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financial The. aninurcati PM U. 5. VOL. 131. ,, ronirk SATURDAY,SEPTEMBER 27 1930. NO. 3405. that the Government had been making an investiga. tion into rumors that Russian agents had indulged PUBLISHED WEEKLY in selling large quantities of grain futures on the Terms of Subscription—Payable in Advance Chicago market, and after establishing the correct12 Mos. 6 Mos. Including Postage— $10.00 Within Continental United States except Alaska $6.00 ness of rumors he had deemed it incumbent these In Dominion of Canada 11.50 6.75 Other foreign countries. U. S. Possessions and territories 13.50 7.75 to get with the Chicago Board of Trade in touch The following publications are also issued. For the Bank and Quotation Record and the Monthly Earnings Record the subscription price is officials with the view to taking action for curbing $6.00 Per year: for all the others is 85.00 per year each. Add 50 cents to each fori,postage outside the United States and Canada. the activities of Soviet Russia in depressing pricea MONTHLY PUBLICATIONS— COMPENDIUMS-by means of such transactions. Secretary Hyde BANK AND QUOTATION RECORD PUBLIC UTILITY—(seml-annually) RAILWAY & Itteusratax—(four a year) MONTHLY EARNINGS RECORD addressed a telegram to John A. Bunnell, President STATE AND MTINICIPAL--(ceMi-SIIII.) of the Board of Trade, with that idea in mind. In Terms of Advertising 45 cents his message Secretary Hyde said: "An inquiry was Transient display matter per agate line On request Contract and Card rates OntcAoo OFFICE—In charge of Fred. H. Gray, Western Representative, undertaken by the Department of Agriculture in con208 South La Salle Street. Telephone State 0613. LONDON Orrice—Edwards & Smith. 1 Drapers' Gardens, London. E.0. sequence of certain rumors. This inquiry revealed beyond all question or doubt the heavy short selling WILLIAM B. DANA COMPANY, Publishers, William Street, Corner Spruce, New York. of Wheat upon the Chicago market by the Russian Published every Saturday morning by WILLIAM B. DA NA COMPANY. Government. There can be no question," he added, President and Editor, Jacob Seibert; Business Manager. William D. Riggs; Treas.. William Dana Seibert;See.. Herbert D.Seibert. Addresses of all, Office of Co. "that this selling has contributed to the fall in the price of wheat and to the injury of American farmers now engaged in their intensive marketing season. Obviously," Mr. Hyde went on to say, "it would be Change of Address of Publication. impossible for Soviet Russia to deliver grain in The Commercial & Financial Chronicle, Chicago over our tariff (meaning the customs duty having long suffered from inadequate against foreign wheat) of 42c. a bushel. I should facilities for handling its growing size be glad to know from you what provision your exchange has made, or can make, for the protection and growing subscription list, has moved of our American farmers from such activities." into new and larger quarter , and is now It appeared that in thus selling wheat short—in located at selling wheat not intended for delivery at the time, William Street, Corner Spruce, but which would have to be delivered later—Soviet New York City. Russia had been acting through the All-Russian TexP. 0. Box 958, City Hall Station. tile Syndicate and Mr. Hyde's allegations brought immediate response from E. Y. Belitzky, Vice-President and Treasurer of the organization, admitting The Financial Situation. that the concern had been engaged in selling in the The upheaval in the wheat markets, which has way indicated. Mr. Belitzky at first seems to have assumed the dimensions of a world crisis, has been intimated that the All-Russian Textile Syndicate the overshadowing event of the week. On top of had sold short less than 5,000,000 bushels of grain, the huge previous declines, wheat has suffered a but in view of the excitement caused by Secretary further big slump, with the result that wheat in Hyde's message he gave out a prepared statement Chicago has touched the lowest figure reached in on Monday in which he reported aggregate sales 23 years; and the grain markets at all the leading of 7,765,000 bushels. Mr. Belitzky spoke with apcenters of the world have become demoralized as parent great frankness and without reserve in denial perhaps never before. The underlying conditions of reports that the operations of the All-Russian responsible for this situation are to be found in Textile Syndicate had extended "over a period of causes dating a long while back, but the reason for several months"; he said he wished "to state catethe acute phase which the trouble reached the pres- gorically that these operations took place only on ent week is to be found in the revelations made by the following three days, Sept. 9, 10 and 11 in 1930." Secretary Hyde, of the Department of Agriculture, Up to that time, he asserted, the All-Russian Textile with reference to the operations of Soviet Russia in Syndicate had engaged in no grain operations. engaging in selling wheat short on an extensive scale As to the quantity of grain sold, he averred that on the Chicago Board of Trade, and on the unfavor- in discussing the matter with some newspaper reable deductions and inferences placed on these porters on Saturday last he did not deem it necesoperations. sary to give the amount of the sales, but merely Late on Friday of last week, after a conference, stated that a relatively small quantity of wheat had according to newspaper reports, at the White House been sold. In order, however, to dispel the many with President Hoover, Secretary Hyde announced conflicting rumors he now stated that the Syndi- financial Clarinitte 1936 FINANCIAL CHRONICLE [firm, 131. cate's total sales of wheat "for the three days a pure gambling transaction. What justification amounted to 7,765,000 bushels," and this, he took can then be offered for it? Individuals are all the pains to point out,"was but a small fraction of the time doing this, and it is a part of the recognized total turnover of the Chicago Board of Trade for machinery of every-day trading, the seller making the period." He called the sales made by the Syndi- a profit, or incurring a loss, accordingly as his judgcate "hedging operations," and declared his willing- ment is.sound or faulty. While this would be a ness to give the fullest information regarding the legitimate transaction in the case of an individual, same to the Department of Agriculture. He stated it must be held to be wholly different where a governthat there shad never been the slightest secrecy re- ment engages in the opetation. It is still legitimate, garding the transactions. More than that, he according to the ordinary rules of trading, but canasserted that when a representative of the Agricul- not in that event be justified, since it is devoid of tural Department interrogated him regarding the merit because of the assumption of a function transactiOns he gave him the names of the brokers which ought to be alien to the functions and duties through whom the sales had been made. His state- of a government. That must have been the view of ment on that point deserves quoting in full, as fol- the directors of the Chicago Board of Trade yesterlows: "On Sept. 19 a representative of the Depart- day when they adopted a resolution providing that ment of Agriculture called at my office for informa- selling of grain futures by any foreign government tion concerning our sales of wheat. I explained to was objectionable and must end. him the nature of our hedging operations, named the It would not be surprising if it should be found brokers through whom the sales were made, and that indulging in just the kind of transaction indioffered to supply exact figures of sales as soon as cated is precisely what Soviet Russia has been enthese coUld be obtained from my associates. . . . gaged in doing. Accounts agree pretty well in speakAt the same time I emphasized that the books of ing of the loading of Russian wheat on ships for the All-Russian Textile Syndicate are open to any delivery all over Europe, notwithstanding the official inquiry. This shows that at no time did we paucity of home food supplies, and cablegrams this attempt to keep our operations secret from the week from Amsterdam, Liverpool, and other Euroauthorities." pean points have gone even further than this and It will be observed that the Russian representa- have reported offerings of Russian wheat at as much tive speaks with an air of great plausibility. Never- as 10c. a bushel less than the offerings of similar theless, this does not go to the merit of the transac- grades of wheat from other countries. The Russian tion. Mr. Belitzky terms the selling "hedging opera- agent, knowing of the contemplated offerings of tions," and to hedging operations pure and simple Russian wheat and guessing shrewdly as to what there can be no objection in the ordinary sense and the effect would be in still further demoralizing a 'in the ordinary way—where conducted by an ordi- weak market, already so depressed as to be on the nary individual. But obviously the Russian Govern- verge of panic, doubtless saw an unusual opporment is not an individual and cannot be judged by tunity for making a profit for his government. The standards which would apply in the case of an indi- fact that a further fall in American wheat was vidual; moreover, though Mr. Belitzky terms his likely to increase the feeling of discontent among the .selling operations hedging,"Soviet Russia is really farming classes in this country would not, of course, not in position to indulge in hedging. In its case be an objection, but rather fit in very nicely in Soviet hedging would mean selling now with the view to Russia's scheme of breeding dissatisfaction in the later delivery of Russian wheat. Even granting that so-called capitalistic countries. Russia has wheat for foreign delivery (notwithstandAt all events the short sales had the intended ing large portions of her population are starving at effect. The price tumbled further very severely home and are on bread rations, the bread being doled when news appeared of what Russia was doing— out in small quantities barely sufficient to sustain tumbled so badly as to make it possible for the Ruslife) there is no way of getting the wheat into the sian agent to cover at a very substantial profit, United States except at a prohibitive cost. Secre- while at the same time increasing distress and tary Hyde brings this point out with great force anxiety among the farming classes.. At only one when he directs attention to the fact that foreign point did the scheme fail to work in the way it wheat can only enter the United States on payment might be expected to work—if that was really the of a customs duty of 42c. a bushel. He might also intention, which, however, remains to be proved— have added that in addition the Russian wheat and that was in proving abortive to provoke hostilwould have to bear the transportation cost of bring- ity against the existing order in capitalistic United ing the wheat across the ocean. After the payment States. Instead, the knowledge that Soviet Russia of the tax of 42c. a bushel and transportation costs, was engaged in depressing the market for wheat what would be left? Evidently, then, though the aroused the deepest feeling of resentment against Russian representative terms the transactions Russia itself, so that public opinion in the United hedging operations, they cannot properly be termed States is now welded together as never before in such. the determination not to permit Russian revolutionOf course Russia can make purchases of wheat in ary tenets to obtain any sway in this country or this country for the purpose of making delivery to let Soviet machinations and Soviet propaganda against the short contracts put out, and there have undermine the free institutions which are the pricebeen rumors this week that this was being done and less possessions of the people of the United States. accounted for the sharp rallies which occurred all At the same time, however, we should be careful through the week after each further severe decline not to go into hysterics or allow hysteria to control .to a new low record on the movement. But purchas- our actions. The mere fact that Soviet Russia has ing American wheat, to meet outstanding short con- been enabled to gain a profit for itself, through the tracts, changes the character of the whole transac- use of the machinery and facilities afforded by our tion, and instead of a hedging operation it becomes grain markets, should not move us to destroy these SEPT. 27 1930.] FINANCIAL CHRONICLE 1937 should facilities or to cripple them or impair their useful- creases in finished steel business, it thinks, operations. furnace steel in reflection quicker find requireday everyle indispensab ness. Hedging is an improvement of trading and should not be abolished out of However, outside of the steel trade signs of faint, very yet as are revival, mere resentment against Russia, albeit the latter ment, or of trade prevail. views brighter much bly unquestiona was not really engaged in hedging, as we have shown though are, of above. Short selling, in turn, is a stabilizing influ- The low prices of agricultural products to hard it is which influence, dampening a course, releto us ence which our anger should not prompt E. Frederick President that notice we and overcome, the say that to prepared gate to limbo. We are not & Quincy, 7,765,000 •Short sales made by Soviet Russia in the Williamson, of the Chicago Burlington important most the of three days during which it is admitted that short a system which serves one as sayquoted is West, the of selling was practiced by the All-Russian Textile agricultural sections in lines Burlington the on loadings Syndicate did not exercise some influence, and per- ing that car showing of short little a fallen have weeks haps a very powerful influence, in the further de- recent of pression in prices which has since occurred, even the usual seasonal increase, and the percentages more been have year, last with compared a only as constituted decrease, bushels though these 7,765,000 relatively small portion of the sales for those three severe recently than at any previous time this year. days. It is quite possible that they might have been He states, however, that conditions are not unfavorthe last straw that broke the back of the market, able in Burlington agricultural territories, particubut this abuse of the system of short selling should larly in western Nebraska and eastern Colorado, not permit us to overlook its great advantages where where there will be a large yield of corn, with other ship, the short selling is used in a legitimate way free crops plentiful. That section will be able to where areas other to feed of quantity he large depress a prices to to or says, efforts from manipulative cause general demoralization and widespread a shortage exists. Unfortunately unfavorable developments keep distress. For As to this week's further collapse in wheat prices. crowding in from many different quarters. the price in developed has this may be said to have followed directly as a result instance, further softness copper of Secretary Hyde's announcement of what the Rus- of copper, and custom smelters have offered under lc. of 4 Y or pound, a 4c. 10y at week the the probably within present sian agency was doing. It is producers larger the though price, nt, no how the announceme established matter mark to say that this well intended, really did more harm than the origi- continue to ask 10Y2c., and the export price remains experinal short selling. This is so because of the long ante- at 10.80c. c.i.f. at European base ports. Past smelters custom the of cedent period of decline in values; and on this point ence shows that the action it is to be noted that the September option for wheat is sure to be followed quickly by the large producing 4c. copper is at the lowest level 1 at Chicago closed yesterday at 76%c. as against companies. At 10/ 30 years. Some more of the than more $1.28% on the corresponding day in September a reached in have this week reduced their too, companies, the 12 months during copper year ago, showing a decline them altogether. The Anasuspended also news or proved The a dividends bushel. 52c. of, roughly, harmful because of the exaggerated ideas which pre- conda Copper Mining Co. declared a quarterly divivailed of what damage the Russian syndicate could dend of 62l/2c. a share, payable Nov. 17, as against inflict by its process of short selling. It has been 871/2c. in August and $1.75 previously. The Andes only made plain in what has been said above :that Rus- Copper Mining Co. makes its quarterly payment in 2c. 37Y against as 10, Nov. payable sian short selling can inflict no permanent injury 25c. a share, Inspiration quarters. previous in can 75c. enter our domain August and whatever. No Russian wheat Copper except at prohibitive cost, while as to short selling, Consolidated Copper Co. and Green Cananea trade steel the In dividends. suspended a bushel of operation, have Co. wheat as a mere gambling quarthe omitted week this Corp. Steel selling, for Republic short every the the after must be bought, common the on due terly dividend of $1 a share bushel sold. • As to the extent of this week's depreciation in stock. In the rubber trade the Firestone Tire & wheat it is only necessary to say that the price Rubber Co. declared a quarterly dividend of 25c. a reached a new low point day by day until on Wed- share on the common stock, placing it on a $1 annual nesday the September option at Chicago sold down dividend basis, compared with 40c. quarterly heretoto 76%c. a bushel, which was the lowest figure fore, or $1.60 annually. Many dividend reductions reached since January 1907. A rally followed and in other lines have also occurred. Gasoline prices was continued on Thursday, as a result of which the have this week been cut over a wide territory. Many price got back to 80c. on the latter day. Yesterday, other commodities have also made new low levels. however, there was another downward splurge, and The Federal Reserve statements this week display the close was at only 76%c., as already stated. no features of special significance. Brokers' loans, in wheat, with the acute stated in round millions, are reported precisely the The renewed depression led, was it obviously which to not calculated same for Sept. 24 as for Sept. 17, namely, $3,222,crisis of general the recovery promote Still the 000,000. Some decided changes, however, appear in trade. to "Iron Age" this week tells us that steel ingot output the amounts in the different categories of loaning. is now up to 61% of capacity as compared with 58% With call loans on the Stock Exchange ruling all in the two weeks preceding, and that the full extent week at 2%, and money loaning outside the Stock of the gain in steel releases has been obscured by Exchange at only 1%, the outside loans have natuthe tardy response of ingot output to expanding rally been reduced, those made by the reporting rolling mill schedules. Earlier in the month, and member banks in New York City for out-of-town probably also in August, the "Age" says, raw steel banks having dropped from $826,000,000 to $782,productions were a step ahead of finishing require- 000,000, and the loans "for account of others" from ments. With this disparity removed, further in- $746,000,000 to $719,000,000. Since total loaning 1938 FINANCIAL CHRONICLE remained the same,the reporting member banks have had to take over the surrendered loans on outside account, and, accordingly, we find that "loans for own account" have risen during the week from $1,649,000,000 to $1,721,000,000. This latter compares with only $1,024,000,000 on Sept. 25 a year ago, whereas the grand total of all brokers' loans in the three different categories combined is only $3,222,000,000 against $6,761,000,000 12 months ago. In their own figures, the Federal Reserve Banks show a slight further increase in member bank borrowing, the discount holdings of the 12 Reserve institutions having risen during the week from $163,149,000 to $167,162,000. Holdings of acceptances purchased in the open market are somewhat lower, however, having fallen from $208,861,000 to $197,743,000; holdings of United States Government securities have also been reduced somewhat, being reported at $601,806,000 as against $610,383,000. Last week's total, however, included $45,000,000 temporary certificates issued to the Reserve Banks by the United States Treasury pending the collection of the income taxes, while this week's statement presumably includes no certificates whatever on that account. Allowing for this, the holdings of United States Government securities show $36,423,000 increase .instead of the $8,577,000 decrease disclosed. The grand total of bill and security holdings, reflecting the amount of Reserve credit outstanding, stands at $973,483,000 this week as against $989,415,000 last week, being a reduction of $15,932,000. The amount of Federal Reserve notes in circulation during the week fell from $1,349,329,000 to $1,347,720,000, while gold reserves increased from $2,975,640,000 to $2,988,931,000. [vol. 131. tickers were unable to keep pace with the activity. It was then supposed that the depth of the downward movement had been reached. That proved not to be the case, however; an even more violent slump occurred on Thursday, when prices slid down with even greater rapidity than the day before. On Friday the most violent decline of all occurred, the market falling into a general collapse. There was evidently very extensive liquidation on both Thursday and Friday, and on Wednesday the volume of business for the day fell only a little short of 3,500,000 shares, while on Friday the turnover closely approached 3,750,000 shares. While the market was plunging so sharply downward the local traction stocks, namely, Brooklyn-Manhattan and Interborough, shot up with great rapidity, presumably because of a growing belief that an understanding with the City Administration is near for the general amalgamation of all the city transit lines. Call loans on the Stock Exchange were negotiated all through the week at the unchanged figure of 2%, while outside the Stock Exchange the rate the latter part of the week dropped to only 1%. Trading has been of large volume as the result of the intense selling pressure. At the half-day session on Saturday the dealings on the New York Stock Exchange aggregated 832,420 shares; on Monday they were 2,332,655 shares; on Tuesday, 1,922,840 shapes; on Wednesday, 3,442,230 shares; on Thursday, 3,067,710 shares, and on Friday, 3,704,590 shares. On the New York Curb Exchange the sales last Saturday were 225,800 shares; on Monday,547,500 shares; on Tuesday,410,800 shares; on Wednesday,645,400 shares; on Thursday,660,200 shares, and on Friday, 742,300 shares. No less than 246 stocks have recorded new low figures during The stock market this week suffered another the week for the year, but 31 also established new severe break, during which prices dropped in very highs for the year. The more important of these are sensational and spectacular manner. The con- shown below: trolling feature in this new slump was unquestionSTOCKS MAKING NEW HIGHS. ably the acute crisis in the grain market which Railroads-Industrial & Miscell.(Continued)— n Transit pref v t C. Homestake Mining. occurred as a result of the announcement by Secre- Bklyn-Manhatta Norfolk & Western pref. International Harvester pref. tary Hyde, of the Department of Agriculture, that Union Pacific pref. Loew's pref. ex-warrants. Industrial & Miscellaneous— Mathieson Alkali Works pref. the agents of the Russian Government in this coun- American Can Penney pref. (J. C.) Prot American Philadelphia Tobacco Co. 6% pref. pref. try, namely, the All-Russian Textile Syndicate, had American Water Works& Elec. 1st pf Public Service Corp.of N.J.7% pref. Beatrice been engaged in selling wheat short on an extensive Creamery pref. Standard Brands pref. Consolidated Gas pref. United Gas Improvemet pref. scale on the Chicago Board of Trade. Rumors of E. I. du Pont de Nemours 6% U. S. Steel pref. non-voting deb. Virginia Electric & Power pref.(6). unfavorable political developments in Germany, as Electric Power & Light 6% prof. Virginia Iron Coal & Coke pref. a result of the outcome of the recent German elecSTOCKS MAKING NEW LOWS. tions, also exerted a serevely depressing effect. In Railroads-Industrial & Mistell.(Continued)— addition, there were many other unfavorable devel- Atlantic Coast Line. American Steel Foundries. Baltimore Si Ohio. American Sugar Refining. opments. The copper stocks, under the leadership Chicago Milwaukee & St. Paul. American Tobacco new. Chicago & North Western. Anaconda Copper Mining. of American Smelting & Refining, were weak beyond Chicago Rock Island & Pacific. Anaconda Wire & Cable. Colorado & those of any other group, and the reason was the Southern. Andes Copper Mining. Gulf Mobile & Northern. Armour of Illinois class A. marking down of the price of the metal by the cus- Nashville Chattanooga & St. Louis. Associated Apparel Industries. Missouri Pacific. Atlantic Refining. tom smelters from 10/ 1 2c. to 101/0., with a long list New York Chicago Itt St. Louis. Austin Nichols. of further dividend reductions and dividend suspen- New York Ontario & Western. Autosales Corp. Norfolk Southern. Barker Bros. sions by the copper companies. The steel shares Pere Marquette. Barnsdall Corp., class A. Pittsburgh & West Virginia. Bendlx Aviation. were weak 'by reason of a most spectacular collapse St. Louis-San Francisco. Borg- Warner. in Vanadium Steel, which dropped from 83 Sept. 211 Wabash. Brockway Motor Truck. Western Maryland. Butte Copper & Zinc. to 63% Sept. 26, and by the omission of the quarterly Western Pacific. California Packing. dividend of $1 due Nov. 1 on the Republic Steel Industrial Calumet & Arizona Mining. It Calumet & Hecht. Corp. common stock. In the oil stocks an unfavor- Abitibi Paper &Miscellaneous— Power. Case Threshing Machine. Advance Rumely. Caterpillar Tractor. able feature was a wide cut in gasoline prices. Air-Way Electric Appliance. Cerro de Pasco Copper. At one time on Wednesday it looked as if the American Agricultural Chemical. Chrysler Corp. American Beet Sugar. City Stores. bottom would drop completely out of the market, American Bosch Magneto. Commercial Credit. American Encaustic Commonwealth & Southern. but sharp recoveries occurred during the last hour American Hawaiian Tiling. Steamship Co. Congress Cigar. on news from Chicago of a strong rally in the wheat American Metal. Continental Diamond Fibre. American Republics. Continental Motors. market. During the break on that day transactions American Rolling Mill. Continental Oil. American Smelting & Refining. Shares. Continental for a time were on such a scale that even the new American Solvents & Chemical. Crown Zellerbacti. • Spn-r. 27 1930.1 FINANCIAL CHRONICLE 1939 4; Simmons & 8 against 693 24%; A. M. Byers at 611/ Timken Roller Bearing at 251 against / 4; Co. at 23 58% against 66; Mack Trucks at 51 against 54%; Yellow Truck & Coach at 15% against 20; JohnsManville at 78 against 85%; Gillette Safety "Lazo:: at 55% against 64; National Dairy Products at 48% /8 against /8; National Bellas Hess as 77 against 527 8%; Associated Dry Goods at 305/s against 33%; Texas Gulf Sulphur at 5534 against 58, and Kolster Radio at 2% against 2%. The steel shares have been no execption to the rule, and, as a matter of fact, Vanadium has been one of the softest spots in the whole market. United States Steel closed yesterday at 158% against 163% on Friday of last week; Bethlehem Steel at 81 against 86, and Republic Iron & Steel at 28 against 32%. The motor stocks have also been subject to great selling pressure. General Motors closed yesterday at 40% against 4278 on Friday of last week; /8; Chrysler at 21 Nash Motors at 30 against 337 against 27; Auburn Auto at 98 against 114; Packard Motors at 10% against 12%; Hudson Motor Car at 22% against 2914,and Hupp Motors at 1034 against 12. The rubber stocks have likewise slumped badly. Goodyear Rubber & Tire closed yesterday at 51% against 54 on Friday of last week; B. F. Goodrichl at 203 / 4 against 23%; United States Rubber & Tin at 15 against 18,and the preferred at 30 against 36%. The railroad stocks have also tumbled all around. Pennsylvania RR. closed yesterday at 71 against 72% on Friday of last week; Erie RR. closed yesterlay at 381/2 against 391/2; New York Central at 155 4; Baltimore & Ohio at 96 against ex-div. against 1613 at 99% against 104%; Union PaHaven 99%; New 21634; Southern Pacific at 112% against cific at 209 against 117; Missouri-Kansas-Texas at 34 against 383%; St. Louis-San Francisco at 77 against 87%; 8; Rock Island /8 against 831/ Southern Railway at 817 at 89% against 94; Northerp Pacific at 6834 against 701/g, and Great Northern at 72% against 78. As compared with Friday of last week, the deThe oil shares have followed the course of the genlines are large and general. General Electric eral market. Standard Oil of N. J. closed yesterclosed yesterday at 631/ 8 against 68% on Friday of day at 62/ 1 4 against 67% on Friday of last week; last week; Warner Bros. Pictures at 251/ 4; Simms 4 against Standard Oil of Calif. at 56 against 593 281/s; Elec.Power & Light at 62% against 69; United Petroleum at 16 against 19 bid; Skelly Oil at 25% Corp. at 29% against 32; Brooklyn Union Gas at against 267 /8; Atlantic Refining at 29% against 32; 1183 / 8 against 1261/ 4; American Water Works at Texas Corp. at 48% against 5034; Pan American B 93% against 951/4; North American at 947 / 8 against at 531/ 4 against 53%; Richfield Oil at 10% against 102%; Pacific Gas & Elec. at 54% against 58%; 15%; Phillips Petroleum at 27 against 321/ 8; StandStandard Gas & Elec. at 901 / 4 against 991/4; Consoli- ard Oil of N. Y. at 283 / 4 against 30%, and Pure Oil dated Gas of N. Y. at 1017 / 8 against 106%; Co- at 171/ against 19%. lumbia Gas & Elec. at 561/ 8 against 621/ 4; InternaThe copper stocks, as a group, have been the weak4; J. I. Case est feature of the entire market, adding to the gentional Harvester at 68% against 741/ Threshing Machine at 144 against 16234; Sears, eral demoralization by the magnitude of some of the Roebuck & Co. at 61% against 6734; Montgomery declines. Anaconda Copper closed yesterday at 387!•8 Ward & Co. at 31 against 3414; Woolworth at 60% against 44% on Friday of last week; Kennecott Copagainst 64; Safeway Stores at 63% against 701/2; per at 30% against 341/ 8; Calumet & Hecla at 10% Western Union Telegraph at 1551/ 4 against 164%; against 127 1 4 against /8; Calumet & Arizona at 44/ American Tel. & Tel. at 2057 /8 against 210; Int. Tel. 4814; Granby Consolidated Copper at 19 against 21; & Tel. at 3614 against 407 /8; American Can at 119% American Smelting & Refining at 52% against 6434. against 122%; United States Industrial Alcohol at and the U. S. Smelting & Refining at 21 against 211/2. 6514 against 6814; Commercial Solvents at 223 4 against 25; Corn Products at 84 against 87%; Sha tShare prices on the important European stock extuck & Co. at 33 against 357 /8,and Columbia Grapho- changes followed an irregular course this week, but 4 against 161 / 4. phone at 143 declines were generally more violent than recoveries Allied Chemical & Dye closed yesterday at 245/ 1 4 with the net result that stocks as a whole were SOM.1against 263 on Friday of last week; Davison Chem- what lower at the closes yesterday than they were as ical at 22% against 26; E. I. du Pont de Nemours at the week opened. Political uncertainty was the main 1061/ 4 against 115; National Cash Register at 41 element in the ragged downward movement as Euroagainst 45; International Nickel at 21% against pean exchanges, like our own, were flooded at times Indus. at Miscall. (Concluded)— Indus. and Miscall.(Con.)— National Supply. Crucible Steel of America. National Tea. Cuba Co. Nevada Consolidated Copper. Cuba Cane Products. North German Lloyd. Cuban-American Sugar. Ohio Oil. Curtiss-Wright. Oliver Farm Equipment. Davison Chemical. Otis Steel. Devoe & Reynolds A. Owens-Illinois Glass. Dunhill International. Pacific Glass & Electric. Electric Autolite. Packard Motor Car. Electric Storage Battery. Panhandle Producing & Refining. Fashion Park Associates. Federated Department Stores. Patino Mines & Enterprises. Firestone Tire & Rubber. Penn-Dixie Cement. Follansbee Bros. Peoples Gas Light & Coke. Gamewell Co. Petroleum Corp. of America. General Asphalt. Phelps Dodge. General Gas & Electric class A. Phillips Jones. General Outdoor Advertising. Phillips Petroleum. General Realty & Utilities. Phoenix Hosiery. Gillette Safety Razor. Prairie Oil & Gas. Glidden Co. Prairie Pipe Line. Gobel (Adolf). Pressed Steel Car. Goodrich (B. F.). Producers & Refiners. Graham-Paige Motors. Pure Oil. Granite City Steel. Radio Corp. of America. Great Western Sugar. Raybestos Manhattan. Grigsby-Grunow. Republic Steel. Hall Printing. Revere Copper dc Brass. Hayes Body. Reynolds Metal. Houdaille-Hershey class B. Reynolds Spring. Hudson Motor Car. Richfield Oil of California. Hupp Motor Car. Rio Grande Oil. Indian Motocycle. Ritter Dental Mfg. Inspiration Consolidated Copper. Servel, Inc. Intercontinental Rubber. Sharon Steel Corp. International Agricultural. Sheel Transport & Trading. International Combus. Engineering. Shell Union Oil. International Harvester. Simms Petroleum. International Telep. & Teleg. Sinclair Consolidated Oil. Intertype Corp. Skelly Oil. Investors Equity. South Porto Rico Sugar. Kayser (J.) Co. Standard Oil of Kansas. Kenne,cott Copper. Standard Oil of New York. Lehigh Portland Cement. Sterling Securities class A Libby-Owens Glass. Super or Steel. Ludlum Steel. Tennessee Copper & Chemical. MaHinson & Co. Texas Corp. Maracaibo Oil Exploration. Thermoid. Marine Midland. Thompson (J. R.). Marmon Motor Car. Thompson Products. Maytag Co. Thompson-Starrett. Mengel Co. Timken Detroit Axle. Miami Copper. Union Oil of California. Mid-Continental Petroleum. United Electric Coal. Middle States Oil. United Fruit Minneapolis-Moline Power implem. U. S. Freight. Motor Wheel. U. S. & Foreign Securities. Nash Motors. U. S. Rubber. National Acme. Vadsco Sales. National 13ellas-Hess. Virginia Carolina Chemical. National Cash Register. Warner Quinlan. National Department Stores. White Sewing Machine. National Lead. WiIlya-Overland. National Steel. Zenith Radio. 1940 FINANCIAL CHRONICLE with rumors of unfortunate developments in various countries. The London Stock Exchange was least affected by such stories, but the Continental markets suffered heavily in some sessions. The Boerse in Berlin reported the lowest prices in recent years early in the week, owing to further selling based on the election results in Germany. There were a few favorable trade and industrial indications to offset the gloom caused by politics, but the markets were apparently in no mood to place much emphasis on such factors. In Great Britain improvement was reported this week in the textile, shoe, lace, coal and steel industries. Unemployment figures reflected the improvement by a decline of 36,158 to a total of 2,103,413. The London market, moreover, is said to look for a revival in issues of prime new securities in the near future. While some anxiety is expressed in France regarding trade prospects, unemployment in that country remains nominal, official figures showing only 1,404 idle. The trade position in Germany shows little change other than a normal slight seasonal improvement. In Italy a schedule of public: works construction designed to relieve unemployment in the coming winter months was officially inaugurated. Virtually all securities listed at London were heavy in the initial session of the week. Substantial dealings were reported in German bonds, which fell to hew low levels before achieving a partial recovery. Australian issues also dropped sharply, many holders feeling nervous about the situation in that Commonwealth. Anglo-American stocks moved to lower levels on generally unfavorable week-end reports. After a further weak opening Tuesday, slight improvement appeared on the London Stock Exchange. British funds moved upward, while foreign bonds also reflected better sentiment. International issues regained their earlier losses in the industrial list. The favorable trend was accentuated Wednesday, almost all issues showing gains for the day. Reassuring political news from Germany caused added buying of Reich bonds, while British funds also showed strength. International stocks rallied on the basis of favorable reports from New York, but these gains were not fully maintained. A quiet session followed on Thursday in which the undertone was firm, although some irregularity appeared in one or two sections of the market. Marked ease in money aided the gilt-edged list and international issues also were inclined to harden. British industrials were uncertain, motors rising on a favorable dividend announcement by Austin Motors, while rubber stocks declined on a fresh drop in the commodity. The entire London market sagged slightly in the dealings yesterday, notwithstanding an extremely small turnover. A sharp downward movement of prices,developed on the Paris Bourse Monday, under pressure of a small flood of selling orders, many of which were said to have originated in foreign sources. The list dropped as a whole, hardly an issue standing out against the trend. Utility stocks, bank shares and rentes were the largest sufferers, dispatches said. Toward the close some resistance to the selling appeared, and this improvement was carried over into the initial dealings Tuesday, when a slight rally was staged. Selling was renewed, however, as the session progressed and further losses were recorded. The losses in this session were not as important as those of the previous day. The Bourse was irregu- [voL. 131. lar Wednesday, but the general tone was much steadier. Prices showed substantial gains at the opening, but a moderate downward movement again developed on extremely small volume. Prices were fairly stable Thursday, but most changes were again on the downward side. The volume of transactions in this session was very small. Irregular movements were reported in further moderate dealings at Paris yesterday. Liquidation on a large scale developed in the opening session of the week on the Berlin Boerse, and prices were swept down to their lowest levels in a number of years. Much of the selling originated abroad, owing to the widespread circulation of disquieting political rumors. German holders also sold heavily, however, some accounts referring to the movement as a veiled flight of capital from the Reich. After an uncertain opening Tuesday, some improvement appeared on the Boerse and a number of issues recovered part of their previous heavy losses. On this occasion foreigners were said to be buyers, with orders plentiful from Holland, Switzerland and London. The gains were widened in the dealings Wednesday, partly as the result of the good effects produced abroad by a reassuring statement of the German authorities. Industria issues advanced as much as 8 to 10 points, while bank stocks also gained under the leadership of Reichsbank, which was marked up 41) /2 points. Further political apprehensions again depressed the Boerse Thursday, these being occasioned by a political speech of the Fascist leader, Adolph Hitler. There were fears, dispatches indicated, that Herr Hitler's statements might be viewed more impressively abroad than they are in most German circles. The selling thus precipitated caused declines throughout the list and prices again skirted their lowest levels since 1925. The Boerse was quiet yesterday, with few pronounced price changes. At the beginning of this article we have discussed at length the disturbance in the wheat market caused by the revelations of Secretary of Agriculture Arthur M.Hyde that the Russian Government had been indulging in short sales of wheat on the Chicago Board of Trade. Further unsettling reports also came from the British, French, German and Dutch markets,in relation to the distressing world-position of wheat. London reported heavy chartering of vessels by the Soviet Government for transportation of wheat and other grains from the Black Sea to British ports. French interests were said to feel some anxiety over the possibility of very heavy sales of Russian wheat in that country, notwithstanding the French regulations limiting to 10% the amount of foreign wheat that can be used by French millers. France, moreover, has suffered a partial wheat crop failure, which will make necessary the importation of 2,000,000 to 3,000,000 metric tons of foreign wheat. Russian grain dumping may become a menace to the grain producers of the entire world, Berlin reports said, and the suggestion was made that a conference of all countries affected might be convoked to consider "defensive" measures. In the Netherlands the matter was apparently viewed calmly and it was denied that any dumping of Russian wheat was taking place in that country. Emile Moreau, Governor of the Bank of France, resigned his post as head of the French central bank — SEPT.27 1930]. FINANCIAL CHRONICLE on Wednesday to assume the presidency of the Banque de Paris et des Pays-Bas, one of the largest private banks in the French capital. His successor, announced the same day, is Clement Moret,formerly first assistant Governor of the Bank of France. The new Governor has had long experience in State finance, a dispatch to the New York "Times" said, and this, together with his long association with M. Moreau, is regarded as fitting him for the post. The change, according to European financial circles, has no special political significance, nor does it presage a change in the Bank's policy. M. Moreau was appointed to the post by former Premier Poincare and his conduct of the affairs of the Bank of France was an important factor in the stabilization program that was completed in 1928. The private bank with which he has now become associated is one of the most aggressive financial organizations in Paris. In considering the question of a successor to M. Moreau, Premier Tardieu and his colleagues in the French Cabinet are understood to have debated the qualifications of a number of eminent French financial figures. At the instance of Chancellor of the Exchequer Philip Snowden, representations are understood to have been made by the British Foreign Office to the French Government in behalf of British holders of four issues of French rentes to which British subjects subscribed during the world war. Although the exact holdings of these issues in Great Britain are not known, it is believed they amount to many millions of francs. Intimations were recently given that France is preparing to repay these loans, which were floated when the franc was at or near 19 cents, or 25 francs to the pound sterling. Such repayment, according to the accounts, is to be made in the present franc, which was stabilized in 1928 at slightly less than 4 cents, or 20% of its pre-war value. This would entail a heavy loss to British subscribers, who claim they should be repaid in the value prevailing at the times of flotation rather than in the present stabilized franc. The matter was first brought up in the British House of Commons last March, a London dispatch to the New York "Times" said, and Mr. Snowden said at that time that he was fully in sympathy with the claims of British holders and would take the matter up with the French Government. The contention of the French Government, according to the dispatch, is that the loans were made in francs and should be repaid in francs, regardless of the changed value of the currency. In a further report froth Paris to the New York "Herald Tribune," it was said the French Government would take the stand that French holders of the securities have been forced to suffer the consequences of the monetary depreciation, and that foreigners necessarily must do likewise. A British note on the subject points out, the dispatch said, that the French Government, when occupying the status of lender, has asked to be paid in francs at the old rate of exchange. This contention was upheld at The Hague in cases involving loans to Serbia and Brazil. The note is said to demand that the question of repayment to British holders of rentes be at least submitted to arbitration. Loans involved in the controversy are: November 1915 5% Rentes totaling 602,428,000 francs, issued at £3 45. per 100 francs. October 1916. 5% Rentes totaling 450,709,800 francs, issued at /3 48. 61. per 100 francs. 1941 November 1917. 4% Rentes totaling 67,972,900 francs, issued at £2 10s, 6d. per 100 francs. November 1918. 4% Rentes totaling 520,000,000 francs, issued at £13 12s. 4d. per 500 francs. Several noteworthy decisions were reached this week by special commissions of the League of Nations Assembly, which began its discussions at Geneva on Sept. 16. After the series of plenary sessions held last week, work of the Assembly was continued 'by the numerous special bodies formed to facilitate the performance of the varying and growing League activities. Foremost in importance was the debate held by the Economic Committee of the League Assembly, in which special consideration was given the current world-wide depression. Some sharp criticisms had been made of the failure of the League to take any action in the present situation, and in attempting to meet such comments the Economic Committee decided Tuesday to conduct a world-wide investigation along scientific lines of the present depression and its causes and possible remedies. The League's economic organization will be used in this inquiry, which is to be strictly technical and free from all political associations. Research institutions and planning councils in all countries will be invited to assist in the inquiry, dispatches said, and it was indicated that the scope of the investigation will be more extensive than any heretofore made. The proposal for the study was first made by the Indian delegation, and strong support was promptly given the project by the British members and representatives of the Dominions. A resolution for the study which was adopted stated that "the Assembly is impressed by the seriousness of the present situation, by the general recession of employment and trade, by the constant recurrence of such periods of economic depression, and the failure up to the present to find any concerted means for averting the losses incurred." One of the strongest pleas in favor of the proposed inquiry was made by Dr. Walter Riddell, the permanent delegate of Canada to the League. The situation is bad in many parts of Europe, Dr. Riddell pointed out, as peasants in some sections are demanding preferential tariffs as matters of life and death. He declared, however, that it is even worse overseas. He expressed the belief that the highly industrialized agriculture of Canada and Australia suffered even more than European peasants, because farmers in these countries, being entirely on a price basis, cannot live unless they sell at a profit. Susan Lawrence, Parliamentary Secretary to the British Ministry of Health, also gave strong support to the propOsal, which she described as a matter of primary importance to the whole population of the earth. Some delegates demurred at first on the score of expense, but when it was pointed out that only $20,000 will be required, all agreed to the proposal. The Economic Committee also heard a plea, made in behalf of eight Eastern European countries, that preferential tariff rates be accorded the farm produce of the eight States, notwithstanding mostfavored-nation clauses in existing treaties. The eight countries acting in unison are Rumania, Bulgaria, Estonia, Latvia, Hungary, Poland, Czechoslovakia, and Yugoslavia. Preliminary consideration was given the plan by representatives of the eight States at a Warsaw conference held last month. The resolution offered in connection with this scheme was taken under consideration. Pierre 1942 FINANCIAL CHRONICLE Flandin, French Minister of Economics, asked the Committee to take any steps possible to secure general ratification of the European customs truce negotiated early this year at Geneva. Some attention was given by the League Assembly's Financial Committee to the question of the gold supply and a study which is said to indicate the "probability" of a shortage of new gold for monetary purposes by the year 1934 was issued. Of importance also were the deliberations of the Disarmament Committee of the League Assembly, which gave careful attention to the prospects for holding the long-promised general conference on disarmament. Representatives of Great Britain and the Dominions used every opportunity to advance this matter in the committee meetings, and specific demands were made on several occasions for holding the general meeting in 1931. After some debate on the subject, announcement was made Wednesday by Dr. J. J. Loudon that the meeting of the Preparatory Disarmament Commission, of which he is Chairman, will be held as scheduled on Nov. 3 next, and that the question of holding the general conference will be debated at that time. The Committee announced, as it has many times in the past, that an attempt will be made to pave the way for the general conference at the November meeting. The Judicial 'Committee of the Assembly gave further attention tci the problem of harmonizing the KelloggBriand Treaty and the League Covenant, but some objections were raised to this project Wednesday by the Japanese delegate, who stated that such changes might make the Covenant less useful in preventing war. Sanctions are provided in the Covenant, he pointed out, while the Kellogg-Briand Treaty rests on moral force. French and Italian delegations to the Assembly, who conducted discussions on the naval differences between the two countries, announced Tuesday that their attempt to find common ground had failed. It was assumed that this will hamper the disarmament efforts of the League. Questions relating to the Permanent Court of International Justice were considered this week by the First Committee of the League of Nations Assembly, by the Assembly itself, and by the League Council. The First Committee considered the present status of the protocol of Sept. 14 1929, which failed to come into force as contemplated on Sept. 1 1930. This protocol provides for revision of the Court statutes. A further protocol providing for American adherence to the Court also was considered. Marked differences of opinion were expressed regarding the protocol for revision of the statutes last week by Nicolas Politis of Greece and Dr. Orestes Ferrara of Cuba, owing to the objections of Cuba to some of the provisions. Dr. Ferrara maintained the ground previously taken by Cuba, namely, that provisions whereby the judges would devote all their time to the work of the court were unnecessary and that the proposed increases in the salaries of the judges were unwise at a time when economy is essential. The Greek and Cuban delegates apologized to each other last Monday for their heated words, and the belief was expressed thereafter that an attempt to secure Cuban ratification of the protocol will be made when the Cuban Congress meets in October. Since the protocol did not come into force as expected, arrangements were made to give temporary (Va.131. effect to some of the provisions, such as that for an increase in the number of judges. To this procedure Cuba agreed. The League Assembly and Council held separate meetings Thursday, at which they voted for the 15 judges who are to occupy the benches of the World Court for the next nine years. Fourteen judges were promptly .chosen on the first ballots in either body, and after some delay the two League organizations also agreed on the fifteenth justice. Those chosen are: Frank B. Kellogg, United States. Antonio Sanchez de Bustamente, Cuba. J. Gustavo Guerrero, El Salvador. Minelchiro Adatchl, Japan. Rafael Altimira y Crevea, Spain. DionLsio Anzilotti, Italy. Willem van Eysinga. Holland. Henri Fromageot, France. Sir Cecil Hurst, Great Britain. Demetre Negulesco, Rumania. Baron Rokin Jaequemyns, Belgium. Count Michael Rostworski, Poland. Walther Schucking, Germany. Wang Chung-hui, China. Francisco Jose Urrutia, Colombia. The plan of Foreign Minister Aristide Briand for a European federation was considered Tuesday by a special European Commission of the League of Nations, which was formed last week to study and report on the possibilities of the project. M. Briand was promptly named Chairman of the new commission, which includes members from every European member State of the League. Sir Eric Drummond, Secretary-General of the League, was named Secretary to the commission of 27 national representatives. The meeting, which was secret, lasted less than an hour. M. Briand is said to have outlined in a short address what he considered should be done to further the aims. He declared, it was reported, that a careful study should be made of the French memorandum of May 17 and the replies received by the Quai d'Orsay, and that an attempt should be made to complete this material and define the task of the committee in the light of the results. The constitution of the committee and its first meeting were deferred until January next year, when many European diplomats will gather in Geneva in any event in connection with the next League Council meeting. The hope was expressed in Geneva, dispatches said, that some progress along the road outlined by M. Briand might be made at the November meeting of the League Economic Commission, at which the agreement for a two-year tariff truce will again be considered. This "truce" was arranged early this year as the first step in the direction pointed out by the French Foreign Minister in September 1929, but numerous ratifications by the Parliaments of the European countries are still lacking. The truce was to be effective for six months beginning this coming November, unless specifically denounced by any country. It has already been intimated that several Central European countries may denounce the truce, and it is believed that the lack of Parliamentary ratifications in other instances will necessitate further denunciations, so that the prospects for application of the truce are not bright. A feeling of vague uncertainty regarding possible German political developments was apparent in many countries this week as a result of the heavy swing toward the extremist parties of the Right and Left in the German elections of Sept. 14. Heaviness of the financial markets in all centers was attributed at times to the uneasiness thus produced. Within SEPT. 27 1930.] FINANCIAL CHRONICLE the Reich, however, sensational events were entirely lacking, and complete calm prevailed everywhere. Widespread rumors were circulated of possible overt acts against the Berlin Government, these being based on the surprising gains of the Fascist faction of Alolph Hitler in the elections. In order to allay such apprehensions, assurances were given by the German Government on several occasions that foreign concern over possible outbreaks had no foundation in the prevailing political situation, and that the Government was fully competent to deal with any unsettlement in any case. President Paul von Hindenburg took note of the flood of unfortunate • rumors Tuesday, and authorized Chancellor Brnening to make a public statement on his behalf denying the danger of a governmental upset. The President expressed unqualified confidence in the ability and authority of the Government to maintain the security of the German Republic. "The alarm felt in foreign quarters completely baffled Government heads and financial and industrial circles," a Berlin dispatch to the New York "Times" said. The uneasiness felt in international markets was due in large part to the expressed opposition of the National-Socialist, or Fascist party, to the recent reparations settlement. Owing to the gains of this party, Fascist deputies will form an important unit in the new Reichstag which is to assemble Oct. 13, and it was feared in some foreign markets that determined efforts would be made to revise the Young plan. Paris reports of last Saturday were quite specific on this point, the statement being made that any default in reparations payments or any change in favor of the Reich would lead to a demand by France for a revision of the French debt agreement with the United States. The German Government denied emphatically, however, that any such revision of the Young plan would be sought as a result of the German elections, the view being held in official quarters that the time for such an undertaking has not yet come. Some prominence was given this week to reports from Leipzig that charges of high treason would be made by Reichswehr authorities against Adolph Hitler, the Austrian leader of the German Fascists. It appeared subsequently, however, that the charge was actually made more than a year ago, and that the excitement over the matter is a bit late. Herr Hitler, on the other hand, reiterated this week the expressed opposition of the German Fascists to the Treaty of Versailles and other war settlements. Along with these statements, made in the course of a trial at which he was a witness, he declared that his party aims not at armed revolt but at change by means of a "bloodless Constitutional revolution." Chancellor Bruening, who is the leader of the Cathp• olic Center party, began last Monday a series of conferences with other party leaders with a view to the formation of a working coalition in the new Reichstag. That the task is a very difficult one was freely admitted, and it was indicated that the Chancellor, if unsuccessful, will nevertheless go before the Reichstag and ask for approval of his financial reform measures. Disclosures regarding the political conference of the Chancellor were expressly avoided in order to minimize public discussion and uncertainty. 1943 formed by Chancellor Schober just a year ago, at a time when the country was threatened with civil war. The new crisis resulted from dissension wiliin the Cabinet, which came to a head Wednesday. Tile troubles developed, a Vienna report to the New York "Times" said, when Dr. Karl Vaugoin, Vice-Chancellor and leader of the Christian-Socialist party, insisted on the appointment of a Fascist as general manager of the Austrian State Railways. Minister of Commerce Schuster opposed the appointment and finally tendered his resignation, although Chancellor Schober supported him fully in his contentions. A breach of long standing between the Chancellor and Dr. Vaugoin was thus widened, and the latter tendered his resignation Wednesday. Minister of Agriculture Foedermayr, also a member of the Christian-Socialist party, followed suit, completing the withdrawal of his party, which is the largest in Austria, from the coalition Government. Resignations of Chancellor Schober and the remaining members of the Cabinet followed Thursday as the natural sequel to the withdrawal of the Christian-Socialists. In a report of Thursday to the New York "Evening Post" it was suggested that Monsignor Seipel, former Chancellor, is the guiding genius behind the whole affair. Rumors of further political upsets in countries of Latin America were again fairly plentiful this week, with the tendency to place credence in the stories greatly heightened by the recent successful ventures of militory juntas in Bolivia, Peru, and Argentina. In the current week the reports of difficulties concerned chiefly Chile, Ecuador, Cuba, and Uruguay. An attempt to start a revolution in Chile was said to have been frustrated last Sunday. Accounts received here stated that five Chilean expatriates in Buenos Aires engaged two United States. aviatorsto transport them to the city of Concepcion, Chile, where the revolutionary activities were to start. A Government communication, issued in Santiago, Monday, stated that the entire party wasarrested at Concepcion and the attempt at a revolt immediately smothered. Detailed information on the arrest of the two United States aviators was asked by Ambassador William S. Culbertson, Santiago dispatches said. Officials of the Chilean Government declared on several occasions that the armywas absolutely loyal to the present regime of President Carlos Ibanez. Reports were received from Peru and Colombia regarding conditions in Ecuador, where unrest was said to prevail. One report also was received on the subject from Guayaquil,_ Ecuador, which said that students were striking inthat city and demanding the resignation of a collegerector. Some clashes between citizens and troops werereported in Oriente Province, Cuba, this week. At one point in the island martial law was declared two weeks ago. Some attention was given the rumors of unrest in Cuba by Under-Secretary of State Cotton in Washington, and he declared early this week that conditions in that country seemed to be "pretty good." In Uruguay dissatisfaction was reported, chiefly in commercial and industrial circles, which objected to oppressive social laws. Decision was reached by these interests to shut down all business activities throughout the country Austrian political affairs lapsed into confusion for 48 hours in protest against the leqigletion and this week on the resignation of the entire Cabinet the heavy taxes entailed thereby. The three coun- 1944 tries in which successful revolts recently took place all reported quiet conditions. The provisional Argentine regime made its first diplomatic appointment, naming Don Manuel E. Malbran as Ambassador to Washington. In Peru preliminary hearings were begun in the case of former President Augusto B. Leguia, who is charged with misappropriation of public funds during his 11-year term of office. Summary action to end the protracted military struggle between the forces of the South and North in China was taken late last week by the Manchurian War Lord, Marshal Chang Hsueh-liang, and there is now a prospect of peace in that country where wars have raged almost constantly since 1911. Intervention by the Manchurian ruler quickly put a stop to the strife which has been going on for the last six months between the Nanking Nationalist Government of Chiang Kai-shek, and the coalition of Northern War Lords headed by Feng Yu-hsiang and Yen Hsi-shan. The rebellion against Nanking became a serious factor last April when Yen Hsiehan assumed command of the Northern forces. It was charged that President Chiang Kai-shek was a dictator and that corruption was rampant in the Nanking regime. Each faction was said to have put several hundred thousand men in the field and fighting continued for months along the line of the Lungthai Railway. The reports that neutral Manchuria would intervene in the conflict were confirmed last Saturday, when Chang Hsueh-liaag swept southward toward Peiping, where the Northern Coalition had set up a government. The Northern generals were ordered by the Manchurian leader to suspend military operations and await a peaceful settlement of the political situation. Coincident with this development, announcement was made of the withdrawal from active operations of General Yen Hsi-shan. Manchurian troops reached Peiping Thursday, and entered the Northern capital after the city had been evacuated by the forces of the Northern Coalition. The change caused no disturbance whatever. Meanwhile, much uncertainty exists regarding the genuine significance of the move of the Manchurian leader. The Nanking Government officially interpreted the step as a friendly gesture toward the Kuomintang. In some quarters it was believed that Chang Hsueh-liang was merely acting at an opportune time to gain control of a large part of Northern China. There have been no changes this week in the discount rates of any of the central banks during the 2% iu 1 week. Rates remain at 6% in Spain; at 5/ 2% in Norway; 1 Austria, Hungary, and Italy; at 4/ 2% 1 at 4% in Germany, Denmark, and Ireland; at 3/ in Sweden; at 3% in England and Holland, and at 2% in France, Belgium, and Switzerland. In the 21/ London open market discounts for short bills yesterday were 2% against 2 1/16% on Friday of last week, while three months bills were 2@2 1/16%, the same as on the previous Friday. Money on call in London yesterday was 114%. At Paris the open 2%, but in Switzerland 1 market rate continues at 2/ 2% to 1 7/16%. 1 there has been a reduction from 1/ The Bank of England statement for the week ended Sept. 24, shows a loss of £83,621 in bullion. However, as note circulation contracted £1,999,000, reserves increased £1,915,000. The Bank now holds [Vor,. 131. FINANCIAL CHRONICLE £157,427,140 of gold in comparison with £133,212,565 a year ago. Public deposits increased £4,377,000 and other deposits decreased £724,768. Other deposits consist of bankers' accounts and other accounts. The former fell off £1,133,866 and the latter rose £409,098. In loans on Government securities an increase of £2,290,000 is shown while in those on other securities there was a decrease of £527,604. The latter includes discounts and advances which rose £295,602 and securities which fell off £823,206. The proportion of reserve to liabilities is now 55.20% as compared with 55.30% a week ago. Last year the ratio was 29.73%. The discount rate remains 3%. Below we furnish a comparison of the various items for the past five years: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1926. 1927. 1929. 1928. 1930. Sept. 29. Sept. 26. Sept. 28. Sept. 25. Sept. 24. a355,769,000 Circulation 13,310,000 Public deposits Other deposits 98,368,763 Bankers' accounts 64,173,863 Other accounts 34,194,900 Government secur_ 41,056.247 Other securities_ ___ 27,258,183 Dint. Os advances 5,672,138 21,586,045 Securities Reserve notes Zs coin 61,657,000 Coln and bullion_ 157.427,140 Proportion of reserve 55.20% to liabilities... 3% Bank rate 361,071,000 14,704,000 93,402,356 56,954,329 36,448,027 68,871,855 25,410,624 3.232,880 22,177,744 32,140,000 133,212,565 29.73% 65,% 134,494,000 136,505,190 140,516,935 9,694,000 25,695,816 21,177,003 103,742,000 97,537,945 101,182,191 31.681,000 56,309,626 33,640,557 41,577,000 50,935,049 71,986,116 58.461,000 34,337,098 35,066.177 173,204,657 151,092,288 155,833,112 51.54% 27.87% % 28.66% 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 Bank of France statement for the week ended Sept. 20 shows a gain in gold holdings of 128,795,705 francs. The total of gold is thus raised to 47,671,629,902 francs, which compares with 39,060,375,377 francs last year and 30,568,249,942 francs the year before. Credit balances abroad declined 113,000,000 francs, while bills bought abroad went up 104,000,000 francs. Notes in circulation record a decrease of 396,000,000 francs. The item now aggregates 72,479,000,975 francs, compared with 65,317,958,600 francs the same time a year ago. French commercial bills discounted rose 71,000,000 francs and creditor current accounts 525,000,000 francs, while advances against securities reveal a loss of 14,000,000 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-___Tnr. 128,795,705 Credit bah'. abeci_Dec. 113,000,000 French commercial bills discounted_Inc. 71,000,000 Bills bought abed,Inc. 104,000,000 Adv.agst.securs—Dee. 14.000,000 Note circulation. Dec. 396,000,000 Cred. curr. accts—Inc. 525,000,000 COMPARATIVE STATEMENT. Status as of Sept. 20 1930. Sept. 21 1929. Sept. 22 1928. Francs. Francs. Francs. 47,671,629,902 39.060.375,377 30,568,249,942 12,984,954,644 6,726,314,098 7,210,653,187 4,918,658,865 18,844,450,400 2,789,979,103 72.479,000,975 17,889,282,960 7,671,829,587 3,063,109,837 18,579,615,056 18.451,279,432 2,406,112,894 2,021,192,432 65,317,958,600 61,013,456,640 19,139,218,049 16,218,543,107 The Bank of Germany, in its statement for the third week of September shows a decrease in note circulation of 212,621,000 marks. Owing to this decline, the total of the item now stands at 4,032,989,000 marks, compared with 4,201,964,000 marks last year and 4,100,068,000 marks two years ago. Other daily maturing obligations and other liabilities show increases of 90,993,000 marks and 1,895,000 marks respectively. On the asset side of the account gold and bullion shows a loss of 35,122,000 marks, reducing the total of gold to 2,583,626,000 marks, as against 2,192,006,000 marks at the corresponding week a year ago. A decrease is shown in reserve in foreign currency of 96,724,000 marks, in bills of 1 SEPT.271930.] FINANCIAL CHRONICLE exchange and checks of 14,475,000 marks and in advances of 6,598,000 marks, while the items • of deposits abroad and investments remain unchanged. Silver and other coin, notes on other German banks and other assets record increases of 15,967,000 marks, 4,858,000 marks and 12,360,000 marks respectively. Below is furnished a comparison of the various items back to 1928: REICHSBANK'S COMPARATIVE STATEMENT. Changes for Week. Sept. 24 1930. Sept. 23 1929. Sept. 22 1928. Assets— Reichsmarks. Retchsmarks. Reichsmarks. Reichsmark,. Gold and bullion Dec. 35,122,000 2,583.626,000 2,192,006,000 2,335,806,000 Of which depos. abed_ Unchanged 149,788,000 149,788,000 85,626,000 Reeve In torn curs_ Dec. 96,724,000 223,749,000 326,874.000 187,804,000 Bills of exch. dr checks.Dee. 14,475,000 1,351.151,000 2,121,650,000 2,034,722,000 Silver and other coin- Inc. 15,967,000 181,011,000 128,900.000 102,016,000 Notes on oth.Ger.bks_Inc. 22,147,000 4,858,000 24,017,000 25,772.000 Advances Dec. 6,598.000 43,188,000 56,039.000 34,077,000 Investments Unchanged 102,666,000 92,755,000 93,819,000 Other assets Inc. 12,360,000 677,492 000 594,746,000 523,494,000 Liabilities— Notes in circulation Dec. 212,621,000 4,032,989,000 4,201,964,000 4,100,068,000 Oth.dally matur.oblig.Ine. 90,993,000 443,237,000 519,230.000 575,228,000 Other liabilities Inc. 1,895,000 228,334.000 360,103,000 255,209,000 1945 $197,743,000. Their holdings of acceptances for foreign correspondents further declined from $433,843,000 to $432,684,000. The posted rates of the American Acceptance Council continue at 2% bid and Ws% asked for bills running 30 days, and also for 60 and 90 days; 2/ 1 2% bid and 2% asked for 120 days, and 2%% bid and 2/ 3 4% asked for 150 days and 180 days. The Acceptance Council no longer gives the rates for call loans secured by acceptances, the rates varying widely. Open market rates for acceptances also remain unchanged, as follows: Male eligible bills Prime eligible blue SPOT DELIVERY. —180 Days— —150 Days— —120 Days— Bid. Asked. Bid. Asked. Bid. Asked. 234 234 23( 234 234 2 —90Days— —60Days— —30Days— Bid. Asked. Bid. Asked. Bid. Anted. 2 1% 2 1% 2 114 FOR DELIVERY WITHIN THIRTY DAYS. Eligible member banks Eligible non-member banks 234 bid 234 bid Mere have been no changes this week in the rediscount rates of any of the Federal Reserve Banks. Money rates in the New York market remained The following is the schedule of rates now in effect extremely easy this week, call loans on the Stock for the various classes of paper at the different Exchange being quoted at the undeviating figure Reserve Banks: of 2%, whether for renewals or new loans. OfferDISCOUNT RATER OF FEDERAL RESERVE RANKS ON ALL CLASSES ings were heavy at all times, and a large surplus of AND MATURITIES OF ELIGIBLE PAPER. funds was available every day in the unofficial Rate in Street market. Concessions from the official call Federal Reserve Bank. Date Effect on Previous Sept. 26. Established. Rate. money rate quoted in the outside market reached 1% Boston July 81930 3 334 in the later sessions of the week. Actual figures at New York June 20 1930 254 3 Philadelphia 334 July 3 1930 4 which loans were reported negotiated in the Street Cleveland Jane 7 1930 334 4 Richmond July 18 1930 314 4 Atlanta 334 market were: Monday, 1/ July 12 1030 1 2% ; Tuesday, 1/ 3 4%; Chicago 4 June 21 1930 3% 4 Louis Wednesday, 1/ Aug. 7 1930 3 4%;Thursday, 1%, and Friday, 1%. St. 3% 4 Minneapoll, Sept. 12 1930 334 4 Kansas City Aug. 15 1930 314 Time money rates, in reflection of the prevailing Dallas 4 Sept. 9 1930 33'4 4 Ann Pr6 nel.rn Aug. 8 1930 344 tendency, were reduced Thursday. The volume of 4 brokers' loans against stock and bond collateral outstanding showed no net change in the tabulation of Sterling exchange is dull, irregular, and under the Federal Reserve Bank of New York covering seasonal pressure, and this week reflects especially the week ended Wednesday night. Gold movements pressure from operations originating more particureported at New York for the same weekly period larly in the Berlin and Paris markets. The range consisted of exports of $3,010,000, of which this week has been from 4.85 11-16 to 4.85 15-16 $3,000,000 went to Italy and $10,000 to Germany. for bankers' sight bills, compared with 4.853i to Imports were $245,000, which was received chiefly 4.86 last week. The range for cable transfers has from Latin America. The daily gold statement for been from 4.85 15-16 to 4.86 3-32, compared with Thursday showed a further export of $1,000,000 to 4.85 15-16 to 4.86 3-16 a week ago. Owing to the Canada, while the stock of gold held ear-marked for Uncertaint y which arose in most markets as a result foreign account was increased $5,000,000. of the German elections, the Reichsbank found itself compelled to support mark exchange. In part it Dealing in detail with the call loan rate on the adopted a policy of selling exchange in London. Stock Exchange from day to day, the story is a short The operations resulting from this policy sufficed one, the rate on every day of the month having been hold up the mark against sterling but did not to 2%,this including renewals. Time money continued sustain the position of German exchange against extremely dull, and rates remained unchanged until francs, while the sale of sterling against francs deThursday, when they were marked down / 3 4% all pressed sterling on Paris and threatened a resumparound and are now 1/ 1 2@2% for 30 days; 2@21/ 4% tion of gold exports from the Bank of England. It for 60 days; 2/ 3 4@2/ 1 2% for 90 days; 2/ 1 2@23 / 4% for is understood that the Reichsban k has since reduced four months, and also for five and six months. The support its of the mark to such an extent at least demand for prime commercial paper has continued that its operations are no longer affecting sterling brisk, but business has again been curtailed, the same as in previous weeks, because of the shortage exchange adversely. In the main the factors affecting sterling show little change from the past of paper. Rates are unchanged, extra choice minis few weeks. The outstanding adverse factors are of four to six months' maturity being quoted at seasonal—accumulation of import bills for grain, 3%, while names less well known are offered at meats, cotton, and other raw materials and the 31/ 49 / 2701 31 complete cessation of tourist requirements. AlThe market for prime bank acceptances has been though the Bank of England's position with respect extremely dull, due to cheap money elsewhere. Few to gold reserves is much stronger than it was at thisbills are available, though some improvement in that time a year ago, nevertheless owing to the seasonal respect was apparent towards the close of the week. ressure on London and the manner in which its The 12 Reserve Banks reduced their holdings of gold holdings are threatened by France and other European centres where exchange is adverse acceptances during the week from $208,861,000 to to London, it is believed quite probable in some guar 1946 FINANCIAL CHRONICLE ters that the Bank of England will soon be compelled to increase its rediscount rate from the present 3% to 332%. This action, it is pointed out, may be taken despite the fact that general trade conditions in Great Britain are as despressed as they are in any other part of the world. It is even hinted in well-informed quarters that the forthcoming visit to New York of President Luther of the Reichsbank, which will not be separated by any great interval of time from a similar visit from Governor Montagu Norman of the Bank of England and in all probability of a high official of the Bank of France, has some relation to a change of policy in central bank operations directed toward fractionally higher official rediscount rate levels in England, America and France. It is not thought that any reduction will be made in the Reichsbank rate. A marking up of other central bank rates would lessen the discrepancy in the German rate. It would seem that a great deal will depend upon whether or not business improves rapidly on this side. In any event, it is frequently pointed out in banking circles that the rediscount rates in London and especially in New York, Paris, Berne and Antwerp, are unnecessarily low. This week the Bank of England shows a loss in gold holdings of £83,621, the total standing at £157,427,140, which compares with £133,212,565 a year ago and with the minimum recommended by the Cunliffe committee of £150,000,000. On Saturday the Bank of England sold £6,990 in gold bars and on Monday £106,625 in gold bars. On Tuesday the Bank sold £90,858 in gold bars and exported £10,000 in sovereigns. There was no gold market in London on Tuesday, owing to the Jewish New Year holiday. Arrangements had been made to hold the market on Monday instead, but delay in the arrival of the vessel containig the South African gold caused the postponement of the open market until Wednesday. Approximately £500,000 was available in the open market, of which £440,000 was ttlen for France and the rest was absorbed by India 1 141. On Wednesday and the trade at a price of 85s./ the Bank of England sold £272,770 in gold bars and exported £6,000 in sovereigns. On Thursday the Bank sold £283,224 in gold bars and exported £4,000 in sovereigns. According to advices from London practically all the heavy sales by the Bank of England were for export to France. On Friday the Bank received £9,000 in sovereigns from abroad, sold £260,174 in gold bars and exported £4,000 in sovereigns. At the Port of New York the gold movement for the week Sept. 18-Sept. 24, inclusive, as reported by the Federal Reserve Bank of New York, consisted of imports of $245,000 chiefly from Latin America. Exports totaled $3,010,000, of which $3,000,000 was shipped to Italy and $10,000 to Germany. The export of $3,000,000 to Italy was accounted for here last week. There was no change in gold earmarked for foreign aCcount. In tabular form the gold movement at the Port of New York for the week ended Sept. 24, as reported by the Federal Reserve Bank of New York, was as follows: GOLD MOVEMENT AT NEW YORK, SEPT. 18-SEPT. 24, INCL. Exports. Imports. $245,000 chiefly from Latin America $3,000,000 to Italy 10,000 to Germany $3,010,000 total $245,000 total Net Change in Gold Earmarked for Foreign Account None. [Vol,. 181. .The Federal Reserve Bank's weekly statement of the gold movement is as of up to each week ending at 3 o'clock on Wednesday. On Thursday the Federal Reserve Bank reported a shipment of $1,000,000 gold to Canada and an increase of $5,000,000 in gold earmarked for foreign account. During the week the Federal Reserve Bank reported the receipt of $1,045,000 gold at San Francisco, of which $1,000,000 came from Japan and $45,000 from China. Canadian exchange continues firm and at a premium. On Saturday Montreal funds were quoted at a premium of M of 1%, on Monday at 7-64 of 1%, on Tuesday, Wednesday, Thursday and Friday at A of 1%. The shipment of $1,000,000 gold from New York to Canada on Thursday brings the total to $23,500,000 since the beginning of the movement on July 22. It seemed uncertain whether Canada will engage in further large purchases of gold, since shipments of Canadian wheat have fallen off further lately, resulting in a smaller demand for Montreal funds. The rate is firm, however, though just under the gold point. Referring to day-to-day rates, sterling on Saturday last was dull and inclined to ease. Bankers' sight was 4.85W4.85 15-16; cable transfers, 4.86 @4.86 1-16. On Monday the market was still easy. The range was 4.85 11-16@4.85 13-16 for bankers' sight and 4.86@4.86 1-16 for cable transfers. On Tuesday sterling was slightly more active. The range was 4.85W4.85 15-16 for bankers' sight, and 4.85 31-32@4.86 1-16 for cable transfers. On Wednesday the market was firmer. Bankers' sight was 4.85 13-16@4.85 27-32; cable transfers 4,86 1-16@4.86 3-32. On Thursday sterling was fractionally lower. The range was 4.85Yi@4.85M for bankers' sight and 4.85 31-32@4.86 for cable transfers. On Friday sterling was steady; the range was 4.85 11-16@4.85 13-16 for bankers' sight and 4.86 15-16@4.86 1-32 for cable transfers. Closing quotations on Friday were 4.85 27-32 for demand, and 4.86 1-32 for cable transfers. Commercial sight bills finished at 4.853 %, 60-day bills at 4.83 8, 90-day bills at 4.83 1-16, documents for payment (60 days) at 4.83%, and seven-day grain bills at 4.85 5-16. Cotton and grain for payment closed at 4.859. Exchange on the Continental countries shows fractional ease resulting from seasonal pressure similar to that affecting London and of course all show the influence of decline in American tourist requirements for foreign funds. German marks are to the fore this week owing to exceptional pressure on the currency, especially in the European markets. The pressure resulted from the withdrawal of foreign funds from Germany because of doubts arising over the Parliamentary outlook. It is confidently asserted also that a threatened flight of the mark took place, which was participated in not only by German business houses but by individuals of means and, according to reliable sources, even to some extent by the German peasantry, all of whom have been sending funds abroad to Switzerland, Holland, and even to France. The Reichsbank was obliged to step in to support exchange and early in the week made two shipments of gold to France each of 35,000,000 reichsmarks. According to well informed bankers in New York, the second shipment was made in connection with the annuity transfers as it was pointed out that a: leading German agricultural society demanded a SEPT. 27 1930.] FINANCIAL CHRONICLE 1947 cessation of transfers due to the depressed economic to be a forerunner of an official attempt to lower condition of the country. The gold shipment would Italian money rates. The Bank of Italy's redisgo far to counteract any nervousness that such a count rate, which is 532%, is out of line with world demand might inspire. The Reichsbank has also rates and compares with 23/2% in New York, France been a heavy seller of its foreign exchange holdings and Switzerland, with 3% in London and Amsterin order to sUpport exchange. While mark cable dam, with 332% in Stockholm and with 4% in transfers sold as low as 23.799 in New York on Berlin. The London check rate on Paris closed at 123.78 Tuesday, which was a low for the year, the rate was fairly steadily maintained throughout the week on Friday of this week, against 123.68 on Friday of around 23.813. Owing to the weakness of the mark last week. In New York sight bills on the French with respect to French exchange it is thought that centre finished at 3.92, against 3.92% on Friday there is no further possibility of a reduction in the of last week; cable transfers at 3.92%, against 3.92%, /'. Reichsbank rediscount rate, which continues at 4%. and commercial sight bills at 3.923', against 3.925 checks at for and 13.93 at finished belgas As noted above, Dr. Hans Luther, President of the Antwerp Reichsbank, is expected to ,visit New York in the 13.94 for cable transfers, against 13.933/ and 13.943/2. near future. Advices received in the financial dis- Final quotations for Berlin marks were 23.80 for trict from Europe on Tuesday suggest the likelihood bankers' sight bills, and 23.81 for cable transfers, also of visits by Governor Montagu Norman of the in comparison with 23.82 and 23.83. Italian lire Bank of England and M. Clement Moret, who has closed at 5.23 9-16 for bankers' sight bills and at 4. been named to succeed M. Emile Moreau as Gov- 5.23% for cable transfers, against 5.235 /i and 5.233 ernor of the Bank of France. It is suggested in some Austrian schillings closed at 14.11, against 14.113/2: quarters that these visits may presage the marking Exchange on Czechoslovakia finished at 2.96%, 2, against / up of some central bank rediscount rates. against 2.96%; on Bucharest at 0.591 and on 11.22; against 11.22, at Poland inclined ease to been with have francs on 0.593/2; reFrench spect to the dollar, while firm with respect to sterling, Finland at 2.519, against 2.51%. Greek exchange marks and most •other currencies. As noted above, closed at 1.29% for bankers' sight bills and at 1.29% the greater part of the London open market gold, for cable transfers, against 1.29% and 1.29%. as well as some large takings from the Bank of EngExchange on the countries neutral during the war land and 70,000,000 reichsmarks gold from Germany, was sent to Paris during the week. This shows some irregularity of trend. Exchange on Amweek the Bank of France shows an increase in gold sterdam continues exceptionally firm, as does also holdings of 128,795,000 francs, the total standing exchange on the Scandinavian centres. Spanish at 47,671,000,000 francs on Sept. 20, which compares pesetas have fluctuated rather widely, but give with 39,060,000,000 francs on Sept. 19 1929 and evidence of some official support originating at with 28,935,000,000 francs reported in the first Madrid. The firmness in Dutch guilders is due statement of the Bank of France made in June, 1928, largely to recent withdrawals of Dutch funds from following the stabilization of the franc. The Bank's the German markets and to the transfers of German ratio of reserves is at record high of 52.75%, which funds to Amsterdam, as to other markets, owing to compares with 52.69% a week ago, with 46.25% a uncertainties and nervousness over the political situyear ago and with legal requirements of 35%. The ation in Germany. On Friday of last week Spanish firmness of the franc with respect to sterling, which pesetas closed at 10.70 for cable transfers. On hovers very closely around the gold point for bullion Saturday they showed a sudden access of strength. delivered by the Bank of England, is attributed In later trading the rate fell to 10.64 on Wednesday; largely to sales of foreign exchange by the Reichs- moving up again to 10.65. There is a fairly firm bank, which several times last week and this sold undertone to the peseta market for which traders are pounds and dollars against francs. The Reichs- at a loss to account. There have been no new adbank was obliged to do this, according to Paris dis- vices regarding steps toward stabilization. patches, in defense of the reichsmark, which, folBankers' sight on Amsterdam finished on Friday lowing shipments of German capital into France, had at 40.31%, against 40.28% on Friday of last week; fallen at Paris to the neighborhood of the gold point. cable transfers at 40.33, against 40.30, and commerOwing to a shortage of the domestic wheat supply, cial sight bills at 40.283', against 40.253/2. Swiss it is understood that France will be obliged to spend francs closed at 19.3914for bankers' sight bills and at between 2,000,000,000 and 3,000,000,000 francs on 19.403 for cable transfers, against 19.40 and 19.41. foreign wheat this season, with a resultant heavy Copenhagen checks finished at 26.75% and cable increase in its foreign trade deficit. From present transfers at 26.77, against 26.753 and 26.763'. indications it seems unlikely that France will take Checks on Sweden closed at 26.85% and cable transgold heavily from New York in the near future. De- fers at 26.87, against 26.85% and 26.87; while checks spite the heavy outward movement of gold from on Norway finished at 26.74% and cable transfers New York during July and August, imports are still at 26.76, against 26.74% and 26.76. Spanish running far ahead of exports. As noted above, pesetas closed at 10.65 for bankers' sight. bills and M. Emile Moreau has resigned as Governor of the at 10.66 for cable transfers, which compares with Bank of France and has been succeeded by M. Clem- 10.69 and 10.70. ent Moret. Italian lire are steady but in light demand. As noted here last week, the Federal ReExchange on the South American countries, while serve Bank of New York on Friday last accounted for dull, is relatively firm considering the radical changes a shipment of $3,000,000 gold to Italy. This is the which have taken place recently. Argentine paper first time that gold has been sent to Italy from New pesos have receded somewhat from the exceptional York since September, 1928, when $6,000,000 was firmness which was brought about by over-optimistic dispatched. The transaction cannot be justified on sentiment following the fall of the Yrigoyen Governan exchange basis and in some circles it is believed ment. According to the June 30 statement of the [VoL. 131. FINANCIAL CHRONICLE 1948 Argentine Caja de Conversion, the nation's gold reserve against paper circulation amounts to 82.91%. On that date there was deposited in the conversion office a total of 443,259,757 gold pesos, while gold deposited abroad to the order of the legation, against which the conversion office has issued paper pesos, amounted to 6,522,000 gold pesos. In addition there is the conversion fund at the disposal of the Banca de la Nacion of 30,000,000 gold pesos. Thus the total gold reserves on June 30 amounted o 479,811,757. Paper pesos in circulation totaled 1,315,317,679. According to law the value of the paper peso was fixed at 44% of the gold peso. Argentina thus has strong backing for its notes, but the peso shows a steady decline because the gold reserves have been locked up since last December. Argentine paper peso closed at 35 13-16 for checks as compared with 36 5-16 on Friday of last week and at 35% for cable transfers, against 36%. Brazilian milreis finished at 10.40 for bankers' sight bills and at 10.43 for cable transfers, against 10.07 and 10.10. Chilean exchange closed at 12.10 for checks and 12.15 for cable transfers, against 12.15 and 12.20. Peru at 34.00 against 34.00. resumption of shipments is creating favorable sentiment. There has been some talk in the local market in recent weeks concerning the danger of obstacles being presented to the free flow of gold. These shipments are clearing up any doubt as to Japan's determination to maintain the unhampered working of the gold standard. Closing quotations for Japanese yen yesterday were 49.45@49. 9-16, against 49.39@ 4932; Hong Kong closed at 323 ,'@32 9-16, against 32@32 11-16; Shanghai at 39%@39%, against 40%@40%; Manila at 49%, against 49%; Singapore at 56%@56 11-16, against 5614@56 11-16; Bombay at 363I, against 3631, and Calcutta at 3614, against 363. As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer possible to show the effect of Government operations in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing House each day as follows: DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK AT CLEARING HOUSE. Saturday, Monday, Sept. 20. Sept.22. Tuesday, Wednesday Thursdny, Sept. 23. Sept.24. Sept.25. 3 Friday, Sept.26. Aggregate for Week. $ Exchange on the Far Eastern countries is steady, 129,000,000 93,000,009 150,000,000 123,000,000 122.000.000 154,000,000 Cr. 785.000,000 -The foregoing heavy credits reflect the huge mass of checks which come with slight evidence of improvement owing to the to Note. the New York Reserve Bank from all parts of the country in the operation of the Federal Reserve System's par collection scheme. These large credit balances, better silver prices and to some hopes of ease in the however, reflect only a part of the Reserve Bank's operations with the Clearing House institutioru5, as only the items payable in New York City are represented Chinese political outlook. The improvement in the in the daily balances. The large volume of checks on institutions located outside of New York are not accounted for in arriving at these balances, as such checks silver quotations has helped Japanese business in- do not pass through the Clearing House but are deposited with the Federal Reserve Bank for collection for the account of Um local Clearing House banks. terests in China to some extent. Announcement was made during the week that the Yokohama Specie The following table indicates the amount of Bank was shipping 5,000,000 yen gold from Tokio bullion in the principal European banks: to the United States. This was the first shipment in a movement which is likely to total 50,000,000 yen, Sept. 26 1929. Sept. 25 1930. Banks of Total. Gold. Silver. Total. Gold. Silver. or roughly $25,000,000, and marks the beginning of £ £ £ £ £ £ the second major efflux of gold from Japan since the England_.157,427,140 157,427,140 133,212,565 133,212,565 a__ 381,373,039 381.373.039312,483.000 d 312,483,000 d restoration of the gold standard on Jan. 11. In France Germany b 121,691,850 994,6 103,105,500 c994,600 122,686,450 102,110.900 Spain 98,982.000 28,438.000127,420.000 102,594,000 28,444,000 131,038,000 view of the heavy loss of mz'al which Japan has Italy 56,525,000 55,797,000 55.797,000 6,525,000 Netherl'ds 32,510,000 2,032,000 34,582,000 36,920,000 36,920,000 suffered, totalling approximat.'y $117,000,000 to Nat. Belg_ 34,567,000 34,567,000 29,171,000 1,201,000 30,432,000 Switzeri'd 25,585,000 25,585.000 20,271,000 1,311,000 21,582,000 the end of August, with no compc nsating inflow, the Sweden _ __ 13,463.000 13,463,000 13,453,000 13.453,000 Denmark _ 9,566,000 9,566,000 9,186,000 409,006 9,905,000 very fact that the Bank of Japan is permitting the Norway __ 8,139,000 8,139,000 8.154,000 8.154,000 FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE BANKS TO TREASURY UNDER TARIFF ‘CT OF 1922, SEPT. 20 1930 TO SEPT.26 1930, INCLL SIVE. Country and Monetary Ott Noon Buying Rate for Cab:. Transfers in New York, Value in United States Money. Sept.20. Sept.22. Sept.23. Sept.24. Sept.25. Sept. 26. $ 2 2 EUROPE$ $ $ Austria,schilling 141126 .141130 .141130 .141111 .141127 .141116 Belgium. belga .139430 .139412 .139392 .139396 .139405 .139403 Bulgaria, lee .007218 .007227 .007220 .007219 .007229 .007227 Czechoslovakia. kron .029675 .029675 .029676 ,029676 .029673 .029675 Denmark, krone 267594 .267601 .267585 .267636 .267608 .267628 England, pound sterling 4.860326 4.859329 4.859531 4.860426 4.8.59928 4.859332 Finland, markka .025178 .025179 .025183 .025172 .025172 .025174 .039292 .039273 .039251 .039268 .039261 .039255 France, franc Germany. relchsmark .238293 .238153 .238023 .238197 .238114 .238079 Greece. drachma .012953 .012954 .012956 .012954 .012954 .012950 Holland, guilder .403074 .403264 .403277 .403145 .403222 .403258 Hungary, pengo .175129 .175072 .175058 .175081 .175083 .175087 Italy, ilra .052371 .052369 .052368 .052369 .052368 .052366 Norway. krone .263521 .267523 .267518 .267352 .267537 .267560 Poland. zloty .112005 .112130 .112057 .112000 .112045 .112045 Portugal, escudo 044933 .044940 .045020 .044885 .044920 .014940 Rumania,leu .005965 .005968 .005965 .005960 .005962 .005957 ;Pain. peseta 108790 .108895 .107847 .107140 .107404 .106930 bveden, krona .268676 .268610 .268615 .268648 .268636 .268615 3witzerland, franc_ _ _ .194067 .194048 .194001 .194008 .193995 .193971 Yugoslavia, dinar .017712 .017715 .017719 .017705 .017715 .017716 ASIA312Ina-Chefoo tael- - .415208 .416210 .417083 .416250 .413750 .410000 412031 .412916 .413125 .412500 .410312 .406250 Hankow tael Shanghai tael 402410 .402708 .403035 .402678 .400267 .396964 Tientsin tael .420625 ..422O .422083 .421666 .419166 .415416 Hong Kong dollar .322857 .323291 .324910 .324375 .324107 .322142 Mexican dollar_ - - - .290312 .292500 .292812 .292500 .291250 .288437 Tientsin or Pelyang dollar .291250 .293333 .293750 .294583 .292916 .290000 Yuan dollar .287916 .290000 .290416 .291250 .289583 .286666 ndia. rupee .359775 .3511792 .359935 .359832 .359860 .359860 apan, yen .493996 .493996 .494109 .494171 .494209 .494246 lingapore (5.5.) doll .560833 .5431041 .561041 .561250 .561458 .561458 NORTH AMER.Ilanada. dollar 1.001083 1.001079 1.001089 1.001120 1.001171 1.001158 Mba, peso .999706 .999718 .999718 .989750 .999750 .999718 dexico. pcso 473600 .473810 .473687 .473662 .473710 .473675 Zewfoundland. dol .098762 .998325 .998437 .998436 .998500 .998468 AMER.SOUTH agentlna, peso (gold) .822520 .818333 .818965 .817550 .816844 .812860 Wail, milrets .100522 .100988 .101622 .102937 .103255 .103367 :bile, Peen .121013 .121213 .121273 .121281 .121277 ..120997 IruguaY. peso .833958 .829027 .825361 .820713 .821761 .819573 1olombia. Peso . .965300 .065300 .965300 .965300 .965300 .965300 Total week 939,869,029 31,464,600 971,333,629 23,752,469 32,419,600858,172,068 Prey. week 940,646.434 31,563,600 72.210,034 26,951.294 34,152,600861,103.894 a These are the gold holdings of the Bank of France as reported in I le 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 E7,489,000. c As of Oct. 7 1924 d Silver is now reported at only a trifling sum. Political Progress and Stocktaking at Geneva. What with European union, minority populations, treaty revision, disarmament, the Franco-Italian naval dispute, the World Court, and the desire to do something about the depressed economic situation, the recent session of the League of Nations turned out to be unexpectedly busy and important. Of the various matters which came in for extended debate, the Briand plan of European federation was in the end most easily disposed of. There was no reasonable doubt, once Great Britain had made clear its invincible opposition to taking any steps without first consulting the League, that the original Briand plan of a union formed independently of the League, but nevertheless designed to co-operate with it, would be set at one side. The only question was how best to do that without seeming to discountenance the Idea of a union in advance or injuring the feelings of M. Briand and his supporters. A solution of the difficulty was eventually found, after some friendly spbeches and a good deal of study of phraseology, by referring the whole 'subject to a commission of the League over which V. Briand will preside, with the SEPT. 27 1930.] FINANCIAL CHRONICLE 1949 understanding that a report on the project is not Sept. 1 if at that time the League Council was clear to be delayed. The exact composition of the com- that no party to the protocol had any objection. mission will not, apparently, be finally determined To this procedure Cuba,at the last moment,objected, until next January, but the debates indicated that on the ground that formal ratification was required, while European countries alone will probably be and that for the Council to assume that ratification represented, other countries which are members of had in effect been given because no objection had the League will be consulted because of the effect been offered was to exercise a moral pressure in which any joint European action would inevitably derogation of Cuban sovereignty. For this last-minute objection Dr. Politis, in language for which he have on other parts of the world. apologized, took Cuba severely to task, subsequently on other the union, European a of The question that it had no right to stand out implying virtually from that disarmaof inseparable be to proved hand, ment. It will be recalled that the Italian Govern- against the expressed will of most other Government, in its reply to the Briand questionnaire, chal ments. The objections of Cuba went farther, howlenged the French contention, implicit in the Bri- ever, and included the amendments increasing the and plan, that a general reduction of armaments salaries of the judges and requiring them to give all could be undertaken only after nations had been their time to their judicial duties. The first of assured of security, and pressed the point that dis- these changes, it was urged, was inappropriate in armament, regarding which the League Covenant view of the worldwide business depression, while the clearly contemplated early action by the League, small amount of work before the Court made the should no longer be delayed. In this demand Great second unnecessary. An intimation by Dr. Ferrara Britain and Germany showed themselves at Geneva that Cuba would probably ratify resulted in a temto be entirely in sympathy with Italy, and although porary agreement to increase the salaries and add reports were rife that the question would be passed to the number of judges. As the United States, over, speaker after speaker persisted in returning although a signatory of this and two preceding proto it and urging that something should be done. tocols, has not yet ratified either of the three, the Not even the political overturn in Germany and the question of American membership in the Court refeeling in some quarters, particularly in France,that mains substantially where it was before. No attempt was made by Germany to bring European peace was endangered, sufficed to prevetat a wide demand for action on a subject which had prominently before the League the question of treaty been dragging along in the League calendar for revision, although the veteran Hungarian statesman, Count Apponyi, called for revision. Speeches by years. particular in in Dr. Curtius, German Foreign Minister, and Signor emerged the difficulties Two course of the debate. One had to do with the work Scialoja, the Italian delegate, alluded to the matter of the League's Preparatory Commission, the body only indirectly or in general terms. The discuswhich for years has been trying to agree upon a re- sion of the status of minority populations, on the port which should afford the League the necessary other hand, revealed once more the political danger formal material for an international conference. that lurks in the continued dissatisfaction of some The other was the bearing of the Franco-Italian t0,000,000 people whose destinies the Peace Confernaval controversy upon general disarmament. The ence attempted to arrange. During the thirteen first of these was surmounted, after considerable dis- months prior to last June, it was stated, fifty-seven cussion, by a decision to reconvene the Preparatory petitions had been lodged with the League SecreCommission on Nov. 3. No detailed instructions tariat by individuals or minority groups begging were given as to how or in what direction the Com- attention to their situation, and of these twenty-six mission should proceed, but there appeared to be a were scheduled for consideration. The problem is general agreement that the Commission should now peculiarly complicated where, as in Italy and Jugobe expected to reach some definite conclusions and slavia, the government is a dictatorship, or where, bring forward some definite recommendations. The as in a number of countries, racial claims involve League refused, however, to fix a date for a dis- also demands for a readjustment of frontiers. The armament conference, contenting itself with decid- net impression made by press reports from Geneva ing that the conference should be called "as soon is that the whole subject of treaty revision in all its as possible." The Franco-Italian issue was dis- bearings is definitely, though not formally, before posed of by ignoring it. There appeared to be a the League,but that consideration of it will be staved general feeling that the London naval treaty, while off as long as possible. It was not to be expected that the world economic only in part accepted by Italy and France, gave reasonable asssrance that naval rivalry between situation, with its accompaniments of unemploythose two Powers would not reach the danger point, ment, agricultural distress, and wide demand for and that the financial and other elements that en- increased tariff protection, would fail to appear in tered into a settlement might properly be left to the the proceedings of the League. The warning given two Governments immediately concerned. The lat- by the President of the British Board of Trade that est reports, unfortunately, do not indicate that any Great Britain might withdraw from the so-called substantial progress toward agreement has been tariff truce unless something was done soon to lower reached, and for the present the negotiations have tariffs, was clear nptice that unless the League exerted itself its agency in the matter might be quietly been suspended. The unexpected opposition of Cuba to the pend- ignored. What was done, it must be admitted, caring protocol relating to tilt World Court led to a ried no prospect of immediate help, although it was heated passage at arms between the Cuban delegate, perhaps all that should have been expected under Dr. Ferrara, Cuban Minister at Washington, and the circumstances. A scientific inquiry into the the Greek delegate, Dr. Politis. The protocol in nature and causes of the present economic depresquestion is one providing for a revision of the Statute sion was ordered by the Assembly, and a European of the Court, and was to have come into force on conference on economic co-operation is scheduled to 1950 FINANCIAL CHRONICLE meet in November. The immediate impetus to this very general action appears to have been the menace of Russian wheat and other products, but the proposals brought out in the discussion extended to such subjects as the working of the most favored nation provision of commercial treaties, the prevention of dumping, the operation of export bounties, preferential tariffs, the adjudication of trade disputes, and similar matters. A preliminary report from the gold delegation of the financial committee of the League on the outlook for the continuance of a sufficient gold supply added another important ir4em to the list of those with which, presumably, the contemplated investigation will deal. The fly in the ointment is the fear, freely expressed at Geneva as elsewhere, that the coming winter, following upon a long period of disrupted prices, unemployment and personal suffering, may see outbreaks of violence and perhaps political disturbances of a serious character. The important part played by economic discontent in the recent extraordinary gains of the German Fasbists and Communists is not to be lost sight of in thinking of what may happen in the immediate future. We are not very confident that the League of Nations, however thorough its investigation, will be able to do much more than register accomplished facts and give statistical support to what,in general at least, is already pretty well known. Evidently the world is passing through a period of marked economic and social change. The causes are many, the forces that operate are complicated, and thorough-going remedies for distress are not easily to be devised. No small part of the difficulty, we feel confident, is the disastrous interference of governments with what would otherwise be a normal development of industry and trade, the foolish resort to high tariffs and rigorous immigration restrictions to prevent free and natural competition, and the veritable mania of extravagance and speculation to which all classes have fallen victims. The best that the League can do, we think, will be to keep nationalistic politics from agitating the economic world still further, reduce as much as • possible the excessive outlay for armaments, and persuade governments to lower tariff walls, remove annoying restrictions that hamper trade, and abandon the selfish and destructive practice of dumping. It will do well if it can accomplish any of these things, for a clear relief in any direction will add to the hope of eventual relief in others. More About Branch Banking. To inquiries made in relation to the extension of branch banking to a nation-wide extent (see page 1512 of our issue of Sept. 6), Mr. Elisha Walker, Chairman of Transamerica Corp., made one reply as follows: "Question: In what direction do you think the remedy lies? Answer: No man should speak too confidently about a problem of that size and intricacy. But I have no hesitancy in identifying one remedial factor which is important—paisibly even a controlling—factor. I would permit the banks of larger communities to locate branches in such communities as wished that service and would support it. A single unit bank must face the fact that in time of stress its 'independence' may prove to be its greatest handicap. It may or may not receive assistance from neighboring banks or metropolitan correspondents. It may find itself [Vol- 131. isolated. The fact of these thousands of suspensions among rural banks while no metropolitan institutions failed; or the record of hundreds of failures in our agricultural States while no failures, or relatively few, were occurring among the Canadian branch systems tells its own convincing story and points its own persuasive moral." Mr. Walker is in favor of nation-wide branch banking because five thousand of our independent unit banks have failed since the World War,"90% of them in towns of less than 10,000 population, and more than 60% in communities of less than 1,000; nearly half were in villages with a population below 500." . . . "During all that period and among all those 5,000 failures, there was not a single crash among metropolitan banks having a capital of more than $2,000,000. So I say that our banking system has been relatively successful—or at least solvent— in our cities. Comparatively, it has failed in th9 hamlets and at the crossroads." Supposing only this to be true, and without inquiring into the cause of these failures, is this sufficient reason for radically changing a banking system from top to bottom, a system that served us safely and well up to the time of the deflation that followed "the greatest conflict in history"; a system that grew and flourished naturally according to our distinctive national needs and preserved the right of credit to issue by the will of communities it served and without permission of far-off powers, be they on the Atlantic or the Pacific coasts? We think it is not sufficient reason, and we undertake to say that despite this large number of small failures, as a system, our banking is functioning well to-day. The mere fact of these "crossroads" failures (the term belongs to Mr. Walker, head of the Transamerica Corp., itself head of the largest branch banking organization in the United States) has not imperilled our Reserve Banks and metropolitan banks. Mr. Walker says so. But suppose 5,000 branches of a single city bank were to fail because of the same conditions that caused these unit bank failures, what then would become of the parent institution? It is fair to say, however, that they would not fail in similar conditions. They would not become entangled by the same conditions of inflation in land and product prices, for they would not be allowed to do so. They would be held in check by routine rules. And if they did not pay expenses because o! their limited accommodations to their communities these branches would be summarily lopped off, and the patrons would be without adequate credit facilities. For it must be remembered that though they did fail ultimately they served the people to advantage while they did live. And it is true that too much leniency in making loans was the prime cause of their final downfall. The inherent weakness was not so much in these small banks as in the communities themselves made gross and speculative by war prices. Therefore, there is no need for a complete change of system since the weakness, in principle. has been largely eradicated. Branch banking will, does, change our whole system from the village bank to the metropolitan and Federal Reserve. All are involved in this proposal. Who can say that our interior city banks desire to be forced into branch banking? Who can say that there will not be strong competition between all the large city banks to establish branches over the whole country in order to hold business that now comes tl SEPT. 27 1930.] FINANCIAL CHRONICLE them freely under our present correspondent system? Suppose in 10 years these changes come rapidly in zealous times like the present, there are 20 to 50 banks with nation-wide branches, the present unit banks pressed out by the branches established and competing for patronage by advertising and other modern methods, what will become of the 12 Regional Reserve Banks and their method of voting in officers as now provided by law? No; this proposal is the most momentous change ever attempted in our banking system. It is a new deal entirely. It is opposed to our principles of free business initiative and enterprise, opposed to democracy, and patterned after centralized governments overseas. The people are not calling for it; at least no demands have come from them as far as our knowledge goes. As a people, the proposition must be looked squarely in the face. And even though 5,000 small banks, beset by circumstances that before never conspired together, did fail, there are 5,000 more similar in size, equipment, territory served, and service that did not fail. Why ignore these? Why not require of them larger capital, if that be necessary, and let them live? Why crush them out to make way for branches that come from over the mountains, from populous centers now willing, in large part, to serve under the old correspondent system? Will this 5,000 go on failing simply because they are small? And if they should do so, which is against reason, would not the new spick and span branches fail also under the same conditions or retire from the field and leave the communities bare of credits? We see no adequate benefit in branch banking over correspondent banks. The banks that unfor. tunately failed will not fail again. Why disrupt and distort the present system for an untried experiment? It will be hard to prevent the buying of unit bank stocks and the placing of them in holding companies. But as soon as the Government grants this nation-wide permission for branches, that soon the Government becomes, in a measure, responsible for the new-made banking conduct; that soon big city banks are forced into the new plan; that soon the people surrender the individual right to deal iv, credit. For we cannot conceive a placid acceptance by the unit independent banks. They compete honorably now without undue solicitation of customers, and when they can no longer do this they will get out of business. Amending the Amendment. The proposal to amend the Eighteenth Amendment 60 as to permit the respective States to control the liquor traffic within their boundaries, while the United States still continues to control inter-State traffic does not seem to be feasible or forceful. It will at once, if carried, put State and nation in conflict. If the Federal Government should prove no more able in its part of this dual, though separate, control, than at present, the amendment to the Amendment will become a farce. Some States would be "wet," others "dry." Obviously the States that refused to permit the manufacture and sale of intoxicating liquors would have to countenance shipments across the border line from States that permitted the manufacture and sale, and the task of the Federal Government would thereby be materially increased. As it is, the guard is against foreign countries. To make the Federal power a policeman 1951 standing between citizens of the States is quite another matter. We do not undertake now to say what foreign States shall do—our prosecution lies against the acts of our own citizens for the doing of illegal acts which we have prohibited. But to stand between the States is quite another matter. The hair must go with the hide, the shipments with the manufacture, to be consistent. This contention, however, does one thing—it exposes the fallacy of the claim so often made that since the Eighteenth Amendment is now a part of the Constitution, to "work against it" is to "go behind the Constitution." Many, in their support of this Amendment, seem to have the conviction that it is a fixture and final. Once in, always in. This view excludes the fact that it was put in, and has never been in accord with the spirit of the Constitution. Certainly the power to amend must be the same as the power to repeal. No such thought as the right to "restrict personal rights" is to be found in the original charter as adopted by the Constitutional Convention. On the contrary, he very purpose of the Government thus constructed was to guaranty these personal rights. A way was provided for future amendments, naturally those in consonance with the spirit of the original document, to be adopted. But that this might never be lightly done, that it might never be weighed down by the opinions, desires, beliefs, reforms, of mere majorities, a complicated system of procedure was provided—that not only should the supposed majority be overwhelming but that the rights and powers of the several States be invoked in carrying it out. To-clay, for the whole population, no one knows whether the majority is "wet" or "dry." It is known, practically, that the people in some of the States are wet, in some others dry. Thus the Federal Government, in enforcing the Volstead Act in furtherance of the Eighteenth Amendment, is itself the nullificationist as to certain of our States. Why not an outright repeal? We dislike to admit that in so solemn a thing as changing our organic law we have made a grave mistake. Yet what are the facts, the consequences? The Amendment does not prove out. It may, we think, somewhat, reduce the drinking of strong liquors—but at what a frightful expense in the observance of law and order, in the destruction of the morals of the youth, in the embroilment of politics in a question of manners and customs, in the curtailment of life, liberty and the pursuit of happiness in the individual, in the laying upon the Federal Government the duty of enforcing a law which a large part of the people do not believe in, in creating bootleggers, spies, informers, search and seizure without warrant of court, floods of poisonous concoctions in the attempt to use denatured alcohol, in corruption of officials and even courts,in the passage of fourth-term-offender laws contrary t9 the justice of making the penalty fit the crime—and in arraying citizen against citizen, community against community, until temperance is lost sight of and a matter of morals dominates the law and politics of the country. Are not these conditions growing worse instead of better? The vast interests, civic and economic, of a puissant country are fast being subjected to a fight over "prohibition." Money is being spent by both sides on elections swamped by the single issue. A few of the "drys" are recanting in favor of repeal. We do not observe that any "wets" are going over 1952 FINANCIAL CHRONICLE to the other side. Yet few believe that repeal is imminent. The process is long and arduous. Passed in time of war, now condemned in time of peace, the Amendment sticks to the Constitution. Referendums, variously taken, show a growing sentiment for repeal. But pressed into the organic law b:/ reform politics, it cannot so easily be expunged by politics. This very fact, however, shows that the Amendment is contrary to a constitutional govern. ment erected to guaranty personal rights. For that Constitution deals alone with principles and not with specific details of their enforcement. The Federal Government, try as it may, will never be able to make mincemeat out of these principles; it will never be able to perform effectually the police duties of the States; it will never become mentor of personal morals. Ten years of experimentation in the enforcement of a dubious law ought to be long enough. The "dry" who desired temperance above all can now have few compunctions against repeal. Other countries, notably Canada by its Provinces, have tried prohibition and abandoned it. With us, as will be proven by our coming election, the question has become acute, it is destroying the peace and quietude of the people. Therefore the immediate duty is to devise some means for testing the sentiment of the citizenry. Better that repeal fail than that th-3 present condition of uncertainty prevail. And in this the citizen should put aside his desire to dominate, to force his personal beliefs upon the people, and judge calmly the issue on its merits. If he believes the partial good accomplished outweighs the evils, if he believes that the Eighteenth Amendment really is consonant with the spirit of the char ter of personal rights and human liberty, he will be justified in voting against repeal. If his conviction is the opposite, then he should vote for repeal. But it is not wise to try to amend an evil. It is not intelligent to complicate a complication. It is not statesmanlike to patch up or gloss over a bad law. The Eighteenth Amendment was passed in the intense excitement of war when every feeling of patriotism was appealed to; and, at that, the people were not privileged a direct vote. Everyone will recall that it was declared almost a sacrilege to take good grain that would make bread for soldiers and turn it into sour mash to make whiskey for derelicts. Perhaps so, but how pitiful that reason looks, in time of peace, as defense against a violation of the spirit of the Constitution and an obnoxious enforcing law. Absolute repeal would put the matter back where it was before the Amendment. And if it be true, and it is largely true, that the saloon was the prime evil many sought to eradicate, then by the same sentiment it will never come back. In any event, the speakeasy is a poor substitute. Why cannot a "dry" Congress be liberal enough to provide a new test—after 10 years? Maintain Open Markets, But Prevent Manipulation. Widespread interest has been aroused over the entire country by the charge Made by Secretary Hyde, of the United States Department of Agriculture, that the Russian Government has been selling wheat short on the Chicago Board of Trade, contributing to the fall in price and to the injury of American farmers. (voL. 131. In a telegram sent to John A. Bunnell, President of the Chicago Board of Trade, Secretary Hyde said that an official inquiry had established the short selling "beyond all question of doubt." He asked what provision the Chicago institution has made or can make for the protection of our American farmers from such activities. "There can be no question," the telegram continued, "that this selling has contributed to the fall in the price of wheat and to the injury of American farmers now engaged in their intensive marketing season. Obviously, it would be impossible for Soviet Russia to deliver grain in Chicago over our tariff of 42c. a bushel." Secretary Hyde stated that his teegram was based upon the admission of the All-Russian Textile Syndicate of New York that it had sold 5,000,000 bushels of wheat short on the Chicago market. [The representative of the syndicate later admitted aggregate short sales of 7,765,000 bushels.] This syndicate, Mr. Hyde said, is a subsidiary of the Amtorg Trad ing Corp., the Russian commercial organization in the United States. After receiving Secretary Hyde's telegram, containing the charge here outlined, President Bunnell of the Chicago Board of Trade immediately wired to the Secretary of Agriculture at Washington requesting that the Board's Business Conduct Committee be supplied with the facts upon which the charges were based. Secretary Hyde, in reply, stated that no doubt the information could be obtained from the members of the Board who sold the wheat. He added, however, that he was glad to afford the Committee full facts. "A new question of broad public policy lies before your Board to consider," Secretary Hyde's second telegram read, "and it is thus primarily a question for the Chicago Board of Trade to consider as providing a free market for the American farmer and the consumers of the world. The law provides the Board of Trade shall make such regulations as 'provide for the prevention of manipulation of prices.'" Without attempting to foreshadow what action the 'Chicago Board of Trade will take in considering Secretary Hyde's charge, President Bunnell of the Chicago Board pointed out the fact that "the Chicago Board of Trade is a recognized world market and hedges protecting grain in all positions all over the world are customarily placed here." In its final analysis, therefore, the controversy over Russia selling wheat short in the Chicago grain market binges upon the question of whether the operations made for the All-Russian Textile syndicate were of a legitimate character. If they were simply and purely "hedging" transactions they would have to be regarded as free from objection. The costly experiment made by the Federal Farm Board last season in the unsuccessful attempt to stabilize the grain and cotton marketS revealed clearly that the best economic thought of this country is in favor of open markets in which the law of supply and demand will have full play. As recently pointed out by ex-President Coolidge, even all the money of the United States Thasury might be inadequate to maintain prices of a world staple at artificial levels. There have been attempts to impugn Secretary Hyde's motives by insinuating that his action is nothing more than a political move to shift the blame for the present low levels in the grain market to the Chicago Board, and thus curry favor with the big farmer vote in the Mid-West where there has been SEPT. 27 1930.] FINANCIAL CHRONICLE 1953 concerned. The major portion a tendency lately to criticize the present adminis- gone so far as industry isexpense and, at the outside limit, living for up used be will tration for the depression that exists. But the Sec- only a small modicum will be available for investment. retary's sincerity is not open to question. Very If, on the other hand, we distribute the funds by way of likely, too, he has more information than he has a dividend, a very substantial proportion is available for given out regarding the character of the dealings financing operations. Because of the above fact, the ratio between A and B, in Chicago by the Russian interests. It is known, of the compensation paid for service and that paid between course, that private interests have, at times, resorted for capital, is important. A builds the market; B builds to manipulation-of the markets, in order to control the plant that supplies the market. If either is built them for their own ends. Within the last year or without a corresponding addition to the other, we have correct two the New York and New Orleans Cotton Ex- inefficiency and waste. If both grow together inthat will then an adjustment may be found proportions, opinion, force public of under obliged, were changes expected to keep all busy, and we have the highest be to broaden the terms of the contracts they trade in, practical efficiency and prosperity. The fact that the line so that private manipulation of these markets could between A and B is not meticulously drawn does not alter be prevented. Under the law, as pointed out by this general conclusion. As the above is the crux of our proposition, we will, at Secretary Hyde, the Chicago Board of Trade is cont• the risk of repetition, re-state the matter in other terms: pelled to make such regulations as provide for the In industrial practice, the pay check supports the family, prevention of the manipulation of prices. while if there has been sufficient foresight to accumulate It is, of course, possible that the Russian Govern- income producing investments, there is a tendency to add ment, through its agencies in this country, is, as a substantial part of the income from these to the principal. case claimed in some quarters, taking advantage of the This is true of those in moderate means, while in the so, in fact, there is more even is it wealthy, very the of current depression to force prices of agricultural almost no alternative practice. In general, therefore, this products to such low levels as will aggravate the is what takes place. industrial and financial distress from which the Too large a return to capital is succeeded by an enlarged country has been suffering for some months past. plant, greater production, and keener competition. Ultia reduction in the Committed to a world-wide revolutionary program, mately this results in bringing aboutcorrecting the evil. capital's earnings, thus of percentage Soviet Russia might well hope to arouse Bolshevistic An excessive payroll, on the other hand, results in a tendencies even in this country under stress of hard larger market for the product,increased consumption,smaller times and unemployment. Viewed from this angle, profits to industry resulting in a depleted treasury, a run Russian activities in the Chicago grain market might down plant, which ultimately forces a raising of the price be a potential power for evil that would call for of the product or a lowering of the payroll, either of which evil. prompt and patriotic action not only by the authori- tends to correct the It is evident from these facts that either evil is selfties of the Chicago Board of Trade but by the United corrective, as are all the ills of our industrial system if States Government also. But all this, while given sufficient time, but the problem for us is to try to plausible, remains to be proved. No less defensible avoid the error rather than wait for the evils that follow in we do when we go would be the action of Soviet Russia if its sales on its wake to remedy it, as, in general,present one. of depression like the period a through the Board of Trade were mere gambling transactions Now, then, if our policy is to be directed in the interest in the way indicated in our article on the Financial of the general welfare, our goal must be a plant of the Sitliation on a previous page. This newspaper has highest efficiency which, in turn, requires that the plant always been a strenuous advocate of open markets, be operating at its capacity; that it be neither too large that it be adequately controlled only by the law of supply and demand; nor too small for the market; also as to be in a position to adopt the best methods so financed but, on the other hand, it is equally important that of production as new ones are discovered or old ones perthe market shall not be subject to manipulation fected. either by private interests or Government agencies, If then, at the present time, capital is being inadequately compensated because of a payroll too large or out of proespecially those of any foreign power. e Principles That Ought to Control in /?