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Tile
amrnitlr
VOL. 133.
SATURDAY,SEPTEMBER 5 1931.
finantial Tlxronicle
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The Financial Situation.
The United States Treasury has been engaged the
present week in a large piece of financing, and great
success has attended the operation. In accordance
with previous announcement, Secretary Mellon last
Sunday night gave out the details and terms of two
large issues of Government obligations which the
Treasury has arranged to dispose of, namely, a longterm bond issue for $800,000,000 and a one-year offering of certificates of indebtedness for $300,000,000,
making $1,100,000,000 altogether. The low rates of
interest on both issues attracted attention. In the
case of the Treasury bonds, which run 24 years and
fall due Sept. 15 1955, but are redeemable at the
option of the United States on 'Sept. 15 1951, the interest rate is 3%, while the certificates of indebtedness bear a rate of only 1y8%. Both issues have met
with unqualified success, subscription books for the
certificates, Which, like the bonds, were offered for
sale on Monday, being closed at the close of business
the very next day (Sept. 1), the issue having been
subscribed for more than four times, while in the case
of the bonds it was possible to announce that the
issue had been oversubscribed by a wide margin on
Thursday, though the books are still being kept open
to give all an opportunity to subscribe and to allow
sufficient time for so doing.
At the sale last June of $821,116,000 Of Treasury
bonds the rate was 31/
8%, and at the sale of eight
months' certificates in April the rate was 178%. Of
course at the present time, with the great plentitude
of idle funds,low interest rates do not signify much,
but it is, nevertheless, pleasing to find the Government able to conduct its borrowing at such low interest costs. This is particularly true considering
the size of the offerings, the total of the two issues
combined being, as already stated, $1,100,000,000,
which was greatly in excess of the amount expected.
financial
littUnidts
NO. 3454
But while there were many gratifying features
connected with the offering and the sale, the first
effect of the offering on Monday was to cause a set.
back in the stock market, which took notice of the
size of the offering, and did not regard this feature
with favor, but rather the reverse. The "Wall Street
Journal," for instance, in its account of the behavior
of the stock market on Monday, said: "Operations
for the rise, which had seemed rather promising last
week, received a check to-day (Monday) from
the unexpectedly large Treasury financing announced over Sunday. Considerable selling was
occasioned by news that the Government offerings
of bonds and short-term notes would total $1,104,000.000. In view of the prospects that additional
funds will be required in December,these huge Treasury needs caused some nervousness regarding the
outlook for higher taxes. This factor was translated
into reactionary tendencies in the principal trading
shares. Latter experienced good-sized setback from
Saturday's highs."
This view regarding new bond issues is becoming
rather common, the disposition being to scrutinize
new bond issues very closely so as to determine the
purpose they are intended to serve. In the present
instance there is no concealment of the fact that a
considerable portion of the proceeds is meant to cover
budget deficiencies. For the Government fiscal year
ending on June 30 the deficit was no less than $903,000,000, and it threatens to be still larger the current
year. The New York "Herald Tribune," in its news
columns Monday, expressed this view in words reading: "The gross deficit of $903,000,000 for the last
fiscal year may well be placed in the shadow by a
deficit of between $1,000,000,000 and $1,500,000,000
for the next fiscal year."
There can be no doubt that this expresses the situation correctly, and it serves to direct attention to the
fact that the matter of a budget deficit with which
Germany has been grappling and which caused last
week's political upheaval in Great Britain, where
it is still a matter of the deepest concern, is also
confronting the United States and will not be found
easy of solution. Dispatches from Washington the
present week have indicated that the Administration is not yet prepared to make any recommendations or to present any definite program for dealing
with the question of meeting these deficiencies of
revenue—in other words, the Treasury Department
is still awaiting developments, hoping that some revival of business may occur to simplify the problem.
This attitude may be well enough for the time being,
but obviously deficits running from $1,000,000,000
to
$1,500,000,000 a year cannot continue indefinitely.
That is the reason why this week's large
total of
financing has been viewed with some concern
on the
1490
FINANCIAL CHRONICLE
stock Exchange. The Treasury Department, in its
announcement regarding the new offering, stated
that $334,211,000 of 2%% certificates of indebted2% certificates of indebt1
ness and $300,176,000 of 1/
-edness would become payable Sept. 15, making $634,.387,000 together, but still leaving $465,000,000 at the
command of the Treasury above the amounts required for these retirements. Newspaper discussions take it for granted that the large excess of proceeds over retirement needs constitutes one of the
means by which provision is being made for overcoming current deficiencies of revenues. But the fact
which stands out with great prominence is that in
the last analysis all this means additions to the country's indebtedness. This is why the public is now
becoming rather critical regarding new offerings of
obligations by the United States. It must be said,
too, in all frankness, that the way the Treasury Department is engaged in shifting from one class of
obligations to another, and the multiplicity of different kinds of issues to which it resorts—at one
time indulging in the issue of Treasury bills which
of late have been coming with the frequency of once
a week, at another time in the issue of certificates
of indebtedness, and at still another time putting out
Treasury bonds or Treasury notes, the proceeds of
all of which are intermingled, does not make it easy
to arrive at the true situation of the Treasury.
Now, in addition, there is agitation of a further
bonus to the veterans of the World War. This is
apparently giving the Administration much concern
at the present time, and well it may. We find the
Washington correspondent of the New York
"Times," in yesterday's issue of that paper, saying
that the whole financial program of the Government
to meet the existing depression, will, in the view of
the Administration, be wrecked if bonus legislation
demanded by powerful elements in the World War
veterans' organizations is enacted by Congress. The
demand is for the payment of the full face value of
the adjusted certificates now outstanding—in other
words, the value of those certificates at maturity,
which in most instances is in 1945. If the legislation should be passed in the form demanded, and if
all eligibles should take advantage of it, officials say
that it would mean a drain of $2,363,312,949 on the
Treasury this year when the deficit, we are told, may
reach the staggering total of $1,500,000,000.
That President Hoover would veto such a proposition is of course a foregone conclusion, but he also
vetoed the other bonus proposal, yet it did no good,
his veto being overridden in both Houses by overwhelming majorities. There is therefore little comfort in the thought that Mr. Hoover is sure to stand
in the way, if it means nothing more than that in
the end he is again to be swept aside.
The "Times" correspondent points out that if the
President should be forced. to act he will be in a
position to inform Congress that of the $834,723,947
paid to veterans under the provision of the 50% loan
law passed by the last Congress over his veto, less
than $270,000,000, or only about 32%, went to unemployed or needy veterans, while about $564,000,000
went to men who had jobs and were not in need of
financial help. These figures, as just stated, were
ascertained by an investigation now about concluded, and the data were obtained largely through
the veterans' organizations themselves. It is furthermore pointed out that the payment of the face value
of the adjusted certificates now outstanding would
[VOL. 133.
mean the "down payment, by the Government, of a
future obligation"—an obligation which does not
become of face value proportions until at the end
of 20 years—in this case 1945 or 1946. In other
words,if Congress should pass a bill for the full payment and it should be enacted over the veto of President Hoover,the ex-soldiers would receive more than
twice the value of the certificates at the time the
money was paid to them by the Treasury. The total
face value of all certificates issued .by the Government at maturity is $3,365,341,461. Of this. $1,202,127,512 has already been paid to the veterans in the
form of interest-bearing loans,leaving the unmatured
value of the certificates outstanding at $2,363,312,949, the amount the Treasury would have to raise
through sale of long-term bonds if the veterans won
full payment now instead of 14 or 15 years hence.
The proposition is evidently a vicious one, with
nothing to be said in favor of it, and it should be
unqualifiedly condemned. It is not too early to
declare relentless opposition to it. The time to begin
is right now, and the work cannot be done too soon.
The different veterans' organizations are very active,
and the public opposition should be equally active,
and should leave not a stone unturned to make the
opposition effective. Appeals should be to the
patriotism as well as to the intelligence of the veterans. With business so depressed as it is now, with
Government revenues falling a billion dollars short
of Government outlays, another raid upon the
Treasury,in amount of $2,000,000,000 or more, would
be the last straw, and would leave early revival of
trade absolutely hopeless.
There have been many reductions and suspensions
of dividends on the stocks of railroads and other corporations, but none that are likely to make a deeper
impression than two that have been announced the
present week—one in the railroad world and the
other in the industrial world. The railroad is the
Lehigh Valley, and the industrial is the J. I. Case
Threshing Co. The Lehigh Valley RR. is now in
absolute control of the Pennsylvania RR., which acquired, at high prices, directly or indirectly, nearly
50% of the outstanding stock of the company from
the Delaware & Hudson,leaving the investment ownership in the property correspondingly reduced, but
the road is so well known and has had such a long
and enviable career that the action of the management in completely suspending dividend payments
on the shares came as a deep shock from which recovery will not be easy. Last April the dividend
was cut from a basis of 7% per annum to 5%, and
now the stock has passed entirely off the dividend
list. It seems hard to realize that a company whose
dividend record runs back so far, dividend payments
having begun as early as 1858 and having been interrupted only occasionally, should have come to a pass
where it is no longer able to keep up payments on
the common stock. The statement given out by the
directors with reference to the matter simply said
that "No action was taken on the common dividend
for the third quarter because of business conditions
and inadequate earnings." And that the shrinkage
in earnings has been of huge proportions, the same
as in the case of other railroads, is plainly evident
from the monthly returns of the company for the
seven months of the current calendar year ending
with July. For this period the net income, before the
deduction of the fixed charges, was only $2,930,502
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1491
Reserve banks for Sept.2 compares
against$4,507,679 in the corresponding seven months holdings of the 12
15. There has been very little
July
0
$70,408,00
of 1930, and $6,502,449 in the same period of 1929, with
in the holdings of United
week
the
during
of
change
. showing a shrinkage, therefore, in the two years
the amount for'Sept.2
securities,
t
Governmen
States
done
over 50%. Even at that the Lehigh Valley has
00 and for Aug. 26 at $727,better than many larger systems, but the Lehigh standing at $728,108,0
as July 29 the holdings of
Valley experience serves to show to what a dismal 998,000. But as recently
were only $677,977,000. The
pass the railroads of the country have been reduced Government securities
keep slowly increasing from
as a result of the long continued depression in trade. discount holdings also
00 Sept. 2 compare
$257,285,0
at
The passing the present week into the hands of receiv- week to week, and
with only $161,and
26,
Aug.
00
ers of the Florida East Coast Railway is another with $241,718,0
Federal Reserve
of
volume
The
15.
July
803,000'
illustration of the same kind, though in that case the
, and durexpanding
keeps
also
circulation
in
notes
an
collapse of the Florida real estate boom has been
from $1,945,important contributing factor in the downfall of ing the past week further increased
507,000 to $1,958,203,000 Sept. 2. This latter figure
the concern.
15. Gold
The suspension of dividends by the J. I. Case Co. compares with only $1,716,621,000 July
and for
somewhat,
off
serves to direct attention to the unfortunate con- reserves have been falling
with
compares
which
000,
$3,464,960,
dition to which the concerns manufacturing agricul- Sept. 2 tand at
,000
$3,409,149
with
and
26,
Aug.
,000
tural machinery have been brought by the distress $3,485,546
15.
of the agricultural classes, supplemented by the col- July
Brokers' loans, as shown by the reporting member
lapse in general trade. In the statement, given out
here in New York, reveal a further slight inbanks
comafter the action in suspending dividends on the
for Sept. 2 as
mon shares, it was explained that the step had been crease, being stated at $1,366,000,000
This follows
26.
taken to conserve cash and maintain the company's against $1,349,000,000 Aug.
$14,000,000
and
week
previous
financial position. Agricultural conditions, the $6,000,000 increase the
a long conwas
there
which
to
prior
statement said, have resulted in a substantial reduc- the week 'before,
of borstatement
monthly
The
n.
contractio
tion in the volume of all the company's products and tinued
Stock
York
New
the
by
compiled
brokers,
by
in the slowing down of collections and created unem- rowing
and
week
this
e
appearanc
its
made
also
Exchange,
ployment in factories which will require special conborrowing
broker
in
increase
small
a
shows
likewise
sideration for the coming year. Business also was
Aug. 31 being
adversely affected by the low prices of farm pro- in the month of August, the total for
on July 31.
,754
duction in Canada and the Argentine as well as in $1,354,067,358 as against $1,344,092
the United 'States, it is added.
The stock market this week has had another bad
Other dividend suspensions and reductions also
the
count among the events of the week, but only two or turn and has declined all around. On Monday
announcethe
of
result
a
as
setback
a
three of which room for mention here can be found. market received
t
The White Motor Co.suspended payment on its com- ment of the nature of United States Governmen
offeran
of
consisted
This
.
September
for
financing
mon shares; Mack Trucks reduced the quarterly
and
dividend on.common from 75c. a share to 50c., and ing of $800,000,000 of long-term Treasury bonds
indebtedthe Vanadium Alloys Steel Co. made its quarterly of $300,000,000 of one-year certificates of
declaration only 25c. a share against 50c. a share ness, making $1,100,000,000 together, which was far
previously. General Steel Castings Co. voted to in excess of what had been generally expected. Bewill
defer the regular quarterly dividend of $1.50 a share cause of the probability that still further funds
future,
near
the
in
t
Governmen
Oct. 1 on the $6 cum. pref. stock. Sun Life Assur- be required by the
nervousance Co. of Canada omitted the declaration of the the extent of the present offering caused
On
taxes.
higher
for
outlook
the
regarding
usual semi-annual extra dividend of $25 a share ness
Wedneson
but
itself,
steadied
market
the
Tuesday
have
been
payable about
which ordinarily would
Oct. 1, but declared the regular quarterly dividend day and Thursday it broke badly as a result of a long
of $6.25 a share. The last extra distribution of $25 budget of unfavorable news. The Lehigh Valley RR.
suspended payment of dividends on its common
a share was made on April 1 last.
stock; the J. I. Case Threshing Machine Co., which
The feature of the returns of the Federal Reserve in 1929 sold as high as 467 but is now in the neighborbanks the present week is the same as in other recent hood of 50, also passed off the dividend list as far
weeks, namely, in showing further expansion in Re- as the common stock is concerned', while the Florida
serve credit outstanding, and in Federal Reserve East Coast Railway went into the hands of receivers.
note circulation as well. Taking the holdings of'bills On Thursday there was an additional depressing inand securities as the measure of Reserve credit out- fluence arising out of the fact that the Berlin Stock
standing there was a further increase the present Exchange was allowed to resume dealings after havweek in the total from $1,156,636,000 Aug. 26 to ing been closed since July 11, and showed declines
$1,189,513,000 Sept. 2. Probably few people realize running all the way from 15 to 53 points. The susthat in the brief period since July 15 these bill and pension of dividend payments by two such conspicusecurity holdings have increased considerably over ous properties as the Lehigh Valley and the J. I. Case
one-quarter of a billion dollars, the present total of Co. naturally produced fears of reductions and sus$1,189,513,000 comparing with $921,157,000 July 15, pensions by other companies, and the big decline o
making the exact increase in this period of seven the Berlin Stock Exchange created renewed nervousweeks $268,356,000. The purchase' of foreign bills ness regarding conditions in Germany. At the sam
on the other side clearly occasions inflation on this time there was complete absence of any recovery i
side. Holdings of acceptances have increased fur- general trade, with the accounts concerning the steel
ther during the past week from $180,518,000 to $197,- and iron industry especially discouraging, and th
868,000, presumably as a result of the purchase of further reports of railroad earnings that came in for
foreign bills, and at $197,868,000 the total of the bill the month of July were just as bad as those previ
1492
FINANCIAL CHRONICLE
[VOL. 133.
ously received. No less than 139 stocks dropped to Motors at 63
4 against 7. In the rubber group Goodnew low levels for the year during the week, while 14 year Tire & Rubber closed yesterday at 39 against
stocks reached new high levels. The call loan rate 40% on Friday of last week; United States Rubber.
on the Stock Exchange again remained unaltered at 12% against 13%, and the preferred at'21%
all week at 11/
2%.
against 23.
Trading, after continued sluggishness the early
The railroad stocks have suffered most of all,
part of the week, was on an increased scale the latter owing to the unfavorable news regarding the railpart of the week, as prices moved downward. At roads enumerated above. Pennsylvania RR closed
the half-day session on Saturday of last week the yesterday at 36% against 39% on Friday of last
sales on -the New York Stock Exchange were week; Erie RR. at 16% against 18%; New York
473,290 shares; on Monday they were 738,741 shares; Central at 647
/
8 against 70%; Baltimore & Ohio at
on Tuesday, 536,310 shares; on Wednesday, 962,385 41% against 45%; New Haven at 50 against 55%;
shares; on Thursday, 2,129,830 shares, and on Fri- Union Pacific at 137 against 143; Southern Pacific
day, 1,194,802 shares. On the New York Curb Ex- at 701/
2 against 733%; Missouri Pacific at 16%
change the sales last Saturday were 93,470 shares; against 18%; Missouri-Kansas-Texas at 10% against
on Monday, 141,165 shares; on Tuesday, 135,435 117
/8; Southern Railway at 22% against 25; Chesashares; on Wednesday, 217,290 shares; on Thurs- peake & Ohio at 34% against 357
/
8; Northern Pacific
day,309,500 shares, and on Friday,210,985 shares.
at 31% against 33%, and Great Northern at 32%
As compared with Friday of last week, prices are against 35.
lower all around. General Electric closed yesterday
The oil stocks have held up well owing to the upat 39v8 against 41% on Friday of last week; Warner ward tendency of prices for oil and oil products.
Bros.Pictures at 9% against 9; Elec. Power & Light Standard Oil of N. J. closed yesterday at 38%
at 37 against 40%; United Corp. at 21% ex-div. against 40% on Friday of last week; Standard Oil of
against 22%; North American at 65 ex-div. against Calif. at 39 against 40%; Atlantic Refining at 16
69/
3
4;Pacific Gas & Elec. at 45 against 46%; Stand- against 16%; Texas Corp. at 24% ex-div. against 27;
ard Gas & Elec. at 60 against 64%; Consolidated Richfield Oil at 1% against 1%;Phillips Petroleum
Gas of N. Y. at 90% against 94%; Columbia Gas & at 8 against 9%,and Pure Oil at 8 against 9.
Elec. at 28% against 29%; International Harvester
The copper stocks have declined with the rest.
at 36% against 37%; J. I. Case Threshing Machine Anaconda Copper closed yesterday at 23% against
at 48% against 63%; Sears, Roebuck & Co. at 54% 24'/
78 on Friday of last week; Kennecott Copper at
against 57; Montgomery Ward at 18% against 21%; 163
/
8 against 17%; Calumet & Arizona at 37% bid
Woolworth at 67 against 70; Safeway. Stores at 62 against 38; Calumet & Hecla at 6 against 6%, and
against 66; Western Union Telegraph at 105 against American Smelting & Refining at 29% against 3034.
114'
/
78; American Tel. & Tel. at 166% against 171%;
Int. Tel. & Tel. at 25% against 28%; American Can
In the important European financial markets
at 89% against 937
/8; United States Industrial Alco- attention was centered this week on the Berlin
iiol at 32% against 34%; Commercial Solvents at Boerse, that exchange reopening Thursday for the
16% against 17%; Shattuck & Co. at 17% against first time since the closing order was issued by the
19%; Corn Products at 63% against 65%, and Co- Government July 13. Elaborate precautions were
lumbia Graphophone at 7 against 7%.
taken for the opening and the hope was general that
Allied Chemical & Dye closed yesterday at 108% only a moderate recession of quotations would, occur.
against 112 on Friday of last week; E. I. du Pont de In contrast with such hopes, precipitate declines
Nemours at 82% against 86%; National Cash Regis- actually developed throughout the list,leading stocks
ter at 25% against 28%; International Nickel at fallingfrom 25 to 40 points, while bonds also dropped
12% against 13%; Timken Roller Bearing at 31% sharply. The crash proceeded in a quiet atmosphere,
against 31% bid; Mack Trucks at 26% against 29%; no shouts or other signs of excitement appearing,
Yellow. Truck & Coach at 7 against 7/s; Johns-Man- owing to a rule permitting trading only at quotaville at 48% against 517
/
8; Gillette Safety Razor at tions determined by the governing board. The day,
18% against 19; National Dairy Products at 32/
78 nevertheless, was one of the blackest ever witnessed
against 34%; Associated Dry Goods at 19 against on the Boerse.
19%; Texas Gulf Sulphur at 331/
Reopening of the Boerse was one of the last steps
8 against 35%;
.Ainerican & Foreign Power at 25 against 28%; Gen- to be taken in re-establishing normal financial conRral American Tank Car at 56 against 57; Air Reduc- ditions in the Reich following the credit crisis that
% against 79; United Gas Improvement at swept the country in June, July and August. A pretion at 743
28% against 29%; Columbian Carbon at 56% liminary move for restoration of confidence was anagainst 67; American Tobacco at 10514 against 108; nounced by the Reichsbank Monday, when the direcLiggett & Myers at 64% against 67%; Reynolds To- torate decided to reduce the discount rate from 10
bacco class B at 47% against 49%; Lorillard at 163
4 to 8%, and the collateral loan rate from 12 to 10%.
against 163
%, and Tobacco Products class A at 9% The new rates, effective Wednesday, were believed
against 10 bid.
to have removed one of the principal obstacles to
The steel shares are sharply lower. United States smooth functioning of the exchange at the impendSteel closed yesterday at 83 against 89% on Friday ing opening, as it was presumed that lowered interof last week; Bethlehem Steel at 37% against 40%; est rates would discourage forced sales of securities.
Vanadium at 267
/
8 against 28%,and Republic Iron & There was, however, a good deal of apprehension
Steel at 121/
8 against 13%. In the auto group Au- regarding the reopening, and complicated measures
burn Auto closed yesterday at 130% against 138 on for controlling the situation were announced early
Friday of last week; General Motors at 34% against this week. Business in the initial session, it was
36%; Chrysler at 19% against 22%; Nash Motors decided, would be conducted only from noon to 2
at 24 against 257
/8; Packard Motors at 6% against P. M. daily, with dealings in futures strictly pro6%;Hudson Motor Car at 12% against 13,and Hupp hibited. Only one quotation for each individual se-
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1493_
the international list was
curity would be established each day, it was further generally better. Only in
uncertainty. In the dealings
stated, and this figure would be fixed by the Boerse there any marked
were firm, but industrial
committee at the level that would make possible the yesterday British funds
largest number of actual transactions, with regard stocks turned soft.
The Paris Bourse opened on a steady tone Monto the aggregate of buying and selling orders in the
soon appeared and the
market. On the day before the opening Boerse offi- day, but extensive liquidation
stocks and intersteel
French
receded.
cials issued an appeal to traders and investors to entire list
Attempts
weakness.
greatest
showed
refrain from any activities which might disturb the national issues
unsuccesswere
close
the
before
just
rally
a
to stage
arrangements.
atmosphere. The
Many stocks were not quoted at all, Thursday, ful, and the list closed in a gloomy
Monday, was a very
owing to a lack of buying orders and the consequent fortnightly settlement, effected
8% on the Bourse. Prices
impossibility of establishing quotations. Issues for easy one, with the rate 1/
sessions seen
which prices were fixed all reflected huge losses, as tumbled Tuesday in one of the worst
orders apSelling
time.
compared to the last official quotations on July 11. on the Bourse in a long
coming
liquidation
the
of
much
Bank stocks attracted most interest, with shares of peared in volume,
London.
and
Switzerland
,
Amsterdam
the Dresdner Bank leading this section with a drop from Berlin,
were affected
of 53%. The Darmstaedter und Nationalbank lost French issues and international stocks
rumors
Pessimistic
melted.
quotations
and
24 points,the Deutsche Bank 25 points,the Commerz- alike,
were
bank 29 points and the Reichsbank 23 points. In the were circulated freely, it was said, but there
movement.
industrial group mining and electrical stocks suf- no actual developments to account for the
buyers
fered most, a representative loss being that of Sie- The liquidation dwindled Wednesday, but
consein
irregular
were
mens & Halske, which fell 37 points. Offerings, in remained timid, and prices
stocks
bank
and
industrial
all these instances, so far exceeded demands, dis- quence. Many French
patches said, that rationing was resorted to and only were again weak, but the international section was
a small amount of the proffered stocks actually firmer than in the previous dealings. Selling orders
placed. The chemical group showed best results, from foreign markets were much less frequent, it
I. G. Farbenindustrie being one of the few issues in was said. Thursday's session was vastly better,
which all offerings were placed, although at a loss many stocks recovering substantial parts of their
of 30 points. In fixed income issues almost all buy- previous losses. All the important groups with the
ing and selling orders were balanced, with losses exception of French utility stocks shared in the rise.
averaging 20% in mortgage bonds and 16% in State Short covering was an important factor in the better
loans. Young plan bonds were not quoted at all, as tone, reports stated. Quiet conditions prevailed in
there was no demand. Some hope of increased for- yesterday's dealings, French stocks holding firm,
eign interest was expressed Thursday, and in order while international issues declined.
to stimulate such buying a decree was issued to the
A period of respite having been gained in the
effect that foreigners who buy German securities
the
reselling
financial crisis by the formation of a
on
able,
British
to
obligations,
obtain
will be
foreign exchange for the marks realized. Dealings national government and the extension of a $400,on the Boerse yesterday were small, with prices prac- 000,000 credit to the British Treasury by private
tically unchanged. Almost all the buying and sell- bankers in the United States and France, all efforts
ing orders were executed, however, as demand was were concentrated by the London Cabinet this week
on the task of formulating a program of economies
much greater than in the first session.
was
irregular at the and increased taxation for balancing the budget.
The London Stock Exchange
t of the $400,- Means for preventing the prospective budget deficit
arrangemen
opening Monday. The
Friday
in favor of of $580,000,000 were discussed at successive Cabinet
previous
000,000 credit late the
, and when meetings, and agreement on the leading items in the
been
anticipated
had
Treasury
the British
trading was resumed Monday morning no improve- plan is understood to have been reached Wednesday.
ment appeared. Prices were firm at the start, but No official indication of the details will be'available,
selling developed later and most sections turned soft. presumably, until Parliament meets next Tuesday.
British funds dropped. owing to fears of new taxa- The first business to come up in the forthcoming
tiod. Industrial stocks were generally lower, both special session will be a vote of confidence, which
British and international descriptions losing ground. the Government will request on a motion to reconFurther uncertainty appeared Tuesday, with trading stitute the Committee on Ways and Means. No diffivery dull. British funds again dropped on addi- culty is looked for on this score. Indeed, passage of
tional rumors that a tax would be imposed on the the complete program is considered assured, as the
interest from such securities. British industrial support of the Conservative and Liberal parties has
stocks also resumed their downward course, reluc- been pledged, which gives the new Cabinet an
tance of buyers being attributed to uncertainty re- assured majority of 50 votes. A number of Laborites
garding the new taxation plans. At the opening are expected to follow the example set by Prime
Wednesday a better trend was established, largely Minister MacDonald and Chancellor of •the Exbecause of intimations by the Government brokers chequer Snowden, and vote for the new program.
that no tax would be levied on fixed income securi- A supplementary budget is under preparation by
ties and that conversion of the 5% war loan would Chancellor Snowden, it is stated, and the new
be voluntary. The semi-official reports were fol- economy and taxation bills are to be introduced soon
lowed by sharp recoveries in British funds, while after the budget is presented.
There was an immense amount of conjecture reindustrial stocks also showed improvement. Further
improvement followed Thursday, firm conditions garding the probable steps to be taken for balancing
prevailing in practically all sections of the market. the budget. It is definitely known, of course, that
British Government securities recovered most of the National Cabinet will propose a 10% reduction
their earlier losses, and industrial stocks also were in the unemployment insurance benefits. Mr. Mac-
1494
FINANCIAL CHRONICLE
[Vol,. 133.
Donald announced this portion of the plan last week, action he might take, he added,
would be only after
pointing out at the same time that ample justifica- he had finished the duty
already undertaken.
tion exists for the step owing to the reduction of
Of great interest, financially, was a report in the
11/
1
2% in British living costs in late years. Some Laborite "Daily Herald
" of London, early this week,
question was raised this week as to whether the to the effect that prime
foreign securities held by
measure will be fully effective in producing econo- Britons had been secretl
y mobilized in the amount
mies, as municipalities throughout the land were of $500,000,000 in the
preceding days, and offered
reported to be discontinuing improvement projects to the Bank of Englan
d and the British Treasury for
in order to economize, and thus throwing additional use in defending sterlin
g exchange. The holdings
burdens upon the unemployment insurance scheme. were chiefly those of
large insurance companies and
The most recent tabulation of the unemployed shows leading investment
houses. The London Prudential
a rise of 14,406in a week,to an aggregate of 2,733,782, Assurance Co. was
said to have been the prime mover
which is a new record.
in this matter. Securities thus mobilized, it was
Almost all London dispatches report that further asserted, were
to be made available as collateral for
items in the economy program will probably include any new credit
that might be required. It was
a 10% reduction in teachers' salaries, while a way further declare
d that the availability of this huge
also is sought for reducing compensation in the reservoir of
investments played a decisive role in
fighting services. Highway expenditures are to be speeding up
the negotiations for the $400,000,000
curtailed sharply, and the Health Ministry will also credit arrang
ed last week. No official notice was
be expected to effect considerable savings, according taken of
these statements.
to the forecasts. On the question of increased taxes,
less has been said, as such information is always careFormal renunciation of the Austro-German cusfully guarded There is general expectation, how- toms union
project was made at Geneva, Thursday,
ever, of an increase in the income taxes, while larger by the Foreig
n Ministers of the two nations, in anlevies on tobacco and beer also are believed likely. ticipation of
a World Court decision on certain legal
It has been authoritatively intimated, meanwhile. aspects of the
proposal. This step was amply forethat the taxation scheme will not include a tax on shadowed in
dispatches from Geneva, where the
fixed income securities, and it is further stated that heads of many govern
ments gathered early in the
any conversion of the 5% war loan into securities week for the manifo
ld activities of the League of
with lower interest will be voluntary. This informa- Nations. The World
Court ruling on the compatition was conveyed to the market by Messrs. Muliens, bility of the proposa
l with previous treaty obligaMarshall, Steer & Lawford, the Government brokers. tions of Austria
is expected to-day, but, of course,
Political rifts occasioned by the requirements of will have little importance
in view of the renunciathe situation tended to deepen this week. Mass meet- tion. Arrangements
for dropping the customs union
ings of the Members of Parliament of all three par- project were
under discussion much of the week,
ties were held last week, and the Conservatives and with French represe
ntatives playing an active role
Liberals agreed to support the measures of the new both politic
ally and financially. The strenuous
National Cabinet. Stanley Baldwin, leader of the opposition
to the scheme manifested by France last
Conservatives, declared that the life of the Ministry spring, when it was
first announced, is thus made
would be a short one, and that a general election will effective. It is clear
that the course of European
follow. "You will have a straight fight for the tariff politics will now
become smoother in many respects,
and against the Socialist party," he informed his but it is equally clear
that the bitterness felt in
followers. The Labor party meeting resulted in several important Europe
an countries will be intenthe elevation of the former Foreign Secretary, Ar- sified at this further evidenc
e of French hegemony
thur Henderson, to party leadership in place of Mr. of the Continent.
MacDonald. A resolution was adopted constituting
First reports •that the negotiations for a credit
the party the official opposition to the National Gov- union between the two Teutonic
countries would be
ernment. •
discontinued emanated from Paris last Saturday.
Much interest was occasioned by an exchange of It was Intimated that the Austri
an Government
communications by Prime Minister MacDonald and would take the initiative. "The
action can only be
his constituents at Seaham Harbor, who elected him interpreted," a Paris dispatd
h to the New York
to Parliament. Since the head of the Ministry must "Times"said,"as indicating
that its need for French
be a member of Parliament, this exchange was of credits is considered to be
greater than any hopes
considerable moment. In a letter to the Seaham it may entertain from either a
commercial union
Harbor Labor group, Mr. MacDonald defended the with Germany or from further
British credits."
steps he had taken and explained again the reasons When the Government heads
assembled at Geneva
for his decision. "I know the pressure which will early this week reports from
that center quickly conbe brought to bear upon my friends in Seaham," he firmed the intimations. The
French and Austrian
said, "but tell them I place myself unreservedly in delegations conferred on the matter
,it was said, with
their hands and will willingly do whatever they French financial aid to Austri
a dependent upon
desire." The executive of the Seaham division of abandonment of the customs
union project. The
the party met last Saturday to consider the letter urgency of a French loan
to Austria was emphasized,
and their course of action, and agreement was owing to the reported
decision of the Bank of Engreached to abide by the principles of the Labor move- land to retire the credit
of 150,000,000 schillings
ment and oppose the National Government. "We placed at the disposal
of the National Bank of Ausask Ramsay MacDonald to resign his membership tria, when French
political conditions attached to a
for this division," the committee announced. Mr. similar loan proved
unacceptable. Cautiously
MacDonald replied Wednesday that he considered it worded statements
renouncing the project were deimperative to "protect the great mass of wage earn- livered Thursday before
the European Union Comers in this country from serious disaster." Any mission by Dr. Johann Schober, Foreig
n Minister
SEPT. 5 1931.]
FINANCIAL CHRONICLE
of Austria, and Dr. Julius Curtius, Foreign Minister
of Germany. In view of the events of the past month,
the Austrian Minister said, his country was resolved
"to pursue no further the project of a custonis
union." Dr. Curtius made a similar statement,
pointing out that "plans of a more general nature"
are now under consideration. Negotiations for a
French loan to Austria are understood to have been
taken up yesterday by financial experts of the two
countries.
The feverish round of League of Nations activities
customary in Geneva at this time of year has been
started and will continue through most of September. There is little expectation anywhere of solid
achievement at the meetings. The statesmen who
gathered at Geneva this week formed a weary assemblage, it is said, owing to the three months of strenuous negotiations on European politics and finance
occasioned by the succession of crises. The more
important meetings are those of the European Union
Commission, the League Council, and the League
Assembly. It is difficult to follow the involved and
inter-related activities from a distance, but some
features stand out. A special experts' committee of
the European Union Commission submitted a report
last Saturday on the best means of achieving the
union first proposed by M. Briand several years ago.
Definite plans were lacking in the report, but the
"experts" agreed, Geneva dispatches said, that establishment of a European customs union would be the
best way out of the present crisis. This report was
taken up Monday by a co-ordinating committee of
the European Union Commission, charged with the
task of formulating a general plan for European
economic rehabilitation. In the actual discussion
s
of the co-ordinating committee, however, interest
centered on the proposal for a general
economic
treaty of non-aggression, first put forward by
the
Russian delegate at the May meeting of the European
Union Commission. It was indicated that the
Soviet
proposal, at French insistence, will be referred
to
the League's Economic Committee after a subcommittee of the co-ordinating committee of the European Union Commission will .have modified
the
proposal.
Of interest, also, was a report of the co-ordinating
committee, submitted to the European Union Commission Wednesday with a suggestion that the latter
body adopt it as its own report to the League
Assembly. The report was apparently drawn up
on
the basis of an examination of "all other reports."
It gave "foremost place" to the fact that an the
reports stress "Europe's urgent need of the prompt
restoration of confidence." It was set forth,
in
addition, that there is "no one theory capable of
restoring economic equilibrium in a few months."
When the European Union Commission itself met,
Thursday, the first development was the renunciation by Austria and Germany of their customs union
proposal, already referred to. This renunciation
was clearly arranged outside the League sphere.
With this incident out of the way, discussion turned
to the report of the co-ordinating committee, some
of the speeches at length giving evidence that the
futility of the methods pursued is realized even in
Geneva. Viscount Cecil of Great Britain demanded
that action of a definite sort be taken as rapidly as
possible. Dr. Curtius of Germany pointed out that
the European Union Commission had been arguing
1495
for a year. "We have not been able, despite all our
common efforts, to achieve the result of bringing
our suffering peoples comfort and solace of the immediate character desired." A further meeting of the
European Union Commission is to take place to-day.
There was a meeting, Tuesday, of the League Council,
but after a brief and perfunctory session this body
adjourned for the time being. The annual meeting
of the Assembly will begin Monday.
A proposal that the world armaments problem be
solved through placing the armed forces of every
nation at the disposal of the League of Nations for
putting down wars of aggression was made in Paris
Monday, in his private capacity, by Joseph PaulBoneour, Chairman of the Foreign Affairs Committee of the French Chamber of Deputies. The suggestion was announced to the world through the
Associated Press, and it aroused considerable international interest. Since M. Paul-Boncour will be
one of France's chief delegates at the general disarmament conference next February, a respectful
hearing was accorded the proposal, but the response
in other lands was rather cool. In a carefully prepared statement, M. Paul-Boncour expressed the
opinion that France is ready to take the step advocated. "Are other nations,like us, ready?" he asked.
"Are they willing to put their permanent air, naval
and land forces under the control and at the disposition of the League of Nations? By this gesture
the problem of parity might be solved." It was suggested that the League might exercise the necessary
authority under Article XVI of the Covenant, which
provides for the severance of all trade or financial
relations by members of the League with a State
which has committed an act of aggression.
Comments on the proposal in other countries were
informal, owing to the unofficial nature of the statement by M. Paul-Boncour. The general reaction in
Washington administration circles, dispatches said,
was one of aloofness, although it was recognized that
it might gain some importance in European diplomatic discussions. It was pointed out with great
finality that Congress would never agree to put the
armed forces of the United States under the League.
Skepticism was expressed in Berlin regarding the
applicability of the proposal or its effectiveness in
inducing disarmament. In Rome, also, doubts were
voiced regarding the practical value of the proposal.
No comments were available from London. It was
indicated by the Foreign Office in Paris, Tuesday,
that the proposal advanced by M.Paul-Boncour represented the permanent view of the French Government on disarmament and security.
An adjustment has been reached in the protracted,
and at times bitter, dispute between the Italian Government and the Holy iSee, which arose three months
ago over a Fascist order for the disbandment of
Catholic Action, an Italian organization of religious
youths. Agreement between the Vatican and the
Fascist Government was foreshadowed by Pope
Pius XI last week, when he spoke publicly of an impending "happy solution." Official announcement
of the accord followed last Wednesday. It provides,
essentially, for the reopening of 15,000 Catholic
clubs throughout Italy which had been closed by
order of the Government on the charge that their
activities were in part political. Conditions of the
Lateran Treaty and the Concordat also are clarified
1496
FINANCIAL CHRONICLE
by the agreement, which is in three parts. It provides, firstly,that Catholic Action organizations are
essentially diocesan under the control •of bishops
who appoint club officers and directors, none of
whom may be from parties hostile to Fascism. There
can be no political action or appearance of it, and
Catholic Action can have no flag except the Italian
flag. The second provision makes plain that there
shall be no organization of professional classes, and
those already formed within Catholic Action must
abstain from syndical labors, confining themselves
to religious work. The youth clubs under Catholic
Action, it is further stated, will be called Young
Men's Associations of Catholic Action. Such local
associations must abstain from any sports or athletics, limiting themselves to educational and recreational activities with religious ends in view. This
agreement was regarded by each side as a victory,
Rome dispatches said, but actually represented a
compromise. It will automatically re-establish the
condition whereby Italians may belong both to
Catholic Action organizations and the Fascist party,
the way having been paved by the change in the administration of Catholic Action from national leadership to diocesan supervision.
Resumption of Constitutional government in
Yugoslavia and abandonment of the dictatorial
regime imposed by King Alexander almost three
years ago was announced quietly at Belgrade,
Wednesday, at the first session of the reconstructed
Cabinet of General Zhivkovitch. In the name of the
King, who attended the meeting, Minister of the
Court Jeftitch announced that a "Liberal and Democratic Constitution" had been prepared and would
be granted the nation. It was assumed, as a result
of this pronouncement, that the Croatian home rule
movement, which occasioned the dictatorship, was
no longer considered a menace by the monarch. The
Constitution provides, Belgrade dispatches state,
for a new Parliament, which will consist of an upper
and lower house, as against the old single chamber
Parliament. The Senate will consist 50% of members elected for six years, and 50% of members appointed by the King. The Chamber will be elected
for a period of four years. Parliament is to meet
every Oct. 30, beginning this year. The vote is to
be granted to all persons 21 years old or more, and
balloting is to be secret. All laws are to require the
approval of both Houses, while Parliamentary rights
respecting budgets, interpellations of Ministers, and
passage of laws are unrestricted. Strict equality of
all citizens before the law and the complete freedom
of the press are guaranteed. The Serbian, Croatian
and Solvenian languages are all recognized as
official. Retirement of two Ministers in the Cabinet
was announced, and appointment of Dragutin Kojic
as Minister of Justice, and Adalbert Kramer as Minister of Public Works followed. A number of Ministers without portfolios also were appointed to the
Ministry.
Suspension by the Brazilian Government of the
sinking fund payments on all of the Federal external
debt, with the exception of three loans, was announced in Rio de Janeiro Monday, with full details
supplied on the following day by Sebastiao Sampaio,
Consul General of Brazil, in New York. Interest
payments are to be made punctually, it is indicated.
Sums due for amortization are to be deposited in
[Vora. 133.
milreis in Brazilian banks, as the suspension is not
due to lack of revenue but to the difficulty of supplying foreign exchange. The loans on which sinking
Tund, payments are to continue, meanwhile, are
officially described as "two funding loans and Brazil
71/2% coffee security bonds of 1922,issued in London
and New York." It is also indicated that the sinking
fund payment due Oct. 1 on Brazil 6/
1
2% 1926 dollar
gold bonds has already been made to the trustee and
will be applied as usual. This partial suspension of
Brazilian external debt service is attributable to the
world-wide economic unsettlement •and, more specifically, to the collapse in the values of Brazil's chief
export, coffee. The move was not unexpected, as
Bolivia, Peru and Chile have suspended payments on
their external debts completely during the last nine
months.
The official pronouncement of Brazil on this matter indicates that the Government finds itself unable
to obtain necessary foreign exchange to provide in
full service on its external debt, owing to the fall in
Brazilian exchange. "The Government is anxious,"
it is added, "that any measures which it may be
compelled to take to meet this emergency may not
impede or detract from energetic execution of the
plan for rehabilitation of Brazilian finance which
was recently proposad by Sir Otto Niemeyer and
which it is now engaged in carrying through, and it
has had the benefit of Sir Otto's advice in determining upon the course which is now announced. The
Government hopes, with alleviation resulting from
this suspension, it will be able to continue to provide
foreign exchange necessary for payment of interest
on its external loans. Until the Government is of
the opinion that application of sinking funds can be
resumed without damage to exchange or carrying out
of the plan on which it is now working, it proposes
to deposit with a bank to be agreed upon, sums in
milreis sufficient, at a rate of exchange of 4 pence
(8 cents), to provide The several sinking fund payments as and when they become due. Should representatives of bondholders so prefer, the Government
would be prepared to destroy the sums in milreis
referred to or employ the amount in redemption of
internal'bonds or apolices (Government securities)."
Mutinous crews of Chilean warships, headed by a
few officers, have started a new rebellion in Chile,
and a change in government has already been
effected. The Cabinet of Acting President Manuel
Trucco resigned Wednesday evening, and a special
session of the Congress was called to deal with the
situation. The regime thus forced out is the fourth
that has ruled the country since the revolution of
July overturned the government of Carlos Ibanez.
The immediate occasion of the mutiny was at first
said to be an attempt by the Ministry of Finance to
reduce the pay of the naval forces. The demands of
the sailors, however, a'Santiago dispatch to the New•
York "Times" said, are not limited to maintenance
of the wage scales, but include such items as a levy
upon wealthy citizens in order to balance the budget,
seizure of the larger estates for division among workmen as small farms, and a public works program for
the alleviation of unemployment. The entire Chilean
navy was said, in an Associated Press report of
Thursday from Valparaiso, to have joined the revolt.
In order to deal with the situation, the special sea
sion of Congress ordered, Thursday, that a state of
siege (martial law) be proclaimed for a period of 20
SHPT. 5 1931.]
FINANCIAL CHRONICLE
1497
days. A new Cabinet was formed by Marcia]. Mora,, securities include discounts and advances and sewho not only assumer the Premiership, but also the curities. The former decreased £2,034,762 and the
important post of Minister of the Interior. He latter £1,373,718. The rate of discount is unchanged
•
received extraordinary power to put down the revolt. at 432%. Below we furnish a table of the various
items with comparisons for other years:
All Indian political factions will be represented
BANK OF ENGLAND'S COMPARATIVE
199.13TATEMENT.
11;27.
1931.
1930.
1928.
at the second Round Table Conference on India,
Sept. 2.
Sept. 3.
Sept. 4.
SePt. 5.
Sept. 7.
which begins officially to-day in London. This promCirculation
8354,976,000
362,982,501
366,230,000
135,368,090
137,026,035
ising result was achieved through adjustment of the Public
12,926,000 7,917,302 9,094,000 18,486,047 21,177,701
deposits
difficulties between the Viceroy, Lord Willingdon, Other deposits
112,189,246 102,044,151 111,135,030 109,384,728 94,743,086
Bankers accounts 60,351,516 67,427,714 73,967,915
and Mahatma Gandhi, religious and political leader Other
51,837,730 34,616,437 37,167,115
accounts
of many millions of Hindus. After the agreement Governm't securities 53,735,906 47,881,247 75,806,855 37,735,326 57,4737,780
Other securities—. 33,939,995 27,788,618 31,382,725
1•
last March between the authorities and the All-India Mita.& advances 7,261,693 6,229,394 4,309,556 47,456,947 42,141.700
26,678,302 21,559.224 27,073,169
Securities
National Congress, which resulted in the discon- Res.
notes & coin— 55,692,000 52,539,027 31,317,000 60,958,560 34,604,409
tinuance of the civil disobedience campaign, Mr. Coln and bullion_ _ _135,668,427 155,521,528 137,548,740 176.576,650 151,880,444
Proportion of reserve
44.51%
47.77%
Gandhi proposed to attend the second conference at to liabilities
26.04%
2914%
4754%
%
3%
4M%
4),4%
514%
London. A few weeks before he was to sail, however, Bank rate
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
the working committee of the National Congress de- note issues adding at that time £234,199,000 to the amountof Bank of England notes
cided not to send a delegate to London on the ground outstanding.
that the Viceroy had refused to appoint an impartial
The Bank of Germany statement for the last
committee to investigate alleged violations of the
quarter of August reveals a gain in gold and bullion
Delhi truce. Last minute attempts to remove these
of 220,000 marks. Total bullion now stands at
grounds of objection were succtssful. Charges
1,366,081,000 marks, in comparison with 2,618,939,drawn up by the Nationalist Congress were disposed
000 marks a year ago and 2,183,440,000 marks two
of one by one in an official rebuttal by the British
years ago. An increase appears in reserve in foreign
authorities, with the exception of one item relating
of 42,447,000 marks, in bills of exchange
currency
to the collection of revenue in villages of the Surat
checks of 187,913,000 marks, in advances of
and
District. An inquiry is to be conducted into the cir108,514,000 marks, in other assets of 47,253,000
cumstances attending such collections. After long
liabilities of 19,999,000 marks.
conversations last week between the Viceroy and marks and in other
shown
No
in deposits abroad and in inchange
is
Mr. Gandhi,the latter agreed to represent the Indian
circulation expanded 334,025,Notes
vestments.
in
Nationalists at London, and he sailed last Saturday
bringing
marks,
000
total of the item up to 4,the
from Bombay. This decision caused much satisfac383,838,000
Circulation
marks.
last year aggregated
tion both in London and in Indian centers, as it
4,707,448,0
marks
year
00
before 4,897,and
the
removes the likelihood of another disastrous civil
266,000 marks. Decreases are shown in silver and
disobedience campaign.
other coin of 44,302,000 marks, in notes on other
The Bank of Germany on Sept. 2 reduced its dis- German banks of 11,913,000 marks and in other
count rate from 10% to 8% and its Lombard or daily maturing obligations of 23,893,000 marks. A
security rate from 12% to 10%. The Bank of Danzig comparison of the various items for three years is
on Sept. 1 reduced from 7% to 6%. The National furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Bank of Denmark on Friday raised its discount rate
Changes
for Week.
Aug. 31 1931. Avg.30 1930. Aso. 31 1929.
from 31/
2% to 41/
2%. Discount rates are 8% in Ger- Alden—
Reichsmarks RetrAsmarks. Reichnnetrks. Reichsmark°.
Gold
Inc.
and bullionmany;10% in Austria;9% in Hungary; 7% in Por220,000 1,366,081,000 2,618,939,0002,183,440.000
Of which depot'.abr'd.- Unchanged
99,553,000 149,788,000 149,788,000
tugal; 6Y2% in Spain; 5% in Ireland and Italy; Res've
in for'n curr____Inc 42,447,000 356,198,000 369,041,000 308,059,000
Bills of exch. & checks_Inc. 187,913,000 3,139,373,000 1,729,386,0002,672,143,000
4% in Norway and Sweden;
in Denmark; 4I/2% Silver
74,974,000 149,136,000 115,946.000
and other coin___Dec. 44,302,000
in England; 21/
2% in Belgium, and 2% in France, Notes= oth.Ger.bks_Dec. 11,913,000 2,425,000 4,430,000 4,349,000
Inc. 108.514,000 207,640,000 212,171,000 162,066,000
Advances
Holland and Switzerland. In the London open mar- Investments
Unchanged
102,971,000 102,677,000 92.755,000
Other assets
Inc. 47,253,000 893,587,000 655,222.000 567,568.000
ket discounts for short bills yesterday were 41/
8@
41/
4% against 41/
8@43/16% on Friday of last week, Notes in circulation- - _Inc. 334,025,000 4,383,838,000 4,707,448,0004,897,266,000
and 4 3/16@41/
4% for three months' bills against 0th.daily matur.oblig.Dec. 23,893,000 509,647,000 415,631,000 433,721,000
Other liabilities
Inc. 19,999,000 764,152,000 224,611,000 332,741.000
41/
4@4 5/16% the previous Friday. Money on call
in London on Friday was 3%. At Paris the open
The French Bank statement for the week ended
market rate is 17
/8%,and in Switzerland also 17
/8%, Aug. 29, reveals a further gain in gold holdings, this
the latter having been marked down from 2% to that time of 1,664,701 francs. Total gold
now is 58,figure.
562,988,738 francs, in comparison with 47,241,62310 francs the corresponding week last year ,and
The Bank‘of England statement for the week 38,930,740,570 francs the year betore. • French comended Sept. 2 shows a gain of £1,023,620 in gold mercial bills discounted records a gain of 882,000,000
holdings but as-circulation expanded £4,665,000, re- francs while the items of advances against securities
serves fell off £3,642,000. The Bank now holds and creditor current accounts declined 1,000,000
£135,668,427 of gold compared with £155,521,528 a francs and 351,000,000 francs respectively. Notes
in
year ago. Public deposits decreased £13,398,000, circulation show an increase of 868,000,000 francs,
while other deposits increased £9,888,084. The latter raising the total of the item up to 78,635,676,450;
consist of bankers' accounts and other accounts francs. Total circulation last year was 73,676,564,which rose £6,758,309 and £3,129,775 respectively. 155 francs and two years ago 66,467,527,610 francs.
The reserve ratio is now 44.51% as compared with Credit balances abroad increased 113,000,000 francs
46.12% a week ago and 47.77% a year ago. Loans while bills bought abroad declined
655,000,000
on government securities increased £3,560,000, while francs. Below we give a comparison of the
various
those on other securities fell off £3,408,480. Other items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
Aug. 29 1931. Aug. 30 1930. Aug. 31 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
_Inc. 1,684.701 58,582,988,738 47,241,823,310 38,930.740,570
Gold holdings_
Credit bals. abed_Inc. 113.000,000 15,256.854,143 8.837,704,279 7,247,849,039
French commercial
bills discounted_Inc. 882,000,000 5,702.496,803 6,363,075,990 9,382,398,795
13111s bought abed.Dec.655,000,000 11,491,681,758 18,738,005,024 18,554,194,018
Adv. agt. scours—Dec. 1,000,000 2,729,544,118 2,731,482,535 2,334,812,092
Note circulation. _Inc, 868,000,000 78,835,676,450 73.876,584,155 66,467,527,610
Crod.curr. accts.—Dec. 351,000,000 27,118,877,627 17,843,168.880 19,819,041,946
Money conditions in the New York market showed
no apparent change this week, as contrasted with
former periods. A very slight tendency toward
tighter conditions is indicated, but the thrusting of
additional Reserve credit into the market offsets
2%
this factor. Call loan rates were again 11/
throughout the week, both renewals and new loans
being arranged at this figure. In the unofficial
street market loans were contracted every day at
2% from the official Stock
1
1%, or a concession of /
of the Government
Financing
Exchange quotation.
in the amount of $1,100,000,000 for the September
quarter date, announced Monday, attracted much
attention in the money market. The offering consisted of $800,000,000 in 3% bonds, due in 24 years,
2% one1
callable in 20 years, and $300,000,000 in 1/
issue
latter
The
year certificates of indebtedness.
