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antiat The Iironirk PAT. OFFICE VOL. 131. SATURDAY,SEPTEMBER 131930. NO. 3403. • and that if we could manage to avoid stock panics we would in the future obviate such periods of busiPUBLISHED WEEKLY ness depression. Naturally no one welcomes or deTerms of Subscription—Payable in Advance sires trade depressions, but we will never cure such Including Postage— 12 Mos. 6 Mos. fits of economic illness as long as their cause is inWithin Continental United States except Alaska $10.00 $6.00 attribute business depresIn Dominion of Canada 11.50 6.75 correctly diagnosed. To Other foreign countries. U. S. Possessions and territories 13.50 7.75 sions to stock market panics is to place the cart The following publications are also Issutd. For the Bank and Quotation Record and the Monthly Earnings Record the subscription price Is before the horse, for in reality stock panics are an 86.00 per year; for all the others Is $5.00 per year each. Add 50 cents to effect rather than a cause of trade depressions." each for poetage outside the United States and Canada. financial COMPENDIUMS-PUBLIC UTILITY—(semi-annually) RAILWAY & INDUSTRIAL—(l0W a year) STATE •ND M UNICIPALr—(eml-ann.) hrøniri I MONTHLY PUBLICATIONS— BANE AND QUOTATION RECORD MONTHLY EARNINGS RECORD Mr. Whitney then proceeds to state that though there have been many alleged causes of the trade Tere..s of Advertising recession, "events have sufficiently progressed so Transient display matter per agate llne 45 cents On request thast we should by now be able to recognize that Contract and Card rates °mesa° Omen—In charge of Fred. H. Gray, Western Representative 208 South La Salle Street. Telephone State 0613. over-production was the basic cause of the depresLONDON Omen—Edwards 3: Smith. 1 Drapers' Gardens. London, E. 0. sion." Mr. Whitney elucidates his ideas as follows: WILLIAM B. DANA COMPANY, Publishers, William Street, Corner Spruce, New York. "From 1925 to 1929 production steadily increased, particularly in the United States, but also to a lesser extent in the recovering nations abroad. Almost everywhere, following the brilliant American achievements with mass production, strenuous attempts were made to increase output. Numerous Change of Address of Publication. economies in production were introduced, not only ; for use in our factories bust also in our fields. AcThe Commercial & Financial Chronicle, cording to the statistical indices, the production rate having long suffered from inadequate in this country at its peak in May 1929 had risen 25% facilities for handling its growing size above the average rate for 1923-1925. and growing subscription list, has moved "This steadily increasing production necessitated into new and larger quarter., and is now all manner of efforts Ito enable consumption to keep pace with it. At times the balance between produclocated at and consumption was seriously disturbed, as in tion William Street, Corner Spruce, Yet equilibrium was soon restored, and the 1927. City. New York increase in production continued. As the standard P. 0. Box 958, City Hall Station, of living rose, the character of output also changed, and staple necessities played a smaller part in it, while semi-luxury products constituted a larger and larger part. This trend increasingly exposed the balance between production and consumption to the The Financial Situation. danger of sudden unsettlement. Indeed, the remark\ In a very interesting and well-considered address able thing was that this equilibrium continued as on "Trade Depressions and Stock Panics," delivered long as it did. But while it lasted, the higher wages on Tuesday of this week before the Merchants' Asso- and salaries which were being paid in turn 'stimuciation of New York at the Hotel Astor, Richard lated consumption, while the mounting net earnings Whitney, President of the New York Stock Ex- of business enterprise caused the rise of share securichange, undertakes to show that the stock market ties to an unparalleled and, as subsequent events panic of last autumn was not the cause of the acute proved, an unwise level of prices. Consumption was depression in trade from Which the country is now also stimulated by the extension of installment buying and mass advertising. Finally, even the course suffering—rather, that the crash in stocks merely of fortuitous events proved favorable to the mainreflected the depression in trade- then impending, tenance of stability. When our favorable trade baland that in the general discussion of the subject ance threatened Ito become too great, there suddenly there has been a common confusion of cause and arose the great American tourist traffic to finance effect. Here is the opening paragraph of the it through our international trade payments. As one industry declined, another arose to replace it. address: Even the laborer, discharged because of the adop"The stock market panic last fall, so swift and tion of machine methods, in most unexpected, was to many people the first indication ployment elsewhere. Despite the cases found re-emvery rapid changes of the trade depression in which we have found our- occurring in both production and consumption, their selves. As usual, liquidation in the security market temporary equilibrium gave a curious general effect occurred earlier and in a more dramatic manner of stability, which was hailed than in the mercantile markets. For this reason than in finance as a'new era.' in industry no less some have been led to think that it was the stock "Last summer the breaking point was reached. market panic which caused the depression in trade, Consumption could no longer keep pace with the Published every Saturday morning by WILLIAM B. DANA COMPANY. President and Editor. Jacob Seibert: Business Manager, William D. Riggs. Treas., 1% illialn Dana E3elbert: See., Herbert D.Seibert. Addresses of all, office 01 Co. 1602 FINANCIAL CHRONICLE [VOL. 131. enormous volume of production. Throughout 1929, with a growth in production to meet the ever-increasaccording to the statistics of the Department of ing consumptive requirements. Commerce mercantile and manufacturing invenAn awakening had to come some time, and when tories had become much higher than in the years it did come, and prices toppled as never before, immediately preceding, especially hi raw materials. and the whole price structure collapsed, the false During the summer of 1929 the final surge of increased production tipped the scales, and the standards of consumption and production were also downward spiral of reduced production, reduced swept away. The stock market fell of its own profits reduced consumption, and further shrinkage weight, not because business depression was impending. Naturally, also, the false superstructure of in production, then set in." We believe the foregoing to be an accurate por- trade with no surer foundation than a frenzied stock trayal of the situation which existed before the stock market speculation was likewise swept away. We market collapse, except that it can hardly be said think Mr. Whitney in his very able address, which, that inventories at the time of the collapse were nevertheless, partakes of the nature of the plea of an high. On the contrary, it was common remark when advocate,has himself confused cause and effect. the crash came that inventories were low. That, As to the intensity of the business prostration indeed, was everywhere alluded to as being one of which has followed, the setback was bound to be in the strong points in the situation, and no one, as proportion to the antecedent and unwarranted adfar as our knowledge goes, has ever called the state- vances. We doubt that there is a proper conception ment in question. Nor have any statistics of a of the extent to which the ficititious basis of stock conclusive character ever been presented in disproof values, and ,which formed the basis of the long-conof the statement. tinued trade activity, has been wiped out. How But even admitting all that Mr. Whitney says, many persons have an understanding of the magniit by no means follows that trade depression, or tude of the losses involved in the huge declines which coming indications of it, occasioned the stock market have occurred in the stock market since the sad convulsion, nor yet that the stock market can escape awakening came last October? According to the responsibility for what happened. If an unhealthy compilations made with such commendable zeal by and inflated condition of things existed in the mer- the Stock ExChange itself, the market value of the cantile and industrial world, as undoubtedly was the securities listed on the Stock Exchange fell from case, it was beyond question the unbridled specula- $89,668,276,854 Sept. 1 1929 to $63,589,338,823 tion on the Stock Exchange extending over a long on Dec. 2 1929. Here is a loss in the prodigious sum series of years that brought it about. of over $26,000,000,000. In the course of the unrestrained speculation Now let the reader trace the effect of all this in stock values mounted higher and still higher, until the happenings since then. Call this decline of $26,it seemed as if the sky alone were the limit to 000,000,000 the extinction of paper profits, if you ' which prices might go. Everybody was speculating will, but that does not lessen its importance or its in the stock market at the time—scrub women, boot- potency as an influence in the trade prostration blacks, chorus girls, bellboys, mechanics, day labor which now has every industry in its grip. Those ers, as well as all those in the upper ranks such as who speculated on margin and were wiped out susbankers, merchants, business men, and heads of un- tained a complete loss and therefore are no longer dertakings of every class and description. The be- in position to indulge their habits of profligacy and lief was universal, and the idea was fostered and extravagant expenditures which had become part encouraged by those high in authority, that the road of their very being while the stock market kept to everlasting wealth was to be found upon the Stock steadily mounting. But the matter does not end Exchange. Men speculated in the stock market on with these unfortunates. Those who were able to borrowed money,paying all the way from 8% to 20% hold on and still retain the stocks purchased at the per annum for their loans, and bought stocks that height of the speculative craze, they have been as yielded only 2% and 3%. Everyone thought that IL surely weakened as those who were sold out by their was possible to get rich over night by taking a flyer brokers. They are no more able to continue their in the stock market. And in thousands of cases old habits, their heavy buying and heavy consuming, fortunes were made in precisely that way. It is true than their less fortunate brethern. And that larg2 that exceptional records of profits by a few favored body of others who retained their hqldings all industrial corporations helped along the movement, through the years of rising prices, even these will but the movement did not originate in that way. A find themselves poorer to the extent of the decline speculative craze took possession of the entire popu- and will hence feel impelled to reduce their scale lation, not only of the United States, but also took of living, too. Not only that, but their borrowing within its embrace the farthest corners of the capacity has also been lessened, and that is a consideration of no mean importance with a large class. earth. The long and short of the matter is that everyone The importance of all this is that it led to an era of extravagance and reckless spending to which no is poorer as a result of the slump in the stock parallel can be found in all the records of the past. market, and no one is in position to buy or to spend Men changed their style of living. They availed of in the same way as during the hectic period precedthe profits actually realized by the rise in stocks or ing the crash. Bearing in Mind now that during the the paper profits standing to their credit on the rise there was over-consumption in precisely the way books of their brokers. They indulged their appetite • described by Mr. Whitney, while now there doubtless for luxuries as never before. Every avenue of trade is under-consumption, the contrast between the felt the stimulating influence. False hopes were activity of a year ago and the complete absence of encouraged, false ideas embraced. And in this era it now finds adequate and abundant explanation. One other point made by Mr. Whitney deserves to of unparalleled expenditure, based on expectations of everlasting advances in the stock market, there be stressed. We cannot recall that it has been occurred, not over-production, but over-consumption, raised by anyone before. Much has 'been made of the SEPT. 13 1930.] FINANCIAL CHRONICLE relative stability of commodity prices during the whole of the period when stock prices were being carried to such reckless extremes and not a few have referred to this as evidence of the soundness of underlying trade conditions. In Mr. Whitney's view, and it has much to sustain it, this vaunted stability of commodity values was itself the product of artificialty and except for the meretricious efforts to hold values at unwarranted levels, prices would unquestionably have moved lower in the ordinary course and in an orderly way. The importance of the matter lies in the fact that now that the artificial props which held up these commodity values .have been removed, the violent declines, which sum now proving so disturbing, are occurring. Here are his observations on that point: "One element in the trade depression, as well as in the boom which preceded it, deserves more than passing consideration. I refer to the level and the trend of commodity prices. The average price of wholesale commodities proved remarkably stable from 1925 to 1929. While the price of particular commodities declined, this was currently offset by the rise in others. Students of business continually assured us that there was no commodity price inflation. Actually these commodity price averages were highly deceptive and most difficult to interpret correctly, because, while consumption during these years continued to balance production, at the same time the constant lowering of the cost of production in so many lines of business tended, with the stable price levels, to make production more and more profitable, and to place a constantly increasing premium on expanding output. As subsequent events have shown, our recent depression would have been lessened had commodity prices during these years declined more steadily than they actually did. But the resistance to such a decline in commodity prices was widespread. Great efforts were made to maintain prices by various artificial expedients. Unconsciously business drifted into an era characterized to a large extent by manipulated price levels. "It was the artificial price structure created by such methods and not clearly revealed in the indices of commodity prices, which has been responsible for the unexpected weakness of commodity prices during recent months. Business is thus to-day paying the price for unsound attempts to maintain price levels in the face of decreasing production costs. This trying experience shows that the law of supply and demand cannot be disregarded. It also proves the necessity of free and open markets, and should force the general realization that production and consumption cannot maintain a desirable equilibrium if the usefulness of prices as the regulators of production are to be vitiated by artificial means. Living as we do in a world of rapidly changing conditions, the movements of both commodity and security prices must freely and naturally respond to the changes occurring in the production, the distribution, and the consumption of goods. Resistance to such natural price changes can in the long run only result in an economic explosion." No exception can be taken to the- foregoing observations of Mr. Whitney, but it does not appear to have occurred to him that except for the debauch in the stock market, and the wild era of inflation which grew out of the same, no such state of things as he describes would have been possible. Eugene Meyer has now been definitely named by President Hoover as Governor of the Federal Reserve Board in succession to Roy A. Young, who recently resigned his post. The nomination is an 1603 excellent one, and the President is to be congratulated upon having gained Mr. Meyer's consent to take the position. During and since the war Mr. Meyer has rendered creditable service—in the War Industry Board, the War Finance Corp., and the Federal Farm Loan Board; he has also shown in all these different capacities sound judgment and, what is equally important, a spirit of independence which made him impervious to outside pressure, which last should stand him in good stead as head of the Reserve Board. Not much is required of the Federal Reserve Banks at the present time. Money rates are ruling extremely low, and there is a superabundance of ordinary banking credit far in excess of needs. In these circumstances there is little occasion for resort to the use of the facilities of the Federal Reserve System. This fact should be recognized, and the Reserve authorities will be well advised if they pursue a let alone policy and stop meddling with the country's banking credit through their open market operations. They should also refrain from attempts to regulate the world's gold currents. That is no part of the functions of Reserve System and should be left to the action of the ordinary course of events, free from outside interference. The Secretary of ;the United States Treasury has the present week offered an issue of one-year Treasury certificates of indebtedness bearing only 2%70 interest—the lowest rate ever named in an issue of certificates—and has had great success in floating the issue. He offered $325,000,000, or "thereabouts," and received subscriptions aggregating $1,237,000,000. At the June offering of $400,000,000 certificates running for a year the rate of interest was 2/ 78%. Such an outcome as in this instance is very gratifying, all the more so as no governmental agency suffered more severely as the result of the tension in the money market than did the United States Treasury. It is hard to believe that as recently as June of last year the Secretary of the Treasury put out an issue of certificates bearing 1 2%. The present week's issue a rate as high as 5/ was announced on Sunday night, Sept. 7, and subscription books were closed at the close of business on Tuesday, Sept. 9. The certificates are dated and bear interest from Sept. 15 1930, and mature Sept. 15 1931. In announcing the offering, one departure was made from previous practice. The Secretary announced that Treasury certificates of indebtedness of Series TS-1930 and Treasury bills dated July 14 1930, both maturing Sept. 15 1930, would be accepted in payment for the new certificates, but it was added—and that contituted the departure from custom—that "such subscriptions would not be given preferred allotment." In connection with the offering it was stated that $350,000,000 of old Treasury certificates of indebtedness, about $51,000,000 in Treasury bills, and about $35,000,000 in interest payments on the public debt would be payable on Sept. 15. Another event of the week, also evidencing the ease in the money market, was the announcement which came from the Treasury Department on Wednesday that a call had been issued for the redemption 1 2% Treasury notes on Mar. 15 1931 of all of the 3/ of Series A-1930-32 and Series B4930-32. The Series A 3/ 1 2% notes were issued on Mar. 15 1927, and were made redeemable on six months' notice on any in. iterest payment date on or after Mar. 15 1930. Of 1604 FINANCIAL CHRONICLE the $1,360,456,450 originally issued, $649,076,350 remained outstanding on Sept. 1. Series B notes were issued on Sept. 15 1927 and made redeemable on six months' notice on any interest payment date on and after Sept. 15 1930. Of the $619,495,700 originally issued, there remained outstanding on Sept. 1, $500,303,700. The Secretary therefore is calling for redemption altogether over $1,149,000,000 of these 31/ 2% notes. How the means are to be provided for retiring this large amount of obligations, has not yet been announced. [voL. 131. of corn; in that year the crop was only 1,523,000,000 bushels. The Department reports that the decline in the prospective yield during August this year occurred in 33 States. No Change was shown in seven States, with some increases in the remaining eight States. There were declines in all the corn belt States excepting Nebraska and Kansas. The losses were heavy in Indiana,' Illinois, Iowa, which is the banner corn State, Minnesota, Wisconsin, Michigan, Ohio, Missouri, the Dakotas, Texas and Oklahoma. During August the area of low prospective yields expanded North and West of the original drouth With somewhat greater activity on the Stock Ex- center, from New York to the Dakotas, and also to change, brokers' loans are also slowly increasing. Texas. The average yield per acre, indicated by the Last week the total increased from $3,102,000,000 to Sept. 1 condition, is only 19.5 bushels, and is also $3,110,000,000 and the present week there has been the lowest since 1901, in which year it was 16.7 a further increase to $3,143,000,000. Loans for own bushels. The average for the 10 years prior to account, however, by the reporting member banks 1930 is 28.2 bushels per acre. in this city the present week show a reduction from Other important crops, however, promise higher $1,721,000,000 to $1,614,000,000. On the other hand, production. In the September report the Departloans for account of out-of-town banks increased ment adds to the yield of wheat, which for all during the week from $620,000,000 to $770,000,000. varieties is now placed at 837,761,000 bushels, Loans for account of others have fallen from $768,- against 806,508,000 bushels last year. Quite an im000,000 to $759,000,000. provement occurred in spring wheat during August. In the returns of the Federal Reserve Banks, the On Sept. 1 the condition was placed at 63.1% of feature this time is the reduction in borrowing by normal, compared with 60.7% on Aug. 1. A year the member banks, the discount holdings of the 12 ago the Sept. 1 condition of the spring wheat crop Reserve institutions having declined from $231,- harvested in that year was 58.4% of normal. Pro260,000 Sept. 3 to $183,195,000 Sept. 10. As against duction of spring wheat for this year is now estithis, however, the System's holdings of acceptances mated at 240,369,000 buShels against the estimate purchased in the open market have increased from of a month ago, based on the Aug. 1 condition of $170,395,000 to $193,120,000. The total of the hold- 223,222,000 bushels, an increase for the month of ings of United States Goverment securities remained 17,147,000 bushels. Last year the harvest of spring substantially the same at $602,033,000 Sept. 10 as wheat was 228,172,000 bushels, so that this year's against $602,044,000 Sept. 3. As a result of these yield now promises to exceed that of 1929 by 12,changes, total bill and security holdings, represent- 197,000 bushels. The improvement in spring wheat ing the amount of Federal Reserve credit outstand- for August was mainly in North Dakota, Minnesota ing, stand at $985,120,000 this week as against and Idaho. A further addition to this year's crop of oats over $1,012,271,000 last week. The amount of Federal Reserve notes in circulation has been reduced dur- the earlier estimates has been made by the Departing the week from $1,367,619,000 to $1,351,250,000. ment in the September report. The yield for this Gold reserves have increased during the week from year is now indicated at 1,391,000,000 bushels against 1,316,000,000 bushels promised a month $2,934,588,000 to $2,959,600,000. earlier, an increase of 75,000,000 bushels. The •The extent to which the corn crop suffered from Sept. 1 condition of 80.3% of normal compares with the drouth of the past summer is indicated by the 78.9% for Aug. 1 and 77.2% the latter the 10-year September report of the Department of Agriculture, average condition as of Sept. 1. For barley there is issued at Washington on Wednesday of this week. also an increase in production, the latest estimate The estimated yield of corn from this year's har- of yield of 323,000,000 bushels comparing with 306,vest is now reduced to 1,982,765,000 bushels. This 000,000 bushels one month earlier, and 304,000,000 is much the lowest production in the United States bushels the harvest of last year. Prospects for most for that cereal for nearly 30 years. The corn crop of the other crops make quite a satisfactory showing this year made quite a favorable start. The area in comparison with a year ago. An exception, howplanted, 101,531,000 acres, was exceeded only in one ever, is for white potatoes, the yield of which this year of the preceding six years, back in 1923, and year is now placed at 339,278,000 bushels. The outwas less than 3% below the heavy planting of the look for this important crop fell off during the past year last mentioned. In 1923, one of the half dozen, month 9%, or 34,000,000 bushels. Last year the three billion bushel crops of corn was raised in the harvest of white potatoes was somewhat under preceding years, amounting to 359,796,000 bushels. In United States. The drouth of this year retarded the growth of commenting generally on the September report, the the crop quite early and was felt in practically every Department states that the decline in prospects of corn producing State. In the report for Aug. 3, all crops during August was 2.5%. Buckwheat deissued by the Department of Agriculture, the con- clined 23%; and vegetables for canning, 7%. Todition had been reduced to 62% of normal, and the bacco also showed an important decline. Pastures, probable yield placed at 2,211,823,000 bushels. The which were the poorest on record a month ago, deSept. 1 condition was further lowered to 51.6% of clined fo a new low record during the month. normal, a decline during August of 10.4 points. This is an exceptionally low figure. The decline in proThe foregoing relates to the grain crops. The duction for August amounts to 229,000,000 bushels. first official pronouncement on the crops to be made It is necessary to go back to 1901 for a smaller yield following the recent extensive drouth appeared in SEPT. 13 1930.] FINANCIAL CHRONICLE the Government's report on cotton. This was issued at Washington on Monday of the present week. A production of 14,340,000 bales of cotton from this year's growth is now indicated. The latest estimate is based on an indicated condition as of Sept. 1 of 53.2% of normal. The decline in condition during August was nine points, or from 62.2% on the first day of last month. A year ago, on Sept.1 1929, the condition of the cotton crop harvested last year was 55.4% of normal, and the decline during August was no less than 14.2 points. Yet there was no unusual suffering from drouth at that time. The estimate of the crop to be raised was then placed at 14,825,000 bales, while the actual harvest, as based on the ginnings, proved 14,828,000 bales. August is always a precarious month for the cotton crop, and a decline of 10 or 15 points in the condition of the crop is no unusual occurrence. If the drouth this year had any effect on cotton beyond what is ordinarily to be expected in August, there is no sign of it in the latest return. The probable yield per acre is put at 153.2 pounds, against 155 pounds last year and 155.1 pounds the 10-year average. The abandonment of acreage since the July 1 estimate for this year is estimated at only 2.2% as compared with 3.5% the 10-year average covering the same period. Allowing for the abandonment of acreage this year, the area remaining for picking is now placed at 44,791,000 acres. That the production this year may be in excess of the September estimate is not at all improbable, for such was the case in eight of the 10 years prior to 1930, and in two years, 1925 and 1926, the final yields were considerably more than 2,000,000 bales higher than the September estimate. Last year the area harvested was 45,981,000 acres, but the area planted in that year was unusually large, being close to the record of 1926. As to the important cotton States, the condition is reported very low in Louisiana, Arkansas, and Oklahoma, and the decline during August in condition for these three States was quite marked, but was exceptionally heavy in Arkansas and Oklahoma, with a much lower production indicated than last year. Texas shows a slight reduction in condition during August, but still leaving it higher than a year ago and close to the 10-year average. Furthermore, the area left for picking for Texas as of Sept. 1 this year shows an increase over Aug. 1. The estimated production for that State, however, is now somewhat less than was promised a month ago, though considerably above last year's harvest. Picking in that State is now progressing actively, and ginning figures are exceptionally high. There is no telling what the production of cotton in Texas is to be until picking is completed, which not infrequently continues through the winter months into the spring. Some falling off in condition during August occurred in the Atlantic coast States and in Alabama and Mississippi, but the decline was below the average. For most of the States last mentioned production promises very well, especially for Georgia, Alabama and Mississippi. Boll weevil activity, the Department reports, has generally been held in check by the hot, dry weather. The loss this year from weevil promises to be less than in any previous year reported, excepting only 1925, when the reported reduction in yield due to weevil was 4.1%. In the Carolinas weevil are present in considerable numbers, but this is the exception. The crop generally 1605 is maturing and opening quite rapidly, and some unripe bolls are opening prematurely, especially in the central parts of the belt, due to dry weather. Ginnings to Sept. 1 this year are 1,878,253 bales against 1,568,434 bales a year ago, and 956,577 bales in the corresponding period of 1928. Insolvenciel continue very numerous, and the number for August is in excess of the previous record for that month. Total liabilities are also heavy, although in August they are somewhat smaller than for most of the earlier months of this year. The number of mercantile defaults in the United States for the month just closed, as shown by the records of R. G. Dun & Co., was 1,913, involving $49,180,653 of indebtedness; for August a year ago the number was 1,762, and the liabilities P3,746,452. The increase in the number for August of 8.6% over that of last year compares with an increase of 13% for the eight months of 1930 in the comparison with the corresponding period of 1929. In this there is seen some improvement for the month just closed. Furthermore,1,913 insolvencies in August this year compares with 2,028 for July, a decrease of 5.6% for the latest month. Ordinarily commercial failures in August are smaller in number than in July as well as for each of the preceding months back to the first of the year. Such happens to be the case this year, though for August of 1929 there was a small increase over the preceding month. For the eight months of this year commercial failures in the United States numbered 17,712 against 15,686 for the same period in 1929, while the liabilities this year to date of $425,096,153 compare with $298,300,907 a year ago.. The increase for August this year over the report for that month in 1929 applies to both the manufacturing and trading divisions, but as to the indebtedness it is mainly in the first mentioned class that a marked increase is shown. For the month just closed there were 566 manufacturing defaults involving $22,734,635 of liabilities; 1,234 trading failures owing $17,829,159, and 113 insolvencies in the division embracing agents and brokers for $8,616,859. In August of last year the manufacturing defaults numbered 482, involving $13,856,696; trading failures, 1,163 for $16,001,656, and agents and brokers, 117, owing $3,888,100. The increase this year in the liabilities of the latter was also quite heavy, and both in the case of manufacturing concerns and in the third division it was due mainly to a number of large defaults. In the manufacturing class there was quite an increase in the clothing section; also, in that embracing the printing trades and in the leather division. For the lumber manufacturing class a small decrease appears as to the number, but the liabilities in August were heavy as they were a year ago. For the large machinery division, a decrease also is shown this year in the number of defaults, which is likewise true as to the important milling line. In the trading section the clothing division leads most of the other classes in the increase for August, both as to number of defaults and the indebtedness, the same as for the manufacturing lines. Other trading classifications showing a gain for August this year include dry goods dealers, the shoe trades, furniture, hardware, drugs, and hats, furs and gloves. There was a decrease last month in general stores, in grocers, hotels and restaurants, jewelry and books and stationery. Some large failures in the hotel lines, however,added 1606 FINANCIAL CHRONICLE [Vor., 131. materially to the liabilities for that class in the but there also have been 44 new highs for the year. Both are shown in the following: August return. • The large failures in August, that is, those for STOCKS MAKING NEW HIGHS. Railroads-Industrial ifs Miscell. (Concl.)— which the liabilities in each instance amounted to Chesapeake & Ohio Filene's Sons preferred General Motors $5 preferred $100,000 or more, were exceptionally numerous, Industrial and Miscellaneous— Household Finance partic. pref. though the total amount involved in these large Adams Express International Harvester preferred preferred American Can preferred Oil Well Supply Co. defaults, while heavy, was not so large as in August American Machine & Foundry Preferred 1928 or in that month in 1924. Thert were in all American Snuff preferred Philadelphia Co. 6% preferred American Tobacco new w. i. Public Service Corp.of New Jersey— 91 such insolvencies for a total of $28,297,036 for B new w. 1. 6% preferred Preferred 7% preferred the month just closed, whereas a year ago the num- Beatrice Creamery preferred Stand. Gas & El.$6 cum. pr. pref. ber was only 57, involving $13,553,856 of indebted- Bucyrus-Erie preferred (7) Transamerica Corp. Commercial Credit 1st pref.(6M%) Tr -Continental Corp. 6% pref. ness. In August 1928, however, 64 large failures Consolidated Gas preferred Union Bag & Paper Corp. Corn Products Refining preferred United Gas & Improvement pref. were reported, for which the total liabilities were Diamond Match Virginia Elec. & Pow. pref. (6) $38,747,026. The increase this year over August Dome Mines, Ltd. Warren Bros. cony. pref. Duplan Silk West Penn Electric preferred 1929 affects all three classes into which the state- Duquesne Light 1st preferred West Penn Power 6% preferred ment is separated, but is heaviest in the manufacturSTOCKS MAKING NEW LOWS. Indus. and Missal. (Concl.)— ing division; also, in the section embracing agents Railroads— Chicago & Alton Kend all Co.preferred and brokers. Seaboard Air Line preferred Maytag Co. prior preferred Industrial and Miscellaneous— McCrory Stores Class A National Steel Oliver Farm Equipment pref. A The trend of the stock market this week has been Anaconda Wire & Cable Central Aguirre Association Petroleum Corp.of America upward except for a downward reaction on Thurs- City Ice & Fuel preferred Phillips-Jones Corp. Debenham Securities Postal Telegraph & Cable 7% pref. day and Friday. Prices have moved upward in a Firestone Tire & Rubber preferred Pure Oil8% preferred moderate kind of way, the market displaying quite Gen. Gas & El. cony. pref. Series A Revere Copper & Brass Class A Gulf States Steel preferred Shell Union Oil preferred a strong tone both on Saturday last and again on Houdaille-Hershey Class B Skelly Oil Intercontinental Spencer Kellogg & Sons Rubber Monday, and on Tuesday. On Wednesday and International Paper pref.(7%) Thompson (J. R.) Co. Internat. Thompson Products Thursday there was no abatement of the general Paper & Pow. Class B Preferred U.S. Rubber 1st pref. strength, but there was a downward reaction at the International Printing Ink pref. Wright Aeronautical close of the latter. On Friday there was renewed As compared with Friday of last week, prices, strength, but with a drop in the afternoon. The new while irregularly changed, are in most cases moddevelopments of the week have not been of any great erately higher. Fox Film A closed yesterday at importance unless the falling off of 441,851 tons in 49% against 52 on Friday of last week; General the unfilled orders of U. S. Steel Corp. during Au- Electric at 721 / 8; Warner Bros. Pic/ 4 against 721 gust be deemed such. The news seemed to exert no tures at 28% against 31; Elec. Power & Light at influence either on the steel shares or on the general 743 / 4; 4 against 71; United Corp. at 34 against 331/ market. The same may be said of the crop reports Brooklyn -Union Gas at 130% against 126; Amerissued by the Department of Agriculture at Wash- ican Water Works at 95% against 91%; North ington. There have been two such reports the pres- American at 1061/ 4 against 105; Pacific Gas & Elec. ent week. On Monday the Department made known at 60 against 573/4; Standard Gas & Elec. at 1051/ 4 its estimate of the growing cotton crop, and this against 104%; Consolidated Gas of N. Y. at 110 proved in excess of expectation, the trade having against 108%; Columbia Gas & Elec. at 63% against looked for a crop of about 14,000,000 bales, whereas 60%; International Harvester at 78% against 793 / 8; the estimalte made the crop 14,340,000 bales as J. I. Case Threshing Machine at 177 ex-div. against against 14,362,000 bales the estimate Aug. 1, and 187; Sears, Roebuck & Co. at 733 / 4 against 73%; compared with an actual harvest in 1929 of 14,- Montgomery Ward & Co.it37% against 361/ 4;Wool82'8,000 bales. In the grain report, which came on worth at 66% against 64; Safeway Stores at 73 exWednesday, the feature was the further large reduc- div. against 69; Western Union Telegraph at 17V4 tion in the estimate of the corn crop, this being put against 174; American Tel. & Tel. at 216 against 215; at 1,983,000,000 bushels as of Sept. 1 1930 as against Int. Tel. & Tel. at 431/ 8 against 42; American Can 2,212,000,000 bushels Aug. 1, and comparing with at 131 against 130%; United States Industrial Alco2 against 71; Commercial Solvents at 26% 2,622,189,000 bushels the crop liarvested in 1929. hol at 721/ This confirms the damage done to the corn crop by against 27; Corn Products at 91% against 93/ 3 4; the drouth. The estimates on both the oats crop and Shattuck & Co. at 39 against 37%, and Columbia the wheat crop, however, were raised somewhat. All Graphophone at 18/ 3 4 against 181%. this, however, had no effect on the stock market. Allied Chemical & Dye closed yesterday at 280 Call loans on the Stock Exchange have ruled against 277 on Friday of last week; Davison Chemat 21/ 2% all week. ical at 27% against 28%; E. I. du Pont de Nemoura The volume of trading has been on a somewhat at 120% against 119; National Cash Register at larger scale, being in excess of two million shares on 47 against 47%; International Nickel at 2 57 /8 two days of the week. At the half-day session on against 24%; A. M. Byers at 76 against 75; SimSaturday last the dealings on the New York Stock mons & Co. at 27% against 27; Timken Roller BearExchange aggregated 1,409,270 shares. On Monday ing at 69 against 661/ 2; Mack Trucks gt 61 against s; Yellow Truck & Coach at 22 against 23%; they were 2,241,450 shares; on Tuesday, 1,941,910 591/ shares; on Wednesday, 2,481,420 shares; on Thurs- Johns-Manville at 91% against 95; Gillette Safety day, 1,738,640 shares, and on Friday, 1,905,860 Razor at 673 / 8 against 64%; National Dairy Prodshares. On the New York Curb Exchange the deal- ucts at 54% against 55%; National Bellas Hess at ings on Saturday Were 275,500 shares; on Monday, 91/4 against 9; Associated Dry Goods at 37 against 165,500 shares; on Tuesday,445,600 shares; on Wed- 35%; Texas Gulf Sulphur at 58% against 59, and nesday, 552,200 shares; on Thursday, 395,500 shares, Kolster Radio at 3 against 2%. and on Friday, 450,800 shares. No less than 43 The steel shares are not greatly changed. United stocks have recorded new low figures for the week, States Steel closed yesterday at 1701 / against 170% SEPT. 13 1930.] FINANCIAL CHRONICLE 1607 on Friday of last week; Bethlehem Steel at 881/ 4 trade position in Germany shows no great change, against 87%, and Republic Iron & Steel at 351/2 but the comprehensive official statistics of that against 351/ 2. The motor stocks have also held pretty country now show a rapid depletion of stocks of steady. General Motors closed yesterday at 443 / 4 manufactured goods, with some increase of output against 451/ 2 on Friday of last week; Nash Motors already noted in a few lines. In both England and at 34% against 34; Chrysler at 28/ 1 2 against 28; Germany the trade improvement is offset to a degree 2 against 1233 Auburn Auto at 1271/ / 4; Packard Mo- by continued unfavorable reports from the heavy tors at 131% against 13; Hudson Motor Car at 30 industries, particularly steel, which remain slack against 30%,and Hupp Motors at 131/2 against 131%; under a continually weakening price structure. The rubber stocks followed the course of the general The start of business on the London Stock Exmarket. Goodyear Rubber & Tire closed yesterday change Monday also marked the opening of a new at 53% against 52 on Friday of last week; B. F. account, and it was remarked in London advices Goodrich at 221/ 2 against 231/ 8; United States Rub- that the carry-over was one of the most cheerful in ber at 19% against 201/ 2, and the preferred at 37/ 1 2 many months. Business was not heavy, but the trend against 391/2. was firm, with good features in almost all groups. The railroad stocks have held up well, as a rule. International issues were well supported, while Pennsylvania RR. closed yesterday at 731/ 2 against British funds and home rails also were well main74 on Friday of last week; Erie RR. at 411/8 against tained. Rubber shares were an outstanding excep411/ 8; New York Central at 161% against 1631/ 2; tion to the improved tone, as these stocks were deBaltimore'& Ohio at 991/ 4 against 100½; New Haven pressed by a further drop in the commodity. Tuesat 107 against 105%; Union Pacific at 2181/ 8 against day's session at London was irregular and dull, ow2187 / 8; Southern Pacific at 118/ 1 2 against 116; Ins. ing mainly to less favorable advices from New York souri-Kansas-Texas at 41/ 1 2 against 411/ 2; St. Louis. which caused softness in the Anglo-American list. San Francisco at 89 bid against 90; Southern Rail- Gilt-edged issues were firm, however, and rubber way at 857 / 8 against 85; Rock Island at 98 against stocks also improved. Buying again increased per981/2 bid; Northern Pacific at 72 against 73, and ceptibly in Wednesday's session, and the tone was Great Norther], at 77% against 78. steady on the whole. British funds were marked up The oil shares have shown considerable firmness. until shortly before the close, when a slight reaction Standard Oil of N. J. closed yesterday at 70 against appeared. Virtually all the international stocks 691/ 2 on Friday of last week; Standard Oil of Cal. showed gains. Quiet but firm conditions prevailed at 601/ 2 against 60%; Simms Petroleum at 2114 Thursday, with few sharp rises here and there a ocagainst 18½; Skelly Oil at 267 /8 against 27%; At- casioning general cheerfulness. International favlantic Refining at 33% against 331/ 2; Texas Corp. at orites showed the greatest activity and somewhat 517 / 8 against 51; Pan American B at 54 bid against higher levels, but many British industrials also im531/ 2; Richfield Oil at 16% against 1614; Phillips proved. The gilt-edged list was off a little at the Petroleum at 33 against 33%; Standard Oil of N. Y. Start, but recovered later. Price changes were nomiat 31 against 30%, and Pure Oil at 19% against 20. nal in a further quiet session at London yesterday. The copper stocks show only slight changes for Trading on the Paris Bourse was quiet at the the Week. Anaconda Copper closed yesterday at opening, Monday, but here also cheerful conditions 167 /s against 45% on Friday of last week; Kennewere noted with almost all groups showing contincott Copper at 35/ 1 2ex-div. against 84%; Calumet & ued firmness. Closing prices generally were at the Hecla at 131/ 4 against 131/ 8; Calumet & Arizona at best levels of the day. Oil stocks and rubber issues 491/3 against 49%; Granby Consolidated Copper at were exceptions to the better trend, these groups 22 against 22½; American Smelting & Refining moving downward in sympathy with the easing in at 683 4 against 681/ 4, and U. S. Smelting & Refining other markets. A reversal in the general market folat 221/ 8 against 2014. lowed Tuesday, most issues losing their gains of the previous day. This turn in affairs was attributed to Price titnds on the important European stock signs of weakness in some commodity markets and exchanges have been uncertain this week, short upto the timidity of buyers who, it is said, cease operaswings alternating with moderate downward move- tions on the slightest unfavorable symptom. Wednesments at all centers. Business remains on a relatively day's session at Paris was irregular, with the domsmall scate at London, Paris and Berlin, but the inant tone one of weakness. Confidence was lackslight improvement noted in this respect late in ing, notwithstanding better reports from other marAugust and early this month has been maintained. kets, and most groups lost ground. The Bourse Close attention has been paid in all markets to the turned upward Thursday, however, with one or two daily reports from New York, as there appears to be bursts of activity causing a much improved tone. a general expectation that signs of general improve- Cheerful seports from New York were believed to ment will first be noted here. There have been, on have stimulated the buying, and prices closed at the the other hand, some fairly definite indications of best levels of the day. Quiet trading with a firm better trade and industrial returns at the European trend again featured the market yesterday. centers and these did much to dispel the extreme The upward movement of last week was repessirnism that prevailed throughout the spring and sumed on the Berlin Boerse as trading started summer. Steadier commodity prices, with the tion of rubber, occasioned more confidence excep- Monday, with improvemtent general throughout in Lon- the list. Some trading favorites showed sharp ton and this has been enhanced by a slight seasonal advances, but it was remarked in Berlin disexpansion of general trade and improved inquiry for patches that the buying showed speculative shipping tonnage. In Paris financial circles the earmarks with the general public still remaining feeling prevails, reports said, that the economic de- aloof. Tuesday's session was dull and prices sagged premien has method its lowest point, but marked in almost all departments of the market. Some of betterment is not looked for until next spring. The the specialties held their own, but uinedsiness pre- 1608 FINANCIAL CHRONICLE vailed regarding the coming general election and the market as a whole turned soft. The Boerse again showed much unevenness Wednesday, with purchasing orders rather infrequent. The general tendency was easy, but price changes were not important. With the general elections of to-morrow drawing ever closer, traders showed less inclination to making commitments as the week progressed. The Boerse session of Thursday was extremely dull, but prices held firm as liquidation was quite as negligible as the demand. A single feature appeared when shipping stocks moved up on merger reports. The Boerse showed no changes of any significance yesterday. Public discussion of the Briand plan for a system of European federal union was finally launched by high official representatives of 27 European countries in Geneva this week, most of the Foreign Ministers and many Premiers of the continent assem hling in the League city for the purpose Monday. •Consideration of the proposal was begun at a special :meeting held, for convenience, concurrently with the opening of the League Council session and two days in advance of the League Assembly gathering. At the insistence of the Foreign Secretary of Great Britain, Arthur Henderson, only the question of procedure was raised in the special meeting. The debate that followed resulted in a unanimous resolution whereby the entire project was referred to the League of Nations and placed on the agenda of the Assembly. With the matter thus safely inside the League, much in accordance with British views, wider discussion of the plan was started in the current Assembly Thursday, by the French Foreign Minister, who made an impassioned plea in support of the idea which he was the first to espouse off!daily. A warm reference to the plan was thereafter made by Foreign Secretary Henderson, and further discussion is thus assured for the proposal which M. Briand placed before the European governments at a special luncheon in Geneva just one year ago. M. Briand's difficulties with his ambitious project began somewhat in advance of the three-fold assemblage at Geneva this week. Approval of his steps in the matter was first won from the French Cabinet at the customary meeting late last week. Approval of his outline of policy was given by Premier Tardieu and his Ministers, with the reservation that due respect must be exercised for existing treaties. Some incidental support was given the scheme by the European Customs Union, which presented to the delegates of the 27 European nations a fully formulated plan for economic collaboration along the lines suggested by M. Briand. Foremost among the suggestions made, a dispatch to the New York "Times" said, was a plan for the early formation of two strong commissions with broad powers to integrate the internal and external markets of Europe. A preliminary warning that the British attitude as expressed in the London note of July 15 to M. Briand had not changed was, however, issued by Viscount Cecil of Chelwood, causing some concern regarding the success of the plan as outlined by Foreign Minister Briand. Lord Cecil stated emphatically that Great Britain could have nothing to do with any form of European federation unless it was an integral part of the League of Nations and was directed by the Council of the League and the Secretariat. [VOL. 131. After these not entirely auspicious preliminaries, representatives of 27 European nations gathered around the table in Geneva last Monday afternoon and held a three-hour secret discussion of the project. M. Briand is said to have desired a public meeting for the reading of his report in which he summed up the 26 replies received in July to his memorandum of May 17. Mr. Henderson opposed him and won his point. Press dispatches, accordingly, contained little more than a description of the meeting and the text of the resolution that was made public afterward. In the resolution representatives of the European countries took note of the results of the inquiry instituted by M. Briand and expressed their conviction that "close collaboration of European governments in all international activities is of capital importance for the maintenance of peace throughout the world." They were unanimous in their belief that such collaboration should be carried out in complete agreement with the League of Nations and, accordingly, decided to place the question on the agenda of the Assembly. M. Briand was delegated to bring the matter up in the Assembly meeting. Following the secret meeting on Monday, Foreign Minister Curtius of Germany issued a statement to the press in which he gave earnest support "in principle" to the Briand plan. Dr. Curtius revealed that the general opinion of the conference, in addition to the support given the proposal for further discussion in the Assembly, was that a special European committee should be established to study the idea and put concrete proposals before the Assembly in 1931. The long-expected address of M. Briand in support and explanation of his project for a European federal union was made before the entire Assembly, Thursday. Contrary to general expectations his address was a very general one, in which definite suggestions and recommendations were almost studiously avoided. The veteran statesman contented himself throughout his discourse of an hour with arguing the necessity of some closer federal bond among European nations and in asserting emphatically that neither the League of Nations, the United States, nor any other regional or diplomatic group would find it inimical. "I persist in seeing with a profound hope," he told his hearers. He then described vividly the long struggle for a final worldpeace and definitely placed his project for European federation within the scope of these endeavors. With an incidental reference to the desultory naval negotiations between France and Italy, he remarked: "I am quite decided in my desire to seek the day when there will be no more.war." He turned then to what he described as his greatest work for peace—the proposed federation. When he first laid the idea before the world a year ago, he said, he insisted that the federation must take place within the framework of the League. He repeated that it must rest there. "The proposal is now before the world," he continued. "A year's study by the nations of Europe has brought to light, it is true, certain difficulties which were not foreseen at first, but I am satisfied to know from the replies to my memorandum that the response was firm in adherence to the principle of European collaboration." He concluded with a further admonition that his plan was designed to accomplish peace. Foreign Secretary Henderson of Great Britain, who followed with a general address to the Assembly,remarked in the course of his speech SEPT. 13 1930.] FINANCIAL CHRONICLE that M.Briand's exposition was both interesting and eloquent. "The world's economic ills," he added, "could be healed only by international co-operation, and Great Britain will support all means to this end. We hope it will lead to the most practical results which M. Briand hopes to attain." Delegates of 51 nations assembled at Geneva, Wednesday, for the opening session of the eleventh annual gathering of the League of Nations Assembly. A smaller meeting of diplomats preceded this gathering on Monday, when the League Council began its customary September discussions, but since the Assembly has progressively overshadowed the Council in recent years, most attention was directed to the more comprehensive sessions. Moreover, the special meeting of European representatives in connection with M. Briand's plan for a European federation caused a crowding of the Council deliberations into the two mornings of Monday and Tuesday, placing them still further in the background. In the first meeting the Council debated the controversy between the Mandates Commission and the British Government over the 1929 Palestine outbreak, with the result that the Commission was fully upheld in its criticisms of the affair. Tuesday's meeting was almost entirely routine, the only exchange of any importance taking place between Foreign Ministers Briand of France and Curtius of Germany, who discussed withdrawal of 250 railway guards from the Saar basin. This question was again raised in a short Council meeting yesterday, and a decision was reached on this occasion for withdrawal of the remaining French and Belgian forces within three months. The action was taken on the recommendation of Signor Scialoja of Italy. The Assembly session was started Wednesday in an atmosphere of considerable uncertainty, occasioned by the sudden departure for Rome of the Italian Foreign Minister, Dino Grandi. No satisfactory explanation of this step was issued, but a subsequent reference by Foreign Minister Briand of France threw some light on the matter. The initial meeting of the Assembly was devoted, as usual, to the appointment of an Assembly President, the election of commissions, and speeches by the Council representative and the new Assembly head. Cesar Zumeta, Venezuelan representative on the Council, opened the Assembly gathering with a rather gloomy review of the past year. Nicolas Titulescu, Rumanian Minister to London, was elected President of the Assembly, and he started the gathering off with an extremely short speech. He called upon the Assembly to discuss questions of greater moment than any which have hitherto presented themselves, adding in explanation that all countries of the world are faced with difficulties of an economic character. "This is not the time for speeches; this is the time for actions," he said in conclusion. Foreign Minister Briand of France made the first of the formal speeches before the Assembly on Thursday. As already remarked, lie devoted his address almost entirely to a deft intertwining of a plea for peace with his project for a system of Federal union in Europe. Only by means of such a union can peace be maintained on the Continent, he said. A revealing reference to Foreign Minister Grandi of Italy was made by M. Briand, who said, "I have recently been in conversation with a foreign friendly power and I am hopeful of soon completing the agreement 1609 started at London." It was assumed 'in Geneva, in consequence of this comment, that Signor Grandi had returned to Rome to discuss the Franco-Italian naval situation with Premier Mussolini. Foreign Secretary Henderson of Great Britain,. who followed, paid tribute to the Briand plan, but the keynote of his speech was a call for disarmament and the conclusion of a general disarmament treaty in 1931. In direct contrast to the French thesis that security must precede disarmament, Mr.. Henderson declared that "it is vain to hope for security until a general scheme for disarmament is a reality." Security, moreover, was held impossible if cumulative military preparations continue as they are going on to-day. Reference was made by Mr. Henderson to the London naval treaty of 1930, which he described as merely a preliminary step toward the great goal to which the League members should direct their energies. With more specific regard to capital ships, he said: "We hope that agreements will be made before 1936 by which, no more of these monsters of war will ever be constructed." The League members were reminded by the British Minister of their obligations under the League Covenant to accept a general reduction and limitation of national forces by international treaties. Although incurred 11 years ago, the obligation has not yet been honored, he pointed out. As an immediate practical step he urged the Assembly to ratify the amendments for harmonizing the Kellogg-Brian& treaty and the League Covenant. He also stated that Britain is ready to support a treaty for financial assistance to countries that are victims of aggressors in war time. A bewildering and dramatic series of events in Buenos Aires was capped late last Saturday by a sudden overturn of the reorganized civil government of Argentina and establishment in full control of a military junta headed by General Jose Francisco TJriburu. Acting with great speed and apparently with the full consent of the populace, the military opponents of the deposed President, Hipolito Yrigoyen, organized a provisional government with General Uriburu as President. Some disorders occurred Tuesday when the new President took the oath of office, reports indicating that seven persons were killed and about 50 wounded in the rioting, looting and shooting. The actual overturn of the civil government last Saturday also occasioned some brief fighting in which a half-dozen fatalities occurred, but with these exceptions the country re. mained orderly. The new government rapidly consolidated its position and announced a number of steps in the course of this week designed to facilitate the country's quickest possible return to normal conditions. Of primary importance was a statement made by the provisional President, Wednesday, in which he indicated that close co-operation with the United States and close participation in activities of the Pan-American Union were to be keynotes of his administration. This represents a complete volte face from the isolationist policy of Senor Yrigoyen, who left even the important ambassadorial post at Washington unfilled. The developments in Argentina were similar in many respects to those in Bolivia late in June, and in Peru last month, military juntas in every case overthrowing presidents who wielded dictatorial powers with little, if any, popular support. In Ar- 1610 FINANCIAL CHRONICLE [VoL. 131. gentina, however, Senor Yrigoyen had ruled as the Buenos Aires and crowds surging through the result of a general election held in 1928, in which he streets, Dr. Martinez as his first act declared marWas returned as the head of the Radical party by tial law. an overwhelming majority. His downfall, accordThis change had barely been accomplished when, ing to a Buenos Aires dispatch of last Sunday to late the following clay, a great mob of the populace the New York "Times," means the passing from in which soldiers of all ranks participated suddenly history of the old caudillos, or petty chieftains, who swarmed out from neighboring streets and attacked were products of gaucho civilization on the pampas. the government buildings. A small loyal military "Dr. Yrigoyen is the last of the caudillos," the report force put up a brief resistance, but they were quickly said. "Although he is a town man rather than a overwhelmed by the crowd. The fighting resulted gaucho, he is one of the most characteristic caudillos in a few casualties. Dr. Martinez and his Cabinet in Argentina's history. His leadership has always held an extraordinary meeting and resigned their been arrogant and personal. The Radical party has offices when it appeared that the forces arrayed never had a platform; it was organized around Dr. against them were irresistible. Senor Yrigoyen, Yrigoyen as its personal leader and his word was the Dr. Martinez and the other representatives of the party's law. -Dr. Yrigoyen's psychological mistake deposed Radical party disappeared. The mob then was his failure to recognize the fact that Argentina's turned its attention to the offices of "La Epocha," political evolution had carried it out of the caudillo • Government newspaper and headquarters of the era. He attempted to rule his country as he had Radical party, destroying the plant completely by ruled his party, and his country repudiated him." fire after a little additional fighting. Student riots General Uriburu and his associates in the pro- and reports of an army revolt accompanied these visional regime now established are said to repre- manifestations, and the excitement mounted to fever sent the wealthy landowners who as the Conserva- height when army airplanes dropped a shower of tive party had ruled Argentina from the downfall proclamations over the city calling for the overof Dictator Rosas until the first election with a throw of the Yrigoyen-Martinez Government. secret ballot under the Saenz-Pena law carried Dr. Within a few hours a wireless telephone report to Yrigoyen to the Presidency for his first term 14 years the New York "Times" said, the crisis seemed to ago. A number of civilians who were given high have passel completely, and the city was again quiet. office in the provisional regime because they aided General Uriburu was in full control of the capital the coup d'etat are all described as conspicuous for city, with the complete support of the Argentine their wealth, aristocratic birth and conservatism. Navy, commanded by Admiral Alberto Storni. "General Uriburu himself comes from an old wealthy "After the triumph of the revolution," a further family," the "Times" dispatch said. "Vice-President report to the "Times" said, "General Uriburu adEnrique Santa Marina comes from an old aristo- dressed the crowd from one of the balconies of the cratic land-owning family. Matias Sanchez So- Presidential palace, telling the Argentine public rondo, Minister of the Interior, is a prominent attor- that the solution of their present situation lies in ney whose clients are wealthy cattle raisers. En- the Saenz-Pena election law, that the army had rique Perez, Minister of Finance; Ernesto Padilla, completed its work when it overthrew a government Minister of Public Instruction; Ernesto Bosch, Min- which had become unconstitutional, and that it was ister for Foreign Affairs, and Horacio Becca Varella, now up to the voters to choose the government they Minister of Agriculture, are all men of wealth, mov- want." ing in exclusive society and representing the conA point of exceptional interest arose in connection servative landed interests." with the strict censorship promptly established by The final overturn last Saturday followed two the new regime at cable and telegraphic offices to weeks of uncertainty and excitement, during which prevent news from being sent abroad or to the Senor Yrigoyen and his close circle of Radical party interior of Argentina. Full reports were, nevertheassociates took extreme precautions against vio- less, made available in the columns of the New York lence. Reports of impending revolution were nu- "Times" and other newspapers by means of the wiremerous in this period, as armed guards were posted less telephone, which the censor in Buenos Aires everywhere about the Government buildings and the completely overlooked. The revolution, according residence of Senor Yrigoyen, while a fleet of war- to such accounts,"spread like a pampas fire throughships gradually was assembled in the harbor. In out the Republic." Intense popular enthusiasm was the absence of definite information these steps were said to have been displayed everywhere, from the also attributed from time to time to rumored at- Atlantic to the Andean frontier, and far up in the tempts on the life of the President. Arrests were northern part of the country. No serious disorders finally made in great numbers among the officers were reported in any of the 14 States, as partisans of military units stationed in the city, giving the of the deposed President laid down their offices first definite indication of the trend of events. Dis- without a struggle. The Uriburu Government sension in Senor Yrigoyen's Cabinet was shown by promptly began to replace the civil governors of the resignation of the Minister of War, General Del- the States with army and navy officers, who were lepiane. The final act in the drama began on Sept. 5, specifically charged to maintain rigid order. Some when the President retired from office in favor of uncertainty developed regarding the whereabouts his Vice-President, Enrique V. Martinez. This step of Senor Yrigoyen, but it finally appeared that he was at first reported as a definite resignation, but had dashed from his home in a motor car which was United States Ambassador Robert Woods Bliss in- intercepted in the city of La Plata, not far from formed Washington last Saturday that authority had the capital. Senor Yrigoyen was led into an army merely been delegated to the Vice-President on ac- barracks and he speedily wrote out a brief resignacount of the ill-health of the 80-year-old President, tion. He was told that because of his resignation leaving the latter free to resume office if he should and the state of his health he was no longer a prissee fit to do so. With excitement mounting in oner, but he elected to remain in the barracks until SEPT. 13 1930.] FINANCIAL CHRONICLE 1611 Thursday, when he left the country on a warship Washington felt gratification at the overtures of the new regime was also made clear, and it was for a voluntary exile. Formal inauguration of the provisional President remarked unofficially that recognition had probably was accomplished Tuesday, and it occasioned an been hastened by the friendly expressions. The extraordinary demonstration by 250,000 Argen- State Department announced that the Buenos Aires tinians who assembled in the center of the city to Government had formally notified Ambassador Bliss witness the event. "A national holiday was declared of the change in government in a note in which the in honor of the occasion," a dispatch to the New Argentine Foreign Office declared that it "ii the York "Times" said, "and the streets were thronged purpose and desire of the provisional government to with singing, cheering multitudes, shouting their maintain and develop as far as possible the cordial loyalty to the new government. They set up a roar- relations which happily unite the Argentine Repubing cheer for the new President'as he came out upon lic with the nation that you so worthily represent." the balcony, and then listened silently as he took the One of the most reassuring developments in the oath." While the capital was in the midst of the Argentine situation was the speedy extension of celebration that followed, shooting began again in financial support to the new regime both at home and the center of the city, some reports attributing this abroad. A short-term loan of 50,000,000 paper pesos to a small counter-revolution, while others said that was floated in Buenos Aires, Wednesday, according it arose from the efforts of over-zealous celebrants to a United Press dispatch, and the sum asked by and was continued through error. Officials of the the Cabinet was immediately over-subscribed. Every new Government declared the firing was done by one of the 27 banks in the capital participated in the roving bands of armed enemies of the new regime flotation, the report said, and from this source alone A few houses were set afire in different parts of the 85,000,000 paper pesos were made available. The city, and this, together with the shooting, caused subscription was made through the Banco Provincia, Intense excitement. Soldiers were quickly dis- and it was announced that more money would be tributed throughout the city, and order was restored offered if it was requested by the Government. The by morning. In the confusion, however, some loot- interest rate on this loan is 5%, while the maturity ing occurred and two of the looters were captured is six months. In a report of the same day to the and shot Wednesday morning. It was emphatically New York "Times," it was revealed that a group of denied that these executions were of a political char- American and British bankers joined with the Aracter. A new decree strengthening the state of mar- gentine financiers in arranging this transaction. tial law throughout the country was issued promptly Among the important foreign banks that offered therefore. A stricter censorship, including the funds are said to be the National City Bank of New wireless telephone, also was established. York, the First National Bank of Boston, the Royal A statement of his aims and principles was made Bank of Canada, the Bank of London and South by the new President of Argentina to the Associated Amerioa, and the Anglo-South American Bank. A Press, Wednesday, many of the remarks being de- dispatch to the "Times" sent by way of Montevideo voted to the international aspects of the political made the interesting disclosure that a run had develoverturn. General Uriburu placed much weight on oped at the Bank of the Nation in the last days of his desire for friendly intercourse with the United Senor Yrigoyen's regime following statements that States. "I desire my Government," he said,"to estab- the deposed President had borrowed 150,000,000 lish friendly and mutually adventageous relations pesos in two years, of which more than 100,000,000 with the United States and shall name an Ambassa- was illegally lent to the Government. When the bank dor to Washington the instant that the United opened for 'business Tuesday, it was added, an unStates recognizes the new Government." Other precedented crowd of depositors assembled and American republics could depend on Argentina's placed funds in the institution to show their conwhole-hearted participation in the program of the fidence in it and in the new regime. Trading on the Pan-American Union, he continued, but he was not Buenos Aires Stock Exchange and in the grain marprepared to say whether his Government would kets, moreover, was said to reflect a confidence not resume active participation in the League of Nations. shown by operators in many months. General Uriburu disclaimed emphatically any aspirations to a political career. "After three days Although the Argentine revolt was by far the in this office," he said, "I am wondering what important development in Latin America this most there is to public office that makes politicians strive week, numerous reports of disturbances also emato gain it." The single aim of his Government, he nated from other countries. These reports took the declared, would be to reform the country's political form not only of vague rumors, but in some cases of structure, taking power from the hands that have official statements regarding plots, while in one held it heretofore. He indicated that the reforms instance important Cabinet shifts resulted. In Peru will make it impossible for any party to entrench and Bolivia, where military juntas have overturned itself in office so firmly that it can dominate all the respective civil governments in recent months, other groups. "When we have brought into being conditions remained quiet with the military regimes such a State," he said, "the military will retire." exercising strict control. Three Americans who In Washington these events were followed with were held by the successful revolutionaries in Peru the closest attention, but the State Department de- were all released this week, clearing the interclined to discuss the question of diplomatic rela- national atmosphere perceptibly. Former President tions with the new Government. It was pointed out, Augusto B. Leguia remains under hospitalized however, that in general the United States prefers arrest, as he is seriously ill with a nervous breakto wait until a government has been elected by the down. In Bolivia, where the upset occurred late people or until a new government has demonstrated in June, plans are under way for the Presidential that it is in control of a country and is prepared election next January. The Republican party in to observe all proper international obligations. That that country is the only one in the field so far, 1612 FINANCIAL CHRONICLE and no serious opposition to its slate is expected. Daniel Salamanca,a well known financial authority, is the head of the ticket. Some unrest still prevails, however, and martial law was announced in the capital early this week. Rumors of revolt in Brazil have been current for several weeks, but all the reports have come by way of neighboring countries. Official statements were issued by the Rio de Janeiro Government last week and again early this week denying the reports of a precarious political situation and giving assurances of order and stability. In Cuba attempts have been made to organize plots for overthrow of military garrisons as forerunners of a more general military revolt, according to Havana reports. Martial law was declared in the city of Palma Soriano, Oriente Province, Monday, in order to frustrate one of these plots. Panama also has been visited by some disturbances, but the atmosphere in that country cleared to some degree last Monday when the resignations of three Cabinet members were announced. The remaining members of the Cabinet handed their resignations to President Arosemena, Tuesday, and the latter began the task of forming a new Cabinet more in sympathy with the aims of the present regime. [vorl.131. the full correspondence between the British Raj and the imprisoned Nationalist leader was promptly published by the erstwhile peacemakers, Sir Tej Bahadur Sapru and Mr. jayakar. The two Moderate envoys admitted that their peace efforts ended in complete failure. The Nationalist leaders, Mr. Gandhi, the Pandits Molllal and Jawarhalal Nehru, Vallabhai Patel and Mrs. Sarojini Naidu, drafted demands in conferences at Yerovda prison in which they called for a full national government, responsible only to the people of India, and with the right to secede at any time from the British Empire. In addition, they stipulated that the government should have control of defense forces as well as full economic control, that it be given the right to refer to an independent tribunal such British claims and concessions, including the Indian public debt, which seemed to them unjust, and that political prisoners not found guilty of violence should be released and their confiscated property restored. The Nationalists left the question of representation at the Londay round-table conference on India to be decided after these "preliminaries" had been agreed to by the Viceroy. Lord Irwin, however, dismissed the proposals as "impossible," saying that "no useful purpose can be served by any attempt to deal with the suggestions in detail." The prospects of the Indian conference are thus considerably dimmed, the London "Times" remarking last Saturday that the Hindu politically-minded classes in British India will be under-represented in London without the Nationalist Congress leaders. Announcement ,was made at London Wednesday that the conference will open at St. James's Palace on Oct. 20, with a Indians of all religions and all parties except the Nationalist Congress present. No invitations were extended to the imprisoned leaders of the civil disobedience campaign. The gathering is expected to last about three months. Reliable estimates of the fearful losses sustained by the city of Santo Domingo in the hurricane of last week were finally made available Thursday, more than a week after the destructive storm swept over the Caribbean city. With roads and communications clogged, and water, food and medical supplies all desperately needed, attention has been directed by innumerable relief agencies to the task of rendering primary aid. The damage was confined almost entirely to the capital, but that city of 45,000 inhabitants was wiped almost out of existence. A Government survey showed that approximately 2,700 are dead from the hurricane, while 8,000 are injured. Among the latter are said to be 1,000 gangrene cases. Property loss was estimated at $20,000,000 to $25,The National Bank of Austria on Tuesday lowered 000,000. Several urgent pleas for aid were made its discount rate from 53/2% to 5%. The higher by the President of Santo Domingo, Rafael Trujillo, rate had been in effect since May 23. Other than who said, eloquently: "We are in need of every- this, there have been no changes in the discount thing." Almost 90% of the city was destroyed, he rates of any of the central banks during the week. said, while incineration of the victoms was necessary Rates remain at 6% in Spain; at 53'% in Austria, owing to lack of time to bury them. Airplanes wen Hungary, and Italy; at 43/2% in Norway; at 4% in the first to speed relief to the stricken city, squad- Germany,Denmark,and Ireland; at 33/2% in Sweden; rons loaded to capacity with vaccines, antitoxins at 3% in England and Holland, and at 23/2% in and other medical supplies flying swiftly over from France, Belgium, and Switzerland, In the London San Juan, Havana, Port-au-Prince and from a num- open market discounts for short bills yesterday were ber of airports on the American coast. A small 2 1-16%, the same as on Friday of last week, while fleet of relief ships bearing doctors, nurses, pro- three months bills were 2 1-16@23/ 8% also the same visions and funds began to arrive at the capital early as on the previous Friday. Money on call in London this week, and the enormous task of feeding and yesterday was 13/8%. At Paris the open market helping the people was promptly organized by the rate continues at 23/2%, but in Switzerland there several Government agencies and by the crews of has been a reduction from 1 11-16 to 1 9-16%. foreign warships in the harbor. Some prominence was given to a suggestion, Wednesday, that a moraThe'Bank of England statement for the week torium be declared on the international obligations ended Sept. 10 shows a gain of £1,052,223 in gold of the Republic, but President Trujillo promptly holdings and a contraction of £1,656,000 in circuannounced that he had "the firmest intentions of lation. Reserves, therefore, rose £2,708,000. The seeing that the service of our debt be fulfilled with Bank's bullion holdings now aggregate £156,573,751 strict punctuality." It was indicated Thursday that as compared with £137,392,581. Proportion of plans are under way for the raising of an emergency reserves to liabilities is now 50.07% as against loan of about $3,000,000 in the United States. 47.77 a week ago, and 27.72% a year ago. Public deposits increased £1,096,000 while other deposits Negotiations in India for cessation of the cam- fell off £740,920. Other deposits consist of bankers' paign of civil disobedience to British rule were sus- account and other accounts. The former decreased pended by Viceroy Lord Irwin late last week, and £261,391, and the latter £479,529. Loans on govern- FINANCIAL CHRONICLE SEPT. 13 1930.] ment securities dropped £1,970,000, and those on The latter includes other securities 077,537. discounts and advances which decreased £459,695 and securities which increased £82,158. The rate of discount remains 3%. Below we give a comparison of the various items for five years: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1929. 1928. 1927. 1930. 1926. Sept. 14. Sept 11. Sept. 12. Sept. 10. Sept. 15. a361,326.000 Circulation 9,013,000 Public deposits 101,303,231 Other deposits Bankers' accounts 67,166,323 Other accounts_ - 34,136,908 Governm't securities 48,431,247 27,411,081 Other securities- _ Diset. & advances 5,769,699 Securities 21,641,382 Reserve notes & coin 55,247,000 Coin and bullion. _A56,573,751 Proportion of reserve to liabilities 50.07% Bank rate' 3% 364,958.000 14,010,000 102,971,000 66,458,288 36,512,838 75,686,855 27,173,600 3,457,467 23,716,133 32,432,000 137,392,581 27.72% 5% 134,607,000 136,102,470 139,454,765 13,073,000 11,730,294 14,242,391 98,886.000 100,112,029 103,418,570 27,145,000 51,254.031 33,030,473 41,396,000 44,164,070 68,765,469 61,728,000 34,707.313 36,145,442 176,584,789 151,059,783 155,850,207 55.13% 414% 31.03% 4i-5% 30.20% 5% a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note issues adding at that time £234,199,000 to the amount of Bank of England notes outstanding. The Reichbank's statement for the first week of September showed a decrease in note circulation of 221,238,000 marks, reducing the total of the item to 4,486,210,000 marks. Circulation a year ago aggregated 4,602,590,000 marks and the year before 4,453,744,000 marks. Other daily maturing obligations and other liabilities declined 47,235,000 marks and 412,000 marks respectively. The asset side of the account reveals a loss in gold and bullion of 36,000 marks, in bills of exchange and checks of 157,580,000 marks, in advances of 155,164,000 marks and in silver and other coin of 697,000 marks, while deposits abroad and investments remain unchanged. The total of gold held by the Bank now stands at 2,618,903,000 marks, compared with 2,183,343,000 marks last year. An increase appears in reserve in foreign currency of 23,067,000 marks, in notes on other German banks of 9,475,000 marks and in other assets of 12,875,000 marks. Below we furnish a comparison of the various items for the past three years: REICHSI3RN3C'S COMPARATIVE STATEMENT. Changes Sept. 6 1930. Sept. 7 1929. Sept. 7 1928. for Week. Rrichsmarks. Retehsmarks. Reid smacks. Retehsmark,. Assets— 36,000 2,618,903,000 2.183,343,000 2,269,696.000 Gold and bullion Dec. 149,788,000 149,788,000 Unchanged Of which dem,.abr'd_ 85,626,000 Res've in torn cum Inc. 23,067,000 392,108,000 320,296,000 180,046.000 Bills of exch.& checks.Dec. 157,580,000 1,571,806,000 2,518,236,000 2.394,212,000 Silver and other coin _ _Dec. 697,000 148,439,000 114,438,000 87,857,000 13,914,000 Notes on oth.Ger. bks.Inc. 9,479,000 13,009,000 17,295,000 Advances 57,007,000 52,190.000 Dec. 155,164,000 45,413.000 102,677,000 Investments Unchanged 92,755,000 93,819,000 Other assets Inc. 12,875,000 668,097,000 575,308.000 520,587.000 MN/fifes— 221,238,000 4,486,210,000 4.602,590.000 4,453,744,000 Notes in circulation_ Oth.dally matur.oblig.Dec. 47,235,000 368,396.000 471.409,000 509,134,000 Dec. 412,000 225,023.000 352,980,000 243,053,000 Other liabilities The Bank of France statment for the week ended Sept. 6 shows a gain in gold holdings of 236,093,875 francs, raising the total of the item to 47,477,717,185 francs. Gold a year ago amounted to 39,006,474,790 francs and the year before to 30,426,061,605 francs. French commercial bills discounted reveal a loss of 1,518,000,000 francs and creditor current accounts of 922,000,000 francs while advances against securities went up 104,000,000 francs. Notes in circulation record a large decrease, namely 2,004,000,000 francs, reducing the total of the item to 71,672,512,205 francs, as compared with 65,780,898,125 francs at the corresponding week a year ago. Credit balances abroad fell off 5,000,000 francs whereas bills bought abroad gained 4,000,000 francs. A comparison of the various items for the past three years is furnished below: BANK OF FRANCE'S Changes for Week. Francs. Gold holdings__ _the. 236,093,875 Credit bals. abr'd _Dec. 5,000.000 French commercial bills discounted _Dec.1518,000,000 Rills bought abr'd _Inc. 4,000,000 Adv. Mt. secure. _Inc. 104,000,000 Note circulation_ .Dec2004,000,000 Cred. curr. accts.. Dee.922,000,000 1613 COMPARATIVE STATEMENT. Status as o Sept. 6 1930. Sept. 7 1925. Sept. 8 1928. Francs. Francs. Francs. 47,477,717,185 39.006.474,790 30,426,061.605 6,832,683,987 7,229,597,530 14,005,063,226 4,845,601,555 18,740,908,432 2,835,783,102 71,672,512,205 16,921.138.977 8,058,754,586 18,562,096,507 2,480.657.402 65,780,898,125 19,185,458.002 3,272,652,554 17,992,434,993 2.014.693.171 60,752.951,030 16,119,054,964 Money rates in the New York market showed no deviations of any importance from previous levels this week. The official rate for call money on the Stock ExChange was 23/2% throughout, but progressively greater offerings were reflected in the unofficial "Street" market where overflow funds were placed at widening concessions. Withdrawals by the banks of approximately $25,000,000 Monday prevented any outside offerings of call money, but a concession of 1A% or a rate of 2% was named Tuesday and maintained Wednesday despite further withdrawals of $15,000,000. Still greater ease was apparent in the Street trading Thursday and again yesterday, funds being available in both sessions at 1%%. There were several occurrences during the week which convinced money brokers that a termination of the present period of extremely easy money is not yet in sight. Most important of these was a Treasury offering, announced Monday, of $325,000-, 000 one-year certificates of indebtedness with a coupon of only 2/%. Subscriptions received totaled almost four times the offering. Both the Dallas and Minneapolis Reserve Banks, moreover, reduced their rediscount rates to 33i% from the previous level of 4%. With the exceptions of the 23'% New York rate and the 3% Boston level, all Reserve Banks are now quoting 33%. Brokers' loans registered an increase of $33,000,000 in the statement of the Federal Reserve Bank of New York covering the week ended Wednesday night. The gold statement of the bank for the same period showed exports of $3,000,000 to Canada, and imports of $2,354,000 from Latin American countries. No net change was reported in the stock of gold held earmarked for foreign account. Dealing in detail with the call loan rate on the Stock Exchange from day to day, all loans every day of the week have been at 23'%, this including renewals. The demand for time money has shown little or no improvement during the week, Occasional transactions of minor importance have been reported but the aggregate business has been small. Rates for 30 day loans were marked up on Wednesday from 2@23.1.% to 23'i.@23/2% and the rate for 60-day bills from 234@23'% to 23/2@2%%. Quotations are now 234.Q23/2% for 30 days; 23'@2%% for 60 days, 23/2©2%% for 90 days, 2%@3% for four months, and 3@33'% for five and six months. Prime commercial paper has continued in active demand throughout the week but the supply was generally inadequate to meet requirements. Rates are unchanged, extra choice names of four to six months' maturity being quoted at 3%, while names less well known are offered at 334.0g33'%• The market for prime bank acceptances continued active, but transactions were somewhat curtailed by the limited supply of paper available. The 12 Reserve Banks further increased their holdings of acceptances during the week from $170,395,000 to $193,120,000. Their holdings of acceptances for foreign correspondents further declined from $459,830,000 to $458,450,000. The posted rates of the 1614 FINANCIAL CHRONICLE American Acceptance Council continue at 2% bid and 1-A% asked for bills running 30 days, and also for 60 and 90 days; 23/8% bid and 2% asked for 120 days, and 2V% bid and VA% asked for 150 days and 180 days. The Acceptance Council no longer gives the rates for call loans secured by acceptances, the rates varying widely. Open market rates for acceptances also remain unchanged, as follows: [VoL., 131. refrain from taking positions either way. The extent of the autumn strain upon sterling depends largely upon whether the necessary financing of grain and cotton is done through the London or the New York markets. It has been generally supposed that the financing would again be effected largely through the New York bill market, due to the lower rates available here. SPOT DELIVERY. By this means pressure against sterling exchange is —180 Days— —160 Daps— —120 Days— Bid. Asked. Bid. Asked. Bid. Asked. spread Prime eligible bUis over a longer period of time and the unfavor254 254 214 254 214 2 —90Days-- —80Days-- —30Days— able effect upon the exchange is lessened as the Bid. Asked. BM. Asked. Bid. Asked. Prime eligible bills 2 134 2 134 2 134 demand for dollars is more gradual. Some authorFOR DELIVERY WITHIN THIRTY DAYS. ities assert, however, that while there are few cotton Eligible member banks 254 bid Eligible non-member banks 254 bid bills coming out in the New York market most of the grain shipments are being paid for in London. Both the Federal Reserve Board of Dallas and the Should this condition continue, sterling will be subReserve Board of Minneapolis this week lowered jected to considerable strain. However, some banktheir rediscount rates from 4% to 33/2%;in the case of ers state that several large grain credits are 'being the Dallas Bank the change was announced Sept. 8, negotiated in New York. Sterling is firmer with effective Sept. 9, while the lowered rate of the Min- respect to French francs, with the result that the neapolis Bank was announced Sept. 11, effective Bank of England's gold holdings seem to be no longer Sept. 12. All of the Reserve Banks now maintain a threate ned from this quarter, although the Bank of 332% rate except Boston, where the rate is 3%, and England is unable to absorb any of the gold offered New York, at which bank the rate is 23'7o. in the open market. Most of the open market gold There have been no other changes this week in the continu es to go to Paris as during the pastfew months, rediscount rates of the Federal Reserve Banks. The while occasional shipments are made to Switzerland. following is the schedule of rates now in effect for the This week the Bank of England shows an increase various classes of paper at the different Reserve in gold holdings of £1,052,223, the total standing at Banks: £156,57 3,751. The Bank's gold holdings are now DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES £19,181,170 greater than at the beginning of the AND MATURITIES OF ELIGIBLE PAPER. autumn pressure against London a year ago. On Rate in Federal Reserve Bank. Effect on Dale Precious Saturda y the Bank of England sold £27,960 in gold EstaNished. Sept.11. Rate. bars and exported £4,000 in sovereigns. On MonBoston 1030 July 3 3 3t1 New York 2June 20 1930 3 day the Bank sold £1,730 in gold bars. On TuesPhiladelphia July 3 1930 354 4 Cleveland Jene 7 1930 3'4 4 day the Bank sold £39,117 in gold bars and exported Richmond July 18 1930 3 ti 4 Atlanta July 12 1930 3,4 4 £3,000 in sovereigns. There was £560,000 South Chicago June 21 1930 355. 4 St. fouls 354 Aug. 7 1930 4 African gold available in the London open market Minneapolis Sept. 12 4 1930 33•4 Kansas City Aug. 15 1030 4 354 on Tuesday, of which £484,000 was taken for shipDallas 4 Sept. 9 1930 354 San Francisco Aug. 8 1030 3 ti 4 ment to France, and £77,000 was absorbed by the trade and India. The price of the metal was 84s. Sterling exchange is dull and irregular, somewhat 11%d. On Wednesday the Bank of England sold under pressure, and ruling lower than in several £3,439 in gold bars. On Thursday the Bank bought weeks. The range this week has been from 4.85 23-32 £1,623 in gold bars, received £226,500 in sovereigns to 4.86 3-16 for bankers' sight bills, compared with from abroad, released £400,000 in sovereigns, and 4.86 to 4.86% last week. The range for cable transsold £8,600 in gold bars. On Friday the Bank fers has been from 4.85 29-32 to 4.86 11-32, compared bought £19 foreign gold coin, released £250,000 in with 4.86 3-16 to 4.86% a week ago. Sterling is now sovereigns,sold £29,603 gold bars and exported £5,000 definitely inclined to go below dollar parity. The sovereigns. weakness in exchange at this time is strictly in acAt the Port of New York the gold movement for cordance with seasonal trends, with increasing re- the week ended Sept. 10, as reported by the Federal quirements in London and on the Continent for Reserve Bank of New York, consisted of imports dollar exchange to meet import payments. The of $2,354, 000, of which $1,300,000 came from easier trend is sharply accelerated by the decrease in Urugua y, $1,000,000 from Venezuela, and $54,000 tourist demands, which will cease entirely by the end chiefly from other Latin American countries. Exof September. Present ruling rates compare with ports totaled $3,000,000 to Canada. There was no the high for the year,reached in January, of 4.88 1-16 change in hold earmarked for foreign account. In for cable transfers and with the low of 4.85 11-16. tabular form the gold movement for the week ended The foreign exchange market is watching the course Sept. 10, as reported by the Federal Reserve Bank of New York money rates closely. For the past of New York, was as follows: several weeks London bill rates have been gradually GOLD MOVEMENT AT NEW YORK,SEPT.4-SEPT.10 INCLUSIVE. sinking to lower levels, while there has been little Imports. Exports. change in the position of New York. Should the $1,300,000 from Uruguay. 83,000,000 to Canada. 1,000,000 from Venezuela. seasonal improvement in business in the fall be 54,000 chiefly from other Latin accompanied by the firming of local money rates, $2,354,00 American countries. 0 total. $3,000,000 total. there would be an adverse effect upon sterling. At Net Change in Gold Earmarked for Foreign Account. present, however, there are no indications of an None. appreciably higher money market in New York. On Thursday an additional $1,000,000 gold was There seems to be considerable difference of opinion withdrawn from New York for shipment to Canada. concerning the effect the movement of grain and On Sept. 8 and 9, $1,530,000 gold was received at cotton will have upon sterling and traders as a whole San Francisco from Japan. SEPT:13 1930.] FINANCIAL CHRONICLE Canadian exchange continues at a premium. From Saturday to Tuesday Montreal funds were at 9-64 of 1% premium; on Wednesday and Thursday at 5-32 of 1% premium, and on Friday was again 9-64 of 1% premium. Present shipments of gold to Canada bring the total to $21,500,000 since the first shipment was made on July 22. It is thought that further shipments may be made within the next few days. Canadian grain is moving well, creating a demand for Canadian dollars. Referring to day-to-day rates sterling exchange on Saturday last eased off. Bankers' sight was 4.85 13-16@4.86; cable transfers 4.86 1-16@4.86%. On Monday sterling was steady. The range was 4.853'@4.86N for bankers' sight and 4.861 / s® 4.86 9-32 for cable transfers. On Tuesday sterling was firm. Bankers' sight was 4.86®4.86 3-16; cable transfers 4.863@4.86 11-32. On Wednesday the market was irregular. The range was 4.86 1-32® 4.861/i for bankers' sight and 4.86 7-32®4.86 5-16 for cable transfers. On Thursday the market continued irregular. The range was 4.853'@4.86 1-16 for bankers' sight and 4.86 1-16@4.863 for cable transfers. On Friday sterling was again weak, the range was 4.85 23-32@4.85 13-16 for bankers' sight and 4.85 29-32@4.86 for cable transfers. Closing quotations on Friday were 4.85 13-16 for demand and 4.86 for cable transfers. Commercial sight bills finished at 4.85 11-16, 60-day bills at 4.83 11-16, 8, documents for payment, 90-day bills at 4.823/ (60 days) at 4.83 11-16, and seven-day grain bills at 4.853. Cotton and grain for payment closed at 4.85 11-16. Exchange on the Continental countries is on the whole fractionally easier than last week, though showing no such weakness as has developed in sterling. As in the case of sterling, present ruling rates for all the Continental exchanges are following the seasonal trends which appear with the beginning of autumn payments for imports of grain, meat, cotton, and other raw materials. All the Continental currencies alike feel the sudden cessation of tourist requirements, while at present bankers state that there is an increased demand for dollars owing to the improvement in the security markets on this side, and that there is some repatriation of American investment money from London and Berlin. French francs are definitely easier and bankers expect a complete cessation of the gold flow from New York to Paris. French takings of gold in this market have been the feature of the year's gold movements. In July and August France took approximately $65,300,000 gold from New York. The French balance of trade changes with the approach of autumn, and import surplus tending to reduce the quotation of the franc. French balances abroad, however, are so large that it is regarded as unlikely that the import balance will result in much pressure on French exchange, and there is even some possibility of renewed imports of gold into France at the end of each month when special needs for funds arise in France. Only $3,500,000 gold went to France from New York in connection with the Sept. 1 requirements for funds within France and it is thought in foreign exchange quarters that succeeding months this year may see more such small shipments. This week the Bank of France shows an increase in gold holdings of $236,000,000 francs; the total standing at 47,- 1615 477,000,000 francs as of Sept. 5, which compares with 39,006,000,000 francs a year ago and with 28,935,000,000 francs reported in the first statement of the Bank following stabilization of the unit in June 1928. The Bank's ratio of • gold to reserves stands at 52.53%, compared with 45.91% a year ago and with the legal requirements of 35%. German marks are relatively steady. Money is in great abundance in Germany and there is no request for American or other foreign credits. The market is watching the outcome of the German elections which take place on Sunday, when the whole membership of the Reichstag will be voted on. It is understood that American short term credits outstanding in Germany approach $5,000,000,000, much of which will be refunded by means of long-term bonds as soon as market conditions warrant. If the complexion of the new Reichstag is conservative, the credit of Germany will be much improved, and conversely, radical control of that body will delay the time when German bonds can be floated successfully here on a large scale. The general opinion in Berlin is that the credit situation favors a further reduction in the official rediscount rate, but President Luther of the Reichsbank maintains that such a reduction would cause an outflow of foreign funds, which would be unfavorable to the exchange market. It is therefore practically certain that no reduction will be made. On Tuesday the National Bank of Austria reduced its rediscount rate from 532% to 5%. The London check rate on Paris closed at 123.76 on Friday of this week, against 123.78 on Friday of last week. In New York sight bills on the French 4 on Friday center finished at 3.92 9-16, against 3.923 of last week; cable transfers at 3.92 11-16, against / 8, against 3.92%; and commercial sight bills at 3.923 3.923. Antwerp belgas finished at 13.933' for checks and at 13.943 for cable transfers, against 13.953 and 13.963'. Final quotations for Berlin marks were 23:81 for bankers' sight bills and 23.82 for cable transfers, in comparison with 23.81 and 4for bankers' sight 23.82. Italian lire closed at 5.233 bills and at 5.233/i for cable transfers, against 5.233 4 and 5.233/8. Austrian schillings closed at 14.12, against 14.133; exchange on Czechoslovakia finished 4, at 2.96%, against 2.96%; on Buckarest at 0.593 11.223/ 2, 11.223', against at against 0.593';on Poland against 2.519. Greek 2.51%, and on Finland at exchange closed at 1.29% for bankers' sight bills and at 1.29% for cable transfers, against 1.29 7-16 and 1.29 11-16. Exchange on the countries neutral during the war in sympathy with sterling and the major Continentals is fractionally lower, although fluctuating within narrow limits. The lower ruling rates for the neutrals are of course seasonal and result from much the same causes as affect sterling, francs, and marks. Exchange on Amsterdam, while ruling lower with the beginning of seasonal pressure, fluctuates within very narrow limits although bankers report some transfers of Dutch funds to the New York and London security markets, a circumstance which should have an adverse effect on guilder quotations, coming as it does concurrently with the seasonal pressure due to Amsterdam payments for imports. The Scandinavian currencies are exceptionally steady for this season, while Swiss francs, the firmest of the neutrals, show, fractional weakness. Spanish exchange is showing exceptional strength. This seems 1616 FINANCIAL CHRONICLE Fox. 131. to be a direct reflection of the Spanish Government's New York and London security markets. Closing attempt toward some control of the situation by the quotations for yen checks yesterday were 49.35® establishment of a central exchange office at the 493', against 49.42@493/2. Hongkong closed at 323g Bank of Spain. By a decree which became effective ®32 5-16, against 32%®32 11-16; Shanghai at 39% on Thursday Spanish banks are not permitted to ®4014, against 39%@39%; Manila at 49%, against deal in foreign currencies except through the exchange 49%; Singapore at 56.25@56 7-16, against 56.25® office. Senor Luis Figuras, newly appointed manager 56 7-16; Bombay at 363., against 363; and Calcutta of the National Bank of Spain, stated a few days at 363, against 363.. ago that the gold reserves would be immediately FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE BANKS TO TREASURY UNDER TARIFF ACT OF 1922. mobilized and that gold holdings amount to 4,400,SEPT. 6 1930 TO SEPT. 12 1930, INCLUSIVE. 000,000 pesetas, compared with note circulation of Noon Buying Rate for Cable Transfers in New York. 4,456,000,000 pesetas, making any external stabiliza- Country and Monetary Value in United Stales money. Unit. tion loan unnecessary. The market is intensely Sept. 6. Sept. 8. I Sept. 9. Sept. 10. Sept. 11. Sept. 12. interested to learn at what level the peseta will EUROPE-$ $ 5 S $ S Austria,schIllIng 141151 .141218 I.141138 .141127 .141117 .141104 eventually be stabilized. It has been the hope of the Belgium belga 139531 .139521 I .139517 .139508 .139488 .139441 Bulgaria, ler 007230 .007222 I .007233 .007233 .007227 .007225 Government to restore the pre-war parity, $.193, but Czechoslovakia. krone .029669 .029670 I .029671 .029671 .029668 .029670 Denmark, krone 267638 .267636 I .267682 .267752 .267714 .267594 many bankers think this will be impossible. England, pound sterling 4.860795 4.861505.862968 .862471 4.861786 4.859389 Bankers' sight on Amsterdam finished on Friday Finland. markka .025178 .025166 .025173 .025175 .025158 .025156 France, franc .039265 .039265 I .039261 .035265 .039264 .039259 at 40.233', against 40.25 on Friday of last week; Germany, relchsmark .238147 .238229 I .238248 .238207 .238196 .238142 drachma .012968 .012958 .012957 .012968 .012955 .012954 cable transfers at 40.24%, against 40.263; and com- Greece, Holland, gullder 402524 .402541 I .402592 .402586 .402598 .402440 Hungary, Deng( ) .175257 .175263 .175200 .175237 .175222 .175098 mercial sight bills at 40.203', against 40.22. Swiss Italy, lira 052374 .052373 .052375 .052376 .052378 .052372 Norway, krone .267578 .267579 .267626 .267693 .267632 .267525 francs closed at 19.39 for bankers' sight bills and at Poland, zloty .112160 .112135 .112145 .112090 .112035 .112025 Portugal. escudo .044914 .044850 .044900 .044904 .044904 .044914 19.40 for cable transfers, against 19.40 and 19.41. Spain. Rumania,leu .005965 .005957 .005962 .005958 .005955 .005953 peseta 106625 .107821 .109626 .108397 .109240 .109054 krona Copenhagen checks finished at 26.75% and cable Sweden. .268672 .268628 .268686 .268713 .268703 .268622 Switzerland, franc.._. .194026 .194007 .194038 .194047 .194035 .193970 dinar__-. .017725 .017719 .017704 .017721 .017708 .017718 transfers at 26.77, against 26.76% and 26.78. Yugoslavia, ASIAteed .405416 .407083 .410000 .408333 .408333 .412500 Checks on Sweden closed at 26.85% and cable trans- China-Chefoo Hankow tael 401562 .402500 .403437 .404375 .403125 .408437 Shanghai tael .391666 .393035 .394285 .394484 .393035 .396964 fers at 26.87, against 26.863 and 26.88; checks while Tientsin tael...... .408750 .410833 .412083 .412500 .412083 .417083 % Kong dollar._ .321875 .322410 .323035 .322410 .319642 .320000 on Norway finished at 26.753 and cable transfers at Hong Mexican dollar_ --. .286562 .283437 .284062 .285312 .285000 .287500 Tientsin or Pelyang 26.76 against 26.763 and 26.773/2. Spanish dollar 283750 .285000 .285833 .286666 .286666 .289583 Yuan dollar 280416 .281666 .282500 .283333 .283333 .286250 pesetas closed at 10.88 for bankers' sight bills and at India, rupee 359878 .359921 .359950 .359964 .359921 .359785 yen 494162 .494150 .494175 .493862 .493818 .493618 10.89 for cable transfers, which compares with 10.56 /swan. Singapore (8.9.) dollar .559491 .559052 .559350 .559416 .559416 .559250 NORTH AMER.and 10.57. Canada, dollar 1.001286 1.001318 1.001309 1.001451 1.001387 1.001415 Cuba, peso Mexico, peso Newfoundland, dollar SOUTH AMER.hrgentina, peso (gold) Brazil, milreis Chile. Peso Uruguay. peso Colombia, p630 .999968 473975 .998531 .999781 .474100 .998561 .999593 .474225 .998562 .999643 .474037 .998592 .999643 .473850 .998592 .999643 .473725 .998655 Exchange on the South American countries shows .798185 .821528 .832016 .831245 .838102 .837561 sharp recovery from the declines which followed the .098670 .098425 .099832 .100797 .101575 .100650 .121634 .121765 .121802 .121798 .121793 .121772 .814293 .813252 .821168 .825230 .834236 .837395 political disturbances in Peru and Argentina. Gen.965300 .965300 .965300 .965300 .965300 .965300 eral opinion in banking circles as reflected in exchange appears to indicate that the political changes in As the Sub-Treasury was taken over by the Fedboth Peru and Argentina will prove of great benefit. A_ flexible currency system is especially needed in eral Reserve Bank on Dec. 6 1920, it is no longer Argentina so that notes can be issued without a possible to show the effect of Government operations corresponding increase in gold and credit con- in the Clearing House institutions: The Federal tracted without depletion of metal reserve. A return Reserve Bank of New York was creditor at the Clearto the gold standard would be of inestimable value. ing House each day as follows: Brazilian milreis show improvement, although the DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK AT CLEARING HOUSE. undertone is weak. Present quotations for milreis Saturday, Monday, ruling around 10.15 for cable transfers compare Sept. 6. Tuesday, Wednescrtr. Thursday.1 MUM. Aggregate Sept. 8. Sept. 9. Sept. 10. Sept. 11. Sept. 12. for Week. with the low point of 9.30 on Aug. 27. The funda8 $ 5 $ $ mental cause of the weakness in the milreis is the 123,000,100 116,000,000 141,000,000 134,000,000 133.000,000 127,000,000 Cr. 773,000.00 low price of coffee in the world's markets, which Note.-The foregoing heavy credits reflect the huge mass of checks which come to the New York Reserve Bank from all parts of the country in the Operation of at present is at the lowest since March 1921. Ar- the Federal Reserve System's par collection scheme. These large credit balances, however, reflect only a part of the Reserve Bank's operations with the Clearing House institutions, as only the items payable in New gentine paper pesos closed at 36 13-16 for checks, In the daily balances. The large volume of checks on York City are represented institutions outside of as compared with 35 9-16 on Friday of last week; do New York are not accounted for in arriving at these balance.), located as such checks not pass through the Clearing House but are deposited with the Federal Reserve Bank for collection and at 367 for the account of the local Clearing House banks. 4 for cable transfers, against 35. Brazilian milreis finished at 10.12 for bankers' sight bills and at 10.15 for cable transfers, against 9.92 The following table indicates the amount of buland 9.95. Chilean exchange closed at 12 3-16 for lion in the principal European banks: checks and at 123 for cable transfers, against 12.15 and 12.20; Peru at 34.25, against 32.36. September 11 1930. September 12 1929. Banks ofGold. Exchange on the Far Eastern countries shows little change from the past few weeks. The Chinese units are steadier owing to steadier prices in the silver market. According to well-informed bankers, the supply of silver continues small, while China is buying in good quantity. In some quarters it is thought that the Indian bazaars may presently enter the world market as buyers. Japanese yen are relatively steady. Whatever weakness there is in yen is due, it is understood, to the movement of Japanese funds to the Total. Total. Gold. Silver. £ £ England _ 158,573,751 137,392,581 156,573,751 137,392,581 France a..379.821,737 d 312.051.798 379,821,73 312,051,798 (d) Germany b 123,455,750 994,600110,161,750 094,600124,450,350 109,167,150 Spain__ _ 98,956,000 28,803,Q®127759,''102,593, 28,784,)11131,357,000 Italy-- ..-- 56,503,000 55,797,000 55,797, Netheri'ds. 32,552,000 2,057,000 56,503,000 34,609,000 36,930,0 1,780,000 38.710,000 Nat'l Belg. 34,564,000 34,564, 1,270,000 30,233.000 28,963, Switzer0d. 25,583,000 25,583,000 20,274,000 1,327.000 21,601,000 Sweden 13,469,000 13,461,000 13,469, 13,461,000 Denmark _ 9,566,000 9,566,000 9,585,000 420,000 10,005,000 Norway _ 8,141,000 8,153,000 8,141,000 8,153, Total week 939,185,238 31,854.600971,039.8 834,367,529 34,555.600 68.923,129 Prey. week 936,028,064 31,810,600967,838,664 833,375,585 34,558.600867,934.185 a These are the gold holdings of the Bank of France as reported in the new form of statement. b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which the present year is £7,489,000. c Al of Oct. 7 1924. d Silver Is now reported at only a trifling sum. SEPT.13 1930.] FINANCIAL CHRONICLE European Union and the League of Nations. The ultimate significance of the action taken at Geneva regarding the Briand plan for a united Europe cannot at this moment be determined with precision. Newspaper headlines as opposed as "Briand U. S. of Europe Idea Dead" and "Pan-Europe Idea Approved," neither of them, as it happens, fully borne out by the text of the dispatches following, show the confusion created in the minds of the headliners by reports which were themselves groping in somewhat of uncertainty. The one fact that stands out clearly in the proceedings is that the delegates of the twenty-six nations which were invited to cooperate with France in forming a United States of Europe, and to whom M. Briand ,siibmitted on Monday his elaborate report on the answers to his questionnaire of May 17, declined to act in the matter until the subject had been considered by the League of Nations, and that it is through the League that any later action will probably be taken. We are not, in other words, to have a Continental organization, political or economic or both, paralleling the League but independent of it, and working for the union of Europe while the League works for the union of the world. Whatever is done will be done through the League. The form that the action may take remains to be seen. The reference of the Briand proposal to the League represents a victory for the British contention as against the procedure which France, in a general way at least, had endorsed. The reply of the British Government to the Briand questionnaire, while expressing cordial approval of the idea of united action, pointed out that most of the things which it had been suggested the proposed union might do were either already being done in some measure by the League, or were within the powers of the League as outlined in the Covenant; and the British Government accordingly asked that the subject be placed Upon the League agenda for the meeting that is now being held. Mr. Henderson, British Foreign Secretary, appears to have expressed the general opinion of the delegates to whom M. Briand presented his report on Monday when he intimated that it would not do for the delegates, all of them delegates to the League, to agree privately upon a 'proposition and offer it to the League as a kind of fait accompli. Until the subject had been discussed in all its bearings, and the relations of the League to the proposed undertaking had been made clear, it would also be impossible, Mr. Henderson pointed out,for Great Britain 'to take a position regarding it. Great Britain, in short, must look before it leaped. As the proceedings at the meeting of delegates were secret, we do not know how the various members phrased the views of their governments, but the unanimity with which the resolution referring the whole subject to the League was adopted makes it clear that other governments besides that of Great Britain were not ready to commit themselves to the project formulated by M. Briand without first carefully examining its implications. European dispatches have represented the debate as another illustration of the 'age-old difference of opinion between Great Britain and France regarding Continental policy. There is a sense in which such an interpretation is justified. The British temperament is in general unsympathetic with grandiose political schemes, or with arguments which emphasize 'logical consistency or technical legal 1617 right. The experience of Great Britain with a Europe one of whose most striking characteristics has been political instability, and in which alliances and understandings have appeared to-day only to be replaced by others to-morrow, has inclined it to be chary of taking sides until a crisis has appeared imminent, at the same time that its world-wide and loosely articulated empire has forced it to take a world point of view instead of one that was primaHly Continental. When, accordingly, an elaborate scheme of international organization is brought forward, intended to embrace most of the nations of Europe, British opinion is disposed to inquire whether such a union is practicable under present conditions, or whether, if union is desirable, it is not already being attained in another or more simple way. M. Briand, in the great speech on Thursday in which he pleaded the merits of his plan, emphasized particularly the need of union if Europe is to escape another war. Of the reality of the tlanger which he envisaged there can be no doubt. In spite of the Paris pact with its solemn renunciation of war as an instrument of national policy, the Continent still exhibits many of the characteristics of an armed camp. The League, as its retiring president admitted, has failed to bring about disarmament, although Mr. Henderson,in his speech on Thursday, expressed the hope that that end would eventually be reached, and standing armies beyond the requirements of peace, compulsory military service, land fortifications of the newest design, and the development of the resources of aerial warfare are still the order of the day. A settlement of the acute controversy be. tween France and Italy over their respective naval eStablishments has not yet been announced, although M. Briand intimated that progress was being made. The question of revising the peace treaties has been sharply raised, and there seems little likelihood that any plan of union which 'assumes the continuance of the peace terms without change will be accepted by either Germany or Italy. The announcement on Wednesday of plans for a radical reorganization of the Italian army, with a substantial increase in the size of the land forces, comes at a moment when France is completing on the Italian border the largest series of war manouvers that has been carried out since the peace. Here, again, the British attitude differs from the French, and from the Continental attitude generally. Great Britain, with its widely scattered Dominions and colonies, long trade routes, and immense capital investments in many lands, has every reason to desire peace, but it seeks to preserve peace by avoiding projects whose discussion would raise irritating or dangerous issues and intensify national antagonisms. It is the British policy to let time work such healing of old sores as it can, meantime adjusting controversies here and there as opportunity offers. France, on the contrary, stands for a literal fulfillment of any agreement to which it sets its hand, and relies upon its army,its air forces, and its numerous political alliances to assure it a preponderant influence in European affairs. In each country the prevailing policy has to take account of the dictatorships which have multiplied in Europe as the nationalistic spirit has risen, and which political observers regard as one of the gravest threats to peace. There should be no surprise that, under such circumstances, with so many clouds in the sky, the 1618 FINANCIAL CHRONICLE [VoL. 131. statesmen whom M. Briand assembled at Geneva push forward hastily with an elaborate scheme for should have felt that a new political or economic which the mind of Europe is not ready. The success union, creditable as the idea is to M. Briand's ideal- of Great Britain in turning the Briand plan over ism and devotion to peace, was premature, and that to the League is, accordingly, a matter for congratuin any event the question had best be threshed out lation, since it probably means that the informal in the League without the aid of an unofficial body. practicality which has been so striking an element The sharp difference between the British and in British political procedure will make itself felt French points of view was still more emphatically in any further development of the union idea. shown when Mr. Henderson,in following M. Briand, stated frankly that while England was ready to conHigh Wages and Slack Times. sider any project that aimed to prevent war, it was Labor Day speeches by leaders in the organized not interested in any scheme of union designed to field 'disclosed the policy of keeping wages at the deal with a quarrel after the quarrel had come to a present level regardless of depression. Mr. Green, head. Phrased in another way, this means that Brit- at Buffalo, and Mr. Morrison, at Baltimore, reish opinion favors disarmament as a preliminary spectively President and Secretary of the A. F. of L., condition of securiity, whereas French opinion has recounted labor conditions of to-day and suggested demanded security first and disarmament after- means of alleviation . Mr. Green advocated an wards. Mr. Henderson has thus put the MacDonald annual wage as a remedy for unemployment, seaGovernment in accord with that of Mussolini, the sonal, depressional and technological. He expressed Italian reply to the Briand questionnaire having belief in the certain coming of an old age pension criticized the plan at this very point. The immedi- law, denounced the evil of the alleged relegating of ate effect of Mr. Henderson's remarks may very workers to idleness at 40 years of age, advocated a well be to force definite action by the League regardshorter week and a shorter day, and dealt especially ing disarmament before a thorough study of the with the influence of mergers and machinery on the Briand plan begins. The whole trend of the discus- employed. In this behalf he said: "Those who sion at Geneva has been to emphasize the need of dismiss this problem of technological unemployment such action. by stating that some undefined influence operating It is easy, then, to understand why some of those in industry and in society will take care of the workwho followed the proceedings at Geneva should have ers and the artists who'are displaced manifest a lack concluded that the Briand plan is dead, while others of understanding of the seriousness of the problem should have felt that it had been definitely advanced as it now exists. No serious attempt has yet been a stage toward fulfillment. Neither conclusion, in made to deal with the problem of technological unema way, appears to be wholly justified. It is entirely ployment or to extend assistance through expert possible that the Briand plan, in the form in which advice and information to those who are victims M. Briand worked it out, will not commend itself of mechanical displacement. Only recently has the to the League or to any considerable number of the subject been discussed to any appreciable degree." European governments that are members of the ". • . No one can foresee the development of a League. It is equally possible, on the other hand, new industry, within the near or remote future, comthat a study of the plan by the League may lead to parable to the automobile industry, which, dulling such a reorganization of the League itself as will the last decade, called for the employment of hunmake it a more effective agency for bringing about dreds of thousands of workers. This industry, with international co-operation in Europe and fending the airplane, radio and other industries, smaller and off the dangers of war. The League has undertaken of,less importance, has absorbed thousands of men in the past a great many things; in some it has met who were displaced during the last two decades success, in some it has failed, in others it has been through the introduction of mechanical processes forced to rather feeble compromise. As a general and the extension of the use of power." . . . principle, however,it would seem that a union, what- "But we cannot reason that because that develop-. ever its nature, were better represented by one body ment took place during the last two decades the same than by two, and that if the results which M. Briand thing will happen during each additional two dechopes to attain can be attained by or through the ades. The point of absorption will inevitably be League, either with its present organization or with reached while science, invention and human inappropriate modifications, the outcome will be hap- genuity will continue to find ways and means pier than it would be if two international bodies through which and by which machinery will diswith many overlapping functions were to divide the place working people." work between them. And Mr. Morrison said.: "These changed conWhat has been accomplished, in short, appears to ditions have brought new viewpoints, and people no be this: the idea of political or economic union, or longer claim that a displaced worker can secure both, as a necessity of European peace has been employment in another industry or calling. It is definitely brought forward. To this extent the na- now realized that the forces that displaced such tionalistic movements which are breeding interna- workers are operative everywhere , and that no industional irritation have been faced with the idea of try is escaping the general tendency toward mergers international co-operation. The necessary conditions and mechanization." Mr. Morrison also said: "This of such co-operation, the scope of the plan, and the Labor Day is marked by another unusual situation. difficulties which must be overcome, will doubtless It is the first time that a business depression is not be explored by the League in a comprehensive way. featured by charges that wages are 'too high.' Inevitably such a study means delay, and delay, as Labor's long effort for the people to realize the value M. Briand pointed out, may be dangerous. As be- of high wages and the disastrous effect that low tween one danger and another, however, it would wages have on industry is finally accepted." seem better to take the chance that present evils may It is needness for us to reiterate that "high" wages be mitigated or 'adjusted without conflict than to apply to only about 10% of the workers, and these SEPT. 131930.] FINANCIAL CHRONICLE mostly in the technical trades composing the body of the unions represented by the A.F. of L., to which may be added the railroad 'brotherhoods in part. To a small extent wages of common labor are lifted up by the power of this pull or influence. Hence the "consuming power" of all "labor" cannot be rightly claimed as a heroic policy. There has always been this slovenly use of the word "labor" by some of these leaders. And now that "depression" comes this new argument for continuing the inequality of the high wages that do exist is doing full duty. Nor is it fair to say that the value of "high wages" as a pillar of prosperity is "accepted." It is not. Mr. Legge has lately called attention to the effect of these high wages, entering into the cost of the manufactured articles he must buy, has upon the farmer. To which Mr. Green has made reply. But we need not consider these arguments based as they are upon percentage statistics. The important thing to note is that these labor leaders are demanding that wages in present adverse conditions shall not fall. What is it renders wages immune to the fall in prices, the slower momentum of business, and low interest rates now prevailing? When the "stock smash" came and the conferences of industrial leaders were called last year, there was a reported general assent that wages would be maintained at tlieir then levels. But was this not contrary to the natural laws that inexorably apply? We know that some reductions have been made, and presumably from necessity. We expect others to follow in the readjustment now going on. And may it not be that these high wages have forced men into unemployment, by increasing the use of machinery? It is true that this technological unemployment is a mighty and a pressing question. But can it be settled by any such arbitrary measure as an annual wage scale? We think not. Some businesses (manufacturing) can be adjusted to a yearly output. But the spectacle of closed factories (seasonal or other) paying wages at the lauded 'high" scale to idle men will be something new in the history of production. We feel that it cannot come. The employer is not a free man—that he thus become a benefactor. He must fit his output to the market, a market already variable because of the tastes, desires, and needs of the people. And he pays wages not out of his own bottomless pocket, but out of the returns from the sales he makes. Nor can there be potent and equable relief for "unemployment" in shortening the working week and day. There is always need for what the market will reasonably consume. This is the demand in work for "labor." Working five days a week adds nothing to this natural demand. If the producing week is shortened the time of the worker is stretched out a little longer in succeeding weeks, but it does not and connot mean that two men will he employed during the same time where one was employed before and at the same high wage. It does mean, perhaps, that where time is an element in the employer's contract there is greater opportunity for the call to work "overtime" at possibly double wages. And the same is true of the shortened day. We find no adequate solution for "unemployment" in this claim —if so, why try to provide more work to do? There seems to be a concession in admitting that the man thrust out by the machine cannot find employment in another factory making another machine. Mr. Green is right in pointing out the un- 1619 likelihood of the next two decades paralleling the last two in this respect. And if we study the nature of the manufactures he refers to we must find that for all their beneficial effect upon employment they have been a heavy tax on the normal and necessary business of the country. Would we want to duplicate these decades if we could, now that we have reached the inevitable result of our "high living"? At any rate, the great forces are working under their own natural laws and we see no reason 'to believe that wages will continue at near war rates in the face of falling commodity prices and slack times. Andree. The pathetic story of this intrepid man is now known to the whole world. Thirty-three years ago, after careful preparation for the voyage, with two companions, he set sail from Spitzbergen in a cornman gas-bag 'balloon, hoping, almost against hope, that favoring winds would blow him across the North Pole. A short time after his departure a single carrier pigeon returned bearing the message that the flight was beginning auspiciously; then there fell a silence unbroken until the accidental finding of his remains a few weeks ago on White Island by a scientific expedition cruising in the frigid waters of this almost impenetrable Far North. A diary found upon his skeleton body by the discoverers will tell in some detail the story of the disaster which only too soon befell his balloon; and of his subsequent experiences in attempting to return to his starting place in a frail canvas boat, only to find a grave on the bleak island amid the eternal snow and ice. Imagination can picture the hazards and sufferings which held him in their relentless grasp; and the publication of his notes, so miraculously preserved, can add but clearness to his fate. From time to time in these intervening years have come meagre reports of the finding of traces of his strange equipage, but nothing definite was ever proven. A silence as profound as that which covers the Pole itself remained unbroken until now. Identification of the two skeleton bodies and of portions of his equipment is complete and authentic, and a mystery is unfolded that attracts and astonishes mankind. It was a bold adventure, doomed from the outset, and its worth to the world lies in the reflections it must cause in the minds of those who read its annals. For the chances of being blown across the Arctic waste were few, the dangers certain, and even the winds unfavorable from the very beginning. Yet having set his heart on the attempt, having once previously been compelled to abandon the voyage, if such it may be called, having spent years in study and preparation known to his friends and countrymen, he felt it incumbent to "take off," and perished at last, alone. The years of discovery since that time are short, little more than the estimated life of a generation. The airplane and dirigible were then practically unknown. Since, and within a decade, the North Pole has been crossed by air; and scientific experiment has revealed some of the secrets of the Antarctic, the South Pole has been crossed by a heavier-thanair machine, and but a few days ago, following in a short time the famous flight of Lindbergh across the Atlantic to France, 1Coste has made the first flight from east to west, without stop, in an incredibly short time. Many, many have perished in these brave experiments, but now the mails are car- 1620 FINANCIAL CHRONICLE [VoL. 131. ried for long distances on established routes, and Present Crop Year to Witness a Very Extensive Use of passengers are carried across seas and continents. Wheat for Primary Feeding Purposes on Farms, Because of these advances in aeronautics, the balAccording to an Estimate by General Mills, Inc. General Mills, Inc. reports that from various sources of loon flight seems all the more venturesome and information, it is very definitely indicated that farmers are hazardous. feeding wheat in considerable quantities and that the farm The element of danger still persists, however. consumption of wheat for the present crop year will probably The failure of an engine might have made the fate surpass any previous amounts known. This activity may of Andree that of Byrd! Taking every precaution, well result as a very definite market factor before another using every facility of invention, applying every crop is available. The announcement further states: Some statisticians figured in July that probably there would be approxiknowledge of science, men are still taking tremen- mately 40,000,000 to 60,000,000 fed this year and such estimates dous risks, to hurry into existence the supposed have already been revised to an bushels amount from 90,000,000 to 125,000.000 bushels. benefits of discovery, while at home in the prosaic The factors operating to indicate this increase in the amount of wheat fed lives of toilers and thinkers the goal of happiness lies on the farms include generous wheat yields in most districts and the knowledge on that part of the farmers that the carry-overfrom last year's crop was far away. considerable (corn is selling at considerable more that wheat) and that the Department of Agriculture and its affiliated educational agencies are Yet, when all is said, man is athirst for knowledge actively campaigning for the farm feeding of wheat. Accurate figures are not now nor have they ever been available, but of the earth he dwells upon. And it is good for him statistical estimates have indicated in the disposition of the total wheat that he wrest from their hidden fastnesses the secrets crop harvested from year to year the following amounts as probably of Nature, if only he puts them to helpful uses with utilized in the main as feed: Year—. Bushels. YearBushels. due consideration for their need and worth. Greed 1929 47,000,000 1925 27.000,000 1928 53.000.000 1924 85.000,000 for knowledge may be as bad as greed for wealth. 