to the level of a week
ago, and leading authorities are not willing to predict that activities will
mmediately recover the loss because of the Labor Day closings. Much
will depend upon the rate of incoming business in the immediate future.
August Output of Bituminous Coal Exceeds That of
Preceding Month, Although Still Below Rate a
Year Ago-Anthracite Production Continues to
Decline.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates show that there
were produced during the month of August 1931 a total of
30,517,000 net tons of bituminous coal, 4,314,000 tons of
anthracite and 67,800 tons of beehive coke, as compared
with 29,790,000 tons of bituminous coal, 3,954,000 tons of
anthracite and 75,900 tons of beehive coke during the preceding week and 35,661,000 tons of bituminous coal, 6,081,000 tons of anthracite and 168,300 tons of beehive coke in the
corresponding period last year.
The average daily rate of production of bituminous coal
in August 1931 totaled 1,174,000 net tons, as against 1,146,000 tons in.July last, and 1,372,000 tons in August last year.
The Bureau's statement follows:
No. of Average per Cal. Year to
Total for
Working Working Day End of Aug.
Month.
(Net Tons). Days. (Net Tons). (Net Tons.)
August 1931 (Preliminary) a30,517.000
28
Bituminous coal
4,314,000
26
Anthracite
26
67,800
Beehive coke
Juty 1931 (Revised)26
29.790,000
Bituminous coal
26
3,964.000
Anthracite
75,900
26
Beehive coke
August 193026
35.661.000
Bituminous coal
26
6,081.000
Anthracite
26
168.300
Beehive coke_ b
a Slight revisions of these estimates will be Issued in the
the middle of the month. b Final figures.
1,174,000
166,000
2,608
250,104,000
39,810.000
908,700
1,146,000
152.100
2,919
1,372,000 301,010.000
44.831,000
233,900
2,096,600
6,473
weekly coal report about
Production of Bituminous Coal in August Exceeds
Preceding Month-August Demand Up in Middle
West, Drops in East-Anthracite Business Picks
Up.
Signs that the summer slump had run its course in the
Middle-Western bituminous markets became apparent in
August, the "Coal Age" reports. An increase in the demand
for prepared sizes caused prices to stiffen in the closing weeks
of the month, and retailers, in general, showed more willingness to add to stocks, continues the "Age," adding:
the
Steam sixes failed to gain in the face of light industrial takings, with
went by.
result that slack and screenings prices eased slightly as the weeks
however. Both doAugust brought no relief to eastern marketing centers,
cases, slid
mestic and steam demand languished. and prices, in a number of
off in the closing weeks.
anthracite
Increased buying in the last week of August rescued the
demand was
markets of the country from an otherwise slow month. The
continued in
confined largely to domestic sizes, however, as the steam trade
scarce
its long-standing slump. Production curtailments made buckwheat
up.
at times, and shortened the supply of rice. Demand for stove picked
embarrassingly
was
while there was a let-up in the call for egg. Chestnut
plentiful, and pea also proved too abundant at times.
an
August production of bituminous coal is estimated at 30.517,000.
decline
increase of 727,000 tons over the July output of 29,790,000, but a
spot
of
index
of 5.144.000 from the August 1930 total. The "Coal Age"
130 3-5
bituminous prices for August (preliminary) stands at 1293. against
in July. Corresponding weighted average prices were: August $1.5634:
J1119. $1.58.
Production of Bituminous Coal and Pennsylvania
Anthracite Continues to Increase.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal and Pennsylvania anthracite again showed an increase over the preceding week. During the week ended Aug. 29 1931 there were
produced a total of 7,500,000 net tons of bituminous coal,
1,388,000 tons of Pennsylvania anthracite and 16,700 tons of
beehive coke, as compared with 7,116,000 tons of bituminous
[;or,. 133.
coal, 929,000 tons of Pennsylvania anthracite, and 15,900 tons
of beehive coke in the preceding week, 6,989,000 tons of bituminous coal, 771,000 tons of Pennsylvania anthracite and
14,500 tons of beehive coke during the week ended Aug. 15
1931 and 9,053,000 tons of bituminous coal, 1,917,000 tons of
Pennsylvania anthracite and 36,200 tons of 'beehive coke
during the week ended Aug. 30 1930.
During the calendar year to Aug. 29 1931 production of
bituminous coal amounted to 248,648,000 net tons as against
299,109,000 tons in the calendar year to Aug. 30 1930. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Aug. 29 1931,
including lignite and coal coked at the mines, is estimated at 7,500,000 net
tons. Compared with the output in the preceding week, this shows an
increase of 384,000 tons, or 5.4%. Production during the week in 1930
corresponding with that of Aug. 29 amounted to 9,053,000 tons.
Estimated United States Production of Bituminous Coal(Net Tons).
1930
1931
.a
ear
ate
ol.DY
Cf
Cal. Year
to Date.
Week.
Week Ended281,562,000
0
Wele.k
8,17
234,032,000
00 0
6,1989:0
16500
Aug. 15
1,463,000
1,362.000
1,216,000
Daily average
290,058.000
8,494.000
241,148,000
Aug.227116,000
1,461.000
1,416,000
1,215,000
1,180,000
Daily average
299,109.000
9,053.000
00
00
6:0
18
64
1:2
248
7 500,000
Aug. 29.b
1,463,000
1.509,000
Daily average
a Minus one day's production first week in January to equalize number of dare
in the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
Aug. 29 (approximately 204 working days) amounts to 248,648,000 net
tons. Figures for corresponding periods in other recent calendar years are
given below:
312,112,000 net tons
299,109,000 net tons I 1928
346,003,000 net tons
9
1192390
340,070,000 net tons I 1927
production of
total
the
one,
page
on
figures
As already indicated by the
soft coal for the country as a whole during the week ended Aug. 22 is
estimated at 7,116,000 net tons. This is an increase of 127,000 tons, or
1.8% over the output in the preceding week, and compares with 8,494,000
tons produced during the week in 1930 corresponding with that of Aug. 22.
The following table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Produdion of Coal by States(Net Tom).
Aug.
Week Ended
Aug.24
1923
Aug.23
Aug.15
Aug.22
1929. Aso-473.a
1930.
1931.
1931.
State321,000
337.030
263.000
207.000
210.000
Alabama
24,000
26,000
26.000
19,000
21,000
Arkansas
173,000
138.000
100.000
85,000
94.000
Colorado
902.000 1,037,030 1,363.000
753,000
774,000
Illinois
440.000
325,000
278.000
212,000
222.000
Indiana
100,000
67,000
54.000
40.000
40,000
Iowa
84,000
56,000
32,000
34.000
42.000
Kansas
765,000
938.000
823,000
654.000
706.000
Kentucky-Eastern
217,000
264.000
183,000
136.000
145,000
Western
44,000
44.000
40,000
33.000
32,000
Maryland
21.000
17.000
4,000
1,000
1,000
Michigan
61,000
55.000
65,000
50,000
52,000
Missouri
50,000
66,000
47.000
38,000
37,000
Montana
48,000
49,000
29.000
21,000
23,000
New Mexico
14,000
20,000
14,000
19,000
19,000
North Dakota
871,000
486,000
465,000
419.000
425.000
Ohio
62,000
55,000
45.000
35.000
37,000
Oklahoma
Pennsylvania(bituminous) 1,780.000 1,840,000 2,259,000 2,765,000 3,734.000
101.000
118,000
93.000
75.000
82.000
Tennessee
24.000
24,000
14,000
23,000
18.000
Texas
66.000
78.000
83,000
37,000
42,000
Utah
238,000
248,000
192.000
204,000
198.000
Virginia
40.000
47.000
40,000
28.000
26.000
Washington
1,802,000
2,115,000
1,515,000
1,528.000
West Virginia(Southern)b 1,566,000
566,000
712.000
409,000
875,000
431,000
Northern_c
102,000
154.000
114.000
83.000
92.000
Wyoming
4,000
5.000
2.000
1,000
1,000
Other States
Total bituminous coal.. 7,116,000 6,989.000 8,494,000 10,154,000 11,538,000
771,000 1.694,000 1.487.000 1,926.000
Pennsylvania anthracite__ 929,000
8,046,000 7,760,000 10,188,000 11.641,000 13,484,000
Total all coal
a Average weekly rate for the entire month. b Includes operation on the N.&
C.& 0.; Virginian, and K.& M. c Rest of State, Including Panhandle,
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during the
week ended Aug. 29 is estimated at 1,388,000 net tons. This is the highest
production in any week since May 2, and, compared with that of Aug. 22,
shows a gain of 459,000 tons, or 49.4%. Production during the week in
1930 corresponding with that of Aug. 29 amounted to 1,917,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930
1931
Daily Average.
Week.
Daily Average.
Week.
WeekEnded188,300
128,500
1,118,000
771,000
Aug. 15
282,300
154,800
1,894.000
929,000
Aug. 22.a
231,300
319,500
1,917,000
1 388,000
Aug. 29
a Revised since last report.
BEEHIVE COKE.
The total production of beehive coke during the week ended Aug. 29 is
estimated at 16,700 net tons. This compares with 15,900 tons produced
during the preceding week and 36,200 tons during the week in 1930 max&
spending with that of Aug. 29.
Estimated Weekly Production of Beehive Coke (Net Tons).
1931
Week Ended-1930
to
to
Ava.29 Aug.22 Aug.30
1930.
1931.c
Date.
Date.a
1931.b
Region709,100
25.700
12.600
1,509,600
13.000
Pennsylvania
6.600 84,000
337.000
1,700
2,200
West Virginia
800
2.800 79,900
173,000
800
Tennessee and Virginia
1,100
800
33,100
76,100
700
Colorado, Utah and Washington..
16,700 15,900 36,200 906,100 2,095,700
United States total
4,399
6,033
10,173
2,650
2,783
Daily average
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision. c Revised since last report.
SEPT. 12 1931.]
1697
FINANCIAL CHRONICLE
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended Sept. 9 as reported by
the Federal Reserve banks was $1,232,000,000, an increase
of $8,000,000 compared with the preceding week and of
$203,000,000 compared with the corresponding week in 1930.
After noting these facts the Federal Reserve Board
proceeds as follows:
On Sept. 9, total Reserve Bank credit amounted to 51.216.000,000. a
decrease of $5,000,000 for the week. This decrease corresponds with a
decrease of $84,000,000 in member bank reserve balances and increases of
$4,000,000 in Treasury currency, adjusted, and $2,000,000 in monetary
gold stock offset in part by increases of $57,000.000 in money in circulation
and $29,000.000 In unexpended capital funds, non-member deposits, &c.
Holdings of discounted bills declined $4,000,000 at the Federal Reserve
Bank of New York, and increased $6,000.000 at San Francisco, $3.000.000
at Philadelphia and $3,000.000 at all Federal Reserve banks. The System's
holdings of bills bought in open market and of United States securities were
practically unchanged.
Beginning with the statement of May 28 1930 the text
accompanying the weekly condition statement of the
Federal Reserve banks was changed to show the amount of
Reserve Bank credit outstanding and certain other items
not included in the condition statement, such as monetary
gold stock and money in circulation. The Federal Reserve
Board's explanation of the changes, together with the
definition of the different items, was published in the May 31
1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended Sept. 9, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages—
namely, pages 1734 and 1735.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Sept.9 1931, were as follows:
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Increase (+) or Decrease(—)
Since
Sept.9 1931. Sept. 2 1031. Sept. 10 1930.
1
$
260,000.000
+3,000.000
+76,000.000
198,000,000
+5,000,000
728,000.000
+126,000.000
30,000,000
—8,000.000
TOTAL RES'VE BANK CREDIT1,216,000.000
Monetary gold stock
5,000,000,000
Treasury currency adjusted
1,762,000,000
—5,000,000
+2,000,000
+4,000,000
+208,000,000
+ 497,000,000
—32,000,000
5,092.000,000 +57.000,000
Money in circulation
Member bank reserve balances
2,290,000,000 —84,010,000
Unexpended capital funds, non-mem597,000,000 +29,000,000
ber deposits, &o
+628.000,000
—138,000,000
+184,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as 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 brokers' loans the present week
records a decrease of $41,000,000, the amount of these
loans on Sept. 9 1931 standing at $1,325,000,000. The
present week's decrease of $41,000,000 follows an increase of
$17,000,000 last week and an increase of $6,000,000 the week
before. Loans "for own account" fell during the week from
8983,000,000 to 8949,000,000 and loans "for account of
out-of-town banks," from $220,000,000 to $215,000,000 and
loans "for account of others" from $163,000,000 to
$161,000,000. The present week's total of $1.325,000,000
is the lowest since Jan. 9 1924 when the amount was
$1,315,195.000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
CITIES.
New York.
Sept. 9 1931. Sept. 2 1931. Sept. 10 1930
RESERVE
Loans and investments—total
7,666,000,000 7.692,000,000 8,041,000,000
Loans—total
5,017,000,000 5,072,000,000 5,933,000.000
On securities
All other
2,643,000,000 2.683,000,000 3,523,000,000
2 374,000,000 2,389,000,000 2,409,000,000
Sept. 9 1931. Sept. 2 1931. Sept. 10 1930.
$
2,649,000,000 2,620,000.000 2.109,000,000
Investments—total
1,592.000,000 1,588,000.000 1.083,000.000
1,057,000,000 1,032,000,000 1,026,000.000
U.S. Government securities
Other securities
811.000.000
53,000,000
Reserve with Federal Reserve Bank — 766,000,000
Cash in vault
55,000,000
800.000.000
46.000,000
Net demand deposits
Time deposits
Government deposits
5,638,000,000 5,708,000,000 5,554,000,000
1,089,000,000 1,107,000,000 1.443,000.000
15,000.000
Due from banks
Due to banks
85.000,000
86.000.000
65,000,000
1.050.000,000 1,107,000,000 1,017,000,000
Borrowings from Federal Reserve Bank-
8,000,000
2,000,000
Loans on secur. to brokers & dealers
For own account
949,000,000
For account of out-of-town banks_
215,000,000
For account of others
161.000,000
983,000,000 1,614,000,000
220,000.000 770.000,000
163,000,000 759,000,000
1,325,000,000 1,366.000,000 3,143,000,000
Total
On demand
On time
977,000,000 2,542,000.000
389.000,000 602,000.000
935.000,000
390,000,000
Chicago.
1,796.000,000 1,797.000.000 2.031,000,000
Loans and investments—total
1,241,000,000 1,243,000,000 1,559.000.000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
718,000,000
523,000,000
725,000,000
518,000,000
940,000,000
619,000,000
555,000,000
554,000,000
471,000,000
323,000.000
232,000,000
322,000,000
232.000,000
193,000.000
278,000,000
813,000,000
15.000,000
205,000,000
15,000,000
184,000,000
13,000,000
1,194,000,000 1.203,000.000 1,285,000,000
513,000.000 528,000.000 669,000,000
3,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
158,000,000
311,000,000
157,000,000
314,000,000
165.000.000
363.000,000
2,000.000
1,000,000
1,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneous), 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 members banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Sept. 2:
The Federal Reserve Board's condition statement of weekly reporting
member banks In leading cities on Sept. 2 shows increases for the week of
$33.000,000 in loans and investments, $49,000,000 In net demand deposits
and $13,000.000 in borrowings from Federal Reserve banks, and a decrease
of $14,000,000 in time deposits.
Loans on securities increased $26,000,000 at reporting banks in the
New York district, $6.000,000 in the Chicago district and $29,000,000 at
all reporting banks. "All other" loans increased $33,000,000 in the New
York district and $34,000,000 at all reporting banks.
Holdings of United States Government securities declined $28,000,000
In the New York district and $32.000,000 at all reporting banks, while
holdings of other securities increased $15,000,000 in the New York district
and $2.000.000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $107,000,000 on Sept. 2, the principal change for the week
being an Increase of $6,000,000 at the Federal Reserve Bank of Chicago.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending
Sept. 2 1931. follows:
Increase (-I-) or Decrease (—)
Since
Sept. 2 1931. Aug. 26 1931. Sept. 3 1930.
Loans and investments—total,.._22.063,000.000
+33,000.000 —1.105.000.000
Loans—total
14,398,000,000
+63,000.000 —2.432,000.000
6,519,000,000
7,879,000,000
+29,000,000 —1,838.000.000
+34.000.000 —594.000.000
7,665,000,000
—30,000,000 +1,327,000.000
4,046,010.000
3,619.000,000
—32,000.000 +1,136,000.000
+2,000.000 +191,000,000
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Res've banks 1,807,000,000
227,000.000
Cash n vault
+20.000,000
—20,000,000
+21.000,000
+20,000,000
Net demand deposits
Time deposits
Government deposits
13,244,000,000
7,003,000,000
42,000,000
+49,000,000
—14,000,000
—385.000.000
—468.000.000
+26.000.000
1,374,000,000
3,192,000,000
+52,000.000
+140,000,000
—205.000,000
—302.000,000
107,000,000
+13.000,000
Due from banks
Due to banks
Borrowings from Fed. Res. banks.
+28,0oo,00
1698
FINANCIAL CHRONICLE
[vol.. 133.
Heavy increases in the taxes on beer, tobacco, gasoline and theatre
Increased British Income Taxes, Higher Duties on tickets also will increase the revenue materially. This increase during
Tobacco, Gasoline, and Cut in Salaries and Dole the next year and a half is expected to amount to $72,500,000 on beer,
Called for in New Budget Presented to Commons which will cost 2 cents more a pint; of $30,500,000 on tobacco, which will
cost 1 cent more an ounce; of $57,000,000 on gasoline, which will cost
by Chancellor Snowden.
4 cents more a gallon, and $17,500,000 on theatre tickets, bringing a
In order to meet an expected deficit of $370,000,000 in total increase in revenue of $177,500,000 for these four items.
the economies and increased taxes, combined, an estimated deficit
this year's budget and $850,000,000 in Great Britain's 1932 of By
$373,395,000 for the current fiscal year has been turned into an estipreSnowden
budget, Chancellor of the Exchequer Philip
mated surplus of $7,605,000, and an estimated deficit for the fiscal year
sented the House of Commons on Sept. 10 with an interim 1932-33 of $850,000,000 has been turned into an estimated surplus of
$7,500,000.
budget which calls for increased income taxes, heavier levies
on liquor, tobacco, gasoline and amusements and drastic
United States Taxes Light Compared to British—Man
economies in Government salaries and unemployment relief
of Small Income Here Pays 11./i% While English
appropriations. The account in the London cablegrams
Rate Is 25%.
Sept. 10 to the New York "Journal of Commerce" from
The following from Washington, Sept. 10 (Associated
which we quote, added:
Facing the taunts of his former associates of the Labor Party, Chancel- Press) is from the New York "Times":
lor Snowden proposed that the "dole" be reduced by approximately 10%
while encouraged by cheers from the Liberals and Conservative benches
he announced that the government is prepared to increase the income tax
to Os on the pound or approximately 25%.
Effective to-morrow the duty on beer will be increased 1 penny a pint,
the customs duty on imported leaf tobacco will be raised to 8d per pound
and the gasoline duty will be advanced 2d per gallon, he told the members
of the House.
Salaries Are Cut.
The new budget, which has already won for itself the appellation of the
"axe and tax" budget, provides that wages of policemen shall be reduced
by a sliding scale running upward from 5s a week while the salaries of
school teachers will be cut 15%.
Analyzing the effects of his proposals, Chancellor Snowden stated that
against a deficit of $373,395,000 in this year's budget, the new measures
provide for economies of $110,000,000, additional revenue from taxes and
inland levies of $145,000,000, customs and excise revenue of $57,000,000,
and a saving of $68,500,000 on debt redemption. This, he figured should
leave a surplus of $7,500,000.
The same measures should yield next year economies of $350,000,000,
debt savings of $100,000,000, new taxes and inland revenues of $287,500,000,
customs and excise revenues of $120,000,000, thereby offsetting the
$850,000,000 deficit estimated for that year.
Surtax Increased.
Besides increasing the income tax to 25%, Chancellor Snowden also
Proposed that allowances on small incomes be reduced and that the surtax on incomes exceeding 2,000 pounds a year be increased 10% in addition to the income tax.
Some relief is to be granted large industrial taxpayers by permitting
them to increase the allowance which they may deduct for depreciation
in plant and machinery. The Chancellor furthermore announced that
some provision for the conversion of the Government debt would be made.
The new budget was greeted in financial circles here with a sigh of
relief. While there are many who would have preferred to see a revenue
tariff imposed instead of the increases in the income tax, it was generally
felt that the publication of the new budget would do considerable toward
relieving the tension under which business has been transacted here during
the past few weeks.
See Confidence Restored.
It is expected that confidence in British financial institutions will be
considerably enhanced due to the fact that no other country has prepared a
balanced budget for the year ending March 1932, while a drain on sterling
is now expected to be avoided by the attainment of financial equilibrium and
the end to the squandermania which has characterized the recent financial
history of this country.
This scene in the House of Commons while Chancellor Snowden announced
his budget proposals were tensely dramatic. The attack of the Labor
Party was confined for the day to occasional jibes but there was every
indication that some of the Chancellor's former close associates are preparing a bitter rebuttal for to-morrow.
American income tax payers may well be happy with their lot as compared with their British brothers
view of the proposed increases outlined by Chancellor Snowden to-day in tne House of Commons.
Americans pay a meager income tax when computations are made for
men of like incomes in the two countries. The American of small income
pays 134 Vo after a 25% deduction is made on earned income but he is
exempt $1,500 if single, $3,500 if married and receives an additional
exemption of $400 for each child. His British brother is to pay 25%
under the new rates, is to be allowed $500 exemption if single, $750 if
married and in addition if he has children, $250 for the first child and
$200 for each other child.
An American single man or woman with a salary of $2,000 pays only
$5.62 income tax after deducting the allowed exemption and making no
other allowable deductions. Under the new British rates a single man
with the same income will pay approximately $375.
The married man with a $2,000 income in the United States pays no
Income tax; in Britain be will pay $312.50 income tax, while one with
an income of $4,000 would pay $812.50. An American married man
with a $4,000 income would pay $5.62. A married man with one child
and a $4,000 income in England will pay $725 under the new rates,
while one with similar income and a child in the United States pays
only $1.12.
Virginia Tobacco Men Surprised at Action of British
Government in Increasing Tobacco Duty.
The following Danville (Va.) dispatch, Sept. 10, is from
the New York "Times":
An increase of 16 cents per pound added by the British Government in its
emergency budget to the present import duty of $2.16 per pound on tobacco,
announced in London to-day, took the Southern trade, where large purchases
for British account are made completely by surprise.
Only last Monday A. B. Carrington, President of the Tobacco Association
of the United States, had declared that no increase was contemplated.
He said to-day that the higher duty would have "some adverse effect"
on the American industry, as British manufacturers probably would
absorb the extra cost by using inferior tobacco.
British Credit of 2200,000,000—Each of 110 Participating Banks Called on for Pro Rata Share.
Supplementing the item in our issue of Sept. 5 (page 1530)
in which it was indicated that the British Treasury had
begun using the new $200,000,000 credit recently opened
in New York, we quote the following from the New York
"Times" of Sept. 5:
The British Government has made Its first drawing, amounting to about
10%. against the credit of $200,000,000 opened In its favor on Aug. 28 by a
syndicate of American banks under the leadership of J. P. Morgan & Co.
In its cablegram from London Sept. 10, regarding the All banks participating in the credit, about 110 In number, have been called
upon to advance their pro-rata share of the drawing. Against the amounts
Chancellor's proposals the New York "Times" said:
so supplied, each bank will be credited with an equivalent amount of
The increases in direct and indirect taxation for the current year, which British Treasury bills at a discount of4
Yi %•
ends March 31, will provide $202,500,000 in new revenue and $407,500,000
The decision of the British Government to make an early drawing against
for the full year 1932-33.
its credit is in line with the expectations expressed by bankers when the
The greater part of these additions are the result of increases in the credit was opened. It was emphasized again
yesterday that the present
income tax. The basic standard rate has been raised to 25%, that is, credit was intended to be used actively in the support of sterling
and that
from $1.12 on $5 to $1.25 on $5. The surtax rate has been increased by from time to time future drawings might be expected.
10% in all brackets and the scope of the tax has been widened by bringing
Use of Sum Not Made Clear.
in smaller incomes and decreasing the various exemptions.
As to whether the amount drawn. estimated at about $20,000,000, has as
As a result of these thaws the Exchequer will derive in the next
six months an added $145,000,000 from the income tax, and the increase yet been called Into play in the foreign exchange market, members of the
syndicate were not informed sterling exchange has shown great steadiness
for the next full year is estimated at $287,500,000.
recently, and bankers have been of the opinion that little or no supporting
operations have been necessary to sustain the pound.
Advices received in Wail Street yesterday from London indicated that
British Economies for Year to Total $350,160,000—
substantial support was accorded sterling exchange there against the
Increased Revenues to Effect $7,500,000 Surplus.
dollar. In New York, however, bankers said that the market had been
Under the above head the New York "Times" had the fol- quiet, with no evidence of unusual operations.
Sterling closed yesterday at $4.86 1-32, off 1-32c. on the day. The lowest
lowing to say in a London cablegram Sept. 10:
price at which sterling was quoted in New York yesterday was $4.86. which
Economies to effect a total saving of $350,160,000 next year are pro- was the level at which the exchange stood when the credit was announced
posed in the budget submitted to-day to the House of Commons. The a week ago yesterday.
No Information could be obtained in Wall Street as to whether the banking
proposed economies are made up of the following items:
Reduction of unemployment insurance benefits
$129,000,000 half of the $200,000,000 credit to the British Government, opened in
Increase of unemployment insurance premiums
50,000,000 Prance simultaneously with the arrangement made here, has yet been drawn
Reductions in the salaries of Cabinet Ministers, members of Parliament,
upon. Of the French share in the credit. $100,000,000 is being provided
judges, civil servants and members of the defense forces
22,870,000 by public subscription to an issue of one-year British Treasury bills. This
Reduction in the cost of the defense services other than pay reductions 25,000,000
Education retrenchment
51,500,000 offering will inunediately supply the British Government with franc balPolice pay reductions
2,500,000 ances. Accordingly, it has been suggested, it may not be necessary to draw
Health services retrenchment
6,250,000 upon the banking portion of the French credit at once.
Road fund reduction
39,325,000
Reductions in grants for jobs to make work
Drawings Strictly Pro Rata.
2,500,000
Savings in the agriculture and forestry departments, university grants.
A report circulated In Wall Street to the effect that only New York
Empire Marketing Board, colonial development and miscellaneous
items
21,415,000 City banks had been drawn upon was discredited by bankers. It Is the
practice, they pointed out, in handling such credits to draw upon all parTotal
5350,160,000 ticipants pro rata. This was followed In the case of the first drawing just
Increases in the income tax are expected to bring in $287,500,000 addi- made and will be followed In the ease of subsequent drawings.
tional revenue during the next year. The basic standard rate has been
As a matter of fact banks in the interior are just as eager as New York
inereascsd sixpence in the pound, bringing the •rate to 25%.
City banks to invest their funds in British Treasury bills at a discount of
SEPT. 12 1931.]
FINANCIAL CHRONICLE
1699
43(%. In view of the current low yields obtainable on all high-grade,
short-term domestic investments, the yield made available to the bankers Interest Paid by Great Britain on $200,000,000 Credit
under the terms of the credit contract is very attractive.
Obtained in New York.
Terms of the credit have never been announced, but it is understood that
In its account from London Sept. 10 of Chancellor Snowthe present rate of discount here is the same as the rate at which public
offering is being made to the French market, namely 43.%. In addition. den's budget message to the House
of Commons, the New
It is reported, the bankers' fee for setting up the credit is 1 %, making
a
j
total cost to the British Government of 5%%. It is customary in such York "Journal of Commerce" said:
During the customary question period the Financial Secretary of the
credit arrangements to provide for fluctuations In the rate of discount
beTreasury, Major Walter Elliot, revealed the interest that Britain is paying
tween a fixed minimum and maximum, the variation being governed
by
some outstanding indicator of prevailing credit costs, such
on
the recent $200,000.090 credit obtained in New York. The interest
as the Federal
Reserve Bank rediscount rate.
has been fixed at 1% above the Federal Reserve discount rate, with a minimum of 4M and a maximum of 8% he said. The present New York
discount rate Is only 1 %,so that the minimum is effective.
Snowden explained that the Hoover moratorium year reduces Britain's
Decline in Aug. 31 Balance of Bank for International receipts
from Allied debts and reparations by $121.500.000, while Britain's
Settlements Only $5,000,000 Despite Loss of Repara- remission ofdebts in favor of the dominions and others costs her $24.300,000.
Simultaneous
ly, he said, it reduces the interest payable to the United States
tions Account-Unannounced French Support
by $65.610,000
Seen in Offset of Much of $25,000,000 Withdrawal. $27,945,000. and the sinking fund payments to the United States by
The monthly statement of the World Bank, issued at
Great Britain's Unemployed Totals 2,762,219.
Basle, Switzerland, Sept. 4, shows its resources on Aug.
31
A London cablegram as follows Sept. 9 is taken from the
totaled more than $308,000,000. This is $5,000,000
less
than a month ago according to a cablegram to the New York New York "Times":
British unemployment is still rising, the latest official returns showing
"Times" from which we also take the following:
2,762,219 wholly or temporarily jobless on Aug. 31.
The loss is due to a $15,000,000 drop in deposits of
Central Banks for the
accounts of others, namely, government treasuries,
resulting from the suspension of reparations, and war debts payments.
Normally, the various
European treasuries left on deposit in the Bank for
International Settlements
$25,000.000 from the month's reparation receipts in order
to meet the semiannual debt payments to the United States.
It is noteworthy that all but a fifth of this loss has
been offset, most of it
by increased deposits by Central Banks for their own
account.
how nearly all the Central Banks have been losing recently, In view of
this increase
In the Central Bank of Central Banks" here causes
special satisfaction to
Its officials.
They are careful not to say where the support
comes from. Since the
United States State Department, in its efforts to
separate the debt from
reparations settlements, forbade the Federal Reserve
even to open an account with the World Bank, it is clear, however, that
none of the increased
deposits came from the world's strongest Central Bank.
It would seem
reasonable, then, to guess that the Bank of France is now
the real mainstay
of the World Bank. Certainly it is an open secret
that, although the relations of the World Bank and Federal Reserve are steadily
improving, the
fact that the Federal Reserve still cannot deposit a
penny with the World
Bank-save under earmark-seriously handicaps the
World Bank's efforts
to keep currencies stable and does so in a manner liable
to grow more serious
with every month reparations are suspended.
The balance sheet as given in Associated Press
accounts
to the "Times" follows:
BANK FOR INTERNATIONAL SETTLEMENTS.
Conditions As of Aug. 31 1931.
The statement is given out in Swiss francs, with par value of
19.3 cents.
(000 omitted.)
Assets.
August.
July.
I. Cash on hand and on current account with banks
15,572
10,134
IL Funds employed at sight
284,709
197,820
III. Rediscountable bills and acceptances at cost(1) Commercial bills and bankers'acceptances
368,817
389,004
(2) Treasury bills
237,285
254,601
Total
606,102
644,505
IV. Time funds at interest(1) Not exceeding three months
476,222
530.170
(2) Between three and six months
2,172
24.687
Total
478,394
5E4,817
V. Sundry investments at cost(1) Maturing in one year
199,249
208,496
(2) Maturing in over one year
10,710
10,989
Total
209,960
219,485
VI. Other assets
11,103
10.138
Total assets
1.605,844 1,631,899
Liabilities.
I. Paid-up capital
108,500
108,500
IL Reserves(1) Legal reserve fund
559
599
(2) Dividend reserve fund
1,094
1,694
(3) General reserve fund
2,188
2,189
Total
3,841
3.841
M.Long-term deposits(I) Annuity trust account
154.132
154,047
(2) German Government deposit
77.066
77,023
(3) French Government guarantee fund
68.811
68,773
Total
300,010
299,843
Short-term
and
sight
deposits1Y.
(1) Central Banks for own accounts(a) Between three and six months
33,277
4,115
(b) Not exceeding three months
536.575
435.787
(c) Sight
382,247
Total
889.853
823,149
(2) Central Banks for account of others(a) Between three and six months
31,267
31,250
(b) Not exceeding three months
120,136
192,770
(e) Sight
151,996 • 156,384
Total
303,400
380,404
(3) Other depositors(a) Not exceeding three months
1,531
1,531
(b) Sight
1,667
872
Total
3,199
2,403
V. Profits for distribution(1) Dividend
(2) Participation of long-term depositors
Total
VI. Miscellaneous items
Total liabilities
17.039
13,758
1,606,844 1,631,899
The new total le 28,437 more than that of the previous week and 701,775
more than the figure for the same time last year. The August 31 total
Includes 2,008,935 men, 77,293 boys. 614.626 women and 61.365 girls.
Austro-German Customs Union Illegal World Court
Holds by a Vote of 8 to 7-F. B. Kellogg Among
Dissenters from Opinion That Austria Would
Violate Pledges-Peril to All Europe Seen-Press
Says Minority Ruling Shows That U.S. Is Drawing
Away from League.
With Frank B. Kellogg and six other judges dissenting,
the World Court, at The Hague, issued, on Sept. 5, an eightto-seven opinion that the proposed Austro-German customs
union would violate Austria's pledges given at Geneva in
1922, when she obtained financial and economic assistance
from the powers. These advices from The Hague are taken
from the New York "Times" of Sept. 6, which contained the
following further advices:
The majority opinion maintained that the proposed pact was calculated
to threaten Austria's economic independence and therefore broke Austria's
promise of 1922 "to abstain from any negotiations or from any economic
or financial engagement" which would directly or indirectly compromise
her freedom. Furthermore, the Court ruled that the customs union would
afford Germany "advantages" withheld from other powers.
Seven of the eight signing the opinion went still further in declaring
that the customs union would violate not only the 1922 protocol but
Article LXXX VIII of the treaty of St. Germain, which pronounced Austria's
independence "inalienable" except with the League of Nations Clouncil's
consent. Six of these-J. Gustavo Guerrero of Salvador, Count Michel
Rostworowski of Poland, Henri Fromageot of France, Rafael Altamira of
Spain, Francesco Jose Urrutia of Colombia and Demetre Negulesco of
Rumania-signed the joint declaration, while the Italian judge, Dionisio
Anzilotti, signed a long individual opinion giving his reasons.
The dissenting judges insisted strongly that the proposed customs pactwhich already had been abandoned by Austria and Germany-contravened
neither the treaty of 1919 nor the protocol of 1922. No evidence was
produced before the Court, according to the minority opinion, showing that
such a pact could threaten Austria's independence.
"None of its provisions, when considered individually, are inconsistent
with the maintenance of Austria's position as a separate and independent
State," the dissenting opinion declared.
"The numemus restrictions on Austria's liberty of action resulting from
the treaty of St. Germain are well known. 8o are those imposed in 1922,
at the time of the Austrian reconstruction scheme. They affected Austria in
matters military, financial and economic, which touch most on her national
sovereignty. None of them were reciprocal in character, yet were all
regarded as compatible with Austria's sovereignty and independence. It
seems to follow that a customs regime such as that proposed, organized on a
basis of parity and reciprocity, does not prejudice the independence of
Austria."
In addition to Mr. Kellogg, the dissenting judges were Mineitciro Adatcl,
Japanese President of the Court; Sir Cecil Hurst of Great Britain, Baron
Rolin-Jaequemyns of Belgium, Walther Schuecking of Germany,
William
van Eysinga of Holland, and Wang Chung-hui of China.
The renunciation of the customs accord by Austria and
Germany was noted in our issue of Sept. 5, page 1531.
Geneva Dismayed at Austro-Germany Custom's Union
Opinion-Winners in Decision Disappointed,
Losers Pleased-Germans see a "Victory."
From its Geneva correspondent, on Sept. 5, the New York
"Times" reported the following:
The paradoxical result of disappointing the winners and pleasing the
losers, and withal dismaying some of its friends, seems to have been achieved
by the World Court through its eight-to-seven decision to-day holding the
proposed Austro-German customs union incompatible with the 1922 protocol.
At least such is the impression left by the first comments heard in international circles to-day.
Most of these are based on hasty or fragmentary reading of the decision.
Pending a study of the text the various delegations were officially
reserved
and efforts are being made to arrange that their official declarations
when
the Court's advice comes before the Council Monday would
not stir up
new strife.
Foreign Minister Curtius is debating whether, in view
of the attacks
being made on him in Germany, he ought to make a few
reservations Monday.
1700
FINANCIAL CHRONICLE
they ought not also to safeThe French and Italians are considering whether
too.
then,
s
position
political
future
guard their
however, ill conceal their disapThe French, Italians and other winners,
second, at the composition of the
pointment, first, at the close majority;
was no majority but a sevenmajority; and, third, at the fact that there
Anzilotti called a decisive one—
to-seven tie on the question—which Dionisio
St.
incompatible with the treaty of
as to whether the customs union was
.
Germain
to rejoice in all this. They
The Germans and Austrians find reason
the the countries of which the
profess to see a moral victory in the fact
t greater weight than those of the
minority judges are citizens represen
powers—America, Britain, Japan and
majority, and they line up the great
Germany—against France and Italy.
what most pleases them is that
The franker among them admit that
end of the decision—"For had we
they got the seven instead of the eight
forced by public opinion at home to
got a majority, we would have been
would have been most embarrassing
push on with the customs union, which
l plight."
to us in view of our present financia
of the Court that it has served
If these reactions convince some friends
while saving the faces of the
the cause of peace by restraining the victors
to cool off—other friends are
losers—after having given both three months
diplomatic and political to be
dismayed, regarding the decision as too
be hurt by the fact that the
judicial. Some feel the Court's prestige will
on the side of the policy
justice
saw
country
ed
interest
every
judge from
his country's government favors.
in the Court's first big
The idealists, in short, are disappointed because
the political sympathies of their
decision the judges lined up according to
the Nordic-Oriental, while the
countries and in a Latin-Slav bloc against
one Belgian exception in both
that
even
was
there
that
d
cynics are surprise
cases.
[Vou. 133.
as a possible result of
to avoid any demoralization of trading that is feared
ng conditions.
freedom of speculative operations under prevaili
Market Shows Improvement.
developed yesterThe market to-day continued the improvement which the stock being
ng,
reassuri
ly
especial
was
h
s
strengt
Farben'
G.
day. I.
Thursday, when the
quoted at 10234, as against 964 yesterday and 93 on
Other features of
market reopened after its seven and a half weeks'closing.
ay, A. E. G., up 4.
strength were Rhine Westphalia, up 4 from yesterd
and Mannesmann
Siemens Si Halske, up 7, North German Lloyd, up 131,
Tubes, up 3 to 40.
not pay dividends
Banks developed weakness on rumors that they would
to build up reserves.
during 1931, aside from the Reichsbank, in order
gesellschaft fell 2 to 70.
Reichsbank jumped 7 to 115, but Berliner Handels
Lack of a floating
Deutsche-Disconto 231 to 69 and Dresdner 334 to 41.
which were unsupply again caused relative firmness in Danat Shares,
changed.
at 90. The
Bonds were firmer, with 8% land mortgage bank bonds
ons is attracting
12% yield available on a number of high grade obligati
investment funds, both at home and abroad.
Sept. 4
In its account of trading on the Berlin Boerse on
was
July
in
g
closin
its
(its reopening on Sept. 3, following
the
referred to in these columns a week ago, page 1531)
said:
ram
cableg
Berlin
a
in
rce"
"Journal of Comme
of trading yesterAfter the excitement of the first day of the reopening
the Berlin Bourse. Raday, things quieted down remarkably to-day on
less in evidence,
tioning of bids because of a large excess of offers was much
although continued in certain issues.
ion of substantial
A new development to-day was the apparent convers
had been hoarding currency
amounts of cash into securities by those who
Konjunkturforschung
and bullion through the recent crisis. In Institut fuer
Verdict on Austro- has estimated such ho rdings as amounting to about 500,000.000 ReichsGerman Press Scores The Hague
es
have a tendency to
will
securiti
Is Political marks, and the conversion of this sum into
backlog of
German Customs Pact—Asserts Court
back into circulation, as well as to give a strong
funds
such
put
ry.
Victo
Moral
during the severe testjhat the
Rather Than Juridical, but Sees
investment demand for stocks and bonds
York "Times" market now undergoes.
A Belgian cablegram, Sept. 5, to the New
which the
Want Foreign Buying.
sions
conclu
pal
princi
three
states that there are
is
the
on
t
to-day to encourage foreign buying, which
verdic
taken
were
Court
steps
Special
German public draws from The Hague
e the market and improve the foreign
stabiliz
to
both
upon
relied
is
being
The Hague Court
far, even Including to-day's
proposed customs union with Austria:
exchange position of the Reichsbank. Thus
ution; Germany and session, there has been very little foreign participation in the trading.
a political rather than a juridical instit
will be permitted to transfer the
Foreign holders of German securities
s union in 1943,
exAustria will be free to conclude a custom
abroad without any hindrance from the foreign
sales
such
s
of
proceed
which the Geneva change control authorities. On the other hand. Germans are not perwhen Austria has paid back the loan on
out of the country. Hower Curtius, who "en- mitted to transfer proceeds ofsuch security sales
by foreigners out of the country
protocol is based, and Foreign Minist
ever, should excessive transfers of funds
icient
insuff
with
accord
s
that the privilege will be
gaged Germany in the custom
place as a result of this ruling, it is likely
own child take
his
le
strang
to
helped
wn.
now
withdra
has
and
preparations
foreigners every assurThe foreign exchange control board wants to give
ram continues:
they
at Geneva," will have to resign. The cableg Germany, while ance, that if they purchase German securities now out of marks whichfuture
that
tion
satisfac
of
nothing will be done, regardless of the
ng
acquiri
In addition, there is a certain feeling
at
present
are
since the representatives of the
the proceeds of the sale of
politically defeated, was morally acquitted,
1 situation, to interfere with the free transfer of
union.
es out of the country.
1
leading powers, except France, favored the
such
securiti
,
ly
bankers, and so
inspired
are political
It is also announced that foreign creditors who are not
The charge that members of The Hague Court
press comments, is openly I have not become a party to the extension of German short term credits
which is found mostly between the lines of
Zeitung," which points out that recently arranged at the Basle conference, may freely use their previously
made only by the "Deutsche Allgemeine
was called upon to render a existing mark balances to purchase securities in any way they please.
the minority report emphasizes that the Court
support is forthcoming,
was led by political con- 1
Leading stocks, especially those in which market
legal opinion, thereby implying that the majority
great mistake to question were virtually unchanged to-day and a few issues actually registered gains
a
be
would
it
holds
att"
"Tagehl
The
siderations.
at 93.
justice must be upheld even I over the closing prices of yesterday. I. G. Farben again was firm
the motives of the minority, because the idea of
ed among the banks.
' Darmstaedter and Dresdner shares were unchang
If only in fiction.
ed at
lost the chance of being With Deutsche-Disconto down 1 to 74 and Reichsbank unchang
While it is admitted that The Hague report
abandon 102. Dessauer Gas and Salzdefurth Potash were up several points from
to
Geneva
at
Curtius
Dr.
of
move
the
of practical significance by
nia" agree that it is important the previous days.
the union, the "Tageblatt" and "Germa
Some Recessions.
peace treaties in the union and that
that the Court saw no violation of the
e of an agreement Austria
existenc
g were seen in several less prominent
al
rationin
incident
the
and
on
only
ns
recessio
based
is
nal
verdict
Additio
the
United Steel Works
, like Polyphon. Oberkoks and Tietz.
however
Issues,
signed• under financial pressure.
would hardly represent a serious was unchanged at 26 and German General Electric receded 4 more to 55.
Under normal conditions, this agreement
Germania observes, implying that Issues that did not open yesterday showed about the same rate of decline
obstacle to the conclusion of the union,
as conditions are normal again. from the closing prices of July 11 as others. Gesfuerel was not permitted
soon
as
ul
successf
more
the attempt will be
as Foreign Minister, especially to open again, while Rhine Westphalia sold at 78, down 22, and Mannes
Curtius
Dr.
finishes
report
Hague
That The
must be taken as a foregone mann Tubes at 35, down 2231. North German Lloyd opened at 2734.
In connection with his retreat at Geneva,
think. Great significance is down 18.
conclusion, well-informed political circles
future Saturdays until things
which the paper, which is close to
The market will be closed to-morrow and
attributed to "Germania's" statement,
in the case become more settled. Also settlement of contracts still open on July 11 has
debate
the
open
to
declines
it
while
Chancellor Bruening, that
date.
it expressly reserves its decision been delayed from Sept. 15 to an unnamed future
of Dr. Curtius before he returns to Berlin,
In this matter.
is that he backed away from
The principal charge against Dr. Curtius
Equal Treatits opinion instead of waiting for Berlin Restricts Debtors—Acts to Effect
the union before the Court had rendered
ion at
declarat
s
Curtius'
ors.
Dr.
Credit
gn
report.
ment of Forei
the political effect of The Hague
ant and unnecessary scene by the
in
Geneva is regarded as a highly unpleas
as follows from Berlin Sept. 10 appeared
is more outram
A
press
cableg
Wing
Right
the
while
,"
Zeitung
"Deutsche Allgemeine
.
Minister
of the Foreign
the New York "Times":
spoken in its condemnation of the conduct
German debtors
and French statesmen and
To effect equal treatment of all foreign creditors by Government deDespite the recent conversations of German
denied
be
cannot
it
Berlin,
to
becomes effective, the Reich
nt
Basle
agreeme
the
until
the forthcoming visit of Premier Laval
a
union, along with French objections creed to-day that no German debtor should give additional security to
that the abandonment of the customs
by the United States has foreign bank for credits included in the Basle agreement without special
to the payment of $9,000,000 for seized property
Germans against France.
Permission from the Reichsbank.
markedly increased the bitter feeling of
German co-operation recently
Security given without permission will be void.
While there has been more talk of Francohave
feasible
is
tion
g that co-opera
than ever, the ranks of those believin
Francoof
ns
t
champio
stanches
the
obviously grown thinner and even
on Foreign
up to France to move in this Lower Quotations for Mark Exchange
German friendship admit it is now wholly
ny.
Germa
in
rn
Conce
ng
Markets Causi
direction.
of Sept. 10 reFrom Berlin the "Wall Street Journal"
Tradiable
e—Var
Boers
's
on
Berlin
Relax Restrictions
ported the following:
Rise.
e on foreign markets, particularly
ing to Be Resumed as I. G. Farben Leads
Lower quotations for mark exchang
development
concern here because the favorable
Berlin
causing
are
the
dam,
on
cies
Amster
tenden
price
firmer
Reichsbank did not have to
Gratified by the
of the past few weeks was the fact that the
in
g"
tradin
ble
the exchange.
Boerse, the authorities will permit "varia
intervene in foreign markets to support
the Reichsbank will support the
on Thursday,
It has not yet been decided whether
several leading stock issues to be resumed
ing operations are considered
support
es,
the New York mark abroad but if selling continu foreign exchange reserves.
Sept. 10, said Berlin advices Sept. 8 to
the small German
despite
le
Inevitab
:
ram
stated
cableg
rumors of inflation in the near
The decline in mark exchange has caused
"Journal of Commerce." Continuing, the
Therefore, it is believed that the
market in such stocks.as future to be spread on the Berlin Boerse.
This will permit the maintenance of a continuous
opinion is
now permitted, at which offers Reichsbank must act immediately to support the mark. General
compared with the single official quotation
e will be sufficient to reestablish
bids.
that but small amounts of foreign exchang
are rationed among the available
foreign exchange decrees and the
the exchange at around parity as German
Avoid Demoralization.
short term balances in Germany will
foreign
of
ance
mainten
for
nt
a ban, however, as the agreeme
e
Transactions for the term will continu under
lly all mark balances out of the country.
be allowed only gradually. This Is prevent the transfer of practica
resumption of speculative operations will
SEPT. 12 19311
FINANCIAL CHRONICLE
1701
45,500,000 schillings respectively, over the estimates (schilling=-20.1407).
The increase in expenditures resulted from the rise in expenses for social
services (52,000,000 schillings), caused largely by increased unemployment:
for the subvention to farmers (18,000,000 schillings); for promotion of
sugar-beet cultivation (11,000,000 schillings); and for unexpected particIpalAfter difficult negotiations regarding important details, all creditor tion In and subvention to various enterprises (24,400.000 schillings). Other
committees have accepted the plan for a six months maintenance of ex- items of expenditures were somewhat lower than anticipated.
isting volume and prolongation of foreign short term credits in Germany.
Federal Administration revenues (mainly from taxation) were 67,500,000
The agreement expires March 1.
schillings higher than anticipated, while receipts from federal enterprises and
Committee of German bankers will sign the agreement immediately from Government monopolies were 20,700,000 schillings and 1,300,000
and the Bank for International Settlements will receive an exchange of schillings lower, respectively.
signatures between the banking committees of other countries involved.
Net receipts from the Tobacco Monopoly declined by 10,000,000 schillings
The German Government is expected to issue a decree in the next few to
187,000,000 schillings as compared with receipts in 1929. State Lotteries
days making the agreement effective.
showed a surplus of 14,000,000 schillings, approximately the same as expected; the Postal Administration returned a deficit of about 4.000.000
Berlin to Meet Loans—City Government Denies Interest schillings on current account; the Federal forests required a subsidy of
nearly 7.000,000 schillings; the deficit of the state theatres was 7,000.000
Payments Are in Danger.
schillings about 25% higher than anticipated.
For capital investments 248,400,000 schillings were expended, 17,600.000
It was stated in a Berlin cablegram to the New York
less than anticipated. Including capital investments, which are
"Times" that the Government of the City of Berlin on schillings
paid out of funds available from the League of Nations Loan and the
Sept. 10 stated that interest payments on the city's American Austrian International Loan of 1930, the budget deficit in 1930 reached
loan and on the 1925 and 1929 Treasury bonds, due Oct. 1 261,000,000 schillings.
On December 31, 1930 Federal claims amounted to 1,564,000,000 schilwould be made punctually and that the amounts required ings,
mainly against the Federal railways for advances on capital investhad already been deposited. It was added that the city ments. On the same date Federal debts totaled 2.776,000,000 schillings,
among
which were the League of Nations Man (873.000.000 schillings).the
made this announcement to counteract alarming rumors
Austrian International Loan of 1930 (439,000,000 schillings), the currency
as to its financial position.
debts (243,000,000 schillings) and "Kronen and Schilling" debts (137.000,000 schillings).
Agreement on Short-Term Credits in Germany.
From the "Wall Street Journal" of Sept. 9 we quote the
following from Berlin:
Details of German Government's Acquisition of Stock
Bucharest Bank Said to be Planning Full Payment.
in Dresdnerbank • Revealed by Stockholders.
From the New York "Journal of Commerce" of Sept. 29
Copyright advices as follows from Berlin Sept. 5 appeared
we take the following:
in the New York "Herald Tribune" of Sept. 26:
The Berkovici Bank of Bucharest, which last week found itself in diffiThe general meeting of Dresdnerbank stockholders and officers last week
revealed vital details of the manner by which the German Government culties, will be able to pay off its creditors in full, according to the Central
has become the biggest stockholder of the bank, the capital of which was European Observer.
The bank's assets are estimated at 928.000.000 lei. as against liabilities
increased enormously under Government aegis. The Reich not only is
the biggest stockholder, with 300,000,000 marks of 7% preferred stocks, but of 758,000.000, and it is proposed to meet the latter by three annual paythrough the State-controlled Kroditgesellschaft, it recently bought up a ments: one of 15% in the first year, one of 35 in the second and one of 50%
block of 20,800,000 marks of old stock of the bank at a price due to be set In the third plus 4% interest. The deposits in the bank total 346,000,000
of which 38,000,000 are in foreign currency.
later by a commission of experts.
The previous capital of the Dresdnerbank was 100.000.000 marks. According to the "Frankfurter Zeitung" as well as protesting left-wing radicals,
the process whereby the bank accumulated more than one-fifth of its own Plight of Hungary Regarded as Worse—League of
outstanding stock for the purpose of this sale is contrary to German business
Nations Financial Committee Hears Bankruptcy'
laws, which forbids a corporation to buy its own stock.
Is Threatening.
The Reich is paying for 300,000,000 marks worth of preferred with 7%
From its Geneva correspondent Sept. 9 the New York
Treasury Certificates, of which one-third is due in Aug. 1932, one-third
In the following August and the remainder two years later. The Reich "Times" reported a wireless message which in part said:
has pledged itself in case of emergency to make the certificates liquid, but
While overseas orators In the League of Nations Assembly showed more
this so far has been unnecessary.
alarm over some of the economic forms the European union movement is
Bank officials announced that they plan to retain the certificates in the taking to remedy the depression
than over the depression itself, the League's
future as investments. In the course of the meeting an opposition group financial committee was beginning to-day to
wrestle with the practical
combatted the emission of preferred stock against Treasury Certificates as question of what to do about Hungary and
Austria.
below par emission, but was unable to win general agreement for their view.
The Committee, of which Norman Davis is the American member and
Despite the fact that the Reich is interested so heavily in the bank the Sir Otto Niemeyer is the British member,
sits in privacy, but reliable
newly constituted supervisory board contains only seven Reiche representa- information that has leaked out shows that the
Hungarian situation,
tives among a total of forty-four. It is reported from hitherto reliable in the view of some experts, is even worse than Is generally believed,
while
sources that Herbert Guttmann, who has had long and prominent associa- Austria, although her Treasury is bad, has a better
budgetary
position than
tion with the bank, will be dropped from the board, but nothing definite the committee expected.
has been forthcoming in this respect thus far.
R. H. Porters, formerly of the Bank of England, who has been representing the World Bank in Budapest since the suspension of war-debt payments. addressed the committee on Hungary and gave a very black picture.
Germany Would Take Foreign Securities.
It is understood, he said. Hungary's balance of payments was so fundaA cablegram from Frankfort on the Main Sept. 4 to the mentally bad he was unable to suggest how it could be improved sufficiently
to meet merely the payment of service on her long-term debt, and the only
New York "Journal of Commerce" said:
The German Government regards holdings of foreign securities by Ger- way out he could see was for Budapest to declare a complete moratorium—
mans as the last line of defense of the reichsmark, and will call upon holders which would be declaring bankruptcy under a sweeter name.
to turn them over in case of need, according to the Frankfurter Zeitung.
Hopesfor Better Data.
For the time being, the paper will say it learns on good authority, no
Mr. Porter's views seemed to be based chiefly on the banking situation
commandeering of such holdings is contemplated by the company. The and the Committee apparently still hopes that data on other phases,such as
Layton report strongly advised that such holdings be not disturbed if pos- the budget, will make the position less dark.
sible, and this suggestion is being heeded now. But the Government takes
In the Assembly Kenkichl Yoshizawa stressed armament limitation as the
.the view that such holdings are a liquidity reserve which can be called upon main issue, but confined Japan's contribution to the subject to a hint that
In an emergency,should one arise.
Tokyo would have some new suggestions to make when the arms conference
begins here in February.
Cabinet in Prussia Adopts Measures to Save $50,000,000.
Berlin advices (Associated Press) Sept. 9 were published Germany-to Force Cuts in Food Cost to Idle—Prussian
as follows in the New York "Times":
Government Dismisses 3,500 Teachers to Reduce
The Prussian Cabinet to-day adopted extensive economy measures affectBudget.
ing all administrative branches, by which it hopes to save about $50,000.000.
A Berlin cablegram as follows, Sept. 4, is taken from the
The Prussian program is also regarded as important as a guide to be followed by other German States.
New York "Times":
Increase in German Unemployment.
Germany's unemployed total 4,195,000, an increase of
91,000 during the last half of August, says Berlin advices
to the "Wall Street Journal" of Sept. 9.
The German Government's program for unemployed relief in the winter
is gradually taking form. The Ministry of Agriculture announced to-day
It would undertake steps to force down prices of food and commodities
at their sources and at distributing points for the protection of the unemployed.
The Prussian Government in line with the policy of the Reich for retrenchment, has decided to reduce the teaching staffs of secondary schools,
which are the foundation of Germany's system of higher learning.
Assistant and part-time teachers to be dismissed total 500 in Berlin
alone, and the number in Prussia will reach 3.500. It is also likely that
teachers of higher rank and inspectors as far as can be spared, without
seriously crippling instruction, will be put on the waiting list at half-pay.
The dismissal of young assistants Is deplored in pedagogic circles on
the ground that the teaching staffs are thereby deprived of natural renewal through fresh blood.
Final Results of Austrian Budget for 1930.
Final figures of the actual results of the Austrian budget
for 1930 show a deficit of about $1,830,000 on current
account, says a report received in the Department of Commerce from Commercial Attache Gardner Richardson,
Commercial Attache at Vienna. The Department on Sept.3
further said:
Homesteads for German Unemployed Urged by Finance
This deficit compares unfavorably not only with the budget estimates for
Minister Dietrich—Advises Cabinet 100,000 Could
1930, but also with the actual results during the last seven years, in each of
Become Self-Supporting.
which current accounts showed a surplus. Since 1925 Federal revenues have
Increased by 39%,and Federal expenditures by 62%,showing the necessity
From the New York "Times" we take the following
for a reform of the Federal administration, the official Austrian report
(Associated Press) from Berlin, Sept. 7:
states.
Expenditures on current account totaled 2,040,000.000 schillings and
revenues, 2,027,000,000 schillings, increases of 91,000.000 schillings and
A homestead project, which by the end of next year would be expected
to enable 100,000 unemployed persons now receiving support from the
1702
0
FINANCIAL CHRONICLE
the Cabinet
public welfare to provide for themselves, was submitted to
to-day by Finance Minister Dietrich.
near
The Finance Minister proposed the construction of settlements
The building
cities on land turned over by the States and municipalities.
.
materials would be supplied by the Government
taken from
He proposed that the $50,000,000 capital for the project be
would be
the government rental tax. One of the conditions of ownership others of
of
assistance
that the tenant would help build his home with the
in return for their
the unemployed, who would get the "dole" and food
services.
of the house and
The tenant would get an option for the future purchase
first group of 100.000
an adjacent two acres of land. It is expected that the
in 1932.
tenant farmers would be independent by harvest time
commission, responsible to
The Finance Minister suggested a special
the Chancellor, to supervise the proJect.
[VoL. 133.
Lumber Embargo Ordered by France.
Annual import contingencies limiting the quantities of
several types of rough and manufacturered lumber which
may be brought into France were established in a decree
promulgated in Paris on Aug. 28, the Department of Commerce was notified on Sept. 3 by W. L. Finger, Commercial
Attache at Paris. A dispatch from Washington to the
New York "Times" further reports:
The contingents were made effective from Jan. 1 1931. The quantities
permitted to be imported under the decree have not been reported to the
department, but indications that importations have been sharply limited
were seen in the fact that Imports to date of two important classes of
manufactured lumber constitute the quota for 1931 and no more lumber
ystem of that type may be imported into France before 1932.
Sweden to Exchange Products With Persia—S
The items on which quotas have been filled, and which virtually will
of Barter Arranged.
be embargoed by France for the remainder of 1931, were listed as builders
take the and cartwrights' wood, shaped: planed, grooved or tongued woods, planks,
From the New York "Times" of Sept. 6, we
strips and veneers for flooring.
9:
Aug.
m,
Stockhol
from
dence
correspon
Contingents also were established on common wood in rough logs, not
following special
Company,
of any length and of a circumference over sixty centimeters at
Persian
squared,
established
Already the Stockholm office of the newly
of Swedish and Persian the large end; common wood, squared or sawn, over two millimeters thick:
organized to effect a direct barter and exchange
Assarsson, will depart perches, poles and staffs, rough, over 1.1 meter long and of a circumferproducts, is in operation, and its director, C. A.
the preliminary work ence not over shrty meters at the large end.
before the end of August for Teheran to supervise
The amount of American business which may be affected by the decree
ly nine million
of organization there. An order, involving approximate
stock and other was not known in the absence of details, but it was thought here that it
kroner, has been placed in Sweden, principally for rolling
Sea and the might be substantial.
products for the railway to be opened between the Caspian
The reason for the decree was the fact that in 1930 wood imports into
are already at
Persian Gulf. Several Swedish engineers and assistants
France increased 50% over any previous year and still continue heavy.
work in Persia.
barter and exchange despite depressed prices, which have forced the French lumber industry
Just a thousand years ago a lively trade by means of
n peninsula. to operate at unprofitable prices.
Scandinavia
the
and
East
Near
the
between
on
was carried
the Dnieper. during the
The Viking ships made an annual voyage down
turbulent
the
navigated
Spring season of high water, and with difficulty
Prospering Amid World Slump—
and reveal a Swedish Belgium Reported As
rapids to which they gave names that still are retained
of
Notes 66%—Bonds Above Par—
then consisted
Coverage
Gold
north
the
from
cargoes
The
origin.
n
or old Scandinavia
pitch, tar, limestone,
.
Increase
Bank
Savings
mostly of furs and skins, timber, honey and wax,
with prized cargoes of
iron ore and salt, and the Viking ships returned
of Belgium, an Assoand
condition
s
In
the
spices
citing
prosperou
ornaments,
gold
and
silver
shimmering silks and brocades,
Press cablegram (copyright) Sept. 9 to the New York
ciated
other luxuries.
financial
its
ifths of
The new P. K.(Persiski Kompaniet) receives three-f
from leading in- "Times" says:
backing from the Swedish co-operatives and two-fifths
and exchange
Her gold average of banknotes Is 66%. Her government bonds sell above
barter
of
system
its
under
dustries. It announces that
Persian rugs and par. Her bank discount rate is only 2ji%. Savings bank deposits continue
very little attention will be given to luxury products.
staple
primarily
to grow despite the world crisis. Exports almost equal imports. Sixty-two
it will be
' pearls and silver will play a subordinate role and
manufactures of steel. thousand unemployed workers are no cause for worry. Taxation is not
goods that will be returned for Swedish steel and
higher than in other European countries.
A survey conducted in Brussels among statesmen, economists, bankers,
gle
ent—Sin
Managem
industrialists and workers revealed the following explanation for Belgium's
Russia to Reorganize Factory
happy position:
Control and Budget Basis, Piece-Work System and
After the war devastation, industry was entirely rebuilt along the most
modern and most progressive lines. This gave Belgium a tremendous
Better Conditions Decreed.
advantage over such countries as England, whose industrial equipment
The New York "Times" reports the following (Associated remains antiquated.
Without increasing the number of blast furnaces. Belgium has doubled
Press) from Moscow, Sept. 8:
industry, her pigiron output. The glass industry was transformed, nearly doubling
Drawing a bleak picture of certain sections of the steel and iron
to reorganize production. Ninety per cent, of the nation's coal is extracted mechanically.
the presidium ofthe Supreme Economic Council moved to-day
as remedies. Before the war hand labor prevailed.
administration, transportaion and labor conditions in factories
control
The Belgians, who seem to be born engineers, rebuilt farsightedly.
Immediate reorganization of factory administration to a single
were Moreover, they proved to be prudent financiers, for during the 1927-1929
system
wage
and budget basis and institution of the piece work
boom they built up reserves which can be drawn upon during the present
among provisions of a decree issued by the presidium.
technicians lean years.
Improvement of workers' living conditions and transfer of
Secreactual production
Paul Vanzeeland, Director of the Belgian National Bank and
and skilled workers from administrative positions to
tary of the Belgian Economic Council.said he considered Belgium's economic
work were other provisions.
reports of steel status the most secure in all Europe.
The presidium declared that conditions as shown by
and capital
"First, we have stabilized our currency at a rate favorable to our protrusts were extremely unsatisfactory in Alining production
and economic control in ductive Industry," he continued. "Second, our industrialists not only
construction plans, because of lack of technical
and
ment
mismanage
completely modernized their processes, but declined to yield to the clamor
various sections. increasing machinery breakage and
for higher dividends and instead built up reserves.
a shortage of skilled workers.
"Third, a large part of Belgian industry remained in the hands of small
owners and families who with amazing suppleness adapt themindividual
d to selves to changing
conditions.
Kreuger Loan to Poland $32,400,000 Advance
"Fourth, Belgian industry did not make the mistake of over-expanding
Country Although Not Due Until 1932-1933.
non-liquid investments. Fifth, the National Bank's
surpluses
or
up
tying
Sept. policy is absolutely insound,
constituting Belgium's Rock of Gibraltar.
Stockholm advicos to the "Wall Street Journal" of
Sixth, the densely populated country is covered with a network of railways,
10 said:
enabling goods to move cheaply.
to Poland the full $32,400,000 waterways and roads,
Kreuger & Toll Co. has made available
"Moreover, the worker employed in the city can, nevertheless, live in
until 1932-1933. The
due
not
was
agreement,
its
under
enjoying low rent, he has a patch of land which
loan, which,
closed in November 1930, and the country, where. besides
contract with the Polish Government was
his wife manages with consummate skill. Truck gardening, poultry raising
of
63.5%
$32,400,000
par,
of
Provided that Kreuger take over, at 93%
breeding add to the family exchequer."
income from the match concession and rabbit
Polish Government bonds, secured by
Warned by her 1926 crisis, when short-term credits, reckless public
International Match
and
Co.
Match
Swedish
the
to
which was granted
expenditures and an unbalanced budget caused an economic upset, 13Iegium
Corp. during 1925.
has stopped her foreign borrowing and is determined to keep her budget
said: balanced.
Commenting on the above the "Wall Street Journal"
is that Kreuger has advanced
The substance of the present transaction
in effect, the bonds have Argentina Sends $20,000,000 Gold—Will Pay Part of
the money to Poland on a discount basis and,
loan maturing on the date on
been accepted as collateral for a short-term
$50,000,000 Credit.
From the standpoint
which the original agreement becomes effective.
one since the operation
From the New York "Evening Post" of last night(Sept. 11)
of Kreuger & Toll, the transaction is a profitable
of discount.
Permits the charging of a fairly liberal rate
we take the following:
Toll Co., deny that a loan
Lee, Higginson & Co., bankers for Kreuger Sr
By to-morrow $20.000,000 in gold will be on its way from Argentina
present time in
the
at
negotiated
being
is
Roumania
of E5,000,000 to
to New York on two steamers, each of which will bring $10,000,000.
monopolies.
alcohol
and
sugar
for
exchange
This is intended as a part payment on a $50,000.000 credit to the Argentine Government for one year advanced by a syndicate headed by
3,000,Increase
Brown Brothers and Harriman & Co. on Oct. 1 last year. It is therefore
French Bank's Loans High—August
due Oct. 1 next.
Credit.
British
to
Due
Francs,
000,000
One ship, the Northern Prince, left Buenos Aires last Monday with
from the $10,000,000
and announcement was made to-day that another, the Southern
Paris advices Sept. 5 are quoted as follows
Cross, will sail from that city to-morrow with 610,000,000 more.
to
New York "Times":
Its receipt will lift the monetary gold stock of the United States
statement of Thursday
circulation,
The only noteworthy feature of the French bank
nearly $5,023,000,000, or nearly equal to the amount of money in
or
francs,
00
7,365,000,0
which
to
the situation
was the report of bill holdings amounting
was a consequence which now stands at $5,092,000,000. This continues dollar in circulation
3.000.000,000 more than at the end of July. This increase
was exhausted at has existed for nearly two years in which almost every
of the first credit granted to the Bank of England, which
25,818,000,000. in the United States is backed by a dollar in gold.
the end of last week. Exchange reserved fell 540,000,000 to
Argentina is expected to obtain an extension for the remaining $30,000,000
of the Bank
considerable conThis was a result of adjustment operations made for the account
not covered by the direct gold transfer. There has been
credit.
first
the
of
the
conclusion
of England before
maturity.
the
concerning
troversy
maturity
The week's increase of 868,000.000 in circulation, the decline of 687,000,At first, it was believed that Argentina would meet the entire
discounted were
discouraged, as
000 in private deposits and the rise of 963,000.000 in bills
through shipments of gold. But this, evidently, was
conditions
market
Money
month.
gold imports now.
movements normal at the end of the
between banking authorities here wished to avoid additional
contraction
st Paris remain very easy, the outside discount rates still ruling
and the Argentine Government desired to avoid the large
1 Ji(4/1J.5%.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
In the internal note issue which would result from the shipment of that
amount of gold.
Assistance has been given the renewal negotiations, it is understood,
through an agreement which is believed to be near completion with foreign
oil companies, principally American.operating in Argentina. Under this
plan the oil companies involved will agree to subscribe to a considerable
portion of the $30,000,000 renewal which, it is understood, will run from
six to nine months. Thus, the portion to be extended by the banking
syndicate will be reduced.
An internal peso loan was floated recently which netted the Government
some $21,000,000, the proceeds of which were used to purchase the 520,000,000 gold which is being shipped.
1703
be utilized to meet coupons due Sept. 15 next the sinking
fund being deferred. It is added that negotiations are proceeding with the State authorities to the end of establishing
a system of weekly remittances for the benefit of the bonds,
it being considered that under conditions now existing, such
procedure is in the best interests of the bondholders, notwithstanding that the bonds may be in default under the
terms of the loan agreement.
Bonds of City of Copenhagen Drawn for Redemption.
Spaniards Must Yield Foreign Currency—Government
Heidelbach, Ickelheimer & Co. announce a list of bonds of
Orders All Holdings Liquidated in New Move to
City of Copenhagen 4% loan of 1901, drawn as of Aug. 18
Steady the Peseta.
1931 for redemption Nov. 15 1931.
A Madrid cablegram Sept. 7 to the New York "Times"
said:
Bonds of Czechoslovak State Loan Called for ReAs another means of steadying the peseta, which has slipped
somewhat
demption.
during the last three or four days' riot in Barcelona, the
Government
to-day gave orders that no Spaniards living in Spain might hold any foreign
Kuhn,
Loeb
Co.,
&
The National City Bank of New
currency.
York and Kidder, Peabody & Co. are issuing a notice to
The order delivered to the banks by the Government reads:
Communicate to your clients without
a moment that in four holders of bonds of the Czechoslovak State Loan of 1922 that
days at most they must cede to the centrelosing
of exchange
foreign money, $131,800 principal amount of the 8% secured external sinkliquidating their current accounts in foreign currency. Inall
of resistance
on the part of any of your clients, communicate with case
the Government ing fund gold bonds, due April 1 1951, comprised in the
m mediately.
first portion of the loan, and $77,000 principal amount of
These foreign currency accounts run into millions of dollars.
The Banco
Hispano-Americano alone holds about $3,000,000 in foreign
8% secured external sinking fund gold bonds, series B, due
currency.
Henceforth all foreign currency received by individuals here
for sales Oct. 1 1952, have been called for redemption at par on
iof wine, fruit and other goods exported will have to be sold
immediately Oct. 1 1931. The drawn bonds
will be paid out of sinking
to the Government.
fund moneys upon presentation on or after the redemption
Norway's Deficit $1,600,000.
date at the offices of any of the bankers.
Accounted to Associated Press accounts from Oslo,
Norway, Sept. 8, Norway's financial year, which closed Statement Regarding Action of Brazil in Temporarily
on July 31, showed a net deficit of 6,000,000 kroner (approxSuspending Application of Sinking Fund on Eximately $1,600,000).
ternal Bonds.
The following notice was issued under date of Sept. 10
Report that Five French Banks Will Open Credit by the New York Stock Exchange:
in Favor of Uruguay.
NEW YORK STOCK EXCHANGE.
A cablegram as follows from Montevideo, Sept. 7, is
Committee on Securities.
Sept. 10 1931.
taken from the New York "Times:"
The following notice has been received:
The Government was advised from Paris to-day that five
French banks
formed a group to open a credit in favor of Uruguay in an
amount not
yet published. This is the result of negotiations begun by the
Uruguayan
Minister to Paris at President Gabriel Terra's request at the
same time
the Minister in Washington attempted to interest American
bankers.
"Sebastiao Sampaio, Consul General of Brazil, gave to the press yesterday. Aug. 31, the following official statement he just received from the
Brazilian Government:
'Owing to the fall in Brazilian exchange which has resulted from prevailing economic conditions the Government finds itself unable to obtain
necessary foreign exchange to provide in full service on its external debts.
To Fund Debt in Colombia—Nation Averts Need of The Government is anxious that any measures which it may be compelled
to take to meet this emergency may not impede or detract from energetic
Moratorium for Antioquia.
execution of the plan for rehabilitation of Brazilian finance which was
Advices from Bogota (Colombia), Sept. 4 to the New recently proposed by Sir Otto Niemeyer and which it is now engaged in
carrying through, and it has had the benefit of Sir Otto Niemeyer's advice
York "Times" said:
in determining upon the course which is now announced.
The possible need of a moratorium on the service of the State
'The Government has decided to suspend temporarily as from Sept. 1
of Antioquias' foreign debt for $2,000,000 apparently will be averted if
1931, application of sinking fund of all its e eternal loans except two funding
tle
Assembly being called in special session approves an agreement State loans and Brazil 734% 1922 Coffee Security Bonds issued in London and
signed
yesterday by the Minister of Finance and Governor of
Antioquia, and New York. In the case of Brazil 634% 1926 Sinking Fund Dollar Gold
approved by the Cabinet to-day.
Bonds the next sinking fund has been paid to the trustees and will conThe arrangement provides for consolidation of Antioquias'
•
large float- sequently be applied on Oct. 1 next!
ing debt in the form of overdue payrolls and short-term bank
'The Government hopcs with alleviation resulting from this suspension
loans by
proposed successive issues totaling 5,160,000 pesos of 10%
will
be
it
able
to
continue to provide foreign exchange necessary for payinternal
bonds. These will be guaranteed by the National Government State ment of interest on Its external loans. Until the Government is of the
with a
lien on Antioquias' lottery revenues and part of the State's
beer, vehicle opinion that application of sinking fund can be resumed without damage
and tobacco taxes. The nation also will borrow $160,000 for the
State's to exchange or carrying out of the plan on which it is at present working.
account from the Colombian Tobacco Co.
it proposes to deposit with Bank to be agreed upon sums in Milreis sufficient,
at rate of exchange of 4d., to provide the several sinking fund payments
as and when they become due. Should representations of bondholders
Bonds of Department of Cauca Valley (Colombia) so
prefer the Government would be prepared to destroy sums in Milreis
referred to or employ the amount in redemption of internal bonds or
Drawn for Redemption.
apolices.'"
J. & W. Seligman & Co., as fiscal agents, are notifying
The Committee on Securities calls attention to the fact that there will
holders of Department of Cauca Valley, Republic of Colom- be no change in the method of calculating interest on bonds of the United
States
of Brazil listed on this Exchange unless a default occurs in the
bia, 20-year 734% secured sinking fund gold bonds that
$63,500 principal amount of these bonds have been drawn payment of interest.
ASHBEL GREEN,secretary.
by lot for redemption at 103 and accrued interest on Oct.
References to Brazil's action appeared in these columns
11931.
Sept. 5, page 1537.
Receipts of Estonia in Excess of Loan Requirements Brazilian Government Issues Decree Establishing
.
Hallgarten & Co. are in receipt of advices indicating colMinimum Wage.
lection of assigned excise duties pledged to secure the
Associated Press accounts from Rio de Janeiro, Sept. 5,
Republic of Estonia Banking and Currency Reform 7% stated:
The Brazilian Government issued a decree to-day establishing a minimum
Loan for the quarter ended June 30 1931, amounting to
for laborers throughout the country.
$316,000. This is equivalent to about 230% of the quar- wage
The wage scale will be determined according to the cost of living in vaterly service requirements on both the sterling and dollar rious states.
loans. Exports from Estonia for the first half of 1931
aggregated, it is stated, $9,185,432, against imports of Ecuador Cancels Swedish Match Monopoly—Will Have
to Repay Kreuger Loan of $2,000,000 Now.
$8,213,396, leaving a favorable balance of trade of $972,036.
The following Guayaquil cablegram, Sept. 3, is from the
"Times":
Reserve Fund to be Used for Meeting Interest on 7% New York
The Ecuadorian Senate yesterday passed a bill canceling the Swedish
Loan of State of Parana.
match monopoly with only two dissenting votes. The passage of the bill
was wildly cheered by the gallery and by the populace when it became
It was learned this week that Chase Securities Corp. and known.
Bancamerica-Blair Corp. are in receipt of advices that ; The Swedish Minister is still in Guayaquil.
remittances for current interest and sinking fund of the State
The cancellation will require repayment of the Kreuger toll loan of
$2,000.000, which is likely to be taken from deposits for the service of
of Parana 7% external sinking fund consolidated gold bonds foreign
debt in the Bank of the Republic.
not having been received by Lazard Brothers & Co. Ltd.
The dissatisfaction of Ecuadoreans with the Swedish
reserve
fund for the service of the loan will Match Monopoly was noted in our issue of Sept.
in London, the
5, page 1535.
1704
FINANCIAL CHRONICLE
D. Melendez, Charge d'Affairs of Legation of El
Salvador, Sees No Reason for Decline in Its Bonds.
A dispatch as follows from Washington, Sept. 3, is taken
from the New York "Times":
R.
[VoL. 133.
Bank clearings are low, imports are declining and the bond and stock
markets are inactive. Coffee shipments improved this week due to exhaustion of stocks in the United States and Europe and prices showed
improvement at the end of the week. A report from Rio de Janeiro says
the Central Bank will be placed in operation on Sept. 30.
Roberto D. Melendez, Charge d'Affairs of the legation of El Salvador,
wishes
issued to -day the following statement:"The legation of El Salvador
bonds, as
to state that there is no reasonable cause for a declination in A
the service for the external debt corresponding to 1931 has been paid; there
is tranquility throughout the country and the budget is balanced."
French Bankers Reported Ready to Advance Brazil
$54,600,000 for 10 Years at 5%.
The New.York "Times" reported the following from Sao
Paulo, Brazil, Sept. 6:
Chase National Bank of New York Renews Loan to
Cuba—Extends $20,000,000 Advance Once More
for 60 Days.
Under date of Sept.3 Associated Press advices from Havana said:
A group of French bankers to-day offered to lend the provisional government of Brazil 100,000 centos of milreis (about $54.500.000 at par) for 10
years at 5%. This was the first loan offer since the Niemeyer report
on Brazilian finances and the press regards it as proof of Brazil's good credit
position. The Government has not decided whether to accept.
Provisional President Getulio Vargas to-day accepted the resignations of
Mario Brant and Alfonso Penne as President and Director, respectively,
of the Bank of Brazil.
Cuba
A $20,000,000 loan by the Chase National Bank of New York to
a
has been renewed for 60 days, it was announced to-day. It is secured by
$40.000,000 issue of public works 5%% bonds, due in 1945 and held by the
Cuban Treasury.
Bill Passed in Uruguay Authorizes Bank of Republic
to Export Gold—Measure Also Guarantees ExRegarding the above the New York "Times" of Sept. 4
change Rate on Obligations.
had the following to say:
From the New York "Times" we take the following from
The renewal of a $20,000,000 loan to Cuba by the Chase National Bank
o Sept. 4:
Montevide
the
by
made
extensions
of 60 days is one of several similar
for a period
'bankers on the loan. Originally it had been planned to refund, but, owing
to the continued adverse condition of the market for foreign bonds, a series
of renewals of the loan have been made.
The Uruguayan Senate to-day passed a bill authorizing the Bank of
of
the Republic to export 5.000,000 pesos worth of gold (the equivalent
$5.175,000). of which 3.000.000 will be used to pay interest and service
charges on the foreign debt falling due in September. October and November.
of
n
The bill had already been approved in the Chamber of Deputies and
Plan of Cuban Economic Commission for Conversio
therefore Is a law. The bank will export the gold in the amount authorized.
Cuba's Debt.
The Senate also passed a bill under which the Government will guarthe
Havana press advices Sept.8 said:
antee an exchange rate of 25 pence (about 50 American cents) for
foreign obligations after Dec. 31. This guarantee
The Cuban Economic Commission has presented a plan to convert the peso In settlement of
have
extended
creditors
foreign
which
on
creating will apply only on obligations
entire debt by issuing $185,600,000 in new 60-year 5 % bonds and
credit until the end of the year. with the provision that they accept paya tax of 15% on imports.
the ment In five monthly instalments of 20% after that date. More than
which
finance
to
protection,
In addition, there is a plan for national
obligations have been postponed In accordance
Commission proposes an issue of $20,000,000 in 6% treasury certificates $8.000,000 worth of foreign
law.
each year, for a period of five years, redeemable In 60 years, and which will with this new
be guaranteed by the surplus on the 15% tax on imports.
An earlier item regarding the above appeared in our issue
Special correspondence from Havana Sept. 1 to the New of Sept. 5, page 1538.
York "Times" stated:
to approxiA plan to consolidate all of Cuba's foreign loans, amounting
Economic Commis- Mexico's New Monetary Law—Statement by Mexican
mately $270.000,000, now being studied by the National
crisis.
economic
the
of
solution
the
as
Embassy.
n
sion,is looked on by the administratio
bonds, redeemThe scheme involves the issuing of $300,000,000 of 53-i%
interpretations that some of
erroneous
the
of
In view
of $30.600,000,
able over a period of not less than 60 years. The execas
develop- the reports recently published in the press of this country
after conversion of the foreign debt, would be used for agricultural
of new
ment, establishment of agricultural loan banks and the organization
give to the new monetary law of Mexico, the Mexican
industries.
situation Embassy has deemed it proper, for the benefit of those
There is no doubt that this step would relieve Cuba's financial
here that interested therein and to correct the misleading interprets,considerably, but it has been repeatedly stated in banking circles
loan and it would
the condition of the credit of Cuba does not justify such a
respecting the esLikewise, it is an open tions, to issue the following statement
be exceedingly difficult to find buyers for the bonds.
the stamp of sential points of the law:
secret that the American Embassy in Cuba would not place
at this time.
its approval on anyfurther increase in the exterior debt of Cuba
can be
However, the Government entertains the opinion that the matter
to put through
arranged and is apparently going ahead with its preparations
the necessary legislation for such a loan.
regarding
Various newspapers of the capital have reopened discussions
that several proproposal for a moratorium on foreign loans and it is stated
near future covering both the
jects will be presented to Congress in the
moratorium and conversion of debts.
considering
Announcement was made to-day that President Machado was
the floating debt of the
an issue of $14,000.000 interior bonds to cover
under the emergency tax
Republic according to authorization granted him
might, at his discretion,
law of Jan. 29, which provided that the President
revenue of each semester,
issue treasury notes up to 50% of the estimated
date.
from
bearing 6% interest and payable six months
to speculation to the
The objection is made that this might give rise
would be forced to dispose
Prejudice of creditors of the Government who
In view of this, it has been
of the notes in order to obtain ready cash.
before the notes are
suggested that the creditors of the State be consulted
issued.
for
Results of San Paulo Coffee Realization Loan
August.
Corp.,
Speyer & Co. and J. Henry Schroder Banking
RealizaCoffee
7%
Paulo
San
of
State
Fiscal Agents for the
Realization Loan, have received the results of the Cofeee
year
second
the
of
month
second
the
August,
for
tion Plan
pledged
of the Plan's operation. Receipts from the sale of sinking
coffee for the two months totaled $1,622,166 for the
latter
fund, and $81,108 for the Reserve account, which
sinking
now amounts to $567,758. The $1,622,166 in the
funds
fund will be applied to the April 1 1932 redemption; the
fiscal
the
by
held
now
are
for the Oct. 1 1931 redemption
It is
drawn.
already
bonds
date
that
on
repay
to
agents
added:
from a special tax
The funds for the interest on the bonds are derived
within the State of
on all coffee transported for export from any point
August were $718,923
San Paulo. The receipts from this special tax for
against actual interest
and for the two months equalled $1,496,424 as
period.
same
requirements of approximately $1.078.740 for the
Brazil Ships More Coffee.
advices Sept. 6 to the New York
(Brazil)
Sao Paulo
f‘Times" said:
shown as
General business continues dull but with slight improvement
holiday on amortization of foreign debts announced last
the
of
result
a
week.
The new monetary law issued by the Government of Mexico under
date of July 25 1931, is based upon the following essential points.
The continuance of the gold standard on the basis of gold as a commodity and not as a circulating medium, with a resulting withdrawal of
all gold pesos from circulation and the establishment of the silver peso
as the unit of the monetary system with the legal standard or equivalent
of 0.75 centigrams of pure gold for each silver peso.
Consequently, the coinage of gold has been suspended and, therefore.
the exportation and importation of gold either in bars or currency is free.
Silver Is legal tender for unlimited amounts. In order that there shall
be no inflation of the currency, further silver coinage is strictly prohibited,
the monetary stock being strictly limited to the silver currency now in
circulation.
Should the financial situation of the country demand a greater circulation of currency, the law provides for increasing it by means of paper money
to be issued by the Bank of Mexico. However, the acceptance of such
bank notes shall be voluntary and, therefore, they will only circulate in
proportion to the demands of the market. Furthermore, they can only
be issued if guaranteed by a motalic reserve of at least 50% of their value
and will be circulated only in exchange for gold at the rate of 0.75 centigrams
per peso, or against sight draft or through bank rediscounts of commercial
Parlor.
The law provides for monetary reserves in gold either currency or bars
or in silver bars or currency considered at the commercial value of the
silver.
For all the financial operations derived from the enactment of the new
monetary law—which will be something similar to those performed by
the Federal Reserve Banks of the United States--the Bank of Mexico will
assume the functions of the Central Bank of the nation, authorized to issue
bank notes and rediscount commercial paper. The Bank of Mexico thus
organized will be entrusted with the monetary reserves. But as the changes
In these fundamental activities will necessarily take some time, while the
Bank of Mexico is not in a position to undertake exclusively its role of
bank of issue and rediscount. a Central banking board is created to handle,
in the meantime, the reserve funds as well as all matters connected with the
issuance of paper money and, in general, to perform all financial operations
that later on will be of the scope of the Bank of Mexico.
This Central banking board will consist of the Secretary of the Treasury,
a member of the Board of Directors of the Bank of Mexico and five representatives of private banking institutions.
In regard to obligations contracted for prior to the new monetary law.
it is provided that the same shall ho fulfilled in the only legal tender that
exists according to the new monetary law, that is, the silver peso equivalent
to 0.75 centigrams of pure gold as regards obligations contracted for in
foreign currency these shall be settled in Mexican money but at the rate
of exchange of the date and place wherein the obligation Is to be met.
An exception of the first provision of the aforegolng paragraph Is where
gold has been collected for the account of a third party; or where gold has
been deposited in trust; or where as a result of contracts entered into
without transfer of domain gold has been deposited.
Banks and credit institutions are to return in gold coins 30% of all
amounts that have been deposited with them in gold, the balance of 70%
will be paid in legal tender, that Is to say, silver pesos. However. the
SEPT. 12 1931.]
FINANCIAL CHRONICLE
right to pay only 30% in gold of the amounts deposited with them in such
specie is optional for the banks and credit institutions.
A reference to the new Mexican monetary law appeared
in our issue of Aug. 29, page 1371.
Protest By Porto Ricans Against Federal Land Bank
of Baltimore Reported Discontinued.
From San Juan, Porto Rico, Sept. 4 a wireless message
to the New York "Times" said:
The Agricultural Association announced to-day that a protest meeting of
farmers who had borrowed $12.000,000 from the Federal Land Bank of
Baltimore had been called off as the result of the understanding reached
during the visit of the bank directors here.
The Bank has asked Jose Pesquera, President of the association, and
Edmondo Colon, Commissioner of Agriculture, to serve it in an advisory
capacity to maintain the understanding. In addition, a letter signed
by Charles S. Jackson, Vice-President: I. P. Whitehead. counsel. and
George P. Anderson, director, tells the farmers' organization that further
loans will be made to individuals, as well as the intermediate credits which
are extended to co-operatives.
An item in which it was indicated that representatives of
the Federal Land Bank had gone to Porto Rico to examine
the bank's mortgages on farm property there, appeared in
our issue of Aug. 22, page 1221. From the "Baltimore Sun"
of Aug. 28 we take the following:
Land Bank Answers Protest,
The Porto Rican situation is working out all right, Vulosko Vaiden,
President of the Federal Land Bank of Baltimore, said yesterday in discussing the protests arising in certain circles on the island in regard to the
policies of the local institution.
Answering these protests, he pointed out that the Federal Land Bank of
Baltimore had about $12,000,000 in outstanding loam; in Porto Rico and
made emphatic denial that the Bank was pursuing any method other than
in line with a sound business policy in its foreclosures in default of loans.
Stating that the Bank's representatives were planning
to leave Porto Rico, a message Sept. 1 to the "Times"
said:
They are convinced that all causes leading to misunderstanding and
complaints have been removed, and that complete co-operation between
the Bank and the Porto Rican farmers will prevail in the future.
Before their departure they plan to make a definite statement, but in the
meantime the farmers' representatives have been convinced that the
bank will afford all necessary relief, not by changing its policy but by altering methods of application.
1705
stitutions at New York. The debentures, priced upon
application, are dated Sept. 15 1931 and will mature in
2, 6, 9 and 12 months. They are secured by loans and
discounts representing advances made for production and
marketing crops and livestock under Act of Congress approved Mar. 4 1923 and are exempt from all income taxes.
All of the capital of the 12 Banks in the system is subscribed
to by the United States Treasury and as only $30,000,000
has been paid in there is still $30,000,000 available which
can be called at any time on 30 days' notice.
The 12 Banks report earnings for the first six months of
this year, before deducting amounts transferred to reserves
for contingencies, of $829,449, the highest it is stated for
any similar period since the organization of the Banks in
1923. For the calendar year 1930 earnings amounted to
$1,482,936. As of June 30 1931, total assets of the Banks
were $172,963,820. Loans and discounts outstanding
amounted to $134,706,417. Bank loans on commodities now
on the books of the Intermediate Banks are based on 75%
of the current low market value of agricultural products.
Capital surplus, reserves and undivided profits on June 30
1931 are shown as $33,972,841.
Loans of Houston (Texas) Federal Intermediate Credit
Bank Doubles to Farmers' Co-Operative Marketing Associations.
For the first six months of this year, the Federal Intermediate Credit Bank of Houston, Texas, reports loans to
farmers' co-operative marketing associations and discounts
of farmers' notes for local lending institutions, such as
agricultural credit corporations, livestock loan companies
and banks, totaling nearly $22,000,000, compared with
approximately $10,351,000 for the same period of 1930, according to Charles R. Dunn, Fiscal Agent for the 12 Federal
Intermediate Credit Banks. The amount of discount business done by the Bank during the first half of the year was
about $12,000,000, compared with about $10,000,000 for
the same period in the previous year. The loans to farmers'
co-operatives on warehouse receipts made during the first
half of 1930 were $419,000 whereas the amount for a like
period this year was $9,958,000.
President Ortiz Rubio, With Opening of Mexican
Congress, Lists Achievements of His Regime to
Date, Puts Labor Code First.
President Ortiz Rubio opened the 34th Mexican Congress
on Sept. 1 in a session which did not last more than a couple
Senator Wagner of New York Urges Government Bond
of hours, as compared with the customary five or six. In
Issue of $2,000,000,000 to Provide Work for 1,000,000
part a cablegram to the New York "Times" from which
Unemployed—Declares These are Days of Emeradded:
we quote,
gency.
On this occasion only the Presidential address was read, copies of reports by Cabinet Ministers being handed to the Senators and Deputies.
A proposal that "the Federal Government proceed at once
President Ortiz Rubio arrived at the Chamber of Deputies accompanied
provide direct employment to at least a million men"
to
by the headquarters staff, after marching through streets lined with infantry. The legislative palace was heavily guarded by police in gala through a construction program of $2,000,000,000 was made
uniform. The diplomatic gallery was full of uniforms and decorations, add- by Senator Robert F. Wagner, of New York, in addressing
ing to the glittering scene.
President Ortiz Rubio paid glowing tribute to former President Calles. the State Fair at Syracuse, N. Y., on Labor Day, Sept. 7.
He cited as his Government's greatest achievements in the past year:
The Senator declared that "these are not ordinary times;
First, the new labor law.
these are days of emergency." "Individually and collectSecond, the laws providing for agricultural credits.
Third, the reforms In agrarian legislation.
ively," he said, "we are facing an emergency fraught with
And next, the most recent monetary law, which, he said, solved the tragedy." "About six or seven millions," he added, "are
speculation.
problem of iniquitous
The President emphasized that Mexico is now carrying forward govern- out of work. These figures, however, do not recite the
ment by institutions and laws and not by personal influence. Dealing entire tile. Many millions of these have been without work
with the religious situation, he said all religious beliefs are worthy of regravity of the situation is to-day
spect. Regarding the State of Vera Cruz, where priests have been limited for a year and longer. The
to one for every 100.000 inhabitants, President Ortiz Rubio said legislation more truly reflected in the lengthening lines of American
had been enacted within the sovereign rights of the State.
families who have swallowed their pride and in desperation
Slump Has Affected Budget.
New York "Herald
Finance Minister Luis Monies de Oca, to whose report to the Mexican applied for charitable relief." From the
Congress yesterday major importance was attached, reviewed in consider- Tribune" we quote the following account of the Senator's
able detail the financial condition of Mexico as it has developed during the
speech as given in its Syracuse dispatch:
current year.
As a result of the general depression since August, 1930, the Mexican
"I want to emphasize the duty of the Federal Government," Senator
Treasury has been showing a decreasing revenue. As of July 31 1930, Wagner said, "but not because I regard its obligation as greater than that
pesos,
budget
and
surplus
30.000,000
of
a
expenditure
was
for
1931 of the State and municipalities. It is the tool and instrument of the people
there
of 299,490.480.47 pesos was considered justified. Further decreases in who have created it and maintained it, and there is no justification for
National revenues brought Mexico to the consideration, absolutely neces- allowing that instrument to lie unused in the day of the nation's stress.
sary, of balancing the budget.
A $2,000,000,000 Program.
Three means only, so far, are known to attain that end. They are:
"The Federal Government's contribution of jobs ought to take the shape of
(a) The contraction of loans, (b) cutting of public expenses, (c) increase
in taxation.
a $2,000,000,000 construction program, in addition to normal activity, so as
Under prevailing conditions in Mexico the flotation of a loan has not been to provide prompt employment for more than 1,000,000 men. Indirectly
a
might
only
mean
this
as
remedy,
postponement
of
the
prob- employment would thereby be given to at least another million workers."
considered a
lem. The Government therefore resolved to reduce expenditures. To
Other suggestions by Senator Wagner for easing the economic stress were:
accomplish this cuts totaling 56,000,000 pesos were made and taxes inLegislation to keep children in school and out of factories, thus providing
creased.
employment for their elders.
agreement
with
the
latest
the
said
Minister
International
ComThe
Modification of the Volstead Act, thus providing revenue to wipe out the
mittee of Bankers on Mexico for renewal of payments on the foreign debt existing deficit and provide additional employment.
had reduced Mexico's indebtedness by 45% on its nominal value, and
Legislation providing for a nation-wide system of employment agencies.
the debt would be redeemed totally within 45 years.
Reduction of the working week to allow for great productivity of labor
and industry.
"Individually and collectively we are facing an emergency fraught with
Offering of $20,000,000 Debentures of Federal Intertragedy," Senator Wagner said. "About six or seven millions are out of
mediate Credit Banks.
work.
Public offering of a new issue of $20,000,000 of 3% debenFederal Obligation.
tures of Federal Intermediate Credit Banks was announced
"I want to emphasize the duty of the Federal Government, not because I
Sept. 9, by Charles R. Dunn, Fiscal Agent for these in- regard its obligation any greater than that of the States and municipalities.
1706
FINANCIAL CHRONICLE
[VOL. 133.
Quite to the contrary, everyone concedes that the local units of government
Senator Borah Asserts Rich Must Feed Unemployed
must exert all their strength to help meet the shortage of earning power.