°‘" Wage Reduction. \ St. Louie, Mo., Sept. 17 1930. Editor "Commercial & Financial Chronicle," New York City. Dear Sir: I have been noting the editorial in the "Chronicle" of Aug. 23 in which you quote from the "Wall Street Journal" and the "Iron Age" warnings to the effect that wage reduction may be necessary in the near future. I do not write to agree or disagree with this conclusion, but in an effort to contribute a mite toward an understanding of the problem, to the end that we may adjust our practice in the interest of the general welfare. Our Government divides income into two classes— "Earned," which we will designate class A, and all other, which we will:call class B. The former, speaking in general terms, is the payroll, the compensation exacted for personal service. The latter is capital's earnings—the fee that capitalists collect for the risk and use of their accumulations. Generally speaking, all legitimate income is included in one of these divisions. Not only to this source must the industrial plant look for funds for construction improvement and extensions, but also the population for food, clothing, and shelter. We divide income as we have done here because class A and class B income differ fundamentally in respect to their availability to industry. The former furnishes industry a market, the latter the capital to cultivate and satisfy said market. When we place money in thelpay envelope, it:is portion to the receipts, so that little is left for the owners or improvements in the plant or to its product, it is evident that a wage reduction may be the method of correcting the unfortunate situation. If, on the other hand, there is so much capital available for improvement and construction that there is, or is likely to be, an insufficient market for the product to keep the plant operating efficiently, a general wage reduction will increase rather than eliminate the difficulty. If this latter is our difficulty at present, the process of price cutting that has reduced commodity values about 10% during the past year is evidently the remedy and will, if left alone, ultimately correct the difficulty. If wage reductions are also made, except for the purpose of correcting irregularities, we simply put off that much further the date when the correction will have proceeded far enough to permit business to return to a normal condition. If our present difficulty, on the other hand, is mostly of a temporary nature, a mal-adjustment due to the wild speculation that culminated in the stock market crash of 1929, or readjustments of prices for either service, or the use of capital that is out of line with the general market for similar values, it is evident that a correction of the individual items is the solution and not a general re-rating of compensation for many or all values. In other words, temporary evils require temporary measures,not permanent readjustments. I am not going to try to point out which of these considerations is principally responsible for present conditions. I don't believe we know how the national income ought to be divided. Payrolls may be too high in some lines and at some points and too low in other lines or at other points. 1954 FINANCIAL CHRONICLE [vou 131. The same is true of commodity and other prices. Some mean that no improvement in the present division will be may be too high and some too low. It is one of those made. Efficient operation is of prime importance. Ownerproblems where you have to try to understand the prin- ship is secondary. I trust that in discussing the situation between capital's ciples controlling and then apply them as best you can to the situation in hand. increase and that for service, some light has been shed Referring to the present condition, it may be that some upon one way to secure the highest practical efficiency concerns ought to have courage enough to cut the payroll under private ownership. even to the quick, temporarily or permanently as conYours very truly, ditions may require. On the other hand, where there are E. S. PILLSBURY. earnings, even though not sufficient to pay the dividends of the most prosperous years, in the absence of some specific Federal Reserve Bank Earnings. reason for a different course, it might be best to rock along [Editorial in New York "Journal of Commerce," Sept. 23 1930.1 without disturbing the pay check in the expectation that a Several of the Federal Reserve Banks did not earn their normal market should soon be realized. year. We are probably justified in assuming that the market dividend requirements during the first half of this disburseWhile they regular 6% were all the able to pay of the past several years prior to the speculative movement that collapsed last year, was as nearly normal as we ment because of the existence of an accumulated surplus, are likely to be able to fix upon as a basis for comparison. this situation raises the question as to whether persistence Most of the millions bled dry by last year's stock boom of low money rates may not have some influence upon are sure to be back in the harness before long, if not already. Federal Reserve policy. It would be unfortunate if the Just when they will call for those several million auto- matter of earning enough to pay dividends is allowed to mobiles that, in the ordinary course of events, they should influence the policies of the system to any extent. Earnings statements published by the Reserve Banks for have bought this year, is hard to say. Perhaps many are permanently in the Austin or flivver class, but practically the first six months of 1930 show that the Boston, Richall of the real wealth of last year is still in existence and mond, Kansas City, and San Francisco Reserve institutions somebody owns it and the only way to get an income from earned less than dividend requirements, and that the Kansas it is to put it to work. The rule with wealth is, "Come City Bank actually suffered an operating deficit. Tha easy, go easy." chief reason for this decline in earnings is, of course, the If the property is now idle, or insufficiently employed, general fall In interest rates. With the sharp drop in in the hands of speculators who acquired it while loosely rediscounts this year, the major source of revenue to the held, the chances are that it will soon fall into the hands Reserve Banks is interest on Government securities, and of those who have the foresight to invest it where it will do as they hold chiefly short-term obligations the rate on these its part toward promoting the general welfare, which in- has been unduly low. The same applies to the holdings volves a return to normal operation. of bankers' acceptances, which now give a return less than Doubtless some will read this who still believe we are half of what it was a year ago. likely, if given a free rein, to manufacture so much that To a lesser extent, the decline in earnings reflects also we cannot consume it at home and that for this reason the contraction in the volume of outstanding Reserve credit, export markets ought to be brought into the picture. I as measured by the total of rediscounts and open market would not minify the advantage of outside markets, but our holdings. This contraction reflects gold imports primarily. country has never succeeded in finding a foreign market for Traditionally, at least a billion dollars in Reserve credit over about 10% of its products. This percentage, valuable as these markets may be, is too small to be depended upon must be outstanding to permit the institutions to earn divito absorb accumulations due to misadjustments of our 90% dend requirements. The volume of such Reserve credit now outstanding is slightly below this figure. home market. Experience gained in a period such as the present emphaFor the information of those who think we cannot consume our production at home but are dependent upon sizes the need for large surpluses for the Federal Reserve foreign markets, I reproduce a few lines from the report Banks, and furnishes strong support for the contention that of President Hoover's Conference on Unemployment. A a larger share of the earnings of these institutions in proscommittee on "Recent Economic Changes," a subdivision perous years should be retained by them, even after the of this Conference, published last winter the following result. statutory surplus of 100% Is fully accumulated. Foreign of its survey. This was signed by Herbert Hoover and central banks are, according to reports common abroad, in the habit of building up secret reserves which can be utilized sixteen leading operators in the field of industry. "The survey has proved conclusively what has long been in time of need. This cannot be done very well in this held theoretically to be true, that wants are almost in- country, and as an alternative a very strong surplus position satiable; that one want satisfied makes way for another. will permit the Reserve Banks to continue to operate withThe conclusion is that economically we have a boundless field before us; that there are new wants which will make out undue attention being paid to their own profits. One reason for decreased earnings of Reserve Banks may, way endlessly for newer wants, as fast as they are satisfied." . . however, well be examined immediately. That is, the growth "We seem only to have touched the fringe of our poten- of the market for "Federal funds" in recent years, in which tialities." . . . "As long as the appetite for goods and services is prac- member banks having excess Reserve balances sell them tically insatiable, as it appears to be, and as long as pro- for a •day to those having deficits in reserves. The tendductivity can be consistently increased, it would seem that ency of this evening up of reserves accomplished outside the we can go on with increasing activity." . . . Reserve Banks themselves is to cut down the total amount I want to, in closing, pay a word of tribute to our in- of rediscounts, and thus the revenues of the Reserve institudustrial system. I stood on the dock and watched the boat tions. While the Federal funds market has been much come in loaded with mackerel until it seemed as though reduced in importance with the coming of an era of cheap the ripples in the harbor would go over the gunwales, and money, it nevertheless deserves careful investigation not I thought thus: "No matter how many fish are caught, only because of its.tendency to reduce Reserve Bank earnevery one will be eaten by some one who chooses it in ings but far more because of its interference with effective preference to any article on sale. Those that are not wanted credit control. The unobtrusive way in which the market fresh will be preserved, and no matter how small the catch, for such excess reserve balanceshas grown up to its present he who tenders as much as the traffic will bear will be size and importance makes a careful investigation of its able to secure that which his appetite craves." The prin- effects on the banking structure as a whole all the more ciple illustrated here is at the base of our industrial system. important. It has been stated that about one-half of the property is held by the nation and its political subdivisions for use in National City Bank of New York on Gold common, and the other half by private owners, with a Supplies in Relation to the Fluctuation tendency under the present public construction, hard road, and park plans, to increase the former class of holdings relain Prices. tive to the latter. At considerable length the National City Bank of New However this may be, in most lines of endeavor private York, in its September "Bulletin," discusses in an interesting ownership appears to operate more efficiently and furnish and very instructive way the relation of gold supplies to a better, more reliable, and abundant supply than either the fluctuations in prices. We print the discussion in full Government controlled or owned units. This does not as follows: SEPT.27 1930.] FINANCIAL CHRONICLE Gold and Prices. A period of business depression and falling prices always raises questions as to the possible responsibility of the monetary or banking system. This is natural enough,for it is agreed that the supply of money or credit Is a very importantfactor in modern business and in prices. However, It is far 'rom being the only important factor. One of the chief merits of the gold standard is that under its workings the supply of currency and credit is regulated automatically to the maximum extent, instead of by the control of any arbitrary authority. The supply of new gold comes from the mines and mining is free. It Is distributed among the countries by the currents of trade and the play of economic forces, with the general result that the distribution tends to be in accordance with the economic development of the countries and their ability to use it or command it. Inasmuch as the accumulated stock of monetary gold is very large in comparison with the annual additions, the total available supply changes but little from year to year, and It may be assumed that price changes that are properly chargeable to gold will take place gradually rather than suddenly. Formerly, and down to the outbreak of the Great War, gold coins were a common form of money in circulation in many countries, but since the War this is no longer the case. In nearly every country during the war gold went to a premium over paper money and was gathered into bank reserves, the public became accustomed to handling paper money and the economy of using gold as the basis of paper money, instead of as a circulating medium Itself, led to the permanent adoption of this system everywhere. Formerly, also it was common for numerous banks in a single country to exercise the function of issuing currency, and to carry reserves of gold or other lawful money in their own vaults against note Issues and deposits; but now the policy is generally adopted of restricting the function of issuing currency to central banking institutions closely related to the national governments. These central banks of issue hold the consolidated banking reserves, and give stability and elasticity to the credit situation by their ability to rediscount paper for the banks doing business directly with the public. These developments, which have come gradually in the evolution of banking, have greatly increased the volume of bank credit based upon gold, and therefore the importance of bank credit as a factor in prices. They have increased the potentiality of gold, but the influence is manifested through the volume of bank credit, which is subject to independent fluctuations, sometimes very rapid and violent. Thus, although the gold supply is ultimately related to prices, its bearing upon them is not direct and immediate, but rather remote and subject to the play of many influences. 1955 000,000 on the corresponding date of 1929. Comparison also may be made between $41,685,000,000 of bank loans and investments in 1920 and $58,474,000,000 in 1929, and with $443,348,000,000 of bank clearings in 1920 with $718,608,000,000 in 1929. The Expansion of Bank Credit. The foregoing all has a bearing upon the animated discussion which is going on as to the relationship of gold supplies to falling prices and the worldwide business depression. The table is particularly interesting for the showing that the expansion of bank credit in this country has more than kept pace with the increase of the country's gold stock since 1914. The net increase of the gold stock to 1929 was about 129%, and the net increase of bank loans and investments, 181%. This is pertinent to comments frequently met with from foreign sources to the effect that the authorities of the United States have been practicing some method of "sterilizing" gold and thus preventing it from entering into use or having its natural effect uponcredit and prices. It Is, of course, true that the Reserve authorities did not look with favor upon the absorption of credit in stock speculation in 1928-1929, or feel disposed to contribute to the resources available for that purpose, but the figures show for themselves that a very large expansion of bank credit has occurred in this country, and still exists, although somewhat below the figures of a year ago. It may be added that a shift has been taking place from loans to investments. Recent figures for all banks are not available, but from Jan. 1 1930 to July 30 the investments of reporting member banks of the Federal Reserve System increased by $777,000,000. Roughly speaking, these banks have about 40% of the total bank assets of the country. This addition to investments (bonds)shows that surplus funds are available and are being placed in this manner in the absence of a demand for commercial loans. The figures show that with a gain of $2,433,000,000 in the country's gold stock, from 1914 to 1929 additional bank credit to the amount of $37,685,000,000 was put into circulation, or $15.49 of bank credit to each additional dollar of golds In view of the final results of that credit expansion many person have been of the opinion that it went quite far enough, for the good of the whole world. nnntng§Inni . . . . wh3olgo4bow.-4.4a.-otza,coc World Supplies of Gold. No menace is so disturbing as one that is involved in mystery, and the talk about declining gold supplies as the cause of falling prices has an influence of this kind. It is a fundamental fact that the monetary and banking systems of the world are based upon gold, which means that currencies and bank obligations are convertible into gold as occasions Currency a Subordinate Factor. require, and that credit expansion must be controlled with that condition Confusion seems to exist in the minds of many people regarding the in view. It has been estimated upon the basis of. what appear to be importance of the volume of currency or money in circulation. It is not reasonable calculations that the physical volume of production and trade uncommon to have a decline in the volume of outstanding currency cited In the world has increased over a period of years at the rate of approxias a cause of business depression, or declining prices, whereas it is only mately 3% per annum,from which the deduction is made that a corresponding increase in the volume of money or bank credit is required in a result. This confusion of currency with the whole body of credit or purchasing order that production and trade may develop normally at a uniform level power in circulation happened in the first place, no doubt, by confusing of prices. •"When member bank deposits increase, their reserve requirements and their "currency" with "money," for it is agreed that the supply of "money" need for balances at the Reserve banks are likewise increased, but an increase of has a relationship to prices. Here, however, there is more confusion, $100 of deposits under the law causes an increase of reserve requirements of only for when "money" is spoken of in the money market it is usually bank $7.50, on the average."—See "Federal Reserve Bulletin," June 1930, page 342. credit rather than gold or paper money that is referred to. The price of Besides this Increase of member bank credit, the non-member banks have expanded money in the market is the price of bank credit, and it is the supply and their credits on the basis of Federal Reserve notes and deposits in member banks. use of bank credit, not the amount of currency in circulation, that inIn the five years ended with 1914 the average production of gold in the fluences prices. world was about $457,000,000, and in those years and 10 years preceding The fact is that currency nowadays is the small change of the business prices on the whole were on a rising scale, which indicated that the supply world. It is wanted for payrolls and in the retail trade, but more than of gold was more than sufficient to maintain a uniform level of prices, 90% of the aggregate of payments are made with bank checks. If a after cancelling the influence of improvements in the methods of producrecipient desires currency, he will have the check cashed, hence currency tion. In fact it was generally agreed that a degree of monetary depreflows into and out of the banks daily to suit current demands. It is an ciation existed, which was working to the disadvantage of investors who automatic movement, wholly controlled by the public, and reflects the had placed their savings in long-term interest-bearing securities. activity of business, but the volume of deposits against which checks The war, however, threw the whole situation into confusion. Nearly may be drawn is far more important than the volume of currency in all currencies were forced off the gold basis, and became depreciated in circulation. varying degrees. Wages and prices fluctuated wildly but were roughly Furthermore, there is another factor related to the situation, to wit, adjusted to the changing value of the currencies. Some of the monetary the volume of bank loans, for most of the deposits result from loans; units were altered to enable the return to a gold basis to be accomplished and still another factor, upon which both loans and deposits are de- more readily, the gold coins in circulation were gathered into the banks pendent, viz.: the gold reserve. The structure of bank credit rests upon of issue to serve as the basis for larger amounts of paper currency, and the gold reserves. If the reserve is ample, loans may be made, deposits so the world regained the gold basis with the general price level approxiwill be increased, purchasing power will be put in circulation, and in- mately 50% above the pre-war level and the wage-level nearer 100% cidentally, to the extent that lawful currency is wanted for payments, higher than before the war. Whether all such adjustments would prove It will automatically flow out from the bank deposits. Bank credit is to be economically correct or not when all values come to be measured now the currency in common use, whether circulating by means of private by the same standard, remained to be seen. checks or printed notes. Deposits and currency notes are inter-conMeanwhile, higher mining costs, due to higher wages for miners, and vertible. higher prices for supplies (the latter also due to higher wages) have Gold Stock and Bank Credit Since 1914. had the effect of reducing gold production, which for the world in the the Mint as follows: Illustrating the foregoing, the following table shows the monetary last five years has been estimated by the Bureau of $393,301,10011928 $406,710,800 gold stock of the United States, aggregate loans and investments of all 1925 417,300,000 399,981,700 1929 banks, reporting to either National or State authorities, total individual 1926 401,673,400 1927 deposits (eliminating inter-bank deposits), and the amount of money of pre-war falling off from production the years, but important is an This all kinds outside of the Treasury and Reserve Banks on June 30 of each then was so large as to effect continuing inflation and suggest proposals year from 1914 to 1930 inclusive. that production should be limited by some system of internationl control, CONDITION OF ALL BANKS. such as has since been proposed for rubber and other commodities. Furthermore, the gold holdings of central banks have been largely increased by the collection of coins that had been in circulation;and these Year Monetary Loans. Discounts Individual Money is accretions are continuing, although of course at a diminishing rate. (June 30). Gold Stock. & Investments. Deposits, Circulation. Moreover, practically no part of the new supplies is being coined and 1914 $20.789,000,000 818,517,000,000 $3,459,000,000 put into circulation. All that is available for monetary use is going 1915 21,466,000,000 18.966,000.000 3,320,000,000 the banks of issue, where, as illustrated by the preceding table, it Into 1916 24,587,000,000 22,526,000,000 3,649.000.000 1917 28,287,000,000 26,058,000,000 4,066,000,000 serves the business community with much greater ?Jficiency. 1918 31,813,000.000 27,716,000,000 4,482,000,000 e 1919 36,570,000,000 32,629,000,000 4,877,000.000 The Decline of Prices. 1920 41,685,000,000 37,268,0000,00 5,468,000,000 1921 39.999,000,000 34,791,000,000 4,911.000.000 Commodity prices have been declining in all countries since the restore.1922 39.956,000,000 37.144,000,000 4,463,000,000 tion of the gold standard, the extent of the decline varying with different 1923 43.738,000.000 39,984,000,000 4,823,000.000 lists of commodities and under the influence of varying conditions. The 1924 45,180,000,000 42,904,000,000 4,849,000,000 1925 48,830.000,000 46,715,000,000 4,815,000.000 declines, however, were comparatively small until the last half of 1929, 1926 51,562,000,000 48.827.000.000 4,885,000,000 when a general break occurred to which special attention should be 1927 53,750.000,000 51,062,000,000 4,851,000,000 given. The British Board of Trade figures, based upon 1913 prices as 1928 57,265,000,000 53,245,000,000 4,797,000,000 1925, to 140.3 as the 1929 58,474,000,000 53.852,000,000 4,746,000,000 100, dropped from 159.1 as a monthly average for 1930 *57 2n6 onn 0450 ens sue nnn nnn A Ann nn- monthly average for 1928, but in restoring the gold standard in 1925, currency deliberately from a raised state of depreciation, its Great Britain •March 27. which of itself required a downward adjustment of prices. The range The table shows how small Is the amount of all money in circulation, of sterling exchange in dollars in the preceding year, 1924, was from $4.26 as a means of carrying on business, in comparison with the amount of to $4.70, with a monthly average for the year of $4.42. the bank deposits, and furthermore shows the amount of money in circula- advance to $4.86 was rather more than 10%. Of the 17.8Therefore, points tion to have been less in 1929 than in any preceding year since 1922, of British prices from 1925 to 1927, 11 occurred from 1925 decline although the volume of current business at midyear, 1929, was larger than and presumably the readjustment was not completed,for in the to 1926, ever before. The year of largest volume of money in circulation was year the drop was 6.7 points. In seven countries on the gold following basis 1920, when the post-war rise in pi ices was at the peak, the volume of official index numbers in the years 1926, 1927, 1928 and 1929 (all the based bank deposits at that time was only $37,268,000,000, against $53,852,- upon 1913 prices as 100) were as follows: Great Britain Holland Sweden Switzerland Canada British India United States 'Tor. 181. FINANCIAL CHRONICLE 1956 1926. 1927. t 1928. - ,.. 1929. 148.1 145.0 149.0 144.5 156.3 148.0 157.0 141.6 148.0 148.0 142.2 152.7 148.0 136.0 140.3 149.0 148.0 144.6 150.6 145.0 140.0 136.5 142.0 140.0 141.2 149.4 141.0 138.0 The average figures of all countries for 1929 were lowered by a sharp recession in the last quarter of the year. On the whole, bearing in mind the period of economic disorder from which the world, and Europe in particular, was emerging, It does not appear that the price movement down to the latter part of 1929 need be considered extraordinary. The stabilization of currencies, growth of capital and increase of competition might be expected to result in a moderate downward trend of prices. The changes in different tables are not always consistent, which gives warning of the uncertainty of price indexes. Raw materials and crude products figure largely in most of the tables, and it is known that the production of many of these commodities has been unduly increased,judged by previous consumption and the accumulation of stocks. It is only necessary to refer to the statistics of wheat, sugar, coffee, cocoa, rubber, silk, rayon, wool, cotton, vegetable oils, tin, zinc, print paper, nitrates, petroleum and other products which might be named, to show that changes have occurred on the commodity side of the price equation. It is urged that the fact that the tables show a general decline is prima fade evidence that the cause must be on the side of money, since money or credit if released by improved processes in one branch of industry would be quickly applied elsewhere, so that the full volume of credit would continue to be used, and, it is argued, the price level in its entirety should not be lowered. It is true that the physical volume of trade increases, but new products and services are constantly entering it, and it does not follow that the prices of a limited list of comparatively crude commodities remains a faithful index of all prices. They are a class of commodities which undergo wider fluctuations than others. The fact is that crude commodities are a relatively small factor in the prices of finished goods, as illustrated just now by the prices of wheat and bread. Carl Snyder, Statistician of the Federal Reserve Bank of New York, has prepared a table including retail prices, wages, rents and prices of stocks, which gives quite a different composite trend from a table made up simply of wholesale prices, particularly where the latter represent a limited list of farm products and crude commodities. The business of the world does not consist mainly in the exchange of crude commodities, and obviously other trade is a factor in the volume and distribution of credit. The index of prices prepared by Mr. Snyder shows a rising rather than a declining trend down to the closing months of 1929. Influence of Speculation. Apparently something happened-or possibly it was a coincidence of events, more or less related-in the latter part of 1929, which disturbed the world equilibrium. It is a common saying that the break in the New York Stock Market did it, which of course is not in conflict with a theory which begins a little farther back, to wit, that the attraction of funds and absorption of credit by the New York Market, with the eventual crash and resulting losses, together with similar developments on a smaller scale in other markets and countries, caused the disturbance. It is an evident and pertinent fact that a vast amount of bank credit has been used in recent years outside of industry and trade. Furthermore, the history of the alternating periods of prosperity and depressions, making what is called the business cycle, shows that there Is a tendency in times of prosperity to an undue expansion of credit, often for unproductive purposes, and that the reactions are necessary corrections, always accompanied by falling prices. The theory of gold scarcity therefore, cannot be presumed from the fall of prices in the past year. The Distribution of Gold and Credit. Along with the theory of a general scarcity of gold and credit is offered the complaint of maldistribution, referred to above. This complaint has particular reference to the large accumulations in the United States and France. The growth of this country's gold stock since 1914 is shown annually in a preceding table. The net increase from June 30 1914 to the end of 1918, when the war had ended, was $1,269,000,000, and from the end of 1918 to the end of 1924 was $1,339,000,000. From the end of 1924 to June 30 1930 there was a further increase of $36,000,000, but this and more has been lost by net exports since. On the whole, exports have exceeded imports since the end of 1924. Since that year, except temporarily,the United States has had no share of the world's production beyond that coming from its own mines, about $45,000,000 per year. The net gain to the end of 1924 was about $2,608,000,000, including the production of its own mines. In the case of France, the gains from outside the country have been almost wholly since the beginning of 1927, and since June 1928 have aggregated approximately $70o,000,000. The present gold holdings of the Bank of France are $1,840,000,000, which gives it second rank in the possession of gold, if comparison is made with the consolidated reserves of the Federal Reserve System, $4,516,000,000. Next to the Bank of France is the Bank of England, with reserves of about $757,000,000. The gains of the United States in the war period were due to the favorable trade balances of those years,created by large exports. In the period from the beginning of 1919 to the end of 1924 the gains were due in part to trade balances, but largely to unsettled economic, political and social conditions in Europe. The United States was the only country on a free gold basis, and naturally gold came here because of the assurance that it could be withdrawn at will, while such conditions did not exist elsewhere. It repreitnted capital exported from other countries and sent here for safe-keeping until more stable conditions were established In other countries. The gold accumulations of France since 1926 throw light upon the movement of gold into the United States. During the years when the franc currency of France was depreciating and seemed likely to go the way that the mark currency of Germany had gone, residents of France were naturally prompted to accumulate credits abroad where currencies were stable. They built up credits in London and New York, aggregating in value many hundreds of millions of dollars, and when the French currency was stabilized in the latter part of 1926 and confidence in it re-established, these foreign credits began to be converted, first Into credits at the Bank of France, and finally large amounts Into gold, which was transferted to Paris. The Bank of France still holds a large amount of foreign credits so obtained. origin in the war. In this sense it is a maldistribution of gold. The two countries have more than they can advantageously use and other countries have less than they might advantageously use. In the United States the additions to the bank reserves furnished the basis of the great speculation in stocks, and to a great extent the new supplies of credit were absorbed in this manner. Few persons will now dispute the proposition that the country would have been better off with less gold and less available credit. The old story of credit inflation has been repeated once more, but this time based upon gold and seen in stocks rather than commodities. Real estate has had a share. The present distribution of gold, therefore, is something for which nobody can be said to be responsible, except as somebody may be responsible for the war. The situation cannot be changed rapidly, for it may be questioned whether in proportion to the share of the world's business done in the United States and the amount of bank credit outstanding here, the gold reserves of this country are any larger than those of other countries. It hardly can be doubted, however, that, with the present banking organization and a normal use of credit, the business of this country could be handled efficiently, safely and without any pressure upon prices, with very much smaller gold reserves. Anyway, it is safe to say that the normal growth of industry, trade and general business will not require more gold, on net balance,for a good many years to come. This, however, does not signify that more may not come. The Control of Gold. The distribution of gold, however, is not controlled by any authority. It is not a governmental function, or controlled by the banks. The currents of trade and finance, which are set in motion by private enterprise, control distribution. In the years when we were buying foreign securities freely gold importations ceased or fell off and when we ceased to buy foreign securities gold imports were resumed, but foreign securities are sold to the investing public. International trade and financial dealings tend to settle themselves,with moderate movements of gold back and forth to settle balances. Economic conditions of themselves tend to maintain an equilibrium, and the central banks which head the banking systems of the several countries, by changes in their discount rates, tend to adjust the volume of credits to economic conditions and thus restrict the gold movements. All countries are interest in maintaining the stability of economic conditions. Large movements of gold disturb credit conditions both in the countries from whence they are taken and the countries to which they are transferred. Goods, services and securities should practically balance out and in from year to year, and with a growing volume of internationally known securities regularly bought and sold in all markets, and readily moving from one to another, the necessity of large gold movements tends to be further reduced. This tendency to settle the exchanges of the world by the clearing process, which already has been carried so far in both domestic and foreign trade, means diminishing demands upon gold reserves and a possibility of reducing the reserve percentages which in the past have been thought necessary. On the other hand, while this is the normal tendency in international intercourse, abnormal events, such as war, with the sudden creation of great international debts, or legislation affecting trade, may disturb the world equilibrium and cause gold movements which affect the state of credit everywhere. If in our intercourse with the world we insist upon policies which will give a continuing balance of payments in our favor, we will either get more gold, lose trade, or be obliged to lend abroad to furnish the means of settlement. Somehow the balances must be settled. If we have, or get, more than our share of the world's gold, world trade will suffer, as it is suffering now, and we will have our share of the suffering. It is obvious that a maldistribution of gold will have the same effects in the countries which fail to get their proper share as a shortage in the world supply, and as these countries experience the ill effects and are limited in purchasing power, other countries will be affected also. In view of the enormous shifts of gold during and since the war the known effects of these movements in causing credit restriction in some countries and credit inflation in others, the relation of current gold production to the situation seems to be so completely obscured as to be impossible of calculation. Apparently there is ample warrant for considering it a negligible factor. Mr. Carl Snyder, of the Federal Reserve Bank of New York,has calculated that approximately all of the new gold production available for monetary use since the war has been absorbed by three countries, viz.: the United States, India and France. In view of the forces that were attracting gold to the United States in 1928 and 1929 it may be questioned whether if world production had been 25% larger the distribution would have been any different or the world business situation any better to-day. At the present time, money-credit-is a drug in the market at all the leading financial centers of the world, but unfortunately conditions are very different in the debtor countries which have heavy payments to make in the financial centers, and whose paying power consists in the raw and crude commodities which have fallen seriously in value. This is a feature of the situation upon which we have commented before, but further reference to it in this connection is in order. The Industrial Equilibrium. The statement is made above that under normal conditions trade tends to find balanced relations and settle itself. This is true regardless of tariffs or other regulations, provided they are sufficiently permanent for business to adjust itself to them. It is the violent changes which upset business, and the war was the most violent upheaval that modern business ever has known. An equilibrium in industry and the exchanges is a necessary condition of prosperity. In both domestic and foreign trade goods pay for goods and must be produced and priced in such relations that trade practically settles itself. The war disturbed established relations, by giving an enormous stimulus to production outside of Europe, particularly in staple products, and the low prices resulting since the war in some instances have stimulated efforts to increase production as a means of making up for lower prices, as witness a further increase of wheat acreage in Australia this year. Furthermore, legislation for the protection of home industries and to secure favorable trade balances for the protection of gold reserves has promoted a further increase of production for home markets, this causing a congestion of supplies in open markets, breaking down prices there, and eventually affecting prices even in the protected markets. Reference was made last month to the actions of Italy,Japan and other countries, formerly importers of sugar, which have become wholly self-supporting in this respect, on account of their need to reduce An Unbalanced Situation. unfavorable import balances. Also of the efforts of Great Britain by It will be seen that the large accumulations of gold in New York and means of a heavy subsidy to build up a domestic beet sugar industry Paris since 1914 have resulted from abnormal conditions, having their in England, although the British colonies of Jamaica and Trinidad are SEPT. 27 1930.] FINANCIAL CHRONICLE paying subsidies out of their treasuries to keep their cane sugar industry alive. The sister Dominions of Canada and New Zealand are now engaged in a tariff war precipitated by efforts of New Zealand to export butter to Canada. The flour mills of Hungary, among the largest and most modern in the world, built to supply the trade of the AustroHungarian empire, are idle most of the time because of the tariffs raised against their products by the neighbor States. Mannheim, Germany, formerly was one of the import milling centers of Europe, but its mills are nearly idle by reason of the legislation largely excluding foreign wheat. A recent British Government publication, entitled "The Growing Dependence of British Industry Upon Empire Markets," written by F. L. McDougall, representative of Australia on the Empire Marketing Board,contains the following, which unquestionably describes a tendency developing in the post-war years: It has been clearly shown by the Balfour Committee on Industry and Trade that "taking the world as a whole, the widespread development of home manufactures to meet needs formerly supplied by imported goods Is by general consent one of the outstanding features of the post-war economic situation, and this is perhaps the most important permanent factor tending either to limit the volume or to modify the character of British export. trade." The idea of aiming at self-sufficiency is now firmly held in certain European countries which, in pre-war years, were only slightly industrialized, and British goods which formerly found a ready sale in those markets are now wholly or partially excluded by the competition of the produced article under the protection of an import tariff. A similar locally tendency occurs among Empire countries. The desire to build up home industries is not new, but the efforts for economic independence were stimulated by the war. The idea prevails that it is safer to rely upon home production and home markets than trust to advantageous trade. It seems plausible, but carried to its logical conclusion it would mean that every person or family should be an independent unit, supplying all its own wants. That would dispose of all the conflicts and maladjustments arising from industrial organization. However, the war set in motion changes in industrial development which upset the previously existing equilibrium, or state of gradual development,and the result has been increasing surpluses,and particularly a loss of equilibrium between crude products and finished goods. The world has too much sugar, coffee, wheat, textile materials and other staples, traceable largely to undue stimulation, either by the war or legislation. The goods pile up in the warehouses, prices break and the producers are unable to buy manufactures because their own incomes are reduced. Japan, India, and other countries in the past large importers of textiles have become producers on a low-cost basis, and are bent not only upon securing "economic independence," but achieving positions in the export field. Moreover, it is impossible to refer to the relations of Asia to the present situation without considering the abnormal conditions existing in China, India, and throughout the former Russian empire. Significant Gold Movements. The losses of gold in the last two years by the countries of Asia and South America whose principal exports are foodstuffs and crude products are of especial interest in this connection. These gold movements signify the movement of gold for the settlement of balances, and the loss of gold from the banking reserves necessitates a contraction of bank credits in much larger amounts. The unfavorable balances of these countries have been caused in part by increased interest payments resulting from increased indebtedness contracted during prosperous years, in part from larger importations of foreign goods stimulated by the same prosperity and largely by the falling off of the market values of their products. Leaving out our importations of gold from Europe and Canada, which have been lamely cancelled by counter-movements, the losses of gold by Asi and South America to the United States and Great Britain In 1929 and 1930 are shown separately below: GOLD IMPORTS INTO THE UNITED STATES. 1929. Chile Argentina Bolivia Brazil Colombia Peru Uruguay Venezuela China Hong Kong Japan Total $527,000 72,478,000 3,589,000 5,292,000 1,921,000 250,000 973,000 Jan. to July 1930. 5391.000 8,285,000 59,411,000 3,840,000 6,002,000 1.000,000 3.477,000 10,313,000 6,030,000 114,031,000 585,030.000 $212,780,000 GOLD NET IMPORTS INTO VIE UNITED KINGDOM. 1929. South America Australia New Zealand Total 1929 imports to United States 1929 imports to United Kingdom 1930 imports to United States 1930 imports to United Kingdom It is obvious that all of this gold would have been more serviceable to the two countries that have received it if it could have been retained in the countries from whence it has been shipped,for the support of their monetary and banking systems and the maintenance of the trade equilibrium. None of it was needed or wanted here, and already much of it has been forwarded to France, where it is needed no more than here. There is no apparent warrant for thinking that the shipments have been caused by any shortage of gold in the world. Goods are not exchanging for goods on a normal basis, and gold moves to settle the difference. There is no tangible evidence that changes in the world's supply of gold have had anything to do with the price disturbance of the last year, but it is evident that the break in prices, beginning with certain important staple commodities, and through them affecting the purchasing power of millions of consumers, has spread with cumulative influence throughout the business world. Cause and effect are intermingled, and fear and natural conservatism have played their usual part after the movement attained headway. This is only repeating the experience of all business depressions. The Larger Gold Problem. There is a larger gold question than that relating to the precipitate decline of prices in the last year, or the decline of the last five years. It has to do with future supplies of the metal rather than to those that have been available to this time. Notwithstanding the fact that gold production has been showing a moderate increase over the last five years, there are reasons to apprehend that this trend may not be sustained, but possibly reversed in the near future. More than 50% of the world production is being obtained from the Transvaal field, South Africa, and the older mines of that field are approaching exhaustion. The field has been extended in recent years and new producers of large capacity thus far have more than sustained the aggregate yield of past years, but warnings are given that this probably will not be the case for long. Definite predictions are made that a gradual falling off will begin at as near a date as 1932, and that by 1940 the decline will be of substantial proportions. This view,it should be said, is challenged,and it is true that similar predictions have been made before and failed to come true. Undoubtedly new mines and fields will be opened in other parts of the world, but there is small chance of another Rand. Whether or not the decline of this great field begins within two years or ten years, the certainty of it at no distant time is something for the financial world to be thinking about. The international financial conference at Genoa In 1922 stressed the importance of greater co-operation between the Central Banks of all countries with a view to giving stability to.credit conditions and of making more effective use of banking reserves. Prompted by the same motive the Financial Committee of the League of Nations, acting on the authority of the Council, has formed a body, made up in part of its own members and in part by appointments outside its membership, "to examine into and report upon the causes of fluctuations in the purchasing power of gold and their effect upon the economic life of Nations." This body held its first meeting in August, 1929, and second meeting in June, 1930,and will make an interim report to the Financial Committee at the League meeting this month. Thus the subject is under inquiry and consideration in the most important international conference body. Public Utility Earnings During July. Gross earnings of public utility enterprises in July, exclusive of telephone and telegraph companies, as reported to the Department of Commerce by 95 companies or tort: terns operating gas, electric light, heat, power, traction, ant water services, were $181,440,000, as compared with $178,000,000 in July 1929, $173,645,919 in the corresponding month of 1928 and $161,638,462 in 1927. Gross earnings consist, in general, of gross operating revenues, while net earnings in general represent the gross less operating expenses and taxes, or the nearest comparable figures. In some cases the figures for earlier years do not cover exactly the same subsidiaries, owing to acquisitions, consolidations, &c., but these differences are not believed to be great In the aggregate. This summary presents gross and net publie utility earnings by months from January 1927, the figures for the latest months being subject to revision. PUBLIC UTILITY EARNINGS. Gross Earnings. Jan.to June 1930, $39,129,000 24,603,000 2,433,000 $13,972,000 84,246,000 51,000 $66,165,000 $98,269,000 $85,030,000 66.165,000 212,780,000 98,269,000 1957 January February March April May June July 1929. 1928. 1927. 1930. 8191.702.022 5196,573,107 5203,000.000 8211.000.000 177,612,648 187,383.731 194,000,000 199,500,000 179,564.670 187,726.994 195.000.000 199,000,000 176,467,300 181,143,683 190,000,000 198,000,000 171.255,699 180,255,407 189,750.000 195,000,000 197.975.072 178.696,656 183,009 000 189.000.000 161,638,462 173,645,919 178,000,000 181.440,000 51,226,215,873 $1,285,425,397 81,332,750.000 $1,372,940,000 162,647,420 173.952.469 179,500.1100 189.413.885 179.348.145 185.000.000 177.734,493 190.795,668 197,500,000 182,077,497 198,032.715 202,500,000 194,985,134 202,000.000 211,500.000 Total (7 months) August September $462,244,000 October November In addition to the movements to the United States and Great Britain, December It is known that considerable amounts have gone directly to Paris, and 52.113,074,302 82,229,552.394 52.308,750,000 Total (year) possibly lesser amounts to other European financial centers, the grand aggregate certainly being in excess of $500,000,000 in gold. In addition to the loss of gold the banks of these countries have suffered Net Earnings. a considerable diminution of their foreign exchange holdings, and their 1929. 1928. 1927. 1930. exchanges are considerably under par. In the case of Japan, a considerable amount of foreign funds had ac- January 378.746.891 879,013.279 892.000,000 892.000.000 cumulated in the country in anticipation of the resumption of gold February 74.205.576 86.000,000 66,907,757 90,000.005 65,412,739 72,811,146 85.000.000 payments which occurred last January and since the withdrawal of these March 88.000.080 98,971,324 64,907,729 83.000.000 April 89,500.000 the loss of gold has been comparatively small. The heavy decline of May 67,732,911 61,194,779 82,500,000 86,000,000 silk exports and values, however, has made the balance of payments Tune 67.537.149 70.000.000 59,167,096 83.000.000 53,980,280 62,260.333 quite heavily adverse. Silk is involved in a general textile situation, July 71,000.000 70.550,000 with rayon, cotton and wool. The decline in the price of coffee is the $445,317,271 $492,622,718 $578.500,000 $599,050,000 Total(7 months) principal explanation in the case of Brazil and Colombia. Like con- August 53,551.164 61,809.794 73.000,090 ditions account for the other shipments. Under ordinary conditions September 61,897,207 68,235,698 80,000,000 65,259.727 73,670,561 83,009,000 these countries count upon meeting their foreign obligations through the October 70,214,468 November 81,363.806 92.000.000 credits arising from their exported products, and resort to gold means December 78.937.417 91,000.000 100,000,000 that they are simultaneously reducing their imports of foreign merchan8775.177,254 2868,702.577 81.006.500.000 Total (year) dise, as drastically as possible. Total to two countries 1958 FINANCIAL CHRONICLE [VOL, 131. Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME. Hides have declined about Yic. Cocoa is off 3 to 6 points Friday Night, Sept. 26 1930. and silk 20 to 25 points. It is a fact that has attracted notice Moderate gains are noticed in the fall trade of wholesalers that the commodities in general have been declining during and jobbers, but there can be no doubt whatever that busi- the past week with the single exception of coffee. ness progress in this country has been impeded by the proPig iron has declined 50 cents for the Alabama product and longed and unseasonably warm weather especially in retail Pittsburgh prices have also weakened. Steel has met with lines. Of late another feature has been the decline in the only a moderate demand, but has been rather steadier for stock market which has probably attracted more attention bars, shapes and sheets. Bituminous coal has been in fair than it called for. The point is, however, that the warm demand except for slack which is not wanted. But anthraweather has hurt retail trade and delayed the re-awakening cite has been dull and the export trade is light. The autoof business among wholesalers and jobbers At the close of mobile output for September is estimated at something below the week there seems to be a prospect of more normal weather that of August. It is said however that the retail trade in in the West and Southwest and possibly here in the East. automobiles is better. But there is no pronounced improveIndeed at Winnipeg yesterday the temperature was down to meat as naturally the dullness of trade is reflected in the 32 degrees, or the freezing point. To-day in Montana it lessened demand for most luxuries or semi-luxuries. In the was 28 and in Colorado 34. The prospects point to a wider Pacific Northwest there has been a decline of $1 in fir logs. cold wave at the West and Southwest. The forecast is for A good business has been done by the salmon industry but cooler weather in New York on Saturday and Sunday; it at low prices. In the big prune industry of the Far West has been hot and more or less oppressive here all this week. prices have been very low. The furniture trade at some points Meanwhile there have latterly been light snows in Canada is operating at only about 50% of capacity. There are reand the American Northwest. It would not be at all sur- ports of gasoline contests among big companies which have prising if the prolonged warm weather should be followed been marking down prices in a struggle for business. Moreby a reaction in the shape of a sharp fall in the temperatures. over tires have been cut in some parts of the country in one Meanwhile even as it is there is some increase in employment of the periodical "wars." But at the lower prices it is said in this country, more particularly in the industries, which the sales of tires have considerably increased. are apt to have a seasonal revival of trade at this time. Of In finished cotton goods there has been a fair business and course there are contradictory features of the situation. The the same may be said of towellings, washed fabrics, denims low price of grain and dairy products helps the big city and other seasonable lines. Coarse yarns, cotton cloths early populations of the country and tends to lower the buying in the week were in better demand but slackened later as power of the big agricultural districts. Retail prices have prices were marked up M to 34c. Sales of 38M-inch 64x60 declined to a point which seems to promise greater activity 5.35 yard print cloths were made it seems at 5/c. and later when weather conditions improve. at 53c.for this year's delivery. There was some business at Wheat during the past week has declined 4 to 5 cents 53'c.for January to March shipment. Light weight woolens owing to what looked like steady selling by Canada, the lack and worsteds have in some cases been in good demand. New of any big export demand as a rule and finally the agitation lines of men's wear fabrics for the spring of 1931 have sold over the short selling of wheat on a big scale by Russia. It pretty well. But business in heavy weight goods has been aggregated 7,765,000 bushels, said to be an unprecedented checked by the warm weather. In broad silks for the fall action for a government to take. To-day the export sales trade there has been a moderate business. are reported as some 2,500,000 bushels but this was entirely The stock market has been falling. The renewed decline Manitoba wheat. While it is interesting to notice that focussed attention on that center of business opinion which 1,000,000 bushels were taken by Japan. What is wanted is has seemed a bit shaken by the disturbed condition of world a big export demand for wheat of the United States where politics. That is something not to be ignored by any the visible supply has risen above 200,000,000 bushels. means, though it might perhaps be easy to make too much Corn dropped 5 to 53 cents, partly because of the decline in of it. But the political unrest in Germany and in parts of wheat and partly because of a tendency to sell corn and buy South America and possibly Cuba attracts attention as wheat. Oats fell 23 to 3 cents, following in the wake of perhaps symptomatic of some general underlying cause of other grain and rye even dropped 7 to 8 cents in a dull market, discontent which is not very clearly stated anywhere. The deprived of any export outlet and subjected also to the de- latest outburst of Herr Hitler in Germany seems to have pressing influence of falling prices for wheat. Feed has reacted on himself. It naturally damages his reputation. declined $1 a ton and flour has been quiet. Lard declined It caused a decline in the price of Germany's bonds to-day. M to %c. partly owing to lower prices for grain and hogs. Chancellor Bruening may have to take vigorous measures Sugar dropped to 1.10c. on the spot, a new low record. to combat the Fascist agitation. The hopeful circumstance European interests have been credited with selling sugar, in the situation is that the people of Germany in the mass while big Cuban concerns have been buying in a dismal are evidently on the side of sane and conservative governmarket. Coffee has acted "short" and as Brazilian exchange ment and will have none of the fire-eating, treaty violating has advanced the nervous short interest has been driven to program of the hotheads of the so-called national socialists. cover. Some Brazilian interests, it seems, have been buying Their leaders are not to be invited into the Cabinet. Their Santos in the near months and selling the distant. Rio presence there would of course lower Germany's standing futures show an advance for the week of some 45 to 55 points before the world, something which German statesmen now in but Santos has been clearly stronger than Rio, rising indeed power clearly understand the depression in stocks is also some 75 points. The Coffee Institute stopped 180 Santos due in no small degree to disappointment at the slowness of notices and 10 of Rio. Rubber has continued to decline the recovery in business in the United States, and this in with little demand for the actual product and the whole turn is clearly due in part to the prolonged and phenomenally situation depressed at home and abroad on the basis of supply warm weather. Meanwhile the stock market has simply been subjected to a professional bear raid at once mischievous and demand; that is a big supply and a scanty demand. Cotton has declined about half a cent under the influence and senseless and on which conservative interests naturally of hedge selling and dullness of specualtion. In such cir- frown. The technical position is gradually growing stronger. cumstances buying by the trade is not large enough to cope To-day prices in some cases declined 2 to 5 points in total with the growing power of hedge selling. Itis believed thatas trading which involved some 3,700,000 shares. Bonds are the crop movement increases the hedge selling will have more active and advancing and many railroad issues are at the and more of a cumulative effect on prices. Meanwhile cotton highest prices of the year. Such activity is often the pregoods meet with only a fair sale at best and Manchester trade cursor of a new activity in stocks. Meantime call money is has latterly fallen off owing partly to the decline in the raw quoted at 2%, which is said to be difficult to get and six material. Moreover the East Indian boycott on British months'funds loans are 23 to 23 4o. Outside call rates are goods has not really been removed, though in some cities it said to be 1% or less. seems to have relaxed. Cotton supplies are large, domestic Reports that the Russian Government was selling wheat mills are not inclined to buy freely and the export trade abroad at 10 cents below the world price has stirred up vigorthough larger than at this time last year, is not large enough ous protest not only in America but in Canada and London. to offset the bearish factors in the situation. SEPT. 27 1930.] FINANCIAL CHRONICLE 1959 New York has had abnormally warm temperatures this At Fall River, Mass trade was held slow. Richmond, Va. i. e. 79- to 85, with high humidity and very trying week Dan & Riverside of employees Union the that wired Sept. 22 on everybody. On the 24th inst. Helena, Mont. weather cotton River Cotton Mills, Danville, Va.largest independent following a manufacturing plant in the Southern States have voted to reported temperatures slightly below freezing exapparently night, last Lewistown hit which snowstorm which with America of Workers strike, and United Textile a had Canada inst. 25th the On area. wide a over Danville union is affiliated, has ratified this decision. First tending had 66 announcement of a strike by a vote of 95% in favor was made driving snowstorm in the Prairie provinces. Boston to 80,Cleveland at local headquarters in Danville late to-day which claims to 82,Chicago 70 to 87 degrees, Cincinnati 68 90, Milwaukee 4,000 members a large majority of mill workers of Danville 70 to 76, Detroit 68 to 82, Kansas City 72 to 64 to 76, Montreal 64, to 54 Minneapolis 72, to 70 Gastonia the that wired C. N. Gastonia, and Schoolfield. Francisco San 84, to 62 Me. Portland, 64, to 62 Omaha Thread Yarn Mills have almost reached full production 84. To-day it which is 5,000 pounds per day. The Gastonia Thread Yarn 56 to 72, Seattle 48 to 56, St. Louis 72 to under yesterday Mills and the Clara Mills are equipped to convert for the was 71 to 83 degrees here or only 2 degrees Saturday weather cooler and clearing for was forecast cutting-up trade. Charlotte, N.C. adviees say that a grow- but the pointed to a ing spirit of optimism based upon actual and future possible and fair and cool on Sunday. The indications had improvement in textile situation has been evident among cold wave at the West and South. Overnight Boston 68 to 82 degrees, Montreal 64 to 76, Philadelphia 72 to 86, Southern mill men this week. 70 to 80, At Durham, N. C. the Golden Belt Mfg. Co. which cur- Portland, Me.66 to 84, Chicago 68 to 80,Cincinnati to 64, 56 Milwaukee 82, to 68 Detroit 76, to 70 maintaining Cleveland tailed greatly during the summer months,is now Louis 56 to 84, an operating schedule of 105 hours per week. This company Kansas City 48 to 90, St. Paul 46 to 66, St. to 64. manufactures sheeting, tobacco bags and hosiery. Itformer- Winnipeg 32 to 60, San Francisco 58 to 72, Seattle 60 ly operated 333 knitting machines; however, 10 new machines have been recently installed, giving it 344. It operates Federal Reserve Board's Summary of Business Con26,496 spindles. The Durham Hosiery Mills, with plants ditions in the United States—Industrial ProducNos. 1,2 and 6 located here for the manufacture of yarns and tion in August Unchanged from July—Further hosiery has resumed an operating schedule of 105 hours per Decline in Factory Wages and Employment. week after curtailing to a great extent through the summer to the Federal Reserve Board's summary of According months. These plants operated 1,371 knitting machines business conditions in the United States, issued Sept. 24, and 30,800 spindles. At Central, S. C.the Issaqueena Mills, production as a whole was in the same volume in industrial with a receiver in charge will continue to operate under a July, contrary to the usual upward trend at this in receivership until the creditors have come to some decision August as there were seasonal increases in activity in although season, as to what they will do with the property. This plant has industries." The Board also states that basic of number a 25,680 spindles and a battery of 630 looms,and manufactures and pay rolls declined further." It employment "factory At Greenville, a C. S. checks. pajama and cloths print level of commodity prices at wholegeneral "the adds that number of print cloth mills secured shipping instructions last week on goods which were sold for forward delivery during the sale, which had declined continuously for a ;year remained spring and consequently have been able to clear their stock unchanged between July and August, advances in price berooms of considerable yardage which had been held up as a ing reported for certain important agricultural staples." convenience to buyers. Greenville also reported that the The Board's summary continues: Slater Mills, at Marietta, are installing 110 dobbing looms, ProdueSion. all of which will be ready for operation within the next three The Board's index of industrial production, which makes allowance for or four weeks. The Slater mills are now operating full time seasonal variations, continued to decline in August. Production of autothere was a reduction during the day and about half the plant at night. The mill mobiles, pig iron, lumber, and sugar decreased, and the consumption of cotton and wool. In the bituminous coal and silk curtailed for a time during the summer, but has gradually in industries, there was less increase than is usual at this season, while in lengthened the working hours. No further curtailment is steel, cement, flour, and shoes the increase was slightly more than seasonal. planned. Union, S. C. reports that many cotton mills in During the first two weeks of September, activity at steel plants increased, reduction in output of automobiles was reported. Union County last Monday began operations on full day while a further Building contracts awarded, as reported to the F. W. Dodge Corporation, schedule during alternate weeks as part of a plan, which, were in slightly smaller volume during August, largely on account of reaccording to reports there also called for the elimination of ductions in educational and industrial construction projects. Residential building contracts continued small. During the first two weeks in Sepnight work altogether. tember, awards averaged about the same as in August. Griffin, Ga., wired on Sept. 24: "Mill officials announce At the middle of August, the latest date for which figures are available, that one-third of the looms in the Georgia Kincaid Mills •the number of wage earners employed in factories and the volume of factory in the middle of July. There were decreases in at Experiment and East Griffin would be put +on full time payrolls was smaller than and steel and cotton textile industries, and at employment in the iron basis this week. The speeding up of production is said by foundries and machine shops, automobile plants and saw mills. Substantial officials to be the result of increased orders." At Columbus, seasonal inoreases occurred in the canning and preserving, bituminous coal Ga., the Muscogee Manufacturing Co. manufacturers of mining and clothing industries. Agriculture. towels and tickings, operating 50,000 spindles and a battery 1 estimates by the Department of Agriculture indicate a corn crop of 1,350 looms, has increased operations to five days per of Sept. 1,983,000,000 bushels, about 700,000,000 bushels less than the five-year week. average; a Spring wheat crop of 240,000,000 bushels, slightly larger than At Holyoke, Mass., the Holyoke Silk Hosiery Co. has last year's unusually small crop, making the total wheat crop about equal the five-year average; and a crop of oats of about the usual size. Conresumed operations on a full-time basis starting last Monday. to dition of pastures Sept. 1 was reported to be unusually poor. The cotton It wont on a part-time basis last May and only 20 to 30 crop is expected to be about 14,340,000 bales, nearly 000,000 bales leas than workers had been employed since then, but now ten times last year. Distribution. as many. Clothing manufacturers have recently reported Volume of freight shipped by rail increased by slightly less than the better conditions in their industry. A few overcoat pro- usual seasonal amount during August. Sales of department stores were' ducers, who had been running at 60% of capacity up to a larger than in July, but continued considerably smaller than a year ago. few weeks ago, are said to be running now at 100%. The Wholesale Prices. reports indicate that some of the buyers have been increasing There were increases during August in prices at many agricultural prodthe number of bales of denims they have been taking each ucts, especially meats, livestock and grains, while the price of cotton decreased. Prices of mineral and forest products and of imported raw materials week. and their manufactures in general declined, with the principal exception of Motor ear output continues at a low rate for this season silk. The Bureau of Labor Statistics index of wholesale prices showed no of the year as indicated by a slight further decrease in the change from the preceding month. During the first half of September there were pronounced declines in adjusted index of automobile production from 63.1 (revised) prices of wheat, corn, hogs, pork, and rubber. Prices of cotton and woolen for the week ended Sept. 13 to 62.4 for the week ended Sept. textiles remained fairly stable, while those of hides and coffee increased. 20. It is added that for the last three weeks, motor-car Bank Credit. production has remained virtually unchanged and present Between Aug. 20 and Sept. 17 there was an increase in member bank figures compare with last year's index of 116.0. holdings of investments and in their loans on securities, while all other The production of electricty by the electric light and power loans, which include loans for commercial purposes, declined, contrary to industry of the United States for the week ended Sept. 20 was the usual seasonal trend. The volume of Reserve Bank credit outstanding showed a growth for the 1,705,504,000 k. w. hours, according to the Statistical Re- period, as is usual at this season, but the Increase was relatively small search Department of the National Electric Light Associa- ing to the fact that the seasonal demand for currency was smaller thanowin tion. This is said to show about the usual seasonal increase other recent years and owing to an addition of 815,000,000 to the counof gold. The increase was in holdings of acceptances, offset in stock try's over the week before but is 3.7% below the corresponding part by a further decline in discounts for member banks to the lowest level week last year. since 1917. 1960 FINANCIAL CHRONICLE Money rates continued at low levels during August and the first half of September, and the yield on high grade bonds declined further. Discount rates at the Federal Reserve Banks of Dallas and Minneapolis, the only banks which had maintained a 4% rate, were reduced to 3/ 1 2% during September. [V01. 131. be admitted that James W.Gerard was "accurate" in omitting Mr. Hoover's name from his list of those who ruled the nation. Employment Rise Reported by William Green, President of American Federation of Labor-Metal Trades Excepted-Upturn Small Compared with the Total Number Still Out of Work, Union Leader Says. Definite and encouraging improvement this month in the employment situation, shown in reports received from labor unions in 24 cities, was announced on Sept. 24 by William Green, President of the American Federation of Labor. In a statement welcoming the "definite trend for the better" represented by a decrease to 21% in September unemployment, as "compared with the 22% out of work in July and August," Mr. Green said it indicated "improvement in the business situation, at least seasonally." A dispatch from Washington to the New York "Times" reporting this went on to say: "This is the first time in the three years since we have collected The Department of Commerce's Weekly Statement of Business Conditions in the United States-Gain in Business Activity 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. 20 1930, as measured by bank debits, outside New York City, showed a gain of 16% over the preceding week, but declined from the correspcyncling period in 1929. Wholesale prices, as measured by Fisher's index, based on 1926 prices, were higher than a week ago, but were lower by 13% when compared with the prices of a year ago. The prices for iron and steel remained unchanged from the preceding week, and, like wholesale prices in general, were Lower than last year. The price for middling cotton a* figures from trade unions that employment has shown so definite and general an New York and red wheat at Kansas City showed fractional improvement in September," he said. "This is partly due, of course, to the unprecedented changes from last week. Both prices were lower than number out of work in July and August. But in the present situation it is encouraging, since In 1929. better employment means more purchasing power for wage earners. Bank loans and discounts for the latest reported week "However,the upturn in employment has been only slight in comparison recorded a slight gain over the previous week and almost to the large number still needing jobs. We should not lose sight of the fact that over twice as many are still out of work as at this time list year, and reached the level of the same period last year. The average in the metal trades more are unemployed than ever before since we have prices for representative stocks fell off from the level of collected figures. Even if conditions improve further in October, as they do, millions will have scant substance to provide against the •the preceding period; bond prices, however, showing grealer sometimes dreaded winter months ahead. strength, registered a gain. Bond prices were higher, while Building Trades Improve. the prices for stocks were lower than the same week a year "In the building trades, employment was a little better, but 38% are ago. Interest rates for both call and time money were both still out of work,a small improvementfrom the 39% unemployed in August. "In printing, the situation is generally a little lower than either comparative period. better, except in New York, where unemployment is considerably higher. The figure for the For the week ended Sept. 13 1930, increases were noted country as a whole has not changed. Metal trades are the only group to over the preceding period in the activity of steel mills, show a large increase in the number out of work in September. "In several cities conditions are worse. Owing to the unusual dullness bituminous coal production, building contracts awarded, and in metal industries this fall, unemployment increased from 20% in August In the receipts of cattle and calves at primary markets. to 23% in September. "In other trades gains are marked. In textiles and clothing 18% of Declines during this period occurred in petroleum production those unemployed in August are back at work. For musicians and those and wheat receipts. in theatrical work the approach of fall openings and the cooler weather Bank loans and discounts and bond prices for the week have brought more work. In service industries and in manufacturing ended Sept. 20 1930 showed gains when compared with there are distinct improvements, and on railroads, street transport and sea transport, except for a few cities, there have been slight gains. the week of Sept. 22 1928, two years ago. "Our figure for 'all other trades' therefore shows more improvement than any other group." Mr. Green gave the following tabulation; WEEKLY BUSINESS INDICATORS. (Weeks Ended Saturday. Average 192319311. 1002 1929. 1928. 1 Sept. Sept. Sept. Aug. Sept. Sept. Sept. Sots 20. 13. 6. 30. 21. 14. 22. 15. Steel operations 76.3 76.3 111.8 113.2 112.0 105.0 Bituminous coal production. ._ __ __ 93.9 92.9 x113.0 111.5 102.8 104.6 Petroleum produc'n (daily avge.) _- __ __ 116.2 118.1 140.4 142.3 120.5 120.3 Freight car loadings __102.7 121.6 120.3 119.2 118.7 a Lumber production II8 ; Building contracts. 37 States (daily average) 95.0 63.7 112.8 128.0 199.6 123.9 Wheat receipts - 212.4 169.8 136.1 146.8 231.1 222.4 Cotton receipts 193.5 165.0 119.6 202.3 172.1 202.7 137.3 Cattle receipts 99.1 96.5 109.8 100.0 140.5 120.3 Hog receipts 60.1 58.7 66.4 69.2 71.3 58.7 Price No.2 wheat 60.5 62.0 63.6 96.9 97.7 83.9 81.4 Price cotton middling 40.1 40.8 41.5 68.8 69.9 68.0 65.4 Price iron & steel composite 78.8 78.9 79.4 88.2 88.2 85.1 84.9 Copper, electrolytic price 75.4 77.: 129.0 129.0 108.0 106.5 Fisher's index (1926=100) 83.6 83.4 83.3 96.1 96.3 99.3 100.3 Bank debits outside N. Y. City__ 116.0 99.8 93.8 155.3 136.9 142.8 125.9 Bank loans and discounts 135.1 134.5 134.4 133.1 137.2 127.7 126.5 Interest rates, call money 54.5 60.6 48.1; 203.0 197.9 187.9 178.8 Business failures 122.1 113.8 115.7 88.5 97.f 107.4 99.5 Stock prices 203.8 210.5 206.2 312.5 308.0 211.1 209.9 Bond Prices 108.7 108.6 108.3 103.1 103.1 107.9 107.8 Interest rates, time money 74.3 75.4 74.3 205.7 205.7 165.7 160.0 Federal reserve ratio 105.3 104.9 105.7 95.2 95.1 86.3 87.7 b Composite Index-N.Y."TImes" .._ _. 86.4 87.4 102.5 103.6 b Composite index-business week _ _ _. 84.3 86.8 108.6 106.1 x Revised. a Relative to week y average 1927-1920 per week shown. b Relative to 8 computed normal taken as 100. M00000t•.000W c.ciRmt.: co.-...o.atmocvm.-r-Nommc1. oimr.cio .414otirieitlivi44aOcamoO4.1. -m .9.NOIC.,000ert.t..00= t•000000 Per Cent of Union Members Unemployed. Sept., 1930. Aug.,1930. 929. All trades 21 22 Sept.,io Building trades 38 39 21 Metal trades 23 20 7 Printing trades 8 8 3 All other trades 14 16 -"The report for the cities shows distinct improveme nt since August," Mr. Green continued. "In 15 cities conditions were better, even though the improvement was slight in some cases. Four showed no change and only five reported more out of work. This is a clear gain since last month, when 13 had more out of work and only nine reported improveme nt. There were fewer gains in building than in other trades. Twelve cities had more building tradesmen out of work and only nine reported gains." The general gains in the country at large, Mr. Green pointed out, are reflected in the "weighted figures" compiled by the l'ederation which show an improvement from 16% in August 15.2% to in September; a figure, he explained, which "counts building unemploym ent proportionately to the number of building tradesmen in the United States." The percentages for April and May were 13.3 and for June 14.3. which rose in July to 15.7 and in August to 16% before the recession began, resulting in the fixing of a preliminary figure of 15.2% for the presentmonth. "Back to Work" Fete Held at Camden, N. J.-City Declares Holiday as RCA Victor Co. Increases Force from 4,000 to 22,000. Camden, "radio capital of the world," on Sept. 19 celebrated the back-to-work movement of the RCA Victor Co., Julius H. Barnes of U. S. Chamber of Commerce Says which has increased its force of employees from 4,000 to Idleness Was Worse in 1921-Believes 42,000,000 22,000 men and women, said a dispatch to the New York Are Employed Now as Against 31,000,000 Nine Years "Times" which in part added: Ago. Parades, aerial circuses, concert music, carried over the city by means of giant amplifiers, and a procession of industrial floats and flags draped on all the house fronts gave the city a colorful holiday. The events culminated to-night in a dinner at the Walt Whitman Hotel and a fireworks display That there are more workers employed at present than during the depres- at the central airport. . .. sion of 1921 is the opinion of Julius H. Barnes. Chairman of the Board of Addresses were made at the dinner by Secretary of Labor James J. the Chamber of Commerce of the United States and head of the organiza- Davis. Republican Senatorial nominee in Pennsylvania; United States tion of business executives which assisted President Hoover in meeting the Senator David Baird Jr. of Now Jersey; E. E. Shumaker, President of the situation after the stock market slump last Fall, according to a letter to-day RCA Victor Co.; David Sarnoff, President of the Radio Corp. of America; to the President from Benjamin C. Marsh, Executive Secretary of the A. W. Robertson, chairman of the board of the Westinghouse Electric and People's Lobby. Manufacturing Co.. and Governor Larson of New Jersey. Mr. Marsh quoted Mr. Barnes, in a letter to him this week, as saying; "This," said Governor Larson, the first weaker, "is the beginning of "Regarding unemployment: The situation has distressing aspects, but the back-to-work movement, and it Is brought about by the RCA Victor again I emphasize that there are 42.000,000 or 43.000,000 earners at work, Co." against 31.000,000 or 32,000.000 in 1921. Mr. Schumaker, declaring that the company will go right ahead in its To relieve the situation, Mr. Marsh urged the President to call Congress policy of adding employees, delivered a plea for other industries to make a in special session to make appropriations of at least $500,000,000 for un- move in this direction. employment insurance and for public works. He suggested that the sum "We believe that are are right, and we are going ahead," Mr. Shumaker be divided equally between the two. said. "We believe that the causes for the dopros3lon during the past year tIS Mr. Marsh charged that the President was responsible in no small have been removed and all that Is now needed is confidence-confidence In measure for the present depressed economic condition,,unless it was to ourselves, confidence in our people and confidence In the future." The following Washington dispatch Sept. 20 is from the New York "Times": SEPT. 27 1930.] Secretary Davis said the country's business was headed for recovery. lacked "During times of depression in the past," he said, "we have never But courage, otherwise we could never have recovered from bad times. to-day there is a difference. We used to let depression take care of itself. do could It passed off when it got ready and we thought that was all we about it. Now we know better. We may not be able yet to break the cycle of boom and depression, but under the leadership of President Hoover and with the co-operation of sane, sensible men of industry and labor. I believe we are headed that way." 1961 FINANCIAL CHRONICLE farmer used home-grown 1929 averaged $1,097, in addition to which each farms are better than food products valued at an average of $262. These a total average average, however, being 270 acres in size and having Investment of $15,242. of $1,090 of For the year 1928, 11,851 farms reported an average average of $1,048; receipts less expenses; in 1927, 13,859 farms reported an in 1925, 15,330 in 1926, 13,475 farms reported an average of $975, and show that the 1929 farms reported an average of $1,074. The reports best in recent years. returns on these better than average farms were the Standard Oil Workers on Five-Day Week-New Jersey Slight Decline in Retail Food Prices in Month to Aug. 15-Index Numbers. Order Will Affect 1,000. The following is from the New York "Herald Tribune" As was noted in our issue of Sept. 20 (page 1781) retail of Sept. 26: food prices in the United States as reported to the Bureau According to a notice posted yesterday and signed by Chester F. Smith, of Labor Statistics of the United States Department of works manager, 1,000 employees at the Bayonne, N. J., works of the Labor showed a decrease of slightly less than five-tenths of Standard 011 Co. of New Jersey will start on a five-day week working basis effect in be will 1% on Aug. 15 1930, when compared with July 15 1930, on the first Saturday in October. The arrangement until "further notice," the manager's statement read. and a decrease of a little more than 10% since Aug. 15 1929. The employees affected by the order are all connected with the mechaniweighted index numbers, with average prices cal and electrical departments of the plant. They constitute about one- The Bureau's fourth of the entire employment. in 1913 as 100.0, were 160.2 for Aug. 15 1929, 144.0 for According to the notice, all employees of the two departments will have July 15 1930 and 143.7 for Aug. 15 1930. We give herewith the entire day off each Saturday. "This curtailment of operations," the notice reads, "of course, does not disturb the present schedule of hourly the Bureau's index numbers: aoo 9.56m0.4. cro.mp01040. OIPOOOOMMMONOI MOJM.4Wo0.4.0.00.M0000 c! 01....000tZkom q 0q, 'Velc°0!qt-""a! oRRIR*0.1q,.1q 0 00000.0.4 00.0.64.. 0nnm....... 0g640000concon 000...o00oove.c0onnts ARTICLES NM ..0.o000 0m00004m.600. OONVMt.04.0MOMNMNN 0e"!. Rq 91R. . .!"! C.MNNOMOOOVOOOMO. NNN 00:aq."1q."q...R0 "C q. t. q ° C"V. °RRN't"t.Vq °. Omove00C NNNNN N ...... NN ..... .09.1.°.44!1", . .... ww6000666600 00000000 VX4.0.Mr.b.40. .04.0wmo.-amwma.m0.0 ;-.000660304o;.000 PRINCIPAL ARTICLES rates." INDEX NUMBERS OF RETAIL PRICES OF THE This was interpreted to indicate that the 1,000 employees affectcd by OF FOOD IN THE UNITED STATES (1913=100.0). the measure will receive one day's pay less each week during the period of Butthe curtailment. Plant officials refused to comment on this angle of Year and BUM Retell Mb Ch'k Plate Pork Boter. CA's, Month, steak, steak, roast, roast, beef. chops con. Ham. Hens Milk. the order. The curtailment, the notice explains, has been ordered "in view of the 100.0 100.0 100.0 100.0 100.0 100.0 1001) 100.0 100.0 100.0 1913 general labor situation as well as the fact that we are going into the winter 1914 101.7 102.2 100.5 94.4 102.0 105.8 103.0 104.4 104.1 104.6 97.2 97.5 99.2 93.4 when there is usually a seasonal falling off for all mechanical tradesmen." 1916 101.1 103.0 101.4 100.6 100.0 98.4 109.2 110.7 102.2 103.0 1088 1060 106.9 107.4 109.7 107.5 1916 134.5 125 4 127.2 142.2 151.7 129.8 124.0 129.8 125.5 130.6 1917 178.1 177 0 156.2 150.7 153.2 165.5 155.1 166.3 170.2 185.7 193 0 174.2 177.0 198.5 Protests at Non-Union Work on White House Bring 1918 201.4 166.9 168.8 164.1 174.4 164.2 1919 206.3 209.9 187.6 183.0 172.1 177.1 167.7 183.8 151.2 201.4 1920 Reply Low Bid Gets Job Under Law. 181.4 186.4 164.0 135.0 152.8 154.3 147.0 132.5 118.2 168.2 1921 181.4 169.0 147.2 125.1 147.2 144.8 1394 123.1 105.8 157.1 Under the above head a Washington dispatch Sept. 25 1922 189.1 184.3 155.1 144.7 153.9 150.2 143.4 128.3 106.8 144.8 1923 185.7 155.1 135.0 168.4 146.7 109.1 130.0 145.5 151.6 stated: 155.9 1924 to the New York "Times" 195.5 171.8 157.3 143.1 159.8 155.6 149.5 135.0 114.1 174.3 1925 213.4 182.2 157.3 138.6 Numerous protests have reached Government officials during the past 162.6 159.6 153.0 140.6 120.7 188.1 1926 204.5 173.2 158.4 145.2 few days against employment of non-union labor in the repainting of the 167.7 166.4 158.1 148.1 127.3 175.2 1927 196.7 175.6 159.6 147.5 188.2 188.3 178.8 174.4 157.0 165.7 White House, now nearing completion, causing Lieut. Col. U. S. Grant 3d, 1928 204.1186.4 180,7 143.9 172 7 175.7 186.9 185.4 199.1 196.9 1929 Director of Public Buildings and Public Parks, to issue an explanation 1929200.0 184.0 160.7 150.7 to-day that the painting contract was let to an open-shop contrkctor Jan____ 190.6 191.0 180.8 181.3 170.2 153.8 199.6 186.4 160.7 152.7 because he was the lowest bidder under the law and there was no way Feb____ 188.2 188.8 178.8 179.4 167.8 157.1 190.1 160.7 152.5 201.9 167.6 167.8 March__ 188.6 189.2 179.3 180.0 out of it. 203.3 196.2 159.6 145.7 183.8 184.4 170.2 176.7 194.6 192.9 April_ 198.1 159.6 142.3 The contract was let to R. H. Ferguson, Inc., and the men have prac204.8 179.6 174.4 190.0 187.9 201.3 198.4 May 205.6 193.9 159.6 140.5 tically completed the job after working there most of the month. The June__ 201.6 205.4 189.9 191.9 176.0 179.0 209.7 187.3 160.7 139.4 188.1 177.7 195.6 192.9 210.8 main part of the mansion has been completed and little more than the 206.7 July__ 211.2 185.0 180.7 140.5 Aug____ 206.3 210.8 191.9 194.4 176.0 192.4 executive office wing remains to be painted. 209.7 184.0 160.7 143.1 Sept__ 202.8 206.7 189.4 191.9 175.2 193.8 180.3 161.8 145.4 Colonel Grant explained that the Ferguson company was found to be 204.8 185.2 6 173 187.5 9 186 199.6 Oct.__ _ 198.0 200.4 177.0 161.8 139.7 the lowest bidder and responsible, hence, under the law, was entitled to Nov __. 194.1 1964 183 3 183 8 171.1 170.5 198 5 174.2 161.8 134.7 the contract. He said that the matter of legal requirements had been Dec__ 192 5 194.6 181 8 183.1 170 2 163.3 1930taken up in this specific case with local officers of the painters' union. 199.3 178.4 159.6 121.9 168.1 Jan ____ 192.9 195.5 183.3 184.4 172.7 200.7 179.3 158.4 122.7 "If the Government contracts are to be awarded only to the employers Feb._ 191.3 194.2 181.8 184.4 171.9 167.6 179.8 157.8 121.9 2011 171.9 170.2 182.5 of union labor or those having agreements with the union, legislative Mar__ 190.6 192.8 181.3 200.4 179.3 147.3 125.6 Apri1_ 190.2 193.3 181.3 182.5 168.6 176.7 action is necessary," said Colonel Grant. 175.6 157.3 120.9 200.7 171.9 164.5 179.4 179.8 192.8 190.2 May Colonel Grant asserted that his office is "not prone or inclined to give 200.7 167.6 157.3 113.1 June__ 188.6 191.5 177.3 175.6 160.3 174.3 81.5 156.2 114.1 200.4 173.8 contracts to the employers of non-union labor, except as required by 149.6 166.3 171.7 184.3 182.3 July__ 98.1 158.7 1571 123.8 17A A 1711_7 163.1 155.6 138.8 174.8 AM, the laws governing administrative officers," pointing out that $117,805 worth of work had been done at the White House since Jan. 1, and on OF THE PRINCIPAL MD= NUMBERS OF RETAIL PRICES this painting job $6,300 was done by a non-union firm. OF so& IN THE UNITED STATES. William Green, President of the American Federation of Labor, termed the employment of non-union painters at the White House "unfortunate Weighted indeed," but said he had taken no part himself in the protests. He made Food Sugar Tea ColYea? and Lard Eggs Bread Flour Corn Rice PoloIndex toes this statement as he came from a conference at the White House with fee meal Month, President Hoover. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Mr. Green said he did not mention the union complaint to the President, 1913 1031 100.4 992 101.2 108.3 98.6 102.3 112.5 having only learned of it from newspaper men as he came to the White 1914 100.2 100.6 101.3 88.9 104.3 125.0 98.7 93.4 1915 100.4 100.3 113.7 104.6 158.8 House. His call had to do with arrangements for the President's appear- 1916 111.0 108.8 130.4 146.4 108.9 101.4 119.0 252.7 ance at the American Federation of Labor convention next week at Boston. 1917 _ 1742 139.4 164.3 119.1 102.4 168.3 188.2 148.3 175.0 164.9 210.8 he said. 1918 128.9 145.3 185.9 173.6 223.5 233.5 182.0 178.6 1919 134.7 157.7 203.4 200.0 370.6 188.7 197.4 205.4 1920 128.1 121.8 153.3 109.2 182.4 113.9 147.5 176.8 Nation's Gross Farm Income Shows Continued Im- 1921 125.2 1211 141.6 109.2 184.7 107.6 128.7 155.4 1922 127/ 126.5 146.2 170.6 109.2 155.4 134.8 112.0 1923 provement in Calendar Year 1929. 131.4 145.3 145.9 116.1 158.8 1201 138.6 1571 1924 138.8172.8 157.4 127.6 211.8 147.5 151.0 187.9 A gross income from farm production of about $11,851,- 1925 141.0 171.1 160.6 133.3288.2 187.9 138.8 140.6 1926 155.4 142.5 162.1 123.0 223.5 122.2 131.0 166.1 000,000 for the calendar year 1929 compared with $11,741,- 1927 165.1 1541 142.3 158.8 114.9 162.5 134.5 117.7 1928 164.8 156.7 142.6 188.2 111.5 in In 1928, with $11,616,000,000 000,000 1927, and with $11,- 1929 115.8 142.0 160.7 166.1 154.6 480,000,000 in 1926 is estimated by the Bureau of Agricul- 1929142.5 135.3 112.6 160.7 148.7 Jan- 117.1 142.6 166.1 154.4 112.6 135.3 Feb____ 116.5 142.3 160.7 tural Economics, United States Department of Agriculture. 153.0 142.6 166.4 112 6 135.3 March__ 116.5 122.0 160.7 1511 142.6 168.4 135.3 112.6 AprIl___ 117.1 106.4 160.7 • In noting this, Sept. 24, the Bureau says: 1531 142.6 166.1 111.5 158.8 May.- 116.5 112.2 160.7 154.$ 142.5 165.8 111.5 182.4 The gross income from crops last year is estimated at $5,603,000,000, June__ 115.8 120.0 160.7 1581 142.3 165.8 111.5 229.4 115.8 127.8 160.7 July _ and the gross income from livestock and livestock products at $6,249,160.2 142.5 165.4 112.6 235.3 140.0 160.7 116.5 Aug.Crop income declined $73,000,000 as compared with 1928, 000,000. 160.8 142.6 165.1 111.5 229.4 Sept- 117.1 153.6 160.7 160.5 142.6 164.8 111.5 223.5 but the gross income from livestock and livestock products increased Oct.__. 115.8 168.1 158.9 159.7 162.1 142.3 223.5 111.5 158.9 183.5 113.9 Nov__ $183,000,000. 155.4 158.0 1421 223.5 110.3 Dec.., 111.4 182.0 158.9 The decrease in crop income last year is accounted for largely by 1930155.4 143.4 147.0 110.3 229.4 decreases in income from grains and cotton, which more than offset an 108.9 180.6 158.9 Jan 153.0 1432 143.3 110.3 229.4 increase of nearly $200,000,000 in the gross income from vegetables. Wool Feb- 108.2 136.8 157.1 150.1 142.6 140.6 109.2 229.4 157.1 102.3 107.0 Mar__ was the only commodity in the livestock and livestock products group to 138.9 151.2 142.5 241.2 3 110 157.1 106.3 100.0 April 142.5 137.2 150.1 1092 252.9 show a decreased income as compared with the preceding year. 105.7 97.7 157.1 May 136.2 143.2 147.9 247.1 109.2 157.1 97.4 105.1 in of farming costs 1929 June__ The operating were about the same as in 142.6 135.6 1442 194.1 109.2 July__ 103.2 101.7 157.1 1928, and after deducting operating costs, wages to hired labor, taxes, 143 7 142.3 134.6 10/.2 I 52.4 104 4 112'15S 4 5m. interest on debts, and rent paid to non-operating owners, the balance available for capital, labor and management was $5,578,000,000 compared with $5,478,000,000 for 1928, an increase of about $100,000,000. Commodity Price Index Shows New Low for the Year, On a per farm family basis this income available for capital, labor and According to National Fertilizer Association. management was $882 for 1929 compared with $864 for 1928, and $898 in 1925, which was the best year since 1921. The Bureau points out, wholesale price index of the National Fertilizer AssoThe however, that these figures per farm family do not represent total income for the week ended Sept. 20 showed a decrease of ciation of farmers in so much as they do not include income derived from sources other than agricultural production, and that these income figures alone eight fractional points, bringing the index number to 84.5, do not give a complete basis for comparing the economic well-being of a new low for the present year. Last week the index stood farmers and other groups. at 85.3 and a year ago it was 97.6. The group of fats and Reports from about 12,000 farmers who reported income and expenses individually to the Bureau last year show that receipts lesa expenses in oils was the only one showing an increase for the last week. 1962 FINANCIAL CHRONICLE Seven groups declined and the remaining six showed no change. Prices of 40 commodities declined while only 13 advanced. National Association Reports Index Figure for Real Estate Market Activity. Real estate market activity for August is indicated by the figure 69.6, according to the index of real estate market activity compiled monthly by the National Association of Real Estate Boards. For July the index figure was 69.8. The index is based upon official reports of the total number of deeds recorded in 63 typical cities throughout the country. Real estate activity for the year 1926 is taken as the base year in computing the monthly figure. [VoL. 131. centers of consumption, reflected in miscellaneous and less than carload lots of merchandise revealed a welcome upward movement during the month of August as compared with the month of July. Additional evidence of slack conditions is found in the increased stocks of rubber on hand and the drop in copper consumption with prices of the latter at their lowest since 1897. Production of zinc gained during the month, but consumption lagged, so that stocks on hand increased. Conditions in the lumber industry remained unchanged, with little hope for an increase in demand until next year. Production of newsprint paper declined with the drop in demand for Sunday edition advertising space. Work clothing manufactured this year Is the lowest since 1924. A more optimistic side to the general situation may be found in the increased demand for shoes and the consequent demand for sole and upper leather. Consumption of wool is increasing with the seasonal demand for warmer clothing. Exports of agricultural, industrial and electrical equipment for the first seven months of this year are the second largest on record for the period, while machine tool orders for August exceeded July's by 25%. The conclusion that can be drawn from indications of conditions during the month of August and the first half of September is that the course recently covered by trade and production has been uncertain and full of obstacles. Little positive hope is therefore held out for a quick upturn in business during the next few weeks. But, if prevailing indications of stability in wholesale prices persist for a few more weeks buying in the basic industries will very likely begin on an encouraging scale. Stocks of clothing in the hands of distributors are already beginning to show signs of depletion and a continuation of good September weather will bring on an actual shortage. Purchases of commodities at retail will then be stimulated by increased employment and wage payments. Business may be expected under these circumstances to rouse itself from the slumber of the past year. Secretary of Commerce Lamont Sees Decline in Business Ceasing. Commenting on business conditions on Sept. 22 Secretary of Commerce Robert P. Lamont is reported as saying "the various weekly and monthly business indicators which are coming in in a steady stream are more or less mixed in their trends, but it is perfectly clear that business on the whole has ceased the marked decline which was character- Increase in August in Industrial Activity Based on istic of a number of earlier months and there are some Electrical Energy. distinctly encouraging features." Mr. Lamont is further A fractional gain in August over July operations in Amerquoted as follows: ican industry has apparently started the upward turn in The most encouraging aspects are the growth of export trade, as revealed by the August statistics, and the distinct picking up in retail trade general manufacturing activity in the United States as a whole, according to returns received on electrical energy In this country. The increase of exports during August was more than is customary at consumed for power purposes in 3,800 manufacturing plants this season. During the years 1922-1929 the increase between these two months averaged 53.5%, but in 1930 was more than 1234%. This increase scattered throughout the country, "Electrical World" rewas not confined to one or two commodities but was shared by most of the ports. The gain, coming after a downward movement that major groups. began in the early summer of 1929, follows in the wake of an Metal manufactures other than machinery and vehicles increased 4.4% In value, animal products about 6%, non-metallic minerals 9% and in- uninterrupted decline that carried the July index 15.5% edible vegetable products 30%. below the temporary peak of last February and 25% below The increase of 40% in vegetable food products is largely due to the the maximum reached in February 1929. The "Electrical seasonal movement of wheat. Exports of raw and manufactured textiles increased by 49%, chiefly by World" goes on to say: reason of larger shipments of cotton, although other products also increased by 25%. Exports of cotton increased about $13,000,000 in value and those of wheat about $6,500,000. Among important individual products showing quantity increases in exports were gasoline, motor trucks, passenger cars, electrical apparatus, tobacco, flour, crude petroleum, bacon and automobile tires. As regards retail trade, precise statistics are not yet available, but preliminary figures indicate improvement, and this is more than confirmed by the statements of many representatives not only of department stores but of other classes of retail stores. The gain already manifested is more than usually occurs at this season; moreover, the stocks of the retail stores are exceptionally low, and it is therefore good reason to believe that their purchases from manufacturers and wholesalers will increase materially. Little Hope for Quick Upturn in Business in Next Few Weeks Says Conference of Statisticians in Industry. According to the Conference of Statisticians in Industry "little positive hope . . . is held out for a quick upturn in business during the next few weeks." "But," it is added, "if prevailing indications of stability in wholesale prices persist for a few weeks buying in the basic industries will very likely begin on an encouraging scale." In summarizing business conditions in its monthly statement made available Sept. 21 the Conference says: August operations were 17.6% lower than in August 1929, add 12.5% lower than in August 1928. For July, the corresponding comparisons give 18.5 and 12.6% respectively. For the first eight months the average was 13.2% lower than in 1929. The gain was general. In New England the rise over July, lowest month in six years, was 4.5%;textiles, the leading industry in that area, advanced 15% and metal working plants 4%. The North Central States advanced 2%; the automobile industry, 12% over July's low. The South gained 3%, despite a further decline in textiles whereby the nation-wide average for that industry was carried down still further. Exceptions to the general upward movement are the regional averages for the Middle Atlantic States and the West. In the former the decline continued, with August 8.3% under July. The West, hitherto more or less immune to the declines elsewhere, moved down, but is only 7.5% below the August 1929,figure. CURRENT MANUFACTURING COMPARED WITH OTHER PERIODS. (Per Cent Change) Industrial Group. All industry Chemical products (incl, oil refining) Food products Steel plants Metal working Leather products Lumber products Paper and pulp Rubber products Shipbuilding Stone, clay and glass Textiles Automobiles (Including parts and accessories) August 1930 August 1930 1st 8 Mos. 1930 & 1st and and July 1930. August 1929 8 Mos.1929. +0.2 -3.5 +1.4 +2.0 +0.1 -9.8 -18.7 --3.9 +6.4 +5.0 +6.7 -9.0 +15.0 -17.6 +8.5 +6.7 -25.7 -19.3 -14.3 -10.7 -6.9 -8.0 +26.2 -25.0 -34.1 -29.4 -13.2 +6.4 +6.7 -17.5 -19.6 -6.7 -10.4 -0.4 -11.3 +11.1 -18.4 -13.6 -34.2 Business activity during the first half of September shows little consistent change from conditions which prevailed during the month of August. The long-awaited upturn In building activity, the recovery in automobile The rate of manufacturing activity In August, compared with July and production, the strengthening of industrial demand for coal, and a vigor- August, 1929, all figures adjusted to 26 working days and based on conous upswing of steel production, have all failed to materialize, with the sumption of electrical energy as reported to "Electrical World" (monthly result that nothing more than a seasonal improvement in business activity average 1923-25 equals 100). follows; has been evident during the month of September thus far. UNITED STATES. While electric power production showed no perceptible change during the first half of the month and steel ingot production showed no upturn Industrial OTOUP. Aug. 1930. July 1930. Aug. 1929. after its slight August increase, car loading shipments of consumers' goods for the first part of the month, for which data are available, showed only All industry 105.3 105.1 128.0 about the usual increase on an average daily basis over the record during Chemical products (Including oil refining).135.7 140.6 125.0 Food products the latter part of August. 141.2 139.2 132.2 Metal Industries group 101.3 100.5 140.7 An encouraging sign of a possible strengthening of business conditions Rolling mills and steel plants 112.0 109.7 150.9 is the firming of wholesale commodity prices. During the first half of Metal working plants 95.2 95.1 134.6 September they showed signs of holding the gains made in the last half of Leather products 87.7 97.3 102.2 Forest products 81.3 August. Losses in some items in the first two weeks of the month were Paper 100.0 102.3 and pulp 115.1 119.9 123.6 Foodstuffs compensated by gains in others. continued upward, as did Rubber products 110.5 103.8 120.2 hides and leathers; farm products, which showed definite increases during Shipbuilding 122.8 116.8 96.3 the third and fourth weeks of August, receded only slightly last week; Stone. clay and glass 118.2 110.8 157.7 Textiles textiles declined somewhat, as did fuels, building materials and chemicals. Automobiles 72.5 110.0 79.7 (Including parts and accessories) 86.6 143.0 75.3 But metals and metal products generally held firmly during the first two SectionsNew England weeks in September. 87.1 113.2 83.5 New orders for fabricated structural steel to date exceeded, in tonnage, Middle Atlantic 94.3 102.9 127.5 North Central 112.0 shipments for the same period last year, with prices more favorable to 3outhern 109.9 135.5 110.2 106.5 132.7 purchasers. Building contracts awarded renewed their downward trend. Western *117.2 131.2 127.0 usual at this season, with residential construction continuing its down* Preliminary. ward course begun in May. During the month of August automobile output receded below July's level, resting at one-half of the output of a year ago. Steel ingot produc- Union Trust Company of Cleveland Finds Definite tion, on the other hand, picked up over the previous month's level. UnIndications of More Favorable Business Conditions. filled orders reported by the United States Steel Corporation at the end Early September reports indicate definite evidence of of the month showed a decline. New construction continued on a downward trend in seasonal fashion. The movement of commodities towards more favorable business conditions, according to the Union SEPT. 27 1930.] FINANCIAL CHRONICLE Trust Co. of Cleveland. No sudden upturn of business is expected, but the bottom apparently hae been reached, and during the last quarter a gradual recovery can be expected, with continued improvement in 1931, the survey points out. "A slight advance in commodity prices during the first part of September gives rise to the hope that the general price decline has been checked, and shortly we shall see the end of those price quotations which have been below actual production costs" says the bank in its magazine "Trade Winds." "Coincident with this stiffening of prices comes the fact that a number of manufacturers, feeling that raw material prices are at the bottom, have resumed buying upon a larger scale." The bank further says. 1963 can Railway Association announced on Sept. 23. This was an increase of 109,076 cars over the preceding week this year, when loadings were reduced somewhat owing to the observance of Labor Day. It was, however, a decrease of 187,561 cars below the same week last year and a reduction of 172,347 cars compared with the same week in 1928. Details follow: Miscellaneous freight loading for the week of Sept. 13 totaled 386,522 cars, 81.172 cars under the same week In 1929 and 73,818 cars under the corresponding week in 1928. Loading of merchandise less than carload lot freight amounted to 242,728 cars, a decrease of 26,659 cars below the corresponding week last year and 24,093 cars below the same week two years ago. Coal loading amounted to 159,889 cars, a decrease of 28,345 cars below the same week in 1929 and 20,783 cars under the same week two years ago. Indications of better times have yet to be reflected to any marked degree Forest products loading amounted to 40,776 cars, 24,050 cars under the in industry. September brought a slight evidence of an upward swing in the corresponding week in 1929 and 24,416 cars under the same week two iron and steel industry, but there has been no vigorous advance. years ago. The motor car industry in August fell approximately 32,000 units below Ore loading amounted to 50,787 cars, a reduction of 18,813 cars below July. and was 41% of the five-year average for August. Projection of new the same week in 1929 and 13,145 cars below the same week in 1928. models during the Fall months is expected to maintain production figures Coke loading amounted to 8,145 cars, a decrease of 3,225 below the at a fair level. corresponding week last year and 1,587 under the same week in 1928. Advances of agricultural products following reports of the drouth have Grain and grain products loading for the week totaled 49,940 cars, a not been maintained. Prices of cotton, oats, barley, wheat, rye and hay decrease of 2,950 cars under the corresponding week in 1929 and 7.069 at local farm markets in August were substantially below the August cars below the same week in 1928. In the Western districts alone grain average of 1910-1914. Corn has kept a fair share of its advance. and grain products loading amounted to 36,266 cars, a decrease of 1.184 The safe and sane attitude of the public which sales managers are in- cars below the same week in 1929. clined to label a "buyers' strike" is illustrated by the fact that savings Live stock loading totaled 26,926 cars, 2,347 cars under the same week deposits have been increasing steadily during the year. First of all, workers in 1929 and 7,436 cars under the corresponding week in 1928. In the want to make sure of a cash reserve-then as months go on,they may begin Western districts alone live stock loading amounted to 20,851 cars, a to buy again. But that point has not been reached yet. decrease of 1,610 cars compared with the same week last year. All districts reported reductions in the total loaditaz of all commodities, compared not only with the same week in 1929, but also with the same week William Trufant Foster, Economist, Says Spending of in 1928. Loading of revenue freight in 1930 compared with the two previous $5 More by All for Two Weeks Would End Trade years follows: Depression. 1930. 1929. 1928. 3,349.424 3.571,455 Undue thrift by consumers is the major factor delaying Four weeks in January 3,448,895 3,505.062 weeks in February 3,766,136 3,590,742 business recovery, it was asserted on Sept. 18 by William Four Five weeks in March 4,414,625 4.815,937 4,752,559 Trufant Foster, Director of the Pollak Foundation for Four weeks in April 3,619.293 3,989,142 3,740,307 4,598,555 5,182.402 Economic Research, in an address before the annual con- Five weeks in May 4,939,828 Four weeks in June 3,719,447 4,291,881 3,989,442 vention of the American National Retail Jewelers' Asso- Four weeks In July 3.555,731 4,160,078 3.944.041 ciation at the Hotel Pennsylvania. Such thrift he character- Five weeks in August 4.670,368 5,600,706 5,348.407 856,637 1,018.481 991,385 ized as "riotous saving," which had crippled retail sales, Week ended Sept. 6 965,713 Week ended Sept. 13 1,153,274 1,138,060 caused production to drop 19% below last year and prolonged unemployment. The New York "Times" reports the foregoing and adds: Representative Clyde Kelly told the jewelers that the Capper-Kelly bill, giving manufacturers of branded merchandise the right to establish retail resale prices, would be called early in the December session of Congress. The progress of the retail distribution census thus far was described by John Guernsey of the Department of Commerce, who gave preliminary results of the census in four cities. "From the standpoint of the country as a whole," Mr. Foster said, "a penny saved is a penny lost under present conditions. Unnecessary thrift, particularly on the part of those with incomes sufficient to purchase luxuries, is wasting over $10,000,000,000 invested in production equipment and is keeping millions of men idle who are earnestly seeking employment. Nothing will stop the decline in commodity prices, which have dropped no loss than 6% In the last three months, except increased consumer buying. "If people during the next two weeks were to spend $5 more on the average than they have been spending the business depression would be over. Money must go back into circulation to finance consumption and a higher standard of living. The glow of rightous satisfaction which many have felt in their recent savings should be replaced by the knowledge that thrift under certain condtions is very wasteful. "More than any other thing at this moment the country needs buying of so-called luxuries, including jewelry. Conditions will never improve if buying is confined to necessaries, and that this situation, with its bearing OD production and unemployment, has developed reflects a lack of intelligent management of industry and finance as a whole." Col. Ayres of Cleveland Trust Company Views Business as Turning Corner. While stating that "business appears to be turning the corner, and industrial activity seems to be increasing," Col. Leonard P. Ayres, Vice-President of the Cleveland Trust Company says that "nevertheless the processes of improvement are not yet so definite as to justify confidence In their durability." In part, in the company's "Business Bulletin," Sept. 15, he also says: They have been demonstrably under way in recent weeks, and some of them have been more than merely seasonal. The lowest point in the business depression so far appears to have been reached at the end of July. Since the first week of August industrial activity in some of the most important of the basic lines has been increasing, and to a degree which justifies the hope, but not the conviction, that the lowest point of the depression has been reached and left behind. Increased output in some of the fundamental lines of productive industry appears to give evidence that a turn is in the making. Moreover other economic indicators are acting as they have In past cycles when depression was giving way to the beginnings of recovery. The decline of business has lasted more than a year. Bond prices have been rising for a good many months. Drives against stock prices fail to gather much headway. The long decline in commodity prices appears to have been checked, both here and in some foreign countries. This may be a real turn. Loading of Railroad Revenue Freight Somewhat Larger, But Away Below 1929 and 1928. Loading of revenue freight for the week ended on Sept. 13 totaled 965,713 cars, the Car Service Division of the Ameri- Taal 33.255.755 37,549,492 35,883,666 Representative La Guardia Suggests Shorter Work Week-Thinks Four or Five Days of Seven Hours for Labor Will Relieve Unemployment in Country. The following is from the New York "World" of Sept. 19: A seven-hour day and a four or five-day week for the working classes was advocated yesterday by Representative Fiorello H. La Guardia as the possible solution for the unemployment problem facing the United States to-day. Mr' La Guardia presented his views at a luncheon meeting of the Bronx Chamber of Commerce and the Manhattan Board of Commerce at the Park Central Hotel. Unemployment, he said, Is the most important problem in the world. "Causes for unemployment in this country differ from those in other countries," the congressman, who was the Republican candidate for mayor in 1929, declared. "Here industry suffers from too much efficiency. This prohibits the absorbing oflabor where labor saving machinery has been made use of. Neither the Federal Government nor single States can change conditions. Congress is powerless,though it has tried its best." La Guardia Is advocating the adoption in the United States of an unemployment insurance system patterned after that in effect in England. Dowell-Rowland Co. of Youngstown, Glass Manufacturers, Inaugurate Night Work. The Dowell-Rowland Co., manufacturer of plate glass and other glass products, has started night shift operations because of heavy volume of new orders says a Youngstown, Ohio dispatch Sept. 17 to the New York "Times" which further stated: The company has received a contract to equip the new six-story Ohio Edison Bldg. with plate glass throughout, and is working on many other contracts. Loading architects and contractors believe 1931 will prove the best year for building construction in the past 10, with a heavy volume of work now coming out. Wisconsin Bankshares Corporation Believes That Recovery from Depression Should Get Under Way This Fall. According to the Wisconsin Bankshares Corporation of Milwaukee "recovery should get under way this Fall, but it may not be expected to reach the proportions of genuine revival until the early part of next year." The bank's. views regarding the business outlook are set forth as follows: The results of August business that have come to hand are of a somewhat neutral character. Steel ingot output gained, with daily average production up a little over 6,000 tons from July. Likewise, textile lines disclosed a perceptible trend toward Improvement. On the other hand, construction contracts declined about 5% from July and were off 29% as compared with August 1929. Automobile production for last month is estimated at 240.100 cars and trucks against 272,551 in July. In the field of distribution, wholesale buying was somewhat more In evidence as usual for the season, but retail trade remained dormant. Department store sales, as reported by the Federal Reserve Board for [VOL. 131. FINANCIAL CHRONICLE 1964 the entire country, wore down 11% from August last year, and for the Chicago Federal Reserve District, 21%. Even chain store sales suffered a greater decline in the aggregate than at any time this year. The car-load freight movement reflects so far only a slight seasonal rise. the leading increase being in coal loadings. Grain movement has not been as heavy as usual and loadings of merchandise and miscellaneous freight are lagging behind the ordinary seasonal movement. It seems evident from the foregoing that the fall Upturn of business has gotten a late start. Since the first of September scattered signs of improvement have been appearing and business is displaying somewhat more initiative as contrasted with the deep pessimism of the summer. Considering all of the evidence now available, however, the fall upturn does not promise to be more than seasonal in extent. This depression has been longer drawn out than most people anticipated. It was at first believed that production had reached bottom last December, whereas it went considerably lower in July and August. Assuming that August marked the low point for production, the time required to return to normal would be, on the basis of experience, not less than six months. It is, of course, futile to try to fix dates. 'rho greater part of the liquidation necessary before expansion can begin has probably been accomplished. Recovery should get under way this fall, but it may not be expected to reach the proportions of genuine revival until the early part of next year. Recovery from business depression is usually straggling. Both in decline and recovery, there is no such thing as uniformity of movement. What we call business is made up of hundreds of industries and thousands of units. In some lines, production and employment went below normal early, in others, late. And the reverse movement is apt to be similarly irregular. The normal trend of production and trade plotted over a period of years shows a consistent upward course. In perspective, depression appear as dips of varying length and amplitude in a long upward sweep. The present one has been protracted beyond the average duration. Each depression has Its own characteristics, but all are alike in one respectafter the recovery begins, business almost Invariably rises to higher levels MONTHLY AND QUARTERLY FAILURES. SHOWING NUMBER AND LIABILITIES. ARE CONTRASTED BELOW FOR THE PERIODS MENTIONED. It is encouraging that after about a year of persistent decline, commodity prices show signs of having reached a resting point. Dun's index of wholesale prices advanced in August for the first time in eleven months and Bradstreet's declined only slightly. Advances among farm products, particularly feed crops and livestock, are chiefly responsible for this result. Moreover, some of the major raw materials such as wool, silk, copper and sugar have apparently reached their bottom prices. When prices stabilize, it indicates that we have reached that initial stage of recovery when buyers begin to show interest. This interest is usually prompted by the fact that back along the line stocks of manufacturers and merchants are being sufficiently depleted so that they have to be renewed. It is unfortunate that we do not have more exact information about Inventories. It seems fairly clear, however, that there is of considerably less than a normal amount of merchandise in the hands distributors and that manufacturers have made substantial progress In ridding themselves of surplus stocks. Dun's Commodity Price Index. Monthly comparisons of Dun's Index Number of wholesale commodity prices, proportioned to consumption, follows: Groups-. Breadstuffs Meat Dairy and garden Other food Clothing Metals Miscellaneous Total Sept. 1 1930. $31,946 18,874 19.633 17,668 28,807 20,001 33,995 Aug. 1 1930. 529,771 17,999 19,551 17,890 29,795 19,846 31,500 Sept. 1 1929. 533,743 24,816 21,838 . 19,117 34,799 21,090 36,601 Sept. 1 1928. 535,007 24,268 21.614 19,774 35.771 20,891 36,600 Sept. 1 1927. 533,745 21,167 20,287 19,158 34,333 22,218 37,390 5170,924 5169,352 $192,004 3193,925 $188,298 1930. 1929. 1928. 1929. 1928. August July 1,913 2,028 1,762 1,752 1,852 1,723 549,180,653 533,746,452 $58,201,830 39,826,417 32,425,519 29,586,633 June May April 2,026 2,179 2,198 1,767 1,897 2,021 1,947 2,008 1,818 563,130,762 531,374,761 529,827,073 55,541,462 41.215,865 36,116.900 49,059,308 35.269,702 37.985,145 20 quarter- _ 6,403 5,685 5,773 5167,731,532 3107,860,328 3103,929,208 2,347 2,262 2,759 1,987 1,965 2,535 2,236 2,176 2,643 7,368 6,487 7,055 5169.357,551 $124,268,608 5147,519,198 1929. 1928. 1927. 2,037 1,796 1,822 1,943 1,838 2,023 2,162 1,864 1.787 4th quarter__ _ 5,655 March February January 13t quarter December November Dctober 3eptember kugust filly 3d Quarter_ 356,846,015 536,355.691 $54,814,145 51.326.365 34.035.772 45,070,642 61,185.171 53,877,145 47.634,411 1929. 1928. 1927. 567,465.114 540,774,160 $51,262,253 52,045,863 40,601,435 36,146,573 31,313,581 34,990,474 36,235,872 5.804 5,813 3150,824,558 3116,366,069 5123.644,698 1,568 1,762 1,752 1,635 1,852 1.723 1,573 1,708 1,756 5.062 5.210 5.037 3100 296_700 3121.745.149 3115.132.052 534.124.731 533,956.686 532,786.125 33,746,452 58,201,830 39,195,953 32,425,519 29,586.633 43,149,974 FAILURES BY BRANCHES OF BUSINESS-AUGUST,1930. Liabilities. Number. 1930. 1929. 1928 than before. Commodity Prices. Liabilities. Number. 1930. Manuladurersiron, foundries and nails-klachinery and tools Woolens, carpets & knit gds. 7.0ttons. lace and hosiery Lumber, carpenters and coopers :llothing and millinery Flats, gloves and furs :hen-deals and drugs Paints and oils N'inting and engraving...._.. %filling and bakers Leather, shoes & harness_ robacco, dm 3Iass, earthenware & brick kll other Total manufacturing Traders-7Ieneral stores .1rocerha, meat and esh lotels and restaurants robacco, &o nothing and furnishings 3rY goods and carpets hoes, rubbers and trunks 'urn Kure and crockery lardware, stoves & tools Themicals and drugs Mints and oils ewelry and clocks looks and papers fats, furs and gloves dl other Total trading Ither commercial Total United Rate.; 1930. 1929. 