1927 85,000,000 1923 142,000,000 22,000,000 1922 44,000,000 To risk precious life in advance of its requirements, 1928 It will be noted that the years in which wheat has been consumed in the as we are constantly doing with our inveterate de- greatest amounts for feed, the corn crop was somewhat below normal and sire for progress, cannot be acclaimed as wise and in 1923 there was a good corn crop, but a heavy over-supply of wheat with correspondingly low prices. helpful. As far as we can see, Andree accomplished Unless the price ratios between wheat and corn undergo radical changes, seems reasonable to estimate that the present crop year will witness a nothing of permanent worth in science and travel. it very extensive use of wheat for primary feeding purposes. However, the The end was tragic and most pathetic. But honor size and character of the wheat crop, together with the carry-over from last year, seems to indicate that there are sufficient supplies to meet all and praise are due to men who risk their lives for possibile demands, although it is believed by many tnat the increased feeding of wheat on the farms cannot help but benefit the wheat situation an ideal--though that be of doubtful utility. in general. The New Capital Flotations During the Month of August and from January 1 to August 31. There was a decided lull in the bringing out of new security issues during August, and as a consequence the new financing for that month is found to have been extremely light. The capital flotations for that month are indeed the smallest of any month since August 1928—smaller even than in November last year, when the country was In the throes of the stock market panic, which worked such havoc on the Stock Exchange and has been creating equal havoc in the business and industrial world ever since. The offerings were on a greatly reduced scale during July, but prove to have been far more diminutive in August. Our tabulations, as always, include the stock, bond and note issues by corporations, by holding, investment, and trading companies of one kind or another, and by States and municipalities, foreign and domestic, and also farm loan emissions. The grand total of the offerings of securities under these various heads during August aggregated no more than $290,469,407. This compares with $583,238,756 in July; with $772,792,186 in June; with $1,179,633,616 in May, when the total was swollen by two pieces of financing of exceptional size, namely, the offering of $235,000,000 stock by the Amer. Tel. & Tel. and the $120,000,000 Cities Service Co. convertible deb. 5s of 1950, offered to stockholders of the company at par; it compares with $957,838,752 in April; with $821,142,580 in March; with $621,374,402 in February, which was a short month; with $824,183,488 in January; with $658,012,982 In December 1929, and with $298,029,283 In November, which latter was the month of the termination of the stock market crash. In October, when the total had already begun to dwindle, because of Stock Exchange conditions, the new offerings footed up $878,901,93 while in 5, September, when all records of monthly totals for new capital issues were broken, the new flotations amounted to $1,616,464,867, or nearly six times the present amount for the month of August. We have stated that the present year's volume of new financing was the smallest since that of August 1928, just two years ago. While the present year's aggregate is, as just stated, $290,469,407, that of August 1928 was only $270,420,307. At this earlier period the country was in the Initial stages of the tension in the money market caused by the growing speculation in the stock market and the absorption of banking credit therein. The immediate effect of this tension, which later on was to assume such grave dimensions, was very disturbing and for •the time being 'seriously interfered with the floating of new issues. The tension caused sharp declines in the market values of old seasoned issues of bonds and made it extremely difficult to float new issues. In a word, conditions then were very unfavorable for the floating of new obligations of any kind. Most of the issues which had been brought out during the early months of 1928 were then being quoted at heavy discounts, the declines from the issue price in many cases running from 5 to 8 points, and the issuing houses themselves in many cases had to bear a considerable part of the losses. Naturally they were not anxious to repeat the experience. The market was glutted and congested with these new issues and there was no inducement to engage in the floating of new issues so long as so many of the earlier new issues still remained on the hands of the banking syndicates and Investment houses. Obviously the high rates of interest current on the Stock Exchange, and which extended to all other classes of loaning, made correspondingly high rates of interest in any new issues essential If they were to have any chance of finding a market, while borrowing corporations were very reluctant to pay such rates. The result was that new financing was for the time being brought almost to a standstill. Later on, when the tension began to be recognized as a permanent condition, borrowers and lenders alike adjusted themselves to the changed situation, and new financing then again became active and indeed prodeeded on an ever-increasing scale until the stock market break in the autumn of 1929. The present year no such retarding influences existed and a condition of extreme ease, favorable to the floating of new loans, prevailed, but apparently as a matter of policy the issuing houses deemed it best to refrain from bringing out new loans to any great extent. Possibly, also, because of the intense business depression prevailing, with the attendant diminution in profits, it was felt that the investment demand for both new Issues and old issues was being curtailed and diminished. In any event, and whatever the cause, new financing during August the present year was on a greatly reduced scale. August last year was not one of the big months, either, in the financing field, and yet the aggiegate of the capital flotations then reached $884,094,813 as against only $290,469,017 in August the present year. FINANCIAL CHRONICLE SEPT. 131930.1 In the present year's shortened output the same distinctive characteristics appear as in the months preceding. In particular bond issues again predominate over the stock issues. Out of a total of $189,865,774 of corporate issues, foreign and domestic, brought out during the month $132,192,400 consisted of bond and note issues, while the stock Issues, common and preferred, footed up no more than $57,673,374, $43,844,540 being the amount of the common shares. In August 1929, on the other hand, out of total corporate issues of $788,222,040, no less than $670,089,540 consisted of common and preferred shares, the amount of the common stocks being $434,992,540, while the bond and note issues footed up only $118,132,500. One feature of the old method of financing still persists. We allude to the tendency to make bond issues and preferred stock issues more attractive by according to the purchaser rights to acquire common stock. This applies on the present occasion to bond issues, rather than to offerings of preferred stock, this following from the fact that only relatively small amounts of new preferred stock were brought out during August—altogether only $13,828,834 during the entire month. In the following we bring together the more conspicuous issues floated during August of the present year containing convertible features of one kind or another, or carrying subscription Tights or warrants to subscribe for or acquire new stock. In the detailed enumeration of all the issues which were brought out during the month of August, given at the end of this article, we have put in italics the part relating to the right of conversion or subscription in all cases where such rights exist, italic type being used to designate the fact so that it may be readily detected by the eye. CONSPICUOUS ISSUES FLOATED IN AUGUST WITH CONVERTIBLE FEATURES OR CARRYING SUBSCRIPTION RIGHTS OR WARRANTS. $2,500,000 Twin States Natural Gas Cc'. cony. deb. Be Feb. 1 1933, convertible any time after Feb. 1 1931 and up to but not after the 10th day prior to maturity, or if called for redemption, at any time up to but not after 10th day prior to redemption date into class A stock at prices ranging from to $18 per share. $15 1,500.000 Federal Public Service Corp. 2-year cony. 6s, July 1 1932, convertible prior to maturity into class A participating common stock of Union Power Corp. on basis of four shares for each $100 of notes. 300,000 Hankey Baking Co. 1st mtge. 6s 1940, each $1,000 bond carrying a warrant detachable after July 1 1932. entitling holder to purchase so long as any of these oonds are outstanding, 10 shares of common stock at per share. $15 In analyzing the corporate offerings made during August, it is found that industrial and miscellaneous corporations led in volume with $100,278,440, which compares with $131,665,000 in July. Public utility issues accounted for only $48,071,334 as against no less than $234,464,500 in July, while railroad financing aggregated but $41,516,000 in August as compared to $62,632,000 in July. 'Total corporate offerings, foreign and domestic, during August were, as already stated, $189,865,774, and of this amount long-term bonds and notes, including $21,500,000 Canadian, accounted for $123,679,000. Short-term bonds and notes, all domestic, aggregated $8,513,400, while stock issues, including $16,516,340 Canadian, totaled only $57,673,374. The portion of the month's total raised for refunding purposes was $68,350,000, or nearly 36% of the total. In July the refunding portion was only $26,481,000, or slightly over 6% of the total; in June It was $67,315,250, or not quite 12%; in May it was $63,334,000, or less than ; in April it was $51,258,750, or not quite 8%; in March It was only $15,436,500, or less than 3%; in February the refunding portion was also small, totaling only $27,635,500, or less than 6% of the total. In January the amount for refunding was $73,096,000, or slightly over 10% of the month's total. In August of last year the amount for refunding was only $25,045,000, or less than 4% of the total. Two prominent refunding issues were brought out in August of this year. The issues were $36,600,000 New York Chicago & St. Louis RR. Co. ref. mtge. 4%s C 1978, to be used entirely for refunding, and $30,000,000 Swift & Co. 10-yr. 5% notes 1940, of which $26,500,000 comprised refunding. The total of $68,350,000 raised for refunding in August (1930) consisted of $67,000,000 new long-term to refund existing long-term issues, and $1,350,000 new stock to replace existing stock. Foreign corporate financing in this country during August totaled $38,016,340, all of which was for Canadian corpora- 1621 tions. The offerings were as follows: $20,000,000 Ontario Power Service Corp., Ltd., 1st (C) mtge. 5%s 1950, offered at 94.22, to yield 6.22%; $1,500,000 Dominion Tar & Chemical Co., Ltd., deb. Cs B-1949, issued at par, and 825,817 shares International Nickel Co. of Canada, Ltd., common stock, offered at $20 per share, involving $16,516,340. Foreign government financing here during August comprised $2,680,000 City of Bergen (Norway) 5s 1960, offered 2, to yield 5.23%. There were no offerings of farm at 961/ loan securities during August. Among the domestic corporate flotations during August the largest was $36,600,000 New York Chicago & St. Louis RR. Co. ref. mtge 4%s C 1978, offered at 97%, to yield 4.60%. The only other railroad issue of any size during August was the $3,500,000 Terminal RR. Assn. of St. Louis gen. mtge. ref. 45 1953, offered at 91, to yield 4.65%. Industrial and miscellaneous financing during August was featured by the following: $30,000,000 Swith & Co. 10-yr. 5% notes 1940, offered at par; 755,000 shares Warner Bros. Pictures, Inc., common stock, offered at $20 per share, involving $15,100,000, and $15,000,000 Paramount Publix Corp. 51,4s 1950, sold at 94%, to yield 5.97%. Public utility issues of prominence during August included 99,068 shares Commonwealth & Southern Corp. (of Del.) pref. stock $6 series, offered at $100% per share, yielding 5.95%, and $8,000,000 Indianapolis Power & Light Co. 1st mtge. 5s A 1957, brought out at par. There was a single offering during August which did not represent new financing by the company whose security was offered. The issue was for $2,000,000, and, as pointed out by us in previous months, is not included in our totals of new financing. The issue is shown, however, in tabular form following the details of actual new capital flotations during the month. See page 1624. The following is a complete summary of the new financing —corporate, State and city, foreign government, as well as farm loan issues—for the month of August and since the first of January: SUMMARY OF CORPORATE, FOREIGN GOVFRNMENT, FARM LOAN AND MUNICIPAL FINANCING. • MONTH OF AUGUST— Corporate— Domectic— Long-term bonds and notes Short-term Preferred stocks Common storks Canadian— Long-term bonds and notes Short-term Preferred stocks Common stocks Other Foreign— Long-term bonds and notes Short-term Preferred stocks Common storks *Total corporate Foreign Government Farm Loan Issues Municipal. States, Cities, dm Canadian United State; Possessions Grand total Nqr Capitol. Reftindinp. Total. $ $ 3 35,179,000 8,513,400 12,478,834 27.328,200 Grand total 1,350,000 102,179,000 8.513.400 13,828,834 27,328,200 21,500,000 21,500,000 16,516,340 16,516,340 121,515,774 68,3E0,000 2,6E0.000 189.865,774 2,680,000 82,363.633 500,000 15,060,000 97,423.633 500,000 204,379,407 86,090.000 290.469,407 $ EIGHT MONTHS ENDED AUG.31 Corporate— Domestic— 2.086,778,660 Long-term bonds and notes 355,002,650 Short-term 370,201,780 Preferred stocks 959,979,551 Common stocks Canadian— 173.638,000 Long-term bonds and notes 5.000.000 Short-term 13,000,000 Preferred stocks 16,516,340 Common storks Other Foreign— 169,015,000 Long-term bonds and notes 31.000,000 Short-term stocks Preferred 10,060,000 Common stocks Total corporate Foreign Government Farm Loan Issues Municipal, States. Cities, arc Canadian United States Possmislons 67,000,000 $ $ 278.628,250 2,365,406,910 57,613,000 412,615,650 1,350.000 371,551,780 13,315.750 973,295,301 38,000,000 211,638,000 5.000,000 13,000,000 16,516,340 4,000,000 173,015,000 31,000,000 10,060,000 4,190,191,981 411.306,000 30,200,000 941,671,717 47.242.000 0,675,000 392,907,000 4,583,098,9.81 8.180,000 419.486,000 30,500,000 29,676.637 971,348,354 7,158,000 54,400.000 9,675,000 5.630.586.608 437.921.637 6,068408,335 In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1930 with the corresponding figures for the four years preceding, thus affording a five-year comparison. We also furnish a de- • tailed 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 during that month: SUMMARY MONTH OF AUGUST. Corporate-New Capital. Domestic— $ Long term bonds and notes_ 35.179,000 Short term 8.513,400 Preferred stocks 12.478,834 Common stocks 27.328,200 Canadian— Long term bonds and notes_ 21,500,000 Short term Preferred stocks Common stocks 16,516,340 Other foreign Long term bonds and notes_ Short term Preferred stocks Common stocks • Total corporate 121,515,774 Foreign Government Farm loan issues Municipal, States, Cities, &c 82.363,633 Canadian 500.000 United States Possessions_ Grand total 204,379,407 OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING, FOR THE MONTH OF AUGUST FOR FIVE YEARS. 1930., 1929. 1928. 1927. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. 3 $ $ $ $ 67200,000 102.179.000 $ 88,712,500 15145,000 104.357.500 s 75,721,900 3.331.000 79/52,900 139160.000 78111,000 218,171.000 8.513,400 6,625,000 107,976.000 7.525,000 900.000 45,880,700 2,600,000 48,480,700 29,280,000 13,050.000 1,350,000 42,330.000 13.828,834 235,167,000 8,975,000 235.167.000 - 16,198,125 5,000.000 21,198,125 31.574,350 74,485,000 106,059,350 27.328,200 426,422,540 12,242,000 8,500,000 434.922,540 44,415,535 7.778,418 52,193,953 47,827.419 47,827,419 11,932,280 21,500,000 665.000 665.000 3,000.000 1926. Refunding. $ 52.743,000 334,000 2,937.500 465.000 Total. $ 160,719.000 9,309,000 15,179,500 12,397,280 3,000.000 16,516,340 6,250.000 6.250.000 500,000 500,000 24.225,000 5,000,000 24,225,000 5.000,000 68,350,000 2.680.000 189,865,774 2,680,000 763,177.040 15,000.000 25,045,000 788.222.040 15,000,000 182.716.260 18.709.418 201.425.678 277.831,769 81,000,000 166.446,000 15,060,000 444,277.769 81,000.000 97,423,633 500,000 80,656,773 216,000 80,872.773 67.961.609 956,520 68,918.129 90.808,494 1,278,500 92,086,994 86,090,000 290.469,407 858,833,813 25,261.000 884,094,813 76.500 250,754,369 76.500 270,420,307 8,100,000 5,000,000 15,240,000 3.690.000 176,155,280 34,000,000 4,325,000 70,523,928 10,815,000 67,294,500 644.500 18,915,000 5,000.000 15,240,000 3.690,000 243.449,780 34,000,000 4,325,000 71,168,428 19,665,938 449,640.263 167,724,500 617.364.763 285.004,208 67,939,000 352,943.205 CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF AUGUST FOR FIVE YEARS. 1980. 1929. MONTH OF AUGUST. 1928. 1927. New Capital. Refunding. 1926. Total. New Capital. Re)unding. Total. New Capital. Refunding. Total. New Capital. Refunding. Long Term Bonds and Notes— Total. New Capital. Refunding. Total. $ Railroads 1,116,000 40100,000 41.516,000 160,000 160,000 13126,000 Public utilities 13126,000 19,598,000 31.765,000 59104.000 79102,000 31,765.000 36,255.000 4245,000 8,445,000 44,700,000 33,995,000 4145,000 Iron, steel, coal, copper,Ix 750,000 34,745.000 70,414,000 12,723,000 83,137,000 2,000,000 25,354.000 2,000,000 263WOOO 45,604,000 Equipment manufacturers 4,225,000 660,000 4,225,000 660,000 700,000 6,900.000 700.000 10,815.000 17,715,000 Motors and accessories 1,500,000 1,500,000 Other industrial and manufacturing 170.000 20,900,000 130,000 26,900,000 300,000 47,800,000 7.700.000 1,500,000 9,200,000 Oil 1,581.000 729,000 2,310,000 25,525.000 3,610,000 29,135,000 7.075,000 30,400.000 37,475,000 Land, buildings, Sze 1,938,000 1,938,000 28.402,500 10,500,000 28,402,500 10,500,000 20,846,900 Rubber 1,100,000 21,946.900 30,812.000 2,100,000 32,912,000 47.400,000 -Woo6 48,220,000 Shipping 150.000 Inv. trusts, trading, holding. &c... 150.000 1,506,000 419,000 1,925,000 1,000.000 1,000.000 • 2,000.000 Miscellaneous 2,000,000 18,245,000 5,700,000 23.945.000 3,573,000 752,000 4,325.000 11,900.000 Total 125.000 12,025.000 12,352,000 56,679,000 1.273.000 67,000,000 123,679,000 13.625.000 94.962,500 15,645,000 110,607,500 75,721.900 Short Term Bonds and Notes— 3,331,000 79.052.900 164,150,000 78.911,000 243,061,000 116,076,000 63,558,000 179,634,000 Railroads Public utilities 17,000.000 4,000.000 17,000,000 4.000,000 2,100,000 900,000 3.000,000 41,500.000 1,850.000 Iron, steel, coal, copper. ,kc 43,350,000 2,000.000 700,000 2,700,000 9,390.000 9,390.000 Equipment manufacturers Motors and accessories 750,000 Other industrial and manufacturing 750.000 On 600.000 600,000 1.000,000 1,000,000 Land, buildings, dsc 7,650,000 12,350,000 1,163.400 20.000.000 1.163,400 3,525,000 3,525.000 4,380,700 Rubber 4.380,700 4,080,000 3,100,000 4,080,000 3,100.000 1,935,000 Shipping 1,935,000 Inv. trusts, trading, holding, &c_ Miscellaneous 2,000,000 2,000,000 250.000 250.000 950.000 Total 950.000 5,650.000 8,513,400 334.000 5,984,000 8,513.400 6.625.000 900,000 7,525,000 45,880,700 2.600,000 Stocks-48,480,700 34,280,000 13,050,000 47,330.000 16.975,000 334,000 Railroads 17,309,000 Public utilities 38,325,000 49,036.700 10,956,334 87,361,700 1,350,000 12.306,334 10.240,000 52,709,602 8.500.000 61,209,602 16,181,325 S,Ibb;Ooo 19,681.325 Iron, steel, coal, copper. 86c 10.240.000 4,274.200 10,984,000 17,471,800 15,258,200 17,471,800 13,340,000 1,100.000 12.179,280 Equipment manufacturers 14,440,000 12,179.280 Motors and accessories 591,300 591.300 9,990.508 9,990.508 388,000 1.000,000 Other industrial manufacturing.... 1,388,000 4.900,000 18.191,300 4,900,000 18,191,300 69,391.785 69,391,785 14.833,700 Oil 1.528,418 16,362,118 13,731.700 12,500,000 26,231,700 1.105,008 8,880,250 1.105,008 465,000 Land. buildings, Ste 9,345,250 3,035,700 1,964.300 5,000.000 3,575,000 3,575,000 3.928,750 Rubber 3,928,750 1,300.000 1.300.000 2,472,780 2,472.780 Shipping 2,113.355 Inv. trusts, trading, holding. &c.. 2,113.355 452,727,220 452,727.220 1,030.000 Miscellaneous,,-_ 1.030.000 9,926,250 9,112,640 9,926.250 9,112.640 72.090.417 72.090,417 10.459,250 6.750,000 17,209,250 3,908.919 Total 3.908.919 8,171,250 56,323.374 1,837,500 1,350.000 57,673,374 10,008,750 661,589,540 8,500,000 670,089.540 61.113,660 12,778,418 Total 73,892,078 79,401,769 74,485,000 153,886.769 43,104,280 3,402,500 Railroads 46.506.780 1,416,000 40.100.000 41.516,000 660,000 660.000 13.726.000 Rubber utilities 13.726.000 46.721,334 108,840.700 183,763,700 1.350,000 48.071,334 91,064,60 15,085,000 17.845,000 108,909.602 91.676,325 iiaW000 97,776,325 74,923,000 Iron. steel, coal, copper, am 15,085,000 76.688,200 17,471.800 24,407.000 101,095,200 17,471,800 48,084.000 2,000,000 2,000,000 21,350,000 12.179,280 69.434,000 Equipment manufacturers 12,179,280 4,225,000 660.000 4,225,000 660.000 6,900,000 700.00 700,000 10,815,000 17.715,000 Motors and accessories 591.300 591,300 9.990,50 1,500,000 9,990.508 388,000 1,750,000 Other industrial and manufacturing 1.500,000 2,138,000 5,070,000 39,091,300 130,000 5,200,000 26,900.000 65.991,300 77,091.785 1,100:61545 78,591,785 16.414.700 2,257,418 Oil -• 18,672,118 39,856,700 16,110,000 55,966,700 2.105,008 15,955,250 2,105.008 30,865,000 Land, buildings, Szc 46.820,250 10.685,700 14,314,300 3,101,400 25,000,000 3.101,400 10.500,000 35,502.500 35,502,500 29,156,350 1,100,000 10.500,000 Rubber 30,256.350 36,192,000 2,100,000 3,100.000 38,292,000 3,100,000 51.807,780 820,000 52.627,780 Shipping 150,000 2.113.353 Inv. trusts, trading, holding, &c_ 150,000 2,113.355 1.506,000 419,000 1,925,000 453,727,220 453,727,220 3,030,000 Miscellaneous 3,030.000 11,926.250 9.362,640 11,926,250 9.362.640 90.335,417 5.700.000 96,035,417 14,032,250 7,502.000 21.534.250 16.758,919 125.000 Total corporate securities 16,883,919 26.173.250 121.515,774 68.350.000 189.865.774 3.444,500 763,177,040 26:6777.786 25,045,000 788.222.040 182.716,260 8,709.418 201.425.678 277,831,769 166.446,000 444,277,769 176.155.280 67,294,500 243.449 780 New Capital. $ 2,086.778,660 355,002,650 370.201,780 959,979,551 1930. Refunding. Total. NT. FARM New Capital. 278128,250 2,365106,910 1.398281,340 57.613.000 412.615,650 127.805,200 1,350.000 371.551,780 1.175,291,766 13,315.750 973,295.301 3,028,616,878 173,638.000 5.000,000 13,000.000 16.516.340 38,000.000 169.015.000 31,000,000 4.000.000 10.060.000 4.190,191.981 411,306.000 30,500,000 941,671.717 47.242.000 9,675.000 5.630,586,698 N GOVE • 211,638,000 5,000.000 13.000,000 16.516,340 • N AN MUNICH' FINANCING FOR THE EIGHT MONTH 1929. Refunding. Total. New Capital. $ $ 405190,260 1,803,971,600 1,362,885,500 43.937,500 171.742.700 151.333.400 617,342,267 93,251.540 1,268,543,306 393,736.302 3,422,353,180 785,594,552 214,100.000 214,100,000 83,480.000 68.792,008 152,272,000 10.400.000 18.163.900 10.400,000 18,163.900 22.000,000 8,613,400 26,000,000 48.000.000 8.613.400 173.015.000 31.000,000 156,260,000 1,617,283 102,312,200 10,060,000 32.256,347 392.907,000 4,583,098,981 6.265.304.914 8.180,000 419.486,000 56,750.000 30.500,000 29.676,637 971.348,354 827,595.567 7.158.000 54.400.000 28 612 000 1.995.000 9.675.000 437,921.637 6,068,508,335 7,180,257.481 ENDED AUGUST 31 FOR FIVE YEARS. 1927. 1928. 1926. New Capital. Refunding. Total. Refunding. Total. New Capital. Refunding. Total. $ $ $ $ 936.619,400 2.299,504.900 1,977251.990 945.401,010 2.923/53,000 1,682,948.330 378291.1702,061139,500 38,373.800 189,707.200 156.298,300 41,425,200 197,723,500 187.176,695 35,043,000 222,219,695 497,104,575 117,606,350 614,710,925 370,287.772 236,802,300 854.144,567 10,227,500 380,515,272 68,826,100 506,502,065 456,784,914 437,675,965 173,182,830 958,777,382 11,027,575 467,812,489 11R,128,000 2,000,000 1,000.000 20,000,000 138,128,000 2,000,000 1,000.000 95,892,000 1,250,000 4,000,000 990.000 27,458,000 158.260.000 232,788.000 18,787.000 251.575,000 239,474.000 350.781.500 46.118.500 396,900.000 17,000,000 12.050,000 10.000,000 17.000,000 10,000,000 19,000.000 102.312,200 12.030.000 12,030,000 25.240,000 5.355,625 5.355.625 32,256,347 30.281.750 30,281,750 30.100.740 948,548.3197.214,153.233 3,434.342,369 1,525,888,830 4,960.231,199 3,445,302,455 1,212,045.6604,657.348.115 3,113,144,451 487,374,800 29,500,000 516.874,800 234,619,000 56,750,000 442.331,587 100,538,413 542,870.000 92,800,000 143.650,000 38,100,000 50,850,000 84.625,000 38,100.000 23.044.800 1.060,936.272 894.690.993 8 775 026 836.370,593 897.606.535 30,530,109 928,136.644 1.037 891.472 38,510,000 67,479,000 28,969,000 36,612.000 28,840,000 28,840,000 53,792.000 8,000.000 5,345,000 5.345.000 8,288,000 1,995,000 6,161,500 6,161.500 965.623.345 8,145,880,826 4,847,381,991 1,656,957.352 6,504,339,343 5,065.273.727 1.386,359,460 6.451,633,187 4,389,159.444 10,815,000 6,000,000 2.000.000 10,432.717 123,350,000 1,250,000 4.000,000 990,000 250,289,000 25,000.000 25,240.000 3.419,300 33.520 040 482,681,5453,595,825,996 14,873,000 249,492.000 40,200,000 124,825,000 14,734,847 909,425,840 46,000,000 99.792,000 8.288,000 598,489.392 4,987,648,836 ['MTST udaS 0 • I • • TE, FO 8 MONTHS ENDED AUG. 31. CorporateDomesticLong term bonds and notes_ Short term Preferred stocks Common stocks CanadianLong term bonds and notes_ Short term Preferred stocks Common stocks Other foreign Long term bonds and notesShort term Preferred stocks Common stocks Total corporate Foreign Government Farm loan issues Municipal, States, Cities, &c Canadian United States Possessions Grand total CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR EIGHT MONTHS ENDED AUGUST 31 FOR FIVE YEARS. 1930. 8 MONTHS ENDED AUG. 81. New Capital. Refunding. Total. Long Term Bonds and Notes625,f91.250 217285.750 842177.000 Railroads 67,547,500 1,206,025,500 1,138,478,000 Public utilities 21,500,000 21,500.000 Iron. steel, coal. copper, &c 9,040.000 9,040,000 Equipment manufacturers • Motors and accessories 27,355,000 230,856,910 Other industrial and manufacturing 203,501.910 6,950.000 149,500,000 142,550.000 on 70,000 110,705.500 110,635.500 Land, buildings. &c 30,000.000 30,000,000 Rubber 10,000,000 10,000.000 3hipping 75,250,000 75.250,000 inv, trusts, trading, holding, &c 64,305,000 63,285,000 1,020.000 Miscellaneous ,429,431,660 320,628,250 2.750.059,910 Total Short Term Bonds and Notes14,500,000 12.000,000 2,500.000 Railroads 182.522,000 15,628.000 198.150,000 Public utilities 33.000.000 28,000.000 5,000,000 Iron, steel, coal, copper, &c 12.000,000 12,000,000 Equipment manufacturers 10,100,000 10.100,000 Motors and accessories 71,105.000 88.305,000 17,200,000 Other industrial,and manufacturing 7,250,000 6,650,000 600,000 On 48,660,650 47,975,650 685,000 Land, buildings. &c 3.900,000 18,900.000 15,000,000 Rubber Shipping 1,000.000 __-_-1,000,000 Inv. trusts, trading, holding, &c_.... 16,750.000 15,750,000 1,000.000 Miscellaneous 391.002,650 57,613,000 448,615,650 Total Stocks66,055.60066,055,600 Railroads 665,728,095 12,912,250 678,640,345 Public utilities 133,351,675 133,351,675 Iron. steel, coal, copper. &c Equipment manufacturers 4,723,962 4,723,962 Motors and accessories 1.371.500 193,705.195 Other industrial and manufacturing 192,333,695 82,323,463 82,323.463 on 16,320,000 16,320.000 Land. buildings, &c Rubber Shipping 82,987,079 Inv. trusts, trading, holding, &c . 82,987,079 125,934.102 382,000 126,316,102 Miscellaneous 1,384.423,421 14,665.750 1,369,757.671 Total Total 703,246.850 220,185,750 923,432,600 Railroads 96,087,750 2,082,815,845 1,986.728,095 Public utilities 5,000,000 187,851,675 182,851,675 Iron, steel, coal, copper. &c 21.040.000 21,040,000 Equipment manufacturers 14,823.962 14,823,962 Motors and accessories 45.926,500 512.867,105 Other industrial and manufacturing 466.940.605 239,073,463 7,550.000 231,523,463 Dil 755,000 175,686.150 174,931,150 Land, buildings. Sze 48.900,000 33.900,000 15,000,000 Rubber 10.000,000 10,000,000 Thipping 159,237,079 Inv, trusts, trading, holding. &C_.._ 159.237,079 207,371,102 204,969,102 2,402,000 Miscellaneous 4.190.191,981 392,907.000 4,58.3.098.981 Total corporate securities 1929. New Capital. I Refunding. Total. 289177,240 112,f43.760 401,I21,000 468,096,500 251,835.000 719,931.500 3.186.500 126.700,000 123,513.500 1,850.000 1,850,000 150,000 150,000 215,553,000 2,075,000 217,628.000 15,416,000 34,400.000 18.984.000 3,929,000 293.341,100 289,412,100 1.000,000 1,000.000 9,100,000 6,000.000 3,100.000 114.250,000 114.250,000 12.905,000 256,460,000 243,555.000 1,768.841.340 407,490.260 2,176,331,600 1,500.000 27,976,283 720.000 5,360,000 41,313,717 5.780,000 6,860,000 69,290,000 6.500.000 500.000 13,150,000 1,000,000 61.472,700 500.000 13.150.000 1.000,000 61.472,700 23,103,500 129,422,453 1,916,500 54,370,217 25,020,000 183.792.700 71,107.700 932,905,901 143.027,385 60.706,590 263.020.200 71,107,700 993.612.491 406,047,585 77.351,710 603.871,973 84,948,652 109,772.330 54,233,534 23.178,000 1,488,031,872 778.612.034 4,367,041,091 5.511,852 82,863.562 84,832,220 688.704.193 58,666,080 143,614.732 408.500 110.180.830 54.233,534 23.178,000 1,500,000 1,489,531.872 12.342.400 790.954.434 486.987.842 4,854,028,933 361.984,940 117.503.760 479.488.700 1,428,978.684 353,855,307 1,782,833,991 267.260,885 271,986,700 539,247,585 1,850,000 1,850,000 5,511,852 83,513,562 78.001,710 832,574.973 86.907,220 919.482.193 104,932,652 74,082,080 179,014,132 4,337,500 464,994,630 460.657,130 55,233,534 55.233,534 32,278,000 6,000,000 26,278,000 1,500.000 1,603,781,872 1,602.281.872 27,163.900 1.072,434,434 1,045,270.534 6,265,304,914 948,848.319 7.214,153,233 1925. Refunding. 1927. New Capital.' Refunding. 1926. Total. New Capital. Refunding. Total. $ 310147.490 319178,510 630,426,000 208201,000 115188,500 206291,500 322180,000 36255,000 244256,000 709.882.600 403,946,900 1.113.829.500 769,479,330 243,808,170 1,013.287,500 556,831,500 531.189.300 1.088.020,800 94,425,000 116,081,000 16,160,000 78.265,000 61,744,300 146,952.000 31,884,000 147,965,000 85.207.700 11,155.000 11.155.000 5,816.000 6.799,000 5,816,000 6,799.000 50,300,000 50.170,000 130,000 66,000,000 5.800.000 780.000 5.020,000 66,000,000 71,283,000 352,557,000 281,274,000 168,687,000 70,746,000 239,433.000 217.865,700 105,030,300 322,896.000 211,859,400 54,540,600 266,400.000 31,747,000 54.515,000 59,500.000 27,753,000 7,935,000 62,450.000 30,371,000 390,748,000 420,316,000 360,377.000 71.720,000 467,372,100 395,652,100 19,347,000 439,663,000 60,000,000 60,000,000 1.750,000 1.300,000 1,300,000 • 1,750.000 4.285,000 419,000 3.866,000 6,900,000 6.900,000 54,000,000 54,000.000 83,400,000 1,012,000 9,500,000 82,388,000 9,500.000 257.271,500 27,659.000 284.930.500 186.994,000 41,615,500 345,040.000 6,581,000 193.575.000 303,424.500 1,797.147.000 1.051,529,900 2,848,676,900 2.328,867,990 984,188,010 3,313,056,000 2,015,922,330 416,356,170 2,432,278,500 650,000 17.650,000 17,000,000 29,500,000 17,000,000 6,500,000 12,500,000 16,000,000 22,500.000 22,309,200 68,385,000 91,172,000 46,075,800 6.000,000 59,050,000 85,172,000 11,725,000 70,775,000 2.300,000 400.000 2,300,000 6,000,000 400,000 6,000,000 1,200,000 1,200.000 4,400,000 4.400.000 1,950.000 13,210,000 1,200.000 750,000 200,000 13.410,000 14,200.000 9,750,000 4,450,000 6,592,000 43,400,000 2,488.100 4,103,900 5,750,000 49,150,000 50,200,000 12,350,000 17.200.000 37,850,000 10.694.200 12,966,000 6,505,800 7,034,000 20,000,000 29,078,500 27,412,500 1,666,000 25.718,200 16.256,500 1,441,500 24,276.700 16,256.500 32,250.000 32,250.000 125,000 125.000 500,000 500,000 3,000,000 3,000,000 1,600.000 4,000,000 1,600.000 4,000,000 26.185,000 24,575.000 26.185.000 16,294,195 24,575,000 334,000 16,628,195 41,425,200 216,723,500 210,426,695 175,298,300 38,373,800 198,707,200 160,333.400 41,043,000 251,469,695 88,168,487 84,036,700 172,205,187 10,240,000 51,597,650 139,954.700 191,552,350 10,240,000 7,714,300 393,663,182 521,829,263 151,318.048 673.147.311 469,769,536 44.494.500 514.264,036 385,948,882 6,019,250 74,579,861 36,675.000 17,200,000 6.019.250 57,379,861 36,675,000 1,920,000 5,628,500 1,920.000 5,628,500 31,918,790 28.288.702 36.705,102 31,918,790 41,220,650 8,416,400 41,220,650 32,158,700 176,054.785 121,107,642 65,653,040 348,268,073 143.896,085 282,615,033 12,122,575 133,230,217 1,964,300 16,812,500 102,287,140 10,126,180 14,848.200 -------10,126.180 2,800,000 105,087,140 100,000 28,578,500 54.545,783 1,346.000 55,891.783 28,478.500 34,506,480 34,506,480 2,701,675 11,887,975 1,042,400 12,930,375 2,701,675 1,464,537 1,464,537 8,325,855 8,325,855 58.379,478 2.964,500 217,192.290 58,379,478 214,227,790 37,800,000 37,800.000 23,678,250 120,634.414 109,916,595 28,217.740 282,207,919 96.956,164 253,990,179 2,645.500 112,562 095 1,476,861,969 435,985,130 1.912,847.099 941.136.165 186.432,450 1.127.568,615 886,795,426 25,282.375 912,077.801 415,915,977 404,365,210 820,281,187 225,641,000 179.986.150 363.646.200 543,632,350 52,055,000 277,696.000 1,163.832.763 688.507,348 1,852.340.111 1,225,727,936 470,750,600 1.696,478,536 1,218,978.212 263,247.470 1,482,225,682 16,160.000 102,744,250 158,756,000 86,584.250 31,884,000 190,640,000 78.944.300 221,931.861 142.987.561 12,355,000 12,355,000 7,736,000 12,427,500 7,736,000 12,427.500 130,000 86,618.790 120.430.650 86,488,790 29.818,702 44,455,102 14,636,400 200,000 120,630,650 434,920,085 107,891,700 542,811,785 333,194,642 88.618,575 421.813,217 504.584.633 173,171.440 677,756.073 68,854.900 333,412.500 169,768,140 264,557,600 86,826,180 42,441.200 44,384,980 17,769,000 187.537,140 32,137,000 448,405,000 471.078,980 416,268.000 474,474,583 74.507,500 548,982,083 19,347,000 490,425,980 60,000.000 62,701,675 2.701.675 35,464,537 14.230,375 13,187,975 1.042.400 35,464.537 419,000 4.410,000 3,991,000 7.400.000 8,325,855 8,325,855---_- --7,400,000 115,379,478 115,379,478 51,300,000 3,976-,500 302,192.290 298,215,790 51,300,000 51.337,250 431,749,914 308,704.790 380.412.664 69,833.240 651,822.919 581.989,679 9.560,500 318.265,290 3.434.342.369 1.525,888.8304.960,231,1991 ,445.302,455 1.212.045,6604.657.348.115 3.113.144,451 482.681.54513,595,825,996 New Capital. Total. Fmk 1624 FINANCIAL CHRONICLE [VOL. 131. DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1930. LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS,. Amount. Purpose of Issue. To Yield About. Price. Railroads1,166,000 New equipment 36,600,000 Refunding 3.25-4.20 Central RR. Co. of N. J. Equip, Tr. 43-5s, 1931-41. Offered by International Manhattan Co., Inc., and R. W. Pressi rich & Co. 4.60 New York Chicago & St. Louis RR. Co. Ref. Mtge. 4'/o C. 1978. Offered by Guaranty Co. of New York, Lee, Ellgginson & Co., Harris, Forbes & Co.. and Dillon, Read & Co. 4.65 Terminal RR. Assn. of St. Louis Gen. Mtge. Ref. 4s. 1953. Offered by J. P. Morgan di Co., First National Bank, New York and National City Co. 4.60 Toledo Terminal RR. Co. 1st Mtge. 43,s, 1957. Offered by Halsey, Stuart & Co., Inc. 9731 91 3,500,000 Refunding 250,000 Capital expenditures Company and Issue, and by Whom Offered. 9855 41,516,000 Public Utilities3,140,000 Addns., extensions, inlets., &c.._ 625,000 General corporate purposes 8,000,000 Capital expenditures 20,000,000 New construction, &c 31,765,000 Equipment Manufacturers660,000 Finance lease of equipment Other Industrial & Mfg.1,500,000 Acqusitions; capital expenditures_ 300,000 Retire debt; other corp. PurP 5.00 Eastern New Jersey Power Co. 1st Mtge. 55, 1959. Offered by W. C. Langley & Co. and Hoag100 land, All= di Co., Inc. Price on application Greenwich Water & Gas System,Inc. Coll,Tr. 5013. 1952. Offered by P. W.Chapman & Co., Inc. 5.00 Indianapolis Power & Light Co. let Mtge. 59 A. 1957. Offered by Chase Securities Corp., Banc100 america-Blair Corp., It, M. Byllesby & Co., Inc., Myth & Co., Inc., West .Sc Co., Pynchon & Co., Central-Illinois Co., Halsey. Stuart & Co.. Inc., W.S. Hammons Si Co., A.B. Leach & CO.. Inc., and Fletcher American Co. 94.22 6.00 Ontario Power Service Corp., Ltd, 1st (closed) Mtge. 5350, 1950. Offered by Guaranty Co. of New York, Wood. Gundy & Co., Inc.. Halsey. Stuart & Co., Inc., E. H. Rollins & Sons, A. Iselin & Co.. and Union Cleveland Corp. 4.75-5.25 North Western Refrigerator Line Equip. Tr. Is, 193242. Offered by Freeman & Co. 6.00 Dominion Tar & Chemical Co., Ltd. Deb. 6s 11, 1949. Offered by Wood, Gundy & Co., Inc., and Greenshields & Co. 6.25 Monkey Baking Co. lot Mtge. 60, 1940. (Each 51,000 bond carries a warrant, detachable after July 1 1932, entitling holder to purchase as long as any of the bonds are outstanding, 10 shares of common st,ck at $15 per share.) Offered by Singer, Dean & Scribner, Inc. and Glover MacGregor & Cunningham, Inc. 6.25-6.75 Hummel-Ross Fibre Corp. 1st Mtge. 610, 1932-40. Offered by American Bank & Trust Co. and Frank E. Notting ,k Co., Inc., Richmond. Va. 5.97 Paramount Publix Corp.53ss, 1950. Offered by Kuhn. Loeb Si Co., and IIallgarten Si Co. 6.00-6.27 (John) Strange Paper Co. of Menasha, Wis. 1st Mtge. 13s, 1932-40. Offered by Citizens National Bank, Appleton, Wis. and First National Bunk, Menasha, Wis. 5.00 Swift St Co. 10-year 5% Notes, 1940. Offered by Continental Illinois Co., Inc., First Union Trust & Savings Bank, Chicago, and Harris, Forbes & Co. 100 973, _; 500,000 Refunding; expansion of plant _ 15,000,000 Acquisitions; capital expenditur_ 500,000 Retire mtge. debt; capital expend_ 94;5 30,000,000 Refunding; other corp. purposes- 100 47,800,000 Land, Buildings, 128,000 Real estate mortgane 100 675,000 Retire mtge. debt; other corp.purp. 100 250,000 Finance lease of property 250,00 Real estate mortgage 5.00 Catholic Bishop of Detroit lot Mtge. 55, 1932-39. Offered by Wells-Dickey Co. 6.25 The Copeland (Shoreham Hotel Building Corp.) Chicago lot !vitae. 630, 1940. Offered by S. W. Straus & Co., Inc. 6.50 Mom! Holding Corp. Secured 635S, 193140. Offered by the Milwaukee Co. 5.00 Order of the Franciscan Fathers of Green Bay, Wis. 1st Mtge. Is, 1031-40. Offered by B. C. Ziegler di Co., West Bend, Wis. 5.50 St. Patrick's Roman Catholic Church (Wilkes-Barre, Pa.) let Mtge. 5150, 1931-40. Offered by Kenneth It. Bitting & Co., St. Louis. 5.00 The Sisters of St. Francis of Assisi St. Mary s Academy, St. Francis, Wis. 1st (closed) Mtge. 50, 1932-40. Offered by First Wisconsin Co., Milwaukee. 5.00 Sisters of the Third Order of St. Francis (Dubuque, Ia.) 1st Mtge. Is, 1932-40. Offered by \N ells-Dickey Co. 100 100 135,000 Real estate mortgage 100 300,000 Finance construction of building_ _ 100 200,000 Real estate mortgage 100 1,938,000 SHORT TERM BONDS AND NOTES (ISSUES MATURING 1.11' TO AND INCLUDING FIVE YEARS). Amount. To Yield About. Price. Purpose of Issue. Public Utilities- 1.500,000 0834 2,500,000 Acquisitions, development. Le- 98P1 6.95 Federal Public Service Corp. 2-year Cony. 6s, July 1 1932. (Convertible prior to maturity into class A partic. common stock of Union Potter Corp. on basis of 4 shares for each $100 of notes.) Offered by H. M. Byllesby & Co Inc I, It. Rollins & Sons., Central-Illinois Co., Inc. and Bartlett & Gordon, Inc. 6.75 Twin States Natural Gas Co. Cony. Deb. 6s, Feb. 1 1933. (ConvertiVe after Feb. 1 1031 and up to but not after 10th day prior to maturity, or if called for redtmplon Si any time up to but not after the 10th day prior to redemption date, into class A stock at prices ranging from $1510 $18 per share.) Offered by E. It. Diggs & CO.. for. 4,000,000 Land, Buildings, &c. 263,400 Provide funds for loan purposes-100 900.000 Real estate mortgage Company and Issue, and by Whom Offered. 5.50-5.55 Richmond Mortgage & Loan Corp. 1st M.Coll. Trust 6s R. B., Sept. 111)31 35. Offered by State Planters Bank & Trust Co., Richmond, Va. 5.00 Sherman Square Apts.(N. Y. City) 5% Prudence Ctfs. Offered by Prudence Co., Inc. 1,163,400 Rubber3,100,000 Retire bank debt Placed privately. Miscellaneous250.000 Working capital Seiberling Rubber Co. Deb. Os, maturing at periods extending over 334 years. Placed privately. 5.50 Motor Bankers Corp. Coll. Trust NotC9, Dec. 111)30 -July 311031. Offered by First Detroit Co.,Inc STOCKS. Par or No. of Shares. Ptepose of Issue. To Yield (a) Amount Price In roh-ed. per Share. About. $ 9,936,334 100.35 $ Public Utilities.99,068 shs Acquisitions, &c 1,000,000 Additions, extensions, impts, &c 1,000,000 100 1,350,000 -12,306,334 1,35.0,000 Retire 7% pref. stock Iron, Steel, Coal, Copper, &c. 16,516,340 •825,817shs Working capital 955,460 *22,220 shs Plant expansion, wkg. capital, &c. Company and Issue, and by Whom Offered. % 5.95 Commonwealth & Southern Corp. (of Del.) 613 series Preferred. Offered by for bright & Co., Inc. 6.00 Eastern New Jersey Power Co.6% Cum. Pref. Offered by W. C. Langley & CO. an Hoagland, Allum & Co., Inc. 6.09 United Ohio Utilities Co. 6% Prior Preferred. Offered by Otis & Co. 98;5 20 43 ___ International Nickel Co. of Canada, Ltd. Common. Offered by co. to stockholder: ___ Michigan Steel Corp. Common. Offered by company to stockholders; underwritten 15 ___ Johnson Motor Co. Common. Offered by company to stockholders; underwritten 1) Hayden, Stone & Co. 17,471,800 Motors and Accessories39,420 Ohs Working capital; other corp. purp_ '12,650 shs .69.500 shs 30,000 shs .32,000 shs •16,000 sirs .49,000 shs Other Industrial and Mfg. Additional capital General corporate purposes General corporate purposes Additional capital Additional capital General corporate purposes •755,000shs Retire bank debt, working capital_ 591,300 253,800 20 1,042,500 15 825,000 273-5 } 480,000 2 ohs. A and 1 B for 630. 490,000 10 15,100,000 20 ___ ___ ___ sh.f i ___ Newport Co. Common. Offered by company to stockholders. Sager Pen Co. Preferred. Offered by Harry H. Polk & Co., Inc., Des Moines, Iowa. Save Electric Products, Inc. Class A Stock. Offered by Jennings, Ayers & Co., Del Scalcones, Inc. Class A stock. Offered by Corporation Holding Co., Inc., Albany,N.1 Scalcones,Inc. Class 13 Stock. Offered by Corporation Holding Co.,Inc., Albany, N.Y Tennessee Marble & Brick Co., Inc. Capital Stock. Offered by S. L. Waltzfelder an Clark, Salomon .5c Co. New York. ._ .. \Varner B Common Stock. Offered by company to stockholder: Pictures, Inc.Bros underwritten by Goldman, Sachs Si Co. and Hayden, Stone & Co. 18,191,300 Miscellaneous1,250,000 Additional capital 2,741,760 New capital 5,000,000 4,112,640 40 30 ___ Insurance Co. of North America Capital Stock. Offered by company to stockholder. ___ J. G. White & Co., Inc., Common. Offered by company to stockholders. 9.112.640 FOREIGN GOVERNMENT LOANS. Amount. Price. Issue and Purpose. 2,680,000 City of Bergen (Norway) 30-Yr. 55, 1960 (retire balance of 25-yr. 8,7 Bonds) 93 To Yield About. Offered by. 5.23 A. Iselin & Co. and Halsey, Stuart & Co., Inc. ISSUES NOT REI'RESENTING NEW FINANCING. Par or No. (a) Amount of Shares. Involved, Price, 2,000,000 2,000,000 9934 o Shares of no par value. To Yield About. Company and Issue, and by Whom Offered. 5.03 Copenhagen Telephone Co. 25-Year 55, 1954. Offered by Guaranty Co. of New York. a Preferred stocks of n stated par value are taken at Par, While Preferred stocks of no par value and all classes of common stock are computed at their offering prices. SHPT. 131930.1 FINANCIAL CHRONICLE 1625 Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME. crop and poor pastures after prolonged drouths. Rye declined only Yi to 1%c, for domestic consumption is large if Friday Night, Sept. 12 1930. export business fails to appear. Trade though still below that of a year ago in volume Lard futures declined 35 to 38 points after a recent adcontinues gradually to gain and this has been the case for vance. It is said that large interests look for higher prices. three weeks in succession. It is mostly in the wholesale Sugar declined to 1.140. e. & f. on persistent Cuban selling. trade. But here and there improvement also appears in The interests supposed to be in favor of restriction still seem retail business. What has been gained is held. The point to be working at cross purposes. Cuba, Louisiana, Java is that the increase is very gradual. There is nothing seem unable to pull together . And now arises the menace of spectacular anywhere. There was some increase in cotton illegality. The restriction plan may be illegal. Restraint goods trade, that is of the finer grades of gray goods and of trade or something to that effect? In other words the voiles. The cheaper gray goods have been quiet, and not plan does not march. A good consumption of refined sugar in every case have fine and fancy cloths sold readily; quite the is reported, but it is not big enough to help the raw product. contrary. For the most part they have latterly been quiet. Yet in the end futures advanced in some cases 1 to 2 points A fair business has been done in finished cotton goods, on covering, for sugar, like most commodities,gives evidence including washed fabrics. Moderate reductions have been of being oversold. doffee was a striking instance of overmade in the new list for percales. Some manufacturers selling, for it took only a rise in Brazilian exchange to send maintained old standard quotations for have denims. As Rio futures here up 25 to 40 points and Santos 67 to 130. regards cotton goods the latest statement by the Association Rubber declined 60 to 80 points with little demand, stocks of Cotton Textile Merchants was not quite so favorable as large and restriction plans unpromising. Hides advanced had been expected; that is the ratio of sales to production 100 to 125 points with a sharp demand, partly to cover, in August was 107.6% against _198.6 in July, whereas some- with Chicago prices up %c. on a brisk business. Cocoa expected. But it was this had been in thing better than the declined 10 to 13 points. Silk futures fell 4 to 5 points. unfilled orders that disappointment was most marked. The The stock market on the 9th inst. had a slight advance increase for August was only 1.8% against an increase of in some cases and a few declines here and there. The trad1.6 in July. Nevertheless it is true that for two months advances included past there has been an increase in the unfilled orders,whereas ing was in 1,940,000 shares and the Reduction, AmeriCan, Air American Steel, United States and in decrease of May of there was a 24%. June in 193/2% Gas, Texas Pacific Consolidated Case, J. I. can B, Tobacco Cotton textiles are on the mend, but the mending is very slow. Woolens and worsteds have been slow of sale, most Land Trust and United Aircraft. On the 11th inst. stocks buyers awaiting the opening of men's wear spring lines, declined with grain and cotton. Wheat prices of late have which will take place next week. There is a better trade been at new lows for the season in Chicago, Winnipeg and most responsive to the bearin popular lines of silk piece goods for the fall trade. Raw Liverpool. Among the stocks Chemical and Diamond Allied Case, J. I. were ish mood silk declined sharply and as usualin such cases trade suffered, for nobody knows whether the bottom has been reached or Match. Only small declines occurred in such popular stocks General Electric, not. The tin plate industry is producing at the rate of as United States Steel, American Can, utilities and refused to Oils Motors. General Radio and about 70%. Of steel the automobile and implement industries are not buying much, something that is revealed join the declines; they showed a firm front. Today stocks stocks, partly by the decrease in unfillled orders of steel of the were firm enough for a time, especially utility great hour. No signifilast the in declined list though the big corporation of 442,000 tons. This took the edge off any gain in trade in structural and other heavy lines. cance need be attached to the movements of prices just now. The South, it is said, is quoting $12 for pig iron, on any They move much at the whim of professionals. It would be good sized orders, and another interesting fact was that easy to cite a list of stocks which were strong. They would Chicago seems to be invading the Buffalo iron district. include Allied Chemical, American Power, Water Works, Consolidated Gas, du Pont, Lumber orders closely approximate the heavily reduced Brooklyn Union, Coca-Cola, Business Machines, Inland Steel, Newton Steel, on a merger output. on pool activiIn August the retail trade declined 7 to 11 points which deal; Penick & Ford, Union Bag, Vanadium under the circumstances is not so bad a showing as might ties and Westinghouse and Gillette and Auto Strop on have been expected. It compares with a much heavier de- revival of merger rumors. U. S. Steel, General Electric and cline in production reported in leading industries. The vast American Can were at least firm. But it was otherwise with business engine of the United States is slowly being Case, off 6 points and Harvester, Procter & Gamble and American Tobacco, all lower. Bonds were firm and for reversed. Cotton declined M to / 5 c. partly because of a government government issues there was a snappy demand. crop estimate of 14,340,000 bales, when everybody had been Sears, Roebuck & Co. sales from Aug. 14 to Sept. 10 were looking for 14,000,000 or less, and a home consumption of $28,030,215, a decrease of 14.1% from the $32,642,346 sales 357,000 in August against 379,000 in July and 558,000 in in the corresponding period of last year. In the first nine August last year. To-day, too, a little more hedge selling periods of its, 13 month calendar year their sales were appeared. It had been negligible for days. And there were $251,637,498, against $269,113,582 in the same period of rains during the week both east and west of the Mississippi 1929, a decrease of 6.5%. which could hardly fail to be favorable. And finally there At Fall River, Mass.,increased operations are said to be in was the technical position. It was weaker after prominent progress in the printing division of the American Printing Co. short accounts supposedly to the amount of 40,000 bales Some printing machines have been put on a double shift had been covered. Wheat declined with the Canadian pool night and day and it is believed that there will be an increase reported to be selling, export business rather small and in the day shift to full week operations instead of five days Russian offerings after a lull now reported to be increasing. as now. Its cotton goods division remains closed with no The Canadian crop is big and the visible supply in the date for reopening. Full-time operations have begun at the United States is over 190,000,000 bushels. Still the net plant of Pilgrim Mills, which has been curtailing alternate decline for the week is only 2 to 3 cents. Feeding may a weeks during the summer months. The increased operations big outlet for future wheat crops. Corn declined 4 to 43'c. are due to substantial orders. The King Philip and Parker because curious as it sounds the -government crop estimate units of the Berkshire Fine Spinning Associates will close was 1,983,000,000 bushels against 2,212,000,000 in August next week. Fall River advices at one time said that fancies and 2,622,189,000 last year. "Consistency is a jewel"; it and semi-fine goods continued to sell the best and a fair is not apparent in the action of this market. Moreover business was done. Pongees were the greatest favorites. visible stocks, though they have increased, have not in- Lawns and marquisettes were not ignored, nor were sateens, creased much in spite of rather large receipts. Corn seems especially the higher counts. But print cloths were quiet; to be wanted with the crop one of the smallest in 30 years the sales were mostly of wide and narrow, though 36-inch and September ending to-day at 93ho. or 12 Vie. over constructions had some attention. The Berkshire Fine SpinSeptember wheat. Oats declined 2 to *ie. with a large ning Associates said with the government report issued and large consumption owing to the partial failure of the corn the crop fairly well discounted, they do not believe there can 1626 FINANCIAL CHRONICLE [VOL. 131. be any material reduction of prices in the face of potential and he offers four suggestions for bringing this about, viz.: activity and stocks which have the benefit of the heaviest reduce overhead; give better measure; increase research curtailment in many summers. work and advertise more." Mr. Babson's address follows: At Gastonia, N. C., the Dixon Mill at South Gastonia, A year ago today (Sept. 10) a financial writer stated that all parts has been operating two weeks and standing idle the third of the country were optimistic excepting Babson Park, which had the "blues." Today I should say that most parts of the country have the week, thus giving the employes an average of a little more "blues," while Babson Park is optimistic. In making this statement, than three days per week. The Myers and Hanover Mills I am referring only to our general outlook on the immediate situation, also in the South Gastonia district, have been operating without making any long-term forecasts one way or the other. With the haughty spirit prevailing a year ago, a decline was inevitable; only half time, operating a week and standing idle a week. but with the humble spirit existing today a turn for the better is sure This schedule gives the employes two and one-half working to come. The tremendous drop registered by the Babsonchart since days per week. At Lindale, Ga., the agent said prospects last September must soon strike bottom if it has not already done so. are good for full-time operation of the Lindale Textile Mills What Statistics Show. At first glance, statistics show up very poorly at the present time. before winter. These mills, which belong to the Pepperell The subjects, which I gave you a year ago as our barometers of Manufacturing Co., manufacturer of sheetings, skirtings, business, then showed for the first seven or eight months of 1929, as denims, chambrays and canton flannels, have been operating follows: 35 subjects showed improvement over the preceding year; on a 44-hour per week schedule for the past two months, 11 subjects showed declines. The predominance of optimistic statistics was very favorable. These naturally lead the new generation to believe are expected to operate on a 54-hour schedule before very that they were living in a new world, under new conditions, and with long, provided business continues. At Valdosta, Ga. the new standards. Hence, their mistake of throwing the cycle theory Strickland Cotton Mills resumed night operations on the into the scrap heap and of recommending common stocks as the most 8th inst. doubling the workers of the mill. The night shift stable and profitable investment. To show marked change which has taken place in twelve months, will continue through January and possibly will be perma- I will say the that for a similar period for 1930, nine subjects show nent, owing to improved business. improvement; 37 subjects show a decline. To sum up the situation, Manchester, England, reports a better business with South although a year ago 76% of the subjects showed improvement, today 20% show improvement; although a year ago only 24% showed America and a moderate demand from India though the only decline, 80% show a decline today. Some change! As all these bids are too low. News from Chicago, Manchester says, is subjects are combined into the Babsonchart, there is a drop from 10% above normal normal for Septemfor September 1, 1929 to 15% below better. 1. 1930. Roubaix, France, cabled that the textile strike involving berYet these statistics upon careful analysis, justify an optimistic out30,000 workers, which lasted seven weeks, was settled on the look, at least for the coming fall. My reason for this statement is as 11th inst.and work will be resumed Monday at Roubaix and follows: During the past year consumption has fallen off only about taking all lines of industries and all sections of the country. Taming. The Japanese Spinners Association announces 10%, Of course, in certain lines the falling off has been greater, and in present curtailment of 23% will be increased to 33% for the other lines it has been less; but, on the average, consumption has fallen off not more than 10%. Yet, while consumption has fallen off only three months beginning Oct. 1. production has fallen off 20%, and the transportation of goods Sales of department stores in August were 11% smaller than 10%, has fallen off 30%. This means that the inventories of manufacturers, in the corresponding month of 1929, the Federal Reserve jobbers and retailers are becoming abnormally low. If consumption, Board announced after compiling reports of 530 stores located production and transportation had fallen off about the same percentage, might be no logical reason for improving business this fall. In the leading cities of all districts. On a daily average basis there Under the existing circumstances, however, it is very possible that sales were 8% smaller than a year ago. Sales during the there may soon be a stampede of orders and congestion of freight in first eight months of the year were 6% below the level of a certain lines and sections. I am making no forecast as to 1931, which may average to be a quiet and uneventful year; but I certainly am year ago. The adjusted index of automobile production has optimistic regarding this fall. It is just as evident today that business again fallen sharply, the figure for the first week in September is now bound to improve, as it was evident a year ago that the high pace of early in 1929 could not be kept up. week August being 63.9 as compared with 71.3 for the last Agriculture Prospects Good. and 126.1 for the first week in September last year. There We have heard too much this year about "terrible crops" and simiwas a sharp drop in the actual output caused mainly by the lar Although a statistician. I have been unable to keep Labor Day holiday, but,even allowing statistically for that up exaggerations. with the crop figures and the deductions therefrom which have influence the decrease was in excess of the usual seasonal constantly been coming from Washington. It seems almost as if movement says the "Times." The adjusted index of electric Washington had become crop crazy. From May to August we heard continually of the "terrible wheat crop." Washington was talking power production says the "Times" shows an upturn for the about "too much wheat" and urging a reduction in acreage saying first week of September from the low point reached in the "overproduction means ruination for the farmers." Then Washington last week of August, being 91.4 as compared with 90.6 for turned about face and began to talk about the "terrible corn crop," that "crop failures mean ruination for the farmers." Of course, the week ending Aug. 30 and 102.7 for the corresponding and this latter propaganda may have been to stimulate foreign buying; if week last year. so, it doubtless served a good purpose. The poor farmer, however, It has of late been warmer here with 79 degrees on the has certainly been bewildered by these inconsistent advices from Washington. In my recent trip to the West, the one desire of the 11th inst. and 76 today. The tropical storm disappeared farmer seemed to be a desire to be let alone for a while. Surely the Carolina coast late last week, and a new one off the North farmer who has diversified his crops is looking forward to a good may do as little harm as the other one, besides being so year. There will be a deficiency in the corn crop; but this deficiency not general. Many counties of southern Ohio, Illinois, Indiana, and far north that it can do the cotton country very little harm, is Iowa will suffer a corn crop failure; but other sections of these same Carolina. The States will have a splendid corn crop and—owing to higher unless it should happen to strike North prices— humidity here ranged from 76 to 95 and the temperature will get more income than they have received in years. The real crop failure today is not agricultural, but rather in connection with the 74, to 64 had Boston from 67 to 76. On the 11th inst. crop of installment sales. The farmers are getting their eyes opened Montreal 54 to 70, Philadelphia.66 to 82, Portland, Me., as to purchasing. The wheat and corn crops are no longer as important as they formerly 62 to 68, Chicago 66 to 76, Cincinnati 68 to 86, Cleveland 68 to 80, Detroit 64 to 84, Milwaukee 64 to 76, Kansas were. Twenty-five years ago 90% of the products of our farms consisted of wheat and corn, but this proportion has constantly been City 66 to 84, St. Paul 62 to 84, St. Louis 60 to 86, Winni- declining. Of the $2.00 per day which the average family spends on peg 54 to 68, Denver 52 to 84, Portland, Ore., 58 to 66, food products, less than five cents reach the grower of grains. The American people have gradually been changing their diet from wheat San Francisco 56 to 70, Seattle 56. and corn to Roger W. Babson Optimistic as to Fall Conditions—Believes There May be Stampede of Orders and Congestion of Freight in Some Lines. An optimigtic view of Fall business was expressed by Roger W. Babson in addressing on September 10 the Annual National Business Conference at Babson Park, Mass. Mr. Babson points out that "while consumption has fallen off only 10%, production has fallen off 20%, and the transportation of goods has fallen off 30%. This means that the inventories of manufacturers, Jobbers and retailers are becoming abnormally low. "If consumption, production and transportation had fallen off about the same percentage, there might be no logical reason for improving business this Fall. Under the existing circumstances, however, it is very possible that there may soon be a stampede of orders and congestion of freight in certain lines and sections." According to Mr. Babson "the need today is the speeding up of the circulation of money potatoes, vegetables, fruit, eggs, poultry, dairy products. etc. Hence, the wheat and corn situation is not now a true barometer of the agricultural situation. Not only have the different agricultural products changed in relative importance, but agricultural products as a whole are not as vital as they used to be. Twenty-five years ago we were living in a "-hay age." A failure of the hay crop was then a very serious matter. Today, however, we are living in a "gasoline age." For every $5.00 spent on hay probably $95.00 is being spent on gasoline. Therefore, should not Washington, instead of moaning about the shortage of hay, rejoice about the increase in oil production? Mind you, I am not making these statements in criticism of Washington, but merely to suggest that the men who are making these compilations in Washington may be merely carrying on old statistical tables, which should completely be readjusted, in view of present changed conditions. Depressions Are Useful. Depressions are no longer an economic waste but now perform very useful functions. Here at Babson Park we do not refer to present conditions as a "business depression." but rather as a "corrective period.'' A normal business depression, such as the country is now witnessing, is useful in its important corrective results. To say that all unemployment is an economic loss, is to say that every night is an economic loss and every Sunday is an economic loss. Nights, Sundays and even vacation periods have definite economic uses and the country is far better off with these periods of rest than it would be without them. Hence, I am not disturbed by the present situation, although SEPT. 13 1930.] FINANCIAL CHRONICLE 1627 laboratories than upon the work of banking institutions. This is why keen investors have always been partial to the securities of companies spending large sums on research work. All sane expenditures on research work directly improve the situation. Research work finds new uses for present products and new products to supplement present products. There is nothing to fear from the so-called "mechanical age" of today, provided new products are continually being developed. Hence, I say that a third method of bringing back prosperity is to expand appropriations for research work. (4) Advertise More:—Now is the time to increase advertising appropriations. During the past two years I have consistently refused to recommend increased appropriations for advertising. In taking this stand I have incurred the ill will of a few newspapers, magazines and the outdoor advertising interests. What, however, was the sense of increasing advertising when there was a shortage of goods, a shortage of labor and a shortage of money? When the railroads were jammed with traffic, labor inefficient, and money loaning at 7% or 8%, I believed it was an economic crime to increase advertising appropriations. Moreover, if advertisers had taken my advice at that time, business would be very much better today and the newspapers, magazines and outdoor advertising interests would have more cash in the bank with a far more stable and satisfactory business. Now, however, the situation has entirely changed and I feel very different. Advertising today is performing a very important economic function. More advertising can now render a great and needed service in connection with speeding up the circulation of money. I believe that all business concerns can help themselves and help the country as a whole What Has Happened. appropriations. Newspaper adNotwithstanding all the gloom and unsatisfactory earnings, crop by today increasing their advertising outdoor advertising can now perreports, etc., there is just as much money in the country today as ever. vertising, magazine advertising and everyone may benefit. Hence, As the balance of trade moreover is still in our favor, there is probably form a very patriotic service from which how the circulation more money in the country than ever before. There are just as many advertising is the fourth definite suggestion as to back. people here as ever and these people are just as healthy and as anxious of money can be speeded up and prosperity be brought Of the four above concrete suggestions, perhaps advertising is the to work. Our productive machinery, excepting in the textile industry go hand in which is in dire need of new equipment, is in better condition than most important factor of all. Certainly advertising should With only hand with the other three factors. Therefore, I wish to go on record ever. Talk about over-production is largely hysterical. advertising ap20% of the homes in this country having bath tubs, there certainly today as definitely advising all clients to increase their magazines and outdoor advertising is no over-production of bath tubs, and the same fact applies to a great propriations and to use newspapers, communities. The need of the hour many lines. The real reason for present conditions is not lack of in their respective campaigns and of bringmoney or over-production. but rather because the goods produced have is to increase the circulation of money. The four best means from the not been properly distributed. The difficulty is not a lack of money, ing this about are: (1) reducing overhead by moving men office into the field; (2) giving better measure to customers; (3) disbut rather a lack in the circulation of money. During the past year the rate of the circulation of money has greatly covering new products and new uses for present products; and (4) declined. This means that the real solution of the problem is not by spending more money on advertising. As already stated, the balance reducing the production of goods, but by speeding up the circulation of 1930 must show an improvement, whatever policy is followed by of money. This can readily be illustrated by assuming ten men on a American business; but what is to happen in 1931 will largely be deterdesert island, with each having $100. If all these men should hold mined by the policy of American business toward these four recomtheir $100 and not buy anything, there would still be just as much mendations given by me today:—Reduced overhead, Better measure, money on the island; but business would be at an absolute standstill. More research work and Increased advertising. If, however, each of these men should spend $50 per day, there would be good business on the island; while if each spent $100 a day there would be great prosperity on the island. The more rapidly these $100 Association Journal on Outlook— bills passed the rounds from one to the other, the greater the boom American Bankers Inventory Situation Viewed as Factor Affecting would be. Surely the need today is the speeding up of the circulation of money. Now, the question is, what is the sanest and most practical Business Activity and Outlook. way of bringing about this result? to the review of business in the September According Money Should Circulate Faster. the American Bankers' Association Journal "conWe will not get money to circulate faster by reducing wages, or by issue of discharging employes, or by refusing to buy, or by talking gloom. We fidence that there will be some recovery in business this year will not get money to circulate faster by continuing to operate obsolete is becoming much more pronounced." The review continues: machinery, supporting unnecessary overhead and allowing present forms Conditions warrant the usual seasonal upturn. It is difficult, however, of wicked wastes to go on longer. The circulation of money, however, to find factors that may be relied upon to carry this movement further can be speeded up and the following are four definite suggestions as upwards to the prosperity level for all lines before the end of the year. to how to bring this about: The inventory situation is always one of the chief factors affecting future (1) Reduce Overhead:—Industry and merchandising are today handi- business activity and profits. Comparison of the June 30 balance sheets capped by useless and unnecessary overhead expenses, which are a of 150 representative corporations shows that the reduction in inventories great drag in the present situation. We should not discharge these men as compared with one year previous has not been impressive, although there and women and throw them into the street unless by so doing it will has been some reduction, amounting to slightly more than 7% for the group 4 force them to get into occupations for which they are better fitted. as a whole. 1 Actual size of inventories is a question about which there appears to be Nothing can be gained in the long run by throwing people out of work, but often much can be gained by forcing employes to change their work. considerable difference of opinion. It has been stated that curtailment Every business has men in executive positions and in other inside work In production has been greater than falling off in consumption, with the materially and in come industries so who should be outside, selling goods or rendering special services to result that stocks have worked down the customers. Hence, my first recommendation is to get the drones low that quickening demand would Immediately be translated into higher opinion is that inventories everywhere are out of the office into productive work. Every business is spending too production schedules. Other pressure on the markets is responsible for the conmuch on overhead; too many are supporting relatives, friends and excessive, that their it will take several months to reduce them that and former employes who are not giving value received. During periods of tinued decline in prices warrant.a genuine recovery of business. prosperity it was very easy for such practices to come into existence, to normal size and A study has been made of corporation balance sheets published the especially in long established businesses. The first need of the hour two months, comparing inventories June 30 1930 with June 30 1929. is to put these people out into the field to encourage consumption. past number of reports available is limited. Of the 150 reports, 86 showed Owing to their long experience as consumers themselves, they should be The smaller inventories than a year before, 64 larger, while combined total ideal persons to tackle this new task! Such work is the first step to decreased from $1,548,000,000 to $1,436,000,000, or by 7.3%. Following bring back prosperity. Is a summary showing combined inventories in major industrial groups: (2) Give Better Measure:—To stimulate consumption, it usually is COMPARISON OF MERCHANDISE INVENTORIES. necessary either to reduce the prices or to increase the value of the Per products. The time is now at hand when either or both of these things nrentortes June 301 929. Cent. can be done in most lines. I am not so keen for price reduction as I 1930. Change. No. Industry8159,773,000 8218,478,000 —25.6 1 Autos—General Motors am for improving the product and giving better value for the money 116,055.000 150,389,000 —22.8 9 Autos—Other paid. Reducing prices is much like reducing wages; both are like try37,496,000 Accessories 43,918,000 —14.6 Auto 12 ing to raise oneself by the boot straps. Giving more goods, better 21,329,000 22.207,000 —4.4 7 Building Materials 78,754,000 • 76 902 000 +2.4 9 Chemical Products goods and improved service for a dollar is the way to bring back pros43,216,000 45,530,000. —5.1 7 Electrical Equipment perity. This means that wage workers can best help by taking more 57,012,000 Products 57,196,000 Food —0.3 10 and by working a little harder. Now is the time interest in their work 76,415,000 78,955,000 7 Household Goods —3.2 45.019.000 45,184,000 5 Iron and Steel —0.1 to look more at the product and less at the clock; to think more of the 24,676,000 23,938,000 5 Leather and Shoes +3.1 day work and less of the evening recreation; to take a real interest in 62,974,000 Tools Machinery and Too 65,424,000 15 —3.7 87,001,000 the person who is to use the product and make it as if it were to be 84,680,000 7 Merchandising +2.7 32,743,000 32,478,000 6 Metals, Non-ferrous used by oneself. But the wage workers alone should not be expected to +0.8 10,790,000 7 Paper Products 9,933,000 +8.6 carry all the burden or make all the improvements. Executives, office 189,295,000 Petroleum 10 180,348,000 —5.0 help and the sales force can greatly help bring back prosperity by giving 194,661,000 14 2 Itubber Aug 205,806,000 —5.4 46,174,000 Textiles and Apparel good measure, pressed down and running over. 57,550,000 —19.7 152,973,000 17 Miscellaneous 150,536,000 +1.6 (3) Increase Research Work:—We all know how many employes the automobile industry uses today and the various direct and indirect ways 150 Total $1,436,356,000 $1,548,451,000 --7.3 that it gives employment. The invention and development of the autoThe showing of individual groups is apt to be influenced unduly by one mobile should largely be given the credit of the prosperity which the two outstanding concerns and the percentage change is only a rough country has enjoyed during the past decade. It, however, is not fair or Indicator. General Motors accounts for such a large share of the total automobile is the last great new invention which is comto think that the that it is shown separately from the other groups. If the decrease of $57.ing into general use. Even since the development of the automobile, 000,000 in its inventories were eliminated, the aggregate inventories of the radio, airplanes and other had have things come we into the field. Every remaining 149 Companies would show a decrease of only 4%. The decrease new invention tends to hasten the circulation of money. The rate at is perhaps less than expected, and in part reflects merely lower prices. which money circulates depends far more upon the work of research Nevertheless it is a development in the right direction. I do wish it had come a year or two earlier. The fact is that so long as there are excesses during periods of prosperity, these so-called "depressions" must come about once in so often in order to correct these many excesses and evils. I, therefore, am optimistic not merely in spite of present conditions, but rather, because of them. The average man buys only on a rising market. In order to get people to buy copper, iron, lead or any other commodity, it is necessary to mark up the price thereof. This same principle is very evident in the stock market. The more the market goes down, the more people wish to sell. The more the market goes up, the more people wish to buy. In all departments of industry and commerce, a rising market is a great stimulant to business. As it is impossible to have a rising market continually, prices must be knocked down, once in so often, in order to have rising markets follow. Hence it is to the business man's interest to have these declines as rapid as possible, so they will not last long. An ideal situation—from this point of view—has existed during the past eight months. The declines in commodities and investments have been rapid and abrupt; many are now at a level from which it would be easy to build up a rising market. Investors like to have current earnings to show an improvement over previous years. Many companies are rapidly approaching such a point where this will be possible. The mail order companies, the baking companies, and even possibly the aviation companies, will soon be at a point where the new earnings will show an improvement over the earnings for the same period of 1929. This should have a good psychological effect on both general business and the stock market. • 1628 FINANCIAL CHRONICLE Federal Reserve Board's Preliminary Report on Department Store Sales Shows 11% Decline in August as Compared with Year Ago. Department store sales in August were 11% smaller than in the corresponding month a year ago, according to preliminary reports made to the Federal Reserve system by 530 stores located in leading cities of all Federal Reserve districts; on a daily average basis, however, sales were 8% smaller than a year ago. Sales during the first eight months of this year were 6% below the level of a year ago, says the Board, whose statistics follow: PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO. Federal Reserve District. August.* Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total (530 stores) /an. 1 to Aug. 31.* Number of Reporting Stores. -3 104 52 46 -9 -6 -10 -13 -6 -27 -21 -17 --9 -8 -9 -9 -6 -8 -2 -10 -12 -9 -10 -4 -8 -4 -11 --A o ss 71 25 50 22 14 29 19 60 Prot., 131. Bank loans and discounts howed but slight change from the level of the previous week but were lower than during the week ended Sept. 7 1929. The prices for representative stocks, showing greater strength,increased 1% over the preceding week but fell off when compared with last year Bond prices were also higher than during the previous comparative period and showed a gain of 5% over a year ago. Interest rates for call money recorded an increase over the rates of the week before, while time money rates remained unchanged. Both rates were considerably lower than last year. Business failures during the past week were less numerous than the week ended Aug. 30. For the period ended Aug. 30 1930 increases occurred over the previous period in the production of bituminous coal and the receipts, at important centers, of cattle calves, and cotton, while the production of petroleum,steel mill activity and the value of building contracts declined. Bank loans and discounts, the prices for respresentative bonds and the Federal reserve ratio for the week ended Sept. 6 1930, showed increases when compared with the period ended Sept.8 1928, two years ago. WEEKLY BUSINESS INDICATORS (Weeks Ended Saturday. Average 1923-1003 530 •August figures preliminary; the month had 26 business days this year and 27 last year. 1930. 1929. Sept.jAug.lAug. Aug. 6. 30. 23. 16. Sept. 1928. Aug. Sept. Sept. 31. s. 1. 7. Steel operations 75.0 76.3 72.4 115.8 117.1 101.0 101.0 Bituminous coal production *92.9 87.2 83.8 95.8 *111.1 91.7 96.8 Petroleum produe'n (daily arse.) 118.1 118.6 118.3 141.9 142.7 119.7 120.2 Freight ear loadings 98.1 96.3 106.1 121.0 105.4 116.6 • Lumber production 105.4 68.5 69.0 69.5 Building contracts, 37 States (daily average) 63.7 110.7 81.3 97.9 108.8 96.7 109.4 Wheat receipts 169.8 222.3 255.3 151.3 174.4 189.2 195.4 Cotton receipts 5 93.8 52.7 •136.9 53.1 122.3 71.5 116 99..6 Cottle receipts .6 8 94.0 92.1 95.9 97.2 77. 76 8.10 5 58.7 5 Hog receipts 63.8 74.3 53.0 55.5 The total sales reported this August fell 14% below those of last August. Price No.2 wheat 61.2 6 6 4 4 3 . . 6 4 8 3 2 1 . . 4 0 2 1 3 96.9 93.0 82.2 82.2 .. 6 9 Room sales decreased 12% and restaurant sales 16%. Eighty-five per Price cotton middling 43.0 70.6 71.0 71.3 70.2 Price iron & steel composite cent of all contributors had lower sales than In last August. 79.2 79.4 79.7 79.7 88.2 84.2 84.8 84.8 Copper, electrolytic price 77.5 77.5 77.5 129.0 129.0 105.1 105.1 Philadelphia hotel business was greatly benefitted by a convention of Fisher's index (1926=100) 83.5 83.8 82.8 83.8 96.3 96.9 99.7 100.0 Spanish War Veterans, the decrease in August being only 10% whereas Bank debits outside N. Y. City 94.1 93.8 110.0 102.9 121.6 132.5 111.0 105.2 recent decreases in Philtdelphia have been as high as 17%. The reason Bank loans and discounts 134.7 134.4 134.4 134.9 137.2 135.6 126.8 125.9 Interest rates, call money 158.2 48.5 56.5 60.6 187.9 209.1 181.8 178.8 for the sharp drop in Cleveland was that conventions boosted the sales Business failures 82.6 115.7 107.1 108.4 73.7 89.7 78.9 95.6 last year. "Other Cities," without any specific reason and co'ntrary to Stock prices 208.0 206.2 202.5 196.9 312.8 308.1 209.1 206.4 most of the groups, showed the same drop frcm last year in August as in Bond prices 108.6 108.3 108.0 107.6 103.1 103.0 107.7 107.3 July. August hotel sales held up much better in the smaller cities than in Interest rates, time money 74.3 74.3 74.3 75.2 205.7 205.7 148.6 148.6 Federal reserve ratio 104.3 105.7 105.7 105.8 94.4 97.4 88.5 89.7 the larger ones, the decrease being only 9%. a Relative to weekly average 1927-1929 for week shown General business depression, great reduction in tourist travel and de• Revised. creasing rates were the strongest factors In the August decline. There Is some consolation, however, for hotel men in such newspaper headlines as Commodity Price Index Declines to Aug.1 Level Accordthe following: ing to National Fertilizer Association. Bank Clearings 36% Less Than Last Year. July Automobile Output 44% Under Last July, The wholesale price index of the National Fertilizer Electricity Consumed by 3,800 Plants 18.5% Lower. Association declined six fractional points during the week Decrease 0(27% in Net Income of 516 Corporations. That hotels are among the necessaries of modern life has been proved by ended Sept. 6. The index number now stands at 85.1, the the fact that their sales have dropped less sharply than have those of many exact position of the index on Aug. 2, just prior to the adother lines. Hotel people are fortunate. The present conditions are temporary and there is no cause for panic nor for cutting prices and wages. vance in grain prices incident to the effects of the drouth upon the grain crops. Of the 14 groups comprising the TREND OF BUSINESS IN HOTELS-AUGUST 1930. (Transient and Residential) index three advanced, five declined and the remaining six The trend of the total hotel business Is not shown, but rather the increase or showed no change. The price of 16 commodities advanced decrease in the buslres of hotels airear established at least two years. Trend of Business in Hotels August 1930. Horwath & Horwath report that "August made the poorest sales comparison with last year that has been made so far in 1930, and there is no indication of improvement. Starting with January, when the sales were 2% less than in the same month last year, each month has become successively worse." In their digest of hotel conditions they also state: Total Total, Average Percentage of Room Occupancy. -19 -13 -10 --14 -25 -22 -17 -12 -6 --10 -20 -24 -21 -14 -14 --18 -29 -20 64 70 44 37 78 53 -14 -12 -21 58 52 78 46 39 87 67 -4 -2 -2 -5 -9 --4 -9 -8 -12 63 66 -3 -14 -12 -16 60 65 -4 The Department of Commerce's Weekly Statement of Business Conditions in the United States-Slight Increase in Business as Measured by Volume of Checks. According to the weekly statement of the Department of Commerce at Washington business activity during the week ended Sept. 6 1930, as measured by bank debits, outside New York City, registered a slight increase over the preceding week but declined from the corresponding period of a year ago. Wholesale prices, continuing their upward trend, showed an increase over the preceding week but were 13% lower than a year ago. Iron and steel prices showed but a fractional change from a week ago and like other wholesale prices were below the level of Sept. 7, last year. Middling cotton prices at New York, were higher and red wheat prices at Kansas City lower than the preceding week. Both prices were lower than during the same period of 1929. and 25 declined. The index number for the week of Aug. 30 was 85.7 and for a year ago it was 97.5. "Annalist" Weekly Index of Wholesale Commodity Prices. The "Annalist" Index of Wholesale Commodity Prices has risen this week to 124.9, an advance of 0.4 points above the revised indices of the preceding two weeks. The "Annalist" adds: Only two of the eight groups comprising the index are lower-building materials and the miscellaneous group; the remaining six groups are either higher or unchanged. In support of the appearance of greater stability in the price level is the first upturn in six weeks of the Sensitive Price Index. The Sensitive Index reached 98.0 on June 24, and from then on, with one week's exception, declined steadily until it reached 85.6 last week and turned up to 86.4 this week. Hides have advanced and zinc prices are higher; but steel scrap is fractionally lower. The upturn in the Commodity Index receives somewhat wider support this week than in any of the recent advances. The advance of the farm products index is owing to continued advances in live stock prices, to which are added this week higher prices for hides and potatoes. Grains have lest some ground, and cotton is lower, but the declines are not marked. The higher food products index is duo to further advances in the prices of meat, cocoa and coffee. Flour, butter and some fruits are lower. THE 'ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY PRICES. (1911=1001 Sept. 9 1930. Sell. 2 1930. Sept. 10 1929. , New York City Chicago Philadelphia Washington Cleveland Detroit Los Angeles (Including other Sou. Cal. cities & San Fran__ All other cities retorting P. C. of Inc. or Dec. in Aver. Sale perOcc.Room inComPaan Rooms. Restaurt. Aug.'30. Aug.'29. lath A ug.'29 Sales-Percentage of Increase or Decrease in Comparison ulth August 1929. Farm products Food products Te‘tile products Fuels Metals Building materials Chemicals Miscellaneous 118.2 132.1 112.1 154.3 108.0 131.2 126.5 97.3 117.6 131.0 *119.9 *154.3 *108.0 134.0 126.5 98.2 All commoditiel • Revised. 124.0 •124.5 owcwoa. Analysis by Cities in Which Horwath & Horwath Offices Are Located. 147.2 SEPT. 13 1930.] FINANCIAL CHRONICLE Loading of Railroad Revenue Freight Larger But Not Up to Either 1929 or 1928. Loading of revenue freight for the week ended on Aug. 30 totaled 984,504cars,the Car Service Division of the American Railway Association announced on Sept. 10. This was an increase of 43,955 cars over the preceding week, increases being reported in the loading of all commodities. Compared with the same week last year, however, it was a reduction of 177,596 ears, and a reduction of 132,207 ears below the same week in 1928. Proceeding to analyze the figures, the report says: Miscellaneous freight loading for the week of Aug. 30 totaled 385,041 cars, 83,373 cars under the same week in 1929 and 59,815 cars under the corresponding week in 1928. Loading of merchandise less than carload lot freight amounted to 239,175 cars, a decrease of 27.568 cars below the corresponding week last year and 24,261 cars below the same week two years ago. Coal loading amounted to 168,879 cars, a decrease of 20,821 cars below the same week in 1929 and 9.210 cars under the same week two years ago. Forest products loading amounted to 42,966 cars, 26,857 cars under the corresponding week in 1929 and 23,923 cars under under the same week two years ago. Ore loading amounted to 55,748 cars, a reduction of 19,489 cars below the same week in 1929 and 12,862 cars below the same week in 1928. Coke loading amounted to 8,483 cars, a decrease of 3,376 cars below the corresponding week last year and 1,344 under the same week in 1928. Grain and grain products loading for the week totaled 59,658 cars, an increase of 6,162 cars over the corresponding week in 1929 and 2,344 cars above the same week in 1928. In the western districts alone, grain and grain products loading amounted to 45,077 cars, an increase of 6,324 cars above the same week in 1929. Live stock loading totaled 24,554 cars, 2,274 cars under the same week in 1929 and 3,136 cars under the corresponding week in 1928. In the western districts alone, live stock loading amounted to 18,251 cars, a decrease of 1,949 cars compared with the same week last year. All districts reported reductions in the total loading of all commodities, compared not only with the same week in 1929. but also with the same ww,k in 1928. Loading of revenue freight in 1930 compared with the two previous years follows: 1930. 1929. 1928. 3,349,424 3,571.455 3,448,895 Four weeks in January 3,505,962 3,766,136 3.590,742 Four weeks in February 4,414,625 4,815,937 Five weeks in March 4,752,559 3,619,293 3,989,142 3.740,307 Four weeks in April 4,598,555 5,182,402 4,939,828 Five weeks in MaY 3,719,447 4,291,881 3,989,442 Four weeks in June 3,555,731 4,160,078 3,944.041 Four weeks in July 4,670,368 5,600,706 5,348,407 Five weeks in August 1629 according to a tabulation released by Merrill, Lynch & Co. of this city. Sales of these 40 chain store systems aggregated $189,946,216 for August, against $205,476,939 reported for August 1929, a decrease of $15,530,723, or 7.5%. Losses in sales were reported by Sears, Roebuck & Co.; F. W. Woolworth; Montgomery Ward; S. S. Kresge, McCrory Stores; National Bellas-Hess; F. &. W. Grand-Silver; S. H. Kress, and Kline Bros. For the first eight months of 1930 these same 40 store systems report gross sales of $1,568,138,526 as compared with $1,559,811,587 reported for the corresponding period of 1929, the increase being ,326,939, or 0.53%. A comparative table follows: -Eight Montits End. Aug. 311929. 1930. Dec. Inc. Seals Roebuck_a25,344,275 a27,755,757 8/ f223,607,283 f236,471,336 y5.4 F.W.Woolworth 22,055,003 24,446,805 9.7 174.113,198 182,777,973 74.7 Montg. Ward__ 20,966,819 24,955,313 15.9 169,820.545 167,571,196 1.3 Kroger Groc. Baking Co- 19,808,608 21,880,297 9.4 176,548,895 188,126,128 y6.1. Safeway Stores_ 18,642,526 19,670,307 5.2 147,473,369 140,431,857 5.0 92,332,510 y2.7 89,750.011 85 Kresge Co__ 11,409,973 13,001,412 12.2 61,682,903 17.2 72,173,829 First Nat.Stores b8,175,165 b8,047,563 x1.5 56,190.703 3.2 57,903,123 MacMarr Stores 7,345,4617,808,489 5.9 59,453,006 74.8 56.591.187 7,438,331 7.3 6,894,570 Co National Tea 36.460,866 10.2 40,208,376 W. T. Grant___ 5,384,603 5,065,529 x6.2 40,500,359 39,184,294 3.4 S.H.Kress & Co 5,124,685 5,316,949 3.6 29,193,232 18.5 34,604,140 Walgreen Co- 4,336,065 4,169,965 x3.9 26,178,216 y0.9 25,938,196 McCrory Stores_ 3,405,425 3,852,953 11.6 22,345,280 2.99 23,015,182 Daniel Reeves__ 2,114,040 2,122,983 0.4 15,283,601 11.1 16,985,504 .I. J. Newberry- 2,474,555 2,405,162 x2.8 F. & W. Grand17.048,970 6.8 18,210,231 2.449,916 7.0 2,277,733 Silver 12,088,346 6.1 13,727,513 McLellan Stores 2,227,766 2,200,210 x1.2 18,910,721 16,617,705 13.8 Melville Shoe_ _ 2,113,958 2,126,357 0.5 9,243,921 72.1 15,910,520 2,100,164 1,713,513 x22.5 Schulte-United 31,986,070 y29.2 22,626,802 Nat. Belles Hess 1,933,904 3.347,300 42.2 10,880,626 40.0 1,434,603 x30.9 15,226,412 1,879,087 Stores.. Lerner 9,781,383 12.0 10,960,320 peoples Drug Co. 1,376,770 1,357,585 x1.4 8,877,997 10.1 9,782,771 G.C.Murphy Co 1,362,309 1,273,230 x7.0 10,488,401 0.3 10,523,283 Waldorf System 1,263,772 1,342,266 5.8 8,233,484 14.2 9,407,764 Nelsner Bros.- 1,231,029 1,342,651 8.3 10.315,803 10,105,068 2.1 1,135,793 1,145,449 0.8 David Fender 10,199,787 10.2 998,312 x13.9 d11,237,446 Lane Bryant,Ino d1,138,797 Southern Groc. 10,882,315 10,035,769 8.4 1,126,300 1.208,100 6/ Stores 10,202,146 y5.8 9,609,604 c1.060,493 c1,188,728 10.8 Jewel Tea 5.340,905 18.3 6,320,948 884,760 x2.1 903,460 Schiff Co 31,433,405 35,377,737 33,754,221 Bickford's, Inc.. Total 3,453,382 10.7 3,824,927 446,665 x8.4 484,570 2,833,092 2,667,958 6.19 450,269 x4.9 472,596 Nat.Shirt Shops Winn de Lovett 3,753,508 4,121,134 y8.9 530,985 15.0 451,028 Grocery 2,091,051 y5.35 1,979,226 513,448 14.7 Union Guardian Trust Co. of Detroit Believes Low Exthange Buffet 437,888 2,682,627 2,744,947 72.3 387,010 11.8 335,963 Co.._ Bros Point of Business Recession Has Passed-Condi- Kline 2,904,618 2,909,771 70.1 371,860 11.4 329,184 Fed. Bake Shops 2.838,978 2,284,266 24.2 281,119 x6.7 Edison Bros.Sts. 300,174 tions in Michigan. B-G Sandwich 2,046,677 6.09 2,171.484 e235,853 8.3 0216,161 Shops Improvement in Michigan and national business now 1,232,657 1,039,096 18.6 216,267 2/ 210,232 M.H.Fishman_ 1,031,759 799.736 29.0 92,668 x5.0 97,312 seems imminent, according to Ralph E. Badger, Vice-Presi- Kaybee Stores 1,559,811,587 0.53 1,568,138,526 205,476,939 75 189,946,216 dent, and Carl F. Behrens, Economist, of the Union GuarTotal 23. c Four weeks to Aug. 9. a Four weeks to Aug. 13. b Four weeks to Aug. dian Trust Co., Detroit. Under date of Sept. 4 they state, d Includes 132 weeks to Aug. 15. weeks to Four Co. e Shoe Coward sales of Aug. 31. x Increase. y Decrease. in part: The expected decline during July is now a mtter of history, and although no rapid gains are as yet apparent, there are strong grounds for believing that the low point of the present business recession has been passed. That the upswing has not been more sharp is partially accounted for by the recent drouth and by the fact that the present readjustment is worldwide in its scope. Little change in the foreign situation is expected in the near future, but it is generally conceded that the reduction in crop yields and the effect on the purchasing power of the farm group was overstated. The exact point in a business cycle when depression ends and recovery begins is always difficult to ascertain with any degree of accuracy. It is of intereat to note, however, that previous recessions have seldom lasted more than a year. In many cases, recovery begins some time before it is statistically apparent. Manufacturing operations, which have been, considerably curtailed for a number of months, are currently at a level about equal to that of 1925, whereas population has increased in this period by at least 5%. Current consumption of the important commodities entering into trade is now only slightly below the levels of 1929,' although the consumption of goods somewhat indefinitely classed as luxuries has been greatly curtailed. July was an abnormally quiet month in Detroit and the surrounding area. This fact is substantiated fully by all of the important local barometers of trade and industrial activity. Employment, as indicated by the Detroit Board of Commerce index, which covers all the large companies in the city, declined from 99 on June 30 to 48 (1923-25 == 100) on July 31. On July 31 1929 the index stood at 131. In actual numbers, it is estimated that something like 200,000 fewer people were employed in Detroit Industries during the latter part of July this year than in the sante period of 1929. The abrupt decline in employment is, of course, reflected in the output of motor cars and trucks in the country as a whole. Retail trade in Detroit during July is normally less than in either June or August. In the seven years, 1923-1929, department store sales in July have averaged about 30% under the June totals, but a large part of the July decrease has usually been recovered in August, and sales in September are normally exceeded only by those in November and December. There is little cause for believing that department store trade in August and September of this year will go °punter to the normal seasonal tendency, although it is doubtful that sales during these months will equal last year. August Chain Store Sales Below Those for the Same Month in 1929-Total for Eight Months of 40 Companies Shows Little Change as Compared with Similar Period Last Year. Gross sales of 40 leading chain store systems for the month of August showed a decline of 7.5% as compared with the same period in 1929, whereas for the eight months ended with August, sales for the same systems increased 0.53%,as against the figures for the same period of last year, Month of August 1930. 1929. Drouth in Dallas Federal Reserve District Intensifies Business Slump. The severe drouth over a large area of the Eleventh [Dallas] District has caused a rapid deterioration in growing crops and has intensified the slackness in business and industry, says the Dallas Federal Reserve Bank in its Sept. 1 "Monthly Business Review," which, in its survey, adds: On the basis of the Aug. 1 report of the Department of Agriculture the indicated production of major crops, cotton excepted, is smaller than a year ago. While the prospective yield of cotton is somewhat larger than the small 1929 crop, the lower level of prices prevailing for this commodity will offset the advantage of larger production. The low indicated returns from the cotton crop, together with the reduced income from other crops, will materially affect the purchasing power of the district's farmers during the coming year. In some areas of the district there has been sufficient moisture to mature fair to good crops, but conditions are becoming acute in those sections where the drouth has been most severe. The demand for merchandise in both wholesale and retail channels continued at a low level during the month. The sales of department stores in larger centers reflected a decline of 21% from the previous month, due in part to seasonal influences, and was 7% lower than in the correspending month a year ago. While sales in some lines of wholesale trade showed a seasonal improvement over June, the gain was less than usual and business was on a considerably smaller scale than in 1929. The low prospective returns from agriculture, added to the prevailing dullness of trade, has increased the cautious attitude of merchants with the result that they are limiting purchases to actual requirements. The number and liabilities of commercial failures in this district, after reaching a high point in June, showed a distinct betterment during the past month. Both the number of defaults and the amount of indebtedness involved were smaller than in either the previous month or the corresponding month last year. The valuation of building permits at principal cities in this district, which dropped to the lowest level in several years during June, showed a decided gain in July, the total being 128% greater than in the previous month and 67% larger than a year ago. This gain, however, was due principally to the activity in one city. The operations of the district's lumber mills remained at practically the same level as in the previous month, but were substantially smaller than a year ago. The production and shipments of cement were larger than in June, but production fell considerably below that for July 1929. The financial situation reflected largely the effects of seasonal influences. The daily average of net demand and time deposits of member banks declined from $847,046,000 in June to $832,517,000 in July, and those for the latter month were $38,351,000 less than in the corresponding month of 1929. The borrowings of member banks at the Federal Reserve Bank rose from $9,554,395 on June 30 to $14,109,182 on Aug. 15, but on 1630 FINANCIAL CHRONICLE For,. 131. the latter date they were $28,550,777 leas than on the same date a year ago. The loans to Reserve city banks have remained at a low level during the current season, whereas a year ago they represented a very large percentage of the total. The loans to country banks have been running slightly lower than during the previous year. Bicycle Industry Busy—Experiences Most Prosperous Year Since 1910. Despite a general business depression experienced by the majority of industries, bicycle manufacturers and dealers in 1929 enjoyed their most prosperous year since 1910, Dewitt Conditions in California as Viewed by State Chamber Page, President of the New Departur Manufact e uring Co., of Commerce—No Definite Indications of Improve- Bristol, Conn., declared at Atlantic City, N. J., on Sept. 3. ment. Advices to the New York "Journal of Commerce" went on Indices of business conditions in California have not as yet to say: Page, who also is Vice-President of the General shown any definite indications of improvement. The general Motors Co., declared the prosperity of the bicycle industry was all the more level of business activity, as reflected by production and con- 333i impressive in view of a % decline in the automobile and associated industries. sumption statistics, adjusted for seasonal changes, was He made his assertion in addressing the annual meeting of the Cycle lower in July than during the preceding two months, accord- Trades of America, being held at the Hotel Chelsea. The sessions will Friday. ing to a survey of economic conditions in California, prepared close "The fact that the bicycle industry," he said, "has so well, when done by the Research Department of the California State Chamber others, including the automobile, have suffered, should encouraging to be business in general. of Commerce. The Chamber in its survey continues: "Men employed July bank debits were 6.1% less than in June this year. Normally there is a gain of about 1% between the two months. Weekly debits for the first three weeks of August, however, show a greater increase than the corresponding three weeks a year ago. 144 Weather conditions, during the latter part of July and the first half of August, were mild and near normal in all portions of the State, with few exceptions. Temperatures were generally beneficial to ripening fruits; to the normal development of grapes and vegetable crops; and to harvesting operations. The present outlook for fruit crops is for higher yields than in 1929, except apricots and walnuts, but prices are not as satisfactory. An Increase in the production of practically all the field crops is forecasted. except cotton and potatoes. The prospects for fall vegetables is above normal in quality and production. Prices of livestock and dairy products are low. Condition of livestock is fair. Fred prospects are better than a year ago and hay and grains are plentiful and cheap. Industrial activity, as reflected by industrial employment, showed an Increase of 2.5% over June, which is less than the usual 8% seasonal Increase. Corrected for seasonal changes, the index continued downward. When compared with July a year ago, the decrease in industrial employment was 17.6% and payrolls, 22.7%. Production of crude oil, cement and electric power for the month of July registered increases for the preceding% month, while lumber production declined. Output of oil refineries for June was slightly more than in May. Meat production for the month of June was less than in the previous month. With the exception of cement and power output, production was lower than a year ago. Building activity, as reflected by value of permits, showed a slight Improvement over Juno this year. Although the value was 6% lower, the Index, adjusted for seasonal changes, increased 1.9%. However, there is a heavy construction program under way, including highways, bridges. natural gas lines, public utility expansions, &c., which are as large, if not larger, than in 1929. Further declines in prices of basic building materials occurred from June to July. Wholesale and retail trade activity during the month of July was slow. Retail trade, as evidenced by reports of retail stores, showed marked declines from May and June. Department store sales for the month averaged 3.7% below the same month last year. The sales for 519 stores In the United States were 9% less than a year ago. July loans and discounts of reporting California member banks gained 1.4% over July 1929. Total deposits showed an increase of 2%. The ratio of loans and discounts to total deposits was 79.3 as compared with 79.8 in July a year ago. Borrowings of all member banks California decreased in from $47,208,000 on July 30 1929, to $1,824,000 on July 29 1930. Commercial bank rates to customers showed a slight decrease. in bicycle plants do not know anything about hard times. In a time of depression I consider this situation remarkable. "It is interesting to note that all of the bicycles manufactured in America are sold in America for American use." Government of Straits Settlements Not in Favor of Measures Restricting Rubber Production—Views of President Henderson of New York Rubber Exchange. The Government of the Straits Settlements has informed representatives of the Malayan Rubber Industry that it has decided that economic laws must be allowed to take their course in the hope that by this means stabilization of Prices in the industry will be realized, according to Singapore cables to the Rubber Exchange of New York on Sept. 6. F. R. Henderson, President of the Rubber Exchange, expressed approval of the action of the government of the Straits Settlements in deciding that economic laws and not artificial restrictive measures must be allowed to govern the course of rubber. He said: Any attempt to stabilize prices through government control of production or export or price fixing will be only temporary. The rubber Industry, lam confident, will work out its own salvation in time if left alone. British and Dutch Governments May Fail to Adopt Compulsory Measures Restricting Rubber Production, According to F. R. Henderson Corp. Indications that the British and Dutch Governments may fail to intervene in the rubber industry through compulsory restriction of production are seen by F. R. Henderson Corp., who say in their current market summary: An unofficial statement claims that the attitude of the British and Dutch Governments seems to favor a policy of the "survival the fittest" as the only permanent means of restricting production of under present conditions. Should this policy be accepted, the financially weaker plantation panies would be forced to close down, while toe native holders comwould continue as at present to produce enough to provide themselves with the necessities of life. Outlook for Buying Power on Pacific Coast as Viewed by Silberling Research Corp. In viewing the outlook for buying power on the Pacific Coast the Silberling Research Corp., Ltd., of San Francisco, Imports of Crude Rubber into London During August. Imports of crude rubber into London during the month has the following to say under date of Aug. 30: of August totaled 232,259 centals, against 237,649 centals in Indications. July and 431,923 centals in August last year, according to the It appears now to be fairly well established on the basis of statistical evidence that general buying-power in the Pacific Coast States has Passed London Board of Trade report, received by the Rubber Its worst depression level and that a gradual, and perhaps somewhat irregu- Exchange of New York on Sept. 11. Exports of crude rubber lar, tendency for recovery is now definitely in prospect. In a general way the improvement in business conditions is likely to make headway from London last month were 44,792 centals, against 66,283 somewhat more rapidly in the Southern part of the Coast territory, where centals in July and 105,025 centals in August, 1929. Rubber the recession began early in 1929 and has been exceptionally severe, while shipments from London to America in August were 1,636 In the Northwest, where contraction in the lumber industry was delayed and has still to be carried further, there is likely to be a slower tendency centals, against 1,893 centals in the previous month and to work back to normal levels of buying-power. 6,451 centals in August of last year. From a practical standpoint attention the present outlook calls for special to management policies which are appropriate for the bottom period of a major trade depression but looking toward gradual improvement. It is important at this state to develop new clientele. Seed can be sown now which will bring its harvest when the cycle of buying-power is again climbing up. This means exceptional efforts to present attractive products—fresh, colorful, even novel wares—pric ed at rock bottom. to attract buyers whose Incomes are still depleted and who need special stimulus. This is a Period for intensive advertising effort, building good will for the future. Among the lines of business to whose purchasing departments and personnel sales efforts can be relatively more effectively directed during the next few months are: electrical and gas utilities; insurance companies; recreation equipment. theaters and motion picture equipment; advertising and publishing; food producers in staple lines, and, toward the close of the year. the automotive lines. The present situation is favorable for merger plans. There are execllent opportunities for the absorption of competitive units whose stocks is well deflated, inventories no longer a major problem, personnel reduced to an efficiency basis. In cases where merger plans now in process of negotiation will require issue of additional securities the probable development of a greater public Interest in securities and a stronger price trend by the close of the year should be considered a favorable element. The recent weakness in commodity prices is also favorable to valuations of physical plant and equipment on conservative, and in many instances, bargain levels. The expanding organization which seizes opportunities along these lines in a depression period is not only asserting its faith in the future of public demand for its products but Is demonstrating the possibilities always available to the management which combines foresight with financial conservatism. It is also tangibly assisting general receoverY. Malayan Rubber Shipments Increased in August As Compared with Previous Month. Malayan rubber shipments for the month of August amounted to 47,802 tons, an increase of 6,455 tons over the 41,347 tons shipped during the previous month, according to cables received by the Rubber Exchange of New York on Sept. 2. Stocks of Crude Rubber in Far East on August 81 Totaled 42,255 Tons Against 39,461 Tons July 31. Dealers' stocks of crude rubber held in the Far East on Aug.31 totaled 42,255 tons, as compared with 39,461 tons on hand July 31, according to cables to the Rubber Exchange of New York on Sept. 10. Singapore was the largest holder at the close of last month, with 33,375 tons on hand, Penang holding 6,154 tons and Malacca 2,462 tons, the balance held at Wellesley and Dindings. Harbor Board stocks at Singapore and Penang as of Aug. 31, totaled 5,877 tons, which compares with 5,998 tons at the end of July, a decrease of 121 tons. • SEPT. 13 1930.1 FINANCIAL CHRONICLE Ceylon Rubber Planters Continue Efforts to Effect Government Control of Output. Despite the decision of the Government of the Straits Settlements opposing proposed plans for rubber restriction, planters in Ceylon on Sept. 8 determined to continue their efforts to bring about some kind of Government control of output. This was announced in a cablegram from Colombo received by the Rubber Exchange of New York, which read as follows: 1631 rubber to 3 3-16d. a pound, the lowest quotation ever recorded in the history of rubber production. On covering operations by bears the price rallied to 3 546d. at the close of the market. The fall in the price of the commodity is due to the decision of the Dutch East Indies Government not to impose restrictions on the output ofrubber. Under the restriction scheme rubber estates were able to produce rubber at a good profit, but now they are producing it at a loss of between 2 and three pence a pound. The outlook is considered so serious that many British companies probably will go out of existence. Millions of dollars already have been lost to British investors—the sum is estimated at not less than $600,000,000 —and further losses are regarded as inevitable. World production is increasing and world consumption decreasing, with stocks accumulating. America's consumption, which was nearly 60% of the world's rubber is said to have dropped more than 10%. and every other country, also is buying less. The rubber industry has had its vicissitudes in the past. In the romantic boom of 1910 the price soared as high as 12s. 9d. a pound. The post-war slump dragged the price down to Md. a pound in 1922. The Stevenson restriction scheme came into operation in November 1922, and lasted six years. Three years after it was instituted the price was up "Ceylon is profoundly disappointed at the breakdown of the negotiations for the restriction of production or exporting of rubber. The committee that was formed last month under the presidency of the senior government official to consider a scheme for such restriction met this afternoon and decided not to accept as final the cable of the Governor of the Straits Settlements declaring that economic laws must take their course and that no restriction was possible and resolved to press further on the producing countries the desirabilities of some kind of Government control of output. The meeting also considered the question of the reduction of the export 4s. 8d. duty on rubber and of railway freight rates." The next drop followed Premier Baldwin's announcement of the lifting of the restriction scheme in April 1928. The price,then Is. id.,immediately 1%d.a year ago but fell again. The highest Tire Dealers to Meet—Plan to Adopt Measures to Help dropped to 7%d. It rose to is.February, since which time the quotations price this year was 850. in Stabilize the Trade. have steadily dropped. said a member of a rubberA meeting to "protest against present demoralized con- "The next six months will be very critical," growing firm to-night. "Trade revival is the only hope of a corresponding ditions" in the local tire trade and to formulate plans for its revival in the rubber industry. Eighty per cent of the world's rubber stabilization has been called by the Greater New York Tire production goes into motor tires and tubes, and if the owner of every car Dealers' Association for Sept. 17 at the Hotel Pennsylvania, in the world were to buy one spare tire and tube, not less than 175.000 tons of rubber would be used up. it was announced on Sept. 11, according to the New York "In America the people must be letting their tire wear almost to canvas. More fuel is being used than ever, which shows that the cars are running "Times" of Sept. 12 which also had the following to say: all right, but the consumption of rubber is going down." Tire dealers from all parts of the city and vicinity have been asked to attend. It is expected that measures will be adopted to meet the competition New Rubber Prices in New York. forced by the mail order houses and the recent entrance into the local The following is from the "Times" of Sept. 9: retail field of the Standard 011 Co. of New Jersey. Crude rubber prices broke to new lows in New York and London yesterAccording to L. K. Beller, President of the association, conditions in the retail tire business are "more upset than ever before." with retailers find- day, following the receipt of reports that the Dutch East Indies Governexpenses." overhead meet to pressed "hard ment had declined to impose restrictions on production. On the New ing themselves "There has been a price wax between certain tire makers, with each York Rubber Exchange, September contract A sold at 7.90 cents a pound. outdoing the other in quoting prices in an effort to make sales," said Mr. compared with a previous low of 8.40 cents. It closed at 8 cents after Beller. "This, with the competition from gas stations, furniture houses reaching a high for the day of 8.20 cents. and the mall order concerns, has made the lot of the New York tire dealer In noting that rubber continued its downward course in a hard one." Exchange of New York the futures trading on the Rubber No Tire Price Cut Expected Now—Akron Manufac- on Sept. 6, the Exchange said: All active positions established new lows. Declines ranged from 40 to turers Declare 2-Cent Reduction on Rubber Cannot 60 points with the December position breaking through 9 cents for the Go to Consumer. first time and closing at 8% cents. September sold at 8.40 cents and closed The recent drop of 2 cents a pound in the price of crude 8.30 bid, 8.50 offered. Yesterday's (Friday, Sept. 12) price was 8 cents. rubber, eight pounds of which is built into an ordinary Fordsize tire, will make no change in the cost of tires to the conSalaries—Firestone and Seiberling sumer, according to officials of Akron's largest tire factories. Tire Firms Cut Follow Goodyear in 10% Reduction. Akron (Ohio) advices Sept. 9 to the New York "Times," in The following from Akron, Ohio (Associated Press) is indicating this added: Other items of expense in the production of this tire, which retails now from the New York "Times": for about $5.50, have changed little in the last few months and have much A cut of 10% in pay of all salaried employees of the Firestone Tire & more to do with tire prices than the price of crude rubber, they assert. Rubber Co. will become effective on Sept. 1, it was announced last night. William O'Neil, President of the General Tire and Rubber Co., large It supersedes a 10% cut affecting only those receiving more than $3,000 producer of replacement tires, said the price of tires was only about one- annually, which went into effect several weeks ago. The Firestone action tenth of the pre-war price and that in view of other factors, such as reduced follows a similar one announced by Goodyear Tire & Rubber Co.last week. schedules, the drop in price of crude rubber can have little effect. The "Times" of Sept. 1 also stated: "Even a 20% drop, from 10 to 8 cents a pound, in crude rubber, when The Seiberling Rubber Co. also announced a 10% cut in the salaries of crude rubber accounts for approximately only 15% of the entire cost of a tire, can hardly be passed on to consumer," Mr. O'Neil declared. "Re- all sales and office employees. B. F. Goodrich Co. officials said the company policy until Nov. I produced schedules of approximately 20% have cost the tire companies in the one item of depreciation nearly as much as they will gain by this drop vides for no salary cuts or reduction in number of employees. They did not comment on what their course may be after that date. in the cost of crude rubber." He gave as an example a tire company with a plant investment of $100,The cut in salaries by the Goodyear Tire & Rubber Co. 000.000, producing about 14,000,000 tires a year at full schedule, which • was noted in our issue of Aug.30, page 1329. must charge off 10% or $10,000,000 a year for depreciation. "If this company produces only 12,500.000 tires this year, as it probably will, it still must charge off $10,000,000 depreciation," Mr. O'Neil said. New Automobile Models and Price Changes. "This means that each tire produced must bear 10 cents more of this charge, while the recent drop in the price of crude is only about 16 cents on the averThe Graham-Paige Motors Corp. last month introduced age Ford-size tire." at $948. A high official of Goodrich quoted authorities to the effect that the a new de luxe model, listed present price of rubber was 6 cents a pound less than the lowest estimate The Plymouth Motor Corp., a division of the Chrysler of the cost at which crude rubber could be produced in any place, and Corp., has introduced a new roadster listing at $535, the 11 cents below the generally accepted cost of production. Officials of Goodyear and Firestone agreed that there was no economic lowest price ever placed on a Chrysler Motors product. basis for expectation of a reduction in tire prices at this time based on the The new roadster brings the number of body styles offered drop in crude rubber prices. Opinion in London that Rubber Prices Have Touched Bottom. The consensus of opinion in London is that crude rubber prices have touched bottom, according to a cablegram from London received by the Rubber Exchange of New York on Sept. 9. The cablegram follows: All the newspapers comment at length on the depressed state oftherubber Industry and although in some direction a further fall is anticipated the consensus of opinion is that prices have touched the bottom, on the theory that the closing down of a large number of estates seems inevitable. After yesterday's early renewed weakness the market has shown a rallying disposition, and despite the prevailing stagnation the fact remains that the worst is now known and with the position clarified more interest is likely to be displayed. The dropping of prices in London to the lowest on record was noted in the following London cablegram Sept. 8 to the New York "Times": There is great alarm in the rubber industry here, and many British companies are facing ruin as a result of a further fall to-day in the price of by Plymouth to eight. The Plymouth Motor Corp. also announced a reduction in the price of the standard coupe $25. The Willys-Overland Co. is introducing a new line of Whippet Fours, with list prices unchanged from the range of $475 to $645 and the commercial chassis listing at $360. The Ford Motor Co. of Detroit has added a new sport roadster to its line of de luxe body types listing at $520 f.o.b. Detroit. The Cadillac Motor Car Co. has introduced a complete new line of Cadillac and La Salle V-type eights, with prices representing reductions of from $245 to $900 from the former models, and marking the lowest prices in 12 years. The list price range on the new La Salle models is from $2,195 to $3,245 compared with a range of $2,490 to $3,995 on the former models. The range on the new Cadillac standard V-eight models is from $2,695 to $3,795, against $3,295 to $4,700 on the previous lines. The new models are priced as follows: 1632 NEW CADILLAC EIGHTS. Previous New Model. Model. 