"Voluntarily" or Otherwise.
But the attempt has been and is continuing to be made, both openly and
covertly, to convince the American public that a lesser duty, a less onerous
Senator William E. Borah declared in an address at
burden rests upon the Federal Government.
Cottonwood, Idaho, on Sept. 7 that the rich of the country
"We are told to avoid the dole. If by dole is meant the giving of something for nothing, then it has no more implacable foe than myself. I am must feed the unemployed during the coming winter and
opposed to all manner and shape of dole, both public and private. I am in warned that "if they do not do it voluntarily they will,
favor of giving the man out of work the chance to earn his living, not
nevertheless, do it." Associated Press dispatches in reportto beg it.
"The Federal Government's contribution of jobs ought to take the shape ing this, went on to say:
of a $2,000,000,000 construction program, in addition to normal activity,
Accusing the governments of responsibility for the World War, "the
so as to provide prompt employment for over a million men. That is the result of which was to wreck the econimic system of two continents," the
limited
to
be
Idaho Senator contended it was their duty to care for the impoverished
very minimum. The effect of such an undertaking would not
the million men employed. Indirectly employment would thereby be given and suggested an increase in the income tax in the United States.
He asserted the burden of the people was increased by the governments'
to at least another million workers, and agriculture and business would both
be stimulated. The exertion of such a major effort would still leave a large continued building of armaments and "reckless extravagance," which has
• share of the burden for local governments to carry. Their oombined activity, reached the point where "taxes discourage thrift and menace legitimate
however, should make a very substantial dent in the rock of unemployment. business; where the expenses of government have made home building a
luxury.
Credit At Peak.
"As we approach winter, the task of taking care of these men and women
"There are highways to be repaved, widened and straightened. Hundreds and their dependents is uppermost in our minds," Senator Borah said, referring
to an estimated 5,000,000 or 6,000,000 unempliyed in this country
of river and harbor projects are on the approved list. There are large
Federal zones which require reforestation. I do not advocate that a single and 20,000,000 in the world.
"How is it to be done? Food is going to waste. There is plenty of
dollar be spent for a project which would not, in time, M any event be
money in the country, hoarded and idle. When the Secretary of the Treasundertaken by the Federal Government. We shall also be told that the
ury
offered certificates for sale to the amount of some $800,000,000 they
Federal Government has not the money to engage upon this program. The were
oversubscribed many times. . .
Federal Government can borrow the money. Its credit is at the peak.
"If the wealth of the country," he said, "does not voluntarily contribute
The banks are glutted with idle funds that ought to be busy creating to the end that we may
take care of them, there is only one thing to do, and
employment.
that is, to feed those people from the Treasury of the United States and
"It is conservatively estimated that a million children under 16 years of increase the income tax, particularly in the higher brackets, to enable us
age are holding jobs which ought to be filled by their fathers, their elder to do it.
brothers and sisters. Despite the fact that millions of bread-winners are
"If the public dole system is established in this country it will be forced
without work, the United States Children's Bureau stated that in 1930 by those who, having the means, refuse to do their part in feeding the
alone more than 103,000 children 14 and 15 years of age left school to enter hungry."
employment. That is a condition which ought not to continue. Where
Mr. Borah cited a donation of $1,000,000 by Senator Couzens as an exstrengthening legislation is necessary to keep the children in school it ample of what may be done to alleviate the suffering.
ought to be passed.
The address was delivered at the dedication of a monument to 17 volun"A third measure of relief lies solely within the power of Congress and teers in the Nez Perce Indian War, who on July 5 1877, fought a desperate
the President. They have the power immediately upon the reconvening battle against 150 redmen that nonplussed the savages and turned the war
of the next session to modify the Volstead Act within the limits of the in favor of the whites.
Constitution. I do not know just how large an addition to employment
would be made by the resumption of activities permitted by such a change
of law. All agree that it would be substantial. In addition, such action Senator Couzens of Michigan Offers $1,000,000 to Help
Unemployed in Detroit if Further Contributions
would bring a very large revenue into the Federal Treasury and help wipe
out the existing deficit.
of $9,000,000 Are Raised by City—To Introduce
"In conjunction with these steps Congress should at the very earliest
Bill in Congress Providing Job Insurance.
pass the necessary legislation for the erection of a nation-wide system of
An offer to aid in the relief work for the unemployed of
employment offices conducted in co-operation with the States. The working
week must be reduced in length to allow for the vastly greater productivity Detroit was made recently by Senator James Couzens of.
of labor and industry. The working man must be intelligently guided in
the choice of an occupation and the discovery of a job. By a system of Michigan, who in a letter to Mayor Murphy indicated his
paid-for insurance and not through doles, he must be enabled to wait for willingness to donate $1,000,000, contingent upon other citi.
a job if waiting is necessary."
The following extract from the Senator's address is from
• the New York "Times":
"I do not advocate that a single dollar be spent for a project which
would not, in time, in any event be undertaken by the Federal Government.
What I propose is that the idle power of the unemployed be applied now
upon the construction of public works scheduled for the future.
"We shall also be told that the Federal Government has not the money
to engage upon this program. The Federal Government can borrow the
money. Its credit is at the peak. Interest rates have rarely been lower.
"The banks are glutted with idle funds that ought to be busy creating
employment. It would be a boon to the entire country to cause this frozen
capital to flow freely once again in the channels of trade.
"Never in its history has our Government had occasion to borrow money
for more economic reasons and for loftier purposes.
"We shall probably be told that the Federal Government cannot afford
to spend that money. Let me ask in return, can we let American men and
women who are out of work starve? And since maintain them we must and
we shall, can we afford to let their labor go irretrivably to waste? To
permit that to happen would be the grossest form of national extravagance,
the only course that we cannot afford."
zens in the city raising $9,000,000 additional. Senator Couzens said "if, however, it is determined that the amount I
propose to have raised is too great or too little, then I am
willing to agree to some other amount." It was announced
at Washington, Aug. 21, in a dispatch to the New York
"Herald Tribune," that Senator Couzens, Rep., Chairman
of the Senate Committee on Inter-State Commerce, will
introduce a bill for unemployment insurance at the next
session of Congress. Last winter he was one of the Senate's
strongest advocates of direct relief action by the Federal
Government. The dispatch added:
It is the understanding that Senator Couzens has not worked out details
of a bill, but that he is studying various proposals. One of them, a proposal by Eugene W. Lewis, President of the Morris Plan Banks of Michigan,
contemplates raising a fund partly from the State's general taxes, partly
from the Federal Government, with contributions by employers and employees. It would be headed by a government commission appointed by the
President, and this commission would operate a central bank in Washington to deal with the funds.
The fact that a special committee of the Senate, headed by Senator Felix
Hebert, of Rhode Island, is investigating unemployment insurance at this
time,
under the Wagner resolution, adds to the interest felt in the subject.
John L. Lewis, President of United Mine Workers of
Moreover, the Railway Labor Executives' Association is giving keen attenAmerica Declares Prosperity Is Dependent on High tion
to old-age pensions for railway workers, and is also pondering unemWages and Regularity of Employment—Says ployment insurance as well as the shorter work-day and work-week. The
Present Conditions Are Due to "Ruthless Assault" Association, at its recent meeting here, went on record for "retirement
insurance for superannuated employees.
on Wage Structure.
In a Labor Day address at Des Moines, Iowa, John L.
Lewis, President of the United Mine Workers of America
declared that national prosperity is dependent on high wages
and regularity of employment. Addressing Des Moines
workers, he predicted a continuation of the present economic
depression as a result of what he described as "a ruthless
assault on the wage structure of American workers," according to Associated Press acounts, which further indicate
as follows what he had to say:
From the Detroit "Free Press" of Aug. 23 we quote as
follows the letter of Senator Couzens to Mayor Murphy of
Detroit:
"It is well known that for some time I have favored a special session of
Congress for the enactment of laws and the making of appropriations to aid
the States in caring for the unemployed.
"I have thought this because of the strain that many States and their
political subdivisions are under in the collection of taxes and the consequent difficulty In securing money for the relief of the unemployed. r
thought that the Federal Government could co-operate with the States, not
in the way of permanent legislation, but temporary legislation to carry us
There can be no permanent progress or prosperity until the economic axis over this period of excessive unemployment. I thought we could do this
of capitalism revolves on a sound basis of equitable distribution of profits, in the same manner as we make appropriations to aid the States in building
he said. Profits as a whole must be large enough to enable all human factors good roads, to help them reduce Infant mortality, and to aid them in
engaged in each industry to share the profits gained in sufficient amount to vocational training for those physically disabled.
maintain relative purchasing power.
Hoover's Views Cited.
Plainly speaking, the earning power of the masses has been decreased so
"President Hoover, however, is not in accord with these views, and
far below that necessary to sustain consuming requirements of our productive facilities that our people cannot now earn sufficient money pa buy back It is of course weil known that Congress does not meet until December.
Therefore no aid can be given by It until it is too late for this winter's
prosperity.
It is the duty of business to provide and promote efficient enterprise for relief. The President is evidently determined not to call an extra session
the success of all our population, he said. If business leaders fail, the people of Congress, and therefore other ways and means will have to be devised
will undertake the performance on their own responsibility by exercising to care for the unemployed. The President is opposed to the use of public
their voting strength in devising and enlarging the regulatory powers of money for the reliel of the unemployed, and is insistent upon money being
supplied by private qharities. The President hes announced during the
their Federal and State governments.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
last day or so. the appointment of a large national committee to which
the aid of the Federal Administration is to be given in an advisory way
only, and, therefore, every effort must be made to make that plan a success.
"It is more important to me that the unemployed be properly cared for
this winter than it is to have my views adopted, so I am willing to adapt
myself to the conditions and aid in every way possible.
"The Red Cross has repeatedly announced a policy of only caring for
those in distress due to Acts of Providence, and has declined to undertake
the care of the unemployed. Whether the community chests of the nation
are equipped to take on this great task either through organization or
adequate funds, I am in doubt.
His Plan Is Outlined.
"Whether the plan or any plan meets my views or not, I want to do
everything I can to aid in whatever plan is adopted. Therefore, I desire
to offer you $1,000,000 to add such funds as you and the Common Council
are willing to appropriate for the aid of the unemployed here. This offer
is made contingent upon other citizens in this community raising ten million
dollars (including my own) for the relief of the unemployed. The money
is to be expended either through the Public Welfare Commission or some
special agency upon which we might agree.
"My contribution, if conditions are met, would begin at the rate of
$200,000 each month, starting with Nov. 1 and ending with March 1 1932.
"One reason for making this proposal is that I understand through the
press that the Community Fund of Detroit has stated that it does not feel
that it can take on additional obligations. This I quite undersand in view
of the some 70 agencies which it has to support.
Job Finding Most Desirable.
"If our community is unable through taxation to care for its unemployed, and if the Federal Government through its spokesman, the President, determines against governmental aid to the States or the municipalities, then there is no way that I know of of relieving the unemployed except
through private charity. I know of no way to get jobs for all of these
people willing to work, but if there is any way to get them jobs, of course
everyone would agree that that would be the most desirable thing to do.
"This proposal is only made because of the vital necessity of planning
something now for the coming winter. It is obvious to me that no other
thing can be done in time to relieve the unemployed, except to house and
feed them.
"If, however, it is determined that the amount I propose to have raised
is too great or too little, then I am willing to agree to some other amount."
1707
real estate represented by defaulted bonds is located. Almost without waxy.
tion securities of that class were represented as legal for trust fund investments, and many of the securities are now held by individuals who are in
dire straits, and in trust estates. It has been reported to the Administration
that a substantial number of these issues are now undergoing foreclosure,
brought about by artificial pressure by profiteers.
A prominent building in the heart of uptown New York is involved in a
complaint to Washington. Following a sale of the premises at foreclosure, a
first mortgage of $200,000 was negotiated and the proceeds thereof distributed to the serious disadvantage of the bondholders, according to the
complaint. The lawyers conducting the foreclosure proceedings received about
$60,000; the referee to sell, $66,000; and the bondholders' committee,
$30,000, which, together with some small incidental expenses, consumed all
but $37,000 of the $200,000 proceeds of the first mortgage.
Protection of Bondholders.
Now it is proposed, according to the complaint, to 'distribute this $37,000
among the bondholders so that for each $1,000 bond the holder will receive
approximately $55 plus debenture and stock. These latter securities, of
course, are not trust fund investments and must be eliminated from the
securities of all trusts.
There are said to be many such cases in New York City and elsewhere in
the country where the bondholders might be saved considerable money and
the real estate market relieved of needless burden if a central committee of
responsible bankers were to be available to step into such situations and direct
the projects for the benefit of the bondholders.
Public.apirited action by bankers, it is submitted, would operate to prevent
unnecessary foreclosures, and in those instances where necessary, the proceedInge would be conducted conservatively and without high and exorbitant fees.
What comes of the suggestion, it is said, will depend upon the bankers.
Further conferences with President Hoover were reported
as held the present week.
American Legion Calls Conference at Washington
Sept. 14 on Unemployment Situation.
A conference of governors, mayors and representatives of
labor, capital and industry has been called by the American
Legion to meet in Washington on Sept. 14 to map out a
program for aiding the unemployment and economic situaConferences Between President Hoover and Bankers tion. Associated Press advices from Washington, Sept. 8,
this, added:
on Real Estate Situation—Aid to Holders of Build- reporting O'Neil,
National Commander of the Legion,said in a statement
Ralph 'I'.
ing Bonds Reported As Planned—Billion and to-day through the organization's headquarters that during the conference
the full strength and influence of the Legion would be offered to the ComHalf Said to Be in Default.
mittee recently appointed by President Hoover to co-operate in solving the
It is understood that the question of initiating measures unemployment problem.
The National Commander said acceptances of invitations to attend the
to protect the holders of building bonds was discussed beconference were being received daily. The invitations to Mayors were
tween President Hoover and New York bankers at a con- limited
to the 15 largest cities and such others as have large public works
ference held in Washington on Aug. 26 and 27. Stating that projects under way.
The American Federation of Labor and the Chamber of Commerce of the
Information became available on Sept. 1 regarding this disUnited States, Mr. O'Neil said, are expected to be represented.
cussion for relieving the burden of frozen real estate assets
"One main purpose of the conference," he explained, "is to get ideas and
in the economic depression, Washington advices on that date suggestions that will enable the Legion's National Employment Commission to be most effective. It is our intention to co-operate with all existing
to the New York "Herald Tribune" continued:
agencies, both public and semi-private.
It has been ascertained that the beginning of the depression found building bonds outstanding to a value of $4,000,000,000. Bonds representing
about $1,500,000,000 of this sum are estimated to be in default. The
interests behind most of the defaulted bonds have gone bankrupt or disappeared, leaving the holders of these bonds unprotected in most instances.
The suggestion discussed in the White House conference which New York
bankers had last Thursday with the President and his fiscal advisers is that
responsible bankers undertake to set up some sort of non-profit protective
agency for the benefit of such bondholders and the real estate situation
generally. The effect, it is believed, would be not only to keep many
bondholders out of distress but to hold much of the distressed real estate
off the market at a time when it is tending to retard business recovery in
all parts of the country.
It is explained that banks, insurance companies and large financial institutions of that class do not deal in the type of building bonds involved and
therefore would not benefit directly by the steps now under consideration,
Public-spirited bankers in different parts of the country would be expected
to help organize and direct the protective agencies for the good they could
do in the general situation. The Federal Government, as such, would take
no direct part in the proceedings, except to give its moral support.
Administration officials appear to be convinced that something ought to
be done about the situation without delay. What will come of the discussions is not yet known. It is said that the whole proposition has not gone
beyond the discussion stage and that therefore it is too early to say what
form the proposed protective agency or agencies would take. One suggestion
Is that they should take the form of non-profit corporations, which might,
however, charge a service fee.
Presumably, it is said, if a group of public-spirited New York bankers were
to organize for the purpose in New York and proceed with notable results,
their example would be followed elsewhere, until, gradually, there would be
a system of such agencies throughout the country. Responsible bankers of
one section would co-operate with those of other sections. In any event, the
Administration appears to be following President Hoover's determination that
the country must run itself and not be taken care of by the Federal Government, though Washington should stand ready to help, consult and advise
wherever it can be helpful.
Those who went over the situation with President Hoover, Andrew W. Mellon, Secretary of the Treasury, and Eugene Meyer, Governor of the Federal
Reserve Board, were Charles S. McCain and James T. Lee, President and
Vice-President, respectively, of the Chase National Bat* ; George W. Daviaon,
President of the Central Hanover Bank tz Trust Co., and William C. Potter,
President of the Guaranty Trust Co.
Many Bonds in Trust Estates.
They had a protracted conference at the White House and the real estate
situation was only one of several matters touching the general business situaHoe which was talked over.
Protests have cOme to government officials about alleged manipulation by
professional speculators in New York City, where the major proportion of
"I have called this conference at this time so that the suggestions and
ideas we receive can be submitted by our Employment Commission to the
national convention to be held in Detroit Sept. 21-24. We believe the
Legion will be able to increase employment during the coming winter and
also help to outline a program that may be of some permanent benefit
during any period of depression."
Germany to Buy 7,200,000 Bushels of Wheat from
United States—Federal Farm Board Withholds
Confirmation—Opposition in German Grain and
Other Circles.
Reports, since confirmed by the Federal Farm Board,
that Germany has arranged to buy 7,200,000 bushels of
wheat from the United States came from Berlin on Sept. 8.
In its cablegram from Berlin on that data the New York
"Times" said:
As a result of negotiations by Dr. Axel Schlinder, one of the heads of the
German Central Agricultural Chamber, with the Federal Farm Board in
the United States, Germany will buy 7,200,000 bushels of American hard
Winter wheat of the best quality, it was officially announced to-day. The
price is to be credited for a number of years and the wheat will be taken
from the 1930 harvest stores of the Farm Board.
The original plan to buy 18,000,000 bushels was dropped as dermany
wants to distribute the quantity she must import about equally among the
principal wheat exporters. Heretofore by far the greater part of her wheat
Imports have come from Canada. chiefly Manitoba, and South America.
The transaction is wholly in the hands of the grain trade, which will
finance it directly without the intervention of the Government.
The deal is regarded as only an initial purchase, as the German wheat
harvest in normal years is about 11,000,000 bushels short of domestic
consumption. This year the volume of wheat that must be imported is
considerably in excess of this amount, as an abnormal rainy period in
August destroyed part of the harvest and reduced the quality of the rest.
On the basis of present estimates of the wheat harvest Germany needs
about 25,000,000 bushels of foreign wheat, but as the rains are still continuing the amount to be imported may be as high as 36,000.000. It is
believed that a great part will be from the United States, as it is doubtful
whether Canada, Russia and Argentina will want the same credit terms as
the United States.
The advices Sept. 8 from Washington to the "Times"
stated:
Despite official announcement from Berlin of the purchase of 7.200.000
bushels of wheat from the Federal Farm Board on long-term credits by the
grain trade in Germany, the Farm Board continued throughout the day to
deny indirectly any knowledge of the transaction.
1708
FINANCIAL CHRONICLE
Chairman James C. Stone, back from a vaction, declined to comment on
the report or to see any of a large number of callers who wished to inquire
about the sale of wheat. His only answer, transmitted to all inquiries
through the Director of Information at the Farm Board, consisted of the
single sentence: "I hope it is true."
The attitude of the Farm Board, whose other members were equally
reticent to-day, aroused considerable curiosity as to its plans and caused,
for the first time, open voicing of the belief in informed circles that word
had gone from the White House to the Farm Board suggesting that the
White House would be the most appropriate place for the announcement o
foreign deals by the board.
Sale to China Recalled.
It was recalled that tbe White House officially announced the sale of
15,000,000 bushels of Farm Board wheat to China for famine relief incident
to floods there, less than an hour after Carl Williams, then Acting Chairman of the Farm Board, has denied knowledge of completion of the transaction by the Farm Board.
There was no admission to-day that Chairman Stone had seen Dr. Axel
Schlinder, named in dispatches from Berlin as the agent between the
German Central Agricultural Chamber and the Farm Board.
It was considered possible that Dr. Schlinder might have seen George S.
Manor, Chairman of the Wheat Stabilization Corp., purchasing and storing agent for the Farm Board in Chicago, but Mr. Milnor could not have
completed the negotiations without the approval of the Farm Board.
[vol.. 133.
Furthermore, critics point out that the buyineprice should be'rfixed
according to the market quotations while Minister Schiele seems to support
the German delegates in permitting a price to be fixed at a level higher than
current market quotations if it is fixed now for the entire delivery.
Arrangements Concluded for Sale of Wheat by United
States to China.
Announcement that the Chinese Government has accepted
the proposal of the Federal Farm Board for the purchase of
that country of wheat and flour was made at Washington
on Sept. 4 by President Hoover. The amount at present
settled upon, said the announcement, "is about 15,000,000
bushels." The announcement follows:
The Chinese Government has accepted the proposal of the Farm Board for
the purchase of wheat and flour, to be used exclusively for famine relief purposes, on terms of payment over a period of years.
The Chinese Government undertakes the transportation, and it has given
assurances that it will give equal opportunity to American-flag ships in
the charters made for this purpose.
"The amount at present settled is about 15,000,000 bushels."
It was announced yesterday (Sept. 11) in Associated
Shanghai Associated Press advices Sept. 4, in reporting
Press dispatches from Washington that the Federal Farm China's acceptance of the offer, said:
Board had reached an agreement for the sale of 7,500,000
With the principal items of the United States Farm Board's latest wheat
bushels of wheat to Germany. As given in the New York offer approved by the Nationalist government, officials have expressed confidence
that an agreement will be signed in a few days.
"Sun" of last night the dispatch continued:
The sale means the Board has disposed of 82,500.000 bushels of the
huge store of grain acquired during stabilization operations.
Brazil took 25,000,000 in exchange for 1,050,000 bags of coffee and
China bought 15.000,000 bushels outright. The amount of wheat sold
at seaboard has been estimated at 35.000,000 bushels.
The Farm Board has not made public the amount of wheat it has left,
but unofficial estimates placed this at a few million bushels below
200,000,000.
Chairman Stone of the Board refused until to-day to comment on the
German negotiations.
Previous Offer Turned Down.
The major points of the Farm Board's proposal were indorsed yesterday.
While minor questions remained to be settled, spokesmen said the wheat
probably will start moving across the Pacific before Oct. 1.
Items of the Farm Board's offer settled include the following:
That China will purchase 450.000 tons or 15,000,000 bushels of wheat
with interest at 4% payment to be in throe installments before the ends of
1934, 1935 and 1936. the price paid to be that of market quotations on the
date of export.
The huge shipping problems involved still are under negotiation between
the two governments and shipping companies. One proposal Is that shipments be in lots of 50,000 tons monthly. The need for the wheat, which will
go toward alleviating distress among China's millions of flood victims, will
be the greatest during the coming winter.
According to Nanking official sources, the American Government has
stipulated the wheat should be carried entirely in American vessels, with a
guarantee that freight will not exceed the rates of non-American shipping
companies.
A previous German offer for about 25,000,000 bushels of the wheat was
rejected.
The announcement to-day said the purchase, bearing 4%% interest
and maturing Dec. 31 1934 was guaranteed by the German Government.
Delivery is to be made at the average rate of 833,333 bushels per month
and there are provisions for the increase of the monthly quota if the GerFrom the Washington account to the New York "Times"
mans desire it.
The shipments are to be made from Atlantic or Gulf ports and ships Sept. 4 we quote as follows:
flying the United States flag will be given preference in carrying the grain
The Farm Board, acting as the agent for its own Wheat Stabilization
for 50% of the tonnage.
Corp., agreed to accept securities of the Nationalist Government at NanThe sale was to the Deutsche Getreide Handelsgessellschaft of Berlin, king, to be paid off in 1934, 1935 and 1936, with interest at 4%, it was
the national grain handling organization of Germany that corresponds learned at the Farm Board after the President made a brief announcement of
to the Farmers' National Grain Corp. in this country.
the closing of the long-expected deal.
The wheat is to be No. 2 amber durum, No. 1 dark hard winter or No. 2
hard winter of the 1930 crop.
Second Large Deal in Month.
The purchase price is in accordance with current quotations of Sept.
There were indications that the President had personally intervened to
10, although the protein content of the wheat and its location will be settle points in dispute and assure success of the transaction, and inquirers
considered.
at the Farm Board only a short time before Mr. Hoover's announcement
The Farm Board said the agreement was entered into on Sept. 5, was was made had been told that the deal was not completed.
approved by the Grain Stabilization Corp. on Sept. 7 and received final
Carl Williams, Acting Chairman of the Farm Board in the absence of
Board approval to-day.
Chairman Stone, appeared to be surprised that a statement had been made
This sale and those to China and Brazil bring the amount of stabilize
at the White House when told what the President had said.
tion wheat sold since July 1 to 47,500.000 bushels.
Only then did Mr. Williams reveal the details of the second large sale or
The Farm Board in its announcement said the three 'sales represented wheat which the Farm Board has negotiated within a month. The other
an enlarged use of wheat from this country by nations which have im- involved a trade of 25,000,000 bushels of wheat to Brazil in exchange for
ported only small quantities of wheat and flour in the past.
1,050,000 bags of coffee. It was believed in informed circles that the sale
of wheat to China may reduce the Farm Board's holdings of stabilization
Price 493' Cents a Bushel.
wheat below 200,000,000 bushels.
Ambassador von Prittwitz of Germany represented that Government
This sale to China has had the endorsement of President Hoover since
during the negotiations. The announcement of the deal was made only an inquiry regarding such a deal was forwarded from China through the
Board
to-day.
a few minutes after he came to the Farm
American Legation at Nanking three weeks ago.
Representatives of the German grain organization and members of
At that time the Farm Board replied that it would welcome any reasonable
the Farm Board had been in conference for a little while before Mr. von offer, despite admittedly poor Chinese credit, in view of the fact that the
Prittwitz arrived.
wheat would be used to combat the results of a great and unexpected
On the arrival of the German Ambassador the entire delegation marched emergency in which floods were reported to have made destitute as many
into the Board room, closed the door and signed the contract.
as 30,000,000 persons.
Board members said the base price of the wheat was 49% cents a bushel.
Deliveries to Begin Soon.
Indications of opposition in Germany to the reported
Wheat purchase are evidenced in press accounts: the following from Hamburg, Sept. 9, is from the New York "Times":
The Hamburg Chamber of Commerce wired emphatic protests against the
projected purchase of wheat from the American Farm Board to Chancellor
Bruening to-day, pointing out that American grades were not fitted to
German requirements.
It was also declared that the prices were excessive and the credit conditions unfavorable, while the German grain trade was fully ablo to import
the necessary quantities of American wheat at current prices.
The "Wall Street Journal" of Sept. 9 reported the following (United Press) from Berlin:
Grain importers of Hamburg petitioned the government to cease negotiations immediately with the United States for wheat credits.
The plan to import wheat on a three-year credit basis at 43 % interest
has been opposed by other interests on the grounds that the price charged
would amount to almost 20% interest. Farmers objected to the plan,
claiming that the imported grain would compete with their own crops. A
previous project for cotton and wheat credits was dropped by the government due to severe criticism.
The following further advices from Berlin appeared in
the Sept. 9 issue of the same paper:
Most of the political parties in the Reichstag, the newspapers and the
grain trade are voicing strong opposition to the project of the governmentowned grain corporation to buy about 300,000 tons of wheat (approximately 11,250,000 bushels) from the United States Farm Board on a threeyear credit. By this transaction, the total estimated import requirements
for the year would be covered and the government monopoly in the grain
market practically completed.
An offer was received from China, but it was declined, without its
terms being made public.' Thereupon the Farm Board made a counter
proposal, the acceptance of which, by China, was announced to-day.
According to Mr. Williams, the deal with China has not been closed,
but he added, in talking to correspondents, "You can take it for granted
that it will be closed."
The price of the wheat sold to China will be the current one on the day
of delivery of each lot at Pacific ports, from which China will bear the expense of shipping the wheat. Most of it will be routed from Puget sound.
Deliveries will begin early this month, and it is planned that about
50,000 tons of wheat or the equivalent in flour will be shipped each month,
Mr. Stone said. On the basis of estimates that five bushels of wheat will
maintain one person for one year, on famine rations, it was figured that
food for 3,000,000 persons will be supplied from the wheat.
The wheat to be delivered to the Chinese, which will come from Northwest storage points and thereby relieve badly congested terminal facilities,
will be of the type known as Pacific Coast Northwest white wheat.
Ships Will Co Up Yanglse.
It will be delivered, Mr. Williams said, direct to the famine regions by
ships traveling up the crest of the flooded Yangtso River. Its dispersion
among the needy Chinese will be handled by the Chinese flood relief committee, headed by John Baker, an American held in high regard in official
circles here. Also present to assist that committee will be the local representatives of the American Red Cross and the China Famine Relief, a
permanent organization with headquarters in Now York.
The President's statement that American shipping will receive consideration was followed by inquiries at the Farm Board which established that
freight rates to the Orient on American boats are considerably higher than
those of other nations' vessels, and raised an inquiry as to the guarantees
that American vessels will have a proportion of the business.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
"If American ships are willing to meet competition," Mr. Williams
said, "they may get all of the business. If not, they won't."
He declined to state the shipping provisions of the contract.
1709
country of a certain amount of financing which they would otherwise be
expected to undertake, and also permit some shifting of loans from their
portfolios through the opening up of the desired credit in New York.
Can Get 75%•
Farm Board Is Pleased.
At the present time, smaller cotton merchants are able to secure a loan
Mr. Williams said that American ships charge about $4 a ton to transcotton in warehouse, which would give them approxiport grain across the Pacific Ocean. Their principal competitors are Japa- of about 75% on
mately Sc a pound. This would be acceptable as a financing basis to the
nese ships, but almost all nations are represented in the Pacific trade.
credit facilities here now, it is believed, but
Rates on other vessels vary from 50 cents to $1 a ton lower than the Amer- Southern group seeking special
they ask a special dispensation in the form of a willingness on the part of the
ican charges, he said.
to continue the amount unchanged throughThe Farm Board obviously was pleased with the transaction, as the deal syndicate advancing the loan
cotton goes to in the market in the meanmarks another step in unloading wheat which it purchased at prices that out its period regardless of where
now seem high,from 80 cents to $1.20 a bushel, in attempts during the past while.
The unwillingness of the Federal Farm Board to intervene in the cotton
three years to stabilize the market. It was apparent that heavy losses are
pleas for such action from the South, has
being taken, but hopes of recovering the original investment by the Farm market again, despite renewed
stimulated other efforts to get special help in that part of the country.
Board were given up long ago.
plans under discussion for crop curtailMr. Williams also stated emphatically that this transaction will not it is said. The failure of various
rising prices in the market has also been
displace wheat sold by other countries, as did the Brazilian transaction ment to bear fruit in the form of
special financing arrangements to
where American wheat was put into a market ordinarily supplied by disappointing, and made the desire for
more keen in that part of the
Argentina. The Chinese in this area have not eaten wheat heretofore, facilitate the handling of this year's crops
he said, adding a hope that a new market for American wheat eventually country..
may be created there.
Previous items in the matter appeared in our issues of Proposals for:Credit:11foriFinancing Cotton Exports
Reported Favored by President Hoover—ConAug. 22, page 1222; Aug. 29, page 1375, and Sept. 5, page
ferences in Washington and at Federal Reserve
1542.
Bank of New York.
Minting of Silver Coins Proposed in New Zealand.
The subject of credits for the financing of cotton exports
The minting of silver and bronze coins in New Zealand is reported as having been under discussion the present
as a Government function is proposed in the "Silver and week both in Washington and at the Federal Reserve
Bronze Currency Bill" recently introduced by a member of Bank of New York. Stating, in its issue of Sept. 10, that
Parliament, according to a report received in the Depart- President Hoover is seriously considering the possibility of
ment of Commerce from American Trade Commissioner creating banking credits for the export of agricultural prodJulian B. Foster, Wellington, New Zealand. New Zealand ucts, especially cotton, the "United States Daily" of Sept. 10
has never had a mint, although Australian States have de- added:
This was revealed by an oral statement at the White House on Sept. 9,
rived a considerable revenue from coinage operations, says following
conferences the day previous between President Hoover, W. L.
the Department, which under date of Sept. 4 added:
Clayton, cotton broker of Houston, Tex., Eugene Meyer, Governor of the
New Zealanders stated that there is no profit in minting gold coins, because the face value of the gold coins is, by statutory provision, kept almost
equivalent to the market value of the gold bullion they contain so long as
the gold standard is adhered to.
'The proposition is however entirely different with regard to silver and
bronze coins. These metals are minted into coins which pass at a face
value very much greater than the market value of the metal they contain.
Sixty-six shillings are coined out of one pound troy of standard silver.
Previously silver coins minted in England were 37-40ths pure. Owing to
the appreciation of silver during the war, however, the value of the silver
in the silver coinage became more than the market value of that silver,
with the result that there was danger of silver coins being melted and sold
as bullion. To prevent this, it was enacted that future silver coins should
be only 50% Pure. The bill, however, provides that the New Zealand
mint should mint silver coins 37-40ths fine. Recently there has been a
substantial decline in silver prices, and there is certainly no longer any
danger of silver coins 37-40ths fine being melted down for the bullion they
contain. This provision means, however, that the profits available from
the mint in New Zealand would be very much less than if the present English
law were followed.
It is not generally known that New Zealand produces large quantities of
silver as a by-product of gold production, and it is rather surprising that
establishment of a mint in New Zealand has not seriously been considered
before. In this connection it might be of interest to note than in 1929 the
exports of silver (New Zealand produce) from New Zealand amounted to
416.000 ounces, whereas the exports of gold amounted only to 119,000
ounces.
As 66 shillings are coined out of one pound troy of standard silver, the
silver required to produce Ei 6d. worth of coin in London costs (at the
present price of ls. 2d. per fine ounce) 14s. The difference of 52s. (less
cost of the alloy and expenses of minting, which are very small) represents
a profit to the minting authority.
Southern Cotton Interests Reported Seeking Credits
in New York—Desire Fixed Loan Basis to Help
Stabilize Price—Seek Formation of Special Group
to Carry Staple for Merchants and Others.
The following is from the New York "Journal of Commerce" of Sept. 5:
Considerable interest has been aroused here by the visit of a delegation
of Southern cotton men who are seeking special financial aid in New York
financial circles to help in the financing of the new cotton crop.
The persistent decline in cotton prices has caused considerable uneasiness among both business and financial interests in the South, and the delegation which has visited the city is especially interested in getting attractive credit terms, so that cotton can be purchased and carried at preveiling prices.
According to individuals very well versed in the financing of the cotton
crop, the problem which the South faces is not a shortage of credit with
which to finance cotton as such, but the finding of more liberal terms. At
the present time, smaller cotton merchants and others who buy cotton directly from the farmer can secure satisfactory credit lines from the banks
if they sell futures against their current holdings of the staple, and turn
the futures contract over to the bank. This would protect the bank against
a market decline, and make the matter of margins on the loan largely a
matter of indifference.
Effect of Future Sales.
However, hedging cotton purchases by simultaneous sales of futures
greatly limits the possibility of profit and also acts as a drag on the market
certain interests in the South believe. Hence an effort is now under way to
induce some financial group here to undertake the financing of a large
volume of cotton on the basis of a fixed price, without hedging protection
and without Insistence upon the margin being kept good over the period of
the loan. This, it is said, would remove the pressure of future hedge sales
and would also make it unnecessary to throw cotton on the market or raise
money should the price decline further for a time.
As far as can be learned, no success has been achieved as yet in finding
support for such a plan in this market. It is believed however,that a scheme
of this kind would help the Southern banks considerably, even if adopted in
modified form, because it would relieve the banks in that section of the
Federal Reserve Board, and George It. James, Member of the Board from
Memphis, Tenn., at which the cotton situation was discussed generally.
The paper quoted went on to say:
Board Not to Ask Funds.
Regarding the purchase of this year's cotton crop in the United States.
James C. Stone, Chairman of the Federal Farm Board, stated orally Sept.9
that the Board does not have sufficient funds for such a plan, which would
require $300,000,000 or more.
The Board could not do this, he said, without obtaining extensive bank
Board
credits or a larger appropriation. He asserted, however, that the
does not contemplate asking additional appropriation for its revolving fund
at the next session of Congress.
In comment on the conferences of Sept.8 it was also stated at the White
House that the Administration is giving serious consideration to the proposal
of the Egyptian Government for the calling of an international conference
to deal with the cotton problem.
Stabilization Sought.
It was explained at the White House that the conferences of Sept. 8 related to the possibility of creating banking credits for the export of American
agricultural products, primarily cotton, and that included stabilization of
cotton, rathern than control or restriction of acreage. The Administration
was described as being in grave doubt as to the constitutionality of the
control or restriction of acreage planted to cotton.
Obviously, it was stated further, the matter of control or restriction of
cotton as one that would have to be handled by the cotton producers themselves or, if it can be handled, by the local authorities, certainly not by the
Federal Government itself.
It was also said that at the conferences held on Sept. 8 no specific plan
was worked out for creating credits for the export of cotton and other agricultural products, and that, so far as known at the White House, no offers
to purchase cotton had been received except the recent offer from Germany.
The conferences, it was explained, were merely the calling in of men particularly well informed on the cotton situation for a general discussion of
banking credits to the export trade in commodities, especially cotton. The
whole cotton problem is receiving very serious consideration at the hands of
the President and his advisors.
Study World Conference.
Both the Department of State and the Department of Agriculture as well
as the President are studying the suggestion of an international conference
to discuss the cotton situation, it was said.
It was declared orally at the Department of the Treasury that the project
for the creation of banking credits for cotton has been considered by various
officials. The following additional information was made available in conneetion with the discussions:
It has been proposed to extend credit to foreign purchasers of cotton and
also to farmers, so that aid could be offered all along the line from producer
to ultimate purchase. Federal reserve agencies, under this plan, would cooperate with local commercial banks in extending credit to farmers.
The plan, it is emphasized, would require close co-operation of member
banks of the reserve system which would extend the credit in the form of
bankers' acceptances eligible for discount by Federal reserve banks.
The plan, it was said, is not an artificial device to increase the price of
cotton, but would be an attempt to market cotton as widely as possible,
relieving the industry of its great surplus.
In commenting further on the finances of the Federal Farm Board, Chairman Stone declared that the Board's finances are being kept in clean, sound
condition.
"We are not going to get out on a limb where somebody can saw it off on
us," Mr. Stone asserted. "We have plenty of money to finance the projects
which we have already undertaken."
The Board has several deals in view for sales of Grain Stabilization Corp.
wheat, Mr. Stone said, but he declined to comment on reports that a deal
had been concluded for the sale of about 7,000,000 bushels to Germany.
No negotiations are under way for a sale of wheat to Japan in view of the
short rice crop there, he added, but the possibility exists of use of more
American wheat in Japan and he hopes the stabilization corporation may get
some of the business. Demand from the Orient already is active, he added.
According to the New York "Journal of Commerce" of
Sept. 11, Eugene Meyer Jr_., Governor of the Federal
Reserve Board, met with the directors of the Federal
1710
FINANCIAL CHRONICLE
Reserve Bank of New York at their weekly meeting here yesterday, to present the proposals for facilitating the financing
of special cotton exports discussed previously at conferences
in Washington. The account in the "Journal of Commerce" continued:
All comment on the specific nature of the proposals was withheld, and
It is indicated that further conversations will be held concerning them in
financial circles here.
From other sources the indication was forthcoming that bankers here
feel that little can be done by them at this juncture to stimulate the financing of cotton exports. They point out that the large New York banking
institutions have been very liberal of late in financing exports of American
staples abroad, so much so that in certain Instances, such as in the case of
Germany, their acceptance credits have taken on a temporarily frozen aspect for the time being.
Will Accord Full Hearing.
However, it was clearly indicated that a full hearing and sympathetic
discussion would be accorded whatever decision was reached by President
Hoover in his conferences with members of the Federal Reserve Board and
W. L. Clayton, leading cotton merchant.
Any scheme that is worked out, however,should not be at the expense of
the liquidity of the banks, it is stated here. Furthermore, it is pointed out
there is a danger that cotton sold for export on long term credits might very
well interfere with the usual export sale of the staple under regular conditions to a corresponding degree, so that the cotton market is not helped
and this country is left holding the bag, with excessively long credit terms
to the foreign cotton buyers.
The banks here make it clear that anything which will help cotton, and
thus relieve the situation in the South, would be very satisfactory to
them
in view of close connections maintained by a number of them with Southern
banks and industrial organizations. Thus far, however, various proposals
for aid have included features which involve the granting of credits running
far beyond the usual terms, and with deviations from usual practices
which
would impair the element of security in the advance.
Chairman Stone and Carl Williams of Federal Farm
Board Declare Board's Stabilization of Wheat
' and Cotton Is Ended.
It was declared on Sept. 9 by Chairman Stone of the
Federal Farm Board that the Board is not contemplating
a request for additional funds. This statement was made by
Mr. Stone, says a Washington dispatch to the New York
"Journal of Commerce," in forestalling opponents of the
Board who have indicated that they would oppose any
further appropriation for that body at the next session
of Congress. The dispatch also said:
At the same time the Farm Board Chairman admitted that the Board has
several more deals pending in various quarters in an effort to dispose
of its
holdings of surplus wheat. However, other than making this admission,
the
Chairman would not discuss this situation.
Will Not Enter Market.
He reiterated the recent statements made by Carl Williams, cotton
member of the Board, that "further purchases of wheat and cotton through
the Government agency's stabilization corporations will not be made
under
any consideration."
Quite a few Senators and Representatives from both major parties have
subjected the Board to criticism during the summer, centering attacks on
policies and deals made by the farm agency. They have held that
they
would strenuously oppose any appropriation to the Board at the next session of Congress, and the strongest critic, Senator David Reed (Rep.
Pa.).
has declared that he would seek the abolishment of the Government
body
at that time.
Commenting on the Board's state of finances, Mr. Stone declared that
while the farm agency has on hand sufficient money to finance the projects
that it has already undertaken, it did not have enough money to handle
the suggestion that has been made that the Board take over 8,000,000 bales
of cotton from growers, that would agree not to plant next year, at 8c. per
pound.
Would Involve $320,000,000.
He said that such a transaction would involve close to $320,000,000 and
that the Board would have to get liberal credits from some source of further
extensive appropriations to be able to handle tho deal.
"We want to keep the finances of the Board in a clean, sound condition,
said the Chairman. "We are not going to get out on a limb so someone can
saw it off."
Under date of Aug. 31 a Washington dispatch to the
New York "Times" stated:
Hopes of the South that cotton prices might be raised through further
large purchases by the Federal Farm Board,as proposed by several Southern
Senators, were obliterated to-day when Carl Williams, Acting Chairman
of the Board, announced that under no consideration would the Farm
Board's stabilizating corporations make further commodity purchases.
At the same time, Mr. Williams, who Is the cotton member of the Farm
Board, as well as its Vice-Chairman, said that the Board had recognized
the failure of projects to purchase commodities for price stabilization in the
face of continued overproduction.
Concerning the Board's attitude he said:
"The Board has discovered, and hopes the American people have discovered, that continued purchases in the face of over-production
is not the
remedy for the situation.
"For two years the Board has cushioned the American farmers, particularly the wheat and cotton producers,against price declines which have also
affected other commodities and industries. In that period the Board has
accumulated a considerable store of cotton and wheat which
is virtually
frozen.
"Stabilization is valuable in the face of temporary or seasonable surpluses,
but it is not worth anything in the face of continued over-production. The
remedy for cotton and wheat ills is a reduction of production.
"Cotton stocks have accumulated over a period of four years, wheat
stocks over six years. In the face of this condition,
we think the Board
should make no more purchases."
The cotton holdings have been announced as 1,300,000 bales, accumuated at a cost of $104,000,000 and costing about $4 per bale annually for
storage. The cost of the wheat varied from about $1.20 a bushel down to
about 60c. Storage rates on the estimated 200,000,000 bushels of wheat
held by the Farm Board would be about $36,000.000 a year.
In his verbal statement, Mr. Williams reiterated the Board's policy of
acreage reduction in both cotton and wheat as the only solution of the
problem of depressed prices.
[VOL. 133.
Mr. Williams illustrated the impotency of the Farm Board to deal with
the problem through purchases by saying that the current crops of cotton
and wheat, added to the carryover of each commodity from previous
years, would leave the United States this fall with virtually two years'supply
of each.
An official of the Department of Agriculture estimated to-day that if
winter wheat planting were reduced by 50%,wheat stocks would be brought
to normal on July 1 1933, allowing even then for a normal carryover of
150,000,000 bushels.
Mr. Williams said he believed that those areas in the country having
less than 25 inches of rainfall should reduce wheat cultivation by 50%.
This area embraces part of Kansas, Oklahoma, Nebraska, Colorado, Wyoming, North Dakota, South Dakota and Montana.
He proposed that one-half of the land in this area be put to "summer
tillage" annually, or cultivation only sufficient to keep down weeds.
E. A. O'Neal, President of American Farm Bureau
Federation, Urges Amendment to Agricultural
Marketing Act to Provide for Equalization Fee.
Amendment of the Agricultural Marketing Act to permit
operation of the equalization fee device in disposing of crops
marketed by co-operative as a means of securing "adequate
protection" for the farmer was advocated by Edward A.
O'Neal, President of the American Farm Bureau Federation,
in an address at Syracuse, N. Y., on Sept. S. Associated
Press accounts had the following to say as to his remarks:
The equalization fee, O'Neal said, by isolating the exportable surplus
would permit the American farmer to exchange the products of his toil
for other American products on a parity with other industrial groups. It
would free the American market from the competition of world markets
and it has the further advantage, he said, of avoiding Governmental subsidy
to agriculture in that this fee is paid by all producers of a crop on the
surplus which cannot be disposed of at home.
The proposed fee "gives identically the same protection that the immigration restrictions enable American labor to enjoy when threatened by
the low living standards of Europe and Asia."
Fundamental to the success of the equalization fee, the speaker said, is
complete organization of the farmers for the marketing of their crops
through co-operatives under the marketing act.
"The farmer," said he, "feels that industry has the advantage of us with
Its very high tariffs. while the price we get for our products is determined
by the price of our surplus in the world markets.
"The farmer feels, too, that the high industrial tariffs are preventing sale
of our exportable agricultural surpluses. To dispose of these surpluses advantageously, there are many who think that we must exchange our agricultural
commodities for what we need in other countries of the world.
"They feel that the present basis of exchange is most harmful to our foreign agricultural trade.
"Farmers are deeply interested in the credit situation," Mr. O'Neal said.
"They are wondering why there is such vast accumulation of cash in city
banks and no money out in the country for capital or for marketing
purposes. They feel that the whole agricultural credit system needs
overhauling.
"They also approve of regulations controlling grain and cotton exchanges,
which will be for the benefit of the producers of these commodities. The
proposed increase in railroad freight rates does not, however, meet with the
approval of the farmers and we are actively fighting the attempt to raise
the rates. Farmers feel that the railroads are making a very poor move."
New York Stock Exchange Cuts All Salaries 10%.
Reductions in the income of the New York Stock Exchange during the past two years has resulted in a cut of
10% in the salaries of all Exchange employees, it was reported in financial circles on Sept. 9, according to the
New York "Journal of Commerce," which went on to say:
Between, see and 1,600 employees of the Exchange are to be affected
by the act, while it was reported that the reductions might be extended
to the several subsidiary corporations, including the ticker service company, the safe deposit company, the building company, and the stock
clearing corporation.
Revenues of the Exchange are derived from many other sources than
dues paid by members. The fees for listing of new shares, and in recent
years for listings upon split-ups, were large, it is said. In addition, the
quotation company, operating the ticker service, was a substantial dividend payer to the Stock Exchange, and the building company did a satis—
factory business in rentals. With the decline in activity all these branches
lost business, and it is understood dividends paid the Exchange were
reduced.
There has been no recent action taken by any of the other Exchanges
here. The Curb Exchange has not reduced salaries. The Cotton Exchange has cut expenses slightly by retirement of several older employees,
but has not cut the general salary scale, and the Produce Exchange has
not made any readjustments since a general action a year and a half ago.
New York Stock Exchange Firms Seek to Cut Wire
Costs.
The following is from the New York "Journal of Commerce" of Aug. 29:
Preliminary efforts to reduce the overhead costs of New York Stock
Exchange wire houses were made yesterday when representatives of several
large firms met to discuss the advisability of asking for rate reductions
from the American Telephone & Telegraph Co. on wire charges little used
at the present time. The extensive connections were installed in 1928
and 1929 to take care of the vast volume of out-of-town business which
has since practically disappeared.
Officials of the telephone company stated they could not comment on
the proposal until they had received specific requests for reduction of
the charges, but said that the charges were as low as possible to cover the
cost of the service given and the interest in the property investments.
There is a feeling that a concerted move toward reduction may be fought
In view of the fact that many of the Stock Exchange member firms' customers are also American Telephone stockholders and would object to
reduction of the company's revenues by such a means.
SEPT. 12 1931.]
FINANCIAL CHRONICLE
Shares Outstanding of 39 Fixed Trusts Approved by
New York Stock Exchange,53,772,545 With Market
Value of $292,259,244-0ther Applications Pend.
Thirty-nine fixed trusts with which New York Stock
Exchange firms may associate themselves under a recent
ruling of the Committee on Stock List of the Exchange
had 53,772,545 shares outstanding, with a market value
of $292,259,244, on the dates when they applied for the
Stock Exchange's approval. This information was contained in the trusts' application for approval, which formed
the basis for the Exchange's recent announcement that
these trusts were "unobjectionable." The applications
were made public last week by the Exchange, said the
New York "Times" of Sept. 4, which continued:
1711
gest trusts, namely, North American and Corporate Trust Shares, acss
counted for over 70% of the total of all fixed trusts in the list.
New York Cotton Exchange Sets 1,000,000 Bales As
Maximum Limit on Future Contracts for Delivery
in Any One Month.
The Board of Managers of the New York Cotton Exchange
voted on Sept. 11 to set the maximum limit of interest on
future contracts for delivery in any one month by any
member, firm or corporation, and his or its affiliations, at
1,000,000 bales for delivery in September 1931, and in all
months up to and including August 1932.
Two other trusts were also ruled "unobjectionable" by the Exchange,
but their applications for approval have not yet been given out, and their
outstanding shares are not included in the total of 53,772,545 shares.
Of the 39 trusts embraced in the compilation, three had not made public
offerings of their securities when they applied for approval.
Applications for approval have been made by several other trustein
the last month. The 41 trusts that were ruled "unobjectionable" made
their applications on various dates between May 15 and Aug. 12.
The following compilation shows the outstanding shares and the offering prices of the 39 trusts on the dates when each applied to the Exchange for approval:
Price per
Price per
Trust—
Shares,
Share.
Trust—
Shares.
Share
84,000 $5.425 Nat. Indus. She. A.
A B C Trust Shares D
586,000 5.00
A B C Trust Shares E
94.500 7.375 Nations, Industries B
All-America Inv
269,000 7.50 Nationa. Trust Shares 104,300 10.75
Amer. Comp.(cum.)_ 206,000 6.00 N. Y. Bank Tr. Sits.. 280.000 7.00
Bus. Recov. Tr. She.
9,600 7.00 No. Amer. Tr. Shs_20,139.000 5.25
She. A 154,000 6.50
Collateral Trustee She 300,000 7.75 Pub. Sent.
Corporate Trust Shs_17,729,605 5.00 Repres. Trust Shares 320.095 12.60
Cumulative Trust She 809,500 7.00 Selected Corn. She.
Dep.Bk.She., N.Y. A 165.000 5.375 Selec. Mgmts. Tr. She
75,665 7.875
Dep. Insur. She., A.
44,000 5.875 Super Corps. Amer. A 3,239.500 6.00
Diversified Tr. She. C 4.400,800 5.375 Super Corps. Amer.B 1,606,000 5.875
Diversified Tr. She. D
35,000 7.75 Super Corps. Amer. C 104,000 9.625
Equity'Fr. Shs.in Am 264,000 4.625 Super Corps. Amer.D 112,000 9.125
First Bk. Tr. She. B.
8,000 5.00 Trust Fund Shares.-58,000 6.50
First Custodian Shs48.000 5.875 Trust Shs. of America 482,000 5.625
Fundatn'l Tr. She. A. 401,055 6.50 Tr. Amer. Bk. She. A
Fundam'i Tr. She. B 259,845 6.875 Tr. N. Y. City Bank_
46,500 8.25
Independence Tr. She 600,000 4.00 20th Century Fixed
Trust Shares
Leaders of Ind. C
207,900 4.30
134,000 6.00
Low Priced Shares.— 257,500 6.875 Two Year Tr. She... 138,180 18.50
* Offerings not yet made on date of application for approval.
Since the applications were made to the Exchange. the trusts included
in the table have sold additional stock to the public. The trusts have
agreed to inform the Stock Exchange each month of the number of shares
they have outstanding.
Rogers Caldwell, Former President of the Failed Nashville Investment Banking Firm of Caldwell & Co.,
Denied New Trail—Immediately Prepares to Appeal
to the State Supreme Court.
Rogers Caldwell, former head of the defunct investment
banking firm of Caldwell & Co. of Nashville and the Bank of
Tennessee (which acted as a financial agent for the firm),
who on July 6 was found "guilty" in the Davidson County
Criminal Court on a charge of fradulent breach of trust,
carrying a penalty of from one to three years in the penitentiary, was denied a new trial on Sept. 1, according to a
dispatch by the Associated Press from Nashville. Mr.
CaldWell immediately moved to appeal to the State Supreme
Court. The advices continuing said:
The 41 trusts passed by the Exchange were noted in our
issue of Aug. 29, page 1380.
After declining the plea for a new trail, Judge Chester K. Hart reduced
days in
his bond from $40,000 to $10.000 and allowed his attorneys 10
said
which to prepare their appeal. W. Mack Fuqua of defense counsel,
case
the
that it was improbable that the Supreme Court would reach
before January.
Innocent, He Says.
Supreme
a am not guilty of the offense as charged and I believe the
on
Court will give me a new trail," Caldwell told reports. The charge
Co. and
which he was convicted was based on operations of Caldwell &
last fall.
the Bank of Tennessee, both of which he headed. They collapsed
in a
The new trial plea was based on 92 specified grounds contained
were
grounds
the
of
seven
but
motion of approximately 150 pages. All
accusations
passed without argument Saturday. but the seven, relating to
subject of arguof misconduct and prejudice on the part of jurors, were the
ment for three days.
expressed
It was alleged that two jurors, E. A. Alley and Carter Hough,
juror,
bias against Caldwell both before and after the trail; that a third
other
S. J. Ayers, expressed prejudice after the proceedings and that two
while
jurors, J. L. Carney and Paul Stewart. finally voted for conviction
guilt.
still entertaining some doubt as to the defendant's
Fixed Trust Sales Reported Gaining Following New
Deny Accusations.
York Stock Exchange Action Approving Participabut
Alley, Ayers and Hough emphatically denied the accusations,
in
in
41
Members
Trusts.
by
tion
since the statements regarding Carney and Stewart were contained
and no proof was offered the State offered no testimony rePublic confidence in the fixed trust as a medium of in- affidavits
lating to them.
as being
vestment has been materially increased as a result of the
In his concluding argument to-day, Fuqua referred to Caldwell
that his client
recent action of the New York Stock Exchange in approving "sacrificed on the altar of public opinion." He charged
Constitution."
not get "that fair and impartial trial guaranteed by the
participation by its members in 41 of the leading trusts in didFuqua
asserted that "three jurors entered the jury box prejudiced"
this field. Increased sales and greatly increased interest and that when the trial started there was "more excitement, prejudice
seen in this
are noted by Palmer & Co., sponsors of National Industrial and hatred—both political and otherwise—than will ever be
State for years to come."
or
city
Shares, who feel that the action of the Exchange has greatly
The State made no argument.
strengthened the fixed trust situation. This house estimates that total sales of the fixed trusts will soon reach the
Governor Harrison of New York Federal
half billion dollar mark and that they will take their place Report that
Will Visit Montagu Norman, GoverBank
Reserve
as an important •unit of investment along with bonds,
nor of Bank of England, Now in Canada.
preferred stocks and common stocks. A statement issued
Governor George L. Harrison of the New York Federal
by Palmer & Co., says:
shortly for a conference with
The fixed trust is an ideal investment medium for the common stock Reserve Bank will leave here
investor, and Is particularly well adapted for those who do not have the Montagu Norman, Governor of the Bank of England,
technical training necessary to choose sound stocks for investment. During
before Mr. Norman sails for home, said the New York
the present period of low security prices the fixed trust offers the oppor"Sun" of last night (Sept. 11). It added:
tunity of acquiring an interest in high grade stocks at bargain levels
and
we believe it will be a larger factor in the future financial picture than it
has been in the past.
The list of the 41 trusts approved by the Exchange was
given in our issue of Aug. 29, page 1380.
Four Fixed Trusts Account for 87% of Total Shares
Outstanding.
Compilation of data by the New York Stock Exchange
on the group of fixed investment trusts which the Exchange
found "unobjectionable" showed the four largest fixed trusts
to be, in order of their size, North American Trust Shares,
Corporate Trust Shares, Super Corporation of America
Trust Shares, and Diversified Trustee Shares. A statement issued in the matter adds:
take
The meeting, which is described as a courtesy call, probably will
brief vacation
place in Nova Scotia. Mr. Norman has been spending a
in Canada.
Floyd R. Harrison Resigns as Member of Federal Farm
Loan Board to Accept Post on Staff of Federal
Reserve Board—James B. Madison New Member
of Farm Loan Board.
Announcement was made at the White House on Sept. 4
that Floyd R. Harrison has resigned as a member of the
Federal Farm Loan Board to accept a position on the staff
of the Federal Reserve Board. At the same time it was
made known that James B. Madison, of Charleston, W.Va.,
has been appointed to membership on the Farm Loan
Board. The White House announcement also said in part:
North American Trust Shares had 20,139,000 shares outstanding,
From 1911-1912 Mr. Madison was Superintendent of Agents of the InCorporate Trust Shares had 17.729,605, Super Corporation had 4.845,000,
Insurance Co., St. Louis, Mo. From 1913-1916 he was
and Diversified Trustee Shares had 4,400,800 at the time applications ternational Life
loan business in Pittsburgh, Pa. May 7 1917, he became
were filed. These were the only trusts whose total outstanding shares in the mortgage
of the Virginia Joint Stock Land Bank of Charleston,
exceeded one million. Corporate Trust Shares have just announced Secretary-Treasurer
became President-Treasurer of that bank.
issuance of over 19,000,000 shares up to the end of August, and the other W. Va, In 1925 he
The correspondence in the matter between Mr. Harrison
trusts mentioned have doubtless also had substantial sales.
Out of the total of 53,772,545 shares outstanding of all of the fixed and President Hoover is taken as follows from the "United
trusts in the approved list at the time applications were filed, these four
Daily" of Sept. 5:
trusts jointly accounted for 47,114,405 shares, or 87%. The two lar- States
1712
FINANCIAL CHRONICLE
Letter of Resignation.
Treasury Department, Washington, Sept. 2 1931.
Dear Mr. President: I hereby tender my resignation as a member of the
Federal Farm Loan Board.
I have greatly appreciated the honor of serving as a member of the Board
during the past four years and it is with much regret that I sever my connection with the Farm Loan System. As you know,however,an opportunity
has come to me for service in another field and I feel that I should avail
myself of it. I hope, in the circumstances, that you will find it convenient
to accept my resignation effective at the close of Sept. 15 1931.
With all good wishes, I am sincerely yours.
(Signed) FLOYD R. HARRISON.
President Hoover's Letter of Acceptance.
The White House, Washington, D. C., Sept. 4 1931.
Dear Mr. Harrison: I have your letter of Sept. 2, tendering your resignation DA a member of the Federal Farm Loan Board, which I accept, as
you request, effective at the close of Sept. 15 1931. I take this action
with very sincere regret and cannot let the occasion pass without expressing
my appreciation of your long and notable public service, first in the Department of Agriculture and later as a member of the Board of Directors
of the War Finance Corporation, and a member of the Federal Farm Loan
Board.
In positions of large responsibility you have displayed fine capacity for
efficient administration, and it is my pleasure to say that the ability,
energy and devotion to the public interest which you have manifested in
the discharge of every duty are worthy of the highest commendation. As
you leave the Farm Loan Board you carry with you my best wishes for
success in the new work which you are about to undertake in the Federal
Reserve System. Yours faithfully,
(Signed) HERBERT HOOVER.
In its issue of Sept. 9 the "Wall Street Journal" said that
Mr. Harrison has been appointed by the Federal Reserve
Board to the position of Assistant to the Governor, effective
Sept. 16. This position, it is added, has not been occupied
since 1920, when Robert G. Emerson was Assistant to
Governor W. P. G. Harding.
James Speyer Returns from Abroad—Commends Action
of United States in Arranging 1-year Holiday—
Urges We Change Our "Undemocratic Prohibition
Law"—National Revenue Could Be a Increased
Through Proper Licensing System—Would Likewise Help Employment.
A plea for a change, "without further delay" in "our
unfortunate and undemocratic Prohibition Law" has come
from James Speyer, with his return from abroad. Mr.
Speyer, who sailed for Europe the latter part of June, returned on the "Majestic" which reached New York on
Sept. 8. His trip embraced visits to Paris, Berlin and
London. The violations of the Prohibition Law, says Mr.
Speyer "detract from our standing as a Nation," and he
observes "the financial consequences to our National Treasury are serious." He argues that "we could easily increase
our National revenue by $500,000,000 or $600,000,000
through a proper licensing system and secure legitimate
income to the Nation instead of illegitimate profits to lawbreaking racketeers." Mr. Speyer's statement follows:
I am glad to be home, but there Is very little of interest that I can tell
you about Europe, as your papers have kept the American public thoroughly
Informed.
As is well known, the financial and economic situation of most countries
over there continues unsatisfactory, and people begin to realize that this is
largely a consequence of the terms of the Peace Treaties, which have proved
to be short-sighted. Of course, we in the United States, with our large
foreign trade, naturally must feel this depression, and we can scarcely
expect an early return of our normal "prosperity" while these European
troubles last, which also affect South American countries that are dependent
on foreign capital. It is a hopeful sign that people everywhere are realizing
now that "we are all In the same boat"; and even if the United States has
a better seat in that boat, we are bound to feel its rocking when the financial
seas are upset. No American citizen, I am sure, can fail to be Impressed
by the example that the leading British statesmen have given all selfgoverning nations by putting aside all party differences and uniting in
one Cabinet for their country's good.
Our Government certainly took a first step in the right direction in our
Own interests, as well as in the interests of the rest of the world, by arranging
a 1-year Holiday. The nations of Europe look to the United States as
the one great creditor nation for assistance, but they should not expect us
to help them by reducing or cancelling allied debts or otherwise until they
themselves show more goodwill toward each other and a determination
to correct mistakes and work together, especially by reducing expenditures
for land and sea armaments.
In the meantime, there is one thing that we can do at home, and for
many reasons should do without further delay—that is change our unfortunate and undemocratic Prohibition Law.
People in Europe know that many are not obeying these laws, and the
Increase in crime is much commented upon, and all this detracts from our
standing as a nation and lowers our influence and power for good in international affairs. Quite apart from the demoralization which the Volstead
Act has brought throughout our country, the financial consequences to our
National Treasury are serious, and were scarcely considered, when and since
the law was passed, because we were "prosperous," and this law was even
urged as a means for increasing prosperity. Therefore, the present situation calls for prompt consideration for amendments.
The United States Treasury faces a possible deficit of $1,500,000.000 or
$2.000,000,000. We could easily increase our national revenue by $500.000.000 or $600,000,000 through a proper licensing system and secure
legitimate income to the Nation instead of illegitimate profits to lawbreaking racketeers.
Besides helping our national finances, proper amendment to the Volstead
Act would help the farmers by creating a regular market for large amounts
of grain, and would also give regular employment to hundreds of thousands
of deserving men, more traffic to the railways, &c.
[VoL. 133.
A proper and early modification of our Prohibition Law would surely
be a big step toward restoring national prosperity.
Of course, it seems needless for me to say, that the chief task now before
us is to try in every way to help the large number of self-respecting men
now out of work to support themselves and their women and children
during the coming winter months, and to help them not by doles but in
such a way that they do not lose their self-respect.
We have shown ere this that no nation equals ours in kindness, consideration for others and ingenuity and energy in critical times. The people of
the United States proved that in time of War,and I am sure they will prove
It in times of Peace.
Governor Ritchie of Maryland Names Blue-Sky Law
Commission—Group to Study Legislation on Stocks
Bonds and Securities.
In accordance with a resolution passed at the last session
of the General Assembly, Governor Ritchie of Maryland
on Sept. 4, appointed a commission of seven to study the
Blue-Sku laws of Maryland and other States with a view to
recommending suitable legislation for the regulation of
stocks, bonds and securities. This is learned from the
Baltimore "Sun" of Sept. 5, it was also stated:
The Commission Includes:
W. Preston Lane, Jr., Attorney-General of Maryland.
Herbert R. O'Conor, State's Attorney of Baltimore.
Harold E. West. Chairman of the Public Service Commission.
Charles H. Baetjer.
C. T. Williams.
John T. Baer.
Austin J. Lilly.
To Report by Jan. 151931.
Under the provisions of the resolution calling for the appointment of
and recommendations must be submitted to
report
Commission
its
the
the Governor not later than Jan. 15 1933, during the next session of the
General Assembly, in order that any legislation recommended might be
enacted immediately.
The resolution was sponsored by Delegate Douglas H. Gordon, of Baltimore, and was introduced in the House on April 3 1931.
Strict Supervision Advocated.
Under the present Blue-Sky laws in Maryland, only the AttorneyGeneral can proceed against the promoters of stocks and bonds believed
to be fraudulent before any sales actually are made. And the method
of procedure provided by law for him is along an investigatory line only.
Can Summon Promoters.
In the event of a complaint or acting on his own initiative the AttorneyGeneral has the power to summon promoters of securities before him and
investigate the value of the proposed issue. Failure to appear before the
State official is a misdemeanor subject, on conviction, to a maximum fine
of $10.000, two years' imprisonment or both.
Most promoters of fraudulent securities, however. flee to other States
rather than face the inquiry and do not return to the jurisdiction so they
can be proceeded against for their failure.
The present laws are not considered sufficiently strict because they do
not provide adequate methods of procedure, not only investigatory but
criminal, against vendors of fraudulent securities.
Group Considered Action.
During the last session of the Legislature the newly organized State's
Attorneys' Association considered the recommendation of legislation to
compel individuals or companies offering stock issues to register these
stocks with some designated State bureau. The proposal was not acted
on by the Legislature.
At the time Mi. O'Conor pointed out that the State has laws to punish
sellers of faulty securities after sales only. He said the association was
considering the legislation with a view of preventing the crime.
The prosecutor said that he believed the registration of securities previous to issue would halt frauds.
Three members of the Governor's Commission are In the banking and
investment business. They are: Mr. Baetjer, member of the firm of
J. S. Wilson Jr. & Co.. bankers; Mr. Williams. President of C. T. Williams
& Co., Inc., investment bankers, and Mr. Baer, head of John P. Baer &
Co., bankers and brokers.
Mr. Lilly is general counsel for the Maryland Casualty Co.
The following editorial also appeared in the Baltimore
"Sunday Sun" of Sept. 6:
Blue-Sky Laws.
Changes in laws to protect innocent purchasers from fraud in sale of
securities should be made only with deliberation and after careful study.
Few things are more difficult than to prevent credulous people from parting with their money. And desirable as it Is to set up safeguards against
high-pressure salesmanship of bogus securities and to punish misrepresentation, pains must be taken not to encourage belief on the part of the
public that laws can supplant the sound old maxim—let the buyer beware.
The Legislature acted wisely In refusing to amend the blue-sky law and
authorizing instead the appointment of a Commission to investigate the
subject and report back its recommendations at the next session. To
gather and digest this information is, of course, a proper work for such a
body. The Governor has selected a well-balanced Commission, which
does not seem likely to do a perfunctory job in handling a decidedly complex matter or to propose new laws unless it believes they will be materially
helpful. Various States have been experimenting with statutes intended
to serve the same purpose as our own Legislature has in mind, and much
can be learned from their experience.
Deliberate procedure should enable Maryland to avoid some of the
mistakes made elsewhere in legislation on the subject, which has caused
serious embarrassment without proving in any sense an effective reform.
Subscriptions to $800,000,000 3% Treasury Bonds
Totaled $940,559,550—Bonds Allotted $803,294,000
—Certificate Offering of $300,000,000 Brought Subscriptions of $1,251,196,000—Amount Accepted
$314,279,500.
Details of the subscriptions to and the allotments of
the new Treasury bonds and Treasury certificates of Indebtedness were given out on Sept. 10 by Secretary of
FINANCIAL CHRONICLE
SEPT. 12 1931.]
1713
bearing as low as 3%,feeling that there will be an upturn in business and a
the Treasury Mellon. He announced that total subscrip- stiffening
of interest rates.
bonds,
Treasury
the
tions of $940,559,550 were received to
The situation also contributed to the administration's opposition to
which would
offered to the amount of $800,000,000 or.thereabouts, bearing cash payment of the outstanding adjusted service certificates,
a bond issue of over $2,000,000,000 Judging from the recepnecessitate
allotted
amount
the
that
and
3%,
of
rate
the
interest at
tion of the $800,000,000 in bonds, it was said that a substantially higher
was $803,294,000. In the case of the Treasury certificates rate and shorter maturity would be essential to float an issue sufficient
of indebtedness, offered to the amount of $300,000,000, to pay off the veterans' bonus.
and carrying M% interest, the subscriptions reached
$1,251,196,000, while the amount allotted was $314,279,500; New Treasury Bond Issue Traded at Discount—First
Dealings, on When-Issued Basis, at 99%, Dropping
all of the latter amount represented exchanges—the total
4.—Yield Advanced to
to 99%, with Close at 993
of exchange subscriptions received was $523,786,000. The
3.05%—Banks, Receiving Larger Allotments Than
two offerings were referred to in detail in our issue of Sept. 5,
Desired, It Is Said, Dumped Bonds at Loss.
page 1554. In an announcement on Sept. 8 regarding the
subscriptions to the Treasury bonds, Secretary Mellon said:
The following is from the New York "Times" of Sept. 10:
Secretary Mellon to-day announced that the total amount of subscriptions
The Treasury's new issue of $800,000,000 of 3% bonds of 1951-55 was
received for 3% Treasury bonds of 1951-55, dated Sept. 15 1931, was traded yesterday for the first time on a when-issued basis and immediately
Later
for
in
payment
subscriptions
$940,559,550. As previously announced,
fell to a discount. The first transactions in the issue were at 99%.
which Treasury certificates of indebtedness, maturing Sept. 151931, were the bonds dropped to 99%.and the final price was 99X. At this price the
tendered, were treated as cash subscriptions. Allotment on all subscriptions issue yielded 3.05%. compared with the 3% yield-basis on which the
were made as follows:
Treasury is disposing of the securities.
Subscriptions in amounts not exceeding $100,000 were allotted in full.
The immediate discount at which the new bonds were offered as soon as
Subscriptions in amounts over $100,000 but not exceeding $500,000 were allotments were announced, and even before the actual issuance of the
allotted 90% but not less than $100,000 on any one subscription; subscrip- obligations, was interpreted in Wall Street as emphatic confirmation of the
tions over 5500,000 but not exceeding $1,000,000 were allotted 80%, but widely expressed opinion that the Treasury had cut extremely close to the
not less than $450,000 on any one subscription; and subscriptions in amounts market in setting the terms of the offering.
over $1,000,000 were allotted 75%, but not less than $800,000 on any one
The small oversubscription obtained by the Government in comparison
subscription.
to the huge demand that was shown for the June issue of 311% bonds was
Further details as to subscriptions and allotments will be announced said to mean that more bonds than they wanted were allotted to many
ordiwhen final reports are received from the Federal Reserve Bank.
banks. In bidding for the United States Government bonds it is the
to "pad" their subscriptions on the assumption
Secretary Mellon's further announcement, on Sept. 10. nary practice of the banksamount
asked for will be awarded. In the present
that only a fraction of the
they
follows:
case the majority of banks asked orily for the amount of bonds that
Secretary Mellon to-day announced the final subscription and allotment wanted,but a few,it is assumed,followed the ordinary practice. When they
totals, by Federal Reserve Districts, for the Sept.15 offering of 3% Treas- found that they were to receive all or almost all for which they had asked,
ury bonds of 1951-55 and 1 % Treasury certificates of Indebtedness of they were under the necessity of dumping some of the bonds at a loss.
not to be
Series TS-1932.
While trading was on a when-Issued basis, since the bonds are
The total amount of subscriptions received for 3% Treasury Bonds of paid for until next Tuesday, actual transactions for future delivery were
1951-55, dated Sept. 15 1931 was $940,559,550. Subscriptions in payment involved, with the result that for the first time in many months United
for which Treasury Certificates of Indebtedness. maturing Sept. 15 1931 States Government obligations were to be bought below par.
lower, dewere treated as cash subscriptions. All subscriptions were allotted on a
Other United States Government issues dropped somewhat
graduated scale.
clines on the New York Stock Exchange ranging from 1-32 to 16-32 point.
The subscriptions and allocations for the bond issue by Federal Reserve
In its issue of Sept. 11 the same paper said:
districts follow:
from the
The new Treasury 3% bonds again were offered at a discount
developed a
offering price of par, and this trading, on a when-Issued basis,
SubReserve
SubReserve
of the
softness in virtually all of the Government issues with the exception
District.
scriptions.
Allotted.
Allotted.
scriptions.
DinTia.
day of 2-32
Liberty 4 Xs due 1932-47, which showed an advance for the
ranging
day
the
for
Minneapolis
declines
$19,187,900
Beaton
$17,771,000 points. The other Government issues showed
$43,982,650 $39,375,050
New York
282,237,900 228,950,850 Kansas City_ 32,947.100 30.065,900 from 1 10-32 points for the Treasury 3;is of 1940-43 down to 2-32 for the
57,385,150 50,295,150
Philadelphia. 98,072,350 80,100,000 Dallas
Treasury 4s of
Francisco
60,512,150 49,774,150 Liberty 311s of 1932-47, the Treasury 3q.of 1946-56 and
Cleveland__ _ 145,608,200 121,633,200 San
1,801,050
1,641,550 1944-54.
Richmond_ - _ 46,118,100 42.605,800 Treasury..
55,827.800 51,032,800
Atlanta
Total
$940,559,550 $803,294,400
64,304,550 00,280,550
Chicago
90 759 ann
29 575 950
at 7.111.19
Harrison of Security Owners' Association
The total amount of subscriptions received for Treasury certificates of
indebtedness of Series TS-1932, dated Sept. 15 1931, maturing Sept. 15
1932. was 11,251,196.000. Of this amount $523,786,000 represented
exchange subscriptions in payment for which Treasury certificates of indebtedness of Series TS-1931 and Series TS2-1931, both maturing Sept. 15
1931. were tendered, Such exchange subscriptions were allotted 60%.
All other subscriptions were rejected.
Total
Exchange
Subscriptions
Received.
$29,677,000
731,985,500
33,865,000
28,835,500
33,958,500
46,582,000
240,461.500
31,751,000
1,239,000
11,982,000
33,708,500
29,151.500
1,000
$25,586,000
404.329,500
23,045,000
19,160,800
30,008,500
39,232,000
114,708.500
20,716,500
888,500
4,414,500
30,229,500
15,115,000
$4,091,000
327,656,000
10,820,000
7,675,000
3,950,000
7,350,000
125,755,000
11,034,500
372,500
7,567,500
3,477,000
14,036,500
1.000
1.251.108.000
3727.410.000
3523.786.000
Exchange
Subscriptions.
Allotted.
M§§§§§§g§§§
Cash
Subscriptions
Recetved.
WM
MN& 0014.144.C.014
1nWOPVW.
C41.1,41...
1,100aNNO...400004
.WW0W00100NN2.40.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Treasury
Total
Subscriptions
Received.
5314 970 Riln
In a Washington dispatch Sept. 8 the New York "Times"
said in part:
By the narrow margin of 1140,559,550 the Treasury's Sept. 15 offering of
$800,000,000 in 3% bonds of 1951-55 was oversubscribed, Secretary Mellon
announced to-day. This compares with virtually an eight-times oversubscription of the $800,000,000 issue of 3 J‘e,% bonds in June and a fourtimes oversubscription of the more than $500,000,000 in 3ji% bonds offered last March.
Secretary Mellon did not expect a large oversubscription to the present
issue, because the rate was cut to the very minimum and the term of the
bonds was the longest offered since the Liberty bonds wont on the market
during the World War.
On the other hand, the $300,000,000 in 1 Yr% treasury certificates of one
year maturity offered simultaneously were oversubscribed snore than three
times, indicating that there probably Is more money available for shorttime use than for investment in long-time securities.
As to December Financing.
There is no doubt that the Treasury will consider carefully the narrow
margin of the oversubscription In planning the term and rate on its securities
to be issued in December. when maturities amount to nearly $1,000,000.000.
The magnitude of the maturity at that time would indicate a bond issue.
After the present bonds are on the market the issues of Government
long-term paper since March 1 will have been increased to $2,215.636,050,
with no long-term securities retired. During this period, however, there
has been a substantial retirement of notes, certificates and bills. Maturities
in the remainder of the calendar year amount to S2.774,723,450, of which
11,801,777,500 are short-term certificates of indebtedness, $451,718,950
5-year notes and $523,237,000 in Treasury bills.
The fact that the short-term money was popular, whereas the long-term
was barely oversubscribed, meant, in the opinion of some officials, that investors are not anxious to tie up their funds for long periods in securities
Milton W.
Declares Transportation Co-Ordination a Necessity—Railroads Should Not Be Handicapped While
Competitors Have Freedom of Action.
That the crying need in the transportation field to-day is
for co-ordination of facilities was pointed out by Milton W.
Harrison, President of the Security Owners' Association, in
addressing on Sept. 10, at Birmingham, Ala., the Southern
Traffic League and the Birmingham Traffic and Transportation Club. "I am sure," said Mr. Harrison, "every man
in this room will agree with me that justice and fairness
demand that all competitors should be given an opportunity
to compete on equal terms, and that the railroads as competitors for transportation should not be handicapped
severely, while their competitors are permitted to enjoy
freedom of action." Mr. Harrison went on to show that
laws and regulations in force practically prohibit the railroads from trying to meet competition. In part he added:
Atlantic and
For' example, steamships transport freight between the
operated Panama
Pacific seaboards through the government owned and
regulation. The railroads
Canal, charging rates which are not subjected to
the Pacific Coast,
could meet this competition by reducing their rates to
to intermediate points.
rates
but could not afford to reduce also all their
to make lower
them
forbids
Act
Section 4 of the Inter-State Commerce
they make to
rates, to points where they meet this competition, than
the Commission.
intermediate points except under specific authorization of
the Federal
by
operated
Another example: Inland waterway carriers
Government make lower rates than the railroads, partly because a
substantial part of the cost of the transportation is borne by the taxa
payers and partly because the government has established rates at level
approximately 20% below port-to-port railroad rates, regardless of the
service.
Railof
cost
the
fact that such rates may prove to be less than
roads are by law prohibited from operating barges on inland waterways,
Motor vehicles operating on the public highways do not now in most
instances pay adequately for the use of the highways, and their rates and
service are not regulated in a manner comparable with the railroads.
Railroads are not permitted to adjust their rates to moot this competition
without cumbersome and expensive proceedings, consequently there is
little they can dp to meet it except to speed up their rail service, which
has been tried time and again without appreciable results, to inaugurate
container service, which is being closely studied and experimented with
at present, to provide pick-up and delivery service, such as Southwestern
mines are installing, or to go into the motor vehicle business themselves.
Up to the present time this latter method has been used principally in
meeting competition from buses, though some experiments have been
made in the operation of trucks. The principal handicap presented in
bus and truck operations is that they cannot, under present law, be coordinated with rail operations.
Regulation and Co-Ordination Only Solution.
Only one solution presents itself which appears workable and yet definitely in the public interest. I refer to a widespread co-ordination of t
1714
FINANCIAL CHRONICLE
portation services. The public, in its own interest, should authorize the
railroads to enter freely and upon a fair basis into all forms of transportation. I mean by this that railroads should be given an equal opportunity with all others to operate any or all of the various forms of transportation.
Further, railroads should be authorized to abandon such branch-line
service as is being opeeated at a loss and to substitute therefor motor-bus
and truck service. There can be no economic justification for adding to
an over supply of transportation facilities, and the Inter-State Commerce
Commission should permit branch-line abandonment in those cases where
highway facilities offered in substitution are capable of rendering adequate
service. Also, unnecessary duplications in highway services should be
controlled by a fair application of the principle of public convenience and
necessity.
The railroads are as willing and able to meet competition as any other
industry, but like every other industry they cannot meet competition
which is favored with subsidies from the government. 'You who have been
forced to operate in competition with Farm Board agencies know how
difficult that is. Let the government so adjust its policies of regulation
and taxation that they will apply equally and yet reasonable to all forms
of transportation; let it withdraw its unfair subsidization of inland waterways; let it remove the legal obstructions which make it difficult or which
prevent railroads from competing on a fair and equal basis. With the
transportation field thus stabilized, the railroads would feel encouraged
to co-ordinate their rail service with other services and furnish to the
public a compact, national network of transportation. . . .
I shall not burden you with any detailed account of the present situation on the Mississippi and tributary rivers. Briefly, the Federal Government owns and operates an extensive freight barge system, through the
Inland Waterways Corporation, on the Mississippi and Warrior Rivers.
The corporation was created for the avowed purpose of demonstrating
the practicability of conducting commerce on inland waterways, and once
this purpose was fulfilled it was proposed to dispose of the business to
private interests. During the experimental stage the government was to
finance all operations and no interest, taxes or insurance charges were to
be made against the corporation. Notwithstanding this advantage, the
Inland Waterways Corporation operated at a deficit for the first five
Years, and for the first six months of this year it reported a net income
of only about $115,000. This income does not, of course, make any
allowance for taxes, interest or insurance, consequently, If it were a private
corporation instead of the government making this report, a deficit instead
of a net income would have appeared.
Generally, barge-rail rates are arrived at by deducting from the through
all-rail rates 20% of the rail port-to-port rate. The law prohibits railroads from engaging in inland waterway transportation and states specifically that, when the government barges are sold, the railroads shall not
acquire any interest in them.
Thus the railroads are completely shut off the inland waterways, yet
are continually short-hauled in order to give traffic to the barges. They
cannot successfully compote with the barges because the barge rates are
predicated on the rail rates, and reduction in the latter would automatically lower the former. No Fourth Section relief is accorded to the North
and South rail lines competing with the Inland Waterways Corporation,
which I believe to be undue and unfair discrimination.
[VOL. 133.
36 cents beyond. Coast tramp steamers in fighting for this traffic from
Searsport or Bangor to New York offered a rate, first of 15 cents, then
123 cents, and recently 814 cents. Not being under regulation they can
charge whatever rate they'please, and their concern at present is to keep
their boats loaded and moving. How can railroads, required by law to
charge tariff rates, meet such destructive and unfair competition? Transportation by water should be looked upon as a part of the national transportation system, and railroads should be granted an opportunity to coordinate this service with their rails wherever possible.
Airways and Pipe Lines Should Also Be Co-ordinated.
The same suggestions I have made with respect to highway and water
transportation apply likewise to the airways and pipe lines. With graded
rights-of-way extending to every part of the country, the railroads are
in a splendid position to operate pipe lines at a minimum of expense.
This progressive step in the movement of liquids and gas is likely to advance far, and the railroads would be able to stimulate that advancement. Airways are still infants in the transportation field, but they
have tremendous possibilities which should be encouraged. A few railroads have already engaged to a limited extent in aviation and have contributed much to that growing industry. As a part of a co-ordinated
transportation system, under the guidance of-the railroads, airplanes could
carry passengers, mail and high-grade shipments, and would be a valuable
adjunct to transportation services of other kinds.
In his concluding remarks Mr. Harrison said:
In conclusion, gentlemen, permit me to repeat that the railroads, the
real transportation agencies of the country,should receive every encouragement from you to engage in highway, waterway, airway and pipe line
transportation. They would, with these facilities at their command, be
In position to serve you more efficiently than you are now being served.
They would be able to effect economies of operation which are not now
possible under the law. Useless, expensive duplications, serving no purpose. could be eliminated. Rail service on branch lines which constitute
a drain on system earnings could be substituted to some extent by motor
service.
Would it not be more satisfactory to a shipper if he could bill shipments
directly from his warehouse to any point in the country, regardless of
whether it were to move via rail, highway, water or air, or combinations
of these? Would it not be more satisfactory for him to know in advance
what the cost and schedule of such service will be? Would it not be
more satisfactory for him to deal with a safe, responsible, dependable
and competent company, rather than some concern he knows little about?
And would it not be more satisfactory for him to know, once his shipment
has left his warehouse, that it will be handled expeditiously and carefully
by competent and efficient men, and that if anything went wrong he was
dealing with a substantial and reliable company which he could look to
for redress?
On the other hand, how much safer the highways would be after the
railroads began seriously to operate over them. Long distance trucks would
gradualiy be eliminated, and local trucks would be operated by men who
had, under rigid examination, shown themselves to be qualified. Safety
would become a watchword on the highways as it now is on the railroads,
and reckless driving and poor equipment would not be tolerated.
In addition to other advantages, the interests of the security owner
Prohibitions Should Be Removed.
would be protected. His investment in railroads would become an investI believe these prohibitions and limitations are wholly unjust. In my ment in transportation, and would return once more to the status of inopinion, the railroads should be privileged to engage in properly regu- creasing stability which such investments have always enjoyed.
Co-ordination of transportation, as you well know, is not possible or
lated transportation by inland waterways if they so desire, and I see no
Justification for prohibiting them from establishing a barge-rail service Practicable under existing law. First the States and the Federal Governowned by the railroads if this might prove advantageous and serviceable. ment must amend their laws so as to permit railroads to own and operate
If it is possible for barges to be operated economically on the waterways, all classes of transportation facilities, and they must provide reasonable
the railroads can operate them as well if not better than any other private regulation covering such facilities. Specifically, the Panama Canal and
company. If they cannot be so operated, then why should the Federal Denison Acts must be amended to permit railroads to engage in water
government attempt it? I was cautioned that the inland waterways transportation, and the Federal Government must get out of the transsubject was a delicate one in this vicinity, but I do not see why it should portation business.
There is at the present time a clear and well-defined need for coordinabe. I do not believe a shipper in the country is looking for a freight sertion of transportation, and all arguments favor such coordination under
vice which is subsidized by the taxpayers generally.
I know that history discloses incidents of unfair competition of rail- the leadership of the railroads.
We should, in the near future, be able to look upon our railroads as
roads with water carriers. But these occurred during a time when railroad
general carriers, in position to render a complete transportation service,
regulation was much less stringent than it is at present, and transportawhether it be by rail, highway, water, pipe line or air.
tion was an extremely simple element in the national life. Under ComMr. William H. Day, President of the National Industrial Traffic
mission regulation such as we now have these practices could not recur.
League, in an address before the Associated Traffic Clubs of America at
Chicago last May said:
Cites Operating Water Terminals at Loss.
"There is a need for the co-ordination of existing transportation agencies
There is just one more thought I wish to express regarding inland water- and shippers can be depended upon to co-operate wholeheartedly in bringways. Certain towns and cities located on the Mississippi were stampeded ing this about if and when the railroads are disposed to take the initiative'
The railroads are now taking the initiative. They are endeavoring to
into erecting costly terminal facilities for the Government barge corporation. Dubuque, Iowa, built a terminal at a cost of $394,000 and issued secure the removal of legal handicaps and obstructions which must be
bonds to cover. It had been promised great volumes of traffic on which cleared away before definite steps can be taken toward coordination.
I recognize the fact that you, in your professional capacity, are Interested
the barge corporation was to pay the city 15 cents a ton for handling. The
interest alone, exclusive of retirement of debt, on the Dubuque bonds and concerned primarily with results in transportation. I know many of
you
will think about the subject I have discussed in terms of effect upon
amounts to some $18,100 a year. In the year 1928 the terminal earned
$3,710; in 1929 It earned $6,668; in 1930 it earned $5,963. For the three the industry you represent. But there is another angle which I will
Years the city collected for the use of its terminal $16,342, while the In- merely mention in closing.
There are millions of individual citizens who have placed their life's
terest on the bonds outstanding, at $18,100 a year, amounted to $54,300,
savings in railroad properties. Trust estates, fiduciaries, colleges and
a net charge to the taxpayers of Dubuque of $37,957.
Peoria, Ill., is having a somewhat similar experience. It built a ter- other great endowment funds upon which our educational facilities and
minal costing about $400.000 and was promised that the tonnage handled social welfare depend have several billions of dollars of railroad investment.
The savings banks and insurance companies of this country are holding
through it would pay all Interest, maintenance and insurance charges,
and in addition would pay off the bonds in 20 years. In order for the in the neighborhood of five billions of dollars of railroad securities, which
city to break even it would be necessary to handle over a thousand tons represent a large part of their investments. They have received your
of freight through its terminal every day during the navigation season. money and mine, and have invested it in the properties of the railroads.
That amount of freight a day has not yet materialized and perhaps never Through a bank account, a life or other insurance policy, some 60,000,000
people—half of our population—are personally interested in the success
will.
of the railroads. A large part of the reserve upon which they deepnd for
Railroads Should Be Allowed to Operate by Water.
protection when needed is now represented by railroad securities. Any
Turning to the other phase of waterway operations, that is, the coastal impairment in the value of those securities reflects
itself immediately upon
waters, the Great Lakes and the Panama Canal. The Panama Canal that reserve and, if drastic, would
cause serious losses to those who have
Act practically bars the railroads from the use of the Panama Canal, industriously math)
deposits or paid premiums.
though railroad taxes have gone a long way toward its construction, and
This is a serious matter and one which deserves the thought of every
it also prohibits them, except in specific instances, from engaging in coast- person who has a
savings bank account or an insurance policy.
wise or Great Lakes water transportation. Without going into this subThe Security Owners' Association represents banks, insurance comject fully, I merely wish to say that, in my opinion, this type of service panies, and other
investors. It recognizes the situation which faces the
should be placed under Federal regulation and all prohibitions against railroads, it knows
what might be the result of a collapse in values. It
railroads should be removed. Destructive competition in the shipping may be depended
upon to use every influence at its command to assist in
industry at present is resulting in losses, not only to that industry but to maintaining
balance in the field of transportation. it will do its part in
the railroads as well. Lack of normal tonnage has created a situation stimulating and
encouraging the public, the Federal and State governamong the coastwise carriers which is extremely serious. There has grown ments and the
railroad executives, in reaching a satisfactory solution, in
up a type of competition which is not only destructive as among the coastal the public interest, of
this great transportation problem. At present the
carriers and the railroads, but is very annoying to the shippers. I refer only solution appears to
be co-ordination of all facilities; eliminating wasteto what I call "bootleg" rates. For example, the railroad rate on pota- ful duplications, so that the greatest amount of transportation may be
toes from Aroostook County in Maine to New York City is 53 cents a had per dollar of investment. The security owners favor co-ordination
hundred pounds, based on a rate of 17 cents to Seaman or Bangor and for this reason, and I earnestly
bespeak your support and co-operation.
4
SEPT. 12 1931.]
FINANCIAL CHRONICLE
American Bankers' Association Convention Call—
Program for Annual Meeting at Atlantic City Oct.
5-8—Under-Secretary of Treasury Ogden L. Mills to
Address Convention.
In a nationwide call for bankers to attend the annual
convention of the American Bankers Association, which will
be held at Atlantic City, New Jersey, Oct. 5-8, Rome C.
Stephenson, President of the organization, declares that the
bank failure history of the past two years "challenges our
profession and our association to a new era of activity and
achievement. Great tasks lie ahead of your Association.
They demand the earnest and active participation in its
deliberations and activities on the part of bankers in all
parts of the nation." The vast majority of bankers "stand
four square before the public as faithful stewards of their
trusts and their institutions continue to serve their communities through an unparalleled economic storm in a way that
brings new honors to our banking traditions," Mr. Stephenson says in his communication. He adds that "the acts of a
few have been unduly magnified to the detriment of all,"
and that "demagogic criticism of banking has created problems not only affecting bankers but the public interest as
well."
His letter also bespeaks "increased banking-wide support
and development of the Association's already extensively
operative functions for promoting more scientific and impregnable banking methods throughout every part of the
profession whether in large cities or small rural communities.
The Association believes it is the duty of every banking
institution in the nation to give its community the benefits
of the best banking experience and practice such as are being
made available by this Association's scientific bank management studies."
The program for the convention of the American Bankers
Association was announced in New York on Sept. 9 by
F. N. Shepherd, Executive Manager of the Association, as
follows:
1715
National Bank Division, Ball Room, Municipal Auditorium. Tuesday,
Oct. 6: 2.00 p. m., call to order, President Edmund S. Wolfe, President,
First National Bank & Trust Co., Bridgeport, Conn.;
Address of the President:
Appointment of committees;
Address by Eugene Stevens, Chairman, Federal Reserve Bank, Chicago;
Address by Guy P. Miller, Searle Miller & Co., New York;
Address, "What Steps Will Assure the Future of National Banking,"
Frank P. Bennett, Jr., Editor, United States Investor. Boston. Mass.;
Unfinished business;
New business;
Reports of committees;
Election and installation of officers.
Trust Company Division, Ball Room, Municipal Auditorium, Wednesday,
Stephenson,
Oct. 7: 2.00 p. in., call to order, President, Gilbert T.
Vice-President, Equitable Trust Co.. Wilmington, Del.;
Address of President;
Appointment of committees;
Address on investment problems of the life insurance business by Frederick
H. Ecker, President, Metropolitan Life Insurance Co.. New York:
Address, "The Trust Company and the Public." J. Stewart Baker.
President, Bank of Manhattan Trust Co., New York;
Open forum—current fiduciary topics;
Unfinished business;
New business;
Reports of committees;
Election and installation of officers.
Annual Convention of American Bankers Association—
All Jersey Bankers on Reception Committee.
All New Jersey bankers have been designated by Robert
W. Harden, President New Jersey Bankers Association, as
'numbers of one great reception committee for the bankers
from all parts of the United States attending the annual
convention of the American Bankers Association, which will
be held at Atlantic City Oct. 5-8. Mr. Harden has appointed a special committee of the New Jersey Association
to develop plans for increasing attendance of bankers in the
state and organizing them on a reception committee basis.
The committee is as follows:
Chairman: Irwin G. Ross, Vice-President Franklin National Bank,
Co.,
Jersey City; John B. Clement, Former Vice-President Central Trust
Camden; John J. Roe, Vice-President First National Bank, North Bergen;
Trust
&
Deposit
Safe
Chelsea
Department,
J. P. Bacharach, Manager Bond
&
Co., Atlantic City; Charles E. Blackford Jr., President Peoples Trust
Guaranty Co., Hackensack.
also appointed a special convention
Atlantic City has
General Convention, Ball Room, Municipal Auditorium. First Session,
committee of bankers, as follows:
Tuesday, Oct. 6: 9.45 a. m., pipe organ recital, Karl Bonawitz;
Co.;
10.30 a. m.,call to order. President Rome C. Stephenson, Vice-President.
Chairman: Herman M. Sypherd, Vice-President Guarantee Trust
C.