1928. $333,400 794,800 1,900,000 651,159 10 23 3 2 10 25 __ 1 10 26 1 4 $577,202 363,230 77,010 515,678 $241,639 466,127 98 40 10 9 5 19 29 21 11 7 279 102 35 12 9 2 11 34 4 6 6 225 60 40 14 4 22 51 8 6 10 237 6,285,433 1,099,203 137,800 185,500 373,030 953,626 317,300 458,671 491,550 254,705 10,744,697 6,020,408 356,673 115,425 140,116 4,500 199,680 496,555 23,212 64,172 377,861 5,345,928 566 482 493 $22,734,635 $13,856,690 $16,877,170 67 221 90 18 207 76 53 57 43 63 15 28 11 10 275 72 276 99 24 120 67 39 47 36 57 7 29 15 4 271 54 302 103 18 155 66 47 52 26 61 10 27 11 8 307 $844,043 1,705.400 2,862,730 117,010 2,642,604 865,434 579,202 1,629,430 807,222 664,529 176,830 292,837 84,476 181,600 4,375,732 4,400 $776.751 2,777,101 1,324,184 151,803 1,239,111 1,229,423 696,880 1,061,768 372,410 748,440 41,000 354.953 165,892 74,291 4,987,649 3,560,000 645,595 173,800 162,700 206,600 583,612 228,000 33,942 78,700 7.521,871 3826.784 2,092,833 2,147,335 108.571 1,898,265 935,488 510,858 1,073,700 507,304 618,850 118,000 576,600 101,116 61,609 7,518.704 1,234 1,163 1,241 $17,829,159 516,001,656 519,096,017 113 117 112 8,616,850 3,888,100 22.228,634 1,913 1.762 I.802 349.190 653 533.746.402 $58201830 Bricklayers and Plasterers Received Highest Hourly Wage in Building Trades During 1929-Bricklayers Averaged $1.65 an Hour-Plasterers $1.635. August. in Dun's Report of Failures Among workers In the building trades, bricklayers and In August,for the first time this year, commercial failures plasterers received the highest wage rates per hour in 1929, and -mark, 2,000 reported to R. G. Dun & Co. fell below the according to a study entitled "Wages in the United States, the margin of increase over the total for a year ago narrowed 1914-1929" completed by the National Industrial Conference appreciably. In other words, last month's defaults in the Board, 247 Park Avenue, New York, and made public Aug. 7. United States numbered 1,913, and this figure, although Wage rates of bricklayers averaged $1.65 per hour, while 5.7% of reduction a shows relatively high for the season, from the 2,028 insolvencies of July. The decline from the those of plasterers averaged $1.635. The Conference Board study comprehends 17 building 2,759 failures of last January-the maximum for a single in 23 cities. The average wage rate for the 17 trades trades steady almost an been month-exceeds 30%, there having trend toward improvement since that time. Not unnaturally, combined in 1929 was $1.185. The rates of 13 of these ocwith economic adjustments continuing, the business mor- cupations in 1929 ranked above the above-mentioned average tality remains much above the average, but the numerical while four ranked below. The lowest rate was that of comrise of 8.6% in August over the 1,762 defaults of the same mon laborers, which averaged 70 cents per hour for the year period of 1929 contrasts with an increase of nearly 16% as a whole. According to the Conference Board study, wage rates of in July. Moreover, last month's insolvencies were little the Individual building trades vary considerably In the varimore than 3% above those for Aug. 1928. The record of liabilities for last month is more unsatis- ous cities. In some of the occupations in 1929 the differences factory than is true of the number of failures, the amount were very pronounced. As a rule, they were largest among reported to R. G. Dun & Co. being $49,180,653. The the lower wage rates and smallest among the higher wage indebtedness has fluctuated rather sharply all of this year, rates. Wage rates of common laborers varied as much as but has remained exceptionally heavy, owing chiefly to 275%, and those of plasterers' helpers, 257%. In the case numerous defaults of large size. In July, the liabilities fell of bricklayers and marble setters, on the other hand, wage below $40,000,000 and were the smallest of the present rates varied only 50%, and In the ease of plasterers, 54%. year, but there was a sharp expansion to $49,180,653 in The extent of variation in wage rates from city to city increase August. That represents a rise of 23.5%, while the Is further indicated by a comparison of composite wage rates over the $33,746,452 of Aug. 1929, is fully 45%. The for the various cities included In the survey. According to with June, in reached highest point for the current year was the Conference Board, the composite wage rate ranged from something more than $63,000,000 involved, and the August indebtedness therefore shows a reduction of about 22% 77% cents in Atlanta to $1.60 In New York. The average rate for all cities combined was slightly less than $1.23. from the maximum figures. FINANCIAL CHRONICLE corresponding month of the previous year, and for the eight months were $273,802,000, as against $236,302,000. Gold exports in August were $39,332,000, against only $881,000 in August 1929. For the eight months in 1930 the exports of the metal foot up $90,523,000, against but $8,738,000 in the eight months of 1929. Silver imports for the eight months of 1930 have been $30,207,000, as against $44,803,000 in 1929, and silver exports $38,253,000, as against $56,672,000. Following is the complete official report: TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES. (Preliminary figures for 1930 corrected to Aug. 13 1930.) Merchandise. As will be noted, the Conference Board survey of wages In the building trades relates to wage rates, not to earnings. Of the difficulty of obtaining actual earnings of workers in the building industry, the Conference Board states: Imports Excess of exports Excess of imports_ _ _ 1930. 1929. Increase(+) Decrease(-) 1,000 Dollars. 300,000 217,000 1,000 Dollars. 380,564 369,358 1,000 Dollars. 2,642.789 2,173,429 1,000 Dollars. 3,406.513 3,008.713 1.000 Dollars. -763.724 -835,284 83,000 11,206 469.360 397,800 EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS. 1930. 1929. 1928. 1927. 1926. 1.000 1.000 1,000 1.000 Dollars, Dollars. Dollars. Dollars. 410,838 488.023 410,778 419,402 348.835 441,751 371,448 372,438 369.601 489.851 420.617 408,973 331,731 425,264 363,928 415.374 320,160 385,013 422.557 393,140 294,995 393,186 388,661 356,966 266,628 402,861 378,984 341,809 300,000 380,564 379.006 374.751 437,163 421,607 425,267 528,514 550,014 488,675 442.254 544,912 460,940 426.551 475,845 407,641 ExportsJanuary February Starch April May June July August September October November December 1925. 1,000 1,000 Dollars. Dollars. 396,836 446,443 352,905 370,676 374.406 453,653 387,974 398.255 356,699 370.945 338,033 323,348 368,317 339.660 384,449 379,823 448,071 420,368 455,301 490,567 480,300 447,804 465,309 468,306 8 months end. Aug. 2,642,789 3,406,513 3.135,979 3,082,859 2,959,619 3,082.803 12 months ending Dec. 5,240.995 5,128.356 4,865,375 4.808,660 4,909,849 ImportsJanuary February March April May June July August September October November December 310,968 281,707 300,460 307,824 284.683 250.343 220,444 217,000 368.897 369,442 383,818 410,666 400,149 353.403 352,980 369,358 351,304 391.063 338,472 309.809 C.*n.0.-.07,, OWCOCCO rrmn.-100.,../43=0 .0 The Conference Board points out that "compared with wages in manufacturing, the rates of building workers appear very high. Whether the annual income of the worker In the building trades is higher than that of the wage earners in manufacturing and similar occupations depends entirely upon the time he Is actually at work during the year." In its consideration of the wage situation in the building industry, the Conference Board notes that, although the total volume of contracts awarded has greatly increased since 1919, this is not true of each of the various types of construction. Industrial building declined 41%, and commercial building increased only 16%, while residential building increased 40%, public and semi-public 76%, and educational 102%. Comparing the volume of construction of these various types of buildings in 1929 and 1928, increases were found only in commercial and Industrial building amounting to 1% and 16%, respectively, while educational, public and semi-public, and residential building declined 4%, 14% and 32%, respectively. Exports 8 Months Ending August. 1929. C.O.MONXL,CM.0 0 CCO COOl CO COMMOMMMMMMMM "The building industry is operated along quite different lines from most of the other industries considered in this volume, and it is difficult to obtain actual earnings of workers employed in building trades. Average hourly and weekly earnings of workers employed in the manufacturing industries, the public utilities, and on the railroads can be obtained by dividing the total weekly payroll by the total number of hours worked and by the total number of employees, respectively. This methOd gives an adequate indication of average earnings per hour or week, because operations are fairly continuous and the composition of the working force changes little from week to week and only gradually over longer periods of time. In the building industry, on the other hand, operations on any given job tend to be consecutive rather than continuous, and the composition of the working force changes. Anyone who has watched the erection of a building will have noticed the shift in the kind of craftsmen employed as the structure proceeds. The payroll for a given week, therefore, reflects not only the earnings of those employed but also different occupations, and the figures secured may not at all be comparable with those for an earlier date, when the occupations represented may have been quite different. "In addition to these difficulties, there is another aspect that must be kept in mind. Building operations are seasonal. Inclement weather generally interrupts many of the operations. While in recent years some progress has been made toward imning out seasonal variations, employment in the industry is still very irregular. Thus, even though actual earnings of the workers could be obtained for any given week, it would be impossible to gauge from these figures the actual average weekly earnings for the year as a whole, because of the irregularity of employment. While for wage earners in manufacturing industries, as well as in the public utilities and on the railroads, employment is not assured throughout the year, still, under normal conditions, the annual income of the average workers regularly employed can be determined from the average weekly earnings. The seasonal character of employment in the building trades, however, does not permit such estimates." August. 1930. 356.841 310,877 378,331 375,733 346,501 354,892 319,298 388,875 342.154 355.738 344,269 331,234 416,752 387.306 442,899 397,912 320,919 336.251 338,959 336.477 343,202 376.868 373,881 359.462 346.165 333,387 385.379 346,091 327,519 325,210 325.648 340.086 349.954 374,074 370,431 396,640 8 months end. Aug. 2,173,429 3,008,713 2,750,495 2,811,348 2,977,470 2,729,491 12 months ending Dec. 4.399.361 4.091.444 4.184.742 4,430,888 4,226,589 GOLD AND SILVER. August. 8 Months Ending August. 1930. 1929. 1930. 1929. Increa.3e(-1-) Decreast(-) 1,000 Dollars. 1,000 Dollars. 1,000 Dollars. 1.000 Dollars. 1.000 Dollars. 39,332 19,714 881 19.271 90.523 273,802 8,738 236.302 Excess of exports Excess of Imports--SlimExports Imports 19,618 __- 18,390 183,279 227,564 4,543 2.982 8,522 7,345 38,253 30.207 56,672 44,803 Excess of exports Excess of imports_ - - _ 1,561 1,177 8,046 11,869 GoldExports Imports +81,785 +37.500 -18,419 -14,596 EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS. Gold. ExportsJanuary February March April May June July August September October November December 1930. 1929. 1928. 1927. 1930. 1.000 1,000 1.000 1,000 1,000 Dollars. Dollars Dollars. Dollars. Dollars. 8,948 1,378 52,086 14.890 5,892 207 1,425 25.806 2.414 5.331 290 1,635 97,536 5,625 5.818 110 1,594 96.469 2,592 4,647 82 467 83.689 2.510 4.978 28 550 99,932 1,840 3,336 41.529 807 74.190 1,803 3,709 39,332 881 1.698 1,524 4,543 1,205 3,810 24,444 __ 3,805 992 10,698 ____ 30,289 22.916 55,266 ____ 72.547 1,636 77.849 __ Siker. • "In August, 1920, average wage rates were about twice what they had been in July 1914. During the remainder of that year, they stayed at about the same level; at the beginning of the neat year they began to decline and continued to do so until April 1922. From that point on, there has been an almost uninterrupted rise until the end of 1929. In the latter half of 1928, there was a temporary drop, but at the opening of 1929 wage rates were higher than they were in the corresponding period of the previous year. For the first five months they stayed at the same level and then continued to rise until December 1929, when they reached a level 144% higher than that of July 1914, and about 40% higher than the low point in 1922." 1965 com-44.opop:4a.icompp In eight of the cities average rates were above this figure while in fifteen cities the rate was below it. Regarding the course of wage rates in the building trades since 1920, the Conference Board says: co.4.-4t4c...o—co4 coccov.cAbao,... SEPT. 27 1930.] 1928. 1927. 1.000 1,000 Dollars. Dollars. 6,692 7,388 7,479 6,233 7.405 0,077 6,587 6.824 6,712 6.026 7,456 5.444 6.160 6,650 9,246 5,590 6.229 6,627 7,252 5,945 7.674 5.634 8,489 7,186 Country's Foreign Trade in August-Imports and Exports. The Bureau of Statistics of the Department of Commerce at Washington on Sept. 17 issued its statement on the foreign trade of the United States for August and the eight months 8 mos.end.Aug_ 90,523 8,738 031,406 33,199 38,253 58.672 57,738 50.232 116.583 560,760201,455 ended with August. The value of merchandise exported in 12 mos.end.Dec. 83,407 87,382 75,625 August 1930 was $300,000,000, as compared with $380,imports12,908 48,577 38,320 59,355 4.756 8,260 6,305 5,151 January 564,000 in August 1929. The imports of merchandise are February 80.198 26,913 14,686 22,309 3,923 4.458 4.658 3.849 55,768 26,470 2,683 16.382 4,631 6,435 5,134 4.308 March provisionally computed at $217,000,000 in August the present April 65.835 24,687 5.319 14,503 3,570 3,957 4,888 3,815 23.552 24,098 1,968 34.212 3.486 4,602 4.247 May year, as against $369,358,000 in August the previous year, June 13.938 30,762 20,001 14,611 2.707 5,022 6,221 5.083 4,790 leaving favorable balance in the merchandise movement for July 21,889 35.525 10.330 10.738 3.903 4,723 6.544 4,288 19,714 19,271 2,445 7.877 2.982 7,345 6,496 August 4,856 the month of August 1930 of $83,000,000. Last year in September 18,781 4.273 12,979 ____ 4,111 5,739 4,992 21,321 14.331 2,056 ____ 5.403 7,319 5,069 August there was favorable trade balance on the merchandise October November 7,123 29,591 2.082 ____ 5,144 5,448 5,102 ____ 8,121 24,950 10,431 movement of $11,206,000. Imports for the eight months December __-- 4.479 6,120 3.770 of 1930 have been $2,173,429,000, as against $3,008,713,000 8 mos.end.Aug_ 273,802 236,302 95,702 179,987 30,207 44,803 44,493 36,140 l2 mos.end. Dec. 291,64%168,897i207,535 63,940 68.117 53,074 for the corresponding eight months of 1929. The merchandise oxports for the eight months of 1930 have been $2,642,789,000, against $3,406,513,000, giving a favorable Gain in Retail Trade in Philadelphia Federal Reserve trade balance of $469,360,000 in 1930, against a favorable District During August-Wholesale Trade Less. trade balance of $397,800,000 in 1929. Gold imports Retail trade in the Philadelphia Federal Reserve District totaled $19,714,000 in August, against $19,271,000 in the during August showed an increase of nearly 9%, which is 4 [VoL. 131. FINANCIAL CHRONICLE 1966 somewhat more than a usual gain over July, but wholesale Seasonal Gain in Output of Electric Power in Philadelphia Federal Reserve District in August. business declined instead of increasing as is customary, according to figures received by the Federal Reserve Bank of The daily output of electric power by 12 central stations Philadelphia from about 260 mercantile establishments. in the Phladelphia Federal Reserve District in August The Bank's advices state: increased seasonally, owing principally to larger production previous The continuance of this unfavorable comparison with the issued by the Department of to lower by steam, according to figures months of this year as well as other years is largely attributable Federal Reserve Philadelphia the the of in and upturn Research Statistics prices, particularly as some stores reported an appreciable states: advices The Bank's Bank. volume of physical units sold. this months of Retail dollar sales were about 6% less in the first eight declines being noted Year than in the same period last year. the largest stores. The credit In the sales of department, men's apparel, shoe, and smaller in the dollar volume of sales by wholesalers and jobbers was also 38% in elecsame period, the drop ranging from 1% in drugs to nearly July and August trical supplies. The only pronounced gains between were reported by dealers of shoes, dry goods and jewelry. recent years, in spite Inventories remain at a low level relative to other Of some increases between July and August. The Bank's statistics follow: FEDERAL RESERVE WHOLESALE TRADE IN THE PHILADELPHIA AUGUST 1930. DISTRICT FOR THE MONTH OF Net Sales. Index Numbers (P. Ct. of 1923-1925 Monthly Average). July 1930. 55.3 100.3 43.7 69.6 102.5 70.3 50.2 80.8 Boots and shoes Drugs Dry goods Electrical supplies Groceries Hardware Jewelry Paper Stocks at End of Month. Aug. 1930. 70.3 96.6* 48.6 66.2 98.8 67.3 67.8 84.2 Jan. 1 to Aug. 31 Compared with Same Prey. Mo. Same Mo. Period Last Last (Daily Year. Average). Year. During Month Compared with +27.1% +11.2 -5.0 -3.6 -4.2 +35.2 +4.2 Accounts Outstanding End of Month. 10.5% 15.4% +1.3 -1.0 -10.7 -12.1 -37.9 -51.1 -3.5 -10.0 --I3.4 --26.4 -25.9 --15.6 -11.5 Collections During Month. Compared Compared Compared Compared Compared Compared with with Same with Same with with Same with Previous Month Month Previous Month Previous Month. Last Year. Month. Last Year. Month. Last Year. +3.8% -11.8% --18.5% -9.1% Boots and shoes--7.4 --6.5 +3.0 -0.1 Drugs --7.I -10.0 --6.6 +0.8 13.9% +1.8% Dry goods 52.6 --12.8 -45.7 +1.3 -40.5 Electrical supplies_ - +6.9 --6.5 -13.6 --3.6 +3.0 --3.5 +1.9 Groceries --7.9 -17.7 -12.3 -1.8 -5.4 -0.1 Hardware --41.1 -20.2 --15.0 +2.2 --13.5 -1.2 Jewelry --7.8 -21.8 --15.4 +6.0 +3.3 Paper •Preliminary. RESERVE DISTRICT RETAIL TRADE IN THE PHILADELPHIA FEDERAL 1930. FOR THE MONTH OF AUGUST Index Numbers of Sales (Per Cent of 1923-1925. Monthly Average). All reporting stores Department stores In Philadelphia Outside Philadelphia Men's apparel stores In Philadelphia Outside Philadelphia Women's apparel stores In Philadelphia Outside Philadelphia Shoe stores Credit stores Stores In: Philadelphia Allentown, Bethlehem and Easton Altoona Harrisburg Johnstown Lancaster Reading Scranton Trenton Wilkes-Barre Wilmington All other cities Stocks at End of Month Compared with All reporting stores_ Department stores_ In Philadelphia__ Outside Ph ila_ Men's apparel stores In PhiladelphiaOutside Phila._ Women's apparel-_ In Philadelphia__ Outside Phila.-Shoe stores Credit stores Stores in: Philadelphia_ - - _ Allentown. Bethlehem &Easton Altoona Harrisburg Johnstown Lancaster Reading Scranton Trenton Wilkes-Barre_ Wilmington All other cities.. July 1930. August 1930. 61.0 59.4 55.0 65.6 64.6 61.2 60.5 72.8 74A 70.1 103.9 53.1 90.2 71.8 57.1 65.9 78.6 62.5 52.1 77.6 62.5 63.4 68.7 61.2 83.3 62.2 73.3 82.3 66.2 62.4 67.0 62.4 65.0 71.6 63.0 100.3 Year Ago. --0.5 --I.7 --2.0 --1.1 --12.1 --12.1 --11.4 --13.5 2.38 2.35 2.60 1.90 2.37 2.33 2.56 1.92 +7.5 +8.9 +1.5 +3.3 -5.4 --18.1 --21.7 -0.0 --1.4 --13.2 1.49 3.81 4.10 2.54 1.81 1.50 1.58 3.91 4.19 2.69 1.85 1.61 -0.3 -11.8 268 2A6 -IA -0.2 -4.3 +1.9 -2.4 -6.9 +8.9 -1.7 +0.7 +1.9 -0.4 -14.5 --17.3 --23.1 --13.5 --7.7 1.56 1.98 2.09 2.03 1.74 1.77 2.15 2.12 1.58 1.94 1.78 1.61 1.87 1.86 2.05 1.79 1.94 2.17 2.04 L50 1.96 1.98 --10.5 --10.I --8.9 --I2.4 --I1.1 --I5.6 --6.6 --7.1 --13.3 --18.7 --24.8 --9.2 --10.8 --7.9 --14.2 --I5.3 --9.5 --25.6 --8.1 --7.I --3.8 --I2.5 --I9.0 Jan. 1 Aug. 31 Compared with Same Period a Year Ago. --6.1 --6.4 --5.6 --8.2 --7.5 --4.7 --2.2 --1.9 --4.7 --6.8 --12.5 -5.2 -9.3 -2.8 -5.4 -10.0 -5.6 -7.7 -5.5 -11.4 Accounts Collea'ns Stocks Turnover Jan. 1 to Aug. 31. Receirabk During Month at End of Month Compared with Compared 1929. Year Ago. Year Ago. 1930. Month Ago. --19.5 -14A -11.7 -11.3 Net Sales. August 1930 Compared with August 1929. -113 -F6:11 +Rid -4.0 --17.1 -30.3 +5.7 +21.7 -3.5 +5A -13.1 -5.7 -9.3 -9.9 •=4:5 --9.1 --0.2 --10.8 +9.5 +08 --13.7 --I3.6 --2.6 -27.1 Compared with a year ago, however, the quantity produced was about 5% smaller, the largest decline being in the output of hydro-electric plants and in purchased electricity. 5% larger in August than July,buying Sales of electrical energy were nearly. with for lighting and power purposes being more active. In comparison smaller August 1929, a slight decline was noted. This was brought about by sales. purchases by street cars and railroads and by a decline in miscellaneous Daily Average. Electric Power-Philadelphia Federal District. 12 Systems. Rated generator capacity Generated output Hydro-electric Steam Purchased Sales of electricitY Lighting Municipal Residential and commercial Power Municipal Street cars and railroads Industries All other sales Change August (Total for Month) from July 1930. Change from August 1929. 1.844,000 kw. 16.261.000 kwh. 773.000 kwh. 11.850,000 kwh. 3,638.000 kwh. 17.287.000 kwh. 2,765,000 kwh. 331.000 kwh. 2,434 000 kwh. 13.274,000 kwh. 316.000 kwh. 1,763,000 kwh. •11,195A00 kwh. 1,248.000 kwh. +4.9% -5.3% -29.6% -1.4% -10.2% -1.5% +13.8% +3.2% +15.4% +1.8% +27.0% -6.3% •+2.6% -40.3% +0.2% +1.4% -63.1% +11.6% +9.5% +4.7% +3.1% +12.0% +2.0% +4.8% +6.1% -0.4% *+5.6% +7.6% • Working days average. Increase in Daily Production of Hosiery During August in Philadelphia Federal Reserve District. Daily production of hosiery was 3.4% larger in August than in July, according to figures released by the Philadelphia Federal Reserve Bank from data collected by the Bureau of Census, based on reports from 133 identical hosiery mills. The Bank goes on to say: while Shipments during the month also showed a gain of nearly 15%, stocks declined almost 3%. There was likewise a slight gain in unfilled orders. The gain in output wan due to greater production of women's fullShipments were fashioned, and boya', misses' and children's hosiery. greater than in July in all classes except infants' hose. Advance business in women's full-fashioned, and boys', misses' and children's hosiery was grades of responsible for a similar increase in unfilled orders, since other hosiery showed less forward business than a month earlier. PERCENTAGE CHANGES FROM JULY TO AUGUST 1930. Boys Women's Men's Misses' In' and Full- Seam- Full- SeamTotal. fash'd. less. fash'd. less. Chirns. fonts. Hosiery knit during +3.4 -26.4 -9.6 +12.9 -30.7 +5.1 -40.5 month * Net shipments during +14.6 +32.9 +54.5 +10.1 +22.9 +3.8 -44.0 month • Stock on hand at end of month, finished and in the gray -2.9 -2.5 -12.9 -2.4 -19.1 +15.9 -0.4 Orders booked during +16,6 -15.6 +37.8 +17.9 +8.6 +1.4 -33.3 month Ratio of cancellations In August to unfilled orders on hand at end 5.8 1.0 0.5 4.0 2.3 OA of July 8.1 Unfilled orders at end of 4-0 A -30.0 -9.9 +6.9 -4.9 +10.5 -3.9 Month •Calculated on working day basis. Employment and Wages in Philadelphia Federal Reserve District-Slight Rise in Wages. Breaking the downward trend for the first time since last March, wage payments in manufacturing plants in Pennsylvania rose 1.5% from July to August, according to figures compiled by the Federal Reserve Bank of Philadelphia from reports received from 841 plants employing about 300,000 workers with a weekly payroll of nearly $7,500,000. The Bank, in its survey, issued Sept. 17, reports further as follows: This increase is attributable, in part at least, to the resumption of operations after the usual July vacation and inventory periods, and is not as large as the usual gain from July to August. The number of workers on the rolls of reporting firms In August was 1.2% lower than in July. The largest declines in both employment and wage payments occurred In the transportation equipment group. The food group also showed declines in both employment and wage payments, while the metal industries and stone, clay and glass industries decreased in employment but had a larger volume of wage disbursements. Textiles, as a group, showed a small gain in employment and a substantial increase in wage payments, some of the industries chiefly responsible being silk goods and hosiery. Other groups experiencing gains in both employment and wage payments were lumber products, chemical products, leather and rubber products and paper and printing. Compared with August 1929 employment was almost 14% lower and payrolls were about 23% smaller. This recession included all but three or four of the 51 industries, the most notable exception being shipbuilding, which Is considerably more active at present than it was a year ago. Groups showing the largest declines from the level of a year ago are metals, translumber portation equipment, textiles, stone, clay and glass products and products. EMPLOYEE-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES IN PENNSYLVANIA. Compiled by the Federal Reserve Bank of Philadelphia and the Department Of Labor and Industry, Commonwealth of Pennsylvania. Compiled by the Federal Reserve Bank of Philadelphia and the Department of Labor and Industry, Commonwealth of Pennsylvania.) -100. Index Numbers-1923-1925 avg.- -0.5 +10.3 -18.5 -17.4 -27.0 -17.5 -22.4 -22.7 -10.7 -23.6 -27.5 -16.6 -3.1 +58.0 -18.7 -32.7 -25.9 -15.5 -15.5 -19.0 -10.4 -17.2 -24.0 -12.8 -18.9 -24.8 +2.8 -0.5 -4.3 -1.6 -3.0 +9.1 -20.3 -20.3 -8.1 -32.5 -24.0 -27.5 -27.5 -4.7 -5.5 -238 -3.4 -11.0 -8.0 -1.0 -2.6 +2.1 -7.3 -16.7 -2.9 -2.3 +0.5 -11.2 -2.3 +1.5 +2.0 -0.6 -0.1 +7.5 +7.6 61.1 -1.2 +8.5 66.6 78.0 -1.0 78.1 -6.6 131.7 +10.5 80.7 -5.3 70.7 -1.7 81.4 -2.3 59.4* -5.6 21.5 -45.8 48.9 -17.5 43.3 +5.6 74.6 +0.3 144.0 -0.3 76.0 +6.4 50.7 +7.0 52.6 +1.3 91.2 +14.4 85.4 +4.0 38.7 -10.4 79.4 +8.9 88.1 +8.0 71.5 -17.6 73.5 +My 86.0 +36.3 102.8 -5.9 100.7 -3.7 107.6 -3.5 85.4 +2.5 119.8 -3.9 89.0 -0.9 93.3 -7.0 57.8 +5.1 66.0 +12.8 59.5 +0.3 49.9 +6.6 71.4 +3.5 64.8 -7.6 73.4 +14.2 63.0 -5.3 98.9 +0.3 65.4 -5.9 80.7 -5.6 109.5 +16.4 98.2 +2.6 134.6 +1.9 102.9 +7.0 113.6 +4.5 92.1 +14.8 86.0 +6.8 97.0 +1.6 101.3 +1.8 80.7 +8.2 90.4 -4.5 108.3 +0.3 • 95.4 -5.5 79.2 +5.2 87.4 -6.0 92.9 -3.2 119.3 +5.7 82.4 -4.7 81.2 -2.8 87.1 -2.9 67.7* -7.9 36.5 -41.7 64.3 -12.3 44.8 -1.3 77.4 -2.8 92.1 +1.3 86.7 +0.8 60.6 -2.6 56.9 +1.8 92.0 +2.6 91.0 +2.2 57.2 -7.0 89.1 +0.6 109.0 +4.8 75.1 -14.3 80.1 -0.2 96.9 +40.8 108.8 -13.0 107.9 -1.9 109.5 -1.8 94.7 +0.2 125.2 -4.0 94.6 -0.4 107.6 -2.4 66.1 -2.9 77.3 -5.7 53.4 -1.9 59.3 -1.3 76.5 +3.2 73.7 -0.3 73.2 +7.5 72.3 -0.3 94.6 +0.2 66.1 -7.8 87.1 -12.9 81.8 +2.0 93.6 -3.8 129.0 +7.9 98.7 +1.5 110.6 +1.8 92.9 +1.4 78.3 -2.6 89.3 +0.7 97.4 +0.4 85.2 +2.5 88.2 +2.7 102.0 -0.6 -13.6 82.8 -18.6 82.9 16.6 53.7 -15.9 72.5 -25.8 74.4 +2.9 119.2 No. Inmate(+1 or Decrease(August 1930 over July 1930. of Plants Report- EmployTotal Average trig. mini. Wages. Wages. 60 14 4 5 5 8 7 -0.9 -5.8 -2.1 +3.9 -11.2 +13.0 +3.0 -0.8 +2.4 +0.9 -1.0 -6.9 +1.1 -5.6 -2.9 +29.2 +6.5 +0.9 +1.0 +2.0 -0.1 -1.2 +3.3 -9.1 +9.3 +14.3 +3.3 +1.7 -1.4 +1.0 EMPLOYMENT AND WAGES IN CITY AREAS. [Compiled by Federal Reserve Bank of Philadelphia.) Employment Payrolls No. of Percentage Change Percentage Change Plants August 1930 Since August 1930 Since Reportincr. July August July August 1930. 1929. 1930. 1929. Allentown-Bethiehem-Easton Altoona Erie Harrisburg Hazleton-Pottsville Johnstown Lancaster New Castle Philadelphia Pittsburgh Reading-Lebanon Scranton Sunbury Wilkes-Barre Williamsport Wilmington York 79 14 23 36 20 15 29 11 250 89 65 30 23 26 25 28 50 +2.2 -12.1 -6.4 -12.5 -2.6 -14.1 -2.9 -10.7 -9.6 -16.1 +0.8 -26.4 -5.8 -11.7 -2.3 -17.9 +2.6 -18.8 -1.1 -9.8 -3.9 -14.2 -21.3 -32.7 +2.0 -9.5 -3.8 -2.9 -25.9 -16.3 +4.1 -9.1 +0.2 -6.9 +2.1 -4.4 +6.1 +0.1 +0.1 +1.9 -12.6 -0.2 +3.0 +2.3 -3.5 -1.3 +20.0 -6.2 -25.5 +0.2 -0.5 $24.19 26.39 28.90 26.79 22.29 26.24 .583 .688 .607 .606 .627 .620 .590 .619 .581 .61.1 .611 .607 .653 .602 .576 .611 27.02 25.65 25.52 25.00 28.76 26.33 2064 24.95 26.09 24.95 23.79 25.86 27 54 26.40 20.27 24.76 .638 .671 .601 .618 .714 .644 .438 .438 .506 .409 .631 ,481 .503 .435 .282 .271 .320 .446 .484 .428 .530 .554 .350 .553 .497 .549 .653 .573 .615 .585 .468 .583 .503 .579 .594 .479 .533 .337 .573 .527 .660 .524 .368 .778 .640 .688 .610 .604 .717 .651 .450 .445 .478 .416 .520 .533 .545 .428 .257 .285 .316 .473 .487 .428 .535 .559 .425 .541 .488 .547 .600 .562 .597 .573 .476 .588 .492 .549 .608 .491 .538 .346 .684 .564 .654 .533 .387 .741 25.74 21.72 22.64 27.57 25.93 2748 17.83 20.00 21.57 17.32 22.91 17.37 16.80 15.87 15.01 12.68 14.16 19.46 27.26 17.47 30.57 28.32 14.31 24.74 21.68 29.56 21.40 20.94 19.20 23.81 16.86 29.06 27.48 26.20 29.96 23.42 26.50 16.80 25.63 26.70 30.96 25.47 15.01 34.78 25.48 23.79 24.11 25.89 25.15 27.92 16.88 18.51 21.68 15.51 22.47 18.05 16.27 16.51 13.35 13.10 12.81 19.86 27.70 17.08 30.67 28.46 15.04 22.80 18.17 28.82 19.77 20.91 20.89 22.44 17.75 28.63 27.14 24.47 30.78 22.27 25.83 14.81 23.16 26.48 30.56 24.11 18.16 34.47 Compiled by Federal Reserve Bank of Philadelphia. Industry. EMPLOYMENT AND WAGES IN DELAWARE Compiled by Federal Reserve Bank of Philadelphia. All manufacturing industries Metal products Transportation equipment Textile Products Foods and tobacco Stone, clay and glass products Lumber products Chemtcal products Leather and rubber products Paper and printing 30 5 9 8 4 4 98 8 8 33 7 6 11 10 3 7 3 55 20 6 8 9 12 44 22 10 12 43 13 26 4 28 15 8 5 31 9 12 6 4 48 8 6 34 $.593 $24.82 .629 27.10 .589 30.01 .633 27.32 .557 25.13 .580 27.77 EMPLOYEE-HOURS IN DELAWARE. • Preliminary figures. Industry. Transportation equipment Automobiles Automobile bodies and parts Locomotives and cars Railroad repair shops Shipbuilding Textile products Cotton goods Woolens and worsteds Silk goods Textile dyeing and finishing.-Carpets and rugs Hosiery Knit goods, other Men's clothing Women's clothing Shirts and furnishings Foods and tobacco Bread and bakery products__ Confectionery Ice cream Meat packing Cigars and tobacco Stone, clay and glass products Brick, tile and pottery Cement Glass Lumber products Lumber and planing mills Furniture Wooden boxes Chemical products Chemicals and drugs Paints and varnishes Petroleum refining Leather and rubber products Leather tanning Shoes Leather products, other Rubber tires and goods Paper and printing Paper and wood pulp Paper boxes and bags PrIntinc and nnhlishInit $.587 .624 .591 .636 .548 .574 •These figures are for the 841 firms reporting employment. 5• -1.2 -0.9 -3.9 -2.0 +5.1 -0.7 H1111111111 87.6 86.4 53.8 76.7 82.7 123.1 i All manut.Indust.(51) 841 Metal products 245 Blast furnaces 9 Steel works & rolling mills 48 Iron and steel forgings _ _. 10 Structural iron work 10 Steam and hot water heating appliances 16 Stoves and furnaces 8 Foundries 37 44 Machinery and parts 21, Electrical apparatus Engines and pumps 10 Hardware and tools 20 Brass and bronze products 12 Transportation equipment- 39 Automobiles 5 Automobile bodies & parts 12 Locomotives and cars_ _ _ _ 12 Railroad repair shops-6 4 Shipbuilding 165 Textile products 12 Cotton goods 13 Woolens & worsteds 48 Silk goods 12 Textile dyeing & finishing Carpets and rugs 10 4 Hats Hosiery 26 Knit goods, other 14 9 Men's clothing Women's clothing 9 Shirts and furnishings_ 8 Foods and tobacco 97 26 Bread & bakery products 13 Confectionery 11 Ice Cream Meat packing 14 Cigars and tobacco 33 Stone, clay & glass products 69 Brick, tile and pottery- - _ 32 15 Cement Glass 22 Lumber products 52 Lumber Jo planing mills_ 16 Furniture 30 Wooden boxes 6 Chemical products 60 Chemicals and drugs 36 Coke 3 3 Explosives Paints and varnishes 12 Petroleum refining 6 Leather & rubber products 48 17 Leather tanning 20 Shoos Leather products. other7 4 Rubber tires and goods.. 66 Paper and printing 12 Paper and wood pulp_ _ 9 Paper boxes and bags- - - 45 Printing & publishing __ _ _ 1111 4_1111 1 111111111111+1111111111111 ....... 4.1.1111 • oolwoovw Employment Payrolls August 1930. August 1930. No. of Per cent Per Cent Plants Change Since Change Since ReportAug. ing. Aug. Aug. Index. July Aug. Index. July 1930. 1929. 1930. 1929. All manufacturing industries (48) 567 92 Metal products 7 Blast furnaces Steel works and rolling mills_ 33 9 Iron and steel forgings Structural iron work 7 Steam and hot water heating 13 apparatus 3 Stoves and furnaces 32 Foundries 36 Machinery and parts 19 Electrical apparatus 10 Engines and pumps 14 Hardware and tools 9 Brass and bronze products_.... !"'":'`Pn'""PP`!"':".cgc.""'c'PPF. 74FsP7' 549°9°P. " .:".1 r" Ps". tommool-4 Croup and Industry. EMPLOYMENT AND WAGES IN PENNSYLVANIA. EmployeHours HOUTIII Wages. *Wang Wages. No. of Change Plants Aug.'30. Report- from Aug. July. tag. July '30. Aug. July. l+t+++t1+++1+1t++1111+1111++111tItt1+++1011 III+11+t ++1+++ ©O The number of employee hours worked, as shown by a little more than half of the reporting firms, increased nearly 1% between July and August, thus corroborating the increase in payrolls by giving further evidence of a gain in plant activity. Delaware industries declined about 1% in both employment and wage payments. The largest drop occurred in the metal industries. Of the 17 city areas, 9 had increases in payrolls and 6 employed more workers in August. Employment in Philadelphia was 2.6% higher than n July and wage payments were 3% greater. Group and Industry. 1967 FINANCIAL CHRONICLE SEPT. 27 1930.1 -20.9 -21.5 -20.9 -26.3 -22.2 -40.3 -23.9 -29.9 -23.1 -21.0 -36.4 -28.8 -8.4 -13.7 -21.8 -15.2 -12.2 All manufacturing industries Metal products Transportation equipment Textile products Foods and tobacco Stone. clay and glass products Lumber products Chemical products Leather and rubber products Paper and printing Increase (+) or Decrease (-) No. August 1930 over July 1930. of Plants Total Total Report- EmployHours. Wages. ment. ing. 52 12 4 4 6 4 5 5 6 +0.2 -0.4 -3.7 +3.7 -11.4 +13.0 +3.0 -0.8 +2.5 +1.0 -0.7 -0.8 -2.5 -5.7 -3.0 +29.2 +6.5 +0.6 +0.3 +2.1 +0.5 -0.4 -4.5 -7.1 -10.3 +25.3 +8.9 +1.1 +8.3 -0.4 London and Liverpool Stock Reports Show Further Addition of Crude Rubber. The stock reports issued Sept. 22 in London and Liverpool disclosed a further addition of approximately 2,875 tons of crude rubber, according to estimates cabled to the Rubber Exchange of New York. This brings the combined stock totals at these two consuming centres to the record figure of about 116,904 tons, as against 114,029 tons last week. It is noted that the British stocks tend to increase during periods of curtailed consumption in other consuming countries. Industrial Conditions in Illinois During AugustDecline in Both Employment and Wages. The survey of the industrial situation in Illinois states that employment in reporting establishments of the State dedined 1.0% during the period July 15 to Aug. 15. Factories showed a 0.9% and non-manufacturing industries a 1.1% reduction. It is added that payrolls for all of the reporting industries declined only 0.2%. An increase of 2.3% in the non-manufacturing industries almost offset the loss of 1.8% registered by the factories, says Howard B. Myers, Chief of the Bureau of Statistics & Research of the Illinois Department of Labor, whose survey continues: 1968 FINANCIAL CHRONICLE Man-hours of work,computed from figures that were furnished by 64.6% of the total number of reporting firms,remained stationary for factories and showed an increase of 0.9% in non-manufacturing establishments, the combined figures registering an Increase of0.3%. The slump in industrial operations experienced in July continued into August, causing a further drop of 1.0% in employment. The employment Index for all reporting industries is now 86.4 compared with 101.5 a year ago, representing a loss of 14.9%. Earnings of workers during this time have decreased 22.9%. In the manufacturing industries 0.9% of the workers were laid off during the month with payrolls decreasing 1.8%. All but three of the ten groups in this division contributed to the decline. These groups were the Stone, clay and glass industries, clothing, and miscellaneous manufacturing. In the non-manufacturing industries the loss in employment. 1.1%, was accompanied by a 2.3% increase in payrolls, caused by the introduction of longer time schedules in a number of establishments. Metals, machinery and conveyances, the largest reporting group, employed 122.462 workers,0.8% fewer than a month earlier. Payrolls dropped 2.9% during the same period. Machinery, cars and locomotives, brass and other non-ferrous metals,sheet metal work and hardware, and the iron and steel industries contributed largely to this decline. Industries in this group registering increases were tools and cutlery, autos and accessories electrical apparatus, and watches and jewelry. In the last named industry the 61.5% increase recorded was due almost entirely to the fact that a large watch factory resumed operations after having been closed in July. Food, beverages and tobacco, the second most important manufacturing group in point of the number of workersrepresented in the reports,decreased employment 0.9% and payrolls 3.3%. Of the 11 classifications of industries In this group,four increased employment. These four were fruit and vegetable canning, beverages, manufactured ice, and ice cream. The canning of corn was just being started in the middle of August, during the period covered by these reports, and showed promise of giving employment to a large number of workers of from four to eight weeks. In some sections prospects were for a short run due to the recent drouth, but there seems to be a fair crop for most of the canneries. The tomato crop was exceptionally good this year. Fourteen slaughtering and meat packing concerns employing 18.479 workers showed a drop in employment of 3.5% from the preceding month and a decrease of 4.8% In payrolls. The number of workers employed In this industry was 11.6% below the level of a year ago. The printing and paper goods group showed a drop of approximately 2% in both employment and payrolls, due entirely to losses in the printing Industries, since the manufacture of paper goods edition book binding and lithographing and engraving were showing an upward tendency. In this group, the volume of employment was larger than a year ago, the Index registering 105.0 compared with 100.7 last year. Clothing and millinery was one of the few industries that showed an upward trend during the month, employment gaining 3.4% and payrolls 9.7%. Men's shirts and furnishings and women's clothing and hats were responsible for the gains In this group. The employment index was 78.4 compared with 88.0 for August, 1929. Furs and leather goods declined 1.0% in employment but gained 3.0% in payrolls. The tanning industry was the only one that showed an increase in the number of workers. All the industries of this group, however, with the exception of miscellaneous leather goods, registered increased payrolls thus reflecting gains in the operating schedules. Shoe manufacturing decreased the number of workers employed 2.0% but increased payrolls 3.1%. Employment in the wood products group also decreased, although payrolls gained. The loss in employment was 2.1% and the gain in payrolls was 3.1%. The textile industries reported a loss of 10.0% in number of workers but registered a slight increase in payrolls. Chemicals,oils and paint factories laid off 4.8% of their workers and reduced payrolls 5.6%• Stone, clay and glass products, the remaining reporting manufacturing group, added 3.7% to its volume of employment and increased payrolls 1.3%. Miscellaneous stone and minerals, and the brick, tile and pottery industries were responsible for the increases, while the cement and glass industries showed curtailments. Of the non-manufacturing industries, the distinctive group showed a slight increase in employment but this was accompanied by a marked decline in payrolls, 3.8%. The disparity in the two items was due mainly to conditions in the mail order houses, where employment showed a gain of0.9% while the payrolls dropped 8.1%. Department stores laid off 1.4% of their employees and reduced payrolls 5.7%. In the service group, hotels and restaurants reported a considerable increase in payroll totals but no corresponding change in the volume of employment. A somewhat similar condition prevailed in the public utilities group, in which employment was 2.2% less while payrolls were 1.5% larger than the preceding month. Coal mining gained in both items, but the increase in payrolls was considerably larger than that in employment. In the building and contracting group, decreases of 2.1% in number of men and of 1.8% in payrolls were recorded. Building construction showed only slight changes. Road construction work continued to increase. The decline was caused by the miscellaneous contracting group in which 14.4% fewer men were employed and the payroll total was 23.9% less than in July. In his analysis of the industrial situation by cities Mr. Myers says: The decline in factory employment reported during August wasless widely distributed throughout the State than has been the case for the last few months. Of the 15 cities for which employment figures are compiled separately, six showed increases, and of the other reporting cities a large majority did so, the employment in these totaling 3.8% more than a month earlier. The payroll figures for this group of smaller cities did not follow the trend In employment, a drop of 1.5% reflecting a continued curtailment in time schedules as well as a downward trend in wage rates. The weekly wages paid by firms in these cities reporting both July and August averaged $24.60 for men and $10.37 for women In August, compared with $25.67 and $11.30 the previous month. The fifteen larger cities, Including Chicago, registered declines of 2.4% in factory employment and of 1.8% in total payrolls. Average weekly wages were slightly higher than the preceding month. For all reporting cities, employment fell off 0.9% and payrolls 1.8%. The weekly wages of the factories reporting in August averaged $29.16 for men and $17.41 for women against $29.14 and $17.58,respectively,for these same establishments in July. While the employment of women as a whole showed a decided increase, their wage rates were reduced. Reports from the free employment offices of the State show a lower employment ratio, 233.5 for August against 261.8 for July. Both the number of workers registered and the number of places available showed a decline. Increases in the unemployment ratio were reported for agriculture, metals and machinery, and common labor. Those gains were more than offset by losses in the other classifications, especially boys, clerical workers and building and construction workers. [Vol.. 131. Aurora.-Most of the reporting industries in this city showed an increase In employment,the total amounting to 1.4%, while payrolls declined 0.5%. The payroll decline, as in a number of other cities, was caused by a decrease in the number of hours of work. Building was giving employment to a considerable number of workers. The unemployment ratio increased slightly from 189.3 in July to 193.5 in August. Blexmlington.-A decline of 1.0% in factory employment was accompanied by an increase of 17.5% in payrolls, the latter change due to a marked increase in operations at some of the reporting plants. At the canning factories, the canning of string beans was finished and work on corn was begun. The prospects were for a short run due to the recent drouth. The Chicago and Alton railroad shops,the city's largest industry, were working with two-thirds force and on a 5-day basis, the time schedule introduced last January. The unemployment ratio showed a decrease from 126.5 to 113.7. Chicago.-Factory employment fell off 1.9% while payrolls decreased 1.5%. The metal industries laid off 1.7% of their men and reduced payrolls 2.3%. Paper manufacturers and the printing trades registered reductions of 2.9 and 2.6%,respectively, in men and payrolls. The food products group showed curtailments of 4.8 and 4.2% in these items. On the other hand, clothing manufacturers reported increases of 6.5% in employment and 10.8% in payrolls; the boot and shoe industry increased operations, raising the furs and leather industries group as a whole 3.6% in employment and 4.8% in payrolls; and another definite Increase was registered by the stone, clay and glass industries, which added 3.2% to their working forces and 0.5% in payrolls. The unemployment ratio for the month was 303.9, or approximately three applicants for each job available. This was less than in July when there were four applicants to each place. Cicero.-Employment decreased 2.7% while payrolls increased 3.4% due to longer time schedules. Practically all Industries, however, were still working part time and a large surplus of labor was reported. The unemployment ratio was 348.9 against 400.9 in July. Danoitle.-A considerable number of men were laid off by the metal industries of this city, causing a total decline in factory employment of 5.6% and a loss of 7.1% in payrolls. Canning factories were opening their plants for the corn crop, giving employment to a large number of men and women. There were 204 registrants at thefree employment office for every 100 places open. Decalur.-This city registered an increase of 3.5% in factory employment and 5.5% in payrolls, due mainly to the increased activity in the metal industries and the manufacture of clothing. Outdoor work was somewhat better, due to the construction of several large buildings and a number of paving jobs. Locomotive and car shops were reported to have worked only 17 days during August. The unemployment ratio was higher than in July, 265.8 against 245.8. East St. Louts.-Manufacturing operations in this city continued to decline. employment dropping 4.8% and payrolls 3.2%. All plants were reported to have been working less than full time and with reduced forces. Unemployment showed an increase, the ratio standing at 158.2 for August compared with 142.7 for July. Joliet.-Factory employment in this city showed a loss of 14.0% with a decrease of 11.4% in payrolls. The metal industries laid off a considerable number of workers and an overall and coat factory closed down causing the layoff of about 100 workers. According to an item in a local newspaper, however, a large order for new cars has been placed with the local car shops which will insure employment for a period of six months. The unemployment ratio Increased slightly, from 250.8 in July to 254.0 in August. Moline.-Operations in a farm implement factory were resumed during the month, causing a considerable gain In total employment figures. Eighteen reporting establishments showed an increase of 21.8% in working forces and 15.0% In payrolls. Activity, however, was far below normal, the plant causing the total gain reporting a time schedule of not more than 27 hours per week. A considerable amount of outdoor work was being done. The city wastrying to furnish such work asroad grading and cutting weeds to those who were unemployed. Peoria.-Thirty manufacturing concerns reporting for this city laid off 24.5% of their workers and reduced payrolls 26.5%. The metal industries contributed most to this decline. A large tractor plant laid off almost half ofIts employees. All plants were reported operatingbut with reduced forces. A considerable volume of outside work was aiding the employment situation and the unemployment ratio showed a decline from 142.7 to 124.1. Quincy.-Employment gained 0.3% and payrolls 16.5%. Plants continued operating on a 4-- and 5-day week basis. Building and outdoor activities were fairly good, but there was no demand for farm labor due to the lull between the harvesting and corn cutting seasons. The unemployment ratio was 156.9 compared with 175.8 a month earlier. Rockford.-This city seems to have been hit especially hard by the depression. With the exception of a gain of 1.8% in payrolls reported for last February, both employment and payrolls have declined steadily since last August. The loss for the month of this report was 6.2% in employment and 1.4% in payrolls. All plants were on short time schedules and there were few calls for farm labor. Building work, compared with other years, is inactive, although there was an increase in the number of building permits issued in August over the number issued in July. The unemployment ratio was 149.7 compared with 138.8 in July and 110.8 a year ago. Rock Island.-This city was represented by only six manufacturing concerns in the employment reports but these six showed an increase of 10.8% In employment and 29.4% in payrolls. The superintendent of the free employment office reported the general employment situation was practically the same as the previous month, with a plow Company shut down, another farm implement concern on a three day a week schedule, a stove company working full time and a textile plant starting up with half the usual force. The unemployment ratio was 333.3,considerably higher than 258.7, the ratio recorded for July. Springfield.-A large electric company, closed down during July on aocount of inventory and vacation, resumed operations in August and caused a considerable increase in the reported figures. The percentage gain for the eight concerns sending in their reports to this bureau, totaled 91.2 In employment and 102.5 in payrolls. This brings the volume back approximately to the level reported in June. Plants generally worked from 3;4 to 5 days a week. Building was still active. Unemployment registered a ratio of 120.9 against 130.1 in July. Sterling-Rock Falls -Factory employment declined 6.7% and payrolls 7.3%, the sixth consecutive decrease reported for this city. The accumulated decline during this period amounts approximately to 40% in employment and in payrolls. All Other Cities tho other reporting cities, employment showed 3.8% Increase, caused mainly by gains in the food products group, and a drop of 1.5% in payrolls. Metals showed a larger volume of employment but this was not accompanied by a corresponding gain in payrolls. Furs and leather goods showed a gain in payrolls, but not in employment. The stone, clay and glass products group registered definite gains in both mon and payrolls. 1969 FINANCIAL CHRONICLE The statistics supplied by Mr. Myers follows: COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING AUGUST 1930. By Howard B. Myers, Chief of Bureau of Statistics and Research. Canadian figures are supplied by the Dominion Bureau of Statistics. AUTOMOBILE PRODUCTION (NUMBER OF MACHINES). Canada. United States. Employment. Indttstries. Per Cent Change from a Month Ago. Total Index of Average Employment Earnings Weekly (Average Per Cent Earnings 1925-27=100). of Chge. Aug. 1930. from Aug. July Aug. July Fe1930. 1930. 1929. 1930. Valet. males. -0.2 -1.8 +1.3 +1.4 -6.0 +16.6 -7.5 -2.9 -1.3 -3.9 +1.9 +1.1 -11.1 +3.0 -14.8 -15.3 +0.7 -8.3 -17.6 +13.3 -0.9 +3.1 +4.6 +4.9 +2.2 -3.7 +3.0 +3.6 +10.6 +3.1 -16.7 -5.6 +1.3 -19.9 -4.1 -5.2 -2.0 -0.2 +4.1 -4.9 +1.0 +10.1 +1.5 +0.6 +29.5 -12.8 -0.3 -1.9 +9.7 +6.1 +70.4 -58.9 -30.4 +20.5 -233 +45.0 -3.3 -13 +10.4 -1.1 -4.8 -4.9 -1.4 -3.6 -5.6 -6.6 +79.8 -8.9 -0.1 +2.3 -3.8 5.7 -1.8 -1.4 -8.1 +2.0 -0.4 +10.4 +12.2 -1.3 +1.5 +0.4 +2.7 +1.9 -1.1 +32.0 -1.8 +0.4 +10.9 -23.9 $ 30.54 18.68 29.16 17.41 26.23 11.78 27.95 11.56 25.74 17.20 27.91 12.71 24.36 11.66 28.54 18.57 28.80 13.20 28.32 15.94 26.38 9.13 28.46 14.19 25.11 14.22 29.32 19.79 23.03 15.23 25.61 15.65 34.98 23.42 21.77 11.63 27.30 12.53 22.22 10.85 24.57 14.19 24.85 13.28 28.64 6.37 24.41 14.81 24.03 11.12 23.56 11.20 23.61 13.40 29.73 15.68 42.50 29.43 21.09 13.21 22.61 11.10 28.26 13.73 28.49 15.02 28.09 13.71 29.51 16.06 25.93 11.30 37.06 17.44 26.68 13.84 34.53 16.92 37.23 18.56 45.90 22.44 3638 17.20 44.74 19.84 2338 11.29 21.93 13.22 18.87 8.83 26A1 15.20 27.17 11.56 39.77 20.08 39.87 26.87 22.78 19.42 3L30 11.82 22.00 18.89 34.80 12.83 24.80 10.61 36.58 16.88 29.37 16.83 27.14 14.43 10.79 5.75 28.41 12.68 28.40 20.62 39.79 11.05 35.44 13.90 32.93 17.03 3L74 13.51 27.18 21.36 30.24 45.68 1-7:43 30.49 13.07 33.58 20.38 38.10 18.93 36.16 17.89 25.96 15.99 33.29 17.69 25.53 19.27 53.51 35.80 30.53 18.60 22.1 14.74 21.0 14.65 32.40 14.90 36.2 21.75 30.8 18.75 43.1 21.75 36.8 19.50 29.6 23.08 20.19 40.89 40.50 48.06 37.45 Automobile Production for August at a Low Figure. August production (factory sales) of motor vehicles in the United States, as reported to the Department of Commerce, was 223,029, of which 187,037 were passenger cars, 35,758 trucks, and 251 taxicabs, as compared with 262,363 passenger cars, trucks and taxicabs in July, 498,628 in August 1929, 461,298 in August 1928, and 309,994 in August 1927. For the first eight months of the year the output has been only 2,704,957 vehicles in 1930, against 4,224,911 in. 1929, a decrease of 1,500,000. The table below is based on figures received from 144 manufacturers in the United States for recent months, 42 making passenger cars and 113 making trucks (11 making both passenger carsland trucks). Figures for passenger cars include only those designed as pleasure vehicles, while the taxicabs reported are those built specifically for that purpose, pleasure cars later coverted to commercial use not being reported as taxicabs. Figures for trucks include ambulances, funeral cars, fire apparatus, street sweepers and busses. 1929January February March April May June July 401.037 446,418 585,455 621,910 604,691 545,932 500,840 345.545 404,063 511,577 535,878 514,863 451,371 424,944 53.428 60,247 71,799 84,346 88,510 93,183 74,842 2,064 2,108 2,079 1,686 1,318 1,378 1,054 PassenTotal. per Cars. Trucks. 21,501 31,287 40,621 41,901 31,559 21,492 17,461 4,337 5.703 7,788 7,509 6.430 4,981 3,861 Total(8 mos.) 4,224,911 3,629,021 583,163 12,727 220,036 176,250 43,788 August September October November December 498,1328 415,012 380,017 217.573 120,007 440.780 363,471 318.462 167,846 91.011 58,808 51,576 60,687 48,081 27,513 1,040 865 868 1,646 1,483 14,214 13,817 14,523 9,424 6,495 3,177 3,107 5,548 2,287 1.069 11,037 10,710 8,975 7,137 4,426 Total (year)... 5,358,420 4,569,811 771,020 17,589 263,295 207,498 55,797 1930January February March April May June July August 275,374 346,940 401,313 443,038 417,406 335,477 262,363 223,046 236,145 296,461 335.720 874,913 362.522 289,245 222,459 187,037 38,657 49,457 64.204 67.580 54,370 45,773 30.663 35,758 4,0404 -1.0 86.4 87.3 101.5 -0.9 84.9 85.7 103.4 +3.7 81.5 78.6 93.5 +3.8 79.1 76.2 97.7 -0.1 81.7 81.8 95.6 +15.9 66.2 57.1 75.6 -2.8 105.7 108.7 109.7 85.5 86.2 112.8 -3.9 101.1 105.2 116.7 -4.5 82.1 86.0 105.2 +3.5 62.5 60.4 96.4 -1.4 87.3 88.5 93.9 -6.6 88.2 94.4 112.9 -7.9 45.9 49.8 71.7 +8.6 79.0 72.7 139.4 -11.4 83.8 94.6 129.0 +0.7 83.9 83.3 120.4 -2.8 81.6 83.9 126.4 -0.1 65.9 66.0 94.4 +61.5 88.3 54.7 93.1 -1.6 -2.1 59.2 "6-61i 72.1 +4.8 60.5 67.7 79.9 -0.9 65.8 66.4 76.5 -5.7 38.9 41.3 52.1 -8.8 60.8 66.7 73.7 -1.0 87.7 88.6 106.2 +7.5 78.4 72.9 101.5 0.0 103.7 103.7 112.7 -2.0 92.5 94.4 110.7 -6.1 36.8 39.2 57.7 88.4 92.9 106.7 -2.4 71.7 73.5 93.1 --21.8 67.7 86.4 106.2 -3.2 92.9 96.0 98.3 +0.4 95.2 94.8 123.4 -2.1 105.0 107.3 100.7 +1.5 85.0 83.7 95.2 +1.4 88.2 87.0 100.7 -4.9 97.6 102.6 104.8 -0.1 90.5 90.6 103.4 0.0 +2.5 -10.0 771.6 84.4 92.1 +11.8 96.4 86.4 99.2 -24.3 60.2 79.5 93.2 -2.4 71.8 73.6 108.2 -8.4 99.2 108.3 87.5 +3.4 78.4 75.8 88.0 -0.4 68.8 69.1 81.0 +53.5 89.9 58.5 65.7 -64.4 13.7 38.4 69.4 -3.3 82.4 85.2 96.0 +8.8 96.6 88.8 97.8 -22.0 113.6 145.7 179.7 +81.4 39.9 30.4 46.3 -0.9 88.0 88.8 95.9 -1.4 89.4 90.7 88.6 +192.6 59.1 20.2 38.9 -0.3 86.9 87.2 90.0 89.3 92.5 101.0 98.3 107.2 113.9 -1.2 79.8 80.8 94.3 -9.2 86.9 95.7 93.5 +0.4 72.8 72.5 71.9 -9.6 80.6 89.2 94.5 +3.8 102.5 98.7 105.7 +0.4 +1.0 _ -1.1 +0.2 69.1 69.0 85.2 -1.4 91.5 92.8 107.1 +1.4 83.8 82.8 74.8 +0.2 82.4 82.2 76.7 +0.9 63.6 63.0 84.4 +2.2 -6.9 _ -1.1 -1.1 -1.0 102.4 165.4 111.2 --2.2 99.9 102.1 107.5 -1,7 115.8 117.8 124.9 -1.2 113.0 114.4 118.0 -1.1 94.4 95.5 100.1 -7.9 67.4 73.2 81.2 +5.4 67.5 64.1 69.3 -2.1 71.9 73.4 87.1 -0.7 53.1 53.5 71.4 +4.2 190.2 198.5 108.1 -14.4 104.7 122.3 133.6 Total, TaxiTrucks. cabs.x Passenger Cars. 04040.0.10=. All industries All manufacturing industries Stone, clay, glass Miscellaneous stone-mineral_ _ Lime-cement-plaster Brick-tile-pottery Glass Metsls-machinery-conveyanees_ Iron and steel Sheet metal work-hardwere_ Tools-cutlery Cooking 4, beating apparatus_ Brass-copper-zinc and other_ Cars-locomotives Autos-accessories Machinery Electrical apparatus Agricultural implements Instruments and appliances_ _ Watches-jewelry All other Wood products Saw-planing mills Furniture-cabinet work Pianos-musical instruments.._ Miscellaneous wood products. Furs and leather goods Leather Furs-fur goods Boots and shoes Miscellaneous leather goods Chemicals-oUs-paints Drugs-chemicals Paints-dyes-colors Mineral and vegetable oil Miscellaneous chemicals Printing and paper goods Paper boxes-bags-tubes Miscellaneous paper goods Job printing Newspapers-periodicals Edition book binding Lithographing and engravingTextiles Cotton-woolen goods Knit goods Thread and twine Miscellaneous textiles Clothing and millinery Men's clothing Men's shirts-furnishings Overalls-work clothes Men's hats-caps Women's clothing Women's underwear Women's hats Food-beverages-tobacco Flour-feed-cereals Fruit-vegetable canning Miscellaneous groceries Slaughtering-meat packing__ Dairy products Bread-other bakery Products_ Confectionery Beverages Cigars-other tobaccos Manufactured lee Ice cream Miscellaneous manufacturing-. Non-manufacturing Industries Trade-wholeattle-retall Department stores Wholesale dry goods Wholesale groceries Mall order houses Milk distributing Metal jobbing Services Hotelto-restaurants Laundries Public utinties Water-gas-light-power Telephone Street railways Railway car repair Coal mining Building and contracting Building construction Road construction Miscellaneous contracting Earning'(Payroll). C40404. Z1401W-CO 0, -,50WCOCA SEPT. 27 1930.] 10,388 15,548 20,730 24,257 24,672 15,090 10 188 9,792 8.856 13,021 17.165 20,872 21.251 12,194 8,556 6,946 1,532 2,527 3,585 11,885 8.421 2,894 1,632 2,846 Totalai most 2704.957 2.304.502 395.442 5.013 130.665 108,881 21,804 x Includes only factory-built taxicabs, and not private passenger cars converted into vehicles for hire. General Motors Corp. Quits Paris Automobile Show, Charging Discrimination Against Americans. The General Motors Corp. has decided not to exhibit its products at the 1930 Paris Automobile Salon, Oct. 2-12, it was learned on Sept. 23, says the New York "Times" which further said: The company alleges discrimination by the French show officials against American automotive manufacturers. The announcement was made in the name of James D. Mooney, VicePresident of the General Motors Corp. and President of the General Motors Export Co.. who now is in Europe. The company has been exhibiting at the Paris show for eleven years, the statement said, adding that for the past five the French have been enforcing a 10-year-old rule under which Americans are permitted to select space only after the manufactures of every other nation have chosen theirs. Usually the only space left, the company's statement asserts. Is poorly lighted and hi inconspicuous spots. In addition, the statement declares, show officials have seized many petty occasions to assess fines against American exhibitors. Company representatives quoted Mr. Mooney as saying; "It is only proper that each country will, and should permit its own manufacturers to draw for space first. No objection ever has been raised to this practice. "Individual American manufacturers and the National Automobile Chamber of Commerce frequently have made requests for changes in the French rules to place the United States on a parity with other countries, without result. "Under the circumstances, the General Motors Export Co. regretfully feels it can no longer condone such discrimination, or with self-respect lend its financial and moral support." The withdrawal of General Motors eliminates six makes of passenger automobiles, two truck and two bus lines from the Paris show. Canadian Pulp and Paper Exports in August Amounted to $12,700,337-Decrease of $4,700,000 from August Last Year-Eight-Month Total Shows Decrease of $10,916,348. Pulp and paper exports from Canada in August were valued at $12,700,337, according to a report issued by the Canadian Pulp & Paper Association, says the Montreal "Gazette" of Sept. 22, which further reports as follows: This was a drop of $2,208,000 from the previous month's total and was $4.700,000 below the total for August 1929. Woodpulp exports for the month were valued at $2.539.680 and exports of paper at $10,160,657 as against $2,988,267 and $11,920,019 respectively in the month of July. For the various grades of pulp and paper details are as follows; August 1930. August 1929. Tons. 19,606 25,989 19,791 13,265 4,560 PulpMechanical Sulphite bleached Sulphite unbleached Sulphate Screenings All other Tons, 18,826 16,058 9,411 4,927 1,078 763 TotaL PagerNewsprint Wrapping Book, cwts Writing, cwts All other 51,063 2,539.680 83,211 4,272,047 170,107 939 2,243 23 9,822,775 92,833 2:3,097 346 221,606 217,638 1,474 6,695 692 12,659,566 161.717 54,818 5,881 295,198 Total 555,796 1,141,310 478,847 284,086 21,126 58,515 10.160,657 557,646 1,904.507 966,515 767,921 75,458 13,177.180 For the first eight months of the year the exports of pu p and paper were valued at $119,117,190. In the corresponding months of 1929 the value 'was $130,033,538, so that there has been a decline this year of $10,916,348. or a little over 8%. Woodpulp exports for the eight months aroounted to $26,851,657 and exports of paper to $92,265,533 as compared with $28.869,844 and $101,163,693 respectively in the corresponding months of 1929. Details for the various grades are as given below; 1970 FINANCIAL CHRONICLE Eight Months 1930. PulpMechanical Sulphite bleached Sulphite unbleached Sulphate All other Tons. 124,208 170,524 132,374 61,371 19,091 Total PaperNewsprint Wrapping Book, cwts Writing, cwts All other $ 3,611,302 12,554,270 6,598,825 3,566,077 521,183 Eight Months 1929. Tans. 128,438 173,781 126,852 02,253 24,005 . $ 3,525,118 13,185,095 6,276,353 5,459,557 425,721 507,568 26,851,657 545,329 28,869,844 1,536,771 9,361 26,572 2,015 88,701,600 976,949 251,101 17,426 2,318,457 1,627,631 10,202 50,324 3,806 97,074,303 1,105,170 427,167 34,309 2,522,745 Total 92.265.533 101,163,694 Pulpwood exports have been larger this year, the shipments for the first eight months amounting to 957,496 cords valued at $9,698.863 as compared with 933,297 cords valued at $9,340,714 In the eight months of 1929. Lumber Orders Exceed Production for First Time Since Early February. Largely the result of systematically curtailed production, with perhaps some reflection of slightly improved general business situation, orders received at lumber mills during the week ended Sept. 20 exceeded production by about 1%, it is indicated in reports of 881 leading hardwood and softwood mills to the National Lumber Manufacturers Association. These mills gave new business as 101%, and shipments 95% of a total production of 273,638,000 feet, the mostfavorable ratio between orders and production indicated since the week ended Feb. 1 (excepting only the week of July 4). Restricted production has been apparent in reports of leading mills for a period of approximately three months, during which the improved relation between the cut and orders has been gradually taking place. By way of comparison with last year: 489 softwood mills gave production for the latest week as 71% of that for the corresponding week a year ago; 201 identical hardwood mills reported production 50% less. Lumber orders reported for the week ended Sept. 20 1930 by 617 softwood mills totaled 247,611,000 feet, or about the same as the production of the same mills. Shipments as reported for the same week were 231,233,000 feet, or 7% below production. Production was 247,576,000 feet. Reports from 282 hardwood mills give new business as 29,169,000 feet, or 12% above production. Shipments as reported for the same week were 29,670,000 feet, or 14% above production. Production was 26,062,000 feet. The Association further reports: Unfilled Orders. Reports from 500 softwood mills give unfilled orders of 766,925,000 feet, on Sept. 20 1930, or the equivalent of 15 days' production. This is based upon production of latest calendar year-300-day year-and may be compared with unfilled orders of 510 softwood mills on Sept. 13 1930, of 766,007,000 feet, the equivalent of 15 days' production. The 384 identical softwood mills report unfilled orders as 715,058,000 feet on Sept. 20 1930, as compared with 1.024,176,000 feet for the same week a year ago. Last week's production of 489 identical softwood mills was 230,536,000 feet, and a year ago it was 324,759,000 feet; shipments were respectively 215,793,000 feet and 298,463,000; and orders received 233,886,000 feet and 296,701.000. In the caso of hardwoods, 201:identical mills reported production last week and a year ago 21,154,000 feet and 42,729,000; shipments 24,508,000 feet and 38,832,000; and orders 23,711,000 feet and 48,130,000. West Coast Movement. The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 227 mills reporting for the week ended Sept. 20: NEW BUSINESS. Feet. Domestic cargo delivery 50,852,000 Export 20,097,000 By rail 43,803,000 Other 9,431,000 Total SHIPMENTS. UNSHIPPED ORDERS. Feet. Feet. Coastwise and Domestic cargo 211,827,000 intercoastal_ 40,100,000 delivery 95,839,000 Export Foreign 20,866,000 Rail trade_ _ _ _101,704,000 Stall 43,228,000 9,431,000 Local 124,183,000 Total 409,370,000 Total 113,625,000 [Vor... 131. at the end of the week at 133 mills were 121,233,000 feet, the equivalent of 10 days average production. The 138 identical mills reported a decrease in production of 26%, and in new business a decrease of 23%. as compared with the same week a year ago. The Western Pine Manufacturers Association, of Portland, Ore., reported production from 85 mills as 39,044,000 feet, shipments 35,026,000 and new business 38,744,000. Sixty-four identical mills reported production 20% less, and new business 6% more, than that reported for the same week of last year. The California White 8; Sugar Pine Manufacturers Association, of San Francisco, reported production from 17 mills as 17,131,000 feet, shipments 12,674,000 and orders 13,309,000 feet. The same number of mills reported production the same, and orders 20% less, when compared with 1929. The Northern Pine Manufacturers Association, of Minneapolis, Minn.. reported production from 7 mills as 5,064.000 feet, shipments 3,441,000 and new business 3,816,000. The same number of mills reported a decrease of 39% in production, and an increase of 3% in new business, in comparison with 1929. The Northern Hemlock and Hardwood Manufacturers Association, of Oshkosh, Wis., reported production from 18 mills as 1,329,000 feet, shipments 1,495,000 and orders 1,208.000. The same number of mills reported production 62% less, and orders 34% less, than that reported for the corresponding week of last year. The North Carolina Pine Association, of Norfolk, Va., reported production from 100 mills as 6,884,000 feet, shipments 8,316,000 and new business 6,808.000. Fifty identical mills reported a decrease of 33% in production, and a decrease of 1% in new business, when compared with a year ago. The California Redwood Association, of San Francisco, reported production from 12 mills as 5,929,000 feet, shipments 4,001,000 and orders 6,180,000. The same number of mills reported a decrease in production of 21%. and orders the same, in comparison with 1929. Hardwood Reports. The Hardwood Manufacturers Institute, of Memphis, Tenn., reported production from 264 mills as 25,152,000 feet, shipments 27,925,000 and now business 27,692,000. Reports from 183 identical mills showed a decrease in production of 49%, and a decrease in new business of 50%. when compared with last year. The Northern Hemlock and Hardwood Manufacturers Association, of Oshkosh, Wis., reported production from 18 mills as 910,000 feet, shipmentS 1,745,000 and orders 1,477,000. The same number of mills reported production 68% less, and orders 57% less, than that reported for the same period a year ago. CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED SEPT. 20 1930, AND FOR 38 WEEKS TO DATE. Association, Produclion. (M. Ft.) P. C. Ship- P. C ments. Orders. of of (M. Ft.) Prod. (M. Ft.) Prod. Southern Pine: Week-149 mill reports 49,581 52,374 106 38 weeks-5,374 mill reports 2,116,105 1,979,439 94 West Coast Lumbermen's: Week-229 mill reports 122,614 113,906 93 38 weeks-8,301 mill reports 5,565,680 5,442,815 98 Western Pine Manufacturers: Week-85 mill reports 39,044 35,026 90 38 weeks-3,448 mill reports 1,586,751 1,386,826 87 Calif. White & Sugar Pine: Week-17 mill reports 17,131 12,674 74 38 weeks-944 mill reports 735,772 764,884 104 Northern Pine Manufacturers: Week-7 mill reports 5,064 3,441 68 38 week8-291 mill reports 182,072 151,060 83 No.Hemlock & Hard wood(softwood): Week-18 mill reports 1,329 1,495 112 38 weeks-1,166 mill reports 118,845 84,152 71 North Carolina Pine: Week-100 mill reports 6,884 8,316 121 38 weeks-4,139 mill reports 329,510 100 329,088 California Redwood: Week-12 mill reports 4,001 67 5,929 38 weeks-550 mill reports 235,914 92 257,617 Softwood total: Week-617 mill reports 38 weeks-24,213 mill reports Hardwood Manufacturers Inst.: Week-264 mill reports 38 weeks-9,810 mill reports Northern Hemlock & Hardwood: Week-18 mill reports 38 weeks-1,166 mill reports Hardwood total: Week-282 mill reports 38 weeks-10,976 mill reports Grand total: Week-881 mill reports 38 weeks-34.023 mill reports 231,233 247,576 10,891,930 10,374,600 124,584 102 5,412,329 97 38,744 1,343.710 99 85 13,309 78 764,446 104 3,816 145,042 75 80 1,208 75,373 91 63 6,808 267,004 99 81 6,180 104 238,530 93 93 247,611 100 95 10,188,232 94 25,152 27,925 111 1,253,237 1,132,909 90 910 261,174 52,962 107 1,941,798 92 27,692 110 1,090,317 87 1,745 192 165,467 63 1,477 162 134,171 51 26,062 29,670 114 1,514,411 1,298,376 86 29,169 112 1,224,488 81 273.638 260.903 12,406,341 11,672,976 276,780 101 95 94 11,412,720 92 West Coast Lumbermen's Association Weekly Report. According to the West Coast Lumbermen's Association, reports from 228 mills show that for the week ended Sept. 13 1930, a total of 120,548,648 feet of lumber were produced, 123,443,468 feet ordered and 115,596,268 feet shipped. The Association's statement follows: Weekly capacity of these 227 mills is 251,927,000 feet. For the 37 weeks ended Sept. 13, 139 identical mills reported orders 4.7% below production, and shipments were .1% below production. The same mills showed an increase in inventories of 1.8% on Sept. 13, as compared with Ian. 1. In recent weeks a stronger situation, largely the result of persistently curtailed production, has developed. For the latest week figures from COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY 229 mills show orders 102% of production, a continuation of practically OPERATING CAPACITY (349 IDENTICAL MILLS). the same relationship reported a week earlier by a similar number of mills (All mills reporting production for 1929 and 1930 to date.) and about the same relation shown in reports of 183 identical mills. These Actual production week ended Sept. 13 1930 140,429,011 feet 183 identical mills reported production 66% and orders 72% of the corre- Average weekly production 37 weeks ended Sept. 13 1930 170,298,379 feet sponding week a year ago. Their reported production for the latest week Average weekly production during 1929 209,219,281 feet Average weekly production last three years 216,234,193 feet was 112,069,000 feet, or 49% of their rated capacity and 68% of their • Weekly operating capacity three-year average production. • Weekly operating capacity is based on average hourly productio3n03 feet twelve f. or61the t5,00 last months preceding mill check and the normal number of operating hours per week. Southern Pine Reports. 183 IDENTICAL MILLS. The Southern Pine Association reported from New Orleans that for 149 mills reporting, shipments were 6% above production, and orders (All mills whose reports of production, orders and shipments are complete for 1929 and 1930 to date.) 7% above production and 1% above shipments. New business taken 4orrage 37 Average 37 during the week amounted to 52,962,000 feet (previous week 50,295.000 1Veeks Ended Week Ended Weeks Ended at 151 mills); shipments 52,374,000 feet (previous week 49,917,000); and Sea. 13 1930. Sep. 13 1930. Sept. 141929. 136,471,252 110,380,182 169,465,829 production 49,581,000 feet (previous week 49.658,000). The three-year Production (feet) Orders (feet) 113,791.289 170,304,609 129,601,310 average production of these 149 mills is 71,736,000 feet. Orders on hand Shipments (feet) 171,387,130 136,045,012 104 120,197 SEPT. 27 1930.] FINANCIAL CHRONICLE WEEKLY COMPARISON (IN FEET) FOR 227 IDENTICAL MILLS-1930. (All mills whose reports of production, orders and shipments are complete for the last four weeks.) August 30. August 23. Sept. 6. Sept. 13. Week Ended— 120,228,648 101,379,585 118,389,199 122,368.439 Production 132,026,210 130,341,127 112,904,956 122,902.421 Orders (100%) 53,450,989 40,007,908 46,318,958 45,360.223 Rail(43%) Domestic cargo (37%)— -- 45,315,728 47,774,530 55,711,987 56,460.550 14.405,264 13.315,375 15,781.325 15,387,625 Export (12%) 9,730,440 11,807,143 12,528,857 14,817,812 Local(8%) 97,143.602 122,840.967 136,376,289 115,023,135 Shipments (100%) 48,166.895 35,678,012 44,913,340 45,020,399 Rail (42%) Dom est c cargo (36%)_ --_ 41,764,022 41.052,340 44,149,547 53,853.482 8,606.107 21,249,223 22.684,596 15,361,778 Export (13%) 9,730,440 11,807,143 12,528,857 14,817 812 Local(9%) 402,648,492 395,740,974 384,972,189 384,082,999 Unf.11ed orders(100%) 102,667,858 97,004,906 94,593,331 94,573,832 Rail(25%) Domestic cargo (51%)__ _ _203,423,087 200,887,908 195 947.734 188,703,601 96,557,547 97.848.160 94,431,124 100,805,566 Export (24%) DOMESTIC CARGO DISTRIBUTION WEEK ENDED SEPT.6 1930(123 mills) Orders on Hand Begin- Orders wing Week Received. Sept.6 1930 Cancellotions. Shipmeats. Unfilled Orders Week Ended Sept.6 1930 Washington & Oregon Feet. Feet. Feet. Feet. Feet. (99 Mitts)— 325,096 19,993,565 59,097,832 California 61,449.297 17,967,196 Atlantic Coast 105,353,691 26,534,460 1,521,880 13,617,299 116,748,972 5,624 92,541 3,128,189 88,758 3.137,596 Miscellaneous Total Wash.& Oregon 169,940,584 44,590,414 1,852,600 33,703,405 178,974.993 Reporting domestic cargo 163,656 2,935,341 4,832,805 6,037,642 1,894,160 only (7 mills) Totals 175,978,226 46,484,574 2,016,256 36,638,746 183,807,798 Brit. Col. (14 Mitts)— 355,000 2,983,564 California 15,282,018 1,038,000 Atlantic Coast 45,000 898,500 Miscellaneous Total Brit. Columbia_ 19,164,082 1,438,000 Reporting domestic cargo 1,335,426 only (3 mills) 795,000 2,234,564 309,000 253,000 2,739,000 13,338,018 943,500 Back Night Work Curb—Cotton Textile Institute Directors Want Women and Minors Aided. Discontinuance of night work for women and minors was unanimously recommended to the cotton mills of the nation by the board of directors of the Cotton Textile Institute, official organization of two-thirds of the industry, at a special meeting held on Sept. 24 in the Union League Club, 1 East 39th St. We quote from the New York "Times," which also said: Acceptance of the board's recommendation by the institute at its annual meeting, to be held in this city on Oct. 15 is regarded as certain. The directors' action is in line with a resolution adopted less than two weeks ago by the executive committee. The forty-five directors who were present and the twenty who were absent but who had previously endorsed the resolution, represent mills containing 11,000,000 of the country's 30,000.000 spindles. Third of Cotton Looms of Kincaid Plants in Georgia Resume Full Time. Associated Press advices from Griffin, Ga., Sept. 23 said: Mill officials announced today that one-third of the looms in the Georgia Kincaid Mills at Experiment and East Griffin would be put on full time basis this week. The speeding up of production is said by officials to be the result of increased orders received by the mills and will mean that at least 600 employees will work the full schedule of fifty-five hours a week for the first time in several months. Other sections of the mills will continue to operate thirty to forty hours a week for the present, it was said. 562,000 3,524,000 16,516,082 1,335,426 562,000 3,524,000 17,851,508 20,499,508 1,438,000 Tntal rinnweafin rorren 1061 577 7RA el7 092 575 2.752.6 sn 1f32 74R 201 lign Ina Total 1971 3,800 Vote to Strike at Danville (Va.) Cotton Mills— Workers Seek Federal Intervention for Settlement Before Walking Out of Plants. The following Danville, Va., advices Sept. 22, published in the New York "Times" said: With the announcement to-day by local officials of the united Textile Intensive Survey Planned for Textile Industry— Workers of America that a strike at the Riverside and Dan River cotton overwhelmingly voted last week and ratified by the Foundation Directors Decide to Devote All Re- mills here had been Committee, union officials announced that Federal National Executive All in Research Phases of intervention to effect a settlement would be sought before a strike is sources to Scientific Work. actually called. The announcement said that 95% of the union membership voted in A decision to devote the maximum resources available of favor of the strike. The union claims a membership of about 4,000 and the Textile Foundation to economic and scientific research it was said that the entire membership had voted. The result was announced upon receipt of the vote count and instrucfor the benefit of the textile industries and their allied tions from New York. branches was unanimously adopted by the board of direcFollowing a 10% wage reduction early this year, the employees of the tors of the Foundation at a meeting Sept. 18 at the office of mills were unionized. the Secretary of Commerce, Robert P.Lamont. according to According to the "Times," Thomas F. McMahon, Presithe "United States Daily" of Sept. 19, which states that the dent of the United Textile Workers of America, confirmed following information was furnished by the Department: here on Sept. 22 the strike vote taken by operatives of the After discussing routine organization matters the directors considered Riverside and Dan River cotton mills at Danville, Va. plans for making the Foundation an etnactive agency in its authorized field. In light of the many and diverse suggestions which had been made to the directors and in view of their desire to engage in those undertakings which promise the greatest benefit, it was felt that a further exploration and analysis should be made. Accordingly, the Chairman and Secretary were authorized to make a further survey and to receive suggestions from various branches of the textile industry concerning the avenues of work in which the Foundation might best interest itself. Reduction of Expense. It was the affirmative and unanimous opinion of the directors that administrative expenses be kept at a minimum so that the maximum of its resources may be devoted to "economic and scientific research for the benefit of the textile industries and their allied branches." Edward T. Pickard was elected Secretary and Treasurer and headquarters of the Foundation continue in the Department of Commerce Building, Washington. Those attending the meeting were: Franklin W. Hobbs, Chairman; Stuart W. Cramer, Cramerton, N. C., Treasurer; Robert P. Lamont, Secretary of Commerce; Henry B. Thompson, New York; Edward T. Pickard, Secretary. 48,000 Idle in Bombay Textile Mills—Hopeful Signs Are Seen. 22, to the New York "Times" Sept. advices, Bombay state: Official statistics show the number of unemployed mill workers in Bomsome distress among bay now to be more than 48,000. There is evidence of them, and an exodus has begun, although not on a large scale. The position of the textile industry has slightly improved, and the demand for cloth appears to be strengthening. Due to this improvement in September trade inquiries, thirteen mills under notice to close at the end of may continue at work, and one which closed will be re-opened to-morrow. of the One of the principal causes contributing to the improvement outlook has been the comparative lull and civil disobedience activities for there But is a strikes. frequent the past few weeks and the absence of renewed tendency to close markets on one pretext or another which has militated against the restoration of confidence among the up-country dealers, who fight shy of doing business while a state of tension prevails. Since A notable feature of labor is that it is less organized than ever. the breakdown of the general strike in September of last year, trade unionism has been virtually dead. Cotton Textile Industry Curtailing Production to Meet Demand—Active Spindle Hours Reduced. Activity in the Cotton-Spinning Industry for Analysis by the Association of Cotton Textile Merchants August 1930. figures of published by the Bureau of Census, of New York The Department of Commerce announced on Sept. 24 shows unmistakably that the cotton textile industry is making rapid progress in bridging the gap between supply that, according to preliminary figures compiled by the Bureau of the Census, 33,993,998 cotton-spinning spindles and demand. The Association's advices Sept. 25 state: The aggregate number of active spindle hours reported for August of were in place in the United States on Aug. 31 1930, of which 5.134,486,143 is a record low for the eight years during which these Govern- 25,873,978 were operated at some time during the month, ment reports have been issued. The nearest approach to this unusual record was registered in July 1924. In that month,following a period when compared with 26,464,444 for July, 27,642,158 for June, distribution was handicapped by the fact that May and July cotton over- 28,374,434 for May, 28,860,382 for April, 28,898,464 for sold the fall options by as much as four cents to six cents a pound, as a March and 30,230,386 for August 1929. The aggregate result oflack ofcarryover,spindle hour activity dropped off to 5,157,779,726 number of active spindle hours reported for the month was hours. The analysis further shows a reduction in the aggregate running time of 5,134,486,143. During August the normal time of operaAmerican cotton mills of 2,995,442,000 hours over the month of August was 26 days, compared with 26 for July, 25 for June, 1929. or 36.84% reduction. The aggregate running time for the period tion beginning Jan. 1 and ending Aug. 31 1930 was 53,052,946,000 spindle 2634 for May, 25 2-3 for April and 26 for March. Based hours, as compared with 68.411,876,000 for the previous similar period. on an activity of 8.91 hours per day, the average number of This indicates a reduction of 22M %. operated during August was 22,163,887, or at 65.2% The unusual nature of the benefits which have been achieved by curtailed spindles production will be more intelligible when translated into terms of cotton capacity on a single-shift basis. This percentage compares cloth. The cotton textile industry during August 1930 produced approxi- with 67.4 for July, 76.3 for June, 83.6 for May, 96.3 for mately 262,400,000 yards less than in August 1929. During the first for March and 97.3 for August 1929. The avereight months of 1930 the industry produced 1,345,442,000 yards less than April, 92.8 age number of active spindle hours per spindle in place for during the same eight months in 1929. hear 1972 FINANCIAL CHRONICLE [VOL, 131. the month was 151. The total number of cotton-spinning spindles in place, the number active, the number of active spindle hours and the average hours per spindle in place, by States, are shown in the following statement: Spinning Spindles. State. lit Place Aug. 31. Cotton-growing States__ 19,132,114 New England States 13,441.148 All other States 1,420,736 ActIveDurtso August. 17.127,926 7,714,884 1,031.168 Alabama Connecticut Georgia Maine Massachusetts Mississippi New Hampshire New Jersey New York North Carolina Rhode Island South Carolina Tennessee Texas Virginia All other State! 1.863,398 1,091,244 3.239,152 1,022,028 7,829.238 207,088 1,278,474 367,820 695,628 6,235,594 2,102,900 5,678.700 613.220 282,240 688,326 798.948 1,660,638 772,226 2,874,574 615,644 4,416,026 127,720 636,008 339,782 401,046 5,432,414 1,158,214 5,349,796 567,158 225,488 645,708 651,536 United States 33.993.998 25.873.978 Business diagnosticians find many indications that the nadir of the business depression has been passed, and that better conditions may be expected. They point to the fact that coal output and steel mill operations have recorded slightly bettor than seasonal advances, while unemployment has been relieved to such a degree as to cause even the most pessimistic to take heart. Raw materials are being absorbed and world conditions are on the mend. Hours for Aug. Active Spindle As an evidence that the gap between supply and demand is being closed, Avg.perBsts- they point to the recovery in commodity prices. They also call attention Total, die in Place. to other signs which would seem to indicate a steady trend toward the resumption of normal business. It is significant that production in prac3,818.138.268 200 tically all lines has been much farther below normal than consumption; 1,191.789,516 89 124,558,359 88 that the drouth situation was relieved before it assumed the proportions of a national calamity; and that credit is cheap and abundant. 354,245,751 190 Of course easy credit alone will not bring about a revival of business but 113 123,764,535 193 625,411,494 it does have a tendency to accelerate the return to prosperity when other 112 114,141,805 conditions are favorable. 658,866.458 84 Forecasters view with satisfaction the report that consumption has 132 27,242,135 declined on an average of only 10%. At the same time, production has 112,048,177 88 60 22,133.084 fallen off 20%, while transportation has dropped 30%, indicating low tide 55.390,045 80 Inventories in the hands of dealers. They state, moreover, that over1,165,925,760 187 production—generally conceded to be the root of the evil which blotted out 171,279.093 81 1,286,363,161 227 prosperity—has been greatly relieved by curtailment. Still they are un175,237,789 286 willing to make any long term predictions. They suggest that the Im44,436,568 157 provement which is to be noted on every hand is slightly better than sea76,888,537 112 sonal and that sales are on the upgrade. They are unwilling to go on 121,111,751 152 record as saying that the Improvement is certain to be permanent. 5,134,486,143 151 Neither will they consent to be quoted as prophesying that this improvement marks a major upward movement in the business cycle. American Woolen Company Showing Men's Wear Spring Fabrics—Buyers Report Prices TX Cents to 15 Cents Under Last Season. Stressing style and quality rather than price, the American Woolen Co.,on Sept. 22, began showings of its Spring lines of men's wear fancy worsteds, topcoatings, flannels, woolen suitings and sport fabrics. No official announcement regarding the prices named on the fabrics was made, says the New York "Journal of Commerce" which in its account goes on to state: It is understood, however, that reductions range from 7% cents to 15 cents under last Fall on comparable fabrics. Buyers report that reductions are in line with market levels, which average between 10 cents and 20 cents under last season, and from 20 cents to 25 cents on high-priced cloths. It is believed that the reluctance of the big company to announce prices at this time Is due to a desire not to interfere with the operations of customers who are delivering Fall merchandise to retailers. Buyers Praise Lines. Buyers have consistently maintained that the naming of prices at a time when they are delivering garments made from fabrics purchased at the previous season's prices leads to demands for concessions and to an unsettled market. Not wishing to threaten the stability of the market, the American is striving to make the Spring opening period as orderly as possible and to prevent a recurrence of the chaotic conditions that usually usher in the season in the wool goods industry. Swatches of many of the outstanding numbers brought out for the next season have been sent to leading manufacturers who are said to have approved of the new colors and designs exclusively sponsored by the company. Covert, topcoatings, light, bright flannels, bottle green suitings, glen plaids, bold checks and tweed sports jacketings are being promoted as style leaders. The company has been making an intensive study of style trends and has been assisted in gathering ideas for the new lines by leading retailers and manufacturers. Ideas put forward by style observers in their own organization are also incorporated in the new offerings. Prices Meet Conditions. The announcement that the lines "are priced to meet present conditions' is interpreted In the trade as meaning that the company will be a leading factor In all sections of the market, from the low-end suitings intended for work clothing to carefully woven worsteds constructed and designed to meet the needs ofleading Fifth Avenue tailors. Several leading manufacturers who viewed the lines last week expressed their surprise at the advances made by the company in the last six months in patterns and colors. The variety of the novelty shades introduced for the Spring season has led many market observers to believe that the company has reorganized several of its mills to meet present style demands and no longer intends to permit smaller organizations to monopollze the specialty business. Within the last year the company has improved its delivery service. The shutting down of a number of the smaller and unprofitable mills has led to a concentration of activities in the larger plants. It has been the aim of the company for many years to increase its flexibility in order to compete with smaller units which owe their success to their ability to "turn fast" In a period characterized by hand-to-mouth buying. The concern has made more progress in this direction in the past year than In any corresponding period In the last 10 years. Textile Leaders Cautious. The same cautious spirit is to be found in the statements of leaders in the cotton textile industry. A cross section of opinion regarding business conditions, both present and future, brings to light a conservatism which is born of bitter experience. However, the bleak experiences of the last two and one-half years have not brought discouragement or clouded judgment. As representatives of an industry which has passed through a long period of depression, more severe than that which has seized upon business generally, they are singularly cheerful. Confronted with an extraordinary situation which justifies the statement that the manufactured product is cheaper than the raw material, cotton merchants remain sanguine. The cotton textile industry is probably in better condition right now than many others. While production in industry generally has fallen off 20%, production in the cotton textile industry shows for recent months, an average drop of more than 25%, while monthly figures for August released by this association,show a decline of29%. When it is remembered that textile prices have fallen off 30% under the 1929 figures, and recent sales reports in dollars show a decrease of only 10 to 15%, it will be mesa that there has been a decided gain in yardage and this gain will undoubtedly be held for some time to come. Such gains have made themselves felt in an ascending scale over the low point, recorded the middle of August, when 64.60 print cloths reached the low price of 4(c. Almost immediately a firmness developed in the market and probably because of the peculiar psychology which draws purchasers into a rising market, pages began to disappear out of order books with satisfactory regularity. Decreased Production. Observers say it is extremely fortunate that the individual mills have seen the need for drastic curtailment of production. As a result. Print cloths and broadcloths have achieved a satisfactory stability while other constructions, as usual, are feeling the benefits of their increased activity. A reference to past production figures shows, in graphic fashion, how the cotton industry has prepared for the upward climb to prosperity and profits. During the period extending from January 1928 to October 1929, the record discloses an average weekly production of 68,440,000 yards. The effect of curtailment manifests itself very definitely in the figures compiled so far this year. These figures show an average weekly production of 56,223,000 yards while the August figures dip sharply. The average weekly production for that month was 43,763,000 yards. While conceding that decreased production and the accompanying liquidation of stocks are the forerunner of better prices and an ultimate return to prosperity they stress the vital need for the continuation of shortened production schedules, so that the cumulative benefits of such constructive steps may be fully developed. 2,103,413 Unemployed in Great Britain—Total Drops 36,158 in Week. The Secretary to the British Ministry of Labor announced on Sept. 23 (according to a cablegram to the New York "Times") that on Sept.15 the registers of the employment exchanges of Britain showed there were 1,386,241 persons wholly unemployed, 618,511 temporarily out of work and 98,661 unemployed who normally have only casual employment, making a total of 2,103,413. It is added that this total was 36,158 less than that of the previous week, but 955,894 more than that for the same period last year. Market Inactive. While little activity Is expected in the next two days, owing to the Jewish holy days, the lines are reported to have been widely sampled last week by buyers from clothing centres in the mid-West who viewed the lines on "at Unemployed in Germany Total 3,000,000. value" basis, made numerous selections and returned home over the weekAssociated Press advices from Berlin Sept. 23 said: end. At present the company is reported to be doing a brisk business on The total of Germany's unemployed nearly reached the 3,000,000 mark its boucle overcoatings and on many of its women's wear coatings. Sample swatches of the new lines have been distributed in some quarters today. The latest official figures report an increase of 100,000, making and prospects for the next season are considered brighter than for the Fall the total number of unemployed 2,983,000. season. With improved business conditions reported in some sections of the eintry, the company is expected to increase the sales as the season Centralized Marketing Agency or Clearing House progresses. It is reported that many sizable orders have been placed on the Recommended to Federal Farm Board by Sugar flannel lines opened late in July. Association of Cotton Textile Merchants of New York Believes Low Point of Business Depression Has Been Passed. Under date of Sept. 22 the Association of Cotton Textile Merchants of New York has the following to say regarding the business outlook. Beet Committee. On invitation of the Federal Farm Board, Co-operatives representative of the sugar beet and sugar cane producers have established an Advisory Commodity Committee for that industry. The Committee held its first meeting at the offices of the Federal Farm Board in Washington on $eptember 17 for the purpose of organizing. On Sept. 19 the SHPT. 271930.] FINANCIAL CHRONICLE Committee I resented a report of its findings and recommendations to the Board, which placed the report on file for consideration. The report states that the depression in sugar prices "Is due to the tremendous overproduction In other countries, especially Cuba." The Committee recommends "the sympathetic and moral support of the Federal Farm Board" in the Committee's efforts to secure a higher tariff on sugar. With reference to "wasteful practices in the distribution and marketing of sugar," the Committee proposes that the Federal Farm Board authorize the creation of a centralized marketing agency or clearing house under the provisions of the Agricultural Marketing Act. The further recommendations of the Committee are set out in the report which follows in full: Chairman Legge and Members of the Federal Farm Board: May we express our appreciation of the invitation extended the Sugar Beet and Sugar Cane Advisory Committee to discuss some of the problems which confront our Industry? In all history there never has been so serious a depression in sugar prices. This is not the fault of the domestic producers, but rather is due to the tremendous overproduction in other countries, especially Cuba. Prices have been beaten down to such a level that enormous losses have been sustained by nearly every sugar company in the United States. After serious consideration and full discussion of the situation, your advisory committee herewith sets forth some of the salient problems, in the solution of which we believe the Farm Board can render material aid: (I) The tremendous impact of foreign competition, due to the dumping on our market of large quantities of Cuban sugar at ruinous prices, which is made possible by reason of the low cost of production in that Island, where tropical standards of living and wages exist. (2) Wasteful practices existing in the domestic industry itself in the distribution and marketing, not alone of sugar produced in the continental United States and its Insular possessions, but also that sugar which Is refined in the seaboard refineries. (3) The rapid increase of duty-free imports of sugar from the Philippine Islands, Produced under Oriental labor and living conditions, with which the American farmer is now compelled to compete. (4) The difficulty of financing our operations, due to the low price of our product and its consequent depreciation in collateral value. (5) The use of the Government owned and subsidized barge lines in shipping foreign sugar to interior points at much lower freight rates than are available to domestic beet and those cane producers who are compelled to ship by rail does not benefit the producer and in our opinion not the consumer of the product. These subjects will subsequently be elaborated upon, but before doing so we would like to recommend to the Board certain lines of action which we believe would aid in their solution. (1) Impact of Foreign Competition. This naturally involves the question of an adequate tariff, and while we appreciate that the Federal Farm Board is not empowered to deal with tariff matters, we feel that the sympathetic and moral support of the Federal Farm Board in our efforts to secure a higher tariff on sugar, either through the Tariff Commission or Congress, or the abolition of the present Cuban tariff preferential, would add great weight to those efforts. We conceive, also, that valuable aid might be rendered by the economic staffs of the Federal Farm Board in the collection and collation of accurate data that may be used in the protection and furtherance of the industry. Naturally, in the performance of this task the assistance and co-operation of the National Beet Growers' Association will be necessary. (2) Wasteful Practices in the Distribution and Marketing of the Product. In the solution of this important problem we recommend authorization by the Federal Farm Board of a centralized marketing agency or clearing house under Section 10 of the Farm Act. Such a clearing house, we believe, should include in its membership not only the producers of beets and cane, but also the processors of continental beet and cane sugar, as well as the West Coast refiners of Hawaiian cane sugar, the marketing of which in Western territory is so closely allied with the marketing of the continental product as to involve its serious consideration in any remedial plan adopted by the Federal Farm Board. It may be possible, also, that as the scheme develops it will be necessary, if the Federal Farm Board should decide it to be legal and permissible under the Agricultural Marketing Act, to admit Eastern and Southern seaboard refiners to membership in the clearing house. (3) Competition of Duty-Free Philippine Sugar. In just what form aid from the Federal Farm Board, in the solution of this problem could be rendered we are unable to state at the present time. However, we are confident that you are fully cognizant of the ever-increasing menace from this source, not only to the domestic sugar Industry, but to other American crops which are compelled to compete with the products of these faraway islands which are not, and never will be, an integral part of the United States. (4) The Financing of Operations. The Federal Farm Board is familiar with this subject, which has been so successfully applied to other commodities as to need no elaboration on our part. However, we might add that the present low price of sugar is disastrous to both producers and processors. The basic price of beets and cane is so low as to make it unprofitable to grow the crop, while the processors are losing money on the final product. As the producers are compelled to finance their 1931 crop in the fall of 1930, we earnestly recommend that the Federal Farm Board give immediate consideration to this subject, to the end that aid may be rendered at the earliest practicable date. (5) Unfair Competition With Foreign Sugar Transported On Government Barge Lines. Here, again, we are unable to recommend any specific line of aid which might be rendered by the Federal Farm Board. We feel, however, that as our plans develop and our contacts with the members of the Federal Farm Board and its staff become closer and snore frequent, there are brains and talent enough in bath organizations to find a remedy for this unfair practice. Having outlined, in a brief manner, the main problems confronting our industry and our recommendations with respect thereto, we take the liberty to further elaborate the points so that you may have a clear picture of the situation confronting us. We will first take up the subject of foreign competition, especially from Cuba. At the outset it might be of interest to note the sources from which our 1929 sugar consumption was supplied. During that year our 1973 total consumption amounted to 6,508,298 short tons, derived from the following sources: Short Tons. Louisiana cane 176,482 United States beet 959,437 Maple, &c853 Total continetleal Hawaiian cane Porto Rico cane Philippine cane Virgin Islands cane 1,136,772 867.932 430,013 677,041 3,746 Cuba,20% tariff preferential Other foreign,full duty 1,978732 , 3,376,345 16,449 From these figures it will be noted that foreign countries are supplying us with more than two-thirds of our entire consumption, and Cuba alone is furnishing over 50%. It is a well-known fact that sugar can be produced in Cuba at a lower cost than in almost any other country. A passing glance at price averages will emphasize the strength of the competition which Cuba is able to exert in the marketing of her sugar in this country. During the seven years from 1922 to 1929 the average cost and freight price of Cuban raw sugar was $3.12 a hundred pounds. But, due to overproduction in that island, as well as in other parts of the world, for the first eight months of the present year the quotations ranged from $1.19 to $1.99, or an average of $1.58 for the year up to Aug. 31. In other words, the average this year has been approximately one-half the average between 1922 and 1929. To-day's price is very much lower, and based on the futures exchange quotations, immediate disaster to the industry is imminent unless substantial and immediate relief is obtained. The question might naturally be asked: "How can the Cuban sugar producers sell at this price and still exist?" The answer is simple. At the present time the American sugar beet grower receives a minimum guaranteed price for his product no matter how low the price of sugar falls. But in Cuba, our principal competitor, a different method prevails. The returns which the Cuban cane growers receive are fixed in a direct ratio to the current quotations for raw sugar, so that as the price of sugar falls the mill owner passes the drop on to the cane growers, and the cane grower, in turn, passes it along to the laborer by reducing his wages. The manufacturer stands no more chance of losses than the oldfashioned miller who took a part of the farmer's wheat for grinding the remainder. Let us consider for a moment how these two systems compare under present market conditions. While the beet sugar manufacturers have been paying $7 a ton for beets, and would like to pay more if they could, mills in Cuba during the past eight months have been paying from $1.25 to $2 a ton for cane, or an average for the period of $1.64. Let us analyze it from another angle. Sugar in the beets costs the 1 2 to Sc. a pound, exclusive of freight, American manufacturer from 2/ milling and 'other expenses. Sugar in the cane has cost the Oubar mills this year from one-half to a little more than three-fourths of a cent a pound. We need scarcely mention tit there is a tremendous difference between the wage scale in Cuba and the United States. Just now in the cane fields laborers are working for about 30 or 40c. a day, so we are told, some of them working merely for their keep. Yet beet growers are compelled to pay from $4 to $6 a day for their help. Under these conditions no one can doubt that an American industry is being imperilled by the absurdly low costs in a foreign enterprise. The second problem, the orderly distribution and marketing of sugar, presents a sctnewhat more complex situation. It involves, of course, the question of obtaining the best price not only for the manufacturers but the growers as well. Closely bound up with the marketing of beet and Louisiana cane sugar is the distribution of Hawaiian cane sugar refined on the Pacific Coast, and sugar from these three sources will probably have to be considered as a unit, as far as the market area Chicago westward is concerned. Stated briefly, the situation is this: Under conditions which have prevailed for many years, and which still prevail, the beet sugar industry in the territory west of Chicago, and, incidentally, the West Coast refiners, are subjected to a considerable, unnecessary penalty arising out of the shipment into Western territory of Southern and Eastern cane sugars, compelling Western beet and cane producers to ship into far-away Eastern markets that portion of their product thus displaced in the Western territory. It is estimated that the combined production of beet sugar in the territory west of Chicago and cane sugar refined on the Pacific Coast normally falls shore of supplying the territory west of the Illinois-Indiana State line and north of Texas by from 250,000 to 300,000 tons annually. This deficiency in production necessary to supply the Western area mentioned would naturally be supplied by Eastern and Southern cane refiners. The fact is, however, that these latter refiners distribute In the territory west of Chicago and north of Texas annually from 500,000 to 600,000 tons of cane sugar. Consequently, Western producers are forced to market from 250,000 to 300,000 tons annually in Eastern and Southern States. This constitutes a severe penalty on the industry, and is not of the slightest benefit to sugar consumers, since delivered prices are not at all affected. The unnecessary and excess crosshauls simply inure to the benefit of the carriers, and are taken out of the pockets of the producers. Obviously, what we need to remedy this situation is a centralized agency for marketing our commodity. This, we understand, can be accomplished under Section 10 of the Agricultural Marketing Art. You are familiar with the provisions of that section, and it is, therefore, not necessary to further discuss its provisions at this time. Regarding the rapidly growing menace of Philippine competition, that question has received so much publicity in Congressional debates and in statements by practically all national and State farm organizations that it would appear to be unnecessary for us to go into detail. Finally, as to the troublesome factor of shipments of sugar from seaboard refining points via Government owned and subsidized barge lines, we wish to say that sugar is shipped from Cuba to New Oreleans. where it passes through a refinery, whence it is transported by barge line to Mississippi River points, and thence by railroads touching those points, at approximately 10c. a hundred less than the rail rates which the domestic producers are compelled to pay. There are other advantages which the foreign sugar receives by the use of this barge line, one of which is the free storage of sugar in Government warehouses at terminal points for a period of 60 days. This, of course, is a privilege which is not enjoyed by the domestic producers. As far as the barge lines enable grain growers to obtain lower transportation rates than would be otherwise possible, they are of advantage to the American farmer. The establishment of rates on foreign in-bound products, such as sugar, is of no advantage to the farmer, and in the ease of sugar is actually a disadvantage. Suppose, through the agency of the Farm Board, these relatively low sugar rates could be increased. • 4 1974 FINANCIAL CHRONICLE Might this not, in turn, permit the establishment of even lower grain rates than now obtain on large shipments covering grain destined for export? In conclusion, Mr. Chairman, it is our opinion the Federal Farm Board is in a position to render valuable and material aid in the solution of the many problems now confronting the domestic sugar ind,ustry, and we feel confident that the spirit of helpfulness which the members have so far manifested in our industry betokens an improvement in the present deplorable conditions. The Sugar Beet and Sugar Cane Advisory Committee, CHARLES M. KEARNEY, Chairman, Morrill, Neb.; Director Nonstock Co-operative Beet Growers' Association of Nebraska. RALPH CLARK, Secretary, Eaton, Cob.; President National Beet Growers' Association. C. R. OVIATT, East Lansing, Mich.; Beet Grower and Member of Extension Division of Michigan State College, in charge of sugar beet extension activities. PERCY D. LEMANN, Donaldsonville, La.; Vice-President American Sugar Cane League. FRED CUMMINGS, Fort Collins, Cole.; President Mountain States Beet Growers' Association. E. J. OAIRE, Edgard, La.; Sugar can grower and manufacturer. STEPHEN H. LOVE, Salt Lake City, Utah; President United States Beet Sugar Manufacturers' Association. resident Machado Predicts Sugar Crop Will Increase 6,000,000 Bags. 6 That the sugar output of Cuba at the close of the manufacturing season of 1930-31 will be far greater than in the past year is the opinion of President Machado and his Secretary of Agriculture. A cablegram from Havana, Sept. 17, to the New York "Times," stating this, adds: In an address before the Mill Owners' and Planters' Association to-day the Executive gave, among other reasons, the fact that 866,700 acres of new land had been cleared and planted to cane this year. Based on the average yield of 12% sugar from every 2,500 pounds of cane, the additional acreage would yield 6,000,000 bags of sugar more than the past season's in acreage. Of the total of 157 sugar mills ready to begin operation January, 129 report a total increase in cane acreage for the coming season Department the of 306,000 acres, according to official data given out by of Agriculture. The increase in acreage has been made in anticipation of new measures bring about to be enforced by the President and the legislative powers to substantial a possible reconstruction of Cuba's economic structure and a Secretary to reduction in the cost of manufacturing cane sugar, according Um. 131. Credit Bureau of Greater New York during a dinner in the Hotel Pennsylvania. The credit bureau formerly was known as the Association of Retail Credit Men of New York. The name was changed on Sept. 16, says the New York "Times" which likewise stated: "Already the purchasing power of the average consumer and his immediate need for additional supplies of many of the commodities he has been purchasing have been reduced," Professor Haney declared. "As long as prices are held up and an effort is made to remedy the situation merely by curtailing production, we will have a vicious circle, because employment and purchasing power of labor are held down at the same time that the prices the laborer must pay are held up." Professor Haney urged merchants not to let down on advertising at this time, maintaining that advertising tends to increase the rapidity of sales turnovers. Frederick Walters, President of the Bureau, was Chairman of the meeting. Eggs at Record Low-23% Cents Wholesale—Prices on Western Product Drop Under 1910 Figure. From the New York "Times" of Sept. 24, we take the following: The wholesale price of eggs was reported yesterday to be the lowest in more than 20 years and the receipt of fresh eggs to be the "largest on record," in the daily bulletin issued by the Fair Food Price Board of the Department of Health. The wholesale price on the grade of eggs known as Western firsts was 23;5 cents a dozen, the bulletin reported. These eggs are freshly gathered in the Western and Southwestern States,according to the bulletin, and hurried to market in a fresher condition than ever was possible before because farmers now have autos to bring the eggs promptly to the shipping centers. Fresh hennery eggs from New Jersey and other near-by States should not be confused with the western eggs, the bulletin said. The hennery eggs go into special trade channels at 40 to 50 cents a dozen. Petroleum and Its Products—California Production Drops Below 600,000 Barrel Mark for First Time In Three Years—Crude Oil Output Declines—Export Prices Shaded—Pennsylvania Yield on New Basis. Developments in the petroleum industry during the past week have been devoid of spectacular interest but, nevertheless, continue to show further progress toward the goal of producers—a closer relationship between supply and demand. Molinet. Refineries representing 95.6% of the country's total reCuban Sugar Industry—Santa Clara Association Ap- fining capacity held stocks of gasoline amounting to 37,250,000 barrels at the end of the week Sept. 20. This was proves Plan of Delegation of New York Committee. From Havana, advices to the "Wall Street Journal" of a decline of 572,000 barrels from the preceding week and brought the supply to the lowest figure since the end of Sept. 17 said: submitted plan last year. Operations during the week averaged November, a approved Santa Clara Association of Sugar Planters recommending 69.2% of capacity as compared with 69.4% the week previous by the Cuban delegation of the New York Sugar Committee industry, with certain measures to solve the problems of the Cuban sugar Crude production particularly and 85.8% for the same week of 1929. a view to lowering the cost of production. The plan deals freight for the same week showed an increase of 2,050 barrels over railroad with various taxes levied on the industry. Lowering of the preceding week to 2,421,800 barrels. In the third week rates on sugar cane and on sugar also are sought. and he The Association informed President Machado of its plans of September 1929, daily production averaged 2,924,500 to appoint promised his support. The President requested the Association would barrels. two members which, with two others appointed by the Government, California, a consistent and willing figure in all plans to form a commission to work out the necessary relief. curtail oil production, during the past week has shown of approaching the 550,000 barrel mark Price-Fixing Hit in Retail Parley—Benjamin Namm unmistakable signs State. On one day, output dropped set recently for the Cut Cost, Living Says Congress Bill Would Raise figure for the first time in more barrel below the 600,000 Buying Power—Seen as Monopoly Aid. the output for the entire state Although than three years. for topics The evils of price-fixing was chief among the barrels, it is confidently 610,900 around now is currently discussion before the Boston conference on retail distribution expected that operators will work earnestly to cut back the to at Boston Sept. 23, says Associated Press accounts production to the new allowable. New York "Evening Post," which continued: The Export Petroleum Association has reached a decision mortality the Addresses on proposed legislation affecting the retail trade, whereby member companies may shade prices in order to rounded consumer among stores and advertising from the viewpoint of the with non-member companies quoting lower prices. compete out the second day session of the conference. "A raise in the cost of living and restriction of the buying power of the For cargoes of gasoline at France, Germany and Belgium, public," was the prediction of Major Benjamin Namm, President of the a maximum reduction of 13. cents a gallon below the AsNamm store, Brooklyn, in the event of the passage of the price-fixing bill sociation's posted prices will be put into effect and on shipwhich comes before Congress for a vote next December. "Price-fixing will undoubtedly increase the cost of distribution," he said. ments to Great Britain a maximum concession of 2 cents "The essence of stock turnover is price reduction, swift, drastic lowering of will be allowed. Kerosene may be quoted a maximum of the price of any article that does not sell. But there can be no price re- 1 cent a gallon under the scheduled prices. duction under the proposed law except at the whim of the manufacturer. The Union Oil Co. fo California has posted a new schedule "The bill says that price-fixing may be applied to any article of corn. of prices for crude oil produced in the Kettleman Hills oil merce. Monopoly Is Seen. field. Previously one price of $1.65 a barrel was quoted, "Witness how commodity prices have declined during the last year. oil 55 degrees and above. Under the new schedule, for lowered were articles branded on prices Witness also how few of the fixed by the manufacturer when the cost of raw materials dropped. The manu- prices are quoted on gravities below 55 degrees as follows: facturer is apparently thinking in terms of eating his cake and having it, 35 to 39.9 gravity, $1.10 a barrel; 40 to 44.9, $1.20; 45 to too. He would like the retailer to maintain prices even during periods of 49.9, $1.35 and 50 to 54.9, $1.50, and 55 and above refluctuations." Discussing some of the indirect effects of price-fixing, Major Namm maining at $1.65 a barrel. All Pensylvania oil fields other than the Bradford and listed as the first "the fostering of monopolies." He continued with a discussion of price-fixing as a curb to chain stores and its moral effects on Allegheny territories after Sept. 21 operated at 80% of the buyer. capacity instead of 70%, according to an announcement made by the Pennsylvania Crude Oil Association. Allowable Urges Retail Price Cut—Dr. Lewis Haney Tells Credit output of the Bradford and Allegheny fields is increased to 60%. Men Production Curb Alone Won't Help. Price changes follow: Reduction of retail prices would help to offset the existSept. 23.—Union Oil of California has announced a reduction In ICett eHills crude from $1.65 to varying prices, according to grade, as follows: man ec,)of ing business depression, Dr. Lewis Haney, professor $1.35 $1.651Kettleman Hills, 40-49.9 Kettleman Hills, 55 1.60 1.10!Kettleman Hills, 50-54.9 nomics at New York University, said on Sept. 16 before the Kettleman Hills, 35-39.9 FINANCIAL CHRONICLE SEPT. 27 1930.1 Prices of Typical Crudes per Barrel at Wells. (All gravities where A. P. I. degrees are not shown.) $2.55 qpindletop, Texas, below 25 Bradford, Pa 1.50 Winkler. Texas Corning, Ohio 1.35 Smackover. Ark.. 24 and over Cabe11. W. Va 1.65 Smackover, Ark.. below 2 Illinois 1.50 Eldorado, Ark.. 34 Western Kentucky 1.23 Urania, La Mideontinent, Okla., 37 .80 Salt Creek, Wyo., 37 Corsicana, Texas, heavy .87 Sunburst, Mont Hutchinson. Texas. 35 1.65 Artesia, N. Mex Kettleman Hills, 55 1.10 Santa Fe Springs, Calif., 83 Kettleman Hills, 35-390 1.35 Midway-Sunset, Calif.. 22 Kettleman HIlls, 40-49 0 1.50 Fluntington, Calif., 20 Kettleman Bills, 50-54.0 .85 Ventura. Calif., 30 Luling, Texas 1.15 PetroIla. Canada Spindletop, Texas, grade A 1.00 85 $1.05 .75 1.14 .90 1.23 1.65 1.08 1.75 1.05 1.34 1.13 1.90 1975 Fuel 011. 18-22 Degrees, F.O.B. Refinery or Terminal. 8.85 Gulf Coast New York (Bayonne) $1.05f Lo Angeles 2.001New Orleans .95 Chicago Diesel 5.75 .55 Gas 011, 32-34 Degrees, F.O.B. Refinery or Terminal. 5.03 I Tulsa $.03 N.Y.(Bayonne)---$.0531 'Chicago Gross Crude Oil Stock Changes for August. Pipe line and tank farm gross domestic crude oil stocks east of the Rocky Mountains decreased 1,380,942 barrels in the month of August, according to returns compiled by the American Petroleum Institute from reports made to it by REFINED PRODUCTS-PRICE SLASHES WEAKEN MARKET- representative companies. The net change shown by the STOCKS OF STORED GASOLINE AT NEW LOW SINCE 1929 KEROSENE REDUCTION SURPRISES DEALERS-AVIATION reporting companies accounts for the increases and decreases O. A GALLON. GASOLINE AGAIN DECLINES in general crude oil stocks, including crude oil in transit, Along with the rest of the markets here in New York, the but not producers' stocks at the wells. week's developments in the gasoline field were bearish. Further price cuts by Standard Oil of New Jersey in the tank Crude Oil Output in United States Continues Below That for Corresponding Period Last Year. wagon price of United States motor gasoline show the weak undertone prevailing in this market at the present. The American Petroleum Institute estimates that the daily Although the weather has been favorable lately, the season average gross crude oil production in the United States, for of heavy consumption is definitely over and a marked drop the week ended Sept. 20 1930, was 2,421,800 barrels, as in the demand has been noted. To counteract this develop- compared with 2,419,750 barrels for the preceding week ment, dealers have been resorting to price cutting tactics in an increase of 2,050 barrels. Compared with the output for order to stimulate the market. This naturally destroys the week ended Sept. 21 1929, of 2,924,500 barrels daily, confidence in the market. On the constructive side of the the current figure shows a decrease of 502,700 barrels per day. market was the announcement of the 15th consecutive weekly The daily average production east of California for the drop in stocks of stored gasoline. week ended Sept. 20 1930 was 1,808,200 barrels, as comThe tank wagon field was weakened by the announcement pared with 1,806,050 barrels for the preceding week, an of the 2c. a gallon cut instituted in its territory, except West increase of 2,150 barrels. The following are estimates of Virginia where the cut was lc. a gallon, by the Standard daily average gross production, by districts: Oil of New Jersey and followed by Sinclair, Warner-Quinlan DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS). Sept.2030. Sept. 13'30. Sept.6'30. Sept.21'29. Week Endedand Pan-American. Although the trade had been expecting 563.600549,100 565,000 698,600 Oklahoma 117,300 118,550 113,550 138,850 the cut, a drop of only lc. was accepted as being the most Kansas 85,050 82,350 97,450 121,950 Panhandle Texas refineries have the While some of followed the likely level. 63,850 67,450 71,200 96,600 North Texas 51,950 49,050 52,000 58,250 West Central Texas Jersey company in the cut, several others feel that the drop West 268,150 266,200 275,950 366.300 Texas 41,650 42,000 40,150 18,000 was too severe and are holding their quoted prices at the East Central Texas 95,850 95,650 88,400 73,250 Texas former levels. While the quoted price in several instances Southwest 39,850 40,450 40,500 36,700 North Louisiana 53,550 53,650 53,500 54,700 is still 8M to 9c., it is reported that a good percentage of the Arkansas 179,200 173,500 179,600 133,700 Coastal Texas 24,250 26,750 24,600 22,650 business carried on lately has been at substantially lower Coastal Louisiana 113,000 113,000 113,500 120,300 (not including Michigan) 8.150 8,050 9,350 levels, mostly around73 17.200 4 to 814c. a gallon, tank-car lots Eastern Michigan 53,150 49,750 45.550 55,400 Wyoming at the refinery. 9,050 9,050 9.100 11,500 Montana 4,300 4,350 4,500 6,500 Standard Oil of New Jersey also reduced the price of its Colorado 43,450 49,950 46,900 3,550 New Mexico 613,700 613,600 606,300 890,500 Stanova aviation gasoline Mc. a gallon, which grade was California reduced by the company about three or four weeks back. Total 2,421,800 2,419,750 2.437,050 2,924,500 The present price is 133/20. a gallon in tank-car lots at the The estimated daily average gross production for the Mid-Continent refinery. Other grades of aviation gasoline remain un- Field, including Oklahoma, Kansas, Panhandle, North, West Central, West, East Central and Southwest Texas, North Louisiana and Arkansas, changed. for the week ended Sept. 20, Was 1,373.800 barrels, as compared with Gasoline stocks at the end of last week in the hands of the 1.371.500 barrels for the preceding week an increase of 2.300 barrels. refiners totaled 37,260,000 barrels, against 37,832,000 barrels The Mid Continent production, excluding Smackover (Arkansas) heavy oil, was 1.337.000 barrels, as compared with 1,334,800 barrels, an increase at the close of the preceding week, a decrease of 572,000 of 2,200 barrels. barrels. This is the lowestfigure since the latter part of 1929. The production figures of certain pools in the various districts for the curDomestic oils are easy. While the approaching season is rent week, compared with the previous week, in barrels of 42 gallons, one of heavy consumption for heating purposes, consumers follow; -Week Ended-Week EndedSouthwest TexasSept.20 Sept.13 Oklahoma-Sept.20_ SePt. 13 who have not already made arrangements for their needs 42,500 42,300 15,700 13,700 Darst Creek Bowlegs 10,000 9.000 15,100 15,150 Luling are reluctant to place any orders in view of the present Bristow-Slick a5 Saltlat 0 16,50 16,500 10 00 0 165:510050 19 5: Burbank uncertain outlook. Chapman-Abbot 10,000 10,950 Carr City North Louisiana22,850 22,050 In view of the increasing strength noted in the kerosene Earlsboro 2,600 2,650 18,400 17.050 Sarepta-Carterville East Earlsboro 4,800 4,150 8,950 10,400 Zwolle field lately, the price cut instituted by the Standard Oil of South Earlsboro Arkansas16,150 15,700 Konawa New Jersey of 2c. a gallon throughout its marketing area, Little River 5,050 5,050 27,300 24,950 Smackover, light 36,800 36,700 12,900 11,300 Smackover, heavy Little River except in West Virginia, where the cut was lc. a gallon, was East Coastal Texas3,150 3,050 Maud 17450 17.800 7,350 Barbers Hill 7,800 entirely unexpected by the market. Improving prospects Mission Racoon Bend 12,000 11,850 98,850 92,650 Oklahoma City 28,500 29,500 noted in the export market, the result of small stores in the St. 24,350 22,900 Refugio County Louis Eastrilaanccikberry 12,400 12,600 7.500 7,300 SearIght hands of the foreign distributors seemed to point the way Seminole Coastal Louisiana15,050 14,350 3,050 2,400 2,300 2,300 Seminole for an increase in the market. The consumption of kerosene East Old Hackberry 1,000 1,050 Wyomingfor heating purposes at the present time is very heavy, KansasCreek Salt 28,850 31,500 21,450 23,950 County many people using kerosene heating units until the colder Sedgwick 8,900 12,350 Voshell Kevi ' ol-gu an nburst 5,850 5.850 weather approaches, also was believed to have strengthened New MexicoPanhandle Texas40,300 33,800 56.900 58,700 Hobbs High Gray County the market. Hutchinson County- 17,400 17,800 Balance Lea County.... 6,900 6,900 CaliforniaGrade C bunker oil was reduced 10c. a barrel in Boston North Texas41,400 38,500 14,050 14.450 County by the Standard Oil Co., which is now quoting $1.05 a Archer 28,300 d n Beach County28,500 18,350 15,300 Wilbarger 17,500 17,500 Inglewood barrel. This change brings the price in line with the New 24,500 22,500 Kettleman Hills West Central Texas102,500 103,500 Long Beachnset 15,500 17,150 1‘.dw Young County York Market. 62,500 63,500 Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery. N.Y.-Sinclair Ref. .07% California Colonial-Beacon__ .08 Los Angeles, export. Carson Pet .08 Gulf Coast,export._ Crew Levi** .09 North Louisiana... West Texas .06)4 North Texas_ .05)( Chicago .0834-.084 Oklahoma 0.5% New Orleans .0711 Pennsylvania Arkansas .06% N.Y.(Bayon'e)S.08 MG.10 Stand. 011, N.J-- .078i Stand. Oil. N. Y. .08 Tide Water Oil Co. .08k Richfield Oil Co-. .09)4 Warner-QuharnCo Pan-Am.Pet. Co.. .07U Shell Eastern Pet_ .10 .08M .07)4 .08 .0734 .06 .06 .08)4 IVest TexasCrane & Upton Counties 33,750 8,250 Ector County 22,800 Howard County 22,300 Reagan County , Winkler County 101,600 Yayes Pecos County... 3,700 East Central TexasVan Zandt County 104,000 106,000 Santa Fe Springs 18,900 18.700 Seal Beach 46,900 46,700 Ventura Avenue Playa del Ray 19,000 19,000 Pennsylvania Grade- 260:850050 Allegany Bradford 20 0:8 Bal. 12 esttern ernOphen io so Sou uthewas 6,850 6,550 na 2,550 2,450 • 28,200 27,500 West Virginia 12,400 11,300 35,200 7,500 22,250 22,250 65,600 101,700 3.400 Gasoline, Service Station, Tax Included. New York Atlanta Baltimore Boston Buffalo Chicago 5.163 .25 .172 .185 .188 .19 Cincinnati Denver Detroit Houston Jacksonville Kansas City $.21 .20 143 .22 .25 .179 Minneapolis New Orleans Philadelphia San Francisoo Spokane St. Louis $ 222 .195 .22 .21 .275 .192 Kerosene. 41-43 Water White. Tank Car Lots. F.O.B. Refinery. N.Y.(Bayonne)___. 8.07 'Chicago 5.0534 I New Orleans 3.07M North Texas-.03)4=.0331[Los Angeles. export- .05A Praha .0834 Weekly Refinery Statistics for the United States. According to the American Petroleum Institute,companies aggregating 3,525,400 barrels, or 95.6% of the 3,686,400 barrel estimated daily potential refining capacity of the plants operating in the United States during the week ended Sept. 20 1930,report that the crude runs to stills for the week show FINANCIAL CHRONICLE 1976 that these companies operated to 69.2% of their total capacity. Figures published last week show that companies aggregating 3,525,400 barrels, or 95.6% of the 3,686,400 barrel estimated daily potential refining capacity of all plants operating in the United States during that week, but which operated to only 69.4% of their total capacity, contributed to that report. The report for the week ended Sept. 20 1930,follows: CRUDE RUNS TO STILLS GASOLINE AND GAS AND FUEL OIL STOCKS, WEEK ENDED SEPT. 20 1930. (Figures In Barrels of 42 Gallons) Gas and Fuel Oil Stocks. Crude Runs to Stills. Per Cent O'er. of Total Capacity Report. Gasoline Stocks. 