2-passenger coupe_ --- $3295 $2695 Convertible coupe- - - 3595 2945 5-passenger coupe_ _ _ - 3595 2795 Town sedan 3495 2845 5-passenger sedan_ _ _ - 3695 2795 7-passenger seda e__-- 3795 2945 7-passenger Imperial- 3995 3095 Roadster 3450 2845 Phaeton 2945 All-weather phaeton_ 4700 3795 Note.-AU prices F.0.B. Detroit. FINANCIAL CHRONICLE NEW LaSALLE EIGHTS. Previous New Model. Model. 2-passenger coupe____ $2490 $2195 Convertible coupe..-- 2590 2295 5-passenger coupe_ _ _ _ 2590 2295 5-passenger sedan_-- 2565 2295 Town sedan 2590 2345 7-passenger sedan _ _ _ _ 2775 2475 7-passenger Imperial_ 2925 2595 All-weather phaeton__ 3995 3245 Bodies by Fisher and Fleetwood. [voL, 131. spectively 181,844,000 feet and 257,641,000;and orders received 191,327,000 feet and 249,783,000 feet. In the case of hardwoods, 203 identical mills reported production last week and a year ago 21,839,000 feet and 42,454,000; shipments 22,695,000 feet and 38,395,000; and orders 20,820,000 feet and 37,401,000. West Coast Movement. The West Coast Lumbermen's Association wired from Seattle that new business for the 228 mills reporting for the week ended Sept. 6, totaled 113,405,000 feet, of which 47,775,000 feet was for domestic cargo delivery, and 13,615,000 feet export. New business by rail amounted to 40,208,000 feet. Shipments totaled 97,644,000 feet, of which 41.052,000 feet moved coastwise and intercostal, and 8,906,000 feet export. Rail shipments totaled 35,878,000 feet, and local deliveries 11.807,000 feet. Unshipped orders totaled 398,213,000 feet, of which domestic cargo orders totaled 201,418,000 feet, foreign 99,172,000 feet and rail trade 97,623,000 feet. Weekly capacity of these mills is 252,634,000 feet. For the 35 weeks ended August 30, 139 identical mills reported orders 5.4% below production, and shipments were 0.2% below production. The same mills showed an increase in inventories of 2.1% on Aug. 30, as compared with Jan. 1. The Cadillac Motor Car Co., it is also stated, shortly will announce a new line of V-type 12-cylinder Cadillac cars ranging in price from $3,795 to $4,995 f.o.b. Detroit. With this addition Cadillac's complete line will consist of the La Salle V-8, Cadillac V-8, Cadillac V-12, and the Cadillac V-16, ranging in price from $2,195 to $15,000. The Chevrolet Motor Co. has announced a new 13/ 2-ton Southern Pine Reports. truck with dual wheels as optional equipment, listing at The Southern Pine Association reported from New Orleans that for 143 $520 f.o.b. Flint, Mich. An extra charge of $25 is made mills reporting, shipments were 10% below production, and orders 25% for dual wheel equipment, including six tires. below production and 17% below shipments. New business taken during the week amounted to 35,157,000 feet. (previous week 45,024,000 at 133 The Gardner Motor Co. is introducing a new line of mills); 42.273,000 feet. (previous week 50,232,000); and prostraight eights, offered in five models including roadster, ductionshipments 46,868,000 feet, (previous week 46,516,000). The three-year phaeton, brougham, sedan and sport sedan. The list prices average production of these 143 mills is 69,071,000 feet. Orders on hand at the end of the week at 125 mills were 110,922,000 feet. The 130 identical range from $1,795 to $1,895. mills reported a decrease in production of 26%, and in new business a Alvan Macauley, President of the Packard Motor Car decrease of 34%, as compared with the same week a year ago. Co., announces the introduction of new models of Packard The Western Pine Manufacturers Association, of Portland. Ore.,reported production from 88 mills as 32,985,000 feet, shipments 30,942,000 and new cars ranging in list price from $2,385 for the Standard Eight business 34,036,000 feet. Sixty-four identical mills reported a decrease 5-passenger sedan to $6,075 for the all-weather town car of 29% in production,and an increase of1% in new business, when compared landaulet in the individual custom eight. The price range with last year. The California White 8: Sugar Pine Manufacturers Association, of San In each line is: Standard Eight, ranging from $2,385 for the Francisco, reported production from 12 mills as 8,872,000 feet. shipments 5-passenger sedan to $3,465 for the convertible sedan; De 7,611,000 and orders 6,141,000 feet. The same number of mills reported Luxe Eight, $3,490 for the road and phaeton to $4,285 for a decrease in production of 17%,and a decrease in orders of 40%, in comparison with 1929. the 7-passenger sedan limousine, and Individual Custom The Northern Pine Manufacturers Association, of Minneapolis, Minn., Eights from $5,175, upwards, depending upon individual reported production from 7 mills as 4,211,000 feet,shipments 2,376.000,and new business 2.072,000. The same number of mills reported a decrease of specifications and requirements. in production, and a decrease of 56% in new business, when compared The Pierce-Arrow Motor Car Co. is introducing new salon 39% with a year ago. models, offered in two groups. Group B, powered by a The Northern Hemlock and Hardwood Manufacturers Association, of 125 h.p. straight eight engine and mounted on a 139-inch Oshkosh, Wis., reported production from 20 mills as 1,670,000 feet, shipments 1,597,000 and orders 1.378,000. The same number of mills reported wheelbase, includes a 5-passenger sedan at $3,795, 7-passen- production 54% less, and orders 24% less, than that reported for the ger sedan at $3,925, Club Berline at $3,995, Club sedan at corresponding week of last year. The North Carolina Pine Association, of Norfolk, Va., reported pro$3,795, and inclosed drive limousine at $4,125. Group A, duction from 112 mills as 6,735,000 feet, shipments 8,780,000. and new with 132 h.p. and 144-inch wheelbase, include 7-passenger business 6,513,000. Fifty identical mills reported a decrease in production sedan at $4,835, 7-passenger inclosed drive limousine at of 42% and a decrease in new business of 16% in comparison with 1929. The California Redwood Association, of San Francisco, reported pro$5,035, and a convertible town car at $6,250. duction from 12 mills as 5,924,000 feet, shipments 3,959,000 and orders Dodge Bros. Corp., a division of the Chrysler Corp., is 4,305,000. The same number of mills reported a decrease in production of introducing a new line of standard and heavy-duty motor 26%,and a decrease in orders of 24% when compared with a year ago. trucks. Prices in the standard line range from $645 for the Hardwood Reports. half-ton panel to $875 for the 13' -ton panel. Chasis prices The Hardwood Manufacturers Institute. of Memphis .Tenn., reported In the heavy duty line range from $1,425 to $2,695. Five production from 259 mills as 25,668,000 feet. shipments 24.718,000 and new basic models comprise the standard line, furnishing load business 24,610,000. Reports from 183 identical mills showed a decrease in production of 49%, and a decrease in new business of 41%, in comparison capacities of from 1,000 to 4,000 pounds. The heavy-duty with 1929. line has seven basic models with capacities ranging from The Northern Hemlock and Hardwood Manufacturers Association, of Oshkosh, Wis., reported production from 20 mills as 1,476,000 feet, ship3,150 to 11,800 pounds. ments 2,229,000 and orders 1,266.000. The same number of mills,reported a decrease of 48% in production, and a decrease of 70% in orders, when compared with last year. Improvement in Hardwood Demand Indicated. A slight improvement in demand for hardwoods and continued curtailed production in both hardwoods and softwoods marked the week ended Sept.6,it is indicated in reports from 881 leading lumber mills to the National Lumber Manufacturers Association. These reports showed now business received at the mills within 3% of production for the week. Hardwood demand was 95% of production, the best ratio shown in many weeks. Combined production of these mills for the week amounted to 236,289,000 feet. An idea of the extent of curtailment may be had in the fact that 661 identical mills reported a cut approximately 120,000,000 feet, or 36%, under production for the same week a year ago. Lumber orders reported for the week ended Sept. 6 1930, by 622 softwood mills totaled 203,007,000 feet, or 3% below the production of the same mills. Shipments as reported for the same week were 195,182,000 feet, or 7% below production. Production was 209,145,000 feet. Reports from 279 hardwood mills give new business as 25,876,000 feet, or 5% below production. Shipments as reported for the same week were 26,947,000 feet, or 1% below production. Production was 27,144,000 feet. The Association's statement continues: Unfilled Orders. Reports from 499 softwood mills give unfilled orders of 702,946,000 feet, on Sept. 6 1930, or the equivalent of 14 days' production. This is based upon production of latest calendar year-300-day year-and may be compared with unfilled orders of 501 softwood mills on Aug. 30 1930. of 748,104,000 feet, the equivalent of 15 days' production. The 370 identical softwood mills report unfilled orders as 653,473,000 feet, on Sept. 6 1930, as compared with 975.731.000 feet for the same week a year ago. Last week's production of 478 identical softwood mills was 192,288,000 feet. and a year ago it was 293.252,000; shipments were re- CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDING SEPT. 8 1930, AND FOR 38 WEEKS TO DATE. Association. ProducShip- P. C. P. C. lion. meals, of Orders. of (M. Ft.) (M. FL) Prod. (M. Ft.) Prod. Southern Pine: Week-143 mill reports 48,868 42,273 36 weeks-5,074 mill reports 2,016,878 1,877,148 West Coast Lumbermen's: Week-228 mill reports 101,880 97,644 36 weeks-7,844 mill reports 5,322,517 5,213,313 Western Pine Manufacturers: Week-88 mill reports 82,98. 5 30,942 36 weeks-3,272 mill reports 1,505,481 1,294,240 California White & Sugar Pine: Week-12 mill reports 8,872 7,611 38 weeks-891 mill reports 684,305 728,038 Northern Pine Manufacturers: Week-7 mill reports 4,211 2,376 38 weeks-277 mill reports 171.757 144,754 NolIemlock&Hardwood(softwoods): Week-20 mill reports 1,670 1.597 36 weeks-1,111 mill reports 115,303 80,392 North Carolina Pine: Week-112 mill reports 8,735 8.780 36 weeks-3,941 mill reports 315,852 314,008 California Redwood: Week-12 mill reports 5,924 3,959 38 weeks-524 mill reports 246,604 225,209 Softwood total: Week-622 mill reports 209,145 195,182 36 weeks-22,934 mill reports_ Hardwood Manufacturers Inst.: __. 10,378,895 9,877,102 Week-259 mill reports 24,718 25,688 36 weeks-9,292 mill reports Northern Hemlock and Hardwood: 1,203,485 1.078.789 Week-20 mill reports 2,229 1,476 36 weeks-1,111 mill reports 159,498 257,105 Hardwood total: Week-279 mill reports 27,144 26,947 36 weeks--10,403 mill reports__ 1,480,590 1,238,287 Grand total: Week-881 mill reports 238,289 222,129 38 weeks-32,228 mill reports 11.839.285 11.115,389 90 93 35,157 1,835,541 75 91 96 98 113,405 5,164,302 111 97 94 86 34,038 1,255,139 103 88 86 108 6,141 726,796 69 106 58 84 2,072 138.547 49 81 96 70 1,378 72,629 83 63 130 99 8,513 253,560 97 80 67 91 4,305 226,889 73 92 93 95 203,007 9,073,403 97 92 96 90 24,610 1,035,259 96 88 161 62 1,266 129,682 88 60 99 85 25,878 1,164,941 95 80 228,883 94 93 10.838,344 97 92 FINANCIAL CHRONICLE SEPT. 13 19301 The Paper and Pulp Industry in July 1930-Decline in Production. According to identical mill reports to the Statistical Department of the American Paper & Pulp Association from members and co-operating organizations, the daily average paper production in July showed a decrease of 8% under June 1930 and a decrease of 12% under July 1929. The daily average wood pulp production in July registered a decrease of 18% under June 1930, and a decrease of 13% under July 1929. The Association, under date of Sept. 8, furnishes the following survey: The July production of newsprint, uncoated book, paperboard, wrapping, bag, writing, tissue, hanging and building papers registered a decrease under July 1929 output. The production of all major grades of paper during the seven-month period ended July 1930 registered decreases under the totals for the same period of 1929. Shipments of all major grades, excepting hanging paper, also registered decreases during the seven-month period of 1930 as compared with the same period of 1929. All grades of paper, excepting writing, tissue and hanging, showed decreases in inventory at the end of July 1930 as compared with the end of June 1930. As compared with the end of July 1929 all grades, excepting paperboard, wrapping and bag papers, showed increases in inventory. Identical pulp mill reports for the seven-month period ended July 1930 indicated that 8% more raitscherlich sulphite pulp, 2% more bleached sulphite pulp and 2% more kraft pulp was consumed by reporting mills than for the same period of 1929. The total shipments to outside markets of all grades of pulp during the first seven months of 1930 were approximately 10% below the total for the same period of 1929. All grades of pulp, excepting easy bleaching sulphite and mitscherlich sulphite, registered a decrease in inventory at the end of July as compared with the end of June 1930. As compared with July 1929 groundwood and soda pulps were the only grades whose inventories registered decreases, The tonnage increase in the other grades, however, was not large. 1633 bushels, the estimate on Aug. 1, and with an actual production of 2,614,000,000 in 1929 and with a five-year average production of 2,700,000 bushels. The condition of corn on Sept. 1 was 51.6% comparing with 67.9% on Sept. 1 1929 and with a 10-year average of 77.7%. The present forecast makes the corn crop the smallest since 1901 when 1,523,000,000 bushels were produced and is the first time in 29 years that the crop has fallen below 2,200,000,000 bushels. While the total crop prospects are below those of a month ago and the production of a wide variety of crops has fallen greatly during the month of August, some crops showing a decline as high as 11%, several important crops seem to be yielding heavier than was expected a month ago. Among the crops showing a higher yield are spring wheat, oats, barley, rice, sugar beets and a few of the food crops. We give below the report in detail: Crop prospects in the United States declined 2.5% during August as a result of excessively hot weather, a continuation Into August of the recordbreaking drouth in most of the States affected in July and an extension of drouth northward into States that had not previously suffered severely. A wide variety of late crops has been affected. Prospects for corn have declined by 229,000.000 bushels or 10%. potatoes by 34,000,000 bushels or 9%. beans 11%, grain sorghums 11%, hay 1.3 million tons or 1%. buckwheat 23%, and vegetables for canning 7%. Tobacco,flaxseed, soybeans, cowpeas, sweet potatoes, sorgo and cane for sirup, broomcorn, grapes, cabbage and various northern vegetables show important declines. Pastures which were the poorest on record a month ago, declined to a new low record on Sept. 1, and milk production per cow, largely as a consequence, was reduced 6.4% below production on Sept. 1 last year. Fgg production per hen is also sharply lower in the drouth affected States, and on Sept. 1 averaged about 6% less than a year ago. On the other hand, several important crops seem to be yielding heavier REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE than was expected a month ago. Small grains which were well advanced MONTH OF JULY 1930. when the drouth became serious were largely harvested under unusually favorable conditions which were a factor in bringing the yields at threshing Stocks on Hand time above earlier expectations. Spring wheat, oats, and barley have been Produaion. Shipments. End of Month. yielding well in proportion to the straw and the estimates have been inTons. Tow. Tons. Grade. creased since Aug. 1 by 17,000.000 bushels of spring wheat, 75,000.000 103,018 102,840 Newsprint 29,284 bushels of oats and 17.000,000 bushels of barley. The estimates for tice 68,345 68.196 Book (uncoated) 62,839 sugar beets, and a few fruit crops have also been increased slightly, but the 179,299 177,905 Paperboard 57,583 net average for both food and feed crops is sharply downward with op42,132 45,585 Wrapping 41,695 12,912 .12,674 Bag portunity for material recovery rapidly dwindling. With the exception of 5,013 26,632 26,121 Writing, cover:etc 51,784 potatoes and sweet potatoes and a few other crops, the shortage of food 12,312 11,731 Tissue 12,858 Products is not yet pronounced. The marked shortage of feed and the im4,090 3,400 Hanging 5,862 pending necessity of selling livestock in the drouth areas tends to hold down Building 4,620 5,581 3,750 17,181 20,205 Other grades the price of meat animals with the result that farmers face the combination 16,237 of low yields and low prices. Crop yields seem likely to be the lowest In Total-All grades 468,582 476,197 286,905 20 years or more, except possibly in 1921, and prices at the farm on Aug. 15 REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR were lower than in any August since 1915. THE MONTH OF JULY 1930. Corn. The 1930 corn crop is now forecast at 1,983,000,000 bushels, which Is 10.4% less than the Aug. 1 forecast, 24.2% less than the 1929 production, and 26.6% below the 5-year average production. A decline in prospective 69,201 Production since August occurred in 33 States, no change was shown in 7 Groundwood 77,555 1,899 94,245 31,361 Sulphite news grade_29,768 1,637 States, and increases were shown in the remaining 8 States. Declines oc7,797 21,068 20,061 Sulphite bleached 1,432 4,175 curred in all corn belt States except Nebraska and Kansas. Increases 2,652 2,208 203 Sulphite easy bleaching 1,088 were largely in Western States, where corn production is relatively unim6,147 6,878 Sulphite mitscherlich 707 1,565 24,262 28,022 4,483 portant. The area of low prospective yields, due to prolonged drouth, Kraft Pulp 7,214 19,666 12,783 6,887 Soda pulp 3,440 expanded during August to include the States north and west of the original 80 80 Pulp-Other grades 12 drouth area,from New York to the Dakotas, and also the State of Texas. The 1930 corn crop, as now forecast, would be the smallest crop since 178,828 172,784 17.328 Total-All gradeslle SRA 1901, when 1,523.000,000 bushels were produced. It would be the first crop in that period of 29 years to fall below 2,200,000,000 bushels. The Yield per acre of 19.5 bushels indicated by condition on Sept. 1 is also the Industrial Building Costs Lowest in Eight Years Ac- lowest since 1901 when the yield was estimated to be 16.7 bushels. The 10-year average yield Is 28.2 bushels per acre. The condition on Sept. 1 was cording to the Austin Co. reported at 51.6% of normal, compared with 62.0% on Aug. 1, 1930 and a Industrial building costs are the lowest in eight years, ac- 10-year average Sept. 1 condition of 77.7%• The estimate of probable corn production relates to equivalent yield of cording to a survey of the Austin Co., engineers and builders. entire acreage. The low yields of both grain and stalks, and the Except for a period in 1922 costs have not been so low since grain on theother roughages and pasture, accompanied by early cutting of shortage of 1916, says the concern, which adds: corn forage will tend this year to greatly increase the acreage harvested as All of the decline is due largely to falling prices of materials and greater silage and forage, and decrease the acreage husked and snapped for ear production of corn actually harvested for grain will efficiency of labor and construction equipment. Wage rates at 185% over corn. The decreased the 1913 level continue at the peak for all time, while all building costs, undcubtedly be greater than the reduction in the total production of corn labor, are including less than 40% over 1913. for all purposes. Wheat. A modern factory building, 200 feet long and 100 feet wide of steel and concrete construction can be erected in the average mid-western city The 1930 probable production of all wheat,including 597.392,000 bushels for first, now totals 837,761.000 $1.40 a square foot against $1.87 in 1923, a high mark of $2.65 in 1920 and of winter wheat as estimated on August $1.00 in 1913. The decline in costs is resulting in a marked increase in bushels against 820,613,000 bushels forecast on Aug. 1, and 805,790,000 inquiries from manufacturers contemplating new construction. bushels harvested in 1929. The indicated production of spring wheat other than Durum on Sept. 1 shows an increase of 14,488.000 bushels above the August 1 estimate of Agricultural Department's Complete Official Report on 174.931,000 bushels. The largest increases occurred in the States of Minnesota and North Dakota where yields based on threshing returns are well Cereals, &c. above the earlier indications. The indicated production on Sept. 1 of 189.The Crop Reporting Board of the United States Depart- 419,000 bushels compared with 175.626.000 bushels produced in 1929 and the five year average production. The indicated ment of Agriculture made public late on Wednesday after- with 213,649.000 bushels, Sept. 1 yield of 11.7 bushels, compared with 11.2 bushels harvested in 1929 noon, Sept. 10, its forecasts and estimates of the grain crops and with 12.5 bushels, the 10-year average yield. Production of Durum wheat in the four States, Minnesota, North Dakota, of the United States as of Sept. 1, based on reports and data and Montana on Sept. 1 is forecast at 50,950,000 bushels, furnished by crop correspondents, field statisticians and South Dakota, increase of approximately 2,660.000 bushels above the Aug. 1 estimate. co-operating State Boards (or Departments) of Agriculture. an in these four States in 1929 was 52,380,000 bushels on an production The This report shows that the production of the spring wheatcrop acreage 18% greater than that of 1930. The average yield in the four States was estimated to be 11.7 bushels as compared with the Aug. I is estimated at 240,000,000 bushels, as against 223,000,000 estimate of 11.0 bushels per acre, and 9.9 bushels in 1929. Threshing is bushels Aug. 1 and 228,000,000 bushels harvested in 1929. quite generally completed in the important Durum States, and the yields are particularly in Minnesota and North The entire wheat crop is put at 838,000,000 bushels against running above the Aug. 1 indications, Early ripening and the increasing use of combines in the north821,000,000 bushels Aug. 1, 807,000,000 bushels July 1 and Dakota. harvest the from 10 days to two weeks. western States advanced an actual harvest of 806,000,000 bushels in 1929. The fiveWhen computed by classes production of hard red winter wheat is shown bushels, which is 13.000,000 bushels above the 1929 producyear average production of wheat is 833,000,000 bushels. at 357,000,000 tion of these same varieties. Soft red winter wheat production Is shown at The probable production of corn which has suffered so 194.000.000 bushels compared with 188,000.000 bushels produced in 1929. seriously from the drouth is placed at only 1,983,000,000 Durum wheat in all States growing this class of wheat, is indicated to be bushels, a decrease of 1.638,000 bushels as compared with the 54.017,000 bushels as of Sept. 1 1930 as compared with 2,212,000,000 1929 production; hard red spring wheat is indicated at 148.068,000 bushels Grads. Production, Tons. Used During Month, Tons. Snipped Dar- Stock on Rand ing Month, End of Mona, Tons. Tons. 1634 FINANCIAL CHRONICLE compared with 139,906,000 bushels in 1929; white wheat of both winter and spring varieties is shown at 84,883,000 bushels, or about 7,000,000 bushels above the 1929 production of these varieties. Oats. The United States total oat crop is now estimated at 1,390,892,000 bushels as compared with 1,233,574,000 bushels harvested last year and a five-year average of 1,371,369,0e0 bushels. A generally favorable early growing season followed by unusually good harvesting conditions during the summer drouth helped greatly in bringing oats production above earlier expectations. Like other small grains which were well advanced before the drouth became serious, oats have threshed out better than was indicated by reports a month ago. The estimates of production for Sept. 1 were increased over Aug. 1 by more complete reports after threshing in 30 States, which included nearly all of the important Northern and Western oats producing areas. Tne improvement in yields in many States is also accompanied by high quality in both grain and straw. With the further deterioration of the record low pastures, and below average supplies of other feed crops, the amount of oats used for late eummer and fall feeding will probably be much larger than year than usual. Barley. Barley yields in practically all producing sections appear to be better than were indicated by pre-harvest prospects. With the acreage almost the largest ever harvested, production is estimated at 322,700.000 bushels, which would be the largest crop on record except that of 1928. which amounted to 357,487.000 bushels. The yield of 25.3 bushels per acre compares with 23.2 in 1929 and 25.0, the average of the previous 10 years. Yields in the Dakotas and Montana were somewhat below average because of drouth injury to the later portion of the crop, but above average yields were secured in the remainder of the important barley producing area. Harvesting conditions were better than usual and a large proportion of the grain is of good color and quality. Buckwheat. Buckwheat was caught by drouth during August in all important producing sections and both yields per acre and production are expected to be lower than in any year since 1883. The probable yield is now forecast at 11.6 bushels compared with the unusually low yield of 15.8 bushels last year and an average of 19 bushels during the prvious 10 years. Production is forecast at 8,459,000 bushels or less than two-thirds the usual quantity harvested and only about three-fourths as much as was harvested last year. Flaxseed. The forecast of flaxseed production has been reduced to 24,611,000 bushels because of further drouth injury to late flax in the Dakotas. The yield per acre, forecast at 5.6 bushels, will be about three-fourths the usual average, but as a record acreage was planted, production is expected to be considerably greater than in either of the last two seasons. but below the large crops of 1924 and 1927. Grain Sorghums. Grain sorghum, the principal feed for livestock in much of the Southwest has suffered severely in Kansas, Oklahoma, Texas and New Mexico as a result of drouth. Both the yield and production are expected to be far lower than in any of the past 11 years for which estimates are available. Combining, in equivalent bushels of grain, the prospective production froin the acreage for grain and from that to be harvested as forage, production is forecast at 82,877,000 bushels, a reduction of about 10,000,000 bushels from prospects a month ago and only about two-thirds of average production during the last 10 years. Rice. Prospects for rice have improve slightly, but both the yield per acre and the production are expected to be slightly lower than in any of the past four years. Prospects are poorest in Arkansas and parts of Louisiana where there has been a shortage of water for irrigation. The forecast of production indicates 38,307.000 bushels compared with 40,217,000 bushels last year. Harvesting of early varieties has now advanced north into Arkansas, but the yield of late varieties is still uncertain. Hay Crops. With millet, soybeans, second cuttings of clover, and other late hay crops further reduced by drouth, the estimate of all hay production has been reduced another million tons and now stands at 94,137,000 tons, which would be 18% below production in 1929, 12% below the average during the previous five years, and below production in any season since 1918. Supplies on farms are probably even lower than these production figures would indicate, for in a number of States the failure of pastures has compelled many farmers to begin feeding hay several months earlier than usual. Tame hay prospects showed the greatest decline during August, while there was practically no change in the outlook for wild hay. The condition Of tame hay on Sept. 1 was 66.9% of normal, indicating a yield of 1.37 tons per acre and a production of 82,095,000 tons. Production last year was 101.800,000 tons and the five-year average 93,600,000 tons. Late cuttings of alfalfa suffered considerably from drouth, but this condition was apparently fully reported on Aug. 1,for there has been no further decline in the production figure. The condition of alfalfa on Sept. 1 was 71.3 indicating a yield of 2.38 tons per acre and a'production of 27,413.000 tons as compared with 29,800,000 tons harvested in 1929 and 28,700.000 tons the five-year average. The quality of tame hay harvested is about average in the drouth area as well as in the Northern dairy States. The quality of wild hay was reported at 81.6% of normal as compared with the 10-year average of 89.5. The production of wild hay is forecast at 12.042.000 tons compared with 11,898,000 tons on Aug. 1 and 12,900,000 tons in 1929. [VoL. 131. made, but it is probable that acreage as well as yields are below average this year. Reports on the condition of new seedings of clovers and grasses indicate that they have been seriously reduced by drouth. Thus, a small crop of seed is likely to be combined with above average requirements. Red and Alsike clover seed was reported as 55.7% of normal or as compared with 75.5% a year ago. With the exception of Wisconsin, the condition is particularly low in the East North Central States where the bulk of the nations clover seed is normally grown. Alfalfa seed which is mostly grown in the western States is 54.2% of normal as compared with 57.4% a year ago. Because of its geographical location this crop was relatively less affected by drouth, but in Utah, the most important alfalfa seed producing State from the viewpoint of acreage, condition is reported at only 15% of normal. In this State the early season was unfavorable. Rains late in July produced a new crop of seed pods which can hardly mature well before frost. Timothy seed is reported as 69.7% of normal as compared with 83.6% a year ago. Like the small grain this crop was mostly matured before the drouth condition became more serious. Field Beans. As a result of the August drouth prospects for field beans in Michigan and New York have been reduced about one-third or nearly 3,000,000 bushels, resulting in a forecast for the country as a whole of 19,458,000 bushels, or 1% less than production last year. The average yield per acre Is expected to be lower than in any year since 1917, but, ass record acreage was planted, the crop is still expected to be larger than in any season except 1925 and 1929. The crop is maturing earlier than usual, especially in the eastern pea bean States, and harvesting operations have made exceptional Progress. The portion of the crop threshed to date is showing a low pickage and low moisture content. The decline during the past month was mainly confined to the eastern Pea bean States, where extreme heat from July 15 to Aug. 10,accompanied by severe drouth, blasted much of the bloom and caused poor setting and filling of pods. Some fields are so poor that the beans will not be harvested. The total bean production of Michigan and New York, which raise most of the pea beans, is expected to be about 6,100,000 bushels or about 827,000 less than in 1929, but this will be partly offset by increased production of small whites in California and elsehwere. The yield of red kidney beans in the eastern States is slightly better than that of white varieties. Field Beans. The production outlook for great northern beans has improved slightly and is now close to last year's production. Prospects for pintos have increased in Colorado but declined in New Mexico, and are now about 200,000 bushels short of last year's big crop of pintos. California beans show no change from the prospect of about 6,000,000 bushels reported last month, which exceeds last year's California crop by about 1,000,000 bushels. Soybeans. The Sept. 1 soybean condition of 63.1% of normal is a decline of 7.4% from the Aug. 1 condition, and compares with 78.9% on Sept. 1 last year. and 75%, the average of the last 10 years. The July estimate of acreage grown for all purposes was 13% larger than last year's acreage. It is not Yet known whether the proportion of the acreage to be harvested for beans will be greater or less than usual, but the low condition paints to a total Production considerably lower than last year, even though a larger acreage Is threshed. Conditions are reported at 75% in North Carolina and 80% in Iowa, but are between 65 and 70% in Indiana, Illinois, and Missouri, and from 40 to 60% in most other States. Peanuts. A decrease of over 10% in the acreage of peanuts to be harvested for nuts is indicated by the Sept. 1 report. According to present indications, 736,250,000 pounds of peanuts will be harvested this year, compared with 930,700,000 pounds last year, and an average of 756,000,000 pounds during the Preceding five years. Indicated production in the Virginia and North Carolina section is about 309,000,000 pounds, a reduction of 16% from last Year. In Georgia, Florida, Alabama, the forecast is 328,000,000 pounds, a decrease of about 17% and in the Southwest 78,000.000, a decrease of over 40% due to heavy acreage abandonment and low yield. Considerable uncertainty still exists as to the exact acreage to be finally harvested and the yield to be realized. Cowpeas. Cowpea condition fell to 54.7% on Sept. 1 compared with 63.2% on Aug. 1, and 67% on Sept. 1 last year. Owing mainly to drouth damage, low condition figures are shown in the important producing States, rnaging mostly from 50 to 65% in the northern States and from 40 to 55% in the South Central States. Although last July growers had planted or still intended to plant an acreage 13% larger than that of last year, the acreage actually harvested will probably be no greater and the quantity of cowpeas Picked or threshed will be very much less. Apples. The production of apples is now forecast at about 146,000,000 bushels, approximately the same as the forecast on Aug. 1, about 3% larger than the short crop of 1929 and about four-fifths as large as the average during the previous five years. With production generally light except in the northwest and with quality above average, the proportion marketed for consumption as fresh fruit will be somewhat larger than usual and the commercial crop is estimated at 30,784,000 barrels, equal to 92,353,000 bushels. Since last month prospects have declined 4% in New York and quite sharply in the Cumberland-Shenandoah region where the drouth has been most severe, but these reductions have been about offset by increases in Washington and New England. Peaches. The peach crop is now forecast at about 48,461,000 bushels, approximately 6% larger than the 1929 crop, but about 15% less than the average for the previous five years. In the 10 southern early States, where the crop has been harvested,shipments confirm the forecast of a month ago and production is now estimated at 10,088,000 bushels. In these States the severe winter tempertaures and late frosts combined to reduce the crop about 14% below the small 1929 crop and about 44% below the average production during the previous five years. From Virginia and Kentucky north, the crop, although light, is turning out somewhat better than anticipated a month ago. The dry season white causing some early maturity at smaller sizes has likewise tended to hold disease damage in check. In California the crop is now forecast at 28,877,000 bushels, which would be the largest crop or record. Pastures. With the continuation of the drouth in most of the areas previously affected and its spread northward to include new regions which had fared better up to August, the condition of pastures declined further from the record low of Aug. 1. Pasture condition on Sept. 1 was 47.7, a decline of 8.7% from Aug. 1. Reports on the condition of pastures as of Sept. 1st have been collected for only 16 years. During that period the lowest United States average previously reported was the 67.1% reported in 1929. The lowest September condition previously reported from any State was 30% in South Carolina in 1925. This month Ohio, Indiana, Illinois, Michigan, Maryland, Virginia, Kentucky, and Arkansas all report the condition of pastures below 30. Maryland now reporting the record low figure of 15. Pastures are now below the usual September average in all States except northern New England and parts of the range area from Pears. Idaho to Arizona. There was but little change in the prospective production of pears from Clover and Grass Seeds. a month ago. Condition was reported at 66.8% on Sept. 1 and the pro[fetalively low yields of clover and grass seeds are indicated by the condi- duction forecast at about 24.6 million bushels which would be about 14% tion of Sept. 1. No estimates by acreage for these crops have yet been larger than the crop of 1929 and the average of the previous five years. • 'SEPT. 13 1930.] FINANCIAL CHRONICLE 1635 In New York and the three Pacific Coast States ordinarily producing to 1928. The supply of corn is expected to be especially light, but an ample about two-thirds of the country's pears, the crop is particularly heavy this supply of beans, peas, and tomatoes is in prospect. The production of year. In Oregon the crop is forecast at about 70% above the five-year corn is reported as 18% less than in 1929 and 14% below average: beans 13% average (1924-1928). Over the rest of the country the crop will be light. less than last year but nearly half again larger than average due to acreage Increases in recent years; tomatoes only slightly below the 1929 production Grapes. and about one-sixth larger than average. Production of canning peas is The grape crop is still expected to be 12% larger than the crop in 1929 estimated to be one-tenth greater than the 1929 production which .was and about equal to the average production during the previous five years. about an average crop. In California, the prospects have not materially changed since last month, Commercial Truck Crops. but in the East the drouth has tended to reduce the size of the berries. This loss has, however, been largely offset by reduced losses from disease. The While losses have occurred in the production of vegetable and truck sunshine will also hasten maturity and improve the quality of crops in farm and market gardens and in a number of commercial areas in abundance of the fruit. the drouth-stricken States, no appreciable shortage is indicated in the comPotatoes. mercial supply of any of the late summer, fall and storage vegetables other Potato production now seems likely to total less than 340,000,000 bushels than potatoes and sweet potatoes. Prospects for both late domestic and which would be nearly 6% smaller than the light production of 360,000,000 Danish cabbage declined during August in many of the important States bushels last year, 14% below the five-year average crop from 1924 to 1928 where heat and drouth effects were beginning to be revealed. The producand only about 6% larger than the very short crop of 321,000,000 bushels tion of both types of cabbage is expected to be larger than in 1929 by apin 1925. The prospective 1230 crop represents a per capita supply of 2.75 proximately 5%. However, the domestic crop is expected to be about 6% bushels which is slightly less than the lowest amounts previously recorded, below average production and the Danish or storage crop about 10% 2.78 in 1925 and 2.83 in 1916. The per capita production last year was below average. Practically no change occurred during August in the exabout 2.91 and in 1928, 3.80 bushels. pected total production of late domestic onions. The crop is indicated to The spread of drouth into the more Northerly States and the telling effect be about 5% larger than in 1929 and ;4 larger than average. Late market of the extreme temperatures during July and August are accountable for tomatoes show about 7% loss during August but will be in sufficient supply the 9% decline in production prospects since Aug. 1. The average yield now for late fall needs. The entire late crop is expected to be 18% larger than expected, for the country as a whole is 97.4 bushels, compared with 106.7 last year's production although 8% below an average production. A fall last year and 109.0, the average yield for the period 1919 to 1928. The celery crop nearly half again as large as in 1929 is in prospect. The late 1930 yield, based on conditions reported on Sept. 1,is the lowest since 1921. supply of cantaloupes and watermelons is indicated to be about 6% less Decline in crop prospects was particularly sharp in the more important than last year but larger than average, particularly in the case of cantalate shipping States in the Eastern part of the country, particularly in loupes. Michigan. Minnesota, Wisconsin and Pennsylvania. Some of the loss was Pecans. foreseen early in August but with the continued lack of beneficial rains, The production of pecans indicated by condition Sept. 1 is about 30,460.earlier indications of the reduction to be expected were surpassed. While 000 pounds compared with 38.000,000 last year and about 60,000.000 in the effect of beat and insufficient moisture are responsible for the loss in 1928. Crop prospects are much worse than last year in the western native most of the States,in Maine the decline in crop prospects is due to excessive pecan belt, but much better in the eastern belt where improved types are rains resulting in extensive blight and serious rot damage. From later mainly grown. Production in the States of Texas, Oklahoma, Arkansas, reports, it is anticipated that further losses will be sustained in this Im Illinois, and Missouri producing mainly wild nuts promises to be about 57% portant Northeastern source of supply. Adequate rains, on the other hand, as great as last year while in the Carolinas. Georgia, Florida and Alabama, can cause material improvement in the prospects in the States where the producing mainly improved nuts, production will be 25% greater than last crop has suffered a setback from heat and drouth. year. In Mississippi and Louisiana, producing both improved and wild Prospects continue good in New Jersey and in most of the important types, production promises to be increased about 70%. Western shipping States, particularly Idaho and Colorado. Farm Labor. Sweet Potatoes. Lower agricultural prices and indications of a much lower total farm The condition of sweet potatoes shows further decline on Sept. 1, being income due to further reduction in crop prospects in drouth-stricken areas reported at 57.6% of normal, a drop of 7.5 points during the month. The depressed the demand for farm labor to new low levels. On Sept. 1 crop is now forecast at little more than 63,000.000 bushels, one-fourth has again correspondents reported demand at 71.8% of normal or 2.5 points smaller than last year's crop and nearly one-sixth-less than the average crop points under Sept. 1 1929. Arkansas, in the heart production during the period 1924 to 1928. The indicated yield this year, below Aug. 1 and 14.6 region showed a decline in demand of 17 points from Aug. 1 73.6 bushels, is the third lowest on the record for the past 60 years, the of the drouth to Sept. 1. Tne demand for farm labor declined 8 points during the same lowest being 70.8 bushels in 1896. is now feeling the effects of a lack of precipitation. The decline in crop prospects during August was especially marked in the period in Michigan which showed 7 point declines in demand. Sept. 1 reports five important Atlantic shipping States from New Jersey to North Carolina, Oklahoma and Missouri excepting Alabama and Mississippi showed a States Central South all from with a 13% reduction during the month. Those five States now anticipate labor than on Aug. 1. Accompanying this general a crop one-fourth smaller than in 1929 and 14% below the five-year average lower demand for farm demand was a further decline in general level of farm crop during the years 1924 to 1928. The decline In South Carolina amounted downward trend in prices which on Aug. 15 were at the lowest level since 1916. The Sept. 1 to 9%. supply of farm labor was reported at 105.6% of normal. This was only Kentucky and Tennessee together show a decline of 10% in prospective 0.7 points above Aug. 1, but 14.0 points above a year ago. Plentiful production during the month. Production in these two States, as a result supplies of labor are assured the farmer while Industrial activity continues of severe drouth, is not expected to be more than 80% of an average crop. in the throes of depression and widespresd unemployment prevails. Improvement is reported in the production prospects for Alabama, The supply of farm labor expressed as a percentage of demand was 147.1% Louisiana and Texas, which normally have an appreciable car-lot movement of normal. This is 3.7 points above the Aug. 1 figure and 41.1 points above ofsweet potatoes. A 7% increase in crop prospects since Aug. 1 is reported. a year ago. The crop in these States is expected to be not quite one-fifth smaller than OATS REPORT. In 1929 and about one-tenth below an average production. Tobacco. Tobacco prospects have dwindled somewhat in most districts, and materially in some, during the past month. A yield of 664 pounds per acre is indicated by the Sept. 1st condition: this would be below the yield in any year since 1897. From an outlook for 1,474,758,000 pounds on Aug. 1 there has beans decrease to a production forecast of 1,420,947,000 pounds as of Sept. 1. Up to a month ago the effects of unfavorable weather conditions were mainly observable in a belt extending from Virginia westward to the Mississippi River, involving manufacturing types of tobacco. Since that time the Maryland, Pennsylvania, and New York types have been sharply reduced, and some reduction has also occurred in Wisconsin, Minnesota and New England. In the Ohio valley and Tennessee local rains have benefited late-planted crops, but even so a smaller production appears probable than was forecast a month ago. The condition of all tobacco on Sept. 1 Is reported as 63.6% compared with the average condition on that date for 1919-1928 inclusive, of 76.7%• Sugar Beets. Sugar beets have suffered from drouth in the eastern States, but prospects are favorable in most of the irrigated areas and the yield is forecast at 10.8 per acre, almost up to the average of the last 5 years. With prospects that 764.000 acres or slightly more than the usual acreage will be harvested, the crop is expected total 8,217,000 tons of beets, ordinarily equivalent to 1,093.000 short tons of sugar. This would equal the high record of production set in 1927. Condition Sept. 1. State. 10-Yr. Aver. 1929. 1930. 19191928. Per Ct. Per Ct. Per Ct. 93 91 89 Maine 95 85 New Hampshire_ 90 92 86 90 Vermont 88 76 Massachusetts- 87 80 80 88 Rhode Island 91 67 86 Connecticut 94 64 28 New York 91 76 79 New Jersey 91 74 83 Pennsylvania 78 65 80 Ohio 73 69 74 Indiana 77 76 73 Illinois 83 70 78 Michigan 91 74 84 Wisconsin go 81 85 Minnesota 91 83 83 Iowa 79 68 70 Missouri 57 51 North Dak0ta- 71 73 71 75 Dak0taSouth 82 84 77 Nebraska 824.6 a23.6 a31.0 Kansas 70 75 81 Delaware 77 80 83 Maryland 59 79 80 Virginia West Virglins--- 66 88 58 North Carolina-- a20.2 a24.0 a23.6 South Carolina-- a22.9 a27.0 a24.5 819.4 822.5 a23.0 Georgia a14.3 a14.0 a15.0 Florida BO 74 80 Kentucky 72 68 76 Tennessee al8.4 a19.5 1319.0 Alabama a18.7 222.0 al8.0 Mississippi a21.5 a26.0 825.0 Arkansas 022.2 a25.0 a20.0 LOIllableS s24.6 a26.0 a28.0 Oklahoma 3127.2 a28.0 829.0 Texas 45 41 69 Montana 80 82 84 Idaho 85 78 70 Wyoming 76 70 72 Colorado 73 71 81 New Mexico 84 80 79 Arizona 91 89 90 Utah 89 92 96 Nevada 80 74 81 Washington 82 Oregon 94 90 a30.2 a30.6 035. California Production. Harvested, Subject to Revision in December. Average 1924-1928. 1929. Bushels. Bushels. 4,956,000 4,880,000 431,000 400,000 3,080,000 2.738,000 285,000 266,000 68.000 60,000 434,000 420,000 34,738.000 24,626,000 1.571,000 1,410.000 37.308.000 29,913,000 74.784,000 49,826.000 65,870,000 54.080,000 145,686,000 141,738,000 54.991,000 40,886,000 105,653.000 85.215,000 159,332,000 153,738,000 221,765,000 215.892.000 41,716,000 33.770,000 58.510.000 33,768,000 71,671.000 64.382.000 68.797.000 86,304,000 35,405.000 28,249,000 114,000 84,000 1,701,000 1,333,000 4,367,000 3.841,000 5,087.000 5,616,000 5,260,000 6,192.000 8,553,000 11,016.000 7,358.000 9,540,000 168,000 168,000 5.800.000 6,235.000 4,513,000 3.546.000 1,890.000 2.320,000 1,090.000 1.210.000 4,404.000 4,836.000 724,000 1,200,000 27,602,000 20,592,000 44,874,000 47,096,000 18.113,000 9,418,000 6,366,000 6,040,000 4.158,000 4,205.000 5.544,000 6,572.000 946.000 1,161,090 462,000 480,000 2.280,000 2,436,000 73,000 70.000 9,272,000 8,977,000 9.740,000 12,464.000 4,276,000 4.437,000 1930 Forecast from Condition Sept. 1. Bushels. .5,280.000 400.000 2,964.000 288,000 56,000 465,000 43.520.000 1,944.000 39,405.000 63.840,000 57.420.000 149,391,000 54,324,000 108,680,000 167,013,000 236,340,000 48,087.000 36,582.000 60,732,000 80,960.000 42,687.000 78,000 1,290,000 3.774,000 4,612,000 6,632.000 10,486,000 8,786,000 180.000 4.560,000 4,720.000 1.900.000 540,000 4.750.0430 820.000 23,940,090 53,157,000 10,564,000 6,468,000 4,480,000 6 283 000 1,128 : 000 640.000 2,420,000 76.000 9,870,000 12,760.000 5,600.000 Sirup Crops. it is now apparent that the drouth will cause a heavy reduction in the quantity of sirup produced from sweet sorgo and sugar cane. The yield of sirup from sorgo is now forecast at 53.2 gallons per acre and that from sugar ease as 152.1 gallons, both lower than any yields now on record. Production of sorgo sirup and sugar cane sirup combined Is now forecast at 38,000.000 gallons compared with the 50.00,000 gallons made in 1929 and 48,00,000 gallons made in 1928. Sirup from these crops is an important food product in the drouth area and in other parts of the South. Broom Corn. A crop of 53,600 tons of broom corn is indicated by the Sept. 1 condition figure of60.8%. This is 5.200 tons below the Aug. 1 forecast of 58,800 tons. Last year's production was 47,200 tons and a five-year average of 51,200 tons Commercial Canning Vegetables. F A 7% reduction in the crop prospects for the major canning vegetables is reported during the month of August. The decline occurred principally during the first two weeks, as a result of continued high temperatures and lack of needed rainfall in many of the major canning areas. The production United States.. 677.2 b74.6 1380.3 1,371,786.000 1.233 574 nnn 1 son ens Ann of snap beans, sweet corn, green peas and tomatoes is now indicated to be 2,281,000 tons, which would be about 6% below the 1929 production, but a Yield per acre. b Allowance made tor conditions at harysst In southern nearly 7% greater than the yearly average production for the period 1924 States. 1636 FINANCIAL CHRONICLE DURUM WHEAT REPORT. Condition Sept. 1. State. Minnesota North Dakota__ _ South Dakota _ _ Montana Four States_ _ _ Production. Harvested, Subject to Revision in December. 6-Yr. Aver. 1929. 1930. 19231928. Average 1924-1928. Per Ct. Per Ct. Per CI 81 75 81 76 60 68 74 63 73 80 37 43 75.8 61.3 69.8 1929. 1930 Forecast from Condition Sept. 1. Bushels. 3,300,000 52,743,000 12,236.000 600,000 Bushels. 3,381,000 37,075.000 11,669,000 255,000 Bushels. 3,383,000 33,734,000 13,572,000 261,000 68,879.000 52,380,000 50,950.000 OTHER SPRING WHEAT REPORT. Condition Sept. 1. State. toOMMoot, ..r.nt....nt-ton4,WWg=0V2 0 M M Maine Vermont New York Pennsylvania _ __ _ Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Missouri North Dakota_. South Dakota_ _. Nebraska Kansas 3.1ontana Idaho Wyoming Colorado New Mexico .... _ _ Utah Nevada Washington Oregon 10-1'r. Aver. 1929. 1930. 19191928. Production. Harvested, Subject to Revision in December. Average 1924-1928. Per Cl. Per Ct. 91 90 68 96 84 66 74 80 78 75 75 82 74 86 81 80 80 86 72 80 81 82 60 75 59 63 63 70 77 81 b8.7 b10.5 40 46 83 85 75 66 65 72 84 80 83 88 87 93 57 58 78 85 Bushels. 114,000 28,000 168,000 2125.000 116,000 102,000 2.659,000 94,000 1,230,000 21,042,000 544,000 149,000 68,948,000 18,187,000 2,844,000 139,000 47,865,000 15,327,000 2,555,000 5,106,000 537,000 2,550,000 325,000 18,617,000 4,328,000 1929, Bushels. 92,000 18,000 136,000 122,000 74,000 64,000 3,168,000 70,000 1,254,000 13,413,000 610,000 100,000 56,321,000 17,262,000 2,891,000 348,000 32,535,000 14,075,000 2.265,000 6,018,000 1,008,000 3,000,000 300,000 17,080,000 3,402,000 Unit,' States c70 1 58.4 63.1 213.649.000 175.626.000 a Short time average. b Yield per acre. c All spring wheat. Condition. Crop. 1930 Forecast from Condition Sept. 1. Bushels, 69,000 22,000 160,000 144,000 76,000 60,000 4,746,000 90,000 1,419,000 15,376,000 718,000 135,000 61,682,000 20,532,000 3,008,000 483,000 27.760.000 15,515,000 1,836,000 5,313,000 798,000 3,060.000 364,000 21,411,000 4,642,000 189,419,000 Total Production in Millions. Sept. 1 Harvested. Indicated by 10-Yr. conditions Aver. Sept. 1 Set 1.1 5-Year 1919-28 1929. 1930. Aver. 1929. Aug.1 Se? t.1 Per Ct. P. Ct. P. Ct. 1924-28. 1930. 1930. [VOL. 131. a Indicated yield increases or decreases with changing conditions during the season. S Acre; remaining for harvest. c Preliminary estimate. spring wheat. e Principal producing states (see sheets for separate crops).d All f Grown alone for all purposes. g Crown alone for all purposes as percentage of 1929. h July estimates of planted acreage, 90% of which is usually harvested. CORN REPORT. Condition Sept 1. State. Maine New Hampshire_ Vermont Massachusetts_ _ _ Rhode Island... _ Connecticut New York New Jersey Pennsylvania _ Ohio Indiana Illinois Michigan Wisconsin Minnesota Iowa Mlasouri North Dakota__ _ South Dakota_ _ _ Nebraska Kansas Delaware Maryland Virginia West Virginia_ _ _ North Carolina South Carolina Georgia Florida Kentucky Tennessee Alabama Mississippi Arkansas Loutslana Oklahoma Texas Montana Idaho Wyoming Colorado New Mexico_ _ _ _ Arizona Utah Nevada Washington Oregon California 10-Yr. Aver. 1929. 1930. 19191928. Per Ct. 82 84 83 84 88 85 81 86 85 82 78 78 79 82 78 85 78 77 74 74 66 84 82 80 84 80 72 75 81 79 77 74 7() 73 72 71 74 70 90 80 71 73 86 87 94 84 85 87 Per Ct. 90 92 83 88 87 82 75 69 41 45 52 49 43 71 63 61 34 54 45 66 35 52 28 30 32 73 72 68 68 31 45 54 43 16 40 34 59 46 84 81 90 64 87 80 89 70 83 85 Production. Harvested, Subject to Revision in December. Average 1924-1928. 1929. 1930 Forecast from Condition Sept. 1. Bushels. 510,000 638,000 3,668,000 1,950,000 373,000 2,321,000 23,197,000 7,951,000 55,440,000 132,495,000 156,990,000 326,691,000 50,733,000 77,770,000 137,379,000 417,137,000 175.139,000 23,952,000 98,617,000 214,381,000 131,564,000 4,446,000 21,064,000 41,546,000 15,649,000 46,929,000 20,780,000 47,049,000 7,971,000 80,949,000 68,522,000 39,010,000 31,628,000 34,733,000 19,516,000 57,816,000 82,719,000 6,093.000 2,697,000 3,253,000 16,806,000 3,500,000 1,048,000 440,000 47,000 1,684,000 2,440,000 2,576,000 Bushels. 520,000 574.000 3,608,000 1,638,000 420,000 2,365,000 21,024,000 6,588,000 46.470,000 128,407,000 131.968,000 311,500,000 32.928,000 81,440,000 148,855,000 429,878,000 126,524,000 16,384,000 112,085,000 237,744,000 106,802,000 4,224,000 19,162,000 44,138,000 13.892,000 48,568,000 23,321,000 50,453,000 8,438,000 80,795,000 73,600,000 37,464.000 35,300,000 26,348,000 21,476,000 48,320,000 86,127,000 3,612,000 1,944,000 2,832,000 23,222,000 4,180,000 1,148,000 589.000 56,000 1,824,000 3,010,000 2,542,000 Bushels. 585,000 720,000 4,004,000 1,927,000 462,000 2,451,000 20,793,000 6,545,000 27,762,000 81,719,000 106,200,000 225,846,000 28,500,000 66.464,000 130,140,000 333,000,000 81,724,000 17,584,000 76,695,000 226,258,000 76,164,000 2,838,000 8,656,000 16,907,000 6.356,000 46,778,000 24,634,000 43,256,000 7,812,000 32,318,000 44,595,000 30,062,000 18,532,000 7,752.000 12,980,000 31,844,000 83,232,000 3,523,000 2,166,000 3,540,000 27,320,000 3,504,000 1,197,000 520,000 44,000 1,488,000 2,573,000 2,795,000 United States_ 77.7 67.9 51.6 2.699,809,0002.614,307,000 1,983,765,000 Corn bus. 77.7 67.9 51.6 2,700 2,614 2,212 1,983 Winter wheat 578 b597 b597 551 Durum wheat (4 States) ". c-7-5-.i 613 09 51 .52 - -.8 48 69 Other spring wheat U.S_ " d70.1 58.4 63.1 189 214 176 175 Foreign Crop Prospects. All wheat 838 806 821 833 Oats The latest available information pertaining to cereal crops " -77-.2 80-.5 1,372 1,234 1,316 1,391 Barley " 78.0 306 323 68.8 74.7 304 241 Rye 40.5 b46.7 b46.7 in foreign countries, as reported by the Foreign Service of 50.9 Buckwheat " -8.5 the Bureau 85:i 716 11.5 -11.1 ..-51. 13.8 of Agricultural Economics to the United States Flaxseed " 71.5 23.8 52.9 54.1 16.8 26.0 24.6 Rice, 5 States " 84.0 83.4 80.4 40.2 37.9 38.3 Department of Agriculturo at Washington, and 39.0 given out Grain sorghums e " 75.8 56.4 48.8 128.2 100.8 02.9 82.9 Hay, all tame tons c81.7 82.3 66.9 93.6 101.8 83.5 82.1 on Sept. 10, is as follows: Hay, wild 12.9 11.9 1312.0 13.5 Hay, alfalfa 75.6 71.3 29.8 27.1 27.4 28.7 Wheat. Pasture The 1930 wheat production in 26 foreign countries reported to date Timothy seed is 1.44 83.6 69.7 2.29 bus -- Clover seed(red & aLsike) " forecast at 1,571,581,000 against 1,516,123,000 bushels in the same coun78:3 2.30 75.5 55.7 1.08 Alfalfaseed-tries in 1929 when these countries produced about 44% of the world wheat .72 57.4 54.2 .89 Beans,dry edIble_e-- " 19.7 22.0 19:5 crop, exclusive of -7-3.4 17.3 68.7 61.5 Russia and China, according to reports received by the Soy beans c83.0 78.9 63.1 Peanuts (for nuts) lbs 738 Foreign Service of the Bureau of Agricultural Economics. The Increase in 929 ____ 75.7 759 74.2 61.6 Cowpeas these countries c70.7 this year as compared with last is largely due to the larger 67.0 54.7 Velvet beans c72.2 78.8 67.6 -- wheat crop in India. Indications are that reductions in North Africa and Apples, total crop bus. 57.9 142 -146 --146 iiii 47.7 47.8 some European countries will be offset by increases in the United States, Apples, confl crop bbis. c60.8 29.0 30.7 30.8 32.4 51.7 53.2 Peaches, total crop bus. c64.3 45.8 46.9 48.5 Canada and India. 56.8 48.2 48.2 Pears,total crop Harvesting in Canada has been earlier this year than usual and is now bus 65.9 21.6 24.3 24.6 21.5 56.5 66.8 Grapes tons 79.8 82.34 82.10 82.31 82.33 nearing completion in Western Canada. The official estimate of the 65.4 82.3 CanPotatoes bus 339 adian 373 360 77.0 393 68.9 63.4 wheat crop is not yet available but the crop is expected to be somewhat Sweet potatoes bus. 77.8 74.1 84.7 66.3 63.1 72.9 57.6 Tobacco lbs. 76.3 1,302 1.519 1,475 1,421 larger than last year's small crop. A study based on weatner conditions 74.1 63.6 Sugar beets tons 85.8 8.22 indicates a Canadian crop of about 360,000,000 for this year, 7.32 7.91 7.39 86.5 85.2 Sorgo for sirup 19.8 26.2 23.1 gals. 76.7 66.6 49.1 23.4 Production in 18 European countries has been reported at 1,067.359,0 Sugar cane for sirup _ gals. c68.2 00 19.3 18.3 bushels 22.1 20.8 73.9 58.9 against 1,052,288,000 in 1929, when these countries represented Broomcorn e tore -• 053.6 051.2 047.2 058.8 73.1 66.5 60.8 73% of the estimated European wheat production exclusive of Russia. a Indicated production increases or decreases with changing conditions during season. is preliminary estimate. c Short d All spring wheat. An estimate of the French crop has not yet been received but indications e Principal producing States. f For fresh time average. raisins, including some are for a crop much below the large crop of last year. Italy also fruit, Juice, and reports a not harvested 1924-1928. 0 Thousands of tons. much smaller crop this year while Rumania and several other countries report increased wheat crops. In Germany prospects ore for Yield per Acre. a wheat crop slightly above last year and in Poland a crop about equal Acreage. to that of 1929. fruitHarvested Information available for Russia indicates an area Crop. under bread grain of caged by 5-Year about 154.4 million acres or about 10 to 15% above the CondiAverage 1929. 1930. 10-Year area remaining for harvest in 1929. Growing conditions in China have lion 1924-28 Average 1929. been more favorable Sept. 1 1,000 1,000 1,000 1919this year and indications are that this year's crop is better than last year. 1930.a Acres. Acres. Acres. 1928. Growing conditions in Australia end Argentina have this year been more Corn favorable for wheat than last year when drouth bus, 100.16997,957 101,531 28.2 26.7 19.5 greatly reduced wheat Winter wheat 14.4 c15.5 yields in the Southern Hemisphere. Australia reports 35,585 40,134 538,490 13.0 " a considerable inDurum wheat, 4 states 9.9 11.7 12.3 5,040 5,315 4,371 " crease in acreage and Argentina reports an increase of Other spring wheat, U.S 3.6% over the area 11.2 " 11.7 d12.5 15,038 15,654 16,163 All wheat sown last year, but below the acreage of 1927 and 1928. 13.2 14.2 55,663 61,103 59,024 14.1 " Oats 30.7 33.2 42,967 40,212 41,898 31.0 " Barley Rye. 23.2 25.3 8,993 13,079 12,780 25.0 " Rye The 1930 rye production in 17 European countries Is reported 12.6 c13.3 3,766 3.219 53,498 13.4 " at 820.Buckwheat 15.8 11.6 749 731 727 19.0 195,000 bushels, a decrease of 4% from the 852.910,000 bushels produced Flaxseed 5.6 5.6 " 2,993 2,992 4,389 7.6 • in these same countries in 1929. when they represented Rice. 5 states 45.0 39.0 40.3 91% of the European 947 893 983 Grain sorghums_ e total exclusive of Russia and 85% of the world total exclusive of Russia and 17.0 13.2 " 6,528 5,921 6,280 20.6 Hay, all tame tons 59,301 60,953 59,807 1.54 China. Germany and Poland account for most of the decrease in the 1.67 1.37 1920 Hay, Wild " c.85 .91 14,125 14,085 14,100 1.00 crop. Rumania and Canada, although less important rye producing counHay, alfalfa " 2.59 2.38 11,031 11,500 11,495 2.61 Beans, dry edible_e tries, expect to harvest considerably larger rye crops this year. bus 1,614 9.0 10.2 1,933 2,163 11.3 Soy beans./ -- - - 2,677 0113.4„Peanuts (for nuts) _ _ FEED GRAINS. lbs. 622 1,068 1,325 1,184 701 701 Cowpeas.1 1,365 g113.0 Barley. Velvet beans_f _ 155 g100.6-_-Potatoes The total barley production so far reported for 22 foreign countries is bus. 3-,563 3,371 3,432 109.0 1-06.7 -97.4 Sweet potatoes 769,959,000 bushels,or a decrease of 12% from the production 809 103.0 822 73.6 858 95.2 In those counTobacco lbs. 1,720 2,037 2,140 664 746 764 tries last year. The production in the 17 Eurcpean countries reported is Sugar beets tons 70: 688 10.6 10.8 h814 10.2 583,227,000 bushels, which is more than 11% below that of the same counBorgo for sirup gals. 368 53.2 346 372 81.2 75.7 Sugar cane for sirup tries In 1929. The German crop is now estimated at only 121,575,000 124 117 189.0 152.1 120 183.2 Broomcorn_ e lbs. bushels compared with 146,089,000 bushels last year. The Rumanian crop 298 311.6 271.0 303 396 317.6 Hops_ e 22 25 1.334 1,131 19 1,254 is placed at 103.111,000 bushels, a decrease of 18% from that of 1929. The 7-4-.6 SEPT. 13 1930.] FINANCIAL CHRONICLE exportable surplus has been estimated at 75,800,000 bushels againct 88,900,000 bushels from the last year's crop. In Spain, the estimated production of 103,811,000 bushels is nearly 7% above the 1929 crop. In England and Wales the barley condition is a little below that of last year. Oats. The oats production as reported in 17 foreign countries totals 991,083,000 bushels, a decrease of22% from the production of those countries last year. Production in the 14 European countries reported amounts to 973,041,00 busnels, which is also a decrease of 22% from that of 1929. The German oats crop is estimated at only 376,849,000 bushels compared with 508,633,000 bushels last year, while the decreases in Poland, Czechoslovakia, and Rumania from the 1929 production amount to 30%, 17%, and 24%, respectively. Corn. The total corn production in the four European countries so far reported amounts to 250,466,000 bushels, a decrease of 32% from the production in the same countries last year. In Rumania, the most important corn producing country in Europe, the production is estimated at only 157,471,000 bushels, compared with 251,415,000 bushels in 1929. The Hungarian crop is more than 27% below that of last year, and the Bulgarian crop is 10% below. The 1930 European feed grain production in the countries reported to date is 36.579,000 short tons, a reduction of 20.5% from the 46,028,000 shorts tons produced in the same countries in 1929. GRAINS: PRODUCTION, AVERAGE 1909-13, 1923-27; ANNUAL 1928-30. Crop and antntrtes. Reported in 1930.a Average Average 1909-13. 1923-27. 1928. 1929. 1930 Prelim. 1,000 1,000 1,000 1,000 1,000 bushels, bushels, bushels, bushels. bushels. 690,108 809,668 914,876 805,790 837,761 21,797 b22,294 20,054 20,504 15.962 11,090 b11,481 11,031 11,333 11,274 979,722 915,923 1,063,808 1,052,288 1,067,359 67,176 59,930 58,385 77.380 50,939 382,374 381,986 330,271 354,618 426,047 WheatUnited States Canada, winter only Mexico Europe (18) North Africa (3) Asia (3) Total above countries (27)--- 2,144,364 2,200,394 2,407,216 2,321,913 2.409.342 Estimated world total, excluding . 3,041,000 3,451,000 3,973,000 3,467,000 Russia and China Rye43,366 40,533 54,793 36,003 United States 46,655 10.378 10,833 9,775 c2,094 Canada, winter only 17.409 851,638 704,866 815,594 852,910 820,195 Europe (17) 58 39 48 25 Algeria 51 Total above countries (20)- - 889,864 770,517 869,396 903,266 884,310 Estimated world total excluding 1,025,000 882,000 975,000 1,008,000 Russia and China Barley184,812 208,783 357,487 303,552 322,700 United States 658,714 504,395 592,999 657,225 683,227 Europe (17) 78,421 100,577 91,800 99,243 North Africa (3) 70.847 128,027 117,687 115,634 117,986 115.885 Asia (2) 963,353 909,286 1,166,697 1,178,006 1,092.659 Total above countries (23) Estimated world total excluding 1,424,000 1,427,000 1,696,000 1,734,000 Russia and China Oats1,143,407 1,345,081 1,439,407 1,233,574 1.390,892 United States 1,161,960 992,913 1,124,861 1,246,678 973.014 Europe (14) 17,631 15,137 18,505 21,643 North Africa (3) 18,042 Total above countries (18)- - 2,322,998 2,353,131 2,582,773 2,501,895 2,381.975 Estimated world total excluding 3,579,000 3,650,000 3,926,000 3,766,000 Russia and China Corn2,712,364 2,763,093 2,818,901 2,614,307 1,982.765 United States 288,697 274,322 187,139 368,154 250,468 Europe (4) 5,298 11,050 8.210 12,755 North Africa (3) 11,698 68,533 d39,000 102,041 Manchuria 63,446 60.736 3,045,359 3,147,666 3,085.623 above Total countries(9) 3.058,662 2,305.665 Estimated world total excluding 4,138,000 4,358,000 4,234,000 4,342.000 -Russia a Figures In parenthesis indicate the number of countries included. b Four-year average. c Total. d Estimated. 1637 legislation, according to the result of the ballot announced from the office of the wheat pool here to-day. Mile vote shows a total of 48,545 ballots cast, of which 32,653 were for the proposal and 12,991 against. The proposed legislation will, it is understood, provide that a legislative pool arising out of it would be grower-controlled, and that this control would be equally divided among all growers in the Province, whether at present pool or non-pool. It is understood, also, that the legislation, even when enacted, will not become effective until a referendum among all grain growers in the Province decides in favor of it by a two-thirds majority. Canada's New Grain Law Effective Sept. 1-Ends Mixing of Wheat. Canadian Press advices from Winnipeg, Aug. 29, were published as follows in the New York "Times": Canada's new grain act, revised, amended and passed at the last session of Parliament, will go into effect on Monday, Sept. 1, bringing to farmers and elevator operators a new set of regulations in the marketing processes of the crop. Mixing of the four top grades of wheat, brought out as a common practice by the investigations of the Saskatchewan Grain Commission last year, will end this week. Such mixing is prohibited entirely under the new act. This, with definitions of certain grades of wheat, oats, barley, flax and rye, is one of the most far-reaching changes. Western Canada Wheat Out-turn to Exceed Last Year According to Canadian Bank of Commerce-Farmers Suffer Low Market Prices but Carriers Aided by Increased Traffic-Views on Business. The outturn of this year's western Canadian wheat crop will be about midway between 325 and 375 million bushels, compared with 280 million bushels in 1929, according to a survey by the Canadian Bank of Commerce contained in the bank's monthly letter of Canadian agricultural, commodity and business conditions. "But even this increase and the lowering of production costs," General Manager S. H. Logan points out, "financial returns being small and certain districts having suffered severe crop losses, low purchasing power will prevail in the Prairie Provinces. Position of Eastern farmers, while by no means distressing, is not as strong as in former years. However,larger crops will result In heavier traffic for transportation companies, which are among the major employers of labor. The salmon pack on the Pacific coast greatly exceeds that of any year since 1926, and while prices to the fisherman were reduced this year, the phenomenal catch will make net receipts higher." In commenting on general conditions in Canada, Mr. Logan says: "The business outlook is still too clouded to allow a clear view of the road immediately ahead. It is estimated that the volume of Canadian manufacturers in the first half of 1930 was 16% below that of the corresponding period of 1929, and 13% below the rate for the whole of 1929, a 'boom' year. If a more normal year, 1928, is considered, the decline is but 5%. True, there have recently been indications which denote the presence of factors slightly more favorable than the majority of those which have operated so far this year, but these must be tested for a time before they can be accepted as sufficiently permanent to provide a stimulus for business." The Crops in the Dominion of Canada. Canadian commodity prices declined to a new low during Preliminary estimate of the yield of wheat, oats, barley, rye and flaxseed, August 31 1930 as compared with the August, according to the index prepared by the bank, registering 84.11 compared with 86.24 a month ago. Several final estimate of 1929 was issued Sept. 10 as follows: _ basic materials reached the lowest level in years. Field Crops. 1029. Acres, 1930. Acres. Canada813,300 Fall wheat 834.284 Spring wheat-. 24,420,718 24,081,200 25,255,002 24,894,500 All wheat 12,479,477 13,222,900 Oats 5,925,542 5,557,000 Barley 664,193 1,091,000 Fall rye 349,550 327,751 Spring rye 991,944 1,440,550 All rye 579,700 382,359 Flaxseed 1929. 1930. Bushels Per Acre. 24.6 11.6 12.1 22.7 17.3 14.7 10.3 13.3 5.4 Bushels Per Acre. 24.9 15.1 15.5 33.2 24.8 16.0 18.1 16.5 8.4 1929 1930. Bushels. Bushels. 20,504,000 20,288,000 284,016,000 304,481,000 304,520,000 384,769,000 282,838,300 438,675.000 102,313,300 137,594,000 9,775,000 17,450,000 3,385,500 6,317,009 13,160.500 23,767,000 2,060.400 4,847,000 France Curbs Wheat Sale-Arranges Credits to Let Farmers Sell Gradually and Hold Price. From Paris, Sept. 4, Associated Press advices to the New York "Times" said: French farmers to-day were cautioned by the Ministry of Agriculture against sudden heavy sales of their wheat. The Ministry said it was likely to hammer down prices. General instructions were issued to all farm agencies, urging the farmers to sell gradually. Farm credit institutions were instructed to aid the Canada Makes New Record in Moving Wheat to Market. farmers in financing themselves. The Bank of France has also joined in the farm aid movement by New Canadian grain-shipping records for any year for guaranteeing rediscount loans to enable credit institutions to meet the needs of all farmers. the period between Aug. 1 and Sept. 6 were marked up • to-day by railway statisticians, says a Canadian Press disItalian Wheat Lmport Up-Gain Over Last Year Repatch from Winnipeg (Man.), Sept. 8, to the New York ported from Rome. "Times," which further states: Rome Associated Press advices, Sept. 5, were given as In that period 56,267,000 bushels were shipped from the prairies. One of the heaviest movements carne in the last 24 hours, when 8,017,000 follows in the New York "Evening Post": bushels were sent to market on the Canadian Pacific and Canadian National Lines. Cars loaded numbered 2,163. Despite the intensive shipping, storage apace in the country's elevators became slightly more cramped, with 35,585,000 bushels in store. The Director of General Customs announced to-day that Italy imported 1,211,947 hundredweight of wheat in August, compared with 452,808 hundredweight last year. Imports from July 1 to Aug. 31 1930 totaled 2,581,284 hundredweight, against 2,244,417 in 1929. Saskatchewan Wheat Growers Favor 100% Pooling Wheat Yield in France-16% Decrease from 1929 Exby Legislation. pected to Cause Importation. From the New York "Times" we take the following (CanaA Paris message, Sept. 6, to the New York "Times" said: dian Press) from Regina (Sask.), Sept. 3: Private houses estimate the French grain crop of 1930 at 70 to 75 million Saskatchewan wheat pool members, voting in the recent ballot on the hundredweight. In 1929 the production was 87 millions; in 1928 it NM 77 natter of 100% pooling by legislation, are overwhelmingly in favor of such millions. 1638 [Vol... 131. FINANCIAL CHRONICLE With the existing stocks amounting to 15 millions, however, the estimated crop will be nearly sufficient to cover home consumptive needs, which are estimated between 90 and 95 million hundredweight. Thus France might conceivably provide for herself; but it is expected that something like 10 million hundredweight will be imported to build up reserves. Beerbohm's Estimate of World's Wheat Yield Much Above Year Ago. Beerbohm estimates the world's wheat crop for the season of 1930-31 at 558,818,000 quarters, as against 525,603,000 estimated at the same date last season, and 588,663,000 in the season 1928-29. The following London advkes, Sept. 8, are from the New York "Times," which comments as follows: Reduced from quarters to bushels, the Beerbohm estimate would indicate a yield for the whole world this season of 4,472,644,000 bushels, compared with 4,204,824,000 last season and 4,709,304,000 two years ago. It would therefore indicate an increase of 267,720,000 bushels in the world's yield for this season, as compared with that of a year ago, and a drop of 236,760,000 from that of two years ago. There had been reports in the Chicago grain market for several days that the London private estimate would show about this increase over last year's yield. It was taken for granted that the increase is entirely due to the prospective yield in the United States and Canada, as compared with 1929, since Europe's crop is believed to have decreased substantially from last year's yield. The wheat crop of 1929 in the United States was reduced 108,000,000 bushels from the year before, and in Canada the reduction was 273,000,000, the difference being paritly offset by an increase In European production to the largest annual total in its history. Recent estimates of the carryover of wheat from the crop of 1929 for the whole world placed it at 489,000,000 bushels, as compared with 589,000,000 a year ago, 418,000,000 two years ago, and 332,000,000 three years ago. Argentina Sows More Grain Acreage. Associated Press advices, Aug. 29, from Buenos Aires said: The Ministry of Agriculture announces the area sown for cereals and flaxseed this season totals 34,504,550 acres, which is 1,363,150 acres more than last year. The crops are. distributed as follows: Wheat, 20,138,650 acres; flax, 7,536,550 acres; oats, 4,084,663 acres; barley, 1,524,607 acres; rye, 1,141,602 acres, and brick seed, 78,578 acres. Grain Prices in Germany-Government Finds Trouble In Fixing Values for Wheat and Rye. The official Grain Trading Corporation, which is entrusted with maintaining remunerative home prices, is meeting great difficulties. At the prices officially fixed, 250 marks per ton for wheat and 150 marks for rye, offers on the Berlin produce market far exceed demand. During the last few days, only about half of the grain offered was bought up at the official prices. France May Take More Wheat. United Press advices from Paris published in the "Wall Street Journal" of Sept. 10: Transactions in Grain Futures During August on Chicago Board of Trade and Other Markets. Revised figures showing the volume of trading in grain futures on the Board of Trade of the City of Chicago, by days, during the month of August, together with monthly totals for all "contract markets" as reported by the Grain Futures Administration of the United States Department of Agriculture, were made public Sept. 6 by the Grain Exchange Supervisor at Chicago. For the month of August this year the total transactions at all markets reached 2,419,649,000 bushels, compared with 2,933,208,000 bushels in the same month last year. On the Chicago Board of Trade the transactions in August 1930 totaled 2,052,257,000 bushels, as against 2,472,862,000 bushels in the same month in 1929. Below we give details for August, the figures representing sales only, there being an equal volume of purchases: VOLUME OF TRADING. Expressed in Thousands of Bushels; 1.e., (000) Omitted. August 1930, 1 2 3 Sunday 4 5 6_, 7 8 9 10 Sunday 11 12 13 14 15 16 17 Sunday 18 19 20 21 22 23 24 Sunday 25 26 27 28 29 30 Holiday 31 Sunday Wheal. Corn. 35,687 22,209 28,969 16,058 Oats. Rye, Barley. Flax. Total. 5,406 3,076 1,372 634 --------64,674 --------48,737 35,361 6,895 33,959 8,409 45,340 11,859 33,550 10,438 33,760 7,945 22,165 4,479 2,172 3,756 4,609 5,356 4,631 1,833 --------101,764 _______ 120,488 --------180,127 --------143,540 --------125,888 --------71,725 50,7117 71,107 65,277 50,063 47,309 27,546 23,727 30,042 23,581 23,169 28,636 14,329 6.703 5,090 6,132 5,079 4.916 3,897 1,910 2.287 2,591 1,466 1,450 872 --------83,056 --------108,526 --------97,581 --------79,777 --------82,310 --------46,644 49,437 51,215 39,974 29,007 27,374 27,234 20,550 21,451 20,602 19,445 12,959 10,201 4.788 4,885 4,040 5,164 9,095 7,299 1,644 2,160 1,391 1,152 1,454 2,274 --------76,419 --------79,711 --------65,007 --------54,768 --------50,882 --------47008 27,470 36,873 45,273 40,566 47,020 12,191 5,046 13,613 4,593 14,727 5,168 12,558 5,063 27,294 11,272 2,552 2,132 1,996 2,070 6.148 --------47,259 --------57,211 --------67,164 --------60,257 --------91,734 57,336 74,364 118,320 94,196 79,552 42,248 Chicago Board of Tr.. 1,264,132 571,477 156,736 59,912 --------2,062,257 34,831 11,571 665 54 --------47,121 Chicago Open Board_ 103,638 ____ 15,850 13,019 16,822 3,024 152,353 Minneapolis C. of C 82,103 24,901 75 ---- ---- ---- 107,079 Kansas City Bd. of Tr_ 39,592 --------7,063 107 2,547 Duluth Board of Trade_ 49,309 1,139 438 Bt. I.ouls Merch. Exch_ ----------------1,577 2,203 2,585 1,390 714 --------6,892 Milwaukee C. of C 26 31 Omaha Grain Exchange 1,432 --------------------1,432 Seattle Grain Exchange --------------------1,698 1,598 Portland Grain ExchLos Angeles Grain Exch Ban Francisco C.of CTot.all markets Aug.'30 1,530,694 610.977 174.716 80,762 16,929 5,571 2,419,649 IbLall markets Aug.'29 2,264,385 452,839 143,326 49,790 17,639 5,229 2.933,208 Tot.Chicasto Bd.Aug.'29 1,895,818 418,605 123,082 35,457 --------2,472,862 * Durum wheat with the exception of 250 wheat. ON THE CHICAGO BOARD OF TRADE Ministry of Agriculture officials suggested that the government may be "OPEN CONTRACTS"IN FUTURES FOR AUGUST 1930 (BUSHELS). obliged to increase the legal maximum of the foreign wheats mixed with French wheat in making of flour. The wet summer decreased the French (Short side of contracts only, there being an equal amount open on the long side.) crop and also damaged the grain and it might be necessary to increase the Corn. OW. Rye. August 1930. Wheat. Total. foreign wheat proportion from the present 10% to 15% or 20%. It Was considered probable that Argentina and the United States would furnish 1 *127,471,000 44,242,000 *24,288,000 16,608,000 *212,607,000 may be tons the necessary additional wheat, of which about 600,000 2 129,588,000 43,231,000 25,293,000 16,623,000 214,735,000 3 Sunday required. Plan to Unionize Beet Sugar Workers-American Federation of Labor Takes Up Plea of 10,000 Workers in Western Fields. William Green, President of the American Federation of Labor, was directed by the Federation's executive council on Sept. 5 to make a thorough investigation of the possibility of organizing the beet sugar workers of several Western states. A dispatch from Atlantic City on Sept. 5 to the New York "Times" further said: 4 5 6 7 8 9 10 Sunday 11 12 13 14 15 16 17 Sunday 18 19 20 21 22 23 24 Sunday 25 26 27 28 29 30 IIoliday 31 Sunday 133,355,000 44,110,000 135,694,000 *42,464,000 138,032,000 42.863,000 139,018,000 43,811,000 142,929,000 44,466,000 142,005,000 43,706,000 141,953.000 142,585,000 144,360,000 142,164,000 142,824,000 143,227,000 44,960,000 46,761,000 45,115,000 45,806,000 48,280,000 47,714,000 34,803,000 35,217,000 36,031,000 36,375,000 37,420,000 38,297,000 18,565,000 18,709,000 18,784,000 18,725,000 18,900,000 19,052,000 240,281,000 243,272,000 244,290,000 243,070,000 247,424,000 248,290,000 143.245,000 144,689,000 144,313,000 144.888,000 145,645,000 145,997,000 47,354,000 46,005,000 47,506,000 48,175,000 47,347,000 47,200,000 39,061,000 39,152,000 39,394,000 40,075,000 41,375,000 42,595,000 19,001,000 19.155,000 19,033,000 19,094,000 19,170,000 19,251,000 248,661,000 249,001,000 250,246,000 252,232,000 253,537,000 255,049,000 The Council, at its last quarterly meeting prior to the Federation's annual convention, devoted much of its time today to a djscussion of 145,239,000 an application for a charter made by the Sugar Beet Workers' Associa145,149,000 tion of Fort Lupton, Col. The Association's officers informed the council 6146,058,000 that the independent body had 10,000 members in Colorado, Wyoming, 145,177,000 Nebraska and Utah, and declared that the agricultural laborers felt they 142,373,000 would be greatly benefited by allying themselves with the organized labor movement. From time to time efforts have been made to organzie itinerant agriculAveragetural laborers, said to be among the worst exploited workers in the coun- tiugust 1930- 141,543,000 218,044,000 try, but the seasonal nature of their work and their constant migrations kugust 1929 115,037,000 fuly 1930 made the task an exceedingly difficult one. 122,622,000 rune 1930 "The Federation is deeply interested in the lot of the agricultural laborer 130,654,000 %lay 1930 and especially of the workers in the beet fields, where many children are Sprit 1930_ __ _ 161,151,000 9.nployed," said Mr.Green in announcing the action of the council. "The %larch 1930_ 172,168,000 1910_ 194,850,000 council wishes to do all it can to abolish child labor and to secure better zebruary ranuary 1930._ 196,553,000 wages for the parents of the children. 3ecember 1929 185,9511,000 qovember 1929 202,549,000 "It was shown in the recent tariff hearings that the beet sugar workers 1929... 238,356,000 were among the worst exploited people in the country. These workers )ctober leptember 1929 227,863,000 families. Include many Mexicans and their "I have been especially interested in the lot of these people and already *Low, a High. have partial reports from an agent in the field." 27,077,000 16,620,000 221,162,000 29,811,000 *16,567,000 223,536,000 30,867,000 16,778,000 228,640,000 32,090,000 17,403,000 232,322,000 33,633,000 18,071,000 239,099,000 33,917,000 18,239,000 237,917,000 47,751,000 43,546,000 19,490,000 256,026,000 48,091,000 43,645,000 10,563,000 256,448,000 48,310,000 43,483,000 19.807,000 258,258,000 49,426,000 43,838,000 19,964,000 258,405,000 051,011,000 645,329,000 020,338,000 a259,051,000 46,228,000 46,998,000 38,939,000 44,246,000 48,494,000 49,962,000 49,827,000 43,440,000 34,348,000 34,283,000 35,650,000 42,787,000 46,419,000 36,624,000 42,208,000 10,150,000 15,529,000 18,460,000 25,410,000 30,327,000 35,322,000 38.795,000 40,762,000 44,710,000 47,666,000 47,772,000 18,642.000 242,938,000 12,377,000 16,555,000 19,657,000 19,359,000 21,150,000 15,512,000 18,996,000 18,894,000 22,298,000 24,615,000 19,395,000 15,000,000 319,627,000 186,682,000 202,055.000 216,967,000 257,672,000 267,834,000 292,609,000 288,596,000 283,302,009 307.524,000 348,204,000 337,054,000. SEPT.13 1930.] FINANCIAL CHRONICLE Production, Sales and Shipments of Cotton Cloth. Statistical reports of production, sales and shipments of standard cotton cloths during the month of August, 1930, were made Sept. 10 by the Association of Cotton Textile Merchants of New York. The figures cover a period of five weeks. Production during August amounted to 218,815,000 yards or at the rate of 43,763,000 yards per week. This was 29% less than August, 1929, when the rate was 61,508,000 yards per week. The Association adds: Sales during the month of August were 235,272,000 yards, or 107.6% of production. Shipments during the month were 231.348,000 yards, equivalent to 105.7% of production. Stocks on hand at the end of the month amounted to 442,996,000 yards, representing a decrease of 2.8% during the month. Unfilled orders on Aug. 31 were 226,422,000 yards, representing an increase of 1.8% during the month. Although the August rate of production was 5% more than July (which has always been the lowest of each year), it was substantially less than any other month for the period in which these statistics are comparable, 1, e.. since January. 1928. As a result of the continued low production,stocks at the end of August were about 4% less than on Jan. 1 1930. These statistics on the manufacture and sale of standard cotton cloths are compiled from data supplied by 23 groups of manufacturers and selling agents reporting through the Association of Cotton Textile Merchants of New York and the Cotton-Textile Institute, Inc. The groups cover upwards of 300 classifications or constructions of standard cotton cloths and represent a large part of the production of these fabrics in the United States. Production Statistics, August 1930. The following statistics cover upwards of 300 classifications or constructions of standard cotton cloths, and represent a very large part of the total production of these fabrics in the United States. This report represents yardage reported to our Association and the Cotton-Textile Institute, Inc. It is a consolidation of the same 23 groups covered by our reports since October, 1927. The figures for the month of August cover a period o five weeks: August. 1930 (5 Weeks) Production was 218,815,000 yards Sales were 235.272,000 yards Ratio of sales to production 107.6% Shipments were 231,348,000 yards Ratio of shipments to production 105.7% Stocks on hand Aug. 1 were 455,529,000 yards Stocks on hand Aug. 31 were 442,996,000 yards Change in stocks Decrease 2.8% Unfilled orders Aug. 1 were 222,498.000 yards Unfilled orders Aug. 31 were 226,422,000 yards Change in unfilled orders Increase 1.8% Linoleum Prices Cut By Large Producers-CongoleumNairn and Sloane Reduce Hard-Surface Lines 10%. Reporting that price reductions averaging 10%,and in some instances reaching as high as 17%, would be announced on Sept. 9 by Congoleum-Nairn, Inc., and W.& J. Sloane, two leading manufacturers of hard-surfaced floor coverings, the New York "Times" of that date added: Other producers of hard-surfaced goods indicated that they would drop their prices some time this week, adding that the new scale will average about 10% lower. The changes in price, according to the trade, are due partially to reduced costs of linseed oil used in the manufacture of linoleum, but chiefly to a desire to stimulate trade. Both linoleum and felt-base products are scheduled to be affected by the drop. First announcement of a revision was made by the Congoleum-Nairn, Inc., which is scheduled to send price lists to dealers and put the new scale into effect today. At the local offices of the company, it was admitted that a price change was under contemplation, but details were withheld pending the official announcement. At the offices of W. & J. Sloane it was admitted that prices were being revised, but according to officials the new schedules would not be announced until today. Changes were reported there to range from 7 to 17%. The latter figure, it is understood, applied to a few special lineoleums. In addition to reported revisions in prices, a number of producers are said to be marketing dropped patterns at this time. The reductions on such merchandise range from 10 to 15% under prices announced at the opening. In the soft-surfaced field, fall activity has revived to such an extent that any reductions in price before the new lines are opened in December are considered unlikely. One of the largest dealers in the market said yesterday that more business has developed in the soft-surfaced field in the last ten days than was enjoyed during the last three months. Petroleum and Its Products-Oklahoma Supreme Court Decision Upholds Conversation Act-Action Indicates Law Will be Declared Constitutional in Pending Decision-Crude Oil Production Drops--Western Coast Independents Threaten to Break Proration Agreement. Features of this week's petroleum news are the failure of the C.C. Julian Oil & Royalty Co.to break down restrictions imposed on their Oklahoma wells threats to break proration schedules on the Pacific Coast and a further decrease in crude oil output for the United States. Operators have been afraid that if the Oklahoma Supreme Court upheld the independent's contention that the proration law is unconstitutional, that it would open the way to wide-open fields again. Action of the Oklahoma Supreme Court in vacating the writ of prohibition granted to the Julian interests has led operators to further plane to durtail crude oil production 1639 until market conditions have improved. The case is reas particularly important because it represents the first of its kind in the history of oil production and also because the breaking down of proration in Oklahoma would likely lead to efforts to do the same in other parts of the country. Mr. Julian, head of the company bearing his name, said at the time he obtained the writ that he had not entered into any.agreement for proration nor did he intend to. At the present time, the Oklahoma City field is producing at the rate of 5% of capacity although under the Corporation Commission's orders it is allowed to produce at the rate of 25% of capacity. Present operator's agreement runs until end of the month, when new schedule will probably be drawn. Belief that the Oklahoma Supreme Court will shortly hand down a decision that the State proration law is constitutional was strengthened by its recent decision in the Julian case. California independents have warned Secretary Wilbur of the Department of the Interior, through Herbert C. McMillian, president of the California Oil & Gas.Association and head of the McMillian Petroleum Co., that unless the retail price of gasoline was raised they would be forced to break curtailment agreements. Domestic crude oil production last week in the United States averaged 2,437,712 barrels daily, showing a decrease of 35,440 barrels from the previous week. Production figures compared against the corresponding period last year show a decrease of 514,078 barrels for the year. Every field, with the exception of California, showed a cut in operations. Due to proration schedules, substantial decreases were shown in the operations of the Texas and Oklahoma fields. California fields showed increased output of 8,500 barrels bringing the total to 611,500 barrels daily. Eastern fields remained at the same level as last week, output standing at 120,000 barrels daily. garded Prices of Typical Crudes per Barrel at Wells. (All gravities where A.P. I. degrees are not shown.) 92.45 Smackover, Ark., 24 and over p Bradford. 1.50 Smackover. Ark., below 2 Corning, Ohio 1.85 Eldorado, Ark., 34 Caben, W.Vs 1.65 Urania, La Illinois 1.50 Salt Creek. Wyo.,87 Western Kentucky 1.23 Sunburst, Mont Midcontlnent, Okla., 37 .80 Artesia. N. Mex Corsicana, Texas. heavy .87 Santa Fe Springs. Calif., 83 Hutchinson. Texas, 35 .85 Mldway-Sunset, Calif., 22 Luling, Texas 1.15 Huntington. Calif., 26 Spindletop. Texas, grade A 1,00 Ventura, Calif.. 30 Spindietop, Texas, below 25 .65 Fetrolia. Canada Winkler, Texas tl05 .75 1.14 .90 1.28 1.65 1.08 1.75 1.05 1.34 1.13 1.90 REFINED PRODUCTS-BEARISH NEWS MARK WEEK'S DEVELOPMENTS-SERVICE STATION PRICES CUT-GASOLINE STOCKS AGAIN OFF-HEATING OILS SHOW BETTER TONE. Bearish news marked last week's developments in the Eastern gasoline field. Cessation of the heavy consumption season coupled with the price reductions in service station prices make the outlook rather ominous. Refiners are disappointed in the failure of the refined markets to respond to the curtailment program now under way all through the oJ industry and seem to feel that more progress along this line must be shown. The winter months, usually a period of low consumption, must show further curtailment of the industry is to come through the season without materially increasing the stocks of stored gasoline. News that the Oklahoma Supreme Court had vacated the temporary injunction granted to the Julian interests in their efforts to have the State proration schedule set aside was taken to indicate that the Supreme Court will follow up this decision with another decision establishing the constitutionality of the law. Stocks of gasoline dropped to a new low since the early part of 1929, figures for last week showing a decline of 242,000 barrels. This brings the total stock now in storage to 38,573,000 barrels. For the past three months stocks have been diminishing as the producers followed their policy of curtailing operations and supplying the demand from storage. The tank wagon field showed a flurry of weakness in the early part of the week when Standard Oil of New York cut the gasoline price 2 cents. All other major companies immediately followed this cut and the present price for established brands in the metropolitan area is 16 3-10e. a gallon at service stations. Fears that this step marked the start of a price cutting war were allayed by the explanation that it was to meet independent competition only, and as soon as conditions warranted prices would resume their former level. Some observers of the situation believe the out was found necessary in order to successfully compete with the flood of Pacific Coast and South America gasoline that has • been coming into New York in heavy quantities recently. U. S. Motor gasoline is still posted at 8 to be,a gallon, tank cars, refineries but the bulk of transactions are being FINANCIAL CHRONICLE 1640 [VOL, 131. The action of the Supreme Court, Insetting aside the temporary writ of carried on around 8 to 8Ylo. a gallon, same basis. The heretofore issued against the Corporation Commission to proChicago market again advanced, U. S. Motor being quoted prohibition hibit It from enforcing its proration orders against the Julian Oil & Royalties up Hc.a gallon. Co., means that the Julian company will have to obey the order of the Stimulated by seasonal demand, the market for heating Corporation Commission regarding proration until such time as the Supreme oils is very brisk with fairly heavy business coming from Court shall pass upon the merits of the case." industrial consumers. Jobbers are laying in stocks in anticipation of heavy demand when home consumption starts Crude Oil Output in United States Continues To Decline. in the near future. The export field also showed slight The American Petroleum Institute estimates that the improvement. Rumors of a slight advance in the price of kerosine are floating around among the trade but no price daily average gross crude oil production in the United States for the week ended Sept. 6 1930 was 2,437,050 barrels, as changes have been posted yet. Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery. compared with 2,461,350 barrels for the preceding week, a .08H N.Y.(Bayon'e)$.08HO.10 N.Y.-Sinclair Ref_ .08 H California Los Angeles, export- .07H decrease of 24,300 barrels. Compared with the output for Stand. Oil. N.J__ .09 Colonial-Beacon__ .09 .08 H Gulf Coast,export... .06 Stand. Oil, N. Y_ .099 Carson Pet the week ended Sept. 7 1929 of 2,956,350 barrels per day, .09 North Louisiana.-- .07Si Crew Levick Tide Water011Co. .08H .06H North Texas-053i .06 the current figure shows a decrease of 519,300 barrels daily. Richfield 011 Co__ .09H West Texas 0531 .06 .09H Oklahoma Warner-Quinrneo __ Chicago The daily average production east of California for the .0734 Pennsylvania 083 Pan-Am.Pet. Co_ .09 New Orleans Arkansas .0834 Shell Eastern Pet_ .10 week ended Sept. 6 1930 was 1,830,750 barrels, as comGasoline, Service Station, Tax Included. pared with 1,858,350 barrels for the preceding week, a 2.222 Minneapolis 3.21 New York $.163 Cincinnati .195 New Orleans .20 Denver .25 Atlanta decrease of 27,600 barrels. The following are estimates of .22 198 Philadelphia .192 Detroit Baltimore .23 22 daily average gross production, by districts: San Francisco .183 Houston Boston .25 Spokane .275 .198 Jacksonville Buffalo .192 .179 St. Louis .19 Kansas City Chicago Kerosene, 41-43 Water White. Tank Car Lo s. F.O.B. Refinery. N.Y.(Bayonne)____ 8.07 'Chicago $.0751 2.0534 New Orleans North Texas _03H= 03ti l Los Angeles, export_ .059 Tulsa .0634 Fuel Oil, 18-22 Degrees. F.O.B. Refinery or Terminal. $.85 Gulf Coast New York (Bayonne)$1.151Los Angeles $.75 2,00 New Orleans .53 .95 Chicago !Haler Gas Oil. 33-34 Degrees, F.O.B. Refinery or Terminal. N.Y.(Bayonne)..--$.0531 I Chicago 2.03 $.03 ITulsa Weekly Refinery Statistics for the United States. According to the American Petroleum Institute, companies aggregating 3,525,400 barrels, or 95.6% of the 3,686,400 barrel estimated daily potential refining capacity of the plants operating in the United States during the week, have contributed to the following report. The crude runs to stills for the week show that these companies operated to 67% of their total capacity. Figures published last wook show that companies aggregating 3,525,400 barrels, or 95.6% of the 3,686,400 barrel estimated daily potential refining capacity of all plants operating in the United States during that week, but which operated to only 69.2% of their total capacity, contributed to that report. The report for the week ended Sept. 6 1930 follows: CRUDE RUNS TO STILLS-GASOLINE AND GAS AND FUEL OIL STOCKS WEEK ENDED SEPT. 6 1930. refs in Barre-s of 42 000118) District. Per CCM Potential Capacity Reportlag. East Coast 100.0 kPpachlan 91.8 Ind., Illinois, Kentucky 99.6 )kla.,Kansas, Missouri 89.3 rexaa 90.4 Louisiana-Arkansas__ _ _ 96.8 Rocky Mountain 93.6 Dallfornla 99.3 Gas sad Crude Rune to Mins. Pet Cent Over. of Total Capacity Report. Gasoline Stocks. 3,381,000 500,000 1,935.000 1,745,000 3,633,000 1,130,000 351,000 3,862,000 79.4 60.7 72.5 60.4 72.8 61.6 36.0 61.9 5,906,000 1,188,000 5,881,000 2,691,000 6,025,000 1,191,000 1,969,000 13,722,000 11,060,000 1.065.000 4,409,000 4.806,000 10,199,000 2,036,000 1.183,000 105,672.000 PlIdi Ott Mode, Total week Sept.(L.__ Daily average 95.6 16,537,000 2,362.400 67.0 38,573.000 140,330,000 Total week Aug.30 Daily average 95.6 17,074,000 2,439,100 69.2 38,815,000 139,662.000 Total Sept.7 1929.... pally average 94.1 18,603,000 2,657.600 84.0 31,878,000 •141,752,000 7.319.000 4,759.000 1,314,000 892,000 •Final revised. I Included above in the totals for week ended Sept. 6 1930 of their respective districts. Note.-All crude runs to stills and stocks figures follow exactly the present Bureau of Mines definitions. In California, stocks of heavy crude and all grades of fuel oil are included under the heading of "Gas and Fuel 011 Stocks." Crude oil runs to stills Include both foreign and domestic crude. The United States total figures for last year are not comparable with this year's totals because of the difference in the percentage capacity reporting. rexas Gulf Coast_x____ 100.0 _oilman mar r.,,,••• • 1 nn fl 2.764,000 aqn nnn 75.0 g0.9 Oklahoma Court Vacates Julian Oil Co. Writ-Sustains Authority of State Commission on Proration of Crude Oil. The following from Oklahoma City, Sept. 11 is from the New York "Journal of Commerce": The Supreme Court of Oklahoma to-day vacated the order that it had granted late in August,restraining the Corporation Commission from interfering with the operation of C. C. Julian Oil & Royalties Co.'s two wells in the Oklahoma City field. This action restored to force the proration orders of the Corporation Commission. The Court is now expected to render a decision as to the constitutionality of Oklahoma's Conservation Act, which was challenged by Julian in his arguments before the Supreme Court. Oil men believe that the Court's decision to-day indicates that It will uphold the Conservation Act. To Proceed With Contempt Action. To-days action indicates that the Commission on Sept. 23 will proceed with its contempt action against 61 firms for alleged violation of the proration measures. Tulsa (Okla.) advices, Sept. 11 to the same paper stated: Harry II. Smith, General Counsel of the Illid-Continent Oil & GaS Association. which directed the defense of Julian's attack on the Oklahoma Conservative law, said: DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS). Week EndedSept. 6 '30. Aug.30'30. Aug.23'30. Sept. 7 '29. Oklahoma 566.950 735,400 574,200 565,000 115,600 Kansas 114,650 129,600 113.550 136.900 Panhandle Texas 100,050 97,450 102.500 North Texas 72,100 72.550 98,500 71.200 52,350 West Central Texas 52,750 59,050 52.000 West Texas 277,650 280,150 372,900 275,950 East Central Texas 39,700 39,900 40,150 17,950 Southwest Texas 94,000 93,950 88,400 76,150 North Louisiana 40,800 41,500 40,450 35,500 54,700 55,050 Arkansas 53,500 66,000 137,700 Coastal Texas 177,050 180,350 179,600 26,800 21,450 25,850 Coastal Louisiana 24,609 114,500 117,000 113,500 116,060 Eastern (not including Michigan) Michigan 9,850 19,000 10,150 9,350 59.400 Wyoming 50.250 45,550 49,700 9,450 Montana 9,100 11,100 9,400 6,050 Colorado 4,450 4,500 4,450 New Mexico 3,450 50,600 46,900 40,200 854,200 California 607,700 603,000 606,300 Total 2,437,050 2,461,350 2,470,500 2,956,350 The estimated daily average gross production for the Mid-Continent field, Including Oklahoma, Kansas, Panhandle, north, west central, west, east central, and southwest Texas, north Loalsiana and Arkansas, for the week ended Sept. 6 was 1.397,650 barrels, as compared with 1,423.760 barrels for the preceding week, a decrease of 26,100 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was 1,360,900 barrels, as compared with 1,386,500 barrels, a decrease of 25,600 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 EndedSotahwest TentsSept. 6 Aug.30 OklahomaSept. 6. Asp.30 42,300 42,300 Bowlegs 14,850 14,400 Darst Creek Bristow-Slick 9,000 9,000 15,200 15,250 Luling Burbank 16,500 16,500 15,500 15,500 Salt Flat Carr City 3,650 9,000 8,400 7,600 Chapmann-Abbot North LouirtanaEarlsboro 19,650 21,900 East Earlsboro 2,700 3,300 14.800 15,200 Sarepta-Carterville South Earlsboro 1,950 4,350 10,850 8,900 Zwolle ArkansasKonawa 21,300 14,100 Little River 5,050 5,100 22,650 22,700 Smackover, light East Little River 36,750 37,250 14,150 13,000 Smackover, heavy Coastal Texas-Maud 2,500 4,150 18,900 19,200 Merlon 6,400 6,650 Barbers Hill 12,300 11,900 Oklahoma City 105,350 121,300 Meow:Bend St. Louis 28,150 28,650 23,650 23,500 Refugio County &aright 11,900 12,100 7,550 7,500 Sagarland Coastal LouisianaSeminole 14,000 14,800 East Seminole 2,400 2,300 2,250 2,350 East Hackberry Old Hackberry 1,050 1,100 WyomingKansasSedgrvick County 24,850 29,000 20,150 19.500 Salt Creek Voahell Montana8,200 10,250 Kevin-Sunburst 5,850 5,850 Panhandle TexasNew MexicoGray County 36,900 80,550 67,100 70,800 Hobbs High Hutchinson County...-. 20,800 21,600 Bal. Lea County 7,300 7,000 CaliforniaNorth TexasElwood-Goleta 40,000 35,500 Archer County 15,150 15,100 Huntington Beach 27;800 28,700 Wilbarger County 17,000 17,500 20,800 21,800 Inglewood West Central TexasKettleman Hills 16,000 15,000 Young County 16,800 16,850 Long Beach 101.000 104,500 1Vest TexasMidway-Sunset 64,000 64,000 Crane It Upton Counties. 39,150 38,800 Santa Fe Springs 106,000 107,800 Ector County 6,100 7,300 Seal Beach 18.500 20,000 Howard County 22,700 22,750 Ventura Avenue 47,000 47,500 Reagan County 22,400 21,950 Playa del Rey 19,000 13,000 Winkler County Pennsylvania Grade68,200 68,850 Yates 103,800 104,450 Allegany 6,750 5,550 Bal. Pecos County 3,250 3,550 Bradford 20,450 18,700 East Central Texas-Southeastern Ohio 6,500 6,550 Van Zandt county 25,400 25,250 Southwest Pennsylvania. 2,600 2,350 Receipts of California Oil at Atlantic and Gulf Coast Ports Declined in August. Receipts of California oil, (crude and refined oils) at Atlantic and Gulf Coast ports for the month of August, totaled 2,533,000 barrels, a daily average of 81,710 barrels, compared with 3,208,000 barrels, a daily average of 103,484 barrels for the month of July, according to the American Petroleum Institute. Receipts at Atlantic and Gulf Coast ports for the week ended Sept. 6, totaled 701,000 barrels, a daily average of 100,143 barrels, compared with 512,000 barrels, a daily average of 73,143 barrels for the week ended Aug. 30. The Institute further reports: FINANCIAL CHRONICLE SEPT. 13 1930.] CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST PORTS. (Barrels of 42 gallons) Month of August. At Atlantic Coast PortsBaltimore Boston New York Philadelphia Others July. Week Ended Sept. 6. Aug. 30. 230,000 271,000 1,203,000 658,000 163 000 538,000 241,000 1,346,000 739,000 200,000 55,000 288,000 308,000 50,000 320,000 113,000 Total 2,530,000 Daily average 81,613 Al Gulf Coast PortsTotal 3,000 Daily average 97 At Atlantic et Gulf Coast Ports2,533,000 Total Daily average 81,710 3,064,000 98,839 701,000 100,143 512,000 73,143 79,000 144,000 4,645 3,208,000 103,484 512,000 73,143 DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS. Gasoline 2,114,000 3,075,000 602,000 512,000 Kerosene 33,000 Gas oll 339,000 Fuel oil 80,000 92,000 99,000 Lubricants 8,000 Total 2,533,000 3,208,000 in the month of August 1930, as compared with 40,038 tons in the previous month and 55,708 tons in August 1929. Shipments amounted to 35,575 tons of slab zinc in August 1930, as against 51,980 tons in the corresponding period last year and 32,235 tons in July 1930. Stocks at Aug. 31 1930 totaled 122,635 net tons, as compared with 117,381 tons at July 31 1930. and 49,064 tons at Aug. 31 1929. The Association's statement follows: SLAB ZINC STATISTICS(ALL GRADES) 1929 AND 1930 (Tons of 2,000 lbs ). Month. 701,000 100,143 701,000 512,060 1641 1929. January February March April May June July August September October November December Produced During Month. Shipped During Month. 50,501 47,733 55,008 55,203 57,475 52,532 54,447 55,708 51,994 54,513 48,411 47,292 49,584 62,345 57,963 58,290 58,226 49,182 47.943 51,980 47,202 48,777 43,148 36,717 9 Retorts Unfilled Stock at x Ship- Operarg Orders End of ped for End of End of Month. Export. Month. Month. Daily Aver. Prod. 58,726 59,610 79,995 55,571 42,883 36,127 32,031 24,283 20,270 14,844 11,872 18,585 1,629 1,705 1,774 1,840 1,854 1,751 1,756 1,797 1,733 1,758 1,614 1,526 46,887 42,275 39,320 36,233 35,482 38,832 45,336 49,064 53,856 59,592 64,855 75,430 1,551 1,014 1,025 1,227 690 235 185 185 123 67 39 11 63,698 68,127 68,015 70,455 70,533 69,703 69,911 59,408 69,468 67,636 58.723 57,999 t4m.wcotnc=4 $0.wCwwwi.m Imports of Petroleum at Principal United States Ports 6,352 Total 630.817 601,357 1930. Lower in August. 20 59.457 39,017 41,179 86,277 52,026 January 6 57,992 32,962 42,489 88,433 44,645 According to figures received by the American Petroleum February 17 51,300 29,330 43,094 93,475 48,136 March 26 50,038 29,203 40,839 97,086 44,450 Institute, imports of petroleum, (crude and refined oils) at April 31 52,072 30,515 38,889 102,775 44,578 May the principal ports for the month of August, totaled 8,583,000 June 37 52,428 28.979 36,670 109,578 43,473 20 46,030 34,135 32,235 117,381 40,038 July barrels, a daily average of 276,871 barrels, compared with August 17 50,404 28,972 35,775 122,635 41,029 9,362,000 barrels, a daily average of 301,999 barrels for the 174 358,375 311.170 Total month of July. in total shipments. y Retort capacity relates only to prime Weston Imports at the principal United States ports for the week andx Included a small quantity of brass special and high-grade production. ended Sept. 6, totaled 2,012,000 barrels, a daily average of 287,429 barrels, compared with 1,878,000 barrels, a daily Steel Output Continues to Gain-Demand Moderately average of 268,285 barrels for the week ended Aug. 30. Larger-Price of Steel Scrap Higher. IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS. (BARRELS OF 42 GALLONS.) Week Ended Month of July. August. Sept. 6. Aug. 30. Al Atlantic Coast PortsBaltimore 1,210,000 1,305,000 231,000 359,000 Boston 139,000 296,000 66,000 4,514,000 4,804,000 1,019,000 New York 844,000 Philadelphia 1,034,000 1,176,000 412,000 196,000 Others 778,000 1,117,000 150,000 271,000 Total 7,675,000 8,698,000 1,878,000 1.670,000 Daily average 247,581 280,580 268,286 238,571 At Gulf Coast PortsGalveston district 261,000 a191,000 65,000 New Orleans and Baton Rouge_ _ 289,000 a334,050 30,000 98,000 Port Arthur and Sabine district_ 265,000 65,000 95,000 Tampa 93,000 74,000 39,000 15,000 Total Daily average 908,000 29,290 664,000 21,419 134,000 19,143 8,583,000 9,362,000 2,012,000 208,000 29,714 At alt United States portsTotal 8,583,000 9,362,000 2,012,000 1,878,000 Daily average 276,871 301,999 287,429 268,285 DISTRIBUTION OF TOTAL IMPORTS. llfcnth of -Week Ended---August. July. Sept. 6. Aug. 30. Crude 5,160,000 a5,903,000 1,481,000 1,056,000 Gasoline 1,663,000 1,459,000 243,000 560,000 17,000 97,000 Gas oil 1,903,000 1,743,000 Fuel oil 288,000 . 26-2;656 Total 1,878,660 a Revised. Copper and Lead Demand Improves-Sales in Both Metals Well Above Recent Averages; Zinc Very Dull; Tin Quiet. The first week in September shows little or no improvement in the non-ferrous metal situation though demand for copper and lead has been the best for several weeks, and silver has again held above 36 cents, reports Metal and Mineral Markets, adding: Tin continues to be available below 30 cents, with demand only moderate and largely speculative. Zinc buying has dwindled to such an extent that the 4.25@4.30 cent quotation of the last three days is no more than a nominal one. Almost 11,000 tons of copper were sold in the domestic market in the week ending yesterday, which represents the best week's business since early August. Sales, however, were not sufficient to absorb all the offerings at lag cents and, despite press reports to the contrary, there was no evidence of any seller revising his quotation upward from log cents to 11 cents. Large producers still hold at the higher figure but most of the business in the last few days has been at 1014 cents. Lead sales in the past week were well above the average of recent weeks. Although demand has not yet reached the point where the market might be described as active, sellers maintained prices on a steady basis throughout the period. Prices in the East held at 5.50 cents, New York, while the St. Louis price for common lead was 5.35 cents. Total zinc sales were the smallest for any week since last May, but Indications are that an early improvement is probable. Buying has not been active since July, and sonic consumers are not well covered, although they have not been using up the metal very rapidly lately. August Production and Shipments of Slab Zinc Continue Below Rate a Year Ago-Inventories Again Higher. According to the American Zinc Institute, Inc., a total of 41,029 net tons of slab zinc (all grades) were produced Seasonal recovery in iron and steel, although confidently expected by the trade, is slow in materializing, the "Iron Age" of Sept. 11 states. Demand for finished steel thus far this month has been moderately larger than in the corresponding part of August, but nothing resembling a broad buying movement has set in and the persistence of discordant market tendencies continues to obscure the outlook. The "Age" further adds: Curtailment of pig iron production, which, according to complete returns, amounted to 4.6% in August,is apparently still under way. Following a net loss last month offive active blast furnaces,of which four were steel works units, four additional furnaces have been taken out of service so far In September, three of them steel plant stacks. This evidence of an unchecked decline in the pig iron requirements of steel producers is in sharp contrast with the increase of 5.5% in steel ingot output in August and the further gain this month indicated by current estimates. present ingot production is fully 55% of to-day's capacity (which is 3 to 4% larger than the total officially reported at the close of 1929) and is 1;i% higher than the average for last month. This gain in steel also contrasts with market tendencies in pig Iron. Open market offerings of steel company pig iron are increasing, particularly In the Chicago district, and the large stocks of merchant producers give no clear indication of early reduction, with one merchant furnace reported banked in the past week and another scheduled to go out within a few days. At Cleveland, prices on foundry iron for local delivery have receded 50c. a ton, and 50c, concessions on attractive tonnages are reported at Chicago. Scrap markets, on the other hand, are bolding their own, with heavy melting grade up 25c. a ton at Pittsburgh. While these conflicting factors are confusing, they are ignored by leaders In the steel trade, who are convinced that the rock-bottom replacement requirements of an economically strong and growing country exceed a 50 to 60% production in the most basic industry, and for that reason alone some measure of recovery is inevitable. This view finds support in an increase in miscellaneous orders for steel, indicating a revival of interest on the part of many consumers who have not been in the market recently. Some forward buying has also developed, particularly in light rolled products. makers of which gave customers an opportunity to get under cover at prices prevailing before recent advances. The customary fall and winter rail buying movement, even if smaller than a year ago. is likewise relied on to improve mill bookings. The Reading has placed 30,000 tons and the Lackawanna 2,500 tons, while the New York Central Lines are expected to enter the market shortly for 160,000 tons. A purchase of 305 freight cars and 11 locomotives by the Lehigh & New England raises the hope that the fall will see some betterment in railroad equipment buying, although large current surpluses of rolling stock offer little encouragement in that direction. The effects of the drought have not yet been fully measured except in the case of tin plate. It is now clear that the canning crop will show little decrease from that of last year. Large releases from the can companies have enabled the tin mills to continue operations at an average of 70% of capacity. with the leading interest scheduled at a considerably higher rate. The loss in steel business chargeable to the damage to field.crops remains of uncertain proportions. Demand for wire products in the South is responding slowly to the stimulus of the fall buying season. Jobbers are not buying ahead, but are awaiting their cue from customers, especially in lines that reach the farmer. Sale; of stoves in agricultural sections are reported light, while farm implement makers are experiencing difficulty in determining their fall production schedules,which normally get under way by Oct. 1. Prospects in the automobile industry are not encouraging, September it is feared, will do well if it duplicates the disappointing production of August. Structural steel awards, at 34,000 tons, are of average proportions Radio producers have expanded their operations materially since Sept. 1. 1642 FINANCIAL CHRONICLE [VoL, 131. correspondingly increasing their specifications for electrical sheets. An week and 58% two weeks ago. There should be some imaircraft carrier to be placed by the Navy will require 7,880 tons of finished provement in the current week, because no holiday curtailsteel and 150 tons of castings. The collapse of Cartel control of European export prices has been fol- ment will be in effect. The "Journal" also went on to say: lowed by sharp concessions to the British trade, forcing one English steel For the week ended Monday morning the output of the United States mill to suspend operations. Steel Corp. was at slightly under 63%, a drop of 2% from the preceding The "Iron Age" composite price for scrap has advanced from $13.67 period when the rate was a shade below 65%. Two weeks previous it was to $13.75 a gross ton. It is now 67c. higher than five weeks ago. The pig 66%. iron composite is unchanged at $16.88 a gross ton, and the finished steel Leading independents averaged a shade under 51% for the week covered figure at 2.142c. a lb., as the following tables show: contrasted with better than that figure in the previous period and slightly under 51% two weeks ago. Smaller independents probably showed a larger Finished Steel. drop for the week because of Labor Day shutdowns. Sept.9 1930, 2.1420. a Lb. At this time last year the steel operations continued downward, with the iBased on steel bars, beams, tank plates. One week ago 2.1420. wire, rails, black pipe and sheets. United States Steel Corp. at 91%;independents at 82%. and the average One month ago 2.1500.1 These products make 87% of the under 86%. The second week of September 1928, recorded little change One year ago 2.3980.J United Ste tee output. In activities, with the Steel Corp. at 77%, independents at 78%. and the Low. Hfeb. 1930 2.142e. Aug. 26 average above 773i%• 2.362o. Jan. 7 1929 2.4120. Apr. 2 2.362o. Oct 29 The "American Metal Market" this week says: 1928 2.3140. Jan. 3 2.391o. Dee. 11 On the bare face of the returns, the official reports of steel ingot produc1927 2.2930. Oct. 25 2.453o. Jan. 4 1026 2.453e. Jan. 5 2.4030. May 18 tion shows an increase of 531% from July to August. Making allowance 1925 2.396e. Aug. 18 for Sundays and the influence of the holiday 2.5600. Jan. 6 in July, there was no material change,the rate from Monday, July 7,to the end of the month and the rate Pia Iron. Based on average of beano Iron at Valley during August being substantially the same. Sept.9 1930. 316.88 a Gross Ton. Considering all the conditions, steel production in the last two months $16.88 furnace and foundry irons at Chicago, One week ago One month ago 16.881 Philadelphia, Buffalo, Valley and Bir- was not remarkably low by any means. The steel trade had not predicted 1S.26J mington. One year ago an improvement for August but for more than two months there have been widespread predictions of improvement for September. It is too early to Low. High. $18.21 Jan. 7 $16.88 Aug. 12 test these predictions as they were based upon ending of the vacation season 1930 18.71 May 14 18.21 Dee. 17 and it takes time for orders to be 1929 formulated and actually placed. Such 18.59 Nov.27 17.04 July 24 1928 19 71 Jan. 4 17.54 Nov. 1 little increase in orders as is reported sporadically is of no material Con1927 21.51 Jan. 5 1926 19.46 July 13 sequence as an indicator, the real test being still to come. 1925 22.50 Jan. 13 18.96 July 7 Steel Scrap. Sept.9 1930, $13.75 a Gross Ton. lBsaed on heavy melting steel quoOne week ago $13.67 F tations at Pittsburgh. Philadelphia One month ago 13.171 and Chicago. One year ago 16.67 Low. High, 1930 $13.08 July 1 $15.00 Feb. 18 1929 14.08 Dec. 3 17.58 Jan. 29 1928 13.08 July 2 16.50 Dec. 31 1927 13.08 Nov. 22 15.25 Jan. 11 1926 14.00 June 1 17.25 Jan. 5 1925 15.08 May 5 20.83 Jan. 13 Sharp Falling Off in Unfilled Steel Orders, The United States Steel Corp. in its monthly report of the unfilled orders on the books of its dubsidiary companies, places the volume as at August 31 as 3,580,204 tons. This shows a falling off of 441,851 tons as compared with the report issued for July 31 at which date the figure was 4,022,055 tons. A year ago at August 31 1929, the backlog amounted to 3,658,211 tons. Below we give the figures by September's apparent extension of August's 534% increase months back to 1925. in steel production, the determination of producers of heavy UNFILLED ORDERS OF SUBSIDIARIES OF U.S. STEEL CORPORATION products as well as of sheets and strip to stabilize prices, and End of Month 1930. 1029. 1928. 1927. 1926. 1925. 4.468.710 4.109,487 4,275.947 3,800,177 4.882.739 5.037,323 continued heavy inquiry for and buying of structural material January 4.479.748 C141.341 4.398,189 3,597,119 1,616,822 5,284.771 February march tangibly support the belief that the market situation in steel 4 570.653 11.410,718 6.335.206 3,553,140 4,379,935 1.863,504 4 354,220 1427.763 3.872.183 3456,132 3,867,976 4,446,568 is improving, says "Steel," formerly "Iron Trade Review," April May 4.059.227 4.361.167 3,416.822 3.050.941 3,849,250 4,049.800 In its issue of Sept. 11. "Steel" further reports: June The industry does not look for a precipitate recovery, and whether the current betterment assumes greater proportions than a normal fall upturn remains to be seen; nevertheless, the conviction is widespread that the Industry has turned the corner and is now facing forward. A firmer attitude on price, which is regarded as highly significant is designed chiefly to terminate disturbing irregularities, improve the technical position of producers and put them in position to return to remunerative levels when noteworthy business returns. The effect on profits for the fourth quarter will be mild,as many low-priced contracts will be carried over. An important producer's minimum of 1.60c. Pittsburgh, on bars, plates and shapes may foreshadow the stand on these products. Birmingham mills have lowered heavy steel $1, bringing it in line with Pittsburgh, the same motive prompting a $1 reduction in hot strip at Chicago. Wire nails are more generally $2 to jobbers. Present levels on nuts, bolts and rivets have been extended into the fourth quarter. Most mills now quote 2.45c., Pittsburgh, on black sheets, 3.10c. on galvanized, 3.60c. on autobody, 2.00c. on blue annealed plates and 2.15c. on blue annealed sheets. Fourth-quarter prices named by a Chicago mill generally represent $1 increases. Chicago warehouses have lowered black and galvanized sheets $5. Well over 100,000 tons of active structural inquiry is before fabricators, much of it apparently to be placed shortly. Kentucky is closing on 22,000 tons for bridges; an office building at Boston requires 19,000 tons, highway bridges in New Jersey specify 15,900 tons, New York subways call for 5,100 tons. Railroad terminal work at St. Louis includes 5,000 tons, while grade crossing elimination programs of the Erie, Monon and Nickel Plate at Chicago will demand tonnages. The week's awards, at 45,715 tons, compare with 46,255 tons last week and 20.717 tons a year ago. Though the season is not conducive to railroad purchasing, the placing of 305 freight cars by the Lehigh & New England, 115 by the Mexican State railways and 50 by the New York Central lend a semblance of activity. August orders for freight cars totaled 1,070, compared with 1,348 in July and 2,854 last August. Eight-month car orders for 1930 are 35.022; for 1929.66,011. Reading is placing 30.000 tons ofrails with two eastern makers. Oil country orders are accruing to plate mills. Gulf Refining Co. has bought 4,000 tons for tanks in connection with its new pipe line. New storage tank inquiry at Chicago, amounting to 6,000 tons, makes 20.000 tons on inquiry there. Pig iron evidences a quickening both in sales and inquiry in many districts, but accompanied by further price weakness. A 50-cent reduction at Cleveland brings the market there to $17.50. Silvery iron and Bessemer ferrosilicon have been cut as much as $7. August's daily ingot rate of 119.050 gross tons is more important for its trend than its volume. Over the 112,823 tons of July this was a gain of .5%, the first improvement since February. For eight months of 1930 5 steel output has been 29,821,891 tons, against 38.326,913 tons a year ago. Youngstown steel mills this week average 58 to 59%,against 57 last week. Chicago mills at 57% are up 2 points. Cleveland operations have snapped up from 27 to 41%. Pittsburgh is holding at 55%. Buffalo has slipped hack to 48%, the lowest of the year. Steel corporation subsidiaries this week are at 66-68%, a slight gain. Softness in pig iron and nails is principally responsible for another 10-cent decline in "Steel's" market composite, now at $32.68. Steel ingot production in the week ended last Monday morning (Sept. 8) was lower, due to the fact that this period included Labor Day when there was some curtailment in the industry, the "Wall Street Journal" of Sept. 10 stated. For the entire industry the actual production is estimated at 56% for the week, compared with 57A% in the preceding July August Sep oett ober ember. November. December 3,968,064 4.256,910 3,637,009 3.053.246 4.022.055 4,088.177 3,570,927 3,142,014 3580,204 3,658,211 3,624,043 3,196.037 3.902481 3.698.368 3,148.113 4,086,562 3,751,030 3,341,040 1.125.345 3,643,000 3,454.441 4.417.193 3.976.712 3.972.874 3.478,642 3,602.522 3,542,335 3,593,509 3,683,661 8,807,447 3.960.969 3,710.458 3439,467 3,512,803 3,717.297 4.109,183 4,581.780 5.033.364 August Pig Iron Production Lower. Actual returns from every blast furnace active during August show that the preliminary estimates, published in the "Chronicle" of Sept. 6, page 1493, were practically correct. The actual data vary only 83 tons per day from the estimate. Production of coke pig iron in August was 2,523,921 gross tons or 81,417 tons per day for the 31 days, reports the "Iron Age." Estimates last week made the daily rate 81,500 tons, so that the actual is 83 tons less than the estimate. The August output contrasts with 2,639,537 tons or 85,146 tons per day for the 31 days in July. The decline in the daily rate for August was therefore 3,729 tons or 4.3%. The decline in July from June was 13%. The August daily rate is the smallest since October 1924, when it was 79,907 tons. It is the smallest for any August since 1924, when it was 60,875 tons. The "Age" further states: Comparisons for Eight Months. Production for the first eight months of this year was 23,424,770 tons as compared with 29,181,760 tons to Sept. 1 1929, and with 24,729,315 tons for the same period in 1928. The 1930 total for eight months is the 11th largest on record. Eight furnaces were blown out during August and three were blown ina net loss of five. In our estimates last week the net loss was six. In July the net loss was 16 furnaces. The August record may indicate a check in the rapid shutting down of furnaces as represented by 41 in the four months Previous to August. In the last five months the net loss has been 46 furnaces. Operating Rate on Sept. 1. For the 139 furnaces blowing on Sept. 1, the operating rate is estimated at 80,620 tons per day. This contrasts with 83,645 tons per day for the 144 furnaces blowing on Aug. 1. Of the eight furnaces shut down during August, four were independent steel company stacks. Two belong to the Steel Corp. and two were merchant furnaces. One each of the three furnaces blown in is credited to the Steel Corp., the independent steel companies and the merchant group. Furnace Changes During August. During August only three furnaces were blown in; No. 2 furnace of the New Jersey Zinc Co. in the Lehigh Valley; No. 2 Donora furnace of the American Steel & Wire Co. in the Pittsburgh district and one furnace of the Colorado Fuel & Iron Co. in Colorado. Among the furnaces blown out or banked during August were No. 1 furnace of the New Jersey Zinc Co. in the Lehigh Valley; one Eliza furnace of the Jones dc Laughlin Steel Corp., and the Neville Island furnace of the Davison Coke & Iron Co.in the Pittsburgh district; one furnace of the Otis SEPT. 13 1930.] Steel Co.. No. 4 furnace of the National Tube Co., and the United furnace of the Republic Steel Corp. in northern Ohio; one furnace of the Wisconsin Steel Co. in Illinois, and one Fairfield furnace of the Tennessee Coal, Iron & RR. Co. in Alabama. DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED STATES BY MONTHS SINCE JAN. 1 1925-GROSS TONS. January February March April May June First six months July August September October November December 12mdliths•average__ 1925. 