St. Joseph County Savings Bank, South Bend, Ind.;
Joseph Thompson. President Atlantic Safe Deposit & Trust Co.; John
Invocation;
Slaw, President Atlantic City National Bank; Harry Bacharach, PresiAddress of the President;
dent Equitable Trust Co.; Samuel C. Clark, Vice-President Second National
Report on official acts and proceedings of Executive Council;
Bank; Sigmund Ojserkis, President Boardwalk National Bank.
in
"Business
Retail
Management
Activities,"
Address,
Richard H.
Grant, Vice-President. General Motors Corp.; Appointment of Resolutions Transamerica Corporation—Board of Directors, AsCommittee.
sociates Hold 750,000 Shares—Elisha Walker Owns
Second Session, Wednesday, Oct. 7: 9.45 a. m., pipe organ recital,
Karl Bonawitz;
Half This Total.
10.30 a. m., call to order, President Stephenson;
The following statement was issued Sept. 3 at San FranInvocation;
Address, "Give Us This Day Our Daily Bread." Harry L. Russell, cisco by the Transamerica Corporation,laccording to the
Chairman, Advisory Council, Agricultural Commission, American Bankers "Wall Street Journal":
Association;
"Members of the board of directors of Transamerica Corporation through
Report of Nominating Committee and election of officers;
their individual holdings, personal investment companies, or family trusts,
Report of Resolutions Committee.
own more than 750,000 shares of the capital stock of the corporationl
Third Session, Thursday, Oct. 8: 9.45 a. m., pipe organ recital, Karl representing the largest group in the institution's ownership.
Bonawitz:
"Elisha Walker, Chairman of the board of directors, who owns more than
10.30 a. in., call to order, President Stephenson;
than half of the above amount of shares, is the largest stockholders. A. P.
Invocation;
Giannini and the A. P. Gainnini Co. own 56,399 shares. Others prominent
Address by Ogden L. Mills. Under-Secretary of the Treasury of the in the official family, who own large holdings directly or through private
United States;
companies and personal trusts, include:Jean Monnet, Vice-Chairman of the
Unfinished business;
board of directors, 13,390 shares; James A. Bacigalupi, President. 13,724
New business;
shares: A. Pedrini, 38,450 shares; P. C. Hale, 29,532 shares; Dr. A. H.
Installation of officers.
Giannini. 18,773 shares.
"Lists recently published, which purported to show the holdings of the
The schedule of meetings for the various main Divisions various
directors, created a confused impression since they omitted al
of the Association is as follows:
shares held in trust or in personal investment companies."
Savings Bank Division, Ball Room. Municipal Auditorium, Monday,
Oct. 5: 9.30 a. m., call to order, President A. C. Robinson, President. Butterick Company and McCall Corporation to Raise
Peoples-Pittsburgh Trust Co., Pittsburgh;
Magazine Prices in Canada.
Invocation;
Appointment of Resolutions and Nomination Committees;
The following items are from the Brooklyn "Daily Eagle"
Address, "The Morality of Thrift," President Robinson;
of Sept. 4:
Address, "Savings Banking Gets Bigger Job," Henry Bruere, President,
Butterick Co. will advance the price of the Delineator in Canada to
The Bowery Savings Bank, New York;
15 cents a copy, of $1.50 for an annual subscription. On the single copies
Forum discussion;
on subscripthis will absorb the new Canadian tax of 5 cents a copy, and
Unfinished business;
will almost completely absorb the tax. Heretofore in Canada the
tions
business;
New
prices have been the same as in the United States: 10 cents a copy and $1
Report of committees;
for an annual subscription.
Election and installation of officers.
Under Canadian tariff, Adventure, published by Butterick. would be
State Bank Division, Ball Room, Municipal Auditorium, Monday,
15 cents a copy. Butterick has arranged with the MacLean PubOct.5: 2.00 p. m.,call to order, President M.Plin Beebe, President, Bank taxed
lishing CO. of Toronto for the latter to publish a Canadian edition of the
Dak.;
So.
Ipswich,
Ipswich,
of
magazine. The text of the magazine will be the same as that of the United
Address of President;
States edition, but it may carry some purely Canadian advertising.
Appointment of committees;
The Butterick Quarterly is unaffected by the duty because a separate
Address, "Bank Management—Yesterday, To-day and To-morrow,"
edition has always been published in Canada.
&
Bank
nt,
Hibernia
Vice-Preside
Trust
Ellsworth,
co.,
W.
New
Fred
Good Hardware and the Progressive Grocer, two of principal trade
Orleans. La.:
of the company, have virtually no circulation in Canada.
Address, "Measured Service Charges—Installation, Operation and publications
Monthly Fashion News, which runs into substantial circulation, has
Results," Fred B. Brady, Vice-President, Commerce Trust Co., Kansas The
always had all of its Canadian circulation printed in Canada. The patCity, Mo.;
business of Butterick for the Canadian field has always been handled
Address."Man Power in Banking Institutions," Allard Smith, Executive tern
at company's plant at Toronto.
Vice-President, Union Trust Co., Cleveland, Ohio;
McCall to Raise Prices.
General discussion;
The McCall Corp. will add 5 cents a copy to the prices for the McCall's
Unfinished business;
Magazine and the Red Book in Canada and will add 50 cents a year to
New business;
the subscription price, to absorb the new duty of 5 cents a copy imp d
Reports of committees;
on these magazines.
Election and installation of officers.
1716
FINANCIAL CHRONICLE
States Periodicals to Publish in Canada—
MacLean Plant Will Print Four Well-Known Ones.
From the Toronto "Globe" of Sept. 1 we take the following:
United
As a result of the Bennett Government's tax on imported fiction periodicals, several of the largest publishing houses in the United States
will have Canadian editions of their magazines printed in Canada.
H. V. Tyrrell, General Manager of the MacLean Publishing Co.. Ltd.,
University Ave., announced yesterday that, under arrangements made
with the Munsey, Butterick and McCall groups, the MacLean plant
will print and distribute four of the best-known "pulp" fiction magazines
formerly imported from the United States. These are "Argosy" and
"Detective Fiction Weekly," both weeklies, and "All-Story," a fortnightly, published by the Munsey Co., and "Adventure," a semi-monthly
published by Butterick's. They will also print "Blue Book," a monthly
fiction magazine published by the McCall Co., who will look after the digtribution of this publication through their own organization.
Approximately 500,000 copies of monthly and bimonthly United States
magazines will be published in Canada within the next 12 months, according to reports.
Percy Bell, Manager of the Industrial and Educational Publishing Co.,
Ltd., announced yesterday that within the next week they will begin
publishing and handling in Canada three publications of the Street & Smith
Publishing Co., New York. These publications are: Love Story Magazine, Western Story Magazine and Complete Story Magazine. Mr. Bell
also pointed out that they will cost no more than in the United States.
At the same time he stated that these three magazines would be the forerunners of other publications which would be printed in Canada.
Canada's Increased Tariff on United States Magazines
and Periodicals—List of Those to Which New Rate
Does Not Apply.
A list of about 500 United States magazines and periodicals
classified according to the duty which they are required to
pay, under legislation passed at the last session of the Canadian Parliament, was issued at Ottawa on Sept. 1, through
the Department of National Revenue. Canadian Press
advices from Ottawa on that date said:
[voL. 133.
Fire Cents a Copy—Item 1848, See. II, 15 Cents a Pound But Not Less than 15
Delineator
Milk Plant
Cents a Copy—Tariff Item 184-B.
Dogdom
Monthly
Golfdom
Norfolk & Western
Dog World
Printers'Ink
Good Hardware
Magazine
Droll Stories
Printers'Ink
Progressive Grocer
Great Western
Millinery Trade
Monthly
Heat Engineering
Santa Fe Magazine
Review
Product EngineerIndustrial Gas
Torch
Mining Journal
lag
Louisville dc Nash- Wallpaper
ModernBeautyShop Psychology
ville Employees Window Shade MerModern Stationer
Publishers'Weekly
Magazine
chandising
Motion Picture
Purchasing Agent
Lumber Worker
Wire Engineering
Motor
Radio Retailer and
Machine Tool Blue Wood Working
Motor Boating
Jobber
Book
Machinery
Movie Classic
Radio Retailing
Motor Boating
Retail Coalman
Free of Customs Duty—Item 184C.
Musical Courier
Review of Reviews
America
Horticulture
Musical Digest
Rider and Driver
American Journal Hyde's
National Butter
Saturday Evening
of Diseases of
Investment Banking
Journal
Post
Children
Journal of American
National CarbonatorSaward's Journal
American Lutheran
Medical Assn.
and Bottler
Seed World
American Medical Journal of WashNational Cheese
Shears
Association Bulington Academy
Journal
Sheet Metal Worker
letin
of Sciences
Natl,Lithographer Signs of the Times
American Mercury Lamp
Natl, Lumberman Silent Partner
Annalist
Leaflets of
National Nut News South'n Lumberman Archives of Derma- League
of the Apostles
National Sportsman Spokesman and liar
tology and Syphof Prayer
NationalUnderwriter ness World
llology
Light and Liberty
NationalUnderwriterSportsman Pilot
Archives of InLiving Age
(Life Insurance
Steel
ternal Medicine Messages of Love
Edition)
Swedish-American
Archives of Neurof God
Needlecraft
Trade Journal
ology and PsyMessenger of the
New Reliable Pots)- System
chiatry
Sacred Heart
try Journal
Telegraph and Tele- Archives of OphMid-Week Pictorial
New York Lumber
phone Age
thalmology
Monthly Evening
Trade Journal
Textile World
Archives of OtoSky Map
New Yorker
Time
larynologY
National Geographic
Office Appliances
Toilet Requisites
Archives of PathMagazine
Oil and Gas Journal Town and Country
ology
National Humane
Oil, Paint and Drug Turkey World
Archives of SurReview
Reporter
Underwear and Hosgery
News Letter
Opportunity
lery Review
Ava Maria
North American
Outdoor Life
Vanity Fair
Barron's
Review
Painters'Magazine Vogue
Baseball
Pacific Affairs
Parents' Magazine Wallace's Farmer
Bird Lore
Picture Play
Pencil Points
and Iowa Home- Bookman
Magazine
PhotoplaY
stead
Boys'Life
Playmate
Pictorial Review
Woman's Home
Bradstreet's
Police Gazette
Pit and Quarry
Companion
Bulletin of Ameri- Presbyterian AdPlaythings
Woman's World
can College of
vance
Popular Mechanics Wood-Worker
Surgeons
Publisher's Service
Popular Science
Wood-Working In- Business Briefs
Quarterly Review
Postage and Malldustries
Catholic Review
Radex
bag
World's Work
for the Blind
Radio Log and Lore
Poultry Beeper
Yachting
Child's Magazine
Railroad Man's
Power
•
Christian Century
Magazine
Christian Century Reader's Digest
15 Cents a Pound But Not Less than 15 Pulpit
Sample Case
Cents a Copy—TariffItem 184-B.
Christian Herald
Screenalnd
Ace-High
Live Stories
Christian Register Shipmodeler
Action Stories
Love Romances
Christian Youth
Shipping Digest
Adventure
Love Story
Columbia
Skating
Amazing Stories
Mystery
Commercial and
Spirit of Missions
Bast Stories of All Northwest Stories
Financial Chron- Sport Story
Time
Ranch Romance
icle
Sunday School
Black Mask
Real Detective Tales Contemporary ReTimes
Complete Novel
view
Secrets
Survey
Complete Stories
Current Reading
Short Stories
Survey Graphic
Cowboy Stories
Sweetheart Stories
Diamond of Pal
Thinker
Cupid's Diary
Upsilon
Thrills
Truth
Danger Trail
Top-Notch
Ecclesiastical Re- Twentieth Century
Detective Story
Triple-X
view
Union Signal
Dream World
True Romances
Echoes of Grace
Watch Tower
Flynn's Weekly
War Stories
Education
Wheat Growers
Frontier Stories
Weird Tales
Journal
Equity
Lariat story
Western Story
Family
World Progress
Financial Age
Young Catholic
15 Cents a Pound, But Not Less Than 35% Flower Grower
Messenger
Ad Valorem—TariffItem 178.
Foreign Affairs
Young Christian
Advertising Arts
McCall Decorative Fortnightly ReYoung Crusader
Erie Railroad
Arts andNeediework
view
Zion s Herald
Magazine
Medical Economics Free Youth
Gas Appliance Mer- New York Central
Golden Age
chandising
Lines Magazine
Homiletic Review
The list does not cover all periodicals which enter Canada under the
general tariff. It does, however, include a great many of the magazines
and periodicals which are in constant demand by Canadian readers.
Magazines and periodicals listed are divided into five categories, based
upon the advertising content and also upon the nature of their reading
matter.
The Saturday Evening Post will be subject to a duty of five cents per
copy. This same duty applies to such magazines as The Ladies' Home
Journal, The Woman's Home Companion, Popular Mechanics, Literary
Digest, Collier's, House and Garden and The House Beautiful.
Under the two-cent rate are listed Scribner's Magazine, Life, Red Book
Magazine and a numbei of technical periodicals.
The rate of 15 cents per pound,"but not less than 15 cents a copy" will
apply on a long list of colorful publications which heretofore have been seen
on Canadian new stands. Such publications as Amazing Stories, Live
Stories, True Romances, True Marriage Stories, Secrets, Love Romances
and Short Stories will be subject to the prohibitive 15-cent duty.
A list of periodicals which will come in free includes Foreign Affairs,
Fortnightly Review, Investment Banking, National Geographic Magazine,
North American Review, Police Gazette and Truth.
The final category, covering technical magazines, subjects these to a
duty of not semi than 35% ad valorem. This includes Advertising Arts,
Golfdom, The Lumber Worker, The Torch and °tilt'. periodicals.
Most of the publications mentioned in the foregoing list are printed in
Publications from Great Britain and other parts of the British Empire New York.
are not affected, nor is there any provision for the Imposition of a duty on
Items regarding the new tariff on magazines from the
the periodical publications issuing from trade treaty countries.
Free entry is accorded to scientific publications, religious magazines and United States appeared in our issues of June 6, page 4169,
others devoted to comment on pubilc and cultural affairs, and to travel and July 4, page 59 and July 25, page 574.
exploration. These include "The Police Gazette." Technical magazines
are subjected to a duty of not less than 35% ad valorem. The list of magaPost Office Department's Announcement Regarding
zines includes the following:
Two Cents a Copy—Item 1848, See. I.
Five Cents a Copy—Item 184fl, See. II.
Increased Postage on Letters to Canada, NewCasualty Insurer
Nautilus Magazine] AmericanRestaurantGas Age-Record
Commonweal
Our Navy
Concentrated Milk Pathfinder
Industries
Photo Era Magazine
Dental Digest
Practical Druggist
Electrical Railway
and Spatula ConJournal News
solidated
Farm Mechanics
Radio News
Fruit Products Jour- Radio World
cal and American Red Book
Vinegar Industry School Arts
Golden Book
Scribner s Magazine
Good Furniture and Sliver Screen
Decoration
Style Sources
Home and Field
Surgery, Gynecology
Library Journal
and Obstetrics
Life
Veterinary Medicine
Modelmaker
The Violinist
The Musician
Floe Cents a Copy—Item 1848, See. IL
Accident and Health Druggists'Circular
Review
gg Editor & Publisher
Advertising and
Electric Railway
Selling
Journal
Aero Digest •
Electrical MerchanAmerican Architect
dIsing
AmericanneeJournalElectrical World
American Brewer
Electronics
American City
Engineering & MinAmerican Druggist
leg Journal
American Golfer
Engineering & MliiAmerican Hatter
ing World
American Hebrew Engineering News
American Hereford
Record
Journal
',Factory
American Home
Farm ImplemlNews
American Lumber- Financial World
man
Fire Protection
American Machinist Florists' Review
American Magazine Food Industries
American Paint
Food Industries
journall
Forbes
American Paint and Fur Trade Review
Oil Dealer
Furniture Index
American Painter Furniture Manufaoand Decorator
turer
kig
American Pigeon] Furniture Record
Keeper
and Journal
American Review of General Building
Shoes and Leather Contractor
Agricultural Record Glass Packer
Architecture
Good Housekeeping
Atlantic Monthly
Good Stories
Autobody Trimmer Grade Teacher
and Painter
Hardware Journal
Automatic Age
Harper's Bazaar
Automobile Topics Harpers Magazine
Aviation
Hearth and Home
Bakers'Helper
Heart's InternsBakers'Weekly
tional
Billboard
Hoard's Dairyman
Boot and Shoe Re- Hobbies
corder
Holstein-Frisian
Business Equipment World
Topics
Hotel Bulletin and
Business Week
Nation's Chefs
Bus Transportation Hotel Monthly
Canner
House and Garden
Canning Age
House Beautiful
Carpet and Uphol- Hunting and Fishing
steryTradeReviewIce Cream Review
Chain Store Age
Ice and Refrigerat'n
Chemical and Metal-Ice Cream Trade
lurgical Engineerg Journal
Iron Age
Child Life
Cleaners'and
Knitted OutwearAge
Ladies'HomeJournal
Dyers'Review
Laundry Age
Clothing Trade
Laundryman'sGuide
Journal
Literary Digest
Coal Age
Machinery
Collier's
Comfort Magazine Maintenance Engl!leering
Commerce and
Marine News
Finance
Marking Devices
Concrete
Confectioners
McCall's
Medical World
Journal
Construction Meth- Men's Wear
Men's Wear and
ods
Chicago Apparel
Contractors and
Engineers Mthly
Gazette
Country Gentleman Metalcraft
Metal and Mineral
Country Home
Markets
Country Life
Metronome
Dakota Farmer
Decorative FurnisherMilk Dealer
foundland, Great Britain (England, Scotland and
Wales), Northern Ireland and the Irish Free State.
Postmaster Kiely in New York on Aug. 28, called attention to an announcement by the Post Office Department
that commencing Sept. 1 1931 the rate of postage on letters
or packages prepaid at the letter rate for dispatch to Canada
and Newfoundland (including Labrador) will be 3 cents for
each ounce or fraction thereof and the rate on each single
post card will be 2 cents and double post cards 4 cents.
The announcement also said:
The rate (postage phut fee for air mail service) applicable to air mall
articles for Canada and Newfoundland (including Labrador) will be 6
cents for the first ounce or fraction thereof and 10 cents for each additional ounce or fraction thereof.
The rate on letters including packages paid at the letter rate of postage
for dispatch to Great Britain (England, Scotland and Wales), Northern
Ireland and Irish Free State will be 5 cents for the first ounce or fraction
thereof and 3 cents for each additional ounce or fraction thereof and the
rate on each single post card will be 3 cents and double post cards 6 cents.
An item relative to the increased postage rates appeared
in our issue of Aug. 22, page 1220.
$250,000 Loss Laid to "Straw Bonds"—Government
Denies Plea by Brokers for New York Hearing—
Will Thrash Out Issue.
The New York "Journal of Commerce" in a Washington
dispatch Sept. 4 said that it was learned that a request
that the new hearing on customs bond regulations, which
was recently granted brokers and others concerned, be held
in New York City instead of at the Treasury, at Washington,
SEPT. 12 1931.]
FINANCIAL CHRONICLE
as had been planned, was refused by Under-Secretary of
the Treasury Mills on Sept. 4. The dispatch went on to say:
The meeting will be held in the office of Mr. Mills beginning at 10 a. m.
Sept. 10.
A telegram emphasizing the desirability of holding the conference in New
York City from the broker's point of view was sent to the Under-Secretary
last night. It was pointed out in the telegram sent by the
Merchants'
Association of New York that by holding the hearing there it would
make it
convenient for those interested in Boston. Philadelphia and other
coastal
cities to attend, thereby giving an opportunity for every affected party
to
be heard.
Amount of Bonds Hit.
Treasury officials here declared that the bone of contention
between the
Government and the brokers is that "the brokers do not
want the amount
of bonds they can sign for to be limited by the amount of their
capital."
There are some brokers, officials stated, that have had at times
outstanding
bonds they signed for that amounted to several times their
capital.
One official declared that it has come to pass that
quite a large percentage of the customs bonds that are held by the Government
are what lie
said "might be termed in police court parlance straw bonds."
"The customs
brokers are trying to take the place of surety companies,"
he added. It
was pointed out the Internal Revenue Bureau
will not take individual
bonds, but requires that bonds be signed by surety
companies, and it
was added that "there is no reason why the customs
bureau should have to
accept straw bonds, which are causing a loss of over
3250,000 to the Government revenues yearly."
Mid-Continent Trust Conference at Grand Rapids,
Mich., Sept. 17-18.
Experts in many phases of trust banking will appear
on
the program of the Seventh Mid-Continent Trust
Conference to be held under the joint auspices of the
National
Bank and Trust Company Divisions, American Bankers
Association, at the Hotel Pantlind, Grand Rapids, Mich.,
Sept. 17 and 18, 1931. The speakers and their subjects
are announced as follows:
First Session. Thursday, Sept. 17: 10.00 a. m.
Presiding officer—
Edmund S.
1717
Much of the stock of the Bank of United States was sold with the understanding that it would be repurchased by the officers of the bank or by affiliated corporations if it fell in value below the selling price. The surething agreement was carried out in a number of cases, although in others it
was repudiated.
Samuel Rosoff, subway contractor, obtained a refund for some of the
stock he bought under that agreement, although he still holds about 8,000
shares subject to a levy of $150,000.
Bernard K. Marcus, President of the bank; Saul Singer, its executive
Vice-President, and the other leading officers also hold shares the levy on
which is not covered by deposits.
To Be Paid Oct. 15.
The stockholders have been ordered in the notices to pay the assessment
by Oct. 15. In case they default the Superintendent of Banks is authorized by the law to go into the courts and attach their properties. An assessment on the stock of a closed banking institution is legally a debt to the
Banking Department if the Superintendent wishes to lay it on the stock.
Such a levy is rarely made.
Some of the directors of the bank held sizable amounts, but many of
them had only small blocks of shares. They did not have anything approaching a majority of the shares. Among them Frank T. Hedley.
President of the Interborough Rapid Transit Corporation, gets off free of
the assessment, as he sold all of his stock a few days prior to the crash.
There is already pending against the directors a suit of$60.000.000. This
was brought a few weeks ago by Mr. Broderick and Is based on a legal
ruling that the directors are responsible for the conduct of a bank's affairs.
The directors of the Bank of United States have all testified under oath
that the officers of the bank told them repeatedly that the bank was in
excellent condition and they made no inspection of the books.
Marcus and Singer are now at liberty pending hearing of their appeal
from conviction for misuse of funds.
In its issue of Sept. 10 the "Post' said in part:
The Banking Department has indicated that it will deal leniently with
stockholders who show a willingness to pay, and will accept instalment payments. Yet it is predicted that fewer than half of the 22,800 stockholders
will pay their assessments before Oct. 15, the deadline set. ...
Meanwhile, another step in the liquidation has been taken by giving up
the bank's main office, Fifth Ave. and 44th St.. leased from Colonel Jacob
Ruppert for $85,000 a year. Colonel Ruppert cancelled the lease on
return for a month's rent and surrender of the fixtures of the office. Some
weeks ago the main office was moved to the branch at 8th Ave.and 44th St.
Wolfe, President, National Bank Division, American
Re-enactment of the Bank Fund Act, repealed in 1914. which set up a
Bankers
Association, and President, First National Bank & Trust
Co., Bridgeport, State fund to safeguard depositors through annual contributions of bank
Conn. "Ethics of Selling Trust Service," William S. Miller,
Vice-President, corporations, was urged in a letter to Governor Roosevelt by Emil K. Ellis.
Northern Trust Co., Chicago, Ill.; "Advertising That
Pays," Fred M. Attorney, of 1441 Broadway.
Staker, Asst. Vice-President, Commerce Trust Co.,
Kansas City, Mo.;
Approval by the Court of the 30% dividend was noted
"The Technique of Personal Solicitation," M. E.
Watkins, Vice-President,
Macomb County Trust Co.. Mount Clemens, Mich.
in our issue of Sept. 5, page 1557.
Second Session, Thursday, Sept. 17: 2.00 p. m.
In the New York "Journal of Commerce" of Sept. 11 it
Presiding officer—
Thos. C. Hennings, Vice-President, Trust Company
Division, American was stated
that other payments, aside from those to deBankers Association, and Vice-President, Mercentile-Co
mmerce Bank &
Trust Co., St. Louis, Mo.;"Living Trusts and Their
positors, were made to the Clearing House banks which had
Possibilities,"
A. Cambrey, Vice-President and Trust Officer, First National Leaman
Bank & granted depositors loans up to 50% of the amount of their
Trust Co., Flint, Mich.; "Selling Living Trusts," E. L.
Colegrove, Second deposits.
Vice-President, Guaranty Trust Co. of New York, New
The paper quoted, continued:•
York; "Trust
Fund Investment Problems," Edgar L. Mattson, Vice
The State Banking Department received the third portion of the money.
Midland
National Bank & Trust Co., Minneapolis, Minn.; -President,
which is to be held in escrow against the $25 assessment imposed by Super"Co
Funds—An Analysis," Julius C. Peter, Vice-President,-mingled Trust intendent Broderick on depositor-stock
holders.
Detroit Trust
Co., Detroit, Mich.
It is expected that another dividend payment will be made to depositors
Third Session, Friday, Sept. 18: 9.30 a. m. Presiding
before
new
the
year.
However,
it
is
believed,
that a much smaller perEdmund S. Wolfe, President, National Bank Division, American officer— centage will be paid out as a dividend on
this next installment.
Bankers
Association, and President. First National Bank & Trust Co..
A report was in circulation yesterday that a group would seek to purchase
Conn.; "Trust Department Responsibilities," Rome C. Bridgeport, the remaining unliquidated assets of the
Bank of United States at a sum
President, American Bankers Association, and Vice-President,Stephenson, estimated variously between
$25,000,000 and $30.000.000. It was declared
St. Joseph
County Savings Bank, South Bend, Ind.; "Business
Insurance Trusts that Superintendent Broderick would probably approve of this. if made,
as Business Producers," Charlton Alexander, Vice-President.
Mississippi and seek court authority for the execution of the sale.
Valley Trust Co., St. Louis, Mo.; "Systematic Review of
Trust Investments." F. R. Barney, San Angelo National Bank, San
Angelo, Tex, ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Fourth Session, Friday, Sept. 18: 2.00 p. in, Presiding
Thos. C. Hennings, Vice-President, Trust Company Division, officer-Arrangements were reported made for the sale of a NewYork
and VicePresident, Mercentile-Commerce Bank & Trust Co., St.
Louis, Mo.; Stock Exchange membership for $195,000, an advance of
"Cost and Compensation," Daniel J. Monen, Trust
Officer, Omaha
National Bank, Omaha, Neb.;"Will Planning as an Aid to
Administration," $3,000 over the last preceding sale.
John E. Kirk, Vice-President, National Bank of Topeka,
Topeka, Kans.;
"Legal Liabilities of Directors with Respect to their Trust
Arrangements were reported
-made this week for the sale of
Department,"
Louis S. Headley, Vice-President, First Trust Co., St, Paul,
Minn.
Checks Representing Payment of 30% Sent to
Depositors of Closed Bank of United States-100%
Assessment to Be Levied on Stockholders.
Checks representing a payment of 30% to the
408,000
depositors (other than stock holders) of the closed Bank
of
the United States of this city, were mailed on Sept. 10.
The amount distributed in this, the first payment since
the Bank closed its doors last December, aggregate $41,000,000. All stockholders in the Bank of United
States
stock received notice on Sept. 8 of an assessment of $25 a
share, the par value of their stock. The notices were
mailed
before the holiday from the office of Superintendent of
Banks
Joseph A. Broderick, said the New York "Evening
Post"
of Sept. 10, from which we also take the following:
four New York Curb Exchange memberships for $67,500,
$61,500, $60,000 and $57,000 respectively. The last preceding sale was for $75,000.
Arrangements were reporte- d made for the sale of two
Chicago Stock Exchange memberships for $9,000 each.
Last preceding sale $10,000.
Edward Morrison, stock br-oker, died on Sept. 10 at the
age of 71 years. He was the senior member of the New
York Stock Exchange firm of Morrison & Townsend, 120
Broadway. Mr. Morrison began his career in the stock
brokerage business established in 1842 by his father, the
late Edward Morrison. In 1902 he left his father's firm
to start his own firm with J. Henry Townsend.
Henry Beekman Livingston, stock broker and former
The levy on stock will go toward paying depositors and other
what they lost in the failure of the Bank on Dec. 11. There arecreditors member of the New York Stock Exchange, which he became
000
shares of stock outstanding.
1.100.If all the shares paid the
$25,250,000 would be realized, but it is not believed that any assessment in 1883, died on Sept. 8. Mr. Livingston, who had been
amount approximating that will be obtained, for much of the stock
was held by com- associated with the Stook Exchange firm of Munds & Winpanies affiliated with Bank and they have no assets to meet the
slow, 25 Broad Street for the last five years, was 76 years
assessment.
The levy falls first on the smaller stockholders, the group of
depositors old. Prior to his connection with Munds & Winslow, Mr.
who were induced by the Bank's officers to buy stock in July 1929.
They Livingston had been a partner in, or
pledged their notes to pay for the stock in installments. The stock
associated with a
was sold
to them at $198 a share, and they got it in 10-share lots.
number of brokerage firms including Maxwell & Co. He
Amount Deducted.
once headed a firm of his own.
The assessment on those shares will be deducted to-day from the
dividend
mailed
being
to
depositors.
are
which
Many
checks
of the 3.000
depositors' Milton L. Masson, Special Deputy
who bought stock in that campaign have not yet paid for it in full
Superintendent of
and
are faced with the prospect of completing their payments on the
Banks in the liquidation of the Bank of Europe Trust Co.
$1,980
shares
as
well
as a $250 levy on them.
they paid for 10
of this city, which was closed on Aug.28,obtained permission
1718
FINANCIAL CHRONICLE
[vol.. 123.
the directors of the institution,
on Sept. 3 from Supreme Court Justice Frankenthaler to ization meeting on Sept. 8 of
National Bank. Mr. Millard
First
the
the
on
was
which
formerly
carried
securities
better
or
price
sell at the market
A Rockaway dispatch to
bank.
court
old
the
The
of
was
President
$5,986,247.
books of the bank at a valuation of
inforalso signed an order permitting him to sell foreign currency the New York "Times" Sept. 9, from which the above
York
New
the
say:
to
on
from
went
is
obtained,
mation
learned
is
This
owned by the bank.
"Times," which also stated:
Charging that neglect on the part of the State Banking Department
was partly responsible for the suspension of the bank, about 200 deposi232
tors who met last night at the Paul T. Rao Association clubhouse,State
the
East 75th St., adopted a resolution calling for legislation to have investibear the expense of liquidation. Another resolution asked for an ordered
gation of all banks In the State. Copies of the resolutions were
Assemblysent to Governor Roosevelt, Speaker McGinnies and the local
man and State Senator.
The closing of the bank was noted in our issue of Aug. 29,
page 1394.
Yesterday's New York "Herald Tribune" (Sept. 11)
stated that the Allaire Holding Corp. began suit the previous
day in Federal Court to enjoin the Straus National Bank
& Trust Co., the Continental Bank & Trust Co., and the
Continental Corporation, all of N. Y. City, from merging
the two banks. We quote furthermore from the paper
mentioned as follows:
The complaint, filed by Konta, Kirchwey & Engel. Attorneys, states
that it is planned to consummate the plan by actual merger next Tuesday.
Such a step, it is alleged, is without warrant or sanction of the national
banking act and is "repugnant to and in violation thereof." According
to the petition, the plan, if carried out, will result in irreparable loss to
the plaintiff, as holder of 675 shares of Straus National Bank & Trust Co.
stock and to others similarly situated.
John H. Miller and Harry W. Mutchler were elected Vice-Presidents.
They also held the same positions in the old institution. New directors
representing the Morris County New Jersey Associates Inc., are Murray
Abell, Madison L.
H. Coggeshal, Edward E. Mules, Senator Frank D.'
Toms, Charles B. Litsey, Emil G. Rattermann and William Otto.
As a result of the reorganization of the institution only about $15,000
was withdrawn recently from the savings department. Deposits totaled
$1,752 in the savings accounts yesterday, while deposits in commercial
accounts exceeded those of Saturday by $1,500. Deposits of the institution exceed 22,118,000 and bond holdings 2937,937, of which $75,101 is
in government issues.
On Sept. 9, Leroy A. Goodwin was appointed President
of the Gloucester 'City Trust Co. of Gloucester City, N. J.,
according to the Philadelphia "Ledger" of Sept. 10. Mr.
Goodwin, who had been a Vice-President of the bank since
the institution was established in 1917, succeeds Dr. John
J. Haley, whose death occurred recently. He is Vice-President of the Camden County Park Commission, head of the
Concrete Specialties Co., Chairman of the Board of the
Walt Whitman Hotel Co., Camden, and a former President
of the Camden Board of Trade and Gloucester Chamber
of Commerce. The "Ledger" furthermore said:
The directors deferred the selection of a First Vice-President and two
directors to fill vacancies.
Referring to the affairs of the North Avenue Bank &
Trust Co. of New Rochelle, N. Y., which in July last was
taken over by the New Rochelle Trust Co., advices on Sept.4
from White Plains, N. Y., to the New York "Herald Tribune" contained the following:
It is learned from the Philadelphia "Ledger" of Sept. 5
that the directors of the Mercantile State Bank, located at
Broad and Morris Sts., have adopted a resolution to liquidate
the business of the institution. The bank is capitalized at
$125,000 with surplus and undivided profits of $20,500,
Max Rosenthal, Teller of the defunct North Avenue Bank & Trust Co. and has deposits of $200,000. All creditors are notified
of New Rochelle, was indicted for first degree larceny to-day. The inclaims for payment before Dec. 15 1931.
dictment charges misappropriation of $42,000 of the Bank'sfunds. Rosen- to present their
The bank ceased doing business on Aug. 31. A dispatch
thal pleaded "not guilty" and was released In $25,000 ball.
from Philadelphia by the Associated Press on Sept. 4 conThe death occurred in Albany, N. Y., on Aug 31 of Henry tained the following in the matter:
&
Bank
Carolina
North
J. Young, Vice-President of the
Officials of the Mercantile State Bank to-day (Sept. 4) announced
Trust Co. in its Raleigh & N. C. branch, after a brief illness. they were tired of carrying on a business for the benefit of robbers and
the business.
Mr. Young was taken ill while on a vacation tour. The late would discontinue their bank on Dec. 15 after liquidating
Robbers escaped from the small bank at Broad and Morris Sts. with 35.700
banker was born in Raleigh in May 1871. For 40 years he on
made
announcement,
April 4 and again on Aug. 13, with $965. The
was connected with the North Carolina Bank and its pre- after a meeting of the board of directors, said:
"The bank is in excellent condition and we are paying off all clients.
decessor, the Citizens National Bank, of which his uncle, the
but continuation in business would be unprofitable. There's no money
late Joseph G. Brown, was President.
in the private banking business to-day and we just decided to get out of it.
Effective Aug.18, the Sidney National Bank, Sidney, N. Y.,
With a few exceptions, we are accepting no more deposits and have notified
all creditors to present claims for payment on or before Dec. 15. We had
went into voluntary liquidation. The institution, which was two hold-ups this year and we are tired of carrying on a business for the
of robbers, who get only seven years when they are caught."
capitalized at $100,000, was succeeded by the First National benefit
On Sept. 1 the bank had deposits of nearly $200,000.
Bank in Sidney.
A proposed consolidation of two Harrisburg, Pa., banks,
the East End Trust Co. and the Allison Hill Trust Co.,
under the title of the Allison-East End Trust Co., was
announced on Sept. 4, according to Harrisburg advices
on that date to the Philadelphia "Ledger." The new institution will have deposits of $3,000,000 and resources in
excess of $5,000,000. The building of the East End Trust
Co. will be occupied by the new organization. The dispatch
furthermore said:
Hartthe
to
3
Sept.
on
Conn.,
Putnam,
A dispatch from
Directors of the two banks will form the new board of directors and
Charles W. Herrick, President of the Bank of Jamestown,
Jamestown, N. Y., died suddenly of a heart attack Sept. 1
at his summer home at Shady Side, on Chautauqua Lake.
The deceased banker was born in Jamestown in 1867 and
for many years was a furniture manufacturer. He became
President of the Bank of Jamestown upon the merger of
three Jamestown banks July 1 last.
ford "Courant" stated that payment of the final dividend the new officers will be A. W. Loser, President of the Allison, President.
to the depositors of the defunct First National Bank of and A. K. Thomas, President of the East End, will become Vice-President.
Putnam is to be made shortly, it was announced on that
The respective directors of the City National Bank &
date. We quote furthermore from the advices as follows:
a list Trust Co. of Philadelphia and the National Bank of Olney,
The Comptroller of the Currency at Washington has approved
auction.
of prices bid for the remaining assets of the bank at a recent
that city (closely affiliated institutions) have approved a
has been
As soon as the title to the last of the claims against the bank
proposed consolidation of the institutions under the title
transferred to the bidders, plans will be made to pay the final dividend,
according to George M. Coffin, receiver. To date so% of the accounts of the City National Bank & Trust Co. of Philadelphia,
in the bank have been paid. The percentage of the final dividend to be and a meeting of the stockholders of both banks has been
re.
Paid has not been announced, but it was indicated in the last Treasury
called for Oct. 3 next to ratify the plan. The capital strucport made public that a dividend of 5% could be expected with the
possibility of its reaching 10%. Mr. Coffin has been in charge of affairs ture of the consolidated bank will be $2,150,000; total
of the bank since 1924.
resources will approximate $12,000,000 and deposits $8,which is
E. Rollins Morse of Newport, R. I., who at one time was 000,000. The Philadelphia "Ledger" of Sept. 9,
said:
furthermore
the
information,
of
above
the
source
died
circles,
financial
Boston
in New York and
prominent
on Sept. 10 in Newport in his 86th year after a prolonged
illness. Mr. Morse was a native of Boston. He was educated at the private school of E. S. Dixswell and in 1868
entered business. Many years ago he served as President
of the Boston Stock Exchange for three terms. He was also
a member of the New York Stock Exchange and President
of E. Rollins Morse & Brother, with offices in Boston and
New York. He retired from business some years ago.
The merger provides the consolidated institution with an active office
in the fast.growing and thrifty Olney section, and to the Olney depositors, a downtown office in the center of the financial district. The combined bank will be one of the largest national banks in the Northern
section of the city, with membership not only in the Federal Reserve
System, but in the Philadelphia Clearing House Association as well.
The Board of Directors of the merged banks will consist of the present
board of the Oity National Bank & Trust Co., and in addition will be
augmented by certain members of the board of the National Bank of
Olney. G. E. Stauffer, President of the present City National Bank &
Trust Co., will be President of the merged bank, and I. /J. Lewis, President of the National Bank of Olney, will become a Vice-President of the
the
of
First
President
Clarence L. Millard was appointed
merged bank. All of the other members of the staff of both institutions
National Bank & Trust Co. of Rockaway, N. J., at a reorgan- will remain intact.
1
SEPT. 12 1931.]
FINANCIAL CHRONICLE
The offices of the City National Bank & Trust Co. will be: 1505 Walnut
Street, 5606 North 5th Street, 58th Street and Baltimore Avenue, 65th
Street and Woodland Avenue and 70th Street and Elmwood Avenue.
The National Bank of Olney was established in 1926, and the City
National Bank & Trust Co. shortly thereafter. Since the inception of
both banks, they have shown a steady, consistent growth in the number
of depositors, and total deposits.
The following with reference to the affairs of the defunct
Overbrook National Bank of Philadelphia is taken from the
Philadelphia "Ledger" of Sept. 4:
Legal proceedings through which the responsibility for making up any
deficiency in the assets of the Overbrook National Bank, which closed
its doors May 15 last, would fall upon the shoulders of the members of an
alleged group which ran the bank's affairs, instead of upon the various
stockholders, who have already been assessed 100% of their holdings,
were instituted in the United States District Court here yesterday (Sept. 3)
by a minority stockholder.
Paul E. Blench, the minority shareholder, filed a petition through
his counsel, John J. Oilbride, Jr., asking the Court to restrain B. 0.
Schram, Federal receiver of the bank, by an injunction, from compelling
each shareholder to pay over a sum equal to 100% of his stock for the
purpose of protecting all the depositors, until after an investigation now
being made by the stockholders is finished.
No action was taken by the Court and no date set for a hearing, though
Blouch's counsel is privileged to present the petition to any of the Judges
at any time and ask for a trial.
The Simpson State Bank at Simpson, Lackawanna County,
Pa., was closed Sept. 9, and its affairs taken over by the
State Banking Department as reported in a Scranton, Pa.,
dispatch by the Associated Press on that date, which went
on to say:
1719
the Main Street Merchants' Association. the Cincinnati Credit mews
Association, the Cincinnati Club, of which he is director and Treasurer.
and in building and loan associations. He has been prominently identified with civic and club life.
Three important changes in the executive personnel of
the Midland Bank of Cleveland, Ohio, have been announced
by John Sherwin Jr., President. The appointments, effective immediately, were made to facilitate the bank's constantly expanding interests. Fred I. Robertson, credit
manager of the bank, has been appointed a Vice-President,
in addition to his present duties. C. C. Sigmier has been
advanced from Assistant Cashier to the position of Assistant
Vice-President.
Sanford S. Clark, formerly in the New York office of
Eastman, Dillon & Co., has been named an Assistant VicePresident of the bank. Mr. Clark's broad financial and
business experience dates from his graduation from the Yale
Sheffield Scientific School in 1918. After two years in the
retail bond field, he became assistant merchandise manager
of the International General Electric Co. His next position
was with the Electric Vacuum Cleaning Co., as director of
Western branches. Later he joined the Chicago office of
Thompson Ross & Co., investment bankers, leaving as sales
manager to become associated with Eastman, Dillon & Co.
During the war, Mr. Clark was an ensign in the naval
aviation corps.
From the Cleveland "Plain Dealer" of Sept. 10, it is
learned that the $2,500,000 Union National Bank & Trust
Co. of Cadiz, Ohio, on Sept. 9 became affiliated with the
BancOhio Corp., a $100,000,000 concern, through the
A Philadelphia dispatch by the United Press on Aug. 28 exchange of stock with the latter corporation. The paper
contained the following regarding the affairs of the closed mentioned said:
The BancOhio Corp., organized by Cleveland and Columbus interests,
Bankers Trust Co. of Philadelphia:
Columbus with
The Simpson Bank was organized six years ago with a capital stock
of $55,000 and deposits of $750,000. John Howard is President. There
had been a "run" on the bank since Saturday, Sept. 5.
4-
resources of $56,000.000.
controls the Ohio National of
Officers and depositors of the defunct Bankers Trust Co. had hopes
banks affiliated are in Zanesville, Washington Court House, Chiltoday that the institution may be reorganized under the Federal Reserve Other
Delaware.
Newark
and
Springfield,
licothe,
System.
No charge will be made in the personnel of the Union National Bank &
A party of Philadelphians, headed by Samuel H. Barker, President of
Co., its officers, who carried on the negotiations, announced.
the defunct institution, called on President Hoover and Eugene Meyer, Trust
The Union National was formed last January through a merger of the
Governor of the Federal Reserve Bank, in Washington yesterday Aug. 27
National,
Fourth National and the Harrison National Banks of
First
In behalf of the reorganization plan.
the only bank in the city.
The President was asked on behalf of the 107.000 depositors to exercise Cadiz. It is
his good offices in permitting entry of the reorganized bank into the Reserve
A Toledo dispatch Sept. 4, printed in the New York
System. He was told the reopening would serve to revitalize business
conditions in Philadelphia.
"Sun" of that date, reported that the Curtice State Bank
at Curtice, Ohio, had been turned over to the State Banking
Associated Press advices from Sutton, W.Va., Sept. 2 said: Department by the Board of Directors, because its funds
The Bank of Sutton, a State institution, closed its doors to-day, and
officials announced the action was taken for protection of depositors. The are held in some of the five banks recently closed in Toledo.
bank had capital stock of $30,000. Deposits June 30 totaled $298,057.
Resources of the institution as of June 30 were given in the
dispatch as $488,640.
The National Bank of Defiance, Ohio (capitalized at
$150,000) failed to open for business on Sept. 8 as a result
The Citizens Loan & Trust Co. of Frankfort, Ind., with
of a resolution adopted by the directors authorizing the total resources of $927,000, failed to open its doors on
affairs of the institution to be placed in the hands of the Sept. 8, according to Associated Press advices from that
Comptroller of the Currency. Advices from Defiance to place on the date named, which continued as follows:
The institution was capitalized at $75,000. The First State Bank
the Toledo "Blade," from which the above information is
here failed to open last Wednesday and the closing of the Citizens Bank
obtained, continued as follows:
to-day was generally attributed to nervousness caused by last week's
A bulletin issued Tuesday (Sept. 8) advises patrons that W. 0. Laycock, failure. The city has two other banks.
National Bank Examiner, has been placed in charge.
The National Bank of Defiance was the outgrowth of a merger of the
Frank J. Shannon, Assistant Secretary of the First Union
old First National and Merchants' National banks here in April 1930.
Bank, of Chicago, died at Sunmount
Virgil Squire, Cashier of the old First National Bank, who was not Trust and Savings
included in the organization of the merged banks, is facing a charge of Sanatarium, Santa Fe, New Mex., Aug. 31. Mr. Shannon
violating banking laws in Federal Court, Toledo. The case is set for had been employed in the First National Bank of Chicago
hearing Oct. 5.
In its issue of Sept. 9, the Cincinnati "Enquirer" stated
that the stockholders of the Erie Avenue Bank (Hyde Park)
Cincinnati, the previous night approved the proposal of the
Second National Bank of Cincinnati to take over the institution and operate it as a branch. The paper mentioned said:
Vice-President Thomas Tallentire, of the Erie Avenue Bank, presided
at the meeting in the absence of President E. F. Mansell, who was ill.
He said that the proposal was approved by a large majority of the stockholders. The Second National Bank will start the operation of the Brie
Avenue Bank as a branch commencing Sept. 12.
Stockholders of the Second National Bank approved the proposal to
take over the Erie Avenue Bank yesterday afternoon (Sept. 8) at a meeting at which more than 8,000 shares were represented. The taking over
of the Erie Avenue Bank by the Second National will give it four branches.
the other three being in Clifton, Avondale and Carthage.
and its affiliate for 22 years, except during the period of
the war, when he served in France with the 61st Coast
Artillery.
Concerning the defalcation by Walter E. Wolf, Manager
of the Coupon Department of the Continental-Illinois Bank
& Trust Co. of Chicago, noted in our issue of last week,
page 1560, a dispatch to the New York "Times" from Chicago on Sept. 8 stated that the embezzlement amounts to
$3,666,929.06, and that this sum is believed to represent the
largest defalcation on record in American banking. We
quote furthermore from the dispatch mentioned as follows:
The exact amount of Wolf's theft was announced to-day (Sept. 8) by
Arthur Reynolds, Chairman of the Board of Directors of the bank, at a
with newspaper men following a meeting of the Board.
From the same paper it is learned that John G. Gutting, conference
At their meeting the bank directors were notified by the President,
a Vice-President of the Second National Bank for'the past James R. Leavell, that the institution was insured up to $2,000,000 by
to charge the actual loss of $1,666,929.06 to the special
12 years, was promoted to the Presidency of the institution Lloyds and voted
reserve fund, which amounts to $10,000,000.
at a meeting of the directors on Sept. 8, to succeed the late
The statement declared that the bank's system of audit and control,
C. A.Bosworth. In outlining Mr. Gutting's banking career, which Wolf defeated for 12 years, was one of the most complete to be
found in the banking business.
the "Enquirer" said in part:
It stated that Wolf has made a full disclosure of all his defalcations
Twenty years ago Mr. Gutting was appointed Cashier, to which posiand was resigned to imprisonment, adding that he had no accomplices
tion he had risen after steady promotions through the departments of the
belief, however, that there were accominstitution. Eight years later he was named Vice-President. Since the within the bank. It expressed a
outside and said that these would be prosecuted.
death of President Bosworth he has been the acting President of the bank. plices
law
suits
or private settlements, to recover an
The bank expects, by
President Gutting has for a number of years been prominent in the
$1,666,292.06 charged against the special reserves.
affairs of the Cincinnati Chapter of the American Institute of Banking, of the
1720
FINANCIAL CHRONICLE
Mr. Reynolds declined to name "for the present" the brokerage houses,
in addition to Stein, Alstrin & Co., Jackson Brothers, Boesel & Co., and
Faro11 Brothers, with which Wolf carried accounts.
Directors of the Chicago Board of Trade ordered to-day an investigation of David D. Weiss, member of the Board, who has admitted handling
more than $1,000,000 of the securities stolen by Wolf, posting them as
collateral in stock and grain speculations for Wolf's account.
[VOL. 133.
The Farmers' State Bank of Kawkawlin, Mich.,capitalized
at $20,000 with surplus of $1,000, failed to open on Aug. 31,
according to the "Michigan Investor" of Sept. 5, which went
on to say:
Officers said the action was taken to conserve assets.
steady withdrawals for the last two weeks.
There had been
In its issue of Sept. 1, the Chicago "Post" printed the
following with reference to the defunct First Trust & Savings Bank of Hammond, Ind., an institution with combined
capital and surplus of $2,000,000, which closed its doors on
Feb. 2 of the present year:
The Farmers State Bank of Mountain Lake, Minn.,
recently took over the First State Bank of that place. The
enlarged Farmers State Bank has combined capital, surplus
and undivided profits of $55,246; deposits of $716,766, and
total resources of $77l,512. Its officers are: Dr. William A.
Charges of irregularities, frauds and abuses in connection with the Piper, President; John Behrends, Vice-President; D. J.
Ind.,
Hammond,
closing of the $8,000,000 First Trust & Savings Bank of
Eitzen and D. G. Hiebert,
were to be made to-day in the Superior Court of Lake County, Indiana, Schroeder, Cashier, and Geo. P.
Assistant Cashiers.
in connection with an effort to remove the receivers of the bank.
Attorney Merrill D. Mertz, who is seeking the removal, charged that
the receivers had "formed alliances with corrupt politicians whenever
such action suited their purpose."
"Millions in bonds and securities," one of the affidavits read, "have
been spawned upon the public with scant attention to their intrinsic
value, involving purchasers in subsequent loss.
"Bank savings are likewise involved in loss. A careless and negligent administration of every trust committed to their care has left a
trail of embarrassed, insolvent and ruined corporations, bringing financial failure not only to themselves, but monetary loss to all, ruin to
many, and stark need to a host of those who trusted them."
A. B. Banks, reputed the foremost financier in Arkansas
before his chain of banks collapsed last fall, was sentenced
in the Circuit Court of Little Rock on Sept.8 to serve a year
in the State penitentiary for receiving deposits in an insolvent bank, according to Associated Press advices from
Little Rock on that date. The dispatch continuing, said:
He was convicted July 4 of being an accessory to receipt of deposits
a short while before the closing of the American Exchange Trust Co. here
The closing of this bank was noted in our issue of Feb. (Little Rock) of which he was President. .Approximately 40 other banks,
many of them members of the A. B. Banks chain, collapsed soon after the
14 last, page 1171.
American Exchange Trust Co. closed.
Banks was allowed to remain at liberty under bond of $5,000 pending
The following with reference to the affairs of the closed action on an appeal.
Waukegan State Bank at Waukegan, Ill., was contained in
The probable reopening shortly of the Union State Bank
a Waukegan dispatch by the Associated Press on Sept. 10:
State Auditor Oscar Nelson was reported to have been named yesterday of Omaha, Neb., which on Aug. 17 closed its doors following
(Sept. 9) in a true bill by the Lake County Grand Jury investigating the a "run" caused by the failure of three other Omaha banks
affairs of the defunct Waukegan State Bank. He is reported accused of
during the previous week, was reported in the Omaha "Bee"
misfeasance of office.
The State Auditor appeared before the Grand Jury Sept. 2, following of Sept. 1 as follows:
charges made by State's Attorney A. V. Smith of Lake County, that the
bank was insolvent last fall and that Nelson failed to perform his official
duty to close it, but instead consented to a plan of reorganization. The
bank closed on June 17, with deposit liabilities of $1,224,000 and cash on
hand of $38.000.
Reopening of the Union State Bank in two weeks was virtually assured
Monday night (Aug. 31) it was announced. when 85% of the stockholders.
after a lengthy meeting, agreed to raise nearly all the new capital fixed
by the State Banking Department as necessary for resumption of business.
The amount required is between $150,000 and $175,000, according
to Joseph T. Votava, Attorney for the bank.
of
Bank
Savings
State
Peoples
Although all of this has not been pledged, the balance is such a minor
Effective Aug. 24 the
amount that the bank can obtain the money from other sources should the
Midland, Mich., was purchased by the Chemical State stockholders
not represented Monday decline to pay their 100% assessments.
Savings Bank of the same town, according to the "Michigan Votava said.
remains is the consent of depositors to restricted with"All
now
that
say:
to
on
went
Investor" of Aug. 29, which
drawals," said Votava. "We are quite certain of finding them agreeable
William J. Baker, for several years Cashier of the Peoples Bank, was
to the plan. Those whose sentiment we have sounded have promised
appointed as liquidating agent. C. H. Macomber is President of the
their co-operation. We expect to reopen in two weeks."
Chemical State Bank. Albert H. Reinhart was President of the Peoples
Reorganization under the State Banking Department will limit withBank. Midland now has only one bank.
drawals to 10% during the first 80 days and 5% monthly thereafter. Votava
said.
Closing of the Citizens State Bank of Big Rapids, Mich.,
Plans for reorganization as drawn by the stockholders contemplate
as
29,
Aug.
of
Investor"
50% reduction of operation expense, according to Votava. Executive
"Michigan
a
the
was reported in
personnel will remain the same with the exception of one Cashier, who will
follows:
be dropped from the staff for economy.
The Citizens State Bank of Big Rapids failed to open its doors Aug. 21,
"Every executive will remain at his post at half his former salary." said
following a decision by the Board of Directors that closing was necessary Votava.
Statements
reorganization.
to protect depositors prior to a proposed
He said the meeting was charged with enthusiasm and optimism. Some
from the Banking Commissioner, it was said, indicated the institution to of the stockholders volunteered to pay 200% assessments when others,
be solvent. An incipient run was given as the immediate cause of the unable to pay their share, defaulted.
.Board.
action by the
Frank W. Bartos of Wilber motored from Falls City to attend the
from Big Rapids to the Detroit "Free Press" meeting, which began in the afternoon and continued through the evening.
A dispatch
The closing of the Union State Bank of Omaha, which
on Aug. 27, contained the following with regard to the affairs
was
capitalized at $200,000, was mentioned in our Aug. 22
bank:
closed
of the
The Citizens State Bank is going to reopen soon. Depositors and issue, page 1238.
bank directors are in harmony on the plan proposed at a meeting of 800
out of 3,000 depositors last night in the high school auditorium. W. F.
Henry. one of the State Bank Examiners, was in the chair. He stated
the bank was sound. The plan, sponsored by the State Banking Commission, Is that depositors are to receive 80% allowing reserve of 20%
until bank assets justify its payment.
The following is from the Raleigh "News and Observer"
of Sept. 1:
North Carolina's smallest active State bank, the Bien Banking & Trust
Co., failed to open its doors yesterday,it was announced at the State Banking Department.
Operated largely for the convoncience of the college, the bank occupied a
conspicuous place in late reports on bank conditions through its diminutiveness.
For instance on last Dec.31 the bank showed cash on hand ofonly $388.87
against demand deposits of $4.431.70.
The bank had $10,000 capital and no surplus and undivided profits.
The last call statement showed total resources of $20,498.44 and total
deposits of $8,484.59. W. C. Wicker was President and John Lowry.
Cashier.
Charles EL Gay, of the liquidation division of the State Banking Department, went to Elon yesterday to take over the bank for the State Department.
Three Grand Rapids, Mich., banks have consolidated
forming a new organization with resources in excess of
$10,000,000. The banks which have united are the American
National Bank, the Home State Bank for Savings and the
Security National Bank. The new institution, which will
be known as the American Home Security Bank, will have
a capital, surplus and reserve exceeding $1,500,000, total
deposits of over $8,000,000, and total resources of more than
$10,000,000. The above information is taken from the
"Michigan Investor" of Sept. 5, from which we quote furAssociated Press advices from Morehead City, N. C.,
ther as follows:
9, stated that the Marine Bank of Morehead City
Sept.
The consolidation brings together in management some of the ablest
closed on that day by Gurney P. Hood, Comwas
ordered
both
banking minds in Western Michigan, men of large experience in
State and national bank circles, under whose leadership the American missioner of Banks, who said he was informed that W. U.
Home Security Bank will occupy an important position of service and Mallison, Assistant Cashier, had admitted a shortage of an
influence in both the industrial and home life of the city.
Officers will be as follows: Chairman of Board, Charles N. Remington; undetermined amount.
Chairman of Executive Committee, Charles B. Kelsey; President, Gen.
John H. Schouten; Executive Vice-President, Leon T. Closterhouse;
Vice-President and Cashier, Ned B. Alsover; Vice-Presidents, Martin D.
Verdier and Earle D. Albertson.
For the time being, all three banking houses as now constituted will be
maintained, with the central location of the Home State Bank for Savings,
on Campau Square in the heart of the city, to be the eventual headquarters
of the American Rome Security Bank, after remodeling.
Wallace B. Davis, President of the-defunct Central Bank
& Trust Co. of Asheville, N. C., was on Aug. 31 to be placed
on trial for the third time on charges growing out of the
bank's failure last November, according to Associated Press
advices from Asheville on Aug. 30, from which we quote
further as follows:
\sr
SEPT. 12 1931.]
FINANCIAL CHRONICLE
He will face charges in Federal Court of using the mails to defraud.
William D. Harris, of Asheville, Vice-President of the Central Securities,
Inc.. is a co-defendant.
Davis was convicted last week with Colonel Luke Lea, Tennessee publisher, and his son, Luke Lea Jr., of conspiracy to defraud and misapplication of the bank's assets. He was sentenced to serve from four to aix
years in prison.
Last June he was sentenced to seve from five to seven years upon being
convicted of publishing false reports of the bank's condition.
Both cases have been appealed.
1721
of the Federal Reserve Bank. Deposits are placed between $7.000.00
0
and $8,000.000.
Associated Press advices from Los Angeles, Sept. 4, said:
The Glendora Bank of Glendora, Calif., with deposits of approximately
$200,000, has been closed by the California Banking Department.
Los Angeles advices on Sept. 9 to the New York "Times"
stated that E. J. Nolan, Chairman of the Board of Directors
The First National Bank of Pearisburg, Va., capitalized 'of the Bank of America National Trust & Savings Associaat $100,000, was placed in voluntary liquidation on Aug. 17 tion, had on that day confirmed a report that he had re1931. The institution was succeeded by the Giles County signed that position. The dispatch continuing, said:
A report that Lynn P. Talley, Governor of the Federal Reserve Bank
Bank & Trust Co., Pearisburg.
of Dallas, Texas, would be his successor also was confirmed.
ment of Talley's
Announce-
election is expected any day.
Associated Press advices from Richmond, Va., Thursday
"My resignation was submitted to Elisha Walker, Chairman of
the
of this week, Sept. 10, contained the information that on Board of Transamerica Corporation, which controls the Bank of America,
that day the Union Bank & Federal Trust Co. of Richmond, several months ago," Mr. Nolan said. "However, at his solicitation, I
consented to remain as Chairman until a successor could be
selected."
a $3,500,000 institution, was acquired by the Bank of
Commerce & Trusts of that city, in a combination which
On Aug. 25 the Central National Bank of Portland, Ore.,
will bring the assets of the latter institution up to nearly with capital of $200,000
, went into voluntary liquidation.
>000,000.
This institution was absorbed by the Citizens National
William F. Haines, Secretary of the St. Louis Union Trust Bank of Portland.
Co. of St. Louis, Mo., died suddenly of a heart attack
W. N. Tilley, K. C., of Toronto, and D. Forbes Angus of
in
that city on Sept. 3. Mr. Haines,who was 58 years
of age, Montreal, were elected directors of the Royal Trust Co. of
had been suffering from heart disease for two weeks previous Montreal on Sept. 8, accordin
g to Montreal advices appearto his death. He was born in St. Louis and received
his ing in the Toronto "Globe" of Sept. 9, which likewise said:
education in the St. Louis public schools. On June 16
Mr. They Is a prominent Toronto barrister and a director of
1890,
the Canahe started with the old Union Trust Co. as an office boy. dian Pacific Railway Co. and the Bank of Montreal. Mr. Angus
is Chairman of the Standard Life Assurance Co., and a director of the
He remained with the company after the St. Louis
Bank of
Trust Montreal.
Co. absorbed the Union Trust in 1902, becoming the present
St. Louis Union Trust Co. At the time of the consolid
M. Maurice Boyer, Vice-Director of the Banque de Paris
ation
Mr. Haines was made a teller for the new company. Several et des Pays-Ba
s, has been promoted to the rank of Officer
years later he was appointed Assistant Secretary, and
on of the Legion of Honor by the French Government. M.
June 16 1930, he Was elected Secretary. His services
at Boyer was a member of the French High Commission in
the institution extended over a period of 41 years.
Washington during the war, and since then has made
That the Butler Deposit Bank of Butler, Ky., which closed numerous trips to the United States in behalf of his bank.
He has a wide acquaintance in American banking circles.
its doors Aug. 1 and was taken over by the State
Banking
Commissioner, would re-open on Sept. 1 under the name
of THE WEEK ON THE NEW YORK STOCK
the Farmers' Bank of Butler, was reported in Associat
EXCHANGE.
ed
Price movements on the New York Stock Exchange have
Press advices from that place on Aug. 26, which went
on to been decidedl
y reactionary the present week, with alternate
say:
periods of weakness and strength. Much of the weakness
The new institution will open Sept. 1 with H. E. Ducker
as
President;
Rudolph Fryer, Vice-President; H.H.Yelton, Secretary,
and C. G. Flarity. during the early part of the week centered in the railroad
Cashier.
stocks as a result of the severe losses in income and the
Ducker said the bank will have capital stock of $15,000 and
a
$15,000 and that the re-organization had been approved by State surplus of omission of dividends by the Maine Central and
Rock Island,
authorities
.
Depositors of the old Butler Deposit Bank will not lose a
followed by drastic dividend cuts by New Haven and New
penny
its suspension, officials said. Its closing was caused by shrinkage through
in value York Central. Another factor
of bonds in which it had invested.
in the general unsettlement
was the decline in unfilled orders of the United States Steel
It is learned from a Clarksdale, Miss., dispatch on
Aug. Corp. at the end of August amounting to 235,359 tons,
27, printed in the Memphis "Appeal," that the
defunct bringing the backlog of orders to the lowest point in several
Planters' National Bank of Clarksdale, which closed
its years. During the early part of the session on Tuesday, a
doors Dec. 1 1930, has issued, through the Comptrol
ler of wave of selling swept the market that carried everything
the Currency, a 15% dividend to the creditors of the
in- before it. Steel stocks, industrial issues, specialties, oils,
stitution. Approximately 1,500 checks have been sent
out, copper and motors have, at times, been down close to the
which represents a cash sum of $170,000. A. F. Rawling bottom. There have been occasional rallies, but they
s
lacked
is receiver of the bank.
punch and most of the changes have been within a comparatively narrow range. Toward the end of the week, the
According to Clarksdale, Miss., advices, appearing in
the tonelwas slightly stronger and a few of the more active oj
"Wall Street Journal" of Aug. 31, A. G. Rawlings,
receiver the speculative favorites recorded moderate advances. The
for the Planters' National Bank of Clarksdale, has
distrib- weekly statement of the Federal Reserve Bank made public
uted a 15% liquidating dividend for a total of
$170,000. after the close of business on Thursday showed a reduction
The amount went to 1,500 depositors. The bank
closed of $41,000,000 in brokers' loans in this district. This deDec. 1 1930.
crease follows increases during the past three weeks and
brings the total of brokers' borrowings down to the lowest
As of June 9 1931, the First National Bank of
Mineral figure since the week ending Jan. 8 1924. Call money
Wells, Tex., with capital of $00,000, was placed in
volun- renewed at 13 % on Tuesday, remained stationary at that
tary liquidation. It was absorbed by the State
National rate throughout the rest of the week.
Bank of Mineral Wells.
The New York stock market presented a distressing pic-4-ture as trading opened on Tuesday following the triple
A charter was Issued by the Comptroller of the Currenc holiday. The trend of prices was
still downward and while
y
on Aug. 19 last for the Pearsall National Bank in Pearsall the weakness of the railway stocks was especiall
,
y noteworthy,
Texas. The institution is capitalized at $25,000.
G. H. there were a number of sharp declines among the leading
Beever heads the new bank with E. Thomas as
speculative favorites. The losses in some extreme
Cashier.
cases
reached as high as 7 or 8 points. Considerable pressure was
Effective Aug. 10 1931, the Citizens' National
Bank of also apparent among the industrial stocks, steel shares and
Blooming Grove, Texas, with capital of $50,000, went
into utilities, and many of these dropped to new lows for the
voluntary liquidation. It was taken over by the
First Na- current movement. The principal changes in the railroad
tional Bank in Blooming Grove.
list were Atchison which slipped back about 5 points at one
time and closed at 127%, Union Pacific dipped 4
points to
Failure of the First National Bank of El Paso,
Texas, 133, New York Central which declined 39 points to 61X,
was reported in the following Los Angeles dispatch Sept.
and Delaware Lackawanna & Western which fell off
8
points to 414. Other noteworthy losses included 23
to the "Wall Street Journal":
such
First National Bank of El Paso, Texas, has closed its doors with
stocks
as Air Reduction 2 points, American Tel. & Tel.
National
24
Bank examiners in charge, according to advices to the Los Angeles
points,
J. I. Case preferred 5 points, Columbian Carbon 3
Office
[VOL. 133.
FINANCIAL CHRONICLE
1722
THE CURB EXCHANGE.
points, Du Pont 3 points, Pacific Tel. & Tel. 5 points,
% points and Worthington
Philadelphia Rapid Transit 105
Persistent selling served to weaken curb issues this week,
Pump 23/2 points. In the final hour the market was near especially the utility and oil issues. Losses however, were
the lowest of the day, the only noteworthy exception being confined in most cases to fractions. Electric Bond & Share
3 to 295
/s, with the close to-day at
com, dropped from 34%
Western Union which rallied 2 points to 107.
Stocks were firmer, though prices were somewhat irregular 31. Amer. Commonwealth Power corn. A sold down from
4, recovering finally to 1034. Amer. & Foreign
on Wednesday. Trading was in larger volume, but support 1134 to 93
was spotty. The outstanding development of the day was Power warrants eased off from 135
% to 1134, moved upward
4. Amer. Gas & Elec. corn.
the reduction in the New York Central dividend rate from again and rested finally at 123
$6 to $4 annually. This announcement had little effect on sold down from 61% to 55%, the close to-day being at 588.
the railroad shares, which showed, in many cases, sharp Commonwealth Edison dropped from 18734 to 182 and regains on the day and cancelled much of the previous losses. covered to 186%. United Light & Power corn. A after a
4and closed to-day
Even New York Central shares were 1% points higher at loss of 234 points to 163j recovered to 173
the close. Aside from this particular group, the market at 1734. Oils show few changes of note. Standard Oil
4 to 2434, the close to-day being
was generally down, the closing quotations showing net (Indiana) was off from 253
losses in most of the active issues. The principal advances at 24%. Humble Oil & Refg. declined from 60 to 57.
in the rails were Atchison, 1 point to 1283/2; Union Pacific, Among industrial and miscellaneous issues, Aluminum Co.
2, and New Haven, 23/i points to 493s. after early loss from 117 to 112, recovered to 11834, then
134 points to 1243/
The changes on the side of the decline included among others broke to 10934, the close to-day being at 1123(. Carrier
Atlantic Coast Line,6 points to 78; du Pont,2 points to 7734; Corp. com, on few transactions lost two points to 20. NaNational Biscuit, 2 points to 5134; Pierce Arrow pref, 2 tional Bond & Share lost two points to 28. Parker Rust
points to 54, and Norfolk & Western, 5 points to 14734. Proof was off from 63 to 6034, but recovered to 62. Mead,
Market leaders like American Can, United States Steel, Johnson & Co.corn,improved from 6034 to 65.
A complete record of Curb Exchange transactions for the
General Motors and Westinghouse were generally weak,
and in most cases closed the day on the side of the decline. week will be found on page 1754.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
In the closing hour the tone of the market was moderately
Bonds(Pm Value).
stronger, some of the more active stocks showing improveStocks
(Number
ment from their early lows.
Foreign
Foreign
Week Ended
of
Total.
Domestic. Government. Corporate.
Sept. 11 1931.
Sharer).
The market was again irregular on Thursday, though the
previous
the
on
Exchange Closed-Ex tra Holiday
Saturday
selling pressure was somewhat lighter than
Exchange Closed-La borDar
Monday
$106,000 52,962,000
$99,000
day. Prices were moderately higher in the opening hour, Tuesday
380.573 $2,757,000
135,000 3.192,000
123,000
2,934,000
364,631
cancelled
Wednesday
entirely
were
advances
but by noon the morning
216,000 3,904,000
106,000
Thursday
831,297 3,582,000
178,000 4,143,000
143.000
343,955 3,822,000
and from then on the market moved slowly downward. One Friday
of
omission
the
was
decline
the
314,201,000
of
5635,000
5471,0001
causes
$13,095,000
contributing
1,420,456
Total
of the
_.
Jan. 1 to Sept. 11.
Week Ended Sept. 11.
Sales at
the Rock Island dividend on its common stock. Trading
New York Curb
1930.
1931.
1930.
was somewhat more active, though the turnover was not as
1931.
Exchange.
fractional,
were
losses
the
of
Most
large as on Tuesday.
106,691,936
78,240.697
2,598,100
1,420,456
Stocks-No. of shares_
though there were occasional recessions ranging from 2 to 3 DomesticBonds.
$571,792,000
$625,289,000
513,095,000 315,514,000
22,294,000
20.611,000
483.000
471,000
points. The decline in unfilled orders of the United States Foreign Government
27,403,000
27,365.000
483,000
Foreign corporate
635,000
operation
of
rate
low
the
despite
Steel Corp. was 235,359 tons
1621,489,000
5073.265,000
the
316,480,000
In
514,201,000
Total
and this also added to the general unsettlement.
Note.-In the above tables we now give the foreign corporate bonds separately
final hour, the tone of the market was fairly steady, though Formerly they were included with the foreign Government bonds.
mixed.
were
changes
the activity was light and the
The market opened weak on Friday, and a long list of
COURSE OF BANK CLEARINGS.
active stocks dipped to now low levels for the year or longer.
this week will again show a decrease as
Bank
clearings
As the day advanced, the market turned abruptly upward, compared with a year ago. Preliminary figures compiled by
but as the pressure slackened the rally again lost its punch us, based upon telegraphic advices from the chief cities of
and the market quieted down. Among the gains recorded the country indicate that for the week ended to-day (Satat the close were American Can 93/i points to 9134, Ameri- urday, Sept. 12), bank exchanges for all the cities of the
4, Auburn Auto 234 points
4 points to 1053
can Tobacco 23
United States from which it is possible to obtain weekly
to 1271/2, Rock Island 234 points to 25%, Norfolk & Western returns will be 38.1% below those for the corresponding
points to 30,
24 points to 148, Paramount Public 534
week last year. Our preliminary total stands at $5,450,033,Union Pacific 3% points to 36 and Western Union 334 points 688, against $8,807,008,071 for the same week in 1930.
the
rally,
but
the
on
to 108. The volume of sales slackened
At this center there is a loss for the five days ended Friday of
tone continued strong and most of the active market leaders 39.3%. Our comparative summary for the week follows:
closed at their best for the day.
Per
Clearings-Returns by Telegraph.
1931.
Cent.
TRANSACTIONS AT THIS NEW YORK STOCK EXCHANGE
1930.
Week Ended Sept. 12.
DAILY, WEEKLY AND YEARLY.
Week Ended
Sept. 11 1931.
Bloats.
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday- - - Thursday
Friday
Mistal
2,044,160
2.024,210
1,504,870
1,974,460
71147700
5211 1177
1931.
Stocks-No. of shares_
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad de misc. bonds
Total bonds
Exchange Comed-Ext rat Holiday
Exchange Closed-Lab or Day
$5,944,000 $3,424,000 31,598,800 810.966,800
8,989,500
467.500
2,870,000
5,652.000
1,111,000 11,858,000
3.980,000
6.767,000
12,008,000
1.510,000
3,284,000
7,214,000
non
112 AAR
Week Ended Sep .11.
Sales at
New York Stock
Exchange.
Total
Bond
Sales.
OnBed
States
Bonds.
State.
Municipal&
For'n Bonds.
Railroad.
& Misc.
Bonds.
1930.
nn
54387300
543.822.300
Ian. Ito Sept. II.
1930.
1931.
7.547,700
11,718,550
402,739,659
84,687.300
13.558,000
25,577.000
51.523,200
11.844,500
33,556,000
3111,844,350
556.648.100
1,229,380,700
591.252,700
577,339.400
464,513,900
1,360,296,400
843,822.300 546,923,700 $I,897,873.15051,902,149.700
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Baltimore.
Shone. BondSales. Shares. BoulSales, Shares. Bond Sales.
HOLI DAY
110LI DAY
13,680
$2,150
12,000
13,616
5.200
9,113
14.000
10,027
HOLI DAY
HOLI DAY
$21.(00
34,005
37.745
23,000
25.340
34,400
9.456
11011 DAY
HOLI DAY
2.602
812.800
10.000
2,308
14.800
3,119
20,000
5,677
46,436
833,350
106,636
$78,400
13,706
$57.600
81,139
325,400
105,002
3121.800
8,909
$87,100
$2.706,598,506 84,463,000.000
209,981.468
399,808,800
296,000.000
385,000,000
185,000,000
310.000,000
52,628,749
101.698,110
59,400,000
91,600,000
74,493,000
127,642,000
No longer will r eport clearings.
77.494.365
134,546,346
61,075,859
108,605,885
99,658,422
62,722.417
51,060,121
43,615.716
43,635,596
28,788,517
-39.3
-47.5
-23.1
-40.3
-48.1
-35.2
-41.3
Twelve cities. 5 days
Other cities, 5 days
83,857.798.597
683,896,143
*6.316,255.280
848,985,885
-38.9
-19.5
Total all cities, 5 days
All cities, 1 day
$4,541,694,740
908,338,948
37,165,241,165
1,641,766,906
-36.6
-44.6
$5,450,033.688
88.807.008.071
-38.1
Total all cities for week
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Sept. 11 1931.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore_.
New Orleans
-42.4
-34.6
-36.1
-14.0
-34.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week have to be in all cases estimated.
In the laborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Sept. 5.
For that week there is a decrease of 25.8%, the aggregate of
clearings for the whole country being $6,640,272,265, against
$7,919,960,062 in the same week of 1930. Outside of this
city there is a decrease of 16.2%, the bank clearings at this
center recording a loss of 16.1%. We group the cities now
SEPT. 12 1931.]
FINANCIAL CHRONICLE
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, there is a loss of 15.8%
and in the Boston Reserve District of 13.7%, but the Philadelphia Reserve District has a gain of 2.3%. In the Cleveland Reserve District the totals are smaller by 13.7%, in
the Richmond Reserve Digtrict by 4.2% and in the Atlanta
Reserve District by 16.4%. The Chicago Reserve District
•suffers a contraction of 18.1%, the St. Louis Reserve District of 26.2%, and the Minneapolis Reserve District of
19.4%. In the Kansas City Reserve District the decrease
is 20.1%, in the Dallas Reserve District 20.5%, and in the
San Francisco Reserve District 16.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Sept.5 1931.
1931.
1930.
1929.
1928,
Federal Reserve Dist.
$
$
$
%
$
is; Boston_ __ _12 cities
322,039,685
373,037,543 -13.7
489,170,975
462,499,625
4,319,627,551 5,126,354,386 -15.8 8,279,809,083 6,256,966,913
2nd New York_12 "
3rd Philadelphial0 "
429,518,009
419,978,428 +2.3
496,402,986
452,507,128
4th Cloveland._ 8 "
274,086,234
317,653,154 -13.7
385,783,019
339,937,499
5th Richmond _ 6 "
133,511,467
139,433,744 -4.2
155,000,817
151,878,745
0th Atlanta__ _11 "
104,793,791
125,382,885 -16.4
162,508,625
143,346,617
529,544,209
7th Chicago _ _ _20 "
646,855,605 -18.1
919,274,231
965.655,913
8th Bt. Louis__ 7 "
119,622,088
162,046,895 -26.2
165,767,041
166,638,162
Iltb Minneapolis 7 "
89,210,306
110,666,329 -19.4
137,756,949
121,538,733
10th KansasCity 10 "
129,646,256
162,215,498 -20.1
200,816,957
195,198,003
11th Dallas
42,669,645
5 "
53,636,382 -20.5
77,077.049
75,993,102
235,214,330
12th San Fran 14 "
282,699,212 -16.8
336,741,615
338,393,734
Total
122 cities
Outside N. Y. City
Canada
6,640,272,265
2,442,241,887
32 cities
294.140.920
7,919,960,062 -16.2 11,930,490,393
1,914,308,618 -16.2 3,706,017,86
328.335.198 -10.4
429.920.175
9,677,175,128
3,555,057.037
352212861
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Sept. 5.
Clearings al1931,
First Federal
Me.-BangorPortland
Mass.-Boston _ _
Fall River _ _
Lowell
New Bedford_ _
Springfield_ _
Worcester
Conn.-Hartford
New Haven_ _
R.I.-Providence
N.11.-Manch68'
1930.
Inc. or
Dec.
1929.
1928.
3
$
%
Reserve Dist rict-Boston659.607 -10.8
588,319
3,381,309 -10.9
2,911,167
282,053.287 334,383,350 -15.6
698,341 +24.9
871,981
459,045
418,112 +9.8
974,725 -18.1
797,955
3,852,353 +1.2
3,898,611
2,569,151
2,605,631
+1.4
9.507,854 +10.0
10,455,351
6.688,046 +10.6
7,394,645
9,315,200 +1.7
9.487,200
589,495 -10.7
516,493
690,678
4,931,840
432,386,604
1,045,013
1,076,190
1,062,667
5,174,276
3,177,772
17,819,983
9,084,933
12,056,000
665,019
596,988
4,115,991
411,000,000
1,150,625
1,031,456
848,935
4,344,869
3.088,349
15,767,619
8,232,255
11,570,500
752.038
373,037,543 -13.7
489,170,975
462,499,625
Total(12 cities
322,039,685
$
3
Total (12 cities 4,319.627,551 5,126,354,386 -15.8 8.279,809.0836.258.086.913
Total(10 cities ,
429,518,009
+2.3
419,978,429
Fourth Fede. al Reserve D IstrIct-Cloy eland
3,150,000 -11.4
2,790,000
Ohio-Akron___
•
2,000,504
Canton
3,897,096 -54.8
,
49,474,897
Cincinnati
51,137.094 -3.2
96,982,535 -6.0
90,133,961
Cleveland
.
13,276,300 -25.8
9.842,600
Columbus____ .
1,274,928
+5.6
.
1,345.386
Mansfield
Youngstown__ .
3,426.221
4,187,996 -18.2
Pa.-PIttsburgh . 115,072,665 143,747,205 -20.0
Total (8 cities).
274,080,234
317,653,154 -13.7
Fifth Federal Reserve Dist net-Riches mid939,523 -47.3
494,974
W.Va.-IIunt'o 1
3,392,921 -0.4
Va.-Norfolk___.
3,377,158
37,925,000 -11.4
.
33.510.160
Richmond
1,324,025
2,068,970 -36.0
S.C.-Charlesto I
73,447,548 -1.7
72,230,010
Md.-Baltimore.
22,575,140
21.659,782 +4.2
D. C.-Wash'to 1
Total(6 cities).
133,511,467
139,433,744
00040.4194N000
104,793,791
irriri ITT771
Total (11 citiesi
a
Sixth Fedora Reserve Dist rlet-Atlant
2,300,000
Tenn.-Knoxvill a
3,690,371
17,361.797
Nashville __ . 10,552,063
36,442.002
Ga.-Atlanta_ _. 30,600,000
1.746.266
1,133.311
Augusta
1,322,358
660,392
Macon
9,134,265
8,557,375
Fla.-Jacks'nvIlle
13,506,231
11,457,899
Ala.-Birm'gh 1
1,971.542
1,140,725
.
Mobile
2,032,000
MIss.-Jaekson..
1,238,380
173,423
121,247
.
Vicksburg_
39.393,001
35,642,028
La.-NewOrlean a
125,382,885 -16.4
1931.
1930.
Inc. Of
Dec.
1929.
1928.
$
$
$
$
%
Seventh Feder at Reserve D istrict-Chi cago155,566
168,864 -7.9
266,291
278,612
Itch.-Adrian _ _
746,214 -24.5
563,044
845,233
944,943
Ann Arbor ____
98,303,631 118,633,561 -17.1 177.649,105 174,766,385
Detroit
11,224,282
6,083,088 -15.3
8,009,501
5,153,932
Grand Rapids.
7,523,805
2,903,175 +1.7
3,520,778
2,953,270
Lansing
3,893,541
1,573.493
2,723,892 -42.2
ntl.-11. Wayne
2,913,267
22,114,000
17,045,000 -11.6
Indianapolis_
19,602,000
15,068,000
2,988,248
2,263,034 -39.8
1,363,105
3,152,505
South Bend_ _ _
4,728,087
4.519,493
3,964,517 -10.0
3,569,313
Terre Haute_ _ _
22,789,942 -4.3
32,051,571
21,810,465
35.200.549
VB.-Milwaukee
3,465,590
2,901,001
3,114,537 -26.4
2,293,684
owa-Ced. Rap_
9,687,961
7,814,989 -24.9
10,232,584
5,870,182
Des M eines_ _ 3,023.800
6,330,626
5,682,374 -27.6
4,113,075
Sioux City_ _ _ _
1,521,215
1,534,860
1,258,396 -44.9
694,919
Waterloo
1,763,410 -8.6
1,957.589
1,611,924
1,770,095
11.-Illoomlon.,_
357,471,405 439,608,773 -18.7 624,342,922 674,781,844
Chicago
1.232,821
1,331,161
1,114,456 -16.2
934,704
Decatur
5,711,534
6,486,976
4,176,552 -33.5
2,779,149
Peoria
3,295,339
4,755.015
2,633,370 -47.0
1,396,429
Rockford
2,704,172
2,670.843
2,367,461 -21.2
1,864,919
Springfield_
646,855,605 -18.1
919,274,231
966,655,913
Eighth Feelers l Reserve Din trict-St. Lo uis3,850.875 -19.5
3,100,196
:nd.- Evansville
85,200,000 108,400,000 -21.4
.1o.-St. Louis
34,383,115 -40.5
20,478,213
{y.-Louisville _
293,101 -20.6
232,760
Owensboro9,572,249
13,849,902 -30.9
renn.-Memphis
179,226 -18.2
11.-Jacks'nvIlle_
146,569
892,101
1,090,676 -18.2
Quincy
4,145,131
107,500,000
31,985.055
384,785
19,881,074
375.128
1,495,868
4,843,928
112,500,000
30,970,900
335,268
16,076,549
490.810
1,420,707
162,046,895 -26.2
529,544,209
165,767,041
166,638,162
Ninth Federal Reserve Din tact-Minn eapolls7,255,800
6,056,582 -45.1
3,326,664
111tin.-Duluth
79,013,385 -23.2 100,764,618
60,678,005
Minneapo1is_ _ _
22,369,812
19,628,702 -7.5
18,144,849
St. Paul
2,054,331
1,993,549 +5.6
2,104,964
N. Dak.-Fargo_
1,407,705
963.527 -25.6
717,386
3. D.-Aberdeen
551,584 -5.4
611,683
521,823
Mont.-Billings _
3,293,000
3,716,615
2,459.000 +51.1
Helena
7,314,609
80,617,012
26,453,062
1,876,616
1,480,747
674,687
3.122.000
Total (7 cities)_
119,622,088
137,756,949
121,538,733
Teeth Federal Reserve District-Kens as City390,264
282,259 -3.0
Neb.-Fremont....
276,687
647,925 -39.4
604,409
392,635
Hastlngs
3,341,405 -7.4
3,818,459
3,093,822
Lincoln
42,224,734
39,919,470 -22.0
31,136,226
Omaha
3,503.054
2.774,506 -15.0
2,386,168
Kan.-Topeka
7,934,035
6,244,743 -19.9
5,003.355
Wichita
81,835,757 101,621,148 -19.5 127,118.024
Nlo.-Kan. City_
6,484,417
4,682,993 -25.5
3,489.929
St. Jo8eph__ _
1,274.551
1,186,302 -24.6
895,061
Colo.-Col. Spgs.
a
a
a
a
Denver
1,846,056
1,514,747 -25.0
1,136,616
Pueblo
393,891
693,636
4,671,691
41,594,580
3.789,357
8,749,892
130,792,080
7,206,714
1,294,795
a
1,630,321
Total(7 cities) _
Total (10 cities)
89,210,306
129,646,256
110,666,329 -19.4
195,198,003
200,816.957
las-3.9
-19.5
-24.2
-23.1
-29.0
1,640.682
52,439.112
11,347,343
6,358,000
5,291,912
2.339.784
48,783,065
12,404,442
7,249,000
5,216.811
53.636,382 -20.5
77,077,049
75,993,102
162,215,498 -20.1
Eleventh Fade ral Reserve District-Da
1,376,993
1,430,816
Texas-Austin
37,056,744
29,864,318
Dallas
8,356,160
6,339,486
Fort Worth_ _ _
2,916,000
2,244,000
Galveston
3,930,485
2,790,025
La -Shreveport.
Total (5 cities).
Second Feder al Reserve D istrict-New York
6,162,904 -11.0
6,842.826
N. Y.-Albany__
6,395,658
5,386,836
1,026.271
Binghamton__ _
1,122,873 -8.6
1,483,011
1,279,491
31,353,286
34,794,620 -9.9
Buffalo
64,438,956
44,317,721
574,412 +77.6
1,020,982
Elmira
1,314,845
901,072
Jamestown_ __
820,263
933,586 -12.1
1,358,142
1.203,643
New York__ _ _ 4,198,030.378 5,005,651,444 -16.1 8,094,472,530 6,122,118,091
10,795,991 +24.8
13,461,906
Rochester
17,026,082
15,148,063
6,203,469
4,802,520 +29.2
yracuse
6,465,801
6,978,708
3,117,101 -7.9
Conn,-Stamford
2,870,141
3,981,276
3,597,752
660,291 -20.3
N. J.-Montclalz
523,550
796.801
660,677
26,266,557 +1.0
26,531.802
Newark
31,555,794
20,763.746
31,463,081 -1.6
30.942,677
Northern N J_
50,520.187
34,611,113
Third Fedora Reserve Dist rict-PhIlad elphia
1,262,731 -49.5
637.352
Pa.-Altoona___
3,386,564 +2.1
3,457,735
Bethlehem _ _ _
1,042,030 -13.5
•
901,483
Chester
408.000,000 399,000,000 +2.3
Philadel phla
1,862.524 -39.3
•
2,993,460
Lancaster
2.710.678 -0.7
2.729,445
Reading
•
3,538,240 +17.8
•
4,166,646
Scranton
2,970,246 -6.8
2.769.795
Wilkes-Barre- •
1,574,416 -21.6
1.234,093
York
2,631.000 -0.1
2,628,000
N.J.-Trenton_ .
Week Ended Sept. 5.
Clearings al-
Total(20 cities)
Inc.or
Dec.
1723
42,668,645
Twelfth Feder al Reserve D 'strict- San Frond &co-48,749,718
27.759,244
33,489.005 -17.2
Wash.-Seattle_
12,405,000
10,275,000 -22.3
7,983,000
Spokane
1,965,423
1.203,687 -30.9
831,452
Yakima
36,434,385
30,423,498 -18.8
24,714,909
Ore.-Portland
16,865,544
-1.9
13,966,874
13.703,399
Utah-S. L. City
7,232,664
5,733,062 -22.1
4,465,789
Calif.-Long Web
Los Angeles__ _ No longer will report clearin gs.
4,322,409 +2.4
5,418,670
4,425,782
Pasadena
6,930,327
6,315,725 +30.6
8,248,928
Sacramento_._
5,579,095
4,433,133 -20.6
3,522,844
San Diego
San Francisco_ 132,403.000 164,052,599 -19.3 184,929,699
3,734,566
2,893,094 -7.3
2,683,100
San Jose
2,005,491
1,955,002 -21.4
1,538,119
Santa Barbara_
2.027,833
1,954,224 -17.1
1,620.864
Santa Monica_
2,463,200
1,681,900 -21.9
1,313,900
Stockton
46.228,227
12,878.000
2,071,398
36,473.617
15,827,169
7,369,319
5,674.337
6,230,757
5,624,023
190,496,310
3.245,389
1,719.478
2,061.310
2,494.400
Total(14 cities) 235,214,330 282,699,212 -16.8 336,741.615 338,393,734
1,383,899 Grand total (122
6840,272,2657.919.960.062 -16.2 118004903939.677.175,128
3,525,636
cities)
1,178,110
424,000,000 (IntAlde N. Y____ 2.442.241.887 2.914.308.618 -16.2 3,706,017.863 3,555,057.037
1,707,806
3,360,650
5.902,487
Week Ended September 3.
3.562,439
,
l. ..T1/14/S U4--1,809.616
Inc.or
6.076,485
1929.
Dec.
1928.
1930,
1931.
496,402,986 452,507.128
$
$
3
3
%
Canada99,700,395 116,153,583 -14.2 145,091.120 128,765,588
Montreal
90,512,823 -4.8 135.364.306 125,425,519
86,219,716
Toronto
5.022.000
5,530,000
48,374.726
45,409,586
43,058,501 -4.8
41,009,445
Winnipeg
4,140,338
5,182,567 Vancouver
21,092,732
15,139,892 -10.1
18.192,144
13,600,309
60,517,631
58,712,198 Ottawa
7,085,210
6,313,647 -7.5
5,840,043
7.706,957
128,211,644 105,872,807
6,641,592
6,538.373 -9.5
5,917,153
7,124,250
Quebec
18.732,800
14,783.500 Halifax
3,489,449
2,968,427 +8.8
3,229,692
3,177,696
1.873,757
1.602.169
5,966,745
4,958,485 -2.1
4,854,599
6,692.409
4,284,849
4,776,884 Hamilton
10.192,538
7,687,184 -9.3
6,869,881
9,205,468
163,000.000 143,477,374 Calgary
2,414,947
+6.1
1,998.764
2,120,303
2,474,536
St. John
2,502,840
1,600,229
2,223.580 -28.0
2,440,564
385,783,019 339,937,499 Victoria
3,198,699
3,093.832 -3.5
2,987,813
3,135,726
London
5,902,896
6,301,077 -12.8
5,496,236
Edmonton
6,479,776
4,989.483
4,989,445 -84.0
805,186
6,051,794
Regina
1,201,986
1,186,108 Brandon
641,301
-15.1
473.098
401,827
787,643
4,000,000
4,329,431
864,163
657,685 -19.3
531,291
880,674
Lethbridge
37,516,000
37,321,000 Saskatoon
2,375,058
2,171,314 -18.2
1,776,683
2,609.752
2,035,019
1,728,074
1,205.224
1,054,577 -33.8
698,360
1,328,742
86.286,326
82.820.361 Moose Jaw
809,971
1,117,010 -12.7
975,285
1,258,626
23,961,486
24,493,771 Brantford
4,417.720
1,219,521
823,581 -9.9
742,266
Fort William......
1,183,909
764.610 -26.7
560,930
964,269
155,000,817 151,878,745 New Westminster
513,652
358,860 -29.1
254,549
273,873
Medicine Hat__.
881,476
821,399 -17.3
675.707
Peterborough__ _ _
777.013
703,604
-18.2
1,083,168
860.752
1,084 357
2,723,167
3,495,586 Sherbrooke
1,139,516
984,740 -9.1
894,238
1,063:413
19,993.666
19,206,020 Kitchener
2,992,622 -21.2
8,578,714
2,356,358
4,032,038
51,126,687
41,819,689 Windsor
516.802 -28.2
370,995
562,869
489,638
2,160.107
1,490,226 Prince Albert
944,133 -16.7
786.257
957.753
976,221
2,500,000
2,332,213 Moncton
756,655 -8.1
684,937
834,937
820,257
10.026,242
12.301,242 Kingston
499,747 -20 5
397,453
609,836
Chatham
621,575
22,115,665
19.130,751
600.000 -32.4
405,358
953,625
803,339
3,300,644
1,398,124 Sarnia
879,030 -23.3
673.822
2,215,000
1,741,000 Sudbury
330,646
386,781
328,335,198
294,140,920
-10.4
429,920,175 392,272,964
Total(32 cities)
46,016,801
40,046,985
1,689,493
4,421,948
1,038,317
467.000.000
1,787,751
3,337,428
6.627,355
3,626,238
2,199,860
4,674,596
162,508,625
143,348,617
a No longer reports weekly clearnlngs. * Estimated.
FINANCIAL CHRONICLE
1724
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Sept. 5 Sept. 7 Sept. 8 Sept. 9 Sept. 10 Sept. 11
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
15,500 15,400 15,300 16,100 14,900
Bank of France
955
950
955
960
Banque Nationale de Credit
2,055 2,050 2,050 2,020 f,666
Banque de Paris et Pays Bag
930
930
930
930
Banque de Union ParMenne
-:134
460
470
502
480
Canadian Pacific,
--- 14,120 13,860 13,850 13.800
Canal de Sues
2,660 2.690 2,680 2,690
Cie Distr. d'Electricitie
2.675 2,690 2,720 2,710
Cie Generale d'Electricitie
586
585
587
581
Citroen B
1,350 1,360 1,360 1,360 1,340
Comptoir Nationale d'Escompte
470
470
480
490
472
Ceti,, Inc
- --740
750
755
730
Courrieres
930
930
940
933
Credit Commercials de France
5.330 5.330 5,310 5.310 5:iiii
Credit Fonder de France
2,250 2,240 2,260 2,230 2,210
Credit Lyonnais
2,710 2,700 2,710 2,700 2,690
Distribution d'Electricitte la Par.
2,510 2,520 2,510 2,490 2,510
Lyonnais
Eaux
775
770
775
780
Energie Electrique du Nord
1,120 1,120 1,120 1,120
Energle Eleetrique du Littoral
-ilF1
250
260
250
250
French Line
120
120
120
120
120
Gales Lafayette
880
880
880
880
880
Gas Le Bon
430
430
440
440
445
Kuhlmann
830
840
840
840
Holl845
L'Air Liqulde
1,480 1,475 1,475 1,475
day
Lyon (P. L. M.)