Tuesday,
oversubscribed
was announced four times
while the bonds were announced oversubscribed
Thursday. Since maturities amounted only to $634,4)00,000 in certificates of indebtedness, this operation will take a considerable sum out of the market.
Both the regular compilations of brokers'loans were
made available this week. The report of the Stock
Exchange for all of August shows an increase of
4t9,974,604, while the Federal Reserve Bank of New
York tabulation for the week to Wednesday night
reflected an increase of $17,000,000. Gold movements reported for the week ended Wednesday consisted of imports of $1,225,000, and there was also a
decrease of $3,494,000 in the stock of the metal held
earmarked for foreign account, which amounts to
an import. There were no exports.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no devia•
2%,this having
1
tion at any time from the figure of 1/
been the quotation both for new loans and for renewals on every day of the week. Time money has
been without movement, as there is no demand for
4@
this class of accommodation. Quotations are 11/
days
90
for
2@1%%
0 for 30 and 60 days; 11/
27
1
1/
4@2% for five and six
/
and four months, and 13
months. The market for prime commercial paper
has improved during the week. The demand was
better and the supply of paper somewhat larger,
though still short of the requirements. Rates for
choice names of four to six months' maturity continue at 1%@2%. Names less well known are
4@21/
/
21
270-
[VOL. 133.
FINANCIAL CHRONICLE
1498
•
Trading in prime bankers' acceptances was almost
at a standstill this week. There was very little demand for this class of accommodation, and not much
paper available. The quotations of the American
Acceptance Council for bills up to 90 days continue
8%
at 1% bid, 7/% asked; for four months' bills, 11/
bid,1% asked;for five and six months,1%70 bid and
114% asked. The Federal Reserve banks showed a
further increase in their holdings of acceptances
during the week, from $180,518,000 to $197,868,000.
Their holdings of acceptances for foreign corre-
spondents increased from $229,970,000 to $230,004,000. Open market rates for acceptances also
remain unchanged, as follows:
SPOT DELIVERY.
—180 Dan— —150 Days— —120 Dab—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prima eligible bills
1
134
174
14
14
lig
—80Doi*--'
—80Days—
—90D00—
Aebd
Bid.
Md. Asked.
Mita Asked;
1
Prime eligible bills
I
1
74
4
FOR DELIVERY WITHIN THIRTY DAYS.
bid
Eligible member banks
1 hul
14
Eligible
banks
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia__
Cleveland
Richmond.
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
.
Fate In Riled
on Sept. 4.
Date
Established.
Previous
Rate.
2
134
3
214
3
3
2'4
214
334
3
3
234
May 7 1931
May 8 1931
May 7 1931
May 9 1031
May 15 11131
Jan. 10 1931
May 9 1931
May 9 1931
Rept. 12 1930
May 21 1931
May 8 1931
May 22 1931
2%
2
354
3
334
314
3
3
4
334
34
3
Sterling exchange is quiet and firmer than at any
time in several weeks. Rates fluctuate within narrow
limits as sterling is very evidently receiving official
support in New York and in most other markets.
The range this week has been from 4.853/ to
4.85 15-16 for bankers' sight bills, compared with
4.85% to 4.85 15-16 last week. The range for cable
transfers has been from 4.86 to 4.86 3-16, compared
with 4.85 13-16 to 4.86 9-32 a week ago. No news
of importance relating to sterling has developed
during the week. As reported here last week, the
British Treasury arranged credits in New York for
$200,000,000 by a group of American banking houses
headed by J. P. Morgan Sr Co. At the same time a
like amount was obtained through private banks and
public offerings in Paris. These credits show the
confidence felt by international bankers in the financial future of Great Britain and in her determination
and ability to put the Government's finances on a
sound basis by balancing the budget. These new
credits arranged through private banking interests,
together with the credits granted several weeks ago
to the Bank of England by the Bank of France and
the Federal Reserve Banks, bring the total contributed for support of the pound sterling to $650,000,000.
Bankers declare that no better refutation could be
found of the alarmist reports circulated since the
German crisis to the effect that England would be
forced to abandon the gold standard and that sterling
exchange could not be held stable. The new credit
of $400,000,000 to the British treasury is viewed in
banking circles in New York as a highly constructive
factor in world economy. In some quarters it is
stated that the British treasury has already used a
portion of the new credit, probably about 10%, and
the current trend of the market as during the past
several weeks shows strong evidence that sterling
is receiving official support. The psychological
effects of so large and prompt a volume of credit to
Great Britain should in itself largely obviate the
necessity of drawing very largely upon the credit.
Thus sterling is at present displaying a firm tone
because of the movement of Dutch funds and funds
from other European centres into London as a
SEPT. 5 1931.]
FINANCIAL CHRONICLE
result of the restoration of confidence. Despite the
credits and the return of confidence in the position
of London, the fact should not be overlooked that
this is the beginning of normal seasonal pressure
against sterling, when London is called upon to
remit for heavy imports of cotton, grain, and other
varieties of foodstuffs and raw materials from this
hemisphere. The seasonal pressure usually begins
in the middle of August, becomes accentuated toward
the end of September, and comes to a close around
the middle of January.
This week the Bank of England shows an increase
in gold holdings of £1,023,620, the total standing at
£135,668,427 as of Sept. 2, which compares with
£155,521,528 a year ago. On Saturday the Bank of
England exported £2,000 in sovereigns. On Monday
the Bank bought £25 in foreign gold coin and exported £12,000 in sovereigns. On Tuesday the Bank
bought £248,100 in gold bars, sold £5,241 in gold
bars, exported £18,000 in sovereigns, and released
£700,000 in sovereigns. London bullion dealers reported that on Tuesday the Bank of England purchased the bulk of £950,000 South African bar gold
available in the open market. This gold was not
bought for the Bank's account, as approximately
£700,000 is believed to have been bought for an
unknown buyer, presumably the Bank of France
which,it is believed, relinquished its metal earmarked
with the Bank of England. This would account for
the above release on Tuesday of £700,000 in sovereigns. On Wednesday the Bank of England bought
£34,000 in gold bars. On Thursday the Bank bought
£28,218 in gold bars and exported £11,000 in sovereigns. Yesterday the Bank received £90,000
sovereigns from abroad, exported £12,000 in sovereigns, bought £30,938 in gold bars and bought £158
foreign gold coin.
At the Port of New York the gold movement for
the week ended Sept. 2, as reported by.the Federal
Reserve Bank of New York, consisted of imports
of $1,225,000, of which $965,000 came from Mexico,
and $260,000 chiefly from other Latin American
countries. There were no gold exports. The Reserve bank reported a decrease of $3,494,000 in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the
week ended Sept. 2, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,AUG.27-SEPT. 2,INCLUSIVE.
imports.
Exports.
I
$965,000 from Mexico
260,000 chiefly from other Latin I
None
American countries.
I
$1,225,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $3,494,000.
On Thursday the New York Reserve Bank was
notified that approximately $181,000 gold bars had
been received at San Francisco from China.
Canadian exchange continues at a discount. On
Saturday Montreal funds were at 5-16 of 1% discount,
on Monday at 5-16, on Tuesday at 25-64 on Wednesday at M, on Thursday at 15-32, and on Friday at
M of 1% discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was firm. Bankers'sight was 4.85 11-16
@4.85%; cable transfers 4.86/@4.86 3-16. On
Monday the market was dull with renewed firmness.
The range was 4.85/@4.85 15-16 for bankers' sight
/@4.86 3-16 for cable transfers. On Tuesand 4.861
day the market continued quiet but steady. Bankers'
1499
sight was 4.85%
3 @4.85%; cable transfers 4.8634(4.
4.86 3-16. On Wednesday the market was dull and'
4 for bankers'
steady. The range was 4.85%
3 @4.857
sight and 4.863/@4.86 3-16 for cable transfers. On
Thursday sterling was easier. The range was 4.8534
@4.85% for bankers' sight and 4.86@4.86% for
cable transfers. On Friday sterling was steady; the
range was 4.85 19-32@4.85% for bankers' sight and
4.86 1-32@4.86 1-16 for cable transfers. Closing
quotations on Friday were 4.85 21-32 for demand
and 4.86 1-32 for cable transfers. Commercial sight
bills finished at 4.853/ 60-day bills at 4.81 15-16;
1 8; documents for payment (6090-day bills at 4.80/
days) at 4.81 15-16, and seven day grain bills at
4.85. Cotton and grain for payment closed at
4.85/.
Exchange on the Continental countries is generally
firmer as a result of the improved outlook for sterling
exchange and the return of confidence in the London
and Berlin markets. German exchange continues to
be nominally quoted, for while restrictions in the
Berlin money market have been largely eased, official
control in all phases of German monetary affairs
still continues and is likely to persist for a long while
to come, throughout this year, at least, and probably
well into next year. The great improvement in the
German situation is evidenced by the fact that on
Monday the Reichsbank reduced its rediscount rate
to 8% from 10%. The 12% Lombard collateral rate
was reduced to 10%, both cuts effective from Sept. 2.
According to Berlin dispatches on Tuesday, it was,
stated officially that no credit restrictions exist and
that the Reichsbank is able to rediscount all regular
trade bills. Money rates in Germany have eased
off slightly, with bankers' acceptances at 8% and
monthly credits at 7% to 8%. The reduction in the
Reichsbank rate is the second within three weeks and
was intended to strengthen the Boerse upon its reopening on Sept. 3 by indirectly dissuading foreign
holders of German shares from selling. The Berlin
Boerse, which had been closed since July 11, reopened on Thursday. It was generally expected
that severe declines would be registered, but the
pressure of liquidation was even greater than expected. Prices were off from 10% to 53%, so that
there was some talk in financial circles in Berlin of
another period of suspension to prevent a collapse
in prices. It was noted that no foreign selling orders
of importance were reported.
No announcement has been made with respect to
the expected duration of trading restrictions. Traders
are forbidden even to call out prices different from
the official quotation, and transactions can be
carried only at the prices stipulated by the exchange
authorities regardless of prices on orders placed with
the brokers. If the exchange authorities cannot
arrive at satisfactory prices based on the bid and
asked quotations, or if the bids and offers represent
too drastic a decline from the previous quotations,
the Boerse authorities are permitted to prohibit
dealings for the day in the issues involved. Despite
the sharp decline in security prices at the opening of
the Boerse, the German financial situation is so far
improved that a further cut in the Reichsbank rate,
probably to 7% and possibly to 6%, is expected at
an early date. The position of the Reichsbank is
held to be satisfactory in view of the strain to which
it was subjected during the summer. Gold reserves
have been kept intact since the second week in July
1500
FINANCIAL CHRONICLE
Fore. 133.
and now amount to 1,365,081,000 reichsmarks, against 2.51%. Greek exchange closed at 1.29 7-16
while through the receipt of credits and the decrees for bankers' sight bills and at 1.295
% for cable transcalling for the sale of devisen to the Reichsbank fers, against 1.29% and 1.29 9-16.
foreign currency reserves have advanced from Rm.
124,367,000 on July 15 to Rm. 356,198,000 on Aug.
Exchange on the countries neutral during the war
31. The reserve ratio has been steadily climbing,
is quiet in the New York market. Quotations have
until it now stands at 39.3%, compared with the
crisisjlow of 35.8% on July 15. One of the most been somewhat more irregular than in recent weeks
favorable factors •in the Reichsbank's position, ac- as a result of a change in attitude and in technical
cording to bankers both here and abroad is the fact position by exchange traders abroad. This applies
especially to Holland guilders and to a less extent
that following the reopening of the banks throughout
to
Swiss francs. Holland guilders are ruling much
the country there has evidently been no great tenlower
than a week ago, owing almost altogether to
dency toward hoarding currency, which it was feared
a
heavy
flow of Dutch funds from Amsterdam to
would result in note inflation. The reserve position
London
and
to some extent to Berlin as confidence
41,44 Reichsbank is of course much weaker than a
is
restored
in
these
markets. Money rates in Holland
year ago, due to the heavy loss of gold. The present
are
at
record
low.
The private discount rate is at
reserve ratio of 39.3% compares with 73.5% a year
11-16
of
1%
and
the
buying rate on prime kuilder
ago; while at the same time gold reserves now are
acceptances
is
13-16
of
1%. Hence, with threeonly Rm. 1,366,081,000, compared with Rm.
months
bills
in
London
quoted
at 4%% to 414%,
2,618,939,000 last year. This can be remedied only
it can be readily understood, now that the British
as confidence returns. In some circles it is believed
situation is so greatly improved, that Amsterdam
that the heavy export trade balance will favorably
funds
are attracted to London. A similar movement
affect the exchange and possibly lead to imports of
of Swiss funds is not so strikingly apparent. Swiss
bullion when complete freedom in foreign exchange
quotations are firm. Much of the firmness in Swiss
operations is restored. The heavy export trade
francs
is due to operations in connection with the
balance is expected to add to the country's gold
Bank
for
International Settlements and there is a
stocks, but offsetting this factor is the uncertainty
steady
flow
of foreign funds, believed to be largely
regarding the disposition to be made of the shortSpanish,
to
Swiss centers for security. The Scanterm balances when the six-months prolongation
dinavian currencies are steady and inclined to fracperiod has ended.
tional firmness, largely as the result of sympathetic
French francs are firm here and in all other mar- reaction to the movements of sterling.
The Scankets. The franc might be firmer with respect to the dinavians, however, with all the
European countries,
pound sterling, but for the official support which are now entering a period when exchange
is seasonally
sterling is receiving in Paris. The position of the against Europe and in favor of
the United States.
franc continues essentially unchanged from recent Spanish pesetas have been ruling
firmer for the past
weeks. Money continues in great abundance in few weeks. There are the usual
reports from Madrid
Paris and unloanable at excessively low rates. of impending stabilization, with the
usual indifBankers believe that with the return of confidence ferent reaction. The peseta is
however favored by
in the German and British financial situations there the fact that the Bank of Spain has been somewhat
will be a return flow of funds from Paris to these successful in restricting note circulation during
markets, which may lower the quotation of the franc August. Note inflation has been one of
the dewith respect to the mark and the pound, but that the velopments steadily feared by the market and any
fundamental position of the French unit must remain contraction in the issue is taken as a favorable
firm. The current statement of the Bank of France factor. There is no indication that official support
as of Aug. 29 shows a slight increase in gold holdings is being given to the exchange.
of 1,664,701 francs, the total standing at record
Bankers' sight on Amsterdam finished on Friday
high of 58,562,988,738 francs, which compares with at 40.2834, against 40.3134 on Friday of last
week;
47,241,623,310 francs a year ago and with 28,935,- cable transfers at 40.293/2, against 40.323/
2, and com000,000 francs reported in the first statement follow- mercial sight bills at 40.26, against
40.27. Swiss
ing stabilization of the franc in June 1928. As a francs closed at
for checks and at 19.49k
19.4934
result of the improvement in the German situation for cable transfers, against 19.463/b and
19.47.
the Danzig bank rate was reduced on Tuesday from Copenhagen checks finished at 26.7234
and cable
7% to 6%.
transfers at 26.733/2, against 26.713
4 and 26.73.
The London check rate on Paris closed at 123.95 Checks on Sweden closed at 26.75 and cable transfers
on Friday of this week, against 123.95 on Friday of at 26.7634, against 26.75 and 26.7634, while checks
last week. In New York sight bills on the French on Norway finished at 26.729 and cable transfers at
centre finished •at 3.92 1-16, against 3.92 on Friday 26.74, against 26.723
4 and 26.733/2. Spanish pesetas
of last week; cable transfers at 3.92 3-16, against closed at 8.84 for bankers' sight bills and at 8.85
3.92%, and commercial sight bills at 3.91%, against for cable transfers, against 9.07 and 9.08.
3,917
/. Antwerp belgas finished at 13.91X for
bankers' sight bills and at 13.92 for cable transfers,
Exchange on the South American countries presents
against 13.9434 and 13.95. Berlin marks are nominally
quoted 23.75, against 23.75. Italian lire closed at no features of importance differing from those pre5.22 13-16 for bankers' sight bills and at 5.23 1-16 vailing during the past several months. These exfor cable transfers, against 5.22 13-16 and 5.23 1-16. changes are in an extremely unsatisfactory condition
Austrian schillings closed at 14.05, against 14.05; owing almost entirely to the collapse of world marexchange on Czechoslovakia at 2.9634, against 2.9634; kets, with the consequent failure of international
2, against 0.593/2; on Poland financial interests to support the credit needs of the
on Bucharest at 0.593/
at 11.20, against 11.20, and on Finland at 2.51 8, South American countries and the revolutions result-
SEPT. 5 1931.]
1501
FINANCIAL CHRONICLE
S CERTIFIED BY AFEDERAL RESERVE
ing from these difficult conditions. Argentine paper FOREIGNB EXCHi`toNOTE RAtuTRET
SEPT.
4 1931,INCLUSIVE.
AUG.
29
1931
TO
fluctuate
rather
widely and at
pesos continue to
dollar
parity
of
the
peso,
42.25.
below
levels far
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Monetary
The Brazilian milreis continues to be nominally Country and
Unit.
Aug.29. Aug.31. Sept. 1. Sept. 2. , Sept. 3. Sept. 4.
quoted. A dispatch from Sao Paulo last week was
5
$
5
EUROPE$
$
5
to the effect that the treasury announced that the Austria.
whining
.140436 .140443 .140453 .140443 .140436 .140446
Belgium. beige
.139456 .139435 .139367 .139314 .139268 .139222
proposal for a central bank for Brazil is still being Bulgaria. ley
.007169 .007190 .007200 .007180 .007180 .007180
kron .029628 .029626 .029631 .029630 .029628 .029628
studied and confidence is expressed that such a bank Czechoslovakia,
Denmark. krone
.267400 .267436 .267396 .267397 .267388 .267323
England. pound
will be established within a short time. The market sterling
4.861051 4.861547 4.861116 4.861122 4.860482 4.859843
Finland. markka
.025145 .025152 .025152 .025150 .025149 .025137
was interested this week in the announcement of a France, franc
039210 .039210 .039212 .039216 .039214 .039209
Germany. reichamark .237126 .237164 .237167 .236944 .236822 .236629
Greece, drachma
.012936 .012945 .012945 .012948 .012949 .012953
partial moratorium on the service of Brazilian federal Holland,
sunder
.403252 .403246 .403221 .403179 .402948 .402920
Hungary. pengo
.174540 .174559 .174522 .174472 .174413 .174359
external obligations. Interest will continue to be paid, Italy.
lira
.052313 .062308 .052307 .052304 .052304 .052300
Norway, krone
.267409 .267473 .267428 .267418 .267409 .267358
but sinking fund payments on all but three issues Poland.
zloty
.111940 .111980 .112000 .111950 .111950 .111930
escudo
.044202 .044207 .044245 .044207 .044235 .044200
which will still be met, will be deposited in Brazil Portugal,
Rumania.leu
.005934 .005935 .005939 .005941 .005945 .005937
Spain, peseta
.090852 .090492 .090052 .090300 .090066 .08818.5
in milreis. It is estimated that this measure will Sweden,
krona
.267682 .267713 .267702 .267704 .267682 .267604
Switzerland,
frano
.194694 .194638 .194696 .194703 .194830 .194916
relieve milreis exchange of approximately $20,000,000 Yugoalavia, dinar
.017673 .017678 .017673 .017676 .017678 .017676
pressure annually until such time as transfers from CIASIA
InaChefoo Leal
.306666 .306875 .307916 .309583 .308333 .311083
resumed.
be
Chilean
country
can
exchange
conthe
Hankow tael
.300625 .301093 .302500 .300937 .302812 .304437
teal
.296339 .297232 .297500 .296250 .297857 .298696
tinues to be nominally quoted. The latest statement Shanghai
Tientsin tadl
.310000 .310625 .311666 .310000 .312083 .314583
Hong Kong dollar
.236875 .237678 .237589 .237053 .238125 .238214
of the Central Bank of Chile shows that on Aug. 14 Mexican dollar_ __ _ .213750 .214375 .214687 .213125 .215000 .217125
Tientsin or Pei)
,
215416 .216666 .217083
dollar
.216666 .216250 .216666
the note circulation of 338,149,250 pesos had gold
Yuan dollar
.213333 .212916 .213333 .212083 .213333 .215250
backing of 230,961,435 pesos, of which 167,835,935 India, rupee
.359425 .359408 .359458 .359325 .359341 .359315
.493791 .493746 .493646 .493767 .493759 .493793
Japan, yen
pesos represent a gold deposit abroad. Gold held at Singapore (5.8.) dolls .560208 .560208 .560208 .560208 .560208 .560833
NORTH AMER
.996791 .996703 996.531 .995792 .995169 .995082
Canada. dollar
home has varied practically not at all, but in the Cuba.
1.000625 1.000234 1.000390 1.000208 1.000390 1.000390
peso
.312500 .315000 .313500 .316000 .317500
Mexico,
peso
(sliver).
.317500
last two years gold deposits abroad have dropped Newfoundland. do .994375 .994152
.994046 .992975 .992670 .992531
SOUTH
AMER.
at
the
end
of
pesos
August 1929, Argentina. peso (gold) .648585 .651601 .639764 .836044 .639072 .638997
from 384,000,000
.061166 .061633 .062277 .062277 .061800 .061600
Brazil, milreis
a net decline of about 216,000,000 pesos. Two years Chile.
.120177 .120125 .120144 .120152 .120147 .120142
peso
.456500 .436000 .442500 .440000 .440625 .440833
Uruguay, peso
ago gold held abroad and at home totaled approxi- Colombia,
_ 965700
965700 .965700 .965700 .965700 .965700.
peso
mately 447,000,000 pesos against note circulation of
341,000,000 pesos.
The following table indicates the amount of bulArgentine paper pesos closed at 28A for bankers' lion in the principal European banks:
sight bills, against 283A on Friday of last week and
Sept. 4 1930.
Sept. 3 1931.
2. Brazilian Banks of
at 283.1 for cable transfers, against 283/
Silver.
Cold.
Total.
Silver.
Total.
Gold.
milreis are nominally quoted 6.20 for bankers' sight
155,521,528
135.668,427155,521,528
England_ _ 135,668,427
bills and 6.25 for cable transfers, against 6.20 and France
377,932,986
468,503,910377,932,986
(d)
(d)
a__ 468,503,910
994,600124,452,150
Germany b 63,326,400 e994.600
. ,
6.25. Chilean exchange is nominally quoted 124 Spain
____ 91,023,000 26,285,000117,308,000 98:944,000 28,759,000 127,703,000
56,346,000
58,093,000 56,346,000
58,093,000
8 for cable transfers, Italy
for bankers' sight bills and 123/
Netherrds 53,978,000 2,943,000 56,921,000 32,552,000 2,057,000 34,609,000
34,525,000
Nat.
34,525,000
Belg_
45,227,000
45,227,000
12.12.
and
Peru,
not
quoted.
against 12.07
25,570,000
SwitzerYcl_ 32,787,000
32,787,000 25,570,000
Sweden_
13,204,000
Denmark _ 9,544,000
Norway __ 8,129,000
Exchange on the Far Eastern countries shows
no new development. The Chinese units move
strictly in accordance with the prices of silver,
and as the metal has been somewhat steadier this
4 cents, the
week, ruling on average around 273
steadier.
been
have
The deplorquotations
Chinese
able fall in world silver prices has of course frightfully
curtailed the purchasing power and markets of the
Far Eastern peoples with consequent sharp distress.
At present the appalling situation created by flood
and famine in large areas of China, accompanied by
the lawlessness of the warring factions, is in no way
conducive to improvement in Chinese trade. Japanese yen continue steady, not far from parity, al-.
though any substantial improvement in the yen
quotation must await a wider recovery in world
business conditions. Closing quotations for yen
checks yesterday were 49.35@4932, against 49.35@
4932. Hong Kong closed at 23 15-16@24 1-16;
3; Shanghai at 30@303/8, against
against 23%@24/
Manila
at 49%, against 49%; Singa3-16;
29%@30
against
563.1@569/s; Bombay at
4@56/,
pore at 561
Calcutta
at 36%, against
363.1,
and
against
363,
304.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just passed:
13,204,000 13,471 000
• 9,644,000 9,567,000
8,129,000 8,141,000
13,471.000
9,567,000
8,141,000
Total week 979,483,737 30,222,600 100970633 936,028,064 31,810,600 967,838,664
Prey. week 977 296.799 30,226,600 1007523399 32,893,111 31,696.600t964.591.715
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is 54,977.650. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
The Struggle Over Economy and Disarmament
Interest in the European crisis during the past
week has centered principally at London, where the
reorganized MacDonald Government has been
wrestling with the financial program to be laid before the Parliamentary session that opens next
Tuesday, and at Geneva, where the League of Nations, in addition to receiving the expected report
of the World Court on the Austro-German customs
union, is seheduled to consider, at its meeting next
week, disarmament,a European economic union, and
the general financial situation. The $400,000,000
credit for the British Government set up by groups of
New York and Paris bankers, the announcement of
which was issued late Friday afternoon, was in line
with what had been expected. The credit is equally
divided between the two banking groups, the Ameriean group being headed by J. P. Morgan & Co.
There will be, it is stated, no public offering of the
American share, but one-half of the French portion,
or $100,000,000,is to take the form of a British Treasury loan which will be offered in France for public
subscription.
While the credit temporarily relieves the pressure
on the British Treasury, and hence indirectly on the
1502
FINANCIAL CHRONICLE
[Vox.. 133.
Bank of England, it does not solve any of the finan- and Liberal support apparently assures him a workcial problems of the MacDonald Government. The ing majority in the House of Commons, the effect
details of the proposals, if any have actually been of the demand would be to force the Labor Party,
agreed upon, which will be submitted to Parliament now led by Arthur Henderson, former Foreign Secare still withheld, but press dispatches report that retary, to show its hand at the outset before the
some of the extended economies which are sought budget was introduced. Sober second thought has
present considerable difficulty. The report of the already tempered materially the hostile criticism
May Commission, it is said, has proved less helpful with which the change of Government was greeted
than was expected in determining exactly how cer- in some quarters, and there appears to be a rather
tain economies should be brought about. The gen- wide-spread impression that when the test comes,
eral demand for economy is reported to have led a considerable number of Laborites will be found
many municipalities to suspend public works or siding with the Government. The most serious weakother enterprises originally entered upon with a ness of the situation is the question of protection,
view to relieving unemployment, with the result that which divides both the Cabinet and the trade uniona 10% cut in the dole, which seems to be generally ists. Mr. Snowden, Chancellor of the Exchequer, is
looked for, may be offset by an increase in the num- a staunch free trader, and free trade has long been
ber of unemployed. On Tuesday the total of unem- one of the tenets of the Labor Party. Among the
ployed, 2,733,782, exceeded by 14,406 the total of the trade unionists, on the other hand, the idea of proprevious week. The salaries of teachers, another tection has for some time been making headway,
item believed to be singled out for reduction, are largely, it would seem, because tariff duties, even on
paid on a percentage basis, in part by the Treasury food, are regarded as preferable to a reduction in
and in part by municipalities, and apparently can- the dole or a curtailment of other social services.
not be changed without extensive negotiations with Neither horn of the dilemma offers an agreeable restlocal bodies, while army and navy salaries and the ing-place, and a split in both the Cabinet and the
salaries of civil servants are in some cases fixed by Labor Party is clearly among the possibilities.
law for extended periods.
With Great Britain pre-occupied with the task of
These, of course, are the inevitable difficulties setting its financial house in order, the dominating
which any Government must meet when faced with position at Geneva is again held by France. The
an elaborate system of extravagant expenditure, formal announcement on Thursday by Dr. Julius
and there is little doubt that they will be overcome Curtius and Dr. Johann Schober, Foreign Ministers
without infringing the sanctity of contracts which respectively of Germany and Austria, that the
the British rightly prize. On the other hand, the Anschluss, or customs union, proposed by those two
unofficial announcement that fixed-interest-bearing countries had been dropped, while anticipating what
securities are not to be taxed, while doubtless neces- is expected to be an adverse opinion by the World
sitated by the fact that such securities are held all Court, is a clear victory for France. From the first
over the world and could not be interfered with with- France has stubbornly opposed the proposed union,
out seriously affecting British credit, has strength- and vaguely threatened drastic action of some kind
ened the bond market.
if it were not renounced. Whether, if an apparent
Certain political developments, meantime, appear financial collapse in Germany had not developed,
to have improved the position of the new Govern- Germany and Austria might not at least have waited
ment and its outlook for the immediate future. The until the World Court had actually
rendered its
demand of the executive committee of the Labor opinion, and thereby saved themselves from ingloriParty of Seaham Harbor, the constituency which ously backing down, is perhaps debatable, but in
Mr. MacDonald represents, for his resignation has view of the financial situation it was obvious that
been met by a dignified but firm refusal to act upon French money, which even Great Britain has been
the demand until the work that has been undertaken unable to do without, would prevail against the
is finished. "However great the misunderstandings political scheme which the Anschluss embodied.
may be," Mr. MacDonald wrote on Wednesday in Germany already has a French credit, and Austria,
his reply, "and however much superficial observers it is reported, may shortly get one. Nominally, the
may consider that my immediate colleagues and I Austro-German retreat is covered by the recommenhave departed from our principles, our position has dation of a general European economic union conbeen dictated by the determination to keep stand- tained in the report of a committee of experts which
ards of living, unemployment pay and such like at has been studying the financial and business situathe maximum possible. If you are discussing these tion, but the hand of France is too clear, and the
things now, free of collapse and panic, you owe this outlook for a general economic union of any kind too
solely to my colleagues and myself who took the shadowy, for the significance of the episode to be
action which we did last week. We are determined overlooked.
that the sacrifice which for the moment is necessary
On the other hand, the precise significance of the
shall be spread as equitably as human ingenuity can pioposal put forward by Paul Boncour, Chairman of
do it, and if we are compelled to ask the unemployed the Foreign Affairs Committee of
the Chamber of
to accept conditions which are below their condi- Deputies and a member of the
French delegation to
tions in 1929 it is because we wish to protect them the forthcoming League meeting, inviting the memagainst a deterioration which would be of real sub- bers of the League to "put their permanen
t air, naval
stance and amount to truly tragic hardships. It may and land forces under the control
and at the dispobe difficult for you to recognize this, but such is the sition of" the League as
the only practical way of
case, and before long you will know it."
meeting the problem of disarmament, is not clear.
It was reported on Tuesday that Mr. MacDonald In substance, at least,
the proposal appears to be only
intended to press for advantage by demanding a vote a revival of the project
of a League army or armed
of confidence for the new Government at the open- force which was made early
in the history of the
ing of the Parliamentary session. As Conservative League, and for which no substanti support
al
in any
SEPT. 5 1931.1
FINANCIAL CHRONICLE
1503
or enlarge them. The
quarter has ever been forthcoming. As the proposal League can do to improve
is to avoid interrender
can
League
appears to be personal rather than official, it is per- best service the
and trade,
finance
of
course
natural
the
haps to be regarded as a "feeler" put out to test fering with
orinternational
new
of
consideration
all
to
defer
opinion in League circles regarding the forthcoming
from
itself
extricated
has
world
the
until
ganizations
and
disarmament conference, while the German
use its influence to
Italian press appear to see in it a suggestion that its present difficulties, and to
irritations that impede world
the French army might properly be used as a kind remove the political
of international police force in Europe. On the recovery.
other hand, M. Boncour's statement of his case, in
The New Doctrine of Spending.
the portions of it that have reached this country,
seems clearly to suggest that armament reduction
When the President of the Emigrant Industrial
or limitation, in any form in which the matter has Savings Bank, one of the largest institutions of the
thus far been urged,is regarded in France as entirely kind in the country, advises his patrons to spend,
impracticable, and that the only way to deal with judiciously, at least a part of the earnings of their
the matter is for the League to take a "mortgage," deposits, it is time to take note of the savings of the
as he expresses it, on all the permanent war estab- country in a large way. It is contended by many
lishments that there are, and use them, in the event that in a "depression" workers should spend rather
of war or threat of war, as it sees fit.
than save. The President of this large savings bank
Viewed in that light, the proposal is frankly does not go as. far as this. He is guarded. Eviabsurd, and its approval by the League or by any dently, from his position, he notes that there is an
other international body is not to be expected. Its excess of savings at a time when there is a dearth of
importance lies in its bearing upon the question business. He does not deem this wise. In agreewhether or not the general disarmament conference ment with this, we are told that practically all savscheduled for next February shall actually be held. ings banks are loaded with money. They have more
The report that France has informally suggested a than they can invest safely. In a word, the people
postponement has been denied, and the opposition seem to have grown miserly. May it not be, on the
of the United States to delay has been reiterated at other hand, an excess of caution?
Washington. The arguments in favor of postponeWho can tell definitely when this depression will
ment, however, have multiplied rather than lessened. end? Who can say how long his job will last? One
The anomalous political situation in Great Britain, or two years more may find an ebb tide at these same
with the possibility that the general election that is savings banks. Necessity may compel withdrawals.
expected to be held in the fall or early winter may We cannot look upon this rush to put away surplus
return a Conser rutin El0semment unsympathetic earnings in the savings bank as an unhappy sympwith the disarmament policy of Prime Minister tom. This is what should have been done when times
MacDonald; the uncertain position of the Laval Gov- were more prosperous. If nothing else, it is a good
ernment in France, with an election due next spring education now—a lesson learned from adversity.
which may bring a political overturn; the continued And when it comes to advising the individual as to
disagreement of France and Italy regarding naval "judicious" spending, we must realize that general
parity; the widespread demand in Germany for free- principles cannot always be applied to personal
dom from all restrictions on the size of its army and affairs.
navy; the persistent refusal of France to consider
The point is: What is judicious spending? When
or
limitation
reduction
unless
the
armament
kind of we come to apply it to needs, will it not largely work
security which it demands is guaranteed, and the itself out? Needs are those things we must have in
sharp controversy in this country between those the ordinary course of life. Conditions, customs,
who wish the United States to build up its navy to relations, affect needs. Perhaps we need more
the limits set by the London Treaty, and those who, things to-day than we ever did. But we must, in
some from policy and some from reasons of economy, prudent thrift, separate needs from luxuries. Here
wish to see naval construction halted, all combine to is where, it appears, we have lost our balance. In
create a situation unfavorable to a calm and rea- our period of full employment and high wages we
soned consideration of the armament question. It came to believe social demands and prevailing cuswould be far better to postpone the conference than toms set the pace for rational living. We were
to have it fail, for failure would be likely to bury the taught by certain censors of so-called "high living"
whole subject, perhaps for decades.
that we should possess all the new ministrations of
The approaching session of the League has been comfort, pleasure, even elegance. If neighbor Jones
heralded as one in which the League is to "tackle had a radio set, we were taught that it was right for
the depression." We are not of those who think every family to have one. We were taught to "keep
that much is likely to be accomplished in that direc- up" with the Joneses! Now that we have no surplus
tion. The most tangible point of attack thus far laid by, we are stricken with a sudden zeal to begin
discerned is that of protective• tariffs, and with saving. Jones perhaps did not spend too much, but
Great Britain,far and away the greatest commercial we did. So that in a last analysis the amount of savPower in the League, apparently on the point of ing at any time is a personal question. To show now
adding to its tariff wall, the reports of apprehension what several hundred millions in interest will do if
at Geneva occasion no surprise. The reparations spent in trade is too much of a generalization. On
issue, which lies at the base of much of the trouble the contrary, it is safe to say that the time for
in Europe, will certainly not be taken up as long as saving is always. Yet we can go too far; saving,
France dominates the League. Such practical steps rightly considered, is not hardfisted hoarding. We
as have been taken to ease the financial strain must each of us balance our endeavors against our
through loans or credits or the suspension of repara- prospects.
tions and debt payments have been taken wholly
Needs, allowing for a proper advance in living,
outside the League, and there is nothing that the reduce themselves in "hard times" to a specific level.
1504
FINANCIAL CHRONICLE
[VoL. 133.
The natural demands of food, clothing and shelter good interest. But it can put them in its strong
cannot be dispensed with, albeit the level may grow vaults. Must the individual spend them merely behigher all the time. The first opportunity to save cause he cannot now invest them to advantage?
is in non-essentials and in luxuries. It is a false
We seem to be driving against a shadow. No comdoctrine to claim that a man has a right to as much plaint avails against normal, necessary spending.
as his neighbor. No such right exists. He has a But for the most of us it is an altogether too easy
right to those things he can safely buy out of his a propensity to spend. We enjoy a thrill in carrying
earnings. A neighbor may earn more in wages. He home neatly-wrapped parcels. If, indeed, we do
may have, priorily, saved more, upon which he can spend in "hard times" to help the other fellow "out
draw. Or he may have more active capital, acquired of work through no fault of his own," what shall we
or inherited. To say that wages must conform to buy and in the interest of what unemployed? It is
living expenses does not mean or should not mean wholly impractical to direct our purchases 60 that
that Jones should set the level of these expenses.
the demand for goods, or even the demand for labor,
We admit a certain reasonable influence of cus- shall be increased definitely.
tom and fashion. But these are not the arbiters.
Therefore this cry of "buy, buy"; "spend, spend,"
Every man, every family, must live "within their if heeded, shatters the normal course of trade, demeans." Before them stretches their ambitions, stroys the natural equilibrium, and does as much
hopes, desires; and these become part of needs. But harm as good. Meyely "making a job" for a fellow
only a part, a personal factor in determining the out of work goes on all the time with warm-hearted
amount to be saved. Advocates of "higher living men. It need not be stopped now, and is not. But
standards" ignore this fact. Nothing, they claim, to stir up a crusade of indiscriminate, fruitless
is too good for the wage-earner regardless of the spending, to increase the "momentum of trade" by
amount of his wage. It is easy to spend; it is a increasing the "purchasing power of the people" is
natural propensity. We need not be told, or taught. largely froth and fustian. The President of the savOur teaching should be as to our "needs."
ings bank we have referred to means no such thing.
As we have contended before, so now we affirm, He merely suggests judicious spending which is
that it is no part of the duty of the citizen to spend guarded by the law of frugal living.
It is as hard to direct the masses as it is to control
merely to keep up the "purchasing power" of the
people. Spending, as well as saving, is a personal the classes. Our minds overleap our powers. We
problem. Its first motive is to supply "needs." have come upon evil days and ways, without preparaThen follow comforts (though in a sense comfort is tion. We spent so much in the heyday of our prosa need), pleasures, and luxuries. To ask the indi- perity, which we were told would never end, that
vidual to spend to "improve trade" is a distortion of we have little surplus left to spend. We are now
motive. Every dollar spent does improve trade, but trying,in our adversity, to learn the lesson we should
this is incidental, and occurs whether the spender have learned in prosperity. It is too late to preach
thinks of it in the transaction, or does not. We save the virtues of spending; they do not now impress us.
in order that we may spend at the opportune time We know it would have been better to save, reguand in the appointed place.
larly, when we had something to save. If now we
Our interest in the momentum of business is reverse the process and try to save, albeit wages are
secondary to saving. Draining the back garden, sometimes lower, if we go so far as to seem miserly,
long neglected; taking home a long desired book; we are encouraged to believe that another convulsion
building a new summer house; to make jobs for the in our human affairs will not find us entirely unpreunemployed, are all well in their way. But they pared. Once again the fact stares us in the face
should not be allowed to interfere with the regular that we must be our own masters. There is sufplan and habit of personal saving. For if they are ficient diversity in our personal needs and wants to
permitted to do so, there can be only smaller funds make a reasonable trade for all to enjoy. If we are
for the exigencies that come into every life. Selfish "salting down" some of our earnings we are not
as this sounds in time of distress, it is true phi- going astray. Investments do not compel us. Stocks
and bonds have proved a certain delinquency in
losophy that saving is for self primarily.
safety.
It is a natural movement that wends its
Citizens are soon to be called upon to pay increased taxes on personal incomes in aid of the un- way to the savings banks.
fortunates, pinched by the colds of winter. If there
has been an extra spending to increase the "moCaution in Charity.
mentum of trade," how can they pay this tax without
If we are giving profusely by State and city beinjury to themselves? We are mixing our motives. cause we fear the
effect upon government of resentWe are following a false theory. We are discounting ful, and even
riotous, idleness, we are but paving the
the helpfulness of discrimination. Rushing into the way for future
trouble. It is not pleasant to say
marts to spend merely for the effect of spending on this. It is not
pleasant to give any kind of help
general business, is not only foolish, it is wrong. grudgingly. Nor is
it pleasant to seem to put a
To continue to buy from a small grocer hard beset damper on
spontaneous charity. But while England
by chain store competition on either side of him can is trying
to reduce her dole we seem to be turning
be defended as directing personal purchasing power the purse
strings loose and pouring our millions into
to good use.
community chests to feed the suffering idle we fear
But even here the duty of "laying up for a rainy during the
coming winter. Some say the approachday" ought not to be abrogated. Money put in the ing
need is so great that even the National Governsavings bank goes out in loans by the bank to fructify ment
must do its part. While local governments
trade. This occurs naturally in adversity as in pros- are
preparing to take charge of their own, great
perity. Only the miser's hoard is removed from the
movements are forming among the independent citiactivities of trade. Perhaps at the moment the bank zenry
to feed the hungry and clothe and shelter the
has hard work to put these surplus earnings out at
unfortunate. That there will be more calls for help
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1505
communities—provided,
this winter than last is not doubtful. But what of various tasks of their local
A town or a
exercised.
is
caution
the winter of 1932? Can we be assured that then as we say, due
who are
know
to
able
best
is
community
there will be a cessation of privation? And if not, countryside
work
provide
to
and
midst
their
suffering
in
really
less
if there is more suffering, will the calls be
floaters,
of
prey
the
cities,
Our
work.
is
when
there
imperative?
this can
Is it not time to ask ourselves the question:'What have an added task they cannot escape. But
preventatives.
is the educative force of this proposed lavish giving?" be much lessened by the outside town
that it
The phrase "those willing to work" has come into We know not how it should be done, only
•
our vocabulary. Who is to judge as to this willing- should be.
all
in
exaggeration
some
not
After all, is there
ness, and how can it be ascertained in midwinter?
It sounds very cold-hearted to say it, but the pro- these estimates and forecasts? Any census of the
fessional hobo is coming upon happy times. Chame- unemployed must include all the old men and women
leon-like he naturally falls in with the color of those who have long ceased to work. It must include the
who are hungry and ill-clothed. He, too, may point "idle rich" as well as the dependents. It must into the dearth of employment, and claim he is "will- clude the sick and crippled, who for the time cannot
ing to work" but can find none. Now we are not work. It must include those temporarily out of emsaying that the hobo should be left to starve simply ployment as well as permanently so. There is a
because he is a hobo—and at a time when more goodly number in all these census estimates we have
worthy men are hungry. But, above all, we should with us at all times. Take them out and it lessens
do nothing, if we can avoid it, to educate a naturally the necessity for funds as well as the claims of those
shiftless class to become wanderers or to furnish who organize for relief. It may be said that families
them an easy shelter when "times are hard." Not take care of their own. If so, they lessen the numbers
so much discrimination, as careful examination; not of needy, though these must still stand as "unemso much charity, as work, whenever possible; not so ployed." Further, many are "unemployed" because
they refuse to do any other work than that to which
much giving, as really helping!
So that those in charge of these huge sums now in they have been accustomed. Here the definition of
process of accumulation have a double task of giving "willing to work" comes in again. Shall a man shirk
worthily as well as promptly. It is one thing to give any kind of useful, honorable work in emergency?
Yet some are "getting rich" in time of grave disaway funds and another to raise them. One is as
tress.
Some are getting rich out of the distress.
other.
Emergency
important as the
need cries out
against too close an analysis. But the taxpayer's Shall the honest man pay for his brother while the
money and that of the voluntary giver must reach racketeer and bootlegger go unwhipped of justice?
the spot intended or the source of supply will dry Shall "prohibition" continue while the unwary, the
up in future years. In a prolonged depression, and indulgent, the weak,pay the price? It all comes into
when that time comes, the clamorous mob will de- the general question. Is not caution, therefore, and
mand the Government "dole" as its right. To steer a by this we mean pre-investigation into every indistraight course between these dangerous difficulties vidual case, necessary to cut down the amounts disis not easy. Only wise and temperate minds should tributed and make it impossible for the "dole" to
undertake it. It is all right to plan, to co-ordinate, grow upon us imperceptibly? It is not a pleasant
to collect, but the distribution and dispensation are task to those who perform it. In many cases investiequally important. If appeals to government and gation will cost more than it can save. But the
the good-heartedness of citizens are to be filled with future must be protected from the present. Our
a whoop and a halloo in an emotional outburst of generosity should not lead us into the habit of giving without inquiry. We should not be led away by
so-called benevolence, where is the end?
There is another potent reason for caution. No the rabid pronouncements of the professional
one can now say what the to-morrow of this debacle organizers.
is to be. We are where we are 'because of an unex"Unto Him That Hath."
pected world war. More than a decade after its close
we are feeling the awful drag of its costs, 'horrors,
The estate of Payne Whitney, as outlined by the
destruction and deprivation. No man can say that report just filed by the executors, is the most rea recurrence of "prosperity" will employ every idle markable yet disclosed to the public in this country,
man. War demands and high wage demands stimu- and one of the most interesting features is the fact
lated machinery demands; and the machinery is here that two years after Mr. Whitney's death his estate
to stay. In the aftermath of the present struggle was increased in value to the extent of over fifty-two
to right our social, economic and financial dispari- millions by reason of the unprecedented bull stock
ties, there is certain to be an increase in the propor- market of 1928-1929.
tion of the unemployed. We should so conduct our
This great enhancement in value was exceptional,
present helpfulness as to be able, as well as willing, but it illustrates the manner in which a fortune may
to meet further calls. No careless fashion of voting be swelled when funds are invested, in carefully
blocks of bonds, of emptying community chests, selected stocks, of established corporations that are
will suffice at this time.
worth while. There appears to have been no "cats
It is a critical condition we are in. Something and dogs" inventoried in the Whitney estate, the
must be done, but what? Even if we were to make name commonly applied to shares issued by nonour present charities a part of our taxes by law, we descript companies often formed to beguile the unwould be met by our tax inequalities. Nor is it fair wary to part with savings.
to say that the "rich must pay" simply because they
The increment which came to the Whitney estate
have that with which to pay. It is every man's duty would not have been derived had not the seed been
to help his brother in distress—when such helping sown by a careful planter. Wealth does not increase
is deserved or is called forth by the extremity. by hoarding, but by investments which enable capiTherefore, we can very well leave to our citizens the tal to be employed in productive enterprises.
1506
FINANCIAL CHRONICLE
This largest of fortunes in the United States so
far made a matter of record was founded upon industry. Oliver H. Payne, the uncle of Payne Whitney, was named after the naval hero of Lake Erie.
He was a resident of Cleveland, Ohio, before removing to New York and he derived a fortune through
investment in the Standard Oil Company which he
saw develop in his home town.
It was the lot of Payne Whitney as an heir of his
uncle to assume management and custody of the
Payne fortune. How well he administered this huge
trust, not only to preserve but to enhance the principal and conscientiously to distribute a portion of
-the income for the public weal is fully disclosed in
the interesting report now filed by the executors.
There are many other large fortunes in America
whose possessors occupy a position of great responsibility, especially at this particular time, when so
many exactions are made for philanthropical purposes. Remarkable candor has been maintained by
Americans in control of vast resources during an
unprecedented period. There has been no hysteria,
but there has been shown a minimum thought of
self-interest and a broad mindedness and commendable spirit of helpfulness'among leaders in all circles
upon whom responsibility devolved.
At home and abroad these leading citizens have
conducted themselves in a manner to win the respect
and esteem of the entire world. Sometimes Americans are referred to as the "newly rich." Wealth
has been recently acquired here because, •by comparison, this is still a new country with wonderful
opportunities. But it is all the more to the credit
of Americans that they may still acquire riches and
not become so indiscreet as to misuse them. Possessed
of the right kind of calibre men are developed and
[Vol.. 133.
strengthened through experiencing ordeals which
test their courage, their endurance and their skill.
When one considers the good uses to which riches
are put in this free land, the kindly feeling which
the possessors of fortunes have for others who are
less fortunate, the readiness with which they support new projects needing capital for development
and their loyalty to the government in hours of distress there need be no fear that Americans will not
carry on even though clouds may threaten.
Governor Ritchie's Views Regarding Unemployment.
In an article in our issue of Aug. 8, entitled "A
Dangerous Doctrine on Unemployment," we commented upon some remarks made by Albert C.
Ritchie, Governor of Maryland, in an address before
the Virginia Bar Association at White Sulphur
Springs. One of our subscribers, a friend of Governor Ritchie, took pains to send him a photostat copy
of the article, and in return received a reply from
him, which we have received permission to reprint.
The Governor's letter is as follows:
"I have your favor of Aug. 14, and thank you very much
indeed for sending me photostat copy of the editorial in the
"Financial Chronicle" about my speech at the Virginia Bar
Association. I do not know that I disagree a great deal
with what this editorial says. My real point is that whether
you regard it as an obligation on industry or as something
which industry must do for its own welfare, the fact is that
if industry does not make provision for forced unemployment
the pressure on Congress is going to be so great that it will
do so, and if that happens, then we will have a dole system
or some sort of panacea which may be almost overwhelming.
I do not see what is going,to stop this unless the industrial
leaders of the country try their hands at the job. I have
seen both Owen Young and Gerard Swope quoted to the
same effect."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 4 1931.
There has been a slight increase in trade in seasonable
goods. The tone is just a trifle more cheerful here and
there. There is nothing aggressive in the buying;far from it.
Buying for the school season,however,has stimulated business
at retail and the millinery trade at retail and wholesale has
been good. Wholesalers and jobbers are getting orders
from quarters where buying had been deferred. But on
the other hand the demand for goods in some lines is smaller
than had been expected. On the whole retailers are not
buying freely, evidently being afraid to commit themselves
until the outlook becomes distinctly more promising. There
is less demand for wool. Wheat has declined somewhat,
but in some quarters • there is hesitation about selling the
market at this low level, the lowest it is said since 1852.
Speculation and export business in wheat have both been
quiet, and a small market has felt Northwestern hedge
selling more than it otherwise would. The net decline is
little more than 2 cents in March and May. Wheat is so
cheap that feeding to livestock is unusually large. Corn
has advanced 23-i cents on September which was a great
surprise to the trade. It had expected September deliveries
on a considerable scale, some estimates going as high as
3,000,000 bushels. Instead there were none at all. The
stock at Chicago is said to be in strong hands. Some think
the distant deliveries in corn are still too high as compared
with other grain. Oats and rye have not developed any
interesting features.
Cotton has declined about half a cent under slow liquidation, due in part to some decline in stocks and a discouraged
feeling among the bullish element at the failure of the trade
in raw and manufactured cotton to revive. Also there is
a tendency to increase the size of the crop estimates or
to adhere pretty closely to the last Government estimate
on Aug. 8 of 15,584,000 bales. If that is to be added to
a carryover of something like 9,000,000 bales it is plain
enough that there is going to be no scarcity of cotton. The
only consolation for the producer is that in seasons when
prices are very cheap, and they are the cheapest now for
the last 30 years, the world's consumption of American
cotton is apt to increase very materially. Meanwhile
hedge selling is light. The cotton crop is latex. There is
a striking disparity between the receipts at the Southern
ports thus far and those up to this date last year. Provisions have declined and lard is off some 25 points. Stocks
of lard are believed to be ample for the current demand.
Receipts of hogs are now larger than those of a year ago.
Coffee has advanced 20 to 30 points. Talk of a partial
moratorium in Brazil has had some effect. Brazil is negotiating, it seems, a new loan of £1,350,000, to be repaid
it seems, by 1,350,000 bags of coffee in monthly shipments of 112,500 bags. Sugar futures have advanced 1
to 2 points, but refined has dropped to 4.550. Europe at
times has sold and Cuban interests have bought. The
September sugar tenders were larger than were expected
and caused for a time some liquidation of September; but
they were readily taken by trade houses and seemingly
Cuban interests. Rubber has declined about 10 points
with nothing bracing in the statistics, but the price is low
and from time to time there was more or less covering in a
market in which the tendency is to become short. Hides
have declined 40 to 50 points, led by lower prices at Chicago, where sales have been on a large scale at the decline.