1926. 1927. 1928. 1929. 1930. 108,720 114,791 114.975 108.632 94,542 89,115 105.039 85,936 87.241 90,873 97,528 100,767 104,853 99.735 106.974 104,408 111,032 115,004 112,304 107,844 109,660 103,978 103,241 104,543 107,553 107.890 99,712 107.043 100.123 105,024 112,368 114.074 109,385 102,988 107,351 95,199 95.073 92,498 89.810 88.279 86,960 99.266 92,573 100.004 103,215 106,183 105,931 102,733 101.763 99,091 101.180 102,077 108,832 110,084 108.705 103.382 111,044 114,507 119.822 122,087 125,745 123,908 119.564 122,100 121,151 116,585 115,745 106,047 91,513 115.851 91,209 101.890 104.715 106,062 104,283 97,804 100.891 85,146 81,417 MONTHLY PRODUCTION OF STEEL INGOTS,JANUARY 1929 TO AUGUST 1930-GROSS TONS. Reported by companies st!Itch made 94.27% of the Open-hearth and Besselnee Steel Ingot Production In 1929. Months. 1929. Jan Feb March _ _ _ April May June July August 8 mos Sept Oct Nov Dec Total - DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS. Steel Works. 1928-January February March April May June July August September October November December 1929-January February March April May June July August September October November December 1930-January February March April May June July Merchants.* 69.520 78,444 83.489 85,183 85,576 81,630 79,513 82.642 82.590 88,051 88,474 85,415 85,530 89.246 95,461 95,680 100,174 99,993 98,044 98,900 95.426 93,644 83,276 68,152 71,447 81,850 83,900 85.489 84.310 77.883 66,949 23,053 21,560 19.726 21.000 20.355 21,103 19,578 18,538 19,487 20,781 21,610 23,290 25,514 25,261 24.361 26,407 25,571 23.915 24.056 22,251 21,159 22.101 22,771 23,361 19.762 19,810 20,815 20,573 19,973 19.921 18,197 ALCM, louse Total. 92.573 100,004 103,215 106,183 105,931 102,733 99,091 101,180 102,077 108.832 110,084 108,705 111,044 114,507 119,822 122,087 125,745 123,908 122,100 121,151 116,585 115,745 106,047 91,513 91,209 101,390• 104,715 106,062 104,283 97.804 85,148 ol AI... •Includes pis iron made for the market by steel companies. TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES BEGINNING JAN.1 1928-GROSS TONS. JanFeb_ Mar_ Apr __ May June__ 1928. 2.869,761 2,900,126 3,199,674 3,185.504 3,283,856 3.082.000 1929. 3,442,370 3,206,185 3,714,473 3,662,625 3,898,082 3,717,225 1930. 2,827,464 2,838,920 3,246,171 3.181,868 3,232,760 2,934,129 July Aug Sept_ _ Oct_ Nov __ Dec __ 1911. 3,071;824 3,136,570 3,062,314 3,373,806 3,302,523 3,369,846 1929. 1930. 3,785,120 2,639,537 3,755,680 2,523,921 3,497,564 3.588,118 3,181,411 -----2,836,916 yr_18,520,921 21,640,960 18,261,312 Year*.37,837,804 42,285,769 • These totals do not include charcoal pig iron. The 1929 production of this Iron was 138,193 gross tons, as compared with 142.960 gross tons in 1928. PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS Total Pip IronSpiegel and Ferromanganese. Janus Faith klarcl 8 Int May June- Tows Ferromanganese:: 1928. 1929. 1930. 1928. 1929. 1930. 2.155.133 2,274,880 2,588.158 2,651.416 2,498,901 2,959,295 2.214.875 2,284,234 2,600.980 22.298 19,320 27,912 28,208 35.978 24,978 27,260 21,310 23.345 7.018,171 2,555,500 2.852.872 2,448.905 8.109.812 2,826,028 3,105,404 2,999,798 7,100,089 2.564.681 2.613.628 2,304,223 69,530 18,405 29,940 32,088 79,164 22,413 25,896 33.363 71,915 27,777 30,296 27,327 . Half -July August September 14,675,448 17,040,842 14.582,621 149.963 160,836 157,325 2,464,896 3,039,370 2,075,414 32,909 31,040 17,728 2,561,904 3,085,874 2,010,572 24.583 28.481 20,909 22,278 27.505 2.477,695 2.862.799 9 months October November December 22,179.943 26,008,885 2.729.589 2,902,960 2,654,211 2,498.291 2.647,863 2,112,704 230.733 247,842 23,939 31,108 29,773 28,285 28,618 28,564 30,211,606 33,522,840 312,061 335,799 Year a Includes output of merchant furnaces Small Increase in Ingot Production. The American Iron & Steel Institute in its monthly report, issued Sept. 8, places production of steel ingots during August by all companies at 3,095,293 tons, an increase of but 61,894 tons over the proceeding month. In July 1930 there were produced 2,933,399 tons while in August 1929 the output amounted to 4,939,086 tons. For the 26 working days in August 1930, the approximate daily output was 119,050 tons while for July in which month there were also 26 working days daily output averaged 112,823 tons. In August 1929 however, with 27 working days, the output per day averaged no less than 182,929 tons. Below we furnish the institutes monthly statement back to January 1929: 1643 FINANCIAL CHRONICLE 1930. Jan Feb March ...... May June July August. OpenHearth. 3,692,062 3,590,826 4,180,408 4,025,409 4,275,161 3,999,363 3,922,053 3,987,400 Lauctuwea No.of Approx. ref sr onuuy Monthly 1Vork- Daily Cents Output Output Opera Bessemer. Companies Output All ing Reporting. Companies. Days. AU Cos. lion."' 549.616 489,279 596,691 640,351 707.484 622,004 649,950 668,023 4,241.678 4.080,105 4,777,099 4,665,760 4,982.645 4,621,367 4.572,003 4,655,423 27 24 26 26 27 25 26 27 4,500.131 4,328,713 5,068,176 4,950.053 5,286.246 4.902,955 4.850.583 4,939,086 166,672 84.99 180,363 91.97 194,930 99.40 190,387 97.08 195,787 99.84 196,118 100.00 186.561 95.13 182,929 93.28 31,672,682 4,923,398 36,596.080 38,825,943 208 186,663 95.18 25 27 26 25 181,115 167.938 135,427 116,120 92.35 85,64 69.06 59.21 311 174,638 89.05 27 24 26 28 27 25 26 26 140,596 169,930 165,381 159,764 149,066 137.610 112.823 119,050 70.22 84.88 82.60 79.80 74.45 68.73 56.35 59.46 3,624,954 3,631,674 2,796.214 2,375,797 642,886 642,235 522,672 360,489 4,267,840 4,273,909 3,318,886 2,736,286 4,527,887 4,534,326 3,521,111 2,903,012 44,101,321 7,091,680 51,193,001 54,312,27 3,137,002 3,336,021 3,613,904 3.406.610 3,265,190 2,835,527 2,411,592 2,543,466 441,572 508,618 539,616 509.234 528,968 407,586 353,723 374.467 3,578,574 3,844,639 4,053,520 3,915,844 3,794,158 3.243313 2,765,315 2,917.933 3,796,090 4,078,327 4,299,905 4,153,860 4,024,778 3.440,239 2,933.399 3,095,293 24.840.812 3.663.784 28.113.096 29.821.891 207 144,067 71.96 a The figures of "per cent of operation" In 1929 are based on the annual capacity as of Dec. 31 1928, of 60.990.810 gross tons for Bessemer and Open-hearth steel Ingots,and In 1930 are bated on the annual capacity as of Dec.31 1929,ot62,265,670 gross tons for Bessemer and Open-hearth steel ingots. Output of Bituminous Coal During August Continues Below That for the Corresponding Period Last Year-Anthracite Production Again Higher. According to the United States Bureau of Mines, Department of Commerce, preliminary estimates for August 1930 show that a total of 35,344,000 net tons of bituminous coal,6,185,000 tons of anthracite and 168,800 tons of beehive coke were produced in that month, as compared with 44,475,000 tons of bituminous coal, 5,735,000 tons of anthracite and 561,800 tons of beehive coke in the corresponding month last year and 34,715,000 tons of bituminous coal, 5,658,000 tons of anthracite and 214,800 tons of beehive coke in the month of July 1930. The average daily rate of production of bituminous coal in August 1930 was 1,359,000 net tons, as against 1,335,000 tons in the preceding month and 1,647,000 tons in August 1929. The Bureau's statement follows: Total for Month (Na Tons). August 1930 (preliminary) a Bituminous coal Anthracite Beehive coke Juto 1930 (revised)-Bituminous coal Anthracite Beehive coke August 1929Bituminous coal Anthracite_ b Number Avge. per Cal. Year to Working W'king Day end of August Days. (Na Tons). (Net Tons). 35.344,000 6,185,000 168,800 26 26 26 1,359,000 237,900 6,492 34,715,000 5,658,000 214,600 26 26 26 1,335,000 217,600 8,254 44,475,000 5,735,000 561.800 27 27 27 1,647 000 212,400 22.389 300,693,000 45,635,000 2.079,703 342,226,000 46,062,000 4.282.300 a Slight revisions of these estimates will be issued in the weekly coal report abou the middle of the month. is Final figures. Production of Bituminous Coal and Pennsylvania Anthracite in Week Ended Aug. 30 Higher Than in Preceding Week-Bituminous Coal Output, However, Continues Below Rate a Year Ago. According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and Pennsylvania anthracite during the week ended Aug. 30 1930, showed an improvement over the previous week. However, bituminous coal output continued below the rate for the corresponding week last year, while anthracite production was higher. During the week under review, 9,056,000 net tons of bituminous coal, 1,924,000 tons of Pennsylvania anthracite and 36,400 tons of beehive coke were produced, as compared with 8,494,000 tons of bituminous coal, 1,704,000 tons of Pennsylvania anthracite and 36,800 tons of beehive coke produced in the preceding week and 10,832,000 tons of bituminous coal, 1,613,000 tons of Pennsylvania anthracite and 124,400 tons of beehive coke in the week ended Aug. 31 1929. For the year to Aug. 30 1930, a total of 301,012,000 net tons of bituminous coal were produced, as against 340,335,000 tons in the calendar year to Aug. 31 1929. The Bureau's statement follows: PENNSYLVANIA ANTHRACITE. The total production of anthracite in the State of Pennsylvania during 30 Is estimated at 1.924,000 net tons. Compared with Aug. the week ended the output in the preceding week, this shows an increase of 220,000 tons, or 12.9%. Production during the week in 1929 corresponding with that of Aug. 30 amounted to 1,613.000 net tons. 1644 FoL, 131. FINANCIAL CHRONICLE Estimated Production of Pennsylvania Anthracite (Net Tons). tons. Figures for corresponding periods in other recent years are given 1930-below: 1929 a Daily Daily 1929 340,335,000 net tons11927 348,327,000 net tons Week EndedWeek. Avge. Avge. Week. 1928 314,104.000 net tonal i926 356,485,000 net tons Aug. 16 1,125,000 187.500 179,000 1.072.000 Aug. 23 As already indicated by the revised figures above, the total production 1,704,000 248,000 284,000 1.487,000 Aug. 30 1,924,000 269,000 of soft coal for the country as a whole during the week ended Aug. 23 Is 1,613,000 320,700 a Final revised figures. estimated at 8,494,000 net tons. Compared with the output in the precedBEEHIVE COKE. ing week, this shows an increase of 323,000 tons, or 4%. The following The total production of beehive coke during the week ended Aug. 30 table apportions the tonnage by States and gives comparable figures for 1930, is estimated at 36,400 net tons, a decrease of 400 tons as compared other recent years. with the preceding week. Output during the week in 1929 corresponding Estimated Weekly Production of Coal by States (Net Tons). with that of Aug. 30 amounted to 124,400 tons. Aug. 1923 Week Ended Estimated Production of Beehive Coke (Net Tons). StateAug. 23'30. Aug. 16'30 Aug. 24'29 Aug. 2528 Average.a Week Ended 1929 1930 Alabama 397,000 264,000 298,000 242,000 323,000 /legionAug.30'30.bAug.23'30.cAug.31'29. to Date. to Date.a Arkansas 26,000 27,000 22,000 37,000 25,000 Penn., Ohio 5.: W Va. 32,300 112,100 1,858,500 3,855,000 Colorado 32,600 173,000 98,000 91,000 139,000 162.000 Ga., Tenn., & Va _ 2,600 242,100 Illinois 173,800 2,400 8,300 1,363,000 907,000 879,000 822,000 1,023,000 Colo., Utah & Wash_ 1,500 174.700 Indiana 77,100 4,000 1,800 440,000 273,000 296,000 264.000 318,000 Iowa 100.000 51.000 52.000 53,000 64,000 United States total 36.400 124,400 2,109,400 4,271,800 Kansas 36,800 84,000 33,000 36.000 35,000 57,000 KentuckyDaily average 10,190 6,133 20,637 20,733 6,067 Eastern 765,000 824,000 764,000 952,000 944,000 a Minus one day's production first week in January to equalize number Western 217,000 184,000 159,000 275,000 257,000 Maryland of days in the two years. la Subject to revision. c Revised. 40,000 36,000 44,000 45,000 48,000 Michigan 21,000 4,000 4,000 16,000 13,000 Missouri 61,000 66.000 61.000 52,000 68,000 BITUMINOUS COAL. Montana 44,000 39,000 50,000 64,000 65,000 The total production of soft coal during the week ended Aug. 30 1930' New Mexico_ _ _ 28,000 29,000 49,000 50,000 48,000 Including lignite and coal coked at the mines, is estimated at 9,056,000 net North Dakota _ _ 16,000 13,000 14,000 20,000 14,000 440,000 412,000 871,000 490,000 372,000 tons. Compared with the output in the preceding week, this shows an Ohio Oklahoma 43,000 33,000 55,000 58,000 59,000 increase of 562,000 net tons, or 6.6%. Production during the week in 1929 Penna. (bitum.)_ 2,269,000 2,244,000 2,746,000 2,484.000 3,734,000 corresponding with that of Aug.30 amounted to 10,832,000 tons. Tennessee 98.000 95,000 118,000 105.000 104,000 Texas 24,000 11.000 12,000 23,000 22.000 Estimated United States Production of Bituminous Coal (Net Tons). Utah 55.000 88,000 58,000 83.000 79.000 1930-Virginia 1929. 200,000 227,000 193,000 243.000 243,000 Cal. Year Cal. Year Washington 47,000 26,000 35,000 45,000 39,000 Week EndedWeek. West to Date. Week. to Date.a VirginiaAugust 16 Southern_b._ _ 1,812,000 1,797.000 2,100.000 1.901,000 1.515,000 8.171,000 283,462,000 9,666,000 319,399,000 Daily average Northern_c_ 875,000 567,000 763,000 571.000 707.000 1.362,000 1.465.000 1,651,000 1,611,000 August 23_b 154,000 122,000 94.000 112.000 104,000 8,494,000 291,956,000 10,104,000 329,503.000 Wyoming Daily average 4,000 5,000 3,000 1,416,000 1,000 1,000 1,684.000 1.463,000 1,652,000 Other States_ August 30_ c 9,056,000 301,012,000 10,832,000 340,335.000 Total bitum's_ 8,494,000 8,171,000 10,104,000 9,426,000 11,538,000 Daily average 1,509,000 1,465,000 1,657.000 1,805,000 a Minus one day's production first week in January to equalize number Penn. anthracite. 1,704,000 1,125,000 1,487,000 1,700,000 1,926,0(50 of days in the two years. la Revised since last report. c Subject to Total all coal-_10.198,000 9,296,000 11.591.000 11,126,000 13.464,000 revision. a Average weekly rate for the entire month. b Includes operations on The total production of soft coal during the present calendar year to the N.& W., C.& 0., Virginian, and K. & M. c Rest of State, including Aug. 30 (approximately 206 working days) amounts to 301,012.000 net Panhandle. 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. 10, as reported by the 12 Federal Reserve banks, was $1,029,000,000, an increase of $1,000,000 compared with the preceding week and a decrease of $406,000,000 compared with the corresponding week of 1929. After noting these facts, the Federal Reserve Board proceeds as follows: On Sept. 10 total Reserve Bank credit amounted to 91,008,000,000. a decrease of $33,000,000 for the week. This decrease corresponds with a decrease of $47,000,000 in money in circulation and increases of $3,000,000 In monetary gold stock and $18,000,000 in Treasury currency, offset in part by an increase of $35.000,000 in member bank reserve balances. Holdings of discounted bills declined $48,000.000 during the week the principal changes being a decrease of $37,000,000 at the Federal Reserve Bank of New York,$3,000.000 at Boston. and $2,000,000 each at Cleveland and Chicago. The System's holdings of bills bought in open market increased $20,000,000, of Treasury notes $1,000,000. and of Treasury certificates and bills $5,000,000, while holdings of United States bonds declined $6,000,000. 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. 10, in comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages-namely, pages 1675 and 1676. Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended Sept. 10 1930 were as follows: 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 Districts as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks themselves, andfor the same week, instead of waiting until the following Monday, before which time the statistics covering the entire body of reporting member banks in the different cities included cannot be got ready. Below is the statement for the New York member banks and that for the Chicago member banks thus issued in advance of the full statement of the member banks, which latter will not be available until the coming Monday. The New York statement, of course, also includes the brokers' loans of reporting member banks. The grand aggregate of these brokers' loans the present week shows an increase of $33,000,000, the total of these loans on Sept. 10 standing at $3,143,000,000. The loans "for own account" decreased during the week from $1,721,000,000 to $1,614,000,000 and loans "for account of others" from $768,000,000 to $759,000,000, and loans "for account of out-of-town banks" rose from $620,000,000 to $770,000,000. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES. New York. Sept.10 1930. Sept. 8 1930. Sept. 11 1929. $ Loans and Investments--total 8 041,000.000 8,161,000,000 7,467,000,000 Loans-total On securities-. All other 5,933,000,000 6,057,000,000• 5,770,000,000 3 523,000,000 3,651,000,000 2,846,000,000 2 409,000,000 2,405,000,000 2,924,000,000 Inveetments-total 2,109,000,000 2,104,000,000 1,697,000,000 Increase; -I-) or Decrease (-) U.S. Government securities 1 083,000,000 1,075,000,000 945,000,000 Other securities Since .1,026,000,000 1,029,000,000 752,000,000 Sept. 101930. Sept. 31930. Sept. 111929. Reserve with Federal Reserve Bank -- 800,000,000 766,000,000 734,000,000 Cash in vault 54,000,000 44,000,000 46,000,000 Bills discounted 183,000,000 -43,000,000 -790,000,000 Net demand deposits 5,204,000,000 5,613,000,000 5,554.000,000 Bills bought 193,000,000 +23,000,000 -29,000,000 Time deposits 1,443,000,000 1,435,000,000 1,209,000,000 Government deposits 5,000,000 United States securities 602,000,000 +443,000,000 Due from banks Other reserve bank credit 92,000,000 92,000,000 30,000,000 -7.000,000 -30,000,000 Due to banks 85,000,000 1 017,000,000 1,091,000,000 891.000.000 TOTAL RES. BANK CREDIT--1,008,000,000 -33,000.000 -406,000,000 Borrowings from Federal Reserve Bank_ 36,000,000 159.000.000 Monetary gold stock 4,504,000.000 +3.000,000 +140,000,000 Loans on secur. to brokers & dealers; Treasury currency adjusted For own account 1,794,000,000 +18,000,000 +9,000.000 1,017,000,000 1.721,000,000 1,614,000,000 For account of out-of-town banks.... 770,000,000 620,000,000 1,841,000.000 Money in circulation For account of others 4,465,000,000 -47,000,000 -325,000,000 759,000.000 768,000.000 3,616,000,000 Member bank reserve balances +68,000,000 2,428,000,000 +35.000.000 Total 3 143,000,000 3,110,000,000 6,474,000,000 Unexpended capital funds, non-memOn demand 2,498,000,000 6,119,000,000 2,542,000,000 ber deposits, &c 413,000,000 +1,000.000 On time 602,000,000 612,000,000 355,000,000 SEPT. 13 1930.] FINANCIAL CHRONICLE Soh 10 1930. 84271. 3 1930. ,Sept. 11 1930. $ Chicago. 2,031,000,000 2,033,000,000 1,919,000,000 Loans and investments—total Loans—total i ,.; On securities , All other 1 559,000,000 1,558,000,000 1,558,000,000 940,000,000 619,000,000 930,000,000 628,000,000 856,000,000 702,000,000 Investments—total 471,000,000 475,000,000 361,000,000 S 193,000,000 278,000,000 197,000,000 278.000,000 159,000,000 202,000,000 184,000,000 13,000,000 189,000,000 13,000,000 176,000,000 15,000,000 - U. S. Government securities , Other securities I" Reserve with Federal Reserve Bank Cash in vault Net demand deposits Time deposits Government deposits 1,285,000,000 1,273,000,000 1,258,000,000 669,000,000 674 i:000 000:m 000 557,000,000 Due from banks Due to banks Borrowings from Federal Reserve Bank_ 165,000,000 359,000,000 164,000,000 367,000,000 126,000,000 310,000,000 1,000,000 2.000.000 11.000,000 Complete Returns of the Member Banks of the Federal Reserve System for the Preceding Week. As:explained/above, the statements for the New York and Chicago member banks are now given out on Thursday, simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held until the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities cannot be got ready. In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body of reporting member banks of the Federal Reserve System for the week ended with the close of business on Sept. 3. The Federal Reserve Board's condition statement of weekly reporting member banks in leading cities on Sept. 3 shows increases for the week of $46,000.000 in loans and investments, 530,000,000 in net demand deposits, $32,000,000 in time deposits and $39,000,000 in borrowings from Federal Reserve banks, and a decrease of $330,000,000 in Government deposits. Loans on securities, which at all reporting banks were $6,000,000 above the previous week's total, increased $38,000,000 in the New York district and declined $20,000,000 in the San Francisco district and $7,000,000 in the Boston district. "All other" loans increased $12,000,000 in the Cleveland district, $10,000,000 in the San Francisco district and $30,000,000 at all reporting banks. Holdings of U. S. Government securities show relatively little change for the week. Holdings of other securities increased $8,000,000 at all reporting banks, $6,000,000 in the New York district and $35,000,000 in the Chicago district, and declined $6,000,000 in the Cleveland district, The principal change in borrowings of weekly reporting member banks from Federal Reserve banks during the week was an increase of $33,000,000 in the Now Yolic district. A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending Sept. 3 1930, follows: Increase (+) or Decrease (—) .Since Sept. 3 1930. Aug. 27 1930. Sept. 4 1929. $ Loans and Investments—totaL __ _23,168,000,000 +46,000,000 +577,000,000 Loans—total On securities All other Investments—total 16,830.000,000 8,383,000,000 8,446,000,000 6,338,000.000 +37.000.000 —320,000.000 +6.000,000 000 000 +30,000,000 —+751. 1,072,000000: +9,000.000 +897,000.000 U.S. Government securities__ _ _ 2,910,000,000 Other securities 3,428,000,000 +1,000,000 +8,000,000 +211,000,000 +687,000,000 Reserve with Federal Res've banks 1,786,000,000 Cash in vault 207,000,000 Net demand deposits 13,636,000,000 Time deposits 7,471,000.000 Government deposits 16,000,000 —28,000,000 —4.000,000 +111,000,000 —33,000,000 +30,000,000 +32,000,000 —30,000,000 +452,000,000 +663,000,000 +5,000,000 1,579,000,000 3,494.000.000 *+77,000,000 +192,000,000 +464,000,000 +772,000,000 79,000,000 +30,000,000 —682,000,000 Due from banks Due to banks Borrowings from Fed. Res. banks_ • Aug. 27 figures revised. Summary of Conditions in World Markets, According to Cablegrams and Other Reports to the Department of Commerce. The Department of Commerce at Washington releases for publication Sept. 13 the following summary of market conditions abroad, based on advises by cable and radio: BRAZIL. General business conditions continue unfavorable. Coffee have been heavy and exchange strengthened rapidly to 10.15 shipments milreLs to the dollar as compared with 10.95 last week. Irregularity and tendency to weaken on Sept. 5 was being curtailed by the support of the Bank of Brazil. Coffee prices are up 1 mllreis from last week's price of 18 milreis per 10 kilos for Santos 4s. CANADA. Dominion business continues quiet. Wholesale and retail trade has improved somewhat in the Maritime Provinces and Quebec but a marked betterment is not expected before late Fall. The Ontario situation is still dull with industrial unemployment the outstanding problem, but this does not appear to be growing and some increase in consumption is looked for soon. Provincial dealers report an improvement in sales of automobiles. motor cycles and equipment. The unsatisfactory trade outlook in the Prairie Provinces is accentuated by the continued fall in wheat prices; dealers are purchasing only for immediate requirements and wholesalers are shipping only on a cash basis. British Columbia prospects are affected 1645 unfavorably by the dullness in lumbering and mining, which is offset to an extent by a more prosperous situation in the fisheries. Cutting of wheat has been practically completed in the southern and central areas of the Prairies and threshing is expected to be completed by mid-September. Yields show a wide variation, according to the government crop report issued Sept. 4. Although freezing temperatures have been reported from the northern sections of the Provinces, the bulk of the crop is now considered safe from serious frost damage. Grain movement at Montreal is reported to be unsatisfactory as the result of the small overseas demand and the crowded condition of elevators, which has resulted in the tie-up of an unusually large number of boats awaiting space for unloading. A ballot of the members of the Saskatchewan wheat pool completed on Sept. 1 reveals that the majority voted for 100% compulsory pooling of grain in the provinces with the recommendation that the provincial government be approached for enabling legislation. There is apparently no prospect that the 1930 crop will be handled on this basis since the government has announced its intention to introduce a bill in the next regular session of the provincial legislature providing for a referendum of all grain growers in the province, pool and non-pool, on the subject of compulsory pooling. Sales of combines in the Prairie Provinces continue fair, but the outlook for the agricultural implements industry continues dull. Preliminary announcement has been made of a selling agreement to cover the Australian market only between Massey Harris, Ltd., and H. V. McKay Proprietary. Ltd., of Melbourne. Newsprint production is increasing slightly but is still well below last year's record. Montreal and Vancouver building permits issued in August bear out the lower trend of earlier months in comparison with last year. Collections are reported good in Halifax, fair in Montreal and Toronto, slow in Saint John (N. B.), Winnipeg, Regina and Vancouver. July bank debits to individual accounts were nearly 9%,less than in June and 23% less than a year ago. The Dominidn Bureau of Statistia3 index number of wholesale prices fell nearly 2% in August on account of declines in all categories except non-metallic minerals. CHINA. The Shanghai exchange market developed much uncertainty during the past week by reason of daily fluctuations caused by rumors and denials of additional Government sales of silver by India and Indo-China. Shanghai's share market is firmer than last week, with a considerable amount of business passing. The realty market continues active, and demands are reported strong. Building permits issued in the International Settlement during August totaled 710, wht 610 blocks reporting construction in progress. Heavy rains of the last few days are causing apprehension among farmers, that rice and cotton crops should be excellent provided favorable weather is experienced during the next few weeks. Draft of the revised tariff schedule is now under consideration by the Legislative Yuan in Nanking, but the promulgation of the new rates on Oct. 10, as originally intended, is unlikely because of political uncertainties and of failure to to convene the lildn abolition conference on Aug. 15. Salt revenue collected throughout the whole of China in 1929 are reported to total 133.000,000 Mexican dollars, compared with 113.000,000 during 1928, and 86,000,000 in 1927. (Mexican dollar worth approximately 50.42 in 1929; $0.46 in 1928, and $0.45 in 1927.) North China business conditions continue to evidence slight improvement. The Peking-Mukden Ry. was opened to slow through traffic early in the week, but suffered further interruption from later rains. Future prospects for trade in Manchuria appear good. Importers are experiencing safer financial conditions, although trade continues restricted. Telegraph communication with the South is disrupted because of floods, and radio messages are several days late in delivery. Washouts are reported on several Manchurian railway lines, disrupting traffic. Crops in southern Fengtien Province,chiefly cotton and castor oil, have been damaged by floods. Business in general is quiet in Hong Kong, with the outlook substantially unchanged. An agreement was signed on Sept.2 for the installation of a trunk telephone service to be completed in one year between Hong Kong and Canton. COLOMBIA. The business situation continues dull through Colombia, with imports quiet, especially of automobiles and luxuries. However, a slight improvement is noted in purchases of foodstuffs, drugs and textiles. Coffee prices remain weak and the number and value of protested drafts remains high. A Colombian-American chamber of commtrce has been formed in Bogota. ASSOCiatiODS of manufacturers and produc era, and also individuals are demanding that the Government increase import duties on shoes, textiles, foodstuffs and other lines, but it is unlikely that Congress will take any action until recommendations are received from the Kemmerer Financial Mission which arrived in Bogota early in August and are now actively engaged in studying Government finance, taxation and customs matters. Colombia's visible favorable balance of trade with the United States for the first six months of this year totaled $40,209.000. The new President, Dr. Olaya Herrera, took office on Aug. 7. He appointed a Cabinet consisting of leaders from both political parties. A group of American bankers opened a credit of $3,709,000 with the Bank of the Republic for the Colombian Government. The Department of Cundinamares received a loan of 3,000.000 pesos from German bankers, the money to be used in constructing the railroad between Facatativa and Puerto Lievano on the lower Magdalena River, a section of the road being already completed as far as the town of Meta. Government revenues for the month of July amounted to 4.193,000 pee.os as compared with 3,857.000 in the previous month. COSTA RICA. General trading is rerorted to be inactive, but this is to some extent a seasonal condition. Collections are reported to be improving and fewer new ones are being received from abroad. Banks report money easier, which is doubtless attributable in part to the fact that some advances have been made on the coming coffee crop and that the government has begun paying numerous overdue local bills. An extended drouth has seriously affected the corn and rice crops, but has not had any adverse effect on the coffee crop. The present coffee season is about ended with the local exports from the beginning of the season to Aug. 21, amounting to 358,673 sacks of 150 pounds. Of these exports 264,260 sacks went to the United Kingdom, 47,601 sacks to Germany and 38,925 sacks to San Francisco. The average price for 112 pounds of Costa Rican coffee sold in the London market during August was about 114 shillings, as compared with 126 shillings in the corresponding month of 1929. CZECHOSLOVAKIA. The continued depression in Czechoslovakia during August resulted in uneven industrial activity. Owing to seasonal requirements, a slight increase occurred in the coal production. Despite unsatisfactory domestic sales, pig iron production increased from 108,000 tons in June to 111,000 in July. and that of steel from 136,000 tons to 155,000 tons, due largely to Russian orders. Increases were noted in the domestic demand for paper and exports of gablonz goods. Reduced activity is reported in the machinery, leather, shoe and porcelain industries. Textiles, excepting rayon, are very 1646 FINANCIAL CHRONICLE slack, with a small number of orders. Petroleum production in July totaled 1,746 tons. The wholesale price index decreased to 808, while an important Increase is shown in the living cost index. Unemployment decreased to 90,000. EL SALVADOR. Local planters have been offered $13.25 per quintal of washed coffee for December-January shipments, but practically no sales have been made. It is estimated that 15,000 bags of exportable grades of coffee of the old crop remain unsold. The Government, banks and merchants have agreed to fix dollar exchange at 2.05 until Dec.31. [VOL. 131. prices remain unchanged but nominal due to the absence of business. Present values are probably below cost of production. The slump in Imports and exports is adversely affecting revenues, and Federal construction programs probably will be deferred until conditions improve. JAPAN. A slight improvement in Japan's business activity is indicated by declines in both quantity and value of warehouse stocks. Industrialists are still cautious, however, and further production restrictions have been announced. Rayon manufacturers will curtail output 20% until the end of the year. Cement producers have adopetd a 53% production restriction for three months, although better business is anticipated in FRANCE. the lowest The recession in French commercial and industrial activity which was September. Quotations for rice futures have now reached point since 1917, due to favorable crop conditoins. An unofficial forecast registered in July, was accentuated in August and particularly reflected places this year's crop at 5% above normal. Summer and fall silk egg by the continued decline in carloadings, the decrease in railroad receipts card brishings show a decline of about 13%. Raw silk sales are small due entirely to freight shrinkage, and the declining turnover tax returns; but prices remain firm. Arrivals of silk at Yokohama and Robe for export the basic causes for this contraction lie in the continued decline in foreign are 10% below last year. Railway receipts show a radical decline. The trade which is at an abnormally low ebb, and the curtailment of the indebenture and bond markets are inactive. The stock market is still weak. dustrial expansion program as the present capacity appears to be adequate MEXICO. to most domestic needs. The construction and building trades are seasonally active, but the number of new projects has been reduced in the fear of The exchange value of the peso continues weak with the result that requirements. consumption over-extension. The coal supply exceeds present purchases abroad are being reduced. Discount on the silver peso as but this is seasonal and because of strikes in the textile and metallurgical against gold continues around 7%. Reports indicate that the stock of industries. The output of pig iron and steel was above the low June level, gold in Mexico has reached a low point, and the prevailing opinion is with a revival in operations indicated by some increase in the export demand that unless general production can be increased or further capital imports and a moderately stronger domestic market due to the acceleration of the stimulated the exchange will decline further. The smuggling of gold railway construction program and seasonal construction activity. Electrical out of Mexico, owing to the profit of 6% of the nominal value of gold equipment manufacturers are maintaining a high rate of production and the coin, is officially admitted to be heavy, the exodus across the northern machinery trade is generally active, but anticipated price reductions are border between Nuevo Laredo and Piedras Negras being estimated at temporarily curtailing sales. The various branches of the textile industry 100,000 pesos daily. Petroleum production amounted to 3,000,436 barrels are experiencing seasonal dullness, aggravated by labor disputes and a during July, as compared with 3,287.054 barrels in the preceding month. declining export demand,with the uncertainty regarding the trend of raw Exports of petroleum during July amounted to 2,000,808 barrels, as material prices retarding the revival in manufacturing activity. against 3,030,075 barrels in June 1930. In accordance with an order issued by the President of Mexico under date of July 30, which requires that GREAT BRITAIN. British trade depression has reached a nearly critical stage and the the exploitation of chicle be carried out by co-operative societies, a counder the auspices outlook is characterized by a considerable lack of confidence. Proponents operative society has now been organized at Merida of the Mexican Department of Agriculture. of protective tariffs are incessantly urging their views, but opposition to NEWFOUNDLAND. such proposals is still active in many quarters. Also, capital and labor are at considerable variance over such questions as working hours, social With the exception of a sharp advance in the demand for American benefits, and wages. It is now anticipated that funds provided for insur- barreled pork the trade outlook is dull and collections slow, according ance against unemployment will be exhausted six or seven months sooner to telegraphic information dated Aug. 30 from American Vice-Consul than the period for which budgeted, with a consequent probability of T. D. Bergin, St. John's, and foreign fish markets have not improved additional burdens on the national revenue which, as the result of a trade during the past month. The bankruptcy of a large Portuguese fish fordepression, is lighter than anticipated. The unemployment total passed warding company has been a severe blow to many small Newfoundland the two million mark at the end of July, with disturbing psychological effect. dealers who have not been paid for last season's supplies. The results The number of persons wholly unemployed and temporarily stopped, of the shore and trap fisheries have been poor to date, but the Labrador registered as seeking work at the employment exchange in Great Britain, cod fishery shows an increase of approximately 80,000 quintals over 1929. aggregated 2.018,000 on Aug. 18, as compared with 1.973,000 on July 21 There is a small demand for cod liver and cod oils. Shipments of blueand 1,162,000 on Aug. 19 1929. Some declines in employment have taken berries to the United States are in excess of last year's shipments of3,000,000 place in all of the heavy industries, in the clothing trade, building and pounds. The mines and paper mills continue to operate at capacity' public works, contracting, in shipping and in all textile industries, except production. the hemp, rope and twine trade. On the other hand, there has been PANAMA. Improvement in employment in tin plate manufacturing, paper making, Local merchants are preparing to send orders for merchandise to the and hotel and boarding house services. order to meet the requirements of the United States fleet United States in Brighter features are an anticipated seasonal revival in autumn trade which will visit Panama in February 1931. It is estimated that the purand the hope that the approaching Imperial and India conferences may chases of the 15,000 men attached to the fleet will reach $1,500,000. It is produce constructive results. The government has announced that ques- reported that the Government has discharged additional laborers. The tions relating to closer Empire economic unity will be discussed at the Canal Zone is preparing estimates for the construction of a library building forthcoming Imperial conference, and this announcement is hailed as an to cost around $200,000. important forward step by sections of the press advocating Empire free SOUTH AFRICA. trade and the extension of protective tariff against imports from foreign Development of the usual seasonal slack is in part responsible for the slowas contrasted with British Empire countries. The more conservative press Is discussing the possibility of the imposition of a general 10% tariff on ness of retail trade during August, wholesale business having improved all manufactured goods, and even on all goods of foreign origin. The slightly, on a somewhat better demand from country districts. However, British Empire Mark of Origin Association is urging the government to farm purchasing is far below normal and conditions in general continue include the subject of British Empire mark of origin on the agenda of the depressed, with commercial firms, the railways and the government pursuing a policy ofretrenchment. The credit situation continues substantially Imperial conference. There have recently been some slight signs of improvement in the chemi- unchanged and money is tight. Stocks of merchandise are low, but the cal industry, although business is still much below normal. Depression burden of trade financing is on the wholesaler who meets on the one hand in the iron and steel trades was accentuated during August, which is nor- the cautious policy of the banks and on the other the demand of retailers mally the quietest month of the year for these industries. Toward the for longer terms. July imports are estimated at E5,476,000 which represents end of the month, however, the volume of inquiries showed some expan- a decline of28% from the valuation in July of last year. Mineral production sion, thus promising more activity during the autumn. General engineer- continues high. In general, merchandise and agricultural implement sales to farmers remain sluggish, the motor trade also continues dull with sales ing trades are comparatively quiet. With the volumes of unfilled orders generally diminished a considerable difficult in both new and used cars; dealers are cautious about commitments decline in production is anticipated in most lines. The machine tool trade and new stocks are much lower than last year at this time. A marked decline reports few inquiries. Employment continues fairly good in many of is apparent in new car registrations during the first five months in 1930 these establishments but prospects are not bright. Industrialists, how- which are reported at 7,690 as compared with 11,780 in the corresponding ever, anticipate an expansion in business as the season advances, although period of last year. New car sales are understood to have dropped about a general revival is not looked for in the near future. Domestic orders for 34% and truck sales 17% in the same period. The truck field has been electrical machinery and equipment during July and August were below Unfavorably affected by the passage of legislation giving the government expectations; exports have been well maintained, although it is felt that control of motor transport and the resulting insistence by the railways that this has been largely due to the execution of old orders as few new inquiries importers either grant them contracts for the movement of merchandise, or are reported. Manufacturers of electric filament lamps are experiencing pay wharfage duties. VENEZUELA. active business. Hardware and cutlery trades are decidedly dull, with a Business conditions in Venezuela during the month of August showed no large number of firms working on a part-time basis. The coal trade is in improvement over the generally unfavorable situation prevailing in previous experiencing a substantial decline, partly because of seasonal factors, both the domestic and export rnarkets. The industry is engaged in per- months. Retail dealers report sales less than in either of the two previous fecting the marketing organizations required under the new Coal Mines months while some wholesalers report somewhat of a better feeling amongst Act, and provisional marketing schemes for all districts, with the possible their trade on account of the proximity of the coffee harvest, although the exception of Scotland, are expected to be ready for presentation to the crop is not expected to be much better than the last one, which was below normal. Business is reported better along the Transandean highway which Central Marketing Committee on Sept. 4. traverses the Western section of the country,the heart ofthe coffee industry. HONDURAS. The Government is continuing its public works program as an aid to business. General business conditions in central and southern Honduras are The exchange rate fluctuated greatly during the month of August,reaching Poor, while those on the north coast are fair. Stocks have been reduced a high of 5.70 bolivars paid for dollar drafts which caused a weakening in and there has been no noticeable accumulation of merchandise at the collections. However,the situation eased somewhat toward the close of the Custom House. Collections remain slow and dollar drafts are still scarce. month, but the exchange rate fluctuated from day to day. The coffee market is quiet, owing to the present low price. Dry weather The Department's summary also includes the following in southern Honduras has caused the loss of one-half of the corn and bean crops, while good crops are reported on the north coast. Exports of bananas with regard to the Island Possessions of the United States: during July amounted to 2.693,405 bunches, a decrease of over 100.000 PHILIPPINE ISLANDS. bunches as compared with June. Of the banana shipments in July, 1.Business conditions in the Philippines continue to show no indication of 992,380 went to the United States, 123,766 to England, 414,395 bunches improvement, except the theoretical one that world stocks in Philippine to Germany. and 162,864 bunches to the Netherlands. The Supreme raw materials are necessarily low at present, and therefore some improveCourt has declared as unconstitutional the tax on alternate lots. may ment eventually be anticipated. Retail trade is showing a low turnINDIA. over in practically all lines, being especially unsatisfactory in automotive, The combined effects of the rigid boycott and the unusual decline in cosmetics and some foodstuffs. Produce prices continue to decline, thereby prices of Indian commodities, together with the uncertainty of future restricting general purchasing power. A slight improvement is shown in trends has nearly paralyzed economic activities in India. It is believed American textile business owing to the fact that Japanese goods are now that many business failures are imminent. Twenty-two Bombay mills priced higher due to recent changes in custom-house methods, eliminating are now closed and 40,000 workers are unemployed. The final Indian unfair declarations and values. The abaca market is very weak, with an jute forecast gives a yield of 11,231.000 bales, or an increase of about almost total absence of demand from both the United States and Europe. 85,000 bales over the last crop. As the market anticipated this large yield, Copra trade also remains quiet, showing a further decline in price. SEPT. 13 1930.] FINANCIAL CHRONICLE Stock of Money in the Country. The Treasury Department at Washington has issued the customary monthly statement showing the stock of money In the country and the amount in circulation after deducting the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that beginning with the statement of Dec. 31 1927, several very Important changes have been made. They are as follows: (1) The statement is dated for the end of the month instead of for the first of the month;(2) gold held by Federal Reserve banks under earmark for foreign account is now excluded, and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added. On this basis the figures this time, which are for July 31 1930, show that the money in circulation at that date (including, of course, what is held in bank vaults of member banks of the Federal Reserve System) was $4,426,493,631, as against $4,521,987,972 Juno 30 1930 and $4,716,862,547 July 31 1929, and comparing with $5,698,214,612 on Oct. 31 1920. Just before the outbreak of the World War, that is, on June 30 1914, the total was only $3,458,059,755. The following is the statement: 01 0 71 00, -I C IA ,i F g i NF ' qgg? t .0.........-oit - *,,, 00 00000 ' 6 3 t,' ij. • E; ',5% 9 ... ti. '.''• .2. t.' EL a m• 5 F.1. 'Ogg: i ' .•i- Eij . 7 ,g iii:! ;''' ii co a Pk • NI 0 A .-. co 0 co cola,, .... co oo 7. -0to C, . to 7-1 la "a• b V CO ,-, CO ...., .4 CO 00 Co Oa CO b 70."0 70 la "co 1,-, CO GA <0 0 1-, CA O. CO 0,0 CA 14o. O. 140PO 3-,.0 IP , O. 0. O. Ca O. 7, a-1,, b 'oc. la lo 02 •-t o ot, .-• ca 0 CA 0$ CA 0 - • • • • • O. t00 ,0 00 10 0 w ,,, 0,030,03, , - Or - a 0• CO .._ go. Cn ...t 03 kb o0 - .,0 -Ca c• , -..0•-• 01 ca 0 030 CO O. 0 14 0 CA .41.. 7.-• b 70 , 5-, 0 0 ,-• Of O. 0 lo * Co 0 CO 00 0 0000-40 IP. CO GO 'I CO -4 00 o. 5. 0 0 Co 0 I-, '0. 0 o 0 bi 0 0 tO 00 00 0 .4 -4 0 0 0 Om 0 CA 0 0 , 00000 , 0 GA bb7olobb lo ,.., . 88 ..,..,.,.., lo -0 .• - - 0 0 b. ., t 000000"e, 000000 00 o o 0 co co oo 000000 b .• o .... .';',..' 0•• .. 8. A, 01 p in . ..,• o .... , a 'gigs. l ii 1,742,020,102 "-a tO 000 ,,, . 0 Held for Federal Reserve Banks and Agents. 1,796,239,235 1,675,180,779 1,212,360,791 Reeve Against1 United Slates Notes (and Treasury Notes Of 1890). lb 70 7- l, DI PO 0 - PO 0 0, 0 7-. 0 MONEY HELD IN THE TREASURY. to 00 Ca 0 O. CO o-, .-• •-• tO - 0. I a. u. ' co 0 Co Ca Ca GO CA 0• 1-• i-• 43 10 tl -T18 8 COO 8 7a b to la 0o - 00 - -4 -4 "a n. 0 Co 0, 10 Gn 0 AO 00 ..4 CD CO b 01.la ,-• " 1-. " 000 COO -,0 O to Cr, 7c. CO 04 00 0' tO i.-• CO On CO O CO to • •-• CO CO 0 CD 0 too CO 4 CO go. CA -4 0• 0• CO • 0• 0• .-, 0 00 0 •-• 1-. 0 0t000.30101 70. 1,I. 7- 7.... ca .... 0. Zs,;o. ---.1 -co la 70 1,, 70 la .0. 70. ca o ,0 0 CO -4 -4 0 0 1-, -O.0 10 O , a ... •-, go. OD 00 70 "to 7- -0. 0 A, IA to 00 0,0 00 0 OD I. ,0 to 00 ,-, -4 7- I."co PA 0140 0 CA 0 0 CO 03 0 ts ,,P. Ca -4 0 GO <0 ca 000 00 CO 0 ot 03-, 100 ofg 00 0 0 .-1 .-. 0 c,,, 00 co 00 o . 0 C•2 -4 0 0 Ca CA olo 0 ,... CD tO 0 CO Oa, biai- CO 00 *0 ,-, Co 0, -4 ,-. i...bla n ... 0 0 , Go 0 CA 0 v 00 0 no 0 <0 ,-• CO 0 ,-, --1 0 •-• 0 5.3 14 "01 Z Total Time funds at interest: Not exceeding three months Between three and six months Between six and nine months 02 Total Other AMOS 14 14 09 IC a 45,736,075 $104,540,975 85,110,422 14,595,461 204,246,858 $29,032,159 281,773 29,313,932 1,079,591 Total assets $301,781,690 LIABILITIES. Capital (authorized capital 200,000 shares of 2,500 Swiss gold francs ea.; 160,000 shares issued, one-fourth paid in) 19,782,500 Long-term deposits: $29,823,659 Annuities trust accounts 14,747,905 German Government's deposit French Government guarantee fund_ 13,190,273 Total Time deposits: Between three and six months: Central banks for their own account_ Central banks for accounts of others Total Not exceeding three months: Central banks for their own account Central banks for accounts of others Other depositors Total Sight deposits: Central banks for their own account Central banks for account of others Total Miscellaneous liabilities • Revised in accordance with 1930 Census enumeration. a Includes United States paper currency In circulation In foreign countries and the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta. It Does not include gold bullion or foreign coin other than that held by the Treasury. Federal reserve banks, and Federal Reserve agents. Gold held by Federal Reserve banks under earmark for foreign account Is excluded, and gold held abroad for Federal Reserve banks Is included. c These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is Included tinder gold coin and bullion and standard silver dollars, respectively. d The amount of money held In trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining It with total money outside of the Treasury to arrive at the stock of money in the United States The statement balances at $301,781.690, the increase being almost entirely concentrated in the three-to-six-month deposits by Central banks, both for their own account and that of others, the former item having doubled in the month. On the other hand, sight and less-than-three-month deposits decreased. Banking circles attribute these developments partly to the Central banks leaving funds longer in the World Bank as they grow accustomed to the new institution and partly to the world-wide lack of demand for shortterm money. The statement shows an even greater liquidity than before, the investments for more than two years having decreased to 1-10th of 1% of the assets. One-fourth of the liabilities cannot be called for 37 years, but the Bank can call in nine-tenths of its funds in less than a year. Its sight assets are twice as great as its sight liabilities. The reparations items in the statement formerly listed as special deposits now appear as long-term &posits,the aim being to stress further the purely business side ofthe Bank. A note attached to the statement explains that it does not include service on international loans for which the bank is trustee, but this will be published separately at regular intervals. This applies to the Dawes, Young and Austrian national loans, the service on the three combined totaling about $4,000,000 a month. The League Assembly meeting is helping the World Bank in its contacts with the Central banks, about 10 Governors of such institutions having stopped off here in the past week on the way to Geneva. The statement follows: ASSETS. $640,527 Cash on hand 20,764,707 Sight funds at interest Recliscountable bills and acceptances at cost: $20,428,543 Commercial bills and bankers' acceptances 16,307,532 Treasury hills Total Sundry: Maturing within two years Maturing in more than two years .E. 0 ••• p . 1 . •-, 0 Aiigust 31 Statement of Bank for International Settlements-Assets $301,781,690, Compared With $251,605,154 July 31-Most of Increase in Three-to-SixMonths Deposits of Central Banks. A $50,000,000 increase in business in August, a month generally quiet, is shown on the monthly balance sheet of the Bank for International Settlements, issued at Basle, Switzerland, Sept. 5, says the correspondent of the New York "Times" who in presenting the latest figures states: 02 5?1 ca 0 b 70 lo b o 0 In Circulation. 1-,CO.00ACOCO COOS I 1-• 0 0 ..... Per Capita. o 1-, Cn go 4., b ta ia E. 13 7.- Co . Amount. 0 CO 05 34o. <0 CO .0. -...1 o 0 .-..-0V 0 40 ic, tO tO 03 •-• . 1- .." •-• I-, •-• •-• 0. AD 0 0 ,-• 0 CO 0 CO ..4 .* n• '1 o ODO0-40 0 tO no 00 4 2 It 83888'41 835 14 •-• CA .4 00' to ,,-• 02 00 .0 00 0 0010 10 PO 0 Co CA 0. ,•-• 03 CO GA OD 0 On 0 -4 -- g; t. t 0000 6. 2 0 .... i-, CO MONEY OUTSIDE OF THE TREASURY. to 0 ca .-1 0 Cr, 14 ,..< Co -4 0 0. too 0, 03 ,-, CO ,-• 0. 1-1 PO 35, O.005. 5 000, 0 •-• 0 ,-, 0 Oa <0 14 I CA 10 CO 10 3-, 0 04 4 0 O CO 00 GO CO 00 -.P. 3-• 11 0 to - CO 0 0, CO Co 01 CO CA O. 03 00,0 30. -,-, 0 , CZ, 00 Co CO lo b .... ta 00 o 0 la O 0 GO CO .0 o, 020 to -.0 03 OD Co PA 011 0 .4 to 0 00 0 All Other Money. .1. Co.2 02 .4 1647 e This total includes $25.416,806 of notes in process of redemption, $36,813,823 of gold deposited for redemption of Federal Reserve notes, $28,372,795 for redemption of National bank notes. $1,900 deposited for retirementdeposited of additional circulation (Act of May 30, 1908), and $7,694,659 deposited as a reserve against postal savings deposits. f Includes money held by the Cuban agency of the Federal Reserve Bank of Atlanta. Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury for their redemption; silver certificates are secured dollar for dollar by standard silver dollars held in the Treasury for their redemption; United States notes are secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund may also be used for the redemption of Treasury notes of 1890, which are also secured dollar for dollar by standard silver dollars held in the Treasury. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold or of gold and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act. Federal Reserve banks must maintain a gold reserve of at least 40%, including the gold redemption fund which must be deposited with the United States Treasurer, against Federal Reserve notes In actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding Federal Reserve bank notes. National bank notes are secured by United States bonds except where lawful money has been deposited with the Treasurer of the United States for their retirement. A 5% fund Is also maintained in lawfu money with the Treasurer of the United States for the redemption of Nations bank notes secured by Government bonds. Total liabilities 57,761,837 $24,929,648 76,018.436 100,948,084 $50,646,055 27,436,272 1,218,374 79,300,701 414,381,362 28,256,654 42,638,016 1.350,552 $301,781,690 The July 31 figures, showing assets of $251,605,154 were given in our issue of Aug. 9, page 866. Young Plan Good, Alfred Hugenberg Admits-Leader of Political Fight on Reparations Pact Privately Endorses Scheme. The following copyright advices from Berlin, Sept. 8, are from the New York "Evening Post": The young Plan, so consistently, bitterly and quixotically fought by Alfred Hugenberg, newspaper king and Nationalist leader, as a document 1648 FINANCIAL CHRONICLE enslaving the Germans and ruining the hope of German prosperity for generations, is not really as black as it is painted, Dr. Hugenberg says privately as a financier. Indeed, the Young Plan is advantageous to Germany, economically and politically, Dr. Hugenberg believes, according to the "Berliner Tageblatt," which prints portions of the annual report of the German Credit Association, signed by Dr. Hugenberg, as Vice-President of the board of directors. In this business report, Dr. Hugenberg proves that he doesn't believe his own agitation, which he concocts for the special benefit of his political followers. Pointing out the benefits of the Young Plan, the report mentions the definite limitation of the sum of annuities and the elimination of the prosperity index so that Germany may develop without fear of creditor nations profiting by Germany's increasing prosperity. Meanwhile Dr. Hugenberg continues his election campaign for his party on the demagogic slogan, "Young slaves, break your chains," the "Young" referring not to youth, but to the author of the new reparations plan. James Speyer Returns from Abroad. James Speyer, who has been abroad for about three months, returned on the Olympic this week. [VOL. 131. Pegging exchange and technical actions threw too many pesetas on the market abroad and produced inflation. The Central Control Exchange in the Bank of Spain instituted to-day reduces operations to the minimum necessary to our economy and enables us to know exactly what is going on. Heretofore these means have been called arbitrary. We, nevertheless, are starting them to-day. This is a work for all, and if the Government's first steps merit confidence when the plan is started, now that it is in effect the trade balance will be evened and our fountains of wealth again flow. The public will be Informed if, against expectations, the plan fails and new means will be sought. It is well to meet difficulties with serenity and confidence, but we must remember that the road ahead is filled with stones. It must be remarked that the march toward stabilization is a long one and the first step, as outlined, probably will take from several months to two years with some possibility of failure. There is a firmness aboU$ Senor Arguelles in hints of like moves. It is reported that at a bankers' meeting Senor Wais said: "I will get the pound or the pound will get me," and made it clear that all banks and Government officials had to stand behind him. In the ordinary course stabilization is one of the Government's taking in gold, followed by its mobilization and at last stabilization. From the tone of the note it would appear that the Minister seeks to minimize the second slip by having virtual stabilization before establishment of the gold standard. Denial That Germany Seeks Young Plan Moratorium. The following Associated Press account from Berlin, Peseta Shows Gain — Government Moves for Closer Bond With Bank of Spain. Sept. 10 is from the New York "Times": Trio Finance Ministry to-day officially denied rumors said to have been From the New York "Evening Post" the following from spread on the London Stock Exchange to the effect that Germany intends Madrid, Sept 9 (Associated Press), is quoted: to seek a moratorium regarding interest on the Young Plan loan. In the face of general labor unrest the peseta improved sharply this going to 9.06 from Monday's 9.38 to the dollar. Sterling was J. P. Morgan & Co. Announces Drawing For Redemp- forenoon, quoted at 44.10. tion of Bonds of German External Loan of 1924. There were reports to-day in semi-official circles that the Government is J. P. Morgan & Co., as paying agent, has notified holders attempting to bring the relations between the Bank of Spain and the Government to a more official nature, thus giving the Government a of German External Loan 1924, 7% gold bonds, due Oct. 15 stronger hold on the financial situation. 1949, that 83,703,100 aggregate principal amount of the Banks reported that the New York demand for pesetas was heavy yesterday, Oct. 15 although most of the banks of Madrid were closed for a half-holiday, on bonds have been drawn by lot for redemption 1930, at 105 out of moneys in the sinking fund. Upon resulting in little trading in Madrid exchange. presentation and surrender of the drawn bonds, with subsequent coupons attached, payment will be made at the Spanish Decree Creating Exchange Office at Bank of office of J. P. Morgan & Co., 23 Wall Street on or after Spain to Centralize Foreign Currency Dealings. Oct. 15, after which date interest on the drawn bonds will From Paris a cablegram to the "Wall Street Journal" of cease. Sept. 8 said: No Foreign Loans Placed by Germany in August— First Time Since 1924. From Berlin, Sept. 5, the New York "Times" had the following to say in a Berlin message: In the matter of foreign loans placed on the German market, August created a record since the Dawes settlement, in that there were actually no foreign loans placed. Municipal demand for foreign capital is considerable, but mainly for the purpose of consolidating short-term debts. Industrial demand for foreign capital is very small. Amsterdam reports state that the continental investment market will be practically closed to 1st Germany unti uncertainty about the Reichstag election is dispelled. Sept. 8 issue of "Spanish Official Gazette" announces enforcement, on Sept. 11, of the decree creating a new exchange office at Bank of Spain and prohibition of bankers from that time on from dealing in foreign currencies except through that office. From the same paper (Sept. 2) we take the following Madrid advices: Cabinet has decided to create a sort of clearing house at the Bank of Spain, with support of central regulating committee and of private banks, to centralize operations of foreign currencies. This step is being taken as an application of Article 7 of the Banking Law, which provides for intervention in the market by means of mobilization by the Bank of Spain and the public Treasury of the requisite amount. Losses and profits are to be shared except as otherwise agreed. Finance Minister has announced that new measures relative to exchange will be kept secret. New Governor Named for Bank of Spain. Plans of the Government for stabilization of the Spanish A Madrid cablegram, Sept. 1, to the New York "Times" peseta were announced on Sept. 11 by Luis Figueras, said: Manager of the National Bank says United Press advices Minister of Finance Wale verified to-night that the Subeecretary of from Madrid to the New York "Herald Tribune" which Spain in of Bank Finance, Senor Bas, had been named Governor of the went on to say: place of Count Gamazo, who has resigned. The Bank of Spain had refused to co-operate with the Government as law demands, and the naming of Senor Bas is regarded as snaking co-operation in the Government's schemes snore likely. Numerous other minor changes in personnel have been made, evidently to place adherents of the Government's policis. "All exchange operations in Spain will be centered in an organization formed by authorities of the Bank of Spain and the External Spanish Bank," Figueras announced. "In the future all operations with foreign countries by private banking corporations are prohibited. "The creation of the new organization is one of the first measures to stabilize the peseta. The enormous gold reserves in the power of Spain will be immediately mobilized as far as necessary, because the reserves have Stabilized Peseta Planned in Spain—Finance Minister been paralyzed and did not exert any influence on the currency during the Says Nation Will Restore Gold Basis When Cur- slump. "It is the general belief that when these factors have been started, the rency Finds Its Level. stabilization will take place. Spanish Government has refused definitely all offers from foreign The following cablegram from Madrid, Sept. 11 is from oil"The concerns for disrupting the oil monopoly, as the Government estimates the New York "Times:" that, with 4,400,000,000 pesetas gold reserve compared to 4,456,000,000 An official note Issued by Finance Minister Julio Wais after a meeting of pesetas notes in circulation it has more than enough for stabilization and the Cabinet to-night says it is the Government's final decision that the regularization of the exchange without foreign loans." peseta must be stabilized on a gold basis and that it is now taking the first steps in that direction, the most important being measures to equalize foreign trade and the curbing of speculation in order to bring the peseta Spain Cuts Expenditure—Minister Reports $23,739,000 to its natural ecomonic level. Drop for First Half of 1930. The aid and co-operation, not only of bankers, but of the entire nation From Madrid, Aug. 30, a message to the New York Is asked. Senor Wais issued the note after a careful study of the whole financial "Times" stated. structure, in the several weeks since he took office after former Minister At a Cabinet meeting this afternoon Finance Minister Wais reported Arguelles resigned. Since Spain has, after the United States and France, that during the first six months of the present year expenditures had been the largest gold reserve in the world, this decision to end eventually the reduced by 123,000,000 pesetas ($23,739,000 at par) while receipts had hoarding of her gold uselessly in the vaults of the Bank of Spain Is of increased by 29,000,000 pesetas ($5,597,000 at par). importance not only to Spain but to the rest of the world. The chief cause of the decrease was the drop in expenditures in Morocco Senor Wais faces the issue squarely in his message. He remarks that the road will not be one of roses, but that the Government is confident that if and on public works. The Finance Minister said the situation of the the course begun is followed eventual success is certain. He made it clear Treasury was sound, despite the attitude of the defeatists and the that he does not intend to peg the exchange on foreign loans, as the dictator- alarmists. ship did, but to adopt what he considers sound economic remedies,find the peseta's natural level and stabilize it there. Spanish Exchange Situation—Bank Likely to Mobilize Senor Wais' note says: Gold, or Seek Foreign Credits. Stabilization of the peseta by establishing the gold standard at the rate It is thought ought to prevail by economic standards is what we must Among the items from Madrid appearing in the "Wall accomplish, and is what all other countries of Europe already have done. Even for those who disagree with this system, it is clear that it is necessary to better regularize and normalize exchange, ending the high prices and Street Journal," we take the following from its Sept. 3 issue: uncertainty that speculation aggravates. Finance Minister in speech declared that Bank of Spain must be the All monetary reform must be preceded by a preparatory period to obtain its a fixed relative price or an actual stabilization preceding the gold fixation. principal factor in policy of the Government, which will not attack , What we practiced in the past is bad and permitted private profiteering. privileges but wishes to obtain its loyal co-operation. He pointed out that SEPT. 13 1930.] FINANCIAL CHRONICLE 1649 the bank is a public and not a private Institution and must fulfill duty page 1340. Some accounts relative to the conferences have of defending the currency. appeared in the daily papers, one of which, from Colombo It is believed that the bank will mobilize gold or seek foreign bank credits. Majority of the council of the Bank of Spain are reported unfavor- (Ceylon), Sept. 3, is quoted as follows from the New York able towards the new Governor of the bank, who is considered to be entirely "Times": under the dictates of the Government. Prime Minister J. H. Scullin of Australia, who has been recovering The same paper, in its issue of Sept. 2, announced the from a severe attack of pleurisy on his way to the Imperial Conference in London, fainted from the exertions of getting ashore in the great following from Madrid: heat here today. Appointment of Federico Bas, Undersecretary of Finance, as Governor There has been a rumor that Premier Scullin might be recalled to of the National Bank is interpreted as proof of the Finance Minister's Australia because of a financial crisis in Australia. This is not condetermination to overcome opposition to stabilization on the part of older sidered likely. Premier Scullin's physician believes that, despite the members of the council of the Bank of Spain and the majority of private fainting spell today, the Premier will be completely recovered before his banks. Further changes in higher personnel are possible. Decree estab- arrival in England. lishing clearing house for exchange forbids the purchase or sale of exchange In a statement aboard the ship before landing, Mr. Scullin said talk through the new organism. of the repudiation of Australia's war debts was nonsense. "It represents the view of the smallest minority," he asserted. Repudiation would be not only dishonorable but disastrous and would ptoNamed to Spanish Oil Monopoly. duce chaos in industrial and financial circles." From the New York "Times" we take the following from He added that the time had come for an extension of a policy of tariff preferences to encourage British Empire trade. Madrid, Sept. 2: Mariano Marfil has been named as Government member of the petroleum monopoly with instructions "to prepare for its reform as he may think convenient." It is thought possible this may be an empowerment to negotiate for the sale of the monopoly, although this view k not expressed In the official announcement. Results of Second Month of Operation of San Paulo (Brazil) Coffee Realization Plan. The results of the second month of operation of the Coffee Realization Plan of the State of San Paulo, Brazil, have recently been received by Speyer & Co., who, together with J. Henry Schroder Banking Corporation, are the Fiscal Agents for the San Paulo 7% Coffee Realization Loan issued last May. An announcement in the matter says: Spain to End Censorship—Government Will Remove Press Restrictions on Sept. 12. According to a Madrid cablegram, Sept. 5, to the New York "Times," it is learned that the press censorship, which has been considered a requisite of Government here for seven years, will be removed on Sept. 12. The cablegram further Since July 1, 1930, on which date the Plan became effective, the Government has liquidated the stipulated monthly amounts of Governsays: ment coffee and Planters' coffee, and payments in respect of such sold coffee have been made to representatives of the bankers at the rate of £175,000 (about $851,600) per month to b eapplied to repayment of bonds under the sinking fund. The first redemption of bonds under this sinking fund, amounting to 1/20th of the whole loan, will be made on April 1 next. The interest on the bonds is provided for by a special tax on all of the coffee transported for export from any point within the State of San Paulo. The receipts from this tax for July and August, the first two months of the plan's operation, amounted to £365,696, as against interest requirements for those two months of approximately Australian Cabinet Decides to Carry Out Pledges to Bal- £233,333. When the late General Primo de Rivera lightened the censorship, press criticism helped to drive him from office, but it is believed there is no question of danger to the Government now. Nevertheless, it is wondered here just what form the royal order granting the repeal of the censorship will take and the subsequent reaction is awaited with intense interest, for while the Government can clamp on the censorship again if it wishes, it Is clear there can be no parliamentary elections under such restriction. It is understood Premier Berenguer will enforce the press laws calling for true statements and no libel carefully. An earlier item concerning the operation of the plan ance Budget and Provide Work for Jobless—Resoluappeared in our issue of August 9, page 866. tions Adopted at Melbourne Conference. The following Associated Press from Melbourne (Australia), Sept. 5, was reported in the New York "Times": United States and British Bankers Offer Loan to New The Federal Cabinet decided today to carry out its pledges of balArgentina Government—National City and Boston ancing the budget, the program to include reduction of the civil service House Subscribe 10% of $36,810,000 Volunteered. and lowering of salaries. American and British bankers joined with Argentine A crisis arose 'on this point several days ago, and Prime Minister financiers on Sept. 10 in offering to lend the new government James H. Scullin, en route to the Imperial Conference in London, was about 100,000,000 pesos (836,810,000) in the form of a shorthalted at Colombo for cable consultation. The Cabinet announcement said that several financial proposals had term loan, to tide it over any urgent financial needs. The been discussed and that the government intends to uphold all of its Buenos Aires correspondent of the New York "Times" in obligations—not only in regard to its creditors, but in finding work for advices to this effect Sept. 10, also supplied the following the unemployed. The Commissioner-General for Australia, Herbert information: is understood that the loan was offered at 5% interest and the question Brookes, announced at his New York office on Sept. 3 the ofIt security was waived. receipt of the following cablegram from the Acting Prime Fourteen banks in all were represented in the offer. The American banks participating, it was learned to-night, are the Minister, J. B. Fenton, Canberra, F.C.T., Australia, bearNational City Bank of New York and the First National Bank of Boston. ing on the recent conferences at Melbourne: Each of these "The following resolutions were adopted by the Conference of Commonwealth and State Governments, held at Melbourne, August 18th to 21st. "1. That the several governments represented at this Conference declare their fixed determination to balance their respective budgets for the financial year 1930-31 and to maintain a similarly balanced budget in the future years. Budget equilibrium will be maintained on such basis as is consistent with repayment or conversion in Australia existing internal debt maturing in the next few years. If during any financial year there are indications of a failure of revenue to meet expenditure, immediately further steps will be taken during the year to ensure that the budgets shall balance. "2. That the Loan Council raise no further loans overseas until after existing short indebtedness has been completely dealt with. This decision applies to overseas borrowing by large public works, in the controlling operations of which the State Treasurer concerned will act in agreement with his colleagues on the Loan Council. "3. That it is resolved by the several governments as regards such public walks as it may be possible to finance by loans raised in internal markets, that approval will not be given to undertaking of any new works which are not reproductive in the sense of yielding to the treasury concerned, within a reasonable time, a revenue at least equal to service debt (interest and sinking fund). "4. That in order to secure regular service public debt front revenue steps will be taken to provide that all interest payments shall be made to a special account in the Commonwealth Bank of Australia, to be used solely for payment of interest. "5. That Commonwealth and State Treasurers will publish monthly, in Australia and overseas, a brief summary on uniform lines showing their budget revenue and expenditure, the position of their short term debt and state of loan aceount, such statement to be drawn up after a uniform model to be agreed upon. "After the Conference deliberations the Loan Council met and reduced the loan programme for the current year to 115,000,000.'1 offered 5,000,000 pesos. The peso is worth 42.44 cents at par, but is now slightly depressed and is worth about 36.81 cents at current exchange rates. Thus the offer of the two American banks is in the neighborhood of $3,600,000. British Banks Also Join. British banks also figure prominently In the plans for the emergency financing. The Royal Bank of Canada pledged 3.000.000 pesos, while the Bank of London and South America and the Anglo-South American Bank signified their willingness to advance 5,000,000 pesos each. The offer of the loan occurred to-day when a group of leading bankers called upon the new Minister of Finance and,In addition to tendering their felicitations, expressed their readiness to tide the government over possible financial difficulties due to the necessity of taking up numerous shortterm loans and paying the normal running expenses of the government. Before the end of the day the 14 banks had pledged 82,000,000 pesos and it was expected that the total eventually would reach 100.000,000 pesos. Government officials, in announcing the action of the bankers, showed satisfaction at this evidence of the confidence with which the provisional regime was regarded by both foreign and domestic financiers, with the revolution by which it had come into power less than a week in the past. Coupled with the rise in the quotations of Argentine bonds, which had fallen off at the time of the revolution, and of Argentine securities in general, it was taken as a happy augury for the future. Colombia President Signs Law Approving Loan of 330,000,000—Syndicate of U. S. Banks Likely to Subscribe to $20,000,000 of Sum Sought. Associated Press Advices from Bogota, Colombia, Sept. 8 arc taken as follows from the New York "Evening Post": President Olaya to-day signed the authorization law passed by Congress granting the Government loan of $30,000,000 to Colombian banks. The sum will cover the present Government deficit and permit immediate adjustments of the National budget. A syndicate of American banks is expected to subscribe $20,000,000 to The proposed Australian financial reforms were referred carry out the project. The actual subscription is not until next 23, page August columns 1191 these and August 30, week. The administration intends to inform Congressexpected to In on Saturday wan 1650 FINANCIAL CHRONICLE banks compose the syndicate and to make a definite statement at that time of the Government's oil law policy. The President expressed the belief that the authorization law definitely starts Colombia toward recovery from her financial crisis. The Colombian Congress passed the measure on Sept. 5, according to press advices from Bogota Sept. 6 which stated: Representative Aquileno Villegas, the lone opposition to the administration project, was saved from an angry mob by armed police. Colombia Estimates Debt as $32,000,000—President Says $30,000,000 Loan Will Be Needed to Carry Through 1930. The following Bogota cablegram Sept. 10 is from the New York "Times": Probably as a result of the Kemmerer mission investigations. Secretary of Finance Perez in an interview published in Espectador to-day, estimates the Federal deficit will be approximately $32.000,000 by the end of 1930. He declares a $30,000,000 is urgently needed to cover this deficit, including the $5,000,000 short-term loan due Oct. 1, already arranged with the National City Bank. It is understood the total which the National City Bank and the syndicate of other United States banks will advance is only $20,000,000. This includes $3,000,000 to be advanced on Treasury warrants,$4,000,000 to the Bank of the Republic and the Seligman-Lazard loan amounting to $5,000,000, which is transferable to the syndicate headed by the National City Bank Oct. 1. This leaves $8,000,000 still available within the loan limit. It is believed all present financing will be on 1-year notes of the Government because conditions are unpropitious now for floating long-term loans because of political conditions in South America. However, there appears to be no question of the continuing of political stability of Colombia. The estimate of a deficit of $32,000,000 by the end of the present year means an increase of more than $30,000,000 in three years. [VOL. 131. New York market were less favorable. Between 1921 and 1924 the rate was 7% to 7M% for the most prosperous countries with no issue at par. After 1924 the rate for the most advanced republics was 6% with a discount on the issue price of 5 points, on the average. Less favored countries could only obtain 7% funds. Although these rates were the result of general world conditions the increased charge was a heavy burden for the countries of South America. The bank further states: Communications and highways occupy a dominant position at present and a solution must be found which will provide for the economic and commercial needs of South America. It is worthy of note that in general no foreign loan guarantees, such as assignment of taxes, customs revenues and so on, have been exacted, except in the case of smaller countries which have not organized themselves economically and that suffer from a certain amount of political instability. Peru Reduces Budget—U. S. Attache Reports Government Has Cut Expenses. Under date of Sept. 5 Associated Press accounts from Washington published in the New York "Evening Post" stated: Charles H. Cunningham, American Commercial Attache at Lima, reported to the Commerce Department to-day that the Peruvian Government had rearranged its finances to make expenditures conform with reduced national income. The report said this was ordered in a decree published last Wednesday which authorized adjustment of expenditures during the remainder of the current fiscal year and formulation of the budget for the next fiscal year along similar lines. Dr. Kemmerer's mission to Colombia was referred to in these columns Aug. 30, page 1339 and Sept. 6, page 1500. 15,000 Strike in Bolivia—Government Persuades Company to Lessen Wage Cut—Workers Return. The following cablegram from La Paz, Bolivia, Sept. 8 Bonds of Department of Cauca Valley (Republic of is from the New York "Times": Colombia) Drawn for Redemption. A of 15.000 workers in the important mining centre of Llaliugua has J. & W. Seligman & Co., as fiscal agents, are notifying beenstrike settled with expedition and without extreme measures by a special ColomRepublic of Valley, holders of Department of Cauca representative of the military junta now governing Bolivia. As the strike was against a wage reduction, the delegate induced the bia, 20-year 73% secured sinking fund gold bonds that Patino Inc., of New York to cut the reduction to a point acceptable $60,000 principal amount of these bonds have been drawn to the Mines, workers. amount and by lot for redemption at 103% of their principal Solution of this strike is a new success for the military junta's policy. as on previous occasions force has been used in settling mine strikes. accrued interest on Oct. 11930. Colombia's Central Bank, Banco de la Republica, Disputes View That Some Latin American Loans Have Been for Unproductive Purposes. Colombia's central bank, the Banco de la Republica, in a special study takes issue with the view prevailing to a considerable extent in the United States, that many Latin American loans have been for unproductive purposes and that a substantial portion has been dissipated. The report which is edited in English by the Pan American Information Service, New York, says: Bonds of Department of Antioquia (Colombia)—Net Revenues for Six Months Equivalent to Double Interest and Sinking Fund Charges. The Bank of Manhattan Trust Co., fiscal agent for Department of Antioquia (Republic of Colombia) 7% 30 year external secured sinking fund gold bonds, due 1957, 1st, 2nd and 3rd series, is advised that net revenues pledged amounted to $1,040,895 for the six months ended June 30 1930, equivalent to more than twice interest and sinking fund charges on the bonds. All of the South American republics are countries of recent economic evolution. For this reason they have not sufficient capital of their own to Bolivia to Float Loan. provide for development, or to carry ferward the extensive public works The following La Paz cablegram Sept. 6, is from the required by the notable progress nearly all of them have experienced in New York "Times." industry and trade. In general the money obtained abroad has been used for purposes of The military junta following the advice of the Supreme Economic Council, public utility and advantage. The various undertakings have not always the new State Board created by the junta, and consisting of representatives been productive and at times have been only partly productive, but never- of banking, mining and other kinds of business, will float an internal loan theless these foreign loans have been fully justified by the impulse they have of 8,000,000 pesos (about $4,000,000). given production and trade in general. In other words, the loans have had The loan will cover the budget deficit of this year, which resulted chiefly their very large share in the economic evolution of the different countries, from the collapse in the price of tin and from illegal expenditures made by an evolution which has been stimulated and made possible by them. the overthrown Government. For the second time since it came into Before the war the United States did not Invest their money in South power the junta wired on Thursday to New York interest payments on America, so that the source of the foreign public debt of the different re- various American loans. The internal loan, to pay 10% interest, is backed publics is different to-day than during the pre-war period. Before 1914 by most Bolivian business concerns. money was obtained in Europe, while since the war the market has been New York. Only recently has the London market been in a position to again take interest in South America. Drawing for Redemption of Bonds of Czechoslovakia. South American foreign debt varies greatly, the report continues. In 1928, Uruguay had the largest por capita foreign indebtedness, 5.23, and Brazil the greatest foreign public debt, $1,077,016,000. As Brazil's population, however, is the largest in South America, 38,000,000, the per capita foreign debt was only $28.34. Chile and the Argentine had per capita foreign figures of $65.34 and $61.40 respectively. The report adds: It is noteworthy that the South American countries of most advanced economic development, Uruguay, Argentina and Chile, are those with the highest foreign per capita debt, which may be taken as an index of the economic life of South America, the comparative activity of the people of the different republics and the standing of the countries in the international markets. The average per capita foreign indebtedness of all South American republics, in 1928, was $30, although in three countries, Uruguay, Argentina and Chile, the figure was more than twice this amount. Brazil was lower than the average, while the other republics ranged from one-half of this amount to somewhat less. The cost of this foreign debt has been conditioned by the economic status of the different countries, according to the Banco de la Republica, and the situation is further influenced by pre-war and post-wax conditions. Before the war,issues had a 5% coupon,on the average, and were placed at par or practically par. After the war conditions in the Kuhn, Loeb & Co., the National City Bank of New York and Kidder, Peabody & Co. have notified holders of Czechoslovak State Loan of 1922 8% secured sinking fund gold bonds, due April 1 1951, comprised in the first portion of this loan, and of the Series B bonds, due Oct. 1 1952, have been drawn by lot for redemption at par on Oct. 1 out of moneys in the respective sinking funds. Drawings of bonds of the first portion total $121,800 and of the latter $71,200. Bonds of both portions so drawn will be paid upon presentation and surrender, with subsequent coupons attached, at any of these offices on and after Oct. 1, after which date interest on the drawn bonds will cease. Brazilian Bonds Called for Redemption. Dillon, Read & Co., American fiscal agent for the United States of Brazil, announces that $272,500 principal amount of Brazilian 614% external sinking fund bonds of 1927 have been designated by lot for redemption on Oct. 15 out of sinking fund moneys. Payment will be made at par and interest at the principal office of Dillon, Read & Co. in New York, or, at the option of holders, bonds may be presented for payment to N. M. Rothschild & Sons in London; SEPT. 13 1930.] FINANCIAL CHRONICLE 1651 Mendelssohn & Co. in Amsterdam; Credit Suisse in Zurich, A. Iselin & Co. say in their current Latin American bulletin. Brazilian bonds, it is pointed out, have not shared appreand Aktiebolaget Svenska Handelsbanken in Stockholm. ciably in the moderate improvement that has been witnessed recently in the standing of some other Latin American issues, Italian to Holdings— Adds Transamerica Corporation they are generally above levels to which they were although Plans Further Acquisitions Here and Abroad. carried by the Stock Exchange panic of 1929. The bulletin Elisha Walker, Chairman of Transamerica Corporation, says: which controls Banca d'America e d'Italia, announced that arrangements have been made whereby subject to the usual legal formalities Banca d'America e d'Italia is taking over the business of Banco Italo Britannica as of Oct. 1 1930. In connection with this fusion of interests the B. I. Holding Co., Ltd., which controls the Banco Italo Britannica and the British Italian Banking Corp., Ltd., will take a participation In the capital of the Banat d'America e d'Italia and will be represented on its Board by certain British directors now on the Board of Banco Italo Britannica. Press dispatches from Rome several days ago referred to reported negotiations looking toward the now confirmed merger. It is understood that the acquisition has been effected in part for cash and in part for shares of Banca d'America e d'Italia. Leading London banks are believed to have given their co-operation in the negotiations culminating in the consolidation. Banco Italo Britannica on July 30 1929 reported assets of just less than 1,009,000,000 Lire. In 1926 it absorbed the Italian branches of the Anglo Austrian Bank, Ltd., with headquarters in Milan. It maintains branch offices in Genoa, Naples, Rome, Trieste, Turin and Venice. Bence d'America e d'Italia which on Dec. 31 1929 reported resources of 1,682,521,368 Lire, operates 29 branches in the principal centers of Italy. Plans of Transamerica Corporation to supplement its presently controlled financial and other units on the Atlantic and Pacific Coasts by the further acquisition of holdings in this country and abroad, were announced by Elisha Walker, Chairman of the Board. Mr. Walker said: Reasons for the market depression are plain enough. The coffee crisis, of which Brazil is the focus, has attracted much attention and the weakening of the milreis, Brazil's unit of currency, has received consequent publicity. Aside from published news of business difficulties and financial stringency, pessimistic reports have been in circulation regarding the ability of,the country to get through the current economic depression without damage to Its credit. In addition, there have been reports of sporadic civil disorder or acts of violence originating in bitter political feeling. The fall in the value of Brazilian currency has had diverse effects, the bankers point out. It is by no means unwelcome to the producers of coffee and other exportable products and will stimulate exports temporarily. At the same time it will put a further tax upon imports, keeping them at a minimum. While the finances of the Federal Government and the States and cities probably face a considerable difficulty, the review concludes that foreign credits or an inflow of new capital' are essential if payments are to be made on the foreign debts without unsettling the currency and banking systems. Federal Intermediate Credit Bank Extends Loan to Rice Growers. From the "Wall Street Journal" of Sept. 8 we take the following from Bay City, Tex.: Arrangements have been completed between the Federal Intermediate Credit Bank of New Orleans and the American Rice Growers Association for a loan to rice growers of $2,000.000 to enable them to hold their product for better prices. Federal Farm Board Approves Loan for A. & M. College Co-operative Creamery Association. The Federal Farm Board announced on Sept. 11 the approval of an application by the A.& M.College Co-operative Creamery Association, A. & M. College, Miss., for a loan of not exceeding $30,000 to be used by the Association in effectively merchandising co-operative butter stored in bonded warehouses. "The intention of Transamerica to continue its development in a manner at once progressive and conservative is indicated by its bringing Occidental Life Insurance Co. into this group of affiliated organizations in April, by its taking over a considerable minority stock interest in the General Foods Corporation during May, by acquiring control of the First National Bank of Portland in June, by securing a substantial interest in the French com- 317 Additional Counties Needed Drouth Relief Named mercial bank, Union Des Mines, in July, by the important addition of by Department of Agriculture. Banat halo Britannica—which we were enabled to confirm officially only According to the "Wall Street Journal" the Department to-day—to its Italian holdings in August and, in September, by the recently outlined creation of the enlarged Bank of America National Trust of Agriculture has added 317 counties to the list requiring & Savings Association which will rank high among the great financial preferential freight rates for drouth relief. The paper agencies of the world. "With that bank in California and with the Bank of America National quoted in its Sept. 9 issue, also said in its Washington Association in New York as a principal Eastern base, I foresee a time when, advices: by the ultimate purchase of additional and existing units as advantageous Total now entitled to this relief is 1,024 counties in 20 States. Among opportunities arise, Transamerica will have extended its facilities to the the new additions were 41 counties in Kansas. interior of this country while enlarging also its foreign holdings." Other States included Alabama, Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, Montana, Ohio, Oklahoma Mr. Walker took occasion to deny rumors that he had Louisiana, Maryland, Tennessee, Texas, Virginia, West Virginia, Wyoming and Kansas. sold any of his personal holdings in Transamerica during the recent market deflation. "I have no hesitancy in stating without reservation or qualification," be said, "that my holdings in Transamerica, which are appreciably larger than those of any other individual, have never been diminished, directly or indirectly, at any time, by so much as a single share. Every share I have ever bad, I still have, and I have never been less disposed to sell than now." Peru Ends Export Taxes to Aid Economic Status. From its Washington correspondent the New York "Journal of Commerce," reported the following on Sept. 1: The counties previously designated by Secretary Hyde were indicated in these columns Aug. 16, page 1040 and Aug. 23, page 1194. Senator Carter Glass Sells Cows—Forced by Drouth to Part with Highly-Bred Herd. From the New York "Times" we quote the following from Washington, Sept. 5: Senator Carter Glass of Virginia said here to-day that he was feeling the effects of the drouth and the Hawley-Smoot tariff bills so severely that be had been forced to offer at public sale 60 highly-bred milk cows. The Senator runs a dairy farm near his home in Lynchburg, Va., and said he has Adverse commercial conditions in Peru, aggravated by the political not raised a pound of alfalfa on his 453 acres this summer. situation, are becoming steadily worse, according to a cable to the "I just can't afford to buy feed for the winter," he said. "If I did I Department of Commerce yesterday from Commercial Attache Charles H. Cun- would run behind about $25,000. With no hay available in Virginia and the ningham, Lima. prices so high due to the $5-a-ton tariff rate imposed by the last tariff bill. Prices for cotton, sugar, wool, copper ore and other minerals have re- I'm forced to sell. I suppose that some of my cows will just go to the mained consistently low, the report states. Continued low levels of these butcher shop." prices have resulted in a steady dimbauation of Governmental revenues as well as decreasing the earning and purchasing power of the people. In an effort to combat the situation, the cable states, the Government has Federal Farm Board Fails to Act on Plan for Sugar Crop eliminated the entire collection of export taxes,formerly a source ofrevenue Reduction—Bankers' and Cuban Growers' Proaggregating $100,000 monthly. Actual export duties collected during the posal Believed Shelved. months of 1930 were first six 3320,000 below those of the corresponding period of 1929 and $400,000 under the budgetary estimates. of the sugar industry through curtailment of Stabilization Total customs receipts for the first half year were $1,400,000 under those cane growers of this country, of the same period a year ago as well as below the budgetary estimates for production by the beet and the current year. Lessened business activity during the last half of the as proposed by a committee of bankers and Cuban sugar year is forecast, the cable states. operators, appeared definitely "on the shelf" on plantation Sept. 9 so far as the Federal Farm Board was concerned, American Investors, Holding Over $300,000,000 of says a Washington dispatch to the New York "Herald Brazilian Securities, Faced with Difficult Problem, Tribune" which likewise said: Says A. Iselin & Co. A week has passed since Thomas L. Chadbourne, Wall St. attorney associated with Cuban interests, put the plan before Alexander Legge, With nearly all Brazilian securities, of which more than Chairman of the Board, and as yet the plan has not been taken under con3300,000,000 are held in the United States, selling much sideration. Samuel R. Meanwhile McKelvie, member of the Board representing ths below prices prevailing a year ago, Brazil presents one of sugar growers, has gone to the Middle West to complete arrangementsfor an the difficult problems facing the American investor to-day. organization meeting here, next Sept. 16, of the Sugar Beet Producers'Co 1652 [VOL. 131. FINANCIAL CHRONICLE operative Association. Expansion of sugar beet acreage is expected to be one of the major points of the conference. In close connection with the expansion program will be the effort on the part of the beet farmers and sugar manufacturers to have the Farm Board recognize sugar, the finished product, as a farm product. With this accomplished the producers hope to co-ordinate deliveries of bulk sugar to eliminate a large part of the shipping expense, and thereby influence local expansion of beet acreage. leading industrial groups, with the aggregate market value and average share price for each: The discussion of the sugar curtailment program with Chairman Legge was referred to in our issue of Sept. 6, page 1487. Autos and accessories Financial Chemical Building Electrical equipment manufacturing Foods_ _ Rubber and tires Farm machinery Amusements Land and realty Machinery and metals Mining (excluding iron) Petroleum Paper and publishing Retail merchandising Railroads and equipments Steel, Iron and coke Textiles Gas and electric (operating) Gas and electric (holding Communications (cable, tel. dr radio) Miscellaneous utilities Aviation Business and office equipment Shipping services Ship operating and building Miscellaneous business Leather and boots Tobacco Garment manufacturing U. S. companies operating abroad_ _ -Foreign companies (including Canada and Cuba) Wool Pool in Maryland-New Marketing Organization Will Co-operate With National Body. Arrangements have been made whereby Maryland wool growers may participate in the benefits of the new National -Wool Marketing Corp. recently set up by the Federal Farm Board. The New York "Times" of Sept. 8 reported this and said: Membership in this National organization is limited to co-operative associations that meet the requirements ofthe Capper-Volstead Co-operative Marketing Act, and associations applying for membership must sign a definite agreement to handle at least 500,000 pounds of wool. As the State of Maryland produces less than the required amount and the samesituation exists in several other States in that section, it was found necessary, according to the University of Maryland Extension Service, to form a regional wool association under the name of the United Wool Growers' Association, which will take care of the smaller producing States. This association has been incorporated under the co-operative laws of the State of Maryland, and by reason of such laws Maryland will have two directors on the board. The Maryland Farm Bureau Wool Pool, the name of the co-operative agency in that State, and a member of the United Wool Growers' Association, will be the Maryland agency to assemble wool for the regional and National association. Definite membership contracts, approved by attorneys of the Federal Farm Board, are open to all farmers, whether or not they are members of the Farm Bureau, September 1 1930. Merkel Values. All listed stocks Aver. Price. ,464,632.711 31.7 2,418,416,054 39.07 5,097,853,802 78.60 619,427,503 42.44 2,802,850,124 68.38 3,450,169,788 49.96 307,774,602 27.19 723,546,657 62.92 794,453,758 36.07 104,364,194 37.07 2,134,649,053 42.95 1,898,625,210 33.23 6,202,205,246 37.54 634,911,803 40.79 3,116,492,324 44.01 9,608,330,888 82.19 3,465,329,531 90.46 217,764,314 19.93 4,695,395,705 70.30 4,332,896,290 47.09 5,034,946,369 137.26 331,981,326 31.86 293,554,759 18.65 494,422,680 48.62 51,687,409 31.11 52,645,220 13.32 195,049,609 51.81 299,476,640 42.55 1,636,133,209 62.31 42,482,683 21.25 1,535,222,818 42.66 August 11030. Market Values. Aver. Price. 3,567,560.423 32.72 2,388,322.872 39.03 4,933,061,625 76.00 621,645,593 43.40 3,142,576.125 63.05 3,405,873,466 49.30 381,452,032 29.03 753,879,245 65.57 772,556,307 36.20 205,052,975 38.91 2,183,296,947 44.63 1,572,585,771 32.58 6,225,756,760 39.27 679,363.321 43.23 2,964,143,005 41.92 9,605,067,289 87.53 3,462,771,891 90.41 223,937,486 20.49 4,652,151.619 69.66 4,241,376,331 46.33 4,633,203,203 132.10 327,614,311 31.46 295,326,993 18.83 477,177,190 46.92 56,216,325 33.84 52,360,191 13.2.5 190,116,711 50.50 297,119,998 42.21 1,774,150,644 60.22 43,766,343 21.89 1,753,313,497 43.87 1,323,394,720 41.74 1,338,521,005 42.21 67.721,096,999 52.81 67,221,337,495 52.94 Figures for the period from Sept. 1 1929 to May 1 1930, inclusive, were given in our issue of May 17, page 3473. Later items have appeared in these columns June 14, page 4165; July 12, page 211; and Aug. 16, page 1041. Ohio Farmers Reported as in Need of $20,000,000 in Oklahoma State Board Votes Loans for Farmers • Credit. Affected by Drouth. From Columbus, Ohio, Sept. 5, the "United States Application for loans on farm land in drouth-stricken counties will be given priority, under the policy fixed by Daily" reported the following: Forty-three per cent of the farmers in the drouth-stricken area of Ohio resolution of the Oklahoma State School Land Commission, need $20,000.000 in credit as a result of crop conditions, the State Director on Sept. 8, according to the "Oklahoman" of Sept. 9, which of Agriculture, Perry L. Green, has reported to Governor Cooper. The estimates are based on a survey by Harry C. Ramsower, Director said: of the Department of Agricultural Extension, Ohio State University. The Governor Holloway proposed the policy be adopted, saying he believed It was the duty of the State officials to do everything possible to aid in average amount of credit desired is $161 for each of 123,510 farmers. The necessity for providing employment for the more distressed areas was the Counties suffering most from the drouth. "The resolution will not change the standard of security required on stressed in the reports, and this is to be met through an allocation of roadbuilding funds. school land loans, but it will give the farmers in those localities preference," A corporation already has been formed by the Ohio Bankers' Association. said the governor. with a capital of $250,000, which when fully paid will provide credit through $.500,000 Available Monthly. the Intermediate Farm Loan Bank of Louisville, Ky., to the extent of Harry B. Cordell, Pres, of the Board of Agriculture, said he would $2,500,000. This will augment local financial institution funds. The ask the Extension Division of Oklahoma A. and M. college to furnish a Ohio Agricultural Corp., as organized by the Ohio Bankers' Association, list of the 18 or 20 counties of the State which have suffered the great- is along the lines that will be generally followed by other States, whero est reverses because of lack of rain. credit corporations are not already in existence. Walter L. Hart, Secretary, said the Department had about $500,000 The credit corporation formed in Ohio was noted in these available each month for loans, and the force in the office was only able to handle the number of loans that sum would afford. columns Aug. 23, page 1198. Cordell made a motion to fix the maximum amount to be loaned to one farmer at $4,000 instead of $7,000, to give the "little fellow a chance." Hart objected that it would force the commission to loan all its funds Volume of Shares Sold on Chicago Stock Exchange First on poor, or thin land, and the farmers owning rich farm land would obEight Months This year Exceeds That for Same tain loans at other places. Period Last Year. Small Loans Possible. Despite the low share volume on the Chicago Stock He said the Department would make loans of small sums, and the small land owner who sought loans of only $200 or $300 could obtain them under Exchange during July and August this year as compared the present policy. with last, the total volume in shares sold on the Exchange The Executive and Finance Committee will meet at the capitol with Governor Holloway Wednesday to discuss further drouth relief in the State. for the first eight months this year is 14% higher than the The organization of a farm credit corporation, through which further first eight months of 1929, according to figures compiled aid from Federal agencies may be obtained, will be considered. on Aug. 30. The announcement says: The Governor said further funds would be available, but the State must Bond trading has been higher on the Exchange every month so far this take some steps through which the loans may be handled. The $150,000 allocated to the State by the Department of Agriculture to year than the corresponding month last year with the exception of January. be loaned to farmers for the purpose of buying autumn seed now is available Stock trading has been higher every month to date this year than the correthrough the county farm agents and county drouth relief committees. sponding month last year with the exception of January, July and August. The largest single month's trading in stocks this year came in April with a total of 10,325,100 shares. March had the largest bond trading Market Value of Listed Shares on New York Stock volume with $6,951,000 par value. The total number of shares traded on the Exchange the first months Exchange Sept. 1 $67,721,086,999 Compared with this year was 51.768,100 as compared with 45,260,000 theeight first eight months of 1929. Listed The par value bonds sold of the on the Exchange the first $67,221,337,495 Aug. 1-Classification of eight months this year was $22,786,000 as compared with $6,363,000 the Stocks. first eight months of last year, an increase of approximately 526%. As of Sept. 1 1930 there were 1,309 stock issues aggregating 1,282,451,274 shares listed on the New York Stock Exchange, with a total market value of $67,721,068,999. This compares with 1,316 stock issues aggregating 1,269,861,473 shares listed Aug. 1 on the New York Stock Exchange, with a total market value of $67,221,337,495. In making public the Sept. 1 figures on Sept. 10, the Stook Exchange said: As of Sept. 1 1930 New York Stock Exchange member borrowings on security collateral amounted to $3,598,633,069. The ratio of securitY loans to market values of all listed stocks on this date was therefore 5.31%• As of Aug. 1 1930 the Stock Exchange member borrowings on security collateral amounted to $3,698,482,297. The ratio of security loans to market values of all listed stocks on that date was 5.49%. In the following table, covering Aug. 1 and Sept. 1 of this year, listed stocks are classified by Stock Clearing Corporation to Extend Machine Clearance System Next Month. The Stock Clearing Corporation will some time next month extend the machine clearance system which has been in effect since June 3 on cleared bonds to include cleared stocks, according to an announcement made Sept. 5 by Samuel F. Streit, President. At the outset, stocks beginning with the letter A only will be included in the machinewritten sheet, and others will be added as rapidly as possible when the new system has proved successful. Through the mechanical method, clearing house sheets will not be made up as formerly, in the offices of clearing members, but Stock Clearing Corporation exchange tickers, properly exchanged and verified, will be received in the Night Clear- SEPT. 13 1930.] FINANCIAL CHRONICLE 1653 changes during the last five years. George A. Washington, attorney, of New York City and President of the Washington Family of America, is Vice-President. Three directors have been announced: Harry S. Thayer, a consulting mining engineer; E. L. White, formerly associated with the Guaranty at Co. of New York and with the late H. A. C. Jenison, conof clearing securities Realizing early in 1929 that the present method of the volume maximum handle y satisfactoril sulting engineer of that company; and W.B. Randall, Presinight was not adequate to the daily transactions, Stock Clearing Corporation began the study of dent of the Securities Transfer and Register Co. machine-written sheet method as a remedy. It was found that such methview from of the The Exchange will be a public market conducted as a point ods were being employed in other cities successfully organized exchange for the purpose of dealing in Minof both the clearing members and the clearing institutions. fully Experimental work on our part was inaugurated in March 1929 and many and allied industries issues. The list of issues for oil ing, clearing members are now familiar with the system through having received 3 this year. of June since the opening included approximately 60 mining companies machine-written sheets on cleared bonds Within the near future Stock Clearing Corporation Night Clearing Branch which have been traded on the principal mining exchanges will conduct clearances of cleared stocks by compiling machine-written of the United States and Canada, all of which have met the sheets for members, for the purpose of determining the feasibility of con. requirements of the State and provinces from which they tinuing the method permanently originated. It has a membership of approximately 75 memNew Adopts Rules Exchange Stock bers located in New York, Montreal, Toronto, Saskatoon San Francisco Governing Conduct and Remuneration of Cus- and American mining centers. Concerning the operations tomers' Men. of the Exchange, Mr. Hicks, the President, made the followLimitation of the right of customers' men employed by ing statement: also invited the "We are listing the issues of mining and oil and have stock exchange firms to operate discretionary accounts for may build up a of securities of allied industries in order that we listing has been securities approved specialized market for these securities that has been needed in this city for clients in the purchase and sale of committees and equipment. by the Governing Board of the San Francisco Stock Ex- a number of years. In addition to the necessary mechanics of a standard stock exchange, a regular the to adding are we 5 Sept. on Schaffer ated G. J. communic change. Secretary have associconsulting engineering force,and as we develop the Exchange will to member firms a new code of rules governing the conduct ate engineers located in the mining areas of the United States and Canada in submitted reports of the engineering and remuneration of customers' men the important one of order to secure prompt verification for listing. We will thus be able to give those investing application the In ary which discretion by accounts method which lays down the made provision in mining and oil issues first hand information. We have may be accepted. They are as follows: for the listing oforiginalissues in connection with those of seasonal securities ing Branch. From these tickets, complete clearing house sheets, with security balance orders, will be prepared and be ready for delivery on the morning following the clearance. In a letter sent to members of the Stock Clearing Corporation on Sept.5 Mr. Streit said: When customers' men are em1. Remuneration of Customers' Men: within six months after the date ployed their salaries shall not be changed in their salaries may not changes of their employment, and any subsequent six months. be permitted more frequently than every at any time which adjust the 2. Bonuses: The payment of bonuses as a violation of Rule 1. compensation of customers' men may be considered for proportionate participroviding plans Members may adopt profit-sharing all employees by based on salary profits the of pation in a fixed percentage be varied according to groups of and length of service, acc. This plan may employees, but shall not fluctuate with individuals. all other employees are 3. Discretionary Accounts: Customers' men and prohibited from handling discretionary accounts. Discretionary power in the handling of an account may be vested only in partners. A partner may delegate such discretionary power to a customers man to a reasonable extent provided the consent of the customer in writing is first obtained. Such delegation of discretionary power by a partner to a customers' man does not relieve the partner of responsibility. 4. No member shall allow an employee to acceptemployment by any other firm or individual during the time of his employment by such member, nor to serve as an officer of a corporation without the prior written approval of the Committee on Ethics and Business Conduct. investigation and a These issues, however, will be subject to mosr careful reasonable amount of supervision on the trading floor. sales' and 'bucket"In order to eliminate anything in the nature of'wash except those secutiries ing' we have eliminated marginal trading in on issues would readily banks that are negotiable at the banks and upon which the loan money. regulations and requirements for "The Constitution, by-laws, rules, and s of most of the States. listing have been drawn to meet the requirement broader field for trading This will give the brokers of the Exchange a much in the United States. exchanges newer the than that obtained by most of we have been receiving the whole"We are very proud of the fact that all of the American and hearted news and editorial support of practically and as rapidly as we Canadian mining and oil journals and newspapers, so as to be inn position information the develop develop our market, we shall on all issues listed." to keep the investing public well informed An item regarding the Exchange, appeared in our issue of Aug. 23, page 1202. James Buchanan Expelled from New York Rubber Exchange. Buchanan from the Rubber ExJames of expulsion The from the rostrum on announced was York These rulings are in accord with the long established policy of the San change of New , who Francisco Stock Exchange to afford by regulation all possible protection Sept. 9 by President F. R. Henderson. Mr. Buchanan was expelled 1926, to those dealing in securities. since Exchange the of member, had been a for violating Section 52, Sub-divisions (A)and (E) of the Stock Exchange Angeles at Los on Record Listed Stocks by-laws and commission law rule No. 4. Mr. Henderson Figure of 131,901,194 shares. made the following statement in connection with the Total shares listed on the Los Angeles Stock Exchange expulsion: to the Exchange on behalf of reached the record figure of 131,901,194 shares in August as In 1926 Buchanan made an application for corporation privileges. In said application, Inc. listings during that Buchanan, additional month, and James new a result of to the stockholdings Buchanan made certain misrepresentations in regard F. E. Sanford, Secretary and Manager, announced in his in said corporation. in the officers and stockmonthly statement issued Sept. 2. This compares with Some two years thereafter there was a change The form of application for corporation corporation. of said close July, of the at 96 holdings listed 114,163,1 shares 129,757,647 provides that in the event privileges on the Rubber Exchange specifically directors or stockshares in August 1929 and 106,041,724 shares listed in there is any change in the personnel of the officers, notice thereof August 1928. Mr.Sanford, said: holdings of a corporation enjoying corporation privileges, President Bertram E.Alanson in commenting on the action of the Exchange said: Tne establishment of a new record in listed shares gains added significance when it is considered that millions of shares were removed from the board during 1928 and 1929. There were 38,750.129 shares automatically removed to 1929, these being shares of companies who deemed it inadvisable to comply with new Exchange regulations requiring a corporation to maintain for its stock par value of $10 or more or no par value. In 1928 a block of 35,196,466 shares was removed from the list when mining stocks were transferred to the Curb with its organization June 4 1928. must be filed with the Exchange. with said Buchanan failed to file notice with the Exchange in accordance expelling Buchanan) provision. The action of the Board of Governors (in Committee, which conducted as was taken on the report of the Supervisory exhaustive investigation of the matter. Several months ago, it is stated, the failure of James Buchanan, Ino., was announced on the Exchange. Dividends paid during August aggregab3d, it is stated, $9,741,847, the lowest month of the year. However, divi- A. L. Jameson Suspended Indefinitely from Los Angeles Stock and Curb Exchanges. dends paid for the year to Aug.31 amounted to $144,839,019, of the Los Angeles brokerage firm of Jameson L. an increase of 13% over the $127,863,160 paid in the cormsA. That pondinig period of 1929 and 34% higher than cash payments A. L. Jameson & Co., has been suspended indefinitely as a member of the Los Angeles Stock Exchange and Curb in the similar period of 1928. Exchange for alleged violation of Section 13 fArticle 12 of the Constitution relating to wash sales, was reported in New York Mining Exchange Opens for Trading. Angeles advices yesterday (Sept. 12) to the "Wall y year's preliminar a on organizati work, the Los Journal." Following Street New York Mining Exchange opened on Sept. 10 in quarters on the first floor of 80 Wall Street, where a completely Bank Plan Given Approval of Illinois Auditor— equipped exchange floor was put int:3i operation with trad- Unit System Can Be Made as Safe as Any Declares ing posts, wire booths for members and other necessary anagement Prime Test. Other—M . the Heading equipment C. l is H. Exchange mechanica The "United States Daily" in its Sept. 10 issue published Hicks as President, who was Securities Commissioner of Utah for many years, as well as President of the National the following Springfield, Ill., account Sept. 9: There is the matter with unit banking in so far as the term Association of Securities Commission. He was also Chair- represents anothing classification of the banking profession, according to the man of the Committee on Investigations for the National Auditor of Public Accounts, Oscar Nelson, writing in the monthly bulletin Association, which conducted hearings on the various ex- of the Banking Department of the State. The unit system can be made as 1654 FINANCIAL CHRONICLE safe as any other, he believes. What is needed in any kind of a bank, in his opinion, is management. Ills editorial follows in full text: "That changes are being wrought in the banking world with rapidity, there is no question. The trend, undoubtedly, is toward centralisation. Whether It will finally develop into branch banking,chain or group management is much mooted. It may eventually result in bath. "The impelling force behind the changes is the number of bank failures that have occurred in the last three to five years and some panacea Is, therefore, sought as a remedy for bank closing. Naturally, with such agitation the unit bankers feel that they are more or less on trial. From a careful and impartial survey of our records, we believe we can safely say that there Is nothing the matter with unit banking in so far as that represents classification of the banking profession. The unit banking system can be made, in most instances, as safe as any other form of banking. That there is a need for combinations, mergers or consolidations there can be no doubt as the loss in population in the smaller towns has forced banks to liquidate and there are yet many communities where the banks must make arrangements to combine their resources with neighboring institutions in order to maintain a deposit liability that is susceptible of sufficient earnings to justify their existence. "Larger units are now in the process of making and can be so stabilized that they will serve with safety and profit, not only their immediate community, but all contiguous territory. It makes no difference whether the bank be conducted under the branch system, group or chain idea, or as a unit; its success and its safety rests entirely upon management." [VOL. 131. long and effective public service as a member of Congress and the Reserve Board, these public services extending over 17 years. These changes result in one further vacancy upon the Board which muse be filled from one of the following districts: Third District.—Includes Delaware, parts of New Jersey, eastern Pennsylvania, with headquarters at Philadelphia. Fourth eastern part of Kentucky, Ohio, western Pennsylvania, northern part of West Virginia, headquarters at Cleveland. Fifth District.—Includes District of Columbia, Maryland, North Carolina, South Carolina, Virginia, southern part of West Virginia, with headquarters at Richmond. 8ixt4 Dietrict.—Includes Alabama, Florida, Georgia, southern part of Louisiana, southern Mississippi and eastern Tennessee, with headquarters at Atlanta. Ninth District—Includes northern Michigan, Minnesota, Montana, North Dakota, South Dakota and northern Wisconsin, with headquarters at Minneapolis. Tenth District.—Includes Colorado, Kansas, western Missouri, Nebraska. northern New Mexico, northwestern Oklahoma, and Wyoming, with headquarters at Kansas City. Eleventh Distriet.