-iio
690
700
720
710
Mines de Courrieres
630
640
650
650
650
Mines de Lens
2,070 2,070 2,060 2,060 2,010
Nord RY
1,470 1,480 1,430 1,420 1,400
Paris. France
88
. 88
88
Fift
Pathe Capital
1.705 1,690 1,690 1,690 1,BHI
Peohiney
89.00 89.40 89.60 89.40 89.50
Rentes 3%
138.00
138.00
138.20
137.80
137.00
Rentes 5% 1920
104.90 104.80 105.00 104.90 104.90
Rentes 4% 1917
104.20 104.20 104.10 104.20 104.20
Rentes 5% 1015
105.20 105.30 105.40 105.10
Rentes 6% 1920
1,570 1,580 1,550 1,560 1-,520
Royal Dutch
--2,700 2,655 2,650 2,650
Saint Cobln, C.& C
1,080 1,070 1,070 1,070
Schneider at Cie
-.iii
580
590
580
590
Societe Andre Citroen
276
285
283
281
285
Societe Generale Fonciere
164
164
166
161
161
Societe Francaise Ford
--2,515 2,510 2,510 2,510
Societe Lyonnais
870
870
870
870
Societe Marseillalse_
13,900 13,900 13,900 13,600 13,:100
Suez
210
210
212
213
Tubize Artificial silk pref
7
1.060 1,060 1,050 1-,1.45
1,051
Union d'ElectrIcitie
500
500
500
500
500
Union des Mines
---123
122
123
122
Wagon-Lila
i:aiii
For,. 133.
of which £.525,000:was in sovereigns released,rwhilstIwithdrawaKconsisted
of £701,067 in bar gold and £54,000 in sovereigns. The followingkwere
the United Kingdom imports and exports of gold registered from midday on the 17th inst. to mid-day on the 24th inst.:
Imports.
Netherlands
£58,052
British West Africa
39,564
British South Africa
1,011,859
Straits Settlements & Dep.
91,179
British India
57,229
Other countries
11,689
Exports.
Switzerland
France
Netherlands
Italy
Ohher countries
£1,391,214
1,163,065
506,500
47,800
10,505
£1,269,572
£3,119,084
The Southern Rhodesian gold output for the month of July last amounted
to 44,765 ounces, as compared with 44,118 ounces for June 1931 and145,810
ounces for July 1930.
SILVER.
Bear covering orders from China and India and rather better advices
from the East caused prices to improve slightly in the earlier part of the
past week. On the 24th inst., there being temporarily no outlet for the
fair amount of cash silver on offer, a discount of 1-16d. on near delivery
was established; this, however, disappeared on the following day. The
quotations on that date were the highest of the week, prices receding 1-16d.
and Hd. for the respective deliveries on the 25th inst. in face of China
selling on a poorly supported market,to 12%(1. for both deliveries. America
has not been working to any large extent, but has mainly been disposed
to sell for near delivery. China and India have worked both ways. Speculative influence is still apparent, but whilst the outlook is uncertain there
would seem to be no reason to anticipate any big movements. According
to the American Bureau of Metal Statistics, the world's silverrproduction
for the first six months of this year shows a reduction of about.20% as
compared with the corresponding period last year, being estimated at
87,017,000 fine ounces as against 108,890,000 fine ounces for the first half
of 1930. Owing to the extremely poor offtake for silver, both in India and
China, this substantial reduction in output has not influenced prices as
it might otherwise have done. The following were the United Kingdom
imports and exports of silver registered from mid-day on the 17th inst. to
mid-day on the 24th inst.:
Imports.
Exports.
U. S. A
£33,451 British India
£152,185
28,600 China
11,856
Ra
to
51,620 Other countries
12,995
Other countries
222
£113,893
£177,036
No fresh Indian currency returns have come to hand. The stocks in
Shanghai on the 22d inst. consisted of about 73,800,000 ounces in sycee,
$171,000,000 and 780 silver bars, as compared with about 74,700,000
ounces in sycee, 8169.000,000 and 1,140 silver bars on the 15th hug.
Quotations during the week:
-Bar Silver per or. std.- Bar Cold
PRICES ON BERLIN STOCK EXCHANGE.
Cash.
Two Mos.
per or. fine,
Aug.
20
12 11-16d. 12 11-16d. 84s. 11 d.
Berlin
the
on
stocks
representative
Closing quotations of
12 13-16d. 12 13-16d. 84s. 113d.
Aug. 21
past
of
the
each
day
cable
Stock Exchange as received by
12 13-16d. 12 13-16d. 84s. 11 %
Aug. 22
5 d.
Aug. 24
12 15-16d. 13d.
84s. 11 %
5 d.
week have been as follows:
1234d.
1234cl.
845. 1134d.
Sept. Sept. Sept. Sept. Sept. Sept. Aug. 25
11. Aug. 26
12 15-16d. 12 15-16d. 84s. 1134d.
10.
9.
8.
5.
7.
Average
12.844d.
Per Cent of Par
I2.854d.
84s. 11.42d.
The silver quotations to-day for cash and two months' delivery are each
Aug. Deutsche Credit (Ades) (5)
41
67
72
70
Berlin Handels-Ges.(8)
kid.
above
those
fixed
a
week
ago.
66
66
64
70
68
Commerz-und Privet-Bank (7)
73
76
76
67% 76
Darmstaedter und Nationalbank (8)
66
66
71% 69
65
Deutsche Bank und Disconto-Ges.(6)
Treasury Money Holdings.
39
40
44% 41
38
Dresdner Bank (6)
108 115 120 118 111
Relchsbank (12)
The following compilation, made up from the daily Govern5114
49
Alegemeene KunstzUde (Aku) (0)
58
61
65
60
ment statements, shows the money holdings of the Treasury
Aug.Elektr. Ges.(A.E. G.)(7)
Deutsche Ton-u. Steinzeugwerke
at the beginning of business on the first of June, July,
135 134
Ford Motor Co., Berlin (10)
August and September 1931:
HoltGelsenkirchner Bergwerk (6)
118
5
day
Gesfuerel (9)
32
32
33
283.1 30
Hamburg-American Line (HaPag)(6)
Holdings ln U. S. Treasury June 1 1931. July 1 1931. Aug. 1 1931. Sept. 1 1931.
97
93
95
Hamburg Electric Co.(10)
44
39
39
40- 84?
Harpener Bergbau (0)
$
$
5
$
58
58
58
Hotelbetrleb (8)
Net gold coin and bullion. 207,187.134 217,525,649 208,411,408 216.391,419
iiiK 12 109 107 105
I. G. Farben Indus.(Dye Trust)(12)
Net silver coin and bullion
16,910.235
15,551.377
15,656,889
14
14
16
16
17,185.260
Karstadt (0)
3.523,480
3,133,740
Net United States notes3,059,069
2.597,524
51 40 40 40 40
Mannesmann Tubes (6)
17,890.685
Net national bunk notes_.
16,368,681
18,190,898
33
34
35
15.998.800
2814 30
North German Lloyd (6)
1,288,190
1,413,350
Net Federal Reserve notes
852,580
26
1,151,800
29
28
26
26
Phoenix Bergbau (434)
26,644
42,487
Net Fed'i Rea. bank notes
4.855
68
79
77
15,058
76
74
Polyphonwerke (12)
6,282,726
5,693.530
6,817.906
_ _ Net eubsidlary silver
7,740,346
78
78
79
74
Rhein. NV estt. Elektr.(R. .E.) (10)
5,398.080
5.245,390
Minor coln, At)
5.325,387
51
55
5,872,310
-Kraft
u.
(734)
Licht
Sachsenwerk
105 112 119 118 113
Siemens & Halske (14)
Total cash in Treasury_ 256,936,940 267,038,638 257,824,792 *266,952,517
27
29
28
2734 . 28
Ver. Stahlwerke (United Steel Works)(4)_
156,039,088 156,039,088 156,039.088 156,039.088
Less gold reserve fund _
Cash balance In Treas'y 100.897.852 110,999,550 101,785,704 110,913,429
ENGLISH FINANCIAL MARKET-PER CABLE.
Dep.In Lineal depositories,
account Tre,as'y bonds,
and cerThe daily closing quotations for securities, &c., at London, Treasury notes
12.435,000 413.125.000 233,210,000
tificates of indebtedness
week:
the
past
been
as
follows
54,436,000
as reported by cable, have
25,075,400 63,590,332 33,906,561
Dep. In Fed'I Res. bank...
72,922,326
Fri.,
Thum.,
Tues.,
Wed.,
Mon.,
Sat.,
Dep.
in
national
banks:
Sept. 7. Sept. 8. Sept. 9. Sept. 10. Sept. 11.
Sept. 5.
7,176,928
To credit Treas. U. S.
7.832,610
7,246.106
7,488,496
12
13
1-I6d.
12 15-16d. 13d.
15-16d.
19,599,718
13d.
20,457,532
To credit diet.. officers_
18,309,635
Silver, per oz-- I3d.
18,546,339
892,595
Cash In Philippine Islands
979,650
445.212
761,937
Gold, p.fine oz. 845.934d. 84s.934d. 848.113-4d. 848.934d. 848.93(d. 84s.9'% d. Deposits In foreign depts.
2,832,744
3,322,670
2,778,242
4.761,995
5634
504.
5634
5634
5634
Consols,2%%_ 5634
Dep.In Fedi Land banks.
10034
10034
10034
100%
10034
British 5%---- ---Net cash In Treasury
98
9731
9734
9834
98
British 434%-- ---168,910,237 620,307,344
and In banks
269.830,521
French Rentes (in Paris)
Deduct current liabilities_ 127,849,923 148,363,361 397,681,460
124,349,846 136,039,323
89.60
89.40
89.50
89.40
89.00
-fr_
3%
Available cash balance.
41,060,314 471.943.983 273.231_s14 122 701 ion
French War Loan (in Paris)
104.10
104.20
104.20
104.20
104.50
fr-___
* Includes sect. i 512 101,409 silver bullion and 24,744,245 minor, &c., coin
5%
of silver in New York on the same days has been: not Included in statement "Stock of Money."
gl
tl
`6'.`1 t# N
The price
Sllver in N. Y.. Perez.(cts.):
---Foreign _____ ----
28
2734
28
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Aug. 31 1931 are sot out in the following. The figures are
THE ENGLISH GOLD AND SILVER MARKETS.
taken entirely from the daily statement of the United States
of
weekly
circular
the
from
following
the
We reprint
Treasury
as of Aug. 31 1931.
under
date
of
written
London,
of
Co.
&
Samuel Montagu
CURRENT ASSETS AND LIABILITIES.
Aug. 26 1931:
GOLD.
GOLD.
2734
to E133,559,MUSSThe Bank of England gold reserve against notes amounted
848,243,094.25 Gold ctfa. outstanding_ -1,709,191.109.00
on the previous Gold coin
785 on the 19th inst. (as compared with £131,997,992
Gold
bullion
2,932,621,539.33 Gold fund, Fed. Reserve
Wednesday), and represents a decrease of £14,065,837 since Dec. 311930.
Board (Act of Dee. 23
sources,
various
1913,as amended June
On the 24th inst. about £200,000 bar gold derived from
offered in the open
21 1917)
1,855,282,105.98
which included Brazil and the Straits Settlements, was
Gold
reserve
156,039,088.03
Yesterounce.
fine
per
11%d.
84s.
market and was bought for Holland at
Gold in general fund
60,352,330.57
about
together
with
£485,000,
amounting
to
arrival,
African
day the South
from E15,000 foz:
Total
3,780,884,633.58 Total
3,780,864,633.58
£65,000 from other quarters, was available and, apart
Note.-Reserve against $346,681,016 of U. S. notes and 21,237,450 of Treasury
trade and Indian requirements, was taken by an unknown buyer at 84$.
1134d. per fine ounce. Movements of gold at the Bank of England during notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In
the Treasury.
totaled
£534,394
Receipts
£220,673.
of
net
efflux
resulted
in
a
the week
SEPT. 12 1931.]
FINANCIAL CHRONICLE
SILVER DOLLARS.
Asset:—
Silver dollars
Total
3
498,744,078.60 Silver Ms.outstanding_ 492,422,775.00
Treasury notes of 1890
outstanding
1,237,450.00
Silver dollars in gen.fund
5,083,851.00
498.744,076.00
Assets—
Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes
Fed. Res. bank notes
National bank notes
Subsidiary silver coin
Minor coin
Silver bullion
Unclassified, collections,
dzo
Deposits in Federal Reserve banks
Deposits in special de•
positarles acct. of sales
of Treasury bonds and
ctfs. of indebtedness
Deposits In foreign den.
To cred Ito(Trees.U.S.
To credit of other Government officers_ _
Deposits in nat'l banks
To erect ItofTreas.U.S.
To credit of other Government officers. _ _
Dep.in Philippine Treas..
To credit ofTreas.U.S.
Total
GENERAL FUND.
498,744,076.00
60,352,330.57 Treasurer's checks out5,083,851.00
standing
2,597,524.00 Dopes. of Gov. officers.
1,151,800.00
Post Office Dept
15,058.00
Board of Trustees,
15,998,799.50
Postal Say. System.
7.740.345.87
6% reserve, law4,744,245.28
ful money
12,101.409.14
Other cleposIts
Postmasters, clerks of
1,128,064.34
courts, disbursing
officers. acc
72,922,326.34 Deposits for:
Redemption of F. R.
notes(5% id., gold)
Redemption of nat'l
54,436,000.00
bank notes(5% Id..
lawful money)
2,737,544.23
Retirement of addl
circulars notes. Act
2,024,450.61
May 30 1908
Uncollected items, ex7,488,496.29
changes. soa
427,787.91
5,655,312.83
39,115,837.26
29,888,951.53
28,995,048.15
1,350.00
3,533,561.25
136,039.322.70
133,791,197.82
Preliminary Debt Statement of the United States
August 1931.
The preliminary statement of the public debt of the United
States Aug. 31 1931, as made upon the basis of the daily
Treasury statement, is as follows:
$599,724,050.00
48,954.180.00
25,947,400.00
49,800,000.00
28,894.500.00
27,207,900.00
tj% Fourth Liberty Loan 011933-38
44% Treasury bonds 011947-52
a% Treasury bonds 01 1944-54
% Treasury bonds of 1946-56
334% Treasury bonds of 1943-47
354% Treasury bonds of 1940-43
gti% Treasury bonds of 1941-43
% Treasury bonds of 1946-49
8,201,746,750.00
$451,718,950.00
189,100,000.00
1,664,000.00
1,700,000.00
Treasury Certifica2e4-24% Series TS-1931, maturing Sept. 151031
14% Series TS2-1931, maturing Sept. 15 '31
14% Series T1)-1931. maturing Dec. 15 1931
114% Series TD2-1931, maturing Dee, 15 1931
2% Series TM-1932. maturing Mar.15 1932....
$334,211,000.00
300,176.000.00
268,381,000.00
275,118.000.00
623,891,500.00
4% Adjusted Service Certificate fund, series
maturing Jan. 1 1932
Treasury Bills (Maturity Value)—
Maturing Sept. 30 1931
Maturing Sept. 30 1931
Maturing Oct. 15 1931
Maturing Oct. 26 1931
Maturing Nov. 2 1931
Maturing Nov. 9 1931
Maturing Nov. 16 1931
Maturing Nov. 21 1931
Maturing Nov. 30 1931
644,182,950.50
Debt Bearing No Interest—
United States notes
Leas gold reserve
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency_.
Thrift and Treasury savings stamps, unclassified sales,
Total expenditures
Excess of expenditures
711,076
1,106,350
3,400,752
10,684,417
526,756
930,776
5,088,215
12,135,154
195,039,675 92,427,698 396,365,600 240,730,682
1,422,929
4,953,937
30,000
31,000
3,400,701
2.298,760
1.422,929
4,953.937
3,461,701
6,111,974
5,909,674
8,456,032
31,000
7,578.286
6,111,974
5.909,674
8.456,032
7,609,286
3,813,214
4,486,745
3,502.095
4.147,585
Total general fund expendltures_307,543,267 210,289.861 626,764,751 482.722,313
6,111,974
Total special fund expenditures
5,909,674
8,456,032 7,609,286
Total
1,883.177,500.00
Trust Funds—
Receipts:
District of Columbia
Govt. life insurance fund
Other
Total
$50,026,000.00
50,050,000.00
51,200.000.00
51,806,000.00
59,850,000.00
60,005,000.00
60,280,000.00
60,001.000.00
80,019.000.00
Expenditures:
Dist. of Col. (see note 1)
Govt. life insurance fund—
Policy losses, 3:c
Investments
Other
$16,585,493,880.00
$1,640,390.26
3,821,050.00
6.215,750.00
20,200.00
1,191,450.00
30,101,600.00
3,155,400.00
305,000.00
1,024,000.00
47,474,840.26
8346,681,016.00
156,039,088.03
5190.641,927.97
34,735,212.50
2,042,294.08
3,393,078.97
230,812,513.52
Total gross debt
141,776,818 165,031,335
72,719,739 58,279,395
112,503,592 117,862.164 230,399,152 241,991,631
Special Funds—
Receipts:
% Applicable to public debt re, tirements—
Principal—foreign oblig'ns
From forfeitures, gifts,..kc_
Other
2,298,760
Excess of expenditures
523,237,000.00
Matured Debt on Which Interest 1103 Ceased—
Old debt matured—Issued prior to Apr. 1 1917
Second Liberty Loan bonds of 192742
Third Liberty Loan bonds 011928
84% Victory notes 011922-33
43j% Victory notes of 1922-2
Treasury notes
Certificates of indebtedness
Treasury bills
Trefisilry sayings certificates
46,579.466 55,865,724
95,197,352 109,165,611
Summary of General et, Special Funds—
Total general fund receipts
112.503,592 117,362,164 230,399,151 241,991,631
4,953,937
2,298,760
3,461,701
Total special fund receipts
1,422,929
ir4N.1
111111"114,802,352
119,085,093 235,353.088 245,453.332
Total
$1,801,777,500.00
Total interost-bearing debt
—Two Months
1931-32.
1930-31.
$
$
Expenditures:
General
235,506,112 180,575,566 482,052,463 371,078,487
Public debt—
Interest
3,224,134
3,275,857 13,750,359 15,531,217
Sinking fund
25,000,000
Refunds of receipts—
Customs
1,512,348
1,950,339 2,968,419
3,964,008
Internal revenue
8,380,079
4,434,164 14,400.161 10,785,747
Postal deficiency
20,000.000 10,004,583 20,000.000 10,004,582
Panama Canal
1,185,127
1,219,339
2,221,354
2,630,716
E Agricultural marketing fund
(net)
33,626,059
5,518,189 62,525,743 15,994,941
Civil service retirement fund_
20,850,000 20,850.000
Foreign service retirement fund
215,000
216,000
4,109.408
3,311,825 7.781.253 6,666,615
Dist. of Col. (see note 1)
Total receipts
513,534.896,430.00
81,400,000.00
Total gett'l fund recelpts
Expenditures:
Public debt retirements
Other
4,552,621,650.00
Total boucle
Treasury Note:834% Berke C 1930-32, called for redemption
Dec. 15 1931
4% Civil Service—Serles 1932 to 1936
4% Foreign Service—Serlea 1033 to 1936
4%:Canal Zone retirement fund, Series 1936._
—Month of August-General Fund—1931.
1930.
Receipts:
$
$
Internal revenue—
Income tax
23,370,175 26.231.319
a Miscellaneous internal rev
43,861.681 51,614,825
WI PM
Total internal revenue_ _ 67,231,856 77,846,144
Customs
38,240,232 32.082,996
Miscellaneous receipts—
Proceeds of Govt.-owned sec.:
Railroad securities
200.377
236.331
All others
737,685
804,209
Panama Canal tolls, &c
1,465,732
2,825,752
Other miscellaneous
4,627,710 4.066,732
Total general fund expend_307.543,267 210,289.862 626,764,752 482.722,313
51.933.528,300.00
6,268,218,450.00
5758,983,300.00
1,036,834.500.00
489,087,100.00
493,037,750.00
359,042,950.00
594,230,050.00
821,406,000.00
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for August 1931
and 1930 and the two months of the fiscal years 1931-1932
and 1930-1931:
Excess of expenditures
5780,528,030.00
First Liberty bean of 1932-4734% bonds
$1,392,239,350.00
4% bonds
5,003.950.00
44% bonds
536,285,000.00
Gross debt less net balance in gen'l fund...525,478,592,113.25 516,083,969,627.48
Juiy 31 1931,
Last Month.
Aug. 311931.
Gross debt
316,801,624,349.96 316,363,781.233.78
Net balance in general fund
273,331,614.06
133,791,197.82
Gross debt less net balance in gen'l fund...516,528,292,735.90 $16,729,990,035.96
Total
269,830,520.52
Total
269.830.520.52
Note—The amount to the credit of disbursing officers
and agencies to-day was
5378,750,718.84.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits
of lawful money for the
retirement of outstanding national bank and Federal
Into the Treasury as miscellaneous receipts. and theseReserve bank notes are 'laid
obligations are made, under
the Acts mentioned, a part If the public debt. The amount
of such obligations
to-day was 834.735,212.50.
$772,820 in Federal Reserve notes and $15,953,888 in
In the Treasury in process of redemption and are charges national bank notes are
against the deposits for
the respective 5% redemption funds.
2% Consols of 1930
2% Panama's 01 1916-36
2% Panama's 01 1918-38
3% Panama's of 1961
3% Conversion bonds
24% Postal Savings bonds
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.]
Aug. 31 1919,
Aug. 31 1930,
When War Debt
A Year
Was at Its Peak.
Ago.
Gross debt
826,596,701,648.01 816,187,636,782.50
Net balance in general fund
1,118,109,534.76
103,667,155.02
15,831,947.72
12,589,526.05
18.546,338.73
761,936.62 Net balance
1725
816,863,781,233.78
Total
313,655,241 216,199,535 635,220.783 490,331.599
198,852,889 96,914,442 399,867,695 244,878.267
1,206,402
5,441,068
691,337
970,824
6,387,963
744,019
2,230,667
2.275,719
14,748,665 16,359,431
1,514,825 2,040,325
7,338,807
8.102,806
18,494,157 20,675,475
2,003,572
5,592,995
2,586,652
4,060.033
2,170,397
5.512.259
4,856,376 11246,759 11,007.893
890,582 3,072,198
1.575,020
10,183,219
7,917,355 19,278.990 18,095.172
Excess of receipts or credits
185.451
2,580,303
Excess of expenditures
2,844,412
734,833
Receipts and expenditures for June reaching the Treasury in July are included.
Note 1.—ExpenclItures for the District of Columbia representing the share of
the United States are charged against the amount to be advanced from the general
fund until thr authorized amount Is expended. After that they are charged against
the revenues of the District under trust funds. For total expenditures the items
for District of Columbia under general fund and under trust funds should be added.
goinmerciaiand paiscelIantonsgems
Breadstuffs figures brought from page 1788.—All
the statements below regarding the movement of grain—
receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Flour. I
Receipts atChicago
Minneapolis_
Duluth
MilwaukeeToledo
Detroit
Indianapolis_
St. Louis_ -- _
Peoria
Kansas CityOmaha
St. Joseph
Wichita
Sioux City-
Oats.
Corn
Wheat.
bbis.1961b3.'bush.60 Ws
510,000
194,000
1 2,502,000
881,000
376,000
25,000
134,000
27,000
49,000
640,000
117,000
104,000
44,0001
1,683,000
758,000
126,000
672,000
119,000
380,000 8.581,000
469,000 17,866,000
422,000 12,023,000
Total wk.1931
Same wk.1930
Same wk.1929
Since Aug. 1
1931
1930
1929
[vol.. 133.
FINANCIAL CHRONICLE
1726
I Barley.
Rye'
soh.56 lbs bush. 32 lbs.'bush.4.8lbs.bush.561bs.
8,00
91,0001
474,000
521,000
265,000; 472,000 152,000
72,000
23,000
69,006 192.000
23,000
50,000, 302,000
42,000
2,000
148,000,
13,000
10,000
4,0001
14,000
6,000
21,006
222,000
241,000
2,000
82,0001
116,000,
180,000
88,000'
104,000,
106,000
56,000
102,000
44,000,
53,000
86,000
36.000
2,000
1
3,00
37,un
52,000
1,428,000
4,841,000
3,796,000
1,700,000 1,257,000
5,223,000 3,460,000
3,359,000 2,227,000
201,000
804,000
784,000
2,565.000 88,969,000 16,658,000 16,916,000 6.464,000, 1,497,000
2,526,000 123,279.000 28,482,000 33,500,00012,997,000 5,456,000
2,578,000131,437,000 25,103,000 40,661,000 20,354,000 5,765,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 5 follows:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
'
1 Rye
bbls.196lbs bush.60 lbs bush.56 lbs.bush.3210s.bush.481bs.1bush.56Ibs.
2,000
1
18,000
5,000
762,000
126,000
New York_ _ _
3,000
6.0001
10,000
32,000
Philadelphia _
2,000
6,000
6.0001
10,000
159,000
13,000
Baltimore_ __ _
33,0
21,000
99,000
51,000
New Orleans *
2,001
55,000
Galveston__
17,000
65.000 430,000
65,000, 701,000
Montreal_ __ 2,000
2,000
28,0001
Boston
,1
,
26,000
436,000
130,001
38,000
315,000 1,786,000
Total wk.193l
1,935,000
Since Jan.1'3113,984,000 121,026,000 2,153,000 8.273,00020,761,000
225.000
51,0001
Week 1930... 614,000 5,346,000
Since Jan.1'3017.115.000 112.033.000 3.284.000; 3.869.000
2,000
566.000
2,000
547.000
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 5 1931, are shown in the annexed
statement:
ReportsfromNew York
Baltimore
Newport News
New Orleans
Galveston
Montreal
Sorel
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
9,000
44,211
1,436,000
4,000
259.000
2,000
38,000
27.000
1,000
42,000
8,000
516,000
17,000 430,000
65.000
65,000
701,000
492,000
Total week 1931-- 3,446,000
6.780.000
Same week 1930
1,000
2.000
150,211
285.984
103,000
84.000
26,000
40.000
430,000
The destination of these exports for the week and since
July 1 1931 is as below:
Bartel,"
Rye,
Oats,
Corn,
Wheat,
hfolh•
hash.
bush,
bush,
bush,
4,075,000
8,720,000
14,265,000
8,314,000
236,323,000
5,709,000'
10,234,000
3,607,000
48,301,000
Total Sept. 5 1931-284,624,000 8,314,000 17,872,000 18,954,000 9,784,000.
9,149,000
Total Aug. 29 1931...285,858.000 8,846,000 17.137.000 19.194,000 27,504,000
Total Sept. 6 1930_241,227,000 4.583.000 30,392,000 22,012,000
SummaryAmerican
Canadian
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Sept. 4, and since July 1 1931 and 1930.
Corn.
Wheat.
Exports.
North Amer_
Black Sea___
Argentina___
Australia _
India
0th. countr's
Total
Week
Sept. 4
1931.
Bushels.
6,005,00
5,424,00
1,903.000
2,032,000
16,000
1,120.00
Since
July 1
1931.
Since
July 1
1930.
Week
Sect. 4
1931.
Since
July 1
1931.
Bushels.
Bushels.
Bushels.
Bushels.
217,000
20,000
57,470,000 91,274,000
485,000
17,000
9.656,000
26,048,00
16,595,000 9,134,000 8,245,000 93,333,000
25,388.000 11,480,000
560,000 6,480,000
9,238,000 153,000 3,018,000
9,752,00
Sines
July 1
1930.
Bushels.
494,000.
13,983,000
45,543,000.
13,553,000.
16,500,000135,813,000137,262,000 8,435,006 97,053,000 73,573,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
$9,000
Aug. 27-Calcasieu National Bank in Lake Charles, La
President: George N. Richardson. Cashier: Alfred E.
Roberts.
100.000.
Sept. 4-First National Bank in Rockaway,N.B
President: C. L. Millard. Cashier, F. G. Engleman.
CHANGE OF TITLE.
.The First National Bank of Raymond. Washington. to
Sept. 4
'First Willapa Harbor National Bank of Raymond."
VOLUNTARY LIQUIDATIONS.
50,000
Aug. 31-The Searsport National Bank, Searsport, Me
Effective Aug.4 1931. Liq. Comm.: J. D.Sweetser. W.
Me.
Searsport,
Nichols,
P.
Robert
&
R. Blodgett
Absorbed by Merrill Trust Co., Bangor, Me.
200,000
Sept. 1-Central National Bank of Portland, Ore
Effective Aug. 25 1931. Lig. Agent: J. J. Gard, c-o
United States National Corp..Portland, Ore. Absorbed
by The Citizens National Bank of Portland, Ore.
No. 13299.
25,000
Sept. 4-The National Bank of Marlow,Okla
Darnall,
Effective Sept. 3 1931. Lb. Agent: W. A. Bank
in
Okla. Absorbed by The First National
Marlow, Okla. No. 12129.
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:
By Adrian H. Muller & Son, New York:
$ Per Sh
$ Per Sh. Shares Stocks.
Shares. Stocks.
Corp.
200 Y 011 & Gas Co. of Del----$105 lot 166 2-3 122 Lenox Ave.
Ave.
Lenox
102
called
(originally
Inc.,
Group.
2,960 Distributors
Corp.), represented by stock elf.
3%
common
Corn.
Wheat.
Flour.
No. 1, and right, title & int. of lot
750 French Vanilla Products Co,
$150
Hamlet therein
Samuel
Exports for Week
$20 lot
Inc., par $10
Since
Week
Since
Week
Since
Week
250 Atlantic Funding Corp., Pref. lot
and Since
750 French Vanilla Products Co.,
July 1
Sept. 5
July 1
Sept. 5
Sept. 5 July 1
$20; 275 corn., no par----$37
July 110par
810
lot
par
$10
Inc.,
1931.
Per Cent.
1931.
1931.
1931.
1931.
1931.
Bonds56 Retail Butchers Holding Co.,
$100 lot $2,000 Grove Club Realty Holding lot
class A
1944_3110
Bushels. Bushels. Bushels.
15
Barrels. Barrels. Bushels.
Sept.
6$,
M.
2d
Corp.
lot
$975
17,000 20 Martin's preferred
652,971 1,184.000 11,943,000
United Kingdom_ 46,325
55.000 Angof Holding Co..
8 Grove Club Realty Holding Corp..
$3,125 lot
454,764 2,232,000 18,574,000
84,886
Continent
Partici. mtge. series A
$125 lot
vot, trust ctfs., no oar
2,000
50,000
1,000
109,453
So.& Cent. Amer. 4,000
$2,000 Jewish Hospital of Brooklyn
100 units American Insuranstocks
14,000
1,000
1
47,000
March
1.000
144,914
13,000
ref. sinking fund 6s.
West Indies
$350 lot
Corp
$1.250 lot.
962
____
1936
Brit. No.Am.Col
40 Nevins-Schermerhorn Realty
776,000
Butchers
28,000
Retail
46,469
Brooklyn
2,000
$10,000 lot $2,400
Other countriesCorp
Corp. 2nd M. 6s, loan ctf_.$1,125 lot
33,000 375 Nat'l Title Guaranty Co...55,000 lot
1,000
150,211 1,409,533 3,446,000 31,390.000
Total 1931
102.000
2,000
60,356,000
6,780,000
Boston:
2,580,900
285,984
Total 1930
By Wise, Hobbs & Arnold,
$ per Sh
$ per Sh. Shares. Stocks.
Shares. Stocks.
14
Trust
The visible supply of grain, comprising the stocks in 85
Bost. Cont. Nat. Bk., par $20._ 1734 8 units First Peoples
Trust_ 2
and
lake
Peoples
at
First
units
accumulation
special
of
10
points
65
__
Co__
Cotton
principal
at
8 Naumkeag Steam
granary
6331
$25
par
Co..
E.
ds
G.
Lawrence
2
70 Jacksonville Tract. Co., 6%
seaboard ports Saturday, Sept. 5, were as follows:
$1 lot 10 Bost. Woven Hose & Rub. Co.,
cum. pref
50 ex-div.
common
25 Airpeka Saw Mills Co.,2d pref.- 10
GRAIN STOCKS.
14
500 Mitchell Woodb. Corp. pt...550 lot
2 units First Peoples Trust
Barley,
Rye,
Oats,
Per Cent.
Corn.
Wheat,
Bonds.
67
Co
Cordage
20
Plymouth
bush.
bush.
bush.
bush.
bush.
$2,000 Eaton Crane & Pike Co.,
United States25,000 10 Quincy Mkt. Cold Storage &
56.000
73,000
1,000
90 & int.
2,506,000
15
deb. 534s, May 1933
New York
cam
Co.,
Warehouse
2,000
1,000
1,595,000
Boston
6,000
111,000
24,000
3,330,000
Philadelphia
By R. L. Day & Co., Boston:
9,000
31,000
27,000
18,000
7,464,000
$ per Sh.
Baltimore
$ Per Sh. Shares. Stocks.
Shares. Stocks.
602.000
Newport News
250 Mass. Bonding & Ins. Co ,
50,000 100 Atl. Nat. Bk., Boston, par
77,000
27,000
3,043,000
New Orleans
56)4
par $25
53x ex-div
$25
6,887,000
25
Galveston
60 units Holophane Co
47,000 71 Boston Cont. Nat.Bk., par $20. 17
2.000
593,000
47,000
11,122.000
Fort Worth
101
50 B.F.Sturtevant Co.. corn
Somerville,
Co..
354.000
Trust
Highland
25
329.000
1,657,000
392,000
18,689,000
11
Buffalo
Corp
Trading
Parker
30
units
50
$20
Par
68,000
110,000
207.000
" afloat
104% 150 No. Bost. Ltg. Prop., Pref..
10.000 5 Ludlow Mfg. Associates
1.000
282,000
13,000
4,622,000
47
Toledo
$50
par
2434
(undep.)
Mills
69.000
Arlington
25
12,000
38,000
11,000
266,000
Detroit
484,000 18 No. Bost. Ltg. Prop. pfd.
-27.396,000 5,784,000 3,053,000 1,798,000
Chicago
47%
(undep.) par $50
833,000
2,407,000
" afloat
187,000
214.000
649,000
88,000
5,716,000
Milwaukee
Philadelphia:
Lofland,
&
Barnes
.
By
615,000
2,033,000
1,932,000
73,000
25,879,000
Duluth
$ per Sh.
$ per Sh. Shares. Stocks.
41,000 2,284,000 3,179,000 2,100,000 Shares. Stocks.
31,806,000
Minneapolis
70
14,000 17 Phila. National Bank, par $20 10534 7 West Phil. Pass. Ry. Co
2,000
100,000
44,000
1,436,000
Sioux City
6,000
Par
Guar.
Mtgs..
for
Co.
25
6,000
Phila.
$1040
par
Phila,
of
744,000
Bk.
Nat.
Second
271,000
45
7,584,000
Bt. Louis
20%
72,000
83,000
$20
15,000
72,000
15 Central-Penn Nat. Bank, par $10 48%
35,303,000
Kansas City
42%
25 Delaware RR. Co
3,000
21 Corn Exchange Nat. Bank &
2,184,000
Wichita
2 William Penn Fire Ins. Co.,par $5020
85
Trust Co., par $20
6,976,000
Hutchinson
Cent.
Per
Bonds181,000
170,000
50 First Camden Nat. Bk.& Tr.Co.
7,819.000
St. Joseph, Mo
35,000 Rittenhouse Square Corp.,
80
792,000
2.000
Camden, N. J., par $25
57,000
Peoria
5%
Inc. Os, 1946
526,000 1,289,000
20 Pa. Co. for Ins. on Lives, &c.
2,108,000
Indianapolis
33,000
20,000
65% $2,000 Strawbridge & Clothier Co.,
367,000
par $10
284,000
18,825.000
Omaha
9734
1948
45,000
5s,
1st
&
Title
25 Continental-Equitable
175,000
On Canal and River
zoli 400 Bankers Bond & Mtge. Guar. 5%
Trust Co., par $5
Co. of America
100 Central Tr.& Say. Co., par $10 20
Total Sept. 5 1931_236,323,000 8,314,000 14,265,000 8,720,000 4,075,000
'
3,718,000
8,629,000
129
10 Finance Corp. of Amer.8% pfd.
20 Girard Trust Co., par $10
Total Aug. 29 1931_234,904,000 8,846,000 13,848,000
25101
(with 7 shs. corn. v. t. c
Total Sept. 6 1930_191,098,000 4,583,000 26,440,000 13,753,000 9,124,000 10 County Tr. Co.of Phil.. Par $10 12%
bushels;
no
corn.,
50 Abbotte Dairies, Inc.,
Note.-Bonded grain not included above: Oats, New York. 2,000
40
Par
Buffalo, 32,000; total, 34,000 bushels, against 5,000 bushels In 1930. Barley.
Wheat.
Duluth, 3,000; total, 3,000 bushels, against 1,125,000 bushels in 1930. Buffalo
By A. J. Wright & Co., Buffalo:
New York, 936,000 bushels, New York afloat, 403,000; Buffalo, 4,548,000;
$ per Sh.
$ per Sh. Shares. Stocks.
afloat, 917,000; Duluth, 1.0001 Canal, 2,022,000; total, 8,827,000 bushels, against Shares. Stocks.
$2 lot
$1
5 International Rustlees Iron. par $1 55o. 10 Zenda Gold Mines, par
16,895,000 bushels in 1930.
lot
$10.32
par
Co..
Realization
500 Peterson Cobalt Mines, par $1_ 2c. 100 Assets
Canadian4:
Sept.
893.000
Friday,
910,000
on
823,000
Detroit,
Montreal
,
7,373,000
Co.,
&
7373000
By
Simonds
Baker,
Per cent.
1.793,000 8.952,000 4,311,000
Ft.William & Pt. Arthur 34,050,000
BondsPercent.
Bonds".5 4
555,000
372.000
991,000
6,878000
,
Other Canadian
$2.000 Baker, Keefer 1st mtge.6%
$8,000 United Arbedter Temple 1st
$560 lot
1937
$70 lot
6s,
°U.
dep
of
5,709,000
10.234,000
1931._
5
3,607,000
Sept.
48,301.000
Total
3,289,000 9,931.000 5,431,000 0,000 C. of D. Savoy Hotel 2d lot
Total Aug. 29 1931.-- 50,954,000
$10
mtge. 635s, ctf. of dep
3,952,000 8,259,000 18,380,000
Total Sept. 6 1930... 50,129,000
'Nor
SEPT. 12 1931.]
FINANCIAL CHRONICLE
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
Cen
When
Payable.
Books Closed.
Days Inatuive.
Railroads (Steam).
Belt RR. & Stk. Yds. of IndianapolisCommon and preferred (guar.)
575c. Oct. 1 *Holders of rec. Sept. 20
Chic. R. I. rk Pam., com.Dividend °mitt ed
Cincinnati Union Terminal, pref. (au.). *25c. Oct. 1 *Holders of rec.
Sept. 19
Dayton & Michigan, corn. (guar.)
417%a Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
*$1
Oct. 6 *Holders of rec. Sept. 15
European & North American
*2H Oct. 3 *Holders of rec. Sept. 12
Mahoning Coal RR., com. (guar.).„.• $12.50 Nov. 2 *Holders of
rec. Oct. 15
Maine Central, co m.-Drvideud omitted
Meadville Conneaut & Linesvllie
*$1
Oct. 1 *Holders of rec. Sept. 15
New York Central RR.(quar.)
1
Nov. 2 Holders
N.Y.New Haven & Hartford,com.(qr.) *1 Oct. 1 *Holders of rec. Oct. 2
of rec. Sept. 18
*ix Oct. 1
Preferred (guar.)
*Holders of rec. Sept. 18
Peterboro RR
*$1.75 Oct. 1 *Holders of rec. Sept.
25
Pittsb. Bessemer & Lake Erie com
75o. Oct. 1 Holders of rec. Sept. 15
Pitts!). Ft. Wayne dr Chic., com.(quar.) 11( Oct. 1 Holders of
rec.
Sept.
100
Preferred (guar.)
1X Oct. 6 Holders of rec. Sept. 10a
Rutland, preferred
*2
Oct. 15 *Holders of rim. Sept.25
Southern Hy.. pref.(guar.)
1% Oct. 15 Holders of rec. Sept. 21
M.& 0.stk. trust Ws
2
Oct. 1 Holders of rec. Sept. 150
Public Utilities.
American Community Power Co.
$6 first preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 19a
$6 Preference (guar.)
$1.50 Oct. 1 Holders
rec. Sept. 19a
Amer. & Foreign Power, $7 pt. (guar.) _ 411.75 Oct. 1 *Holders of
of rec. Sept. 18
$6 preferred (guar.)
*11.50 Oct. 1 *Holders of rec. Sept. 18
Amer. Power dr Light, $6 pref. (guar.)
$1.50 Oct. 1 Holders of roe. Sept. 18
$5 preferred (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 18
Appalachian Gas Corp., $7 pref. (qu.).. $1.75 Oct. 1 Holders of
rec. Sept. 19
Appalachian Elec. Power,$7 pref. (qr.). *$1.75 Oct. 1 *Holders
of roe. Sept. 8
$6 preferred (guar.)
*31.50 Oct. 1 'Holders of rec. Sept. 8
Birm. Electric Co.. $7 pref.(qu.)
*31.75 Oct. 1 'Holders of roe. Sept. 15
$6 preferred (guar.)
*81.50 Oct. 1 *Holders of rec. Sept. 15
Cairo Water. pref. (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 21
Calgary Power, coin. (quar.)
'13.6 Oct. 1 *Holders of rec. Sept. 15
Capital Tract.(Wash.,D.C.((guar.)
Oct. 1 Holders
31
roe. Sept. 14
Carolina Power & Light, $7 pref.(guar.) $1.75 Oct. 1 Holders of
of rec. Sept. 14
$6 preferred (quar.)_
$1.50 Oct. 1 Holders of rec. Sept. 14
Central Vermont Pub. Serv., com
Sept.30'Holders of rec. Sept. 15
"1
Chicago Dist. Elec. Generat'g,$6 pf.(qr) 411.50 Sept. 1 *Holders of
rec. Aug. 15
Cincinnati Gas dr Electric, pref. (guar.). *1% Oct. 1 *Holders of
rec.
Cincinnati & Suburban Bell Telep. (qr.) *11.13 Oct. 1 *Holders of rec. Sept. 15
Sept. 18
Clinton Water Works,7% pref. (qr.) _
Oct. 15 *Holders of rec. Oct. I
Commonwealth Water dr Light, 7% Pf.
(guar.)
*11( Oct. 1 *Holders of rec. Sept. 19
Cuban Telephone,(rem. (guar.)
Sept.30 Holders of rec. Sept. I5a
2
Preferred (guar.)
Sept.30 Holders of rec. Sept. 15a
Detroit Edison Co.(guar.)
2
Oct. 15 Holders of rec. Sept. 21
Duke Power, com.(guar.)
1% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1)( Oct. 1 Holders of rec. Sept. 15
Eastern N. J. Power,8% pref.(guar.)
*2
Oct. 1
7% preferred (quar.)
'134 Oct. 1
6% preferred (guar.)
*114 Oct. 1 *Holders of rec. Sept. 15
Florida Pow.& Lt., pref.(guar.)
4.1% Oct. 1 *Holders of
Sept. 17
Foreign Light dr Power,$6 pref.(guar.). 81.50 Oct. 1 Holders of rec.
rec. Sept. 20
*8 1.3134 Oct. 6
Germantown Pass Ry.(guar.)
Hawaiian Electric (monthly)
*15o. Sept.20 *Holders of rec. Sept.
Honolulu Gas (monthly)
*15o. Sept. 20'Holders of rec. Sept. 15
Indiana General Service. pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 15
9
Michigan
Indiana &
Elec. 7% pt. (qu.) *11( Oct. 1 *Holders of rec. Sept.
8
6% preferred (quar.)
'13.4 Oct. 1 *Holders of rec. Sept. 8
Inland Power & Light, pref. (quar.)
4.11( Oct. 1 *Holders of rec. Sept. 15
Iowa Ry. & Light, pref. A (guar.)
*11( Oct. 1 *Holders of rec. Sept.
Preferred B (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
15
Preferred C (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
Inter. Power, pref. (guar.)
411.75 Oct. 1 'Holders of rec. Sept. 15
Internat. Superpower (guar.)
25o. Oct. 1 Holders of rec. Sept. 18
Internat. Telco.& Teleg.(guar.)
25e. Oct. 15 Holders of rec.
Kansas Electric Power,7% pref. (qu.)__ *11( Oct. 1 *Holders of rec. Sept. 18
Sept.
6% preferred (guar.)
*1;§ Oct. 1 *Holders of rec. Sept. 15
15
Mackay Companies. pref. (guar.)
Oct. 1 Holders of rec. Sept. 18
1
Manhattan By..7% guar.(guar.)
134 Oct. 1 Holders of rec. Sept. 18
Marion Water Co.. pref. (guar.)
*IX Oct. I *Holders of rec.
Michigan Electric Power. 7% pref. (qu.) 4.11( Oct. 1 *Holders of rec. Sept. 21
Sept. 15
6% preferred (quar.)
'114 Oct. 1 *Holders of rec. Sept. 15
Midland Utilities 7% pr. lien (guar.)_
•13.1 Oct. 6 *Holders of rec. Sept. 22
6% prior len (guar.)
*134 Oct. 6 *Holders of rec. Sept. 22
7% preferred A (lum.)
'134 Oct. 6 *Holders of rec. Sept.22
6% preferred A (guar.)
4.1% Oct. 6 *Holders of rec.
Monongahela Valley Water, pref. (qu.). "134 Oct. 15 *Holders of rec. Sept 22
Oct. 1
Now Engl. Pub. Serv., com.(quar.)____
Sept. 30 Holders of rec. Sept.
Com.(payable in common stock)
f114 Sept.30 Holders of rec. Sept. 15
15
$7 preferred (guar.)
$1.75 Oct. 15 Holders of rec. Sept. 30
$6 preferred (guar.)
31.50 Oct. 15 Holders of rec. Sept. 30
30 cony. preferred (guar.)
31.50 Oct. 15 Holders of rec. Sept. 30
Adlustment preferred (guar.)
$1.75 Oct. 15 Holders of rec. Sept.30
New Jersey Water Co.. pref.(guar.).'134 Oct. 1 *Holders of rec.
North Continent Utilities. 6% pf. (cu.). 134 Oct. 1 Holders of rec. Sept. 21
Northern N. Y. Utilities, pref. (guar.)._ 11( Nov. 1 Holders of rec. Sept. 15
Oct. 10
Ottawa Lt., Ht. & Pow., from. (quar.)
134 Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Pao. Northwest Pub. Berv.. 2d pf. (qu.)
114 Sept. 1 Holders of rec.
Penna. Power Co.. $6.60 pref. (MtillY.). 55c. Oct. 1 Holders of rec. Aug. 15
Sept. 190
$6.60 preferred (monthly)
55e, Nov. 2 Holders of rec. Oct. 20a
$6.60 preferred (monthly)
55e Dec. 1 Holders of rec. Nov. 20a
$6 preferred (quar.)
$1.50 Deo. 1 Holders of rec. Nov. 20a
Penna. Power dr Light, $7 pref. (guar.). 31.75 Oct. 1 Holders of rec.
Sept. 15
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
5 preferred (guar.)
41.25 Oct. 1 *Holders of rec. Sept. 15
Peoples Gas Light & Coke (guar.)
*2
Oct. 17 *Holders of rec. Oct. 3
Porto Rico Power Co., Ltd., pref. (qu.)
11( Oct. 1 Holders of rec.
Richmond Water Works Corp., pf. (qu.) 411.50 Oct. 1 *Holders of rec. Sept. 15
Sept. 19
Ridge Ave. Pass. Hy.(guar.)
e$3
Oct. 1 *Holders of rec.
Rochester Telephone Corp., com. (qM.). •134 Oct. 1 *Holders of rec. Sept. 15
Sept.
*134 Oct. 1 *Holders of rec. Sept. 12
634% preferred (guar.)
Scranton Elec. $6 pref.(guar.)
"81.50 Oct. 1 'Holders of rec. Sept. 12
9
Shawinigan Water & Power (guar.)
*50a. Oct. 10 *Holders of rec. Sept. 24
Southwestern Gas dr Elec.8% pt.(qu.)
2. Oct. 1 Holders of rec.
15
Springfield Gas & Elec. pref. A (guar.)._ $1.75 Oct. 1 Holders of rec. Sept.
Sept. 15
r4 Oct. 1 *Holders of
Toledo Light & Power, prof. (gUar.)- --rec. Sept. 15
Twin States Gas & Elec.. corn. (guar.)._ 412 Sept.30 *Holders of rec. Sept. 15
*$1.25 Sept.30 *Holders of rec. Sept. 15
5% preferred (quar.)
Prior lien (quar.)
411.75 Oct. 1 *Holders of rec. Sept. 15
lYn.Lt.&Rys.(Del.)7% pr.pt.(mthly. )* 58.1-3c .Oct. 1 'Holders of rec. Sept.
15
413e. Oct. 1 *Holders of rec. Sept. 15
6.30% prior pref. (monthly)
*500. Oct. 1 *Holders of rec. Sept. 15
6% prior pref. (monthly)
$1.50 Oct. 1 Holders of rec. Sept. 15
United Pub. Util.$6 pref.(qu.)
$1 7-16 Oct. 1 Holders of rec. Sept. 15
$5.75 preferred (guar.)
Washington Gas & Elec., 7% pf. (qu.)_.. •11( Oct. 1 *Holders of rec. Sept. 15
2
Oct. 15 Holders of rec. Sept. 25
Western Union Telegraph (guar.)
*134 Oct. 1 *Holders of roe. Sept. 16
Western Un. G.& E.634% pf.(gu.)
4.134 Oct. 1 *Holders of rec. Sept. 16
6% preferred (guar.)
.1134 Oct. 15 *Holders of rec. Oct. 1
Wichita Water, 7% pref. (guar.)
Banks.
50e. Oct. 1 Holders of rec. Sept. 19
Bank of America, N. A.(guar.)
6
Oct. 1 Holders of rec. Sept.30
Fifth Avenue (quar.)
*134
134
Name of Company.
1727
Per
When
Cent. Payable.
Banks(Concluded).
First National (quar.)
'25 Oct.
Manhattan Company
Oct.
$1
Trust Companies.
Bank of N.Y.6r Tr. Co.(guar.)
'43.6 Oct.
Bronx County (guar.)
4.25c. Oct.
Chemical Bank & Trust Co.(guar.)...45c. Oct.
Fire Insurance.
Amer. Salanuindra Corp. (guar.)
Hanover Fire (quar.)
Books Closed.
Days Inclusive.
1 *Holders of rec. Sept.250
1 Holders of rec. Sept.150
1 *Holders of rec. Sept. 18
1 *Holders of rec. Sept. 19
1 Holders of rec. Sept. 15
50c. Oct. 1 Holders of rec. Sept. 21
40e. Oct. 1 Sept. 16 to Sept. 30
Miscellaneous.
Addressograph-Multigraph Corp.,
Common (guar.)
4150. Oct. 10 *Holders of rec. Sept. 21
Aetna Casualty & Surety (quar.)
*40c. Oct. 1 *Holders of rec. Sept.
Affiliated Priducts (quar.)
40c. Oct. 1 Holders of rec. Sept.18
Air Reduction (guar.)
75c. Oct. 31 Holders of rec. Sept.30
Extra
$1.50 Oct. 31 Holders of rec. Sept. 30
Airway Elea. Appliance, pref.-Dividend omitte d.
Aluminum Goods Mfg
30e. Oct. 1 Sept.20 to Sept.:10
Amer. Car & Foundry, COM.(guar.).25c. Oct. 1 Holders of rec. Sept. 18
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 18
Amerir an Corporation
15e. Oct. 1 Holders of rec. Sept.21a
Am. Elec. Securities, pref. (bi-mthly.)-- "250. Oct. 1 *Holders of rec. Sept. 15
Preferred (extra)
•10c. Oct. 1 *Holders of rec. Sept. 15
Amer.Fork & Hoe, corn (quar.)
*25c. Oct. 1 *Holders of rec. Sept. 18
6% preferred (quar.)
*154 Oct. 15 *Holders of rec. Oct. 5
Amer. Maize Products, corn.(guar.)---- *50c. Sept.30 *Holders of rec. Sept.18
Preferred (quar.)
*154 Sept.30 *Holders of rec. Sept. 18
American Manufacturing, pref. (quar.) *13.4 Oct. 1 *Holders of rec. Sept. 15
Amer. Optical. let pref.(guar.)
*134 Oct. 1 *Holders of rec. Sept. 19
Am. Rolling Nfill, 6% pref. (guar.)
*134 Oct. 15 *Holders of rec. Sept. 30
Preferred B (quar.)
•134 Oct. 1 *Holders of rec. Sept. 15
Amer.Thermos Bottle, pref.(quar.)
*8734c Oct. 1 *Holders of rec. Sept. 19
American Wringer (quar.)
41714e Oct. 1 "Holders of rec. Sept. 15
Anchor Cap Corp.. corn. (guar.)
600. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
31.625 Oct. 1 Holders of roe. Sept. 20
Andover Realty. pref. (guar.)
*154 Oct. 1 *Holders of rec. Sept. 20
Apponaug Co.. 634% prof. (quar.)
•114 Oct. 1 *Holders of rec. Sept. 15
Associated Oil-Dividend passed.
Auburn Automobile (guar.)
31
Oct. 1 Holders of rec. Sept. 19
Stock dividend
f2
Oct. 1 Holders of rec. Sept. 19
Axton-Fisher Tobacco, corn. A (quar.).. •800. Oct. 1 *Holders of rec. Sept. 15
*13..6 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Backstay Welt Co.,com.-Dividend oml tted
Baltimore Brick, pref
412
Sept.28 *Holders of rec. Sept.18
Baneohlo Corp.(quar.)
*35c. Oct. 1 *Holders of rec. Sept.21
Barker Bros. Corp., 634% pref. (guar.)- *134 Oct. 1 *Holders of rec. Sept. 16
Boston Personal Property Trust (quar.)_
250. Sept.30 Holders of rec. Sept. 15
Briggs & Stratton Corp., com. (quar.)
*50a. Sept.30 *Holders of roe. Sept. 19
Broad Street Investing (quar.)
30c. Oct. 1 Holders of rec. Sept. 15
Burco, Inc.,6% pref.(guar.)
75c. Oct. 1 Holders of rec. Sept. 21
Burt (F. N.) Co., corn. (guar.)
•750. Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
•114 Oct. 1 *Holders of rec. Sept. 15
Calamba Sugar Estates, corn.(guar.)._ •40e. Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
*35c. Oct. 1 *Holdere of rec. Sept.15
Canadian Canners. Ltd., com. (guar.).- 1214c Oct. 1 Holders of rec. Sept. 15
Convertible pref. (quar.)
20e. Oct. 1 Holders of rec. Sept. 15
First preferred (quer.,
134 Oct. 1 Holders of rec. Sept. 15
Canadian Foreign Investment, pref
*4
Sept.10'Holders of rec. Sept. 5
Capital Administration, pref. (quar.)--75o. Oct. 1 Holders of rec. Sept. 15
*2
Carey (Philip) Mfg., corn. (guar.,
Sept. 15 'Holders of roe. Sept. 10
Preferred (guar.)
Sept. 30 *Holders of rec. Sept. 21
Celanese Corp. of Amer., prior pt. (qu.)_
134 Oct. 1 Holders of rec. Sept. 18
Central Aguirre Associates (guar.)
3714c Oct. 1 Holders of rec. Sept. 21
Central Canada Loan & Savings (gu.)._
3
Oct. 1 Sept. 16 to Sept. 30
Chain Store Products, pref. (guar.)... _ •37140 Oct. 1 *Holders of roe. Sept. 19
Chicago Daily News, pref.-Dividend o mitted
Chicago Trans!. & Clearing 6% pt. (qu.)
i '134 Oct. 1 'Holders of rec. Sept. 15
Cities Service, bankers shares
15.210 Oct. 1 *Holders of rec. Sept. 15
Clark (D. L.) & Co. (guar.)
411 Sic Oct. 1 *Holders of rec. Sept. 15
Cmude Neon Electrical Prod., corn.(qu.) •400. Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
415e. Oct. 1 *Holders of rec. Sept. 2(1
Claude Neon Gen. Adver.. pref.
_ •1,4 Sept. 15 *Holders of rec. Aug. 31
Clinton Title & Mtge.Guaranty Co
*20c. Oct. 1 *Holders of rec. Sept.21
Extra
•20c. Oct. 1 'Holders of rec. Sept. 21
Cruett Peabody & Co., pref.(guar.).- - '134 Oct. 1 *Holders of rec. Sept. 19
Colgate-Palmolive-Peet Co.. com.(cu.). 62140. Oct. 21 Holders of rec. Oct. 6
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
134 In 1'32 Holders of rec. Dec. 10
Columbia Invest. Corp., com. & pref.- Divide nd omit ted.
Columbia Pictures Corp. (guar.)
181(0 Oct. 2 Holders of rec. Sept.21
Community State Corp., class B
.41214c Sept. 30 *Holders of rec. Sept.23
Congress Cigar (guar.)
415c. Sept.30 "Holders of rec. Sept. 14
Connecticut Gas & Coke, com.(guar.)._ *20e. Oct. 1 'Holders of rec. Sept.15
Preferred (guar.)
•75c. Oct. 1 'Holders of rec. Sept. 15
Consolidated Cigar Corp.. corn. (guar.). *31.25 Oct. 1 *Holders of rec. Sept.20
Consolidated Film Indus.Inc., pf.(g11.). *50c. Oct. I *Holders of rec. Sept.21
Consol. Gold Fields of So. Africa, 2d pfd. Divide nd omit ted.
Continental Casualty (guar.)
*400. Oct. 1 'Holders of rec. Sept. 15
Continental-Diamond Fibre, com.-Divi dend o mitted.
Cooper Bessemer Corp., pref.-Dividend omitt ed.
Courier Post Co.,com.(quar.)
Oct. 1 *Holders of rec. Sept.15
"2
Preferred (guar.)
'13.4 Oct. 1 *Holders of rec. Sept.15
Crowley Milner Co. (guar.)
415c. Sept.60 *Holders of rec. Sept. 10
Dairy Corp.of Canada6% pref.(qtr.).-. *114 Oct. 1 *Holders of rec. Sept.15
Delsel-Wemmer-Gilbert Corp.com.(gu.) •250. Sept. 15 *Holders of rec. Sept.10
Dennison Mfg.,class A (quar.)
1714• Sept.80 Holders of rec. Sept.19
Deposited Dank Shares(N.Y..) ser. A' 11.950 Oct. 1 *Holders of rec. Sept. 1
Detroit Bankers Co. (guar.)......
*Su. Sept.80 *Holders of rec. Sept. 20
Raynolds,
Devoe &
cl. A & B (quar.)____ 'Me.Oct. 1 *Holders of rec. Sept. 19
First and second pref.(guar.,
4.134 Oct. 1 *Holders of rec. Sept. 19
Dewier Die-Casting, 7% pref. (guar.)... 8734e. Oct. 1 Holders of rec. Sept. 21
$7 cumulative preference (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 21
Diamond Shoe,corn.(guar.)
.437.14c Oct. 1 *Holders of rec. Sept. 21
614% preferred (guar.)
•114 Oct. 1 *Holders of rec. Sept.21
Dom.Foundry & Steel pref.(guar.)_ _
*114 Sept. 15
Dominion Glass, com.& pref.(guar.)._ 4.134 Oct. 1 *Holders of rec. Sept. 15
Dominion Motors (No. 1)
200. Oct. 5 Holders of rec. Sept. 18
Dominion Stores, Ltd.(quar)
300. Oct. 1 Holders of rec. Sept. 15
Dutterin Paving & Crushed StoneFirst preferred (guar.)
13.4 Oct. 1 Holders of rec. Sept. 18
Dunean Mills, pref.(guar.)
•114 Oct. 1 *Holders of rec. Sept.21
Durham Duplex Razor, prior pref.-Divi dend o mitted.
Early & Daniel,com.(guar.)
*50c. Sept. 30 *Holders of rec. Sept. 19
Preferred (guar.)
'134 Sept. 30 *Holders of rec. Sept.19
Eastern Steamship, common (guar.)---..437340 Oct. I *Holders of rec. Sept. 18
First preferred (guar.)
"114 Oct. 1'Holders of rec. Sept. 18
No-par preferred (guar.)
•87340 Oct. 1 *Holders of rec. Sept. 18
Edison Bros. Stores, Inc., corn.(guar.)._ 12140 July 20 Holders of rec. June 30
Edmonton City Dalry. pref. (guar.).- 134 Oct. 1 Holders of rec. Sept. 15
Electric Auto-Lite, com.(quar.)
Oct. 1 *Holders of rec. Sept. 23
411
Preferred (guar.)
.134 Oct. 1 *Holders of rec. Sept.23
Electric Storage Battery, corn. dr pf.(qu.) $1
Oct. 1 Holders of rec. Sept.21
Emerson Electric Co., pref. (guar.)
13.4 Oct. 1 Holders of rec. Sept. 20
Empire Safe Deposit Co.(Van)
214 Sept.29 Holders of rec. Sept.22a
Endicott Johnson Corp., com. (guar.)._
75c Oct. 1 Holders of rec. Sept. 19
Preferred (quar.),
134 Oct. 1 Holders of rec. Sept. 19
Fairmount Creamery, common (guar.)._ *40c Oct. 1 *Holders of rec. Sept.
20
Preferred (quar.)
* $1.625 Oct. 1 *Holders of rec. Sept. 20
Fanny Farmer Candy Shops,corn.(qu.).
25e Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
600 Oct. 1 Holders of rec. Sept. 15
Fear (Fred) & Co.. corn.(guar.)
214 Sept. 15
Federal Bake Shops,7% pref.(guar.)... '134 Oct. 1 *Holders of rec. Sept. 8
Deposit
of
Fidelity &
Md.(guar.)
*234 Sept.30 *Holders of rec. Sept.17
Fifth Avenue Bus Securities
16c Sept.29 Holders of rec, Sept,15
Finance Co. of Amer. corn. A&B ((lu.)
•20c Oct. 15 *Holders of rec. Oct. IS
7% preferred (guar.)
"435( Oct. 1 *Holders of rec. Oct. 5
7% preferred A (guar.)
4935(c Oct. 15 *Holders of rec. Oct.
5
First State Pawners Society (guar.)
'134 Sept.30 *Holders of rec. Sept.19
Fisher Flour Mills. Prof.(guar.)
'134 Oct. 1 *Holders of rec. Sept. 15
1728
Name of Company.
[Vol,. 133.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Boas Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Iselustoe.
Miscellaneous(Concluded).
Miscellaneous (Continued).
R10 Tinto Co., Ltd., corn. (interim)-Di vidend omitte d.
*6234c Oct. 1 *Holders of reo. Sept. 19
First National Storm, cons. (quar.)
*37he Oct. 1 *Holders of ree. Sept. 21
Ritter Dental Mtg.,corn.(guar.)
*134 Oct. 1 *Holders of rec. Sept. 19
First preferred (guar.)
"$1.75 Oct. 1 *Holders of rec. Sept.21
Preferred (quar,)
Oct. 1 *Holders of rec. Sept. 19
*2
8% preferred (guar.)
50o. Oct. 1 Holders of rec. Sept. 12
Riverside
15
Silk Mills, cl. A (guar.)
Flatbush invest. Corp., corn. (quar.)___ *134 Sept.30 *Holders of rec. Sept.
3734c. Oct. 1 Holders of rec. Sept. 15
(quar.)
Co.
Cone
Cons.
Robinson
15
Sept.
rec.
of
*Holders
1
Oct.
*500.
(guar.)
Formica Insulation
Oct. 1 *Holders of rec. Sept.20
*30c.
corn.
(guar.)
Tool.
de
Gear
15
ROS8
Sept.
rec.
of
•10. Oct. 1 *Holders
Ft. Collins Consol. Royalty (quar.)
Safety Car Heat & Ltg.-No action take 0.
134 Oct. 1 Holders of rec. Sept. 15
Freiman (A. J.) Ltd., pref. (guar.)
15c. Oct. 1 Holders of reo. Sept. 16
corn.
(guar.)
Paper,
Regis
19
St.
Sept.
rec.
of
*Holders
1
Oct.
•8734c
Freuhauf Trailer. pref. A (guar.)
131 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
•50e. SePt.15 *Holders of rec. Sept. 14
Galveston Wharf (monthly)
•25e. Oct. 1 *Holders of rec. Sept. 19
Sangamon Elec. Co., corn.(quar.)
*20c. Oct. 1 *Holders of rec. Sept.20
Gardner Denver Co.,corn.(guar.)
*1St
Oct. 1 *Holders of rec. Sept. 19
(guar.)
20
Preferred
Oct.
rec.
of
*Holders
1
Nov.
*154
Preferred (guar.)
500. Sept. 15 Holders of rec. Aug. 31
&shift Company, cons. (quar.)
150. Oct. 1 Holders of rec. Sept. 30
Gary (Theodore)& Co.. corn.(quar.)--134 Sept. 15 Holders of rec. Aug. 31
16
(guar.)
Preferred
Sept.
rec.
of
Holders
1
Oct.
40o.
Preferred (guar.)
SchumacherWall Board,com.-Dividend °mitt ed.
500. Oct. 1 Holders of rec. Sept. 19
General Baking, common (guar.)
•50c. Nov. 15 *Holders of reo. Nov. 5
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 19
$2
Preferred (guar.)
Selected Indus. (full paid allot offs.) * 31.375 Oct. 1 *Holders of reo. Sept.15
action
taken.
pref.-No
General Steel Caetings,
sed.
&
A
issa
cf.
10
Serv.
Sept.
Sta..Ltd.,
B-Divilend
rec.
Sept.21 *Holders of
*51
Glen Alden Coal (guar.)
Sherwin-Williams Co. of Can., com.(qu.) 400 Sept.30 Holders of roe. Sept. 15
134 Oct. 1 Holders of rec. Sept. 18
Glidden Co., prior preferred (quar.)-134 Sept.30 Holders of reo. Sept. 15
Preferred (guar.)
Goodrich (B.F.) Co.-Pref.October WA dend d eferred
*234 Sept.30 *Holders of rec. Sept. 10
15
Singer Manufacturing (guar.)
Goodyear Tire & Rubber, corn. (quar.)_ $1.25 Oct. 1 Holders of rec. Sept.
Sept.30 *Holders of reo. Sept. 10
*1
15
Extra
Sept.
rec.
of
Holders
1
Oct.
134
Preferred (guar.)
Oct. 1 *Holders of reo. Sept. 19
Slattery (E. T.) Co., pref.(guar.)
Oct. 1 *Holders of rec. Sept. 19
*31
Goluds Pumps, corn. (quar.)
'27 he Sept.30 *Holders of rec. Sept.19
Square D Co., pref. A
*134 Oct. 1 *Holders of rec. Sept. 19
Preferred (guar.)
Oct. 1 *Holders of rm.Sept. 19
State Theatre (Boston) pref. (guar.).- "2
Sept.30 *Holders of rec. Sept. 15
*51
Group No. 1 Oil (guar.)
Strawbridge & Clothier,7% pf.(quar.)-- '13( Oct. 1 *Holders of reo. Sept. 15
Guenther (Rudolph) Russell Law (qu.). 25o. Oct. 1 Holders of rec. Sept. 19
'6234c Oct. 15 *Holders of roe. Oct. 5
Superheater Corp. (quar.)
*50e. Oct. 1 *Holders of rec. Sept. 15
Gurd (Chas.) az Co.,corn.(quar.)
25e Oct. 1 Holders of me. Sept. 15
Supertest Petroleum, corn. & ordinary...
•131 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred A (guar.)
'37,40 Oct. 1 'Holders of rec. Sept. 20
Gulf Oil Corp. (guar.)
3734c Oct. 1 Holders of reo. Sept. 15
Preferred B (guar.)
Hahn Dept. Stores, Inc., pref. (quar.)-- 131 Oct. 1 Holders of rec. Sept. 21
"56Sic Sept.30 *Holders of roe. Sept. 15
Taylor ColquItt, com. (guar.)
50o. Oct. 1 Holders of roe. Sept. 15
Hamilton Cotton Co., pref.(guar.)
))1% Oct. 1 *Holders of rec. Sept. 27
Preferred (guar.)
Harbauer Company,common (quar.)._. .25e. Oct. 1 *Holders of rec. Sept. 23
"134 Oct. 1 *Holders of rec. Sept. 15
(quar.)
Taggart
23
Co.,
Sept.
pref.
rec.
of
*Holders
1
Oct.
Preferred (guar.)
•134
(quar.)
62340 Oct. 1 Holders of rec. Sept. 10
Milling,
corn.
Taylor
Sept. 1 Holders of rec. Aug. 31
Harriman Investors Fund,Inc.(quar.)._ 31
•200 Oct. 1 *Holders of rec. Sept. 20
Telep. Invest. Corp. (monthly)
•200. Sept.30 *Holders of rec. Aug. 25
Hawaiian Canneries(monthly)
250 Sept. 30 Holders of rec. Sept. 15
(quar.)
Land
dc
Oil
19
Texon
Sept.
rec.
of
*Holders
*50c. Sept.25
Homestake Mining (monthly)
*25e Oct. 1 *Holders of rec. Sept.23
Thompson (J. R.) Co. (guar.)
Sept. 25 *Holders of rec. Sept. 19
*31
Extra
Oct. 1 *Holders of ree. Sept. 20
*30c
(quar.).
corn.
Inc.,
Products,
Thompson
19
Sept.
rec.
of
s
19'Holder
Oct.
Phila.
*51.75
(qu.).
Baking,
Horn & Hardart
Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
Household Finance Corp.,oom.A&B(qu) 90c. Oct. 15 Holders of rec. Sept. 30
•1% Oct. 1 *Holders of reo. Sept.21
Tide Water Assoc. 011, Prof.(guar.).Oct. 15 Holders of rec. Sept. 30
Corn. A (payable in common A stock) e6
omitted
com.-Dividend
Water
Oil,
Tide
30
Sept.
roe.
of
Holders
Oct. 16
Corn. B (payable in common B stock) e6
Oct. 1 Sept. 17 to Sept.29
Toronto General Trusts Corp.(guar.)...
$1.05 Oct. 15 Holders of rec. Sept. 30
Participating preferred (guar.)
31.50 Oct. 1 Holders of roe. Sept. 15
Toronto Mortgage(guar.)
•434 Sept.15 *Holders of rec. Aug. 22
Illinois Pipe Line
Oct. 1 *Holders of roe. Sept. 17
•750,
21
Sept.
Torrington
rec.
Co.
(guar.)
Oct. 1 *Holders of
*31
Industrial Rayon (guar.)
Sept. 1
Traders 011 Mill Co.(quar.)
100. Sept. 15 Holders of rec. Aug. 31
In.suranshares Certificates, Inc. (cillar.)dend
o
mitted.
Corp.,
pref.-Divi
Trading
-National
15
Tr
Sept.
reo.
of
Holders
1
Oct.
Internat. Button Hole Sew. Mach.(gm) 200.
.500 Oct. 1 *Holders of rec. Sept. 20
Troy Sunshade (guar.)
1234c Oct. 1 Holders of roe. Sept. 21
International Carriers, Ltd
United Loan Corp. (Bklyn.) (guar.) -- - *31.25 Oct. 1 *Holders of rm. Sept. 21
Oct. 1 *Holdets of rec. Sept. 25
Internat. Canucotton Prod., corn.(qu.)_ *31
'62340 Oct. 5 *Holders of rec. Sept. 15
United Shoe Machinery, corn.(guar.)
•$1.50 Oct. 1 *Holders of rec. Sept.25
First preferred (guar.)
Oct. 5 *Holders of rec. Sept. 15
*31
Common (extra)
Oct. 15 Holders of reo. Sept. 25a
$1
International Match, corn. (quar.)
'37340 Oct. 5 *Holders of rec. Sept. 15
25a
(guar.)
Sept.
roe.
Preferred
of
Holders
15
Oct.
31
Participating preference (guar.)
Nov. 1 *Holders of rec. Oct. 13
41.50
pref.
lot
(an.)..
Secure.,
21
Foreign
Sept.
dc
U.S.
*50c. Sept.30 *Holders of roe.
Interstate Dept. Stores (quar.)
•134 Oct. 1 'Holders of rec. Sept. 15
Universal Crane, pref. (quar.)
Oct. 1 *Holders of rec. Sept.15
*2
Intertype Corp., 1st pref.(guar.)
1 *Holders of rec. Sept. 19
Oct.
*2
pref.
1st
(guar.)
10
Pictures,
Sept.
Universal
rec.
of
'Holders
15
Sept.
*150.
Investment Fund of N. J. (guar.)
Oct. 1 *Holders of rm. Sept. 15
Upressit Metal Cap Corp.. prof. (guar.) "51
Investment Corp. (R. I.)*31.50 Sept. 30 *Holders of rec. Sept. 18
Utah Copper Co. (guar.)
First, second and convertible preferred •31.50 Oct. 1 'Holders of rec. Sept. 19
"20e. Sept. 30 *Holders of reo. Sept. 15
Waitt as Bond Co., class 13 (guar.)
*25c. Oct. 1 *Holders of ree. Sept. 16
Irving Air Chute (guar.)
Warren Bros., com.-Dividend omitted
•25e. Oct. 1 *Holders of rec. Sept. 15
Jefferson Electric Co.(guar.)
•25e. Oct. 1 *Holders of reo. Sept.21
(guar.)
preferred
First
omitted.
idend
Kalamazoo Stove-Div
*2 1-13e. Oct. 1 *Holders of rec. Sept. 21
Second preferred (guar.)
26e. Oct. 1 Holders of roe. Sept. 18
Kennecott Copper Corp. (guar.)
*75e. Oct. 1 *Holders of rec. Sept. 21
Convertible Preferred (guar.)
*1.3.1 Oct. 1 *Holders of rec. Sept. 15
Knight-Campbell Music. pref. (quar.)
*31.50 Got. 5 *Holders of rec. Sept. 25
West Coast Oil, pref. (quar.)
Oct. 1 Holders of rec. Sept. 21
3
Lawyers Title & Guaranty (quar.)
Oct. 1 Holders of rm. Sept. 21
51
oom.(qu)
Co.,
Spgs.
Mineral
15
White Rock
*250. Oct. 1 'Holders of rec. Sept.
Lenolt National Security, A az B (qu.)134 Oct. 1 Holders of reo. Sept. 21
First preferred (quar.)
*35c. Oct. 1 *Holders of rec. Sept. 15
7% preferred (guar.)
Oct. 1 Holders of rec. Sept. 21
$5
(guar.)
1
preferred
Sept.
Second
rec.
of
*Holders
15
Sept.
•200.
Leslie-California Salt (guar.)
*10c. Oct. 1 *Holders of roe. Sept. 15
Wolverine Tube (guar.)
75e. Sept. 30 Holders of rec. Sept. 19
Loew's Inc., corn. (quar.)
*25c. Oct. 1 *Holders of reo. Sept.21
el. A (quer.)
Edwards,
dc
Woodruff
19
of
Septrec.
*Holders
1
Oct.
*134
Linde Air Products (guar))
Worumba Manufacturing, pref.-Divide nd om tted.
*134 Oct. 1 *Holders of rec. Sept. 20
Lit Brothers, 6% pref. (guar.)
Young (L. A.) Spring & Wire (guar.).- •50c. Oct. 1 "Holders of roe. Sept. 19
•75e. Sept. 30'Holders of rec. Sept.21
MaeBeth Evans Glass (guar.)
Sheet & Tube,com.-Dlvid end om Med.
30
Youngstown
Sept.
rec.
of
*Holders
15
Oct.
.134
4
(quar.)
pref.
MoCols Fronton= Oil.
•14.4 Oct. 1'Holders of rec. Sept. 14
Preferred A (quar.)
Oct. 1 *Holders of rec. Sept. 15
Mead Johnson dc Co.(guar.)
*50o. Oct. 1 *Holders of rec. Sept. 15
Extra
Corp.
Merchants & Mfrs. Securities
•20e. Oct. 1 *Holders of rec. Sept. 15
Class A (guar.)
'8734c Oct. 15 *Holders of rec. Oct. 1
does not
Prior preferred (quar.)
Oct. 1 Holders of rm. Sept. 17
2
Merck Corporation. pref.(guar.)
Jan2'32 Holders of rec. Dec. 17
2
Preferred (guar.)
)01.3( Oct. 1 'Holders of rec. Sept. 15
Metropolitan Ice. pref.(guar.)
•30e. Oct. 1 *Holders of rec. Sept. 15
Preferred (extra)
Books Closed.
When
Nov. 5
Per
Meyer-Blanke Co., common (guar.).- •15c. Nov. 15 *Holders of rec. Sept.
Days Inclusive.
Cent. Payable.
18
Name of Company.
Oct. 1 *Holders of rec.
*141
imPreferred (guar.)
*750. Oct. 1 *Holders of rec. Sept. 23
Micilabd Steel Products, corn.(guar.)
Railroads (Steam).
Oct. 1 *Holders of rec. Sept. 23
*2
8% preferred (quar.)
Oct. 1 Holders of ree. Sept. lla
3
Sept. 23
Alabama & Vicksburg
Non-cumulative preferred (quar.)---- •50c. Oct. 1 *Holders of rec.
880. Oct. 1 Holders of rec. Aug. 316
roe. Sept. 16
Bangor & Aroostook, corn.(guar.)
Mitchell (J. S.) & Co., pref.(quar.).. •134 Oct. 1 *Holders of
Oct. 1 Holders of roe. Aug. 316
154
15
Sept.
of
roe.
*Holders
1
Oct.
Preferred
"134
(guar))
Ino.,pf.(qu.)
Mock, Judson. Voehringer,
500. Oct. 1 Holders of rm. Sept. 15a
Beech Creek (guar.)
Model Oils, Ltd.-Dividend omitted.
14
Am .ohs., prof_ 454.12 Sept.22 Holders of rec. Sept.156
Rys.,
Sept.
rec.
of
National
Belgian
"Holders
1
Oct.
•8734e
(guar.)
pref.
Monroe Chemical.
2
Sept.30 Holders of reo. Aug. 31
Boston & Albany ((Mar.)
Oct. 1 *Holders of reo. Oct. 1
Moore(Wm.R.) Dry Goods (quar.)....•32
Sept. 12
Boston az Maine,7% prior pref.(guar.). 141 Oct. 1 Holders of rec. Sept.
•134 Sept.30 *Holders of rec. Sept. 20
Morris Finance, class A (guar.)
12
131 Oct. 1 Holders of rec.
Sept.20
A (guar.)
class
reo.
of
preferred
*Holders
First
30
Sept.
Sic
*27
Class B (guar.)
12
Sept.
rm.
of
Holders
1
Oct.
2
(quar.)
20
Sept.
B
class
rec.
of
preferred
First
"134 Sept.30 *Holders
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 12
rec. Sept. 21
elms C (guar.)
of
preferred
First
Holders
1
Oct.
1).
4334c
(No.
A
class
Consol.,
Morris (Philip)
234 Oct. 1 Holders of coo. Sept. 12
First preferred class D (quar,)
Oct. 1 *Holders of rec. Sept. 28
MorrisPlan Bank (Hartford) (quar.)_. *2
lh Oct. 1 Holders of roe. Sept.12
First preferred class E (quer.)
Sept.30 *Holders of rm. Sept. 19
Morris Plan Bank (New Haven)(guar.). *2
134 OM. 1 Holders of rm. Sept.12
15
Sept.
rec.
(guar.)
of
preferred
6%
Holders
2
Oct.
(au.)
1234e
corn.
Morristown Securities Corp.,
334 001. 1 Holders of rec. Sept. 19
Boston & Providence (guar.)
Oct. 1 *Holders of rec. Sept. 25
Mortgage Guar. (Los Angeles) (quar.)-- *32
Canadian Pacific. ordinary (euar.)-... 31 Mc. Oct. 1 Holders of rec. Sept. 1
50c. Oct. 1 Holders of rm. Sept. 21
Motor Products Corp., common
Oct. 1 Holders) of rec. Sept. 1
2
Preference
•75e. Sept. 30'Holders of rec. Sept. 15
Mosta Co.,class A (quar.)
The. Oct. 1 Holders of roe. Sept. 83
22
Sept.
Chesapeake Corp., common (quar,)
Sept. 2 *Holders of rec.
Murphy (G. C.) Co.,8% pref.(quar.)-- *2
- 62340004. 1 Holders ol reo. Sept. 86
17
(MAO
Sept.
common
rec.
Ohio,
of
&
*Hostlers
Chesapeake
28
Sept.
•134
(qu.)pref.
Mutual Chemical of Amer.,
•334 Jan 1'32 *Holders of reo. Dec. 8
Preferred
55c. Oct. 1 Holders of roe. Sept. 15
National Battery Co., pref. (guar.)
19
Cincinnati Union Terminal, prof.(am.).. '13, Oct. 1 *Holders of rec. Sept.
*500. Oct. 1 *Holders of rec. Sept. 12
National Candy, eons. (quar.)..
*1St Jan.1'82 *Holders of rec. Deo. 19
12
Sept.
rec.
of
(oliar.).
Preferred
*Holders
1
Oct.
*134
First and second pref. (guar.)
10a
Sept.
rec.
of
1
134
((in.)._
Holders
Oct.
pref.
18
Sept.
Cubs.
reo.
Consolidated RRe.of
134 Sept.30 Holders of
National Licorice, pref. (quar.)
234 Sept.21 Holders of roe. Aug. 280
of rec. Sept. 20
Delaware & HUCISOn Co.(altar.)
Nations., Oil Products, 37 Pref.(WO --- •51.75 Oct. 1 *Holders of
234 Oct. 15 Holders of rec. Oct. 1
rec. Sept. 19
Georgia RR.& Banking (guar.)
334 Oct. 1 Holders
National Trust (Toronto) (quar.)
234 Jan16.32 Holders of rm. Jan. 1
15
Sept.
of rec.
Quarterly
Nehl Corporation, 1st pref. (guar.) --*5 1.3134Oct. 1 *Holders of roe. Sept. 18
Oct. 1 *Holders of me. Sept. 9
•1
(guar.)
J.
N.
of
*Holders
Lackawanna
30
Sept.
.200.
Nevada Consolidated Copper (guar.).51.25
16
Oct. 1 Holders of roc. Sept. 126
Oct.
rm.
of
Lehigh Vallee. preferred (guar.)
Newberry (J.J.)Rity. Co.634% pf.(gtO '134 Nov. 1 *Holders
134 Sept. 30 Holders of rec. Sept. be
prof. A WO
rec. Oct. 16
as,
of
Missouri-Kansas-Tex
*Holders
1
Nov.
*134
6% preferred (quar.)
134
Oct. 1 Holders of rec. Sept. 143
16
'Sept.
rec.
(guar.)
of
preferred
Missouri
Pacific.
*Holders
1
N.Y.Depositor Corp. N.Y.C.Bk.stks. *400. Oct.
Sept. 15
of rec. Sept. 20
N. Y. Lackawanna & Western (quar.)-- 134 Oct. 1 Holders of rec.
Noblitt Sparks Indus., Inc. eons. (guar.) *75c. Oct. 9 *Holders
234 Sept.19 Holders of roe. Aug. 310
20
Sept.
(qua?.)
rec.
of
coin.
*Holders
az
Western,
Norfolk
1
Oct.
!TIM
_
_
_
Corn. (payable in common stook)
Sept. 12
rec.
of
*Holders
1
•134
19
Oct.
Sept.
rec.
of
*Holders
Old Colony (guar.)
•45o. Oct. 1
Northwest Bancorp (guar.)
200 1%14.15 Holders of tee. Aug. 140
Pennroad Corp
Sept. 15 *Holders of rec. Sept. 12
*3
Northwestern Yeast (quar.)
reo. Sept,15
of
1
Oct.
*Holders
19
.750.
Sept.
cons
Erie.
rec.
Lake
of
&
Holders
Bessemer
Pittsb.
1
Oct.
Novaclel-Agene Corp., corn. (quar.).--- $1
rgle. Oct. 8 Holders of roe. Sept. 170
Reading Company,second pref.(guar.).
134 Oct. 1 Holders of rec. Sept. 19
3eePreferred (guar.)
75c. Sept.15 Sept. 10 to Sept. 15
5
St. Joseph South Bend az Sou.. corn__
•100. Sept. 15 *Holders of roe. Sept. 16
Ohio Electric MU..COM.(guar.)
Sept. 15 Sept. 10 to Sept. 15
Sept.
234
ree.
of
Preferred
134 Oct. 1 Holders
Orange Crush Ltd.. pref. (guar.)
Ocrt. la
rec. Sept. 10
Rt. Louts-San Frandsco,6% prof.(qu.). 134 Noy. 2 Holders of rec.
Pacific Freight Lines. pref. A (quar.)-__ 4334e. Oct. 1 Holders of
19
Oct. 1 Holders of recs. Aug. 284
134
Sept.
rec.
of
(guar.)
Holders
Co.
Pacific
Southern
Oct.1
$1.25
Page Hershey Tubes,cons.(quar.)
Sept.140
reo.
of
Holders
30
19
Sept.
Sept.
134
rec.
(quar.)...
Texas & Pacific, corn. & pref.
134 Oct. 1 Holders of
Preferred (guar.)
234 Oct. 1 Holders of rm. Sept. la
Union Pacific. common (qua?.)
500. Oct. 1 Holders of rec. Sept. 18
Perfect Circle Co.. corn. (guar.)
Sept. la
roe.
of
Holders
18
1
Oct.
Sept.
2
rec.
of
Holders
Preferred
25e, Oct. 1
Common (extra)
Sept. 21
•244 Oct. 10 *Holders of me Soot 19
United N.J RR.& Canal (Quer.)
PhUa. Dairy Products, pr. pf.(qu.)____. 51.625 Oct. 1 *Holders of rec. Sept.
of rec. Sept. llo
15
Holdess
1
Oct.
234
rec.
cam_
of
Pacific,
Holders
&
1
Shreveport
Vicksburg
Oct.
3o,
(guar.)
C.
B.
of
Pioneerold Mines
234 Oct. 1 Holders of reo. Sept. 116
Preferred
'134 Sept. 15 *Holders of rec. Sept. 15
Pollock Paper & Box, pref. (guar.)
Porto Rican-Amer. Tob., el. A-Dividen d omit ted.
15
Sept.
reo.
of
Utilities.
Holders
Public
5
30. Oct.
Premier Gold Mining
$1.75 Oct. 1 Holders of rec. Sept. 15
Alabama Power, $7 pref.(guar.)
34 Oct. 1 Holders of roe. Sept. 15
Price Bros. as Co., Ltd., corn. (quar.)_
15
$1.60 Oct. 1 Holders of rec. Sept. 15
$6 preferred (guar.)
134 Oct. 1 Holders of roe. Sept. 25a
Preferred (guar.)
Sept.
$1.25 Nov. 2 Holders of roe. Oct. 16
reo.
of
Holders
$5 preferred (guar.)
Oct. 15
2
Procter & Gamble.8% Pref. (guar.)Oct. 5
15
Amer. Cities Pow.& Lt., el. A (qu.)_... *375e. Nov. 1 *Holders of rm.
Public Utility Invest., 7% pref. (guar.). "lh Oct. 1 *Holders of rec. Sept.
20
Sept.
$1.75 Sept.15 Holders of roe. Aug. 31
rec.
(cm.).
prof.
of
$7
American
Power.
*Holders
Electric
1
Oct.
*50e.
Rath Packing
Sept. 9
rec.
of
Holders
15
Sept.
1
Oct.
25c.
Amer. Gas & Electric, corn. (quar.)---35e. Oct. 1 Holders of roe.
-Reece Button Hole Machine
Oct. 8
31.50 Nov. 2 Holders of coo. Sept.
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Reece Folding Machine (guar.)
15
rec.
of
Holders
1
Oct.
151
Amer. Public Service, pref. (guar.)
Reliance Inter. Corp., pr.-Dividend om itted.
15
Sept.
roe.
of
Holders
21
1
$1.50 Oct.
Amer. Superpower Corp., 1st pf.
Reliance Mfg.(Ills.). pref.(guar.)
*134 Oct. 1 *Holders of rec. Sept.
15
51.50 Oct. 1 Holders of ree. Sept. 190
56 preference (guar.)
•131 Oct. 1 *Holders of rec. Sept. 19
Remington Arms. 1st pref.(guar.)
Sept.
coo.
of
Holders
1
15
Oct.
Sept.
234
roe.
of
(guar.)-Amer. Telephone & Telegraph
•55e. Oct. 1 *Holders
Rike Kumler Co., common (guar.)
150
Sept.
roe.
of
Holders
Arkansas Natural Gas. pref. (guar.).- 150. Oct.
"134 Oct. 1 *Holders of rec. Sept. 23
Preferred (guar.)
3
Below we give the dividends announced in previous weeks
include dividends anand not yet paid. This list
nounced this week, these being given in the preceding table.
1
SEPT. 12 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closes.
Days Inclusive.
Name of Compass.
1729
Per
When
Cent. Payable.
Books Closed.
Days Notarise.
Miscellaneous (Concluded).
Public Utilities (Con(inued).
Amer. Wat. Wks. & Elec., corn. (an.)
750. Nov. 2 Holders of rec. Oct. d9a Indianapolis Water,5% pref. A (guar.). 1)4 Oct. 1 Holders of rec. Sept. 150
$6 tat preferred (attar.)
$1.50 Oct. 1 Holders of roe Sept. I le Jamaica Public Service, corn. (guar.).250. Oct. 1 Holders of rect. Sept.15
Arizona Power,8% pref. (guar.)
*2
Oct. 1 *Holders of rec. Sept. 24
Preferred (quar.)
154 Oct. 1 Holders of gee. Sept. 15
7% preferred (quar.)
'154 Oct. 1 *Holders of rec. Sept. 24
Jersey
Central
Power
Light.
&
Associated Gas & Elec., orig. pt.(qua_ *8740 Oct. 1 *Holders of rec. Aug. 31
54% preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 10
$7 preferred (quar.)
•$1.75 Oct. I *Holders of rec. Aug. 31
6% preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 10
$5 pref.(guar.)
$1.25 Sept.16 Holders of rec. Aug. 14
7%
preferred
(guar.)
134 Oct. 1 Holders of rect. Sept. 10
Associated Telep.& Teleg.. ol. A (qua
$1
Oct. 1 Holders of rec. Sept.16
Kansas City Power & Light,lst.M.BB11.0 $1.50 Oct. 1 Holders of tea Sept. I40
Class A (extra)
60o. Oct. 1 Holders of rec. Sept.16
Kentucky Securities, com,(quara- _.- 14 Oct. 1 Holders of gee. Sept. 190
.051
Class A (guar.)
Jan 1'32 *Holders of reo. Dec. 17
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.190
Class A (extra)
*500. Jan 1'32 *Holders of rec. Dec. 17
Keystone Public Service, $2.80 Pt. BlUa •70c. Oct. 1 *Holders of rec. Sept. 15
$4 preferred (quar.)
$1
Oct. 1 Holders of rec. Sept 16
Kings
(quar.)
County
Lighting,
corn.
*$1.60
Oct. 1 "Holders of rec. Sept. 18
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept.16
7% preferred (guar.)
•14 Oct. 1 *Holders of ree. Sept. 18
$7 preferred (guar.)
$1.76 Oct. 1 Holders of rec. Sept. 16
6% preferred (guar.)
Oct. 1 *Holders of rec. Sept.15
'1)4
Associated Telep. Utilities, corn.((ma- 12
Oct. 16 Holders of rec. Sept. 30
6% preferred (guar.)
*14 Oct. 1 *Holders of gee. Sept. 18
le cony. pref.. series A (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Laclede Gas Light,corn.(guar.)
Sept.15 Holders of rec. Sept. la
2
$6 cum. prior pref. (guar.)
$1.50 Sept.15 Holders of rec. Aug. 31
Lexington Utilities, 64% pf. (guar.).- *14 Sept.15 *Holders of rec. Aug. 31
$7 cum. prior pret.(quara
$1.76 Sept.15 Holders of rec. Aug. 31
Lockhart Power, preferred
•$3.60 Sept.30 *Holders of roe. Sept.30
•15.1 Oct. 1 *Holders of rec.
Bangor Hydro Elec., 7% pref. (quar.)
Sept. 10
Lone Star Gas (guar.)
"22c Sept.30 "Holders of rec. Sept. lb
6% preferred (guar.)
*14 Oct. 1 *Holders of rec. Sept. 10
Long Island Lig.. 7% pref. A (guar.).- 14 Oct. 1 Holders of rec. Sept.16
Bell Telephone of Canada (guar.)
2
Oct. 16 Holders of rec. Sept. 23
6% preferred (guar.)
14 Oct. 1 Holders of reg. Sept.16
Bell Telep. of Pa., 634% Pt.(quar.).__
14 Oct. 16 Holders of rec. Sept. 190 Louisville Gas &B
Elec.(Del.) A & B (qua 4340 Sept.25 Holders of rec. Aug. 3I0
Birmingham Water Works.6% pt.(qua •13.,s Sept.16 *Holders of rec.
Sept. 1
Memphis Natural Gas,common (guar.).
15c Oct. 15 Holders of rec. Sept. 30
Boston Elevated Ity.. corn.(quar.)
$1.25 Oct. 1 Holders of rec. Sept. 10
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 20
Brazilian Tr. Light & Pow.. pref.(qua
14 Oct. 1 Holders of rec. Sept. 15
Memphis Power & Light.$7 Pref.(qua
Oct. 1 Holders of rec. Sept. 12
$1.75
Bridgeport Gas Light (guar.)
*60c. Sept. 30 Holders of rec. Sept. 16
$6 preferred (guar.)
51.50 Oct. 1 Holders of rec. Sept. 12
British Columbia Power,class A (quar.)
50o. Oct. d15
of rec. Sept. 30
Metropolitan Edison, corn. (guar.)
Oct. 1 *Holders of rec. Aug. 31
*31
Bklyn-Manhat. Tr.. pref. A (Quar.)---- $1.80 Oct. 15 Holders
Holders of rec. Oct. to
$7 preferred (guar.)
*31.75 Oct. 1 *Holders of rec. Aug. 31
Preferred series A (guar.)
$1.50 Jtui15'31 Holders of rec. Dec. Sic
$6 preferred (guar.)
"$150 Oct. 1 *Holders of rec. Aug. 31
Preferred series A (Qum.)
*1.50 4r15/82 Holders of rec. A orllre
55 preferred (guar.)
'$1.26 Oct. 1 *Holders of rec. Aug. 31
Brooklyn Union Gas (guar.)
$1.25 Oct. 1 Holders of rec. Sept. la Middle West Teter... corn. A (quara
•434c Sept.15 *Holders of rec. Sept. 5
Buff. Niagara* East.Pow.,corn. Ma- •40o Sept.80 *Holders
of rec. Aug. 31
Midland
United, corn, (guar.)
.114 Sept.24 Holders of rec. Sept. 1
lta pt.(gu.)
*$1.25 Nov. 2 *Holders of rec. Oct. 15
Preferred A (guar.)
u75e Sept.24 Holders of rec. Sept. 1
Preferred (guar.)
"400 Oct. 1 *Holders of rec. Sept.16
Mississippi River Power, pref. (guar.)._ *14 Oct. 1 *Holders of rec. Sept. 15
Class A (guar.)
*4(4. Sept.80 'Holders of rec. Aug. 31
Mohawk & Hudson Power.
Butler Water, 1st pref. (quar.)
'134 Sept.16 *Holders of rec. Sept. 1
2nd preferred (guar.)
•$1.75 Oct. 1 *Holders of rec. Sept. 15
California Elec. Generating, pref (qua •135 Oct. 1 *Holders
of rec. Sept. 5
Monongahela West Penn Pub, Serv.Canada Northern Power, corn. (guar.)._
20e Oct. 26 Holders of rec. Sept.30
Preferred (guar.)
7%
4354 Oct. 1 Holders of rec. Sept.15
Preferred (acer.)
184 Oct. 16 Holders of rec. Sept. 30
Montana Power (guar.)
*250 Oct. 1 "Holders of rec. Sept. 15
Central Ills. Public Serv.. pref. (guar.) •$1.50 Oct. 15 *Holders of
reo. Sept.30
mount Holly Water
*80c Oct. 1 *Holders of rec. Sept. 9
Central Maine Power, $6 pref. (quar.)._ *$1.60 Oct. 1 *Holders of
rec.