Cocoa dropped 20 points. Silk fell 2 to 5 points. Iron
and steel trade remains dull, much to the disappointment
of those who were hoping for better things in September.
Structural steel meets with a readier sale, but this is not
saying very much. The output of automobiles in August
is said to have been between 180,000 and 200,000. The
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1507
feeling in the automobile trade seems to be as a rule rather burg, S. C., wired that an increase of 10% in the capacity
pessimistic, and there are predictions that the outturn in of the Renfro Bleaching & Finishing plant in Greenville
September may prove to be smaller than that of August. County is announced. Greenville, S. C., wired that wage
Much depends upon the action of the Ford Co. The output reductions have recently been instituted in a number of
of oil is still kept down by the maintenance of martial mills in that vicinity, Officials of both Judson and Monaghan
mills said wage adjustments had recently been made there,
law in Oklahoma.
Fall styles of clothing are now being very generally shown but in neither instance was there a flat reduction of wages.
throughout the country and there is said to be some increase At several other mills around the city it was reported that
in the demand though it is not marked as yet. Recent special no changes had been made in wages during the last few
sales in New York and the West and South cut down the months and that no announcements could be mode.
At Knoxville, Tenn., the Standard Knitting Mills and
stocks of summer goods very plainly. One great complaint
is the slowness of business as a rule at both wholesale and the Cherokee Spinning Co. are on full time. At Chatretail. It does not revive as had been expected. There is tanooga, Tenn., the McAllester Hosiery Mills are now
still a lack of confidence in business almost universally in maintaining a greater rate of production than ever before,
the United States. Of course, this is a great bar to im- since orders on hand are for three months ahead. Because
provement. Collections throughout this country are still of decreased prices of textiles the company is not reaching
very slow. They improved slightly a few weeks ago, but its highest mark in money received. Kingsville, Tex.,
there is no improvement evident now. But the East makes wired that the branch plant there of the San Antonio Cotton
the best showing in this particular. The shoe business is Mills has been closed. It formerly spun coarse yarns and
still active. The tendency in the furniture business is maintained an equipment of 3,400 ring spindles. It is
slightly upward. Household hardware and electrical ap- understood that the unit will be closed indefinitely.
pliances are selling rather better. The radio trade is fairly
Leipzig reports that the fall fair which opened there
large. In Boston, shoe factories are busy but their sales are Aug. 31 revealed that prices are lower than in previous
mostly for prompt delivery. The deinand for distant de- years, but that buying has not been stimulated since there
livery has fallen off. Textile goods and general merchandise are few buyers present compared with earlier events. Exin Philadelphia are also wanted for prompt shipment and here hibitors total 6,150, with foreign buyers estimated at 6,000.
too, there is an absence of any brisk demand for delivery Estimates place the number of visitors at 80,000. There
well ahead.
are not many American buying agents present, their absence
Hero print cloths have declined to 4 8c.from 4Wic.for 38%- being attributed to efforts to economize on expenses, but
inch 64x60s. Unfinished cotton goods, particularly coarse British agents are present with a fair number of buyers,
yarn goods as a rule have been very dull. Finished cotton interested chiefly in gift goods.
goods have in some cases been in fair demand, but one of
Chicago wired that trade leaders agree that the worst
the leading manufacturers of ginghams announced new prices of the depression is over and that conditions will steadily
showing a decline of Mc. a yard on staple ginghams and 2 to improve. It adds that the attitude is backed by the fact
23c. on dress ginghams and chambrays. In woolen and that there is an improvement in labor conditions, although
worsted men's wear lines for fall wear met with a good de- it is certain that winter will find many thousands unemployed
mand. Duplicate orders for overcoatings and suitings were and plans on a large scale are under way to care for them.
numerous enough to attract attention. Dress goods for fall Some reports from Chicago declared that country merchants
were in good demand, but were not plentiful for prompt de- seem certain that conditions are improving for they are buylivery as many mills are sold well ahead. Fall lines of broad ing supplies on a much larger scale than for a year and a
.well, especially velvets and satins. Chicago half to replenish their bare shelves. Between 15,000 and
silks sold very
reports about the steel trade are rather more cheerful than 20,000 workmen were notified to report for work on Sept. 8
those from Pittsburgh. The sales of paints, varnishes and at the River Rouge plant of the Ford Motor Co., which
plumbing fixtures are increasing somewhat in various parts will resume operations on that date, according to press
of the country. The wholesale coal trade is rather better. advices.
On the 2d inst. it was warmer with temperatures of 73
On Monday Aug. 31 the stock market was slightly lower
fp transactions of 738,741 shares, a purely professional affair. to 82 degrees here. Boston had 54 to 70 on the 1st inst.;
Wheat prices sought a new low level. Railroad bonds were Chicago, 66 to 74; Cincinnati, 68 to 84; Cleveland, 64 to 80;
in some cases 3 to 5 points higher and foreign issues irregular Detroit, 64 to 78; Kansas City, 68 to 82; Milwaukee, 66 to
or lower. The announcement of a forthcoming United 76; Minneapolis-St. Paul, 52 to 80; Montreal, 48 to 68; New
States Government loan of $1,100,000,000 caused aVra,ctional Orleans, 76 to 90; New York, 63 to 75; Omaha, 62 to 78;
rise in other Government bonds, but had a weakening effect Philadelphia, 64 to 84; Portland, Me., 54 to 68; Portland,
on the stock market. On Sept. 1 stocks were practically on Ore., 60 to 82; Salt Lake City, 60 to 78; San Francisco, 52
an even keel. Fluctuations were of the narrowest. The to 66; Seattle, 60 to 76; Winnipeg, 52 to 58. On the 3rd
tone however was firm. But not for 7 years have the trans- inst. it was 67 to 75 degrees here. Boston was 64 to 74;
actions been so small, i. e. 536,310 shares as against 1,- Chicago, 56 to 76; Cincinnati, 56 to 80; Cleveland, 58 to 7a;
770,000 in the same day last year and 4,430,000 in the Detroit, 60 to 76; Kansas City, 66 to 80; Milwaukee, 58 to
unforgetable 1929. On the 3d inst. came a decline in stocks 74; St. Paul, 52 to 84; Montreal, 56 to 72; Omaha,62 to 86;
with the passing of the dividends on J. I. Case and Lehigh Philadelphia, 74 to 76; Portland, Me., 58 to 64; Portland,
Valley RR. and a bad break on the Berlin Stock Exchange Ore., 66 to 86; San Diego, 70 to 78; San Francisco, 56 to 68;
on its reopening after having been closed seven weeks. The Seattle, 62 to 90; Spokane, 62 to 90; St. Louis, 62 to 82;
Berlin decline on the 3d inst. was 20 to 25 points on many Winnipeg, 54 to 74. To-day it was 63 to 73 degrees in New
active shares which it was suggested might have some York. The forecast was fair to-night and showers to-morrow.;
effect on the loans of German banks. Here the trading
broadened out to 2,129,830 shares the largest day's business National City Bank of New York Believes Business Will
Be Helped Most by Lowering of Prices of Goods.
in six weeks. Declines, however,in some instances were 3
In the opinion of the National City Bank of New York,
to 10 points and Case ended at a drop of 9%. Other stocks
which declined were American Can, Coca Cola, International "business is likely to gain more by endeavoring to make
Business Machines, Du Pont, Westinghouse Electric, Union goods so cheap that people will want to buy than through
Pacific, Reading and Columbian Carbon were all lower. 'Buy Now' campaign." The bank's comment on business
Railroad bonds were lower and foreign issues irregular. conditions follows:
The domestic business situation has shown no marked change during the
To-day stocks were dull and lower finally becoming irregular
trade has shown an irregular pick-up in preparation
but on the whole acting better than they did on the 3d. past month. Wholesale
for the fall retail trade, but conditions in the heavier industries, iron and
Selling had seemingly for the time at least spent its force. steel,
automobiles, building, and dependent lines continue generally sluggish.
The transactions were only 1,194,802 shares or nearly a While the immediate wants of the people are furnishing a steady flow of
the feeling of uncertainty
million less than on the previous day. Bonds were still business in articles of common everyday necessity,
which still pervades the business world has continued to have a restraining
declining. Charlotte, N. C., reports the feeling among the influence
upon the longer-term constructive undertakings from which the
mills of the South as rather more optimistic.
heavier industries derive their principal support.
In order to go ahead with important projects, business must have either
Fall River, Mass., wired that a slightly more optimistic
confidence in the future or the incentive of unusually low costs. At the
no
though
large
sales
noticeable,
were
made.
feeling was
present time business is facing a great many difficulties which tend to
The better feeling was due mainly to the increased inquiry impair confidence. We have already referred to the uncertainty which
situation, whiah we regard as the most
which would have led to much larger actual sales but for exists regarding the toEuropean
revival of confidence at the present time. In
formidable obstacle
the scarcity of spot goods. Stocks in consumers hands have addition, there are many disturbing influences in the domestic situation
dwindled owing to the recent decline in raw cotton. Spartan- such as unemployment, the low prices for staple commodities, and banking
1508
FINANCIAL CHRONICLE
difficulties, which must inevitably exert a restraining influence on trade
and sentimpnt.
There is no question but that prices of many commodities are rapidly
getting to levels which constitute a strong inducement to buyers. The
movement, however, is not uniformly distributed, which means that some
groups of producers gain at the expense of other groups, and trade is
thereby impaired. An outstanding feature of the situation, and one which
suggests the natural way out of the present business impasse, is the notable
response generally accorded by the public to offers of goods for sale at
real bargain prices. Where real values are available there appears to be
little hesitancy in buying. In our opinion, business is likely to gain more
by endeavoring to make goods so cheap that people will want to buy than
through "Buy Now" campaigns and similar efforts to urge them to purchase
against their will. If bargains are what people want, the thing to do is to
make bargains as universal as possible, so that not only will the retail
buyer be attracted, but anyone who has the slightest idea of going ahead
with any program of expansion will be forced to conclude that now is an
advantageous time to do it. Eventually it will be by this reduction of cost
that the depression will be overcome, hence the sooner all parties engaged
in the productive processes realize this and co-operate fully to this end,
the better.
[VOL. 133.
show a slight improvement over July, and a further moderate
upturn is expected in September." The bank further
observes:
Should such an upturn occur, however, it will remain to be seen as to
whether it is anything more than seasonal, as, at the present time, there
does not seem to be developing in any consuming quarter any pronounced
demand of sufficient important in any consuming quarter to provide a
long-term impetus.
It is encouraging to note that finished steel prices have been fairly well
maintained.
In the petroleum field the evident necessity of drastic action, to prevent
excessive and wasteful production, has led to the adoption of arbitrary
measures, backed by State authority, in both Oklahoma and Texas. While
it is doubtful whether such measures can effect any permanent remedy,
It is to be hoped that they will help stabilize the immediate situation.
especially with respect to price, and point the way toward more effective
co-operative measures within the industry.
Certainly, it is significant that in spite of reduced incomes, due to unemployment or other causes, the public somehow contrives to buy food
in the usual volume, and to make necessary replacements of clothing.
Production volumes of textiles mills and shoe factories, for instance, have
been running ahead of last year.
It has long been expected that the steady demand for consumption merchandise
would sooner or later stimulate raw material markets and aid
Guaranty Trust Company of New York While Reportmanufacturers of supplies and materials. It has also been expected that,
ing Business Activity at Low Levels Finds Some
before many months, a replacement demand would likewise manifest itself
Favorable Signs.
with respect to articles of less immediate consumption—items such as
automobiles,
furniture, and the like. Thus far, however,these expectations
Except for small seasonal gains reported in certain lines, have not been
borne out to any appreciable extent. While a tendency
business activity remains at very low levels, states the Guar- In this direction may develop as the season advances, nevertheless, it is
anty Trust Company of New York in the current issue of now becoming evident that such improvement as may be witnessed this
fall will be more gradual than many people had anticipated.
the "Guaranty Survey," its monthly review of business and
financial conditions, published Aug. 31. "On the whole,
production and distribution show more than the usual
seasonal declines in volume for July and early August," the
"Survey" continues. "The index of the Guaranty Trust
Company for last month reached a new low level at 68.3
(preliminary), which compares with 69.3 for June and 83.9
a year ago. Nevertheless, a number of favorable conditions
support the belief that some expansion is likely to occur in
the near future."
In part the bank adds:
Bank of America N.A., Sees Sentiment as to Business
Prospects Here Influenced by Development.
Sentiment in this country would be brighter as regards
domestic business conditions if it had not been overshadowed
by the recent untoward developments in Europe, in the
opinion of The Bank of America N.A., set forth in the
September issue of "The Review." Improvement in Great
Britain and Germany, the Bank believes, will go a long way
to better the situation in the United States. The bank also
states:
Favorable Signs in Domestic Markets.
Although commodity prices in this country have failed to maintain the
"August has been a very quiet period in all basic lines of industry and
strength reported last month, their recent behavior has continued to indicate
production. The iron and steel industry and automobile manufacturing
that the influences making for price recession have spent most of their
have been passing through a period of more than seasonal dullness. Building
force, for the time being at least.
Another encouraging feature of the situation in the United States is the and construction activity continues below the level of recent years. On
the
other hand, certain classes of manufacturing that eater more directly
activity reported in retail trade. While sales, measured in dollar values,
are somewhat smaller than a year ago, the decrease appears to be consider- to retail consumption have been fairly active, reflecting a good buying
ably less than would be expected as a result of the decline in prices. This demand for low priced goods.
"The shoe and clothing industries, the tobacco trade, and to a lesser
comparison indicates that the physical volume of business has increased and
xtent, some branches of the textile industry are notable among those
strengthens the view that consumers' supplies have been depleted to a
point where more liberal buying is necessary, despite the contagious—and, which have experienced this improvement.
"Agricultural markets continue in a depressed condition. The cotton
to a certain extent, unreasonable—habits of extreme economy that have
market is still suffering from the effect of the forecast of a larger crop than
been adopted since the advent of depression.
bad
been expected. Wheat prices have been at a new low point for the
This opinion is further confirmed by the continued recovery reported in
certain industries turning out consumers' goods. The textile industries and year. but the smaller world crops now anticipated make the outlook for,.
the boot and shoe industry are conspicuous examples of this improvement. the export trade in wheat better than at this time last year."
Both of these branches of manufacture depend for their demand mainly on
"The Review" points out that interest in the financial
consumers' purchases of strictly necessary commodities. It had been
markets
during August was concentrated to a very large
apparent for some time that current buying of such goods was insufficient
to offset the effects of wear and that, sooner or later, consumers would be extent upon developments in Great Britain and Germany,
forced to enter the markets on a larger scale, regardless of the trend of particularly the former. It reports that as a result of the
aggregate purchasing power in the meantime.
Progress in Business Readjustments.
In so far as this interpretation of recent tendencies is correct, it is reasonable to conclude that industries supplying every-day consumers' needs will
probably enjoy a higher level of demand and that this improvement will
gradually work its way back into the earlier stages of the industrial process.
The economic readjustments in prices, wages, taxes, production, and consumption have obviously not been completed, or even reached a point of
stabilization; and yet they present a situation where, if conditions in Europe
improve, recovery may begin and constructive factors prevail. Some
seasonal recovery, at least, may be anticipated.
Developments abroad during the last few weeks have further emphasized
the far-reaching character of the economic difficulties that impede worldwide business revival. Accordingly, there is more reason than ever to
believe that the United States is likely to experience a definite upturn
before most of the other leading industrial nations. Any expansion of
activity and revival of confidence that take place here should, of course,
provide a strongly helpful influence abroad, particularly if the returning
confidence takes the form of a greater willingness on the part of American
investors to resume the role oflenders to the rest of the world. Nevertheless.
enough obstacles remain to convince most observers that the return to
prosperity. In this country as well as elsewhere, will be a slow and highly
Irregular process. with enough setbacks of numerous kinds to obscure
basic upward trend, especially in its early stages.
Union Trust Co. of Cleveland Sees Encouragement in
Business Outlook in Fact That Consumption of
Necessities Is Relatively High.
Encouragement in the business outlook is seen in the fact
that consumption of merchandise representing daily necessaries such as food and clothing has remained relatively high,
says the Union Trust, Cleveland. On the other hand, the
bank points out that some of the heavy industries have shown
still further declines, and a general attitude of caution continues. "Operations of steel mills and blast furnaces in
July declined to the lowest point of the depression reaching
about 30% of capacity," says the bank in its magazine,
"Trade Winds." "From present indications August may
formation of a coalition cabinet in Great Britain and the
evident firm determination of the new government to put
financial affairs in order, a general feeling of confidence in
the British credit situation has been created in international
financial centers. The Bank expects that the completion of
arrangements for extending the period of short term foreign
credits will greatly lessen Germany's difficulties.
In discussing the retail trade situation, "The Review"
declares that "throughout the country as a whole, trade is at
least as good as at this time last year, and in some sections
better." Low prices for clothing and shoes have made
those classes of goods particularly active.
Nathan, German Economist, Lays Trade Instability to Capitalism—Says Maladjustments Are
Inherent in That System—Criticises Federal
Farm Board.
The maladjustments which create business cycles are
inherent in the capitalistic system, it was declared on
Aug. 30 by Dr. Otto Nathan, economist in the Division
of Foreign Commercial Policies of the German Government, in a speech at the Stevens-Columbia Economic Camp,
near Johnsonburg, N. J., it is learned from the New York
"Times," which further quotes him as follows:
Dr.
Speaking on the subject, "What Has Happened in Recent Years in
the Rest of the World," the economist listed what he thought were many
of the causes of the present economic depression.
Dr. Nathan touched briefly on many subjects relating to world economics.
The division of labor and the lack of interchangeability of ideas and market conditions were expressed as difficulties under the capitalistic system.
The Federal Farm Board, in attempting to mitigate the maladjustments of the capitalist state, he said, had probably done more harm than
good. The maladjustments, he said, might best be overcome in this
country by educating the business communities in matters of economic
conditions.
Loading of Railroad Revenue Freight Continues Much
Below 1930 and 1929.
Loading of revenue freight for the week ended on Aug. 22
totaled 748,711 ears, the Car Service Division of the American
Railway Association announced on Sept. 1. This was an
increase of 5,975 cars above the preceding week but a decrease of 191,847 ears below the corresponding week last
year. It also was 389,255 cars under the same week two
years ago. Details follow:
Miscellaneous freight loading for the week of Aug. 22 totaled 280,590
cars, a decrease of 2,517 cars below the preceding week this year, 86,499
cars under the corresponding week in 1930, and 175,358 cars under the
same week in 1929.
Grain and grain products loading for the week totaled 44,760 cars, a
decrease of 1,257 cars below the preceding week this year and 13,215 cars
under the same week last year. It also was 17,071 cars below the corresponding week two years ago. In the Western districts alone grain
and grain products loading for the week ended on Aug. 22 totaled 30,421
cars, a decrease of 12,349 cars below the same week last year.
Forest products loading totaled 27,333, a decrease of 486 cars below the
preceding week this year and 14.043 cars under the same week in 1930.
It also was 42,330 cars below the corresponding week two years ago.
Ore loading amounted to 35,724 cars, an increase of 421 cars above
the week before but 19,363 cars below the corresponding week last year.
It also was a decrease of 40,012 cars under the same week in 1929.
Loading of merchandise less-than-carload-lot freight totaled 214,100
cars, an increase of 1,240 cars above the preceding week this year, but
22,413 cars below the corresponding week last year, and 47,790 cars under
the same week two years ago.
Coal loading amounted to 118,889 cars, 6,072 cars above the preceding
week but 34,109 cars below the corresponding week last year. It also
was 55,895 cars under the same week in 1929.
Coke loading amounted to 4,363 cars, a decrease of 260 cars below the
preceding week this year and 3,495 cars under the same week last year.
It also was 7,639 cars below the same week two years ago.
Livestock loading amounted to 2:3,042 cars, an increase of 2,762 cars
above the preceding week this year and 1,200 cars above the same week
last year. It was, however, a decrease of 3,160 cars under the same
week two years ago. In the Western districts alone livestock loading
for the week ended on Aug. 22 totaled 17,875 cars, an increase of 1,845
compared with the same week last year.
All districts reported reductions in the total loading of all commodities,
compared not only with the same week in 1930 but also with the same
week in 1929.
Loading of revenue freight in 1931 compared with the two previous
years follows:
Five weeks in January
Four weeks in February
Four weeks in March
Four weeks in April
Five weeks in May
Four weeks in June
Four weeks in JU1Y
Week ended Aug. 1
Week ended Aug. 8
Week ended Aug. 15
Week ended Aug. 22
1•4.441
1931.
1930.
1929.
3,490.542
2,835,680
2,939,817
2.985,719
3,736.477
2,991.749
2,930,767
757,293
734,780
742.736
748.711
4.246,552
3,506,899
3,515,733
3,618.960
4,593.449
.3,718,983
3.555,610
919,781
904,157
922,823
940,558
4,518,609
3,797,183
3,837,736
3.989.142
5.182,402
4,201,881
4,160,078
1,105,920
1,092,153
1,102,567
1,137,966
24.894.271
30.443.505
3421S 437
The foregoing, as noted, cover total loadings by the
railroads of the United States for the week ended Aug. 22.
In the table below we undertake to show also the loadings
for the separate roads and systems. It.should be understood, however, that in this case the figures are a week
behind those of the general totals-that is, are for the week
ended Aug. 15. In the comparisons for the separate roads,
the only road which continues to show a.substantial increase
over the corresponding period last year is the InternationalGreat Northern RR. This reports loading 6,638 ears during
week of Aug. 15, as against 2,451 carp m the same period
in 1930. Increased oil developments in eastern Texas are,
of course, the reason for this.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARE3)-WEEK ENDED AUG. 15,
Total Loads
Total Revenue
Receivedfrom
Freight Loaded.
Railroad:.
Connections.
1930.
1929.
1931.
1931.
1930.
Fastern DistrictGroup AMMO & Aroostook
Boston & Alban!
Boston & Maine
Central Vermont
Maine Central Hartford
N.Y. N. H.&
RutlandTotal
GrouP FBuffalo Rochester & PittabUrgh
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh de New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts.Shawmut& Northern
Ulster & Delaware
Total
Group CAnn Arbor
Chicago Ind. & Louisville
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinao
Detroit & Toledo Shore Line..
Detroit Toledo & Ironton
Grand Trunk Western
1509
FINANCIAL CHRONICLE
SEPT. 51931.]
827
3,437
9,684
769
3.396
13,297
679
1,264
3.803
11,484
907
4,537
14,234
659
1,012
4,339
13,472
1,011
4,496
18,702
751
281
5,565
10,165
3,429
1,721
12,735
1.181
404
6,068
11,000
3,021
2,175
12,622
1,428
32.089
38.888
43,783
85,077
36,918
4,042
5,453
10,843
13,632
171
1,497
8,002
2,484
25,928
2,279
438
395
74
5,115
8.478
11.611
17,316
248
2.161
9,859
2,142
32,223
1,715
494
452
70
5,336
7,691
13,179
19,116
250
2,240
11,969
2,568
40,250
2,046
685
559
82
1,113
7.373
6.399
14,818
2,022
1,050
7,254
29,156
2.009
46
336
64
1.745
8,122
6,390
18.601
2,113
1,417
8,476
84
34,593
2,292
51
390
106
74,738
91.884
105.971
71,383
84,380
623
2,220
9,414
47
325
234
1,463
3,251
575
2,304
11,261
84
471
264
2,587
4.378
691
3,149
14,460
162
635
497
4,326
8,275
1,084
2,256
12,130
167
231
1,829
973
5,512
1,584
2,495
15,130
88
211
2,478
1,444
6,962 •
43
Railroads.
Group C (Concluded)
dichlgan Central
donongahela
4ew York Chicago dc St. Louki_
'ere Marquette
Tttsburgh & Lake Erie
'ittsburgh & West Virginia
Vabash
Vheeling & Lake Erie
lieret7e-gifrows
Connections.
Total Revenue
Freight Loaded.
1931.
7,801
4,210
5,799
5,401
4,555
1,193
6,709
4,115
1930.
8,994
5,519
7,229
8,261
7,505
1,832
7,339
4,690
1929.
13,002
6,499
8,146
10,413
9,466
1,651
9,457
6,574
1931.
8,017
231
8,576
3,951
5,449
902
7,666
2,647
1930.
9,218
532
12,694
4,880
7,880
842
9,974
3,358
57,360
73,293
97,403
61,621
79,790
Grand total Eastern District. 164,187
Allegheny District28,144
laltimore & Ohio
3,664
ieseemer & Lake Erie
580
tuffalo & Susquehanna
136
luffalo Creek & Gauley
7,648
:e.ntral RR.of New Jersey
5.53
:ornwall
:umberland & Pennsylvania333
101
Jgonler Valley,
1,421
,ong Island
72,377
'ennsylvania System
14,550
Leading Co
7,662
fnlon (Pittsburgh)
41
Vest Virginia Northern
3,221
Vestern Maryland
202,065
247,157
168,081
201,088
37,663
6,993
573
168
10,469
569
365
179
1,713
92.219
16,851
12,689
39
3,806
46,822
8,222
543
265
12,396
1,159
431
213
1,786
113,025
19,845
14,723
62
4,475
16,252
1,802
162
6
11,375
38
23
33
3,231
41,799
17,086
3,788
1
3,859
21,130
3,557
392
10
13,470
97
26
35
3,350
49,725
21,122
7,685
3
5,481
140,431
Total
Pocahontas District23,686
3:tesapeake & Ohio
17,977
/orfolk & Western
950
(orfolk & Portsmouth Reit Line
3,636
Trginian
184,296
223.967
99,455
126,083
26,825
22,201
993
4,022
30,413
26,496
1,089
4,735
8,509
3,906
1,562
438
9,847
6,128
1.904
465
46,149
54,041
82,723
14,415
18,344
7,361
1,211
416
149
55
2,034
480
374
7,370
23,358
172
10,209
1,198
586
137
47
1,811
436
453
9,553
25,400
206
11,647
1,470
763
204
69
2,444
518
569
9,516
30,857
218
4,464
1,281
1,158
372
79
1,143
691
3,150
3,432
12,690
901
5,763
1,413
921
283
81
1,576
823
2,889
3,985
14,312
1,054
42,980
Total
Group 11275
klabarna Tenn.& Northern
799
4tlanta Birmingham & Coast
721
tti.& W.P.-Weet.RR'.of Ala
4,050
Dentral of Georgia
250
:3olumbus & Greenville
422
Florida East Coast
1,082
Georgia
606
Deorgla & Florida
879
Gulf Mobile & Northern
23,917
Illinois Central System
20,641
Louisville & Nashville
131
Macon Dublin do Savannah
169
Mississippi Central
2,142
Mobile & Ohio
2,792
Nashville Chattanooga dc St. L.
New Orleans Great Northern
808
548
Tenngesee Central
50,036
58,275
29,361
33,100
251
1,142
754
4,589
318
623
1,166
963
898
26,186
24,708
222
306
2,318
4,056
841
673
299
1,134
1,010
5,338
503
661
1,285
755
1,383
33,771
29,478
158
381
3,567
5,010
958
808
189
476
1,036
2.249
221
387
1,387
393
815
9,104
4,447
254
298
1,225
1,979
324
583
280
573
1,137
2,740
382
567
1,346
568
1,416
12,377
5,503
351
251
1,822
2,485
515
528
Total
Total
Southern DistrictGroup Aalantio Coast Line
Ilinchfield
Iharleston & Western Carolina3urham & Southern
lainesville Midland
4orfolk Southern
ledmont& Northern
lichmond Fred. &Potomacleaboard Air Line
louthern System
ffinston-Salem Southbound- - -
60,232
69.994
86.499
26,365
32.841
Grand total Southern Dist- 103,212
Northwestern District1,555
Belt Ry. of Chicago
21,381
Chicago & North Western
2.875
Chicago Great Western
Ohio. Milw. St. Paul & Pacific_ 22,572
Chic. St. Paul Minn. & Omaha
4,157
Duluth Missabe & Northern_ 12,125
Duluth South Shore & Atlantic
1,298
Elgin Joliet Se Eastern
4,621
Ft. Dodge Des M.& Southern_
390
14,300
Great Northern
630
Green Bay & Western
2,843
Minneapolis & St. Louts
Minn. St. Paul & S. S. Marie
6,185
10,356
Northern Pacific
1,192
Spokane Portland & Seattle-.
120,030
144,774
54,726
65,941
1,569
29,514
3,837
29,522
5,703
19,833
1,475
7,677
561
24,113
737
3,781
9,512
13,584
1,339
1,348
36,349
4,099
35.055
6,379
24,233
2,304
10,792
749
26,208
678
4,036
10,339
15.898
2,163
2,183
9,587
2,477
7,761
3,875
92
419
4,049
193
2,559
424
1,348
2,232
2,562
1,198
2.110
11,118
3,275
9,309
5.277
160
519
7.225
187
2,968
395
2,040
2,713
3,230
1,568
106,480 152,757
Total
Central Western District29,443
27,745
Atch Top & Santa Fe System
253
193
Bingham & Garfield
4,744
3.576
Chicago & Alton (Alton)
25,351
20,051
Chicago Burlington & Quincy
19,552
Chicago Rock Island & Pacific_ 16,326
3,654
2,975
Chicago & Eastern Illinois
996
1,116
Colorado & Southern
2,805
2,476
Denver & Rio Grande Western380
537
Denver & Salt Lake
1,341
Fort Worth & Denver City.-1,178
1,664
1,042
Northwestern Pacific
294
Peoria & Pekin Union
125
27,280
S. P. (Pacific)
20,793
St. Joseph & Grand Island.398
320
413
Toledo Peoria & Western
325
15,890
Union Pacific System
14,831
Utah
403
213
1,982
Western Paelflo
1,773
180,630
40,959
52,094
32,920
320
5,653
28.655
22,600
5,232
1,583
4,014
562
1.655
1,877
251
29,729
424
545
19,293
471
1,929
5,005
24
2.127
6,541
7,706
2,565
1,024
2,162
19
1,112
324
24
3,801
325
891
6,827
15
2,058
6,466
46
3,069
8.298
9,178
2.790
1,202
2,619
24
1,217
493
131
4,716
271
984
9,105
16
2,257
Total
115,595
Southwest DistrictAlton & Southern
174
134
Burlington-Rock Island
Fort Smith & Western
194
Gulf Coast Lines
1,389
Houston & Brazos Valley
132
6,838
International-Great Northern
Kansas Oklahoma & Gulf
401
Kansas City Southern
2,010
2,258
Louisiana & Arkansas
195
Litchfield & Madison
834
Midland Valley
89
Missouri & North Arkansas....
5,346
Missouri-Kansas-Texas Lines
18,122
Missouri Pacific
37
Natchez & Southern
72
Quanah Acme & Pacific
9,825
St. Louls-San Francisco
3,166
St. LOUIS Southwestern
486
San Antonio Uvalde & Gulf-6,860
Southern Pao. In Texas & La-6,131
Taxes & Pacific
1,958
Terminal Fat. Assn.of St. Louis
31
Weatherford Min. Wells& Nor_
136,843
157,713
42,550
52.810
243
304
239
2,745
199
2,451
426
2,690
1,762
207
1,132
124
6,414
21,170
34
' 152
12,029
2,701
643
9,033
5,094
2.921
78
315
316
270
2,088
595
2.387
386
2,924
2,204
336
1,421
231
7,701
24,779
63
157
14,447
3.039
683
10,066
5,474
4,571
80
2,874
211
139
2,309
28
2,379
920
3,052
839
647
309
243
2,755
9,430
41
139
4,057
1,373
• 281
3,534
4,519
2,797
67
3,130
478
239
1.769
75
1,723
1,169
2,536
1,163
998
358
470
3,556
10,335
30
in
5,064
2,204
470
4,074
3,639
3,395
44
66,682
72,791
85.593
42,993
47,027
Total
Total
s Previous Lgurce.
FINANCIAL CHRONICLE
1510
[VOL. 133.
consumption increase of about 300,000,000 kilowatt hours per year and an
July Output of Electric Power in the United States 2% annual
increase in revenue of proosciy $29,,•..1.19,909 in the domestic refrigeraBelow that for the Corresponding Period in 1930.
tion field alone.
The
study
points out that there were an estimated 2,625,000 domestic
According to the Division of Power Resources, Geological
electric
in use on Jan. 1 1931, and says that the present rate
Survey, electric power produced in the United States by of sale refrigerators
will add a million new refrigerators by the end of the year, an
public utility plants during the month of July 1931 totaled increase of 26%. This will mean a revenue expectancy from refrigerators
7,730,775,000 kwh., a decrease of about 2% as compared of $141,840,000 for 1932.
with the same period last year when output amounted to
about 7,899,144,000 kwh. Of the total for July 1931 there
were produced by water power 2,735,938,000 kwh. and by Building Plans Filed in New York City for July Show
Big Decline for 1930, According to S. W. Straus &
fuels 4,994,837,000 kwh. The Survey's statement follows:
Co.—Country at Large Also Smaller.
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE U. S. (IN
KILOWATT HOURS).
Building plans filed in New York City in July 1931 totaled
$17,014,727, as against $25,262,092 in June and $52,318,451
Change in Output
from Previous Year. in July
Total by Fuels and Water Power.
Division.
1930, it is shown by official reports to S. W.Straus &
July.
June.
July,
May.
June.
Co. Despite the heavy decline, New York City continued
+2%
to head all others in building activity. New York State,
New England
521,575,000 498,674,000 485,445,000
—1%
—4%
Middle Atlantic__ - 1,911,568.000 1,910,862,000 1,988,927.000
—4% with a volume of $26,363,895 building permits and plans
—6%
East North Central 1,733,943,000 1,657,924,000 1,667,230,000
—3%
—1% filed in 32 communities, also leads all other States.
West North Central_ 483,373,000 469,340,000 510,642,000
+2%
South Atlantic
917,656,000 821,282,000 832,570.000
—3%
East South Central_ 333,235,000 362,027,000 341,943,000 +12%
The compilation as a whole covered 528 cities and towns
West South Central_ 367,650,000 404,980.000 414,638.000
—7% —10%
Mountain
281,832,000 282,632,000 293,588,000 —13% —13% of the United States.
—1%
—1%
Pacific
1,088,243,000 1,106,457,000 1,195.792,000
July permits in all the 528 communities totaled $110,•
—2% 399,933, as against $108,215,822 in June, an increase of
Tots for U.S
—3%
7,639,075,000 7,514,178,000 7,730,775,000
The average dai y production of electricity for public use in the United 2%, but a decline of 33% under the July 1930 total of
States in July was 249,400.000 kwh., practically the same as the daily
$166,573,751. As a group, the 25 cities reporting the largest
output for June.
The normal seasonal decrease in the daily demand for electricity from volume of permits for the month showed an increase of 24%
January to July,based on 11 years ofrecord, is 44%:the decrease in demand from June, a decline of 34% from July of last year and a defrom January to July for this year was only 2U,%. The total demand
Eleven of the cities made
for electricity for public use in January of this year was 8% less than in cline of 55% from July 1929.
January 1930. This percentage has gradually decreased and the demand individual gains over July 1930—Philadelphia, Baltimore,
in July was only 2% less than for July 1930. These figures indicate a Seattle, Rochester, Yonkers, New Haven, Elizabeth,
dairly definite trend towards improvement in the demand for electricity so
Evanston, Ill., Minneapolis, Cambridge, and Portland, Ore.
far this year, as compared with last year.
The production of electricity by the use of water power continues to de- The 25 cities and the volume of their building permits for
crease at about the same rate as last year, and is still influenced by drouth
July are:
conditions which have reduced the flow of power streams. The production
of electricity by the use of fuel in July was about the same as in July 1930.
The improvement in precipitation conditions in most sections should, it is
believed, begin to bring about an improvement in the production of electricity by the use of water power.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1930 AND 1931.
January .. _ _ _
February ___
March
April
May
June
July
August
September __
October ___ _
November__
December__
1930.
Kw.Hours.
1931.
Kw. Hours.
1931
Under
1930.
8,663,206,000
7,628.574,000
8,186,894,000
8,018,769,000
8,063,776,000
7,783,762,000
7,899,144,000
7,905,978,000
7,791,702,000
8,195,499,000
7,692,979,000
8,107,814,000
7,946,776,000
7,159,882.000
7,875,967,000
7,643,276,000
7,639,075,000
7,514,178,000
7,730,775,000
8%
6%
4%
5%
5%
3%
2%
____
Total
95.936.097,000
a Increase 1930 over 1929.
1930
Under
1929.
Produced by
Water Power.
1930.
1931.
34%
36%
40%
41%
40%
39%
37%
32%
29%
28%
29%
29%
30%
30%
34%
41%
41%
38%
35%
____
85%
83%
82%
82%
------—2%
—5%
—3%
—6%
—7%
—5%
____
—1.5%
34%
____
The quantities given in the tables are based on the operation of all power
plants producing 10.000 kwh. or more per month, engaged in generating
electricity for public use, Including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads generating electricity for traction. Bureau of Reclamation plants, public works
plants, and that part of the output of manufacturing plants which is sold
for public use. The output of central stations, electric railway and public
works plants represents about 98% of the total of all types of plants. The
output as published by the National Electric Light Association and the
"Electrical World," includes the output of central stations only. Reports
are received from plants representing over 95% of the total capacity.
The output of those plants which do not submit reports is estimated:
therefore the figures of output and fuel consumption as reported in the
accompanying tables are on a 100% basis.
[The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
25 CITIES REPORTING LARGEST VOLUME OF PERMITS FOR JULY 1931;
WITH COMPARISONS.
July 1929.
June 1931.
1931.
July 1930.
New York (P. F.)
$17,014,727 $52,318,451 $55,139,664 $25,262,092
Philadelphia
11,654,285
2,806,915 17,900,580
2,075,440
2,558,760„
4,989,120
2,423,880
Baltimore
5,841,626
7,942,133
4,460,040
Los Angeles
3,715,072
1,439,284
Boston (P. F.)
6,924,287
2,343,324
2,756,897
2,495,100
5,127,815
Washington, D.C
2,303,115
2,356,570
558,180
Seattle
2,184,065
1,315,530
1,382,220
703,556
Rochester
1,961,719
928,105
1,091,367
504,040
Yonkers
1,823,275
1,947,825
784,825
2,351,799
San Francisco
3,973,981
1,828,473
1,086,836
1,235,758
New Haven
1,464,387
398,411
1,730,693
1,424,400
Chicago
1,658,600
8,033,350 14,151,000
2,047,471
Detroit
3,625,963 10,913,415
1,567,187
141,848
Elizabeth
196,669
1,508,826
421,510
396,030
Providence
847,945
1,445,825
2,030,140
1,055,130
Houston
1,634,308
1,331,521
1,874,429
207,500
1,638,450
Evanston, Ill
319,750
1,327.750
968,830
St. Louis
2,631,867
1,245,649
1,408,999
1,857,045
Cincinnati
2,301,150
1,209,650
3,318,615
1,015,815
2,558,175
Oklahoma City
1,118,315
1,588,340
627,195
Minneapolis
1,516,710
1,108,510
1,072,430
233,433
Cambridge
211,320
1,094,990
1,003,865
628,711
Newark
2,996,392
1,445,741
1,059,273
917,537
Milwaukee
4,984,689
4,940,479
1,037,005
563,405
Portland, Ore
1,113,675
584,995
952,610
369.336,129 8104.865,742 $153,499,424 855,591.519
(P.F.) Indicates Plans Filed.
The 12 leading States, the number of cities and towns surveyed in each and the total volume of permits are as follows:
New York, 32, $26,368,895; Pennsylvania. 25, $12,894,975; California.
66, $10,639,023; Massachusetts, 27, $7,336,910; Maryland, 4. $5.169,122;
New Jersey, 34, $5,045,145; Illinois, 38, $5,015,693; Chic), 24, 84,528,892;
Texas, 17, $3,217,123; Washington, 12, $2,980,148; Connecticut, 13.
$2,933,319; Washington, D. C., 1, $2,303,115.
New England's Position in First Half of This Year
Held by New England Council to Be Better Than
Rest of Country.
England's ability to bring itself through the business
New
Increase in Annual Consumption of Electricity in
United States Indicated in Survey of Wood, depression of 1930 in better condition than the rest of the
country is continuing in 1931, the New England Council, allStruthers & Co.
New England development organization, announced at
The average annual consumption of electricity by domestic
Boston on Aug. 16 in making public figures compiled by its
users of the United States increased from 524 kilowatt hours
statistical department for the first six months of the year.
for the 12 months ending June 1 1930 to 566 kilowatt hours
The Council says:
for the corresponding period just past, an increase of 8%,
according to a review of this subject made by Wood, Struthers & Co., of New York.
A large part of the increase is
ascribed to a gain of approximately 15% in the number of
electric refrigerators installed in homes between Jan. 1 and
June 1 of this year. On Aug. 30 further information revealed in the survey was made available as follows:
Total domestic consumption for the 12 months ending June 1 last was
11,429,507,000 kilowatt hours, which brought a revenue of about $675,000,000 as against a total consumption of 10,373,927,000 kilowatt hours
with revenues of about $643,000,000 for the corresponding period ending
June 1 1930. This was a gain of $32,000,000 for the electric industry in
spite of the fact that the average consumer actually paid only 5.91c. per
kilowatt hour for his power in the latter period as against 6.20c. for the
period ending in June 1930.
Approximately 500,000 new electric refrigerators had been installed from
Jan. 1 1931 to July 1 last, the analysis shows, which means an electrical
In eight out of nine indices the figures for which are obtainable, New
England's position in the first half of the current year is better than that
of the rest of the country by from 2 to 20%. Similarly, figures for 11 out
of 12 indices in 1930 show that New England came through that year
better than did the rest of the nation. In both 1930 and 1931 figures the
one category that does not compare favorably with the rest of the country
Is cotton consumption, although in the first six months of 1931, New England's relative position in cotton consumption has improved from a point
11% lower than in the rest of the country to a point 2% lower.
While there has been reduction of business generally since 1929, New
England's percentage losses have been less than those of the rest of the
country, and some indices show positive percentage gains for New England
either markedly greater than gains for the rest of the country or comparing
with percentage losses for the rest of the country.
Commenting onithe figures, Council headquarters pointed
out that many New England businesses had takenbositions
of leadership both in adjusting to depression conditions and
inYprorating,workrand otherwise adopting policies calcuTaTel
SEPT. 51931.]
FINANCIAL CHRONICLE
1511
Prices Falling Less Sharply, Foreign Traders FindStable Market in United States Will Have Potent
Effect Abroad, Says James A. Farrell of National
Foreign Trade Council.
"American Foreign Trade in 1931," the annual report on
international trade of the National Foreign Trade Council,
issued this week emphasizes the paramount need to "stop
profitless merchandising" as the first requisite to recovery.
The Council calls attention to the fact that although wholesale commodity prices in the United States have been reduced
by an average of 1 X% per month during the past two years,
that reduction is now proceeding at a rate of slightly less than
one-half of one per cent per month, with the strongly marked
indication that the trend of American trade may presently
return to stable prices and a resumption of rising values.
Although falling prices are common to all parts of the
world, James A. Farrell, Chairman of the National Foreign
Trade Council, in interpreting the world trade outlook,
declares that "the stabilization of our domestic market will
have a strong constructive influence in other countries."
Indices In 1931.
Indices in 1930.
The single resolution passed by the Foreign Trade ConP.C.Change 1s16 Mos.
Per Cent Chance
in New York last May calling on American business
vention
1931 as Compared
1930 as Compared
with 1st 6 Mos. 1930. to "stop profitless merchandising" has been circulated during
with 1929.
New
U.S.. Rut. the past two months, the report states, throughout every
U.a.,Era
New
England. New Eng. England. New Eng.
industry in the United States. Trade associations, bankers,
-11.4
-33.0
-22.4
-11.0
Building contracts awarded
manufacturers, advertising agencies, steamship and railroad
-9.0*
-7.0
-7.0*
-5.0
sales
store
Department
-27.2
-22.6
-29.9
-18.9
and other endorsers of the resolution have broadBank debits
companies,
+2.4
+0.7
Savings deposits
200,000 copies of the foreign traders'
approximately
-1.5
+3.7
cast
Savings per capita
-27.7*
Farm value 75 representative crops.. -22.8
declaration. This strong movement against the inertia
+15.9
+11.7
-5.6
+8.3
Business, failures (number)
-13.1
-18.8
-13.3
-13.3
Carloadings
caused by falling prices is having a very sound effect, the
-30.6*
-19.9
Net railway operating income
-2.5x
+7.9:
-16.4
14.7
Council declares, on the present trade situation.
Shoe production
-5.8
-7.0
-21.5
-32.2
Cotton consumption
The report also contains an analysis of the present Latin
+10.5
+20.9
-30.2
-23.2
Wool consumption
-16.0
-6.0
Life insurance sales
American economic situation by Dr. E. W. Kemmerer,
•Includes New England. x For 5 months.
Research Professor in International Finance at Princeton
The Council has shown by figures at earlier periods of University, whose conclusions are summarized as follows:
the depression that New England was faring better than
For a number of years preceding the present crisis. Latin American
The American
the country as a whole, and the figures made public above countries borrowed very heavily in the American market. Latin
American
and it seemed to be willing to buy
bring the statistical record up to date and substantiate, by public was prosperous
bonds in almost unlimited quantities under the pressure of the high-powered
indications.
are
previous
the
countries
a more complete survey,
salesmen of American investment houses. * * * Many of these
to relieve as much as possible the effects of unemployment,
while on the positive side industries have developed new
products, new uses for old products, new and more efficient
distribution plans and in general have applied more aggressive merchandising methods as an antidote to depression
conditions.
To promote these practices, it was pointed out, the New
England Council in consultation with leading business men
compiled and issued its "business stabilization program" in
January of 1930, its "aggressive merchandising program"
shortly thereafter and its "employment stabilization program" still later, and the measures comprised in these programs were widely used, according to reports to the Council
from business executives. This co-operative and stimulative effect by the all-New England development organization was made possible by the 1,500 associate members
of the Council.
The statistics released Aug. 17 by the Council are in two
tables,for 1930 and for the first half of 1931. They follow:
Brookmire Looks for Seasonal Rise in Fall Business.
Due to the present widespread shutdown in manufacturing
industries and slow retail trade, it is a foregone conclusion,
according to the Brookmire Economic Service, Inc., that
there will be a seasonal rise in business in Sept. and Oct. and
there is basis for hope that the rise will be more than of
seasonal proportion. In the motor industry, it is pointed out
that the usual seasonal trend from Aug. to Dec. is downward
and it is quite probable that Sept. or Oct. will see actual
increase in output from the current level.
Brookmire says:
making great sacrifices to maintain the service charges on their public debt,
under very unfavorable conditions-conditions for which they themselves,
in
for the most part, are not responsible. Most of them are succeeding
their efforts, and they deserve hearty co-operation and support."
The most outspoken session of the convention, the frank
discussion accorded the American tariff by the importers,
and the rejoinder by Dr. Julius Klein, Assistant Secretary
of Commerce, brings this highly controversial subject for the
first time into the record of one of these gatherings. The
nineteen sessions of the convention heard 51 addresses on
various phases of the foreign trade situation, and comprise
the most comprehensive record of the foreign trade situation
which the Council has issued in recent years. A new feature
of the convention was a series of "foreign trade appraisal"
The chief uncertainty of the motor industry Is the question ofintroduction luncheons in which nine first-line industries sent their leading
of a new Ford model. This is rather confidently expected before the end
within a convention."
of the year, but it is as yet unknown when work will get under way, though spokesmen to a "convention
It is rather generally predicted for September. Any expansion in the motor
three-day session was attended by 1,567 delegates from
The
industry will of course be reflected in the steel operations. Moreover,
35 states and territories of the Union and 24 foreign countries,
there is probability of a temporary increase in the demand for structural
has held in the east,
steel and it is possible that the railroads will specify somewhat more liberally and was the largest meeting the Council
than in the past month or two. A large federal building program is expected excepting that in Baltimore two years ago.
in the early fall and there are several large projects which are underway.
The report is provided with a 16-page index for ready
While the railroads are not yet warranted in making heavy outlays, it is
group sesfelt that recently their use of steel has reached an irreducible minimum. In reference and contains a verbatim record of the
managers,
export
retail trade seasonable expansion may be expected after Labor Day.
men,
credit
advertisers,
by
held
sions
It is quite possible, in the Brookmire opinion, that by Oct. foreign trade bankers, and the American Manufacturers
a pronounced advance may get under way in wheat prices. Export Association.
They point out, that the force of the depressing influences
in wheat is about spent and that the heavy carryover and
the big winter wheat crop will soon be offset by drastic Annalist Weekly Index of Wholesale Commodity Prices.
reduction in spring wheat in both the United States and
The Annalist weekly index of wholesale commodity
Canada and probable large declines in Southern Hemisphere prices declined further to 101.1 on Tuesday, Sept. 1, a loss
crops this winter. Russian exports will also, it is believed, of 0.2 from last week's 101.3, which left it but 0.6 above
be less than in the past season and, as the early season exports its record low of June 2 and 9. Continued declines in the
are heavier than a year ago, supplies from Russia will dwindle farm and food products groups were responsible for the
rapidly after Sept. or Oct.
loss, offset only in part by the advance of petroleum in
While, in view of the heavy carryover and depressed con- the fuel group.
dition of the cotton industry throughout the world, advances THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
may not be sharp, it is said to be probable that cotton prices
(1913=100.)
will rule well above this fall's levels for the next two or three
Sept. 1 1931, Aug. 25 1931. Sept. 2 1930.
years at least. It is safe to assume that next year will see a
86.3
117.6
85.1
drastic reduction in acreage and an increase in consumption Farm products
113.1
131.0
112.6
Food products
*90.4
111.9
of cotton.
90.6
Textile products
154.3
122.0
125.0
been
in
or
already
reached
passed
have
to
appears
Fuels
Bottom
101.8
108.0
101.8
Metals
114.9
115.3
134.0
non-ferrous metals, textile fibres such as wool and silk and in Building materials
96.6
106.0
96.6
Chemicals
84.1
petroleum products. The trend however, remains downward Miscellaneous
84.1
98.2
10.4 5
2
Int
int i
•II ......m......u.u.•
and
steel,
iron
as
corn.
livestock
and
commodities
in such
*Revised.
Building materials and coal are indeterminate.
1H2
FINANCIAL CHRONICLE
Report on Monthly Sales of Buffalo Drug StoresAverage Daily Sales Show Little Change in July.
In reporting monthly sales of drug stores in Buffalo,
N. Y., the Bureau of Business and Social Research of the
University of Buffalo of that city, under date of Aug.25,says:
The average daily sales of 56 reporting Buffalo drug stores (14 "chain"
and 42 "independent") amounted to $8,025 in July, an increase of .3 of
1% over the June total of $7,999. Since July is a longer month than
June, the total sales for July were $248,767 as compared with $239,973
in June.
The Census of Distribution for Buffalo for 1930 shows that chain drug
stores sold 29.24% of the total and independent stores 70.76% of the total.
The weighted index numbers have been recomputed with the new weights,
which make only slight changes in the results previously given. This
weighted index in July fell 1.2% below the June figure and is now 2% lower
than for January of this year.
A summary ofresults for the firstseven months ofthis year is shown below:
50 Stores.
[VOL. 133.
volume of boot and shoe output in the first half of 1931. As a result.
the production rate of the reporting New England shoe manufacturers
for July this year was over 24% greater than for the corresponding month
a year ago. The returns from 1,076 representative manufacturing establishments in Massachusetts showed a small seasonal decline of 2%
In the number of wage-earners employed and a small decline of 1.3% in
aggregate weekly earnings for July compared with the preceding month.
Of the 173.280 persons employed in these Massachusetts establishments,
as shown by the July returns, 100,676, or 58.1%, were in establishments
reported as operating on full time, compared with 51.1% in June. The
number of commercial failures, as issued by R. G. Dun & Co., was smaller
in July than in any month since November 1930. but the amount of liabilities was considerably larger than the June total, although about equal
to the volume of liabilities reported in earlier months of the year. Net
sales of reporting New England retail stores in July were 10% below the
corresponding month last year, while cumulative net sales for the first
seven months of 1931 were more than 7% lower than in the same period
in 1930. Money rates on all classes of paper during the last few weeks
have remained relatively unchanged.