—Includes southeastern Arizona, northern Louisiana. southern New Mexico, southeastern Oklahoma, Texas, with headquarters at Dallas. Senator Brookhart to Oppose Confirmation of Appointment of Eugene Meyer Jr. as Governor of Federal Reserve Board. With reference to the affairs of the brokerage firm of An Associated Press dispatch, Sept. 5, from Waterloo, Creditors of Roberts & Hall, Cincinnati Brokerage House, Get 33 1-3%. Roberts & Hall, Cincinnati, which failed in December 1929 (as noted in our issue of Jan. 4, last, page 51), general and marginal creditors have received checks for 33-1/3% of their claims, according to Cincinnati advices on Aug. 26 to the "Philadelphia Financial Journal," which furthermore said: In the notice to creditors accompanying checks, Graham P. Hunt, receiver, stated that the Stock Exchange seats as well as other assets have been sold. First payment to general creditors aggregated approximately $1,100,000, Mr. Hunt said. He stated he was still optimistic that creditors would receive practically all their claims, but that collections at this time are extremely slow. not yet Iowa, stated: Senator Smith W. Brookhart of Iowa promised to-day to lead a fight oz the floor of the Senate against the confirmation of Eugene Meyer as Governor of the Federal Reserve Board. Mr. Brookhart was outspoken in his opposition to Mr. Meyer during the latter's service on the Federal Farm Board, from which he resigned a year ago. "I feel it my duty to oppose his confirmation," Mr. Brookhart said. "I feel confident that I will have considerable support in such a move." Resignation of Edmund Platt as Vice-Governor of Federal Reserve Board to Become Vice-President of the Marine Midland Corporation. Reference to the affairs of the failed firm was also made As was reported in our issue of a week ago, page 1513, In the "Chronicle" of Apr. 5, page 2325. announcement was made on Sept. 5 •by George F. Rand, Rediscount Rates of Minneapolis and Dallas Federal Reserve Bank's Reduced From .4% to 33'%. The rediscount rates of both the Dallas and Minneapolis Federal Reserve Bank's were lowered this week from 4% to as a result of this action the rates of all of the Reserve banks are on a 332% basis, except in the case of the Boston and New York Reserve banks; at the first named Bank, the rate is 3% while the rate of the New York Bank is 23/2%. Announcement of the change in the rate of the Dallas Reserve Bank was made as follows by the Federal Reserve Board on Sept. 8: The Federal Reserve Board announces that the Federal Reserve Bank of Dallas has established a rediscount rate of 3;4% on all classes of paper of all maturities, effective Sept. 9 1930. The 4% rate at the Dallas Bank had been in effect since April 8 1930. In making known the change in the rate of the Minneapolis Reserve Bank,the Federal Reserve Board on Sept. 11 stated: The Federal Reserve Board announces that the Federal Reserve Bank of Minneapolis has established a rediscount rate of 3 % on all classes of paper of all maturities, effective Sept. 12 1930. The 4% rate at the Minneapolis Bank had been maintained since April 15 1930. Appointment of Eugene Meyer Jr. as Governor of Federal Reserve Board Formally Announced by President Hoover. President of the Marine Midland Corp., that Edmund Platt, Vice-Governor of the Federal Reserve Board, would become a Vice-President of the Marine Midland Corp. upon his resignation from the Reserve Board, which is understood will take place about Sept. 16. Mr. Platt was appointed to the Federal Reserve Board by President Wilson, and reappointed by Presidents Harding and Coolidge. He was also designated a Vice-Governor of the Board by Presidents Wilson, Harding and Coolidge. Mr. Platt was from 1913 to 1920 a member of Congress. For part of the four terms he was in Congress he was Chairman of the Committee on Banking and Currency during the time the Federal Reserve Act was passed. In June 1920 he became a member of the Federal Reserve Board, and has been Vice-Governor of the Federal Reserve Board since July 27 of that year. He is a graduate of Harvard University. Prior to his entry in public life he was engaged in the newspaper business. In commenting upon Mr. Platt's association with the Marine Midland Corp., Mr. Rand said: "In his 10 years as Vice-Governor of the Federal Reserve Bank ia Washington, Mr. Platt has had an almost unequalled opportunity to observe the banking structure in this country. He has been in a position to see its strength and weaknesses, to compare from observation the real values of unit, group and branch banking. This broad experience be now brings to the Marine Midland Corp. Mr. Platt has come to be considered an authority on group and branch banking, having studied extensively the banking systems of others countries." Mr. Platt will devote his time exclusively to the affairs The appointment of Eugene Meyer, Jr., of New York, as of the Marine Midland Corp. Governor of the Federal Reserve Board, succeeding Roy A. Young, resigned, was formally announced by President War Debt Prophecy Assailed by Under Secretary of Hoover on Sept. 5. As was stated in these columns Sept. 6 Treasury Mills—Senator Barkley Rehashes 'Old Gen(page 15(fl), Edmund Platt, who represented the New York eralities' of the Tariff Debate, Says Mr. Mills. Federal Reserve District on the Reserve Board, made known Senator Barkley's statement made on Sept. 7 upon his his intention to resign as Vice-Governor of the Board and return from Europe that the operations of the tariff act his withdrawal made possible the appointment of Mr. Meyer to the Board, overcoming the obstacle in the provisions of the Federal Reserve Act under which only one member of the Reserve Board may be named from any one Federal Reserve District. President Hoover's announcement of Sept. 5 follows: would lead European countries to seek a cancellatio or n reduction of their war debts to the United States greatly aroused the administration at Washington on Sept. 8 and brought replies from Ogden L. Mills, Under-Secretary of the Treasury, and Senator Hatfield of West Virginia. We quote from a Washington dispatch, Sept. 8, to the New Mr. Eugene Meyer has been appointed as Governor of the Federal Reserve York "Times" from which the following is also taken: Board to succeed Mr. Young. Mr. Mills declared that Senator Mr. Meyer has, with the exception of the past year, been continuously in Government service since 1917 as Manager of the War Finance Corporation and in reorganization of the Farm Loan Board as its Chairman. His appointment has been strongly endorsed by Mr. Mellon and several members of the Reserve Board and of the Federal Reserve Banks. Mr. Platt, who has hitherto represented the New York District, has wished to retire for some time to take up private business. His engagement with an important New York firm is announced to-day. Mr. Platt haa given Barkley had merely rehashed "old generalities that were urged during the tarff discussion last . and that he had misrepresented the size of Europe's commercialWinter: debt to the United States. Senator Hatfield accused the Kentucky Senator of acting as spokesman for European leaders and international bankers, and of giving voice to sentiments held by Americans who have billions invested abroad and favor the cheaper labor of European countries to the high wages paid to Americans. FINANCIAL CHRONICLE 1655 Administration Is Aroused. Secretary Mellon on September 10 as totaling about $1,237,Administration officials took more than ordinary interest in the sub- 000,000. The June issue of $400,000,000 certificates brought ject because of its possible effect in the Fall elections. They were subscriptions of $2,398,792,000 and the allotments were aroused because such reports had been current here some time. Several dated September 15 will be informal conferences were held early in the day to consider the advisabil- $429,373,000. The certificates ity of issuing a formal official statement in bearer form in denominations of $500, $1,000, $5,000, At first it was decided that such a course would be giving too much $10,000 and $100,000. The certificates will have two indignity to a partisan political statement, but later, after Senator HatMarch 15, 1931 and Sepfield had issued his statement through the Republican National Com- terest coupons attached payable mittee, Mr. Mills also entered the controversy with a brief statement. tember 15, 1931. They are exempt from all taxation, except "I have seen Senator Barkley's statement with reference to the effect estate and inheritance taxes. In his announcement regardof our new tariff law," Mr. Mills said. stated that the Treasury "Senator Barkley has taken the opportunity afforded by his recent ing the offering Secretary Mellon trip to Europe to rehash all of the old generalities that were urged would "accept in payment for the new certificates, at par, repeatedly during the tariff discussions in the Senate last Winter and Treasury certificates of indebtedness of Series T5-1930 Spring. and Treasury bills dated July 14, 1930, both maturing Calls the Figures Inaccurate. subscriptions will "He produces no new facts or evidence, and some of the figures which September 15, 1930, but" he added "such he gives are, to say the least, inaccurate. For instance, he states that not be given preferred allotment." Secretary Mellon also Europe's commercial debts to the United States aggregate some $14,time that "about $350,000,000 of Treasury 000,000,000, whereas the figures contained in the latest statement issued stated at the same Treasury by the Department of Commerce covering the balance of international certificates of indebtedness, about $51,000,000 in payments of the United States in 1929 indicate that the total of private bills, and about $35,000,000 in interest payments on the American investments in Europe runs somewhere between $4,000,000,000 public debt become due and payable on September 15, 1930. and $4,500,000,000. "Senator Barkley's claim that the Smoot-Hawley bill would do much Secretary Mellon's announcement of September 7 follows: to compel cancellation or revision downward of governmental debts fails The Treasury is to-day offering for subscription at par and accrued to take into consideration the magnitude of our cash dealings with for- interest, through the Federal Reserve Banks, an issue of twelve month eign countries, and of the many individual factors that enter into the 2% Treasury certificates of indebtedness Series TS-I931, dated and balance of international payments. bearing interest from September 15, 1930, and maturing September 15, "In 1929 our cash claims due from foreigners are estimated by the 1931. The amount of the offering is $325,000,000 or thereabouts. Department of Commerce to have aggregated about $7,382,000,000, and Applications will be received at the Federal Reserve Banks. The cash claims due to foreigners at some $6,898,000,000, or a total, exclu- Treasury will accept in payment for the new certificates, at par, Treassive of figures covering long-term investments and straight banking ury certificates of indebtedness of Series TS-1930 and Treasury bills transactions, of over $14,000,000,000, of which payments to our gov- dated July 14, 1930, both maturing September 15, 1930, but such subernment on account of foreign governmental debts would only be scriptions will not be given preferred allotment. about 114%. Bearer certificates will be issued in denominations of $500, $1,000, "As the Department of Commerce has pointed out, in 1929 the favor- $5,000, $10,000, and $100,000. able trade balance of $734,000,000 could have been financed by the The certificates will have two interest coupons attached payable March expenditures of American tourists abroad; the net yield of investments 15, 1931, and September 15, 1931. could have been financed by our underwriting of new foreign securities; These certificates will be exempt, both as to principal and interest, and the war debt payments could have been financed by immigrant from all taxation, except estate and inheritance taxes. freights." ocean for payment by or remittances About $350,000,000 of Treasury certificates of indebtedness, about Holds Debts Settled for All Time. $51,000,000 in Treasury bills, and about $35,000,000 in interest payon September 15, 1930. Senator Hatfield asserted that the American and British Govern- ments on the public debt become due and payable ments settled the debt question for all time when the funding agreement that the subscrip10 September on In making known was reached, and charged that Senator Barkley was the "propaganda Secretary Mellon issued $1,237,000,000 about totaled tions vehicle of the selfish interest of these foreign leaders and international bankers." the following: "In the desperate Raskobian effort to discredit the new tariff act, Secretary Mellon announced that subscriptions for the issue of Treas. Senator Barkley of Kentucky, wittingly or unwittingly, becomes the of indebtedness, dated Sept. 15, 1930, Series TS-1931, spokesman alike for certain European leaders and the American inter- ury certificates Sept. 15, 1931, closed at the close of business on Sept. maturing 23%, national bankers on a subject dearest to their hearts-debt cancellation," 9, 1930. The reports received from the 12 Federal Reserve Banks Senator Hatfield said. thereabouts, that for the offering, which was for $325,000,000, or "The American and British Governments have once and for all show subscriptions aggregate some $1,237,000,000. As previously ansettled this debt question, but despite this we now see the spectacle of total subscriptions in payment for which Treasury certificates and a United States Senator permitting himself to be the propaganda nounced bills maturing Sept. 15, 1930, were tendered were treated as Treasury vehicle of the selfish interests of these leaders and bankers. It is a subscriptions. spectacle that can have only one effect upon every patriotic American. cash Allotments on subscriptions were made as follows: All subscriptions "Republican tariff-built prosperity has increased America's private exceeding $1,000 for any one subscriber were allotted in foreign investments from $2,000,000,000 in 1913 to $15,000,000,000 at in amounts not subscriptions in amounts over $1,000 but not exceeding $50,000 this time. It was not Senator Barkley speaking; it was fifteen billion full; 70%, but not less than $1,000 on any one subscription; American dollars invested overseas. These fifteen billion American were allotted in amounts over $50,000 but not exceeding $100,000 were dollars are on the side of foreign industry employing peasant labor, subscriptions but not less than $35,000 on any one subscription; subarraigned against the American working man with his high wages and allotted 60%,amounts over $100,000 but not exceeding $500,000 were in scriptions high living standards, which are the envy of the rest of the world. allotted 40%, but not less than $60,000 on any one subscription; and Sees Move to Terrify the Public. subscriptions in amounts over $500,000 but not exceeding $1,000,000 on any one subscription; "Senator Barkley, who has ever proved a pliable spokesman for the were allotted 30%, but not less than $200,000 allotted 15%, but not Raskob Democratic organization, has conjured up the witch on a broom subscriptions in amounts over $1,000,000 were subscription. less than $300,000 on any one of debt cancellation with which to terrify the American public Further details as to subscriptions and allotments will be announced "Since the beginning of the discussion of the 1930 tariff law, one Raskob spokesman after another, Senators Harrison, Swanson and Con- when final reports are received from the Federal Reserve Banks. nally-to mention only a few-has worked on this theme in some form. The Treasury circular detailing the offering follows: I cannot believe they have realized how ably they were playing the game for international bankers. UNITED STATES OF AMERICA "Senator Barkley, like the others, had his hand in making the tariff TREAS171Y CERTINICATES OF INDERTIDNESS, SERIES TS-1931 2% act which be would have the country believe is sending the United Dated and bearing interest from September 15, 1930. States and the rest of the world to the bow-bows. But, like the others, Due September 15, 1931. he is playing a political game, and as that game is played under the tutelage of Mr. Raskob, facts are things to be studiously shunned." The Secretary of the Treasury, under the authority of the Act approved September 24, 1917, as amended, offers for subscription, at par through the Federal Reserve Banks, Treasury Offering of $325,000,000 29% Treasury Certificates of In- and accrued interest, certificates of indebtedness of Series TS-1931, dated and bearing interdebtedness-Subscriptions Total $1,237,000,000. est from September 15, 1930, payable September 15, 1931, with interest At the lowest rate of interest ever carried by any issue at the rate of 2;4% per annum, payable semi-annually. Applications will be received at the Federal Reserve Banks. the Treasury Department on September 7 announced an Bearer certificates will be issued in denominations of $500, $1,000, offering of Treasury Certificates of Indebtedness, to the $5,000, $10,000, and $100,000. The certificates will have two interest amount of $325,000,000 or thereabouts, bearing interest at coupons attached, payable March 15, 1931, and September 15, 1931. The certificates of said series shall be exempt, both as to principal 2%%. In June last, when the Treasury offered $400,000,and interest, from all taxation (except estate and inheritance taxes) the rate of interest borne by that issue now or hereafter imposed by the United States, any State, or any of 000 of certificates, taxing authority. was 214%. In 1924 there were two issues of Treasury the possessions of the United States, or by any local of this series will be accepted at par during such time certificates The which the interest on Certificates rate was 2%, one of these and under such rules and regulations as shall be prescribed or approved maturing ici 1925. The new issue of Treasury Certificates by the Secretary of the Treasury, in payment of income and profits placed on the market this week is designated Series PS- taxes payable at the maturity of the certificates. The certificates of this acceptable to secure deposits of public moneys, but will 1931; the certificates will be dated and bear interest from series will becirculation privilege. bear the September 15, 1930, and will mature September 15, 1931. notThe right is reserved to reject any subscription and to allot less than In announcing the closing of the books at the close of the amount of certificates applied for and to close the subscriptions at notice. The Secretary of the Treasury also reserves business September 9, Secretary Mellon stated that sub- any time without the right to make allotment in full upon applications for smaller received through the mails up to 10 a. m. Wed- amounts, to make reduced allotments upon, or to reject, applications for scriptions nesday, September 10, would be considered as having been larger amounts, and to make classified allotments and allotments upon his action in these respects will be final. Allotreceived before the close of the subscription books. The a graduated scale;beand sent out promptly upon allotment, and the basis of ment notices will subscriptions to the $325,000,000 issue were announced by the allotment will be publicly announced. 1656 FINANCIAL CHRONICLE [Vol,. 131. Payment at par and accrued interest for certificates allotted must be 4. Any further information which may be desired as to redemption of made on or before September 15, 1930, or on later allotment. After Treasury notes of series A 1930-1932 and B 1930-1932 may be obtained from allotment and upon payment, Federal Reserve Banks may issue interim the Treasury Department. Division of Loans and Currency, Washington, receipts pending delivery of the definitive certificates. Any qualified D.C., or from any Federal Reserve Bank or Branch. The Secretary of the depositary will be permitted to make payment by credit for certificates Treasury may at any time or from time to time prescribe supplemental or allotted to it for itself and its customers up to any amount for which amendatory rules and regulations governing the matters covered by this it shall be qualified in excess of existing deposits, when so notified by circular. the Federal Reserve Bank of its district. Treasury certificates of inA. W. MELLON. debtedness of Series TS-1930 and Treasury bills dated July 14, 1930, Secretary of the Treasury. both maturing September 15, 1930, will be accepted, at par in the case of the certificates and at maturity value in the case of the Treasury bills, in payment for any certificates of the series now offered which Deoision to Restrict Labor Immigration Announced by shall be subscribed for and allotted, with an adjustment of the interest President Hoover To Aid Unemployment. accrued, if any, on the certificates of the series so paid for. Restriction of labor immigration by a more stringent As fiscal agents of the United States, Federal Reserve Banks are authorized and requested t oreceive subscriptions and to make allotments administration of the "public charge" clause in the issuance on the basis and up to the amounts indicated by the Secretary of the of visas by State Department officials has been undertaken Treasury to the Federal Reserve Banks of the respective districts. in respect to Mexico and Canada and will be extended to Secretary of the, Treasury. Europe as an unemployment relief measure, President A. W. MELLON, Hoover announced at the White House Sept. 9, in making Treasury Department, public a report from the State Department. The "United Office of the Secretary, States Daily" of Sept. 10 from which we quote also conSeptember 8, 1930. tained the following further advices: Department Circular No. 427 The only important provision in the Immigration Act by which the (Public Debt) entry of labor may be changed with fluctuations of employment within the United States is that requiring the exclusion of applicants for visas who are liable to become public charges, the President said in sketching Treasury Department to Redeem 334% Treasury Notes the report from the State Department. Series A and B 1930-1932. A call for the redemption on March 15 1931 of all of the 334% Treasury notes of series A 1930-1932 and series B 1930-1932, was issued Sept. 9 by Secretary of the Treasury Mellon. The latter's announcement stated that the series A notes were issued on March 15 1927 and were made redeemable on six months' notice on any interest payment date on and after March 15 1930. Of the $1,360,456,450 originally issued,there were outstanding as of Sept. 1 $649,076,350. The series B notes were issued on Sept. 15 1927 and were made redeemable on six months' notice on any interest payment date on and after Sept. 15 1930. Of the $619,495,700 originally issued, there were outstanding as of Sept. 1 $500,303,700. The series A notes were offered in 1927 only in exchange for Second Liberty Loan converted 434% bonds, while the series B notes were offered for cash and in exchange for the Second Liberty Loan converted 43.4% bonds. Secretary Mellon's announcement of Sept. 10 follows: The Secretary of the Treasury announces that all 3;i% Treasury notes of series A 1930-1932 and sseries B 1930-1932 have been called for redemption on March 15 1931, on which date the principal of any such notes then outstanding will be payable, together with interest then accrued thereon. Accordingly, interest on all 3%% Treasury notes of series A 1930-1932 and Series B 1930-1932 will cease on said redemption date, March 15 1931. The series A 1930-1932 3;i% notes were issued on March 15 1927 and were made redeemable on six months' notice on any interest payment date on and after March 151930. Of the $1,360,456,450 originally issued, there were outstanding as of Sept. 1 $649,076,350. The series B 1930-1932 notes were issued on Sept. 15 1927 and were made redeemable on six months' notice on any interest payment date on and after Sept. 15 1930. Of the 3619.495.700 orginally issued, there were outstanding as of Sept. 1 $500,303,700. Particular attention is invited to the fact that the 334% Treasury notes of series C 1930-1932 are not included in this call for redemption and to the further fact that the notes which have been called for redemption should not be presented for redemption until March 15 1931 or shortly prior thereto. We give herewith the Treasury Department's circular calling the notes for redemption. TREASURY DEPARTMENT. Office of the Secretary. Redemption of3%% Treasury Notes of Series A 1930-1932 and B 1930-1932. 1930—Department Circular No. 428—Public Debt. Washington, September 10 1930. To Holders of3%% Treasury Notes of Series A 1930-1932 and B1930-1932: 1. Call for Redemption.—Public notice is hereby given that,in accordance with the terms of their issue and pursuant to the provisions of Treasury Department Circulars Nos. 379 and 387, dated March 8 1927 and Sept. 6 1927, respectively, all of the 3% Treasury notes of series A 1930-1932, which by their terms were made redeemable on and after March 15 1930 and all of the 35i% Treasury notes of series B 1930-1932, which by their terms were made redeemable on and after Sept. 15 1030 are called for redemption on March 15 1931 on which date the principal of any such notes then outstanding will be payable, together with the interest then accrued thoron. Interest on all 33,6% Treasury notes of series A 1930-1932 and series B 1930-1932 will cease on said redemption date. March 15 1931. 2. Presentation for Redemption at or After March 15 1931.—All 334% Treasury notes of series A 1930-1932 and series 13 1930-1932 should be presentel and surrendered for redemption to any Federal Reserve Bank or Branch, or to the Treasurer of the United States at Washington, D. C. The notes must be delivered in every case at the expense and risk of the holder, and should be accompanied by appropralte written advice. Facilities for transportation of the notes by registered mall insured may be arranged between incorporated banks and trust companies and the Federal Reserve Banks, and holders may take advantage of such arrangements, when available, utilizing such incorporated banks and trust companies as their own agents. Incorporated banks and trust companies are not agents of the United States under this circular. 3. Interest Coupons.—Interest coupons dated March 15 1931 should be detached and collected in regular course when due. Coupons dated Sept. 15 1931 and all coupons bearing dates subsequent thereto, must be attached to the notes when presented. In the event that any notes are presented for redempti3n with the Sept. 15 1931 or any subsequently dated coupons detached, the notes will nevertheless be redeemed, but the full face amount of any such missing coupons will be deducted. Power of Consular Officers. "In abnormal times, such as the present," the report stated, "when there is not any reasonable prospect of prompt employment for an alien laborer or artisan who comes hoping to get a job and to live by it, the particular consular officer lb the field to whom application for a visa is made will, before Issuing a visa, have to pass judgment with particular care on whether the applicant may become a public charge, and if the applicant cannot convince the officer that it is not probable, the visa will be refused." This "tightening up" on the public charge provision, the President said. was taken in hand as respects Mexico as early as March 1929 and as a result Mexican labor immigration diminished greatly. More recently, explained Mr. Hoover, the policy has been extended to Canada and its next application will be to the European field. "This method of slackening the volume of immigration of persons almost certain to become public charges will not affect relatives of citizens in tire United States who, it is assumed, will provide for them until employment is found," President Hoover said. Action by Other Countries. Practically all countries subject to unemployment have tightened their immigration restrictions within the last few months with each country showing a disposition to handle its problems in its own way. Just how far this program will affect the immigration tide can not be yet determined, ,b tr but nitedis states. expected to prove beneficial to the unemployment employment situation In the Report to President Hooter. The report, which was presented to Mr. Hoover by the Acting Secretary of State and was made public by the President, follows in full text: At the request of the President, the Department State has examined the operation of the Immigration Laws of the UnitedofStates under existing conditions of employment in this country, particularly so far as the administration of the laws rests upon the Department. The consular officers of the Department at foreign posts have the duty of issuing visas to intending immigrants who show themselves entitled to entry under the laws of the United States. About 150,000 immigrants as defined in the law entered last year from countries included in the quota and about 60,000 from non-quota countries. The only important provision of our law as to immigration the application of which changes or may change with fluctuations of employment in the United States, is that provision requiring the exclusion of those applincaonnts-tiufootra eurnitgres immigrate who, if admitted, are liable to become hit a Public charge. (This provision applies to immigration from quota and countries.) In normal times an applicant for admission to the country (not otherwise ineligible) if he appears to be an able-bodied person who means to work and has sufficient funds to support himself and those dependent on him until he gets to his destination in that part of the United States where he is going, would be admitted without particular stress being placed on whether he has other meaps support, but in abnormal times, such as the present, where there is notof any reasonable prospect of prompt employment for an alien laborer or artisan who comes hoping to get a Job and to live by it, the particular consular officer in the field to whom application for a visa is made (upon whom the responsibility for examination of the applicant rests), will before issuing a visa have to pass Judgment with particular care on whether the applicant may become public a charge, and if the applicant cannot convincethe officer that it is not probable, the visa will be refused. U the consular officer believes that the applicant may probably be a public charge any time, even during a considerable period subsequent to Ills arrival, heatmust refuse the visa—although the applicant need not by such refusal lose the advantage of his priority of application (such applications are acted on in order of date of application) and may get his visa when employment conditions In March 1929, it became again become normal. that many of those applying for admission to the United Statesapparent from Mexico and certain similar places were laborers who ran real risk of becoming public charges if admitted in the Uni3d States. After conferences of the consular agents in Mexico on the subject, because of this requirement of the law (and certain other legal grounds for exclusion operative against all immigrants from whatever country) Mexican labor immigration to the United States in accordance with the law has now practically ceased. Similar conferences have more recently is bee rn anhin eg ldoaff mm onar gkoeudi ry Canadian consulates and Canadian labor immigration Committees of Congress at its session recently ended, at the informal suggestion of the Executive, considered several plans for temporary restriction of immigration, including one plan to cut the quotas in half as an emergency measure for one year. This had the approval of the Administration but was not adopted. Since determination of policy on the point Is thus postponed, the congressional Department Europe in the quota countries to has called conferences of our consuls in consider the subject of administration of this public charge" clause in the light of existing conditions here. These conferences and the inauguration of these measures will result in a slackening of labor immigration to the United States. They will not disturb the preferences granted by law to incoming relatives of citizens of the United States. Capital Reveals Status of Quotas in Immigration— State Department Announces Number of Preference and Non-Preference Entries—Report Cove"; Fiscal Year. Following the Administration' announcement of its decision to check immignation through visa refusals, the State Department at Washington made public (according FINANCIAL CHRONICLE SEPT. 13 1930.] 1657 to the "Herald Tribune" the following statement on the to liberalize Section 5219 of the United States Revised status of immigration quotas for the fiscal year which Statutes which covers taxation of National banks by State governments. With reference to branch banking, it has been closed June 30: suggested that the Association may find it advisable to Quota Immigrant its position in view of official proposals now before the review Visas Granted. Quota Country. country for changes in the branch banking policy. Non.. 1929-30. The general sessions of the convention, four in number, Preference. Preference. will be held the mornings of Tuesday, Sept. 30; Wednesday, 99 100 1 Albania 9 100 Arabian Peninsula 30 Oct. 1, and Thursday, Oct. 2, and the evening of Oct. 2. 16 100 Armenia 84 100 19 Australia 81 The first three will be in the Music Hall, Cleveland Public 1,413 1,085 Austria 328 Auditorium, while the fourth, at which President Hoover 733 1,304 Belgium 571 100 100 Bulgaria ____ will speak, will be in the main auditorium. Mr. Lonsdale 95 5 100 China 2,872 2,874 Czechoslovakia 2 will preside at each session. He will call the first to order at 15 100 Danzig, Free City of 85 1,181 777 Denmark 10.30 a.m. after an organ recital. The invocation will be 404 11 100 Egypt 89 by Rev. Joel B. Hayden, D.D., pastor of the Fairgiven 116 39 Estonia 77 Ethiopia 1002 mount Presbyterian Church. Mr. Lonsdale will deliver Finland -:11-i2 569 77 France 696 3,086 address and this will be followed by a 2,390 president's annual the Germany 25,957 8,804 17,153 65,721 report of the official acts and proceedings of the Executive Great Britain and North Ireland 6,679 58,533 Greece 3 307 Council. Hungary 8_ 820 49 Iceland 100 0 Sessions of General Convention. 43 India 100 1 95 In addition to the above, the plans for the general con, 100 Iraq 67 Irish Free State 17,853 26 17,589 vention are indicated as follows 5,802 Italy 5,576 226 Japan o 100 17 This first session will also be addressed by Rudolf S. Hecht, President, Latvia 236 157 79 Hibernia Bank and Trust Co., New Orleans, and Chairman of the AssoLiberia 100 o 6 ciation's Ecnomic Policy Commission, on the subject, "Problems We Liechtenstein Lithuania Luxemburg Monaco Morocco Netherlands New Zealand Norway Palestine Persia Poland Portugal Rumania Russia, European and Asiatic San Marino Slam Union of South Africa Southwest Africa Spain Sweden Switzerland Syria and the Lebanon Tanganyika Turkey Jugoslavia Total • 2 100 22 386 386 0 7 100 93 1 100 3 100 0 48 1,777 3,153 1,376 3 100 97 2,158 2,377 219 45 54 100 64 100 36 6,524 6,524 --__ 440 440 147 295 Tii 2,071 2,784 713 100 43 42 100 1 ---100 7 93 100--1003 252 1 3,314 2,053 1,261 1,707 974 733 123 122 1 1001 226 -225 1 845 • 825 20 153,714 47,743 103,131 The paper from which we quote went on to say: Bankers Must Meet." It is expected he will present a discussion of the chief questions confronting banks to-day, including branch and group banking developments. An organ recital before the business sessions will be daily feature of the convention,,made possible through the meetings' being held in the Music Hall of the Auditorium. The Rt. Rev. Joseph Schrembs, Bishop of Cleveland, will deliver the invocation at the second session. Thornton Cooke, President Columbia National Bank, Kansas City, Mo.,Chairman of the Committee on Taxation and Chairman Special Committee on Section 5219, United States Revised Statutes, will address the delegates at this session on the controversial questions that have developed in bank taxation and steps taken to meet the problems that have arisen. The addresses will be followed by the report of the Nominating Committee, election of officers and the report of the Resolutions Committee. The third session will be addressed by Fred W. Sargent, President of the Chicago and North West Railway Co., and by Fred L. Kent, a director of and the Bankers Trust Co. of New York, and Chairman of the Commerce Marine Commission of the Association. on "The World To-day." The invocation will be delivered by the Rt. Rev, Warren Lincoln Rogers, Bishop Coadjutor of the Episcopal Diocese of Ohio. Meeting of State Bank Division, Sept. 29. In a note appended to the foregoing table, the State Department says: The first of the division meetings will be that of the State "The above figures represent visas actually reported as issued under Bank Division the morning of Sept. 29, in the ballroom of the each quota . . . Reports on many other visas for which quota numDan V.Stephens, of Fremont, bers have been allotted to distant consulates are received by the quota Cleveland Public Auditorium. control officers only after the end of the month for which allotted. Neb., President of the Division, will preside and will deliver "Thefigures given for visas issued at the end of a given month are therehis annual address. The program will include the following fore in some cases, especially in the quota for Great Britain and Northern Ireland, provisional In character and are less than the total obtained at a four addresses. later date. "Facts and Factors in Bank Management," by John J. Driscoll, of "There are two types of visas, preferred and non-preferred. Preferred Driscoll, Millett & Co., Philadelphia. visas are issued to relatives of persons already resident in the United States "The Practical Value of Regional Clearing House Associations," by James and they are given entrance over all others. Immigrants holding non-pre- C. Bolton, President, Alexandria Bank & Trust Co., Alexandria, La. is quota the until filled. Once it admitted is filled any ferred visas are "Better Banking Practices," by W. D. Shultz, Cashier, Commercial remaining over must wait their turn for the next quota. Bank & Trust Co., Wenatchee, Wash. "For a number of countries, all in the class allowed the minimum quota "Credit Bureau-a Safety Factor," by C. F. Schwenker, Commissioner of 100, the table showed no visas granted in either the preference or non- of Banking, Madison, Wis. included Afghanistan, preference classification. These Andorra, Bhutan, There will be a general discussion after the addresses and Cameroon (British), Cameroon (French), Muscar, Nauru, Nepal, New terminating Guinea, Ruanda and Urandi,Sam°,Togoland (British). Togoland (French), the reports of the various committees, the session and Yap." officers. of election the with Details of Program To Be Presented at Annual Meeting of American Bankers' Association in Cleveland, Sept. 29-Oct. 2-Discussions of National Problems at General Convention and Before Various Divisions and Sections. With an address by President Hoover the outstanding event of the American Bankers' Association convention, Cleveland, Sept. 29 to Oct. 2, the program issued in New York, Sept. 11, indicates that discussions covering many angles of the nation's business and financial problems as well as questions confronting banking will make the meeting one of the most important in the history of the organization as well as a leading event in this year's business gatherings. President Hoover, it has been announced, will address the fourth general session of the convention the night of Oct. 2 in the Cleveland Public Auditorium following a concert by the United States Navy Band of Washington. Among bankers, Mr. Hoover's decision to appear before them at this time of business disturbance, has been received with especial satisfaction in view of his official position and broad national and international economic viewpoints, it was said at the headquarters of the Association. John G. Lonsdale, President of the Association, has stated that the chief banking topics to come before the convention are bank taxation, branch banking and bank earnings, and these have been scheduled for discussion before the first three general sessions and the major divisional meetings. Under bank taxation the delegates will consider proposals National Bank Division to Meet Sept. 29. The National Bank Division will meet Sept. 29 at 2 p.m. in the ballroom of the Auditorium, with President John W. Barton of Minneapolis presiding. The addresses, in addition to that of the President, will be as follows. "Banking and Other Things," by Craig B. Hazlewood, Vice-President, First National Bank, Chicago. "Federal Reserve Bank Dividends," by 0. Howard Wolfe, Cashier, Philadelphia National Bank, Philadelphia. Address by Charles F. Colllsson, Minneapolis "Tribune," Minneapolis; The report of the committee on National Bank Research will be presented by George H. Hamilton, Vice-President, Fourth National Bank, Wichita, Kans. The election of officers will conclude the session. Meeting of Trust Company Division, Sept. 30. Sept. 30, at 2 o'clock, the Trust Company Division will meet in the ballroom of the Auditorium. In addition to the address of the President, John C. Mechem of Chicago, a feature of the program will be an open forum for the discussion of current fiduciary topics. An address will be presented on "Radio and the Trust Idea," by Milton H. Aylesworth, President, National Broadcasting Co., New York City. An address on "The Importance of the Trust Department to the Bank," will be delivered by Robert F. Maddox, Chairman Executive Committee, First National Bank, Atlanta, Ga. Several committees working on important trust company problems will present their reports and new officers will be chosen for the ensuing year. 1658 FINANCIAL CHRONICLE Savings Bank Division to Meet Oct. 1. A feature of the divisional sessions will be an address by Leonard P. Ayres, a member of the Economic Policy Commission of the Association, and Vice-President, Cleveland Trust Co., Cleveland, on "Savings and Cycles" before the Savings Bank Division. Austin B.McLanahan,of Baltimore, President Savings Bank Division, will call its session to order at 2 p.m., Oct. 1, in the ballroom of the Auditorium. The speeches will be: "Investing Savings," by Mr. McLanahan. "The Limitations of the Personal Loan," by Robert B. Umberger, VicePresident of the Personal Loan and Savings Bank, Chicago. "Savings and Cycles," by Leonard P. Ayres. [vol.. 131. President of the Straus 'National Bank & Trust Co. of New York, the Straus National Bank & Trust Co. of Chicago, the Franklin Trust & Savings Bank of Chicago, and Chairman of the Board of S. W. Straus & Co. of Chicago and this city, which has financed some of the country's best known buildings. The deceased banker was born at Ligonier, Ind., in 1866. The family moved later to Chicago. After attending the public schools of Chicago and the Hughes High School of Cincinnati, in 1884 he entered his father's mortgage and loan business in Chicago, then known as F. W. Straus & Co. Two years later, upon the retirement of his father, Mr. Straus took over the management of the business and the name of the company was changed to S. W. Straus & Co. Its growth was rapid, and in 1905 the firm was incorporated with Mr. Straus as President, an office he held until two years ago, when he became Chairman of the Board. 'In 1915 Mr. Straus moved his business to New York. But before leaving Chicago he founded, in 1911, the Franklin Trust & Savings Bank. Then in June 1928 he established the Straus National Bank & Trust Co. of Chicago, and in November of the same year the Straus National Bank & Trust Co. of New York. Mr. Straus also was the organizer of the Ambassador Hotels System, and was its first President. This office, howeirer, he resigned four years ago and became Chairman of the Board. Mr. Straus participated actively in charitable work In this city and Chicago. In recognition of his charitabl e work in France he was made a Chevalier of the Legion of Honor in December 1927. Meeting of State Secretaries Section, Sept. 30. The State Secretaries Section will meet at 2 p.m., Sept. 30, In the Empire Room, Hotel Cleveland, with President M.A. Graettinger of Chicago presiding. The program follows: "Banking's Greatest Asset," Paul P. Brown, Secretary, North Carolina Bankers' Association. "Increasing That Asset," Ben Aley, President, American Institute of Bankings. "Cards on the Table," Miss Forba McDaniel, Secretary, Indiana Bankers' Association. "The Meat of the Nut," W. G. Coapman, Secretary, Wisconsin Bankers' Association. "The Leaven at Work," George A. Starring, Secretary, South Dakota Bankers' Association. "Insurance Perplexities," W. F. Keyser, Secretary, Missouri Bankers' Association. • "Fighting the Foe," W. W. Bowman, Secretary, Kansas Bankers' Association. "Bank Education and the Public," C. F. Zimmerman, The Central Hanover Bank & Trust Co. of New York Secretary, Pennsylvania Bankers' Association. "Sure—Taxes," George Susens, Secretary, Minnesota announces that Mark Byron III has entered the business development department. Mr. Byron, for the past two Bankers' Association. years, has been assistant advertising manager of the Bankers President Green of American Federation .of Labor Trust Co. and prior to that, he was in newspaper work. Favors Tightening Immigration Quota—Believes Frank K. Houston, Senior Vice-President of the Chemical , Washington Measure Will Help Relieve UnemployBank & Trust Co. of New' York has returned from an ment. extended trip to Europe, where he visted many of the bank's Credit for the Washington announcement that immiforeign connections. gration restrictions were to be tightened, at least for the present, was taken by the Executive Council of the American The special stockholders' meetings of both the Chemical Federation of Labor, according to William Green, President, Bank & Trust Co. and the Chemical National Associates, at the meeting held at Atlantic City on Sept. 9. Making Inc., to vote on the plan to acquire the assets of the latter, this known a dispatch to the New York "Journal of Com- as outlined in the letter to the stockholders of Aug 7, were merce" stated: held Sept. 10. Percy H.Johnston,President of the Chemical "We have been of the opinion for some time," Mr. Green said, "that all Bank & Trust Co.and Chairman of the Board of the Immigration, irrespective of quotas, should be stopped, at least until Chemical National Associates, Inc., announced that in excess of 75% employment conditions improve in the United States. "Such representations have been made by myself and others of the of the shares of both institutions voted in favor of the executive council to both the Secretary of Labor and the Secretary of State. plan, with no dissenting vote. The capital of the Chemical In our opinion it would be greatly to the public interest if all immigration Bank & Trust Co. will be increased from $15,000,000 to was stopped, at least until employment conditions improve. To Be Handled by Visa. $21,000,000 and the surplus account will be increased from It is foolish, unwise and a waste of economy to bring 100,000 to 150,000 men into this country to suffer with us when our own people cannot find about $21,000,000 to approximately $43,700,000. The Chemical National Co., Inc., whose stock is trusteed for work." Green said that he understood that the way the situation would be handled the benefit of the stockholders of the Chemical Bank & would be through the visa of passports. He pointed out that this would be done by asking the prospective immigrant if he had work assured him Trust Co., will add about $10,500,000 to its capital and in this country. Should he answer affirmatively his entrance could be re- surplus, raising these funds from about $9,500,000 to about strained under provisions of the Contract Labor Law, and if in the nega$20,000,000. Previous items in the matter appeared in tive he would be prevented from entering for fear he might become deour issues of Aug. 9, page 886, and Aug. 30, page 1364. pendent on the country. ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Arrangements were reported made this week for the transfer of a New York Stock Exchange membership, the consideration being stated as $350,000. This is a decline of $50,000 from the last preceding sale. The New York Cocoa Exchange membership of Herman Menges was reported sold this week to H. N. Fischel for another for $2,200. Last preceding sale, $2,100. Frank K. Houston, Senior Vice-President of the Chemical Bank & Trust Co. of New York, has returned from an extended trip to Europe, where he visited many of the bank's foreign connections. Many prominent bankers and business men attended the first Fall luncheon of the Bond Club of New York on Sept.8 which was addressed by Lord Meichett, Chairman of Imperial Chemical Industries, Ltd. George N. Lindsay, President of the Bond Club, presided at the luncheon which was held at the Bankers Club. Simon W. Straus, well known financier, died at his home In the Hotel Ambassador, this city, on Sept. 7, in his 64th year. Mr. Straus, who was a victim of anemia, had been Ill for mare than a year. At the time of his death he was LeRoy W. Campbell was elected Vice-Chairman of the Board of Directors of the Chemical National Co., Inc., at a meeting of the board of directors on Sept. 11, and was also elected Vice-President of the Chemical Bank & Trust Co.at a meeting of their board the same day. Mr. Campbell was elected President of the Chemical National Associates, Inc., on Oct. 10 1929, after having served as President of the City Bank & Trust Co. of Hartford, Conn., for the five years preceding. Incident to the increase in the capital of the Long Island National Bank of Astoria, N. Y.from $250,000 to $400,000 it is stated that privileges have been granted to shareholders of record of August 25 entitling them to purchase six shares of the new $10 par stock at $25 a share for each $100 parvalue share of old stock held. These rights will expire on Sept. 30. The plans to enlarge the capital were noted in our issues of August 9, page 886 and August 30, page 1364. A special meeting of the Wisconsin Bankshares Corp. of Milwaukee will be held on Sept. 18 to vote on a proposed inclusion in the corporation of several banks throughout the State which have recently signified their intention to join the holding company,according to the Milwaukee "Sentinel" of Sept. 10. The institutions whose entry into the Bankshares group will be voted upon are the following: SEPT. 13 1930.] FINANCIAL CHRONICLE 1659 Transit Corp. Mr. Conners is Chairman of the Board of the Great Lakes of Jefferson, Union President of the W. J. Conners Contracting Co., President of the George Bank of Ellsworth, Farmers' & Merchants' Bank Reedsville, State Bank of W. Jenings Co. and a director of the American Shipbuilding Co. State Bank, Lancaster; Citizens State Bank of and was in that Sauk City; He served as an ensign in naval aviation during the war Plymouth, Black Earth State Bank, Farmers'& Citizens' Bank, graduation from Yale of Barabranch of the service for 18 months. Following his Woodhouse & Bartley Bank, Bloomington; Bank of Albany, Bank and "Enquirer" Buffalo Reedsburg and the the Oregon, In 1918, Mr. Conners became associated with boo, Citizens' State Bank, Belleville; Bank of publisher of both papers. the Buffalo "Courier" and in 1919 he was made Bank. Stockholders of record at the close of business Sept. 12 will be entitled to vote at the meeting, it was stated. Leslie Richard Palmer, President of the First National Bank & Trust Co. of Yonkers, N. Y., died on Aug. 31. He was 53 years ago. He was born in Walden, N. Y., in 1877. Mr. Palmer was a prominent lawyer and realtor in New York City 20 years ago. He entered the banking business through the acquisition of the First National Bank of Croton, the Ossining Trust Co. and the First National Bank of Hastings. Mr. Palmer held various offices in each of these institutions which he ran as separate units. He was instrumental in effecting the merger of the First National Bank of Yonkers, the Yonkers Trust Co., and the Bryn Mawr National Bank, Into the company he had been President of for 15 years. Mr. Palmer had been a member of the first board of directors of the Federal Reserve Bank of New York in 1914, and was re-elected in 1915 and 1918, but resigned that position in 1921 when he became President of the First National Bank of Yonkers, which later on became the First National Bank & Trust Co. of Yonkers. He was also President and director of the Yonkers Safe Deposit Co. and the First Nat. Bank of Hastings; Chairman of the Board and a director of the Ossining Trust Co. and the First Nat. Bank of Croton and the Lawyers'Westchester Title Mortgage Co.; President and director of the Commonwealth Security & Mortgage Co., the Croton Docks Co., the Yonkers Security Co.; Chairman of the Executive Committee and a director of the Suburban Insurance Co., and President of the Lockwood Trade Journad Co. and the Contract & Improvement Co., and Vice-President of the Brunswick Site Co. W. Irving Bullard, formerly Vice-President of the Merchants National Bank of Boston, Mass., on Sept. 9 was appointed a Vice-President of the Central Trust Co. of Illinois, Chicago, and assumed his new duties at once. The formal announcement goes on to say: Besides his activities in the banking field, Mr. Bullard is Treasurer o the National Association of Cotton Manufacturers; Chairman of the Committee on Aeronautics of the United States Chamber of Commerce: member of the Committee on Transportation and Communication of the U. S. Chamber of Commerce,the Chairman of which is Fred W. Sargent, President of the C. & N. W. RR.; and member of the American Committee of the International Chamber of Commerce, of which Silas H. Strewn is the American Vice-President. Mr. Bullard is a director of a number of industrial concerns and is widely known in banking and business circles, his range of experience being of national scope. While with the Merchants National Bank of Boston, Mr. Bullard was for several years closely associated with Eugene V. R. Thayer. then President of the institution and now Chairman of the Executive Conuatttee of the Central Trust Co. of Illinois. Mr. Bullard is a member of the Union Club of Boston, Union League Club of New York, and Inter-Allied Club of Paris. He was a member of the Class of 1905 of Boston University. Announcement was made on Sept. 5 by Raymond N. Ball, President of the Lincoln-Alliance Bank & Trust Co. of Rochester, N. Y., of the appointment of Thomas R. Baker, Vice-President in charge of the Lincoln office, as Senior Officer in charge of the credit department, according to the Rochester "Democrat" of Sept. 6. Mr. Baker began his banking career July 23 1900, as a messenger with the Flour City National Bank in State St. This bank merged in The New First National Bank of Meadville, Pa., has changed its title to the First National Bank of Meadville. charter On Sept.3the Comptroller of the Currency issued a capital for the First National Bank of Odessa, N. Y., with institunew the of President is Campbell C. F. of $50,000. tion and H. C. Keller Cashier. From the Philadelphia "Ledger" of Sept. 9 it is learnt Bank that the respective directors of the Chester National have Pa., Chester, of both Co., Trust Cambridge and the the under institutions the consolidate approved a plan to Trust Co. title of the Chester-Cambridge National Bank & of The merger plan will be submitted to the stockholders Sept. 30, the Chester National Bank at a special meeting on vote while the stockholders of the Cambridge Trust Co. will 1. Oct. on meeting special a at on the proposed consolidation y The enlarged bank will have total resources of approximatel Chester the of President Wetherill, Richard $14,000,000. National Bank, will be Chairman of the Board of the new institution, and Douglas R. Faith, head of the Cambridge Trust Co., will be President. R. Wetherill, a Vice-President -President of the Cambridge Trust Co., will become a Vice furthermore mentioned paper The bank. consolidated of the said: Philadelphia banking circles and is a Mr. Faith is widely known in Institute of Banking. director of Philadelphia Chapter, American National Kenton Warne, a Vice-President of the First The 84. of age the at 8 Sept. died Bank, Philadelphia, been deceased banker held the remarkable record of having period of 66 associated with one bank continuously for a First National years. Mr. Warne became identified with the in 1886, Bank in 1864. He was appointed Assistant Cashier Cashier in 1902, and Vice-President in 1910. He had been missed Secretary of the Board of Directors for 45 years, and in that time. only seven Board meetings —•___ capiThe National Bank & Trust Co. of Connellsville, Pa., of the Comptroller by chartered was talized at $125,000, is President of the Currency on Aug. 26. Jos. H. Strawn the new bank, and F. R. Denton Cashier. The West Shore National Bank of Lemoyne, Pa., capitalized at $100,000, was chartered by the Comptroller Willis of the Currency on Sept. 5. C. M.Musselman and I. new the of respectively, Cashier, and President Appler are institution. S. J. E. Wilson and A. J. Stiver have been appointed VicePresidents of the Midland Corp. of Cleveland, Ohio, it is announced by John Sherwin Jr., President of the Midland Bank and Midland Corp. Both are well known in the investment security business in Cleveland and Ohio. Mr. Stiver has been with the Midland Corp. as Secretary and Treasurer since its organization early in 1929. The official announcement goes on to say: Cleveland office of Guaranty the of the Mr. Wilson was formerly manager partner in the Murphy, Blossom, Morris Co.. New York, and later a Bond Club during one Cleveland the of President .St Co. He served as Wilson has been in Los Angeles, where term. For the past two years Mr. director of Bayly Bros. investment securities he Was Vice-President and security sales of the corporation. He will have charge of the Corp., in addition to Mr. Sherwin, are E.E. Midland The officers of the and Messrs. Stiver and Wilson, Barker, A. F. Reed, J. H. Thompson and Treasurer; R. C. Huelsman, Vice-President; J. D. Root, Secretary Comptroller; E. H. Dickerson, Assistant Secretary, and A. H. Warner Treasurers. The directors of the Midland and P. B. Russell, Assistant Corp. Bank are also directors of the Midland 1906 with the old Ferman-American Bank to form the National Bank of Rochester, which three years later became the Lincoln National Bank. When the Lincoln and the Alliance Banks united in 1920 to form the Lincoln-Alliance Bank, Mr. Baker was named Assistant Cashier of the new institution. He remained at the Lincoln office, in associaAn application was received by the Comptroller of the tion with Manager Peter A. Vay and, when the latter on Sept. 4 to organize the Erie National Bank of Currency resigned, became Manager. He was elected a Vice-PresiOhio, with capital of $300,000. Cleveland, dent in 1923. In making the announcement, President the paper by quoted mentioned as saying: Ball was The People's Co-operative State Bank of Hammond,Ind., Mr. Baker's long association with Rochester banks and his familiarity a labor institution, was closed by its directors on Sept. 6 with local credit conditions make him well suited for his new post. He the State Banking Department, according has been particularly interested in the credit phases of banking, and the at the order of Board of Directors feels he can discharge his new duties well and capably. to Hammond advices on that date to the Indianapolis Mr. Baker started his banking career as a bank messenger. His advance- "News" which went on to say: ment to his present post is a rather emphatic indication of his capabilities. The bank's difficulties are said to be attributable to frozen assets. The bank is a $2,000,000 institution with a capital stock of $100.000 and savings deposits of more than $1,000.000. J. G. Ibach, former judge of the Indiana Appelate Court, is President of the bank. It was the second Hammond bank to close recently. The Buffalo "Courier-Express" of Sept. 9 stated that William J. Conners, Jr., President and publisher of the Buffalo "Courier-Express," on Sept. 8 was made a director of the Marine Trust Co.of Buffalo,according to anannounceEffective Aug. 16, the First National Bank of Valier, ment by George F. Rand, President of the institution. The Ill., capitalized at.25,000, was placed in voluntary liquidaBuffalo paper went on to say in part: 1660 FINANCIAL CHRONICLE prou 181. tion. The institution was absorbed by the First National Before joining the Bank of Italy, Mr. Dodd had many years' Bank of Christopher, Ill. experience with Canadian banks. He will continue his Charles H. Albers, heretofore for 13 years an examiner supervisional duties, making his headquarters at the Los with the Chicago Clearing House Association, on Sept. 9 Angeles main office of the bank, it wa,s said. was appointed a Vice-President of the Prudential State SavThe Comptroller of the Currency on Sept. 4 received an ings Bank of that city, according to the Chicago "Journal applicatio n to organize the Florida National Bank at of Commerce" of Sept. 10. The bank recently lost one of •its Vice-Presidents through the death of Carl J. Richter. St. Petersburg, Fla., capitalized at $100,000. The Chicago paper, continuing, said: On May 19 the First National Bank of Robstown, Tex., The Prudential State Savings Bank was organized in 1920 and now has with capital of $50,000, :went into voluntary liquidation. total resources of well over $4,000,000. George K. Schmidt, the present City Comptroller, has been President and active head of the bank since its The institution was taken over by the Texas State Bank & Trust Co. of Corpus Christi, Tex. organization. George F. Aldrich, formerly Trust Officer of the Union Guardian Trust Co. of Detroit, will be affiliated with the City National Bank & Trust Co. of Battle Creek, Mich., as Vice-President and Trust Officer, according to an announcement by E. R. Morton, Vice-President of the bank. Both banks are members of the Guardian Detroit Union Group. Mr. Aldrich is a graduate of the University of Michigan, receiving his Bachelor of Arts degree from that institution in 1917 and his law degree in 1922. After completing his law course, Mr. Aldrich practised law in Toledo, Ohio, until, in 1924, he became affiliated with the former Union Trust Co. Connected with their trust department for the last six years, he was elected Trust Officer more than a year ago. The National Bank of Orosi, Calif., capitalized at $50,000, was placed in voluntary liquidation on Aug. 6. It has been succeeded by the First National Bank in Orosi. Further referring to the proposed consolidation of the Bank of Italy National Trust & Savings Assn. (head office San Francisco) and the Bank of America of California (head office Los Angeles), noted in the "Chronicle" of Sept. 6, page 1515, the following formal statement announcing the merger issued from the San Francisco offices of the Transamerica Corp.(holding company for the two institutions) was received this week: The Transamerica Corp., holding company for the two institutions, announced the consolidation in a formal statement issued from its San Francisco offices. This statement is as follows: "Plans looking to the consolidation of the Bank of America of California with the Bank of Italy under the name Bank of America National Trust & Savings Assn., an institution ranking as the fourth largest in the United A charter was issued by the Comptroller of the Currency States, and one of the world's most powerful financial organizations, were on Aug. 30 for the Security Natoinal Bank of Independence, announced following a joint dinner of directors of Bank of Italy and Bank Ban. The new institution has a capital of $250,000. It of America last night (Sept. 3). "This is headed by Ben S. Paulen with J. H. McElroy as Cashier. the Bankmarks the culmination of a plan conceived by A.P. Giannini, when of America of California was formed two years ago. The consolidation includes the Bank of Italy, with resources of approximately $1.The closing of the Farmers' -State Bank of Mount Vernon, 000,000,000 , and the Bank of America of California, with resources of $350,Mo., on Sept. 2, was reported in the following Associated 000.000, and through control by Transamerica Corp. of both the newly consolidated institution in California and the Bank of America in New York Press dispatch from that place on Sept. 2, printed in the with its $500,000,000 resources, in effect inaugurates the establishme nt of Kansas City "Star" of the same date: a nation wide banking organization. The Farmers' State Bank of Mount Vernon failed to open for business "Details of the consolidation are to be worked out by a committee conto-day on order of its Board of Directors. "Frozen" assets were given as sisting of A. P. Giannini, James A. Bacigalupi, C. R. Bell, W. E. Mauer, the cause of the closing. The closing leaves Mount Vernon without a Leon Bocqueraz, H. R.Erkes, L. M.Giannini, P. C. Hale, Marco Hellman, banking institution. The Mount Vernon Bank was closed in August 1929, Orra Monnette, W. F. Morrish, A. J. Mount, E. J. Nolan, A. Pedrini, George A. Webster, R. R. Yates." and several of its officials are facing trial in connection with the failure. All of those named in the Transamerica statement are The Farmers' Bank had $172,000 total resources. The bank's well known Calilast statement showed it had $13,000 total loans, $135,000 deposits, and *25,000 fornia bankers. Mount is the President of the Bank of Italy and Bacigalupi is its former President. E. J. Nolan is President of the Bank of America. capital stock. L. M.Giannini is the son of A.P. Glannini and several months ago succeeded The Clayton National Ban- k, Clayton, Mo., capitalized his father as the President of Transamerica Corp. Bocqueraz is the former President of the United Security Trust & Savings Bank, the predecessor In at $60,000, was placed in voluntary liquidation on Aug. 29. interest of the Bank of America. The institution was succeeded by a bank with the same title. The Bank of Italy has 292 branches in 165 California cities while the Bank of America operates 162 branches in approximately 100 cities. The headthe first named institution are in San Francisco while the adminA charter was issuedby the Comptroller of the Cur- quarters of functions of the Bank of America are directed from Los Angeles. rency on Sept. 6 for the National Bank of Seymour, Iowa. istrative In a number of cities there are branches of both banks, and the details The new bank is capitalized at $25,000. H. T. Long is involved in providing for these dual establishments will be one of the chief considerations of the consolidation committee. Under the new set-up it President and Miss Nora Ginberich Cashier. will be necessary for the consolidated institution to surrender the State charof the former Bank of America and operate under a National charter. Hopewell, Va., advices on Sept. 3 to the Richmond terThe reference to a nation-wide banking system in the Transamerica "Times-Dispatch" stated that Dr. D. Lane Elder, former statement is occasioned by the.fact that the holding corporation owns three large banks outright, one in New York and two in California, controls Hopewell Mayor, on that day announced his resignation, the First National Bank of Portland, Ore., and holds interests in a number effective at once, as Vice-President and Director of the of other banking institutions. Hopewell Bank & Trust Co. Dr. Elder will become a The consolidation is the biggest and most important merger of banking director in the State Planters' Bank of Hopewell. He has interests in the history of the West and gives the nation a branch banking Institution that approaches in size and scope the famous branch banking been connected with the Hopewell bank ever since its or- establishments of the Old World and of Canada. ganization several years ago, and has been active in its affairs, the advices said. Effective Feb. 14 1930, the City National Bank of Duncan, Okla., capitalized at $60,000, was placed in voluntary liquidation. It was absorbed by the First National Bank of the same place. We are advised that J. D. Zellerbach, Executive VicePresident of the Crown Zellerbach Corp. has been made a member of the Board of Directors of the Wells Fargo & Union Trust Co. of San Francisco to succeed theBank John I. Walter. Mr. Zellerbach is also President the late National Paper Products Co. and of the Fibreboard of Products, Inc. The Board of Directors of the bank declared the regular quarterly dividend of $3.25 payable Oct. 1 to stockholders of record Sept. 24. The First Security Bank of St. Petersburg, Fla., has been reorganized with new capital, a new Board of Directors, At a recent meeting of the directors of the United States and a new personnel, according to advices from that city on Sept. 9 to the "Wall Street Journal," which furthermore National Bank of Portland, Ore., resolutions were adopted, calling a meeting of the bank's shareholders on Oct. 2 to said: vote on a proposed increase in the bank's capital from The bank opened 348 new accounts the first day, many of them savings $3,500,000 (consisting of 175,000 shares) to $4,000,000 (conaccounts. First Security has adopted a policy of investing all of its sisting of 200,000 shares, of the par value of $20 a share). savings in Government bonds. The official announcement says: The reorganization was made under the charter of First Security Bank, and as routine is established, a stockholders' meeting will be called to authorize an increase of capital to $150,000 from $50,000, and application will be made to change the name to Union Trust Co. Nat B. Brophy is President of the new bank; Paul A. Hoxie, VicePresident; W. W. McEachern, Vice-President and Cashier; J. E. Bryan and R. M. Petrick, Assistant Cashiers. According to the Los Angeles "Times" of Aug. 30, C. K. Dodd, who has been associated with the Bank of Italy National Trust & Savings Bank (Head office San Francisco), has been promoted to a Vice-President, Arnold J. Mount, President of the bank, announced the previous day. The general purpose of the increase in the bank's capital is to provide means for retirement of the entire issue of class A stock of the United States National Corp.. all of which is now owned by the West Coast Bancorporation. The retirement will be accomplishe d by turning over to the West Coast Bancorporation, in exchange for the A stock, a sufficient block of the 25,000 shares of the United States National Bank new stock to equal the value of the West Coast Bancorporat ion's A stock of the United States National Corp. (the bank's affiliated institution) . The plan of procedure contemplates that the United States National Corp. will subscribe for the entire 25,000 shares of new United States National Bank stock, paying therefor $110 per share, of which $20 per share will go into the bank's capital, and the remaining $90 per share will be paid into the Treasury of the United States National Corp. The latter corporation, having acquired the bank stock in accordance with the plan above outlined, will deliver it to the West Coast Bancorporat ion, which will surrender SEPT. 13 1930.] FINANCIAL CHRONICLE 1661 loss. On the other hand, a few of the market favorites were higher, particularly in the public utility group where American Water Works was up 2 points, Public Service of-NeTv Jersey which improved 2 points, and General Public Service 1 point. Motor stocks, as a group, were somewhat stronger but most of the gains were fractional. With few exceptions, stocks moved forward on Tuesday, the widest gains being recorded during the final hour:— Industrial sharesgenerally were higher, United States Steel, Westinghouse, American Can, General Electric, Radio Corp., and &IPont scoring advances of 2 or more points, while gains of 1 to 2 points were registered by Allied Chemical & Dye, Air Reduction, Columbian Carbon, United Aircraft, Mack Trucks, American Tel. & Tel. and North American. Motor shares were fairly strong during the opening hour, and moved briskly forward under the leadership of General Motors which reached 47 at its top for the day, though it slipped back and was % point off when the market closed. Active bidding for the tobacco shares was one of the outstanding features of the day, and gains ranging from 1 to 5 or more points were scored by several members of the group, American Tobacco, for instance, moving ahead 4 points to 252, while the "B" stock Under date of Aug. 22 the Bank of Hawaii, Ltd., of Hono- gained 43' points to 2603/2. Food issues as a group were lulu, Hawaii, issued the following notice: particularly noteworthy for their strength, General Foods, On Sept. 1 1930 the Bank of Hawaii, Ltd., is absorbing Loose-Wiles, and National Bis. it closing with substantial the Bank of Maui, Ltd., and will operate their three offices gains. located at Wailuku, Lahaina and Pala, on the Island of Bullish demonstrations were apparent in the market on Maui, as branches of the Bank of Hawaii, Ltd. The Bank Wednesday and stocks in practically all sections of the list of Hawaii, Ltd., will then have branches on all the im- displayed substantial gains. The market opened irreguportant islands of the group. The complete list of our larly higher, pushing forward during the greater part of the branches and collection offices will be: Head office, Hono- day,and while there were occasional periods of profit taking, lulu, Oahu; branch offices, Waipahu, Oahu; Waialua, Oahu; these failed to make any appreciable difference in the general Pearl Harbor, Oahu; Lihue, Kauai; Kealia, Kauai; Hilo, upward movement in the afternoon. In the rails substanHawaii; Honokaa, Hawaii; Kohala, Hawaii; Kealakekua, tial gains were recorded by Atchison, Canadian Pacific, and pref. Public Hawaii; Pahala, Hawaii; Walluku, Rani; Lahaina, Maui, St. Louis Southwestern pref. and Wabash attenspeculative considerable attracted group a as utilities offices, Oahu; Collection Aiea, Maui. Wahiawa, and Pala, Telegraph Union Western and Gas, Union Brooklyn Oahu; Ewa, Oahu; Kaunakakai, Molokai; Haiku, Maul, tion, improving about 3 points, while American Power & Light, and Hana, Maui. Consolidated Gas, National Power & Light, and Amer. Tel. Tel. were off about 1 point each. Mail order and mer& THE WEEK ON THE NEW YORK STOCK EXCHANGE. chandising issues also gave a good account of themselves, Except for a brief setback on Thursday, the stock market particularly Woolworth which advanced a point or more on has improved and expanded the present week, and while a large turnover. Sears-Roebuck, Mongomery Ward, R. there have been brief periods or irregularity due to realizing H. Macy, and Associated Dry Goods also were strong. the trend of prices has generally been toward higher levels The weak spots of the day were Diamond Match and Wright though prices again turned downward in the closing hour Aero. on Friday. Copper stocks have been somewhat stronger On Thursday, the market went through a moderate reand the demand for railroad shares and public utilities has action, the volume of business perceptibly falling off and shown a healthy increase with rising prices in many of the trading turning dull. In the closing hour a number of the more important stocks. Merchandising shares have been more active speculative favorites were able to move against in good demand at higher prices, and steel issues have the trend and a few stocks closed at higher levels. The shown good gains despite the fact that the August tonnage total turnover was about 700,000 short of the trading on report of the United States Steel Corporation shows a drop Wednesday. The sharpest losses were among the high—class of 442,000 tons in unfilled orders. The weekly statement specialty stocks, like J. I. Case Threshing Machine, Allied of the Federal Reserve Bank issued after the close of business Chemical & Dye and Diamond Match. The recessions were on Thursday recorded an increase of $33,000,000 in brokers' more moderate in shares such as General Motors, Radio loans. Call money renewed at 23 % on Monday, and con- Corporation, General Electric, American Can and United tinued unchanged at that rate during the rest of the week. States Steel. On Friday the market appeared fairly steady Moderate upward progress was made during the early during the early trading, but became more or less confused trading on Saturday, and while the list was somewhat un- as the day advanced. In the closing hour, selling gained certain for a brief period at the beginning of the second hour, the upper hand and prices began to sag before combined the final quotations were at generally higher levels. United realizing and short selling, and early gains of 1 to 2 points States Steel set the pace for the industrial stocks as it ad- were cut down or cancelled. United States Steel, for invanced to 173 with a gain of about 3 points, Bethlehem Steel stance, which sold up to 1723/2 fell below 170. The strong followed with a 2 point gain, and so did Westinghouse stocks of the day were the public utilities, but these, too, Electric & Mfg. Co. Similar advances were recorded by lost much or all of their early gains, though an occasional U. S. Industrial Alcohol, Vanadium Steel, J. I. Case, issue was able to hold its improvement to the end of the and Worthington Pump. Railroad stocks were up with session. Stocks showing advances at the close included the leaders as Atchison jumped forward nearly 3 points, among others, Allied Chemical & Dye 4 points to 280, followed by New York Central with a gain of 2% points, Associated Dry Goods 2 points to 91 X, Canadian Southern and Canadian Pacific with a gain of about 2 points. Kenne- Ry. 2 points to 62, International Business Machines 63' cott was up about 23 points, and Anaconda was strong points to 1813, and Newton Steel 4 points to 38. Railonly in a lesser degree. Specialties were represented on the road stocks were generally off at the close and so were the upside by Allied Chemical & Dye with a gain of 5 points, specialties, motors and industrials. The final tone was weak: Air Reduction 13 points, Ingersoll Rand 8 points, Vulcan TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE Detinning 5 points, and Atlas Powder 4% points. There DAILY. WEEKLY AND YEARLY. were, of course, occasional weak spots. These included Electric Auto Lite, Gillette Safety Razor, and a few others. Railroad, State. Stocks. United Total ,tc.. Number of Municipal & States Week Ended Bond Considerable irregularity developed in the late trading on Bonds. Porn Bonds. Shares. Bonds. Sales. Sept. 12 1930. Monday, though the market during the forenoon was firm 1,409,270 83,208,000 $1,077,000 $20,000 54.305.000 and strong. Realizing around inidsession checked the early Saturday 6.012,000 2.241,450 2,100,000 Monday 53,000 8,165,000 1,941,910 6,749,000 Tuesday 2,710,000 36,200 .),495,230 advances, and the final quotations, in many instances, Wednesday 2,481,420 6,282,000 2,409,500 646.000 0.337.500 1,738,640 5,545,000 2,157,000 7.761,000 59,000 showed moderate losses for the day. The most prominent Thursday 1,905,860 5,760,000 1,391,000 7,860 000 709,000 Friday was United States Steel which was down about of the losses 11,718,550 833,556,000 511.844.500 51 I123 2nn 543 023 700 Total 1% points. Sears, Roebuck also closed with a substantial its A stock in the United States National Corp. for cancellation. The general plan follows resolutions which were unanimously adopted at a meeting of the shareholders of the United States National Bank, held on April 29 1930, at which all the shareholders represented unanimously voted that, when the necessity arose, the capital stock of the bank could be increased by 25,000 shares and that they would waive their rights to subscribe to such increase in capital in order that the plan providing for the retirement of the A stock of the U. S. National Corp.. by exchanging it for stock of the United States National Bank, might be carried out. J. C. Ainsworth, President of the United States National Bank,expressed it as his conviction that at the meeting of the shareholders, called for Oct. 2, the resolutions ratifying the proposed plan would be unanimously adopted,and that,in view of the distinct advantages which would be gained by the bank's present shareholders, they would waive their rights to subscribe to the increase in the capital stock of the bank. The advantages to the shareholders of the West Coast Bancorporation are equally obvious. They will become shareholders of the United States National Bank, the stock of which carries a pro rata beneficial interest in the United States National Corp. They are, therefore, trading their A stock in the United States National Corp. for stock of the United States National Bank on an agreed valuation of both stocks, and by acquiring direct ownership in the stock of the United States National Bank they will automatically retain a pro rata interest in the United States National Corp., and the entire group of banks controlled by it. Mr. Ainsworth states that in the opinion of himself, the entire Board of Directors, and the senior officers of the bank, the plan, when completed, will be very advantageous to all the stockholders, both of the United States National Bank and the West Coast Bancorporation. 1662 FINANCIAL CHRONICLE Sales at New York Stock Exchange. Week Ended Sept. 12. 1930. Stocks-No. of shares_ Bonds. Government bonds_ _ _ State & foreign bonds_ Railroad de misc. bonds Total bonds • Jan. 1 to Sept. 12. 1929. 1930. 1929. 11,718,550 26,852,180 591,252,700 773,622,290 51,523,200 11,844,500 33,556,000 52,581,000 10,698,000 34,278,400 $77,339,400 484,513,900 1,360,296,400 591,003,700 435,322,150 1,424,885,300 $46,923,700 547,557,400 $1,902,149,700 $1,951,211,150 DAILY TRANSACTIONS AT THE BOSTON. PHILADE LPHIA AND BALTIMORE EXCHANGES. (VOL. 131. Imports. Austria Arabia 60,141 West Africa 78,278 Various countries in South America 232,382 Union of South Africa (incl. Southwest Africa Territory) 4,377,027 Rhodesia 103.845 British India Straits Settlements 55,523 Australia 106,000 New Zealand 13.239 Other countries 14,336 £5,064.687 Exports. 19,545 207,183 25.178 £8,292,466 SILVER. Although the week under review opened with an advance in quotations to 163'cl., subsequent movements have tended towards a lower level. A Reuter message from Shanghai dated Aug. Indiaan stated 23, that "The Saturday Government has sold to the Hong Kong & Shangnal Monday Bank 5,000.000 ounces of sliver for delivery next week. It is understoo Tuesday d that a similar quantity Wednesday will be sent in a later delivery." This announce ment was followed by bear Thursday selling and silver was offered freely from both China and the Indiana Friday_ Bazaars, with the result that on the 23d inst. prices fell Ad.from 18 11-16d. to 16 3-16d. There was a recovery to Total 16 7-16d. on the 25th inst.-the next working day-China being inclined to buy, but with silver freely Prey. week revised 03.675 559.0011 1.84.715 7545.000 4A62. 538.600 offered from America, a somewhat easier tendency has since been apparent and the price for both deliveries had again receded •In addition, sales of rights were: Saturday, 98; Monday, 412: by to-day to 16 3-164. Tuesday, 595: Wednesday, 328; Thursday, 404. The following were the United Kingdom imports and exports of silver a In addition, sales of rights were: Saturday, 5,300; Monday, registered from mid-clay on the 18th instant to mid-day on toe 25th instant: 9,100; Tuesday. 10,700: Wednesday, 10,700; Thursday, 10,000. ImportsSales of warrants were: Monday, 5,500; Tuesday, 200. Exports• Mexico £129,387 British India £70,368 Other countries 26,998 Other countries 7,291 £156,385 THE CURB EXCHANGE. £77,659 INDIAN CURRENCY RETURNS. The volume of business improved somewhat in this week's (in tars of rupees)trading on the Curb Exchange and prices held firm. Changes Notes in circulatio n 131722. 4.5.A 7062 g)3g 7 Silver coin and bullion in India 11925 however were within a narrow range and there was little of Silver 11923 11796 coin and bullion out of India Gold and bullion in India interest to the market. Utilities continue the leaders, though Gold coin 3228 555 5554 coin and bullion out of India even here there were few features. Amer. & Foreign Power Securities (Indian Government) 1957 ii 55 1455 Securities (British Government) 127 73 72 warrants after early weakness from 51 to 493 advanced to The stocks in Shanghai on the 23d instant consisted of about 102,800,000 52 but reacted finally to 505i. Amer. Gas & Elec. corn. ounces in sycee, 147,000.000 dollars, 2,500,000 Saigon dollars and 3,820 dropped from 133% to 129%. Commonwealth-Edison Co. silver bars,as compared with about 102,400,000 ounces in sycee. 14i.000,000 sold up from 293 to 2973. Duke Power improved from 156 dollars, 3,700,000 Saigon dollars and 3,840 silver bars on the 16th instant. Quotations during the week: to 165k and closed to-day at 165. Intl. Superpower sold -Bar Silver Per Os. Std.Bar Gold Per Cash. 2 Mos. Os. Fins. up from 37% to 403. and ends the week 40%. United Gas Aug. 21 163d. 4 d. 161 85s. 22 Corp.corn. rose from 143 16 11-16d. 16 11-16d. 85s. %to 173 %and reacted finally to 163 23 /. 16 3-16d. 16 3-16d. 859. National Fual Gas advanced from 29M, to 33% and closed 25 167-16d. 167-16th 85s. 26 6 d. 165.0. 85s. to-day at 33. Oils were dull and very little changed. Few 27 16 3-16d. 16 3-16d. 85s. qd. 16.437d. industrial or miscellaneous issues show changes of interest. Average 16.437d. 85s. d. The silver quotations to-day for cash and two Deere & Co. declined from 803/8 to 763 and recovered finally months' delivery are eacb 3id. below those fixed a week ago. to 773 Week Ended Sept. 12 1930. Barton. Philadelphia. Baltimore. Shares. BondSales. Shares. Bond Sales. Shares. BondSales. .13,610 a32,735 $2.000 594 826,000 .23,885 $7,000 a55,733 17,800 917 7,000 •21,'255 10,000 a43,081 25,000 881 5,800 .24,606 35,000 a54,519 2,000 1,084 18,000 *18,221 4,000 a33,185 7,000 1,203 13,000 5,347 7,000 21,280 HOLI DAY. 106,924 $63,000 240,493 $53,800 4,709 869,800 1 Y /s. Driver-Harris Co., corn. on few transactions improved from 663. to 72. Lane Bryant, corn. improved from COURSE OF BANK CLEARINGS. 243 % to 283. Novadel Agene Corp. corn. sold up fron 343è to 39%. Bank clearings this week will again show a decrease as comA complete record of Curb Exchange transactions for the pared with a year ago. Prelimi nary figures compiled by us week will be found on page 1695. based upon telegraphic advices from the chief cities of the country, indicate that for the week ended to-day (Saturday, DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANG E. Sept.13) bank exchangesfor all the cities of the United States Bonds (Par Value). from which it is possible to obtain weekly returns will be Stoats Week Ended (Number of 37.0% below those for the corresponding week last year. Foreign Sept. 12. Shares). Rights. D077181111C. Government. Total. Our preliminary total stands at $8,799,078,570, against Saturday 275,500 4,500 $1,641,000 845,000 $1,686,000 $13,980,968,516 for the same week Monday in 1929. At this centre 485,500 17,900 2,989,000 151,000 3,140,000 Tuesday 445,600 9,900 3,057,000 297,000 3,354.000 there is a loss for the five days ended Friday of 43.7%. Our Wednesday 565,200 25,300 2,288.000 184,000 2,472,000 Thursday 395,500 29,200 3,084,000 99,000 3,183,100 comparative summary for the week follows: Friday 450,800 Total 2,598,100 31,400 2,497,000 118,200 $15,558,000 148,000 2,645,000 $924,000 516,480,000 THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular of Samuel Montagu & Co. of London, written under date of August 27 1930: GOLD. The Bank of England gold reserve against notes amounted to £154,333,732 on the 20th instant (as compared with X153,091. 518 on the previous Wednesday), and represents an increase of L8,373.64 since Jan. 1 last. 8 The consignment of bar gold from South Africa which arrived this week amounted to £804,000 of which £30,000 had been sold forward, leaving about £774,000 available in the open market yesterday . There was a good demand for Switzerland and France, the former securing £436,000 and the latter E289,000 at the fixed price of 855. Bid. per fine ounce. Home and Continental trade requirements absorbed £29,000 and £20,000 was taken for India. Movements of gold at the Bank of England during the week show a net influx of £503,972. Of the receipts, £576,000 was in sovereigns and withdrawals consisted of £58,995 in bar gold and £13,100 in sovereigns. The following were the United Kingdom imports and exports of gold registered from mid-day on the 18th instant to mid-day on the 25th instant: ImportsExportsBrazil £655,528 Germany £48,908 Hong Kong 10,000 France 174,481 British West Africa 42,629 Switzerland 95,612 British South Africa 139,592 British India 38.200 Other countries 2,382 Other countries 7,587 £850,131 £362,788 Lnited Kingdom imports and exports of gold for the month of July last are detailed below: Imports. Exports. Germany France Switzerland Finland 111 423'916 2 Clearings-Returns by Telegraph.Per Week Ended Sept. 13. 11930. 1929. Cent. New York $4,463,000,000 $7,930,000,000 -43.7 Chicago 399,808,800 603,060,547 -33.7 Philadelphia 385,000,000 445,000,000 -13.5 Boston 310,000,000 422,000,00 0 -26.5 Kansas City 101,698,110 127,337,110 --20.2 St. Louis 91,600,000 111.500,000 -17.9 San Francisco 127,642,000 155,823,000 -18.0 Los Angeles Will no longer re Dort clearings. Pittsburgh 134,546,348 167,503,766 -28.8 Detroit 108,605,885 205.302,602 -17.0 Cleveland 99,658,422 140,566,645 -29.0 Baltimore 51,060,121 69,556,136 -27.0 New Orleans 48,835,596 52,901,469 -17.8 Twelve cities, 5 days $6,318,255,280 $10,430,551,275 -39.4 Other cities, 5 days 1,018,310,195 1,184,354,775 -10.4 Total all cities, 5 days 57.332,565,475 $11,614,906,050 -36.9 All cities, 1 day 1,486,513,095 2,366,062,466 -38.0 Total all cities for week $8.799.078.570 $13.980 968 516 -37.1 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 had to be in all cases estimated. In the elaborate 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. 6. For that week there is a decrease of 30.4%, the aggregate of clearings for the whole country being ,233,893,400, against $11,839,069,108 in the same week of 1929. Outside of this city there is a decrease of 16.2%, while the bank clearings at this centre record a loss of 38.2%. We group the cities now according to the Federal Reserve districts in which they are located, and from this it appears that in the New York Reserve District,including this city, the totals show a shrinkage of 38.5% in the Boston Reserve District of 23.7% and in the Philadelphia Reserve District of 15.4%. The Cleveland Reserve District has suffered a loss of 17.8%, the Richmond Reserve District of 10.1% and the Atlanta Reserve District of 23.0%. In the Chicago Reserve District the totals are smaller by 29.6%. In the St. Louis Reserve District by 7.6% and in the Minneapolis Reserve District by 19.7% In the Kansas City Reserve District the decrease is 16.6%, in the Dallas Reserve District, 30.4%, and in the San Francisco Reserve District, 17.8%. In the following we furnish a summary of Federal Reserve districts: SUMMARY OF BANK CLEARINGS. 1929. 1930. TVeek End. Sept.6 1929. Ine.or Dec. 1928. $ $ $ Federal Reserve fists. % 489,170,975 -23.7 373,038,553 462,499,625 it, Boston--- -12 OKI& 6,095,074,305 8,279,019.282 -395 6,256.966.913 2o$ New York.12 " 452.507,128 419,976,429 496,402,986 -15.4 301 Phlladel'41_10 " 366,486,312 -17.8 317,653,154 339,937,499 gth Cleveland.- 8 " 155.001.317 -10.1 139,433,744 151,678,745 5th Richmond _ 6 " 164,144,625 -23.0 145,789,617 126,365,885 Sth Atlanta....12 919,274,227 -29.6 646,855,605 970,655,913 fth Chicago ._.20 " 177,196,819 -7.6 178,138,172 163,669.980 Sill St. Louis... 8 " 137,756,940 -19.7 110.666,329 121,538,733 BM Minneapolis 7 " 195,238,003 -16,6 162,215,498 200,816,885 10911 KansasCity 10 " 77,077,049 -30.4 53,636,382 75,993,102 11th Dallas 5 .. 362,307,573 -17.8 297,824,919 359,943,168 12th San Fran 16 " 126 cities Total Oatskle N. Y. City 8,233,893,400 11,839,069,108 -30.4 3,138,819,095 3,744,596,578 -16.2 el ............. "rt., /Oa es., Obi.40,41.1.1 A4o 0. L. J11, 7 ••••••• 1927. $ 439,327,150 5.084,239.058 457,986,710 330.404,627 154,854,013 171,986344 867,246,477 183,237,121 126,769.506 196,554,717 72,726,712 298,094,426 9,716,665,500 3,594,547,409 8,363,415,860 3,398,833,286 q00 2A1 CRel. 'le cen no," We now add our detailed statement, showing last week's figures for each city separately, for the four years: Week Ended September 6. Clearings al1930. 1929. $ First Federal Reserve Dist rict-Boston 690,678 659,607 Maine-Bangor_ 4,931,840 3,381,309 Portland Mass.-Boston -- 334,383,350 432,386,604 698,341 1,045,013 Fall River_ _ - _ 418,122 1,076,190 Lowell 974.725 1,062,687 New Bedford 3,852,353 5,174,276 Springfield__ -2,569,151 Worcester 3,177,772 9,507,854 17,819,983 Conn.-Hartford. 6,688,046 9,084.933 New Haven.. R.I.-Providence 9,315,200 12,056,000 N.H.-Manch491 589,495 665,019 Total(12 cities) 373,037,553 Inc. or Dec. --4.5 --31.4 --22.7 -44.2 --61.2 -8.2 --25.6 --28.1 --46.7 1928. 1927. --22.7 ---21.5 596,988 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 11,570,500 752,038 733,320 3,472,073 391,000,000 2,001,870 993,059 1,086,662 4,037,413 2,815,246 16,332,257 6,244,877 9,884,800 745,573 489,170,975 --23.7 462,499,825 439,327,150 Second Feder al Reserve 13 istrict-New 8,162,904 6,395,658 N. Y.-Albany _ _ 1,122,873 1,483,011 Binghamton-64,438,956 34,794,626 Buffalo Elmira 1,358,142 _ Jamiztown 933,586 New York..._ 5,005,651,444 .094,472,530 17,026,082 10,795,991 Rochester 6,465,801 4,802,520 Syracuse 3,981.276 3,117,101 Conn.-Stamford 796,801 669,291 N. J.-Montclair 31,555,794 26,266,557 Newark 50,520,187 31,463,081 Northern N..1_ York -3.6 5,386,836 5,219,748 -24.4 1,279,491 956,555 -46.0 44,317,721 39,527,701 -42.4 901,072 881,487 -31.3 1,203.643 1,140,257 -38.2 6,122,118,091 4,964,582,574 -36.6 15,148,063 10,028,883 -25.7 6,978,708 5,225,940 -21.7 3,597,752 3,095,942 -16.0 660,677 635,816 -16.8 19,101,647 20,763,746 -37.7 34,611,113 34,035.508 Total(12 cities) 5,095,074,305 8,279,012,282 -38.5 6,256,966,913 5,084,232,058 Third Federal Reserve Dist act-Piffled elphia 1,689,493 -25.3 Pa.-Altoona. 1,262,731 4,421,948 -23.4 3,386,564 Bethlehem..+0.5 1,038,317 Chester 1,042,030 1,787,751 -15.8 1,862,524 Lancaster Philadelphia- 399,000,000 467,000,000 -14.6 Reading 3,337,428 -18.8 2,710,678 Scranton 8,827.355 -46.8 3,538,240 Wilkes-Barre _ _ 3,626,238 -18.1 2,970,246 1,574,416 York 2.199,860 -28.4 N.J.-Trenton 4,674,596 -43.7 2,631,000 1,383,899 3,525,636 1,178,110 1,707,806 424,000,000 3,360,650 5,902,487 3,562,439 1,809,616 6,076,485 1,403,469 3.381,313 1,267,665 2,116,784 432,000,000 3,558,479 4,886,371 3,107,623 1,473,607 4,791,399 496,402,986 -15.4 452,507,128 457,988,710 Fourth Feder al Reserve D istrict-Clev eland 01110-Akron._ _ _ 5,022,000 -37.3 3,150,000 Canton 3,897,096 4,140,338 -5.9 Cincinnati _ _ 60,517,631 -15.5 51,137,094 96.982,535 128,211,644 -24.4 Cleveland Columbus 13,276.300 18,732,800 -28.2 Mansfield 1,274,928 1,873,757 -32.9 4,187,996 Youngstown... 4,284,849 -2.3 Pa.-Pittsburgh. 143,747,205 163,703,293 -23.2 5,530.000 5,182,567 58,712,198 105,872,807 14,783,500 1,602,169 4,776,884 143,477,374 5,233,000 5,095,100 60,329,639 101,440,394 16,050,200 1,690,651 4,204,311 136.361,332 386,486,312 -17.8 339,937,499 330.404,627 Fifth Federal Reserve Dist rict-Richm ond939,523 1,201,986 -21.8 W.Va.-Ilunt'n_ 3,392,921 4,000,500 -15.2 Va.-Norfolk . 37,925.000 37,516,000 +1.1 Richmond 2,068,970 2,035,019 +1.6 S.C.-Charleston 73,447,548 86,286,326 -14.9 Md.-Baltimore. 21,659,782 23,961,486 -9.6 D. C.-Washlon 1,186,108 4,329,431 37,321,000 1,728,074 82,820.361 24,493,771 1,002,238 4,435,573 39,302,000 2,050,790 87,467,205 20.596,207 Total(10 cities) Total(8 cities)_ Total(6 cities). 419,978,429 317,653,154 139,433,744 155,001,317 -10.1 126,365,885 Week Ended September 6. Clearings al1930. 151,878,745 154,854,013 3,495,586 19,208,020 41,819,689 1,490,226 2,332,213 12,301,242 2,441,000 19,130,751 1,398,124 1,741,000 386,781 40,046,985 2.831,104 20,546.162 46,656,969 2,791,749 2,960.939 13,496,007 3,507,125 21,708,992 1,889,401 1,955,964 477,309 53,617,623 164,144,625 -23.0 145.789,617 171,989,344 1929. Inc. or Dec. 1928. 1927. $ 5 Seventh Feder al Reserve D strict-Chi cog°234,932 278,612 266,291 --38.8 Mich.-Adrian -.168,864 790,570 845,233 944,943 --21.0 746,214 Ann Arbor_ _ _ _ 118,633,561 177,649.105 --33.2 174,768,385 149,816,876 Detroit 11,224,282 - 7,513,187 8.009.501 --24.0 6,083,088 Grand Rapids_ 5,601,666 7,523,805 3,520,778 --17.5 2,903,175 Lansing 2,487,018 2,913,267 3,893.541 --30.0 2,723,892 Ind.-Ft. Wayne 20,459,000 19,602,000 -22.9 22,114,000 17,045,000 _ 2,599,700 3,152,505 2,988,248 --24.3 2,263,034 South Bend 4,815,061 4,519,493 4,728,087 --16.2 3,964,517 Terre Haute.. 36,987,935 35,200,549 32,051,571 --28.9 22,789,942 Wis.-Milwaukee 2,700,535 2,901,001 3,465,590 --10.1 Iowa.-Ced.Rap_ 3,114,537 9,092,202 9,687,961 10,232,584 --45.9 7,814,989 Des Moines__ _ 5,590,387 7,023,800 6,330,626 --10.2 5,682,374 Sioux City_ 1,020,624 1,521,215 1,534,860 --18.0 1,258,396 Waterloo 1,839,270 1.770,095 -9.1 1,957,589 1,763,410 111.-Bloom'ton 439,608,773 824,342,922 --29.6 674,781,844 604,741,134 Chicago 1,351,666 1,232,821 1,331,161 --16.3 1,114,456 Decatur 4,606.564 5,711,534 6,486,972 --35.6 4,176,552 Peoria 2,800.525 3,295,339 4,755,015 ---t4.6 2,633,370 Rockford 2,197,625 2,704,172 2,670,843 --11.3 2,367,461 Springfield.... 919,274,227 -29.6 970.65.5,913 867.246,477 Eighth Federa I Reserve Die trict-St.Lo uls4,145,131 --7.1 Ind.-Evansville_ 3,850,875 97,800,000 107,500,000 --18.1 Mo.-St. Louis__ 31,985,055 +7.5 Ky.-Louisville__ 34,383,115 384,785 ---23.8 293,101 Owensboro- -19,881,074 --30.5 Tenn.-Memphis 13,849,902 11,429,778 +16.9 Ark.-Little Rock 12,216,085 375,128 --62.2 I11.-Jacks'nville_ 179,226 1,495,86 --27.1 1,090,676 Quincy 4,843,928 112,500.000 30,970,900 335,268 16,076,549 11,500,010 490.810 1,420,707 5,486,933 109,500,000 36,795.898 345.042 17,572,000 11.753,775 380,839 1.402,634 Total(20 cities) 646,855,605 -7.6 178,138,172 183.237,121 Ninth Federal Reserve Die trict-Minn eapolis 7,255,800 -16.5 6,056,582 Minn.- Duluth 79,013,385 100,764,618 -23.6 Minneapolis... 22,369,813 -12.3 19,628,702 St. Paul 2,054,331 -3.0 1,993,549 N.D.-Fargo._ _ 963,527 1,407,705 -31.6 S. D.-Aberdeen 551,584 611,673 -9.8 Mont.-Billings 3,293,000 -25.3 2,459,000 Helena 7,314,609 80,617,012 26,453,062 1,876,616 1,480,747 674.687 3,122,000 7,854,382 87,670,387 24.416,044 1,720,222 1,794.959 666.511 2,640,000 137.756,940 -19.7 121,538,733 126,762,505 Total(8 cities)_ Total(7 cities). 163,662.980 110,666,329 177.196,819 Tenth Federal Reserve Die trict-Kans as City 390,264 -27.7 282,259 Neb.-Fremont. 604,409 +7.2 647,925 Hastings 3,818,459 -12.5 3,341,405 Lincoln 42,224,734 -5.6 39,919,470 Omaha 3,503,054 -20.8 2,774,506 Kan.-Topeka _ _ 7,974,035 -21.7 6,244,743 Wichita Mo.-Kans. City 101,621,148 127,118,024 -20.1 6,484,417 -27.8 4,682,993 St. Joseph_ _ _ _ 1,274,551 -6.9 1,186,302 Colo.-Col.flogs. a a a Denver 1.846,056 -18.0 1,514,747 Pueblo 393,891 458.890 532,027 693,636 4,671,619 4,744.923 41,594,580, 37,738,314 3,454,139 3,789,3571 7,527,648 8,749,892; 130,792,080' 113,531,916 6,024,871 7,206,7141 1,294,795 1,362,434 a a 1,630,3211 1,179.557 195,238,003 -16.6 200,816.885 176.554.717 Eleventh Fede red Reserve District-Da Ras1,640,682 -16.1 1,376,993 Texas-Austin __ 52,439,112 -29.3 37,058,744 Dallas -26.4 11,347,343 8,356,160 Forth Worth.. 6,358,000 -54.1 2,918,000 Galveston 5,291,912 -25.7 3,930,485 La -Shreveport.i 2,339,784 48,783,065 12,404,442 7,249,000 5,216,811 1,953,582 49,272,075 10,299,128 5,392,000 5,809,9117 77,077,049 -30.4 75,993.102 72,726,712 Total(10 cities) Total(5 cities)_ I 162,215,498 53,636,382 Twelfth Feder al Reserve D istrict-San Frond /WO-46,228,227 48,749,718 -31.4 33,489,005 Wash.-Scattle.12,878,000 12,405.000 -17.2 10,275.000 Spokane 2,071,398 1,965,423 -38.8 1,203.687 Yakima 36,473,61 -17.6 36,934,385 30,423,498 Ore.-Portland -15,827,169 16.865,544 -18.2 13.966,874 Utah-S. L. City 3,874.72 3,769,808 -45.9 2,040,220 Calif.-Fresno7,369,319 7,232,664 -20.7 5,733,062 Long Beach... No longer will report clearin gs LosAngeles 17,674,70 21,246,050 -38.8 13,225.487 Oakland 5,674,337 5,418,670 -21.9 4,232,409 Pasadena 8.230.75 -8.9 6,930,32 6,315,725 Sacramento_ 5,624,02 -20.5 5,579,09 4,433,133 San Diego.... San Francisco. 164.052,599 184,929,699 -11.5 190,496,31 3,245,389 3,734,566 -22.5 2,893,094 SanJose 1,719,47 2,055,49 -4.9 1,955,002 Santa Barbara. 2.061,31 --3.7 2,027,83 1,954,224 Santa Monica. 2,494,400 -31.8 2,463,300 1,681,900 Stockton 43,273,979 12,961,000 1,417,147 34,297,236 15,340,531 3,448,244 4,670,357 12,847,389 3,985,302 7,555,393 3,654,350 146,412,000 2,132,564 1,147,244 1,721,090 2,932,600 Total(16 cities) 297,824,919 362,307,573 -17.8 359,943,168 298.094,426 Grand total (126 8,233,893,400 11839069,108 -30.4 9,716,665,500 8,363,415,860 cities Outside NewYork 3,138,819,095 3,744,596,578 -16.2 3.594,547,409 3,398,833,286 Week Ended September 4. Clearings di 1930. -26.6 -13.2 -28.7 -19.2 -48.1 -8.9 -21.6 -38.9 -40.3 -8.3 -47.6 -14.4 Sixth Federal Reserve Dist rIct-Atlant .2,000,000 2,723,167 Tenn.-Chatt'ga. 17,361,797 Nashville 19,993,666 Ga.-Atlanta..__ 36,442,002 51,126,687 1,746,266 2,160,107 Augusta 1,322,358 *Looms Macon 9.134,265 10.026,242 1,283,000 1,636,000 Miami 13.506,231 22,115,665 Ala.-Birm•ham 3,300,644 1,971,542 Mobile 2,215,000 2,032,000 Miss.-Jackson. 173,423 330,646 Vicksburg 46,016,801 39,393,001 La.-New Orrns. Total(12 cities) 1663 FINANCIAL CHRONICLE SHPT. 13 1930.] CanadaMontreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton Calgary St. John Victoria London Edmonton Regina Brandon Lethbridge Saskatoon Moose Jaw Brantford Fort William-- -New Westminster Medicine Hat_ _ _ Peterborough---Sherbrooke Kitchener Windsor Prince Albert.... Moncton Kingston Chatham Sarnia Total(31 cities) •Estimated. 1929. Inc. or Dc. 1928. 1927. $ $ $ % $ 98,295.299 118,153,583 145,091,120 -19.9 128,765,588 90,512,823 135,364,306 -33.1 125,425,519 106,641,754 38,036,357 48,379,726 -11.0 45,409,586 43,058,501 14,948,977 21.092,732 -28.3 18,192344 15,139.892 7,085,210 -11.0 6,313,647 6,692,323 7,706,957 6,641,592 -1.6 7,124,250 5,864,926 6,538,373 3,080,666 3,489.449 -14.9 3,177,696 2,968,427 5,966,745 -16.9 6,692,09 4,958,485 5,006,190 6,248.480 10,192,538 -24.7 9,205,468 7,687,184 2,264.573 2,414,947 -17.4 2,474,536 1,998,764 2,502,842 -11.2 2,440,564 2,223,580 2,039,680 2,741,434 3,198,699 -3.3 3,135,726 3,093,832 4,855,698 5,902,896 -6.8 6,479,776 6,301,077 4,237,298 4,989,445 6,056.794 4,989,483 -0.1 728,864 641,30 -26.2 787.643 473,098 607,216 880,674 864,16 -23.9 657,685 2,169,983 2,609,732 2,171,314 2,375,058 -8.4 1,255,262 1,328,742 1,054,577 1,205,22 -12.4 1,258,626 1,036.471 1,117,010 808,97 +38.2 1,219,521 823,581 1,000,817 4,417,72 -71.4 964,269 764,610 810,954 1,183,909 -35.4 358,860 326,041 273.873 513,652 -30.1 821.390 1,132,304 777,013 881,476 -6.8 860.752 1.084,357 959,316 1,083,168 -20.6 984,740 927,777 1,139,516 -13.6 1,063,413 2,992.622 8,578,714 -65.2 4,032,038 3.870,896 516,802 562,869 -8.2 489,638 408,070 944.133 894,914 957,753 -1.5 976,221 756,655 851,982 834,937 -9.4 820,257 499,747 609,836 -18.4 820,824 621,575 *600,000 953,625 -37.1 802,413 803,339 327,488,617 429,361,463 -23.7 a No longer reports weekly clearings. 399,361,964 319,557.759 1664 FINANCIAL CHRONICLE 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.° Sept.8 1930. 1930. BondsFrancs. Francs. French Rentes 3% Perpetual__ 89.60 French Rentes 4% 1917 102.60 French Rentes 5% 1915-16 101.60 Banks-Banque de France 22,520 Banque de Paris et dm Pays Bas_ 2,700 Credit Lyonnais 3,025 Union des Mines 1,375 CanalCana]3,1arltIme de Suez 17,350 RailroadCbemin de ter du Nord 2,360 MinesMina.]des Courrleres Holl1,388 Mines des Lens day 1,180 Soo. Miniere et Metallurgique de Fenarroya 790 Public Uiilhitesdc. General d'Electricite 3,290 Soo. Lyonnalse des Faux 3,030 Cie. Francalse des Precedes Thomson-Houston 845 Union d'Electricite 1,265 IndustrialsTreflleries & Laminoirs Cu Havre 2,175 Societe Andre Citroen 795 Ste. Francalse Ford 297 Coty, S. A 945 Pechlney 2,920 FMK. Liquide 1,705 Etablissements Kuhlmann 892 Gaieties Lafayette 164 Royal Dutch 3,760 Sept.9 1930. Francs. 89.55 103.00 101.50 Sept.10 1930, Francs. 89.45 102.95 101.50 Sept. 11 1930. Francs. 89.75 103.20 101.65 22,475 22,115 22,400 2,670 2,660 2,695 3,035 3,010 3,035 1,375 1,365 1,365 Treasury Notes334% Ser. A, 1030-32, maturing Mar. 15 1932 • % Ser. B, 1930-32, maturing Sept. 15 1932 US% Ser. C. 1930-32, maturing Dec. 15 1932 Sept. 12 • Adiusted service-Series 1931 to 1935_ __ 4% Civil service-Series 1931 to 1935 1930. Francs. 4% Foreign service-Series 1933 and 1935_ 90.05 Treasury Certificates103.30 101.55 334% Series TS-1930, maturing Sept. 15 1930 334% Series TD-1930, maturing Dec. 15 1930 22,330 234% Series TJ-1931, maturing June 15 1931 2,700 Treasury Bills (Maturity Value)3,050 1,365 Maturing Sept. 15 1930 Maturing Nov. 17 1930 17,525 17,350 17,350 17,460 2,395 2,375 2,355 2,370 1,375 1,172 1,355 1,168 1,360 1,172 1,360 1,173 785 792 798 791 3,260 3,000 3,280 2,995 3,320 3,000 3,310 2,990 830 1,250 829 1,235 838 1,235 830 1,241 2,155 784 292 945 2,865 1,705 889 164 2,175 1,272 292 926 2,850 1,704 880 165 2,170 815 294 925 2,870 1,720 870 165 2,155 822 299 921 2,890 1,725 838 165 3,730 3,730 3,785 3,790 8649,076,350.00 500,303,700.00 451,722,450.00 31,601,102,500.00 625,900,000 00 156,800.000.00 1,247,000.00 2,385,049,500.00 6351,640,500.00 ,483,341,000.00 429,373,000.00 1,264,354,500.00 $50,920,000.00 120.000,000.00 170,920.000.00 Total interest-bearing debt 815,932,909,250.00 Matured Debt on Which Interest Has CeasedOld debt matured-Issued prior to Apr. 1 1917 $1,712,070.26 Second Liberty loan bonds 01 1927-42 5.168,150.00 Third Liberty loan bonds 01 1928 8,872.300.00 334% Victory notes of 1922-23 20,900.00 454% Victory notes of 1922-23 1,375,100.00 Treasury notes 399.900.00 Certificates of indebtedness 4,385,000.00 Treasury bills 73,000.00 Treasury savings certificates 1,513,525.00 Debt Bearing no Interest$23,519,945.26 United States notes Less gold reserve $349,681,016.00 156.039.088.03 Deposits for retirement of national bank and Federal Reserve bank notes Old demand notes and fractional currency Thrift and Treasury savings stamps, unclassified sales, &c 3190,641,927.97 35,083,947.00 2,043,524.74 3,438,187.53 PRICES ON BERLIN STOCK1EXCHANGE. Closing quotations of representative stocks on the Berlin Stock Exchange as received by cable each day of the past week have been as follows: Sept. Sept. Sept. Sept. Sept. Sept. 6. 8. 10. 9. 11. 12. Per Cent of Par Aug. Deutsche Credit (Ades)(8) 108 108 108 108 108 108 Berlin. Handels Gee,. (12) 144 144 144 144 134 144 Comm erz-und-PrIvat-Bank (11) 128 128 128 128 128 129 Darmstadter u. Natlonalbank (12) .181 182 131 180 180 180 Deutsche Bank u. Disconto Gas.(10) 124 123 123 123 123 123 Drtsdner Bank (10) 124 124 123 123 124 12g Reichsbank (12) 252 251 250 250 248 24 Algermeene Kunstzlide Unie (Aku) (0)„.... 83 83 82 82 83 82 Ails. Elektr. Gm.(A.E.G.)(9) 138 139 137 138 138 238 Ford Motor Co.. Berlin (10) 209% 209 209 I6 210 2 11 Gelsenkirchen Bergwerk (8) 110 110 109 109 1104 149 0 Gesfuerel (10) 1 141 141 140 Hamburg-American Linea(11aPag) 90 91 91 91 91 01 ( 7 ) Hamburg Electric Co.(10) 133134 13 134 134 40 4 Heyden Chemical (5) 48 'larcener Bergbau (6) 101 102 102 102 101 101 Hotelbetrieb (12) 123 123 123 123 124 124 I.G. Farben Indus.(Dye Trust) (14) 151 Kali Chemie (7) 128 Karstadt (12) 101 101 101 101 102 101 Mannesmann Tubes (7) 84 84 84 84 84 8 North German Lloyd (8) 91 92 91 00 91 91 Phoenix Bergbau (634) 78 78 177 78 77 Polyphonwerke (20) 83 185 184 170 81 1 185 82 Rhein. Westf. Elektr.(n.w.E.) 1070 0 170 170 170 170 (1o) Sachsenwerk Licht u. Kraft (734) 90 92 90 90 90 Siemens & Halske (14) 196 196 197 198 196 195 Stoehr & Co. Karnmgarn Spinneret(5) 82 11 84 83 83 83 Leonhard Tietz (10) 137 Ver. Stalhwerke (United Steel Works) (6)' 18 78 78 ffil 14 IN 14 124 231,207,587.24 Total gross debt ENGLISH FINANCIAL MARKET-PER CABLE. The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: Frt., Mon., Thurs. Wed., Tues., Sept. 12. Sept. 8. t. 1 Sept. 9. Sept. 10. Sept.. 16% 16% 16% 1634 1614 858.34d. 848.1110. 84s.11%d. 84.8.11%d. 84s.Hd. 55% 5434 55 S-134 103% 12(:)5 31 104 10334 104 1003,4 100% 10034 100% 10031 $16,187,636,782.50 COMPARATIVE PUBLIC DEBT STATEMENT. (On the basis of daily Treasury statements.1 Aug. 31 1919 1Vhen War Debt Aug. 31 1929 A Year Ago. Was at Its Peak. Gross debt $26,596,701,648.01 $16,805,436,493.13 Net balance in general fund 88,365,246.91 1,118,109,534.76 Gross debt less net balance in gen'l fund_ _325,478,592,113.25 $16,717,071,246.22 July 31 1930 Aug. 31 1930. Last Month. Gross debt 316,175,516,622.43 316,187,636,782.50 Net balance in general fund 188,275,986.43 103,667,155.02 Gross debt less net balance in gen'l fund_ _315,987,240.636.00 516,083,989,627.48 Treasury Cash and Current Liabilities. The cash holdings of the Government as the items stood Aug. 30 1930 are sot out in the following. The figures are taken entirely from the daily statement of the United States Treasury as of Aug. 30 1930. A PROS.old coin old bullion 1,g T Sat., Sept. 6. Silver, p. oz_d_ 16 9-16 Gold, p.fine oz. 85s.M. Consols,2y.5%. British, 5%_ -- ---British, 434%. ......_ French Rentes (In Paris)„fr. ____ French War L'n (in Paris)_fr. _ _ ..._ [VOL. 131. CURRENT ASSETS AND LIABILITIES. GOLD. Liabilities734,940,797.10 Gold cite. outstanding 1,587,302,613.00 2,741,799,224.51 Gold fund, Fed. Reserve Board (Act of Dec. 2S 1913, as amended June 1,685,612,109.07 21 1917) 156,039,038.03 Gold reserve 47,786,211.51 Gold In general fund Total 3,476,740,021.61 3,476,740,021.61 Total Note.-Reserve against $346,681,016 o U. S. notes and $1,254,350 of Treasury notes of 1890 outstanding. Treasury notes 01 1800 are also secured y silver dollars In the Treasury. SILVER DOLLARS. AssetsLiabilItiesailver dollars 495,411,030.00 Silver Ws. outstanding 490,259,010.00 Treasurynotes of 1890 outstanding 1,254,350.00 Silver dollars in gen.fund 3,897,670.00 Total 495,411,030.00 Total 495,411,030.00 GENERAL FUND. AssetsGold (see above) 47,786,211.51 Treasurer's checks outSilver dollars (see above) 3,897,670.00 standing 640,731.57 101.60 103.30 103.20 101.55 102.95 United States notes_ 2,792,711.00 Depos. of Govt. officers: The price of silver in New York on the same days has been: Federal Reserve notes 871,885.00 Post Office Dept 1,824,634.02 Res, Fed. bank notes 47,718.00 Board of Trustees, Silver In N. Y., per on. (cts.): National bank notes_ _ _ _ 20,695,094.50 Postal Say. System: Foreign 35% Subsidiary silver coin_ _ 3634 36 3611 36%' 6,356,442.95 3634 5% Reserve, lawMinor coin 4,184,843.68 ful money 7,697,743.76 Silver bullion 6,891,635.53 Other deposits_ _ 780,371.24 nelassifled, collections, Postmasters, clerks of Preliminary Debt Statement of the United States Arc 1,651,378.19 courts.dIsbursing ofDeposits In Federal ReAug. 30 1930. Beers, Ac 35,908,865.90 serve banks 27,940,343.13 Deposits for: The preliminary statement of the public debt of the United Deposits In special deRedemption of Fed'I positaries acct. of sales States Aug. 30 1930, as made upon the basis of the daily Res. notes (5% Id.. of etre. of Indebtedness 63,913,000.00 35,376,072.56 Treasury statement, is as follows: gold) Deposits In foreign dep.: Redemption of nat'l To credit of Treas. U.S 857,391.42 bank notes(5% fd., To credit of other Gov2% Consols of 1930 27,727,736.45 lawful money) $599,724,050.00 ernment officers 2% Panama's of 1916-36 1,012,574.44 Retirement of addl 48,964,180.00 Deposits In nat'l banks: 2% Panama's of 1918-38 circulating notes,act 25,947,400.00 To credit of Treas. U.S • Panamas 03 )961 6,98,1,062.30 1,900.00 May 30 1908 49,800,000.00 To credit of other Gov3% Conversion bonds Uncollected items, ex28,894,500.00 ernment officers 294% Postal savings bonds 18,336,588.28 2,247,767.71 changes. Ac 20.491,620.00 Dep.to Philippine Treas. $773,811,750.00 To credit of Treas. U.S First Liberty Loan of 1932-47744,428.30 112,205,823.21 % Bonds 103,667,155.02 Net balance $1,392,250,350.00 4% Bonds 0.004,950.00 Total 434% Bonds 215,872,978.23 215,872,978.23 Total 531,290,450.00 $1,933,545,750.00 % Fourth Liberty Note.-The amount to the credit of disbursing officers agencies to-day was and Loan of 1933-38 8,268,241.150.00 $327,818,121.79. 8,201,786,900.00 434% Treasury Bonds 011947-52 . Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for 3758,984,300.00 tt% Treasury Bonds of 1944-54 the retirement of outstanding National bank and Federal Reserve Bank notes are 1,036,834.500 .00 334% Treasury Ponds of 1946-56 paid into the Treasury as miscellaneous receipts, 489,087,100.00 and these obligations are made, 834% Treasury Bonds of 1943-47 under the Acts mentioned, a part of the public debt. 493,037,750.00 The amount of such obliga854% Treasury Bonds of 1940-43 to-day was $35,083.947. Bons 359,042,950.00 3611,460 in Federal Reserve notes and 320,652,194 In National bank notes are in 3,136,936,600.00 the Treasury in process of redemption and are charges against the deposits for the Total Bonds $12,112,585,250.00 respective 5% redemption funds. 89.55 89.62 89.45 89.75 00.10 1665 FINANCIAL CHRONICLE SEPT. 13 1930.] 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 1930 and 1929 and the two months of the fiscal years 1929-1930 and 1930-1931. Courtntrdaland MiscdtatterrnsRems Breadstuffs figures brought from page 1740.-All the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and river ports - for the week ending last Saturday and since Aug. 1 for --Month of August-- -Two Months 1929. 1930. 1929. 1930. each of the last three years: Receipts. 8 Ordinary32,082,589 Custons Internal revenue: 26,231,319 Income tax Miscellaneous internal revenue 51,639,401 Miscellaneous receipts: Proceeds Govt -owned securities: Foreign obligationsPrincipal Interest 236,331 Railroad securities 870,654 All others Trust fund receipts (reappro4,896,058 priated for investment) 217,720 Proceeds sale of Burp. property_ 2,825,752 Panama Canal tolls, am 8,388,074 Other misscellaneous Total ordlnary $ $ 5 56,427,315 58,282,338 108,571,673 32,210,380 55,865,724 67,093,933 54,916,662 109,216,074 109,511,562 30.000 10,000,000 308,652 125,223 526,756 1,133,108 25,000 10,010.359 562,624 398,061 4,210,962 11,364,447 10.722.660 2,211,801 415,403 2.636,227 2,260,347 5,088 215 4,570,164 11,830,355 24,206,742 29,863,879 127,387,898 174,501,697 266,128,807 343,975,142 Receipts at- Excess of total expends, chargeable against ordinary receipts 96,728,992 36,223,748 242,297,964 216,575,218 over ordinary receipts Expenditures. Ordinary(Checks and warrants paid, Ste.) 190,090,303 188,150,250 388,673,985 369,412,455 General expenditures 3,342,584 15,531,217 21,381,261 3,275,857 Interest on public debt_a Refund of receipts: 1,811,565 3,964,008 1,950,339 3,562,921 Customs 4,434,164 10,337,042 10,785,748 22,440,396 Internal revenue 10,004,582 10,004,582 Postal deficiency 909,843 2,630,716 1,219,339 Panama Canal 1,940,840 Operations in special accounts: 5830,569 61,197 32,619 5659.468 Railroads 58,664 52,071 1,651 530,376 War Finance Corporation 2,794,125 6,037,693 2,532,775 2,920,466 Shipping Board Agricultural marketing fund 15,994,941 5,518.189 (net) 29,142 778.384 360,156 575,745 Alien property funds 5342,721 90,500 5171,373 489,078 Adjusted-service certificate fund_ 5233,615 20,781,215 20,434,010 515,770 Civil-service retirement fund_c_. Investment of trust funds: 3,986,855 11,007,893 10,426,070 4,856,376 Government life insurance_ District of Columbia teachers' 224,106 244,256 retirement 223,944 512,000 59,060 376,000 Foreign Service retirement_c 363,692 39,683 112,298 General railroad contingent 72,646 Total ordinary 224,116,890 210,720,445 483,395,771 456,670,907 Public debt retirements chargeable against ordinary receipts: Sinking fund Received for estate taxes Forfeitures, gifts, Sm 5,000 25,000,000 103,864,950 14,000 31,000 503 5,000 25.031,000 103,879,453 Total Total expenditures chargeable against ordinary receipts_ _224,116,890 210,725,445 508,426,771 560,550,360 Receipts and expenditures for June reaching the Treasury In July are Included. a The figures for the month include $38,114 and for the fiscal year 1930 to date $78,216 accrued discount on war-savings certificates of matured series, and for the corresponding periods last year the figures Include 846,108 and 91,456, respectively. It Excess of credits (deduct). C The amount of the appropriations available July 1 of $20,850,000 for the civil service retirement and disability fund $216,000 for the Foreign Service retirement and disability fund was invested in special issues of 4% Treasury notes maturing June 30 1935. Also other amounts available on July 1 for investment in the Foreign Service retirement Rind aggregated $179,000, making the total investment on that account 8395,000. Variations in the working cash balance account for any difference in amounts charged above. On June 30 like investments were made from interest then due in the amount of $4,900,000 for account of the civil service retirement fund and $32,000 for account of the Foreign Service retirement fund. Treasury Money Holdings. The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of June, July, August and September 1930: Holdings in U.S. Treasury June 1 1930. July 1 1930. Aug. 1 1930, Sept. 1 1930. $ $ $ $ Net gold coin and bullion_ 204,221,269 208,629,665 204,023,516 203,825.300 13,776,110 13,218.032 11,823,412 Net silver coin and bullion 10,789 305 3,211,497 2,847.706 3,269,691 Net United States notes._ 2,792'711 20,845,848 19,319,704 23,712,841 Net national bank notes-20,695:094 1,762,730 1,764,465 2,099,500 Net Federal Reserve notes 871,885 notes 52,165 16,965 bank Res, 22,400 Net Fed'I 47.718 5,234,097 5,243,449 6,057,499 Net subsidiary silver 3 6,35644 5,168.350 5.692.580 5,273,381 Minor coin, dre 5,838,222 Total cash in Treasury_ Less gold reserve fund --- 254,246,218 156,039,088 254,758,414 166,039,088 Cash balance in Treas'y Dep.In speo'l depositories, account Treas'y bonds. Treasury notes and certificates of Indebtedness Dep. in Fed'i Res. bank Dep. In national banks: To credit Treas. U. FL To credit dish. officers_ Cash in Philippine Islands Deposits in foreign depts. Dep,In FoTI Land banks. 98,207,130 98,719,326 100.243,152 95,175,590 71,297,000 39.091,008 296,626,000 31,587,027 152,684,000 28,476,836 63,913,000 27,949,343 7,086.243 19.427,904 931,249 2,475,166 8,162,532 18,914,766 515,568 2,265,109 7,112,486 17.670,364 357,040 2,107,709 6 984,062 18:336,588 744,428 2,789,967 Net cash In Treasury and in banks ROduct current liabilities_ 238,515,700 133,906,199 456,790.328 138,183,160 308,651,987 120,376,001 215.872,978 112,205,823 Available cash balance_ 104,609,501 318,607.168 188,275.986 102 256,282,240*251,214 678 156,039,088 156.039:08 8 AR7 155 * Includes Sept. 1, 86,891,636 silver bullion, and $4,184,844 minor &c., coin not included in statement "Stock of Money." Flour. Oats. Corn. Wheat. Rye. Barley. bbls.196Ww.bush.60 lbs. bush.56 lbs. bush. 32 lbs. bus. 48 lbs. bus. 56 lbs. 369,000 16,000 444,000 1,739,000 1,108,000 238,000 Chicago 396,000 225,000 1,168,000 1,456,010 5,150,000 Minneapolis305.000 6,372,00089,000 1,098,000 1,079,000 Duluth 541,000 28.000 400,000 330,000 112,000 22,000 Milwaukee_ 124.000 3,000 1.000 28,000 290.000 Toledo 34,000 6,000 6,000 42.000 Detroit 184,000 274,000 34,000 Indianapolis 207,''' 30,000 71,000 525,000 583,000 145,000 St. LouLs___ 12,000 82,000 151,000 342,000 82,000 64,000 Peoria 130,000 538,000 2,057,000 Kansas City 226,000 459,000 1,729,000 Omaha 132,000 219,000 451,000 St. Joseph __ 6,000 11,000 472,000 Wichita 114,000 8,000 2,000 56,000 48,000 Sioux City_ 469.000 17,866,000 422,000 12,023,000 463.000 15,030,000 Tot. wk.'30 Same week '29 Same week '28 4,841,000 3,796,000 4,820,000 5,223,000 3,460,000 3,359,000 2,227,000 3,776,000 5.273.000 804,000 784.000 896,000 Since Aug.12.526,000123,279,000 28,482,000 33,500,00012,997.1 # 1 5,456,000 1930 2,578,000131.437,000 25,103,000 40,661,00020,354.000 5,765,000 1929 2,885,000110,136,000 29.714,000 33.296,00027,066,000 2,991,000 1928 Total receipts of flour and grain at the seaboard ports for the week ending Saturday Sept. 6 follow: Receipts at- Flour. Oats. Corn. Wheat. Rye, Barley. bbls.1962,s. bush. 60 lbs. bush.56 lbs. bush. 32 lbs. bus.4815s.'us. 5616:. 75,000 2,000 2,000 305.000 2,148.000 New York_ __ 20,000 3,00 127,000 44,000 _ Philadelphia 12.000 2,000 16,000 355.# # 1 26,000 Baltimore.... 3,000 Newport News 24,000 1,000 Norfolk 24,000 30,000 150,000 69.000 New Orleans* 847.000 Galveston. _. 84,000 127,000 1,704,000 Montreal 10,000 1,000 39,000 Boston 614,000 5,356,000 Tot.wk.'30 Since Jan 1'3017,115,000112.033,000 51,000 3,284,000 225,000 3,869,000 2,000 566,000 2,000 547,000 82,000 290,000 13.000 14,000 409,000 1,991,000 Week 1929_ _ _ ....... 0.- 19017 aim non 131 922 000 15.814.000 12.961.000 21.563.000 3.284.000 • Receipts do not include grain passing through New Orleans for foreign ports on through in Is of lading. The exports from the several seaboard ports for the week ending Saturday, Sept. 6 1930, are shown in the annexed statement: Wheal. ExportsfromNew York Boston Philadelphia Baltimore Norfolk Newport News Mobile New Orleans Galveston Montreal Houston _ 120,000 601,000 2,391,000 1,704,000 438,000 Total week 1930- 6,780,000 Same week 1929_ __ - 3.757.000 Oats. Flour. Corn. Bushels. Bushels. 1,252,000 66,000 88,000 96,000 24,000 2,000 5,000 Barley. 10,000 1,000 3,000 27,000 46.000 127,000 15,000 2000, Rye. Barrels. Bushels. Bushels. Bushels, 54,984 40,000 2,000 84,000 84,000 12,000 285,984 183,815 40,000 108,000 116,000 The destinat on of these exports for the week and since July 1 1930 is as below: Flour. Exports for Week Since 117eek and Since Sept. 6 July 1 July 110 1930. 1930. Wheat. Week Sept. 6 1930. Since July 1 1930. Corn. Week Sept. 6 1930. Since July 1 1930. Bushels. Bushels. Bushels. Bushels. Barrels. Barrels. 970.958 2,686,000 18,945,000 86,000 United Kingdom_ 82,565 169,419 1,105,912 4,061,000 40,256,000 Continent 576,000 200,000 S.& Cent.Amer-- 11,000 18,000 2,000 8,000 1,000 184,200 4.000 West Indies 2,000 4,000 _ .. __ Brit. No.Am.Col. 569,000 32,000 115.830 Other countries-- _ 19,000 285.984 2,580,900 6.780,000 60.356.000 Total 1910 Total 1929 _ _-_-_ _ 183,815 1,627,563 3.757.000 38,941,000 2,000 5.000 102.000 136.000 The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Saturday, Sept. 6 were as follows: United StatesNew York Boston Philadelphia Baltimore Newport News New Orleans Galveston_ _ Fort Worth Buffalo " afloat Toledo Detroit Chicago at Milwaukee h pons luntea lieluin Sioux City St. Louis Kansas City Wichita. Hutchinson St. Joseph, MO Peoria GRAIN STOCKS. Oats, Ineat, Corn, Rye, Barley, bush. bush, bush, bush. us bh. blu74,00' 0 0 48,000 131,000 15.000 4,000, 1,000 129,000 17,000 961,000 6,000 89,000 17,000 8,194,000 20,000 110,000 378,000 73,000 88,000 4,119,000 129,000 5,519,000 16,000 300,000 117,000 _ 6,803,000 74,000 71 10,216,000 1,214,000 1,888,000 7 20 4 15 0 00 459,000 1,181,000 172,000 28,000 5,534,000 275,000 4,000 28,000 161,000 68,000 12 5 0 55 30 ,:0 ' 0 00 50,000 21.341,000 1,044,000 6,955,000 5,708,000 386,000 1,118,000 110,000 620,000 1,784,000 239,000 3,373,000 235,000 661,000 110,000 2,224,000 3,623,000 1,757,000 28,148,000 67.000 4,923,000 2,854 28,433,000 1% 00 4,471,000 000 1,251,000 57,000 373,000 28,000 7,313,000 309,000 848,000 53,000 25,536,000 76,000 107,000 38.000 187,000 2,347,000 15.000 9:000 16 68 5:0 6 7:0M 248 0 00 299,000 17.000 113,000 2,000 1,389,000 82.000 1666 FINANCIAL CHRONICLE GRAIN STOCKS. Wheat, Corn, Oats, bush, bush. bush. 2,178,000 350,000 1,522,000 14,876,000 373,000 310,000 1,544,000 80,000 100,000 214,000 United States3ndianapolisOmaha On Lakes On Canal and River Rye, bush. 4,000 14,000 258,000 Barley' bush. 21,000 141,000 Total Sept.6 1930,... A91,098,000 4,583,000 26,440,000 13,753,000 9,124,000 Total Aug. 30 1930_ -187,515,000 3,940,000 23,230,000 13,392,000 7,417,000 Total Sept. 71929_ _ -184,405,000 4,979,000 24.079.000 8,690,000 9,419,000 Note.-Bonded grain not included above: Oats-Duluth. 5,000 bushels; total 6,000 bushels, against 188,000 bushels in 1929. Barley-New York, 247.000 bushels; Buffalo, 814,000; Duluth,64,000; total, 1,125,000 bushelsi, against 1,693,000 bushels in 1929. Wheat-New York, 1,436,000 bushels; Boston, 561,000; Philadelphia, 1,363,000: Baltirr ore, 1,550,000; Buffalo, 6,593,000; Buffalo afloat, 1,242,000; Duluth, 44,000; On Lake, 2,609,000; Canal, 1,497,000; total, 16,895,000 bushels, against 21,360,000 bushels in 1929. CanadianMontreal 6,893,000 690,000 842,000 862,000 Ft. William & Pt. Arthur _32,124,000 1,415,000 6,202,000 14,818,000 Other Canadian 11,112,000 1,847,000 1,215,000 2,700,000 Total Sept.6 l920_._. 50,129,000 3,952,000 Total Aug.30 1930-- -50,372,000 4,071,000 Total Sept.? 1929 63,367,000 11,468,000 SummaryAmerican 191,098,000 4,583,000 26,440,000 Canadian 50,129,000 3,952,000 8,259,000 18,380,000 7,920,000 17.633,000 2,944,000 7,681,000 [VOL. 131. CHARTERS ISSUED. Sept.3-The First National Bank of Odessa, N. Y 50,000 President, F. C. Campbell; Cashier, H. C. Keller. Sept. -West Shore National Bank of Lemoyne. Pa President, C. M. Musselman; Cashier, I. Willis Appler. 100,000 Sept. -The National Bank of Seymour, Iowa 25,000 President, H. T. Long; Cashier, Nora Gingerich. 5 6 Auction Sales.-Among other securities the following, not actually dealt in at the Stock Exchange, were, sold auction in New York, Boston, Philadelphia and Buffalo onatWednesday of this week: By Adrian H. Muller & Son, New York: Shares, Stocks. 8 Per oh. 17 Hartford El. Lt. & Pow., com__ 80 1,000 Merlin Products Corp., Del., common, no par $31 lot 250 Sonora Products Corp. of Am.. common, no par $14 lot 200 Allen-Wales Corp., common, no par $100101 Shares. Stocks. $ Per oh. 5 Hutchinson's Ferry, Inc., pref- 5 83 60-100 Syracuse Washing Mach. Corp., common 13, no par $280 lot 1,500 Tri-Bullion Corporation, class B 013-6 per sh. 50 Breeze Corp., Inc., Newark, N. J., com.,par $10 $26 lot By R. L. Day & Co., Boston: Shares, Stocks. 8 per Sh. Shares. Stocks. $ per Sh. 112 Nat. Shawmut Bank, par $25- 72 300 Shepard Stores, Inc., common..153 5 Second Nat. Bank, par $25 145 100 Draper Corp 60 ex-div. Total Sept.6 1930_ -.241,227,000 4,583,000 30,392,000 22,012,000 27,504,000 14 Boston Nat. Bank 100 4 regular units First Peoples Trust_ 2614 Total Aug. 30 1930...._237.887.000 3,940,000 27,301,000 31,312,000 31,944,000 25 Nat. Shawmut Bank, par 525 7234 8special units First Peoples Trust__ 3 Total Sept. 71929_ _ _247,772,000 4,979.000 35,547,000 11,634,000 17,099,000 25 First Nat. Bank, par $20 10234 10 Old Colony Trust Associates-- 40 5 Merchants' Nat. Bank 52034 10 Mass. Bond.& Ins. Co. par $25A05 The world's shipments of wheat and corn, as furnished by 5 Federal Nat. Bank, par 520 98 8 Plymouth Cordage Co 733-4 Broomhall to the New York Produce Exchange, for the week 250 S. Trust20 Co 9414 165 Massachusetts Utilities Aso.Arlington Mills Mates, pref., par 550 3736 ending Friday, Sept. 5 and since July 1 1930 and 1929, 200 Saco Lowell Shops common.... 24 3 20 Old Colony Trust Associates.. 40 45 Pierce Mfg. Corp 105 are shown in the following: 50 Connecticut Mills Co. 1st pref.- 534 500 Langford Sales Audit Machine Co. el. A & 100 Cl. B v.1. c---$10 lot 25 Northwest Louisiana Gas Co.PI_ 10 5 Dennison Mfg. Co. pref-97% ex-div. Note for $15,000, dated Boston, Wheat. May 7 1928, on demand, given Corn. 50 Draper Corp 60 ex-div. by Edward Fierce to the order of 3 Collateral Loan Co Week 150 ex-div. Joseph Aronson. int. 6%. SeSince Since Week Since Since 50 New Boston Arena Co. pref, Exports- Sept. 5 July 1 cured by 2nd mtge. on real estate July 1 Sept. 5 .7uly 1 July 1 and 50 common 1930. $25 lot in Stoughton. Mass., and being 1930. 1929. 1930 1930. 1929. 6 Stanley Works Co. corn., par 825_ 3734 half of the 2d mtge 81.000 Bushels. Bushels. Bushels. Bushels. Bushels. By Bushels. Wise, Hobbs & Arnold, Boston: North Amer_ 9,940,000 91,274,000 70,148,000 494,000 1,081,000 Shares. Stocks. 40,000 Black Sea... 512,000 9,656, 5 Per Sh• Shares. Stoats. Per 378. 1,080,000 195,000 13,983,000 324,000 14 Boston Natl, Bank Argentina... 461,000 9,134, 85 10 First Natl. Bank, par $20 10214 46,996,000 3,570,000 35,543,000 51,658,000 16 Pepperell Mfg.Co Australia ___ 8934 30 Medford Trust Co.. par $20 352.000 11,480, 65 12,688,000 Associated Textile Co's as follows: India Mtge. note $3,000 dated Aug. 21 2,152,000 6,480, 280.000 5 at 35; 5 at 35; 5 at 35; 5 at 35; 0th. countr's 1,040,000 9,238,000 6,060,000 1,708,000 13,553,000 7,799,000 1925 given by Irene C. Lee and Sat 35; 15 at 35;5 at 35;Sat 35; Emil T.Lee,to Geo. W. Watson Sat 35;Sat 35;5 at Totals__ 14,457,000 137,262,000 137,252,000 5,513,000 72,523,000 60,862,000 payable one year from date, int. 14 Pepperell Mfg,CO.383.4 8931 6%,sec. by mtge. on part of Lot 25 Arlington Mills No. 90. Mountain Ave., East 24-2434 Cincinnati Stock Exchange.-Record of transactions at 10 Pepperell Mfg.Co 90 Revere; mtge. note $3,000 dated Steam Cotton - 88 Dec. 12 1927 for one year, int. Cincinnati Stock Exchange, Sept. 6 to Sept. 12, both in- 520Naumkeag American Glue Co.,com__14514 Co__- -145% at 6% given by Jeanne DuCett& 50 Boston Herald-Traveler Corp- 24 clusive, compiled from official sales lists: Earle S.DuCett to Geo. W.Wat24 University Associates Boston 44 son, sec. by mtge., on part of 10 Boston Woven Hose & Rubber Friday Sales Lots No. 90 and 89 Mountain Co.,corn Last Week's Range for 76 ex-div Range Since Jan. 1. Ave. East, Revere; mtge. note 7Bangor Hydro-Elec. Co., par $25 5734 Sate of Prices. Week. 53,000 dated Dec. 12 1927 for 50 Stocks'Great Nor.Paper Co.. par $25_ 46 Par. Price. Low. High. Shares. Low. one High. year,int. 6s given by Jeanne 75 Boston Herald-Traveler Corp_ - 24-25 DuCett and Earle S. DuCett to Aluminum Indus, Inc_ _. 5 19 20 155 17 July 3034 Feb 382 80-160 Wickwire Spencer Steel Geo. W. Watson, sec. by mtge. Amer Laund Mach com_20 5434 54 $1 lot Jan 1 Co. corn, (ctf of deposit) 5614 on part of Lot No.89 cor.Payson 770 4734 June 75 Partici. Federal Synd.. par12,000 Amer Rolling Mill com_ _25 5231 5214 5334 93 483.4 July 1003.4 Feb Bt. and Mountain Ave. East. Amer Thermos Bottle of-50 5034 5015 5014 $5 lot 62 48 Aug 52 May 43100 Empire Farms Inc Revere $300 lot • Amrad Corp 10% 19 Jan 32 19 Apr 8 Old Colony Invest.Trust 4 12 Units First Carey (Philip) com Peoples _100 Trust 230 231 2634 Bond. Feb 38 15 225 Aug 28 Per Cent. Champ Ctd Pap lot pf_100 Progressive Realty Associates. 108 108 Jan 15 105 $2,000 Southern New England Ice Jan 110 Inc.($75 per share paid in liquid)S2001t Special preferred--100 10434 10414 10414 Co.614s, Feb. 1942 Jan 1083.4 May Note 5 102 5914 int. & of Churngold Corp Laura A. Mobbes for $4." 1634 1614 17 Mar 23 Apr 188 15 $450 Eastern Mass, St. Ky. 5a, 000 due Dec.3 1929 secured 2nd Cinci Car B * 1 142 May 14 Jan Jan. 1948 2 134 134 37 & int. mtge. Preferred on 16 Ea. 20 Springfield St., 3 114 Jan 314 245 334 $500 Rhode Island Ice Co.. 1St 811. 331 Sept Boston, Mass CNO&TP 100 1073.4 10734 10714 $1,000lot Feb May 1948 5 10531 Jan 110 4914 & int. Cin Gas & Elec pref._ 100 10014 10016 1023-4 Sept 123 95 Jan 103 By Barnes & Lofland, Philadelp Chief Street Ry hia: 50 4234 42% 313 4034 July 4536 Apr . CM & Sub Tel . 50 100 . .snares. StocXs, July 119 993.4 101 Jan 60 587 91 5 per . Cin Union Stock Yards...