Sept.
Mountain
10
Power.
States
(guar.).pref.
14 Oct. 20 Holders of rec. Sept.30
6% preferred (quar.)
Oct. 1 *Holders of
Muncie Water Works.8% prof. (guar.). *2
Sept.10
Sept. 12 *Holders of reo. Sept. 1
7% preferred (guar.)
•1% Oct. 1 *Holders of rec.
roc. Sept. 10
Mutual Telep.(Hawaii)(monthly)
'Sc.Sept.30 *Holders of rec. Sept. 18
Central Public Service, claw A (guar.)- '6131 Sept.15 *Holders of
rea
Aug.
Nassau
28
Suffolk
&
7%
(qua._
pref.
Oct.
Lag.,
14
1 Holders of rec. Sept.16
37 preferred (guar.)
"31.75 Oct. 1 *Holders of rec. Sept.11
National Electric Power, class A (qua- •45c Nov. 2 "Holders of tee. Oct. 9
$6 preferred (guar.)
•$1.50 Oct. 1 *Holders of rec. Sept. 11
Common B (guar.)
45c Sept.30 Holders of rec. Sept. 10
$4 preferred (quar.)
(41
Oct. 1 *Holders of roe. Sept.11
6% preferred (guar.)
1;4 Oct. 1 Holders of rec. Sept. 10
Central States Electric Corp.7% preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 10
7% pref. Is-sure of 1912 (guar.)
14 Oct. 1 Holders of rec. Sept.
National Gas & Elec., $6.60 pf.(qua?.).' 81.625 Oct. I *Holders of rec. Sept. 19
6% preferred (guar.)
1% Oct. 1 Holders of
National Public Service, rem. A (guar.).
Sept. 5
40e Sept.15 Holders of rec.. Aug. 27
Cony. pref. opt. series 1928(quar.)__ (I) Oct. 1 Holders of rec. Sept.
7% preferred (quar.)
5
14 Oct. 1 Holders of rec. Sept. 10
Cony. Prof. opt. series 1929 (quar.)-,- (1) Oct. 1 Holders of reo.
rec.
Sept,
Telephone.
Newark
(Ohio)
(guar.).
pref.
Oct. 10 *Holders of rec. Sept.30
*114
Central States Power &
pref.(an.). *$1.75 Oct. 1 *Holders of roe. Sept, 5
New England G.& E., $750 pref.(qua - '$1.76 Oct. 1 "Holders of rec. Aug. 31
CitiesService Pow. & Lt.
Lt.,
$7 pt.(quar.). 58 1-3c Sept. 15 Holders of rec. Sept. 1
$5.60 preferred (guar.)
$1,376 Oct. 1 Holders of rec. Aug. 31
$6 preferred (guar.)
60e Sept.15 Holders of rec. Sept. 1
New England Power, pref. (quar.)
'1)4 Oct. 1 "Holders of rec. Sept. 10
35 preferred (quar.)
41 4-3
,Sept. 15 Holders of rec. Sept. 1
New England Power Assn., rem.(guar.) 60c Oct. lb Holders of rec. Sept. 300
*7 Preferred (mthly.)
58 1-3c Oct. 1 Holders of rec. Oct. 1
preferred
6%
$1.50 Oct. 1 Holders of ree. Sept. 106
(guar.)
$6 preferred (monthly)
50e Oct. 15 Holders of rec. Oct. 1
50c Oct. 1 Holders of rec. Sept. 10a
$2 preferred (altar.)
$5 preferred (monthly)
412-30 Oct. lb Holders of rec. Oct. 1
New England Pub.Sere..$7 pr.lien (gu) SI.75 Sept.15 Holders of rec. Aug. 31
Cleveland RV. corn. (guar.)
1
Oct. 14 Holders of rec. Sept,256
(quar.)
$1.50
prior
$6
Sept.16 Holders of rec. Aug. 31
lien
Coast Counties
'Gas & El., 1st p1. (all.). •1
Sept.15 *Holders of roe. Aug. 25
New England Telep. & Teleg. (guar.)._
Sept.30 Holders of rec. Sept. 10
2
Commonwealth dt Ho. Corp.. $0 Pt.(qu. $1.30 Oct. 1 Holders of
rec. Sept. 4a N.J.Power & Light,$6 pref.(quar.)... "$1.50 Oct. 1 *Holders of rec. Aug. 31
Commonwealth Utilities Corp.
$5 preferred (altar.)
'$1.25 Oct. 1 'Holders of rec. Aug. 31
Class A and B (guar.)
•3734c Sept.30 *Holders of roe. Sept. 19
N.Y.Central Elec. Corp.,7% pt.(Qua_ '134 Oct. 1 'Holders of rec. Aug. 31
Preferred A (guar.)
*51.75 Oct. 1 *Holders of rec. Sept. 19
York
New
Power
*14 Oct. 1 *Holders of rec. Sept. 10
Light,
(qua
met.
&
7%
Preferred B (quar.)
*$1.60 Oct. 1 *Holders of rec. Sept. 19
$6 preferred (quar.)
*14 Oct. 1 *Holders of rec. Sept. 16
Connecticut Elec. Service, cola.(quar.). •75o Oct. 1 *Holders of
red. Sept. 15
New York Steam, $7 Prof.(guar.)
$1.75 Oct. 1 Holders of rec. Sept.15a
COnaol. Gas. Elec.. Lt.& Pow.(Baft.)$6 preferred (guar.)
$1.50 Oct. 1 Holders at rea. Sept. 15a
Common (guar.)
*90c Oct. 1 *Holders of rec. Sept.15
New York Telephone,63.4% pref.(qua_ 14 Oct. 15 Holders of roe. Sept. 19
5% preferred series A (guar.)
Oct. 1 *Holders of rec. Sept.15
New York Water Serv. Corp.. pf.(qu.)-- 14 Sept.16 Holders of rec. Sept. 4
6% preferred series D (guar.)
*14 Oct. 1 *Holders of rec. Sept.15
N. Y.at Queens El. Lt.& Pr.. oom. (gu.) $1.50 Sept.14 Holders ot rec. Sept. 40
534% preferred series E (guar.)
*14 Oct 1 *Holders of ree.
Sept. 1•
Newcastle-Upon-Tyne Elec. Supply,Ltd.
6% preferred (guar.)
Oct. 15 *Holders of rec. Sept.30
Am. dep. rcts, for ord. reg. shs
'w23.4 Oct. 6 "Holders of rec. Sept. 15
Consol. Gas of N. Y., corn. ((Mara- $1
Sept.16 Holders of rec. Aug.
Newport Elec. Corp.,6% pref. (guar.).- '1)4 Oct. 1 'Holders of roe. Sept.16
Consumers Power, 7% pref.(guar.)._
1,4 Oct. 1 Holders of rec. Sept. HO Niagara-Hudson
15
Power,
(guar.).oom.
10o. Sept.30 Holders of roe. Aug. 31a
6.6% preferred (guar.)
$1.6 Oct. 1 Holders of rec. Sept.16
North American Co.. common (guar.).- 1234 Oct. 1 Holders of rec. Sept. 5a
6% Preferred ((guar.)
1,4 Oct. 1 Holders of rec. Sept.
Preferred (guar.)
75e. Oct. 1 Holders of rec. Sept. 5a
$5 preferred (guar.)
$1.2 Oct. 1 Holders of rec. Sept. 15
North Amer Light & Power. prof. (qua *$1.50 Oct. I *Holders of roe. Sept. 19
6% preferred (monthly)
500 Oct. 1 Holders of rec. Sept. 15
North Continent Utilities, class A (au.). 3734e Oct. 1 Holders of rec. Sept. d15
6.6% preferred (monthly)
550. Oct. 1 Holders of rec. Sept. 15
7% prof. (quar.)
15
14 Oct. 1 Holders of rec. Sept. d15
Continental Gas & Elec., corn.((Mara
$1.10 Oct. I Holders of rec. Sept. 12a
North Shore Gas, pref. (guar.)
'134 Oct. I *Holders of rec. Sept. 15
7% prior preference (guar.)
14 Oct. 1 Holders of roe. Sept 12a Northwest
Utilities, prior lien (guar.)._ 14 Oct. 1 Holders of rec. Sept.15
Continental Telep.,7% partio. pt.(gu.) •1yi Oct. 1 *Holders of roe.
Sept. 15
Northern Liberties Gas
Sept. 14 *Holders of roe. Aug. 3
*31
034% preferred (quar.)
•1,4 Oct. 1 *Holders of rec. Sept. 15
Northern Ontario Power, corn.(puma_
50o. Oct. 28 Holders of roe. Sept.30
Denver Tramway Corp.. pref. (quara- 25e OM. 1 Holders
rec. Sept. 153
6% preferred (guar.)
14 Oct. 26 Holders of too. Sept. 30
Diamond State Telep., 614% Pt.(qua)- $15.‘ OM. 16 "Holders of
of rec. Sept.
Northport Water Works. pref. (guar.)._ 14 Oct. 1 Holders of rec. Sept. 16
Duquesne Light let pref. (guar.)
134 Oct. 15 Holders of rec. Sept. 19
Nova Scotia Light & Power ord.(guar.)
dl Oct. I Holders of rec. Sept. 19
East Kootenay Power
ref. (quar.) 134 Sept.16 Holders of roe Aug. lea
31
Ohio
•$1.60 Oct. 1 *Holders of rec. Sept. 21
Cities Water, pref.(guar.)
East. Gas. & Fuel Asso.
Co.,8% Pt. Bina
134 Oct. 1 Holders of rec.
Ohio Edison Co.,$5 pref.(guar.)
1
$1.25 Oct. 1 Holders of reo. Sept. lea
Prior preferred (altar.)
134 Oct. 1 Holders of roe. Sept.
$1.50 Oct. 1 Holders of reo. Sept. 156
$6 .preferred (guar.)
Electric Bond & Share (In Com,stock).,. f134 Oct. 15 Holders of rec. Sept. 1
Sept.
$6.60 preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15a
$6 preferred (guar.)
51.50 Nov. 2 Holders of rec. Oct.
$7 preferred (guar.)
$1.75 Oct. 1 Holders of reo. Sept. 15a
$5 preferred (guar.)
$1.26 Nov. 2 Holders of rec. Oct.
$1.80 Oct. 1 Holders of rea. Sept. 15a
$7.20 preferred (guar.)
Electric Power & Light,$7 pref.(guar.)- $1.75 Oct. 1 Holders Of roe.
Sept. a Ohio Electric Power, 7% pref. (guar.).- "14 Oct. 1 *Holders of rea. Sept.15
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. a
6% preferred (quar.)
'13,4 Oct. 1 *Holders of tea. Sept.16
Pref. allot. refs. 80% paid (anar.)
1.40 Oct. 1 Holders of rec. Sept. Sa Ohio
Public service, 7% pref. (mthly.) 38 1-3c Oct. 1 Holders of reo. Sept.15
Fret. allot. ctts. full paid (guar.)
134 Oct. 1 Holders of rec. Sept. a
50c Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
Empire Dist. El. Co.. 6% of. (mthly.)
600 Oct. 1 Holders of
Sept 1 a
5% preferred (monthly)
41 2-30 Oct. 1 Holders of reo. Sept.15
Empire Gas & Fuel. 8% pref. (monthly) 66 2-3. Oct. 1 Holders of rec.
rec. Sept. lea Oklahoma Os.s & Elec., 6% pref.(qua_
Sept.15 Holders of rec. Aug. 31
134
7% preferred (monthly)
58 1-3c Oct. 1 Holders of rec. Sept. 15a
7% preferred (guar.)
14 Sept.15 Holders of ree. Aug. 31
64% preferred (monthly)
54 1-6c Oct. I Holders of rec. Sept. 15a
Rockland
Elec..
pf.
&
Orange
(qua
6%
'1)4
Oct. 1 *Holders of rect. Sept.%
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept.
Preferred (guar.)
15a
*14 Oct. 1
Empire Power Corp.. $6 pref.(guar.).- $1.50 Oct. 1 Holders of roe.
Sept. 16
Otter Tail Power (Del.), $6 prof.(a1.) '31.60 Oct. 1 *Holders of rec. Sept. 15
Participating stock (guar.)
570. Oct. 1 Holders of rec. Sept.
$5.50 preferred (qua?.)
* 31.375 Oct. I *Holders of rec. Sept. 15
Engineers Public Service, corn
40o. Oct. 1 Holders of reo. Sept. 16
170 Pacific Lighting, $6 pref.(guar.)
134 Oat, 15 Holders of reel 84E4.30
$6 preferred (guar.)
$1.25 Oct, 1 Holders of rots Sept.
17a Pacific, Northwest Pub. Beryl e$5.50 preferred (quar.)
31.375 Oct. 1 Holders of rec. Sept.
ft% first preferred (guar.)
*14 Oct. 1 *Holders of rea. Sept.15
$1.50 Oct. 1 Holders of rec. Sept.17a
$6 preferred (guar.)
7% prior preferred (guar.)
17a
'134 Oct. 1 *Holders of rec. Sept. 15
•15,4 Oct. 1 *Holders
Feather River Power, pref. A (quara
of roe. Sept.
7.2% first preferred (guar.)
"1.80 Nov. 1 *Holders of rec. Oat. 15
Federal Light & Tract., corn.(BL)
37.40. Oct. 1 Holders of rec. Sept. 6
14a Pacific Telep. & Teleg., common (guar.) *14 Sept.30 *Holders of rec. SePt.19
Corn.(payable In com.stock)
11 Oct. 1 Holders of tee. Sept.14a
Preferred (guar.)
'1)4 Oct. 15 *Holders of rec. Sept.30
Federal Public Service,6
pref.(au.) •14i Oct. 16 *Holders of rec.
Pennsylvania Gas & El. Corp.,$7 pr(qu) '51.75 Oct. 1 *Holders of rec. Sept. 19
Federal Water Service, $7 pref. (guar.). $1.75 Oct. 1 Holders of rec. Sept.30
7% preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept. 19
$6.50 preferred (guar.)
1.625 Oct. 1 Holders of rec. Sept. 15
Sept.
Central Light & Power,$5 pt.(qua $1.25 Oct. 1 Holders of rec. Sept. lea
Penn
15
preferred
(guar.)
$1.60
$6
Oct. 1 Holders of rec. Sept. IS
$2.80 preferred (guar.)
"706Oct. 1 *Holders of rec. Sept. 10
$4 preferred (guar.)
$1.00 Oct. 1 Holders of roe. Sept.
Pennsylvania Water & Power (guar.)._
15
750 Oct. 1 Holders of rec. Sept. 15
Frankford & Southwark Phila. Pass Hg.
Water
Works,
Peoria
pref.
*14
Oct. 1 "Holders of rec. Sept. 21
(guar.)
(guar.)
"$4.60 Oct. I *Holders of rea. Sept.
Philadelphia Company. $6 prof.(guar.). $1.50 Oct. 1 Holders of rec. Sept. is
Franklin Telegraph
"$1.25 Nov. 1 *Holders of rec. Oct. 1
$5 preferred (qua?.)
15
31.25 Oct. I Holders of rec. Sept. 1
Oen. Gas & Elec. com. A & B(BL)
r7 c Oct. 1 Holders of rea.
Aug. 3Ia Phtladelpela Elec. Power, 8% pf. (qua
60c. Oct. 1 Holders of tee. Sept.106
$1.50 Sept.15Holders of rec. Aug.
$8 000e. pref. A & H ((Mar.)
14a Philadelphia Traction
Oct. 1 Holders of reo. Sept. 100
$2
$8 preferred A (guar.)
$2 Oct. 1 Holders of roe.
*14 Oct. I *Holders of rec. Sept, 15
$7 preferred A (guar.)
$1.75 Oct. 1 Holders of ree. Aug. 31a Ponce Electric. preferred (quar.)
Georgia Power Co.. $11 pref. (guar.).$1.50 Oct. 1 Holders of rec. Aug. ala Power Corp. of Canada.6% prof.(quar.) 134 Oct. 15 Holders of rec. Sept. 30
6% participating preferred (guar.)._
750 Oct. lb Holders of rec. Sept.30
$5 preferred (qelar.)
$1.25 Oct. 1 Holders of rec. Sept.15
Public fiery. Co.of Colo..7% PL(mtillY.) 68 1-3c Oct 1 Holders of rec. Sept. 16a
Great West. Power (Calif.),7% pt.(qua "14 Oct. 1 *Holders of rec. Sept.15
Sept. 5
6% preferred (monthly)
•1y4 Oct. 1 *Holders
50c Oct. 1 Holders of rec. Sept. lba
6% preferred (quar.)
of rec. Sept. 5
5% preferred (Monthly)
41 2-3c Oct. 1 Holders of roe. Sept lea
Gulf States Utilities. $6 pref.(guar.)._
•$1.50 Sept.16 *Holders of rec. Sept.
Public Serv. of N.it.,$6 pt.(guar.)._ •$1.50 Sept.15 *Holders of roe. Aug. 31
1
$5.50 preferred ((AMT.)
31.375 Sept.15 *Holders of rec. Sept.
1
$5 preferred (guar.)
•31.25 Sept.15 *Holders of reo. Aug. 31
Hackensack Water prof. A (quar.)
434c Sept.30Holders o rec.
Public Service Corp. of N.J. own.(gL). 860 Sept.30 Holders of ree. Sept.
Sept.16
Hannibal Bridge
4
Oct. 6 Holders of rec. Sept.
la
25
8% preferred (Qum.)
2
Sept. 30 Holders of roe. Sept. la
Extra
4 Oct. 5 rtnIders of rec. Sept,
25
7% preferred (quar.)
14 Sept.30 Holders of rets Sept. la
•684c Nov. 1 *Holders of rec. Oct.
Hartford Electric Light (quar.)
$5
preferred
15
(guar.)
$1.25
Sept.
SO
Holders
of rec. Sept, la
Illinois Bell Telephone, corn.(guar.)--- *2
Sept.30 *Holders of reo. Sept.
6% preferred (monthly)
29
50e Sept. 30 Holders of rect. Sept. in
Illinois Power & Light, 6% pref. (guar.) 14 Oct. 1 Holders of rec. Sept.
Public Sere. of Oklahoma. corn.(guar.). 2
Oct. 1 Sept. 22 to Oct. 1
$1.50 Nov. 2 Holders of rec. Oct. 10
$6 preferred (guar.)
(guar.)
stock
10
lien
prior
7%
14
Oct.
1 Sept. 22 to Oct. 1
154 Sept.16 Holders of ree. Aug.
Indiana Hydro Elec. Pow. pf. (guar.)._
6% prior lien stock (guar.)
134 Oct. i Sent. 22 to
Indianapolis Power & Light,6% pf.(qua
Oct. 1 *Holders of rec. Sept.31
5
Public Service Elec.& Gas.7% pt.(qua_ 14 Sept.30 Holders of rec. Oct. 1
•14 Oct. 1 *Holders of roe. Sept. 5
64% preferred (guar.)
Sept. 2
$is preferred (guar.)
$1.25 Sent.30 Holders of rot. Sept. 2t
.$1.50 Oct. 1 *Holders of red. Sept.
Interstate Power. 36 pref.(guar.)
Puget Sound Pr.& Lt.,$8 pref.(guar.).- 81.60 Oct. 15 Holders of
*31.75 Oct. 1 *Holders of roe. Sept. 3
$7 preferred (alien)
rec. Sept. 21
5
Prior Preferred(guar.
51.25 Oct. 15 Holders of roe. Sept. 21
)
Name of Company.
[VoL. 133.
FINANCIAL CHRONICLE
1730
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Como:vv.
When
Per
Cent. Payable.
k4 Closes.
Bo,
Days Inclusive.
Miscellaneous (Continued).
50o. Oct. 1 Holders of reo. Sept. 150
American Stores Co.(guar.)
50
lh Oct. 2 Holders of rec. Sept.
Amer. Sugar Refg.. corn. (guar.)
Sept. 50
134 Oct. 2 Holders of rec Sept.120
Preferred (guar.)
tea.
of
Sept.30 Holders
American Surety Co.(guar.)
100
14 Oct. 1 Holders of rec. Sept. 15
American Tobacco, pref.(guar.)
*50o. Oct. 1 *Holders of reo. Sept.
American Yvette, pref. (guar.)
Sept.15 "Holders of reo. Aug. 31
*S1
Anglin-Norcross, Ltd., corn
"34 Sept.16'Holders of rec. Aug. 31
Preferred
20
'134 Oct. 1 *Holders of rec. Sept.
Apex Electric Mfg.. pref. (guar.)
184 Oct. 1 Holders of tee. Sept. 10
&
Armour Co. of Del., pref. (guar.)
16
Sept.
rec.
of
*Holders
I
"25c, Oct.
Armstrong Cork, common (guar.)
of reo. Sept. 20
Arnold Print Works, let & 2d pref.(qu) '134 Oct. 1 "Holders
of tee. Oct.
*Holders
15
Oct.
•S2
Aspinook Co.(Oust.)
Sept.30 "Holders of ree. Sept.19
Associates Investment, corn.(gust.).... •51
.$1.75 Sept.30 *Holders of reo. Sept.19
Preferred (guar.)
Sept. 15 *Holders of reo. Aug. 31
"$2
Atlantic Building Trust(Boston)
Sept.15 *Holders of reo. Aug. 31
*$2
Participating pref. (guar.)
30 Holders of tea Sept 100
Sept
134
Atlantic Gulf & W.1.9.6. Lines.Pl.(an.)
100
114 Dec 30 Holders or tee Dee 210
Preferred (guar.)
250. Sept.15 Holders of roe. Aug. 20
Atlantic Refining, COM.(guar.)
Sept.
tea.
of
"Holders
1
Oct.
'134
Babcock & Wilcox (guar.)
81.50 Oct. 1 *Holders of tee. Sept.30
Baird Machine (guar.)
*75e. Oct. 3 "Holders of no. Sept. 15
Balaban & Katz, common (guar.)
Sept.15
'134 Oct. 3'Holders of tee.
Preferred (gust.)
*3740 Sept.30 *Holders of roe. Sept.20
Baldwin Rubber, class A (guar.)
Aug. 31
tea.
of
*Holders
21
Sept.
'Sc.
Bandinl Petroleum (monthly)
Bankers Investment Trust of America•13o. Seett.30 *Holden of roe. Sept.15
Debenture stock (guar.)
•150 Dec. 31 *Holden of roe Dee. 15
Debenture stook (guar.)
•14 Oct. 3 *Holden of rec. Sept. 15
Barker Bros. Corp., pref. (guar.)
Oct. 1 Holders of tee. Sept. 11Sa
81
Beatrice Creamery. corn.(QUM%)
150
144 Oct. 1 Holders of reo. Sept. 120
Preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 1
Beech-Nut Packing, corn.(guar.)
Oct.
reo.
of
*Holders
15
Oct.
411.75
Preferred A (guar.)
roe. Aug. 31
Belding Centred'', Ltd.. prof. (guar.).- 184 Sept.16 Holders of
of rec. Sept. 100
Bend's Aviation Corp., corn. (gust.)... 25o. Oct. 1 Holden
reo. Aug. 250
of
Holders
Sept.15
50e.
Best dr Co (guar.)
500. Nov. 14 Holders of tea. Oct. 16a
Bethlehem Steel, corn. (guar.)
rec. Sept. 4a
of
Holders
1
Oct.
134
7% preferred (guar.)
of rec. Aug. 15
•144 Sept.15 *Holders of
Biltmore Hats, Ltd., Pref. (guar-)
red. Sept.20
Oct. 1 Holders
Bliss(E. W.) Co.,coin.(pay.In eom.stk) 42
10
*3714c Nov. 16 *Holders of reo. Nov. 24
Bloch Bros. Tobacco. rem.(OW.)
*14 Sept.30 *Holders of roe. Sept.
Preferred (guar.)
014 Dee. 31 *Holders of roe Dec. 24
Preferred (guar.)
Holders of too. Sept. 14a
Blumenthal(Sidney)& Co.,Inc..pf. (go.) 134 Oct. 1
*37140 Oct. 1 *Holders of tea. Sept. 15
Bohn Aluminum & Brass (guar.)
Holders of rec. Oct. 150
30
Oct.
51
...Bon Aml Co.. corn. class A (guar.)
Holders of rec. Sept. 24
50o. Oct.
Class B (guar.)
Holders of tee. Sept. 15a
250. Oct.
Borg-Warner Corp., corn. (guar.)
'Holders of rec. Sept. 16
*114 Oct.
Preferred (guar.)
Sept.1 Holders of rec. Aug. 31
Boston Woven Hose & Rub.. COM.(Cpl.). $1
*Holders of rec. Nov. 14
•250. Dec.
Brash (E. J.) & Sons (guar.)
*Holders of rec. Sept. 1
Brandrarn-Henderson, Ltd.. pref.(go.).. •184 Oct.
*Holders of rec. Nov 20
ell Dec.
Brennan Packing, el. A (gust.)
*Holders of tea. Nov. 20
Dec.
"260
Class B (guar.)
Holders of roe. Sept. 150
Oct.
bile.
Brill° Manufacturing,cam.(guar.)
Holders of rec. Sept. 15a
500. Oct.
Clam A (guar.)
of ree. Aug. 20
*Holders
Oct.
*144
Bristol Brass, pref. (guar.)
Sept.30
to
Sept.15
British Amer. 011,reg. stook (gust.).... 20c. Oct.
Holders of (*Up. No. 8.
Oct.
20e.
(guar.)
Couponstock
British American Tobacco*Holders of tee. Sept. 4
"tolOd. Oct.
Am.dep. rots. for ord. reg. shares
*Holders of roe. Sept. 4
*te24 Oct.
Am.dep.rcts. for pref.snares
Holders of rec. Aug. 21
Sept.1
$1
Buckeye Pipe Line (guar.)
Holders of roe. Sept. to
134 Oct.
Bucyrus-Erie Co.. pref.(guar.)
of rec. Sept. 19
*Holders
Oct.
*45c.
(guar.).
Bucyrus Monighan Co., class A
of rec. Sept. 100
3
Holders
Sept.
25c.
Budd Wheel, corn. (guar.)
of reo. Sept. 100
Holders
3
134
SCA.
(guar.)
Participating pref.
75e. Sept.3 Holders of rec. Sept. 100
Participating pref. (extra)
of rec. Sept. 18
Buffalo General Laundries. par. pf.(gu.) .05834 Sept.3 *Holders
Holders of tee. Sept. 15
50e, Oct.
B
&
(111.)
A
cl.
Building Products, Ltd..
1
p1
20
e Sept.
f reo
of
()
olders
outlier Bros.. 8% pref.(mar.)
144 rot..
"1
'HHolders
Burns Bros., pref. (guar.).
,
Oct. 9
tea.
of
'Holders
Nov.
*6214c
Bush Terminal, common (gust.)
'134 Oct. 1 *Holders of rec. Oct. 1
Debenture stock (guar.)
Holders of roe. Sept. 160
134 Oct.
Bush Terminal Bldg., pref. (guar.)
Banks.
Holders of reo. Oct. 154
184 Nov.
pref.(gnat.)
Co..
lba
M.)
Sept.
(A.
rea.
of
Byers
Holders
1
Oct.
31
*Holders of rec. Sept. 21
Chase National (quar.)
*50e. Oct.
California Ink, class A & B (quill%)
Oct. 1 "Holders of rec. Sept. 14
of rec. Aug. 310
1
Sept.
Holders
Chatham Phenix Nat. Bic. & Tr.(guar.). "51
50o.
California Packing (guar.)
Oct. 1 *Holders of rec. Sept. 15
Holders of rec. Sept. 150
Oct.
Commercial Nat. Bk. & Tr.(guar.)._ •2
51
Cambria Iron Co
Oct. 1 Holders of rec. Sept. 5
$I
134 Sept.1 Holders of reo. Aug. 31
National City (guar.)
corn
Foundriee,
Iron
19
rec.
Sept.
of
Canada
Sept. 1 Holders of roe. Aug. 31
3
Public National Bank & Trust (quar.). •50o. Oct. 1 *Holders
Preferred
Holders of roc Aug. 31
Canada Cement. Ltd.. prof. (gust.).... 134 Sept.3
Trust Companies.
Sept.1 Sept. 1 to Sept. 14
37140.
ctts
reg.
of reo. Sept. 15
Canada Malting.
Sept.'
Banes Commerciale Italians Tr.(guar.)- "51.25 Oct. 11 *Holders
3714e.
Coupon shares
Holders of reo. Sept. 11
75e. Oct.
Bankers (guar.)
Holders of too. Sept. 15
3
Oct.
Canada Permanent Mortgage(gust.)... Si
30c dept. lb Holders of rec. Sept. 4
Sept. I Holders of reo. Aug. Si
Continental Bank & Trust (guar.)
Canada Wire & Cable, class A (guar.)... 51
Holders of rec. Sept. SO
31)
Sept.
3
1
Holders of tee Nov 30
Dec.
(oust.)
dk
Trust
Bank
Federation
Clam A (guar.)
Dec. 31 Holders or ere Dec St
3
Holders of tee. Aug. 31
43140. Sept.1
Quarterly
Class B (guar.)
40o. Oct. 1 Holders of reo. Sept. 2
Holders of rec. Aug. 31
1
Sept.
14
Irving (guar.)
Preferred (guar.)
Holders of tee. Sept. 4
Sept.30
5
1
Sept.
"Holders of rec. Aug. 31
*31
(gust.)
Guaranty (guar.)
15 Oct. 1 Holders of tee. Sept. 19a Canadian Bakeries, 1st M.
42o. Oct. 1 Holden of tea. Sept. 25
United States (guar.)
Canadian Car & Fdy. pref.(gear.)- --Holders of reo. Sept.15
Sept.30
114
Canadian Celanese, Ltd., partlo. pf.(qu.)
OM. 1 Holders of reo. Sept. 15
Fire Insurance.
corn. (guar.) $1
550. Oct. 1 Holders of rec. Sept. 14a Canadian General Electric.
1 Holders of tee. Sept. 15
Oat.
8711e
Amnia (guar.)
Preferred (guar.)
Oct. 1 Holders of roe. Sept. 19
2
Canadian Oil. pref.(Guar.)
250. Oct. 1 Holders of rec. Sept.
Miscellaneous.
Canadian Wirebowth Boxes, Class A
1 *Holders of too. Sept. 20
0134
Oct.
Carnation Co., pref. (guar.)
62140. Oct. 1 Holders of reo. Sept. 18
*1.94 Jan 2.32 *Holders of roe Dee. 21
Abbott Laboratories (guar.)
19
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 210
14
Sept.15
Holders of tea. Sept. 10
Abitibi Power & Paper, pref. (quar.).___
(gust.)
pref.
Co..
Carter (William)
reo. Sept.
Abraham & Straus. Inc., corn.(No. 1)_. 37340 Sept.30 Holders of
pref. (gust.).... 134 Oct. 1 Holders of rec. Sept. 120
250. Sept.30 Holders of reo. Sept. 15a Case (J. 1.) Company.
of rec. Sept. 15
"Holders
1
Oct.
Adams Express, corn.(War.)
*83
&
Say.,
(guar.).Loan
Canada
15a
Sept.
Central
114 Sept.30 Holders of rec.
150 Nov. 16 Holden of roe Nov. 5
Preferred (guar.)
"lentrifugal Pipe (guar.)
134 Oct. 1 Holders of reo. Sept.15
2
Oct. 21
Aetna Rubber, pref. (guar.)
Co
lentury
15
Sept.
rec.
of
Holders
*Ill Oct. 1 *Holders of rec. Sept. 25
Agnew-Surpass Shoe Stores, pf.(gL).- 184 Oct. 1 Holders
of rec. Aug. 310 Chartered Trust dr Ex.(guar.)
1.043. Sept. 18
tee. Sept.21
Allegheny Steel, corn. (monthly)
Chase Brass dr Copper Co., pref. A (go.) •I14 Sept.30 *Holders of roe.
Sept.20
'134 Dec. 1 *Holders of rec. Nov 13
Oct. 1 *Holders of
'134
Preferred (guar.)
pref.
(guar.)
3434.
qbatimm
7%
20
Nov
134 I fee. / Holders of tee
ma. Sept.20
of
1
*14
Oat.
*Holders
Alliance Realty, preferred (guar.)
6% preferred (guar.)
Sept. lla
tea.
of
Holders
1
Sept. 11
Oct.
134
rec.
Sept.30 *Holders of
'$1
Allied Chem.& Dye, pref.(guar.)
Chesebrough Mfg. Co. Cons.(gust.)
of tea. Sept. 1
*500. Sept.30 *Holders of reo. Sept. 11
Alpha Portland Cement, pref.(guar)- '134 Sept. 15 *Holders
Extra
reo. Aug. 31
of
21
*Holders
Sept.
Sept.16
*3714e
roe.
of
250,
1
Oct.
Holders
Aluminum Industries (guar.)
Chicago Yellow Cab (monthly)
of rec. Sept. 15
260. Nov. 2 Holders of rec. Oct. 20
Aluminum Manufactures, Inc..eom.(gu. *500 Sept.80 *Holders
Monthly
Nov. 20
*500 Dee. $1 *Holders of reo. flea. 15
roe.
of
1
Holders
250,
Dec.
Common (guar.)
Monthly
*134 Sept.31, *Holders of tee. Sept. 16
374c Sept.80 Holders of rec. Sept. 40
Preferred (guar.)
Chile Copper Co. (guar.)
•144 Dec. 31 *Holders of rec. Dec. 15
25e. Sept. 30 Holders of tee. Sept. 10
Preferred (gore.)
Chrysler Corp.. common (guar.)
of rec. Sept. 16
*Holders
1
Oct.
*750.
A
*35e. Nov. 10 'Holders of too. Nov. 1
(guar.)
class
Bakeries,
American
Churngold Corp. (quarterly)
16
•144 Oct. 1 *Holders of reo. Sept. 100
Oct. 1 *Holders of roe. Sept.19
•75e.
Preferred (guar.)
)
(guar
Products
Advertising
Cllneinnati
Sept.
500. Oct. 1 Holders of rec.
*75o. Jan 112 *Holders of roe. Dec. 19
American Bank Note, corn. (quar.)
Quarterly
Holders of rec. Sept. 10a
1
Oct.
750.
Sept.11 'Holders of tea. Sept. 1
*3
Preferred (guar.)
15a Cinerenati Land Shares
tee. Sept. 1
144 Oct. 1 Holders of rec. Sept. 190
American Can, pref.(guar.)
linoinnati Rubber Mfg.. 8% pref. (ou. *14 Sept.16 *Holders of
of reo. Sept.
Holders
Sept.30
1%
Dec 15 *Holders of tee Dee 1
Chain,
4
pref.
"I
(guar.)
American
12a
preferred
(guar.)
6%
Sept.
tee.
of
Holders
Sept. 150
1
Oct.
reo
500.
234c. Oct. 1 Holders of
American Chicle (guar.)
120 Cities Service Co..corn.(monthly.)
tea Sept. 150
250. Oct. 1 Holders of rec. Sept.
Extra
Nov It
Corn. (payable in corn. stk.)(mthly) 134 Oct. 1 Holders of
rec
of
*Holders
Sept. 164
1
De0.
roc
•1.1*
of
giriar.)7%
pref.
Arneroorn Envelope.
50. Oct. 1 Holders
Preferred B (monthly)
18a
150
81.50 Oct. 1 Holders of reo. Sept. 21
American Express (guar.)
50c. Oct. 1 Holders of tea Sept.
Preferred and preferred BB (Wkly.)Sept. 30
rec.
of
114 Oct. 1 Holders of roe. Sept.
*Holders
Oct.
15
American Felt, pref. (guar.)
.250.
150 City Union Corp.. corn.(guar.)
Sept
roo.
of
31
Holders
Dee.
30
Sept
roe
250
of
Amer. Hawaiian Steamship, (quay.)....
*25e. Jan 1512 *Holders
Dec. 160
Common (guar.)
Aug. 310
26e. Dec. 31 Holders of rea. Sept.
Quarterly
25e. Sept.15 Holders of M.Sept.
140 Clark Equipment, corn. (guar.)
tea.
of
30
Holders
1
Oct.
roe.
350
of
Home
*Holders
Products
American
(month17).--2a Clorox Chemical Co.. class A dr B (guar) *50c. Oct. 1
51.50 Oct. 28 Holders of rec. Oct. Ito
American Ice, preferred (guar.)
Sept.
Coats (J. P.), Ltd.
Aug. 24
tea.
26e Sept.30 Holders or reo. Sept.
of
Amer. Locomotive, corn.(guar.)
*Holders
6
16
m
Oct.
*414d
110
Am dep. rots. reg. shares
144 Sept.30 Holders of rec.
Holders of roe. Oct. 5
Preferred (guar
25e Oct.
5a Coca Cola Bottling (quarterly)
50e Sept.16 Holders of ree. Sept. 190
American News (hi-monthly)
•62340 Oat. 1
Class A (guar.)
Holders of tee. Sept. 120
American Optical Co., let Pref.((guar.). 134 Om. 1 Holders of rec. Sept.
1
$I07:Oct.
Cola Co., common (guar.)
First preferred (gust.)
Holders of tee. Sept.120
13( Dec. 31 Holden of roe. Dee. 30s Coca
Oct.
Common (extra)
Holders of rco. Sept. Sa
American Radiator & Standard
2
Oct.
124
eom.(In non)
of rec. Sept. 100
150. Sept.30 Holders of rec. Sept. lba Columbia Pictures Corp.
Sanitary Corp., common (guar.)
Holders
400 Sept.30
corn.
(guar.)
10
Credit,
Sept.
Commercial
reo.
of
Holders
Amer. Safety Razor, common (gust.)... $1.25 Sept.30
Holders of rec. Sept. 100
500.Ho
Sept. 30 lde
134
634% first pref. (guar.)
ol rec. Sept. 100
American Snuff, corn.(guar.)
75o. Oct. 1 Holders of rec. Sept. 10a
Holders
30
c
Sept.
h
43
7% first preferred (guar.)
Sept. 100
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 10a
Sept.30 Holders of tee.Sept.d10a
8% class B preferred (guar.)
of reo.
Holders
Amer. Steel Foundries, corn,(gust.)... 25o. Sept.30 Holders of roe. Sept. 16a
Sept.30
750.
53 cony. class A (guar.)
114 Sept.30 Holders of tee. Sept. 15a
Preferred (guar.)
Public Utilities (Concluded).
of tea. Sept.16
Queensboro Gas dr El.,6% pref.(quar.)_ "114 Oct. 11 *Holders
*Holders of rec. Aug. 31
Rochester Central Power,6% pf.(qu.)-- '134 Oct.
of rec. Aug. 31
*Holders
Sept.15
'134
San Joaquio Lt.& Pow., prior pref.(qu.)
"14 Sept.15 'Holders of rec. Aug. 31
Prior preferred A (guar.)
rec. Aug. 31
of
*Holders
Sept.15
"144
Preferred A (guar.)
"184 Sept.15 *Holders of rec. Aug. 31
Preferred B (guar.)
Oct. 1 "Holders of rec. Sept. 10
Savannah Elec.& Power, 1st pf. A (go.)- "2
"114 Oct. 1 *Holders of rec. Sept. 10
First preferred B (guar.)
*134 Oct. 1 *Holders of rec. Sept. 10
First preferred C(guar.)
Oct. 1 *Holders of rec. Sept. 10
"14
(quar.)
First preferred D
Oct. 1 *Holders of rec. Sept. 10
*3
6% Preferred
of rec. Sept. 1
Second dr ad Sta. Pass. By.(Phila.)(go.) *83 Oct. 1 "Holders
Oct. 15 Holders of rec. Oct. 1
134
(qu.)_
pf.
South Pittsburgh Water. 7%
rec. Oct. 1
of
Holders
15
Oct.
14
6% preferred (guar.)
'8214c Oct. 1 'Holders of rec. Sept. la
Southern dr Atlantic Tel
roe. Sept. 20
of
'Holders
16
Oct.
.500.
(qu.).
Southern Calif. Edison, orig. pf.
4334 Sept.16 Holders of rec. Aug. 20
Preferred A tpUar.)
Holders of rec. Aug. 20
Sept.16
37340.
Preferred B (guar-)
•3434c Oct. 15 *Holders of reo. Sept. 20
54% preferred,series C (guar.)
134 Oct. 16 Holders of reo. Sept. 19
Southern Canada Power. 6% pf (qu I.
114 Sept.15 Holders of rec. Aug. 31
(guar.)
pref.
Power.
Southern Colorado
114 Oct. 1 Holders of rec. Sept. 19
Southwestern Bell Telep., prof.(guar.)_ _
Holders of roe. Sept. 15
So'western Gas dr Elec.. 7% prof.(quo).- 184 Oct. 1
Oct. 1 Holders of rec. Sept.15
51.50
_
(guar.)
pref.
So'western Light & Power,
rec. Sept n
Sortngteid City Water prof. A (Oust.). .51.74 Oct. 1 *Holden of reo. Aug. 31a
Sept.16 Holders of
Standard Gas & Elea $4 of. (quar.)___. SI
reo. Oct. 15
of
'Holders
2
Nov.
$1.75
Standard Telephone Co.,$7 pref.(qu.).. •
of rec. Sept. 10
Tacony-Palmy ra Bridge, corn. (guar.)._ •75o. Sept.30 "Holders of
Sept. 10
reo.
Holders
Sept.30
750.
Preferred A (guar.)
134 OCt. 1 Holders of reo. Sept. lb
Tennessee Else. Pow.,5% 1st pf.(qua
134 Oct. 1 Holders of rec. Sept. 15
6% first preferred (guar.)
134 Oct. 1 Holders of tee. Sept. 15
7% first preferred (quar.)
1.80 Oat. I Holders of rec. Sept. 15
7.2% first preferred (guar.)
50o Oct. 1 Holders of reo. Sept. 15
preferred
(monthly)
first
8%
60e Oct. 1 Holders of ma Sept 15
7.2% first preferred (monthly)
rec. Sept. 150
Toledo Edison, 7% preferred (monthly). 58 1-30 Oct. 1 Holders of
500. Oct. 1 Holders of roe. Sept. 15a
6% preferred (monthly)
Sept. 15a
tee.
of
41 2-3c Oct. 1 Holders
5% preferred (monthly)
Twin City Rap. Transit (Minneapolis)Sept. 210
reo.
of
Holders
1
Oct.
184
Preferred (guar.)
reo. Sept. 15
Union El. L.& Pow.(III.)6% pf.(guar.) "14 Oct. 1 Holders of
Sept. 15
reo.
of
Holders
7
Oct.
•144
PI
(in.).
Union El. L. dr Pow.(Mo.)7%
"14 Oct. 1 *Holders of reo. Sept. 15
6% preferred (Qum.)
18440. Oct. 1 Holders of fee. Sept. 40
United Corporation. corn.(guar.)
75o. Oct. I Holders of rec. Sept. 40
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept.16
United Gas dr Elec. Corp.. pref.(guard
300 Sept. 30 Holders of roe. Aug. 310
United Gas Improvement. corn.(lust.)$1.25 Sept.30 Holders of tee. Aug. 31a
$5 preferred lows.)
of rec. Oct. 15a
United Light & Power, corn. A & B (qu.) 25c. Nov. 2 Holders of
rec. Sept. 15a
$1.50 Oct. 1 Holders
$6 first preferred (guar.
of rec. Sept. 15
*Holders
1
Oct.
United Public Utilities $6 pref.(guar.) '31.50
rec. Sept. 5
Utah Power & Light, $7 pref. (guar.).- $1.75 Oct. 1 Holders of
$1.50 Oct. 1 Holders of tee. Sept. 5
38 preferred (guar.)
rec. Sept. 6
Utilities Power & Light, corn. (goat.).... v250. Oct. 1 Holders of
v50o. Oct. 1 Holders of ree. Sept. 5
Corn, class A (guar.)
tea. Sept. 5
of
Holders
1
Oct.
e25o.
Corn. class B (guar.)
144 Oct. 1 Holders of reo. Sept. 5
Preferred (guar.)
tee. Aug. 310
of
21
Holders
Sept.
51,50
Virginia Elec. & Power, $8 pref.(gu.)rec. Sept.15
Virginia Public Service,6% Pref.(gear.) 14 Oct. 1 Holders of
134 Oct. 1 Holders of tee. Sept. 15
7% preferred (guar.)
Sept. 170
West Penn. Electric Co., class A (guar.) $1.75 Sept.30 Holders of rec.
rec. Oct. 5a
West Penn. Power Co.. 7% pref.(guar.) 134 Nov. 2 Holders of
Oct. Sa
rec.
of
Holders
2
Nov.
14
(guar.)
6% preferred
$1.50 Oct. 1 Holders of rec. Sept. 15
West Texas Utilities, pref. (guar.)
rec. Sept.15
Western Pow., Light & Tel., pf. A ((N.)- '134 Oct. 1 *Holders of tea.
Sept. 15
'134 Oct. 1 'Holders of
Preferred B (guar.)
of rec. Sept. 21
Westmoreland Water. $6 pref. (guar.).- *$1.50 Oct. 1 *Holders
of rec. Sept. 2.
Winnipeg Electric Co., pref. (guar.).- 184 Oct. 1 Holders
14 Sept.15 Holders of reo. Aug. 31
Wisconsin-Mich. Power.6% Pref.(go.,
Aug. 31
Wisconsin Pow. di Lt.. 7% pref.(quar;.. 184 Sept. 15 Holders of rec.
14 Sept.16 Holders of tee. Aug. 31
6% preferred (quar.)
tea.
of
Aug. 31
Holders
21
Sept.
144
Wisconsin Pub. Service. 7% pref.(guar.)
14 Sept.21 Holders of tee. Aug. 31
64% preferred (quer.)
Aug. 31
rec.
21
of
Sept.
Holders
114
(guar.)
6% preferred
SEPT. 12 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous (Cos/lased).
Commercial Investment Trust, oom.(qu) 50o. Oct. 1 Holders of roe. Sept. ba
7% first preferred (guar.)
144 Oct. 1 Holders of roe. Sept. ba
1354% first preferred (quar.)
139 Oct. 1 Holders of roe. Sept. 5a
Cony. pref. opt. eer. 1929 (guar.)
(z) Oct. 1 Holders of roe. Sept. ba
Commercial Solvents Corp.. corn. (gu.)25c. Sept.30 Holders of rec. Sept. 100
Community State Corp.. class A (quar.) •12440 Sept.30 *HoMers of roe. Sept.
23
Class A toner)
41.2190 Dec. 31 *Holders of roe. Dee. 23
Compressed Industrial Gasses (quar.)..._ .500. Sept. 15 *Holders of roe. Aug. 31
Conde Nast Publications, corn. (quar.)50o. Oct. 1 Holders of roe. Sept. 15•1
Congoleum-Nalrn. Inc.. common
25e. Sept. 15 Holders of roe. Aug. 150
Conservative Investment. pref
.400. Oct. I *Holders of ree. Sept. I
Consolidated Laundries, corn, (guar.)._
25c. Oct. 1 Holders of roe. Sept. 1150
Preferred (guar.)
21.875 Nov. 2 *Holders of rec. Oct. 15
Continental Baking. pref. (guar.)
2
Oct. 1 Holders of roe. Sept. 14a
Cooksville Co., Ltd.. pref. (guar.)
1
Sept.15 Holders of rec. Aug. 31
Corporation Secure. of ChM.,corn.(WO- 1134 Sept.21 Holders of
roe. Aug. 21
Crane Co., common (guar.)
4.15e. Sept.15*Holders of roe. Sept. 1
Preferred (quer.)
'154 Sept.15*Holders of ree. Sept. 1
Cream of Wheat Corp. (guar.)
50o. Oct. 1 Holders of ree. Sept. 19a
Cresson Con. Gold Min. & M111. (guar.)
sic. Oct. 10 *Holders of roe. Sept. 30
Crowell Publishing (mar.)
•780. Sept.24 *Holders of rec. Sept. 14
Crown Cork & Seal, Qom.(guar.)
600 Sept. 18 Holders of roe. Aug. 31a
Preferred (guar.)
670. Sept.15 Holders of roe. Aug. 310
Crown Willamette Paper. let pref.(QUJ $1
Oct. 1 Holders of rec. Sept. 120
Crucible Steel, pref. (guar.)
144 Sept.30 Holders of roe. Sept.15a
Cuneo Press, 6 k,% firer (guar.)
•144 Sept.15 *Holders of roe. Sept. I
Curtis Mfg., common (guar.)
25o, Oct. 1 Holders
rec. Sept. 16
Curtis Publishing, corn. (monthly) -- 33 1-3o Oct. 2 Holders of
of rec. Sept.19a
Preferred (guar.)
$1.75 Oct. 1 Holders of roe Sept 19s
David & Frere. Ltd.. class A (quar.)---250. Sept. 15 Holders of rec. Aug. 31
•1% Sept.30 *Holders of
Davidson Co.. Pref. (guar.)
rec. Sept. 20
Preferred (guar.)
*144 Oct. 1 *Holders
rec. Sept.20
*1% Dec. 31 *Holders of
Preferred (qua?.)
of roe. Dee. 20
Preferred (guar.)
*144 Jan 1'32 *Holders of roe. Dee 20
De Long Hook dr Eye (quar.)
*500. Oct. 1 *Holders of rec. Sept. 20
Denver Union Stock Yards. corn. (q11.)- Si
Oct. 1 *Holders of roe. Sept. 20
Distributors Group Trust Shares (gu.)-- *25e. Oct. 1 *Holders of reo.
Sept. 21
Dr.Pepper Co., oommou
)
.100 Geo. I Holders of roe. Nov 15
Dominion Bridge. eom (guar.)
750 Nov. 14 Holders of roe. Oct. 31
Dominion Tar & Chemical, pref.(guar.) 134 Nov. 1 Holders of
Dominion Textile, Ltd., cons.(qua?.)... 21.25 Oct. 1 Holders of rec. Oct. 5
rec. Sept. 15
Preferred (guar.)
144 Oct. 15 Holders of rec. Sept.30
Douglas Aircraft, Ins
50o Oct. 20 Holders of roe. Sept. 100
Draper Corporation (guar.)
$1
Oct. 1 Holders of rec. Aug. 29
Du Pont(E.I.) de Nemours,coin.(qu.)- 21
Sept.15 Holders of roe. Aug. 27a
Debenture stock (guar.)
1% Oct. 24 Holders of rec. Oct. 10a
Eastern Food Corp., class A (quar.)-750 Oct. 1 Holders of rec. July 1
Class A (guar.)
75e Jan 1'32 Holders of rec. July 1
Class A (guar.)
750 Ap 1'32
Class A (guar.)
750 .117 1'32
Eastern Steel Products, pref.(quar.).... I/4 Oct. 1 Holders of roe.
Sept. 15.
Eastern Utilities Investing.$5 pr.pf.(B1.) $1.25 Oct. 1 Holders of
roe. Aug. 31
Eastman Kodak. COM.(guar.)
$1.25 Oct. 1 Holders of roe. Sept. 3a
Common (extra)
750 Oct. 1 Holders of rec. Sept. 50
Preferred (guar.)
$1.50 Oct. 1 Holders of rect. Sect. 5a
Economy Grocery Stores (guar.)
25o Oct. 15 Holders of roe. Oct. 1
Ecuadorian Corp., Ltd., oom. (quar.)..
Sc.Oct. 1 Holders of roe. Sept. 10
Edison Bros. Stored, Inc.. Prof.(quar.)._ 1% Sept.15Holders of reo.
Aug. 31
ElDorado OR Works (guar.)
'37)4c Sept.15 *Holders of roe. Aug. 29
Electric Controller & Mtg.(guar.)
81.25 Oct. 1 Holders of rec. Sept. 19
Quarterly
$1.25 Jan1'32 Holders of rec. Dec. 19
Employers Group Assoc. (guar.)
250. Sept. 16 Holders of rec. Sept. 1
Equitable Office Bldg.. corn. (quar.)
62190 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept.15
Equity Corporation, pref. (guar.)
75o. Oct. 1 Holders of roe. Sept. 15
Ewa Plantation (guar.)
•60e. Nov. 15 *Holders of rec. Nov. 5
Faber, Coe & Gregg. Pref. (guar.)
*154 Nov. 1 *Holders of reo. Oct.
20
Preferred ((Mar.)
•144 Feb1'82 *Hold, of roe. Jan. 20'82
Famous Players Canadian Corp. (guar.) 500. Sept.26 Holders
of roe. Sept. 4
Faultless Rubber (guar.)
6214c Oct. 1 Holders of rec. Sept.15
Fear (Fred) & Co., common (quar.)--__ *50c. Sept.'
Federal Motor Truck (guar.)
100. Oct. 1 Holders of rec. Sept. 120
Federated Department Stores (No. 1)._
25c. Oct. 1 Holders of rec. Sept.210
Federal Terra Cotta (guar.)
•22
Sept. 15 *Holders of rec. Sept. 5
Fifth Avenue Bus Securities (quar.)
16e. Sept.29 Holders of roe. Sept. 15a
Filene's (William) Sons, corn.(No.1)
25o. Sept.30 Holders of rec. Sept.21a
Preferred (guar.)
154 Oct. 1 Holdersof roe. Sept. 21a
First Bank Stook Corp. (guar.)
25e. Oct. 1 Holder, of roe. Sept.15
First Security Corp. of Ogden (Utah)Class A & B (guar.)
*25o. Oct. 1 *Holders of roe. Sept.20
Fits Simons& Connell Dredge& DockPreferred (guar.)
*134 Oct. 1 *Holders of roe. Sept. 19
Florsheim Shoe Co., pref. (guar.)
154 Oct. 1 Holders of me. Sept. 15a
Follansbee Bros., pref.(guar.)
•21.50 Sept.15*Holders of roe. Aug. 31
Food Madly Corp..6)4% pf.(mthly.). *60c seat. 10 'Holders of rec
Sept.in
Ford Hotels Co., Inc
*50c. Oct. 3 *Holders of res. Om 15
Foster Wheeler Corp., corn. (guar.).- 25e. Oct. 1 Holders of roe. Sept.
no
Preferred (guar.)
$1.75 Oct. 1 Holders of roe. Sept. 120
Foundation Inv. Co.. prof. (guar.)
•14 Sept.15 *Holders of rec. Sept 1
Fuller (George A.) Co., prior Pref.(W.)- $1.60 Oct. 1 Holders of rec. Sept.
10a
Participating second pref.(guar.).- $1.50 Oct. 1 Holder of roe.
Galland Mercantile Laundry (uuar.)--- *)37‘se Dec. I *Holders of rec. Sept. 100
Nov. Is
Oamewell Co., common (guar.)
750. Sept.15 Holders of rec. Sept. 59
Preferred (guar.)
•$1.60 Sept.16 *Holders of roe. Sept. 5
Garlock Packing. corn.(qua?.)
30e. Oct. 1 Holders of roe. Sept. lb
Gent Amer. Investors,Inc.. pref.(guar.) 119 Oct. 1 Holders of roe. Sept.
180
General American Tank Car,corn.(om.). $1
Oct. 1 Holders of roe. Sept. 12a
General Asphalt, corn. (guar.)
50o. Sept. 15 Holders of rec. Sept. Is
General Electric, corn, (guar.)
400. Oct. 24 Holders of rec. Oct. 20
Special stock (guar.)
150. Oct. 24 Holders of roe. Oct. 29
General Mills, Inc., pref.(guar.)
14 Oct. 1 Holders of rec. Sept. 14a
General Motors. corn. (gear.)
750. Sept.12 Holders of rec. Aug. 15a
Sll preferred (guar.)
$1.25 Nov 2 Holders of roe. Oct. 6a
General Printing Ink, corn.(qua?.)
*6240 Oct 1 *Holders of rec. Sept. 15
Preferred (guar.)
'1)4 Oct. 1 *Holders of rec. Sept.15
General Railway Signal, corn.(qua?.)
$1.25 Oot. 1 Holders of rec. Sept. 10a
Preferred (guar.)
154 Oct. 1 Holders of
General Tire & Rubber. Pref.(guar.).- •144 Oct. 1 *Holders of rec. Sept. 100
reo. Sept. 1
Gibson Art Co., common guar.)
•650. Oct. 1 *Holders of roe. Sept. 19
Common (guar.)
•63e. J511112 *Holders of reo. Dee 19
Gilbert (A. C.) Co., pref. (guar.)
*8744e Oct. 1 *Holders of rec. Sept. 19
Globe Discount & Man., pref.(guar.). *8714c Sept.15 *Holders of rec.
Aug. 31
Gold Dust Corp., $6 pref.(guar.)
21.50 Sept.30 Holders of rec. Sept. 170
Goldblatt Bros., Inc., corn. (guar.)---t/ •37440 Oct. 1 *Holders of rec.
Goodyear Tire & Rubber. let pt.(gu.)... 154 Oct. 1 Holders of roe. Sept. 10
Sept. la
Gorton-Pew Fisheries (guar.)
*750. Oct. 1 *Holders of rec. Sept.
Grand Rapids Varnish (guar.)
•112940 Sept.30 *Holders of rec. Sept. 21
19
(guar.)
Steel
City
Granite
50c. Sept.30 Holders of rec. Sept. 150
Grant(W.T.) Co.(guar.)
250. Oct.
Holders of rec. Sept. ha
Grant Lunch Corp.. 8% prof. (guar.)-- •20o. Sept.3 *Holders of rec. Sept.30
8% preferred (guar.)
•200. Dee. 3 *Holders of roe. Dec. 18
kiraymur Corp.(guar.)
250. Oct.
Holders of rec. Sept. 15
Great Britain & Canada Invest. prof.... 24 Oct.
Holders of rec. Sept. 19
GreatWestern Sugar, pref.(guar.)
134 Oct. 42 Holders of rec. Sept. 150
Greed (Daniel) Company, pref. (quar.)_
144 Oct.
Holders of roe. Sept. 21
Greif Bros. Cooperage, corn. A (guar.)._
40e. Oct.
Holders of roe.
llla
•144 Nov. *Holders of roe. Sept.
Gruen Watch, preferred (guar.)
Oct. 20
Hachmelster-Lind, $6 Prof. A (guar.)... *21.50 Oct.
*Holders of rec. Sept. 15
Halold Co.. corn.(guar.)
*25o. Oct.
*Holders of reo. Sept. 15
Common (extra)
*25o. Oct.
*Holders of roe. Sept. 15
•141 Oct.
Preferred (guar.)
*Holders of roe. Sept.15
Hamilton United Theatres, pref. (qu.)__
1% Sept.3 Holders of rec. Aug. 31
lIammermill Paper, pref. (guar.)
•144 Oct.
*Holders of rec. Sept. 19
Hanna (M• A.) & Co.. $7 prof. (guar.)- $1.75 Sept. 20 Holden) of rec. Sept. ha
nane,
11.) Knitting, pref. (qu.). - 4.114 Oct.
*Holders of roe.
19
Harbison-Walker Rehm. pref. (guar.). 14 Oct 2 Holders of rec. Sept.
Oct. 10
•144 Oct.
Harnischfeger Corp.. prof.(quar.)
*Holders of rec. Sept. 15
Nov.30 •Hoiders of rec Nov. 19
Hart, Schaffner & Marl, corn (guar.).. •1
037190 Oct.
.ySquar.)
,opurtehfl
unglature
na
ria
yaFs
r (m
aw
veart
ur
li
*Holders of roe. Sept. 19
*Mo. Sept. 1 *Holders of roe. Sept. 10
Hazeltine Corp. (guar.)
•250. Sept. 1 *Holders of roe. Sept. 1
Name of Company.
1731
Per
When
Cent. Payable.
Boots Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
Hazel Atlas Glass, corn.(guar.)
d50c. Oct. 1 Holders of reo. Sept. 16
Common (extra)
250. Oct. 1 Holders of rec. Sept. 16
Hearst Cons. Publications. corn. (om.). '4354c Sept.15 *Holders of rec. Sept. 1
Class A (guar.)
•4344c Sept.15 *Holders of rec. Sept. 1
Heels Mining (guar.)
*10e. Sept.15 *Holders of roe. Aug. 15
Helrne (George W.) Co., corn,(qua?.).. $1.25 Oct. 1 Holders of rec. Sept. 10a
Preferred (guar.)
1H Oct. 1 Holders of roe. Sept. 100
Hercules Powder,corn.(guar.)
74c. Sept.25 Holders of rec. Sept. 140
Hewitt Bros. Soap, prof.(gum.)
Oct. 1 *Holders of roe. Sept. 20
*2
Preferred (guar.)
Janl 32 *Holders of rec. Dec. 20
*2
Hibbard. Spencer. Bartlett Co. (m'thlY) 20c. Sept.25 Holders of roe. Sept. 18
Hires (Charles E.) Co.. corn. A (qua?.).. 100. Dec. 1 Holders of rec. Nov. 14
Holland Furnace, corn. (guar.)
62341 Oct. 1 Holders of rec. Sept. 150
Holoplane Co., Inc., common
.250. Oct. 1 *Holders of rec. Sept. 15
Preferred
•$1.05 Oct. 1 *Holders of rec. Sept.15
Hoskins Mfg.(guar.)
*no. Sept. 26 *Holders of rec. Sept. 11
Quarterly
*75e. Dec. 26 *Holders of rec. Deo. 11
Houdaille Hershey. pref. A (guar.)
•62340 Oct. 1 *Holders of rec. Sept. 18
•144 Oct
Bowes Bros., 7% preferred (guar.)
I *Holders of roe Sept 26
•134 Doe. 31 *Holders of rec Dec 20
7% preferred (guar.)
6% preferred (guar.)
'114 Oct. 1 *Holders of roc Sept 20
6% preferred (guar.)
*I ).4 Dee. 31 *Holders of roe Dee 70
Hudson Motor Car Caller.)
25o Oct. I Holders of rec. Sept.lla
Humble Oil & Refg.(guar.)
*150e. Oct. 1 *Holders of rec. Sept. 1
Humphreys Mtg.,8% pref.(Mar.)
*50e. Sept 30 *Holders of rec. Sept.15
Huron dr Erie Mtge.(guar.)
Oct. I *Holders of reo. Sept.15
412
Hygrade Sylvania Corp.
Common (guar.)(No. 1)
500. Oct. 1 Holders of roe. Sept. 10
Preferred (guar.)
$1.625 Oct. 1 Holders of roe. Sept. 10
Illinois Brick (quar.)
•30e. Oct. 15 *Holders of rec. Oct. 3
Imperial Sugar,$7 prof.(Mara
•21.75 Oct. 1 *Holders of roe. Sept. 20
$7 preferred (guar.)
•$1.75 Juil'811 *Holders of rec. Dec. k0
Imperial Tobacco of Canada, corn.(gu.) 8440. Sept.30 Holders of rec. Sept. 2
Preferred
3 Sept.30 Holders of rec. Sept. 2
Incorporated Investors (guar.)
23e. Oct. 15 Holders of rec. Sept.21
Stock di, Mend
24 Oct. la Holders of roe. Sept. 21
Independence Trust Shares
*10o. Oct. 1 *Holders of roe. Sept. 1
usurstrod & Pogo,. goncrItifoll (OILY.)
4.26e Dec. I *Holders oi
Nov 1
IMUll Utility Investments, COM.(Mari flii Oct. 15 Holders of rec. Sept. 15
$3.50 prior preferred (guar.)
111.37 Oct. 1 *Holders of rec. Sept. 15
International Celluootton, corn. (guar.).
Oct. 1 *Holders of roe Sere.25
•$1
Common (guar.)
Janl'32 *Holders of rm. Dec. 25
•14.6 Oct. 1 *Holders of roe. Sept. 25
First preferred (guar.)
•144 Jan 1'82 *Holders of roe Deo 26
Fuse preferred (guar.)
International Shoe. eons. (guar.)
*75c. Oct. 1 *Holders of roe. Sept. 15
Insuranshares Certificates, Inc. (quar.)10e. Sept.15 Holders of roe. Aug. 310
Internat. Business Machines. coin.(gu.) $1.50 Oct. 10 Holders of rec. Sept.22a
International Cement, corn. (guar.).- $I
Sept.30 Holders of rec. Sept. 11
Internat. Harvester, eon). (guar.)
62440 Oct. 1 Holders of rec. Sept.190
Internat. Nickel of Canada, corn. (go.)
10o. Sept.30 Holders of roe. Aug. 31a
International Petroleum reg.she.(guar.) 215o. Sept.1 Sept. 1 to Sept.15
Coupon shares (guar.)
25e Sept. 18 Holders of coup. No.30
International Proprietaries, Ltd., A.... •65c. Sept. 1 *Holders of rec. Aug. 25
Class A (extra)
•5c. Sept. 1 *Holders of rec. Aug. 25
International Salt (guar.)
750. Ocit. 1 Holders of rec. Sept. 150
Internat. Shoe. prof.(monthly)
*50o. Oot. 1 *Holders of roe. Sept 15
Preferred (monthly)
•60o. Nov. I *Holders of roe. Oct. 15
Preferred (monthly)
•50o. Dec.
*Holders of roe. Nov. 15
International Silver. pref.(guar.)
144 Oct.
Holders of rm. Sept. 140
Intertype Corp.. 1st prof.(guar.)
Oct. I *Holders of rec. Sept. 15
*2
Jewel Tea, corn.(guar.)
$1 Oct. 15 Holders of roe. Oct. la
Johns-Manville Corp., corn. (quay.).... 76o. Oct. 15 Holders of rec. Sept. 24a
Preferred (guar.)
1% Oct. 1 Holders of roe. Sept. 105
Jones & Laughlin Steel, pref.(Mar.)... 14( Oct. 1 Holders of roe. Sept. Ito
Kahunasoo Vegetanie Parchment(qu.)-- •15o Sept.30 'Holden! of tee. Sept. 19
Quarterly
*16o Doe. 31 *Holders of rec. Dec. 21
Katz Drug Co., common (guar.)
*50c. Sept.15 *Holders of rec. Aug. 31
$64 preferred (guar.)
31.625 Oct. 1 *Holders of rec. Sept. 15
Kaufmann Dept. Stores, pref. (quar.).. *1% Oct. I *Holders of reo. Sept. 10
Kellogg (Spencer) & Sons, Inc.,com.(gu) 20e. Sept.30 Holders of rec. Sept. 15a
Kemper- Thomas Co., corn. (Oust.).... *lac Oct. 1 *Holders of red Sent 20
Common (guar.)
•75e l'n 112 *Holders of rec Dee ye
Preferred (guar.)
.144 Dee. I *Holders of Tee Nov. 20
Keystone Steel & Wire, pref.(guar.).- '154 Oct. 15 *Holders of rec. Sept. 30
Kimberly-Clark Corp., corn. (gust.)... 62440 Oct. 1 Holders of ree. Sept. 12
Preferred (guar.)
114 Oct. 1 Holders of roe. Sept. 12
Kirsch Co., $1.80 pref. (guar.)
•45o Oct. 1 *Holders of rec. Sept. 15
Klein (D. Emil) Co..coin.(guar.)
•25o Oct. 1 *Ifoldere of reo. Sept. 21
•1
Koppers Gas & Coke, pref.(guar.)
Oct. 1 *Holders of rec. Sept. 11
Kresge (S. S.) CO., common (quay.).... 40o. Sept.30 Holders of reo. Sept. 104
Preferred (guar.)
144 Sept.30 Holders of roe. Sept.106
Kroger Grocery & 13aldng. 1st pref.(qu.) •13.‘ Oct. 1 *Holders of roe. Sept. 19
Second preferred (guar.)
*144 Nov. 2 *Holders of roe. Oct. 20
Lake Shore Mines (guar.)
50e. Sept.15 Holders of roe. Sept. 1
Lambert (The) Co., coin. ((friar.)
$2 Oct. 1 Holders of rec. Sept. 170
Landed Banking & Loan (guar.)
2
Oct. 1 Holders of roe. Sept. 15
Landis Machine. common (guar.)
150 Nov.15 Holders .rf roe No'. 6
Preferred (guar.)
'134 Sept. 15 *Holders of roc. Sent. 5
Preferred (guar.)
*1St Dee. Ill *Holders of roe Dec. 5
Lane Bryant, Inc., corn.(quar.)
25e. Oct. 1 Holders of rec. Sept. 120
Larus & Bro. Co.. preferred (guar.).OM. 1 *Holders of roe. Sept 23
Lazarus (F. & R.) & Co.. corn.(N0. 1). '1234e Sept.30 *Holders of rm. Sept. 10
LehighPortland Cement, pref.(qua?.).. 134 Oct. 1 Holders of reo. Sept. 140
Lehigh Valley Coal Corp., pref. (Qt1.)-The. Oct. 1 Holders of rec. Sept. 10a
Lehigh Valley Coal Sales (qu.)
00o. Sept.30 Sept. 11 to Sept. 30
Lehman Corporation (guar.)
750. Oct. 3 Holders of reo. Sept. 210
Lerner Stores Corp.. corn. (guar.)
50o Elept.16 Holders of roe. Sept. 4
Leslie-California Salt. (guar.)
*20e. Sept. 15 *Holders of rec. Sept. 1
Liggett dr Myers Tob., pref.(quar.)._.. 1% Oct. 1 Holders of roe. Sept. 10a
Lily Tulip Cup Corp., corn.(quay.)..... 3740 Sept.15 Holders of rm. Sept. la
Preferred (quar.)
144 Sept.30 Holders of rm. Sept. 1
Limestone Products,7% pref.(quay,)
*6240 Oct. 1 *Holders of roe. Sept.15
*62)4e Jani'32 *Holders of roe. Dee. 15
7% preferred (guar.)
7% preferred (guar.)
*62 He Aprl'32 *Holds of ree.Mar 15'32
Lock Joint Pipe, Co. corn.(monthly).. *67e. Sept. 30 *Holders of rec. Sept. 30
Common (monthly)
•137o. Oct. 31 *Holders of rec. Oct. 31
Common (monthly)
•67c. Nov. 30 *Holders of roe. Nov.30
COMI11011 (monthly)
*67e. Dee. 31 *Holders of rec. Dec. 31
Prefered (guar.)
Oct. I *Holders of reo. Oct. I
*2
Preferred (guar.)
Deo. 31 *Holder. or 'WI Tlor 31
Lord & Taylor, corn. (quar,)
2
Oct. 1 Holders of roe. Sept.lie
Lorillard (P.) Co., pref. (qua?,)
134 Oct. 1 Holders of rec. Sept. 15a Loudon Packing. corn. (guar.)
*75e. Oct. 1 *Holders of roe. Sept. 15
Lucky Tiger Combination Gold Mtn.
Common
112o. Oct. 20 *Holders of rec. Oct. 10
Common
•3o. Jan2032 *Holders of rec. Jan. 10
Common
•3c. Ap20'32 *Holders of rec. Apr. 10
Lunkenhelmer Co. (guar.)
*374c Sept. 15 *Holders of rec. Sept. 5
Preferred (guar.)
•149 Oct.
*Holders of roe. Sept.21
,.r.rtfcrred (COW.)
•14 Jan i'32 *Holders of rec. Dec. 22
Mack Trucks, too., corn. (guar.)
500. Sept. 30 Holders of roe. Sept. 15a
vtagniti (I.) & Co.,6% met (Quay.).... I
Nov. 16 *Ho Apr. of ree Nos IS
Mapes Consolldated Mfg., corn. (liner.). •750 Oct. 1 *Holders of roe. Sept. 15
Common (extra)
•25et Oct. 1 *Holders of reo. Sept. 15
Marathon Razor Blade. Inc.(monthly). •344c. Sept.15 *Holders of roe. Sept. 1
Monthly
M40.Oct. 15 *Holders of roe. Oct. 1
Monthly..
•3340. Nov. 15 *Holders of roe. Nov. 1
Monthly..
*344c Deo 15 *Holdere of rise Dee. 1
Marine Midland Corp.(guar.)
30e Sept.30 Holders of roe. Sept. its
Mathleson Alkali Works, oom.(guar.)._
50o Oct. 1 Holders of rec. Sept. ha
Preferred (guar.)
154 Oct. 1 Holders of roe. Sept. lla
Mayflower Associates (guar.)
*50o Sept.15 *Holders of roe. Sept. 1
McColl Frontons° 011 COM.(MUM)
15e Sept.15 Holders of rec. Aug. 15
McGraw-Hill Publishing, corn. (qu.)_
260. Oct. 1 Holders of reo.
sreKee(Arthur o )Co.. class B (au.).- 087340 Oct. 1 *Holders of roe Sept.d19a
Sept 20
McKeesport Tin Plate (quar.)
$1 Oct. 1 Holders
rec. Sept. 15a
McKesson & Robbins(Md.). own- (au). 250. Sept,15 Holders of
of roe. Sept.
Preferred (quar.)
87340 Sept.15 Holders of ree. Sept. ba
McLellan Stores, pref. A (quar.)
144 Oct. I Holders of reo. Sept. lla
Merchants Berrie. of N.Y.(guar.)
*50e. Sept.30 *Holders of rec. Sept.194
21
Mergenthaler Linotype (guar.)
$1.50 Sept.30 Holders of ree. Sept. 20
1732
Name of Company.
[VOL. 133.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closet,.
Days Inclusive.
Name of Company.
Per I When
Cent. Payable.
Book. Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
134 Oct. 1 Holders of ree. Sept. 10
Pure 011 534% pref. (guar.)
•50o. Oct. 1 *Holders of rec. Sept.15
Mesta Machine, corn.(guar.)
14 Oct. •1 Holders of roe. Sept. 10
6% preferred (guar.)
Sept. 15
•13.6
ree.
of
*Holders
1
Oot.
Preferred (quar.)
Oct. 1 Holders of reo. Sept. 100
2
(quay.)
15
preferred
Sept.
8%
two.
Oct. 1 Holders of
$1
Metal Package Corp. corn.(guar.)
41 Oct. 16 *Holders of reo. Oct. 1
Aug. 29e Quaker Oats, oom. (guar.)
reo.
of
Holders
15
Sept.
471(0
(quar.)_
pref.
Metro-Goldwyn Pictures,
*14 Nov. 30 *Holders of rec. Nov. 2
Preferred (guar.)
154 Oct. I Sept.16 to Sept.30
lel
MetropolitanPaving Brick. pref.(guaRadio Corp.of Amer., pref. A (quara - 8734c. Oct. 1 Holders of rec. Sept.
Mickelberry's Food Product$1.25 Oct. 1 Holders of rec. Sept. be
Preferred B (guar.)
of rec. Nov 2
Cotn,non (payable in •otn. stook)._ `12.74 Nov 16 *Holders of reo. Sept. 19
Sept.15 Holders of ree. Aug. 250
100.
Corp.
Shares
Railroad
(quar.)
I
Holders
Oct.
$1
Midvale Company (guar.)
*50e. Sept. 15 *Holders of rec. Sept. 1
Rapid Electrotype (guar.)
*40o. Oct. 1 *Holders of ree. Sept. 15
Miller & Hart, Inc.. pref. (quar.)
40c. Sept.15 Holders of Teo. Aug. 310
Raybestos-Manhattan Co.. oom.
of ree Sept 19
Minneap. Honeywell Reglr., pf. A (qua *14 Oct. 1 *Holders of reo. Sept.21
"Ie. Oct. 1 *Holders of reo. Sept. 10
(guar.)
Mines
Reed
Gold
(Torn)
*15o. Oct 1 *Holders
Minnesota Mining & mfg.(guar.)
Sept.15 *Holders of ree. Aug. 31
*3710
Reeves (Daniel) Inc., corn. (guar.)
of roe. Oct. 20
Minnesota Valley Can. pref.(guar.).- 014 Nov. 1 *Holders
*194 Sept.15 "Holders of reo. Aug. 31
Preferred (guar.)
Holders of tee. Jan. 20'3
14
Febl'82
Preferred (guar.)
. 1
'Oet
*154
1st
pref.
Stores,
10a
Reliable
Sept.
(guar.)
of ree.
Monsanto Chemical Works, corn.(gu.)_ _ 314c Oct. I Holders of rec. Sept. 20
14 !Sept.15 Holders of reo. Aug. 31
Reliance Grain, pref. (guar.)
*61.75 Oct. I *Holders
Montgomery Ward & Co., el. A (gu.)
1 Holders of rec. Sept. 90
,Oct.
14
lot
pref.
Inc.,
Rand,
Remington
(guar.)
31
Aug.
ree.
of
Holders
15
$1.50 Sept.
Montreal Cottons, corn. (guar.)
lOct. 1 Holders of rec. Sept. 90
2
Second preferred (Mar.)
1,1 Sept. 15 Holders of rec. Aug. 31
Preferred (guar.)
10e. Oct. 1 Holders of reo. Sept. 100
Roe Motor Car (quar.)
75e. Sept.15 Holders of rec. Aug. 31
Montreal Loan & Mtge.(guar)
76efet. 15 Holders of ree. Oct. 1
750. Sept.15 Holders of rec. Aug. 27a Republic Supply Co. (guar.)
Morrell(John) & Co.. Inc.. COM (guar.)
Reynolds (R. J.) Tobacco"62.50 Sept.30 *Holders of ree. Sept. 15
Morris Plan, Syracuse (quar.)
750. Oct. 1 Holders of tee. Sept. 180
Common and common B (guar.)
500. Oct. 1 Holders of ree. Sept.21a
Motor Products Corp.(guar.)
•1$4 Sept.30 *Holders of rec. Sept.15
Rich's, Ine..84% pref.(guar.)
*50 Sept.21 *Holders of reo. Aug. 24
80
Mt. Diablo Oil Mm.& Day.(qu.)
Royal Baking Powder. corn.(quit,).... 25o.'Oct. 1 Holders of ree. Sept. 80
•61
Mount Royal Hotel. pref.
14 Oct. 1 Holders of roe. Sept.
Preferred (quar.)
22e, Oct. 1 Holders of ree. Sept. 150
1
Sept.
reo.
Mountain Producers (guar.)
of
*Holders
15
Sept.
1
'1
Holders of reo Nov 160 Ruberoid Company (guar.)
50e. Dee.
Munsusgwear Corp.. corn.(guar.).
(quay.).. .500. Nov. I *Holders of ree. Oct. 20
50o. Sept.30 Holders of rec. Sept. 15a Ruud Manufacturing common
rec. Oct. 19
of
Myers(F. E.)&Bros. Co.. corn.(quar.).
*Holders
1
Nov.
(guar.)
Son,
*30c.
Inc.
&
T.)
(Joseph
Ryerson
15
Sept.
"13$ Sept.30"Holders of rec.
Preferred (guar.)
Safeway Stores, Inc., common (guar.)._ $1.25 Oct. 1 Holders of ree. Sept.180
Nashua Gummed & Coated Paper14 Oct. 1 Holders of ree. Sept. 180
7% preferred (guar.)
•1M Oct. 1 "Holders of reo. Sept.24
Preferred (quar.)
14 Oct. 1 Holders of roe. Sept.lga
6% preferred (guar.)
18a
700. Oct. 16 Holders of roe. Sept
National Biscuit, corn. (quar.)
26e. Sept.21 Sept. 11 to Sept.21
St. Joseph Lead Co.(quar.)
250. Sept.15 Holders of rec. Aug. 31
National Bond & Share Corp
250 Doe. 21 Dee. 11 to Dee. 21
Quarterly
400. Oct. 1 Holders of rec. Sept. 15
National Breweries, common (quar.)_...
-Co.
Az
Pao.
Mtn.
St. Louts Rocky
440. Oct. I Holders of rec. Sept. 15
Preferred (guar.)
25o, Sept.30 Holders of rec. Sept.150
(quar.)
Common
31
Aug.
reo.
of
*Holders
Sept.15
"30o.
National Casualty (Detroit) (qUar.)154 Sept.30 Holders of reo. Sept.150
Preferred (guar.)
6547 Oct. 1 Holders of rec. Sept. 3,1
National Dairy Products. corn. (guar.)•20e. Sept. 15 *Holders of ree. Sept. 7
San Carlos Milling (monthly)
•114 Oct. 1 *Holders of reo. Sept. 3
Preferred A & B (guar.)
'Nov 16 "Holders of ree. Nov. 2
•114
(guar.)
2nd
pref.
Arms,
Savage
18
Sept.
rec.
of
National Grocers. Ltd., 2d pref.(guar.). '154 Oct. I *Holders
50o. Sept.15 Holders of reo. Aug. 31
Schiff Company, corn. (guar.)
*51,i Oct. I *Holders of rec. Sept. is
National Gypsum, pref
14 ,Sept.15 Holders of reo. Aug. 31
Preferred (guar.)
'Sc. Oct. 10 *Holders of rec. Sept. 30
National Industrial Loan (monthly) -Oct. 1 Holders of reo. Sept. 120
2
14 Sept.30 Holders of reo. Sept. ha Schulte Retail Stores, pref. (quar.)
National Lead, corn.(guar.)
350. Sept.30 Holders of ree. Sept. 160
corn.(guar.)
I% Sept.15 Holders of ree. Aug. 250 Scott Paper Co.,
Preferred A (guar.)
•50o. Oct. 1 *Holders of rec. Sept. 15
Scoville
(quiz.)
161
Mfg.
Oct.
ree.
of
Holders
2
Nov.
134
Preferred B (guar.)
Sept.20 *Holders of rec. Aug • 31
Security by.& Internat. Exch.(guar.). "12
*12.4c Nov.15 *Holders of rec. Nov. 1
National Refining corn.(guar.)
512 Me Sept. 28 Holders of ree. Sept. 15
Oct. 1 Holders of ree. Sept. 15a Segal Lock dr Hardware (guar.)
2
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
$1.375
Inc.,
prior
stk.
(gU.)
Industries,
Selected
31
Aug.
rec.
of
*500. Sept.15 *Holders
National Sewer Pipe, eon).(guar.)
25e. ott. 10 Holders of reo. Sept. 19a
Shattuck (F. G.) Co (guar.)
*80o. Sept. 15 *Holders of rec. Aug. 31
I,* Sept. 1
I,..114c.lot,11 1,, .
Class A (guar.)
••••p•
OOMMOD___ •$)
Sheaffer W s , Pen
75e. Oct. I Holders of rec. Sept. 18
National Standard Co., cam. (guar.)...
*50o. Sept.15 *Holders of ree. Sept. 1
Common (extra)
50o. Oct. 1 Holders of ree. Sept. 17
Sept. SO
reo.
National Steel Car Corp.(guar.)
of
20
*Holders
Oct
*2
Preferred (guar.)
o. Oct. 1 Holders of rec. Sept. 1
National Sugar Refining (guar.)
400.Sept.15 Holders of rec. Aug. 2I0
(No.1)
154 Sept.30 Holders of reo. Sept. 190 Socony-Vacuum Corp.
Sept. 15
rec.
National Supply. prof. (guar.)
of
Holders
460.Sept.30
(guar.)
Penn.
011
16a
South
Holders of rec. Sept.
500. Oct.
National Surety (guar.)
Oct. 1 Holders of rec. Sept. 120
South Porto Rico Sugar, pref. (quar.).. 2
25e. Oct. I Holders of rec. Sept. 14
National Tea, corn. (guar.)
$1
Oct. 1 Holders of rec. Sept. 15
Lines
(guar.)
Pipe
Pa,
Wart
South
31
Aug.
reo.
*250. Sept.15 *Holders of
National Transit (guar.)
25e. Oct. 16 Holders of reo. Sept. 300
Spalding (A. G.) & Bros., corn. (qua-.1.151
Doe. 1 *Holders of rec. Nov. 20
Neiman-Marcus Co orpf. (guar.)
113 Oct. 1 Holders of rec. Sept. 150
(QUJ -Nov.15 Holders of roe. Nov. to smog ch,twant & Co., Inc., pre.
*Holders of rec. Sept.14
Neptune Meter. preferred(guar.)
450.Sept.30
(guar.)._
common
Withington,
Sparks
50e. Sept.15 Holders of reo. Sept. 1
Common A & B (guar.)
•114 Sept.15'Holders of rec. Sept. 8
Preferred (guar.)
New England Grain Prod.25e. Sept.30 Holders of reo. Sept. 10
(guar.)
Fund
Trask
Spencer
'32
14
Jan.
reo.
of
Hold,
1'32
Feb
30c. Oct. 1 Holders of ree. Sept. 80
Com.(1-100 share in pref. A 'Mock)
Standard Brands, corn. (guar.)
'1.76 Oet. 1 Holders of rec. Sept. 20
$7 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 8a
$7 preferred (guar.)
41.75 Jan2'32 *Holders of ree. Dee. 29
$7 pre/erred (quay.)
824c.Sept.15 Holders of reo. Aug. 150
(guar.)
Calif.
of
Oil
Standard
1
Oet.
ree.
of
15
*Holders
41.50 Oet.
Preferred A (guar.)
•25e. Sept.15 *Holders of rec. Aug. 15
Standard 011 (Indiana) (guar.)
41.50 Jo.15'32 *Hold. of rec. Jan. 7 '82
Preferred A (guar.)
*400. Sept.30 *Holders of rec. Sept. 15
of rec. Sept. 194 Standard Oil (Ky.) (guar.)
to Sept.21
New York Shipbuilding, pref.(guar.)._ $1.75 Oct. 1 Holders of
500. Sept.21 Aug. 28
(quar.)
(Nebraska)
Oil
Standard
25
rec.
Sept.
15e. Oct. 15 Holders
New York Transit(guar.)
25o. Sept.15 Holders of rec. Aug. 170
par
$25
J.),
(gu.)..(N.
Standard Oil
10c. Oct. 15 Holders of rec. Sept.25
Extra
250. Sept. 15 Holders of reo. Aug. 170
par (extra)
$26
15
Sept.
rec.
of
Holders
28
.50e.
Sept.
New York TransPortation (guar.)
Sept.15 Holders of ree. Aug. 170
1
$100 par (quar.)
'2734c Oct. 1 'Holders of reo. Sept. 18
Newberry (J. J.) Co., corn. (quar.)
1
Sept. 15 Holders of reo. Aug. 170
$100 par (extra)
100. Oct. 15 Holders of rec. Sept. 25
Niagara Share Corp. of Md., common_
(guar.)
15 Holders of ree. Aug. 21
New
40o.
York
Sept.
of
Oil
Standard
18
Sept.
reo.
of
Holders
11.50 Oct. 1
Preferred (guar.)
Oct. 1 Holders of ree. Sept. 16
corn,
624c
(guar.)
(Ohio).
011
Standard
*25o. Sept.30 Holders of reo. Sept. 20
Niles-Bement-Pond Co.(guar.)
IX Oct. 15 Holders of reo. Sept.30
5% cum prof.(guar.)
ree Noe
Nineteen Hundred Corp., class A (rm.).- *50e 'Joy. 16 "Holders of
75e. Oct. 1 Sept 16 to Sept.30
Standard Steel Construction, of. A (au.)
*35e. Oct. 1 Holders of rec. Sept. 16
North American Cream.,class A (quar.). •1yi
(guar.)
500. Sept.30 Holders of ree. Sept. 180
corn.
Co.,
S.)
Starrett (L.
Oct. 1 *Holders of rec. Sept. 10
North American Provision, pref. (qu.)
*134 Sept.30 Holders of rec. Sept. 18
(guar.)
Preferred
10
Sept.
roe.
of
Holders
14
1
Oat.
(guar.)._
North Central Texas 011, pref.
Mo.Oct. I Holders of tee. Sept.16
Starrett Corp., pref. par $50 (guar.)_
rec. Sept. 16
Northern uiseount. pref. A (mtn11.)...• 882-Sc Oot. . I *Holders of
*61.08 Sept.15 Holders of reo. Sept.
State Street Exchange (guar.)
862-3c Nov. I *Holders of roe. Oct. 16
ereferred A (monthly)
1$$ Oct. 1 Holders of ree. Sept. 15
(guar.)
pref.
&
614%
(A)
Co.,
15
Stein
Nov.
rec.
of
*Holders
Dec.
I
2-3c
88
Preferred A (monthly)
434o Sept.30 *Holders of ree. Sept.15
• 882-3c Janl'32 *Holders of rec. Dee. 15
SU:, Baer dr Fuller. prof.(guar.)
Preferred A (monthly)
•4354e Dee. 81 *Holders of ree. Doe. 15
Preferred (quay.)
Sept.lb
•1
ree
of
*Holders
1
Oct.
(monthly)
Pr•ferred C
60o. Oct. 15 Holders of ree. Sept. 170
Stone & Webster, Ine. (quar.)
el
Nov. I *Holders of rec. Oct. 15
?referred C (monthly)
250. Sept.15 Holders of reo. Aug. 250
Sun Oil, corn.(quar.)
•1
Dec. 1 "Holders of rec. Nov.16
Preferred C (monthly)
McKee &Rebook,class A (qua -- "3714e Sept.15 *Holders of ree. Sept. 4
•1
16
Sunset
Dee.
ree
of
*Holders
To
Preferred 0(monthly)..
•25o. Sept.15 *Holders of ree. Sept. 4
Class B (guar.)
reo. Sept.15
Northern Paper Mills, $6 pref. (guar.).- *$1.50 Sept.30 Holders of
Superior Portland Cement.
41.75 Sept.30 *Holders of reo. Sept. 15
S7 preferred (gear.)
*27He Oct. 1 *Holders of rec. Sept. 23
A
(monthly)
Class
20
Sept.
reo.
of
*Hoiden,
Oct.
81.625
Northland Greyhound Lines. pf.(gu.)-•
50e. Oct. 1 Holders of ree. Sept. 10
Swift dr Company (guar.)
Sept.30 Holders of reo. Sept.15
Nunn-Bu.sh Weldon Shoe, corn. (guar.). .25c.
60o. Oct. 1 Holders of ree. Sept, 90
Texas Corporation (guar.)
t.4 Sept.30 Holders of reo. Sept. 15
First preferred (guar.)
760. Sept.15 Holders of reo Sept. la
(guar.)
Sulphur
Gulf
Texas
15
Sept.
reo.
of
•i54 Sept.30 Holders
Second preferred (guar.)
'134 Sept.15 *Holders of ran. Sept. 10
Thew Shovel. pref. (quar.)
•10o. Sept. 15 Holders of reo. Sept.
8734e. Oct. 1 Holders of reo. Sept. lla
Oahu Sugar Co., Ltd.(monthly)
rett Co., pref.(au.)
Thompson-Star
10
Sept.
rec.
of
Holders
I
Oct.
*50e.
*$1.50 Oct. 1 *Holders of reo. Sept. 10
Ohio Finance, corn.(quar.)
Thompson's Spa, Inc., pref. (quar.)
•11
Oct. I Holders of rec. Sept. 10
Sept.21 *Holders of reo. Sept. 6
Common (payable in common stook).
•$1
Todd Shipyards Corp.(quar.)
*2
Oct. 1 Holders of rec. Sept. 10
$1.60 Oct. 1 Holders of res. Sept. 16a
Prof.
Corp.,
8% preferred (guar.)
(guar.).-Continental
Tr
10
Sept.
ree.
of
Holders
*2
Oct. 1
Oct. 1 Holders of ree. Sept. 100
6234e
(guar.)
Class A (guar.)
Corp.
Products
TrIco
•134 Sept.16 *Holders of reo. Aug. 22
*500. Oct. 1 *Holders of reo. Sept. 20
Ohio 011. pref. (guar.)
Troy Sunshade(guar.)
1 Sept. 16 to Sept.30
Oct. 15 Holders of ree. Sept. na
15e
Ohio Seamless Tube, preferred (quar.).. 14 Oct.
(quar
eons
Steel,
Truseon
6
2
Oct. 1 Holders of reo. Sept. 15
Omnibus Corp.. pref. (guar.)
40c. Oct. 1 *Holders of Tee. Sept. IS
Trusteed N. Y. C. Dank Stooks
Holders of ree. Aug. 31
Sept.30 Holders of ree. Sept. 120
Oneida Community, common (guar.).- *1254c Sept.15 Holders of ree. Aug. 31
Co., oom.(qu.) $1
Fisher
Elliott
Underwood
•4340 Sept.15
114 Sept.30 Holders of ree. Sept. 120
Preferred (guar.)
Preferred (quit.)
$1.50 Oct. 1 Holders of rec. Sept. 15
8547. Oct. 1 Holders of ree. Sept, 2a
Ontario Loan & Debenture (guar.)
Union Carbide & Carbon (guar.)
•15.4
15 Holders of reo. Sept. 1
750. Oct. 1 Holders of rec. Sept. 100
Ontario SlIkknit. Ltd., preferred (guar.). sin Sept.15 Holders of reo. Sept. 1
(au.)
pref.
TransP..
&
Aircraft
United
Sept.
Sept.15 *Holders of ree, Sept. 1
41.75
Ontario Steel, Ltd.. prof.(guar.)
pf.
Circuit
((M.)United Artists Theatre
11$ NOV,. 2 Holders of rec. Oct. 90
Ontario I obaceo Pesurations. Pref.(gm' 1
(Jnited Cigar Stores of Amer.. Prof.(gu.)
'32
an.
1
• 20.44e Oct. 1 *Holders of ree. July 31
Shares
Preferred (a lianerlY)
Trust
Common
United
15
194 Oct. 1 Holders of ree. Sept.
14 Oct. 1 Holders of reo. Sept. 150
Owens-111. Glass. pref..(guar.)
United Dyewood. prof. ((Mara
4.35e. Oct. 1 *Holders of reo. Sept. 16
400. Sept. 24 Holders of ree. Sept.10
Pacific Indemnity (guar.)
United Elastic Corp. (guar.)
*Holders of reo. Sept. I
Pacific Southwest Discount. A & B (gu.) •100. Sept.15 Holders of reo. Aug. 15a United Fruit(guar.)
SI
Oct. 1 Holders of reel. Sept. 10
10e. Sept. 12
Packard Motor Car corn.(guar.)
Supply, class A (quay.)....'87340001, 1 *Holders of rec. Sept. 20
17
Linen
Sept.
United
reo.
of
28
Holders
Sept.
$1
Paraffine Cos., corn. (guar.)
Nov. 1 Holders of seo. Oct. 150
500.
corn.
Works.
(guar.)
Dye
44
Piece
United
Sept.
1234 Sept. 30 Holders of ree.
Paramount Publix Corp., common
1$4 Oct. 1 Holders of reo. Sept. 190
Preferred (guar.)
*25o. Sept.30 *Holders of roe. Sept. 19
14 Jan1'23 Holders of reo. Doe. 19a
Parke, Davis & Co.(guar.)
Sept.19
(guar.)
Preferred
rec.
of
*Holders
•10o. Sept.30
Extra
'134 Sept.30 *Holders of ree. Sept. 20
United Publishers, pref.(guar.)
•1M Sept.15 *Holders of ree. Aug. 31
$1
Sept. 15 Holders of rec. Aug. 26a
Paton Mfg., pref. (guar.)
United Stores Corp.. pref. (guar.)
*I%
'Holden, of reo. dept .20
Peabody Engineering. pref. (guar.).- - •14
&
A
121$0.
Oct. 1 Holders of rec. Sept. 15a
common
30
Foil,
Geo.
States
United
reo.
Doe. 37 'Holders of
Preferred (Qom%)
134
Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
*Holders of reo. %PC 25
Peaslee-Gaulbert Corp.. Prof. (guar.).- *14 Oot. 1 Holders of rec. Aug. 310 U.S. Gypsum, corn.(quar.)
Holders of rec. Sept. 150
40e.
Sept.30
25o. Sept. 14
Sept.30
Penick & Ford, Ltd. (guar.)
Holders of reo. Sept. 150
154
(guar.)