43 Stores
(Jan. 1931=100)
Somewhat Greater Than Seasonal Decline in Trade
and Industry in Cleveland Federal Reserve DisAverage
trict-Conditions in Retail and Wholesale Trade
(readjusted. Dads Sales.
and Rubber Industries.
January sales
100
100
February sales
105
106
Because
of usual mid-summer dullness, Fourth (Cleve-March sales
11.N101
100
April sales
$240,276
102
101
land) District trade and industry in general, which have
May sales
24(1,328
7,946
102 '7/
100
June sales
239,973
been at very low levels for many months, were further
7,999
102 1 Y
100
July sales
248,767
8,025
102
98
reduced in July and the first part of August, the extent of
• Adjusted for days of month, with 71% weight to Independent stores and 29%
weight to chain stores,
the decline being somewhat greater than seasonal, says the
Sept. 1 "Monthly Business Reivew" of the Cleveland
Report by University of Buffalo on Wholesale Credit Federal Reserve Bank, which further summarizes conditions
as follows:
Conditions in Buffalo.
Another disturbing factor was the number of bank suspensions in midJuly reports on credit conditions from 22 identical con- August,
in the northwestern part of the district, largely the
cerns in the Niagara area show that the ratio of overdue to result ofparticularly
local conditions.
Production
outstanding accounts on Aug. 1 stood at 22.9%, as compared
and distribution of most products were lower in July than
in June even after allowing for seasonal variations, but commodity prices
with 21.8% on July 1, an increase of 5%,says a report issued remained
relatively steady. Fourth District crop estimates were revised
by the Bureau of Business and Social Research of the Uni- sharply upward in July in the cases of most important crops, and from the
versity of Buffalo of Buffalo, N. Y., under date of Aug. 24. production standpoint the agricultural situation in this district is quite
favorable. Prices, however, are very depressed.
The report continues:
Output of consumer's
Unwetghted
Adjusted
Index.
*Weighted
Adjusted
Index.
This is the second consecutive month in which this ratio has increased,
thus interrupting the favorable tendency through the first five nionths of
the year. The increase is partly caused by a decrease of3.6% in the volume
of outstanding accounts.
Through the co-operation of nine additional concerns the Bureau is
able this month to increase the number of reporting concerns from 22 to 31.
For all 31 concerns the ratio of overdue to outstanding accounts was 23.8%
on Aug. 1. Since back figures are lacking for the new concerns, it is impossible to make any comparison with the results of the previous month.
For the first time we present a separate ratio for concerns in the food
group, based upon 7 companies with outstanding accounts aggregating
$8800,000 and engaged in milling, fruit juice production, dairy products
and grocery distribution. For this group the ratio of overdue to outstanding accounts on Aug. 1 was 23.9% as compared with 25.2% for
the
same concerns on July 1. The advantage of analyzing results by
trade
groups is obvious and such analysis will be extended to other groups
if
sufficient concerns of similar nature and credit policies can be secured.
Below are given (1) a comparison of Aug. 1 with July 1 for 22 comparable
concerns and 7 food concerns, results for Aug. 1 for 31 concerns, and
(2)
the monthly increases or decreases in outstanding accounts for comparable
concerns in adjoining months.
(1) Ratio of overdue to outstanding accounts (22 identical
concerns)July 1.
Aug. 1.
Outstanding accounts
$6,305,184 $6,075,100
Overdue accounts
1,372,898 1,394,223
Ratio of overdue to outstanding (31 concerns)
21.8%
22.9%,
Outstanding accounts
6,934,301
Overdue accounts
1,648.889
Ratio of overdue to outstanding (7 food concerns).
Outstanding accounts
785,632
2168
97
;151
Overdue accounts
197,890
191,324
Ratio of overdue to outstanding
25.2%
23.9%
(2) Volume of outstanding accounts:
Increase.
Decrease.
June 1 compared with May 1
0.7%
July 1 compared with June 1
Aug. 1 compared with July 1
3.8%
Federal Reserve Bank of Boston Reports Increased
Operations in Woolen and Silk Branches of Textile Industry-Seasonal Decline in Employment.
The Federal Reserve Bank of Boston, in its Sept. 1
"Monthly Review" reports that "industrial production in
the first month of the third quarter has shown a slight
Improvement over the rate obtaining during the first half
of 1931." The Bank's survey of conditions in the New
England District continues:
goods continues in rather satisfactory volume.
The number of pairs of shoes produced in this district in July was 4.4%
ahead of one year ago and in the first seven months was only 1.4% below
the same period of 1930. The tire industry, from the sales and production
standpoint, is in better position than most basic industries. Output in
the latest month for which figures are available was 10% above one year
ago. Clothing and textile plants also have been operating at higher levels
than last year, though a slight slackening was reported in early August.
Retail distribution was only slightly lower In July than in June, but was
9.7% below the same month of 1930. In some individual localities where
rather extensive advertising campaigns have been waged the decline in
sales was much smaller than the drop in commodity prices. Relatively
less purchasing of department store goods is being
done on credit than
a year ago.
The iron and steel industry receded to the lowest level in ten years, but
operations were still above the low point reached In 1921. The reduction
was particularly sharp at steel centres of this
district because of the curtailment in releases on automobile material, and although a slight increase in
sheet orders was reported in the third week of August, demand is still vent
limited. Shipments of iron ore from upper Lake ports continue to be
about half as large as a Year ago.
Automobileregistrations In July in principal counties of this district compared much more favorably with July 1930 than preceding months have
compared with similar periods of last year, but the production of cars continues to recede.
Reports of inquiries in several fields have been received recently, particularly for machine tools, &c., but actual orders have been slow in materializing.
The Bank reports as follows as to the rubber and tire
industry:
Reports emanating from Akron, the center of tire manufacturing, indicate
that from the standpoint of production and sales, the Industry, at present.
is in better shape than most of the basic industries of the country. Production of pneumatic tires in June,the latest month for which complete data are
available was 10.6% greater than in the same month last year and the
Board's index of rubber tire production, which is corrected for seasonal
variations, advanced each month in the first half of 1931, the improvement
from the low point of 75% of the 1923-1925 monthly average, touched in
December, to 130 In June being nearly 75%. Production of rubber tubes
also has improved perceptibly.
.
Sales as represented by shipments have kept quite in line with production.
for inventories did not show an increase in the spring months of this Year
comparable with the expansion revealed at that period of other recent years.
Theimprovement in tiro sales has been in those used for replacement.
since original equipment sales follow automobile production and exports of
tires have been slightly below 1930. Replacement tire sales are the most
profitable to manufacturers, and earnings of rubber companies recently have
improved. This is partly a result of lower raw material costs; crude rubber
is now selling at slightly above Sc. a pound, the lowest price in history, and
raw cotton also has fallen to the lowest levels recorded in over 30 years.
Based on employment figures, which dropped 2% in July, compared with
June, there was a slight falling-off in operations, mostly seasonal in character. Of 21 concerns reporting to the Ohio State Bureau of Business
Research. 10 contributed to the decline,9reported increases and 2 indicated
no change in employment from June. Compared with a year ago employment in July was off 22% and in the first seven months was down 25%•
Production of tires in the first half of 1931 was only off 5.9% from the same
period of last year.
Low prices have had little effect on shipments of crude rubber to this
country, imports in July being 41.004 tons against 34,084 tons in the same
month last year. In the first seven months receipts reached 279,229 tons,
a reduction of only 8% from importations in the same period of 1930,
July is normally the month in which many lines of industry, particularly those producing consumers' goods, begin to expand their production
schedules for the autumn and spring trade. Both the woolen and worsted
and the silk branches of the textile industry in this district operated during July on increased schedules, while the cotton mills did not report
as large a reduction as usual in the amount of raw cotton consumed. The
rate of cotton spindle activity, based on the spindle hours operated per
spindle in place, was somewhat larger in July than in June. while receipts
of raw cotton at the five principal consuming centers were well sustained
during July. The amount of raw wool consumed in July in this district
was reported as 18.2% greater than in June. The typical increase in
July over June in wool consumption, however, is only about 2%. Silk
machinery activity, based on the percentage of normal capacity of broad
looms operated, was reported as slightly greater than in June. The July
volume of residential building (square feet of new contracts awarded),
after seasonal allowances had been made, was over 5% greater than in
As to retail and wholesale trade the Bank says:
the preceding month, while new commercial and factory construction,
after seasonal adjustment, reported a substantial improvement. AlRetail Trade.
though boot and shoe production in July was slightly smaller than in
After allowing for seasonal variations, the volume of retail trade done in
June, with a decline of 1.7%, a considerable expansion occurred in the July by
reporting department stores in this District was only slightly
SEPT. 5 1931.]
FINANCIAL CHRONICLE
smaller than in June, the adjusted index in July being 81.2% of the 19231925 monthly average, compared with 81.5 in the preceding month. The
dollar value of sales was 9.7% smaller than a year ago, however, and in the
first seven months the reduction from the same period of 1930 was 9.2%.
If comparisons are made on the number of transactions, a much more
favorable situation is indicated. In many cases the number of sales are
reported ahead of last year. In this connection the Fairchild retail price
index of items handled at department stores declined further in July and
was 10% lower than in Jan. 1931.
All individual cities showed losses in July compared with a year ago, but
the decline at Cleveland was only 1.3%; Akron, 3.8%, and Toledo, 5.1%.
all of which might be interpreted as increases In view of the lower price level.
The reduction In sales in the first seven months at Cleveland was 10%.
Akron, 4.3% and Toledo, 1.2%. Cincinnati stores reported a loss of 5.9%
in the same period.
Practically all of the individual departments experienced smaller dollar
sales in July when compared with a year ago, but the declines were very
small in the linen, domestics, toilet articles, jewelry, shoe, men's clothing
and furnishings, and house furnishing departments.
For the first time since last November the seasonally adjusted index of
stocks at department stores failed to show a reduction from the preceding
month, but the retail value of these stocks was approximately 15% below
last year. The stock turnover rate, both for the month and the year to
date, continues above the same periods of 1930.
A smaller volume of business is being done on a credit basis than a
year
ago for the ratio of charge sales to total sales in July was 55.6 compared
with 58.2 in July 1930. The ratio of all collections in July to accounts
receivable on June 30 was 31.1 this year against 33.3% one year ago.
At the 48 reporting furniture stores sales were off 17% in July and
in the first seven months from the same periods of 1930. Furniture 21%
sales
at department stores were off only 7.6% in July.
Chain grocery sales on a unit basis were 1% smaller in July than a year
ago, and down 2.7% in the first seven months. Chain drug sales were off
:3.9% and 1.5% respectively in the same periods.
Wholesale Trade.
Wholesale grocery and drug sales were larger in July than in the preceding
month and the losses from the same month a year ago, 13.5% and
5.5%,
respectively, were smaller than the decline in sales shown in the first six
months when reductions of 16.5% and 8.5% were reported.
The declines from last year in wholesale dry goods sales in
July, 18.5%,
and in wholesale hardware, 16.3%, also were smaller than the cumulative
percentages which for the first seven months were 26 and 23%,respectively.
Stocks of all reporting groups were down, but the reduction in grocery
stocks from last year was only 2.8%. Some difficulty regarding collections
was reported.
Manufacturing at Relatively Low Levels in Philadelphia Federal Reserve District:
According to the Federal Reserve Bank of Philadelphia,
business was exceptionally quiet in July in the Philadelphia
Federal Reserve District,"but there was a little seasonal improvement in early August. Manufacturing continues at
relatively low levels," says the Bank, "though normal gains.
have occurred in a few lines producing chiefly consumers'
goods. Construction activity and new awards for buildings
increased noticeably in July, exceeding the volume of a year
ago, but in August there was a marked decline in contract
awards." The Bank in further surveying conditions in its
District, in its September 1 "Business Review" says:
The coal market has been rather dull and production of anthracite has
declined further while that of bituminous coal increased slightly. Condition
of farm crops continues satisfactory. Wholesale and retail trade was somewhat more than seasonally smaller in July but showed some upturn in
August. Shipments of goods have remained in smaller volumes than for
several years.
Changes in the banking figures of the District have not been large
during the past month. A small increase in the demand for currency was
in line with expectations at this season. The quiet business situation
has been accompanied by a further small decline in member bank loans to
customers; borrowings from the Federal Reserve Bank have not fluctuated
materially for several months past.
1513
products, transportation equipment, building materials, tobacco products,
paper and printing, and radio and musical instruments. The smallest
relative declines, on the other hand, occurred in the manufacture of leather
and textile products. The July index of factory activity of this district was
the lowest in the last decade.
Among the individual Industries, the output of steel works and rolling
mills, and blast furnaces declined by slightly smaller amounts than is
customary, although employment and payrolls showed sharp decreases.
Production of silk and cotton manufactures held its own, while that of
wood products and knit underwear showed more than, the usual gain from
June to July. Hosiery, carpets and rugs, and men's clothing reported
further declines. In the food group, there occurred an extraordinary rise
in the index of sheep slaughtered, though cattle slaughterings, too, increased more than usual for July. Activity of ice cream plants and sugar
refineries also was up to the seasonal level, while bread and bakery products, canning and preserving, and hog and calf slaughtering failed to
maintain the normally looked for levels.
Production of brick measured up to the volume customary for July, while
that of cement continued the exceptional decline of the few previous months.
Shipments of cement were also noticeably smaller, while stocks were somewhat larger in July this year than last. This was also true for the country
with the exception of cement stocks which were slightly smaller than a
year ago.
The chemical industry on the whole was less active in July than June,
the present level of productive activity being the lowest since the latter
part of 1925. Operations of plants making chemicals and drugs declined
further and continued substantially below last year. There was some seasonal
increase in the output of explosives but the output of by-product coke,
paints and varnishes, and petroleum products was less than in June.
Little Change in Real Estate Situation in Philadelphia
Federal Reserve District-Improvement in Building Construction.
The Federal Reserve Bank of Philadelphia states that
"activity in the construction and contracting industry continued to gain during July; both employment and payrolls
showed more pronounced Increase between June and July
of this year than in the corresponding period of 1930; present
rates of operation, however, are still substantially lower
than in other years" the Bank adds. It also has the following to say in its September 1 "Business Review" regarding
building and real estate:
The most pronounced improvement last month occurred in the construction of buildings; street and highway operations also increased noticeably,
while general contracting work showed a small gain in employment and a
decline in payrolls. In the Philadelphia area both the number of workers
employed and the total weekly payrolls were substantially larger than in
June.
The proposed expenditure under permits issued in 17 cities of this District increased sharply during July and was the largest of any month since
April 1930. The value of contracts awarded for new construction also
was substantially larger than in June and showed a gain of about 48%
in comparison with July 1930. Awards in the first half of August, however,
declined and were considerably smaller than a month or year ago.
Per Cent Change Prom7 Months
1931.
1930.
1926-1929
Averaee.
$42.483,000
2,635,000
883.000
1,777,000
1,884,000
2,554,000
76,756,000
-55.9
+50.7
---77.7
--30.0
-27.9
-35.7
---41.6
--86.1
--36.6
--75.7
-74.0
--413.9
.--43.1
--42.5
Total Philadelphia Federal Reserve
$128,752,000
District, Including all cities
-46.7
-54.6
Contracts Awarded.
Philadelphia
Reading
Scranton
Camden
Trenton
Wilmington
"All other"
The number of deeds and the value of mortgages recorded in Philadelphia
declined last month and were the smallest of any July in recent years.
Foreclosures in August declined sharply from the unusually high point
of the preceding month, but remained exceedingly numerous in comparison
with other years.
The real estate situation shows little change. Renting demand for houses
and apartments has been quiet and sales of properties continue at a relatively slow rate. Mortgage funds remain scarce in certain sections of this
district and prospective buyers are still experiencing difficulty in financing
their purchasee.
Manufacturing.
Manufacturing activity shows a slight improvement over the exceptionally
low level that prevailed in July. The demand for finished goods continues
slow in spite of some betterment in the market for such consumers' goods
as wool manufactures, floor coverings, shoes, rubber tires and mechanical
rubber goods. Prices of finished products show signs of firmness and in
July they remained practically unchanged from the June level. Quotations
for raw materials declined only fractionally, while those for partly manufactured products advanced a little.
Inventories at manufacturing plants appear moderate and generally
Wholesale and DepartmentWStore Trade in Chicago
smaller than at the end of June; they also have been reduced from those
Federal Reserve District Showed Decreases During
of a year ago. National stocks of commodities have declined steadily
since the end of 1980; the latest index shows that holdings of manufactured
July as Compared with June.
goods were 4% lower than a year earlier, while stocks of raw materials
Both wholesale and department store trade in the Chicago
were 8% higher, although the seasonal decline in the latter has continued
Federal Reserve District declined in July, it is indicated in
since the beginning of this year.
Employment, working time, and pay-rolls in factories of this section the "Monthly Business Conditions Report" of the Federal
reached the lowest level in many years, declines in July being more than Reserve Bank of Chicago issued Aug. 31 from which we
usual for the third successive month. Local factories reduced their worktake the following:
ing forces by over 2% and the wages paid by 8% from the June level,
Declines were general during July in reporting lines of wholesale trade,
reflecting partly a period of vacations and mid-year inventory taking.
Similarly, factory employment in the country declined 2.5% and payrolls with the exception of groceries which group showed a 9% gain in aggregate
5.4% from June to July. The index for this district stood at 78% of sales over the preceding month, the increase being contrary to seasonal
hardware sales declined 10%. dry goods 18%.
the 1923-25 average for employment and 58% for wage payments, indicating trend. In the other groups,
drugs 4%,shoes 22%. and electrical supplies 2%. The recessions in harddeclines of 17 and 80% respectively from July 1930.
ware, dry goods, and shoes were larger than usual for the period, with those
Output of manufactures continued downward, productive activity in
In drugs and electrical supplies about average. Declines from a year ago
July being 3% smaller than was to be expected. Exceptionally large declines were smaller than in a similar comparison for June in groceries, dry goods,
occurred in production of cigars, building materials, fabricated metal and electrical supplies, but heavier in hardware, drugs, and shoes. In the
products, and paper and printing. A rather unusual gain occurred in the first seven months of 1931, grocery sales decreased 10% from the same
activity of the leather and shoe industry, following a sharp decline in the period of 1930, hardware 24%, dry goods 25%,drugs 13%,shoes 20%,and
preceding month. More than seasonal gains also were noted in the output electrical supplies 33%. Stocks, though remaining well below 1930 levels,
of foods, radio and musical instruments.
had increased at the end of July over Juno in drugs and shoes. Ratios of
In comparison with a year ago manufacturing activity was 21% lower. accounts outstanding to net sales during the month were higher in the
were
reported
curtailments
by
groups
extensive
comprising
most
metal majority of lines than either a month previous or a year ago,
The
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
WHOLESALE TRADE IN JULY 1931.
Per Cent Change
From Same Month Last Year.
Commodity.
Groceries
: 'Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Net
Sales.
Stocks.
Acds. Outstanding.
--17.8
--17.5
--11.3
--15.1
--27.4
--5.3
--15.8
--35.0
--10.9
--19.7
--10.3
--5.0
--12.1
--32.4
--4.5
--12.5
--28.5
Ratio of
Accts. OutColstanding to
lections. Net Sales.
-4.8
-24.8
-25.4
-15.6
-16.9
-35.4
85.2
256.3
368.4
160.9
519.8
162.4
Seventh (Chicago) district department store trade declined somewhat
more than seasonally in July, sales of 90 reporting firms totaling 29% less
than in June against a decrease of 24% in the nine-year average for the
period. Trends among the various cities were very similar, with the exception of Milwaukee where the decline from June totaled only 21% and a
small gain was shown 43,er a year ago. Stocks continued their downward
trend, and the rate of turnover for the year through July was very slightly
greater than for the same period of 1930. Comparisons with a year ago in
the several items covered may be noted in the table.
The recession of 36% from June shown in July sales of shoes by reporting
retail dealers and department stores compared with 26% in the five-year
average for the same period, while the decline of 13% from a year ago
contrasted with only 7% in a similar comparison for June. Sales for the
first seven months of 1931 totaled 10% smaller than for the same period
of 1930. Stocks declined moderately between the end of June and July 31,
averaging 23% below the corresponding date last year.
Sales of furniture and house furnishings likewise fell off seasonally in
July from the preceding month;the decline of20% recorded in the aggregate
for reporting dealers and department stores compared with 23% shown in
July a year ago and with 15% in the four-year average for the month. As
compared with last July, sales totaled only 3% less, which represents a
smaller decline in the year-ago comparison than for any month since
November 1929. Installment sales by dealers totaled 22% less than a
month previous and only 1% below July 1930. Furniture and furnishings
stocks were reduced slightly on July 31 from the end of June and totaled
14% lighter than a year ago.
Declines of 5% from a month previous and 1% from last year were recorded during July in total sales of 17 chains reporting to this bank. The
number of units operated was approximately the same in these comparisons,
so that average sales per store showed the same recessions as did aggregate
sales. Drug chains had larger sales than either a month previous or a year
ago, and grocery and shoe sales totaled heavier than in June, but other lines
Including 5-and-10-cent stores, cigars, furniture, musical instruments,
and women's clothing, experienced declines.
DEPARTMENT STORE TRADE IN JULY 1931.
P.C.Change
7 Months
1931 from
1930.
Per Cent Change
July 1931
from
July 1930.
Locality.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Ratio of July
Collections
to Accounts
Outstanding
June 30.
Net
Sales.
Stocks End
of Month.
Net
Sales.
1931,
1930.
-9.4
-11.5
-12.2
+0.4
-14.4
-12.0
-23.5
-14.5
-9.0
-15.4
-12.5
-13.5
-6.7
-6.3
-9.1
28.9
34.4
38.0
29.0
34.3
36.8
31.2
-3-2-.4
-9.9
-14.7
-11.2
33.4
33.6
Industrial Conditions in Chicago Federal Reserve
District-Employment and Wages for July Lower
in Same Month Last Year.
The Federal Reserve Bank of Chicago says that "the
usual mid-summer slackening of industrial activity gave rise
in July to the sharpest recession in employment and payrolls
in our records for Seventh (Chicago) district industry. As a
result of declines in nine of the past 12 months, manufacturing employment and wage earnings for July were approximately 18 and 29% lower, respectively, than in July 1930."
The Bank in its "Monthly Business Conditions Report"
dated Aug. 31 continued:
The only significant increases recorded were in food products, due to
seasonal activity in fruit and vegetable canning, and in leather products.
contributed to by moderate gains in shoe manufacturing. Paper and printing
recorded no change in number of men and a small decline in their pay:
longer hours in the men's clothing and hat Industries offset losses in other
branches of the textile group, producing a fractional increase in payroll
amounts, combined, however, with a loss in number employed.
The automobile, metal, and machinery industries exerted the greatest
downward influence on the totals, although rubber products, with a smaller
representation, showed larger percentage declines. Less significant reductions occurred in the wood products, stone, clay and glass, and chemical
groups, on which curtailed activity in furniture manufacture, at brick and
tile plants, and in the paint industry had an unfavorable effect. The upward
trend of recent months in non-manufacturing employment was reversed
in July, each of the four groups falling off in both men and payrolls. Coal
mining, contrary to the usual trend, registered the largest declines, while
merchandising, particularly retail trade and department stores, and construction work had seasonal losses.
A lower ratio of applicants to jobs available at free employment offices
was reported in Iowa and Wisconsin for July in comparison with June, but
in Indiana this ratio registered the second successive increase and in
Illinois the third, the latter influenced largely by registrations for clerical
and domestic service positions.
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
EMPLOYMENT OFFICES.
Month.
1931-July
June
1930-July
June
[VOL. 133.
FINANCIAL CHRONICLE
1514
Illinois,
Indiana.
Iowa.
262
245
262
224
160
149
168
170
459
462
258
205
Wisconsin. Four Sates.
186
212
150
155
244
250
223
gna
Per Cent Changes
from June 15.
Week of July 15 1931.
Industrial Group.
Metals and products.a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_b
Paper and printing
Total marturg, 10 groups_ Merchandising_c
Public utilities
Coal mining
Construction
Total non-mist., 4 groups.. _ _
Total, 14 groups
No. of Number
of
Report
Wage
inc
Firms. Earners.
Earnings.
--5.1
-9.9
--1.9
+11.7
--3.2
-3.8
-10.8
-26.1
+0.5
+3.8
-5.7
--2.3
+2.5
-28.3
+0.0
+0.1
-37.5
-2.9
12,532,000
772,000
3,041,000
65,000
256,000
-4,6
-2 9
-1.9
--6.0
-14.0
-1.2
-4.4
$4,134,000
-2.2
-3.7
694,363 $16,666,000
-4.1
-11.6
322
158,304
189,477
29,604
61,740
10,233
29,136
14,222
16,602
4,797
44,518
$3,368,000
4,327,000
554,000
1,444,000
252,000
530,000
381,000
301,000
124,000
1,251,000
2,315
176
75
17
174
558,633
29,414
92,859
3,590
9,867
442
135,730
674
155
150
377
143
307
102
76
9
2,757
EarnWage
Earners. ings.
-2.2
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
Orders Booked by Furniture Manufacturers in Chicago
Federal Reserve District During July About OneThird Less Than June-Midwest Distribution of
Automobiles.
The Federal Reserve Bank of Chicago, in its Aug. 31 issue
of the "Monthly Business Conditions Report," has the following to say regarding manufacturing conditions in its
district:
Furniture.
July bookings of Seventh District furniture manufacturers reporting to
this bank were more than one-third under the June volume, which month
was far short of expectations arising from the advance showing of new
furniture, so that the index of orders booked during the current month
touched a new low point. Shipments, which reached their low point a month
previous, gained 25% in July; and, although there was a reduction of 18%
during the month in the volume of unfilled orders on hand, the aggregate
outstanding on July 31 stood at the relatively high level of 103% of current
orders booked. Ordinarily, the month following the semi-annual showing
of furniture, which has been held in July in other years, has been characterized by a decline in orders booked of about 20% and an increase in shipments of about one-third. Comparing July with August a year ago, therefore, new orders were off by 43% and shipments by 39%; against July a
year ago, orders booked during the current month totaled less by 57%,
shipments by 23%, and unfilled orders by 45%. The July rate of operations
was under that of a month previous, being at 44% of capacity as compared
with 47% in June and 54% in July a year ago.
Automobile Production and Distributicra.
The number of automobiles sold at wholesale and retail by reporting distributors and dealers in the Middle West declined slightly further in July
from June, although a considerable number of firms had sales totaling
equal to or larger than the June volume. The decrease of only 3% from
last July in the number of cars sold at wholesale compared with a decline
of 24% in their value; this disparity is principally due to lower prices
prevailing this year and to smaller sales of higher priced cars. The
difference of only 8% from last year in number of retail sales and of 10%
in their value is the smallest decline recorded since January. In the
year-ago comparison, also, many distributors and dealers showed larger
sales this July. Stocks continued the downward trend noted since March,
and remained far below the 1930 level. Deferred payment sales of 32
dealers reporting the item, averaged 48% of their total retail sales, against
a ratio of 49% in June and of 43% for July 1930.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in July 1931 from Previous Months.
Per Cent Change from
New Cars:
Wholesale-Number sold
Value
Retail-Number sold
Value
On hand July 31-Number
Value
Used Cars:
Number sold
Salable on hand-Number
Value
June 1931.
July 1930.
Companies
Included.
-5.3
-10.0
-0.9
-5.3
-9.4
-9.3
-2.7
-24.1
-8.0
--9.9
--29.4
--22.5
22
22
49
49
51
51
--9.3
-7.1
-5.0
--17.2
--22.6
-22.4
51
51
51
Business in Richmond Federal Reserve District During
July at Seasonal Trend-Wholesale and Retail
Trade Volume Less than July Last Year.
"Business developments in the Fifth (Richmond) Federal
Reserve District in July and early August were chiefly
seasonal in nature, and the volume of trade changed little
from that of other recent months," says the Federal Reserve Bank of Richmond, which, in its "Monthly Review,"
dated Aug. 31, further reports conditions as follows:
As is customary at this time of the year, member banks in rural sections
Increased their borrowing at the Reserve Bank to some extent, incident to
early crop marketing needs, and the circulation of Federal Reserve notes
turned upward during the first half of August as a result of the opening of
auction tobacco markets in the South Carolina belt. Member banks in the
larger centers slightly decreased their outstanding loans between the middle
of July and the middle of August, and their deposits also declined, while
they increased their investments in bonds and securities and their rediscounts at the Federal Reserve Bank of Richmond. Debits to individual
accounts in the banks of twenty-four trade centers in the Fifth district were
SEPT. 5 1931.]
FINANCIAL CHRONICLE
four
lower during the four weeks ended Aug. 12 than during the preceding
the
weeks, a seasonal decline due to large payments around July 1, but
comThe
decline this year was somewhat loss marked than in most years.
comparison
in
good
was
July
for
district
mercial failure record of the Fifth
of
with the average for the United States, showing the smallest number
insolvenclos and the lowest aggregate liabilities for any July since 1923. The
number of failures in the district in July decreased 21.9% in comparison
1930, and
with a National decline of only 2.2% from insolvencies in July
liabilities in the district declined 1.6% last month while the National figures
showed
showed an increase of 53.2% in liabilities. Employment conditions
condition
no material change during July and early August, an unfavorable
construcof
amount
in view of the near approach of winter weather. The
normal,
tion under way and contemplated in the near future is much below
which partly accounts for the large number of people who are unable to
obtain steady employment. Coal production in July, while seasonally higher
and
than in June, was materially below the rate of production in July 1930,
during the first half of 1931 consumption of coal was less than consumption
hands
in the first half of 1930 in all industries. Reserve stocks of coal in the
of consumers are relatively small, however, and any increase in industrial
textile
The
activity will be quickly reflected in larger output at the mines.
Industry in the Fifth district is operating at a somewhat higher rate than
at this time last year, but business is hard to secure except for immediate
needs. Retail trade, as reflected in department store sales, has held up
remarkably well in the Fifth district, and in July averaged only 2.4% less
In dollar volume than in July 1930, while the average decline for the United
States was approximately 8%. In agriculture, crop prospects are excellent
in the entire Fifth district insofar as production of crops is concerned,
weather having been highly favorable for growth, but prices are very low.
Wheat is selling around 45c. a bushel, cotton between 6c. and 6.5c. Per
pound, and many vegetables and fruits are selling at extremely low levels.
Tobacco farmers are getting low prices for their products, about the same as
last year and far below other recent years, but they are considerably better
off than tho cotton planters. The one favorable condition in agriculture
this year is that a larger number of farmers than usual planted food and feed
crops in sufficient amount to provide for their families and their farm stock,
and with excellent yields they are in position to live during the coming winter
with less expenditure of money than was the case last year, when the disastrous drought in the upper half of the district burned up kitchen gardens,
greatly reduced production of potatoes, fruits, and other food crops, and
made corn and hay so scarce that many farmers were force to dispose of their
farm animals.
1515
17.4% smaller than in July 1930. Stocks were increased during the
month but were smaller on July 31 than on the corresponding date
last year. There was more than the customary seasonal decline in department store trade in July as compared to June and dollar sales for the
month were 14.3% less than in July 1930.
Flour production was seasonally larger in July than in June but slightly
under a year ago. All mineral lines reported a reduced output compared
to one year ago, but bituminous coal production was slightly larger and
lead ore production 65% larger in July than in June.
There was no improvement in building operations during July.
Trade conditions in the Kansas City Federal Reserve
District are reported as follows by the Bank:
Wholesale Trade.
Aggregate dollar sales of five leading wholesale lines were 4.3% smaller
in July than in June and 17.4% smaller than in July 1930. Decreases in
sales for July as compared to June this year and July last year were reported by wholesalers of drygoods, hardware, furniture, and drugs, while
wholesalers of groceries reported increases over both the preceding month
and the corresponding month last year.
Stocks of merchandise on hand July 31 were reported by all wholesale
lines, except hardware, as larger than one month earlier but smaller for
all lines, except groceries, than on the corresponding date last year.
Retail Trade.
Retail trade displayed more than the usual seasonal decline in July as
compared to June, and the decline compared to the preceding month last
year was the greatest reported so far this year. Thirty.seven department
stores reported their July sales in dollar volume as 25.1% smaller than in
June and 14.3% smaller than in July 1930.
Stocks at the thirty-seven stores were reduced 3.7% during the month
and on July 31 were 10.6% less than on the corresponding date last year.
Collections.
Department store collections during July represented 37.2% of amounts
outstanding at the close of June compared to 37.6% in June and 39.2%
in July 1930.
All wholesale lines reported their July 1931 collections as under those
of July 1930, but wholesalers of groceries and hardware reported some
increase over their June collections.
The Bank's survey of wholesale and retail trade conditions
follows:
Business Conditions in San Francisco Federal Reserve
Retail Trade.
District-Further Decline in Business Reported.
34
in
sales
in
reflected
as
district,
Retail trade in July in the Fifth reserve
Isaac B. Newton, Chairman of the Board and Federal
department stores, was in smaller volume than in July 1930, but made the
best comparison of all Federal Reserve districts. Trade in Washington was Reserve Agent, of the Federal Reserve Bank of San Franbetter than in July last year, and Richmond stores reproted a Very small cisco states, under date of Aug. 22 that "a further decline
average decline last month. In cumulative sales since Jan. 1, Washington
stores lead with a gain this year of 2.1%, Baltimore taking second place in the volume of business transacted in the Twelfth (San
with a decline of 4.3% compared to Richmond's decline of 4.8%. A sea- Francisco) District was recorded during July, adjusted insonal decrease in stocks on hand was reported for July, and at the end of the
dexes of both production and trade moving downward slightly
month practically all stores were carrying considerably smaller stocks than
on July 31 1930. The reporting stores turned their stocks .248 times in from the low June levels."
July, and since January 1 stocks have been turned an average of 2.148
Mr. Newton's further survey of conditions in his District
times, a higher figure than 1.874 times for the corresponding seven months
follows:
total
of
outstand27.4%
receivables
last year. Collections in July averaged
ing on July 1, compared with 26.4% of outstanding receivables collected in
July 1930.
Wholesale Trade.
Sixty-five wholesalers and jobbers reported on their July business to the
Federal Reserve Bank of Richmond. In comparison with sales in July last
year, July sales this year were materially less in all of the five lines for which
figures are available, hardware showing the greatest decline and drugs the
least change. In comparison with June 1931 sales, July sales showed seasonal increases in three lines, but dry goods and hardware failed to make
gains last month. Shoes did not increase as much as usual in July this year.
Cumulative sales since Jan. 1 this year were lower in every line reported
upon than sales in the first seven months of 1930, hardware with a decline
this year of 25.8% showing the greatest decrease.
Wholesale stocks on the shelves of the reporting firms increased seasonally
during July in all linos. In comparison with stocks carried last year, stocks
on July 31 1931 were smaller in every line.
Collections in July were better in shoes and drugs than in July last year,
but were slower in groceries, shoes and hardware.
Conditions During July in Kansas City Federal Reserve
District-Prices of Wheat and Crude Oil at New
Low Levels-Decline in Wholesale and Retail
Trade.
The Federal Reserve Bank of Kansas City in its Sept. 1
issue of "The Monthly Review" states that "the outstanding
factor in the economic situation of the Tenth (Kansas City)
Federal Reserve District in July and the forepart of August,
aside from a record winter wbeat harvest and governmental
efforts to curtail petroleum production, was a price decline
affecting three of the District's principal commodities,
wheat, corn and petroleum. The Bank further says:
Wheat and crude oil prices declined to the lowest levels of record and
corn to the lowest level since 1902. Prices of other cereals, cotton and
white potatoes also declined but prices of cattle, sheep, hides, poultry,
eggs and butter increased somewhat during the period.
Crop prospects, according to the August 1 estimates of the United States
Department of Agriculture, were not as encouraging as one month earlier,
insects and hot, dry weather causing crops to deteriorate during July.
Late July and early August rains improved prospects generally, but came
too late to be of the greatest benefit.
Present indications are that this year's Tenth District corn crop will be
approximately 30,000,000 bushels larger than last year's, but somewhat
under the five years' average. The production of all varieties of hay, oats,
rye, barley, broom corn and white potatoes will be smaller, but that of
apples, peaches, pears, grapes, sweet potatoes and grain sorghums greater
than in 1930.
Cheap feed, higher livestock values, and a corn crop assured for the
principal feeding areas lent some encouragement to the livestock industry.
Wholesale trade was slightly smaller in July as compared to June and
Commodity price averages were fairly steady during July and the first
half of August although some products important in this area sold at new
low levels. Reserve Bank credit in use in the District averaged lower
during the four weeks ending Aug. 19, than in the two preceding months.
Interest rates advanced slightly, continuing an upward tendency evident
since the middle of May.
Unusually hot weather was reported from most sections of the District
during July. As a result production estimates for nearly every deciduous
fruit crop in California were reduced during the month. Damage to field
and grain crops, however, was not extensive and ill effects of the heat wave
were not apparent in the Pacific Northwest where production of fruits and
grains was generally expected to be greater than had been estimated a
month earlier. Quotations for wheat,cotton, and livestock declined further,
while deciduous fruit prices advanced following publication of the reduced
production estimates. Because of excessive temperatures resulting in a
decrease in the supply of range forage the need of supplemental feeding of
livestock was even greater during July than in June, except in Arizona
where ranges continued to supply adequate forage.
Mining and manufacturing declined somewhat from June to July, continuing the trend of the past two years. Output of crude oil decreased, but
activity at petroleum refineries expanded, contributing to a small increase
of gasoline supplies. Despite a decline in the amount of copper produced,
total inventories continued to rise sharply. Output of lumber and of flour
declined after allowance for seasonal variations. The total value of building
permits and engineering contracts awarded increased between June and
July contrary to the usual tendency, principally as a result of the optional
award of the large Golden Gate Bridge contracts. There was little net
change in employment during the month, although substantial reductions
from July 1930 were recorded.
Sales at retail showed a decline of about seasonal proportions from June,
while wholesale trade declined contrary to the usual movement in July
The volume of intercoastal traffic continued to decline during the month.
reflecting principally the extremely small eastbound shipments of petroleum
and its products. Freight carloadings (seasonally adjusted) increased
slightly from June. This Bank's seasonally adjusted index of new automobile registrations was lower than in any month since March 1922.
Since July 22, on which day borrowings from the Federal Reserve Bank
of San Francisco ($39,873,000) were greater than at any other time thus
far in 1931, discounts have averaged lower than in June or the first three
weeks of July. A declining volume of bills accepted by District banks
during recent months has been accompanied by increased purchases of
bills by those banks for investment purposes, and as a result the Federal
Reserve Bank bill portfolio has declined, nothvrithstanding the prevailing
low acceptance buying rates. Member bank balances at the Reserve Bank
increased slightly late in July and in August, although the volume of time
and demand deposits against which a reserve is required decreased somewhat.
Security loans of reporting member banks continued to decrease during the
month and "all other'(commercial loans increased slightly
Lumber Production Continues Below Orders.
For the third successive week lumber production trailed
new business received by the mills during the week ended
Aug. 29, it is indicated in reports from 840 leading hardwood
and softwood mills to the National Lumber Manufacturers
1516
FINANCIAL CHRONICLE
[voL, 133.
Association. These reported orders 6% in excess of their 98,001,523 feet ordered and 105,048,744 feet shipped in
combined cut of 196,436,000 feet. Their shipments were'the previous week. The Association's statement follows:
12% above this figure. A week earlier 832 mills reported 1 WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
224 mills report for week ended Aug. 22 1931.
orders 13% above and shipments 12% above, a cut of
191,296,000 feet. Comparison by identical mill figures of Production (All mills reporting production, orders and shipments for lest week.)
91,339,043 feet (100%)
the latest week with the equivalent week a year ago shows— Orders
107,081.524 feet (17.23% over production).
I Shipments
104,738,492
feet (14.68% over production).
for softwoods, 449 mills, production 27% less, shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
19% less and orders 21% less than for the week in 1930;
OPERATING CAPACITY (343 IDENTICAL MILLS).
(All mills reporting production for 1930 and 1931 to date.)
for hardwoods, 241 mills, production 40% less, shipments
Actual production week ended Aug. 22 1931
104,618,543 feet
7% less and orders approximately the same as the volume Average weekly production 33 weeks ended Aug. 22 1931
122,785,300 feet
Average weekly production during 1930
158,880,810 feet
for the week a year ago.
Average weekly production last three years
195,660,399 feet
Lumber orders reported for the week ended Aug. 29 1931, x Weekly operating capacity
298,599,042 feet
by 565 softwood mills totaled 186,347,000 feet, or 3% above
x Weekly operating capacity is based on average hourly production for the 12
the production of the same mills. Shipments as reported last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 224 IDENTICAL MILLS-1931.
for the same week were 196,424,000 feet, or 9% above
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
production. Production was 180,903,000 feet.
Week Ended—
Aug. 22.
Aug. 15.
Aug. 8.
Reports from 294 hardwood mills give new business as Production
91,339.043 100.164,386 101,770,492 102,723,983
3
(100%)
107,081,524 98,001,523 94,717,259 95,021,877
21,636,000 feet, or 39% above production. Shipments as Orders
Rail (29%)
30,828,043 30,873,448 30,431.780 30,630,799
Domestic
cargo
(34%)..
_ _ 38,125.527 33,059,185 40,724,318 41,563,828
reported for the same week were 22,719,000 feet, or 46% Export(29%)
31,356.998 28,983,895 13,858,781
13,190.412
above production. Production was 15,533,000 feet.
Local (8%)
8,772,958
7,285,015
9,704,402
9,838,838
Shipments
Unfilled Orders.
Reports from 478 softwood mills give unfilled orders of 562,218,000 feet,
on Aug. 29 1931, or the equivalent of 12 days' production. This is based
upon production of latest calendar year-300-day year—and may be compared with unfilled orders of 501 softwood mills on Aug. 30 1930. of 748,104.000 feet, the equivalent of 15 days' production.
The 413 identical softwood mills report unfilled orders as 547,772,000
feet on Aug. 29. or the equivalent of 12 days' production, as compared
'with 682,591.000 feet. or the equivalent of 15 days' production, for the
same week a year ago. Last week's production of 449 identical mills (softwood) was 169.633.000 feet, and a year ago it was 231,567,000 feet; shipments were respectively 184.622.000 feet and 227,643,000; and orders
received 175.458,000 feet and 222,185,000. In the case of hardwoods, 241
identical mills reported production last week and a year ago 14,122,000
feet and 23,374,000; shipments 20.213,000 feet and 21.810,000; and orders
19,461,000 feet and 19,430,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 224 mills reporting
for the week ended Aug. 29:
NEW BUSINESS.
SHIPMENTS.
UNSHIPPED ORDERS.
Feet.
Fed.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery
43,089,000 delivery _ _ _.144.703.000 intercoastal 50,572,000
Export
20,703,000 Foreign
95,748,000 Export
Rail
30,344.000 Rail
32,103.000
78,813.000 Rail
Local
T,897,000
Local
7,697,000
Total
101,833,000 Total
317,085,000 Total
108,111,000
Production for the week was 100,156,000 feet.
For the year to Aug. 22, 167 identical mills reported orders 1.5% above
production, and shipments were 4.6% above production. The same number
of mills showed a decrease in Inventories of 7.6% on Aug. 22. as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
127 mills reporting, shipments were 39% above production, and orders
32% above production and 5% below shipments. New business taken
during the week amounted to 35,154.000 feet, (previous week 32,256,000
at 131 mills); shipments 37,044.000 feet, (previous week 33.621.000): and
production 26,729,000 feet, (previous week 27,344,000). Orders on hand
at the end of the week at 109 mills were 79,758,000 feet. The 113 identical
mills reported a decrease in production of 41%, 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 87 mills as 29,879,000 feet, shipments 26,712,000
and new business 27,804,000. The 61 identical mills reported production
38% less and new business 22% less than for the same week last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco. reported production from 23 mills as 15.914.000 feet. shipments
14,559,000 and orders 14,540.000 feet. The same number of mills reported a
decrease of 37% in production and orders the same as last year for the
same week.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from seven mills as 2,143,000 feet, shipments 2,396,000 and
new business 1,952,000 feet. The same number of mills reported a 57%
decrease in production and a 54% decrease in new business, compared
With the same week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, WLs., reported production from 19 mills as 1,897,000 feet. shipments 1.169.000 and orders 909,000. The 15 identical mills reported
production 34% more and orders 42% less than for the same week last year.
The North Carolina Pine Association. of Norfolk. Va.. reported production from 78 mills as 4.185,000 feet, shipments 6,433.000 and new
business 4.155,000. The 36 Identical mills reported a 32% decrease in
production and a 17% Increase in orders, compared with the same week
of 1930.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 275 mills as 14.641.000 feet, shipments 20,606,000 and
new business 19,972,000. The 226 identical mills reported production 41%
less and orders 2% less than for the corresponding week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 19 mills as 892.000 feet. shipments 2,113,000 and orders 1,664,000. The 15 identical mills reported a
2% decrease in production and a 47% increase in new business, compared
with the same week of 1930.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 224 mills show that for the week ended Aug. 22
1931 there were produced a total of 91,339,043 feet of
lumber, 107,081,524 feet ordered and 104,736,492 feet
shipped. This compares with 100,164,386 feet produced,
(100%)
104.738.492 105,048,744 99,712,002 105,635,502
Rail (32%)
33,776,037 31,883,820 31,752,997 33.981,741
Domestic cargo (40%).... 41,519,948 41,085,887 43.825.172 40.378.418
Export (20%)
20,887,549 24,834,242 14.429,431 21.838,505
Local (8%)
8,772,958
9,704,402
7,285.015
9,636,838
Unfilled orders (100%)
325,348,184 328,782,709 337,659,411 344,488,738
Rail (24%)
78,455,924 82,708,185 85.124,601 85.775.514
Domestic cargo (46%)......151,012,379 158,130,149 167,932,340 173,183,697
Export (30%)
95,877,861 85,948,395 84,802,470 85,507,527
194 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1930
and 1931 to date.)
Average 33
Average 33
Week Ended
IVeeks Ended
Weeks Ended
Aug. 22 1931, Aug. 22 1931. Aug. 23 1930.
Production (feet)
87.590,398
102,154.220
145,039,580
Orders (feet)
104,012,085
138,740,518
103,985.711
shipments (feet)
98.914,082
1013,881,895
144,021.168
DOMESTIC CARGO DISTRIBUTION WEEK ENDED AUG.22'31 (103 mills),
Orders on
Hand BeOrders
Canedgin'g Week Received. hulas adAug221931
justments
&Upments
Unfilled
Orders
Week Ended
Aug 22 1931
Washington & Oregon
(91 Mills)—.
Feet.
Feet,
Feet,
Feet,
Feet.
California (58 mills).— 40,115.975 11,465,003 288,902 8.191,948 43.100,130
Atlantic Coast (78 mills) 103,712,974 18,504,858 1.334,447 30.247,070 88.838,213
Miscellaneous (15 mills) 2,843.299 2,859,590 None
981,484 4,741,425
Total Wash. dr Oregon 146,672,148 30,829,449 1,823,349 39,400,480 136,477,768
Reporting dom. cargo 1,953,180
414.500 None
1,093.488 1,274,212
only (4 mills)
148.825,328 31,243,949 1,823,349 40,493,948 137,751.980
Totals
Brit. Cot. (11 Aftils)—
California (1 mill)
None
1.405,000 None
Nona
1,405,000
Atlantic' Coast (12 mills) 8,451,821 2,827,043
100.000 1,028,000 10,152,884
Miscellaneous(4 mills)
1,053,000 649,535 None
None
1,702,535
Totals Brit. Columbia
Reporting domes, cargo
only
Totals
Total domaatin rm..%
9.504,821 4,881,578
None
None
100,000 1,028,000 13,260.399
None
None
None
9,504,821 4,881.578
100,000 1,028,000 13,260,399
lea 12(1 140 as 19A A97
1 792 %IQ al Ain [WI 151 n19 270
United States Paper Exports Decline in Value During
First Six Months of 1931—Decline Also in Value of
Imports.
The aggregate value of exports of paper and paper products from the United States during the first six months of
the current year totaled $12,124,865—a decrease of 12%
and 27%, respectively, from the preceding six months and
the corresponding period of 1930, according to the Commerce Department's Paper Division. Advices to this effect
were made public on Aug. 25 by the Department, which likewise stated:
Lower prices on many lines brought about a greater proportionate loss
In value than in volume, the exports of wrapping paper, for instance,
decreasing 41% in value but only 31% in volume.
American exporters of greaseproof and waterproof papers were instrumental in practically doubling the total value of exports of these
Papers
in the first halt of the year, as compared with the same period last year,
and also in surpassing the preceding six months' record by 20%. This is
one of only two items In the paper products group whose exports have not
only held their own during the world-wide depression, but have greatly
flourished. Exports of cash register and adding machine paper, furthermore, increased by 25% as compared with the same period last year, and
more than doubled as compared with the six months ended December 1930.
Also, an 8% increase was registered in exports of paper bags.
Decline in Total Value of Imports.
Imports of paper and paper products were valued at $813,095,703—a
decrease of 12% over last year's corresponding period. The major item in
this group—newsprint—accounted for approximately 90% of this tidal,
leaving $7,759,548 for the other items under this heading as against
$8,911,371 in the first half of 1930. Newsprint imports were 8% less in
volume and 12% in value of last year's receipts for the first six months.
Next to newsprint, the most prominent item in this group at present is
cigarette paper, cigarette books and covers, the Imports of which reached
$3,571,879 during the first half of the year—an increase of 59% over the
same period last year. With the other exception of other wrapping paper,
whose Imports were slightly higher, our imports of paper and paper products
declined—and rather heavily in the case of greaseproof and waterproof
papers, Kraft wrapping paper, writing and drawing papers, surface-coated
papers, pulpboard in rolls, handing paper (wall paper), paper boxes, papier
Snr;r. 51931.]
FINANCIAL CHRONICLE
mache and pulp manufactures, n. e. s., and paper board, pulpboard, n. e. s.,
and cardboard.
Decrease in Exports of Paper Base Stocks-Imports Also Lower.
In value, American sales of paper base stocks to, foreign countries declined 36% during the period under review, as compared with the corresponding period last year, this loss being absorbed by the individual items
under this grouping as follows: Pulpwoods, 64%; other wood pulp, 82%;
soda wood pulp, 54%; sulphite wood pulp, 5%, and rags and other paper
stock, 27%.
Imports of paper base stocks were 36% lower in value than in the same
period last year, the heaviest decrease occurring in those of sulphate wood
pulp, bleached, which registered a loss of 121%; while imports of rags for
paper stock declined 78%; sulphate wood pulp, unbleached, 46%; sulphite
wood pulp, unbleached, 46%; sulphite wood pulp, unbleached, 25%; rough
spruce, 70%, and peeled spruce, 43%.
1931July
June
May
April
March
February
January
P.C. of
Capacity.
58.8
60.3
63.0
64.0
58.1
55.4
57.3
1517
1930December
November
October
September
August
July
June
P.C. of
Capacity.
59.5
67.6
87.0
86.8
86.4
71.3
73.0
1930May
April
March
February
January
P.C. of
Capacity.
75.2
75.0
68.4
69.0
71.4
Graham-Paige Motors Corp. Reduces Prices.
Graham-Paige Co. of Michigan, distributors of the GrahamPaige Motors Corp. in Detroit, announces price reductions
of $100 to $335 on the latest B model of Graham sixes and
eights, effective Sept. 2. Other dealers announced similar
reductions in the delivered prices of all current models of
Graham passenger cars and Paige delivery cars with panel
Canadian Pulp and Paper Exports in July Were Valued bodies.
at $10,938,148-Decline of $1,697,342 from June
The Graham special eight with 4-speed transmission, synchro-silent
and of $3,970,138 from July 1930-Seven-Month gear shift, free wheeling, safety glass throughout and rubber cushion
spring shackles, is the lowest priced eight-cylinder, four-door, six-window
Total, $84,361,977, Drop of $22,054,876.
sedan on the market, at $335 under the former delivered price. The
Canadian exports of pulp and paper in July were valued prosperity six, which was introduced in May as the lowest-priced Graham
ever offered, is now $100 lower. The
wheeling six and the four-speed
at $10,938,148, according to the report issued by the Canadian special six, both with safety plate glassfree
throughout and free wheeling, are
Pulp and Paper Association. This was a decrease of reduced $185. The Paige delivery car, with panel body, is $200 lower.