100.0 East Coast Appalachian 91.8 Ind., Illinois, Kentucky 99.6 Okla., Kansas, Missouri 89.3 90.4 Texas 96.8 Louisiana-Arkansas 93.6 Rocky Mountain 99.3 California 3,197,000 653,000 2,125,000 1,857,000 4,057,000 1,109,000 366,000 3.722,000 75.0 79.3 79.7 64.3 81.3 60.5 37.5 59.6 5.492,000 1,091,000 5,542,000 2,524,000 5,895,000 1,117,000 1,832.000 13,967,000 11,341,000 1.125,000 4,443,000 4,881,000 10,719,000 2.094,000 1,187,000 104,586,000 Total wk.Sept.20 30 Daily average 95.6 17,088,000 2,440,900 69.2 37,260,000 140,376,000 Total wk. Sept. 13'30 Daily average 95.6 17,124,000 2.446,300 69.4 37,832,000 140,875,000 yTotal wk. Sept.21 '29 Daily average 94.0 19,227,000 2,746 700 8.5.8 32,402,000 *142,792,000 Texas Gulf Coast__ _x 100.0 Louisiana Gulf Coasts 100.0 3,085,000 758.000 83.7 73.4 District. Per Cent Potential Capacity Reportfag. 4,498,000 836.000 [VoL. 131. products has been unusually keen in the last month and whenever lower prices are heard of in the industry, these are immediately attributed to price-cutting in the metal. Lead bookings during the week were in excess of 6,500 tons, the largest total in eight weeks and well above the average for the year. With the exception of ammunition manufacturers, all buying interests were represented in the market. Prices held steady at 5.50 cents. Continued quiet prevails in the tin market, although moderate buying by consumers was noticeable Monday. Prices remained below 80 cents, China again entered the market for silver and this was reflected in the firmer tone which marked the entire industry. Price of Copper Declines to 103( Cents a Pound, the Lowest Level in Over Thirty Years. The price of copper, which has declined steadily since last April, softened again on Sept. 24, when it was reported that custom smelters were offering the metal at 10/ 1 4 cents a pound, a quarter of a cent under the established domestic price, states the New York "Times," of Sept. 25, which also reports: Leading producers continued to ask 10% cents a pound for copper, while the export price remained at 10.80 cents, C. European base ports. The price of 1014 cents is the lowest level at which copper has been offered in more than thirty years. It compares with a price of 18 cents a pound which held for a year until last April. During the persistent decline in the price of the metal since last Spring, reductions have invariably been presaged by shading of quotations by the custom smelters. 7,867.000 1.377.000 Production of Refined Copper in August Below That of Year Ago-Shipments Lower-Inventories Increase. Production of refined copper by United States mines totaled 56,779 short tons in August, against 54,249 tons in July and 78,885 tons in August 1929, according to figures released by the American Bureau of Metal Statistics, and published in the "Wall Street Journal," Sept. 12. Copper British Gasoline Cheaper-Car Owners Save $35,000,000. production of smelters in North America amounted to A cablegram from London, Sept. 23, to the New York 84,560 tons in August, against 84,426 tons in July and 85,531 tons in June, continues the "Journal" which also "Times" says: British automobile owners will save about $35,000,000 a year on their goes on to say: * Final revised. x In luded above in the totals for week ended Sept. 20 1930, of their respective districts. y The United States total figures for last year shown above are not comparable with this year's totals because of the difference In the percentage capacity reporting. Note.-All crude runs to stills and stocks figures follow exactly the present Bureau of Mines definitions. In California, stocks of heavy crude and all grades of fuel oil are Included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to stills include both foreign and domestic crude. present gasoline bills as a result of the reduction of 4 cents per gallon In the Stocks of refined copper in North and South America on Sept. 1 were price of gasoline announced last night. Gasoline will cost 33 cents a gallon 347,688 tons, an increase of 25,649 tons, over the stocks on Aug. 1, and in the London district and 34 cents outside. comparing with stocks of 104,372 tons on Sept. 1 1929. The reduction is said to be due to the weakening of prices in the United Stocks of blister copper in North and South America, including copper in States and to the heavy drop in freight charges. Following the big price process, on Sept. 1 were 234.135 tons, a decrease of 8.077 tons from stocks reductions in the new season's cars, the cheaper gasoline Is expected to give of 242.212 tons on Aug. 1 and comparing with 253.834 tons on July 1. the industry a big stimulus, though the industry was apprehensive to-night Total stocks of copper, refined and blister, on Sept. 1 were 581.823 tons. that the Chancellor of the Exchequer, Philip Snowden, might take ad- an increase of 17,572 tons over stocks of 564,251 tons on Aug. 1 and comvantage of the fall of prices to increase taxation. paring with 570.596 tons on July 1. The production of refined copper in August was 120,778 tons, or a daily average of 3,896 tons compared with 123,179 tons, or a daily average of List. 3,974 tons in July and 148,648 tons, or a daily average of 4.795 tons in Peru Puts Gasoline on Free August 1929. The New York "Sun" reports the following Associated Shipments by North and South American producers and refiners in August, were 95,129 tons, against 117,902 tons in July, and 142.005 tons Press cablegram from Lima (Peru) Sept. 19: The Government to-day placed the importation of gasoline on a duty free in August 1929. Domestic shipments were 56,810 tons against 75.436 tons in July and 96,970 tons in August, last year. Export shipments were basis. The official decree said the action was taken to reduce prices which, 38,319 tons in August against 42,466 tons in July and 45,035 tons in August despite the fact Peru is an oil producer, are higher than those charged in 1929. Mine production of copper for the United States in August was 56,779 non-producer countries. tons against 54,249 tons in July and 56,743 tons in June. August production was at the daily average rate of 1,832 tons against 1,750 tons in July and Independents Sue Refiners as Trust in Detroit Gas 2,545 tons in August 1929. War-White Star, Sinclair, Standard, Shell and The "Wall Street Journal," on Sept. 13, in connection Sun Oil Named in Action. with the above statement, said: The features of the August statement of the copper producing industry An Associated Press dispatch from Detroit, Sept. 19, is were: A further increase of 51.298,000 pounds in refinery surplus; a slight taken as follows from the New York "Sun": reduction in Detroit's gasoline price war to-day brought a suit in Federal Court asking that five national distributors be barred from the State for violation of the Sherman anti-trust laws, the Clayton Act and the statutes of Michigan. The suit was filed by 10 independent dealers, who charged the distributors are conspiring to sell gasoline below cost in an effort to drive them out. The defendants are the White Star Refining Co., Sinclair Refining Co., Standard Oil Co. of Indiana, Shell Petroleum Co. and the Sun Oil Co. In addition to a ruling that the companies have forfeited their right to do business in the State and an injunction restraining them from continuing the price-cutting policy, the independents ask damages. Gasoline to-day was se ling at 14.3 cents a gallon in most stations in Detroit. Copper Down to 103c.-Lead Active at Steady PricesZinc Demand Improves-Tin Quiet. Copper prices took another drop during the past week, declining to 10/ 1 4 cents, delivered Connecticut, but other major non-ferrous metals ruled steady, reports Metal and Mineral Markets. Lead was active at steady prices. Zinc enjoyed an excellent demand at 4.25 cents. St. Louis oTT most of the tonnage sold. Tin continued dull. Continuing the publication referred to says: Copper transactions were somewhat above the average for a single week's business, although demand fell off as the week progressed on the news that the metal was available at 10% cents. Large producers continued to quote 10% cents up to the close, indicating that they were not eager for business below that level. Much of the talk of lower prices for copper is apparently originating with the fabricators. Competition for business in copper the daily refinery output-from 7,948,000 pounds in July to 7,792,000 pounds in August;smallest shipments to domestic consumers, with one exception, in many years, and failure of the United States mines further to reduce output. The holders of copper shares can derive little comfort in the operating figures of the industry during August. The only constructive item-and that was small-was the slight reduction in the daily rate of refinery output. Shipments to domestic manufacturers last month dropped to 113,620,000 pounds from 150,872,000 pounds In July and 193,940,000 pounds in August a year ago. It is obvious that the paucity of consumer demand,if longer continued, will necessitate a more vigorous cut-down of production. Last month only 47% of the refinery production was shipped to consumers in this country, 32% exported and 21% carried to surplus, bringing the latter total up to almost 700,000,000 pounds. This stock of copper represents from 20% to 25% of the annual shipments from the refineries during the past four years. At current rate of shipments It represents from three to four months'supply of metal. Domestic Production of Lead Increased in August. Domestic production of refined lead in August amounted to 52,980 tons, compared with 51,538 tons in July and 58,503 tons in August 1929, according to the American Bureau of Metal Statistics. Stocks of lead on Sept. 1 were 72,832 tons, against 62,880 tons on Aug. 1 and 55,501 tons on July 1. Lead shipments in August were 47,979 tons, against 48,816 tons in July and 50,127 tons in June. The following table gives, in short tons, lead statistics as compiled by American Bureau of Metal Statistics, covering production, stocks and domestic shipments of lead: SEPT.27 1930.] FINANCIAL CHRONICLE 1977 hag into the market. Indications are that consumers' necks, in many cases, have been so badly depleted that replenishment was imperative. 55,547 :From domestic ore Now that replacement buying has become general and the tone of prices 8.520 Second and foreign Is improving, the incentive to hold stocks to the minimum is disappearing. It is too early to estimate the actual gain in steel consumption. A. 55,686 56,204 58,036 64,067 59,170 Total production 42,015 49,638 55.501 62,880 number of miscellaneous lines, no doubt under seasohal stimulus, are 42,469 Stock at beginning of month more active, among them the radio, stove and range, steel barrel and farm 120.916 106,536 101,185 105,324 111.705 Total supply 55,501 49,638 62,880 72,832 implement industries. 42,015 Stock at end of month Forward demand for pig iron continues to expand and, while it is doubt51,547 49,823 48,084 less prompted by the belief that prices are low, its initial effect has.been 64,521 48,825 Shipments by difference 50.127 51,871 48.816 47.979 to bring out further breaks in the market. In the Valleys, basic iron has 64.100 shiomenta reported x Includes a small proportion of secondary that It Is Impracticable to separate declined $1 a ton and other grades have dropped 50c. a ton, while at Ohio statistically. River points and other Northern consuming centers Southern iron, hereBirmingham. has receded to $11.50. Scrap markets The following table gives, in short tons, domestic lead tofore held at $12, are irregular and lacking in trend, although weaker in their general tone shipments classified industrially by American Bureau for than recently. Declines in pig iron at Pittsburgh and at Birmingham for Northern the last five months: snipments bring the "Iron Age" composite price down to $16.46 a gross May. July. Aprtl. August. 1st8 Mos. ton, the lowest figure since late in 1915. An advance on black sheets of $1 a ton raises the composite steel price slightly to 2.149c. a lb., as the 16,224 16,842 18,675 16.076 140,340 Cable 2,068 4,640 2,006 6.143 33,528 following table shows: Ammunition Finished Steal. 1,973 2,138 1.791 14,222 1,614 Tin foil 1Ba.ed on steel bats, beam., tank plate% Sept. 23 1930, 2.149o. a Lb. 2,919 4,390 4,408 39,661 6,078 Batteries 2.142o. wire, rails. black pipe and sheets. 213 174 172 174 1,482 One week ago Brass-making These products mate 87% of the 3.142e.I One month ago 3,375 3,438 2,196 4,069 26,158 Sundries 2,384s.j United States output. 1.328 405 843 421 4.987 One year ago Jobbers Low. 20,872 20,035 20,140 26.926 High 195,769 Unclassified y 2.1420. Aug. 26 2 5620. Jan. 7 1930 2 362e. Oct 29 Total 64.100 51.871 48.816 47.979 456.147 1929 2 4120. Apr. 2 2.3140. Jan. 3 2 3910. Dec. 11 1928 9 Of the shipments reported as unclassified about one-third goes into white lead 1927 2.293a. Oct. 25 2 4530. Jan. 4 and about 30% into red lead and litharge, as averages, but it is impossib e to make 1926 2.403e. May 18 5 Jan. 2 453e. a monta:y segregation of the shipments according to these destinations. Other 1925 3.396e. Aug. 12 2 5600. Jan. 6 amount to pipe, which about sheet and 6,000 tons Per important manufactures are month and solder babitt metal. PIS Iron. Sept. 23 1930, $16.46 a Gross Ton. IB.asd on average of Wale Iron at Valley $16.88 furnace aid foundry Irons at Chicago, One week ago Butfalci, Valley and Bitmonth ago World's Production of Copper Higher in August. One 18.29j mington. One year ago Lew. High. World production of copper in August amounted to $16.88 Aug. 12 $18.21 Jan. 7 1930 18 21 Des. 17 18.71 May 14 148,321 short tons, against 143,615 tons in July and 145,797 1929 18.59 Nov. 27 17 04 July 24 17.54 Nov. 1 19 71 Jan. 4 tons in June, according to the American Bureau of Metal 1922 1927 21.54 Jan. 5 19.46 July 13 1926 of 4,785 tons, rate daily against at the was This Statistics. 22.50 Jan. 13 18.96 July 7 1925 Produdion-- April. May. June. July. 52,818 6,352 50,721 4,965 51,538 4,666 August. 52,980 5,056 4,633 tons in July and 4,860 tons in June. World production in August 1929 was 173,430 tons, or a daily average rate of 5,595 tons. The following table gives, in short tons, world output based upon smelter reports without segregation as to country of origin of the ore. Under "Elsewhere" is included the Bureau's estimate of unreported tonnage: United States Mexha Canada Chile and Peru Japan Australia Germany Other Europe_x Eisewhere_x World total x Partly estimated. April. May. June. July. 76,777 4,430 7,580 21,037 7.624 650 5.297 11.200 11,000 75,936 5,262 8.782 22.213 7,412 647 5,936 11,300 11,308 69.155 5,371 11,005 23.043 7.895 2,487 4,1411 11.400J 11,300 67,638 4,968 11.820 23,328 7,365 496 66,698 4,812 12.850 26.937 7,314 510 16.000 12,000 16,500 12,700 145,595 148,788 143,615 148,321 145,556 August, London Copper Price Drop. The New York "Evening World" reports the following (United Press) from London, Sept. 26: M pence a ton on the Metal ExCopper touched, £44, 10 shillings. 7 change to-day, the lowest since 1896. Tin dropped to £130, 18 shillings, 9 pence a ton, the lowest since 1909. Steel Output at Higher Rate-Price of Steel Advances -Pig Iron Price Lower. Improvement in iron and steel demand, although not rapid, is nevertheless sustained, the "Iron Age" of Sept. 25 states in its summary of iron and steel conditions. Although much of the betterment is represented by future commitments rather than orders for current shipment, aggregate specifications are averaging close to 15% higher than in August and for some steel sales offices are running ahead of the volume of a year ago, when business was on the decline. The full extent of the gain in steel releases has been obscured by the tardy response of ingot output to expanding rolling mill schedules. Current steel ingot output, at 61% compares with 58% in the two previous weeks. Earlier in the month, and probably also in August, raw steel production was a step ahead of finishing requirements. With this disparity removed,further increases in finished steel business should find quicker reflection in steel furnace operations, also says the "Age," which is further quoted: The growing interest in forward buying has had the effect of stiffening finished steel prices. Efforts of buyers to cover their requirements through the first quarter or first half of next year have met with little success, since mills are disinclined to quote for delivery beyond Jan. 1. On fourth quarter business, as well as orders for immediate shipmen .,;producers are Insisting on better prices than were recently current. This is particularly true of black and blue annealed sheets, on which price advances recently announced are becoming established market levels. Among the heavier rolled products, bars are showing greater strength, with 1.65e. a lb.. Pittsburgh, representing an advance of $1 a ton, more commonly quoted. In the East, structural shapes are up $1 a ton to 1.70c, a lb., Bethlehem. The gain in steel bookings has come largely without the aid of the automobile industry and the railroads, two of the largest consumers. Considerable business that had been deferred during the summer is now corn- Steel Scrap. Based on heavy melting steel quoSept. 23 1930, $13.75 a Groat Ton. $1375 tatione at Plttabtugh. Philadelphia One wees ago 13.67 and Chicago. 0110 month ago 16.33 One year ago Mph. Low. $15.00 Feb. 18 1930 17.58 Jan. 29 $114 38 july Dec. 3 1 1929 16.50 Dec. 31 13.08 July 2 13.08 Nov.22 15.25 Jan. 11 10 92 287 14.00 June 1 17.25 Jan. 5 1926 15.0V May I 20.83 Jan. 13 1925 None of the major outlets for steel, such as the.railroads or the automotive industry, as a group is displaying noteworthy interest in the market, but the aggregate of moderate, unrelated demand is encouraging and is maintaining sentiment buoyant, says "Steel," formerly "Iron Trade Review," in its issue of Sept. 25. "Steel" also goes on to say: Inquiry for heavy steel at Chicago, for example, is the largest in six weeks, and 50,000 tons of structural work is developing. As western railroads begin shaping up their budgets for 1931, prospects for track material needs are more favorable. Wire and fencing are moving better Ill the Northwest. In the East, an important steel producer has booked 15% more tonnage in the first 20 days of September than In August. In spite of slack automotive interest, improvement in the sheet, strip and cold-finished bar markets at Pittsburgh continues. Implement manufacturers are releasing more fourth-quarter bars. As for several weeks, the price situation is a source of strength for steel producers. It still is true that actual advances are rare and there are no illusions concerning third-quarter earnings reports, due next month. But concessions are disappearing, and increasingly are large consumers endeavoring to cover ahead. A number of automotive parts makers offer contracts for unstated volume at current prices through April I, without takers. In pig iron the same inclination of consumers to cover ahead is apparent and in most districts it is believed present quotations represent bottom. An exception is Pittsburgh, explained by the fact that a lack of demand has prevented adjustments long in process in other districts. An inquiry at Pittsburgh for 10,000 tons of basic has developed a price of $17, valley, a reduction of $1, while foundry, malleable and bessemer have sold 50 cents down in small lots. Cleveland blast furnaces have sold 16,000 tons of iron the past week, duplicating the week previous, while sales at New York totaled 13,000 tons. Improvement also is noted at Buffalo. A sale of 5.000 tons of basic is reported at Chicago. Largely for seasonal reasons, structural steel inquiry is not expanding as rapidly as a few weeks ago nor are awards as large, but an unusual volume of business is pending. The more active projects include 6,000 tons each for the house of representatives office building at Washington and a penitentiary in New York, 500 tons for a glass plant at Los Angeles and 3,600 for a state building at Columbus, 0. Fully 100,000 tons in active, structural business is before fabricators. This week's awards. at 35.492 tons, bring 1930 orders to date to 1.406,958 tons; a year ago awards totaled 1,630,977 tons. The firmer market on plates in the East Is accompanied by an inquiry for 7,800 tons for the Brooklyn, N. Y., water system and expected fourthquarter requirements for many railroads. At Chicago 20,000 tons of plate work, chiefly oil tanks, is out. Pittsburgh mills have reaffirmed present prices on wire, nails and wire rods, reduced annealed fencing wire and galvanized wire $1. advanced staples and other specialties 10%. Sinclair Consolidated 011 Co. has placed 25,000 tons of pipe with the Youngstown Sheet & Tube Co., while Continental Construction Corp. has awarded 24,000 tons to Republic Steel Corp. Federal Water Service Co. may buy 14,000 tons of cast iron pipe for West Virginia lines. New York Central is expected to Inquire for 175,000 tons of rails, equalling its 1930 needs, about Oct. 15. The Pennsylvania inquiry may be delayed. An eastern carrier Is closing on its 1931 rails. The Pere Marquette, with 13,600 tons, is the first western road in the market. Steelmaking operations are fractionally weaker, averaging about 57 for the industry. Pittsburgh and Chicago mills at 55%. Buffalo at 53. Cleveland at 50 and eastern Pennsylvania at 68 are unchanged. Birmingham 1978 [Vol,. 131. FINANCIAL CHRONICLE tons. Figures for corresponding periods in other recent years are given below: 1929 360,805,000 net tons11927 366,881,000 net tons 1928 333,546.000 net tons11926 377.576,000 net tons As already indicated by the revised figures above, the total production of soft coal for the country as a during the week ended Sept. 6 is Steel ingot production in the week ended last Monday estimated at 8,088,000 net tons. whole The decrease, 965,000 tons, or 10.7%. (Sept. 22) is estimated at a shade over 60%, compared with was due largely to the Labor Day holiday on Sept. 1. The following table a fraction under 58% in the preceding week and 56% two apportions the tonnage by States and gives comparable figures for other recent years. weeks previous,reports the "Wall Street Journal" of Sept. 24. Estimated Weekly Production of Coal by States (Net Tons). The principal improvement has been among the smaller Week Ended Sept. 1923 StateSept. 6 '30. Aug. 30 '30 Sept. 7 '29 Sept. 8'28 Average.a independents which did little during July and -August, but 248,000 278.000 293,000 327.000 406,000 which have been showing an upward tendency in the past Alabama Arkansas 32.000 32,000 39,000 43,000 31,000 two weeks, continues the "Journal," adding: Colorado 126,000 125,000 138,000 187.000 214,000 835,000 1.587.000 836,000 1,013,000 967,000 For the United States Steel Corp., the rate for the past week is placed Illinois 268,000 550,000 255.000 312,000 286,000 at about 66%, contrasted with a shade under 65% in the preceding week Indiana 117,000 56,000 59,000 67,000 57,000 and around 63% two weeks ago. Independent steel companies are esti- Iowa Kansas 29,000 95,000 40.000 41,000 50,000 than 52% in the mated at a fraction over 56%, against slightly better Kentuckyprevious week and under 51% two weeks ago. Eastern 713,000 830,000 849.000 924,000 943.000 At this time last year operations were declining. There was a drop Western 248,000 183.000 206.000 246,000 270,000 of 2M % in the Steel Corporation's rate to 88%, while independents were Maryland 35.000 43.000 40.000 45.000 40.000 2% to nearly 83%. off 2% at 79%, and the average was down over 27.000 11,000 7.000 14,000 9,000 In the third week of September 1928, there were substantial increases Michigan 55,000 71.000 60.000 70,000 73.000 in activities, the Steel Corporation showing a gain of 6%, independents Missouri Montana 46,000 50,000 65,000 64,000 68,000 4% and the average 5%. All units were placed at 85% of theoretical New 32,000 Mexico_ __ 30,000 42,000 56,000 49.000 capacity. North Dakota...._ 18,000 21.000 20,000 27,000 19,000 Ohio 861.000 348,000 478.000 417,000 303,000 Early Dissolution of European Steel Cartel Is Foreseen Oklahoma 44,000 51,000 65.000 70,000 65.000 (bitum.)_ 2,103,000 2,333,000 2,513,000 2,310.000 3,585.000 -Differences of Viewpoint at Liege Meeting Given Penna. Tennessee 105,000 119,000 91,000 105.000 108,000 as Reason for Possible Break-up of Cartel. Texas 28.000 26,000 14,000 15,000 21.000 103.000 85,000 102,000 73,000 71,000 The following is from the "United States Daily" of Sept.20: Utah Virginia 256,000 229.000 245,000 221.000 213,000 The early dissolution of the Continental Steel Entente, one of the largest Washington 58,000 49,000 37,000 43,000 35.000 cartels in the world, is foreseen because of the wide discrepancy in view- West Virginiapoint exhibited at the meeting. Sept. 16. at Liege, Belgium, according to 1,474,000 Southern_b 1,745,000 1,926,000 1,953,000 1,817.000 an oral statement on behalf of the Iron and Steel Division of the Department 646.000 709.000 857,000 Northern_c 496,000 567,000 of Commerce Sept. 19. Wyoming 109,000 136.000 165,000 111,000 116,000 The following information was furnished by the Division; 4,000 Other States _ _ 1,000 4,000 4,000 1,000 In a cablegram dated Sept. 17 the Acting Commercial Attache at Paris, Total bitum's_ 8,088,000 9.053,000 9,462.000 9,080.000 11,814,000 Daniel J. Reagan, reported that the Continental Steel Entente meeting 714,000 at Liege, Belgium, Sept. 16, decided upon the dissolution of the export Penn.anthracite_ 1.060,000 1,929,000 1,218,000 1,096,000 sales comptoirs, covering semi-finished products and beams, which have Total 10,176.000 12.528.000 all 10,680,000 coal._ 10.982.000 9,148,000 been functioning since Aug. 1. As a result of this action all efforts looking a Average weekly rate for the entire month. b Includes operations on toward the organization of sales comptoirs to handle other products have the N. dr W C. & 0., Virginian, and K. & M. c Rest of State. including been dropped. The life of the Continental Steel Entente, which is one of the largest Panhandle. PENNSYLVANIA ANTHRACITE. cartels in the world, has been prolonged provisionally to the end of the The total production of anthracite in the State of Pennsylvania during th year, but its early dissolution is foreseen because of the wide discrepancy in viewpdint exhibited during the Liege meeting. The production of raw week ended Sept. 13 is estimated at 1,435.000 net tons. This is an increase steel, the Control of which was the original function of the entente, was of 375.000 tons, or 35.4%, over the output in the preceding week, when curtailed an additional 25%, but the efficacy of that measure has been working time was curtailed by the observance of the Labor Day holiday. greatly discounted due to the increasing difficulty in keeping producers Production during the week in 1929 corresponding with that of Sept. 13 amounted to 1.434,000 tons. in line in event the national organizations. The fundamental cause probably is the low market conditions throughout Estimated Production of Pennsylvania Anthracite (Net Tans). the world, and the inability of the entente to keep the smaller organiza1930-1929 Daily Daily tions from conducting business contrary to agreements. Week EndedWeek. Awe. Avge. Week. Aug. 30 1,928.000 321.500 269,000 1,613.000 Sept. 6 1,060.000 244.000 212.000 1,218,000 1.435,000 239,000 239,200 1,434,000 Output of Bituminous Coal Continues Below Rate a Sept. 13 BEEHIVE COKE. Year Ago-Little Change in Pennsylvania AnThe total production of beehive coke for the country as a whole during thracite Production as Compared With Corres- the week ended Sept. 13 is estimated at 36.800 net tons. This is in comparison with 36,600 tons during the preceding week, and 123,000 tons in ponding Period in 1929. the week of 1929 corresponding with that of Sept. 13. Bureau of Mines, Departmills have curtailed from 55% to 50, and Youngstown mills are at 57% against 58. Although steel prices are fairly-well stabilized, belated reductions at Pittsburgh lower the market composite of "Steel" 8 cents, to $32.56, giving September an average of $32.65. According to the United States ment of Commerce, production of bituminous coal during the week ended Sept. 13 1930, continued below that for the corresponding week in 1929, while Pennsylvania anthracite output showed little change as compared with the same period. During the week under review, there were produced 9,150,000 net tons of bituminous coal, 1,435,000 tons of Pennsylvania anthracite and 36,800 tons of beehive coke, as against 11,008,000 tons of bituminous coal, 1,434,000 tons of Pennsylvania anthracite and 123,000 tons of beehive coke in the week ended Sept. 14 1929, and 8,088,000 tons of bituminous coal, 1,060,000 tons of Pennsylvania anthracite and 36,600 tons of beehive coke in the week ended Sept. 6 1930. For the calendar year to Sept. 13 1930, a total of 318,247,000 net tons of bituminous coal were produced as compared with 360,805,000 tons in the calendar year to Sept. 14 1929. The Bureau's statement shows: BITUMINOUS COAL. The total production of soft coal during the week ended Sept. 13, including lignite and coal coked at the mines, is estimated at 9,150,000 net tons. This is an increase of 1,062.000 tons, or 13.1%, over the output in the preceding week, when working time was curtailed by the Labor Day holiday on Sept. 1. Production during the week in 1929 corresponding with that of Sept. 13 amounted to 11,008,000 tons. Estimated United States Production of Bituminous Coal (Net Tons). 1929 1930Cal. Year Cal. Year Week Endedto Date.a Week. Week. to Date. Aug. 30 10.832,000 340,335.000 9,053,000 301,009,000 Daily average 1.657,000 1,805,000 1,509,000 1,465,000 Sept. 6_b 9,462,000 349,797.000 8.088.000 309,097,000 Daily average 1.660,000 1.785,000 1,526.000 1.466.000 Sept. 13_c 11.008,000 360,805.000 9.150,000 318,247,000 Daily average 1.665,000 1,835,000 1,525,000 1,468,000 a Minus one day's production first week in January to equalize number of days in the two years. b Revised since last report. c Subject to revision The total production of soft coal during the present calendar year to Sept. 13 (approximately 217 working days) amounts to 318,247,000 net Estimated Production of Beehive Coke (Net Tons). 1929 WeEndedek Eegionto Date.a Sept.13'30.12 Sept.6'30.c Sept.1429. to Date. Penn., Ohio & W.Va. 32,600 109.900 1,923,800 4,072,200 32,700 Ga.. Tenn. and Va..., 2,600 258,500 179,200 6,900 2,500 Colo., Utah & Wash.. 1.600 185,500 6.200 79,700 1,400 United States total 36,800 Daily average 6,100 36,600 123,000 2,182.700 4,516.200 6,100 20,500 10,000 20.600 a Minus one day's production first week in January to equalize number of days in the two years. b Subject to revision. c Revised. Decline in Employment in Anthracite Collieries in Pennsylvania During August According to Philadelphia Federal Reserve Bank-Wages Also Lower. Employment in anthracite collieries in Pennsylvania declined nearly 13% from July to August and wage payments decreased 6%, according to figures compiled by the Federal Reserve Bank of Philadelphia from reports furnished the Anthracite Bureau of Information by mines employing almost 83,000 workers, with a weekly payroll of nearly $2,500,000. The Bank under date of Sept. 23, further says: In comparison with the index of a year ago, employment was almost 14% lower and the amount of payroll was nearly 3% less. The August index of employment stood at 80.8% of the 1923-25 average, and the payroll index was 67.2% of the three-year average. EMPLOYMENT AND WAGE PAYMENTS IN PENNSYLVANIA. Index numbers-1923-25 monthly averag Wage Payments. Employment. anuary February March April May June July August SPot, Inber GOtab NoVe.ober December 1928. 115.8 110.6 114.9 116.3 114.0 102.3 100.7 110.9 112.7 135.9 117.7 109.4 1929. 109.8 109.4 101.3 104.1 107.2 95.4 85.6 93.6 105.5 109.8 107.6 110.8 1930. 105.6 107.8 83.3 84.8 94.5 91.5 92.3 80.8 1928. 91.9 85.4 83.1 116.8 97.6 60.6 82.5 97.2 112.5 134.7 110.1 92.9 1929. 112.6 107.0 79.5 77.4 85.4 71.0 56.8 08.9 83.4 116.6 87.6 110.3 1930. 92.1 103.7 67.1 63.9 84.2 74.1 71.6 67.2 SEPT. 27 1930.1 1979 FINANCIAL CHRONICLE Current Events and Discussions The Week with the Federal Reserve Banks. The daily average volume of Federal Reserve bank credit outstanding during the week ended Sept. 24, as reported by decrease the 12 Federal Reserve banks, was $999,000,000, a and of of $9,000,000 compared with the preceding week 1929. of week nding correspo the with d compare $403,000,000 After noting these facts, the Federal Reserve Board proceeds as follows: $991,000,000, a credit amounted to On Sept. 24 total Reserve Bank This decrease corresponds with decrease of $17,000.000 for the week. reserve balances, and $23,000.000 bank decreases of $40.000,000 In member in by a decrease of in money In circulation, offset in part Treasury currency. the week, the during Holdings of discounted bills increased $4,000,000 each at the Federal Reserve principal changes being Increases of $3,000,000 System's holdings of bills bought banks of New York and Cleveland. The of treasury notes $3.000,000 and of In open market declined $11,000.000, Treasury bills and certificates $5,000,000. $46,000,000 Sept. 24 1930. Sept. 17 1930. Sept. s25 1929 9 S 820.000.000 809.000,000 741,000,000 ___ Bank_ Reserve Federal with Reserve 52,000,000 43.000.000 44,000.000 Cash In vault 00 5,130.000.000 5.526,000,0 00 5.574.000.0 Net demand deposits 1 415,000.000 1,403,000.000 1,240.000.000 Time deposits 65.000,000 46,000,000 46,000.000 Government deposits 96,000.000 101,000.000 1 086,000.000 1,109,600,000 Due from banks Due to banks 118,000,000 887,000.000 147.000,000 Borrowings from Federal Reserve Bank Loans on secur, to brokers & dealers;1,721.000.000 1,649.000,000 1.024.000.000 For own account 792.000.000 826,000,000 1.876.000.300 For account of out-of-town banks 719,000,000 746.000 000 3.860.000.000 For account of others 000 3.222.000.000 6,761.000.000 _3,222,000, Total 00 2,631,000.000 6,391,000,000 2,639.000,0 On demand 183.000,000 591,000,000 369,000,000 On time Loans and investments—total Chicago. 2.038.000.000 2.028,000,000 1.945.000.000 1,602.000.000 1,584,000,000 1,581.000.000 Loans—total.. Beginning with the statement of May 28 1930, the text 996,000,000 966,000.000 889.000.000 On securities the of Federal t 616,000,000 618,000,000 691,000.000 All other accompanying the Weekly condition statemen Reserve of amount the show to changed was 456.000.000 444,000.000 364.000,000 banks Reserve Investments—total 1115.000,000 165,000.000 162.000.000 bank credit outstanding and certain other items not included securities U. S. Government y gold stock and 291,000.000 280,000,000 202,000.000 Other securities in the condition statement, such as monetar 181,000.000 191.000.000 180,000,000 money in circulation. The Federal Reserve Board's explana- Reserve with Federal Reserve Bank 15.000.000 12,000.000 13,000,000 n the differ- Cash in vault tion of the changes, together with the definitio of 00 00 1,262.000,0 00 1,265.000,0 1,270,000.0 of the Net demand deposits 668.000,000 669.000.000 557,000 000 ent items, was published in the May 31 1930 issue Time deposits 16,000.000 6.000,000 6,000.000 Government deposits "Chronicle," on page 3797. 24, in com- Due from banks 175.000,000 187.000.000 127,000,000 The statement in full for the week ended Sept. 360.000.000 366.000.000 303,000,000 nding correspo Due to banks the with and week g precedin parison with the 23,000.000 1,000,000 1.000,000 Reserve Bank_ date last year, will be found on subsequent pages—namely, Borrowings from Federal 2026. and 2025 pages of the Federal Changes in the amount of Reserve Bank credit outstandComplete Returns of the Member Banks ing and in related items during the week and the year ended System for the Preceding Week. Reserve Sept. 24 1930 were as follows: Now York and Increase 1-1-) or Decrease (—) As explained above, the statements for the Since given out on Thursday, Sept. 24 1930, Sept. 17 1930. Sept. 25 1929. Chicago member banks are now $ $ $ figures for the Reserve banks them+4.000.000 —777.000.000 simultaneously with the 167.000.000 Bills discounted —66.000,000 —11.00 .000 199,000,000 same week, instead of being held the covering Bills bought and selves, 00 —8.000.000 +450.000,0 602,000.000 United States securities 0 , before which time the statistics —26,000,00 Monday —2,000,000 24,000,000 g followin credit until the Other reserve bank reporting member banks in 101 of body 991,000.000 —17.000.000 —420.000,000 covering the entire TOTAL RES. DANK CRED1T +132,000,000 —1.000,000 4 507,000,000 ready. Monetary gold stock got be cannot 0 ,000 +32,000,00 cities 1 770,000,000-46,000 Treasury currency adjusted s of the Federal In the following will be found the comment 4,436.000.000 —23.000.000 —307,000,000 Money In circulation +52.000,000 Reserve Board respecting the returns of the entire body of 2 416,000,000 —40,000,000 Member bank reserve balances System for Unexpended capital funds, non-mem—1,000,000 4116,000,000 reporting member banks of the Federal Reserve ber deposits, ace 17. on Sept. business of close the the week ended with Returns of Member Banks for New York and Chicago Federal Reserve Districts—Brokers' Loans. Beginning with the returns for June 29 1927, the Federal Reserve Board also commenced to give out the figures of the member banks in the New York Federal Reserve District as well as thoso in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks themselves, and for the same week, instead of waiting until the following Monday, before which time the statistics covering the entire body of reporting member banks in the different cities included cannot be got ready. Below is the statement for the New York member banks and that for the Chicago member banks thus issued in advance of the full statement of the member banks, which latter will not be available until the coming Monday. The New York statement, of course, also includes the brokers' loans of reporting member banks. The grand aggregate of these brokers' loans the present week remains unchanged at $3,222,000,000 although the loans under the different headings have changed. Loans "for own account" have increased during the week from $1,649,000,000 to $1,721,000,000, but loans "for account of out-of-town banks" have fallen from $826,000,000 to $782,000,000 and loans "for account of others" have decreased from $746,000,000 to $719,000,000. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES. New York. Sept. 241930. Sept. 171930, Sept. 251929. $9.000,000 17. 17 00 Loans and Investments—total.___23,250,000.0 16,881,000.000 Loans—total 8,404,000.000 On securities 8,477,000,000 All other 6,369,000,000 Investments—total 2.932.000.000 ... t securities. U.S. Governmen 3,437,000,000 Other securities +85,000,000 +508,000,000 +69,000,000 —373,000.000 +.72.000,000 +718.000.000 —"3,000,000 —1,000,000,000 +16.000,000 +880,000,000 +17,000.000 —1,000,000 +213,000,000 +667,000,000 —.82,000,000 —30,000.000 +182,000,000 +439,000,000 +643000000 —45.000.000 3,619,000,000 3,541.000.000 2.893.000.000 2,414,000,000 2,429,000,000 2,894,000,000 +111.000.000 +152,000,000 +524,000.000 +843,000.000 2 059.000.000 2,088.000.000 1.697,000,000 Borrowings from Fed. Res. banks, 28,000.000 —9,000,000 —645,000,000 Loans-total $9,000.000 +115,000,000 —32.000.000 8,092.000,000 8,059,000.000 7,474,000.000 U.S. Government securities Other securities $6.000,- +19,000.000 —12,000.000 6,033,000.000 5.970.000,000 5,777,000,000 Investments—total $9.000.000 1,836,000.000 Reserve with Federal Res've banks 204,000.000 Cash in vault 13,618,000.000 Net demand deposits 7,448,000.000 Time deposits 182,000,000 Government deposits 00 1,690,000,0 banks Due from 3,590,000,000 Due to banks Loans and Investments—total On securities All other condition statement of weekly reporting The Federal Reserve Board's Sept. 17 shows increases for the week of member banks In leading cities on investments and 5182.000,000 in Government $85,000.000 in loans and reported on Sept. 10. and decreases of $82.deposits, of which none was $30,000,000 in time deposits and 000,000 in net demand deposits. Reserve banks. in borrowings from Federal all reporting banks were $72,000,000 above Loans on securities. which at increased $28,000.000 in the Chicago district, the previous week's total. York and San Francisco districts and $21,000,000 each in the New "All other" loans increased $14.000.000 in the 000 in the Boston district. $12.000,000 in the Boston district, all New York district and declined reduction of $3,000.000. reporting banks showing a net nt securities Increased $15.000,000 in the Holdings of U. S. Governme in the Atlanta district. 510.000.000 in the Cleveland district, $11,000,000 in the Dallas district and $17,000,000 at Richmond district, declined $22,000,000 in the Chicago district all reporting banks, and New York district. Holdings of other securities and $11,000.000 in the the New York district and increased $5,000,000 declined $7.000.000 in reporting banks showing a nominal reduction in the Cleveland district, all for the week. member banks from Federal Reserve Borrowings of weekly reporting a net reduction of on Sept. banks amounted to $28,000,000 for the week. assets and liabilities of weekly reporting A summary of the principal during the week and the year ending member banks, together with changes 1930. follows: Sept. Increase (+) or Decrease (—) Since Sept. 17 1930. Sept. 10 1930. Sept. 18 1929. 1048,000,000 1,069,000,000 1 011,000,000 1,018,000,000 927,000 000 769,000,000 *Sept. 10 figures revised. 1980 FINANCIAL CHRONICLE 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. 27 the following summary of market conditions abroad, based on advices by cable and radio: ARGENTINA. The further strength in peso exchange and the facility with which local and foreign bankers have expressed their willingness to advance funds to the Government were considered favorable factors indicating widespread confidence in the new administration. Money is comparatively cheap and both time and call rates have shown signs of weakening, in spite of the fact that an a result of the year's bad crop, credit is stringent. Some dryness has been felt in the southern districts of the country and, although as yet it is too early to predict the outcome of next year's crop, the general outlook continues to be bright. The demand for carded yarns is fair and for mercerized, duller, but the outlook of both Is fairly good. Underwear mills are somewhat more active than the hosiery mills. AUSTRALIA. Business in Australia reflects a growing pessimism as the effects of the general depression become more marked. The turnover in all branches of trade shows heavy decreases compared with this time last year and all Indications point to further decline. Considerable anxiety and uncertainty is resulting from this situation. Building operations throughout the country have declined to small proportions. Investment stocks continue downward and have reached the lowest levels since the depression began. The unemployment situation is becoming acute and it I. felt that unless conditions in industry improve, the number of unemployed may reach 300.000 by the end of the year. Railway revenues are still declining. Agricultural and pastoral prospects are excellent. BRAZIL. Brazilian business continues unfavorable, but exchange has been firm due to support by the Bank of Brazil. Coffee shipments have been heavy with prices slightly up. BRITISH MALAYA. Malayan import trade in general is becoming adjusted to the changed conditions and reduced volume of business. Imports have been very light, inward freight amounting to about half normal, and by selling from stock, importers have improved their position. Although trade in staple lines is only slightly less than normal, considerable merchandise which is difficult to move is still burdening the market. Collections continue slow, but failures are now less numerous. Two Chinese estate suppliers failed this month, involving over $100,000 gold, but there are no indications of other failures impending. It is reported that piece goods importers have combined to agree upon reduced credit terms to dealers in contrast to the former practice of combinations of dealers dictating their own terms. [VOL. 131. view of the fact that little ready money is available and that outstanding accounts are now largely uncollectable. However, new credits should be granted sparingly especially as regards those firms who were delinquent before the hurricane, who are now probably bankrupt and who are prone to exaggerate their losses. Street lighting in Santo Domingo has been partially restored and the streets are being rapidly cleaned. Roofing is being restored and numerous shelters are being built from the wreckage. Vessels are discharging normally although storage facilities are inadequate. Transportation into the interior is very difficult. INDIA. The past two weeks has witnessed some weakening of the boycott movement, although agitation for its continuance is still active, There is growing evidence that dealers are beginning to revolt against continued picketing, fearing that it will interfere with the usual trade movement expected during the September holidays. Importing firms particularly are complaining of an absence of trade activity which under normal conditions would have been stimulated on the eve of the holiday season. At Madras, Rangoon. and Karachi, the greatest improvement has taken place, and Calcutta conditions are better, but Bombay is still passing through a period of progressive despondency. While the disobedience campaign has added greatly to India's present business depression, it is becoming increasingly apparent that a large measure of the country's economic distress is due to world depression and influences. For example no boycott exists against India's exports, yet conditions in Bengal are about as grave as at Bombay due to the fact that cultivators meet sell the present bumper jute crop at prices representing approximately half of the cost of production. This is reported due largely to the large carryover and poor world demand. The loss to jute cultivators alone is estimated in India at 200,000,000 rupees compared with a profit of a corresponding amount in normal years. This loss will greatly affect their ability to purchase either foreign or domestic merchandise. The loss of purchasing power is believed to be the chief cause for the heavy reduction in sales of piece goods rather than the boycott so far as Bengal Is concerned. Likewise at Calcutta, jute mills have suffered equally heavy inventory losses and many shippers and traders face failure due to forward contracts of jute and burlaps made at high prices. INDO-CHINA. Curtailed demand for Saigon rice from Europe is causing a dull rice market retarding any possible improvement in the generally depressed condition which prevails in Indo-China. Unsold stocks of unmilled rice at Cholon (port of Saigon) are estimated at 76,000 metric tons. JAPAN. Little change is evident in Japan's general business conditions. A slight seasonable improvement is noticeable in a few lines but depression is more pronounced in many lines, and no real improvement is expected during the remainder of the year. Financial stringency is quite apparent, particularly in industrial and commercial financing. Further depression marks the stock market, with heavy declines recorded in several stocks. The tendency toward purchase of dollar and sterling securities is more pronounced. Several municipal loans toward the relief of unemployment have been authorized by the Japanese Government. It is reported that the Bank of Japan plans to discontinue the credit of 100,000,000 yen which was established in New York and London last year in connection with the renewal of the gold embargo. MEXICO. It is announced that the Federal Government will withdraw 10,000,000 pesos of silver coins from circulation in order to strengthen the position of silver coins which have been at a discount of more than 8% as against gold. Owing to the reported low stocks of gold in Mexico, steps will be taken to reduce the smuggling of gold out of the country and mining companies will again be required to reimport gold equal to the gold content of exported ores. The Mexican Tariff Commission is studying the possibility of increasing duties on luxury articles in order to reduce imports by approximately 50,000.000 pesos. A preliminary local estimate places the 1930 corn crop at 2,000,000 tons as compared with 1,500,000 tons for last year. NETHERLANDS EAST INDIES. Business activity continues on a low level and a number of firms expect no marked improvement from one to two years. All export markets, except pepper, are very quiet, with buying countries making only small purchases. Import markets show slightly more activity, with local stocks materially reduced, and importers are following a cautious attitude because of the lack of stability in manufacturing centers. Retail sales among local Europeans are beginning to decline. Business conditions In the Outer Possessions are materially affected by the low rubber prices. CANADA. Tariff proposals submitted by the Prime Minister to the House of Commons on Sept. 16 embodied duty changes, practically all increases, in about 130 classes of goods, the increases applying in varying amounts to the rates on Imports from British areas, as well as from foreign countries. The new rates became provisionally effective on Sept. 17 and a bill amending the valuation provisions of the Customs Act was passed by the House of Commons on that date. Harvesting of wheat is ahead of average developments for this time of the year. Cutting is practically completed with the exception of a small amount in scattered areas awaiting combines. The increased Optimism in general business noted a week ago continues with some improvement in manufacturing and trade but a material Increase Is not expected until next year. Commencement of work on the railway terminal and new public works programs are expected to benefit some 30,000 unemployed in Montreal and to promote the sale of road and construction machinery. Machinery houses there have experienced a slight improvement in business during the past two weeks and anticipate that the sales tendency will be gradually upward. Some improvement is noted in the demand for leather and rubber belting. A fair volume of wholesale orders, with increased activity in Quebec, have improved the demand for sole and Upper leather. Railway purchases of rolling stock and equipment are being held to immediate requirements and large scale orders are not expected until the beginning of next year. Automobile sales are better than they were in August; a stronger demand exists for dealers'stocks; and accessories and replacement parts are moving well. Present sales of agricultural implementa are small, but there is greater optimism for next year's business. Conditions in the electrical equipment market show improvement over those SIAM. obtaining during the mid-summer. Iron and steel business is slightly better Seasonal rains prevailing over practically all rice-growing areas are creatthan it was in August. Many improvements are reported in fall offerings ing an optimistic outlook for the new rice crop. General business conditions by stove manufacturers and a steadier demand is apparent. Agricultural in other respects remain unimproved, and considerable stocks of the old implement sales are around 40% below the level of a year ago. Stocks, rice crop are still held upcountry. Credits are curtailed and collections are however, are moderate and prospects for next season are considered to be slow, particularly in rural districts, where a shortage of cash is reported. fair. Heavy chemicals are moving well. In British Columbia passenger car sales in August were about 30% below the level for August of last year UNITED KINGDOM. and truck sales were about 40% below. Sales of automotive accessories A group of prominent business men are calling a meeting for Sept. 25 and parts are reported to be satisfactory. Wholesale hardware lines are to consider the formation of a National Council of Industry and Commerce. quiet with prices tending to be slightly lower but retail business Is said to The stated purpose of the undertaking, which is declared to be strictly be improving, Shoe manufacturers report the heaviest demand since last non-political, Is the restoration of the United Kingdom's prosperity and spring. Improvement in employment by protection of the domestic markets and Increasing intra-Empire trade. Associated in the group CHINA. calling the meeting For the first time in many months the-outlook for termination of internal are high officials of Morris Motors (Ltd.). Harrods Department Store, disorders and the early revival of trade in China appears to be extremely the British-American Tobacco Co., British Celanese (Ltd.), Imperial favorable. Hopeful of improved conditions, the Nationalist Minister of Chemical Industries (Ltd.), British General Electric Co.. and others Industry and Commerce has announced the convocation of a National in- The majority of the 22 signaturies are connected with industries now having dustrial and commercial conference on Nov. 1. The general trade situation measures of protection. The Department's summary also includes the following evidences some improvement in exports, due to less fluctuations in silver and lower gold prices. Import trade however, continues at about 25% with regard to the Island and Territorial possessions of the below that of last year became of low silver and the uncertainties of the silver market. Exports are primarily affected by the general world economic United States: HAWAII. depression, combined with uncertainties In silver exchanges. With some The continuance oflow sugar prices has had a sobering improvement in internal conditions, both imports and exports should show effect on Hawaiian favorable response, but perhaps in substantially lower levels than last year business and many small stores are finding it difficult to meet overhead expenses because of narrowed profits. Collections because of the silver situation and depression in foreign markets. are better, however, and the credit situation has improved. Trade in luxury and semi-luxury DOMINICAN REPUBLIC. lines Is slow but necessity lines are moving better than at this time last year. The hurricane caused only slight damage outside of Santo Domingo. The position with banking is sound. Considerable loan money is idle at About 30% of buildings in the city proper were damaged but in the suburbs present because of the difficulty of finding profitable uses for loan funds. approximately 85% of properties were affected. Property owners carried The demand for seasoned stocks and bonds and mortgages Is steady, but very little hurricane insurance. Most commercial firms are protecting speculative issues are receiving little attention. The level of savings detheir stocks and are resuming business although few firms escaped a loss posits is being maintained. Rainfall on windward coasts during the last and in many cases stock damages amounted to 20%. Immediate trade will 30 days has been the heaviest in 16 years. Fieldwork has been retarded be confined to necessities and construction materials. Reasonable credit and a few sugar mills have temporarily shut down because of poor juices extensions should be granted by American exporters to responsible firms in and low sucrose yields. In leeward cane districts temperature and humidity SEPT.27 1930.] FINANCIAL CHRONICLE have been high, with irrigation supplies plentiful. Conditions have been exceptionally favorable to growing cane and the 1931-32 sugar out-turn is expected locally to be the greatest in the history of the Islands. PHILIPPINE. The effects of both general and seasonal depression were felt in the Philippines during August. Export crop prices continued downward, and importing and indenting were below par in most lines, especially textiles, foodstuffs, and automobiles. Business in machinery, hardware, and electrical goods, however, approached normal. Retail trade was a shade better than In the previous two months, but was still unfavorable. Although jobbers' Inventories showed overstocking in several lines, readjustment progressed satisfactorily as the better blase merchants, through active liquidation of stocks, paid their obligations with regularity. Daylight Saving Time Ends at 2 A. M.Sunday (Sept 28). At 2 a. m. Sunday, Sept. 28, the clocks in New York State will be set back one hour, thus changing from daylight saving to Standard time. The folloiing notice has been issued by the Federal Reserve Bank of New York. Federal Reserve Bank of New York—Return to Standard Time. To all banks, trust companies, savings banks and bankers in the Second Federal Reserve District: The period during which so-called Daylight Saving Time is effective in the City of New York and the City of Buffalo will end at 2 a. m. Sunday, Sept. 28 1930. Thereafter this bank, including its Buffalo Branch, will operate on Eastern Standard Time. GEORGE L. HARRISON. Governor. The Federal Reserve Bank of Chicago has issued the following notice. Effective Sept. 28, Chicago Banks, In compliance with the Daylight Saving Ordinance, will turn their clocks back one hour,reverting to Central Standard Time. There will be no change in banking hours, which are from 9 a. in. to 9 a. M. to 12 m. 2 p. In. daily except Saturday, when they are from FEDERAL RESERVE BANK OF CHICAGO. World Economic Inquiry Ordered by the League at Geneva as Nations Tell of Slump—Canadian Stresses Plight—Dr. Riddell Says Overseas Wheat Raisers Suffer More Than Europeans. Writing from Geneva, Sept. 23 the New York "Times" correspondent said: markets," especially since a preferential tariff had been ruled out by the League',committee of agricultural experts last Spring. Britain Approves Inquiry. Agreeing with delegates of all British dominion.., he favored the Indian proposal for a scientific inquiry into the depresskin which Britain. represented by Miss Susan Lawrence, Parliamentary Secretary to the Ministry of Health, also approved. "We have had here,' said Miss Lawrence,"men from every country to the world explaining the misery to which their populations have been reduced by the march of economic events during the past few years, and though we have in front of us the foremost economists of the world has any one of them given us anything like a scientific analysis of the causes which produced this catastrophe. Not one. And has there been any hint of a general remedy proposed_' She joined the dominions in opposing the proposed preferential tariff as discriminatory and joined France and other industrial European countries in opposing it as a burden on consumers. She demanded an interpretation of the most favored nation clause so unrestricted as to exclude an exception in the form of multilateral treaties which most of Europe favors. Senator Giuseppe de Michelle of Italy was willing to approve a scientific study through he saw no immediate need for it because he had found that all were agreed that the causes of the world crisis were over-production and under-consumption. He gave figures showing that the wheat acreage exclusive of China and Russia in 1927 was 42,000,000 acres more than that of 1913 and production was 600.000.000 bushels more, leaving the world with a 500,000.000-bushel surplus in 1929. Since the crops of 1929 and 1930 would increase this surplus he concluded the fall in prices would continue. He, too, saw dangers in a preferential tariff and suggested the world must seek by scientific research ways to utilize wheat other than by eating it. He said the League ought to consider unemployment, which he found was prevailing to "an alarming extent practically everywhere," and otherwise agreed generally with the views of France, expressed yesterday. Czech Sees Optimistic Signs. Dr. Stephan °snaky of Czechoslovakia tried to dissipate the pessimism; the like of which he said he never bad heard before at Geneva, by recalling how bad the situation looked immediately after the war. The mere fact that nations were no longer so nationalistic but were agreed that the only solution lay in international action was to him a "marvelous achievement." But Gottfried Keller of Switzerland, who closed the discussion, immediately revived the gloom by finding the results not so brilliant, despite the "comforting"speech he had just heard. The Chairman himself was not sure just what the Indian proposal meant, but when it was made clear that the League's task would be largely restricted to supplementing and co-ordinating the studies of depression cycles now being made in the United States and many other countries and that $20,000 Would cover the expense, all agreed to it, including Holland, which thought at first that this particular crisis made the world too poor to afford the luxury ofinvestigating the question of crises in general. The Assembly of the League of Nations to-day ordered a world-wide investigation on scientific lines of the present economic depression and its Representative Britten Returning from Abroad, Sees causes. Distant War Signs—Chairman of House Naval ComThis is the first answer of the "world's foremost economists," as a British spokesman described members of the League Assembly's second committee Says Europe is Arming for "Big Explosion." mission, to a question which the Czechoslovak delegate said had roused the of years at steady 11 in attendance witnessed Representative Fred A. Britten, of Illinois, big-navy advodeepest gloom he had ever Geneva sessions. cate and Chairman of the Committee on Naval Affairs, who The question boils down to what can be done about the situation in which Leviathan, arriving here the world's surplus stocks of more than 500,000,000 bushels of wheat, which was a passPnger on the steamer this year's good crops will swell, has cut the price down where millions of from abroad, on Sept. 20, said that Europe is increasing her farmers cannot buy the necessaries of life, thereby throwing more factory against "the big explosion" that is bound to come, workers into the hungry army of unemployed already 12.000.000 strong, armaments which can not afford to buy food even at the prices which are reducing the instead of preparing to disarm. The New York "Times," in farmer to similar misery. reporting this, gives, as follows, what Representative Britten Conflicts on Other Projects. had to say: The first answer, of course, Is not the only answer which is being conPredicts Increase In Armament. sidered but Is the only one on which agreement has been reached. The Mr. Britten said he had toured Central Europe for two months and others have been sent to the drafting committee, which will try by Saturobservations in the following statement he prepared for day to find the lowest common denominator for the conflicting views on embodied his the press: each of them, brought out by the discussion which closed to-day. "It would be an exaggeration to say that war clouds are hanging over These answers include proposals to study the moat favored nation clause, that armaments and war preparations will be which some want restricted and others want liberalized; to consider what Europe, but to predict diminished in the near future in but a logical concluto do to prevent dumping, export bounties, &c.; to examine the possibility increased rather than the various nations over there have of the preferential tariff which agrarian Europe asks from industrial Europe, sion, when one understands the distrust which overseas countries oppose, and to establish a world economic tribunal for each other. is much more precariously poised Europe "I would seriously say that all to arbitrate commercial disputes and convoke a yearly Governmental econornic conference. Nearly all of them probably will be left to the con- to-day than it was in 1912, two years before the war that shocked both ference for concerted European economic action, meeting in November. hemispheres. None of the answers promises action before the Winter is well on at the "It certainly is much more heavily armed, and much more sensitive. best, and what obviously worries most delegates is that this Winter, with The French Army maneuvres on the Italian border and their fleet demoncrisis economic an calmed, be may then troubles, political and social strations at Toulon directly overlooking Italy, recently, were nothing more especially in Europe, where the countries which are least stable politically nor less than deliberate answers to the constant rattling of Mussolini's happen to be the very ones hardest hit on economic and social sides, and sword. The spectacular French maneuvers on the German-Lorraine border also exposed to the pressure of Soviet Russia's wheat and revolutionary might have been good military practice, but coupled with the statement propaganda. of the French War Minister at Meaux the other days that he was sorry Canadian Tells of Suffering: that the Rhine had been evacuated, it looks to me like mixing dynamite In Eastern Europe—and bad is situation Rumania and Poland If the with fireworks. have been demanding a preferential tariff as a matter of life or death for "When the big explosion occurs, and it Is but a inatter of time, there the peasants—it Is even worse overseas, Dr. Walter Ridden, Canada's will be an immediate realignment which will again involve most of Europe. told the League, commission to-day, stressing Geimany and Russia will play predominant parts. The elections in Gerpermanent delegate to the the world-wide character of the depression. He said he believed the highly many last Sunday presage a reconsideration of the Versailles Treaty; industrialized agriculture of Canada and Australia suffered even more than boundaries will be redrawn; President Wilson's 14 points which brought the peasants because the overseas farmer, being entirely on a price basis, about the armistice will be recalled, and the right of self-determination "cannot live unless he sell' at a profit," and must go bankrupt and abandon will be more accurately applied; the world will then be convinced that his land. the last war has been fought in vain. The United States will never again That he had the 'United States also in mind was clear when, to prove his actively participate in a European war, except in defense of its own honor. point, he added that 2,000,000 United States farmers had to leave their "Prospective war preparations are costing Europe $6,000,000 a day, to land after the depression of 1921 and 1922, which he doubted usually ocnothing of the countless billions still unpaid for past wars. The Polish say agrarian peasant countries. European curred in corridor, which cuts Germany into two parts, is a thorn in the side of the thought farmers' situation was Europeans rosy Dr. overseas, the If every German; Russia is awaiting an opportunity to take back her seaports Riddell said they needed only to recall that the Canadian farmer, who had In Esthonia, Latvia and Lithuania and to force the return of Bessarabia, to live on a price basis, now had to sell at half the price he got in 1929. part of Rumania. Three million Germans in Czechoslovakia are ready Industralbte would realize, he emphasized, that if the prices of their now a to fight for self-determination. Yugoslavia and Italy have been at they year a in would CO have 50% fell Dr. close down. thus products for three years. Austria will starve to death if she is not Riddell said Canada agreed with Australia and South Africa in being unable swords-point annex with Germany. England is secretly killing the Briand to approve the preferential tariff which agrarian Europe asks, considering permitted to scheme for a United States of Europe. it "aimed at abutting out our products from free competition in world "The League of Nations Commission for Disarmament has been sitting markets. years or more without accomplishing a single thing. Europe does "That is the pure, unadulterated and unvarnished truth about the for five not want to disarm. It wants to fight. These are but a few of the reasons matter," he emphasized. war in Europe is almost inevitable, and it behooves the United Though groups of States were free to regulate their commerce as they why another not understand why overseas countries States to be prepared to enforce peace, in so far as we are concerned, saw fit, Dr. Riddell said he could ill-fated hour arrives. An American Navy capable of protecting were asked to approve a scheme "destined to close certain of our important when the 1982 FINANCIAL CHRONICLE [VOL. 131. American commerce in all parts of the world is the answer. Failure to provide this simple form of national insurance would not be in keeping with our much advertised sound business judgment." reconsideration of her debt to the United States. No one over here familiar with the American point of view regards the present as a moment for debt reduction, but a very bad turn In the German situation might force the American Government to make a quick adjustment of its attitude. Such, at least, is the opinion in some Allied quarters. Hungarian Predicts European War by 1937—Sees TerContinuing their speculation regarding what action might be taken in the event of a German request for revision, financial experts have suggested rific Contest Starting in Yugoslavia. that it might be made by an Allied request to Washington for a review of From London, Sept. 20, a cablegram to the New York allied debts, by the repudiation of existing agreements, which would mean bankruptcy, or by calling into play the provisions of the Young plan relat"Times" said: ing to the setting up of a special advisory committee to consider the postA prediction that there will be a European war by 1937 at the latest, ponement of payments. with its starting point in Yugoslavia, Is made by Dr. Tiber Eckhardt, ViceRegarding the chances of the first proposition, the point of view bore President of the Hungarian Frontier Readjustment League. has already been given. So far as the second is concerned. leading Germans The "Sunday Dispatch" to-morrow will say that Dr. Eckhardt makes themselves within the last few days have called such a step contrary to this prediction in an article to appear the following Sunday, in which good sense and an encouragement to economic ruin. Regarding the third he traces the causes of friction which had their origin in the peace treaties proposition, it is explained that such a situation does not exist and can after the World War and draws a grave picture of existing unrest, which, be expected only If the economic situation of Germany takes a turn which if unremedied, he says, are soon likely to precipitate another great war Is not now foreseen. which "will cause the destruction of our 2,000-year-old Christian civiliOne of three agencies could invoke the provisions of the Young plan, zation." International Bank officials. the Allies or Germany. In certain influenThe following excerpts from Dr. Eckhardt's article will be printed in the tial quarters where the foregoing possibilities were mentioned it was sug"Sunday Dispatch" to-morrow: gested that the whole procedure could be forestalled by France extending "At the latest in 1937 a new European war is inevitable, for in the financial help to German industry, which France now withholds. It was present state of dissension the slightest fire cannot be localized and the first said that French bankers might be hesitant to embark alone upon any spark will run through a net-work of allies and counter-allies, igniting the such form of relief and that this might result in the matter being placed squarely before the International Bank whole. "One spark will be sufficient to blow up the whole barrel of gunpowder. I shall be very much mistaken if the spark is not struck in Yugoslavia, Cuts in War Debts Unlikely Now—Washington Doubts where the tension is highest, where already two Balkan wars have originated, German Radicals Have Any Hopes of Immediate and where in 1914 the revolver was fired in Serajevo that started the World War." Success—President Hoover Counts on Funds— Dr. Eckhardt has lectured in the United States and also before the Royal Allies' Interest Payments Needed to Permit ConInstitute of International Affairs in London. Ile was Secretary of State tinuance of Reduction in Tax Rate. In Bela Kun's Communist Government which ousted the Karolyi regime. Lloyd George Sees Crisis for Empire—"Darkest Hour of War" Brighter than Present, He Says. David Lloyd George, speaking at a Liberal rally at Stowmarket, England, on Sept. 20, said the time had arrivel for a bold re-examination of the whole British industrial and economic position. The Associated Press account, as given in the New York "World," adds: "There has been nothing comparable to the present position since the darkest hours of the war," he said. "Unemployment is growing, not by battalions, but by divisions, week by week, and I cannot see the end of it. We are not passing through but passing into a crisis." Great Britain not only is confronted with a grave situation at home, but in India, Africa, and throughout the Empire, said the Liberal leader. "The grit, determination and instinct OUT people have, if they will but realize it, will pull us through in the end." In characteristic style, Lloyd George poked fun at the tariff campaign being waged in England now. "A drowning man should not clutch at straws—or at sharks," he said. "No doubt many capitalists would make larger profits out of the new system of tariffs, but we have got to think of the 45,000,000 people who have got to live. Therefore, look out for sharks I could name a few of them." Lloyd George asserted that Great Britain was the most overindustrialIzed country in the world. Only 7% of the British people were on the soil. At present the industries of the country were a leaning tower, and It was time they should rest more on the soil. That, he declared, was the problem which confronted statesmanship. Far from admitting that the Liberal party was slipping, Lloyd George recalled that the Liberals had polled 5,000,000 votes in the last election. Discussing the political situation, the Liberal leader declared that he could not pretend to be satisfied with what he called the self-complacency and stubborn ineptitude of the present Laborite Government, but that he must first be satisfied that the Government's errors were incurable before he would use his balance of power to turn the Laborites out. Expect Germany to Ask Reparation Changes—Allied Financiers Reported Studying Possible Steps— Would Involve War Debts—Stocks Off Sharply Here. Under date of Sept. 19 the Paris correspondent of the New York "Times" stated that from an authoritative source it has been learned that a possibility of Germany being forced by economic and political circumstances to seek revision of her reparation payments is now being informally considered in financial quarters representative of Germany's creditors." The "Times" Paris account went on to say. While no immediate step of that character is anticipated, the marked success of the Hitlerites and the danger of a dictatorship and economic chaos have forced Continental countries to contemplate the steps which would have to be taken in such an eventuality. From spokesmen of the present German Government the creditor powers have received assurances that there is little danger of such a change unless the industrial depression in Germany, already the source of great worry to Reich leaders, becomes greatly accentuated. The present conversations are of particular interest to the United States for in the scheme of action which has been roughly sketched it is proposed to ask Washington to review the allied debts to the United States, with the view of making possible similar reconsideration of Germany's debt to the Allies. America's Stand Debated. It is readily admitted among America's debtors that little or nothing could be hoped for from the United States at this time. On the other hand. there Is speculation as to what the attitude of Washington would be If it remained largely in the Government's hands to save Germany from economic ruin. The moral pressure ofsuch an issue. it is pointed out, would be great, but of far more importance would be the vast financial and economic stake which the United States now has In Germany. The conversations aro of interest for another reason, because they may serve to throw some light upon the recent reports of a British move for Although official confirmation is lacking of reports from Europe pointing to a renewed effort to bring about a scaling down of the Allied debt settlements with the United States, it is accepted as inevitable that tho extraordinary gains of the radical parties in the German election last Sunday will give impetus to a movement in Germany for a reopening of the debt question. A Washington dispatch Sept. 20 to the New York "Times," in indicating this, continued: Persistent rumors of such a campaign have been current for several weeks and have been lent color, not because of the fact that under the Young plan Germany would be the chief beneficiary of any reduction in Vial' debt settlements, but because Germany learned at The Hague that the Young plan embodied the last reparation reduction that could be granted unless the war debts were cut. The Young plan considers the possibility of reduction of Allied payments to the United States providing that 66 2-3% ofsuch reparations shall be allocated to Germany and 33 1-3% to the chief creditor nations. Time Not Propitious for Cut. With the debt question considered settled by President Hoover and revision possible only through a specific act of Congress, and the present being unpropitious for a debt cut because of the economic depression and its effect upon tax reductions, it is not believed that the movement is inspired by any hope of immediate success. It Is felt that the groundwork of an eventual move is being laid, although it may not be pressed to a conclusion. It was recalled In this connection to-day that Senator Barkley of Kentucky upon his return from Europe early this month, announced that the question of a reduction of the debts had naturally suggested itself as the result of the high American tariff, and that a high British official had told him he did not see how Great Britain was going to pay her debt to the United States. Notwithdtanding this assertion. Indications point to Germany as the chief point of agitation, while the eagerness of Great Britain to have the debt question reopened is considerably in doubt. Latest State Department advices are understood to be to the effect that Philip Snowden, British Chancellor of the Exchequer, does not want the debt question reopened at this time because that would lead to revision of reparation payments, with an attendant economic uncertainty much like that which accompanies revision of the tariff in this country. Moreover, Great Britain Is said to realize that under the Balfour note of Aug. 1 1922, which declares that Great Britain will demand from Germany and her Allied creditors only sums large enough to pay her debt to the United States, there would be no direct financial benefit In having the debts and reparation payments merely scaled down in corresponding degree. While some improvement in the economic condition of Europe might come from such a change. It is also pointed out that such benefits so far as Great Britain is concerned, might be offset by damage to Anglo-American relations through acrimonious debates In Congress. American Officials See No Need. There is no disposition on the part of American officials to discuss the question, their attitude apparently being much like that of France toward the provision of the Young plan, which provides that in an emergency a special adv'sory committee shall be set up to consider the postponement of reparation payments. This attitude is that such a situation does not exist and can be expected only if the economic condition of Germany takes a turn which is not now foreseen. President Hoover is represented as opposed to any debt reduction, believing the present settlements extremely generous, while the opposition of Congress to any such move is well known. Moreover, President Hoover is counting upon the interest payments of the Allies on their debts this year to aid in permitting a continuance of the 1% reduction In the normal tax rate, which was authorized last year. In addition, the present time Is considered unpropitious for launching a reduction movement because of the business slump, it being pointed out that arguments In any of the countries concerned as to the relationship between tax burdens on industry and business depression apply with equal force here. Reichsbank Exchange Holdings Are Reduced—Large Sales to Make Reparation Payments—Some Purchases to Protect Market. The following from Berlin, Sept. 19, is taken from the Now York "Times": SEPT.27 1930.] FINANCIAL CHRONICLE 1983 The decrease of 72,000,000 in the Reichsbank's foreign exchange reserve. local banking circles the previous day. The paper quoted as of Sept. 15, is due to reparations payments, for which a transfer of went on to say: 100,000,000 now falls due in the middle of the month. In reality the decline The Federal Reserve Bank of New York has issued a denial that plans in the Reichsbank's holdings was considerably larger, because the Reichsbank intervened on the eve of election by selling exchange as a precautionary are under way for a general bankers' conference, but well-defined reports measure, in case election results should start speculative selling on the received by bankers here indicate that discussions will take place shortly between heads of several foreign central banks and leader of the Federal exchange market. The total loss of exchange in the Reichsbank's portfolio since the middle Reserve system. Young Plan to Front. of August has been about 120,000,000. The fact that the loss actually Bankers here feel that in discussions among central bankers it will be shown in the Bank's return is smaller than this is explained by the Reichsbank's transfer to the item of foreign exchange reserve of part of the foreign necessary to consider the continued operation of the Young Plan for reparabills hitherto held under the item discounts. The status of the Reichsbank tions payments under present conditions in Europe. The political unis very strong. tstanding circulation is covered up to 69.2% in gold and certainties in Germany resulting from the recent elections, and the severe foreign exchange, wkich could theoretically provide for 60% of the circu- drain on the mark resulting therefrom has made an early request from Germany for postponement ofthe condition portion of the annuity payments lation. a distinct possibility. There is a strong feeling among informed bankers here that the United German Money Crisis Disturbing to Paris—Flight of States will be called to act as a mediator in settling differences of opinion foreign central banks, and through them among the Capital From Berlin is Laid to Instability in as to policies among major European countries. The Bank for International Settlements was, Political Situation. at its inception, regarded as an excellent agent for permitting collaboraUnder date of Sept. 23, a cablegram from Paris to the tion among central bank heads without undue publicity or public attention. However, the attitude of the State Department in forbidding to permit New York "Times" said: official participation by the Federal Reserve Banks in the Bank for InterThe flight of capital from Germany has caused considerable agitation in national Settlements is understood to have dealt a serious blow to this the French money market, which reports that two billion francs ($20,000,- purpose as it is said to have prevented effective collaboration among the 000) in German money already has found its way to this country. American central bankers in conferences in Switzerland. and British banks in Paris have been in receipt of many Berlin orders for Dr. Hans Luther, who was elected to the Presidency of dollars and pounds. One American branch reported none of the orders was for less than $250,000, but, owing to the heavy demand and the diffi- the Reichsbank last March to succeed Dr. Hjalmer Schacht, culty of handling too large an amount of paper marks, these requests have according to the paper from which we quote above, is about been only partly filled. The first large shipment of German gold destined for the Bank of France to leave Berlin to visit the United States. reached here yesterday from Cologne, and others are expected to follow. One of the unfortunate effects of the present situation has been a sharp fall in the price of the Young Plan loan and a rather precipitate effort to German Note Issue Sold—$1,000,000 Loan for Free State dispose of holdings. of Bremen Reported Oversubscribed. In French financial quarters the situation is described as "a psychological From the New York "Times" of Sept. 23 we take the crisis," which will pass when the prospects of a stable government in Germany becomes reasonably certain. It is observed that the flight of capital, following: if not carried too far, may have a strong influence upon the political situation Despite the heavy selling of German bonds of all descriptions on the In Germany and may help to promote early stabilization. Stock Exchange yesterday, the National City Co. reported that it offered yesterday morning a new issue of $1,000,000 Free State of Bremen, Germany,three-month treasury notes at a discount of 2ji% and that the issue German Government Abolishes Coupon Tax. was more than ten times oversubscribed. notes were issued in denominations of $25,000 each piece bearing The following Berlin advices are from the "Wall Street theThe endorsement of the National City Bank of New York and the DarmJournal" of Sept. 18: staedter und National Bank of Berlin. The notes are dated Sept. 30 1930. German Government has published a decree abolishing the 10% coupon are due on Dec. 30 1930, and are payable in United States currency. tax for bonds and Reichsbahn preferred shares as of Jan. 3, in order to facilitate foreign investments. With reference to the above, the New York "Herald Emile Moreau Resigns as Governor of Bank of France— Clement Moret Successor—M. Moreau to Become • Tribune" of Sept. 19 stated: Investment circles here were interested to learn yesterday from Germany Bank Head. that the Berlin Government had abolished, as of Jan. 3 1931. the 10% A cablegram from London, Sept. 24 to the New York coupon tax on bonds and Reichsbahn preferred shares. In view of the recent mild furore aroused by the German elections, it was noted that Ger- "Times" reported that Emile Moreau had resigned as many is really doing all in its power to create a domestic market for long- Governor of the Bank of France, and would assume the term capital and would hardly look with favor upon any development, pothe Banque de Paris et des Pays-Bas, one litical or economic, which resulted in the discouragement of potential Presidency of of the largest private banks in Paris. long-term capital. The abolition of the coupon tax will undoubtedly do much to modify the The cablegram added: conditions which stood in the way of have internal bond issues and should make more long-term capital available in the country. Germany currently has enough, if not too much, short-term capital, but really needs an abundance of long-term funds more than anything else. Would Help to Solve Problems. It is felt here that a revival of the bond market in Germany would contribute greatly to the solution of the nation's complex economic problems. The abolition of the coupon tax should do much to bolster the confidence of Investors, which was shaken somewhat by the recent election. Bankers in London and New York, as well as in Berlin and Paris, did not join in the doubts which have arisen since the election, however, feeling certain that the conservatives will triumph over the extremists and knowing that a large majority of the electorate favors the first group. Under the present German coupon tax a bond which bears 8% interest actually pays 7.20%, so that a considerable difference in the return on a German bond will be made through abolition of the tax. The recurrence of broad fluctuations in the prices of German bonds in the New York market has served to draw attention to the German situation very forcibly, but this constructive move on the part of the Government should do much to bring about stabilization of prices. It will be recalled that the French Government earlier this year adopted a somewhat similar measure in order to encourage the investment of French capital in foreign obligations. Prior to the reduction of the tax on foreign bonds there had been discrimination in the amount deducted as taxes on foreign bonds as distinguished from domestic bonds. By a reduction of approximately 20% in the tax on foreign bonds the French Government brought the taxes on foreign and domestic bonds approximately parallel, so that domestic bonds would not be more attractive to investors than foreign bonds. Yield Near Same Level. The tax on a domestic French bond is still slightly lower than the tax on a foreign bond, but certain charges levied against the domestic obligations which are not charged against the foreign obligation bring the interest yielded by the two classes of bond to the same proportionate level. In the same manner the German Government hopes to turn the interest of Investors, not to foreign bonds and away from domestic bonds, but from the short-term market into the long-term market. thus furnishing the nation with adequate funds which are not of a tentative nature. Heads of Central Banks Expected to Visit United States —Some Sort of Conference Held Inevitable, The New York "Journal of Commerce" of Sept. 26 states that heads of central banks of several European countries are virtually certain to come to this country shortly for discussions of pressing intiirnational financial problems with Federd Reserve officials, according to persistent reports in The resignation, it is explained in financial quarters, has no special political significance, nor does it appear to presage a change in the Bank's policy. The tremendous responsibility involved in the Governorship of the Bank of France has increased during the past year by reason of the remarkable growth of the gold reserves. There are now nearly 48,000,000,000 gold francs ($1,920,000,000) in the bank's vaults, and this total increases each week. M. Moreau was the choice of former Premier Poincare, and carried out the stabilization policy initiated by M. Poincare when the latter was the head of the government. His resignation is regarded here as a distinct loss to State finance. Late to-night it was announced that M. Moreau would be succeeded by Clement Moret, First Assistant Governor of the Dank of France, whose long experience in State finance and close association with the retiring Governor are regarded as fitting him for the post. The Banque de Paris et des Pays-Bas, one of the most aggressive financial organizations in post-war European finance, through its association with the Standard Oil Co. in France and other American companies, has become well known in American financial circles. It also wields considerable Influence in French finance. M. Moreau succeeds Jules Cambon, who is understood to have recommended the selection of the Governor of the Bank of France. Among the other candidates for the governorship of the Bank of France were M. Tannery, a high official of the French Treasury; M. Picard, Director General of the Bank of Algeria: M.Leclerc, Governor of the Credit Fonder, and M. Martin, Director General of the Credit National. The choice of Premier Tardieu and his colleagues in the Cabinet finally resulted in the appointment of M. Moret. It is believed that this change in the governorship will prevent the visit planned by the Governor to New York for conference with other European State bank chiefs and American Federal Reserve officials regarding the means of restoring economic normalcy throughout the world. The following Paris advices, Sept. 25 are also from the "Times": Emile Moreau, Governor of the Bank of France, whose resignation from his post in the French State financial institution became known yesterday, bid good-bye this afternoon to the members of the board of regency of the Bank and then drove to the Ministry of Finance, where he presented a letter of departure to Paul Reynaud, Minister of Finance. The selection of Clement Moret, Assistant Governor of the Bank of France, to fill the vacancy was confirmed to-day, although the appointment will not be made officially until the French Cabinet meets a week from to-morrow. The rumors in America that the resignation of Mr. Moreau might have been a culmination of a controversy over the gold reserve policy of the retiring Governor are declared to be without foundation. Careful inquiry in financial quarters to-day disclosed no basis for such reports. As a matter offact,for some time past a report had been active concerning the approaching resignation of M. Moreau. When several weeks ago he 1984 FINANCIAL CHRONICLE [Vox,. in dated Jan. 2 1919, are being notified that the exchange of these bonds into conversion zloty bonds has commenced and that in order to facilitate the exchange such bonds may be deposited at the corporate trust department of The Chase National Bank of New York, 11 Broad St., New York, until Dec. 31 1930. After that date bonds may be forwarded for conversion only to the Municipality of the City of Warsaw. Issuance of Vatican Coins-Minting of Its Own Cur- It is further stated: Under the terms of the resolution of the Municipal Council of Nov. 7 rency Has Been Suspended Since 1870. 1929, the 6% loan bonds dated July 1 1917. will be changed into bonds of From Rome the "Wall Street Journal" of Sept. 5 reported the VIII 6% conversion loan of 1926 at the rate of 142 zlotys and an additional cash payment of 8-10th of one zloty for each 1,000 marks. At the following: was promoted to Grand Officer of the Legion of Honor the step was interpreted as an indication that the governor would soon relinquish his duties, since a distinction of that character usually is the crowning reward of an official career. M. Moreau, moreover, explained to friends that he felt his mission at the Bank had been accomplished and that he was entitled to take advantage of the superior financial rewards which were awaiting him in the private banking field. After some hesitation, the Vatican has decided to issue its own metallic currency, coinage of which has been suspended since 1870. The Italian mint, which for years past has struck Papal medals,is to have the contract for the coins, and they will be exchangeable against Italian pieces within the boundaries of the kingdom, being identical therewith in respect of metal Contents, measurement and face value. There will be no limit on issue of Vatican gold Coins, but for silver, nickel and copper coins the total face value cannot exceed 1.000,000 lire annually for the first five years and 800.000 lire anually for tae subsequent five. Exceptionally in years of a Pope's death, an extra contingent of 500,000 lire is allowed. The Vatican also can mint 10,000 complete sets of coins, dated 1929, for collectors, each set to cost at face value 135.85 lire and embrace one gold piece of 100 lire, three silver pieces of 20 lire, 10 lire and 511re,two nickel of 50 and 20 centisimi and two copper of 10 and 5 centisimi. On one side will be engraved the Pope's head and on the other Papal emblems. Most of the coins probably will be absorbed by collectors or kept as souvenirs. Their issue appears to have been decided upon in order to add one more proof that the Vatican is a sovereign State. Rumors that a Vatican bank is to be founded receive little credence in financial quarters here. the time of exchange holders will receive interest on the difference between the revaluation of the bonds at the present fixed rate and at the rate adopted till now. The supplementary bonds, dated Jan. 2 1919, are to be changed into bonds of the IX 6% conversion loan of 1926 at the rate of 76 zlotys and an additional payment of one zloty for each 1.000 marks. In each instance bonds of 100 and 250 marks are not to be changed nto zlotys bonds but are to be paid in zlotys. Dewey Optimistic on Polish Industry-Financial Adviser Anticipates Upward Trend, With Output No Longer Restricted. The fall in production which has continued in Poland since the beginning of 1929 was at least interrupted during the second quarter of this year, Charles S. Dewey, Poland's American financial adviser, declared on Sept. 24 in his last report but one before he leaves on Nov. 20 with the expiraAn earlier item regarding the Vatican currency appeared tion of his three-year term. We quote from a Warsaw cablegram Sept. 24 to the New York "Times," which in'our issue of Aug. 16, page 1038. went on to say: The stock of consumers' goods has been reduced, according to Mr. Dewey, and further restriction of production is not expected. Industry on the whole, the report says, has slowed down to the pace of the middle of 1926, but it can be reasonably expected that the trend will be upward, although there are no signs yet of revived purchasing power and confidence continues weak. The money market is easier, but insolvency persists owing to general leniency regarding defaulting debtors. The report says agriculture, with low general prices and the decline in live stock, continues in a bad way, but serious hardship has been avoided by the Government allowing the farmers to defer tax payments. The index of freight car loadings seems to Capital was subscribed by bankers in Amsterdam, Rotterdam and The indicate a further decline in the wholesale turnover. Hogue. Negotiations are now in progress to get the co-operation of the The report, discussing Polish taxation of business, calls it unsatisfactory telegraph and postal authorities. It is hoped that when the service is in and unscientific. The tax burden is too heavy and the Government is trade on the induced to operation larger circles of the population will be taking steps to reduce it. A permanent committee of experts has been markets. formed to recommend the reform of the taxtion system. There is no comparison between this proposed service and that of the Mr. Dewey also deals with labor conditions and says Poland's labor New York Stock Exchange ticker service. A fundamental change would legislation is very modern in its conception. The question he asks is Amsterdam to allow quotation in have to be made in the existing method of whether or not it has outstripped time development of industry itself. An of the introduction of a similar ticker system to that operating in New York. unduly heavy burden of social legislation, he asserts, may retard industry's Despite the fact that the Dutch have for hundreds of years been accus- progress and undermine the basis of labor's income and welfare. tomed to invest in stocks and bonds, the public has to be content with the official list of quotations which gives no indication of the number of transactions registered. The only way to get any idea of the volume of business Japan Alters Deflation Plan-Cabinet Approves Special transacted Is from the published monthly figures of revenue stamps on Government Loans to Farmers and Fishermen. brokers' bills. The following table gives comparative figures of the amount of these The following Tokio adviees are from the "Wall Street stamp duties indicating the course of business over the last four and oneJournal" of Sept. 15: half years: Special Government loans to farmers and fishermen totaling 70,000,000 1026. 1927. Month1928. 1929. 1930. 667,000 yen were approved by the Japanese Cobinet on Aug. 19. The interest 649,000 January 655,000 169,000 1,093,000 588,000 383,000 rate will be either 334% or 4.2%. Maturities will range from 10 to 29 February 458,000 682,000 642,000 386.000 536,000 March 782,000 600,000 403,000 309,000 years. The Government hopes that the new enterprises made possible April 481,000 7.50,000 566,000 476,000 276,000 by the loans will provide employment for 225,000 men over a period of 492,000 May 984,000 687,000 398,000 415,000 six months. 421,000 June 561,000 570,000 368,000 536,000 405,000 July 553,000 604,000 Prefectural authorities have been called to Toldo for a conference to set 549,000 up the 449,000 August 433,000 817,000 loan machinery. As soon as that is established, applications from 448,000 528,000 358,000 September 945,000 488,000 borrowers will be received. Loans will be made from Oct. I to March 31. 657,000 October 1,172,000 830,000 452,000 345,000 Funds November 625,000 are to be made available from the Deposits Bureau in the Ministry 545,000 240,000 of Finance, which has the investment of postal savings. No new direct December 298,000 288,000 470,000 borrowing by the Government is contemplated. 5,149,000 Total 2,496,000 8,529,000 7,459,000 5,849,000 This Is the latest in a long series of developments in the unemployment situation. The number of actual jobless in Japan is unkown. The families still are exceedingly strong. When a city man loses his job, Directors of Deutschebank-Disconto Gesellschaft he goes back to his prefecture, and there works on his father's farm or Resign. be, mes an unneeded clerk in his uncle's store. Stock Market Ticker in Amsterdam Soon-Company Formed to Operate Service-Capital Subscribed! by Bankers in that Area. A company has been formed in Amsterdam, Holland, to operate a ticker service for stock market and other exchange quotations. We quote from Amsterdam advices to the "Wall Street Journal" of Sept..5, which likewise said: Directors Bonn and Fehr of the Deutschebank-Disoonto Gesellschaft have resigned, according to Berlin advices published in the Sept. 2 issue of the "Wall Street Journal," which also says: Personal masons are said to have caused the resignations, but the actual reason is believed to have been unfortunate business transactions in eastern Europe and with Lena Goldfields. The bank admits some losses last year, but asserts that they were unimportant and were adjusted in the last balance sheet. Jose Augusto Dias & Sons, Portuguese Banking Firm, Suspends. Associated Press accounts from Oporto,Portugal, Aug.29, stated: The banking firm of Jose Augusto Dias & Sons, one of the oldest In the Country, to-day suspended payments and filed application for the appointment of a receiver. The application listed the liabilities at several million dollars. Notice to Holders of Warsaw Bonds of Exchange Into Conversion Zloty Bonds. Holders of City of Warsaw 6% loan bonds of 1917, dated July 1 1917, and of the supplementary loan bonds of 1917, Industrial Depression Adds to Farm Burdens. Therefore, industrial depression, instead of increasing the number of men and women in city bread lines, merely adds still further to the burden of the farms. With silk selling at about half of its level for the corresponding time last year, and other agricultural crops bringing scant profit to the farmers, the situation Is growing acute. Delegations have been besieging the Government, asking for aid. Under that pressure, Junnosuke Inouye, Finance Alinister, has been forced to modify his policy of no loans. Prefectures and municipalities have been allowed to contract debts for public works designed to relieve unemployment. In some cane, it has been specified that no modern machinery shall be used,so that the greatest possible number of men may be employed. Little by little, the severity of the retrenchment and deflation policies of Mr. Inouye has been modified. When he entered office in July 1929, he practically announced that the government party intended to bring about a slump, in order to force industrial deflation and rationalization. Production costs in Japan, he believed, were too high and would have to be forced down to world levels or below them. He set about doing that. First, all now projects of the government were postponed. The construction and building material industries felt the pinch immediately. PreParalions for lifting the gold embargo were started. The yen began to rise and prices to fall. Unemployment Forces Change of Policy. The Wall Street crash of October gave the government the conditions It thought it needed for gold embargo removal. Money rates fell. The full effects of the crash, however, were much greater than had been predicted. The Japanete government discovered, to its dismay, that world prices were falling quite as rapklly as those in.Jipan and that the Jawlip SEPT.27 19301 FINANCIAL CHRONICLE which it had brought about in a semi-artificial manner had simply added a few unnecessary months at the beginning of the period of depression. Despite this unfortunate position, Mr. Inouye continued to hold out for stern deflation. Various government agencies were instructed to take up the leading industries, one by one, and arrange mergers and working agreements which would allow each to operate at maximum efficiency. That is being done. Shortly after the beginning of 1930, unemployment became a problem and tremendous pressure began to be brought against Mr. Inouye to abandon his policy of non-borrowing. For some months, the Finance Minister refused to be moved, but in April it became evident that, although no announcement was forthcoming, a change in the direction of a more liberal attitude had been made. The municipalities and prefectures were allowed to issue bonds for the relief of unemployment in their own territories. Mr. Inouye argued that, since Japanese labor is not fluid, there was little sense In starting great national projects. The best plan, he thought, was to let each prefecture care for its own jobless. Deflation Policy May Upset Minseito. Early in July, the clamor for Government aid of all those suffering from conditions increased. Dozens of delegations were in Tokio from all parts of the country. At a cabinet meeting, the minister of communications denounced the Finance Minister and the Premier. Apparently, the Communications Minister was told that something would be done to relieve the strain, for hb complaints ceased. Most bankers and economists feel that the courageous program of the Government is exactly what Japan needs and hope that the present cabinet will be able to survive long enough to put it completely into effect. On paper, at least, the Minseito has a clear majority in the Lower House. But that majority is only on paper. Unless there is a slight rise in the economic curve before the Impending session of the Imperial Diet (in January), there is grave danger that the party will fall. Business Improvement in Final Quarter Predicted. There seems to be more than a possibility that the final quarter of 1930 will see business on a little higher plane than it is at present. The cotton Industry has been continuing the rationalization process which set in about two years ago. It is able to compete in any unprotected market, and in a good many which are heavily protected. Volume of its exports has been holding up fairly well. While the chaotic conditions in China and the Indian tariffs and boycotts have halted its invasion of those markets, the Japanese cotton textile Industry has made gains elsewhere. China and the silver market are doubtful factors. Silver has been strong recently because there practically have been no imports into China. When the big slump took place earlier in the year, many merchants went bankrupt or refused deliveries. As a result, the goods were piled up in warehouses. Exports since then have created a greater demand for silver exchange than the slight imports and the need for gold to pay import duties could offset. Accordingly,silver probably will remain firm, until the warehoused stocks are exhausted and orders are placed abroad. Temporarily, China's exports are stimulated by cheap silver, but that condition is correcting itself rapidly and revived import demand, which is certain to come within the next three or four months, is quite likely to throw the exchange balance against silver and lead to further recessions. Lower silver would work to the disadvantage of Japan and might offset the predicted gains of the cotton industry in other markets. 1985 representatives of all of China's foreign and domestic creditors to attend a conference to discuss measures for the liquidation of China's debts. Chang Sueh-Liang, Governor of Manchuria, whose advance guards entered Tientsin to-day, announces from Mukden that he will formally accept at an early date the seals of the Vice Commander-in-Chief of Nanking's army and air forces. As 120,000 Manchurian troops are moving into Chihli Province, the Northern coalition forces are turning over to them without resisting the garrisons of towns, cities and railways, and all Peking Government officials in such communities are departing in advance of the arrival of the Manchurians, who will administer the civil as well as the military authority. Wang Ching-wei and his Governmentpersonnel have evacuated Peking and arrived at Shihchiachuang en route to Taiyuan, Shansi capital, where Yen Hsi-shan, Feng Yu-hsiang and the Left Wing of the Kuomintang plan to maintain a shadow of a government for purposes of negotiating peace terms. Nanking's decisive victory is likely to be followed by a government housecleaning, including a loosening up of the narrow partisan nature of the organization and even modification of the party ideology, with a revision of slogans and gradual elimination of the heritages of the association with Russia four years ago. It is learned authentically that the Nanking Government is satisfied with the present measure of Manchuria's hearty co-operation and that Nanking will make no attempt to extend authority over Manchuria nor has any intention of coercing Mukden, preferring the gradual cultivation of confidence and teamwork while ignoring the fact that Manchuria is practically an autonomous State except for the handling of her foreign affairs, and even those are handled by conference. China is so exhausted by long internecine wars that the central Government is not contemplating the immediate launching of vast schemes but plans a quiet breathing space and a gradual return to normalcy. Nanking hopes for soundly established credit resources before embarking on ambitious ventures in railway building and other enterprises. Her first attention will be given to fostering a revival of confidence and starting up trade anew in her effort to nourish prosperity sufficiently for the country -to absorb disbanded soldiers into industry, agriculture and commerce. Offering of $50,000,000 Argentine Government 5% Treasury Notes. A new issue of $50,000,000 Government of the Argentine nation one-year 5% Treasury gold notes, was offered on Sept. 26 by Brown Brothers & Co., Bonbright & Co., Inc., and the New York Trust Co. at _100.36 and interest, to The notes, which are designated as the yield over45 Zt' matnr e ctober 1930, are dated -Oct. 1-1930, and issueof-0Oct.! 1931. It is pointed out that no increase in the Argentine public debt will result from this issue, since the proceeds are to be applied toward the payment of an equal principal amount of six months 5% Treasury notes which mature on Oct. 1 next. This new issue of notes will constitute a direct • Japan's Interest Rates—Return on Postal Savings external obligation of the Argentine Government, which has Accounts Cut to 4.2%, Effective Oct. 1. been duly recognized by the United States, France, Great The following from Tokio is quoted from the "Wall Street Britain and 28 other nations, as well as by the Supreme Court of Argentina. The notes are in coupon form in deJournal," of Sept. 15. of $1,000. Principal and interest (April 1 and nominations Effective October 1, interest rate on Japanese postal savings accounts is to be reduced to 4.2% from 4.8%. Change of policy for this $1,150,000,- Oct. 1) will be payable in New York City at the office of 000 public bank was made so that the Deposits Bureau in the Finance Min- Brown Brothers & Co., Paying Agents, in United States gold istry, which invests its funds, may be able to lend more cheaply to farm for any Argentine taxes, present or and industrial co-operative organizations. According to the Minister of coin without deduction Agriculture and Forestry, farmers are depositors of Y1,200,000,000 of future. The New York Trust Co., New York is authenticatthe Y2,300,000,000 deposits in postal savings and are borrowers of y559,- ing agent. Dr. Enrique S. Perez, Minister of Finance of the 000,000 from the Deposits Bureau. Argentine Government says: Bombay Stock Exchange to Reopen—Extends Moratorium on Stock Deals. The following (Associated Press) from Bombay, Sept. 25, Is from the New York "Times." The Stock Exchange here, which has been closed most of the time since early April, will be reopened for trading on Oct. 11. The Exchange was closed first by brokers protesting arrests in the Ghandi civil disobedience campaign. It was reopened and later closed by the authorities on July 11 for the protection of investors. Total funded debt of the Argentine Government as of June 30 1930 amounted to $978,000,000, or the equivalent at par of exchange of $87.30 per capita. Of the above total debt $455,000,000 represents external loans. A substantial portion of this indebtedness was incurred for the acquisition of revenue producing properties and essential public works. It is estimated that the national wealth of the Argentine nation is approximately $23,300,000,000. The gold reserve of the Argentine Republic as of June 30 1930 amounted to $434,000,000 against note circulation equivalent to $550,000,000. The new loan was referred to in these columns Sept. 20, page 1805. In ad-vices from Bombay Sept. 23 (Associated Press) the Buenos Aires Cables Loan Interest Here—Funds to "Times" had the following to say: Meet Charges on Two Loans Due on Oct. 1 Sent The government of India today approved a proposal to extend the moratorium on the Bombay Stock Exchange for three months, during to Embassy. which no speculative dealings will be permitted. The action was intended Advices from Buenos Aires, Sept. 25 to the New York to prevent further bear raids and price collapses owing to the current trade depression and disturbed political situation. "Times" said: Only actual cash dealings in recognized securities will be allowed. The Provisional government cabled funds this afternoon to the Embassy in Washington to pay interest due on two United States loans on Oct. 1. Public order having been definitely restored, General Agustin Justo, who assisted President Uriburu in organizing the military participation in the revolution of Sept.6,resigned to-day as commander-in-chief of the army and requested President Uriburu to order an investigation of the purchase of armaments in Europe while General Just,o was Minister of War under Nanking (China) Planning Debt Settlement—In Cer- former President Marcelo Alvear. President Irigoyen's Administration tainty of Victory, Parley of All Creditors Will Be was charged with graft in the purchases and General Justo insists that the matter be thoroughly investigated, going back before the .second Called in Fortnight. Irigoyen regime, in order to determine his guilt or innocence. The heavy guards were removed from Government House to-day and From its Shanghai correspondent Sept. 20 the New York replaced by the San Martin Grenadiers in gala uniform, who for many •"Times" reports the following: years have acted as guard of honor to the President and executive officers. Although fighting is continuing on a 150-milefront on the Lunghal Railway Senor Irigoyen forbade the use of the gala uniform and ordered the sentinels the Nanking Government is so certain of a decisive victory that.it is already to wear campaign uniforms, making the guard an actual military guard planning peace-time policies. T. V. Soong, Minister of Finance, to-clay rather than merely ceremonial sentinels, as they were formerly, and now announced that before Oct. 1 formal Invitations would be issued asking are again. Items regarding the action of the Exchange earlier in the year appeared in our issues of April 19, page 2686, and July 12, page 203. FINANCIAL CHRONICLE Dr. Leguia, Former Peruvian President, Charged with Misusing Funds. An Associated Press dispatch from Lima, Peru, Sept. 20, was given as follows in the New York "Times": Dr. Augusto B. Leguia, President of Peru until he was overthrown by the revolution led by Lieut.-Col. Luis M. Sanchez Cerro, was formally charged to-day with the misuse of Government funds while be held the highest executive office. Dr. Leguia heard the charges in his prison cell. The accusation was read to him by Justice Felipe Imeres of the National Sanctions Court. The former President was then permitted to make a deposition. Newspaper men were kept away from the cell at the time and the deposition was not made public. Tne strictest secrecy conceals the exact nature of the proceedings against the former President. Three highly important diplomatic appointments were made to-day by the new Government. Alfredo Gonzales Prada was named Minister to London, Francisco Garcia Calderon, Minister to Paris, and Felipe Barada Laos, Ambassador to Buenos Aires. The Foreign Office accepted the resignation of Eleodoro Romero, Ambassador to the Holy See. Senor Romero insisted on resigning though the Junta refused to accept his resignation at first. Sao Paulo To Float Loan—$5,000,000 Internal Issue for Brazilian City Authorized. Under date of Sept. 23 a cablegram to the New York "Times" from Sao Paulo, Brazil, said: Authorization for contracting for an internal loan of $5,000,000 for the Municipality of Sao Paulo was given to the prefect to-day at a meeting of the City Council. The nominal value of each bond will be $100, and it is understood that a number of leading brokers here have large orders for placing blocks at 82.50 each. About $3,000,000 of the loan will be used for refunding, while the balance, it is understood, will be used for liquidating the city's outstanding obligations. [VoL. 131. Sales Are Held Unprecedented. The action of the Russian Government in hedging wheat was called unprecedented in trading annals. Never before, veteran traders declared. has a government been known to hedge wheat. Meanwhile. Chicago grain prices were little affected by the reports of Russia's underselling tactics, pending investigation of its hedging operations on the Board of Trade. Closing prices showed only a fractional decline below Saturday's final levels. There was a rumore here, wholly unconfirmed, that Russia or some account representing that nation had been selling corn on a liberal scale along With wheat. If true, this was regarded as tending to show a motive toward the bearing of prices, while wheat alone might have been sold strictly in hedging operations. The Board of Trade's business conduct committee began its investigation into Secretary Hyde's charges in a session lasting a little more than an hour. Then the committee issued a statement informing the public that Secretary Hyde's promised information on the dealings had not been received, but that while awaiting it the "alleged transactions" were being thoroughly Investigated. Chicago Prices Off Slightly. Meanwhile, Chicago grain prices were little affected by the pending investigation. Closing prices showed only a fractional decline below Saturday's final levels. The Committee Chairman, Joseph W. Badenoch, stated that as soon as Secretary Hyde gives the board the names of the brokers who executed the Russian short sales, they will be called on to explain, if they can, what lay behind them. "It is unprecedented, in my experience," Mr. Badenoch said, "for a foreign government to be accused of manipulating the market. We have always taken the stand here that this is a world market, and that sales could and should be made here so long as the laws are complied with. "There Is nothing unusual in foreigners selling here when they have no intention of actually delivering wheat in Chicago. Canada has done it on several occasions. As for the effect of the sales by Russians, said to be in excess of 7,000,000 bushels, that Is a small percentage of the open interest of more than 165,000,000 bushels at present. "Sales by the Russian Government would have to be covered by purchases in the 'United States. If there has been a slight pushing down of prices by such activities, it will be made up, and I believe more than made up, by the buying back." Difficulties in the way of the committee, if it should try to make a widespread investigation itself without leads, were mentioned by Mr. Badenoch. Any one of the 150 clearing members of the board might have made the transactions for other firms, and be without specific information as to the motives of the Russians. Speyer & Co. Announce $54,000 of American Portion of Greek Government Refugee Loan Called for Redemption. The developments on Sept. 23 were thus summarized on Speyer & Co. announce that $54,000 bonds of the American portion of the Greek Government 7% refugee loan of Sept. 24, by the New York "Times": With the world wheat markets upset, Senator Oddle of Nevada an1924 have been drawn for redemption at par on Nov. 1 1930. nounced in Washington yesterday that he would propose a bill in Congress Of this amount $38,000 bonds were drawn for the regular excluding Russian manganese, coal, lumber, wood-pulp, gelatine and glue, semi-annual sinking fund and the balance of $16,000 bonds as well as wheat, from this country. The Fish "Red" Committee will transfer its inquiry into Soviet snort out of additional funds received from the sale of land to sales of wheat to .Chicago Monday, co-operating with Board of Trade refugees. Officials there. Forged telegrams with false news from Canada broke Chicago wheat prices to their lowest since July 1914, on the heels of depression laid Peruvian Bonds Called for Redemption. Soviet agency's activities. Measures to meet Soviet dumping of wheat stirred parties in England in J. & W. Seligman & Co. and The National City Bank of with the tariff discussion. The Liverpool market weakened. New York, as fiscal agents, have notified holders of Republic connection A flood of Russian wheat was feared in France, with a modification of of Peru, Peruvian National Loan,6% external sinking fund a 10% limit on milling imported grain held likely. Dutch importers asserted Russia was sending adulterated wheat into bonds, second series, due Oct. 1 1961, that £10,900 principal amount of the bonds have been drawn by lot for redemption the world market. The same paper, Sept. 25, thus indicated the development at par and accrued interest on Oct. 1 1930. Bonds so drawn will be paid out of moneys in the sinking fund upon presenta- of Sept. 24: Wheat prices, combatting, according to Secretary Hyde, the pressure of tion and surrender, with subsequent coupons attached,either short selling by Soviet agencies in the Chicago market, swung upward In English pounds sterling at the London offices of the fiscal after touching new lows yesterday, with reports that the Russians and other agents or in gold coin at the principal New York office of shorts were covering. The close was at an advance for the day. In Washington the Federal Reserve Board, meeting with Reserve Bank J. & W. Seligman & Co. or The National City Bank of officials of all districts, announced that credit facilities would be available New York. Interest on the drawn bonds will cease on Oct. 1. to American farmers at low rates to assist in marketing their crops. It was the first meeting at which Eugene Meyer, former Farm Loan executive, presided as Governor. Wheat Crisis Incident to Reported Short Selling by German industrial and agrarian groups agree that tariff measures are if needed, to protect Germany against Soviet dumping. They Russian Soviet Government on Chicago Market— sufficient, oppose any joint action, as proposed at Geneva, against Russian exports. Statement by Secretary of Agriculture Hyde. Russo-German trade relations are an important factor in this decision. A world-wide crisis in wheat has been witnessed the present, From the Sept. 25 issue of the New York "Evening week following an announcement on Sept. 19 by Secretary Post" we take the following: of Agriculture Hyde that an investigation had revealed Secretary of Agriculture Hyde and Federal Farm Board officials rached that the Russian Soviet Government was short selling wheat at least a temporary solution to the problem of abort selling of Russian Wheat in this country by deciding to-day to turn the problem over to the on the Chicago market, thus contributing to the fall in the Chicago Board of Trade for action, it was learned. price of the commodity. Secretary Hyde later informed The action by the Chicago Board of Trade, Secretary Hyde indicated John A. Bunnell, President of the Chicago Board of Trade after a conference at Washington, according to reports in Wall Street, probably will take the form of an amendment to the Board's rules to prevent that the question was one for solution by the Board. It future price manipulation. No change was suggested in Federal grain was stated in a Chicago dispatch, Sept. 22, to the New York futures regulations. At the same time Secretary Hyde, who originally touched off the flurry "Times" that reports that the Russian Government was over Russia selling of wheat in this country by charging the Soviet Governselling wheat abroad at 10 cents below the world price, re- ment with selling wheat short and depressing the market, maintained his sulting in a practical halt to North American export business stand that Russian short selling, in its psychological effect, had exercised a demoralizing influence on the market. Some wheat authorities have were received on that day, when the Board's Business Insisted that the 7,500.000 bushels admitted to have been sold by Russia Conduct Committee began formal inquiry into Secretary in this country was too small to affect the market much and constituted only normal hedging sales. Hyde's charges. The "Times" Chicago dispatch of Sept.22 said: To "Clean Their Own Rouse." That the Soviet Government is seeking to dominate the foreign market in wheat was indicated in cable dispatches. Rotterdam advices reported Russian wheat being offered 10 cents a bushel below the price of similar grades in North America-. While no report has been received in Chicago of any considerable purchases of the Russian offerings, some Board of Trade specialists saw in the Soviet action a reason for the almost total absence of any wheat exports, either from American or Winnipeg ports. The visible supply of United States wheat increased to-day by 3,947,000 bushels to 202,620.000 bushels, the largest ever recorded. The Liverpool market was affected only slightly by the Russian grain offerings, rallying strongly to close at IA to 111 pence higher after an early decline. "They expressed every desire to co-operate," Mr. Hyde was quoted as saying. in reference to Chicago Board of Trade officials, "and we think they will. We left it to them to clean their own house." Reports from Washington reaching Wall Street also quoted James 0. Stone, member of the Farm Board, as saying it was the opinion of the Board that world wheat prices will continue in a downward trend for several years. He added that Russia, with its unlimited agricultural lauds, probably would become an increasingly important factor in the world wheat market. The announcement by Secretary Hyde on Sept. 19 that the Russian Government was short-selling wheat on the FINANCIAL CHRONICLE SEPT. 27 1930.] Chicago market was contained in a telegram addressed by him to President Bunnell of the Chicago Board of Trade— as to which we quote the following from the Chicago "Journal of Commerce" of Sept. 20: After a conference at the White House with President Hoover, Secretary Hyde revealed that the Government had been making a quiet investigation into newspaper reports that Russian agents had dumped 15.000.000 bushels of grain futures on the market at a critical period. No Doubt About Sale. There can be no doubt, Secretary Hyde wired Mr. Bunnell, that the Soviet Government has sold wheat short on the Chicago Exchange and that this had contributed to recent recessions in the price of American wheat, resulting in injury to American farmers at the height of their marketing season. President Bunnell, when reached at his home last night, said that in view of the fact that he had not yet read the Secretary's telegram, he was not prepared to issue a statement. Secretary Hyde's Letter. Secretary Hyde's message follows; "An inquiry was undertaken by the Department of Agriculture in consequence of certain rumors. This inquiry revealed beyond all question or doubt the heavy short selling of wheat upon the Chicago market by the Russian Government. There can be no question that this selling has contributed to the fall in the price of wheat and to the injury of American farmers now engaged in their intensive marketing season. Obviously it would be impossible for Soviet Russia to deliver grain in Chicago over our tariff of 42 cents a bushel. I should be glad to know from you what provision your exchange has made or can make for the protection of our American farmers from such activities." The disclosure that the Soviet Government had attempted to manipuate the Chicago grain market, following closely on the heels of charges by American lumber, coal and manganese interests that Russian agents were ruining their trade by dumping convict-made products on the domestic markets, was regarded in some quarters here as fresh evidence that Miseow Is seeking the economic ruin of this nation. Short Sales Admitted. Sales of Russian wheat, it was learned, were made by the All-Russian Textile Syndicate, a subsidiary of Amtorg, the Soviet trading organization, with headquarters in New York. Amtorg brought the much disputed cargoes of lumber and manganese to this country. Officials of the AllRussian Syndicate, it was said, admitted selling at least 5,000,000 bushels of wheat short. There could be only two reasons, official quarters here declarec1. for any foreign government selling grain futures short in the American market. One would be a belief that current prices would drop, with the consequent desire to take advantage of existing quotations before the recession came, and the other a deliberate attempt to wreck the domestic markets. In some quarters there was no doubt that Moscow hoped to make a fertile seed bed for its particular political doctrines by seeking to create unrest by intensifying economic depression. There was reason to believe, the same quarters asserted, that similar sinister campaigns are being directed in other countries by Moscow. Hopes for Manipulation Curb. What the Federal Government can or will do to stop Russian manipulation of the wheat market, it was announced, will depend upon Mr. Bunnell's reply to Secretary Hyde's telegram. The administration is known to have hopes that the Chicago grain exchange already has or can adopt regulations to handle the situation before further damage is done. Belief was expressed that sales for pure manipulation purposes can be stopped. "I hope," Secretary Hyde said, "that the grain exchange, voluntarily and peacefully, will make regulations guaranteeing a fair price to the American wheat crop. In the meantime, I am examining my authority. I cannot discuss the possibility of Government action further. Heretofore the Chicago Board of Trade has co-operated to the fullest extent In matters affecting our markets." Dr. J. W. T. Duvet, Chairman of the Grain Futures Administration, conducted the investigation for the Department of Agriculture. The grain Futures Act forbids the results of inquiries made under it being made public. - 1987 make such regulations as "provide for the prevention of manipulation of prices." I should be glad to hear your action in respect to these transactions. ARTHUR M. HYDE. From Chicago, Sept. 20, the New York "Times" reported the following: to ex' Beyond confirming that the Chicago Board of Trade had offered amine, through its Business Conduct Committee, evidence from Secretary Prices grain to seeking manipulate Hyde that Soviet Russia had been downward through its short sales here. President John A. Bunnell of the Board would say to-day only; evidence. I It is up to the Department of Agriculture to present its to coexpect to hear from Mr. Hyde Monday. The Board will be glad operate with the department, but we mustawait a message from Washington before we proceed. Soviet The feeling in grain circles is that the selling of futures by the syndicate presents a problem that reaches beyond the mere marketing by of grain and Involves international questions that can be settled only concerted action of various government departments. are world the of markets grain principal Many traders in nearly all the prices. satisfied that the Russians are attempting to demoralize grain A Liverpool house cabled to-day that the market was "very depressed" large are wheat there, and added; "Offerings of Canadian and Russian at lower prices. We are near parity with Austrian wheat. Likely to react When Russian stole demoralizing." $250.000 Soviet Profit Seen. its short Estimates here are that the All-Russian Textile Syndicate,from sales of about 5,000.000 bushels in the Chicago market, now has a paper would $1,000.000 Possibly $250.000. profit of4 to Scents a bushel, or about have been used to finance the transaction. The motives of the Russian Government in making a drive for lower wheat prices, assuming that Secretary Hyde is correct about it, have been a matter of speculation for a long time. Although Broomhall has estimated that Russia has 48.000.000 bushels of wheat available for export this year, there Is a agreement here with Mr. Hyde's statement that none of it could be sent into the United States over the 42 cent tariff. The Russian short interest Is only about 4% of the total. Soviet sales would be much more important, It Is said, in the European markets', where the grain can be delivered, with the influence of the world markets reacting here in the normal course of events. come Evidence of the character of the Soviet trading would logically the from the office of the Grain Futures Administration, which is under brokers for Secretary of Agriculture. This office is empowered to call on rule a established has and records of any dealings it wishes to Investigate of grain that all operators either long or short of 500.000 bushels or more shall be reported. for reports The Board of Trade also has power to call on its members on any transactions,but this power is seldom invoked and there is apparently answered has Agriculture of Department the no Intention to do this now until Mr. Bunnell a message. said one member "Our Business Conduct Committee has broad powers," on it responsibility of the board. "However, the Government cannot place to the world open is market The them. for setting prices or manipulating grain here. Either and there is always a large foreign interest hedging its It is legal for Soviet Russia to do business In this country or it isn't. The Government ought to settle that, not the Board of Trade. trouble with "Everybody knows that the Government has been having and that the Russians Soviet shipments of coal and pulpwood in this country are trying to sell raw materials, even at sacrifice prices, so they can buy their five-year machinery, particularly agriculture machinery, to forward find a program of industrial activity. International diplomats may have to of its formula if Russia Is to be barred from trading in this country or any markets." have sufficient been operations Doubts are expressed that the Soviet on the Chicago Exto drive prices down to a large extent. Wheat prices charges. change to-day showed little if any effect from the early trading, but Wheat prices advanced as much as 2% cents in the level to % cent reacted later. At the finish they were at yesterday's closing lower. March and May New low records for the season were established in bearish futures of wheat just before the close. Some attributed this to a had been made which Hyde, interpretation of the Bunnell message to Mr. Weeks. for Decline Steady public before the close. Russian threat Many traders both here and In Winnipeg treat the alleged Wheat prices have been declining steadily for weeks and yesterday they traders lightly. A telegram from Winnipeg said facetiously that some touched a new low. They closed from 1% to 1% cents per bushel off, with they would that hope the neckties, in other grains showing sympathetic depressions. September wheat closed there had gone to work wearing red orders. buying get Soviet selling orders and even yesterday at 81 cents. Corp., George S. Milner, General Manager of the Grain Stabilization The following is from the New York "Times" of Sept. 20: backed by the Farm Board, announced a readiness to co-operate in an inthe that asserted but vestigation of Communist propaganda and actions, Denies Relation to the Syndicate. matter was primarily one for the Secretary of Agriculture and the Board In a statement last night Peter A. Bogdanov. Chairman of the board of of Trade to handle. the Amtorg Trading Corp., denied that the All-Russian Textile Syndicate, The Washington advices, Sept. 20, to the "Times" said with offices at 39 Broadway, was a subsidiary of the Amtorg. me. Begdanov said he knew nothing of trading in wheat futures by the Soviet in part: Government on the American market. Investigation of the Soviet grain activities here and of charges that Following the telegram sent on Sept. 19 to President Soviet propaganda were printed on the Chicago Board of Trade's ticker will be made by the special House committee investigating Communist Bunnell the latter on Sept. 20 telegraphed Secretary Hyde operations, Representative Hamilton Fish Jr., chairman, said after a conas follows: ference with Secretary Hyde. The inquiry will open in New York, Sept. 27 Replying to your telegram sent to me. We will appreciate receiving and will continue in Chicago two days later. the facts upon which telegram was based and suggest they be laid before Samuel McKelvie, wheat member of the Farm Board, said that the our business conduct committee immediately. Suggest you take up with Board had no authority under the law to regulate the grain exchange's the Secretary of State right of Soviet Russia to traneact business in the or put an end to short selling. United States through its corporate agents. The opinion of Senators from grain States was that little could be done It should be remembered that the Chicago Board of Trade is recognized to prevent hedging operations' in grain by the Soviet unless all Board world market and hedges protecting grain in all positions over the world are of Trade "gambling" were stopped. Senator Dill, Democrat, of Washingcustomarily placed here. ton, ridiculed the contention that short sales of 5.000.000 bushels of wheat. which is the amount the Soviet Agency. the All-Russian Textile Syndicate This brought from Secretary Hyde the following tele- of New York, is said to have dealt in,could have a decidedly depressing graphic message: effect on the already low price of American wheat. While it is understood that Joseph P. Cotton. Assistant Secretary of Mr. John A. Bunnell, President, Chicago Board of Trade. Chicago, Ill.: of Information about the I am glad to afford your Business Conduct Committee full facts. How- State, WA told by Secretary Hyde as a matter ever, every bushel of short sales by the Soviet Government was sold by Russian wheat situation, the matter was not taken up actively by the have not been conDepartment the in experts Department, and Russian your members,from whom no doubt you can get information. These transactions by the Russian Government are not based upon even sulted concerning It. Mr. Cotton was absent from the city and the State pleading Ignorance of the circuma remote possibility of delivery upon your market or in the United States Department would make no comment, and have the effect of manipulating the price downward against every stances. AN Deals. Bar to Would Have farmer who has sold his wheat since these short sales were executed. The only way the Soviet short selling could be stopped by the governA new question of broad public policy lies before your Board to consider. and it is thus primarily a question for the Chicago Board of Trade to con- ment, Secretary Hyde admitted, as by the suspension of futures trading sider its position as providing a free market for the American farmer and on the exchange for a limited period by the joint action of the Secretaries of the consumers of the world. The law provides the Board of Trade shall Agriculture and Commerce and the Attorney General. This, however. 