190
Preferred
600. Sept.30 Holders of reo. Sept.
134 Oct. 1 Holders of ree. Sept. 100
Penney (J. C.) Co., corn.(guar.)
reo. Sept. 19a U.S. Leather, prior pref. (guar.)
of
Holders
Sept.30
135
Holders of ree Sept. 300
Oct.
20
(MO..
60e
Preferred (quar.)
Fdy.,
cora.
Pipe
&
States
18
United
Nov.
reo.
of
'Holders
.
Pennsylvania Hanksheren & Soo. of.(au.) .11231c Deo. 1
60c Jn20'32 Holders of reo. Dec. 31,
Common (puny.)
*Holdera of reo. Sept. 15
Pennsylvania Glass Sand, pref. (guar.)._ "51.75 Oct. I *Hoidens of roe. Oct. 15
300. Oct. 20 Holders of reo. Sept. 300
First
preferred
(guar.)
2
Nov.
ree Dee. 310
of
Holders
Pennsylvania Industries. Inc. Prof.(au.)
30e.
mow
(quar.)
Firer
15
preferred
Sept.
Sept.30 *Holders of reo.
*4
• 6234(3. Oct. 1 *Holders of ree. Sera. 20
Penn Tobacco. class A (guar.)
250 Oct. 1 Holders of rec. Sept. 80 U.S.Playing Card (quar.)
Peoples Drug Stores, corn.((Mara
25e. Sept.15 Holders of reo. Aug. 170
la U.S. Realty & Improvement
194 Sept.15 Holders of rec. Sept. 10
Preferred (guar.)
Sept.29 Holders of reo. Aug. 310
1
U. S. Steel Corp.. cam.(gum.)
rec. Sept.
of
Holders
1
Oct
154
Pet Milk, preferred (guar.)
$1.10 Oct. 1 Holders of reo. Sept. 140
U.S.Tobacco,common (guar.)
*Holders of rec. Sept. 2
Petroleum Exploration, Inc. pref. (qua •121$0 Sept.15
Oct. 1 Holders of ree. Sept. 140
11.75
31
Preferred
(guar.)
450 Sept.15 *Holders of ree. Aug. 30
'
Petroleum Landowners (monthly)....
Oct. 1 *Holders of reo Sept. 15
*81
Utwessit Metal Cap. pref. (guar.)
of reo Sept
Phoenix Finance Corp.. Prof.(guar.).- 40o Oct. 10 'Holders of ree. Dee. 31
Oct. 1 Hol ers of rec. Sept. 10
(guar.)._
*75o.
pref.
Corp.,
Holding
Utility
*Holders
•60o Jn10•32
15 Holders of reo. Sept. 8
Preferred (quer.)
Sept,
134
common
(quar.)
Vsivollne Oil.
of reo. Aug.86
Pinchin, Johnson & Co., Ltd., Am.shs_ *w10 Sept.12 *Holders of reo. Sept. 15
Oct. 1 'Holders of rec. Sept. 2I0
*2
Preferred (quar.1
Pitney-Bowes Postage Meter (in stock)._ •e2 ()et. 1 *Holders of reo. Sept. 10
"Holders of MO. SePt.18
30
Sept.
.25e.
Vanadium
Alloys
Steel
(guar.)
Dee ,
*50o Oct. 1 *Holders
Pittsburgh Plate Glass (guar.)
Vapor Cat bleating, oreferred (quay.)... '154 loss. JO *Holders Of MO Sept.21
of ree. Sept.23
Pittsburgh Steel Foundry, pref. (quar.). •134 Oct. 1 *Holders
Victor Monaghan Co., Prof. (quar.)__ -- *154 Oct. 1 *Holders of rec. Sept.
ree.
of
Port Huron Sulphite & Paper.
*Holders
15
Sept.
.1300.
15
(guar.)
pref.
Pump,
Viking
Sept.
•14 Oct. 1 *Holders of reo.
7% preferred (quar.)
25e. Oct. I Holders of rec. Sept. 15 1
Vogt Manufacturing (guar.)
1 *Holders of rec. Sept. 15
1 54 Oct.
'
Powdrell & Alexander. pref. (quiz.)....
.50e. Oct. 1 *Holders of roe. Sept. 15
Vortex Cup Co.. common (guar.)
reo. Aug. 25
Procter & Gamble, 5% pref. (guar.).- 134 Sept.15 Holders of
Oct. 1 *Holders of reo. Sept. 151
42740
Class A (guar.)
20o Sept.lb Holders of reo. Aug. 25
Public Investing (quar.)
lOct. 20 Holders of tee. Oct. 70
1
Vulcan DetinnIng, corm.(quiz.).
760 Oct. 1 Holders of reo. Sept. 10
Public Utility Holding,$3 prof.(quar.)Oct. 20 Holders of ree. Oct. 75
144
21
Sept.
reo.
Preferred (guar.)
Sept.19
Publication Corp. common (guar.).- *800 Oct. I *Holders of
Electric Corp., pref. (guar.).- '14 Oct. 1 *Holders of rec.
Wagner
21
Sept.
rec.
of
*Holders
1
Oct.
Original preferred (quar.)
!
SEPT. 12 1931.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Waldorf System, Inc.. Common (guar.). 37 tic Oct. 1 Holders of rec. Sept. 19a
Wa!green Co., preferred (attar.)
•154 Oct. 1 *Holders of rec. Sept.d19a
Walker (Hiram) Gooderham & Worts,
Ltd., (luer.)
12).4o. Sept.15 Holders of rec. Aug. 25
Waltham Watch, 6% pre auar.)
500. (Jet. 1 Holders of rec. Sept 21
Ward Baking. pref. (quar.)
151 Oct. 1 Holders of rec. Sept. 170
Warner Company. common (quar.)_._
25c. Oct. 15 Holders of rec. Sept. 300
First and second preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 15a
Warren Foundry & Pipe (quar.)
503. Oct. 1 Holders of roe. Sept. 151
Waukesha Motor Co.(attar.)
*75e. Oct. 1 *Holders of rec. Sept. 15
Wellington 011, Ltd. ((mar.)
*20. Sept. 15 *Holders of rec. Aug. 31
Wesson Oil & Snowdrift, corn, (guar.)._
50c Oct. 1 Holders of rec. Sept. 15a
West Va. Pulp & Paper.6% pref. au.). 114 Nov. 16 Holders of rec. Nov. 2
Westchester First National Corp.. Net. *8754e Dec. 20 *Holders of tee. June 30
Western Canada Flour Mills. pref.(Qui104 Sept. 15 Holders of rec. Aug.
Westeni Maryland Dairy, pref. (au.).... *31.50 Oct. 1 *Holders of rec. Sept. 31
19
Western Tablet & StatIonerY, Pref. (au.) •1 04 Oct. 1 •Holders of rec. Sept. 21
Westmoreland. Inc. (quar.)
30e. Oct. 1 Holders of rec. Sept. 156
Weyenberg Shoe Mfg.. pref (quar.)
•151 Sept. 16 *Holders of rec. Sept. 5
Wheeling Steel. pref., new (No. 1)
750. Oct. 1 Holders of rec. Sept. 12a
White Motor Securities, preferred (au.). 154 Sept. 30 Holders of rec. Sept. 14
Wilcox Rich Corp.. el. A (guar.)
6254c. Sept. 30 Holders of rec. Sept. 190
Will & Baumer Candle, pref. (quar.)
2
Oct. 1 Holders et rec. Sept. 15
winsted Hosiery, corn (Oust.)
34 Nob.
•tioirlern 01 me (0.1 lb
Wiser 011 (quar.)
.25e. Oct. 1 *Holders of rec. Sept. 10
Worthington Pump & Mach", Pf. A (qu) 151 Oct. 1 Holders of rec.
Seirt. 107
Preferred 13(quar.)
104 Oct. 1 Holders of rec. Sept. 10a
Wright Hargreaves Mines (guar.)
2040. Oct. 1 Holders of rec. Sept. 14
Wrigley (Wm.(Jr. Co.(monthly)
25c. Oct. 1 Holders of rec. Sept. 20a
Monthly
25c. Nov. 2 Holders of rec. Oct.
Wurlitzer (Rudolph) Co.. corn. (mthly.) •50e. Sept.25 *Holders of rec. Sept.20a
24
7% preferred (guar.)
•1 81 Oct. 1 *Holders of rec.
Sept. 19
7% preferred (quar.)
•154 Jan1'32 *Holders of rec. Dec. 19
7% preferred (quar.)
•15( Aprl'32 *Hold.of rec. Mar. 19 32
734 preferred (guar.)
July1'32 *Hold. of rec. Joe 19'32
Yale & Towne Mfg.(guar.)
50c. Oct. 1 Holders of rec.
Zlnke Renewing Shoe Corp., 00111. (CAL)- .151o. Oct. 2 *Holders of rec. Sept. 10
Sept. 5
Preferred (quar.(
.30. Oct. 2 *Holders of roc. Sept. 15
• From unofficial sources. t The New York Stock Exchange has
ruled
Mock will not be Quoted ex-dividend on this date and not until further notice.that
I The New York Curb Exchange Association has ruled that stock will not be quoted
Idend on this date and not until further notice.
a Transfer boots not °tooled for this dividend.
el Correction. e Payable in stock.
I l'ayable In common Wok. g Payable in scrip. S On account of accwoulated
dividends. I Payable In preferred stock.
k Central Public Service class A dividend is payable in class A stock.
Central States Elec. Corp. cony. pref. dividends are payable as follows:
Series
1928, 3-32nds share common stock or $1.50 cash; series 1929, 3-16tha share
common
sto,
k or $1.20 cash.
r General Gas & Elec. corn. A & B dividends are payable in corn. A stock
unless
holder notifies company prior to Sept. 10 of his desire to take cash.
s Amer. Cities Power & L1ght, class A dividend, will be paid 1-32d share
class
stock unless holder notifies company on or before Oct. 15 of his desire to take cash. B
1 Utilities Power & Light corn, and class A dr B dividends payable In cash or
stock as follows, holders desiring cash must notify company: Common
share common stock; class A 1-40th share class A stock; class B 1-40th 1-40th
share
Common stock.
ti Midland United dividend optional either cash or 1-40th share common stock.
w Less deduction for expenses of depositary.
s Commercial Investment Trust conv. Prof.. series of 1929 dividend will be
paid
In common stock at rate of 1-5-d share unless holder notifies company on or before
Sept. 16 of his desire to take cash-$1M.
y GoldbIttt Bro3. dividend is options( either 3704c. cash or 154% stock.
s Segal Lock & Hardware dividend is payable 12 ti% cash or 23.4% in stock.
Holders desiring cash must notify company on or before Sept. 18.
Weekly Return of New York City Clearing House.Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $10,500,000 to the capital,
$29,882,800 to surplus and undivided profits, 8162,442,000
to the net demand deposits and $69,443,000 to the time
deposits. We give the statement below in full:
STATEMENT
OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE
SATURDAY SEPT. 5 1931.
WEEK ENDED
•Surplus and
Undivided
Profits.
Na Demand
Deposits,
Average.
1733
The Now 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 Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Sept. 5:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE
FRIDAY, SEPT. 5 1931.
NATIONAL AND STATE BANKS-Average Figures.
WEEK ENDED
Loans,
Other Cash Res. Dep., Dep. Other
Disc. and
Gold. Including N. Y. and Banks and
Gross
Investments.
Bank Notes Elsewhere. Trust Cos. Deposits.
$
$
$
AtanhattanGrace National_
17,968,572
1,250
BrooklynPeoples Nat'l__
6,180,000
4,000
5
$
$
68,717 1,787,166 1,352,556 16,344,909
183,000
440,000
143,000
6,370,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Investments.
ManhattanEmpire
Federation
Fulton
United States
BrooklynBrooklyn
Kings county
Reeve Dep., Depos.Other
N. F. and Banks and
Elsewhere. Trutt Cos.
Gross
Deposits.
$
I
$
71.064,100 *4,470,300 7,104.100
15,758.914
107,304 1,001.536
19,520,500 2.169.000 1,135.500
72,727,824 4,700.000 12,601,513
$
$
2,619,300 70,029,100
130,235 15,071,183
219.000 18.135.000
60.474,576
2,793,000 34,590,000
1,771,399 3,182,737
789,000 120,124,000
25.361,624
105,140,000
27,052,743
Bayonne, N. .I.NT anh a Mr.
Cash.
R 12.0 5R0
235.330
615.848
252.618
8.003.358
• Includes amount with Federal Reserve as follows: Empire, $3,070,400
Fulton, $2,000,000.
Boston Clearing House Weekly Returns.---In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON
CLEARING HOUSE MEMBERS.
Week Ended
Sfpt. 9
1931.
Changes from
Precious
Weak.
Week Ended
Sept. 2
1931.
Week Ended
Aug 26
1931.
S
$
$
$
93,875,000 Unchanged
Capital
93.875.000
93.875,000
86,772.000 Unchanged
Surplus and profits
86.772.000
86.772.000
Loans. disc'te & invern'ts. 1,023,643,01.0 +1,124,000 1,022.519.000 1.016,572.000
Individual deposits
598,154,000 -6,1174,000 604.828,000 603,739,000
162,293.000 +11,461,000 105.832,000 152.229,000
Due to banks
265,992,000
Time depoalts
-556,000 266,548.000 267.971,000
United States depoalts
955.000 -1,809,000
2.764,000
2,764,000
Exchanges for Chi. House
11,622,000 -1,349,000
12.971.000
11,707,000
Due from other banks__ _
84,075.000
+2,676,000
81,399,000
88.442,001
Reeve in legal deposIt'les
80,427,000
4-490,000
79,937.000
79,251.000
5.807,000
+94.000
Cash in bank
5.713.000
5,821,000
Res've in excese ln F.R.Bk
2.592.000
+224.000
2.368.000
2.466.006
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended Sept. 00 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Time
Deposits,
A temps.
$
$
a
a
6,000,000
Bank of NY & Trust Co
14.254.900
67,515,000
13.517.000
22,250.000
50,760,200
Bank of Manhat'n Trust
252,889.000
49,429.000
36,775,300
32,713.600
Bank of Amer Nat Assn
116.618,000
48.532.000
National City Bank ___ _ 110.000,000 115.769,100 a1,037,119,000
188,760.000
Chemical Bank & Trust
21.000.000
44,260,900
226.582.000
27,482.000
Guaranty Trust Co
90,000,000 208,427,000 8391,660.000 119,709,000
Chathain Phenix NEllicTr
16,200.000
16,446,600
121,918,000
27,576,000
Central Hanover lik&Tr
21,000,000
83,630,600
412,392,000
88.672.000
15,000,000
Corn Exchange Ilk Trust
32.629.000
185.325.000
31,948.000
10.000.000 118,516.500
Find National Bank
270,618.000
23,861,000
50,000.000
7.5,429,000
Irving Trust Co
379,030,000
64.440.000
Continental Bk & Trust_
6.000.000
11,360,200
9,150.000
1.380.000
148,000.000 176,579.800 c1,291,449.000 168,744,000
Chase National Bank
500.000
3,822,600
Fifth Avenue Bank
25,971.000
3,044,000
25.000,000
Bankers Trust Co
87.792,400 d464,940,000
72,068.000
10.000.000
24,860,800
Title Guarantee & Trust
34,562.00))
2,096.000
Marine Midland Trust
10,000.000
9.632.800
49,442,000
5.263.000
Trust
Co
3.000.000
Lawyers
4,256.700
16,104.000
1,659,000
12,500.000
35,644.000
New York Trust Co._.
Week Ended Changesfrom Week Ended Week Ended
185,390.000
38.457.000
7,000.000
10.158.000
Comml Nat Bank & Tr_
Sept. 5
48.458,000
Previous
Aug. 29
Aug. 22
2,813,000
Harriman Nat Ilk & Tr.
2.000.000
2.822,400
1931.
28,305,000
Week.
1931.
4,016.000
1931,
8.250,000
13,873,300
Public Nat Bank & Trust
36.823.000
31,196.000
Manufacturers Trust Co
27.500.000
24,380,500
$
147,539,000
$
$
65,668.000
$
AmericanEx.Bk&Tr.CO.
10,000,000
5,502,300
83,202,000 Unchanged0
14,903,000
83,202,000
3,775,000 Capital
83,202,000
256,081,000 Unchanged
Surplus and profits
256,081,000 256,081,000
Clearing Non-Member.
Leans, dtscta. and invest_ 1.488.745,000 -6,995,000 1,495.749.000 1,503.342,000
500,000
737,100
Mechanics Tr, Bayonne_
25,355,000 +2,871,000
2,473,000
22,484,000
5,235,000 Each.for Clearing House_
24.719.000
103,999,000 +4.517,000
Due from banks
99,482,000 102,702,000
..........,.
668 475 300 1.204.260 700 6.317.175.000 1 niso 'IAA non Bank deposits
214,569,000
+3,031,000 211.538,000 2
18,459,000
711,115,000
deposits
Individual
+2,599,000
708.516,000 71
*As per official repor s: National, June 30 1931; State, June 30 1931; trust
429,087.000 -3,611,000 432,898,000 4 0,549,000
Time deposits
39.782.000
companies. June 30 1931.
1,354,771,000
deposits
+1,819,000
Total
1
,352.952,000 1,368.790,000
Includes deposits in foreign branches: a $249,164,000; b $81,248,000; c $96,
Reserve with F. R. Bank_ 116,255,000
+352,000 115.903.000 115
504 nnn
001,000; d $43,479,000.
Cleating House
Members.
• Capital.
[Vol.. 133.
FINANCIAL CHRONICLE
1734
Weekly Return of the Federal Reserve Board.
Sept. 10,and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon,
present the results for the System
we
first
table
the
In
Wednesday.
on
business
of the twelve Reserve banks at the close of
corresponding week last year.
the
of
those
and
with
as a whole in comparison with the figures for the seven preceding weeks
The Federal Reserve Agents'
banks.
twelve
of
the
each
for
separately
liabilities
and
The second table shows the resources
the Comptroller and
between
notes
in
Reserve
Federal
transactions
regarding
Accounts (third table following) gives details
the returns for the
upon
comment
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
Discussions."
and
Events
of
"Current
our
department
in
item
first
the
latest week appears on page 1697, being
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 9 1931
COMBINED RESOURCES AND LIABILITIES OF THE
1931.!sty 22 1931. Sept.101930.
Sept. 9 1931.1Sept. 2 1931.1 Auo.26 1931.1Aug. 19 1931.1Aup. 121931. Aug. 5 1931.1.7uly 29
1
3
3
$
3
I
1
RHEIOURCRS.
2,003.339.000 1,550,956,009
2,190,648.000 2,164.613,000 2,152.013,00012.124.088.000 2.077,688,000 2,063.779.000 2,058.639,000
33,375,000
Geld with Federal Rceerve agents
29.084.000
29,983,000
29.983,000,
29,675,000
29.999.000
29.889,000,
29,731,0001 29,889.000
Gold redemption fund with U. S. Treas.
I
2.032.423,000 1,586,331,000
2.088,522.000
2,093,762,000
2.107,363.000
2.154,087.000
2,181.992.000
2,194.502.000
Gold held exclusively SW. F. Ft. notes 2.220,379.000
463.011.000 576,970,000
419,228,000 430,354,000 441.211.000 434.736.000 479,711.000 447,519,000 410,496,000 928.013,000 796,299,000
Gold settlement fund with F. It. Board
810.104,000 862.433.000 884,038,000 862,108.000 887.756.000'1 944,536,000
Gold anti gold certificates held by banks_ 830.439,000
3,424.347,000 2,959,600,0011
3,470.016.000 3.461,960.000 3.485.546,000 3,472.861.0003.449,182,000 3,429.037,000 3,443.554,000
Total gold reeervee
173.604.000 152,890,006
158,717,000 167,958,000, 172,213,000 169.727,000 168,899,000 165,761,000i 175,009.000
Raterves other than gold
3,597.951.000 3,112.490,000
3.628,763,000 3,632,918,000 3,657.759,000 3.642,588.000 3,618,081.000 3,594,798,000'3.618,563,000
72,412,000
Total reserves
78,899.000
79,081,000
73,019.000
72.111.00074,042,000, 75,091,000
71.170.000
67,891,000
Nun-reserve cash
I
57,368,000
Bills discounted:
78,204,000
71.883,000
69.901.000
93,642.000, 67,623,000
98,782,000
113,123,000 107,959.000
Secured by U. S. Govt. obligations
103,398.000 125,827,000
147,109,000 149,326,000 142.936,000 136.967.000, 127.357,000 118,674,000 111,153,000
Other but discounted
181,602,000 183,193,000
260,232.000 257,285,000 241,718,000 230.609,000, 194.980.000 188,575,000 183.036,000
Total 01111 discounted
67.033,000 193,120,000
66.536,000
66,074,000
197,788,000 197.868,000 180,518.000 154,628,0001 135,738,000
B1111 bought In open market
58,074,000
U. S. Government securities:
206.723.000 189.940.000
216,878,000
247,342.0001
230,454.000
291.977.000
292,137,000
292.027,000
Bonds
46,242.000 317,380,000
43.242,000
43,242,000
36.241.000, 46,241,000
32,297.000
18.973,000
18,962,000
226,579,000
Treasury notes
441,813.000
417,076,000 416.998.000 403,724,000 444.307,000 451,266.000 420,511.000 428,012,000
Certificates and bills
727,998,000 727,890,000 727,961.000 680,631,000 677,977.000 678.001.00" 602,033,000
728.108.000
728,065,000
6,772,000
seourItles
Government
S.
Total U.
7,174.000
7,246.000
6,302,000
6,102.000
6,402,000
5,102.000
6,252.000
6,267,000
Other securities (sec sole)
Foreign loans on gold
1,156.636.000 1.118,229,000 1.064,781.000 941,582.000 934.795.000 933.810.000 985,120,000
704,000
Total bills and securities (lee *WO— - 1,192.352,000 1,189,513,000
725.000
726.000
10,725.000
38.378.000. . 00, 25,904.000
17.913.000
10,746.000
20,409,000
Due from foreign banks (see uote)
16.364.000
15.862.000
16.078,000
16,010.000
16.889.000
10.031,000
14.622.000
14,794,000
538,643,000
Federal Reserve notes of other banks__
448,044.000
415.289.000
426,158,000
462.231
000
407.424.000
457,148,000
440,305,000 445.200,000
59,642,090
Uncollected Items
58.913.000
58.915,000
58,920.000
58,962,000
59.083.000
68,962.0001
59,086.000
59.109.000
16,957,000
Bank premises
26.939,000
28,071.000
29,389,000
30.700,000
33.462.000
33,933.000
35,104.000
Al) other resources
32,606.000I
1,806,377,000
5,151.809,000 5.161.143,000
5,449,064,000 5.464,415,000 5.440,863,000 5.416,391.000 5,346,756.000 5,150,669.000
Total resources)
1
LIABILITIES.
1,735,501,000 1,730,762,000 1,351,250,000
2,010,322,000 1.958.203.000 1,945.507.000 1.901,844.000,1.829,301,000 1.772,672,000
Y. It. notes In actual circulation
1
Deposits:
2,431,802.000 2,429,290,000
2,414,734,000
2,339,135,000
,
2
.296,000
382
2,392.837,000
2,341,998,000
2,289,756,000 2,373,917.000
21,176,000
Member banks—reserve at:mount
17.090.000
13,385.000
12.161.000
15.074.000
82.604.000
28.923,000
39.857.000
30.575.000
6,528,000
Government
58,481,000
182.921.000 168.408.000 180.483,000 132.377,000 100,435,000
178.1:36.000
207,415,000
20,639,000
Foreign banks (see note)
26,732.000
26,043,000
26,774.000
25,675,000
26.812.000
26.617.000,
24,871.000
25,984.000
Other deposits
1
2.535.005.000 2,476,633,000
2,553.730,000 2,616.781.000 2.634,335.000 2.606.244,000,2,617.019,000 2.510.447.000 2.554,597,000
Total deposits
405,755,000 440.440,000 516,391,000
427,036,000 431.864.000 403.634,000 450,618.000i 443.095.000 411.380.000
Deterred availability Items
166,796.000 169,830,000
167,063,000 167.079.000 167,194.000 167.233.0001 167.279.000 166,849.000 167.442.000 274.636,000 276,936,000
Capital paid In
274,636,000 274.636.000 274.636.000 274.636.000 274.631.000 274.636.000 274.636.000
15,337,000
Surplus
13,514,000
13.878,000
14.685,000
15.557,000
15.816,000, 15.376.000
15.852,000
16.277,000
All other liabilities
4,806,377,000
5,161.143,000
5,151,809,000
5,150,669.000
5,440.863,000
5.416,391,000 5.346,756,000
5,449,064,000 5.464,415,000
Total ILabilltlee
77.3%
Ratio of gold reserves so deposits and
80.2%
80.2%
77.0%
80.0%
76.1%
77.6%
75.7%
76.0%
F R. note liabilities combined
81.3%
Ratio of total reserves to deposits and
84.3%
84.3%
83.9%
80.8%
79.9%
81.4%
79.4%
79.5%
F. R. note liabilities combined
458,450,000
Contingent liability on bills purchased
231,260,000 230,004.000 • 229.970,000 226.781.000 220,174.000 225,852,000 253.578.000 298,111,000
for foreign correspondents
$
$
1
$
Maturity Distribution of Fills and
54,173,000
Short-Terns Secur8ties19.087.000
21.782.000
26.030.000
29,120,000
30,365.000
53.259,000
36.469.000
34,861,000
99,775,000
1-18 days bills bought In open market..
173,897.000 171,731.000 155,446,000 145.614.000 116,253.000 113.389.000 110.015.000 111,950.000
34,769,000
1-15 days bills discounted
20.950,000
12,850.000
18,700.000
21,425,000
31,925.000
25.000
15.700,000
13,025,000
1-15 days U. H. °snit of Indebtedness_
99,000
74,508,000
1-15 days municipal warrants_
10,764,000
7,821.000
5,316.000
25,181.000
25.067.000
24.533.000
10.653.000
5.622,000
24,29.1,090
16-34) days bills bought In open market_
12.963.000
13,160,000
13,542.000
17,768,000
18.316.000
16,168,000
22,942.000
24,700,000
5,000
16-30 days bills di:mounted
26.700...00
25,700,000
24.000
23,425.000
28,866,000
7,000.000
29,425.000
7,080,000
16-50 days U. S. certif. of indebtedness_
99.000
51,666,000
10-30 days municipal warrants
5,591.000
4,303.000
2,128.000
27.567.000
6.267.000
3.794.000
8.265,000
3,409.000
36,421,000
11-60 days bills bought in open market...
21.769,000
23.942,000
29.650,000
37,649,000
35.830.000
30.862,000
33.053.000
36,971,000
31-60 days bills discounted
67.271,000 103,595.000 105.597,000
32,950,000
37,950.000
41.900.000
65,797.000
55,650,000
31-60 days U. S. earth. of indebtedness
10.000
10.000
15,000
12.750,000
31,490.000
11-60 days municipal warrants
32.532.000
7,127,000
92.890.000
49.544.000
146,952,000 124,051.000
17.942,000
21,902,000
61-90 days bills bought Ln open market __ 153.896.000
22.559.000
22,008.000
23,327,000
22.904.000
22,548,000
23.232.000
18,974.000
17,214,000
29,700.000
31-90 days bills discounted
29,700.000
45,450,000
97,150,000
77,150,000
73,425.000
112,905.000
91,155,000
indebtedness—
of
certif.
S.
U
days
5.000
61-90
10.000
10,000
10,000
10,000
23,000
101.000
(111-90 days municipal warrants
98.000
35,000
38,000
39.000
137.000
4,763,000
13,018,000
Over 90 days bills bought in open market
13.360.000
9,986.000
7,488.000
7.945.000
9.109.000
6.327.000
5.690.000
Over 90 days bills dbmounted
256,077.000 252,966,000 174,591,000
265.665,000
252.175.000
268,416.000
266,919.000
255,168.000
250,166.000
22,000
42.000
Over 90 days tortlf. of Indebtedness
42,000
42,000
42,000
42.000
42,000
42,000
I
Over 90 days munleinal warrants
Federal Reserve Notes—
Issued to F. R. Bk. by F. R. Agent
Held by Federal Reserve Bank
2.181,235.000 2,135.945.000
2,408.612,000 2.357.008.000 2,335,943.000 2,300.913.000 2,251,748,000 2,199.250.000 445.734,000 405.193.000
398.290.000 398.805.000 300,436.000 399.069.000 422.445,000 426.5,8,000
1.735.501,000 1.703.752,000 1,736,973,000
2,010.322,000 1,958.203.000 1,945.507.000 1,901,844.000 1,829,301,000 1,772,672.000
In actual circulation
=es
Collateral Held 5 Agent as &warns for
Notes usual to Bank658,649.000 612.709.000 612.709.000 449,950,000
740,818,000 737,583,000 737,683,000 707,054.000 707,058.000
87 gold and gAd certificates
Gold redemption fund
1,405,130,000 1,445.830,000 1,300.630.000 1,201,006,000
1,449.830,000 1.427.030.000 1,414.330,000 1,417,030.000 1,370,630,000 204,851,000 204.222,000 210,063,000 366,095,000
Gold fund—Federal Reserve Board
289,833,000 296.694,000 291,347,000 274,314,000 270,131.000
By eligible paper
2.761.000 2.213,402,000 1.117,051,000
2.480,481,000 2.466,307,000 2.443,360,000 2,398.402,0002.347.819,000 2,268.630.0002.26
Total
balance
held abroad and amounts due to
of
amount
the
In
added
separately
order to chow
items were
NOTE.—Beginning with the statement of Oct. 7 1925. two new assets," previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
earning
foreign correspondents. In addition, the caption "All other bills and securities." The latter term was adopted RS a more accurate description of the total of the discounts.
securities," and the caption. —Total earning assets" to "TotalSections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only Items Included therein.
acceptances and securities acquired under the provisions of
• Revized figures.
SEPT. 9 1931
LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND
Two Maws (00) omitted.
Federal Reserve Raul of—
Total.
Boston.
121180IIRCR3.
Gild with Federal Reserve Agents 2,190.644.0 159.917.0
956.0
29,731,0
Gild red'n fund with U.S. Treas.
Gold held excl. aunt. F. It. notes 2.220,379,0 160.873.0
Gild settle't fund with F.R. Board 419,228,0 27.344.0
Gala and gold infs. held by banks_ 830.439,0 34.147,0
New York.
PAGa.
Clesnlan4. Ricatnon4 Atlanta.
caicago.
di. Loots. Mlissocip. Kaa.City
Dallas. Sas Pros)
230.763.0
501,468.0 170,000.0 231.670,0 58.570.0 106.900,0 516.900.0 69.555.0 54155,0 65100,0 25150,0 1,863.0
633,0 1,196,0 1,028.0
12,517,0 1,654.0 2,179.0 1,186,0 1,256,0 3,816,0 1,447.0
66.196,0 26.878,0 232.626.0
513,985.0 171,654,0 233.849,0 59.751,0 108,156,0 520,716.0 71.002.0 54.688,0
37,521.0
106,330,0 51,107,0 49,997.0 21,391,0 11,586.0 32,824,0 22.435,0 18.591,0 24,374,0 15.728,0 36,391,0
527,388,0 20,667.0 61,730.0 4,521.0 8,990,0 108,106,0 11,676,0 4,559,0 7,358.0 4,906,0
661,646.0 105,113,0 77.838.0 97.928,0 47.512,0 306,538,0
3.470,018,0 222,364,0 1,147.703.0 243.428,0 345.576.0 85.668,0 128.732,0 24,976,0 10,230.0 3,266.0 7.042,0 6,569,0 7,042.0
44.523,0 10,066,0 13.346,0 9,436,0 5,502,0
158,717.0 16.719,0
686.622,0 115,343,0 81,104,0 104,970.0 54.081,0 313.580,0
3,628.763,0 239.083,0 1.192.226,0 253.494,0 354,922,0 95,104,0 134,234.0 9,050,0 3,664,0 1,749,0, 1,785,0 3,232,0 3,798,0
Total rezones
22,461.0 3,417,0 2,560.0 3,186,0 3,946,0
67,891.01 9,053,0
Non-reserve cash
468.0 36,117.0
Bills discounted:
346,01 1,164,0
9,585,0 14.409,0 2,789,0 1.725,0 12.978,0 3,310,0
27,720
13.154,0 5,694,0
Sec. by U. H. Govt. obligations 113.123,0 2.512,0
21.253,0 12,154,0 18,884.0 17,494,0 21,423.0 10,329,0 7,177,0 3,861.0 10,826.0
147.109,01 4.860,0
Other bills discounted
13,622.0 41,811,0
48.973,0 21,739,0 33,293.0 20.283,0 23,148.0 23,307,0 10.447,0 4,207,0 11,990,0 5,689,0 16,120,0
260,232,01 7.372,0
Tot& bills dismount 41
7,294,0
71,838.0 17,224,0 22.446,0 3.375,0 3,779.0 27.842,0 3,419,0 2,161,0
197,788,0 16,701,0
RM.Irmght In nnftn ,n,trk.rt
Total gold reserves
Reserve other than gold
SEPT. 12 1931.]
FINANCIAL CHRONICLE
Two Cyphers WO) oesuies.
RESOURCES (Concleuted)U £3 Government seeurItics:
Sonde
Treasury notes
Certifleates and bills
Total resource%
Boston.
5
5
New Vora
Patin
5
$
Cleveland Richmond Atlanta
$
Chtcago. 131 Louts. Minnow,. Bats.Ciss. Dallas
$
$
S
$
$
San.ler6r,
5
5
96,903,0 19,155,0 21,710.0 11,785,0 7,152,0 47,734,0 9,839,0 14,505,0 13,663.0 15,294,0 15,044.0
5,0 3,403,0
3,0
2,0 2,409,0
4,0 3,503,0
1.0
2,0
1,0 9,627,0
124,635,0 32,523,0 .50.372,0 19,771,0 12,938,0 48,600,0 17,366.0 13,183,0 25,412,0 9,840.0 27,975,0
728,065,0 53,701,0
6,267,0
70,0
221,548,0 55,081,0 72,085,0 31,558,0 22,499,0 96,338,0 30,708,0 27,689,0 39,077,0 25,135,0 52,646.0
4,500,0
530,0
130,0
100,0
60,0
50,0
40,0
97.0
.560,0
40,0
90,0
1,192,352,0 77,844,0
10,746,0
848,0
14,794,0
258,0
440,305,0 48,570,0
59,109,0 3,458,0
35,104,0
933,0
346,859,0 94,574,0 127,924,0 55,276,0 49,476,0 147.617,0 44,654.0 34,154,0 58.921,0 44,386,0 110,667.0
3,949,0 1,119,0 1.083,0
429,0
386,0 1,526,0
17,0
311,0
26,0
322.0
730,0
3,457,0
132,0
955,0 1,217.0
882.0 1,204.0
790,0 2,542,0 1,537,0
382,0 1.438,0
114,139,0 37.184,0 41,742,0 36,174,0 13,422,0 55,406,0 20.609,0 8,809,0 24,600,0 16,191,0 23,459.0
15.240,0 2,614,0 7,698,0 3,649,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
17,512,0 1.362,0 2,057,0 1.591,0 3,102,0 2,105,0 1,210,0 1,419,0
775,0 1.856.6
1,182
5,449,064,0 380.047,0 1,715,833,0 393,896,0 542,941,0
LIABILIT111.1.
V. R. notes in actual circulation__ 2,010,322,0 141,314,0
Deposits:
Member bank-reeerve account 2,289,756,0 139,964,0
Government
30.575,0 2,494,0
Foreign bank
207,415,0 14,841,0
Other dolomite
25,984,0
57,0
Total deposit/5
Deferred availability items
'Capital paid In
Surplus
All other liabilities
5
292,027,0 19,238,0
18,662,0
2,0
417,076,0 34,461,C
Total U. S. Govt. securitlee_
Other securities
Total Mils and securities
Due from foreign banks
F. Ft. notes of other banke
Uncollected Items
Bank premises
Sal other resources
Total,
1735
2.553.730,0
427,036,0
167,033,0
274.636,0
16,277,0
196,626,0 207,029,0 912,929,0 190,078,0 130,060,0 196,369,0 122,281,01459,475,0
I
399,041,0 153,442,0 244,164,0 71,261,0 112,857,0 441,845,0 75,819,0 54,635.0 69,163,0 30,597,0,216,184.0
1
960,617,0 139,840,0 183,210,0 60,862,0 55,299.0 325.715.0 67,658,0 50,512,0 83,737,0 53,796,0,168.546
,0
8,522,0 1,481,0 3,468,0 3,081,0 1,553,0 3.300,0 1,708,0
488,0
884,0 1,6 / 3.01 1,923.0
75,807,0 19,590,0 19.985,0 7.915,0 7,123,0 26,713,0 6,926,0 4,551,0 5,738,0 5,936,01 12,290.0
11,114,0
136,0 5,878,0
168,0
165,0
632,0
911,0
167,01 6,383,0
275,0
98,0
157,356,0 1.056,060,0
47,999,0 109.868,0
11,788,0
64,804,0
21,299,0
80,575,0
291,0
5,485,0
161,047.0212,641.0 72,026,0 64,140,0 356,360.0 77,203,0 55,826,0 90,457,0 61.572,0 189,142,0
35,367,0 40,437,0 34,795,0 12,779,0 53,019,0 21,019,0 8,727,0 23,337.0 16.097,0 23,592,0
16,727,0 15,725,0 5,655,0 5,186,0 19,627,0 4,784.0 2,979,0 4,213,0 4,180.0 11,395.0
27,065,0 28,971.0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8,702.0 8,936,0 18,475.0
248,0 1.103,0
775,0 2,110,0 2,142,0 1,291,0
749,0
497,0
899,0
687,0
Total Itabilities
5,449,064,0 380.047,0 1.715,833,0 393,896.0 542,941,0 196,626,0 207.929,0 912,929,0 190,678,0
130,060,0 196,369,0 122.281,0459,475,0
21feat.tronda.
Reserve ratio (per cent>
79.5
80.0
81.9
80.6
75.8
78.6
66.4
86.0
75.4
73.4
65.8
58.71
77.4
Contingent liability on hills pur
Chased for foreign oorrespondls 231.260.0 17.317.0
76.530.0 22.858.0 23.320.0 9.236.0 8.312,0 31,170.0 8,081.0 5,310,0 6,696.0 6,927.0 15.503,0
VEDERAL REISERVE NOTE STATEMENT
Federal Reserve Agent eu-
Total.
Boston
New York.
Two Ciphers (00) orattrea.
ttedeeal Reserve notes:
foaled to F.R. bk. by N.B.. Agt 2,403,612,0 165,093.0
Belt! by Federal Reserve bank_ 398,290,0 23.779,0
In actual circulation__ .
2,010,322,01141,314,0
Collateral held by Agt. as security
for notes Lamed to bank:
Gold and gold certificates
740.818,0 35,300,0
Gold fund-F.It. Board
1,449,830,0 124,617,0
Eligible paper
289.833.0 10,981,0
Total collateral
2,430,431,0 170,893.0
1
I
1
Cloosiaad. Megaton/II At)anta. Chicch/o. Al. Louis. Al4nneap. 1Can.C4ty.1 Dallas. Sas Pratt,
1
-1
$
55
5
$
I
$
1
536.995,0 175,814,0 269,429,0 78.781,0 129,232,01532,618,0 81,468,0 59,154,0 77,190.0 39,412,0 263,426,0
137,954,0 22,372,0 25,265,0 7,520,0 16.375,0 90,773,0 5,649,0 4,519,0 8.027,0 8,815,0 47,242,0
$
399,041,011153,442,0'244,164,0 71,261,0112,857.0441,845,0 75,819,0 54,635,0 69,163,0 30,597,0 216,184,0
446.468,0/ 33,700,0, 16,670,01 10,070,0 10,900,0 73,900,0 14,855,0 6.655,0
7,300,0
55,000,0 131,300,0 215,000,0, 48,500,0 96,000,0 443,000,0 54.700,0 47,400,0 65,000,01 18,550.0 80,000.0
56,565,0 16.375,01 38.760,0 21,734,0 24.780,01 27,357,0 12,229,0 5,336,0 14,275,0 14,320,0 150,763.0
47.121,0
553,033,0 186,375.0,270,430,0 80,304,0 131,680,01544.257,0 81,784,0 59,391,0 79,275,01 40,170,0
277,848,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures
are always a week
behind those for the Reserve banks themselves. Definitions of the different items In the statement were given in
the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1697, Immediatelyupon
preiseding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude
"Acceptanoes of other banks and blue of exchange or drafte sold with endorsement. aria Mande all real estate mortgagee and mortgage loans held by the bank. Previously
other
aocaptaneee
banks and bills sold with endorsement were Included with Menai
of
and *erne of the banks Included mortgagee In Investments. Loans secured by U.
S. Government obligations are no longer shown separately, only the total of loans on
securities being given. Furthermore, borrowing at the Federal Reserve In not any
more subdivided to show the amount secured by U. S. Obligations and those secured
Sy sontnernial vapor. only a lump total being given. Tim number of
reporting banks Is now omitted; In Its plaoe the number of cities Included (then 101) was for a time
SIVen, but beginning Oct. 9 1929 even thls has been omitted. The figures have also
been revised to exclude a bank In the San Francisco district with loans and Investment, of $135,000.000 on Jan, 2 1929 which had then recently merged with a non-member
bank. The figures are now given In round millions Instead Of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS SEPT. 2 1931 (lp millions of dollars).
Federal Rad?If
Loans
and
District-.
Inveetmente-total
toans-total
On securities
All other
lavottments-total
U. B. Government securities
Otker geournles
Total.
1
I Boston. New York! Pena. ICIeteland. litcantonal
Atlanta
S
1
22,063,
1.452
S
8,872;
980
5,8371
8031
1,358
394
586
3,036
2.801
415
388
7,665
472
3,0351
4.046
3,619
213
259
1,747
1,283
95
13
848
519
2
92
139
1
872
66
6,242
1,642
16
138
1,190
99
89
13
766
400
4
88
226
A
14.398
6,519,
7,879
Aeserve with F. R. Bank
1,807
Cash In vault
227
Net demand depoaRe
13,244
Time deposits
7,003
Government delMalte
42
Dile from banks
1,374
Due to banks
3,192
Borrowings from F. It. Bank
107
"Exclualve of (Inures for one bank In New York
iS
1,3471
2,135
S
i
630,
$
CAlcago.
I
LOLICA Aftantop. Kan.Ctip. Dallas. SinPrest
546
S
3,097
618
3671
618
I
414
S
1,917
4051,
375,
2,180
403
2271
349
2931
1,188
626
160
113.
1.059
162
4
60
1
97.
252'
91:
202
306
882
544,
827
225
171
917
215
223
321
458
369
101
124
80
91
531
386
136
33
1,045
1,003
4
116
308
41
13
328
262
2
88
109
36
8
287
231
3
71
88
0
283
35
1,772
1,211
5
257
453
0
761
139;
1
431
6/
350
237
1
70
105
an
1
'
$
140269
121
729
64
76
120
149
61
60
372
357
26
5
214
146
51
11
426
200
1
139
192
0
30
5
262
138
1
77
82
0
105
19
704
1,014
3
175
221
29
63
79
Oily, Wooed Dee. 11. Lam report of bank showed loans and investment;
of about $190,000.000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of Now York at the close of business
Sept. 9 1931,
n comparison with the previous week and the corresponding date last year:
Sept. 9 1931 Sept. 2 193ESept. 10 1930
Scpi. 9 1931. Sept. 2 1931. Sept.101936.
5
ResourcesS •
Resources (Concluded)5
501,468,000 501,468.000 305,636,000 DUB from foreign banks (sea
Gold with Federal Reserve agent
note)
3,949,000
/32,000
11,117.000
12,517.000
Gold redemp.fund with U.S. Treasury.._
12.592,000
14,539,000 Federal Reserve notes of other banks
3,457.000
4,290,000
4.124.000
Uncollected
Items
114,139,000
124.997.000 135,647.000
Gold held =AUDI vet), asst. F.R.notes_ 513,985.000 514.060.000 320,175,000 Bank premises
15,240,000
15,664,000
15.240.000
Gold settlement fund with F. It. Board__ 106.330,000 140.818,000 177,590,000 All other resources
17,512,000
9,098,000
17,131.000
527,388,000 523.091.000 484,431,000
Gold and gold ctfs, held by bank
Total rtseourees
1,715,833,000
1,769.320.
1,477,681,000
:00
reserves
1,147,703.000 1,177.950.000 981,196.000
Total gold
44,523,000
Reserves other than gold
46,528.000
38,281,000
1,192,226,000 1.224.497,000 1,020,477,000 Fed'I Reserve notes in actual circulation 399,041,000
Total reserves
388.863.000 177,893,000
Non-reaerve cash
22,451.000
23.438.000
22,159,000 Depoette-Member bank, reserve ant__ 960.617,000 1,011.147.000 1,005,362,000
discountedBills
Government
8,522.000
21.140,000
3,551,000
27,193.000
Secured by U. S. Govt. obligations_
32.402.000
11,811,000
Foreign oank (sea note)
75.807.000
67.491.000
2,938,000
21,780,000
Other bills discounted
20.360.000
14,311,000
Other deposits
11,114,000
10.785,000
8,710,000
48,073,030
Total bills discounted
52.762.000
26,122,000
Total deposits
1.056,060.000 1,110,563.010 1,020,561,000
71,838,000
69.966.000
13111s bought in open market
51,296,000 Deferred avallabInty Items.
109,868.000 119.155.000 128,386,000
U.S.Government securitiesSurplusCapift paid In
64,804.000
64.806.000
65,580,000
96,908,000
915,908.000
Bonds
12,233,000
80,575,000
80,575,000
80,001,000
5,000
5,000 112,193,000 all other liabilities
Treasury notes
5,485.000
5.358.000
5,260,000
124,635,000 124,635.000
Certificates and bills
63,520.000
liabilities
1,715,833.000 1.769.320,000 1,477,681,000
Total
Total U. B. Government eocurtilee__ 221,548.000 221.548.000 187,946,000
4,500,000
4.500,000
Other securities (see note)
4,750,000 Ratio of total reserves to deposit and
Foreign loans on geld
Fedi Reserve note liabilities combined_
81.9%
81.7%
85.2%
_
Contingent Ilabllity on bine purchased
Total bills and securities (see note).___ 346,859,000 348,776,000 270,114,000
76,530,000
for foreign correspondents
77.024.000 150,488,000
--NoTIL-BeginnIng with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balances
held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Fede-al Intermediate Credit Bank debentures was changed
to "Other
eacuritiee," and the caption. "Total duming assets" to "Total hills and securities." The latter term was adopted as a more accurate description of the total
of the diatiount,
acceptances and securities acquired under the oroywons of sections 13 and 14 of the Federal Reserve Act. which, it was stated, are the only items
included therein.
FINANCIAL CHRONICLE
1736
Vaulters' Gazette.
Wall Street Friday Night, Sept. 11 1931.
of the
Railroad and Miscellaneous Stocks.—The review
Stock Market is given this week on page 1721.
e this
The following are sales made at the Stock Exchang
the
on
list
detailed
our
week of shares not represented in
follow:
which
pages
STOCKS.
Week Ended Sep.11.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Lowest.
Highest.
Highest.
per share. S pershare.
Par Shares $ per share. $ per share. 1385
Railroads—
Feb
Jan 92
180 87 Sept 9, 88% Sept 9.
Caro Clinch dr 01210_100
Feb
Sept230
10 145 Sept 101 145
Sept
145
100
J_100
N
of
RR
Central
Sept soy, Mar
71
9
Sept
7U4
9
Sept
71
8
Cieve & Pittsburgh_100
Apr
6031 Sept 11 60% Sept 111 605 Sept 68 Mar
Erie & Pittsburgh - -_50
Sept95
% Sept
% Sept 8
100
Havana Electric Ry--•
Feb
Sept
65%
7835
11,
Sept
65%
11
Sept
65%
100
Hudson & Manh pf_100
Jan
Sept 78
170 45 Sept 10 51 Sept 9. 45
In Cent leased .ine_100
Feb
10 1635 Sept 9 1635 Sept 9 1635 Sept 3235 Mar
Inter Rap Tran etts_100
Sept
1335
6
10
Sept
10
Sept
735
10 735
int Rys of Cent Am_ ..*
Feb
90 50 Sept 8 5034 Sept 81 4631 July 61
Mantua Elev guar_ .100
.74 Jan 334 Feb
880 1 Sept 10 I Sept 10
100
Market St By
Feb
134
Mar
35
111
Sept
%
% Sept 11
20
NatRys ofM lot of 100
Sept
Sept 145
100 145 Sept 10145 Sept 101145
N Y & Harlem pref-50
Jan 110 June
40 106 h Sept 8106 34 Sept 81105
N Y Lack de West .100
Jan
8
June
151
170 3 Sept 9 335 Sept 9
Pacific Coast 2d p1_100
May
20
30 935 Sept 8 935 Sept 8 995 Sep 94
Phila Rap Transit _50
Jan
Sep
50
11
Sept
50
10 50 Sept 11
Wheeling & I. Erie p1100
el
Indus. &
May
Sept 60
80 32 Sept 11 38 Sept 8 32
•
Alliance Realty
Jan 2% Mar
200 1% Sept 9 l95 Sept 9 1
*
Amalgam Leather
Jan
88
Aug
60
1
Sept
10
Sept
6035
100 6035
Amer Chain prof...100
Sept 77% Jan
900 58 Sept 11 60 Sept 8 58
American Ice pref. 100
May 5% Mar
2
10
Sept
3%
10
3%
Sept
100
•
Am Mach & Met etfs
.573i Feb
30 45% Sept 8 4534 Sept 8 45% Sept
•
American News
Amer Radiator & Stand
Apr
150
June
9.133
Sept
9
Sept
13835
100 13835
Sanitary pref._ __100
Sept 99% Mar
87
100 87 Sept 9 87 Sept
Anchor Cap Corp prof..'
Jan
Sept 102
8 85
Sept
95
8
Sept
95
100
Mid
p1100
Daniels
Arch
Sept 13% Feb
• 1,700 6 Sept 8 eti Sept 8 6 June 28
Atlas Stores.
July
1895
100 2135 Sept 8 21.34 Sept 8
Austin Nichols prior A •
Apr
Sept 62
20 30 Sept 11 30 Sept 11 30
Barker Bros pref. 100
Ap 50 June
20 40 Sept 8 40 Sept 8 35
Budd (E G) pref... 100
Feb
38
30 1635 Sept 11 1795 Sept 8 1635 Sept
25
Chile Copper
10 10035 Sept 11 10035 Sept 11 1003.5 Sent 149% Jan
100
City Investing
Columbia Gas dr Elec—
May
92 Sept 8 92 Sept 8 8931 June 9735
200
100
Li
preferred
Js"l 2535 Sept
40 25 Sept 11 2535 Sept 10 20
Comm Cred pref (7)_25
Apr
80
J
10 70 Sept 10 70 Sent 1 6435
Consol Cigar pfd (7) 100
AugI 3431 Feb
100 2935 Sept 10 2934 Sept 10 28
Crown Cork & Seal pr.*
Mar
112
Jan
100
8
Sept
90102(1 Sept 8104
Cushm Sons pf(7%)100
Mar
June 109
10 101 Sept 8101 Sept 8 100
Devoe & Reyn 1st pf 100
Mar
Sept 98
100 86 Sept 10 86 Sept 101 86
Eng Pub Serv pref (13)..5
Apr
12
Septl
81
435
Sept
100 4% Sept 11 531
Fairbank Co pfd arsine
Feb
Septl 94
48
Sept
111
48
11
Sept
48
100
pi_100
Smelt
&
Fed Min
Sept 3191 Apr
Si1435
Sept
16
10
Sept
1495
200
•
Food Machinery
Apr
Sept 86
20 50 Sept 10 50 Sept 10 50
Fuller Co prior pref._.•
Sept
117
20 117 Sept 9117 Sept 9 10735 Jan 90
General Cigar pref..i00
Feb
Junel
67
9
Sept
67
9
10 67 Sept
Gen Gas& Elec pf A(7)*
Mar
Jan 92
10 80 Sept 9 80 Sept 9 75
Preferred A (8)
Septi 1235 Jan
30 3 Sept 11 4 Sept 10 3
Guantanamo Sug p1100
Sept
68
Feb1
9
5735
Sept
67
10 67 Sept 9
Inter Dept St pref_.100
Aug
Jan 115
2011035 Sept 11 11035 Sept 11 107
Krcsge(SS) Co pfd_100
Aug
900 5.35 Sept 8 531 Sept 8 435 Aug 735 Aug
N Y Shipbuilding...-.
71
Sept
9,
6835
260 6835 Sept 10 70 Sept
100
Preferred
Mar
Sept 85
100 67 Sept 11 67 Sept IF 67
Omnibus Corp pref..100
Feb
Jan 55
40 49 Sept 9 49 Sept 9 45
•
Outlet Co
Sept
Feb1133S
106
70 113% Sept 10.113% Sept 10
100
Preferred
July
Jan 133
111124
Sept
11
Sept
13035
1013035
Pac Telep & Teleg pf100
700 9934 Sept 10 9935 Sept 10 9535 Jan 10235 May
PhIla Co 6% pref new •
Sept 7235 Feb
Sept 8, 50
Pierce-Arrow Co pf_100 1,700 50 Sept 11 57 Sept 10 289-5 Juno 3995 Mar
206 3031 Sept 10 3015
Pirelli Co of Italy
Ma
Sept 5
10
Sept
194
100 134 Sept 10 134
Pitts Terminal Coal 100
Feb
Sept 28
60 19 Sept 11 19 Se t 11 19
100
Preferred
Sept
Feb11235
107
10
Sept
112
10
Sept
60 112
Proctor & Gamble pf100
Aug
51
Jan{
40
20 48 Sept 9 48 Sept 9
•
Scott Paper
Jan
Sept! 34
10, 13 Sept 10 13 Sept 10 13
Shell Trans & Trad__11,2
Jan 335 Apr
20 29.1 Sept 9 235 Sept 9 2
United Dyewood..._100
Mar
Feb110
2010735 Sept 910735 Sept 9 102
Jan
Univ Leaf Tob pf--100
931 June 60
20 26 Sept 11 27 Sept 11
Jan
Unlv Pipe & Rad p1_100
Feb 14
100 10 Sept 11 10 Sept 11 10
•
Van Raalte
Aug
Apr, 97
9534 Sept 8 90
9
Sept
94
20
Vtucan Definning p1100
• Jan
60
Aug.
25
8
Sept
25
8
80 25 Sept
Webster Elsenlohr p1100
Youngstown Sh & Tube
June 55 June
109 35 Sent 8 35 Sent fl 35
Blue certificates
[Vol,. 133.
P. Sept.101 Sept. 11
Daily Record of t). S. Bond Prices Sept. 5, Sept. 7. Sept. 8. Sept.
102,3, 102,s2
8
,
102
32
,
102
High
First Liberty Loan
10273, 1027n 1027,, 1021,,
334% bonds of 1932-47__ Low_
,n 102,n
102
1027n
1027n
Cloee
(First 394s)
12
10
1
28
Total sales in $1,000 units_
-----------Converted 4% bonds ofI11114
------------Lew1932-47 (First 45)
---------_-_
Close
----------- -Total sales in $1,000 units.
10227s,
10227,1
10227,,
27
2,,
10
Converted 431% bonds1H 1gh
102-,s2 1022,32 102.32 102171,
0/ 1932-47 (First 434s) Low_
10277,1 10227,, 10227,, 1022712
Close
12
21
13
13
Total sales in $1,000 units...
Second converted 434%{High
bonds of 1932-47 (First Low_
-Close
Second 435s)
7__
Total sales in $1,000 units___
104",, 104",, c105
2
104,,
{High
Fourth Liberty Loan
1042831
104,,st 104"32 1012,32
431% bonds of 1933-38._ Low_
Hell104"3: 104,,32 1012122 104":2
Close
(Fourth 431s)
276
125
101
43
day
Total sales in $1,000 units.... Extra
1112732 11127,,
112",, 112
{High HodTreasury
1232
111"st
111
2,32
111
112332
Labor
day
Low_
434s, 1947-52
112,32 111.32 111 1032 111 2's2
Day
Close
238
100
108
112
Total sales in 81,000 units__
,32 107.32 1071,22 10727as
103
rich
107",, 107",, 10717,1 107",,
Low_
Is, 1944-1954
107.031 107"st 107,,n 107"22
Close
133
66
34
32
Total sales in 81,000 04niI.7___
__ 10517,, 10527,, 105"si
(High
105171,
1
10517,,
10518,
____
Low_
331e, 1948-1956
____ 105"n 10514ts 105,,t2
Close
75
150
1
_—
Total sales in $1,000 units__
10211
17igh ,1 10217,, 1027,, 10127n
{H
102,, 102,32 1011,n 101"n
Low_
331s, 1943-1947
10217,1 1027n 101172: 10121,2
Close
87
28
17
87
Total sales in $1,000 units_ __
10220,1 10227,, 1028,, 10127n
(High
1
,
10117n
10117
10211,,
10217,,
(Low_
334s, 1940-1943
102,,n 1028632 101 1421 101,,s2
(Close
181
145
25
573
Total sales in 81,000 units__
102"s2 1024s2 101"n
102",,
HIgh
101,n
10212,, 1027,, 101
Low_
394a, 1941-43
101"t2
102"s2 102,22 101
(Close
81
131
35
93
Total sale, in $1,000 units__
1017n 1012n 10027, 10027,1
[High
100"32
10018,,100
100"n
1011,,
Low_
3345, 1946-49
1011,, 10017,, 10017, 10027,,
Close
408
335
73
616
Total sales in 81,000 units__
* No par value.
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10271,, to 102"n
10427,, to 10481n
1 1st 4tis
1 4th 4h77
c Cash sale.
CURRENT
NOTICES.
the program of the Financial
—New Yorkers have an important place on
held in Boston from
Advertisers Association Convention, which will be
Guaranty Trust Co.,
Sept. 14 to 17. Francis Sisson, Vice-President of the
opening day,"The
will deliver the theme speech at the convention on the
American AssociaCreative Force in Finance." John Benson, President
"Where Does
tion of Advertising Agencies, will talk at the convention on
Batten, Barton,
Advertising Stand To-clay?" while George T. Eager of
in a talk on
Durstine & Osborn, Inc., will consider the current situation
Problems." W. W.
"Shaping Investment Advertising to Meet To-day's
current developTownsend of American Trustee Share Corp. will tell of
ing and Merments in the investment trust field in a talk on "Advertis
Other New
chandising Activities of the Fixed Investment Trusts."
of Edwin
President
Yorkers on the program include Edwin Bird Wilson,
Commercial Bank
Bird Wilson, Inc., who will talk on "The Importance of
National Bank & Trust
Advertising"; Anthony Rutgers, Chatham-Phenix
George Dock Jr.
Co., who will talk on "Business Insurance Trusts," and
ents." This
of Halsey, Stuart & Co., who will talk on "Copy Developm
ip of which
Is the 16th annual convention of the Association, the membersh
women throughis composed of the principal financial advertising men and
out the United States.
extension of its service
—The Gardner Advertising Co. announces the
in the
to the Pacific Coast through the acquisition of a substantial Interest
Francisco and Los
Botsford-Constantine Co. of Portland, Seattle, San
ne
Constanti
Botsford.
Angeles. The latter company, which now becomes
in the Gardner
& Gardner, having also acquired a substantial interest
two organizations beAdvertising Co., the resources and facilities of the
clients. Mr. IT. S.
come united in rendering nationwide service to their
ne & Gardner and
Gardner becomes Vice-President of Botsford, Constanti
Advertising Co.
Mr. D. M. Botsford becomes a director of the Gardner
announce
—Rogers & Tracy, Inc., 120 South La Salle St., Chicago,
Foreign Exchange.—
Bond Trading
exchange were 4.85 7-16
Herbert J. Burke, formerly for eight years in the
To-day's (Friday's) actual rates for sterling cables. Commercial on that
Jr.,
Skopnek
J.
Paul
and
office,
for
Department of A. C. Allyn & Co.'s Chicago
04.85 11-16 for checks and 4.85751014.86
ninety days, 4.800
Departbanks, sight, 4.8535; sixty days, 4.81%04.81 13-16; 13-16. Cotton for formerly for 10 years in the Bond and Public Utility Stock Trading
04.81
with them.
4.80 1-16; and documents for payments. 4.81514.84 15-16.
ment of Pynchon & Co.'s Chicago office are now associated
payment, 4.84 15-16, and grain for payment,
francs were 3.91 15-16
formerly President of Casady Bond Co., Des Moines,
To-day's (Friday's) actual rates for Parts bankers' were 40.32040.33.
Casady,
N.
—J.
now
03.92 1-16 for short. Amsterdam bankers' guilders
123.95 francs Ia., has taken over the business of J. C. Bertane, Milwaukee, and is
Exchange for Paris on London. 123.94; week's range,
at 425 E. Water
conducting a municipal bond business, under his own name,
high and 123.91 francs low.
The week's range for exchange rates follows:
Cables. St., Milwaukee.
Checks.
Sterling. Actual—
Chambers and Harold
4.86
4.8595
—Chandler & Co., Inc., announce that Arthur L.
week
the
High for
4.85 25-32
ion and will make
4.85 11-32
Markell have become associated with their organizat
Low for the week
Liberty Bank Building.
Paris Bankers' Francs—
their headquarters in their Buffalo office, 1603
3.9275
1-16
3.92
High for the week
3.92
Exchange, and
3.9175
—Harold E. Liebenstein, member of the Chicago Stock
LOW for the week
become associated
Germany Bankers Marks—
general partner of Ames, Emerich & Co. has
23.75
formerly
23.75
High for the week
23.34
23.33
with Hallgarton & Co. in their Chicago office.
Low for the week
Fitzpatrick, formerly with
Amsterdam Bankers' Guilders—
40.34
—Geo. II. Burr & Co. announce that W. H.
40.33
trading
High for the week
40.29
has become associated with them in their
Co.,
&
40.27%
Webber
Paine,
week
the
for
Low
department.
that Kent S. McKinley
&c.
—Henry Zuckerman & Co., New York, announce
their investment
Quotations for U. S. Treas Ctfs. of Indebtedness,
has become associated with them as manager of
Maturitu.
Rate.
BO.
Dee, 15 1931.... 114% 100",
Asked
Maturity.
Rate.
10012n Mar, 15 1932__.
17e
r1*.7. 15 7050
Bid
Asked.
100,33, 100"s
inn,,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in LibStock
erty Loan and Treasury certificates on the New York
Exchange. The transactions in registered bonds are given in
a footnote at the end of the tabulation.
department.
the
Y., are distributing
—Wm.C. Orton & Co., 43 Exchange Place, N.
3,000 real estate bond
g
September edition of their booklet containin over
quotations.
& Co., is in charge of
—Arthur G. Stout, formerly with Harris, Forbes
New
Inc., 2 Wall St.,
the trading department of M. M. Freeman & Co.,
York.
of
deForest Smith, member
—Smith & Gallatin announce that William
a general partner in their firm.
the New York Stock Exchange. has become
National City Co., is now associated
—P. A. Dawson, formerly with the
Wall St., N. Y. City.
with R. H. Johnson & Co.. Inc., 82
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday
Sept. 7.
Tuesday 1 Wednesday
Sept. 8.
Sept. 9.
Thursday , Friday
Sept. 10.
Sept.11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
rCIL J11111CC
Range Since Jan 1.
On basis of 100-share tots.
Lowest.
Highest.
ran Willa.
Range for Precious
Year 1930.
Lowest.
Highest.
$ per share $ Per Share 5 per share l$ per share $ per share $ per share Shares
Par $ per share $ per share S per share $ per share
Railroads
125 13112 12538 12812 12614 12912 12514 1253 16,600 Melt Topeka & Santa Fe__100 125 Sept 8 20338 Feb24 188 Dec 24212 Mar
1045 1045 10413 10412 104 104
104 104
1,200
100 luol2June 2 10514 Apr 13 100 Dec 10834 Sent
Preferred
84
84
78
83
78
80
1,300 Atlantic Coast Line RR 100 78 June 3 120 Jan 23
80
80
9514 Dec 17512 Mar
383* 41
3778 3912 3634 3914 35
373 28.000 Baltimore & Ohio
100 35 Sept 11 8778 Feb24
55% Dec 122% Mar
59% 60
57
57 .5212 5678 55
55
Preferred
600
100 55 Sept 11 8012 Feb 27
7014 Dec 84% July
*4512 52
45
4512 44
44
*43
45
400 Bangor & Aroostook
50 44 Sept 10 6634 Feb 26
5018 Dec 8412 Mar
*10314 106
103; 10314 10314 10314 *10314 105
Preferred
100
100 99.14June 1 11:312Mar 9 10612 Dec 11614 .111115
*25
35
*25
35 .25
35
*25
35
Boston & Maine
44 Dec 112 Eel
100 30 Aug 25 60 Feb 20
1112 1112 *1034 11
1014 1034 1012 1012 1,800 Brooklyn & Queens Tr-No Par
618 Dec 1578 May
712Juue 2 1338June 20
61
6114 061
85
*6112 62% •6112 6218
Preferred
400
No Par 51343fay 4 644June 27
531* May 694 May
54
5712 53
54
5238 5314 4934 5212 11,300 Bklyn-NTanh Tran v t 01.0 par 4934 Sept 11 6938 Mar 2
5518 Dec 785j IVIS1
90
90
9014 9014 8812 90
8812 89
Preferred v t c
700
NO par 83* ..1:11J 21 9414 Feb 11
83 Dec 9834 Sept
414 412
414 438
414 433
418 414 1,900 Brunswick Ter&Ry Sec No par
3 May 27
913 Feb 10
5; Nov 333* Apt
1734 1918 1612 17% 17
1734 1634 18
25 1612Sept 9 4518 Feb24
48,300 Canadian Pacific
3514 Dec 5214 May
*95
96
*9412 95
9413 9412 *94
95
92 Dec 105
50 Caro Clinch & Ohio stpd__100 9412Sept ILI 102 Apr 30
Oct
23238 3312 3112 33
315 3278 3112 32
25 27 21.0113 2 4612 Feb 10
3238 Dec 5l% Sept
16.600 Cneoapeake & Oulo
5
N4
434 43
5
5
412 434 2,300 Chicago Great We3tern___100
4 June 2
773 Feb 10
4% Dec 1734 Mat
2112 22% 20; 2134 19
2012 19
1934 6,200
100 1534June 3 2712July 7
12 Dec 523* Stay
Preferred
378 4
333 338
312 373
312 33* 4.800 Chicago MOW St Paul & Pee__
318June 2
8% Jan 23
4; Dec 203/1 Fet
538 6
58 6
534 58
934June 2 1538 Feb 10
6
6
5,800
Preferred
734 Dee 4814 Fet
21
2178 197 2012 19; 20
1834 193* 5.100 Chicago & North Wastern_100 I834Sept 11 4512 Feb24
2812 Dec 8974 Fet
*54
70
*42
65 .42
6918 *54
67
100 58 Aug 28 116 Mar 18 101 Dec 14034 JUDE
Preferred
2018 3212 2878 30
20
3114 2338 30
4514 Dec 12518 Fe.
18,900 Chicago Rock Isl & Pacific_100 20 Sept 10 6512 Jan 27
•55
60
5738 5738, 54
54
54
55
100 50 May 29 101 Mar 24
92 Dec 11038 May
700
7% preferred
*55
5934 55
55 I "_ - -- 59 .--__ 59
100
100 50 May 29 90 Jan 28
81 Dec 10413 Mal
8% Preferred
*2034 30
*2034 35 .203 2934 *2034 30
100 2438June 1 48 Jan 9 I 4018 Dec 95 Tel
Colorado & Southern
*26
30
28
26
*2312 28
*2312 29
100 Conseil RE of Cuba pref__.A00 25 June 3 4213 Feb24 I 30 Dec 62 Apl
*108 112 *108 112
10512 10734 10212 10534 2,500 Delaware & Hudson
100 10212Sept 11 15714 Feb 25 I 13018 Dec 181 Fel
3
4113 437
40
3934 9,200 Delaware Lack & Western. _5
4112 38; 43
36
36 Sept 11 102 Jan 8 I 8913 Dec 153 Tel
*1412 35
*1412 30
*1413 2878 *1512 35
Deny & Rio Or West pref..100 1 i%Jt•ce 3 4534 Feb 101 2518 Dec 80 Mai
1618 1613 16
1618 15
1618 1534 153
1312June 2 3934 Feb24 I 2213 Dec 6334 Eel
10
3,600 Erie
22
2238 21
21
2112 2134 2012 2012 2.000
1001 2012Sept 11 4512 Feb 27 I 27 Dec 6738 Fel
First preferred
•10
18
10
18 "__ _ 18 *__ _ 18
100 17122ace 1 4012 Jan 5
26 De
6212'Fel
Second preferred
31
3238 3018 31 18 35
3114 9,100 Great Northern preferred...100 30 Sept 10 6934 Feb24
31% 35
51 Dee 102 Ma
*1112 20
1112 1112 11
12
*1012 1113
400 Gulf Mobile St Northern_100 11 Sept 10 2714 Feb 17
1018 Nov4612 Fel
•10
20
20
20
*21
46
*21
46
100 20 Sept 9 75 Jan 9
5538 Nov9814 Ma
100
Preferred
35
3514 3378 34
3378 3378 3238 333* 2,100 Hudson & Maraiattan
100 32% Sept 11 4412 Feb 17 II 3478 l)ec 5338 Ma
32
33
30
31
3014 32
2913 30
3,500 Illinois Central
100 29128ept 11 89 Feb24 I 6534 Dec1361 Ap
._ _ 30 •__
30
*15
30 "15
30
58 De
RR See stock certificates_ _. 30 Aug 25 61 Jan 23
77 Ma!
Stock
Stock
ig
2014 1634 1814 16
1614 135 1512 6,100 1nterboro Rapid Tran v t e_100 16 Sept 10 34 Mar 2 I 2033 Jan 3912 N1a
*22
23
2112 2112 1934 20
*1934 22
500 Kansas City Southern__100 193t Sept 10 45 Feb 26
34 Dec 85% Ma
Exchange Exchange
45
45
44
44% 42
42 •___ - 4234
100 41t June 2 64 Feb 9 I 53 Dec70 Ap
600
Preferred
26
2978 2818 28
26% 271 1
2678 2678 2,900 Lehigh valley
40 Nov8478 Ma
50 26 Sept. 8 61 Jan 9
ClosedClosed- .60
6218 6218 6218 6218 6218 60
60
400 Louisville A Nashville__ _100 60 Sept 11 111 Feb 9 I 84 Dec 13813 Ap
2718 2834 2618 2712 2514 2634 24
2512 9,200 Manhat Elev modified guar100 24 Sept 11 39 Feb 28 I 24 June 4212 Sep
Labor
•9
Extra
20
.9
20
*812 20
*9
20
13 Dec 2512 Fel
Market St Hy prior vref__100 12 June 3 22 Feb 18
*14
12
,
s
,
s
33
38
38
14 Apr IR
38 1,000 Minneapolis & St Louis _ __I00
34 Jan 12
14 Oct
218 AP
Day
*3
4
Holiday
*314 4
*3
4
*3
4
Si4 Dec 35 Fel
Minn St Paul ASS Marie_100
4 Alin 17 11 12 Feb 10
97 10
834 034
93*
98
814 9
2634
Jan
20
Sept
Dec
11
5,900 Mo-Han-Texas RR___ _No pa
814
14%
863* Ap
•32
35
33
33
30
32
27
2814
800
100 27 Sept 11 85 Jan 16
Preferred
60 Dec 1083* Ma
1514 1512 1514 1512 1514 16
1434 1514 2,700 Missouri Pacific
100 13 Aug 11 4234 Feb 16
2038 1/et 9812 Ma
4313 47
44
44
43
44
4112 42
100 41125ept 11 107 Feb 11
2,500
Preferred
79 Dec 14512 Ma
*14
12
*14
12
*14
12
14 Dec
*14
12
Nat Rys of Mexico 20 pret 10
113 Jul
4 Jan 5
1 iNlay 28
605 64
6038 6234 6138 64
615 6478 73,900 New York Central
100 6018Sept 8 13214 Feb24 10513 Dec 192% Fe
•19
22
19
19
1714 1714 17
17
400 N Y Chic & St Louis Co 100 17 Sept 11 88 Feb 11
73 Dec 144 Fe
2913 2912 28
30
2814 2814 25
27
100 25 Sept 11 94 Mar 9
900
Preferred
75 Dee 11034 Ma
15138 153
15118 15112 150 151
150 150
630 NY at Harlem
50 14712.1une 2 227 Feb24 152 Dec 324 Fe
47; 4912 473 497
4818 50
48
4912 12,400 N Y N H & Hartford____10
Feb24
4714Sept
67%
8
947
8
Dec 12818 Ma
100 100
101 101 *10033 10134 *101 10134
700
Preferred
100 Sept 3 1193* Feb24 10612 Dec 13513 Ma
1012 10% 1038 105a
938 1018
914 10
6,900 N I" Ontario & Western100
5% Jan 2 1378June 26
334 Dec 1714 Ma
412
58
•12
38
*12
58
•12
33
N Y Hallways pref__ __No par
58 Aug 21
2 Feb 27
1
Oct418 Ja
*3
4
*3
4
.3
4
*3
4
100
Norfolk Southern
212May 25
418 Dec 3312 Fe
814 Jan 9
•150 152
14712 150
14514 14712 14714 148
1,500 Norfolk & Western
100 139 June 2 217 Feb 26 18112 Dec 285 Fe
5
*903 9218 .903* 92% *9038 9218 *90
9218
100 89 Jan 8 93 Mar 31
Preferred
83 Feb 924 A(
3018 3034 293 3018 27
3012 253 29
14,200 Northern Pacific
100 25345ept 11 607 Jan 27
4238 Dec 97 Fe
.2
3
*2
3
*2% 3
218 218
7 Mar 23
10C Pacific Coast
100
1 14Juile 1
312 Dec 19% Al
3518 3612 348 3512 341 1 3514 3338 3434 36,300 Pennsylvania
50 333* Sept 11 64 Feb 10
53 Dec 8638 Me
•3
7
*3
7
*3
7
*3
7
4 May I
412 Dec 2413 Mr
94 Jan 9
100
Peorla &Eastern
25
25 .25
30 .20
25
25
2512
700 Pere Marquette
100 25 Sept 8 85 Feb 10
764 Dec 16412 Ar
.35
39
35
35 .30
35
33
33
90 Dec 101 Ma
90
100 33 Sept 11 9214 Feb 25
Prior preferred
*20
47
•21
96
*21
45
*21
45
100 48% Aug 4 80 Jan 8
9112 Oct 99 AL
Preferred
*30
33
30
30
30
30
*20
30
300 Pittsburgh & West Virginia 100 30 Aug 7 86 Jan 9
4812 Dec 12134 Fe
.
514 56
5018 56; 503* 54
475* 52
27.400 Heading
50 4738Sept 11 9712 Feb 11
73 Dec 14112 Fe
40
40 .37
41
.37
41
•37
41
200
50 37 June 3 48 Jan 5
4418 Mar 53 Fe
First preferred
375 4018 *28
4533 *33
45
*32
45
200
60 373813ept 8 47 Jan 16
48 Dec 57 Fe
Second preferred
014 12
1234 124 1214 1214
1038 11% 5,000 St Louts-San Francisco_ __100
9 June 2 62% Jan 27
3934 Dec 118% Mt
21
22
2014 21
20
20
1912 20
1,400
100 1518.11ine 1 76 Jan 27
First preferred
6213 Dec 101
Al
:
1012 1138
1034 1034 11
11
11
11
900 St Louis Southwastern
100
7 May 27 334 Jan 9
1712 Dec 76114518
2014 2014 .19
1
35
"19
35
*19
35
100
100 16 May 27 60 Feb24
35 Dec 9434 Jul
Preferred
12
3
8
12
12
12
5
8
12
12
•
42 Dec 1213 Fe
2,300 Seaboard Air Line
No par
%May 21
138 Jan 12
78
34
78
54
34
34
*52
72
12 Dec 28 Fe
400
100
38May 21
218 Jan 12
Preferred
88
7014 663 6814 667 6912 657 6734 12.400 Southern Pacific Co
100 65% Sept 11 10912 Feb 11
88 Dec 127 Fe
)
22
2318 2034 2212 2018 2034 19
21
4,5(10 Southern Railway
100 19 Sept 11 65% Feb 10
4612 Dec 13634 Ja
*33
43
*33
40
*33
40
*33
40
100 40 Sept 3 83 Feb 10
76 Dec 101 MI
Preferred
.5014 85
*5014 85
5014 5014 *503* 85
100 Texas & Pacific
100 5014Sept 10 100 Jan 14
85 Dec 145 Al
9
918
912 912
9
9
0
914
1.000 Third Avenue
1001
512 Apr 29 1514July 10
4 Dec 1512 MI
8
814
814 8; *712 8
712 712
600 Twin City Rapid Transit 10(
71a Oct 3112 Ja
638June 5 1778 Feb 17
.38
40
38
38 .3618 38
*36% 38
3 Dec 79 FE
100
3518June
1
62
10
Feb
9
Preferred
44
131,2 13512 13112 13412 13212 13612 132 13612
7.400 Union Pacific
100 13112Sept 8 20518 Feb24 16612 Dec 24234 MI
.8234 844 82; 823
8212 8212 82
82
600
100
Jan 8838 Set
Preferred
82
Sept
11
87
May
18
8214
77
718
718
712
7
714
63* 718 5,300 Wabash
100
1114 Dee 673* Al
658SePt 11 26 Jan 9
*16
22
19
19 .15
21
*15
21
100 19 June 4 51 Jun 9
400
Preferred A
39 Dee 8914 Al
93 1014
1014 104 10
93 1012 4,600
1012
100
9 June 2 195 Feb24
Western Maryland
10 Dee 30 MI
•1118 1312 1118 1114 *93 16
*934 16
300
100
Second preferred
9)4June 3 20 Feb24
1114 Dec 38 Mi
*6
9
6
6
6
6
5
5
300 Western Pectic
100
4 June 2 1478 Feb 9
712 Dec 3012 M.
•11
1112 1112 1112 *10
1112 *10
1113
100
100 1018May 25 313* Feb24
Preferred
23 Dec 5313 M
4
1318
34
•105
1234
.8572
31
*14
413
7238
312
17
6%
45
•1134
•10
*8
*28
-
4
378
133 .12
34
3433
_ •105
-1118 1212
87 .857
315
31
1478 14
412
412
74
74
338 •212
1812 1712
6% *634
514
43
1512 *12
15
*12
16
*12
2812 2812
4
4
171 *12
345* *3313
_ _ •105
1238 1178
87
*8578
3111 315
14
13
41
*44
751 _ 74;
318 •212
19
1832
772 0634
5
418
17
•1013
17
12
16
.10
2813 *28
4
.378
1412 *12
38
*3312
*105
Tics 12
87
*85%
3213 313
14
*1312
41
418
7534 7334
37
3
19
1812
77
7
4%
334
13; 11
1218 1012
16
*10
29
28
4
800
14
100
3512
200
_
-1212 87
3212 3,100
14
700
412
700
77
15,800
3
500
20 228,200
7
100
438 48.000
1114
300
13
400
16
28
2
.15
-9-,EI0
Industrial & Miscellaneou
312May 21
Abitibi Power & Paper_No par
14; Feb 26
100 113 Aug 28 52 Feb 26
Preferred
Abrabarn & Straus..._No par 25 Jan 22 39 Aug 13
100 100 Jan 8 10612May 4
Preferred
No pa, 1118June 3 2312 Feb24
Adams Express
100 8313 Jan 5 92 Apr C
Preferred
No par 221a 2,11114 3312 Aug 29
Adams Millis
A ddressograph lilt CorpNo par 13 Sept 10 2312 Feb 2
4 July 1,5 1138 Mar 17
Advance Rumely new _ No par
No par 7034June I 10938 Feb24
Air Reduction Ine
:3 Sept 11 1018 Feb24
Alr-way Elec A pplianeeNo par
Alaska '
7 Jan 2 2013June 4
,mean Geld Min--10
5 June 3
No par
A p w raper Co
9 Aug 17
33 Sept 11 1234 Feb24
No par
Allegnany Corp
Pref A with 830 warr......100 11 Sept 11 ogle Feb 25
Prof A with $40 wart__ __100 iolzsent, 11 59 Feb 11
14 June 3 5512 Feb 25
Prof A without warr___ _IOU
Allegheny Steel CoNo par 28 Sept 4 46% Feb 20
•Ilid and asked prices; no sales an this day. a Ex-dividend and ex-rights. c 60% stock dividend paid. z Ex-divideud.
p Er-rb3hte.
8
36
21
102
1414
RN
21
4
Dec 4218 Al
Nov 8613 Al
Dec 66 Al
Nov 11018 Al
Dee 3734 Ni
Dec 94 Se
Oct 32 NI
Dec 3434 Jul
8/4 -Dee 15638 Jut
614 Dec 36 Al
412 June
912 Ji
6 Dec 1513 F,
534 Dec 3514 NI
3614 Dec 10712 F.
3712 Dec 998 A
843 Oct 9614 F
40 Nov 72 A
1738
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday
Sept. 7.
Tuesday
Sept. 8.
Wednesday
Sept. 9.
Thursday
Sept. 10.
Friday
Sept. 11.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share $ per share Shares
39,800
10112 106
10512 10718 10418 10714 10312 108
300
12258 12258 12212 12312 *12311 12418 *12112 12314
20
2158 6,900
2158 225
2212 23
2234 23
700
1312 1314 1314 1314 1314
1312 1312 *13
*1718 1734 1718 1718 1,400
1712 1734 174 18
1238 1238 1,500
12
1212 12
1214 1212 12
2,100
2834 2712 28
2912 x28
29
30
31
65
*60
65
*60
65
*60
*60
85
212
100
212 •2
212 212 *2
*212 3
*7
11
11
*7
11
*7
11
*7
2612 *2534 2718 2,400
26
2634 27
264 27
120
115 115
115 116
*116 118 *116 118
8738 888 8714 8958 8758 9018 8858 9214 176,400
200
150 15018 *148 151 *148 151 *148 151
2,100
1312 14
134 14
1334 14
*1414 16
220
57
5734 5458 5734 5258 55
56
56
800
13
13
13
1312 13
13
14
14
4138 2,500
424 4234 41% 4212 4112 417 x41
100
814 814
*814 8
'814 9
*814 9
714 71
74 712
712 74
738 784
1,400
*6
7
*6
7
7
*6
7
*6
5.100
174 1614 17
18
17
164 1714 17
22
24
2058 227 169,000
2214 2434 2238 24
68% 7114 1,000
*7114 73
*7114 73
79
77
434 4414 41
3834 4022 1,500
41 • 41
41
200
*61
64
64
*61
*60
64
60
60
300
614 614
64 614
634 634
*614 64
200
4%
*3
4% *3
4
4
*4
44
SOO
18
1834
18
2018 2018 18
22
22
1,700
60
6014 6014 5884 6014 *5918 591k 60
1714 5,600
18
1858 1614 1714 1614 1718 17
7,800
114 1218 1118 1112 1118 1112 10% 12
200
78
*58
*58
78
*58
78
34
34
1212
1212 *7
1212 *7
*7
1212 *7
700
1414
x14
15
15
1518 15
15
15
*084 73
100
x6634 6634
*8814 73 *6814 72
2518 2612 4,700
28
2858 27
2838 2834 28
*33
200
312 318 *312 4
4
4
4
1,800
834 9
9
9
838 878
834 9
5814 *51
5814 *51
5814 *51
5814
*51
240
812 812 *828 '812 *818 84
812 812
3112 32% 31
3112 2934 3112 2978 304 9,100
7924
7984
700
79
80
7934
*66
*75
80
*63
70
*63
70
*63
70
*6212 70
500
6712 68
67
67
68
*66
67
67
13,000
1134 117e 1114 1112 1118 1122 21078 11
514
1,100
*814 7
5
5
5
6
6
6,000
1812 181
1812 1958 1811 1858 1812 19
500
*44
45
*44
46
*4538 46
4514 46
414
300
4
*4
81
4
.
*4
54 *4
12
12
*12
58
400
12
12
'2
'2
330
2518 251 *2518 26
25
26
26
26
28
2834 2634 2758 8,900
28
2858 2714 28
700
12012 12014 *12012 123
1235812358 12012 121
100
*7814 84
*8212 85
84
84
*8218 88
Stock
Stock
3814
100
*39
40 23814 3814 *37
40
*39
50
10612 106's
107 107 x10612 107
Exchange Exchange 106 108
St 1,300
34
78
78
7
78
78
78
21
215
212 *2
2
*2
212 *2
ClosedClosed1118 1178 1112 121z 3,000
137
14
144 1g
240
984 100
Labor
Extra
•100 10212 *100 l02s 9814 100
44
500
*444 4512 4412 4412 44
4484 45
500
5022
5018 503 *49
5114 52
5134 53
Day
Holiday
100
105 105 '10312 105 *103 105
*10311 105
*612 812 •134 812 *614 812 *64 812
16318 16514 16212 16458 16234 16512 16114 165 121,400
10314 105% 1,800
103 10478 1034 10312 103 103
10614 109
10618 109
10634 108
10758 109% 24,900
400
12914 12914 130 130 *129 13012 13012 13012
*56
200
55
56
65
65 .56
65*58
10
90
90
97
*90
97 '90
*90
97
415
4178 39
404 4358 41
3858 4112 11,200
2,000
39
39
3914 38
40
40
404 40
700
9714
9912 x97
987 9912 984 9834 *98
63
614 652 1,900
612 652
612 614
634
3034 314 3,500
3038 3114 311* 324 314 32
1,000
1
1
34 1
1
1
*7to
14
100
8
*5
8 *____
8
8
8 *__
800
414 414
44 48
414 44
*412 434
*40
45
*40
49
49
*40
*391 48
2158 22% 217 22% 2134 2212 2012 2158 67,900
100
*2014 21% "2014 2118 2014 2014
*2014 21
•
*1918 2134
19
400
19
19
*1812 2112 19
*914 14
*94 14
*914 14
*914 14
8
*EN 10
10
10
1012
10
800
*9
10
100
39
4012 x3814 3814 *36
'40
4012 *40
112 112 2,500
158 153
158
1%
158 134
1
118 4,100
1
1
1
1
1
1
1058 1058
200
*1012 1112 *1012 11
*1015 12
1,400
*414 5
5
5
514
5
514 538
812 618 *812 7
4018 512
100
*618 7
758
718
712 3,800
7
71
778
8
858
184 1814 1838 4,000
1712 1834 164 1778 17
*2012 25
*2012 2212 *2012 2212 *2012 25
100
*1215 14
*1212 14
13
13
*13
14
200
23
2312 22
2312 *23
2312 *23
*23
9,900
154
1458
1514
143
4
14
3
4
1518
15
16
300
*3214 34
3558 3378 3358 *3212 34
34
30
87
841z •84
84
87
*85
87
*85
4.215 312 •212 34 *212 34 *24 312
127 12934 123 13012 124 12812 124 12912 34,400
200
134
134 *1
*1
1
1
1
1
500
*118 14
114
114
118 118
114 114
278
278 *2
28 *2
*2
*214 27
312 34 8,100
312 358
34 34
34 34
1112 2,400
1138 1218 1114 1114 1114 1212 11
80
*55
61
60
60
62
62
62
*60
10
107 107 •106 108% *106 10834 *106 1084
34
100
312 *3
34 *3
312 34 *3
9,700
74 8
712 8
712 8
712 8
27
*22
27
27 •22
27 '22
"22
90
78
78
80
*78
78
78
80
*78
1,1)(10
60
594
593
4
5812
58
5812
5818 584
600
11012 11012 1104 11018 *110 11012 *110 11012
400
x4914 4934
4834 *4812 50
48
4912 *46
578 2,700
*514
6
6
512 6
*5
6
200
76 '7514 77
'76
79
7612 7612 76
2114 2178 2034 2158 2014 218 20% 2134 34,100
3678 353 3812 2,700
3514 3658 354 368* 36
3558 304 3812 3512 3878 3758 357 3714 84,800
2,800
102 102
10034 10112 10018 1034 100 101
700
1534 1534 *15% 17
*1534 1653 1514 1534
10
20
*19
•19
20
20
19
19 '19
40
90
*9014__ *92
__ 9014 9014 90
3212 3412 11,200
34 -35
1514 338
344 348
400
61
62
*6118 6518 604 6118 *6014 63
*12 1
*12 1
*4 1
*4 1
*258 6
*253 6
8258 6
'25
6
5514 5633 5418 5653 543 5558 8358 5878 24,600
1738 1758 1712 1778 6.500
174 178
17
175
400
3
*2
3
2
214
18
134 *2
18.400
1034 1112 1078 1114 104 1114 1031 11
•Bid and asked pr oat: no Wee on this day. z Ex-d1v1 lend. to Ex-rightas
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Miscall. (Con.) Par
Allied Chemical & Dye_No par
100
Preferred
Aills-Challners Mfg____Na par
Alpha Portland Cement No par
No par
Amerada Corp
Amer Agric Chem (Del) No par
American Bank Note
10
Preferred
50
American Beet Sugar_No par
7% preferred
100
Am Brake Shoe & Fdy_No par
Preferred
100
25
American Can
Preferred
100
American Car & Fdy_No par
Preferred
100
American Chain
No par
American Chicle
No par
Amer Colony pe Co_
No par
Am Control Alcohol
No par
Amer Encaustic Tiling_No par
Amer European Sec's_No par
Amer & Porn Power___No par
Preferred
No par
2d preferred
No par
No par
36 preferred
Am Hawaiian S S Co
10
Amer Hale & Leather-No par
100
Preferred
Amer Home products_No par
American lee
No par
Amer Internal Corp-No par
AmLFrance&FoamiteNopar
Preferred
100
American Locomotive_No par
100
Preferred
Amer Mach & Fdy new _No Par
Amer Mach & Metals_ _No par
Amer Metal Co Ltd ___ _No par
100
Preferred (6%)
Amer rat Gas pref_ _No par
Am Power & Light____No par
Preferred_
No par
Preferred A
No par
Pref A stamped
No par
Am Rad & Stand San'y_No par
American Republics_ _No par
AtnerIcan Rolling Mill
25
American Safety Razor-No par
Amer Seating v t c
No par
Amer Ship do Comm__ No par
Amer Shipbuilding new _No par
Amer Smelting & Refg_No par
100
Preferred
100
8% cum 2d pref
25
American Snuff
100
Preferred
Amer Scdvents & Chem _No par
Preferred
No par
Amer Steel Foundries-No Par
100
Preferred
American Stores
No par
Amer Sugar Refining
100
Preferred
100
Am Sumatra Tobacco...No par
Amer Telco & Teleg
100
Anierican Tobacco new w 1_25
Common class B new w 1_25
Preferred
100
American Type Founders_100
Preferred
100
Am Water Wks & Elea_No par
Corn vol tr etfs
No Par
1st preferred
American Woolen
100
Preferred
100
Am Writing Paper ctfs_No par
Preferred certificates_
100
Am Zinc Lead & Smelt_No par
25
Preferred
Anaconda Copper Mining_50
Anaconda Wire & Cable No par
Anchor Cap
No par
Andes Copper Mining_No par
Archer Daniels Micti'd_No par
Armour & Co(Del) pref_-100
Armour of Illinois class A-_25
Class B
25
100
Preferred
Arnold Constable Corp-No par
Artioom Corp
No par
Associated Apparel Ind_No par
Assoc Dry Goods
No par
Associated Oil
25
At1G&WI88 Line-No par
100
Preferred
Atlantic Refining
25
Atlas Powder
No par
100
Preferred
Atlas Tack
No par
Auburn Automobile-No Par
Austin Nichols
No par
Autosalee Corp
No par
Preferred
60
Aviation Corp
No par
No par
Baldwin Loco Works
Preferred
100
Bomberger(L)& Co pref-100
Barker Brothers
No par
Barnsdall Corp Clain A
25
Bayuk Cigars Inc
No par
First preferred
100
Beatrice Creamery
50
Preferred
100
Beech-Nut Packing Co
20
Belding lieneway Co__No par
Belgian Nat Rys part pref-__
Bendix Aviation
No par
Best dr Co
No par
Bethlehem Steel Corp_No par
Preferred (7%)
100
Blaw-Knox Co
No par
Bloomingdale Brothers_No par
Preferred
100
Bohn Aluminum &Br...No par
Bon Am( class A
No par
Booth Fisheries
No par
181 preferred
100
Borden Co
25
Borg-Warner Corp
10
Botany Cons Mills class A-50
Briggs Manufacturing_No par
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
$ Per share I Per share $ per share 8 per share
10112SePt II 18234 Feb24 17014 Dec 343 Apr
12178June12 126 API• 7 12034 Dec 12614 Apr
3114 Dec 68 Ma:
1833June 3 4234 Feb 26
1111 Dec 4214 Mar
8 May 27 1878 Feb 9
1512June 2 23 Mar 21
1612 Dec 3112 June
_ _ _
___
114June 3 2934 Feb 19
- -Mar
__- Nov -97%
2712SePt 11 62% Feb 13 _-4512
54 June 4 8614 Feb 26
6014 Nov 6834 Jan
Jan
434 Jan 0
112June 15
218 Dec 12
8 Dec 45 Mar
7 June 5 177 Jan 9
2578May 27 38 Feb24
30 Dec 545 Mar
11314 July 15 12438 Mar 10 118 July 128 Feb
8714Sept 9 12934 Mar 26 104% Dec 15812 Apr
145 Feb 4 15212 Apr 30 14014 Jan 1507 Oct
2418 Dec 8212 Feb
1312Sept 11 3834 Feb24
Jan
70 Dec 116
50 Aug 6 86 Mar 18
27 Dec 89% Apr
13 Aug 7 4334 Feb24
35 Dec 5114 Apr
3812 Jan 2 4858 Mar 20
157 Dec 22 Oat
814Sept 11 2114 Feb 27
57 Apr 29 1412 Feb 16
9 Nov 33 Jan
8 Nov 3978 Mar
518June 2 16 Mar 2
17 Dec 5912 Mar
1614 Sept II 334 Feb24
25 Dee 10134 Apr
20% Sept 11 5134 Feb24
84 Dec 11112 Apr
6834Sept 11 100 Mar 20
6312 Dec 10084 June
3834Sept 11 7912 Feb 25
73 Dec 101 Mal
60 Sept 4 90 Feb 28
512 Dee 3358 Mar
614 Apr 27 1038 Jan 9
8 Mar 31
14 Dec
7 Apt
158 Jan 7
104 Jan 8 30 Apr 6
812 Dec 344 Apt
4612 Dec 69% Mar
4558June 2 64 Mar 20
2412 Dee 4178 Mat
1614 Sept 9 3158 Feb 9
16 Dec 55% API
914June 3 26 Feb 26
112 Jan 9
12 Dee
4 AP1
12Juue 1
7 Dec 35 Feb
4121VIay 1 15 July 3
1814 Dec 105 Jan
1318June 3 3034 Feb 26
684 Dec 11812 Mal
x8634 Sept 11 844 Mar 6
298 Dec 45 Sept
2558 Sept 11 4334 Mar 19
3 Dec 1412 July
7 Mar 2
2 May 27
1312 Dec 5112 Feb
8I8J une 3 23% Feb24
80 Dec 116 Feb
51 Aug 26 8912 Feb 5
20 Dec 95 Mai
5 May 29 398 Jan 20
3618 Dec 11958 API
29$4 Sept 10 6478 Feb 26
90 Dec 107 Mai
79 Sept 11 102 Mar 27
7412 Dec 87% Sept
70 Aug 10 84 Apr 9
7434 Dec 8912 Sept
67 Sept 8 85 Apr 4
15 Dec 3934 Apo
1078 Sept 11 2112Mar 20
518 Dec 37 Mai
5 Apr 27 1238 Feb27
28 Dec 1008 Pet
1518June 2 373 Feb20
5212 June 8758 Api
45 July 15 66 Feb 26
5 Dec 2612 Fet
9 Feb 13
4 June 2
33 Ma)
12 Dec
1% Fen 27
12May 29
35 Dec 5412 Juno
25 Sept 9 42 Jan 6
3712 Dec 7912 All,
244June 3 5812 Feb24
Apl
11712May 14 13812Mar 27 131 Dee 141
9358 Dec 10358 Ant
834June 5 10234 Mar 12
3514June 3 424 Mar 10
358 Dec 437g Jal
1024July 1 11078July 22 10018 Jan 112 Sept
2 Dec 2212 Mal
44 Feb 16
12SePt 1
634 Oct 3314 Mal
2 Sept 1 1112 Feb24
2312 Dec 5214 Mal
1118J800 2 3114 Feb 20
9814Sept 10 113 Feb 20 110 Dec 116 Fel
3612 Dec 5512 Ale
37 Jan 7 4814 Mar 10
3914 Dec 69% Mal
42 June 2 60 Mar 25
95 Nov 110 API
96 Jan 2 10812 Mar 16
5 Nov 2634 F,I
658June 3 1118 Feb 13
15612June 2 20134 Feb 26 17038 Dec 27414 API
9812 Dec 127 SeP'
984June 2 12834 Apr 14
994 Dec 13078 SePI
10218June 2 132 Apr 14
12414 Jan 3 132 May 5 120 Feb 129 Sell
95 Nov 14134 AIN
55 July 80 105 Jan 16
8414 Aug 13 11012 Feb 28 10312 Nov 114% Job
3818 Sept 11 80% Feb 2n
4753 Dee 12478 API
--- --- ,- 38 June 3 8034 Feb 25
97 Sept 11 107 Mar 19 -98 -Nov 1-084 00
58 Nov 2014 Fel
514June 3 1178 Jan 12
1558 Nov 447 Fel
2058-lune 2 40 July 30
9 Mal
4 Jan 23
158 Dec
%Sept 11
1018 Dec 448 Fel
8 Sept 8 18 Feb 20
358 Dec 1778 Fel
8% Feb 26
358May 26
2634 Dec 798 Jai
26 Jan 10 4518 Aug 23
25 Dec 814 All:
1884June 3 4314 Feb 27
19 Dec 5314 Fel
20 June 10 2614 Mar 10
24 Dec 5134 AD
19 Sept 9 36 Feb 21
1058 Dee 3714 AD
9 June 13 1912 Feb 27
1318 Dec 2914 Api
8 May 18 18 Feb 4
80 Dec8278 Jun
32 June 2 72 Jan 7
818 ma
234 Nov
44 Jan 6
112May 29
1 12 Nov438 Ma
28 Jan 7
1 May 28
2514 Nov 85 Jun
1018June 2 47 Jan 6
312 Dec 138 Ap
9 July 3
358 Jan 2
48 Dec 2018 AP
6 Jan 13 1012 Feb26
58 Apr 24 2878 Feb 10
20 Nov 4618 Ma
19 Dec 5012 AP
1618 Sept 9 2958 M ar 20
30 Dec 51 Jun
20 May 26 31 Feb 18
33 Dec 8083 Jal
13 Sept 9 39 Jan 7
48 Dec 6514 Fel
22 Aug 11 5312 Jan 21
16311 Dec 5158 Al
1118June 2 2358 Feb24
42 Dec 106 Ma
30 June 3 54 Feb 11
97 Nov 106 Ms
84 Sept 10 997 Jan 16
812 Ma
212 Oat
34 Jan 5
2 May 15
10112 Jan 14 29512 Apr 14
6038 Nov 26334 Al'
7 Mal
158 Dec
214 Mar 30
1 June 17
78 Dec 101* Ma
212July 2
1 Jan 2
5 Feb 27
12 Dec 25 Me
2 Apr 28
9% Ap
618 Mar 2
8 Jan 2
25* Dec
918June 2 2778 Mar 19
1938 June 38 Fel
Jai
60 Aug 28 10412 Mar 19
84 Dec 116
10114 Apr 30 107 Feb 11 103 Dec 11012 Fel
8 Nov 20% Ma
284 Aug 14 10 Jan 2
5114June 2 1412 Feb 26
883 Dec 34 Ms
22 Apr 27 33 Jan 19
23 Nov 68 Fel
89 Dec 101 Jul:
78 Aug 81 90 Mar 5
62 Dec 92 AP
5312June 2 81 Mar 19
106 Jan 15 111 Mar 16 10114 Mar 10914 Sep
4412June 2 62 Apr 9 46% Nov 7018 Jai
638 Jai
218 Dec
134June 1
618 Aug 21
7614 Dee 8512 Ma
7432 Aug 6 80% Jan 22
1414 Nov 5758 AP
147sJune 2 2512 Feb24
3038 Dec 5614 AP
3114June 3 4614 Mar 19
344 July 80 7038 Feb 26
478 Dec 11014 AD
9638June 8 12378 Mar 6 11234 Dec 134 Ma
23 Oct 414 AP
1514 Sept 11 29 Feb 21
1612 Dec 2978 AD
1612 Jan 5 2058 Mar 25
Oc
95 Dec 104
9
Jan
85 May 15 95
15% Nov 69 AD
2034 Jan 2 43 Aug 15
6912 Oct 78 Al)
60 Jan 6 31614 Apr 15
5 Ma
Oct
1
3 Feb 20
1 June 13
514 Dec 3314 Ja
3 June 13 1714 Feb 20
Ma
90%
Jan
6018
20
7812Mar
47 June 1
15 Nov 504 Ma
1412June 2 303 Fob 27
5 Ms
34 Dec
334 July 80
114May 22
1218 Oct 258* Jul
814June 2 2234Mar 25
1
1739
New York Stock Record-continued-Page 3
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday
Sept. 7.