$1,697,342 from the previous month, and compared with
Marmon Motor Car Co. Announces New Models,
$14,908,286 in July of last year. The Montreal "Gazette"
The Marmon Motor Car Co. announces 32 new custom
of Aug. 26, from which we quote, also said:
Wood pulp exports for the month were valued at $2,475,628 and exports body styles on the 200-hp. 16 chassis, in addition to the
of paper at $8,462,520 as compared with $2,241,548 and $10,393,942, eight standard types that have been available since the
respectively, in the month of June.
introduction of the car early this year.
Details for the various grades of pulp and paper are as follows:
Featured in the new line are five- and seven-passenger
town cars, sport models, limousines and all-weather types,
Judy 1931.
July 1930.
including sedans with the "sunshine" roofs, which have
PulpTons
$
Tons
$
Mechanical
9.827
274.622
13.898
374,311 attained popularity in England.
Sulphite
bleached
Sulphite unbleached
Sulphate
Screenings
All other
PaperNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
Alkother
24,004
10,022
3,199
921
403
1,508,419
438,935
222.400
15,358
19,894
18,470
17,351
5,712
2,281
756
1,318,097
852,073
345.689
41,427
56.670
48,376
2,475,628
58,468
2,988,267
157,205
540
2,988
8,223,891
50,775
23,541
199,060
923
3.265
11,679,862
96,791
29,243
164,313
8,482,520
_
----
214,123
11,920,019
For the first seven months of the year the exports of pulp and paper were
valued at $84,361,977. In the corresponding months of 1930 the value
was $106,416,853, so that there has been a decrease this year of $22,054,876.
Details for the various grades are given below:
7 Months, 1931.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
All other
Tons
81.381
143,719
78,178
57.585
11,207
372.070
PayerNewsprint
Wrapping
Book (cwts.)
Writing (cwts.)
AU other
1182,879
8.108
15,926
1,300
7 Months, 1930.
2,382,041
9,252,235
3,399,263
2,215,646
281.877
Tons
105,382
154,468
122,983
58,444
17,298
$
3,055,508
11,412.900
8,119,978
3,281,991
441,542
17,511,062
458.553
24,311,977
64,558,113 1368,664
565,566
8.422
134,280
24.329
12,003
1,992
1,580,953
78,887,825
884,116
228.004
17,080
2.087,851
68.850,915
____ 82,104,878
Pulpwood exports for the first seven months of this year were 613,242
cords, valued at $4,887,786 as compared with 794,821 cords valued at
$7,958,087 in the corresponding months of last year.
Canadian Newsprint Output Declined in July-Mills
Operated at 56.8% of Capacity-60.3% in June
Month's Production 182,731 Tons, Against 193,271
Motor and Equipment Association Reports July
Operations of Parts and Accessory Manufacturers
Lower-Shipments of Service Parts to Wholesalers
Slightly Higher.
Shipments of service parts to wholesalers during July
showed a two point increase over June, according to reports
received from member automotive manufacturers by the
Motor and Equipment Association. The July index figure
stood at 124% of the base (January 1925) to compare with
122 for the preceding month. There were declines however
in shipments of original equipment to vehicle manufacturers,
accessories to wholesalers, and service equipment to wholesalers so that the grand index of all shipments showed a
decline from June. The grand index for all groups of manufacturers reporting to the M.E. A. for July stood at 85% of
the January 1925, base figure of 100 as compared with 98 for
June and 88 for July 1930. Several plants reported that they
were closed during July for the usual summer vacation or
inventory period. Reports by divisions of member manufacturers in July follow:
Parts-accessory makers selling their products to car and truck makers for
oroginal equipment made shipments aggregating 79% of the Jan. 1925 base
to compare with 91 for June, 129 for May and 83 for July 1930:
Shipments to the trade by makers of service parts were 124% of the base
as compared with 122 for June, 128 for May and 127 for July 1930.
Accessory shipments to the trade in July stood at 37% of the base to
compare with 61 for both June and May and with 65% for July 1930.
Service equipment shipments, that is garage equipment and tools, were
85% of the base as compared with 102 for June, 117 for May and 115 for
July 1930.
Wheat Decline Breaks Records-Spread of $3.05 Between Decade's High and Low Unequalled in 700
Tons in June.
Years.
During the month of July Canadian newsprint mills operFrom "The Wall Street Journal" Chicago bureau, Sept. 3:
ated at 56.8% of capacity, against 60.3% in June and 71.3%
The decline in wheat prices from the 1920 peak to present levels has
in July of last year. Production for the month totaled broken all known records for such movements. Continuous records of
wheat
182,731 tons, against 193,271 tons in June, according to the the prices are available as far back as 1247, or close to 700 years. While
dollar value equivalents quoted for wheat on past occasions are not
current report of the Newsprint Service Bureau. The Mon- directly comparable with present quotations, because of gold discoveries
and other factors which have changed the purchasing power of money in
treal "Gazette," in noting this, continued:
For the first seven months of the year Canadian mills averaged 59.2%
of capacity, against 72.2% in the corresponding period of 1930.
For the seven months, production of newsprint at Canadian mills totaled
1,319,627 tons against 1,503,415 in the like period of 1930, while shipments totaled 1,309,155 tons against 1,474,776 in the first seven months
of 1930. During July shipments totaled 175,350 tons, leaving mill stocks
at the month-end 47,288 tons against 39,832 tons at the end of June.
United States mills operated at 66.7% of capacity for the month against
67.8% in June, while production totaled 99,548 tons and shipments 97,225
tons. The seven-month operating ratio was 67.6% against 80.3% in the
like period of 1930.
Canadian production for the seven months at 1,319,627 tons was a decline
of 12% from the like period of 1930, while United States production, at
694,751 tons, was a decline of 12% also. Newfoundland mills operated at
101.2% of capacity during July against 99.6% in June.
Mill stocks in Canada and the United States at the end of July totaled
80,904 tons, equal to 4.5 days' average production against 78,738 tons
at the end of June, which is 4.1 days' average production.
The following table shows the operating ratio of Canadian mills for each
month back to the beginning of 1930:
the intervals, these equivalents indicate with reasonable accuracy the
extent of past swings in wheat prices.
From the high of $3.50 a bushel in January 1920, cash wheat in Chicago
has had an irregular decline to the prevailing price of around 45 cents a
bushel. This price spread of $3.05 a bushel over the past decade or so has
never been approximated in any previous period.
Although in 1622-23 a price equivalent to $2.38 a bushel was reported
at Straasburg, Germany, to be followed by a decline which two years later
brought wheat down to around 82 cents a bushel, the wide fluctuation on
that occasion seems to hal e been due to a considerable extent to local
conditions attendant on the Thirty Years War, as authentic English records
during the same period showed a high equivalent to only $2.07 a bushel
and a low of $1.09.
German Upturn Began in 1631-1632.
A major upturn in wheat prices began in the German market in 1631-32,
when the price level was the equivalent of around 76 cents a bushel. The
advance carried through to a level of around $3.10 a bushel in 1636-1637.
Over next ten years the price declined to 33 cents a bushel in 1646-1047,
or a range of $2.77 between the high and the low price. The low price
practically coincided with the close of the Thirty Years War.
1518
FINANCIAL CHRONICLE
Local conditions seem to have been the dominating influence in this price
movement also, since in 1630-1631, a famine year in England, the price
there reached $2.43 a bushel, but the English price in 1646 averaged $1.68
a bushel, and in 1647 the average was $1.80. The price in those years was
$1.25 and $1.47 above the Strassburg level.
In 1655, records show the price of English wheat was as low as 54 cents a
bushel, but the average of native-grown grain for that year was 66 cents.
The English civil wars as well as the wars with France and Holland brought
about an advance to an average of $2.13 a bushel in 1661. The worst famine
of the 17th century prevailed at that time, and the high for the year was
$2.40 a bushel. This price movement between the low and the high covered
a range of $1.86.
Fluctuated During Napoleonic Wars.
There were numerous fluctuations of nearly $1 a bushel in the succeeding
year, but it was not until 1795-1815, the period of the Napoleonic Wars,
Including the War of 1812 with the United States, that the English wheat
market again began to fluctuate in a most sensational manner, a price
of around $3.84 being reported for English wheat in 1811-12. This was
the highest ever known and about 90 cents per bushel above the outside
figure, which was to be reached during the 1914-1920 period. By 1821,
the English market had reacted to around $1.35 a bushel, a range of nearly
$2.50 between the high and the low during this 10-year period. It was
not until 1893 that the price dropped below $1, and even in 1895, when
the average price was around 69 cents a bushel, the low was only 60 cents.
At the present time, the October delivery in Liverpool is well below that
figure.
The American Civil War price range was exceeded long ago. According
to available records, the high figure for wheat in New York City in 1866
was $3.45, while the same authorities give a low in 1878 of 83 cents, a
maximum range during the 12 years of $2.62 per bushel. Even taking
the low in 1895 of 56 cents a bushel, the difference between the high and the
low for the 29 years was only $2.89, or 16 cents a bushel less than the
actual range which has been recorded in Chicago between 1920 and the
present time.
Current Conditions Similar to 1893-96.
The records of the 1893-96 period taken day by day show a striking
similarity with the conditions prevailing at the present time. There was
the same absolute lack of confidence on the part of buyers, the same fears
as to financial stability, the same social unrest, with reports of near famine
conditions in parts of the West due to crop failures. In 1895, a great deal
was made by the trade over the reports of heavy feeding of wheat to livestock, and undoubtedly considerable grain was disposed of in that manner.
The panic culminated early in 1895, when cash wheat at Chicago sold down
to 48 cents, or a few cents above the figure now preyailing, and by November 1896, had climbed back to 94% cents.
This similarity in conditions causes a number of close observers to believe
the wheat market is now selling close to the lowest figures likely to be
witnessed for a great many years.
Once the turn comes, a substantial recovery before the end of the crop
year next June 30 is held to be within the bounds of possibility. As soon
as the first flush of the new Canadian wheat movement is over, more confidence on the part of buyers is likely to develop, especially as the world's
crop, after giving effect to the reduction in the acreage in the southern
hemisphere, probably will be 250,000,000 bushels or more below that of the
previous season. There is also the possibility that Russia will fail to
export anywhere near as much grain as anticipated. At the moment, the
trade feels that it is only a lack of confidence that prevents an advance.
United States Undersells Russian Wheat—Federal
Farm Board Reported Offering Old Crop Grain at
Liverpool Below World Parity.
From the Sept. 2 issue of the "Wall Street Journal" we
take the following:
The Federal Farm Board, which only slightly more than three months
ago was paying 85 cents a bushel for wheat, or 35 cents over world parity
In an ineffectual attempt to stabilize the domestic market, is now underselling the world, with this same wheat, being offered for 513( cents, c.i.f.
Liverpool. After deducting transportation costs of approximately 17
cents per bushel, the wheat brings only about 34N cents net. Russian
offerings are being made at 52 cents.
The "Wall Street Journal" recently placed the Board's losses through
stabilization operations in wheat and cotton at $198,450,000. In addition to this, the Board has financed at least 2,000,000 bales of cotton for
the co-operatives, in which they have incurred losses of about $50 per
bale or more, including carrying charges. This would bring total stabilization losses to approximately $300,000,000.
In addition, the Board has incurred losses of about $50,000,000 in its
wool, grapefruit and other minor operations
Carrying charges on the Board's stabilization cotton and wheat holdings
amount to about $3,780,000 per month.
Fear of further heavy Farm Board winter wheat offerings is causing
Continental importers to hold off their requirements until there is a definite
clearing up of the world wheat situation.
The Sept. 2 issue of the paper quoted also reported the
following from its Chicago bureau:
Local officials of the Stabilization Corporation denied that its holdings
of old crop winter wheat were being offered to importing countries in
Europe at below world's parity. They said that old crop winters were
at a small discount under new crops at the Gulf and after making allowance
for this fact the reported sales in Liverpool to-day were not far out of
line with the actual market.
New Estimate of Wheat Carryover in United States
Is 679,000,000 Bushels Against 670,000,000 Given
Last Month.
The following from Chicago (Aug. 25) is from the New
York "Evening Post:"
An increase in the world wheat carryover to the highest figure in history
was recorded to-day by the division of historical and statistical research
of the Department of Agriculture.
On the basis of its new plan of estimating, which takes into account
stocks in the United States. Canada, Argentina, Australia, the United
Kingdom, port supplies and the amount in ocean passage, the new estimate
stands at 679,000,000 bushels, against 670,000,000 a month ago. Last
year the figure was 578,000,000 bushels.
On the basis of the old method ofestimating, the carryover is 659.000,000
bushels, against 569,000,000 last year.
[VOL. 133.
British Wheat Carryover Up—Estimated At 11% More
Than Last Year.
Copyright advices to the New York "Herald Tribune"
from London, Aug. 29, state:
The current harvest season opens with the carryover of wheat even
heavier than at the same time last year, the increase being estimated at
30,000,000 hundredweight, or 11%, according to the market report published by the Ministry of Agriculture. The report adds that this year's
crop in the northern hemisphere, apart from Russia, probably will be
about 336% less than that of last year. In Russia, however, the sown area
has been increased largely and it is feared that exports from Russia will be
larger than last year's.
"On the whole, therefore," the report concludes, "present supplies of
wheat promise to be nearly as heavy as in the earlier part of the previous
season and in consequence there seems to be little likelihood of any marked
improvement in the immediate future in the existing level of prices."
Drouth Not to Force Livestock on Market—Producers
Said to Have Situation in Hand Following Conference at Salt Lake City.
The general feeling at the recent conference (Aug. 17) of
representatives of eight States at Salt Lake City, Utah, on
the drouth and livestock situation was that livestock producers will be able generally to overcome their difficulties
and that there will be no large amount of meat animals
forced on the market as a result of the drouth or financial
distress this fall, Dr. C. W. Warburton, Director of Extension Work for the Department of Agriculture, stated orally
Aug. 21, Dr. Warburton returned to Washington that day
from the conference, at which he represented his Department. The following information also was given orally by
Dr. Warburton, according to the "United States Daily:"
Organization of the State and county drouth committees, as recommended by the conference, should facilitate the provision of feed for livestock, through interchange of information as to the location of nearby
supplies of hay and other feeds. The necessity of shipping feeds longs distances may thus be avoided in many cases.
The committees also will aid in human relief, the State Chairman of the
Red Cross usually being a member of the State committee. They also will
consider financing and other problems.
Delegates at the conference held the general opinion that the efficient
producer of livestock can be financed through the season satisfactorily.
Each case, however, must be considered on its individual merits.
The States represented at the conference were California, Idaho, Nevada.
Utah, Montana, Wyoming, Colorado, and South Dakota. Governor
Dern of Utah attended, the other States being represented by delegates.
German Wheat Crop Estimated at 16% Above 1930—
Imports Will Be Reduced.
A message as follows from Berlin, Aug. 29, is taken from
the New York "Times":
Notwithstanding the serious local damage from the August rains, the
crops are officially described as making a very good average. Estimates
on the wheat crop are for 4,540,000 metric tons, as against 3,790,000 last
year, which was itself above 1929.
The statistical bureau of the Reich estimates that import of wheat
in the crop year will be only 120,000 tons, whereas it was 848.000 last
year and 2,164,000 in the crop year 1928-29. The Food Ministry in
fact expects that Germany will have an exportable wheat surplus within
two years.
Russian Soviet Splits Up Grain Trust—Single Control Held Inefficient.
From the New York "Times" we take the following
(Associated Press) from Moscow Aug. 28:
Decentralization of the management and financing of State grain farms
was decreed to-day by the collegium of the Commisariat for Agriculture
along the lines suggested in Joseph Stalin's speech of last June.
Asserting that the number of such farms had increased to 207 since
1929, the decree said It now was impossible to direct all from one centre.
It ordered the splitting of the present grain trust, which controls all operations, into nine, which will operate their own financial budgest beginning
Jan. 1 1932.
For administrative purposes, the grain farms will be limited in size
to 123,500 acres and subdivided into units of from 14,000 to 17,300 acres
to facilitate management.
A new grain factories union is to be organized to handle the present
operations of the grain trust in directing, planning. financing and distributing products,
Australian Wheat—Exports for 33 Weeks to July 16
Up 77,517,000 Bushels Over Year Ago.
The "Wall Street Journal" of Aug. 31 had the following
to say in advices from Sydney:
The total exports of Australian wheat and flour for the 33 weeks of the
current season ended July 16 1931 were 124,229,200 bushels, an increase
of 77,517,000 bushels compared with the like period in the previous season.
The figures of the four exporting States with increases compared with
the same period in the previous season were as follows: New South Wales,
33,771,900 bushels (increase 29,446.100 bushels); Victoria, 30,811,400
bushels (increase 24,809.600 bushels); South Australia, 20,152.300 bushels
(increase 8,976.500 bushels); Western Australia, 39,493,500 bushelstincrease 14,284,800 bushels).
Canada Sells Third of World's Wheat Over Competitors
—Increased Shipments of 72,370,675 Bushels Are
Noted at Ottawa.
The following Canadian Press dispatch from Ottawa, Aug.
20,Iis from the Toronto "Globe":
SEPT. 5 1931.]
FINANCIAL CHRONICLE
Despite rigorous competition and several adverse world factors, Canada
contributed virtually one-third of the world's wheat shipments during the
12 months ending July 31. last.
In a report issued to-day by the Dominion Bureau of Statistics it was
stated that "Canadian participation in the world's wheat trade during the
past crop year cannot but be regarded with satisfaction."
1519
In Saskatchewan approximately 70% of the wheat crop is now cut and
threshing is under way in some areas. Feed crops and pastures will benefit
from the rains received during the past week and late crops will progress if
not damaged by frost.
Cutting in Alberta is well advanced in southern districts and is now general
in central and northern areas. Rains during the past week have delayed
operations in the central and northern areas, where crops are heavy and
damage may result if further rains are received before harvesting is completed. Further hail damage was reported during the past week but for
the whole season crop damage from this source is less than last year.
Russia. Argentina Rivals.
Faced with stiff competition from Russia and Argentina in the European
market, and with the Oriental market captured largely by Australia through
depreciated currency. Canada last year exported 228,480,403 bushels of
wheat and 6,701,663 barrels offlour. This was the equivalent of 258,637,887
Meteorological Report.
bushels actually exported, an increase of 72,370,675 bushels over the 1929-30
Precipitation reported by the Dominion Meteorological Service, Toronto,
crop year. A decrease was recorded, however, from the last five-year for the week ending 8 a.m. Aug.31 (in inches):
average of 308.853,540 bushels.
SaskatchewanSaskatchewan (Concl.)ManitobaCanadian wheat exports were divided almost equally between Eastern Pierson
0.7
05 Kamsack
0.6 Saskatoon
.05 Indian Head
and Western routes. Shipments from the Pacific Coast ports totaled 74.- BoLssevain
0.7
0.7 Yellow Grass
.05 Humboldt
1.0
0.8 Moose Jaw
544,806 bushels, while exports through Atlantic gateways, including re- Winnipeg
0.1
Dauphin
Lloydminster_
1.4
KindersleY
0.9
from
the
United
wheat
States,
routed
amounted to 74,022.561 bushels. Morden
0.1
1.0 Outlook
The balance of the wheat movement moved through United States ports.
Emerson
0.1
Alberta1.3 Regina
Brandon
0.1 Lethbridge
1.3 Prince Albert
.05
133,381,633 Carried Over.
Swan River
0.1 Calgary
1.3 Battleford
0.1
1.6 Swift Current
0.2
0.1 Drumheller
The wheat carried over on July 31 totaled 133,381,633 bushels, compared Le Pas
Virden
1 7 Broadview
0.2 Vegregille
0.4
with 111,094,912 bushels in 1930, and 104,383,221 in 1929.
Cypress River
1.9 Yorkton
0.3 Beaveriodge
0.5
Of this carryover, 45,701,000 bushels were in Fort William and Port Portage la Prairie
2.0 Macklin
0.3 Coronation
0.8
20 Moosomin
Arthur elevators, 28,806,000 in Western country and private elevators, Minnedosa
0.5 Stettler
0.9
m'
elA
rot
prpe_ile
2.6 Qu
09
0.5 Edmonton
14,344,000 in Eastern elevators, and 19,459,000 bushels on farms. The Russell
Red Deer
1.8
0.6
balance was in Vancouver and Prince Rupert, B. C.,elevators, in flour mill
Hail Damage.
elevators, and in transit in various parts of the country.
Commenting on world wheat conditions last year, the bureau report
The following hail reports were received from correspondents in Saskatchelisted four outstanding factors. World shipments of wheat and flour aggre- wan and Alberta:
gated 787,000,000 bushels, compared with 612,000,000 in 1929. 928,000,000
Saskatchewan: "Widespread damage done to crops as a result of storm of
in 1928 and 762,000,000 bushels for the five-year period, 1925 to 1929.
Aug. 26 at Estevan, Arcola, Carlyle, Alicia, Wauchope, Redvers and Maryfield."
Russia Features Year.
Alberta: "Hail claims received from Didsbury, Crossfield, Michichl,
The return of Russia as an exporter of wheat was the chief development Della, Hanna, Richdale. Heavy damage at most points."
withdrawal
of
United
States
from
of the crop year. The
the export market,
Rust.
influenced by internal stabilization efforts, was another major factor,
No new developments in the rust situation were reported during the
especially in the first part of the year. A third factor was the monetary
situation developed in Argentina and Australia from depreciation of cur- past week.
rency. Canada was affected by Australia underselling this country in the
Chinese and Japanese markets. The German financial crisis in the closing
months of the crop year created an element of uncertainty throughout
Flour Production Continues to Fall Off.
Europe, which was reflected in a reduced volume of international trade.
General Mills, Inc., summarizes the following comparative
flour milling activities as totaled for all mills reporting in
Telegraphic Report on Condition of Canadian Crops. the milling centres as indicated:
With the co-operation of agriculturists of the Dominion
PRODUCTION OF FLOUR.
Department of Agriculture and of the statisticians of the
Production
Cumulative
Production
Cumulative
Provincial Departments of Agriculture, the Dominion
Same
Production
Four Weeks
Production
Period
Since
Same Period
Ended
Bureau of Statistics issued on Sept. 2 the last of a series of
Aug. 29.
Year Ago. June 30 1931,
1930.
14 weekly telegraphic reports on the crop situation, as follows:
General Conditions in Canada.
The harvesting of seasonal crops has progressed satisfactorily in all
parts of Canada during the past two weeks. Harvesting of cereals in the
Maritimes is well advanced but with operations delayed by wet weather
In sections of Nova Scotia. The harvesting of cereals is now practically
completed in Quebec with generally satisfactory returns. Rain is needed
in many areas to improve root crops and pasture and assist fall cultivation.
The weather in Ontario has been favorable for harvesting all crops and
threshing of cereals is well under way with yields generally satisfactory.
Ample corn and ensilage crops are being harvested at the present time.
Harvesting of the wheat crops of the Prairie Provinces has progressed satisfactorily until last week, when operations were delayed by heavy rainfall
in Manitoba and light rains in Saskatchewan and Alberta. While delaying harvesting for a few days, the rains in the West have bean very beneficial in improving the feed and pasture situation, especially in Manitoba.
In British Columbia favorable weather has hastened harvesting of all crops
and cutting of the cereal crops is well advanced in southern areas and
general in northern districts, where high yields are in prospect. Fruits
and vegetables are being shipped in volume and the quality is generally
good.
The Maritime Provinces.
Frequent showers have delayed the harvesting of cereal crops in Prince
Edward Island but have improved prospects for root crops and pastures.
The yield of potatoes is reported average with some blight present. Early
varieties of fruit have made good progress, sizing and coloring well. Live
stock are generally in good condition. In Nova Scotia grain harvesting is
well advanced and some threshing completed. Harvesting in some sections
of the province has been delayed by frequent showers. Root crops and
pastures are good and dairy production has been well maintained. New
Brunswick has experienced favorable harvesting weather and the yields
of wheat, oats and barley are reported very satisfactory. A heavy apple
crop is maturing. Rain is needed to improve the condition of pastures.
Quebec.
The harvesting of cereals is now practically completed in Quebec, with
yields generally satisfactory. In the Lower St. Lawrence area rain is
needed and pastures are very dry. Potatoes have suffered for the lack of
moisture. In the Three Elvtr district cereals have been harvested in
excellent condition and threshing is nearly completed. Fodder corn and
turnips are in good condition and will yield well. Reports for Bois Francs
and Eastern Townships indicate a reduced yield of grain as a result of
excessive rain and uneven temperatures during the growing season. Potatoes and root crops promise a better yield than last year. A good crop
of fodder corn will be harvested in the Chateauguay Valley. The Ottawa
district is suffering from drouth and the yield of potatoes will be reduced.
Ontario.
The past two weeks have been favorable for harvesting in Ontario and
excellent progress has been made. Grains are practically all cut and
threshing is in progress with all crops yielding well. Corn is maturing
quickly and promises an excellent yield. Fruit prospects continue with good
a satisfactory apple crop in prospect. Many districts require rain, however, to improve pastures which have suffered from continued dry weather.
The Prairie Provinces.
During the past week Manitoba received substantial rains which have
delayed harvesting operations for the time being. The rainfall, however,
was urgently needed to improve the pasture and feed situation. Approximately 90% of the wheat crop is cut, and some threshing is completed in
southern districts. A light frost was reported last week but only slight
damage is evident.
Northwest
Southwest
Lake Central & Southern
Pacific Coast
Ilnd tntal
1,703,506
1,992,562
2,066,493
240,862
ft furl 492
1,897,945
'2,165,263
2,202,171
355,197
fi
non
C711
3,614,813
4,378,974
4,376,141
605,472
4,000,076
4,669,849
4,593,603
684.575
19 070 400
12 042 102
Note.-This authoritative compilation of flour milling activity represents approximately 90% of the mills in principal flour-producing centres.
Buying of Cotton Planned By E. A. Cudahy, Jr.Approximately $1,000,000 To Be Invested to Help
South.
An announcement by E. A. Cudahy, Jr., President of the
Cudahy Packing Co. that 10% of the firm's southern sales
up to December would be invested in the outright purchase
of cotton on the open market was made in Chicago on Aug.
31. One of the Press accounts from the New York "Times"
said:
Mr. Cudahy in his announcement asserted that the total sales of his
company's products in the South would probably mean that about Si 000,000 worth of cotton could be purchased. It will be held by the firm for
one year or until the price of cotton returns to 10 cents a pound, in an effort
to help stabilize southern commodity prices, he said.
The first few bales were ordered purchased yesterday fer about 7 cents
a pound.
Each of the 88 branches of this packing concern, whose main plant is
located in Cudahy, south of Milwaukee, was notified by the President by
wire of his determination "to extend whatever assistance is in our power
to alleviate the effects of the depression in the South by purchasing a substantial quantity of the South's principal crop."
Most of the company's southern business, which has been going on for
40 years, is East of the Mississippi River, with 19 branch offices and a corps
of truck routes into the country.
The Cudahy plan in substance is similar to that by which William
Wrigley a few months ago offered to invest all profits from southern sales
of his company in cotton. The International Harvester Co. also recently
announced an exchange value for wheat in the purchase of farm machinery
in certain trading areas. Both plans are still in operation.
India Increases Output of Cotton Yarn and Cloth.
India's production of cotton yarn and cloth during the
fiscal year ended March 31 1931 showed a slight increase
over the previous year, according to official Indian trade
statistics, received in the Commerce Department. The
Department on Sept 1 also said:
Indian cotton spinning and weaving mills reported a production of 867.045,000 pounds of cotton yarn and 2,361,133,000 yards of cotton cloth
during the 12 months ended March 31 1931, as compared with the output
of 833,560,000 pounds of yarn and 2,418,981,000 yards of cotton cloth for
the previous fiscal year. Of the yarn produced. 113,588,000 pounds comprised counts up to 10s;400,151,000 pounds, 115 to 20s; 259.456,000 pounds,
21s to 30s; and 60,747,000 pounds, 31.8 to 404; 27,311,900 pounds, counts
above 40s, and the remainder were wastes, etc. The largest percentages of
increase were recorded in the groups above 30s.
FINANCIAL CHRONICLE
1520
[VOL. 133.
Turnover for August amounted to 960,000 bags compared with 796,200
World Consumption of American Cotton in July 925,000 bags
in July. Santos "D" contracts declined 57 to 68 points and Rio "A"
Bales, Against 878,000 Bales in Same Month Last contracts were off 27 to 38 points. Spot Rio coffee closed the month at
cents
a pound, off a half cent, and Santos spot was quoted at 7 cents
534
Year, According to New York Cotton Exchange
a pound, a decline of cent for the month.
Service.
The sharp declines in the coffee values were attributed chiefly to disturbed
The world used approximately 925,000 bales of American financial conditions in Europe. Great Britain and Germany, usually
bankers to Brazil were in a particularly unsettled financial condition.
cotton in July, compared with 878,000 in the same month
The principal news development in coffee was the exchange of 1,050,000
last season, 1,186,000 two seasons ago, and 1,105,000 three bags of Brazilian Government coffee for 25,000,000 bags of Federal Farm
seasons ago, according to the New York Cotton Exchange Board wheat. Although the deal aroused great anxiety in the coffee trade
which
the deal might interfere with normal marketing conditions
Service. Consumption in July proved to be somewhat in this feared
country, it did not have an important effect on the market.
Further exchanges of coffee for other commodities is considered imposlarger than previously indicated, due to its holding up better
sible, inasmuch as the Government is not allowed to exceed the monthly
than anticipated in the United States.
shipment quota stipulated under the terms of the coffee realization loan.
"As in June, consumption in July was larger than that in The rumors that an exchange of Soviet Russia oil products for Brazilian
the corresponding month the year before," says the Exchange coffee was contemplated brought denials from the Brazilian Government.
Service. "June and July being the first two months since
Cut in European Sugar Beet Production Reported.
September 1929 when such was the case. This is due to
consumption holding up better in June and July than it
A cut of 1,464,000 tons of sugar beets in this year's
did last year in the United States and in the Orient. While European crop is indicated in the estimate of Dr. Mikusch,
the figures on world consumption of American cotton do not received by the New York Coffee and Sugar Exchange
yet show a positive increase, they have shown much less on Aug. 28. The Exchange says:
decline during the past two months than in the same period
The estimate places this year's European sugar beet production at 6,in any of the past five years, or less than what may be con- 447,000 tons without Russia. Production in Russia is estimated at 2,700,000 tons. These figures compare with last year's production of 8.611.000
sidered the seasonal decline at this time of the year."
tons without Russia and
tons for
Imports and Approximate Deliveries to American Mills
of Raw Silk Increased During August-Inventories
Gain.
According to the Silk Association of America, Inc., imports
of raw silk during the month of August increased to 58,411
bales, as compared with 37,315 bales during the preceding
month and 51,147 bales in the corresponding period last
year. Approximate deliveries to American mills totaled
46,454 bales, as against 41,734 bales in August 1930 and
44,746 bales in July 1931. Raw silk in storage at Sept. 1
1931 amounted to 41,878 bales, as compared with 29,921
bales at Aug. 1 1931 and 44,978 bales at Sept. 1 1930.
Raw silk imports during the first eight months of 1931
were 20.5% higher than during the same period of 1930.
Deliveries to mills showed an increase of 9.5%. The Association's statement follows:
RAW SILK IN STORAGE SEPT. 1 1931.
(Am reported by the principal public warehouses in New York City and Hoboken.)
Japan. All Other.
European.
Total.
(Figures in Bales.)
24,634
581
4,706
29,921
In storage, Aug. 1 1931
53,922
3,496
993
68,411
Imports, month of August 1931x
1,574
853
78,556
36.424
8,202
4,601
88,332
41,878
Approximate deliveries to American mills
721
during August 1931y
42,132
3,601
46,454
Total available during August
In storage, Sept. 1 1931z
SUMMARY.
Imports During the Months
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly_ _
1930.
1929.
1931.
1930.
1929.
49,294
47,827
57,391
29,446
42,264
46,825
37,315
58.411
43,175
42.234
39,990
37,515
22,596
22,369
47.063
51,147
58,292
65,594
55,293
64,616
58,384
43,278
48,103
47,762
49,894
54,031
46,795
65,516
59,970
66,514
62,885
58,479
51,814
45,399
47,407
35,497
32,688
37,352
29,921
41.878
76,264
68.646
57.773
63,704
35.477
28,450
35,565
44.978
47,621
51,278
49,238
58,430
49,943
46,993
45,218
39,125
39.898
47,425
42,596
48,408
55,104
64,129
76,452
90,772
368,773
46,097
549,884
45,824
661,611
55,134
40,245
50.619
53.839
Approximate Deliveries
to American Mills.y
January
February
March
April
May
June
July
August
September
October
November
December
Storage at End of Months
1931.
Approximate Amount of Japan
Silk in Transit Between Japan
and New York End of Month.
1931.
1930.
1929.
1931.
1930.
1929.
55,910
54.242
55.383
41,356
45.073
42,161
44,746
46,454
57,683
49.852
50,863
41,584
40,823
29,396
39,948
41.734
55,649
61,937
57,333
55,424
57.349
46.228
49.878
53.855
49.121
46,504
51,624
59,704
53,274
57,489
50,562
44,159
37,700
37,700
21.300
24,800
36,900
33,400
41,600
40,500
37,000
24.000
17.800
8,000
7,700
16,300
31,200
41,700
51,600
46.400
45,500
35.600
31,000
30,000
29,000
30.700
28,000
21,200
34,100
41,600
39,000
49.000
41,000
38,000
Total
385,325 582,226 619,747
30,375
34,383
34,237
51,646
Average monthly
48,519
48.166
x Covered by European manifests 33 to 37, incl. Asiatic manifests, 166 to 193,
incl. y Includes re-exports. z Includes 6,821 bales held at terminals at end of
month. Stocks In warehouses include National Raw Silk Exchange certified stocks,
1.870 bales.
2,000,000
Russia last Year.
Total European sugar beet production for this year, including Russia.
is estimated at 9,147,000 tons compared with 10,611,000 tons last year.
St. Louis Milk Prices Cut One Cent.
It was stated in the "Wall Street Journal" of Aug. 29
that effective Sept. 7 major milk companies in St. Louis
district will reduce milk price to consumers one cent a quart,
making new price 11 cents. This, it is added, will be lowest
level milk has retailed in St. Louis since 1922.
World's Visible Supply of Coffee Sept. 1 6,943,728 Bags.
The New York Coffee & Sugar Exchange announces
that the world visible supply of coffee on Sept. 1 was
6,943,728 bags, not including the interior stock of Brazil.
This compares with 6,989,952 bags on Aug. 1 and 5,528,978
bags on Sept. 1 1930, according to the Exchange, which
also reports:
World consumption of coffee, as estimated by deliveries, amounted to
3,663,861 bags for the combined months of July and August, compared
with the total of 3,420,085 bags for the similar two months in 1930. During
the two months period the United States consumed 1,651,852 bags, compared with 1,595,854 bags during the similar two months period last
year. Europe consumed 1,838,509 bags, compared with 1,623,931 bags
during the similar two months period in 1930.
Nashua Manufacturing Co. Cancels Vacation CloseWill Continue Full-Time Operations,
Associated Press advices from Boston, Aug. 26, stated
that the Nashua Manufacturing Co. has been forced by a
sudden spot demand for goods now in season to cancel the
first of a two-weeks' vacation shut-down. The dispatch
added:
The company's business in recent months has shown considerable improvement. On a quantity basis, sales were 50% ahead of last year in
May and June, nearly 100% in July and have been better than 50% ahead
in August. Nashua Mills are now running at about 70% capacity, as
against 55% to 60% at this time last year.
Refrigerator Prices Cut-Frigidaire and Westinghouse
Offer Reductions Due to Economies.
Price reductions of 5 to 10%, depending upon the model,
were announced on Sept. 2 on household electric refrigerators and commercial refrigeration equipment, produced by
the Frigidaire Corp., by J. A. Harlan, Vice-President in
charge of sales. The change in price became effective on
Sept. 2, said the New York "Times," from which the following is also taken:
Reductions of 10 to 20% on equipment produced by the Westinghouse
Electric & Manufacturing Co. except on models for apartment house use,
were announced also. At the offices of the Rex Cole, Inc., distributers
of the General Electric refrigeration products, it was said that no word of
a change in price had been received from the Cleveland headquarters.
Lower raw material prices and increased sales volume, making production economies possible, were cited as reasons for the Frigidaire and Westinghouse price reductions.
August production of household refrigerators by the Frigidaire Corp.,
Mr. Harlan said yesterday, was 100% greater than that of the corresponding month last year, and the schedule for September production is 30%
heavier than for September 1930. The company, he added,is optiraLstle
concerning business for the last four months of the year.
Increased Volume of Coffee Futures Trading in August
Reported by New York Coffee and Sugar Exchange Building Trades Cut Some Wages-Survey Shows
-Denials That Russian Oil Products for Brazilian
Reductions Made by Certain Unions in ApproxiCoffee Are Contemplated.
mately 51 Cities.
In a declining market, coffee futures trading showed a
From its Chicago bureau the "Wall Street Journal" of
sharp increase in volume, according to the monthly review Sept. 1 reports the following:
of the New York Coffee and Sugar Exchange, which was
Wage scale data gathered from 150 principal cities in the United Stater
and Canada by theANational Association of Building Trades Employess
issued on Sept. 1, and which also said:
SEPT. 5 1931.]
FINANCIAL CHRONICLE
preliminary to compiling the association's 1931 wage scale chart of prevailing rates in the building trades reveals that in approximately 51 cities
some building trades unions have reduced their hourly wage rates from
1930 levels. While some cities reported small wage increases, these upward
revisions in most instances were arranged for in previous years. In the
majority of reporting cities, however, there have been no important changes
in the building trades wage scales.
The following table shows comparisons for the larger cities where hourly
wage rates in certain building trades have been reduced this year:
Trade1931 Rate. 1930 Rate.
Coy50c. to $1.12% $1.25
Atlantic City ____Hod carriers
$1.25
Atlantic City____Plumbers
1.50
Atlantic CIty____Steamfitters
1.25
1.50
Atlantic City- _Stone cutters
1.50
1.75
Atlantic City____Mosalc setters
1.50
1.623
Hoisting engineers
Baltimore
1.37%
1.50
Structural iron workers
Baltimore
1.50
1.65
Painters
Baltimore
.90
1.50
Stone cutters
Boston
1.50
1.3734
Stone cutters
Buffalo
1.25
1.50
Elevator constructors
Cincinnati
1.4634
1.3234
Bricklayers
Denver
1.50
1.6234
Ornamental iron workers
Denver
1.25
1.3734
Structural iron workers
Denver
1.25
1.373.1
Asbestos workers
Detroit
1.15
1.25
Bricklayers
Detroit
$1.25 to 1.50
1.5731
Carpenters
Detroit
.80
1.25
Cement finishers
Detroit
$0.70 to 0.90
1.00
Lathers
Detroit
$1.00 to 1.25
1.50
Plasterers
Detroit
1.3734
1.6234
Sheet metal workers
Indianapolis
1.2234
1.2734
Louisville
Carpenters
1.00
1.1234
Louisville
Glazers
.75
1.25
Louisville
Hod carriers
.65
.90
Glaziers
Memphis
2.00
1.1234
Structural iron workers
Memphis
1.25
1.55
Ornamental iron workers
Memphis
1.25
1.55
Metal lathers
Memphis
1.25
1.3734
Plasterers
Memphis
1.25
1.6234
Milwaukee
Gas fitters
Loom 1.1834
Common laborers
Milwaukee
.65
.75
Lathers
Minneapolis
1.00
1.25
New Orleans._ _ _Bricklayers
1.00
1.50
New Orleans....Plasterers
1.25
1.50
New Orleans_ _ _ _Plumbers
1.00
1.25
Metal lathers
New York
1.65
1.9234
Portland, Ore__ _Common laborers
.50
.75
Portland, Ore_ __Marble setters
1.25
1.50
Portland, Ore__ Painters
1.10
1.2234
Portland, Ore.._Tile-Mosaic setters
1.25
1.3731
Salt Lake City..__Plasterers
1.20
1.3734
Salt Lake City.. Stone cutters
1.20
1.3734
Tacoma
Bricklayers
1.50
1.3734
Tacoma
Structural Iron workers
1.00
1.25
Tacoma
Ornamental iron workers
1.00
1.1234
Tacoma
Lathers
1.25
1.3734
Tacoma
Painters
1.00
1.1234
Tacoma
Sheet metal workers
1.063(
1.19
Tacoma
Steamtitters
1.00
1.25
Toledo
Bricklayers
1.50
1.6234
Toledo
Plasterers
1.60
1.6234
Unions in the ls^ger cities have remained hostile to any reduction in
wages, and whether they will agree to lower rates before their contracts
expire in the next year or two is at present uncertain. In a number of
instances, however, these unions have accepted the five-day week as a
means of giving more men employment in the building industry. The
trend this year seems to be toward acceptance of the shorter week in all
parts of the United States and Canada. There are about 60 cities reporting
the five-day week in effect in all or part of the building trades this year,
as compared with 35 which reported a shorter week last year. Contractors
in all parts of the country also have welcomed this change because many of
them feel that Saturday morning Is but an added expense with little return
In the way of progress.
Cut in Wages Accepted by Baltimore Labor GroupsVoluntary Action Taken by Two Building Trades
Bodies-Carpenters Make 10% Slash-Steamfitters
Also Reduce Rate-Ironworkers May Follow.
For the first time in a decade, members of the Baltimore
Building Trades Council have accepted a voluntary cut in
wages, it was learned on Aug. 27, said the Baltimore "Sun"
of Aug. 28 in which it was also stated:
Two organizations have made the reduction and at least one other is
considering it.
A reduction of approximately 10% in the hourly rate has been made by
the carpenters, who cut their wages from $1.10 to $1 an hour, while the
steamfitters' union has made a cut from $1.50 to $1.25, it was learned
from the business agents of the two locals.
Ironworkers Considering.
According to Sinclair Sylvester. business agent for the structural ironworkers' local union, his organization is considering a reduction, but the
matter will not be settled until a meeting of the union next Friday.
The last cut in wages made by any member of the Building Trades Council
was in 1921, when all the member organizations, except the plasterers,
voluntarily accepted reductions of 10%•
Called Emergency Measures.
In each instance, it was explained, the present cuts are in the nature of
emergency measures, and will be discontinued as soon as the depression
ends, it was said.
F. C. Bandel, business agent for the electrical workers,said the sentiment
of his organization was against a wage cut at this time, and the members
were not considering one.
Masons Against Cut.
Virtually the same statement was made by John T. Henkel. business
agent for the bricklayers and masons, an organization not affiliated with the
Baltimore Federation of Labor or the Building Trades Council.
The Elevator Constructors' Union and Pipe Coverers' local are not considering cuts, their representatives declared.
Wage Rates of Amalgamated Association of Iron, Steel
and Tin Workers Unchanged.
(Ohio) dispatch was published as follows
Youngstown
A
in the "Wall Street Journal" of Aug. 27:
Wage rates in bar iron mills having contracts with the Amalgamated
Association of Iron. Steel and Tin Workers will remain unchanged during
September and October. Puddlers will receive $10.30 a ton, the rate which
has been in effect since Jan. 1 1931. The average sales price of bar iron
during July and August used as a basis for computing the rate for the follow-
1521
frig two months, was 1.70c. a pound, compared with an average price of
1.80c. in like period of 1930 and 2c. in 1929. Muck mill workmen and
Puddlers in mills governed by the hi-monthly wage settlement are affected.
Eagle Lock Co. of Connecticut Announces Wage Reduction and Cancellation of Benefit Insurance.
Advices from Terryville, Conn.(Associated Press), Aug.29
stated:
The Eagle Lock Co., employing more than 2,000 persons, to-day posted
notices of a 20% reduction in wages to employees working on the hourly
basis and a 22% reduction to employees on piece work. The new wage
schedule becomes effective Sept. 1. In addition to the wage reduction, the
management announced the cancellation of all benefits under group insurance, which have been in effect for several years.
Ohio Carpet Co. Cuts Wages 15%.
Under date of Aug. 28 Associated Press advices from West
Warren, Mass., said:
The Ohio Carpet Co. plant announced to-day that a 15% wage cut for
its 150 employees would go into effect Monday. The plant is running
short-time.
Ford Recalls 15,000 Workmen-Re-opens at River Rouge
Sept. 8.
Detroit advices as follows Aug. 29 are taken from the
New York "Times":
Between 15,000 and 20,000 workmen were notified to-day to report for
work on Sept. Sat the River Rouge plant of the Ford Motor Co., which will
resume operations on that date.
This week small groups have been recalled to the plant following a lay-off
of several weeks. The company plans to recall at least 50,000 men by the
middle of September, and still further to increase the payroll from then on
until employment reaches normal.
The tool shops have continued working praticially at capacity because
of changes that are to be made in the Model A cars.
Petroleum and Its Products-Texas Production Resumed To-day-Martial Law Remains in Effect,
However-Output Will Probably Total 400,000
Barrels Daily-Murray Threatens to Build StateOwned Refineries and Enter Oil Industry.
Production will be resumed in the East Texas fields at
7 a. m. this morning, with a daily flow of 225 barrels allowed
for each well in the field, according to orders of the Texas
Railroad Commission. Production will range from between
350,000 to 400,000 barrels daily under this order, allowing
for wells which are practically completed, but have been held
off pending lifting of the shutdown order and the 1,700-odd
wells already producing in the area.
Martial law will not be lifted, Governor Sterling has stated,
however. The troops will remain in the field indefinitely
to enforce the provisions of the Railroad Commission's
orders. The new allowable output figures are scheduled for
a test period of 15 days, but are liable to change without
notice.
Severe opposition to the order of the Commission has been
registered by a large number of Texas oil men and Governor
Murray of Oklahoma, who stated that "Texas is giving up
the fight for higher prices after it has won it."
Opposition of the oil men is credited to the belief that production in the field will rapidly approach surplus levels and
the recent strength shown in Mid-Continent and Texas oil
prices will be destroyed. However, oil men point out that
Governor Sterling, who is opposed to the present plan,
but intends to give it a fair test, would immediately use his
executive power to stop production in the area if it shows any
possibility of flooding the market with crude oil, with the
resultant weakening in prices.
Governor Murray of Oklahoma, leader in the movement
for higher crude oil prices, condemned Governor Sterling
for his approval of the Texas Railroad Commission's orders
opening up the area and threatened to build State-owned
refineries in Oklahoma.
"If Texas opens up, Oklahoma will issue bonds and sell
them and use the money to build refineries, assessing the
higher income of oil men and proceed to buy oil, refine it
and sell it," Governor Murray declared.
"To open up East Texas at the present time creates an
extreme condition that calls for a drastic move and I intend
to take it," he continued.
"I don't believe in State control of property because of the
excessive overhead, but I am not going to allow the big oil
barons to whip us now that we see victory ahead.
"I propose to initiate a referendum authorizing the State
to issue bonds to buy oil, to store oil and to refine oil and
to market the oil. The law permits a man to kill in selfdefense, and a State can protect itself in the same way. I'll
destroy them if they won't obey the law. If they think
1522
FINANCIAL CHRONICLE
that the people won't vote for the bonds at a referendum,
tell them to wait and see," he concluded.
Prices in the East Texas area firmed up during the week
with the Gulf Pipe Line Co., Sinclair Oil & Gas Co., Sun
Oil Co., and the Tidal Oil Refining Co. meeting Magnolia
Petroleum's posted price of 68 cents a barrel for East Texas
crude. Previously, Magnolia had been the only major
company posting a price schedule in the area.
East Texas crude in recent weeks has sold at an average
price of 13 cents a barrel, and in some scattered instances
sold as low as 5 cents a barrel.
Maintenance of the 68 cents a barrel price, which is
equivalent to $1 for Mid-Continent oil, is expected by oil
men despite the likelihood of output totalling 400,000 barrels
daily or over. Oil men, in general, are confident that
Governor Sterling will use the State Militia to shut down
wells if production in the field again assumes unwieldly levels.
Governor Sterling, who has consistantly favored the setting
up of a special State commission to take care of conservation
measures in the oil industry, as well as other natural resources of the State, may again submit a bill to the second
special session of the Texas Legislature, which will probably
convene shortly to consider curtailment of cotton planting
next year, removing oil control from the jurisdiction of the
Railroad Commission and placing it under the control of a
new commissioned board, according to Texas oil men.
Several price advances were posted in Pennsylvania grade
crude oil during the week and a slight increase in the allowable output in the area was noted. This improvement is
due in large part to the general strengthening of the market
following the forcible shutdown of the Texas and MidContinent fields.
Price changes follow:
Saturday, Aug. 29.-South Penn Oil Co. to-day advanced Pennsylvania
grade crude oil in the following fields 5 cents a barrel, while Tide Water
Pipe Co., Ltd.. advanced its posting in the Bradford area 10 cents a barrel.
New prices follow: For crude oil in lines of the National Transit Co.,
$1.80: Southwest Pennsylvania Pipe Lines, $1.65: Eureka lines, 31.55,
and in the linos of the Buckeye Pipe Line Co., $1.40. Price in the Bradford district is $2.10.
Tuesday, Sept. 1.-Crew Levick Co. to-day posted a price of $1.90
for Pennsylvania crude oil in the Titusville. Franklin and 011 City fields.
This is 10 cents above the price for crude in National Transit Lines.
Tuesday, Sept. 1.-South Penn Oil Co. to-day advanced Corning grade
crude oil 5 cents a barrel, to 70 cents.
Thursday, Sept. 3.-Crew Levick Co. to-day posted 15 cents a barrel
premium for Pennsylvania grade crude, making the Titusville-Oil City
district price $1.95. Previously, it had been paying only 10 cents.
Thursday, Sept. 3.-Gulf Pipe Line Co., Sun Oil Co.. and the Tidal Oil
Co. met the 68-cent a barrel price posted by Magnolia Petroleum several
weeks ago.
Friday, Sept. 4.-The South Penn Oil Co. to-day advanced Corning
and Pennsylvania grade crude oils 5 cents a barrel, to 75 cents and $1.45.
respectively.
Friday, Sept. 4.-Sinclair Oil & Gas Co. to-day met the price of 68
cents a barrel posted by other major companies for East Texas crude.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1. degrees are not shown.)
50.48
$2.10 Eldorado. Ark., 40
Bradford, Pa
.68
.75 Rusk, Texas, 40 and over
Corning, Pa
.80 Salt Creek, Wyo., 40 and over__ .70
Illinois
.52
Creek
Darst
.75
Western Kentucky
1.05
Mideontinent, Okla., 40 and above 1.00 Sunburst, Mont
Hutchinson, Texas,40 and over_ ___ .51 Santa Fe Springs, Calif.,40 and over .75
.72
Spindletop, Texas, 40 and over____ .71 Huntington, Calif., 26
1.75
.71 Petrone, Canada
Winkler, Texas
.45
wk.
over
Smackover. Ark., 24 and
REFINED PRODUCTS-BULK AND RETAIL GASOLINE PRICES
ADVANCED-KEROSENE UP 31-CENT A GALLON-HEATING
OILS FIRM.
Prices in the local refined products market during the
past week reflected the improvement of the industry following the shutdown of the prolific East Texas area as well as
Mid-Continent wells with the resultant firming up of crude
oil prices throughout the nation's producing centers.
The Standard Oil Co. of New York posted an advance of
1 cent a gallon in the tank-wagon and service-station price
of gasoline throughout its marketing territory, with the
exception of certain scattered localities throughout Maine
and New Hampshire. The new local retail price is 16.3
cents a gallon,2-cent State tax included. Action of Standard
of New York was followed immediately by Warner-Quinlan
and Richfield Oil of New York. At the close of the week,
Standard Oil of New Jersey posted a similar increase throughout its territory, with the exception of Delaware. It is expected by the trade that all major marketeers will have
swung into line with the raised retail scale early next week.
Bulk prices also were strong, with several companies
increasing the posted price for United States Motor Gasoline
to 6 cents a gallon, in tank cars, New York Harbor. WarnerQuinlan followed Richfield of New York in raising the price
of bulk gasoline from 6 to 63,4, cents a gallon, at the refinery. This is the first time in several months that tank-
[VOL. 133.
car gasoline has been posted above 6 cents a gallon in the
local market.