1988 FINANCIAL CHRONICLE [vol. 131. was considered a drastic move and not advisable at this time. It was pressed wheat prices was to be found in what the insurgents term the inremarked by Mr. Hyde that the Secretary of State had no power to regulate effectiveness of farm relief legislation sponsored by the administration, Russian trade in the United States. rather than in short sales by the Russian Government. That the practice of hedging operations was followed by domestic traders Secretary Hyde's statement was a reply to one made yesterday by Mr. was also admitted by Mr. Hyde, but, he said, "the Board of Trade owes it Belitzky, which the latter issued following the original charges made by to itself to see that sales for price-fixing should stop." He believed that the Secretary. "purely artificial transactions for price-fixing purposes should be minimized Secretary Hyde's Statement. by the Board's regulations." Secretary Hyde's statement was as follows: "All I want to say is this," said Mr. Hyde. "We are affording the Chicago "Mr. E. v. Belitzky, President of the All-Russian Board of Trade an opportunity to clear the decks by its own voluntary Textile Syndicate, is reported by the papers this morning as saying that 'Mr. Hyde's action." estimate of 5,000,000 bushels' as the amount of Soviet Russia's short "And if It doesn't?" he was asked. sales Is 'a little exaggerated.' "That will be another chapter," was his reply. "That estimate was obtained from Mr. Belltzky's own company. It has Reiterating his charges that the activities of the All-Russian Syndicate were purely for the purpose of lowering wheat prices and spreading dis- proved to be, as he says, incorrect. Our investigations already show that content among American farmers, Mr. Hyde said that the Russian Govern- on four short days sales by the Soviet Government, through three brokers ment at this time was more possessed of bread than wheat crops. He said amounted to over 7,500,000 bushels of wheat. Thus actual sales already that the wheat sold short on the Chicago exchange was never intended for uncovered overrun Mr Belitzky's estimate by a little more than 50%. actual delivery here. "It is strange the president of the All-Russian Textile Syndicate does not know within 2,500,000 bushels how much wheat has actually been Sees Shipments Rere Impossible. sold. It would be physically impossible, he continued, for a government that "We are further indebted to Mr. Belitzky for his statement that the operrations food among its people, as in Russia, to ship 50.000,000 bushels of ations 'were carried on over a period of several months.' The All-Russian wheat to this country. In support of his charge that Russia has no wheat Textile Syndicate had assured us that their sales were confined to the last for shipment, Mr. Hyde said that "only the other day six men were put to fortnight. Our check-up covered only that period. A more extended indeath for forging government bread tickets." vestigation is now necessary. "White bread," he said, "Is only for children under 10 years of age; "Mr. Belitzky also says that the sales of Soviet Russia 'could not apbutter likewise is for children of this age; workers receive only a quarter of preciably affect the trend of prices, because the turnover on the Chicago a pound of beef a day and other people only one-eighth of a pound. Board of Trade is 50 to 60 million bushels a day.' "It is inconceivable that any government with such a food scarcity has "The answer is found in the course of prices during the four days covered a surplus of wheat sufficient to warrant holding down the price of wheat." by the sales so far identified. Those four days are Sept. 8, 9, 10 and 11. Mr. Hyde said that short sales by the Soviet agency were made on the On Sept. 8, May wheat opened on Chicago at 99%, or I cents above the four days, Sept. 8, 9, 10 and 11. previous close. The price dropped during the day and closed at 96%, or "On both the 8th and 9th," he said, "the price of wheat started up, then on the bottom, and down 2% cents. declined as some influence hit it." "During the four days the market on May wheat dropped from the He said he did not blame the declines entirely on one sale, but that opening of 9931 to the close on Sept. 11 at 94 X.a decline of 5 cents. Com"bear psychology is created by the company it keeps." parable declines were registered In all the other wheat futures. "The sales by Soviet Russia were probably not resp-nsible for all of Fish Tells of Inquiry Plan. this drop. I do say th t such sales, added to other boar factors, After his conference with Secretary Hyde, who gave him all the inforcontributed greatly to a bear psychology which depressed the market. It is mation the Department of Agriculture has as to the Soviet grain dealings, evident that something was depressing a market which was trying to rise. Representative Fish said that the transactions fell within the House Com"The whole matter presents several unusual aspects. Here Is a foreign mittee's sphere of inquiry. He said that the short selling of wheat, which government selling wheat short In a market to which it can never, under could not be delivered by Russia, was another evidence of the ramification any possibility make delivery. Freight and tariff absolutely forbid delivery. of Communistic manipulation. "Secretary male suggested that our committee make this the subject Denies Russia Has Wheat to Sell. of immediate inquiry, and this we will do," Representative Fish said. "This, their representatives say, Is a legitimate hedging operation, but "We will open the investigation in New York on Sept. 27 and learn from they do not seem to know by 50% how many bushels they are hedging. agents of the Soviet Government and grain operators just how far-reaching "Not the tenet striking figure of these unique operations Is the fact that, the selling has been. We will resume the investigation in Chicago on so far from having wheat to sell and thus to hedge. the Russian Government Sept. 29 and call before us the officers of the Chicago Board of Trade. Is rationing its people and doling out fond on food cars. No white bread is "Nothing has developed recently that shows better just how far the available to Russians except to children under 10 years of age. Industrial Soviets are willing to go to carry out their doctrine and injure business workers may have from one-half to three-fourths pound of rye bread per and governments elsewhere. day, their children only one-four ponnd each day. No butter is available "Nothing can be done under the present law to prevent the selling of except to children, and only one-eighth of a pound per week to them. futures, and I think this operation should supply the necessary argument "It is not my province to pass judgment upon policies of foreign governfor an amendment of this law. The present laws are weak in this direction, ments. If they elect to sell wheat abroad at a time when they find it necesand I am sure that the next Congress will attempt to regulate the dealing sary to ration their own people and to shoot men for forging food cards,that in futures. is their business. Nor is it within my power to discern their motives In "Apparently the Soviet Government has been operating in the United bearing American markets. States for a long time to depress the wheat prices, judged by a letter sent "But it is my province end my duty to expose such transactions and me on July 27 by a prominent Chicago operator. In this letter he said: to insist that American institutions be so regulated as to make such trans"'Is it not possible for your conunittee to investigate the Soviet propaactions impossible. I hope the futures exchanges of this country, on their ganda wnich Is printed daily on the Exchange tickers telling of the enorown initiative, will have sufficient foresight and public spirit to make such mous amount of wheat the Soviets are offering to Europe far below our changes In their rules as may be necessary." prices? They were scared the other day by the grain futures agents, so On Sept. 22, Associated Press accounts from Toledo said: now these Soviet reports are sent out from Europe and not printed on the tickers here. Any one in the Chicago Board of Trade will tell you who the Secretary Hyde, who revealed Saturday that the Soviet Government had two Russian firms are who have been engaged in this. It is causing much sold short millions of bushels of wheat on the Chicago grain market,said here unrest among the farmers.'" to-day that the government's investigation of three Chicago grain houses Representative Fish said that his committee would try to determine who showed sales double the amount at first admitted by the Russians. was responsible for the Soviet reports being on the Chicago tickers, if such The Secretary of Agriculture also said that it was at first reported the were a fact. Soviet Government had been in the market only a few days, while indications, from the hurried investigation made, are that manipulations have On Sept. 21, Secretary Hyde said that a more extended been under way for months. investigation of the operations of the All-Russian Textile He expressed pleasure that the Chicago Board of Trade is undertaking Syndicate in selling wheat short on the Chicago Board of its own investigation, but said the American people could feel sure that Trade had become necessary because of a statement made in no effort will be left undone by the Government to trace the whole story of the activities in the American grain market. He indicated that New York on Sept. 20, by E. Y. Belitzky, President of the only a Soviet start in the investigation has been made. Syndicate, that the deals were carried on over several months "At first," he said, "the Russians admitted to only 5,000,000 bushels of selling, and said it was a matter of days, that they had been active. instead of a few days, as had been believed. We quote from short Our of just three hours convinced us that the amounts are a Washington dispatch, Sept. 21 to the New York "Times" muchinvestigation larger and have extended over a longer duration. We have found sufficient evidence to warrant a thorough investigation." from which the following is also taken: Secretary Hyde left to-night for Chicago. The Secretary will arrive in In its Washington advices, Sept. 23, the New York Chicago Wednesday or Thursday to enter upon a personal investigation "Times" said in part: of the operations of the All-Russian Textile Syndicate on the Wheat ExAlleged Russian manipulations in the markets of this country continued change. The Secretary expressed the hope that grain exchanges of the country to hold the interest of the national capital to-day as officials prepared to on their own initiative would have what he described as sufficient fore- investigate certain specific charges relative to heavy short-selling of wheat. Coincident with announcement here that the House "Red" Committee sight and public spirit to make such changes in their rules as are needed to prevent a repetition of abuses of the open market by the Soviet agencies. engaged in Investigating Communist efforts in this country would hold This statement was interpreted here as carrying a threat that Congress hearings in New York and Chicago next week to inquire Into the charges might be asked to adopt new legislation if private interests did nothing. of short-selling of wheat by Soviet agents, the New York "Times" obtained Mr.Hyde accused the Soviet Government ofselling wheat in the American Information from accredited sources which shows that Russian dumping market to depress prices and cause discontent, when in fact Russia had no activities are not a development of the last month or two or confined to wheat to sell, and at a time when the Soviets "find it necessary to ration the United States. The practice, according to the reports obtained, has been In projress their own people and to shoot men for forging food cards." for the last eight or ten months in the British Isles, Germany, Poland, Italy, Greece, Sweden,Mexico, Cuba,Belgium, Egypt and Hungary. The Denies Belitsky's Figures. Mr. Belitzky's statement that Mr. Hyde's estimate of 5,000.000 bushels commodities involved in these dumping transactions according to the resold short was exaggerated was seized upon by the Secretary as another porta, included not only grain but lumber, gasoline, turpentine, rubber point, and he declared that the known sales now had reached 7,500.000 footwear, petroleum, textiles, coal and flax. bushels. Wheat in Market Since May. Secretary Hyde's statements promise to stir up a widespread controversy Included in these reports is the information that Russian wheat has been If, as now planned, the Department of Agriculture broadens its inquiry, offered in the British markets, at least since last May, and contributed and Representative Fish's House Committee on Red activities delves to the price depression. British and Continental markets were declared deeply into the charges. Secretary Hyde acted after conferences with to be glutted with Russian barley. In the year ended Aug. I more than President Hoover, but up to this time no statements have come from 1,188,000,000 pounds of barley and 224,000,000 pounds of wheat had been the White House. Representative Fish has an appointment to see President shipped out of Russia. Hoover to-morrow. Representative Hamilton Fish Jr., Chairman of the House Committee, Senators Brookhart, Frazier and others who have leanings toward the said it would open hearings on Monday in Chicago, in which market the recognition of tne Soviet regime have deprecated the importance of the short selling of wheat by Russian agents has been the heaviest. The comcharges made by Mr. Hyde and have contended that the real cause for de- mittee will conduct hearings Saturday In New York, to which represents- SEPT.27 19301 FINANCIAL CHRONICLE tives of "three big commission houses" will be called to tell what they know of the activities of Soviet business agents in their markets. Mr. Fish to-day dispatched the following telegram to John A. Bunnell, President of the Chicago Board of Trade; Committee created by House of Representatives to investigate propaganda and activities of Communists in the United States will hold hearings at Chicago in the Grand Jury room of the Federal Building on Monday morning, Sept. 29, beginning at 10 o'clock. Would appreciate your appearance as witness before the committee in connection with charges made by Secretary Hyde of short selling by AllRussian Textile Syndicate and your co-operation in ascertaining if other orders have been placed or executed from Soviet sources to depress American wheat market. Committee has full power of subpoena, and desires only to get the actual facts for report to Congress, with recommendations for appropriate legislation. Please wire me. House of Representatives, if it will be convenient for You to appear before our committee the morning of the 29th and any suggestions you care to make, particularly as to calling any brokers in Chicago before the committee. Am also wiring Mr. Clutton and Mr. Badenoch. HAMILTON FISH Jr., Chairman. Mr. Fish received the following reply: Answering your wires, President Bunnell. Secretary Clutton and J. W. Badenoch will gladly co-operate with your committee at its meeting here on Monday. Sept. 29. W. B. BOSWORTH, Assistant Secretary Chicago Board of Trade. Dumping Here Is Disclosed. Reports disclosed in accredited sources this afternoon bore evidence that heavy exporting of various commodities, in sufficient quantities to be called dumping, had been going on from Russia to the United States for the last several months,increasing in volume up to the middle of August, when the last report was received. Included in these commodities are all grains, lumber, gasoline, turpentine, petroleum, coal, textiles, rubber footwear and flax. The same paper (the "Times") in a Chicago dispatch. Sept. 24, said in part: The troubled wheat market took another tack to-day in the final minutes of trading. Prices advanced, influenced by liberal purchases by houses with Eastern connections, and reports that the Soviet Government interests which sold wheat short were buying to remove their hedges. The closing prices were 79X for September delivery, an advance of % cent; 83% to 83% for December, a rise of la cent, and 89 to 89% for May,a decline from the previous close of ;4 cent. Other grains advanced in sympathy, corn % to 3,6 and rye from % to 13 cents. The depressing influence of yesterday was apparent in the early trading, however, and September wheat this morning set a new low mark of 763 cents a bushel, a fraction lower than the quotation of July 1914, and the lowest since Jan. 1907. Many traders who had been on the buying side were reported convinced it was time to take their losses, however,and there was a surplus of selling orders until the late rally. Reports were denied that the Federal Farm Board agencies bad gone Into the market with stabilization as the aim. While purchases were made both here and in Minneapolis. It was explained, one object was to maintain the 60,000,000-bushel holdings of the government-financed grain corporation. Samuel R. McKelvie, a member of the Farm Board, said some of the purchasing was to obtain supplies to be sold to farmers who intend to feed wheat to live stock. Any intention to fight the Russians with American money, taking the opposite side of the market, was scouted here. The effect of Russian wheat dealings on foreign markets were compared to prices to-day. From Sept. 9 to the lows of to-day there was a difference of5% cents in Chicago,7% cents in Winnipeg, 5 cents in Liverpool and 531 cents in Buenos Aires. It was indicated that the late rally in Winnipeg was caused in part by Russian buying. The lowest wheat price there to-clay was below any comparable mark since 1909. Silas H. Strawn, attorney and civic leader; Peter B. Carey, a director of the Board of Trade, and S. 0. Harris, a member of a Board of Trade firm, departed to-day for Washington. They were to call on Secretary Lamont. It was understood that they intended to explain the attitude of the Board of Trade in the Russian matter to officials, as well as discuss changes in the rules of the organization, which have been contemplated for a long time. While the Russian influence was regarded in some quarters as neutralized, so far as wheat market trading is concerned, leaders of three firmer organizations took up the cudgels against what they termed "Russian communistic activities in the United States threatening the welfare of the American farmer." They were the American Farm Bureau Federation,the National Grange and the Farmers Educational and Co-operative Union, representing 2,000,000 families. Investigate Red Activities. Sam H. Thompson, President of the Farm Bureau Federation, is in Washington, consulting with Federal officials. He authorized M. B. Winder, Secretary of the Federation in Chicago,to announce that Secretary Hyde would attend a meeting of the organization's board of directors here Oct. 2 and 3. "At that time will be presented a full report of an investigation of the communistic activities in this country," declared Mr. Winder. "It is being prepared by Farm Bureau officials who have been studying the situation for some three months. The disastrous slump in the wheat market, costing American farmers millions of dollars, and Secretary Hyde's declaration of the Soviet Government's responsibility have hastened our determination to give this matter official notice." According to Mr. Winder, the Farm Bureau Federation has had under consideration for some time demands for legislation designed to thoroughly regulate the boarda of trade "to prevent just such manipulation as has occurred during the last few months." Consideration will be given, he added, to the "matter of Americanmade farm machinery exported for use in the Soviet grain fields by peasants whose wage scale and standards of living are controlled according to communistic theories." I.,. J. Taber, President of the National Grange,said at Columbus, Ohio, that the grange would consider steps to be taken at a meeting ofthe directors In Washington the second week in October. The directors of the Farmers Union probably will act at a meeting early next month, declared C. E. Huff, President. Several farm leaders stated that they had been gathering evidence of "communistic meetings" among farmers, principally in Utah. Mon.:ana, the Dakotas and Minnesota. Reports of sabotage in grain fields are being investigated, they said. Canada and Russia Compete. Meanwhile, a dispatch from London reported that Canadian and Russian grain was competing for sales, and that American hard Winter wheat was In small demand because it was being held at higher price levels than either of those countries. While gossip was heard to the effect that Russians may have bought 1,000,000 bushels here to-day, and a belief was expressedln some quarters 1989 in the trade that the Russians'other sales would be covered in a short time, when their cash wheat in Europe is sold, investigations of their activities continued. The Business Conduct Committee of the Board of Trade held another session this afternoon. Joseph W. Badenoch. Chairman, stated that they were tracing down the clues given by Secretary Hyde. Another meeting will be held Friday. Russian Soviet Agent Admits Larger Grain Deals-All-Russian Syndicate Sold 7,765,000 Bushels Short,But on Only Three Days,Says E. Y.Belitzky. The following is from the New York "Times" of Sept. 23: E. Y. Belitzky. Vice-President and Treasurer of the All-Russian Textile Syndicate, 39 Broadway, who last Saturday said that his organization had sold short less than 5,000,000 bushels of grain, admitted yesterday that the transaction covered 7,765.000 bushels on the Chicago Board of Trade. The operations took place on Sept. 9. 10 and 11, Mr. Belitzky said. denying again the statement of Secretary Hyde that they were carried on for months. Mr. Belitzky was understood by inquirers to say on Saturday that the operations were spread throughout this year, and when this was recalled to his associates the explanation made was that the reporters must have misunderstood the words of the syndicate spokesman, whose knowledge of the English language is limited. The statement follows: "In view of the report quoted in the statement of Secretary Hyde that the All-Russian Textile Syndicate carried on operations in grain 'over a period of several months,' I wish to state categorically that these operations took place only on the following three days—Sept.9, 10 and 11,1930. Up to that time the All-Russian Textile Syndicate engaged in no grain operations. "As to the quantity of grain sold by us, I wish to state the following; On Sept. 19 a representative of the Department of Agriculture called at my office for information concerning our sales of wheat. I explained to him the nature of our hedging operations, named the brokers through whom the sales were made and offered to supply exact figures of sales as soon as these could be obtained from my associates. "I was informed, however, that the Department of Agriculture was not interested in the figures at the time and that the Secretary of Agriculture would communicate with me if he desired these figures. At the same time I emphasized that the books of the All-Russian Textile Syndicate are open to any official inquiry. This shows that at no time did we attempt to keep our operations secret from the authorities. I may add that up to this hour no official inquiry from the Secretary of Agriculture has been received. "Saturday I did not deem it necessary to state the amount of our sales, and in my statement said only that we sold 'a relatively small quantity of wheat.' In order, however, to dispel the many conflicting rumors, I wish to state now that our total sales of wheat for the three days amounted to 7,765,000 bushels, which was but a small fraction of the total turnover of the Chicago Board of Trade for the period." Colonel Douglas Sanday, a member of the Produce Exchange, asserted yesterday that the Russian short sales reported would have no effect on the wheat market. "Secretary Hyde's public utterances regarding Soviet sales of grain futures are so childish that something should be done to prevent him becoming a laughing stock to the world," said Colonel Sanday. "Every international grain man knows that American grain dealers sell and buy hundreds of millions of bushels during a year in the Winnipeg futures market, as Canada does in Chicago. The same things happen in the Liverpool and the Buenos Aires markets. "Russian orders recently drawn attention to are nothing in comparison to the daily orders that circulate from all over the world to Chicago. The fact that Chicago December wheat is selling at 6 cents over December Winnipeg wheat, whereas Canadian grain is unanimously acknowledged to be superior in quality, should be sufficient proof for anybody that the American farmer is not suffering but, on the contrary, has, at the present time, an opportunity,should he wish to avail himself of it, to sell his wheat in the Chicago market at a higher price than world's parity. "American farmers are being advised by Secretary Hyde that, despite a surplus of over 400,000,000 bushels of wheat, this country is on a domestic basis. Should they accept his advice, they will know next May whether it was good or bad. If it proves incorrect, the market will have already been taken away from them. The present statement should afford a good example as to whether his advice is eventually likely to be beneficial." Argentine Farmers Urge Grain Export Curb—Want Corn Held Until Prices Improve, advices Sept. 23 to the New York "Times" Aires Buenos stated that a committee representing 17 rural organizations has presented a memorial to the Minister of Agriculture outlining measures they belived the Government should take to restrict the exportation of grains, especially corn, with the idea of improving prices. The cablegram went on to say: They propose that the farmers bold back corn until the prices improve and that the Bank of the Nation be authorized to lend money against stocks thus held until it seems advisable to put them on the market. They further suggest that the Government seek reciprocal arrangements with the governments of the United States, France, Spain and Germany. permitting the entrance of fixed quantities of .Argentine corn into their markets in exchange for reciprocal concessions, the nature of which the committee leaves to the Minister of Agriculture to determine. The Minister took the matter under advisement. Chicago Board of Trade Acts to Bar Futures Selling by Foreign Governments. Selling of grain futures on the Chicago Board of Trade by any foreign Government is objectionable and must be ended, the directors of the Board stated in a resolution adopted yesterday (Sept. 26) after consideration of the problem arising from short selling of wheat by the Soviet Government. This is learned from Associated Press dispatchesfrom Chicago, which likewise said: 1990 FINANCIAL CHRONICLE The directors instructed the Board's Business Conduct Committee to take "vigorous measures" to stop bear raids and price manipulation, and advised the Committee that unduly large short sales as distinguished from hedging may be regarded as evidence of improper selling. Fmk,131. The Feltus organization was formed a year ago by grouping farmers elevator association of Minnesota, North and South Dakota and Montana. It has a membership of between 100 and 200 such associations. Argentina Seeks Data on Grain Available—Curb on Chicago Board of Trade Posts Rules to Aid Buyer— Speculators is Planned After Taking of Inventory Changes to Meet Department of Agriculture Sugof Surplus. gestions up for Ballot. The constant decrease in prices at which it is possible to Directors of the Chicago Board of Trade at a special sell Argentine cereals is occupying the serious attention of meeting on Sept. 19 ordered posted for ballot by members proposed changes in the rules of the exchange, designed to the new Argentine Government, says a Buenos Aires cablefavor buyers and which followed suggestions made by gram, Sept. 24, to the New York "Times," which adds: The Minister of Agriculture telegraphed to-day to all provincial governofficials of the United States Department of Agriculture. ments, asking them to ascertain as near as possible the exact stocks of In stating this the Chicago "Journal of Commerce" added: corn in their respective territories. The government wants the figure of the exportable balance still on hand before undertaking measures which it is considering and which, it is hoped, will improve the prices of corn, which is now the lowest in several years. All of the principal grains have suffered abrupt declines in the last few days, wheat falling 45 centavos a quintal, which at present exchange rates is the equivalent of 16 cents a bushel, closing to-day at the equivalent of 76 cents a bushel. Corn dropped from 6 pesos a quintal on Monday to 5.35 pesos, which is the equivalent, respectively, of 54.5 cents and 43.5 cents a bushel. Flaxseed, which is the only crop on which Argentine growers can generally more or less dictate price, because they produce 90% of the world's exports, has fallen from 17.25 pesos a quintal, the equivalent of $1.57 a Elevators Favor Proposition. Elevator interests, and country shippers have contended that the emer- bushel on Aug. 23, to 15.20 a quintal, or $1.38 a bushel, on Monday, closgency clause was necessary when storage room was limited to enable sellers ing to-day at 14.25 pesos a quintal, or $1.29 a bushel. While wheat admittedly is feeling the effects of the international depresto fulfill their contracts. The proposed change removes the emergency provision of carlot delivery. sion, the low prices of corn and flaxseed are blamed on artificial manipulaUnder this rule, carlot deliveries on track would be permitted during the tion by speculators, which the government hopes to curb. last three days of every contract month and the changed rule would provide that in the three-day period, deliveries cannot be made on track from elevators in Chicago. Parley on Wheat is Urged in Berlin—Federal Grain Notices have been posted and a vote will be taken on Oct.6. These changes would reduce the number of deliverable grades of grain on contracts, thus giving buyers a more definite idea of the sort of wheat they are contracting for, and will also put in operation changed regulations regarding carlot deliveries. Judging from past experience, the latter proposed change is likely to meet with considerable opposition among members of the exchange. This rule has been the subject of much heated argument in the past, buyers claiming that the provision allowing directors to declare an emergency during any period of a contract month and permit delivery in cars puts them to a severe disadvantage in that it places upon them the burden of finding storage for the grain so delivered. Reduces Deliverable Grades. If the proposed changes are adopted the number of grades in wheat deliverable at contract price will be reduced from seven to five, both No. 1 and No. 2 yellow hard winter wheat being eliminated. There will be no change in wheat deliveries at premium, and grades of wheat deliverable at discount will be eliminated entirely. The last-named change would eliminate from trading No.2 dark northern spring wheat, No.2 northern spring wheat, No.3 dark hard winter wheat, No. 3 hard winter wheat. No. 3 yellow hard winter wheat and No. 3 red winter wheat. Oats,rye and barley are not affected by the proposed changes. In corn, the proposed rule change would make No. 3 grades of corn deliverable only during December with the same prevailing discounts as at present. laustrael Lawrence Farlow and F. H.Sloan Resign from:Farmers' National Grain Corp. The resignation of Lawrence Farlow of Bloomington, Ill., as Secretary and a Director, and F. H. Sloan of Aberdeen, B. Dak., as a director of the organization were announced on Sept. 22 by Mr. Farlow and the Farmers' National Grain Corp. The advices to this effect in the Chicago "Journal of Commerce" continued: Mr. Farlow stated that his resignation was due to his desire to devote all of his time to the Farmers' Grain Dealers' Association, of which he is Executive Secretary. The Association statement, issued by C. E. Huff, also said that Mr. Farlow would give his full time to the Illinois grain dealers' group. Grain Rivalry Hinted. It was reported that rivalry had developed between grain men of the Illinois Association and members of the Farmers' Union, a division of the National Farmers' Union, of which Mr. Huff is President, but neither Mr. Farlow nor Mr. Huff would comment upon that report. Farlow became Secretary of the Farm Board sponsored Farmers' National Grain Corp.last March after a shakeup in officers. S. J. Cottington, the first President of the national group, was also connected with the Farmers' Grain Dealers' Association. He was succeeded by Mr. Huff. Shortly after this change, the Rural Grain Co., which handled orders for the grain dealers' association, was found insolvent. Pool Among Creditors. Among its creditors were the Farmers' National Grain Corp. and the Grain Stabilization Corp. both sponsored by the Farm Board. Mr. Huff's statement on the Farlow and Sloan resignations read: Resignations of Lawrence Farlow of Bloomington, Ill., and F. H. Sloan of Aberdeen, S. D., as directors of Farmers' National Grain Corp., and of Mr. Farlow as Secretary of the corporation have been received. Due to Changed Position. Mr. Sloan's resignation was the result of his changed position. As he stated in his resignation, he is no longer connected with any grain marketing organization affiliated with Farmers' National Grain Corp. and felt that the directorate should be made up of representatives of such organizations. Mr. Farlow's resignation as Secretary and Director was due to the fact that his full time is required in his duties as Executive Secretary of the Farmers' Grain Dealers' Association of Illinois. Co-operative Farmers' Northwest Grain Corporation to Disband—Members to Affiliate with Farmers' Union Terminal Association. From the "Wall Street Journal" of Sept. 20 we take the following St. Paul advices: Commissioner Says Nations May Have to Unite Against Red Dumping—Believes Farm Relief in United States Will be Futile if the Russians are Successful in Manoeuvre. Russian grain dumping threatens to become a serious menace to the world's entire wheat industry, in the opinion of Dr. Fritz Baade, Federal Grain Commissioner, who admitted on Sept. 23 that Germany was almost as much in danger from the Soviet's export raid as the United States and other Important wheat-producing countries. A cablegram from Berlin to the New York "Times" from which we quote, likewise Stated: If the Russians succeed in carrying out their manoeuvre farm relief in the United States will be futile, Dr. Baade believes, as it will be America which will suffer heaviest in the long run. If the Russian export menace continues to take on increasing dimensions, in his opinion, it may be imperative that a conference of all 'countries affected be convoked to decide upon defensive measures, as the cardinal danger of Russian export competition is indicated in the circumstance that the Soviet calculates its export prices on a wholly different basis than that obtaining in capitalistic countries, thereby refusing to recognize the rules of competition observed by the rest of the world. The official Soviet trade mission here, in a statement to-day, said: "We are forcing our hand and need machines to build up our production." The statement makes no reference to methods of dumping or the process of communistic economy and the production which makes it possible. Germany so far has been leas affected by the influx of dumped grain than souse other European countries and probably for the present is not facing the same situation that confronts England. The Russian unloading campaign began in November, 1929, with the enforced exportation of barley. It soon forced prices down to exactly half the prevailing European ranges. German experts profess to see an added menace in the present situation resulting from the diversion of cheap rye and barley to fodder purposes. It is doubted in German quarters whether the Soviet will unload any appreciable volume of wheat in the United States and these quarters believe the short-selling raid in the Chicago pit was purely of a speculative character. Germany, it is contended, is in a better position to protect herself in that she could levy a high wheat duty, keeping in hand prices up to a healthy level. On the other band, the Russian manoeuvre has completely upset the official policy of supporting rye prices, which have now also dropped. The German-Polish rye agreement was working well and it was hoped other countries would join the convention later. On the whole, the present inclination is to view the Russian procedure as not immediately inimical to German interests and the desire appears to be in the direction of an attitude of cool reserve since Germany is in a position to take recourse to tariff expedients which would adequately safeguard her immediate agrarian interests. Germany Abandons Rye Support, A Berlin cablegram published in the "Wall Street Journal" of Sept. 20 said: After spending 80,000,000 marks, of which probably 3,000.000 retch'smarks has been lost, the Government has abandoned attempt to hold up the price of rye, and Getreide Handelsgesellschaft has ceased buying. Price fell to 174 reichsmarks from 187 reichsmarks. Farmers have been officially advised to postpone selling because price will recover later and present depression is due to bear campaign. One of the first major steps toward reducing the competition between Larger British Wheat Import from Russia Indicated. Northwestern grain co-operatives was completed here with the announceThe following from London Sept. 19 appeared in the ment that the Co-operative Farmers Northwest Grain Corporation will be disbanded immediately and its members advised to affiliate with the New York "Times": Farmers' Union Terminal Association of St. Paul. It is difficult to compute exactly the extent to which Russian wheat Harry A. Feltus, organizer and general manager of the Co-operative has been pressing on the international market, because wheat imports from Farmers' Northwest Grain Corporation, made the announcement. He that country are not separately stated in our Board of Trade returns. has joined the executive staff of the Farmers Union Terminal Association. They are merely included under "other countries," the other important SEPT. 27 1930.1 FINANCIAL CHRONICLE producers being separately accounted for. The Russian movement may possibly, however, be indicated by the fact that imports of wheat from these "other countries" during the first eight months of the year amounted to 6,629,331 hundredweight, as against 2,122,723 in the corresponding period last year. The value of these imports was £2,771,501, against £1,088,055. Imports of American wheat into England, taking the eight months as a whole, have been less this year than last year. Up to the end of August such imports had been 13,134,546. against 13.676,871 up to the same date last year. The total value this year was £6,146,025, against £7,036.543. Reputed Bogus Messages Regarding Canadian Wheat Pool. A bogus message from Winnipeg, to the effect that the Canadian wheat pool was in difficulties and that operations would be taken over by the Provincial Governments added to the confusion that the grain trade has been thrown into by the charge that Russia was plotting to demoralize the Chicago market, and gave the Business Conduct Committee of the Chicago Board of Trade and the United States Grain Exchange Supervisor more investigating to do, said the Chicago "Journal of Commerce" of Sept. 24, from which the following is also taken: This rumor was promptly denied. Nevertheless, It left a feeling of uneasiness in the minds of the trade, a depression that was emphasized by cabled reports that Russia continued to press wheat for sale in European markets, which, with a bad break in the Winnipeg market brought about a general unloading of long grain here and a sharp break in prices. 1991 Farmers will receive an initial payment of 25 cents a bushel for No. 2 C. W. oats, instead of the original payments of 30 cents. First payment for flax is cut from 31.25 to $1.00 for No.1 N.W. and rye from 35 cents to 25 cents for No. 2 C.W. The pool statement merely announced the cut and gave no reasons for the action. The reduced payments, based in store at Fort William, become effective on grain delivered to-morrow. France Protects Wheat—Acts to Prevent Influx of Russian Grain—Reminds Millers of Obligations. United Press advices from Paris to the "Wall Street Journal" of Sept. 24 said: France moved to prevent an influx of Russian wheat when the Government ordered port officials to make a strict application of the law forbidding the import of foreign wheat except by permit corresponding to a similar amount of French wheat previously exported. At the same time French millers were reminded of the law obliging them to use 90% French wheat in making flour. The millers would be allowed to import a maximum of 7,000.000 tons of wheat but most of it probably will be grain from the Danube which can be marketed in France cheaper than Russian wheat. French Wheat $1.90 a Bushel. Paris Associated Press advices Sept. 25 stated: The price of French wheat was officially quoted to-day at 166 to 172 francs per 100 kilograms (about 3.50 bushels), the equivalent of about $1.90 a bushel. It was explained that the price is necessary as a government protection for the French farmers. Wheat at New Low Point. Russian Wheat Shipments to Dutch Markets—ImWheat dropped to new low points, September going to 77%c., which is porters Say Price Was Cut After Discovery of Rye the lowest price for contract wheat since July 1914, when it sold at 77%c. and Barley in Consignments. The latter price, in turn, was the lowest since 1907. Prices showed net declines of 1 % ©2c. for the day, while wheat at Winnipeg broke 2% ©2%c. The following from The Hague, Sept. 23, is taken from and the October delivery reached 73 qc. the New York "Times". Corn prices here slumped 1 % ©3c.. the December getting to 81%c., or North American and Argentine wheat is almost unsold in the Dutch 18c. below the high price for the season, which was made in August. Oats markets, as it is offered at prices still considerably higher than wheat from broke 1% ©1%c. and rye was down 3%03Mc. Investigation of the sources of the bogus Canadian report was imme- South Russian and Danubian ports offered at strongly competitive prices. This situation, as reported in the weekly reviews of the Dutch press. diately started by the United States grain futures administration and the business conduct committee of the Board of Trade. The house receiving seems to confirm what a German news agency reported on Sept. 9—that and an inquiry found the message also started evidence that strongly Dutch importers of wheat contracted with the Soviet Trade Commission suggested a conspiracy to deliberately affect the market through the in London for big deliveries of wheat to be shipped in August and September. Information in well-informed Rotterdam circles gives another impression. circulation of false news. Claim Pool in Difficulty. Russians have chartered a big amount of freight tonnage to Italian and were; this message Details of West Continental ports to get rid of their surplus old crop before the new "Wheat pool in difficulty. Provincial government officials to take over crop comes in, which is estimated at 8 or 10% higher than last year's. pool operations at 10 o'clock to protect their guarantee. Banks call for Russia, a big wheat trader says, apparently needs money badly and as the $28,000,000 yesterday from government." North American crops are larger than expected and Argentina and AusIt was received at Winnipeg via phone from some unknown person tralia soon may throw great quantities on the market it is trying to get rid and transmitted from the telegraph office on the exchange floor there to of all the wheat the Soviets can obtain before shipments from the Southern the exchange floor office on the Chicago Board of Trade. The message Hemisphere reach the market. was sent to the two Chicago houses and to one in Liverpool. All available In the beginning the Dutch had to pay half the price of small quantities data was turned over to the investigating committee and James Steward bought before shipping, but as these shipments required much handling, of Winnipeg. over whose signature the message was sent, personally denied being partly mixed with rye and barley, the Dutch importers refused to that such a message was sent by his firm. buy on these terms. Russia. having chartered many ships, then offered world market,to be paid after delivery, and proof The following in the matter from Winnipeg is from the wheat at prices below thepure wheat. that the wheat sold was "Wall Street Journal" of Sept. 24: All in all. Russia shipped in the second half of August more than 500,000 President White of the Winnipeg Grain Exchange issued the following quarters (eight bushels each) and before Sept. 18 more than 100 wheat statement for the press; "The Canadian Pacific Railway Telegraph Co. vessels had left Russian ports, the greater number bound for Italy. Holaccepted two messages over the telephone at 7.18 Tuesday morning. land also received an important share on account of the low rates to RotterThe messages were relative to wheat pool financing. The party telephon- dam. ing gave senders name as James Stewart for one message and James Stewart The Dutch importer quoted denies the Russian exporters are dumping Co.for the other. James Stewart positively says that no one in his employ prices, as Russia. thanks to forced labor, can produce cheaper than many messages nor has he telephoned the any nor himself knowledge of who other countries and fears dumping at rates much below the inland price might have done so. might lead to a boycott, as already is threatened. "The telegraph company has assured the Winnipeg Grain Exchange Russia, the importer said, now systematically depresses the market by officials that they are taking Immediate steps to trade the origin of the offering wheat at a somewhat lower price than America, therefore making Exchange has Grain officially acquainted par- sales of American wheat difficult, and Rumania and Bulgaria follow the messages. The Winnipeg ties to whom the messages were sent and also the Chicago Board of Trade. Russian example, as they expect a further price depression when the Souththe New York Produce Exchange. the Montreal Board of Trade and the ern Hemisphere's new crop comes on the market. Liverpool Corn Exchange with the denial of Mr. Stewart and the WinniIn Rotterdam there had arrived 1,087.460 tons up to Sept. 14 as against peg Grain Exchange is lending every assistance possible to the telegraph 1,233,320 over all of 1929, when Russia was almost out of the Dutch market. company in ascertaining the facts in connection with the whole affair. Asked if Russia's policy was to foster discontent here to prepare the way "S. C. Dobson. Asst. General Manager of the Royal Bank of Canada, for bolshevism, the importer said be thought that possible but that as a made a positive denial that the banks had made any such demand on the matter of actual fact Russian imports had had no great influence on the pool, characterizing the whole thing as a falsehood and that he had heard very low prices of inland wheat. nothing to indicate that the wheat pool was in difficulties. The original messages, which sent one to the Liverpool Corn Exchange and one to a firm named Mansfield in Chicago, read as follows;'Wheat pool in difficul- Russian Soviet Sending Forty Truck Loads of Wheat ties, provincial government officials to take over pool operations at 10 a Day Through Latvia. o'clock to protect their guarantee. Banks call for $28,000,000 yesterday from the government.' This covers all that the investigation has unThe following from Riga Sept. 23 is from the New York covered to date." "Times": About forty truck loads of Soviet grain have been passing through Great Britain Cuts Bread Price—Quarter Loaf at 15 Latvia daily since the middle of September. The total quantity thus transported since Sept. 1 amounts to about Cents Will Be Lowest Cost Since 1915. 6,000 tons. The New York "Times" reports the following from London Sept. 25: Farmers in Great Britain to Confer Next Week on The price of bread In London and most of England will be lower than at Measures Relative to Dumping of Russian Wheat. any time since 1915 next Monday when a decision to reduce the quarter From Hull, England, Associated Press advices Sept. 23 loaf from 16 to 15 cents, taken at a meeting of the Bakers' Association to-day, goes into effect. stated: ,,The reduction is a reflection of the exceptionally weak market for wheat. Farmers of East York will hold a mass meeting next week to discuss Canadian Wheat Pool Announces Cuts—Reduced Initial Payments on Rye, Oats, &c. Deliveries. The following Winnipeg advices Sept. 22 are from the Montreal "Gazette": Reductions in initial payments on oats, flax and rye yet to be delivered were announced to-night by the Canadian Wheat pool. Payment cuts range from 5 cents a bushel on oats and rye to 25 cents a bushel on flax. The initial payment on barley, with standard at No.3 0. W. =mina unchanged at 25 Cents. measures relating to the dumping of 100.000 quarters of Russian wheat (about 800,000 bushels), which have been landed at Hull during the last month. Russian Food Industries Accused of Fomenting Revolutionary Plot. The following (Associated Press) from Moscow Sept. 22 is from the New York "World": The Government to-day announced disclosures by the Ogpu (secret police) of a powerful counter-revolutionary society embracing organiza- 1992 FINANCIAL CHRONICLE Lions of the meat, fish, vegetable and other food industries, as well as the Commissariat and trade and State planning institutions. The police charged the society with striving to create a food panic throughout the camtry,thus exciting the resentment of the population and preparing the ground for overthrow of the proletarian dictatorship. It was the purpose of the conspirators, the authorities said, to establish instead a bourgeois democracy. The society, headed by Prof. Alexander Ryazantsev, Chairman of the Meats Products Department of the Commissariat,formerly a rich landowner and general in the Czarist army, included scores of high officials In all branches of the Soviet food producing and distributing institutions. Most of the members of the society were former noblemen, Czarist officers, manufacturers and property owners. According to a confession which the secret police assert they obtained, the Ryazantsev Society was initiated and subsidized by a British meatpacking firm, the Union Storage Co., through its Russian representative, named Fothergill. Ryazantsev, the alleged confession narrated, admitted receiving £10,000 from Fothergill for his part in the conspiracy. The counter revolutionists will be tried by a police body instead of the Supreme Court. [voL. 131. CO-operatives," he said, "borrow from commercial or Federal Intermediate Banks 50 or 60% of the then market value. They want to advance to their members 75% and so they ask us for a supplemental loan of 15%• Our 15% secondary loan together with the 60% primary loan to them makes 75% on the commodity." He also referred to the Cotton Stabilization Corp., "we have made secondary loans to the American Cotton Co-operative Association on cotton now being received," he said, "we have about $60,000,000 now out on cotton the biggest part of which Is now in that Stabilization Corporation." Federal Reserve Board Says All Reserve Banks Have Ample Credit to Aid in Financing Crops. Following a conference held on Sept. 24 the Federal Reserve Board announced that it was assured that ample credit facilities are available in each of the Federal Reserve Districts that "ample credit facilities are available for financing the marketing of the crops, and that such facilities are being provided by the banks and other agencies concerned in the Under date of Sept. 24 Associated Press adviees from orderly marketing of agricultural commodities." It was the Moscow stated: first meeting since the appointment of Eugene Meyer, as All members of a secret counter-revolutionary society, numbering Governor of the Board, it was noted in the New York forty-eight, who were found guilty of seeking to starve the populace of the Soviet Union by desproying the food reserve of the country, were shot "Times," which said there would be further meetings during today by the OGPU as "unreconcilabie enemies of the Soviet Government the succeeding two days at which plans for close co-operation and active counter-revolutionists." in providing cheap credit for agricultural marketing purposes Professor Alexander Ryazantazev and Eugene Karatyguin headed the list of executed governmental officials as the initiators and organizers of would be perfected. The Board's announcementfollows: the society. $30,000,000 Acceptance Credit Arranged by Syndicate to Bankers to Grain Stabilization Corporation— Explanation by Federal Farm Board—Loans to Cotton Stabilization Corporation. In its Sept. 24 issue the "United States Daily"stated that the 830,000,000 acceptance credit which has been granted to the Grain Stabilization Corp. by a group of banks headed by the Chase National Bank and the National City Bank of New York and the Continental-Illinois Bank & Trust Co., of Chicago, will release for return to the Federal Farm Board an equivalent amount heretofore loaned to the Corporation by the Board, according to an oral statement Sept. 23 by a member of the Board, Samuel MeKelvie. The credit was referred to in our issue of Sept. 20, page 1807. From the "United States Daily" of Sept. 24, we quote further as follows: "It is a refinancing adjustment of the Stabilization Corp.," Mr.McKelvie At a preliminary conference held by the Federal Reserve Board In connection with the regular Fall meeting of the Governors and Chairmen of the twelve Federal Reserve banks, a comprehensive review was made of the agricultural, general economic and credit situation throughout the country. Being the season of usual marketing of the country's crops, reports were made with particular reference to the status of agricultural staples In each of the Federal Reserve districts, and there was special discussion of the conditions affecting their marketing and financing. The Board was assured and satisfied that in each of the tweiveRederal Reserve districts ample credit facilities are available for financing the marketing of the crops, and that such facilities are being provided by the banks and other agencies concerned in the orderly marketing of agricultural commodities. The twelve Federal Reserve banks through rediscounts for their member banks, loans to Federal Intermediate Credit Banks on agricultural paper of co-operative associations and purchases of bankers' acceptances covering agricultural commodities, are making their resources available for the marketing of the country's crops at the lowest rates in the history of the system. It was the view of the conference that the extension of credit to support the orderly marketing of crops—at all times an important function of the Federal Reserve banks—is of special importance at the present time. To that end, the Federal Reserve Board was assured that the Federal Reserve banks will continue their efforts to acquaint their communities with the facilities of the system and the disposition of the management of those banks to meet the problems connected with the marketing of the crops. said. "It is an adjustment of its loans for stabW.zing that commodity. The Federal Farm Board requires the co-operative associations to secure Federal Intermediate Credit Banks Said to Be Ready their primary advances on commodities from private commercial banks, to Advance Loans to Cotton Growers to Insure and from the Federal intermediate credit banks. These loans are made Orderly Market. on a sound basis. The amount loaned runs from 50 to 75% of the market value of the commodity. When it is realized that the value of all farm The Federal Intermediate Credit Banks are not only ready commodities normally amounts to an aggregate of about $13,000,000,000 it likewise appears that the banks have very good security in making these but eager to make their facilities available to the cotton loans." growers to enable an orderly marketing of the crop, accordThe loan being advanced by the commercial banks in the form of bankers' ing to an announcement made in Washington on Sept. 23 by acceptances is similar to the acceptance financing which they have previously done for the Cotton Stabilization Corp., it was stated orally by the Federal Farm Loan Board and simultaneously throughout the Vice-Chairman of the Federal Farm Board, J. C. Stone. the country by each of the Intermediate Credit Banks. The "This $30,000,000 loan which is being made by the Chase National Bank "United States Daily" in reporting this added: and other commercial banks associated with it," he added. "is a primary The movement to assist the cotton farmers was made known in a circular loan, and the money advanced by the Federal Farm Board is a secondary loan. The Board will put up all the money for the purpose of stabilizing letter which each of the Banks has distributed to all banks and credit corporations in their respective districts. It explains that the credit banks to take wanted a commodity, if necessary. But when the private banks over a part of this financing, the Board considered it good business to let have ample lending capacity, and the means by which these may be emthem do it. The loans are perfectly safe and are a straight business transac- ployed are set forth in an effort to simplify the procedure in obtaining loans. tion between the banks and the Stabilization Corp. The banks have the Copy of Letter. money to loan and they consider this apparently a safe place to put It at The letter follows in full text: an attractive interest rate. The Federal Intermediate Credit Banks of Columbia, S. C.; New Orleans, "The Grain Stabilization Corp. has borrowed from the Federal Farm La.; Houston, Texas; Wichita, Kan.; St. Louis, Mo., and Louisville, Board on from 60,000,000 to 65,000,000 bushels of wheat bought at prices are mailing to all banks and agricultural credit corporations in the KY, which cotton has belt ranging from $1 to $1.25 a bushel. The commercial bank loan letters in the form quoted below. Copies of these letters are being been arranged does not change the security behind that part of the financing given out locally by the respective banks for publication Wednesday done by the Farm Board." morning. Board Needs to be Told. "To all banks and agricultural credit corporations: "The marketing of the cotton crop of the present season The Federal Farm Board will outline its needs and its work in its forthis now under way coming annual report, with recommendations, to Congress when that body and the Federal Intermediate Credit Banks are not only ready but eager assembles in December, but what the recommendations will be cannot yet to make available their facilities for financing farmers' mites secured by be stated. Mr. Kelvie declared. The report Is required under the terms properly stored cotton, and thus aid in carrying it until it can be marketed In an orderly manner. of the act which created the Board. "In additon to their ability under the law to make Congress provided authority for an ultimate total of $500,000,000 for a loans to co-operative revolving fund for the Board's loans to co-operative associations and marketing associations secured by warehouse receipts, the Federal Interstabilizing corporations. In so doing, it stipulated, he explained, that mediate Credit Banks have power to discount farmers' notes for banks, the Board shall report to Congress (with recommendations) on its adminis- agricultural credit corporations, and other financing institutions. Moretration of the act and on any other matter relating to the better effectuation over, by amendments recently enacted by Congress, the banks are perof the policy of Congress to promote effective merchandising of agricultural mitted to make direct loans to such institutions secured by the same class commoilities for protecting, controlling and stabilizing of the currents of of paper which may be discounted, and the minimum maturity requirement interstate and foreign commerce in marketing those commodities and food is removed. In this way the procedure for carrying farmers' paper by the Federal Intermediate Credit Banks has been products. simplified. "Any State or National Bank, trust company, The declaration of policy, as written Into the law by Congress, Mr. savings bank or similar McKelvie stated, proposes minimizing of speculation, preventing of in- Institution, and any properly organized credit corporation with adequate efficient and wasteful methods of distribution, encouraging of organization capital and competent management, which handles eligible agricultural of producers into effective associations under their own control, and aiding paper and meets the requirements of the Federal Intermediate Credit in preventing and controlling surplus of any agricultural commodity, Bank, may be granted the privilege of discounting with or obtaining loans through orderly production and distribution for domestic market advantage from the Federal Intermediate Credit Bank. With such relations estaband to prevent undue fluctuations or depressions in prices, along with a lished, the Federal Intermediate Credit Bank will accept from such institutions, and carry, notes bearing interest rates precise definition of seasonal or year's total surplus. permitted by the law and Vice-Chairman Stone explained orally that the Board now has, out of the regulations and representing loans to cotton growers on the basis of 9 cents $250.000,000 appropriated for its work around $8,000,000 or $10.000.000 per pound. or 75% of the market value if such percentage exceeds 9 cents, not yet allocated and between $65,000,000 and $75,000,000 which has been for middling white cotton of h-inch staple, such cotton being of tenderable grade and staple, properly stored and Insured, and allocated but not yet used. pledged as security for Vice-Chairman Stone stated that the secondary loans by the Board vary I the loans. Cotton farmers who desire to avail themselves of this opporfrom 10 to 25% of the market value of the particular commodity. "The tunity should apply to a banking institution or agricultural credit corpora- SEPT. 27 1930.] 1993 FINANCIAL CHRONICLE lion in their locality which has or obtains the privilege of doing business with the Federal Intermediate Credit Bank. , like each of "The Federal Intermediate Credit Bank of the other 11 Federal Intermediate Credit Banks, has ample lending capacity and therefore is in a position promptly to render a large amount of assistance In financing the storage and orderly marketing of the present crop. Startling Disclosures Predicted. "Secretary Hyde's disclosure that arbitrary and systematic short selling of wheat has had an injurious effect on the market price of that product indicates that similar tactics may have been employed to depress the price of various other farm products," Commissioner Talmadge stated. "There are evidences that short selling of American cotton has been used to keep down the price of cotton, not only at this time but for many years in the past." Federal Intermediate Credit Bank of St. Paul Reduces Loan Rate from 43% to 4%. Cotton Burning to Advance Price Declared Illegal— A reduction of M of 1% in the interest charge on its loans Statement by Arkansas Fire Officer Follows Deto northwest co-operatives was announced on Sept. 19 by struction of Bale. the Federal Intermediate Credit Bank of St. Paul, accordfollowing Little Rock (Ark.) advices Sept. 25 are The ing to a St. Paul dispatch (Sept. 19) to the Chicago "Journal from the "United States Daily": of Commerce." The dispatch continued: property in Arkansas for the pur- This is as low as the Bank's rate ever has been, F. H. Klawon, President, said,iand should be of material benefit to the farmers in the northwest. The reduction, from 43i to 4% was made possible by sale of an issue of Intermediate Credit Bank debentures at 3% instead of the 33, % borne by the previous issue. Co-operatives generally have based their rate on loans to farmers somewhat in anticipation of the cut by the Intermediate Credit Bank, it was stated, with the result that the present interest charges to the farmers probably will continue in most instances. No reduction in the rate of the Farmers' Union Terminal Association is anticipated, according to officials. The association said its rate to farmers is 454% net on loans advanced on grain in proper storage. Loans are made up to 70% of the value of the grain stored. INFThe Northwest Grain Association, according to W. J. Kuhn, General Manager, does not expect to reduce its rate of 5%% charged on grain loans to farmers. This rate, however, Includes all costs for bonds and insurance, which usually are assessed as extra costs. The Federal Intermediate Credit Bank furnishes most of the money loaned by northwest co-operatives to farmers, according to Mr. Klawon. He said his reports indicate the co-operatives will handle this year a substantially larger volume of grain than a year ago. The burning of cotton or other personal pose of improving the market price of a commodity is a violation of the law, and persons who engage in such practices will be vigorously prosecuted, according to a statement issued by the Assistant State Fire Marshal, John L. Carter. The burning of cotton in an effort to improve the price, as advocated and carried out by R. V. Powell, of Beebe, White County, who on Sept. 20 burned a bale on Main Street in that town,is a clear violation of the law, Mr. Carter stated orally. He quoted provisions of Act No.38 of 1929, relating to the destruction of personal property, and said he would call the incident to the attention of R. 13. Smith, prosecuting attorney for the First Judicial Circuit, for such action as he deems proper. "Every agency of the State is in sympathy with all legal and legitimate methods of Improving the price of cotton, but if other burning incidents occur, the Fire Marshal's office will take vigorous steps to prosecute to the full extent ofthe law those responsible for such destruction of property," the Assistant Marshal said. Statute Is Cited. It was pointed out by the official that the statute makes the wilful and malicious burning of personal property of any kind or character, valued at $25 or more, a felony, punishable by imprisonment from one to 10 years in the penitentiary, and the burning of personal property valued at less Stored on Cotton. 75% Lend to Banks Southern than $25 a misdemeanor, punishable by a jail sentence up to one year and a fine of from $10 to $300. The Federal Intermediate Credit Bank and other credit byMr. Carter also stated that Charles G. Henry of Memphis, Tenn., genthe of market value of 75% lend banks of the South will eral manager of the Mid-South Cotton Growers' Co-operative Association, cotton if such percentage exceeds 9c. a pound on middling had issued a statement protesting against the proposed burning of cotton. which he said: white cotton of seven-eighths-inch staple, according to an in"I am greatly surprised and sorry to hear that some good men have been We quote President. from announcement of T. F. Davis, taking seriously the recent suggestion to burn a part of our cotton crop. I of the plan, but the thought is so ridiculous that I a New Orleans dispatch Sept. 24 to the New York "Journal have heard no details have no arguments to present against it. Labor and money is already in of Commerce," which went on to say: our cotton, and the only chance now to get the value out of it is to hold it The allowance of 9c. per pound, which would peg the minimum valua- off the market and reduce next year's acreage. Three million bales would the over loan increase 10% previous of allowance. an is 12c. at cotton of tion be worth $150,000,000, and the destruction of this much property on top The statement of the Intermediate Credit Bank to the banks and agri- of our already great losses is unthinkable." cultural credit corporations of Louisiana, Mississippi and Alabama stated: "It was decided at a recent conference of officials of the bank with the Federal Farm Loan Board at Washington that the present market price Scored at Meeting of Iowa is considerably under the real value of the staple, and the decision was Federal Farm Board Policy made to increase the loans in an effort to secure for the farmers the beneFarmers' Union—Former Head of National Union fits of higher prices. The bank Is in a position and not only is ready but Criticizes Marketing Plan. eager to make available its facilities for financing the farmers' notes secured by properly stored cotton and thus aid in carrying it until it can Scoring the Federal Farm Board's plan to set up several be marketed in an orderly manner. The banks of the cotton belt with "commodity marketing" organizations, Charles S. Barrett, an ultimate lending capacity of $385,000,000 are ready to use their entire resources within Ca reasonable limit in securing an orderly marketing of of Davis City, Ga., declared farmers are being "badly this year's crop." swindled," in his address before the convention of the Iowa Farmers' Union, at Des Moines, Iowa, on Sept. 17. The Cotton Stabilization Corp. to Await Price Advance Chicago "Journal of Commerce" further reports, as follows. Before Selling Cotton. what Mr. Barrett had to say: In an effort to halt the downward trend in cotton prices, Mr. Barrett delivered the opening address of the convention. He is a the Cotton Stabilization Corp. late on Sept. 23 (we quote former President of the National Farmers' Union. Declaring that the from the New York "Journal of Commerce") announced farm situation is "extremely grave," Mr. Barrett criticized the Farm bind farmers into its numerous co-operative commodity that the present holdings of the corporation, amounting to Board's attempt to "It is only through an effective general farm organizamarketing groups. 1,300,000 bales, will not be offered for sale at any time during tion that a farm program can be carried out successfully," be said. "To the present season unless prices advance to or above the split up the nation's farmers into several groups will only cause them to actively support more than price at which the cotton was purchased by the corporation. compete against each other. A farmer cannot one farmers' organization. If he attempts to carry on with several, hi, It is noted that E. F. Creekmore, President and General interests will be divided and his support to all of them will dwindle. Manager of the Cotton Stabilization Corp., which had Says Crash Is Certain. headquarters at New Orleans, in making the announcement "The crash of the commodity organizations is bound to come. They are assured the trade that at any time that the corporation sees doomed to die, and when this happens, farmers will find themselves fit to sell any part of its cotton for special requirements of Incoherent and powerless because they have no general organization to mills or for other sufficient reasons, that quantity will be fall back on." Only by giving his support to well-organized general farm organizations, replaced immediately so that the total holdings will remain he said, will a farmer be able to prevent the carrying out of a "damn bad swindle." Government programs in which political considerations are unchanged. bound to enter always bring dissension, he added. He cited dissensions and The statement of Mr. Creekmore, follows: Grange, the experienced by the The present holdings of the Cotton Stabilization Corp. amounting to about 1,300,000 bales will be maintained throughout the present cotton season ending July 31 1931, unless the price In the meantime advances to or above the purchase price. If any part of these holdings is sold in order to meet special requirements of mills or for other sufficient reasons, the quantity thus sold will be replaced immediately by the purchase of an equal number of bales so that the total holdings will remain unchanged. Effort to Keep Down Cotton Price Alleged—Georgia Commissioner Asks Inquiry into Short Selling. From Atlanta (Ga.) Sept. 24 the "United States Daily" reports the following: "There is undoubtedly a concerted and organized effort by certain interests to keep the prices of cotton depressed," it was stated orally by the Georgia Commissioner of Agriculture, Eugene Talmadge, who announced that he had requested the Secretary of Agriculture to extend the Federal investigation of short selling of farm products in the future delivery market to include cotton. Mr. Talmadge stated that his action was prompted by Secretary Hyde's tneestigation of the short selling of wheat. National internal disagreements being National Farm Bureau Federation, and the Farmers' Union. "If the Farm Board fails in its program to bring some sort of relief to the farmer, American agriculture will lose Its public support," be said. "The public will feel that it has given all that is necessary to the American farmer, and will sit back and say, 'Why don't you do something with the $500,000,000 we gave you?'" The paper quoted also said: Flits at Administration. The statement that "the Hoover administration has not taken a single constructive step to redeem its campaign pledges to labor and agriculture" was made by Milo Reno, retiring President of the Iowa Farmers' Union, In his annual presidential address. "The Federal Farm Board has made no effort to offset farm relief," he said. "The continued drop In agricultural prices is evidence that the Board has no solution. Instead of attempting to fulfill campaign pledges, the Administration is directly violating every promise. If the Farm Board succeeds in accomplishing anything at all, it will be the absolute peasantizing of American farmers, and making them subjects of a powerful political machine. Surely the using of Government money to speculate in grain cannot be called successful accomplishment." 1991 FINANCIAL CHEONICLE [VoL, 131. The result has been overproduction in many lines, excessive costs of production for many farmers, disorganized marketing with gluts here and shortages there, and net returns that have often been distressingly low. We can hardly hope to attain the ideal—perfect adjustment of production to demand, efficient and economical production on the part of all farmers, and perfectly orderly marketing of all farm products. But we are convinced that great progress in these directions is entirely possible, and that it can contribute largely to improvement of the economic position of the farmers. You are likewise vitally interested in this improvement because you want your existing loans to be good and your new borrowers to prove good credit risks. Our efforts in this direction will not invariably succeed. We shall make mistakes. We may have to regard some moves as experiments that failed. But we shall appreciate your intelligent and sympathetic interest in our endeavors. Two things we regard as essential to the desired progress. One Is the organization of agriculture; the other is improved adjustment of production to demand. These are complementary, for organized effort is essential if adjustments of production are to be secured; and the adjustments are essential if organized marketing is to be successful in increasing farm returns. There are other essentials, but among them I would mention only one—the adaptation of the size of fanning unit and the farming practices so as to insure economical production. A large part of the Board's energies have thus far been devoted to building up co-operative marketing associations in various lines. This is in accord with the emphasis given to this in the Agricultural Marketing Act. It is largely through such associations, on commodity lines, that we believe the organization of agriculture must be achieved. Measurable progress has been made in this direction, and already great nation-wide co-operatives handling grain, cotton, wool, and several other products are in operation. We expect these and others to come to command the increasing respect and confidence of the farmers and business interests, and we shall do all in our power to help them to do so. In the matter of adjustments of production to demand we are struck by certain facts. It is strikingly common for large crops to bring the farmer returns much smaller than small crops. In many cases the smaller the crop the higher the farmer's receipts for it. While, in part, the size of crops is determined by weather conditions, farmers have within their control powers of adjustment to probable prices of their products which they have been slow to use. It is clear that one or another appropriate method for disposing of or carrying forward excessive surpluses in particular years must be worked out, but that the popular proposal for dumping such surpluses on foreign markets must be discarded as self-defeating and impractical. It is also clear that all such methods will not satisfactorily cope with persisting overproduction; the remedy for this is to be found in contraction of excessive plantings, culling of herds, and cutting out unprofitable orchards and vineyards. After a careful survey of the world position and outlook for wheat, and the policy to which this points, we have been unable to escape the conclusion that we have been overproducing wheat, and cannot expect to continue doing this without loss. Our carryover of wheat has increased in each year of the past five, and is a substantial part of an excessive world carryover that has contributed heavily to depress wheat prices last year and this. This year, as it happens, the shortage of corn, hay, and pasture The farm mortgage debt of the United States is estimated at between nine affords an exceptional opportunity to work off most of this accumulated and nine and one-half billion dollars. (On Jan. 1 1928 estimated at $9,468,500,000.) Your Secretary informs me that this gathering repre- surplus. The best information obtainable indicates that a policy of extensive feeding of wheat is in the interest of the livestock grower and sents "at least 60 to 70% of the total farm mortgage financing of the the wheat farmer alike. But it involves a marked change in habits, in century"; this is exclusive, I presume, of the farm mortgages held by feeding practices, which is appropriate this year for the first time in active and retired farmers and other individuals who arrange their mortgages directly with the borrower, often in connection with the inheritance many years. If farmers can be brought fairly to appreciate the advantages or sale of farms. Your financial interest in the prosperity of the American of feeding wheat, in such appropriate ways as to give results known to be obtainable, the livestock position will be strengthened and our accumulated farmer runs into billions of dollars. You have been in this business a long time; you have built up a lot of valuable contracts and experience, surplus of wheat will be reduced to normal carryover dimensions. Unless, however, we reduce our wheat acreage, and thereby our average and naturally want to stay in it. The experience of life insurance companies, I am authoritatively informed, is that while periods of stress come crop, we shall be faced with renewed surpluses which cannot, in ordinary years, be disposed of for feed. The outlook for world production of wheat, in this field of investment as in any other, the returns over a period of and competition in world wheat markets is such that very few of our wheat years show results in this at least as favorable as in any other field of farmers can expect to produce wheat for export at a profit over the next investment. few years, and even these would gain more by participating in a movement There is no denying the fact that in the present year, chiefly in Conseto work down our wheat acreage to a point where we shall be substantially quence of overproduction in some lines of agriculture, the business depression and the drouth, American agriculture is facing a hard year. independent of the export market. In any event, adjustments in wheat acreage are forced upon us by the march of events, and the far-sighted There is equally no doubt that these difficulties will be surmounted, and policy is to make these adjustments without waiting for a catastrophe and that in the perspective of years the strain will appear a temporary one. without depending on some chance occurrence that might make them How quickly and how effectively this can be done depends in part upon unnecessary. you, in part upon us, and in part upon many other agencies, private and I have gone briefly into the Board's position and policy with the thought public. You may rely upon the Federal Farm Board not only to do everythat you should be aware of it as intelligent citizens with interests in thing possible to facilitate this recovery, but to devote all its powers and common with the farmers and Farm Board. I now wish to touch certain Its best efforts toward raising the general level of agricultural prosperity phases of possible co-operation. as well. Your individual and co-ordinated efforts in this same direction, One of the essentials of effective procedure in dealing with the problems and your co-operation with us and the Department of Agriculture will be which your members and the Farm Board have in common is a reliable Invaluable not only in your particular Interest but in the general interest. broad view of the mortgage situation in its various angles and its past The program of the Federal Farm Board Is being worked out in accord- and future development. An individual single concern needs to see its ance with the Agricultural Marketing Act, but it is not yet developed to experience not only in its details but in relation to the general situation. Its full extent. Our task is a huge one. We have made what we consider A most important form of co-operation between private and governmental a good beginning, but no more. We are charged with a weighty responsi- agencies is in the assembling of reliable and comprehensive information bility for taking the lead in working out the economic problems that Amer- on the basis of which lines of action can be intelligently ican farming faces. We cannot hope to planned. Without discharge this responsibility alone. such co-operation any governmental agency is seriously handicapped in We need, and I am happy to say we are securing, the co-operation of appraising situations. Private agencies are often unable to assemble such Individual and organized farmers; or associations such as yours whose Information because individual concerns are reluctant to disclose to private members have intimate relations with farmers and farming; and of investigators information that they regard as confidential. In some cases Government agencies, in particular the Department of Agriculture, and this difficulty can be met, and I understand that one of your leading the far-flung educational, research, and extension services that are linked members has in hand a valuable investigation in which many of you are with it throughout the several States. co-operating. A government agency can give assurance of confidential We are concerned with getting the best possible working understanding handling of the individual reports, and publish analyses that are not open of the position and outlook for the various farm products, and of American to this objection; it can increase the value of such analyses by linking agriculture as a whole. This is leading to intensive efforts to improve them up with information derived from other sources; it can continue our information on the commodity situation at home and abroad; to more periodically such investigations as experience shows are of real value. effective appraisals of the outlook for the near future and over a period In the field of interest to your association there has been much need of of years; to improvement in the outlook service already built up by the co-operation along this line. Bureau of Agricultural Economics in co-operation with the States; and to I am glad to find that important forward steps are already being taken more effective efforts in bringing the results home to the farmer in ways In this direction. At your last annual convention you pledged your that he can apply in his farm organization, choice of enterprise, and "support to the efforts of the Bureau of Agricultural Economics to obtain farming practices. and disseminate data concerned with the facts and changes We find in this connection that one concerning of the largest problems is to promote farm mortgages in the United States . . ." I am informed that your the adjustment of farm organization and practice to actual and prospective association has been redeeming this pledge most cordially and effectively. conditions. Since the war almost every manufacturing concern has rebuilt The Federal Farm Board leans heavily upon the Bureau of Agricultural Its plant, reorganizezd its business, and developed its policy so as to cope Economics for the results of such investigations, in their non-cenfidential with new conditions. The adjustment has not been perfect, as the present aspects, and regards this progress as highly gratifying. industrial depression reveals. But farmers generally, while making some There is need of further development along this line. The Bureau progress in these directions, have not of gone nearly so far as conditions Agricultural Economics would especially value the co-operation of at least require. certain of your members in securing frequent intervals data on delinquen- Chairman Legge of Federal Farm Board Urges Mortgage Bankers' Association To Co-Operate in Aiding Government's Measures in Behalf of Agriculture. Before the Mortgage Bankers' Association of America, in annual convention at Detroit, Mich., on September 18, Alexander Legge, Chairman of the Federal Farm Board, stated that the farm mortgage debt of the United States is estimated at between 9 and 9/ 1 2 billion dollars. Mr. Legge told the Association that "one of the essentials of effective procedure in dealing with the problems which your members and the Farm Board have in common is a reliable, broad view of the mortgage situation in its various angles and its past and future development. The Bureau of Agricultural Economics," he said,"would especially value the co-operation of at least certain of your members in securing at frequent intervals data on delinquencies over 90 days, foreclosures, and land valuations so that through prompt analysis of this information the oncoming difficult situations could be seen with little delay and measures taken to help correct them before they reached an acute stage." Mr. Legge likewiso asked the co-operation of members of the association in using their influence to reduce wheat acreage, and to substitute wheat for corn as livestock feed this Winter. On the subject of wheat farming, said Mr. Legge, "the evidence seems rather conclusive that in this commodity we have a most serious situation when we look forward to an export market for the grain. In our judgment," Mr. Legge went on to say, "it is not going to be possible for the average wheat producer to compete with other exporting countries on this commodity except at a serious loss to the American grower and our recommendation is an adjustment downward in the quantity produced until we approach a domestic consumption basis. Probably we will always be able to export a little of the higher grades of wheat on a basis that will give a fair'return to the grower, but any considerable volume of exports will result in a continuation of the present unsatisfactory prices or perhaps even worse." Mr. Legge's address follows: 11 SEPT.27 1930.] FINANCIAL CHRONICLE 195 cies over 90 days, foreclosures, and land valuations so that through prompt the following to say in the company's "Business Bulletin" analysis of this information the oncoming of difficult situations could of Sept. 15: be seen with little delay and measures taken to help correct them before The Drouth. they reached an acute stage. The shortage of rainfall in the drouth area up to the first of August is immediate the in do might people you which things specific Now as to estimated by the Department of Agriculture as amounting to 600,000,000.000 situation. I wish to refer first to the very unusual situation you have in pounds, or 300 billion tons of water. The deficiency of rain began last the matter of food supplies for the coming winter—the shortage of 700 to winter, and continued into August with increasing severity, until there 800 million bushels of corn and at the same time a considerable surplus of developed an acute drouth along the valleys of the Potomac, the Ohio. the all small grains which, if properly handled, could be used to make up a Mississippi, and the Missouri rivers. In some of the States it has been the large part of this deficit. worst drouth on record, in others tne worst for 50 years, and in most of the All of the State colleges who have made tests are agreed that cracked area affected it has done more harm than any other dry period in the past wheat, pound for pound, has as great or a little greater feeding value than 30 years. corn, the reports varying from the basis of wheat being fully as good as The diagram [This we omit.—Ed.) represents for the past seven months corn up to reports of its being 20% better than corn, the highest figute the rainfall snd the temperature of 10 areas in the corn belt inpercentages cases of We learn Missouri. Columbia, at College of normal. For the whole period the rainfall has fallen to 45% below being given by the State every day where farmers are selling their wheat on the farm at 70c. a normal, while the temperature has averaged 6% above normal. The 10 bushel or less, and shipping in corn for feeding, probably which cost them a stations from which the data were taken were Cincinnati, Columbus, Indianapolis, Des Moines, Peoria, Evansville, St. Louis, Springfield, Mo., dollar a bushel or more. As one of the largest creditors of the agricultural industry, you have a Lincoln, and Sioux City. Both of the areas in the diagram have been any and influence situation, this correct somewhat smoothed. very deep interest in trying to The drouth has caused a great deal of damage, particularly to the corn you can bring to bear on the farmers who are operating your lands or in rural purcases where they are in arrears in the payment of interest farmers should crop. It will inevitably result in a considerable curtailment of just a little be advised as to the most economical practice for them to follow under chasing power. If it had continued with unabated severity During calamity. national a of proportions the these unusual conditions which happen so seldom that the average farmer, longer it would have attained in depressing businesssentiment. left to his own 'initiative, is not likely to make the changes necessary to July and August it was an important factor It seems now to have come definitely to a termination, and while it must secure the best results. that have affected business The Department of Agriculture has prepared a pamphlet on this subject; take a foremost place among the conditions bad results must be considered as many of the State colleges have done the same, and you can get an adequate adversely in this year of depression, its than permanent, and of distinctly less severity than they supply of literature on the subject by writing to the Extension Service, temporary rather threatened to be just a few weeks ago. Department of Agriculture, at Washington. The serious harm done by the drouth appears to be mainly confined to Again on the subject of wheat farming, the evidence seems rather consome 640 counties where destruction of crops has proceeded to a point that serious when most situation have a we commodity this in that clusive precludes any great degree of recovery. This is about one-fifth of all the we look forward to an export market for the grain. In our judgment it is counties in the United States. The most serious losses are in the crops not going to be possible for the average wheat producer to compete with that are primarily consumed as feed by domestic animals. The crops other exporting countries on this commodity except at a serious loss to the hardest hit are corn and hay. Despite the fact that there has been some American grower, and our recommendation is an adjustment downward in advance in agricultural prices it now seems probable that the money income the quantity produced until we approach a domestic consumption basis. of American farmers may be reduced in 1930 by something like 12% below Probably we will always be able to export a little of the higher grades that of last year. This constitutes a serious curtailment in agricultural of wheat on a basis that will give a fair return to the grower, but any purchasing power. considerable volume of exports will result in a continuation of the present unsatisfactory prices or perhaps even worse. Livestock Feeds Outlook Report indicates Shortage in Again, on this particular commodity, the studies made by all of the indicate Supplies According to Department of Agriculture. that the areas time growing wheat the in colleges agricultural has passed when wheat can be grown profitably on small acreages. Studies Adjustments and widespread economies in livestock feedof the colleges in all of the Southwestern States reveal the rather startling this fall and winter will be necessary to offset somewhat ing wheat even of within the fact that the cost of production of a bushel boundary lines of States like Kansas, Nebraska, and Oklahoma vary all the deficiency in feeds as a result of the drouth, according the way from 40c. to $1.67 a bushel, and in that section the grower to a feed outlook report issued Sept. 22 by the Bureau of raising less than 300 acres of small grain seems to be rather hopelessly Department of Agrihandicapped. This, in our estimation, means a readjustment in the size Agricultural Economics, United States of the farm unit where wheat is depended upon as a cash crop. Each culture. The Bureau's announcement says: Individual company represented here probably has cases where they have Considering the shortage of supplies, prices for feeds are now relatively an unsatisfactory loan on an 80- or 160-acre tract where an analysis of low. As the heavy feeding season advances, the shortage of supplies will basis of present the on is operation loan the indicate would subject the be more keenly felt and somewhat more than the usual seasonal rise in likely to continue unpaid, but by consolidating two or more of those tracts feed prices is likely to occur, especially in the latter part of the season. in one unit, which would in most cases probably involve refinancing of Wherever possible, farmers will find it profitable to determine their feed the larger unit, you could, in our judgment, bring about a situation now and take advantage of the present low prices of most where the borrower was in position to operate successfully. In other words, requirements feeds, the report indicates. make one borrower a good credit risk where you now have two cr three bad ones. "Heavier feeding of straw, fodder, and other roughages A somewhat comparable situation exists in cotton, although in that will likely occur to supplement the shortage of hay and will the do quality quite as commodity perhaps the question of improving any as basis sound a on in industry improvement pastures," says the report. "In the case of feed grains, much in putting the production practices. adjustment will be made by marketing hogs at lighter some The Department of Agriculture at Washington has been collecting inby feeding fewer cattle for market, and these for formation which should be helpful in uniting the growers to a sounder weights, as feed, and basis of production, a service which is now being broadened and made more shorter periods, by the greater use of wheat complete, but which cannot be effective except as the information is by reducing the grain ration for stock animals of all kinds." brought home to the producer, a process in which you people can be most The Bureau estimates that supplies of feeds for the 1930helpful. It is perhaps unnecessary for me to add that governmental agenwith you work to gladly the will best of problem this in interested season are the smallest since 1901. The total tonnage 1931 cies their ability to try to bring about a better condition in the agricultural of feed grains is computed at 82% of the five-year average, aid, realizing full well that Ve Industry, and on our part we solicit your average. The production of comInfluence you can exert in the problem is far-reaching and can be most and hay supplies at 88% of helpful. mercial feedstuffs will probably exceed the average, accordPERCENTAGE OF TOTAL FARM MORTGAGES FIELD BY VARIOUS ing to the Bureau, but will not differ much from that of last AGENCIES JAN. 1 1928, season. Compared with livestock numbers, the total supActive farmers 22.9 3.8 Life insurance companies farmers Retired 10.4 ply of all feed grains, hay and feedstuffs is estimated at 10.6 annuities Mortgage 10.8 44.1 Other individuals 15.4 29.8 Commercial banks around nine-tenths of the usual supply. The total supply Other agencies 12.1 7.2 of feed grains—corn, oats, barley, and grain sorghums—for Federal land banks 7.0 19.1 Stock land banks the 1930-31 season is estimated at about 89,000,000 tons, or 15% below that for the 1929-30 season. Senator George Urges Federal Farm Loan Bureau to Take Up Growers' Cotton. A request that it take from the growers at current prices the cotton that is being produced this year and tha:t it hold the staple awaiting advances next year, has been made of the Federal Farm Loan Bureau by Senator George (Dem.) Georgia, according to Washington advices Sept. 21 to the New York "Journal of Commerce" which further said: The Georgia Senator argued that someone is bound to make a profit on the 1930 crop and so he asks that the farmer be given an opportunity to share in that profit. In a letter to Farm Loan Commissioner Bestor he pointed out that interest and partial payments on farm land loans carried by the Federal Farm Land Banks would be due this fall in an amount of $.506,000.000. He added that the cotton farmer cannot pay his fertilizer bills and taxes and make his land payments with 10-cent cotton. Col. Leonard P. Ayres of Cleveland Trust Company on Drouth—Shortage of 300 Billion Tons of Water. Col, Leonard P. Ayres, Vice-President of the Cleveland Trust Company, discussing the drouth and its effect, ha Larger Hog Supplies in Most Foreign Producing Countries Reported by Department of Agriculture. Larger hog supplies than a year ago in most foreign producing countries, particularly in Europe, is the outstanding feature of the current world situation in hogs and pork, according to the Foreign Agricultural Service of the United States Department of Agriculture. Record numbers in Denmark Is given as the most significant factor as regards competition in the leading foreign markets for American cured pork. Under date of Sept. 22 the Department says: "Increased hog production elsewhere on the European continent, notably Germany, has a more unfavorable effect upon the demand for American lard than upon demand for cured pork. European hog prices are considerably under those of last year. Indications are that the .favorable hog-feed price relationship of last year will be much less in evidence during the current winter, with a resultant check on hog production during 1931. In the United States both hog numbers and prices are at lower levels than last year, with supplies of usual feedstuffs sharply reduced. "Hog slaughter in Europe is running ahead of last year's figures, especially in Denmark. Larger supplies of pork and lard have resulted, 1996 FINANCIAL CHRONICLE with prices during most of 1930 considerably below the 1929 levels. In lard an additional factor affecting the American product unfavorably is the increasing European consumption of lard substitutes. The depressing effects of increased supplies on pork and lard prices have been accentuated by the decline in the general commodity price level and a duced consumer demand in both the United Staets and Europe." [voL. 131. estate securities with authentic and unbiased information as to the "true underlying value of their securities." A statement in the matter says. By establishing an unbiased source of authoritativ information e for the bondholder we hope to stabilize conditions and put an end to the chaotic situation that re'V ..-rists, which has resulted in uniformed and misinformed holders dumping their bonds on the market at losses of from Series of Regional Agricultural Outlook Conferences. security 25% to 75%. In many instance, the losses suffered would have been averted or A series of agricultural outlook conferences to consider minimized had the holders of such securities been able to obtain the true what farmers should plan to grow in view of present and status of the underlying security of their holdings. Under the young and Becker plan the security holder will be able to prospective economic conditions began at Washington, D. C., Obtain an impartial report regarding his property, which will enable him to decide upon his future course concerning his security. Sept. 18-20; further conferences were scheduled at Ames, He will have before him sl:ch information as is necessary for intelligent liquidation in the Iowa, Sept. 25-27, and at Atlanta, Ga., Nov. 11-14. Repre- event such action, in his estimation, seems advisable. Figures now available indicate that between sentatives of the Federal and State agricultural extension and 350,000 individuals the Chicago district hold securities on300,000 upwards of $350,000,000 services, the agricultural colleges, and the Bureau of Agri- in proper e.. that are either foreclosed or about to be foreclosed, in the hands cultural Economics, United States Department of Agricul- of protee, bondholders committees, or have defaulted in payment of interest Ota investigation shows that many of these properties are slowly ture, are conducting the conferences. working out, and if the investors have accurate information as to their The primary objective of the conferences is to analyze the status, they would be able to intelligently dispose or convert their farm outlook for regions and for States, and to develop and minimize their losses. In many cases where there is a loss, itholdings may be if the individual investigates instead of indiscriminately disposing methods for getting the information to individual farmers reduced of his security and accepting some of the ridiculous offers being are that so they may better plan the organization of their farm made in some quarters. Protective investors' organizations, leading banks and real estate execubusiness with regard to the prospective demand for products. tives have to co-operate in the establishment of this research service, These conferences are a part of the national plan to trans- which will agreed take care of the hundreds of inquiries received daily for informalate the national farm outlook information into terms of tion regarding properties now in difficulty, as well as to the security behind new issues recently purchased. regional and State needs. Our plan should succeed putting an end to the chaotic situation now The Washington conference was attended by representa- prevailing, and we feel thatinthe situation as regards real estate securities will be materially aided toward a satisfactory status, and public confidence tives of seven Appalachian States—New York, Pennsylwill again be restored in this type of investment. Despite prevailing unvania, New Jersey, Maryland, Delaware, Virginia, and West favorable conditions, many realty issues are in an excellent position and are Virginia. State commodity committees were appointed to paying a high rate of return. estate securities have always been a most attractive investment for co-operate with the Federal Commodity Outlook Committee theReal individual, as well as insurance companies, trust companies and savings by suggesting the kinds of outlook material needed, and by banks. There is no doubt but that their popularity will return once the investor is advised of the true situation. There is no investment available assembling State and regional outlook data on the various to-day that is as safe and pays as high an income rate,risk considered, as a products. first mortgage secured by a well located and soundly conceived and well managed property. The State committees and their Chairmen for the WashIt is added that under no circumstances will investors be ington meeting were: Poultry, W. F. Knowles, New Jersey; Feed Supplies, T. F. Lininger, Pennsylvania; Potatoes, L. M. advised as to what distribution they should make of their Vaughan, New York; Beef Cattle, E. L. Moffitt, Pennsyl- holdings, nor will any advisory service be given, the service vania; Tobacco, C. C. Taylor, Virginia; Cabbage and Truck being designed for the purpose of supplying facts and unbiased Crops, R. 0. Bausman, Delaware; Sheep, R. 0. Stelzer, data only. West Virginia; Dairy, M. C. Bond, New York; Fruits, W. F. L. F. Resume of National Association of Real Estate Knowles, New Jersey. Boards Finds Burden of Taxation Rests too Objectives and procedure in outlook work were described Heavily on Real Estate. by Federal Bureau representatives at the opening of the That the burden of taxation rests too heavily on real estate conference. This was followed by a general review of current economic conditions and their effect on the agricultural was the opinion expressed by Leonard F. Reaume, President outlook. Commodity outlook reports were then presented of the National Association of Real Estate Boards before by members of the Bureau staff. The chairmen of the the Mortgage Bankers Association Convention at Detroit various State committees led discussions on the local adapta- on Sept. 18. Mr. Reaume, said. "The auto has created tion of the commodity outlook reports. The latter part of additional expense for roads and streets but real estate should the conference was devoted to methods used in reaching not be made to bear the total cost of providing highways for vehicles. Many associations and individuals are studying farmers with outlook material. possible solutions for this problem, and are investigating The Ames, Iowa, conference, scheduled for Sept. 25 to 27, whether income tax, sales taxes and miscelIs being held by the Federal Bureau and 13 Central States; laneous or not the State city revenues could relieve the tax burden on real and the Atlanta, Ga., conference, scheduled for Nov. 11 to estate." Mr. Reaume urged the Mortgage Bankers Associa14, will deal with the farm outlook in 13 Southern States. tion and other national associations by increasing member- ship and by contributing small sums of money to undertake Newly Elected Officers of the Mortgage Bankers' researches and analyses of home ownership and home building problems in order to achieve a solution of the problem Association of America. J. B. Sleeper, Vice-President, Pioneer Mtge. Co., Topeka, of individual ownership of homes. He further stated. The prices of homes must be brought within the reach of the pocketbook Kan., was elected President of the Mortgage Bankers' Assoof the great majority of our public. Statistics show that the individual's ciation for the year 1930 at the annual meeting of the average annual earnings the United States is between two and three Association in Detroit, Sept. 18. Other officers elected and thousand dollars. These in men cannot afford to put morethan $500 a year installed include A. Y. Creager, Sherman, Texas; E. H. into buying a home. We must devise a scheme of mass production of homes keep costs down to the measure of the average citizen's purse. Krueger, Cleveland, Ohio; E. B. Mount, Minneapolis; and toThe next few years will bring forms of financing longer term L. E. Mahan, St. Louis, Missouri as Vice-Presidents, and mortgages, greater consideration givennew to moral and financial responsibility the following members of the Board of Governors. Morgan and the probable development of new types of life insurance to aid in paying for a home. I would rather lend $5,000 in two $2,500 mortgages on small Adams, Los Angeles, California, R.S. Boaehy, Kansas City, modest homes sold to families who could afford to pay them than to Mo.; James W. Collins, Salt Lake City, Utah; F. W. Kone- lend $5,000 on a good attractive $10,000 home sold to a for family who could man, Minneapolis, Mimi.; E. E. Murrey, Nashville, Tenn.; not afford to pay for it. In the past we have concentrated our attention principally on the physical and W. Walter Williams, Seattle, Wash. assets in making loans—not only on small homes, but on large projects. Establishment of Real Estate Securities Research Laboratory Designed to Stabilize Realty Investment Market. The establishment of a real estate securities research laboratory, designed to stabilize conditions in the realty investment market by insuring intelligent conversion or liquidation by individual security holders, is announced by Young and Becker, real estate mortgage brokers, of 208 South La Salle St., Chicago. With the co-operation of real estate men,leading banks and investment institutions, Young and Becker have established an appraisal reporting service, which, it is announced, will furnish individual holders of real In making loans on income property, not only should the physical aspects of the structure be considered, but the responsibility of the borrower; the suitability of the project and the control of good managemen t by the lender. Bad management has ruined many good projects. World Economic Depression Laid to Overpopulation— Austrian's Explanation of Unemployment is that Too Many Want Jobs. A new and highly simple explanation of the general economic depression, particularly the anomaly of British and German unemployment as opposed to French prosperity, is contained in remarkable tables of European population figures compiled by Vladimin Woytinsky, statistician, published by the Pan-Europa League at Vienna. We quote SEPT. 271930.] FINANCIAL CHRONICLE from a message Sept. 24 to the New York "Times," which further said: Europe, the statistician points out is trying to find work for more people than it ever did before, perhaps more than it ever can. Ten millions who fell in the war have been balanced by a 10,000,000 drop in emigration, and the only solution of the problem he foresees is birth regulation. Germany has 7,000,000 and England 4,000,000 more workers than in 1913. Even compared with 1925. Germany has 2,000,000 more employment seekers. The number of workers in Europe will increase a further million by 1939, he estimates. In France, on the other hand, as compared with 1913, the number of work seekers is 100,000 less, which explains why France has no unemployment. From 1800 to 1900 the population increased by 187.000,000 to a total of 406,000,000, but 60,000.000 of these emigrated. In the period from the second half of the nineteenth to the beginning of the twentieth century 2,000,000 emigrated from Europe annually. Now the number is only 500,000 annually, or one-quarter of what it was, while at the same time overseas countries are refusing European goods as well as European newcomers. Against this condition Europe began to defend herself in the second half of the last century by a "birth strike." The birth rate fell further after the war,and thanks only to superior hygiene is Europe still able to show a slight balance over mortality statistics. What has produced the increase in employment seekers, the statistician assets, has been the fact that, owing to the drop in the birth rate, the proportion of older persons to the total population in Europe is greater and that the loss of savings during the war, the higher cost of living and the fact that parents cannot now rely on their children to support them is forcing these adults to seek work until a later age than hitherto and compelling wives as well as husbands to invade the labor market. The war losses are almost exactly balanced by the emigration drop. Herr Woytinsky's conclusion is, therefore, that "War has shown itself an ineffective preventive of overpopulation. What was unachievable for heavy artillery, airships, tanks and poison gases must be achieved by a birth-rate decline in war years and birth-rate regulation after war." Trading Facilities in Securities Market of New York Produce Exchange Facilitated by Establishment of Loan Post. An added feature, which will facilitate trading in the Securities Market on the New York Produce Exchange, has been inaugurated in the establishment of a Loan Post, where stocks of the more active issues will be available for loan purposes. The initial list of issues available for this puspose is comprised of over thirty stocks. 1997 smaller commission, while a larger contract would mean that many buyers, who are buying their requirements, might want to purchase less than one lot." The committee recommended that thd unit of fluctuation be in cents and hundredths of a cent per gallon. A one-point fluctuation on a contract of 24,000 gallons, for example, would be equivalent to $2.40 and a 100-point fluctuation (one cent) would be $240 on such a contract. The quality of molasses proposed for specification in the contract is "any cane blackstrap molasses, unfermented, uncontaminated and capable of being handled, of not less than 42 degrees Baume at 62 degrees Fahrenheit, duty paid" deliverable from licensed storage tanks. No one lot is deliverable from more than one storage tank. The committee recommends that for the present one point of delivery, New Orleans, would be sufficient. Commenting on this, the report says: "Arrangement can be made to have physical delivery made in New Orleans while documents are made out and transferred to New York City. It is our belief that deliveries in tank can be made with practically no cost to either the receiver or deliverer. There will be some expense in loading molasses from the tanks to tank cars but this will not be an Exchange operation. "Your Committee has felt that while a later development of the molasses contract may be the establishment of other ports for delivery, for the present it would be well to have but one port so that the buyer may use the contract if he so wishes for actual requirements, knowing that the molasses he receives under the contract will be given to him at a certain place. We are convinced that if but one port is used that port should be New Orleans. Your Committee feels that deliveries should be 'In tank.' No recommendation was made by the committee, in its report, in regard to the trading range; that is, the number of months to be traded in. When the changes in the by-laws and rules are completed, they will be referred to the Board of Managers, and in case of their approval by the board, a date will be set for the members of the Exchange to vote on them. The proposal to establish a futures market for blackstrap molasses was referred to in these columns Sept. 6, page 1506. Nomination of Officers for Rubber Exchange of New York, Inc. partner in the New York Stock Exa Julian, John L. change firm of Fenner & Beane, was nominated on Sept. 20 for President of the Rubber Exchange of New York, to succeed F. R. Henderson, who has been President since the organization of the Exchange in 1925. William A. Overton, who is with Geo. H. McFadden & Bro., was nominated for Vice-President and J. Chester Cuppia, of E. A. Pierce & Co., renominated for Treasurer. Three new members were named for the Board of Governors and nine of the present members renominated. The new candidates for the board are Robert L. Badenhop, of Robert Badenhop Corporation; Hutcheson Page, of Rogers, Brown & Crocker Bros., Inc. and Charles Slaughter, of Slaughter, Horne & Co. Those renominated for the board follow: Harold L.Bache, William E. Bruyn, James T. Bryan, Herbert S. DeLanie, J. Prank Dunbar Jr., Francis R. Henderson, Jerome Lewine, Fred Pusinelli, Edward J. Wade. Frank D. Pressinger, R. L. Chipman and LeRoy Wood were named for inspectors of election. The election will take place Oct. 21. Downtown Athletic Club Turned Over to Members. After three days of public inspection during which more than 6,000 persons were ushered through its 35-story building, the Downtown Athletic Club in this city was turned over to the members this week. While no ceremonies are planned for the first day of regular club activities, nearly all the private dining rooms were reserved for the evening. Although officially the membership is 3,286, it is understood that as a result of the three day display of the club's facilities a large number of applications for memberships were received. The Downtown Athletic Club occupies the whole 35-story building running from West Street through to Washington Street, in the same block with the Whitehall Building. The clubhouse contains 3,532,000 cubic feet of space. An investment of approximately $4,500,000 is represented in land, building, furniture and equipment. It is within a two minute walk of any part of the financial district. Although the elevation of the building is 35 stories, Receiver of North Dakota Bank Upheld in Suit Against because of the unusual height in the first 19 floors the buildBank Stockholders in South Dakota—Right to is as tall as the usual 45-story structure. From the 20th Enforce Double Liability Provided in Statute of floor upward all the space is given over to hotel facilities for North Dakota Sustained. members, there being altogether 143 sleeping rooms, singly following opinion, handed down by the South Dakota The and in suites. Practically all the suites have been leased. Supreme Court is from the "United States Daily" of Sept. 18: State of South Dakotas Pierre. Changes Proposed in By-Laws of New York Coffee & Baird, Receiver of the Driscoll State Bank, North Dakota, an InsolR. L. Sugar Exchange to Provide for Trading in Molasses vent Corporation. Futures Contract. Mall, otherwise known as W.L. Mall; Joseph H.Elwell,otherChanges in the by-laws and rules of the New York Coffee William M. wise known as J. H. Elwell; Alice Barnes, as Adminlatratrix of the & Sugar Exchange are now being drafted to prepare for Estate of William H. Barnes, decreased, et al. South Dakota Supreme Court. trading in a molasses futures contract, provided the members Nos. 6576-77-78. of the Exchange vote to adopt the changes. The work is in Appeal from the Circuit Court, County of Beadle. the hands of a special committee, of which H. H. Pike Jr., Max Royhl and McCoy & McCoy. for appellants; Crawford & Crawfordj for respondents. is Chairman, and the other members are Harold L. Bache, Opinion of Court. Gustavo Lobo Jr., George R. Siedenburg and E. B. Wilson. Sept. 2 1930. The Law Committee and counsel for the Exchange are workSherwood, J.