* 2134 Eugene E. Nice Co. pref., 50 Franklin Trust Co., par $10-- 52 Jan 20 1934 Aug 30 2134 2134 City Ice & Fuel • July 49 40 4 38 Feb 20Par $50, and 205 common____$500 lot 3 Bankers Trust Co., par $50 3931 70 Hatboro (Pa.) Trust Co., par Crosley Radio A * 15 Broadway Merchants Trust Co., 151 II% Jan 27 16 Apr 1734 Dow Drug com 850 * 100 1134 12 Camden, N. J., par $20 Jan 5 Nat. 591 10 Aug 18 4934 Bk. Eagle-Picher Lead corn_ _20 of Germantown & Trust 11 J. B. Van Salver Co., common_10994 8 15 814 Apr 526 7634 July Early & Daniel coin • 78 23 Bonds. 24 Jan 74Co., par $10 July 34 384 22 Per Cent. Tulpehocken Nat. Bk. dr Trust Fifth-Third-11n Tr....100 30034 3003.4 305 $5.000 N.E.corner 15th dc Spruce Apr Aug 320 32 290 Co.. par $10 First National 100 834 Sta., 1st mtge.Os class B June 15 398 393 Jan 10 Amer. Aug 420 9 398 Dredging Formica Insulation Co., $50-110 par * (coupon from 3314 34 Jan 1933 Dec. 15 1929 87 2934 Jan 53 3 Corn Exch. Nat. Bk, St Trust Gibson Art corn attached) • 37 45 35 July 50 37 Jan 10 Co., P Hatfield-Campbell com_ -* 120% 2100 National Waterworks 68,1939 5 Jan 10 Integrity Jan 5 5 30 5 Trust Hobart Mfg par Co., $10._...l06 series * 41 A 41 42 Mar Aug 50 346 40 70 Int. Print Ink 27 27 Apr Sept 37 20 27 By A. J. Wright & Co., Buffalo: Kahn 1st pref 100 90 90 Apr July 95 15 80 Shares. Stocks. Participating $ per Sh. 40 Bonds. 2634 2614 Feb 1,000 Peterson 7 2131 July 30 Per Cent. Cobalt Mines, par $1_40. $8,000 W. Va. Southern Kroger corn * 2834 2534 29 Jan 100 Assets 504 2331 June 47 Coal Co., Realization Lazarus pref Co., par $10 $2 lot 100 09 lot mtge. & leasehold, 7s, series 98 101 99 May 10 94 Feb Manischewitz corn • due 1947,Jan.1930 Coup.att'd _240 lot 373-4 38 40 37 June 45 Mar Nat Recording Pump_ _ _ _.1 19 21 Sept 36 Jan 50 19 Newman MN Co • 28 30 Apr 455 25 Feb 34 Ohio Bell Tel pref 100 113 11334 DIVIDENDS. Apr 2 11034 Feb 115 Paragon Refining B • 143-4 15 734 Feb 1534 May 98 Prod & Gamble corn new * 7334 7334 75 Dividends are grouped in two separate tables. 1,082 5214 Jan 7814 June In the 5% preferred 100 106 106 5 10431 June 110 Mar first we bring Pure Oil6% pref together all the dividends announced the 100 9534 9434 97 88 93 Aug 100 Feb Rapid Electrotype * 4234 43 24 3914 Jan 60 Apr current week. Then we follow with a second table, in Randall A 1514 1514 1514 15 1331 Jan 19 Mar B 614 694 100 5 Jan 11 Mar which we show the dividends previously Second National announced, but 100 200 200 12 200 July 218 Feb United Milk Crate A which have not yet been paid. * 1434 1434 1414 15 14 July 1934 Jan U Et Playing Card 10 70 70 120 70 Jan 91 July The dividends US Pr & Lith corn new 100 announced this week are: 25 25 100 25 Jan July 33 • No par value. Per When Books Closed. Name of Company. Cent. Payable. Days Inclusive. National Banks.-The following information regarding Railroads (Steam). national banks is from the office of the Comptroller of the Akron Canton & Youngstown (quay.)..,. "4 Oct. 1 *Holders of rec. Sept. 15 Belgian National Rya., Amer.shares__ Currency, Treasury Department: $4.13 Sept.19 Holders of rec. Sept.12 Chicago &North Western corn. (guar.).- •134 Sept.30 *Holders of rec. Sept.1$ Preferred (guar.) VOLUNTARY LIQUIDATIONS. .1% Sept.30 "Holders of rec. Sept.15 Cincinnati Union Term., pref. (gu.) Sept.2-The National Bank of Oros', Calif _ 131 Oct. 1 Holders of rec. Sept. 20 Dayton & Michigan common Effective Aug. 1930. Llq. Agent. H. A. Collin, Orosi, •87Ho Oct. 1 *Holders of rec. Sept. 16 Lackawanna RR.of N. J.(guar.) Calif. Oct. "Holders of rec. Sept. 9 Mahoning Coal RR.common (guar.)--* 212.50 Nov. 1 "Holders Succeeded by "First National Bank in Orosi," Calif., 1 of rec. Oct. 15 New York Central RR.(guar.) No. 13465. 2 Nov. 1 Holders of rec. Sept. 26 Northern RR.of New Hampshire(guar.) •134 Sept.2-The First National Bank of Valier. 111 25,000 Pittsburgh Bessemer Oct. 1 *Holders of rec. Sept. 8 Effective Aug. & L.E.common... 1930. Liq. Agent, the First National 750. Oct. 1 Holders of rec. Sept. 15 Rutland RR. preferred Bank of Christopher, Ill. *2 Nov. 1 *Holders of res. Oct. 15 Southern Sty., corn, (guar.) Absorbed by the First National Bank of Christopher, Ill., 2 Nov. 1 Holders of rec. Oct. 1 Preferred (guar.) No. 8260. 114 Oct. 15 Holders of rec. Sept.22 Southern Ry. M.& 0.stock tr. Mts. Sept.2-The First National Bank of Robstovrn. Texas - 2 Oct. 1 Holders of rec. Sept. 15 Vermont & Massachusetts Effective May 19 1930. Liq. Agent,Howard Sands, Care Oct. 7 Holders of rec. Sept. 9 of the liquidating bank. Absorbed by Texas State Bank & Trust Co. Public Utilities, of Corpus Allegheny Traction, Pittsburgh (guar.). Christi, Tex. •22.50 Oct. 1 *Holders of rec. Sept. 30 Sept. -The Clayton National Bank, Clayton, Amer. Dist. Teleg. of N.J. oom.(gu.) •21 Mo Oct. 15 *Holders of rec. Sept. 15 Preferred (guar.) Effective Aug. 29 1930. Liq. •1x Oct. 15 *Holders of rec. Sept. 15 Agent, National Clayton Amer. Gas & Elec. common Bank, Clayton, Mo. 25.3. Oct. 1 Holders of rec. Sept. 15 (gnat%)Preferred (guar.) Succeeded by Clayton National $1.50 Nov. 1 Holders of tee. Oct. 8 Bank. Clayton, Mo.. Amer.Public Service pref.(guar.) No. 13481. 1).4 Oct. 1 Holders of tee. Sept. 15 6 13,753,000 9,124,000 8,259,000 18,380.000 50,000 16 55.000 3 60,000 Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Name of Company. When Per Cent. Payable Books Closed Days Inclusive. Banks. Public Utilities (Concluded). Oct. 1 'Holders of rec. Sept. 25 "5 First National (quar.) Appalachian Elec.Power,$7 pref.(au.). *31.75 Oct. 1 *Holders of Teo. Sept. 8 *20 Oct. I 'Holders of rec. Sept. 25 First Security Co.(guar.) $e preferred (gum.) •$1.50 Oct. 1 *Holders of rec. Sept. 8 *25c. Sept. 1 'Holders of rec. Aug. 25 Port Morris (qua:.) Oct. 1 Holders of roc. Sept. 16 Associated Telep. & Teleg., cl. A (attar.) $1 '1% Oct. 4 *Holders of rec. Sept. 24 Trade (quar.) Oct. 1 Holders of rec. Sept. 16 1 Class D (quer.) *50c. Oct. 1 'Holders of rec. Sept. 18 United States(Banks of)(guar.) 134 Oct. 1 Holders of rec. Sept. 16 7% first preferred (quar.) Trust Commies. 51.50 Oct. 1 Holders of rec. Sept.16 $6 first preferred (qua:.) 750. Oct. I Holders of rec. Sept. 20 (guar.) Co Trust Europe of Bank 1 Oct. $1.75 of Holders rec. Sept. 12 Birmingham Elec. Co..$7 Prof.(guar.)_ _ 25e. Oct. 1 Holders of rec. Sept.20 Extra $1.50 Oct. 1 Holders et rec. Sept.12 $6 preferred (qua:.) Bank of New York &Trust Co.(quar.)-- MS Oct. 1 'Holders of rec. Beet.10 134 Oct. 1 Holders of rec. Sept.15 Calgary Power, Ltd., corn.(qua:.) Oct. 1 Holders of rec. Sept. 20a 40c. (guar.) Bronx County 1 Oct. I Holders of rec. Sept. 14 Capital Traction. Wash., D.C.(qu.) "2 Sept.30 *Holders of rec. Sept.25 Lawyers (guar.) Carolina Power & Light,$7 Prof.(qu.)_ - $1.75 Oct. 1 Holders of rec. Sept. 12 Oct. I Sept. 28 to Sept. 30 4 (qua:.) (Yonkers) Westchester $1.50 1 Oct. rec. of Holders 12 Sept. (qua:.) $6 preferred $1.75 Oct. 1 Holders of rec. Sept. 10 Central States Pow.& Lt.,$7 pf.(qu.) Fire Insurance. Central States Utilities Corp..$7 Ilf.(qU.) $1.75 Oct. 1 Holders of rec. Sept. 10 Oct. 1 "Holders of rec. Sept.15 4 City of New York Ins. Co.(quer.) Chic. No.Shore & 5111w. RR., pr.ln(qu.) •I Si( Oct. I *Holders of rec. Sept.15 *c50 Subject to meeting Sept. 15. Stock dividend •650. Oct. 1 "Holders of rec. Sept. 16 Chicago Rap.Tran., pr. pi. A(mthly.) 50c. Oct. I Holders of rec. Sept.. 15 Home Insurance Co.(quar.) *600. Oct. 1 *Holders of rec. Sept. 16 Prior preferred B (monthly) Cincinnati Gas dr Elec., pref. A (guar.)._ •1}( Oct. 1 *Holders of rec. Sept. 12 Miscellaneous. Cities Serv.Pow.& Lt..$7 pt.(mthly).• 58 1-3e Sept.15 'Holders of rec. Aug. 30 Abercomble & Fitch Co., pref.(guar.).- 51.75001. 1 Holders of rec. Sept. 20 *50e. Sept.15 *Holders of rec. Aug- 30 $8 preferred (monthly) *11I Sept.30 *Holders of rec. Sept.20 Aeolian Company. pref.(quar.) 41 2.3c Sept.15 Holders of see. Aug. 30 $5 preferred (monthly) '134 Oct. 1 *Holders of rec. Sept.15 Aetna Rubber, prof.(quar.) 134 Oct 1 Holders of rec. Sept.25 Cleveland Railway (guar.) 75c. Oct. 15 Holders of rec. Sept.30 (guar.) corn. Reduction, (qua:.) Air 1 Oct. *50c. partic. of 'Holders pref. rec. Sept. 20 Community Telep., $1.50 Oct. 15 Holders of rec. Sept. 30 Common (extra) Consumers Power Co.,$5 Pref.(quar.). $1.25 Jan2'31 Holders of rec. Dee. 15 Airway Electric Appliance,cont.(Qua:.). "31He Oct. 1 'Holders of roc. Sept.20 15.4 Jan2'31 Holders of rec. Dec. 15 6% preferred (quar.) •154 Oct. 1 *Holders of rec. Sent.20 $1.65 Jan2'31 Holders of rec. Dec. 15 6.6% preferred (Qua:.) Preferred (quar.) •$1.50 Sept.30 "Holders of rec. Sept.10 Alaska S. S., pref.(qua:.) 154 Jan2'31 Holders of ree. Dec. 15 7% preferred (quar.) 20e. Oct. 1 Holders of rec. Sept. 15 Alliance Investment Corp., coin.(War.) 50e. Nov. 1 Holders of rec. Oct. 15 8% preferred (monthly) Oct. 1 Holders of rec. Sept. 15 $3 50c. Dee. 1 Holders of rec. Nov. 15 Preferred 6% preferred (monthly) 800. Oct. 1 Sept. 21 to Sept.20 50c. Jan2•81 Holders of rec. Dec. 15 Aluminum Goods kftg 6% preferred (monthly) Oct. 20 Holders of rec. Oct. 10 75e. 1 (guar.) Nov. corn. 55o. Chain Holders American of rec. Oct. 15 6.6% preferred (monthly) 55c. Dee. 1 Holders of rec. Nov.15 American Cyanamid corn. A. dr B.-divi dends omitted 6.6% preferred (monthly) Oct. 1 Holders of rec. SePt.23 134 (qu.)pre/. Inc.. Jen2'31 Holders 55e. Growers, of Fruit Amer. rec. Preferred (monthly) 15 Dec. 6.6% •3714e Oct. 10 'Holders of rec. Oct. 5 Amer. Fork & Hoe, corn.(qua:.) Continental Telephone,6)4% pf.(qu.)-. •154 Oct. 1 'Holders of rec. Sept. 15 *If( Oct. 1 *Holders of rec. Sept.15 Preferred (period Aug. 1 to Oct. 15).. *I I( Oct. 15 *Holders of rec. Oct. 5 7% preferred (quar.) Oct. 1 *Holders of rec. Sept.15 2 Sept.80 Holders of rec. Sept.I5a AmericanHard Rubber. pref.(guar.)-- *2 Cuban Telephone, corn. (guar.) Sept.30 Holders of rec. Sept.12 $1 134 Sept.30 Holders of rec. Sept.15a American Locomotive, corn. (qua:.). Preferred (guar.) 134 Sept.30 Holders of rec. Sept.12 $1.25 Oct. 15 Holders of rec. Sept.22 Preferred ((par.) Duquesne Light, 1st pref.(QUIT.) *50e. Sept.30*Holders of rec. Sept.15 Amer. Maize Products, corn.(quer.) Electric Power & Light, cool.(guar.).- •25e. Nov. 1 'Holders of rec. Oct. 11 "134 Sept.30 *Holders of rec. Sept.15 •50e. Oct. 1 *Holders of rec. Sept. 15 Preferred (quar.) Empire Gas & Fuel,6% pref.(mthly.) Oct. 1 *Holders of rec. Sept. 30 *50e. (quer.) Oct. 1-6c 54 • 1 corn. Mill, "Holders (monthly) of Rolling Amer. Sept.15 rec. preferred 634% *134 Oct. I *Holders of rec. Sept.15 • 58 1-3c Oct. 1 *Holders of rec. Sept. 15 Preferred (qua.) 7% preferred (monthly) 75c. Oct. I Holders of ree. Sept.20 •66 2-3c Oct. 1 'Holders of rec. Sept. 15 Amer. Salamandra Corp.(quar.) 8% preferred (monthly) •134 Oct. 1 'Holders of rec. Sept. 20 American Service Co.. pref.(qua:.) Florida Power & Lt.$7 pref.(guar.).- $1.75 Oct. I Holders of rec. Sept. 9 creel Water Was.& Elec.. cam.A (qu.)_ *8734e Oct. 1 *Holders of rec. Sept.20 50e. Oct. 1 Holders of rec. Sept. 15 Amer.Thermos Bottle, pref.(QUIT.) Oct. 15 Holders of rec. Oct. 4 2 (quar.)_ corn. Founders, 1 Oct. $1.75 of Holders rec. Tyne Amer. 15 Sept. ((per.) preferred 57 111 Oct. 15 Holders of rec. Oct. 4 81.625 Oct. 1 Holders of rec. Sept. 15 Preferred (quar.) $6.50 preferred (guar.) 750. Oct. I Holders of rec. Sept.15 &Merle= Wringer corn. (quar.) Germantown pass. Ry.(Phila.)(qu.)-'$ 1.3134 Oct. 7 *Holders of rec. Sept. 17 *50c. Oct. 1 *Holders of rec. Sept. 15 •134 Oct. 1 *Holders of rec. Sept. 30 American Yvette Co.(qua:.) Gold & Stock Telegraph (guar.) Sept. 15 "Holders of rec. Aug. 31 *81 •150. Sept.20 *Holders of rec. Sept. 15 Anglin-Norcross. Ltd., common Hawaiian Electric (monthly) ' 8.50 Sept.15 "Holders of rec. Aug. 31 Is Oct. 1 Holders of rec. Sept. 10 Preferred Illinois Power & Light prof.(quar.) Oct. 1 *Holders of rec. Sept.20 41.75 (qua:.)... pfd. 1 Oct. $1.50 *Holders Pr. • Mfg., of Electrical Apex rec. Sept. 8 Indiana General Service pref.(quar.) •500. Oct. 1 *Holders of rec. Sept. 15 11 olldd Ho Holders of reo ef Apponaug Co., common (var.) rec. .8 Indiana dr Mich. Elec.7% pref.(qua:.)- "•1134 Oct.11: • 8 ot. SeP Oct. 1 *Holders of rec. Sept. 15 "194 (guar.) preferred (quar.) 614% 6% Preferred rec. Sept.20 134 Oct. 1 Holders of rec. Sept. 5 Associated Bankers Title dr Mtge.(qu.). '3734c Oct. 1 *Holders of Indianapolis Power dr Light pref. 0111.) +750. Oct. 1 *Holden of rec. Sept. 15 154 Oct. 1 Holders of rec. Sept.15 Atlas Stores, pref.(quar.) Inland Power & Light, pref. (quer.)_Holders of rec. Sept.15 1 Oct. 80c. (qua:.) '4254e (QUIT.).1 Oct.. 'Holders A corn. A pref. Co., t.. I le f i partle. rec.. Fisher Axton Inland Utilities 134 Oct. 1 Holders of rec. Sept.15 I 134 Oct of International Power 7% pref.(guar.).Preferred (guar.) 53 9ept.27 Holders of rec. Sept. 18 25e. Oct. 1 Holders of rec. Sept. 15 Baltimore Brick, lot Prat International Superpower Corp.(quar.)*150. (qu.) Sept.30 "Holders of rec. Sept.15 deb. Amer., (guar.) 16 of Oct. 50e. Tr. Invest. Holders of rec. Seri. 19 Bankers Internat. Telep. & Teleg. rec. Sept.30 International Utilities Corp.clam A(OW 8714e Oct. 15 Holders of rec. Sept. 250 Bankers Securities Corp., common (Om.) *750. Oct. 15 *Holders of "750. Oct. 15 *Holders of rec. Sept.30 $1.75 Nov. 1 Holders of rec. Oct. 17e Participating preferred (quar.) 87 preferred (emir.) *Holders of 1 Oct. *50e. rec. Sept. 16 (qua:.)... 1 (quar.) Oct. $1.75 Holders of rec. Sept. 10 Interstate Power Co.$7 pref. Beatty Bros., corn. 250. Oct. 1 Holders Of rec. Sept.20 $1.50 Oct. 1 Holders of rec. Sept. 10 $6 preferred (qua:.) Bickford's, Inc., corn. (guar.) rec. Sept.20 of Holders 1 Oct. e 624 •1% Sept.30 (guar.) A pref. *Holders Co. of Electric (quar.) rec. Preferred Iowa Sept. 15 Sc. Sept.30 Holders of rec. Sept. 16 4,1% Sept.30 *Holders of rec. Sept.15 Preferred B (quar.) Bishop Oil Corp •50e. Oct. 1 *Holders of rec. Sept. 20 134 Sept.30 *Holders of rec. Sept. 15 (T. E.) Co., corn.(quar.) Iowa Power & Light.6% pref.(guar.).- . Bissell •lf( Oct. 1 'Holders of rec. Sept.20 •15,t Oct. 1 *Holders of rec. Sept. 15 Preferred (qua:.) Iowa Ry. & Light. 7% pref. A (guar.).- •1,4 3714e. Sept.30 Holders of rec. Sept.15 Oct. 1 *Holders of rec. Sept. Bonner (The) CO., C18.99 A (quar.) 634% Pref. B (qua:.) 25c. Sept.30 Holders of rec. Sept.15 (qu.)_ •13,6 Oct. 1 *Holders of rec. Sept. 15 Trust Property (quar.) Personal Boston C pref. 15 6% 34 Nov. 1 Holders of rec. Oct. 1 +$12,4 . Brandram-Henderson, Ltd., corn.. (qu.) .50 o v. Noot. roe.rrm. Sept.Oct. 30 Jamestown Telephone, corn. (quar.) 15 134 Oct. 1 Holders of rec. Sept. 1 1 *11 oliders el Ho Preferred (quar.) Preferred (guar.) Oct. 1 Holders of rec. Sept. 15a 50e. (qu.) A class Inc., 1 Oct. H 1 (au.) Pt. 7% &Light, Co., Power Holders of ree. Sept.15 Brill.) Mfg. Jersey Cent. 30c Oct. 1 Holders of roe. Sept.15 134 Oct. 1 Holders of rec. Sept.15 6% preferred (guar.) Broad Street Invest. Co.(qua:.) (quar.)_ "31.50 Oct. 1 Hielders of rec. Sept.25 The. Oct. 1 Holders of rec. Sept. 15 Brooklyn Mtge. Guar. & Title Keystone Public Service, pref.(guar.).•50c. Oct. 15 'Holders of rec. Sept.30 •25c. Sept.30 *Holders of rec. Sept. 15 Brompton Pulp dr Paper,corn.(cm)_ Lone Star Gas (qua:.) +1H Oct. *Holders of rec. Sept. 19 Brown-Durrell Co.. pref.-dividend pass ed Manhattan Ry., quar.(Var.) _ (qu.) 134 Oct. 1 Holders of rec. Sept.20 pref. Brunswick-Balke-Collender. Oct. (qu)13( pref. Co., 75' Power Holders of Elec. Michigan rec. Sept. 15 "lc. Oct. 1 'Holders of rec. Sept.15 134 Oct. Holders of rec. Sept. 15 Buckeye Union Oil 6% Preferred (guar.) *5611c Oct. 1 *Holders of rec. Sept.20 Buffalo General Laund..pref.((pr.) (qu) 50e. Oct. 1 Holders of Milwaukee Elec. Ry.&Light, pref.(qu.) 1}} Oct. 3 Holders of rec. Oct. 20 rec. Sept. 16 B & A cl. Ltd., Oct. Pf.(qu.)154 Products, 7% Light, Holders of rec. Sept. 15 Building Minnesota Power & 750. Oct. 2 Holders of rec. Sept.20 $1.50 Oct. Holedrs of rec. Sept.15 86 preferred (quar.) Burco, Inc., pref. (qua:.) *75c. Oct. 1 *Holders of rec. Sept. 19 'IS Oct. *Holders of rec. Sept. 22 Burnham Trading Corp.. prof. A (Ott.).. Miss. valley Public Service, pref.(qU.) 50c. Sept.30 Holders of rec. Sept.15 •250. Oct. *Holders of rec. Sept. 15 Byllesby (IL Si.) & Co.,cl. A (qua:.)... Montana Power, corn.(quar.) 50e. Sept.30 Holders of rec. Sept.15 20 'Holders Class B (qua:.) Mountain States Power, pref. (guar.).- '1St Oct. flora °ff 50c. Sept.30 Holders of rec. Sept.15 o Oct. 88c. --(Oran) corn. ;Le., (quar.) Preferred Municipal Service Co., 15 Ser't•3° Sept. end pa reed. Copper-Mid() 'Holdersoaf! Calumet & Hecht Consol. If 2 11 t.8 Seopv New England Power Co.. pref.(guar.).- "134 Oct. "500. Oct. 1 "Holders of rec. Sept.15 Holders roe. Nov. Carnpe Corporation (Quer.) North American Edison Co., prof.(qu.). $1.50 Dec. SePt.20 to Sept.24 (quar.) Sept.30154 pref. Holders pref. f. Oct.t oe & corn. (guar.). "•1 o roe.Sept. "Hofd'Holdersoff Canfield Oil, reo. S 5 pf. 10 seo North Continent Utilities. 40c. Oct. 1 Holders of rec. Sept. 18a Cannon Stills (qua:.) North Shore Gas, pref. (guar.) Sept.15 *Holders of rec. Sept. 10 *52 (quar.) * Oct. •1}( pf.(ree lien, teln• pr. Mfg.. of Holders Co., (Philip) rce. Sept. 15 Carey North West Utilities *134 Sept.30 *Holders of rec. Sept.20 H deers () of ree. Preferred (guar.) Northern States Pow.(Del.).com.B (qu.) *20c. Nov. 'Holders 8 10 rt.. 3 seo •S '134 Oct. 1 *Holders of rec. Sept. 10 15( Oct. Carnation Co.. Pref.(guar.) Ohio Bell Telephone, Prof.(quer.) Oct. 1 *Holders of rec. Sept.22 *3734c (qua:.) Associates ,f pref. °°1'Holders ioloo (monthlY) Aguirre fo 7% of ;moo.. Sept,Sep 15 blic Service, Centrai Ohio Public 5 1-3 Oct... •50e. *38 Chamber of Commerce Bldg.(Ind.) 6% preferred (monthly) 81.375 Oct. 1 "Holders of ree. Sept.20 *41 2-3 Oct. : Holders of rec. Sept. 15 Preferred (QUIT.) 5% preferred (monthly) *154 Oct. 1 *Holders of rec. Sept.20 ' Holders of rec. Sept.15 Champion Coated Paper, pref.(qu.) Otter Tail Power Co.,6% pref.(guar.)._ : *134 Oct. 1 *Holders of rec. Sept.20 1;I Oct. c1f Holders of Special preferred (guar.) 51}% preferred (quar.) Sept. 15 Oct. 1 "Holders of rec. Sept.20 •134 s1}4 Oct. 1 'Holders of rec. (quar.) pref. 1st Fibre, Pacific Lighting, pref. (quar.) Champion rec. Sept.30 Oct. 1 *Holders of tee. 1%13.25 '134 (qu.) pref. Holders of rec. Sept.15a Champion Shoe Mach., Penn Central Lt.& Pow.,$5 pt.(quer.). $1.25 Oct. *II( Oct. 1 *Holders of rec. Sept.20 700. Oct. }folders of rec. Sept.15 $2.80 preferred (qua:.) Channon (H.) Co., let pref.(quer.) Oct. 1 *Holders Of rec. Sept.20 *2 pf.(qu.) Oct. $1.75 $7 (guar.) Co., Lt. & Pow. Pennsylvania Holders of rec. Sept.15 Second preferred 134 Sept.30 Holders of rec. Sept.19 (quar.)_ 51.50 Oct. Holders o free. Sept. 15 $6 Preferred (quar.) Chase Brass & Copra,Pref. (guar.)._ +87 JAc Oct. 1 *Holders of rec. Sept.20 pref. Tool, $1.25 Oct. Pneumatic $5 preferred (qua:.) Holders of rec. Sept.15 Chicago "31.25 Oct. 1 *Fielders of rec. Sept.20 *2 Oct. 1 *Holders of rec. Oct. 3 Peoples Gas It. & Coke (guar.) Chicago Towel, corn. (qua:.) Oct. 15 *Holders of rec. Oct. 5 "II Philadelphia Co., new corn.(qu.)(N0.1) 20c. Oct. 8 Holders of rec. Oct. 1 Common (extra) Oct. I 'Holders of rec. Sept.20 '$1.75 150. Oct. 3 Holders of rec. Oct. 1 New common (extra) Preferred (quer.) Oct. 1 *Holders of rec. Sept.20 "31.75 $1.50 Nov. 6% preferred Holders of rec. Oct. 1 Circle Theatre Corp. (qua:.) (guar.)._ •40c. Sept.30 *Holders of rec. Sept.20 $2 (bet. Philadelphia Traction Co Holders of rec. Sept.10, Cincinnati Union Stock Yards Oct. 1 *Holders of rec. Sept.15 33.46c (monthly)' Shares (guar.) 154 ServireBankers pref. Oct. Railways, Porto Rico Holders of rec. Sept.15 Cities 12540. Oct. 15 Holders of rec. Sept.30 30c. Oct. Providence Gas Co..(guar.) Holders of rm. Aug. 15 City Stores Co., corn.(qua:.) Nov. 1 Holders of rec. Oct. 15 874c. Rockville-Williarnantio Ltg.,7% PL(Qu.) •1}( Oct. (quar.) *Holders of rec. Sept.15 A Class 15 •134 Oct. 6% preferred (quar.) Coca Cola Bottling (CM.) class A (quar.) '6234c Oct. 1 *Holders of ree. Sept. *Holders of rec. Sept.15 '373.5c Oct. *Holders of roe. Sept. 15 Saranac River Power, corn.(quar.) Cocos Bay Lumber-Dividend passed 18 Sept. lee. of *Holders 1 Oct. •50c. (quar.) Oet. . + Stove (quar.) & 134 Preferred *Holders of rec. Sept. 15 Coleman tamp Scranton Elec. Co.. pref.(quer.)Oct. Columbia Graehophene, Amer. shares__ "47c. Sept.20 'Holders of rec. Sept.15 "Holders of rec. Sept. 10 190 "11 /44 c1 Oet. 2 *Holders of rec. Sept.30 Standard CaS & Elec., corn. (quar.) Columbia Pictures Corp., corn. (guar ) 87340 Oct. 2 Holders of tee. Sept. +11.50 Oct. 2 *Holders of rec. Sept.?* $6 prior preferred (qua:.) Columbus Mfg.-Dividend omitted •50e. Sept.15 +$1.75 Oct. 2 *Holders of rec. Sept. 30 $7 prior preferred (guar.) Combined Holding (R. I.) Commonwealth Speus., crony. pref. (qu.) "31.50 Oct. 1 'Holders of rec. Sept.15 Standard Pow.& Lt..com.& com.B(qu) 50o. Dec. Holders of rec. Nov.12 Sept.30 *Holders of rec. Sept.20 *2 81.75 Nov. Preferred (quar.) Cooly Tank car. pref.(quer.) Holders of rec. Oct. 16 25e. Oct. 1 Holders of rec. Sept.15 Consolidated Bakeries of Canada Texas-Louisiana Pow.. 7% Pi.(guar.).- 154 Oct. Holders of rm. Sept. 15 Oct. 1 *Holders of rec. Sept.17 •50o. (qu.) corn. (quar.) Industries, 4 CIA Gas. National .25e. Film Consolidated Oct. Twin States Holders of rec. Sept. 16 •500. Oct. 1 'Holders of rm. Sept. 17 Preferred (quar.) United Light & Power(guar.)._ •10e. Oct. 1 *Holders of rec. Sept.20 Mach. & 25e. Nov. Wagon Common A dr B new (clear.) Consolidated Holders of rec. Oct. 15 *400. Oct. 1 *Holders of rec. Sept. 15 $1.25 Nov. Common A & B old (quar.) Continental Casualty (quar.) Holders of rec. Oct. 15 •25c. Sept.30 *Holders of rec. Sept.20 •1.50 Oct. Continental Diamond Fibre (guar.).6% first preferred (guar.) *Holders of ree. Sept. 15 Oct. 1 Holders of rec. Sept.15 31.50 (quer.) pf. $7 *1.75001. Service, Phosphate Public United Coronet Holders of rec. Sept.15 •50o. Oct. 1 *Holders of rec. Sept. 22 *$1.50 Oct. $6 preferred (quar.) Cream of Wheat (guar.) *Holders of rec. Sept.15 .750. Sept.24 *Holders of rec. Sept. 15 (quar.) $1.60 Oct. ' Publishing United Public Utilities. $6 Pt. (quar.)..._ Crowell *Holders of rec. Sept. 15 - •500. Sept.30 'Holders of rec. Sept. 10 Utah Gas & Coke, first prof. (quer.) ___. "31.75 Oct. Crowley Milner & Co., corn.(guar.) *Holders of rec. Sept. 15 25e. Oct. 1 Holders of rec. Sept. 18a *$1.75 Oct. Participating preferred (quar.) Crown Cork International Corp., A (qu.) *Holders of rec. Sept. 15 25e. Oct. 15 Holders of rec. Oct. 4 _ (quer.) B - 15.4 Oct. & A COM. Forster, Virginia Pub. Service. 7% pf.(guar.). Crum & Holders of rec. Sept. IS 2 Dee. 81 Holders of rec. Dee. 20 134 Oct. Preferred (qua:.) 6% preferred (qua:.) Holders of rec. Sept. 15 *6234e Nov. 1 "Holders of rm. Oct. 15 Wabash Telephone Securities pt.(guar.) •$1.75 Oct. Canoe Press, Common (quar.) *Holders of rec. Sept.20 '6254e Dec. 15 *Holders of rec. Dec. 1 (qu.) pt. Light, dr Oct. Power (quar.) '134 West Kootenay Preferred *Holders of rec. Sept. 22 "25e Oct. lb *Holders of rec. Sept.30 Darby Petroleum Western Pow.. Lt.& Telep., pref. A (cp0 •$1.75 Oct. "Holders of rec. Sept.15 814 Oct. 1 Sept. 16 to Oct. 1 2 Oct. I Holders of rec. Sept. 250 Dayfield Realty Corp.. preferred Western Union Telegraph (qua:.) *31.75 Oct. 25 *Holders of rec. +lent. 30 If( Nov. West Penn Power Co., 7% Pref.(quar.)_ Deep Rock OIL 87 prof.(guar.) Holders of rec. Oct. 3 *52 He Oct. I *Holden Of rec. Beet. 20 134 Nov. 6% preferred (quer.) Detroit Electric Co., pref. (quar.) Holders of rec. Oct. 3 12 14 . 1667 FINANCIAL CHRONICLE SEPT. 131930.] 1668 FINANCIAL CHRONICLE Per When Cent. Payable. Books Closed. Days Inclusive. [VOL. 131. Per When Books Closed. Name of Company. Cent. Payable. Days Inclusive. Miscellaneous (Continued). Miscellaneous (Continued). Detroit Gasket & Mfg. (quar.) .30c. Oct. 1 *Holders of rec. Sept. 20 Manufacturers Casualty Co.,Phi's- --Detroit-Michigan Stove. pref. (quar.)-60c. Oct. 1 Sept. 21 to Oct. 1 Sept.10 *Holders of rec. Sept. 1 Extra Detroit Steel Products 40c. Oct. 1 Sept. 21 to Oct. 1 *35c. Oct. I 'Holders of rec. Sept.20 Marlin-Rockwell Corp.(quar.) Devoe & Reynolds,class A & B (quar.) *50c. Oct. I *Holders of rec. Sept. 20 "30c. Oct. 1 *Holders of rec. Sept. 20 Extra First and second pref. (quar.) "50c. Oct. I "Holders of rec. Sept. 20 *I 55 Oct. 1 *Holders of rec. Sept. 20 Maryland Casualty Co., new stk.(No. 1) •565.1c Sept.30 *Holders of rec. Sept. 11 Dome Mines (quar.) 250. Oct. 20 Holders of rec. Sept. 30 Old $25 par stock (quar,) • 51.125 Sept.30 *Holders Dominion Glass, Ltd., corn. & pref.(qu.) 155 Oct. 1 Holders of rec. Sept. 11 of rec. Sept. 15 Massey-Harris Co., Ltd., com.-dividen d omit red. Donahoes, Inc., class A (quar.) "25c. Sept.30 *Holders of rec. Sept. 20 Maud Muller Candy Co.(quar.) Preferred (quar.) 250. Oct. Holders of rec. Sept. 15 •153 Sept.30 *Holders of rec. Sept. 20 Maxweld Corp. (quar.) Driver-Harris Co.. 7% pref. (quar.) --- •1 110c. Oct. 15 Holders of rec. Oct. 1 94 Oct. 1 *Holders of rec. Sept.20 6% preferred (quar.) Dunham (J. H.) & Co., common (quar.) 15c Oct. 15 Holders of rec. Oct. 1 5,6 Oct. 1 *Holders of rec. Sept. 20 McAleer Mfg., corn,(quar.) First preferred (quar.) *3755c Oct. 1 *Holders of rec. Sept.20 Oct. 1 *Holders of rec. Sept. 20 McCall Corp. (quar.) Second preferred (quar.) "6255c Nov. 1 *Holders of rec. Oct. 20 *1Si Oct. 1 *Holders of rec. Sept. 20 McGraw Elec. Co.,corn,(quar.) Eastern Steamship Lines, com.(quar.)- - *50c. Oct. 1 *Holders 50c. Oct. 1 Holders of rec. Sept.20 of rec. Sept. 20 Mead,Johnson & Co., corn.(guar.) First preferred (quar.) *75c. Oct. 1 *Holders of rec. Sept. 15 *14 Oct. 1 *Holders of rec. Sept. 20 Common (extra) Preferred (quar.) •50c. Oct. 1 *Holders of rec. Sept. 15 *874c Oct. 1 *Holders of rec. Sept. 20 Mercantile Discount, pref. A Eastern Util. Investing, part of.(qu.) *$1.75 Nov. 1 'Holders *50c. Oct. 1 *Holders of rm. Sept. 15 of rec. Sept. 20 Midland Steel Products, corn.(quar.). (quar.) - - *75c. Oct. 1 'Holders of rec. Sept. 22 7% Preferred (quar.) *$1.75 Dec. 1 *Holders of rm. Oct. 31 8% preferred (quar.) 6% preferred (quar.) *2 Oct. 1 *Holders of rec. Sept.22 "$1.50 Dec. 1 'Holders of rec. Oct. 31 $2 preferred (quar.) Elgin Sweeper, pref. (quar.) •50c. Oct. 1 *Holders of rec. Sept.22 *10c. Sept.30 'Holders of rm. Sept. 30 Miller & Hart, pref. (quar.) Emerson Elec. Mfg., Pref.(quar.) Oct. 1 *Holders of rec. Sept. 20 *8755c 134 Oct. 1 Holders of rec. Sept. 20 Minn. Miming & Mfg. (quar.) Empire Safe Deposit (guar.) •15c. Oct. 1 *Holders of rec. Sept.20 Sept.29 Holders of rm. Sept. 22a Mock Judson & 3 Voehringer, pref. (quar.) 134 Oct. 1 Holders of rec. Sept. 15 Employers Group Associates 25c. Sept. 15 "Holders of rec. Sept. 2 Montgomery Ward & Co.. cl. A (quar.). "$1.75 Oct. 1 *Holders of rec. Sept.20 Fanny Farmer Candy Shops,corn.(qu.)_ "25c. Oct. I *Holders of rec. Sept. 15 Morristown Securities Corp. (quer.). Preferred (quar.) 25c. Oct. 2 Holders of rec. Sept. 15 "60c. Oct. 1 *Holders of rm. Sept. 15 Mortgage-Bond Co. of N.Y.(quar.) Farr Alpaca (quar.) Sept. 29 Holders of rm. Sept.20 1 "2 Sept.30 'Holders of rec. Sept.20 Mortgage-Bond & Title Corp., corn_ -Federal Steel-dividend omitted. 15e. Sept. 30 Holders of rec. Sept.20 Motor Bankers Corp., common (quar.) Fidelity Union Title.Mtge.&Guar.(quar.) •25c. Sept.20 *Holders of rec. Sept. •35c. Oct. 1 *Holders of rec. Sept. 20 15 Munsingwea r •13,4 Corp., pref.(quar.) Filene's(Wm.)& Sons, pref.(quar.)•1% Oct. 1 *Holders of rec. Sept.18 Oct. 1 *Holders of rm. Sept. 18 Murphy (G. C.) Co., pref. (quar.) Fin. Co. of Am., Bait. com.A&B (qu.)_ _ 2 Oct. 2 Holders of rec. Sept. 22 20c. Oct. 15 Holders of rec. Oct. 60 Muskegon Piston Ring, corn. (quar.).*75c. Oct. 1 *Holders of rec. Sept. 15 7% Preferred (quar.) 435.5c. Oct. 15 Holders of rec. Oct. 60 Nashua Gummed&Coated Paper, Of.(qu) •154 Oct. 1 *Holders of rec. Sept. 24 Si5..1 Sept.15 'Holders Firstbrook Boxes, Ltd., pref.(quar.) of roe. Sept.10 National Battery Co.. pref. (quar.) First Ohio Investment, pref.(quar.)_ _ -' 55c. Oct. 1 Holders of rm. Sept. 170 1 53 Oct. 1 *Holders of rec. Sept.15 Nat. Cash Credit Assn., corn.(quar.) First State Pawners Society (quar.) 20c. Oct. 1 Holders of rec. Sept. 11 .14 Sept.30 *Holders of rec. Sept.20 Common (stock div. 3-100tbs share)Fisher Flour Mills. pref.(quar.) Oct. 1 Holders of rec. Sept. 11 (J) .$1.75 Oct. 1 'Holders of rec. Sept.15 Preferred (quar.) Fitz Simons az Connel Dredge de Dock, 15c. Oct. 1 Holders of rec. Sept. 11 Preferred (extra) •1% Oct. 1 *Holders of rec. Sept.20 preferred (quar.) Oct. 20c. 1 Holders of rec. Sept. 11 Prof. (stock div. 3-100ths share) Flatbush Inv, Corp.(quar.) (J) Oct. 1 Holders of rec. Sept. 11 *$1.50 Sept. 30 *Holders of rec. Sept. 20 Nat. Cash Register, class A (quar.) Foote Bros. Gear & Mach.,corn.(qu.) *75c. Oct. 15 *Holders of rm. Sept. 30 *f2 Oct. 1 'Holders of rm. Sept.20 Nat. Fruit Products, pref. (quar.) Preferred (Qum.) Oct. 1 *Holders of rec. Sept. 20 *IX Oct. 1 *Holders of rec. Sept. 20 Nat. Grocer, Ltd., 1st pref. (quar.)--Formica Insulation, corn.(quar.) - "2 Oct. 1 *Holders of rec. Sept. 15 *50c. Oct. 1 *Holders of rm. Sept. 15 National Licorice, pref. (quar.) Fort Collins Consol. Royalty (qu.) Sept. 155 30 Holders of rec. Sept. 15 *10. Oct. 1 *Holders of rec. Sept.15 National Screen Service Franco Wyoming 011 Co *50c. Oct. 1 *Holders of rec. Sept. 20 (Mint%) 500. Sept.10 Hold, of coup. No.26 National Theatre Supply, French (Fred. F.) Construction, pref pref. (quar.) *$1.75 Oct. 1 *Holders of rec. Sept. 15 355 Oct. 1 Sept. 16 to Oct. 1 National Trust (Toronto) (guar.) Gardner Denver Co.(quar.) *$3.50 Oct. 1 *Holders of rec. Sept. 20 *750. Oct. 1 *Holders of rec. Sept.20 Nelson (Herman) Corp. (quar.) General Baking Co., pref.(ouar.) 25c. Oct. 1 Holders of rec. Sept. 18 $2 Sept.30 Holders of rec. Sept.20 Newberry (J. J.) Realty, prof. General Baking Corp., pref.(quar.) "155 Nov. 1 *Holders of rec. Oct. 16 A 750. Oct. 1 Holders of rec. Sept. 17 WO6% preferred B (quar.) Gen.Printing Ink,corn.(quar.) "1.55 Nov. 1 *Holders of rec. Oct. 16 •6255c Oct. 1 *Holders of rec. Sept.19 New England Equity, pr. Preferred (quar.) *$2 Oct. 1 *Holders of rec. Sept. 15 (qu.) *SI.50 Oct. 1 "Holders of rec. Sept. 19 N. Y. Realty & Impt., pref. General Realty & Utilities, pf. '155 (quar.)--Sept. .(qu.)27 *Holders of rec. Sept. 13 (k) Oct. 115 Holders of rec. Sept.20 New York Utilities, Inc., pref. General Tire & Rubber, pref.(guar.) (quar.)-- $1.75 Nov. I Holders of rec. Oct. 10 155 Sept.30 Holders of reo. Sept.19 Niles-13ement-Pond, Co.(extra) Glen Alden Coal(quar.) •25c. Sept. 30 *Holders of rec. Sept. 20 •$2 Sept.20 'Holders of rec. Sept. 10 North Amer. Creamery, class A (quar.) •35c. Oct. 1 *Holders of rec. Sept. 16 Godchaux Sugars,Ina., Cl. A (guar.)500. Oct. 1 Holders of rec. Sept. 17 North America 011 Cons. (monthly)__._ •I0c. Preferred (quar.) Oct. 1 *Holders of rec. Sept. 20 $1.75 Oct. 1 Holders of rm. Sept. 17 Northwest Bancorporation (quar.) Goldblatt Bros. (quar.) "45c. Oct. 1 *Holders of rec. Sept. 20 •3755o Oct. 1 *Holders of rec. Sept. 10 Northwestern Yeast (quar.) .3 Goodyear Tire & Rub.(Calif.) pf.(qu.). *14 Oct. 1 *Holders of rec. Sept.20 Sept. 16 *Holders of rec. Sept. 12 Novadel-Agene Corp., corn. (quar.)---Gorton-Pew Fisheries(Wier.) 75e. Oct. 1 Holders of rec. Sept. 20 575c. Oct. 1 *Holders of roe. Sept.20 Common (extra) Goulds Pumps,Inc.,corn. tquar.) 25c. Oct. 1 Holders of rec. Sept. 20 2 Oct. 1 Holders of rec. Sept.20 Preferred (quar.) Preferred (qslar.) 151 Oct. 1 Holders of rec. Sept. 20 14 Oct. 1 Holders of rm. Sept.20 Oahu fly. & Land Granger Trading (monthly) *15c. Sept. 15 *Holders of rec. Sept. 12 40c. Sept.22 Holders of rm. Sept. 15 Oceanic Oil (hi-monthly ) Great Britain & Canada Investment, pf_ •2c. Sept.25 *Holders of rec. Sept. 16 255 Oct. I Holders of rec. Sept. 20 Ogilvie Flour Mills, corn. (quar.) Guardian Bank Sh,Inv. Tr., ser. 1,(qu.) *183,1c Oct. 1 *Holders of rec. Sept. 15 $2 Oct. 1 Holders of rm. Sept. 18 Common (bonus) Preferred certificates (quar.) $5 Oct. 1 Holders of rec. Sept. 18 *Holders of rec. Sept. 15 '3753c Oct. Ohio Seamless Tube, pref.(quar.) Common (quar.) 1*4 Oct. 1 Sept. 16 to Sept. 30 *1 *Holders of rec. Sept. 20 Nov. Old Colony Trust Associates Guardian Invest. Trust.(Hartford)(qu.) *3755c Oct. (quer.) *50c. Oct. 1 *Holders of rec. Sept. 15 *Holders of rec. Sept. 15 Onomea Sugar (monthly) Guardian Pub, 1411. Inv. Tr., pf.(qu.). *25c. Oct. •20c. Sept. 20 *Holders of rec. Sept. 10 *Holders of rec. Sept. 15 Ontario Silknit, Ltd., prof. (quar.) Guardian Ry.Shares Inv.Tr., pref.(qu.) •314c Oct. Sept. 15 *Holders of rec. Sept. 1 *Holders of rec. Sept. 15 Pacific Indemnity (quar.) Guenther (Rud.)-Russell Law,Inc.(cu.) *35c. Oct. 1 *Holders of rec. Sept. 15 50c. Oct. Holders of rm. Sept. 20 Pacific Invest. Corp., 1st & Gulf Oil Corp. (quar.) 2nd Pt (qu.) "$1.50 Oct. 1 *Holders of rec. Sept. 15 *3755c Oct. *Holders of rec. Sept.20 Petroleum Corp. of Amer.(quar.) Gulf States Steel, common-Dividend o mitted Philadelphia Dairy Prod. pr. Pt. (qu.)' 3755c Sept.30 Holders of rec. Sept.22 Gurd (Charles) & Co.. Ltd., pref. (qu.) 50c. Oct. 1 %Holders of rec. Sept:15 Pie Bakeries of Amer., class (quar.). $1.625 Oct. 1 *Holders of rm. Sept.19 Preferred (quar.) A b0c. Oct. 1 Holders of rm. Sept. 15 14 Oct. 1 'Holders of rec. Sept. 15 Preferred (quar.) Hachmeister-Lind. pref. (quar.) 134 Oct. 1 Holders of roe. Sept. 15 .$1.50 Oct. 1 *Holders of rec. Sept. 15 Pierce Manufacturing Hahn Dept. Stores. pref.:Mari (quar.) *2 Sept. 2 'Holders of rec. Aug. 28 156 Oct. 1 Holders of rec. Sept. 20 Pitts Thrift Corp. (quar.) Rabid Co., common • *1755e Sept.30 *Holders of rec. Sept. 10 *25e. Oct. 1 *Holders of rec. Sept. 15 Pittston Co., common •13i Oct. Preferred (quar.) (quar.) 3755c. Oct. 1 Holders of rec. Sept.20 1 *Holders of rec. Sept.'15 PolymegMfg.(Payable in stock) Hammermill Paper. Pref. (quar.) *el Oct. I *Holders of rec. Sept.20 •154 Oct. 1 *Holders-of-rec. Sept. 20 Cash dividend-No actionitaken Hazel-Atlas Glass (quar.) *50c. Oct. 1 *Holders of rec. Sept. 17 Pratt & Gambert(quar.) 1111 Extra Oct. 1 'Holders of rec. Sept. 15 •25c. Oct. 1 *Holders of rm. Sept. 17 Procter & Gamble Co., prof. Heath (D. C.) & Co.. pref. Mari (quar.) Oct. 15 Holders of rm. Sept. 250 2 *14 Sept. 30 *Holders of rm. Sept. 27 Provident7Adpand Inv., pref.(quar.) Health Aircraft, common (quar.) •156 Sept.30 *Holders of rec. Sept.22 •1255c Nov. 15 *Holders of rec. Nov. 1 Reece Button Hole Mach. (quar.) Class A (quar.) 35c. Oct. 1 Holders of rm. Sept. 15 *855c Nov. 15 *Holders of rec. Nov. 1 Reece Folding Machine Holly Oil(quar.) Sc. Oct. 1 Holders of rec. Sept. 15 (quar.) •25c. Sept.30 *Holders of rec. Sept. 15 Reeves (Daniel) Inc., corn. Home Dairies, class A (quar.) (quar.) Sept. 15 *Holders of rec. Aug. 30 *3755c *50c. Oct. 1 *Holders of rec. Sept. 20 Remington Arms, 1st pref. Horn(H.C.) Co., let pref.-Dividend pa ssed *14 Oct. 1 *Holders of rec. Sept. 20 (quar.) Rich's, Inc., Prof. *154 Oct. 1 *Holders of roe. Sept. 15 Hoskins Mfg. (quar.) (quar.) *75e. Sept. 30 *Holders of rec. Sept. 15 Rike-Kumle r Co., corn.(quar.) Hotel Sherwood (Chicago) Prof. ((lu.)•55c. Oct. 1 *Holders of rec. Sept. 15 "$1.75 Oct. 1 'Holders of rec. Sept. 15 Preferred (quar.) Hotel Stetter, common (quar.) *14 Oct. 1 *Holders of rec. Sept. 15 '51.25 Sept. 30 *Holders of rec. Sept. 15 Robbins(Sabin) Paper,Pref.(quar.) Preferred ($125 Par) (quar.) •$1.75 Oct. 1 *Holders of rec. Sept. 25 •3755c Sept. 30 *Holders of rec. Sept.15 Ross Gear dr Tool (quar,) •134 Sept. 30 "Holders of rec. Sept. 15 Preferred ($100 Par) (quar.) *50e. Oct. 1 *Holders of rec. Sept. 20 Safety Car Heag& Ltg. Houdaille-Hershey Co., class A(quar.)_ _ 6255c Oct. I Holders of rec. Sept.20 "2 Oct. 1 "Holders of rec. Sept. 15 St. Lawrence Corp., cl. A(quar.) (quar.) Class B-Dividend omitted *50c. Oct. 15 "Holders of rec. Sept. 30 St. Lawrence Paper;Mills,' Howell Electric Motors, class A (quar.) •25c. Sept. 30 "Holders of rec. Sept. 15 "155 Oct. 15 *Holders of rec. Sept.30 (qu.) pf. St. Reels Paper, corn,(quar.) Class B (quar.) 25c. Oct. I Holders or rec. Sept. 10 *15c. Sept. 30 *Holders of rec. Sept. 15 Preferred (quar.) •154 Sept. 30 *Holders Howes Bros. 7% first pref. (guar.) 151 Oct. 1 Holders of rec. Sept. 10 of rec. Sept.20 Second Intern. Securities, corn.), 6% first preferred (guar.) 50c. Oct. 1 Holders of rec. Sept. 15 (q11.) •155 Sept. 30 *Holders of rec. Sept.20 6% first preferred (quar.) 75c. Oct. 1 Holders of rec. Sept. 15 7% second preferred (quar.) *14 Sept. 30 'Holders of rec. Sept. 20 6% second preferred (quan) Hunts, Ltd., class A and B (Quar.) Oct. 1 Holders of rec. Sept. 15 75c. *25c. Oct. 1 *Holders of rm. Sept. 15 Service Stations, Ltd., class Imperial Royalties, pref. (monthly)---A (quer.)- 65c. Oct. 1 "Holders of rec. Sept. 15 Sept. 30 'Holders of rec. Sept.25 Sherwin-Williams Co., Can.,corn.(WO- *50c. Sept.30 *Holders of rm. Preferred A (monthly) Sept. 15 *18e. Sept. 30 *Holders of rec. Sept. 25 Common (bonus) Independent Pneumatic Tool (quar.) *5c. Sept.30 *Holders of roe. Sept. 15 Oct. 1 *Holders of rec. Sept. 20 'Si Preferred (quar.) Interban Invest. (guar.) •15( Sept. 30 *Holders of rec. Sept. 15 *10c. Sept. 30 'Holders of rec. Sept.20 Signal Oil& Gas,class A (quar.) Inter-Coast Trading (quar.) •50c. Sept. 10 *Holders of rec. Aug. 30 *25c. Oct. 1 *Holders of rec. Sept. 15 Simmons-I3oardman Pub.. corn. (quar.) *50c. Oct. 1 *Holders of Int. Button Hole Sew. Mach.(qu.) *20c. Oct. 1 Holders of rm. Sept. 15 rec. Sept. 22 Common (extra) Internat. Nickel of Canada, pref.(quar.) al% Nov. 1 *Holders of rec. Oct. 2 *50c. Oct. 1 *Holders of rm. Sept. 22 Singer Mfg.(quar.) Internat. Paper & Power. 7%,pref.(qu.) 14 Oct. 15 Holders of roe. Sept. 25) *255 Oct. 1 'Holders of rm. Sept. 10 Extra 6% pref. (quar.) *214 Oct. 1 *Holders of rec. Sept.10 155 Oct. 15 Holders of rec. Sept. 25 Skelly Oil Co.,Prof.(quar.) Internat. Paper Co.,7% pref.(quar.)._. 14 Oct. 15 Holders of rm. Sept. 25 '113 Nov. 1 "Holders of rm. Oct. 1 Sloss-Sheffield Steel & Iron, Pf.(quar.) 6% preferred (quar.) 155 Oct. I Holders of rec. Sept. 19 155 Oct. 15 Holders of rm. Sept.25 Southern Bond & Share, pref.(quar.)--- 4.75c. Oct. 1 *Holders of rm. Sept. 15 Interstate Dept. Stores, con].(quar.).-50c. Oct. 1 Holders of rec. Sept. 19a Spicer Mfg., pref. (quar.) Investment Fund of N. J (quar.) •75e. Oct. 15 'Holders of rm. Oct. 1 15c. Sept. 15 Holders of rec. Sept. 10 Square D Co., corn. A (quar.) Investors Corp. of R. I., corn Mc. Sept. 30 Holders of rec. Sept.20 *40c. Oct. 1 *Holders of rm. Sept.20 Common B (quar.) First, second & cony. pref. (quer.). Sept. 50c. 30 Holders of rec. Sept.20 *$1.50 Oct. 1 *Holders of rec. Sept. 20 Standard Dredging, Prof. Invest. Co. of Amer., pref. A (quar.) •134 Oct. I *Holders of rec. Sept. 15 •50c. Oct. 1 *Holders of rec. Sept. 15 Starrett (L.S.) Co., corn. (quar.) Preferred B (quar.) •134 Oct. 1 *Holders of rec. Sept. 15 ((Mar.) *50c. Sept. 30 *Holders of rec. Sept.20 Preferred (quar.) Investors Equity, corn. (quar.) .51.50 Sept. 30 *Holders of rec. Sept.20 •50c. Oct. 1 'Holders of rec. Sept. 22 State Street Exchange (quar,) Irving Air Chute (quar.) .0$1 Sept. 15 *Holders of rec. Sept. 5 *25c. Oct. 2 *Holders of rec. Sept. 20 State Theatre (Boston) pref. Island Creek Coal, corn. (quar.) *2 Oct. 1 'Holders of rm. Sept. 20 $1 Oct. 1 Holders of rec. Sept. 22 Steel & Tubes,class A (quar.) (quer.). Preferred (quar.) •155 Oct. 1 *Holders of rec. Sept. 20 $1.50 Oct. 1 Holders of rec. Sept. 22 Sterling Motor Truck,Prof. Kaufmann Dept. Stores, corn. (quar.) (qu.) *50c. Oct. 1 *Holders of rec. Sept.20 37c. Oct. 28 Holders of rec. Oct. 10 Stix Baer & Fuller, pref. Omar.) Kaybee Storm, Inc., corn.(quar.) .4351 c Sept.30 *Holders of rec. Sept. 15 15e. Oct. 15 Holders of rec. Oct. 1 Sunset McKee Salesbook, cl. A (quar.)_ *3755c Sept. 10 'Holders of rec. Sept. 4 Class A (quar.) *434c Oct. 1 *Holders of rec. Sept. 151 Class B (quar.) Knapp-Monarch Co. Prof. Mum.) *25C. Sept. 15 'Holders of rec. Sept. A 8155c Oct. 1 Holders of rec. Sept. 20 Superheater Co.((buar.) Land Title Bldg. Corp.(Phila.) •6254c Oct. 15 *Holders of rec. Oct. '4 151 Sept. 30 Holders of rec. Sept. 10 Superior Portland Land Title Bldg. Corp. (Phila.) Cement:part,A,(qU.)- •2715 c Oct. 1 *Holders of rec. Sept.23 $1 Dee. 31 Holders of rec. Dec. 10 Supertest Petroleum Corp.Lawyers Mortgage Co (quar.) Common and ordinary stock 70c. Sept. 30 Holders of rec. Sept. 19 (qu.)- Lawyers Title & Guaranty Co 20c Oct. 1 Holders of rec. Sept. 13 3 Oct. 1 Holders of rec. Sept. 20 Preferred A (quar,) •1% Oct. Lehman Corp.(quar.) 1 *Holders of rm. Sept. 13 "75e. Oct. 3 *Holders of rec. Sent.22 Preferred 11 (quar,) Ley (F. T.) Co., Inc. (quar.) •154 Oct. 1 *Holders of rec. Sept. 13 •75c. Oct. 1 *Holders of rec. Sept. 16 Taggart Corp.. COM.(quar.) Liberty Shares(quar.) 25e. Oct. 1 Holders of rec. Sept. 15 •25c. Sept.30 *Holders of rec. Sept. 10 $7 preferred (quar.) Stock dividend $1.75 Oct. 1 Holders of rec. Sept. 15 "el Sept. 30 *Holders of rec. Sept. 10 Class A ((oar.) Linde Air Products, pref.(quar.) 50c Oct. I Holders of rec. Sept. 15 '155 Oct. 1 *Holders of rec. Sept. 19 Tennant Finance. corn.(quar.) Lucky Tiger Comb.:Gold Min. (mthly.) *10c Sept.15 *Holders of rec. Sept. 10 Sept.20 *Holders of rec. Sept. 10 •255C Preferred (quar,) Ludlum Steel, com.-dividend omitted. Sept. 15 *Holders of rec. Sept. 10 '8735c Thompson (J. R.) Co.(quar,) Preferred (quar.) *75c Oct. 1 'Holders of rec. Sept.23 $1.625 Oct. 1 'Holders of rec. Sept. 19 Thompson Products, Inc., corn.(qu.) Luptons(D.) Sons Co., pref.(quar.)_ - *60c. Oct. 1 *Holders of rec. Sept. 20 •14 Oct. I *Holders of rec. Sept. 13 Thompson's Spa, Inc., pref. (guar.).Magnin (I.) & Co.. corn.(quar.) .$1.50 Oct. 1 'holders of rec. Sept. 10 *3755c Oct. 15 *Holders of rec. Sept. 30 Timken-Detroit Axle, corn.(quar.) 20c. Oct. 1 Holders of rec. Sept.205 Magor Car. Corp.. pref.(quar.) .1% Sept. 30 *Holders of rec. Sept. 23 Tintic Standard Mining ((uar.) Manhattan Shirt, pref.(quar.) •20c. Sept. 30 *Holders of rec. Sept..16 1.14 Oct. 1 Holders of rm. Sept. 15 Toronto Mortgage(quar.) *51.50 Oct. I *Holders of rec. Sept..15 XvIargay Oil-dividend passed. Torrington Co. (quer.) .75e. Oct. 1 *Holders of rec. Sept. 18 Name of Company. SEPT. 13 1930.] Name of Company. FINANCIAL CHRONICLE Per When Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Concluded). Tr -National Trading, pref. (guar.)_ _ _ _ $1.50 Oct. 8 Holders of rec. Sept. 22 30c. Oct. 1 Holders of rec. Sept. 15 Tr -Utilities Corp., corn.(quar.) Oct. 1 Holders of rec. Sept. 15 Common (payable In corn.stock) 11 75c. Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) *50c. Oct. 1 *Holders of rec. Sept. 20 Troy Sunshade(quar.) 50c. Oct. 1 *Holders of rec. Sept. 20 Extra Trumbull-Cliffs Furnace, pref. (guar.)._ •1% Oct. 1 *Holders of rec. Sept. 20 50c. Oct. 1 Holders of rec. Sept. 20 Unit Corporation, pref. (quar.) United Elec. Lt. & Pow., 7% pl.(qu.)_ *1% Oct. 1 *Holders of rec. Sept. 15 *134 Oct. 1 *Holders of rec. Sept. 15 6% preferred (guar.) *81.25 Oct. 1 *Holders of rec. Sept. 20 United Loan Corp. (quar.) 50c. Oct. 31 Holders of rec. Sept. 30 United Profit Sharing, pref. United Shoe Machinery, corn. (quar.).... 62;4 c Oct. 6 Holders of rec. Sept. 16 Common (extra) s13( Oct. 6 Holders of rec. Sept. 16 37Y4c Oct. 6 Holders of rec. Sept. 16 Preferred (guar.) U.S. Bobbin & Shuttle, pref. (quar.).._ •1% Sept.30 *Holders of rec. Sept. 20 25c. Oct. 1 Holders of rec. Sept. 15a U. S. Foil, corn. A. & B (guar.) P4 Oct. 1 Holders of rec. Sept. 150 Preferred (guar.) *50c. Oct. 1 *Holders of rec. Sept. 15 Universal Products (guar.) *2 Oct. 1 *Holders of rec. Sept. 17 Valvoline 011, pref. (guar.) Van Sicklea Corp., Cl. A-dividend omitt ed. Victor Monaghan Co., com.-Dividend passed Waitt & Bond, Inc., class B (guar.)._ *30c. Sept. 30 *Holders of rec. Sept. 15 *75c. Oct. 1 *Holders of rec. Sept. 15 Waukesha Motor (guar.) Sept. 30 *Holders of rec. Sept. 25 Western Electric (guar.) *S1 Oct. 15 Holders of rec. Sept. 20 Western Grocers, Ltd., pref.(guar.)._ _ 525c. Sept. 30 'Holders of rec. Sept. 16 Western N. Y. Sec. (guar.) Western Royalty Corp., cl. A (monthly) *10c. Oct. 6 +Holders of rec. Sept. 15 Western Tablet & Stationery, p1. (qu.).. *1% Oct. 1 *Holders of rec. Sept. 19 50c. Oct. 31 Holders of rec. Sept. 30 Westinghouse Air Brake(guar.) Westinghouse Elec. & Mfg., con'. (qu.)_ *31.25 Oct. 31 *Holders of rec. Sept. 30 *$1.25 Oct. 31 *Holders of rec. Sept. 30 Participating pref (guar.) *250. Oct. I *Holders of rec. Sept. 20 Wheatsworth, Inc. (extra) *6234c Oct. 1 *Holders of rec. Sept. 20 White Star Refining (guar.) *1% Oct. 1 *Holders of rec. Sept.24 Whittenton Mtg., pref. (guar.) *10c. Nov. 15 *Holders of rec. Nov. 1 Will &Baumer Candle,corn.(quar.)_ *10c. Nov. 15 *Holders of rec. Nov. 1 Common (extra) Oct. 1 *Holders of rec. Sept. 15 2 Preferred (guar.) Oct. 1 *Holders of rec. Sept. 22 Willys-Overland Co., pref. (guar.) Wilson & Co., pref. (acct. accum. dive.).. hi'4 Oct. 1 Holders of rec. Sept. 22 +25c. Oct. 1 *Holders of rec. Sept. 10 Wiser Oil (guar.) *25c. Sept. 20 *Holders of rec. Aug. 10 Wright (0.) Co., class A (rattily.) *87%c Oct. 1 *Holders of rec. Sept. 15 Yosemite Holding, Pref.(guar.) • Below we give the dividends announced in previous weeks and not yet paid. This list does not include dividends announced this week, these being given in the preceding table. Name of Company. Per When Cod. Payable. Books Closed. Days Inclusive. Railroads (Steam). 3 Oct. 1 Holders of rec. Sept. 8a Alabama & Vicksburg 88c. Oct. 1 Holders of rec. Aug. 30a Bangor & Aroostook common (guar.)._ _ 1% Oct. 1 Holders of rec. Aug. 30a Preferred (guar.) 50c. Oct. I Holders of rec. Sept. 15a Beech Creek (quar.) 2 Sept.30 Holders of rec. Aug. 30 Boston & Albany (guar.) 1 Oct. 1 Holders of rec. Sept. 13a Boston & Maine, common (guar.) l'4 Oct. 1 Holders of rec. Sept. 13 Prior preference (guar.) 134 Oct. 1 Holders of rec. Sept. 13 6% preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 13 First preferred, class A (guar.) 2 Oct. 1 Holders of rec. Sept. 13 First preferred, class B (quar.) 1% Oct. 1 Holders of rec. Sept. 13 First preferred, class C (guar.) First preferred, class D (guar.) 234 Oct. 1 Holders of rec. Sept. 13 First preferred, class E (guar.) 134 Oct. 1 Holders of rec. Sept. 13 Boston ,is Providence (guar.) 234 Oct. 1 Holders of rec. Sept. 20 Canadian Pacific, corn. (guar.) 234 Oct. 1 Holders of rec. Sept. 2a Preference 2 Oct. 1 Holders of rec. Sept. 2 Chesapeake Corp. common (guar.) 75c. Oct. 1 Holders of rec. Sept. 60 Chesapeake Jc Ohio6214c Oct. 1 Holders of rec. Sept. 8a New $25 par corn.(guar.)(No. 1) 334 Janl'31 Holders of rec. Dec. 8a Preferred (quar.) 134 Sept.30 Holders of rec. Sept. Em Chic.R.I.& Pao.,corn.(quar.) Oct.134 Consolidated Rita. of Cuba pref. (quar.) 1 Holders of rec. Sept. 10a $1.20 Sept. 29 Holders of rec. Sept. 29a Cuba RR.common ((tsar.) 3 Feb2'31 Hold, of rec. Jan.15'310 Preferred Dayton & Michigan, pref.(guar.) *51 Oct. dl *Holders of rec. Sept. 113 Delaware & Hudson Co.(quar.) 234 Sept. 20 Holders of re*. Aug. 28a 2 Dec. 31 Holders of res. Dec. 13a Erie RR., let and 2nd preferred 134 Oct. 1 Holders of roe. Sept.16a Gulf Mobile & Northern, pref. (qusr.)__ 8734e oft. 1 Holders of rec. Sept. Lehigh Valley, corn. (quar.) 13a 31.25 Oct. I Holders of rec. Sept. 13a Preferred (quar.) Oct. 1 Holders of roe. Sept. 15 Maine Central common (quar.) Sept. 30 $1 Holders of rec. Sept. 5a Mo.-Kansas-Texas, common (quar.)Elept.30 Holders of rec. Sept. 5a Preferred A (qiian) 13( Dec. 31 Holders of rec. Dec. 5a Preferred A (quar.) Missouri Pacific, pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 15a N.Y.Chic & St. Louis, corn.& pfd.(0u) 134 Oct. 1 Holders of rec. Aug. 15a N. Y. Lackawanna & West. (guar.) 134 Oct. 1 Holders of rec. Sept. 15a N. Y. N. H.& Hartford, corn.(quar.) 134 Oct. 1 Holders of rec. Sept. 5a 1% Oct. I Holders of rec. Sept. 5s Preferred (guar.) Norfolk & Western common (quar.)..... 234 Sept.19 Holders of rec. Aug. 30a Old Colony (guar.) •134 Oct. 1 *Holders of rec. Sept. 13 Pennroad Corp.(No 1) 200 Sept.15 Holders of rec. Aug. 8a Pere Marquette,corn.(guar.) I% Sept.30 Holders of rec. Sept. 8a Prior preference and pref. (quar.)134 Nov. 1 Holders of rec. Oct. 3a Pittsb., Ft. Wayne & Chic., corn.(qu.)_. 134 Oct. 1 Holders of rec. Sept. 10a Preferred (guar.) 134 Oct. 7 Holders of rec. Sept. 10a Pittsburgh & West Virginia, corn.(guar.) 114 Oct. 31 Holders of rec. Oct. 15a Reading Co. 2d pref. %guar.) 500. Oct. 9 Holders of roe. Sept. Iso St. Joseph South Bend & Sou., corn 75c. Sept. 15 Sept. 11 to Sept. 14 Preferred 234 Sept. 15 Sept. 11 to Sept. 14 St. Louis-San Francisco, corn.(quar.) 2 Oct. 1 Holders of roe. Sept. 2a Preferred (Mar.) 134 Nov. 1 Holders of roe. Oct. la St. Louis Southwestern, pref. ,quar.)_.. Sept.30 Holders of rec. Sept.13a Southern Pacific Co. (guar.) 134 Oct. 1 Holders of rec. Aug. 25a Texas & Pacific, corn. & Prof. (guar.)_ _ 134 Sept. 30 Holders of rec. Sept. 15a Union Pacific common (guar.) 234 Oct. 1 Holders of rec. Sept, 2a Preferred 2 Oct. 1 Holders of rec. Sept. 2a United N. J. RR. & Canal Cos.(qu.) *234 Oct. 1 *Holders or reo. Sept. 20 Quarterly _ 0214 Jan1'31 *Holders of reo.Dec 203. Vicksburg Shreve. & Pac. common 234 Oct. 1 Holders of rec. Sept. 8a Preferred 214 Oct. 1 Holders of rec. Sept. 8a Wabash Ry., pref. A (quar.) Nov. 25 Holders of rec. Oct. 25a Public Utilities. $1.75 Oct. 1 Holders of rec. Sept. 15 Alabama Power, $7 pref. (quar.) 51.50 Oct. 1 Holders of ree. Sept. 15 $6 preferred (quar.) 51.25 Nov. 1 Holders of roe. Oct. 15 $5 preferred ((Plan) 175c. Nov. 1 Holders of rec. Oct. 4 Amer. Cities Pow. & Lt., class A (qu.) Class B (payable in class B stock)..._ 1234 Nov. 1 Holders of rec. Oct. 4 Amer. Electric Power $7 pref.(quar.) $1.75 Sept.15 Holders of rec. Aug. 29 Amer.& Foreign Power $7 Pt.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 13a $1.50 Oct. 1 Holders of rec. Sept. 130 $6 Preferred (quar.) Second pref. A (acct. aecum. diva.). _ h$1.75 Oct. 1 Holders of rec. Sept. I3a Amer. Power & light, 56 pref.(quer.)_ 31.50 Oct. 1 Holders of rec. Sept. I30 5,5 preferred (quar.) 8714c. Oct. 1 Holders of rec. Sept. 13a Amer. Public Utilities, Pr. Pref.(guar.)_ 134 Oct. 1 Holders of rec. Sept. 15 Participating preferred (quar.) 134 Oct. 1 Holders of rec. Sept. 4540c. Oct. 1 *Holders of rec. Sept. 15 Amer. States Pub. Se.rv., corn. A (qu.) 20 Amer. Superpower, lot pref. (quar.)_ $1.50 Oct. 1 Holders of rec. 15 $6 preference (quar.) 51.50 Oct. 1 Holders of rec. Sept. 234 Oct. 15 Holders of rec. Sept. 15 Amer. Telco. & Teleg. (quar.) Sept. 200 Works & Prof. Water ties.. (qu.) Amer. 31.60 Oct. 1 Holders of rec. Sept. lla Arizona Power,8% prof. (quar.) *2 Oct. 1 *Holders of rec. Sept. 24 7% preferred (guar.) •1 54 Oct. 1 *Holders of rec. Sept. 24 Associated Gas & El.,orig. pref.(quar.)_ *8734c Oct. 1 *Holders of ree. Sept. 29 $5 preferred (quar.) $1.25 Sept.15 Holders of rec. Aug. 15 $7 preferred (quar.) *81.75 Oct. 1 *Holders of rec. Sept. 29 134 134 134 Name of Company. 1669 Per When Cent. Payable. Books Closed. Days inclusive. Public Utilities (Continued). Nov. 1 *Holders of rec. Oct. 17 Associated Telep.& Teleg. el. A (extra).. .51 Oct. 15 Holders of rec. Sept. 30 Associated Teter,. Utilities corn.(guar.). /2 $1.75 Sept.15 Holders of rec. Aug. 30 $7 prior preferred (quar.) $1.50 Sept. 15 Holders of rec. Aug. 30 $6 prior preferred (quar.) $1.50 Oct. 1 Holders of rec. Sept. 15 56 convertible preferred (quar.) 4.14i Oct. 1 *Holders of rec. Sept. 10 Bangor Hydro-El. Co.6% pref.(qu.) '134 Oct. 1 *Holders of rec. Sept. 10 7% preferred (quar.) Oct. 15 Holders of rec. Sept. 23 2 Bell Telephone of Canada (quar.) 134 Oct. 15 Holders of rec. Sept.20a Bell Telep of Pa6%% Pref.(qu.) Binghamton Lt. Ht. & Pow.,$6 pf.(qu.) *51.50 Oct. 1 *Holders of rec. Sept. 29 *51.25 Oct. 1 *Holders of rec. Sept. 29 $5 Preferred (quar.) Birmingham Water Works. Pref. (quar.) *134 Sept. 15 *Holders of rec. Sept. 1 134 Oct. 1 Holders of rec. Sept. 10 Boston Elevated Ry., corn.(quar.) 3% Oct. 1 Holders of rec. Sept. 10 Second preferred (quer.) Brazilian 'Tr L & Pow., pref.(quar.) . 134 Oct. 1 Holders of rec. Sept. 15 50e. Oct. 15 Holders of rec. Sept.30 British Columbia Pow.. ol A (quar.)_. .A (qu.) $1.50 Oct. 15 Holders of rec. Oct. la Brooklyn-Manhattan Transit, pf. $1.50 Jy 15'31 Holders of rec. Dec. 31a Preferred. series A (quar.) $1.50 Ap15'31 Hold,of rec. Apr. 1 1931a Preferred, series A (quar.) $1.25 Oct. 1 Holders of rec. Sept. 20 Brooklyn Union Gas Co. (quar.) Buff. Niagara & East Pow., corn.(qu.)_ •40c. Sept.30 'Holders of rec. Aug. 30 *40c. Sept. 30 *Holders of rec. Aug. 30 Class A (quar.) . 40c. Oct. 1 *Holders of rec. Sept. 15 Preferred (quar.) *$1.25 Nov. 1 *Holders of rec. Oct. 15 $5 first preferred (quer.) •1% Sept. 15 *Holders of rec. Sept. 1 Butler Water, 1st pref.(quar.) Cable & Wireless, Ltd. *fa% Oct. 6 *Holders of rec. Aug. 29 Amer. dep. rcts. 5%% pref *154 Oct. 1 *Holders of rec. Sept. 5 Calif. Elec. Generating, pref. (quar.) 1% Oct. 15 Holders of rec. Sept. 30 California-Oregon Pow.7% pref. (q11.) 114 Oct. 15 Holders of rec. Sept. 30 6% preferred (guar.) 15o. Oct. 25 Holders of roe. Sept.30 Canada Northern Power common (qu.)_ 134 Oct. 15 Holders of rec. Sept. 3 Preferred (quar.) Canadian Western NaturalGas, Light, Heat & Pow., prof.(extra) *25o. Dec. 1 *Holders of rec. Nov.1 •25c. Mr.2'31 *Hold. of reo. Feb. 14'3 Preferred (extra) .250. Junl'31 *Hold. of rec. May 15'3 Preferred (extra) Central III. Pub. Service, pref. (quar.)_ '134 Oct. 15 *Holders of rec. Sept.3 Oct. 1 *Holders of rec. Sept. 1 Central Maine Power, 7% pref. (quar.)_ ▪l34 Oct. 1 *Holders of rec. Sept. 1 6% preferred (quar.) *51.50 Oct. 1 *Holders of rec. Sept. 1 $6 preferred (quar.) Central Public (limy. Corp., ol. A (qu.)._ n43%e Sept. 15 Holders of rec. Aug. 2 $1.75 Oct. 1 Holders of rec. Sept.1 $7 preferred (quar.) $1.50 Oct. 1 Holders of rec. Sept.1 $6 preferred (guar.) $1 Oct. 1 Holders of rec. Sept.1 $4 preferred (quar.) 100. Oct. 1 Holders of rec. Sept. Central States Elec. Corp., corn. (qri.) 12% Oct. 1 Holders of ree. Sept. Common (payable In corn.stock) 1% Oct. 1 Holders of roe. Sept. 7% prof. (issue of 1912) (quar.) 144 Oct. 1 Holders of rec. Sept. 6% preferred (quar.) Cony. pref. (series of 1928, (quar.)--- (m) Oct. 1 Holders of rt30. Sept. (m) Oct. 1 Holders of rec. Sept. Cony. pref.(series of 1929)(quar.)Cincinnati & Suburban Bell Tel.(guar.)- $1.13 Oct. 1 Holders of rec. Sept.2 Citizens Water of Wash., Pa., pref.(qu.) 134 Oct. 1 Holders of rec. Sept. 2 *1% Sept. 15 *Holders of rec. Aug. 2 Coast Cos. Gas & Elec.. lot & 2d pf. Commonwealth & South.Corp. $1.50 Oct. 1 Holders of rec. Sept. a $6 preferred (quar.) Commonwealth Utilities, corn. A.(qu.)- *37%c Sept. 30 *Holders of rec. Sept.2 *37%.c Sept. 30 *Holders of rec. Sept.2 Common B (guru%) *$1.75 Oct. 1 *Holders of rec. Sept.2 Preferred A (quar.) •$1.50 Oct. 1 *Holders of rec. Sept.2 Preferred B (quer.) Connecticut Electric Serv., corn. (quar.) *75c. Oct. 1 *Holders of rec. Sept. 1 *90c. Oct. 1 *Holders of rec. Sept. 1 Consol. Gas. El. L.& P.,Balt.,com.(qu.) •134 Oct. 1 *Holders of rec. Sept. 1 5% preferred series A (quar.) •13i Oct. 1 *Holders of rec. Sept. 1 6% preferred series D (quer.) .1% Oct. 1 *Holders of reo. Sept. 1 (quar.) E series preferred 554% Sept.15 Holders ot reo Aug. 1 a Consolidated Gas of N. Y., Corn.(guar.) Si $1.21 Nov. 1 Holders of rec. Sept.3 a Preferred (guar.) •$1.25 Oot. 1 *Holders of rec. Sept. 1 Consumers Power, $5 pref.(quer.) *134 Oct. 1 *Holders of roe. Sept. 1 6% preferred (quar.) *1.85 Oct. 1 *Holders of roe. Sept.1 0.0% preferred(Qum.) *134 Oct. 1 *Holders of rec. Sept.1 7% preferred (quar.) •50c. Oct. 1 *Holders of rec. Sept. 1 0% preferred (monthly) •550. Oot. 1 *Holders of rec. Sept. 1 6.0% preferred (menthlY) Continental Gas & Elec., corn. (quar.).... $1.10 Oct. 1 Holders of rec. Sept. 1 a 1% Oct. 1 Holders of rec. Sept. 1 a Prior preferred (quar.) 37%c Oct. 1 Holders of rec. Sept. 1 a Denver Tramway. prof.(guar.) Oct. 15 Holders of rec. Sept.2 a 2 Detroit Edison (quar.) *1% Oct. 15 *Holders of rec. Sept. 2 Diamond State Telep.. pref. (quar.)1% Oct. 1 Holders of rec. Sept. I Duke Power common (quer.) 134 Oct. 1 Holders of reo. Sept.1 Preferred (guar.) Eastern Gas & Fuel Associates1 Holders of rec. Sept. 1 Oct.134 434% prior preference (anar.) 134 Oct. 1 Holders of rec. Sent.1 6% preferred (quar.) •1% Oct. 1 *Holders of rec. Sept. Eastern Texas Elec. Co., pref. (quar.) 134 Sept.15 Holders of rec. Aug. 3 East Kootenay Power prof. (quar.) Electric Bond & Share, corn.(guar.)---- f134 Oct. 15 Holders of rec. Sept. $1.50 Nov. 1 Holders of rec. Oct. ,, $6 preferred (quar.) $1.25 Nov. 1 Holders of rec. Oct. $5 preferred (quar.) 134 Oct. 1 Holders of rec. Sept 1 a Elec. Pow.& Lt. allot ctf. full pd.(au.)Allotment ctts. 70% paid (quar.)- --5 1.2214 Oct. 1 Holders of rec. Sept. 1 a 51.50 Oct. 1 Holders of rec. Sept. 13a $6 preferred (quar.) $1.75 Oct. 1 Holders of rec. Sept. 13a $7 preferred (quar.) $1.50 Oct. 1 Holders of rec. Sept. 16 Empire Power Corp.$6 pref.(quar.) 56o. Oct. 1 Holders of rite. sept.113 (quar.) Participating stock 60c. Oct. 1 Holders of rec. Sept. 17a Engineers Public Service, corn. (quar.)_ 51.375 Oct. 1 Holders of rec. Sept. 17a $5.50 preferred (guar.) $1.25 Oct. 1 Holders of rec. Sept. 17a $5 preferred (guar.) Feather River Power, pref. A (guar.).__ *134 Oct. 1 *Holders of rec. Sept. 5 Oct. 1 Holders of rec. Sept.13a 3734o. corn. (Sluer.) -Tract., Light & Federal Common (payable In common stook). 11 Oct. 1 Holders of rec. Sept.13a Federal Water Service, $6 pref.(guar.)._ $1.50 Oct. 1 Holders of rec. Sept. 15 31.625 Oct. 1 Holders of rec. Sept. 15 $6.50 preferred (quer.) $1.75 Oct. 1 Holders of rec. Sept. 15 r7 preferred (quar.) ford Southwark Pass. Ky.(qu.). *84.50 Oct. 1 *Holders of rec. Aug. 30 Elec. Securities, corn.(monthly)- *50c. Oct. 1 *Holders of rec. Sept. 15 •58 1-3c Oct. 1 *Holders of rec. Sept.15 Preferred (monthly) *50c. Oct. 1 *Holders of rec. Sept. 15 Gas Securities Co., corn.(monthly) Common (payable in corn. stock)._ *A 14 Oct. 1 *Holders of rec. Sept. 15 •50c. Oct. 1 *Holders of rec. Sept.15 Preferred (quar.) General Gas & Elec.. corn. A &B (qu.)_ b7 Ho. Oct. 1 Holders of rec. Aug. 29a Oct. 1 Holders of rec. Aug. 29a $2 $8 preferred (guar.) 21.75 Oct. 1 Holders of rec. Aug. 290 $7 preferred (quer.) $1.50 Sept. 15 Holders of roe. Aug. 15a Cony. pref. series A (quar.) $1.50 Sept.15 Holders of rec. Aug. 15 $8 preferred A & 13 02113 51.75 Oct. 1 Holders of rec. Sept. 15a General Public ULU.,$7 pf.(qu.) $1.50 Oct. 1 Holders of rec. Sept. 15 Georgia Power Co.,$6 pref.(quar.) $1.25 Oct. 1 Holders of rec. Sept. 15 $5 preferred (guar.) Great Western Power. 7% pref.(quar.). *15% Oct. 1 *Holders of rec. Sept. 5 *134 Oct. 1 *Holders of rec. Sept. 5 6% preferred (quar.) Greenwich Wat.& Gas. Sys.,6% Pf.(qu) 134 Oct. 1 Holders of rec. Sept. 20 Gulf States Utilities, $514 Pref.(quar.) _* 51.375 Sept. 15 *Holders of rec. Sept. 2 *51.50 Sept. 15 *Holders of rec. Sept. 2 86 preferred (quar.) •433(c Sept.30 *Holders of ree. sept.16 Hackensack Water, pref. A (quar.) Illinois Power Co., 6% pref. (quar.)_.. 134 oet. 1 Holders of rec. Sept. 15 134 Oct. 1 Holders of rec. Sept. 15 7% preferred (quer.) Indiana Hydro-Elec. Pow.. pref. (quar.) 134 Sept. 15 Holders of rec. Aug. 30 Indianapolis Water Co., pref. A (quar.). 134 Oct. 1 Holders of rec. Sept. 124 Kansas City Power & Light, pfd. 11 (qu.) 51.50 Oct. 1 Holders of rec. Sept. 15a Kentucky Securities Co.,core.(quar.)_ 51.25 Oct. 1 Holders of rec. Sept. 20a $1.50 Oct. 15 Holders of rec. Sept.20a Preferred (quar.) 234 Sept. 15 Holders of rec. Aug. 30a Laclede Gas Light, corn. (quar.) *534 Sept. 15 *Holders of Lexington Utilities, pref.(quar.) rec. Aug. 13 Hold.of rec. Feb.2 1931 Lone Star Gas,cont.(In corn.stk.) 13i ) Oct. 1 Holders of rec. Sept. 16 Long island Lighting 7% pref. A (quar.)_ (11 134 Oct. 1 Holders of rec. Sept. 16 6% pref. series B (quar.) Louisville Gas & Elec., corn. A & B (qu.) 4331c Sept. 25 Holders of rec. Aug. 300 134 Oct. 1 Holders of rec. Sept. 12a Mackay Companies, common (quar.)_ 1 Oct. 1 Holders of rec. Sept. 12a Proferred (quar.) *81 Oct. 1 *Holders of rec. Aug. 29 Metropolitan Edison, corn. (quer.) *51.25 et. 1 *Holders of rec. Aug. 29 $5 preferred (quar.) '$1.50 •ct. • 1 *Holders of rec. Aug. 29 56 preferred (quar.) $7 preferred (asiar.) *$1.75 Sept. 301•Holders of rec. Aug. 29 r& 1670 Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Public Utilities (Continued). Michigan Elec.Power 7% prof.(guar.).- •133 Oct. 1 *Holders of rec. Sept. 15 •1M Oct. 1 *Holders of rec. Sept. 16 6% preferred (guar.) Middle Western Telep.. corn. A (on.).- •4334e Sept.15 'Holders of reo. Sept b •4334o Dec. 15 *Holders of rec. Dec. ti Common A ((mar.) /11; Sept.24 Holders of rec. Aug. 30 Midland United Co.. corn.(guar.) Convertible pref., series A (guar.).- p75e. Sent.24 Holders of rec. Aug. 30 Midland Utilities Co.. 7% pr. lien (qu.) 134 Oct. 6 Holders of rec. Sept. 22 113 Oct. 6 Holders of rec. Sept. 22 6% prior lien ((erne.) 7% preferred A (guar.) 134 Oct. 6 Holders of rec. Sept. 22 134 Oct. 6 Holders of reo. Sept. 22 6% preferred A (guar.) Mississippi River Power, pref.(guar.)--- '134 Oct. 1 *Holders of rec. Sept. 15 Nov. 1 Holders of rec. Oct. 15 $1.75 Mohawk & Hudson Pow.,$7 pref.(qu.).. $1.75 Oct. 1 Holders of rec. Sept.15 $7 second preferred (quar.) Monongahela Val. Water, pref.(guar.)._ *134 Oct. 15 *Holders of rec. Oct. 1 Monongahela West Penn Public) Service 43340. Oct. 1 Holders of reo. Sept. 16 7% Preferred (guar.) •25e. Nov. lb *Holders of reo. Oct. 16 Municipal Teieph. Util., ol. A (extra). 'Sc. Sept.30 *Holders of rec. Sept. 18 Mutual Tel.(Hawaii)(monthly) Nassau & Suffolk Lighting. pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 16 45c. Sept.30 Holders of rec. Sept. 20 (guar.) class B National Electric Power, 134 Oct. 1 Holders of rec. Sept. 15 7% preferred (guar.) 113 Oct. 1 Holders of rec. Sept. 15 6% preferred (guar.) National Gas & Elec., pref. (guar.).- -• $1.625 Oct. 1 'Holders of rec. Sept. 20 National Public Service, corn. A (guar.) 40c. Sept. lb Holders of rec. Aug. 27 13/ Oct. 1 Holders of ree.Sept.d17 Preferred A (guar.) 411 Dec. 10 'Holders of gee. Nov.30 Newark Telephone (gun%) "133 Oct. 1 *Holders of rec. Sept. 15 Newport Electric Corp., pref. (guar.) Neweastle-upon-Tyne Elec. SupplyAmer. dep. rcts. ord. reg. (Interim).- n214 Oct. 7 Holders of rec. Sept. 15 31.375 Oct. 1 Holders of reo. Aug. 29 New England Gas& Elec.. pref.(00.) *500. Oct. lb 'Holders of roc. Sept.30 New England Power Assn.corn.(qu.) 500. Oct. 1 Sept. 11 to Sept.30 New 32 preferred (guar.)(No.1) 134 Oct. 1 Sept. 11 to Sept.30 6% preferred ((mar.) Sept.30 Holders of rec. Sept. 15 25e. New England Pub. Sere.. corn. (qu.).-Common (payable In common stk.) -- /136 Sept. 30 Holders of rec. Sept. 15 $1.75 Sept. lb Holders of rec. Aug. 30 $7 prior lien pref.(quay.) $1.50 Sept. 16 Holders of rec. Aug. 30 $6 prior lien pref. (guar.) Sept.30 Holders of rec. Sept. 10 New England Telep.& Teleg.(guar.)... 2 N.J. Power & Light $8 pref.(guar.).- "$1.50 Oct. 1 Holders of rec. Aug. 29 •$1.25 Oct. 1 Holders of rec. Aug. 29 $5 preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 20 New Jersey Water Co.,7% pref.(qu.) New York Central Elm.Corp.. Pf (qui- •134 Oct. 1 Holders of rec. Sept.30 N. Y. Power dr Light 7% prof.(quar.).. *1)i Oct. I Holders of rec. Sept. 16 •31.50 Oct. 1 Holders of rec. Sept. 16 $6 preferred (guar.) Oct. 1 Holders of roe. Sept. lba New York Steam Co., $8 pref.(guar.) $1.75 Oct. I Holders of roc. Sept. 15a $7 preferred (guar.) lb Holders of rec. Sept.20 Oct. 133 New York Telephone pref.(guar.) 133 Sept.15 Holders of rec. Sept. 5 New York Water Serv. Corp. Pf.((Oh) 10e. Sept. 30 Holders of rec. Sept. 8a Niagara & Hudson Pow., corn. (quar.)._ r214 Oct. 1 Holders of rec. Sept. ba North American Co • corn. (guar.) 750. Oct. 1 Holders of rec. Sept. be Preferred (guar.) $1.50 Oct. 1 Holders of reo. Sept. 20 (qu.) No. American Lt.& Pow..$6 pref. North Amer. Utility Securities Cori) . $1.50 Sept.lb Holders of reo. Sept. 2 First preferred (guar.) Northern Ontario Power,corn.(guar.)- 60o Oct. 25 Holders of reo. Sept.30 26 Holders of reo. Sept.30 Oct.134 Preferred (guar.) Nov. 1 Holders of rec. Sept. 30 No.State Power(Del.) eom.A (qu.)---- 2 133 Oct. 20 Holders of rec. Sept.30 7% preferred (guar.) 113 Oct. 20 Holders of rec. Sept.30 8% preferred (guar.) 113 Oct. 1 Holders of reo. Sept. 16 Northport Water Wks., pref.(qu.) *El Oct. 1 *Holders of rec. Sept.26 Nova Scotia Light & Power (quar.) $1.25 Oct. 1 Holders of reo. Sept. 6 Ohio Edison Co. $5 pref.(guar.) $1.50 Oct. 1 Holders of res. Sept. 6 $6 Preferred (guar.) 51.65 Oct. 1 Holders of rec. Sept. 6 $6.60 preferred (guar.) $1.75 Oct. 1 Holders of rec. Sept. 6 $7 preferred (guar.) $1.80 Oct. 1 Holders of reo. Sept. 6 $7.20 preferred (guar.) IM Oct. 1 Holders of rec. Sept. 15 Ohio Electric Power,7% pref.(guar.)113 Oct. 1 Holders of rec. Sept. 15 6% PreferresS(ouar.) Ohio Telephodit Service. prof.(quar.)_._ elm Sept.30 Holders of reo. Sept. 23 '134 Dec. 31 Holders of reo. Dee. 24 Preferred (quay.) *1% Sept. 15 Holders of rec. Aug. 30 Oklahoma Gas & Elec. pref.(quar.)_. Orange dv Rockland Elec.. pref.(guar.). •134 Oct. 1 Holders of reo. Sept. 25 Ottawa L., H.& Power, corn.(guar.) 133 Sept.30 Holders of rec. Sept. 15, Oct. 1 Holders of rec. Sept.15 Preferred (guar.) Pacific Northwest Pub.Serv. pr. pf.(gu.) "$1.75 Oct. 1 Holders of rec. Sept. 15 Oct. 1 Holders of rec. Sept. 15 "$1.50 6% first preferred (guar.) Pacific Telep.& Teleg.. corn.(quar.) 133 Sept.30 Holders of rec. Sept.20 113 Oct. 16 Holders of rec. Sept.30 Preferred (guar.) 03150. Oct. 1 Holden of reo. Sept. 150 Peninsular Telephone,corn.(oust.) •350 Jan 1'31 Hold. of me. Dee. 15'30 Common (guar ). Oct. 1 Holders of tee. Sept. 20 o$1.7.5 Pennsylvania Gas& El. Corp..S7 PL(W.) 7% preferred (guar.) '134 Oct. 1 Holders of red. Sept. 20 rec. Sept. 19 Pennsylvania Water & Power (guar.).755. Oct. 1 Holders of rec. Sept. 8 Peoples Light & Power. corn. A (quar.) e600. Oct. 1 Holders of 11.4 Oct. 1 Holders of rec. Sept. 20 Peoria Water Works. pref.(guar.) bile Oct. 1 Holders of reo. Sept. 10. Philadelphia Elec.Power, pref.(guar.)._ Oct. 1 'Holders of rec. Sept. lb 1 34 ' Ponce Electric Co. pref. (guar.) Oot. 1 Called for red. Oct. 1 $4 Porto Rico Telephone, pref 12a Foetal Telegraph & Cable pref.(oust.)_. 134 Oct. 1 Holders of reo. Sept. Power Corp. of Canada. 1st pref.(guar.) 1)3 Oct. 15 Holders of reo. Sept.30 750. Oct. lb Holders of tea. Sept.30 Second preferred (guar.) Public Service Co., Colorado.7% pf.(qu) *Hi Oct. 1 *Holders or rec. Sept. 15 •500. Oct. 1 *Hol.,ers of rea. Sept. 13 6% preferred ((luar.) •420. Oct. 1 'Holders of reo. Sept. lb 6% preferred (Omni Public Service of New Ramp..$13 pf.(col) *51 5(1 Sept.15 *Holders of reo. Aug. 31 uolders of reo. Aug. 31 85 preferred (guar.) 41.25 Sept.15•__ 850. Sept.30 Holders of reo. Sept. 2a Public Sere. Corp.of 14.3..corn.(Qu.) Sept.30 Holders of rec. Sept. 2a 2 8% preferred (guar.) 133 Sept.30 Holders of reo. Sept. 2a 7% Preferred (guar.) $1.26 Sept.30 Holders of roe. Sept. 2a 86 Preferred (guar.) 6% preferred (monthly) 60e. Sept.30 Holders of MO. Sept. 2a 2 Oct. 1 Sept. 21 to Oct. 1 Public here. Co.of Oklahoma,oorn.(qu.) 1 7% prior lien (guar.) 134 Oct. I Sept. 21 to Oct. 1 Oct. 6% prior lien (guar.) 134 Oct. 1 Sept. 21 to 20 Sept. too. of Holders Sept.30 Pub. Serv. Elec. & Gas 7% pref.(guar.) 133 1)4 Sept.30 Holders of rea. Sept. 20 6% Preferred (guar./ Puget Sound Power & Light,$b Pf.(q11.) *$1.25 Oct. 15 Holders of rm. Sept. 19 11) S6 preferred (guar.) •$1.51) Oct. 15 Holders of rec. Sept. 30 *134 Oct. 1 'Holders of rec. Aug. Rochester Central Power pref. (quar.)_ Rochester Telep. Corp.. corn.(guar.).- •$1.25 Got. 1 *Holders of reo. Sept 13 •1% Oct. 1 *Holders of reo. Sept. 13 633% Preferred (guar.) Ban Josquln Lt.& Pow., pref. A (guar.) Sept.lb *Holders of rec. Aug. 30 Sept.15 *Holders of reo. Aug. 30 Preferred B (guar.) Oct. I *Holders of rec. Sept. 10 Savannah Elec. & Pow.deb. A (oust.)... *2 •134 Oct. 1 'Holders of rec. Sept. 10 Debenture stock series B (guar.) zi Oct. 1 *Holders of rec. Sept. 10 Debenture stock seen C (guar.) .3 Oct. 1 *Holders of rec. Sept. 10 6% preferred Oct. 1 'Holders of reo. Sept. 1 Second & 3d Sts. Pass, Ry.,Phila.(au.). *$3 5 Holders of reo. Sept.20 16 ..1 Ons 600. flep Southern Calif. Edison, orig. pref. 0111.) 43Mo sept.15 Holders of reo. Aug. 20 Preferred A (Oust.) Holders of reo. Aug. 20 37330 Preferred B (guar.) 3413o Oct. lb Holders of rec. Sept. 20 634% preferred, series C (guar.) of reo. Sept.20 Holders lb 1)3 Oct. Southern Canada Power. pref.(guar.).Southern Colorado Power. pref. (111.)-- 133 Sept.lb Holders of rec. Aug. 30 Southwestern Bell Telep. pref. (quar.)_. 156 Oct. 1 Holders of rec. Sept. 20 Southwestern Light & Pow., pref. ((M./- *$1.50 Oct. 1 'Holders of reo. Sept. IS Southwest Gas & Elec..8% pref.(guar.) *2 Oct. 1 *Holders of reo. Sept. 15 Oct. 1 *Holders of reo. Sept. lb 7% Preferred (guar.) Springfield(Mo.) Gas & Eleo., pref.(qui $1.75 Oct. 1 Holders of rec. Sept. 15 Standard Gas & Electric, $4 pref.(guar.) 31 Sept. 15 Holders of rce. Aug. 300 Tacony-Palmyra BridgeCommon and elan A (No.1) 760 Sept.30 Holders of reo. Sept.150 Tampa Electric Co.(guar.) *500. Oot. 1 'Holders of reo. Sept. 10 Tennessee Elec. Power 5% let 13 Oct. 1 Holders of reo. Sept. 15 6% first preferred (guar.) 134 Oct. 1 Holders of reo. Sept. lb 7% tint preferred (guar.) 134 008. 1 Holders of rec. Sept. 15 7.2% first preferred (guar.) 1.80 Oct. 1 Holders of reo. Sept. 16 8% first preferred (monthly) 60e. Oct. 1 Holders of reo. Sept. 16 first preferred (monthly) 600. Oct. 1 Holden of rec. Sept. 13 Tri-State Telep. & Teleg.. corn.(guar.). *$1.50 Oct. 1 *Holders of reo. Sept. lb Dec. 1 *Holders of rec. Nov. 16 6% preferred (guar.) [Vor.. 131. FINANCIAL CHRONICLE Name 0/ Company. Per When Cent. Payable. Books Closes Days inclusive. Public Utilities (Concluded). Twin City Rapid Transit. Minneapolis, 1)3 Oct. 1 Holders of roe. Sept. 124 Preferred (guar.) United Corporation, corn.(No. 1) 500. Oct. 1 Holders of reo. Aug. 25a 7be. Oct. 1 Holders of reo. Sept. ba Preference (quer.) Oct. 1 "Holders of rec. Sept. lb •1.13 United Gas & Elec. Corp., pref.(go.)... United Gas Improvement corn.(guar.) 30e. Sept 30 Holders of rec. Aug. 20a $1.25 Sept. 30 Holders of ree. Aug. 30e $5 preferred (guar.) Utah Power & Light. $7 prof.(guar.)- $1.75 Oct. 1 Holders of rec. Sept. b $1.50 Oct. 1 Holders of ree. Sept. b Se preferred (guar.) 925e Oct. 1 Holders of rm. Sept. b Utilltiee Power & Light. corn. Class A (guar.) ub0e Oct. 1 Holders of reo. Sept. ba Class B (guar.) 9250. Oct. 1 Holders of rec. Sept. 5 ulM Oct. 1 Holders of rec. Sept. b Preferred (guar.) Virginia Elec. & Power.6% pref. (guar.) 114 Sept.20 Holders of rec. Aug. 30a Washington Water Power.$8 Pref. Mei •$1.50 Sept. 15 "Holders of reo. Aug. 23 $1.825 Sept.lb *Holders of rec. Aug. 23 OM Preferred Millar.) Western Mass. Coe.(aux.) 68330. Sept.30 Holders of reo. Sept.16 Western Power Corp.. pref.(guar.) 1,3 Oct. 15 Holders of reo. Sept.30 Westmoreland Water Co.. $6 pref. (qu.) $1.50 Oct. I Holders of mi. Sept. 20 wen Penn Elec. Co., class A (quar.) $1.75 Sept.30 Holders of reo. Sept. lie West Texas Utilities. Si pref.(guar.).-- •$1.60 Oct. 1 Holders of rec. Sept. lb 133 Oct. 1 Holders of roe. Sept. 8 Winnipeg Electric Co. pref. ((mar.) Wisconsin Public Serv.. 7% pref. (qu.). 134 Sept.20 Holders of ree. Aug. 30 134 Sept. 20 Holders of reo. Aug. 30 633% preferred (guar.) 113 Sept.20 Holders of rec. Aug. 30 6% preferred (guar.) Banks. Bank of America Nat'l Assn.(quar.)-} 31.125 Oct. Banoamerlea-Blalr Corp.(guar.) Chase National (guar.) Oct. }El Securities Corp.(guar.) Oct. Chatham Phenix NarlBank & Tr.(qu)"31 Oct. $1 Manhattan (The) Co.(guar.) National City Bank (oliar.) Oct. National City Company (guar.) 1$1 City Bank Farmers Trust (guar.) Oct. Public National Bank & Trust (oust.) $1 Holders of rec. Sept. 20 Holders of tee. Sept. be "Holders of reo. Sept. lb Holders of tee. Sept. 1511 Holders of reo. Sept. 6 *Holders of rec. Sept. 21) Trust Companies Bangs Commerciale Italians Trust (qu.) 213 Oct. 1 Holders of rec. Sept. 16 75e. Oct. 1 Holders of rec. Sept. 12 Bankers (guar.) Chelsea Bank & Trust (guar.) 6213c Oct. I Holoers ei rec. Sept. 1211 4Se Oct. 1 Holders of rec. Sept. 11 Chemical Bank & Trust (guar.) 300. Sept.16 Holders of red. Sept. 5 Continental Bank & Trust (guar.) Sept.30 Holders of rec. Sept. 12 Guaranty (guar.) 400. Opt. I Holders of rec. Sept. 2 Irvine (guar.) Oct. 1 *Holders of rec. Sept. 16 Manufacturers (quar.) Oct. I Holders of roe. Sept. 196 15 United States (guar.) Fire Insurance. Brooklyn Fire (guar.) Importers dv Exporters (guar.) North River Insurance (ClUr.r.) Rossla (guar.) United States Fire Ins. (guar.) 30e. Oct. 1 Holders of rec. Sept.20 Sept.15 *Holders of rec. Sept. 8 60e. Sept. 16 Holders of rec. 8eP8. 5 55e. Oct. 1 Holders of rec. Sept. 16a 800. Nov. 1 Holders of reo. Oct. 22 Miscellaneous. Abbott Laboratories, corn. (guar.) 62)3e Oct. 1 Holders of reo. Sept. 18 Abitibi Power & Paper,6% pref.(gum.) 134 Oct. 20 Holders of reo. Oct. 10a 113 Oct. 1 Holders of reo. Sept. 20 7% preferred (guar.) Acme Glove Works, Ltd., 1st pf.(qu.).- '81360 Sept. 15 *Holders of reo. Aug. 31 Second preferred (guar.) eThe. Sept. 15 *Holders of rec. Aug. 31 Acme Wire (guar.) "500. Sept. 15 *Holders of reo. Sept. 1 40e. Sept. 30 Holders of tee. Sept. 15a Adams Express common (Var.) of 136 Preferred (guar.) 125: ee. Sept.2 rm. 10 Holders BeP1• 3° 3713e Oct. Addressograph internat. (guar.) 154 Oct. 1 Holders of rec. Sept.lb Agnew Surpass Shoe Sts.. Pref.(qu.) 1106 Aug. roe. of Holders 1 pt.18 16o. AlleghenySteel, corn.(monthly) *Holders of reo. Nov. 16 •143 Des. Preferred (guar.) Alliance Realty, pref. (guar.) 134 Dee. 1 Holders of reo. Nov.20 Allied Chemical dt Dye. pref. (quar.).__ 154 Oct. 1 Holders of rec. Sept. 11$ Allied Laboratories pref. (guar.) "8713e Oct. 1 *Holders of roe. Sept. lb Allied Products Corp.. Glass A (oust.)..'87)40 Oct. 1 *Holders of reo. Sept. 16 Aluminum Co. of Amer., pref. (Oust.).. •1% Oct. 1 *Holders of tee. Sept. 15 Aluminum Industries, corn. (guar.). •37Mc Sept. 15 *Holders of ree. Aug. 30 •600 Sept.30 Holders of reo. Sept.15 Aluminum Mfrs.. Dm., 0002. (quar.) •500 Dec. 31 *Holden of reo. Dec. le Common (guar.) •154 Sept.30 *Holders of reo. Seen. 15 Preferred (guar.) •1,‘ Dee. 31 *Holders of tee. Dee. 16 Preferred (guar.) •1 4 Oct. 15 *Holders of rec. Sept.30 American Art Works, pref.(guar.) *750 Oct. 1 •Holders of rec. Sept. 18 American Bakeries, class A (guar.) *1St Oct. 1 'Holders of rec. Sept. 16 Preferred (guar.) 50e. Oct. 1 Holders of gee. Sept. 10a American Bank Note,corn.(quar.) (guar.). 75e. Oct. 1 Holders of rec. Sept.Ina Preferred 133 Oct. 1 Holders of rec. Sept. 20a Amer.Brown Boverl Elec. Co. p1.(gu.) American Can, pref. (guar.) 154 Oct. 1 Holders of rec. Sept. 15a American Car dr Foundry, eons. (qu.).. $1.50 Oct. 1 Holders of rm. Sept. 160 134 Oct. 1 Holders of rec. Sept. 1611 Preferred (guar.) 151 Sem 80 Holders of rec. Sept.20a American Chain, pref. (guar.) 50e. Oct. 1 Holders of rec. Sept. 12a Amer. Chicle common (guar.) 250. Oct. 1 Holders of rec. Sept. I2a Common (extra) 134 Oct. 1 Holders of rec. Sept. 15 American Cigar, pref. (guar.) •600. Sept.30 *Holders of reo. Sept. 12 Amer. Colortype Co.. erne. (Qust.) 15e. Sept.20 Holders of rec. Sept. to American (The) Corp. corn.(No. 1)...25e. Sept.30 Holders of rec. Sept. 160 (guar.). Cora. Amer. Encaustic Tiling. $1.50 Oct. 1 Holders of rec. Sent. 23. American Express, common (guar.).153 Oct. 1 Holders of reo. Sept.30 Amer. Furniture Mart Building (quar.)_ *El American Hardware (guar.) Jan 1'31 .111 1 '31 Quarterly 350. Oct. 1 Holders of tee. Sept.lba Amer.Home Products(monthly) $1 Oct. 1 Holders of rec. Sept.12a Amer. International Corp.. ooro Oct. 1 Holders of rec. Sept. 12 Common (payable in common nook)._ 134 Dee. 1 Holders of reo. Nov. Amer. Investment Trust prof.(oust.) Sept.30 Holders ot rec. Sept. 120 AmericanLocometive, corn. (guar.).- $1 133 Sept.30 Holders of rec. Sept. 1211 Preferred (guar.) Oct. 1 Sept. 16 to Sept. 30 American Manufacturing, oom. (guar.). 1 Dec. 30 Dee. 81 Dee. 113 to Common (guar.) 1M Oct. 1 Sept. 16 to Sept. 30 Preferred (Ooor.) Preferred (guar.) 136 Dee. 81 Dee. 18 to Dee. 30 American National Co.(No. 1) (quar.)- •20e. Oct. 1 600. Sept.lb Holders of rec. SePt. ba American News. In0.. (bi-monthle).Amer. Radiator & Standard Sanitary 37)3e Sept.30 Holders of reo. Sept.lie Corp., common (Oear.) $1.25 Sept.30 Holders of rec. Sept. 106 American Safety Razor (guar.) Amer. Shipbuilding common (guar.)._ $1.23 Nov. 1 Holders of rec. Oct. 15a 134 Nov. 1 Holders of reo. Oct. lb Preferred (guar.) American Snuff, common (oust.) 3 Oct. 1 Holders of rec. Sept. I la 114 Oct. 1 Holders of rec. Sept. Ha Preferred (guar.) Steel American Foundries. cons.(guar.). 750. Oat. lb Holders of reo. Oct. la Proferred (ima.) 133 Sept.30 Holders of reo. Sept. lba American Stores (gear.) 50c Oct. 1 Holders of reo. Sept. 156 American &War Refining. Oom.(guar.). 154 Oct. 2 Holders of tee. Sept. 15a Preferred (guar.) 133 Oct. 2 Holders of reo. Sept. 54 American Surety (guar.) $1.50 Sept.30 Holders of reo. Sept.13a American Tobacco. pref. ((Mar.) 113 Oct. 1 Holders of rec. Sept. 100 American Writing Paper. Prof.(guar.).- Si Sept.30 Holders of tee. Sept.20a Arnoskeag Mfg.. 0011111100 (guar.) 26e. Oot. 2 Holders of reo. Sept. 13 Anchor Cap Corp., corn.(guar.) 60c. Oct. 1 Holders of rec. Sept. 19a Preferred (guar.) 81.625 Oct. 1 Holders of rec. Sept. 190 Anchor Post Fence (qu.) (In stock)- - - *e213 Oct. 1 *Holders of rec. Sept. 16 Angle Steel Stool (guar.) •200. Oct. lb *Holders of tee. Oct. b Armour & Co.of Delaware. pref.(gust.) 153 Oct. 1 Holders of rec. Sept. 100 Armour & Co.(Illinois), pref.(gust.) 134 Oct. 1 Holders of tee. Sept. 105 Armstrong Cork (guar.) "26e. Orn. 1 *Holders of rec. Sept.17 Art Metal Construction (guar.) 500, Sept.30 Holders of rec. Sept. 176 Associated Apparel IndustriesCommon (guar.) Oct. 1 Holders of reo. Sept. 19a $1 Associated Oil, corn.(guar.) 50c. Sept.30 Holders of rec. Sept. 136 106 Atlantic. Gulf& W.I.SS.Lines, pf 134 Supt.30 Holders of reo. Sept. 11 DAR. i Holdorn of Me. IMO Preferred louse.) SEPT. 13 1930.] Name of Company. FINANCIAL CHRONICLE Per When Cent. Payable. Books Closes Days luelustee. MisceBans:owl (Continued). Atlantic Building Trust *33 Sept. 15 'Holders of rec. Aug. 30 Atlantic Refining, corn. (quar.) 25e. Sept.15 Holders of rec. Aug. 216 Common (extra) 25c. Sept. 15 Holders of rec. Aug. 214 Atlantic Terra Cotta, prior Prof. (guar.) •13,6 Sept.15 *Holders of rec. Sept. 5 Atlas Stores Corp. Cora.(payable in COM. stock) 1134 Dee. 1 Holders of roe. Nov. 17a Corn.(payable in coin. stock) 1134 Mar 23 I Hold. of rep. Feb.16'31a Auburn Automobile (quar.) El Oct. 1 Holders of rec. Sept. 200 Stock dividend Oct. 1 Holders of rec. Sept. 200 e2 Autocar Co. pref. (quar.) $2 Sept.15 Holders of rec. Sept. 5 Autostrop Safety Razor,class A (qu.)_ .75c Oct. 8 *Holders of rec. Sept. 10 Class B (guar.) 575c. Nov. 1 *Holders of rec. Oct. 10 Babcock & Wilcox Co.(guar.) *134 Oct. I *Holders of roe. Sept.20 Backstay Welt Co.(guar.) *50e. Oct. 1 Balaban & Katz, corn.(guar.) *750. Sept.27 *Holders of rec. Sept 15 *154 Sept 27 *Holders of rec. Sept. 15 Preferred (guar.) Baldwin Co., pref. A (quar.) *134 Sept.15 *Holders of rec. Aug. 30 Baldwin Rubber, class A (guar.) '3734c Sept.30 *Holders of rec. Sept.20 Bancroft(Joseph) or Sons CO. Common (quar.) 30e. Sept.30 Holders of roe. Sept.150 Barker Bros., corn.(guar.) 50c. Oct. 1 Holders of rec. Sept. 130 Preferred (quar.) 14 Oct. 1 Holders of rec. Sept. 13a Beaton dc Caldwell Mtg.(monthly) .25e. Oct. 1 *Holders of rec. Sept.30 Beatrice Creamery,corn.(guar.) $1 Oct. 1 Holders of rec. Sept. 150 Preferred (guar.) 134 Oct. 1 Holders of rec. Sept. I50 Beech-Nut Packing (guar.) 75e. Sept.30 Holders of rec. 12a Belding-Corticelli. Ltd.. Pref. (guar.).- 14 Sept.16 Holders of reo. Sept. Aug. 80 Belgo Canadian Paper, Pref.(cluar•) 134 Oct. 1 Holders of rec. Sept. 2 Bendix Aviation(guar.) 500. Oct. 1 Holders of reo. Sept.10. Best dr Co. common (guar.) 50c. Sept.15 Holders of rec. Aug- 250 Bethlehem Steel, common (guar.) $1.50 Nov. 15 Holders of reo. Oct. 17a Preferred (guar.) 134 Oct. 1 Holders of roe. Sept. S. Bigelow-Sanford Carp.& Rug. PI. *14 Nov. 1 *Holders of roe. Oct. 17 Hats, Ltd., pref. (guar.)(q1.)Biltmore *154 Sept.15 'Holders of ree. Sept. 2 Bloch Bros., common (quay.) '27340 Nov. 15 *Holders of roe. Nov. 10 Preferred (quar.) *14 Sept.30 *Holders of rec. Sept. 26 Preferred (qum.) *14 Dec. 81 *Holders of roe. Dec. 26 Blumenthal(Sidney)& Co., pref.(qu.) 1 Holders of rec. Sept.15a Oct.154 Bohn Aluminum & Brass 374c Oct. 1 Holders of rec. Sept. 156 Bon Aml Co., class A (quar.) Oct. 30 Holders of roe. Oct. 16a $1 Class B (guar.) 50o. Oct. 1 Holders of reo. Sept. 24 Borg Warner Corp., corn. (guar.) 75c. Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) 14 Oct. 1 Holders of rec. Sept. 15 Borne Scrymser Co Oct. 15 Sept.27 to Oct. 14 $1 Boston Woven Hose dr Rubb. rota (qu.) $1.50 Sept.15 Holders of roe. Aug. 30 Brewing Corp. of Ontario, pref.(guar.). 624c Oct. 1 Holders of rec. Sept. 15 Briggs & Stratton Corp.,common (guar.) 500. Sept.30 Holders of rec. Sept. 20a British Amer. Oil reg.shs.(guar.) 20o. Oct. 1 Sept. 14 to Sept.30 Coupon shares (quar.) 20c. Oct. 1 Holders of coup. No. 2 British-American Tobacco(r) Sept. 30 Hold. of coup. No. 136 Ordinary bearer shares(Interim) Ordinary registered shares (r) Sept.30 See note (r) Preference 234 Sept.30 Holders of coup. No.54 British Type Investors (bi-monthly) 9c Oct. 1 Holders of rec. Sept. 1 Brockaway Motor Truck, pref. (guar.). 154 Oct. 1 Holders of rec. Sept. 100 Buckeye Pipe Line (quar.) $1 Sept.15 Holders of rec. Aug. 22 Bucyrus-Erie Co.,corn.(guar.) 25e. Oct. 1 Holders of roe. Aug. 28 Preferred (guar.) 134 Oct. 1 Holders of roe. Aug. 284 Convertible pref. (quiz.) 6234o Oct. 1 Holders of ree. Aug. 28. Budd Wheel, com.(guar.) 25c. Sept. 30 Holders of rec. Sept. 10a Preferred (quar.) 154 Sept.30 Holders of rec. Sept. 10a Preferred (extra) 75e. Sept.30 Holders of roe. Sept.10a Burger Bros.. pref. (Qllar.) *2 Oct. 1 *Holders of rep. 15 Burns Bros. pref. (quar.) 154 Oct. 1 Holders of rec. Sept. Sept. 156 Bush Terminal Bldga.. Pref.(quar.) 14 Oct. 1 Holders of roe. Sept.120 Bush Terminal Co.. corn.(guar.) 62340 Nov. 1 Holders of res. Sept. 24a 7% debenture (guar.) 14 Oct. 15 Holders of ree. Sept.28a Bum (A. M.) Co., pref.(guar.) 1.154 Nov. 1 *Heiden res. Oct. 16 calamba Sugar Estates, corn.(guar.)... .40o. Oct. 1 *Holders of of rec. Sept. 12 Preferred (quar.) *350. Oct. 1 'Holders of rec. Sept. 12 California Ink, class A & B (guar.) *500. Oct. 1 *Holders of ree..Sept. 20 California Peeking (guar.) $1 Sept.15 Holders of rec. Aug. 30e Cambria Iron Oct. 1 Holders of ree. $1 15a Canada Cement, preferred (qual.) 134 Sept.30 Holders of rec. Sept. Aug. 30 Foundries, (guar.)... Iron coin. Canada 154 Sept.15 Holders of rec. Aug. 31 Preferred 3 Sept. 15 Holders of rec. Aug. 31 Canada Malting registered stock (qu.)_. 43734o Sept.15 Aug. 31 to Sept.15 Coupon stock (quar.) 43754e Sept. 15 Canada Permanent Mtge.Corp.(quar.).. 3 Oct. 1 Holders of roe. Sept. 15 Canada Wire & Cable. class A (guar.)._ $1 Sept.15 Holders of rec. Aug. 31 Class A (guar.) $1 Dec. 15 Holders of rec. Noy.30 Class B(No. 1) 43 Mo. Dee. 15 Holders of rec. Nov. 30 Canadian Bakeries, let & 2d pref.(guar. *I M Sept.15 *Holders of rec Aug.31 Canadian Car & Foundry. Pref. (guar.) 43540 Oct. 10 Holders of roe. Sept. Canadian Cottons. Ltd., prof. (ouar.)- 114Holders or reo. Sept. 25 20 Canadian Fairbanks Morse (guar.) *500.(*pi.15 *Holders of leo. Aug. 30 Canadian General ElectricCommon (guar.) 76e. Oct. 1 Holders of rec. Sept. 13 Preferred (Quar.) 873ic Oct. 1 Holders of rec. Sent. 13 Canadian Oil. prof.(guar.) *52 Oct. I *Holders of rec. Sept. 20 Canadian Wirebound Boxes. class A (qu) .37lic Oct. 1 *Holders of ree. Capital A dminlstr., Prof.(quar.) 750, Oct. 1 Holders of rec. Sept. 15 Carman & Co., class A and B (qual.).-- *500. Nov.29 *Holders of rec. Sept. 15a Class S (50o.cash or 1-40th eh.B stk.) .50o. Oct. 25 *Holders of rec. Nov.15 Oct. 15 Carnation Co.(extra In stook) *el Jan 2'31 *Holders of Doe. 20 Carter (William) Co.. preferred (guar.). 13.4 Sept.15 Holders of roe. rec. Sept. 10 Case (J. I.) Co.. coin.(guar.) 134 Oct. I Holders of roe. Sept. 12a Preferred (guar.) 154 Oct. 1 Holders tee. Sept. 120 Celanese Corp. of Amer., prior Pt.(M)- 154 Oct. 1 Holders of of rec. 16 Centrifugal Pips Corp.(guar.) 150. Nov. 15 Holders of roe. Sept. Century Electric Co. (guar.) $1 Oct. 1 Holders of roc. Nov. 6 156 Checker Cab Mfg.(monthly) *350. Oct. 1 'Holders of rec. Sept. Charebrough Mfg.Consol.(qu.) '61 Sept.30 *Holders of rec. Sept. 15 Extra *50c. Sept.30 *Holders of rec. Sept.10 Sept. 10 Chicago Flexible Shaft. oom.(quar.).. *314. OM 1 *Holders of roe. Sept. 20 Chicago Yellow Cab(monthly) 250 Oct. I Holders of rec. Sept. 19a Monthly 250. Nov. 1 Holders rec. Oct. 206 Monthly 25e, Dec. 1 Holders of of rec. Nov.20a Chile Copper Co.(guar.) 6254e Sept.30 Holders of rec. Sept. 10a Chrysler Corp., corn. (guar.) 760 Sept.30 Cincinnati Ball Crank panto. pfd.(qu.) *560 Sept.30 Holders of rec. Sept. 2a *Holders of roe. Sept.15 Otsles Service common (monthly) 234c Oct. 1 Holders of rec. Sept. 156 Common (payable in corn. stock)._ 134 Oct. 1 Holders of rec. Sept. 15a Preference and Prof. BB (monthly)... 50e. Oct. 1 Holders of rec. Sept. 156 Preference B (monthly) 50 Oct. 1 Holders Clark (D. L.) & Co.(guar.) *31 X o Oct. 1 *Holders of roe. Rept. 156 of rec. Sept. 15 Clark Equipment Co.common (guar.)._ 75e. Sept.15 Holders of roe. Aug. 290 Cleveland Cliffs Iron, corn.(qual.) $1 Seta.20 Holders of Sept.10 Preferred (quar.) $1.25 Sept. 15 Holders of rec. rec. Sept. 5 Cliffs Corp., corn. (guar.) $1 Sept.20 Holders of rec. Sept. 10 Cluett Peabody & Co., Pref.(quar.) 151 Oct. 1 Holders of rec. Sept. 200 Coats (S. P.), Ltd. Amer. dep. rcts. ord. reg., 9 pence Oct. 6 *Holders of rec. Aug. 27 Coca Cola Bottling See.(quiz.) *25e. Oct. 15 Coca Cola Co.,cam.(guar.) 21.50 Oct. I Holders of roe. Sept. 120 Coca-Cola International, corn.(guar.)._ $3 Oct. 1 Colgate-Palmolive-Peet Co.,corn.(qu.). 6234e. Oct. 15 Holders of rec. Sept. 120 Holders of reo. Sept. Proferred (guar.) 134 Oct. 1 Holders of reo. Sept.206 100 Colonial Chair preferred (guar.) "43340 Oct. 1 *Holders of rec. Sept.15 Columbia Picture, Common (payable in common stook). 124 Oct. 2 Holders of reo. Sept. 36 Commercial Credit Co., corn.(guar.) 500. Sept.30 Holders re°. Sept.100 654% first preferred (quar.) 144 Sept.30 Holders of roe. 7% first preferred (quar.) Sept.100 43340 Sept.30 Holders of of rec. Sept.100 8% elms B preferred (guar.) 60o Sept.30 Holders of reo. Sept.100 $3 class A cony.stock (guar) 75o Sept.30 Holders of reel. Sept. 106 Commercial Investment Trust, com.(qu) 400 Oct. 1 Common (payable in common stock). f114 Oct. 1 Holders of rec. Sept. 60 Holders of rec. Sept. 50 7% first preferred (qual.) 131 Oct. 1 Holders of ree. Sept. 50 6)4% first preferred (guar.) 134 Oct. 1 Holders of roe. Sept. 50 Cony. pref. series of 1929 (quer.)-othlOct. 1 Holders of reo. Sept. 50 Name of Con:waxy. 1671 Per Warn Cent. Payable. Books Closes. Days Theluirtee. Miscellaneous (Continued) 2 Sept.30 Holders of rec. Sept. 19 Commercial Credit(N.0.) pref. (qu.)__ 4.56 Sept.30 *Holders of roe. 8e01.20 Commercial Discount(L.A)(In etook) Commercial Solvents, corn.(guar.) 250. Sept.30 Holders of rec. Sept. 10a 12 Sept.30 Ilolders of rec. Sept. 100 Corn.(payable in corn. stock) Community State Corp.. class A (qum.) .1240 Sept.30 "Holders of rec. Sept 26 *1234c Dec. 31 *Holders of rec. Dec. 26 Class A (guar.) *1230 3131131 *Hold,of roe. Mar. 2631 Class B (guar.) ' 12540 Sept.30 *Holders of rep. Sept. 26 Class B (guar.) *1234o Dec. 81 *Holders of rec. Dee. 26 Class B (guar.) Compressed Industrial Gasses (guar.) .50e. Sept. 15 +Holders of roe. Aug. 30 50c. Oct. 1 Holders of rec. Sept. 170 Conde Nast Publications, com (qu.) $1 Congress Cigar(Mum) Sept.30 Holders of rec. Sept. 156 Consolidated Cigar Corp.. oom.(qual.).. $1.25 Oct. 1 Holders of roe. Sept.15a Consolidated Laundries,common 250. Oct. 1 Holders of rec. Sept. 15 *14 Oct. I *Holders of roe. Sept.15 Consumers Co., prior Pref.(Qum.) 30c. Oct. 1 Holders of rec. Sept. lla Container Corp., class A (quar.) $1.75 Oct. 1 Holders of rec. Sept. 11 Preferred (qual.) 2 Oct. 1 Holders of rec. Sept. 156 Continental Baking,Inc., pref.(Quar.) 25e. Oct. 1 Holders of rec. Rent.164 Continental Shares, corn.(guar.) *$1.50 Sept. 15 *Holders of roe. Sept. 1 Preferred (quar.) *$1.50 Sept.15 *Holders of roe. Sept. 1 Convertible Preferred (guar.) Continental Steel, pref.(qual.) *14 Oct. 1 *Holders of rec. Sept.18 *1 Sept.15 *Holders of rec. Aug. 30 CooksvUle Co., Ltd., prof.(quar.) 50c. Oct. 1 Holders of rec. Sept. 10 Cooper-Bessemer Corp.,corn,(guar.)- 750. Oct. 1 Holders of rec. Sept. 10 Preferred (quar.) Corporation Securities Co. of ChicagoCorn.(154% or 3-200 sh, corn. stock)Sept.20 Holders of rec. Aug. 21 6340. Sept. 15 Holders of rec. Aug. 30 Crane Co., corn. and Drel• (guar-) 14 Sept.15 Holders of ree. Aug. 30 Preferred (guar.) Cresson Con.Gold Min.& M.(guar.). *lo. Oct. 10 *Holders of roe. Sept.30 600 Sept.18 Holders of roe. Sept. 20 Crown Cork & Seal, corn.(qtr.)(No. 1)Common (payable In common stock).. /10 Oct. 14 Holders of res. Sept.29 *680 Sept.15 *Holders of rec. Aug. 30 Preferred (guar.) *6740 Oct. 1 *Holders of roe. 13%4.15 Preferred (guar.) Crown Willamette Paper, 1st pref.(qui- $1.75 Oct. 1 Holders of rec. Sept,136 51.60 Oct. 1 Holders of rec. Sept. 13 Second preferred (qual.) Crown Zellerbach Corp..cora•(quar.).._. 250 Oct. 16 Holders of reo. Sept.30a Crucible Steel of Amer., pref.(guar.)... 134 Sept.30 Holders of rec. Sept. 150 Crum & Forster. pref.(guar.) 2 Sept.30 Holders of roe. Sept.20 Crum & Forster Ina. Shares, pref.(guar) 144 Nov.29 Holders of rec. Nov.19 Cumberland Pipe Line (guar.) St Sept.15 Holders of ree. Aug. 30 Cline° Press, preferred (guar.) '154 Sept.15 'Holders of reo. Sept. 1 624c Oct. 1 Holders of rec. Sept. 16 Curtis Mfg.,coin.(quar.) 500 Oct. 2 Holders of rec. Sept. 204 Curtis Publishing, corn.(monthly) *50c Oct. 2 *Holders of rec. Sept. 20 Extra 134 Oct. I Holders of rue. Sept.20s Preferred (guar.) 870. Sept.15 Holders of rec. Sept. 5a Cutler Hammer. Inc.(guar.) 560 Sept.15 Holders of roe. Aug. 30 David & Frere, Ltd., elass A (qual.)........ *144 Oct. 1 *Holders of ree. Sept. 20 Davidson Company, pref. (qual.) *50c. Sept. 15 *Holders of rec. Sept. 5 Decker (Alfred) hz Cohn. Inc. ((Mar.) 300.00$. 1 Holders of roe. Sept.150 Deere & Co.,new corn.(quill.) 114 Oct. 15 Holders of MO. Sept. 15 New corn.(payablein corn.stook). 14 Oct. 1 Holders of roe. Sept. 16 Old $100 par common (guar.) De Haviland Aircraft. Ltd. pref.(Qn.) *21.75 Sept.15 'Holders of rec. Sept. 8 Delsel-Wemmer-Gilbert (guar.) '37340 Sept.15 *Holders of rec. Sept. 10 Sept.15 *Holders of roe. Sept. 2 Delaware Lackawanna & West. CoaLqu) *82 *$1 Oct. 1 *Holders of recs. Sept.20 Liens& Union Stook Yards.corn.(qL) eel Jan l'31 *Hold, of rec. Dee.20'30. Common (guar.) oil Ap.1 31 *Hold, of roe. Mar. 2011 Common (quill.) ' 134 Dec. 1 *Holders of rec. Nov.20 Preferred (quar.) 20e. Oct. 1 Holders of roe. Sera.16 Detroit & Cleveland Nay.(quar.) "20c. Sept. 15 *Holders of rec. Aug. 30 Detroit Motorbus common (guar.) *15e. Oct. 1 *Holders of rec. Sept.15 Devonian Oil(quar.) 52 Sept.15 Holders of roe. Aug. 301 Diamond Match (gum.) Doehler Dle-Casting 7% prof.(War.) -- •8754o Oct. 1 *Holders of rec. Sept. 20 '31.75 Oct. 1 *Holders of rec. Sept. 20 $7 preferred (quar.) 30c. Oct. 1 Holders of rec. Sept. 150 Dominion Stores(quar.) 14 Nov. 1 Holders of rec. Oct. 6 Dominion Tar & Chemical. pref. (qu.).._ Dominion Textile, common (guar.)- - 51.25 Oct. I Holders of rec. Sept.15 14 Oct. 15 Holders of rec. Sept.30 Preferred (guar.) *200. Sept.30 'Holders of rec. Sept.22 Domlnquez 011Fields(extra) *50o. Oct. 20 *Holders of rec. Sept.10 Douglas Aircraft 14 Oct. 1 Holders of rec. Sept.15 Douglas(W.L.) Shoe, pref.(quar.) $1 Oct. 1 Holders of rec. Aug. 30 Draper Corporation(qual.) $2 Oct. 1 Holders of rec. Sept.154 Duplan Silk Corp..Pref.(quar.) Sept.15 Holders of rec. Aug. 286 Dupont(E.I.) de Nero.& Co.oom.(qu) $1 134 Oct. 25 Holders of rec. Oct. 10a Debenture stock (guar.) 20c. Oct. 1 Holders of rec. Sept. 10 Durant Motors of Canada Eastern 6fanufacturing, pref.(quer.) -- "8734c Oct. 1 *Holders of roe. Sept. 10 3754c. Oct. 1 Holders of rec. Sept.20a Eastern Rolling Mill (guar.) Eastern Utilities Investing Corp. 111.25 Oct. I Holders of reo. Aug. 110 $.5 prior preferred (guar.) $1.25 Oct. 1 Holders of roe. Aug. 30• Eastman Kodak,common (guar.) 750. Oct. 1 Holders of rec. Aug. 30• Common (extra) 114 Oct. 1 Holders of rec. Aug. 30 Preferred (quar.) 25e. Oct. 16 Holders of rec. Oct. I Economy Grocery Stores (guar.) Sc. Oct. 1 Holders of rec. Sept.10 Ecquadorian Corp.. Ltd.(quar.) Edison Bros.Stores,Inc.. pref.(quar.)... 154 Sept.15 Holders of rec. Aug. 31 .3734e Sept.15 *Holders of roe. Sept. 1 El Dorado 011 Works (qual.) Electric Auto-Lite Co.,corn,(qual.).._ _ $1.50 Oct. 1 Holders of rec. Sept. 200 $1.75 Oct. 1 Holders of rec. Sept.20a Preferred (guar.) $1.25 Oct. 1 Holders of roe. Sept. 19 Electric Controller & Mfg.(guar.) - $1.25 Oct. 1 Holders of roe. Sept. ger Electric Storage Batt. com.& Pf. Emerson Bromo Seltzer, clam A & B(qu) "500. Oct. 1 *Holders of roe. Sept.15 *500. Oct. 1 *Holders of roe. Sept. 15 Preferred (guar.) 250. Sept.15 Holders of rec. Sept. 2 Employers Group Associates(quar.) Emporium Capwell Corp.. 00m• (guar.) 250. Sept.24 Holders of rec. Aug. 30. Endicott-Johnson Corp., corn (qual.)... 81.25 Oct. 1 Holders of rec. Sept. 186 14 Oct. 1 Holders of rec. Sept. 180 Preferred (quar.) 75.. Oct. 1 Holders of rec. Sept.154 Equitable Office Bldg..cam.(qu.) 14 Oct. 1 Holders of rec. Sept.15 Preferred (qual.) 750. Oct. 1 Holders of rec. Sept. 15 Equity Investors Corp. Pref. (quar.) *60o. Nov. 15 *Holders of rec. Nov. 5 Ewa Plantation(guar.) *3c. Sept.20 *Holders of rec. Aug. 20 Exeter 011 Co cl. A (guar.) Co. common (guar.) 75e. Sept.30 Holders of rue. Sept.12e Fairbanks. Morse A 50o. Sept.27 Holders of roe. Sept. 12 Famous Players Can. Corp., corn.(qu.)_ 623.4000*. 1 Faultiest, Rubber. corn. (qual.) Sept. 16 50o. Sept.15 Holders of rec. Sept. 1 Fear (Fred) & Co., common (quar.) *14 Oct. 1 *Holders of rec. Sent. 8 Federal Bake Shops(quar.) Federal Min.& smelt., pref.(quer.)--- 134 Sept.15 Holders of reo. Aug. 254 Federal-Mogul Corp., corn.(qual.) *30e. Oct. 1 *Holders of rec. Sept. 15 20e. Oct. 1 Holders of rec. Sept.206 Federal Motor Truck (guar.) 75e. Oct. 1 Holders of rec. Sept.15 Federal Screw works (guar.) *2 Federal Terra Cotta Sept.15 *Holders of roe. Sept. a 14 Oct. 1 Holders of rec. Sept. 1 Feltroan & Crum e Shoe Sta. Prof.(i1U.)-16c. Sept.29 Holders of reo. Sept. 154 Fifth Ave. Bus Securities(quar.) Firestone Tire dr Rubber. pref. A (qual.) 134 Sept.15 Holders of rec. Aug. 15a First National Stores. Inc.. cons.(guar.) 62340 Oct. 1 Holders of Teo. Sept.184 O1.34 Oct. 1 *Holders of roe. Sept.18 Preferred (guar.) 412 Oct. 1 *Holders of res. Sept.20 Fhst Security Corp.(guar.) 14 Oct. 1 Holders of roe. Sept. 15a Floreheim Shoe Co.. pref. (guar.) 60e. Sept.15 Holders of reo. Aug. 30a Follansbee Bros.. corn. (guar.) Preferred (quar.) *IA Sept.15 *Holders of me. Aug. 30 65e. Sept. 15 Holders of rec. Sept.eta Foote-Hurt Co. common (guar.) *50c. Sept. 15 *Holders of rec. Spot. 10 Ford Machinery, pref.(monthly) *50e. Oot. 1 *Holders of roe. Sept. 15 Formica Insulation (Gear.) *50e. Jan111 *Holders of roe. Dec. 15 Quarterly-.. Foster Wheeler Corp.,corn.(guar.) 500. Oct. 1 Holders of rec. Sept.126 Preferred (guar.) $1.75 Oct. 1 Holders of roe. Sept.12a ' 154 Oct. 1 *Holders of rep, Frank (A B.) Co.. Met (qaar.) Sept. Ili Franklin Ry. Supply (quar.) $1 Sept.15 *Holders of roe. Sept. 5 Fuller (George A.) Co., prior pf.(qu.) 51.50 Oct. 1 Holders of rec. Sept.100 Panic. second pref. (guar.) 21.50 Oct. 1 Holders of roe. Sept. 106 Gamewell Co.. rem.(guar.) $1.25 Sept.15 Holders of rte. Sept. ba Preferred (guar.) $1.50 Sept.15 Holders of roe. Sept. 5 Oarlock Packing. corn.(guar.) 30o. Oct. 1 Holders of roe. Sept. General Alloys Co.,corn.(quar.) 20e. Oct. 1 Holders of rec. Sept.15 20 General American Investors, pref.(au.). 51.50 Oct. 1 Holders of rec. Sept. 106 General Amer.Tank Car,corn,(quar.).._ $1 Oct. 1 Holders of rec. Sept. 130 Stock dividend sl Oot. 1 Holders of res. Sept. 1381 Stook dividend (guar.) el Jan 131 Holders of tee. Dec. 130 1672 Name of Company. [VoL. 131. FINANCIAL CHRONICLE Per When Cent. Payable. Books Closed. Days Inclusive. Name of Company. When Per Cent. Payable Books Closed. Days Inclusive. Miscellaneous (Continued). Miscellaneous (Continued). *51.50 Oct. 1 *Holders of rec. Sept. 11 Sept. 15 Holders or me. Sept. 20 Koppers Gas & Coke, Pref. (quar.) General Asphalt, corn. (guar.) $I 40c Sept. 30 Holders of rec. Sept. 1I6 400. Oct. 25 Holders of reo. Sept. 196 Kresge (S. S.) Co., corn,(Oust.) General Electric (guar.) 190 Preferred (quar.) ln Sept. 30 Holders of rec. Sept. 110 150. Oct. 25 Holders of rec. Sept. Special stock (guar.) *e3 Oct. 15 "Holders of rec. Sept. 20 14 Oct. 1 Holders of rec. Sept. 150 Laboratory Products (guar.) General Mills, pref. (guar.) 300 Sept.16 Holders of rec. Sept. 2 51.25 Nov. 1 Holders of rec. Oct. 6a Lake Shore Mines, Ltd.(guar.) General Motors $5 pref.(guar.) Bonus 30.1 Sept.18 Holders of reo. Sept. 2 General Railway Signal, corn.(guar.)- - - $1.25 Oct. 1 Holders of rec. Sept. 106 Oct. 1 Holders of rec. Sept. 176 $2 lit Oct. I Holders of rec. Sept. 100 Lambert Co., corn.(guar.) Preferred (guar.) 50c. Sept.15 Holders of rec. Sept. 10 General Steel Castlngs, pref.(guar.). - - 51.50 Oct. 1 Holders of rec. Sept. 18a Lamson & Sessions Co., corn. (quar.)_-Landed Banking & Loan (guar.) *52.50 Oct. 1 *Holders of reo. Sept. 15 .650. Dec. 1 *Holders of reo. Nov.20 Gibson Art, common (guar.) Landis Machine. common (guar.) '750. Nov. 15 "Holders of rec. Nov. 5 *650. Aprl'31 *Hold, of reo. Mar. 20 31 Common (guar.) Lane Bryant, Inc., corn. (quar.) 50c. Oct. 1 Holders of net. Sept.15 50c. Oct. 1 Holders of rec. Sept. 18 Gleaner Combine Harvester, corn.(au.)30c. Oct. 1 Holders of rec. Sept. 18a Langendorf United Bak.CIA & B (qu.)_ - *50o. Oct. 15 "Holders of tee. Sept.30 Glidden Co., corn. (qrier.) Oct. 1 Holders of reo. Sept. 206 3 1% Oct. 1 Holders of rec. Sept. 186 Lawyers Title dr Guaranty (guar.) Preferred (guar.) Leath & Co., common (war.) "250. Sept.80 *Holders of rec. Sept.20 *87yie Sept.15 *Holders of rec. Sept. 1 Globe Disc dr Finan. pref.(qu.) Preferred (guar.) *8755e Oct. 1 *Holders of rec. Sept. 15 51.50 Sept.30 Holders of reo. Sept. 170 Gold Dust Corp.. pref. (guar.) 154 Oct. 1 Holders of reo. Sept. 13a 1% Oct. 1 Holders of reo. Sept. 10a Lehigh Portland Cement, pref.(ailar.) Goodrich (B. F.) Co., pref.(guar.) 75c. Oct. 1 Holders of rec. Sept. lla Goodyear Tire & Rubber. corn. (guar.)_ 51.25 Nov. 1 Holders of rec. Oct. la Lehigh Valley Coal Corp., pref. (qu.)._ 1 Holders of rec. Sept. la Lehigh Valley Coal Sales (guar.) 90c. Sept. 30 Sept. 12 to Sept. 30 51.75 Oct First preferred (guar.) Lerner Stores Corp., corn. (qua:.) 50c. Sept. If Holders of rec. Sept. 6 Goodyear Tire& Rub.(Can.),corn.(qtr.) "51.25 Oct. 1 *Holders of reo. Sept. 15 Leslie California Salt (quer.) .40c. Sept. It *Holders of rec. Sept. 2 "52.50 Oct. 1 *Holders of rec. Sept. 15 Common (extra) Leseing'S. Inc.(War.) 350. Dm. 1% Oct. 1 Holders of rec. Sept. 15 Elept.3 30 1 Holders of rec. Sept.11 Preferred (guar.) Llberty Share Corp., stock dividend .1730 Nov. 1 *Holders of reo. Oct. '21 Grand Rapids Stores Equip. Pt. Liggett dz Myers Tob., preferred (guar.) 154 Oct. 1 Holders of rect. Sept. 100 *25c. Oct. 1 *Holders of rec. Sept. 20 Grand Rapids Varnish (guar.) 1 Sept. 30 Holders of rec. Sept. 156 Lily-Tulip Cup Corp. corn.(Ousr.) 3750 Sept. lb Holders of reo. Sept. 2 Granite City Steel (guar.) Preferred (guar.) 250. Oct. 1 Holders of rec. Sept. 12a 154 Sept.3( Holders oi rec. Sept. 2 Grant(W.T.) Co., corn.(guar.) Lindsay Light, pref. (guar.) "17 4c Sept.2( 'Holders of net. Sept. 10 Oct. 1 Holders of rec. Sept. 16 15 (qua:.) Great Lakes Towing, corn. Loew's. Inc., common (guar.) 1Holders of rec. Sept. 15 1% Oct. 75c. Sept. 30 Holders of rec. Sept. 130 Preferred (guar.) Loose-Wiles Biscuit, 1St pref.(quar.).. 134 Oct. 1 Holders of reo. Sept. 180 Great Northern Bd.& Share,corn.(qm.)- 51 Oct. 1 Holders of rec. Sept. 25 Lord Sept. 25 & of rec. 1 Holdasr Oct. 1% Taylor 254 Oct. 1 Holders of rect. Sept. 17 common (attar.) Preferred (guar.) Lorillard (P.) Co., pref. (guar.) 1% Oct. 1 Holders of rec. Sept. 150 Gt. Northern Investing Co., el. A (qu.)_ o6254c Oct. 1 Holders of rec. Sept. 10 Loudon Packing (guar.) l% Oct. 1 Holders of rec. Sept. 10 75c. Oct. dl Holders of rec. dSept. 15 Preferred (oust.) 350. Oct. 2 Holders of tee. Sept. 156 Lunkenhelmer Co.,corn.(quar.) "37)4c Sept.15 *Holders of net, Sept. 5 Great Western Sugar, corn. (quar.) •1yi Oct. 1 'Holders of reo. Sept. 20, 1% Oct. 2 Holders of rec. Sept. 156 Preferred (quar.) Preferred (quar.) Preferred (guar.) *154 Jan 1'31 Greenfield Tap & Die Corp.6% Pf.(au.) 1% Oct. 1 Holders of rec. Sept. 15 Mack Trucks, Inc., common (quar.).. $1.50 Sept. 30 Holders of rec. Sept. 150 2 Oct. 1 Holders of rec. Sept. 15 8% preferred (quar.) Magnin (I.) & Co., prof. (guar.) 800. Oct. 1 Holders of rec. Sept, 15 Greif Bros. Cooperage. class A (quar.) *134 Nov. 15 *Holders of ree. Nov. 5 Mailmen(H.K.) Co. pref.(guar.) 25c. Sept.15 Holders of rec. Sept. 2 154 Oct. 1 Holders of rec. Sept. 206 Grier (S. M.) Stores, Inc., corn. (qu.) Manhattan Shirt, pref.(guar.) $1.75 Sept.15 Holders of rec. Sept. 2 % Oct. 1 *Holders of rec. Sept. 15 $7 preferred (guar.) *50c. Dee. 1 *Holders of rec. Nov. 20 75e. Oct. 1 Holders of reo. Sept.15 Gruen Watch, common (guar.) Marple eC M °111° ain .dMCfg o ri Ciu uar 30c. Sept.30 Holders of rec. Sept. 40 *50e. Marl 31 'Hold,of reo. Feb. 20 31 Common (guar.) Mathieson Alkali Works, com. (gust,)... 50c. Oct. I Holders of rec. Sept. 12a *1% Nov. 1 'Holders of rec. Oct. 20 Preferred (guar.) Preferred (guar.) 1% Oct. 1 Holders of rec. Sept. 120 *1% Fob 1 31 *Hold. of rec. Jan. 20 31 Preferred (guar.) Matson Navigation (guar.) *1% Nov. 15 '37)4000*. 1 *Holders of tee. Sept 20 Gulf 011 Corp.(guar.) *3750 Janl 31 'Hold, of rec. Dec. 20 '50 May Department StoresQuarterly Common (payable in common stook). /134 Dee. 1 Holders of roe. Nov. 150 154 Oct. I Holders of rec. Sept. 156 Gulf States Steel, let preL (Qum.) *50c. Sept. 15 *IIelders of rec. Sept. 3 154 Jan2'31 Holders of rec. Dee. 150 Mayflower Associates (quar.) First preferred (quar.) Stock dividend Sept. 15 *Holders of rec. Sept. 3 "el 37540 Oct. 1 Holders of rec. Sept. 15 Gypsum Line & Alabastine (guar.) 25c. Oct. 1 Holders of rec. Sept. 150 250. Oct. 1 Holders of rec. Sept. la Maytag Co., corn. (guar.) Habirshaw Cable & Wire (qu.)__ _ 15c. Sept.15 Holders of rec. Aug. 15 McColl-Frontenac 011, corn. (quar,)_..... Hall (C. M.) Lamp,Common (guar.)._ *15o. Sept.16 'Holders of reo. Sept. 1 McKeesport Tin Plate (guar.) Oct. 1 Holders of rec. Sept. 160 81 Hamilton United Theatres, pref. (qu.)-- '1% Sept. 30 "Holders of rec. Aug. 30 Extra 50c. Oct. 1 Holders of rec. Sept. 160 160. Sept.30 Holders of me. Sept.10a Hamilton Watch, new corn. (monthly) McKesson & Robbins, common (guar.). 25o. Sept.15 Holders of tee. Sept. 56 Hanes(P. H.) Knitting. pref.(guar.).- •1U Oct. 1 *Holders of rec. Sept.20 Preferred (qua:.) 8734c Sept.15 Holders of reo. Sept. 56 Hanna(M.A.) Co., new 57 pref. (qu.)-- $1.75 Sept.20 Holders of rec. Sept. 5a McLellan Stores, pref. A & B (quar.) 51.50 Oct. 1 Holders of rec. Sept. 200 1% Sept.20 Holders of rec. Sept. 6 Old 7% preferred (guar.) 50c Sept. 15 Holders of rec. Sept. 2 Harbison-Walk. Refract.. pref. (guar.). 1J6 Oct. 20 Holders of rec. Oct. 10a Melchers Distilleries. class A (guar.) 15 Mengel Sept. rec. Co., common (guar.) 50o. Oct. 1 Holders of rec. Aug. 300 450. Oct. 1 Holders of Harnischfeger Corp., corn. (guar.) Merchants & Miners Transportation(qu) '6234c Sept. 30 *Holders of rec. Sept.15 1% Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) Aug. 31 Merchants rec. 'Holders of Refrigerating 2 Sept. 30 *Holders of rec. Sept.26 *50c. Sept. (N.Y.) Investors (No. (Qu.) Harriman Fund.(au.) 1) "31 Merck Corp., pref.(mum) Oct. 1 Holders of rec. Sept. 17 2 Hearst Consol.Publications, pt. A (qu.)- *43%c Sept.15 'Holders of rec. Sept. 2 Preferred (guar.) Jan2'31 Holders of rec. Dec. 17 2 .250. Sept.15 *Holders of tee. Aug. 15 Hecla Mining (guar.) $1.50 Sept.30 Holders of rec. Sept. 30 Helme(George W.) Co.,corn.(guar.)--- 51.25 Oct. 1 Holders of rec. Sept. 106 Mergenthaler Linotype (quar.) "50e. Oct. 1 *Holders of rec. Sept. 15 Preferred(quar.) 1% Oct. 1 Holders of rec. Sept. 10a Mesta Machine, corn.(guar.) 45c Oct. 1 Holders of rec. Sept. 20a Metro-Goldwyn Pictures, pref.(guar.).- 4714c Sept.15 Holders of ree. Aug. 300 Hercules Motors,corn.(guar.) *I Sept. 30 *Holders of rec. Sept. 23 75c Sept.25 Holders of rec. Sept. I3a Metropolitan Coal, pref. ((luar.) Hercules Powder, corn. (guar.) Metropolitan Paving Brick, pref.(guar.) 154 Oct. 1 Sept. 18 to Sept.30 35a Sept.26 Holders of rec. Sept. 19 Hibbard,Spencer, Barlett & Co.(mthly.) Mexican Petroleum, corn.(guar.) 3 Oct. 20 Holders of rec. Sept. 300 Higbee de Co.. first preferred (quar.). •13i Nov. 1 'holders of reo. Oct. 19 Preferred (guar.) 2 Oct. 20 Holders of rec. Sept. 300 Dec. 1 *Holden of reo. Nov. 21 *2 Seoond preferred (guar.) Michigan Meet stock dividend Oct. 20 Holders of roe.Sept. Boa ii 154 Oct. 15 Holders of rec. Sept. 30 Hillcrest Collieries preferred (quar.) M m Id d l v a a n 15 ld e Nov. C R o o Sept. 15 *Holders of rec. Sept. 4 "50c. . y ( aa lt u y ar C reo. .) of orp., pref. (quar.)--500 Dee. 1 Holders Hires (Charles E.) Co.,com.A (quar.)_. $1 Oct. 1 Holders of rec. Sept. 13 62;0 Oct. 1 Holders of reo. Sept.156 Holland Furnace, corn. (guar.) Milgrim (H.) & Bros., pref. (guar.)._ $1.75 Oct. 1 Holders of rec. Sept. 16 *50c Oct. 1 *Holders of rec. Sept. 1 Holophane Co., common Miller (I.) & Sons, Inc., corn. (quax.) 50c. Oct. 1 Holders of rec. Sept. 19 051.05 Oct. 1 *Holders of rec. Sept. 1 Preferred "450. Oct. 1 'Holders of reo. Sept.20 50c Sept. 25 Holders of rec. Sept. 206 Monighan Mfg.,class A (guar.) Homestake Mining (monthly) 5 Monroe Sept. Oct. 1 *Holders of rec. Sept. 15 "8734c (quar.) rec. Chemical, of preference *Holders 15 Sept. *50c. Honolulu Consolidated Oil (guar.) 31)4c. Oct. 1 Holders of rec. Sept. 100 Oct. 15 Holders of rec. Sept.300 Monsanto Chemical Works Howe Sound Co.(guar.) $1 Stock dividend e134 Oct. 1 Holders of rec. Sept. 106 750 Oct. 1 Holders of reo. Sept. 110 Hudson Motor Car (guar.) 1)4 Sept.15 Holders of reC. Aug. 31 Montreal Cottons, Ltd., corn. (quar.) 50c Oct. 1 Holders of net. Aug. 30 Humble 011 & Refining (qua:.) Preferred (Oust.) 134 Sept.15 Holders of rec. Aug. 31 Oct. 1 *Holders of reo. Sept. 15 *2 Huron & Erie Mortgage (guar.) Montreal Loan & Mortgage (quar.)._ 750. Sept.15 Holders of rec. Aug. 31 Hydro-Electric Securities, corn. (guar.). 500 Sept.15 Holders of rec. Sept. 6 MoodY's Investors' Service25c Oct. 1 Holders of reo. Sept. 10 HYgrade Lamp Co., corn.(guar.) 750. Nov. 15 Holders of reo. Nov. 1 Participating preference (guar.) Preferred (guar.) 51.625 Oct. 1 Holders of rec. Sept. 10 •15c. Sept.30 *Holders of reo. Sept. 15 Moreland 011, class B (guar.) •12Mc Oct. 1 *Holders of reo. Sept. 15 Ideal }Irian. Assn.. class A (guar.) 'Sc. Sept.30 'Holders of rec. Sept. 15 Class B (extra) Oct. 1 'Holders of rec. Sept. 15 "32 Preferred (guar.) $1.10 Sept.15 Holders of rec. Aug. 23 Merrell (John) & Co. corn. (guar.). "50e Oct. 1 *Holders of reo. Sept. 15 Convertible preferred (guar.) Motor Products Corp.. corn. (guar.).- 50c Oct. 1 Holders of rec. Sept. 200 Illinois Brick (guar.) *1300 Oot. 15 'Holders of me Oct. 3 40c. Oct. 1 Holders of rec. Sept. 150 Mountain Producers Corp. (guar.) *04 Sept.15 *Holders of reo. Sept. 1 Illinois Pipe Line Municipal Tel. & Utilities, eom. A (all.) *250 Nov. 15 *Holders of reo. Oat. 18 Imperial Chemical Industries26 Aug. ME. Te eferr 500 Sept.30 Holders of me. Sept. 150 (Fed .Et i& um Bro )s. Co., own.(guar.) Oct. 15 "Holders of rec. Am. dep. rcts. ord. reg. (interim) w3 154 Sept.30 Holden, of rec. Sept. 15 8%c Sept.30 Holders of rec. Sept. 3 Imperial Tobacco of Canada, corn 3 700 Oct. 15 Holders of reo Sept. 190 Sept. National rec. of Biscuit, common Holders (quar.) Sept. 30 3 Preferred (guar.) 250 Sept.15 Holders of reo. Sept. 2 Sept.150 National Bond & Share Corp Independent Oil& Gas (adjust. -- 37%c• Oct. 2 Holders of roe. Sept. 25 40c. Oct. 1 Holders of rec. Sept. 15 National Breweries, common (Quar.).-*1% Oct. 1 "Holders of rec. Indian Relining, 7% old pref.(guar.) 44c. Oct. 1 Holders of net. Sept. 15 Preferred (guar.) Industrial Finance Corp75c, Sept.15 Holders of rec. Aug. 30 Nat. Brick of Laprairle, pref. (guar.).Apr..18 Common (Payable in common stook)._ 1234 Nov. 1 Holders of reo. 18 30 Oct. 1 Holders of rec. Sept. 12 50c. Apr. National rec. Candy, corn. of (guar.) Febl'31 Hold, Common (Payable In common stook).- 1234 bet & 2d preferred (guar.) 134 Oct. 1 'folders of rec. Spet. 12 Oct. 15 *Holders of rec. Oct. 1 Insull Utility InveSt., corn. an stoek) '11 500. Oct. 1 Holders of reo. Sept. 30 15c. Sept. 15 Holders of rec. Aug. 30a National Dairy Products, oom. Insuranshares Ctis.. Inc.(guar.) Coto.(payable in corn. Meek)(Qual.). /1 Oct. 1 Holders of roe. Sept. 30 *100 Sept.30 *Holders of reo. Sept.24 Inter-Island Steam Nay.(mthly.) *154 Oct. 1 *Holders of reo. Sept. 3 Preferred A dr B (quar.) 25c. Sept.25 Holders of rec. Sept. 100 Interlake iron (guar.) 25e Oct. 1 Holders of reo. Sept.156 Internat. Business Machines (qual.).-- 154 Oct. 11) Holders of reo. Sept.225 National Department Stores, corn. (au.) 134 Sept. 30 Holders of reo. Sept. 120 Sept. 30 Holders of rec. Sept. 110 National Lead, oom. (guar.) International Cement, corn. (qua:.)__... El Preferred A (guar.) 154 Sept.15 Holders of reo. Aug. 2156 Internatl. Harvester, corn.(guar.) 62%c Oct. 15 Holders of rec. Sept. 200 256 Sept. rec. Preferred B Nov. 1 Holders of rec. Oct. 170 of (guar.) Holders 134 15 Oct. Internatl. Match Corp.. corn. (guar.) $t Oct. 1 *Holders of roc. Sept. 21 Participating pref. (guar.) $1 Oct. 15 Holders of rec. Sept.25a Nat. Lumber & Creosoting, pref.(qu.)- *2 Internatl. Nickel, common (guar.) 250. Sept. 30 Holders of rec. Sept. 2a Nat. Mfrs. & Stores, cia.ss A (quar.)....._ '134 Oct. 1 *Holders of rec. Sept.15 First preferred (guar.) 1 *Holders of rec. Sept. 15 '1)4 Oct. Internat. Petroleum, reg. shares (guar.) 25c. Sept. 15 Sept. 2 to Sept. 15 National Refining pref. (guar.) Oct. 1 *Holders of reo. Sept. 15 *2 Bearer shares (guar.) 25c. Sept. 15 Holder of coup. No. 26 Nat.Short Term Securities.International Proprietaries, cl. A (qu.) 65c. Sept. 15 Holders of rec. Aug. 25 Dee. 15 Holders of rem Nov.30 Common A (payable in stook) /3 International Salt, new corn.(No.1)___ _ 7544 Oct. I Holders of rec. Sept. 1155 *75c Sept.30 *Holders of roe. Sept.19 International Shoe, corn.(guar.) 75c. Oct. 1 Holders of rec. Sept. 160 National Standard Co.(guar.) 15 Holders of rec. Sept. 60 50c Sept. National Steel (guar.) Sept. 15 rec. of Holders Preferred (monthly) 50c. Oct. 1 50c Oct. 1 Holders of rec. Sept. 17 National Steel Car (quar.) Preferred (monthly) *500. Nov. 1 *Holders of rec. Oct. 15 50e Oct. 1 Holders of rec. Sept. 2 National Sugar Refg. (quar.) Preferred (monthly) *50e. Dec. 1 *Holders of rec. Nov. 15 1.% Sept. 30 Holders of rec. Sept. 206 International Silver, pref. (guar.) 1% Oct. 1 Holders of rec. Sept. 12a National Supply, Pref.(guar.) $1.25 Oct. I Holders of rec. Sept. 176 National Surety (guar.) International Textbook 75c. Oct. 1 Holders of rec. Sept. 10 25c. Oct. 1 Holders of reo. Sept. 130 common Tea, National (quar.) 25 Sept. reo. Holders of Oct. 1 Intertype Corp., let pref.(guar.) 2 *25c. Sept.15 *Holders of rec. Aug. 30 National Transit (guar.) Italian Investment (qua:.) *300. Sept.15 *Holders of reo. Allg• 313 Nehl Corporation, first pref.(guar.).- 51.31% Oct. 1 Holders of reo. Sept. 15 Jefferson Electric (guar.) *50c. Oct. 1 *Holders of net. Sept. 15 (quar.)_._ 40.). Oct. 1 Holders of reo. Elept..150 Inc., common Bros., Nelsner 1 Oct. rec. of Jewel Tea, Inc., corn. (guar.) 75c. Oct. 15 Holders 400. Jan1'31 Holders of reo. Dee. 150 Common (Ouar.) Johns-Manville Corp.. corn.(guar.)._ 75c. Oct. 15 Holders of rec. Sept. 240 )_ 500. Sept.15 Holders of reo. Sept. 1 Neptune Meter class A & B (qua:. 100 Sept. rec. Holders of 1 Oct. Preferred (quar.) 154 25c. Sept.30 Holders of rec. Sept. 130 Copper Co.(quar.)---Jones dr Laughlin Steel. pref.(quar.) 154 Oct. 1 Holders of rec. Sept. 12a Nevada Censor. "2714c Oct. 1 "Holders of rec. Sept. 16 rn (glint.) Newberry (J. J.) Co., co. Sept.30 *Holders of reo. Sept.20 Kalamazoo Veg. Parchment 25c. Oct. 1 Holders of rec. Sept. 24 (quar.) common Clock, Haven 22 New Doe. reo. of Quarterly '15o Dee. 31 *Holders 40e. Oct. 15 Holders of tee. Sept. 19 New York Transit (guar.) Katz Drug, corn. (guar.) *50c. Sept. 15 *Holders of rec. Aug. 31 *50c. Sept. 27 'Holders of rec. Sept. 15 New York Transportation (guar.) Preferred (guar.) $1.625 Oct. 1 *Holders of rec. Sept. 15 10c. Oct. 15 Holders of rec. Sept. 25 Niagara Share Corp., common (quar.) Kaufmann Dept. Stores, pref. ,quar.)_ 1)4 Oct. 1 Holders of reo. Flept. 10 $1.50 Oct. 1 Holders of rec. Sept. 20 $6 preferred (guar.) Keith-Albee-Orpheum, pref.(guar.)_ _ _ 1% Oct. 1 Holders of rec. Sept. 19a 750. Oct. 1 Holders of rec. Sept. 3 Nichols Copper class A ST B Keith (Geo. E.) Co., 1st pref.(guar.)_ _ _ *1% Oct. 1 "Holders of net. Sept. 15 45500. Sept.30 'Holders of Sept. 20 Kelsey-Hayes Wheel, corn. (guar.) 50c. Oct. 1 Holders of rec. Sept. 19a Niles-Bement-Pond. common (guar.).- •500. Dee. 31 *Holders of re0. rec. Doe. 20 Common Kennecott Copper Co.(guar.) 50c. Oct. 1 Holders of rec. Sept. 13a 1 *Holders of rec. Sept. 20 (qu.) Oct. *75c. corn. Nobiltt-Spar “ ksIMI luar ) ustries, 20 Keystone Cold Storage Sept. "151.25 Oct. 1 *Holders of reo. "s134 Oct. 1 *Holders of rec. Sept. 20 Stock dividend Kidder Participation No.2. pref.(extra) *25e. Oet. 1 Oct. 1 "Holders of rec. Sept. 20 *1 Preferred (guar.) Kilburn Mill (quar.) Sept. 15 *Holders of rec. Aug. 30 *31 50c. Oct. 1 Holders of rec. Sept. 100 Mines, Ltd. Noranda (guar.) Kimberly Clark Corp.. com. 624.4c Oct. 1 Holders of reo. Sept. 126 Oct. 1 'folders of rec. Sept. 1 North American Securities (In stock)... Preferred (guar.) •154 Oct. 1 *Holders of rec. Sept.12 Kinney (G. R.) Co., corn.(guar.) 25c. Oct. 1 Holders of rec. Sept. 150 North Central Texas 011 pref. (gust.).... 154 Oct. 1 Holders of roe. Sept. 10 Oct. 1 *Holders of net. Sept. 15 "50e. Discount (guar.) Northern •tu Dee. 10 *Holders of reo. Nov. 29 Kirby Lumber (guar.) • 88 2-3 Oct. 1 'Holders of tee. Sept. 15' Preferred A (monthly) Klein(D. Emil) Co.,corn.(guar.) .25c• Oct. 1 *Holders of rec. Sept. 20 • 88 2-30 Nov. 1 *Holders of reo. Oct. 16 Preferred A (monthly) Hat, 'no., corn. A (quar.) Knox Sept.15 Holders of reo. Aug. 15 El • 862-30 Dee. 1 *Holders of rec. Nov. 15 Preferred A (monthly) Non-voting common (guar.) Sept. 15 Holders of reo. Aug. 15 Si SEPT.13 1930.] Name of Company. 1673 FINANCIAL CHRONICLE When Per Cent. Payable. Books Closed. Days Inclusive. Name of Company. When Per Cent. Payable Books Closed. Days Inclusive. Miscellaneous (Continued). Miscellaneous (Continued). 25c. Sept.30 Holders of rec. Sept. 13a Sparks-Withington Co., corn.(quar.).-Northland Greyhound Lines, pf.(qu.).* $1.625 Oct. 1 *Holders of rec. Sept.20 134 Sept.15 Holders of rec. Sept. 4 *10c. Sept.15 *Holders of rec. Sept. 6 Preferred (guar.) Oahu Sugar (monthly) *75c. Sept.30 *Holders of roe. Sept.15 Sparta Foundry (guar.) •$1.50 Nov. 1 *Holders of roe. Oct. 20 Ogglesby Paper. Deafened (quiz.) Spencer Kellogg & Sons, Inc., cons.(qu ) 200. Sept.30 Holders of rec. Sept. 150 *50c. Oct. 1 'Holders of rec. Sept. 10 Ohio Finance (guar.) 25c. Sept.30 Holders of rec. Sept. 10 Oct. I *Holders of rec. Sept. 10 *el Spencer Trask Fund,Inc.(guar.) Stock dividend 3733c Oct. 1 Holders of rec. Sept. 8a *20c. (quar.) Standard Brands, corn, (guar.) 'Holders of Mid Cities Corp.. pref. rec. Aug. 25 Ohio $1.75 Oct. 1 Holders of rec. Sept. Sc *100. Oct. 25 *Holders of rec. Oct. 20 Preferred A (guar.) Preferred A (No. 1) 6233c Sept.15 Holders of rec. Aug. 15a 600 Sept.15 Holders of roe. Aug. 260 'Standard 011 (Calif.) (quar.) Ohio Oil, new no par stk.(qu.)(No. 1). "6233c Sept.15 *Holders of rec. Aug. 16 •133 Sept.15 *Holders of roe. Aug. 16 Standard 011 (Indiana) (quar.) Preferred (guar.) 50c. Sept.15 Holders of rec. Aug. 23a *Holders of rec. Sept. 2 Ohio Steel Foundry 1st.& 20 pf. (qu.)..... •13/ Standard 011 (Kansas) (guar.) "40c. Sept.30 'Holders of rec. Sept. 15 •1233c Nov.15 "Holders of roe. Nov. 10 Standard Oil(Kentucky)(guar.) Ohmer Fare Register, corn.(attar.) 6234c Sept.20 Aug. 24 to Sept.20 "134 Oct. 1 "Holders of rec. Sept.25 Standard 011 (Nebraska)(quar.) Preferred Mtn.) 25c. Sept.20 Aug. 24 to Sept.20 •10c Sept.15 *Holders of rec. Aug. 30 Oil Royalty Invest. (monthly) Extra 250. Sept.15 Holders of rec. Aug. 160 81.50 Oct. 1 Holders of roe. Sept. 10a Standard 011(N.J.) $25 Par (quar.) Oliver Farm Equip., pr. prof. (quar.) 25c. Sept.15 Holders of rec. Aug. 16a *50c. Oct. 1 'Holders of rec. Sept. 19 Oliver United Filters. class B (quar.) $25 Par (extra) Sept.15 Holders of rec. Aug. 16a 1 2 Oct. 1 Holders of rec. Sept. 150 Omnibus Corp., pref.(guar.) $100 par stock (guar.) Sept.15 Holders of rec. Aug. ltia 1 Oct. I Deb. (guar.) •$1.50 Ontario Loan & 'Holders of rec. Sept. 15 $100 par stock (extra) 400. Sept.15 Holders of roe. Aug. 15a *154 Oct. 1 *Holders of rec. Sept.20 Ontario Mfg., pref. (guar.) Standard Oil of N.Y.(quar.) 62330. Oct. 1 Holders of roe. Bept.12 *13/ Oct. 1 *Holders of rec. Sept.20 Open Stair Dwellings (guar.) Standard Oil(Ohio)conc.(guar.). he. Sept.15 Holders of rec. Aug. 30 "$1.75 Oct. 1 *Holders of rec. Sept.16 Orange-Crush. Ltd., Cl. A (qu.) Stand. Royalties Wetumka (monthly)-lc. Sept.15 Holders of rec. Aug. 30 Orpheurn Circuit, pref.(guar.) $2 Oct. 1 Holders of rec. Sept. 19a Rand. Royalties Wewoka (monthly).-Sept.15 Holders of rec. Aug. 30 lc. 134 Oct. 15 Holders of roe. Sept.800 Wichita (monthly).Royalties Otis Elevator, pref. (guar.) and. 1541 sn1531 Hold, of roe. Deo.31'30a Standard Steel Construction, cl. A (qu,) *75o. Oct. 1 'Holders of rec. Sept.10 Preferred (guar.) *75c. Oct. 1 *Holders of rec. Sept. 15 6233c Oct. 1 Holders of rec. Sept.190 Starrett Corp.,$50 par pref.(quar.) Otis Steel, com.(guar.) *31.50 Oct. 1 *Holders of rec. Sept.15 Prior preferred (guar.) 154 Oct. 1 Holders of rec. Sept. 190 State Title & Mortgage (guar.) • 162-30 Sept.30 *Holders of rec. Sept. 20 134 Oct. 1 Holders of roe. Sept. 15 Owens-Illinois Glass, pref.(guar.) Stearns(F.)& Co.(monthly) 153 Oct. 1 Holders of rec. Sept. 15 Palmer Bros., $4 pref. (guar.) *$1 Sept.15 *Holders of rec. Sept. 5 Steln (A.) & Co., pref. (guar.) $1 Sept.27 Holders of roe. Sept.17 Paraffins Cos. Inc. (guar.) 5th, Baer & Fuller, common (guar.)... *3714e Dee. 1 *Holders of rec. Nov. 15 Paramount PAM Corp., corn. (guar.)_ $1 Sept.27 Holders of rec. Sept. 50 Stone& Webster. Inc.(guar.) $1 Oct. 15 Holders of rec. Sept. 176 •250 Sept.30 'Holders of rec. Sept.19 25c Sept. 15 Holders of rec. Aug. 25a Parke, Davis & Co.(quar.) Sun Oil Co., common (guar.) $1.75 Oct. I Holders of rec. Sept.18 •100 Sept.30 *Holders of rec. Sept. 19 Extra Sunshine Biscuit, 1st pref.(guar.) 250 Sept.16 Holders of roe. Sept 2a Swift & Co. (guar.) Penick & Ford, Ltd.. corn.(guar.) 50c Oct. 1 Holders of rec. Sept. 10 I% Oct. 1 Holders of rec. Sept. 12a Taylor Milling Corp., corn.(guar.) 6233e Oct. 1 Holders of rec. Sept.10 Preferred (guar.) 75c Sept.30 Holders of roe. Sept. 20a Telephone Corporation (monthly) Penney (J. C.) Co.,common (guar.) •200 Oct. I *Holders of roe. Sept. 20 133 Sept.30 Holders of rec. Sept. 20a 120e Nov. 1 *Holders of roe. Oct. 20 Preferred (guar.) Monthly Pennsylvania Glass Sand, pref.(guar.)._ "134 Oct. 1 *Holders of rec. Sept.15 *200 Dec. 1 "Holders of roe. Nov. 20 Monthly 25o Oct. I Holders of rec. Sept. 80 Tennessee Copper & Chemical (guar.)._ 25c Sept.15 Holders of rec. Aug. 306 Peoples Drug Stores, Inc., corn.(rm.)._ Preferred (guar.) 154 Sept.15 Holders of rec. Sept. 20 Tennessee Products Corp., corn.(guar.) *25c Oct. 10 *Holders of rec. Sept. 30 '500 Oct. 1 *Holders of rec. Sept. 20 Perfect Circle (guar.) *250 1,10.31 *Holders of rec. Dee. 31 Common (guar.) 3733c. Oct. 1 Holders of roe. Sept. 100 Pet Milk Co.,corn.(guar.) •25c 4-10-31 *Holden of roe. Mat.31 Common (gun.) 13/ Oct. 1 Holders of rec. Sept. 10 75c. Oct. 1 Holders of rec. Sept. 54 Preferred (guar.) Texas Corporation (guar.) 750 Oct. 1 Holders of rec. Sept. 50 Texas Gulf Sulphur (quar.) Phelps Dodge Corp.(guar.) $1 Sept.15 Holders of roe. Aug. tioa 25c. Oct. 1 Holders of rec. Sept. 10 The. Oct. 1 Holders of rec. Sept. 200 Texon Olt Ar Land, cons. (guar.) Philadelphia Inquirer pref. (guar.) Oct. 1 Holders of rec. Sept. 10 50c Oct. 12 Holders of rec. Sept. 16 Phillips Petroleum (guar.) $3 Common (extra) 40c. Oct. 1 Holders of rec. Sept.206 *50c. Oct. 1 *Holders of rec. Sept.10 Pittsburgh Plate Glass (guar.) Thatcher Mfg.,corn.(quiz.) *Holders of rec. Sept.10 Oct. 1 Sept.15 *134 (guar.). "134 pref. *Holders of Pittsburgh Steel Foundry, rec. Sept.24 Thew Shovel, pref. guar.) "431/0 Sept.15 'Holders of roe. Sept. 1 Platt MU510 Co.(guar.) Thompson-Starrett Co. prof.(quar.).__. 8733c Oct. 1 Holders of rec. Sept. lla *50c Sept.30 'Holders of roe. Sept.16 Plymouth Oil (guar.) Tide Water Associated Oil, pref. (guar.) $1.50 Oct. 1 Holders of rec. Sept. 96 20c. Sept.30 Holders of rec. Sept. 96 1% Sept. 15 Holders of rec. Sept. 2 Port Alfred Pulp & Paper, pf.(qu.) Tide Water Oil, corn. (guar.) Sept.20 *Holders of rec. Sept. 5 "$1 Porto Rico-Amer. Tobacco, Cl. A (gu.1_ 87340 Oct. 10 Holders of rec. Sept.20a Todd Shipyards (guar.) Sept.15 *Holders of rect. Sept. 1 *37340 (au.). 154 Oct. 1 Holders of roe. Sept.15 Powdrell & Alexander, pref. (guar.)._ ,_ A 01. Lithograph. Traung Label & 4.37340 Dee. 15 *Holders of rec. Dec. 1 50c Sept.30 Holders of rec. Aug. 30a Prairie Oil & Gag (guar.) Class A (guar.) Oct. I *Holders of rec. Sept.25 75c Sept.30 Holders of rec. Aug. 30a Traylor Eng. & Mfg.. pref. (guar.).- *2 Prairie Pipe Line (guar.) 500. Sept.30 Holders of reo. Aug. 30a Trico Products Corp. (guar.) 6234e Oct. 1 Holders of rec. Sept. 80 Extra I% Sept.30 Holders of rec. Sept. 2a Tri-Continental Corp., pref. (guar.)._ 133 Oct. 1 Holders of rec. Sept. 150 Pressed Steel Car pref.(guar.) 50c Oct. 1 Holders of reo. Sept. 15 Price Bros., Ltd., common (guar.) Tristate Royalty Corp. cons. (monthly) 8 1-3c Oct. 1 Holders of rec. Sept. 15 10c. Oct. 1 Holders of rec. Sept.15 13t Oct. 1 Holders of rec. Sep.t 15 Preferred (guar.) Preferred A (monthly) 30c. Oct. 15 Holders of rec. Sept. 26a Procter & Gamble Co.. pref. (guar.).- 13/ Sept.15 Holders of rec. Aug. 25a Truscon Steel, corn. (quar.) Sept.15 Aug. 31 to Sept. 9 "81.75 Sept.15 *Holders of rec. Sept. 5 3 Publication Corp., let pref.(guar.) pref Unit. Seventh City Tudor 25c. Sept. 15 Holders of rec. Aug. 15a Ulen dr Co., corn. (guar.) Public Investing (guar.) 400. Oct. 15 Holders of roe. Oct. 16 100. Sept.15 Holders of rec. Aug. 154 Underw.-Elliott-Fisher Co., oom.(qu.). 81.25 Sept.30 Holders of rec. Sept.12a Extra 134 Oct. 1 Holders of rec. Sept. 10 Pure 011 Co.,534% prof.(qu.) 13/ Sept.30 Holders of tee. Sept.12a Preferred (guar.) 6% preferred (guar.) 65c. Oct. 1 Holders of rec. Sept. 96 133 Oct. 1 Holders of rec. Sept.10. Union Carbide & Carbon (guar.) 2 8% preferred (guar.) *8214c Nov.15 *Holders of roe. Nov. 1 Oct. 1 Holders of rec. Sept. 10a union Storage Co. Caw" The. Oct. 1 Holders of rec. Sept. be Oct. 15 'Holders of rec. Oct. 1 *31 Quaker Oats, corn. (guar.) United Aircraft Corp., pref. (guar.)._ *50c. Sept.15 'Holders of rec. Aug. 31 •133 Nov.29 "Holders of roe. Nov. I Preferred (guar.) United Amusement Corp., A & B (qu.) Radio Corp. of Amer. pf. A (guar.)._ 87330. Oct. 1 Holders of rec. Sept. 2a United Artists Theatre Circuit, pfd.(qu.) *$1.75 Sept.15 *Holders of rec. Aug. 30 Preferred B (guar.) $1.25 Oct. 1 Holders of rec. Sept. 2a United Business Publishers. pref. (qu.)._ .1.154 Oct. 1 *Holders of rec. Sept. 21 Railroad Shares Corp.(quiz.) 50e. Oct. 1 Holders of rec. Sept.136 12546 Sept.15 Holders of rec. Aug. 250 United Carbon,corn. .quar.) Rapid Electrotype. cons. (guar.) *50c Sept.15 'Holders of rec. Sept. I United Dyewood Corp., pref.(guar.)... 134 Oct. 1 Holders of rec. Sept.126 Raybestos-Manhattan. Inc. (guar.)._ 65o Sept.15 Holders of rec. Aug. 306 United Elastic Corp 40e. Sept.24 Holders of res. Sept.10 Real Silk Hosiery, corn. (guar.) 81.25 Oct. 1 Holders of rec. Sept 12a United Founders Corp., corn. (Quiz.) I% Oct. 1 Holders of rec. Sept.126 Preferred (guar.) CO Oct. 1 Holders of roe. Sept. 2 1-70th share common stock Oct. 1 Holders of rec. Sept. 26 4.13/ Oct. I *Holgers of roe. Sept. 19 Reliance Mfg.(III.) pref.(quar.) 31 United Fruit (guar.) Oct. I "Holders of rec. Sept. 6 $1 Oct. 1 Holders of rec. Sept. 15 Reliance Mfg.(Ohio),common (guse,) *100. (qu.) corn. Shares, Bank Hellenic United *10c. Oct. 1 *Holders of rec. Sept. 8 Remington-Rand, common (guar.) 40o Oct. 1 Holders of rec. Sept.elfia Preferred (guar.) 50o. Nov. 1 Holders of rec. Oct. 15. 13/ Oct. 1 Holders of rec. Sept. 8a United Piece Dye Worts. corn.(guar.).First preferred (guar.) 2 Second preferred (guar.) Oct. 1 Holders of rec. Sept. 8a 154 Oct. 1 Holders of roe. Sept.20. Preferred (guar-) 200 Oct. 1 Holders of rec. Sept. 1ga Reo Motor Car (guar.) 154 Jan2'31 Holders of rec. Dec. 20s Preferred (quiz.) Republic Investing Corp., pref.(guar.). *350 Oct. 1 *Holders of rec. Sept. 15 Oct. 1 *Holders of roe. Sept. 20 "31.25 (guar.) Publishers, corn. United Republic Steel Corp., Prof.(guar.) $1.50 Oct. 1 Holders of rec. Sept. 12a •13/ Oct. 1 "Holders of rec. Sept.20 Preferred (guar.), , *750 Oct. 15 *Holders of roe. 00*. 1 Republic Supply (Oust.) *40e. Sept. 30 *Holders of rec. Sept.15 U.S. Gypsum,corn.Mum-) 4,134 Sept.30 'Holders of rec. Sept.15 75c Oct. I Holders of rec. Sept.15 Research Investment Corp. pref.(guar.) Preferred (guar.) Oct. 1 Holders of rec. Sept. 10a United States Leather, pr. pref. (guar.). 134 Oct. 1 Holders of rec. Sept. 100 Revere Copper & Brass class A (guar.)._ 81 $1.75 Nov. 1 Holders of roe. Oct. 101 U. S. Pipe & Foundry, cons.(guar.)._ Preferred (guar.) 234 Oct. 20 Holders of rec. Sept. 20a 75c Oct. 1 Holders of rec. Sept.I8a Reynolds(R.J.)Tob..com. & com.B(gu.) 234 3a20'31 Holders of rec. Dee. 316 Common (guar.) .60c. Nov. 1 *Holders of rec. Oct. 15 Rich Ice Cream corn. (guar.) 30c. Oct. 20 Holders of roe. Sept. 30a First preferred (Guar.) goo. 1a20131 Holders of roe. Dec. 820 Robinson(Dwight Co.. P.)dr Co.,let pf.(qu.) *31.75 Oct. 1 *Holders of rec. Sept.20 (guar.) First preferred Oct. 1 *Holders of rec. Sept.20 25e. Oct. 1 Holders of roe. Sept. 8 Royal Baking Powder, corn.(quar.).. Ill U. S. Playing Card (guar.) ,, 1% Oct. 1 Holders of rec. Sept. 8 ..ng, coin.(qu.) *50c. Oct. 1 *Holders of rec. Sept. 20 Preferred (guar.) U.S.Print. & Lithogmp.. Oct. 1 *Holders of rec. Sept.20 •75c. Ituberold Co.,corn.(guar.) 41 Sept. 15 *Holders of rec. Aug. 30 (guar.) Preferred $1.25 Sept.15 Holders of rec. Aug. 15a Ruddy (E.L.) Co.,pref.(guar.) "134 Sept.15 *Holders of rec. Aug. 30 U. S. Realty &Improvement Russ Mfg., class A 15/ SePt.29 Holders of rec. Aug. 30a *21.75 Nov. I United States Steel Corp. corn.(guar.)._ First preferred (guar.) Oct. 1 Holders of rec. Sept. 156 $1 *$1.75 Oct. 1 U. S. Tobacco, common (guar.) Rued Mfg. common (guar.) .650. Nov. 1 *Holders of me Oct. 15 134 Oct. 1 Holders of rec. Sept. 156 Preferred (quiz.) Safeway Stores, Inc., common (quiz.).. $1.25 Oct. 1 Holders of rec. Sept. 126 Utah Copper Co.(guar.) Sept.30 Holders of rec. Sept.13a $2 7% preferred (quar.) 146. Oct. 1 Holders of rec. Sept. 2 13/ Oct. 1 Holders of roe. Sept. 12a Utilities Hydro & Rail Shares, common_ Sept.20 Holders of roe. Aug. 30 133 Oct. 1 Holders of tee. Sept. 120 Vacuum 011 (guar.) 6% preferred (guar.)... $1 St. Joeeph Lead Co.((mar.) Sept.30 *Holders of rec. Sept.20 500. Sept.20 Sept.10 to Sept. 21 *31 Vanadium Alloy Steel (guar.) Extra 25c. Sept.20 Sept.10 to Sept. 21 •13/ Dec. 10 *Holders of rec. Dec. 1 Vapor Car Heating prof.(guar.) Quarterly *60c. Sept.15 *Holders of rec. Aug. 30 50e. Doe. 20 Dec. 10 to Dec. 21 Viking Pump, prof. (guar.) Extra 50c. Oct. 1 Holders of rec. Sept. 15 Vogt Manufacturing, common (guar.)