Kerosene firmed on improved demand and the Sinclair
Refining Co. announced an advance of s-cent a gallon to
5 cents a gallon, tank-car lots, at New York, Philadelphia,
Portsmouth, Va., and Charlestown, S. C. Other refiners
are expected to follow the lead of Sinclair shortly, with the
market position of kerosene improving daily. The approach of the season of heavy consumption has stimulated
buying interest and domestic, as well as foreign, inquiries
have shown an increase. Export prices continue firm with
demand well sustained.
Bunker fuel and domestic heating oils also displayed a
firmer tone during the week, although no price changes
were posted. Rumors are heard in the trade of impending
advances in prices, and with the winter season fast approaching, it is but logical to expect strength in fuel oils.
Grade "C" bunker fuel oil held at 70 cents a barrel, spot,
while Diesel oil was moderately active at $1.40,same basis.
Price changes follow:
Monday, Aug. 31.-The service station price of gasoline to-day was
lowered by all major companies operating in the Detroit area to 13.1 cents
a gallon from 14.8 cents for the regular grades and premium grades to
16.1 cents from 17.8 cents, including the 3-cent State tax. A week ago.
all major marketeers posted an advance of 4.5 cents a gallon on all grades.
Wednesday, Sept. 2.-The Richfield 011 Co. to-day posted an advance
of 36-cent a gallon in the tank-car price of gasoline, to 631 cents a gallon.
at the New York Harbor refinery.
Thursday, Sept. 3.-The Standard 011 Co. of New York to-day advanced the tank-wagon and service-station price of gasoline 1 cent a gallon
in New York and New England, with a few localities in Maine and New
Hampshire exempt from the raise. The new New York retail quote is
16.3 cents service station, including the 2-cent State tax and 14.3 cents tank
wagon. Richfield Oil of New York and Warner-Quinlan met the advance
immediately.
Thursday, Sept. 3.-Warner-Quinlan to-day advanced the tank-car
price of gasoline 3.(-cent a gallon, to 631 cents a gallon, at the New York
Harbor refineries, meeting the raise posted by Richfield yesterday.
Thursday, Sept. 3.-The Continental Oil Co. to-day advanced the
service station price of gasoline in Denver 1 cent a gallon to 19 cents, including the 4-cent Colorado State tax. Other marketeers mot the raise.
Thursday, Sept. 3.-The Texas Co., Continental Oil Co. and Standard
of New Jersey to-day posted an advance' of 36-cent a gallon in the tank
car price of gasoline, the new price being 6 cents a gallon, at New York
Harbor refineries.
Friday. Sept. 4.-The Standard Oil Co. of New Jersey to-day announced
that, effective to-morrow morning at 8 a. m., it will advance tank-wagon
and service-station prices of gasoline 1 cent a gallon throughout its territory, with the exception of Delaware.
Friday, Sept. 4.-The Atlantic Refining Co. to-day advanced tank-car
gasoline 36-cent a gallon to 6 cents a gallon at its Philadelphia refineries.
and 6.3.1 cents a gallon in New England areas.
Friday, Sept. 4.-The Sinclair Refining Co. to-day announced that.
effective to-morrow, it will advance the price of kerosene 31-cent a gallon
to 5 cents a gallon, in tank-car lots, at New York, Philadelphia, Portsmouth, Va., and Charleston, S. C.
Friday, Sept. 4.-Standard Oil Co. of Kentucky to-day advanced the
price of service-station gasoline throughout the State 1 cent a gallon,
making regular gas 18 cents a gallon and the premium grades 21 cents.
Other marketeers are expected to met the advance immediately.
Gasoline, U. S.Motor, Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne)N. Y.5.04-.043j
Arkansas
Stand. Oil, N.J-$0.08
.05-.07
Calllornie
Colonial-Beacon__3.06
Stand. Oil, N.Y._ .06
Crew Leviek
Los Angeles,ex .04N-.07
.06
Tide Water 011 Co .06
Gulf Ports
06
iTexas
.05-.05 N
0434-.05
Gulf
Richfield 011(Cal.) .0634
.0534 Tulsa
Pennsylvania.__
.06
Continental
.0531
Warner-QuinFnCo .0634
Pan-Am.Pet.Co_ .06
Republic 011
.06
Shell Eastern Pet_ .06
Chicago-------0434-05
New Orleans,ox,...05-.053j
I ”Texaco" is emo.
Gasoline, Service Station, Tax Included,
5.15 Kansas City
New York
5.163 Cincinnati
$ 149
182
Minneapolis
Atlanta
20 Cleveland
19 New Orleans
118
.144 Denver
Baltimore
131 Philadelphia
10
Boston
16 Detroit
14 San Francisco
17
Buffalo
158 Houston
.19 St. Louts
.129
Chicago
14 Jacksonville
Kerosene, 41 43 Water White, Tank Car Lots, F.O.B. Refinery.
5.0231-0336 I New Orleans, ex _50.03H
N.Y.(Bayonne)
5.05 I Chicago
0434-.0334
North Texas
03 I LosAngelee.ex. .0431-.06 I Tulsa
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast "C"__ 3.55-.65
New York (Bayonne)California 27 plus D
5.75-1.001Chicago 18-22 D..4234-.60
Bunker "C"
$.70
Diesel 28-30D
1.40 New Orleans "C"____ .65
Gas Oil, F.O.B. Refinery or Terminal.
TulsaN.Y.(Bayonne)!Chicago28D plus__-$.0331-.04 I 32-36D Inci.5.013I-.02 I 32-36D Ind_$.01N-.02
July Output of Natural Gasoline Same as in JuneInventories Continue to Decline.
According to the United States Bureau of Mines, Department of Commerce, the total output of natural gasoline
during July 1931 was the same as in June-that is, 147,900,000 gallons. Because of the difference in the length
of the two months, the July production represents a decline
in daily average output of from 4,930,000 gallons in June to
4,770,000 gallons in July. The latter represents the lowest
production rate attained since August 1928. The decline
in production in July was quite general throughout the various districts, the decline in the Appalachian fields being
the most outstanding. Stocks of natural gasoline at the
plants continued to decline, though the slight drop in July,
approximately 200,000 gallons, together with the con-
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1523
tinued decrease in output, indicates a material falling off
in demand by refineries. The Bureau's statement shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS
Production,
July
1931.
June
1931.
Appalachian
3,700
Illinois. Kentucky. Ind
600
Oklahoma
38,400
Kansas
2,200
Texas
34,000
Louisiana
4,200
Arkansas._2,300
Rocky Mountain
5,800
California
56,700
4,300
600
37,800
2,200
34,300
4,000
2,300
5.900
56,500
Total
Daily average
Total(thousands of bbis.)
Daily average
July
1930.
Jan.July
1931.
5,000 45,600
700
5,800
47.800 286,100
2,400 17,900
40,500 258,100
5,500 31,400
2,700 17,200
4,600 39.100
68,500 411,800
147,900 147,900 177,700 1113000
4,770
4,930
5,730
5,230
3,521
3,521
4,231 28,500
113
117
136 ' 125
Itself and those closely connected with It, have always generally known of
their existence. The report for the week ended Aug. 22 1931 was the first
time that definite statistics had ever been presented covering the amount
OF GALLONS). of such stocks. The publication of this Information is in line with the
Institute's policy to collect, and publish in the aggregate, statistical inStocks End of Mo. formation of Interest and value to the petroleum industry.
For the purpose of these statistics which will be issued each week, a bulk
terminal is any installation, the primary function of which is to supply
July
June
Other smaller installations by tank cars, barges, pipe lines or the longer
1931. 1931.
haul tank trucks. The smaller installations referred to, the stocks of which
3,978
4,500 are not included, are those whose primary function is to supply the local
451
443 retail trade.
10,592 11,465
Up to Aug. 22 1931, statistics covering stocks of gasoline East of Call1,792
1,951
9,600
9,275 tomb reflected stocks held at refineries only, while for the past several
751
737 years California gasoline stocks figures have included, and will continue to
273
233 nclude, the
total inventory of finished gasoline and engine distillate held
687
731
7,801
6,794 by reporting companies wherever located within continental United States.
that is, at refineries, water terminals and all sales distributing stations
35,925 36,129 ncluding amounts in transit thereto.
-__.
---855
860
Gasoline at "Bulk Terminals"
Gasoline "in Transit."
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute for
the week ended Aug. 29, from companies aggregating
3,656,100 barrels, or 95% of the 3,848,500 barrel estimated
daily potential refining capacity of the United States,indicate
that 2,453,000 barrels of crude oil wore run to stills daily,
and that these same companies had in storage at refineries
at the end of the week, 33,215,000 barrels of gasoline, and
134,885,000 barrels of gas and fuel oil. Reports received on
the production of gasoline by the cracking process indicate
that companies owning 95.6% of the potential charging
capacity of all cracking units, manufactured 3,428,000 barrels of cracked gasoline during the week. The complete
report for the week ended Aug. 29 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND
FUEL OIL
STOCKS-WEEK ENDED AUG. 29 1931.
District.
Per Cent
Potential
Capacity
Reportmg.
East Coast
Appalachian
Ind., Illinois, Kentucky
Okla., Kan., Missouri_
Texas
Louisiana-Arkansas_ __.
Rocky Mountain
California
Total week Aug.29Daily average
Total week Aug. 22_
Daily average
Total Aug. 30 1930Daily average
Crude
Runs to
Stills.
100.0
91.8
98.9
89.0
91.3
98.9
89.3
96.5
3,203.000
703,000
2,343.000
2.033.000
3,774,000
1,332,000
373.000
3,405.000
95.0
17.171.000
2,453,000
17,209,000
2.458,400
95.0
95.6
17.074,000
2,439.100
Per Cent
Oper.
of Total a Gasoline
Capacity
Stocks.
Report.
72.2
73.1
77.7
66.7
70.4
82.6
37.5
55.3
4,860,000
1,180,000
4,715,000
2,448,000
6,128,000
816.000
1,289,000
.11,779,000
Gas and
Fuel Oil
Stocks.
10,803,000
1,448,000
4.429,000
5.192.000
11,552,000
3.074,000
817,000
97,570,000
67.1
33,215,000
134,885,000
67.2
34,068,000
134,805,090
69.2
38,815,000
139,662,000
District.
Figures End of Week.
Aug. 29
1931.
Aug. 22
1931.
Aug. 30
1930.
East Coast- 7,425,000 7,626,000 8,619,000
Apualachian__
297.000
278,000
292.000
Ind., Ill., Ky. 2,160,000 1,940.000 1,402,000
Okla.Kans.Mo
201,000
248,000
Texas
224,000
247,000
208,000
La., Ark
268,000
251,000
228,000
Total. E. of
California 10,635,000 10,588,000 10,745,0W
Texas (3ulf_ _ _
La. Gulf
197.000
255.000
219.000
231,000
178,000
217.000
Figures End of Week.
Aug. 29
1931.
A ug.22
1931.
Aug. 30
1930.
2.078,000 2.375.000 2,228.000
19,000
19,000
13,000
19,000
32,000
5,000
14,000
2,115,000 2,413,000 2.274.003
14,000
"Bootleg" Gasoline-Illegal Traffic in Motor Fuel
Suppressed in Oklahoma.
The following from Oklahoma, is from the "Wall Street
Journal" of Aug. 26:
Under the new State gasoline tax law which taxes motor fuel, including
gasoline, defining it as anything used or usable in the operation of a combustion engine, the door is closed to the gasoline dealers seeking to evade
the gasoline tax of five cents a gallon, according to a report of the State
Tax Commission.
Oftentimes a tax-evaded motor fuel, perhaps a highly adulterated gasoline, has been sold at low prices in the past, the report by the Tax Commission said. In fact, the Commission estimates the business of handling
"bootleg" gasoline was one with wide ramifications, causing a yearly loss
to the State of at least $1,000.000.
A method of tracing deliveries of gasoline from refineries to the pumps
of filling stations Is the establishment of the identity of the truck making
delivery. All tank trucks carrying motor fuel over the highways are required to carry an Oklahoma Tax Commission number displayed prominently on the front and rear of the vehicle, and the driver must have an
Invoice signed by a bonded "distributor." Checks made at the refinery
and at the filling station on the particular shipment leave no ground for
tax evasion.
Decline in Crude Oil Output in United States Due to
Complete Shutdown in the East Texas Field.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Aug. 29 1931 was 1,751,550 barrels as
compared with 2,608,250 barrels for the preceding week, a
decrease of 856,700 barrels. Compared with the output for
the week ended Aug. 30 1930 of 2,461,350 barrels daily, the
Rails Feel Oil Curb-7,100 Fewer Cars Move in Past current figure represents a decrease of 709,800 barrels per
day. The daily average production east of California for
Week as Texas Wells Remain Closed.
From Houston, Tex., special advices to the "Wall Street the week ended Aug. 29 1931 was 1,245,750 barrels as compared with 2,092,950 barrels for the preceding week, a deJournal" of Sept. 1 said:
A survey of East Texas rail traffic following the martial law
crease of 847,200 barrels. The following are estimates of
shutdown
shows 7.100 fewer cars of oil moving tlie past week. The
International-- daily average gross production, by districts, for the weeks
Great Northern laid off 60 train crews of 500 regular trainmen and
in addiended Aug. 29 1931, Aug. 22 1931, and Aug. 30 1930:
tion 200 extra trainmen, while 200 shop employes will be affected
within a
few days. Seventy locomotives are idle, many of them rented from
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Texas &
bTexas Gulf Coast--- 99.8
2.777,000
74.6
4,909,000
8,141,000
bLouisiana Gulf Coast_ 100.0
893,000
86.5
685,000
2.033,000
a In all the refining districts indicated except California, figures in this
represent gasoline stocks at refineries. •In California they represent column
the total
inventory of finished gasoline and engine distillate held by reporting companim,
wherever located within Continental United States-(stoelcs at
water
terminals and all sales distributing stations, Including products in refineries.
transit thereto).
b Included above in table for week ended Aug. 29.
Note.-All figures follow exactly the present Bureau of Mines definitions.
Crude
oil runs to stills include both foreign and domestic crude. In California
heavy crude and all goods of fuel oil are included under the heading "Gas stocks of
and Fuel
Oil Stocks."
Pacific Railway.
The effect of martial law was reflected in both field developments and
the
volume of crude oil moving to market. Field operations are at a
complete
standstill, not a new well being completed last week and there being
thus no
new production. The week before 66 new wells were completed, for
total
daily average production of 848,398 barrels of new oil. The number of
producing wells completed in East Texas field since it discovery is 1,646.
There are 345 active tests in the field, despite the shutdown,
which
permits drilling but no production. The major portion of the
operations are
inside locations, that is, within proven territory. Field development
the
past week was most active in the northern end of the Lathrop or Longview
sector, especially in the southern part of Upshur County.
Bulk Terminal Stocks of Gasoline and Gasoline in
Transit Continue Below Last Year's Rate.
The American Petroleum Institute below presents the
amount of gasoline held by refining companies in bulk
terminals and in transit thereto, by Bureau of Mines refining districts, East of California. The Institute, in its
statement, says:
It should be borne definitely in mind that comparable quantities of
gasoline have always existed at similar locations as an integral part of the
system of distribution necessary to deliver gasoline from the points
of
manufacture to the ultimate consumer. While it might appear to some
that
these quantities represent newly found stocks of this product, the industry
Week EndedAug.29'31. Aug.22'31. Aug.15'31. Aug.80'30.
Oklahoma
265,850
269,850
264.500
574,200
Kansas
99,550
104,400
102,850
115.600
Panhandle Texas
59.000
57.800
59,150
102,500
North Texas
55,150
55,500
56.200
72.100
West Central Texas
23,150
22,750
52,350
West Texas
'
206,050
204.550
202,850
277,650
East Central Texas
53,950
51,550
52,600
39,900
East Texas
x
848,450
738,050
Southwest Texas
58,750
57.350
56.850
93.950
North Louisiana
29,650
29,750
30,650
40,800
Arkansas
37.300
37,450
37,400
54,700
Coastal Texas
129,000
130,750
180,750
180.350
Coastal Louisiana
23,500
22.450
23,900
25,850
Eastern (not Including Michigan)
99,800
101.750
100.650
114,500
61 ichigan
9,900
10,150
9,200
10,150
Wyoming
38,000
35.500
37.050
49,700
Montana
7,900
7,850
7,850
9,400
Colorado
4.000
3.950
4.000
4,450
New Mexico
43,300
43,100
44,350
40,200
California
505,800
515,300
517,000
603,000
Total
x1,751,550 2,608,250 2,498,500 2.461.350
z In the East TeCatS field the shutdown became effective Monday morning,
Aug. 17. The true statistical picture as a result of the complete shutdown
of thia
field is reflected in the figures for this week.
The estimated daily average gross production for the Mid-Continent
Field,
including Oklahoma, Kansas, Panhandle, North, West Central,
West, East
Central, East and Southwest Texas, North Louisiana and Arkansas,
for the
week ended Aug. 29 was 888,400 barrels as compared with 1,739,400
barrels
for the preceding week, a decrease of 851,000 barrels. The Mid
-Continent
production, excluding Smackover (Arkansas) heavy oil,
was 861,850 barrels,
as compared with 1,712,850 barrels, a decrease of 851,000
barrels.
1524
[Vox,. 188.
FINANCIAL CHRONICLE
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
follow:
-Week Ended-Week EndedAug.29 Aug.22
Southwest TexasAug.29 Aug.22
r Oklahoma-2.650 2,750
4.960 5,000 Chapmann-Abbot
Bowlegs
22,700 20.900
12,700 12,200 Darst Creek
Bristow-Slick
7.450 7,450
12,350 12,500 Luling
Burbank
10,750 11,050
1,050 Salt Flat
1,100
Carr City
North Louisiana
8,850 8,550
Earlsboro
.
950
900
2.150 2,100 Sarepta-Cartervllle
East Earlsboro
8,450 6,450
1,700 Zwolle
1,700
South Earlaboro
Arkansas1,300
1,350
Illonawa
3,100 3,150
10,600 10.600 Smackover, light
Little River
28,650 26,550
3,350 3,450 Smackover,heavy
East Little River
Texas
Coastal
950
1,000
Maud
20,450 20.900
1,850 Barbers Hill
2.100
Mission
6,400 6,600
7,850 9,500 Raccoon Bend
Oklahoma city
24,100 24,400
13,600 13,150 Retard() County
St. Louis
11,500 11.800
2,800 2,600 sugarland
Seasight
Coastal Louisiana5,500 5,450
Seminole
650
1,900
1,100 East Hackberry
1,050
East Seminole
650
650
Old HackberrY
KansasWyoming
12,550
8,700
Rita
23,150 21,300
15,000 14,300 Salt Creek
Sedgwtok County
Montana14,700 14,400
Voshell
4,400 4.400
Kevin-Sunburst
Panhandle TexasNew Mexico41,650 41,050
Gray County
37,050 37,050
Hutchinson County_ - _ 10,700 10,500 Hobbs High
3,950 3,800
Balance Lea County
North TexasCalifornia11,700 11,800
Archer County
26,300 26,200
North Young County.-- 7,500 7,600 Elwood-Goleta
20.000 20,200
Wllbarger County
12,700 12,300 Huntington Beach
13,900 13,800
Inglewood
West Central Texas62,500 69,300
South Young County... 3,000 2,900 Kettieman Hills
77,300 77,000
Long Beach
West Texas
50,200 51,800
Crane & Upton Counties 21,350 20,500 Midway-Sunset
22,000 22,000
7,800 7,700 Playa Del Rey
Ector county
81,400 62,300
28,400 28,700 Santa Fe Springs
Howard County
12,700 12,200
24,800 25,900 Seal Beach
Reagan County
39,800 39,400
38,700 38,400 Ventura Avenue
Winkler County
89,750
70,800
Yates
Pennsylvania GradeBalance Pecos County.._ 2.600 2,600
6,450 6,350
Allegany
East Central Texas24,000 22,450
45,900 43.350 Bradford
Van Zandt County
6,600 6,250
Kane to Butler
East Texas6,150 5,650
305,650 Southeastern Ohio
Rusk County-Joiner.- x
x
326,300 Southwestern Penna.-- 3,150 2.950
Kilgore
12,400 12,650
216,500 West Virginia
x
Gregg Co.-Longview
a In the East Texas field the shutdown became effective Monday morning.
Aug. 17. The true statistical picture as a result of the complete shutdown of this
Said Is reflected in the figures for this week.
Mexican Oil Prices-Companies Operating There:Agree
Not to Increase Rates on Products.
In its issue of Aug. 29, the "Wall Street Journal" hadIthe
following to say in advices from Mexican City:
Principal petroleum companies operating in Mexico have agreed not to
increase prices of their products at conferences with ministry of industry,
commerce and labor, according to a statement issued by the ministry.
Statement avers that the ministry convinced these companies that price
raising would be to their disadvantage as it would utlimately result le,the
Government being obliged to raise taxes on these enterprises.
Companies agreed to fix prices on the basis of dollar exchange rates
prevailing before the enactment of the new monetary law,says the ministry.
This basis will be fixed by mutual agreement between companies and the
ministry at an early conference.
Production of Crude Oil in the United States Increased
During July-Inventories of All Oils Again Decline.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during July 1931, amounted to 77,961,000 barrels, a daily average of 2,515,000 barrels. This
represents an increase over the daily average of the previous
month of 11,000 barrels and is 46,000 barrels above the
average output of July,a year ago. The Bureau further goes
on to say:
The chief cause of the increased output in July was the rapid development
of the East Texas field; in fact, with the exception of the Kettleman Mils
field of California and the Mount Pleasant field in Michigan, no other
producing district reported an Increase in output In July. The daily average production in the East Texas field In July was 519.000 barrels as compared with 355,000 barrels daily in June. The daily average output for
the State of Texas in July amounted to 1.092.000 barrels, which marks
the first time that any State has exceeded the 1,000,000-barrel mark.
Production in Oklahoma showed a material decline as nearly alt the fields
curtailed operations. During July only 599 oil wells were completed, of
which 407 were in the East Texas district. This represents the lowest
point reached in field work in many years.
The gain in crude output was more than compensated by increased demand by refiners and stocks continued to be drawn on. The decline in
stocks east of California totaled approximately 1,500,000 barrels, that in
llght crude in California amounted to about 400,000 barrels, while that
in heavy crude stocks in California amounted to almost 1.000,000 barrels.
Stocks of all oils on July 31 amounted to 649,205,000 barrels, a decline
from the previous month of 3,415,000 barrels. The major portion of this
Withdrawal occurred in crude stocks, since the gain In fuel stocks at
refineries almost compensated for the decrease in motor fuel stocks.
Daily average runs to stills of crude petroleum in July amounted to 2.573,000 barrels, a gain of 32,000 barrels over the daily average in June and
36.000 barrels above that of a year ago.
over
The daily average production of motor fuel showed a slight increase
June; daily average imports of motor fuel showed a gain of 53%. The daily
barrels.
Indicated domestic demand for motor fuel amounted to 1.273,000
increase over a year ago
a slight decrease from the previous month but an
of
total
rapidly,
the
off
fall
of 3.2%. Stocks of motor fuel continued to
the
40.332,000 barrels on hand July 31 being nearly 4,000.000 barrels below
total on hand June 30. The July stocks represent 28 days'supply as compared with 32 days' supply on hand a month ago and 32 days' supply on
hand a year ago.
The refinery data of this report were compiled from schedules of 360
refineries, with an aggregate daily recorded crude-oil capacity of 3,789.620
barrels, covering, as far as the Bureau is able to determine, all operations
during July 1931. These refineries operated during July at 68% of their
recorded capacity, given above, as compared with 352 refineries operating
at 67% of their capacity in June.
June
1931.
July
1931.
New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Bensol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
July Jan.-July Jan.-July
1930.
1931.
1930.
77,961
2,515
3,521
153
81,635
2,633
75,118
2,504
8,521
160
78.797
2,827
78,554
2,489
4,231
224
81,009
2,613
499,375
2,358
26,499
1,236
527,110
2,486
542.580
2,559
30,683
1,897
574,980
2,712
3,588
3,435
88,658
2.880
3,978
2,396
85,171
2,839
5,877
4.040
90,926
2,933
29,097
22,719
578,926
2,731
37,007
25,627
637,594
3,008
a3,415
a3,592
24,442
al6,865
3,721
92,073
2,970
88,763
2,959
95,388
3,076
595,791
2,810
633,873
2,990
2,821
9,135
80,317
2,591
2,544
7,753
78,486
2,816
1,973
11,041
82,354
2,657
14,474
60,213
621,104
2,468
14,067
82,332
537,474
2,535
42
11
b44
28
177
352.216
137,719
489,935
855
158,415
353,710
139,058
492,768
860
158,992
384,614
145,621
530,135
741
162,011
352,216
137.719
489,035
855
158,415
384,514
145,821
530,135
741
162,011
649,205 852,620 692,887 649,205
Grand total stocks, all oils
221
225
231
219
Days' Supply
Bunker oil (included above in do27.054
4.318
4.053
3.839
mestic demand)
a Decrease. b:Deficiency. c Includes residual fuel oils.
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of barrels of 42 U. S. gallons.)
692,887
232
Increase in stocks, all oils.DemandTotal demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domestic demand
Stocks (End of Month)
Crude petroleum:
East of California
California_ c
Total crude
Natural gasoline at plants
Refined products
June 1931.
July 1931,
Total. DailyAv. Total. DailyAo.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California....
Colorado
Illinois
Indiana:
Southwestern
Northeastern
Total Indiana
KAIISSA
Kentucky
Louisiana:
Gulf coast
Rest of State
Total Louisiana....
Michigan
Montana
New Mexico
New York
Ohio:
Central and Eastern...
Northwestern
Total Ohio
Oklahoma:
Oklahoma City
Seminole
Rest of State
Total Oklahoma....
Pennsylvania
Tennessee
Texas:
Gulf coast
East Texas
West Texas
Rest of State
Total Texas
West Virginia
Wyoming:
Salt Creek
Rest of State
Total Wyoming_, _
U.S. total
a Revised.
20.813
Jan.July
1930.
Jan.July
1931,
1,136
37
1.295
43
9,517
11,754
2,246
2,416
1,964
9,467
16,093
134
481
73
78
83
305
519
4
15
1,751
2,399
1,964
9,527
15,841
138
457
58
80
85
318
521
5
15
8,218
18,443
14,732
70,376
111,769
930
2,835
2,901
21,510
29,401
83,393
137,205
990
8,571
72
2
75
3
74
2,887
481
2
93
15
78
3,103
488
3
104
16
472
23
495
21,832
3,653
578
32
610
24,836
4,456
637
920
1,557
347
234
1.301
275
21
29
50
11
8
42
9
644
1.050
1,694
210
251
1,290
a288
21
35
58
7
8
43
a9
5,352
7,008
13,260
1,838
1,746
8,841
1,922
4,457
8,442
12,899
2.357
1,796
4,043
2,385
313
97
410
10
3
13
364
100
464
12
4
16
2,558
667
3,223
3.156
808
3,964
4,878
4,231
7,098
18,207
927
1
19,783
31,690
192
5,755
157
52,002
31,843
146
4,379
137
62,973
53,117
229
252
7,576
590 116,650 134.758
523 17,710
8,172
6,403
a31
a927
30
9
------------5
3,874
16,099
6,258
7,806
33,837
365
125
519
202
248
1,092
12
4,005
10,657
6,481
8,302
29,445
380
134
355
216
277
982
13
30,235
47,498
48,417
56,874
183,024
2,595
67,621
70,686
175,153
3,209
743
491
1,234
24
16
40
741
520
1,261
25
17
42
5,371
3,608
9,037
6,228
4,185
10,413
77 AM
2 515
75.118
2 504
400 875
542.580
36,848
NUMBER OF WELLS COMPVETED IN THE UNITED STATES.a
Oil
Gas
Dry
July
1931.
June
1931.
July
1930,
Jan.-July
1031.
Jan.-July
1930.
599
160
255
603
121
305
1,051
239
565
3,539
1,213
2,527
7,751
1,512
3,957
13,220
7,279
Total
1,855
1,029
1,014
a From "011 & Gas Journal" and California office of the American Petroleum
Institute.
„.•••••=emirm.
The Non-Ferrous Metals-Moderate Gain Noted in
Demand for Lead-Copper and Zinc Trading Dull
-Tin Unsettled.
With the exception of lead, demand for non-ferrous metals
in the last week was dull, "Metal and Mineral Markets"
reports. Lead business increased for the second consecutive
week, but the market was not particularly active, total
volume continuing below average. It is added:
The copper situation underwent little change, demand being dull and
prices showing hardly any variation from the 7;i cents delivered Connecticut basis. Zinc failed to maintain the improvement noted in the previous
week; tin prices eased off slightly on disappointment over the August
statistics, the decrease in the world's visible supply being smaller than
expected.
Export demand for copper continued at the same low level as in recent
weeks, owing chiefly to the unsettled state of business abroad. Foreign
sales for the month of August, totaling 15.783 long tons, proved disappointing. Aside from Moctezuma Copper's application to the Mexican authori-
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1525
September has arrived on a wave of structural steel buying and substantial releases of line pipe, but conspicuously
lacks the lift which usually marks the closing weeks of the
third quarter, according to the magazine "Steel" of Sept. 3.
In fact, actual steel production has eased off another point
this week, to 31%, adds "Steel," which further goes on to
Steel Output Continues at Low Level-August Pro- say:
duction 12% Below July Rate-Prices Unchanged.
By now, steelworks have surrendered practically all of the improvement
With autumn close at hand, hopes for seasonal recovery of mid-August, and on account of Labor Day next week's operating rate
may set a new low for the year. But the industry still is moderately conin the iron and steel trade are waning, says the "Iron Age" fident of a mild rebound in the fore part of the fourth quarter.
of Sept. 3. In neither production nor demand are current
Trustworthy indications from Detroit that a number of new automobile
tendencies of such a character as to point to an impending models will be in production in October appear to insure better demand
for bars, sheets and strip within a fortnight. Railroad releases of track
expansion of activity. Pig iron output in August showed material are slightly broader. Some recent heavy purchases of line pipe
a decline of 12% from July, continuing the recession that are being released for delivery before cold weather prevents their laying.
Meanwhile, structural steel activity innoteworthy both in awards and
began in May. Steel ingot production, unchanged from last
Inquiry, and while some tonnage is for distant delivery, immediate shipweek at 31%, remains at close to the lowest rate of the year ments are fair in volume. The probability of a steel wage reduction about
Oct. 1 may be a factor in convincing buyers that steel is fully liquidated.
to date. The "Age" also states:
ties for permission to suspend operations, little was heard in the market
In connection with further curtailment in production. Operators, however, confidently expect that something constructive will be done before
the expiration of the first year of the curtailment plan announced last
October. Agitation for a tariff on copper is expected to have some influence on the market during the final quarter of 1931.
Altogether, steel has a mildly-encouraging outlook for 60 days.
Iron and steel specifications, instead of improving, are barely holding
This outlook is not obscured appreciably by the further expected decline
their own. Operations in the motor car industry are still on a diminishing
In pig iron production in August, when the daily rate of 41,201 tons MS
scale, and betterment in railroad demand is apparently contingent on the
12.7% below the 47,170-ton rate of July. The net loss in active blast
outcome of the freight rate case now before the 1.-S.C. Commission.
furnace stacks in August was 7, leaving 75 out of 303 potential stacks In
Action or. considerable pending line pipe tonnage has been deferred, and
blast Aug. 31. For the year to date, total output of pig iron is 13,837,prospects for business in wire products and agricultural machinery are
tons; for the comparable period of last year, 23,468,160 tons.
clouded by the abnormally low level of prices for farm products. The 634
This week's structural steel bookings were put up to 104,273 tons, third
extent of possible increases in miscellaneous industrial requirements in iron
largest weekly total this year, mainly by 48,200 tons for the Chicago postand steel is still undetermined, since so many "plant vacations" will not
office, placed with the American Bridge Co.; 24,000 tons for the parcel
terminate until after Labor Day.
in New York, taken by the McClintic-Marshall Corp.; and
Construction, much of it pf a public character, looms up as the chief post building
8,000 tons for a seawall at Milwaukee, awarded to Bethlehem and Inland.
reliance of the industry for tonnage business. Structural steel awards,
Bids also are in on 8,200 toons for highway work at Newark, N. J.,
at 76,000 tons, are the largest since the middle of July and are made up
and 7,000 tons for a bridge at Sag Harbor, N. Y. For naval vessels,
mainly of governmental projects, including a post office in Chicago which
20,000 tons of structural and plates will be up shortly. The new departalone calls for 48,200 tons. Early action is expected on the steel for other
ment of justice building at Washington requires 10,000 tons. The Port
public
undertakings,
sizable
among them a parcel post building in New
Authority terminal in New York, estimated at 22,000 tons, matures shortly.
York, 23,000 tons, for which the general contract has just been placed.
The week's awards once more put 1931 structural awards ahead of 1930
Increased pressure on public works programs is now being urged not merely
by 1,331,002 tons against 1,296,560.
as a method of alleviating unemployment, but as a possible means of getting
Action is probable this week on 39,000 tons of pipe for the Stanolind
Industry off of "dead center." Unless this or some other way is found to
Pipe Line Co., and 4,000 tons of 36-inch water line pipe are up for Lincoln,
build up general business activity and restore confidence, iron and steel
Neb. Rail releases at Chicago still are expanding moderately, 3,500 tons
producers fear that retrenchment policies which began with the reduction
being ordered out for early September. The Cincinnati Union Terminal
of dividends and salaries will have to be extended to include wage cuts.
Co. has placed 4,616 tons of rails. The Pennsylvania this month may
Pig iron production in August was 1,280,526 tons, or 41,308 tons a day,
Inquire for 150,000 tons of rails, one-fourth less than it purchased a year
compared with 1,463,220 tons, or 47,201 tons daily, in July. The daily
ago.
average was the lowest since October, 1921. Seventy-six furnaces were
Demand for pig iron is brisker, as automotive, stove and implement
in blast September 1, or six fewer than one month previous, 12 having
plants plan more active schedules. Southern iron for shipment to eastern
been blown out and six lighted. Production in the first eight months of this
competitive points is down 25 cents a ton to $10.75, furnace, the first
year, 13,849,119 tons, was 41% smaller than in the corresponding period
break in the price in several months.
In 1930.
Steel producers are confident the expected reduction in common labor
Automobile production, which declined to the lowest rate of the year
rates will not have a sequel in pressure against prices, which continue
In August, seems to be headed for a further recession in September. Last moderately firm for raw materials and finished steel. "Steel's" composite
month's output of motor vehicles in the United States and Canada is
of steel and iron products is unchanged this week at $31.04; the finished
estimated at 175,000 to 180,000 cars, as compared with 223,181 in July, steel composite also continues at $48.72, and steelworks scrap at $8.66.
and indications are that the September total will not exceed 160,000. The
Chevrolet and Plymouth schedules have been sharply curtailed, and manuSteel ingot production in the week ended last Monday
facturing operations at the Ford Rouge plant are not likely to get into
QAug. 31) averaged about 31% of theoretical capacity, acthe
month.
full swing until late in
New developments in railroad equipment are limited to an inquiry from cording to the 'Wall Street Journal" of Sept. 2. This is
the Board of Transportation, New York for 300 to 1,500 steel subway cars. a reduction of approximately 1% from the preceding week,
Pending shipbuilding work has been augmented by an inquiry from Seatrain,
when the rate for the industry was 32%. Two weeks ago
Inc., for two merchant vessels, requiring 12,000 tons of steel, and a request
the average was 33%. The "Journal" further reports:
from the Navy for bids on 11 destroyers, calling for a total of 8,000 tons.
Prices of scrap, pig iron and finished steel are without important changes.
U. S. Steel is down to around 34%, compared with a shade under 25%
It is true that steel prices have not been subjected to severe tests, but it is a week ago and about 85% two weeks ago. Leading independents are
also a fact that cost considerations have caused mills to take an increasingly slightly under 29%, contrasted with a fraction under 30% in the previous
firm attitude on prices. Tin mill black plate, after a period of considerable week and better than 31% two weeks ago.
irregularity in price, now seems to be well established at 2.65c. a lb.,
In the final week of August, last year, the average was about unchanged
Pittsburgh, an advance of $3 a ton over recent quotations.
at a shade over 57, with U. S. Steel at 65; a drop of a small fraction and
Machine tool orders placed by the Chevrolet company aggregate more independents up slightly at 51.
than $500,000. Considerable machinery business is in prospect from other
In the corresponding week of 1929 there were reductions of about 2%
automobile makers who are working on model changes.
In all companies, but the operations were coming down from an unseasonal
The "Iron Age" composite prices are unchanged at 2.116c. a lb. for mid-summer peak. U. S. Steel was at 92%, independents at 83% and the
finished steel, $15.50 a gross ton for pig iron and $9.08 a gross ton for average was 87%.
steel scrap. A comparative table shows:
For the same week of 1928 the average was up about I% to 77%, although
U.S. Steel was down a fraction to 77% and the leading independents were
Finished Steel.
Sept. 1 1931, 2.116c. a Lb.
Based on steel bars, beams. tank plates up nearly 2% at 77%.
2.116c. wire, rails black pipe and sheets,
One week ago
One month ago
2.116c.l These products make 87% of the
2.142c. United States output.
One year ago
Pig Iron Output in July Smallest for that Month
High.
Low.
Since 1921.
2.142c. Jan. 13
1931
2.102c. June 2
2 362o. Jan. 7
1930
2.121c. Dec. 5
2.4120. Apr. 2
Further losses in output of pig iron in August bring the
1929
2.362e. Oct. 25
2.3910. Dee. 11
1928
2.314c. Jan. 3 daily average for the month down to 41,308 tons, reports
2.453e. Jan. 4
1927
2.293c. Oct. 25
2.453e. Jan. 5
1926
2.403c. May 18 the "Iron Age" of Sept. 3. This is smaller than the corre2.5600. Jan. 8
1925
2.396c. Aug. 18
sponding average made in January 1900-31 years ago, adds
rig Iron.
Based on average of basic ken at Valle' the "Age," which further states:
Sept. 11931. $15.50 a Gross Ton.
815.50 furnace and foundry irons at Chicago.
One week ago
Coke pig iron production in the month, gathered almost wholly by tele15.54 Philadelphia, Buffalo, Valley and MrOne month ago
graph, aggregated 1,280,526 gross tons. This is a decline of more than
16.88 mingham.
One year ago
12% from the July total of 1,463,220 tons. It makes the smallest total for
High.
Low.
815.90 Jan. 6
$15.50 Aug. 11 August since 1921, and the smallest total for any month since October of
1931
18.21 Jan, 7
15.90 Dee. 16 that year. In August 1921 the output was only 954,193 tons.
1930
18.71 May 14
18.21 Dec. 17
1029
On the daily basis at 41,308 tons, the drop from 47,201 tons of July was
18.59 Nov.27
17.04 July 24
1028
19.71 Jan. 4
17.54 Nov. 1 almost as great as the corresponding drop between June and July. Com1927
21.54
Jan.
5
19.46 July 13 pared with 53,732 tons last December, the shrinkage has been about 23%.
1926
22.50 Jan. 13
18.96 July 7
1925
In eight months total production amounted to 13,849.119 tons. This
shows a drop of almost 9,600,000 tons, or 41%, from the corresponding
Steel Scrap.
Based on No. 1 heavy melting steel quo- period of last year. Compared with 1929, the high record year, the shrinkSept. 1 1931, 89.08 a Gross Ton.
$9.08 tations at Pittsburgh, Philadelphia age has been almost 53%•
One week ago
9.421 and Chicago.
One month ago
Net Loss of Six Furnaces.
13.67
One Year ago
Furnaces in operation Sept. 1 numbered only 76, compared with 82 on
High.
Low.
$11.33 Jan. 6
89.08 June 23 Aug. 1. The current figure is the lowest since that of Sept. 11921. when
1931
15.00 Feb. 18
11.25 Dec. 9 only 70 stacks were in blast. It is precisely the same number as that of
1930
17.58 Jan. 29
14.08 Dec. 3 July 1 1921, and compares with 69 on Aug. 1 1921, the lowest figure in
1929
16.50
Dec.
31
13.08 July 2
1928
15.25 Jan. 11
13.08 Nov.22 perhaps a half-century.
1927
Estimated rate of operation of the 76 stacks active Sept. 1 is 39,085 gross
17.25 Jan. 5
14.00 June 1
1926
20.83 Jan. 13
15.08 May 5 tons. This shows a drop of more than 6.000 tons from the 45,230-ton
1925
1526
[VOL. 133.
FINANCIAL CHRONICLE
operating rate a month ago, and is the lowest such figure since that of
Oct.
when the rate was figured at
tons. The average daily
rate for the
furnaces in operation is
tons. This compares with
tons a month ago and with
tons on July 1.
Some districts held up much better than others, in a comparison between
August and July. There was a gain of more than
in the New York
district, a larger gain in Maryland and Kentucky, and about
in the
Wheeling district. All the other districts fell off, the sharpest drop having
been that of Alabama, where a loss of about
was reported. The Chicago district lost
and the Pittsburgh district about
1 1921,
76
35,650
514
559
552
2%
26%
13%
9%
17%.
Furnace Changes in August.
July Production of Bituminous Coal and Pennsylvania
Anthracite Lower Than in Same Month Last Year'
According to the U. S. Bureau of Mines, Department of
Commerce, the total production of soft coal for the country
as a whole during the month of July is estimated at 29,790,000
net tons. Compared with the output in June, this shows an
increase of 605,000 tons, or 2.1%. The number of working days in the two months was the same-26 days.
Anthracite production in the State of Pennsylvania declined during the month of July. The total production for
the month is estimated at 3,954,000 net tons. Compared
with the June output, this shows a decrease of 590,000 tons,
or 13%.
Six furnaces were blown In in August, seven were blown out and five
were banked, making a net loss of six. Furnaces blown in include two
stacks at the Edgar Thomson works of the Carnegie Steel Co. in the Pittsburgh district, stack H at the Cambria plant of the Bethlehem Steel Co.
in western Pennsylvania, No.
Riverside furnace of the Wheeling Steel
Corp., one Hubbard stack of the Youngstown company in Mahoning
Valley, and the Ironton stack in Utah of the Columbia Steel Co.
Furnaces blown out include E stack of the Bethlehem Steel Co. in the ESTIMATED MONTHLY PRODUCTION OF COAL IN JULY (NET TONS).a
Jnly
June
July
July
July
Lehigh Valley, one Aliquippa furnace of the Jones & Laughlin Steel Corp.
State1931.
1931.
1923.
1930.
1929.
in the Pittsburgh district, furnace F of the Bethlehem Cambria plant in Alabama
909.000
983,000 1,080,000 1,416,000 1,621,000
western Pennsylvania, furnace E at the Bethlehem plant in Sparrows Arkansas
64,000
46,000
90,000
91,000
104,000
280,000
301,000
446,000
498,000
691,000
Point, Md., No. Weirton furnace in the Wheeling district, Jisco furnace Colorado
2,875,000 2,833,000 3,364,000 3,885,000 5,284,000
in southern Ohio and No. 5 Ensley stack in Alabama. Furnaces banked Illinois
Indiana
850,000
920,000 1,013,000 1,277,000 1,878,000
include one Eliza furnace of the Jones & Laughlin Steel Corp. in Pittsburgh, Iowa
180,000
205,000
203,000
255,000
365,000
a Farrell furnace of the Carnegie Steel Co. in the Shenango Valley, No.
Kansas and Missouri
391,000
306,000
387,000
442,000
560,000
2,799,000 2,720,000 3,154,000 3,800,000 3,059.000
Ensley stack in Alabama, and two furnaces in northern Ohio, one being KentuckY-,Eastern
Western
491,000
504,000
672,000
902,000
843,000
the B stack in the Central plant of the American Steel & Wire Co., and the
Maryland
145,000
133.000
188,600
191,000
178.000
other a United furnace of the Republic Steel Corp.
Michigan
8,000
9,000
51,000
62,000
70.000
Active stacks of the Steel Corporation were reduced by two, two having Montana
128,000
139,000
174,000
212,000
171,000
100,000
117,000
130,000
208,000
218,000
been blown in, one blown out and three banked. Independent steel com- New Mexico
76,000
74,000
49,000
46,000
60,000
panies blew in three furnaces, banked two and blew out five, making a net North Dakota
1,880,000 1,715,000 1,926,000 1,995,000 3,559,000
Ohio
loss of four. One merchant furnace was blown in and one blown out.
Oklahoma
123,000
109,000
143,000
233,000
202,000
Seventeen old furnaces long idle have been removed from our list, having Pennsylvania (bitum's).- 7,983,000 7,755,000 9,819,000 11,925.000 15,332,000
314,000
293,000
385,000
416,000
470,000
been abandoned or dismantled, or scheduled for abandonment, during the Tennessee
Texas
60,000
45,000
59,000
96,000
99.000
past few months. This leaves the list at
in place of the
(erroneously Utah
118,000
127,000
178,000
247,000
383,000
stated as
a month ago. This weeding out process disposes of two fur- Virginia
816,000
830,000
802,000
975,000
998,000
104,000
109,000
naces in the Buffalo district, one in the Lehigh Valley, one in Virginia, Washington
153,000
154,000
152,000
one in Kentucky, one in southern Ohio, two in Wisconsin, five in Alabama West Virginla-South'n_b 6,915.000 6,487,000 7,694,000 8,550,000 6,331,000
Northern c
1,910,000 2,139,000 2,296,000 3,097,000 3,607,000
and four in Tennessee.
288.000
302,000
Wyoming
381,000
394,000
477,000
4,000
Other States_d
3,000
10,000
12,000
17,000
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
Total bituminous coal 29,790,000 29,185,000 34,715,000 41,379,000 46,707,000
Pennsylvania anthracite_ 3,954,000 4,544,000 5,557.000 4,810.000 8.136,000
Total Pig IronFerromanganese.*
Spiegel and Ferromanganese.
Total all coal
33,744,000 33,729,000 40,272,000 46,189,000 54,843,000
1931.
1929.
1929.
1930.
1930.
1931.
a Figures for 1929 and 1923 only are final. la Includes operations on the N.& W.:
Virginian: and K. As M. c Rest of State, including Panhandle. d Figures
14,251 C.&
January
2,651,416 2,214,875 1,422,382 28,208 27,260
February
2,498,901 2,284,234 1,389,304 35,978 21,310
19,480 are not strictly comparable In the several years.
2,959,295 2.600,980 1,676,316 24,978 23,345
March
27,899
2
2
3
290
308)
3 months
April
May
June
8,109,612
2,826,028
3,105,404
2,999,798
7,100,089
2,564 681
2,613,628
2,304,223
4,488,002
1,615,375
1,584,511
1,302,345
307
79,164
22,413
25.896
33,363
71,915
27,777
30,296
27,327
61,630
25,456
23,959
11,243
122,288
17,776
12,482
Half-year
July
August
September
17,040,842 14,582,621
3,039,370 2,075,414
3,065,874 2,011%572
2,862,799 1,870.269
8,990,233 160,836 157,325
1,091,853 31,040 17,728
983,762 28,461 20,909
27,505 21,181
9 months
October
November
December
26,008,885 20,538,876
2,902,960 1,791,421
2,498,291 1,491,927
2,112,074 1,269,529
247,842 217,143
31,108 24,480
28,285 18,619
28,564 16,288
33,522,840 25,101,753
335,799 276,530
Year
* Includes output of merchant furnaces
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS
IferSteel
Works. chants.5 Total.
1929-January.. 85,530
February 89,246
March__ 95,461
April.___ 95,680
May.. ___ 100,174
June.- 99,993
98,044
July
98.900
August
Septemb'r 95,426
October_ 93,644
Novemb'r 83,276
December 68,152
1930-January _ 71,447
February 81,850
83,900
March
Anril_ ___ 85.489
Steel
liferWorks. chants.* Total.
25.514111,044 1930-May......
June_ - - 25,261 114,507
July
24,361 119,822
August....
26,407 122,087
Septemb'r
25,571 125,745
October _
23,915 123,908
Novemb'r
24,056 122,100
December
22,251 121,151
21,159 116,585 1931-January _
February
22,101 115,745
March...
22,771 106.047
April__....
23,361 91,513
May__-_
19,762 91,209
June.. _ _ _
19,810 101,390
July
20,815 104.715
August....
20.573 106.062
84,310
77.883
66,949
64.857
62,342
57,788
49,730
40,952
45,883
49,618
54,075
53,878
51,113
43,412
35,189
31.739
19,973 104.283
19.921 97,804
18,197 85,146
16,560 81,417
13,548 75,890
12,043 69,831
12,507 62,237
11,780 53,732
9,416 55,299
11,332 60,950
11,481 65,556
13,439 67,317
13,212 64,325
11,209 54,621
12,012 47,201
9,569 41,308
•Includes Pig iron made for the market by steel companies.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1926-GROSS TONS.
January
February
March
April
May
June
First six months
July
August
September
October
November
December
12 months'average
1926.
1927.
1928.
1929.
1930.
106.974
104,408
111,032
115,004
112,304
107,844
109.660
103,978
103,241
104,543
107,553
107,890
99,712
107.043
100,123
105,024
112,366
114,074
109,385
102,988
107,351
95,199
95,073
92,498
89,810
88,270
86,960
99.266
92,573
100,004
103,215
106,183
105,931
102,733
101,763
99,091
101,180
102,077
108,832
110,084
108,705
103.382
111,044
114,507
119,822
122,087
125,745
123,908
119.584
122,100
121,151
116,585
115,745
106,047
91,513
115,851
91,209
101,390
104,715
106,062
104,283
97,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
86,025
1931,
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
The above table presents the estimated production of
bituminous coal, by States, in the month of July. The
distribution of the tonnage is based largely on figures of
loadings, by railroad divisions, furnished by the American
Railway Association, on reports of waterway shipments made
by the U. S. Engineer Offices, and on figures of field production submitted by associations of operators.
Inventories of Bituminous Coal on Commercial Docks
of Lake Superior Increased During July.
According to the United States Bureau of Mines, Department of Commerce, the past month brought no marked
change in the coal trade at the head of the Lakes. Shipments from the Lake Superior docks in July remained at
approximately the same level as in the previous month, but
deliveries from the Lake Michigan docks were slightly less
than in June. Receipts of both anthracite and bituminous
coal at the upper Lake docks during the current year have
been considerably less than in the corresponding periods of
other recent years, and as a result the present reserves held
by the dock operators are substantially lower than a year
ago. The Bureau in its statement further reports:
Stocks of bituminous coal on Aug. 1 amounted to 6,513,164 net tons.
Of this amount 4,409,481 tons was held by the Lake Superior operators and
2,103,683 tons by those on Lake Michigan. A year ago a total of 8,398,000
tons of soft coal was on hand.
On Aug. 1 the stocks of anthracite on the commercial docks of Lake
Superior were
tons and on the west bank of Lake Michigan
tons, a total of
tons. This i sabout
tons less than the
tonnage on hand on Aug.
419,523
707,661
128,000
11930.
288,138
STOCKS, RECEIPTS AND DELIVERIES AT COMMERCIAL DOCKS ON
LAKES SUPERIOR AND MICHIGAN. JULY 1931 (IN NET TONS).
Lake Superior. LakeMichigan
BituminousStocks on hand July La
Received during Ally
Delivered (re-loaded)
Stocks on hand Aug. 1
Anthracite-Stocks on hand July La
Received during July
Delivered (re-loaded)
Stocks on hand Ana 1
Total.
3,712,957
1,131,663
435,139
4,409,481
1,604,302
792,609
293,228
2,103,683
5,317,259
1,924,272
728,367
6,513,164
376,628
52,762
9,867
410823
244,368
71.826
28,056
288.138
620,996
124,588
37,923
707.661
PIG IRON IN UNITED STATES
1929-GROSS TONS.
1931.
July__ 3,785.120 2,639,637 1,463,220
August 3,755,680 2,523.921 1,280,526
Sept.... 3,407,564 2.276,770
Oct.... 3.588,118 2,164.768
Nov... 3,181,411 1,867,107
Dec__ 2,836.916 1,665,690
a Revised.
Note.-The above figures represent the commercial docks only. For Lake Sunerlor, the source of Information Is the monthly tonnage report of the Maher Coal
Bureau, which has been supplemented by direct information from other companies
at Sault Ste. Marie, Hancock and other points on the tipber peninsula of Michigan
not covered by that report. The figures for Lake Michigan are collected direct
from the operators of docks on the west bank as far south as Racine and Kenosha,
not including, however, Waukegan and Chicago.