—This appeal includes three separate actions, each brought In its committee. was report, special which North Dakota court for an insolvent North a by ing with the by the receiver appointed The actions were brought in the Circuit Court of approved by the Board of Managers, the special committee Dakota State Bank. of Beadle County. S. Dak.. against the three South Dakota stockholders suggested a contract calling for 24,000 gallons of molasses said bank, to recover from each his double liability as a stockholder. The and amounts. names to as of the except unit as trading. The report says: complaints are identical of 11.7 pounds each "A tank ear of molasses is 8,000 gallons and this obviously means that our contract must be for i4.000 gallons or a multiple thereof. Your Committee feels that it is important not to have the contract too large nor too small.and figuring the recent price range of say 4c. to 12c, per gallon a 24,000-gallon (3 tank car contract) at 4c. would be worth $960. "We are not attempting to suggest that the above will be the range of that any smaller contract prima but we mention these figures to show ridiculous and therefore necessitate a far Would make the dollar value in the circuit court. By stipulation the three actions were tried together At the close of the trial a verdict was directed against each of the defendants on these verdicts defendants have separately. From a judgment entered each appealed. The assignments of error. and issues of law, are identical are presented in one brief the three cases stipulation By case. in each and argument in this court. The record shows that Driscoll State Bank was organized under the laws of North Dakota and located at Driscoll in said State. It bemme insolvent 1998 FINANCIAL CHRONICLE in November 1923. Upon the report of the public examiner of said State, an action was brought in the Supreme Court of North Dakota against said bank in strict compliancy with the provisions of Chapter 137.laws of North Dakota,for the year 1923. Summons was served on the bank and such proceedings had that one L. R. Baird (plaintiff in the present action) was appointed receiver of said bank and thereupon duly qualified. Upon a hearing duly had in said action upon the receiver's report, the court found from the evidence that Driscoll State Bank was insolvent. It further found that the liabilities of said bank greatly exceeded its assets plus the entire double liability of its stockholders. Thereafter the court levied an assessment of 100% on each stockholder in said bank and thereupon made an order in said action finding and reciting all said facts among other things; and further ordering and directing: That if said assessments were not paid as demanded by said receiver, he is hereby directed to bring action in his own name as receiver against the respective stockholders for the collection of said added statutory liability. This order shall authorize the said receiver to bring or continue actions already brought in other States as may be authorized or permitted by the courts of said States so far as the courts may authorize the same. (VOL. 131. supra. This law provides in substance that the receiver of an insolvent bank shall take possession of its books, records, and other property, collect the debts, sell or compromise bad or doubtful debts, and,"shall sell all the corporate property, ... and when necessary pay corporate debts and enforce the individual liability of the stockholders" of said bank. And for the same purpose introduced in evidence that part of the opinion of the Supreme Court of North Dakota in Davis v. Johnson, supra, which reads: "Whether the receiver of an insolvent corporation may, in the absence of express statutory authority, enforce a statutory added liability of holders of corporate stock, is a question upon which the authorities have differed. The question is an interesting one, but in our opinion, it is not involved in this case. For in this State the legislature has expressly provided that the receiver of an insolvent bank shall 'enforce the individual liability of stockholders.' Laws of 1915, Chapter 53." It is manifest from the provisions of Chapter 53, above cited, and the interpretation given to it in Davis v. Johnson, supra, that the statutes of North Dakota expressly provided that the receiver "shall . . enforce the individual liability of stockholders." Appellants Set Forth Further Claims. In answer to this appellants say in their reply brief: "The appellants in this case .. do not contend but what contracts made in North Dakota—but what the judgments of the North Dakota courts— but what the laws of North Dakota might be enforced in the State of South Dakota under comity where the facts justified such action, in a case where there was a contract. Judgment or law that might be the subject of proper application of the rules of comity. The contention of appellant is that there Is no contract, that there is no judgment, that there is no law in North Dakota authorizing a suit in any other State to enforce the collection of non-resident stockholders' added statutory liability .. . that as a basis for the operation of the rule of comity there must be a domicilary law in the State authorizing a suit in a foreign State against the non-resident stockholders, or there must be a law in the domicilary State making the receiver appointed by the home court a quasi assignee. . . . If there is such a law in the home State authorizing the receiver to institute and maintain suits in the outside State, then, under be enforced in an outside State." the rule of comity, the obligation may North Dakota Statutes Said to Govern Case. This order was made Dec. 3 1923, and is still in force. It further showed that defendants owned all the stock of Driscoll State Bank in the following portions; Alice Barnes, as administrates of the estate of W. H. Barnes, 110 shares; W. L. Mall, 20 shares; J. H. Elwell, 20 shares. Total shares. 150. Value $100 each. All said stockholders resided in Huron, Beadle County, S. Dak., at the time they bought the stock in Driscoll State Bank and have resided there ever since. Neither defendant ever resided in North Dakota; and neither was served with summons in the action brought against the bank in North Dakota, which resulted in its being declared insolvent. The receiver notified these stockholders ofsuch assessment and demanded Payment thereof. Upon their refusal to pay, he brought an action in Beadle County.S. Dale.,and from judgments in favor of plaintiff the several defendants appeal. It is evident that respondent's right to bring the actions rests primarily on the statutes of North Dakota, and the decisions of its Supreme Court. Higher Capital Asked for Maine Trust Companies— The following statutes of that State were pleaded, either in full or in subState Bank Commissioner Requests Legislature To stance, in the complaint, namely, section 5168 of the Comp. Laws of North Dakota, enacted in the year 1913; section 1 of chapter 53 of the Increase Both Minimum and Maximum. Sessions Laws of North Dakota for the year 1915; chapter 137 of the Laws A minimum capitalization of $50,000 for trust companies of North Dakota enacted in the year 1923; section 4 of chapter 179 of the organized in the State of Maine is a legal requirement recomSession Laws of North Dakota for the year 1923. The following order and decision of the North Dakota Supreme Court is mended to the next session of the Legislature by the State also pleaded in substance, namely, an order dated Dec.3 1923,supra, made by the Supreme Court of North Dakota, in an action brought by the At- Bank Commissioner, Sanger N. Annis, in his biennial torney-General of said State in the name of the State of North Dakota, report, says Augusta, Maine, advices Sept. 20 to the against Driscoll State Bank; also a decision of the Supreme Court of North "United States Daily," which further says: Dakota in which F. M. Davis, as receiver of the Farmers St Merchants Another recommendation of the Commissioner is an amendment to the State Bank of Danhoff, is respondent, versus Johnson, appellant; which opinion was filed by the Supreme Court of North Dakota on Dec. 30 1918, 23-year-old law limiting the capitalization of a trust company to $1,000,000. Mr. Annis calls attention to the fact that when that law was enacted, the and reported in Volume 41 of North Dakota Supreme Court Reports at largest trust company in the State had deposits of page 85. $4.000,000, whereas there are now two trust companies in Maine with deposits in excess of$20,000,000. The complaint is long and as the only material question presented is Additional security to depositors through increased capital investment plaintiff's right to bring and maintain the action on practically undisputed facts it will only be necessary to refer to and discuss those parts of the com- should be given consideration by the lawmakers. Mr. Annis states. The suggestions for legislation contained in his plaint and the evidence bearing upon that question. report follow in full text; The statutes above referred to were each admitted in evidence over More Examiners Allowed. appellant's objections made upon all the grounds stated in his objections During the past year material progress has been made toward increasing (a) to (e), inclusive, hereinafter set out in this opinion; but as appellant's the scope and efficiency of departmental examinations and rendering better right to sue depended upon the statutes and decisions of the Supreme Court service to the institutions supervised. An increase in funds appropriated of North Dakota and the statutes and decisions offered in evidence were by the 1929 Legislature has made possible an increase in the number of pertinent to the issue, the objections were properly over-ruled. examiners, and it is hoped that the next Legislature will authorize a further The evidence will be discussed in connection with the contentions of the Increase so that this policy can be continued until examiners receive salaries contentions of the parties hereinafter stated. commensurate with their duties and responsibilities and all banks have the Appellants have assigned numerous errors; but they are all discussed to benefit of two examinations a Year. gether in the brief, and are all based on two propositions: Twenty-three years ago the Legislature enacted a law limiting the amount 1. That the complaint fails to state a cause of action on any theory. of capital stock a trust company may have to $1,000,000. At that time 2. That the evidence is wholly insufficient to sustain either verdict. the largest trust company had deposits of $4,000,000. At the present time Based on these two general propositions, appellants specifically contend two trust companies have deposits in excess of $20,000,000 each and others are approaching that figure. It would seem that that: the next Legislature a. No authority is expressly given either by the constitution or statutes properly consider increasing or removing the statutory limitation might so that of North Dakota to the receiver of an insolvent State bank to maintain a institutions may give their depositors the benefit of additional security suit against stockholders on their double liability, either within, or out- afforded by increased capital investment. side, the territorial limits of North Dakota. b. Unless the statutes, or constitution, of North Dakota expressly Suggestion on Savings Banks. authorize a receiver to bring such actions, the courts of North Dakota The present law requires each savings bank, trust company are powerless to give him such authority; and the question whether such and loan and power is given must be determined solely by the laws of North Dakota. building association to publish a statement of its condition following an c. Plaintiff is not a judicial receiver, but only a personal representa- examination by the banking department. I would suggest that this law tive of the State Banking Department a North Dakota. d. If plaintiff is a receiver, he is merely an equitable receiver, possessed be amended so that institutions may publish statements as reported to the of no title to the property or assets of the corporation; and hence has no Commissioner on dates called for, which would conform to National bank right to bring suits, either within or without the State of North Dakota practices. to recover on a stockholder's double liability. A savings bank may now loan 60% of its deposits on real estate mortgages e. No authority has been given by any court in this State to bring either with no limitation of amount that can be loaned of these actions. to one person or on one mortgage. Loan and building associations are Contentions of Respondents Listed. also without restrictions in the size of the Individual loans. I would It is respondent's contention: suggest that maximum limits be established, based on percentage of deposits 1. That section 5168, supra, established the stockholder's double liain savings banks and of capital dues in loan and building associations. bility in North Dakota. That such liability was primary and an action A trust company may now loan an amount could be brought thereon by any creditor of the bank against any stockequal holder either within or outside the State of North Dakota. surplus and undivided profits to one individual, to 25% of its capital, firm or corporation. I 2. That chapter 53 Laws of 1915, supra, expressly authorized the re- would suggest this limit be reduced, except on loans to ceiver of said bank of bring such suits. municipalities in _ 3. That the added liability of such stockholders was contractual in its Maine. nature, transitory in its character; and the weight of modern authority Loan and Building Funds. established the right of either a creditor or the receiver of such corporaThe funds of loan and building associations tion to sue stockholders either within or without the State of are invested almost entirely North Dakota In real estate mortgages to recover such liability. and any borrowing of largo sums of money would In support of respondent's contention No. 1 he introduced in evidence appear to be contrary to sound policies and not in harmony with the loan Section 5168, supra, which was a part of the "General State Banking Act" and building plan. I would suggest a statutory limitation of the amount an association may borrow. of North Dakota, and reads as follows: Adequate capital is one of the fundamental Responsibility of Shareholders.—The shareholder of every association tion and development of any sound business, requirements In the organizaorganized under this chapter shall be individually responsible, and I would suggest an amendequally and ratably, and not one for another, for all contracts, debts and engagement to the law, which would establish a minimum paid in capital re uirements ofsuch associations, made and entered into, to the extent amount ment in the organization of a trust company of $50,000 of his stock therein at the par value thereof, in addition to and with a paid-in surplus the amount of not less than 25%. invested in and due on such shares. Such individual liability is continued Consideration may well be given to the for one year after any transfer or sale by any stockholder or stockholders . desirability of increasing the This section is substantially indentical with Article 18, Section 3, our minimum amount of the surety bond which each treasurer is required to furnish,from $15,000 to $25,000. constitution. It is settled law in both North and South Dakota that such provisions, either constitutional or statutory, establish the double liability of bank Banking Facilities of Maine—State Has Had No Bank stockholders; and that such liability is a primary liability on which any Failure in Last Three Years, Commissioner of creditor may bring an action. Smith v. Olson, S. D., 208 N. W.. 565; Handcock Banks Annis Declares. v. Frederick Coop. etc. Co.,48 S. D.1; Corrington v. Crosby, N. D.,201 N. W.342; Davis The following comments of Sanger N. Annis, Bank ComJohnson, 41 N. D.85. To establish the right ofthe receiver to bring the action,respondent offered missioner, State of Maine,• are taken from the "United In evidence Chapter 53 of the Session Laws of North Dakota for 1915. States Daily" of Sept. 20. SEPT.27 1930.1 FINANCIAL CHRONICLE is of more vital importance No industry, no business, no line of endeavor our State than our bankto the prosperity and happiness of the people of for the savings of our depositories ing institutions. They furnish secure conduct of our agriculpeople, banking facilities for the development and the means to enable tural, commercial and industrial enterprises, and 29% of the savings many individuals to own homes. Approximately banks and pracsavings of deposits deposits of trust companies,30% of the are loaned on local real tically all funds of loan and building associations estate mortgages. 47 trust companies The banking facilities of Maine are afforded by 4:52 national with 53 branches and 12 agencies and resources of $214,225,49 resources of banks with banks with resources of $160,048,000: 32 savings with resources of $126,843,439; and 36 loan and building associations these institutions in $24,309,382, a total of $525,426,315. Deposits present century the amount to $429,556,142. At the beginning of the Maine amounted to $134.total resources of all banking institutions in been no failure of 000,000, with deposits of $103,000,000. There has any bank in Maine for more than three years. of opportunities to Some of our institutions have availed themselves to smaller communities enlarge their sphere of usefulness by extending by citizens of larger banking facilities and service equal to those enjoyed helpful in correcting towns and cities, and in several instances have been interests of the unsatisfactory conditions, with results beneficial to the people in the communities served. Michigan Banks Strengthened by State Statutes--Failures Lessened by Provision Against Placing Funds in "Frozen Assets," Says Commissioner. "I have absolute confidence in the future, and feel confident that the proper adjustments will take place in due time," the State Bank Commissioner, Rudolph E. Reichert, told the members of Group 6 of the Michigan Bankers', Association, Sept. 17 at Port Huron, in speaking of the present condition of our financial system. "There is one factor of which we must not be unmindful and that is that we have come through an economic readjustment after the World War, which has, along with everything else, upset naour financial system. Matters that affect conditions be ns, institutio financial through will, always tionally Mich., Lansing, from this reporting reflected locally." In Sept. 20, the "United States Daily" continued: 1999 a depositary to receive and hold this State, is named in this agreement as to issue transferable certain bonds issued by the Hospital Association, , to register the certificates of bondholders the to certificates of deposit for that purpose, to kept be deposit and any transfers thereof in books tothat another than the record determine upon evidence satisfactory to ittransfer in consequence thereof a to entitled is owner of any such certificate any holder of a certificate, to of the death, bankruptcy or insolvency ofissued lost, mutilated been have those that proof upon certificates issue new The depositary is or destroyed and upon receiving a bond of indemnity. in the same manner and to the authorized to deal with the bonds depositedwere the absolute owner thereof, same extent as if the depositors' committee and dispose of any such bonds and is authorized to transfer and deliver committee. The depositors in accordance with the written order of the designated as a committee, individuals, certain of the bonds constitute purposes of the agreement, and this their attorneys in fact to carry out theenumerated agreement. The the in powers extensive given is committee is not liable except for actual depositary, by the terms of the instrument, bondholders' agreement is bad faith in the discharge of its duties. Theprovisions ordinarily found stereotyped usual the contains lengthy, and to set forth. The attempt no In such instruments, and which we make trust powers question arises whether a State banking corporation without Is authorized to act as such depositary. 7636, define a bank. We have Mason's Statutes. sections 7635 and that a State bank has only repeatedly advised the Commissioner of Banks statute or are incidental to the such powers as are expressly conferred by that the duties imposed upon and business of banking. We do not think Glencoe, pursuant to the terms of assumed by the Peoples State Bank of to the business of banking, but this agreement, are in any way related ly be exercised by are rather duties and powers which might appropriate always advised have We powers. trust with a trust company or a bank be confined strictly the Commissioner of Banks that State banks should permitted to take be not and organized, are they which for to the purposes appear upon the on duties which would involve liabilities that would not books of the bank. of Glencoe may Bank State Peoples the that opinion It is therefore our question. not lawfully act as depositary under the agreement in State Banking Institutions in Illinois Not Permitted To Own Shares in Corporation Maintaining Title To Banking Structure—Question of Ownership of Stock in Another Bank also Construed. A bank organized under the laws of Illinois may not legally own shares of stock in a corporation organized for the purpose of holding the title to the banking house, vaults, furniture and fixtures, and similar physical equipment, according to a recent opinion of the Attorney-General, Oscar E. Carlstrom, given at the request of the Auditor of Public Accounts, Oscar Nelson. In its account of the ruling, in a Springfield dispatch Sept. 18, the "United States Daily" reports further as follows. Michigan since 1887. The bank may own it. banking house, the opinion holds, but not through There have been but 26 chartered bank failures in been more is due the medium of stock in a realty corporation, because it is not permitted Mr. Reichert told the bankers. That there have not from banks prevents which law State of to invest in the capital stock of other corporations. partly, at least, to the provision The State law Mr. Caristrom's ruling follows in full text: tieing up their funds in so-called "frozen assets," he stated. designates and "I have your letter of Sept. 4, in which you state that you find among permits 60% of time deposits to be invested in mortgages, invested. the assets of a State bank certain certificates of capital stock of a corporain what class of securities the balance shall be State chartered tion which was organized for the purpose of owning the banking house, In the last 15 years, there have been eight failures among of $4,430,225, of vaults, vault equipment, furniture and fixtures, or any or either of them, banks, Mr. Reichert stated, involving a dollar amount additional payments and that these certificates are carried under the caption of bonds, and which $703,853 has been returned to creditors, with s. receivership securities, or under the caption of banking house by the State bank. You to be made in the cases of the six active ask whether or not said bank is within its legal right to own such stock Percentage of Loss Small. either through purchase for investment or otherwise. You likewise ask $1.764,are time present the at banks State Michigan Total assets of which is permitted to own its own banking house, basis." he continued, whether or not the bank, 769,631, Mr. Reichert announced. "Upon a ratio such banking house in fee or if it may own the banking house own should approxibe would s "the percentage of loss through the above receivership stock of a corporation in which the fee is vested. for a period of 14 through the ownership of mately three-tenths of 1% to depositors of State banks ratio this reducing made, be to Cannot Own Bank Stock. payments substantial years, with further considerably." date of March 3 1930, file No. 2487, an opinion was written "Under the in banks Commissioner Reichert also referred to the 130 National this office concerning the double liability for bank stock owned "the record of these you by that opinion I consider the question as to whether State, with deposits of $536,147,000, and stated that our by another bank. In as satisfactory as just been has State the National banks throughout or not a State bank can subscribe for and own the capital stock in another ." institutions State conclusion of the opinion on that proposition is that a bank be extended, in bank. The if The practice of taking partial payments on loans should cannot subscribe for and own capital stock in another bank but that he said," been has lot "A Mr. Reichert's opinion, to real estate mortgages. the capital stock of another bank is put up as collateral for a loan made opinion the of still am I loans. estate the note foreclosed real and frozen told those present,'"about of the lending bank are exercised n plan is the' and the rights bank, that a mortgage properly placed and taken on an amortizatio and the collateral thereby becomes the property of the lending other bank. best security a bank can have." then the lending bank can become the stockholder in the person the to on under its charter Mr. Reichert urged the bankers to give more considerati The theory of this last proposition is that a bank may, who requires a loan of small amount, rather than making it necessary for powers, loan money on personal security and to protect itself may become merchant the added, be Moreover, loan operators. small the to resort him to the owner of such personal security. powers of a bank has "acted as banker for this man" by selling to him on the partial payment "The opinion holds that it is ultra vine of the charter plan. "I think that you, as bankers, might better take this man in hand and to subscribe and own the capital stock of another bank in that way. It Mr. rate," a at reasonable plan such some bills on and owning that the teach him to pay his seems corollary to the proposition of subscribing Reichert declared, "and then have him continue those payments in the purchase of such capital stock would likewise be ultra vireo. bank is organized form of deposits, making a good customer and a better citizen out of him... "There is no authority in the statute under which the State bank in Banks Strengthened. which would permit the investment of any of the assets of a corporation. In the case cited in my opinion The Bank Commissioner stated that there has been a constant streng- capital stock of another Co. 130 Gas Trust Chicago ex rel. v. thening of our banking institutions since 1919, and elimination of weaker referred to, namely, People Court uses the following language: banks in over-banked communities. Since 1919. he added,there has been a 268 at page 285, the Supreme form a part of the charter. "'The provisions of the law enter into and decrease in the number of institutions for the country as a whole of 4,199, General Incertainly cannot be true,that a corporation,formed under the in stocks, can either by failures or consolidations, with an increase over the same period of It corporation Act for a purpose other than that of dealing s, corporation other in stock holding ,000. and $20,000,000 nearly exercise the power of purchasing nature of the power where such power cannot be necessarily implied from thelatter effect.' into the carry to necessary not is and granted, Bank Restricted in Its Functions by Minnesota— specifically Power Not Granted. Attorney-General's Ruling Is That Custodianship "The Court in that case held that the language of the general incorporawhich would of Hospital Securities Is Not Banking. tion law contained no grant of power by the Legislature to own the capital stock of another corporation. A State bank in Minnesota without trust powers cannot enable such corporation of the language of the State Banking Act is similar to the language the Chicago act as depositary under a bondholders' protective agree- The General Incorporation Act of 1872 which was involved in with equal apply would by therein Attorneyan Assistant opinion Gas Trust Co. case, and the reasoning ment, according to Banking to your question. There is no grant of power in the State General W.H. Gurnee, in the form of a letter dated Sept.16 forcewhich would permit a State bank to purchase the capital stock of Act to Leonard, Street & Deinard of Minneapolis. This is another corporation, and I am of the opinion, therefore, that the ownerforeclosure proceedings which, ship of such capital stock, except that it be through learned from the "United States Daily" of Sept. 20, In the protection of the rights of the bank on a loan previously made upon says: account, further its in which the capital stock was pledged as collateral, Is ultra vires of its charter The immediate occasion for the ruling was the proposal that the Peoples powers. of bonds of certain mortgage depositary as act Glencoe of Bank State "With reference to your second question, I wish to suggest that the that the duties of St. Andrew's Hospital Association. Mr. Gurnee holds State Banking Act specifically permits, in Section 9, a bank to carry as busithe to way "in any related not are the bank in connection therewith assets the real estate necessary in which to do its banking business. It Is ness of banking." empowered, therefore, to own a banking house but the ownership of capital text; full in follows ruling The stock in a corporation which does own the banking house cannot be said have submitted copy of the First to be ownership in the bank of a banking house. The assets of a bank With your letter of Sept. 12 1930 you mortgage of certain deposit the of capital stock of another corporation and do not Bondholders' Protective Agreement for . The Peoples State Bank of in such case consist bonds of St. Andrew's Hospital Association under the laws of consist of a banking house, the distinction being that a banking house Glencoe, Minn., a State banking institution, organized 2000 FINANCIAL CHRONICLE Is classed as real estate, whereas the capital stock of another corporation is personal property." • World Faces Gold Shortage for Monetary Use Within Four Years, According to Committee of League of Nations. The report of the gold delegation of the League of Nation s Financial Comnrittee published Sept. 23 indicates the probability of a shortage of new gold for monetary purposes by the year 1934. An Associated Press cablegram Sept. 23 from Geneva to the New York "Times" (from which we quote) likewise said. The gold delegation has been studying all fluctuat ions of the purchasing power of gold, and its work is not yet complete. The delegation is composed of financial experts of many countries, including George E. Roberts, Vice-President of the National City Bank of New York. "Monetary requirements," says the report, "are calculated on four distinct assumptions; (1) That a reserve of only 33% is wanted and that the rate of growth of demand is 2% per annum; (2) that the reserve rate is 23% but the rate of growth 3% per annum; (3) that a reserve of 40% Js wanted, and the rate of growth 2% per annum; (4) that the reserve ratio is 40% and the rate of growth 3% per annum but on every assumption made, except the first, the supply of new gold availabl e for purposes will be inadequate by 1934 unless measures to alleviate monetary the situation are adopted in time." Cheap Money Object of Federal Reserve Board Fails, Says Arthur Reynolds—Chairman of Continenta l Illinois Trust Co. of Chicago Finds No Busin ess Benefit in Policy—High-Grade Bonds Aided. No prospect exists for any change in money rates as long as the Federal Reserve Board continues in favor of extremely cheap money, ih the opinion of Arthur Reynolds, Chairman of the Board of the Continental Illinois Bank & Trust Co. No benefit to business has yet accrued from the cheap money policy of the last few months, he believe s. We quote from the Chicago "Journal of Commerce" of Sept. 20, which indicates, as follows, what Mr. Reynolds had to say: "We know that Firma. 131. which goes against Australia. The bank and its customers do business in all of the countries I will visit, and an up-to-da te survey of present conditions and of the possibilities for trade expansion may be helpful in the development of commercial relations between the United States and the Far East." Mr. Dunscomb, who came to Chicago as a boy from Co. burg, Ontario, where he was born, began as a messenger for the First National Bank by the late Fronk 0. Wetmore 40 years ago. He advanced through the variou s posts in tho bank until 10 years ago, when he was elected a VicePresident. New Estate Tax Law in New York—No Estate s Under $5,000 Taxed. Lawyers and others interested in the settlement of estates of decedents dying in New York since Sept. 1 will find no change in the procedure to be followed in this work, according to announcement made by Thomas M. Lynch, Commissioner of Taxation and Finance, at his offices at Albany on Sept. 24. The new estate tax law, which becam e effective the first of this month, has given substantial but warranted reduction in the taxes on small estates, it has greatly convenienced the personal representatives and lessened the cost of administration to the estates, simplif ied the work and diminished the cost of administrati on by the State; declared the Commissioner; but the general proced ure to be followed in so far as the public and his depart ment are concerned will be the same as in the past. His statem ent in the matter also says: Following the death of decedents the usual waiver form for the transfer of assets,stocks and bonds will be secured from the Department of Taxation and Finance and filed by the representative of the estate. The law will be administered by the surrogates and other responsi ble officials and payments will be made to the County Treasurers in the counties where this has been paid under the old inheritance tax laws and to the Department Office at Albany from the counties where such procedure had been previously followed. However, no estates of $5,000 or less are taxed under this new law, and thousands of small estates heretofore taxed will go tax free. Also, an estate of the Federal Reserve Board has been committed to a children $25,000 left one-half to the widow and one-fourth to each of two cheap money policy,' Mr. Reynolds said yesterda pays no tax. The new statute parallels in so far y, "to aid as possible the particularly the bond market. While it has been generall business and Federal Estate Tax Law. Two companion measures passed last winter y believed that low interest rates would in the end stimulat by the Legislat ure and effective at the same time provide a statutor e business, rates have been y extremely low for the past seven months, and I cannot see that they have method of equitably apportioning Federal and State estate taxes among resulted in any great stimulation of business the various beneficiaries and allows the State . to compromise and settle contingent taxes amounting to more than "I think that the low rate policy has aided $30.000,000, held to secure high class bonds somewhat, payment of taxes on contingent interests. but I do not believe that it is really bringing about any great upturn in the bond market generally. Only high class bonds seem to be salable. Double Taxation of Securities Barred in Settlement Banks Face Problems. of "Cheap money, if persisted in," added Mr. Reynolds "will Estates—Kentucky Decision Rendered in Favor , almost compel banks to go into the market and buy securitie upon which the yield is s of Chase National Bank as Executor. better than the present open market rates for money. However, the purchase of industrial bonds by commerc An important legal decision barring double taxati ial banks in other periods of low on of aroney rates has not always turned out fortunately for the banks, and on securities in the settlement of estates this account it is a serious question has just been renas to whether a commercial bank dered on litigation undertaken by the Chase National should be a large purchaser of such bonds. The practical forcing of commercial banks to buy such securities would also as successor to the Equitable Trust Co. This tie up a considerable decision, portion of their liquid resources in the form of long-term investments, which was handed down by the Jefferson Count which does not seem desirable. y Court at Louisvi lle, Ky., enjoins the Kentucky State Tax CommisEvidences are present, Mr. Reynolds believes, that some lines of business are improving, although not in a large way. While the general feeling sion from levying an inheritance tax on the transfer of ceris better, the improvement, he finds, has not yet reached the point where tain shares of common stock of a Kentucky corpor we are on a definite upturn. ation owned by the estate of a New York resident. Expects Fair Fall Business. The decision, it is stated, conforms to the principle of "We are expecting," Mr. Reynolds said law in this connection, "and doubtless laid will have, a seasonal fall business down by the United States Supreme Court in the case of fair size. Whether the fall gain will be above or below normal, we cannot tell yet, nor can we tell whether of Farmers Loan & Trust Co. vs. Minnesota, a case regard ed there will be sufficient volume to carry us along on the higher level of as establishing an import ant precedent in matters of taxabusiness. tion on inheritance levies. The new decision in Kentu "I find a variance of opinion as to the effect of the drouth situation. cky, While a very large number of people have been hurt in the areas worst in the opinion of lawyers, amplifies the application of the affected, I am advised that the greatest damage was done in the areas previous decision by virtue of the fact that it specifically where corn is not the principal crop. In States where corn is the outstand- exempts ing crop they have been fortunat common stocks from double taxation, wherea e in receiving rains, and have a very s good crop this season which from the dollar viewpoint will bring in a great the Minnesota case involved taxation on State bonds owned deal of money and which will by a non-resident. greatly assist business." George H. Dunscomb of First National Bank of Chicago to Visit Far East to Survey Business and Economic Conditions. George H. Dunscomb, Vice-President of the First National Bank of Chicago, leaves Chicago to-day (Sept. 27) for the Far East, where he will gather first-hand facts to be used in the compilation of survey and analys is of business and economic conditions as related to American trade and banking. Mr. Dunscomb will visit Honolulu, Japan, China, IndoChina, Slam, Singapore, Java, Australia, New Zealan d, and South Africa. He will return home by way of England. Mr. Dunscomb says: "The disturbed political conditio ns in China and the decline of silver have wrought havoc in that country. One of the most serious situations there is the fact that Chinese industry is on a silver production basis, while all importations have to be paid for on a gold standard basis. The inequality there is obvious. "This is true of other countries where the standard coin of the realm is silver. Australia's troubles are the decline in the prices of wool and agricultural products plus the consequent depression ot Anntrallan sethainty The principle of law cited by the courts in barrin g double State inheritance transfer taxation on securit ies in' these recent cases is based on the Fourteenth Amendment to the Constitution of the United States. These decisions indicate that only the State of the decedent's domici le may levy transfer taxes upon such intangible propert ies, and that to permit another State to levy a similar tax on the transfer Of those same securities would not be due proces s of law. It is believed that this Kentucky decisio n in favor of the Chase National Bank as executor for a New York resident will be of widespread interest not only to membe rs of the legal profession, but also to many residen ts of New York who are owners of securities of companies incorp orated in other States. U. S. Declared Obligated to Protect Interests of Cuba— Platt Amendment Cited by Acting Secretary of State Cotton as Basis for Intervention if Necessary. The following is from the "United States Daily" of Sept. 15: SEPT. 27 1930.] FINANCIAL CHRONICLE 2001 d in this private interests, Mr. Whitney stated,"have engage that of dangerous practice. Our own Government and in wheat. it ted attemp "have say, to on went he a" Canad coffee Tho Brazilian Government has experimented with ions on valorization and the British Government with limitat t to fix rubber production. In Cuba there was the attemp been have ts produc many ny the price of sugar. In Germa Course Uncertain. of the State action the to ies tendenc price their in e in Cuba in case of subject Asked whether the United States would interven depressions to stock market could wisely be made as to cartels. To attribute business revolution, Mr. Cotton said that no prophecy y declared, "is to place the cart before Whitne Mr. ," panics what action the United States would take. 2, 1901 follows in effect rather The Platt Amendment, adopted by Congress March the horse, for in reality stock panics are an y argued full text; Whitne Mr. ions." depress treaty enter into any than a cause of trade Article 1.—The Government of Cuba shall never powers which will impair or did not cause the trade depression, market stock the or other compact with any foreign power or "if that nor in any manner authorize market cannot cure it. Many tend to impair the independence of Cuba, colonization or military it is clear that the stock or permit any foreign power or powers to obtain "that rising of portion over any people still seem to believe," he continued, or naval purposes or otherwise, lodgment in or control present period in the of end the t forecas will said Island. prices y or contract any securit Article II.—The Government of Cuba shall not assume before security prices rise make reasonable sinking- business. That may be so, but public debt to pay the interest upon which, and to the ordinary revenues there must be confidence that business has turned the corner. fund provision for the ultimate discharge of which, expenses of the Governcured only by the of the Island or Cuba, after defraying the current As I see it the present depression can be the panic last ment, shall be inadequate. Since people. courage and activity of our Intervention Provided. countless suggesbeen have "there said, y Whitne Mr. States fall," the United Article III.—The Government of Cuba consents that regulated. tion of a,Government tions that the functions of the exchange should be may exercise the right to intervene for the preserva that and believe liberty, al to individu and seem property adequate for the protection of life, proposers of these various plans imposed by the Treaty The conseous disastr the for discharging the obligations with respect to Cuba avoid or ze minimi would and undertaken by the regulation of Paris on the United States, nbw to be assumed such regulaquences of stock market panics. To my mind, Government of Cuba. during its military ocCuba in States on the exchange a false reprices make Article IV.—All acts of the 'United simply would tion all lawful rights acquired limitations on cupancy thereof are ratified and validated, and flection of the state of business. Any such thereunder shall be maintained and protected. requiring seay, necessar laws to as far as able and the exchange would be compar Article V.—The Government of Cuba will execute, to be mutually agreed upon they would at all that ters barome their extend the plans already devised or other plans fix so to men to the end that a recurrence of faring for the sanitation of the cities of the island, prevented, thereby assuring times point only toward fair weather." epidemic and infectious diseases may be as well as to the commerce Mr. Whitney's address follows in full: protection to the people and commerce of Cuba assistance to Cuba under the The United States has a definite duty of with other Latin-American Platt Amendment which it does not have Acting Secretary of State. countries, according to an oral statement by the to inquiries. Joseph P. Cotton, Sept. 13, made in reply sted in Cuban political Asked whether the United States was as disintere replied that the answer conditions as in Peru or Argentina, Mr. Cotton relations with Cuba which was obvious, since the United States had treaty were not duplicated with the other countries. the people residing therein. of the southern ports of the United States and a most valuable opportunity to An occasion like the present provides omitted from the boundaries e and finance, and particularly Article W.—The Island of Pines shall be thereto being left to future discuss problems common both to commerc title the tion, Constitu the in specified of Cuba developments in the stock market to of hip relations true the consider to adjustment by treaty. maintain the independence of conditions in commerce and industry. Article VII.—To enable the United States to so swift and unexpected, was to many the defense, own its for as The stock market panic last fall, well as thereof, people the Cuba, and to protect depression in which we have found States lands necessary people the first indication of the trade Government of Cuba will sell or lease to the United the security market occurred earlier in on liquidati usual, upon As agreed be s. to ourselve for coaling or naval stations, at certain specified points, than in the mercantile markets. For this and in a more dramatic manner with the President of the United States. that it was the stock market panic reason, some have been led to think and that if we could manage to avoid which caused the depression in trade, of business dein the future obviate such periods Work on Boulder Dam Project Inaugurated—to be stock panics, we would but we one welcomes or desires trade depressions, no y Naturall . Dam. pression r Hoove Known as as long as their cause is incorrectly will never cure such fits of economic illness is to panics depressions to stock market Dr. Ray Lyman Wilbur, Secretary of the Interior, on diagnosed. To attribute businessfor in reality stock panics are an effect horse, the before cart the place I therefore seek your indulgence Sept. 17 formally started the work on the $165,000,000 rather than a cause of trade depressions. hip of trade depressions and Boulder Dam, and announced the Colorado River project to-day in analyzing briefly the true relations especial reference to the events of the past would be known as the Hoover Dam in honor of the Presi- stock market panics, with twelve months. causes of the trade recession The disdent. We quote from Associated Press dispatches from Las There have been many alleged on and distribution of gold is an example. cussion concerning the producti Vegas, Nevada, Sept. 17, which also stated: be able sufficiently progressed so that we should by now Announcement of a name to be attached to the huge engineering feat But events have over-production was the basic cause of the depression. that e of silver recogniz Nevada to was made by Secretary Wilbur after he sledged a spike tell us that there is no such thing as a to the dam Theoretical economists sometimes Into a railroad tie. The railroad will be used to haul material since the wants of humanity are infinite. general over-production of goods, site. be as a general proposition and over long a great engineer, However true this assertion may "I have the honor," he said, "to name this dam after applicable in specific instances. not y certainl is it time, of Periods all time—the Hoover Dam." in the who really started this greatest project of production steadily increased, particularly 1929 to 1925 From seven miles from here nations abroad. The ringing blows resounded in the desolate desert also to a lesser extent in the recovering but States, United with ents a und upon rail the down niney-po the brilliant American achievem as the Cabinet member expertly pinned Almost everywhere, following line. were made to increase output. Numattempts s strenuou twenty-two-mile branch of the Union Pacific on, producti evada, California, Colo- mass on were introduced, not only for use in our facOfficials from six Colorado River basin states—N erous economics in producti ed the ceremony. the statistical indices, the prorado, Utah, New Mexico ai d Wyoming—attend also in our fields. According to but tories nature," Secretary Wilbur in May 1929 had risen 25% above "This is one of man's greatest victories over rate in this country at its peak duction country suddenly had a said in his dedicatory address. "It is as if our the average rate for 1923-1925. production necessitated all manner of efforts new state added to it, for a new and wider use of this controlled water This steadily increasing wealth. of billions keep pace with it. At times the balance between create will care for millions of people and to enable consumption to seriously disturbed, as in 1927. Yet "Such great projects of engineering, financial and social skill as the production and consumption was and the increase in production continued. , our of restored reater than pride just soon the people—g are dam was this and ium Canal equilibr Panama the character of output also changed, and victories in war or the harvesting of existing natural products hidden in As the standard of living rose, smaller part in it, while semi-luxury Products staple necessities played a or grown from the soil. the larger part. This trend increasingly exposed "Floods, like fire, are the enemies of man, but they can be tamed to constituted a larger and consumption to the danger of sudden and on producti floods which those back hold between wipe could will we balance be his servants. Here, ium conthe remarkable thing was that this equilibr out Imperial Valley and make them give aid instead of concern to its farm- unsettlement. Indeed, But while it lasted, the higher wages and salaries did. it as of long of millions of water as gallons hundreds to deflect tinued are we here From ers. the mounting paid in turn stimulated consumption, while to the southern California plain, where the water resources of the semi- which were being the rise of share securities to an caused se enterpri business of net earnings arid region are strained almost to the danger point." level of prices. and, as subsequent events proved, an unwise buying The Secretary expressed belief the project would be paid for by the unparalled was also stimulated by the extension of installment tion Consump power it developed. even the course of fortuitous events proved and mass advertising. Finally e stability. When our favorabl trade favorable to the maintenance of y arose the great Richard Whitney, President of New York Stock Ex- balance threatened to become too great, there suddenl finance it through our international trade paychange, Ascribes Business Depression to Over- American tourist traffic todeclined , another arose to replace it. Even the ments. As one industry methods, in most Production and Artificial Commodity Prices— laborer, discharged because of the adoption of machine the very rapid changes Stock Market Panic an Effect, not Cause of De- cases found re-employment elsewhere. Despite tion, their temporary equilibrium occurring in both production and consump pression—Opposed to Regulation of Exchange. stability, which was hailed in industry gave a curious general effect of Discussing "Trade Depressions and Stock Panics" before no less than in finance as a "new era." reached. Consumption could no Last summer the breaking point was the Merchants' Association of New York at the Hotel Astor on. Throughout pace with the enormous volume of producti keep longer on Sept. 9 Richard Whitney, President of the New York 1929, according to the statistics of the Department of Commerce,mercantile become much higher than in the years Stock Exchange, endeavored to point out that the decline and manufacturing inventories had s. During the summer tely preceding, especially in raw material in security values which took place last fall was not a cause immedia the scales, and the the final surge of increased production tipped 1929, of of the trade depression, but that on the contrary, it was the downward spiral or reduced production, reduced profits, reduced consumpin production,then set in. Our old friend the general realization of the downward trend in trade con- tion and further shrinkagewhose death had—like Mark Twain's—been very cycle, reports of ditions which initiated the decline in security prices. "Busi- business of life and in control of the situation. much exaggerated, appeared again full g for the price y is "payin Whitne Mr. the most dramatic results of the unsettled said edly ay," undoubt ness to-d One of the first and the production and consumption of goods, was the unsound attempts to maintain price levels in the face of equilibrium between panic. The high prices of many share issues were postulated production costs." Both Government and stock market decreasing 2002 FINANCIAL CHRONICLE For,. 131. upon high current earnings and the anticipation of still higher earnings in Once again the stock market demons the future. Suddenly the community realize trated that it is an accurate barometer d that we were in the receding of busine phase of a business cycle, and that ss conditions. Since the panic these prices were no longer justified. sugges last fall there have been countless tions that the functions of the Unlike most other markets, the stock marke Exchange should be regulated. The t is free and open,and the effect proposers of the trade recession on it was inevit of these variou s plans seen to believe that regulation would ably immediate and drastic. The minimi ze or avoid the disastrous liquidation of the security market consequences of stock market panics. was rapid; the liquidation in commodities To my and throughout business necessarily mind such regulation would simply required a longer period. The comple- false make prices on the Exchange a reflection of the state of busine tion of this slower process furnis ss. Any such limitations on the Exhes the basis for a new equilibrium between change would be comparable to laws production and consumption, and the requiring sea-faring men to so fix their possibility of a return of general busi- barome ters that they would at all times ness prosperity. point only towards fair weather. One element in the trade depression,as well In considering the responsiveness as In the boom which preceded of the stock market to general business It, deserves more than passing consid eration. I refer to the level and the conditions, we must always bear in mind the great difference that has been trend of commodity prices. The average price of wholesale commodities created by the fact that the United States has now become a credit or nation. proved remarkably stable from 1925 to 1929. While the price of particular The existence of a large credit surplus and the general recognition that commodities declined, this was curren tly offset by the rise in others. Stu- credit in great amounts is available, will make the security market respon d dents of business continually assure d us that there was no commodity price primarily to business conditions. In any event, the speed with which the Inflation, Actually these commodity price averages were highly deceptive stock market will respond to business conditions will depen upon d the and most difficult to interpret correc tly, because, while consumption during rapidity with which accurate statistics in regard to business condit ions these years continued to balance production, at the same time the constant are made available to the public. It is interesting to note that the peak of lowering of the coat of production produc tion was reached in May in so many lines of business tended, wit's 1929, but the stock market, although it the stable price levels, to make produc tion more and more profitable, and became highly selective, did not definitely reflect the gradua droppi l ng off to place a constantly increasing premi um on expanding output. As subse- of business in June and the more important decline in production in July, quent events have shown, our recent depression would have been lessened until September and October. This was due, in large part, the fact to had commodity prices during these that much important statistical inform years declined more steadily than they ation showing the trend in trade actually did. But the resistance to such a decline in commodity prices was not available until some time after the movement had starte was widespread. Great efforts were d. The made to maintain prices by various Exchange has long realized that prompt statistical information in regard artificial expedients. Unconsciously busine ss drifted into an era charac- to business should be available to the public. Its endeavor to secure from terized to a large extent by manipulated Its Hated corporations the publication price levels. of quarterly earnings was a first step In large measure, the great popularity during towards making available more recent years of attempts timely and accurate statistics In regard to manipulate prices has been derived to busine ss condit ions. from experience during the war. In any event, it is undeniable that the declin in e During that emergency, there was of necessity an almost universal attempt stock prices in the fall of 1929 did not cause but actually follow ed the decline to peg prices and rates of all sorts. It has left us with a hankering to tinker In business production which had started in May and was in full swing in artificially with prices. Both Government s and private interests have en- July. gaged in this dangerous practice. Our There is too great a tendency to-day own Government and that of Canada to think offinance as a thing in itself. have attempted it in wheat. The Actually, of course, our financ Brazil ial machinery represents only a facility for with coffee valorization and the British ian Government has experimented the production, distribution and consumption of Government with limitations on goods. Finance must rubber production. In Cuba there necessa rily take Its direction from the course was the attempt to fix the price of sugar. of these basic economic proIn Germany, many products have been subject in their price tendencies ceases. It is a fallacy to think that by juggling with finance, the whole to the action of the state cartels . Nor have private Interests proved more course of trade can readily be diverted or changed. Financ e to-day is an backward in attempting this admittedly important factor in our same sort of thing. Many more attemp business life. and I have no desire to ts to minimize regulate prices and production its significance, but the all too common concep have failed only through the impossibilit tion that finance of securing a unanimity of action y among producers. It was the artificial does or can control the entire course of production and distribution of goods, price structure created by such is comple tely errone metho ous. ds and not clearly revealed in the indices of commodity prices, which has been responsible for the unexpe IV. cted weakness of commodity prices during recent months. Business is thus The stock market influences business primar to-day paying the price for ily by facilitating or impeding unsound attempts to maintain price levels the flow of capital into industry and commerce. In the face of decreasing produc In certain past business tion costs. This trying experience shows cycles, rising stock markets have diverted capita that the law of supply and deman l and credit into unprod the necessity of free and open marketcannot be disregarded. It also proves ductive uses, with the result that shortage of capita l and credit developed, s, and should force the general realiza - and an interruption of the flow of capital tion that production and consum into business consequently ocption cannot maintain a desirable equi- curred. This may have been true of bull librium if the usefulness of prices as markets in the past, but this the regulators of production are to be charge canno vitiated by artificial means. Living t be substantiated against the stock marke as we do in a world of rapidly t of last Year. changing Of course, the great enthusiasm for stocks conditions, the movements of both a year ago undoubtedly curtailed commodity and security prices must the bond freely and naturally respond to the market, and exerted some depressing influence upon the few inchanges occurring in the production, dustries which could finance themselves the distribution, and the consumption only with bond issues. But there of goods. Resistance to such natura l is certainly no evidence that during 1929, Ameri nrice changes can in the long run only can corporations as a whole result in an economic explosion. were not able to obtain adequate financing. Last year, simply the corporations with securities listed on the New York Stock Exchange issued large amounts of rights to subscribe for That the course of industry and comme new securities, and the investors of this rce directly and profoundly affects country in taking up these rights to subscribe actually paid in to these the stock market is a matter of everyd corpoay knowledge. It is attested by the rations the colossal sum of more than $2.618.000,000. In addition to this, financial pages of our newspapers which are so largely devoted to the news large sums were similarly obtained throug and statistics of manufacturing and trade. h the issuance of rights by corporaIn the nature of the case, it is tions not listed on the New York Inevitable that this should be so. For Stock Exchange. Finally, new public the price of common stocks represent security flotations in 1929 provid ed additional millions upon millions of in the main the capitalized value of corporate earning power. This fact new capital to American indust ry. It would, in fact, be difficult was strikingly illustrated last year, when if not the principal reason for the high Impossible to point out any other year levels which share prices attained was in the financial history of this countr the large earnings ofleading companies when capital was made availa y, ble to American business in as large and the general belief that these earnin aggregate gs would continue to grow in the fu- sums,or upon terms as advantageous to American corporations. So great in ture. many cases were the cash surplu ses at the disposal of American compan Since stock prices regularly rise and fall in ies last year, that they were able not sympa only to retire their senior securities, but business enterprise, to forecast prices it always thy with the earnings of also is to become lenders of funds on their necess ary to foreca st the own account. Naturally this situaearnings behind them. Naturally corpor tion, ate earnings depend, not upon while not without its peculiar problems, was profoundly beneficial occurrences within the stock market, but upon commercial and industrial in many ways. Certainly American business corporations to-day are in Conditions entirely outside its scope. The market for securities, as well sounder financial condition than they were during any prior period of as those for other forms of property, are directly affected by the major depression. economic forces which influence the produc tion, distribution and consumpV. tion of goods. There is another aspect of the relati In the past the stock market has shown onship between the stock market and an almost invariable tendency to general busine ss which I should also mention. reflect in advance the general course It has been claimed that of trade and there are a number of the harmful influence of the stock market on instances where stock prices have risen business arose, not when stock before an improvement in buainess, prices were falling and have fallen before the advent of , but when they were rising, since the diversion of funds a trade depression. This well-known into New York stock market loans deprived other barometric function of the Stock Excha nge falsely leads people to think a way as to cause sections of funds in such a trade depression. This charge that it has a causal influence upon trade. is worth while examining This is not so, but stock the In a critica l way. market, being sensitive not only to business but also to credit conditions, As far as the United States is has reacted to a combination of these concerned, no actual shortage of two forces before a trade depression or capital credit really developed last year. Our Is generally expected. In the course actual problem, as far as credit of a business cycle,surplus funds which as a whole was concerned, was with the cannot be employed for commercial disposition of a surplus. As we purposes naturally flow into securities, know, a great and thus lead to rising security deal of our surplus credit went prices. When, later on, trade recovers, of course, into security loans. It might this is an additional cause for be argued that better use of a further advance in security prices. Finally, found, this surplus credit could have been. but we must remember that a point is reached where credit is insufficient to supply both the needs of Jan. the increase in brokers' loans from 1 1929, to the highest point commerce and the security market that was reached, which was on , and a competition for funds develops. 1929, Oct. 1 Was $2,110.000,000, and as I Under such circumstances trade have already pointed out the sums always obtains the preference, thus causing tually acreceived by the corporations, a halt in the rising stock prices and substantially during the same perhaps the advent of a declining stock through the period, market. This turn in the stock issuance of rights to subscr market is followed, in due season, by a than ibe, exceed ed this figure by more half a downward swing in trade itself when the commercial and industrial boom of loans, billion dollars. While these new security issues swelled the total they were not a diversion of has spent its force. Exactly this course of events was seen in the business purpos American credit into unproductive es. Furthermore,in the light cycle of 1919-1921, when the break of the subsequent decline in commodity in the stock market during November, prices, 1919, was followed six months later there is little doubt that busine ss would be much worse off to-day by the crash in commodity prices and if the curplus credit which did go into the advent of a trade depression. During 1929-1930 the decline in stocks loans on security loans last year had gone into did not, to any such extent, preced commodities. Had this occurr e the trade depression, due to the fact have ed commodity prices would probably become greatly inflated, invent that the United States has becom e a creditor nation with surplus credit more ories would have accumulated even than they did, and the and capital, thereby rendering its stock trade depression would have been market less sensitive to the competi- serious. made more tive demand for credit from commerce and industry. The stock market, A common complaint agains however,is still sensitive to business t stock market loans has been that throug conditions in general, and this Is clearly their high h shown by the course of events in rates of interest they draw 1927 and 1929. In the former year there countr funds from the interior banks of the y and occurred a mild business depression of brief duration, which was reflected of the New result in curtailing local business. This familiar criticism In the share market by a slight declin York call loan money marke ing trend In stock prices followed by a and not t is actually based upon theory continuance of the steady upwar upon fact. There is no eviden d swing of the bull market. During this ce that at any time last year the demands of the call loan marke depression some financial t deprived legitimate local busine authorities were tempted to criticize the stock ss of the funds that it needed. It is easy market for not more forcibly reflect to say that, because many millions were ing the depression in trade, yet, in the loaned on call at rates that were higher end, its brief character proved that than most business men are accusthe stock market had very justly esti- tomed to mated its real significance. On the pay, local business could not other hand, many were led last autumn mand for compete with the speculative decredit, but anybody familiar with to consider the tremendous crash in stock prices as out of all proportion time the the facts knows that at the very rate for call loans stood at 15 to the visible conditions in industry and or even 20,0 loans were being made trade, but worldthe wide extent the business purposes and severity of the subsequent business throughout the United States at much lower depres sion have shown rates. that the The bankers of this country intensity of liquidation in the stock are intelligent enough to know that their own market was justified. future depends upon the buildi ng up of local business enterprises, and they SEPT.27 1930.1 FINANCIAL CHRONICLE of thetemporarily will not sacrifice any legitimate local business for the sake I know that high returns that sometimes can be secured on call loans. banker should local a with deposited many persons feel that all the money fallacious. be used solely for local purposes. This theory is, of course, to diversify If the local community is not large enough to allow a bank depositors its to Its risks so that at all times it can repay, upon demand, safety the sums they have entrusted to It, the local banker must obtain community. and liquidity by employing his funds outside of the local throughout the The large number of insolvencles among small banks maintain United States has been due primarily to the fact that they did not local field whose banker, interior small A a proper degree of liquidity. achieve it does not afford an opportunity for proper diversification, can securonly through buying acceptances, commercial paper, or investment in the loans making by ities; by carrying deposits with other bankers, or a that know bankers ve conservati All world. great money markets of the this characcertain proportion of their assets should be invested in items of nt ter. Nobody thinks of criticizing a banker who invests in Governme put bonds, acceptances or commercial paper, but if the same assets are Into the New York call loan market the banker is considered a renegade is and the system that permits him to loan his money away from home utterly attacked as an evil. As far as the local community is concerned, it is or Bonds Liberty of unimportant whether a banker buys a certain quantity banker lends an equivalent amount in the call loan market. The local must choose between the rate of return and liquidity of these different types of investment. It is natural in periods when the call loan rate is high, s that funds which might otherwise flow into investment bonds or acceptance will tend to flow into the call loan market, but the effect on the local community is the same. Many conservative bankers regularly carry a certain proportion of their assets in call loans, not for the rate of return, but for if the the high degree of liquidity which they afford. I venture to say that small bankers of the United States had realized the vast importance of maintaining their institutions in a liquid condition and had lent more money on call, some of the thousands of bank suspensions which have taken place In the last few years might have been avoided. 2003 and other signal telegraph and telephone lines, automatic train control improvements, $80,devices, $20,023,000 were expended. For all other this year. 574,000 were expended in the first six months of Railroads Paid Out Nearly One-fourth of Net Earnings in Taxes During 1929. th of their net earnings were paid by the one-four Nearly railroads in 1929 in taxes to the various Federal, State and local governments, according to a survey of railway taxation July 17. by the Bureau of Railway Economics made public the This means, according to the survey, which covers th one-four nearly that time, present the to 1890 period from 1929 in the railways of traffic and s of the property, activitie t to pay were devoted to producing net earnings sufficien on in the "Taxati whole. a as property railway the tax on issued by the Bureau United States," according to a bulletin results of its survey, of Railway Economics analyzing the every industry has problem; c economi major "has become a industry is devoting felt its increasing burden and every bulletin adds: attention to its own tax problem." The more burden- growing progressively "That taxes are rising steadily and public and grave problem that demands some is unquestionable. It is a managers, but of every corporation and not only the attention of railway every citizen as well. during the nearly two-score years "The total increase In railway taxes, 0 to $412,000,000, an increase of from 1890 to 1928, was from $31,000,00 1,220%. one thing in the railway field that has "Thus the tax aggregate has been tendency to break all VI. continuing, and in this case an unfortunate, a shown of Because taxes must be paid before net I have not attempted in my remarks to-day to analyze all the causes previous records year after year. the mounting dethe that out account, point income to d in the the trade depression. I have simply endeavore railway operating income is reached amount of cline in security values which took place last fall was not a cause of the trade railway tax has exerted a definite unfavorable reaction on the of the depression, but that on the contrary. It was the general realization income. net that States United the in security years,from 1890 to 1928, downward trend In trade conditions which initiated the decline "During this same period of wealth, and in that is prices. Ifthe stock market did not cause the trade depression, it clear strides forward in population, in national great made Itself and expenses and believe that exports. Railway investment, earnings the stock market cannot cure it. Many people still seem to faster than any of the in business. imports and rising security prices will forecast the end of the present period rapidly. But railway taxes grew grew also traffic confidence That may be so, but before security prices rise there must be can other factors. taxes In the past 38 years was more that business has turned the corner. As I see it, the present depression "This rate of increase for railway three times be cured only by the courage and activity of our people. Our natural re- than 13 times as great as the rate of population growth; nearly as great sources are as groat to-day as they were last year. Our great business as great as the rate of increase in national wealth; more than twice as great as are times three plants nearly income; National organizations are in strong financial condition, and our industrial in increase of as the rate times as at the highest state of efficient development. Credit is abundant. With the rate of growth in our foreign commerce. It was more than six the railways, two and the exception of the difficulties that have arisen as a result of the drastic growth in property investment of of rate the as great deflation of commodity prices,the business horizon is clear. What is needed, one-half times as great as the rate of increase in railway gross earnings and therefore, is courageous and intelligent effort and confidence in the future more than three times as great as the rate of growth of net earnings. the United States, but railway taxes have of our country. We all know that the present period cannot long endure; "All taxes have been rising in yet. Individually, many of us are hesitant and wish to wait until others have run ahead of the general trend. From 1890 to 1928 railway taxes increased 952%. had the courage to take the initiative. I am confident, if the members of 1.220%, while taxes other than those paid by the railways increased the Merchants' Association of New York and the other great organizations The railway tax growth was more than one-fourth greater than that of and individuals combined. of huffiness men throughout the country will put their shoulders to the wheel, the tax bill of other industries taxes in the United States had mounted that the period of hesitation will be measurably shortened and the re1929, railway of close the "By greater, establishment of prosperity In the United States will become an accomplished to a larger annual aggregate than ever before. Railway taxes were in any corresponding period in history. than fact. year that in dollars, in actual 6.32 cents of each gross dollar received Railway taxation in 1929 absorbed . Capital Expenditures by Class I Railroads in First Half by the railways from transportation operations in 1929 the greatest In amount ever "Not only was railway taxation of 1930 $468,305,000—Increase of $118,000,000 Over absorbing the greatest proportion of railway recorded, but it came close to 6.32 cents of taxes for each dollar of gross Same Period in 1929. gross earnings. The ratio of average of only slightly below the corresponding was I s of 1929 in Class railroad the by earnings made ures expendit Capital year except 1928 alone. 1928, and was greater than in any for cents 6.37 absorbed for in taxes 1929 new 1930 equipearnings, railway this country in the first six months of "Considered in relation to net net earnings. of to dollar nts railway property betterme each s of and addition cents and 22.35 ment contribution to Governmental expenditures, "Railway taxes represent a such as education, police and public totaled $468,305,000, according to a report submitted at a and to various Government activities, ce of highways and waterways. meeting at the Shelburne Hotel, in Atlantic City, on Sept. 24, protection, the construction and maintenan paid to the stockholders of dividends cash 1929, and 1911 ion of "Between Associat the Railway of that same period of 18 years, of the Advisory Committee railways increased 23%. During I Class That is, railway Executives. The ,report was presented by R. H. Aishton, the taxes paid by the railways of Class I increased 302%. and assuming in regulated public service industry, Chairman of the Executive Committee of that Association. owners, operatingofageneral in their increase a 23% only received business, addition the risks It was stated therein: to an increase of 302% in the amounts their own compensation, compared Capital expenditures made during the first half of 1930 were an increase business paid in taxes. gross earnings has shown a generally of $118,000,000 over those for the same period in 1929, and show the "The ratio of railway taxes to particularly during the past nine years. extent to which the railroads of this country, through the purchase of new upward trend for many years, per dollar from 1920 to 1929. When equipment and improvements to their properties have co-operated this year This ratio increased nearly two cents earnings exceed six billion dollars per with President Hoover in maintaining employment and business progress. It is considered that railway gross additional tax levy equivalent to one cent for The increase over last year in the amount of capital expenditures took year, it is clear that every a tax increase of more than $60.000,000 per means dollars far in so traffic 1930 those has been railway that of fact the of each face place in the of two cents doubles that amount to more than less than in any corresponding period since 1924, and railway earnings year, while an addition have been greatly reduced, the rate of return for Class I railroads for $120.000.000. aggregate a large one, so large "This is a large increase. So is the tax the first six months this year having been only 3.61% on their property it. Perhaps it may better be that it is difficult for the mind to visualize investment compared with 5.52% last year. tax bill of $420.000,000 railway total stated that the is it when realized this year months 00 expended six first the $187,486,0 in Class I railroads day, $47,945 was equivalent to a payment of $1,150.000 every 1929 for 00 were for and roadway expended $280,819,0 while equipment, new for of every hour, day and every hour of every day, or $13.32 every second structures. that year. Sundays and holidays, throughout the whole 365 days of In the first six months this year the railroads installed 49,208 freight night, of the property, activities and traffic of the railways one-fourth "Nearly train cars, an increase of 16,414 ears compared with the number installed to pay the tax In 1929 were devoted to producing net earnings sufficient during the same period in 1929. Passenger train cars placed in service miles of line with 372.000 on railway property as a whole. That is, 54.000 a 1,009, of same decrease the 551 totaled of under 1930 passenger half first 12.000 cars, In the employees. 13,300 locomotives, 521,000 freight train period the year before. Locomotives installed totaled 411 compared with train cars and other railway facilities were engaged in producing enough net taxation requirements. Con819 in the first six months of last year. earnings to enable the carriers to meet their On July 1 the railroads had 24,649 freight cars on order, compared with sidered from another angle, the railroads had to transport 100 billion tons 1 in 1929. day July Passenger train cars on order one mile in order to derive 39,638 on the same of freight one mile and seven billion passengers totaled 587 compared with 740 on July 1 last year. New locomotives on net revenues sufficient to meet their tax requirements. Increased and are inorder on July 1 this year amounted to 364 compared with 386 in 1929. "State and local taxes paid by the railways have -year Capital expenditures actually made in the first six months this year for creasing more rapidly than their Federal taxes. During the six and other local jurisdiclocomotives amounted to $41,251,000. For freight cars, expenditures period from 1923 to 1929, the taxes paid to States amounted to $116,012,000, while capital expenditures in the first six tions have shown steady increase year by year, the total increase during months this year for passenger care amounted to $21,663,000. the period being more than 20%. Federal income tax rates are now lower Capital expenditures for additional main track, yards, and sidings in the than they were in 1923, but the Federal tax bill of the railways in 1929 was first six months of 1930 amounted to $52,634,000. For heavier rail, 16% greater than in 1923. "The tide of railway taxes continues to rise, and the annual aggregate expenditures totaled $28,933,000, and for shops and engine houses, includturn. The earlier months of 1930 ing machinery and tools, expenditures totaled $15,888,000. For station has shown little sign of a downward but not in the ratio to gross or net facilities and office buildings, capital expenditures amounted to $47,641,000. brought a slight recession in amount, in the aggregate in 1930 is probably a temporary Bridges, trestles and culverts absorbed $28,975,000. For additional ballast, earnings. This decline be offset by later increases. $6,151,000 were expended, while for signals and interlockers, including check, which may soon 2004 FINANCIAL CHRONICLE "In respect to the growing tax burden, the railway industry and other industries have much in common; the tax problem Is common to all commercial activities, to the farmer, to the land owner, and to all income producers. "But the railways operate a publicly regulated industry. Economic laws do not apply In all respects so freely to them as to other industries. The price they charge for their product—transportation—is closely reguated by public authority. Generally speaking, they cannot adjust their rate structure quickly to fluctuations in cost of operation,such as wages or tax rates, prices of supplies, and the like. For this reason, the steady rise in their tax bill brings to the railway industry an economic problem all Its own, which demands serious attention and study. "In the final analysis, this problem is an individual one, each railway company being confronted with special and local conditions which it must meet In Its own territory. So far as Federal taxes are concerned, railway corporations are taxed on the same basis as other corporations, although even here special conditions often call for special treatment. In the field of local taxation, however, where the bulk of the railway tax is raised and where the complex question of property appraisals and valuations plays an important role, intelligent study and application of sound economic policies is of prime Importance." J. Herbert Case of New York Federal Reserve Bank Says Community Chest Activities Have Important Place in Keeping Business Recession from Becoming Business Depression. An unusual opportunity for the display of peace-time patriotism is presented this fall to all persons employed and to those of substantial means in meeting the requirements of community welfare, health and relief work, in the opinion of J. Herbert Case, President of the National Association of Community Chests and Councils and Chairman of the Board of the Federal Reserve Bank of New York. Mr. Case expressed this opinion on Sept. 23 in an address at a community chest meeting held at Scranton, Pa. Speaking at the invitation of C.S. Woolworth, honorary President of the Scranton Community Chest, Mr. Case discussed particularly the fund raising possibilities in Scranton this fall, but declared that his remarks applied to all parts of the country. In part he said: [vol.. 131. "At the end of the first six months of this year, Morris Plan institutions had outstanding investment certificates and savings deposits of $95,250,000 which is nearly 5% more than last year. Loan volume, including $90,000,000 of co-maker loans, reached the record figure of $101,450,000 , an increase of 1.3% over the same period last year. These figures do not include $16,000,000 of trade acceptance business handled by several of our banks with one large corporation. While the great majority of Morris Plan Institutions are independent, we find that in combining their figures for publication the combined capital was $18,185,000 as of June 80; the COIII• bined surplus $12,350,000, while combined capital, surplus and resources amounted to $209,135,000." Expansion plans of the local Morris Plan Company, outlined by Wallace D. McLean, Executive Vice-President, include developments in several new fields. Arthur J. Mdrris, President of the local company and founder of the Morris Plan, was unable to attend the convention owing to serious family Illness. First Sales Figures from Distribution Census Announced—Facts on Wholesaling of Ammunition Released as Census Bureau Disseminates New Type of Data. The first announcement on the sales distribution of any commodity ever made public by any Government has just been issued by the Census of Distribution, according to an oral statement Sept. 11 by the Chief of the Industrial Goods Section, Edward R. Dewey of the Bureau of the Census. This information was obtained for the first time this year through the schedules sent to manufacturers, he said. In reporting this, the "United States Daily" of Sept. 12 continued: Data on Ammunition. The first distribution figures made public are those on the ammunition and related products industry which follow In full text: Of the $43,782,000 worth of commodities sold by the 20 establishments in the United States engaged primarily in the production of ammunition and related products during 1929, $35,802,000 worth, or 81.8%, was marketed through wholesale houses not connected In a financial way with the manufacturing plants. Sales direct to industrial and other largo consumers who buy Possessors of wealth throughout the country are, during a time of unat wholeemployment such as now exists, confronted by an extraordinary obligation sale totaled $6,926,000, or 15.8%. while sales direct to uncontrolled retail —an obligation which this fall and winter constitutes a test of their social establishments totaled $1,051,000, or 2.4%. No sales were made through vision and their peacetime patriotism. They must be prepared to give branch or other retail establishments owned or controlled by the manuof their surplus and, if necessary, of their substance. And they must facturing plants, and none was made direct to home or domestic consumers. give not only more generously but more thoughtfully and constructively Sales by Other Agencies. than at any time since the troublous days of the war. Sales made through manufacturers' agents, selling agents, brokers and This obligation devolves primarily upon those who are gainfully employed commission houses amounted to only $1,203,000, or 2.7% of the total. and those who are well-to-do. It does not appear that a large number of The total production of ammunition and related products during last the great fortunes have been seriously disturbed during the recent de- year totaled $45,600,546, an increase of 4.9% as compared with $43,pression, nor have the larger operators in various lines of business,industry 463,673 reported for 1927, the last preceding census year. Of the total and finance suffered to the point of personal discomfort. The desperate amount, $2,041,910 worth was produced as secondary products by espinch has been felt by those in the intermediate realm and by the salaried tablishments engaged primarily in other lines of manufacture. The total and the wage-earning groups. I do not mean in any sense that these latter for 1929 is made up as follows: Ammunition, $31,693,944; blasting and , groups should be entirely relieved of the responsibility for others. They detonating caps and railroad torpedoes, $8,875,582; safety fuses, miners' would be the first to protest, because, after all, they have felt the pinch squibs, &c., $5,031,020. As defined for census purposes, this industry themselves. does not cover dynamite, gunpowder, or other explosives for sale as such, No. the financing of our necessary welfare services is now, as always, a nor fireworks, which are classified under the designations "explosives' community obligation, to be shared proportionately. But those who pos- and "fireworks," respectively. sess large means must recognize that a considerable portion of the burden Sales of ammunition for small farms to uncontrolled wholesale estabthis year is theirs. Under no circumstances should they consider reducing lishments totaled $30,591,000, or 96.7%, and sales to uncontrolled retail their usual contributions. They should not give merely in good-fellowship, establishments totaled $1,042,000, or 3.3%. No sales were made to or for purposes of public policy, or to maintain a precedent. They should controlled retail stores, or direct to home consumers. give for the preservation of public health, of public welfare and of public Of the total sales of blasting caps, railroad torpedoes, arc., $5.451.000. morale, and with the same thoughtfulness and acumen that an individual or 49.9%,was made through uncontrolled wholesale houses,and $5,475,000. or company must exercise in making appropriations to meet a business or 50.1%. direct to industrial and other large consumers. No sales were emergency. This the Chest helps them to do. made to controlled wholesale or retail establishments, or through manuCorporations have already established the practice of sharing In the facturers' agents, selling agents, brokers, and commission houses. maintenance of activities benefitting the people they employ and the Allied products such as miners' squibs, flares, torches, fuses, &c., were communities in which they are located—communities whose civic morale practically all sold to industrial and other large consumers who buy at they Influence. Corporations quite generally recognize this kind of par- wholesale, the total sales made this way being $1,209,000. or 99.1%. ticipation in community effort. This Is not classified as "giving away These distribution of sales figures cover merely the production of estabstockholders' money," but Is recognized as a necessary and a legitimate lishments engaged primarily in the production of ammunition and related cost of doing business. Community Chest-supported activities, by re- products. It does not include the distribution of about $2,041.000 worth lleving misery and by maintaining public morale, have an important part of such commodities which were made by other industries as secondary in keeping a business recession from becoming a business depression. products. .1. Rodney Ball Heads Morris Plan Bankers' Association—Report Shows Increased Business During First Half of 1930. J. Rodney Ball of Lawrence, Mass., was elected President of the Morris Plan Bankers' Association at the close of the 11th annual convention held at Poland Springs, Maine, succeeding Robert 0. Bonne11 of Baltimore. Glenn F. Turnbull, Detroit, was elected First Vice-President; George C. Toel, St. Joseph, Mo., Second Vice-President, and George Clark, St. Louis, Executive Secretary. Mr. Clark succeeds Ralph Pitman, who has been elected Vice-President of the Industrial Savings Trust Company of St. Louis. Twentyfour men representing fifteen states were elected to the Board of Governors of the Association, among whom were Wallace D. McLean, Executive Vice President of the New York Company, and Ralph H. Riddleberger, Vice-President and Solicitor of the New York company. The report of activities of the Morris Plan institutions for the first six months of this year was given to the convention by the President, Mr. Bonne11, who said:. Annual Convention of American Bankers Association in Cleveland Next Week—President Hoover to Address the Convention Oct. 2. The annual convention of the American Bankers Association will open on Monday next, Sept. 29 at Cleveland, and the sessions will continue up to and including Thursday, Oct. 2. President Hoover is to address the Conventio n at the evening session on Oct. 2nd. This will be the first time in the history of the American Bankers Association that a President of the United States has addressed the Bankers Convention while in office. President Wilson addressed an A. B. A. Convention previous to his becoming President, and President Taft after he had left office. The address will be delivered in Cleveland's Public Auditorium, which has a seating capacity of 12,000. At this session the United States Navy Band of 80 pieces will render a musical program. For the most part the program which is to be presented at the General Convention, and the meetings of the various Divisions and Sections, was indicated in our issue of Sept. 13, page 1657. In addition to the speakers at the General Convention, noted in our Sept. 13 item, the names of several others appear on the program in its final shape. One of these SEPT. 27 1930.] FINANCIAL CHRONICLE 2005 this amount being the approximate Bros.' assets up to $250,000, Editor of the Tomaino es, which were shown by book value thereof, to meet the deposit liabiliti speakers is Alexander D. Noyes, Financial to liquidate on ntion Conve records to be slightly in excess of *200,000 and the s Bros.' addres Tomaino will who s," "Time New York bankers. Prosremaining assets for the benefit of said private the of Cycle "The being t tendent Superin subjec offer to the Wednesday, Oct. 1, his The Citizens' Trust Co. of Utica has made an Chairman of the private banking firm for of Banks to take over all the ledger assets of perity." On the same day Thornton Cooke, the legal will deliver an the sum of $250,000 in cash, with an agreement to turn over to the Association's Committee on Taxation, may result from of the private bankers any excess which r tatives Banke the represen and n essma Busin This offer of the address under the title "The of the assets of said private bankers. Sargent and the liquidation Co. W. F. , of great assistance in be Hecht would S. , f accepted Rudol if on." Utica, of Taxati s Discus Citizens' Trust would secure most speedy address the the liquidation of Tomaino Bros.' affairs, and F. I. Kent are the other speakers who are to the depositors of the private bankers. to ce tion, assistan conven effective the of and ns sessio l in existence since 1900 and General Convention. The genera The firm of Tomaino Bros. has been 30, Oct. firm consists of Joseph four in number, will be held the mornings of Sept. le will received a private banking charter in 1917. TheTornain o, of 10 Proctor Antonio Lonsda ent and Presid Street, 2. Mohawk Oct. 214 of of Tomaino, 1 and 2 and the evening to the Superintendent of Banks report last the on of date divisi the and On n rd. sectio the Bouleva preside at each session. Details of the firm claimed a $ 20,009 meetings are as given in our earlier item. Capital of aAssoci rs Banke can Ameri former Continuing a feature of Surplus of 184,287 exhibit Total Deposits of tion conventions, a model bank library will be on books rd standa the to on additi 2 In 2288,04 tion. during the conven have Total Resources of 23, Sept. ay, Tuesd on banking, books published during the past year which on s advice Utica Associated Press shelves. day, after proved of interest to bankers will be found on the d in the New York "Times" of the next printe and ngs, clippi ets, pamphl of files model blamed Banking services, were Hand" k "Blac g that operations of the information on corporations will be incorporated in the statin his bank now estiin ge shorta the for no Tomai by Joseph display. officials at from $400,000 to mated by state Banking S, &c. $600,000, 'went on to say: ITEMS ABOUT BANKS, TRUST COMPANIE from me by the Black Hand.* for the "All the money I am short was stolen week this made ed report were Court on a charge of forgery, second Arrangements City the faced he as shouted Tomaino bail. The transfer of two New York Stock Exchange memberships degree, and was held for the Grand Jury without mention of . Last l one. tively technica respec a 00 was $275,0 dly and admitte 00 charge $300,0 00, for $301,0 said Tomaino. "Only that way Will "I want to be in jail all my life," money kept on the side to have a preceding sale $325,000. my customers be satisfied I haven't any " myself. penny a haven't I time. g the arraignment, Tomaino told Arrangements were reported made this week for the sale good In his cell in the police station, followin 00 a about alleged experiences with of a New York Curb Exchange membership for $105,0 a reporter of the Utica "Observer-Dispatch Hand. sale. ing Black preced the of last gangs the the from $5,000 of decrease the organization, ranging over "the He told of his continual "gifts" to business, or thirty years." banking the in been sale the for week have entire period I Arrangements were reported made this door of the bank and took "thousands," side a at him met men Masked 00 him with a drawing of a black hand of two Chicago Stock Exchange memberships for $22,0 he said, as he complied with notes sent 0. and $21,000 respectively. Last preceding sale $25,50 at the bottom. tendent of Banks, to-day (Sept. 23) took George Egbert, Deputy Superin ts ic Produc al Electr Nation the of ent charge of the bank. Wylie Brown, Presid will the department officials be able Not until all passbooks are returnedshortage. Corp. has been elected a member of the Advisory Board of of the amount exact the ne determi before July 1 the 320 Broadway office of the Chemical Bank & Trust Co. to An inspection of the bank's records by an examiner shortly irregularities, Egbert said. A set of books of New York. this year showed no shortages or he added. rs, inspecto one shown to the properly balanced was the only , was concealed. in shortage e its nces chang the annou Inc., Co., showing al Nation set, cal The other The Chemi $184,287, but in reality the deposits balanced set showed deposits as name to Chemical Securities Corp. On Sept. 12 the corpora, Themuch that amount. than more were $7,000. said Egbert, was between $6,000 and tion acquired over $10,000,000 of assets which it received Cash discovered in the bank, al cal Nation Chemi former the from under the terms of merger Mass., formerly Cashier Herbert E. Stone of Winchester, Associates, Inc. Chemical Securities Corp. are distributors , was promoted to a Boston of of investment securities and originators and underwriters of of the Second National Bank ors on Sept. 24, direct the of g is all ation meetin this corpor of investment issues. The stock Vice-President at a years has been n fiftee for trusteed for the benefit of stockholders of the Chemical while Clarence B. Higgins, who advanced to was ties, capaci s variou York. New in of Bank & Trust CO. with the institution "TranBoston the to ing ant Trust Officer, accord Howard Marshall, Vice-President of the Irving Trust Co. an Assist Second National the d entere Stone Mr. date. of that of New York, died on Sept. 19 at his home in South Orange, script" Assistant Cashier, then in 1898. In 1916 be became the Bank ated with years associ many for was ll Marsha Mr. J. N. 1929, Cashier, the posiJune in and r, Cashie ant firm of Joseph Wild & Co. He was Past President of the First Assist ed. advanc been he has now New York Credit Mens' Association and a•member of the tion from which have been added to the perChamber of Commerce of the State of New York. In 1920 The following new officers he entered the American Exchange National Bank as Asst. sonnel of the Shawmut National Bank of Boston, according Cashier, in 1922 was Asst. Vice-President and in 1923 Viceof Sept. 22, which said: to the Boston "Transcript" Assistant Trust Officer and Assistant President, which position he continued to hold following the E. Spence has been elected Arthur of operations and personnel in the merger of the American Exchange-Pacific National Bank Cashier. Mr. Spence is in charge departm ent. He has been with the the trust and the Irving Trust. Throughout his business life he was transfer division and in that time he spent five years in since August 1929. Previous to t of Shawmu ation al Associ Men Credit Nation in the sted actively intere he was with the trust department of another general business. Before that and was a frequent speaker at their conventions. Mr. New England bank. Mr. Spenoe Ia a graduate of the Dalhousie Universiti Marshall was born in New York City Feb. 24 1870. of Canada. has been with the On Monday of this week, Sept. 22, the private banking firm of Tomaino Bros., at 214 Mohawk Street, Utica, N. Y., was taken over by the State Banking Department, following the arrest of Joseph Tomaino, President of the concern, on a charge of forgery, according to the Utica "Press" of Sept. 23. Assumption of control of the bank by Joseph A. Broderick, State Superintendent of Banks, was announced in a statement issued Sept. 22, from Which we quote, in part, as follows: Th investigation now in progress discloses an unsafe and unsound condition; unquestioned insolvency; wholesale falsification of records; duplicate books; important vouchers missing or destroyed; Innumerable forgeries, and the failure to record fully the deposits of the private banker's clients. It will be impossible to determine the extent of the liabilities until all pass hooka have been surrendered for comparison with Tomaino Bros.' records. Such comparisons made during the past few days appear to show an understatement of deposit liabilities for $150,000 and indicate that the discrepancies may reach $400,000 or more. Joseph Tomaino admits general irregularities, but is either unable or unwilling to give full information either as to the extent of the peculations or the disposition of funds. d on Sept. 12 The Superintendent of Banks stated that he was informe made by Tomaino Bros. with 1980 that tentative arrangements had been to have the Trust Clo. advance against the Citizens' Trust Co. of Utica, t Trust Officer, William Wadsworth, elected Assistan graduate of Harvard College 1904 is a Shawmut since October 1929. He Mr. Wadsworth practised law in New York and Harvard Law School 1907. field is the administration of trusts special His Boston. to coming before and estates. Officer, has been with the Shawmut Arthur B. Tyler Assistant Trust of the He is in charge of the legal and tax division since May 1928. ' graduate of Princeton College 1918 and trust department. Mr. Tyler Is a joining before d law in Boston Harvard Law School 1922. He practise the Shawmut's staff. Vice-President of the Essex Title Benjamin G. Sims, a air, N. J., died at MountainMontcl Co., Guaranty & Trust brief illness. Mr. Sims, view Hospital, that place, after a in England but came born was age, of who was 68 years For many years he was a to this country at the age of 27. death he was also building contractor. At the time of his ng & Loan Associaa Vice-President of the Montclair Buildi air Savings Bank. tion and a trustee of the Montcl That seven indictments co- ntaining an agregate of 188 counts were returned by the Hillsborough County, N. H., Grand Jury on Sept. 17 against Arthur H. Hale, former Treasurer of the closed Merrimack River Savings Bank of • 2006 FINANCIAL CHRONICLE [VOL. 131. Manchester, H. N., was reported in a Nashua, N. H., The People's Bank Co. of Alliance, dispatch Sept. 17 to the Boston "Herald": Ohio, which closed its The sum involved doors on April 22 last, following the discovery of a $131,000 In'the charges against the former official exceed $1,000,000, shortage in the accounts of its former Vice-President, A. leis said. We quote furthermore in part D. from the advices, Thompson , and former Cashier, W. A. Thompson as follows: , was to reope The indictments charge Hale with makin n for business on Sept. 22, according to advic g false entries, for misapplying es from funds of the bank on illegal loans, for embezz lement, for accepting fees or Youngstown, Ohio, on Sept. 18 to the "Wall Street Journal." presents from persons negotiating securit ies to the bank, for paying money G. E. Graf is of the bank to persons not entitled to receiv now Vice-President and Executive Cashi e it, er behalf, and for accepting fees from borrowers for making loans in his own of the institution, as an inducement for making the dispatch said. The former offici certain loans. . . . als who cause d the closing of the institution are serving Following the usual proceedings in crimin al terms not present during the session of the Grand actions of this kind. Hale was in the Ohio Penitentiary. Jury, nor was he represented by Our last reference to the affairs counsel. The next move in this case will be his arrangment in Hillsborough of the People's Bank Co. appea Superior Court later in the month. red in our Aug. 9 issue, page 888. The Adelphia Bank & Trust Co. of Philadelphia annou nces that William P. Cosgrove and William H. Hoed t have been made directors of the institution, according to the Philadelphia "Ledger' of Sept. 19, which furthermor e stated that M.F. Middleton Jr., had resigned both as Chai rman of the Board and a director of the bank. A special meeting of the stockholders of the Plaza Trust Co. of Philadelphia will be held on Nov.20 to vote on a propo sed reduction of the company's capital from $640,620 to $320,310, by lowering the par value of the outstanding share s from t$10 to $5 a share, according to the Philadelphia "Led ger" of Sept. 20. That Hazel K. Groves, President of the American State Bank of East Chicago, Ind., and Treasurer of Lake County, that State, had disappeared the morning of Sept. 19 and that the directors of the bank, alarm ed by his absence, had not permitted the institution to open for business on Sept. 20, was reported in the Chicago "Tribune" of Sept. 21. The institution is capitalized at $50,000 and has deposits totaling $662,000 and assets aggregating nearl y $1,000,000, the paper mentioned said. Subsequently (Sept . 22) Gary, Ind., advices to the Indianapolis "News" contained the information that a shortage had been discovered in the bank's accounts and that, according to a state ment made that day by Thomas D. Barr, Deputy State Bank Commissioner for Indiana, charges would be preferred against the missing President and he could be placed under arrest when found. We quote in part from the dispa tch, as follows: This announ The Drovers' & Mechanics' National Bank of Baltimore, Md., with capital of $1,000,000, was place d in voluntary liquidation on Sept. 15. The Maryland Trust Co. of Baltimore has absorbed the institution, as noted in our issue of cement was made following a confere Aug. 2, page 734. nce with Oliver Starr, Lake County Prosecuting Attorney in East Chicago. Starr Effective Sept. 3, the Farmers' & Merchants' National Bank of Baltimore, Md., capitalized at $650, 000, went into voluntary liquidation. The institution was absor bed by the Union Trust Co., of Maryland, Baltimore. Our last reference to the merger of these banks, appea red in the Aug. 9 Issue of the "Chronicle," page 887. Formal dedication of the new banking quart ers of the Ohio State Bank (formerly known as the Spira State Bank), at 2207 Ontario Street, Cleveland, took place Sept. 20. In reporting the opening the Cleveland "Plain Dealer" of Sept. 22 said, in part: The Ohio State Bank is located close to the heart of the terminal development and is the outgrowth of the Spira State Bank, organized 40 years ago. The bank started at Woodland Avenue S. E. and E. 81st Street. That organization was sold to the Guardian Trust Co. (Cleveland) a few years ago, and after a lapse of nine months a new Spira bank was started on Ontario Street. The name has been changed to the Ohio State Bank and the formal opening took place yesterday followi ng completion of the terminal work In the immediate vicinity of the bank. The Ohio has resources of $1,300,000 and Henry Spira, President, has been head of the bank since its inception. could not be found for a statement. Barr also asserted a shortage had been found in the bank's accounts, but he declined to amplif y his statement. . . . Meanwhile, Lake County authorities, headed by Joseph B. Kyle, Sheriff, continued their search to-day (Sept. 22) for Groves, who has been missing from his home and office since Friday morning (Sept. 19), when he started for his office, telling his wife he was to attend a conference pertaining to a merger of his bank with the East Chicag o State Bank. It is understood plans for the merger had been comple ted with the exception of the signing of the necessary papers by officials of both institutions. Groves did not appear at the confere nce, and it was learned here last night that he had a conference with Abe Ottemheimer, East Chicag o attorney and one of the directors of Groves' s bank, about 9:30 a. m. Friday and that he cautioned Ottenheimer not to fail to attend the conference. . . . Barr, previously to announcing the findin the missing bank President "had plenty g of a shortage, had said that of reasons for leaving," but declined to explain just what that implica tion meant. Daniel Kreitman, Chief Deputy Lake County Treasurer, said that he did not believe there were any discrep ancies in the records of the office. However, Kreitzman said he was asking Lawrence Orr, of the State Board of Accounts, for a complete audit of the office records to reassure the taxpayers of the county. The Treasurer of Lake County handle s money estimated at $8,000,000 and $10,000,000 a year. Kreitzman said that Groves did not handle great deal of the affairs of the Treasur er's office and for this reason he believed the money of the office was intact. Grove's bank in East Chicago was appoin ted to handle $109,000 of the Lake County money, but Kreitz man mum amount had ever been placed said that he did not believe the maxiin the bank. . . . The American Bank was organiz ed by Groves in 1917 and he has serVed as its President since the organization. He is said to own a majority of the stock. . . . Auditors, under direction of John E. Myers, a State bank examiner, worked all day Sunday (Sept. 21) on an audit of the bank. The proposed consolidation of the four Zanesville, Ohio, banks (the Old Citizens' National Bank, capital $200,000; Zanesville Bank & Trust Co., capital $150, 000; Peoples' Savings Bank Co., capital $100,000, and the Guardian Trust & Safe Deposit Co., capital $100,000), noted in our issue of At a meeting of the directors of the Hyde Aug. 16, page 1052, was consummated Park-Kenwood on Sept. 20 under the National Bank of Chicago on Sept. 18, A. Paul Peterson was title of the Citizens' National Bank in Zanesville, capitalized appointed Trust Officer of the instit ution, while Clement A. at $400,000. Nance, formerly a Vice-President of the bank, was made President of the Hyde Park Inves tment Co., a subsidiary The First-City Trust & Savings Bank of Akron, Ohio, will institution, according to the Chicago "Journal of Commerce" celebrate the 75th anniversary of its founding during the of Sept. 19. Mr. Nance succe eds Charles E. Fox, resigned. week commencing Oct. 6. An annou ncement in the matter The directors also declared the regul ar quarterly dividend of says In part: 3%,payable Oct. 1 to stock of record In this period the institution has grown Sept. 22, it was stated. from a small private bank in 1855 to the largest bank in Summi t County, with seven offices and The Lake View State Bank resources of $50,000,000. Its expansion -of Chicago, an institution has paralleled the remarkable with growth of Akron from 3,400 population in deposits aggregating $6,300,000, was 1855 to 256,000 at present. closed for examination The managing heads of the bank are George on Sept. D. Bates, Chairman, and 22 by order of its directors, accor Harry Williams, President. Both have ding to an Associprogressed through the entire ated Press dispatch from Chicago on that range of banking duties, beginning as messen gers many years ago and date, appearing winning consistent promotions to the top. in the New York "Evening Post." Mr. Bates's father was the State Auditor Oscar founder of the original bank in 1855, while Mr. Nelson was reported as sayin William career has been spent with the National City Bank, s's entire banking g that steady withdrawals of which was merged deposits In 1929 with the First Trust dc Savings Bank had caused depletion of the to form the First-City bank's reserves and Trust & Savings Bank. that reorganization plans are under way. The bank played a prominent part during the Civil War, not only lending financial assistance to the business interests of the district, but The Security NationalBank of Downers Grove, Ill., capialso permitting its banking rooms to be used in the preparation of hospital talized at $100,000, went into voluntary supplies for soldiers. Throug hout its lifetime it has encouraged small liquidation on Aug. businesses, and many of the firms aided by it have subsequently grown 28. The institution was taken over by into leading Akron industr the First National ies and commercial enterprises. Bank of Downers Grove. Other executive officers are W. A. H. Vaughan, First Vice-President; T. S. Eichelberger, Vice-Presid ent and Secretary; Howard Merryweather, Vice-President and Treasurer; Ira E. Myers, G. R. Edgar, H. B. Manton, F. H. Mason, and S. F. Ziliox, Vice-Presidents. Joseph Stickelmaier, forme-r Presi dent of the closed Bartonville State Bank of Bartonvill e (a suburb of Peoria), Ill., was sentenced to serve from one to 10 years in Joliet 1 SEPT. 27 1930.] FINANCIAL CHRONICLE 2007 Prison on Sept. 17, following his plea of "guilty" to larceny deposits of $537,961. No reason was given for the closing, as bailee, according to Associated Press advices from Peoria the dispatch said. on that date, printed in the St. Louis "Globe-Democrat" of Bank,Fairview, Newton Co., Mo., The Fairview National Sept. 18. His shortage at the bank was placed at $19,000. by its directors Sept. 17 and E. L. Williams, a closed was The dispatch, continuing, said: charge, Federal bank examiner from Kansas City, assumed according to Associated Press advices from Joplin, Mo., on that date, printed in the St. Louis "Globe Democrat" of the next day. The closed institution, which was the only bank in the place, was capitalized at $25,000. W.P. Carpenter was President and George Swindle, Cashier. The dispatch The closing of the bank on Aug. 14 and the subsequent furthermore stated that while no reason for the bank's arrest of the former President was reported in our issue closing was given officially, it was generally understood to of Aug. 23, page 1212. be due to "frozen assets." Stickelmaler wept as he was led from the Court to the County Jail. He said, if permitted, he would make restitution of the full amount. It was charged he shielded abstractions of money by manipulating two sets of books. The bank remains closed with a total deficit of $101,602, the balance being due to shrinkage of securities. A new corporation is planned to take over the assets of the bank and reopen the institution. Depositors will be asked to waive 10% of the deposits. An application to organize the First National Bank of Manistique, Mich., with capital of $50,000, was approved by the Comptroller of the Currency on Sept. 16. The Peoples National Bank of Winston-Salem, N. C., control of which was recently acquired by the International Bankstocks Corporation, has added two new directors to its Board. David H. Blair, well known Winston-Salem and Stockholders of the Wisconsin Bankshares Corp., MilWashington, D. C., attorney, and Frederick F. Bahnson, waukee (holding company of the First Wisconsin National president and a director of the Southern Steel Stamping Co. group of banks), at a special meeting held Sept. 18 approved The Bank of Dayton, Dayton, - Va., a small Virginia instituthe acquisition of 13 additional Wisconsin banks, which had previously announced their intention of joining the holding tion with deposits of $150,000, located in Rockingham company, according to the Milwaukee "Sentinel" of Sept. 10, County, was closed on Sept. 20 by the State Department of which stated that these latest additions bring the total Insurance and Banking, when examiners discovered a disresources of the group up to $321,302,752 and aggregate crepancy of $36,900 in the bank's accounts, according to a deposits to $252,844,548. The new acquisitions are as dispatch by the Associated Press from Harrisonburg on that date, printed in the Baltimore "Sun" of Sept. 21, which follows: Bank of Ellsworth; Farmers' & Merchants' Bank of Jefferson; Union furthermore stated that Miss Elizabeth Coffman, Assistant State Bank, Lancaster; Citizens' State Bank of Reedsburg ; State Bank Cashier and bookkeeper at the bank, had admitted the of Plymouth; Black Earth State Bank; Farmers' tz Citizens' Bank, Sauk City; Woodhouse tz Bartley Bank, Bloomington; Bank of Albany; Bank defalcation to Commonwealth Attorney D. Wampler Earof Baraboo; Citizens' State Bank, Belleville; Bank of Oregon, and the man. Mr. Earman quoted Miss Coffman as saying she had Reedsburg Bank. been taking the money over a period of 10 years to meet Continuing, the paper mentioned said: In an informal statement, Walter Kasten, President, expressed his satisfaction with the earnings of the 51 affiliated banks and companies, and said that all banks are in a highly liquid condition and are setting aside a very adequate amount for reserve purposes. In answer to a question by one of the stockholders, he said that there has been no departure whatsoever from the underlying policy of the corporation in relying upon the local officers and the local directors of the various banks for providing local credits and in operating their institutions with due regard for the depositors. "The constantly increasing deposits of each member bank," he continued, "is sufficient evidence to us all that the people of Wisconsin believe each member bank to be capably managed by local men under sound, conservative policies." Acquisition of the Lincoln National Bank & Trust Co., Lincoln, Neb., by the Northwest Bancorporation (head office Minneapolis) was reported in Lincoln advices, Sept. 24, to the Chicago "Journal of Commerce," which stated that as a direct result of a robbery by armed bandits on Sept. 17, the bank mentioned had been forced to sell and had been taken over by the Continental National Bank of Lincoln, one of the Nebraska units of the Northwest Bancorporation. The Bancorporation assumes responsibility for the payment of all deposits, aggregating $2,250,000, the dispatch said. E. H. Luikart, heretofore a Vice-President of the Lincoln National Bank & Trust Co., has been appointed liquidating agent. A statement issued by W.A. Selleek,former President of the acquired institution, said in part: "Since the robbery on Sept. 17 the officers and directors of the Lincoln National Bank have realized the shock to the public and to the bank. "The result of this robbery has been such that it raised questions as to the safety of the depositors' money deposited in the Lincoln National Bank. The officers and directors of the Lincoln National Bank have keenly felt that at this time no depositor should have any occasion to feel anxiety for the safety of his money or the anxiety to have it available for his necessity, when needed." The closing on Sept. 16 on the Farmers' Savings Bank of Grant, Iowa, was reported in the following dispatch from Elliott, Iowa, On Sept. 17 to the Des Moines "Register:" The Farmers' Savings Bank at Grant near here, closed Its doors Tuesday by order of the board of directors. Judge William Gardner is President of the bank and V. A. Spicer is Cashier. Its capital stock is listed at $25,000, surplus and undivided profits at $7.000 and deposits at $100.000. Grant is In Montgomery County. Effective Sept. 13 the Fir- st National Bank of Ashley, N. D., (capital $25,000) was placed in voluntary liquidation. It was absorbed by the First National Bank of the same place. -Bank, Lake Norden, S. D., on The Lake Norden National Sept. 20 changed its title to the First National Bank & Trust Co. of Lake Norden. the First National Bank of Altus, Closing on Sept. 22 of Okla., by its directors, was reported in an Associated Preqs dispatch from Altus on that date, appearing in the New York "Herald-Tribune" of the next day. The institution was capitalized at $60,000 and its June 30 statement showed her personal needs. In conclusion, the dispatch said: Commonwealth's Attorney Earman said a warrant would be sworn out over the week-end for Miss Coffman. She expressed regret for the act, but gave no other explanation other than that she needed the money. She had the utmost confidence of officers, directors and patrons of the bank. Jacksonville, Fla., advices, Sept. 20, to the "Wall Street Journal" stated that application had been filed with the Comptroller of the Currency for permission to organize ths Florida National Bank of St. Petersburg with a capital of $150,000. The dispatch, continuing, said: Jacksonville men who will be on the Board of the proposed bank are George J. Avent, Vice-President of the Florida National Bank of this city, who will be President of the new affiliated du Pont institution in St. Petersburg; J. 0, Bright, and Henry W. Dew, of the Almours Securities, and F. C. Schwalbe, a Vice-President of the local Florida bank. THE WEEK ON THE NEW YORK STOCK EXCHANGE. The stock market has had another bad week and with the exception of the moderate recovery on Tuesday, has moved sharply downward carrying numerous speculative favorites to new lows for the current movement,and in many instances for the year. Frequent periods of heavy liquidation have occurred, especially on Wednesday when the market went down with a crash. United States Steel dropped to its lowest for the current movement, copper stocks have been in the doldrums and railroad issues, oil stocks and motors have generally moved lower. The weekly statement of the Federal Reserve Bank issued after the close of business on Thurs. day showed no change in the total of brokers' loans for the present week. Call money renewed at 2% on Monday and continued unchanged at that rate throughout the week. The stock market changed its direction three times during the short session on Saturday. In the early trading prices were somewhat higher, but the market turned reactionary at the end of the first hour and rallied again at the close, ending the day with moderate gains in some of the more active speculative favorites. The turnover was rather small and the tone of the market was nervous throughout the session. Just before the close, United States Steel moved to the front, followed by Amer. Tel. & Tel., and American Can, and reached their finals with a gain of a point or more. Public utilities were generally weak, Western Union for instance sliding down about 5 points. Diamond Match Co. added three additional points to its recessions of the previous day and Westinghouse made a new low for the movement when it sold at 41. Local tractions displayed the best resistance of the day, particularly Brooklyn - Manhattan Transit which climbed up about 23A points to 703A. Persistent selling and absence of support brought new declines on Monday. Occasional rallies due for the most part to covering operations were in evtdence, but had little effect on the final quotations. Public utilities were heavily 2008 FINANCIAL CHRONICLE [Vol.. 131. sold, particularly American & Foreign Power, and Internat. American Smelting, Republic Steel, Anaconda, Calumet & Tel. & Tel., the latter dipping to a new low for the year. Arizona, Nash Auto, Hudson, and United States Rubber. The decline was given added impetus by the unsettlement Heavy pressure on the motor stocks carried most of these in the wheat market, and the softness in the prices in the issues below the previous 1930 levels. Radio Corp. was foreign markets. One of the outstanding events of the day also subjected to an avalanche of selling and slumped to a was the decline of United States Steel to a new low on the new low level for the year. As the day advanced, occasional current movement, the closing quotation dropping to 1604 rallies were attempted, but these resulted only in a fresh where it was off 33 points on the day. Railroad stocks outburst of selling. In the last few minutes of trading, a were down all along the line and a number of important number of smart recoveries were scored by some of the members of this group, including Canadian Pacific, New market leaders, but the gains hardly compensated for the York Central, Bait. & Ohio, New Haven, Union Pacific and early losses. Southern Railway were down from 1 to 2 or more points. TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. Public utilities also were off, and Brooklyn Union Gas was a heavy sufferer, the declines reaching as high as five points, Stocks, Railroad, State, United Total Week Ended Peoples Gas, broke about 12 points to 250. Renewed selling Number of &c., Municipal de States Bond Sept. 26 1930. Shares. Bonds. Porn Bonds. Bonds. Sales. particularly in the copper and oil stocks gave the market 832,420 $3,462,000 51,577.500 31,878,000 $6,917,500 an irregular appearance during the early trading on Tuesday. Saturday Monday 2,332,655 5,886,000 4,641,500 317,000 10,844,500 1,922,840 Around noon, the prices showed signs of improvement and Tuesday 6,730,000 3,788.000 209.200 10,727,200 Wednesday 3,442,230 8,122,000 2,869,000 420,000 11,411,000 United States Steel, which had dropped below 160 moved Thursday 3,067,710 8.881,000 3,273,000 362,000 12,516,000 3,704,590 9,285.000 2,294.000 1,034.000 12,613,000 up to 161%. Westinghouse Electric and American Can Friday Total 11 ans 445 R42 MR non AIR 445 non Rd son son RAk nso snn gained about 2 points each and advances of a point or more were recorded by Columbian Carbon, Worthington Pump, Sales at Week Ended Sept. 26. Jan. 110 Sept. 26. New York Stock Johns-Manville, and Vanadium Steel. American Water Ezchange. 