._ Dee ' "Dec. 10 to Dec. 21 25c. Sept.30 Bt.L. Rooky Mtn.& Pao.Co.,com.(qu.) 50e. Oct. 20 Holders of rec. Oct. as Holders of roe. Sept. 156 Vulcan Dettnning. Common (quar.).... 1 Preferred (guar.) Oct. 20 Holders of roe. Oct. Sc 134 134 Sept.30 Holders of roe. Sept. 15a Preferred (guar-) St. Maurice Valley Corp., Prof. (riu.).-- I% Oct. 1 Holders of 3733c Oct. 1 Holders of rec. Sept. 20a Waldorf System, Inc., corn.(gun.) rec. Sept. 12 Salt Creek Consol. OH (guar.) *10o. Oct. 1 *Holders of rec. Sept.16 20c. Oct. 1 Holders of rec. Sept.20 Preferred (guar.) Bangamo Electric Co.,corn.(guar.) 500. Oct 1 Holders of rec. Sept. 1 133 Oct. 1 Holders of rec. Sept. 213a Walgreen Co.. pref. (quar.) Preferred ((Mar.) 154 Oct. 1 Holders of rec. Sept. 1 25c. Sept.15 'Holders of rec. Aug. 22 Walker(H.) Geederham dr Worts(guar.) Savage Arms, second pref. (quiz.) •133 Nov.15 *Holders of rec. Nov. 1 (quiz.) 154 Oct. 1 Holders of rec. Sept. 20 Waltham Company,corn. m.(guar.) pref. 50c. Sept.15 Holders of rec. Aug. 30 56o. Sept.15 Holders of rec. Sept. Sc Co., corn. Walworth Watch (guar., Preferred (guar.) 13/ Sept.16 Holders of roe. Aug 30 "75o. Sept.30 *Holders of rec. Sept.20 Preferred (guar.) Schlesinger (B. F.) & Sons. pref. (guar.) •13/ Oct. I 'Holders of rec. 134 Oct. 1 Holders of rec. Sept. 176 Corp.. Prof. (guar.) Baking Ward Sept . .15 Preferred (guar.) 50c. Oct. 15 Holders of rec. Sept. 30a cIN Jan F31 *Holders of rec. Dec. 15 Warner Company. common (guar.) Schulte Retail Stores, pre/.(rier) 2 25c. Oct. 15 Holders of rec. Sept.30 Oct. 1 Holders of rec. Sept. 126 Common (extra) Scott Paper common (guar.) 350. Sept.30 Holders of ma, Sept.160 154 Oct. 1 Holders of rec. Sept. 15a First and second pref.(guar.) Scoville Mtg. (guar.) •750. Oct. I *Holders of rec. Sept.15 The. Oct. 1 Holders of rec. Sept. 16a Warren Bros. Co. common (guar.) Seaboard Utilities Shares Corp.(guar.)._ 1233c Oct. 1 Holders of 25c. Oct. 1 Holders of rec. Sept. 18a rec. Sept. 20 First Preferred (quiz.).._, Bears-Roebuck .tack die.(guar.) el Nov. I Holders of tee. Oct. lfio 2 9 1-6c. Oct. 1 Holders of rec. Sept.16 preferred (quiz.) Second Second National Invest.. prof.(guar.).- 81.25 Oct. 1 Holders of roe. Sept. 100 75c. Oct. 1 Holders of rec. Sept.16a Cony.Prof. new (guar.) Common (extra) *50c. Sept.15 *Holders of roe. Aug. 25 50c. Oct. 1 Holders of rec. Sept. 15a Warren Foundry & Pipe(guar.) Cony. pref.(guar.) 81.25 Oct. 1 Holders of roe. Sept. 106 Wellington 011 (guar.) 'Sc. Sept.15 *Holders of rec. Aug. 30 Segal Lock & Hardware, Corn. (quiz.).. 12346. Sept.15 Holders of reo. 'Sc. Sept.15 *Holders of rec. Aug. 30 Extra 2 Selected Industries allot.ale.75% pd__$ 1.0334 Oct. 1 Holders of rec. Sept. 50e. Oct. 1 Holders of rec. Sept. 15a Wesson Oil jz Snowdrift,com.(guar.)._ Sept.15 Prior stock (quar.) 31.375 Oct. 1 Holders of rec. Sept.15 '154 Oct. 6 'Holders of rec. Sept. 26 West Coast Oil, pref. (quiz.) 17 Park Avenue, Inc., preferred 3 Sept. 15 Aug. 31 to Sept. 15 "z40 *Holders of rec. Sept. 2 Preferred (distribution of assets) Shattuck (Frank G.) Co.(guar.) 25e. Oct. 10 Holders of rec. Sept. 205 West Michigan Steel, corn.(guar.) "250. Sept.15 *Holders of roe. Sept. 1 Shaeffer(W. S.) Pens, common (guar.). *SI Sept. 15 *Holders .14 Nov. 15 'Holders of rec. Nov. 5 & Puller. Prof.(QUar.) Va. Pulp of Wen rec. Aug. 25 Common (extra) *50c. Sept. 15 *Holders of rec. Aug. 25 Western Canada Flour Mills, coin.(qu.) •35o. Sept.15 *Holders of roe. Aug. 31 Shell Union 011, pref. (quar.) 133 Oct. 1 "133 Sept.15 *Holders of rec. Aug. 31 Preferred (guar.) Signal Royalties, class A dr B (guar.)._ *50c. Sept.15 *Holders of rec. Sept. 50 western *2 l4. e Sept.20 'Holders of rec. Sept.15 Exploration (guar.) Holders of rec. Aug. 30 Simms Petroleum (guar.) 4100. Sept.15 Holders of rec. Aug. 29a Inc.(qua" 30e. Oct. 1 Holders of res. Sept.15. westmorelandSinclair Consol. 011, corn. (guar.) 50c. Oct. 15 Holders of Weston Electrical Instrument, corn.(qu) 250 Oct. 1 Holders of rec. Sept. 19. ISO rec. Sept. Skelly Oil, common (quit.) 50e. Sept.15 Holders of rec. Aug. 15a 50c. Oct. 1 Holders of rec. Sept.19a Class A (War.) Southern Acid & Sulphur (guar.) 75c. Sept.15 Holders of rec. Sept. 10 Weyenberg Shoe Mfg., pref.(quar.)____ •15/ Sept.15 *Holders of rec. Sept. 5 South Penn Oil (guar.) *50c. Sept. 30 'Holders of rec. Sept. 16 *25e. Oct. 1 *Holders of rec. Sept.20 Wheatsworth, Inc.(Quer.) 3outh Porto Rico Sugar, corn. (quiz.).. 350. Oct. I Holders of rec. Sept. 100 White Motor Co.(quiz.) 60c. Sept.30 Holders of rec. Sept. 12a Preferred (guar.) 2 Oct. 1 Holders of rec. Sept. 100 White Motor Securities, pref. (quar.).- 81.75 Sept.30 Holders of rec. Sept.12 Southwest Pa. Pipe Lines ((mar.) $1 Oct. 1 Holders of tee. Sept. 15 Oct. I Holders of rec. Sept. 15a White Rock Mineral Springs, com.(qu.) $1 Spalding (A. G.) & Bros., coin.(guar.). 50c. Oct. 15 Holders of rec. Sept.305 IX Oct. 1 Holders of rec. Sept. 15 First preferred (quar.) 3pang, ehaifrost & Co., pref.(guar.)... $1.50 Oct. 1 Holders of Second preferred $5 Oct. 1 Holders of rec. Sept. 15 roe. Sept.15 1674 Per When Cent. Payable Name of Company. Miscellaneous (Concluded). Wilcox-Rich Corp.class A (quar.) Clam A (attar.) Mosta] HosierY (Guar.) Extra Wood (Alan) Steel, pref.(Qum.) Worthington Pump & Mach.. of. A (qu.) Pref. A (aec't accumulated Mts.) Pref. B (quar.) Pref.B (acc't accumulated diva.) weigley(Wm.)Jr. Co. (monthly) Monthly Monthly WerlItser (Rudolph) coin.(monthitr) Common (monthly) Common (monthly) Common (monthly) Preferred (guar.) Preferred (quar.) Preferred (quar.) Preferred ((Mara Yale & Towne Mfg.(quar.) 'Youngstown Sheet & Tube, corn.(MO Preferred (quar.) Young (L. A.) Spring & Wire (quar.) Books Closed. Days Inclusive. 62)5c Sept.30 Holders of rec. Sept.200 11235c Dec. 31 Holders of rec. Dec. 200 '214 Nov. 1 *Holders of rec. Oct. 15 *500. Nov. 1 'Holders of rec. Oct. 15 15( Oct. 1 Holders of rec. Sept.12a 11, 1 Oct. 1 Holders of rec. Sept. 100 1% Oct. 1 Holders of rec. Sept. 100 135 Oct. 1 Holders of rec. Sept. 100 hIli Oct. 1 Holders of rec. Sept. 100 250. Oct. 1 Holders of rec. Sept.20 250. Nov. 1 Holders of ree. Oct. 20 500. Dee. 1 Holders of rec. Nov, 20 •5041. Sat.25 'Holders of rec. Sept. 24 •500 Oct. 25 *Holders of rec. Oct. 24 *50e. Nov.25 *Holders of rec. Nov.24 *50c. Dec. 25 *Holders of rec. Dec. 24 *I ti Oct. 1 *Holders of ree. Sept. 20 . Jan 1'31 *Holders of rec. Dee. 20 Aprl'31 *Hold.of reo. Mar. 20'31 Jul 1'31 *Hold,of rm.June 20'31 sl 500. Oct. 1 Holders of rec. Sept. 100/ $1.25 Oct. 1 Holders of rec. Sept. 14of 135 Oct. 1 Holders of rec. Sept. 14' 75c. Oct. 1 Holders of rec. Sept. 15a •From unofficial sources. t The New York Stock Exchange has ruled that Mock will not be quoted ex-dividend on this date and not until further notice. I The New York Curb Exchange Association has ruled that stock will not be quoted 11X-dividend on this Gate and not until further notice. a Transfer books not closed for this dividend. lt General Gas & Electric 7340. dividend on common stock Is payable in class A common stock unless stockholder gives written notice by Sept. 20 of his election 10 take cash. Correction. e Payable in stock. Payable in common stock. o Payable in scrip. It On account of accumulated driidends. J Payable in preferred stock. (American States Public Service common A dividend will be paid in class A stock, 1-40111 of a share. If cash Is desired notice to that effect must be received by company on or before Sept. 23. k General Realty & Utilities pref. dividend is payable In common stock at rate of 75-1000 share for each share pref., or at option of holder $1.50 per share. 1 Dividend on Amer. Cities Power & Light class A stock is payable 1-32d share in Class B stock, unless stockholder notifies the company on or before Oct. 14 of his desire to take cash. Class B dividend is payable in class B stock. us Central Staten Electric Corp. cony. pref. dividend 19 payable In common stock m follows: Series of 1928. 3-32 share or, at option of bolder, $1.50 cash; series or 1929. 3-164 share or, at option of holder, $1.50 cash. n Central Public Service Mass A divides() will be paid in class A stock at the Mee of $17.50 per share unless stockholder notifies company by Sept. 10 of his desire to take cash. o Great Northern Investing class A dividend payable either in cash or 236% in intrek. P Midland United Co. pref, dividend payable in cash or one-fortieth share common Kook, company to be notified 15 business days before Sept. 24. Peoples Light & Power may apply dividend to purchase of class A common Mock at rate of one-fiftieth share for each share held. British American Tobacco dividend is 10 pence per share All transfers received In London on or before Sept.3 will be In time for payment of dividend to transferees. •North American Co. dividend is payable in common stock at rate of one-fortieth Share for each Share held. Maxweld Corp. common dividend optional, payable either In cash or 2% In Stock. Ii Unless holders notify company of their desire to take cash, Utilities Power & Light dividends will be paid as follows: class A stock, 1-40th share class A Mock: clam 13 stock, 1-40th share common stock:common stock,1-400 share common stock. r Commercial Invest. Trust cony, pref. dividend will be paid in common stock at rate of 1-52d share common for each share pref.. unless stockholder notifies Company on or before Sept. 16 of his desire to take cash. w Less deduction for expenses of depositary. z West Coast Oil 40% dividend subject to approval of California Corporation Commission. y Lone Star Gas dividend Is one share for each seven held. Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the New York City Clearing House Association discontinued giving out all statements previously issued and now makes only the barest kind of a report. The new returns show nothing but the deposits, along with the capital and surplus. We give it below in full: STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE ASSOCIATION FOR THE WEEK ENDED SATURDAY. SEPT 6. Clearing House Members. *Capital. Bank of NY & Trust Co Bank of Manhattan Tr Co Bank of Amer Nat Assn National City Bank__ Chem Bank dt Trust CoGuaranty Trust Co Chat Phen N B & Tr Co Cent Hanover Bk&Tr Co Corn Exch Bank Tr Co_ First National Bank.... Irving Trust Co Continental Bk di. Tr Co Chase National Bank Fifth Avenue Bank Bankers Trust Co Title Guar & Trust Co Marine MidiandTrust Co Lawyers Trust Co New York Trust Co Comm'l Nat Bk & Tr Co Harriman N Bk kr Tr Co $ 6,000,000 22,250,000 36,775,300 110,000,000 15,000,000 90,000,000 16,200,000 21,000,000 e15,000,000 10,000,000 50,000,000 6,000,000 148,000,000 500,000 25,000.000 10.000,000 10,000,000 3,000,000 12,500,000 7,000.000 2,000,000 Clearing Non-Members City Bk Farmers Tr Co_ Mechan Tr Co. Bayonne 10,000,000 500,000 Totals [VOL. 131. FINANCIAL CHRONICLE *Surplus and Net Demand Undivkled DePoztte Average. Profits. $ $ 60.506,000 14,698,800 207,311,000 43,499,200 172,915,000 40,453,800 132,973,100 81,037,253,000 217,007,000 22,632,300 206,385,500 6917,284,000 157,325.000 19,703,300 356,120,000 84,136,100 167,888,000 e34,314,400 250;905,000 108,599,600 385,039,000 84,814,300 9,850,000 11,354,200 211,318,000 01,285,558,000 24,481,000 3,706,800 86,321,400 d435,971,000 34,553,000 24,599,200 49,351,000 11,400,600 21,520,000 4,766,900 175,194,000 35,688,400 56,974,000 9,452,800 30.046,000 2,725,000 13,777,900 899,400 4,625,000 2,965,000 2'ents Depoette Average. $ 14,717,000 45,710,000 63,745,000 206,698,000 33,808,000 108,726,000 38,993,000 68,399,000 38,679,000 38,333,000 59,757,000 418,000 200,794,000 2,054,000 84,290,000 1,223,000 5,261,000 2,065,000 33,756,000 7,365,000 6,887,000 5,385,000 6211 725 "inn 1 900 o, nnn II nnn Adl nnn 1 filn oat non •As per official reports: National, June 30 1930; State, June 30 1930; trust companies, June 30 1930. e .42 of July 10 1930. Includes deposits In foreign branches as follows: (a) $318,308,000;(b) $169 290 000; (c) $134,814,000; (d) $58,656,000. The New York "Times" publishes regularly each week returns of a number of banks and trust companies which are not members of the New York Clearing House. The following are the figures for the week ending Sept 4: INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING or BUSINESS FOR THE WEEK ENDED THURSDAY, SEPT. 4, 1930. NATIONAL AND STATE BANKS-Average Figures. Loans_ OtherCash Res. Dep.. Dep. Other Gross including N. Y. and Bank: and Gold. Bk.Notes. Elsewhere. I'rust Co.. Deposits. Manhattan$ $ $ 5 3 $ Bank of U.S. 210,094,000 17,000 3,742,00028,539,000 1,955,000 199,478,000 Bryant Park 13k_ 2,616,700 80,800 2.101,906 80,100 352,000 Grace National-- 20,561,398 2,000 52,402 1,906,244 2,092,464 19,152,315 Port Morris 2,744,500 3,115,600 5,900 226,400 74,200 Public National- 150,720,000 28,000 1,719,000 8,548,000 28,241,000 160,748,000 BrooklynBrooklyn Nat'l 9,615,600 20,700 120,200 525,900 6,868,300 618,000 Peoples Nat'l.-- 7,100,000 5,000 101,000 156,000 7,100,000 518,000 Disc, and Incest. TRUST COMPANIES-Average Figures. Loans, Disc. and invest. Rel. Dep., Dep. Other N. Y.and Banks and Elsewhere. Trial Cos. Casa. Manhattan$ $ $ American 794,100 50,285,700 8,665,100 Bank of Europe & Tr 14,757,800 142,500 844,500 Bronx County 690,750 1,882,017 23,964,304 Chelsea 20,024,000 1,114,000 2,135,000 Empire 73,128,600 *4,064,400 8,240,300 Federation 128,335 1,279,591 17,239,916 Fulton 270,000 19,241,300 *2,172,300 Manufacturers 360,402,000 2,843,000 42,330,000 United States 76,305,595 3,960,000 8,878,533 BrooklynBrooklyn 131,706,000 2.119,000 22,696,000 Rings County 30,098,957 2,306,352 2,740,651 Bayonne, N. J. Mechanics 756.079 256.592 5 740 2RI Gross Deposits. $ $ 19,100 48,448.600 14,350,400 24,740,307 18,726,000 3,091,400 72,848,000 157,098 17.033,087 16,498,000 2,638,000 330.925,000 60,044,161 1,091,000 131,131.000 28,507,820 333,273 8,745,720 • Includes amount with Federal Reserve Bank as follows: Empire, $2,677,100. Fulton. 32,053,700, Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston Clearing House weekly statement for a series of weeks: BOSTON CLEARING HOUSE MEMBERS. Sept. 10 1930. Changesfrom Previous Went. Sept. 3 1930. Aug. 27 1930. $ 3 $ $ Capital 94.700,000 94,700,000 94,700,000 Unchanged 100,487.000 100.487.000 Surplus and profits 100,467,000 Unchanged Loans, disets & Inveat'ta_ 1,074,085,000 +11,048,000 1,063,037,000 1,057,627,000 Individual deposits 628,204.000 +2.306,000 825,898,000 624,537,000 Due to banks 158,970,000 +13,445,000 145,525,000 144,506,000 Time deposits -175,000 294,716.000 289,291,000 294,541,000 4,233.000 United States deposits.-3,564,000 818,000 -2,746,000 16.037,000 19,257.000 Exchanges for Clg. House 27,139,000 +7,882,000 Due from other banks 84,382.000 84,733.000 87 016 000 +2,283,000 Res've in legal devoid:les 79,435.000 79,856,000 81,420 : 000 +1,564,000 6,296,000 Cash In bank 6,146,000 +342,000 6,488,000 627,000 Reeve in excess In F.R.Bk 633.000 +931.000 1.584.000 Philadelphia Banks.-The Philadelphia Clearing House return for the week ending Sept. 6, with comparative figures for the two weeks preceding, is given below. Reserve requirements for members of the Federal Reserve System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash in vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is 10% on demand deposits and includes "Reserve with legal depositaries" and "Cash in vaults." Beginning with the return for the week ending May 14 1928, the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below requirements. This will account for the queries at the end of the table. Two Ciphers (00) omitted. Week Ended September 6 1930. Members of P.R.Systern. $ Capital 60,071,0 Surplus and profits_ 215,919,0 Loans, disete. & invest. 1,148,468,0 Exch. for Clear. House 33,768,0 Due from banks 127,141,0 Bank deposits 208,415,0 Individual deposit,,.__ 624,946,0 Time deposits 278,357,0 Total deposits 1,111,718,0 Res, with legal depos_ _ 76,693,0 Res. with F. R Bank_ Cash In vault. 8,914,0 Total res. & cash held_ 85,607,0 Reserve required Excess reserve and eaah In vault Aug. 30 1930. Thin . Aug.= 1930. Total. $ 68,871,0 68,871,0 8,800,0 68,871,0 21,085,0 237,004,0 237,004.0 237,004,0 92,625,0 1,241,093,0 1,235,057,0 1,242,371,0 30,093,0 29,389,0 297,0 34,065,0 24,0 127,165,0 122,534,0 118,920,0 5,278,0 213,693,0 204,892,0 206,592,0 35,402,0 660,348,0 654,361,0 656.139.0 30,253,0 308,610,0 309,248,0 308,118,0 70,933,0 1,182,651,0 1,168,501,0 1,170,849,0 77,752,0 76,901,0 76,693,0 8.724,0 6,458.0 7,234,0 7,234,0 10,603,0 10,804,0 2,057,0 10,971.0 93 962,0 94,280,0 9,291,0 94,898,0 7 •Cash In vault not Counted as reserve for Fe feral Reserve members. SEPT.13 1930.] FINANCIAL CHRONICLE 1675 Weekly Return of the Federal Reserve Board. The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 11 and showing the condition of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the latest week appears on page 1644, being the first item in our department of "Current Events and Discussions." COMBINED RESOURCES AND L1ABIUTIES OF riot FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 10 1930. Sept. 10 1930 Sept. 3 1930. Aug.271930. Auo.201030. Aug. 131930. Aug. 6 1930. July 30 1930. July 23 1930. Sept. 11 1929. RESOURCES. $ $ 1,550,956,000 1,564.956,000 1,575,256,000 1,537,714,000 1.546,714,000 1,551,714.000 1,553,214.000 1,658,214,000 1,560,899,000 Gold with Federal Reserve agents 35,375,000 71.232,000 35,391,000 36,814,000 36.352,000 Gold redemption fund with U.S. Tress_ 35,919,000 36,814,000 36.816.000 35,819,000 Gold held exclusively agst.F. R.notes 1,586,331,000 1.600,347,000 1,611,175,000 1,573,533,000 1,583,066,000 1,588,530,000 1,590,028,000 1.595,028.000 1,632,131,000 Gold settlement fund with F.R.Board- 576,970,000 570,584,000 568,304,000 558,821,000 551,212,000 555,602,000 589.700.000 601,767,000 721,202,000 Gold and gold certificates held by banks_ 796,299,000 763,657,000 776,453,000 806,643,000 811.022,000 817,040,000 825.254.000 827,432,000 618.402,000 -2,959,600,000 2,934.588.000 2,955,932,000 2.938,997,000 2.945,300,000 2.961.178.000 3,004.982,000 3.024,227.000 2.971,735,000 Total gold reserves 152,890,000 151.650,000 163,721,000 168,060,000 169,702,000 165,631,000 173,206,000 169,834.000 174,491.000 Reserves other than gold Total reserves son-reserve cash Bills discounted: Secured by U.S. Govt.obligations Other bills discounted 3,112 490 000 3,088,238,000 3,119,053,000 3.107,057.000 3,115,002,000 3,128,809,000 3,178,188,000 .194,061,000 3,146,226,000 01.683.000 72,412,000 66,989,000' 67,835,000 70,310,000 68,210.000 63,436.000 66,856,000 67,042,000 57,368,000 125,827,000 76,510,000 154,750.000 62,197,000 131.078,000 63.8711,000 132,303,000 62,209,000 128.306.000 65,599,000 140,324,000 66,676,000 130,425,000 9,629,000 130,941,000 491,986,000 480,941,000 183.195,000 193,120,000 231.290,000 170,395.000 193,275,000 163,274,000 196,179,000 158,922,000 190.515,000 154,328,000 205,923.000 133,571,000 197,101,000 130,762.000 190.570,000 150,523,000 972,927.000 222,229,000 58,074,000 317,380,000 226,579,000 64,055,000 315,868,000 222.120,000 75,827,000 302.045,000 224,041,000 75,682.000 304.678,000 221,580,000 59,608.000 291,617.000 255,112.000 49,650,000 278,307,000 248.267,000 49,714,000 276,897.000 249,757,000 42,750,000 260,835,000 272,554,000 42,665.000 100,697,000 15,655,000 Total U.S. Government securities Other securities (see note) Foreign loans on gold 602,033,000 6,772,000 602,044,000 8,572.000 601,913,000 8.572.000 601,940,000 606.337,000 8,472,000 7,922,000 576,224,000 7,272,000 576,368,000 7.323,000 576,139,000 7.323,000 159,017,000 16,100,000 Total bills and securities (see note)_ _ Gold held abroad Due from foreign banks (tee note) Uncollected items Federal Reserve notes of other banks Bank premises Ail other resources 985,120,000 1.012,271,000 967,034,000 964.903,000 959,652,000 922,990,000 911.554.000 924.555.000 1,370,273,000 704,000 566,693,000 18,330,000 59,609.000 16,752.000 702,000 505.962,000 19,240,000 59.609,000 16.733,000 L702,000 548,404,000 18,527,000 59,606.000 16,548,000 703,000 579,632.000 19,639.000 59.585.000 15,617.000 705,000 503,728,000 19,064,000 59,584,000 14.442,000 706,000 510,430,000 18,912,000 59,584.000 14,037,000 705,000 553.600,000 22,175,000 59,572,000 13,146.000 Total bills discouuted Bills bought in onen market U. S. Government securities: Bonds Treasury Dotes Certificates and bills 704,000 538,643,000 20,409,000 59,642,000 16.957,000 726,000 713,383,000 27,902.000 58,868,000 10,665.000 4,806,377.000 4.822.280,000 4.759,243,000 4.782 849.000 4,816,686.000 4.710,758,000 4,761.621.000 4,835,649,000 5,395,032,000 Total resources LIABILITIES. F.It. notes In actual circulation Deposits: hlomber banks-reserve account Government Foreign banks (lee note) Other deposits 2,428,290,000 2,393,357,000 2,418,875.000 2,413,559.000 2,399,616,000 2,363,852.000 2315,285,000 2,432,086,000 2,360,265,000 34.059,000 21,176,000 18,882,000 26.146,000 17,454.000 31,519,000 25.988.000 29,563.000 30,093,000 6.498,000 6,528,000 5.760.000 6,622,000 6,434.000 5,549.000 5355,000 8.149,000 5.563.000 20.082,000 20,639,000 27.884,000 19,638,000 21,006,000 22,280.000 19.657.000 26,450.000 19,852,000 Total deposits Deferred availability items Capital paid in Surplus All other liabilities 2,476,633,000 2.453,996,000 2,470,069,000 2,469 000 2.463,778,000 2,423,406.000 2,468.871.000 2.484,612,000 2,403.979,000 510,391,000 538,919,000 489,781,000. 528;326.000 I , 558,011,000 487,054.000 495,807,000 532,922,000 067. 169,830,000 169.736.000 169,765,000 189,783,000 169,769,000 169,680,000 169,716,000 169,882,000 166,733,000 276,936,000 276.936,000 276,936,000 276,936,000 276,936,000 276.936,000 276,936,000 276,936,000 254,398,000 15,337,000 15,024,000 15,117,000 15,150,000 14,908,000 15,444,0001 35,150,000 15,201,000 15,029,000 1,351,250,000 1.367,619,000 1,337,248.000 1,323,708,0001,332,091,000 1,338,774.000 1.335,141,000 1.356,180,000 1,864,148,000 Total liabilltiea 4,806,377.000 4,822,280.000 4,759,243,000 4.782,849.000 4,816.686,000 4,710,758,000 4,761,621.000 4.835,649,000 5,395,032,000 Ratio of gold reserves to deposits and 76.9% F.R.note liabilities combined 77.3% 78.7% 78.9% 77.6% 69.6% 78.7% 77.5% 77.4% R&M of total reserves to deposits and 80.8% F. R. note liabilities combined 81.3% 83.2% 81.9% IV 5% 73.7% 83.1% 82.0% 81.9% Contingent liability ou bills nurchased for foreign oorrx•Pondent 458,450.000 459,830,000 471,622.000 478,315,000 480,094,000 483.454.000 478,027,000 481,315.000 446,973,000 , • Distribution by Maturities1-15 day bills bought in open market 141 days bilks discou. ted 1-15 days U. B. certif. of Indebtedness_ 1-15 days municipal warrants 16-30 days bills bought in open market.... 16-30 days bills discounted 1640 days U. B. certif. of Indebtedness. 113-80 days municipal warrants 81-60 days bills bought In open market81-60 devs bills discounted 81-60 days U. S. certif. of indebtedness 81-60 days municipal warrants 61-90 days bills bought in open market 61-90 days bills discounted 61-90 days U. S. certif. of indebtedness_ 61-90 days municipal warrants Over 90 days bills bought In open market Over 90 days bills discounted Over 90 days certif. of Indebtedness_ _ Over 90 days municipal warrants 54,173.000 99,775,000 34,769,000 $ 82,775,000 144,447,000 34,201,000 53,960,000 107,399,000 74,508,000 24,294,000 5,000 53.417,000 23,612,000 566,000 33,575.000 16,853,0® 41,167,000 51,666.000 36,421,000 50,948,000 33,511,000 12.750,000 17,942,000 17,214,000 23,000 4,763,000 174,591,000 22,000 73,456.000 99,648.000 115,879.000 723,599,000 14,151,000 32,488.000 28.111.000 82.265,000 30.306.000 17,947.000 48,027.000 61,000 28.720,000 29.033,000 94,576.000 25,521,000 68,520,000 10,000 300.000 41,635.000 110,853.000 6,836.000 26,593,000 16,368.000 30,414,000 15,592.000 28,739,000 36,738,000 64,555,000 128,000 10,259.000 130.925.000 22.000 1,140.060 14,629,000 135,965.000 22,000 2,449,000 15,203,000 129,951,000 22.000 2,456.000 5,400,000 1,494,000 41,413.000 •• 57,564,000 108.988.000 103,502,000 38,527.000 45,000 65,459,000 115.967,000 29,577.000 60,828.000 105,806,000 33,015,000 17,726,000 54,172,000 32,849,000 17,785.000 17.497.000 19,021,000 51,000 19,938,000 18,141,0(10 31 527,000 71,621,000 39,215,000 76,634.000 37,689,000 58.391.000 33.054,000 63.435.000 43,651.000 84,063,000 78.765,000 3.135,000 24,633,000 17.214,000 4,097,000 23,271,000 17;214,000 7,425,000 24,259,000 6,214,000 6,240,000 26,860.000 120,000 5,052.000 170.139.000 22.000 21,000 6.537.000 165,660,000 22,000 435,000 7,517,000 161,149,000 22,000 284,000 9.314,000 153.150.000 22,000 It.R.notes received from Comptroller_ F.R.notes held by F.R.Agent Issued to Federal Reserve Banks 3,805,088,000 1,448.118,000 1,736,973,000 1.736,582.000 1,736,772,000 1.716,691,000 1,696,121.000 1.697,223,000 1,704,744,000 1.719.617,000 2,356,970,000 Boo SecuredBy gold and gold certificates 449,950,000 Gold redemption fund Gold fund-Federal Reserve Board__ 1,101,006,000 By eligible Paper 366,095,000 449.950,000 449,950,000 402,908,000 LIR:22:28 1,11217?:= 931:11g:SgS 402,908.000 402.908,000 402,908,000 402,908.000 427,863,000 1,143,806.000 1.148,806,000 1,150,306,000 1,155,306,000 1,133,036,000 322.231,000 315,999.000 310,785,000 317,947.000 1,113,638,000 Total 1,917,051,000 1.946,891,000 1,910,497,000 1.876.662.000 1,868.945.000 1,867.713,000 1,863.999.000 1,876.161.000 2,674,537,000 NOTE.-Beginulug with the statement of Oct. 7 1925, two new items were ad, ed in order to show separate y the amount of balances held abroad and amounts due to foreign correspondents. In addition, the caption, "All other earn ng assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to "Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the tots lot She discounts, acceptances and securities acquired under the provision of Sections 13 the Federal Reserve Act, which. It was stated, are the only items included of and 14 therein. WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 1 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 10 1930 nee Ciphers WO) Ogiftie4. Total. Federal Reserve Bank ofBoston. New York, Phila. Cleveland. Richmond AUanta. Chicago. St, Louis Mittasay Kan•City. Dallas, San Frac RESOURCES. S S $ 3 $ $ $ $ $ $ $ $ $ Gold with Federal Reserve Agents 1,550,996,0154,917,0 305,636,0 140,000,0 200,550,0 57.000,0 97,200,0 184,000,0 58,045,0 45,545,0 70,000,0 23,300,0 214,763,0 35,375,0 824,0 Gold redo fund with 1J• S.Treas. 14,539,0 2,164,0 1,789,0 1,279,0 2,115,0 1,298,0 1,697,0 850,0 1,512,0 1,141,0 6,167,0 Gold held exeLagst.F.R. notes 1,586.331,0 155,741,0 320,175,0 142,164,0 202.339,0 58,279,0 99,315,0 185.298,0 59,742,0 46,395,0 71,512,0 24,441,0 13old settle't fund with F.R.Board 576,970,0 24,737,0 177,590,0 46,048,0 74 628,0 12,938,0 11,877,0 105,320,0 19,524,0 14,360,0 27,894,0 12,175,0 220,930,0 49,829,0 , - 796,299,0 31,932,0 484,431,0 30,276,0 Gold and gold ctfa.heldb2 bank 56. ' 283,0 9,591,0 5,860,0 120,268,0 9,968,0 4,831,0 7,601,0 10,061,0 25,197,0 Total gold reserves 2,959,600,0212,410,0 982,196,0 218,488,0 333,250,0 80,858,0 117,052,0 410,886,0 89,234,0 65,586,0 107,007,0 46,677,0 295,956,0 Reserve other than gold 152,890,0 12,738,0 38,281,0 8,779,0 6,617,0 8,953,0 13,480,0 23.247,0 11,888,0 4,712,0 5,658,0 6,125,0 12.412,0 Total reserves 3.112,490,0 225,148,0 1,020,477,0 227,267,0 339,867,0 89.811,0 130,532,0 434,133,0 101,122,0 70,298,0 112,665,0 52,802.0 308,368.0 Ron-reserve cash 72,412,0 6,024,0 22.159,0 3,567,0 3,810.0 3,957,0 4,980,0 12,120,0 4,279,0 1,356,0 2,249,0 3,129,0 4.782,0 Bills discounted: Bee. by U. S. Govt. obligations 57,368,0 6,564,0 11,811,0 11,330,0 7,616,0 3,631,0 377,0 1,744,0 2,472,0 1,988,0 997,0 6,106,0 2,732,0 Other bills discounted 125,827,0 4,329,0 14,311,0 6,703,0 5,524,0 16,668,0 29,706,0 6,942,0 14,385,0 3,764,0 6,766,0 11,496,0 5,233,0 Total bills discounted 183,195,0 10,893,0 26.122,0 18.033,0 13,140,0 20,299,0 30,703,0 13,048,0 17,117,0 4,141,0 8.510,0 13.968,0 7,221,0 Ms bought in open market 193,120.0 22,161,0 51,295,0 104,0 20,600.0 10.201,0 11.682,0 19,344,0 10,366,0 7,723,0 12.160,0 8,869,0 18,614,0 U. S. Government securitlea• BOSOM 58,074,0 1,885,0 12,232,0 1,727,0 1,584,0 1,805,0 621,0 21,870,0 1,096,0 5,078,0 243,0 8,661,0 1,272,0 Treasury notes 317,380,0 21,918,0 112,193,0 25,697,0 33,489,0 8,293,0 8,068,0 30.386,0 16,361,0 11,924,0 14,862,0 11,634,0 22,555,0 Certificates and bills 226,579,0 22,373,0 63,521.0 24.828,0 22,783,0 6,885,0 4,032,0 29,042,0 6,442,0 8,926,0 13,631,0 8,934,0 15.182,0 Total U. S. Gov't Securities 602,033,0 46,176,0 187.946.0 522520 67 firdi n 16_983.0 12.721.0 81.298.0 23.899.0 25.928.0 28.716 0 50 990 A 20 nrio n [VoL. 131. FINANCIAL CHRONICLE 1676 AESOURCES (Concluded)Two ciphers (00) milled. $ 6,772.0 Other securities Foreign loam on gold Total UM and securities Due from foreign banks Uncollected items F. It. notes of other banks Bank premises All other resources New York. Boston. Total. $ 4,750,0 3 1,000,0 Cleveland. Richmond Atlanta. Chicago Phila. $ $ 1,000,0 $ $ 3 St. Souls. 3finneap. Kan.City. Dallas. San Fran. $ 22,0 $ $ I $ 270,114,0 71,389,0 91,596,0 47.483,0 55,106,0 113,690,0 51,382,0 37,814,0 49,406,0 52,066,0 64,844.0 49,0 71,0 21,0 68,0 30,0 21,0 232,0 25,0 94,0 25,0 16,0 135,647,0 50,000,0 52,986,0 39,066,0 16,903,0 69,916,0 25,351,0 11,593,0 32,800,0 20,145,0 26,838,0 432,0 3,132,0 311,0 1,098,0 1,307.0 4,290,0 965,0 9,949,0 1,322,0 1,199,0 2,178,0 15,664,0 2,614,0 7,060,0 3,245,0 2,660,0 8,295,0 3,811,0 2,018.0 3,972,0 1,876,0 4,847,0 325,0 266,0 1,107,0 594,0 9.098,0 538,0 3,069,0 220,0 705,0 405,0 519,0 985,120,0 80,230,0 52,0 704,0 538,643,0 57,398,0 20,409,0 226,0 59,642,0 3,580,0 16,957,0 111,0 Total resources 4,806,377,0 372,769,0 1,477,681,0 355,482,0 497,595,0 185,437,0 214,240.0 642,902,0 187,697,0 124,813,0 203,511,0 131,065,0 413,185,0 LIABILITIES. F. R. notes in actual circulation_ 1,351,250,0 133,915,0 177,893,0 122,931,0 193,881.0 62,932,0 112,180,0 165,172,0 64,838,0 50,958,0 69,347,0 34,863,0 162,340,0 Deposits: Member bank-reserve 41001_ 2,428,290,0 146,589,0 1,005,362,0 143,089,0 203,477,0 63,403,0 60,934,0 346,603,0 77,533,0 50,436,0 87,444,0 59,834,0 183,586,0 649,0 1,729,0 1,617,0 6,009,0 1,836,0 682,0 3,551.0 956,0 Government 21,176,0 987,0 1,258,0 1,392,0 510,0 519,0 535,0 369,0 2,938,0 225,0 160,0 Foreign bank 396.0 160,0 6,528,0 193,0 123.0 717,0 193,0 189,0 1,520,0 8,710,0 92,0 34,0 7,759,0 Other deposits 42,0 20,639,0 185,0 981,0 122,0 788.0 217,0 Total deposits Deferred availability items Capital paid in Elurplus &II other liabilities Total liabilities Memoranda. Reserve ratio (percent) Contingent liability on bills ourHumeri fn.. fnrodon nnrraRnetnd'tw 144,446,0 207,261,0 65,337,0 67,258,0 349,944,0 78,453,0 51,731,0 89,843,0 61,420,0 192,396,0 43,891,0 50,142,0 38,124,0 16,453,0 65,359,0 26,873,0 11,090,0 30,614,0 20,781,0 27,452,0 16,785,0 15,957,0 5,797.0 5.357,0 20,180,0 5,268,0 3,056,0 4,328,0 4,357,0 11,359,0 26,965,0 29,141,0 12,496,0 10,857,0 40.094,0 10,877,0 7.143,0 9.162,0 8,935,0 19,514,0 464,0 1,213,0 124,0 751,0 2,135,0 2,153,0 1,388,0 709,0 835,0 217,0 4,806,377,0 372,769,0 1,477,681,0 355,482,0 497,595,0 185,437,0 214,240,0 642,902,0 187,697,0 124,813,0 203,511,0 131,065,0 413,185,0 2,476,633,0 147,983,0 1,020,561,0 516,391,0 57,226,0 128,386,0 65,580,0 169,830,0 11,806,0 80,001,0 276,936,0 21,751,0 5,260,0 88,0 15,337,0 81.3 85.1 79.9 455 459 0 RR 063 n 85.0 84.7 70.0 72.7 150 4RR n 44.519.0 45.896.0 10 970 0 10 noo n 84.3 01 Rni il 70.6 lA ,. .9•1 n 68.5 in ,,A 54.8 70.8 n i's 'soon is 'soon 86.9 at AIN 0 FEDERAL RESERVE NOTE STATEMENT. Federal Reserve Agent at- Total. New York. Boston. Two Ciphers (00) omitted-$ $ Federal Reserve notes: Issued to F.R.bk. by F.R.Agt. 1,736,973,0 171,166,0 Held by Federal Reserve bank_ 385,723,0 37,251,0 $ Cleveland. Richmond Atlanta, Chicago. St. Louis. lifiuneap. Kan.City. Dallas. San Fran. $ $ 5 5 $ $ $ $ $ $ 298,063,0 145,020,0 225,232.0 82,101,0 136,774,0 192,175,0 80,178,0 55,732,0 81,480,0 42,461,0 226,591,0 120,170.0 22,089,0 31,351,0 19,169,0 24,594,0 27,003,0 15,340.0 4,774,0 12,133,0 7,598,0 64,251,0 177,893,0 122,931,0 193,881,0 62,932,0 112,180,0165,172,0 64,838,0 50,958,0 69,347,0 34,863,0 162,340,0 In actual circulation 1,351,250,0 133,915,0 Collateral held by Agt. as security for notes Issued to bank: Gold and gold certificates 449,950,0 35,300,0 Gold fund-F.R.Board 1,101,006,0 119,617,0 Eligible paper 366,095,0 32,975,0 Total collateral Phila. 277,010,0 39,900,0 15,550,0 5,000,0 7,100,0 14,300,0 35,000,0 8,945,0 11,845,0 28,626,0 100,100,0 185,000,0 52,000,0 90,100,0 184,000,0 49,100,0 33,700,0 70,000,0 9,000,0 179,763,0 75,491,0 13,753,0 31,117,0 30,078,0 42,288,0 32,225,0 27,363,0 11,742,0 20,600,0 22,750,0 25,713,0 -381,127,0 153,753,0 231,667,0 87,078.0 139.488.0 216.225.0 85.403.0 57.287,0 90,600,0 46,050,0 240,476,0 1,917.051.0 187,892,0 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 wore given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest week appears in our department of "Current Events and Discussions," on page 1645,immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later. Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with en dorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some of the bunks Included mortgages in investments. Loans secured by U.S. Government obligations are no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. El. obligations and those secured by Commercial paper, only a lump total being given. The number of reporting banks Is now omitted: in its place the number of cities Included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank In the San Francisco district with loans and investments of $135,000,000 on Jan. 2 which recently merged with a non-member bank. The figures are now given In round millions instead of in thousands. PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER RANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF BUSINESS SEPT. 3 1930 (In millions of dollars). Federal Reserve District-- Boston. New York Total. 6,930 920 1.502 4,07S 2,833 495 425 732 770 2,476 318 778 1,201 1,275 85 263 379 399 97 11 831 56 84 12 13,636 7,471 16 889 525 1 6,199 1,997 6 1,579 3,494 60 132 7n R 648 588 $ 3,389 462 450 • 174 289 150 300 186 80 106 147 26 713 335 1 161 1,17" 42 3 1,516 Loans-total 16,630 8,383 8,446 1,138 _ 499 639 6,338 378 2,910 3,428 151 227 1,786 207 investments-total U. B. Government securities Other securities Reeerve witb F.IL Bank Cub in vault qet demand deposits rime deposita 30vernment deposit& )ue from banks Due to banks lorrowinse from is re m.o.. Cleveland. Richmond Allaysta. Chicago. St. Louis. .11inneap. Kan.Citg. Dallas. San Fran. $ 2,280 Loans and Investments-total---- 3 9,407 On securities AU other Phila. $ 1,268 $ 23,168 6 660 362 651 436 $ 1,962 2,596 503 237 418 331 1,341 1,285 1,311 229 275 79 158 126 292 96 235 442 899 137 793 156 126 233 101 621 63 74 359 434 34 122 70 53 96 136 60 46 331 200 42 11 41 9 271 33 46 6 27 5 62 10 34 7 104 17 1,155 1,021 1 352 233 1 315 242 1 1,912 1,344 1 369 240 225 132 484 208 272 150 1 723 1,022 1 101 224 137 356 83 114 84 105 268 530 69 127 79 89 211 235 95 102 231 286 1 8 5 11 3 4 3 _ _ $ $ $ $ $ Condition of the Federal Reserve Bank of New York. serve Bank of New York at the close of business Sept.10 1930 The following shows the condition of the Federal Re. In comparison with the previous week arid the corresponding date last year: Sept. 10 1930. Sept. 3 1930. Sept. 111920. R61010Wit--, 81 Gold with Federal Reserve Agent Gold redemp.fund with 11.8. Treasury_ 305.636,000 14,539,000 305,636.000 14,539.000 285,474.000 17,294,000 Gold held exclusively ages. F. R.notes Gold settlement fund with F. R. Board.. Gold and gold certificates held by Dank.. 320,175,000 177,590,000 484,431,000 320,175,000 131,783,000 474,405.000 302,768,000 215,824,000 374,573,000 Total gold reserves Reserves other than gold 982,196,000 38,281,000 926.363,000 37.299,000 993,165,000 69,340,000 1,020,477.000 22,159,000 963,662,000 16,210.000 962,505,000 18,703,000 11,811,000 14,311,000 30,112,000 33,463,000 161,530,000 78,415.000 26,122,000 51,296,000 63,575,000 49,377,000 239,945,000 96,802,000 12,233,000 112,193,000 63,520,000 13,334,000 111,310,000 63,102,000 4,009,000 33,242,000 7,035,000 Total reserves Non-reserve cash Bills discountedSecured by 11.8. Govt. obligations Other bills discounted Total WM discounted Bills bought in open market U. S. Government securitiesBonds Treasury notes Certificates and bills Total U.S. Government'securitiesOther securities (see aces) Foreign loans on gold 187,946,000 4,750,000 RIMOUTC418 (Concluded) Gold held abroad Due from foreign banks (See Nolo) Uncollected items Federal Reserve notes of other banks... Bank premises AL other resouroes Total resources Sept. 10 1930. Sept..3 1930. Sept. 11 1929 ' 232,000 135,647,000 4,290,000 15,664,000 9,098,000 232,000 154,127,000 4.625,000 15,664,000 8.872,000 221,000 191,884,000 11,602,000 16,087,000 1,170,000 1,477,681,000 1,470,640.000 1,595,255,000 LiaSiUlisSFecl'l Reserve notes In actual circulation_ 177,893,000 Deposits-Member bank, reserve sect_ 1,005,362,000 Government 3,551,000 Foreign bank (See Note) 2,938,000 Other deposits 8,710,000 185,154,000 975,938,000 9,785,000 2,908,000 8,310,000 319,342,000 946,324,000 1,518,000 3,030,000 6,789,000 Total deposits Deferred availability Capital paid in Surplus All other liabilities 996,941,000 137,795,000 65,380,000 80,001,000 5.169,000 957,661,000 172,374,000 64,106,000 71,282,000 10,490.000 Total liabilities itilM/ 1,020,561,000 128,386,000 65,580,000 80,001,000 5,260,000 1,477,681,000 1,470,640,000 1.595,255,000 Ratio of total reserves to deposit and 18Z, :5t3.001 7 Fed'I Reap,note liabilities oomblned_ 75.4% 81.6% 85.2% Contingent liability on hills purchased for Total bilis and securities (See Note) foreign correspondence 393,083.000 307.248,000 150,488,000 150,580,000 131,222,000 270,114,000 2-47 0TE.-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 oorresPondents, in addition, the caption "All ether earning assets," previously made up of Federal Intermediate Credit Bank debentures. was changed to "Other seouritics." and the (motion "Total earning assets" to "Tutu! bills ani securities." The latter term was adopted as a more accurate description of the total of the dbeoUnt acceptances and securities acquired under the provisions of Sections 13 and 1401 the Federal Reserve Act, which,it was stated, are the only items included therein. 0) 0 C0 g.tlig/;0 SEPT. 13 1930.] FINANCIAL CHRONICLE 1677 New York City Banks and Trust Companies. Vaniurs' azette. (AU WWI dollars per share.) Wall Street Friday Night, Sept. 12 1930. Railroad and Miscellaneous Stocks.-The review of the 1661. The following are sales made at the Stock Exchange this week of shares not represented in our detailed list on the pages which follow: Stock Market is given this week on page STOCKS. Week Ended Sept. 12. Sales. for Week. Range for Week. Lowest. Highest. Range Since Jan. 1. Lowest. Highest. Par. shares. $ per share. $ per share. $ per sahre. 4 per share. RailroadsCanadian Pacific new 25 9.600 445% Sept 6 47 Sept 10 405% Aug 5234 May 100 III Cent pref 1001195% Sept 101193.6 Sept 10i13 June 136K Apr Int Rys of Cent Am-100 70 1635 Sept 10 165% Sept 10 165% Sept 325% Jan Hudson & Man pref 100 1,000 81 Sept 11 81 Sept 11 75 Feb 83 June Manhattan El guar_100 110 505% Sept 12 62 Sept 6 4631 Sept 6835 Apr Market St Ry coin_ -100 200 1 Sept 11 1 Sept 11 35 June 3 Feb 100 26 preferred 100 25% Sept 6 25% Sept 61 254 Sept 6 Feb N Y State Rys pref.100 100 1 Sept 10 2 Sept 61 35 Aug 3% Feb Pac Coast 1st pref _ _100 50 19 Sept 10 19 Sept 10 14 July 2935 Mar 26 preferred 100 10 15 Sept 11 15 Sept 11 1 10 July 1935 Mar Rutland RR pref--100 900 40 Sept 10 43 Sept 11 40 Sept 6754 Mar Indus. & Mlscell. Alleghany Steel • 300 50 Sept 10 50 Sept 10 50 Sept 72 Apr Am.Chain pref_ -._100 1,800 98 Sept 6 100 Sept 10 755% Jim 101 Mar American Ice prof _ _100 500 805% Sept 8 84 Sept 11 78 July 875% Jan American News Co-* 90 555% Sept 8 5535 Sept S 4834 July 805% Mar Arch Dan Mid pref_100 50 110 Sept 10 110 Sept 10 10014 Sept 110 Apr Artloom Corp Pref--100 200 90 Sept 9 90 Sept 9 8834 Sept 100 Feb Art Met Construct_ _10 100 25 Sept 9 25 Sept 9 24 Aug 283.1 Feb Ass° D Gds 1st pref_100 100 92 Sept 9 92 Sept 9 85 Feb 953.4 Apr 26 preferred 100 200 915% Sept 12 ‘915% Sept 12 85 Jan 1005% Apr Austrian Credit Anstalt 100 54 Sept 9 54 Sept 9 52% June 60 Feb Brown Shoe pref __ _100 101175% Sept 10 11714 Sept 10 1135% Jan 119 Mar Budd (E. G.) pref I00 20 55 Sept 10 55 Sept 10 55 Sept 68 Apr Certain-Teed Products 1st preferred 100 100 2235 Sept 11 225% Sept 11 20 Jun 4534 Mar City Investing 100 20 150 Sept 8 150 Sept 8 150 July 165 Apr City Stores class A.--* 280 32 Sept 8 35 Sept S 32 • Sept 42 May Comm Cred pref(7)_2510 265% Sept 8 2635 Sept 5 225% Jan 2635 Sept 1st pref ex-warr- -100 50 94 Sept 9 95 Sept 8 775% Jan 95 Sept CommInvTr pref(635)• 400 99 Sept 9100 Sept 10 89 Jan 100 Mar Crown Willa lot prof-. 10 9235 Sept 8 925% Sept 8 9235 Aug 985% Apr Duplan Silk _100 20 105 Sept 8105 Sept 8 97 Feb 105 July Elk Horn Coal pref_preL.50 10 5 Sept 12 5 Sept 12 45% Aug 14 Jan Fed Min & Smelt...100 1.300 120 Sept 101265% Sept 11 115 Aug 185 Mar Federal Screw Wks__ _. 900 25 Sept 12 255% Sept 11 25 Sept 255% Sept Franklin Slm pref_ _100 10 8534 Sept 11 855% Sept 101 8531 Aug 99 Mar Gen Cigar pref 100 10 115 Sept 12 115 Sept 12 11235 Jan 120 July Gen Baking pref • 50 114 Sept 8 114 Sept 8]l00 Aug 125 Jan Gen RY Sig pref_ - _100 20 115 Sept 11 15 Sept 11 100% Jan 115 Sept GenGas & El pre-IA(7). 401055% Sept 101055% Sept 10 100 July 111 Apr Gold & Stock Tel_._100 20 120 Sept 11 120 Sept 11 101 Apr 120 Sept Gotham Silk Hosiery preferred ex-warr_100 30 70 Sept 11 70 Sept 11 65 Jan 79 May Harbison Walker Refractories pref.__ -100 20 115 Sept 9115 Sept 9 110 Apr 115 Sept Hercules Powder * 600 70 Sept 8 75 Sept 9 60 June 85 Jan Ind Motocycie pref 100 30 224 Sept 11 23 Sept 11 22 June 8734 Mar Int. Comb Eng pref ctfs 400 59 Sept 6 62 Sept 12 5035 July 6935 July Int Nickel prof 100 200 1214 Sept 11 121% Sept 11 116 Feh 127 Apr Intermit' Silver pref 100 20 110 Sept 8 110 Sept 8 105 Feb 11234 Feb Island Creek Coal Prof 1 10 105 Sept 8 105 Sept 8 105 Jan 105 Jan Kansas City Pow & Lt Ist pref ser B • 10 114 Sept 8 114 Sept 8 108 Jan 115 Mar Holster Radio ctfi 100 15% Sept 10 1% Sept 101 15% Sept 3 Kresge Dept Stores-._• 1,200 834 Sept 11 834 Sept 111 75% Apr 95% July July Preferred 100 10 45 Sept 9 45 Sept 61 45 May 62 Jae Kresge(8 S)Co pref 100 20 113 Sept 12113 Sept 1211085% June 115 June Lig & Myers Co pref 100 500 140 Sept 101425% Sept 8 138 Jan 143 Sept MacAndrews& Forbes preferred 100 10 98 Sept 10 98 Sept 10 93 Feb 100 Mar McLellan Stores pref100 200 81 Sept 11 81 Sept 11 78 Sept 87 Apr Metro Goldwyn Plc 27 preferred 300 26 Sept 12 265% Sept 8 2335 Jan 265% May Mex Petroleum---100 150 175 Sept 9 182 Sept 9 174 June 182 Sept Michigan Steel rts 310 I Sept 9 134 Sept 6 1 Aug 134 Sept Nat Bell Hess pref. -100 100 40 Sept 12 40 Sept 12 40 Aug 82 Jan Nat Dept Stores pref100 100 825% Sept 12 8234 Sept 12 825% Sept 90 Jan Nat supply Pref----100 8101075% Sept 6 110 Sept 101065% Aug 116 July Nelsner Bros 900 365% Sept 11 41 Sept 9 3535 Jun 54 • Apr Outlet Co * 30 59 Sept 9 59 Sept 9 53 Jan 72 May Penn Coal & Coke_ --50 1,100 7 Sept 6 74 Sept 8 6 Aug 125% Mar Pleree-Arrw Co pref 100 100 68 Sept 9 68 Sept 9 68 Sept 82 Apr Pitts Terminal Coal 100 200 75% Sept 8 73.6 Sept 8 4 Aug 1534 Jan Preferred 111 20 31 Sept 11 31 Sept 11 305% Aug 45 Jan Proctor & Gam pref_100 100 107 Sept 11 107 Sept 11 105 Aug 1 075% July Produc & Refiners Corp Preferred 50 20 31 Sept 6 31 Sept 6 30 Jun 40 Roo Mot Car ctfs 10 3.800 114 Sept 10 1235 Sept 11 6 Jun 1235 Mar Sept Revere Cop & Brass Preferred 100 80 90 Sept 8 9035 Sept 8 88 Aug 104 Mar Scott Paper .1 200 50 Sept 6 50 Sept 6 45 Mar 5534 Apr Skelly Oil pref 100 1,000 85 Sept 8 87 Sept 11 83 Aug 9934 June Blom-Sher!S & I pref100 100 50 Sept 6 50 Sept 6 45 Jun 82 Mar So Por Ric Bug pref 100 100 10634 Sept 121065% Sept 12 103 Aug 121 Jan Stand 0& E prof(7)--• 300 113 Sept 6 114 Sept 9 110% May 114 Sept Tob Prod div etfs A _ _10 300 65% Sept 11 636 Sept 11 25% APrI 634 Sept United Dyewood_._100 10 5 Sept 8 5 Sept 8 434 JUlyj 11 Feb United Piece Dyo Wksl preferred 100 30 105 Sept 9 10635 Sept 9 97 .3501114 Mar US Tobacco Prof- -.100 10 140 Sept 10 140 Sept 1011225% Mar 140 Sept Wan Rank° 1st pret.100 50 35 Sept 10 35 Sept 101 35 Beptl 5435 Jan Virginia Coal & Ck_100 320 25 Sept 8 32 Sept 61 12 Jani 34 Sept Walgreen Co pref-- _100 200 9935 Sept 10 100 Sept 101 97 Jan 103 Mar Warner Bros Plc rts____ 173.700 2 Sept 12 235 Sept 35 AnsI 3 Sept 61 lot preferred • 30 165% Sept 8 184Sept 8 165% Sept 2 05% May Youngstwn Sheet & T B 200 130 Sept 11 130 Sept 11 130 Jun 130 June o par value. New York City Realty and Surety Companies. (All Prices dollars per sle.re.) Par Biel Bond dr Mtge Guar _20 99 Horne Title Imuran,e _ _ _25 62 Lawyers Mortgage 20 50 AsS 102 68 , .52 i Par1Bi ye s Quotations for U. S. Treas. Ctfs. fat. Rate. tGuAskK;Yer 8r 1000 reteat4ia0 2g I 285 2HWecnstrTil & Tr____ 140 lou Trust Companies. New York (Conel.)- Par Bid Ask Bank of NY do Traet---100 660 675 Bankers 10 163 164 Bronx Co Trust 20 60 70 Cent Hanover Bk & Tr___20 362 368 Chelsea Bank .t Truat--25 34 37 Chemical Bank & Trust-10 6812 6912 Continental Bk & Tr____10 2912 31 Corn Etch Bk & Trust.„20 168 170 County 100 243 253 20 81 84 Fulton 100 540 565 100 658 661 Guaranty Hibernia 100 170 180 International 20 35 39 Internal Mad Bk & Tr___25 30 38 10 6234 5312 Irving Lawyers 100 20 118 121 Manhattan 25 90 92 Manufacturers Mutual (Westchester).-100 350 425 25 254 258 NY Trust Ulu 97 107 Plata 100 11812 20 Timm Square 20 154 159 Title Guar & Trust 100 3975 4075 United States 100 900 1050 Westchester Trust Companies. New YorkPar American 100 Amer Express 230 270 Banes Commerelale Ital_100 318 328 BrooklynBrooklyn 100 730 Globe Bank & Trust---100 165 Kings Co 100 3000 bildwood 100 165 740 175 3200 185 •State banks. t New stook. a Ex-dividend. a Hz-stock My. tt Ex-rights. United States Liberty Loan Bonds and Treasury Certificates on the New York Stock Exchange. Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given in a footnote at the end of the tabulation. Daily Record of U. S. Bond Prices. Sept. 6. Sept. 8 Sept. 9. Sept.10 Sept.11 Sept.12 High First Liberty Loan 34% bonds of 192347-- LowClose (First 34) Total sales In 51.000 tot Converted 4% bonds off High 1932-47 (First 4s) 1004133 101 _--- 101 1013:3 10143: _-__ 100"33 1004413 101 101131 1011,2 1004332 101 __-- 101 101133 1011n 6 6 86 ---10 2 Toted sales in $1.000 units-Converted 44% bondrigb of 1032-47 (First 44s) LowClose Total gales fa 31.000 unitsSecond bonyerted 44% High bonds of 1932-47(First(LowSecond 445) Total sales in 81.000 wins-(High Fourth Liberty Loan 64% bonds of 1933-38 LowClose (Fourth 441) mud Wes in $1,000 nnitr--jfilgb Treasury ILow434e. 1947-52 Close Total sales in 81.000 smite-, High Low ie. 1944-1954 Close Total sales in $1.000 wattsHigh 11.0w_ She. 1948-1956 (Chess Total sake in $1.000 SaltsHilli 35%.. 1943-1947 ____ ____ ____ ___ ....- 102532 102133 152113 ---- 102113 102134 102133 --- 1021n 102131 102% 13 5 ____ ____ ____ ---- 102433 ---- 10243t ---- 1021n 2 ___ 103323 1033n 103333 200 11210,2 1121133 1121,1 91 108432 10731n 108134 131 106% 106 1013132 26 ____ 102, 33 1054433 1054433 1052in ____ ----__ ____ ____ 103333 103133 1024033 103 103 10349 377 14 1121su 112u. 112113, 1121133 112"33 1121,31 5 26 107un --_107218 --1072333 ---70 ___ ___ 105%3. _ ---- 1053133 _:-__ .... 105Rn ---- ---- .___ ____ _ __ 103 _1031031021433 1024033 102"3 1024381 102"n 102", 15 32 18 11217 .iision ....._ 112"n 1121131 __-_ 112"33 1122033 --2 107"n ------10780.2 ____ ---10730n ------ Total sales in 51.000 ma"(High 101/in Low_ 10131 14 Mee 1011,n Total sales in 51.000 unite__ 85%s. 1940-1943 ____ 11 _ _.. 101W3, 10111,,101,48; 10131. ---- 101"n 101"st 1011.82 101"n ---- 101un 101"7 101" t 101",, 7 ' 3 137 The above table includes only sales of coupon Note. bonds. Transactions in registered bonds were: 100 lst343 15 403446 101 to 101 103 to 1034n Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.85 23-32(4 4.85 13-16 for checks and 4.85 29-32(414.86 for cables. Commercial on banks, sight, 4.854©4.85 11-16; sixty days. 4.83 11-16, ninety days, 4.82 13-161414.825%; and documents for payment, 4.83 3-16. 4.83 11-16. Cotton for payment 4.855% and grain for payment 4.854• To-day's (Firday's) actual rates for Paris bankers' francs were 3.92% og3.9234 for short. Amsterdam bankers' guilders were 40.214 ©40.244 for short. Exchange for Paris on London, 123.76; week's range, 123.86 francs high and 123.76 francs low. The weeks' range for exchange rates follows: Checks. Sterling. ActualCables. 4.86 3-16 High for the week 4.86 11-32 4.85 23-32 4.85 29-32 Low for the week Paris Bankers' Francs3.925% High for the week 3.92 13-16 3.924 3.924 Low for the week Bankers' Marks Germany 23.824 Nigh for the week 23.83 23.784 Low for the week 23.8134 Amsterdam Bankers' Guildersweek High for the 40.26 40.27 Low for the week 40.21% 40.244 of Indebtedness, &c. fat. B141. Asked, lifOster. Rate. B411. Ailed. 1.00141 , 84% Deo. 15 1930___ 100"n Sept. 16 1930-32 84% June 151931... 214% 10014n 100"8/ Mar. 15 1930-32 34% 100"n 100"n Sept. 15 1931... 24% 10013,. 1001n Dec. 15 1930-32 34% 100nn 10031n 100"n 101 /Maturity. Banks. New YorkPar BM Ask Arnett.% 25 99 102 American Union* 100 108 118 Broadway Nat Bk & 'Tr..1330 100 110 Bryant Park* 20 38 45 20 15012 15112 Chase Chat Phenix Nat Bk & To 20 111 114 Commercial Nat Bk & Tr 100 42() 440 Fifth Avenue. 100 2900 3150 First 100 5125 5225 100 600 Grace Harriman Nat Bk & Tr_100 1515 1615 100 150 170 Industrial Lefoourt Nat Bk & Tr-.100 85 75 .Liberty Nat Bk & Tr__ _100 92 102 National City 20 16734 16812 Penn Exchange• 100 93 103 Port Morris. 10 28 38 Public Nat Bk & To 25 108 110 Seward Nat Bank & Tr_100 82 90 Sterling Nat Bk & To._25 40 45 Strauss Nat Bk & To....100 235 250 United States* 25 41 4212 YorkvMe 100 132 145 Yorktown* _ 150 100 BrooklynBrooklyn 50 93 98 Peoples 100 400 500 The Curb Exchange.-The review of the Curb Exchange is 1662. A complete record of Curb Exchange transactions for:the week will be found on page 1695. given this week on page Report of Stock Sales-New York Stock Exchange DAILY, WEEKLY AND YEARLY Occupying Altogether Eight Pages-Page One Y01 .ales during the week of stocks not 4ecorded here, see preceding page. HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT Saturday Sept. 6. Monday Sept. 8. Tuesday Sept. 9. Wednesday Sept. 10. Thursday Sept. 11. Friday Sept. 12. Sates far ti1e Week. STOCKS NEW YORK STOCK EXCHANGE. $ per share S per share $ per share $ Per share per share 5 per share Shares Railroads Par 21812 22114 222 222 221 2224 222 22458 22112 22112 220 22112 4,400 Ateh Topeka & Santa Fe__100 *10714 108 10712 10778 1,100 Preferred 10714 10714 *10712 108 108 108 •10714 108 100 *143 147 200 Atlantic Coast Line RR_...100 147 147 *147 149 147 147 •143 147 .140 147 10058 10218 10014 102 100 10034 10014 10078 10014 1004 99 10012 9,000 Baltimore & Ohlo 100 82 200 Preferred *8112 82,2 8112 8112 *8112 8212 *8134 8212 *82 824 82 100 *7618 77 *7558 78 7434 7612 1,200 Bangor & Aroostook 78 77 7714 77 *764 77 50 *10814 11312 *10814 11312 •10814 11212 *10812 1094 *10858 11212 *10858 11212 Preferred '00 85 85 *79 85 *80 85 *8014 85 85 .82 *S0 Boston & Maine *79 100 1338 1338 *1314 14 300 Brooklyn & Queens Tr_No par •1314 1358 135a 134 *1312 14 *1312 14 *5912 6012 *594 6012 6012 6012 *6012 61 62 61 *5912 63 400 Preferred No pat 69 68 68 69 6778 684 6,200 Bklyn-Manh 'Fran v t o_No par 68 69 69,4 684 6918 68 9214 *9112 9214 9218 9218 1,000 Preferred v t o 924 *91 91 9112 9112 9112 92 No par 912 912 10 978 978 1,300 Brunswick Term & By See.100 10 *912 10 934 934 *934 1014 182 18334 18314 185 185 1874 18634 18712 187 18734 5,300 Canadian Pacific 182 182 100 4938 514 25014 51 5014 5138 5034 5138 50 504 494 5034 45,400 Chesapeake & Ohio new... -25 31 278 318 3 4,800 Chicago & Alton 31s 278 3 278 3 3 . 3 100 214 •234 3 234 234 2723 278 278 234 3 258 2513 2,800 Preferred 2314 100 *___ _ 18 ▪ 18 *____ 18 *____ *_ _ 18 18 • ___ 18 Chic& East Illinois R14___.100 *25 *25 33 .25 33 *25 35 33 33 35 .28 *28 Preferred 100 1012 1012 1012 104 1012 1034 1014 1012 1012 1012 1012 1012 2,900 C111CARO Great Western_ _ _100 3712 384 3778 374 3712 3734 373s 38, 3712 2,600 Preferred s 3712 3712 37 100 1458 1534 1514 164 154 1514 1514 1534 1518 155a 144 1514 6,700 Chicago Milw St Paul & Pao_ 2214 2338 2338 24 23 2258 23 6,200 Preferred new 2334 24 2312 24 23 71 7112 7038 7112 6814 704 68 6734 6818 5,600 Chicago & North Weetern_100 68 69 69 *134 141 *134 141 •134 141 *134 141 *134 141 •134 141 Preferred 100 100 100 98 99 1,700 Chicago Rock 18132 Pacifie_100 9912 93 99 9934 100 99 99 99 10714 10714 10818 1084 10614 107 *107 108 *107 108 10712 10712 1,100 7% preferred 100 *10012 102 *10014 10114 •101 102 *101 102 102 10214 102 102 800 0% Preferred 100 74 *61 74 75 .64 *64 *64 82 82 82 *64 *64 Colorado & Southern 100 410 First preferred *76 77,2 76 76 7712 7712 7712 7712 7712 *76 7712 *76 100 69 *65 •65 69 69 *65 *65 69 69 69 *65 *65 Second preferred 100 900 Consol RR of Cuba pref 53 _ 5112 *____ 53 53 *51 *52 53 53 *____ 5112 * 100 700 Delaware & Iludaon *168 170 *168 170 16978 16978 170 17058 •169 171 *170 171 100 116 116 *117 118 *117 119 *117 118 500 Delaware Lack,', Western_l00 117 11712 117 117 *554 60 400 Deny.& 1110 Or %Vest pref _100 5934 594 5934 5934 *58 *57 *5834 60 60 60 4078 41 4118 4,800 Erie 404 4114 40 4112 41 4018 4014 4114 41 100 *57 5734 5734 *57 First preferred 5734 *57 5734 *57 5734 *57 5734 .56 100 100 Second preferred 55 55 57 *55 *55 57 *55 57 *55 57 57 *55 100 7812 7812 7818 784 7878 79 7978 7758 7812 3,200 Great Northern preferred 100 7814 7914 79 2934 30 200 Gulf Mobile & Northern_ IGO *2838 30 *29 *2838 30 31 3014 *29 30,4 *29 *9258 95 200 Preferred *9258 94 9258 924 •9212 9278 94 93 *93 93 100 800 Hudson & Nlanhattan 4814 4838 43 *4714 48 *47 48 4714 4778 4638 4638 48 100 113 11412 115 115 11412 11412 115 11534 2,400 Illinois Central 115 115 115 116 100 *72 20 72 RR Sec Stock certificates-74 74 74 . 72 .73 74 *72 74 72 •72 5,400 3034 3034 2938 3034 2978 304 304 32 303 Interboro Rapid 'Fran v s 0_100 31 3114 30 69 7.901Kaitsas City Southern 69 *6714 -- 674 6758 *68,4 --- *6318 100 *66 6812 *65 Preferred 6712 684 *6712 68, 6812 *6712 6312 *6712 -6-812 . 100 300 Leda' Valley *60 •5912 63 65 65 6434 65 *65 6934 65 6914 .65 60 1,200 Louisville & Nashville 11878 120 *118 120 120 120 11914 120 *119 11912 11912 1191 100 3434 10,000 Manbat Elev modifled guar 100 3414 3414 33 3478 33 3412. 3314 3378 3314 3334 34 21 *18 *19 21 21 *1714 21 •19 Market St Ry prior erel__100 21 •19 21 *19 *34 1 1 *34 1 *31 Minneapolis Ass. Louis_ _ _100 *34 1. *34 1 *34 1 20 Minn St Paul ASS Marle..109 *1812 19 *17 *1812 19 .18 20 *1812 1912 *17 19 30 Leased lines *5012 5658 5012 5012 *5012 564 *5012 56s8 51 *5012 55 51 100 42 4118 5,600 Mo-Kan-Texas RR---_No Dar 42 4312 4134 4212 4112 4278 4118 42 41 43 *94 9678 1,100 Preferred 9512 9514 9514 95 95 95 • 9512 9534 9534 96 100 *66 70 6834 1,500 Missouri Pacific 67 *68 70 70 *69 *68 70 68 68 100 12314 12314 123 124 12378 12378 12312 12F .12312 12378 12212 12312 1,100 Preferred 100 *8312 87 *8312 8612 *8312 8612 8612 8612 *8312 8612 *8312 87 20 Morris & Essex 80 90 Nash Cbatt It St Louis__ __100 *9212 95 *95 *9612 9812 9612 9712 9512 *95 9512 9512 96 100 Nat Rys of Mexico 20 pref _100 *78 118 *1 118 •1 118 *1 1 1 lls *1 118 12,500 New York Central 164 165$8 16512 166 164 16578 164 166% 16212 16412 16134 164 100 N Y Chic & St Louis Co___100 *10014 105 *10014 105 *101 105 *1102 105 *100 105 *100 105 300 Preferred 106 106 .105 106,4 *105 106 *105 106 10514 10514 *10514 106 100 730 N Y & Harlem *185 196 218 222 186 186 215 230 190 197 199 223 60 *106 107 10638 108 107 108 100 1074 1084 10714 10714 107 10778 3,500 N Y N 11 & Hartford 600 Preferred *119 12012 *11912 120 120 120 11912 11912 12018 12018 120 120 100 N Y Ontario & Western...100 912 912 *94 104 *918 1018 *918 104 *918 1018 •918 101s 1,300 N Y Railways pref____No VW *112 284 *134 3 234 3,8 *112 3 *134 3 *134 3 N Y State Rys *14 *4 1 1 1 *14 1 *14 100 . 14 1 *24 1 100 Norfolk Southern *10,4 1134 1014 10,4 *958 104 *10 100 104 *1014 104 *1014 1033 800 Norfolk & Western *222 225 225 225 *22414 225 225 225 *224 22734 22512 22534 100 140 Preferred *87,4 _ _ _ *87,2 --- *8712 _ 100 8712 8712 *8738 - - .8712 2,600 Northern Pacific 72 *724 74 100 7114 7234 *72 7312 7314 745s 72 73 73 100 Pacific Coast *9 10 *8 10 *9 10e 10 *9 10 *9 11 10 10 7322 74 7434 18,700 Pennsylvania 744 7414 7434 7438 7434 7478 7514 7412 744 60 Peoria & Eastern *8 *8 15 14 100 *8 .8 15 .8 14 15 14 *10 100 Pere Marquette . 131 _ *127 137 100 _ 132 132 *127 137 *127 137 *127 610 Prior preferred 98 98 98 *97 100 *97 98 98 98 98 97 98 98 100 Preferred *9712 98 100 *9712 98 9712 9712 *9712 98 *9712 98 *97 98 400 Fitteburgh & West Vs *8012 85 100 85 8514 8514 *85 85 87 *85 *85 87 87 200 Reading *107 11112 *107 11112 10912 10912 .110 115 *10514 115 .110 120 50 400 First preferred *47 50 49 *47 50 *47 50 *47 50 50 47 4713 .47 100 Second preferred *4812 49 50 *4812 49 *4812 49 *4812 49 49 49 .4812 49 9012 9112 91 900 St Louis-Ssn Francisco_ __ _100 9012 914 8912 90 *89 90 9012 *89 90 9512 9512 9512 954 9.513 954 9512 9534 9533 954 954 9538 1,200 hat pref paid 100 6812 6812 *6734 68 1,000 St. Louis Sout h western_ _ _.100 6714 6714 6712 684 *6712 68 .6612 68 *9058 93 Preferred 100 200 *905 *9058 93 *904 93 8 943 4 9434 *9088 94 93 *54 54 100 524 54 434 478 11,300 Seaboard Air Line 5 514 478 5 5 5 *9 1,100 Preferred 15 100 *8 15 10 10 .8 15 *6 8 12 8 117 11778 11734 11934 11812 11912 11812 119 100 11734 11914 5.100 Southerly Pacific Co 11834 119 8414 864 8378 8534 8338 86 100 854 884 13,000 Southern Railway 85 884 8512 89 .9112 92 92 92 100 *9312 9534 *9312 95 9312 9312 9312 9312 1,700 Preferred 139 140 *138 142 *125 142 *135 142 •125 140 *125 140 200 Texas & PacifIc! 100 1234 13 1212 1314 •12 100 1112 1,300 Third Avenue *11 1214 1214 1214 12 12 1212 1212 *11 .1112 13 600 Twin City Rapid Transit..100 1114 13 11 12 11 1112 .11 40 Preferred 63 63 63 63 *---- 63 63 100 •____ 63 *__ _ 21834 21934 218 220 219 2191 21912 22214 22012 22012 21818 22012 3,600 Union Pacific 100 300 Preferred 8638 864 *86 87,4 •864 864 864 8638 8618 8618 *8614 8732 100 . Wabash 4 ,3 33 35 .32 34 212 3312 1,300 33 100 33 33 31 *3212 3312 71 *71 200 Preferred A 71 75 .70 100 73 75 7234 7234 *71 070 73 2418 254 24 2434 24 241 100 241s 244 16,000 Western Maryland 2478 2538 2412 251 *24 Second preferred *24 26 26 *2312 26 100 26 *24 *24 26 26 *24 184 18% *1812 20 800 Western Pacific 1812 181 19 100 10 1814 1814 1812 181 431_ *41 *40 200 Preferred 4312 42 42 43 100 43 *42 *42 43 43 2213 2212 .21 77 *73 *73 *48 5178 .47 *108 109 *108 2718 2712 2718 9478 *93 *93 2678 2678 *2612 3238 *3178 32 •92.2 11 912 2712 23 •22 2212 77 5134 109 2758 9478 27 3238 10 23 .21 221 2238 7518 751 *7514 5134 531 *5312 109 1097 *108 274 272 2712 *94 9478 94 2612 2612 2618 .32 3212 32 912 912 *912 24 24 *23 2212 2234 77 .7558 55 *37 •108 -2;1. 2 274 94 *9212 26,8 *2612 32 32 1014 *912 24 24 PBR MARL Range for Preelon4 Year 1920. Lowest. Highest. 1:11gAest. ----$ per share $ Der share a per share 24212 Mar 29 19518 Mar 29858 Aug 99 Ma) 10471 Des 108 June 24 1754 Mar 18 181 Nov 20912 July 12228 Mar 31 10514 Nov 1451g Sept 8458July 2.5 75 June 81 Dec Oct 9031 Sset 55 844/Aar 29 11614June 4 1110314 Oct 115 Sept 85 Apr 145 July 112 Feb 8 15 Dee 7 Nov 1578May 22 05 BePt 44 Nov 6612May 29 Oct 814 Feb 40 784 Mar 18 7612 Nov 924 Feb 04 May 29 4418 Jan 412 Oct 3358 Apr 23 22634 Feb 10 185 Dec 36974 Feb 5138Sept 9 4 Nov -154 Feb 10 Apr 2 312 Nov 2534 Feb 1058 Apr 11 15 Dec 43 Feb 28 Mar 26 &A Dec 6678 Feb 524 Mar 20 234 Feb 7 Nov 1784 Mar 31 1712 Nov 6352 Jan 5238May 16 16 Nov 444 Aug 264 Feb 7 2812 Nov 0858 sev 4614 Feb 10 75 Nov 19812 Aug 8978 Feb 14024June 3 134 API 145 Feb 12518 Feb 14 101 Nov 14311 Sept 11088 Mar 20 100 Nov 109 Oer 9478 Nov 10314 Nov 108 Feb 7 8614 Dec 135 July 95 Feb 13 Jan 6512 Oct 80 80 June 19 7212 Mar 64 Aln 75 Apr 23 7058 Jan 45 Nov 62 Apr 10 181 Feb 8 14112 Oct '226 July 153 Feb 8 12014 Jun( 16984 Sept Or: 774 Feb 49 80 Mar 28 4112 Nov 9312 Sept 6334 Feb 14 9614 July 5512 Nov 674 Feb 19 1134 July 52 Nov 6212 Feb 19 8514 Nov 121114 July 102 Mar 29 59 Fen 18 Nov 4412 Feb 17 70 Nov 103 Jay 9814 Mar 10 344 Ma) 5838 Jan 5388 Mar 25 13634 Apr 22 118 Nov 1534 July 77 May 13 st114 Feb 70 No5 Iola afar 18 Mg* Fee 16 0 , 1 854 Mar 29 60 021 10418 .1‘1,51 701 2 Ile (13 Nov 70 Apr 16 8472 Mar 31 (15 Nov 10214 Feb PBR SHARB Range Since Jan. 1. On baste of 100-85a7e tote Lowest. per altar., 194 June 25 1023* Jan 3 144 Aug 28 9614 Aug 22 784 Feb 10 63 Jan 3 109 Feb 28 70 June 24 10 Jan 11 53 May 3 5838June 18 847a Jan 6 54July 10 16534 Aug 14 4412 Aug 13 278Seitt 8 218 Aug 8 1414 Jan 7 32 Aug 8 812June 24 27 June 24 1212June 25 1912 Aug 11 66 June 25 13014June 25 90 Aug 12 105 June 16 298 June 6 05 June 18 6834 Jan 3 60 July 11 49 Jan 2 146 June 25 11014June 18 45 June 27 3518June 18 5312.1une 25 50 June 25 7134June 25 2612 Aug 23 90 June 21 41 June 25 109 Aug 22 70 Jan 2 20% Jan 3 5884.1une 25 65 June 25 5758J une 25 116 Aug 8 24 June 28 17 Jan 16 68 Aug 19 15 Aug 13 50 July 31 3278June 25 92 Aug 26 57 June 25 1154June 26 8184 Jan 29 9418Sept 5 Al Feb 25 15034June 25 94 June 25 105 July 3 17434 Aug 13 974June 24 116 June 18 812June 18 112June 24 le Aug 27 934 Aug 12 21314June 26 83 Feb 3 6634June 25 634July 22 6978June 25 10 July 18 12912 Aug 9 9484 Jan 81 95 Jan 7 84 Sept 5 100 June 25 444 Mar 11 4714 Aug 12 8512July 7 92 Jan 2 5.24June 25 85 May 7 412 Aug 20 8 Sept 11 108 June 25 75 Aug 21 90 Attg 12 110 June 26 612June 18 10 July 10 63 Sept 3 200 June 25 8214 Jan 17 28 Aug 8 60 Aug 13 1858June 18 19 June 25 17 June 19 38 Aug 12 13812 Apr 4 II() Oct Oct 24 4012 Mar 18 1412 No% 25,2 Feb 13 114 Nov 218 Apr 5 35 611tY 35 Feb 7 51 Dee 5912 Feb 21 27,8 Nov 664 Apr 14 934 Nov 10838 Mar 27 46 Nov 9812Mar 6 14512 Mar 6 105 No% 8512July 26 7534 Oct 132 Mar 25 173 Nov Oci 1 112July 20 1924 Feb 14 160 Nov 144 Feb 10 110 Nov 110845141 Y 14 100 May Oct 324 Feb 8 155 04 Jae 1281s Mar 29 13511 Mar 21 11458 Jan 8 Nov 174 Mar 31 122 De* 418 Jan 16 21/ Feb 8 1 021 3312 Feb 16 1412 Der 265 Feb 18 191 Jan 8814MaY 29 82 No% 97 Feb 21 754 Nov 194 Apr 9 478 Dec 8658 Mar 31 7212 Mar 2412 Mar 31 17 Dec 16412 Apr 10 140 Nov 101 May 17 04 Nov 99 Apr 15 90 Nov 1214 Feb 11 90 Nov 1414 Feb 1014 May 53 Feb 21 4112 Apr 57 Feb 6 1358 5111Y 11872 Mar 27 10.1 NO5 101 AIM 2 87 Nov 7634May 16 50 Nov 9484July 24 84 Oct 1212 Feb 15 94 Der 28 Feb 7 1614 Junt 127 Feb 10 105 Nov 1364 Jan 13 109 Nov 101 Mar 20 93 June 145 Apr 24 115 Nov 612 Nov 15's Slat 20 3112 Jan 29 2012 Def 79 Feb 3 75 Dec 2424 Mar 29 '200 Nov 80 Nov 8718 Aug 28 40 Nov 674 Apr 1 82 Nov 8914 Apr 8 Oct 10 38 Mar 29 144 No% 38 Mar 24 Oct 15 304 Mar 29 3712 Not 5312Mar 19 ludusttial & Miscellaneous No pa 22 2212 1,000 Abitibi Pow & Pap 228 21 Jan 29 4218 Apr 9 •7522 77 100 Preferred 100 6474 Jan 17 8612 Apr 8 77 700 Abraham & Strauas__ __No pa 42 June 25 66 Apr 21 534 *4714 53 130 Preferred ..100 104 Jan 11 11012 Aug 25 *108 4 22,600 Adams Express 217aJune 18 3738 Mar 31 No Pa -2£1-14 2778 28120 Preferred 100 8514 Feb 4 94 Sept 10 *9212 94 94 No pa 500 Adam, 6411114 23 Jan 23 32 Mar 31 2634 27 27 500 Addressograph Int Corp No pa 3238 3212 2934June 27 3434June 13 32 500 Advance ltumely 100 8 June 17 2314 Jan 24 10,4 •912 1014 800 Preferred 100 1578June 24 4114 J/512 29 26 26 26 •Bid and a.sked prlces; no sales on this day. c 80% stock dividend paid. s Ex-dividend. y Ex-rights. a Ex-dividend and ex-rights. 344 50 43 10012 20 84 19 7 15 Dec Nth Dec Nov Nov Nov Nov 15434 Sept 5712 Jan 3912 Jae 334 Jan 614 Sept 06 Jan 054 Jul) 1074 Apt MIN July 149 Oct 864 Jan 240 ALM 358 Jan 25612 Ana 1924 Aug 110 Dee 379 Jan 1324 Oo 1344 Aug 32 Feb 94 Feb 1414 Mat 4812 Feb 290 Sept 87,4 May 11872 July 43 Feb 110 Aug 35 July 2611 Aug 101 Mar Jan 97 1484 Jan 14784 Sent Gn Sept 604 Sebt 13334 Aug 964 Feb 154 Feb Apr 94 12.4 Mat Sits Oct 15712 Befit 10218 Sept 100 Dec 181 May 31) Fee 6814 Jan Jan IOU 29758 Aug 8512 Sept 81'2 Jan 2047 , ./89 Fen 54 534 Feb 4172 Mar 6734 JUlY 574 8858 159,2 11212 34 all 3572 Aug Jaa :au Oct Nov Jan Jan Oct 1067, May Oct 119 May New York Stock Record-Continued--Page 2 1679 nos sales"during the week of stocks not recorded here, see second page preceding HICII AND LOW SALE PRICES-PER SHARE. NOT PER CENT Saturday Sept. 6. Monday Sept. 8. Tuesday Sept. 9. Wednesday Sept. 10. Thursday Sept. 11. Friday Sept. 12. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE $ per share g per share $ per share $ per share Per share $ per share Shares Industrial &Mism (Con.) Par 84 581 58 58 58 858 1 2,300 Ahumsda Lead 53 53 12458,1257s 12458 127 124 12712 12714 12834 12812 1282 14 2 12512 12813 Vo par : 33,000 Air Reduction,Ina 17781 1858 18 1812 18 19 1734 163* 17 18 1858 17 19,200 Air-Way Eleo ArtpllanoeNo par 118 14 1141 114 114 "1 1 154 "1 118 1 1 No par 600 Ajax Rubber.Inc 534 6 534 6 *534 6 8534 6 534 57 5341 6 5,100 Alaska Juneau Gold Min_10 9 9 9 2 9 *9 934 *8% 9 913 912 '918 1014 No par 400 A P W Paper Co 2214 2314 22% 2313 2212 23 2278 231z 2212 23 214 2212 36,400 Alleghany corn No par *9234 94 9234 9234 9234 9234 93 93 '935 94 9312 94 500 Pref A with $30 warr_-__100 901 "90 "90 91 9034 91% *9012 9112 "90 91 91 91 600 Pref A with $40 warr_-__100 *8478 861 *84% 8578 *8478 8612 "8478 884 *8478 8612 86 86 200 Prof A without warr____100 277 283 280 284 280 28234 28012 28-112 276 27912 275 280 6,500 Allied Chemical dcDye_No par *12512 *12512 126 92512 120 9254 126 *124 126 "12334 126 Preferred 100 558 55 i5 5514 554 564 55 58 5513 5412 55 55 58 12,500 Allis-Chalmers Mfg __No par *24 25 "24 25 *2418 25 *2418 25 8244 25 "2413 25 Alpha Portland CementNo par 23 2312 241 2434 23 23 2312 2378 2312 2312 231 2312 4,100 Amerada Corp Nro par 512 534 532 512 1,500 Amer Agricultural Chem 100 6 614 •534 618 6 64 6 6 38 3834 3712 37,2 3734 38 3734 381 38 36 35 37 100 2,500 Preferred 824 821 *82 85 85 85 *84 88 *84 8513 83 8313 10 300 Amer Bank Note *6334 68 84 64 *8314 88 *63 *63 66 66 *63 66 50 20 Preferred F *478 614 978 634 *472 834 *472 Oh *478 634 *472 84 American Beet Sugar-No par *32 34 3312 34 *33 34 •3313 3412 *3314 34 '3234 33 100 Amer Bosch Magneto. N0Par 4313 4312 43 4412 43% 43% •434 44 4312 *43 44 44 1,300 Am Brake Shoe & F_No par 12112 12112 12258 123 *12172 123 123 523 "12178 124% "12178 1243 80 Preferred 100 1734 1838 1818 1812 18 1914 1878 1958 19 1958 1812 1912 33,000 Amer Brown Bayed El_No par *7112 741 *73 74 72 7312 74 77 7634 77 77 77 300 Preferred 100 131334 13278 13214 134% 13258 13414 134 1354 1334 1341 131 13454 132,000 American Can 25 148 148 *14814 14912 *14838 149 *14873 14913 1484 1487 94853 150 1,600 Preferred 100 51 5214 52 5214 *5258 52 524 5213 52 52 5112 5134 6,000 American Car & Fdy__No par *96 97 *96 9714 96% 96% "98 96 97 967 96 96 400 Preferred 100 58 56 56% 5614 57 6912 6053 5912 60 593 577g 577 11,200 American Chain No par 454 4534 44% 4512 4512 451 46 4638 4512 4578 x4413 45 _No par 3,300 American Chicle 1512 151 157 1634 16 1614 154 154 15 1534 154 1518 7,800 Am Comm'l Alcohol_No par *1512 19 *1513 19 9512 19 *1513 19 "1513 19 *1513 19 Amer Encaustic Tillng_No par 374 371 38 3818 39 39% 3932 385* 381* 3878 3912 1,800 Amer European Seo's--No par 38 7212 741 7234 7412 7258 74% 73% 74% 7258 737 7213 7514 98,100 Amer & For'n Power--No Par 909 111 nosh 11073 *11014 11078 11012 111 *11112 11134Z110 110 ..__No par 900 Preferred '59714 98 98 99 9834 9914 *994 10014 x9714 9714 1,600 2d preferred 9814 98 No par 9914 991 99% 99% *9814 994 9914 9914 984 9914 98 9914 ..No par 340 $6 preferred *1334 14. 1334 1418 14 1418 1414 14% 134 1334 *1414 1434 1,100 Am Hawaiian S Co 10 "258 31 *3 4 3 3 3 3 34 34 '318 4 500 American Hide & Leather_100 *17 20 *1713 20 *1712 20 *17 20 "18 20 '18 20 Preferred 100 *61 62 61 61 6112 6112 61 61 6034 81 6012 6013 1,100 Amer Home Products-No par *3278 331 33% 331 3312 33% 3312 33% *3314 34 "32 3312 1,000 American Ice No pa 37 38% 384 39 3912 407 x3784 387 51,500 Amer Internal Corp .No pa 38% 40 3934 401 *112 134 'lIz 13 112 11 912 134 200 Amer La France & FoamIte_l 1112 18 *154 2212 9512 2212 *151z 2212 15 1% 43 151 "5 111 18 188 100 50 Preferred *4314 46 451 44 *4514 47 4513 46 441 •41 *45 600 American L000motive_No pa 9272 9278 9314 9314 *93 94 94 94 *934 94 *91 9214 100 400 Preferred 447 g 4414 45 44% 444 44% 4414 44% 444 443 431 4418 8,700 Amer Mach & Mr neW-NO Pa *958 9% 10 9% 184 934 10 912 9,2 10 98 978 1.100 Amer Mach dr MetaLs_No pa 30 30 30 30 .2914 30 30 30% 3053 305 31 31 1,700 Amer Metal Co LtdNo pa 90512 108 *10512 1073 90512 108 90512 08 •1054 108 90512 108 100 Preferred (6%) 75 75 75 75 75 75 75 75 75 75 "75 .7612 90 Amer Nat Gas pref.-No pa 8338 8414 83 85% 83 85 8534 88 8534 8718 85 8712 11,300 Am Power & Lig121---N0 Da 1054 10512 1054 1051 10512 10512 106 108 106 10613z10534 10534 1,900 Preferred No par "8312 84 84 *83 *8312 84 84 8412 85 85 *84 8512 1,100 Preferred A No par *8618 8658 8678 8678 864 887s 86% 8714 88 88 *8758 88 stamped Pref A 800 Nova? 2712 284 2734 283 28 2853 284 29 x28 2834 27 2818 40,300 Am Bad &Stand Elan'ry No par "17 1778 18 18 1638 1612 *17 1812 *1712 1812 1712 1712 No par 500 American Republica 524 5334 5212 533 5238 5312 5233 544 59 218 59 313 5'0114 25 18,300 Amer Rolling mill 64 64 644 654 6538 6538 64 644 6434 6534 85 6514 2,000 American Safety Rasor_No par *812 o '8 '84 9 9 *814 9 Seating v t c 5 107 278 Amer No Par 100 934 2 1% 1% 178 173 134 134 934 178 934 17 400 Amer Ship & Corcan_No par *49 4934 *49 493 49 49 49 49 4718 47,8 *474 49 40 Amer Shipbuilding new_No par 684 70% 7012 711 6912 ..014 6912 70 70 , 8 69 684 6934 23.500 Am Smelting & Refining No Par 8135t2 13812 *13618 1381 138 138 13812 13812 1393* 13934 13934 13934 1,100 Preferred 100 *101 1011a 101 10118 "10118 101,4 101 10178 102 102 102 10212 100 8% turn 26 pref •42 4212 4212 4212 4253 4314 *4212 4314 2424 4218 4114 4254 2,100 25 Snuff American 1,700 10313 10312 "10312 108 "10312 108 108 111 *104 112 '104 112 100 30 Preferred 734 734 *734 8 "74 8 *74 8 712 712 *74 734 700 Amer Solvents & ChemNo par •____ 17 *____ 17 17 *--__ 17 "12 17 •____ 17 No par Preferred 3912 4012 40 40 *39 39% 39% 4014 *39 40 *39 40 1,300 Amer Steel Foundriee-No par 11214 11214 113 113 *112 112 112 912 ----'112 100 Preferred 80 •45 •46 48 48 9612 50 48 "46 47 47 *47 48 No par 300 American Stores 5414 5412 *5234 5414 5312 5312 534 5318 5012 5278 5114 52 100 Amer Sugar Refining *106 106% 10678 106% 105 105 "105 106 "105 106 *105 10614 1,900 100 300 Preferred 12 12 13 •12 13 *1112 13 11% 1138 12 "1213 13 No par 1,100 Am Sumatra Tob 20 21 21 21 *2014 21 *2014 21 21 21 *2012 21 Amer Teleg & Cable Co100 50 214 216% 216 218% 216 21812 21712 2194 2174 2184 21518 21338 54,500 Amer Teiep & Teleg 100 *247 249 *249 252 252 252 '250 253 "249 253 '245 250 300 American Tobacco oom--50 124 124 125 12678 126 127 12412 125 12612 1267 , 12313 12412 6.700 New w i 25 25412 254% 255 2564 257 281 *258 260 *257 25912 257 257 50 3,900 C011111301) 01888 B 1264 12734 12714 12834 12858 13034 12978 15072 12814 12918 12614 12858 34,200 Class B new w i 25 *12618 128 •1264 128 127 127 z126 126 *12614 130 *12634 12713 100 200 Preferred 924 127 "124 127 124 125 "125 127 126 126 125 125 400 American Type Founders_100 *11012 113 911 113 113 113 "113 11312 111 1114 911 113 100 40 Preferred 9114 9234 93 9778 97% 9834 0578 9734 95 9538 94 9712 37,200 Am Wat Wks & El -No par •105 10534 *10514 10534 10514 10514 '105 106 *10358 105 10412 105 100 lst preferred 1118 1118 *11 114 1114 " 12 1178 •1112 12 *11 100 114 1112 300 American Woolen *29 4 2934 2912 291 *2814 2914 29 2814 2918 '28 29 100 29 500 Preferred 64 68 *6 614 *5 614 *512 6 *534 6,4 514 512 600 Am Writing Paper ettn_No par 391 *38 *38 3912 *38 3912 *38 39,2 •38 3912 *38 3912 Preferred certificate- -__100 10 912 10 934 1034 10 10 1034 *94 105* *912 1058 5,100 Amer Zinc, Lead & 8me1t-__28 •61 69 •61 69 62 *81 65 "81 *61 65 61 25 61 100 Preferred 4514 4734 472 4838 4713 4814 4784 4914 4714 484 464 4812 71.800 Anaconda Conner M112 60 *2658 2912 *27 281 "2718 2912 254 2758 *26 2612 2612 261 Cable No par Wire & Anaconda 500 *4058 4112 4113 423 41% 4218 91 414 *4012 8 *4084 52 No par 1,500 Anchor Cap 2014 21 "214 23 *2118 2212 2212 2253 2138 417 8 '21 22 800 Andes Copper Mining. No par 2134 2134 2133 213 2114 21% 2112 2134 213* 213 213* 2112 2112 1.400 Archer. Dangs. Micild -NO Par •74 77 "75 80 *754 7618 *7312 80 *74 7618 *73 Armour & Co (Del) pref _100 7618 522 51 *532 512 514 582 514 613 54 54 514 512 2,500 Armour of Illinois class A_„25 3 34 318 31 318 3 3 314 25 34 314 3 318 8,300 Class B 59 59 58% 69 69 59% *58 5858 "58 585* .55 100 700 Preferred 585* *7 74 74 71 7% 8 734 714 7% 714 par Corp_No Constable 74 Arnold 814 2,600 14 90 14 *10 9018 13 *1018 14 *104 14 *10 No par Artloom Corp 1014 *33 34 3278 33 34 34 •32 34 3312 3312 33 33 900 Associated Apparel Ind No par I, 3833 3718 36 37% 3814 3778 388 37 365* 3812 38 No par 38 15,300 Assoc Dry Goods 90 48 *4034 48 *4034 45 9034 45 "4034 41 25 Associated 011 *4034 41 *57 6858 *57 59 58 58 *57 59 *57 59 *57 59 100 AUG & W I SS Line-NO Par 60 "55 60 '55 •55 60 •544 60 •5412 60 100 *5412 go Preferred 3458 334 34 8312 3412 34 3312 3434 335 343 25 3314 344 13,800 Atlantic Refining 7534 75% *73 7434 767 753 73 75 "70 No par 7434 2,900 Atlas Powder 9014 1024 10212 1021 9014 10212 10114 10212 10114 10114 ;0 100 Preferred 70 213 10 72 4: 32 50 3258 32 3212 32 3234 3178 32% 32 32 NO Dar 3314 3118 32 13,800 Atlas Stores Corp .4 5 5 *4 *4 *4 6 *4 5 No par 5 Atlas Tack 123 1264 12312 135 13014 13412 129 13334 12812 13012 12 Auburn Automobile-.No par *4 3 125 83 59,900 4 4 *358 4 '38 3% 3% *3% 4 313 4 No par Nichols Austin. 900 *37 8 43 4 *212 314 "212 3 234 234 *239 314 5254 No par 3,4 •234 314 200 Autossies Corp *618 10 9 10 *7 *04 10 *7 10 10 50 Preferred *7 10 2 4 7158 723* 7012 72 z7078 71 6014 71 7012 7158 7112 7412 8,300 Autostr Saf R1120f A_No par 5% 5% 54 6 534 5% 534 54 No par 5% 578 9,200 Aviation Corp 534 8 3318 35 3312 347 3314 3418 3314 344 33 No par 87,500 Baldwba L000 Wks 10614 107 *107 110 106 106 106 10812 108 10712 100 34 36 311115 10 510 Preferred 34 712 10812 10812 10812 109 10858 109 90812 10978 "10813 10978 10 (L)& Co pref-100 Bamberger *10812 100 1097 1312 1312 13 13 13 1312 *1334 15 No par 1312 131 x1334 15 Barker Brothers 1.300 *694 75 *6911 75 *694 75 •6912 75 •70 100 75 Preferred 75 22 223 2238 2318 2214 22% 2238 2212 2214 2314 '70 25 2212 23 12.700 Barnsdall Corp class A *4934 50 *4934 50 *4934 50 *4934 50 *4914 50 Inc No par Cigars. Bayuk *493 4 50 971 *97 ik 9712 9712 *97 9712 97 97 *97 100 9712 97 100 First preferred 97 85 87% 8612 8758 8612 874 86% 8738 8534 86 50 86 86 3,100 Beatrice Creamery 90614 10734 10758 1074 10712 1084 108 10814 *108 110 100 1,100 Preferred *107 108 *5714 60 594 5914 *5612 5812 59 59 '59 60 Beech-Nut Packing Co .5718 59 20 400 4 4 458 *414 4se 44 *41 L `41 414 414 4,4 44 4 600 Bolding Hem'way Co__No par 4 82 8118 8118 *82 82 93% 8218 83 51212 83 *7734 79 800 Belgian Nat Rye part pre__ •Bid and asked prices; no sales on MIS clan s Ex-dividend, p Es-rlich1a. PER SHARE Banos Since Jan. 1. On basis of 100-880rs lots Lowest. Highest. $ per share 12 Jan 4 1031* July 10 10 June 23 1 June 18 412June 18 612 Aug 13 18 June 18 87 June 23 89 June 30 8472 July 9 232 June 25 121 Jan 2 484June 25 24 June 26 18 Jan 18 48sJune 18 23 June 26 88 June 18 61 Feb 3 5 Aug 7 27 June 25 4132Ju17 10 118 July 17 Ps Jan 16 604 Jan 3 10814June 25 14014 Jan 27 42 June 23 95 June 18 39 June 25 aass Jan 2 914June 30 15 June 24 3312June 19 Mantle 18 10614June 19 9212Juna 23 95 Jan 31 1312 Aug 29 212 Aug 29 17 Sept 4 55 June 20 81 June 18 2814June 21 14 Aug 6 15 Aug 13 39 Aug 13 90 July 15 554 Aug 8 6 Aug 22 284 Aug 15 108 July 25 65 Jan 23 72 Aug 13 99 June 25 75 Jan 8 80 Jan 6 2332.1une 25 154June 17 48 July 2 5212June 18 714 July 12 14 Feb 25 4672May 22 53 June 24 1334 Feb 8 100 Aug 10 38 June 18 1001e Jan 3 658July 1 1714 Aug 15 354June 25 11012 Jan 7 42 Aug 18 47 June 25 10314June 28 gsoune 18 16 June 14 2004June 23 197 Jan 8 118 Aug 8 197 Jan 8 117 Aug 13 120 Feb 8 113 June 19 108 Feb 8 7812June 23 not :Jan 4 718 Jan 2 1914 6 j Ja an 20 2912 Jan 17 612June 19 50 June 13 4414 Aug 22 2512Sept 10 3472June 18 18 June 18 1912June 21 734 Aug 20 412June 19 24 Jan 20 55 May 5 5 Aug 18 10 June 25 3112June 1 28 Jan 4 3212 Feb 27 4952June 26 50 June 27 3012June 18 62 June 17 101 Jan 20 2512June 18 4 Aug 7 91 June 23 312 Aug 28 2 Aug 6 6 Aug 18 87 Jan 2 484 Jan 20 1912June 17 10412June 25 10873 Aug 15 1212 Aug 19 72 June 25 2912 Feb lit 4814July 23 97 Mar 3 674 Jan 18 1014 Mar 20 4912June 25 24 Aug 5 7984June 26 PER SHARE Range for Previous Year 1929. Lowest. Highest, $ per share 8 Per share 18 Dec 14 Mar 28 77 Nov 15632June 2 38 Mar 24 184 Dec 24 Jan 9 1 Dec 44 Nov 918 Jan 7 1512 Feb 17 5 Oct 17 No% 351,Mar 31 90 No 10712 Feb 11 9914 Apr 11 9814 Feb 24 343 Apr 17 197 Nov 12614 Apr 1 11812 Nov 354 Nov 88 Mar 11 93 Nov 4214 Mar 27 3112June 3 174 Oct 4 Oct HA Mar 31 18 Nov 394 Aug 16 65 Nov 974 Mar 27 57 July 8814 Jan 31 54 Dec 12 Jan le 27 No% 5472 Feb 14 404 Nov 544 Mar 20 128 Feb 13 113 Nov 41e Oct 2184 Apr 25 494 Jan 8014May 26 86 Nov 15612 Apr 10 14872Sept 11 13312 Nov 75 Nov 824 Feb 6 116 Jan 4 11012 Oct 6972 Apr 10 per share 472 Feb 2234 Oat 487k May 114 Jan 104 Jan 25 Jan 564 Sept . 1. 1. 84 . July Aug 125 Apr 754 Sept 23 Nov 4214 Jan 235* Jan 734 Jan 157 Oct 854 June 204 Jan 7612 Sept 62 Feb 12612 Mar 8414 June 104 June 18412 Aug 145 Dec 10612 Jan 120 .1•11 3548 27 Nov 11-5; Sept 20 Oct 55 May 33 Jan 16 184 Nov 474 Feb 3072 Mar 81 23 Nov 9812 Sept 5912 Mar 31 Oct 1991, Sept 60 10114 Apr 16 1114 Apr 29 1014 No , 10812 14b 8814 Oct 103 8",b 10014June 11 101 May 17 94 Dec 100 Feb 42 Apr 1712 Der 8383 Mar 19 Jan 10 7 Apr 10 312 Dec 3478 April 234 Nov 6214 Aug 8914 Mar 20 40 Nov 8552 Jan 4178 Mar 27 29 Oct 5312 Aug 983* Sept 2912 No% 8538 Apr 2 4 Apr 2 212 Oct 87 Jan 2712 Nov 85 Feb 14 75 Feb 90 No% 130 July 105 Jan 8 1184 Mar 1 1114 Nov 120 Del 45 scot614,2July 3 :Nov "ii; Feb 5112 Feb 7 "iiC nes Feb 18 106 NON 135 Feb 58 NON 95 Mar 27 984 Jan 844 Nov 17.514 Sept 1194 Apr 1 9214 Oct 105 Feb 107 Mar 24 85 Mar 20 70 May 80 7eb 7272 Nov 8412 Feb 8814 Mar 21 28 Oct 8984 Apr 1 554 Sept 37 Mar 25 124 Nov 8414 Jan 60 Nov 1444 Sect 10072 Feb 17 674 Apr 26 44 Nov 7484 Jan 17 Dec 414 Mar 2612 Feb 18 ii.6 7 li F ; t2! 812Mar 6 5412June 5 FicOc;t 794 Apr 2 141 Apr 8 12312 Nov 138 Jan 10318 Aug 14 --_ 38 Oct 49 July 434 Jan 27 111 Sept 10 112_. J_a_n . 98 Nov . 2212Mar 7 --- -3314 Mar 8 524 Mar 20 -3-g4 Oct 779-7; 14 116 Feb 25 110 June 114 mar 554 Apr 18 40 Oct 85 Apr 8972 Mar 26 58 Nov 9414 Jan 110 Apr 24 99 Nov Ill Feb 18 Nov 60 Jan 2814 Feb 10 2712 Feb 8 17 Jan 8272 Feb 27414 Apr 17 1934 Jan 31014 Bent 28414May 23 180 Mar 2324 Oct 127 Sept 10 26912May 23 160 Oct iai- Oct 13078Sept 10 Nov 1E1.-1;;; 127 Sept 9 14184 Apr 1 115 woo 181 Sept 1144July 24 103 Nov 112 Arr 12472 Am 23 50 Nov 199 Seer 10612 Apr 15 97 Jan 104 Jan Vs Oct 2772 Jan Feb 17 204 1612 Nov 4481 Feb 18 MN Jan 4 Nov 9 May 29 1612 July 28 Nov 46 Mar 4484 Feb 27 7 Nov 494 Mar 1772 Feb 3 4934 Nov 1114 Mar 7972 Jan 20 674 Dec 140 Mar 8112 Apr 2 5314 Feb 6 40 Dec 821, Sept 25 Oct 80 0o1 5184 Apr 21 374 Apr 2 30 Oct 8812 Mar 294 Apr 5 1812 Nov 4912 mar 8272June 5 75 Oct 95 Jan 84 Mar 26 54 Oct 194 Jan 44 Mstr 26 214 Nov 104 Jan 65 June 4 57 Nov 86 Jan 64 Dec 4072 Jan 1384 Apr 21 204 Apr 28 1612 Nov 30 Feb 4618 Mar 10 84 Nov 5814 June 25 Nov 7014 Jan 5012 Apr 15 61 June 2 344 Der 474 Apr 80% Jan 30 321s Feb 8612 Oct 4514 Feb 627* Sept 6514 Feb 26 513* Apr 7 30 Oct 7772 July 67 Nov 140 Elam 10414 Mar 21 n 90 Nov 1084 108 Mar 22 37 May 15 sit Mar a a Nov l77 July 28834 Apr 1 120 Oct 514 Sept 7 May 14 inal Mar 3 -1- Dec Wit Aug 13 Dee 4572 Aug 25 Mar 4 81* July31 34 Nov 50 Jan 972 Apr 15 412 Dec 20 Aug 38 Feb 18 15 Oct 6618 Aug 118 Jan 21 10912 Nov 125 Ant 11012 Feb 4 9313 Nov 1104 Feb 2084 Mar 5 16 Dee 3384 Jan 91 Mar 31 70 Nov 97 Jan 24 Mar 28 20 (let May 88 Feb 4 55 Nov 141%4 101 July 24 95 Oct 10684 Jan 92 Apr 14 69 Dec 181 Oat in814 Sent 10 100 Dec 10612 Aug 704 Jan 28 45 Nov 101 Jan 888 Jan 17 44 Dec 1784 Apr 8512 Mar 19 75 Nov 8472 Jan 5114 Apr 3 1680 New York Stock Record-Continued-Page 3 ?or aatea during the week of stocks not recorded here. see third page preceding. JUG!! AND LOW SALE PRICES-PER SNARE, NOT PER CENT Saturday Sept. 6. Monday Sept. S. Tuesday Sept. 0. $ per share 1Vednesday Set. 10. Thursday Sept. 11. Friday Sept. 12. Sal Sales for the Week. STOCKS NEW YCIKK STOCK EXCHANGE. PER SHARE Ranee Since Jan.!. On Oasis of 100-Share tots. Lowest. Highest. PER SHARE Ranee for Preofcse Year 1929. Highest. Lowest. $ per share $ per share $ per share S per share S per share Shares Indus. & Misce1. (Con.) Par S Der share 5 Per emus $ per share 3 per 'hers 3158 324 33 3331 334 3138 23314 3414 3314 34 3134 3338 11,800 BendIx Avlatton No par 27:3Juna 25 574 Apr 7 25 Nov 10438 July 4912 5038 50 5038 4934 5178 5038 52112 5034 5134 5018 5218 20,600 Best A Co No par 3118 Jan 8 5614 Apr 25 25 Nov 12312 Sent 8738 8978 8778 894 8712 89 8814 8912 8818 8858 8712 884 55.500 Bethlehem Steel Corp 100 75 Aug 13 11014 Apr 1 7814 Nov 14034 Aug 12712 12712 12714 12734 128 128 128 12838 *12812 129 129 1294 1,200 Beth Steel Corp pf(7%) 100 1224 Jan 13 134 Mar 22 116'4May 128 SePt *34 354 *3412 3514 *3312 3514 *3414 3514 *3312 3514 *3312 3514 Blaw-Knox Co No par 31 June 25 4112 Apr 24 *20 28 2458 2458 2212 2212 25 600 Bloomingdale Bros_ 264 2612 27 27 25 1712June 23 2978 Apr 24 par 2284 Dec 614 Apr No ' 3106 -___ *10012 ____ *10012 _ __ *10012 ___ *10012 -- •10012 Preferred Jan 100 99 May 12 103 Mar 8 100 Oct 111 8112 83 *8112 160 Blumenthal & Co prof *8112 8-3 *84 83 -83 *84 -88 88 100 74 Feb 7 90 Apr 7 70,8 Dee 118 Jan 126 27 27 2778 29 29 2812 2838 *2714 29 2812 2812 1,000 Bohn Aluminum & Br_No par 24 Aug 27 69 Apr 7 13634 Man Nov 37 *7012 72 *7012 72 200 Bon Ami class A 72 72 7112 7112 *7112 7173 *7112 7178 No par 70 Mar 7 78 Apr 5 801s Jan 70 Oct *238 234 212 3 *234 312 *234 312 •234 34 *212 312 600 Booth Fisheriee 1184 Jan No par 2 June 21 5 Mar 26 3 Der *16 22 20 2512 23 1,400 let preferred 24 24 23 *21 23 2334 *21 100 18 June 23 3314 Jan 3 Dec 63 18 34 Jay 784 7918 7878 794 7334 80 7834 80 784 7934 22,000 Borden Co 7938 80 25 6018 Jan 8 9033May 29 53 Om 10012 July 2934 2934 2978 304 30 3038 2034 30 3012 30 2938 2934 6,200 Borg-Warner Corp 10 235 3June Nov 27 1434 5013 '26 May Mar 27 *212 31 *212 314 *212 314 *212 314 *212 314 *212 3,4 Botany Cons Mills claw A _ _50 178Sept 3 1512 Feb 5 Mar 27 212 Dec 20 2012 2018 2118 2014 214 2014 2034 20 204 1934 2014 42,200 Briggs Manufacturing _No par 1313Mar 6 2523July 23 812 Nov 6313 Jan *24 25 2414 2414 24 300 Brigge & Stretton 24 *2314 2412 *2314 25 *2314 25 • 21 June 19 3513 Apr 4 1733 Dec 434 July 194 193.1 19 3,300 Brockway Mot Tr 1912 19 1834 1912 1834 1912 1812 10 19 Na par 734 Jan 1212June 26 2214May 19 14 Nov *66 70 70 70 80 Preferred 7; *6814 69 *70 72 6814 6814 *6814 72 Jan 100 82 Aug 26 85 Apr 24 7114 Der 145 126 12812 12812 13034 12812 131 13012 13334 12,000 Bklyn Union Oas 13214 13438 132 . 132 No par 115 June 25 17814 Mar 3 99 Nov 21812 Aug *38 :39 *3814 39 100 Brown Shoe Co *3814 394 *3314 3978 3814 3814 *3814 394 5112 Sept No par 3712.June 30 42 Feb 18 Oct 36 16 16 16 1618 16 1618 1618 1613 16 1618 16 164 3.700 Bruns-Balke-Collender_No par 1318 Jan 15 3053 Mar 31 1614 Nov 5514 Jan *2258 2312 *2234 2312 24 2412 2438 214 *2312 2412 2234 2234 700 llucyrus-Erle Co 10 1913June 18 2178 Mar 24 Oct 4234 Jan 14 36 36 36 3618 *3512 36 36 364 3612 3612 *3613 37 900 Preferred 10 334 Jan 7 43 Mar 25 2613 Oct 60 Feb *11514 118 11514 11514 11514 115,4 *11512 118 117 117 *11613 11712 40 Preferred (7) Apr 100 10734 Jan 3 117 Sept 11 10734 Dee 117 838 84 *812 84 818 838 1,300 Budd (F. CI) Mfg 812 8,2 814 812 084 878 73 8June No par 18 15 163 818 Dec 2278 Oct 3 Apr 1112 1134 1134 114 1134 114 211 11 2,000 Budd Wheel 11 1112 1012 11 124 Deo No par 84 Jan 2 1453 Feb 6 734 Dee *2714 28 27 2758 •274 2738 2612 2712 .2718 28 *274 2778 600 Bulova Watch 34 Dee No par 2618 Jan 17 43 Mar 31 2114 Nov 2614 27 2612 27 2614 27 '2614 2678 27 29 2778 2812 13,100 Bullard Co 2018 Aug 12 74 Apr 2 No par 5453 July 25 Nov *99 1004 100 100 100 10014 100 100 9958 994 *99 100,4 700 Burns Bro8 new ci AcomNo par 90 June 18 11013 Apr 2 88 Nov 127 Jan *2234 2312 24 2418 *234 2414 21 2113 *2312 24 234 234 500 New Nam 11 corn _ No par 1514June 18 35 Apr 2 2253 Juin 39 Jan 9712 0712 974 09 9712 9712 9712 9712 *96 240 Preferred 9712 *98 97,2 100 17 100 Fab 19 88 Nov 10514 Jai) 3434 3434 3434 3534 3434 3634 354 3634 354 3578 354 354 14,000 Burroughs Add Mach_No par 8914J1lne 2914.1une 25 514 Mar 1 29 Oct 32934 Man *35 3612 3514 3514 *35 3512 *35 600 Bush Terminal 3578 354 035 3578 *35 8918 Fen No par 2913June 18 4813 Mar 6 3114 Nov 1094 10918 109 109 108 109 *109 10912 *109 10912 rlOO 10912 100 Debenture 100 99 June 30 110 Mar 15 914 Nov 11012 MISS *11612 117 *11612 117 *11612 117 *11612 117 *11812 117 *11612 117 Bush Term Bides pref 12 Feb Nov 100 4 118 105 3 7 1094 Feb AIM 10 118 *112 134 112 112 *112 134 *112 134 *11 2 134 *112 134 100 Butte & Superior INfining___10 1238 Jan 112 Aug 23 438 Dec 64 Jan 6 *238 212 24 24 *23 212 *258 212 *238 212 *24 212 100 Butte Copper & Zno 94 Jan Oct 6 218June30 2 44 Feb 20 *1513 1678 *1512 17 154 1538 *1513 17 100 Butterick Co *1512 17 *1512 17 Jan 174 Dec 41 100 1314June 18 2933 Feb 24 75 7734 7612 7818 78 774 7714 7912 7714 7834 75 7712 29,900 Byers & Co(AM) 50 Nov 19278 Jan No par 60,8 Aug 9 11238 Apr 26 __ *110 __ *110 -_ *11012 Preferred _ •11012 _ *11012 1001082 Aug 4 114 Jan 25 105 Apr 12114 Jan *1 *62 -65 *63 _10 65 *63 -6-4" *63 -61 .62 --65 .61 64 California Packing__ No par 604July 17 7712 Mar 5 6312 Oct 8178 Aug *I 118 1 1 600 Callahan Zinc-Lead *1 118 118 *1 14 *1 Oct4 Jan 1 1 1 78 Aug 23 10 24 Feb 3 4912 5114 5034 514 5034 5118 51 5,700 4918 4918 Calumet & Arizona Mining_20 4738 Aug 2 51 73(3 Nov 13634 Aug 52,8 51 8078 Jan 9 1314 14 1333 1414 14 134 7,900 Calumet & Tiede 14 14 1434 1312 134 13 25 Oct6173 Mar Jan 7 25 13 June 1( 33 3 8 *18 1878 *1814 1831 1834 19 500 Campbell W di C Fdry _No par 18 18 20 019 19 19 19 Dec 4913 Aug 17 June 18 30 Mar 25 *6412 65 6418 654 65 66 6512 6618 6558 6814 6578 654 1,700 Canada Dry Ginger Ale No par 56 June 18 1538 Mar 10 45 Oct9834 July *22 221z 224 2212 23 23 400 Cannon Mills 23 *22 2212 23 *2212 23 4834 Sept 27 Dee No par 20 June 18 3414 Mar 18 19 19.34 1953 2118 2012 2014 2014 2034 20 2012 2058 2114 3,500 Capital Admlnia cl A _No par 17 Nov 6518 Oct 13 J11110 19 2834 Apr 4 *3312 3713 *3312 3712 *3312 3712 *3312 3712 *3312 374 *3312 3712 Preferred A 29 Nor 394 Oct Jan 2 42 Mar 19 31 50 18612 18934 188 19278 18834 19212 188 19112 18018 187 217412 18134 90,600 Case Thresh Machine ctfa_100 150 Aug 13 36234 Apr 23 131) Nov 467 Sept 12314 126 *12314 126 *12412 126 50 Preferred certificates__ _100 115 Jan 16 132 Mar 25 113 Nov 12312 Dec 12414 12414 *12414 126 121 124 56 5634 5714 584 5734 58 5718 5,300 Caterpillar Tractor__ __N-o par 53 Aug 15 7934 Apr 28 5714 5712 57 574 58 604 Dee 61 Dec 713 8'4 *612 9 300 Cavannagh-Dobba Inc..No par 9 *7 9 004 Dec 4218 Feb *7 ' n 6,2 9 9 *7 5 June 16 1318 Jan 11 Preferred _--- 65 *--r, 55 *---- 55 *---- 55 *____ 55 •- 55 100 60 Aug 5 75 Jan I, 08 Dec 10512 Mar 1312 134 *13 1412 500 Celanese Corp of Am._No par 1218 Aug 27 20 July 3 - 1353 1378 1373 13 *13 1414 *13 13 13 1333 13 144 1334 1334 1312 14 4,100 Celotex Corn 14 14 134 14 5i Wei 554 Feb 0 July 3 60 Mar 01 No par 25 26 *2434 26 2412 1,200 Central Aguirre Aseo No par 23 Sept 12 304 Mrs,31 2434 2434 *2412 26 2414 2414 23 4834 Jae Oct 21 *4 412 *4 5 *4 5 5 700 Century Ribbon Mills_No par 518 514 *414 514 638 2018 Jan Oct 3 Mar 27 3 814 04 Feb 4 *6212 6978 *6212 69 Preferred *6212 69 *6238 65 Jan *6212 65 *6213 69 100 51 Feb 27 69.July16 5014 Dee 82 4112 44 42 444 42 8,200 Cerro de Peace Copper_No par 4018Sept 4 8533 Jan 6 4338 434 4512 46 4512 48 47 5214 Nov 120 Mar *614 64 *614 64 *612 678 *612 64 *64 634 100 -certain-Teed Products_No par 64 614 32 July 518June 24 154 Feb 8 1073 Dec 40 40 *40 500 City Ice & Fuel 4012 40 40 No par 38 July 3 49 Feb 4 3312 3812 3812 384 40 40 3912 Dec 6234 Jan 83 83 160 Preferred 82 8212 82 *8112 82 82 82 82 82 81 100 81 Sept 11 984 Feb 11 96 Sept 10514 Jan 31 3238 3018 3124 3018 3078 31 3218 301* 314 24,800 Checker Cab 3378 31 No par 1958 Aug 13 674 Mar 27 18 Oct 8034 Sept 69.2 6934 69 2,100 Chesapeake Corp 68 70 69 No par 5112June 28 8211 Mar 29 69 6934 6912 6912 68 4218 Nov 112 July 60 1812 19 19 1934 19 194 1812 1912 1812 1834 18 1838 10,500 Cblcago Pneurnat Tool_No par 471.Sept 2178 Oct Mar 31 1114June 37 19 4218 4218 4378 4458 *43 700 Preferred 4612 *43 61 Sept 4612 *4413 4612 4412 4412 4114 Aug 21 5578 Star 14 No par 47 Nov 2512 25,2 *25 20 Chicago Yellow Cab__ _No par 28 *25 Jan 28 36 *25 28 28 *25 *27 28 1504 Feb 1 32 Mar 20 2178 Oct 174 174 *1718 18 300 Chickasha Cotton 011 *1718 18 50 Jar 1778 1778 *1733 18 *1714 18 10 17 Aug 22 3213 Apr 10 25 Dec 58 5634 574 551., 5653 5512 56 57 55'8 5,400 Childs Co 554 5512 54 754 Sent 4412 Nov Na par 48 Aug 13 6758June 6 28 2812 28 2914 2858 2914 2838 29 2818 284 96,400 Chrysler Corp 2818 59 26 Nov 135 Jan No par 24 Juno 23 43 Apr 11 *7 714 718 712 57g July 11 134 Apr 25 27 Feb 712 73 714 Oct No par 733 7,2 4,700 City Stores New 712 712 758 734 Clark Equipment *29 3578 *29 3578 *29 3578 *29 3578 *29 35 *29 35 614 Oct 29 Aug 13 4412 Apr 21 25 Nov No par *35 38 035 Cluett Peabody & CoNo par 30 Feb I 60 Apr 5 400 Jan 36 7284 Dee 36 3412 3612 *35 3634 35,4 354 *35 36 *9978 10012 *100 10012 *100 10012 0100 10012 10012 10012 •10012 101 20 Preferred 9012 Dec 119 Jan 100 9114 Jan 2 105 Apr 8 18158 18158 181 18158 18078 18138 18158 18478 18414 18612 x184 1854 11,600 Coca Cola Co No par 13314 Jan 8 19138June 4 101 Nov 15412 Aug 52 52 52 800 Clam A 60 Feb 52 .52 4484 Oct No par 4812 Jan 8 53 Mar 21 5218 5214 5214 5214 5214 5214 5238 60 6134 61 62 62 62 6112 62 6158 6134 5978 6112 9,700 Colgate-Palmollve-Pect No par 50 June 23 64435ay 2 ---- ---- ---- -*10212 10312 *10212 10312 *10212 10312 *10112 103 200 6% preferred 102 102 *10214 103 100 97 Mar 13 10278 Aug 20 --- ---- ---- -2213 2312 2212 2338 2234 2234 2234 2312 2218 2214 22 7214 Mar 10 Nov 2212 4,300 Collins & Alkman No par 1453 Jan 2 354 Feb 13 *82 87 082 Preferred non-voting__ _100 73 Jon 3 92 May 24 65 Dec 10313 Feb 87 *8112 87 *8114 87 .82 87 082 87 *1118 1412 14,8 1418 1413 1418 1418 1418 1,400 Colonial Beacon 011 Co_No par 1418 1418 1438 1414 1214June 12 2038 Apr 28 Mat 78412 -Mel 5134 5014 5112 5018 51 Nov 34 Apr 5012 5114 5014 5034 4914 5018 4,900 Colorado Fuel & Iron 13612 l36' 13814 13812 144 Oct 8 10 25 13,600 Columbian Carbon v t cNo lW 7% Nov 77 Mar 11 2 199 135 139 jnn 23 14034 1413. 13912 14212 139 139 38Jua 812June par 10 6014 6134 6113 6234 6112 634 6312 6534 8418 6533 6312 6534 116.300 Colum Gas & Eleo No par 55 Aug 13 87 Apr10-10914 10912 10918 10918 109,8 10913 10912 1094 10958 10934 10978 1094 2,000 Preferred 100 10414 Jan 31 110 Apr 11 -9912 Nov 109 July 1778 1814 1714 1818 174 174 17,4 1814 8834 Jan 1818 Nov 1218 Aug 18 3738 Apr 28 1758 184 1818 1938 93,400 Columbia Graphophone *2518 2514 2514 274 2638 2658 22553 2614 2512 26 624 Jan 18 Nov 2512 2534 7,000 Commercial Credit____No par 2338 Jan 2 4034 Apr 1 Apr Nov I 4438 28 700 *3734 38 2 Class 513 3 Sept A 38 Jan 38 38 3813 *3778 3814 374 374 *3714 3812 50 3178 *2514 2512 *2512 28 June 2033 Nov 10 Preferred B *2514 25 22 Jan 6 28 Apr 29 __ 22514 2514 •2514 2512 *2514 2512 70 Oct 1054 Jan 170 let Preferred (tly( %)___100 7614 Jan 18 9512ScOt 11 29214 9214 9214 9512 .9212 9512 95 8 95 -9-5 9173 -9-4-1*92 3413 3418 3512 364 36 Oct 79 2818 Nov 2812June 25 55 Mar 6 No par 364 7,300 Com Invest Trust 37 36 3738 36 374 36 *8312 90 300 Cony pref *8313 90 8812 87 No par 80 June 18 87 Mar 28 *8312 90 *8612 90 90 *87 *4 512 Mar 5 6 Dee 5 6912 2314 1,700 June Sept 18 Warrants 612 4 5 100 8 514 512 6 *5 6 6 27 274 2714 274 2714 2838 22673 274 2634 274 2614 27 112,000 Comm Solvents Oct 63 2018 Oct No par 20I4Juno 16 38 Apr 11 1334 1418 14 2484 Oct 1414 4C1 10 , 1253June 18 2014 Apr 7 14 1414 1418 1434 1418 1458 1418 1438 82,900 CommonwealtherSou'rnNo par 10278 10278 x10138 10138 101 10178 10178 10212 No par 99 Feb 20 10134June 6 102 10238 6,300 6% pref series 10178 102 93 35 Nov Jan 100 Conde Nast Publica__ _No par 33812June 20 57 Star 27 *3812 39'2 3912 3912 *3812 3912 *381, 3912 *3812 3912 *3813 3938 1218 1238 12 3534 Jan 11 Oct 13,600 Congoleum-NaIrn Ino No par 1018June 18 1934 Mar 24 13 12 1212 12 - 1238 12 1214 1158 12 2534 264 *2513 27 43 Nov 9258 Feb 2,100 Congress Cigar No par 2378 Aug 13 564 Mar 11 2634 29 28 2333 281, .26 287 8 *2612 *37 39 9614 Jan 40 Oct 3814 3614 *3614 3712 37 300 Consolidated Clgar No par 36 June 27 5938 Mar 17 364 3658 38 37 - *37 *7014 71 63 Nov Jan 96 704 7078 *7014 71 10 Prior preferred 100 67 Jan 22 80 Mar 25 *7018 71 *7018 71 *7018 71 *1818 1834 184 1884 185 1533June 18 2733 Mar 11 10 Oct 2553 Sept 1884 20i8 2012 2114 2014 204 6,500 Consol Flint Indus____.No par 1538 *20 2012 2012 204 2034 2034 2078 2178 22 3034 Apr 1518 Oct 18 Jan 3 2814 Jan 10 2,800 Consol Film Ind pref_No par 22 22 22 10838 11014 109,2 11034 1094 Apr 804 Nov 18314 Sept 11178 1111, 111 112,4 1094 112 110,000 Consolidated Oaa(N Y)No par 964 Jan 2 13618 Sept 26 - 113 10412 10412 10418 10414 10453 10453 9212 Nov 10013 Dee 11 No par 9912 Jan 28 105 10458 1044 2,500 Preferred 10412 10178 10434 105 *75 1 Aug Consolidated 18 638 Jan 2 58 Der Jan 27 3 4 par No Textile 78 1 2.700 7 3 7 3 78 7 3 *78 1 1 78 *1513 16 1612 1634 1613 1634 1634 1634 *1534 164 1573 1658 1,800 Container Corp A vot_No par 12 May 2312 Jan 1158June 19 2213 Feb 24 *5 114 Jan voting Nov 18 20 Class 812 318 11 4June 512 No Feb par 33 53 ; 558 2,200 512 534 5 514 538 "5 8 512 2818 29 28 2514 Oct 90 July 1812June 18 52,3 Feb 17 2858 2814 2813 2812 3033 2918 30 2812 2978 18,500 Continental Baking el ANo par 44 44 July 154 45 8June 8 Feb Oct 19 17 Class 7 13 414 438 33 No par 44 44 4 44 8,700 412 4 438 434 *79 7911 Nov 100 June 81 100 61114Ju11e 25 944 Feb 17 80 80 80 8114 1,700 Preferred 80 81 82 *8112 8238 81 02 Sept 57 1012 Oct 5758 58 5912 5334 5934 594 6058 5912 6038 584 5958 27,400 Continental Can Inc_ __No par 50 Aug 13 7158 Mar 31 1612 17 2034 Nov 3312 Dec 1553 Aug 14 3738 Apr al 1614 17 1814 1614 164 164 1614 1612 16 1612 3,900 Cont'l Diamond Fibre_No pat 4618 Nov 11014 Sept 5712 58 10 50 June 25 7758 Star 31 5812 5812 *58 5812 5858 5978 59 5914 2,800 'Continental Ins 594 59 618 Dec 2838 Jan 312 AUg13 84 Feb 10 378 373 34 4 34 4 34 378 34 34 2,200 Continental Motors__ _No par 334 4 1918 194 1918 1912 19 18 Not 4 Aug 37, 1838June 18 3013 Apr 24 No par 1958 19 1912 19 2058 2114 18,800 Continental 011 20 1618 2812 Attg Apr Dec 1 1853 1912 1878 1938 19 404 Shares par Continental 13 454 No Dee 25,700 1914 184 1918 184 1938 20 2114 11138 Apr 70 Nov 1264 Oct 9234 9414 94 9434 9314 9453 9312 9438 93 04 9158 9312 10,100 Corn Products Refining____25 8318 Aug 13 14938 Sept 23 11 137 Nov 14434 *14918 150 100 140 Feb 10 14914 14914 1491,14914 *14914 150 460 Preferred 14914 1494 •14914 150 1512June 18 33 Feb 3 17 18 Dee 17 1712 1758 .1734 1818 18 8214 Jan No par 1834 1712 1878 1712 1838 10,400 Cot) Inc 31 31 24 Nov No par 2512 Jan 6 3538 Mar 20 *3034 31 31 No 3034 31 31 31 3034 3112 1,600 Cream of Wheat 31 31 15 Doe *1512 194 •1512 1938 *1512 1938 *1512 1958 *1512 1938 *1512 194 9 Jan 22 294 Mar C ma 57 Crex carvei AP, IC Der 123 1014 Jan 17 2.2 Jan 2 *1634 171 *1612 17 Feb 200 Crosby Radio Corp_-No Par 17 17 1612 *1612 1712 161, 161, •15 4712 4734 484 51 3718 Nov 79 Aug *4912 50 5034 5034 4914 50,4 49,2 5014 2,000 Crown Cork & Seal____No par 314 June 18 5938 Apr 7 12 Aug 21 1812 Feb 19 No par 1212 1212 12 14 17 Oct 2534 Jan *12 1212 .12 200 Crown Zellerbach 14 1214 *1178 1218 *12 71 Nov 121, *75 784 77 7512 *75 4 Aug 77 900 Crucible Steel of Arnerica_100 7012June 18 934 Mar 25 7,538 754 754 7633 •75 76 114 114 100 104 June 26 117 Mar 13 103 Nov 1164 Feb 114 114 114 114 170 Preferred 11212 11412 113 113 *113 11312 9 Jan 2 1912May 29 No par 31212 1331 *1212 13 13 2412 Jan 5 Nov 13 200 Cuba Co *1212 13 *1212 14 13 13 7 Mar 3 2 June 21 3 *3 3 34 212 3 600 Cuba Cane Producui. No par 314 31.1 *234 334 *24 334 4 Aug 27 9 Feb 4 4 174 8 Dec 4 ii :Ian '' 4 600 Cuban-American Sugar____10 4 *4 4 438 4,8 141 4 4 *3334 34 *3334 34 Jan 34 100 3278 Aug 27 6553 Feb 11 34 55 Doe 95 *3334 34 210 Preferred 34 34 3318 3334 42 60 3818June 25 48 Jan 2 42 42 36 Nov 6771 Jan 41,8 42 4212 1212 1212 4212 421, 4212 1,000 Cudahy Packing 41 • Bid and asked Prkes: no tales on this day. x Ex-dividend. y Ex-dividend and ox-rights. New York Stock Record-Continued-Page 4 1681 rot tales doting the Week of stocks not recorded here, see fourth pag.• preceding HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT Saturday Sept. 6. Monday Sept. 8. Tuesday Sept. O. lrednesday Sept. 10. Thursday Sept. 11. Friday Sept. 12. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE. $ per share S per share $ per share S per share 8 per share S per share Shares Inane. & Mlecel. (Con.) Par 114 114 114 114 .113 115 .113 120 8114 116 11434 11612 400 Curtis Publishing Co___No par *11912 11978 120 120 119 11912 120 120 120 120 .11912 120 1,000 Preferred No par 6/ 1 4 6/ 1 4 6/ 1 4 714 6/ 1 4 7 6/ 1 4 7 634 678 658 678 24.200 Curtiss-3Vright No pa? 814 812 832 912 852 9 858 9 8% 9 858 0 100 7,200 Class A 6258 6314 62/ 63 63 7 1 4 63 63 65 65 6512 *6318 65 Cutler-Hammer 5,300 Mfg_ par __No 2812 29 2712 28 2838 29 28 23 *2712 28 2712 2712 2,800 Davison *heroical par No *17 20 .19 2212 .17 2212 17 17 *17 22 .17 22 100 Debenharn Securities 51 *2312 2334 *2312 2334 *2312 2334 2334 24 2378 24 23/ 1 4 2334 1.200 Deere & Co pref new 20 *210 217 *213 215 *210 215 .212 215 *212 215 212 212 100 Detroit Edison 100 26 2772 2758 2834 .26 28 .26 23 .26 28 .26 28 1,400 Devoe & Rayuolds A__No VdT 245 25012 251 25112 25158 254 24212 25112 24312 247 24214 24214 15,500 Diamond Match 100 8/ 1 4 834 8/ 1 4 8/ 1 4 834 9/ 1 4 918 1038 914 98 9 914 13,600 Dome Mines, Ltd No par *1814 1812 1812 1812 1812 1812 1814 2012 2012 2112 .20 21 Dominion Stores par No 2,400 8114 8234 8258 8338 8212 8312 83 84 82/ 1 4 8334 82/ 1 4 8312 19,500 Drug Inc No par 23 234 2438 2334 2438 24 2358 234 24 2412 2378 2584 27,900 Dunhill International_No par .16 *1612 18 18 18 19 18 18 .18 19 18 18 No par 700 Dupan Silk _ 10434 10434 104 10434 .10434 106 .105 106 .105 106 300 Duquesne Light 181 pref___10 *104.13 -1518 - .13 1518 *1212 1518 *1212 15 .13 15 .13 15 Eastern RolAng Mill.__No par 21812 21934 21718 22112 21714 21938 21738 22014 216 219 21458 219 20,603 Eastman Kodak Co__No par ___ .12814 ___ .12814 *1281 __ .12814 __ .1284 _ •1284 -- -- _ _ _ _ 6% cum pref 100 4 2314 -2312 2312 2412 2314 1312 2312 -2538 2418 -2518 -2334 -2412 14,400 Eaton Axle & Spring___No par 11814 12038 12018 12234 122 12412 122 12438 12012 123 120 12234 69,800 El du Pont de Nero 20 12018 12018 12018 12012 120 12014 120 12014 12014 12014 1204 12012 100 *512 558 538 5/ 1 4 *514 512 *514 512 *514 512 *54 512 2.500 8% 000-vot deb Eitingon Schtld 200 No par 40 40 .38 401 40 40 40 40 .40 59 40 40 700 Preferred Cili% 100 66 6712 66 6812 6638 6734 66 66% 647 6638 6358 6534 22,000 Electric Autolite No par *10912 110 .10912 110 *10912 110 10912 10912 *10914 110 .1094 110 Preferred 20 100 *44 458 .418 434 412 412 44 478 412 47 .418 434 1,400 Electric Boat No par 71 7258 7218 7318 7184 754 74 7514 73 7512 7412 774 176,800 Electric Power & 1.1 No par .110 11138 *110 11014 11014 11012 *110.2 1111 11058 11058 .109 1093 4 300 Preferred No par 10012 100/ 1 4 10038 10058 10114 10138 10118 10113 10012 102 10014 10012 5,000 Preferred (6) No par .69 6912 6958 7018 26814 6814 .68 69 *6712 6834 6738 6738 Storage 800 Elea Battery No par *214 4 *214 4 .24 4 *214 4 *214 4 *214 4 Elk Horn C,oal Corp_ ....No par .2 4 .258 4 .24 4 8212 314 3 2,700 Emerson-Brant class A_No par 3 .212 3 847 48 48 50 48 50 *49 493 *48 49 48 48 400 Endicott-Johnson Corp___ _50 11214 11214 .11214 116 .11214 115 .11214 115 .11214 115 .11214 115 100 100 Preferred 5418 .5212 5418 *5212 59 .5212 56 .5212 59 *53/ 1 4 59 Engineers Public Serv_ No par 8 .9712 100 2 100 9712 9712 9934 9934 .97 100 97 100 No par 200 Preferred $5 .101 10158 .100 10212 .101 10212 .101 10212 10238 10238 *101 10212 100 Preferred (53/) No par *4534 458 45 4538 45 45 45 45/ 1 4 45/ 1 4 45/ 1 4 *457 46 1,300 Equitable Office Eildg_No par 11 11 / 4 .11 1012 11 1058 101 / 4 •1058 1178 1.600 Eureka Vacuum Clean_No par 118 1058 101 818 84 814 8 8 8 .8 814 8,8 84 8 8 800 Evans Auto Loading 5 .24 25 *24 25 .24 24 25 .24 25 24 24 26 340 Exchange Buffet Corp_No par *238 4 *238 4 *238 4 .238 4 .2/ 1 4 4 .238 4 Fairbanks Co 25 .1312 15 14 .14 14 15 15 1512 15 1538 144 1414 100 210 Preferred 39/ 1 4 3934 38/ 1 4 3334 .3714 3914 3814 3814 *3814 3812 *37/ 1 4 38 No par 500 Fairbanks Morse '109'4_._ .10914 _ *10912 _ _ *10912 .*10912 _ *10912 _ Preferred 100 811 -1114 *II -1114 *II 11-14 .11 12 .1118 -1178 811 --13 Fashion Park Assoc_-_No par .6258 70 *6258 70 .6258 70 .62/ 1 4 70 .6258 70 .6258 70 Federal Light & Tree 15 95 .95 95 *95 97 97 .95 90 97 97 9414 0414 No par 40 Preferred 8/ 1 4 8/ 1 4 814 814 .814 834 8814 834 8,4 814 .8 818 Federal Motor Truck No par 600 347 34 3438 3412 3434 3412 318 3478 3458 341 / 4 3412 3478 2,500 Fed'i Water Service A_No par *2812 2934 29/ 1 4 3218 3314 .30 1 4 3178 3138 32/ 3212 . 30 33/ 1 4 3,000 Federated Dept fitores_No par *6814 69 .6734 6814 6812 6912 6912 6912 .66 *6734 69 69 400 Fidel Filen Fire Ina N Y___10 .734 812 *7/ 1 4 84 812 812 *734 812 .7/ 1 4 812 *7/ 1 1 4 No par 10 Fifth Ave Bus 8 *____ 3212 ____ 3212 *____ 35 .____ 35 .---- 35 *--- 35 2 Filene's Sons No pat 1 4 103 .98/ 9334 10014 *98/ 1 4 103 8100 103 .100 103 *100 103 100 Preferred 100 1934 1934 •19/ 1 4 2014 2014 204 20 2014 20 20 1958 1958 700 Firestone Tire & Rubber_ -_10 7118 70 .7014 7112 70 70 69/ 1 4 70 *6934 70 70 70 2,200 Preferred 100 57 57 561 / 4 5778 56 5758 56 571 / 4 57 5714 567 5718 6,700 First Natter:tat SIores_No par 2 218 2 24 1/ 1 4 178 134 2 11 / 4 2 18 2 No par 8,500 Fisk Rubber 6/ 1 4 6/ 1 4 512 672 512 558 518 6 512 6 512 512 1.210 1s6 preferred 100 .714 912 .7/ 1 4 912 .634 912 7 7 .634 012 .6/ 1 4 012 100 10 let pref convertible 4312 4312 44 43 43 .43 45 45 .45 46 *45 46 600 Florshetru Shoe class A_No par *10014 103 *100 103 *100 103 *101 103 .101 103 *101 103 100 Preferred 6% *2138 2412 .21-32 2112 23 23 23 23 .23 2312 .23 2412 No par 200 Follansbee Bros 1 4 9378 93 9112 9334 9258 9434 91/ 94/ 1 4 9312 96 29134 9512 71.900 Foster-3Theeler No par *1012 1212 1038 1412 13 *1012 12 .1012 12 1378 1212 1212 2,700 Foundation Co No par *3312 34 34 3534 3514 357 3618 35'8 353 3518 3638 36 5,800 Fourth Nat Invest w w_No par 1 4 5058 5238 51 5212 5114 52/ 52 5214 5012 5138 49 51 No par Film class A 96,000 Fox 7 4612 47 / 1 4 464 46 4714 4612 47 4614 4512 4634 454 4614 27,100 Freeport Texas Co No par *8934 91 .8538 91 .8912 91 *8922 91 *7858 91 891 No par / 4 8934 10 Fuller Co prior pref 638 638 .614 612 *614 612 .614 7 638 638 GabrielCo.(The)ClassANo par 64 632 400 8 6334 69 .65 68 68 .65 *64 68/ 1 4. 65 6834 *65 6884 Gamewelf Co No par 218 218 2/ 1 4 238 .218 212 24 218 .218 3 214 21 5 500 Gardner Motor 858 858 94 9 9 91 / 4 94 91 / 4 91 94 O's *9 par Investors-No Amer 2,200 Gen *9038 9512 .92 9512 .92 954 9538 9515 *9512 08,2 *9512 9934 100 300 Preferred 90/ 1 4 90 90 9012 8932, 0014 8934 9038 90 90% x8734 8938 13,300 Gen Amer Tank Car _No par 4314 42/ 4318 43 1 4 43 42 4258 42/ 1 4 43 4278 4134 42/ 100 1 4 2,800 General Aspbalt 21 2112 2034 2112 2158 2238 2212 2278 2258 23 2178 2234 7,600 General Bronze No par 1514 .15 1514 .15 1512 .15 1512 1514 .15 1538 .15 1512 No par 400 General Cable 3812 3612 3612 37 3512 36 37 3712 3712 37 35 35 No par 1,000 Class A 8512 854 8512 8512 85 85 85 85 •84 85 85 85 100 260 7% cum pref 44 4412 4418 4438 4412 4412 4412 454 .45 4512 45 454 1,700 General Cigar Inc slat No 1 7514 7234 7414 7218 7358 259,200 General Electric) 4 74 7218 7434 737 7512 7312 74/ No par 1178 12 .1178 12 1178 1178 117 1178 1178 12 *1178 12 10 1,600 Special 1 4 5712 5858 5338 5918 58 5714 5734 5718 57/ 58% 574 5858 44,500 Gen Foods No pa 1018 10 914 912 912 1014 10 10,4 10 1018 978 10 No var 13,900 Gent Gas & Elec A *7634 82 7512 77 .77 82 .77 82 .77 82 77 No Par 77 800 Cony pref ser A .35 3572 *35/ *354 36 . 1 4 36 351 / 4 357 354 3 4I 351 / 4 3558 300 Gen Italian Edison Elea Corp 46 46 46 457 4578 457 46 46 46 47/ 1 4 47 No par 4758 6.700 General Mills 92 92 .90 02 92 92 02 92 .911 / 4 9214 *9112 9214 1,200 Preferred 100 4538 4618 4512 4678 4618 47 46 4634 454 4618 4412 451 523.500 General Motors Corn 10 9938 9958 9912 9958 9912 9958 99/ 1 4 100 99/ 1 4 1009978 10018 9,400 65 preferred No pa *2512 27 .2512 27 *2512 27 26 26 26 26 *2518 26 par No Adv Outdoor A Gan 200 1012 10 •1014 1012 10 10 10 10 9. 0 No pa 0,2 600 Common -12 9 l37/ 3512 3512 3612 3612 37 1 4 3612 375 361 / 4 36 3612 3678 3,500 Gen Public Service No pa 8112 82 8012 83 *8012 81 28112 83 8134 82141 8114 8112 4,800 Gen Ry Signal No par 1238 111 / 4 12 12 12 11% 12,2 . 13 1118 1134 1138 1138 3,500 Gen Realty & Utilith.s_No par 883 8312 8414 8412 *83 85 •83 85 .83 85 I .83 No par 85 $6 preferred 50 7/2 7434 754 7412 76/ 75 1 4 76 762 7515 76551 7312 77 12,400 General Refractories_ _No par *99 100 *09 100 .99 100 .99 1001 *99 10014 09 9912 400 Gen Steel Castings $6 pfNOpar 1 3534 3614 3512 36's 3.54 36 354 357 35 3512 3414 35/ 1 4 '19,800 Gen Theatre. Equip_No par 6058 64/ 1 4 6314 6538 61 1, 6114 6514 6114 633 6738 664 6812 1433,00 glilette Safety Rasor_No par , 1178 1218 1172, 1214 1134 12% 1234 12/ 1 4 1212 1234 12 No Par 12 6,800 Mile]Bros 72 698 698 70 70 70 06838 70 70 70 I .7018 7312 100 600 Preferred 1712 1712 18'2 17/ 1 4 178 18 ' 17 1812 18 1838 18 No par 1814 7,200 Glidden Co 95 95 948 95 95 *9214 95 95 94 94 100 preferred ____ _ Prior 300 858 878 812 878 878 88 834 9 9 9 No Par 834 -9 - 3,800 Gebel(Adolf) 4114 42 41/ 1 4 4214 41% 4278 4212 43/ 1 4 4212 338I 4112 42/ 1 4 49,000 Gold Dust Corp v I c....No Par 2314 2312 2212 234 224 2212 22% 2338 234 231 No par 2212 2212 10,600 Goodrich 03(B F) *8512 91 *8512 91 *8412 8512 *8412 8514 84 .8512 91 100 85 900 Preferred 524 53/ 1 4 5218 53/ 5112 5378 5258 55 1 4 52/ 1 4 54 53 53/ 1 4 14,100 Goodyear T & Rub__No par 97 *94 03 04 .92 07 *94 94 .92 94 93 / 1 4 preferred var 9358 No lot 800 137 1378 134 1334 134 1312 13 1312 131/4 1334 1278 13 No par 2,100 Gotham Bil Use 7212 .70 7212 .70 7212 .70 .70 7212 70 70 100 Preferred 70 130 70 .712 9 814 814 *812 0 814 812 87 8 No par .7 8 400 Gould Coupler A *458 6 5/ 1 *578 6 4 6 5/ 1 4 6 5/ 1 4 6 2,303 Graharn-Palge Motors_No par 5/ 1 4 6 .6 64 .6 6 ' 8 *6 64 *6 64 .6 par Certificates No 64 6 612 1,200 2214 237 23,2 2338 23 23 23 2358 23 23 22 22 2,soo Granby Cons M Sin & Pr-100 *3612 3312 38 38 38 No par Grand Silver SWee 38'8 4.000 . 39 401 3912 164 1618 1614 331 167 161 16 1638 3939 167 16/ 1 4 1638 16 No pa 1638 3.700 Grand Union Co *4112 4214 4214 4214 4214 423 4312 4312 4312 431 .43 No par 44 1,000 Preferred 3414 36 33 31 361 *354 36 31 36 36 Steel No far City Granite 354 1,500 3512 343 8 3512 353 8 341 / 4 343 84/ 1 4 35 37 '3558 364 x36 3718 24.100 Grant (NV T) par No 21 2114 2114 211 *2034 21 / 4 2114 2112 21 2114 2113 2114 3,10 GC Nor Iron Ore Prop...No par 1914 1914 1912 1934 194 191 1958 2038 20 20)4 19/ par Hugar_No Western Great 1 4 5,90 20 *11512 116 *11512 116 *11512 116 115 115 .113 115 100 11214 11214 210 Preferred 1 4 14's 1334 14 1138 1478 144 1434 13/ 1212 137 Grigsby-Gruoow No par 1258 13/ 80,900 1 4 121 12 . 12 3 *12 54 *12 54 *13 5 *12 34 100 Guantanamo Sugar___ _No pa 4112 304 40/ 40 38 37 1 4 41 4134 3912 391 .39 100 2,100 Gulf States Steel 40 "36 93 .96 1198 .96 08 97 97 .06 100 .98 100 100 10 Preferred :5 I •1312 alld ailed Prices; nu *ale* 051 111L5 day. 2 blxdivIdend. 5 Kx,Ily ,Send es rigo“. PER SHARE Range Mt cc Jan. 1. On bacds of 100-share lots _ Lowest. Highest. $ per share 1054June 23 11472 Jan 29 612 Jan 31 77 Aug 13 55 June 25 2438 Aug 14 17 Sept 10 21) June 18 19538 Jan 8 2134July 9 139 Jan 13 6/ 1 4 Jan 3 18 June 23 67 June 25 1512June 18 1412June 17 100 Jan 7 14 June 25 17534 Jan 9 1208 Feb 14 19,8June 25 9534Juiy 8 11412 Feb 4 5 June 23 38 June 25 5518Jtuie 28 10614 Jan 8 314 Aug 2 494 Jan 2 105 June 18 97/ 1 4 Aug 14 6112June 23 24July 1 214 Aug 12 44 June 18 10713 Jan 7 3914 Jan 2 9458 Jan 8 9412 Jan 2 39/ 1 4 Jan 3 912 Aug 15 612June 19 22 Jan 2 114 July 31 7 June 18 2414June 25 102 Jan 7 10 June 25 59/ 1 4 Feb 8 01 Jan 13 712June 19 30 June 18 2512June 16 56 June 18 7 Feb 11 31 June 10 92 Mar 15 1958Sept 4 6934 Sept 10 416 June 23 112 Aug 1 5 Sept 5 6 Sept 5 40 June 25 954 Apr 12 22 Aug 13 6012 Jan 3 10 Aug 22 2812Juee 25 1612 Jan 3 37 June 17 82 Feb 14 518June 23 67 June 30 2 Aug 23 7 July 8 8812June 25 7814July 8 3852June 25 144 Aug 13 1212July 7 32 June 27 79 Aug 13 4034June 25 6018 Jan 2 111 / 4 Jan 2 4318 Jan 17 8 June 17 7512Sept 8 3412June 18 4018June 25 89 June 30 3712 Jan 18 92/ 1 43une 23 24%July 8 812.101y 10 3018.1oTh 18 7314 Ahg 9 1012 Aug 18 79/ 1 4 Aug 19 6514June 18 98 June 14 27 Aug 18 58 July 8 10 Aug 19 6672 Jan 30 1458 Aug 13 9018Sept 2 Ps Aug 9 3412June 18 21 Aug 13 78 June 30 50 Sept 5 90 Jan 8 812Juue lb 68 Aug 13 6 June 19 538June 19 512June 24 18 June 28 30 June 25 10 June 17 3434June 18 3112 Aug 15 29 June 18 18 June 23 17 Aug 13 1105813lay 27 1214July 8 12 Mar 7 35 Aug 12 97 Sept 10 $ per stare 12618May 29 12118 Mar 10 147 Apr 7 1934 Apr 2 9012 Mar 31 4358 Mar 31 30 Apr 14 24121May 24 25584 Apr 23 4234 Mar 4 25412Sept 8 101 / 4Sept 10 8058 Apr 5 87/ 1 4Mar 10 4312 Apr 7 19 Sept 9 10434Sept 8 254 Jan 31 2554 AM 25 130 Aug 4 3714 Feb 20 14514 Apr 10 121 May lb 1072 Feb 6 62 Feb b 1147 Mar 29 11034 Jan 7 98,9.1ar 31 103 Ain 23 112 Apr 25 100% Aug 1 794 Feb 10 512 Mar 24 758 Jan 24 595a Jan 22 113 Apr 23 6712 A M 7 10718May 26 10472 Apr 21 5034June 4 43/ 1 4 Mar 5 3034 Feb 18 26138 Mar 3 978 Jan 6 3934 Jan 2( 6012May 17 111.12May 16 2714 Feb 27 904 Mar 18 98/ 1 4 Apr 22 124 Feb 26 43 Mar 19 38 Apr 18 8034 Mar 31 104 Apr 4 404 Jan 22 10014 Sept 6 334 Jan 7 8772 Mar 24 61/ 1 4 Jan 30 54 Apr 2 21 Apr 2 2134 Apr 11 5278 Mar 21 10014 Aug 29 507 ,Mar 25 10412June 4 2834 Apr 14 50 Apr 12 6738 Apr 25 5512 Apr 11 9512 Mar 6 1134 Apr 9 80 Mar 28 7/ 1 4 Feb 18 1812 Feb 18 105 Apr 25 11172 Apr 4 7112 Apr 7 3812 Feb 15 3412 Mar 7 7434 Feb 5 109/ 1 4 Apr 7 61 Mar 7 95/ 1 4 Apr 10 12 Aug 27 6114May 1 1838 Apr 10 10812 Apr 16 4438 Feb 10 5938 Apr 12 95 Mar 22 544 Apr 10 100,8 Sept 12 4112 Apr 14 211 / 4 Apr 3 527/ Apr 7 10678k:tar 28 1938 Apr 10 100 Apr 14 00 Mar 28 101 Mar 12 5114 Apr 10 10018 Jau 16 2072 Apr 14 8212 Apr 26 38 Mar 20 10518 Mar 27 19 Feb 7 4778 API* 28 6812 Mar 25 10412 Mar 28 9678 Mar 31 10214 Apr 30 2872 Mar 8 824 Apr 4 1538 Apr 23 1338 Apr 1 10/ 1 4 Apr 1 6978 Apr 2 52 Apr 2 2058 Feb 18 44 Aug 4 5038 Aur 3 43 Jan 9 25/ 1 4 Mar 25 3412 Jan 16 120 Mar 14 28 June 2 4 Feb 4 80 Pub 19 109 tor 30 y .5 addlnuual .u.re, ter eaeu suare held. PER B11 A RA Range for Pre.tost Yea,1929. Lowest. Highest $ per Iilare per /Dori 100 Nov 132 Or 11218 Nov 12154 Ma1 638 Dec 31318 Atli 134 Dec 37/ 1 4 Atli 2-14 Oct 20 Dec 69-18 Jar 4672 Jat 161 Nov 24 Nov 117 '\o4 8 Nov 12 Oct 69 Nov 25 Oct 10 Nov 494 Jan 19 Oct 150 Nov 117 Nov 18 Nov 80 Oct 10712 Nov 4 Dec 39 Dec Oct 50 10234 Nov 34 Oct 2918 Nov 98 Nov 38-E. -Atli 6472 Fe) 16412 Jul 1114 Au) 5414 Jul] 12618 Fe) 92 Jar 28% Jai 10078 Ma 8912 Set) 26434 Oc 128 Ma 76/ 1 4 Fe) 231 Sep 11934 Aril 3938 Jal 113 Jal 174 Jul; 116 Ap 1838 Ma 8652 Sep 10914 Fel 64 Nov 10412 Or 1012 Or 34 June 314 Oct 2212 Fe' 4914 Nov 8338 Ja 10914 Sept 1244 Fe' 7958 Au Oct 31 80 Nov 1234 Au 81/ 1 4 Oct 109 CR 3114 Jan 41 Ma 3612 Dec 04 Fe 15 Nov 73/ 1 4 Ma 2214 Jan 2712 in 3/ 1 4 Nov 1334 De 11 Apr 85 Ja 2334 Oct 1478 Set 10112 Dec 11078 Ja 22 Dec 7258 Ma 6012 Nov 109 Jun 00 Nov 104 Fe 5 Oct 2238 Fe 28 Nov 564 Set 2512 Dec 33 De 474 Nov 128 Set 6 Oct 13/ 1 4 Me 30 Dec 981/ Fr 84 Dec 107 Ja 2412 Dec 87 Di 8352 Dec 8952 Di 444 Nov 90 Bel 218 Dec 2018 Ja II Dec 7212 Ja 8 Dec 8212 Ja 38 Nov 54 is 904 Oct10212 Ja 334 Nov 82/ 1 4 At 33 Nov95 Sel 12/ 1 4 Nov6958 Al 194 2384 8212 5 6518 3 15 424 24 23 6318 102 42 16818 11 35 Dec105/ 1 4 Oei Nov5472 J6 Nov107119.12 Oct3378 FI No 8312 in Dec 25 it Nov Nov Nov Nov Dec Nov Oct Nov Jan Oct 12-34 . 0, 9434 N 69114J1r 61 F, 12018 F, 1074 .11 74 1 ' , 403 Al 1134 F 7778 it 50 Oct 8918 Ian 87/ 1 4 Dee 100 J,an 3312 Oct 9184 kfSr 30 -20 70 54 Oct -Ei 5an -Nov 98 A g Oct 12612 A ug -Oct 8812 -A Ug -10 Nov 104 Nov 50 Dec 26 Oct 05 Nov 918 Nov 3112 Oct 3814 Dec 9512 Dec 60 Oct 87 Nov 14 Nov 68 Dec 4 Oct 732 Oct 7 Nov 464 Nov 3212 Dec 918 Nov 30 Oct 82 Nov 3212 Dec 19 Oct 28 Nov 105 Nov 144 Nov 1 Nov 42 Nov 004 Dec 1-43. Elet 484 J 04 C et 6418 Jt ly 10618 A -r 66 Fel 82 Jan 10534 Jan 11518 1 el 15412 IVfar 10438 F eb 60 J Pr 10114 J an 14 M ay 54 jan 494 J an 10278 Atar 4572 I ee 328 Jron 6438 JIan 03/ 1 4 EI pt 144/ 1 4 I eb 394 I eb 44 .an 1194 / eb 70 8 DI 512 ,an 79 klar 109 1 eb 1682 New York Stock Record-Continued-Page 5 For Wee during eh, week of *rocks nor recorded here. see fifth page preceding HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT Saturday Sept. 6. Monday Sept. 8. Tuesday Sept. 9, Wednesday Sept. 10. Thursday Sept. 11. Friday Sept. 12. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE. $ Per share $ per share $ Per share 3 per sh^re $ Per share $ per share Shares Indua. & Miscel. (Con.) Par 70 Hackensack Water *3412 35 25 *3413 35 *3412 35 3412 3412 3412 35 31458 35 20 Preferred A *28 30 26 30 *28 30 328 *28 28 30 *28 30 28 1618 1678 1612 1658 1612 17 No par . 1738 1618 1712 1634 1738 25,400 Hahn Dept Storea 161 100 *82 83 83 8334 84 82 84% 2,500 Preferred 82 82 82 8212 83 200 Hall Printing *21 23 *2214 23 10 22 22 *2212 23 23 322 23 *22 20 Harnidon Watch pref *105 ____ *105 ____ *105 ____ 105 105 100 105 105 *105 _80 Hanna pref new *90 91 391 90 No par 93 *91 *90 0012 90 93 91 91 100 Harbison-Walk Refrae_No par 52 *50 53 52 350 53 53 53 *50 *50 53 *50 300 Hartman Corp class B _No par *812 9 913 958 *812 012 9 9 *8 9 9 *8 Class A No par *1714 1813 *1712 1812 *1712 1812 *1758 1812 *1712 1812 *1712 1812 700 Hayes Body Corp.__ _No par 7 7 *618 613 7 7 *612 7 *614 7 612 7 .5 400 Ilelme ((1 W) 8378 8378 *8313 84 *823 84 84 84 84 *8234 84 84 13erculee Motors *25 26 28 •24 2558 *24 No par 26 .23 28 *24 28 *24 140 Hercules •120 122 Powder $7 cum of 100 122 122 *12112 12212 120 120 122 122 *120 121 2,000 Hershey Chocolate__ No par *98 100 9812 9818 9878 9812 08 99 2913 100 9912 98 10134 10134 102 102 Vs par 102 102 *101 10112 101 10114 10134 10134 1,000 Preferred 100 Prior preferred *10713 10734 10734 1074 *10734 109 *10734 110 *10734 109 10734 109 100 Hoe (R) & Co 15 *12 •12 15 15 *12 No Par •12 *12 15 15 *12 15 2,400 Holland Furnace 3414 3414 *3412 35 No Par 3438 3558 35% 3814 *35 36 36 35 200 Hollander 42 Sons (A)._No Par *614 612 *8 613 *6 612 612 612 *618 7 7 7 400 Homestake Mining 79 .7718 78 70 100 *7778 79 80 80 *7773 79 79 79 11,900 1 7 Houdaille-Hershey 0113 No Par 84 83 4 87 8 9, 3 9 812 88 9 4 78 7 734 918 1,100 Household Finance part p1_30 70 6718 07,8 *67 6678 *6538 66,4 6614 6612 6658 67 66 788, 7614 78 7712 79 7738 7834 7612 78% 76,8 78% 25,000 Houston Oil of Tex tern ctfs 100 77 3112 3012 3012 3012 3134 3,900 Howe Sound 3018 3012 3058 3134 3012 31 31 No par 3053 8,600 Hudson Motor Car_ No par 3058 30 3112 3114 3112 230 30 3012 3038 3134 31 1358 1358 1312 1312 7,000 Hupp Motor Car Corp 1334 14 131 1312 1312 1438 1378 14 10 33,600 245 8 Independent 011 & Gae_No par 2458 2478 2458 2478 2358 2434 2378 2434 2418 244 2414 514 53, 1,600 Indian Motocycle 538 5 518 514 514 513 5 518 518 514 No Var 1134 1118 1314 53,800 Indian Refining 1078 1114 11 10 1034 1114 1034 1138 1034 11 100 Industrial Rayon 86 *83 85 85 *8114 85 *8114 85 *8018 85 No par *8014 85 4,700 Ingersoll Rand 198 200 204 204 *198 203 205 206 *200 204 198 208 No Par 800 Inland Steel *7612 78 78 7612 7612 •7612 78 7934 *7613 78 761z 77 No Par 7,800 framiration Cone Copper__ 20 15 1412 1478 1478 1512 144 148 *14 151s 1414 15 14 600 Insuranshares CM Ina_No par 1112 1112 *1112 12 *1112 12 1113 1112 1112 1112 *1158 12 1,200 12 11 Insuransnarea Corp__ - _No Par 1118 1118 11 *1138 1134 1114 1134 1112 1112 12 1,800 interconta Itubbe^ •234 28 3 1 *27 No par 2% 258 314 234 234 *213 3 200 Interlake Iron 19 *18 19 19 No par *1812 20 19 19 *18 19 *1734 19 *534 6 aro par *534 6 *534 6 534 534 512 55 5 514 2,600 Internet Agricul Prior preferred 63 *59 *61 63 .59 63 66 *60 *59 63 63 •60 100 17914 18112 2,200 Int Busltress Machinea_No Par 18178 183 *179 189 18114 182 180 18134 175 180 1278 1318 13 13 *13 131s 1278 1318 1238 1318 1318 1318 3,200 Internal Carriers Ltd__No par 1,500 International Cement __No Pa 65 65 6612 6612 6614 6613 6612 67 x6614 6638 *6614 67 714 8,8 61,200 inter Corcb Er19 Corp__No Pa 61.1 634 2 788 658 78 534 57 6 78 66% 6,400 Preferred 59 63 6212 6478 GO 6212 6538 65 100 62 63 60 78 797 14,200 Internal Harveeter___No Pa 7918 8118 81 8114 8014 8114 81 81% 784 80 900 Preferred •14412 ____ 145 145 14434 14134 14454 14434 14434 1444 14434 1444 100 3714 3914 384 3912 3712 39 3912 3738 3838 9.700 Jut Hydro-El lays el A_No Da 3958 30 39 7912 7912 797 8014 80 *7814 7912 2,100 International match vref___3 7814 79 80 79 80 1112012 2134 *2058 2134 *201z 2134 2112 2212 22 22 22 2238 3,600 Int Mercantile Marine eths..100 2412 2534 2512 2618 2538 26 26 2758 2638 2714 2513 2678 472,500 Int Nickel of Canada_ No pa 110 Internat. Paper Pr (7%)_100 *6914 6912 70 70 7014 7014 7014 7014 6912 70 70 70 1738 3,200 Inter Pap & Pow el A __No pa 1612 18 1714 17 17 1734 1734 1613 17 1612 17 912 93i 3,300 Clam B No pa *10 12 12 Olt 914 *10 912 1038 978 933 77 No pa 7,2 734 3,700 C1111111 r 8 78 7% 734 734 *734 8 78 77 6934 6912 691.3 1,000 Preferred 68 100 69 69 68 68 68 6834 6934 68 29 I 1,100 jut Printing Ink Corp__No pa 267 268 *27 2412 2412 2518 2514 *2613 30 *2678 30 50 Preferred 8838 100 •____ 8712 *____ 8712 3._ _ _ _ 8712 8712 88 8812 *88 *88 100 3914 3934 3938 40 3958 40 398 4112 4078 4112 4088 41141 16,600 International Reit new. 200 International Shoe_ _ No pa 55 55 *55 5514 *55 5514 *55 5514 55 55 *3434 55 International Silver 75 *72 100 *6378 78 75 *71 75 *72 *71 75 75 *72 4138 4334 4238 4418 4214 43 4212 4314 4214 4318 4212 4435 77,100 Internet Telep & Teleg_No pa 27 273 2712 2712 2814 2712 284 2814 2938 14,000 Interstate Dept Stores_No pa 27 2734 27 Preferred ex-warrants_ _10 7934 *72 7934 .72 7934 *72 7934 *72 7934 *72 7934 *72 900 IntertyPe Corp 25 No pa 328 27% 25 27 26 26 *25 27 *25 27% *25 Inveatora Ea ult7 4,100 17 167 3 No par 8 163 4 14 14 1418 1418 1414 1434 1531 1638 163 Island 100 Creek Coal 1 *3314 3312 3314 3314 *33 3412 *33% 3413 *3334 3112 *3334 34% No par 51,2 3,600 Jewel Tea One 5014 5113 5112 53 52 32 5334 5238 5258 51 52 No par 914 9334 14,900 Johns-Manville 95 9412 96% 9353 9612 9434 963 9138 933 10 Preferred 100 •122 ____ 123 123 *122 ____ •12212 ____ *12112 ____ •121,2 270 Janes & Laugh Steel pref _100 *122 12214 12214 12234 *12112 122 122 12234 12234 1224 x12014 12014 900 Jordan Motor Car No par 112 112 112 158 158 112 112 •112 134 112 112 113 955 955 2,500 Karetadt (Rudolph) *93 912 912 912 938 938 938 912 933 938 100 Kaufmann DMA Stores_312 50 *18 1812 1813 1812 1812 *18 1313 *18 1812 *18 1812 *18 2438 2513 25 2512 2413 2638 257 258 3534 2534 2514 25,2 5,000 Kayser (I) Co v t a____No par Kelth-Albee-Orplaeum -No Par •____ 48 *____ 48 *____ 48 a_ ___ 48 *____ 48 •____ 493: 100 Preferred 7% 100 •11612 120 11712 11712 *116 120 *116 120 *117 120 *114 120 312 35 36,600 Kelly-Springfield TIre--No par 4 434 338 434 312 358 338 334 333 378 8% preferred 220 100 2512 2512 25 25 27 2812 26 2478 26 27 27 2478 100 150 6% preferred 40 40 *3918 40 .39% 40 38 38 3912 *3918 41 38 2912 3012 4,500 KelseyllayesWheel____ No par 31 31 3018 31 3112 31 3034 3112 31 313 Kelvinator Corp No par 1558 1614 1534 1614 1512 158 153 163 1538 1614 1512 1611 20,100 Kendall co prof No par 10 70 *66 70 *66 1370 74 *70 74 74 68 68 *66 Kennecott Copper par No 50,800 36 , 2 x3511 365 8 3733 383 8 36% 373 4 3614 3612 3733 3434 368 No par 200 Kimberley-Clark *493 5134 *51 51 52 52 5134 51 52 .51 5134 *51 Kinney Co No par *22 28 •2212 2514 *2214 2514 *2212 2514 *2238 25,4 *22 28 80 Preferred 100 80 80 80 80 80 80 *78 *78 82 82 82 82 8,000 Koleter Radio Corp__ No par 213 212 *258 234 212 33 212 258 258 258 212 258 Kresge (S S) Co 10 30 3038 30 3033 3038 3134 3112 3238 x3034 3112 304 3133 8,600 800 Kress Co No par *54% 58 *5313 57 57 55 *54 *54 58 5912 55 55 2714 2713 273 2734 2778 2834 277 2858 2734 2818 274 2813 114.200 Kreuger & Toll 2712 29,2 45,600 Kroger Grocery & Bkg_No par 2534 2612 2534 2612 2512 26,4 2614 2734 2678 28 Lago 011 & Tranrport_No par No par -61 ii7-8 --------------------------------9538 /6,1 8,600 Lambert Co 300 Lee Rubber & Tire__ _No par 534 5 5 514 538 *5 *5 534 534 534 *5 300 lehIgh Portland Cement .A0 31 *29 291% 293 *29 31 2912 2912 2912 2912 *2812 30 130 Preferred 7% 100 107 107 x107 107 107 107 *10634 107 *10678 107 •10634 107 5,800 Lehigh Valley Coal____No par 12 12 12 12 1214 1214 13 1238 1314 1213 1278 *12 Preferred 50 *25 *25 29 28 .25 *2414 2834 *2414 2812 325 29 28 78 76 7734 7538 7638 8,700 Lehman Corp (The)_ _No par 7718 77 7434 7514 7734 76 74 700 Lebn & lank No par *2712 2812 2712 2712 2734 274 *2813 29 28 28 *28 29 Libby-Owens 600 Glass-- No Par 19 1918 1918 *19 19 19 19% 184 1834 *1858 1913 19 3,200 Liggett de Alyea Tobacco.- _25 *99 103 .100 101 100 103 *101 104 *9814 100 997 100 17,300 Series Ft 25 10018 10118 101 10138 101 103% 10258 10312 10134 10212 10118 102 1,600 Lima Locomot 1Vorts_No par *25 27 2614 *26 27 26 2614 2612 2612 28% 2514 27 200 Link Belt Co No par 39 39 40 39 39 40 *39 40 .39 *39 40 1339 4,500 Liquid Carbonic No par 6912 70 71 70% 70 7134 69% 70% 6912 6978 70 69 7912 81 x7858 80% 52,200 Loew's Incorporated_ _..No par 791 81 8038 7934 8138 7938 81 80 800 Preferred 109 No par 109 109 10914 10714 109 109 109 *109 110 *10634 109 400 Preferred ex-warrantallo par 98 *98 98 977 98 981 *9612 984 98 *9518 9834 *97 Loft Incorporated 7,200 No par 412 45 8 412 45 8 412 4is 412 43 4 433 412 412 412 I' C IV Bell Lumber A__No par *71 8 *71 *718 8 *718 8 *7% 8 *718 8 8 Loore-Wiles Biscuit 19.400 64 25 6112 6218 617 6353 6358 6158 634 64% 633 64% 63 311 2353 2258 2314 2214 2234 60,600 Lorillard 2278 2333 2234 23% 2318 2334 23 No par 9% 95 11,900 Loulelana Oil 912 97 912 93 912 95 912 97 963 934 Preferred 9212 100 9212 *88 9212 •88 *88 91 *8034 91 .8084 9214 *88 381z 6,900 Louisville0& El A____No par 3918 3918 3918 38 3834 384 3812 3911 3838 3914 39 No par 203 21 221s 7,200 Ludlum Steel 22% 2178 2212 22 2133 2134 2034 2134 21 Preferred 75 No par *66 75 *66 75 *65 75 *68 *65 75 75 *66 MacAndrews A Forterallo Par 34 4 *293 34 *291 *2912 31 *2934 34 *2931 34 32934 31 Mack Trucks Inc No var 6034 81 14 5,400 5912 6038 5934 6114 60 6138 6138 6212 6112 62 Ns par 12834 12912 12918 131 129 13312 131 13538 1323s 134% 130 13214 12,100 Mn-v Co No par 1138 1138 11% 1114 11 1134 1214 121z 12,2 1,300 Madison Se Garden 11 1114 11 No par 3034 3034 30% 3112 3134 3218 3233 3278 *3212 3278 3278 32% 1,400 Magma Copper 800 mammon (I( R)& Co No par 64 64 678 7 678 7 7 7 *634 714 714 714 Mayas)Sugar 100 *234 4 *234 4 •234 4 *234 4 *214 4 *24 4 Preferred 100 24 •15 24 *15 24 •15 *15 24 24 315 24 *15 Mandel Bros No par 14 *7 14 3'10 *7 14 .10 14 14 *10 *7 14 Shirt 200 Manhattan 25 13 1212 1212 *1213 1312 *13 14 13 14 *13 14 •13 100 Maracaibo 011 Explor_No Par *438 512 *43 *48 312 .438 5% *47 5 512 512 5,2 10 30% 3012 3014 301.2 4,900 Marine Midland Corp 3038 30% 3014 3014 3018 3038 3012 31 No par 347 35 *34 35 34 3534 3534 36% 36% 36 33 37% 1,900 Marlin-Rockwell *913 1112 11 *914 1014 1018 11 1,000 Marmon Motor CarNo par 11 *10 1133 •988 11 as •Bid and asked prices: no sales on Ulla day. V EX-d1V.111-1112111.1. P108 SH ARS Early: Sine, Jan 1. On basis of 100-share tots. 711o5821. Lowest. I per chart 26 Jan 4 26 Jan 6 1258 Jan 2 7118 Jan 3 21 June 17 99 Jan 7 85 Jar, 16 50 June 27 758 Aug 26 1718 Aug 22 558June IS 7712June 19 2013June 23 117 Jar 28 70 Jan 2 8312 Jan 2 l0414 Fob 21 11% Aug 28 28% Jan 14 5 June 18 72 July 12 7%Sept 6 49 Mar 5 52% Jan 17 2518June 18 2538Juno 25 1214 Aug 13 1933June 25 413 Aug 25 834June 18 73 June 30 15414 Jan 8 68 June 25 1212June 18 918June 26 10 July 11 258 Sedt 11 1538June 23 412 Jan 2 5214June 23 15212 Jan 18 11 June 18 5534 Mar 0 Jan 2 30 Jan 2 72 Aug 12 14012 Feb 10 3111/June 18 8512 Jan 3 19 Juno 18 2018 Aug 18 69125001 9 14881A ug 14 9% Sept 11 618 Aug 14 68 Sept 8 24 Sept 5 8712Sept 10 36 July 8 5314 Aug 20 69 July 8 3918 Aug 28 18 June 17 60 Aug 16 23 Jan 2 1312 Aug 22 3112July 8 43 Jan 20 70 July 10 11814 Feb 24 11812 Jan 6 112 Aug 28 838 Aug 7 1612June 25 23 Aug 25 21 Jan 8 83 Jan 7 3 June 18 20% Jae 3 29 Jan 2 2213 Jan 8 713 Jan 2 68 Sept 9 33% Sept 3 4814June 21 20 Jan 29 78 Aug 25 1% Jan 18 2614June 17 30 June 24 23% Jan 2 21 June 18 2114 Jan 11 7612June 18 412Sept 2 29%Sept 4 104 Aug Vann° 18 2218June 36 6678June 25 2210U111325 1814 Aug 16 85 June 18 85 June 25 20 June 18 37 June 25 52% Jan 3 4218 Jan 2 8558 Jan 17 7858May 5 3 June 18 718 Aug 4 5018 Jan 4 1818 Jan 2 8 Feb 28 8018June 18 33 June 23 2038Sept 5 72 Sept 4 2414June 19 4614June 18 109 June 25 1034May 8 2834June 19 612May 5 112.1fuly 8 1134July 14 10 Aug 27 1118June 25 412June 30 2912 Aug 29 3014June 26 833June 28 PER MARE Range for Preston. Year 1029. Lowest. 