Year21.640,960 18,261,312 11,105,373 Year*.42.285,769 31,399,105
•These totals do not Include eharcoa pig iron. The 1930 production of the
iron was 96,580 gross tons, as compared with 138,193 gross tons in 1929 and 142,960
gross tons In 1928.
The available statistics on the distribution of coal in the Lake dock territory for the first seven months of 1931, together with comparable figures
for the corresponding months in other recent years, are given in the table
below:
TOTAL PRODUCTION OF COKE
BEGINNING JAN. 1
1931.
1930.
1929.
Jan.__ 3,442,370 2,827,464 1,714,266
Feb_ _ 3,206,185 2,838,920 1,706,621
Mar._ 3,714,473 3,248,171 2,032,248
April__ 3,662,625 3,181,868 2,019.529
May.. 3.896,082 3,232,760 1,994,082
June._ 3,717,225 2.934.129 1,638,627
SEPT. 5 1931.]
Cars Shipped from Docks at
Duluth-Supertor.a
FINANCIAL CHRONICLE
Net Tons by Car Ferry Across
Lake liftehtgan.b
1931. 1930. 1929. 1928. 1931. 1930. 1929. 1928.
January
20.575 33,005 32,754 27,250 72,685 129,256 134,935 111,502
February
14,609 19,861 31,390 22,804 54,358 103,193 148,567 124,698
13,859 15,228 15,562 18,518 44,456 50,042 101,718 112,287
March
10.068 11,454 12,327 14,135 38,493 47,764 41,786 68,880
April
11,843 14.019 18,105 14.717 53,962 60.155 70,356 69,308
May
9,403 12.350 14.926 12.279 62,264 64,071 76,276 81,670
June
9.411 13,290 13.553 12.585
July
--- 79,646 80,306 91,140
a As reported by the Western Weighing and Inspection Bureau. b As reported bY
the Ohio Bureau of Coal Statistics. Includes car terry across Mackinac Strait.
1527
as compared with 8,494,000 tons of bituminous coal, 1,694,000 tons of Pennsylvania anthracite and 36,800 tons of
beehive coal in the corresponding period last year and 6,989,000 tons of bituminous coal, 771,000 tons of Pennsylvania
anthracite and 14,500 tons of beehive coke in the preceding week.
During the calendar year to Aug. 22 1931, production of
bituminous coal amounted to 241,148,000 net tons as against
290,056,000 tons in the calendar year to Aug.23 1930. The
Bureau's statement follows:
BITUMINOUS COAL.
For the first time in any week since the end of March, production of
bituminous coal has passed the 7-million-ton mark. The total output
during the week ended Aug. 22 1931, including lignite and coal coked at
the mines, is estimated at 7,116,000 net tons. Compared with the preceding week, this shows an increase of 127,000 tons, or 1.8%. Production
during the week in 1930 corresponding with that of Aug. 22 amounted
to 8,494.000 tons.
In the second decision to be handed down since Colorado mine owners ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS COAL
(Net Tons)
began seeking lower wages, the Commission declared the Moffatt Coal
1931
1930-------Company and the Keystone Coal Company, both of Routt County, were
Cat. Year
Cal. Year
without justification in their demands.
Week EndedWeek.
to Date.
Week.
to Date.a
The declaration of the Commission did not, however, block the wage cut, Aug. 8
-6,802,000 227,043.000
7,839,000 273,391,000
which went into effect in Routt County mines yesterday.
Daily average
1 134,000
1,218,000
1.307,000
1.466,000
"The evidence shows," the decision said, "that under the present wage Aug. 15 I,
6,989,000 234,032,000
8,171,000 281,562,000
Daily
employes
are not making a decent living-in fact they are making less
the
average
1,165,000
1,216,000
1,362,000
1,463,000
Aug. 22 c
than half a living wage. If it is necessary to establish soup kitchens
7,116,000 241,148,000
8,494,000 290,056,000
to
Daily average
1.215,000
1,416,000
1 186,000
keep the men and their families alive under the present scale, what can
1,461,000
4..tus
they do at a lower wage?
a Minus one day's production first week in January to equalize number of days
"This Commission is further of the opinion that when the price of coal In the two years. b Revised since last report. c Subject
to revision.
advances, which it always seems to do during the winter months,
that
The total production of soft coal during the present calendar year to
wages should be restored."
Aug. 22 1931 (approximately 198 working days) amounts to 241,148,000
net tons. Figures for corresponding periods in other recent calendar years
are given below:
Union Miners of Rocky Mountain Fuel Co. in Colorado 1930
290,056.000 net tons11928
302,523,000 net tone
329,184,000 net tonsI1927
Agree to Postpone Half Wages for Three Months 1929
336,281,000 net tons
in War Against Non-Union Operators.
As already indicated by the revised figures above, the total production of
soft coal for the country as a whole during the week ended Aug. 15 is
From Denver Aug. 25 Associated Press accounts from estimated
at 6,989.000 net tons. This is an increase of 187.000 tons, or
Denver said:
2.7%, over the output in the preceding week, and compares with 8,171.000
tons
the week in 1930 corresponding with that of Aug. 15. The
during
Seven hundred union miners of the Rocky Mountain Fuel Co.
in the following table apportions the tonnage by States and gives comparable
Northern Colorado coal field, in a resolution received at the
company figures for other recent years:
offices to-day, announced their willingness to postpone payment of
half the
wages due them in August, September and October.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
The miners stated that they desired to assist the company in
maintaining
Week Ended
August,
the union wage scale and a reasonable price level for coal.
Aug. 8
Aug. 15
Auo. 16
Aug. 17
1923,
Miss Josephine Roche. President of the company, said:
1931.
Stale1931.
1930.
1929.
Arerage.a
"The Rocky Mountain Fuel Co. pledges itself jointly
Alabama
207,000
200,000
245,000
313,000
397,000
with the union Arkansas
19,000
17,000
21,000
23,000
28,000
miners to resist every attempt to cut wages in the Northern Colorado
field, Colorado
85,000
76,000
93,000
126,000
173,000
and acting jointly with miners, will meet the price war by which non-union Illinois
758,000
687,000
817,000
968,000 1,363,000
operators are attempting to break down the union wage scale."
Indiana
212,000
190,000
266,000
277,000
440,000
Iowa
40,000
40.000
55,000
69,000
100,000
United Press adviees from Serene, Colo., published in the Kansas
34,000
29,000
35,000
54.000
84,000
654,000
643,000
762,000
925,000
765,000
"Wall Street Journal" of Aug. 26, had the following to Kentucky-Eastern
Western
136,000
122,000
161,000
243.000
217,000
Maryland
33,000
30,000
36,000
47,000
44.000
say in the matter:
Michigan
1,000
1,000
4,000
15,000
21,000
Union labor went to the aid of the Rocky Mountain Fuel Co..
50,000
45,000
60,000
58,000
61,000
which Missouri
Montana
38,000
31,000
fought labor's battle against a wage reduction ordered in Rockefeller
41.000
60,000
50.000
-con- New Mexico
21,000
25,000
30,000
45,000
49,000
trolled Colorado coal mines.
North Dakota
19,000
18,000
13,000
13,000
20,000
Six hundred miners announced they had voluntarily suggested
419,000
406,000
426,000
457.000
871,000
postpone- Ohio
ment of half their wages during August, September and October. In
Oklahoma
35,000
31,000
34,000
57.000
55,000
addi- Pennsylvania
(Mum's)... 1,840,000 1,812,000 2,239,000 2,645.000 3,734,000
tion, each man agreed to act as a voluntary salesman for the company.
Tennessee
75,000
77,000
91,000
104,000
118,000
The miners thus declared war upon large non-union coal operators
in the Texas
23,000
82,000
15,000
24,000
24,000
state who have instituted 25% wage cuts.
Utah
37,000
43,000
59.000
68.000
83,000
Virginia
"The time has come," the miners declared in a statement,"to defend
204,000
187,000
185,000
232,000
248.000
our Washington
28,000
25,000
30,000
38,000
47,000
union contract and wage scale against * * • a systematic attempt of
non- West Virginia-Southern b 1,528,000 1,551,000 1,787,000 2,028.000 1.515,000
union operators to reduce wages and reduce coal miners to a condition
Northern c
409,000
399,000
570.000
711,000
of
875,000
economic slavery.
Wyoming
83,000
84,000
93.000
111.000
154,000
"We therefore give notice * * * that we will mine and put coal in every Other States
1,000
1,000
3,000
3.000
4,000
market at prices which will meet any price made by non-union operators..."
Total
6,989,000
bituminous
6,802,000
coal._
8,171,000
9.714,000
11,538.000
The miners indicated their action was taken at this time to aid
796,000 1,118,000 1,072.000 1,926,000
their Pennsylvania anthmcite... 771,000
company through the slack period in the industry until the winter
season
Total all coal
with its usual demand for fuel.
7,760,000 7,598,000 9.289,000 10,786,000 13,464,000
Colorado Industrial Commission Protests Against Wage
Cuts by Coal Mining Companies.
Wage reductions of two Colorado coal mining companies
have brought a protest from the State Industrial Commission, it was stated in Associated Press dispatches from
Denver on Aug. 29, which also had the following to say:
Further United Press advices from Denver are taken as
follows from the "Wall Street Journal" of Aug. 27:
a Average weekly rate for the entire month. b Includes operations on the N.& W.
C.& 0.: Virginian: and K.& M. c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
With coal prices in Colorado already at a point said to be the
lowest in
20 years, non-union operators were reported preparing to meet the
The total production of anthracite in the State of Pennsylvania during
challenge
of the United Mine Workers of America and the Rocky Mountain Fuel Co. the week ended Aug. 22 is estimated at 931,000 net tons. Compared with
The latter have declared a uniqus co-operative agreement to maintain wages the output in the preceding week, this shows an increase of 160,000 tons,
at 1929 levels, and to mine and market coal to meet any prices set by the or 20.8%. Production during the week in 1930 corresponding with that
non-union operators of the state.
of Aug. 22 amounted to 1,694,000 tons.
Competitive non-union companies in the northern field, where the
Rocky ESTIMATED PRODUCTION OFPENNSYLVANIA ANTHRACITE (Net tenet.
operates
Mountain Fuel
its mines, already have instituted one
reduction
1931
1930
of from 50c. to 75c. a ton, wholesale price. This reduction came just prior
Week.
Daily Arer,
Daily Aver.
Week.
to the announcement of 25% mine wage cuts by the Colorado Fuel & Iron Aug. 8
798,000
1.119,000
132.700
186.500
Co., controlled by the Rockefeller interests, and five others of the state's Aug. 15
771,000
128,500
1,118,000
186,300
largest operators.
Aug. 22 a
931,000
155,200
1,694,000
282,300
Ostensibly, there have been no price cuts since that time. Operators
a Subject to revision.
maintain the wage cuts were made necessary by the low price of
coal,
extreme competition, and general business conditions. Their price
lists,
BEEHIVE COKE.
they declare, are the lowest in two decades.
The total production of beehive coke during the week ended Aug. 22
1931 Is estimated at 16,000 net tons.
This compares with 14,500 tons
Output of Bituminous Coal and Pennsylvania Anthra- in the preceding week and 36,800 tons during the week in 1030 corresponding with that of Aug. 22.
cite During Week Ended Aug. 22 1931 Ahead of
the Previous Week, but Continues Below Rate a
Year Ago.
According to the U. S. Bureau of Mines, Department of
Commerce, production of bituminous coal and Pennsylvania
anthracite for the week ended Aug. 22 1931 continued below
last year's rate, although showing an increase over the preceding week. During the period under review there were
produced 7,116,000 net tons of bituminous coal, 931,000 tons
of Pennsylvania anthracite and 16,000 tons of beehive coke,
ESTIMATED WEEKLY PRODUCTION OF BEEHIVE COKE (Net Tons).
Week Ended
1931
1930
Aug. 22 Aug. 15 Aug. 23
to
to
Region1931.b 1931. 1930.
Date.
Date.a
pennsylvanla
12,600 11,400 26,600
696,000 1,483,800
West Virginia
1,700
1,000
6,000
81,900
330,400
Tennessee and Virginia
900
900
2,400
79,100
170,100
Colorado, Utah and Washington_
1,200
800
1,800
32,400
75,100
United States total
Daily average
16,000
2,667
14,500
2,417
36.800
6,133
889,400 2,059,400
4,447
10,297
a Minus one day's production first week in January to equalize number of
days
In the two years. b Subject to revision.
1528
[vol.. 133.
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. 2, as reported by
the Federal Reserve banks,was $1,224,000,000, an increase
of $49,000,000 compared with the preceding week and of
$196,000,000 compared with the corresponding week in 1930.
After noting these facts, the Federal Reserve Board
proceeds as follows:
Sept. 21931. Aug. 26 1931. Sept. 3 1930.
$
2,820,000,000 2,632,000,000 2,104,000.000
Investments—total
1,588,000,000 1,815,000,000 1,075.000,000
1,032,000,000 1,017,000.000 1,029,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank._
Cash In vault
811,000,000
64,000,000
811,000,000
53,000,000
786,000,000
44,000,000
5,708,000,000 5,857,000,000 5,613,000,000
1,107,000,000 1,108,000,000 1,435,000,000
5,000,000
15.000,000
15,000,000
Net demand deposits
Time deposits
Government deposits
On Sept. 2 total reserve bank credit amounted to $1,221,000,000, an Due from banks
92,000,000
88,000,000
75,000.000
increase of $22,000,000 for the week. This increase corresponds with Due to banks
1,107,000,000 1.029,000,000 1,091,000,000
Increases of $41,000,000 in money in circulation and $32,000.000 in member
36,000,000
8.000,000
8.000,000
bank reserve balances, offset in part by a decline of $7,000,000 in un- Borrowings from Federal Reserve Bank_
expended capital funds, &c., and increases of $38,000,000 in Treasury Loans on secur. to brokers & dealers
For own account
currency, adjusted, and $6,000,000 in monetary gold stock.
983,000,000 960,000,000 1,721.000,000
For account of out-of-town banks_ — 220,000,000 223,000,000 820,000,000
Holdings of discounted bills declined $2,000,000 at the Federal Reserve
For account of others
163,000,000 188,000,000 768,000,000
Bank of Boston, and increased $7,000,000 at Chicago, $4,000,000 each at
New York and Cleveland and $15,000.000 at all Federal Reserve banks.
Total
1,368.000,000 1,349,000,000 3,110,000,000
The System's holdings of bills bought in open market increased $17,000,000
977,000,000 953,000,000 2,498,000,000
and of Treasury certificates and bills $13,000,000, while holdings of Treasury On demand
On time
389,000,000 398,000,000 812,000,000
notes declined $13,000,000.
Chicago.
Beginning with the statementrofiMay 28 1930 the text
1,797,000,000 1,792,000,000 2,033,000.000
condition statement of the Loans and Investments—total
accompanying the weekly
, Federal Reserve banks was changed to show the amount of
Reserve bank credit outstanding and certain other items
not included in the condition'statement, such as monetary
gold stock and money in circulation. The Federal Reserve
Board's explanation of theTchanges, together with the
definition of the different items, was published in the May 31
1930 issue of the "Chronicle," on page 3797.
The statement in full forlthe week ended Sept. 2, in
comparison with the precedingXweek and with the corresponding date last year, will be found on subsequent pages—
namely, pages 1573 and 1574.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Sept. 2 1931 were as follows:
neeDecrease (—)
Increase (-1-1sior
Sept. 2 1931. Aug. 26 1931.
Sept. 3 1930.
257,000,000 +15,000,000
198.000,000 +17,000.000
728,000,000
88,000,000 —11,000,000
+28,000,000
+28.000,000
+128,000,000
+1,000,000
TOTAL RES'VE BANK CREDIT. 1,221,000,000 +22,000,000
Monetary gold stock
4,998,000,000 +8,000,000
Treasury currency adjusted
1,758,000,000 +38,000,000
+180,000,000
+498,000,000
—18,000,000
Money in circulation
5,035,000,000 +41,000,000
Member bank reserve balance
2.374.000.000 +32,000,000
Unexpended capital funds, non-member deposits, &c
568,000.000 —7,000,000
+524,000,000
—19,000,000
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
+156,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
The grand aggregate of brokers' loans the present week
records an increase of $17,000,000, the amount of these
loans on Sept. 2 1931 standing at $1,366,000,000. The
present week's increase of $17,000,000 follows an increase of
$6,000,000 last week and an increase of $14,000,000 the week
before but a decrease of $150,000,000 in the preceeding six
weeks. Loans "for own account" rose during the week
from $960,000,000 to $983,000,000 but loans "for account
of out-of-town banks" decreased from $223,000,000 to
$229,000,000 and loans "for account of others" from
$166,000,000 to $163,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Sept. 2 1931. Aug.28 1931. Sept. 3 1930.
1,243,000,000 1,239,000,000 1,558,000,000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank.Cash in vault
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
930,000,000
828,000,000
554,000,000
553.000.000
475,000,000
322,000,000
232,000,000
318,000,000
235.000,000
197,000,000
278,000,000
205,000,000
15.000,000
198,000,000
14,000,000
189,000,000
13,000,000
157,000,000 146,000,000
314,000,000 288,000,000
164,000.000
367,000,000
1,000,000
2,000,000
1.000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 26:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Aug. 26 shows an increase for the week
of $29,000,000 in loans and investments, a decrease of $41,000,000 in time
deposits and an increase of $4,000,000 in borrowings from Federal Reserve
banks. Net demand deposits and Government deposits show little change
for the week.
Loans on securities increased $31,000,000 at reporting banks In the New
York district, $18.000,000 in the Boston district and $37,000,000 at all
reporting banks, and declined $6.000,000 in the San Francisco district.
"All other" loans declined $12,000,000 in the Boston district, $8,000,000
In the Chicago district, $6,000,000 In the Philadelphia district and $40,000,000 at all reporting banks. .
Holdings of United States Government securities increased $52,000,000
in the New York district and $47,000,000 at all reporting banks, and declined 86,000 000 In the Cleveland district. Holdings of other securities
declined $15.000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $94.000,000 on Aug. 26, the principal changes for the
week being an increase of 68,000,000 at the Federal Reserve Bank of
New York and a decrease of 64.000,000 at Kansas City.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Aug.26 1931, follows:
Increase (-0 or Decrease (—)
Since
Aug.26 1931. Aug. 19 1931. Aug. 27 1930.
Loans and investments—total----22,030,000,000
+29,000,000 —1,092,000,000
14,335,000,000
—3,000,000 —2,458,000,000
6,490,000,000
7,845,000,000
+37,000,000 —1,880,000.000
—40,000,000 —598,000,000
7,695,000,000
+32,000,000 +1.385.000.000
U.S. Government securities—. 4,078,000,000
Other securities
8,617,000.000
+47.000,000 +1.169,000.000
—15,000,000 +197,000.000
Loans—total
On securities
All other
Investments—total
Reserve with Federal Reeve banks 1,787,000,000
Cash in vault
247.000,000
—27,000,000
+11.000,000
—27.000,000
+36,000.000
Net demand deposits
Time deposits
Government deposits
13,195.000,000
7,017,000,000
42.000,000
—1,000,000
—41,000,000
—3,000,000
—411.000.000
—422,000.000
—4,000,000
1,322,000,000
8,052,000,000
—104,000.000
—187,000,000
—180,000,000
—250,000.000
94,000,000
+4,000,000
+54,000,000
7692,000,000 7,841,000.000 8,181,000,000
Loans—total
5,072,000,000 5.009,000.000 8,057,000,000
Due from banks
Due to banks
2,883,000.000 2,855,000,000 3,852,000.000
2,389.000,000 2,354,000.000 2,405,000,000
Borrowings from Fed. rtes. banks_
724,000,000
515,000,000
1,203.000,000 1,195.000,000 1,273,000,000
528,000.000 527,000,000 674.000.000
3,000,000
1,000,000
3,000,000
Net demand deposits
Time deposits
Government deposits
Loans and investments—total
On securities
Another
725,000,000
518,000,000
SEPT. 5 1931.]
FINANCIAL CHRONICLE
Thomas Cochran of J. P. Morgan & Co. Sails for Europe.
Thomas Cochran, of J. P. Morgan & Co., was a passenger
on the North German Lloyd liner Europa, which sailed
for Europe on Aug. 24.
Return from Abroad of Secretary of State Stimson—
Believes President Hoover's Moratorium Will Lay
Foundation of Peace and Prosperity.
Secretary of State Henry L. Stimson arrived in New York
on the Steamer "Leviathan" which reached here Sept. 3.
Both at the time of his arrival, and with his departure from
England on Aug. 28 Secretary Stimson issued a statement
in which he expressed his optimism at the progress toward
the solution of European difficulties. On reaching New
York Secretary Stimson said:
"The month which has elapsed since the close of the seven-power conference in London has given us a chance to begin to appraise the result
of that conference and of the various meetings which preceded and have
followed it. From the information which has come to me I believe that
Germany has received a new spirit of courage and confidence. The result of the recent plebiscite in Prussia, the fact that on the day when the
German banks reopened the deposits exceeded the withdrawals, together
with many other similar indications, all point to more hopeful conditions
and spirit.
"Even more encouraging have been the meetings of the French and
German Ministers and the friendly and conciliatory spirit in which Prime
Minister Laval and Chancellor Bruening have begun to discuss the vital
political questions which divide their countries. The same is true of the
meetings which have been hold between the Ministers of Germany and
Britain and of Germany and Italy. Such informal meetings constitute
the most effective method of approaching and discussing these political
problems, and until they are thus approached in such a spirit any thorough economic rehabilitation of Central Europe is almost impossible.
"I think there is now good reason to believe that these European statesmen,taking advantage of the respite granted by Mr. Hoover's moratorium
as well as the recommendations of the London conference, are beginning
gradually to lay foundations of political goodwill, upon which a lasting
structure of peace and economic prosperity can finally be rested. It was
very evident in each of the countries I visited that the spirit and policy
of the President's moratorium was highly appreciated and was proving
helpful in many directions."
Secretary Stimson sailed from New York for Naples in
June. Regarding his tour, he said:
"From Naples I wont to Rome and then to Paris. I had expected to
go to Germany from Paris but received a wire from President Hoover
that he wanted me to represent the United States in London at the SevenPower Conference. So I wont from Paris to London and then to Berlin.
After the conference was over in Berlin I returned to London and finished
up my business."
The following is Secretary Stimson's statement issued at
Southampton, Eng., on Aug. 28:
"I am going back encouraged that the countries I have visited and
their executive officials are making progress toward the solution of their
difficulties. It is not for me to discuss those difficulties now, but there
has been very hopeful progress at the conferences that 1 have attended
and witnessed as well as those I have hoard about.
"The European countries seem to have developed bettor understanding,
and I am sure there is real determination among them to face the position
that menaces Europe and to find adequate solution in the friendliest way.
"One thing that impressed me is the growth of the spirit of good-will
among the European nations, and that is why I am returning home with
a spirit of hope and of optimism.
"It was my privilege to meet the Foreign Ministers of Groat Britain,
France, Germany and Italy, as well as high officials and the executive
heads, and we had a chance to talk matters over. Better still, we became
personally acquainted, and that is a great thing in tho present state of
the world.
"It is my profound view that these personal meetings with the representatives of different countries must lead to an enormous amount of
good, and I believe in them thoroughly. I feel bettor equipped for my
own duties, for I have a better knowledge of these European problems."
1529
For these supplies France assumed a debt of $407,341,145 upon which she
agreed to pay 5% interest, the debt maturing in five years. France
regularly paid the interest, roughly $20,000,000 a year, into the United
States Treasury. The actual total of the interest paid over the five-year
period was $112,018,144.18.
When the Mellon-Berenger debt funding agreement was reached as of
June 15 1925, it was agreed by the United States that the principal
amount of $407,000,000 debt should be included with the war loans made
by the United States to France; that the separate interest payments which
France had been making on the war materials debt should cease, and
that France should thereafter pay interest on her combined gross debt
to the United States, according to terms fixed by the agreement.
There was a delay of several months in ratification of the debt agreement by Congress, and the French Parliament, but meanwhile Congress
passed a resolution making it unnecessary for France to meet the principal amount of the war supplies debt, pending the ()acme of the debate
and vote in Congress on the general debt pact.
However, until the debt pact was ratified by the American Congress
and the French Parliament in 1926, France paid to the United States
Treasury such instalments as fell due, under the terms of the debt pact.
the sums being in excess of those which would have been due on the war
supplies debt.
National City Bank of New York on European Financial
Situation—Implications of Wiggin Report on German Reparations.
An extended discussion of the European financial situation features the September bulletin of the National City
Bank of New York. "Causes of British Difficulties," "The
Situation of Germany," and the "Report of the Basle Committee of Inquiry" are some of the heads under which the
bank expresses its views; as to the report of the committee,
of which Albert H. Wiggin of the Chase National Bank is
Chairman, the bank says that "it is clear . . . that the
committee regards a realistic settlement of the reparations
question as an indispensable prerequisite of German economic recovery. The committee places the responsibility
directly on the governments of the world to see that this is
done, and warns that there is no time to lose."
There can be no disagreement with the views of the committee as to the
desirability of an early settlement of this question on an economic basis.
If, however, the present period of confusion and depression should be considered inopportune for settling sp complex a question as that of German
capacity to pay under normal conditions, the world at least needs assurance
at the earliest possible moment that the breathing spell accorded by the
suspension of international debts will be adequate to give time either for
reconsideration of these debts or for the restoration of economic conditions
to levels which will render them less burdensome.
When the Hoover moratorium was first proposed its purpose was stated
to be "to give time to permit debtor governments to recover their national
prosperity." It would appear miraculous, however, for such recovery to
take place within a year. Two months already of the period of grace have
elapsed, and soon people will be concerned with the questicn as to what is
to happen after July 1 1932. If nothing is done the world at that time
will be in danger of a more difficult situation than it was in June this
year when the moratorium was first proposed. It is inconceivable that
governments will permit the situation to drift in this way. Nevertheless,
the uncertainty that exists is casting a blight over business everywhere.
So long as no one knows what is going to happen in Europe, business cannot
be expected to go ahead with confident plans for the future, and this hesitancy is one of the factors tending to depress the commodity markets.
So far as the ordinary processes of economic readjustment are concerned,
there is evidence that a great deal of progress is being made. Production is
being gradually brought into line with consumption. Prices have been
drastically reduced in many lines to levels that ought to encourage buying.
Stocks of goods other than certain foods and raw materials are not excessive.
What is needed now above all else is a restoration of confidence, and this
can come only through the removal of what is, in our opinion, the chief
restraining influence, namely, apprehension as to the ultimate outcome of
conditions in Europe. If the political situation could be improved, particularly as regards the Franco•German relations, and business relieved from
concern over the possibility of a premature attempt to force resumption of
debt payments, we believe that these would be the most constructive stops
that could be taken towards improving the public psychology and bringing
the depression to an end.
Senator Watson Asserts Paris Won't Pay for United
States War Stocks—Charge Refuted by Treasury
Records of Payments by France.
The following from Indianapolis, Sept. 1, is from the
New York "Times":
Details of British Credit Finished in Paris—British
"France does not intend to pay for war supplies purchased from the
Representatives and the French Bind Contract by
United States after the war. One of its high commissioners told me this,"
Exchange of Letters—Bonds to Be Issued Soon.
Senator James E. Watson of Indiana and Republican leader in the Senate,
asserted here to-day.
The readiness with which France a week ago granted the
Mr. Watson, telling of the incident in which this statement was made to $200,000,000 share of the
$400,000,000 credit to Great
him, pledged that he never would vote for cancellation of war debts or
Britain was characterized on Aug. 29 as a gesture of interentry of the United States into the League of Nations.
"Immediately after the war, we sold $2,000,000,000 worth of war sup- national solidarity destined to accomplish much in restorplies, already in France, for $400,000,000 to the French Government," ing Anglo-French relations to their former basis of intimacy,
he said.
said a cablegram to the New York "Times" from its Paris
"Later the French high commissioners came over here to talk about
correspondent on Aug. 29, this cablegram also saying in
their debts.
"I could not talk French and but one of them could speak English. part:
One night at a dinner he turned to me and said: 'I don't want to fool
you, Senator Watson. We do not intend to pay for the war supplies.'
"That is the attitude of the French on the problem of their war problems," Senator Watson asserted. •
"As long as Senator Robinson and myself are in the Senate, I know
there will be two votes from Indiana against war debt cancellation and
against entry into the League of Nations."
The above was followed by the following Washington
dispatch to the "Times" Sept. 1:
According to the Treasury records, France has met completely all obligations in connection with the purchase of surplus war supplies which she
obtained from the United States at the end of the war.
The final formalities with reference to the credit were carried out this
afternoon at the offices of the Bank of France, when representatives of participating banks and delegates of the British Treasury exchanged letters containing the full details of the operation.
Letters To Be Exchanged.
The French banks will now address identical responses to the British
Treasury, which in turn will acknowledge each communication. This
exchange of letters will constitute the credit contract.
According to present plans—and here again new records are being made—
the $100.000,000 destined for public offering in France in the form of British
Treasury bonds of one year's duration will be ready for distribution next
week and subscriptions will be taken before the end of the week. A survey
of the French market seems to have confirmed optimistic statements pre-
1530
FINANCIAL CHRONICLE
[Vor.. 133.
viously heard and it is expected that no difficulties will be encountered in
placing half of the credit with the public.
The fact that the bonds will have a net yield of 4.25% and bear the guarantee of the British Government, as well as the implied endorsement of the
French Government, is accepted here as a selling argument of unquestioned
strength. Great value is also seen in the further fact that this is the first
time in the history of Great Britain that the British Government has borrowed money from France through the medium of public offering.
Political Significance Great.
The political significance of a large number of Frenchmen holding under
current conditions $100,000.000 In Treasury bonds is of itself regarded as a
factor which should have a beneficial influence on the European financial
situation, possibly leading the nervous French investor back along the road
to sound long-term European investments. It is understood that when conditions prove ripe the British will consolidate the issue into a long-term
loan of 20 years, but that depends, of course, on political events.
Commenting on the credit, tonight's L'Intransigeant says, "Morally,
we can look our friends in the face. We have been loyal to our friendship
In responding without a moment's delay to the appeal which they sent forth.
Furthermore, what a considerable moral benefit there is for France to be
placed in the present circumstances on a basis of absolute equality with the
financial fortress of the world—New York."
The semi-official le Temps, voicing a similar sentiment, explains that by
the very manner in which the credit was arranged France and Britain have
affirmed once more the strong feelings which bring them close to each other
in fruitful collaboration for the solution of various serious crises in both
countries.
"It Is only necessary to read the British commentaries," concludes le
Temps,"to realize that this friendly people appreciates at its true value this
French gesture which is of a nature to reinforce the sincere collaboration of
both nations In the highest interest of the general peaces."
Treasury bills have been tendered the banks and the proceeds deposited
with the Federal Reserve Bank for the account of the Bank of England,
It was indicated.
The volume of bills thus far sold under the $200,000.000 credit was small.
it was stated, but such action indicates that it is the intention of the British
authorities to make some use of the credit immediately.
The British credit was referred to in our issue of Aug. 29,
page 1365.
Sterling Firm.
The pound sterling was a firm In the local market yesterday. Cables
opened at4.86 3-16 and dropped slightly to 4.86H, but offerings were readily
absorbed, and by the close the rate was once again 4.86 3-16. It is thought
that in so far as the rate is to be pegged,especially during the monthly turnover period, it will be kept as near to its par of 4.8665 as possible.
The use of any large part of the $200,000,000 credit in this market is not
likely in any case in the near future, it is believed, because of the fact that
the half of the French portion of the credit sold to the public is made
available to the British Treasury immediately. This portion of the credit
will serve to largely offset withdrawals of French funds from the London
money market made over the last few weeks.
Paris Banks Drawing on Public for New British Credit,
Because Own Resources Are Inadequate.
In part a message from Paris Aug. 29 to the New York
"Times" said:
The formation at London of a national government containing the leaders
of the three great political parties and the subsequent smooth arrangement
of the French and American credit requisite to meeting requirements of the
London situation have been welcomed enthusiastically in financial Paris.
The reason why Paris private banks have required issue to the public of
securities standing behind the new British credit is that the amount which
it Is proposed to issue in France outruns the immediate capacity of the
banks.
The credit of 80,000,000 sterling granted by Paris and New York will
serve to repay the credit granted to the Bank of England by the Bank of
France and the Federal Reserve Bank of New York; it will also leave a large
balance to continue the support of sterling. It is recognized here that a
long-term issue will have to be made later on. Among Paris bankers, it is
believed that the credit granted to the Bank of England by the central
banks has not yet been completely exhausted.
France Blocks Plan to Pay War Claims—Objects to
United States Receiving from Germany $9,000,000
During Hoover Moratorium Year—$18,000,000 Due
Germany from United States.
French objections threaten to block the plan for the
United States to receive $9,000,000 from Germany during
the Hoover holiday year on inter-Governmental debts on
account of claims decided by the Mixed Claims Commission
of the United States and Germany. Advices to the New
York "Times" from Washington Sept. 3, in indicating this,
went on to say:
Under awards of the Commission, $18,000,000 is due from the United
States to Germany, a net of 86,000,000 in favor of Germany. France does
not object to the United States making her payment,It was said at the State
Department to-day, and even if France continues her objection to the payment by Germany officials are hopeful that some arrangement can be made
whereby the United States will pay Germany only the $6,000,000 difference.
Payments of one-half the sums are due to-morrow.
The State Department said other governments had agreed to the arrangement, but France had refused assent, and Walter E. Edge. the American Ambassador in Paris, was not hopeful that France would agree. This
government, it was stated, felt from the first that claims payments for
Private individuals were exempt from the holiday year.
Sums due on awards of the Mixed Claims Commission are paid into the
national treasuries of the two countries and immediately distributed to the
private claimants. Those due to Germany concern primarily shipping
losses and for the most part would go to the North German Lloyd Steamship
Company.
The United States consulted the signatories to The Hague agreement,
which put the Young Plan into force, namely, Great Britain, Japan, Italy,
France and Belgium, and obtained the consent of all but France to the arrangement. France maintained that, under the exchange of notes constituting an annex to The Hague agreement, Germany has no right to pay
the claims to the United States. This country has contended that the
two payments should be parallel.
The annex notes declared that, if Germany paid the United States under
the claims agreement,she would be required to pay other countries equally.
The United States has no objection to this, provided the German payments
to other countries are on account of individuals and do not go into government budgets.
Cost Said to Be 534%•
The bills sold thus far, it is said, represent a financing cost to the British
Treasury at the rate of 534% per annum. The bills themselves, it is indicated. bear interest at the rate of4X %.while the commission of the banking
group is 1 X %. The 4 X% interest rate Is approximately similar to that of
the 1-year British Treasury bonds sold to the French investing public to the
amount of$100,000,000.
The immediate occasion for the utilization of some part of the credit was
said to be the month-end requirements of the British Treasury, with attendant pressure on sterling. Hence it is thought likely that the tendering of
Treasury bills under the terms ofthe credit may now cease for the time being,
unless special factors should intervene to make further action along this line
desirable.
The utilization of some part of the $200,000,000 banking credit in this
market is not to be construed that further intervention on the part of the
British Government on a large scale has been necessary in support of the
pound sterling, bankers point out. With the granting of $400.000,000 of
new credits by French and American bankers, it is believed that the $250.000,000 central banking credit to the Bank of England is not being utilized
further now, although it remains in effect and constitutes a further available
resource in case of need for the protection of the pound sterling.
Hence, for the time being, the stabilization of the exchange is being carried out entirely through the private banking credit, and the use of moderate
portions of this latter from time to time would not indicate anything significant in the market position of the pound sterling, it is pointed out.
The new credit to Great Britain was referred to in our
Aug. 29 issue, page 1365.
British Treasury Gives Details of New York and Paris
Credit.
From the New York "Herald Tribune" we take the fol-
lowing (Associated Press) from London, Aug. 28:
The Treasury announced to-night that negotiations have been completed by which credits to Great Britain of $200,000,000 in the United
States and 5,000,000,000 francs (approximately $200,000,000) in France are
available.
"For the purpose of strengthening still further the exchange position of
sterling, negotiations have been in progress with financial authorities in New
York and Paris," the Treasury statement said. "They have been concluded
on the following basis:
"In the case of America, the arrangement is that a financial group undertake, if called upon, to take up the British government's dollar Treasury
bills to a total not exceeding $200,000,000.
"In the case of France, an agreement in principle has been reached with
the view of making available a sum not exceeding five milliards of francs.
partly in the form of credit from French banks and partly by an issue of
British franc bills to the French public.
"The sum to be borrowed in each enter will be for a term of one year.
"The negotiations have been conducted in the most cordial spirit, and the
greatest assistance has been received from the French Ministry of Finance,
the Bank of France and the various authorities in America."
Large British Bond Issue in New York and Paris Seen
As Certainty.
From the New York "Journal of Commerce" of Aug. 29
we take the following:
A large British bond issue in New York and Paris, for the purpose of converting the short term credit of $400,000,000 now being granted and also
refunding part of the war debt at a lower interest cost, is regarded as a
virtual certainty by bankers here when the bond market is believed ripe
for such a major operation. The amount of the offering may amount to
$600,000,000 in each market, although this may be done through more than
one issue, it Is felt.
Bankers indicated, however, that no plans were being made now for such
an issue, as the market is not regarded as ,lerable for large offerings of this
kind at the moment, despite the very high credit standing of the British
Government. Also, it is thought desirable that the contemplated steps for
the balancing of the budget be accomplished and the political situation
should be clarified before the offering is made.
An offering of British bonds,even of large size, would meet a very favorable reception here, it is expected, and would tend to stimulate a general
revival of activity in the bond market. If the 5% war loan is called at the
same time bonds of this issue held abroad, to the amount of $500,000,000
or more, would be freely converted to the new Issue, it is felt.
Reports $500,000,000 Pledged by British to Aid Pound
Credit—"Daily Herald" Says Prudential Assurance
British Begin Using New Banking Credit Opened in
Led
Mobilization of Securities Here—$500,000,000
Cost
Total
of
Bear
532%
New York—Reports Bills
Pool Doubted by New York Bankers.
to English Treasury.
A cablegram from London Aug. 30 to thelNew York
The British Treasury has already begun to draw on its "Times" is quoted in part as follows:
banking credit of $200,000,000 opened a week ago in its
British securities amounting to $500,000,000 which were secretly mobilfavor by an American banking group headed by J. P. Morgan ized abroad last week, were reported to-night to have played a decisive Part
the new National Government obtained its $400,000,000 credit from
& Co., it was reported in banking quarters in New York on when
American and French banks.
Sept. 2, said the New York "Journal of Commerce" of
The prime mover in this action, says the Laborite "Daily Herald," was
the wealthy London Prudential Assurance Company, which, as soon as it
Sept. 3, in which it was also stated:
SEPT. 5 1931.]
FINANCIAL CHRONICLE
heard of the government's plight and the fact that the Bank of England's
recently granted $250.000,000 credit was almost exhausted, immediately
offered its investments in the United States to the government to bolster up
sterling. Other insurance companies and large investment houses are said
to have followed, with the result that in a few hours there were ample dollar
securities available to back any credit the British Government might require.
Union Leaders Pleased.
The Trades Union Congress leaders are jubilant over this announcement
because the mobilization of foreign securities was one of the main proposals
of its manifesto on the methods to remedy the bad financial situation.
The question of revenue tariffs now seems to occupy the minds of trades
union leaders and the London "Times" to-night says that when the Trades
Union Congress meets at Bristol on Sept. 7 the delegates will be asked to
declare themselves for or against a 10% tariff for revenue purposes.
Support for a revenue tariff, says the "Daily Herald,""is now certain"and
the London "Times" agrees that part of the general council of the congress is
convinced of the desirability of such a tariff in the present economic state of
the country. Such a departure from the traditional policy of the congress
would doubtless meet much opposition, but should a tariff be recommended
as a possible means of averting a cut in the dole and averting reductions in
wages much opposition might immediately be overcome.
New Tax Source Is Seen.
Two great groups of "public benefit" corporations, the
co-operatives
the
and
building societies, are said to have been turned to by the National
Government In its effort to find a source of new taxation.
The rise of both groups to financial eminence is one of the romances
of
modern business
The total assets of British building societies, which provide money for persons in regular employment to buy houses on long-time
payments, amount to more than 81,600,000,000, while the co-operative
societies, run on the lines of general stores, probably are the largest
undertakings of that kind in the country.
The dividends of both have escaped taxation, the building societies on
the ground that their investments encouraged the building of houses at a
time of grave shortage and the co-operative societies because they are run
for the mutual benefit of their members. The building societies pay
50c,
on each $5 of dividends, except where the individual investment is
$25,000
and over, in which case the rate is $1 in $5.
Now the Income Tax Commission, according to the Sunday
Express,
realizes that for years a number of wealthy persons have been investing
vast
sums in building societies and have been drawing dividends on which
they
paid no Income tax or surtax. Despite the reduction in dividend
from 5%
to 43 %,one of the largest societies last year received more than
$62,000,000
of new capital.
The National Chamber of Trade has addressed a strong protest
to the
government, charging the co-operative societies were buying up businesses
which formerly paid income taxes and were entering competitive
contracts
for the supplying of goods to municipalities and others. The chamber
asserted that all profits were not distributed to members, but that
large
sums went into reserves on which no taxation has been paid.
Any governmental attempt to interfere with the profits of either of
these
groups is likely to be taken as another instance of what its opponents
term
"the attack on the working classes" and arouse almost as great hostility
as
the proposal to cut the dole.
A further item relating to the above appeared in the
"Times" on Sept. 1 as follows:
The report that $500,060,000 in private British holdings of foreign
securities had been placed at the disposal of the new National
Government
was credited by Wall Street bankers yesterday. They denied that such
a
mobilization of foreign holdings had played any part in the extension
of
$400,000,000 credits to the British Government by bankers here and
In
Paris.
Mobilization of private British foreign investments was resorted to
during
the war, bankers here remarked, but stressed that it was an extreme
step
that was hardly warranted by the British Government's present
difficulties.
Sterling exchange advanced 1-16c. yesterday to $4.86 3-16. The
new
banking credit has not been drawn upon, it is understood, but is expected
to
be used as soon as arrangements for setting it in operation have
been
completed.
French Issue of $100,000,000 to Aid Britain Reported
Absorbed,
The Now York "Evening Post" announced the following
(Associated Press) from Paris, Sept. 3:
The newspaper "Excelsior" announced to-day an issue of 2.5
00.000.000
francs (about $100,000,000) in British Treasury bonds in Paris, as part
of
France's contribution to Franco-American support of the British
pound
was almost covered within 48 hours.
Austria and Germany Renounce Customs Accord at
Geneva—Foreign Ministers Declare Lack of CoOperation Caused Decision—Expect Move to Help
Friendly Relations—Economic Committee
Urges
Study of Russian Soviet Non-Aggression Treaty
Proposal.
Both Germany and Austria on Sept. 3 renounced the
proposed reciprocal customs union in public statements
before the Pan-European Commission's initial session at
Geneva. The advices regarding this to the New York
"Journal of Commerce" from Geneva said:
Foreign Minister Schober declared that renunciation of the
proposed
customs accord was concurred in by Germany, both countries seeking by
their decision to promote good will and friendly relations among European
nations.
Opposition Caused Decision.
Dr. Schober declared in his formal statement that the Austro-Gorman
pact had boon looked upon by both countries as the beginning of an extensive
co-operative system of mutual agreements on economic
relationships
throughout Europe. In view of the obvious disinclination of other
countries
to join in this plan, it was decided to allow the matter to drop, Dr. Schober
declared.
Foreign Minister Curtius of Germany in outlining tho views of his
country
In renouncing tho treaty with Austria said:
"Events have followed each other at such a pace that the original situation
has been completely changed and we stand now facing plans of a more general character. We want to co-operate with all our power to realize
those
1531
plans. In expectation of such an outcome and in full understanding with
the Austrian Government,the German Government does not propose to pursue further the originally intended project."
In voluntarily renouncing the customs union, Germany and Austria are
generally believed to have anticipated the decision of The Hague Court,
whose findings are reported to have brought in a decision against the right
of Austria to contract for the proposed treaty with Germany. It is also believed hero that in return for her ready compliance with the expressed will
of several of the European nations Austria will be able to secure an international loan or credit to aid her internal financial condition.
Changed Conditions.
Dr. Schober in his declaration before the Commission took cognizance of
the varied negotiations which have been going on In Europe since the
original announcement of the pact, saying:
"From the events of the last few months we have come to see that difficulties might arise. Therefore, the Federal Government declared it had
resolved to pursue the customs union project no further.
"It has been evident from the very beginning that there was a prospect of
realizing this scheme only under the condition that other States would be
ready to participate. We know the course of the evolution of this question.
With regard to this evolution wo have come to an understanding with
Germany as to the further attitude to bo pursued."
France, Italy and Czechoslovakia, through their representatives, publicly
hailed the decision of Austria and Germany, professing to see in this step an
augury for better economic prospects throughout Europe.
Economic Recommendations.
While the Austrian and Gorman announcements were the chief interest of
to-day's proceedings, the co-ordinating committee of the commission offered
a general summary of its study of methods to aid the European economic
situation. Admitting frankly that no single panacea was at hand, the committee urged several recommendations.
Of profound importance to international relations was the committee's
recommendation that deep study be given to the Soviet proposal for a nonaggression treaty to guide commercial dealings. This proposal is believed
here to have considerable support among individual nations, and its attentive reception forecasts a more prominent place for Russia in European
COWICHS.
Other recommendations made by the committee were:
Formulation of a Pan-European economic and customs union to foster
trade; co-operative endeavors among the Basle Bank. the League Finance
dommittee and national treasury heads toward aiding European nations in
distress; study of a plan to create an international bank for the purpose of
granting long term credits and founding of a bureau to be international in
character which would seek to relieve unemployment.
Reopening of Mercurbanlc of Vienna, Austria.
A Vienna cablegram Aug. 26 to the New York "Evening
Post" said:
The first day of business for the Mercurbank, after its reopening, was
marked by an excess of deposits over withdrawals. The bank's staff has
been reduced 20% and general salary cuts have been made, enabling the
bank to save 1,000,000 schillings a year. A transitional credit of 200.000,000
schillings from a consortium headed by the National Bank has been placed
to the credit of the Darmstaedtor's account with the Creditanstalt since
Darmstaedter owns over 90% of Mercurbank shares. Thus the credit enjoys both the guarantee of the German Government to the Darmstaodter
and that of the Austrian Government to the Austrian Croditanstalt.
An item regarding the bank appeared in our issue of
July 18, page 383.
Bulgaria Reported as Seeking Credit.
Paris press advices Sept. 2 said:
Negotiations are reported to be under way between the Bank for International Settlements and various French banks looking to a
short-term
credit of from $2,000.000 to $3,000,000 to the National Bank of Bulgaria.
The credit is desired owing to the recent heavy losses of gold exchange
suffered by the bank. Note cover is now 35.85%, compared with
37%
on July 1.
Reopening of Berlin Boerse—Marked Drop in Stocks—.
Restrictions Imposed—Decline Minimized in New
York.
The Berlin Boerse, which had been closed since early
in July, was reopened on Sept. 3, the first day's trading
witnessing a drop in stock quotations of from 25 to 40%,
with bonds declining slightly less. The Berlin cablegram,
Sept. 3, to the New York "Times" noting this stated in part:
Pessimistic predictions were exceeded in the market, offers exceeding
demands to such an extent that for nearly all stocks an extensive rationing
of offers was necessary to arrive at any quotation.
Some Stricken From List.
Mining and electric shares suffered most. Leading stocks and
most
electric holding companies were dropped from the list because of the
lack
of demand. Despite an 85% rationing, Siemens & Halske lost 37%.
Chemicals were better off. I. G. Farbenindustrie lost 30% and
was one
of the few securities for which all offers were placed, with a total
turnover of more than 1;240 000.
There was little rationing of bank stocks, of which the Dresdner
Bank
led In losses, dropping 53%. The Danat Bank. dropping 24
points to
76. was at a higher value than the Deutsche Bank, which fell
to 75. The
Commerz Bank lost 29 Point&
Greater significance was attributed to bonds and loans as
better Indicating the ultimate level of securities. Mortgage bonds and other
bonds lost an average of 20%, but nearly all orders were placed. annuity
pal loans, because of the financial plight of German municipalities, Municisuffered
heavily from the pressure of offers. Only 20% could
be quoted. State
loan offers were absorbed in most cases and lost an average
of 16%. The
Young loan was struck off the list because of no demand.
Brokers agreed that to-day's stock quotations reflect
to only a limited
extent the economic development since July 11, when
the Exchanges
closed. The quotations were not the result of free trading,
the balancing
of offers and demands, but were more or less
arbitrarily fixed to obtain
quotations upon which the public can decide its
future conduct.
•
1532
FINANCIAL CHRONICLE
Brokers Evade Restriction.
It was announced that advance offers would be rationed to support
quotations, so those who wanted to sell offered more than they expected
to place. Consequently, not all the offers that remained unplaced to-day
will be on the market to-morrow.
Foreigners took little part in the market. It is expected they will
appear to-morrow. Financial quarters expect securities will eventually
rise considerably above the level reached to-day because securities were
much undervalued before the Exchanges closed, but it is admitted it may
be long before the market starts rising.
The best to be hoped for now, brokers say, is a stagnation of the market,
as there Is little money free for investments, while the holders of securities
are not interested In selling at extremely low prices without urgent necessity. The hope of the market lies chiefly with mark hoarders, who are
estimated to hold about $120,000,000. and with foreign buyers.
To stimulate the interest of the latter it was decreed to-day that foreigners who buy German securities will be permitted to obtain foreign
exchange for the marks they get from reselling the securities. All foreigners except banks having mark accounts in Germany are authorized
by the decree to withdraw accounts to buy German securities if they
agree to deposit the proceeds in the same accounts when they resell the
securities.
*All German Exchanges except that at Hamburg reported slumps like
that in Berlin. Stocks declined an average of 17 points and bonds fell
13 points. In Hamburg there were no pressing offers, the demand for
mortgage bonds even exceeding offers.
Although to-day's level of quotations is not to be regarded as definite,
collateral in banks' vaults lost a great part of their value, thereby further
upsetting the German credit situation.
The failure of the Boards of the Exchanges, banks and industrialists
to cope with the offers that had accumulated during seven weeks was
severely criticized by financial writers to-day. They contended the
"pitiful collapse of the market" could have been prevented by adequate
measures, which they urge must be adopted immediately.
[vol.. 133.
The proposed plan to create a special organization for buying up securities in order to prevent a collapse when the Boerse reopens has been
abandoned. Special credit facilities have been arranged, however, for
the benefit of bond holding institutions which urgently need money and
which might otherwise be forced to sell bonds at a heavy sacrifice. Through
the existing State banks and through the newly founded Lombard Bank,
credits on security bonds will be provided on relatively easy terms. For
stocks no such arrangement has been made, but banks are expected in
their own interests to treat marginal accounts mercifully.
The closing of the Berlin Boerse was noted in our issue
of July 18, page 380.
Open Trading in Foreign Exchange on Berlin Boerse.
Under date of Aug. 29 advices to the New York "Times"
from Berlin said:
Dealing in foreign exchange will be resumed on the Boerse when it
reopens on Sept. 3. Already the right to buy and sell exchange for future
settlement, which had been prohibited during the recent crisis, has been
restored. The official exchange quotations, which are compulsory for
all transactions, continue to appear daily.
The price of 4.213 marks for the dollar has been unchanged since the
climax of the crisis, whereas sterling and franc exchange have fluctuated.
Strictly speaking, the exchanges are not "pegged," but are prevented from
moving against Germany by the currency-control ordinances, under
which exchange may be bought only for certain specified purposes such as
settlement for Imports and payment of interest on long-term loans. That
means supply and demand of exchange have been kept approximately
in equilibrium.
German Reichsbank to Rediscount Russian Bills.