1930. 1929. 1930. 1929. Works led the upswing in the public utilities with a gain of Stocks-No, of shares_ 15,302,445 24,415,050 816,421,115 821,590,690 4 or more points, and substantial advances were recorded Bonds. Government bonds- - - $4,220,200 51,822,000 $83,402,100 594,161,100 by such stocks as Amer. Tel. & Tel., American & Foreign State & foreign bonds_ 18,443.000 10,880,000 496.395,900 457,501,650 Power, Consolidated Gas, and Electric Power & Light. Railroad St misc. bonds 42,366,000 37,240,000 1,434,427,400 1,509,144,300 Total bonds Pierce Arrow was the star of the motor group as it bounded $65,029,200 349,942,000 32,014.225,400 52,060,807,050 forward 7 points to 75 as its top for the day, and finally DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND BALTIMORE EXCHANGES. closed at 733 with a net gain of 53 points. The course of railroad shares was somewhat mixed, though there were Boston. Philadelphia. Baltimore. Week Ended occasional good gains in some of the more active stocks Sept. 26 1930. Shares. Bond Sales. Shares. Bond Sales. Shares. Bond SateI. like Canadian Pacific and Norfolk & Western. 12,107 $26,000 26,306 $2,000 198 $1,000 On Wednesday the market was a long series of ups and Saturday Monday 32,233 21,700 a64,857 11,100 1,246 18,000 30,197 6,000 a46,037 13,000 downs, and while the trend was upward at the close, the final Tuesday 1,068 1,000 Wednesday 37,938 6,000 069.133 7,000 2,033 7,500 rally was unable to overcome the sharp declines of the early Thursday 33,935 5,000 a47,544 4,000 2,046 24,900 Friday 14,034 8,000 058,562 1,341 28,000 part of the session and the market,on the whole, closed lower. Total 126.509 $72,700 312,439 337,100 7,932 5180,400 Vanadium Steel was particularly weak and at one time was down about 15 points, though it recovered somewhat in the Prey. week revised 111.950 $57.100 229.354 521.300 0023 588.200 a In addition, sales of rights were: Saturday, 1.800; Monday, final hour and closed with a loss of 103/i points on the day. 2,900; 2,900; Tuesday. Wednesday, 1,800; Thursday, 5, 00. Sales of warrants were: Saturday, 600 Monday, 300; Tuesday, 100; The weakness in Vanadium Steel quickly extended to other Wednesday. 300; Thursday, 400. parts of the list and spectacular declines occurred in a number of popular speculative favorites, including among others, Air COURSE OF BANK CLEARINGS. Reduction, Worthington Pump, Auburn Auto, Houston Oil, Bank clearings this week will again show a decrease as comJ. I. Case Threshing Machine Co., Allied Chemical & Dye and Westinghouse, all of which broke from 5 to 10 or more pared with a year ago. Preliminary figures compiled by us points. Numerous other active stocks like General Electric, based upon telegraphic advices from the chief cities of the Radio Corp., Bethlehem Steel, United Aircraft, Du Pont, country indicate that for the week ended to-day (Saturday, Diamond Match, American Can, Consolidated Gas, Amer- Sept.27) bank exchanges for all the cities of the United States ican Tel. & Tel., Standard Gas & Electric and American from which it is possible to obtain weekly returns will be Water Works. Copper stocks were again weak and Ana- 36.4% below those for the corresponding week last year. conda and Kennecott registered new lows for the year, while Our preliminary total stands at $9,392,149,828, against Calumet & Arizona, and Cerro de Pasco also broke into new $14,759,527,376 for the same week in 1929. At this centre low ground for 1930. Many active issues in the railroad there is a loss for the five days ended Friday of 40.5%. Our group were soft, the list including such representative stocks comparative summary for the week follows: as Atchison, Southern Ry., Now Haven, Missouri Pacific, Clearings-Returns by Telegraph. Per and Delaware & Hudson. Week Ended Sept. 27. 1930. 1929. Cent. Persistent selling again drove many stocks to new low New York $4,977,000.000 58.372,000.000 -40,6 Chicago levels on Thursday, and while there were occasional rallies Philadelphia 431,775,651 608,728,307 -29.1 343,000.000 498,000,000 -31.1 they were not strong enough to stem the tide of liquidation Boston 346.000.000 421,000,000 -17.8 Kansas City 89,758,250 122,622,608 -26.8 that flowed into the market throughout the session. Prices St. Louis 86,300.000 113,009.800 -23.8 San Francisco opened slightly higher and gains of a point or more were Los Angeles 142,493,000 187,980,000 -24.2 -No longer will report clear logS. recorded during the first hour in some of the more important Pittsburgh 134,688,143 177,514,670 -24.1 Detroit 157.893,916 242,000,000 -34.8 stocks; but prices soon broke and thereafter, the market Cleveland 98,338,393 129,933,469 -24.3 Baltimore 71.978.594 moved briskly downward. There were a few exceptions to New Orleans 80,697,937 -10.8 41,347,131 55.912.672 -26.0 the downward swing, notably the tractions which displayed Thirteen cities, 5 days $6,920,573.078 $11,009,399,363 -37.1 considerable strength, particularly Manhattan Railway, Other cities,5 days 906.218,445 -3.9 942,590.396 (guaranteed) which soared about 17 points and BrooklynTotal all cities, 5 days $7,826,791,523 $11,951,989,758 -34.5 All cities, 1 day Manhattan Transit pref., and Interborough which improved 1,565.358,305 2,807,537,618 -44.3 Total all cities for week from 3 to 5 points. Amusement shares also displayed con39.392.149.828 514.750 527 370 -313.4 siderable strength and moved briskly upward under the Complete and exact dotai s for the week covered by the guidance of Fox Film which gained about 2 points. Oil foregoing will apear in our issue of next week. We cannot shares were weak, and so were the motors, copper issues and furnish them to-day, inasmuch as the week ends to-day public utilities. Railroad stocks moved within a narrow (Saturday) and the Saturday figures will not be available range and specialties were generally lower. The trend of until noon to-day. the market was again downward on Friday as a violent of the week had to Accordingly, in the above the last day be in all cases estimated. selling drive starting with the motor group extended to all In the elaborate detailed statement, however, which we parts of the list. The early trading developed considerable present further below we are able to give final and complete irregularity, particularly in the oil group where many of its results for the week previous-the week ended Sept. 20. For members made new lows for the year. United States Steel that week there is a decrease of 27.1%, the aggregate of held steady for awhile, and so did American Can, but they, clearings for the whole country being $10,088,384,115, against too, lost their gains during the sharp selling in the late after$14,922,941,941 in the same week of 1929. Outside of this noon. Included among the active issues making new lows city there is a decrease of 26.9%, while the bank clearings at for the current movement were International Harvester, this centre record a loss of 35.0%. We group the cities now SEPT.27 1930.] 2009 FINANCIAL CHRONICLE they are according to the Federal Reserve districts in whichYork ReNew the in that appears it this from and located, a shrinkage serve District, including this city, the totals show and in of 25.2%, in the Boston Reserve District of 34.0% Clevethe In 23.3%. of District Reserve phia the Philadel in 21.1%, by smaller are totals land Reserve District the Atlanta the Richmond Reserve District by 9.1% and in the District Reserve District by 49.8%. The Chicago Reserve of 16.0% shows a loss of 31.2%,the St. Louis Reserve District In the 18.3%. of District Reserve olis Minneap the and in the 18.2%, is decrease the District Kansas City Reserve o Dallas Reserve District 31.5% and in the San Francisc 18.7%. District Reserve In the following we furnish a summary of Federal Reserve districts: Y OF BANK CLEARINGS. Week Ended Sept. 20. Clearings at1930. 1929. Inc. or Dec. 1928. 1927. $ can°Seventh Feder al Reserve D strict-Chi --34.5 244.676 324,217 298,347 195,361 1.066.552 Mich.-Adrian- 1,252,008 ---16.0 977,790 821,018 Ann Arbor_ --9 177,075,711 249.222,23 ---38.6 8 299,534,60 186.808.721 7,654,147 Detroit 8,702,568 8,874,220 ---28.1 6,378,788 2,45.5,405 Grand Rapids3,122.607 8,898,872 ---22.4 6,907,556 2,826,881 Lansing 3.152,729 --30.3 4.137,299 2,884,464 21,563,000 Ind.-Ft. Wayne 24,377,000 24,815,000 --20.8 19,641.000 2,994,800 Indianapolis_ _ _ 3,185.400 2.779.772 ---13.0 2,418,244 4,771.510 South Bend_ - _ 5,322,654 5,236,956 --21.2 4.128.603 40.828,254 Terre Haute43,715,731 --28.3 36.396.240 26,102,677 2,724,364 Wis.-Milwaukee 2,922,994 --11.0 3,499,612 3,113,973 9,329,450 Iowa-Ced.Rap_ 10.943.853 10,220,647 --33.1 7.046.735 5,906,675 Des Moines_ _ _ 8,314,190 -15.6 6,797,510 5,740,872 1,217,347 Sioux City.1,504,107 1.704,404 --20.1 1,361,264 1,563,254 Waterloo 1,724.958 2,093,004 ---14.7 1,785,422 Ill.-Bloomington 73.5,326.715 665,278,377 -29.7 0 730,175.22 9 513,273,20 1,309,452 Chicago 1,298,853 --9.4 1,339,660 1,213,790 4,416,280 Decatur 5,799,541 6.632,742 --37.2 4,178,087 3.076,459 Peoria 3.608,134 --.2.6 4,185,827 2,819,489 2,074.883 Rockford 2,401,995 2,671,446 ---11.2 2,372,714 SUMMAR Springfield_ 7 958,377.47 493 1,116.223, -31.2 176 Total(20 cities) 799.191,987 1.161.589, Ine.or 1927. 1928. Dec. ulsLe. 1929. trict-St. 1930. 5,584,193 Week End. Sept. 20 1930. Eighth Federa I Reserve DM 5.671,557 5.147,480 +8.0 5,659,213 Ind.-Evansville. $ $ 0 -12.7 168,100,000 138,200,000 % $ $ Federal Reserve Dists. 33,035,234 Louis__ 125,700,000 143,900,00 Mo.-St. 495,741,103 38,921,370 671,235,843 -34.0 -5.3 631,756,488 42,179,375 417.746,105 39,937,285 323.435 1s5 Boston_ _ --12 eltial }Cy.-LouLsville_ 355,542 336,239 -15.2 8,686.013.747 10,324,725,263 -35.2 7,673,237,229 6.681,241,306 285,159 21x1 New York _12 " 25.587,506 578.679,152 Owensboro. 22,218,852 615,709,016 841,588.575 -23.3 28.685,149 -37.7 472,379.607 17,873,740 3rd Phil/Wel 'la _10 " 16,308,313 s -Memphi Tenn. 405,731,283 16.714,794 469.647,466 -21.1 -19.5 629,327,678 19,461,128 417,482,474 11,781,815 4111 Cleveland__ 8 " 321,833 187,3E9,182 Ark.-Little Rock 364,147 186,560,106 196,527,117 -9.1 370,034 -46.9 178,653.948 196,320 565 Richmond _ 6 " 1,519,135 218,332,493 I11.-Jacksonville. 186,807.095 1,599,575 +8.3 207,117,799 -49.8 104,006,172 1,003,161 1,086,833 lith Atlanta_-12 " Quincy 958,377,477 1.116,723,493 -31.2 729,191.987 1,161.589.176 /911 Chicago --20 " 220,879,64J 220,579.649 253.945,837 241,082,566 -16.0 202,420,365 6 -16.0 253,945,8t7 81/1 85. Louts_ __ 8 " 151,109.423 Total(8 cities)- 202,420,385 241,082,56 164,639,217 169,958,620 -18.3 138.5e3,460 eth Minneapolis 7 " 206,307,612 259,332,624 -18.2 242,540,882 -Minn eapolis 198,393,614 10th KazumaCity 10 " 16,806,162 Ninth Federal Reserve Di. Wet 94,841.359 107,941,091 12,381,840 106,629,388 -31.5 73,076,194 7.556,127 +4.1 5 " 7,864,787 llth Dallaa 96,818,990 369,572,468 Minn.-Duluth._ 107,723,581 468,538,988 469,099,389 -18.7 381,433,477 95,903,864 121,938,182 -21.3 29,429,190 12th San Fran_.16 " Minneapolis 35,690.883 31,363,495 -15.9 26,377,122 1,837,993 4 10,568.183,207 St. Paul 1,999,255 2,435,666 -3.5 126 cities 10.088,384,115 14,922,941,941 -27.1 11.963,838,00 2,373,529 Total 1,695,235 -Fargo_ D. N. 4,661,704,379 4,035,313,676 1.812,164 -26.9 1,588,082 -29.3 3,554,038,426 4.883,060,299 1,122,671 Outside N. Y. City 795.853 S. D.-Aberdeen 892,494 -23.9 921,068 700,963 _ 3.726.000 416.091.349 437,844,925 -22.4 4.139,000 483.094.823 -24.8 374.838.232 4,156,000 31 cities 3,126,000 Canada Helena 151,109.483 169,958,620 -18.3 164,639,217 We now add our detailed statement, showing last week's Total(7 citim)- 138,688,465 trict-Karts as City 334,052 Tenth Federal Reserve Dis 379,230 figures for each city separately, for the four years: 366.551 -38.6 225,193 413,002 Neb.-Fremont 627,588 581,362 -25.6 432,554 4,424,104 4,602,203 Hastings 3,628,918 -6.1 Week Ended Sept. 20. 3,406,398 41,891,317 Lincoln 53.750,642 52,090,918 -24.2 45.263.862 3,446,418 I Omaha Clearings at 3.773,583 3,729.081 -11.2 Inc. or 3,313,091 8,373,406 9,049,199 Kan.-Topeka -21.5 1928. 1027. 8,333.381 Dec. 1929. 6,539.288 138,396,274 1930. 5 Wichita 176,161,51 -19.9 6 163,830.33 6,435,904 010.-Kan. City. 131,203,947 8,059,961 7,083,174 -23.3 $ 5.434.119 $ 1,138,976 1,330.887 St. Joseph--1,254,997 -8.5 1,148,215 a a First Federal Reserve Dist act-Boston Spge -Col. Colo. a 666,970 a 587.266 +0.1 645,430 a 645,830 1.444,159 -Bangor 1.597,816 Maine Denver 3.877,261 4,126,714 1,642,164 -13.1 4,903,615 -26.1 1,426,747 3.623.042 Portland Pueblo 0 0 511,000,00 441,000,00 Mass.-Boston _ 370,489,430 559.991,130 -33.8 259,3327624 206.307.612 2,186,475 1.450,780 4 242,540,882 -18.2 1,348,201 -25.1 1,010,164 Fall RiverTotal(1001(188) 198,392,61 951,000 938.256 1.374,110 -63.5 1,502,503 Lowell Has-Da District 1,015,356 996.871 1,188.089 -12.8 1,036,382 1,901,245 New Bedford._ Eleventh Fede cal Reserve 2,799,859 2,002,243 -20.2 5.050,491 5,105,495 1.598,504 5,266,749 -24.0 4,001,957 64,307,080 . Springfield._ 72,293,084 68,200,738 -23.6 3,408,336 Texas-Austin.. 3,401,519 3,546,015 -10.5 52,127,897 3,175,226 13,765,649 16,138,623 Worcester -29.2 Dallas 14,572,550 16,340,963 19,341,595 10,327,297 28,516,667 -45.4 15,584,834 8.648.000 Conn.-Hartford. Fort Worth_ 9.831.000 7,436.000 -41.4 7,567,021 8.470,474 8,878,663 -28.3 4,358.000 6,3713.011 6,199,385 6,878,525 New HavenGalveston 14,417,857 -67.8 12,698,500 15,434,700 4,664,496 16,431,800 -35.6 10,574,000 rt. R.I.-Providence -Shrevepo La. 729,277 631,628 665,019 +9.3 726,726 94.841.359 N.11.-Manch'r. 107,941,091 31.5 8 106,629,38 73,076,194 Total(5 cities). 571,235,843 495,741,103 Total(12 cities) 4117,746,105 632.755,488 -34.0 Istrict-San Francl sco28,861.182 54,214,690 Twelfth Feder al Reserve D 57,153,794 -25.0 York 42,852,142 14,082,000 -SeattleSecond Feder al Reserve D Istrict-New 17,002,000 Wash. 1 6.217.000 -17.4 5,782,960 6.219,188 -5.8 13,390.000 7,294,969 6,868.628 . 1,571,215 -Albany... 2,051,196 N. Y. Spokane 2,332,541 -47.7 1,182,600 1,267,425 1,219,279 1.386,276 -13.1 1,203,348 43,213,699 Binghamton_ _ _ 44.083,613 Yakima -16.2 46,610,702 50,431.685 58,656,877 39,074.386 88,751,244 -43.5 18.733,062 50,133,243 -Portland 20,862,925 Buffalo 15.4 Ore. 22,417,074 902.041 1,334,799 -20.9 18,954.181 5,001,486 L. City Elmira 5.545,000 5,392,540 -40.0 1,317,100 Utah-S. 1,265,977 3,235,354 1,343,502 -27.7 6,882,091 972.580 Fresno.. Jamestown_ _ _ _ 8,968,982 8.512.704 -22.7 -35.0 7,402,133,625 6,532,869,631 Calif.6.585,524 881,642 10059 689 19.264,033 __ 6,534,345, h York 21,469.334 LongBeac New 13,241.506 11,964,319 20,503.018 • 21,519,220 -4.7 18,909,871 -47.8 6,.592,675 9,891,134 7.219,827 Oakland Rochester 6,343,905 -13.2 5,074.463 6.042,022 5.508,502 7.867,927 -38.5 12,110,701 4,843,198 12,502,380 Pasadena Syracuse 12.892.889 -21.8 4,336,638 4,984,821 -36.4 10.106,257 4,847,801 4,341,609 3,620,548 6,433.348 Sacramento--. Conn.-Stamford -15.2 6.214,591 790,000 870,820 -5.7 5,272,241 815.190 768,963 N. J.-Montclair San Diego - - 205.162.698 250,102,000 -18.0 247,912,972 201,296,000 26,112,346 31,006,722 44,066,082 -25.4 2,864,138 32,887,190 3.312,503 Newark San Francisco _ 6,236,676 -48.4 40,478,123 46,213.54 3,216,439 88,418,451 -56.3 1,475,846 38,576,928 1,731,121 Northern N.J_ San Jose 2,090,954 -3.6 2,015.852 2,081,246 2,232,999 Barbara_ Santa 17.4 2,270.599 229 6,681,241,306 7,573,237, -35.2 2,101.204 725,263 10324 3.201,500 747 6,885,012, cities) 2,946,100 Monica Santa Total(12 2,792,200 -19.9 2,236,400 Stockton elphia 8 369,572.46 8 458.538,98 Third Federal Reserve Dist rict-Philad -17.8 18.7 469.099,389 1.707.228 1,562,500 1,592,317 1,309,182 Total(16 cities) 381.433,477 Pa.-Altoona. _ 4,869,094 5,165.875 5,017,053 -25.6 10568.183,207 3.733,369 004 total(126 11963.838. Bethlehem.... Grand -27.1 941 1,165,405 1,235,935 0088,384,115 14922,941. 1,098,652 -0.2 1,096,853 cities) Chester 2.050.592 2,082.850 1,947.656 -12.9 1,696,641 Lancaster 299 -26.9,4,581,704,379 4,035,813,576 0 York 3.554,038,426 4,863.060. 468,000.000 610,000,000 -23.3 584,000.000 539,000,00 New Outside Philadelphia 4,004,000 3,989,582 3,985,432 -16.4 3,317,445 Reading 12,279.410 5,695,454 -35.9 6,332,049 4.000,851 Scranton 5,343,363 4.418,436 Week Ended Sept. 18. 4,064,932 -17.7 3.343.069 Wilkes-Barre- 1,539,044 2,059,556 2,170,187 -0.6 2,157.207 York at Clearings 6.721.016 Inc. or 5,498,824 5,400,29 -32.1 3,865,000 N.J.-Trenton 1927. 1928. Dec. 1929. 1930. 2 578.679.15 6 -23.3 615,709.01 5 641,588.57 7 Total (10010188) 492.379.61 it $ % $ $ 131,711,408 144.457,283 CanadaFourth Feder al Reserve D Istrict-Clev eland 116,396,523 157,201,298 -26.0 4 139,480,308 145,513,94 5,870.000 Montreal -21.6 7,082,000 -18.4 8 4.698,000 142,932,50 3,836.000 112,006,188 Ohio-Akron _ _ 47,712,308 56,185,371 3,725,261 Toronto 5,244,769 73,048,382 -20.6 6.539,702 -27.4 4,746,112 Canton 57,978,511 19,524,430 19,354,822 74.243.888 Winnipeg 81,227.178 85.063,596 -2.5.8 23.238,964 -18.5 83.107.556 Cincinnati_ _ 18.934,507 8,191,348 7 8.909,555 1 124.076,58 Vancouver -22.8 152,897.99 -8.7 1 8,391.922 142,841,604 184,949,91 Cleveland 7.660.373 6.830,691 8,059,661 18,777.000 Ottawa 15,981,500 18,574,700 -9.1 7,168.147 -11.3 15.062,600 Columbus 6.359.260 2,977,070 3,414.502 2.396.277 Quebec 3,202,60(3 -31.0 -7.9 3,221,803 3,513.804 2,221,369 Mansfield 3,230.581 6.739.208 6,672.509 4,518,516 Halifax 5,181.440 5,438.583 -17.7 7.127.591 -17.7 4,474.498 Youngstown.._ 5,862.294 6,936,292 11,763.765 7 172,116,454 Hamilton 198,830,03 3 -38.9 -18.7 222.841.38 5 14,515,713 181,192,73 _ gh Pa.-Pittsbur 8.748.430 2.481,270 2.656.355 Calgary -18.7 2,731.465 2,220.251 2,381,261 3 2,528,195 5 405.731,98 St.John 2,840,750 -16.5 Total(8 cities)_ 417,482,474 529,327,673 -21.1 469,847,46 2,403.380 3,238.177 3,411,141 Victoria -15.1 3,654,133 3.141.865 5,503.370 7,181,089 ondLondon -Mehra 8,878,784 -21.1 Fifth Federal Reserve Dist net 6,424.674 4,913.875 7,062.852 1.185,743 Edmonton 1,258,675 1,364,774 -15.3 -12.3 1,156,515 6,575.173 W.Va.-Hunt'g'n 5,768,654 657,806 945.104 5,344,588 Regina 5,022.821 -4.1 3,870.733 -22.4 3,711.886 734,309 Va.-Norfolk __069,723 872.946 904.082 48,877,000 Brandon 48,301,000 48,502,000 -2.6 47,719,617 856.107 -25.5 Richmond-_ 637.967 2.267,022 2,954.501 2,785,146 Lethbridge -14.5 1.577.178 2,521.153 -19.5 2.409,124 on 3,047.979 S.C.-Charlest 2,454,546 1.407.746 9 9 105,637.86 1,531.744 101,973,91 Saskatoon 8 -10.5 111,010,25 -31.4 99,306,538 1.417.905 Md.-Baltimore _ 1,116,422 1,286.775 1,356.324 23,538,836 Moose Jaw 28,446.513 29,228,199 -16.7 1,429,517 -23.3 24,350,268 D.C.-Washing'n 1,096,665 1,069.771 1,233,938 Brantford 1,073.390 +6.2 1,139,213 829,712 2 .. 937,063 187.369,18 William.. 6 Fort 7 186,680,10 1,038.769 -16.5 Total(8 cities). 178,653.948 196,527,11 867.235 327,311 574,874 New Westminster 645,687 -40.9 381.465 876.288 . Hat-1,004,657 Medicine nt rict-Atla -7.9 Dist 1,065,972 Sixth Federal Reserve 981.248 3,250.000 956.232 958,238 gh 3.011.471 Peterborou 2,942.000 --32.1 .2,000.000 1,198.829 -30.8 Tenn.-1Cnoxville 829.851 1,204,735 22.336,956 Sherbrooke 1,396,931 23.066.009 26.363,771 --23.0 20,296.781 1,329.330 -6.7 Nashville 1,241,167 4,774,462 62.639.322 5.694.298 Kitchener 54.590.885 --26.4 64.451,666 -36.0 47.111.795 5,205.602 Oa.-Atlanta 3,329,380 3,135,558 Windsor 464.407 512,521 2,161.011 3,252,207 -40,0 1,929,445 526,749 -14.7 Augusta 449,791 3.246.083 Prince Albert-865,407 952.724 2,738,549 1,870.703 --27.0 957,806 -3.5 1.365.617 Macon 943,751 17,058.096 1,109.270 12,566.120 968,514 Moncton 13,323.020 12,039.167 1,082,881 -19.6 870,197 Fla.-Jack'nvIlle. 4.011.000 Kingston 729,876 1.559.000 706,325 2,050.000 --27.7 1.483.000 630.739 -9.7 569,759 Miami 31,662.244 Chatham 744,832 27,089,639 771,876 28,071,630 --34.6 1,034.018 -22.1 18,379,468 Ala.-Birming•m_ 1,220,446 1.836.056 2,010.938 Sarnia 2,768.555 --38.5 1.703,327 Mobile 2.452.000 9 2,542.000 418.091.84 5 --27.3 437,844,92 2,800,000 -22.4 3 2,035.000 _ 483,094,82 Miss.-Jackson_ 526.192 454.390 Total(3101(199) 374,838,232 308,773 --42.9 176.404 Vieksburg 66,278.986 55,017.033 --27.7 58,915.474 42,597,399 Orleans La.-New to report clearings tor w Lekended Sattirditi a Manager of clearing house refuses 9 -49.8 186.807,095 218,322,493 Total(1201(188) 104,006.122 207,117.79 * Estimated. 2010 FINANCIAL CHRONICLE [VOL. 131. THE CURB EXCHANGE. -Bar Silver per Oz. Std.- Bar Gold Cash. Curb Exchange securities were under pressure Two Mos. per Oz. Fine. Sept. 4 this week Sept. 16 9-16d. 16 9-16d. 85s. Md. 5 and prices continued to sag resulting in many 16%d. 16%d. 85s. Md. new low Sept. 6 16 9-16d. 16 9-16d. 85s. Md. Sept. 8 records for the year. Weakness was most pronounc 1634d. 1634d. ed in the Sept. 9 85s. Md. oil group where most of the issues reach 1634d. 1634d. 849. 1134d. ed new lows. Humble Sept. 10 1654cl. 163'd. 84s. 1134d. Oil & Ref. dropped from 86%4 to 793.'. Standard Average 16.646d. Oil (Ohio) 16 646d. 85s. 0.29d. The silver quotations to-day for com. eased off from 733/i to 69/. cash and two Vacuum Oil broke from each month delivery are s' 5-16d. above those fixed a week ago. 77% to 72 and closed to-day at 72%. Gulf Oil of Pa. lost over eight points to 107, the final transaction to-day being PRICES ON BERLIN STOCK EXCHAN at 108. National Fuel Gas fell from 32 to 28 and ends GE. the week at 283.. Utilities as usual were conspicuou Closi ng quotations of representative stocks on Elect s. the Berlin Bond & Share,com. declined from 77 8 to 68% and recov ric Stock Exchange as received by cable each day of the past ered finally to 69/3s. Amer. & Foreign Power warrants move week have been as follo ws: d down from 463/i to 383/i and closed to-day Per (cal of Par 363.. Amer. Gas & Elec. corn, fell from 126 to 115, andat Sept. Sept. Sept. Sept. Sept. Sept. close to-day d 20. 22. . . 25. 26. 1153. Duke Power after early loss from 164 to 160 at Alm. Deutsche Credit(Ades)(8) 105 104 Berlin. Handels Ges.(12) 103 103 103 covered to 166% and to-day slumped to 1543. Inter re- Commer 135 128 129 132 130 129 z-und-Privat-Bank (11) . nat. 123 121 121 123 Superpower weakened from 39% 121 120 3 to 363/s and sold finally at Dremstadter u. Nationalbank (12) 170 165 166 169 Deutsche Bank u. DIsconto 165 165 36%. Nevada-Calif. Elec. corn. was conspicuous for Ges.(10) 118 117 118 119 118 118 a loss Dresdner Bank (10) 118 117 118 of 12 points to 118 but recovered finally to 120. Unite 119 118 Reichsbank (12) 117 30 d 224 225 229 225 224 Algermeene Kunstzilde Unle (Aku) Light & Power, corn. A was off from 38 to 344 272 (0) 69 69 Al 72 69 com. Aug. 69 al (A.E.G.)( G. 9) 129 125 B dropped from 83 to 78. The close to-day was atand 125 126 Ford Motor Co., Berlin 122 122 (10) 34% and 207K 20755 200 ___ Gelsenkirchen Bergwerk (8) 202 205 80 respectively. Among industrial and miscellaneous issue Gesfuer 102 100 100 100 100 el (10) 100 128 Deere & Co.com.dropped from 74% to 68%,the close to-da s Hamburg 123 124 129 126 125 can Lines (HaPag)(7) y Hamburg-Ameri 84 78 80 81 78 being at 69. Aluminum Co.com.dropped from 226 77 Electric Co.(10) 129 125 126 to 2023. Heyden Chemical (5) 128 127 127 Aluminum Ltd. on few transactions sold down from 46 45 48 Harpener Bergbau (6) 46 45 125 to 94 90 89 92 88 100. Diamond Match new corn. declined from 21% 16%. Hotelbetrieb (12) 86 118 114 116 I.G. Farben Inds.(Dye Trust) 113 116 Driver-Harris Co. com. lost over eight points toto 523. (14) 141 134 lili 141 Kali Cherule (7) 137 137 127 127 125 125 Insull Utility Investment com. was off from 55% to 51, 124 dt (12) 124 94 with Karsta 91 93 96 Mannesmann Tubes (7) 92 92 the final figure at 513'. A. 0. Smith Corp. com. move 77 74 74 76 North German Lloyd (8) 74 73 d 84 79 down from 183 to 170. 80 81 Phoenix Bergbau (614) 79 78 72 69 69 67 PelYPhonwerke (20) 70 69 A complete record of Curb Exchange transactions for 165 158 __ 161 156 154 West.f. Elektr.(R.W.E.)(10) the Rhein. Wf. 164 week will be found on page 2045. 154 153 153 151 151 Licht U. Kraft (734) 84 84 87 88 Siemens & Halske (14) 180 Stoehr & Co. liammgarn SpInnerel (5) 77 Leonhard Tints (10) 126 Vex. Staihwerke (United Steel Works) (6)._ 74 DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE. Week Ended .Sept. 26. Saturday Monday Tuesday Wednesday Thursday Friday Total Stocks (Number of Shares). 225,800 647,465 410,800 645,400 660.200 742.300 3,231,965 Bonds (Par Value). Rights. Foreign Domestic. Government. 2,500 $1,743.000 5,400 3,307.000 12.100 3,552,000 7.600 3,749,000 13.400 3,835.000 15,700 4,012,000 Total. $115,000 $1.858,000 255,000 3,562,000 225,000 3.777,000 250,000 3,999,000 285,000 4,120,000 434.000 4,446.000 56,700 820,198.000 $1,564,000 $21,762,000 ENGLISH FINANCIAL MARKETS-PER CABLE. The daily closing quotations for securities, &o.,at Lond as reported by cable, have been as follows the past on, week: Mon., Tues. Wed., Thurs., Fri.. Sept. 20. Sept. Silver, p. oz.& 16 13-16 17 22. Sept. 23. Sept. 24. Sept. 25. Sept. 26. 17 1635 1634 1634 Gold, p.:We oz. 85.5.Kd. 858.34 d. 853.34d. 85s.34d. 85s.4d. 85e.Yid. Consols, 234 %. ____ 55 55 1-16 5534 65 ki 5534 British 5% 0334 10334 10455 10434 10434 British 434%-- -- 10034 10034 10034 10055 10034 French Rentes (In Paris)_ir_ ---88.85 88.70 88.75 88.45 88.25 French War L'n (in Paris)_ fr. ---101.50 101.55 101.75 101.75 101.65 The price of silver in New York on the same days has been: Silver in N.Y., per oz. (eta.): Foreign 3634 3634 3634 3834 3634 3655 THE ENGLISH GOLD AND SILVER MARKET . We reprint the following from the weekly circular of Samuel Montagu & Co. of London, writt unde en r date of Sept. 10 1930: GOLD. The Bank of England gold reserv e against notes amounted to £154.459.860 on the 3d inst. (as red with £154,839,601 on the previous Wednesday), and representscompa In the open market yesterday an increase of L8,499,776 since Jan. 1 last. from South Africa to the value of £560.000 was available. With the gold French exchange more favorable to sterling. a lower rate was realized than week, the price being fixed at 84s. 11 Md. per fine ounce. The amoun last t secured for France was £485,000, the Home trade taking £15,000, the Contin ental trade £30,000 and India £30,000. Movements of gold at the Influx of £267,405. Receip Bank of England during the week show a net totaled £359,390, of which E359.374 was In sovereigns from abroad, andtswithdr and £11.000 in sovereigns. The awals consisted of £80,985 in bar gold following were the United Kingdom Imports and exports of gold regist ered from mid-day on the first inst. to midday on the 8th Inst.: Imports. Brazil £287.119 British South Africa__ 1,168. 314 British West Africa_ ___ 38.807 Australia 98.615 Other countries 9.143 Exports. France Austria Switzerland Germany British India Other countries £902.159 8.875 201.100 27.060 23.400 6.263 £1,601,998 £1,168,857 SILVER. Silver has been a quiet market. There was an improvement on the 5th inst. of 3-160. from 16 9-16d. to 1634d., which was lost the following day. Subsequent movements, howev er, although small, were upward, and 16%d. was again quoted to-day. TOO market has contin ued steady In tone as sellers have shown reluct ance. mostly limiting their offerings to rates slightly higher than those ruling . America has been less inclined to offer at current quotations, but China operators have both bought and sold during the week. The follow ing were the United Kingdom import and exports of silver registered from mid-day on the 1st inst. to mid-days on the 8th inst.: Imports. U. S. A Trinidad and Tobago__ British Guiana Other countries £14.253 12.510 20.000 7.934 Exports. British India Other countries 181 77 124 71 86 170 73 123 69 175 74 122 71 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.20 1930. BondsFrench Rentes 3% Perpetual-- France. French Rental 4% 1917 French Rentes 5% 1913-16 BanksBanque de France Banque de Paris et des Pays BagCredit Lyonnais Union den Mines CanalCanal Maritime de Sues RailroadChemin de ter du Nord Alines-Mines dee Courrleree BollMines des Lens Soc. Miniere et Metallurgique de day Penarroya Public UtilitiesCie. General d'Electricite Soo. Lyonnaise des Eaux Cie. Francaise des Procedee Thomson-Houston Union d'Electricite IndustrialsTreflleries & Laminotra du Havre Societe Andre Citroen Ste. Francaise Ford Coty, S. A Pechiney TAW Liquid° EtablIssements Kuhlmann Gaieties Lafayette cc'Royal Dutch Sept. 22 1930. Francs. 88.85 102.85 101.60 Sept. 23 1930. Francs. 88.85 102.90 101.60 Sept. 24 1930. Francs. 88.75 102.90 101.85 Sept. 25 1930. Francs. 88.50 103.10 Sept.26 1930. Francs. 88.30 103.05 101.85 101.75 22,175 22,225 22,380 22,280 22,125 2,655 2,680 2,690 2,680 2,655 3,025 3,020 3.005 2,960 2,945 1,340 1,340 1,340 1,340 1,325 17,495 17,400 17,370 17,250 17,065 ..... 2,350 2.360 2,370 2,355 1,339 1,162 1,318 1,151 1,326 1.150 1,328 1,058 1,311 1.123 760 746 746 726 715 3,325 2,950 3,275 2,950 3,300 2,950 3,280 2.950 3,230 2,910 805 1.215 804 1,210 798 1,210 798 1,195 1,190 2,155 810 292 936 2.810 1,691 850 164 2,175 823 291 925 2.790 1,689 846 165 2,165 810 295 922 2.790 1.681 849 164 2,150 801 291 923 2.765 1,675 844 164 2,140 786 289 920 2,745 1.656 835 3,680 3,680 3.680 3.655 3.590 Comircercialand Wiscellatterins 795 166 Beni's Breadstuffs figures brought from page 2091.-All the statements below regarding movement of receipts, exports, visible supply,the &c., are preparedgrain by us from figures collected by the New York First we give the receipts at Western Produce Exchange. lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years: Receipts at- Flour. 265,000 Duluth 1\Illwaukee__. Toledo Detroit Indianapolis. St. Louls._ Peoria Kansas City. Omaha St. Joseph... Wichita Sioux City ___ Total wk.1930 Same w k.1929 Same wk.1928 £54,697 £76,931 No fresh Indian cy returns come to hand. The stocks In Shanghai on the 6thcurren inst consisted ofhave about 102.000.000 ounces in sycee. 146.000,000 dollars. 300.000 pared with about 102.800.000 Saigon dollars and 4,280 silver bars, as comounces In sycee. 147,000.000 dollars, 1.300.000 Saigon dollars and 3,820 silver bars on the 30th ult. Quotations during the week: Since Aug.11930 1929 1928 Wheal. Corn. bbls.1961hs. bush. 60 lbs. bush. 56 Ps. Chicago Minneapolis_ £46,273 30.658 172 ' 17 74 75 121 121 70 70 22,000 131,000 55,000 344.000 3,823,000 4,767,000 33.000 1,352.000 108.000 503.000 56,000 49.000 965.000 99,000 1,249.000 700,000 492.000 209.000 28,000 14.44 8.000 200.000 369,000 284.000 258,000 273.000 96,000 15.000 40.000 473.000 13.317.000 444,000 10,811,000 513.000 18,364,000 34,000 209,000 3.258.000 5.158,000 4,297.004) Oats. Barley. bush. 32 MS. rms.48153. 630.000 533.000 439,000 644.000 32.000 20.000 129.000 265,000 78,000 68.000 80.000 76,000 4.000 50 000 182.000 592,000 574.000 440.000 Rye. Ow.56 lbs. 398,000 460,000 400.000 79.000 6.000 2.000 5,000 39.000 131,000 27,000 50,000 9,000 2,000 3.058.000 1.973,000 1,423,000 3.039,000 1,351.000 727,000 3,052,000 5,032.000 1,572,000 3.476,000 153,472.000 35,535,000 40.701,000 17.786.000 8,919,000 3,482,000 153.911.000 33.926 47,249.000 23.454,000 7,281.000 3.891.000 146.163.000 38.141 ,000 000 no RO7 non !in 0137 nein 5 559 clan Total receipts of flour and grain at the sehboard ports for the week ending Saturday, Sept. 20, follow: SEPT. 27 1930.] Receipts atNew York___ Philadelphia__ Baltimore_ _ Norfolk New Orleans * Galveston _ Montreal _ Boston Flour. FINANCIAL CHRONICLE Wheat. Corn. Oats. Barley. Rye. bls.1POlbs bush. 60 lbs.b ush. 56 lbs. bush. 32 lbs. bus. 48 lbs bus. 56 Pt 405.000 1.777.000 20,000 148.000 2,000 5,000 43.000 50,000 2,000 23,000 32,000 115.000 13.000 60.000 3,000 5,000 66.000 138,000 33,000 12,000 81.000 73.000 2,615.000 20.000 17.000 21.000 22,000 Total wk.1930 645,000 4,776,000 Sines Jan.1'30 18,301.000121.980.000 68,000 285,000 19,000 8,000 3,445,000 4,245.000 610,000 555.000 Week 1929_ 494,000 1,240.000 76.000 130.000 315,000 Since Jan.1'29 18.611.000135.103.000 15,968,000 13,229.0 00 22,009,000 3,300,000 * Receipts do not Include grain passing through New Orleans for foreign ports on through bills of lading. The exports from the several seaboard ports for week ending Saturday, Sept. 20 1930, are shown in thethe annexed statement: Exportsfrom- Wheat. Corn. Flour. Oats. Rye. Barley. Bushels. Bushels. 1,087,000 92.000 295,000 138.000 New York Boston Philadelphia Baltimore Norfolk Mobile New Orleans Galveston Montreal Houston 40,000 558,000 838,000 2,615,000 415,000 Total week 1930- 6.078,000 Same week 1929_ _ __ 2,554,000 Barrels. Bushels. Bushels. Bushels. 222.462 14.000 8,000 5.000 5,000 3,000 1,000 35,000 2.000 26,000 73,000 20,000 17,000 7,000 1.000 36,000 398,462 215,524 22,000 17,000 17,000 668,000 The destinat'on of these exports for the week and since July 1 1930 is as below: Flour. Exports for Week and Since Week 'Since July 1 to-SeM.20 July 1 1930. 1930. Wheat. Week Sept. 20 1930. Barrels, Barrels. Bushels. United Kingdom- 106,592 1,173,716 1.699.00 0 Continent 110.630 1,365,434 3,727,000 So.& Cent. Amer_ 102,040 306,040 206,000 West Indies 57.900 254,100 1,000 Brit. No. Am.Col. 2,000 8.000 ocher oountrles_-_ 19.300 143,180 445,000 Total 1930 398,482 3,248,470 6,078,000 Total 1929 215.524 1.999,858 2.554,000 Corn. Since July 1 1930. Week Sept. 20 1930. Bushels. Bushels. 23,103,000 47.8.02.000 822,000 10.000 1,000 2,000 1,221,000 72,960.000 44,800,000 1.000 36.000 Since July 1 1930. Bushels. 86,000 17,000 103,000 175.000 The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Saturday, Sept 20, were as follows : GRAIN STOCKS. Wheat, Corn, Oats, Rye, Barley, United Statesbush, bush. bush, bush. bush. New York 205.000 4,000 96,000 52,000 Boston 19.000 3,000 1.000 Philadelphia 942.000 5,000 164,000 15,000 Baltimore 4,000 8,360,000 15,000 67,000 17,000 109.000 Newport News 378,000 New Orleans 3,990,000 67.000 58.000 129,000 Galveston 6.152,000 Fort Worth 6,674,000 177,000 292,000 3,000 111:0 0r0 Buffalo 12,645,000 1,027.000 2.430,000 696.000 372.000 " afloat 5,142,000 280,000 Toledo 5,450,000 23,000 296.000 5,000 Detroit 3.000 129.000 24,000 56,000 24,000 52.000 Chicago 20,829.000 1.455.000 7,458.000 5,956.00 0 943.000 afloat 1,294,000 620.000 534,000 Milwaukee 262.000 1,819,000 625.000 4,419.000 238.000 Duluth 695.000 30,783,000 57.000 2,786.000 3,827,000 Minneapolis 31,239,000 46,000 5.798.000 4,117,000 2.198.000 5,078,000 Sioux City 1.221.000 64.000 876,000 St. Louts 7,082,000 284,000 726,000 19,000 2 1:',070 3( Kansas City 25.085,000 172.000 121,000 66.000 316,000 Wichita 2,255,000 2,000 Hutchinson 12.000 5,304,000 4.000 St. Joseph. Mo 28,000 6,537.000 320.000 442,000 Peoria 27,000 156,000 3.000 1,440,000 Indianapolis 77.000 2,071.000 247.000 1,582.000 3,000 Omaha 20.000 15.910.000 323,000 352.000 18.000 On Lakes 205.000 979,000 29,000 56,000 65.000 Total Sept. 20 1930._202.631.000 4.963.00 30.092,0 00 15.647.000 11,120,000 Total Sept. 13 1930_198,703.000 4,690,000 Total Sept. 21 1929...188.351.000 4,264,0000 29,058,000 14.664.000 10.223.000 25,799,000 9,508.000 9.349.000 Note.-Bonded grain not included above: Oats-New York, 50,000 Duluth, 5.000; total. 55,000 bushels, against 287,000 bushels bushels in 1929. BarleyNew York. 240.000 bushels; Buffalo. 584,000; Buffalo afloat, 126.000: Duluth, 20.000; total.970,000 bushels, against 1.653,000 bushels In 1929. Wheat-New 1.563.000 bushels; Boston, 393 000; Philadelp York, Buffalo. 7,231,000; Buffalo afloat, 3,627,000 hia, 874.000; Baltimore, 1,342.000 Canal, 1.406.000. total. 17.189,000 bushels, ; Duluth, 47.000; on Lakes, 706.000 against 20,812.000 bushels in Canadian1929. Montreal 6.920,000 628.000 836.000 Ft. William & Pt. Arthur 45.446.000 940,000 2.166,000 6.981.000 16,937,0 Other Canadian 00 11.579,000 1,851,000 952,000 3,718,000 Total Sept. 201930.-- 63.945.000 4,445.000 8,769,000 Total Sept. 13 1930-- 53.779.000 21.595,000 3.999,00 0 8,572.000 Total Sept. 21 1929._ 70,628,000 11.989.000 4.099.000 19,407,000 Summary10,915,000 American 202.631,000 4,963,000 30.092,000 15.647.000 Canadian 63,945,000 4,445.000 8.769,000 11,120.000 21,595,000 Total Sept. 20 1930...266.576,000 4,963,000 Total Sept. 13 1930...252.482.000 4,690.00 34,537,000 24,416,000 32,715,000 Total Sept 21 1929...25,4,979.000 4.264.0000 33,057,000 23,236,000 29,820.000 37,788.000 13.607.000 20,264,000 The world's shipme nts of wheat and corn, as furnis hed by Broomhall to the New York Produce Exchan ending Friday, Sept. 19, and since July 1 ge, for the week 1930 and 1929, are shown in the following: Wheat. Exports - North Amer. Black Sea.__ Argentina_ _ Australia _ India 0th. countr's Total Week Sept. 19 1930. Since July 1 1930. Corn. Since July 1 1929. Week Sept. 19 1930. Bushels. Bushels. Bushels. Bushels, 10,995,000 109,956.000 83,175,000 40.000 3,200,000 15,376,000 2,792,000 383,000 966,000 10.992.000 55,936,000 6,409,00 0 264,000 12.304.000 15,128,000 1,752,000 8,304,00 320,000 1,050,000 11.312,000 7,524,000 2,780,00 0 18,227,000188,244.000,164.875,000 9,612,00 0 Since July 1 1930. Since July 1 1929. Bushels. Bushels, 574.000 1,304,000 14,927.000 333,000 46,306,000 62.054,000 17.574,000 10,214,000 88,331,000 73,905.000 2011 Baltimore Stock Exchange.-Rocord of transactions at Baltimore Stock Exchange, Sept. 20 to Sept. 26, both inclusive, compiled from official sales lists: Stocks- Friday Sales Last Week's Range for Sale of Prices. 1Veek. Par. Price, Low. High. Shares. Appalachian Corp Arundel Corp • 4136 Baltimore Trust Co 10 36 Baltimore Tube pref_ _100 Black & Decker corn • 25 Preferred 25 Ches & Po Tel Balt pf--100 1164 Comm'l Credit pref 25 Preferred B 25 636% lot preferred _ _100 95 ex-warr _ 614% 1st pref Consol Gas E L & P * 1144 6% pref series D_ _100 5% preferred 100 1044 Consolidation Coal 100 _ Preferred Eastern Rolling Mill • 13 Emerson Bromo Seitz A w 1 Fidel& Guar Fire Corp__10 36 Fidelity & Deposit 50 Finance Co of Amer A_ " Finance Service pref__ _10 First Nat Bank w I 46 Houston Oil pref v t c__100 80 Mfrs Finance corn v t--_25 17 1st preferred 25 1516 Maryland Cos Co new w L 3716 Maryland Ti' Co new w L• Mercantile Trust 50 Merch & Miners TranBP--• 3934 Mtge Bond & Title wI Prior preferred .516% preferred Mt V-Woodb Mills v t_100 Preferred 100 National Marine 13ank_30 National Sash Weight pref_ New Amsterdam Can Ins._ 38 Northern Central Park Bank 10 Penna Water & Power...* 724 Second So Bankers corn_ Sou Bk Sec Corp pref Standard Gas EQUIP corn.. Un Porto Ric Bug cora_ * Union Trust Co 50 63 United Rys & Elec 50 714 U 8 Fidelity de Guar new 10 39 Walton & Co pref Wash Bait & Annapolis-SO West Md Dairy Inc preL• Prior preferred 50 53 Western Nat Bank 20 394 Range Since Jan. 1. Low. High. 3 314 410 216 Jan 5 Jan 414 434 1,198 40 June 4716 Mar 3516 364 833 35 June 4454 Apr 50 50 10 49 July 55 Apr 25 26 729 25 July 56 Mar 26 July 2716 Jan 30 25 24.334 11616 117 70 11336 Jan 11934 Aug 25 25 20 2216 Jan 254 Apr 26 26 5 23 Jan 2616 Apr 94 95 85 7934 Jan 95 Sept 94 94 70 87 May 944 Sept 11434 116% 71 93 Jan 136 May 1104 1104 18 93 Jan 136 May 104 10415 21 9916 Feb 1044 Sept 5 5 12 5 June 15 Feb 35 35 5 35 Sept 43 Jan 13 13 35 13 Sept 2514 Jan 304 31 125 30 Jan 3316 Feb 36 3616 208 35% Aug 49 Feb 168 16916 175 165 July 190 AM 262 1234 13 84 Aug 15 Feb 816 84 50 7 Jan 916 Apr 4516 46 86 454 Sept514 Slay 80 5 77 80 Mar 93 Apr 17 10 15 17 Feb 274 Apr 1516 16 51 154 Sept20 Apr 3734 3834 306 364 June 46 May 33 3416 Sept344 Sept 78 33 445 445 20 445 July 465 June 39% 4016 225 37 June 47 Jan 135 II% Aug 20 1334 15 Jan 50 50 10 464 Apr 68 Jan 50 50 11 50 Sept 60 Sept 5 5 5 6 Sept 17 Mar 73 73 25 73 Feb 86 Mat 70 70 15 70 Sept 714 Mai 42 42 10 404 July 51 Jar 38 39 190 36 June 43 Ap: 894 894 17 854 Feb 894 &pi 29 65 29 294 Jan 30 Jar 724 724 10 70 Aug 9534 Am 26 26 5 26 Aug 36 May 85 85 6 82 Apr 86 Jum 13 13 300 13 Sept 1416 Ara 16 15 2. 15 July 40 Feb 62 64 47 60 Aug 744 Pet 74 716 215 7 Sept 1334 Fel 39 4036 1,192 3716 June 49 An: 101 101 5 100 June 101 Sept 7 7 10 7 Jan 74 JUI3 90 904 355 894 Sept 94 Ara 53 534 138 48 Jan 544 May 394 394 16 394 Mar 414 Jar BondsBaltimore City BondsConduit 1962 101% 101% $1,900 98 4s Jones Falls 1961 1014 10134 1,000 97 4s dock loan 1961 1014 101 1014 2,000 97 Is Art Museum-1949 101% 10134 3,000 101% 4s II'w'd St ext_ _1935 1004 10016 4.000 1004 Consol Gas gem 43.4e.1954 101% 101% 4,000 9736 Elk Horn Corp 8168_1931 7934 7934 1.000 794 li.facon Dub!& Say 5s_1947 50 50 1,000 50 Md & Penn 6% ser A 92 92 92 1,000 90 Prud Ref 616% w w_ _1943 100 1004 18,500 100 Southern Bkrs Sec 5s_ _1938 894 8916 894 15,000 8216 Stand Gas Equip 634%.'32 101 101 1.000 9916 United Ky & E 1st 49_1949 54 5316 64 15,000 511-4 Income 4s-1949 3316 3314 7,000 3254 Funding 58 1936 53 52% 53 3,500 4916 6% notes 1930 63 63 5,000 61 Wash Balt & Annan 5s 1941 48 48 1,000 48 Ul nma 1,nirme r . .n..n sox 104(1 10434 10436 2.000 1024 • No par value. Jan 10134 Feb 1014 Feb 1014 Sept10134 Sept1004 Jan 10134 Sept 9716 Mar 70 May 92 Sept 101 Jan 90 June 101 Sept 65 Sept 4934 Jan 85 Aug 9934 Sept 68 Feb 104% Sep Sep Sep Sep Set) Sep May An Sep Ap Jul! Sep Jai Fe] AP JD.] AP Sep Philadelphia Stock Exchange.-Record of transactions at Philadelphia Stock Exchange, Sept.20 to Sept.26, both inclusive, compiled from official sales lists: Stocks- Friday Sales Last Week's Range for Sale of Prices. Week. Par, Price. Low, High Shares. Almar Stores • 14 Amer Foreign Securities. _- ______ American Stores • 4516 Bankers Securities pref_50 39 Bell Tel Co of Pa pre(_100 115% • 74 Budd (E 0) Mfg Co Preferred Budd Wheel Co 9 Camden Fire Insurance_ -- ______ Catawissa 1st pref Central Airport Commonwealth Can Co_10 21 Consol'Fraction of N J_100 Elec Storage BatterY---100 Empire Corporation 434 Exide &cur Fire Association 10 26 Giant Portland Cement _50 Horn & Hard(NY)corn _• 3616 Insurance Co of N A_ __ _10 604 Lake Superior Corp_ -- -100 934 Lehigh Coal & NavigationNew when issued 33 Manufact Ca.9 Ins 30 Mitten Bank Sec Corp__ .._ ______ Preferred 16 Penn Cent L di P cum pt.• Pennroad Corp 10 Pennsylvania RR 60 Phlia Elec Pow pref__--25 3216 Phila Insulated Wire 50 Plilla Rapid Transit__ -60 7% preferred 50 Phila & Read Coal & Iron _..-Railroad Sham; Corp 5% Seaboard Utilities Corp 516 Scott Paper 7% A Shreve El Dorado Pipe L 25 431 Tacony-Palmyra Bridge_ * Tono-Belmont Devel._ .1 Union TractIon 50 264 United Gas Im pt corn new' 3314 Preferred new • 1034 US Dairy Prod class A_ Common class B • 1534 Victory Insurance Co Warner Co • Preferred 134 614 454 39 11534 734 584 9 21% 454 44 21 48 60 436 17 28 25 3616 6034 934 Range Since Jan, 1. Low. High. 24 13,800 14 Aug 434 6136 100 5816 June 9934 4716 1,260 42 Aug 49 41 315 36 Jan 49 1,085 11314 Jan 118 1164 8% 5,300 716 June 1634 62 300 58 July 70 10% 2,800 816 Jan 144 22 300 204 June 28% 454 30 4416 Aug 4516 414 100 336 Feb 7 21 100 1934 July 27 48 12 48 Aug 524 6316 660 60 Aug 7834 514 900 44 Aug 14 1,300 144 Aug19% 1734 274 2,100 26 Aug433.4 254 300 25 June 30 374 300 353-4 July 464 8234 2,500 6034 Aug 8516 1134 3,300 84 June 1534 Feb Feb Apr Apr Aug Apr Feb Feb Apr June Apr Feb Apr Feb Feb Feb Mar Jar Feb Mar Feb 3516 2,800 304 June 494 32 500 30 June 42 14 200 14 Aug 20 16 2,500 16 Aug 20 79 30 7516 Jan 79 1034 38.800 10 Aug 1635 724 5.900 694 June 8554 3314 1,900 30 Aug 3316 504 125 48 Aug 62 29 400 29 Aug 4034 3134 600 2916 Aug 44 16% 16% 100 14 June 2534 5% 5% 1,400 554 June 916 516 534 3.700 516 Aug 934 102 102 38 102 Aug 107 44 614 1,100 436 Aug 15% 4416 4434 140 34 Jan 534 16 600 14 1-16 July 36 2616 27 1.665 254 Jan 3114 3316 36 60,200 314 Jan 494 1034 104 1,500 96% Jan 104 6434 65 400 52 Jan 7216 15 17 1,225 14 Jan 263-4 10 10 200 10 Aug 174 39 3936 400 39 Aug 42 98 98 100 97 1111v OR Mal Ap: Jar Jar Api Feb Mai May May Ala Jar May Ap; Apt May Ma Ma Fel Ap Ap Aul Ap Ap Ap Au; 33 30 14 15 7834 10 71 3216 48 29 3034 a,,, 04468 FTSUUy Last Week'. Range for Week. of Prices. Sale Stocks (Concluded) Par Price. Low. High. Shares. 3535 York Railways pret Ins Co North America.-- ______ BondsPeoples Pass tr ctfs 4s_1943 Phila Elec (Pa)1967 1st 435s series 1966 156 5. Reading Terminal 5s York Railway 1st 5.9--1937 12 3534 3534 2% 234 14,500 48 46 103 10734 104 9814 103 10834 104 98, $2,000 Range Since Jan. 1. RICA. Low. 33 June 235 July Mar 36 434 May Feb 54 Jan 45 6,000 9634 Feb 103 13,100 10334 Jan 10834 5,000 10334 May 10431 Jan 98 1.4 4.000 91 Aug Aug May Aug •No par value. at Cleveland Stock Exchange.-Record of transactionsinCleveland Stock Exchange, Sept. 20 to SLpt. 26, both clusive, compiled from official sales lists: Sales Friday Last IVeek's Range for Week. of Prices. Sale Par. Price. Low. High. Shares. Stocks- 5 . Aetna Rubber corn Akron Rub Reclaim corn * 634 Allen Industries cora____° Amer Multigraph corn._ _* 34 Apex Elec Mfg pref._ 100 Central United Nat__20 65 • 3834 City Ice SC Fuel Cleve-Cliffs Iron pref_ ..• 9434 Cleve Elec III 6% pref._100 Cleve Railway cts d en_ _100 75 Cleve Secur P L pref..... • 100 385 Cleveland Trust 0 Dow Chemical corn 100 10534 Preferred Elec Contr & Mfg com_ • • Foote-Burt corn General Tire & Rubber100 8634 Preferred ser A * Geometric Stamping Greif Bros Cooperage* 35 Class A Guarantee Title dr Trust100 Guardian Trust Co_ _100 100 100 Halle Bros pref * Harbauer common 100 pref lot Higbee India Tire & Rub nom...-. Interlake Steamship corn.' • Jaeger Machine corn 100 Jordan Motor prof • 1935 Lamson Sessions McKee, Arthur G dr Co• Class B Metro Paving Brick corn.. 100 Preferred Midland Bank Indorsed 100 300 Miller Wh'sale Drug com • Mohawk Rubber corn- ---• 8 934 10 National Acme com National Refining com_ _25 2634 100 Preferred * National Tile com 2 • Neetle-LeMur corn Nor Ohio P & L 6% pfd 100 100 11334 Ohio Bell Tel pfd • 7034 Ohio Brass B • Packard Electric cora_ Paragon Ref Cl B corn__. 14 • 26 Patterson Sargent • 31 Reliance Mfg crom Republic Stamp & En._ _ _. 25 • 75 Richman Bros corn Robbins & Meyers v t cpf25 535 Selberling Rubber com___. Sherwin-Williams com__25 76 100 A preferred * Thompson A ero Thompson Products Inc...* 1834 Union Metal Mfg corn_ --.* 25 7534 Union Trust • Vichek Tool • Weinberger Drug White Motor Sec DM_ _100 Youngstown S & T pfd_100 BondsNor Ohio Tree & L 5s 1933 Steel & T Inc s f ds 63.1943 9934 5 5 2 2 634 7% 34 34 80 SO 68 65 3835 39 9415 94 11035 11015 79 75 234 235 385 38534 66 65 10515 10534 67 64 1934 1935 20 50 410 20 10 60 182 600 65 315 16 64 147 15 170 17 8634 8634 7 7 27 30 196 10 5 115 100 200 4.50 100 5 120 25 25 40 290 125 320 530 70 275 1,632 200 195 391 12 10 20 20 636 100 110 90 100 High. Low. 5 2 5 33 80 65 38 9135 110 75 235 385 65 103 5734 1934 June Sept Feb Aug July Sept July Mar June Sept July Aug Aug Feb June Sept 834 6 1434 41 8091 86 47 96 11334 9335 335 501 100 10615 83 333.4 Feb Feb May Mar Aug Jan Apr July July Feb Feb Jan Apr Apr Feb Apr 91 25 Jan Jan 8334 June Sept 7 10 35 18 90 16 350 10 96 30 17 5 101 8% 65 141 64 10 20 8 120 300 1934 35 35 100 100 365 370 100 100 1815 1834 10534 10514 12 1334 65 64 25 25 10 1234 1934 20 54 51 2614 263.4 2634 101 101 300 310 28 27 10 8 935 10 2635 26 13134 13134 11 11 2 2 10134 101% 113 114 6934 7015 1734 17 1434 14 26 26 3155 31 25 25 75 75 9 9 534 534 78 76 106 10634 14 14 1834 1855 3835 3834 7534 7634 9 9 17 14 10434 105 9936 100 Range Since Jan. 1. Sept Apr June Mar Aug May Jan Sept Aug July Sept Mar 44 22 June Jan 100 Sept 300 Mar 22 May 8 934 Sept Sept 26 Jan 130 Aug 10 134 July Jan 90 Feb 110 65 June Sept 16 734 Feb Jan 23 Sept 31 2435 Mar June 75 Sept 8 535 Aug Aug 75 Jan 105 Aug 11 1834 Sept Mar 32 75 June 2035 Jan Sept 14 Jan 101 9754 July 99% 9934 10.000 9934 991)4 10.000 43 118 43215 100 25 10634 2535 87 2934 14 2934 Feb Apr June May Mar July Apr Mar Feb June Feb 9934 Sept 9934 Sept June 9534 Jan 101 Statement. Foreign Trade of New York-Monthly Merchandise Movement at New York. Imports. Exports. Customs Receipts at New York. 1930. 1929. 24,678,913 20.705,240 23,765.513 23.010.593 26.659,611 34,933.670 15,617,549 27,286,733 28,274,931 29,352,388 27.528,213 28,727,341 28,755.719 29,419,142 169,771,089 Total_ __ 932.637,015 1270047870 911,402,977 1185795987 199.344,467 1929. 1930. 1930. 1929. January__ 152,812,382 171,501,300 158,679,252 176,480.924 February_ 136,999.034 188,138.049 143,659,298 187.045,251 March_ __ _ 39.891,31)0 187.708,168 143,299,606 209,690,365 148.366,03. 200,158,425 132,003,459 159,917,637 April 135,023,042 188,510.667 130.626.818 132,845,534 May 119,554,902 167.839,901 105,065.146 151,986,551 June 99,090,234 ,66,191,360 98,069,398 168,829,725 July Movement of gold and silver for the seven months: Silver-New York. Gold Movement at New York. Month. Imports. 1030. 1929. Exports. 1930. 1929. Imports. 1930. Exports. 1930. 3,537,176 2,789.904 2,896.063 1,881,919 3,042,587 2,173.834 2,862,830 8,874,560 158,467 265,000 90.500 50,000 January _ _ 7.201,382 8,772,302 14,593.919 22.368,701 February 7,108,051 21,610,369 M 40.686,115 21,458.367 April May 2,943.005 20,268.641 1,584,804 24,377,699 June July 13,156,577 30,949,736 30,001.977 721,008 1,038,867 1,001.252 250,000 305,706 268.347 773,959 1.530,946 1,213,537 1,515,527 1.180.561 1,373,642 739,824 1,605,074 Total_ _ _ 87.274,453 149.805.815 39.440,504 4,359,139 0,159,111 19.184,313 Bank Notes-Changes in Totals of, and in Deposited Bonds, &c. We give below tables which show all the monthly changes in national bank notes and in bonds and legal tenders on deposit therefor: AMOURS Bonds on Deposit to Secure Circulation for National Bank Notes. National Bank Circulation. Afloat onBonds. Legal Tenders. Total. 697,823,168 32.984.335 664,838.833 667,320,950 Aug. 30 1930 696,553,428 33.025,300 663,528,038 666,406,250 July 31 1030 698,317.468 32,710,398 665,607,070 0 *666,824,75 June 30 1930 697,652,678 31,933,193 665,719,485 667.156,250 May 31 1930 697.200,028 31,225.248 665.974.780 667.650.750 April 30 1930 696.174,088 31.066,745 665,107.343 667,251,240 Mar.31 1930 696,597.745 31.660,548 664,028,197 667,108.740 Feb. 28 1930 696.583,390 32.115,298 664,468.092 667,464,790 Jan. 31 1930 697.941,240 34.118.073 663,823.167 Dec. 31 1929 667,774,650 701.581.105 37.465.128 664,115.977 667.635,650 Nov. 30 1029 700,328,815 38.506,768 661.822.047 686.736,100 Oct. 31 1929 691,388,665 38,564.685 652,823,980 667,093,770 Sept.130 1929 687,950,563 38,652.573 649,297,990 666,864,280 Aug. 31 1929 697,471.993 39.707,550 657.764.443 666,407.040 July 31 1929 704,294,442 41,520,872 662.773,570 660.199,140 June 30 1929 702,979.934 39.651,731 663.328.203 668,233,140 May 31 1929 702,085.289 38.720.772 663,364.517 666,221,390 Apr. 30 1029 698.675,099 36.750.627 661,924.472 Mar. 31 1929....,,. 666,630.890 694,883,339 35.231.759 659,651.580 666,432,090 Feb. 28 1929 698,782,129 35.877,502 662,904,827 667,013,340 Dec. 31 1928 700.180,759 36.248.802 663,931.957 667,508,440 Nov. 30 1928700.152,454 37.446,779 662.705.675 667.168,440 Oct. 31 1928 698.152,659 37,688,747 660,463,912 667,318,040 Sept.29 1928 698.817,984 38.299.802 660,518,182 666.732,700 Aug. 31 1928 697.389,647 38.926,224 658,463.423 666.643.200 July 31 1928 699,620.652 40.887,664 658,732,988 665.658,650 June 30 1928 701.280,442 39,757.992 661,522.450 667,491.900 May 31 1928 699.942,169 38,814,509 661,127.600 666,196,460 Apr. 30 1928 699.215.219 36,802,227 662.412,992 666,866,710 Mar. 31 1928 699.731,694 38,250,372 661,481.322 667.011,210 Feb. 29 1,.28 697.739,534 38,407,517 659,332,017 666,230.710 Jan. 31 1928 701,003,589 38.623.507 662.380,082 667.127,710 Dec. 31 1927 702.401,099 39.960.424 663,340.675 466.830,210 Nov 30 1927_ secured by 1930, $3,184,042 Federal Reserve bank notes outstanding Sept. 2 lawful money, against $3,557,901 on Sept. 3 1929. $605.000 •The total bonds reported held for circulation by the U.S.Treasury were less, due to not having received this amount until July 1 1930. The following shows the amount of each class of United States bonds and certificates on deposit to secure Federal 1930: Reserve bank notes and National bank notes Aug.30 U. S. Bonds Held Aug. 30 1930 to Secure- On Deposit to On Deposit to Total Secure Secure Federal Held. Reserve Rant National Bank Mar 59 Notes. Notes. Feb 32 Sept 102 Jan 403 593,207,350 593,207,350 3234 Apr 2s. U. S. Consols of 1930 48,439,340 48,439,340 1635 June 21, U.S.Panama of 1936 25,674,260 25,674.260 2634 Feb 2s, U.S.Panama 01 1938 Jan 34 667,320,950 667,320,950 13234 May Totals Feb 29 Feb 10 The following shows the amount of National bank notes Sept 102 Apr 116 and the amount of legal tender deposits Aug. 1 1930 afloat 7634 Apr Apr and Sept. 2 1930 and their increase or decrease during the 25 1534 Aug Mar month of August: 29 Apr 50 National Bank Notes-Total AfloatFeb 25 $696,553,428 Feb Amount afloat Aug. 1 1930 99 1,269,740 Feb 1434 Net Increase during August 1834 Feb 5697.823,168 Jan 85 Amount of banknotes afloat on Sept. 2 Apr 109 Legal Tender Notes$33,025,390 Mar Amount on deposit to redeem national bank notes Aug. 1 17 41,055 3234 Apr Net amount of bank notes redeemed in August 4534 Apr 1930......$32,984,335 Jan 95 Amount on deposit to redeem national bank notc• Sept. 2 9 Sept 2234 Apr 10634 June National Banks.-The following information regarding 10315 Feb national banks is from the office of the Comptroller of the * No iar value. Month. [VoL. 131. FINANCIAL CHRONICLE 2012 Ronda on Dermot! September 2 1930. Currency, Treasury Department: APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES REQUESTED. Capital $100.000 St. Petersburg, Fla Sept.4-The Florida National Bank at Correspondent, J. G. Bright, 1514 Barnett National Bank Bldg., Jacksonville, Fla. Ohio 300.000 Sept.4-The Erie National Bank of Cleveland. Correspondent, Scott II. Cook, Care of Depositors Savings Ohio. Cleveland, Co., & Loan $250.000 St. Petersburg, Fla Sept.10-The Gulf National Bank of Correspondent, Frank H. Broadfleid, Room 320, First , Fla. Petersburg St. Bldg., Bank National 25.000 SePt.10-The First National Bank of Arnold. Nob Correspondent, F. W. Lewis, Arnold, Neb. D. E Al'PROVE ORGANIZ TO TION APPLICA Capital. 550,000 Sept. 16-First National Bank In Manistique, Mich , Mich. Crowe, ManIstique S. Correspondent. Wm. CHANGES OF TITLES. Sept. 16-The Lefcourt National Bank & Trust Co. of New York, N. Y. to "The National Safety Bank & Trust Co. of New York." Sept. 20-The Lake Norden National Bank, Lake Norden, So. Dak., to "The First National Bank & Trust Co. of Lake Norden." BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927. Sept. 15-The Bank of America National Association, New York, N. Y. Location of branch. Cortelyou Road near East 16th St. Borough of Brooklyn. Sept. 19-The National State Bank of Elizabeth, N. J. Location of branch, Eimora Ave. and Pennington St., Elizabeth. VOLUNTARY LIQUIDATIONS. Sept. 8-The Brotherhood of Railway Clerks National Bank of 400,000 Cincinnati. Ohio Effective Aug. 22 1930. Liquidating committee: M.(3. Geigerman. M. G. Heintz and Goo. S. Levi. care of the liquidating bank Absorbed by the Contra' Trust Co , Cincinnati, Ohio. 25,000 Sept. 8-New First National Bank of Howard, S. Dak Effective May 12 1930. Liquidating agent, Miner County Bank of 'Toward. S. Dak. Absorbed by Miner County Bank of Howard. S. Dak. of BaltiSept. 15-The Farmers & Merchants National Bank 650.000 more, Md Peirson, 0. Wm. Agent, Liq. Effective Sept. 3 1930. Union the care of the liquidating bank. Absorbed by The liquiTrust Co. of Maryland, Baltimore, Md. dating bank has three branches. SEPT. 27 1930.] FINANCIAL CHRONICLE 2013 Sept. 16-The Dala-Cynwyd National Bank. Bala-Cynwyd. Pa- 50,000 When Per Books Closed Effective Sept. 15 1930. Lia. Agent, Wm..I. Curry, Name of Company. Cent. Payable. Days inclusive. care of the liquidating bank. Absorbed by the Merton Title & Trust Co. of Ardmore, Pa. Public Utilities (Concluded). Sept. 17-The Drovers & Mechanics National Bank of Baltimore, Dakota Central Telep.. corn. (quar.)... *2 Oct. 1 'Holders of rec. Sept.30 Md Preferred (Quer.) • 51.825 Oct. 1 'Holders of rec. Sept.30 Effective Sept. 15 1930. Liq. Zgent, the Maryland1""00 Dixie •1% Oot. 1 *Holders of rec. Sept.29 Gas de Utilities, pref.(guar.) Trust Co., Baltimore, Md. Absorbed by the Maryland Electric Public Service, pref. (guar.)... *I% Oct. 1 *Holders of rec. Sept. 15 Trust Co., Baltimore, Md. The liquidating bank has Electric Public Utilities. pref. (guar.).- "$1.75 Oct. 1 *Holders of rec. Sept. 15 two branches. El Paso Elec. Co. (Del.), pf. A (guar.) "1% Oct. 15 *Holders of rec. Oct. 1 Sept. 1.7-The Security National Bank of Downers Grove 100,000 Preferred B (guar.) *1% Oct. 15 'Holders of rec. Oct. I Effective Aug. 28 1930. Lig. Committee. John P. Empire Dist. Elec., pref.(monthly)._ *50c. Oct. 1 'Holders of rec. Sept. 15 MacDonald. Chas. Osberg and Frank D. Lindley. care English Elec. Co. class of _ Can., A 750. Oct. 15 Holders of rec. Sept.30 (Us.) of the liquidating bank. Absorbed by the First NaErie Railways, pref.-Dlyidend deferred tional Bank of Downers Grove, Ill., No. 9725. Fairmount Park Tranaporta'n, p1. (qu.) "1730 Oct. 10'Holders of rec. Sept.30 Sept. 18-The First National Bank of Ashley. No. Dak. 25,000 Green & Coates Sta. Phila.Pass. Ry.(gu) .$1.50 Oct. 7 *Sept. 23 to Oct. 7 Effective Sept. 13 1930. Lie. Committee, A. W. Gulf Power Co.. $8 pref. (guar.) $1.50 Oct. 1 Holders of rec. Sept.20 Wentz, L. Rubin and V.S. Collins. care of the liquidatHartford Electric Light (guar.) *8%e Nov. 1 *Holders of roe. Oct. 15 ing bank. Absorbed by First State Bank,Ashley, N.D. Extra •9310 Nov. 1 'Holders of roe. Oct. 15 CONSOLIDATION. Houston Natural Gas, prof. (quar.)._..'87%c Sept.30'Holders of roc. Sept.20 Sept.30 *Holders of too. Sept.29 *2 Sept.20-The Old Citizens National Bank of Zanesville. Ohio 200.000 Illinois Bell Telephone (guar.) The Zanesville Bank & Trust Co., Zanesville, Ohio '1% Nov. 1 *Holders of rec. Oct. 15 150,000 Illinois North Utilities, Pref.(guar.) *I% The Peoples Savings Bank Co., Zanesvthe, Ohio 100,000 Kansas Power & Light. 7% pref.(au).. *I% Oct. 1 "Holders of rec. Sept.20 Oct. 1 'Holders of rec. Sept. 20 The Guardian Trust & Safe Deposit Co., Zanesville,0- 100,000 6% preferred (quar.) "1% Oct. 15 "Holders of rec. Sept. 25 Kentucky Utilities, pref.(guar.) Consolidated to-day under the Act of Nov. 7 1918, as • Oct. 10 'Holders of rec. Sept. 30 *2 Lincoln Tel. rfs: Tel., cont. (quar.) amended Feb. 25 1927, under the charter of the Old Lincoln Telep. Securities. pref. (guar.). *134 Oct. 10 *Holders of rec. Sept.30 Citizens National Bank of Zanesville, No. 5760, and Long Island Lighting corn. (guar.) •I5c Nov. 1 "Holders of rec. Oct. 15 under the corporate title of "The Citizens National Lowell Electric Light (guar.) •65o Nov. 1 "Holders of rec. Oct. 15 Bank in Zanesville." with capital stock of $400,000. Massachusetts Ltg. Cos., corn- (quar.).. *75c Sept.30 'Holders of rec. Sept.20 Oct. 15 'Holders of rec. Sept. 25 .2 8% preferred (guar.) Auction Sales.-Among other securities, the following, 8% preferred (guar.) '1% Oct. 15 'Holders of rec. Sept. 25 Mass, Utilities Assoc.. pref.(qua:.).... "82% Oct. 15 "Holders of rec. Sept.30 not actually dealt in at the Stock Exchange, were sold at auction Montreal 80c Oct. 15 Holders of rec. Sept.30 Telegraph (guar.) in New York, Boston, Philadelphia and Buffalo on Wednes- Mountain States Tel. & Tel. (quar.)...... *2 Oct. 15'Holders of rec. Sept. 30 Municipal Gas (Texas). prof. (quar.).. *$1.7 Oct. 1 *Holders of rec. Sept.15 day of this week: Nat. Power & Light, $8 pref.(guar.).- $1.50 Nov. 1 Holders of rec. Oct. 11 By Adrian H. Muller & Son, New York: Nevada-Calif. Elec. Corp., pref. (guar.) Nov. 1 Holders of rec. Sept. 30 Shares. Stocks. Sept.30 Holders of rec. Sept.27 $ per Sh. Shares. Stocks. $ Per Sh. Northwestern Bell TeleP., corn.(gnu.). 2 1,000 Long Island Commercial DisNorthwestern Electric.7% pref.(Mar.). Oct. 1 *Holders of roe. Sept. 18 1,500 Carboloid Products Corp.. et )4 count Corp., common. no par--$50 lot 8% preferred (quar.) Oct. 1 "Holders of roc. Sept.18 v. tc. c., par $5 $38 lot $490.07 Z & F assets, Realization Ohio City Water Corp.. $8 prof.(guar.)- 411.50 Oct. 1 "Holders of roe. Sept.20 25 Biscayne Securities Corp., 10% Corp., panic. ctfs., set. B; 150 paid in liquidation $50 lot Oklahoma Natural Gas, pref. (quar.).... 441.75 Oct. 1 *Holders of roe. Sept. 15 McKinley Darragh Savage Mines, 800 J. Eisner Assoc., Inc., com.$200 lot Pennsylvania Power,58.80 pref.(mthly.) 568. Nov. 1 Holders of rec. Oct. 20 no par; 20 United Pulp & Paper $8.60 preferred (monthly) 55c. Dee. 1 Holders of rec. Nov.20 1,495 Garyville Northern RR__$300 lot Co., rem., par $5; 40 Batopilas $8 preferred (guar.) 21.50 Dec. 1 Holders of rec. Nov.20 Mining Co., par $20; 5 Dolores 2 Oct. 17 Holders of rec. Oct. 3 BondsPer Cent. Peoples Gas Light & Coke (guar.) Philadelphia & Western Ry.. pf.(guar.) 62%c. Oct. 1 Holders of too. Sept.30 $250,000 Simmons Co. 15-yr. deb. E$Peranza Corp., Par $2; 20 Ely '1) Oct. 10 *Holders of rec. Sept.30 Nevada Copper Co., par $1...$45 lot 68, Nov. 1 1944 50 & int. Piedmont & Northern Ry. (guar.) Portland (Me.) Gas Light (guar.) 111.50 Oct. 1 *Holders of rec.Sept 23 By Wise, Hobbs & Arnold, Boston: Power Gas & Water Serv.. prof.(quar.). •150 Oct. 1 *Holders of recs. Sept.22 Providence 3Ort. Oct. 1 Holders of rec. Sept. 15 Gas CO. (guar.) Shares. Stocks. Sh. Stocks. Shares. Per $ $ Per Sh. St. Joseph Ry.L.H.& Pr., pref.(qu.)-- '134 Oct. 1 *Holders of rec. Sept. 15 Assoc. Textile Cos. as follows: 5 Collyer Insulated Wire Co 31 St. Louis Public Serv., pref.(guar.).- $1.75 Oct. 1 Holders of rec. Sept. 20 6 lots 5 shs, each at 35; 6 at 35: 5 Collyer Insulated Wire Co 31 Shasta Oct. 1 (guar.) *Holders Water "37%c of rec. Sept. 15 5 at 38.3i. Sugar Caracas 135 Co.. par $50; South Carolina Power Co.,$8 pref.(au.) $1.50 Oct. 1 Holders of rec. Sept. 20 100 Fed. Nat. Bank, par $20 98 23 U. S. Worsted Corp., 1st pi.; South Pittsburgh Water,7% prof.(an.). 1% Oct. 15 Holders of rec. Oct. 1 144 Arlington Mills 20 Magee Furnace Co., 2d pf.; 100 Oct. 15 Holders of rec. Oct. 1 8% preferred (guar.) 6 Queen City Cotton Co 12% $1,000 Nat. Motors coll. 7% •37%c Oct. 15 *Holders of rec.Sept.30 Calif. Gas. Pref.(guar.) 60 Mass. Bonding & Ins. CO, note dated Nov. I 1923 55 lot Southern •37340 Oct. 15'Holders of roe. Sept.30 Preferred A (guar.) par $25 103 Mtge. note $4,000, dated April 30 Southern Counties Gas, pref. (qua:.)... *I% Oct. 15 *Holders of roe. Sept.30 10 New Engl. Pub. Serv. Co., $6 1925, on demand int. 6% given Southern Incl. Gas & El., 6% pf. (qu.) x Oct. Holders orreo. Sept.26 prior lien preferred 90 by Albert S. Marcus and Bessie 7% preferred (guar.) 1% Oct. Holders of rec. Sept.28 20 Plymouth Cordage Co 73 Marcus to Bk. of Commerce & $1.65 Oct. 6.6% preferred (guar.) Holders of coo. Sept. 28 30 Amer. Glue Co., corn 142%-144 Tr. Co., secured by mtge. on 179 Oct. *Holders of rec. Sept.30 100 Shawmut Bank Inv. Trust-19-19% Glenway St., Dorchester. Mass.$1.000 Southern Union Gas,corn.(In stock)._ *50c. Oct. Preferred A (guar.) 'Holders of rec. Sept.23 12 Boston Wov. Hose & Rub. Southwestern Bell Teton., pref.(qu.) Holders of rec. Sept.20 Co.. common 1% Oct. 75 Bonds. Per Cent. Tennessee Elec. Power, 5% let pt.(nu.) 13( Jan2'3 Holders of rec. Dec. 15 880 United Carr Fastener Corp.. $3.000 Fisk Rubber Co., 8s, due Jan2'3 Holders of rec. Dee. 15 8% first preferred (guar.) common 7 Sept. 1 1941 65 Jan2'3 Holders of roe. Dee. 15 25 Boston Wov. Hose es Rub. CO.. 7% first preferred (guar.) $14.000 Shawmut 13k. Invest. $1.80 Jan2'3 Holders of reo. Dec. 15 7.2% first preferred (guar.) common 76 Trust 4%s March 1942 78% 50o Nov. 6% first preferred (monthly) Holders of tee. Oct. 15 By R. L. Day & Co., Boston: 500. Dec. 8% first preferred (monthly) Holders of tee. Nov. 15 50c Jan2'3 Holders of rec. Dec. 15 6% first preferred (monthly) Shares. Stocks. $ Per Sh. Shares. Stocks. Per Sh. $ 800 Nov. 7.2% first preferred (monthly) Holders of roe. Oct. 15 7 Boston National Bank 104 25 Thomson Electric Welding Co., 60c. Dee. 7.2% first preferred (monthly) Holders of roe. Nov 15 1 Atlantic National Bank, par $25, Par $20 45 1300. Jan2'3 Holders of roe. Dee. 15 7.2% first preferred (monthly) 94% ex-div. 15 Public Service Co.,N.H.,$6 ser. 98 Toledo Edison Co.,7% pref.(mthly.)--* 58 1-3c Oct. 'Holders of rec. Sept.15 10 Boston National Bank 105 8 Boston Belting Co., pref.. Par $50 60 •500. Oct. 6% preferred (monthly) 'Holders of rec. Sept.15 25 Federal National Bank, par $20. 98 11 H.B.Clatlin Co., let pref 40c Union Elec. Lt. &Power of Ill., pf.(qu.). *1% Oct. "Holders of rec. Sept. 15 10 Atlantic National Bank, par $25 100 Mass.Bdg.& Ins. Cot, par $20_103 •423‘c Oct. 15 *Holders of roe. Sept.30 Union Telephone. pref. (guar.) 95% ex-div. 10 Public Service Co., N. H.,$5 ser 84 United Gas Corp..$7 pref.(qu.)(No. 1)_ *S1.7.5 sept.30 "Holders of rec. Sept.25 50 Associated Textile Co., corn..-- 35 50 warrants Peoples Drug Stores, •1% United Power & Light (Kan.). is.(au.). Oct. 1 *Holders of 10 American Linen Co Sept. 15 51% lot Inc $25 lot Washington Gas es Electric, pref.(guar.) •1% Oct. 1 *Holders of rec. too. Sept. 15 3 Associated Textile Cos., com____ 38% 100 Geo. P. Cox Last Co 1914 *1% Oct. 1 "Holders of rec. Sept. 113 250 Ft. Dodge Des Moines & Sou. 25 Old Colony Trust Associates...38-40 Vs estern United Gas& El.,8%% pf.(qu.) .1% Oct. 1 "Holders of rec. Sept.16 6% preferred (guar.) RR., 7% pref $25101 5 Great Nor. Paper Co., par $25.- 45% •1% Oct. 1 *Holders of rec. Sept. 15 Wisconsin Elec.Power,6%% pf. (qu.) 6 Springfield Rys. Co., pref 78% 15 Shawmut Bank •th Oct. 1 'Holders of rec. Sept. 15 Tr_18%-19% 8% preferred (guar.) 15 Dennison Mfg. Co. 1st ser_ _100 & div. 10 Collyer InsulatedInvest Wire Co 31 30 Mass. Bdg. es Ins. Co., par $25_103 Trust Companies. By Barnes & Lofland, Philadelphia: Bank of Sicily Trust (guar.) *30o. Oct. 10 "Holders of reo. Sept.30 Shares. Stocks. 3 Per Sh. Shares. Stocks. $ Per Sh. Fire Insurance. 30 Phila. Nat. Bank, par $20 131% 120 Franklin Fire Ins. Co., Par $25. 30 American Equitable Assurance (quar.).. *30c. Nov. 1 *Holden; of roe. Oct. 20 1 Citizens National Bank, Jenkin10 Bankers Securities Corp., Pref.- 40 York Fire, common (qua:.) *300. Nov. 1 'Holders of rec. Oct. 20 town, Pa 100 15 Crystal 011 Refg. Co., pref._ _65 lot New *1% Oct.: 15 *Holders of roe. Oct. 14 Preferred (guar.) 20 National Dank of Germantown 100 Crystal Oil Refg. Co., corn__ _53 lot Niagara Oct. 2 *Holders of reo. Sept.24 Fire (quar.) & Trust Co., par $10 80 90 Philadelphia Warehousing -es 6 Commercial National Bank & Cold Storage Co 35 Miscellaneous. Trust Co. par $10 24 3 Philadelphia Bourse, pref 24 10 Integrity' Trust Co.. par $10-108 Rights. $ per Right. & Straus. Ins.. pref.(qua:.).. *1% Nov. 1 'Holders of rec. Oct. 15 39 Bankers Trust Co., par 550-- 70 1,872 Insurance Co. of Nor. Amer_ 2% Abraham Acme Staples. pref.(qua:.) •1 Oct. 1 'Holders of rec. Sept. 20 10 Broadway Merchants Trust Co., Bonds. Per Cent, Adams-Millls Corp.. common (quar.) Camden, N. J., par $20 *50o. Nov. 1 'Holders of roe. Oct. 18 50 $3,000 Lehigh Valley HR.perpetual First and second prof. (guar.) 2 Media-Sixty-Ninth St. Trust Co., *1% Nov. 1 "Holders of roe. Oct. 18 annuity Ils Alabama Fuel & Iron. common-Dividen d Pass ed. Pa 100 $1,000 Temple University (Samari-132 Alexander Hamilton Institute. corn.-Di Mend passed. 108 Aberfoyle Mfg. Co.. corn 100 tan Hospital) 1st & ref. 6s, 1944_ 92% Arles & Fisher (guar.) 50e. Oct. 1 Holders of rec. Sept. 19 By A. J. Wright & Co., Buffalo: Allred Amer. Ind., Inc.,$6 pref.(au.)-•31.50 Oct. 1 *Holders of rec. Sept. 17 Amalgamated Elec. Corp., pref.(guar.). Shares. Stocks. 750. Oct. 15 Holders of roe. Oct. 4 $ per Sh. Shares. Stocks. $ per Sh. American Aggregate Corp. pref. (gu.)- - *$1.75 Oct. 1 "Holuers of rec. Sept. 20 100 Cuban Conners 011 CO.. Par 1,000 Peterson Cobalt Mines. Par Amer.-Canadian Util.„ partic. pref.(qu.) $50 130e. Oct. 1 Holder's of rec. Sent. 20 $1 lot $1 434c. 1 Bimini Book Service, Inc., no par 12 Nov. 1 'Holders of tee. Oct. 11 100 Assets Realization, par $10_ _.52 lot American Coal(guar.) Amer.Founders Corp., corn.(guar.)_ Nov. 1 Holders of rec. Oct. 2 7% first preferred,series A (guar.)_ 87%c. Nov. 1 Holders of rec. Oct. 2 7% first preferred,series B (guar.)._ DIVIDENDS. 87%c. Nov. 1 Holders of rec. Oct. 2 first preferred, series D (guar.)-- 768. Nov. 1 Holders of rec. Oct. 2 Dividends are grouped in two separate tables. In the 6% Cr% second preferred (guar.) 37 tsc. Nov. 1 Holders of rec. Oct. 2 first we bring together all the dividends announced the American Home Products (monthly)... 350. Nov. 1 Holders of rect. Oct. 144 Ice Co.. common (qua:.) 750. Oct. 25 Holders of rec. Oct. current week. Then we to low with a second table, in American Preferred (guar.) 134 Oct. 25 Holders of roe. Oct. 3 which we show the dividends previously announced, but Amer.Laundry Mach.,rem.(guar.) "$1 Dec. 1 'Holders of rec. Nov.20 American Meter (guar.) •75c. Oct. 31 "Holders of rec. Oct. 15 which have not yet been paid. Amer. Overseas Inv. Corp., pref.(guar.)•21.50 Oct. 1 "Holders of rec. Sept. 19 The dividends announced this week are: American Screw (guar.) 1% Oct. I Holders of rec. Sept. 204 Amer.Shares, Inc.. preferred 60c. Oct. 1 Holders of rec. Sept.20 Amer Thermos Bottle. claw A (qua:.).. •30o. Nov. 1 "Holders of roe. Oct. 20 Per When Amer.Trustee Shares,series B • 37.18e Oct. 1 Books Closed. Name of Company. Cent. Payable. Series B (extra) "1 4.011r Oct. 1 Days Inclustee. Anaconda Copper Mining (guar.) 62340 Nov.17 Holders of rec. Oct. 11 I Railroads (Steam). Anaconda Wire & Cable (guar.) •25c. Nov. 10 "Holders of rec. Oct. 11 Atlantic Coast Line RR., pre( •234 Nov. 10 "Holders of rec. Oct. 24 Copper Andes Mining (guar.) .25c. Nov. 10 "Holders of rec. Oct. 11 Delaware Lack. & Western (guar.)._ Oct. 24 *Holders of rec. Oct. 4 A nsbacher-Sierle Corp. Prof.(guar.) 60e. Oct. 1 Holders of rec. Sept. 22 _ Internat. Rya. of Cent. Am., pf. (qu.)_ _ •$1.50 1% Nov.15 Holders of rec. Oct. 31 Apollo Steel Co. (qua:.) "15c Oct. 1 'Holders of too. Sept.20 I Newark & Bloomfield 41.50 Oct. 1 'Holders of reo. Sept.22 (guar.) Mfg. _ Athol Oct. 1 'Holders of rec. Sent. 24 *II Norfolk & Western, adj. Prof. (quar.). •1 Nov. 19 *Holders of rec. Oct. 31 Atlantic Steel. common (guar.) '134 Sept.30 *Holders of rec. Sept.20 Norwich & Worcester, pref. (guar.)._ 2 .3% Nov. 1 'Holders Oct. 1 Holders of rec. Sept. 18 Preferred of res. Oct. 21 Philadelphia & Trenton (quar.) *2% Oct. 10 *Holders of rec. Sept. 30 Atlantic Terra Cotta, pref.-Dividend d eferred Reading Co., common (quar.) *51 Nov.13 *Holders of too. Oct. 18 Atlas Thrift Plan Corp. pref.(quar 1% Oct. 1 Holders of rec. Sept.25 Vermont & Massachusetts 3 Austin Motors. Ltd., common Oct. 7 Sept. 10 to Oct. 7 *80o. Autoline Oil. pref.(guar.) *20c. Oct. 1 *Holders of rec. Sept. 27 Public Utilities. Automobile Finance(arum) '25e. Oct. 15 'Holders of rec. Sept.'n Bell Telephone of Pa.. corn.(wan)._ •2 Sept.30 of tee. Sept.30 Avery (B. F.) & Sons, lit pref.(quar.) *21.75 Oct. 1 'Holders of rec. Sept 25 Chic. Aurora SC Elgin RR., prior pf.(qu.) •1% Oct. 1 *Holders *Holders of rec. Sept. 30 Banc Ohio Corp.(guar.) '35c. Oct. 1 "Holders of rec. Sept. 18 Commonwealth-Edison Co. (guar.)._ '2 Nov. 1 "Holders Of rec Oct. 15 Bancroft (Joseph) es Sons Co., pf.(q.). Oct. 81 Holders of roe. Oct. 160 fr.% 2014 Name of Company. Per When Cent. Payable. Books Closed Days Inclusive. Miscellaneous (CoMtnued). *200. Oct. 1 *Holders of rec. Sept. 20 BancoKentucky Co.(guar.) Bankers Commercial Sec.(quar) *500 Oct. 1 *Holders of rec. Sept. 26 Bansicilla Corp., class A & B (quar.) •15e. Oct. 10 *Holders of rec. Sept. 30 Barnsdall Corp., class A & B (guard •500. Nov. 6 *Holders of rec. Oct. 2 Beacon Participations, Inc., pref. B-D lvId en d omits ed Bell View Oil Syndicate(guard 550e. Oct. 1 *Holders of rec. Sept. 20 Benjamin Elec. Mfg., first pref.(guard- *$2 Oct. 1 *Holders of reg. Sept. 20 Berry Motor (guar.) 300. Oct. 1 Holders of rec. Sept.20 *40c. Oct. 1 *Holders of rec. Sept. 20 Bohon (D. T.), pref. (guar.) Bonded Capital Corp.. prof.(quar.)__- *134 Oct. 1 *Holders of rec. Sept. 23 Bonwit Teller & Co., pref.(guard * 8134o. Oct. 1 *Holders of rec. Sept. 20 Boyd Welsh Shoe (quar.) 750. Oct. 1 Holders of rec. Sept. 25 • 8714c Oct. 1 *Holders of rec. Sept. 22 Brandtjen & Kluge. pref.(guard British Columbia Pulp & Paper PL WO- *$1.75 Nov. 1 *Holders of rec. Oct. 15 British & French Inv., Ltd.(quar.) * 62140 Oct. 1 *Holders of rec. Sept. 30 Bruce(E.L.) Co., pref.(guar.) 134 Oct. 1 Holders of rec. Sept. 20 Bullocks,Inc..7% pref.(quar.) *134 Oct. 1 *Holders of rec. Sept. 11 Bunker Hill & Sullivan Mining & Con •250. Oct. 5 *Holders of rec. Sept.25 centrating, common (monthly) •250. Oct. 5 *Holders of reo. Sept. 25 Common (extra) •$1.50 Oct. 5 *Holders of rec. Sept. 30 Preferred (guard 55e. Oct. 1 Holders of rec. Sept. 21) Burkart Mfg., pref.(guard *1.34 Oct. 15 *Holders of rec. Sept. 30 Calaveras Cement, pref. (quar.) Sept.30 *Holders of rec. Sept.30 Cameron Machine, pref. (quar.) *82 Oct. 1 *Holders of rec. Sept. 15 *31 Campbell Baking, pref. A (guar.) 37340 Oct. 15 Holders of rec. Sept. 30 Canada Foundiles & Forg., Cl. A (qu.) 154 Oct. 15 Holders of rec. Sept. 30 Canadian Fairbanks-Morse, pref. (qu.)_ *623.4c Oct. 31 *Holders of rec. Sept. 30 Canadian Industries, coin. (guard *25c. Oct. 31 *Holders of rec. Sept.30 Common (extra) •134 Oct. 15 *Holders of rec. Sept.30 Preferred (quar.) *34o. Oct. 5 *Holders of rec. Oct. 1 Capital City Prod '373c Oct. 1 *Holders of rec. Sept. 22 Carpel Corp., pref. (guar.) Central Franklin Process, let pref. WILL 41$1.75 Oct. 1 *Holders of rec. Sept.20 *$1.75 Oct. 1 *Holders of rec. Sept. 20 Second preferred (guar.) Second pref. (acct. aceum. div.)- -h .$1.75 Oct. 1 *Holders of rec. Sept.20 A-Divi dend pref. p cussed Corp., Central National 4150c. Oct. 1 *Holders of rec. Sept. 23 Central West Casualty (guar.) •12%c Oct. 1 *Holders of rec. Sept. 23 Extra •6254c Nov.15 *Holders of rec. Nov. 1 Chain Belt Co., corn.(guar.) Chain Store Products, panic. pref.(qu.) *37540 Oct. 1 *Holders of rec. Sept. 20 •154 Oct. 1 *Holders of rec. Sept.19 Champion Internat, Co.. corn.(guard •134 Oct. 1 *Holders of rec. Sept. 19 Preferred (guard *31 ge Oct. 15 *Holders of rec. Sept. 25 Chapman Ice Cream (guard Oct. 1 *Holders of rec. Sept. 24 •2 Chapman Valve Mfg., corn.(quar.) Oct. 1 *Holders of reo. Sept.24 *2 Common (extra) Chicago Daily News. pref. (guar.) 141.75 Oct. 1 *Holders of rec. Sept. 20 *400. Oct. 1 *Holders of rec. Sept. 20 City Machine Tool (guar.) Clark, Howe, Waters & Knight Bros.4.13.4 Sept. 2 *Holders of rec. Aug. 16 Preferred (guar.) 50e. Oct. 1 Holders of rec. Sept. 24 Cleveland Builders Supply (guar.) Cleveland Graphlte Broils Co.(guard__ •25e. Oct. 1 *Holders of rec. Sept. 25 50c. Oct. 1 Holders of rec. Sept. 23 Cleveland Union Stock Yards (quar.)--Clorox Chemical, class A and B (guard- •500. Oct. 1 *Holders of rec. Sept. 20 *50c. Oct. 1 *Holders of rec. Sept. 25 Collyer Insulated Wire (guar.) Columbia River Packers Assn.-Dividen d omitted *28c. Oct. I *Holders of rec. Sept. 20 Commerce Investment (guard 4334c. Oct. 15 Holders of ree. Oct. 1 Commercial Bookbinding (quar.) Commercial Discount (Los Angeles)4.20c. Oct. 10 *Holders of rec. Oct. 1 8% preferred (guar.) *1714c Oct. 10 *Holders of rec. Oct. 1 7% Preferred (guard •$3.50 Sept. 15 *Holders of rec. Sept. 1 Congress Steel Corp., pref Connecticut Investment Trust, cl. A (qu) *14e. Oct. 15 *Holders of rec. Sept.30 •31.75 Oct. 20 *Holders of rec. Oct. 10 Consolidated Ice, Pittsb.. prof •31.75 Dec. 20 *Holders of rec. Dec. 10 Preferred Consol. Okla. San & Gravel, pref.(guard *134 Oct. 1 *Holders of rec. Sept. 22 Consolidate-'d Retail Stores, com.-Divid end cm Med Oct. 1 *Holders of rec. SePt. 26 *2 Preferred (guar.) •750. Oct. 20 *Holders of roe. Oct. 3 Corn Products Refg., common (quar.) *134 Oct. 15 *Holders of rec. Oct. 3 Preferred (guard *$1.50 Oct. 1 Cottrell (C. B.) & Sons, pref.(quar.) *500. Oct. 1 Holders of rec. Sept. 20 Counselors Secur. Trust (guard Crandall McKenzie & Henderson (qu.)-- *300. Oct. 1 Holders of rec. Sept. 20 Creamery Package Mfg., corn.(quar.)-- •50e. Oct. 10 Holders of rec. Oct. 1 •14 Oct. 10 Holders of rec. Oct. 1 Preferred (guard •87340 Oct. 1 Holders of reel. Sept. 20 Crook (J. W.) Stores, pref.(guard .500. Nov. 2 Holders of roe. Oct. 20 Curtis Publishing, common (monthly) *$1.75 Jan1131 Holders of roe. Dec. 20 Preferred (guard *$1.50 Oct. 1 Holders of rec. Sept.20 Dairy Corp., Canada, Ltd.. prof.(end Darling (L. A.) Co., class A.-Dividend passed *25e. Oct. 1 Holders of rec. Sept. 25 Deco Refreshments, corn,(guar.) *8754c Oct. 1 Holders of rec. Sept. 25 Preferred (guard Sept.30 Holders of rec. Sept. 22 2 Dixon (Joseph) Crucible Co.(quar.) Oct. 1 *Holders of rec. Sept. 20 *$2 Dolese & Shepard (guar.) Dominion Engineering Works(quar.) Oct. 15 Holders of rec. Sept. 30 $1 134 Oct. 3 Holders of roe. Sept. 30 Dominion Rubber. pref. (guard Sept. 30 *Holders of rec. Sept. 20 *1% Downington Paper, corn.(guar.) Dunlop's (J.) Sons, Inc., 1st pref. (qu.) *$1.50 Oct. 1 *Holders of rec. Sept. 20 Dunlop Tire & Rubber, Ltd,Pf• WO- '134 Oct. 1 *Holders of rec. Sept. 16 Durkee-Thomas Co., class A-dividend p eased. •51.50 SePt.30 *Holders of rec. Sept. 20 Dutton(A.C.) Lumber,corn.(quar.) *E1.75 Sept.30 *Holders of rec. Sept. 20 Preferred (guar.) 411.50 Oct. 15 *Holders of rec. Sept. 30 Eagle-Picher Lead, prof. (quar.) •750. Sept.30 *Holders of rec. Sept.20 Early & Daniels, com.(guar.) '134 Sept.30 *Holders of rec. Sept.20 Preferred (guar.) 11150. Nov. 1 *Holders of rec. Oct. 15 Eaton Axle & Spring, corn.(guar.) *50c. Oct. 1 *Holders of rec. Sept. 15 Egry Register (guar.) '3734o Oct. 1 *Holders of rec. Sept. 25 Electric Products(guar.) Electric Vacuum Cleaner (guard *$1 Oct. 1 *Holders of roe. Sept. 24 *50o. Nov. 1 *Holders of rec. Oct. 16 Elgin National Watch (guar.) Erskine-Danforth Corp., pref. (q11.) Oct. 1 *Holders of rec. Sept. 28 *2 Eureka Pipe Line (guard $1 Nov. 1 Holders of rec. Oct. 15 •31.4 Oct. 1 *Holders of roe. Sent. 27 Fairbanks (E. & T.) & Co., pref •40c. Oct. 1 *Holders of roe. Sept. 20 Fairmont Creamery, corn.(quar.) •134 Oct. 1 *Holders of rec. Sept. 20 Preferred (guar.) Federal American Co., corn.(guard- •300. Oct. 1 *Holders of rec. Sept. 26 '114 Oct. 1 *Holders of rec. Sept, 26 Preferred (quar.) •$1.50 Nov. 1 *Holders of rec. Oct. 15 Federal Electric Co., $6 pref.(quar.) *$1.75 Nov. 1 *Holders of roe. Oct. 15 $7 preferred (guar.) Oct. 15 *Holders of rec. Oct. 10 Fenton United Clean & Dye., coin.(qu) *1 Oct. 15 *Holders of rec. Oct. 10 *1 Common (extra) *1)( Oct. 15 *Holders of reo. Oct. 10 Preferred (guar.) *134 Oct. 1 *Holders of rec. Sept. 17 Fiberloid Corp.. pref.(guar.) Oct. 1 *Holders of rec. Sept. 20 *81 Fidelity Bond & Mtge. (guar.) *$1.25 Oct. 1 *Holders of rec. Sept. 24 Fidelity & Casualty (N. Y.) (guard (guard 15( Oct. 1 Holders of rec. Sept. 20 Filing Equip. Bureau. pref. •250. Oct. 20 *Holders of roe. Oct. 5 Firestone Tire & Rubber. corn.(quar.) *50c. Oct. 1 *Holders of rec. Sept. 20 First Invest. & See.(Chic.)(guar.) First Nat.Bank Trust Shares(Louisville) *$2.50 Oct. 1 *Holders of roe. Sept 20 First Trust Bank Stock CorP.(N.Y.)(clu) •1214o Sent.30 *Holders of ree. Aug. 30 *834c. Sept.30 *Holders of ree. Aug. 30 Preferred (coax.) Fishman (I.) & Sons, pref. A & B (guar.)•31.75 Oct. 15 *Holders of rec. Oct. 1 *75c. Oct. 1 *Holders of rec. Sept. 20 Frick Co., Inc., pref. (guar.) •250. Sept. 15 *Holders of rec. Sept. 3 Ford Hotels Co., Inc •134 Oct. 1 *Holders of rec. Sept. 30 Foster & Kleiser. pref.(guar.) *50c. Oct. 15 Fyr-Fyter, class A (guar.) Gamble -Robinson Co., 1st & 2d pf.(qu.) '874r Oct. 1 *Holders of rec. Sept. 20 •20c. Oct. 1 *Holders of rec. Sept.20 Gardner Petroleum, pref. (guard 15c. Oct. 1 Sept. 16 to Sept. 30 Gary (Theodore) & Co.,common Preferred (qua:.) 40c. Oct. 1 Sept. 16 to Sept. 30 Gemmer Mfg. class A (quar.) *75c. Oct. 1 *Holders of rec. Sept. 25 General Box Corp.-dividend deferred. *1)( Oct. 1 *Holders of ree. Sept. 20 General Mach. Corp., pref. (quar.) 50c. Nov. 1 Holders of rec. Oct. 15 General Stock Yards, corn,(guard 25o. Nov. 1 Holders of rec. Oct. 15 Common (extra) 51.50 Nov. 1 Holders of rec. Oct. 15 Preferred (guard Georgian, Inc., pref. A (guar.) *40e Oct. 15 *Holders of roe. Oct. 3 Oct. 31 *Holders of reo. Oct. 16 Gilchrist Co.(guar.) (Payable In stook). *e2 Bldg. Co., pref. (guard *$1.75 Oct. 1 *Holders of reo. Sept. 27 Gildred Gimbel Bros., pref. (guar.) *134 Nov. 1 *Holders of roe. Oct. 15 Gladding. McBean & Co.. coin. (quar.)_ *75e. Oct. 1 *Holders of rec. Sept. 20 [Vol,. 131. FINANCIAL. CHRONICLE Name of Company. Per When Cent. Payable. Books Closed. Days /mimics. Miscellaneous (Continued). Globe-Wernicke Co.. pref.(gum.) •1 4 Oct. 15 *Holders of rec. Sept. 30 Gold Dust, corn. (guar.) •62%c Nov. 1 *Holders of reo. Oct. 20 Gordon & Belyea, Ltd., let pref.(cud _ *1) Oct. 1 *Holders of rec. Sept. 24 Grace(W. R.) & Co.(guar.) Sept.80 *Holders of rec. Sept.29 *$1 Gray & Dudley Co., common (quar.)_. 2% Oct. 1 Holders of reo. Sept. 230 Preferred (guar.) 1% Oct. 1 Holders of rec. Sept. 230 Gray Telephone Pay Station (quar.) •50e. Oct. 1 *Holders of rec. Sept. 19 Extra *50c. Oct. 1 *Holders of rec. Sept. 19 Great Lakes Steamship (guar.) n1.25 Oct. 1 *Holders of rec. Sept.20 Greene Cananea Copper Co.-Dividend omitted Gross (L. N.) Co., pref.(guar.) 11,134 Oct. 1 *Holders of rec. Sept.25 Guaranty Co.of N.J., el. A & B (qu.)... */)o. Oct. 1 *Holders of rec. Sept. 22 Guilford Realty,com.(guar.) *30c. Sept. 30 *Holders of rec. Sept.20 *134 Sept. 30 *Holders of rec. Sept.20 6% Preferred A (guar.) *134 Sept.30 *Holders of rec. Sept.20 7% preferred (guar.) Gulf 011 Corp., pref.(quar.) *31.50 Oct. 1 *Holders of rec. Sept.20 Hall Baking, pref. (guard *87)4e Oct. 1 *Holders of rec. Sept. 15 Hamilton Loan Society (Pa.) (guar.).- •20c. Oct. 15 *Holders of rec. Sept. 30 Extra *7.14c Oct. 15 *Holders of rec. Sept. 30 Hamilton (R. G.) Corp., corn. (quar.) *15c. Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) Oct. 1 *Holders of rec. Sept. 15 *$1 Hamilton Watch, corn. (mthly.) *15c. Oct. 31 *Holders of rec. Oct. 10 Hannibal Bridge Oct. 5 *Holders of rec. Sept.25 *$4 Hanover Bond & Mtge.(Hackensack) Preferred (guard Oct. 5 *Holders of rec. Sept.30 *52 Hansen (0. C.) Mtg., pref.(guar.) 4.1340 Oct. 1 *Holders of rec. Sept. 20 Haverty Furniture, pref.(guard '37$4c Oct. 1 *Holders of rec. Sept. 20 Hayes-Jackson Corp., pref. (guard •81540 Oct. 1 *Holders of rec. Sept.25 Hayes Wheel P Forg., pref. (guard *1% Oct. 1 *Holders of rec. Sept. 20 Hearst Consolidated Publications-*134 Sept. 15 *Holders of rec. Sept. 1 Class A (guard (No. 1) 134 Nov.15 Holders of reo. Nov. 4 Hercules_Powder, Pref. (guar.) Heyden Chemical, pref.(guar.) *134 Oct. 1 *Holders of rec. Sept. 20 •$1.75 Oct. 1 *Holders of rec. Sept. 27 Hickock Oil, pref.(quar,) 250. Oct. 1 Holders of rec. Sept. 26 Highstown Rug, common $1.75 Oct. 1 Holders of rec. Sept. 26 Preferred (guard *214c Oct. 15 *Holders of rec. Sept. 30 Holly Oil Development (guar.) Home Service Co., 1st pref. (guard *50o. Oct. 20 *Holders of rec. Sept.30 Second preferred (guar.) 1058c. Oct. 20 *Holders of reo. Sept. 30 Honolulu Plantation (monthly) 0250. Oct. 10 *Holders of roe. Sept.30 Hooker Electrochemical, pref. (guar.)-- *134 Sept.30 *Holders of rec. Sept.22 Hope Engineering Corp., pref. (quar.)__ •134 Sept.30 *Holders of rec. Sept.20 *6234c Nov. 1 *Holders of rec. Oct. 11 Horn & Rardart, corn.(guar.) *25e. Oct. 15 *Holders of rec. Oct. 1 Horni Signal Mfg. pref. (guard *e10 Oct. 17 Houston 011 (stock dividend) *25c. Sept. 30 *Holders of rec. Sept.20 Huston(Tom)Peanut Co.(guar.) •50e. Sept.30 *Holders of reo. Sept. 20 Impervious Varnish (guar.) *500. Dec. 31 *Holders of roe. Sept.20 Quarterly Incorporated Investors(payable in stuck) e214 Oct. 15 Holders of rec. Sept. 10a Industrial Acceptance Corp.,1st pf.(qu.) 10134 Oct. I *Holders of rec. Sept. 20 Oct. 1 *Holders of rec. Sept. 27 411 Industrial Cold Storage & Whse., com Oct. I *Holders of rec. Sept.27 *51 Common (extra) Inland Investors (quar.) *600. Oct. 1 *Holders of rec. Sept. 20 Inspiration Consol. Copper Co.-Divide nd mei tted. Insull Utility InvestmentsCommon (payable in com.stk.)(qu.). hlifl% Oct. 15 *Holders of reo. Sept. 30 Insuranshares Corp.(N. Y.). PI.(cu) •81.375 Oct. 15 *Holders of rec. Sept. 30 Insurance Securities (guar.) 4117340 Oct. 15 *Holders of rec. Sept.30 Intercontinental Investment, cl.A(No.1) *$1.50 Oct. 1 *Holders of rec. Sept. 25 International Equities, cf. A (guar.)-- - 4187154e Oct. 1 *Holders of rec. Sept. 20 Internat. Printing Ink, corn,(guard-- •6254c Nov. 1 *Holders of rec. Oct. 13 Preferred (guar.) *154 Nov. 1 *Holders of rec. Oct. 13 •75c. Oct. 15 *Holders of rec. Sept.30 Investment Fund Ltd., pref. (guard Investment Trust Assoc.(qu.)(No. 1)... 1254e Nov. 1 Holders of roe. Oct. 16 Investors Foundation, Ltd., pref.(qu.). *75c. Oct. 15 *Holders of rec. Sept. 30 I Investors Mutual Corp., class A (guard- *50o *Holders of re0. Aug. 31 Investors Royalty (quar.) *50c. Sept. 30 *Holders of rec. Sept.30 Ivanhoe Foods, Inc., class A *50e. Oct. 1 *Holders of rec. Sept. 26 Preferred (guard *8754c Oct. 1 *Holders of rec. Sept. 25 Preferred (guar.) •8714c Jan 2'31 *Holders of rec. Doe. 20 Jamison Coal & Coke (guar.) *750. Sept.27 *Holders of roe. Sept.28 Jersey Ice Cream (Bait.), pref.(guard-- •$2 Oct. 1 *Holders of re0. RIC 13 Johnson Iron Works, Dry Dock & Oct. 1 *Holders of rec. Sept. 28 *2 Shipbuilding. preferred (guard Preferred (acct. accum. div.) Oct. 1 *Holders of rec. Sept. 26 •2 Johnson Ranch Royalty (guar.) •5c .Oct. 10 *Holders of rec. Oct. 1 Joint investors, class A (quar.) *25c. Oct. 1 *Holders of rec. Sept. 24 Journal of Commerce Corp., pref. (qu.)- •134 Oct. 1 *Holders of reo. Sept.23 Judson Mills,Prof.(guar.) '134 Oct. 1 *Holders of rec. Sept. 24 Kalamazoo Vegetable Parchment(guar.) *15c. Sept.30 *Holders of rec. Sept. 20 Kari-Keen Mfg., pref. A-Dividend omit ted. Kayser (Julius).1 Co.. corn.(quar.)._.- *62%c Nov. 1 *Holders of rec. Oct. 15 Kelley Koett Mfg., pref.(quar.)(quar.)• 37 54c. Oct. 1 *Holders of rec. Sept. 20 Kelsey-Hayes Wheel Corp., prof.(4111.)-- *134 Nov. 1 *Holders of rec. Oct. 21 Key Boiler Equipment (guar.) 25e. Oct. 1 Holders of rec. Sept. 25 Keystone Steel & Wire Co., corn.(guar.) •26e. Oct. 15 *Holders of rec. Sept. 30 Preferred (quar.) '134 Oct. 15 *Holders of rec. Sept. 30 Knudsen Creamery, class A (guard-- '3754c Nov.20 *Holders of rec. Oct. 31 *lc. Oct. 1 *Holders of rec. Sept. 25 Romp Film Industries. pref. (monthly)Laclede-Christy Clay Prod. (guar.).- 3110 Oct. 1 Holders of roe. Sept. 24 •134 Oct. 1 *Holders of rec. Sept. 24 Preferred (qar.) *50e. Oct. 1 *Holders of rec. Sept. 22 Laclede Steel(quar.) Laher Auto Spring, pref.(guar.) * 4334c. Oct. 1 *Holders of rec. Sept. 15 *254 Oct. 1 *Holders of rec. Sept. 15 Landed Banking & Loan (guar.) Landers, Frary & Clark,corn.(guard-- - *$1 Sept. 30 *Holders of rec. Sept. 20 Lawrence Portland Cement(guar.) *$1 Sept. 30 *Holders of rec. Sept. 23 *$1 Oct. 1 *Holders of rec. Sept. 30 Leader Filling Stations, pref.(guard *134 Oct. 1 *Holders of rec. Sept. 25 Leggett (F. II.) Co., Prof. (guard Nov. 1 *Holders of rec. Oct. 20 Liquid Carbonic Corp.(guard *$1 $2 Oct. 16 Holders of rec. Sept. 30 Los Angeles Biltmore Co.(guar.) Los Angeles Invest.Securities-Dividend omitt ed. *2 Oct. 1 Holders of rec. Sept. 25 Lycoming Mfg.,pref.(guar.) Lyons-Magnus, Inc., class A (guard-- - •3714c Oct. 1 *Holders of rec. Sept. 16 Madison Mtge. Corp.,8% let pref.(qu.) •2 Oct. 15 *Holders of rec. Sept. 25 7% first preferred (guar.) '134 Oct. l*Holders of rec. Sept. 20 7% second preferred (guar.) *134 Oct. I *Holders of rec. Sept. 20 Madison Square Garden Corp 25e. Oct. 14 Holders of rec. Oct. 4 •55e. Oct. 15 *Holders of rec. Oct. 1 Mahon (It. C.) Co., pref.(quar.) Majestic Royalty (monthly) *134 Oct. 1 *Holders of rec. Sept. 25 Manning Bowman & Co.,class A (qu.)-' 3714e. Oct. 1 *Holders of rec. Sept. 20 Class B (guar.) • 12 14c. Oct. 1 *Holders of rec. Sept. 20 Manning, Maxwell & Moore(guard-- 111500. Oct. 2 *Holders of rec. Sept.80 Marathon Paper Mfg., Pref.(guard --,- •11,, , Oct. 1 *Holders of rec. Oct. 1 Marchand Calculating Mach.,com.-DI )(Mend passed. McCaskey Register, first pref.(guar.)-134 Oct. 1 Holders of rec. Sept.23 Second preferred (guar.) •2 Oct. 1 *Holders of roe .Sept. 23 McCord Mfg., pref. di pref. A (quar.) •114 Oct. 1 *Holders of rec. Sept. 25 McCrory Stores, new pref. (qu.) *$1.50 Nov. 1 *Holders of roe. Oct. 20 McGrady-Rogers Co., pref.(quar.)____* 8714e. .ept.30 *Holders of rec. Sept. 25 McLeod Bldg.. Ltd., pref. (guard *$1.75 Oct. 1 McWilliams Dredging. pref.(guard- --• 33 1-3c Nov. 1 Medusa Portland Cement (guar.) $1.50 Oct. 1 Sept. 26 to Sept. 30 Merchants Discount(guar.) *37 tie Sept. 30 *Holders of rec. Sept. 25 Merchants Nat. Realty. pref. A & B (qu) •1% Oct. 1 *Holders of rec. Sept. 25 Merchants Trans. dr Storage, pref.(qu.)- •154 Oct. 1 *Holders of rec. Sept. 23 8% preferred (coar.) *2 Oct. 18 *Holders of rec. Sept. 30 Meyer-Blanke Co.,corn.(guar.) 31340. Oct. 10 Holders of rec. Sept. 30 Preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 20 Michigan Steel Corp.(guar.) *8214c Oct. 20 *Holders of rec. Sept. 30 Midland & Pacific Grain, pref.(quar.) •154 Oct. 1 *Holders of rec. Sept. 24 Mill Factors, Inc.. class A & B (guard- *75c. Oct. 1 Minor,Inc.(guar.) *21r. Oct. 1 *Holders of rec. Sept. 15 1 Mississippi Glass Co.(guar.) •25o. Oct. 1 *Holders of roe. Oct. 1 1 Modlne Mfg. common (guar.) •75c. Nov. 1 *Holders of rec. Oct. 20' Mohawk Investment •60c. Oct. 15 *Holders of roe. Oct. 1 I (guard Murphy Varnish. pref.(guard •11: Sept. 20 *Holders of rec. Sept. 16 Nash (A.) Co. Inc. (guard *214 Oct. 15 *Holders of rec. Oct.'9 National Distillers Corp.. own. (qu.) •500. Nov. 1 *Holders of roe. Oct. 15 National Equity Co., pref. (guar.) •20e. Oct. 1 *Holders of roe. Sept. 20 National Erie Co.,class A (guar.) *50c. Oct. 1 *Holders of rec. Sept. 20 SEPT. 27 1930.] FINANCIAL CHRONICLE Per When Cent. Payable. 2015 Books Closed. Days Inclusive. 2 ozo z co8ga ocz 8 z 8,2zo 88,2aoz 88Z8ogc8 4 sa.2A-2. g2'' 2' '''''' n -gs2---------- Itoo o amo o oo44 0000 000_0000 o,gg o Name of Company. Per When Books Closed. Name of Company. Cent. Payable. Days Inclusive. Pe Miscellaneous (Continued). Miscellaneous (Concluded). National Fireproofing common (guar.). 750. Nov. I Holders of rec. Oct. 1 United Linen Supply, class A (quar.)_ '87He Oct. la Preferred (guar.) 1 *Holders of ree. Sept. 20 75c. Oct. 15 Holders of rec. Oct 1 Class B (guar.) National 011 Producers, pref. (quar.)__. $1.50 Oct. *51.75 "Holders of rec. Oct. 1 Oct. I *Holders of rec. Sept. 20 Nat. Republic Bancorporation (guar.). United Merchants & Mfrs., pref.(qu.)_. *1% Oct. 20 1 'Holders of rec. Sept. 19 - *25c. Oct. 1 *Holders of rec. Sept. 20 Nat.Sewing Machine(guar.) Preferred A (guar.) •75c. Oct. 1 *Holders of rec. Sept. 19 *75c. Oct. 1 *Holders of rec. Sept. 25 National Shirt Shops, pref. (guar.) Convertible preferred (QUM%) *134 Oct. 1 *Holders of rec. Sept. 19 2 Oct. 1 Holders of rec. Sept. 25 National Title Guar.(Bklyn) United Milk (monthly) *60. Oct. 10'Holders of rec. Oct. 1 (guar.) •61.75 Oct. 1 *Holders of rec. Sept. 19 United Paper Box, class A (guar.) Naumkeag Steam Cotton *40c. Oct. 1 *Holders of rec' Sept. 20 2 Oct. 1 Holders of rec. Sept. 24 (guar.) New England Grain Prod.Co. United Verde Extension Mining (quar.)_ 50e. pref. (guar.) *$1.75 Oct. Nov. 1 Holders of rec. Oct. 2a 'Holders of rec. Sept. 20 Newhall Bldg.Trust, pref. U.S. Casualty (N.Y.)(quar.) *El Oct. 1 *Holders of rec. Sept. 22 ' Hiller.) *$1.75 Oct. 1 'Holders of rec. Oct. New York Hamburg Corp U.S. Finishing, corn. & pref.-Dividend sornitt ed 1 *81.25 Oct. 1 'Holders of rec. Oct. 1 New York Holding, pref.(guar.) U. S. Industrial Alcohol (guar.) $1.50 Nov. 1 Holders of rec. Oct. 15a *1% Oct. *Holders of roe. Sept. New York Investors, common U. S. Radiator, corn.(quar.) "50o. Oct. 15 *Holders of *60o. Oct. 1 *Holders of rect. Oct. 19 N.Y.State Holding Co.,coin.(guar.)-6 Preferred (guar.) •1,4 Oct. 15 *Holders of roe. Oct. 1 50c. Sept.3 Holders of rec. Sept. 15 rec. Oct. 1 U.S.Smelt., Refg.& Mining,corn.(qu.) Preferred (guar.) 250. Oct. 15 Holders of rec. Oct. 2 New York (The)Sun.Inc., first pref.- - _ 81.75 Sept.30 Holders of rec. Sept. 15 Preferred (guar.) 874e Oct. 15 Holders of rec. Oct. 2 4 Oct. Holders of rec. Sept. North & Judd Mtg. (guar.) Utah Construction Co. (guar.) "2 Sept.30 'Holders of rec. Sept. 20 *500. Sept.30 *Holders of rec. Sept. 30 Northern Paper Mills, corn. (guar.).Vlchek Tool (guar.) 124c.Sept.30 Holders of rec. Sept. 19 *50c. Sept.30 *Holders of rec. Sept. 15 7% preferred (quar.)_ 15 Wallace Sandstone Quarries. Ltd *$1.50 Oct. 15 'Holders of rec. Sept.3 *1% Sept.30 *Holders of rec. Sept. 25 0 Watson-Stand Co 0% Preferred (guar.) *500. Oct. 1 *Holders of reo. Sept. 20 *1% Sept.30 *Holders of rec. Sept. 25 Northwest Engineering Co.((War.) Weinberger Drug Stores (qner.) 25e. Oct. 1 Holders of rec. Sept. 19 *500. Nov. *Holders of rec. Oct. 15 Ohio Leather, lot pref. (guar.) Extra (payable in stock) el Oct. *2 1 Oct. Holders of *Holders rec. Sept. 19 of rec. Sept. 23 Second preferred (guar.) Wells Newton National Corp., pref.-D iv1den d omItt ed Oct. *Holders of rec. Sept. 23 Second pref. (acct. accum. divs.) Werner (F.) & Co., common (quar.) *h5 "874e Oct. 1 'Holders of rec. Sept. 30 Oct. 1 "Holders of rec. Sept. 23 Ohio Man Co., pref. (guar.) Common (extra) *37 '2 Oct. c 34 *Holders Oct. 1 of rec. Sept. 1 *Holders of rec. Sept. 29 30 Ohio Wax Paper (guar.) Preferred A (guar.) *10c. Oct. '114 Oct. 1 *Holders of rec. Sept. 30 *Holders of rec. Sept. 20 011 Well Supply Co., pref.(MIRO Preferred A (extra) *75c. Oct. 1 'Holders of rec. Sept.30 Nov. Holders of rec. Oct. 11 Oswego Rayon Corp.(guar.) Preferred R *1 (guar.) % 441.75 Oct. *Holders Oct. 1 of rec. Sept.30 *Holders of rec. Sept.20 Pacific Finance Corp.. corn. (guar.). Westchester Service, $7 Pref. - *330. -DIvIdend deferr ed Pacific Southwest Realty,6% pt.(qu.) 4.1% Oct. 1 'Holders of rec. Sept. 15 Prior preferred (guar.) 111.75 Oct. 1 *Holders of reo. Sept.29 Oct. *Holders of rec. Sept. 20 Western 534% preferred (gnarl Newspap Union, er Prof. Nov. *$1.75 (guar.) 134 Oct. 1 *Holders of rec. Sept.20 Packard Electric Co.. corn.(guar.) Western Reserve Investing Corp.,pf.(gu) 13.4 Oct. 1 Holders of rec. Sept. "40c. Oct. 1 *Holders of rec. Sept. 30 294 Paepcke Corp.preferred (guar.) Weston (Geo.), Ltd.(guar.) *25c. Oct. 1 *Holders of rec. Sept.30 Oct. Holders of rec. Sept. 26 Parmelee Transportation (monthly) Whitman (William ) Co., pref. (qua'.).. 151 Oct. 1 Holders of rec. Sept. 18 Sc. Oct. 1 Holders of rec. Sept. 20a Preferred (guar.) Wilson (Percy) & Co .1m Oct. *50c. Oct. 1 'Holders of rec. Sept. 15 "Holders of rec. Sept.30 Peaslee-Gaulbert Co.. pref.(guar.) Wizard, Inc., class A (qua'.) "124c Oct. 1 'Holders of rec. Sept. 25 Oct. 1 *Holders of rec. Sept. Pennsylvania Wire Glass, corn. (quar.). •$1.75 Wood Chemical Products, class A.-Div1 dead o mitted. *81.50 Oct. 1 *Holders of rec. Sept. 25 24 Preferred (guar.) Wood Manufacturing, pref. (guar.).- 13.1 Oct. 1 Holders of rec. Sept. 24 41.75 Oct. 1 *Holders of rec. Sept. 24 Permutit Co., corn. (guar.) Woodward & Lothrop, prof. (qua'.) •1,4 Sept.29 *Holden of rec. *El Oct. 1 *Holders of rec. Sept. 20 Sept.23 Common (extra) Worcester Salt (guar.) *El *1% Oct. 1 *Holders of rec. Sept. 23 Oct. 1 *Holders of rec. Sept. 20 Perry Fay Co.(guar.) Wotoia Royalties _ -*$1 .090. Oct. 5 Sept.30 *Holders of rec. Sept. 20 Petroleum Landowners Corp.(mthly.). Yale Leasing Corp •250. 434 Oct. 15 *Holders of rec. Oct. 1 Pettibone-Mlliiken Co., pref.-dividend omitte Oct. 15 *Holders of rec. Sept.30 Young (J. S.) Co.,common (guar.) d. '23.4 Oct. 1 *Holders of rec. Sept. 19 Pickwick Corp., pref.(guar.) Preferred (guar.) .20e. '13.4 Oct. 1 *Holders of rec. Sept. 19 Pittsburgh Hotels Corp., pref.-DIviden d pass Sept.30 *Holders of rec. Sept. 15 ed. Pittsburgh Steel Fdy., corn.(quar.) *2543. Oct. 1 *Holders of rec. Oct. 8 Below we give the dividends announced in previous weeks Common (extra) *250 Portland Woolen Mills, pref.-dividend deferr Oct. 1 *Holders of rec. Oct. 8 ed. and not yet paid. This list does not include dividends anPremier Shares, Inc *113%o Oct. 1 "Holders of rec. Oct. 1 Producers Oil Royalty, pref.(mthly.) nounced this week, these being given in the preceding table. *1043. Oct. 1 *Holders of roe. Sept. 20 Prudence Co., Inc., pref Nov. Holders of rec. Oct. 10 Reliable Stores, corn. (In stock) •113( Oct. 'Holders of rec. Sept.20 First preferred (guar.) *lx Oct. Per When Books Closed. *Holders of rec. Sept.20 Republic Flow Meters, corn.(qu.) Name 01 Company. Cent. Payable. "100 Oct. Days Inclusive. *Holders of rec. Sept. 20 Preferred (guar.) *2 Oct. *Holders of rec. Sept.20 Republic StPg. & Enamel. coin. Railroad s (Steam). "40c Rhode Island Ice Co., prof. A (quar.).-- 61.75 Oct. 1 *Holders of rm. Oct. 1 Akron Canton & Youngstown (quar.).- •4 *Holders of rec. Sept.15 Holders of reo. Sept.26 Republic Steel Corp.. com.-divideno mined Oct. Alabama & Vicksburg 3 Holders of rec. Sept. Sc Royalties Management(monthly) 13altimore & Ohio com.(guar.) 13.4 *70 Oct. Holders of rec. Oct. 1la *Holders of reo. Sept.20 Ruddy Mtg.(Brantford, Can.). com-- $2 Preferred (guar.) 1 Holders of rec. Oct. ha Oct. Holders of rec. Sept.24 Preferred (annual) Aroostoo Bangor k & common (gilar.)--7 88c. Holders of rec. Aug. 30a Oct. Holders of rec. Sept.24 Russ Mfg., class A (guar.) Preferred (guar.) 1% *31.75 Nov. Holders of rec. Aug. 30a *Holders of rec. Oct. 21 First preferred (guar.) Beech Creek (guar.) 50c. '81,75 Holders of rec. Sept.lba *Holders of rec. Sept. 21 Saenger Theatres, corn. A & B.(guar.)- *500 Oct. Belt RR.& Stock Yards, Indiana Sept.2 *Holders of rec. Sept.22 Preferred (guar.) Common (guar.) $1 •1% Oct. Holders of ree. Sett.20 *Holders of rec. Sept.22 St. Joseph Stock Yards (guar.) Preferred (guar.) 750. Holders of reo. Sept.20 *1% Oct. *Holders of rec. Sept.20 Extra Boston & Albany (guar.) 2 '25 Holders of rec. Aug. so Sept.30 *Holders of rec. Sept. 15 St. Paul Union Stock Yards (quar.) Boston & Maine.common (guar.) 1 "2 Holders of rec. Sept. 13a Oct. *Holders of rec. Sept. 20 Santa Cruz Portland Cement(quar.). "31 Prior preference (guar.) 134 Holders of rec. Sept. 13 *Holders of rec. Sept. 20 Sarnia Bridge, Ltd., class A (guar.).- 50c Oct. 6% preferred (guar.) 13.4 Holders of rec. Sept. 13 Oct. Holders of rec. Sept. 20 Sayers & Scoville, com.(guar.) First preferred, class A (guar.) 134 1.2% Oct. Holders of rec. Sept. 13 *Holders of rec. Sept. 20 Preferred (guar.) First preferred. class B (guar.) 2 *14 Oct. Holders of rec. Sept. 13 'Holders of rec. Schettler Drug, pref. A (monthly) First preferred, class C (guar.) 134 112-30 Oct. 1 *Holders of rm. Sept.20 Holders of rec. Sept. 13 Sept.30 Schnebbe Fire Protection, corn. (guar.) First preferred class 234 . I) (guar.) Holders of reo. Sept. 13 '12%c Oct. 1 *Holders of rec. Oct. 1 Class A (guar.) First preferred, class E (guar.) 1% *600. Oct. 1 *Holders of rec. Oct. Holders of rec. Sept. 13 Preferred (quar.) Boston & Providence (quar.) 2% *750. Oct. 1 *Holders of rec. Oct. 1 Holders of ree. Sept.20 Schwartz (B) Cigar, pref. (Qum.) 1 Canadian Pacific, corn. (guar.) 234 *50o. Oct. Holders of rec. Sept. 2a *Holders of rec. Sept.20 Scott Paper, pref. A (guar.) Preference 4.‘ Nov. 2 Holders of rec. Sept. 2 *Holders of rec. Oct. 18 Preferred B (guar.) Carolina ClInchffeld & Ohio, corn.(qu.). 1 "14 Nov. Holders of rec. Sept. 300 *Holders of rec. 18 Bears Roebuck & Co.((Mar.) alyi Stamped certificates(guar.) •62%0 Nov. *Holders of roe. Oct. 'Holders of rec. Sept.30 Oct. 15 Second Standard Royalties (mthly.)--- 'lc. Oct. Chesapeake Corp. common (guar.) 750. Holders of rec. Sept. 60 *Holders of rec. Sept.25 Securities Investment, corn. (guar.).- 75c. Chesapeake & OhioOct. Holders of rec. Sept. Preferred (guar.) 20 New $25 Par corn.(qua'.)(N° 2 Holders of rec. Sept. 8a Oct. '1)---- 623.4c Holders of rec. Sept.20 Sellers(G. I.) & Sons, pref.(guar.) Preferred (guar.) 3% Holders of rec. Dee. Sc *13j Oct. *Holders of rec. Sept. 19 Betsy Co., Inc. (guar.) Chicago & North Western corn.(guar.).- I% "250. Oct. Holders of rec. Bept.15a 'Holders of rec. Sept.20 Shares in Maine, met Preferred 134 *25e. Oct. Holders (guar.) of rec. Bept.15a *Holders of rec. Sept. 25 Shenandoah Corp., pref. (guar.) Chic.R.I.& Pm..corn.(guar.) 134 Holders of rat. Sept. 5a 00 Nov. Holders of rec. Oct. 4 Blievlin, Carp.& Hixon. pref.(guar.).- *31.50 Oct. Cincinnati Union Term.. pref.(qu.) 1% Holders of rec. Sept.20 *Holders of rec. Sept.30 Signode Steel Strap., oom.(qua'.)..... •1240 Oct. Cleve. Ctn. Chicago & St. Louis, pf.(qu ) 154 Holders of rec. Oct. 2W 1 *Holders of rec. Sept.30 Consolidated RRs. of Cuba pref.(guar) I% Preferred (guar.) Holders of rec. Sept. 10a •62)40 Oct. 1 *Holders of reo. Sept.20 Silent Automatic Corp., pre Cuba RR.common (guar.) $1.20 Holders of rec. Sept.29a 4 Oct. Holders of rec. Simpson (Robt.) Co., pref 25 Preferred 8 *3 Hold. of rec. Jan.15'31a Nov. 'Holders of rec. Sept. Oct. 15 Smyth Mfg.(guar.) Dayton a, me.maan common *8734c 'Holders *31.50 Oct. of rec. Sept. 16 *Holders of rec. Sept. 19 Southern Bankers Security, pref. (qt1.) Preferred (guar.) '$1 *Holders of rec. Sept.16 •1H Oct. *Holders of rec. Sept. 25 Southern Franklin Process, corn.(qua'.) *250. Sept. Erie RR., 1st and 2nd preferred 2 Holders of rec. Deo. 13a 2 *Holders of rec. Sept.20 Preferred (guar.) Hull Mobile & Northern. Vel.(guar.).- 1% *11.75 Oct. 1 *Holders of Holders of roe. Sept.16a Southland Royalty (guar.) ree. Sept.30 Joliet & Chicago (guar.) 134 *15e. Oct. I *Holders of rec. Holders of rec. Sept. 260 Standard Fuel Ltd., 64% Pf. (guar.).- "154 Oct. 1 Kansas City Southern, corn.(qu.) 134 Holders of rec. Sept.30a Oct. 'Holders of rec. Sept. 15 Standard:National Grp.(guar.) Preferred (quar.) 1 •$1.75 Oct. Holders of rec. Sept. 306 *Holders of coo. Standard Safe Deposit (guar.) •1 Lackawanna RR.of N.J.(qum.) *3 *Holders of rec. Sept. 9 Sept.36'Holders of rec. 8%4.25 Standard Screw,corn.(guar.) Sept. 23 Lehigh Valley, corn. (guar.) 8714c 2 Holders Oct. of rec. Sept. 13a Holders of rec. Sept. 18 Standard Wholesale Phosph. & Acid Preferred (guar.) $1.25 Holders of rec. Sept. 13a Works (guar.) Mahoning Coal RR.common (quar.)--* $12.50 *30c. Oct. 1 *Holders of rec *Holders of rm. Oct. 15 State & City Bldg. Corp., pref.(quar.) .Sept. 30 Maine Central common (guar.) '14 Oct. 134 Holders of rec. Sept. 15 'Holders of rec. Sept. 20 State Street Investment (guar.) Meadville Conneaut Lake & Linesville__ "El *75o. Oct. I *Holders of rec. *Holders of rec. Sept. 15 Stedman Rub. Floor, 1st pref. (quar.)._ •$1.75 Oct. Oct. 1 Midland Valley, corn $1.25 Holders of rec. Sept.30 *Holders of rec. Sept. 26 Steel Co. of Canada, cam. & pref. (cu.) 433o Minn.St.P.& S.S. Marie,leased lines 2 Nov. Holders of rec. Sept. 28a Holders of rec. Oct. 7 Stein Cosmetics Co. Inc., pref. (guar.). Mo.-Kansas-Texas. common (guar.)._ $1 50c. Oct. Holden of rec. Sept. 50 Holders of rec. Sept. 25 Stern Brothers, clime A (quar.) Preferred A (gum.) 13.4 •$1 Oct. Holders of reo. Sept. 50 "Holders of Strawbridge & Clothier, pref.(guar.). rec. Sept. 20 Preferred A (guar.) •1W Oct. 134 Holders of rec. Dec. Sc *Holders of rec. Sept. 15 Stromberg Electric, common (qua'.) Missouri Pacific. pref.(auto.) 134 *500. Oct. Holders of rec. Sept. 15a *Holders of rec. Sept. 20 Preferred (guar.) New London Northern (guar.) *2% "624C Oct. *Holders of rec. Sept. 15 'Holders of rem Sept. 20 Stroock (S.) & Co., Prof.(guar.) New York Central RR.(quar.) 2 *750. Oct. Holders of rec. Sept. 26a "Holders of roe. Sept. 25 Sullivan Machinery (guar.) N.Y.Chic.&8t.Louis,oom.& Pfd.(go) 134 50c. Oct. 1 Oct. 1 to Holders of roe. Aug. 150 Sunray 011 Corp.(guar.) Oct. 7 N. Y. Lackawanna & West. (quar.)____ "100. Oct. 1 *Holders 13.4 Holders of rec. Sept. 150 of rec. Sept. 24 Sunstrand Mach. Tool (guar.) H. N. Hartford & Y. N. , cern. (guar.). _ "250. 134 Holders of rec. Sept. lia Syracuse Washing Machine-No action taken Oct. 1 *Holders of rec. Sept.30 Preferred (guar.) 1% Holders of rec. Sept. 5a Telautograph Corp., corn (guar.) Northern Pacific (guar.) 300 Nov. 14 Holders of rec. Sept. 30a Holders of rec. Oct. 15 Common (extra) Northern RR.of New Hampshire(quar.) 1% 50 Nov. Holders Holders of rec. Oct. 15 of rec. Sept. 8 Textile Finishing Mach•y, pref.(quar.) Old Colony (guar.) *81.75 Sept.3 'Holders of 134 Holders of rec. Sept. 13 Preferred (extra) rec. Sept. 20 Pere Marquette,corn.(guar.) *II 14 Holders of rec. Sept. 8a Thrift Stores, Ltd., 1st pref. (quar.)__. *40540 Sept.3 'Holders of rec. Sept. 20 preferenc Prior and e pref. (quar.) 1W Oct. Holders of rec. Oct. 30 *Holders of reo. Sept. 20 Second preferred (guar.) Pittab. Bessemer & Lake Erie common '17%o Oct. 750 Holders of rec. Sept. 15 *Holders of rec. Sept.20 Tobacco Products Corp., 01. A (qua'.) Pittsb.. Ft. Wayne & Chic.,com.(qu.).. 134 *200. Nov.1 *Holders Holders of rec. Sept. 11% of rm. Tooke Bros., Oct. 24 pref. (guar.) Preferred (guar.) 1% Oct. 1 Holders 1% Holders of rec. Sept. 100 of rec. Sept.30 Toro Mfg. (guar.) Pittsburgh & West.Virginia. corn.(qua'.) 134 Ltd., "35c. Oct. Holders of rec. Oct. 15a 'Holders of re*. Sept. 25 Towle Mfg. (guar.) Providen Worceste (quar.) ce & r 24 *31.50 Oct. Holders of rec. Sept. 10 *Holders of rec. Sept. 25 Traders Finance(Toronto), class A (qu.) •1 Reading Co. 2d pref. tquar.) 500 Oct. Holders of rec. Sept. 184 "Holders of rec. Sept. 15 Class B (guar.) Rutland RR., preferred *2 2 Oct. Holders of rec.Sept.d26a *Holders of rec. Sept. 15 Traung Label & Lithographic, class B- Divide d Louis-San St. Prandial °,corn.(guar.)._ 2 deferr ed Holders of reo. Sept. 20 Tuckett Tobacco, Ltd., common (guar.) *1 Preferred (guar.) 134 Oct. 1 'Holders of rec. Sept. Holders of res. Oet. la Preferred (guar.)._ 30 St. Louis Southwestern, Prof. quar.) •1H 1% Holders of reo. Sept.18o Twenty Wacker Drive Bldg., pref. (qu.) *31.50 Oct. 1 'Holders of rec. Sept.30 Sharon fly .$1.25 *Holders of rec. Sept. 15 Union Guaranty & Mortgage (guar.)._ _ *14 Oct. 1 *Holders of rec. Sept.30 Southern Pacific Co. (guar.) 154 Oct. Holders of rec. Aug. 25a *Holders of rec. Sept. 19 Union Manufacturing (guar.) Southern corn. (guar.) By.. 2 "374C Sept.30 *Holders of rec. Holders of rec. Oct. la Sept. 19 Union Mortgage, common (guar.) Preferred (guar.) *2 13.4 Oct. *Holders of rec. Sept. 17 Holders of rec. Sept.22a Preferred (guar.) Southern Hy. M.& 0.stock tr. ctfs •1% Oct. 2 'Holders of rec. Sept. 17 Holders of rec. Sept. 15 Texas Pacific. United Advertising Corp. (guar.) corn. & & Prof. (guar.).*250. Sept.30 *Holners of rec. 13.4 Holders of rec. Sept. 150 Union Pacific common (guar.) Extra *250. Sept.30 *Holders of rec. Sept. 29 235 Holders of rec. Sept. 20 Sept. 29 Preferred United Biscuit, common (guar.) "40c. Dec. 1 "Holders of rec. 2 Holders of rec. Sept. 24 Preferred (guar.) United N.J. RR. & Canal Gs.(qU.)... '2% 4.1% Nov. 1 *Holders of rec. Nov. 15 *Holders of roe. Sept. 20 Oct. 16 Quarterly-*23.4 *Holdersof ree.Dee.20'36 Name of Company. [VOL. 131. FINANCIAL CHRONICLE 2016 When Per Cent. Payable. Books Closed Days Inclusive. Name of Company. When Per Cent. Payable. Books Closed Days Inclusive, Public Utilities (Continued). Commonwealth & South.Corp.$1.50 Oct. 1 Holders of rec. Sept. 84 $6 preferred (guar.) 1 *Holders of rec. Sept. 15 Connecticut Electric Serv., tom.(guar.) •75c. Oct. 1 *Holders of rec. Sept. 15 •90e. Oct. 00m.(qu.) Consol. Gas. El, L.& P.,Balt., 1 *Holders of rec. Sept. 15 *131 Oct. 5% preferred series A (quar.) of rec. Sept. 15 1 *Holders Oct. •134 (qual.) D series preferred 6% of rec. Sept. 15 *Holders 1 Oct. •1)) Public Utilities. 536% preferred series E (guar.) $1.75 Oct. 1 Holders of rec. Sept. 15 Nov. 1 Holders of rec. Sept.300 81.25 (qua:.) pref. Y., Alabama Power, $7 pref. (quar.) N. of ted Gas Consolida 15 Sept. rec. 1 Holders of Oct. $1.50 of rec. Sept. 15 1 Holders Oct. *24 (quar.) (quar.) Preferred $6 Consumers Gas, Toronto $1.25 Nov. 1 Holders of rec. Oct. 15 1 Holders of roe. Sept. 15 $5 Preferred (guar.) Consumers Power Co.,$5 prof.(guar.) - *31.25 Oct. Oct. 1 *Holders of rec. Sept.30 1 Holders of roe. Sept.1$ Oct. *14 Allegheny Traction, Pittsburgh (qua:.). *$2.50 6% (quar.) preferred 4 1 Holders of rec. Oct. *1.65 Oct. 1 Holders of roe. Sept.15 Amer. Cities Pow.& Lt., class A (qu.).. £750. Nov. 6.6% preferred (qua?.) 4 1236 Nov. 1 Holders of rec. Oct. 30 e1)( Oct. 1 Holden of rea. Sept.15 Class B (payable In class B stock) 7% Preferred (quar.) Oct. 25 Holders of rec. Sept. •50o. Oct. 1 Holders of rec. Sept. 15 ) (monthly Am.Com'wealths Pow., corn. A&B (qu.) aa236 Preferred 8% $1.75 Nov. 1 Holders of rec. Oct. 15 •55e. Oct. 1 Holders of rec. Sept. 15 First pref. series A (qua'..) 8.6% Preferred (monthly) $1.63 Nov. 1 Holders of rec. Oct. 15 Jan2'31 Holders of rec. Dee. 15 $1.25 First pref. 86.50 series (quar.) (qua:.) preferred 15 $5 Oct. 1 Holders of rec. Nov. $1.50 134 Jan2'31 Holders of rec. Dec. 15 (quar.) series $6 First pref. 6% preferred (qua:.) Oct. 15 rec. of 1 Holders Nov. $1.75 '31 Holders of rec. Dee. 15 Jan2 $1.85 190 Second pref. series A (qual.) 6.6% preferred (quar.) Oct. 1 Holders of rec. Sept. 19a 13.1 Jan2'31 Holders of roe. Dee. 15 Amer. Community Power, Sat pf.(qu.). $1.50 7% preferred (quar.) of rec. Sept. Holders 1 Oct. $1.50 1 Holders of roe. Oct. 15 Nov. 50c. Preference (quar.) 15 6% preferred (monthly) Oct. 15 *Holders of rec. Sept.15 50o. Dec. 1 Holders of rec. Nov.15 Amer. Dist. Teleg. of N.J.com.(qu.).. •$1 6% preferred (monthly) '1% Oct. 15 *Holders of rec. Sept. 50o. Jan2'31 Holders of reo. Dee. 15 Preferred (qua?.) 6% preferred (monthly) 55o. Nov. 1 Holders of roe. Oct. 15 American & Foreign Power Co. 13 8.6% preferred (monthly) •81.40 Oct. 1 *Holders of rec. Sept. 55o. Doe. 1 Holders of reo. Nov.15 130 Allot. ctfs. 80% paid (quar.) 8.6% preferred (monthly) Oct. 1 Holders of rec. Sept. 130 31.50 550. Jan2'31 Holders of roe. Doe. 15 (quar.) ) $6 preferred 8.6% preferred (monthly 124 $1.75 Oct. 1 Holders of rec. Sept. com.(qua:.).. $1.10 Oct. 1 Holders of rec. Sept. $7 preferred (quar.) Oct. 1 Holders of rec. Sept. 13a Continental Gas & Elec., Oct. 1 Holders of rec. Sept. 120 1)1 Second pref. A (acct. accum. diva.)..- h$1.75 15 Prior Sept. (quar.) preferred 1 Holders of rec. 15 Oct. Sept. rec. 250. of Holders 1 Oct. '134 (quar.)-common 8 Amer. Gas & Elec. Continental Telephone,634% pf.(q11.) $1.50 Nov. 1 Holders of rec. Oct. 22 '1)4 Oct. 1 Holders of recs. Sept.15 Preferred (quar.) 7% Preferred (qua?.) 1736c Oct. 1 Holders of rec. Sept. Sept.30 Holders of roe. Sept.154 2 Amer. Natural Gas, 2d pref. (quar.)-1 Holders of rec. Sept. 130 Cuban Telephone, corn. (qua?.) Oct. $1.50 (qua?.).. 151 Sept.30 Holders of rec. Sept.154 pref. $6 Amer. Power & Light, Preferred (quar.) 1 Holders of rec. Sept. 130 Oct. 8735c. 1 Holders of rec. Sept. 20 85 Preferred (quar.) Dayton Power & Light, pref.(month's). *50c. Oct. 1 1)1 Oct. 1 Holders of rec. Sept. 15 Holders of rec. Sept. 150 3734e Oct. Amer.Public Service pref.(qua:.) Denver Tramway, pref.(qual.) of rec. Sept. 15 Holders 1 Oct. 1)6 (qua?.).. 15 Holders of rec. Sept.2130 pref. Oct. pr. 2 Amer. Public Utilities, Detroit Edison (qual.) 1)6 Oct. 1 Holders of rec. Sept. 15 Sept.20 pref.(qual.).... *134 Oct. 15 *Holders of rec. Sept. Participating preferred (quar.)(qu.).. •140c. Oct. 1 *Holders of rec. Sept. 20 Telep., State Diamond 15 A com. Holders of rec. 1 Scrv., Oct. 13( Pub. Amer. States Sept. 15 Duke Power common (quar.) rec. of 1 Holders Oct. Sept.15 81.50 roe. of Holders 1)6 Oct. 1 15 Amer. Superpower, 1st pref.(quar.) Preferred (guar.) $1.50 Oct. 1 Holders of rec. Sept. 200 of rec. Sept. 220 Holders 15 Oct. 31.25 (qua?.) Prof. 1st $13 preference (qua?.) Light, Sept. Duquesne 236 Oct. 15 Holders of rec. Amer. Telep. & Teleg. (quar.) Sept. Ila Eastern Gas & Fuel Associatespref.(qu.) $1.50 Oct. 1 Holders of rec. Sept. 131 Oct. 1 Holders of rec. Sept. 15 8 Amer. Water Works & Elec.,pref. 434% prior preference (qua?.) Oct. 1 Holders of rec. (qu.). *31.75 $7 136 Oct. 1 Holders of roc. Sept. 15 Power, Elec. an Appalachi 6% preferred (quar.) of rec. Sept. Holders 1 Oct. *81.50 Oct. 1 *Holders of rec. Sept. 15 *2 $6 preferred (quar.) Eastern N. J. Power,8% pref.(qua?.).. •11.625 Oct. 1 Holders of rec. Sept. 15 Oct. 1 *Holders of rec. Sept. 15 *134 24 Arizona Edison, pref. (qua?.) Sept. (qual.) Preferred 7% Oct. 1 Holders of rec. •2 1 *Holders of rec. Sept. 15 (qua?.) Oct. *1)) pref. 8% Power, Arizona 634% preferred (qua:.) •1)6 Oct. 1 Holders of rec. Sept. 24 *14 Oct. 1 *Holders of rea. Sept. 15 '7% preferred (qua?.) 6% Preferred (qual.) 1 *Holders of rec. Sept. 2 •15c. Oct. 1 Holders of rec. Sept. 20 Oct. *134 (qua?.).. Pref. Arkansas Natural Gas, pref.(quar.)-Co.. 15 Sept. Eastern Texas Elec. Oct. 15 Holders of rec. Sept. 5 81.75 Oct. 1 Holders of rec. Sept. Arkansas Power & Light. $7 pref.(an.)- $1.50 15 Electric Bond & Share, COM.(qua:.).... f134 Nov. 1 Holders of roe. Oct. 8 Oct. 1 Holders of rec. 31.50 $6 preferred (quar.) $6 preferred (quar.) Nov. 1 Holders of roe. Oct. 8 Nov. 1 Holders of rec. Sept. 30 $1.25 1450c. A(quar.). class Elec., & Gas d Associate 29 $5 Preferred (qua?.) Holders of rec. Oct. 114 •137 3)0 Oct. 1 *Holders of reo. Sept. Light, cont. (qual.)... 250. Nov. 1 Orig. preferred (quer.) 29 & Sept. Power Electric reo. of 1 Molders 1,6 Oct. 1 Holders of rec. Sept. 1114 '$1.7S Oct. Allot. ctfs. full pd.(qu.) (pref. stk.) 1.2234 117 preferred (qual.) 1 Holders of rec. Sept. 18 Holders of roe. Sept. 130 1 Oct. Oct. 111 (quar.) aka A cl. (pref. Teleg.. & (qu.) Associated Telep Allot. ctfs.70% paid Nov. 1 Holders of rec. Oct. 17 83(c. Nov. 1 Holders of rec. Oct. 11 Class A (extra) Allot. ctfs. 70% pald (com. stk.) 1 Holders of rec. Oct. 11 Oct. 1 Holders of rec. Sept. 18 Nov. 1240. 11 stk.) (com. Class D (quar.) paid) 18 Allot. ctfs.(full $1.50 Oct. 1 Holders of roe. Sept. 130 151 Oct. 1 Holders of rec. SePt. 7% first preferred (quar.) Sept. 16 $8 preferred (qual.) $1.75 Oct. 1 Holders of rec. Sept. 13a $1.50 Oct. 1 Holders of rec. Sept. 30 $6 first preferred (qua:.) $7 preferred (quar.) 15 Holders of rec. Oct. (qua?.). *50c. Oct. 1 *Holders of rec. Sept. 15 com. 12 Utilities Telep. Pref. Associated Gas & Fuel,6% Sept. 15 Empire rec. of • Holders 1 Oct. $1.50 Oct. 1 *Holders of rec. Sept. 15 541-Sc 10 $6 convertible preferred (qua?.) 634% preferred (monthly) • 58 1-3c Oct. 1 *Holders of rec. Sept. 15 *14 Oct. 1 Holders of rec. Sept. ) (monthly Bangor Hydro-El. Co.6% pref.(qu.) 10 Preferred Sept. •662-3c Oct. 1 *Holders of rec. Sept. 15 7% 1 Holders of rec. Oct. '11.4 (qua?.) 7% Preferred 8% preferred (monthly) Oct. 15 Holders of rec. Sept.23 2 Holders of roe. Sept. 18 Bell Telephone of Canada (qua?.) 200 Empire Power Corp.$6 pref.(quar.)---- 81.50 Oct. 1 560.00*. 1 Holders of roe. Sept. 16 lei Oct. 15 Holders of rec. Sept. Bell Telep of Pa64% prof.(au.) Participating stock (quer.) rec. SePt. 29 of *Holders 1 1 Holders of rec. Sept. 170 Oct. Oct. *31.53 80c. PL(Q11.) $6 (Guar.). Pow., Binghamton Lt. Ht. & 29 Engineers Public Service, corn. 31.375 Oct. 1 Holders of rec. Sept. 174 *31.25 Oct. 1 *Holders of rec. Sept. 12 $5 preferred (qua?.) $5.50 preferred (guar.) 1 Holders of rec. Sept. . 1 Holders of rec. Sept. 174 Oct. 11.2500* $1.75 (quar.).. Pref. $7 Co.. am Elec. (quar.) Birmingh 12 $5 preferred '1)4 Oct. 1 *Holders of rec. Sept. 5 $1.50 Oct. 1 Holders of rec. Sept. 10 $6 preferred (qua?.) Feather River Power, pref. A (qual.) . 3740 Oet. 1 Holders of roe. Sept.130 14 Oct. 1 Holders of rec. Sept. 10 Boston Elevated fly., com.(guar.) Federal Light & Tract., COM.(qua?.).. of rec. Sept. 1 Holders Oct. 33) stook). 11 Oct. 1 Holders of roe. Sept.130 oommon Second preferred (quar.) Common (payable In 15 Sept. roe. of 1 Holders Oct. *146 Oct. 15 *Holders of rec. Sept. 30 Brazilian Tr L & Pow., pref.(guar.).- 136 Oct. 15 *Holders of rec. Oct. 1 Federal Public Service, pref.(qual.). $1.50 Oct. 1 Holders of rec. Sept. 15 •40c. Bridgeport Hydraulic Co. (quar.) Federal Water Service,$6 pref.(qua?.).. $1.625 roe. Sept.30 of Holders Oct. 1 Holders of rec. Sept. 15 15 Oct. 50o. (quer.) CIA (quar.) British Columbia Pow., preferred 30 $6.50 Sept. rec. of *Holders $1.75 Oct. 1 Holders of rec. Sept. 15 *31.50 Oct. 10 Brooklyn Borough Gas, com.(quer.)$7 preferred (qua?.) of rec. Sept. 15 *Holders 1 Oct. 1 *Holders of rec. Sept. 20 0 Oct. 411.5 (qua?.). *750. pref. (quar.) $6 pref. ing Light, Participat Florida Power & 15 31.75 Oct. 1 Holders of rec. Sept. 20 •634c Oct. 1 *Holders of rec. Sept. Participating pref.(extra) Oct. la $7 preferred (guar.) Oct. 15 Holders of rec. Oct. (q11.) $1.50 Oct. 1 Holders of rec. Sept. 20 pref. 1st $6 Pow., & 1,5 Brooklyn-Manhattan Transit, com.(qu.) 31 Light Foreign $1.50 Oct. 15 Holders of roe. Dee. 31a Frankford & Southwark Pass.fly.(au.). •$4.50 Oct. 1 *Holders of rec. Aug. 30 Preferred A (qua?.) *50c Oct. 1 *Holders of rec. Sept. 15 e1.50 Jy 15'31 Holders of roc. Preferred. series A (guar.) Gas& Elec. Securities,com.(monthly).. • 581-Sc Oct. 1 *Holders of rec. Sept. 15 $1.50 Ap1511 Hold.of rec. Apr. 1 1931a Preferred, series A (qua:.) Preferred (monthly) rec. Sept. 256 of Oct. 1 *Holders of net. Sept. 15 Holders 1 •50c Oct. ) 81.25 (monthly (WO pref. 2s Gas Securities Co.. corn. Brooklyn & Queens Transit. Oct. 1 *Holders of rec. Sept. 15 81.25 Oct. 1 Holders of rec. Sept. Brooklyn Union Gas Co.(qua?.) Common (payable in corn. etee8)--- *1136 *Holders of rec. Aug. 30 Oct. 1 *Holders of rec. Sept. 15 30 •50c Sept. (qu.). •40c. corn. Pow., East & Niagara Buff. Preferred (quar.) of rec. Aug. 30 *Holders 1 Holders of reo. Aug. 290 Oct. 30 340 Sept. 87 (qu.) •40c. Class A (quar.) General as& Elea...oc m.A &B Oct. 1 Holden of roe. Aug. 294 $2 *40c. Oct. 1 *Holders of rec. Sept.15 l.) Preferred (quar.) 15 ass(qua of rec. Oct. 1 Holders of res. Aug. 290 *Holders 1 Oct. Nov. e1.75 *81.25 (qua?.) $5 first preferred $7 Preferred (qua?.) e1.73 Oct. 1 Holders of roc. Sept.156 Cable & Wireless. Ltd.General Public 13th..$7 pf.(q11.) (qu.). 50c Oct. 1 Holders of rec. Sept. 15 6 *Holders of rec. Aug. 29 Oct. A Ma% com. pref % 4 5 ran. Elec., dep. & Wks. Amer. Gen'l Water rec. Sept. 15 $1.75 Oct. 1 Holders of rec. Sept. 15 135 Oct. 1 Holders of Calgary Power, Ltd.. coin.(quar.) $7 Preferred (qua:.) 1 *Holders of rec. Sept. 5 81.62500*. 1 Holders of rec. Sept. 15 Calif. Elec. Generating, pref. (qua?.)--. *14 Oct. $6.50 preferred (qual.) of rec. Sept. 30 Holders 15 $1.50 Oct. 1 Holders of rec. Sept.15 Oct. 1)4 (Qua?.) (qu.).. pref. 7% Pow. pref. $8 California-Oregon 30 Georgia Power Co., $1.25 Oct: 1 Holders of rec. Sept. 15 134 Oct. 15 Holders of rec. Sent. $5 preferred (quar.) 6% preferred (guar.) 25 Holders of rec. Beet.30 (qu.)-'$ 1.3131 Oct. 7 *Holders of rec. Sept. 17 (Phila.) fly. Pass. wn Germanto Canada Northern Power common (an.). 150. Oct. reo. SePt.30 of Holders 14 Oct. 1 Holders of rec. Sept. 304 15 Oct. 134 (qual.) Preferred (quar.) Gold & Stock Telegraph • '134 Oct. 1 *Holders of roe. Sept. 5 Canadian Western Natural- (extra' Great Western Power,7% Pref.(War.). •1)i Oct. 1 *Holders of rec. Sept. 5 *Holders of rec. Nov.1 1 Dee. *250. pref. Pow., (quar.) & Heat preferred Light. Gas. 6% 14'3 1% OCt. 1 Holders of rec. Sept. 20 •250. Mr.2'31 *Hold,of roe. Feb.(5'3 Preferred (extra) Greenwich Wat.& Gas. Sys..6% 111.(1u) 4314. Sept.30 Holders of reel. Sept.18a *250. Junl'31 Mold,of roe. May Preferred (extra) Ilackensack Water. pref. A (qua?.) of rec. Sept. 1 Sept.30 *Holders of roe. Sept. 1 Holders (qu.). •50c. 1 pref. Oct. 1 and (q11.) C. D. com. Wash.. Hartford Gas Co., Capital Traction, Sept. 1' rec. of Oct. 1 Holders of rec. Sept. 1 a Holders 56c 1 Oct. (qu.).. 81.75 Carolina Power & Light,$7 pref. Haverhill Gas Light (quar.) (quar.).... 14 Oct. 1 Holders of roe. Sept. 1 Sept. 1 $1.50 Oct. 1 Holders of rec. Sept. pref. 6% Co.. Power 1 $6 preferred (quar.) Illinois rec. of Oct. 1 Holders of rec. Sept.1 1)1 *Holders 1 Oct. (qu.).. •134 pref. .,. 6% 1 Central ill. Light CO 7% Preferred (quar.).. •1 14 Oct. 1 Holders of rec. Sept. 1 Oct. 1 *Holders of rec. Sept. Illinois Power & Light pref.(quar.) 7% preferred (quar.) Oct. 1 *Holders of rec. Sept. *Holders of rec. Sept.3 15 $1.50 • Oct. (qua?.).. •136 (quar.)pref. pref. Service, Service Pub. III. Central Indiana General •1% Oct. 1 *Holders of rec. Sept. 1 (guar.). '1)4 Oct. 1 *Holders of roe. Sept. Central Maine Power. 7% pref. (guar.)._ Indiana & Mich. Elec. 7% Pref. 1 •14 Oct. 1 *Holders of rec. Sept. '1)4 Oct. 1 *Holders of rec. SePt. (qua?.) 6% preferred (quar.) 1 Preferred Sept. 6% (qu.)._ 134 Oct. 1 Holders of roe. Sept. *31.60 Oct. 1 *Holders of rec. $8 preferred (guar.) Indianapolis Power & Light pref. Holders of rec. Bea.1 - 114 Oct. 1 Holders of roe. Sept. 1.261 Central Public Serv. corp..$7 pref.(qu.) $1.75 Oct. 1 Indianapolis Water Co.. prof. A Mari 1 Holders of reo. Beet.1 -- 1)1 Oct. 1 Holders of rec. Sept. 15 $1.50 Oct. (quer.) pref. Light, (Qua?.) & Power Inland preferred $6 Sept.1 roe. of Holders '4234c Oct. 1 *Holders of rec. Sept. 15 1 (quer.) Oct. A $1 pref. $4 Preferred (quar.) Inland Utilities panic. of rec. Sept. 3 ee Oct. 15 Holders of rec. Sept. 25 Central & S. W. Utilities. corn.(qua?.).. fl )4 Oct. 15 Holders Internat. Hydro-Elec. System,CIA (qu.) 874c Holders of rec. Sept. 1 Oct. 15 Holders of roe. Sept.25 Oct. (qu.)... 10o. own. Corp.. Elec. (quar.) States preferred Central $3.50 Sept. rec. of . Holden Oct. 1 Holders of rec. Sept. 15 (qua?.).. 1 Oct. stook) 1834 Common (payable In com. International Power 7% pref. (qual.). 1)1 25c Oct. 1 Holders of roe. Sept. 15 1)6 Oct. 1 Holders of roe. Sept. Corp. er Superpow nal 7% pref. (Issue of 1912) (guar.) Internatio roc. Sept. of Holders 1 Oct. 15 Holders of rec. Sept. 1901 50c Oct. 134 (quar.) (guar.) & Teleg. 8% preferred Internat. Telco. of roe. Sept. 15 Holders of rec. Sept. 264 Cony. pref.(series of 1928, (qua:.).._ (m) Oct. 1 Holders of roe. Sept. International Utilities Corp.class A (qu.) 874c Oct. Nov. 1 Holders of rec. Oct. 17a $1.75 (quar.) Cony. pref. (s•ries of 1929)(qua?,)... (m) Oct. 1 Holders of preferred $7 Sept. 1 roe. . 1 Holders of roe. Sept. 10 1 Holders Oct. (qua?.).. Oct. pt. $1.75 (qu.)$1.75 pref. $7 Lt., Interstate Power Co. $7 Central States Pow.& Oct. 1 Holders of roe. Sept. 11 $1.50 Oct. 1 Holders of rec. Sept. 10 Central States Utilities Corp..$7 pf.( qu.) 81.78 Sept. $6 preferred (guar.) of rec. Sept. 15 (quar.). Oct. 30 *Holders Holden of roe. Sept.30 lien *81.50 )1 (quar.) prior Serv. Pub. Sem., Vermont Pub. Interstate Central Oct. 1 *Holders of rec. Sept. 1 •131 Oct. 1 *Holders of roe. Sept.20 Interstate Utilities 7% pref.(qu.) Chic. No.Shore & Milw. HR., pr. In(qu.) •131 •65e. Oct. 1 *Holders of roe. Sept. 1 30 *Holders of rec. Sept. 15 Sept. '134 (quar.) A pref. Co. Electric Iowa Chicago Rap.Tran., pr. pf. A (mthly.) *600. Oct. 1 *Holders of rec. Sept. '134 Sept. 30 *Holders of rec. Sept. 15 Preferred B (quar.) Prior preferred 13 (monthly) 1 (goon).- *134 Oct. 1 *Holders of rec. Sept. *Holders of rec. Sept. 15 Cincinnati Gas & Elec., pref. Acom. Iowa Power & Light,6% prof.(qual.).. *14 Sept.30 roe. Sept. 3 (qu.) '134 Oct. 15 *Holders of Tr., (guar.).•1)1 Oct. 1 *Holders of rec. Sept. 15 lc A L. pref. Coy. & 7% Newp. Light, & Ctnc. Iowa fly. roe. Sept.3 of 15 Oct. *14 *Holders 1 Oct. *Holders of rec. Sept. 15 *lei Preferred (quar.) 6 % pref. B (qua?.) •75e. Oct. 1 *Holders of rec. Sept.I2 •13.6 Oct. 1 *Holders of rec. Sept. 15 Cincinnati Street fly., corn. (quer.)---- $1.13 6% pref. C (quar.) SePt• 2 of rec. 1 Holden Oct. Tel 1 *Holders of rec. Sept. 13 Oct. ((Mar.) (qu.)Bell pref. 7% '134 Cincinnati & Suburban Iowa Southern Utilities, 1-3c Oct. 15 *Holders of rec. Oct. •1)) Oct. 1 *Holders of rec. Sept. 13 Cities Serv.Pow.& Lt.$7 pref.(mthly.)• 58*50e. 63)% preferred (guar.) Oct. 15 *Holders of rec. Oct. 1 Oct. *Holders of rec. Sept. 13 •134 (qua:.) Preferred $6 preferred (monthly) 6% 41 2-3c Oct. 15 Holders of rec. Oct. rec. Sept. 19 $5 preferred (monthly) 2 Jamaica Public Service, common (qua?.) 25c Oct. 1 Holders of - *33.50 Oct. I *Holders of rec. Sept. 2 1 Holders of rec. Sept. 19 Oct. 1)6 (guar.) Citizens Passenger Ry., Philadelphia e Preferenc Sept. Holders of rec. rec. Oct. 15 of 1 *Holders Nov. . (qua?.).. *32.50 Citizens water of Wash., Pa.. pref.(qu.) 1)1 Oct. 1 corn. , Jamestown Telephone •40e. Oct. 1 *Holders of reo. Sept.2 *134 Oct. 1 *Holders of rec. Sept. 30 Cleveland Elec. Ill., com.(guar.) Preferred ((luar.) Sept. 15 rec. 134 Dec. 1 Holders of rec. Nov.5I4 of 1 Holders Oct. 1)1 Pt. (qu.) 7% Preferred (quar.) Light, & Power Cent. Jersey 134 Oct. 1 Holders of roe. Sept.25 14 Oct. 1 Holders of rec. Sept. 15 Cleveland Railway (quar.) 6% preferred (quar.) 1 *Holders of rec. Sept. 20 pfd. B (qu.) 81.50 Oct. 1 Holders of roe. Sept. 154 Light. Columbus Del. & Marion Elec., pf.(qu.) *31.75 Oct. & Power City Kansas 19 Sept. 1 *Holders of rec. 1)6 Oct. 1 Holders of rec. Sept. 17 Columbus fly.,Pow.& Lt., 1st pf.A(qu.) '1)4 Oct. 1 Kansas Gas & Elec.. prof. (qual.) *Holders of roe. Sept. 19 of rec. Sept.204 Community Power & Light $6 pref.(qu.) *31.50 Oct. 30 Kentucky Securities Co.,com.(guar.)._ 81.25 Oct. 1 Holders of rec. Sept. 20 Oct. 15 Holders of roe. Sept.204 $1.50 Commonwealth Utilities, corn. A.(qu.). •374c Sept. *Holders of rec. Sept. 20 Preferred (quar.) 30 Sept. *Holders •3736c of rec. Sept. 18 *Holders 1 Oct. (qua?.) B 411.50 Common Kings County Lighting, common (qu.). •$1.75 Oct. 1 *Holders of rec. Sept. 20 Preferred A (qua?.) '13.4 Oct. 1 *Holders of rec. Sept. 18 7% preferred (qua:.) of roe. Sept. 18 •81.50 Oct. 1 *Holders of roe. Sept. 20 *Holders 1 Oct. '13.1 Preferred B (quar.) 5% preferred (qua:.) of rec. Sept. 20 Community Telep., partic. pref.(qua:.)- •50c. Oct. 1 *Holders Railroads (Steam) (Concluded). Vermont & Mas.sacirusette Vicksburg Shreve. & Pat, common Preferred Wabash fly., pref. A (qua?.) 3 23) 2)4 13( Oct. 7 Oct. 1 Oct. 1 Nov.25 Holders of rec. Sept. 9 Holders of rec. Sept. 8a Holders of rec. Sept. 86 Holders of rec. Oct. 250 SEPT. 27 1930.] Name of Company. FINANCIAL CHRONICLE When Per Cent. Payable. Books Closed. Dare Industee. Name of Company. 2017 When Per Cent. Payable Books Closed. .Days Inclusive. Public Utilities (Continued). Public Utilities (Concluded). Keystone Public Service, pref. (quar.)__ 70c Oct. 1 Holders of rec. Sept. 15 Philadelphia Co.,new corn.(qu.)(No.1) 20c. Oct. 31 Holders of rec. Oct. 1 Lawrence Gas & Elec. Co.(guar.) "65c Nov. 1 *Holders of rec. Oct. 15 New common (extra) 15e. Oct. 31 Holders of rec. Oct. 1 Lone Star Gas,corn.(In corn.stk Hold,of rec.Feb.2 1931 (e) 8% preferred $1.50 Nov. 1 Holders of rec. Oct. la Quarterly *25c. Sept.30 *Holders of rec. Sept. 15 Phila. Rapid Trail. common (quit.).... $I Oct. 31 Holders of rec. Oct. 154 Long Island Lighting 7% prof. A (guar.)- 14$ Oet. 1 Holders of rec. Sept.16 Preferred $1.75 Nov. 1 Holders of rec. Oct. la 6% pref. series B (guar.) 134 Oat. 1 Holders of rec. Sept. 16 Philadelphia Traction Co $2 Oct. 1 Holders of rec. Sept. 100 Mackay Companies, common (guar.)- 14$ Oct. 1 Holders of rec. Sept. 120 Plymouth Elec. Light Co. corn. (gust.).. *214 Sept. 30 *Holders of rec. Sept. 15 Preferred (guar.) 1 Oct. 1 Holders of rec. Sept. 120 Ponce Electric Co. pref.(guar.) "141 Oct. 1 *Holders of rec. Sept. 15 Manhattan Ry., guar. (guar.) 114 Oct. 1 Holders of rec. Sept. 194 Porto Rico Railways. pref.(guar.) 1% Oct. 1 Holders of rec. Sept. 15 Maritime Tel. & Tel., pref.(guar.) *174c Oct. 1 *Holders of rec. Sept. 15 Porto Rico Telephone. pref $4 Oct. 1 Called for red. Oct. 1 Memphis National Gas, pref. (quar.) 91.75 Oct. 1 *Holders of rec. Sept.20 Postal Telegraph & Cable pref.(guar.) 154 Oct. 1 Holders of rec. Sept. 120 Memphis Pow.dr Lt., $7 pref.(qua $1.75 Oct. 1 Holders of rec. Sept.15 Power Corp. of Canada, 1s1 pref.(guar.) 134 Oct. 15 Holders of rec. Sept.30 $6 preferred (guar.) $1.50 Oct. 1 Holders of rec. Sept. 15 Second preferred (guar.) 750. Oct. 15 Holders of roe. Sept.30 Metropolitan Edison. corn.