Tuesday 'Wednesday
Sept. 8.
Sept. 9.
Thursday
Sept.10.
Friday
Sep1.11.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On harts of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share $ per share l$ per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par I per share 3 per share $ per share $ per share
16% *15
15
1678 *15
No par 15 June 1 2412Mar 24
1514 Nov 3512 Apr
Briggs & Stratton
1678
168 *15
*13
2
134 134 *114 2
54 Mar 2
112Sept 11
112 112
1% Dec 2214 May
400 Brockway Mot Truck No par
100 10 Aug 11 26 Feb 17
*8
10
*8
10
*8
10
*8
13 Dec 85 Apr
Preferred 7%
10
106%
10612
10512 10534 3,100 Brooklyn Union Gas___No par 599 June 1 12928 Mar 19
1054
10512 107
10618
9818 Dec 17814 Mar
4212 4212 4212 4212
4278 43
*43
44
3334 Nov 42 Feb
No par 3234 Jan 22 4512July 27
400 Brown Shoe Co
612 618
618 614 1,500 Bruns-Balke-Collender_No par
6% 612
10 Dec 30% Mar
618Sept 11 15 Feb 13
68 718
71
712 712
7
10
718 712 4,000 Bueyrus-Erie Co
7
714
1118 Dec 317 Mar
618 Aug 6 2078 Feb 19
10
12
11
1218 12% 11
1014 1078 3,900
21 Dec 43 Mar
10 10 Sept 10 3478 Feb 10
Preferred
*101 104 *___. 104 *
104 *--__ 104
100 10212Sept 3 114 Apr 21 107% Jan 117 Sept
Preferred (7)
3% 4
*4
414
*334 4
312 358 2,400 Budd (E 0) Mfg
3 Dec 1638 Apr
558 Feb 25
212June 1
No par
814 812
8
818 814 z8
734 734 2,100 Budd Wheel
7% Apr 29 13 Feb 27
No par
6% Oct 14% Feb
*838 834
818 818 *778 812 *77
7 Aug 10 1534 Jan 30
No par
100 Bulova Watch
812 Dec 43 Mar
814
97 Dec 74
8
8/
1
4 918
812
712 712 2,700 Bullard Co
718 8
Apr
738Sept 10 23 Feb 26
No par
22
22
2212 22
2112 22
21
18% Dec 517 Mar
2138 4,700 Burroughs Add Mach_No par 1918June 1 3214 Feb 9
20
2018 2038 20
2014 2014 2014 2014
2112 Dec 4812 Mar
No par 17 Apr 23 31 Feb 24
400 Bush Terminal
*7114 7612 7112 7212 *7112 7612 7114 72
97 Nov 110 Mar
100 70 Apr 23 104 Jan 23
Debenture
90
*100 10012 *100 1004 100 100
101 101
Oct 118 Apr
100 951 Apr 29 113 Mar 17 108
80 Bush Term Bides pref
22
472
22 1
422 1
*78 1
600 Butte & Superior Mining-10
514 Jan
78 Dec
134 Feb 20
34May 7
*15
2
158 15
11s 18 *158 134
118June 19
414 Feb
114 Dec
24 July 17
5
300 Butte Copper & Zinc
1018 1014
10
912 912 10
Feb
Nov2932
Butterick
Co
918 95
10
9 June 2 2058 Feb 26
No par
1,000
2614 2712 2514_ 2718 2618 2714 2414 2634 21,200 Byers & Co(A m)
No par 2358June 2 6934 Feb 20
33% DeC 112% Apr
*7514 80
7514 7514 47414 go
*7514 80
Preferred
100 7514 Sept 10 1067 Feb 24 106 Dec 114 Jan
10
214 2234 2112 2134 *21
4114 Dec 771 Mar
22
21
21
1.400 California Packing___No par 2012May 1 53 Feb 16
412
52
412
42
12
12
412
58
138 Mar 2
'2June29
10
218 Feb
58 Dec
100 Callahan Zinc-Lead
3612 3712 3618 3618 3514 3512 3518 351
900 Calumet & Arizona Mining_20 2312June 2 4328 Mar 17
2858 Dec 897 Jan
6
6
6
6
2
5 Juno 2 II% Feb 24
25
734 Dec 3338 Jan
58 6
1,600 Calumet & Hecla
1118 12
*11
12
1112 111 *1114 11%
10 Nov 30 Mar
600 Campbell W & C Fily..-No par 1014June 20 1658 Mar 25
2412 281
2478 2614 2614 27
2612 2634 5,900 Canada Dry Ginger Ale No par 24128ept 8 45 June 25
3012 Dec 753s Mar
2112 2112 2012 2012 *2018 2114 2034 2034
No par 174 Jan 2 25 Mar 24
1618 Dec 3414 Mar
700 Cannon Mills
14
1414 1414 14
1378 1378 1334 1334
912 Jan 3 16 Feb 26
712 Dec 2834 Apr
700 Capital Adminis el A_No par
*3218 37
*3214 37
3218 3218 *32
37
50 29 May 18 3638 Feb 25
2912 Dec 42 Mar
Preferred A
100
4512 4814 4658 49
4634 4934 4718 51 184,400 Case (J 1) Co
100 4512Sept 8 13112 Feb 24
8312 Dec 36218 Apr
*77
80
80
85
77
77 *____ 80
Preferred certificates-1OG 77 Sept 10 116 Mar 21 113 Dec 132 May
190
18
1834 17
1834 20
18
17
22 Dec 7934 Apr
18
10,900 Caterpillar Tractor____No par 17 Sept 10 52% Feb 17
*3
4
3
3
*234 3
*234 3
2 June 5
18 Dec 137 Jan
4 Feb 27
100 Cavanagh-Dobbs Inc__No par
*17
224 *1712 2234 *1114 2234 *1114 2234
100 101 Aug 18 26 Mar 7
24 Dec 75 Jan
Preferred
91
1012 *8
1012 1114 *9
91 Dec 2038 Oct
10
16 Fob 25
87sMay 2
912
800 Celanese Corp of Am__No par
51 Apr 24 1438 Mar 2
*6
64 *614 612 *614 7
*614 7
3 Dec 60 Mar
No par
Celotex Corp
5%
*5
638 *5
5
5
434 5
354June 3 1334 Mar 21
No par
3 Dec 12 Sept
Certificates
403
*1912 20
*1912 20
*1912 20
19
No par 14 June 1 3734Mar 21
1912
174 Dec 84% Apr
Preferred
40
*1912 20
20
20
*1912 20
1912 20
1778June 3 2534July 31
18 Dec 3012May
400 Central Aguirre Asso_No par
618
612
612 678
6
7
212 Jan 6
634 7
2/
1
4 Dec
814Sept 2
3,200 Century Ribbon Mills_No par
814 May
*75
85
*75
*75
85
85
*75
100 50 May 28 90 Sept 1
85
51 Feb 6972 July
Preferred
1314 1414 1314 1412 1314 1312 125 1234 3,000 Cerro de Pasco Copper_No par 1234 Sept 11 30% Feb 24
21 Dec 6558 Jan
434
*4
412 41
*412 5
*4
5
2 Dec 1578 Feb
714 Mar 23
214 Jan 2
100 Certain-Teed Products_No pa
*23
*23
33
*23
33
*23
33
33
100 11 Jan 5 35 Aug 17
634 Dec 45% Mar
7% preferred
30
30 *__- 2912 *____ 2912 29
No par 29 Sept 11 373 Feb 2b
32% Dec 49 Feb
2958
900 City lee & Fuel
*7818 781 *78% 7812 78
78'a 78% 7838
79 Oct 9834 Feb
100 7718 Jan 14 90 Apr 21
Preferred
40
75
*8
758 810
734 8
8'8
738Jupe 1 231/ Feb 7
3
No par
1418 Dee 677 Mar
1,100 Checker Cab
52812 3212 2812 2912 2812 29% 2858 2918 5,800 Chesapeake Corp
No par 27123u0e 2 5418 Feb 24
3214 Dec 8212 Mar
73 Nov 37 Mar
7% 7%
7
7%
61 Apr 29 1518 Feb 26
712 71
7
712 1,500 Chicago Pneumat Tool_No par
1918 19
1918 lOts 19
19
19
19
No par 1512June 2 35 Feb 26
2218 Nov 5578 Mar
Preferred
900
1812 181 *1712 19
*1712 18
18
18
No par 17 July 3 23 Jan 9
2012 Dec 32 Mar
30 Chicago Yellow Cab
*11
*11
15
*11
12
12
*11
12
10 10 June 3 1234 Mar 30
1012 Dec 321 Apr
Chickasha Cotton Oil
1612 16'3 1634 1634 17
1612 1612
17
No par 1414July 30 3318 Feb 10
2278 Dec 67% June
500 Childs Co
1914 1712 19
18
1734 1834 1712 1818 145,500 Chrysler Corp
1418 Dec 43 Apr
No par 1212June 2 2534 Mar 9
Stock
Stock
2
2
218 218
214 218
48 Feb 11
2
218 1,700 City Stores new
21 Dec 1314 Apr
2 June 2
No par
1212 121 *1214 14
*1214 14
1212 1/12
151 Dec 4412 Apr
No par 1212 Aug 24 2278 Mar 25
200 Clark Equipment
2314 24
*234 24
Exchange Exchange *2314 25
22
2314
21 Dec 60 Apr
300 Cluett Peabody & Co No par 22 Sept 11 34% Feb 17
*101 105 *101 105 *101 105 *101 105
100 95 Jan 28 105 July 20
Preferred
9114 Jan 105 Apr
Closed- closed- 14038 14112 143 143
141 14214 2138 14014 3,500 Coca Cola Co
No par 133 June 3 170 Feb 24 13314 Jan 191% June
,
53
5212 521 *5212 53
53
*53
5318
No par 5012 Jan 2 5312.1une 4
600
4812 Jan 53 Mar
Class A
42
42
4234 41
Labor
40
,
Extra
41
3934 4014 5,700 Colgate-Palmolive-Pest No par 3934Sept 11 5012 Mar 18
44 Dee 6478 May
10418 10418 104 104
10312 104 *104 106
100 10134 Apr 21 10418Sept 8
6% preferred
400
97 Ma 104 Dee
1212 1284 1214 13
Day
1212 1212 1234 1234 1,500 Collins & Alkman
'1 Holiday
No par
9 Jan 30 1712June 26
12 Oct3534 Feb
95
*90
*95
97
95
97
95
9.5
100 71 Apr 30 95 Aug 28
800 Preferred non-voting
73 Jan 92 May
*9
1012
9
9
9
9
*9
924
712June 6 1014 Jan 8
600 Colonial Beacon 011 Co_No par
8% Dec2058 Apr
*13
1312 1312 1312 13
13
*1334 14
934June 2 1912June 27
200 ColoradoFuel&IronnewNo par
5112 5534 5314 56
54
5714 5514 5714 20.100 Columbian Carbon v t c No par 5112Sept 8 11158 Feb 25
65% Dec 199 Mar
26
2734 2538 2612 2558 271
25
26
36,200 Columbia Gas .1c Eleo__No par 2058June 2 4558 Mar 19
3058 Dec 87 Apr
104 10414 102 103
103 103 *10212 103
100 98 June 3 10912 Mar 18
Preferred
500
99 Nov 110 Apr
,
618 614
614 7
6
638
6
618 4,100 Columbia Graphophone
71 Dec 3718 Apr
6 June 2 1614 Mar 13
I
6 June 3 1118July 2
CUB of deposit
554 161; -14i-2 -11- ;WI' Ii- "13i8 iii; - -3:000 Commercial Credit__No par 13 May 27 2314 Feb 26 -1-5'3 Dec 763-4 "Ai;
,
7
34
.33
3418
3312
*34
34
33
33
1
Class A
1,500
50 3058June 3 3578 Feb 26
3012 Dec 4438 Apr
*25
2478 25
2612 *2434 2534 *2434 2534
25 21% Jan 20 2512July 9
50
Preferred l3
2012 Dec 28 Apr
92
92 290
90
92
9134 90
90
310
1st preferred(6 Si %)..--100 7612 Jan 29 92 Sept 8
7614 Jan 9512 Sept
2212 2312 2238 2212 2212 23
2238 2218 5,200 Corn Invest Trust
No par 20 July 15 34 Mar 10
218 Dec 55 Mar
8314 8314 83
84
84
83
*83
8512
Cony preferred
No par 82 Jan 20 90 Jan 26
700
80 June 87 Mar
10338 10318 10312 10312 10312 10312 10158 103
let pref 634%
100 101 July 17 106 Aug 6
150
89 Jan 10212 Nov
15
157s 1434 1518 z14% 1514 1412 1514 39,100 Darnall Solvents
2112
4June
2
No
par
14 Dec 38 Apr
Feb
24
10
3
I
7% 758
7% 758
714
718 75
712 46,700 Commonvelth & Sou. No par
678June 2 12 Feb 24
712 Dec 2014 Apr
:
923 9318 9212 9212 1,000
945 9518 937 937
No par go June 8 10058 Mar 16
$6 preferred deries
8612 Dec 1048* June
•
*3018 31
31
*30
3012 *30
*3018 31
3112 Dec 57 Mar
Conde Nast PublicaMs_No par 30 June 3 3414 Feb 16
1212 1234 4,800 Congoleum-Nairn Inc_No par
1212 1318 1214 1212 1212 13
53
6% Jan 2 1434 Aug 21
Dec 19% Mar
1314 1318 *1312 1434 1312 1312 1,100 Congress Cigar
14
15
No par
1314Sept 9 3034 Mar 10
1814 Sept 5678 Mar
32
3212 *3212 34
33
33
*33
35
300 Consolidated Cigar-No par 2512 Jan 8 37%Ju0e 27
2458 Dec 5938 Mar
6412 6412 641
6412 *62
*6412 6512 62
100 55 Jan 2 73 Mar 19
53 Dec 80 Mir
Prior preferred
150
612
612 718 *612 68 2,600 Consul Fibn Indus
534 61
6
334June 3 15 Feb 17
No par
778 Dec 2738 Mar
I
12% 13
123 1318 3,900
123 1234 1258 125
No par 1012June 2 187
1212 Dee 2814 Jan
,Feb 17
Preferred_
8758 9018 8712 8912 8714 8912 8658 8918 86,100 Consol Gas(NY)
No par 8218 Jan 2 10958 Mar 19
7814 Dec 13678 Apr
I
10658 106% 10612 10634 1,100
106 10618 106 106
No par 10112 Feb 27 5107 July 23
Preferred
1
9912 Jan 10512 Sept
1212 1212 1258 1258 1,400 Consol Laund Corp
1212 121 *1214 13
I
No par iltaune 2 1578 Mar 19 ---- --.
-__
12
58
.12
3
32
53
62
32 1,800 ConsoildatedTexttle__Nopar
:
134!der 18
14 Dec
2 Jan
4 Jan 2
*234 3
234 23
2% 234 *258 3
)
28e Aug 31
500 Contaluer Corp A vot No par
518 Dec 2212 Feb
812 Jan 9
1
*1
118 *1
1
1
1
No par
1 July 16
Class B voting
400
118
2 Dec
3 Jan 12
81 Feb
:
93 10
10
10
1018
934 10
1012
914June 2 30 Feb 26
2,500 Continental Bak el A_No par
163 Dee 52% Feb
114 11
*138 1'2
)
13
158
13,
112 2,360
Class B
No par
114June 3
2 Dec
338 Feb 2
7 Feb
•
5012 5214 5212 53
53
53
53
53
100 447 Apr 30 771 Feb 27
1,400
62 Dec 947k Feb
Preferred.
4512 461
4518 46
4514 46
4514 46% 12,100 Continental Can Inc-No par 4038June 3 6234 Mar 26
4312 Dec 711
/
4 Mar
36
87
14
8 38
71i
38
5111 38
7113
61 *35
2 37
8114 36
5% 37
98
538
34 300ta
eni
1.
2:0
tin
l Diamond Fibre_No par
658 Sept 11 1678 Feb 27
Coon
ut
900 c
Dec 37% Apr
I
10 34 June 1 5178 Feb 24
3714 Dec 7718 Mar
2
2
2
2
2
2
2
2
4.300 Continental Motors-No par
212 Nov
412 Feb 27
2 Aug 27
8/
1
4 Feb
fps 8'2
8
8
88
838
778 818 25,100 Continental 011
5 June 2 12 Feb 13
No par
758 Dec 3012 Apr
212 218
212 27
3
3
212 28 4,100 Continental Shares
812 Dec 407 Apr
No par
212Sept 9 12 Feb 24
5918 62's 5812 6038 21,200 Corn Products Refhilng---25 5538June 2 8658 Feb 17
625e 63's 6058 631
65 Dec 11138 Apt
•14814 1513 *148 15134 *148 15134 149 149
100 14874 Jan 6 15212 Apr 2 140 Feb 15114 OM
10
Preferred
612 68
612
612 612
6% 614 4,000 Coty Inc
71 Dec 33 Feb
No par
618 Sept 10 18 Feb 27
*27
27
2534 2613 2512 26
2712 27
No par 2512Sept 11 3412 Mar 11
2,000 Cream of Wheat
2512 Jan 353, Mat
*1212 161 *1212 1612 1212 121 *1234 15
100
100
1214June
Carpet
Jan 2918 Mar
1
Crex
9
195
8
Apr
11
*5
51
*5
514 *478 514 *47
5
Croaley Radio Corp____No par, 412 Jan 2
34 Dec 22 Jan
8% Feb 25
20
20 *20
*20
21
21
21
21
&
Seal--__No
par
1814June 1 3814 Feb 24
500 Crown Cork
31 Dec 595 Apr
37
37
*312 4
358 38
312 374
No par
2 Juno 2
200 Crown Zellerbach
434 Dec 1812 Feb
67 Jan 12
3812 38% 3612 37
*3612 381 *37
39
600 Crucible Steel of America_ _100 3038June 2 63 Feb 11
5018
Dec 931 Mar
87
88
*88
90
86
86
855 8614
100 80 June 4 106 Jan 3 10112 Dec 117 Mar
Preferred
150
*314 312
314 314 *3% 4
*318 4
57 Jan 8
3 May 19
No par
100 Cuba Co
2
/
1
4
Dec 1912 May
*74
118
**78 118
1
1
78
78
58June 1
800 Cuba Cane Products-No par
258 Jan 8
1
Oct
7 Mar
334 334
314 312 *3
314
3
3
21 Apr 30
3,400 Cuban-American Sugar_10
534 Mar 24
2 Dec
9 Feb
*24
25
*24
27
24
24
1814 20
100 16 June 8 35 Jan 9
Preferred
50
20 Dee 658 Feb
412
is
12
14 14
14
12
18July 31
14 1,200 Cuban-Domin Sugar--No par
112 Jan 8
14 Dec
2% Jan
373, 38
378 378 3338
383
3712 38
50 3534May 21 4814 Mar 19
500 Cudahy Packing
3818 June 48
Jan
66
6612 66
66
66
66
66
6612 2,000 Curtis Publishing Co___No par 68 Sept 4 100 Feb 7
85 Dec 1261s May
109 109 *100 109
*100 108
10834 10834
No par 10834Sept 11 1185s Mar 5 112 Dec 1213* Mar
Preferred
200
21
258 27
234
218 234
212 218 14,200 Curtiss-Wright
No par
218June 2
1% Dec 147s Apr
574 Feb 27
*33
37
35
37
37
334 4
372 1,600
100
3 June 2
Class A
812 Mar 2
3 Dec 1934 Apt
15
16
1 K1
16
16
*16
18
*--12
--'2 *---3
1614
200 Cutler-Rammer Mfg___No par 16 Sept 9 41 Jan 7
35 Dec 90% Mat
8
8
814
818 9
814
8
814 6,400 Davison Chemical
No par
8 Sept 9 23 Feb 24
10 Dec 435
.MU
*3
7
*212 612 *212 5
614May 25 1212 Jan 28
91 Dec 80 Apr
*213 6
Debenham Securities-5 Sell
1512 15% 1512 1512 1518 1512 1.400 Deere & Co pref
16
16
20
15
Sept
1
22
Jan
5
20
June 2412May
*155 160 *155 1597 155 155
153 153
100 14034June 2 195 Feb 11 161 Dec 25534
400 Detroit Edison
AM
*121s 16
*1218 16
*1218 16
134 1314
200 Devoe dc Raynolds A_No par 11 June 17 191g Feb 18
1112 Dee 42$4 Mal
1712 1734 1712 1734 178 18
1734 18
No par 147 Jan 15 23 Mar 6
4,300 Dlan)ond Match
273, 2678 27
2712 2712 27
*27
28
25 2418 Jan 7 281/ Aug 24
Preferred
600
•Bid and as
price,; no asles Ott tOts OaF. S mx-alviaencI. p Exdivideud and ex-rights.
New York Stock Record-Continued-Page 4
1740
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday
Sept. 7.
Tuesday
Sept. 8.
Wednesday
Sept. 9.
Thursday
Sept. 10.
Friday
Sept.11.
Sales
for
the
Week.
$ Per Share $ per share $ per share $ per share $ per share 5 per share Shares
1238 1218 1238 6,400
1178 1212 12
11,8 12
500
2112 2134 *2158 2214 *2112 2314
*21 12 22
*16
1612 1614 1614 1,800
17
1634 1714 17
13,600
7258 7112 7212 7112 7214 7114 72
300
4
.4
5
5
5
11,2
1112 *10
1112 *10
1112 *10
•10
100
10713
*10718
10712
*1067
8
10712
*1067
s
107
107
512
514
600
514 534
515 ,512
512 512
13114 13512 12814 13234 32,900
13134 13418 13112 136
_ *135
*132.*132 . _ *135
1178 11,500
104 101-4 10; 1112 11
1018 -1-28112 7534 8014 7512 7814 7412 77; 145,000
79
12412 12412 123 12312 12314 12314 12212 12212 1,200
714 1,300
714
734
714 714 *714
714 714
1.000
554 55,a
5434 5518 *5518 64
55
55
3612 34; 3734 32,500
344 3614 341s 3512 35
50
10014 10011 *-__- 101 *____ 101
*10014 104
212 2; 1,600
21z 212
2; 2;
212 2;
512 534 18,700
512
514
4; 6
534 618
3518 3634 34; 3614 34; 3638 3334 3518 89,800
900
9914
9912 9912 9734 9734 98
x9912 100
1,400
8612 8412 8412 8134 83
x8418 8614 *85
2,700
49
47
5018 5012 5018 5014 48,4 50
12
*38
*38
12
*;
12
12
*33
4,55 1
*58 1
*38 1
*34 1
1,000
42
41
4118 4138 41; 4112 4112 41
*113 1151 1 *113 11514 *113 11412 *11114 11514
500
29
*26
3112 3112 31
29
3114 29
300
*7318 77
75
76; 75
*75
73
75
200
*7812 7912 7812 7812 78; 7818 *7838 7912
274 3,300
27
27
27
27
27
27
27
1,400
518
5
43
4
5;
*434
5
434
434
300
312 312
315 4
*318 4
*3
4
50
1512
1512 *15
*15
1512 15; 15; *15
*12
2
*12 2
*12 2
*12 2
*5,4 5; *44 614 *414 614 *414 6,4
300
1012 1012 *1012 1034
1034 1034 *1012 11
80
60
60
65
*60
GO
60
6018 60
200
314 3; *34 3;
*314 334
*314 4
*3012
3754
373
4
*334 3734 53012 3734 *3012
89
085
89
*85
89
*85
•85
89
200
5;
5; *5
*5
5
5
5
5
Stock
Exchange
ClosedExtra
Holiday
STOCKS
NEW YORK STOCK
EXCHANGE.
Indus. & MIscell.(Con.) Par
Dome Mines Ltd
Vo par
Dominion Stores
No par
Douglas Aircraft Co Inc No par
Drug Inc
lsio par
Dunhill International_ No par
Duplan Silk
No par
Duquesne Light IM pref___100
Eastern Rolling MIII
No par
Eastman Kodak Co_ No par
100
6 cum pref
Eaton Axle d4 Spring___No par
El du Pont do Nem
20
6% non-vol deb
100
Eitingon Schild
No par
100
Preferred 6,s %
Electric Autollte
No par
100
Preferred
Eleetric Boat
No par
Elee dr Mus Ind Am shares___
Electric Power & Lt _No par
Preferred
No par
No par
Preferred (6)
Elec Storage Battery. _No par
Elk Horn Coal Corp
No par
Emerson-Brant cl A__ _No par
Endicott-Johnson Corp_.....50
Preferred
100
Engineers Public Serv._No par
Preferred $5
No par
Preferred (51-4)
No par
Equitable Office 1310g....N0 par
Eureka Vacuum Clean_No par
Evans Auto Loading
5
Exchange Buffet Corp_No par
Falrbanks Co
25
Preferred
11)0
Fairbanks Morse
No par
Preferred
100
Fashion Park Assoc.--No par
Federal Light & Tree
15
Preferred
No par
Federal Motor Truck....No par
Federal Screw Works_ _No par
Federal Water Serv A No par
Federated Dept Storett_No par
Fidel Phen Fire Ins N Y___ _10
Fifth Ave Bus
No par
Filene's Sons
No par
100
Preferred
Firestone Tire & Rubber___10
100
Preferred
First National StoresNo par
Fisk Rubber
No par
100
1st preferred
100
lot pre( convertible
Florsheito Shoe class A_No par
100
Preferred 6%
Follansbee Bros
No Dar
Foster-Wheeler
No par
No par
Foundation Co
1
Fourth Nat invest w w
Fox Film clam A
No par
Freeport Texas Co_ __ No par
Gabriel Co(The) cl A No par
No par
Gamewell Co
700
*312 5
5
4
5
5
5
5
1218 12'z 1218 1234 1214 1258 2,000
1178 12
400
24
*23
24
24
24
24
24
24
2,600
39
38
3712 39
3912 4018 3712 39
*74 8; 0718 8;
*718 87
*718 87
20
*22
27
*22 27 *22 27 22 22 *101_
20
__ 100 100
_ *100
*100
1,600
16 -11
17
17
1634 I712 1634 17
1,000
62
62
62
62
6218
624
6212
62
5518 55; 2,100
5614 5634 5512 56
57
57
14 1,600
*14
28
4
38
14
58 ;
100
1; 1,8
*115
114 *114
114 *118 114
*; 134
134
*5a
•118 1; *118 1;
*1958 23
*1958 23
*1958 23
*1958 23
*100 101 *100 101 *100 101 *100 101
Stock
915 012
200
912 912 *912 11
*912 12
7,100
2114 19; 21
21 18 20
2014 2112 20
Exchange
100
912 *618 912 *612 212
612 612 *7
2514 2438 2412 1,500
2514 2534 25
25; 26
Closed32.800
13;
1214
13;
13
1318 1334 1318 1312
2312 23; 5.400
244 23; 24
.2334 2538 24
Labor
200
234 234 *212 334
318 3;
*3
312
550
34;
30
3112 31
35
3634 3878 34
Day
12
Gardner Motor
12
5
1,000
12
12
5
*12
; 12
438 4; *414 438 1,100 Gen Amer Investors___No par
4; 412
412 4;
100
Preferred
200
85
*70
6912
70
7212 72'z
*70
85
2,800 Gen Amer Tank Car___No par
x5312 55
5514 56
55; 56
55
56
No par
1838 1812 3,500 General Asphalt
181
18
18's
1812 1834 18
5
1,500 General Baking
2018
2018
20;
20
2018 2018 20; 2018
No par
10
$8 preferred
109; 10934 *109 114 *109 114 *109 114
No par
600 General Bronze
*5; 8
5; 6
614 614
612 634
No par
200 General Cable
*512 6
6
6
6
6
614
*6
No par
Class A
300
1278
13
13; *1212 12; 1212 1212 *12
100
cum
poet
7%
50
30
30,
4
3118
31;
31; 3114
32
32
No par
1,500 General Cigar Inc
33
3314 33
3214 33; *3214 3314 *33
No par
3915 3755 3875 3612 3312 3534 37; 164.500 General Electric
38
10
Special
1138 1112 1138 1138 11; 1138 1112 11; 2,500
No par
4712 4812 474 484 20,700 General Foods
47; 4834 47; 48
No
par
A___
(Rail
Gas
&
Elec
7,200
418
4
4;
4
414
418
438
414
No par
Cony prat ser A
200
45
*39
45
45
49
*44
48
48
__
200 Gen Rai Edison Bloc
neos 2712
2655 2658 *2658 27
*2614 28
Corp_No par
Mills
General
900
394
39
387
8
387
8
3914
3934 3934 39
100
400
Preferred
*98; 99
9912 *9834 99
99
100 100
10
3278 34; 31; 33; 3158 3278 30; 3214 392.300 General Motors Corn
No par
$5 preferred
2,800
10212 10278 162 10212 10112 102
10234 103
No par
100 Gen Outdoor AdV A
*873 10
878 8; *878 10
*878 10
Common
No par
434 478 1,300
5
5
5
5
5
5
General Printing Ink...No par
•1938 1912 *19; 1912 *19; 1912 *19; 1912
•
$6 preferred
7112 *6212 7112 •62; 7112 *6212 7112
*63
918 1,700 Gen Public Service_ ___No par
9
918 938
9; 10
934 9;
par
Signal
No
Ry
Gen
300
44
*4453 4612 x4212 4212 *4212
44
44
100
6% preferred
*107; 10938 •10712 1093* *10712 10914 *10712 10914
3,500 Gen Realty & lltilitles_No par
2
2
1; 2
178 2
134 218
par
No
preferred
$6
1,800
2612 2518 2512
26; 2634 2612 2612 26
32% 1,500 General Refractories. _No par
32
33
3334 33
32
3318 34
par
tcNo
GenTbeatresEquip
v
12,900
212
214
214 2;
218 238
212
214
Razor__No par
1534 1612 1534 1612 18,900 Gillette Safety
1612 17; 1534 17
100
Cony preferred
5512 2,000
6258 5712 5712 5512 5712 55
60
No par
Gimbel
Bros
2,100
418 418
418
4
4;
4
5
5
100
Preferred
200
*4178 44
4318 4318 4218 4218 *4178 44
No par
1,700 Glidden Co
9
9
834 9
834 9
914
9
100
Prior preferred
190
7912 79;
*7912 80
80
79; 80
78
No par
514 4,800 Gobel (Adolf)
5
518 5;
54 558
512
5
No par
v to
2538 2614 24; 2512 23; 25; 23; 2434 22,600 Gold Dust Corp
No par
$5 cony preferred
*11012 11214 *11012 11214 *11012 11214 *11012 11214
No par
F)
Goodrich
Co
(B
6,600
91
949
0
10
9
1012 11
100
Preferred
34
3618 *3318 3418 33; 3318 1,000
50
*36
Rub__No par
Goodyear
T
&
11,600
38
3614
383
4
3612
3812
3714
39
38
par
No
preferred
1st
400
81
81
81
*80
*7612 83
83
83
No par
300 Gotham Silk Hose
8
8
10
*8
*8
10
10
*8
100
Preferred
*6814 80
*6814 80
*6814 80
*6814 80
No par
Gould Coupler A
*158 2
.158 2
*1; 2
•15s 2
2; 258 1,100 Graham-Paige Motors_No par
2; 258
212 2;
212 212
1018 1,400 Granby Cons M Sni dc Pr-100
1014 10; 1018 1014 1014 104 10
No par
1312 1212 1458 3.400 Grand Silver Storee
1412 1312 1434 13
13
No par
3,400 Grand Union Co
15
15
1514 1512 14; 1514 1412 15
par
No
Preferred
900
42;
4218 4212 407s
*4212 44
*4212 44
300 Granite City Steel.-. No par
22
*19
22
*19
19
19
19
19
.No par
Grant
(AV
1,900
T)
3718
37
3712
37
37; 3812 3718 3712
2,800 (-It Nor Iron Ore Prop__No pa,
17
16
17
1712 177s 17
1778 18
1,300 Great Western Sugar__No no
*812 9
5% 9
814 812
812 812
100
Preferred
20
92
92
97
*92
*91
97
97
*90
No par
6,600 Grigsby-Grunow
278 3
278 3
3
3
318
3
No par
Sugar
Guantanamo
2,
8
0
0
N
5
8
3
8
14
1-2
•38
78
.38
No par
1212 12; 1,000 Gulf States Steel
12
12
12
12
1212 12
100
Preferred
35
*25
35
*25
*25
35
*25
35
25
Haekensaek
Water
100
285
8
*28
285
8
*2814 29
2814 2814 *28
25
class
A
7%
preferred
*2712 28
*2712 28
*2712 28
*2712 28
No par
44 45* 5,000 Hails Dept Stores
414 458
438 458
418 4;
100
Preferred
200
51
51
5212
52
52
*5112 5134 *51
_10
1.700 Hall Printing
1312 14
*13
1312 12; 13
13; 13
•Bid and asked prices; no sales on this day. a Ex-dividend. y Ex-rights.
F1x-dividends.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Highest.
Lowest.
$ per share
878 Jan 2
1418 Jan 2
1614Sept 11
6112 Ian 2
4 Sept 11
11 June 3
102 Jan 5
5 Aug 25
118 June 3
12834 Jan 8
914Juue 3
71 June 3
11834 Jan 9
314 Jan 2
3512 Jan 5
344.1,Ine 2
10014Sept 9
2 May 7
47oSept 9
3018June 1
9258June 6
80 June 8
47 Sept 11
14 Aug 20
84 Apr 24
30 Feb 10
10212 Apr 15
2812Jnne 3
75 Sept 8
75 July 14
27 itine 25
434 Sept 8
3 8 Sept 8
15; Aug 22
1 Jan 3
412 Feb 25
1014 Aug 27
60 Sept 1
314 Aug 24
30 May 26
84 June 23
5 Apr 28
4 Sept 10
11I4June iu
1512 Jan 5
3614June 2
6; Jan 16
16 Jan 27
854 Feb 10
13 Apr 27
5614 Apr 29
41 Jan 2
14Sept 9
1 May 18
118May 15
22 June 2
9612May 28
8 June 2
20 Sept 9
4; Jan 5
2012.1une 2
1158May 21
22 Jone 2
234Sept 10
30 Sept 10
12.1111Y 15
4;Sept 9
13912Sept 10
52.8June 1
1514.1itne 2
1718June 2
98 Jan 2
5 June 3
314May 26
7 June 3
2712May 26
31 June 2
3524Sept 11
111a Apr 29
43 June 1
4 Sept 10
4434 Aug 8
26;Sept 9
35 July 15
96 Jan 1 9
30;Sept 11
95 Jan 2
858 Aug 28
4 July 27
15 May 19
59;June 5
818June 2
40 Aug 10
104; Jan 2
134Sept 8
251s Sept 11
29 June 2
178 Aug 12
1534Sept 9
55 Sept 11
4 June 2
3612June 3
734June 3
48 May 4
4 Jan 2
21 June 1
104 Jan 19
814June 2
3318 Sept 11
30582une 2
71 June 2
4; Jan 5
50 Jan 26
1125ept 1
212 Au3 13
10 June 3
1212Sept 11
10; Jun 16
36 Jan 15
187sJone 3
25; Jan 2
16 Sept 11
718Juue 1
8012May 26
254Jone 3
14Sept 10
1018June 2
37 June 24
2638June 5
2612 Mar 13
418Sept 8
50 Jan 3
12 May 6
PER SHARE
Range Jo Precious
Year 1930.
Lowest.
highest.
$ per share $ per share $ per short
634 Jan 1038 Sept
x1312Mar 31
12 Nov 30; Apt
24 Apr 13
2114June 25
mu
8 -Dec If;-Mat
7834 Mar 20 i7-5.5 Dec 4312 Apt
814 Mar 19
13
Oct 19 Sept
9
4
Feb
143
10712 Aug 20 100 Jan 106; Oct
614 Dec 2512 Jan
1314 Mar 2
18534 Feb 24 14218 Dec 25514 Apt
13412•Mar 23 12078 Feb 134 Nov
11; Dec 3714 Feb
2178 Mar 19
8012 Dec 14514 Apt
107 Mar 19
12434 Aug 28 11418 Feb 123 Sept
218 Oct 1078 Feb
11 18 Feb 17
35 Nov 62 Feb
. 59 Feb 18
33 Oct 114; Mai
74; Mar 10
110 Jan 7 10312 Oct 110; Jan
04 Mat
218 Dec
412.1,,ly 10
97oJuly 9,-10312
Apt
34;
Dec
8
Feb
25
60 4
99 Dec 112 Apt
10818 Mar 20
84; Dec 102 Sept
9814 Mar 17
4712 Nov 7914 Feb
66 Mar 19
512 Mel
18 Dec
114 Feb 26
58 Dec
7; Jan
2;NI ar 25
3678 Dec 59; Jan
4538Sept 1
115 Aug 26 10713 Jan 115 Nov
36; Nov 6712 Apt
49 Mar 12
8058 Dec 10718 Mae
87 Jan 27
8918 Dec 104; Apt
91 Mar 12
3512 Dec 5034 June
3538 Jan 12
653 Oct 43; Mar
1234Mar 17
Oct 30; Feb
4
858 Feb 24
21; Dec 2712 Sept
25 Jan 7
9; Jan
1; July
3 Mar 20
312 Dec 3934 Jan
13 June 27
1912 Dee 5013 May
2938 Mar 6
Jan 11112 Mal
109; Feb 2 102
212 Dec 2714 Feb
612 Feb 24
43; Dec 9014 Mai
4978 Feb 26
85 Dec 98; Apt
92 Mar 25
512 Nov 1214 Feb
758 Feb 24
10 Dec 2512 Sept
1512 Feb 24
1712 Dec 43 Mat
30 Jan 31
1212 Dec 38 Api
2718 Aug 27
4214 Dec 89; Mal
5614 Feb 24
6; Dec 1012 Ain
9 Feb 21
16 Dec 4012 Jan
24 Aug 27
89 Dec 10014 Sept
104 May 12
15; Oct 3318 Jan
20 June 26
53; Oct 8778 Mat
6618June 29
3858 Dec 61
63 Aug 14
;Jan
512 Apt
12 Dec
78 Feb 24
Apt
14 Dec 21
3 Feb 7
14 Dec 2134 API
312 Mar 3
30 Dec 5278 Mat
3512 Jan 3
94 Dec 10012 Gel
1021:Mar 18
12 Dec 50; Mal
19; Feb 25
3712 Dee 10412 June
6412 Feb 24
312 Dec 2834 API
1612 Mar 9
Api
1814 Dec 50
3212 Feb 24
1114 Jan 57e API
38; Feb 17
2412 Dee 55; API
4314 Mar 23
212 Nov 1134 API
638 Feb 25
5() Oct 80 Mal
60 Feb 26
7114 Fet
1 Nov
2;M ar 23
318 Dec 1612 Feb
7;Mar 19
74 Dec 105 API
88 Mar 12
53; Dec 11178 API
7318 Feb 26
22; Dec 7112 Ain
47 Mar 26
25; Apr 14
Jar
114 Mar 14 17 -Dee lib
518 Dec 3812 Feb
912 Feb 16
13 Feb 24
6; Dec 34; Mai
1314 Dec 7434 Feb
2512 Feb 24
65 Jar 12
36 Dec 109; Apt
30 Dec 61 Mel
4812 Feb 10
4112 Dec 95; Apt
5434 Fer 26
114 Oct 12 Aug
1218 Jan 27
56 Apr 13
4438 Dec 6114 May
812 Feb 21
3; Dec 1838 Apt
38 Dec 10612 Apt
7634Mar 20
3534 Mar 6
2834 Dec 44; Feb
404 June 59; Apt
50 Mar 21
89 June 9834 Del
1004Sept 2
3112 Nov 544 Apt
48 Mar 21
9178 Dec 10078 Sepl
1035sJuly 22
20; Dec 4118 Apt
28 Jan 28
5 Sept 21; API
1014 Feb 25
19 Dec 4214 Mal
31 Mar 19
65 Dec 9018 May
76 Jun 9
12; Dec 5278 Apt
23 Feb 26
56
Oct 10578 Mat
8418 Mar 2
114 Mar 7 10014 Jan 115 Sera
941)lar 5
312 Dec 1113s Apt
49 Dec 100 API
7418 Mar 10
39 Dec 90 Mat
5738 Feb 26
512 Dec 10 Des
1512 Feb 18
18 Dec 1064 Jan
3834May 11
767sMay 26
554 Dec 7034 Not
7; Feb 18
414 Dec 20; Api
52 July 7
39 Dec 8211 Apt
164 Feb 20
7 Dec 38 Mal
6312 Dec 10518 Mal
82 Aug 19
3 Dec 19 Fet
9;Mar 9
4218 Mar 20
29 Dec 47; API
11712May 19 100 Jan 11112 Aug
2078 Feb 21
1514 Oct 5811 Mal
02 Dec 10412 Mai
68 Feb 10
35; Oct 96; Mat
5212 Feb 21
91 Feb 25
7814 Oct 10214 API
34 Dec 28; Mal
1334 Apr 11
72 Apr 28
50 Nov 8212 An'
4 Dec 1538 Ain
6; Feb 6
3 Dec 1338 Ain
612MaY 5
12 Nov 59; API
2258 Feb 24
251s Mar 24
16 Dec 52 API
1878 Mar 24
10 June 20; Fet
31 Dec 44 Aug
46 May 13
2934 Feb25
18 Dec 50; API
Jar
2638 Dec 43
42 Aug 29
1712 Dec 25; Mal
2312 Apr 9
7 Dec 34; Jet
1178 Jan 8
86 Dec 120 Mal
9612 Jan 8
212 Dec 28 Juni
634 Mar 10
4 Tel
14 Dec
lly Jan 8
15 Dec 80 Fet
3712 Feb 24
8314 Dec 109 API
Si) Mar 4
Jan 38 Jul]
26
3012 Mar 26
Jan 30 Aug
26
30 Apr 6
234 API
All Dee
934 Mur 26
4518 Dec 8611 Apt
63;Mar 30
16 Dec 31; Mai
1938 Mar 21
1141_
New York Stock Record-Continued-Page 5
CENT
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Sept. 10.
SC1.11.
Sept. 9.
Sept. 8.
Sept. 7.
Sept. 5.
Safes
for
the
Week,
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Highest.
Lowest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
share
(Con.) Par S per share $ per share $ per share $ per
$ per share $ per share Shares Indus. & klIscell.
99 Jan 1054 Oct
100 94 June 18 103 Jan 6
$ per share $ per share $ per Share $ per share *____
Hamilton Watch pret
95 *---- 95
Apr
98
Jan
85
19
85 *____ 95
Feb
94
No par 83 Sept 10
150 Hanna prof new
83
83
83
83
85
38 Dec 7214 Apr
8338 8338 *83
par 2412J1,ne 11 4414 Feb 16
20
2512 2534 *2434 2512 1,500 Harblson-Walk Retrae_No
Feb
Dec
214
2412 25
24
25
Feb
25
8
75
4
Sept
2
par
400 Hartman Corp class B _No
3
3
212 312 *214 3
714 Per 2314 May
*112 212
4 June 18 1058 Feb 9
No par
Class A
100
412
*3
4
4
412
3612 Dec 61 Feb
414 *3
*3
4212 Jan 8
Hawaiian Pineapple Co Ltd_20 2534June 11
*2518 • 30
278 Nov 1734 Apr
6
*2518 3078 *2518 3078 *2518 30
Mar
8
11
Sept
218
No par
218 214 1,200 Hayes Body Corp
212 212 *214 212
7718 Dec 924 Feb
24 24
25 sotouiy 15 100 Feb 18
Helme(G W)
*814 95
*8118 95
tpr
*8238 95
1312 Dec 31
24
*8238 95
Mar
18
1
978June
par
No
200 Hercules Motors
*1014 1012 1014 1014 1014 1014 *1018 1012
50 Dec 85 Jan
No par 40 May 7 258 Mar 13
100 Hercules Powder
4278
4278 *40
*40
42
*40
42
42
11912Mar 10 11612 Nov 1231i June
11
June
111
91100
cunt
$7
Powder
20 Hercules
116 116
70 Jan 109 May
*116 11614 116 116 *116 117
1 10334 Mar 27
93
2,200 Hershey Chocolate-No par 8313June 2
9412 92
93
95
8312 Jan 10834 June
9458 9518 95
104 Mar 27
No par 93 Jan
Preferred
500
4 Dec 2514 Feb
10358 10358 102 10314 *10112 102 *101 102
3
Mar
812
22
4June
33
par
No
300 Hoe(R)& Co
5
434 *4
414 *4
4
414 414
2614 Jan 4114 Mar
No par 24 Sept 9 37 Feb 27
1,100 Holland Furnace
2518 2412 2412 2418 25
2518 24
25
5 June 1211 Jan
1918 Apr 13
2
Jan
8
53
par
No
(A)
&
Sons
Hollander
1134 5,400
11
11
12
1314 1218 121
13
72 July 83 Sept
100 81 Jan 6 120 Sept 11
6,100 Homestake Mining
111 11234 111 120
102 114
10112 102
4 Dec29 Feb
to
Mar
934
414 Jan 2
512 54 1,700 Houdaille-Hershey el B No par 58 July 27 65 Mar 17
54 54
54 54
534 6
49 Mar 6878 Oct
600 Household Finance part 91.50
6218 624 6212 624 6212 6212 *624 63
2914 flee 11673 Ayr
2 6812 Feb 24
7,100 Houston 01101 Tex tern ctf3100 27 June 2 1413 Feb 24
3538 37
354 37
64 Dec 1134 Oct
3514 3812 344 36
6 June
25
Vol tr ctfs new
712 778 5,000
712 8
74 74
712 814
20 Nov4l78 Feb
2918 Feb 24
3
June
13
par
No
Sound
Howe
1618 2,100
Nov6278 Jan
1712 1712 1712 1712 1618 174 16
18
3
Jan
26
1
June
11
par
No
Car
1212 1212 1238 1258 *1238 124 21134 1214 4,400 Hudson Motor
712 Dee 3632 Apr
534June I 1312 Feb 24
10
632 612 4,200 Hupp Motor Car Corp
612 634
612 652
632 634
2 Nov17 Mar
Feb 27
4
43
9
4Sept
13
par
_No
Motoeyele700 Indiana
*112 172 *112 134
24
134 2
2
3 Dee 2833 Mar
458 Feb 11
2 May 15
10
900 IndianRetining
234 234 *214 234
234 284
*234 3
Oct 124 Jan
31
No par 2112Jone 3 86 Feb 24
3412 5,000 Industrial Rayon
33
3018 3114 304 3114 3138 33
182 Jan 3 14714 Nov 239 Allr
28
May
74
par
No
1,100 Ingersoll Rand
80
79
77
79
80
80
98 Mar
82
80
Nov
58
27
Feb
71
No par 30 Sept 8
200 Inland Steel
*3718 39
*3713 39
39 •3712 39
39
633 Dec 3073 Feb
413June 2 1133 Feb 24
.6
54 512
5
612 61
54 1,500 Inspiration Cone Copper__-20
1312 July
5'2
Dee
5
24
Feb
3
3
9
8
4June
53
par
572 6
534 572 2,100 Insuranshares Ctfa Inc_No
64 61s
612 61
913 Aug 7 1234July 21 -----------------934 978
934 1018 1,000 Insuranshares Corp of Del---1
975 10
... Apr
11
112 Dec
*10
21
Feb
512
8
118Sept
par
No
112 *114
200 Intercont'l Rubber
*14
112
172 17
11
l's
1114 Dec 2878 Apr
5 June 3 15 Jan 28
No Par
300 Interlake Iron
512 512
514 514 *514 534
812 Apr
*513 534
333 Dec
54 P17024
138May21
Par
No
Agricul
Internal
400
158 158
*158 2
134 13
*14 2
424 Oct 674 Apr
100 1612June 3 5114 Feb 24
Prior preferred
300
19
*17
19
*17
17
17
18
*17
Oct
131
24
Mar
1974
Feb
par 117 June 2 17934
3.100 Int Business Machinee_No par
13412 13634 133 137
128 133
13512 137
878 Dec 1934 Mar
658 Aug 17 1238 Feb 24
658 64
700 Internet Carriers Ltd__No
658 658
64 634
.758*
Apr
Dec
*658 63
41112
10
Feb
28
624
4May
273
1,400 International Cement__No par
29
2918 30
*28
29
114 Dec 1412 Mar
2912 3014 29
4 Feb 2
111.1une 1
112 158 3,700 Inter Comb Eng Corp_No par
112 112 *112 138
112 143
13 Dec 78 Apr
16
Feb
4
395
8
1014Sept
100
Preferred
600
*1012 14
1014 1112 1112 1112 *1012 14
4514 Dec 11534 Al4
11 6012Mar 2
32
334 22,200 Internal Harvester___.No par 32 Sept
3514 3614 3358 3558 3258 34
3
100 129 Sept 10 14312Mar 21 133 Dec 14612Sep
Preferred
129
2.500
129
129
129
130 13214
1818 Dee 54 Apr
*13214 135
1 ssi.lune 3 31 Feb 26
5,700 Int Hydro-El Bye cl A._No par
2014 1912 2014 1912 20
Apr
19
92
Dec
5214
20
2172 22
Mar
7314
11
25
8812Sept
40
3812 397s 4,200 International Match pref.3912 4034 39
4012 431
15 Nov 83 Apr
512Sept 11 1612 Jan 5
614
.512 578
300 Int Mercantile Marine 003_10
*6
6
6
6
6
1234 Dec 44l Apr
par
912Juue 2 2012 Feb 24
1112 1178 1112 1172 1114 114 61,300 Int Nickel of Canada-No 100 112 June 2 123 Mar 31 114 Dec 123 Apr
1134 12
Preferred
100
119 119
26 Dec 86 Apr
*119 120 *119 120 *119 120
3 42 Mar 26
June
18
prof
Paper
Internal
(7%)._100
20
194 1958
*194 22
*2012 23
512 Dec 81 12 Mai
*2012 23
par
334 Aug 14 1014 Feb 26
334 334 *44 • 412 *414 412500 Inter Pap & Pow el A_-No
333 Dec 22114 Apr
412
6 Jan 26
24 Apr 30
No pa
Class B
100
212 234 *212 234
242 24
2 Dec 18 Apr
Feb 26
412
2
134June
par
No
Class C
178 178 1.400
172 178
14 2
2
2
21 Dec 88 Mar
100 1812June 3 4312 Mar 27
Preferred
20
1.700
2012 2012 20
20
20
21
21
10 Dec 5838 Apr
June 2 1614 Feb 26
par
7
.No
Corp_
Ink
Printing
Int
1112
100
114 1112 *10
Apr
*1112 13
*1112 13
55 Dec 101
100 54 Feo 11 6918May 8
Preferred
65
*58
65
200
*58
58
58
58
Oct 45%June
58
31
100 2914June 2 42 Feb 9
324 1,800 International Salt
*3314 3334 334 3314 *3234 3314 31
4718 Dec 62 Jan
19 54 June 29
4June
par
461
Shoe........No
International
600
4658 474 4612 4612 4612 4658
*4714 48
26 Dec 119 Feb
Stock
Stock
100 21 Aug 8 51 Mar 10
International Silver
*2118 2734 *2118 28
*2112 28
*2178 28
7512 Dec 1124 Feb
100 554 Aug 5 9013 Mar 28
7% preferred
30
65
65
65
65
65
*64
65
Exchange Exchange •62
1712 Dec 771a Apr
24
Feb
38/4
2
Jan
4
183
par
Teleg-No
&
2333 244 224 2514 2012 2178 275.200 Inter Telep
2332 25
1438 Dec 40 Feb
20
Feb
3
2
213
1512 l6li
700 Interstate Dept Stores_No par 1112.1une 20 6712Mar 24
Closed- •1612 1738 1612 1652 *1612 17
584 Dee 80 Aug
ClosedJan
58
_100
.
nts_
ex-warra
Preferred
40
67
67
67
67
67
67
*6534 67
12 Dec 32 Apr
24
Feb
1818
25
May
10
par
No
100 Intertype Corp
*1214 13
1213 1212 •1214 13
*1214 13
Labor
Extra
44 Dec 29 Feb
94 Feb 24
34June 2
No par
4
500 Investors Equity
41
414 414 *44 412
414
*4
Oct 43 Mar
25
1 20 June 2 31 Jan 14
25
25
300 Island Creek Coal
25
2512 254 *24
*2412 26
Day
Holiday
37 Dec 6612 API
No par 3612June 2 5712 Feb 11
40
40
4012 4011
800 Jewel Tea Ina
40
4014 3972 40
14832 Feb
4834
Dec
19
80341%1er
No par 4038May27
4614 4814 4612 4832 4612 4843 33,800 Johns-Manville
4632 48
100 105 June It) 126 Apr 10 117 Dec 12333 NOV
Preferred
30
•120 12012 *120 12012 *11812 12012 119 119
Dec
12312 Apt
118
21
ar
12312M
19
11614June
117 117 *11334 119
30 Jones & Laugh Steel pref 100
*11712 119 *11712 119
Apr 9 108 Jan 116 Nov
_ _ . .. K C P & 1.1 1st p1 sec B_No pa 11314 Mar 17 11518
•11514 _ _ *11514 - •11514 _
1418 Dec 1318 Jan
5
Jan
7
4
15
8Sept
Karstadt (Rudolph)
-1-43 •1154-•1
132 ..
.
-114 •1
4 *1
1
1
*1
14 Dec 2013 Mai
18 Feb 16
400 Kaufmann Dept Stores.312.50 12 June 8 243
1234 1314 *1232 1312 •134 1414 1334 1334
2418 Dec 4112 Jar
8 Mar 19
2June
124 1314 1212 1214 1218 1218 1213 124 2,800 Kayser (J) Co v t c__ _No par 101
618 Ain
1 Dec
20
Mar
312
Jan
2
132
per
•134 178
*134 17
600 Kelly-Springfield Tire_No
*134 2
134 2
29 Dec 42 Jae
918 Jan 5 26 Mar 21
100
121
1318 1312
12
8% preferred
13
130
12
14
14
17 Dee 55 Jae
24
Mar
45
June
5
28
100
6% preferred
35 *---- 34 *---- 35
*25
35
•25
918 Oct 3912 Apl
718Sept 11 2934 Feb 25
74 712 2,200 Kelsey Ilayes Whenl___No par
712 758 *74 8
734 81
738 Nov 2642 Api
818June 2 1512 Mar 19
No par
91
9
94 13,900 Kelvinator Corp
9
914
9
9
9'2
Dec 89 Mai
25
6
Apr
60
6
Jan
20
par
No
501 *39
53
160 Kendall Co prof
*5014 5234 .50
51
51
2012
Dec 624 Feb
24
Feb
3112
No par 1433June 3
154 1512 30,200 Kennecott Copper
1512 164 15% 1618 1512 16
38 Dec 59 Mai
41 Jan 9
29
Apr
4
3
par
30
No
-Clark
36
*32
*32
36
Kimberley
36
*32
*3034 36
1712 Dec 401211ml
No par 11 May 5 2018 Jan 9
115* 11
11
1158 *11
100 Kinney Co
1158 •11
•11
51 Dec 97 Apt
100 2334klay 2 70 Jan 21
2812 •26
Preferred
284
2812 *26
10
26 .26
26
2612 Oct 3634 Jar
20
Aug
2958
2p
Jan
25
10
Co
(88)
2612 2672 2618 264 12612 2634 2618 2614 11,500 Kresge
39 Nov 70 Jar
No par 41 Sept 11 55 Feb 24
41
42
41
*41
300 Kress Co
43
42 .41
42
204 Dec 3532 Ars
12 Sept 11 2734Mar 25
124 57,700 Kreuger & Toll
1338 1234 1314 12
134 13
13
1718 Dee 481s Jar
8
y
x3512Ma
2
Jan
18
par
Bak__No
2814 2938 16,600 Kroger Groc &
284 29
2812 2912 2832 29
7034 Nov 113 Am
19
Mar
2
877
3
No par 56 June
6918 7118 7,400 Lambert Co
6812 704 6918 70
70
69
17 Dec 2318 OP
6
Jan
No par 10 Apr 27 1718
1034 10
10
300 Lane Bryant
1014 1014 *10
*1014 11
312 Nov 11 MN
434 Mar 26
214 Apr 28
*234 3
100 Lee Rubber & Tire_ _ _.No par
.234 274 *234 3
3
3
Dec 42 Ap
11
25
Feb
4
183
3
914June
10
10
10
10
11
200 Lehigh Portland Cement--50
*934 1012 *10
9862 Dec 10812 Ma)
20 10112 Feb 3
884.1uns
100
7%
Preferred
95
904
*90
3
903
20
95
*91
95
*91
414 Dec 1712 Mal
14
Jan
8
83
11
Sept
4
par
_No
Coal_
413 4,300 Lehigh Valley
4
412 412
433 5
514
5
1478 Dec 3712 Mik
50 18 Mar 31 30 July 6
P:eferred
*2412 29% *2334 2718 *2334 27
*2412 27
514 Dec 9714 Aix
6932 Feb 24
49
4934 4914 50
50
49
6,800 Lehman Corp (The)...No par 4538Junee 2
4918 50
21
27
Oct86 Ap
Feb
344
2
.2258.1no
par
No
500 Lebn & Fink
2511 2512 2514 2514 2514 2514
*2513 26
104 Nov 3112 Ma
No par 11 Sept 9 2072 Apr 16
1118 Ills 114 3,600 Libby Owens Glass_
1134 11
11
1134 12
7613 Dec 11334 Ap
7
Feb
91
1
June
.25
60
Tobacco_
Myers
6212 6134 621
62
2,300 Liggett &
634 6312 6212 63
7814 Dec 11438 Ap
25 6012June 1 9134 Feb 24
Series B
6372 6234 64
9,100
6514 6314 6432 63
64
.
100 13712 3nn 7 146 May 13 12713 Dec146 Sep
Preferred
*144 14514 *144 1454 *14214 14414 *14214 14414
80
2612June
10
Sept
22
par
2214
22
22 .21
23
200 Lily Tulip Cup Corp-No
2212 2212 •22
1812 Oct 4-94 -Fel
3 3434 Feb 26
2012 204 204 21
700 Lima Locomot Works__No pat 1914June 1,
*204 221
' 20
2014
28 Dec 4532 j1'
1
33 Feb 11
No par 22 June
251 *25
2514
300 Link Belt Co
2512 2524 2514 2514 *25
Dec 8178 Ma
39
24
Feb
554
.
2018Jone
No par
2212 21
22
22
22
1,400 Liquid Carbonic
22
22'2 21
4134 Dec 9534 Ma:
No par 3618June 2 6312 Feb 16
4714 47
48
4658 4834 43,800 Loew's Incorporated
4534 4712 46
854 Jan 11238 Jun
19
Mar
99
15
May
83
par
No
Preferred
93
914 921 *91
9112 911z
400
*9112 921
212 Dec
632 Fel
612 Apr 24
23.1 Jan 2
No par
412 414
432 41
412 411
44 5.900 Lott Incorporated
4
3 Dec 154 Ma
4 Jan 6
34 July 10
142 514 23
118
114 1,100 Long Bell lumber A__ _No par
114
*14 27
Dee
4014
7014
25
3Mar
AD
547
1
404June
25
47
4714 4878 4734 48
48
*4812 49
4,800 Lowe-Wiles Biscuit
104 nee 21418 Ms
.25 11% Jan 2 2178July 26
1434 1618 1478 1538 1514 1614 1514 1634 39,900 Lorillard
Ma,
7614
Dec
99
10
Aug
10212
31
Jan
9013
100
preferred
*90
96
7%
*90 100
*90 100
*90 100
34 Dec 12 Ap
413 Feb 10
2 May 22
No par
500 Louisiana OH.
334
3
3
34 *3
*234 34
*3
60 Dec 90 Bev
100 30 Aug 18 55 Jan 15
Preferred
•__ _ _ 3833 •____ 3838 •____ 3838 •____ 38:18
25 Dec 5114 Ap
26
Feb
3
353
I
June
25
par
E1A__..No
&
0
Louisville
29
29
2812 29
284 2812
1,300
2812 29
94 Dec 4478 Ms
818.1une 2 19 Mar 19
No par
94 94 *2812 2072 2,400 Ludlum Steel
94 10
1012 104
3434 Per 9934 Ms
No par 29 Aug 24 5214 Feb 17
Preferred
35
*22
35 .22
35
*22
35
*22
20
Dee 394 Ap
24
Feb
25
pot
7
157x
Forbee_.No
Aug
&
MacAndrews
*1678 1712 *1611 1712 16
300
164
.1673 20
93 Feb 10014 No'
100 85 June 1 10012 Apr 7
9112 *61
9112
8812 8812 *60
92
eo 6% Preferred
92
3333 Dec 8913 Ms
8 Feb 24
437
2
par
No
202June
100
Trucks
Mack
2412
2514
2512
243
3,400
24
2512
254 26
3114 Dec 15914 Fe
No par 6614June 2 10614 Feb 27
74
7473 76
7334 7512 4,800 klacy Co_
7534 7334 75
44 Dec 1538 Jun
712 Mar 24
5 Jan 3
*538 6
*538 8
200 Madison Sp C3arden- __No par
53a 54 *536 6
1914 Dec 524 Ja
24
Feb
2
273
3
par
1014June
No
Copper
Magma
1112
1114 1138 2,100
1134 1278 114 1134 1112
134 Dec 13 Jul
Mar
4
2
43
25
118
Apr
par
_No
*112 2
200 Mellson (H R)& Co_
134 134 *112 2
*134 2
6 is
12 Dec
5 Mar 25
13 Jan 2
100
Menet,Sugar
*113 134 *112 134 *Ds 14 *113 14
514
Dec 50 J.:
2
8
127
Jan
2
Jan
314
100
Preferred
*334 514 *334 514
*334 514 *34 5
5
16
Dec
June
15
8
314June 2
No par
JR:
74
*4
Mandel Brom
73
734 .4
74 *4
*4
613 Dec 244 ja,
25
74 Jan 2 12 Feb 25
*94 10 • 94 94
*914 10
200 Manhattan Shirt
*014 10
134 Dec 1032 Ma
334 Feb 14
1 May 22
Maracaibo Oil Explor_ _No par
•134 2
*134 2
•134 2
*134 2
1734 Dec 3212 AU
10 1814May 27 2414 Feb 24
1812 1814 1812 19
5.200Marine Midland Corti
1914 1812 19
19
2114 Dec 55 Fe
No par 17 Sept 11 324 Feb 24
1714 1,000 Marlin-Rockwell
1712 17'i 1712 171 *174 1712 17
414 Dec 3072 A
2 May IS 10 Feb 25
*212 234
500 Marmon Motor Car- - -No pat
212 23
24 213
*234 278
24 Dee 4813 Ap
il
2114 214 2,600 Marshall Field & Co___No par 20348ept 9 3238 Feb 4
202 2178 2034 214 *2112 22
30
34
214 Dec
Jan
4Ju1y
23
13
8 Ot
par
-No
martin-Parry Corp-•112 2
.112 2
*Di 2
*112 2
..212. 234
43,) asked
• 1.10 ,
no tales on this day
s Ex dividend. p Ex rights
1742
New York Stock Record-Continued-Page 6
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday
Sept. 7.
Tuesday
Sept. 8.
Wednesday
Sept. 9.
Thursday
Sept.10.
Friday
Sept.11.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share $ per share $ per share $ per share $ per share
22
2218 2138 2178 21
2112 2201, 21
.117 120 .117 120 .117 120 *117 120
30
31
294 2074 29
2914 2878 30
412 412._
414 .1
418
44 .1
13
13 .10
13
*10
1234 *10
1234
60
CO
*59
63 .59
63
*59
63
29
2914 *2712 28 .2734 28
27h 273
*39
4212 .39
40 •39
40 •39
40
*304 38
*3018 38
*3018 38
*3018 38
7812 80
78
*78
78
82
*78
82
•16
1878 *16
18 .16
18 .16
18
2112 2112 2118 221 1 21 18 2178 2134 2212
6338 6478 6358 6412 6314 6412 6314 65h
911 912
918 914
9
938
914 914
3014 3014 2918 2978 2914 2914 2918 2918
.514 6
514 51 t
532 538
512 512
2312 2312 .23
25
*23
25
23
23
312 4
*34 44 .314 414 .314 4h
.25
264 25
25
25
25
25
25
*512 54
512
5
434 5
5
53
8
812
73
74 8
74 8
8
*1252 14
13
15
1458 1514 144 15h
*55
61
62
62
62
6218 6134 6211
*36
40
36
38 .35
40 .35
40
178 14
2
2
*134 178
14 178
*12
20
*12
20
*12
20
1734 173
12
12
12
12
12
12
1212 1218
27
27
2634 27 .2531 27 .254 26h
17
1832 1634 1712 1678 1712 1638 1712
36
36 .35
3912 *35
37
*35
37
4.3g
12
33
12
12
*3,
12
3*
1
14 *1
114
1
1
1
1
27
27
*26
30 .26
28
2512 26
9
9
858 9
•812 918
852 852
21
2214 2112 223
1412 221, 1538 1778
5018 5018 51
51h 4158 5012 4338 4712
.164 20 .1638 18 .1658 17
*164 17
812 834
814 838
81, 812
814 838
33
33
•33
34
33
32
.31
32
'
22
2314 2112 23
22
2212 21 18 22is
5
518
478 5
.44 512 .412 5
.
7h 1014 .74 1014 *714 10h .714 1014
534 534
538 512
412 51 1
478 5
21
21
21h 211, *15
25
*15
25
53
514 4958 5312 5038 5212 504 5214
*1511
-- *15112 ...._ *15112 15214 15112 15112
234
2-2438 2318 24
2312 24
23
2438
314 3212 3018 3138 3018 3118 2912 3032
'2'8 3
.23s 3
238 238 •238 3
*30
40
2912 30
*2814 40
*2814 40
2638 2612 26h 2612 2558 2612 2512 2638
*17
19 .17
19
•17
19 .17
19
98 100
99 100
*99 104 .97 102
140 140
140 140 •140 141
140 140
118 118 *118 121 .118 121 .118 121
2134 2318 2114 2214 2138 22
21
2178
*14
12
14
14
*14
12
*14
12
*l,
1
4.1
*4 1
•,2
1
1
Stock
Stock
344 351
3338 3412 3334 34
334 35
1812 1918 .1818 1812 1818 1812 1912 1988
Exchange Exchange
68
70
66
6834 66
70
6812 70
28
28h 2818 2818 2512 2818 2378 2512
Closed- Closed14
144 14
1414 .134 15 .1334 141 1
1212 13
1112 1112 *1118 1112 1112 1112
Extra
Labor
738 734
738 712
712
738
74 74
Holiday
tit
Day
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
Shares Indus.& Miscell. (Con.) Par $ per share $ per share $ per share $ per shall
3,000 Math!peon Alkali WorksNo par 1752June 2 3112 Jan 3
3018 Dec 5138 Mar
Preferred
100 112 Apr 29 12538 Mar 24 115
Oct
Jan 136
7,300 May Dept Stores
25 28 May 27 39 Mar 2
2734 Dee 613s Jan
100 Maytag Co
No Dar
4 Aug 4
878 Feb 13
5 Nov 23 Mar
100
Preferred
No par 13 Sept 8 2432Mar 21
1418 Nov 4012 Apr
loo Prior preferred
ti par 69 Aug 10 7112 Mar 24
68
Dec 844 Mar
300 McCall Coip
No par 23 June 3 36 Jan 7
33
Dec 50 Apr
McCrory Storer; class A No par 34 Jan 24 514 Feb 17
Jan
Dec
74
37
Class B
No par 3312 Aug 31 5132 Feb 16
3814 Dec 70 Jan
30
Preferred
100 76 Jan 22 931: Mar 30
Oct 97 Mar
78
McGraw-HUI Publica's No par 17 Sept 1 29 Feb 26
Dec 44 Apr
27
5.900 McIntyre Porcupine Mines...5 1972May 27 2612Mar 31
1434 Jan 204 Dec
15,600 McKeesport Tin Plate_No par 6314Sept 10 10312 Apr 3
81
Jan 8912 June
2,400 McKesson & Robbins_No POT
718June 3 17 Jan 20
1012 Nov 3738 Apr
600
Preferred
50 20 June 20 374 Feb 26
2534 Oct 4914 Apr
1,000 McLellan Stores
No par
414June 3 1012Mar 6
Dec 2014 Jan
6
300 Melville Shoe
No par 2214.1une 16 34 Mar 5
25 Nov 42 Apr
1,200 Mengel Co(The)
No par
313.11100 2
812 Feb 24
Dec
2334 Mar
5
300 Metro-Goldwyn Pic pref__27 22 May 29 27 Apr 10
Dec 2834 Mar
23
2,400 Miami Copper
5
412June 3 1058 Feb 24
7
Dec
3378 Feb
7,100 Mid-Cont Petrol
No par
54June 2 1634 Jan S
11 Dec 33 Apr
3,100 Midland Steel Prod
No par 13 Sept 9 3112 Feb 24
Feb
Nov
53
1512
1,500
8% cum 1st pref
100 6034 Sept 4 94 Feo 213
74 Nov 110 Feb
100 Minn-Honeywell Regu_No par 3214 Aug 7 6812
Feb 9
Mar
Dec
37
4
763
Minn-Moline
600
Pow Mel No par
3
14 Aug
r
712 Feb 10
314 Dec 2878 Ma
100
Preferred
No par
1734Sept 11 48 Mar 2
44 Dec 9214 May
700 Mohawk Carpet 131111a_No par 104 Jan 3 2152Y:far 10
91
4 Dec 40 Jan
600 Monsanto Chem Wks No par 1812 Apr 28 2834 Aug 28
1838 Dec 6334 Apr
79,000 Mont Ward Co Ill Corp No par 154 Jan 2 2914
Feb 25
1314 Dec 4978 Jan
100 Morrell (J) A Co
No par 38 Sept 8 58 Feb 16
4878 Oct 72 Feb
100 Mother Lode Coalltion_No par
%June 5
34 Feb 20
12 Dec
Jan
2
5,500 MotoMeter Gauge&Eq No par
34 Aug 17
412 Mar 26
112 Oct 114 Apr
300 Motor Products Corp._No par 2372June 2 4732 Apr 6
Apr
Dec
25
81
600 Motor Wheel
No par
838Sept 2 1978 Feb18
1414 Dec 34 Mar
23,300 Mullins Mfg. Co
No par
838 Jan 2 3678121m 26
814 Nov 2034 Feb
940
Preferred
No vas 36 Feb 10 7212 Mar 5
3512 Dec 6478 Jan
Munsingwear Inc
No par 1612June 15 31 1 1 Jan 26
2518 Dec 534 Feb
8,500 Murray Body
No par
614June 2 184 Mar 10
9 Nov 254 Apr
500 Myers F & E Bros
No par 32 Sept 10 4512 M ar 26
Oct 4912 Mar
34
17,000 Nash Motors Co
No par 20 June 2 404 Mar 20
21h Dec 5812 Jan
1,100 National Acme stamped._ .10
478May 8 1034 Mar 1
53
4
Dec
2614 Feb
Nat Air Transport_ _No par
812 Jan 5 13 Mar 20
6 Dec 39/
1
4 AM
3,800 Nat Belles Hess
No par
3h Jan 2 10 Feb 26
214 Dec 20 Apr
300
Preferred
100 17 Jan 3 32 Feb 27
1314
Jan
Dec
82
38,300 National Biscuit new
10 4958Sept 9 8334 Fob 24
6858 Nov 93 May
100
7% cur' pref
100 146 Jan 8 16314May 8 1424 Jan 152
Oct
7,900 Nat Cash Register A w 'No Par 1838June 2 3934 Feb
26
274 Dec 8312 Feb
48,500 Nat Dairy Prod
No par 2534June 1 5034 Mar 25
35 Dec 62 Jung
100 Nat Department Stores No par
214 Sept 3
712 Feb 26
34 Dec 244 Feb
40
Preferred
100 29 Apr 30 60 Jan 9
60 Dec 90 Jan
3,600 Nat Distil prod etfs.....No par 1934 Jan 8 364 Feb 24
1818 Dec 3912 Feb
Nat Enarn & Stamping____100 1714 Aug 6 2778 Feb 20
1714 June 334 May
700 National Lead
100 85 June 2 132 Jan 9 114 Dec18912 Feb
250
Preferred A
100 136 Jan 2 143 June 4 135 Dec 144 Sept
50
Preferred B
100 118 Jan 8 12034July 20 116
Jan 120 Nov
17,400 National Pr & Lt
No par 2014June 2 4414 Feb 24
30 Nov 5834 Apr
100 National Radiator_
No par
18May 29
12 Dec
1 18 Feb 3
44 Jan
Preferred
No par
114 Mar 3
218 Jan 7
Jan
134 Dec 11
4,700 Nat Steel Corp
No par 33 June 1 5818 Feb 27
41 Nov 62 July
1,100 National Supply
60 1818 Sept 10 7014 Feb 27
124
Apr
60
3
4
Dec
620
Preferred
100 66 Sept 9 111 Feb 27 10612 Aug 116 July
2,700 National Surety
50 2378 Sept 11 7612 M ar 26
3.5 Dec 9838 Mar
1,200 National Tea Co
No par 13 June 2 244 Mar 24
13 1)ec 4172 Feb
500 Nelaner Bros
No par
972July 22 2114 Feb 9
AN
20 Dec 14
9,900 Nevada Congo]Copper_No par
614June 1 1434 Feo 24
9 Dec 3232 Jan
19
1938 19
1912 .194 1978 19
1912 1,900 Newport Co
No par 1012June 2 2078 Mar 24
174
Del
Dec
1512
*544 55
5412 5458 55
55
55
55
900
Class A
50 41 June 5 55 Aug 7
30 Dec 85 Mal
7
7
7
7
7
7
54 614
600 Newton Steel
No par
578Sept II 24 Feb20
1134 Dec 58 Apr
*1178 14
113 Ilh .1134 14
1134 11h
200 N Y Air Brake
No
par
113
4Sept
25
214 Dec 47 Feb
9
23
Jan
.14
25
•14
25 .14
25 .14
25
New York Dock
100
8 May 28 374 Jan 29
22 Dec 48 Api
*25
*25
57
57
*25
57 .25
57
Preferred
100 32 Apr 27 80 Jan 26
7712 Dec 884 Apr
378 412
312 378 2,400 N Y Investors Inc
4
418
4
4
No pa
312Sept 11 1218 Jan 27
94 Dec 32 Apr
*1054 10578 10558 106
10518 10558 10512 1051z
420 N Y Steam pref (8)
No par 100 Jan 7 10734 Mar 12
98 Dec 10612 Sept
.116 11612 11614 11614 *116 11612 11534 116
150
lot preferred (7)__ No par 11114 Jan 3 118 Apr 20
1083
4 Dec 117 Aug
1812 1914 1858 1914 184 19
1858 19
6,900 Noranda Mines Ltd
• 1558May 27 2912May 1
--6218 6438 62
631 1 6012 63
601, 62'2 53.900 North American Co._No par 563*June 3 901,
Feb 26 W18 -Alyz
Dec 1-12-74
*5518 57
5518 554 56
56 .5518 551
300
Preferred
50 53 Jan 5 57 Mar 27
81
6t2 078
Jan 57 June
511 614
53
618 614
618 8,000 North Amer Aviation._No par
438
Jan
II
2
Apr 13
414 Dec 144 Ape
10512 10512 1054 10534 *1054 106
10538 10538
300 No Amer Edison pref _No par 102 Jan 2
1074 Aug 13
9934 Dec 10518 Oct
*10
19 •10
12
14
14
*14
18
100 North German Lloyd
14 Sept 10 3538 Apr 7
2872 Dec 554 June
.44
4612 44
*4212 461 *4212 461
44
100 Northwestern Telegraph...50 43 Jan 31 4712May 6
4112 Dec 5018 Mar
.72
1
I
1
•78
1
1
1
300 Norwalk Tire de Rubber...10
4 Jan 9
112 Mar 12
4 Dec
4 Mat
934 1014
9
932
918 94
94 95, 10,000 Ohlo 011 Co
'Jo par
7 June 2 1912 Jan 8
16 Dec 32 Aug
218
2
2
*134 21,
2
2
2
900 Oliver Farm Equip New No par
2 June 2
54 Feb 3
.714 9
9
*714 94 .8
9
100
988
Preferred A
No par
9 Sept 4 26 Jan 12
1258 -Dec 901
4 May
.
334 4
34 34 .34 378
314 34
700 Omnibus Corp
No Par
34 Sept 11
612 Mar 27
258 Oct
84 Mat
*20
225 *20
2234 *20
2234 *20
2234
Oppenhenn Coll at Co...No par 20 June 19 2812 Feb 28
22
Dec
58
Api
354 3514 351g 3514 36
36
35
80 Orpheum Circuit Inc pref_100 35 June 9 72 Mar 11
311,
60 Dec 9978 Apl
3358 35
3312 3338 3314 3312 3212 3318 1,900 Otis Elevator
No pa, 3178June 3 5812 Jan 12
4814
Nov
8038
•12714 129 •127 129 *127 129 *127 129
Preferred
100 12452 Feb19 12912 Mar 30 11818 Jan 12834 Mai
Sept
.712 812
74 712 *712 8
758 8
300 Otis Steel
No par
614June 2 1638 Feb 26
912 Dec 3878 Mai
36
36
36
37
35
140
Prior preferred
35 ..____ 35
100 30 June 2 6912 Feb 2
75 Dec 99 Api
30
30 .28
31
29
2814 2814 29
401) Owens-Illinois Glees Co____25 2512June 8 3034 Jan 20
32 Dec 604 Feb
4312 4458 4134 4334 4134 4234 42
10,100 Pacific Gait ,k Electric
43
25 38 June 3 5478131ar 10
404 Dec 744 Mai
50
49
4878 4912 48
50
4712 4812 4,600 Pacific Ltg Corp
No par 471sSept 11 6912Mar 20
46
Dee 10778 Mal
.154 18 .154 18
Pacific Mills
•154 18 .154 18
100 15 May '28 2614 Mar 23
15 Dec 30 Feb
120 12418 *1211 _ _ 124 124
12312 125
320 Pacific Telep & Teleg
100 116 Apr 29 1314 Mar 19 11412 Dec 178 Feb
57
6
64
6 2-614
618
6
8,8 28,000 Packard Motor Car-No par
514June 2 1178 Feb 24
714 Nov 2338 Mu
*30
58
*30
58
200 Pan-Amer Pelt & Trana._50 25 May 26 3518 Jan 29
*30
30
58
30
42 Nov 6414 May
.26
32
.26
Class B
•26
3012 *26
304
50 24 June 3 3612 Jan 9
30 Dec 6712 May
*5
7
2,600
Park
5
5
- TlIford Inc
.418 5
5418 5
No par
6 Sept 9 11 Mar 19
6 Dec 354 Ape
2
2
*2
218
300 Parmelee Transporta'n_No par
2
2
2
2
2 Sept 3
44 Jan 21
252 Dec 264 Maz
*112 2
*Ds 2
.14 2
.112 2
Panhandle Prod & Ref _No par
112May 19
414 Feb 13
134 Dec 1234 Mal'
22
23
2114 223
, 2112 2214 2112 2234 39.300 Paramount Publix__No par 1958June 2 5014 Feb 24
344 Dec 7714 Mar
1
1,400 Park Utah CM
1
.1
14
1
1
1
1
1
1 June 3
24 Mar 12
14 Dec
44 Apt
114
132
114
138
1,800
Pathe
114
Exchange
138
114
114
I May 26
No par
278 Feb 20
112 Dec
9 API
Class A
5
5
518
478 514 2,600
5
5
5
3 Jan 16
No par
8314July 3
278 Dec 1958 Api
74 8
*712 84 *734 912 .734 912
500 Patino Mine. & Enterpr_.20
6 June 3 154 Feb 24
818
Dec
327
8 Feb
3
3
278 3
3
318 2,500 Peerless Motor Car
3
3
238June 2
50
458 Feb 24
3 Nov 14 Feb
344 353
34
34
344 2,600 Penick & Ford
34
34
34
No par 2812June 2 4612 Fell 19
2618 Jan 55 Apr
394 4014 3834 3958 3812 3934 3812 394 8,100 Penney GI C)
No par 2818 Jan 2 4434 Aug 20
2732 Dec 8032 Jar
•100 10014 100 1004 *9978 10014 *9978 10018
300
Preferred
100 90 Jan 8 1o01413ept 2
90 Dec 1014 13411,
.134 2
14
178 .178 2
134 178 2,300 Penn-Dixie cement_ _ __No par
134 Aug 20
54 Feb 10
24 Dec 12 Mar
*10
*10
11
11
Preferred
.10
*10
11
11
100
8 Aug 25 29 Jan 30
18 Dec 5512 Mai
*3012 32 .3012 32 .3012 32
100 People's Drug Store_ _No
_No par 23 Jan 2 3512 Mar 31
304 3058
2114 Dec 604 API
.101 102
20
101 101 .1014 103 *10112 103
634% cony preferred_ -.100 9612 Feb 2 1044 Aug 19
9712 Dec 10712 May
178 183
4,600 People's t) I. & C (Chle) 100 17334Sept 11 250 Feb 16 18514
17414 181
17334 178
175 175
Dec 325 May
*1234 14
100 Pet Milk
•1234 14 .1234 14
1234 124
No par 11.112Juue 4 1712 Jan 30
17 Dec 2212 Aug
714 734
14.100
Petroleum Corp of Am_No par
74
7
6 June 3 1078 Feb 26
714
634 7
7
5
7
8
Dec
2714 Juni
1114 11h
1078 1118 1012 11
1038 1038 1,400 Phelps-Dodge Corp
26 1038 Sept 11 2538 Feb 24
1934 Dec 4438 Apr
Philadelphia Co (Pittab) _ _50 150 May 21 155 June 23 170 Oct 2484 Api
5555 1
5o
6% preferred
- - - - -505
i51
-;-8 ;5
--- - *55
- -- -;- -5052
-- iiii
50 5212 Jan 5 5612Mar 12
.5018 Jan 5772 Sept
3,900 Phila & Read C A. I__ _No par
678 718
638 63t
612 634
612 7
614June 2 1214 Mar 23
64 Dec 254 Ma)
1158 1138 1112 1112 1112 1112 1158 1152 1,000 Phillip Morris & Co. Ltd.... 10
9 Jan 6 124 Aug 20
314 Jan 1512 Mill
•11
1412 .11
Phillips Jones Corp___No par 11 Jan 5 1212July 21
1412
1412 .11
1412 .11
1014 Dec 2778 Feb
46
20 Phillips Jones pre!
45
46
46 4._ _ _ _ 48 .___ 48
100 4434July 30 52 Jan 3
52 Dec 75 Feb
712 778
7
712
No par
738 13,400 Phillips Petroleum
7
434June 2 1632 Jan 5
712
714
1112 Dec 4434 Api
.
7
Phoenix Hosiery
8
.5
8
*7
8
7 Aug 18 1014 Apr 6
5
.7
8
7 Dec 2018 Api
.10
1178 .10
800 Plerce-Arrow class A _No par 10 Sept 10 274 Feb II
12
10
10
.6
10
Dec 33 Apt
In
*12
58
58
4
58
12
12
4
600 Pierce Oil Corp
25
12May 26
112 Feb 28
213 Mal
Ii Dec
8'4 9h
591 1 11
100
*911 1412 .914 12
Preferred
612.1iine 3 2334 Feb 27
100
74 Dec 52 Mal
158 158
112 152 *1
800 Pierce Petroleum
1 June 2
No par
24
138 133
332 Feb 27
Api
718
Dec
13
8
26
2618 25
2534 2512 2534 2512 2512 5,600 Pillsbury Flour Mills_No par 25 June 2 37 Mar 9
2518 Dec 3734 Ain
n
• Bid and asked price*, so sales no tills day.
Ex-dividend and exlights. r Ex-dividend. r Ex-rights.
1743
New York Stock Record-Continued--Page /
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday
Sept. 7,
Tuesday
Sept. 8.
Wednesday
Sept. 9.
Thursday
Sept. 10.
Friday
Sept.11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On Oasis of 100-share lots.
Lowest.
5 per share $ Per Share $ per share $ Per share $ per share 5 per share Shares Indus. & Miscen.(Con.) Par 8 per share
.14
20
18
20 .16
1934 .14
20
200 Pittsburgh Coal of Pa____100 1514June 17
47
47
4918 50 .45
55
4512 4512
100 40 Aug 1
Preferred
400
eg
292 eg
912
0
8
8
8 Aug 19
8
1,200 Pittab Screw de Bolt___No par
4514 46
45
45 .45
46
*45
46
100 4014 Aug 2
60 Pitts Steel 7% cum pref
•3
414 .318 378 *3
378 .3
378
Pittsburgh United
25
3 Sept 3
.60
70
*60
68 .60
68 .60
68
100 72 Aug 18
Preferred
124 1238 *1178 12 "1178 12
*1178 1212
100 Pittston Co
No par 1238Sept 8
7
712 712 *738 8
738 *612 7
fS Apr 28
600 Poor & Co class B
No par
414 7
514 512 2,700 PortoRican-AmTob clA___100
434 512
514 514
414 Sept 8
178 278
134
178 .158 214 *138 212 1,300
Class B
134 Sept 9
No par
•161 4 25 .1611 2074 *1614 1834 1614 1614
100 peace'Tel ce Cable 7% pref 100 161 i Sept 11
93, 914
958 958
958 958
612.1(ine 2
934 934 1,900, Prairie Oil & Gas
25
1434 1514 1434 15
15
1512 1412 1434 3.300' Prairie Pipe Line
25 1412Sept 11
278 278
234 234 *2/
1
4 3
*234 3
400 Pressed Steel Car
No par
234May 29
15
15
1518 1518 .15
19 .15
19
200
100 1414 Sept 4
Preferred
6131 6214 61
614 584 6034 5514 59
13,100 Procter & Gamble
No par 5514 Sept 11
284 234
*21, 278 .2/
1
4 278
234 234
400 Producers & Refiners Corp_ _50
178June 3
.