1110$6.4 per share I per slid.', $ per share 35 Aug 2312 Nov 38 July 29 26 Jan 30 Aug 30 Aug 27 Oct 56% Jan 12 2314 Apr 17 Jan 7134 Dec 115 8612 Apr 17 27 Dec 29% Dec 5134 Mar 25 99 Nov 105% Jan 105 July 8 98 Apr 14 54 -St:n 87e Oct 7214 Apr 21 13 Oct 41% Atm 20 Feb 5 2314154ay 24 16. Oct 31 Sept 51, NOV 68% May 17% Apr 4 84 Nov 11812 Jan 93% Fob 19 2112 Dec 3312 Oct 31 Apr 11 Oct 12334Juue 4 11218 Dec 121 45 Nov 14372 Oet 109 May 28 61.153 Nov 14314 Oot 10834June 3 Jan 10638 Oct 108'2 July 21 104 1234 Dee 33 Aug 2514 Feb 27 21 Nov 51 Mar 4114 Mar 28 1312 May 2458 Aug 12% Jan 29 80 Feb 1 63 Nov 93 Aug 13 Nov 5234 MAY 29 Feb 5 6718Sept 12 45 Aug 5212 Sept Oct 109 11678 Apr 25 Aar 26 41% Feb 7 3434 Nov 8212 5Ist 6278 Jan 6 38 Nov 9313 Mar Jan 2658 Apr 11 IR Nov 82 32 Apr 7 17% Oct 39% May 17 Mar 4 3/2 Oct 3212 JOE 13% Oct 53 Aug 283851er 22 Jar 6812 Nov 113 124 Jan 10 Jaz) 22312 Get 239 Apr 24 120 1)8 Mar 11 71 Dec 113 Au. Oct 6612 Mar 1078 Feb 7 22 _ 1312July 31 12 Dec 16 No, 17% Mar 10 1414 Jan 2 Not 713 Apr 1 2878 Apr 2 17% Jan 4 Oct 812 Apr 7 40 Nov 8812 Jan 6714 Apr 9 Oei 19712May 28 109 Nov 255 1934 Mar 29 48 Nov 10234 Fob 753s Apr 2 414 Dec 10312 Feb 1412 Mar 26 Is% Der 121 Feb 78 Apr 1 115 Nov 142 Aug 1153 Apr 16 Jan 145 Sept 8 137 Aug 14;5 23 Nov 5912 Sept 54 Apr 11 10212 Jan 47 No 92 Apr 24 18% Nov 3918 Oct 33 Apr 17 28 Nov 7254 Jan 44% Apr 4 77 Nov 9412 Jan 86 A pr 29 20 Nov 441 t Oct 3114 Mar 22 12 Nov 33% Oct 2234 Apr 14 9 Nov 2618 Os; 18 Apr 14 77 Nov 95 Oaf 86 afar 26 40 Nov 68% fart 5834 Apr 5 9178 Nov 108 Mar 101 Apr 12 4534June 20 62 Jan 15 54 Oct 771k Sept 95 Nov 159% Aug 119 Feb 1 77% Apr 24 53 Nov 14914 Sin. 40 Feb 4 25,8 Ocf 0312 Del. 80 Aug 29 74 flee 07 May 3378 Juts, 32 Apr 9 17 Nov 7212 Aug 29 Feb 19 1214 Nov Oct 69 514,r 43 Mar 19 30 6612 Apr 30 39 NOV 16214 Feb 14835 Feb 5 90 Nov 24232 Feb 123 Mar 21 118 Nov 123 May Oct 12312 Apr 11 117 Jun. 126 1612 Jan 113 Oct 5% Apr 9 1312 Jan 18 1072 Nov 1874 Nov 1714 Dee 37% Feh 2012 Mar 7 41% Jan 2 5812 Jals 30 Nov Jan 1512 Nov 46 45 Apr 23 Ja, 1.50 Apr 24 70 Nov 138 3 Dec 23% Jail 618 Apr 10 16 Dee 94% Jai, 42 Jan 24 55 Jan 25 26 Dec 100 Feb 18% Nov 5934 May 3912 April 26% Apr 25 5 Oct 1914 Feb 75 No4 96 Fel, 89 Mar 21 4933 Nov 10474 Mar 6234 Feb 7 4514 may 57% Oct 59 Mar 31 401:June 4 2112 NOV .1, 0s July 97 Apr 17 80 Oct 100% MA, 813 Apr 14 312 Der 7853 Jan 29 Nov 57% Mar 36% Jan 2 531,Nov 114 70 Jan 24 Jan 35% Apr 10 4033 Mb: 2213 Nov 3814 Nov 12212 Jan 48,8 Jan 23 2912July 17 1612 Nov 3838 Jae* 113 Apr I 80% Nov 15714 Mrl, 11 Mar 25 5 Oct 25 Jau 42 Apr 1 SO Nov 65 Feb 10812May 24 200 Nov 11054 Ma* Oa., 32 1 rt6 10 171z Mar 17 37% Mar 19 31 Dec 44% JUI7 9714 Apr 15 -1,70; 28 Nov 36 Apr 14 3112 Mar 29 17 Oct 43 AN-. Oct 8014 Nov 100 113% Apr 1 11438 Apr 1 80 Nov 10611 Oct oil., Jo., SO Nov 49% Feb 15 61 Feb 45% Feb 21 3758 Nov , Jar Oct 11.37 81% Mar 28 40 9534May 14 Oct 8412 Feb 32 11238June 3 80 Oct 11034 Jan 98 Aug 25 8014 Nov 95 Mar 1112 Apr 318 De. a% Feb 19 12 Dec 3212 Jan 1534 Mar 22 3918 Nov 87% Sept 7014 Apr 2 1414 Oct 3112 May 2818 Mar 3 Jan 7 Oct 18 12 Apr 28 90 Sept 4 80 Nov 10014 Feb Oct 72k, Sept 2.8 5114 Apr 25 22 Nov 108% Jnif 4478 Mar 12 18 Juao 76 Nov 9934 Mar 18 Jan Apr 3 3014 0(9 48 39/ 1 4 1,7,19 NOV 11434 Fea 8812 Mar 27 15914 Feb 3 110 Nov 255% Beet 1113 Nov 24 Fr, 1538June 6 33 Nov 8212 Mar 5234 Jan 7 3933 Jan Nov 13 July 3 3 Dec 26 Jan 8 Jan 29 1978 Dec 6012 Jan 50 Jan 28 38% Mat Oct 14 15 Jan 14 194 Dec 35% Ja" 2434 Jan 10 1038 Mar 18 51s Dec 18.s Apr 3213 Aug 6 ,fsi74,7 55 Feb 28 -56- Wei 897 19 Nov 104 Mar 307s Apr 9 New York Stock Record-continued-Page 6 1683 Per •7::les d•aring the week of etozki not recorded here. see sixth page preceding HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT PER SHARE Santo Since Jan. 1. On basis of 100-share tots PER MARS Rausefor Prerioss Year 11)29. Lowest. High,st. Lowest. Illoaest. $ per share $ per share $ Per share -Per share $ per share $ per share Shares Indue. & (Con.) Par per share per share per thare I per share 4018 41 40% 41% 40% 41% 41 4134 4114 4134 4033 4158 17,800 Marshall Field & Co_ __No par 53514July 12 $48% Apr 24 *334 4 3% 434 4 4 *312 434 *334 412 3% 312 500 Martin-Parry Corp__ __No par 3 Jan 6 6 May lit 4258 4508 4412 45% 44 212 Nov "ii- -3;; 4533 4414 45% 444 45 x4458 45 10,100 Mathiecion Alkali WorksNo par 3218Bute 25 51%[Mar 28 29 Oct 218 Feb *130 132 *130 132 *130 132 132 132 •132 *132 210 Preferred 100 115 Jan 24 132 Sept 2 120 Jan 125 4334 44,2 44 Jan 45% 4434 4658 4514 47 46 47 4518 457 6,700 May Dept Stores 4018July 25 3 613 8 Jan 4512 81 Dec 10812 Jan *1058 1112 1112 1218 1114 12 *11% 1178 *1112 12 *114 1134 1,200 Maytag CO No par 10 Aug 18 23 Mar 26 1538 Oct 394 Aug .2518 2512 251/ 2514 *25 2513 2518 2518 *25 2513 *25 2512 400 Preferred No par 2112J64e 28 4013 Apr 7 2814 Dec 4914 Jul/ 71 *7114 7313 71 *7034 7333 *7014 7058 *7014 8314 *6834 748 100 Prior preferred No par 71 Sept 8 8412 Mar 26 7512 Nov 0018 Jan *3218 39 39 40 *33 3912 3912 3912 38 3912 39 39 1,000 McCall Corp No par 37 July 17 50 Apr 1 3914 Dee 108 *5412 55 5412 5413 55 Om 55 *53 5912 *53 5912 *53 5912 110 McCrory Stores clams A No Dar 5412Sept 8 74 Jan 2 74 Dec 113% Fee *57 *37 •57 GO 60 GO 57 57 *5753 07 *575 67 100 Class B No par 5612 Aug 2 70 Jan 16 70 Der 11612 Feb 94 *85 93 885 94 *85 *85 94 .85 94 *914 94 Preferred 100 8913May 7 97 Mar 24 8813 Nov 120 Feb *3212 33 *3212 33 *3213 33 *3212 33 *3213 33 33 33 100 McGraw-Hill Publica's No par 391..J one 23 44 Apr 7 30 Oct 48 Feb •18 1812 1812 1912 19% 191 19 19 1918 191 *19 1918 2,700 McIntyre Porcupine MInee_5 1434 Jan 2 1913 Apr 23 1212 Nov 2312 Jae 84% 8658 8534 874 85 85% 8534 8638 85% 86 85 863 8 27,800 McKeesport Tin Plate_No par 81 Jan 2 89,2June 4 64 Nov 02 Jan 1638 16% 1718 1718 17 1718 1738 1712 173 1712 1753 171 1,600 McKesson & RobbIns_No par 1412 Aug 13 3788 Apr 12 2118 Oct 59 Mar 3914 3914 3914 40 3978 39% 3912 39,2 *3914 40 *39 41 600 Preferred 50 35 June 24 4914 Apr 8 Oct 63 Bily 40 18 1712 19 18% 1734 181 1714 1811 174 1738 1612 1712 18,800 McLellan Stores *3512 36 No par 12 Juno 30 2014 Jan 7 184 Dec 6912 Aug 3512 3534 *35 353 3558 35% *35 3512 *35 3512 400 Melville Shoe No par 264 Feb 8 42 Apr 16 261s Dec 72 Jae 12 12 12 1278 *12 1258 1238 1234 1112 1234 1258 1258 1,200 Mengel No par 10 June 18 2334 Mar 10 9 Oct 3474 Jan 2134 2234 22% 2314 22 2234 23 2414 2334 2518 2414 2512 149,500 MexicanCo (The) Seaboard 011 No Par 164 Jan 18 37 Apr 7 14 Oct 814 15 14 Jae 15 6938 15 15 15 1578 *1513 16 151 1512 3,100 Miami Copper 5 13128e1)1 5 3372 Feb 6 20 Oct 64% Miu 57 57 *55 59 55 55 5634 5634 55 55 55 0 No pa 53 Jan 6 77 May 13 44 Dec 12278 July 2318 23,4 2314 2312 23% 2358 23% 23% 2314 234 2318 2312 1,200 Michigan Steel 6,900 Mid-Coat Petrol *118 114 *1 No 2218Ju13e pa 33 18 Apr Nov 2218 7 1.8 3978 Jan 1 1 1 1 1 1 78 1 78 Mar 4 213 Mar 17 34 Nov 31% 3134 31 3034 311 35* Jul) 3158 3118 3214 317 3214 3214 3258 3,600 Middle States Oil Corp etfe..__ 5,100 Midland Steel Prod 2138June 25 53 Feb 28 _No pa .90 94 953 *89 00 93 9334 04 *93 95 893 05 1,400 8% cum let pref 10 84 June 21 110 Feb 28 *4812 541. *4812 52 *4312 5412 *4812 541 *4812 54 *4812 52 Mimi Itegu_No -Honeywell pa 50 July 1 7624 Mar 19 1212 12% 12 1214 123 1231* Sept Nov69 13 13 13 12 1234 1134 12 5,800 Mlan-Mollne Pow Ion p1 No pa 1078 Aug 12 287 Apr 17 70 .68 70 10 *08 70 Oct 4338 Jule 70 *68 *68 70 70 *68 70 100 Preferred *1612 181, 1633 16% *1658 18 No pa 70 Aug 9 9214May 28 05 Nov 102 July 1712 181 1814 1814 1812 1812 1,400 Mohawk Carpet 1618 Aug 19 40 Jan 27 MIlls_No Pa 47 46 4512 46% 4513 4614 4513 45% 44% 457 35 Nov 8014 Mar 443 4518 13,000 Monsanto Chem Wk*. He pa 35 Juno 25 8334 Apr 21 3618 37 36% 37 47 Nov 804 Ora 37 36 36% 3858 3712 39 3718 38% 152,200 Mont Ward & CoIll Corp No pa *512 7 614 6% 2958 Aug 13 4972 Jan 2 6 6 4233 Dec 16,174 Jan 612 684 6% 6% 612 658 1,800 Moon Motor Car new _No Jan 22 1612 Apr 2 pa •58 1 5S 112 Oct 5834 *58 6834 • 6 Oct 58% 58 *58 58 581_ 58 58 200 Morrell (J) & Co No pa 61 Aug 15 72 Feb 6 1 118 1 1 42 Oct 8138 0..4 1 118 1 118 118 1 118 2,900 Mother Lode 118 CoalltIon_No pa *334 3% 1 Sept 3 2 Jan 2 113 Oct 3% 414 Al2 MP' 378 414 33s 3% *334 4 334 334 '2,000 Moto Meter Gauge eeEnNo par 3's July 12 1132 Apr 10 *42 4734 *43 473 4512 4512 46 34 Oct 3i4 0%F. *43 46 46 4534 4534 300 Motor Products C,orp No par 3412June 21 01 Apr 7 22 22 *2214 221 •2213 2212 2214 22% •19 38 Nov 206 Ma. 21 2212 2202 800 Motor Wheel No par 21 Juno 17 34 Mar 10 1212 1212 *1212 1338 1212 1213 *1118 1212 *11% 1213 *1118 21 Nov 5514 Aug 1212 200 Mullins Mfg Co aro par 8 June 18 2034 Feb 14 10 *50 54 Oct 81% Ise *52 54 *50 52 52 54 *50 54 *50 54 10 Preferred No par 40 July 2 8478 Jan 31 55 Dec 10214 Jan 39 *38 *38 39 40 3018 38% 3913 3914 *38 39% 3918 400 alunsIngwear Inc No par 36 Aug 13 5312 Feb 10 38 Nov 0134 M113 1612 17 1678 1712 17 1714 17 171s 1738 18 18 1838 15,500 Murray Body 1212June 17 2514 Apr 11 No par 1478 Nov 10078 Jun, 4312 43% 4312 433 *39 42 *423 43 •4134 4214 *4234 43 500 351 Myer? F par Bros__ & E Jan _ No 2 Mar 4912 26 30 Oct 6712 Oes 35 34 3434 3613 3512 357 3514 36 3414 3412 8,500 Nash Motors Co 341 35 No par 3018June 24 684 Jen 6 40 Oct 11878 Jan 1312 13% 1312 13 12% 1312 1338 133 *13 1312 •13 13 1,100 National Acme stamped____10 1058June 24 2614 Feb 14 417 Joie 1438 Nov *2012 22 20% 2018 *2018 22 *20% 22 *2012 22 •2013 22 100 Nat Air Transport 11 No Jan par 393 13 14 8 Apr 10 Dec 4814 May 918 9% 9 9 9 9 J 914 914 1,400 9 9 914 8 Aug 18 20 Apr 7 No par 918 Der 71 Mar 8434 8638 8412 8638 85 8038 8618 8712 8534 86% 8413 8678 31,200 Nat Hellas Hess National Biscuit New 10 71 Jan '1 93 May 29 6514 Dee 78 De , •148 150 *148 150 *14858 150 *1491z 150 14912 14913 *14912 151 100 7% sum pref 100 14212 Jan 23 14912July 11 140 Aug 148 Oct 4718 4858 477 484 4714 48 48 471 49 49 4612 48 23,300 41 Aug 9 8312 Feb 3 59 NO, 14834 Mal 55 55% 551 5558 55 5618 5512 5618 551s 5578 54% 558 38,500 Nat Cash Regeaer A w IN° Da Nat Dairy Prod 4514 Jan 20 62 June 2 No pa 38 Oct 8612 Ater *1312 1413 1512 1512 14 15 *1412 15 *144 15 *1413 15 800 Nat Department Stores No pa 1314Sept 5 2412 Feb 27 20 Dee 374 Mar 31% 3158 3134 3134 315 3158 317 327 3234 347 3314 331 4,400 Nat Distill Prod °tie__ _No par 2412Juue 2 394 16 6 Feb Oct 58 June *22 24 *20 24 *22 24 *22 *22 24 24 23 23 100 Nat Foam & Stemplug-.100 17'sJunel4 3312 Mar 1 2512 Dec 6214 Jar 13434 135 *133 136 133 133 13612 1361 135 135 *133 135 500 National Lead 100 124% Aug 12 1894 Pen 7 12914 Nov 210 Oct *14114 144 •14114 144 14112 14112 •14114 144 *14114 144 *14114 144 10 Preferred A 101. 13818 Jan 1 144 Sept 5 13a Nov 14113 Feb 11818 11818 .118 11978 118 118 118 118 *118 11812 118 118 80 Preferred B 100 116 Jan 17 11012July 1 118 Oct 12334 Ar.* 4634 47% 4734 4814 475 48% 4834 4934 4812 4914 484 5014 113,200 National Pr & Lt No pa 32 Jan 2 5814 Apr 24 23 Nov *112 2 714 Ata, 2 *112 2 2 *112 2 *112 2 *112 2 100 National Radiator 1114 Jan 7 44 Jan lb No par 17 1 12 De,• *234 514 *234 514 *234 54 *234 514 *234 514 .234 514 Jan par Preferred 3 No June 25 11 Jan 16 14 De, 91 *52 5134 52 53 5134 518 53 Jan 53 55 57 55 5712 -7155 Nat Steel Corp No Par 5134Sept 6 62 July 28 105 10534 *10512 106% 10512 10512 107 117 *10512 10712 •10512 107 700 National Supply 8June 1007 50 27 Apr 124 7612 7612 77 3 4 7 Nov iii" "iil 7712 7612 7012 76 77 7634 7714 767 7714 1,900 National 50 3012 Jan 7 9838 Mar 22 Surety 7014 Dec 135 Fee 2314 2313 2312 2358 2334 23,4 234 2312 2312 x23 23 2312 1,200 National Tea Co No VW 2112 Au,g 20 41% Feb 4 311 Not 9138 Mat 1334 1434 1414 1512 148 158 1514 1678 1558 1634 215 157 27,80 1 Copper_No par 13% Aug lb 8234 Jan 7 234 Nov 8272 Mar 27% 27 2734 27 27 28 28 2.8 2712 34 35 3958 13,300 N NIe evacia wton C STenri No Par 27 Sept 5 59 Apr 14 35 Dec 113 July 39 40 40 3912 39 39 3912 40 *39 •39 40 40 2,000 N Y Air Brake 0 a0 r No Aug 3714 1 p 47 4 3 Mar Feb 10 *3518 36 3613 Oct49 *3518 36 *3518 36 2 36 36 3614 37 36 36 900 New York Dock 28 June 26 48 Apr 25 33 Nov 583i, Fet, *8112 8418 *8112 8418 *3112 8418 84 84 844 8.414 .84 85 200 Preferred 100 80 Feb R 8812 Apr 24 323 4 July 1914 19% 19% 1912 193 204 2058 2058 20 90 At" 20 20 20 3,100 N Y Invwtore Inc NO Par 1718June 23 32 Apr 24 10534 10612 10534 10534 *10534 106 106 106 105% 10534 10534 10534 210 NY Steam peel (6)_ No Par 100 Jan 2 10612SePt 3 9312 Nov ia- "i;J 11612 117 *115 *115 117 ___ 11518 11518 11514 11514 117 117 110 No Par 110 Feb b 117 Aug 28 107 Nov 115 Ant 105 1065s 10538 107% 10638 10834 10712 109 10712 108% 10558 10814 31.700 let preferred (7) No par North American Co 11 684 Nov 1865, Befit 1055 5512 5514 5512 3514 5514 558 553 5512 5584 5534 55% 1,100 Preferred 6 51 7 11:t2 1: 1277*A11;7e 50 8 8% 918 48 Nov 3414 Jan 9 912 838 91 878 934 012 9% 904 978 North Amer Aviation_.No par 18 147 Apr 10 10418 10414 10414 10414 104 10414 *10414 10412 10438 1047 10434 104% 27,500 1,700 No Amer Edison pref__No par 10034 Jan 23 105 May 22 "og" Not TailsJar *4234 4414 *4314 4414 41234 4418 *421z 4314 *43% 44 4313 4313 40 Aug 8 bbileJuue 11 100 North German Lloyd 41% Dee 6414 Jar_ *4634 48 48 48 48 *4612 43 48 47 47 4934 49% 150 Northwestern Telegraph___30 42 Jan 2 5013 Mar 14 4012 Dec 50 Me, 114 *1 118 118 •118 104 *118 114 112 •1 114 *1 100 Norwalk Tire de Rubber_-_10 4 Mar 26 Is Jan 9 61, Feb 34 On 30% 3118 3014 31 3012 3058 3012 3078 30% 30% 8,200 308 307 No par 30 Sept 4 32 Aug 21 Ohio Oil Co 2314 24 2378 2434 2314 2414 23 23 23 2318 2218 22% 32,300 Oil Well 25 Jan fAy 3 24 3 4SePt Supply 9 -.6-eC 32 Jan 10458 104% 105 10514 103 10512 10812 108 107 10912 108 110 7,210 100 86 Mar 10 110 Sept 12 Preferred 8834 pet 1054 Jae 11% 12% 1212 1312 1212 13 1234 13 1234 13 12 4 1258 2,900 Oliver Farm Equip____No 1033SePt 5 $474 Apr 17 8 Oct 6412 AP' .31718 20 17% 1812 1814 1814 1712 18 175 1758 1712 1712 1,300 Cony participating-No Par 16 Sept 5 Par 2618 Apr 17 17 6312 6312 654 66 Oct 69% Apr *66 6612 26412 6412 *6113 6612 •6112 6612 400 Preferred A ..No par 63128ept 6 9034May 13 8412 Der 94.112 Ma, 4% 438 5 5 54 54 *44 5 614 538 5 5 6,200 Omnibus Corp 234 Jan 8 No par 8118 Mar 31 212 Oct 1078 Feb .85 95 85 85 *85 91 87 87 *87 89 *87 89 20 Orpheum Circuit, Inc pref_100 63 Jan 8 9978 Apr 24 601a Oct 950 Jar 4. 70 7078 708 7112 713 7218 8978 7058 6914 6914 29 277 74 1 4 16 454 Ws Elevator new_ -No par 55 June lb' 80% Mar I *12714 ---- *12738 012738 ____ 92738 ____ 12712 12712 168 * 4c Preferred 100 128 June 12 11S7 Oct 125 "Jr, 2678 268 25 27 27 26 0254 27% *2512 28 2534 2534 18 ' 630 Otis Steel 412 Au a0 t 12 No 1p0 ja n g 23 14 3578 Mar 31 94 2214 Nov 66 Oes *92 *92 94 *92 94 *92 94 *92 94 •92 94 ulye 23 8 49.043Jun 2 99 Apr 29 Prior preferred 4612 4612 4612 467 8934 Nov 108 Feb 47 47 4714 4734 4678 4712 413% 46% 12 1:,0 830 0 Owens-Illinois Cllass Co _25 43 Nov 0912 See' 5734 58% 5918 6038 5812 5912 5912 6112 60 6078 Fob 7 6034 5034 6078 10.100 Pacific Gas & Elee 21 62.. Jan 2 7478 Mar 31 42 Nov 9834 Seta 78% 7973 794 8112 797 80% 81 85 8114 83 8112 8314 No 1001, t 7132 Aug 12 10778 Mar 28 Pacific Ltg Cory 22 *22 6818 Nov 14612 Sep: 22 2234 22 22 *22 2212 22 22 *22 2213 170 Pacifle Mills 204July a '10 Feb 8 1712 Nov 14014 14112 140 14012 1397 1401 140 142 37 Apo 14012 141 141 1411 100 130 June 19 178 Feb 19 131 Nov 210 JUlY 880 Pacific Teen'. & Taloa *12618 rao *12618 130 *12618 130 130 130 130 130 *12812 100 11613 Jan Preferred 145 Fob 21 11634 Jan 118 131/ 1312 1314 1334 1312 1414 1312 1378 1338 1334 134 131 0,1 13% Car____No par 48,8180° Aug Motor 2 0 Packard 1214 23% Mar 18 55 •54 *54 13 Nov 5713 *54 *54 58 3212 8011, *54 53 5.5 •53 56 Fe Pan-Amer Petr & Trans_ _50 64146itty 14 5478 56 5514 56 54% 55 404 Feb 89 55 55 54 g 54 •54 on 2,100 Clam It 6742May 14 4012 Feb soi. o. *1234 1434 *1234 1334 *1234 1334 *1234 14 *1234 131 *1234 131 77 1012 *15' unb g 226 35% Apr 7 Park & Tilford Inc-___No par 8138(4101 A 1018 10% 734 978 24 8,4 94 Nov 878 9 Jan 87 7 8 9 9 12,000 Parmelee Transnorta'n_No ea 6 Aug 22 261* Mar 10 513 *5 *5 5 512 *5 513 512 51 1512 Dec Dr0 558 05 514 44 7118 2 F.) 114 500 Panbandle Prod & ref-No pa 4 1244alay 14 *45 60 60 *45 *45 60 3 Nov *45 GO 154 Jae *45 60 .45 60 100 Preferred aro 80 May 14 6118 61% 6014 6138 60 61 4712 Feb 78 jtv,I. 6014 62 GI 617 8012 6134 66,100 Paramount Publix__ __No par 774 12 8j 2 J t itn ,, Mar 17 31 2 2 *2 2 7Mr 212 1% 2 88 Oct 2 2 *I% 2 1 4,000 Park Utah C 64 413 412 44 412 433 Apr 7 412 403 413 458 3 De 13% Feb 44 45 412 412 3,303 Pattie Exchange No Par 2% Jan 3 9 Apr 21, 1012 *913 10 1014 10 *10 212 De 034 975 1472 Jae 9% 913 *9,8 10 No 1,400 Par 5 Class Jan A 2 A 1612 163 Dr 8 25 1934 1614 1858 •164 1712 1638 165* *1614 1612 •1614 16,2 412 De 30 Jan 600 Patin° Mince & Enterpr__20 16 Aug 22 8272 Feb *4% 4% 4% 538 5 5 24% Oct 47% Ma, *412 5 5 5 *412 5 50 4 Aug 12 14 Feb 3 70 Peerless Motor Car 618 Oat 22% JAIN 4212 4212 4112 4212 42 4178 42% 4238 43 4212 4134 4312 10,400 par No 2618 Jan Ford 7 Penick & 5538 Ape 10 55% 54% 55% 5434 55% 53% 65 55 22 Nov 607 55 54 . Beet •5313 54 3,700 Penney (J C) 48 June 18 80 Jan 3 No par 86 Nov 1064 Oe. 100 100 100 100 *100 10014 *9978 100 10014 10014 100 100 4718 8 10(1 93 Jan 7 10058 Apr 28 612 7 400 Preferred 7 83 Oct 97 13e. 7 7,s 7 7 7 713 712 000 Penn-Dille Cement----No par 612 Jan 4 12 Mar 8 4634 4634 *40 313 Nov 27 .40 4634 *44 45% 46 4634 042 4634 042 4634 11)0 304 Jan 2 56% Max 13 300 Preforred 20% Nov 94 267 274 0267 273 *266 26312 2631 26312 27412 *267 275 'as 274 1,60 People's(3 L & C(Chle)- _100 230 Jan 17 325 May 27 208 1912 2014 2014 *1914 21 19 .19 19 Jan 604 A *191s 2018 •191s 20 1718.1uly 17 2212 Aug 11 Are par 300 Pet Milk 18% Dec 4512 Jon 1818 18,8 174 1814 *17% 18 17% 1818 17% 3134 3118 3118 *3158 3212 31,2 1838 174 1814 10,400 Petroleum Corp of Am_No par 1712seat 12 2714June 00 3012 31% 31 3218 3012 32 25 2912June 18 4432 Aim 7 3,000 Phelps-Dodge Coro *200 215 *200 215 *190 210 .190 210 1,190 210 *190 31 Nov Philadelphia Co (Pittsb) 60 200 June 18 248 Apr 111 15712 AP" 236 17i0Z; *5514 5712 *5512 5713 56% 5618 56% 564 5618 56% 5618 210 Oct 5618 preferred 50 6018 Jan 15 5613SePt 9 8% SOO 1918 1934 18% 1934 1914 20 4713 Nov 19% 2038 19% 2018 18% 54 Mat 3a 19% 1132 Jan 17 25 May 23 34,600 Phila & Read C & I---No Par 1138 11 • 1114 1134 1218 1134 1214 0 1114 12 •11 918 Nov 34 1112 1178 2,700 Phillip Morrie & Co.. Ltd Jag 10 Jan 8 1512 Mar 11 134 •I6 *16 17 17 17 *16 1316 17 .10 5% Oct 2514 Ye' 17 16 16 100 P14111103 Jonee Corp_-_ _No par 16 Sept 12 2772 Feb 18 *6013 70 *6018 70 *6018 70 *60% 70 1912 Nov *6018 70 . 78 Maa 0018 70 Phillite &mew oral 100 5934 Aug 21 74 Feb 11 3312 32 3318 32% 327s 52,4 3278 3334 33 33 66 Nov UA Ma) 3212 33 2914 Feb 17 64% Ape 30 43,000 Phillips Petroleum __No par *1014 13 *10,4 13% •104 13 *1014 13 2414 Nov *1014 13 47 lea *1014 13 Phoenix Hosiery 5 1034 Mar 4 2018 Apr 30 •1812 23 *1812 23 •20 23 *20 2112 *1812 20 Oct 10 5 8 373 3 Jae 20 20 19 June 25 33 Apr 3 100 Pierce-Arrow Class A--NO Par 1 •1 1 *1 118 118 *1 le Nee 118 118 1 37% Ja• Corporatl 118 1% 25 Pierce 011 1 Jan SOO 4 21 •25 26 27% 425 26 2Mar 17 27% *26 27% *25 1 Oct 2712 *25 3% Mac 27% 100 204 Jan 10 62 May 1 100 Preferred 4% 434 412 4% 434 434 434 5 434 5 20 Oct 5112 MO *434 5 NO par 24 Jan 8 5,100 Pierce Petrorm 718 Apr 24 lz Oct 571 Jae Saturday Sept. 6. Monalay Sept. S. Tuesday Sept. 9. Wednesday Sept. 10. Thursday Sept. 11. Friday Sept. 12. Sates for 356 Week. STOCKS NEW YORK STOCK EXCHANGE. 4814 4 Bid and asked prices; no 58.104 00 this eta E2-dividend and ex-rights. a Ex dividend. r Ex tagets. New York Stock Record-Continued--Page 7 1684 etor sales during the week of stocks not recorded bore, see seventh page preceding HICF1 AND LOW SALE PRICES-PER SHARE, NOT PER CENT Saturday Sept. 6. 21Ionday Sept. 8. Tuesday Sept. 9. Wednesday Sept. 10. Thursday Sept. 11. Friday Sept-. 12. Rates for the Weeh STOCKS NEW YORK STOCK EXCHANGE. PER SHARE Range Renee Jan. 1. Os basis of 100-ahare lots. Lowest. Hioheat. PER SHARE Range for NOHOW Year 1929. Higbee. Lowest. S per share S per share $ per share $ per share $ per share $ per share shares Inane.&Miscall.(Con.) Par ;per share 5 per share 5 per share 5 per2chart 30 Oct ti37 Jar Pillsbury Flour MIlls___No par 1200, 27 June 25 8734 Apr 11 33 33 328 33' 3212 327 . 33 3234 3234 *321 32 32 1 4 Oct es Am 43/ 400 Plrelll Co of Italy 3934June 25 5072 Feb 27 *4014 408 4014 4014 *4014 408 4012 4012 4012 4012 4012 4012 54 Nov 8334 Jar 500 Pittsburgh Coal of Pa____100 3514 Aug 13 7818 Jan 7 4814 4812 4712 474 *4612 483 *4012 483 *4612 482 346 50 Or' 100 Preferred 8312 June 110 86 100 83 Aug 19 110 Jan 7 *83 88 *83 88 8712 *83 88 *80 88 *80 88 17 Dew 274 Am 1,700 Pittab Screw & Bolt.. ..No par 17% Jan 22 2278 Feb 18 18 18 18 18 *18 18 *18 1812 18 1834 *18 Oa 92/ 1 4 Feb 110 Pitts Steel 7% cum prof_ _ _100 9312June 24 103 Jan 7 95 95 95 95 98 98 181460 98 9758 975 *95 *95 100 600 Pittston Co 22 *21 No par 204 Feb 28 2272 Apr 8 22 *21 22 *21 21 *21 2112 21 21 21 9,400 Poor & Co class B No par 2034July 9 3438 Mar 18 16- Nov -..aii -6-iti 2678 2512 26 2412 258 2514 2638 2512 2578 2512 268 26 400 Portoltican-AmTob cl ANo par 21 Aug 12 3038July 3 8 *2418 2434 2434 2434 2378 24 *24 2434 2158 245 *23 24 al ---2,700 Claes B 8 Nov .Kole; J111 93 4 97 8 Aug 12 2714 Mar 10 par 97 93 4 918 934 • 912 912 104 94 938 10 Jar 1,900 Postal Tel & Cable 7% pf_100 85 Sept 9 103 Jan 21 93 Nov 105 *8314 86 85 8518 85 *85 85 85 85 *85 90 90 1,800 Prairie Oil & Gas 4912 Oct 555 Jar 35 25 3334 Aug 25 54 Apr I 3314 333, 35 35 *35 3614 34 3438 35 35 35 Oct 05 Ant 3,800 Prairie ape & Line 45 45 45 25 4.4 Aug 12 8012 Feb 7 *447 45 447 45 45 447 448 45 445 445 2538 Mal 61g NOV 612June 18 1658 Feb IS No par 712 778 7,500 Pressed Steel Car 758 778 8 8 814 *77 814 858 7/ 1 4 814 100 Preferred 50 Der 81 Me, *5754 62 100 50 June 24 7612 Feb 14 *5734 62 *5734 62 *5734 62 58 58 *55 58 98 Atli 7,300 Nov Procter 8 43 2 & 743 7 g 787 8June 522 8 Jan 3 Gamble No 73 par 744 748 7434 743, 74 7412 7512 7412 7514 74 1,700 Producers & Refiners Corp-50 612 Feb 17 1172 Mar 17 7 7 4 714 Oct 2573 Jai 714 *7 *7 7 7 7 7 *7 71 43,800 1373 Nov Pub 9612 4 Sep Ser Corp 54 1233 4 of 94 Apr 11 814 Jan 2 N J No par 968 954 9712 9712 963, 9234 9514 9434 96% 95 9 , 48 98 9812 5,500 55 preferred No par 9134June 18 9812May 1 ---- ---- ---- ---. 98 9814 98 9714 9758 9712 9758 9712 98 2,300 98 Nov 10818 Psi 8% preferred 115 115 100 10512 Jan 3 11512Sept 8 115 11512 115 11514 11514 1154 115 115 11334 115 800 7% preferred 100 121 Jan 10 13112Sept 12 105 Nov 124% Sea 13014 13014 *130 13014 130 13014 *130 13114 13114 13112 130 130 Nov 151 air 200 8% 156 13912 156 158 June 7 2 156 143 Jan preferred 100 *15418 •154 15712 15512 15512 *15418 15814 *1544 15814 500 Pub Sere,Else & Gas Wet-100 10714 Feb 5 112 May 21 10412 Nov 10258 Jai 1104 11014 1107a 1108 *11014 1108 *110 11012 *110 11012 110 110 5,300 9914 Sep Nov 73 68 89% Jan 3 June 25 Pullman. Inc 6714 62 No par 8 68% 687 8 687 68 6858 6912 68 88 69 70 600 Punta Alegre Sugar 6 Dee 214 Jul) 812 Jan 17 114June 26 50 158 134 *112 158 *112 18 134 134 1% 158 158 158 30r4 Ma! 20 Nov 25 1912June 25 2714 Apr 7 1958 1934 1958 1934 1912 197s 1912 1934 10,200 Pure 011 The 1934 20 197 20 11012 350 8% preferred 100 11018Sept 11 11414 Apr 8 108 Nov 116 Eel *11212 11234 1124 11234 *112 11212 211212 11212 11018 11012 1103g 5,100 Purity Bakeries 67 55 Oct 14858 Am 52 June 21 SS% Feb 15 66% 6512 6612 6612 6812 6718 694 67 65 6678 667 Oct 11484 Sep 26 4218 4314 40% 428 442,100 Radio Corp of Awer___No par 8212June 23 6938 Apr 24 4118 4214 414 4134 4138 43 4012 42 Ja; 200 Preferred 50 Nov 57 *5434 55 55 50 53 Feb 4 67 Apr 21 55 *5158 55 *5458 55 *5458 55 *5158 55 2,300 Preferred B 70 70 02 Nov 824 Ap No par 68 Jan 24 85 Apr 2 70 70 *6834 72 7112 71 72 71 7012 71 Jar 467 2 5 278,300 Oct Radio 12 364 24 19 Jan 2 par 34 50 Apr Keith-Orp 41 A-No 3658 374 7 3758 '8 37% 36 357s 30% 36'8 3714 36 28 Nov 584 SeP 3058 2912 29% 2912 2912 3,800 Raybeethe Manhattan-No par 28 June 18 587 Apr 17 3112 318 3114 318 30% 3118 30 842, Itta 3614 Nov 4912 30,000 Real Silk Hosiery 10 3458Juno 19 64% Mar 28 4714 4658 498 488 5034 347 4312 4312 4378 4438 44 8614 Dec 10212 Pet Preferred 29 95 100 Mar 88 Jan 13 100 *89 95 *89 95 *89 *89 95 95 *89 95 *89 1614 Fel 57 Feb 3 300 Reis(Rohl)& Co 358 Dec 1 Aug 29 No par 2% •134 258 238 *2 218 214 *2 I% 134 *134 218 40 Dec 10812 Eel First preferred 35 100 14 Aug 28 37 Jan 28 *15 35 *15 37 *15 *15 37 37 *15 25 *15 Oe 57% Nov Remington-Rand 31,700 2014 3012 3 4612 Apr 14 25 23 June Nova? 298 2958 294 2934 2934 3034 3018 30 294 2912 x29 81 Nov 061j 00 First preferred *98 100 100 112 Jan 3 10072 Mar 28 *9818 100 9858 *984 100 *964 100 .98 *98 100 101 AD Mar 93 July 15 104 4 Second 10212 Jan 95 preferred 100 *102 10212 *102 10212 *102 10212 *100 10212 *100 10212 *102 1018 Oct3172 Jai 1314 10,600 Roo Motor Car 818June 17 141k Mar 24 10 1234 124 1318 13 1214 1134 1238 x12 1178 1214 12 3614 10,500 Republic Steel Corp_-- No par 32 Aug 15 7912 Apr 18 ---_ -- ---- --3638 35 3612 3634 3558 3612 3512 3612 36 3518 37 - - ---900 Preferred cony 6% 100 80 Aug 15 9512May 6 *8258 82'z 82 8218 8314 8314 82% 83 82 8238 82 82 200 Revere Copper & Bras, No par 1358Sept 2 30 Jan 3 16 -Dec -11-18 Wu 1412 14'2 *1412 17 1512 151 *1412 1678 *1412 17 .212 17 70 Dec 78 No 200 Clara A 5312 5312 No par 6312Sept 12 72 Jan 24 *5312 54 56 *55 56 56 '55 558 5514 *54 No par 23 June 23 3434 Apr 14 -___ --- --- --2312 2312 2312 2312 1,000 Reynolds Metal Co_ 237 23 24 *23 23 23 23 24 121-4 it 358 Nov 1,600 Reynolds Spring 74 Jan 29 3 3 June 18 No par 3 3 3 3 3 3 3 318 314 314 314 5 39 Nov 86 jai 5278 5312 527 5314 5234 5318 45,100 Reynolds (II J) Top class 13_10 4514June 18 58 Mar 11 52 5234 5214 52'2 5212 53 Os 8912 Apr 70 Jan 2 30 80 3 June Class A 75 70 *7434 3 10 4 743 74 *7118 743 *714 7434 7434 7434 *714 74 2258 Dec 498e Jai 16% 41,900 Richfield Oil of Callfornla_25 104June 17 2814 Mar 14 1834 16 16 1612 17 1658 1714 1658 17 1618 17 15 Oct 424 Mn 12,800 Rlo Grande 011 25 3 4 Apr 7 Aug 2S 1618 15 No par 1558 8 165 8 155 16% 1614 1612 1618 18 16 1658 16 40 Nov 70 Jun 200 Ritter Dental Mfg No par 88 Aug 12 5934 Feb 8 3914 3914 *39% 40 *3838 40 40 238 *38 40 ' 38 38 96 Ms: 28 Nov 10 2714June 18 4834 Mar 3 3414 358 10,600 Howie Insurance Co 3314 353 3114 314 *313o 3134 3158 3218 3214 333 04 Sep 13,800 Royal Dutch Co (N Y shares) 4534 Aug 26 564 Apr 7 Ms Oct 485 4814 487 4812 4734 4838 4818 4812 4858 4838 4734 48 Pal 94 3812 Nov 10 8314June 18 5714 Feb 6 4014 4014 4,600 St. Joseph Lead 41 '4014 41 40 41 4012 4112 4072 4114 240 904 Nov 19514 Jai 1 4 Aug 13 12228 Jan 23 No par 57/ 74% 6,700 Safeway Stores 7314 757 373 7038 73 71 69 7014 70 69 *67 101 Sep Oct 901 85 70 Preferred (6) 997 2 Feb 7 87 Aug 9 100 z9012 94 94 94 9212 94 :292 *924 94 •9212 94 10 Preferred (7) '00 102% Aug 28 10978 Mar 26 100 Oct 10912 oe •____ 103 *____ 103 *____ 103 *___ 103 *____ 103 x103 103 5172 it 2012 Nov 1,000 Savage Arms Corp-__No ar 16 June 18 8134 Apr 2 2012 2012 *1912 20 2034 20 *20 20'2 2012 2034 2078 21 312 Dec 414 it Schulte 9,400 41,4 Jan 2 1312 Jan 23 Retell Eitores_No 2 812 9 814 812 84 *7 7is 718 712 712 818 8 310 Preferred 30 Dec 11812 is 100 85 Jan 2 75 Jan 21 70 370 70 70 70 70 70 70 65 85 59 '55 10 Der 2214 At' Seagraye Corti 778 Aug 22 1414 Mar II No par 9'z 912 *8 *8 *712 9 *712 9 81 *7 9 *7 it 80 Nov 181 7212 743 32,800 Sears. Roebuck dr Co No par 56 Aug 12 10058 Jan 81 753 744 7638 74 748 7578 73 7314 7514 73 1,000 Second Nat Inveators_No par 9 Dec Ws No 7 June 26 23 Feb 17 10 *98 1014 10 10 10 10 10 10 10 .958 10 No 634 Nov 3 65 Mar 18 5812 Jan par 200 82 1 4 Preferred No 4 683 68% *6434 72 *6434 72 70 *66 *66 69 76 *66 1012 Mt 2 Nov 138June 28 34 Jan 29 No par 24 234 18,600 Seneca Copper 234 3 2 28 184 134 218 134 *158 2 714 Nov 7182 Au 534 Aug 13 1312 Apr 25 No par 714 21,400 Serve/ Inc 7 718 712 7% 7 678 7 058 67 84 634 811,June23 52 Apr 21 34,000 Shattuck (F G) 2518 Oct 194 Au No par 405 8 39 4138 394 39 3858 378 3812 38 3752 3734 38 1,100 Sharon Steel Hoop 20 Nov 634 Jul No par 183*July 7 331 Feb 13 18 1912 1912 "1834 191 *1838 1912 *1838 1912 1818 1834 1778 1914 1572 Nov 22 No 900 Sharp 02 Dohme No par 164 Aug 8 2734 Mar 10 1912 1912 1912 19 *17 1718 174 18 20 1812 *17 Nov 8572 Au 50 3 4 Mar 10 2 par 63 54 Jan 200 Preferred No 5012 604 5812 5858 *5812 4315 *50 60 *56 3513 60 *58 60 ' 43 Jan 551 Ja 30 Shell Tramp & Trod Co Ltd £2 40 Aug 21 483, Apr 23 •4134 4312 "4134 431 "4112 4312 4158 411 *4112 43% .4112 Oct 8124 All Aug 26 254 Apr 7 19 14 Shell par 13,100 Union 011 No 14S 1412 4 143 1412 1434 15 1458 1434 1434 147 1478 15 _ - --- - -100 9158Sept 10 10814 Apr 21 1,000 Preferred 9158 9158 9134 9134 91% 914 15,500 Shubert 93 39158 93 9358 9134 93 -8 Dec 77412 -JR 828 Jan 2 35 Apr 25 Theatre Corp_No par 1838 1712 1738 1914 1912 18% 19 1814 18 1758 183, 1758 5912 Nov 188 Sep No par 21 July 8 9472 Jan 2 2712 2858 42,400 Simmons Co 2912 2812 29 274 28 27 281 1 2838 27 15 Nov 404 Au 10 18 June 18 37 Mar 24 2114 2114 8,400 Simms Petroleum 2138 2134 2114 22 1912 2012 2012 22 1818 19 21 Nov 45 it 50,700 Sinclair Cone 011 Corp_No par 20 June 23 32 Apr 7 2214 8 215 2214 8 215 2134 21 2138 2034 2114 21's 2214 21 Oct 111 in 103 Apr 24 11214 108 June 10 Preferred 100 400 8 1107 '1103 8 *11038 11012 11038 11038 •11038 110'2 1103, 11012 "11038 11078 Oct 4612 Ma 28 2672Sept 12 42 Apr 9 2 2,600 Skelly Oil Co 2678 27 27 27 27 2734 27 274 2758 27 28 28 1614 Fa 34 Nov 8 Jan 9 34 Aug 18 200 Snider Packing No par 512 *412 8 51 51 *412 512 *44 54 *4 5 *412 512 Nov 8412 Jul 14 24 383 4 Feb June 25 par 15 Preferred No 400 1758 2034 178 *19 *19 2034 1978 20 *1712 20 *174 20 85 Ziov 111 Ben 5,400 Solvay Am thy Trust pref-100 9512 Jan 6 1214 Apr 3 *116 11712 118 11712 1173 4 117 117 118 *11614 11714 11714 1173 2258 Dec 45 Ms 15 Aug 19 8034 Jan 16 3,90080 Porto Rico Sug No par 17 174 174 174 17 1878 1758 1714 1714 31718 157 167 454 Nov 934 Set 25 5258June 25 72 Apr 14 5954 13.000 Southern Calif Eason 5812 584 6078 5878 598 68% 1512 Ja 574 5814 5814 59'8 58 24 Nov 9 Mar 8 34 Jan 4 400 Southern Dahlee ol B__No par 618 8ts 71 *6 72 *6 712 *6 *6 71 8 8 MI ms 30 Nov No par 83 Jan 8 45 Mar 17 Bros Spalding 300 4312 434 4412 4412 *4314 45 45 45 *4212 45 *4212 45 115 Aug 117 107 Nov 27 Jan 13 108 pref--100 Fs SPalding Broa 1st 20 114 114 *114 115 *114 115 114 114 *114 115 *114 115 15 Oct 524 Se 1972 Jan 2 3734June 14 1,600 Spang Chalfant &Co InoNo par 35 *34 35 *34 3358 35 3318 3318 *33% 331 *33 333 Oe 89 Mar 98 100 92 Jan 20 98 Jan 2 50 Preferred *944 9412 9412 94'2 9514 9514 *9412 9514 9514 9514 "9514 9512 1318 Nov 73 Au 134 Jan IS 3012 Apr 10 32012 2034 0,900 Sparks Withington-___No par 21% 2012 21 207 2178 21 224 211 22 22 415 Au 20 Nov 15 Sept 12 26 Apr 15 100 Spencer Kellogg & Sons No par 15 15 17 *15 17 *15 17 *15 161 *15 16 *15 143,Juno 26 364 Feb 4 No par 2018 Dec 8634 Ms 1,400 Spicer Mfg Co 18 1858 18 18 1612 1812 1658 1658 17 1712 1.8 17 Preferred A No par 8714 July 8 2558 Mar 31 38 Nov 5572 Me 40 *38 40 40 .38 *38 *38 40 *38 40 40 *38 SPlegel-May-Stern Co_No par 1018July 8 52 Feb 3 34 Dec 11778 Fe 2,100 18 *1712 17 *17 17 1858 1612 1938 1814 194 1812 1812 No par 20 Oct 44% Ser 17 June 18 2924 Feb 8 74,900 Standard Brands 2012 2038 214 20% 2118 2078 2112 2014 205 220 2038 20 No par 117 July 7 12114Sept 4 1144 Nov 11884 Bet 100 Preferred 12112 "121 12112 *121 121 121 *120 122 *11814 122 *121 122 34 Dec 4358 Ja 714 Feb 11 312June 17 700 Stand Comm Tobacoo_No pa 53 .414 *414 0 6 6 6 6 6 *418 512 64 Standard Gas & El Co_No par 8418June 25 12912 Apr 16 7312 Nov 243% Set 10434 10612 31,400 10412 10612 1053 10114 105 10712 106 107% 10512 107 67 Fe Nov 50 6138June 19 87 May 26 640 Preferred 5812 67 *6612 67 07 6618 6614 6614 6612 67 66 66 .66 000 $6 cum prior pref__ __No par 9812July 10 104 Sept 12 __---- ---- --*102 10234 '102 1023 *102 10234 1028 10234 *10214 10312 104 104 6 June 23 1512 Mar 27 4 Dec 48 an 1,400 Stand InyeetIng Corp-No par 68 6% 7 612 71g 7 *612 714 7 7 *65a 7 700 Standard Oil Export prof __100 98 Feb 8 106 Sept 5 1054 1051 *10178 105 *10478 105 *10412 10478 1044 10412 15,600 Standard 011 of Cal_---No par 554 Feb 20 75 Apr 25 -514 Oct 14710412 105 2 Ma 6012 0114 6018 6058 604 0034 604 60% 7,700 Stand 011 of Kansas 611 6012 6078 61 25 29 June 17 49 Apr21-3014 30 30 2912 2912 3014 2912 30 3018 3018 *3014 311 Standard 01108 83 Ben 48 Feb New 84% Apr 80 58 Feb 20 Jersey_25 150,500 4 703 6918 7012 694 6778 6914 68% 70 0914 7014 6914 701 484 Ser 3154 Nov 26,000 Standard 011 of New York 25 30 June 23 4038 Apr 28 3013 314 30% 3118 3034 314 2,000 Starrett Co(The L 8)--No Pa 3138 31 31 3l1s 3012 31 001 47r2 Or 23 4714 Apr 23 3018 2712June 3431. *3414 7 36 *3414 *3434 35 354 3612 3522 361 *3114 36 84 Nov 38 Set 952July 8 2018 Mar 31 1112 1134 1,700 Sterling Securities el A_No par 1118 113 1114 1138 1112 1134 *1112 1134 113 ' 211 1572 Jul 84 Nov 20 11 June 30 14% Mar 31 900 Preferred 12 12 11 *1114 12 111s 11% 1178 1112 1134 "1112 12 Oct 551j Ott Convertible 31 June 23 preferred 5O 48 Mar 18 36 600 4 3934 *394 393 39 3912 3914 3914 *39 *3714 39 *374 39 77 Ma7 Oct Stewart-Warn Sp 80 Corp 8,800 10 1914June 25 47 Apr 5 2712 2734 27 , 27 28 27 2734 2718 277 2658 2714 27 64 Nov 20112 All No par 7012June 18 r13112 Apr 8 16,200 Stone & Webster 783 82 82 824 80I Ja 797 823 .8012 8238 82 98 Nov 7912 793 384 Stude134 Corp par 6 18 (T110) 7,700 474 Feb 2514June NO 3058 3078 3118 3178 3114 3178 3078 31 3114 3112 314 32 100 114 Jan 21 125 Mar 18 115 Nov 126 Jun 110 Preferred •122 1224 •122 122's 12212 1224 12212 12212 122 122 *122 12212 412 MI Oct Boat 4 Submarine No par 138 Mar 81 38 Jan 1 700 3 8 38 12 *38 38 38 12 *4 *3s 1 12 *32 55 Dec 803* 0€ 60 June 18 70 Apr 7 No pa 59 5914 1,200 Sun 011 59 8818 5878 59 5912 *594 593 *594 594 59 360 Preferred 100 10212 Jan 13 108 Aug 2 100 Jan 10512 it. 107 107 10612 10678 10612 1084e *10612 107 *10634 107 *10634 107 45l July29 Superheater Co (The)_ par 38 June _No 900 23 44 44 4338 4338 .4314 44 51314 44 44 4414 4414 44 61-4 Nov 24 AU 2 July 30 No par 938May 12 2 5 212 2,400 Superior Oil 238 238 214 212 214 23g 238 212 214 238 731 As 100 1212,jane 18 293* Mar 27 15 Nov 1314 1,200 Superior Steel 1318 1334 1338 138 1312 13'z 13% 1358 13 1212 13 2214 AS Sweets Co of 54 Nov America 1678 Mar 28 50 812 Jan 24 200 11 11 11 *1012 111 *1012 1112 *1012 1112 *1012 1158 11 9 Ma Symington 24 Doc No par 7 Apr 23 22e Jan 3 312 .3 31 .3 31 312 .3 .3 312 .3 .3 31 A 194 Ma 'Nov Class 614 23 Apr No PM 74June 25 par 800 814 e 958 59 10 . *834 9 912 918 834 *9 264 Mr Dec 14 7 2 7 Telautograph par Apr 25 CorP No 2814 165) Jan 4,100 20 2058 20 20 19 2012 204 21. 1812 181 *1812 19 912 Nov 2072 Al Tenn Copp & Clown-No par 1072June 25 17 Apr 10 1112 1134 1112 1158 7,70(t Texas Corporation 1138 11 11 1138 1./ 12 1114 11 Beg 517 2 Nov 5012 1 6012May 5e18June 18 25 19,600 5118 5178 5114 513 6078 5114 5034 5138 51 511 517 51 4712 Nos 8514 AtIs 58% 5938 15,800 Texas Gulf Sulphur_ _No par 4818June 25 6738 Mar 24 5933 5958 5931 6012 593 6038 5912 601s 5918 60 912 Nov 2371 Me Marine 18 1412 Mar 18 1,400 Texas Pacific Coal dr011_10 *52 9 812 V 838 81 814 814 *814 84 *814 812 64 Oct 244 isa Mar 22 Texas Pao 32% Land /12s Jan 2 1 Trust 111,400 2134 2134 2214 2158 23 2278 2358 2218 2318 2234 23% 21 1612 Mar 35 Bet Thatcher Mfg 17saJune 28 3638 Apr 4 No par 2214 227 227 23 *2218 23 2238 2212 2214 2238 1,300 *2228 23 85 Mar 4972 Bei No par "0 June 18 68 Mar 81 100 Preferred 44 *43 *4212 44 44 •4338 44 *4212 44 43 *43 43 r •Bld and asked prizes; no Nalco on tale dAy. a Ex-Clivklend. p Ex-rIghti. New York Stock Record-Concluded-Page 8 v., HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT Saturday Sept. 6. Monday Sept. 8. Tuesday Sept. 9. 1685 4,,s1.9 the week Of *t0C110 not recorded here. see eighth page preceding Wednesday Sept. 10. Thursday Sept. 11. Friday Sept. 12. Sales for the Neel STOCKS NEW YORK STOCK EXCHANGE PER SHARE Range Since Jan. 1 On baste of 100-share h,f/ Lowest. Highest. PER WARN Range for Previous Year 1929. Loma. Highest. per share Shares Indus. 8c Miguel!.(Con.) Par $ per share $ per share $ Per share $ per share $ per share $ per share Per chart $ Per share Per share *2434 2512 2512 2512 *2534 30 2512 2512 *25 254 Dec 5178 Jan 2934 *25 28 No par 2412 July 25 32 Jan 18 303 The Fair *105 10712 105 105 *105 10612 *10514 10612 *10534 10612 *10534 10612 100 102 Jan 21 110 Feb 18 102 Nov 11014 Oct 10 Preferred 7% 1418 1312 1418 12 1314 12 1158 1214 12 1358 12 1234 21,400 Thei mold Co No par 11 July 9 2678May 19 3012 30 3012 *3012, 3112 3012 3058 2,000 Third Nat Investors_No par 2412 Aug 9 4634 Apr 14 36 *35 87 3512 3614 3512 3513 *3558 37 *35 36 36 02 Jan Oct30 25 8512Sept 10 4712 Mar 12 400 Thompson (J R) Co 2038 2038 1958 2018 2072 21 2038 2032 *2038 21 _ 2112 2112 800 Thompson Products IncNo par 1938 Sept 10 3938 Apr 10 1912 1118 1118 1118 *1012 1114 1034 1112 11 _ 1114 11 1158 2,500 Thompson-Starrett Co..No par 9 June 25 1872 Mar 28 4214 4213 *4112 43 *4058 42 42 4314 *3934 42 *4034 42 No par 40 Jan 23 4958 Mar 25 200 $3.50 cum pref 1313 1358 1312 1334 1312 1312 1314 1338 13 1314 11,500 Tidewater Assoc 011-No par 1034 Feb 15 174 Apr 7 10 Nov 2312 June 1338 13 *831e 84 84 85 *83 85 83 83 *8112 83 *8112 85 7418 Nov 9072 AU! 100 78 Feb 13 8934 Mar 25 400 Preferred *24 27 *24 27 *22 25 *22 25 *22 25 *22 14 Nov 40 June 25 100 194 Jan Si 31 Apr 23 Tide Water 011 *91 9318 *9012 91,2 9012 9012 *87 9012 '87 90 *87 8518 Nov 9712 Jan 9012 100 83 July 13 947$ Apr 16 Preferred 1234 1234 1278 1378 1358 1334 1334 14 1314 1334 13 1112 Oct 3431 Sept 1312 4,800 Timken Detroit Axle 10 1214June 25 2114 Apr 11 68 6978 6712 6978 6912 7152 70 66 68 71 584 Nov 150 Jan 69 7073 19,200 Timken Roller Bearing-No Dar 554 July 8 8914 Apr 11 *312 334 *312 334 414 48 1 Oct 2218 Mar 414 438 10,300 Tobacco Products Corp 334 412 *418 414 612 Jan 23 214 Jan 3 20 1234 1234 1252 13 *1212 1278 12 1212 1212 1234 1234 1234 7,600 Class A 514 Nov 2238 Mar 20 7/ 1 4 Jan 2 1314July 9 2418 2434 25 2534 2473 2512 2518 2512 2472 2538 2412 2514 114,000 Transamerica Corp _ 25 19 Aug 9 2534Sept 8 Transcont'l OR Co__ No Par 1614 Mar 10 24 Apr 24 _ -A.78 *iii4 1134 14i4 1434 -1414 1414 jigs "fi" *1373 148 iiif 1: 153s Dec -"Os lie 100 Transue & Williams!MI No par 1178June 19 2838 Jan 31 1272 1318 1314 1358 13 1358 13 1342 1314 1358 1314 1338 7,500 Tr -Continental Corp --No Dar 204 Apr 10 938June 1 *95 9518 9514 9534 9534 9534 96 9518 95 95 9534 9578 3,500 6% preferred 96 Sept 11 100 8914 Apr 1 3414 3414 3314 3314 3358 34 327g 3272 *3234 3314 *32 34 4134 Mar 1 16- Dec 83 July 700 Trico Products Corp-No par 3012June 2 *1212 14 *1314 14 *1212 14 *1234 14 *13 1614 2,100 Truax Truer Coal 14 14 184 Dec 3172 Jan 22 Mar 16 No par 1038 Aug 2 2812 *28 3918 Nov 614 Jan 28 28 28 28 28 28 *28 2812 28 28 800 Truscon Steel 10 25 June 25 3738 Mar 25 2334 24 *2312 24 2334 2334 2334 2334 2312 2312 *23 24 Sept 5 2334 1,100 Ulen & Co No par 21 Aug 1 9758 9714 9778 97 9734 *9614 9778 *95 9712 9712 97 Nov 18138 Oct lir 97 Mar 21 3,000 Under Elliott Fisher Co No par 83 June 18 138 17 17 *1614 17 *18 17 17 1714 1712 1914 4,100 Union Bag & Paper Corp--100 1734 *16 7 Nov 43 Jan 938June 24 1914 Sept 12 7814 8052 87,200 Union Carbide & Carb-No par 6018June 23 10638 Mar 81 79 8058 80 8138 80 8112 8118 82 •80 81 59 Nov 140 Sept 4038 4012 4014 40%8 4014 4012 40 4012 4084 4058 41 4218 Nov 57 Sent 4012 4,500 Union 011 California 25 37 June 18 50 Apr 7 2558 26 2578 26 2538 2512 2512 26 27 2614 27 27 3,100 Union Tank Car No par 2518Sept 5 3812 Apr 10 6312 6514 6314 6412 6153 64 255,200 United Aircraft & Tran_No par 4312 Jan 31 99 Apr 8 6158 641 6112 6238 6138 623 81 Nov 162 May 68 *68 67 267 6734 677s 6778 67 67 *65 67 67 4478 Nov 1091,May 2,300 Preferred 50 56 Jan 31 7734 Apr 7 46 4578 4578 457 4658 47 4732 4732 *4732 *4612 471 *45 3312 Dee 60 Oct 1,200 United Biscuit No par 86 Jan 7 5834May 28 *127 140 *123 140 *12312 140 *12312 140 *123 140 *123 1391 100 117 July 12 142 May 28 11412 June 136 Oct Preferred 51 5178 5178 5338 5214 5278 5112 5258 51 5113 Z5013 5118 13,000 United Carbon Nov 1108 Sept 404 84 18 Apr 24 4018June No par 7 7 718 718 71 7 772 714 714 714 512 Aug 8 712 8 12,300 United Cigar Storee £02June 5 No Pa *5513 6018 *5512 601 *5512 601s *5512 6012 581s 5818 *5553 64 100 26 Jan 2 68 June 5 -1i71-1 Dec fa- "iii 100 Preferred 3534 3458 3512 3378 35 406,000 United Corp 3314 3458 3414 3558 3434 3558 35 754 May 19 Nov 2838Jung 18 52 Apr 28 No pa 5012 5078 5032 503 11,700 Preferred 505s 5034 5012 5034 5034 5078 5034 51 4212 Nov 4978 July 4638 Jan 6 5312 Apr 23 No pa 8 8 8 8 8 8 812 *818 81 814 *8 8 6 Dec 8118 Feb 7 July 8 194 Feb 19 1,000 United Electric Coal-No Pa 86 87 87 87 88 88 8878 87 8812 87 87 861 99 Oct 15812 Jan No par 83 June 16 105 Jan 18 3,100 United Fruit 37,4 3812 3753 3814 3734 3814 3714 3778 3634 371 46,100 United Gas & Improve_No Par 8114June 18 4938May 1 3634 371 22 Oct 594 July 103 *10312 ___ 103 *103 10338 10314 10358 *10312 104 103 1031 9014 Oct 9814 Dee 97 Jan 13 1034Sept 8 1,000 Preferred No pa *5 *5 7 Nov 2638 Jan *5 8 *5 8 8 *5 8 7 8 *5 5 June 11 14 Mar 14 100 United Paperboard 25 251 1514 Nov 487a Aug 2714 24,200 United Piece Dye Wks-No Par 22 June 18 3278 Apr 7 2512 2814 2834 2938 2718 288 2614 281 *25 1134 1272 16,900 United Stores cl A 101 84 De 14 Oft 1018 1024 1052 121 1018 1012 1012 11 *10 418 Jan 2 1478June 7 No Dar 48 144 De 4678 49 407a Oct 48 47 47 47 4834 *4734 49 4734 48 No par 1512 Jan 2 5034July 18 1,900 Preferred class A 2518 Nov 857e May 2678 2758 2712 2712 2714 2714 2714 2738 2734 2734 2,000 Universal Leaf Tobacco No par 1978 Aug 13 39 Mar 15 26 271 56 '52 28 Dec 93 Jan 53 53 *52 53 56 " 53 53 *47 58 *47 60 Universal Pictures 1st pfd.100 30 Jan 3 76 May 9 414 41 4 418 218 Dec 2214 Jan 4 4 414 414 414 414 41 *4 9 Apr 10 218 Jan 9 2,100 Universal Pipe & Rad _No par 12 Oct 5584 Mai 3578 3634 3578 361 3534 3623 3534 3638 3522 WS 3538 3614 32,600 U 8 Pipe & Fdy 20 1812 Jan 2 384 Apr 10 15 Oct 19 Jan 1934 1934 1978 20 *1972 20 1972 20 1918 191a 1912 191 No par 154 Jan 7 21 May 27 2,400 151 preferred 9 Oct 23 Sept 1014 1014 *1018 1012 *1018 1012 1018 1018 *1012 1012 1013 101 934May 28 2038 Jan 17 600 17 S DIstrlb COrP No par *184 17 10 Apr 134 134 *112 178 •112 173 *134 2 Jan *134 2 458 Apr 14 134 Aug 7 100 100 U S Express 4518 3,800 U El Freight 47 4758 4752 46 47 471 8614 Nov 1344 Sept 45 4512 45 44 47 4018June 16 103 Apr 7 No pa 174 Nov 72 Aug 1818 1818 1812 1858 1814 1838 2,900 U B & Foreign Secur-No Par 1538 Aug 15 324 Mar 30 1712 18 1734 1778 1712 177 9112 9138 911 *9034 92 *9112 92 82 Nov 9272 Aug 92 • 92 *91 101 Mar 21 *9112 921 No poi 8512 Jan 300 Preferred *1412 15 *1412 17 *14 15 *14 15 1712 Dec 494 Jan 15 '14 *14 3038 Mar 12 17 US Hoff Mach CorP-No Dar 13 Sept 7534 77 7634 771 7218 75 73 7412 7434 783 72 7338 10,600 U S Industrial Alcohol----100 59 Aug 1 18938 Jan 2 95 Nov 243% Oct *838 87 834 83 5 Nov 354 Jan 878 9 *812 878 1512 Apr 21 938 97ii 932 938 1,500 U 8 Leather 718 Jan No par *16 161 *1558 18 1414 Dec 614 Jan 17 *16 1614 16 17 1738 *1538 17 No par 15 Feb 26 26 Apr 21 400 Class A 83 *80 83 *8014 83 8114 Dec 107 Feb 83 83 *82 94 June 23 *83 84 8014 801 100 774 Mar 1 200 Prior preferred 594 Nov 11912 Feb 4434 4518 46 4838 47 4414 4478 4414 447 *46 48 7512 Mar 25 41 Aug 1 48 3,200 U S Realty & Impl----No Da 15 Oct 66 Mar 1953 2078 1934 2058 1912 20 1978 2034 2018 207 1958 20 10 1814 Aug 12 35 Apt 10 *3912 3912 3914 4018 3914 3914 *3834 3918 3712 3812 3718 373 10,200 United States Rubber 4018 Nov 924 Jan 100 3718Sept 12 634 Apr 4 2,000 181 preferred 2114 2138 *20% 2114 2038 2112 2034 2178 2134 2218 3,700 US Smelting Ref & 22 2972 Oe 21 727s Mar 1712July 10 8612 Jan 6 47 47 46 4812 *46 47 *46 47 *46 4838 *46 47 100 Preferred ao 42 July 17 5312 Jan 7 48 Nov 58 Jan 17018 17338 17138 17334 17114 17234 172 17334 17058 17212 16934 17212 337,000 United States Steel CorP-100 15138June 25 19834 ADr 7 150 Nov 26134 Sept 14738 148 14818 14818 148 14818 2,700 Preferred 14812 1481 148 14812 148 148 100 141 Jan 4 14b12Sept 5 137 Nov 14414 Mar 6518 *64 554 Nov 7141 Nov 6518 *64 *6413 651 *63 8514 *64 65 65 6512 No Par 5912June 18 68 Feb 10 200 U S Tobacco 8512 3573 3514 3534 3512 36 2418 Nov 5812 Aug 3514 351 3552 3652 13,700 Utilities Pow & Lt A 3534 37 No par 30 June 23 4534 Apr 10 178 218 1312 3 Nov 238 218 218 2 2 Mar 12 134Sept 4 2 718 218 218 232 232 3,200 Vadsco Sales par No 8638 8512 8734 8618 8858 8714 90 372,000 Vanadium Corp 8438 8778 84 8712 Nov 1164 Feb 8514 877 No Par 4972 Jan 2 14314 Apr 26 414 438 43 414 4,4 *438 412 *414 43 318 Oct 2434 Jan 878 Apr 1 *414 432 4 June 25 600 Virginia-Caro ChemNo Par 25 2558 *25 28 15 Oct 6512 Jan 2414 25 *25 25 25 2512 *25 100 22 July 17 3414 Apr I 2552 1.000 6% Preferred *7714 80 *7714 79 80 69 Nov 9712 Feb 79 79 *77 80 *77 80 80 100 75 June 19 8238 Apr 9 400 7% preferred 10478 10472 *10414 10512 10514 10514 Sept 12 "10334 1041 10414 1041 10378 105 10514 101 July 14 Nopa p1(6) 410 Virginia El & Pow *50 ____ *60 *60 "a- )5; -48 Jan 60 61 "50 60 *60 140 Virg Iron Coal & Coke pf_ 100 38 May 1 61 Sept 85 8673 84 38 No 1494 Aug 8418 86 82 132-12 2,050 Vulcan Detinning 84 88 8112 86 100 60 June 18 156 Mar 24 *9412 97 *9412 97 *94 81 Nov 110 Apr 97 97 *94 97 *94 100 85 Jan 24 100 Mar 24 *9412 97 Preferred 20 Nov 3612 Oct 2634 2738 2612 2738 27 2612 28 27 2712 2634 271 3134 Apr 11 2414 Jan No pa 2714 4.200 Waldorf System 22 Nov 494 Oct 26 2612 2614 2614 2612 2612 26 4234 Apr 2 2018 Aug 2612 2612 2612 261 26 No pa 1,600 Walworth Co 32 3412 3012 3012 361s 34 32 20 Der 8434 Jan 31 31 *29 54 Mar 24 2112 Jan *29 31 720 Ward Bakeries class A No Pa 112 Oct 2114 Jan 9 912 10 1034 154 Apr 1 44 Jan 958 978 932 938 913 918 93.2 912 5,900 Class B No Pa *61 86 30 Nov 8712 Jan 7718 Apr 8 6712 6614 6678 66 *61 68 *6118 68 *61 6712 100 58 Jan 500 Preferred 30 Nov 644 Aug 8014 Mar 28 2934 2812 2914 236,600 Werner Bros; Picture._ _No pa 2938 3012 2934 3012 29 2418 Aug 2 3034 3114 2934 311 *4712 48 *4712 48 2514 Oct 5914 Jan 4713 4712 48 48 *4712 48 *474 48 3612 Jan 2 7014 Mar 28 No Pa 200 Preferred 15 Oct 6271 Jan *1112 12 11 Aug 20 27 Apr 12 1112 1153 1118 1112 *1118 1152 1114 1114 1114 114 2,000 Warner Quinlan Na pa 5014 5112 52 537k 5214 5338 5214 5212 5212 5278 5112 5238 6,500 Warren Broe new _-_--__ 11 4018June 25 6312 Apr No pa 4352 54 5412 55 56 50 July 10 56 Sept 12 5312 5312 *54 5212 547 *53 56 No pa 320 at 1518 Mar 341g Jan *3032 32 *3012 32 *3038 32 *3032 3112 3178 32 32 32 2314 Jan 2 4312May 19 500 Warren Fdy & Pipe--No Pa 94 Mar 31 478 538 •538 51 51 4 Oct 11338 Feb 5 412 412 414SePt 5 458 534 2 *54 538 1.900 Webster Eisenlohr 2614 2614 *2534 27 *2514 27 20 Oct 48 Mar 2622 2612 2612 2658 2622 2612 224 Jan 23 2978 Mar 27 Snowdrift No pa 011k Wesson 500 4918 Nov 724 Mar *5652 5712 *5512 571 *5612 571 4.5613 6713 *5658 5712 *5658 5712 504 Jan 13 594 Apr 7 No pa Preferred 17212 17438 173 17438 172 1721 17334 17512 17112 17434 17114 17478 6,300 Western Union Te1egraph_100 15034June 25 2194 Feb 19 100 Nov 27214 Oct 3012 4014 *3912 40 3814 3834 3834 4014 40 401 364 Oct 6734 Aug 3858 59 10,700 Westingh•se Air Brake-No par 3638June 25 52 Feb 27 15012 15514 15334 15612 15414 156 15614 15734 15478 15714 15214 15658 112,000 Westinghouse El & Mfg----50 12414Juns 23 20112 Apr 15 100 Oct 29238 Aug 150 150 146 149 *148 152 15112 152 15212 153 1524 15212 50 120 June 18 19714 Apr 15 103 Nov 284 Aug preferred 15t 340 *35 3513 35 35 3414 3514 *3434 35 35 35 194 Nov 643s Sent 34 3438 1,500 Weston Elect Instruml_No par 2934 Jan 18 457s Mar 31 *34 36 434 36 *34 *34 36 34 36 34 3212 Aug 3612 Apr *34 No par 33 June 23 36 Jan 28 36 100 Class A *10612 10712 10712 10712 *106 10712 *106 10713 *106 1071 1074 108 Nov 110 Feb 110 Apr 16 90 Jan 3 Dar 98 class A-No Fenn Elee 220 West 11112 11184 11118 11178 112 112 112 112 112 112 112 112 97 Nov 11114 Jan 100 10512June 25 112 Sept 6 Preferred 330 10113 10118 10113 10178 102 102 *1014 102 10114 102 10112 10238 8812 Nov 102 Jan 100 9714 Jan 2 104 July 31 Preferred (6) 240 11613 11714 11612 11612 117 117 11712 11712 117 117 100 11312 Jan 3 11812June 17 110 No 117 Mar 11612 1161 24 West Penn Power pref 110 111 *10934 11012 11012 11112 110 110 10958 10952 *10958 111 100 10432 Jan 23 11112Sept 12 102 Sep 11012 an 6% preferred 10 38 *---- 3812 *38 3934 38 *38 3934 38 38 *38 50 Mar 10 par 3734 Aug 2 3612 Nov 60 Sept __No Prod cl A 393 Dairy 4 West 20 918 912 984 934 938 938 *914 10 '912 1014 94 912 7 Nov 40 Sept 9 Aug 13 2413 Apr 11 No pat Class B 60 40 40 40 40 *3812 3978 *3812 40 *3858 40 *3812 40 5913 Feb 17 ao Oct 944 May 30 June 2 Westvaco Chlorine ProdNo Par 30 11 *8 11 *8 11 914 914 *8 '8 11 21 Jan 7 *8 11 19 Oct 75 Sept 7 July 10 Wextark Radio Stores-No par 3413 3412 3412 3412 3412 *3314 341 3412 3458 3412 3434 *34 2714 Nov 534 Mat 2718June 25 43 Apr 4 No pa 1,000 White Motor 4914 *49 4914 49 49 4914 4914 *49 4814 4918 4913 4914 1,000 White Rock Min Spring elf-50 361s Jan 21 547s Mar 20 2778 Nov 5534 Sept 412 41 *438 434 *Vs 424 438 412 *438 434 4134 434 1 Oct 48 Jan 412 Aug 2 1872 Mar 4 400 White Sewing Machine-Nei Pa 12 •1112 1212 *1112 1212 *1112 1212 1212 *12 1212 12 *12 27 Dec 5772 Jan 3972 Apr 8 100 Preferred No par 12 Sept 1514 *15 1514 1514 1514 *15 1514 1434 15 4315 144 1412 1278 Nov 2034 Feb 21 Apr 25 1112 Feb 26 Wilcox Oil& Gas par 600 No 27 *26 28 *26 27 28 *2612 28 "27 *27 29 19 Oct 6114 May 100 Wilcox-Rich class A--No Pa 2812 27 Jan 3 3414 Jan 29 *---- 2612 *____ 261 *____ 2612 *---- 2612 *---- 2612 "-___ 2612 1238 Oct 62 May No par 19133857 5 2734 Mar 81 6 6•12 618 582 578 6 6 6 558 614 512 Aug 26 1178 Feb 634 16,800 Willy*-Overland (The) 6 514 Oct 35 Jan 5 *6712 68 *6634 69 *66 69 *6534 69 *67 68 6712 6712 65 Dec 103 Jan 200 Preferred 100 02 June 18 85 Apr 3 *312 312 *34 3 , *334 378 *334 374 *334 372 3 Dec 134 Jan Wilson & Co me 500 No par Mar 27 Blame 25 3 72 734 372 «912 10 *928 10 912 97 *912 10 *812 912 64 Nov 27 Jan 600 Class A ...No par 912 978 718 Jan 13 13 Mar 27 4612 *46 *4534 457 *4512 4612 *46 49 46 *40 46 Preferred 49 8534 Nov 79 Jar 100 42 Jan 13 544 Mar 31 6612 6852 6718 8814 6658 68 96,200 Woolworth (F W)Co 6432 67 64 65 64 85 524 Nov 112 Sept 10 5138June 23 7214 Jan 2 13314 1357 13212 134 132 13514 12934 132 134 136 129 13172 12,000 Worthington P & M 43 Mar 137% Sept 100 6714 Jan 17 169 Apr 29 *99 102 *9612 104 *93 104 *99 102 Preferred A *98 104 *9614 104 100 88 Jan 17 107 Apr 25 75 Nov 10012 Sent Preferred B 100 78 Jan 3 93 Mar 29 *90 9312 *89 93 *9032 93 *8878 8978 *8914 8978 *8813 8978 66 Apr 91)4 Sept 32 32 *27 49 '27 49 39 39 *32 100 Wright Aeronautical-No pa *32 39 *32 82 Sept 10 5912 Mar 5 80 Nov 299 Feb 74 7614 74 7418 75 75 74 7418 5,000 Wrigley(Wm)Jr(Del) No pa 7418 741 *7418 75 6778 Apr 7 80 July 26 65 Nov 804 Jan 4058 4058 *3912 4012 '40 4014 40 401 400 Yale & Towne 4612 4012 4018 401 25 38 Aug 13 77 Mar 1 6134 Feb 88 Aug 2314 2334 225a 2314 22 23 82,500 Yellow Truck & Coach al B_10 1234 Jan 16 3234 Apr 23 178 2314 23 2334 2314 237 712 Nov 6114 Apr 90 *8512 89 *85 Preferred 90 100 73 Jan 27 105 Apr 2 4388 90 *85 90 *85 90 *85 80 Mar 9612 May 39 4012 3918 40 39 12,200 Young Spring & WIre__No par 324June 19 17 Mar '7 40 4184 4012 4152 3912 401 1 3312 Oct 3934 Aug Youngstown Sheet & T-No par 108 Jan 11 152 ADI' 7 ▪ 114 *____ 114 *____ 114 *____ 114 *--__ 114 91 Nov 175 Sept 8 8 734 8 8 832 Pa Jan 17 1634June 2 8 8 814 814 858 2,700 Zenith Radio Corp-.No par 612 Dec 6236 July * Bid and asked prices; no sales on this days Ex-dividends g Ex-nights, 1686 New York Stock Exchange-Bond Record, Friday, Weekly and Yearly . `E' Jan. 1 1909 the Ezchange method of voted bonds was changed and prices are now "and interest"-ercept for income and defaulted bonds BONDS N. Y. STOCK EXCHANGE. Week Ended Sept. 12. Price Friday Sept. 12. Week's Range or Last Sale. • eB Range Since Jan. 1. BONDS N. Y. STOCK EXCHANGE. Week Ended Sept. 12. Price Friday Sept. 12. High Bid High Ask Low Cundinamarca (Dept)Colombia_ 982422101432 External s f 614s 68 1959 MN 67 Sale 67 982422 101 Czechoslovakia (Rep of) 85_1951 At) 110 Sale 110 1113.1 Sinking fund 8s ser B 27 1001:22102"22 1952 40 110 111 11012 11134 .13, Danish Cons Municip 8/3 A.1946 F . 42299 98 108 Sale 108 10914 s f 88 Series B 1946 FA 108 Sale 108 10812 649 10033u 1031422 Denmark 20-year exti (38_1942 J J 106 10618 10434 10614 100 l09142211314.2 External g 53'48 1 4 10134 1955 P A 101:8 Sale 100/ 204 10514221094.2 External g 4 Ms_Apr 15 1962 A0 9414 Salo 9414 9412 127 103 1061122 Deutsche Bk Am part elf 68_1932 MS 100/ 1 4 101 10034 101 9734 11 991.2 102422 Dominican Rep Cust Ad 5148'42 MS 9414 Sale 9414 let ser 53.4s 01 1928 / 42102 146 9811 921* 1940 A0 9012 Sale 9012 2d series sinking fund 534s 1940 40 9338 Sale 9313 9412 Dresden (City) external 78_1945 MN 9934 Sale 9938 c104 Dutch East Indies mai 68_1947 J J 10218 10212 10212 103 -51- VC 40-year external 60 10234 1962 MS 10213 Sale 10213 9753 97/ 30-year external 5 Ms_ 1 4 10212 Sale 10212 10212 1953 M 10214 104 30-year external 5 Ms_ 1953 MN 10214 10212 10212 Sept'30 103 105 El Salvador (Republic) 8s 1948 ' 4 10918 10912 108 Sept'30 Estonia (Republic of) 7s 75 Sale 75 7534 1967 J "98- 98" Finland (Republic) 94/ 1 4 Sept'30 WI 68_1945 MS 9312 95 100 100 External sinking fund 7sA950 M 100 Sale 100 10012 95 9934 External sinking fund 6148 1956 MS 9712 9814 9712 9812 External sinking fund 514s 1958 FA 8712 Sale 8714 8814 Finnish Mun Loan 645 A_1954 40 9612 9718 9612 9612 External 6348 series B 9612 97 1954 40 9612 98 Frankfort (City of)31634s-1953 MN 93:8 Sale 03 941 / 4 9708 167-- French Republic ext 7140_1941 in 125:8 Sale 12538 12534 106 106 External 7s of 1924 12014 Sale 120 1942 J 12012 German Government Internation11l-35 yr 634s of 1930-1965 ii) 8634 Sale 8638 87 German Republic extl 70_1949 A0 106 Sale 10534 10612 -55 101 Graz (Municipality) 88 1 4 100 1954 MN 9958 Sale 99/ 109 109 Gt Brit & Irel(UK of) 548_1937 FA 10512 Sale 10538 10534 Registered FA 104 Apr'30 Foreign Gov.. & Munimpa•.. 54% fund loan £ opt 1960A990 MN e8712 88 6813 Aug'30 6312 88 Agee Mtge Bank 5 1 6s 55% War Loan £ opt 1929_1947 in 0938 Sale 6938 1947 FA 6812 Sale 67 6812 6 100 6312 8012 Greater Prague (City) Sinking fund es A _ _Apr 15 1948 AO 69/ 1 4 Sale 6712 6978 13 105 7340-1982 MN 105 Sale 105 87 9714 Greek Government 01 sec Akershus (Dept) ext 5s 97 1963 MN 9613 Salo 9618 40 99/ 1 4 Sale 9978 10012 78 1964 hi 71 87/ 1 4 Antioquia (Dept) col 78 A 1945 J 7512 Sale 7512 Sinking fund sec es 7512 5 8714 1968 FA 87 Sale 8534 7012 8712 Haiti (Republic) s 1 65 External s I 78 ser 13 7434 71 1945 J J 74 7534 19 9512 95 9512 1952 AO 95 70 8712 Hamburg (State) 68 External s I 78 ser C 1 7414 1945 J J 74 77 7414 1 4 9412 93/ 1 4 9334 1946 A0 93/ 70 88 External s 1 78 set D 4 74 74 1945 ,1 7614 74 103 748'50 J J 103 10312 103 6912 8712 Ileidelberg(Germany)ext1 External s 1 78 lot ser 7412 11 Fielsingfors(City) ext 634,b960 V 0 94 Sale 9314 1957 AO 7318 7578 73/ 1 4 9414 67 89 External sec s / 78 2d ser_1957 AO 75 Sale 74 9234 93 Hungarian Muni° Loan 734,1945• J 92 7534 31 93 67 88 External sec s 1 78 3d ser_1957 AO 731 19 External St 75 / 4 7434 74 75 1 4 Sale 8678 8678 Sept 1 1946 J J 86/ 9214c100 Antwerp (City) external 68_1958 J O 99 Sale 0814 9218 9218 Hungarian Land M Inst 74s' 9914 125 1 4 95 81 MN 92/ 94 100 94 Argentine Govt Pub Wks 135_1960 AO 9612 Sale 9434 9618 94 Sinking fund 7348 tier B__1961 MN 92 96/ 1 4 81 Argentine Nation (Govt 01) Hungary (Kingd of) 0 f 748 1944 FA 100 10012 9978 10012 9438 100 Irish Free State exile 5 1 50_1960 MN 10014 Sale 10014 Sink fund ea of June 1925-1959 J D 96 Sale 05 9714 192 10012 9412 99/ 1 4 Italy (Kingdom of) extl 7:4_1951 3D 9838 Sale 9812 Mal a 168 of Oct 1925 1959 AO 9612 Sale 9412 9834 9718 126 94/ 1 4c100 Italian Cred Consortium 70 A1937 MS 9614 Sale 961 Sink fund es series A.1957 MS 9634 Sale 9514 / 4 9714 120 97 94 / 1 4 100 289 External 68 series B_ _Dec 1958 J 96 9618 Sale 9412 97 External sec o 1 75 ser B__1947 MS 1)6 Sale 9512 94 10018 Italian Public Utility extl 78 1952 J 111 Eat' a les of May 1926_1960 MN 95/ 1 4 9534 Sale 95/ c97 1 4 Sale 9514 9534 9458c100 97 153 Japanese Govt £ loan 4s___1931 • J 9734 Sale 9712 External 8168(State Ry)_1980 MS 9618 Sale 9518 9734 95 9934 30-year s 1 6148 10512 144 Exti 68 Sanitary Works_ 1961 FA 9618 Sale 95 c97 1954 FA 10512 Sale 10518 94 10038 Extl sinking fund 5348105 Exti es pub wks(May'27).1961 MN 9612 Sale 94/ 94 1 4 97 1965 MN 9312 Sale 9314 89 c97 Jugoslavia (State Mtge Bank) 92 117 Public Works extl 53.45_1962 FA 90/ 1 4 Sale 90 85 93 Secured s I g 78 8514 Argentine Treasury ba £__ _ A945 MS 89 Sale 8534 109 84/ 1 4 89 s _1957 40 8434 85 8412 9414 Australia 30-yr. bs_July 15 1955 J J 8814 Sale 8734 1 4 99 88/ 1 4 101 Leipzig (Germany) of 70_1947 FA 9838 Sale 98/ 9414 Lower 84 96 95 42 External 58 of 1927 Sept 1957 MS 89 Sale 87/ 96 Austria (Pros') 7348_1950 J 96 1 4 89 771 / 4 8534 Lyons (City of) 15-year es-1934 MN 10512 Sale 10512 106 8112 33 External g 434s of 1928-.1956 MN 81 Sale 8014 Austrian (Govt)8 1 Ts 1 104/ 4 Sale 04 1 4 32 10214 108 1943 in 104/ 9218 951 / 4 Marseilles (City of) 15-yr 6s 1934 MN 10512 Sale 10512 105:8 International 5 I 78 9312 318 1957 J J 9312 Sale 92:8 91 9812 Medellin (Colombia) 6 Ms_ _1954 3D 6612 70 Bavaria (Free State) 640 6734 6612 3 9412 1945 FA 9412 Sale 9412 1 4 11112 Mexican Irrigat Awing 43.40 1943 17 Sale 1612 Belgium 20-yr 8 1 88 17/ 1 4 18 107/ 1941 FA 10878 Sale 0712 109 25-year external 3.4s__1949 M 26 Apr'30 10912 Sale 0912 10934 31 10534c11012 Mexico(US)ext1 88011898 £_ '45 Zi 1 4 Sale 2234 23/ 25 110 10118 106 External a f es AssentingAssenting5 106 50 8o 1945 lafrg 18 099 1955 J J 10514 Sale 05 2512 2634 24 24 1 4 58 10914 115:8 External 30-year e f 70_ _1955 in 11434 Sale 14/ 1 4 114/ 171 / 4 1614 1714 1634 Stabilization loan 78 Assenting 42 of 1904 11034 57 107 11034 1956 MN 11018 Sale 10 Bergen (Norway)s 1 88 8 110 11212 Assenting 4s of 1910 large 19/ 1 4 Sale 19/ 21 1 4 110:8 1 4 Sale 1058 1945 MN 110/ 99 102:8 25-year sinking fund es Assenting 4s of 1910 small 1912 Sale 191 / 4 2012 1949 AO 10118 10134 0114 Aug'30 96/ 1 4 97 Trs ea rse sals Extl s c5.9 l of'13assent(large)'33 16 2512 Sale 2512 27 1 4 Sale 96/ 1960 MS 91/ 1 4 97 9212 c9912 Berlin (Germany) 81 6340_1950 AO 96 Sale 96 2518 27 9613 31 9434 Milan (City, Italy) extl 648'52 A0 8934 Sale 8934 85 3 External sink fund es_ 901z 1 4 Sale 8912 9014 1958 J D 89/ 9212 9912 Minas Gemes(State) BrazilBogota (City) exti s I Ss__ -.1945 AO 96 20 96 9612 9534 811 / 4 100 External s 1 6348 Bolivia (Republic of) extl 843.1947 MN 88 Sale 87/ 1 4 67 7034 Sale 69 89 7134 1958 M 64 8534 Ertl sec 6)4s series A 62 External securities 7s 68 70 1959 MS 70 7112 69 1 4 Sale 67 1958 J J 67/ 6218 84 Montevideo (City of) 70-1952 in 100 10078 101 External s I 78 102 6912 37 1969•B 6712 Sale 6712 External 5 1 68 series A Bordeaux City of) 15-yr 6s_1934 MN 10512 Sale 0512 10534 28 10214 106:8 92 1959 MN 92 Sale 9178 94 10212 Netherlands 68 (flat prices)_1972 M Brazil(U S of)external 88_1941 in 97/ 10512 10312 10478 104 97/ 1 4 98 1 4 Sale 9538 71/ 1 4 88,8 New R.terml So s 4(State) 181 8512 Sale 8513 58 External 8 1 6 Ms if 1938_ _1957 AO 7412 Sale 7234 eat'5s 1957 FA 8604 76 7218 c88l2 Mal a f 640 of 1927 Apr 1958 A0 86 Sale 86 8633 7412 293 1957 AO 7412 Sale 7234 9312 Norway 20-year exti es____1943 FA 10518 10512 10434 10538 80 78(Central Railway) 56 88 1952 in 8634 Sale 86 05 10518 20-year external (is 1119994654 52 P A 105:8 Sale 10518 106 7148 (coffee seur) £ (flat) 1952 AO 10214 10312 102 10212 10 30-year external es 9812 104 A0 10214 Sale 10214 103 Bremen (State of) extl 721_1935 MS 10212 Sale 0212 103 8 90 40-year s f 5;40 80 103 in 103 Sale 10214 Brisbane (City) of ba 8212 11 1957 MB 8134 8234 8104 80 88/ 1 4 External sI 5s_ __ _Mar 15 1963•S 100/ 1 4 Sale 10018 100/ 14 / 4 82 1 4 Sinking fund gold 58 1958 FA 82 Sale 811 73 8512 9912 99 Municipal Bank extl s I bs 1967 J O 99 10014 Budapest(City) extl s 16s_ _1962 in 761 7612 13 7534 / 4 77 95 10912 Municipal Bank exti,f bs 1970 3D 10014 Sale 9934 100 9612 13 Buenos Aires(City)63482 B 1955 J 5 958 97 9812 Nbremburg (City) call 68 1952 F A 88 Sale 88 91 88 5 External a f es ser C-2 9512 1960 A 0 9512 Sale 9512 low (kC 90 9834 Oss ins 9214 26 ity)f0 103/ 30 1 4 0dyea 544 r: !6,__,.1955N 10234 103 101 Exteriaal s es ser C-3_1960 A 0 9214 Sale 91 91 80 10018 101 10014 10034 8412 150 Buenos Airea (Prey) extl 612_1961 M S 8134 Sale 8114 8212 8634 Panama (Rep) estl 54s A 10212 10234 10212 Sept'30 J D 195 43 6r 83 Fxti s 1634, 84 1961F A 8312 sale 8212 • Extl N 763 81 53 ser AMay 15 1963 M 9514 Sale 9514 4 8534 95/ 1 4 Bulgaria (Kingdom) sf 78_1967 4 J 80/ 1 4 82 80 Sept'30 80 9014 Pernambuco (State of) ext1 7s'47 M 8 72 Sale 7012 72 8 Stabil'n s I 7340 Nov 15 '68 8418 83/ 1 4 86 85 81 9312 Peru (Rep of) external 78_1959 M S 9034 Sale 88 3 8512 9034 4)alda8 Dept of(Colombia)748'46 i"-i 8512 Sale 8512 10112 Nat Loan cal',I 6s lot ser 1960 J 9934 681 / 4 Sale 6614 Canada (Dominion of) 58_1931 A 0 10078 Sale 00/ 6804 1 4 10114 20 Nat Loan ext.' 81 es 2d ser 1961 A 0 6812 Sale 6614 6802 44 10214 106 58 0512 106 1952 M N 10512 108 97/ 1 4 10238 Poland (Rep of) golds 6s 1940 A 0 73 Sale 73 4148 10114 54 7312 1936 F A 10118 Sale 01 Stabilization loan of 78-.1947 A 0 85 Sale 8418 85 Calebad (City) e I 8s 5 103 10978 1 4 1954.1 J 10538 10712 0712 107/ External sink fund g 80-.1950 J J 93/ 831x 95 1 4 Sale 9313 Cauca Val(Dept) Colom 714s'46 A 0 91 Sale 91 7 9413 91 Porto Alegre (City of) 88_1961 J D 90 8934 Central Agri° Bank (Germany) 8934 Esti guar sink fund 740_1966 J J 81 9114 9812 8214 81 Farm Loan sf 70 Sept. 15 1950 M S 9134 Sale 9112 81 20 92 7714 9058 Queensland (State) male 178 1941 A 0 104 10414 104 10438 Farm Loan s I es July 15 1960 J J 8034 Sale 7912 56 81 7734 90 25-year external 6s 1947 F A 100/ 1 4 Sale 100 Farm Loan 01 to Oct 15 1960 A 0 81 Sale 7934 127 10055 81 8412 94 Rio Grande do Sul eat's 18s 1946 A 0 9312 95 92 Farm Loan es ser A Apr 15 1938 A 0 90 Sale 89:8 94/ 1 4 49 90 99/ 1 4 10314 External sinking fund 65_1968 J 13 62 Sale 601s Chile (Rep)-extl a I 75 6312 10114 18 1942 M N 10:02 Sale 0014 88 94/ 1 4 External s 1 7s of 1926 1966 M N 75 8912 95 External sinkino fund 68_1960 A 0 8912 Sale 8834 External 81 75 munic loan 1967 J D 88 c9412 " 7212 73 External s f eis 312 73 5 891 1961 F A 89 Sale 8834 / 4 57 88 94 Rio de Janeiro 25-year s I 85_1946 A 0 95 Sale 94 9514 Ry ref extl a f to 8912 26 1961 J J 89 Sale 8834 94 External a 88 1 64s 1953 Sal Rale e 6 F 905 A 714 2 9 7 0 1 9 70 158 Ertl sinking fund es 34 8934 1961 M S 89 8912 89 Rome 9414 88 (City) eat! 1952 A 0 6945 nal sinking fund 68 8834 8934 26 1962 M 8 89/ 1 4 90 881s 9134 Rotterdam (City) en'60_1964 M N 105 10518 10512 10518 Exti Sinking fund (is 8912 49 1963 M N 89 Sale 894 Roumania(Monopolies) 78-1959 F A 8114 Sale 8114 99 92 Chile Mtge Bk 634,June 30 1957 J D 95 8204 9612 12 9612 98 94 10034 Saarbrueeken (City) 68 91 91 1953 J J 9012 92 St 6315 of 1926--June 30 1961 J D 9812 Sale 9612 9712 25 8612 94 Paulo Sao 8s_Mar (City) a I 100 1952 Sale M 993 4 10014 42 Guars few 8718 89 Apr 30 1961 A 0 8712 Sale 804 91 External s 1 634s of 1927_1957 MN 6734 69 6734 6734 Guar 5 I es 89/ 1982 MN 8634 Sale 8684 1 4 21 San Paulo (State) extl / 80_1936 J J 9211 95 93 94 90 g98 Chilean Cons Munic 7s 9338 14 1960 M S 91 93 93 External sec s f 80 30 21 1950J J 9012 Sale 90 90/ 1 4 Chinese (Hukuang Ry) 5s1951 J 13 20 _ 22 Aug'30 22 External sf75 Water L'u_1956 M S 7918 82 1 4 7878 79 Christiania (Oslo) 30-yr I 68 '54 M S 10312 ---- 03 6 100 103/ 10334 External s 1 es 8234 1968 J J 62:8 Sale e2 90/ 1 4 c98/ 1 4 Cologne(City)Germany 6 Ms 1950 M S 93 Sale 9218 9312 22 Sale 87 Secured ur of s 8812 2A mO Re 78 1940 667s c83 Colombia (Republic) 68 1961 J 7112 42 7114 Sale 7012 914 99 Sale 8918 91:8 8178 Santa Fe (Prov Arg Rep) 68 External 5 f 65 of 1928..-1961 A 0 72 Sale 70 32 72 95 78_1945 / 1 4 96 Saxon 953 D 4 State 9612 8214 Mtge Inst 6514 Colombia Mtg Bank 6 Ms of 1947 A 0 72/ 11 1 4 Sale 7234 7312 911 / 4 Sinking fund g 6412Dec 1946.3 D 901 / 4 Sale 9018 71 87 Sinking fund 70 of 1926 1946 M N 82 Sale 82 3 82 Seine, Dept of (France)extl 75'42 J J 108 Bale 10778 10818 Sinking fund 78 of 1927_1947 F A 8112 Sale 8114 70 86 9 82 Sale 963 4 97 '82 Serbs M Slovenes N Croata 83 97 & 953 4 10012 Copenhagen (City) bs 1 4 10012 113 1952.3 D 100 Sale 99/ 1 4 Sale 85/ External see 7s ser B__1962 MN 85/ 25-year g 434o 1 4 87 8812 9412 9414 23 1953 M 9414 Sale 94 72 1 4 1958 I D 71 Sale 70/ Silesia (Prov of) exti 7s Cordoba (City) ext.' a I 7s 1957 F A 7614 93 7614 80 3 7712 80 Sale 79 79 Landowners 1947 Silesian F A Assn 68 80 External I 78__-Nov 15 1937 MN 88 98/ 1 4 82 5 9014 9014 90 1936 M N 10534 Sale 10534 106 Soissons (City of) extl es Cordoba (Prov) Argentina 781942.3 J 92/ 92 100 9 1 4 1 4 Sale 92/ 9318 Styria (Pros') external 78-1946 F A 9234 93 9214 Costa Rica (Repub) exti 78_1951 M N 8714 Sale 86 8314 91 9234 8714 35 Sweden external loan 54s-1954 MN 10538 Sale 10514 10534 Cuba (Republic) be of 1904-1944 M S 100 10014 0014 101 98 101 6 J 10612 Sale 10614 1071s Confed'n 8s-1940 20-yr Swiss J 5 f External 88 of 1914 ser A_1949 F A 101/ 9618 103 1 4 6 01/ 1 4 103 1 4 10518 1 4 Sale 104/ External loan 4Ms ser 0_1949 F A 9518 9512 95/ 9012 07 Switzerland Govt °AI 534a_1948 A 0 105/ 10 96 1 4 Spiking fund 5148 Jan 15 1953 .1 J 101 Sale 01 8112 99 10212 Tokyo City 58 loan of 1912_1952 M S 81 Sale 81 13 102 81 1961 A External 0 suar 92 / 1 4 Sale 548 Public wits 6348 Juno 30 1 9214 93 9412 D 92/ 9212 1 4 Sale 92/ 61 1 4 93 CaSh sale. 4 On the basla of SiS to the £ atoning. U. S Government. High Bid Ask Low First Liberty Loan34% of 1932-47 in 101132 Sale 100"33 101,rs Cony 4% of 1932-47 ▪ D 100422 Aug'30 Cony 44% of 1932-47 in 102422 Sale 102122 102:22 2d cony 44% of 1932-47 in 99:122Feb'30 Fourth Liberty Loan44% of 1933-38 AO 103422 Sale 1022:22 103322 Treasury 4Ms 1947-1952 AO 1122032 Sale 1121:221123:32 Treasury 4s 1944-1954 J O 108122 Sale 1072522 108122 Treasury 33:s 1946-1956 MS 1064.2 Sale 1051422 106622 Treasury 34s 1043-1947 ▪ 13 1024.2 Sale 101:022 102422 Treasury 331s June 15 1940-1943 in 1011:22 Sale 10111.21011122 State and City Securities. NYC 334% Corp stNov 1954 MN 8538 Oct'29 34% Corporate st_May 1954 MN 85/ 1 4 Aug'29 48 registered 94 Feb'30 1956 MN 4% corporate stock 97:8 June'30 1957 MN 104 Mar'30 44 corporate stock 1957 MN 105 Mar'30 44% corporate stock_ _ 1957 MN 4% corporate stock 9414 Nov'29 N 1958 4% corporate stock 93 June'30 1959 MN 100 July'30 44% corporate stock-_ _1931 AO 9734 June'30 44% corporate stock_ 1960 M 99 Mar'29 • % corporate stock__ _1964 M 101 Mar'29 44% corporate stock 1966 AO 9913 Oct'29 44% corporate stock__ 1972 AO 10034 Sept'29 43.4% corporate stock_ __ _1971 J O 107 Aug'30 _1963 MS 44% corporate stock 106 June'30 1965 J D 44% corporate stock 10134 June'30 • % corporate stock July 1967 J J 10114 Mar'29 New York State Canal 4s 1960 10414 June'29 Mar 1958 MS 48 Canal 101 June'30 1961 J J Canal impt 45 1964 J J 109 June'30 434s Range Since Jan. 1. Week's Range or Last Sale, No, Low No. Low 106 10 10 3 27 13 30 50 129 28 45 21 10 19 9 12 1 22 _ 10 6 24 2 2 12 122 146 319 83 35 70 _ 8 1 5 25 8 39 1 16 8 1 2 5 17 15 116 8 High 84 65 10914 11134 10814 11134 108 111 108 c112 10312607 9913 101/ 1 4 0012 9412 97 10218 9312 99 8934 9612 9018 96 96 c104 10138 103 10112 10312 10138 104 101:8 104 103/ 1 4 110 88 75 9134 9734 9714 10114 9112 9811 8418 92 9278 99 9234 9811 9112 95 11738 126 112113 12034 86/ 1 4 9114 1 4 105 109/ 10 92 412 10 05238 104 104 e82:8 90 c9714 101 10212 10712 8 97 2 112: 0 8 90 8 331144 91 c9812 c9, 084 4111 2 00 2182 21 1909 86 91 19008 94 412 19 27 98 187 99/ 1 4 10438 96 100:8 9414 101 93 9812 92/ 1 4 98:8 92 987/1 9434 983s 10112 10578 8912 9438 31 3 4 13 7714 86 94/ 1 4 10114 9312 100 10213 10653 15 31 19 10212 10638 80 64 1038 18 26 26 15 25 1612 24 1014 17/ 1 4 10/ 1 4 2134 1012 2112 18 2712 1238 27 95 85 6 24 1 50 94 54 46 31 72 13 14 20 3 22 12 22 30 26 23 42 75 54 6 6 22 16 35 7 23 65 20 7 96 22 1 1 41 33 32 30 15 4 32 58 72 3 6 10 11 1 7 18 8 21 118 26 20 2 17 17 48 16 10 33 38 33 29 29 18 25 83 65 68 8212 9834 103 90 9678 103 10734 90 80 80 90 101 10512 10214 106 10138 104 10018 10314 9634 10114 9434 10014 9733 10014 9212 82 100 104 9838 10212 1001 / 4 10312 8912 96 70 90 8334210112 61/ 1 4 84 611 / 4 8414 81 74 79 883s 92 98 1 4 100 89/ 9412 80 10234 110 9518 10414 90 103 (3018 8038 7112 9314 8912 73 9211 10514 65 85 87 9434 103 10512 8114 85 80:8 91 95 107 64/ 1 4 84 93 10214 90 101 7834 9412 5934 81 87 9618 87 9534 93 100 86 97 106:v10912 87 98 75/ 1 4 88 66 82 72 847s 101/ 1 4 107 86 9318 10314 10714 106 c10912 10212 106 7478 82 8714 8312 New York Bond Record -Continued-Page 2 , BONDS , N. Y. STOCK EXCHANGE. A ...I a. Week Ended Sept. 12. Price Fridas Sept. 12. Week's Range or Last Sale. 1Range , 4 Since Jan, 1. 441,o 1687 Price Friday Sept. 12, BONDS N. Y. STOCK EXCHANGE, Week Ended Sept. 12, Week's Range or Last Sale. 411 1,1 Range Since Jan, 1. High Ask Low High No. Low Bid 6 102 10758 10314 10758 4 1 1982 M N 107/ Chic & Erie let gold 58 4 1 73/ 64 4 Sale 7312 / 4 447 1 74/ Chicago Great West let 48_1951 M 5 741 4 1 Chic Ind & Loulay-Ref 6s.,.,1947.3 .1 11414 Sale 11414 11138 10 112 115/ 4 10134 105 10312 105 1947 J 1 10312 Refunding gold 5s 4 1 92/ 92 4 11 1 92/ 9278 1947 1 1 9234 Refunding 4s series C 99 105 10312 40 1966 M N 103 Sale 102 let & gen Is series A 10878 21 c10412 10918 1st & gen 6s set 13_May 1966 J 1 108 109 108 92 89 Chic Ind & Sou 50-yr 4s_---1956 1 1 9412 9534 92 July'30 9334 10112 Chic L S & East lot 44481969 1 D 10014 10314 10112 Sept'30 8418 87/ 4 1 8712 15 Ch M & St P gen 4s A_May 1989 1 1 8712 Sale 87 8134 85 -- 85 Mar'30 Q J Registered 7218 79 Gen g 344s ser B_Nlay 1989 J -1 7334 7512 7358 Aug'30 4 97 1 92/ Gen 4 Nsseries C.---May 1989 1 J 9512 10312 9512 Sept'30 50 4 9812 1 92/ 96 Gen 4 Nsseries E__ _ _May 1989.7 J 9512 Bale 9538 219 9712 10012 Gen 4fis series F_ __May 1989 1 1 10012 Sale 9934 10012 84 4 1 96/ 4 486 1 88/ 4 Sale 8612 1 Chic Milw SIP & Pac 5s_ 1975 F A 88/ 4912 7812 4 1 4 1186 1 54/ N 5414 Sale 51/ 4 O 7 14 90 00 19 21_2 Com adj 5s 1;1:A 4 1 6 4 81/ 1 77/ 8178 8134 Sale 8134 Chic & No West gen 77 75 77 June'30 Q F 7458 Registered 10 9318 8 7 87 93 4 1 / 92 9318 514 -9 1987 M N General 4s 8818 93 9514 9112 July'30 Stpd 42 non-p Fed Inc tax '87 M N 03 100 108 Gen 45Es stpd Fed Inc tax_1987 MN 107 10734 107 Aug'30 2 107 112 4 11138 / 1111 4 / isze 5s neg d Fed Inc tax 1987 M N 1111 GeR trped 105 10812 M N 110 -- 10512 July'30 2 10058 10234 11 10234 --- 10234 10234 1933 MN Sinking fund deb 5s 99 99 _- 99 Feb'30 10012 Registered 10734 11638 4 1 10914 1-0-97-8 10978 110/ l5-y _ 10434 10832 A1 D 10834 10912 10838 Sept'30 71 936 70 --y-2 la Ns g ursed " 3cm Irgsbe4 ca yr: 95 101 4 10035 152 1 1st & ref May 2037 J 13 9934 Sale 99/ 179 4 10514 1 97/ 9812 Sale 9812 101 Cony 41is series A 43 95 88 95 4 1 / 94 9412 94 It Chicneg IitePreRa d ilway gen 18 198 M 71 9 JI 948 8512 91 4 01 91 Aug'30 _ / 1 J 911 4 9914 1 95/ 9914 123 9918 Sale 9918 1934 2 Refunding gold 4s 95 95 Jan'30 -95 Registered 4 99 1 92/ 4 141 1 97/ 144s series A____I952 M S 9712 Sale 97 4 1011 258 4 1 / 95 4 993 8 987 N sale M 9878 g R d: y nuredeg 1960 Ch St L & N 0 5s_June 15 1951 1 D 104 _ - 104 July'30 ---- 10318 10412 J D ---- ---- 102 Mar'30 _- 102 102 Registered 8612 ---- 81 July'29 --Gold 354s 8814 92 032 Mar'30 9012 10 e _l_g--7 4s un 1951 .1-1 D 100i2 Memphis Div lst.7g 4 10012 1 99/ Ch St L & P lst cons g 5s1932 A 0 10038 10043 --- 10038 Aug'30 A 0 1003 9518 10014 8-03 Chicit Teg lila& o East let 5s....1960 J D 9214 ed VerS 8234 9414 -g Au1'318 94 13 9 --37 9712 40 4 98 / 911 4 Sale 9614 1 Inc gu 58 Dec I 1960 M S 8618 Sale 8 Balt & Ohio ling 42----July 1918 A 0 96/ 73 97 10338 4 1023 1 90 --------96 Aug'30 ---96 Chlis e2U 5L eries 'n lBet gu 434s A_1963 J .1 10214 Sale 102/ Sta July 1948 Q Registered 103 106 8 106 10558 10558 1055 10115 9838 101 Sale 121 10112 10114 1 B 1 Id 1963 1933 20-year cony 4448 4 105 1 / 101 6 105 10014 10434 6816 Sale --„ 105 Aug'30 --------10014 M S Guaranteed g 5s Registered 76 191 C1961: 4 11412 11514 14 114 1167s 1 105 g1 11512 115/ . 138 let guar 6548 series C Refund & gen 5s series A-1905 J D 10178 Sale 10418 4 1 38 102/ 100 July'30 4 1 / 102 10112 --------10284 Aug'30 ---, 102 1023, M 1) @ J 1932 od4 c c Chi 6s_Dec West ,20 yea st-I e, s ndr Registered 32 93 4 1 8512 93 32 10118 1071; 4 sale 92/ 1 92/ 1952 42 July 1948 A 0 10634 1071 10634 107 let gold 52 10534 15 103 10534 10534 ---- 105 n034 19 10812c111 let ref 5448 series A Ref & BCD 68 aeries C-----19951 D 11012 sale 1104 4 102 1 99/ ___ 102 Aug'30 9612 11 gli 1021 111 N 4 071 9612 1 91 9651 Choc Okla & Gulf cons 58_7 2 .1M 5 62 95 19 PLE& W Va Sys ref 48-1941 MN 96/ 4 9812 1 95/ 9814 Aug'30 -4 100 1950 1 J 105 Sale 10112 10512 10 10012 1061i CM II & 11 2d gold 444s___ _1937 1 1 9738Bouthw Div let be 9514 981 4 / 4 Sept'30 1 4 10 1 88/ 4 ---- 98/ 1 4 88s 8814 1 84 893, C 1St L & C 1st g 4s_Aug 2 1936 Q F 97/ Toils Cin Div 1st ref 48 A.1959 J J 88/ 4 1 91/ _ 94 Feb'30 95 10412 4 3 10414 104 10334 34 El 10114 105 2000 M Registered Ref & gen ISa aerlea D 4 1 8858 94/ 10134 383 N 9434 9734 9418 July'30 Mg 1960 F A 10114 Sale 101 9812 1043, CM Leb & Not let conAgug gQ 32 14 9 4 u 42_19 Cony 4348 100 July'28 4 105 1 101/ Clearfield M Mah 1st gu 58-.1943 1 1 13argor & Aroostook let fis_ A913 J J 10312 __- 105 Sept'30 ---2 -gift -96-1; 95 95 96 4 10 1 92/ 1951 J J 9233 Sale 9238 93 81 Cleve cin Ch & St L gen 43_1993 1 D 95 COD ref 42 4 10034 1 99/ 62 62 1931 1 J 10014 10012 10014 Sept'30 20-year deb 444s Battle Crk & Roc Ist gu 38_1989 J D 6214____ 62 Apr'30 ---: 105 109 Sept'30 109 __1081 9812 981 1 9812 9913 9812 D J J _1036 1993 1 9.512 General 5s series B Beech Creek let gu g 4s-__ 4 1 106/ 103 Aug'30 105 10514 4 81033 Jan'30 ---- 100 100 199 967 47 11 j 1938 1 J 10014 ---- 100 J 3 2d guar g 58 6a oer C poli:itptt52swD Re 10414 105 10414 l04s 12 100 10514 78 84 Beech Crk ext let g 3440-1951 A 0 8512 ---- 84 July'30 ---10132 153 9312 4 / 1011 Sale 10038 10012 88 J Ref & impt 444s set E Belvidere Del eons go 840_1943 J 97 92 Aug'30 19441 D 9334 -9-6- 96 Aug'30 ---1- -13S-Jr2 -9-13 193 11 1 Cairo Div 1st gold 45 Big Sandy let la guar 8412 9114 911 ug.3 97399118 Sale 997 4 10234 61 1 96 1023 Cin W & M Div lst g 4a 199 J J 9l' Boston & Maine 1st 5a A C_1967 M S 102 Sale 101/ 841e 90 Sept'30 78 8918 9112 90 4 / 1011 Sale 4 1003 1955 M N 10034 4 1011, 1 98/ St L Div 1st coil tr g 4s,.1990 MN I- let m be series 2 94 93 93 Apr'30 87 81 3 87 4 / Spr & Col Div 1st g 4s__ _ _1940 M S 9414 ---Beaton & N Y Air Line 1st 481955 F A 8612 89 861 -93 90 Jan'30 93 -9314 97 9714 4 Sept'30 973 J .1 ---,; J J 48_1938 9278 97 194 W W Val Div 1st g 4s Bruns & West 1st gu g 103 1043s 3 9918 103 CC C & I gen cons g 6s,,.,,,,,1934 J J 10334 ---- 10334 Sept'30 Buff Koch & Pitta gen g 3s_1937 M S 10212 Sale 10134 10212 9534 101 1957 MN 9514 Sale 95 90 98 Consol 4 Na Ma 10114 1114 09 19 2 Aug'30 3 14 00 9912 10112 Cloy Lor & W eon 1st g 5s 193 A 0 10 Burl C R & Nor lit & coll 56_1934 A 0 10112 10214 10112 Aug'30-.-. 98 9912 Cleve & Mahon Val g 5a__ _193 1 1 100 Mar'30 100 8 100 108 -_-10814 100 107 108 0 A 1062 10212 A 54 gu 108 Canada Sou cons 24 O 100 __-- 10034 Mar'28 A N 4 100 1 3 M 93/ 91 79 -:1 13 r e s 17 e 4 l g 1 Canadian Nat 4 Ns_Sept 15 1954 M S 9954 Sale 9934 100 r 4 P g54 la 4 o u el g Y A e t n I e D C 4 33 1 99/ 4 ____ 87 Mar'29 1 4 / 0 88/ 1957 .1 J 9912 Sale 991 9214 9978 11 12 : 80-year gold 4149 Series B 3,44s 62 9214 100 1968 J D 100 Sale 9938 100 1942 1 .1 9958 ____ 9512 Nov'29 Gold 4448 Series A 444s 10512 52 SI's 8814 4 -_-- 8614 June'30 1 88/ _ 9914 10512 Guaranteed g bi--July 1969 1 .1 10518 Sale 105 Series C 3Ns 8618 8618 4 10512 50 10114 10512 1 4 ____ 8618 May'30 1 87/ Series D 3Ns Guaranteed g 51----Oct 1969 A 0 10514 Sale 105/ 103 4 1033s 1 97/ 103 Sale Sale 105 103 10514 A 10512 F 1970 , 10312 10512 Cleve Shor Line lst gu 4448-1961 A 0 52 , Guaranteed g 54 10 10615 11058 4 110 10958 110 1 Canadian North deb NI 74-1940 1 D 11134 112 11134 11212 .5, 10934 11212 Cleve Union Term let 540_1972 A 0 100/ 8 10712 10212 10712 4 1063 ___ Sale 4 118 1063 11812 11812 0 J 16 A 1 113 1946 1181 7 1973 2 1st s f 5s series B 25-year 81 deb 810 96 10234 10214 Sale 10214 10234 18 __-- ---- 11314 Jan'30 ---- 11314 11314 Ist a f guar 4 Ns ser C_ _ Registered 14 101 93 SS Aug'30 9212 Sale 92 10012 10012 9439 A 13 F J 1933 _1915 1014 15 _ _ 4.8_ 9818 -Feb ., ., 4448_ gu River let fly Coal 10-yr gold 97 10314 891/4 9012 .4, 8312 9012 Cob & South ref & ext 440_1935 M N 10114 Sale 10078 10114 27 Canadian Pm Ry 4% deb stock J J 8978 sale 12 9918 54 9514 9911 9834 Bale 9812 1946 M 5 9934 10054 9934 10012 .... 9658 1001 Genl m 144s ser A Col It 4446 8818 94 10512 c. 10034 1051 Col & H V 1st ext g 4s 4 ___ 91 July'30 1 1 93/ 10 1944 1 J 105 Sale 10414 142 NA: 0 117 _19 be equip It etfa 9134 88 4 / 911 10334 26 10112 101 4 ___ 9134 1 1955 F A 91/ Doe 1 1954 J D 10312 Sale 103 Col & Tol lat ext 4a Coll It g 5. 8611 8612 4 Feb'30 / __ 861 4 1 / 98 883 Sale 4 9914 983 gyp 239 9834 J J 9 1960 49 3 1st Riv & Conn Passum 444s trust Collateral 76 985 874 74 70 9 ---74 75 8Sept'30 4 1 / 73 98 ---8 983 B 1954 ... 1 Carbondale & Shaw let 3 4e-1932 M 8558 Consol fly non-cony 4s 76 74 70 821 85 Aug'30 ---_1949 J .1 80 1955 J& .1 7218 ____ 71 Aug'30 2 Non-cony deb 45 Caro Cent lot CODS g 731s June'30 7318 7318 ____ ---6812 102 10214__ Aug'30 13 J 99141021 5e_1938 4s_30-yr 2 Non-cony deb 48 Caro Clinch 140 lat 76 88 Aug'30 4 1 / 70 _ _ 100 71 10812 10912 0 11 39 106 1101 2 J J D gA 956 1st & con g 68 ser A Dee 16'52 J D Non-cony debenture 46_19 75 50 852, ,,, 5112 36 ___ 8634 June'30 ---1981 1 D 901 1942 J D 5078 1f12 5078 Cart & Ad 1st gu g 48 4 Cuba Nor fly 1st 5448 11 84 iii 50 ' 82 681 ---67 Aug'30 Bale 87 68 881 280 D .1 1 1 _1948 g___1952 4s._ Cent Branch U P 1st g Cuba RR let 30-year 59 12 9914 4 / 701 731 7018 10512 __ 105 June'30---- 10158 105 7312 Sale Central of Ga 1st g ba-Nov 1945 F A let ref 744s aeries A 92 5 61 61 62 61 4 Sale 10234 10278 1 6 100/ 1945 M N 102/ I) 61 j D 4 104 1 Consol gold 5s 36 f 793 1st lien & ref 6s ser B____19 Feb'30 --------100 MN ---100 100 Registered 7 9912 10012 10.514 - 10018 Aug'30 - 104 10314 Day & Mich 1st cons 4548_1931 J J 991 4 / Ref & gen 5 Ne series B-1959 A 0 105 1051 105 51 85 4 96/ / 911 4 103 / 98 4 1 1959 A 0 10212 Sale 1021 Ref & ger Se series C 9838 103 Del & Hudson 1st & ref 18..1013 111 N 9558 Sale 9512 9618 107 Chatt Div put money g 4s-1951 J 13 8918 ---- 8818 July'30 ---8412 89 1935 A 0 10034 104 10112 Sept'30 30-year cony 58 10584 11 10078 10534 10318_ 10314 Aug'30 ---- 100 1031 105 105 sale Mac & Nor Div 1st g 58-1946 J 15 Ne 5 -year 4 _ 100 100 100 Aug'30 Mid Ga & All Div per m Os'47 J .1 10112 10382 10214 July'30 --A 9738 F N 98 10214 D RR & Bridge lat Su g 4s1 7M 7936 9258 9712 10334 105 10334 1031/4 ,, 1946 J 9714 40 Mobile Div 1st il 58 i 100 10314 Den & R G lot cons g 423_ -1936 J .1 9718 Sale 97 8714 871 88 5 4 10011 1 95/ 1001 10012 Sale 10012 -1961 1 88 .3 Cent New Eng 1st gu .1 1 1936 8118 89 Consol gold 434s 12 4 1 4 8878 99/ 993 9878 57 102 9812 96 N 61 95 1937 Sale 96 48_Cent RR 1413kg of Ga co1158 9512 102 Den & R G West gen 5s_Aug 1955 MN 13 10734 114 11334 114e 11334 114 8712 95 9358 187 1987 J Central of N J gen gold 5a Ref & Rapt 5s ser It_Apr 1978 MN 93 Sale 9214 3 4 1 / 23 50 112 116 113 Sept'30 --Z7. 107 113 50 50 25 27 1987 Q Registered J J 1935 Des M & Ft D lat gu 4s 31 25 96%9729658 4 25 June'30 1 _ 24/ 96/ 1987 J 4 . 1 General 43 3 8414 971 Certificates of deposit 9114 1)754 Dos 97 96 9738 23 4 Sale 9678 1 Cent Pao let ref gu g 48---1949 F A 96/ Plaines Val let gen 4548_1947 M El 994 -- 97 May'30 7412 6314 63 8 59790 June'30 ---go 50 --------90 Mar'30 A F 19551 D Registered & Mac let lien g 4a 81 9024 c04. Det 1 9412 9314 4 1 93/ 80 50 55 60 May'30 Through Short List gu 481954 A 0 94 Gold 4s 4 1 / 102 4 3 95 102 4 10512 1 10218 8 Sale 1960 F A 105 Sale 101/ lO21s N D Al j Guaranteed g 5s 1 5 9 6 9 4448_19 Tunnel 4 105 1 100/ Detroit River 1 101 10418 l03'e Dul Missabe & Nor gen 58_1941 J J 10314 -- 10318 4 _ / 10014 103 _ 10212 Aug'30 108 Dec'29 --,, Charleston & Say'h let 78_.19301 J 1111 Dul & Iron Range 1st 58.--1937 A 0 72 84/ 4 Sale 10334 10412 13 ioi/ 77 4 1 3 76 1939 M N 1041 7814 75 Ches & Ohio let con g 58 4 Dul Sou Shore & Atl g 5s....1937 1 .1 102124 9412 1 92/ 9412 Aug'30 _1939 111 N 1031 4 - 104 .July'30 --.7,..; 10112 104 / Registered East Ry Minn Nor Div 1st 48'48 A 0 96 3 100 107 4 106/ 1 10334 Bale 10312 11:1414 ' 1992 61 4 1 4 General gold 444s 9714 104 4 East T Va & Ga Div 1st 5a1956 MN 10634 1-1-012 106/ 7 102 104 104 2 4 10212 / M S 10114 -_ 1011 Registered 96 102 Elgin Joliet & East 1st g 58_1941 MN 104 Sale 104 10114 103/ 4 Sept'30 1 4 / 103/ 4 1 1993 A 0 10038 Bale 100/ 4 101 1 1965 A 0 1021 18 Ref & impt 450 94 101 El Paso & S W lat 543 4 10138 70 / Ref & impt 434s set B----1995 J 3 10071 Bale 1001 93138 101. 20 4 1 87/ 84 c89 88 89 J J 88 96 j 199, Craig Valley 1st 58-May 1940 J 3 101 -__ 102 July'30 ---4 102 1 Erie lot cons g .48 prior 96/ 4 May'30 1 8212 84 80/ 4 --- 9014 Sept'30 ---/ 931 8,614 95 Potts Creek Branch 1st 48_1946 .1 Registered 84 287 79 c84 2 05 95 9412 199,.J1 I -8334 Sale 8314 It & A Div 1st con g 48-1989 J lst consol gen lien g 4s__ -996 8614 95 79 Sept 30 1989 J 7618 8312 2d consol gold 48 Registered 92 4 1 / 83 1 92 92 -6.1` 99 _ 101 14 Sept'30 62 1 10112 101 101 10114 10078 July'30 -2..._ A F 1951 4s Warm Spring V 1st g 5s 1941 M gold trust coil Penn 97 101 8 4 Sale 10058 101 1 4 14 1 86/ 4 Sale 8614 1 82/ 430 4 87 1 Cheap Corp cony 5s_May 15 '47 MN 100/ c101 4 50-year cony 1s seriee A 1953 A 0 86/ 98 861 861 8614 22 4 1 4 / 8818 14 741 4 1 86/ 0 4 1 / 83 A 1953 Chic & Alton RR ref g 3s 1949 A 0 7334 Sale 73/ B Series 74 6514 , 7334 733 7312 74 -___ 1953 A 0 ____ 851 8538 Aug'30 Ctf dep stpd Apr 1930101 8012 8538 Gen cony 48 series D 4 80 1 34 375 70 x9 6 9412 125 7934 Aug'30 --Railway first lien 3Ns_ _1950 .1 J 79/ 904 98 1967 M N 9412 Bale 9354 Ref & impt 58 4 9414 207 ____ 7934 78 Aug'30 ---, Certificates of deposit __ 5 7'8' 90 in , 1975 A 0 94 Bale 9312 9534 Ref & 'rapt 5s of 1930 4 Sept'30 1 4 113 112/ 1 -- 90/ 4 1 11034 11414 1953 J J 112/ Chic 13url & Q--111Dly 3Ne-1949 .1 .1 89 -91 2 f. 90 ggil9014 Erie & Jersey lat a f fie 845" 1 J --------91 Aug-30 --,, Registered 109 114 Genesee River 1st 6 f 52-1957 J .1 11212 1131 11212 Aug'30 91 8 93 Aug'30 --4 Bale 971 1 1949 J J 97/ 4 / J 01 1 1940 Illinois Division 48 8652 93 4 10 1 97/ Erie & Pitts gu g 3349 ser B_1 4 98 1 92/ 1958 1/1 8 9718 Sale 9718 92 85/ 97/ 4 Oct'29 ---1 4 27 1 General 45 Series C 354s 89 07' Sale s 1053 1977 F A 10112 Sale 10112 10211 33 N 10558 M M43*e10e73; 1954 53 4 1 / 105 let & ref 444s sex B 7a f a eat! RR Est 96 102 2 1971 F A 10914 Sale 10014 987 98/ 4 Aug'30 1 110 97 13 1002 110 8 Fla Cent & Pen 1st cons g Os '43 J J let & ref 56 series A 9912 4 57 1 Chicago & East Ill lot 69_1934 A 0 1031/4 -- 10378 Aug'30 ...-7 1105 Florida East Coast 1st 4)0_1959 J D 8812 Bale 88 88/ 7913 90 461 45 46 $ Sale 1974M 24 7234 38 61 40 A series 58 fig CAR RI RY (new co) con 58_1251 M N 7212 Sale 7014 ref 64 1st & • Cash sale. High No. Low Ask Low Bid MP, Foreign Govt. &Municipals. 6712 87 [4 74 4 1 7312 Sale 73/ Tolima (Dept of) ext1 75-1947 M N 9312 100 100 6 9914 100 100 Trondhjem (City) lot 540_1957 M N 9234 98/ 9858 0 4 1 Upper Austria (Prov) 78_ _1945 J D 9812 ____ 9812 8114 9112 01 4 91 Sale 91 D 1 1957 15 External $1 6 Ns_June 16 10434 10914 Uruguay (Republic) ex@ 8s_1918 F A 10512 Sale 10514 106 9312 42 9238 c9912 1960 M N 0318 Sale 9212 External a f 65 9312 69 9212 9814 May 1 1961 111 N 9234 Sale 9212 Eati a f 68 88 c98 8 96 Venetian Prov Mtge Bank 78 '52 A 0 9514 Sale 9514 13 82 c95 87 4 8612 / 871 Vienna (City of) extls f 6s-1952 M N 87 73 6 4 83/ / 701 72 Sale 72 4 1 Warsaw (City) external 7s_1958 F A 9914 33 95 4 Sale 9812 1 9914 Yokohama (City) esti 68_1961 J I/ 98/ Railroad Ala Gt Sou 1st cons A 5s____1943 J 0 10412 ____ 10312 filay'30 ____ 10034 10312 92 9412 _ _ 9438 Aug'30 .._-, 1943 J D let cons 4s ser B - 8938 9339 90'2 9012 9114 9012 6 Alb.434 Busq 1st guar 3%8_1916 A 0 951887 85 __ 87 July'30 ---Alleg & West lot g BD 4s--.1998 A 0 983-4 98 Sept'30 ---98 9212 9812 1942 61 B 8812Alleg Val gen guar g 4s 89% 76 8 85 Ann Arbor 1st g 4s_July 1995 Q 1 8112 Sale 8114 65 98 9158 9814 Atch Top & S Fo--Gen g 12_1995 A 0 9634 Sale 9634 --------9514 90 9514 Aug'30 0 A ---Registered 871s 91 9434 94 Aug'30 --__ Adjustment gold 4s__July 1995 Nov 91 95 20 Jaw 1995 MN 94 Sale 94 8778 95 Stamped MN ____ -__- 9018 Aug'30 ---8532 9018 Registered 9312 87 4 ___ 9314 Aug'30 ---/ 1955 J D 931 Cony gold 42 of 1609 94 88 3 9318 1955 J rf 9318 Sale 9318 Cony 49 of 1905 4 9214 / 891 Cony g 1s issue of 1910-A960 1 D 9112 ____ 9214 Aug'30 ---, 13214 217 12012 14112 1948 1 D 13018 Sale 13018 Cony deb 444s 9612 88 6 9612 Rocky Mtn Div let 1s--1965 .1 J 9418 9134 95 9011 9612 Trans-Con Short L 1st 48.19581 J 9818__ 9612 Sept'30 __-97 10334 Cal-Ariz let & ref 434s A_1962 M 13 10234 li-de 10258 10334 67 All Knoxy & Nor 1st g 58_1946 J D 10112 __-- 10158 Apr'30 ---- 10214 104 25 95 100 All & Charl AL 1st 434s A_1944 J J 100 Sale 9778 100 10134 13 10012 10434 4 Sale 104 1 1941 J .1 104/ 1st 30-year 5s series B 06 92 Aug'30 ---, 87 92 Atlantic City let cons 40-1951 .1 J 93 9678 17 90 9738 Atl Coast Line 1st CODS 48 July'52 M B 9614 Sale 9614 9212 9213 M S --------9213 May'30 ---Registered 12 96,8 10318 1064 J D 10138 102 10112 102 General unified 414s 54 8812 9312 93 L & N coil goid 18_ __-Oct 1952 MN 93 Sale 9234 73i2 58 3 59 58 1948 .1 .1 5918 60 All & Dan 1st g 48 5212 5212 1 4 .34 1 5212 6212 1918 1 J 52/ 2d 4s ---87 Sept'30 87 4 1 / 82 -_-88 0 A 4 1 / 1949 let guar 411 AU & Yad 99 101 Austin & N W let go g 58-1941 J J 10118 ---- 101 July'30 ---- 8 3J r.A 1688 liv: BONDS N. Y. STOCK EXCHANGE. t Week Ended Sept. 12. 42. — New York Bond Record—Continued—Page 3 Prfre Friday Sept. 12. 1Veek's Range Or Last Sale, 0.0 Range Since Jan. 1, -,' • BONDS N. Y. STOCK EXCHANGE,'t't-'. Week Ended Sept. 12. *34 Price Friday Sept. 12. Week's Range or Last Sale. .g . c.Z ajc5:: Range Since Jan. 1. Rid Ask Low High No. Low High Bid Ask 1,0w High No. Low High 27 Sale 25 20 23 35 27 Mich Cent Det& Bay City 5s _ - _ _ Al S 10014 ____ 10014 Sept'30 ____ 100 101 96 100 9618 Aug'30 9413 0712 Registered QM --------100 Jan'30 ____ 100 100 107 __ -- 107 Aug'30 10512 107 Mich Air Line 48 1940 J .1 9653 ____ 07 Aug'30 ____ 9418 97 104 Sale 104 10218 105 101 Jack Lang & Sag 336s_ - —1951 It1 8 87 ____ 79 alay'26 ____ ---- ---1001* 101 101 Sept'30 99 10114 lst gold 3348 1952 M N 89 ____ 8712 Aug'30 ____ 8313 88 9933 10034 10012 10114 10038 Sept'30 Ref & Irialat 436s ser (L....1970.7 J 10214 1023z 10214 Aug'30 ____ 9912 10233 9434 100 100 101 100 Aug'30 Mid of NJ lot ext 5s 1940 A 0 ____ 9414 01 9378 9634 5 94 84 June'30 8113 85 Mil &Nor lot ext 436s(1880)1934 J D 99 10134 99 9614 9913 5 99 Cons ext 436s (1884)._1934 .1 D 99 0912 99 9634 9978 9918 11 9834 10214 Mil Spar & N W lot gu 45 99 99 9912 9834 12 1947 M S 9312 9453 9312 90 1 9312 9312 74 6512 75 7414 75 77 8 Milw & State Line 1st 336s...1941 J J 8618 —__ 90 Apr'28 ____ ------10212 - 9834 Feb'24 Minn & St Louis 1st cons 58..1934 MN 26 2758 4118 30 2753 Sept'30 ___ .. 10112 fof 10012 Aug'30 -6534 11612 Temp Ws of deposit 1934 M N ____ 3612 2514 2514 ____ 2.514 4114 11212 Sale 112 11212 12 15912 11212 let & refunding gold 4s_ ...1949 M (3 718 8 734 734 16 7 834 1073s Sale 10634 10712 17 104 10712 Ref & ext 50-yr Is ser A...1962 Q F 20 8 15 Aug'30 __-_ 1112 15,5 9553 98 98 Aug'30 9714 100 Certificates of deposit 121s 15 15 ____ 13 June'30 112 112 Sale 111 207 10934 113 M SIP & SS M con g 4s Int gu '38 J 1 9034 Sale 90 8738 01,2 9034 63 11013 11034 11034 July'30 lot cons 53 1938 J J 9214 91 9112 9859 92 5 9238 9413 10014 9714 9934 9914 Sept'30 1st cons 58 gu as to int 1938 J J 987 3 091 2 9413 Sale 17 98 987 s 11114 Sale 111 112 1073 11134 4 4 10-year coil trust 63.6s 1931 M S 101 Sale 10078 99 10178 10178 34 10634 Sale 10614 10634 3 10314 10813 lot & ref Is series A 1946 J J ____ 94 02 100 957s Aug'30 ____ 05 100, 10058 Sale 100 10053 20 3 25-year 5368 1949 Al 5 84 8512 8312 8412 .5 81 91 9938 Sale 0938 95 9934 9934 29 lot Chicago Terms f 4s 1941 NI N 9438 ____ 95 Aug'30 ____ 95 91 80 8014 9 8014 __-- 8014 8014 Mississippi Central let 53..1949 J J 95 99 9.5 96 1 9913 96 26 Sale 26 23 26 3234 Mo-Ill RR let Is ser 30 J A 1059 J 79 793 4 793 79 75 79 4 3 9134 9453 Mo Kan & 0618 ____ 9453 Aug'30 Tex 1st gold 45._1990 1 D 90 9012 9012 8512 92 20 91 10458 Sale 10412 98 10512 Mo-K-T RR 10131 9 pr lien 55 ser A-1962 J J 10418 Sale 104 9912 1047s 10478 49 10018 10012 10014 96 101 10012 73 40-year 48 series B 1962 J J 9338 Sale 9234 85,2 9333 9338 15 10458 1065s 105 105 1 103 10512 Prior lien 436s ser D 1978 J .1 99 9212 9934 9918 9938 991s 6 10158 102 1013s 10138 9614 10138 5 Cum adjust 59 ser A Jan 1967 A 0 100 Sale 9912 100 108,2 98 23 _ Apr'30 971 9373 97,2 Mo Pac lot &Ira 53 tier A _ 1965 F A 102 10212 102 9914 10212 10212 15 ion _ 100 Sept'30 07 10014 General 45 1975 Al S 8114 Sale 8031 7414 8178 8114 152 10073 1-0T114 101 Aug'30 9934 102 1st & ref 5s series F 1977 Al S 10178 Sale 1017,8 97 102 136 102 10014 9534 10034 10012 10012 5 1st & ref g Is ser 0 1978 M N 10158 Sale 10158 102 9634 102 66 10014 9912 June'30 9912 10112 Cony gold 5363 1949 Ii4 N 109 Sale 10811 10912 92 10614 11334 10078 foi 10012 10112 9934 1011* 2 ref g Is series II 1980 A 0 10134 Sale 10138 102 63 10133 102 lool2 sale 10013 101 47 93 10112 Molot Pat 3d 7s ext at 4% July 1938 MN 94 94 ____ 9334 Aug'30 ____ 91 8334 Sale 835a 8412 256 7614 8.153 Mob & I3ir prior lien g 58 1945 J J 97 _-_- 100 Mar'30 ____ 100 100 Small 9812 .1 .1 961s ----0634 June'30 ____ 95 Illinois Central lot gold 4s._1951 j j 98 9812 0813 9812 91 1st al gold 4s 1945 I J 9218 ____ 87 Aug'30 ____ 91 87 1st gold 331s 1951 8514 81 8458 June'30 8Wat Small --__ 87 J 80 8712 8712 6 .1 8712 Registered 8234 June'30 j 8234 8234 Mobile & Ohio gen ____ 9534 gold 48__1938 M S 95 0258 96 9534 1 Extended 1st gold 3353-1951 A 8514 85 83 — 85 July'30 Montgomery Div lot g 58_1947 F A 102¼ ____ 103 9618 103 103 2 1st gold 3s sterling 1951 Al s 68 73 73 Mar'30 Ref & impt 9414 98 9534 25 1977 M 5 9512 9614 9512 Collateral trust gold 48_1952 A 0 -551.2 g;f13- 9314 8934 9112 Moll & Mal lot 4i-6s 9312 34 8614 90,3 1991 M S ---------96 Aug'30 --__ Registered 8712 8712 Mont C lot gu gu gold 4s 8712 Mar'30 1937 .1 1 9018 ____ 9018 Aug'30 ____ 105 1007s Os 1st refunding 48 90 1955 NI 05 30 9334 M N 9313 94 94 lot guar gold Is 95 10034 1937 J 1 10234 101,2 10678 July'30 ____ Purchased lines 336s 1952 j j 8634-- 881s Aug'30 89 82 Morris & Essex lot 80 334s_2000 .1 13 8318 Sale 83,8 84 77 83,8 6 Collateral trust gold 43-1053 MN 9018 Sale 90,8 8733 9312 9034 17 Constr Al 5s ser A w I_1955 M N 10838 10912 10812 10812 10314 3 10834 Registered 8712 9014 90 Aug'30 MN Refunding Is Ty 1-67-4 10612 5 104,8 10712 Constr M 436s ser 13 w 1-1955 MN 10112 Sale 10112 102 20 9638 10212 1955 as 3.4 10713 15-year secured 6,36s g 1936 j j 110 11034 10734 110 20 10712 11014 Nash Chatt 947,9 90 9178 10 40-year 4.34s Aug 1 1966 0 97 10213 N Fla &0 & St L 4s ser A_1978 F A 9412 9478 9478 10158 57 , A 10114 Sale 10078 1937 F A 10278 _-__ 102 July'30 _-__ 100 10212 Cairo Bridge gold 48 8812 9114 Nat By of tot gu g ss 9114 July'30 1930 a D 9153 94 Mel July'28 ---------18 ____ pr 68_1957 lien -__43 J -, J Litchfield Div lot gold 3s_1951 j 7478 77 77/ 1 4 - 77 July'30 July 1914 coupon on Loulsy Div & Term g 3365 1953 y 8212 88 8712 a(0043 871 Assent cash war rct No. 3 on __ 9 914 911 6 834 938 911 Omaha Div let gold 3s 7412 SO 1951 F A 7818 sip, 80 Sept'30 Guar 70-year s f 4s 938 16 1977 A 0 8718 Aug'29 -----------BS Louis Div & Term g 38_1951 y j 78 7514 77,2 8514 7712 June'30 Assent cash 714 10 --10 Sept'30 ____ Gold 336s 1051 y j 8758 Sale 8758 8233 8734 Nat RR Meg pr war rct No. 3 on ----------875ir 3513 July'28 -------------------lien Oct'26 43.6s J .7 Springfield Div 1st g 3365 1051 J J 8458 Sept'29 72 Assent cash war rct No 3 on ___ 1413 1514 15 Sept'30 —__ 1634 12 Western Linea lot g 48-1001 F 9312 10 735 "5"3l"2 lot consol 45 A 93 --- 031.3 1915 A 0 ---------22 Apr'28 -----------Registered 0212 Apr'30 5212 0212 F A ____ Assent cash war ret No. 3 on ____ 858 8 8 834 18 514 831 III Cent and Chic St L & N 0— Naugatuck Kit 13t g 48 1954 m N 8512 8814 88 Aug'30 ____ 85,4 89,1 Joint 1st ref Is series A___1963 j D 10538 Sale 104 10512 8 10214 10712 New England RR. cons 5s 1945 3 J 9934 105 101 Aug'30 ____ 9614 101 1st & ref 436s series C____1963 a D 9812 9878 99 95 100 991s 19 Consol guar 45 1945 J .1 9258 Sale 9212 9258 17 8614 93 Ind Bloom & West lot ext 4s 1040 A 0 9138 8014 89,4 NJ June RR guar 8914 June'30 lit 4s__ -1986 F A 88524 _--- 90 July'30 ____ 90 85 Ind III & Iowa 1st g 45 90 9714 N O&NE tot ref 1950 y j 97 Sale 9515 9714 45 & impt 430 A'13 J J 9512 ---- 97 Aug'30 ____ 9278 07 Ind & Louisville 1st gu 45-1956 .3 j 8778 90 88 84 1 8778 8778 New Orleans Term 1st 4s 1953 J J 9358 Sale 9214 8714 9334 9334 22 Ind Union Ry gen Is ser A 1965 jy 10314 Sale 10314 104 18 100 104 N 0 Texas & Mex n-c Inc 59 1935 A 0 9938 100 9978 9978 2 9558 0971 Gen & ref Is series B 100 101 196.5 j y 103 10014 Feb'30 lot 55 series II 1954 A 0 10014 10012 10014 10012 8 9278 1005, Int & Grt Nor 1st (is ser A_ A952 y j 104 Sale 104 9978 106 105 33 1st bs series C 1956 F A 10014 10100 10014 5 96 10034 Adjustment Os sec A July 1952 7212 9213 8734 18 8713 Sale 8714 lot 436s series D 9414 Salo 931s 1956 F A 94 89 9312 45 1st 55 series 13 97 91 9612 42 1956 y 9612 Sale 9478 lot 5368 series A 1954 A 0 103 Sale 103 10334 23 101 1051: lot g 55 series C 90 100 1956 j j 9618 9612 9234 9513 14 N AC Ildge gen guar 436s 1945 J J 9818 ____ 9714 June'30 ____ 9734 95 Int Rye Cent Amer 1st 55_1972 M N 71 5974 81,8 N Y 11 & M B 5 72 73 72 ___ 100 May'30 ____ lot con g 55_ _1935 A 0 100 9834 100 let coil tr 6% notes 8278 9112 NY Cent RR cony 2 85 1941 MN 8412 00 85 deb(S8_10351 N 107 Sale 10612 107 4 105 113734 let lien & ref 636s 0812 8 90 1947 F A 9238 Sale 01 9212 Consul40 series A 1998 F A 9518 Sale 95 9534 61 881s 9534 Iowa Central lot gold 5s 35 2014 2 2014 2014 213 4 , 4 20 1938 J D Ref & Imp 434s serlea A 2013 A 0 10812 10878 102 10278 16 97 10331 Certificates of deposit 2012 3413 2012 Aug'30 1712 25 Ref & lmpt 52 series C_-_.2013 A 0 10812 Salo 10812 109 44 105 109 Refunding gold 4s 10 5 513 658 5 Aug'30 James Frank & Clear 1st 48_1 Aug'30 873a 195 959 913 N Y Cent & Hud Rly M 33681997 J 1 8412 Sale 8414 114 J -16 3 9514 9634 9438 7814 80 20 85 Kan A & R 1st gu g 10114 Apr'28 JA ! a 10238 8412 8012 Aug'30 ____ Reglatered 1997 „I .3 82 81 75 Kan & M 1st gu g 4.9 83'A 0012 1990 89 Sept'30 89 Debenture gold 4s 10014 65 1934 M N 10014 Sale 100 97 10031 K CFtS & M Ry ref g 45-1936 A 43 9712 97713 9713 9412 98 9734 7 30-year debenture 48 973 963 4 4 973 973 4 4 4 J 93 J 1942 9734 Kan City Sou 1st gold 33_1950 A 7412 8014 7954 13 Lake Shore coil gold 3363_1998 F A 8214 8314 8218 0 7912 Sale 7912 83 5 7514 8314 Rel & impt 58 99 104 52 Apr 1950 j 103 Sale 10212 104 81 81 83 1 7518 851, Registered 1948 F A 81 Kansas City Term let 48._1960 j y 94 Sabe 9378 8813 9412 9412 47 Mich Cent coil gold 3369_1098 F A 8214 84 1 83 83 7612 8371 Kentucky Central gold 4s...1987 y j 92 8713 9212 02 Sept'30 94 7812 84 Apr'30 801; ____ Registered 18 1998 F A 8014 Kentucky & Ind Term 4368_1961 j y 87 Sale 87 87 8514 10 87 NY 011ie & St List g 4s._,1937 A 0 9712 ---- 9634 991; 94 11 97 Stamped 9414 --------9314 Mar'30 __ 88 93 3 1961 j a 93 Sale 93 Registered 1937 0 9314 A 931, Plain 89 89 1961 j j 9718 _ 89 Apr'30 25-year debenture 4s 2 1931 Al N 10033 10012 10012 10058 97 1003, Lake Erie & West lot g bs__ A 937 J y 10238 100 10214 10214 Sept'30 20 6s series A 13 C 10238 24 100 102a 1931 M N 10214 Sale 10214 2d gold 55 09 103 1941 y j 1027s - - 10212 Aug'30 6% gold notes 1932 A 0 10218 Sale 102 10214 34 10134 1033 Lake Sh & Mich So g 330_1057 .1 7914 8558 855s 16 Refunding 536s series A-1974 A 0 10758 gale 10712 10734 35 10512 1073: D 8558 Sale 8538 Reglatered 7734 7834 81 8414 7834 July'30 Refunding 5348 aeries B 1975 a j 108 Sale 1077s 10814 29 10512 1081, 25-year gold 48 9878310153 193 97 Ref 4348 serles C 1 MN 1978 M 5 9734 Sale 9734 98 D N 10012 Sale 10036 148 9358 991, 10034 53 Registered 9912 10014 NY Connect let go 434s A 1953 F A 10178 10253 10178 10014 June'30 102 M N 11 9618 102 Lela Val Harbor Term gu 51_1954 F A 154T2 Sale 10412 10412 2 103 10634 lot guar Is series B 1953 F A 10514 Sale 10514 10514 6 1011 1051, Leh Val N Y let gu g 436s__1940 y j 10112 Sale 103 Aug'30 0634 103 NY & Erie 101 ext gold 4s 1947 Al N 9234 ____ 9418 July'30 --__ 941; 89 Lehigh Val (Pa) cons g 4s___2003 8,8 N 92 Sale 92 8858 031,2 9213 16 ad ext gold 436s ___ 100 June'30 ____ 100 100 1933 M N 100 Registered 88 86 88 Aug'30 4th ext gold Is 1930 A 0 99, 8 ---- 100 Sept'30 ____ 100 1001i Al N General cons 43.48 9613 10214 2003 18 10112 102 10112 102 Lehigh Val RR gen. Is iscries_2003 MN 110,8 2 106 11031 N Y & Greenw L gu g Is 11034 1946 M N 9533 ____ 9613 June'30 ____ 961 MN 95 - 11018 Leh V Term By 1st gu g 581941 A 10158 10312 N Y & Harlem gold 330_2000 Al N 8534 ---- 82 June'30 ____ 0 103 1-0414 10234 Aug'30 8013 82 Leb &N Y lot guar gold 4s 1945 M 0.17, 8638 9434 NY Lack & IV 1st & ref gu Is'73 Al N --_- ---- 9718 Oct'29 ---------9434 Aug'30 S Lox & East lit 50-yr regu_1965 10414 1004 lot & ref gu 434s ser B 10578 iff 10934 10934 1973 M N 102 ____ 102 102 9834 102 1 Little Miami gen 4s series A_1962 A 0 90 8712 9072 N Y & Jersey lot 55 5 90 00 1932 F A 10034 101 10034 Aug'30 --_ MN 1011. 9912 Long Dock consol g Os 10314 107 N Y & Long Branch 45 1941 NI S 89 ---- 88733 Aug'30 ____ 1930 A 0 10134 10612 10612 Aug'30 861s 883 Long Isld lot con g Is July 1931 9914 101 N Y & N E Bost Term 413..1939 A 0 5158 ____ 7514 July'28 -----------Q a 10012 10012 10034 lot consol gold 4s____July 1931 Q a 100 9858 9331 NY NI!& II n-c deb 43__ —1947 Al S 8878 ____ 8878 9858 Mar'30 8878 1 8378 89 General gold 4s Non-cony debenture 3365_1947 Al 13 83 1938 J D 9575 -£T8- 96 8812 96 96 834 83% 8314 Sept'30 ____ 78 Gold 4s 99 1932 J D 9912 -__- 99 Sept'30 Non-cony debenture 3365_1954 A 0 80 99 8115 80 Sept'30 ____ 7353 80 Unified gold 4 8718 91 1949 m s Non-cony debenture 4s 91 July'30 8712 8612 1955 87 ,j Sept'30 .1 87 ____ 8112 Debenture gold bs 1934 J Non-cony debenture 45 9914 10110 10118 Aug'30 90 104 23'8 1956 M N 8614 877 8614 871 79 8712 30 20-year p m deb 58 0712 10113 1937 MN 101 nif12 10034 101 Cons' debenture 336s__1956 J J 79 12 79 8 Aug'30 805 ____ 7412 Guar ref gold 45 9514 87 _1949 Al s 95 Sale 95 Cone debenture 65 9514 95 1948 J j 12314 Sale 1237,8 12412 34 l2014 135 Nor Sh 131st can go Is Oct '32 Q 9914 10034 j 19038 101 10038 Aug'30 Registered J J ---------12114 Sept'30____ 120 131 Louisiana & Ark lot Is ser A 1969 .3 a 8473 Sale 84 87 81 48 Collateral trust 13s 85 1940 10612106 10618 0 10434 10634 A 0 106 Louis & Jeff ledge Co gd g 4s 1945 Al 13 937s -:-: 9312 Aug'30 Debenture 4s 8912 9312 813 77 5 1957 MN 8133 Sale 8038 8153 Louisville & Nashville bs__ A937 Al N 1027s 101 10312 lot & ref 436s ser of 1927_1967 j D 96 Sale 9578 103 Sept'30 9612 00 70 9614 Unified gold 48 Harlem It & Pt Ches lot 4s 1954 M N 92 12.310 J 9414 99 99 9812 gale 9814 7 921 873 3 92 8 8 93 92 Registered 0234 9412 N Y 0& W ref tot g 4s_June 1992 M S 51 Salo 49 9412 Mar'30 J J 4518 6514 9 61 Collateral trust gold 5s___1931 MN 101 fol"1", 101 Aug'30 9934 101 General 45 54 38 5 38 Sale 41 .1 39 1955 D 1st refund 536s series A___2003 A NY Providence & Boston 45 1942 A 0 9114 ____ 9012 June'30 ____ 5 10312 108 0 10512 10634 10573 10678 9012 901 lat & ref Is Beries 13 9912 106,2 NY & Putnam lot con gu 48 1933 A 0 93, 2 2003 A 0 106 10653 106 106 8512 921 4 ---- 9278 Aug'30 -- -let & ref 436s series C-2003 A 05 10212 N Y Susq & West lot ref 58_1937 J J 8058 83 10134 Sale 10134 10212 15 0 .30 80 Aug When issued ---80 861 20 gold 4363 9434 96 96 Mar'30 75 75 1937 F A ____ 75 Mar'30 ____ 73 Paducah & Mem Div 4s__1946 A 0 011s 9358 General gold Is 1 9412 935a 03's 79 71 1 1940 F A 75 73 73 73 St Louts Div 2d gold 3s__1980 F A 94 Terminal lot gold 53 70 Sept'30 66 6718 70 6912 Al S 1943 M N 10014 ____ 10014 Sept'30 ____ 94,8 100,4 Mob h Montg 1st g 4365 _-1915 NY W'clies & 131st ser I 434o'48 .1 J 91 Sale 90 9738 9754 MS 9914 021 86 - 9734 July'30 71 91 South Ry joint Monon 45_1952 j 9312 9312 Nord Ry ext'l sink fund 6368 1950 A 0 10513 10534 10538 106 89 5 93 V3-12 93 5 10212 10614 All Knox*,& Bin Dly 4s__1955 0114 95,2 Norfolk South 1st & ref A 58_1961 F A 57 Sale 5458 79 60 6 57 Loulsy Cln & Lox Div g 436s'31 Al N 9512 9758 9512 Sept'30 9833 10014 Norfolk & South lot gold 58_1941 M N 97 09 89 9714 97 Sept'30 ____ Mahon Coal RR lot bs___ 1934 131 N 1001a ---- 10014 Sept'30 0958 10134 Norfolk & West gen gold 68_1931 Al N 10138 102 10178 102 10134 Aug'30 2 Ion 1021 1017s Manila RIt(South Lines) 48_1939 M N 7512 7/6 Improvement & ext 63_1934 F A 105 7312 7612 7512 75,2 ____ 10414 Aug'30 ____ 10314 104: latest 45 1959 New River lot gold Os_....-1932 A 0 —_- 10334 10214 June'30 ____ 10214 102: 70 72 66 Aug'30 60 Manitoba SW Coloniza'n 531934 MN 66 9812 100 N & W Ity 1st cons g 48_1006 A 0 9612 Sale 9612 J D 9918 10131 100 July'30 9012 97: 0712 22 Man 13 & N W 1st 336s 19.11 J Registered __ 90 Aug'30 90 87 92 90 1996 A 0 94112 ___- 9253 July'30 ____ Meg Internet 1st 43 as5ul 1977 M 88412 117s 612 25 6 July'30 0 Cash gale. 9 Due February. Fonda John.,& Moir lit 43651952 MN Fort St UD Co 1st g 436s___1941 a a Ft IV & Den C 1st g 5368___1961 j D From Elk & Mo Val lat 68-1933 A 0 G &S AM &P 1st 5s_1931 MN 2d extens Is guar 1931 j j Gale Hous & Bend lot 55..„1933 A 0 Ga & Ala By lot cons Is Oat 1915 J y Ga Caro & Nor lot gu g Os '29— Extended at 6% to July 1_1934 J J Georgia Midland 1st 33.--1.1Z A Gouv & Oswego 1st 55 GrE & lout lat gu g 4 365_1941 y .3 Grand Trunk of Can deb 78_ itg tif 15-years 165 Grays Point Term 1st bs 1947 j D Great Nor gen is series A 1036 j j Registered D let & ref 436s series A____1961 a a General 536s series B____1952 j j General Es series C 1973 j j General 4348 series D 1976 y General 436s series E 1977 y j Green Bay & West deb ctfs A-- Feb Debentures Ws 13 Feb Greenbrier Ry 1st gu 48____1940 MN Gulf Mob & Nor 1st 5368_1950 A 0 1st M Is series C 1950 A 0 Ouif&SI lat ref & ter 55_5_1952 y y Hocking Val 1st cow it 4363_1099 j Registered 1999 j j Housatonic Ry cons g 55 1937 MN & T C 1st g 58 Int guar_1937 j j Houston Belt & Term 1st 55_1937 .2 j Houston E & W Tex 1st g 511_1933 MN 1st guar Is redeemable_1933 hoi Hud & Marzhat let 58 ser A_1957 F A Adjustment income Is Feb 1957 A 0 1689 New York Bond Record -Continued-Page 4 8 • s," BONDS tt N. Y. STOCK EXCHANGE. 5.: c.. Week Ended Sept. 12. Price Friday Sept. 12. Bid Norfolk & West (Concluded)Div'l 1st lien & gee g 4s_1944 j 1941 1 Pocah C & C joint 48 North Cent gee & ref 58 A 1974 M Gen & ref 434e set A stpd_1979 M 1945 A North Ohio lot guar g Ls North Pacific prior lien 49-1997 Q Q Registered Gen lien ry & Id g 3s_Jan 2097 Q Jan 2047 Q Registered Ref & impt 430 series A __2047 J Ref & impt 65 series B____2017 J Ref &Mint 5s series C____2047 J Ref he 'rapt 53 series 1J___2047 J Nor Pee Term Co let g 6s-1933 1 Nor Ry of Calif guar g 5e_1938 A 1 13 B S 0 J .1 F F J J J .1 J 0 Range Week's_. = Since Range or ' o -.1i . Jan. 1. Last Sale. q, Ask Low High No. Low High 9134 9712 9638 Aug'30 ---, 9634 97 2 9234 06 9514 9514 Sale 9514 10534 1 100 10534 10534 Sale 1053 103___.. 10113 10312 39 98 10312 99 0918 3 9712 105 03 9918 953 29 9458 Sale 94% 8812 9678 92 92 Sale 92 8928 9334 1 70 70 sale 694 25 637 7033 57 6812 67 Aug'30 68 62 11 10012 Sale 10012 101 9512 102 114 Sale 11313 11418 00 11112 11513 5 10312 107 106 10734 10612 107 10612 17 10312 10612 106 10734 106 10334 10434 10512 Jan'3 ---- 10512 10512 10334 10434 10414 Aug'30 ---- 101 10414 31 • .oe BONDS '-',9. N. Y. STOCK EXCHANGE. ir.,' ... 417, e`.. Week Ended Sept. 12. Price Friday Sept. 12. Week's Range or Last Sale. " ?,,..11 .5.', , q' Range Since Jan. 1. High Ask Low High No Low Bid 56 56 Sept'30 __.7018 80 Seaboard Mr Line let g 42-1050 A 0 5712 Sale 71 6 5512 58 58 1950 A 0 58 Gold 4e stamped 6034 4 28 2818 28 Sale 28 Oct 1949 I, A AdJustment bs 4434 19 40 40 6012 Sale 40 0 A 1959 Refunding 98 45 79 5034 134 1045 M S 4838 Sale 48 lot he cons Gs series A 3 7238 89 76 Sale 76 AG &Bina'30-yr lst g 48.d1033 181 S 76 Sale 40 72 31 40 42 40 Seaboard All Fla lot gu Os A.1935 F A 72 42 43 Aug'30 ---1935 F A ---- 47 Series B 94 _-__ July'30 9812 98 100 09 2 J 1931 Seaboard &Roan lot Is mad 10034 10278 1036 F A 10212 ___- 10212 1027€ ___8 8 & N Ala cons gu g be _ 105% 108% 10938 _ _ __ 10878 Aug'30 Gen cons guar 50-yr 5s---1963 A 0 8918 95 23 05 9512 0412 D 04 So Pac colt 45(Cent Pac roll) 1.'49 J 9458 1027k 10114 236 4 Sale 10014 1st 430(Oregon Lines) A_1977 M 8 1003 10234 10212 Sept 30 ----100 10212 10214 D J 1934 20-year cony Is 933 10014 166 4 Sale 9912 100 993 13 SI 1968 Gold 430 0618 10128 10012 218 1969 M N 10012 Sale 100 Gold 4348 with war 95 89 3 95 95 Sale 95 1950 A 0 San Fran Term 1st 95 87 87 A 0 ____ ___. 87 Feb 30 -- __ Registered 103 July 30 __ 100 103 ___. 103 N NI 5s..1937 g gu eon 1st So Pee of Cal ____ 96 Jan'30 96 96 ____ 4 963 J So Pac Coast let gu g 4s---1937 JJ J 97 01 9614 104 9578 Sale 9534 1955 So Pee RR lot ref 4s 94 91 --------94 July'30 --3 1 Registered ____ 9212 100 May'30 --------9212 J Stamped (Federal tax)_1955 J 83 77 8112 10 8178 8113 79 Og d: L Chem lot gu g 4s.„1948 J J 9218 9210 9218 Ohio Connecting Rd' lot 48-1943 M S 0414 ____ 9218 Mar'30 1936 .1 D 10218 10318 10112 Aug'30 --__ 100 102 Ohto River RR let g 59 99 102 1937 A 0 10211n __ 102 Aug'30 -General gold be 96 27 4 / 96 01 Oregon lilt & Nay eon g 0.1946 1 D 96 Sale 941 _ -.7 Sept'30 8 10712 1063 10614 1 10418 J be_1946 g 1068 cons 1st Lino Short Ore 3 10378 106% 1946 3 .1 10634 109 10658 106% _ Guam stpd eons Ss_ Gua Sale 11013 c11284 35 10614c11234 9434 50 8812 9934 Southern Ry 1.85 eons g 53-1094 1 J e11258 Oregon-Wash 1st he ref 45_1961 j j 9914 sale 9914 10814 1 10512 10814 J J 10814 Sale 10814 6012 1 Registered 55 194 2 D 6012 63 6012 6212 Pacific Coast Co 1st g Ls 8812 93 00% 107 Sale 8914 90 0 A _-__ 9612 Sept'30 99 9214 0612 Bevel he gee 98 series A___1956 Pac RR of MO let ext g 98..1933 F A 97 17 4 1153 11414 120 11514 Sale 4 1153 1956 A 0 Bevel & gee Os 9734 10012 1938 J .1 10012 __. 100 July'30 .-__ 2d extended gold bs 47 120 12813 Sale 12134 123 123 0 A 1956 -July'30 630 09 gen & ---8 Develop 1005 J 98 9914 . 77 Paducah & Ills 1st et g 430_195 J 10658 1074 10618 Sept'30 __- 10618 1037 1096 J 10478 23 102 105/ Nlem Div let g Is 4 1 Paris-Lyons-Med RR ext165 1958 F A 10412 Sale 10414 8718 92 5 9212 9212 ____ 9212 1951 i St Louis Dlv let g 9s 95 1001, Sinking fund external 711_1958 NI 5 10512 10612 10534 10614 10 10314c107 _ __ 10012 July'30 ____ 101 S NI bs._1938 4 8 5u Sale 8 103 g 1035 11 lieu 103 East Tenn reorg Paris-Orleans Ttlt ext 530_ _1068 NI El 99 10514 9018 958 9534 16 9558 Sale S 8 053 95 103 Mob & Ohio coll tr 95.....1938 M Paulleta Ry lot & ref 51 7s 1942 M 8 10034 102 10034 Sept'30 --77 72 61 1 6114 6114 6212 6114 1 1955. - 9812 4 14 1 98/ 9234 9812 Spokane Internet 1st g bs Pennsylvania ILR cons g 48_194351 N 8212 86% 7-30 Feb' 35 ---4 853 D J - 98 Sept'30 ___.-_ 9778 9814-1948 MN 97 9258 98 Staten Island Ry lot 430_1943 Consol gold 95 Apr'28 95 _ 98 '1 9214 9818 Sunbury he Lewiston 1st 48_1936 J J 0steel stud dollar_Nlay 1 1948 M N 07 Sale 97 05 -9911 3 9634 96 9512 9612 1947 A 0 94384 May'30 1 93/ 9212 9312 Tenn Cent lot 6s A or II_ Registered 97 10014 10018 10114 10014 Aug'30 --__ 3 9834 105 Term Assn ot St L let g 430-1939 A 0 COnsol sink fund 4348-1960 F A 10958 Sale 10438 105 A 10514 106 10412 Aug 30 _-__ 0934 10451 F 1944 40 8 1027 10258 103 8 1025 D be gold 9712 cons 1 1st A__1965 10338 series General 434s 8714 93 2 93 93 96 9314 2 J 1953 0 g 112 1 4 11034 11118 11 106 11112 1968 J 0 1103 Gen refund s General be series II 10614 9 4 10611 1936 F A 109 8 Sale 10934 11014 87 108 c11038 Texarkana he Ft S 1st 530 A 1950 1, A 106 10634 106 July'30 __ 1032 15-year secured 6345 9858 101 101 094 j9.)33 J Sept'30 Aug 5s_ ---7 gold corn --------109 A 10814 V NO & Tex 109 Registered 4 1113 5 10612 11134 11211 212 1 1 1114 D J 58,-2000 10514 54 10214 10538 Texas he Pac let gold 40-ye,ar secured gold 53.,__1964 MN 10514 sale 10434 ___. ___ 95 Nlar'29 ____ _ 9834 199 9414 9878 2d irc55(Mar'280 on)Dec2000 Mar 981970 A 0 9858 Sale 9838 Deb g 4348 10313 7 55-34 1041, 10334 1034 10314 0 A 1977 95 ___ 90% Sept'30 ---5 M 37 19 90 95 Gen he ref Is series 11 Pa Co gu 3188 con tr A reg 9878 1041; 24 103% 10318 Sale 0 10318 A 1979 91 -9513 91 Sept'30 ---87 9118 Gen & rolls series C Guar 330 coil trust ser 11_1991 F A 3 9958 1013, 1931 1 J 10012 10134 10012 10012 _ Le Div B List g bs 835€ Sept'28 ---- __ _ 1942 3 D 87 Guar 33.45 trust ctfs C 5 104 1072i 10714 107% 108 10714 8434 -8-9- Tex Pac-Mo Pac Ter 53.48_1964 M 5 101%___ 1949 3 D 8712 -901 89 Aug'30 - -.7., Guar 330 trust etre D 98 103 Aug'30 --__ 101 .1 987 10012 Tol & Ohio Cent lot gu 5s._1935 3 Guar 15-25-year golds 48_1931 A 010038 10038 10038 10058 37 98 1008 1935 A 0 1001 1-02 10018 July'30 --__ 913 July'30 --.77 98 894 917 Western Div 1st g bs Guar 48 ser E trust Mfrs_ -1952 MI N 95 101 9718 101 1 101 ____ D 8 1005 1 1935 97 10178 Gen gold Is 1963 M N 10158 Sale 10112 10178 32 Secured gold 41145 9052 931: 1950 A 0 9328 ____ 9312 July'30 --__ 7 9412 10112 Tol St L he W 50-yr g 48 Pa Ohio & Det 1st he ref 430A•77 A 0 10012 101 10012 10034 9812 100 1931 1 1 I9018 -- -- 100 Aug'30 _-__ 88% 18 84 9011 Tol W V he 0 gu 430 A Peoria he Eastern 1st cons 98_1940 A 0 8812 897 8878 9818 091, ___ Mar'30 9914 ____ 9912 J 35 26 Aug'30 ---377 26 April 1990 Apr. 25 1st guar 434s series B._ _1933 J S Income 45 9213 9211 . 9213 Mar'30 ____ 1042 M lot guar 4s series C Peoria he Pekin Un list 530-1974 F A 10312 __- 1038 Sept'30 ----101 10412 91 88 9114 9-5. 91 Aug'30 _ _ _ Toronto Ham &Buff let g le 1946 J D 94Pere Marquette 1st ser A 138_1956 J J 10478 Sale 10434 10514 29 1023 106 9334 1956 J .1 9318 Sale 9318 0 90 lot 46 series B 09 90 July'30-... 9011 79 90 81 D 1 1928 7 5s g 32 Sale cons 10114 1st 1013 10114 Del S M Ulster 1980 4 1013 95 he let g 430 series C 871. 70 70 July'30 ____ 79 71 Stpd as to Dec'28 he J'ne'30int ---- 71 Ma Bait he Wash lot g 95.._1943 M N 9614 - 9618 Aug'30 ---.9312 9618 7014 701, 7014 June'30 _ _ _ 75 109 Aug'30 1979 F A 109 10634 10918 let cons be etfe of deli General be series IS 55 40 40 Aug'30 ___ 1952 A 0 3818 55 let refunding g 45 9318 993 9914 66 J 9813 Sale 9812 261 2612 Sale 2613 2 Pistilli:mine Ily lot 30-yr s 1 4s '37 3 .1 24 32 Union Pac lot RR & Id gr 4s_1947 1 _ 9114 96 J J ____ ____ 9512 July'30 1932 J 13 10314 - - 10312 Sept'30 -Pine Creek reg lot 6s Registered 102 10312 8878 961. 9534 32 181 S 95 Sale 05 94 Aug'30 ____ Pitts & W Va 1st 430 ser A_1958 J 13 9014 -98 92 97 1st lien he ref 98___J00e 201)8 06 1014 1907 J J 101 Sale 10012 10112 27 1959 A 0 9514 18614 9514 9514 6 Sat Si 430 series B 02 Gold 430 96 9 10612 112 Sale 11034 11112 5 M 953 D014 2008 59....__Juue 96 C 120 1960 Sale 0 4 A series ref 953 432s let NI lot lien he 02 9612 8714 923 9234 61 9134 Sale 4 913 D 1 1988 , 4 geld -year 40 PC C & St L gu 4345 A_ _1090 A 0 1007g - - 10018 Aug'30 --_971 4 10018 / 9318 96 1944 M 5 9514 ---. 9514 July'30 ___ 2 1942 A 0 101 1-0'112 101 101 Series B 430 guar U NJ RR he Can gee 4s 9612 101 96 Nov'29 ____ _ _ _ __ -___ 100 1 i 1933 MN 1942 9712 Dec'29 10012 _ Seders C 430 guar _ Utah he Nor let ext 40 ---948 93 95% -___ 0412 June'30 ____ 1945 M N 9814 ____ 9814 Sept'30 ---Series D 45 guar 9414 8i8i4 Vandalla cons g 4s series A-1955 P A 9412 _ 8212 May'28 ____ _ __ 1957 MN Series E 330 guar gold 1949 F A 9734 ___- 95 June'30 ---9358 95 Cons s f 9s series LI 7 -1-1-3 5 113 4 113 lii 10 r,.... _1934 t 434s. 1953 l 0 9814 ---- 9634 May'29 ---_ ---her Series lc 98 guar gold Vera Cruzassent 98% 101 1931 m 8 1001s ____ 100 Apr'30 ____ 1957 MN 9814 _ 97 Aug'30 Series G 4s guar 9634 97 Virginia Mid 5s series F ___ 10114 Aug'30 __ 100 1011 1930 NI 151 1011 Series II eons guar 4s 1960 F A 984 ____ 9458 Feb.30 ---_ 9458 945 General 5s 95 1011 _ Sept'30 100 10012 499 J 2003 J 196 F A 102 ____ 10234 Sept'30 -___ Series 1 cons guar 430 97 10234 Va he Southw'n 1st gu 5s 4 923 1 83/ 23 89 Sale 88 Series J cons guar 430_1964 M N 102.10114 Aug'30 ___ 1958 A 0 89 1st cons 50-year 58 1081 9912 10114 1081 10218 4 / 33 10758 Sale 10758 N M A_1962 14 197 J D 10934 1-1-1-14 10934 109 General NI 58 series A Virginia Ry let ts series i 10514 112 34 1011 100 10112 15 --------101 N 1962 51 J 13 _ 1073 Mar'30 _ 10734 10734 Registered 1st M 4,s series II 10458 10 101 1042 1939 MN 10438 Sale 10334 Gen mtge guar 55 ser B1975 A 0 110 11112 112 Sept'30 ---- 10618 112 Wabash RR let gold bs 9912 1041 6 1939 F A 10212 10318 10114 102 ____ 10212 July'30 --_- 1.0112 10212 Pitts Mai he Y Sat gu 68_1932 J 2 102 2d gold Is 105 26 101% 1051 10412 1075 51 13 10478 Sale 1934 J .1 102 ____ 10412 May'30 --__ 10412 10413 2d gear 65 Ref he gene f 51-fteer A _-.; 3 .7- -J. 100 registered_1939 Pitts Sh he L E 1st g U....1940 A 0 10218 ____ 10218 Sept'30 ____ 10038 10218 Deb 6s series B 89 -881 86 -8103 85 May'30__ 19433 .1 10312 ____ 10034 Aug'29 ____ _ 1st copse! gold 58 lot lien 50-yr g term 4s_ _1959 J J 1015s 1 100 1031 10314 10312 10313 1941 J J 1993 MN 9434 9234 Mar'30 ____ Pitts Va & Char 1st 45 934 9258Det Sr Chic ext lot 5s 9312 92 3 0012-_ - 9312 Sept'30 Pitts Y he Ash let 4e ser A..1948 J D 9634 __ 95 July'30 ____ 9112 95 Des Moines Div 1st g 95-1939 J 0 8114 87 5 87 87 Sale 87 A 1962 F A 10458 ____ 105 June'30 ____ 10214 105 let gen 55 series 11 Omaha Div lst g 330-1941 Ni 8 93 _.... 9012 July'30 ____ 4 901 1 58/ 1941 48 g .1 Div 1974 D 10458 Tol he Chic let gee be series C 97% 1021 10158 44 10112 Sale 10118 7858 Aug'30 ____ -;75- -8788 6- Wabash Ry ref he gee 5311_1076 F A 9412 Sale 04 Providence Scour deb 4s...._1957 Al N 8534 951 9478 54 Providence 'perm 1st 4s_ ._1956 M 8 8712 -6213 8634 July'30 ____ 86 Ref he gee 430 series C -1978 A 0 8634 7212 8014 Aug'30 __ ._ 8014 4 1 / 83 81 A F 7 _2000 _ 95 2 Reading Co Jersey Con coll 4s '51 A 0 9478 9512 94 90 9512 Warren 1st ref gu g 334s8335 90 Mar'30 87 ____ 8012 M 1948 Q Gen & ref 434s series A 1997 I 1 10158 Sale 10158 9714 1021., Wash Cent 1st gold 4s 10212 55 8414 8614 8938_ 8634 July 30 A F 3348_1045 gu 1st Gen he ref 430 series 15._ 1997 j .1 10112 1017a 10158 102 32 Term 9958 10258 Wash 8314 931 _ 1915 F A 0434 -953-4 9358 Aug 30 10018 Nlar'21 __ -- ---_ _ . Rensselaer he Saratoga 65_1941 M N 10858 1st 40-year guar 48 831 2 80 265 8812 4 878 1052 A 0 8838 Sale 79% Sept'30 ___. 7912 Rich he Mock 1st g 0 1948 M N 7978 7-978 - West'n Maryland 1st 4s.. 9458 1021 10212 82 102 J Sale 102 J 1977 A Richin Term Ity 1st gu 5s..1952 J 3 10214 series 10214 Aug'30 ____ 101 10214 lot he ref 5345 1021 98 4 1 10214 4 / 1021 103 1025 1037 J J Rio Grande June let gu 52 1939 J 1:1 98 1-04 100 Sept'30 94 100 West N Y & Pa Ist g 5s 8818 OF 5 9458 1843 A 0 9438 Sale 9458 Rio Grande Sou 1st gold 48._1949 J .1 12 8 7 May'28 ---- ---- ___ Gen gold 45 991 9512 144 9912 0814 Sale 9958 S ea Guar 45 (Jan 1922 coupon) '40.5 J _ -- • __ 712 Apr'28 _ Western Pac let Is ser A.--1916 MS _ .. 97 97 97 Feb 30 ___ 945 Rio Grande West 1st gold 0_1939 1 .1 5458 gale 9458 Registered 2 91- -97-12 8534 93 9312 19 let con he coil trust Is A...1949 A 0 89 Sale 887a 2361 .1 J 55 -9312 93 8912 29 8112 8912 West Shore let 45 guar 93 8 5 85 9 93 92 9212 93 .1 RI Ark & Louis lot 430_1034 M 8 10058 10034 10034 101 2361 J Registered 10 9534 101 87% 95 95 Aug'30 ....._ Rut-Canada lot gu g 0_1949 .1 J 78 Sale 78 75 78 1 Wheel he L E ref 430 ser a _1966 M 5 9514 0914 1007 78 118% 101 Sept'30 8 103 5 10114 NI Rutland lot cup g 43.28 1941 „I J 9214 93,2 024 801.4 1966 '30 ---8712 89 Is series D 86 Refunding 9212 _ 8858 July'30 1949 M S 0058 RR lot consol 4s 71 i 60 60 1947 J 60 St Joe he Grand 151 1st 4s 89 Salo 89 89 5 Wilk & East 1st gu 12 59__ 1912 1 D 57% -66 10212 85 89 102 102 Sept'30 ___ 8 1025 D 1 1938 J Adir 1996 J 9612 lst g 5s St Lawr he 9634 Nov'29_--- --__ _ _ Will & SF 1st gold 58 8614 86 1900 J J 86 -9212 8614 Apr'30 ._ _ _ 1996 A 0 101 2d gold 6s 10112 Few30 __ _ _ 101 1-01-12 Winston-Salem SB let 48 7212 83 75 20 74 78 .1 J 75 1931 .1 3 100 10012 St L he Cairo guar g 48 10012 Aug'30 ____ 9884 10012 Wle Cent 50-Yr 1st gen 0-1949 91 85 8314 11 85 Sale 85 St I. It Mt he S son con if 65.1931 A 0 101 10214 101 10114 29 100 102 SUP he Dul div he term let 4s'36 M N 9034 90 ___ 1931 A 0 Stamped guar be 10134 Dee'29-Wor he Conn East 1st 430._1943 I .1 8578 0378 901 June'30 1933 M N • 997 Sale 9958 Illv & G Div lst g 4s 100 ii "iiii4 103 ---St L M Bridge Ter gu g 58_1930 A 0 9978 10028 9984 July'30 __ INDUSTRIALS. 99% 100% 8214 38 8714 53 58-1953.5 D 87 Sale 8612 St L-San Fran pr lien 0 A...1050 so El 9134 Sale 9114 92% 211 3712 92-8 Abitibi Fowl,Pap lot 197851 8 03 Bale 9234 Con M 430series A 91 55% Abraham he Straus deb 530_1943 A 0 10034 10518 10112 102 516 8812 97 10312 14 19503 1 10318 Sale 103)8 Prior lien be series li With warrants c1041 25 100 10914 96 100 3 99 Bt Louis he San Fr Ely gee 65_3931 j j 10112 10134 10113 10134 ,o eatI 7s.-__ 1952 A 0 9712 99 9814 . ec Co 3 10018 102 2 AdrlaLic El 9158 82 6 : 911 9014 8112 91 13 1931 .1 3 101 10112 101 _ 1948 M Gel cral gold be 101 8 100 10112 Adams ExpresecoII tr g 454518 80 5518 3 88_1936.1 D 5012 547 55 of 15-yr 1st Rubber St L Poor he N W 1st gu Es_1948 J J 10514 10513 Sept'30 Max 10214 10512 9 4 / 51 Aug'30 ____ 7 9 7 S. M 1931 __1925 M 45 g 5 gu 1st st Louis sou 9938 9934 9958 Aug'30 9418 9938 Alaska Gold NI deb (is A_ _ 618 MA 514 May'30___514 8 1926 M 8 134 L SW 151 g 4s bond ctre_1989 MN 9078 9138 9078 Cony deb 68 series li 911 91 10 85 9614 85 4 4 • Sale 4 0312 933 0 A 65-1048 Pap Pefor Wrap 83 74 2d g 4s Inc bond etre Nov 1989 J J 8212 Sale 8212 70% 83 4 Albany 14 104 97 10012 65 4 993 Sale 10014 A F 1932 J D 100 Sale 100 Conseil gold 45 .1 5s-- 1944 100% 22 971'4 10018 AlleghanY Corp col 1' 07 10412 09 100 1949 J D 9978 Sale 9934 dr unifying 531_1952 - 3 1st terminal Coll he cony 55 Salo 10212 103 7 96 103 . L 1st 4;0.1941 F A 10212 ,bh 99 4 92 0 953 A 9612 1950 01 Sale 8 963 0 , 0 sale 8 983 4... St Paul he lc Coll & cony 5s 9418 991. 9914 20 *,8 10212 9 9934 103 M 14 10212 Sale 102 1931 F A 10034 St Paul he Duluth lot 5s _ 10078 Aug'30 ___ _ 10018 100, -8 Allis-Chalmers /dfg deb 58-.1937 M 8 9634 Sale 96 9614 2 91 1013 .-:1 1968 J D oo, let consol gold 0 ...Is 9512 Aug'30 ____ 4. / vo1 9112 9512 Alpine-Montan Steel let 7s_ _1955 F A 10914 105 10414 5 102,2 101Is 10412 3091 St Paul E Or Tr2 let 9;0_1947 J 1 10012 9918 9918 Am Agile Chem 181 ref of 7 1935 F A 9918 Aug'30 ___ 63t8 81/ 2 6412 6412 Sale 6412 Amer Beet Bug con y deb 0s 4 1 St Paul Minn he Man con 45_1933 I J 9934 Sale 993 100 o 96 100 3 97 102 0. A 0 102 Sale 10134 102 1933 J .1 104 10434 10458 let consul g tis 10434 5 103 1053 American Chain deb 51(33_ _1933 MN 100 3 ___ 8 99 101 5 8 1005 1005€ 1931 6s reduced to gold 430_1033 J J 10012 101 10012 10012 12 A m Cot 011 debenture 53 9758 109 991 9911 101 13 43 1942 A 0 9812 Sale 9812 J J ---Registered Am Cynamid deb bs 98 98 Feb.30 _ _ _ 98 8918 893 280 8612 9( 12 Mont ext lot gold 4s 9814 Am he Foreign Pow deb 5s 2030 m 8 8912 Sale 86 1037 1 D 9634 9634 Aug'30 _ 92 19531 13 --_- 86 91 84 3 36 Pacific ext guar 48 (sterling)'40.5 .1 9012 -9-1-3-4 0172 Sept'30.,. Amer Ire s 1 deb Is 8934 97 Sale 10718 10812 N M 101 12 1081 116 100 5348-1949 he J ref 10 18_1072 1 cony 1st Den Chem 10912 Sale 10838 Bt Paul Un 10912 16 1047s 10912 Amer 9912 Sale 99 93 101 18 1001 294 9514 9612 Am Internet Corp cony 5345_1910 J J BA he Ar l'ess let gu 5 48--1943 1 3 9514 9638 95 3 9058 104 104 8 10334 101 __ 1939 A 0 104 Santa Fe Pres he Phen let 58_1942 NI 5 10278 9912 10114 Am Mach he Fdy 51 65 101 July'30 ---9614 91 971, 94 1934 A 0 9714 Sale 9718 10414 Aug'30 Bay Fla he West Ist g 68-1939 A 0 10414 103 10414 Amer Metal 534% notes_ 91/ 70 40 1942 A 0 7712 76 78 1934 A 0 10152 __ 9934 Jan'30 ___ let gold be 9934 9934 Am Nat Gas630(with war)A'47 A 0 103 Sale Sale 9918 104 10212 10314 59 set Is 30-yr 88 1st It he Sm Am gu let 43....1989 951. E g N he Sale N V 951., O 0513 Scioto 8814 9512 -- c Cash sale. 4 Due May. 8 Due August. a Due Jun.. -. 1690 BONDS N. Y. STOCK EXCHANGE. Week Ended Sept. 12. New York Bond Record-Continued-Page 5 Price Fridag Sept. 12. Week's Range or Last Sale. 1111e Range Since Jan. 1. BONDS N. Y. STOCK EXCHANGE. Week Ended Sept. 12. Price Friday Sept. 12. Week's Range or Last Sate. 4. #. al Range Since Jan. 1. Bid High No. Low High Amer Sugar Ref 5-yr(12----1937 1 J 10312 Ask Low Bid Ask Low 104 10312 10414 29 101% 10538 Elk Horn Coal 1st High No Low Am Telep &Teleg cony 42_193 & ref 63481931 J 9984 0 7: 7914 8178 911 6 IS El 9814 Sale 9814 99 4 7912 1: 98 9418 Deb 7% notes (with warr) 10012 30-year cony 4342 1931 3D 51 1933 M 13 10114 103 101 80 1003 5 72 9'4 2 AA:n:1830°4 52 75 10114 3 99% 105 Equit Gas Light 1st con 5s__1932 MS 30-year coil tr 55 10114 Sale 1946 J D 10578 Sale 105% 10614 159 103 10634 Ernesto Breda Co Registered 1st m 7s__1954 J D 10312 May'30 103 103% With purch warrants 35-yr. 5 I deb 52 P A 7634 7712 7634 1960 J J 10638 Sale 10614 1067s 86 10018 1067s Federal stk 77 75 84 33 Light & Tr 1st 52_-_1942 M 20-year a I 530 9814 991 9734 1943 MN 109 Sale 10838 109 9812 15 94 9812 10434 154 109 1st lien 5 f 52 stamped____1942 ▪ B 9812 Sale 9812 Cony deb 430 I J 161 Sale 161 1939 9812 164 7 92 134 13714 19312 9812 1st lien 65 stamped 35-yr deb 52 1942 ▪ S 10134 FA 10312 103 1965 1064 Sale 10612 107 225 10018c107% 10312 4 100% 105 30-year deb 6s series B Am Type Found deb 62 1954 J O 9812 99 98 1940 *0 10512 106 106 9838 106 1 103 107 4 92% 10018 Federated Metals s f 78 Am Wat Wks& El col tr 52_ _1934 J 7939 D AO 10112 Sale 10112 10218 43 98 10014 98 Sept'30 ____ 9518 102 9912 103 Flat deb 78 (with warr) Deb g 68 series A 1946• J 94142 Aug' 1975 MN 10714 Sale 107 95 864 86330 9641344 19 4 --5 8 07 478 107% 14 104 10812 Without stock purch Am Writ Pap 1st g (is 1947 J J 79 Sale 78 79 7 69 84 Fisk Rubber 1st sf59 warrants- MI 8638 89 Anglo-Chilean at deb 72_-_1945 MN 95 1941 79 Sale 69 79 95 68 5918 89 21 96 8312 9812 Framerican Ind Dev 20-yr 730'42 AntIlla (comp Aatic) 7348_1939 J J 24 Sale J J 10812 Sale 10812 109 43 10312 109 55 Francisco Sugar 1st _ 21 Ark & Mem Bridge Jc Per 52_1964 ▪ S 102% 28 25 Aug'30 1730-1942 MN Sale 10214 103 9814 10312 French Nat Mall SS8Lines 13 Armour & Co 1st 430 781949 J O 10334 Sale 10334 10414 42 1939 in 94 1 10 234 104 Sale 9234 136 79 9712 8738 94 Gannett Co deb 132 Armour & Coot Del 530-_1943 ii 9314 1943 FA 88 90 85 8178 Sale 8138 90 8212 84 7 82 8012 8634 Gas & El of Berg Co cons g 581949 9278 Amociated 0116% gold notes 1935 MS 1033 in 10 24 812 _8_2_ _ 10 28 212 June ' 4 Sale 10334 10411 30 8 102 10438 Gelsenkirchen Mining 28 9934 10212 Atlanta Gas L 1st 58 6s_19 34 M 9512 Sale 9512 1947 J D 104 10712 10318 June'30 - 10134 103% Gaol Amer 9578 14 9514 9634 Atlantic Fruit 7s ctfs dep-1934 ID Investors deb 58.1952 P A 86 118 8634 8614 1238 May'28 8614 17 8012 92 Gen Baking deb s f 5342 Stamped ctts of deposit 1940 *0 9718 98 97 J D 118 -- 1238 May'29 98 55 98 Can Cable 1st s I 530 A 96 AU Gulf& W I SS L col tr 5s 1959 ii 7412 1947 Ii 97 Sale 9614 Sale 7418 7412 11 "iif. 16 Gen Electric 9712 51 9512 103% Atlantic Refg deb 52 deb g 330 1937 J 10278 103 10212 10312 9514 Aug'30 ____ 1812 PA 2 loo 10312 Gen Elea (German 94 96 Baldw Loco Works let 58_1940 MN 107 y)7s Jan 15 '3 '45 10314 104 102 10714 10718 Sept'30 10212 29 105 10712 I deb 6345 with warr Renegue(Comp Az) 730_1937 J J 72 1940• D 98 103 107 July'30 ____ 10 73 3 72 91 24 24 004 5 10 Without wareta attach'd_1940 3D 100 Batavian Pete gen deb 430_194 ' 3 95$8 9512 93% 2 9912 43 92 95% Sale 9914 100 11 95 101 20-years f deb 65 Belding-Hemingway 68 MN 1948 ' 3 85 Sale 85 1936 9534 Sale 9514 11 8612 9578 81 67 28 Gen 92% 97 14 Mot Accept deb 68 BellTelep of Pa 55 series B _ _1948 1937 FA 104 Sale 10334 104 ' 3 10718 Sale 107% 10712 26 102 10734 Genl 71 10 991 014 95 2 10 438 Petrol 1st 21 52 lat & ref 58 series C 1940 P A 10234 Sale 10212 10234 10 1960 A0 111 Sale 11112 14 103% 111% Gen Pub Serv Berlin City Elec Co deb 630 1951 J O 9018 Sale 111 deb 530-.1939 J J 100 Sale 99 9918 91 21 100 17 88 c9734 Gena Steel Cast 534s 9312 103 Deb sink fund 6348 with war'49 I, 10312 Bale 10234 10334 65 1959 FA 89 Sale 8812 91 15 101 10614 8414 98 Gen Theatres Equip deb Deb 65 65_1940 *0 9514 Sale 95 1955 A0 83 Sale 83% 28 96 79 9234 10014 83 8334 Good Hope Steel & I sec Berlin Elec El& Undg 630-1956 *0 90 Sale 83 75._1945 *0 94 9018 9534 9518 92 96 34 86 16 9212c103 96 Goodrich(B F)Co 1st630-19 Beth Steel 1st & ref 5s guar A '42 MN 104 Sale 103 47• J 10512 Sale 105% 106 104 44 10 6 101122105 Goodyear Tire 5 12 20 00 778 30-yr p m& Imp s f 58 Az Rub lat 52_1957 MN 9218 Sale 92 1936 ii 102% 103 10212 10312 19 931 9934 104 Gotham Silk Hosiery deb 76 Bing & Bing deb 6345 MS 8sIs 90 88 Aug'30 68_1936 3D 89 9012 89 11 89 91 Gould Coupler 1st at 86 Botany Cons Mills 6342-11950 65_ *0 35 __ FA _1940 934 71 3412 47 Gt Cone El 3514 35 7314 71 711 35 6 Bowman-Bilt Hotels 78 Power (Japan) 721944 ✓ A 10034 Sale 10034 1934 MS Sale 10412 105 101 68797 20 7114 4 9 4 2 12 0 8490 71172 1 35 100 105 : let & gen 2 f 6345 B'way& 7th Av let eons 58 1943 3D 105 J 1950 ' 9514 Sale 9412 7 712 4412 Gulf States 1212 10 10 5 9514 313 Brooklyn City RII 1st5s1941 ii 8014 Steel deb J D 53431-1942 9612 Sale 96 92 80 96's 20 94 10078 14 80 78 87 Bklyn Edison Inc gen 65 A-1949 ' 3 106 Sale 10512 106 52 10312 10818 Hackensack Water Bklyn-Man R T sec 138 1st 4e._.1952• .1 9012 9112 9178 Aug'30 1968 J J 10018 Sale 100 10012 395 85 9412 101 9178 HarDin Mining 65 with stk purch Bklyn Qu Co& Sub con gtd 58'41 MN 7014 Sale 7014 1 68 7014 77 war for corn stock or Am she'49 1st 58 stamped ' 3 1941 Ii 73 89 8312 87 88 13 Dec'29 86 94 Hansa SS Lines fis with warr_1939 * 0 Brooklyn It Tr 1st cony g 42_2002 Ii 85 Sale 8414 85 7 83% 92 9212 June'29 Havana Elec consol g 5s 3-yr 7% secured notes-1921 J 1952 FA 105 --- 10614 Nov'29 Deb 5342 series of 1926-19 Bklyn Un El 1st g 4-58 51 MS 4714 50 47 1950 FA 47 92 Bale 91 92 63 82 92 Hoe(R)& Co let630 Stamped guar 4-5s A_1934 AO ser 82 8312 9 1950 FA 76 9 Se Au9 9 pt:30 3 90 7 465 9411 8334 8912 Holland-Amer Line Bklyn Un Gas 1st eons g 58.1945 MN 1073 116 8334 Mar'30 65(M)-1947 MN 77 Aug'30 4 104 77 9218 10712 6 103 10712 Houston Oil sink 1st llen & ref 65 series A 1947 MN fund 530 1940 MN 97 Sale 97 971 10 118 97 9714 117% 118 1 114 118 Hudson Coal lets Cony deb g 5345 A.1962 in 59 ser 6614 Sale 6358 1936 ii 250- 306 May'30 67 306 306 97 Hudson Co Gas 1st g 5s Cony deb 55 1940 MN 10512 Sale 10512 1051 1950 J D 1 10 111 711 10 10514 49 10234 10514 Humble 011 & 764 31 Buff & Susq Iron 1st St 5s 1932 J D 1043s de 10414 Jan'30 Refining 5345_1932 3' 10234 Sale 10214 1023 37 101 10214 96 96 96 Deb gold 58 Bush Terminal 1st 48 1937 AO 10218 103 102 1952 AO 92 1021 27 93 9924 92 14 93 103 8714 Illinois 93 Bell Telephone 55_1950 in 10512 106 Consol 52 10512 l05s J J 101 Sale 10038 10134 20 9 103 10612 94 102 Illinois Steel deb Bush Term Bldgs 52 gu tax-ex1955 1940 *0 10134 102 101 '60 AG 1041s 1018g 23 97 102 10312 104 9 99 104 !Seder Steel Corp430 By-Prod Coke 1st 5345 A__ 1945 A 8638 Sale 85 MN 104% Sale 104 861s 29 82 92 10418 4 100% 104% Indiana Limestonemtge 6s 1948 68_1941 MN 7312 Sale 7312 75 4 68 Ind Nat Gas Az 011 1st 3522 Cal G & E Corp unit Az ref 58_1937 MN 52 1936 MN 10034 10012 June'30 - _ _ 100 101 10038 104 Inland Steel 1st 104 Sept'30 2 Cal Petroleum cony deb 51551939 FA 1031 430 1978 *0 98 Sale 9738 9934 997 9934 10014 98 94 5 93 10012 Inspiration Con Copper Cony deb 51 g 530 1931 • 630 S 102 112 12 00 1 1938 MN 10212 Sale 10214 10212 22 9812 10212 Interboro Metrop 100 2 10 92 1118 9:112 2 Camaguey Sug 151 s f g 7s 18 199 112 Aug'300 1942 * 0 40 Sale 33 60 Intaboro Rap Tmn4342.-1958 *0 40 39 Canada ss List & gen 68 1941 * 0 7912 5112 40 1st 55-1966 ii 7312 sale 7014 8012 731 283 61 8012 6 7412 8012 97 Stamped Cent Dist Tel 1st 30-yr 5s._..1943 J O ii 73 Sale 7012 73 450 7 10218 105 61 10434 7412 Registered Cent Foundry 1st st 6s May 1931 FA 10434- - 10454 7914 8112 67 Sept'30 ____ 8014 87- 8014 Aug'30 6034 6734 10-year(is Cent Hud G & E 58...Jan 1957 1932 A0 60 Sale 56 60 S 105 10214 106 79 4478 6614 -- 106 Aug'30 10-year cony 7% notes Central Steel 1st g sI 8s 1932 MS 94 Sale 9012 1941 MN 116 11912 116 94 19 8 211.72,125 Int Agric Corp 1st 20-yr 58_ 84 941 115 Certain-teed Prod 530 A _1932 N 9712 ____ 9712 Aug'30 37% 61 1948 MS 4614 Sale 4618 4712 69 9312 9718 Stamped extended to Cespedea Sugar Co 1st s17 M8 -- MN 78 79 77 43 77l '39 MS 60 7214 7814 lot Cement cony deb 55 1942 7912 60 June'30 Chic City & Conn Rys 59Jan19 1948 MN 10112 Sale 10114 102 9312 5312 Internet Hydro AO 70 91 103% 60 6334 Mar'30 Ch G L & Coke 1st gu g 58-19327 68._1944 *0 1011 Sale 101 1013 91 7 ii lai4 Sale 10212 10314 22 100 10512 Internet Match sEl1 deb 98 104 Chicago Rys 1st 58 etpd rct 15% deb 58 1947 MN 101 Sale 10034 101 193 97 101 Inter Mercan Marines 6s-1941 principal ard Aug 1930 int---- FA 81 Sale 80 10114 Sale 101 1011i 24 123 69 85 Internatl Paper 58ser Af& B.1947 *0 9618 10118 c82 Childs Co deb 52 ii 83 Sale 82 8318 45 8838 9112 1943 AO 9112 92 91 81 9112 58 9212 Ref a f 62series A Chile Copper Co Co deb 155_.194 MS 1956 8514 Sale 851s 8634 25 94 94 7 J J 97 Sale 963s Int 98 9814 9714 Telep & Teleg deb g 43421952 J J 88 Bale 88% CinG&Elstm4sA ma 9214 8912 62 AO 9134 Sale 9112 85 8838 94 4 Cony deb 4348 9178 92 Clearfield Bit Coal 1st 4s 1968 1939 J J 10614 Sale 10514 10778 393 105 12934 1940 .11 63 74 72 72 Aug'30 74 Deb 52 Colon Oil cony deb 65 1955 ✓ A 9638 Sale 913% 7g 9684 175 FA 1938 9512 Sale 99 68 18 69 59 12 66 8914 Colo F & I Co genet 58 1943 13 100 10012 9912 100 95 10018 Kansas City Pow Az Lt 58-_1952 MS 24 Col Indus 1st & col'62 gu _1934 10534 Sale 10538 105% 16 103 105% FA 9738 9712 97 9212 98 2 9712 151 gold 434s series B_ -1957 J I Columbia0& E deb 58 May 1952 MN 10212 _ - 102 10218 6 Sale 10212 103 60 981a 103 Kansas Gas & Electric 410_1980 J D 102 Debentures 52.__Ayr 9578 94 9 05 521 14 2 8 194 9824 103% Karstadt (Rudolph) 68____1943 MN 9514 9534 9512 1952 *0 10212 sale 10212 103 9 23 ' 617 24 2 7 Columbus Gas 1st gold 5s 15 1932 7234 Sale 7234 7414 47 ii 5 10018 9938 4 10112 95 Keith (B 99 F) Corp 1st 6s...-1946 M S 84 Sale 8214 9958 Columbus Ry P & L 18t430 1957 ▪ 84 4 74 91 90 98 Kendall Co 530 with J 9714 98 97 98 37 warr__1948 MS 74 Commercial Credit 5168_19 78 7678 7678 1 17;4, 104 921 84 34 MN 10018 Sale 10018 8 9334 10012 Keystone Telep Co 1st 5s-1935 J .1 90 Sale 8812 10018 Col tr f 530 notes 90 8 75 90 1935 Ii 9712 9934 98 Sept'30 85 100 Kiru ngsreC ha o:tra y% 0 14& yPug 521 _1937 A 0 10314 ---- 10318 Aug'30 Comm.'InvestTr deb 68_ _ _ _1948 MS 9978 Sale 9934 100 86 10014 49 Cony deb 530 134 ---135 1361s 2 125 136% 1949 FA 96 Sale 95 83 9712 Kings County Eiev Ist g 4s-1 91 96 Computing-Tab-Bee a 1 6s1941 8512 Sale 8378 19 9499 7F A 86 23 7512 86 J J 106 Sale 105s 106 5 10311 10618 Stamped guar 48 1949 F A 8512 86 8014 May'30 ____ Conn Ry & L 1st& ref g 4 9 7511 84 9934 99 Sept'30 9512 100 Kings 1951 ' Fn3&r County 3 ty m4 htlng 52-1954 J Stamped guar 430 345 1951 J 3 100 _-__ 10718 105 Aug'30 --- 10012 105 9312 100 10014 100 Sept'30 1954J .1 11738 1191 6345 email Agricul Loan 6348 Aug'30 1141 1191 1985 J , 83 Sale 8212 8 761a 90 Kinney(OR)& Co 734%notere36 J D 10178 104 11718 8312 Consolidated Hydro-Elm Works 1017 s 10212 1 10038 10714 Kresge Found'n toil tr 6s 1936 J D 103% 1033 10312 103% of Upper Wuertemberg 2 10214 105 89 c95% Kreuger & roll 55 with war ' 3 9234 9334 92 9314
@FedFRASER