(guar.) Oct. 1 *Holders of rec. Aug. 29 Providence Gas Co..(guar.) 30c. Oct. 1 Holders of rec. Aug. 15 $5 preferred (guar.) *$1.25 Oct. 1 *Holders of rec. Aug. 29 Public Service Co., Colorado.7% id.(qu) •ayi Oct. 1 *Holders or rec. Sept. 15 $6 pretend (guar.) *$1.50 Oct. 1 *Holders of rec. Aug. 29 6% preferred ((Mara 0500. Oct. 1 *Holders of rec. Sept. 15 $7 preferred (guar.) *$1.75 Sept.30 *Holders of rec. Aug. 29 5% preferred (quar.) *42e. Oct. 1 *Holders of rec. Sept. 15 Metropolitan Gas & Elec., corn. (qu.) 'Sc, Oct. 1 *Holders of rec. Sept. 18 Public Serv. Corp.of N..1.corn.((Ma 85e. Sept.30 Holders of rec. Sept. 24 Michigan Elec. Power Co.,7% pref.(qu) 14$ Oct. 1 Holders of rec. Sept. 15 8% preferred (guar.) 2 Sept.30 Holders of rec. Sept. 24 6% preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 15 7% preferred (guar.) 14$ Sept.30 Holders of rec. Sept. 24 Middle Western Telep.. corn. A NUJ •434te Dec. 15 *Holders of rec. Dee. 6 $1.25 Sept.30 Holders of roe. Sept. 24 preferred (guar.) $5 Midland Utilities Co., 7% pr. lien (eta.) 141 Oct. 8 Holders of rec. Sept. 22 6% preferred (monthly) 50c. Sept.30 Holders of rec. Sept. 24 6% prior lien (guar.) 134 Oct. 6 Holders of rec. Sept. 22 6% preferred (monthly) 50c. Oct. 31 Holders of rec. Oct. la 7% preferred A (quar.) 14$ Oct. 6 Holders of rec. Sept. 22 Public Serv. Co.of Oklahoma,com.(gua 2 Oct. 1 Sept. 21 to Oft. 1 6% preferred A (guar.) 14 Oct. 6 Holders of rec. Sept. 22 7% prior Ilen (guar.) 13$ Oct. 1 Sept. 21 to Oct. 1 Milwaukee Elec. Ry.& Light, pref.(qua 14 Oct. 31 Holders of rec. Oct. 200 6% prior lien (quar.) 134 Oct. 1 Sept. 21 to Oct. 1 Minnesota Northern Power, corn.(qua _ "15c. Oct. 1 *Holders of rec. Sept. 15 Pub. Sere. Elec. & Gas 7% pref. Mara 1H Sept.30 Holders of rec. Sept. 24 $7 preferred (guar.) *31.75 Oct. 1 *Holders of rec. Sept. 15 6 14 Sept.30 Holders of rec. Sept, 24 pref Minnesota Power dr Light, 7% pf.(qu.) 14( Oct. 1 Holders of rec. Sept. 15 Sound Power & Light.$5 pf.(qua *11.25 Oct. 16 *Holders of rec. Sept. 19 Puget $6 preferred (guar.) $1.50 Oct. 1 Holedrs of ree. Sept. 15 $6 preferred (guar.) .51.50 Oct. 15 *Holders of roe. Sept. 19 Mississippi Power Co. $7 pref. (guar.) $1.75 Oct. 1 'Holders of rec. Sept. 20 Quebec Power. oom.(gust.) 6214c Oct. 15 Holders of rec. Sept.25 $6 preferred (quar.) $1.50 Oct. 1 Holders of rec. Sept. 20 Queensboro Gas & Elec. pref.(guar.)... .11,4 Oct. 1 *Holders of rec. Sept.16 Mississippi River Power, pref.(guar.)... '134 Oct. 1 *Holders of rec. Sept. 15 Randolph & Holbrook Pow.& El.(qua. *5614e Oct. 10 *Holders of rec. Sept.15 •1H Oct. 1 *Holders of rec. Sept. 22 Miss. Valley Public Service, Prof.(qu.) Ridge Ave. Pass. rig., Phila.(guar.).- 1.$3 Oct. 1 *Holders of rec. Sept. 15 Mohawk & Hudson Pow..$7 pref.(qua - $1.75 Nov. 1 Holders of rec. Oct. 15 Rochester Central Power pref. (guar.).- *IN Oct. 1 *Holders of rec. Aug. 30 $7second preferred (quar.) $1.75 Oct. 1 Holders of rec. Sept. 15 Rochester Telep. Corp., Com.((MAO.-- *$1. Oct. 1 *Holders of rec. Sept. 13 2 5 Monongahela Val. Water, pref.(guar.) *14$ Oct. 15 *Holders of rec. Oct. 1 654% preferred (guar.) *154 Oct. 1 *Holders of rec. Sept. 13 Monongahela West Penn Public Service Rockville-VVilitamantic Ltg..7% pf.((Iu.) •144 Oct. 1 *Holders of rec. Sept. 15 7% preferred (guar.) 434(e. Oct. I Holders of roe. Sept. lb 6% Preferred (quar.) '134 Oct. 1 *Holders of rec. Sept. 15 Montana Power, corn. (guar.) "25e. Oct. 1 *Holders of rec. Sept. 15 Saranac River Power,corn.(guar.) *3714c Oct. 1 "Holders of rec. Sept. 15 Montreal Light. Heat & Power (quar.) 37c. Oct. 31 Holders of rec. Sept. 30 •Im Oct. 1 *Holders of rec. Sept. 15 Preferred (quar.) Montreal Tramway (guar.) 214 Oct. 15 Holders of rec. Oct. 6 Savannah Elec. & Pow.deb. A (guar.)._ "2 Oct. 1 *Holders of rec. Sept. 10 Mountain States Power, prof. (guar.).- 134 Oct. 20 Holders of rec. Sept. 30 Debenture stock series B (guar.) '134 Oct. 1 *Holders of rec. Sept. 10 Municipal Service Co., cont.(guar.).- 38c. Oct. 1 Holders of rec. Sept. 15 Debenture stock series C (guar.) *114 Oct. 1 "Holders of rec. Sept. 10 Mutual Tel.(Hawaii)(monthly) *Sc. Sept.30 *Holders of ree. Sept. 18 .03 Oct. 1 *Holders of rec. Sept. 10 6% Preferred Nassau & Suffolk Lighting, pref.(quar.) 1% Oct. 1 Holders of rec. Sept. 16 .$1.50 Oct. 1 *Holders of rec. Sept. 10 Scranton Elec. Co.. pref.(quar.) National Electric Power, class B (guar.) 45c. Sept.30 Holders of rec. Sept. 20 Second & 3d Sts. Pass. RY.. Phila.(Qua- *$3 Oct. 1 *Holders of rec. Sept. 1 7% preferred (guar.) 14( Oct. 1 Holders of rec. Sept. 15 6214c Oct. 10 Holders of rec. Sept.23 Shawinigan Water & Pow.. corn.(qu.) 134 Oct. 1 Holders of rec. Sept. 15 6% Preferred (guar.) Southern & Atlantic Telegraph *6214c Oct. 1 *Holders of rec. Sept. 16 National Gas dr Elec.. pref. (guar.)._ _ 81.625 Oct. 1 *Holders of rec. Sept. 20 Southern Berkshire Power & Elec.(qua. *750. Oct. 10 *Holders of rec. Sept.15 National Public Service, pref. A (quar.) 14$ Oct. 1 Holders of rec. Sept. 17 • Extra Oct. 10 *Holders of rec. Sept.15 Newark Telephone (ouar.) *el Deo. 10 *Holders of Yee. Nov.30 Southern Calif. Edison. one, Pref.((SO 60h Oct. 15 Holders of roe. Sept.20 Preferred (quar.) *134 Oct. 10 *Holders of rec. Sept. 30 341.0. 54% preferred, series Oct C 15 Holders of rec. Sept.20 (guar.) Newport Electric Corp.. Pref. (guar.)- "14 Oct. 1 *Holders of roe. Sept. 15 Southern Canada Power, pref.((Mara- 134 Oct. 15 Holders of rec. Sept.20 Newcastle-upon-Tyne Elec. Supply'2 Southern N.E. Telephone (quar.) Oct. 15 *Holders of rec. Sept.30 Amer. dep. rcts. ord. reg. (interim).- fa% Oct. 7 Holders of rec. Sept. 15 Southwestern Bell Telep. pref. (guar.).- 114 Oct. I Holders of rec. Sept. 20 New England Gas & Elea.. Pref.(Qua $1.37 Oct. 1 Holders of rec. Aug. 29 Southwestern Light & Pow., pref.((Pia- *S1.50 Oct. 1 *Holders of ree. Sept. 16 New England Power Assn.corn.(qua 50e. Oct. 15 Holders of rec. Sept. 300 Southwest Gas Oct. 1 *Holders of rec. Beta. 15 8% pref.(guar.) *2 & New $2 preferred (guar.)(NO. 1) 50e. Oct. 1 Sept. 11 to Sept.30 •154 Oct. 1 *Holders of rec. Sept. 16 7% Preferred (guar.) 6% preferred (guar.) 144 Oct. 1 Sept. 11 to Sept.30 Springfield(Mo.) Gas & Elea.. pref.(qua $1.75 Oct. 1 Holders of res. Sept. 15 New England Power Co., pref.(quar.) 1.4 Oct. 1 Holders of rec. Sept. 12 8711c Oct. 25 Holders of rec. Sept.300 Standard Gas & Elec., corn.(quar.) New England Pub. fiery., corn. 25c. Sept.30 Holders of rec. Sept. 15 $1.50 Oct. 25 Holders of rec. Sept.30 $6 prior preferred (guar.) Common (payable In common stk.) fIN Sept.30 Holders of rec. Sept.15 $1.75 Oct. 25 Holders of rec. Sept.30 $7 prior preferred (guar.) Now England Telep. dr Teleg.(quar.)_.. 2 Sept.30 Holders of rec. Sept. 10 com.B(gu.) 50c. Dec. 1 Holders of rec. Nov. 12 Standard Lt.,com. Pow. & & New Hampshire Power, Prof. (guar.).- *2 Oct. 1 *Holders of rec. Sept. 15 $1.75 Nov. 1 Holders of rec. Oct. 16 Preferred (quar.) N.J.Power & Light $6 pref.(guar.). -•51.50 Oct. I 'Holders of rec. Aug. 29 Tacony-Palmyra Bridge preferred $5 (quar.) *81.25 Oct. 1 *Holders of rec. Aug. 29 750. Sept.30 Holders of rec. Elept.150 Common and clam A (No.1) New Jersey Water Co.,7% pref.(qu.)... 134 Oct. 1 Holders of rec. Sept.20 4100. Oct. 1 'Holders of rec. Sept. 10 Tampa Electric Co.(guar.) New Orleans Pub. Serv., pref. (guar.).- 1% Oct. 1 Holders of rec. Sept. 15 (gM.). 134 Tenneesee Power let Oct: 1 Holders of rec. Sept. 15 Elec. pf. 5% New York Central Elec. Corp.. p1.(qua - *IN Oct. 1 *Holders of rec. Sept.30 134 Oct. 1 Holders of rec. Sept. 15 6% first preferred (glisO N.Y.Power & Light 7% pref.(quar.). 4,154 Oct. 1 'Holders of rec. Sept. 16 1)( OM. 1 Holders of rec. Sept. 15 7% ftrst preferred (quar.) $6 Preferred (quar.) •51.50 Oct. 1 *Holders of rec. Sept. 16 1.80 Oct. 1 Holders of rec. Sept. 15 7.2% first preferred (guar.) N.Y.& Richmond Gas, pref.(qu.) *14 Oct. 1 *Holders of rec. Sept.15 50e. Oct. 6% first preferred (monthly) Holders of rec. Sept.15 New York Steam Co., $6 pref.(quar.) $1.60 Oct. 1 Holders of rec. Sept. 150 600. oet. 1 Holders of rec. Sept.15 7.2% fIrst Preferred (monthly) $7 Preferred (quar.) $1.75 Oct. 1 Holders of rec. Sept. 15a Texas-Louisiana Pow., 7% pf.(quara_ - 134 Oct. 1 Holders of rec. Sept. 15 New York Telephone prof.(guar.) 13$ Oct. 15 Holders of rec. Sept. 20 Toledo Tr. Light Power.6% pt.(qu.). *14 Oct. 1 Niagara & Hudson Pow., corn.(quar.)__ 100. Sept.30 Holders of rec. Sept. 8a Tri-State Telep. & Teleg.. eCIM•(guar.)- *51.50 Oct. 1 *Holders of rec. Sept.15 & "Holders of rec. Sept.15 North American Co.. corn. (guar.) 124 Oct. 1 Holders of reo. Sept. be "15e. Dec. 1 *Holders of roe. Nov.15 6% Preferred (guar.) Preferred (guar.) 750. Oct. 1 Holders of rec. Sept. 5a Twin Cloy Rapid Transit, Minneapolis. North American Edtaon Co., pref.(qua. $1.50 Dec. 1 Holders of rec. Nov. 15a 14$ Oct. 1 Holders of roe. Sept. 124 Preferred (guar.) No. American Lt.& Pow.,$6 pref.(WI.) $1.50 Oct. 1 Holders of roe *2 20 Twin State Gas dr Elec.. corn.(guara Sept.30 *Holders of rec. Sept.15 North Continent Utilities, pref.(quar.) •1U Oct. 1 *Holders of rec. Sept. Sept. 15 •154 (quar.) Oct. 1 *Holden of rec. Sept. 15 Prior stock lien el% North Shore Gas. pref.(guar.) Oct. 1 *Holders of rec. Sept. 10 •fli Sept.30 *Holders of rec. Sept.15 5% preferred (guar.) North West Utilities Co., pr. lien, pf.(qu) 14$ Oct. 1 Holders of rec. Sept. 15 Twin States Natural Gas, el A (guar.).- *r25e. Oct. 1 Holders of rec. Sept. 16 Nor. Indiana Pub. Serv., 7% p1. (qu.)_ 14$ Oct. 14 Holders of rec. Sept.30 500. Oct. 1 Holders of rec. Aug. 25a United Corporation, corn.(No. 1) 6% preferred (quar.) 14 Oct. 14 Holders of rec. Sept.30 750. Oct. 1 Holders of rec. Sept. ba Preference ((Mar.) 544% preferred (quar.) 144 Oct. 14 Holders of rec. Sept.30 Prof. United Oct. 1 *Holders of rec. Sept. 15 Elec. Gas Corp., 82 (qua *134 Northern Mexico Pow.& Dev., pf.(qu.) 13( Oct. Holders of rec. Sept. 26 Improvement men. United Gas (guar.) 300. Sept 30 Holders of rec. Aug. 301 Northern N. Y. Telep., corn. (guar.).-•52.50 Oct. 15'Holders of rec. $1.25 Sept.80 Holders of rec. Aug. 304 $5 preferred (guar.) • $1.625 Oct. 15 *Holders of rec. Sept. 30 Preferred (guar.) Sept. 30 United Light & PowerNorthern Ontario Power. coin.(quar.).. 500. Oct. 25 Holders of roe. Sept.80 25e. Nov. I Holders of rec. Oct. 154 Common A &II new (guar.) Preferred (guar.) 134 Oct. 25 Holders of roe. Sept. 30 $1.25 Nov. 1 Holders of rec. Oct. 154 Common A & B old (quar.) Northern States Pow.(Del.),com.A (qu.) 2 Nov. 1 Holders of rec. Sept. 30 $1.50 Oct. firq (guar.) preferred Holders of rec. Sept. 154 $6 Common B (quar.) *20c. Nov. 1 *Holders of rec. Sept. 30 $1.75 Oct. United Public Service.$7 pf.(4=4-Holders of rec. Sept. 15 7% Preferred (guar.) 144 Oct. 20 Holders of ree. Sept. 30 *51.50 Oct. preferred (quar.) "Holders of rec. Sept. 15 $6 6% preferred (quar.) 154 Oct. 20 Holders of rec. Sept. 30 United Pub. Util. $5.75 pref.(quar.)---•$1.4334 Oct. *Holders of rec. Sent.15 Northport Water Wks., pref.(qua 144 Oct. 1 Holders of rec. Sept. 18 "$1.50 Oct. *Holders of rec. Sept. 15 $6 preferred (guar.) Northwestern Bell Telep., pref. (guar.). 14$ Oct. 15 Holders of rec. Sept. (guar.).20a *$1.75 Oct. Prof. first Utah Coke, Gas & *Holders of rec. Sept. 15 Norwood Gas Co.(guar.) Oct. 10 *Holders of rec. Sept. 15 "$1.75 Oct. 1 *Holders of rec. Sept. 15 Participating preferred (guar.) Nova Scotia Light & Power (guar.) *S1 Oct. 1 *Holders of rec. Sept.26 prof.(guar.)._ $1.75 Oct. 1 Holders of rec. Sept. 5 Light, Power* $7 Utah Ohio Bell Telephone, Prof. (guar.) 134 Oct. 1 Holders of rec. Sept. 19 $1 50 Oct. 1 Holders of ree. Sept. 5 preferred (guar.) Ohio Edison Co. $5 pref.(guar.) 51.25 Oct. 1 Holders of rec. Sept. 6 u25c. Oct. 1 Holders of ree. Sept. 5 Utilities Power & Light, corn.((Mara $6 preferred (quar.) $1.50 Oct. 1 Holders of rec. Sept. 6 ot5044. Oct. 1 Holden of rec. Sept. 54 A (guar.) Class $6.60 preferred (guar.) $1.65 Oct. 1 Holders of rec. Sept. 6 ts250. Oct. 1 Holden of rec. Sept. 5 Class B (guar.) $7 Preferred (quar.) 31.75 Oct. 1 Holders of rec. Sept. 6 0134 Oct. 1 Holders of rec. Sept. 5 Preferred (guar.) $7.20 preferred (quar.) $1.80 Oct. 1 Holders of rec. Sept. 6 Virginia Elec.& Power.6% pref.(guar.) 135 Sept.20 Holders of rec. Aug. 304 Ohio Electric Power,7% pref.(guar.) 14( Oct. 1 Holders of rec. Sept.15 Virginia Pub.Service, 7% pf.(quar.).._ 134 Oct. 1 Holders of rec. Sept. 15 6% preferred (guar.) 14 Oct. 1 Holders of 114 Oct. 1 Holders of rec. Sept. 15 6% preferred (quar.) Ohio Public Service, 7% pref.(monthly) *58 1-3 Oct. 1 *Holders of rec. Sept. 15 rec. Sept. 15 Wabash Telephone Securities pf.(guar.) *31.75 Oct. 1 *Holders of rec. Sept. 20 6% preferred (monthly) *50c. Oct. 1 *Holders of rec. Sept. West Va. Water Service, $6 prof.(oil.).. $1.50 Oct. 1 Holders of rec. Sept. 20 5% preferred (monthly) .41 2-3 Oct. 1 *Holders of rec. Sept. 15 Water Power, pref.(guar.)._ '134 Oct. 1 *Holders of rec. Sept. 15 15 Weymouth Ohio Telephone Berviee. prof.((MAO *144 Sept.30 *Holders of roe. Sept. 23 Western Mass. Cos.(guar.) 63410. Sept.30 Holders if rec. Sept.16 Preferred (guar.) *134 Dee. 31 *Holders of Western Power Corp.. pref.(gear.) 141 Oct. 16 Holden of rec. Sept.30 Old Colony Lt. & Pow.Assoc., com.(qu.) *700. Oct. 1 *Holders of rec. Dec. 24 rec. Sept. Western Pow.. Lt. dr Telep.. prof. A (qu) *$1.75 Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) *144 Oct. 1 *Holders of roe. Sept. 15 2 Oct. 15 Holders of rec. Sept. 250 Orange & Rockland Elec., Prof.(guar )- •15.4 Oct. 1 *Holders of tee. Sept. 15 Western Union Telegraph (guar.) West Kootenay Power & Light, pf.(qua 1% Oct. 1 Holders of rec. Sept. 22 Ottawa L.. H.& Power, corn.(guar.) 14 Sept.30 Holders of rec. Sept.25 Week Penn Elec. Co., clase A ((Mara 15 $1.75 Sept.30 Holders of rec. Sept.17a Preferred (guar.) 14$ Oct. 1 Holders of rec. Sept. 15 13$ Nov. 1 Holders of rec. Oct. 3a West Penn Power Co..7% pref.(guar.) Otter Tail Power Co.,6% pref.(quar.).. *134 Oct. 1 *Holders of rec. Sept. 15 134 Nov. 1 Holders of rec. Oct. 3a 6% preferred (quar.) 534% preferred (guar.) *I% Oct. *Holders of rec. Sept. West Texas Utilities. 36 pref.(guar.).- 051.50 Oct. 1 *Holders of rec. Sept. 15 Pacific Gas& Elec., corn.(guar.) 500. Oct. 15 Holders of rec. Sept. 15 30a Westmoreland Water Co., $8 pref. (qu.) $41.50 Oct. 1 Holders of res. Sept.20 Pacific Lighting, Prof. (guar.) *14 Oct. 15 'Holders Winnipeg Electric Co. pref.(guar.) 141 Oct. 1 Holders of rec. Sept. 6 Pacific Northwest Pub.Serv. Pr. pf.(qu.) *31.75 Oct. 1 *Holders of rec. Sept.30 of rec. Sept. 15 Wisconsin Hydro-Elec., pref. (guar.)._ *14 Oct. 1 *Holders of rec. Sept. 15 8% 9rst preferred (quar.) *$1.50 Oct. 1 *Holders of rec. Sept. 15 Wisconsin Public Serv., 7% pref. (gu.)- 154 Sept.20 Holders of rec. Aug. 30 Pacific Telep.& Teleg., corn.(quar.) 154 Sept.30 Holders of rec. Sept.294 154 Sept.20 Holders of rec. Aug. 30 634% Preferred (guar.) Preferred (guar.) 134 Oct. 15 Holders of rec. Sept. 300 14 Sept.20 Holders of rec. Aug. 30 6% preferred (quar.) Peninsular Telephone.corn.(guar.) *35e. Oct. 1 *Holders of roe. Sept. "31 Oct. 10 *Holders of rec. Sept. 15 154 Worcester suburban Elec.(guar.) Common (quar.) *350. Jan 1'31 "Hold. Of roe. Dee. 15'30 *$1.50 Oct. 10 *Holders of rec. Sept. 15 Extra Penn Central Lt.& Pow.,$5 Of.(guar.). $1.25 Oct. 1 Holders of rec. Sept. 15 $2.80 preferred (guru.) 70c. Oct. 1 Holders of rec. Sept.15 Banks. Pennsylvania Gas & El. Corp.,87 pf.(qu.) *$1.75 Oct. 1 *Holders of roe. Sept. 20 7% preferred (guar.) *14$ Oct. 1 *Holders of roe. Sept. 20 (guar.) Union 1 American Oct. 1 Holders of rec. Sept. 20a Pow, Penna. Co., $8.60 pt. (mthly,).. 550. Oct. 1 Holders of rec. Sept. 20 Bank of America Nat'l Awn.(gust,).. $1.125 Oct. Holders of rec. Sept.20 Pennsylvania Pow.& Lt.Co.,$7 pf.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 15 Beni:smelt:a-Blair Corp.(quar.) $8 preferred (quar.) 51.50 Oct. 1 Holders o free. Sept.15 50e. Oct. 1 Holders of rec. Sept. 29a Bryant Park (guar.) $5 preferred (guar.) 51.25 Oct. 1 Holders of rec. Sept. 15 Chase National (quar.) 181 Oct. Pennsylvania Water & Power (guar.)... Holders of rec. Sept.104 750. Oct. 1 Holders of rec. Sept. 19 Chase Securities Corp.(guar.) Peoples Gas Lt. dr Coke (Ouar.) 2 Oct. 17 Holders of rec. Oct. 3a Chatham Phenix Nat'l Bane & Tr.(au)'Si Oct. 1 "Holders of rec. Sept. 15 peoples Light & Power,cm.A (quar.) Q60e. Oct. 1 Holders of rec. Sept. 8 Eastern Exchange (guar.) •14 Sept.30 *Holders of rec. Sept.20 Peoria Water Works. pref.(guar.) 134 Oct. 1 Holders of rec. Sept.20 Fifth Avenue (guar.) 6 Oct. 1 Holders of rec. Sept.304 Philadelphia Elm Power, pref.(guar.) 500. Oct. 1 Holders of rec. Sept. 104 First National (guar.) 5 Oct. 1 Holders of rec. Sept. 254 1 2018 Name of CortiPany. When Per Cent. Payable. Books Closed. Days Inclusive. Banks (Concluded). 20 Oct. 1 Holders of rec. Sept. 250 First Security Co.(guar.) 720. Sept.30 Holders of rec. Sept. 25a Flatbush National(Bklyn.)(quer.) *$1.50 Sept.30 *Holders of rec. Sept.20 Jamaica National (gust.) Oct. I Holders of rec. Sept. 160 $1 Manhattan (The) Co. (guar.) National City Bank (guar.) Oct. 1 Holders of tee. Sept. $1 National City Company (guar.) City Bank Farmers Trust (quar.) 1 Holders of rec. Sept. 9 Oct. 3 Peoples Nat. Bank (Bklyn.) (quar.)_... Oct. 1 *Holders of rec. Sept. 20 Public National Bank & Trust (qual.).. *81 4 Holders of rec. Sept. 240 Oct. 134 Trade (guar.) •50e. Oct. 1 "Holders of rec. Sept. 18 United States (Bank of) (quer.) Trust Companies. Banat Commerciale Italians Trust (au.) Bankers (quar.) Bank of Europe Trust Co (qual.) Extra Bank of New York & Trust Co.(qual.)-Bronx County (guar.) Brooklyn (quar.) Central Hanover Bank & Trust (qu.) Chelsea Bank & Trust (guar.) Chemical Bank de Trust (quar.) County (quar.) Empire (guar.) Federation Bank & Trust (quar.) Fulton (quar.) Globe Bank & Trust(I3klyn.)(qual.)- - Guaranty (qual.) Irving (guar.) Lawyers (quar.) Manufacturers (guar.) Marine Midland Trust Co.(alum.) New York (quar.) Title Guarantee & Trust Co.(guar.)- - - 1 Extra United States (oust.) Westchester(Yonkers)(quar.) 234 Oct. I Holders of rec. Sept. 15 75c. Oct. 1 Holders of rec. Sept. 12 75c. Oct. 1 Holders of rec. Sept. 20 25c. Oct: 1 Holders of rec. Sept. 20 Oct. 1 Holders of rec. Sept. 190 4 40c. Oct. 1 Holders of rec. Sept. 20a Oct. 1 Holders of rec. Sept. 25 6 $1.50 Oct. 1 Holders of rec. Sept. 20 62)4c. Oct. 1 Holders of rec. Sept. 12a 45e. Oct. 1 Holders of rec. Sept. 11 Oct. I Holders of rec. Sept.24a 2 60e. Sept.30 Holders of rec. Sept. 19a Sept.30 Holders of rec. Sept. 30a 3 Oct. 1 Holders of rec. Sept. 22 3 nizo Oct. 1 *Holders of rec. Sept.20 Sept. 30 Holders of rec. Sept. 12 5 40e. Oct. 1 Holders of rec. Sept. 2 Sept. 30 *Holders of rec. Sept. 25 02 Oct. 1 *Holders of rec. Sept. 15 41 Sept. 20 to Sept. 25 234 $1.25 Sept.30 Holders of rec. Sept. 20a Holders of rec. Sept. 20 30 Sept. $1.20 60c. Sept.30 Holders of rec. Sept.20 15 Oct. 1 Holders of rec. Sept. 190 4 Oct. 1 Sept. 28 to Sept. 30 Fire Insurance. Brooklyn Fire (guar.) City of New York Ins. Co.(qual.) Stock dividend Hanover (qual.) Home Insurance Co.(guar.) Knickerbocker, corn. (quar.) Preferred (guar.) Rossia (quar.) United States Fire Ina. (guar.) 30e. Oct. I Holders of rec. Sept. 20 Oct. 1 *Holders of rec. Sept. 15 4 .450 Subject to stkhold. meeting Oct. 15 *40e Oct. 1 *Holders of rec. Sept. 19 50c. Oct. 1 Holders of rec. Sept. 15 •3734c Nov. 1 *Holders of rec. Oct. 20 *I% Oct. 15 *Holders of rec. Oct. 14 55c. Oct. 1 Holders of rec. Sept. 166 800. Nov. 1 Holders of rec. Oct. 22 Miscellaneous 6234e Oct. 1 Holders of rec. Sept.18 Abbott Laboratories, corn. (guar.) $1.75 Oct. 1 Holders of rec. Sept. 20 Abercomble & Fitch Co., pref. (guar.) Holders of tee. Oct. 10a Abitibi Power & Paper,8% pref.(Misr.) 1H Oct. 20 Holders of rec. Sept. 20 134 Oct. 1 7% Preferred (gear.) of rec. Sept. 22 *Holders 1 Oct. *6234c Acme Steel (guar.) 40c. Sept. 30 Holders of roe. Sept. 150 Adams Express common (qual.) of roe. Sept. 15a Holders 30 Sept. 154 Preferred (guar.) 3735e Oct. 10 Holders of rec. Sept. 22a Addressograph Internat. (guar.) •13/ Sept.30 *Holders of rec. Sept. 20 Aeolian Company, pref.(guar.) 1% Oct. I Holders of rec. Sept. 15 Aetna Rubber, pref.(guar.) of rec. Sept.20 Affiliated Investors, Inc., pref. (guar.). *31.50 Oct. 1 *Holders 134 Oct. 1 Holders of rec. Sept.15 (r111.) Sta.. Pref. Agnew Brume Shoe of rec. Sept. 300 Holders 15 Oct. 75e. Air Reduction, corn.(guar.) 31.50 Oct. 15 Holders of roe. Sept. 300 Common (extra) of rec. Sept.200 Holders 1 Oct. 3114e Airway Electric Appliance, Coln.(guar.) 1.4 Oct. 1 Holders of rec. Sent.20 Preferred (quar.) *31.50 Sept. 30 Holders of rec. Sept. 10 Alaska S. S., pref.(guar.) of rec. Sept.25 Albemarle Paper Mfg., pref.(guar.). - - •11/ Oct. 1 *Holders of rec. Sept.20 Albert Wood Preserving, Ltd., pf.(qu.). •1M Oct. 1 *Hclders Holders of rec. Sept. 30a 18 Oct. 15c. (monthly) Steel Allegheny 25c. Oct. 18 Holders of rec. Sept. 300 Extra 150. Nov.18 Holders of rec. Oct. 3Ia Monthly 15c. Dec. 18 Holders of rec. Nov.29a Monthly *I% Dee. 1 *Holders of roe. Nov.15 Preferred (guar.) 20c. Oct. 1 Holders of rec. Sept. 15 Alliance Investment Corp, COM•(guar.) Oct. 1 Holders of rec. Sept. 15 $3 Preferred 154 Dec. 1 Holders of roe. Nov. 20 Alliance Realty, pre/. (guar.) Oct. 1 Holders of rec. Sept. 1 la (qual.)... 13.4 pref. Dye. & Allied Chemical •8734c Oct. 1 *Holders of rec. Sept. 15 Allied Laboratories. pref. (guar.) Oct. 1 *Holders of rec. Sept. 23 Allied Motor Industries, pref.(guar.). _ *$1 of roe. Sept. 16 Allied Products Corp.. elate A (qual.).. '87340 Oct. 1 *Holders 62c. Oct. 1 Holders of rec. Sept. 19 Aloe(A.S.) Co.,corn.(guar.) of rec. Sept. 19 Holders 1 Oct. 134 (guar.) Preferred 50c. Oct. 25 Holders of rec. Oct. ,1a Alpha Portland Cement, corn.(qu.) •750. Nov. 1 *Holders of rec. Oct. 15 Altorfer Bros., pref.(qual.) Oct. 1 *Holders of rec. Sept. 15 (qual.).. 0134 pref. Amer., Aluminum Co. of 30c. Oct. 1 Sept. 21 to Sept. 30 Aluminum Goods Mfg *500. Sept.30 *Holders of roe. Sept.15 Aluminum Mfrs.. Inc., corn. (gust.) •50e. Dee. 31 *Holders of roe. Dec. 16 Common (guar.) '134 Sept.30 *Holders of roe. Sept.15 Preferred (quar.) Dee. 31 *Holders of rec. Dec. 15 *IX Preferred (guar.) of rec. Sept. 15 Amalgamated Launds., pf. (mthly.)_*5 8 1-3c. Oct. 1 *Holders of rec. Sept. 30 •134 Oct. 15 *Holders American Art Works, Pref. (guar.) of rec. Sept. 16 *Holders 1 OCt. •75e. A American Bakeries, class (guar.) •1% Oct. 1 *Holders of rec. Sept. 16 Preferred (guar.) 50c Oct. 1 Holders of rec. Sept. 100 American Bank Note,corn.(guar.) 750 Oct. 1 Holders of rec. Sept. 100 Preferred (grew.) 24a 60e. Sept. 30 Holders of rec. Sept. 24a Amer. Brake Shoe & Fdy.,corn.(quar.)_ Sept.30 Holders of rec. Sept. I% Preferred (guar.) 20a Sept. rec. of Holders Amer.Brown Boyer,Elea. Co. pf.(an.). 594 Oct. 1 150 134 Oct. 1 Holders of rec. Sept. American Can, pref. (guar.) 15 Sept. rec. of *Holders I Oct. •75c. Amer. Capital Corp.. $3 Pref.(guar.)160 Sept. rec. American Car & Foundry. corn.((BO - - $1.50 Oct. 1 Holders of rec. Sept. 166 of Holders 1 Oct. 11/ Preferred (guar.) 75e. Oct. 20 Holders of rec. Oct. 100 American Chain corn.(guar.) 134 Sept.30 Holders of rec. Sept. 20a Preferred (guar.) 50c. Oct. 1 Holders of rec. Sept. 120 (guar.) common Amer. Chicle 25e. Oct. 1 Holders of rec. Sept. 12a Common (extra) 134 Oct. 1 Holders of rec. Sept. 15 American Cigar, pref. (guar.) 12 *60o Sept.30 *Holders of roe. Sept. 25 Amer. Colortyre Co.. corn. (auar.)-Oct. 1 Holders of tee. Sept. Amer. Credit Indemnity (St. Louis)(qu.) SI Sept. 160 rec. of Holders 30 (guar.). Sept. corn. 25e. Tiling, Encaustic Amer. Sept. 23a American Express, common (guar.)_ _ _ _ $1.50 Oct. 1 Holders of rec. Sept. 16 13.4 Oct. 1 Holders of rec. American Felt Co., prof.(guar.) Oct. 5 rec. of *Holders 10 Oct. e *3734 Amer. Fork & Hoe, corn.(guar.) rec. Oct. 5 Preferred (period Aug. 1 to Oct. 15)-- .13/ Oct. 15 *Holders of rec. Sept. 25 1% Oct. 1 Holders of Amer. Fruit Growers, Inc., pref. (qu.) rec. Sept.20 Amer. Furniture Mart Building (gust.). 134 Oct. 1 Holders of Sept. 20 American Hair & Felt, corn. & pfd.(qu.) *2 Oct. 1 *Holders of rec. rec. Sept. 15 of 1 *Holders Oct. *2 (gust.)... pref. American Hard Rubber. 18 Sept. tee. Oct. 1 *Holders of *El American Hardware (guar.) Jan 1'31 *Holders"of rec. Dee. 18 *31 Quarterly 150 Sept. tee. of Holders 1 Oct. 35e. Amer.Home Products(monthly) Sept.22 Amer. Insurance Stocks.6% pf.(qu.)-*2214 c Ott. I *Holders of rec. Sept. 120 Oct. 1 Holders of roe. 31 Amer. International Corp., corn 12 Sept. rec. of Holders Oot. 1 Common (payable in common stook)_ f2 Nov. 15 Amer. Investment Trust Pref. (Qua:.)... 134 Die. 1 Holders of roe. Sept. 20 rec. of *Holders 30 Sept. *50c. Amer. Lace Mfg.(guar.) Sept.30 Holders of rec. Sept. 120 American Locomotive, corn. (quar.)._. $1 1% Sept. 30 Holders of tee. Sept. 125 Preferred (guar.) 50c. Sept. 30 Holders of rec. Sept. 180 Amer. Maize Products, corn.(gust.).... 180 15 Preferred (quar.) % Sept.30 Holders of rec. Sept. Oct. 1 Sept. 18 to Sera. 30 American Manufacturing, corn. (guar.). 1 30 Dee. to Dec. 31 Dee. 16 I Common (guar.) Preferred (quar.) IX Oct. I Sept. 16 to Sept. 30 134 Dec. 31 Dee. 16 to Dee. 30 Preferred (guar.) American National Co.(No. 1) (quer.). .200. Oct. 1 AIrier. Pneumatic Service, let pt.(qu.)_ _ d8714c Sept.30 Holders of rec. Sept.20 *25c. Sept.30 *Holders of rec. Sept. 22 Amer.Potash & Chemical (guar.) American Products Co., pref. (guar.)--- *50c. Oct. 1 *Holders of rec. Sept. 15 For.. 131. FINANCIAL CHRONICLE Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Continued). Amer. Radiator & Standard Sanitary 3734e Sept.30 Holders of tee. Sept.Ila Corp., common (guar.) 50e. Oct. 15 Holders of rec. Sept. 300 Amer. Rolling Mill, corn. (guar.) Oct. 1 *Holders of rec. Sept. 15 *114 Preferred (guar.) $1.25 Sept.30 Holders of rec. Sept. 100 American Safety Razor (guar.) 75e. Oct. 1 Holders of rec. Sept. 20 Amer. Salamandra Corp.(qual.) *134 Oct. I *Holders of rec. Sept. 20 American Service Co.. pref.(quar.) Amer. Shipbuilding common (guar.).- $1.25 Nov. 1 Holders of rec. Oct. 156 1% Nov. 1 Holders of rec. Oct. 15 Preferred (guar.) Oct. 1 Holders of rec. Sept. lla 3 American Snuff, common (guar.) 1% Oct. 1 Holders of rec. Sept. 110 Preferred (guar.) Oct. 15 Holders of rec. Oct. la 75c. (guar.). corn. American Steel FoundrieS, 194 Sept.30 Holders of rec. Sept. 150 Preferred (quar.) 50c. Oct. 1 Holders of rec. Sept. 150 American Stores (griar.) American Sugar Refining, corn. (Guar.). 134 Oct. 2 Holders of rec. Sept. 56 154 Oct. 2 Holders of rec. Sept. 5a Preferred (qual.) :Lao Sept.30 Holders of tee. Sept.13a American Surety (guar.) Amer. Thermos Bottle. pref.(guar.)._ *87Sic Oct. 1 "Holders of rec. Sept. 20 134 Oct. 1 Holders of rec. Sept. 100 American Tobacco. pref. (guar.) Oct. 15 Holders of rec. Oct. 40 Amer. Type Founders, corn.(guar.).- 2 134 Oct. 15 Holders of rec. Oct. 40 Preferred (guar.) 75e. Oct. 1 Holders of rec. Sept. 15 American Wringer corn. (gust.) 206 American Writing Paper. pref. (gust.).. $1 Sept. 30 Holders of rec. Sept. 154 *50c. Oct. 1 *Holders of rec. Sept. American Yvette Co.(guar.) 226 Amer.Zinc. Lead & Smelt., pref.(cal.).- $1.50 Oct. 1 Holders of rec. Sept.13 250. Oct. 2 Holders of rec. Sept. Amoskeag Mfg., common (Guar.) 60c. Oct. 1 Holders of rec. Sept. 196 Anchor Cap Corp., corn. (guar.) $1.825 Oct. 1 Holders of rec. Sept. 190 Preferred (guar.) Sept.15 Anchor Post Fence (qu.) (in stock).- *e2 ii Oct. 1 *Holders of rec. Sept. 301 *1% Oct. 2 *Holders of tee. Andale Co., pref.(ouar.) Oct. 5 rec. of *Holders 15 Oct. •20e. Angle Steel Stool (qual.) 50c. Oct. 15 Holders of rec. Oct. 4 Anglo National Corp., corn. A (guar.)... 19 Apex Electrical Mfg., pr. pfd.(quar.)- - - $1.75 Oct. 1 Holders of rec. Sept. 15 .50c. Oct. 1 *Holders of tee. Sept. Apponaug Co., common (qual.) '134 Oct. 1 *Holders of rec. Sept. 15 635% preferred (guar.) 106 Armour & Co. of Delaware, pref.(quer.) 194 Oct. 1 Holders of rec. Sept. 106 Armour & Co.(Illinois), pref.(guar.)... 13/ Oct. 1 Holders of rec. Sept. *25e Oct. 1 *Holders of rec. Sept.17 Armstrong Cork (quar.) 24 Arrow-Bart & Hegeman Elec., com.(111.) .75c. Oct. 1 *Holders of rec. Sept. * 31.625 Oct. 1 *Holders of rec. Sept.24 Preferred (guar.) 50e. Sept. 30 Holders of rec. Sept. 170 Art Metal Construction (guar.) 75e. Oct. 1 Holders of ree.Sept.d22 Arundel Corp.(guar.) Associated Apparel IndustriesOct. 1 Holders of roe. Sept. 196 $I Common (guar.) rec. Sept.%) Associated Bankers Title & Mtge.(qu.). •3734c Oct. 1 *Holders of 50c. Sept. 30 Holders of rec. Sept. 15 elfa es of Can.,com.(qu.)rI) s4c waer Asi et4ed en dBfg 1% Oct. 1 Holders of rec. Sept.15 50c. Sept. 30 Holders of rec. Sept.130 Associated Oil, corn.(quar.) 40c. Oct. 1 Holders of rec. Sept. 19 Assoc. Security Investors, corn.(au.).-1X Sept.30 Holders of roe. Sept. 106 u W.I .138.Lines. pf.(qu.) erred Oulf& Atlantfle. 134 Dee. 31 Holders of rec. Dee. 11 Preferred (gust.) Oct. 15 Holders of rec. Oct. I 50c. Atlas Plywood Corp.(guar.) Atlas Stores Corp. 1114 Dee. 1 Holders of ree. Nov. 1711 Corn. (payable in oom. stook) 113/ Mar ra 1 Hold, of tee. Feb.18'316 Corn. (payable In corn,stook) 15 *75c. Oct. 1 Holders of rec. Sept. 200 Preferred (quar.) 31 Oct. 1 Holders of rec. Sept. Auburn Automobile ((Mar.) 200 Sept. rec. of Holders 1 Oct. e2 Stock dividend 750. Nov. 1 Holders of rec. Oct. 154 Austin, Nichols & Co., Inc., prior A(qu.) 0250. Oct. 1 *Holders of rec. Sept. 15 Automatic Washer, pref.(quar.) *25e. Oct. 15 *Holders of rec. Sept. 30 Automobile Finance(Oust.) •75e. Oct. 8 "Holders of rec. Sept. 10 Autostrop Safety Razor, class A (qu.) Nov. 1 *Holders of rec. Oct. 10 •75c. Class B (guar.) 0.8 Auto-Strop Safety Razor of Toronto to Inc. in capital. Subject *e100 dividend Stock 800. Oct. I Holders of rec. Sept. 15 Axton Fisher Co., corn. A (guar.) 1)4 Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) •I. yi Oct. 1 *Holders of reo. Sept.20 Babcock & Wilcox Co.(quar.) *50e. Oct. 1 *Holders of rec. Sept. 20 Backstay Welt Co.(qual.) 1)4 Oct. 1 Holders of rec. Sept. 20 Baer, Sternberg & Cohen, 1st. pt.(qu.) 134 Oct. 1 Holders of rec. Sept. 20 Second preferred (guar.) •1 H Oct. 1 *Holders of rec. Sept. 20 Bakers Share Corp.(guar.) Sept.27 "Holders of rec. Sept 15 •75e. (quar.) Katz, oom. & Balaban •534 Sept 27 *Holders of rec. Sept. 15 Preferred (qual.) *3734c Sept. 30 *Holders of rec. Sept.20 Baldwin Rubber, class A (guar.) Sept.27 Holders of rec. Sept. 18 h3 Baltimore Brick, 1s1 prof 40c. Oct. 1 Holders of rec. Sept. 22 Bancomit Corp., coin.& corn. A (gust.). Bancroft(Joseph)& Sons Co. 300. Sept.30 Holders of roe. Sept.156 Common (guar.) rec. Sept. 15 Bankers Invest. Tr. of Amer., deb.(qu.) •15c. Sept.30 *Holders of 75e. Oct. 15 Holders of rec. Sept. 30 (qu.) common Corp., Bankers Securities rec. Sept. 30 of Holders 15 Oct. 75e. Participating preferred (qual.) 50c. Oct. 1 Holders of rec. Sept. 136 Barker Bros., corn.(quar.) of rec. Sept. 136 Holders 1 Oct. 1% Preferred (cniar.) 16 Holders of roe. Sept.30 5o 7.Oct. .(Uttar.) Bayuk Cigars, 100., 1X Oct. 15 Holders of rec. Sept.30 First 1 *Holders of rec. Sept.30 Oct. *25o. Beaton & Caldwell Mfg.(monthly) 134 Sept. 30 Holders of rec. Sept. 15 Bearings Co. of America, pref. (guar.).1 Holders of rec. Sept. 150 Oct. $1 (qual.) corn. Beatrice Creamery, 134 Oct. 1 Holders of rec. Sept. 150 Preferred (quer.) •50c Oct. 1 *Holders of rec. Sept. 15 Beatty Bros., corn.(Oust.) 75e. Sept.80 Holders of roe. Sept.12a Beech-Nut Packing (guar.) 1 Holders of ree. Sept. 2 Belgo Canadian Paper. prof.(Quar.)---- 13/ Oct. 50e. 0<rt. 1 Holders of roe. Sept. We Bent= Aviation(guar.) 1 *Holders of rec. Sept. 20 Oct. -(quer.) *134 Benson & Hedges, 7% pref. Oct. 1 *Holders of rec. Sept. 20 Bethlehem Fdy.& Mach., pref.(guar.). •8734c 15 Holders of roe. Oct. 176 Nov. 61.50 (guar.) common Bethlehem Steel, 134 Oct. , 1 Holders of roe. Sept. Sc Preferred (guar.) Sept. 20 B.-G. Sandwich Shops. Pref. (quar.)- -- '1)4 Oct. 1 *Holders of rec. Sept. 20 220. Oct. 1 Holders of rec. Bickford',. Inc., corn. (guar.) 6234c Oct. 1 Holders of rec. Sept. 20 Preferred (guar.) 1 of reo. Oct. 17 Bigelow-Banford Carp.& Bug. pf.(gU- '134 Nov. *Holders of rec. Sept.25 *25c. Sept. 30 *Holders Bird&Son (Oust.) Inc.(quar.) *60c. Sept. 30 *Holders of rec. Sept. 19 Preferred rec. Sept. 18 30 of Sept. Holders 8c. Bishop Oil Corp *50c. Oct. 1 *Holders of rec. Sept. 20 o...) corn.(guar.) Cnr edEequ T. Bissell err ef( *1 34 Oct. I *Holders of rec. Sept.20 Preferred 40e. Sept. 30 Holders of rec. Sept. 19 Black & Decker Mfg., corn.(guar.) 25c. Oct. 1 Holders of rec. Sept. 17 Bliss (E. W.) Co., corn.(guar.) Oct. 1 Holders of rec. Sept. 17 $I (guar.) preferred First 8714c Oct. 1 Holders of rec. Sept. 17 Second preferred class A (guar.) 15c. Oct. 1 IIolders of rec. Sept. 17 Second preferred class B (guar.) Nov. 15 *Holders of rec. Nov. 10 .,coummon (qual.) Bloch eq.% Sept. 30 *Holders of roe. Sept.25 Bros.,(quar.) •154 Dec. 31 "Holders of roe. Dee, 26 Preferred (guar.) 50c. Oct. 1 Holders of rec. Sept. 15 Blue Ribbon Corp.(Toronto), com.(qu.) Blumenthal(Sidney)& Co.,pref.(qu.).. 13.4 Oct. 1 Holders of rec. Sept.150 Oct. 1 Holders of rec. Sept. 154 3734c Brass & Aluminum Bohn Oct. 30 Holders of rec. Oct. 1511 $I Bon Ami Co., class A (guar.) (13Th(ge)Uarc.Oct. 1 Holders of rec. Sept.24 Class Hoarser Sept. 30 Holders of rec. Sept. 15 3714c. Co., class A (guar.) Bo Booth (F. E.) Co., Inc.. class A (guar.). *75e. Sept. 30 *Holders of rec. Sept. 15 Oct. 1 Holders of rec. Sept. 150 720. (guar.) COED. Corp., Warner Borg 15 Preferred (guar.) 154 Oct. 1 Holders of rec. Sept. 14 Oct. 15 Sept. 27 to Oct. $1 Borne Scrymser Co 20 Sept. rec. of I Holders Oct. (guar.) •400. Boston Herald-Traveler 25e. Sept. 30 Holders of rec. Sept. 15 Boston Personal Property Trust(qu.) Oct. 1 *Holders of rec. Sept. 24 *31 Bourbon Stock Yards (guar.) 14 Nov. 1 Holders of rec. Oct. 1 Brandram-Henderson, Ltd., corn.. (qu.) 1.4 Oct. 1 Holders of rec. Sept. 1 Preferred (guar.) Oct. 15 *Holders of ree. Sept. 20 Brantford Cordage, let prof 15 Brewing Corp. of Ontario. Prof.(guar.). 624c Oct. 1 Holders of rec. Sept. Oct. 1 Holders of rec. Sept. 20 ((mar.) pref. 15% Machine, Bridgeport 200 Sept. rec. of Holders 50e. Sept. 30 Briggs & Stratton Corp.,common (guar.) 50c. Oct. 1 Holders of rec. Sept. 150 Brill° Mfg. Co., Inc., class A (au.) sm Oct. 1 *Holders of rec. Sept. 15 Bristol Brass, pref.(quar.) British Aluminum, Ltd. Oct. 6 *Holders of rec. Sept. 16 •tr4 Am. dep, rcts. for ord. reg. shares_ _ 200. Oct. I Sept. 14 to Sept. 30 British Amet.Oil reg. abs.(guar.) 20c. Oct. 1 Holders of coup. No. 2 Coupon shares (guar.) Sept.d25 British Columbia Packers. pref. (quar.) 134 Oct. 1 Holders of rec. SEPT. 27 1930.] Name of Company. FINANCIAL CHRONICLE Per When Cent. Payable. Books Closed Days Inclusive. 2019 Per When Books Closed. Name of Company. Cent. Payable. Days Inclusive. Miscellaneous (Conf(ntseid). British-American TobaccoMiscellaneous (Continued). Ordinary bearer shares(interim) Colgate-Palmolive-Peet Co.. corn.(qu.) 6234e. Oct. (r) Sept. 30 Hold. of coup. No. 138 15 Holders of roe. Sept.20a Ordinary registered shares Preferred (guar.) (r) Sept. 30 154 Oct. 1 Holders of reo. Sept. 100 See note (r) Preference Colonial Chair preferred (qua?.) 2>.i Sept. 30 Holders of coup. •4351c Oct. 1 'Holders of reo. Sept. 15 No. 54 British Type Investors (bi-monthly) Colt's Patent Fire Arms Mfg.(qu.) Sc Oct. 1 Holders of rec. Sept. 1 50c. Sept.30 Holders of rec. Sept. 12a Broad Street Invest. Co.(guar.) Columbia Pictures Corp., corn. (quar.-) 30c. Oct. 1 Holders of rec. Sept. 15 Oct. 2 Holders of rec. Sept. 190 3754c Brockaway Motor Truck, pref. (guar.). 154 Common (payable in common Mock). /234 Oct. Oct. 1 Holders of rec. Sept. 103 2 Holders of roe. Sept. 36 Brompton Pulp & Paper,corn.(qu.)___ Commercial Credit Co.,corn.(qua?.)... 50c. Oct. 15 Holders of rec. Sept. 50o. Sept.30 Holders of reo. Sept.100 Brooklyn Mtge. Guar.& Title (guar.) 814% first preferred (guar.) *51.50 Oct. 1 *Holders of rec. Sept. 30 154 Sept. 30 Holders of reo. Sept.100 25 Brunswick-13alke-Collender, pref. (au.) 7% first preferred (guar.) 1M Oct. 1 Holders of rec. Sept. 4341e. Sept.30 Holders of reo. Sept.10a Buckeye Union 011 8% class B preferred (guar.) •Ic. Oct. 1 'Holders of rec. Sept.20 50e. Sept.30 Holders of reo. Sept.100 15 Bucyrus-Erie CO..corn.(guar.) $3 ohms A cony. stock (qua?) 250. Oct. I Holders of reo. Aug. 28 75e. Sept.30 Holders of res. Sept. 106 Preferred (guar.) 2 Sept. 30 Holders of rec. Sept. 19 15 Oct. 1 Holders of reo. Aug. 280 Commercial Credit (N. 0.) pref. (qu.).. Convertible pref. (guar.) 132340 Oct. 1 Holders of reo. Aug. 280 Commercial Discount(L.A)(In stook)... O5/1 Sept.30 *Holders of reo. Sept.20 Budd Wheel,corn.(guar.) 25e. Sept. 30 Holders of rec. Sept. Ilia Commercial Investment Trust, com.(gu) 40c. Oct. 1 Holders of rec. Sept. 50 Preferred (guar.) Common (payable In common stock)_ fl M Oct. 1 Holders 1% Sept. 30 Holders of rec. Sept. of rec. Sept. 5a Preferred (extra) 7% first preferred (guar.) 750. Sept. 30 Holders of rec. Sept. 10a 154 Oct. 1 Holders of rec. Sept. 56 10a Buffalo General Laund., pref.(qu.) 61.4% first preferred (guar.) Oct. 1 *Holders of rec. Sept.20 154 Oct. 1 Holders of roe. Sept. 50 Buffalo National Corp., corn. (qu.)_ - '56)c Cony. pref. series of 1929 (guar.).*25c. Sept. 30 *Holders of rec. Sept. 25 el Si Oct. 1 Holders of rec. Sept. 5a Preferred (guar.) Commercial Solvents,corn.(guar.) Sept. 30 *Holders of rec. Sept. 25c. Sept.30 Holders of rec. Sept. 10a Building Products, Ltd.. cl. A & B (qu.) '1St Cora. (payable in corn. stock) 50c. Oct. 1 Holders of rec. Sept. 25 f2 Sept.30 Holders of rec. Sept. 100 Huntley Bldg.(Cleveland) pref.(qu.)-- - $1.25 16 Commonw ealth Secur., cony. pref. (qu.) *31.50 Oct. 1 *Holders of rec. Oct. 1 Holders of reo. Sept.23 Burco, Inc., pref. (quar.) Sept. 15 Community State Corp., class A (guar.) '12540 Sept. 30 *Holders 75e, Oct. 2 Holders of rec. of rec. Sept. 26 Burden Holden, Ltd.(No.1) 20 Class A (guar.) *400. Nov. 1 *Holders of reo. Sept. '1234c Dec. 31 "Holders of rec. Dec. 26 Oct. 15 Burger Bros. (quar.) Class B (guar.) "25c. Oct. 1 'Holders of rec. Sept. •12Sic 3 31 '31 *Hold. of rec. Mar. 26 '31 15 Preferred (guar.) Class B (guar.) "2 Oct. 1 *Holders of recs. *12 Mc Sept.30 *Holders of rec. Sept. 26 Burnham Trading corp.. pref. A (qu.)- - . 15 Class B (guar.) 750. Oct. 1 *Holders of rec. Sept. '1254c Dec. 31 *Holders of rec. Dec. 26 Sept. 19 Burns Bros. pref. (guar.) 1% Oct. 1 Holders of rec. Sept. 150 Conde Nast Publications, corn (gu.).50c. Oct. 1 Holders of rec. Sept. 176 Burns & Co., Ltd., pref. (guar.) Conduits Co., Ltd., corn.(guar.) *1 5.1 Oct. 1 *Holders of rec. Sept. •25c. Oct. 1 'Holders of rec. Sept. 16 20 Burt (F. N.) Co., corn. (guar.) Preferred (guar.) .75c. Oct. 1 *Holders of rec. Sept. 15 4.134 Oct. 1 "Holders of rec. Sept. 16 Preferred (guar.) Congress Cigar (guar.) *1)1 Oct. 1 *Holders of rec. Sept. 15 Si Sept.30 Holders of rec. Sept. 150 Bush Terminal Bldgs.. pref.(quar.) 1% Oct. 1 Holders of roe. Sept.12a Conly Tank Car, pref.(guar.) *2 Sent.30 'Holders of rec. Sept. Bush Terminal Co., corn.(guar.) 623.t' Nov. 1 Holders of reo. Sept. 26a Conn. Gas & Coke Secur. pref.(qu.)-- - .75e. Oct. 1 'Holders of rec. Sept.20 16 7% debenture (quar.) I% Oct. 15 Holders of roe. Sept.2130 Consolidated Bakeries of Canada 25c Oct. 1 Holders of rec. Sept. 16 Byers(A. M.) Co., prof.(guar.) *1M Nov. 1 *Holders of reit. Oct. Consolidated Car Heat.(guar.) ' 154 Oct. 15 *Holders of rec. Sept. 30 15 Byllesby (H. M.)& Co.. cl. A (guar.) 50c Sept. 30 Holders of rec. Sept. Consolidated Cigar Corp., corn.(qua?.). $1.25 Oct. 1 Holders of Class B (guar.) ree. Sept.150 50c Sept. 30 Holders of rec. Sept. 15 Consolidated Film Industries, corn.(qu.) 50c Oct. 1 Holders of rec. Sept. 170 Preferred (guar.) 50c Sept. 30 Holders of rec. Sept. 15 Preferred (guar.) 50c Oct. 1 Holders of rec. Sept. 170 15 Calamba Sugar Estates, corn.(guar.) "400 Oct. 1 *Holders of rec. Sept. Consolida Laundries common ted , 25c Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) •350 Oct. 1 'Holders of rec. Sept.12 Consolidated Steel Corp., pref.(qu.) ' 4334c Oct. 1 *Holders 12 California Consumers, pref.(guar.) rec. Sept. 15 •$1.75 Consolidated Wagon & Mach.(guar.).- •101 Oct. 1 •Ilolders of 1 *Holders of rec. Sept. 15 California Group Corp., pref.(guar.)- - - •51.50 Oct. of rec. Sept. 20 Construct Oct. 1 Service, Credit ive Inc., pref 'Holders 4 of Oct. rec. Sept. 30 1 Sept. 21 to Sept. 30/ California Ink, class A & B (guar.) •50c Oct. 1 'Holders of roe-Sept.20 Consumer s Co.. prior pref.(guar.) .0134 Oct. 1 *Holders of reo. Sept.15 Cambria Iron $1 Oct. 1 Holders of rec. Sept. 150 Container Corp.. clam A (guar.) 30c Oct. 1 Holders of rec. Sept. 110 Campe Corporation (guar.) .50c Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) $1.75 Oct. 1 Holders of rec. Sept. 11 Canada Bread, pref. A &B.(guar.) "1% Oct. 1 "Holders of rec. Sept. 15 Continental Baking,Inc., pref.(qua?.).. 2 Oct. 1 Holders of rec. Sept. 150 Canada Bud Breweries corn. (guar.).- - Continental Gin,corn.(guar.) 25c Oct. 15 Holders of rec. Sept. 30 *El Oct. 1 'Holders of rec. Sept. 15 Canada Cement, Preferred (guar.) 134 Sept.30 Holders of rec. Aug. 30 Preferred (guar.) •$1.50 Oct. 1 *Holders of rec. Sept. 15 Canada Dry Ginger Ale (guar.) $1.23 Oct. 15 Holders of rec. dOct. 1 Continental Casualty (guar.) •40e Oct. 1 'Holders of rec. Sept. 15 Canada Permanent Mtge.Corp.(guar.)- 3 Oct. I Holders of reo. Sept. 15 Continental-Diamond Fibre (qua?.). 25c Sept.30 Holders of rec. Sept.200 Canada Wire & Cable, class A (quar.).. $1 Dec. 15 Holders of rec. Nov.30 Continental Shares, Inc., corn.(qua?.)... 25e. Oct. 1 Holders of rec. Sept. Class B (No. 1) 113e1 Dec. 15 Holders of rec. Nov.30 Continental Steel, pref.(guar.) •151 Oct. 1 *Holders of rec. Sept. 18 Canadian Brewing Corp., corn. (qua?.). 4354c. 250. Oct. Cooper-Bessemer Corp., corn.(qua?.).. 500 Oct. 1 Holders of rec. Sept. 10 Canadian Canners. Ltd., corn.(guar.)- - +25c. Oct. 15 Holders of reo. Sept.25 Preferred (guar.) 1 *Holders of rec. Sept. 15 750 Oct. I Holders of rec. Sept. 10 First preferred (guar.) '154 Oct. 1 *Holders of rec. Sept. 15 Coronet Phosphate $1.50 Oct. 1 Holders of rec. Sept.150 Convertible preferred (guar.) "25c. Corroon & Reynolds Corp.,36pref.A(qu.) $1.50 Oct. 1 Holders of rec. Canadian Car at Foundry,Pref. (guar.)- 435(c Oct. 1 *Holders of rec. Sept. 15 Sept. 19 Courier Post Co., pref.(guar.) Oct. 10 Holders of rec. Sept.25 '154 Oct. 1 *Holders of rec. Sept. 15 Canadian Cottons. Ltd., pref.(Guar.) 1)4 Oct. 4 Holders of roe. Sept. 20 Cream of Wheat (guar.) 50c Oct. 1 Holders of rec. Sept.22 Canadian General Electric-Cresson Con.Gold Min.dr M.(quar.).... 1•10 Oct. 10 *Holders of ree. Sept.130 Conur.on (guar.) 75e. Oct. 1 Holders of rec. Crowley Milner & Ca mr°'(qua?.)....- '500 Sept.30 *Holders of rec. Sept. 10 13 Preferred (guar.) 8734c Oct. 1 Holders of rec. Sept. Crown Cork Internati•, onal Corp., A (qu.) 25e Oct. 1 Holders of rec. Sept. 18a Sept. 13 Canadian Oil, pref.(guar.) *$2 Oct. 1 *Holders of reo. Crown Cork & SealCanadian Packer. pref.(guar.) 20 'l4 Oct. 1 *Holders of rec. Sept. Common (payable In Common stook). /10 Oct. 14 Holders of Sept. 15 Canadian Westinghouse, Ltd.(guar.)--- *we. Oct. reo. Sept.200 Preferred (guar.) '8754cOct. 1 *Holders of rec. Sept.15 Canadian WIrebound Boxes, class A (qu) '37)4c Oct. 1 *Holders of rec. Sept. 19 1 *Holders of rec. Sept. 15 Crown Willamette Paper, 1st pref.(qu.)- $1.75 Oct. 1 Holders of rec. Canal Construction, pref. (guar.) Sept. 130 *3714c Oct. I *Holders of rec. Second preferred ((mar.) $1.50 Oct. 1 Holders of rec. Sept. 13 Sept. 20 Canfield Oil, corn. & pref.(guar.) 141 Sept.30 Sept. 20 to Sept. Crown Zellerbach Corp..tom.(qua?.)... 25o Oct. 15 Holders of reo. Sept.306 24 Cannon Mills (guar.) 40c. Oct. 1 Holders of rec. Sept. 131 Oct. 31 Holders of roe. Oct. 151 186 Crucible Steel of Amer., com.(quar.)_ Capital Administr., pref.(guar.) 75c. Oct. 1 Holders of rec. Preferred (guar.) 154 Sept. 30 Holders of rec. Sept. 16e1 15a Carey (Philip) Mfg., pref.(guar.) •I Si Sept. 30 *Holders of rec. Sept. Crum & Forster, corn. A & B (qua?.).250 Oct. 15 Holders of rec. Oct. 4 Sept. 20 Carman & Co.. class A and B (quar.)"500. Preferred (guar.) 2 Sept.30 Holders of reo. Sept.20 Class B (50o.cash or 1-40th all. B stk.) •50o. Nov. 29 *Holders of reo. Nov.15 Oct. 25 *Holders of rec. Oct. 15 Preferred (guar.) 2 Dec. 31 Holders of rec. Dec. Carnation Co.(extra in stook) •el Jan 211 *Holders of rec. Dec. 20 Crum de Forster I071. Shame. prof.(Qua?.) 134 Nov.29 Holders of reo. Nov.20 Preferred (guar.) 19 a *151 Oct. 1 *Holders of rec. Crystalite Products, pref.(guar.) *154 Sept.30 *Holders of rec. Sept. 20 Sept. 10 Case (J. I.) Co.. dom.(guar.) 154 Oct. 1 Holders ot reo. Sept. Crystal Tissue Co.(guar.) ' 37540 Oct. 1 *Holders of roc. Sept. 201 Preferred (guar.) 151 Oct. 1 Holders of rm.Sept. 12a Cudahy Packing,corn.(guar.) 51 Oct. 15 Holders of rec. Oct. 3 120 Cavanagh-Dobbs,Inc.. pref.(quar.)_ 154 Oct. 1 Holders of rec. Sept. 7% preferred 3% Nov. 1 Holders of reo. Oct.' 20 260 Celanese Corp. of Amer., prior pf.(qu.)- 154 Oct. 1 Holders of roe. Sept. 16 6% preferred 3 Nov. 1 Holders of roe. Oct1 20 Central Aguirre Associates (guar.) Oct. 3754c 1 Holders Cuneo Pram, common (guar.) of . 6234c Nov. 1 *Holders of rec. Oct./ 15 rec. Central Invest. Corp.(guar.) '134 Oct. I *Holders of rec. Sept. 220 Preferred (guar.) '6234c Dec. 15 "Holders of rec. Dec. 1 Centrifugal Pipe Corp.(guar.) Sept. 20 Nov. 15 Holders of reo. Curtis Mfg.. corn.(guar.) 62540 Oct. 1 Holders of rec Sept. 16 1 Century Electric Co. (guar.) Nov. 5 $1 Oct. 1 Holders of rec. Sept. 50o. Oct. 2 Holders of rec, Sept. MI Chamber of Commerce Bldg.(Ind.) 15a Curtis Publishing. corn.(monthly) Extra 501. Oct. 2 Holders of rec. Sept. 200 Preferred (guar.) $1.375 Oct. 1 Preferred (guar.) 134 Oct. 1 Holders of reo. Sept. 200 Champion Coated Paper, pref.(qu.)-- "131 Oct. 1 *Holders of rec. Sept. 20 "Holders Darby of Petroleum . 250. Oct. 15 *Holders of rec. Sept. 30 Special preferred (guar.) •151 Oct. 1 *Holders of rec. Sept. 20 Davenport Hosiery Mills, corn.(guar.)_ _ rec. Sept.20 50c. Oct. 15 Holders of rec. Oct. 1 Champion Fibre, let pref. (guar.) •154 Oct. 1 'Holders of rec. Sept. 20 Preferred (guar.) 151 Oct. 1 Holders of rec. Sept. 20 Champion Shoe Mach., pref.(qu.) •134 Oct. 1 'Holders of rec. Sept.25 Davidson Company, pref. (guar.) *151 Oct. 1 *Holders of rec. Sept.20 Channon(H.) Co., 1st pref.(guar.) ' 154 Oct. '1 *Holders of rec. Hayfield Realty Corp., preferred 3X Oct. 1 Sept. 16 to Oct. 1 Sept.20 Second preferred (guar.) *2 Oct. 1 *Holders Deep Rock of Oil, $7 pref. (guar.) rec. Sept.20 $1.75 Oct. •25 Holders of roe. Sept. 30 Chase Brass & Copper, pref.(guar.).- 154 Sept. 30 Holders of rec. Sept. 19 Deere & Co.,new corn.(guar.) 300. Oct. 1 Holders of pm. Sept.154 Checker Cab Mfg.(monthly) 35c. Oct. 1 Holders of rec. Sept. 150 New corn.(Payable In com.stook)--- f131 Oct. 15 Holders of reo. Sept. 15 Chesebrough Mfg.Consol.(qu.) *S1 Sept.30 *Holders of rec. Sept. Old $100 Par common (qua?.) Extra 134 Oct. 1 Holders of rec. Sept. 15 *50c Sept.30 *Holders of rec. Sept. 10 Denver Union Stook Yards,corn. .1 1 1 Oct. 1 *Holders of ree. Sept.20 10 Chicago Flexible Shaft. corn.(guar.)... O300 Oct. 1 *Holders of reo. Sept. 20 Common (qua?.) 111 Jan 1'81 *Hold, of reo. Dee.2080. Chic. June. Rys.& Un. Stk. Yds.Common (guar.) *31 Ap.1 31 "Hold. of ree. Mar. 20'31 Common (guar.) 23.4 Oct. 1 Holders of rec. Sept. 15 Preferred (guar.) '134 Dec. 1 "Holders of rec. Nov. 20 Preferred (guar.) 154 Oct. 1 Holders of rec. Detroit Bankers Co.(guar.) Chicago Pneumatic Tool, pref.(guar.) *850. Sept. 30 *Holders of rec. Sept. 20 873ic Oct. 1 Holders of rec. Sept. 15 Detroit Cleveland Nay.(quar.) Chicago Railway Equip., corn.(qu.)- 200. Oct. 1 Holders of rec. Sept.15 25c Oct. 1 Holders of rec. Sept.200 Detroit & Electric Co., pref. (quar.) Preferred (guar.) *5254c Oct. 1 *Holders of rec. Sept. 20 4354c Oct. 1 Holders of rec. Sept. 20 Detroit Gasket & Mfg. (guar.) Chicago Towel, cons. (guar.) +30c. Oct. 1 *Holders of rec. Sept. 20 Sept. 20 *$1.25 Oct. 1 "Holders of rec. Sept.20 Detroit Steel Products. corn. (guar.)---- . Common (extra) 35e Oct. 1 *Holders of rec. Sept. 20 'Si Oct. 15 *Holders of Devoe & Raynolds, class A & B (guar.)Preferred (guar.) 300 Oct. 1 Holders of rec. Sept. 200 *31.75 Oct. 1 *Holders of rec. Oct. 5 First and second pref.(guar.) Chicago Yellow Cab(monthly) 151 Oct. 1 Holders of rec. Sept. 200 25e Oct. 1 Holders of rec. Sept.20 Devonian Monthly (guar.) *150. Oct. 1 'Holders of rec. Sept. 15 250 Nov. 1 Holders of rec. Sept. 193 Devonshi Oil Investing Corp., corn.(qu.)_ Monthly 50e. Oct. 15 Holders of rec. Oct. 1 25e Dec. 1 Holders of rec. Oct. 20a Diamondre Shoe Corp., corn.(guar.) rec. Chile Copper Co.(guar.) Nov. 203 50o. Oct. 1 Holders of rec. Sept. 19 62Sic Sept.30 Holders of tee. Preferred (guar.) Chrysler Corp., cam.(quar.) Sept.106 15i Oct. 1 Holders of rec. Sept.19 750. Sept.30 Holders of Cincinnati Advertising Prod. (quar.)._ _ reo. Sept. 26 Diversified Investments, cl. A (qu.) 'f/50c. Oct. 15 'Holders of rec. Sept. 25 Oct. 1 *Holders of rec. First preferred (guar.) Cincinnati Ball Crank.partlo. pfd.(au.) •75c. Sept. 20 *151 Oct. 15 *Holders of rec. Sept. 25 *560. Participating, preferred (guar.) Cincinnati Union Stock Yards (guar.).- "40c. Sept. 30 *Holders of reo. Sept.15 *1 Oct. 15 *Holders of rec. Sept. 25 Sept. 30 *Holders of rec. Sept.20 Clam C (guar.) Circle Theatre Corp. (guar.) *51 Oct. 15 *Holders of rec. Sept. 25 *31.75 Oct. 1 *Holders of roe. Doehler Die-Casting 7% prof.(qUar.) .- '873.40 Oct. 1 *Holders Cities Service common (monthly) Sept.20 254c. of rec. Sept.20 Common (payable In corn. stock)__ -. fSi Oct. I Holders of rec. Sept. 153 $7 preferred (guar.) *S1.75 Oct. 1 *Holders of rec. Sept. 20 Oct. 1 Holders of rec. Dolphin Paint & Varnish, el. A (cm.). Common (monthly) *50c. Oct. 15 *Holders of rec. Oct. 1 254c. Nov. 1 Holders of rec. Sept.15a Dome Mines Common (payable in corn,stock) (guar.) Oct. 150 250. Oct. 20 Holders 154 Nov. 1 Holders of Dominion Glass, Ltd., com.& pref.(gu.) 151 Oct. I Holders of rec. Sept. 300 Preference and pref. BB (monthly)__. of rec. Sept. 15 500 Oct. 1 Holders of rec. Oct. 15a Dominion Stores(guar.) Preference B (monthly) 30c. Oct. 1 Holders of rec. Sept. 1545 Se Oct. 1 Holders of rec. Sept. 15a Dominion Preference and pref. BB (monthly)_ Tar & Chemical. pref.(qu.). rec. Sept. 150 154 Nov. 1 Holders of rec. Oct. 6 50c Nov. 1 Holders of rec. Oct. 15a Dominion Textile, common (guar.)._ Preference II (monthly) $1.25 Oct. 1 Holders of reo. Sept. 15 5c Cities Service Bankers Shares(monthly)" 33.46c Nov. 1 Holders of rec. Oct. 15a Preferred (War.) 134 Oct. 15 Holders of rec. Sept. BO Oct. 1 'Holders Dominguez 011 Fields(extra) City Investing Co., pref. (guar.) *200. Sept.30 *Holders of rec. Sept.22 134 Oct. 1 Holders of rec. Sept. 15 Donahoes, Inc., class A (guar.) of City Stores Co., coca.(guar.) *25c. Sept. 30 *Holders of rec. Sept.20 12540.Oct. 15 Holders of rec. Sept. 26 (guar.) Preferred Class A (guar.) •13.4 Sept.30 *Holders of rec. Sept.20 87%c.Nov. 1 Holders of rec. Sept. 300 Douglas Aircraft Clark (D. L.) & Co. (attar.) rec. Oct. 150 *50o. Oct. 20 'Holders of rec. Sept. 10 '313.40 Douglas(W.L.) Shoe,Pref.(guar.) Claude Neon El. Prod. corn. & pref.(qu.) "25c Oct. 1 *Holders of reo. Sept. 15 151 Oct. 1 Holders of rec. Sept. 15 Oct. 1 "Holders Cleveland Automat.Mach.,Ist pref.(q11. $1.75 of rec. Sept. 20 Dow Drug,COM.(guar.) "25c. Oct. 1 *Holders of rec. Sept. 20 ) Sept. 30 IIolders Cleveland Dairy Products, pref.(au.) Preferred (guar.) •151 Oct. 1 *Holders of rec. Sept. 20 "$1.75 Oct. 1 'Holders of rec. Sept. 18 C/Inton Title & Mtge. Guar.(guar.) Corporati Draper of (guar.) on rec. Sept. 26 $1 Oct. 1 Holders of rec. Aug. 30 •100 Oct. I 'Holders of Driver-Harris Co.. 7% Pref. (quar.)_ rec. Sept. 20 Extra •194 Oct. 1 *Holders of rec. Sept.20 •100 Oct. 1 'Holders of rec. Sept. 20 Dufferin Paving & Crushed StoneClover Splint Coal, pref. (guar.) *52 Oct. 1 *Holders of rec. Flea preferred (guar.) Cluett Peabody & Co. ,pref. (guar.)_ _ Sept. 20 151 Oct. 1 Holders of rec. Sept. 22' 154 Oct. 1 Holders of rec. Sept. 200 Duncan Mills, pref.(guar.) Coats (J. P.), Ltd. "151 Oct. 1 *Holders Amer. dep. rcts. ord. reg., 9 pence. Dunham (J. H.) & Co., common (quar.) '154 Oct. 1 *Holders of rec. Sept. 20 Oct. 6 of rec. Sept. 20 *Holders of rec. Aug. First preferred (guar.) CocaCola Bottling(CM.) class A (guar.) *62 Sic Oct. '154 Oct. 1 *Holders of rec. Sept. 20 1 *Holders of rec. Sept. 27 Second preferred (quar.) Coca Cola Bottling Sec.(guar.) 15 *is( Oct. 1 *Holders of rec. Sent. .25e Oct. 15 Dunhill Internat. Coes Cola Co..corn.(guar.) (guar.) 25o. Oct. 15 Holders of rec. Oct. 20 31.50 Oct. 1 Holders of ree. 13 Coca-Cola International, corn. (guar.)._ 53 Silk Corp.. pref.(guar.) $2 Oct. 1 Holders of rec. Sept. 154 Oct. 1 Holders of rec. Sept. I2a Duplan Pont Du (E. Sept. Cocksbutt Plow, common (guar.) de I.) Nem. I23 & Co. 37 Si c Nov. 1 Holders of rec. Debentur Oct. stock (guar.) e 15 Cohen (Dan) Co.(guar.) 154 Oct. 25 Holders of rec. Oct. 10' .40c. Oct. 1 *Holders of Durant Motors of Canada Coleman Lamp & Stove (guar.) 200. Oct. 1 Holders of rec. Sept. 10 *50c. Oct. 1 *Holders of rec. Sept. 15 rec. Sent. IS Eagle Whse.& Storage (guar.) '154 Oct. 1 *Holders of rec. Sept. 25 2020 Name of Composer. [VoL. 131. 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). I% Nov. 1 Holders of rec. Oct. Ila Gotham Silk Hosiery, pref.(guar.) •874c Oct. 1 *Holders of roe. Sept. 10 Eastern Manufacturing, pref.(quiz.) 134 Oct. 1 Holders of rec. Sept.20 Oct. 1 Holders of rec. Sept.20a Gottfried Baking, pref. (quar.) Eastern Rolling Mill (guar.) Oct. 1 Holders of rec. Sept.20 2 Goulds Pumps, Inc.,corn.tquar.) Sept.20 Eastern Utilities Investing Corp. 134 Oct. 1 Holders of reo. Sept. (guar.) Preferred 30 Aug. rec. of Holders 1 15 81.15 Oct. $5 Prior preferred (quiz.) Oct. 1 *Holders of reo. )4 '1 1st (quar.) pref. Motors. Graham-Paige $1.25 Oct. 1 Holders of rec. Aug. 300 Oct. 176 rec. Eastman Kodak, common (guar.) of Holders I (qu.) 50c Nov. 75o. Oct. 1 Holders of rec. Aug. 30a Granby Cons. Min. Smelt. & Pow. Common (extra) of fee. Oct. 21 *Holders 1 Nov. (qu.)...'1734c Stores pf. Equip. Grand Rapids 30a Aug. rec. of 14 Oct. 1 Holders Preferred (quar.) •25e. Oct. 1 'Holders of rec. Sept.20 Grand Rapids Varnish (quar.) Sept. 20 Eastern Steamship Lines, COM.(quar.)_. 50e. Oct. 1 Holders of rec. 1 Sept.30 Holders of rec. Sept. 153 Granite City Steel(qua:.) 1% Oct. I Holders of rec. Sept.20 First preferred (guar.) 250 Oct. 1 Holders of rat. Sept.126 Co coin. • (qual.) T.) Grant (W. 874c Oct. 1 Holders of rec. Sept.20 Preferred (quar.) 4 Oct. 1 Holders of rec. Sept. 20 2 Pt. Great Britain & Canada Investment. rec. Sept. 30 Eastern Util. Investing, part pf. (qu.)_. $1.75 Nov. 1 Holders of rec. 114 Oct. 1 Holders of reo. Sept. 15 Great Lakes Towing. corn.(guar.) Oct. 31 $1.75 Dec. 1 Holders of $7 preferred ((mar.) Oct. 1 Holders of rec. Sept. 15 134 (guar.) Preferred $1.50 Dec. 1 Holders of rec. Oct. 31 $6 preferred (guar.) *1% Jct. 1 *Holders of rec. Sept.20 Great Lakes Transit, pref. (guar.) .$1.25 J'n.2'31 *Holders of rec. Nov.28 Prior preferred (quar.) Oct. 1 Holders of rec. Sept. 25 $1 (qu.). corn. Share, dr Bd. Great Northern Sept.20 rec. $1.25 Oct. 1 Holders of Economic Invest,Tr.,Toronto 134 Oct. 1 Holdesr of rec. Sept. 25 Preferred (qua:.) 25e. Oct. 15 Holders of rec. Oct. 1 10 Economy Grocery Stores (guar.) at. Northern Investing Co., el. A (qu.)_ 0624( Oct. 1 Holders of rec. Sept. 60. Oct. 1 Holders of reo. Sept.10 Ecquadorlan Corp., Ltd.((Nan) 134 Oct. 1 Holders of rec. Sept. 10 Preferred (guar.) rid 113%e. Oct. 20 Holders of rec. Sept. 30 Sept.20 rec. of Edison Bros Stores, Inc.(guar.) *Holders 1 )ct. Great Western Elec.-Chem., let pt.(qu.) *1(4 rec. Sept. 15 Edmonton City Dairy, pref. (quar.)__. •1% Oct. 1 *Holders of reo. 35e Oct. 2 Holders of res. Sept. 154 Sept. 19 Great Western Sugar, Oom.(quit.).... 14 Oct. 1 Holders of Edwards (Win.) Co.. pref. (guar.) 114 Oct. 2 Holders of reo. Sept. 150 Preferred (guar.) 25e. Oct. 1 Holders of rec. Sept.20 Elder Mtg., common (quar.) 31.51 /et. 1 Holders of rec. sent. is Green (Daniel) Co., pref. (guar.) 11( Oct. 1 Holders If rec. Sept. 20 Class A (qua:.) tf Oct. 1 Holders of rec. Sept. 15 Greenfield Tap & Dle Corp.6% pf.(0.) Oct. 1 Holders of reo. Sept.20 2 First preferred (qual.) Oct. 1 Holders of rec. Sept. 15 1 rec. Sept. 206 of Holders 1 Oct. $1.50 core. Co., (guar.) Auto-Lite Electric 80o Oct. 1 Holders of reo. Sept.15 Pros guixe?class A (quar.)-.Co 81/3 .doperag reteer $1.75 Oct. 1 Holders of rec. Sept.206 Gre1 Preferred (quar.) Jct. 1 'Holders of rec. Sept.20 *ix (quar.) (L.) Prof. & Groff Bros., $1.25 Oct. 1 Holders of rim. Sept. 19 Electric Controller & Mfg.(quar.) *$1.7, )et. 1 *Holders of rec. Sept.'20 rec. Sept. 95 Greyhound Corp., pref. A (quar.) Electric Storage Batt. corn.& pt.(qu.)__ $1.25 Oct. I Holders of Dec. 1 *Holders of reo. Nov.20 *500. (quar.) common 30 Watch, Gruen Sept. rec. of *Holders 30 Sept. *10e. Elgin Sweeper, pref. (guar.) •50c. Marl31 *Hold.of reo. Feb.20'31 Common (qual.) *Holders of re.. Setae 15 Emerson Bromo Seltzer,class A & B(MI) Mo.Oct. 1 Nov. 1 *Holders of rec. Oct. 20 Preferred (guar.) •500. Oct. 1 *Holders of reo. Sept 15 Prefened (qual.) Feb 1 31 *Hold.of reo. Jan. 20'31 '134 Sept.20 Preferred (guar.) rec. of 1 Holders 1% Oct. Emerson Elec. Mfg., pref. (quar.) 15 *Holders of tee. Sept.30 Oct. *51.50 (qu.) rec. Sept.220 Guarantee Co.of No.Amer. of 29 Holders Sept. 3 Deposit (guar.) Safe Empire •$2.50 Oct. 15 *Holders of rec. Sept.30 Extra Holders of reo. Sept. 180 1 *Holders of rec. Sept. 15 Endicott-Johnson Corp., corn (qua:.)--- $1.25 Oct. 1 Oct. *185(0 (qu.) ger. I Tr.. by. Sh, 186 Bank Sept. Guardian reo. 1% Oct. 1 Holders of Preferred (guar.) '37540 Oct. 1 *Holders of rec. Sept. 15 Preferred certificates (guar.) 750. Oct. 1 Holders of reo. Sept.15a Equitable Office Bldg.,corn.(qu.) Nov. 1 *Holders of rec. Sept.20 *1 Common (guar.) Sept. 15 rec. of Holders 1 1X Oct. Sept.25 Preferred (guar.) Guardian Detroit Union Group(quer.)-- *501. Sept.30 Holders of rec. Sept. *100. Oct. 1 Holders of rec. Sept.25 25 Equitable Trust (Detroit) (guar.) •300. Sept.30 Holders of rec. Extra 75e. Oct. 1 Holders of rec. Sept. 15 Equity Investors Corp. Pref. (quar.) *Holders of rec. Sept. 12 1 Oct. •$1.75 pf.(qu.) 1st $7 Guardian 16 Corp., Investors Sept. rec. of •30. Sept.30 Holders 12 Sept. roe. Eureka Standard Cons. Mining (qua:.)__ of *Holders 1 Oct. •$1.50 $6 1st preferred (quar.) •600. Nov. 15 Holders of rec. Nov. 5 Ewa Plantation (guar.) *me. Oct. 1 *Holders of rec. Sept.12 53 2d preferred (qua:.) Sept.12c rec. Sept. 15 Fairbanks. Morse & Co.common (quar.) The.Sept.30 Holders of reo. Sept. of *Holders 1 Oct. (qu.) *374c (Hartford) Trust. Guardian Invest. 12 rec. Sept. 15 Famous Players Can. Corp., corn.(qu.). 500. Sept.27 Holders of reo. 15 Guardian Pub. ULM by,Tr., pf.(qu.)_ •250. Oct. 1 *Holders of rec. Sept. 15 Fanny Farmer Candy Shops,corn.(qu.) •25c. Oct. 1 Holders of reo. Sept. Guardian Ry.Shares Inv. Tr., pref.(qu.) 031 4c Oct. 1 *Holders of rec. Sept.20 •60o. Oct. 1 Holders of rec. Sept. 15 of Preferred (quar.) Holders 1 Oct. 50c. (qu.) Inc. Law, Guenther (Rud.)-Russell Sept.30 Holders of rec. Sept.20 2 Sept.20 rec. of Farr Alpaca (guar.) *Holders 1 Oct. *374c Gulf Oil Corp.(guar.) Sept. 16 '30 6230 Oct. 1 Faultless Rubber. corn.(quar.) •37340 Janl 81 *Hold. of rec. Dec. 20153 Sept. *1% Oct. 1 Holders of rec. Sent. 8 rec. of Holders Federal Bake Shops(guar.) 1 Oct. 1)4 (quit.) SrterlySteel, lit prof. rec. Sept. 24 GuVtetes of Holders 1 153 Oct. Doe, *i)i reo. (eU.) pref. W'house, of & Holders Compress Federal 1)4 Jan2'31 First preferred (quar.) *3t Oct. 1 Sept,. 15 Federal Fidelity Co., Inc., pref Gerd (Charles) & Co., Ltd.. pref. (MI.) 50c. Oct. 1 Holders of rec. 15 •300. Oct. 1 Holders of rec. Sept.15 Sept. rec. of Holders 1 Oct. Federal-Mogul Corp.. COTO.(quar.) 134 Preferred (guar.) 15 200. Oct. 1 Holders of rec. Sept.20a Federal Motor Truck(guar.) 3710 Oct. 1 Holders of roe. Sept. (quit.) 75o. Oct. 1 Holders of rec. Sept. lba BYPeum Line & Alabastlne rec. Sept. la of Holders 1 Federal Screw Works (guar.) Oct. 25o. -dc Wire Cable (qu.)-30 Habirshaw 15 *30c. Oct. 15 Holders of rec. Sept. Sept. rec. of Holders Federal Surety Co 1 •$1.50 Oct. Ilachmeister-Lind, pref. (guar.) 22 1% Oct. 1 Holders of rec. Sept. I Feltman & Curme Shoe Sts, pref.(qu.)-134 Oct. 1 Holders of rec. Sept. Hahn Dept. Stores. pref.(qua:.) Sept.30 Holders of rec. Sept.d19 $1 Ferro Enameling, class A (quar.) •25c. Oct. 1 Holders of rec. Sept. 15 Retold Co., common rec. Sept. 17 of Holders 30 Sept. 15 .$2.25 Sept. rec. (qua:.) (Bait.) of Fidelity & Deposit el% Oct. 1 Holders Preferred (guar.) 160. Sept.29 Holders of rec. Sept.15a 15 Fifth Ave. Bus Securities (guar.) 50c. Oct. 1 Holders of rec. Sept. 30 Hamilton Cotton Co., L5d.,pref.(guar.) •1M rec. Sept. 25 Aug. roc. of Holders Fifth Ave. Invest. Corp., el. A (quiz.).. *51 Oct. 1 Holders of 30 Sept. (90.).. Hamilton United Theatres, Prof. *El Oct. 1 Holders of rec. Sept. 25 Class B (guar.) 151. Riept.30 Holders of Tee. 8014.1011 corn. new (monthly) Hamilton Watch, 25 Sept. rec. of Holders Oct. 1 *2 Preferred (guar.) •134 Oct. I Holders of rec. Sept.20 Sept.180 HammermIll Paper, Pref. (guar.) Sept.20 Filene's(Wm.)& Sons,pref.(q ear.) -- 151 Oct. 1 Holders of reo. Hanes(P. H.) Knitting, pref.(guar.).- '13.4 Oct. 1 Holders of rec.Sept.d23 Finance Co. of Amer. of Bait. 45c. Oct. 1 Holders of rec. 60 Co. (guar.) Harbauer Oct. rec. of 20e. Oct. 15 Holders Sept.d23 rec. Common A & B (guar.) of 1 Holders Oct. 14 Preferred (guar.) Oct. 101 43%c. Oct. 15 Holders of reo. Oct. 6a 7% preferred (guar.) Harblson-Walk. Refract.. prof. (guar.). 14 Oct. 20 Holders of rec. •51. Oct. 1 *Holders of rec. Sept. 16 First American Corp.(guar.) 45e. OM. 1 Holders of rec. Sept.15 Harnischfeger Corp., corn.(quiz.) 15 •25c. Oct. 1 *Holders of rec. Sept. 16 Sept. reo. First Bank Stock Corp.(guar.) of 1 Holders Oct. 134 Preferred (quar.) Sept. go First Invest. Corp., New Haven (qu.)__ •75e. Oct. 1 *Holders of rec. Sept.180 Hawley Pulp & Paper, lot pref.(qu.)... 051.75 Oct. 1 Holders of rec. Sept. 25 6234c Oct. 1 Holders of rec. Sept.20 rec. of Holders 1 First National Stores, Inc., corn.(quar.) •1% Oct. *1% (guar.).pref. Forging, HayesWheel & Oat. 1 *Holders of reo. Sept.18 Preferred (qual.) •50c. Oct. 1 Holders of rec. Sept. 17 Ex Hazel-Atlas Glass (quar.) reo. Sept.15 First Ohio Investment. prof.(guar.).- - *1% Oct. 1 *Holders of 025e. Oct. 1 Holders of rec. Sept. 17 *52 Oet. 1 *Holders of rec. Sept. 20 First Security Corp.(guar.) 154 Sept.30 Holders of rec. Sept. 27 Heath (1). C.) & Co., pref.(guar.) *lff ept.30 *Holders of rec. Sept.20 First State Pawners Society (qua:.) *124e Nov. 15 Holders of rec. Nov. 1 (quar.) lass ) Air A Hei ar ft,. a ru g Ith c common ( Sept.15 rec. of *Holders *31.75 Oot. 1 .1.85(c Nov. 15 Holders of rec. Nov. 1 Fisher Flour Mills, pref.(quar.) 103 Fitz Simons & Comet Dredge & Dock elft Reline(George W.)Co.,corn.(gust.)--- $1.25 Oct. 1 Holders of reo. Sept. Oct. 1 *Holders of reo. Sept.20 134 Oct. 1 Holders of reo. Sept.100 preferred (guar.) Preferred(quar.) ma Oct. 15 Sept. 26 to Oct. 15 3 Sept. rec, of Holders 1 551 Fifth Ave., Inc., pref Oct. 45e, (quar.) Hercules Motors,corn. *$1.50 Sept.30 *Holders of rec. Sept.20 Flatbush Inv. Corp.((juar.) 250. Oct. 31 Holders of rec. Oct. 24 1% Oct. 1 Holders of reo. Sept. 153 Hibbard, Spencer, Bartiett&Co..(mtb17) 250. Nov.28 Holders of rec. Nov. 21 Florshelm Shoe Co.. prof.(qual.) 16 Monthly Sept. rec. Flour Mills of America. pref. (quar.)--- $2 Oct. 1 Holders of 25c, Dec. 26 Holders of rec. Dec. 19 Monthly of rec. Sept.20 Foote area. Gear & Mach.. Mtn.(qu.).. • of2 Oct. 1 *Holders of 134 Oct. 1 Holders of reo. Sept. 26 Hibernia Securities Co., prof. (guar.).- oo1)( roe. Sept.20 •1g Oct. 1 *Holders Nov. 1 Holders of roe. Oat. 11 Preferred(quar.) 15 first & Ce., Higbee (quar.)---preferred Sept. *50c Oct. 1 *Holders of rec. Dee. 1 Holders of ree. Nov.21 Formica Insulation, corn.(qual.) *2 Second preferred (guar.) *500 Jan1'31 *Holders of roe. Dee. 15 Oct. 15 Holders of reo. Sept.30 Quarterly 13.4 ---(quar.) preferred Collieries 15 Hillorest Sept. reo. *to Oct. 1 *Holders of Fort Collins Consol. Royalty(MO 500. D. 1 Holders of reo. Nov.15 Co.,corn. A (quiz.).. 50o Oct. 1 Holders of rec. Sept. 126 Hires (Charles E.) core. Foster Wheeler Corp.,corn.(qua:.) 6240 Ocrt. 1 Holders of reo. Sept.18. (quiz.) $1.75 Oct. 1 Holders of reo. Sept.120 Holland Furnace,Gold Sc, Oct. 7 Holders of rec. Sept. 23 Preferred (guar.) Mines (monthle) 24 Consol. Hollinger Sept. rec. 50c. Sept.30 Holders of •250 Sept.30 Holders of rec. Sept. 15 Fostoria Pressed Steel (qua:.) 30 Holly 011(guar.) Sept. rec. of Holders 15 Oct. $1 (qua:.)_... & A B Fox Film Corp. corn. 2(4 Oct. 1 Holders of rec. Sept. 19 Ltodn mm .(qual.) co. n C e.co (nD ha opes Hoilm Ho •Im Oot. 1 *Holders of roe. Sept. 15 *500. Oct. 1 Holders of rec. Sept. 1 Frank (A. B.) Co.. prof. (guar.) "50c. Oct. 1 *Holders of rec. Sept. 24 Oct. 1 Holders of rec. Sept. 1 •$1.05 Franklin Process common (guar.) Preferred Nov. 1 Holders of rec. Oct. 15 *$1. X Oct. 1 Holders of rec. Sept. 25 Freeport Texas Co.(quar.) Holt Renfrew & Co., cem•(War.) rec. Sept. 15 Oct. 1 Holders of rec. Sept. 25 Freiman (A. J.). Ltd., pref. (quar.)-- 1% Oct. 1 Holders of to Oct. 1 134 Preferred (guar.) •50c. Oct. 1 Holders of rec. Sept.20 French (Fred. F.) Construction, pref.-- 3% Oct. 1 Sept. 16 rec. Sept. 20 Home Dairies, class A (qua:.) *87'Ac Oct. 1 *Holders of Oct. 1 Holders of rec. Sept. 15 '$1.75 Fruehauf Trailer, pref.(quar.) (guar.) A pref. 103 Ltd., Dew, Honey Sept. *30c. Oct. 1 Holders of rec. Sept. 26 Fuller (George A.) Co.. prior pf.(qu.)-- $1.50 Oct. 1 Holders of reo. Sept.103 Hoover Steel Ball (quar.) reo. of Holders 1 Oct. $1.50 (qua:.) Panic. second pref. $1.75 Oct, 1 Sept.20 to Sept. 30 Horn & Hardart Baking (qual.) 415o. Oct. 1 *Holders of reo. Sept.20 .75c. Sept. 30 Holders of rec. Sept.15 Gardner Denver Co.(quar.) Hoskins Mfg. (guar.) 300. Oct. 1 Holders of res. Sept. 15 Oct. 1 Holders of rec. Sept. 15 •$1.75 Garlock Packing. corn.(guar.) Hotel Sherwood (Chicago) prof.(MO 200. Oct. 1 Holders of reo. Sept.20 General Alloys Co.,corn.(guar.) •31.25 Sept. 30 Holders of rec. Sept.15 (guar.) 193 common Hotel Stotler, Sept. no. General Amencen Investors. pref.(qu.)_ $1.50 Oet. 1 Holders of 30 Holders of rec. Sept.15 lie Sept. .37 Preferred ($125 par) (guar.) laa Oct. 1 Holders of roe. Sept. 13. General Amer.'rank Car,corn.(guar.)... $1 '1)4 Sept. 30 Holders of rec. Sept. 15 Preferred ($100 Par)(guar.) el OeS. 1 Holders of roe. Sept. lag 62'%e Oct. I Holders of rec. Sept.20 Stock dividend ) ChM MqUar. hey Co., lloudaille-Hers Doe. at Jan 1'31 Holders of roe. Stock dividend (guar.) Finance, cont. A & B (guar.) 90o. Oct. 15 Holders of reo. Oct. la Sept.30 Holders of reo. Sept.200 Household $1 Oct. 15 Holders of reo. Oct. 10 $1 General Baking Co., Prof.(oust.) Participating preferred (qual.) 750. Oct. 1 Holders of reo. Sept. 17 General Baking Corp., Prof.(qua:.) Motors, elms A (guar) *250. Sept. 30 Holders of rec. Sept. 15 Electric 400. Oct. 25 Holders of res. Sept. 196 Howell B (guar.) 30 Holders of rec. Sept. 15 Sept. General Electric (qual.) *150. Class 150. Oct. 25 Holders of reo. Sept. 196 Special stock (guar.) Oat. 15 Holders of reo. Sept. 300 $1 Howe Sound Co.(quiz.) Sept.20 •1)4 sect. 30 Holders of rec. Sept.20 General Fireproofing, common (quar.)-- *50c. Oct. 1 *Holders of rec. Sept. 20 (qua:.) pref. Howes Bros. 7% first •154 Oct 1 *Holders of rec. Preferred (quar.) '13.4 Sept.30 "Hoidens of roe. Sept.20 8% first preferred (guar.) 114 Oct. 1 Holders of reo. Sept. iga General Mills. pref. (quit.) •1 Sept. 3C "Holders of rec. Sept.20 7% second preferred (guar.) $1.25 Nov. 1 Holders of rec. Oct. 60 General Motors $5 pref.(guar.) 75e. Oct. 1 Holders of reo. Sept. lla . Hudson Motor Cm (quer) 6240 Oet. 1 Holders of rec. Sept.196 Gen.Printing Ink,core.(quar.) 50c. Oct. 1 Holders of rec. Aug. 30 (guar.) & Oil Refining 19a Humble Sept. $1.50 Oct. 1 Holders of rec. Preferred (quar.) *50c. Sept.30 *Holders of rec. Sept.15 prof. (guar.) $1.25 Oct. 1 Holders of rec. Sept. 106 Humphrey's mfg.: General Railway Signal, corn.(quiz.)_ _ •250. Oct. 1 'Molders of rec. Sept. 15 B (guar.) 1% Oct. 1 Holders of rec. Sept. 106 Hunts, Ltd., class A and(quar.) Preferred (guar.) *2 Oct. 1 *Holders of tee. Sept. 1$ Erie & 200 Mortgage Huron Sept. General Realty & Utilities, pt. ((IA.).- (3) Oct.;15 Holders of roe. Sept. I86 Huyler's of Del.. pref. (quar.) *1% Oct. 1 'Holders of rec. Sept.20 General Steel Castings. pref.(guar.)-- $1.50 Oct. I Holders of rec. Sept.19 (quit.) 250 Oct. 1 Holders of reo. Sept. 10 corn. . s Co uar (gp Hygrade reo. 1% Sept.30 Holders of General Tire & Rubber, pref.(qual.).._ 31.625 Oct. 1 Holders of roe. Sept. 10 Preferred Sept. 20 General Trust Co., Canada (guar.) --- *31.50 Oct. 1 *Holders of rec. Nov. 20 •75e. Oct. 1 "Holders of rec. Sept. 12 Ideal Cement (quar.) •65o. Dec. 1 *Holders of reo. Gibson Art. oommon (qua:.) Oct. 1 *Holders of reo. Sept. 15 (guar.) •124o A A Class . ( . ) n . ad re ssa uar ern q Fi ef eal Idpr 20'31 •650. Aprl'31 *Hold,of roe. Mar. Common (guar.) (Pot. 1 *Holders of reo. Sept. 15 *32 *874c Oct. 1 *Holders of roe. Sept. 20 Gilbert (A. C.) Co., pref. (guar.) Oct. 1 *Holders of reo. Sept. 15 Me. (guar.) Convertible preferred 18 Sept. reo. of 1 Holders 500. Oct. Gleaner Combine Harvester, coin.(qu.)*60e. Oct. 15 *Holders of rem Oct. 3 800. Oct. 1 Holders of reo. Sept. 186 Illinois Brick (quir.) Glidden Co., cony. (guar.) Chemical Industries 1,' Oct. 1 Holders of reo. Sept. 1110 Imperial Preferred (guar.) Oct. 15 *Holders of roe. Aug. 26 Am. dep. rens. ord. reg. (interim)._. w3 P4 Oct. 1 Holders of rec. Sept. 20 Globe-Wernieke. corn. (quar.) Imperial Royalties. prof.(monthly).... 1 Sic. Sept.30 Holders of rec. Sept.25 50o. Oct. 1 Holders of reo. Sept. 17 Godchaux Sugars, Inc.,el. A (ouar.) 18c. Sept.30 Holders of rec. Sept.25 Preferred A (monthly) Sept. 17 reo. of 1 Holders $1.75 Oct. Preferred (guar.) •$1.75 Oct. 1 *Holders of rec. Sept. 10 Imperial Sugar, pref. (guar.) •35c. Oct. 1 *Holders of rec. Sept. 15 Goderich Elev. & Trans.(guar.) 84e. Sept.30 Holders of rec. Sept. 3 Imperial Tobacco of Canada, corn • n3746 Oct. 1 *Holders of rec. Sept.10 Goldblatt Bros. (guar.) 3 Sept.30 Holders of rec. Sept. 3 (guar.) Preferred 173 Sept. reo. of $1.50 Sept.30 Holders Gold Dust Corp., pref. (qua:.) (guar.) 25c. Oct. 15 Holders of rec. Sept. 106 Investors Incorporated 25 Gooch Mill & KIev.. prof. B (qual.).-- *87tc Oct. 1 "Holders of rec. Sept. Oct. 1 *Holders of rec. Sept. 20 'Si Pneumatic Tool ((mar.) 1,' Oct. 1 Holders of reo. Sept.101 Independent 011 Goodrich (B. F.) Co..Prof.(guar.) & Gas (adjust. div.)- -- 373.40. Oct. 2 Holders of res. Sept.150 Independent •1% Oct. 1 *Holders of rec. Sept.20 Goody ear Textile Mills, Prof. (guar.)50c. Nov. 15 Holders of rec. Oct. 24 Oct. la Indiana Pipe Line (guar.) Goodyear Tire & Rubber, corn. (qua:.). 31.25 Nov. 1 Holders of rec. Sept. 250. Nov. lb Holders of rec. Oct. 24 Extra la $1.75 Oct. 1 Holders of rec. First preferred (guar.) •1% Oct. 1 *Holders of roe. Sept.25 (quiz.).. old pref. 7% Refining. Indian •1 Oct. 1 *Holders of rec. Sept.20 Goodyear Tire & Rub.(Callf.) pf.(qu.)_ Industrial Finance Corprec. Sept. 15 Goodyear Tire & Rub.(Can.),ann.(qu.) •$1.25 Oct. 1 *Holders of Nov. 1 Holder, of roe. Apr. 18 In stock)... common f2K (payable Common 15 Sept. rec. of *$2.50 Oct. 1 *Holders Apr.18'30 Common (extra) Common (payable In common stock).- 1234 Febl'31 Hold,of reo. 11( Oct. 1 Holders of reo. Sept. 15 Preferred (guar.) •1oc. Sept. 30 *Holders of reo. Sept.20 Interban Invest (clear) *750. Oct. 1 *Holders of reo. Sept.20 Gorton-Pew Fisheries(guar.) SEPT. 27 1930.] FINANCIAL CHRONICLE Per Whets Cent. Payable. 2021 Books Closed. Per When Books Cimeti. Name of CostPali. Days 'admire. Name of Company. Cent. Payable. Days Inclusive. Miscellaneous (Continued) Miscellaneous (Conttnuetp• Insult Utility Invest., oom.(In stock).. 53034 Oct. 15 Holders of tee.Sept.d30 Magnin (I.) de Co.,corn.(guar.) .374c Oct. 15 *Holders of rec. Sept.30 $5.50 preferred (guar.) "21.38 Oct. I *Holders of rec. Sept. 15 •134 Nov. 15 *Holders of tee. Nov. Preferred (guar.) 5 Intercoast Trading (guar.) "25c. Oct. 1 "Holders of rec. Sept. 15 Mager Car. Corp.. Pref.(quer.) *Ift Sept.30 'Holders of rec. Sept. 23 Inter-Island steam Nay.(mthly.) •10o. Sept.30 *Holders of rec. Sept.24 Manama (IL R.) Co. prof.(*Mara 134 Oct. 1 Holders of rec. Sept. 200 Interlake Steamship (guar.) $1 Oct. 1 Holders of rec. Sept. 17 Manhattan Shirt, Pref.(quiz.) •134 Oct. 1 *Holders of rec. Sept. 15 Internat. Business Machines (luar.)--134 Oct. 10 Holders of rec. Sept.22a Manufactures Finance. pref.(quiz.).... "43 /lc Sept. 30 'Holders of rec. Sept. 16 Int. Button Hole Sew. Mach.(qu.) 20c. Oct. 1 Holders of rec. Sept. 15 Manufacturers Casualty Co.,Phila.. --60e. Oct. 1 Sept. 21 to Oct. 1 International Cement, corn. (ouar.).$1 Sept.30 Holders of rec. Sept. 110 Extra Oct. 1 Sept. 21 to 40e. Oct. 1 International Elevator. corn. (guar.)- - *S1.50 Oct. 1 *Holders of rec. Sept. 20 Mapes Consol. Mfg.(guar.) 75s. Oat. 1 Holders of roe. Bept.15 Internat. Equities Corp., class A (guar.) 87 i c. Oct. 1 Holders of rec. Sept.20 Marathon Paper Mills, pref. (quiz.) *$1.50 Oct. 1 Internet!. Harvester,corn.(guar.) 62)4e Oct. 15 Holders of rec. Sept. 200 Marine Bancorporatio panic. stk.(gu.) n. 45e. Oct. 1 Holders of rec. Sept. 13 Internatl. Match Corp., eom.(guar.) 31 Oct. 15 Holders of rec. Sept.256 Marine Midland Co.(guar.) 300. Sept.30 Holders of rec. Sept. 40 Participating pref. (quiz.) $1 Oct. 15 Holders of rec. Sept.250 Marlin-Rockwell Corp.(guar.) 50c. Oct. 1 Holders of rec. Sept.206 Internatl. Nickel, common (guar.) 25e. Sept.30 Holders Extra 50e. Oct. I Holders of rec. Sept.206 Interest. Nickel of Canada, pref. (guar.) 134 Nov. 1 Holders of rec. Sept. 26 of Oct. 24 rec. Maryland Casualty Co., new stk.(No. *56Sic Sept.30 *Holders of rec. Sept. 11 Internat. Paper Co.,7% pref.(quiz.)... 134' Oct. 15 Holders of rec. Sept. 256 Old $25 par stock (guar.) 31.125 Sept.30 *Holders of rec. Sept. 11 6% preferred (guar.) 134 Oct. 15 Holders of rec. Sept.25 Maryland Commercial, Bankers pref.-- *35e. Oct. 15 *Holders of rec. Sept.20 Internat. Paper & Power, 7% pref.(qu.) 114 Oct. 15 Holders of rec. Sept. 250 Mathieson Alkali Works, corn. (quiz.)... 50c. Oct. 1 Holders of rec. Sept. 126 6% pref. (guar.) 114 Oct. 15 Holders of rec. Sept. 25 Preferred (quer.) 134 Oct. 1 Holders of rec. Sept. 126 International Salt,new oom.(No.1)____ 754. Oet. 1 Holders of reo. Sept. 151 Matson Navigation 0114 Nov.15 International Shoe, corn.(guar.) 750. Oct. 1 Holders of rec. Sept. 150 Maud Muller Candy(guar.) Co.(guar.) 25e. Oct. 1 Holders of rec. Sept.15 Preferred (=KIM'S) 500. Oct. 1 Holders of rec. Sept. 15 Niaxweld Corp. (guar.) 1100. Oct. 15 Holders of rec. Oct. 1 Preferred (monthly) *50c. Nov. 1 "Holders of rec. Oct. 15 6% preferred (guar.) 15c. Oct. 15 Holders of rea. Oct. 1 Preferred (monthly) "500. Dee.' *Holders of rec. Nov. 15 May Department StoresInternational Silver, Pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 12a Common (payable In oommon .100k). f134 Die. 1 Holders of roe. Nov.160 International Textbook 750. Oct. 1 Holders of rec. Sept. 10 MaytagCo., corn. (guar.) 25e. Oct. 1 Holders of roe. Sept. 160 Interstate Bakeries. corn.(guar.) 25c. Oct. dl Holders of rec. Sept. 15 McAleer Mfg., corn.(guar.) "37)40 Oct. 1 *Holders of rec. Sept.20 $6.50 preferred (guar.) $1.625 Oct. 1 *Holders of rec. Sept. 15 McCall Corp. (guar.) 62 Ne Nov. 1 Holders of tee. Oct. 204 Interstate Dept. Stores, corn.(guar.)... 50c. Oct. 1 Holders of rec. Sept. 190 MeColl-Frontenac Oil, pref. (guar.).- 1)4 Oct. 15 Holders of rec. Sept.30 Interstate Petroleum, pref.A0111./(N0.1) *50c. McCord Radiator & Mfg., el A (quiz.).. •75c. Oct. 1 *Holders of rec. Sept. 26 Intertype Corp., let prof.(guar.) Oct. 1 Holders of reo. Sept. 25 McGraw Elec. Co.,corn.(guar.) 50c. Oct. 1 Holders of roe. Sept.20 Invest. Co. of Amer., pref. A (guar.)... •1% Oct. *Holders of rec. Sept. 15 McGraw-Hill Publishing (guar.) 50e. Oct. 1 Holders of roe. Sept.230 Preferred B (quiz.) '134 Oct. *Holders of rec. Sept. 15 McKee(A. G.) & Co., class B 8714e Oct. 1 Holders of roe. Sept. 19 Investors Corp. of R. I., corn •400. Oct. *Holders of rec. Sept. 20 Class B (extra) 12)4c Oct. 1 Holders of rec. Sept. 19 First, second & cony. pref. (guar.).- 0$1.50 Oct. *Holders of rec. Sept.20 McKeesport Tin Plate (guar.) Oct. 1 Holders of rec. Sept. 160 $1 Investors of America, Ltd.Extra 50o. Oct. 1 Holders of roe. Sept.166 % Preferred (monthly) *54e. Oct. 1 *Holders of rec. Sept. 25 McLellan Stores. pref. A & B (guar.).- $1.50 Oct. 1 Holders of rec. Sept.200 Investors Equity Co., corn. (guar.) ---. 50c. Oct. I Holders of rec. Sept. 220 McQuay-Norris mfg.(guar.) 50e. Oct. 1 Holders of rec. Sept.20 Irving Air Chute (quiz.) *25e. Oct. 2 *Holders of rec. Sept.20 Stock el Oct. 1 Holders of rec. Sept.20 Island Creek Coal, corn. (guar.) $1 Oct. 1 Holders of rec. Sept. 220 Mead dividend *11.50 Dec. 1 *Holders of rec. Nov.20 Preferred (guar.) $1.50 Oct. 1 Holders of rec. Sept. 220 Mead.Corp., $6 pref. (quiz.) Johnson de Co..COM.(guar.) 415c. Oct. 1 "Holders of rec. Sept. 15 Jefferson Electric (guar.) "50e. Oct. 1 *Holders of rec. Sept. 15 Common (extra) *50e. Oct. 1 *Holders of rec. Sept. 15 Jewel Tea, Inc., corn,(guar.) 75e. Oct. 15 Holders of rec. Oct. la 50e Oct. 1 Holders of roe. Aug. 306 Johns-Manville Corp., corn,(Quar.)---75e. Oct. 15 Holders of rec. Sept. 24e Mengel Co.. common (guar.) Mercantile Discount. Prof. A (guar.) *50o. Oct. 1 'Holders of rec. Sept. 15 Preferred (guar.) 194 Oct. 1 Holders of ree. Sept.106 Merchants Securities, Cl Mfrs. (qu.) Oct. 1 *Holders of rec. Sept. 15 & A "37)4e Jones & Laughlin Steel, ord.(quiz.)._. 1N Oct. 1 Holders of roe. 12a Merchants de Miners Transportation(qu) *62)4e Sept.30 *Holders of rec. Sept.15 • 81.125 Oct. 1 *Holders of rec. Sept. Kalamazoo Stove. COM.(guar.) Sept.20 Merchants Refrigerating (N.Y.) (qu.).. '500. Sept.30 'Holders of rec. Sept.26 Kalamasoo Veg. Parchment (naar.)---- *150. Sept.30'Holders of roe. Sept.20 Merck Corp.. pref. (guar.) Oct. 1 Holders of rec. Sept. 17 2 Quarterly "15e Dec. 31 *Hoidens of roe. 22 Preferred (guar.) Jan 2'31 Holders of rec. Doe. 17 2 Kate Drug. pref. (quer.) • 31.625 Oct. I *Holders of rec. Dec. Sept. 15 Mergenthaler Linotype (guar.) 31.50 Sept.30 Holders of tee. Sept. So Kaufman (Chas. A.) Co., Ltd.(quiz.).. 1)4 Oct. 1 Holders of rec. Sept 420 Mesta Machine,corn.(guar.) *50e. Oct. 1 'Holders of rec. Sept. 15 Kaufmann Dept. Stores, corn. (qual.)... 87c. Oct. 28 Holders of rec. Oct. 100 Metal & Mining Shares, corn.(quiz.)... 30e. Oct. 1 Holders of rec. Sept.20 Preferred quar.) 134 Oct. 1 Holder. of rec. Sept.10 Metal (quer.) Corp., Oct. I Holders of rec. Sept. 24 corn. Package $1 Kawneer Co. (quiz.) 6234c. Oct. 15 Holders of rec. Sept.30 Metal & Thermlt. pref. (qual.) Oct. 1 *Holders of rec. Sept. 20 Kaybee Stores, Inc., corn.(guar.) I5c. Oct. 15 Holders of res. Oct. 1 •1,./ Metropolitan Coal, pref. (quiz.) Sept.30 *Holders of rec. Sept.23 Class A (guar.) *43ftc Oct. 1 *Holders of rec. Sept. 15 Metropolitan Ice, pref. (qual.) "IN Oct. 1 *Holders of rec. Sept. 15 Icaynee Co., corn.(guar.) 62ff C. Oct. 1 Holders of rec. Sept. 19 Preferred (extra) •30o. Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) 19( Oct. 1 Holders of rec. Sept. 19 Metrop. *e10 Indus. Bankers Oct. I *Holders of rec. Sept.25 (special).. coin. Keith-Albee-Orpheum, pref.(quar.)...134001. 1 Holders •17)4c Oct. 1 *Holders of rec. Sept. 25 Preferred(guar.) Keith (Geo. E.) Co., let pref.(guar.)... '134 Oct. 1 *Holders of rec. Sept. 190 of rec. Sept. 15 Metropolitan Paving Bela. prof. Mari 194 011. 1 Sept. 16 to Sept.30 Kelley Island Lime & Transport (qu.)._ 62340 Oct. 1 Holders of rec. Sept. 19 3 Oct. 20 Holders of rec. Sept.300 Keisey-Hayes Wheel, corn. (guar.) 50e. Oct. 1 Holders of rec. Sept. 196 Mexican Petroleum,corn.(guar.) Preferred (quiz.) 2 Oct. 20 Holders of rec. Sept. 300 Kennecott Copper CO.(guar.) 50c. Oct. 1 Holders Oct. 30 Holders of tea.Sept. 306 el Kent Garage Invest. Corp., pref. (go.). $1.75 Oct. 1 Holders of tee. Sept. 136 talchigan Steel, stock dividend of rec. Sept. 15 Michigan Steel Tube (quiz.) *37ifc Oct. 1 *Holders of rec. Sept. 22 Cl. A ($2 per ann. from date of issue) Oct. 1 Holders of rec. Sept. 15 Mid-Continent Petroleum (guar.) *50c. Nov. 15 *Holders of rec. Oct. 15 Kentucky Rock Asphalt (guar.) "40e. Oct. 1 *Holders of rec. Sept. 15 Midland Steel Products,corn.(guar.) 75e. Oct. 1 Holders of rec. Sept.22a Keystone Cold !Bongo *$1.25 Oet. 1 2 Oct. 1 Holders of rec. Sept.226 }Udder Participation No.2. pref.(extra) .250. Oct. 1 *Holders of reo. Sept.20 8% Preferred (qua?.) *50e. Oct. 1 *Holders of rec. Sept.22 32 Preferred (guar.) Kimberly Clark Corp., corn.(quar.).....- 62 No Oct. 1 Holders of rec. Sept. 120 Midvale Co.(quer.) Oct. 1 Holders of rec. Sept. 13 SI •1A Oct. Preferred (guar.) 1 *Holders of tea. Sept.13 Milgrim (H.) & Bros.. prof. Wawa-- 21.75 Oct. 1 Holders of rec. Sept. 16 King Royalty Co., pref. (quiz.) 2 Sept.30 Holders of rec. Sept. 15 40e. Oct. 1 Holders of rec. Sept. IS Kinney (G. R.) Co., corn.(Quiz.) 250. Oct. 1 Holders of rec. Sept. 156 Miller Drug (guar.) Miller de Hart. pref. (guar.) *87 Mc Oct. 1 *Holders of rec. Sept.20 Kirby Lumber (guar.) '134 Dee. 10 *Holders of res. Nov.29 Miller (I.) & Sons. Inc., corn.(guar.)... 50e. Oct. 1 Holders of rec. Sept. 19 Kirsh Company (guar.) .30e. Oct. 1 *Holders of rec. Sept. 19 Miller 413e. Ott, 1 Holders of rec.Sept.d19 Wholesale Drug Preferred (guar.) (guar.) *45e. Oct. 1 *Holders of rec. Sept. Mionnesote Mining & Mfg.(guar.).--- •150. Oct. 1 *Holders of rec. Sept.20 Klein(D.Emil) Co., COM.(guar.) 0250. Oct. 1 *Holders of rec. Sept. 19 20 Mitchell (J. S.) & Co., Ltd., Prof. (qu.)_ 134 Oct. 1 Holders of rec. Sept. 16 Knapp-kfonarch Co. pref.(guar.) 81 lie Oct. 1 Holders of rec. Sept.20 Mock Judson de Voehringer. pref. (guar.) 134 Ora, 1 Holders of roe. Sept. 15 Knott Corp.(guar.) p40c. Oct. 15 Holders of rec. Oct. Moloney Electric, class A (quiz.) Oct. 15 Holders of rec. Sept.d30 SI Koppers Gas de Coke. Pref. (guar.) '31.50 Oct. 1 *Holders of rec. Sept. 3 11 Monarch Mtge.& Investments. pf.(qu.) *2 Oct. 15 *Holders of rec. Sept.30 Kresge(S. S.) Co., corn.(guar.) 40e. Sept.30 Holders of rec. Sept. 116 •450. Oct. 1 *Holders of roe. Sept.20 Preferred (guar.) 134 Sept.30 Holders of rec. Sept. lla Monighan Mfg..elms A (guar.) Monroe Chemical, preference (guar.)--- •87)4e Oct. 1 'Holders of rec. Sept. 15 Kroger Grocery & Baking, let pt. (qu.). *134 Oct. 1 *Holders of rec. Sept.20 Monsanto Chemical Works 31 No. Oct. 1 Holders of rec. Sept.106 Second preferred (quiz.) 't34 Nov. 1 *Holders of rec. Oct. 20 Stock dividend el)4 Oct. 1 Holders of rec. Sept. 106 Laboratory Products (guar.) "e3 Oct. 15 *Holders of rec. Sept.20 Lambert Co.. corn.(guar.) 32 Oct. I Holders of rec. Sept. 170 Montgomery Ward de Co.. cl. A (guar.). "31.75 Oct. 1 'Holders of roc. Sept.20 Moody's Investors' Service Landed Banking de Loan (guar.) 412.50 Oct. 1 "Holders of roe. Sept. 15 Participating preference(quiz.) 750. Nov.15 Holders of tee. Nov. 1 Landis Machine. common (guar.) "750. Nov.15 *Holders of tee. Nov. 5 *25c. Oct. 1 'Holders of roe. Sept. 15 Moore Corp., common (guar.) Land Title Bldg. Corp.(Phila.) Sept.30 Holders of rec. Sept. 10 31 Preferred A & B (quiz.) Oct. 1 'Holders of rec. Sept. 15 Land Title Bldg. Corp.(Phila.) $1 Dec. 31 Holders of roe. Dec. 10 Moores-Coney Corp.. Pref. A (guar.).- '5634° Oct. 1 *Holders of roe. Sept.20 Lane Bryant, Inc., corn.(quiz.) 50e. Oct. 1 Holders of Teo. Sept. 15 Moreland Sept.30 *Holders of rec. Sept.15 *150. class (guar.) Oil. B Lane Cotton Mills (guar.) 37!Ac. Oct. 1 Holders of rec. Sept. 10 Class B (extra) 'Sc. Sept.30 *Holders of rec. Sept.15 Langendorf United Bak.el A & B(qu.).. *500. Oct. of roe. Sept.30 Morris (Philip) de Co., Ltd.,(guar.).- 25c. Oct. 15 Holders of ree. Oct. 2e La Salle Extension University, pf.(On.). 134 Oct. 15'Holders 1 Holders of rec. Sept.20 Morris Plan Bank of Hartford (quiz.).. Oct. 1 *Holders of rec. Sept. 27 Lawyers Mortgage Co (guar.) 70e. Sept.30 Holders of rec. Sept. 19 Morris Plan Bank of Va.(guar.) *62 Ne Oct. 1 *Holders of rec. Sept. 25 Lawyers Title& Guaranty (quiz.) 3 Oat. 1 Holders of roe. Sept. 206 Morristown Securities Oct. 2 Holders of rec. Sept. 15 254. corp. (guar.)-Lawyers Westchester Mtge. de Title. $2 Oct. 1 Holders of rec. Sept. Mortgage-Bond Co. of N. Y.(guar.)... 1 Sept. 29 Holders of rec. Sept.20 Leath& Co., common (guar.) .250. Sept.30 *Holders of rec. Sept. 17 Mortgage-Bond & Title Corp., corn.... 150. Sept.30 Holders of rec. Sept.20 Preferred (guar.) *87 Sic Oct. 1 *Holders of rec. Sept.20 Mortgage Guarantee (Los Angeles)(qu.) *2 Oct. 1 *Holders of rec. Sept.25 Lehigh Portland Cement, corn. (guar.). 250. Nov. 1 Holders of rec. Oct. 15 140 Motor Bankers Corp., common (quiz.) *35c. Oct. 1 *Holders of rec. Sept.20 Preferred (guar.) Be Oct. 1 Holders of roe Sept. Motor Finance Corp.(guar.) *40e. Oct. 1 *Holders of me. Sept.20 Lehigh Valley Coal Corp., pref.(qu.)--. 75c. Oct. 1 Holders of rec. Sept. 18a ha Motor Products Corp., corn.(quiz.) Lehigh Valley Coal Sales (quiz.) 50c. Oct. 1 Holders of roe. Sept. 206 900. Sept.30 Sept. 12 to Sept. 80 Mountain & Gulf 011 (quiz.) Oct. 15 *Holders of rec. Sept. 80 Lehman Corp.(guar.) 75e. Oct. 3 Holders of rec. Sept. 226 Mountain Producers Corp. Oct. 1 Holders of roe. Sept. 156 40e. Leich (C.) de Co., pref. (guar.) (guar.) *21.75 Oct. 1 'Holders of rec. Sept. Munleipal Tel. & Utilities, own. A (qu.) 035e. Nov.15 "Holders of rec. Oct. 15 Leland Electric Co. (guar.) 60c. Sept.30 Holders of rec. Sept.20 •1% Oct. 1 'Holders of rec. Sept. 18 Munsingwear Corp., pref.(guar.) 19 Lanett Nat. Secur., A and B (quiz.).... *25c. Oct. 1 *Holders of rec. Murphy (G. C.) Co., pref. (qua?.) 2 Preferred (guar.) Oct. 2 Holders of roe. Sept. 22 *35e. Oct. 1 *Holders of rec. Sept. 15 Sept. 15 Murray (J. W.) Mfg., pref. (guar.) - - "2 Leasing's, Inc.(guar.) Oct. 1 *Holders of rec. Sept.20 85e. Sept.30 Holders of roc. Soot.11 Murray Ohio Mfg. (guar.) Ley (F. T.) Co., Inc. (guar.) 40e. Oct. 1 Holders of rec. Sept. 19 *754. Oct. 1 "Holders of rec. Muskegon Piston Ring, eons. (quar.)--- *75e. Oct. 1 *Holders of rec. Sept. Sept. 16 Liberty Share Corp.(quiz.) 15 25e. Sept.80 Holders of toe. Sept. 10 Myers(F. E.) es Bros. Co.,corn.(guar.) Stock dividend 500 Sept.30 Holders of rec. Sept. 15. el Sept.30 Liggett & Myers Tob.. preferred (quiz.) 134 Oct. 1 Holders of rec. Sent. 10 Preferred (guar.) 114 Sept.30 Holders of rec. Sept. 15 Holders of rec. *1% Sept. Nashua 100 GummedkCoa ted Paper, pf.(qu) Lily-Tulip Cup Corp. pref.(guar.) Oct. 1 'Holders of rec. Sept. 24 134 Sept.30 Holders of rec. Sept. 2 Nashua Mfg., pref.(guar.) Linde Air Products, pref.(guar.) 134 Oct. 1 Holders of rec. Sept. 24 '134 Oct. 1 *Holders of rec. Sept. National Battery Co., pref. (guar.).- 55c. Oct. 1 Holders of rec. Sept. 176 19 Link-Belt Co., corn. (guar.) 135e. Dec. 1 Holders of rec. Nov. 150 National Blew% common(quiz.) 70e. Oct. 15 Holders of roc Sept. 10a Preferred (guar.) • 31.625 Oct. 1 *Holders of rec. Sept. 16 Extra Lion Oil Refining (guar.) 50e. Nov. 15 Holders of rec. Oct. 20a 50e. Oct. 27 Holders of rec. Sept. 29 National Breweries, common (qua?.)... Usk Mfg. (guar.) 400. Oct. 1 Holders of rec. Sept. 15 *2 Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) 44e. Oct. 1 Holders of roe. Sept. 15 Locomotive Firebox (guar.) •500. Oct. 1 *Holders of rec. Sept. 18 National Candy,corn.(guar.) LoewS, Inc., common (guar.) 50e. Oct. 1 Holders of rec. Sept. 12 75c. Sept.30 1st & 2d preferred (guar.) Loose-Wiles Biscuit, lit Prat• Wawa-- 154 Oct. 1 Holders of rec. Sept. 136 134 Oct. 1 Holders of rec. Sept. 12 Holders of roc. Sept. 18s Nat. Cash Credit Assn., corn.(qual.)... 20e. Oct. 1 Holders of rec. Sept. 11 Lord & Taylor common (quiz.) 234 Oct. 1 Holders of res. Sept. Common (stock dlr. 3-100ths share). (f) Oct. 1 Holders of rec. Sept. 11 17 Lorillard (P.) Co., pref. (guar.) 134 Oct. I Holders of rec. Sept. 150 Preferred (guar.) Loudon Packing (guar.) 15c. Oct. 1 Holders of rec. Sept. 11 75c. Oct. 1 Holders of rec. Sept. 15 Preferred (extra) 20e. Oct. 1 Holders of rec. Sept. 11 Lord & Taylor. 2d pref. (quer.) 2 Nov. 1 Holders of rec. Oct. Prof. (stock div. 3-100ths share) Louisiana 011 Ref., pref. (guar.) (J) Oct. 1 Holders of rec. Sept. 11 '134 Nov.15 *Holders of ree. Nov. 17 1 Nat. Cash Register, class A (guar.) Ludlow Typograph Co., corn. (quiz.).. 75c. Oct. 15 Holders of rec. Sept. 306 50o. Oct. 1 Holders of rec. Sept. 20 National Casket, common (quer.) Preferred (guar.) 412 Nov. 15 *Holders of rec. Oct. 31 1)i Oct. 1 Holders of rec. Sept.20 Preferred (quiz.) *21.75 Sept.30 *Holders of rec. Sept. 17 Ludlum Steel. pref. (guar.) $1.625 Oct. 1 Holders of rec. Sept. 190 Nat. Corn'l Title de Mtge.(Newark)(qu.) *20e. Oct. 1 *Holders of rec. Sept. 15 Lunkenhelmer Co.. pref.(guar.) •154 Oct. 1 National Dairy Products.corn.(guar.)._ •3154 Jan 1'31 *Holders of tee. Sept.20 50o. Oot. 1 Holders of roe. Sept. iies Preferred (quiz,) Corn. (payable In ems.stook)(Quit.). fl Oef. I Holders of res. Sept. $60 Lupton's(David) Sons Co., pref. (guar.) 114 Oct. 1 Holders of rec.Sept.415 •Icif Oot. 1 *Holders Preferred A & B (quiz.) Lynch Corporation (guar.) of reo. Sept. *50e. Nov. 15 *Holders of rec. Nov. 5 National Department Stores, corn. (gin.) 25e. Oct. 1 Holders of roe. Sept.160 Stock dividend "el Nov. 15 *Holders of rec. Nov. 5 Nat. FMB Products. pref. (guar.) •If4 Oct. 1 *Holders of rec. Sept. 20 MacAndrews de Forbes, eons. (quiz.)... 65c. Oct. 15 Holders of rec. Sept. 300 National Fuel Gas (guar.) 25e. Preferred (guar.) Oct. 15 Holders of rec. Sept. 30 134 Oct. 15 Holders Oct. 1 Holders of rec. Sept. 15 Mack Trucks, Inc., common (guar.)._ $1.50 Sept.30 Holders of rec. Sept. 300 Nat. Grocers, Ltd., let pref. (quar.)___ 2 134 Sept.30 Holders of roe. Sept.120 Mackfarr Stores, Inc., pref. (quiz.).... IN Oct. 1 Holders of roe. Sept. 150 National Lead, corn. (guar.) of rec. Sept. 15 (guar.) Preferred B 1)4 Nov. 1 Holders of rec. Oct. 170 Mary (R. II.) et Co., corn. (guar.) 50c. Nov. 15 Holders of Oct. 240 National Licorice. pref. (guar.) 1)4 Sept.30 Holders of rec. Sept. 15 Madison Square Garden Corp.(guar.).- "25e. Oct. 14 'Holders of rec. rec. Oct. 4 Magma Copper Co.(qUar.) 75e. Oct. 15 Holders of rec. Sept.30a Nat. Mfrs. & Stores, class A (guar.)._ .0154 Oct. 1 *Holders of rec. Sept. 15 First preferred (iller.) '154 Oct. 1 *Holders of rec. Sept. 16 2022 Name of Company• When Per Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Conifnusa). Oct. 1 'Holders of rec. Sept. 21 Nat. Lumber & Creosoting, pref.(qu.)-- *2 "25e. Oct. 1 *Holders of rec. Sept. 15 National Oxygen, common (quar.) •563.(c Oct. 1 *Holders of rec. Sept. 15 Class A (quar.) Oct. 1 Holders or reo. Sept. 15 2 National Refining pref. (quar.) *25c. Oct. 15 *Holders of rec. Oct. 1 (quar.) Nat. Rubber Machinery, corn. •50c. Oct. I "Holders of rec. Sept. 20 National Screen Service (guar.) National Securities Corp.,6% pref.(qu.) "75c. Oct. 1 "Holders of rec. Sept. 15 Nat.Short Term Securities.Dec. 15 Holders of roe. Nov. 30 !3 Common A (payable in stock) •750 Sept 30 *Holders of reo. Sept. 19 National Standard Co.(qua:.) 50c. Oct. 1 Holders of rec. Sept. 17 National Steel Car (quar.) 50c. Oct. 1 Holders Of rec. Sept. 2 National Sugar Refg. (quar.) 131 Sept. 30 Holders of rec. Sept. 20a National Supply. pref.(quar.) $1.25 Oct. 1 Holders of rec. Sept. 17a National Surety (quar.) 250. Oct. 1 Holders of rec. Sept. 130 National Tea, common (quar.) 15 National Theatre Supply, pref. (quar.)_ *31.75 Oct. 1 *Holders of rec. Sept. "53.50 Oct. 1 *Holders of rec. Sept. 20 National Trust (Toronto) (quar.) 15 Sept. rec. of Holders 1 Oct. 51.3134 Corporation, Nei)! tint Pref.(guar.)- 400. Oct. 1 Holders of rec. Sept. 150 Heiner Bros., toe., common (guar.)-- 400. Jan1'31 Holders of roe. Deo. 1541 Common (guar.) 250. Oct. 1 Holders of rec. Sept. 18 Nelson (Herman) Corp. (qua:.) 25e. Sept. 30 Holders of rec. Sept. 130 Nevada Consol. Copper Co.(guar.) •2734c Oct. I *Holders of rec. Sept. 18 Newberry (J. J.) Co., COM.(quar.) Nov. 1 *Holders of rec. Oct. 16 "I% (qu.) A Newberry (J. J.) Realty. pref. "134 Nov. 1 *Holders of rec. Oct. 18 6% preferred B (quar.) *4331c Oct. 1 *Holders of rec. Sept. 20 Newman Mfg.(qua:.) $1 Oct. 15 Holders of rec. Sept.30 Newmont Mining Corp.(guar.) '1234c Oct. 15 'Holders of rec. Sept.30 New Bradford Oil (quar.) Oct. 1 Holders of rec. Sept. 15 $2 New England Equity, pf.(qu.) 25e. Oct. 1 Holders of rec. Sept. 24 New Haven Clock, common (cplar.)---Sept. 16 New Orleans Cold Stor. & Waren.(qu.)- d $2.P.0 Sept.30 Holders of rec. Oct. 70 90c. Nov. 1 Holders of rec. New York Air Brake, corn. (guar.) - Sept. 13 N. Y. Realty & Inlet., pref. (quar.)---- '134 Sept. 27 *Holders of roe. Sept. 19 *50c. Sept.30 *Holders of rec. N. Y. Title & Mortgage (qua:.) roe. of 19 Bert. Holders 15 Oct. 40e. New York Transit (guar.) •50c. Sept.27 *Holders of rec. Sept. 15 New York Transportation (quar.) Oct. 10 rec. of Holders 1 Nov. (guar.).$1.75 pref. Inc., Utilities, York New Sept. 25 Niagara Falls Smelt. dr Ref., Cl. A (qu.). *50c. Oct. 1 'Holders of rec. Sept. 25 *25c. Oct. 1 *Holders of rec. Class B (guar.) 25 Sept. rec. of Holders 15 Oct. 10c. (qua:.)_ Common Niagara Share Corp., $1.50 Oct. 1 Holders of rec. Sept. 20 $6 preferred (quar.) Sept. 18 Niagara Wire Weaving, corn. (quar.).. 3734c. Oct. 1 Holders of rec. Sept. 18 75c. Oct. 1 Holders of rec. $3 preferred (guar.) 75e. Oct. 1 Holders of rex,. Sept. 3 Nichols Copper class A & B Sept.30 *Holders of tee. Sept.20 *500. . (guar.) common NUes-Bement-Pond. "250. Sept. 30 'Holders of rec. Sepc.20 Common (extra) •500. Dec. 31 *Holders of ree. Dec. 20 Common (guar.) 734c. Oct. 20 Holders of rec.Sept.d22 Massing Mines Co.(quar.) *75c. Oct. 1 "Holders of rec. Sept. 20 Noblitt-Sparks Industries, corn. (qu.) •01% Oct. 1 *Holders of rec. Sept. 20 Stock dividend •134 Oct. 1 *Holders of rec. Sept. 20 Preferred (qua:.) 50e. Oct. 1 Holders of rec. Sept. 10a Noranda Mines. Ltd. (guar.) 13231c. Oct. 1 Holders of rec. Sept. 28 North Amer. Car Corp.. COM.(quar.) $1.50 Oct. 1 Holders of rec. Sept. 28 Preferred (quar.) 18 North Amer. Creamery, class A (guar.) '35c. Oct. 1 *Holders of rec. Sept. Oct. 20 *Holders of rec. Sept.30 (guar.).'134 pref. North Amer. Invest..6% *IN Oct. 20 "Holders of rec. Sept.30 514% preferred (quar.) Sept. 20 North American Oil Cons.(monthly)__ - •100 Oct. 1 *Holders of rec. Sept. 1 eSi Oct. 1 Holders of rec. North American Securities (In stock) 134 Oct. 1 Holden of tee. Sept. 10 North Central Texas Oil pref. (quar.) 15 North Star Oil& Refining. pref. (quar.)_ 834c. Oct. 1 Holders of rec. Sept. '50c. Oct. 1 'Holders of rec. Sept. 15 Northern Discount (qua:.) •662-3 Oct. 1 'Holders of refs. Sept. 15 Preferred A (monthly) •662-30 Nov. 1 *Holders of rec. Oct. 18 Preferred A (monthly) •662-30 Dec. 1 *Holders of roe. Nov. 15 Preferred A (monthly) 20 Northland Greyhound Lines. Pt.(qu.)-' $1.825 Oct. 1 *Holders of rec. Sept. •45c. Oct. 1 *Holders of rec. Sept. 20 Northwest Bancorporation (quar.) Oct. 1 *Holders of rec. Sept. 20 •51 Norwich Pharmacal (quar.) 75c Oct. 1 Holders of rec. Sept. 20 Novadel-Agene Corp.. corn. (guar.)---250 Oct. 1 Holders of rec. Sept. 20 Common (extra) 131 Oct. 1 Holders of rec. Sept. 20 Preferred (guar.) 'Sc. Sept.30 "Holders of rec. Sept. 20 Occidental Petroleum (guar.) s$1.50 Nov. 1 "Holders of roe. Oct. 20 OgillesbY Paper, preferred (guar.) Oct. I Holders of rec. Sept. 18 $2 Ogilvie Flour Mills, corn. (guar.) Oct. 1 Holders of rec. Sept. 18 35 Common (bonus) $1.25 Oct. 15 Holders of rec. Sept.30 Ohio Brass,class A &B (guar.) Holders of rec. Sept. 30 Oct. 1 51 Class A & B (extra) 134 Oct. 1 Holders of rec. Sept.30 Preferred (quar.) 'Holders of rec. Sept. 10 *500. Oct. Ohio Finance (quar.) 'Holders of rec. Sept. 10 Oct. *el Stock dividend Ohio Mid Cities Corp., Pref. A (No. 1)_ *10c. Oct. 2 *Holders of rec. Oct. 20 Sept. 16 to Sept.30 134 Oct. Ohio Seamless Tube, pref.(quar.) '12310 Nov. 1 *Holders of roe. Nov. 10 Ohmer Fare Register, corn.(guar.) *Holders of roe. Sept.25 '134 Oct. Preferred Lauer.) *Holders of rec. Sept. 15 •50c. Oct. Old Colony Trust Associates (quar.) Holders of roe. Sept. 100 OliverFt= Equip.. pr. pref. (guar.) - 51.50 Oat. "Holders of rec. Sept. 19 *50c. Oct. Oliver United Filters, class B (quar.)__ Holders of roe. Sept. 15a Oct. 2 Omnibus Corp.. pref.(guar.) •20c. Sept.3 'Holders of rec. Sept. 20 Onondaga Silk (qua:.) *Holders of rec. Sept. 15 111.50 Oct. Ontario Loan & Deb.(quar.) "Holders of rec. Sept.20 •131 Oct. Ontario Mfg., Pref.(quar.) *Holders of rec. Sept. 20 Open Stair Dwellings (quar.) •134 Oct. *Holders of roe. Sept.18 111.75 Oct. Orange-Crush. Ltd., el. A (qua Holders of rec. Sept. 16 Preferred A (guar.) 134 Oct. Holders of rec. Sept. 190 $2 Oct. Orpheum Circuit. pref.(quar.) Holders of rec. Sept. 300 1 Oct. C. Si 62 Otis Elevator, corn. (quar.) Holders of rec. Sept. 30 1'4 Oct. 1 Preferred (qua:.) 134./ an15'3 Hold, of reo. Dee.31'300 Preferred (quar.) of rec. Sept. 19a Holders Oct. 6234c Otis Steel, COM.(guar.) Holders of rec. Sept. 19a Prior preferred (quar.) 134 Oct. of rec. Sept. 15 Holders Oct. Prof. Glass. (guar.) I% Owens-Illinois *Holders of rec. Sept. 15 •35c. Oct. Pacific Indemnity (quar.) *Holders of rec. Befit. 15 Pacific Invest. Corp., 1st & 2nd pt.(qu.) '$1.50 Oct. Holders of rec. Sept. 20 $1.25 Oct. Page-Hershey Tubes, Ltd., corn.(qu.) Holders of rec. Sept. 20 134 Oct. Preferred (quar.) Sept.2 Holders of roe. Sept.17 ParafRne Coe.. Ino. (guar.) $1 Oct. 1 20 to Sept. 75c. Oct. Paragon Refining. Prof. A (quar.) $1 Sept.2 Holders of rec. Sept. 50 Paramount Publiz Corp., corn. (quar.) •25e. Bept.3 'Holders of rec. Sept.19 Parks. Davis & Co.(quar.) •100. Sept.30 'Holders of roe. Sera. 19 Extra Peerless Egyptian Cement. Prof. (guar.) '174 Oct. 1 *Holders of rec. Sept. 20 154 Oct. 1 Holders of roe. Sept. 120 Penick & Ford, Pref. (quar.) "51.75 Oct. 1 *Holders of rec. Sept. 20 Penn Federal Corp., pref. (quar.) 750. Sept.30 Holden of roe. Sept. 20a Penney (J.C.) Co.,common (quar.) 134 Sept.30 Holden of roe. Sept. 20a Preferred (guar.) 15 Pennsylvania Glass Sand, pref.(guar.).- *134 Oct. 1 *Holders of rec. Sept. 300 $1.25 Oct. 15 Holders of rec. Sept. Pennsylvania Salt Mfg.(guar.) 25e. Oct. 1 Holders of roe. Sept. Peoples Drug Stores. Inc.,Corn.((111.) Oct. 1 Holders of rec. Sept. 16 2 Pepperell Mfg.(qua:.) •50c. Oct. 1 *Holders of rec. Sept. 20 Perfect Circle (quar.) "51.50 Oct. 1 *Holders of rec. Sept. 18 Peter Paul Candy (qua:.) 3731c. Oct. 1 Holders of rec. Sept. 100 Pet Milk Co.. corn.(quar.) 134 Oct. 1 Holders of rec. Sept. 10 Preferred (guar.) 37!4c Sept.30 Holders of rec. Sept. 220 Petroleum Corp. of Amer.(quar.) Oct. 1 *Holders of rec. Sept. 25 *le. (monthly)___ Petroleum Royalties, pret. Preferred (extra) 'Sic. Oct. 1 'Holders of rec. Sept. 25 Oct. 1 'Holders of rec. Sept. 23 Pfaudler Co., corn. (guar.) 75e. Oct. 1 Holders of too. Sept. 5a Phelps Dodge Corp.(guar.) Philadelphia Co. for Guaranteeing Mort*60c. Sept. 30'Holders of rec. Sept. 15 gages (quar.) Philadelphia Dairy Prod.. pr. pf. (qu.)_ 51.825 Oct. I Holders of rec. Sept. 19 750. Oct. 1 Holders of rec. Sept. 200 Philadelphia Inquirer pref. (guar.) 50c. Oct. 12 Holders of rec. Sept. 18 Phillips Petroleum (guar.) *50c. Oct. 10 *Holders of rec. Sept. 30 Phoenix Finance. pref. (qua:.) 20c. Oct. 1 Holders of rec. Sept. 20 Pickrel Walnut Co.(quar.) 50c. Oct. 1 Holders of rec. Sept. 15 Pie Bakeries of Amer., class A (quar.)._ 144 Oct. I Holders of rec. Sept. 15 Preferred (quar.) •40c. Oct. 25'Holders of rec. Oct. 15 Pittsburgh ForgIngs (quar.) •50e. Oct. 1 *Holders of rec. Sept. 10 Pittsburgh Plate Glass (quar.) 35c. Oct. 15 Holders of rec. Sept. 260 Pittsburgh Screw & Bolt (quar.) Oct. 1 "Holders of roe. Sept. 24 '11.4 Dref. Steel (quar.1_ Foundry. Pittsburgh [VOL. 131. FINANCIAL CHRONICLE Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Continued). "17 Sic Sept.30 *Holders of rec. Sept. 10 Pitts Thrift corp.(Qaar.) Pittston Co.. common (qua:.) 3734c. Oct. 1 Holders of rec. Sept. 200 '500. Sept. 30'Holders of rec. Sept. 18 Plymouth 011 (guar.) Oct. 1 *Holders of rec. Sept. 20 'el Polymet Mfg.(payable in stock) Oct. 1 *Holders of rec. Sept. 17 Port Huron Sulph. & Pap., pref. (qtr.)Porto Rico-Amer. Tobacco. al. A (qu.). 87340 Oct. 10 Holders of roe. Sept. 2041 "25c. Oct. 1 *Holders of rec. Sept. 26 Potter Co., corn. (quar.) Powdrell & Alexander, pref. (quar.)--- 134 Oat. 1 Holders of rec. Sept. 15 50e. Sept.30 Holders of roe. Aug. 200 Prairie 011 & Gas(quar.) 750. Sept.30 Holders of rec. Aug. 30a Prairie Pipe Line (qua:.) 500. Sept.30 Holders of roe. Aug. 30a Extra Oct. 1 *Holders of rec. Sept. 15 "El Pratt dr Lambert (quar.) 6c Oct. 4 Holders of rec. Sept. 16 Premier Cold Mining (quar.) Pressed Metals of Amer., corn. (quar.)_.. •121.1c Oct. 1 *Holders of rec. Sept. 15 15i Sept.30 Holders of rec. Sept. 20 PreSsed Steel Car pref.(guar.). 50e Oct. 1 Holders of no. Sept. 15 Price Bros., Ltd., common (guar.) 1% Oat. 1 Holders of rec. Sept. 15 Preferred (guar.) Oct. 15 Holders of rec. Sept.250 Procter & Gamble Co., pref. (guar.).- 2 Provident AdJ. and Inv., pref. (quar.)_. •14 Sept.30 *Holders of rec. Sept. 22 Public Utility Holding Corp. 1234e Nov. 30 Holders of rec. Nov. 10 Common (quar.)(No. 1) 1234c Nov. 30 Holders of rec. Nov. 10 Class A (qua:.)(No. 1) 13( Oct. I Holders of rec. Sept. 10 Pure Oil Co.. 534 % pref.(qu.) 134 Oct. 1 Holders of rec. Sept. 10 6% Preferred (guar.) 2 Oct. 1 Holders of rec. Sept. 100 • 8% preferred (quar.) Oct. 15 *Holders of roe. Oct. 1 "11 Quaker Oats, corn. (guar.) •134 Nov. 29 *Holders of rec. Nov. 1 Preferred (guar.) Holders of rec. Sept. 20 Oct. 8714c. (quar.)... Radio Corp. of Amer. pf. A 51.25 Oct. 1 Holders of rec. Sept. 20 Preferred B (guar.) •50c. Oat. 1 *Holders of rec. Sept. 20 Rath Packing (guar.) 51.25 Oct. 1 Holders of rec. Sept. 120 Real Silk Hosiery.corn. (guar.) 134 Oct. 1 Holders of rec. Sept. 120 Preferred (guar.) Oct. 1 *Holders of rec. Sept. 25 *8 Realty Shares (No. 1) 35c. Oct. 1 Holders of rec. Sept. 15 Reece Button Hole Mach. (guar.) 5c. Oct. I Holders of rec. Sept. 15 Reece FoldLog Machine (guar.) 134 Oct. 1 Holders of rec.Sept.d20 Regal Shoe, pref.(quar.) •144 Oct. 1 'Holders of roe. Sept. 19 Reliance Mfg.(Ill) pref.(qua:.) 51 Oct. 1 Holders of no. Sept. 15 Reliance Mfg.(Ohio), common (guar.)._ "1% Oct. 1 *Holders of rec. Sept. 20 Remington Arms. lot pref. (quar.) 400 Oct. 1 Holders of rec. Sept. 84 Remington-Rand. common (guar.) 1% Oat. 1 Holders of rec. Sept. 80 First preferred (guar.) Oct. 1 Holders of MO. Sept. flo 2 Second preferred (quar.) 20o. Oct. 1 Holders of roe. Sept. 100 Boo Motor Car (guar.) Sept. 30'Holders of rec. Sept. 15 •25c. A Cl. (guar.). Republic Finance & Inv., "173-i c Sept.30 *Holders of rec. Sept. 15 Preferred (quar.) Republic Investing Corp.. Pref.(qua:.). "350. Oct. 1 'Holders of reo. Sept.15 $1.50 Oct. 1 Holders of rec. Sept. 123 Republic Steel Corp., pref.(guar.) 075e. Oct. 15 *Holders of roe. Oct. 1 Republik/ Supply (guar.) 750. Oct. 1 Holders of no. Sept.15 prof. Corp. Research Investment (guar..) The. Oct. 1 Holders of roe. Sept. 20 Retail Properties, bro., $3 pref. (quar.)Oct. 1 Holders of rec. Sept. 100 $1 Revere Copper & Brass class A (guar.) Nov. 1 Holders of roe. Oct. 100 51.75 Preferred (guar.) 750. Oct. 1 Holders of tee. Sept.180 Reynolds(R.J.)Tob..00m. & com.B(OIL) Rice-Stix Dry Goods, corn. (qua:.) 3734c. Nov. 1 Holders of rec. Oct. 15 First and second preferred (quar.) .174 Oct. 1 Holders of rec. Sept. 15 •60c. Nov. 1 "Holders of rec. Oct. 15 Rich Ice Cream Co., corn. (guar.) •1 114 Oct. 1 'Holders of rec. Sept. 15 Rich's, Inc.. pref. (quar.) "4331c Nov. 1 *Holders of rec. Oct. 4 Richfield 011 of Calif., pref. (quar.) 750. Oct. 1 Holders of rec. Sept. 19 Richman Bros.(quar.) *55c. Oct. 1 'Holders of rec. Sept. 15 Rike-Kumler Co., com.(quar.) •1% Oct. 1 "Holders of rec. Sept. 15 Preferred (quar.) 62%c. Oct. 1 Holders of rec. Sept. 20 Ritter Dental Mfg.(qua:.) •1% Oct. 1 *Holders of rec. Sept. 20 Preferred (quar.) •50e. Oct. 1 *Holders of rec. Sept. 17 Riverside Silk Mills, class A (quar.) Robbins (Sabin) Paper, prof.(guar.).- - •$1.75 Oct. 1 'Holders of rec. Sept. 25 Robinson(Dwight P.)& Co..151 01.(gn.) *$1.75 Oct. 1 'Holders of tee. Sept. 20 Oct. 1 *Holders of rec. Sept. 20 "2 Rockwood dr Co., pref. (guar.) *50c. Oct. 1 *Holders of rec. Sept. 20 Ross Gear & Tool (guar.) 250. Oct. 1 Holden of roe. Sept. 8 Royal Baking Powder, erne.(quar.).1% Oct. 1 Holders of roe. Sept. 8 Preferred (qua:.) Oct. 1 *Holders of rec. Sept. 15 *2 Rumford Printing (guar.) *$1.75 Nov. 1 Russ Mfg., class A *51.75 Oct. 1 First preferred (guar.) •1150. Nov. 1 *Holders of rec. Oct. 15 Rued Mfg. common (guar.) '2 Oct. 1 'Holders of rec. Sept. 15 Safety Car Heat & Ltg. (quar.) Oct, 1 Holders of roe. Sept. 120 $1.25 Stores, Inc.. 001121nOn (quar.)-Safeway 1% Oct. 1 Holders of rec. Sept. 120 7% preferred (guar.) 1% Oct. 1 Holders of roe. Sept. 120 6% preferred (guar.) 50e. Dec. 20 Dec. 10 to Doe. 21 Si. Joseph Lead Co.(guar.) 250. Dec. 20 Dec. 10 to Dee. 21 Extra 50c. Oct. 15 Holders of rec. Sept. 30 St. Lawrence Corp., class A (qua:.) St. Lawrence Paner Mills, pt.(qu.) 13.4 Oct. 15 Holders of rec. Sept. 30 25a. Oct. 1 Holders of roe. Sept. 20 St.Louis Bank Bldg. & Equip.(guar.)-Oct. 1 'Holders of rec. Sept. 26 St. Louis National Stock Yards (quar.)_ *2 St.L.Rooky Mtn.& Pao.Co..com.(qu.) 50o. Sept.30 Holders of rec. Sept. 150 134 flept.3 Holders of roe. Sept. 150 Preferred (guar.) Holders of rec. Sept. 12 St. Maurice Valley Corp., pref.(qu.)--- 1% Oct. Holders or rec. Sept. 10 25c. Oct. St. Regis Paper, corn.(guar.) Holders of rec. Sept. 10 131 Oct. Preferred (guar.) "Holders of rec. Sept. 15 •100. Oct. Salt Creek Consol. 011 (guar.) Holders of rec. Sept. 1 50e. Oct. Sangamo Electric Co..corn.(guar.) Holders of rec. Sept. 1 13.4 Oct. Preferred (guar.) •134 Nov.1 *Holders of rec. Nov. 1 Savage Arms, second pref. (quar.) *Holders of rec. Sept. 15 Schlesinger (B. F.) & Sons, pref.(quan) •1;$ Oct. •13$ Jan 1'3 *Holders of rec. Dee. 15 Preferred (guar.) Holders of rec. Sept. 15 Schoeneman (J.) Inc., let & 2nd pf.(qu.) 134 Oct. Oct. Holders of too. Sept. 124 2 Schulte Retail Stores, pref.(guar.) 'Holders of rec. Sept. 15 •13.1 Oct. Schulze Baking, pref. (quar.) *Holders of rec. Sept. 15 "75c. Oct. Convertible preferred (quar.) 350. Sept.30 Holders of rec. Sept.180 Scott Paper common (guar.) •750 Oct. 1 *Holders of reo. Sept.15 Scoville Mfg. (guar.) 75c. Oct. 15 Holders of rec. Sept. 30 Scullin Steel. pref. (quar.) 30c. Oct. 15 Holders of rec. Sept. 304 gesgrave Corp., corn. (quar.) Secord (Laura) Candy Shops, Pref. (111.) '134 Sept.30 *Holders of rec. Sept. 15 Seaboard National Securities (guar.)- '373-4c Oct. 1 "Holders of rec. Sept. 20 Seaboard Utilities Shares Corp.(qua:.)... 1234c Oct. 1 Holders of rec. Sept. 23 el Nov. 1 Holden of roe. Oct. 1541 Sears-Roebuck,stock div.(guar.) 50c. Oct. 1 Holders of rec. Sept. 15 Second Intern. Securities, corn. A (qu.) 75c. Oct. 1 Holden of rec. Sept. 15 6% first preferred (guar.) 75e. Oct. 1 Holders of rec. Sept. 15 8% second preferred (quar.) $1.25 Oct. 1 Holders of rec. Sept. lea Second National Invert.. prof.(qua:.) 51.25 Oct. 1 Holden of roe. Sept. 10a Cony. pref.(guar.) Securities Co. of N. H., lot pref.(qu.)_. '134 Oct. 1 *Holders of rec. Sept. 30 Selected Industries allot.infs.75% pd....$ 1.0334 Oct. 1 Holders of rec. Sept. 15 *1.375 Oct. 1 Holders of rec. Sept. 15 Prior stock (guar.) 750. Nov. 1 Holders of rec. Oct. 15 Seeman Bros. corn. (guar.) 65c. Oct. 1 Holders of rec. Sept. 15 Service Stations, Ltd.,class A & B (qu.). •25e. Oct. 1 'Holders of rec. Sept. 23 Shaffer Stores, common (qua:.) •50c. Oct. 1 *Holders of rec. Sept. 21 Shaler Co., class A (guar.) •I0c. Oct. 1 *Holders of rec. Sept. 21 Shareholders Corp.(quar.) 250 Oct. 10 Holders of roc Sept. 200 Shattuck (Frank 0.) Co.(attar.) 20c. Oct. 1 Holders of rec. Sept. 17 Shawmut Association (qua:.) 154 Oct. 1 Holders of rec. Sept. 68 Shell Union 011. pref. (quar.) 40e. Sept. 30 'Holders of rec. Sept. 15 Sherwin-Williams CO., Can.,eem.(qu.). 5c. Sept.30 Holders of rec. Sept. 15 Common (bonus) Preferred (quar.) 174 Sept.30 Holders of rec. Sept. 15 30c Oct. 1 Holders of rec. Sept. 20 Sieloff Packing (qua:.) •4 Oct. 1 *Holders of rec. Sept. 25 Silent Automatic Corp., prof 15c. Oct. 1 Holders of rec. Sept. 20 Silver King Coalition Mines (quar.)__ _ Simmons-Boardman Pub., corn. (quar.) •50c Oct. 1 *Holders of rec. Sept. 22 •50c. Oct. 1 *Holders of rec. Sept. 22 Common (extra) 50c Oct. 15 Holders of rec. Sept. 153 Sinclair Consol. 011. COM. (qua:.) *2% Oct. 1 *Holders of rec. Sept. 10 Singer Mfg.(qua:.) Extra 0254 Oct. 1 'Holders of rec. Sept. 10 Skelly 011 Co., pref.(quar.) 134 Nov. 1 Holders of rec. Oct. la •1*4 Oct. 1 *Holders of rec. Sept. 20 Slattery (E. T.) Co.. pref. (quar.) Sloss-Sheffield Steel & iron. pt.(guar.)._ 1% Oct. 1 Holders of rec. Sept. 190 Smith (L. C.) & Corona Typewriter,Inc. •25c Oct. 1 *Holders of rec. Sept. 20 Common (quarterly) •1*$ Oct. 1 *Holders of rec. Sept. 20 Preferred (quarterly) Oct. 1 Soden (G. A.) & Co.. 2nd pref.(quar.) _ _ .2 SEPT. 27 1930.] FINANCIAL CHRONICLE Per When Cent. Payable 2023 Books Closed. Days Inclusive. Per When Books Closed. Name of Company. Cent. Payable. Days Inclusive. Miscellaneous (Continued). Miscellaneous (Continued). Southern Bond & Share, pref.(guar.)-- *750. Oct. 1 *Holders of rec. Sept. 15 United Porto Rican Sugar. Pref.(quar.). *87540 Oct. 1 *Holders of rec. Sept. 23 Southern Dairies, Inc., class A (quar.)-- 3730 Oct. 1 Holders of rec. Sept.296 United Profit Sharing, Prof. 50c. Oct. 31 Holder, of rec. Sept. 300 Southern Ice, pref. A (guar.) 134 Oct. 1 Holders of rec. Sept. 19a United Publishers. corn.(guar.) 421.25 Oct. 1 *Holders of re*. Sept. 20 South Penn 011 (guar.) *50c. Sept.30 *Holders of rec. Sept. 16 Preferred *1% Oct. 1 *Holders of rec. Sept.20 South Porto Rico Sugar, corn.(guar.).350. Oct. I Holders of rec. Sept. 100 United Shoe(guar.) Machinery, corn. (quar.).. 62340 Oct. 8 Holders of rec. Sept. 16 Preferred (guar.) 2 Oct. 1 Holders of rec. Sept. 106 Common (extra) El Oct. 6 Holders of rec. Sept. 16 Southwest Pa. Pipe Lines (guar.) 51 Oct. 1 Holders of roe. Sept. 15 Preferred (guar.) 3730 Oct. 6 Holders of rec. Sept. 16 Spalding (A. G.) dr Bros.. oom.(Quar.)500. Oct. 15 Holders of res. Sept.306 TT. S. Bobbin & Shuttle, pref.(guar.) O1% Sept.30 *Holders of rec. Sept.20 Spans, ChoRain & Co., pref. (quar.) $1.50 Oct. 1 Holders of rt.s3. Sept. 15 U. S.& British Internat. Co., Ltd. Sparks-Withington Co., corn. (quar.)...... 25e. Sept.30 Holders of rec. Sept. 13a Common A (guar.) (No. I) 1230. Nov. 1 Holders of rec. Oct. 15 Sparta Foundry (guar.) *750. Sept.30 *Holders of roe. Sept. 15 preferred (guar.) 75c. Nov. 1 Holders of reo. Oct. 15 Spencer Kellogg & Sons, Inc., corn.(au.) 20c. Sept.30 Holders of rec. Sept. 10 U. e. Cold Storage Corp., corn. *50c. Oct. 1 *Holders of rec. Sept. 20 (qu.)Spencer Trask Fund,Inc.(guar.) 25e. Sept.30 Holders of rec. Sept. 10 Preferred (guar.) *134 Oct. 1 *Holders of rec. Sept.20 Spicer Mfg., pref.(guar.) 750. Oct. 15 Holders of rec. Oct. la U.S. Foil, corn. A.& B (guar.) 25c Oct. 1 Holders of rec. Sept. 15a Square D Co.,corn. A.(quar.) 50. Sept.30 Holders of rec. Sept.20 Preferred (quar.) 154 Oct. 1 Holders of rec. Sept. 150 Common B (guar.) 500. Sept.30 Holders of rec. Sept.20 U.S. Gypsum. oom.(guar.) *4.0i) Sept. 30 *Holders of roe. Sept.15 Stahl-Meyer, Inc., COM. (guar.) 300. Oct. 1 Holders of rec. Sept.23 Preferred (guar.) '134 Sept.30 *Holders of roe. Sept.15 Preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 20 United States Leather, pr. pref.(guar.)- 1% Oct. 1 Holders of rec. Sept. 100 Standard Brands, corn. (guar.) 3730 Oct. 1 Holders of rec. Sept. 8a U.S. Pipe & corn. Foundry. 254 Oct. 20 Holders of rec. Sept. 203 Preferred A (guar.) $1.75 Oct. 1 Holders of rec. Sept. Sa Common (guar.) 2% Ja20'31 Holders of rec. Dec. 316 Standard-Coosa Thatcher (guar.) . 50c. Oct. I *Holders of rec. Sept. 20 First preferred (guar.) Ho Oct. 20 Holders of rec. Bept.7100 Standard Dredging. prof. (guar.) *500. Oct. I *Holders of rec. Sept. 15 First preferred (guar.) 300 3a20'31 Holders of nee. Dec. 810 Cony. preferred (guar.) *50c. Oct. I *Holders of rec. Sept. 15 U.S. Playing Card (guar.) 431 Oct. 1 *Holders of rec. Sept. 20 Standard Oil(Kentucky)(guar.) *400. Sept.30 *Holders of rec. Sept. 15 U.B.Print.& Lithographing, corn.(OW *50c. Oct. 1 *Holders of rec. Sept. 20 Standard 011(Ohlo)corn.(quar.) 6230. Oct. 1 Holders of rec. Sept.12 Preferred (guar.) *750. Oct. 1 *Holden; of rec. Sept.20 Standard Steel Construction, al. A (qu.) *75e. Oct. 1 *Holders of rem Sept. 10 United States Steel Corp. corn,(qua?,).. 134 Sept.29 Holder's of roe. Aug. 306 Standard Steel-Spring, trom. (quar.)__. ' Si Sept.30*Holders of rec. Sept.20 Oct. 1 Holders of rec. Sept. 15a U. S. Tobacco, common (quar.) 21 Stanley Works, corn. (quar.) . 6234c Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) 1% Oct. 1 Holders of rec. Sept.156 Preferred (qua?.) *3730 Nov. I *Holders of rec. Nov. 1 Universal Leaf Tobacco, corn, (qua?.)... 75c, Nov. 1 Holders of rec. Oct. 206 Starrett(L.S.) Co.,corn.(guar.) 50o. Sept.30Holders ot rec. Sept.200 2 Preferred (guar.) Oct. 1 Holders of rec. Sept. 236 Preferred (guar.) . $1.50 Sept.30*Holders of rec. Sept.20 Universal Pictures, Inc., let pref.(q.). 2 Oct. 1 Holders of rec. Sept. 206 Starrett Corp., $50 par pref.(qua?.)...... .75c. Oct. 1 *Holders of rec. Sept. 15 Universal Products (guar.) *50c. Oct. 1 *Holders of rec. Sept. 15 State Theatre (Boston) pref. (guar.).- *2 Oct. 1 *Holders of rec. Sept. 20 Utah Copper Co.(guar.) $2 Sept.30 Holders of rec. Sept.136 State Title & Mortgage (guar.) *21.50 Oct. 1 *Holders Utilities Hydro & Rail Shares. common_ 14e. Oct. 1 Holders of rec. Sept. 2 Stearns (Frederick) Co..pref.(quar.)--- *$1.75 Sept.30 *Holders of rec. Sept.15 of rec.Sept. 20 Valve Bag Co., pref. (guar.) •134 Oct. 1 *Holders of roe. Sept. 15 Monthly 16 2-3e Sept.30 *Holders of rec. Sept.20 Valvoline Oil. pref. (guar.) *2 Oct. 1 *Holders of rec. Sept. 17 Steel & Tubes.class A (guar.) •134 Oct. 1 *Holders of rec. Sept.20 Vanadium Alloy Steel (guar.) Stein (A.) & Co., pref. (guar.) *$1 Sept.30 *Holders of rec. Sept.20 134 Oct. 1 Holders Van de Kamp's Holland Dutch BakersSteneck Title d; Mtge. Guar. (quar.).... *I0e. Oct. 1 *Holders of rec. Sept. 15 of rec. Sept. 15 Common (guar.) *3735c Oct. 1 *Holders of rec. Sept. 10 Extra 'Sc. Oct. I *Holders of rec. Sept. 15 Common (extra) *1210 Oct. 1 *Holders of rec. Sept. 10 Sterling Motor Truck, pref.(qu.) *500. Oct. 1 *Holders of rec. Sept.20 Preferred 21.625 Oct. 1 *Holders of rec. Sept. 10 (guar.) SW,Baer dr Fuller, common (guar.) - *3754o Dee. 1 *Holders of reo. Nov. 15 Van Dusen-Harrington, Inc., Prof. (qu.) *134 Oct. 1 *Holders of rec. Sept. 20 Preferred (quar.) *4330 Sept.30 *Holders 1,14 Dec. 10 *Holders of roe. Dec. 1 Vapor Car Heating prof.(guar.) Stock Exchange Securities, class A (qu.) *3730 Oct. 1 *Holders of rec. Sept. 15 of rec. Sept. 18 Virtu Biscuit Corp., Ltd., prof. (qua?.) 134 Oct. 1 Holders of rec. Sept. 20 Stone& Webster, Inc.(guar.) 21 Oct. 15 Holders of roe. Sept. 17 50c. Oct. 1 Holders of rec. Sept. 15 Vogt Manufacturing, common (guar.)._ Straus(S. W.)& Co.(quar.) *50e. Oct. 1 *Holders of rec. Sept. 25 *50c. Oct. 1 *Holders of rec. Sept. 20 Vortex Cup Co., corn. (guar.) Sunray Oil Corp.(guar.) *100. Oct. 15 *Holders of rec. Sept. 24 *6234c Oct. 1 *Holders of rec. Sept.20 Class A (guar.) Sunshine Biscuit, 1st Pref.(Quer.) 21.75 Oct. 1 Holders of rec. Sept.18 1 Oct. 90 Holders of roe. Oct. 66 Vtilean Detinn1ng, Common (qua?.) Superheater Co.(guar.) 6230 Oct. 15 Holders of rec. Oct, 4a 1% Oct. 20 Holders of roe. Oct. 6a Preferred (War.) Superior Portland Cement, part A (cm.). ' 27340 Oct. 1 *Holders of rec. Sept.23 1% Oct. 1 Holders of rec. Sept.20 Wabash Tele!). Securities. pref. (qu.) Superior Underwear, pref. (guar.) *134 Oct. 1 134 Oct. 1 Holders of rec. Sept. 20 Wagner Electric, pref. (guar.) Bupertest Petroleum Corp..Waitt & Bond, Inc., class B (qua?.)._ *30e. Sept.30 *Holders of rec. Sept. 15 Common and ordinary stock (qu.)20e, Oct. 1 Holders of rec. Sept. 13 3734c Oct. 1 Holders of roe. Sept. 200 Waldorf System, Inc., corn.(guar.) Preferred A (guar.) *154 Oct. 1 *Holders of rec. Sept. 13 20e. Oct. 1 Holders of rec. Sept.20 Preferred (guar.) Preferred 13 (guar.) *134 Oct. 1 *Holders of rec. Sept. 13 134 Oct. 1 Holders of rec. Sept. 204 Walgreen Co.. pref. (guar.) Sutherland Paper, corn.(guar.) 2230, Oct. 31 Holders of roe. Oct. 20 Walker & Co.. class A (guar.) *6234c Oct. 1 *Holders of rec. Sept.20 Swartwout Co. (guar.) 20c. Oct. 1 Holders of roc. Sept. 19 154 Oct. 1 Holders of rec. Sept. 20 Sweets Co. of America (guar.) 250, Nov. 1 Holders of rec. Oct. 150 Waltham Watch pref. (quar.) 134 Oct. 1 Holders of rec. Sept.20 Prior prefened (guar.) Swift & Co. (guar.) 500. Oct. 1 Holders of rec. Sept. 10 .3750. 8%4.30 *Holders of rec. Sept.20 Walworth Co.. prof.(guar.) Taggart Corp., corn.(guar.) 250. Oct. 1 Holders of rec. Sept. 1% Oct. 1 Holders of rec. Sept. 170 15 Ward Baking Corp.. pref.(guar.) $7 Preferred (guar.) 81.75 Oct. 1 Holders of rec. Sept.15 500, Oct. 15 Holders of rec. Sept. 306 Warner Company,common (guar.) Class A (guar.) 500. Oct. 1 Holders of rec. Sept. 15 Common Oct. 15 Holders of rec. Sept. 30 250. (extra) Tamblyn (G.), Ltd., pref.(guar.) *$1.75 Oct. 1 *Holders of rec. Sept.23 13‘ Oct. 1 Holders of rec. Sept. 15a First and second pref.(guar.) Taylor Colguitt Co.(guar.) *5630 Sept.30 *Holders of rec. Sept. Warren Bros. Co. common (guar.) 75c, Oct. 1 Holders of rec. Sept. 166 Taylor Milling Corp., corn.(guar.) 6230 Oct. 1 Holders of rec. Sept. 15 250. Oct. 1 Holden of rec. Sept. 160 First preferred (guar.) Telephone Corporation (monthly) *200. Oct. 1 *Holders of reo. Sept. 10 2 9 1-6e. Oct. I Holders of rec. Sept.16 Second prererrod (guar.) Monthly...,. *200. Nov. 1 *Holden of reo. Oct. 20 75o. Oct. I Holders of rec. Sept.166 29 Cony. pref. new (guar.) Monthly 1200. Dee, 1 *Holders of rec. Nov.20 Warren Foundry & Pipe (guar.) 50c. Oct. 1 Holders of rec. Sept. 16a Tenneesee Products Corp., corn.(qAL) O25o Oct. 10 *Holders of 1110. Sept.30 Washington Title Ins.,corn.& pref.(qu.) *21.50 Oct. 1 *Holders of rec. Sept.27 Common (guar.) *250 Ja 10'31 *Holders of rec. Dec. 31 Waukesha Motor (guar.) *75c. Oct. 1 *Holders of rec. Sept. 15 Common (guar.) O254) 4-10-31 *Holders of roe. Mar.$1 33.6 Oct. 1 Holders of rec. Sept. 206 Texas Corporation (guar.) 75c. Oct. 1 Holders of rec. Sept. 54 Webster-ELsenlobr & Co., prof *60c. Sept.30 *Holders of rec. Sept.20 Wooden & Co. (guar.) Tenon 011 & Land, corn. (guar.) 25c, Oct. 1 Holders of rec. Sept. 10 (qua?.)__.. 1% Oct. 1 Holders of rec. Sept. 19 Engineering Wellman pref. , Common (extra) 23 Oct. 1 Holders of rec. Sept. 10 50c. Oct. 1 Holders of rec. Sept. 156 Wesson Oil& Snowdrift, corn.(qua?.)__ Textile Banking (guar.) *500 Oct. 1 *Holders of rec. Sept.24 *I% Oct. 6 *Holders of rec. Sept. 28 011, pref. (guar.) Thatcher Mfg.,com.(guar.) 40c Oct. 1 Holders of rec. Sept.206 West Coast (distribution assets) Preferred *x40 of *Holders of rec. Sept. 2 Thayers Limited, pref. (guar.) 87340.Oct. 1 West Point Mfg.(guar.) Oct. 1 Holders of rec. Sept. 15 2 Thomas Alice Corp., class A (guar.)- - *3730 Oct. 1 Holders of rec. Sept. 17 *Holders of rec. Sept. 15 *50c. Oct. West *Holders 1 Va. 'Thompson (John R.) Co.(guar.) Pulp Paper. dr of rec. Sept. 20 ram. 750 Oct. 1 Holders of rec. Sept. *13-f Nov.15 *Holders of rec. Nov. 5 230 Preferred (guar.) Thompson Products,Inc.. corn.(qu.) -60e Oct. 1 Holders of rec. Sept.200 *SI Sept.30 *Holders of rec. Sept.25 Western Electric (guar.) Thompson's Spa. Inc., pref.(guar.) 411.50 Oct. 1 *Holders of rec. Sept. 10 Western Grocer, corn. (guar.) . 3730 Nov. 1 *Holders of rec. Oct. 20 Thompson-Starrett Co. pref.(qua?.).. 8730 Oct. 1 *334 Jan 131 *Holders of rec. Dec. 20 Preferred 'ride Water Associated Oil. pref.(guar.) 21.50 Oct. 1 Holders of rem Sept. lid Holders of rec. Sept. 96 Western Grocers, Ltd., pref.(quar.)134 Oct. 15 Holders of rec. Sept. 20 Tide Water Oil, com.(guar.) 200. Sept.30 Holders of rem Sept. Sla Western Insurance Secur., pref. (qu.) 421.50 Oct. I *Holders of rec. Sept. 15 'Fibo Roofing, corn. (guar.) *1730 Oct. 1 *Holders of rec. Sept. 20 West, Maryland Dairy Prod., pf. (qtr.). *21.50 Oct. 1 *Holders of rec. Sept. 20 Preferred A (guar.) .50c. Oct. 1 *Holders of rec. Sept.20 Western N. Y. Sec. (guar.) *250. Sept.30 *Holders of rec. Sept. 16 Time-O-Stat Control, pref. (guar.) *50c. Oct. 1 *Holders of rec. Western Royalty Corp.. el. A (monthly) *10e. Oct. 6 *Holders of rec. Sept.15 Sept. 20 TImken-Detroit Axle, corn.(guar.) 20c, Oct. 1 Holders of rec. Sept. Tablet & Stationers', PI. (:111.). ' 1 3.1 Oct. 1 *Holders of rec. Sept. 19 Tintio Standard Mining (guar.) *200. Sept.30 *Holders of rec. Sept. 20a Western Westinghouse Air Brake(guar.) 16 50c. Oct. 31 Holders of rec. Sept. 306 Tip Top Tailors, pref. (guar.) 134 Oct. 1 Holders of rec. Sept. 15a Westinghouse Elec. & Mfg., corn.(qu.). $1.25 Oct. 31 Holders of rec. Sept. 306 Toronto Mortgage (guar.) *51.50 Oct. 1 *Holders of rec. Sept. 15 Participating prof (guar.) 21.25 Oct. 31 Holders of rec. Sept. 300 Torrington Co. (guar.) 75c. Oct. 1 Holders of rec. 300. Oct, 1 Holders of rec. Sept.156 Westmoreland. Inc.(quar.) 18 Transamerica Corp., corn. (guar.) 25c, Oct. 25 Holders of rec. Sept. Oct. 0 Weston Electrical Instrument,com.(qu) 25c. Oct. 1 Holders of rec. Sept. 19e Transue & Wme.Steel Forging (guar.) 25c. Oct. 15 Holders of rec. Class A (guar.) 50o. Oct. 1 Holders of rec. Sept. 191 Sept. 300 Traung Label & Lithograph. ol. A (g11.)- *3714o Dee. 15 *Holders of rec. Dec. Wheatsworth. Inc. (extra) *250. Oct. 1 *Holders of rec. Sept.20 Traylor Eng.& Mfg., pref.(guar.).- *2 Oct. 1 *Holders of rec. Sept. 1 Quarterly *25o. Oct. 1 *Holders of rec. Sept. 20 Trlco Products Corp.(guar.) 6230 Oct. 1 Holders of rec. Sept.25 8a Wheeling Steel, pref. A (guar.) *2 Oct. 1 *Holders of rec. Sept. 12 Tr -Continental Corp., pref. (quar.) 134 Oct. 1 Holders of rec. Sept. I5a Preferred B (guar.) *234 Oct. 1 *Holders of rec. Sept. 12 Tri-National Trading, pref. (quar.) 21.50 Oct. 8 Whitaker Paper, corn. (guar.) 81.50 Oct. 1 *Holders of rec. Sept.20 TrIstate Royalty Corp.. corn.(monthly) 8 1-30 Oct. 1 Holders of rec. Sept.22 * Holders of rec. Preferred (quar.) *1% Oct. 1 *Holders of rec. Sept.20 Preferred A (monthly) 10c. Oct. 1 Holders of rec. Sept.15 Sept.15 50c. Sept.30 Holders of rec. Sept. 12a White Motor Co.(guar.) 'Fri-Utilities Corp., corn.(guar.) 300. Oct. 1 Holders of rec. Sept. (quar.).._ prof. Securities, 15 White Motor Common (payable In com.stock) 21.75 Sept.30 Holders of rec. Sept.12 fl Oct. 1 Holders of rec. Sept. White Rock Mineral Springs, coM.(qu.) 21 15 Preferred (guar.) Oct. 1 Holders of rec. Sept. 154 750. Oct. 1 Holders of rec. Sept. First preferred (guar.) 1% Oct. I Holders of rec. Sept. 15 Troy Sunshade(Quer.) 15 *500. Oct. 1 *Holders of rec. preferred Sept.20 Second 25 Oct. Extra 1 Holders of rec. Sept. 15 *50c. Oct. 1 *Holders of rec. Sept.20 White Star Refining (guar.) 'Trumbull-Cliffs Furnace, pref. (quar.) *623-4e Oct. 1 *Holders of rec. Sept. 20 134 Oct. 1 Holders of Whittenton Mtg., Pref.(guar.) Sept. 19 Truscon Steel, corn.(guar.) *134 Oct. 1 *Holders of rec. Sept.24 30c, Oct. 15 Holders of rec. rec. Sept. 260 Wilcox-Rich Corp.class A (guar.) Twin Disc Clutch (guar.) 6230 Sept.80 Holders of rec. Sept.20a .375c. Oct. 1 *Holders of rec. Sept. 20 Class A (guar.) 1Jlen & Co., cont. (guar.) 6234c Dec. 31 Holders of rec. Dec. 20a 40e. Oct. 15 Holders of roe. Oct. 16 CIB-98 Underw.-Elliott-Fisher Co.. corn.(au.) (guar.) B 500. Sept.30 Holders of rec. Sept. 20 21.25 Sept.30 Holders of MO. Sept. 12a WM & Bauroer Candle,corn,(guar.). 10o. Nov. 15 Holders of rec. Nov. 1 Preferred (qua?.) 144 Sept.30 Holders of roe. Common (extra) Union Carbide & Carbon (guar.) 100. Nov. 15 Holders of rec. Nov. 1 650. Oct. 1 Holders of rec. Sept.12a Sept. 40 (guar.) Preferred Union Metal Mfg., coin.(guar.) 2 Oct. 1 Holders of rec. Sept.15 500. Oct. 1 Holders of rec. Willys-Overlrurn Co.. pref.(quar.) Common (extra) 1% Oct. 1 Holders of rec. Sept.226 25c, Oct. 1 Holders of rec. Sept. 23 WiLson de Co., pref. (acct,accum.dive.). 51% Oct. 1 Holders of rec. Sept.224 Sept. 23 Preferred (guar.) *2 Oct. 1 *Holders of rec. WInsted Hosiery (guar.) Union Storage Co. (guar.) *2% Nov. 1 *Holders of rec. Oct. 15 *6230 Nov.15 *Holders of rec. Sept.20 Extra Union Twist Drill, corn. (guar.) *500. Nov. 1 *Holders of rec. Oct. 15 250. Sept.30 Holders of rec. Nov. 1 Sept.20 Wisconsin Bank Shares (guar.) Preferred (guar.) 'Sc. Sept.30 *Holders of rec. Sept.24 *154 Sept.30 Holders of Wiser Oil (guar.) Unit Corporation, pref.(guar.) *25c. Oct. 1 *Holders of rec. Sept. 10 500, Oct. 1 Holders of rec. Sept.20 rec. Sept. 20 Wolverine Tube, corn. (guar.) United Aircraft Corp., prof. (quar.) *I5c. Oct. 1 *Holders of rec. Sept. 15 75c, Oct. 1 Holders of rec. Sept. 106 Wood (Alan) Steel, pre!.(guar.) United Bond & Share (Montreal).pf.(qu) *75c. Sept.30 1% Oct. 1 Holders of rec. Sept. 12a Woodruff & Edwards, Inc., cl. A (guar.) *50o. Oct. 1 *Holders of rec. Sept. 20 United Business Publishers, prof.(qu.)_ '134 Oct. 1 Holders of rec. Sept. 15 Holders of roe. Sept.21 Worthington Pump & Mach., pf. A (qu.) 1% Oct. 1 Holders of rec. Sept. United Carbon,corn..quar.) 104 50e. Oct. 1 Holders of roe, Prof. A (acc't accumulated diva.) Bept.13a United Dyewood Corp., prof.(guar)--- 154 Oct. 1 1% Oct. 1 Holders of rec. Sept. 106 Prof. B (qua?,) United Elec. Lt. & Pow.,7% Pf.(qu.)__ •114 Oct. 1 Holders of tee. Sept.12a 1% Oct. 1 Holders of rec. Sept. 106 Holders Prof.B (acc't accumulated dive.) 6% preferred (quar.) 51 3-1 Oct. 1 Holders of rec. Sept. 100 0134 Oct. 1 Holders of rec. Sept. 15 of rec. Sept.15 Wrigley(Wm.) Jr. Co.(monthly)._ 25c. Oct. 1 Holders of rec. Sept. 20 United Founders Corp., corn.(guar.) Monthly 1-70th share common stook 25o, Nov. I Holders of rec. Oct. 20 (1) Oct. 1 Holders of rec. Monthly United Fruit(guar.) 2 50e. Dec. 1 Holders of rec. Nov. 20 21 Oct. 1 Holders of rec. Sept. Sept. Wurlitser (Rudolph) corn.(monthly) 2a - 950e. Oct. 25 *Holders of rec. Oct. 24 United Fuel Invest., pref. (guar.) •134 Oct. 1 *Holders of rec. Sept. 15 Common (monthly) United Hellenic Bank Shares, corn. (qu.) *10c. Oct. 1 *50o. Nov.25 *Holders of rm. Nov.24 *Holders of rec. Common (monthly) Preferred (guar.) *50e. Dec. 25 *Holders of net. Dec. 24 *10c. Oct. 1 *Holders of rec. Sept. 6 Sept. 8 Preferred (Qum.) *144 Oct. I *Holders of ree. Sept. 20 United Loan Corp.(guar.) *81.25 Oct 1 Preferred (guar.) *154 Janral *Holders of rec. Dee. 20 United Milk Products, pref. (quar.)...__ •134 Oct. I *Holders of rec. Sept. 20 *Holders of rec. Preferred (guar.) 6,154 Aprl'131 *Hold,of reo. Mar. 20'31 United Paper Box (guar.) *40e. Oct. 1 *Holders of rec. Sept. 15 Preferred (guar.) 20 *154 Jul 1'81 *Hold,of rec. June 20'31 United Piece Dye Works,Oom.(guar.) 50o. Nov. 1 Holders of rec. Sept. Oct. 15e Tale & Towne Mfg.(guar.) 50o. Oct. 1 Holders of rec. Preferred (quar.) 134 Oct. 1 Holders of reo. Sept.201 Holding Yosemite (guar.) _ _ 87340 Oct. 1 Holders of rec. Sept. 3.oa Preferred (guar.) 154 an2'81 Holders of rec. Dec. 20s Youngstown SheetCorp.. pref. & Tube, corn.(qu.)__ 81.25 Oct. I Holders of rec. Sept. 15 United Printers & Publish., corn.(guar ) *30e. Oct. 1 *Holders Sept. 146 of rec. Preferred (guar.) 134 Oct. 1 Holders of rec. Sept. 14 Preferred (guar.) *50e. Oct. 1 *Holders of rec. Sept. 22 Sept. 22 Young (L. A.) Spring & Wire (quar,).. 70. Oct. 1 Holders of rec. Sept. 154 Name of Company. • Name of Company. Miscellaneous (Concluded). Zinke Renewing Shoe, corn. (quar.)..._ Preferred (guar.) Zoller (Wm.) Co., corn. (quar.) Common (payable in common stock)_ Preferred (quar.) Books Closed. Days Inclusive. Per Cent When Payable. *3c *50c *fl *11li Oct. 1 *Holders of rec. Sept. 15 Oct. 2 *Holders of rec. Sept.15 Sept. 30 *Holders of rec. Sept. 20 Sept. 30 *Holders of rec. Sept. 20 Sept. 30 *Holders of rec. Sept. 20 •From unofficial sources. t The New York Stock Exchange has ruled that stock will not be quoted ex-dividend on this date and not until further notice. I Tbe New York Curb Exchange Association has ruled that stock will not be quoted ex-dividend on this date and not until further notice. a Transfer books not closed for tills dividend. S General Gas dr Electric 7140. dividend on common stock is payable In class A common stock unless stockholder gives written notice by Sept. 20 of his election to take cash. d Correction. e Payable In Mock. On amount of accumulated f Payable In common stock. g Pa7able in scrip. dividends. jPayable In preferred stock. will be paid in class A dividend 1 American States Public Service common A stock. 1-40th 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. Dividend on Amer. Cities Power dc Light cla
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