612 10
90. Preferred
612 612 ...... 10
50
6 July 20
'
7
6
'
2 61
7338 7678 7314 7412 7318 7478 7212 7438 42,0001 Pub Ser Corp of N J___No par 72 Jan 15
"10078 101
10038 101
10014 10038 10012 100/
1
4 1,800 35 preferred
No par 95 Jan 2
11878 11878 11834 11834 11878 11878 .11834 11912
400 8e5preferred
100 10934 Jan 3
*13534 13858 *13534 13814 .13534 13814 .13534 13814
100 12814 Jan 3
7% preferred
.15634 15834 156'8 15678 15678 15678 15714 158
700 8% preferred
100 148 Jan 6
*106 106-8 106 10614 10538 106 .106 10614
600 PubBervElec&Gas DM No par /03118June 4
2778 2834 2734 28
2712 28
2718 284 6.000 Pullman Inc
No par 2718 Sept 11
14
14
14
14
14
38 2,100 Punta Alegre Sugar
.1
14
50
14 Aug 25
714 74
714 738 2,800 Pure 011 (The)
74 738 *714 738
25
512 Apr28
84
84
8578 8578 286
86
84
84
50 8% preferred
100 6638May 27
19/
1
4 21
19
20
19/
1
4 1978 1912 2034 8,600 Purity Bakeries
No par 19 Sept 9
171 4 1838 1678 1778 17
1734 1678 1778 198,300 Radio Corp of Amer__ _No par 12 Jun 2
504 50/
1
4 .5034 5218 5034 51
5058 50/
1
4
600 Preferred
50 45 June 23
41
4378 3914 42
41
4214 394 4134 6,900 Preferred fl
Vo par 23112.1une 1
1312 1414
1314 1378 1312 1418 1314 1418 33.500 Radio-Keith-Orp el A__No par 1114June 1
•1618 1712 15/
1
4 1618 15
15
15
16
15 Sept 10
700 Raybestos Nfanhattan.No par
5,4 534
54 53s
54 514
10
5 June 11
614 5/
1
4 1,200 Real Silk Hosiery
27
27
*26
29
*26
29
*26
29
100 22 July 1
10 Preferred
*1
/
4 1
"/
1
4 1
*1
/
4 1
58July 29
"/
1
4 1
No par
Rels (Robt) & Co
*10
15
*10
15
*10
15 .10
15
100
838July 6
First preferred
638 634
578 61 1
6
638
6
64 13,900 Remington-Rand
578June 2
No par
53314 50 .36
.35
46
*3314 46
46
100 46 Aug 24
First preferred
55
*45
.50
55
60 "45
*45
55
Second preferred
100 51 June 17
518 534
54 538 2514 514
518 518 6,100 Rea Motor Car
10
5 Aug 10
1011 12
1018 1078 10/
1
4 1078 1034 11
9.900 Republic Steel Corp___No par 10 June 2
25
25
25
25
25
25
2534 2534
100 25 Sept 8
600
Preferred cony 8%
.5
6
.5
6
.5
612
5
5
5 Sept 2
200 Revere Copper & Brass No par
.712 21
e7 2 22
*712 20
*712 20
No par 27 Jan 6
Class A
*1112 12
12
1212 1112 12
11
12
3,100 Reynolds Metal Co
No par 11 June 3
•6
8
"6
9
*6
812 .6
9
Reynolds Spring new No par
512 Feb 18
47
4712 4634 4712 4614 4712 4534 4634 31,100 Reynolds(R J) Tob class 13_10 4038 Jan 2
*69
73
"69
70
*69
70
*69
70
10 69 June 25
Class A
114
1 14
11 2
138 *11
/
4 112
114 114
1 June 1
900 Richfield Oil of Callf___No par
34 378
334 331 *334 34
334 4
No par
31sJune 2
800 Rio Grande011
•18
20 .18
19 .18
19 "18
19
Ritter Dental Mfg_ ___No pa, 1912 July 23
1712 18
10
18
18
18
*1712 18
10 1534June 1
600 Roast& Eneurance Co
1912 2038 1938 2018 1938 20
18/
1
4 1934 8,200 Royal Dutch Co (N Y shares) 1838Sept 11
1412 15
1412 1412 21412 1412 1412 1414 3.500 St Joseph Lead
10 1414June 6
Stock
Stock
60
6112 60
6112 69
6138 5738 5912 1,300 SafewayStores
No par 3838 Jan 15
9478 9612 .94
*9514 97
9514 97
9514
730
100 86 Jan 19
Preferred (6)
Exchange Exchange •10512 106
10512 106
10512 10512 105 105
100 98 Jan 21
200
Preferred (7)
1214 124 .1218 1234 1114 1114 .1112 1134
400 Savage Arms Corp____No par 1114Sept 10
518 512
Closed- Closed5
518
5
5
513 514 1,500 Schulte Retail Stores_ _No par
4 Jan 13
5318 5318 5318 5318 5318 5318 25118 5118
70
100 40 June 8
Preferred
Labor
1118 1212 1118 1134 1114 12
Extra
1114 1178 18,700 Seaboard Oil Coot Del_No par 1058 Jan 2
.412 6
*5
6
6
612
658 638
300 Seagrave Corp
No par
3lzMay2S
53
5012 5312 5018 5214 32,000 Sear,. Roebuck & Co No par 4478 Jan 2
5214 5312 52
Holiday
Day
*312 438 *312 418 *312 438 *312 438
1
212May27
Second Nat Investors
4614 4614 46
461 1 4614 4614 46
46
900
1 83 June 2
Preferred
3,
24
24
28
*58
78
*58
78
500 Seneca Copper
No par
125lay 26
658 718
612 634
658 7
6/
1
4 7
15.200 Serval Inc
No pa
414 Jan 2
1718 1712 17
1714
1612 17
1534 1658 6,850 Shattuck (F 0)
No par l5l4Septll
612 612
6
612
6
6
6
618
800 Sharon Steel Hoop__.No par
6 Sept 9
9
912
718 834
712 8
7/
1
4 7/
1
4 3,100 Sharp & Dohrne
No pa
7IsSept 9
.49
5012 49
49
*49
50
*49
50
200
Preferred
No par 49 Sept 9
5
514
5
518
5
514
5
518 14,300 Shell Union 011
4121'.lay 15
No par
33
34
34
36
33
33
31
32
1,900
Preferred
100 2512May 8
.234 314
278 3
.234 314
234 234
400 Shubert Theatre Corp-No 7lar
238June 22
1358 1414
1338 1338 1314 1312 13
1412 7,000 Simmons Co
No par 1018June 3
638 7
54 634 *614 714 *614 634 1,500 Simms Petroleum
10
6 June 17
9
914
078
818 911
9
912
912 25,900 Sinclair Cons 011 Corp_No par
6/
1
4 Aug 31
"97 1001 1 *97
9918 .97
98
*97
98
100 77 June 11
Preferred
518 512 *514 6
518 514
518 54
700 Skelly 011 Co
318June 3
25
28
2018 2738 20
2714 2714 27
27
900
100 10 May 28
Preferred
134 134 *112 2
•13.4 234
114 134
200 Snider Packing
112May 19
No par
44 888
688 628 *628 828 *828 88
lop
6 May 19
No par
Preferred
17
1712 1718 1712 1678 1738 34.800 Soeony-Vaeuum Corp
1714 18
25 1678Sept II
8518 81
81
8112 .80
*81
85
81
900 Solvay Am lee Trust pref _100 80 June 10
1058 1078 8,000 Bo Porto RICO Sugar-No pa
/
4 1012 11
1112 12
1038 111
714June 1
10718 1074 *105 111
•108 111
108 108
20
100 9612Mar 9
Preferred
4038
4118
4218
411
/
4 4212 41
4012 4112 6.600 Southern Calif Edison
25 38 June 3
*318 5
*318 5
*34 5
*34 5
3 Apr 18
Southern Dairies el B__No par
1914 .19
1912 1912 19
1912 1,200 Spalding Moe
20
20
No par 19 Sept 10
11212 11212 11212 11212
•11212 114 *11212 114
10(1 III Jan 13
20
lot preferred
*15
20
20 .15
*15
20
20
"15
Spang Chalfant&CoIne No par 2218 Apr 16
78 .55
78 .55
*55
•55
78
78
100 6812June 22
Preferred
678 714
7
64 7
678 738
7
8 June 2
2,900 Sparks WithIngton____No par
*1334 15
*1314 14
1334 1334 *134 15
100 Spencer Kellogg & Sone No par 10 Jan 3
712 8
8
8
.74 84 *74 8
No par
900 Spicer Mfg Co
712Sept 8
*23
23
*23
2312 23
2312 .23
2538
100
No par 23 Sept I
Preferred A
512 612
422 512
518 518
514 53, 2,300 Spiegel-May-Stern Co.No par
41sSept 9
1718 174 1712 1838 43,300 Standard Brands
21734 18
1712 18
No par 1478Juue 2
2122 122 .12012 124 *1194 124 *11934 124
No par 118 Jan 5
100
Preferred
*214 234 *212 234
212 21
*212 224
300 Stand Comm Tobacoo_No par
214July 24
5978 5614 5914 5514 5734 16,400 Standard Gas & Flee VoNo par 5518June 2
5814 6014 58
5712 5712 57
5712 57
5714 56
56
700
No par 5058 Jan 3
Preferred
.87
.87
88
.87
88
89
87
87
100
76 cum prior pet ____No Par 87 Sept 11
.10314 10514 .10314 1041 1 10314 1034 *103 10424
100
$7 cum prior pret___No par 101 July 3
•112 2
*112 2
*112 134
114
172
600 Stand Invading Corp__No par
114 Sept 11
10412 10412 10412 105 *10412 105
105 10584 1,000 Standard 011 Export pret__100 994June 3
3638 3712 3638 37
3714 39
3638 3714 23,700 Standard (311 of Calif ___No par 3118June 2
*11
113
1112
12
12
*11
1112
1112
400 Stand 011 of Kansas
25
834June 3
36/
1
4 3814 354 37/
1
4 36
3678 36
3714 61,200 Standard Oil of New Jersey25 3038June 2
• $.1.1 d11111 $sailtf$1
Standard 011 of New York.25 1378June 3
15
15
15
15
15
15
14
15
1,51111 Atarrett Co(The) L S....No par 14 Sept 11
212 212
2/
1
4 238
2
218
218 218 1,200 Sterling Securities el A _No par
2 Sept 10
*54 6
*514 6
514 514
5
5
5 June 2
No par
300 Preferred
31
30
30
30
30 *30
30
301±
700 Convertible preferred __ _ _50 2912June 3
834 934
8/
1
4 9
it May 27
834 84
811 8
7,000 Stewart-Warner Sp Corp_ _10
2514 26/
1
4 2312 25/
1
4 2314 2414 2338 243 13,700 Stone & Webster
No par 2314 Sept 10
1512 154 15
1558 1512 1512 1434 1524 4.700 Studeb'r Corp (The).__No par 1418June 2
*110 11218 *110 11218 *110 1124 110 110
100 109 Sept 4
10 Preferred
3712 3712 3718 3712 .37
38
3712 3711
No par 31 June 2
600 Sun On
*100 10012 *100 10012 *100 10012 100 100
100 94 May 18
20 ...Preferred
30
30
30
30
3112 23
30
31
32,300 Superheater Co(The)._No par 23 Sept 11
1
*78
78
78
78
*24 1
78
No par
500 Superior 011
55 July 15
.8/
1
4 924
812 914 *812 10
914
914 .
100
6 May 27
200 Superior Steel
1418 12
13
*1212 1334 13
13
13
50 1178 Jan 7
America
2,000
Co
of
Sweets
•34
1
•34
1
.
34 1
*34 1
No par
1 Feb 4
•iyolIngton
214 214 *113 212
2
2
158 158
158 Sept 9
No par
800 Class A
.1758 19
*171
/
4 1834 18
18
1712 17/
1
4
500 Telautograph Corp__ _ _No par 1634Jurie 3
4/
1
4 412
414 414
414 44 1,100 Tennessee Corp
41 4 41 1
44Sept 9
No par
2234 2414 2253 2338 2234 2338 2014 2212 44.400 Texas Corporation
25 18 June 2
3234 334 333, 334 334 334 3134 334 11,600 Texas Gulf Sulphur__ No par 2918June 3
4
312 4
4
4
4
34 312 1,600 Texas Pacific Coal &
Oil__ _10
212.1une 2
'
_
taltv. oll 11119 day
I V:a-ilivid011.1
V Ex-right,.
Highest.
PER SHARE
Rangefor Previous
Year 1930.
Lowest.
Highest.
1 Per share $ per shares Per share
2812 Jan 12
18 Dec 7812 Jan
66 Dec 110 Jan
80 Jan 27
1514 Feb 24
1312 Dee 2278 Feb
8414 Dec 103 Jan
87 Jan 15
15 Fen 27
11 Dee 1914 Oct
9112 Dec 103 Oct
100 Apr 24
1814 Dec 224 Apr
1814 Jan 5
1334 Jan 10
1018 Dec 34/
1
4 Mar
1434 Dec 3038 July
27 Feb 28
4
Oct 2714 Mar
8 Feb 27
Jan
20 Dee 103
3912 Jan 9
1114 Dec 54 Apr
20/
1
4 Feb 26
1658 Dee 6012 Feb
2612 Feb 26
1
4 Feb
314 Nov 16/
718 Feb 19
26 Dec 764 Feb
47/
1
4 Feb 19
7114 Mar 10
5258 Jan 784 June
1 Dec 1178 Mat
6 Feb 27
1112 Dec 40 Mar
16 Feb 27
961z Mar 19
65 Dec 12334 Ape
Oct
9134 June 100
10212May 16
12014 Aug 18 10434 Dee 117 Sept
Jan 13514 Oct
13934 Aug 12 121
16012 Aug 21 142 Dec 158 June
10714 Aug 14 10714 Feb 112 May
1
4 Jan
47 Dec 89/
5812 Feb 27
812 Jan
12 Oct
2 Jan 9
7/
1
4 Dec 2714 Api
1178 Jan 5
9012 Dec 11414 Api
10178 Jan 8
36 Dec 8878 Feb
5514 Mar 17
1138 Dec 6932 API
2712 Feb 25
47 Dec 67 Apr
5518 Mar 26
314 Dec 85 Apr
60 Mar 21
144 Dec 50 Apr
2412 Mar 21
1678 Dec 584 Apr
2912 Mar 25
2212 Dec 6478 Mat
3078 Feb 10
90 Feb 3
83 Dee 100 Mai
578 Feb
3s Dec
178 Jan 8
Jac
8 Nov 37
13 Apr 22
1418 Nov 4612 Am
1934 Feb 27
84 Nov 10078 Mal
88 Jan 7
95
Jan 104 Jul)
08 Jan 6
734 Dec 144 Mai
101,Feb 11
1013 Dec7812 Alp
2538 Feb 24
28 Dec 9512 Ma2
64 Feb 19
Jas
54 Dec 30
13 Jan 2
30 Jan 6
34 Dec72 Jar
10 Dec 3434 Alie
2238 Mar 10
1814 Mar 12
40 Dec 58/
5412June 24
1
4 Mal
70 June 80 Jar
7512 Feb 19
44 Dec
934 Deo
638 Jan 5
5 Dec 2534 AM
1014 Feb24
2538 Dec 5934 Fet
4114 Mar 2
26 Feb 24
1434 Dec 4834 Mal
1
4 Feb 10
3634 Dec 5612 API
42/
1914 Dec 5714 Pet
30/
1
4 Feb 20
1
4 Jaz
3814 Dec 122/
6912 Aug 19
84 Dec 9978 Fel
9818Sept 4
Oct 10978 Ma
95
10812 Aug 5
1214 Dec 3114 At)
2014 Feb 27
4 Dec 1312 Jul
1118 Mar 30
Jan 75 Jai
35
65 Mar 27
2034 April
914 Nov 37 Air
538 Dec 1414 Ma
11 Feb 27
434 Dec 100/
1
4 Jul
6314 Feb 26
214 Dec 23 Feb
612 Feb 27
36 Dec 8234 Ma
5818 Feb 27
1 Dec
312 Jai
134 Feb 11
1134 Apr 9
318 Nov 1312 AP
2912 Feb 20
2018 Nov 52 Ap
1378 Feb 18
9 Dee 3234 Fel
21 Mar 25
11 18 Dec 2734 Ma
54
Jan 6334 Ms
6112 Mar 25
514 Dee 254 AP
1014 Jan 12
55 Dec 10614 Ap
78 Feb 17
418 Nov 35 Ap
934 M er 6
11 Nov 9478 Jai
2334 Feb 26
11 Feb 26
54 Dec 37 Ma
934 Dec
154 Feb 26
3 AP
86 Dec 11214 AP
103 Mar 14
1012 Dec 42 Ap
1278 Jan 7
62 Jan 8
42 Dec 9934 Jun
8 Jai
112 Nov
434 Feb 16
8 Dec 3634 Fel
1558 Feb 18
21 Aug 20
95 Mar 19 1018 Dec 1/112 -AP
9038 Dec 31334 Jal
1712 Jan 8
11212July 22 103 Aug 121
Jai
4018 Dec /2 AD
5413 Feb 26
9 Ma
312 Jan
6 Mar 12
32 Dec 46 Ma
36 Jan 6
11512May 7 108 Jan 115 Au
1978 Jan 3734 Jun
2712 Feb 17
Jai
92
Jan 96
9212 Jan 21
8 Dec 3011 All
13/
1
4 Mar 16
884 Dec 25 All
161251er 25
1
4 Dec 3612 Fe'
1734 Feb 21
7/
25 Dee 4518 Ma
3312 Feb 20
171261er 24
44 Dec 52 1/6
1418 Nov 2914 Fe'
2012 Feb 25
124 July 1 114 Nov 12112 Sep
74 Fe'
4 Feb 10
212 Dec
5318 Dec 12914 Ap
8838 Mar 10
55 Dec 67 Ma
6478 Mar 23
101 Mar 23
9234 Dec 104 Sell
10934Mar 6
934 Dec 11414 Beill
414 Feb 13
112 Nov 1512 Ma
10534 Sept II
98 Feb 10638 Oc
5134 Feb 13
4214 Dec 75 A0
19 Jan 5
1438 Dec 49 All
5211 Feb 24
4312 Dec 847s Ap
26 Feb 10
3414 Feb 24
518 Feb 10
934 Feb 16
40 Mar 26
2174 Mar 10
544 Mar 21
26 Mar 26
11814 Apr 6
454 Feb 25
10412 Feb 2
401
/
4 Feb 9
134 Feb 17
1878 Mar 5
1578 Aug 28
212 Fen 2
612 Jan 28
214 Mar 6
912 Jan 5
3518 Jan 7
5534 Feb 24
612 Jan 9
1934 Dec 403s Ap
19 Dec 4784 Ap
2/
1
4 Dec 2012 Ma
5 Dec 1434 Ma
3018 Nov 48 Ma
1434 Dee 47 Ap
3712 Dec 11338 AD
1818 Nov 4714 Fel
116
Jan 125 Ma
39 Dec 70 Ap
9734 Dec 10013 Set)
30 Nov 4514 Jul:
34 Dec
938 Ma:
534 Dec 2938 Ma
812 Jan 1578 Ma
128 Dec
7 Ap
4 Dec 1738 Ap
15/
1
4 Jan 2614 AD
714 Dec 17
Ap
2814 Dec 6012 Mal
4014 Dec 67/
1
4 Ma
4 Dec 1412 Ma
New York Stock Record-Concluded-Page 8
1744
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Sept. 5.
Monday . Tuesday
Sept. 8.
Sept. 7.
Wednesday
Sept. 9.
Thursday
Sept.10.
Friday
Sept.11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCEIANGh..
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Highest.
Lowest.
Par $ per share $ per share 3 per share 3 per share
9 Per Share $ per shwa $ per share $ per share $ per share $ per share Shares Indus.& Miscell.(Cond.)
10 Dec 3233 Mar
1758 Feb IS
712June 1
1
934 914 8,600 Texas PAO Land Trust
914
91g
918 912
912 9S4
1212 Dec 3638 Apr
Mfg
7 Sept 9 22 Feb 27
Thatcher
par
No
700
7
*6
717 *1312 7
7
*712 812
35 Dec 48 Mar
No par 3112 Aug 28 41 Mar 5
Preferred
300
4 3213 3134 32
/
4 3212 *3153 3212 *311
/
.311
2114 Dec 32 Jan
No par 1712 Aug 19 23 Jan it
174 1712 1,000 The Fair
1711 1712 1712 1717 *1712 18
334 Dec 26o May
0 Feb 13
3126ep6 11
No par
SOO Thermold Co
313 34
334 334
334 334
4
1
334 3/
4 Apr
1
1513 Dec 46/
1 16 June 2 27 Feb 21
700 Tbird Nat Investors
19
19
22
*19
22
*20
2018 21
Dec 4712 Mar
23
2
Mar
35
2
July
(J
1514
25
Thompson
Co
22
R)
*2014
22
*2014
2212 *1814 22
*20
4 Apr
1
/
39
Nov
10
934June 1 18 Feb 24
700 Thompson Products IncNo par
1034 1034
11
11
1014 1012 1034 11
34 Dec 188 Mar
838 Mar 7
21815ept 9
4 1,600 Thompson-Starrett Co_No par
1
238 2/
214 214
218 258
278 3
8 Mar
495
Dec
4
1
/
23
19
Mar
3414
4
prof
Feb
cum
2412
par
No
33.50
300
26
26
2812 2812 284
2812 *25
*25
578 Dec 1734 Apr
9 Jan 7
4 June 2
54 64 13,200 Tidewater Assoc 011_ __No par
553 5%
4 578
1
5/
558 6
4 Mar
1
53 Dec 89/
100 38 June 2 68 Jan 8
200
Preferred
50
*45
50
*45
48
48
49
49
Apr
12 Dec 31
Tide c% ater Oil
100 104 Jan 31
18 Mar 16
13
*6
13
1712 *6
1712 *7
*6
68 Dec 9478 Apr
100 5034July 23 83 Feb 26
Preferred
64
*55
64
*55
64
*55
64
*55
Apr
2114
Oct
8
20
7
514
10
Feb
12
11
Sept
Detroit
57
Timken
3,500
Axle
4
53
Ma
94
5
553 6
04
404 Dec 8914 Apr
5.800 Timken Roller Bearing_No par 2838Sept 8 59 Fen17
284 2978 294 29% 2834 31
4 31
1
28/
613 Jan
2 Dec
158June 3
41s Aug 19
234 278 2,400 Tobacco Products Corp No par
2% 278
278 3
3
3
4 Jan 1314 July
1
7/
No par
9 Sept 9 14 Apr 10
Class A
ws 034
2.000
9
978 *938 1018 *014 10
4 Sept
1
1033 Dec 25/
5 Sept 10 18 Feb 26
2.5
572 110,500 Transamerica Corp
5
6
5
534 64
4
1
614 6/
77 Jan 3 1712Mar 6
4 Jan
1
813 Nov 28/
600 Transue & Williams SST No par
8
8
814
814 *8
4 *8
1
838 8/
4 Dec 2014 Apr
1
5/
814 Sept 11 1134 Feb 24
614 612 7,500 Tr -Continental Corp__No pa
4 672
1
6/
613 68
4
1
64 6/
894 Apr 9612 Sept
100 9012 Aug 5 9414June 15
6% preferred
800
904 0013 9012 9012
9012 9012 9012 91
2614 Oct 4134 Mal
3,500 Trim Products Corp--No par 284June 1 4553 Feb 27
3034 3114 531
*3012 31
32
31
31
912 Dec 22 Mat
Truax Traer Coal
No par
334July 22 10 Jan 20
*414 413
*414 41
*414 41
.414 41
2034 Nov 3752 Mal
10 1138 Sept 11 24 Feb 24
700 Truseou Steel
4 1138
/
111
12
12
12
12
12
12
1414 Dec 24 Sept
6 Sept 2 211
No par
4Mar 10
/
1,000 Men & Co
653 8
658 84
VS 7
012 OIz
384 5,100 Under Elliott Fisher Co No par 37 Sept 11 7534 Feb 27
49 Dec 138 Mat
37
3838 3914 3858 384 374 39
4 Dec 1914 Sept
1
8/
814June 3 14 Aug 31
700 Unlonl3ag&PaperCorpNopar
1234 13
1234 123 •1214 1234 1234 1234
Dec 106/
par
4 Mar
1
5218
24
Feb
72
Carb_No
2
&
Carbide
x4312June
Union
67,000
4734
4
1
/
47
8
453
4753
4612
4614
4638 477
2013 Dec 50 API
25 14 A or 28 2653 Feb 13
1511 1633 8,800 Union Oil California
154 1713 1513 1614 1514 16
23 Dec 3811 Apt
No par 1934Sept 11 2518 Jan 3
4 2012 1,100 Union Tank Car
1
19/
20
20
20
20
20
20
4 Dec 99 API
1
18/
20%Juue 3 387s Mar 26
4 2514 69,400 United A ircraft & Tran_No pa
1
4 2334 2553 23/
1
25/
2412 2558 24
4 Dec 7734 API
/
411
600
Preferred
50 46 Jan 2 6114 Aug 14
5514 554
*5614 5914 x5514 59
58
58
324 Dec 5834 May
No par 31 June 2 4134Mar 28
4 3334 1,300 United Biscuit
1
33/
34
33
343
33
34
34
Oct 142 May
100 1124 Sept 9 122 Mar 23 115
Preferred
30
11214 1121 *11214 115 *11214 115
*11214 115
4 Dec 84 Apt
1
14/
4 Feb 11
1
No par 13 .1mie 2 28/
137s 1378 1,000 United Carbon
1438 *1334 15
1418 14*4 14
814 Dec
74 Apr 9
813 Jline
34 358 3,300 United Cigar Storee_No par
334 334
312Sept 8
34 334
313 334
Jan 68 June
26
100 41 Sept 11 x76 Apr 10
Preferred
100
41
41
48
*41
47
*41
53
*41
13% Dec 52 Ara
No par 1618 Jan 2 3114 Mar 19
4 129.900 United Corp
1
1973 2012 1958 20/
2014 2110 1978 203
4311 Dee 534 API
,No par 4434 Jan 2 5218 Mar 28
Preferred
4 7,400
1
4914 49/
501
5018 5012 497 5018 49
214 Dec 197 yet
3 Jan 2 12 Feb 27
800 United Electric Coal___No par
5
*4
5
*4
4
4
414
4
4612 Dec 105 Jar
27
Feb
4
1
/
3,900,
67
2
4814June
par
No
Fruit
United
50
50
50
4913
494
4
1
494 50/
50'z
4 Dec 4938 May
1
/
24
17
Mar
3712
2
2538June
Ignited
par
49,500
Improve__No
Gas
2714
2612
4 2738 26% 2753
1
2714 2814 26/
97 Jan 1044 Oa
No par 9818 Jac 30 10634 Aug 26
Preferred
1,600
105 10512 10518 105*8 105 105
106 106
3
212 Dec 14 Mai
3 4,_ _
_
314 Jan 7
2 Sept 8
100
100 United Paperboard
23•
2
204 Dec 3273 API
600 United Piece Dye Wks_No par 184 Aug 13 3134 Feb 19
17
1:7
19
*1634 20 '17
1612 17
418 Jan 1473 Alm
4 Apr 9
1
9/
334Sept 11
3rs 4
41
4
*378 4/
334 334 3,400 United Stores clans A __No par
4
1
ju11e23t 52 Apr 9
1512 Jan 5034 July
35
par
_No
_
_
400
A
class
Preferred
38%
3612
40
*38
414
*36
371
37
197 Aug 39 Mal
600 Universal Leaf Tobacco No par 28 Jan 2 4112 Apr 11
4 2918 3014
1
30/
*30
31
*30
32
.30
27 Dec 78 Ma)
10 Universal Pictures 15t pfd_100 24 May 6 574 Aug 3
47
*42
47
*42
54
42 .47
42
9 API
2 Dee
4 Feb 9
114May 26
112 112 1,000 Universal Pipe & Rad...No par
113 113
112 112
112 112
1812 Jan 3814 Api
20 1611Sept 8 3718 Mar 26
1612 1714 6,900 US Plpe & Foundry
17
17
161z 1812 1658 17
4 Jan 21 May
1
15/
No par 1634 Sept 11 2014 Mar 26
1st preferred
5.400
17
17
17
17
174 1634 17
17
7 Dec 20/
67*June 2 10 Mar 20
4 Jar
1
No par
U S Distrib Corp
9
*7
9
*7
9
*7
9
*7
458 AP
34 Dec
134 Jan 7
13 Aug 12
100
4.28 1
*12 114
•12 114
100 U 8 Express
fog
68
API
103
Dee
1613
24
Mar
301g
27
4May
3
10
par
No
Freight
US
200
1714
1714
4
*1714
8
173
173
4
1
/
17
*1733 18
61 Dec 3278 Ma,
6 June 1
1213 Feb 24
100 US & Foreign Secur___No par
*514 534
534 *514 6
Stock
Stock
64 614 *3
73 Dec101 Mal
No par 7194 Sept 1 90 Feb 17
Preferred
4
1
4 •7312 78/
1
*7312 7634 *7313 7834 *734 76/
20 82%Sept 11 50 Mar 27 -----------------•
4 3278 2,900 US Gypsum
1
4 32/
1
3334 34
Exchange Exchange
3314 331/ 3273 33/
5 Dec 304 v's,
57v Jan 2 1238 Apr 1
U S Hoff Mach Corp__No par
*012 10
*tut 10
*012 10
*912 10
5013 Dec 13938 Jar
4 Feb 25
1
2438June 19 77/
par
Alcohol_No
4
3
Industrial
S
U
5.900
32
307
3112
304
4
/
311
ClosedClosed3013 3114 3014
19
Mar
4
103
2
Jan
314 Dec 1512 AP
4
1
/
3
par
No
1.400
US
413
Leather
4 *4
1
4 4/
1
4/
4
1
4/
4
*434 512
514 Dee 26 AP
7 Jan 2 I578 Mar 19
No par
Class A
700
74
7
4
1
738 7/
7% 712
Labor
*712 8
Extra
6414 Dee 94 Jun
900, Prior preferred________100 8912 Jan 7 8613July 25
8517 8512 58214 8314 8114 814
86
86
Dec 7512 Ma
25
1212Sept
26
11
par
Feb
3614
No
Day
1313 13/
14
14
4 1312 1334 1212 131/ 5,0001 U S Realty & Impt
1
Iloilday
Oct 35 AD
11
No par 104June 2 2033 Mar 20
1112 7,900 U 8 Rubber
1114 11
4 11
1
1218 1258 114 12/
1912 Dec 637 AP
100 17 Jr ne 2 3618 Mar 21
1st preferred
4 2018 1914 2014 2,300
1
18/
2011. 2114 1753 19
3513 Jai
July
174
10
331ar
253
11
Sept
13
Min....60
&
Ref
Smelting
S
U
1.700
*134 1334 13
1311
1412 1334 14
14
40 Dec 534 Jai
60 37 Sept 10 47 Apr I
300
39
Preferred
4 *36
1
37/
37
*3712 39
*3712 39
4 Dec 19834 AP
1
4 Feb 26 134/
1
100 79345ept 9 152/
4 8314 289,200 U 8 Steel Corp
1
80/
4 821s 7934 814 804 82
1
80/
100 129 Sept 9 150 Mar 20 140 Jan 15114 Ser.
Preferred
16.600
12914 131
129 132
129 133
13312 135
594 Dec 68 Fel
No par 6013 Jan 6 7178 Mar 11
200 U S Tobacco
68
68 *67
*87
68
664 661 *66
1914 Dec 4534 AP
par 1912 Apr 27 31 Feb 28
A___No
Lt
&
Pow
2184
Utilities
18.700
21
2113
213
2112
4
/
211
2138 2218
718 Ma
h Oct
29
58May
par
Feb
2
84
26
No
38
138
*32
4,200 Vadseo Sales
3
*511
53
53
124 Dec 6974 AP
'00 14 May 19 28 Feb 16
100
23
23
Preferred
23
*17
23
*17
23
*17
AP
1434
7634
11
Nov
4433
25
par
31ar
Sept
4
213
No
Corp
Vanadium
65,400
4
213
25'4
25'o 2438 251a
4 2812 24
1
23/
873 AP
314 Feb 20
4 Dec
/
11
1 June 3
800 Virginia-Caro Chem___No par
14 11
114 11
11
•114
4 AP
/
9 Dec 341
718June 4 17 Feb 19
100
•78, 0
.788 0
*718 9
4
1
753 7/
9% preferred
100
6712 Dec 8233 Al)
100 57 Sept 4 7134 Jan 7
7% preferred
*5614 58
*5614 58
*5614 58
*5614 59
100 Virginia El h Pow pf(6)No par 9814 Jan 2 109 May 12 100 Dec 10713 Oc
10614 1081 *10614 1063 *10614 10684
4 107
1
*106/
1
384 Dee 156 Ma
3812Jutm
24
Feb
8
713
100
DetinnIng
Vulcan
590
8
453
43
4
1
/
45
46
46*4514
45o
46
4 Al)
/
21% Dec 311
No par 21 Apr 29 2778 Feb 17
2,500 Waldorf System
2314 24
2338 2312 2314 24
2314 241
104 Dec 4238 Al)
4538ept 4 15 Feb 18
No par
*412 47
100 Waiworth Co
453 453 *412 47
*453 47g
Ma
54
Dec
1218
12
Mar
2712
29
Apr
614
par
_No
A
041.98
Bakeries
Ward
100
17
*1418
141
1418
*1418 17
*1418 17
4 Al)
1
3 Dec 15/
858 Jan 30
3 June 1
No par
Class B
4 3,100
1
3/
3
312 3'2
34 31
4 334
1
3/
7718
Dee
Al)
46
30
Jan
5712
29
Apr
24
100
41
41
100
Preferred
44
*41
44
*41
44
*41
984 Dec 8014 Ms
434May 19 2038 Feb 17
93,500 Warner Bros Pictures_ _No par
10
9
4
1
9/
9
834 914
4 9
1
8/
31 Dec 7014 Ma
No par 1034May 22 4012 Jan 9
25
Preferred
25
300
23
24'z 23
*22
23
23
414 DeC 27 At
153.1une 2
4 Feb 4
1
7/
No par
700 Warner Quinlan
212 232
4
1
4 258 *212 2/
1
2/
4 253
1
2/
4 f eb 27
1
4 Dee 8312 At
1
26/
No par 10ItSept 11 46/
1258 114 1258 1012 1158 12,100 Warren Broe new
1212 1434 12
27111
4011 Nov56 Ser
Convertible pref-__No par 26 Sept 11 49% Feb 27
300
28
2612 28
27
284 28'a 27
32
10
Sept
Feb
Dec 434 Ma
4
20
par
Plpe____No
2212
183
&
Fdy
19*4
3,300
Warren
19'g
4
183
4
183
1914 20
201
20
2 June' 8 Feb 24
24 Dec912 Ma
No par
31g
400 Webster Eisenlohr
3
3
*2
2
2
3
*2
1953 Dec 297 I.
4 Aug 10 2614 Mar 20
1
'"
16's 1,000 Wesson Oil dg Snowdrift No par 16/
161 *16
*16
164 17
1714 171
No par 51 June 2 5718 Feb 11
5012 Jan 5911 Al
Preferred
53
900
5118 *51
51
511
5111 51'z 51
4 Fe
1
13,900 Western Union Telegraph_100 9618June 2 15034 Feb 24 12218 Dec219/
101 1081 10418 10712 10412 10612 10418 108
3618 Feb 21
314 Dec 52 Fe
2112 2113 2111 1,500 Westingb'se Air Brake_No par 20 Thine 1
21
207o 21
211
21
8818 Dec20113 Al
5714 5214 504 282,600 Westinghouse El & Mfg__50 5214 Sept 11 10734 Feb 26
4 53
1
4 56/
1
5433 5718 54/
50 8718 A pr 11i 1194 Feb 27 10753 Nov19734 At
1st preferred
650
94
*90
9014
9018
933
88
95
934
1712 Dee 4873 ME
400 Weston Elec Instruml_No par 12 Sept 11 28 Feb 21
1211
4 124 12
1
*1214 1212 *1214 121 *12/
Ja
33 June 36
Clam A
No par 3230une 11 3514 Jan it
____
31
*30
31
*30
31
3134 .30
.30
/I
Dec 110 At
par
_No
A
class
Hier
95
95
Penn
22
West
Apr
10514
26
Aug
10
100
*77
98
,
*7
100
95 *7-77
95
801
Nov11213
Preferred
1110
102
10212July
27
Mar
112
1
80
106
10678 108 *106 10673 100
1067o 107
9014 Dec104 Jul
Preferred (6)
100 92 June 3 103 Mar 19
60
96
96
*95
97
98
97
97
40 West Penn Power pref_. 100 114 Jan 5 120 Feb 17 11312 Jan 1184 Jul
4
1
11653 116/
11658 117 *11653 118 *11612 118
Dec 11112 Set
preferred
1034
6%
100 10312 Jan 2 1134July 10
20
4 *111 11234
1
11114 11114 *111 112/
113 113
20 Oet 50 Mi
4 264 2512 2553 1,000 West Dairy Prod cl A -No par 171zJune 2 441s Feb 20
1
*2553 2812 *25/
26
26
2418 Al
Nov
11
412
C1112,1
25
par
Mar
No
1.000
1278
2
7
Jan
7
4
/
41
718
7'i
7
7
4
1
714 7/
18 Dec 594 Fe
5,600 westvaco Chlorine ProdNo par 16 Sept 2 40 Mar 16
4 1714 1634 17
1
4 174 1612 1714 16/
1
16/
-- r
2014July
--15128ep1
par
100
-No
Corp
11
1512
Steel
.
7
Wheeling
1512
17
*1512
*1512 17
*1512 17
Eft -Dec -4-3 Al
No par 12'o Sept 11 264 Jan 12
1314 12% 1278 2,200 P. hitt Motor_
4 1314 1312 13
1
1312 13/
a MI
547
Dec
32
6001 White Rock Min Spring ctf_ 50 32'8 Sept 9 47/
4 Mar 20
1
3314 3312 *3311 36
324 3211 3213 33
24 Dee 1373 MI
5 Apr 6
134 Aug 31
500 White Sewing NIachine_No Par
2
2
2
2
218
218 218 *2
1k Al
39
Dec
4
13
par
Ain
No
4
3
10
11
412Sept
Preferred
412
44
•41z 5
1001
.1,411 5
*412 5
Al
512 Dee 21
932 Mar 20
No par
312June 3
414 434 1,300 'Aliens on & Gas
433 412
44 412
412 458
4 is
1
194 Dec 34/
100 Wilcox-Rh el A cony el ANo par 20 Jan 29 30 Mar 19
27
*26
27
27
27
*26
27
*26
Al
11
Oct
354
19
Mar
8
5
333 312 3,300 IA 'Ilya-Overland (The)
338 Sept 9
34 312
34 322
33* 312
4512 Nov 85 Al
100 4414 Jan 30 5014May 9
____
51
Preferred
*42
51
*42
51
*42
51
*42
MI
4
1
/
7
Dee
1%
10
Fen
4
1
1une
4
/
t1
Wilson
par
No
300
i'z
Inc
&
CO
11
158 138
112 112 *112 158
4 NOV 13 MI
1
4/
No par
41
4 Fen 17
1
4.1une I
/
700
10/
Cl'igq A
414 414
412 434
4
1
434 4/
*434 5
35 Dec 544 MI
100 21 May 25 5134 Jan 12
Preferred
3012 301
3134 3012 3034 3012 301
*31
Dec 72% Jr
514
18
Aug
4
1
4 Jan 2 72/
/
10 5411
8418 6658 63/
4 663s 6318 6518 628 6412 57,400 Wool wort h (3' W)Co
1
47 Dec 169 Al
100 3718June I 10578 Feb 24
3814 4053 21,700, WorthIngton P & M
40
39
3853 4153 3812 401
Jan 107 Al
88
7
Mar
95
26
Aug
60
100
---A
Preferred
6013
*5414 601 *524
61
*40
*5414 61
63 Dec 93 M
4 Mar 9
1
Preferred ii
---55
100 5014 Aug 36 83/
55 I *30
*47
*30
*35
55
55
Dee 502 M
104
25
Feb
27
-_
3
June
9
Wright
par
Aeronautleal___No
*12
21
*1212
*12
20
I
*1211 20
65 DeC 80 Jo
3,800 Wrigley(Wm)Jr(Del)_No par 6634 Jan 2 8038 Mar 4
71
7014 701 *7014 71 I 7014 21704 71
25 Dec77 M
20
500 Tile & Towne
25 20 Sept 9 30 Jan 23
20
20
20
*2018 231
20*0 X20
4 A
1
84 Nov 32/
20
Mar
2
.1m.•
151s
18,200
613
yenow
4
1
/
5
6
8.10
el
&
Truck
Coach
612
6
634
6
658 7
Dee 105 A
60
IA
Mar
76
3818
30
Preferred
100 38 Sept 11
4018 38
4018 *38
4018 .38
*38
19 Oct 47 M
141,5T s v 23 29 Feb 24
4 1514 1514 1513 1514 1.200 Young Spring & Why_ _No par
1
154 15/
151
15
5
534.7A
12
ec 15
)e
D
94 I
62
5,4 Feb 28
78
32
vs 1
35 I 32
2,700 Youngstown Sheet & T _No par 32 Sept
*32
324 33
381
32
17
1.100 Zenith Radin (*ran ...No Pa
1%
1%
2
2
2
2
2
2
--- ---- -__- -24
June
14
9
1014
11
Sept
10
4,700
I
1
I
Zonite
Products
Corp
1012 1018 11
10
104 11
• BM and esked prices; no ARAM oh this day. g Es-dividend u Ex-right.
1745
New York Stock Exchange—Bond Record Friday Weekly and Yearly
OP /WI
I
defaulted bona*
1900 13e Prchange method of quoting honds was changed awl 1,4c.” Ire now "and interest'—erceyt for income and
BONDS.
N. Y. STOcK EXCHANGE.
Week Ended Sept. 11.
a.
Price
Friday
Sept. 11.
High No.
Ask Low
Bid
U. S. Government.
First Liberty loan51
D 10270 Sale 102533 102531
394% of 1932-47
101153:July'31 ---.1 I)
Cony 4% of 1932-47
JD 16211-44 Sale- 10255311023332 45
Cony 494% of 1932-47
_--- 102 July'31
J
26 cony 4 5•1 % of 1932-47
Fourth Liberty LoanAO 1044343 Sale 104351210453a 445
43.1% of 1933-38
- 100 Sept'30 --J J
Conversion 3s coupon
1047-1952 AO W..,Sale ,111 11341121044 475
Treasury 494a
1944-1954 JO 10781n Sale 107,53, 105133 270
Treasury 4s
105553s Sale 105,5111051332 226
1946-1956 M
3 s
Treasury 34
I) 1013in Sale 1011541102ns, 216
1943-1047
Treasury 3148
.3, Sale 1011343102.n 914
Treasury 334s June 15 1940-1943 JD 1013
1021333 556
S 101744 Sale 101
1941-1943
Treasury 334s
Treasury 334s_June 15 1946-1919 J 1) 1003533 Sale 100u4s 101 03s 1372
9855 Sept'30,---1961 Q lot
Panama Canal 3s
State and City Securities.
NY C 3% Corp stk._Nov 1951 MN
1955 lot N
334s
1936 M N
4s registered
1955 SI N
48 registered
N
1957
4% corporate stock
11)57 MN
494% corporate stock
_1957 MN
494% corporate stock
1955 MN
4% corporate stock
1959 MN
4% corporate stock
1960 MS
494% corporate stock
494% corporate stock .... 1963 MS
D
1985
434% corporate stock
New York State canal Imp 48 1961 J J
S
NI
1963
414g
------____
10012
----
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
Low
1003'11102250
101550102"n
102333 Must
102 102
102119110550
1053.331091 st
1041/1107"at
1005501031.4i
100110103,5n
101 103130
1001501011 0
92 Nov'30 -9234 Apr'31
10012 Apr'31
---- 9912 July'31 --__
---- 102
May'31
--_- 107
Apr'31
109 Nlay'31
10012 Apr'31
10012 Apr'31
10034 NIar'31,10614 Dec'30 -11055 10512 Dec'30 .--- 101
June'30
112
Jan'31
Foreign Govt. & Municipals.
40
45
1947 FA 43 Sale 3818
Uric Mtge Bank 5168
42
4
Sinking fund 68 A_ _Apr 15 1948 A 0 39 Sale 37
1963 MN 8814 Sale 8814
90,
8 15
Akershus (Dept) ext 55_
33
17
Antioquia (Dept) col 78 A 1945 J J 3034 Sale 3018
3358 16
1945 J J 31 Sale 31
External a f 78 ser It
17
3018 35
1945 J
3018
33
External a f 78 tier C
20
33
3034 Sale 29
1945 J J
External a 1 7s aer D
30
4
Externals f 7s 181 iser......_1957 AO 27 Sale 27
30 Sept'31
External sec f 78 26 ser.1957 AO 2612 30
7
30
External sec s f 79 3d ser.I957 AO 25 Sale 25
26
Antwerp (City) external 58_1958 JO 100 Sale 9912 100
62 63
6438 25
Argentine Govt Pub Wks 6s-1960 AO 58
Argentine Nation (Govt 00—
6412 52
Sink funds 68 of June 1925.1959 JD 60 Sale 59
6438 45
Esti g I eel of Oct 1925 1959 AD 60 Sale 59
6412 27
1957 NI S 61 Sale 60
Esti a f 6s series A
6438 67
6078 Sale 59
External 68 series B. _Dec 1958 J
6438 34
Esti a f 68 ef May 1926_1960 MN 60 Sale 59
6438 65
External at 68 (State Ity)_1960 NI S 6012 Sale 59
53
65
58
60
6155
Est! 6s Sanitary Works__ _1961 FA
30
64
Esti 130 pub wks(May'27)_1961 MN 60 Sale 5812
55
59
Public Works esti 534s_ 1962 FA 53 Sale 53
_
_
_
6612
6
6938
1945 NI 5
6934
Argentine Treasury bs E.
104
62
57 Sale 57
Australia 30-yr .59_ _July 15 1955 J J
49
62
57 Sale 57
External 58 of 1927 . Sept 1957 M
5434 58
52 Sale 52
F.xternal g 4 345 of 1928._1956 MN
106
41
106 Sale 10518
1943 .1
Austrian (Govt) of 78
1957 J J
7434 34
74 Sale 74
Internal a 1 78
Bavaria (Free State) 03413._.1945 FA
1919 MS
Belgium 25-yr ext!6345
J
1955
External a f 63;
External 30-year s f To...l955 .1 D
1956 MN
Stabilization loan 713
Bergen (Norway)—
Esti sink funds 55 —Oct 15 1949 AO
1960 SI S
External sink fund 59_
Berlin (Germany) e t 6 tis _1950 A (
External a 1 6g...June 15 1958 JD
ID-IS AO
Bogota ((Id)'l esti at
Bolivia (Republic of) extt Se _1947 MN
External secured 7e (fiat)_1958 J
1900 MS
External s I 7s (fiat)
Bordeaux (City of) 15-yr 68.1934 SIN
Brazil (U S of) external 88..1941 '13
External a f 634s of 1938..1957 AO
1957 AO
Esti a f 6348 01 1927
1952 J
75 (Central I(y)
73.45(coffee secur) (flat)1952 AO
19:35 NI S
Bremen (State of) esti 7s
1957 M S
Brisbane (City) a 1 55
Sinking fund gold 58_1958 FA
1950 JD
20- year 1 85
Budapest (City) esti a f 65_ _1962 JD
Buenos Aires(City)6302 13 1955 J J
External 131 as ear C-2.... _1960 A 0
External 8165 ser C-3_ __.1960 AO
Buenos Aires (Prey) exti 65_1061
S
1961 FA
Esti s f 6 As
Bulgaria (Kingdom) a f 78_ _1967 J
Stabil'n g f 734e_Nov 15 '68 lot N
-5']3-4 Via;
10012 100,2
99i2 0012
102 102
10012 10758
10712 109
10012 10012
100 10012
10014 10034
55
19
107
47
10258 71
4 17
111,
10712 107
%We 8712
4 11
105,
100 105
1075, 11(1),
10514 111
9312
96
45 Sale 45
38 Sale 38
42 Sale 42
17 Sale 1512
12 Sale 12
12 Sale 12
10514 106 10514
45 Sale 45
36 Sale 3512
3618 Sale 36
27 Sale 27
9834 100 100
65 Sale 65
41
46,2 40
3912 4078 39
4578 Sale 4518
4012 Sale 3934
54 Sale 54
67
---- 6112 62
36 Sale 36
35 Sale 35
52
53 Sale 53
95
21
1
96
4912 11
4134
8
4612 21
1812 41
1412 19
1258 33
10558 10
4612 42
38
107
38
88
32
10
Aug'31
72
77
41
5
41
3
46
6
5012 47
5719 14
Aug'31 --__
Sept'31
4018 77
12
38
Sept'31
60
10
9312 100
9432 100
91
4'i
38 *84
92
40
15
65
38
12
1 112 3834
10354 10614
92
45
7012
33
70
32
764
27
99 ell()
997,
02
3912 721t
69
39
4434 83
3934 78
52
95
67
9612
93)4
151
3478 831,
851,,
35
5912 77
85
53
Sale
Sale
Sale
Sale
Sale
9414 Sale
//45
Cundinamarca (Dept) Colombia
1959 M N
External of 6345
Czechoslovakia (Rep of) 88..1951 A 0
1952 A 0
B
ser
Sinking fund 86
1942 J J
Denmark 20-year extl 6s
1955 F A
External gold 594s
External g 4 Y48_ _Apr 15 1062 A 0
Deutsche lik Am Part etf 69_1932 MS
Dominican Rep Cust Ad 53.4a '42 M S
1940 AO
1st ser 534s of 1920
1940 A 0
26 series sink fund 534s
Dresden (City) external 724_ _1945 SI N
1917 .1 J
Dutch East Indies anti 6s
1962 M 8
40-year external es
1953 M S
30-year ext 54421 Mar
30-year ext 5;4s NoV_ - _1953 SIN
J ./
88_1948
El Salvador (Republic)
Estonia (Republic of) 7s_ _ _1967 ./ J
Finland (Republic) esti 68_ 1945 M S
External sinking fund 78 1950 MS
External sink fund 6346_1956 M S
External sink fund 594s.1958 F A
Finnish NIun Loan 6348 A 1954 A 0
External 6948 series 13_ _ _ _19.54 A 0
Frankfort(City of) e 6 945_ _1953 M N
French Republic exti 7 Ms_ _1911 J D
1949 J D
External 75 01 1924
3614
9312
10312
100%
101
31,2
Week's
Range or
Last Sale.
Ask Low
-7 •
,Eg3.
Range
• Since
Jan. 1.
Nigh No, Low
IfIt'll
3512 6912
3812 19
Sale 35,2
6 106 111
Sale 10712 108,8
7 107 11034
Sale 10712 108
10458 146 10014 10714
Sale 10034
9614 102
86
Sale 9612 100
91 100,8
Sale 91
9512 153
81 10012
35
83
Sale 81
69
96
7834 10
Sale 69
72
91
4
72
75
10
7112 94
75
7112
64
22
96
68
64 Sale 64
10114 Sale 10118 10114 .54 10078 102%
38 101 10258
102
10138 Sale 10138
1 10034 10313
102,4
10214 Sale 10214
10034 102%
102
__-- 10158 Sept'31
65 107
10
73
65 Sale 65
35% 72
30
4418
3912
4418 Sale
7212 97
29
75
7212
65
72
8112 19
79-8 99
81
82
80
7212 96
8
75
7212 Sale 7212
6518 8834
19
69
6612 Sale 6612
94
61
7014 10
7014 Sale 68
9312
3 65
6558
6558 Sale 65
45
87
13
51
4512 Sale 4512
12514 35 124 127
125 Sale 125
11814 155 117 12178
118 Sale 118
3512
10818
10712
10034
97
9114
82
69
German Government International 35-yr 594s of 1930_ _1965 3D
German Republic exti 7a ...1949 AO
Aka
HZ" Ili German Prov &Communal
(CoosAgric Loan)6945.- 1951( J O
1954 MN
Graz (Municipality) 8
3818 75
Gt Brit & Ire(U If of) 534s...1937 FA
FA
37
Registered
7312
8814 97
e4% fund loan Lopt 1960_1990 MN
3D
1929_1947
opt
Loan
30s 60
e5% War
30 c0912 Greater Prague (City) 7945_1952 MN
30
68
Greek Governtnent a f ser 78_1964 SIN
1968 FA
29
Sinking fund sec 68
68
1952 A0
8 Haiti (Republie)(31 (5s
27
66,
1946 AO
67
28
Hamburg (State) 68
kleidelberg(Germany)ext1 794,'.50 J J
25
65
tlelsingfors(City) ext 6 As_ _1960 AO
96,4 104
8 9838 Hungarian Mun1c Loan 7 SO 1945 J J
59,
External a 1 73— _Sept 1 1946 J J
, Hungarian Land 141 Inst 7945 '61 MN
58
1961 MN
69
98112
98
Sinking fund 74455er B
9817 Hungary(Kind of) 8 f 730_1944 FA
60
1960 lot N
59
9514 Irish Free State esti at 5s
9848 Italy (Kingdom of) esti 78. A951 J O
59
59
9834 Italian Cred consortium 78 A '37 M S
9311,
60
External sec n178 ser B .A947 MS
5812 953
; Italian Public Utility esti 713_1952 32
92
52
Japanese Gov 30-yr 5 f 6348.1054 FA
88
611
Esti sinking fund 5348_ _ _1965 MN
5212 76
Jugosiavta (State Mtge Bank)—
1957 AO
75
52
Secured g I g 78
45
693, Leipzig (Germany)af7a._ 1947 FA
103 (10512 Lower Austria (Prov) 73.4s_.1050 J D
61
9712 Lyons (City of) 15-year 65_ _1934 MN
5318
1065s
10178
11112
10614
5418
10658
10178
11112
10678
45'46
c41
Cables Dept of(Colombia)73,
.25
.1 3614 Sale 3614
Canada (Domino!) 30-yr 48_1960 AO 94 Sale 9312
9534 /45
1952 MN 10634 Sale 106
55
10634 66
1936 FA 10114 Sale 10114
12
10214
434s
1954 J J 101 106 101 Aug'31
Carlsbad (City) a 1 88
12
33
Cauca Val (Dept) Colom 734s46 AO 3112 Sale 3112
Central Agri(' hank (Germany)—
Farm Loan a I 7s_Sept 15 1950 MS 65 Sale 6014
6734 52
55
71
Farm Loan at 6s_July 15 190( j j 55 Sale 5312
5514 170
Farm Loan a I 68.0et 15 1960 AO 55 Sale 5312
6178 57
Farm Loan Ca ser A Apr 15 1938 A () 60 Sale 58
8
30
Chile (Rep)—Ext a I 7a._. _1912 MN 30 Sale 24
23
External sinking fund (53_1960 AO 2112 Sale 2012
.54
1961 FA
21 Sale 21
25
External s 165
36
1961 .1 .1 2312 Sale 2312
2418
14
Ry ref exti f 6s
1961 M
23
2834 2012
23
24
Esti sinking fund (la
1962 MS 23 Sale 23
9
24
Ertl sinking fund (is
1961 M N 2012 22
20
23
31
EMI sinking fund (113
2312 37
Chile Mtge 13k 6145 June 30 1957 .11) 2418 Sale 2078
3438 31
S f 644s of 1926_,Itine 30 19(31 .1 D 3438 Sale 32
Apr 30 1961 4 0 21 Sale 2014
22
31
Guar s f
1962 MN
2014 Sale 20
22
36
Guara 168
1960 NI
17 Sale 17
2012 13
Chilean Cons Mimic 75
55_ _1951 .1 I) 16
20
20 Sept'31'--..
Chinese (Iluktiang
9934 31
Christiania (Oslo) 30-yr e fis '54 St S 0934 Sale 9934
5512 66
Cologne(City)GermanY CSig 1950 MS 5478 Sale 5314
,1 3714 Salo 3714
39
41
Colombia (Republic) 65 ..1961
38
39
External s 1 (Is of 192S..1961 AO 37 Sale 37
40
37
3718
9
Colombia Mtge Bank 63.4,01 1947 AO 30
38
15
Sinking hind 78 of 1926_.1946 NI N 38 Sale 37
42
10
Slnking fund 78 of 1927-1917 FA 4112 Sale 3718
1952 JD 9478 Sale 9312
9612 61
Copenhagen (City) ba
1953 MN
93
9112 Sale 91
45
25-yr g 440
3418
3
Cordoba (City) exti a 1 78-.1957 FA 30 Sale 33
53
5914 59
6018 10
External a f 7s._ _Nov 15 1937 lot N
50 Sept'31
Cordoba (Prov) Argentina 78 '42 J J 4914 55
5712 Sale 56
57
49
Costa Kies (Rcpub) esti 78.1951 NI N
8878 32
Cuba (Republic) 58 0111(04.1944 MS 8712 Sale 87
9678 12
87 Sale 87
External be of 1914 ser A.1910 FA
A
4
72 Sale 72
72
External loan 434aser C..1949
9258 28
Sinking fund 534e Jan 15 1953 J J 9138 Sale 88
5112 88,
Public svka Sis June 30 1945 in 4812 Sale 48
c Cast, sole, eon the basis of 55 to 1. sterling. a Option este.
II toh
Price
Friday
Sept. 11.
BONDS
N. Y. STOLE EXCHANGE
Week Ended Sept. 11.
51
75
Sale
Sale
4812
72,4
393
56
8314 313
4812 84
7214 10512
17
19
559
83
41
7712 10113
8 10834
104,
104% 107
e85l2 9434
e9558 10114
102-4 106
94 g10358
7912 8511
70 , 97
92
55
60
9812
71
9114
35
11412
35
8774
5712 95
9413
58
6858 102
101 11174
9274C101
9231, 100
98
85
97
78
10234 10758
9134 OS%
55
41 Sale 41
8314
82 Sale 82
10534
10478 Sale 10434
_
10478 Aug'31
8614
e8578 87 86
.97
8 Sale 955,
05,
103 Sale 10258 103
9712
9712 Sale 94
8238
8014 Sale 7934
72
71 Sale 70
48
5612 5718 Sept'31
6018
60
76
72 Sale 71
50
3514 Sale 35
4434
35 Sale 35
58
64 Sale 5712
6814
6614 Sale 6614
78
69 Sale 69
8 10278
10278 Sale 101,
9934 Sale 9912 100
99
99 Sale 9814
93
93 Sale 9012
9118
9018 Sale 90
10538 Sale 10518 1055,
97
9612 Sale 9614
61
63
72
8
105,
Sale 60
Sale 61,
4
Sale 72
105 105,4
63
70
72
8
105,
6
10
10
91
41
22
_
4
19
22
11
13
18
26
15
133
11
27
31
184
100
46
31
2
9
58
6134
72
10334
8512
95
10014
106%
10514 10558 20
Marseilles(City of) 15-yr 66_1034 lot N 10558
3218
3212 31
Medellin (Colombia)6 y2s___1954 J O 32
5 Aug'31
Mexican Wig Asstng 4 Sis_ _1943 10IN
(
'45
13
Apr'30
26
1809£
of
---5S
Mexico (US) exti
1945
812 July'3I
12
5
Assenting 5s of 1899
Feb'3I
_ 11
Assenting 58 large
418 Sept'31
412 7
Assenting 4s of 1904
4
.5,
--Assenting 48 of 1910
lyt;39.
eP
Ju
5 8
212 418 7
Assenting 4s of 1910 large.....
514 Sept'31
Assenting 4s ot 1911/small
512 Sept'31
Trees 68 of'13 assent(large)'33 32
512 Aug'31
Small
110
1952 AU
c83
3115
az
gtil-e- 8058
xitlIr6
Illan
M
0eir5
,
.Italy)'e)
tyes
Aim‘
(C
10334 10713
75
30
834
5
S
1958
External f 5148
1959 hi
Exti see 6348 series A
1)
1952
79
Montevideo (City of)
1959 SIN
External f Osseries A
Netherlands (Is (flat prices)_ .1972 MS
New So Wales (State) esti 5s 1957 FA
Apr 1955 AO
External f 58
1943 FA
Norway 20-year esti 135
1944 FA
20-year external 65
152 AO
xternal6o11
e
s
r
a
1cc
11-3,
40
3
13
1965
Mar 15
x 1963•S
E ternal a 1 55
Municipal Bank male 58.1967 .1
Si unicipal Bank esti s t 68_1970 .1
Nuremburg (City) esti 6a___1952 FA
19.33 MS
'Oriental Devel guar 6s
NI N
Esti deb 5 Sis
S MN
55
95
10
Oslo(City)30-year at Cs_
FA
1946
Sinking fund 5 211
2318 65
2312 65
40
92
8434
40
1(123881 0614
3934 6913
6011
40
100 C10812
Inn 10714
9934 103
99 10374
95 102
97 102%
9914 103
45'8 8312
95 10114
8818 9634
9934 10414
9912 10214
76
97
Panama (Rep) esti 5446._ _ _1953 • 13
10814
Esti f 58 ear A __May 15 1953 MN
10:0, Pernambuco (State of) extl 7e '47 MS
1091, Peru (Rep of) external 7s. _A959 NI
771,,
Not Loan esti a £65 hat ser 1960 JO
Nut Loan esti at 65 2d ser_1061 A0
1940 AO
57
95
Poland (Rep of) gold 68
46
84
Stabilization loan sf78.,1947 A0
83%
415
External sink fund g Ss__.1950 .1 .1
1961 JO
5313 8933 Porto Alegre(City of) As
2312 100
Esti guar sink fund 7 WI- _1966 .82
'51 M 5
esti
State)
2012 86
834*
Prussia (Free
. 1952 AO
21
86
External s f 65
1 A 0
917
2312 86
Queensland (State) esti at 78 194
FA
2012 87
25-year external 65
1950• S
86
23
RhIne-Danube 78 A
AO
83.1946
s
86
esti
20
Sul
do
1110 Grande
20,8 88
External sinking fund 6s._1968 3D
31
110
External e t 76 of 1926 _ _ _1966 MN
D
85
External Sf is muffle loan _1967
20
20
85
RIO de Janeiro 25-year sf88,1946 AO
gi312
17
External etas
1952 A 0
1414 25
Horne (City) esti 650
9934 1033s Rotterdam (City)esti 6s__ _ _1964 IYI
891, Roumania(Monopolies) 713_ _1959 F A
49
3714 711
Saarbrneeken (City)881953 .1 J
78
37
Sao Paulo(City)5188. _Nlar 1952 MN
37
7:1
External is 1 694s of 1927. _1957 M N
33
05
37
83 San Paulo (State) esti at 85_15
7614
37
External sec f 88
196
6 JM
55
External at 78 Water Vn.1,
93,2 101
99%
91
External 5 f 65
1940 A 0
75
27
Secured g f 7a
.45 101
S
IA
4934 92
Santa Fe (Prov Arg Rep) 70_1942
48
8914 Saxon Pub Wks(Germany) 7s
1951 MN
5378 7914
Gen ref guar tie
98
87
Saxon State Mtge Inst 7s. .1457_
87 100
SInkIng fund g 6345..Dec 1946 J D
8733 Seine. Dent of (France) ext 7s '42 .1 J
72
Ws 99
Serba, Croats A Slovenes 58_1962 M N
48
1982 M N
81
External see 78 ser 11
2538 Sale
2378 Sale
2934 40
40
103 Sale
50 Sale
8 Sale
49,
10212 Sale
10234 Sale
9934 Sale
100 Sale
9812 Sale
97 Sale
_ 9978
45
40
9914 Sale
9318 Sale
10012 Sale
101 Sale
2512
18
23,
25
2378
40
40
40
40
103
0278
5214
4978
4958
5258
10378
02
0212 104
9934 10118
10112
99
9934
98
97
9534
0058 Sept'31
49
4518
99121
99
9312
93
0012 101
101
01
8
6
1
1
6
31
25
44
116
100
100
209
7
2
59
95
44
9
618
11
418
5
538
434
513
5,3
7534
1214
1158
10
1134
1014
984
1358
1314
91
8 1025, 10 100% 10413
8 Sale 02,
102,
75
9334
80
23
7512 Sale 75
15
67
25
16
1514 Sale 1514
1614 61
8
23%
20 Sale 19
10
4014
56
14
1212 Sale 10
40
11
14
17
1112 Sale 11
73
59
22
6212
60 Sale 59
83
54
290
60
58 Sale 54
90
68
7114 74
6918 Sale 6818
'16
80
1
26
26 Sale 26
2112 71
2
2512
25 Sale 25
45
8712
5218 48
45 Sale 45
4058 83
4812 45
8 Sale 4058
40,
99
69
15
71
78
70
70
5014 8758
6938 11
63 Sale 63
64% 98
6812 30
6812 Sale 68
8812
35
6112 51
57 Sale 57
20
5514
21
22
2018 Sale 2018
2712 65
5
30
2712 Sale 2712
54
21
2112 2412 24 Sept'31
8
87,
27
28 Sale 28
3014
7
68
22
29
27
25 Sale 25
9114
79
53
85
8378 Sale 83
3 le234 10814
10234 Sale 10234 103
5514 83
13
62
8 Sale 5514
56,
89
66
81
1
81
---_ 81
301u 93
33 Sale 33
2
33
647s
24
25 Sale 25
27
3
93
38
4712 54
4718
48
3
8414
25
3678 45
3612
41
19
2513 7611
3612 44
44
15
37
2018 5874
2334
2418 26
2334
5
88
65
69 Sale 69
7138 35
90
49
5412 Sale 5412
58
12
9378
5314
56 Sale 56
57
12
8614
49
5019 Sale 5018
54
39
(01
50
50 Sale 50
50
1
45 e9334
45 Sale 45
50
12
10612 Sale 10612 107
63 106 108
93
67
6934 Sale 67
50
69
60 _8412
60 Sale 56
60
108
1746
BONDS
N. Y. SToCK EXCHANGE
Week Ended Sept. 11.
New York bond Record-Continued-Page Z
Price
Frulay
Sept. 11.
Week's
Range or
Lan Sale.
1,4
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE.
Week Ended Sept. 11,
Price
Friday
Sept. 11.
Week's
Range or
Last Sate.
Foreign Govt. &Municipals.
Ask Low
Stil
Silesia (Prov of) esti 71)
1
4 Sale 46
1958,ID 49/
Silesian Landowners Assn 88_1947 FA
35
4112 35
Soissons (City of) esti 66.- 1936 MN 10814 Bale 10818
Styria(Prov)external 78
1946 FA 72 Sale 72
Sweden external loan S34s 1954 MN 10214 Sale 102
Switzerland Govt esti 540-1946 A 0 10514 Sale 10514
Sidney (City) a t 554s
1955 FA 40 Sale 40
11;
oZ
aloe
High No. Low
High
filth High
Bid
et Low
42
6914 •:;hic Burl & Q-111 Div 3349_1949 ▪ J 92 Sale 92
4934 45
93
3
35
80
35/
1
4
Registered
91
Jan'31
106/
1
4 19 103 c10814
filluola Division 4s
1949 J J 99 Sale 99
15
991
72
3 65
951/
General 45
S 97 Bale 9834
1958
97/
1
4 48
10312 53 101 107
lst&ref4(4sserl3
1977 FA 99/
1
4 10038 10034 10112
9
1
4 107
1057s 34 103/
let & ref bs series A
1971 F A 10614 Sale 10614 1083s 30
2
40
78
40
Chicago & East III lat 69_1934 A0 92
93 93 Sept'31
C E III Ity mew co) gen 58.1951
N 1912 Sale 1912
2212 38
Taiwan Eleo Pow 5 t S34s-1971 ii 9334 Sale 9314
9334 80
93
95
Chic & Erie 1st gold 68._1982 MN 10514 10714 10718 Sept'31
8
1
4 Chicago Great West 1st 48..1959 MS 62 Bale 6112
7912
Tokyo City be loan of 1012_1952 M S 7734 Sale 7734
7712 84/
117
64
95
31
External s f 54411 guar----1961 AO 95 Sale 9434
8811 971/ Chic Ind
Loutsv ref 6s
194i J J 80 10512 10512 July'31
63 Sept'31
Tolima (Dept of) eat 713____1947 MN 4412 51
101
/
4 76
Refunding gold 58
1947 J J 70
95 101 Apr'31
90
4
Trondhjein (City) 1st 544e-1957 MN 90 Sale 90
90 10014
Refunding 48 merles C
1947 J J 60
91
91 Apr'31
9714
9712
2
Upper Austria (Pray) 78_ _1945• D 9618 99
89/
1
4C104
let & gen bs series A
1966 MN 4212 50
50 Aug'31
1
4 Sale 7514
External at 1344s June 15.1957 3D 75/
70
9134
7534
3
1st ee gen 68 eer BMay 1986 J J 48
69
73 Aug'31
5314
8
bl Sale 50
60 104
Uruguay (Republic) extl 86_1948• A
Chic Ind & Sou 50-yr 48.-1956 J J 8934 9214 91 Sept'31
42
External a f 6$
20
196e MN 4012 Sale 40
39
8878 Chic L 81* East 1st 4448....1969 J I) 9934 ---- 100 Aug'31
40
/
4 Sale 3918
8
May 1 1961 MN 391
Extl f (is
39's 8838 CI) M & St P gen 4/4 A _ May 1989 J J 77
78
5
7718
7812
Venetian Prov Mtge Bank 78 '52 AO 9734 Bale 9714
9:138 100'S
9734
5
Registered
84
Oct'30
22
75
Vienna (City of) esti s f 58. _1952 MN 7312 Sale 7312
7314 89
Gen g 3 44e ser B__May 1939 J J 6634 71
72
/
1
4
Aug'31
49
Warsaw (City) external 78..1958 FA 49 Sale 47
40
43
70
Gen 4445 series C_Iilay 1989 J J
8938 9012 Aug'31
Yokohama (City) esti 68_1961 J D 9914 Sale 99
9912 90
95 10114
Gen 44411 series E___May 1983 J J 8834 Sale 8834
1
88/
1
4
Gen 444s series F___May 19841 J J 87
94
16
94
94
Railroad
chi, /41114c dl P & Pee 5e .1975 F A 42/
1
4 Sale 41
45
237
105
Ala fit Sou let COOS A be- __1943 3 D 105 Sale 105
3 10234 10512
Cony adj Is
Jan 1 2000 AO 15 Bale 1434
1814 445
19433 D 931
let cons 4s ser 11
_ 9414 Aug'31
9234 9434 Chic & Nu West gen g 3345_1987 MN
7412 73
7318 12
Alb & Susq 1st guar 3448_1946 A 0 90/
8-9112
_- 9034 Sept'31
8918 9214
1
4
Registered
7912 Mar'31
Alice & West 1st g gu 4s
1998 A 0 8612 903s 9014 Aug'31
90
/
1
4
86
General 4s
1987 MN 82
84
84
8414 14
Aura vat gen Rime g 48 ..11142 M S 9712 9812 9714 Sept'31
9975 100
kited 48 non-p Fed Inc tax '87 MN 8218 92 8734 July'31
Ann Arbor lat g 4s--July 1995 Q
4514 Sale 4514
4
45/
1
4 80/
1
4
Gen 41
5014
/
4» stpd Fed Inc tax.1987 MN
101
48_1995
A 0 9834 Sale 9834 100
Atcn 101,& re-Gen g
191
1
4 101
97/
Gen bs stpd Fed Inc tax_1987 MN cinii2
11.0,3
1% AX1712
2
Registered
A 0
96
9834 Sept'31
991s
Sinking fund deb 58
1933 MN
8
Adjustment gold 48_ _July 1995 Nov 9312 9712 9334 Sept'31
9312 C991
15-year secured g 8448-1936 M S 10314 Sale 10314 105
42
Stamped
July 1995 MN 95 Sale 95
94
96
57
9812
1st ref g 58
May 2037 J D 80 Sale 80
80
ftegiatered
MN
94/
1
4 May'31
9318 9412
1st & ref 444.
Slay 2037 J
71 Sale 71
3
71
Cone gold 48 of 1909-1955 J D 9838 ---- 9738 Aug'31
1
4
9484 97/
let & ref 43-4a ser C_May 2037 J D 72 Sale 72
74
13
Cony 48 of 1905
1955 J 13 9838
9414 98
9738 Aug'31
Cony 41
/
4s series A
1949 M N 5878 Sale 55/
62
200
1
4
Convg4slssueot1910A960J D
9414 95
95/
1
4 Sept'31
19483 D Hie" Sale 109
Cony deb 4445
11034 65 109 122
Chic RI.5' P Railway gen 48 1988 .1 J 8314 86 85
8812 14
Rocky Mtn Div 1st 48-1965 J
93
94
1
4 Sept'31
931
93/
: 98
Registered
85 July'31
Trans-Con Short L 1st 48.1958 J
9834 Sale 8934
8 8934 10014
8934
Refunding gold 45
1934 A 0 81 Sale 7814
841
/
4 199
Cal-Arli 1st & ref 4446 A_1962 M S 103 Sale 102 4 103
9 102 106
Registered
A 0
9614 Apr'31
Atl Knoxy & Nor 1st g be_ A946 J D 103 2._
103/
1
4 10312
103 2 Feb'31
Secured 444s series A___-1952 M S 7014 Sale 70
73
78
Atl & Cbarl AL 1st 43.4. A 1944 J 1 95
1
4
99
971z 99/
99 4 Aug'31
Cony g 440
1960 rn N 60 Sale 5812
6211 112
la 30-year 5s series 13._1944 J J 101 103 101 2 10134 10 101 104/
1
4 Ch St L & N 0 58.June 15 1951 J D, 979914
9912 23
9418
Atlantic City let cons 48-1951 J J 83 4 --- 89 Mar'31
86
Registered
J D ____ 1i- 98
98
Atl Coast Line let cons 4e July 52 M 8 9734 sate 97
95
99
98
Gold 3448
June 15 1951
84
85/
1
4 May'31
General unified 4445
1984 J D -99 96
98 102
99
5
Memphis Div 1st g 48---1951 J D 70
87
9112 May'31
L& N colt gold 4s_Oct 1952 MN
80
4
84
Sale
12
8015 92/
1
4 Ch St LA P let cons g 58-1932 A 0, 10138 ---- 10112 Aug'31
Atl & Dan la g 45
1948J J 4234 43
40
52
4334 Sept'31
Registered
A 0 --------101 Feb'31
2d 4s.
1948J .1 39
30
39 Sept'31
41
49
Chic T II & So East let 5s_ _1960 J D 5714 6234 5634
2
5834
Ati&Yad 1st guar 4a
1949 A 0 64
6014 75
85 Aug'31
82
Dec 1 1960 M El 40
Inc gu bs
50 57/
1
4 Aug'31
Austin & N W Ist au g 58-1941 J J 102/
1
4 105 104 May'31
10114 10414 Chic Un Stan Ist gu 444s A-I963 .1 J 102 1031 102
102
5
let bs series B
1983 J 1
108
,- 108
Bait & Ohio 1st g 48___July 1948 A 0 9638 Sale 9812
94
9912
97/
1
4 11
1944 .1 0 106Guaranteed g bs '
105/
1
4 10612
10
- 10512 1051
Registered
July 1948 Q J
92
921z Aug'31
9712
1st guar 8)45 series C.--1983 3 J 1161/4 Sale 11614 11814
1
1933 M S -9
20-year cony 444s
93 10134 Chi) h West Ind COn 48-1952 J 3 8414 Sale 84
/
4 We 9514
961 140
8i.1
86li 23
934 Sal
Refund & gen 58 series A1006 .1 0
Sale 883s
88 10484
49
1982 M S 93
at ref 6 44s series A
92
98
98
99
5
Registered
J D
i hoe Okla & Gulf cons 59_1952 m N 98 104 103 Sept'30
88 103
88 Aug'31
1st gold 5s
July 1948 A 0 106 Sale 10512 106
31 1021s 109 cm H & 1) 24 soul 4 14s
.1937 J 1 9738 99 100 July'31
Eel & gen Bs series 0_1996 J
10012 Sale 10014 10214 33 100 11012 C I St L & C 1st g 4s_Aug 2 1936Q F 98/
1
4 -- 9818 Sept'31
PL E&W Va Sys ref 45-1941 MN 9134 93
92
5
9212
99
921
Aug 2 1938 1.4 F ____ -- 9818 Apr'31
Registered
Southw Div 1st 5.1
1950 .1 .1 10014 Sale 99
9318 10512 Cin Leb & Nor Ist e.on gu 43.1912 MN 9014
10138 58
-- 9412 July'31
777
Vol & Cin Div 1st ref 4s A-1959 J .1
Bale 75
75
861
/
4 an Union Term 1st 4 40_2024 J J 103 10312
-- 103 Aug'31
Ref & gen be series D--...2000 M 8 88 Sale 88
90's 25 88 10434 Clearfield & Mali 1st gu 53-1943 1 J
„„ 9814 Apr'31
1961) F A 7212
Cony 444s
75
7211 Sale 7114
180
711
/
4 C99
Cleve CID Oh & St L get) 411-1993 1 D -fin- -907s
- 90
90
Bangor & Aroostook let 5s_.1943 .1 .1 103/
2 103 105
1
4
1
4 Sae 103/
1
4 103/
General As serial 13
1993 .1 D 99/
1
4 --- 110 Feb'31 _1951 J J 90 Sale 90
Con ref 4s
8611 933s
90
7
1941 J J 102 late 102
Ref & Impt tla ser C
104
6
Battle Crk & Slur 1st gu 38.1989 J D 60 ---- 71 Feb'31
71
71
1963 J J
Ref & Inapt 55 ser D
99 I 99
9918 '10
193e J .1
Beech Creek 1st gu g
100/
9712 101
1
4 Sept'31
Ref & impt 444s ser E.-1977 J J 89 Sale 1 99
911
/
4 27
1936J
2d guar g5
/
1
4
Jan'30 „....
---- 100
Cairo Div 151 gold 4s _ _ -1939 J J 9712 99/
1
4 9838 Aug'31
8,32
Beech Crk ext 1st g 334s-1951 A 0 8414 ---- 88 Mar'31
88
CM WA M Div 15( g 4s-1991 J J
9134 91/
1
4 Sept'31
Belvidere Del cons iru 3445.1943 I J
--St L Div 1st coil tr g 4)3_1990 NI N 84
87
88 Aug'31
94? 98
1944 .1
Big Bandy 1st 4s guar
Bpr &001 Div ha g 4s
____
891496 Aug'31
1940 1.41 S 931z
9534 Feb'31
Boston & Maine 1st 58 A C-1967 M S 93 Bale 93
94/
1
4 12
1940 J J 9311
91/
1
4 10314
W W Val Div la g 4s
9134 July'31
1955 M N 9214 Sale 92
let m be series 2
8934 10314
9214 25
1961A 0 8834 sale 86%
lst g 4448 ser J J
831
/
4 9814 CCChIgeneonsg 6s----1934 J I 10312
8634 16
- -Y Air Line let 4e 1955 F A 8112 85
Boston
81
8214 Aug'31
85
Clay Lor & W con 1st g 5s-19331A 0
104
7- Ntflo O% i
Bruns & West 1st gu g 48_1938 J J
-- 98 June'31
98
9814 Clevel h Mahon Val g 55._ -1938,1 J
--- c105 Sept'31 -_-_-.....
Buff Roch & Pitts gen g 58..1937 M S 8214
9412-9978
- 10234 Aug'31
10112 10314 CIA Mar 1st gii g 444s
10012 10212 101
1935 M N 101101
13
1957 M N 6514 73 87
Consol 434s
67
73
6
90
Cleve & P gen gu 4345 ser S_19421A 0 ---- ---- 98 Dee'30 _100 10234
Burl C R & Nor 1st & coil 50_1931 A 0 100 10018 100 Aug'31
1942 A 0 9111 ---, 87 Mar'29
Series 11 334s
194211 .1 99 -.-- 10114 Nov'30 .....Merles A 444a
Canada Sou cons gu 53 A_ _1962 A 0 104 10712 10412 Aug'31
104/
1
4 10812
1948:244 N 89 ----1 92/
Series C 344s
1
4 Jan'31 -Canadian Nat 4445.Sept 15 1954 M S 98 Sale 9712
9712 102/
1
4
9912 244
195013 A
Series D 344s
1957 J .1 9734 Sale 9712 10018 64
9714 102/
1
4
30-year gold 4448
1977,F A
Gen 444s see A
---19681
9711 10212 Cleve Sher Line lst gu 4448_198IA 0 10014
9978 84
Gold 440
9734 Sale 9734
Guaranteed it 58-July 1969 J
103 Sale 10238 10414 63 10214 10814 Cleve Union Term let 5448-1972 A 0 188
0
28158
22f
--1:1:
1111':g22 MItei
au r
r14 i ,
i
Guaranteed g 5s
Oct 1989 A 0 103 Sale 10234 104
56 10214 1081
1973A 0 10534 ,,
lets f 58 series B
/
4
1970 F A 10278 Sale 10278 105
1
4 107/
05
04
1
4
Guaranteed g bs
2 10211__
12 102/
1st s t guar 444s series C.-19771A 0 19
-_- 11
%/
1
4 A10134
4
1
10134 181 1151 104
Guar guid 4448___June DS 1955 1 D 100 Sale 100
Coal River Ry 1st go 4s....,1945 .1 I)
1956 F A 98 Sale 9718
971
/
4 1011
/
4 ccdo Sc South ref & ext 4 34ll-1985 M N 95 Sale 9414 99
112
100
Guar 5 4/
1
48
r5
31 ---i
1980 M
11235 15 11018 1131z
Canadian North deb. I 7s-1940 J D 11218 Sale 1111
Gen' tn 414s tier A
9
43
838 _7_0_.
19463 .1 11814 Sale 116
25 11512 121
1948 A 0 9931
119
Col & If V 1st ext a 4s
25-years f deb 6446
_.
.. 699685,11442 u:
n17
381
1
4:
.... :
..
7
1
4 Col & Tol 1st ext 4s
4 1001s 103/
10-yr gold 44. Feb 15 1935 F A 101 Sale 1001
1955 P A
101/
1
4
June'31
8314 188
Canadian Pao Ry 4% deb stock- J J 8114 Sale 1 8012
3012 8912 Conn Ar POSSUM Ely let 45 1943 A 0
90 Dee'30 .-96 102 Camel Ry non-cone deb 48_1954 J J 68
1946 M S 96 Sale 96
9738 18
Col tr 434s
19443 .1 100 Sale 100
10214 24 100 107
be equip tr ctfs
1935 J J 68
Non-cone deb 4s
711
/
4 8
74
314 Sept'31
97/
1
4 Sale 9634 100/
9834 10512
Dec 1 1954J
Non-eonv rich is
Coil tr g be
1955 A 0 68
1
4 85
Sept'31
31
92 100
1980 J
1956 J J 88 -ii392 Sale 92
Collateral trust 4449
Non-cony deb 43
56
96
4 73 Sept'31
Carbondale & Shaw let g 48.1932 M S 96 ---- 9838 Oct'30
1942 J D 3712 Bale 3
Cuba Nor Ity la 544s
7532 4
28
75
Caro Cent 1st eons g 48
3 -iso
50
50
Cuba RR let 50-year bs s..1952 .1 3 55% Bale 551s
52
1949 I J 48
24
5
_
°
Caro Clinch & 0 1st 30-Yr 58 1938 1 D 10234 Sale 10234 10312 12 102 104
59/
1
4 68
1st ref 7445 series A
19361
5912
21
nu
107
lat & con g 6s ser A Dec 15'52 J
10912
1
107
107 107
1st lien & ref 65 ser B-1936 J D 5514 Sale 64 Aug'31
88
92
Cart & Ad 1st gu g 48
19811 D
88 July'31
78
8334 1)01 & Hudson 1st & ref 46-1943 M N 9234 Sale 9234
Cent Branch U P 1st g 48.. _1948 J D 6012 79
78 May'31
9378 29
leOls 10334
Centml of Ga 1st g 513--Nov 1945 F A 10018 104 10015 Sept'31
1935 A 0 100 107 103 Aug'31
30-year cony 55
1946 M N 8218 86 85
77 10214
8634
COIISOI gold 58
7
1937 M N 10012 Sale 100
I5-year 54511
101
17
5212
100
Ref & gen 5Hs series B-1959 A 0 5012 Sale 5612
49-1936
4
F
A
1st
go
g
RR
&
Bridge
D
57
98
2
98
98
70
951
/
4 Den & R G 1st cone g 4s_ -1936 J J 82 Sale 82
Ref & gen be series C...-1959 A 0
70 Aug'31
8214
2
88
74
Cbatt Div pur money g 46_1951 J D
1936 J J 83
CCM901 gold 4448
80 Sept'31
87
88 Sept'31
1
4 102
93/
Mae & Nor Div let g 58.19463 J 85 Den & HG West gen bs_Aug 1955 F A 40 Sale 40
9314 June'31
45
47
Mid Ga & ALI Div pur m be '47 J J 6014 10112 10212 Sept'30
Ref & inapt 59 ser 13.Apr 1978 A 0 30
61) 50
50
6
1614 Dos MA Ft I) let 51148
1946 J J
Mobile Div 1st g 5s
10114 Apr'31 4
25
1935 1 J
8 Apr'31 -Cent New Eng 1st gu 43...1961 3 J
4 (1018 8914
8218
Certificates at deposit
8112
J J
414 15
5 June'31
Cent RR & Bkg of Ga roll 581937 M N 8812 Sale 8812
2
8812 9914 Des Plaines Val lst gen 440_1947 M
8812
80
99 Nov'30
107 115
Central of NJ gen gold 5s_ _1987 J
Det & Mac lst lien g 4s
108/
1
4 112 107 Aug'31
19551 D 3012
35 Apr'31
1091
/
4 11412
1987 Q J
Registered
Gold 4/1_
9614 July'31
1995 .1 D 25
38
38 Dee'30
8712 9812 Detroit River Tunnel 444s_ -1981 MN 10012 102 102 Aug'31
General 45
1987 J
1
4 Aug'31
88
9712 97/
1
4 99
Cent Pac 1st ref se g 4s --1919 F A 97 Sale 97
95/
Dui Miasabe & Nor gen 5s._1941 J .1 10438- 10414 June'31 -9734 10
97
95
F A
Registered
Dui h Iron Range let 5s.., -1937 A 0 10214 114 - 10238 103
9814 July'31
10
Through Short T. 1st gu 413 1954 A 0 9314 98
0514 9814 Dui Sou Shore & All g 51_1937 s
9512
9512
7
46
50
46 Aug'31 -08 10518 East Ry Minn Nor Div 1st 4e '48 A
Guaranteed g Ss
1960 F A 99 Sale 99
101
38
9'2
97/
1
4 July'31 Charleston h 9av'h let 78...19"01 11 J 10712 __-- Ill June'31
109 111
East T Va & Ga Div la 58 1956 MN 10184 1.1-111- 100 Aug'31
Ches & Ohio 1st con g 5s__1939 M N 10734 Sale 10734
2 10434 108
Elgin Joliet & East 1st g 5e 1941 M N 102/
10734
1
4
101 Aug'31
101 1031/ El Paso & S W 1st 55
Registered
181 N
_ 10314 Mar'31
1985 A 0 98 1023
-- - 10434 July'31 ---General gold 4445
1992 M S 10438 105 10414
Erie 1st cony g 45 prior
104/
1
4 11 10318 108
1998 J J
86
867 87
8712 62
Registered
102 10414
hi 9 99
Registered
- 10412 July'31
1996 J J
82
85
84 July'31
97 10318
Ref & irefit 4 34e
1093 A 0 98 101't 97
la CO11401 gen Ilen g 48
9812 26
1996 I J
6912 59
68 Bale 8512
Ref & Mint 444s ser it----1905 J
96 10234
Registered
9712 20
9634 Sale 9634
1996 J J
68 Dec'30 _Craig Valley 151 5s..May 194(11 J 10278 ____ 10314 Aug'31
(0135 10312
Penn roll trust gold 4s.-1951 F A ion"
2
100
100
Potts Creek Braneh ist 42.1946 J J 9438
9412 953s
60-year cony 4,series A-1953 A 0 63/
94/
1
4 Aug'31
63%
65
4
1
4
R & A Div 1st eon g 4e
931411102
1989 J J 95
1
95
Series 1.1
95
97
1953
A
0
-68
Sept'31
64
6018
2d consol gold 4s
9214 9412
1
1989 J J 9212
Gen cony 4s series D
93
93
1953 A 0 6018
6718 Aug'31
Warm Spring V 1st g bs_ .1941 M S 10214 ___ .10434 May'31
Ref & impt bs
10434 10434
1987 M N 8412 gra-e 64
83
67
Mem)Coro 56-Bee under Indus Lela
Ref & impt 5.01 1930-1975 A 0 64 Sale 83/
203
1
4
67
Chic & Alton RR ref g 31 .1949 A 0 83 Sale 83
73
Erie & Jersey 1st f 6563
17
64
11013 11134 110 Aug'31 --_1955
I
Ctf dep etpd Apr 1 1931 int.._
70
65
Genesee RIver 151 $ f 138-1957 J J 106 113 unt Sept'31 _------ 6412 65 Aug'31
Railway first lien 314s
1950 J 79/
1
4 791
7934
7934 _ - _ -1 7934
Caah sale.
Option sale
12
12
1
--
1
WI;
12
1
1
1
1
12
12
1
1
12
2
2
2
2
Range
Since
Jan, 1,
Low
Htgh
9834
89
91
91
963s 10038
64 100
100 1041
,
10514 11034
70 10112
1912 50
104ls 108
58
6934
10478 110
10034 10234
91
9334
50
9034
723s 100
9034 96
99/
1
4 1011
/
4
7718 87/
1
4
ite 7518
90
9612
1
4 9612
88/
93/
1
4 101
41
76
1414 35
81
73
7712 7912
91
82
gals 91
1003410312
10348 11012
9812 10234
10314 10912
80 103
96
71
1
4
7034 95/
5515 93
8434 96
91
86
7814 99/
1
4
9614 981s
684 953s
5811 9212
9914 10414
98 100
851s 8512
90
911s
101 102
101 101
5514 881s
73
51
102 10514
10438 10634
1035. 10634
1143s 116/
1
4
82
9214
98 10574
10134 105
98 100
98
9912
981s 9818
93
96
101/
1
4 106
98/
1
4 9814
8734 97
10058 110
102 105
9812 105
89 10154
9912
97
94
91
88
931s
9514 9534
95/
1
4 9734
10312 10514
1001
/
4 10238
101 4105
1001s 10212
lOt
"iii;
105
10214 10415
10814 11114
1
4
104/
1
4 109/
10118 10454
02
9614
93/
1
4 10218
6811 9734
92
9674
9312 964
7154 741;
68
70
6834
3512
45
58
58
8414
72/
1
4
75
47
701s
801s
72
9015 9914
1001
/
4 106
9915 10615
9611 100
99
82
8612 101
83
40
48
8534
8
8
5
8
35
36
Milt fair,
104141 1041
/
4
102 10435
3612 601s
9834 9734
100 108
101 10712
10214 10634
8414 139/
1
4
8012 8712
63
7914
98'4 10114
6318 7812
63
787s
671s 7512
64
8412
637s 84
108 11212
10614 11412
New York Bond Record-Continued--Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 11.
z.
Prise
Friday
Sept. 11.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE,
Week Ended Sept. 11.
t
g
1747
Price
Friday
Sept. 11.
Week's
Range or
Last Sate.
Btd
Ask Low
Fitch No. Low
11108
sk •or
Bid
High No.
Erie & Pitts gu g 3)4e tier B-1940 33 8811 ---- 9712 July'31
9338 98',. Mich Cent-Mich Air L 4e__1940 ▪ j
98 Aug'31
8812
1940 j
954 July'31
Series C 850
954 951.
79 May'28
Jack Lane & Sag 3345_1951 MS 8334
7984 76
'3 71
FM Cent & Pen 1st cons g 59 '43
81
6
93
76
1952 MN 88% -- 9014 Aug'31
let gold 350
Florida East Coast 1st 4645_1959 3D 70 Sale 70
11
70
6718 80
1979• j 9738 Sale 9738
974
Ref & impt 4 Hs ser C
a
1974 MS 16 Sale 1478
let & ref 55 series A
16
60
1478 31
1940 * 0 714 75
Aug'31
Mid of N J Ist ext Se
12
11
8
FondaJohns & Gloy let 41481952 MN
1
12
284 Mil & Nor 1st ext4 3.45(1880)1934 J I)
12
108 Sept 31
Fort St U D Co 1st g 4548_1941 • J 96
_ 96 Aug'31
96
1934 • D -654 95 90 Sept'31
96
Cons ext 4545 (1884)
Ft WA Den C let g 550_1961 3D 105 106 10512 Aug'31
S 90 Sale 90
10512 10714 Mil Spar & N W 1st gu 48_ -1947
90
From Elk & Mo Val 1st 6s 1933 AO 10212 104 104 Aug'31
10312 10512 MIlw & State Line let 350.1941
'3
__ 90 Apr'28
18 Aug'31
1212 18
St Louts Mt cons 58_1934 Ni N 75-&
Minn
C" Iv Flous & Bend 1st Ss__ _1933 AO -- 92 9512 july'31
9512 100
1934 If N
9
9
9 Sale
Ctrs of deposit
Gs&Ala ity 1st cons ta Oct 1945 J J 85 Sale 35
3512 14
30
5712
1949 MS
512
54
1st & refunding gold 4s
312 5
Gla Caro & Nor 1st gu g 56 '298 May'31
__.1962 0 F
A
ser
10
Le
8
50-yr
ext
&
Ref
1 ---- 80 86 july'31
Extended at6% to July 1_1934
85
95
Q F
10 Nov'30
Certificates of deposit
Georgia Midland 1st 3e
1946 AO 6114 63
Jan'31
73
73
73
62
J 56
58
61
M St P & SS M con g 4s int gu '38
Gouy & Oswegatchie let 5s_1942 in 100
100 Aug'31
100 105
52
5478 5112
1938 J .1 51
10
1st cons 5s
Or R & text lst gu g 4 Hs_ _194 I J J 9818
100 Sept'31
9938 10134
J 65 Sale 65
65
1
58 guns to Int.._1938
cons
1st
Grand Trunk of Can deb 75_1940 AO 11212 Sale 11212 11314
9 11012 11312
J 4514 47 40 Aug'31
J
1946
A
series
63
ref
&
1st
15-year f 65
1936 NI S 10634 Sale 10634 1074 18 10514 10873
40 45 July'31
25
1949 M
25-year 5548
Grays Point Term lot 5s_ __ -1947 JO 70
_ 98 Nov'30
90
1978 ▪ J 90 Sale 90
16
Ist ref 5He ser B
Great Northern gen 7sser A_1936• J 104 dife 10334 10514 165 ioa; 112
N
9538 Dec•30
lid Chicago Term a f 4s__ _1941
J J
Registered
_ 10912 May'31
109 110
1st & cal 411s series A __1961 J J 96 Sale 96
9612
95 102
6
90 Aug'31
MlissIssIppi Central 1st 55_1949 J J
3 9838 Sale 98
'
General 634s series B___ _1952
9938 61
97 111
1959 • J _
50 50 Sept'31
Mo III RR 1st 5s ser A
General 59 series C
1913• J 8834 92 90
9112
4 871.0108
_1990 J
87
4s_
gold
Sale
let
ai
Tex
864
&
Kan
Mo
j
General 434s series D
1976
84 Sale 82
854 17
84 100
86
88 8514
so
Mo-K-T RR pr lien 55 ser A..1962 J J 81
General 4)45 series E
1977 33 8434 8312
8518 16
82
994
1962'S 6534 69 6538
653s
2
40-year 48 series B
Green Bay dr West deb Ws A--_ Feb LoT2 70 6712 Apr'31
6712 6712
1978 J J
Prior lien 43.45 err D
8834 July'31
Debentures ctts 13
Feb
.812
812
812 16
1
713 21
66
48
Corn adjust 55 sec A .Jan 1967 A 0 63 Sale 62
Greenbrier Ry let gu 4s_ _ _ _1940 MN 954
_ 9538 Mar'31
953a 9538 Mo Par 1st & ref 5s ser A _ _ _1663 F A
751
724 Sale 72
48
Gun Mob k Nor lot 34s_1950 AO 57 ig 57 Aug'31
56
9978
1975 M 8 5112 Sale 5112
53
42
General 45
let M Se aeries C
1951 AO
554
57
92
65
5
753 119
1977 MS 724 Bale 72
1st & ref Ss series 11.
Gulf & I let ref & ter be _Feb '52 J J
10158 June'31
10158 10434
74
1978 II N 7212 Sale 7112
64
lst&refgseser0
Hockine Val let cons g 450_1999 3'
101
10114
7 10018 10678
1949 MN 5958 Sale 571
601 112
Cony gold 5555
Registered
1999 3,
10012 Apr'31
10012 10012
75
1980 * 0 7212 Sale 72
140
let ref g 58 bertes H
Housatonic Ry cons g 68_...1937 MN
10014 10014 10
9714 10114
A
P
75
1981
7112
Sale
4
3
72
182
I
ear
58
ref
&
let
H & T C 1st g 53 int guar_ _1937 33 1004 - 100t2 Sept'31
100 102
Houston Belt & Term let 58_1937 J J 100 lois; 102 July'31
1004 103
100 9512 Aug'31
Mo Pao 3d 7s ext at4% July 1938 MN
Houston E & W Tex 1st g 58_1933 MN
july'31
100 102
- ----_ 102
95 Aug'31
Mob & Blr prior lien g 58_ _1945 3 .1
let guar 58 redeen)able_ _ _1933 MN leo
10114 Aug'31
100 102
3'
97 97 Aug'31
Small
Bud dx Manhat 1st Se ser A.1957 FA 934 Ei;1-e 934
9684 33
934 10214
1945
8914 June'31
4s
gold
1st
M
Adjustment income Se Feb 1957 AO 70 Sale 70
71
57
70
794
J 70
81 July'31
Small
80 80 May'31
gen gold 45.1938 NI S 56
Ohio
&
Mobile
Illinois Central 1st gold 45__ _1951 ▪ J 9434 Sale 9434
95
4
9318 98
95
2
A
P
9512
4
9512
let
Div
7
655.19
Montgomery
1st gold 354s
3
'
1951
8212 Aug'31
8212 8534
1977 Ni S 3212 40 39 Aug'31
Ref & Impt 4545
Registered
J I
8614 8614
8814 June'31
,
4178
5
NI S 4014 Sale 4014
1938
notes
5%
Sec
Extended let gold 3543__1951 AO
5553 July'31
8512 87
9314 Aug'31
Mob SE Mal lot gu gold 45_ _1991 MS 934
let gold 38 sterling
1951 MS
73 Mar'30
4 0878 Aug'31
- 1937 .1 1 105 10e3
Os
C
Mont
gu
15t
Collateral trust gold 4e-1952 AO _8311 8312
8312
8311
8
98
100
04 July'31
1937 J
let guar gold 5e
let refunding 411
6414 93
1955 MN tiiis 70 6814
70
20
8334 10
8312 Sale 8234
Mor
@FedFRASER