The "Wall Street Journal" in its Sept. 3 issue published
on
was
inclined
According to the "Times," Wall Street
the following from its Berlin bureau:
Sept. 3 to minimize the news from Berlin that prices on
The Reicbsbank has agreed to rediscount rm. 150,000,000 Russian
the Boerse, reopening after an interval of 734 weeks, had bills, having the Reich's guarantee and running until the spring of 1933.
fallen 20 to 25% on leading issues in comparison with with a three-months' renewal. The Gold Discount Bank already owns
a similar amount of Russian bills.
the closing quotations on July 11. The "Times" went on
•
to say:
It was pointed out that during the period in which the Boerse had been Dutch Banks Agree to Prolong Foreign Short-Term
closed some semblance of a market for German securities had been mainCredits to Germany.
tained over the counter, and that the market had moved lower in keeping
with other markets of the world.
York "Evening Post" we take the folthe
New
From
Boerse
the
prices
on
opening
Consequently, the disparity between the
Sept. 3:
from
Amsterdam,
lowing
over-theunauthorized
the
in
day
previous
the
of
those
yesterday and
Under the leadership of the Netherlands Bank, Dutch bankers have
counter market was not considerable. For this reason the financial comshortmunity here yesterday was not inclined to regard the new official quotations consented to the conditions regarding the prolongation of foreign
market.
the
in
credits in Germany for a period of six months. The Bank of Netherbreak
term
on the Boerse as representing a wide-open
for
Cognizance was also taken of the reports that huge blocks of stocks lands declared it is willing to meet all difficulties which might result
offered yesterday on the Boerse found no takers. This was explained the banks concerned in this matter.
from
gold
of
guilders
Bank of Netherlands again has received 9.000,000
by the fact that it was natural, after the long period of closing, that even
normal liquidation would reach an impressive total, while buyers would London.
was
It
out
offerings.
pointed
the
of
bulk
the
over
hesitant
be somewhat
that inasmuch as bonds are not used as a medium of speculation to the
same degree as are stocks German bonds prices, while registering de- Germans Consider Young Plan Doomed—Leaders
clines, resisted the selling pressure considerably.
Assert Hoover Sees Impossibility of Fulfillment of
Representative figures in Wall Street yesterday were disposed to regard the action of the German market as a spectacle and scarcely in the
Reparations Burden—Bruening Expected to Prelight of a serious market. The prices registered on the Boerse yesterday
pare Way for Revision Without Declaring His Aim.
and
came
close
quotations
to
exthe
of
represented official adjustments
the
regarding
information
day-to-day
possessed
who
those
of
pectations
There is a settled conviction in competent political, inchanges which took place in the over-the-counter market.
dustrial and financial quarters in Germany that the Young
In a cablegram from Berlin on Sept. 2 to the "Times" Plan will definitely cease to function with the close of the
It was stated:
Hoover debt holiday year, it was stated in a cablegram from
The Board of Directors of the Berlin Boerse to-day issued an appeal
Berlin Aug. 31 to the New York "Times," which also stated
disturb
might
which
to traders and to the public to avoid all activities
after an inter- in part:
trading to-morrow when the Exchanges will be reopened
ruption of seven weeks.
spreading rumors,
Exchange customers are especially warned against
prosecute any attempts of
the Board announcing that it will relentlessly
above or below the officially
that kind. It also emphasizes that trading
determined quotations is strictly forbidden.
added a good augury to the
The weekly statement of the Reichsbank
shows the end-of-the month
opening of the Exchanges to-morrow. It
Reichsbank's bills based on
the
of
Growth
credit demands were light.
usual month-end increase, while
collateral was only about 50% of the
585,000,000, as against $170,circulation advanced only the equivalent of
net growth of Exchange reserves
000,000 at the same time last year. The
31 is cited as showing it
Aug.
on
was $10.000,000. The bank's status
taken to open the way
was justified in reducing its discount rate and is
to further reductions.
Government to Watch Trading.
expected on the first day of
A downward movement of quotations is
there will not be a collapse
trading in the Exchanges, but it is declared
provided by the Exchange. The
in the market, as safeguards have been
detailed instructions when
twenty Exchange commissaries have received show an excessive decline.
to strike off the security list quotations which prominent quarters of the
certain
It Is said in banking circles, too, that in
not to sell because of the low
market them is an inclination to buy and
bears will also support prices.
Quotations to be expected. Covering by
have been closed there have
On the other hand, since the Exchanges
accordingly will be forced to sell
been difficulties in many firms which
their holdings.
certain extent because of the
The bond market will be relieved to a
organizations as well as by the
foundation of several co-operative credit
by Dr. Hans Luther
announcement
reduction of the discount rates and the
facilities.
of the extension of the Reichsbank's credit
This condition Is held to be supported chiefly by tho findings of the
Wiggin Committee at Basle.
While none of the persons interviewed was prepared to suggest an alternative to the Young Plan, there is complete concurrence in all German quarters
that an incisive downward revision of Germany's reparation commitments
must be undertaken before the Hoover respite year ends next July. This
unescapable sequel, it is argued, is plainly envisaged in the Wiggin report
and the conclusions reached by the International banking consortium which
recommended an extension of the time limit on foreign credits to Germany.
Revision Promotion Expected.
As the reparation Issue will not figure in Chancellor Bruening's parliamentary agenda in the next 10 months, it may be taken for granted that
the Government willi devote the recess to creating "atmosphere" which, it
is hoped, will facilitate the promotion of the revisionist movement.
The Government Is definitely pledged to revision, although no official
declaration will be made, it is reliably learned, as Chancellor Brucning is
convinced that the recent shift in international sentiment and the drift of
world economy will automatically further the German ambitions.
Official quarters steadfastly decline to discuss the issue or the Government's future plans so long as the Hoover debt holiday year Is in progress
and until some of the more outstanding foreign political problems are brought
nearer to a solution. Technically, it was observed, Germany was now paying reparations, as she had made no formal application for a moratorium or
revision of the Young Plan, nor had she applied for the debt holiday year.
President Hoover's initiative, It was said, was anticipated by the German
Government as Inevitable. Now, with the Reich's budget freed for a
year from the pressure of reparations and annuities, Chancellor Bruening
is about to take up the most formidable political problem confronting him—
the attainment of cordial relations with France.
He realizes that the settlement of this matter is indispensable to a final
Berlin
from
following
adjustment of her reparation obligations. It did not require the counsel of
The same paper reported the
the experts who drafted the Wiggin report to convince the Chancellor that
Aug. 28:
this was the only way out of the dilemma, and while the impending visit to
3.
Sept.
Thursday.
on
reopens
It
France, may not be
The Berlin Stock Exchange when
which means that there Berlin of Premier Laval and Foreign Minister Briand of
optimism leads
will be confined to trading for cash settlement,
that all the trans- productive of miracles, Chancellor Bruening's conservative
Ministers in
will be only one quotation for each security daily and
French
with the
contact
to
personal
him
that
renewed
assume
which
at
that
be
will
actions must be made at that price. The quotation
the German capital may serve to clear a path to rapprochement and faciliexecuted.
be
can
orders
selling
the largest number of limited buying and
Boerse committee will tate the progress of future reparation discussions.
If the quotation seems unreasonably low, the
Financial circles see no prospect of Germany's resuming payments under
would be allowed.
they definitely
strike it out, which would mean that no official trade
trading would the present Young Plan schedules after next July, and
If selling orders were greatly to exceed buying orders,
that the Wiggin report sounded the death knell both of debts and
assume
which
stock
the
of
part
only
of
be "rationed" and each seller would get rid
reparations.
be was offering.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
Cuts Budget to Save $7,000,000—Salaries of
Mayor and Others Reduced 20%—Many Projects
Berlin
Slashed.
Under date of Aug. 26 the following advices were received
by the New York "Times"from Berlin:
The city of Berlin to-day drastically cut its administrative program in
order to effect the savings which otherwise the Prussian authorities would
enforce through the dictatorial rule based on the recent Presidential decree.
After a meeting of municipal authorities, in which the Mayor and other
members of the Board of Administration voluntarily reduced their own
salaries 20%. department heads got busy,striking out projects for subways,
buildings, bridges and parks, consolidating boroughs, reducing the number
of school classes and cutting charity budgets.
Altogether it is hoped the reforms will save about $7,000,000. which is
far less than is required for balancing the budget.
Reichskredit Gesellschaft Buys Dresdner Bank Stock.
The following from Berlin, is taken from the "Wall Street
Journal" of Aug. 25:
Reichskredit Gesellschaft has bought rm. 22,800,000 of Dresdner Bank
common shares at approximately 75% of par. Hence, in addition to the
rm. 300.000,000 of preferred stock recently issued, the German government
controls 25% of the common stock of the Dresdner since the government
controls the Reichskredlt.
1533
Repayments of Federal loans to farmers in drouth and storm areas up
to Aug. 22 totaled $311,433.07, evidencing an excellent spirit on the part
of the borrowers in view of the fact that none of the loans are yet actually
due, G. L. Hoffman, chief of the Farmers Seed Loan Office, stated orally
Aug. 28. The following information also was given by Mr. Hoffman:
Refunds of interest paid in advance on the loans are now being made.
Of the repayments, $62,542 applied to the so-called fall pasture loans
made in livestock regions last fall to provide feed for livestock, and originally
scheduled as due July 1.
Borrowers were advised later that the collection date would not be enforced, but they would be permitted to hold crops if they desired for possible better prices. Nevertheless, they paid back more than one-fourth
of the total loans of $230,324.70.
On loans made to finance this year's crops, of which the first payments
will not be due until Sept. 1, about $240,000 has been repaid, distributed
as follows: $219,453 applicable to loans from the fund of 845,000,000
for loans for the purchase of feed, seed, fertilizer and tractor fuel and oil;
$10.584 to loans from the $20,000,000 fund for "agricultural rehabilitation."
including loans for the purchase of food and supplies for the farm family:
and $10,497 to loans from the $2.000,000 fund for loans in a specific group
of Southeastern States stricken by storm, hail and drouth last year.
The group of loans which becomes due on Sept. 1 is small and covers
a part of the Northwest, where drouth has been worse this year than
last. Collections there are expected to be more difficult than in other
areas, additional loans in that district having just been authorized for
feeding livestock.
Fund to Be Asked at Next Congress for Seed Loans
in Drouth Areas—Money Is Available for Livestock Feed—Credit Will Be Advanced in Eight
States—Financing of Fall Plantings, However,
Declared Impossible.
The Department of Agriculture will support legislation
at the next session of Congress for Federal loans to farmers
Berlin Bank Expands—Reichskredit Gesellschaft to buy seed for next spring's planting and for co-operation
Acquires Group Outside Capital.
in grasshopper control, the Secretary of Agriculture, Arthur
From the New York "Evening Post" we quote the following M. Hyde, stated Aug. 27.
At the same time he announced that loans will be availfrom Berlin Aug. 31:
to farmers in eight States this fall and winter to finance
able
expanding
of
is
outside
Berlin for the first
The Reichskredit-Gesellschaft
time, by acquiring a part interest in the Hallescher Bankverein in Halle-on- feeding of livestock from the $15,000,000 remaining of the
the-Seale. Germany. The latter institution was established in 1866 and in
867,000,000 drouth relief appropriations. It will be im1928 absorbed Rudolf Muller & Co. and Julius Ritter, both of Eilenburg.
possible, however, to make loans to finance fall-sown crops,
It has branches in seventeen cities in Germany.
On December 31 1929 total assets amounted to Rm. 44,847,288, capital Mr. Hyde said, and no funds have been available for purRm. 6,000,000. reserves Rm. 1,620,000 and deposits and current accounts,
chase of poison to destroy grasshoppers. The "United
etc., Rm. 33,756.835.
States Daily" of Aug. 28, in publishing the foregoing,
German Bank Drain Huge—More Than $520,000,000 further said:
James C. Stone, Chairman of the Federal Farm Board, has suggested
Lost From Resources in June and July.
that the Grain Stabilization Corp. hold its stocks of wheat in the NorthThe following Berlin cablegram Aug. 25 is from the New western drouth area and, if necessary, increase its supplies in that region,
without adding to its total holdings, so that grain would be available for
York "Times":
planting in areas where the drouth has reduced
C. Goetz Named As Manager of Dresdner Bank.
C. Goetz, a manager of the Commerz-und Privat Bank,
was appointed manager of the Dresdner Bank, but any immediate connection between the two banks is improbable,
says a Berlin account to the "Wall Street Journal"of Aug.31.
Figures illustrating the tremendous strain to which German banks were
subjected in July were published to-day, showing that $262.000.000 in the
liabilities of'six leading Berlin banks was liquidated within that month—or
in fact within the first half, as the banks were closed on July 15.
As the same banks lost an equal amount of credits and deposits in June,
the total drain in their resources for the two months was more than $520,000.000.
Only $43.000,000 of the July losses was covered by the liquidation of assets, the greater part coming from the discounting of bills at the Reichsbank.
This accounts for the enormous credit inflation of the central institution,
which only now is gradually deePning.
The liquidity of banks consequently declined sharply from 50.7% on
May 13 to 42.2% at the end of July.
Conflicting Currents Still Present in German Situation
Say A. Iselin & Co.
"The German situation continues to present conflicting
currents, with apparent evidences of economic recovery and
greater political stability crossed by economic and political
uncertainty and apprehension," A. Iselin & Co. state in
their current bulletin on foreign securities. They continue:
The failure of the plebiscite held on Aug. 9 was widely acclaimed as a
signal victory, not only for the Prussian Government, the dissolution or
continuance of the Prussian Diet being the issue on which the referendum
was held, but also for the Bruening Government of the Reich, which had
openly opposed the plebiscite and would have suffered a moral rebuff if it
had succeeded. The Immediate result, of course, is decisive, and the Diet.
Instead of being repudiated and a special election made necessary in November. will run its normal course until May 1932. A scrutiny of the vote,
on the other hand, does not leave the prospect for the future quite so clear.
As the Constitution takes account only of the affirmative votes cast In a
plebiscite. and as less than 500,000 voters took the trouble to vote in the
negative. it is apparent that the plebiscite was defeated by the stay-at-home
vote. Whether those who refrained from voting are all to be reckoned as
actively in opposition is a matter of speculation, but it is at least significant
of the state of public opinion in Prussia that nearly 10,000,000 voters were
ready to turn out the Diet, overthrow the Government of Premier Otto
Braun, and embarrass the Bruening Government.
Lately relaxation of the financial crisis in Germany proceeded swiftly as
measure after measure for the restoration of customary financial procedure
was taken by the authorities.
The bulletin also reviews the financial emergency in Great Britain and
conditions in Chile. Colombia and Cuba.
Repayment of Loans Is Begun by Farmers in Drouth
Districts—Federal Seed Loan Office Reports
$311,433 Paid Back Although Notes Are Not Yet
Due.
The following is from the "United States Daily" of
Aug. 29:
feeding livestock and for
the available supply, according to information made available at the
Board's offices.
Mr.Hyde and Mr.Stone have conferred in the last few days on the problem, it was stated orally at Mr. Hyde's office.
A statement by the Department of Agriculture follows in full text:
Loans for the purchase of feed for cattle, horses and sheep during the
fall and winter will be made to farmers in the drouth-stricken areas of
Montana, Wyoming, North Dakota, South Dakota, Utah, Idaho, Washington and Nebraska, Secretary Hyde announced to-day (Aug. 27). These
loans will be at the rate of not to exceed $3 per head per month for cattle
and horses and 30 cents per head per month for sheep, covering a feeding
period of not to exceed six months.
Loans Limited to $1,000.
The loan to any individual will be limited to the amount necessary for
the feeding of 40 cattle, 6 horses, and 200 sheep, and in no case is to be
in excess of $1,000. Borrowers will be required to give a lien on their
repayment of the obligation, the notes maturing
secure the repaent
oc
livestock
o2.
i 193
ivckt
The areas in which loans will be made include the northwestern part
of North Dakota: the southwestern part of South Dakota and some counties north and east of the Missouri River; a few counties in northeastern
Nebraska: the eastern half of Montana: a part of Utah, part of Idaho,
and four oast central counties of Washington.
In the event that the livestock offered as security Is already covered
by a prior mortgage or mortgages, the holder, or holders, of the prior
mortgages will be asked to agree that the Government loan and lien shall
be of equal standing with the first lien: and in the event of foreclosure or
sale the claim of the United States, whether due or not, against livestock
covered by the lien made to the United States, shall be satisfied in the
proportion that the sum loaned on each head by the United States bears
to the amount of the first lien against such livestock.
For example, if a prior mortgage holder has a mortgage on a single
animal for $36 and the Government makes a loan of $18, making a total
of 854. then, in event this animal is sold, the prior mortgage holder will
receive $2 to each $1 received by the Government.
Limit of $60 on Cattle.
The agreement provides, however, that in all cases where present lienholders hold liens under general mortgages covering other property in
addition to the livestock, and where such liens aggregate excessive amounts,
it is agreed that in any determination of the rights of the Government
and of present lienholders, no valuation of the livestock and no amount
of mortgage upon it, shall be made or recognized in excess of $60 per head
on cattle, $75 on horses, and $6 on sheep.
The lienholder must agree that he will not transfer, pledge, hypothecate.
sell, or assign such mortgage or note without the written consent of the
Secretary of Agriculture or his duly authorized representative.
In view of the severe drouth damage in several Western States, says
Secretary Hyde, the Department will support legislation authorizing
loans for seed for spring planting, but it will be impossible to assist in
financing fall-sown crops.
The Secretary announced that no funds have been available for the
purchase of poison to destroy grasshoppers. In the areas where grasshopper damage was severe, egg-laying has been in progress for some time.
The Department is co-operating with State and local agencies in a survey
1534
FINANCIAL CHRONICLE
[voL. 133.
to determine the localities in which egg masses are most numerous and will
recommend to Congress an appropriation for the purpose of co-operating
with State and local agencies in a control campaign next spring in areas
where infestation promises to be severe in 1932.
"There are many reasons for optimism," he said. "We have splendid
production equipment in every line and a diligent and intelligent people,
determined to rise above their present misery."
List of Counties Eligible.
The counties in which these feed loans will be made are:
North Dakota—Roletto, Pierce, Bottineau, McHenry, Renville, Ward,
Burke, Divide, Williams, Mountrail, McKenzie, Dunn, Mercer, McLean,
Billings, Golden Valley, Slope, Bowman, and Adams.
South Dakota—Harding. Perkins, Butte, Dewey, Ziebach, Armstrong,
Sully, Hughes. Hyde, Buffalo, Jerauld, Sanborn, Brule, Aurora, Davison,
Harmsen, Charles Mix, Douglas. Hutchinson, Bon Homme, Yankton,
Meade, Lawrence, Pennington, Stanley, Haakon, Jackson, Jones, Lyman,
Gregory, Tripp, Todd, Mellott°, Bennett, Washabaugh, Shannon, Washington, Custer, Fall River.
Wyoming—Crook, Sheridan, Johnson, Weston, Campbell, Converse,
and Niobrara.
Montana—Sheridan, Daniels, Roosevelt, Richland, Wibaux, Fallon,
Carter, Powder River, Custer, Prairie, Dawson, McCone, Valley, Garfield, Rosebud. Treasure, Big Horn, Yellowstone, Musselshell, Fergus,
Petroleum, Phillips. Blaine, Hill, Liberty, Toole, Chouteau, Golden
Valley. and Stillwater.
Washington—Douglas, Grant, Lincoln, and Adams.
Nebraska—Cedar, Knox, Holt, Rock, Brown, Boyd, and Keyapaha.
Idaho—Counties to be announced later.
Utah—Counties to be announced later.
German Reichsbank to Abandon Plan of Credit Restriction—Dr. Luther's Announcement Seen as
Result of Wiggin Body's Actions.
Copyright advices as follows from Berlin, Sept. 1 are taken
from the New York "Herald Tribune:"
That the Reichsbank will change its credit policies and practically
abandon the system of credit restriction, as announced by its President,
Dr. Hans Luther, to-day at the meeting of the Reichsbank's central cornrnittoo, may be regarded as the immediate outcome of the recent negotiations
of the Wiggin finance committee at Basle. At that time foreign interests
broached the question whether there were still reasonably good trade bills
In Germany. The Reichsbank authorities replied emphatically in the
affirmative to that question, and now they are going to prove that the
country still possesses good qualities of commercial paper.
Dr. Luther informed the assembly that the 2% reduction in the Reichsbank's discount rate, bringing it to 8%, and the reduction of the Lombard
rate to 10% will be operative to-morrow. Justifying this measure in view
of the results of the Basle agreement, Dr. Luther declared that the monthend claims on the Reichsbank had been moderate, that the current circulation was normal at about 4,380,000.000 marks (($1,042,440,000) an
covered at about 39.3%, as against 36.1% at the end of July.
The President then told the committee that the measures for restricting
credits decreed in June and continued in July by force of conditions had been
abandoned because the banks had resumed full activities.
The Reichsbank recently informed its branch establishments that it was
ready to accept any good commercial bill which bore three good signatures.
With a view to extending the possibilities for good trade bills, Dr. Luther
suggested that commercial circles, by supplying the proper bills based on
sales of goods, ought to make it possible for their banks to transform a
considerable part of their current accounts into discount credits for trade
bills.
Federal Farm Board Advises Governor of Montana
that Grain Stabilization Corp. Will Furnish Wheat
Seed on Credit.
The Federal Farm Board on Sept. 2 sent an offer to the
Governor of Montana, John Erickson, to provide wheat
on credit for the use of farmers in planting their fall crop
this season.
From a Berlin cablegram Sept 1 to the New York "Times"
The grain would come from supplies of the Grain Stabili- we
take the following:
zation Corp., the Board said. The Board's telegram,
Through the new credit policy Dr. Luther hopes to offer a partial substimade public at its offices, as given in the "United States tute for the withdrawn foreign credits.
This action is generally hailed as a constructive step by the central
Daily" of Sept. 3, follows:
bank
Tho attention of the Federal Farm Board has been called to the emergency existing in certain counties of the recognized drouth areas of Montana
as a result of which farmers are unable to supply themselves with winter
wheat seed for planting purposes.
The attention of the Board has also been called to the fact that under
the Drouth Relief Act the United States Department of Agriculture is
unable to finance the purchase of seed wheat to be planted this fall and
harvested in the year 1932. We further understand that county commissioners under the laws of your State can supply seed grain on time to
farmers and have power under State laws to issue notes or other legal
and acceptable evidences of indebtedness for wheat bought by them for
such distribution.
If this be correct. the Grain Stabilization Corp. has the approval of
the Federal Farm Board to furnish seed winter wheat f.o.b. present nearest
location at current market prices for grade and quality required to boards
of county commissioners, such boards to pay all transportation charges,
and to give the Grain Stabilization Corp. evidences of indebtedness acceptable to it payable in one year with interest at 6%•
The Federal Farm Board wishes to emphasize that this proposal by
the Grain Stabilization Corp. is only for the purpose of meeting with
human emergencies in this drouth area which no other Department of
the Government is authorized under the law to meet, by enabling the
farmers in that area to continue their normal farming operations.
This proposal by the Grain Stabilization Corp. Is therefore made subject to an agreement by each board of county commissioners taking advantage thereof that no seed wheat will be furnished to any farmer in
an amount in excess of his normal requirements for planting purposes
this fall and in no case In an amount greater than that required to plant
an acreage equal to the acreage of winter wheat harvested by him in 1931.
We are further informed that the winter wheat territory in which the
seed supplies are needed include the counties of Yellowstone. Musselshell,
Petroleum, Golden Valley, Garfield, Stillwater, Sweet Grass, Chouteau,
Fergus. Cascade. Treasure, and Big Horn. Without further advice from
you this offer by the Grain Stabilization Corp. will be limited to these
counties. If this proposal meets your favor the Federal Farm Board
will be glad to have you advise boards of county commissioners in counties named above and to suggest that they may communicate directly
with George S. Milner, president and general manager of the Grain Stabilization Corp., Wrigley Bldg., Chicago, Ill.
Sees Dark Outlook For Labor in Germany—Minister
Says Its Position Cannot Be Improved in an Unstable Europe—Germany's Loss Through War Inflation.
Dr. Adam Stegerwald, Labor Minister of the Reich, told
Catholic workers at.Nuremburg, Germany, on Aug. 30, that
not until genuine peace had been established in Europe could
Germany's acute labor problems be satisfactorily solved.
The address was made to the workers participating in the
"seventieth German Catholic day" exercises, says Associated
Press advices to the New York "Times," which went on
to say:
"Labor's position is admittedly bad," Dr. Stegerwald said,"but it cannot
be improved in an unstable Europe."
Attempts of victor nations to transform their political demands Into
commercial demands and to impose these upon private business and enterprise. he said, have failed and will continue to fall under tha present private
capitalistic system in the world.
Pointing out that Germany had lost more than $25,000.000.000 through
war inflation and that business had been expected to raise an additional
$500,000,000 for reparations and $750,000.000 for interest, the Labor
Minister declared that paying decent wages and providing for millions of
unemployed were impossible and that "measures to protect the workers'
wages cannot be taken under the present unsettled conditions."
He said ho was confident, however, that the nation would weather the
hard times of the coming winter.
toward final readjustment of the German credit system. As the
interest on cash credits is usually 2% above the Reichsbank discount rate,
the whole economic system is expected to benefit by the new policy. Another
consideration which may have influenced the decision is that banks have
been obtaining money for granting cash credits by discounting their own
bills. Those bills will now be replaced by bills based on actual business
transactions and offering more security.
It is understood that the Reichsbank, despite the change in its credit
policy, will carefully watch any development that might lead to credit
inflation.
Report on Credits Issued in Geneva—Recommendations
in Survey on International Loans Called Vague—
Board Leaves Much of Problem Entrusted to It in
May to Foreign Ministers.
The small credit committee appointed by the I'an European Commission to recommend •to it practical steps for
facilitating through the League's intervention the issuance
of State loans of an international character has now agreed
on its report, said the New York "Times" in a message,
Aug. 28, from its Geneva correspondent, which also contained the following Information:
It cites approvingly the views of the League's gold delegation and of the
Basle Wiggin Committee that the first prerequisite is restoration of politico.
financial confidence. It urges governments and banks to co-ordinate their
efforts to this end, but offers no definite suggestion as to how this should
be done—and advice on this point was the main thing expected from it.
It does contain one vague general passage which, if conditions prove
favorable, will be interpreted as a recommendation that some sort of tripartite co.ordinating body composed of representatives of the League's financial commi.tee, the World Bank and Treasury officials of the lending countries be formed. This idea originated with Norman Davis, the American
member of the League Financial Committee's delegation that sat with the
Credit Committee. It was discussed a good deal, and a fairly clear recommendation in favor of it appeared in the Committee's draft report, but on
the last reading this was so weakened as to be almost unrecognizable.
The final report does express belief that the World Bank should act as
trustee in all future international loans—although Dr. Kempner, the German
member of the Financial Committee, opposed that.
It recommends that international loan bonds be made payable in different
currencies, as sometimes was done before the war.
It refers to the Transit Committee the Albert Thomas project of Pan
European public works to relieve unemployment, which is taken to mean
that not a few will get jobs this winter through this plan.
The report is considered very disappointing, especially in view of the
high expectations entertained when the Credit Committee was appointed
in May, and at least some of its members are none too proud of it.. They
explain, however, that the Committee has the right to be gunshy in view
of all that has happened to undermine confidence since it was appointed
and the existing uncertainty due to the British situation. The upshot is
that "practical steps" will depend more than ever on the Foreign Ministers
themselves when they meet here next week in the Pan European Commission.
Drop in Tourist Spending in France—Effect on Year's
French Foreign Balance-25% Below Last Year.
Advices as follows from Paris Aug. 29 are taken from the
New York "Times":
The very substantial decline of tourist expenditure in France during the
season now approaching its end will have some important effort on the
French foreign trade balance. Such expenditure obviously declined this
year mostly on account of reduction in the number of foreign tourists,
which is naturally ascribed to the business depression and individual losses.
But it has also been noticed, as it was last year, that those who have come
have spent less than the usual average.
SEPT. 51931.1
FINANCIAL CHRONICLE
1535
The Premier outlined the policy and tasks of his Cabinet. When he
said, "The Cabinet's main tank will be to bring economic and financial
order to the country," Deputy Szeder, Socialist, shouted, "That order
which your party has destroyed in 10 years."
Count Rarely' declared he would be obliged to burden the public in
two directions—first, by economies which would inevitably reduce the
national spending power, and, second, by increasing revenues through
France Faces $100,000,000 Deficit for Year—Revenues taxation.
He continued that it would be impossible to outline all the steps which
Decrease and Expenditures Mount.
he would be obliged to take. Grain for sowing and for bread must be
The Paris Correspondent of the New York "Times" on provided for those areas which had suffered most from the depression,
he said.
Aug. 28 said:
"Not bread but police charges are the lot of the unemployed of this
While interest has been concentrated during the past few weeks on the
budgetary deficits of England and Germany, it is now being brought to the country," shouted the Socialists.
Count Karolyi said that financially the Government's first task would be
attention of the French taxpayer that France's own budget is likely to be
to effect stability of the currency and the maintenance of short-term
In far greater deficit than is either customary or satisfactory.
up a long-term loan, but he was
The last financial year ended on March 31 with a deficit of more than credits and, as soon as possible, to take
2,000,000,000 francs ($80,000.000). For the current year, it is believed by unable to forecast when this could be done.
said Hungary for long had lived
Premier
the
Turning to foreign policy,
such experts as Louis Germain-Martin, former Minister of the Budget, and
opened by Italian
Professor Bertrand Nogaro that a further deficit of at least 2.500,000,000 in a dungeon of isolation, the door of which had been
continued, but it was not
francs ($100,000.000) must be expected. In addition, the Young Plan friendship. This was of estimable value, he
directed against others and did not exclude the maintenance of friendship
annuities will not be forthcoming.
During the past few years surplus revenue has always been obtained from with Germany or interfere with the growing improvement in Hungary's
such taxes as that on turnover, but it is now feared that this and other forms relations with France.
"For the recent loan we have to thank mainly France," he said. "but
of taxation which depend on business activity will show a very considerable
no political conditions were attached to it."
decline and may fall far below estimates.
After a Government member had expressed confidence In the new Cabinet
Meanwhile, expenses have not been reduced. The social insurance act
Premier.
passed last year will cost $20,000,000. There have been voted an increase the Socialist leader demanded the trial of County Bethlen,former
economic and
in war pensions and an increase in expenditure on roads, on school buildings, and his Cabinet on account of their "disastrous financial,
electrification and telephones, none of which was properly balanced when political misdeeds."
Former Premier Stephen Priederich of the Christian opposition party
the budget was passed.
Albert Petit!, analyzing the situation in the Journal des Debate,estimates demanded an accounting of how $45,000,000 received as loans during the
whatever, he asserted.
the deficit as likely to total nearly $260,000,000, which is very large on a last eight months had been spent. No accounting
had been given of this money.
total budget of a little more than $2,000,000,000.
commercial
Franco-Hungarian
the
that
evening
this
It was announced
This cry of alarm has been raised now while next year's budget is in preagreement
paration as a warning to Parliament and to all parties that France cannot negotiations had concluded with the adoption of a subsidiary
agreement is said to
afford to repeat the experience of 1926 or get into the same position as to the Franco-Hungarian commercial treaty. The
markets.
French
in
Germany and England. France's expenditure on army, navy and air accord preferential treatment to Hungarian wheat
French
defense for 1930 totaled $400,000,000 without Including colonial defense In return Hungary is to accord lower duties to certain typical
manufactured products.
or expenditure on the permanent police and Republican Guard forces.
It Is believed that despite the bad economic conditions the Colonial Exhibition at Paris was a help in maintaining foreign travel. Nevertheless.
the current estimate is that the total of tourist expenditure in France will
this year be 25% below that of 1930, which was itself less by 25% than that
of 1929.
French Bank Reduces Exchange Holdings—Decrease Ecuadoreans Reported Dissatisfied With Swedish
of 467,000,000 Francs Ascribed to Advances Made
Match Monopoly—Claim It Brings High Prices.
to the Bank of Spain.
A cablegram from Guayaquil, Aug. 29, to the New
From Paris Aug. 29 advices to the New York "Times" York "Times" said:
Ecuadoreans are dissatisfied with the Swedish match monopoly, assaid:
serting that all the common people get from it is the privilege of paying
The decrease of 467.000.000 francs in the foreign exchange holdings of the
Bank of France, shown by Thursday's (Aug. 28) statement, was believed
to be partly due to the execution of the credit granted two months ago to
the Bank of Spain. The French bank has put foreign exchange at the
disposal of the Spanish bank, and the counterpart of this reduction in
exchange holdings appears in the item "advance on gold," which has increased since the beginning of July from 576.000.000 francs to 904,000,000.
The bank's total sight liabilities decreased last week 410,000,000 francs
and note circulation was reduced nearly 630,000,000, but current accounts
increased. Its gold holdings are practically unchanged and the percentage
of reserve cover rose from 55.43% to 55.65.
double price for matches, and there is a possibility the concession may
be revoked by the present Congress, before Which it is up for discussion.
Uneasiness is felt now on account of the arrival of the Swedish Minister,
the first ever appointed to Ecuador. and the possible connection with
the match monopoly, which is being criticised by many Congressmen
and a large section of the populace, which favors abrogation.
In order to abrogate the concession the Government would have to
pay back $2,000,000 to the match company, and it is possible for this to
be done by using money already in the deposited central bank for interest
on the foreign debt, which has been in dispute for several years.
Another reason for complaints is the allegation that the mortgage bank,
started with funds from the match loan, has not performed the service
expected.
Increase in Number of British Unemployed Brings New
High Record.
Danish Market Breaks—Slump in Stocks in Copenhagen
A cablegram as follows from London, Aug. 29, is taken
Attributed to Article by Keynes.
"Times":
York
New
the
from
Under the above head the New York "Times" reports a
Total unemployed workmen registered in Great Britain as of Aug. 17
reached the new high record of 2,719,376. This was 5,117 more than in cablegram as follows from Copenhagen, Sept. 1:
year ago.
the previous week and 710,419 more than a
The preceding week had also established a new high record, and previous high records up to those dates were reached by the 2,713,350 of
July 27, the 2,619,737 of March 9 and the 2,643.127 of Dec.29 last year.
For the first time in many years the Copenhagen Stock Exchange to-day
experienced a black day. As in all European countries, prices have decreased steadily during the last month,little by little, but to-day all rushed
down with severe losses that suggested a panic. Sugar Factories ended 91(
Points below yesterday's level: Breweries,8 points lower. and Great Northern Telegraph, 5: Danish 4s fell further after the quotation for them had
improved slightly as cover was met.
The reason for the sudden fall is said generally to have been an article
in a Copenhagen newspaper by the British economist. J. M. Keynes.
The article, however, deals only with British financial problems, but its
sensational make-up caused uneasiness.
Italy Increases Work Fund—Appropriations Total
$200,000,000.
Additional plans for unemployment relief through public
works this winter, announced on Sept. 2 by the Italian
Government, will bring the appropriations to approximately
$200,000,000, providing employment for nearly 300,000 Cut in Salaries of Deputies Proposed in Finland—
men. Associated Press accounts from Rome, Sept. 2,
Further Decree Aimed to Help Agriculture.
reported this and added:
Press advices from Helsingfors (Finland),
Associated
To-day's announcement added nearly $50.000.000 for improvements
Sept. 1, stated:
to employ 48.000.
A proposal to reduce the salaries of Deputies by 10%, those of married
Last week (page 1367) we printed an item indicating that civil
servants by 5% and those of unmarried civil servants by 10% has been
for
$45,000,000
appropriated
"work,
not dole." Presented to Parliament by the Government.
Italy had
Authorities also proposed to help agriculture by decreeing that a fixed
An increase in the fund on Aug. 29 was noted in the followPercentage of home-grown grain be mixed with foreign rye, oats and barley.
on
Press)
that
(Associated
Rome
date:
from
ing
Italy will spend $145,000,000 to give employment to 250,000 men this
winter, the Ministry of Communications announced to-day. That Ministry Bears Raid Kreuger Issues in Sweden—Debentures and
is to spend $100,000,000 on railroads and other communications projects
Swedish Match B Shares Drop—I. Kreuger Says
involving jobs for 120.000•men, and the Ministry of Public Works will
Syndicate Heads Attack.
spend $45,000.000, providing 17.000,000 days' work.
The following from Stockholm, is from the "Wall Street
Hungarian Premier Warns of Tax Rise—Count Karolyi, Journal" of Aug. 29:
The heavy bear attacks on Kreuger & Toll debentures and Swedish Match
in Presenting New Cabinet to Parliament, Outlines
B shares Friday (Aug. 2,) caused precipitous falls to record lows, with
Policy—Plans Economies Also—Grain for Bread Kreuger debentures off 36 kroner and Swedish Match B off 15 kroner,
though there was some recovery at the close. Liquidation is mainly from
and Sowing to Be Given Needy Farmers.
London, Amsterdam and Geneva, in which Stockholm did not participate.
Count Julius Karolyi, Premier, presented his new Cabient The turnover was far beyond Stockholm's normal absorption power.
on/Aug. 27 at a noisy session of the Hungarian Parliament, Kreuger & Toll A stock, which is mainly held in Sweden, was not traded in.
indicating local confidence. Ivar Kreuger stated that an organized bear
during the course of which a Socialist demanded that Count syndicate
has been disseminating adverse rumors with view ofraidingSwedish
Bethlen be tried, said a Budapest message to the New York market which is vulnerable to such attacks owing to small capacity of the
market.
"Times," which likewise stated:
fit Count Karolyi was cheered by the Government supporters when he
Further advices from Stockholm in the "Wall Street
appeared. while a Socialist shouted, "What about the secret ballot and
Journal" of Sept. 2, said:
universal equal franchise ?"
5
1536
FINANCIAL CHRONICLE
Liquidation in Kreuger stocks which came mostly from London was resumed on Tuesday (Sept. 1). This liquidation wiped out earlier gains
which were made on Ivar Kreuger's optimistic statement. After a late rally
quotations closed above the lowest prices. Kreuger & Toll debentures closed
off 10 kroner and Swedish Match B off 6 kroner.
[VOL. 133.
of 1931, it was stated orally Aug. 20 at the Department of
Commerce, according to the "United States Daily" of Aug.
21, which states that:
Chile is first among South American and third among Latin American
countries with regard to amount of American capital invested in corporate
enterprises, approximately $600,000.000 being involved.
Over 3330,000,000 is invested there in production of copper and nitrates.
It is understood that Kreuger & Toll's trading profit for the first half year Telephone, electric light and power, cable, and radio companies controlled
of 1931 amounted to approximately $5,000,000, but it is doubtful if any by American capital have a value of almost $70,000,000. being chiefly
acquisitions of the last decade. Manufacturing and selling investments
trading profits at all will be made in the second half of the year.
The total investments by Ereuger & Toll's Swedish Match Co. and Inter- are unimportant.
The United States buys from Chile about $70.000.000 worth of products
national Match Corp. in South American government bonds are less than
annually. Chilean purchases from this country, however, total only about
$7,500,000.
the
320,000,000
from
half
by
fully
this amount.
As of Sept. 1 debts have been reduced
Chile's foreign trade totals nearly $335,000,000 a year. Of this sum,
370,060.000 outstanding at the beginning of 1931. The remaining debts
outside the secured debenture issue are represented practically enturely by approximately $130,000,000 is in imports, while about $205,000,000 is in
debts representing purchase money for assets taken over from Swedish exports.
banks and other parties and can be regarded as long-term credits. A comChile's moratorium on foreign debts was referred to in
siderable part of this amount cannot be called earlier than four years from
our issue of Aug. 22, page 1218.
now. The short-term foreign credits at Sept. 1 will be approximately
81.000,000.
The company has up to now experienced no difficulties of any kind in
Dealings in Chilean Bonds on New York Stock
Ecuador. Thus far no serious attempt has been made to cancel any match
Exchange "Flat."
monopoly that once has been established.
In addition to the above item from the Aug.29 issue of the
"Wall Street Journal" the same issue also stated:
The following notices have been issued by the New York
Swiss Bank Consortium.
Stock Exchange:
REPUBLIC OF CHILE.
From its Paris bureau the "Wall Street Journal" of
External Loan Sinking Fund 6% Gold Bonds, due Sept. 1 1961—Int.
Sept. 2 reported the following:
The large Swiss banks have formed a banking consortium to support
share quotations as a result of the severe slump in stock prices on Friday.
Despite the break in the stock market, Swiss francs have remained firm
against other currencies.
Spanish Decree Affecting Branches of Banks.
Madrid advices are taken as follows from the "Wall
Street Journal" of Aug. 29:
Spanish Finance Minister has decreed that no banks operating in Spain
will be permitted to increase the number of their branches or affiliations
without authorization of the Government's delegate on the Banking Council. Condition statements of the banks and branches will be required
to be published at least annually.
Ruling of New York Stock Exchange on Kingdom of
Netherland Bonds.
A Stock Exchange notice issued Aug. 31 says:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept 1 1931.
Notice having been received that the interest due Sept. 1 1931 on
REPUBLIC OF CHILE
External Loan Sinking Fund 6% Gold Bonds. due Sept. 1 1961. is not being
paid:
The Committee on Securities rules that beginning Tuesday. Sept 11931.
and until further notice the said bonds shall be dealt in "flat" and to be a
dellvery must carry the Sept. 1 1931, and subsequent coupons.
ASHBEL GREEN, Secretary.
REPUBLIC OF CHILE.
External Loan Sinking Fund 6% Gold Bonds. due 1962—Interest.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 1 1931.
Notice having been received that the interest due Sept. 1 1931, on
REPUBLIC OF CHILE
External loan sinking fund 6% gold bonds. due 1962, is not being paid.
NEW YORK STOCK EXCHANGE The Committee on Securities rules that beginning Tuesday, Sept. 11931,
Committee on Securities.
and until further notice the said bonds shall be dealt In "flat" and to be a
Kingdom of the Netherlands 50-Year 6% Sinking Fund Bonds, Series A, delivery must carry the Sept. 1 1931, and subsequent coupons.
Due 1972—Interest.
ASHBEL GREEN, Secretary.
August 31 1931.
Notice having been received that interest of 3% will be paid on Sept. 1
1931 at the rate of exchange prevailing on the date of presentation of Chilean Reform Plan—Legislative Group of Chamber
coupons of the Kingdom of the Netherlands 50-year 6% sinking fund bonds,
of Deputies Favors Constitutional Change.
series A,due 1972:
United Press advices as follows are from Santiago, Chile,
The Committee on Securities rules that said bonds be quoted ex-Interest
3% on Tuesday. Sept. 1 1931, and that thereafter to be a delivery must are taken from the "Wall Street Journal" of Aug. 29:
carry the No. 20 and subsequent coupons.
The legislative commission of the Chamber of Deputies has approved a
ASHBEL GREEN, Secretary. project for constitutional reform presented by 10 members of the Radical
Party.
The project authorizes the President to dissolve Congress once during
Pernambuco Fails to Pay Interest Due on Bonds.
his term of office. It also gives parliament the right to censure the GovernThe following is from the New York "Journal of Com- ment and its ministers and makes them jointly responsible before Congress
for all Government acts.
merce" of Sept. 2:
If the project is approved it will become effective when the next Congress
On the heels of the announcement by the Federal Government in Brazil takes office.
that sinking fund remittances would be suspended on its bonds, it was
stated here yesterday that the State of Pernambuco had defaulted on
Drawing of Interim Certificates for Kingdom of
Interest due on an issue of about $5,300,000 outstanding in this market.
Roumania Monopolies Institute 73i% Bonds.
The Pernambuco bond issue was offered here in September 1927, by a
syndicate headed by White, Weld & Co. and the First National Corp. of
The
National City Bank of New York has been advised by
Boston. White, Weld & Co., at whose offices interest is payable, stated
cable of a drawing of interim certificates for Kingdom of
Yesterday that no funds had been received for this purpose.
The New York Stock Exchange announced that the bonds of the State Roumania Monopolies Institute external 73i% gold sinking
were to be dealt in flat, until further notice and that deliveries must carry
Sept. 1 and subsequent coupons. The bonds had already sold down to fund bonds of the Development Loan of 1931 for redemption
yesterday to 16.
default levels and gained
at par on Oct. 11931. Interim certificates so drawn will be
The defaulted issue of Pernambuco is secured by a specific first lien on the redeemed on and after Oct. 1 upon presentation and surrender
2% gold tax on imports levied by the Federal Government and paid to
the State: by a first lien on the net revenues of the port, and by a lien on at the head office of the bank.
the export taxes. In addition to the American issue external bonds are
outstanding in Belgium and France, and there is a small issue of internal
bonds.
The notice of the New York Stock Exchange follows:
STATE OF PERNAMBUCO.
7% External Secured Sinking Fund Gold Bonds..due 1947—Interest.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 11931.
Notice having been received that the interest due Sept. 1 1931. on
STATE OF PERNAMBUCO
7% external secured sinking fund gold bonds, due 1947, is not being paid.
The Committee on Securities rules that beginning Tuesday. Sept. 11931,
and until further notice the said bonds shall be dealt in "flat" and to be a
delivery must carry the Sept. 1 1931 and subsequent coupons.
ASHBEL GREEN, Secretary.
Chile Moratorium Affects Americans—More Than
$200,000,000 of Nation's Securities Owned in This
Country.
American investments in Chilean Government securities,
totaling more than $200,000,000, will feel the effect of a
complete moratorium just declared by the Chilean Government, suspending payment on_allioreign debts for the rest
•
Department of Santander Has Funds for 7% Loan
Service.
Redmond & Co., who in 1928, were instrumental in underwriting an issue of the Department of Santander external 7%
bonds, received the following cable this week from the Governor of the Department:
Since the American press is discussing the matter of the moratorium suggested by certain periodicals in Bogota, we are obliged to declare that the
Department of Santander is not requesting, nor does it need a moratorium
because it has at its disposal sufficient funds to meet the External 7% loan.
The fiscal situation of the Department is good.
Redemption of Bonds of Republic of Colombia—Funds
Received for Payment of October 1 Coupon.
Hallgarten & Co. and Kissel, Kinnicutt & Co., fiscal
agents for the $35,000,000 Republic of Colombia6% external
sinking fund gold bonds of 1928, dated April 1 1928 announce
that the Republic of Colombia has delivered to them $362,500
principal amount•of bonds, which have been redeemed
through the sinking fund, leaving $33,177,500 par value of
bonds outstanding.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
The fiscal agents also announce that the Republic of
Colombia has deposited funds with them for the October 1
1931 coupon payment.
1537
Brazil will permit the importation of flour contracted for before Aug. 28,
the date of the embargo order, officials of the Department stated.
Meanwhile, unaware of this message, the State Department forwarded
a message to Ambassador Morgan at Rio de Janeiro, asking him to obtain
an exception to the embargo for such flour.
Further relief for millers, who have been doing an export business with
Brazil of about $4,000.000 a year, was conceded here to be impossible,
as the contract for the exchange of wheat for coffee has been closed and the
embargo order is considered as solely within the discretion of the Brazilian
Government,
•
Funds on Hand to Meet October Interest and Sinking
Fund Payments on Brazilian Bonds.
Dillon, Read & Co., as fiscal agents of the United States
of Brazil, announce that they have the funds in hand to
A Minneapolis dispatch Sept. 1 to the "Times"said:
meet the interest payments due Oct. 1 and Oct. 15 1931
A protest against the 18-month embargo on flour imports into Brazil
on the outstanding dollar bonds of the United States of was sent to President Hoover to-day by the Millers' Nations] Federation
spokesman for the milling industry of the nation.
Brazil 63' % external sinking fund gold loans of 1926 and asThis
followed objections filed yesterday with the State Department and
1927, due 1957.
Farm Board by the federation.
The embargo is condemned in the federation's message as a blow to
Funds also are in hand and publication has already been
America's export flour trade, which is certain to reduce activity in the
made of the numbers of $413,500 principal amount 634% milling
industry and thus increase unemployment.
bonds of the loan of 1926, which will be redeemed for the
sinking fund as of Oct. 1.
Brazil Suspends Temporarily Application of Sinking
Fund on External Bonds—Statement by New York
Consul-General.
Brazil Ends Trades of Coffee for Wheat—Further ExThe decision of the Brazilian Government to suspend
changes Impossible Under Realization Loan.
From the New York "Times" we take the following (As- temporarily foreign debt payments, except in the case of
three loans, was indicated in the following (United Press)
sociated Press) from Rio de Janeiro:
The National Coffee Council. reporting on progress of the destruction of from Rio de Janeiro, Aug. 30, published in the New York
low-grade coffees, said to-day that 777,168 sacks had been destroyed up "Herald Tribune":
to Aug. 29.
Commenting on the above the "Times" of Sept. 1.said:
No further exchanges of coffee for wheat with any country is possible.
according to a cable dispatch received from Rio de Janeiro yesterday
by the New York Coffee and Sugar Exchange. The cable was in response
to a rumor that the Brazilian Government had arranged for an exchange
with Russia of the same kind as has been arranged with the Federal Farm
Board. The dispatch read:
"Further exchanges of coffee for other commodities is impossible inasmuch as the government is not allowed to exceed the monthly shipment
quota stipulated under the terms of the coffee realization loan. This quota
is being entirely absorbed at present by recent contracts, firstly with
Hard & Rand of New York and secondly with American wheat interests.
"It is officially announced here that the government has arranged terms
with creditors for a temporary suspension of payment of the amortization
of external debts except two fundings and the 1922 coffee loan. No other
change is to be made in the financial policy and the preliminary measures
for the Niemeyer plan are to be continued."
Coffee traders regarded the statement as bullish and the market rose
25 to 30 points in the trading which started after the cable had been published.
Official announcement that a partial moratorium had been obtained on
foreign debt payments was made to-day by the government publicity bureau. The government, it was stated, has decided to suspend temporarily
foreign debt payments with the exception of two funding loans and the 1922
coffee loan.
The decision was reached not because of lack of paper money, the announcement said, and on the dates the payments on the affected loans are
duo the government will deposit the amounts payable in the Bank of Brazil
in paper currency at the exchange rate of four English pence per milreis, or
according to arrangements yet to be made with the country's creditors. The
Bank of Brazil during the last week has made strenuous efforts to stabilize
the milreis and succeeded in holding the quotations to 6.28 cents, 1-100c.
higher than the previous week. No alterations will be made in the financial
orientation of the country, the communique stated, and the budget equilibrium will be maintained.
Bolivia, Peru and Chile, in the order listed, have suspended payments
on foreign obligations within nine months. The governments of Argentina
and Colombia, however, have repeatedly stated that they would meet their
foreign debt payments promptly. Argentina now is arranging to repay a
$50,000,000 1-year loan due Oct. 1, by means of an internal loan from
Buenos Ayres bankers and business men. President Enrique Olaya Herrera
of Colombia recently told friends he would exhaust every other means before
resorting to a moratorium on that country's obligations.
Brazil Places Embargo on Flour Imports for Period of
In publishing a statement in the matter issued in this
18 Months—Protest to Washington by Millers— city, the New York "Times" of Sept. 1 stated:
Modification Agreed to.
Not a Moratorium.
A week ago it was made known that Brazil had embargoed
Sebastiao Sampalo, Consul General of Brazil in New York, explained
to
imports of wheat flour, a United Press dispatch from Rio The New York "Times" yesterday that Brazil had not declared a moratorium on foreign debts, as reported in some press dispatches. He
declared
de Janeiro, published in the "Wall Street Journal" of Aug. there had been confusion between mere suspension
of payments of amortiza29 indicating this as follows:
tion on Brazilian loans and a rumor of a moratorium.
The Consul General gave out the following explanatory statement, which
Importation of wheat was forbidden for 18 months simultaneously with
publication of a decree authorizing the exchange of 1,275.000 bags of he had received from the Brazilian Government:
Owing
to the fall in Brazilian exchange, which has resulted from prevailing
third and fourth grade Brazilian coffee for 25,000.000 bushels of hard
economic conditions, the government finds itself unable to obtain necessary
winter No. 2 American wheat.
foreign exchange to provide in full service on its external debts.
On Aug. 31 a Washington dispatch to the New York
The government is anxious that any measures which it may be compelled
to take to meet this emergency may not impede or detract from energetic
"Times" said:
execution
of the plan for rehabilitation of Brazilian finance which was reProtests against the barter by the Federal Farm Board of 25.000.000
bushels of wheat for 1,050,000 bags of coffee from Brazil were made by the cently proposed by Sir Otto Niemeyer and which it is now engaged in carrymilling industry to the White House to-day, immediately after it became ing through, and it has had the benefit of Sir Otto's advice In determining
upon the course which is now announced.
known that Brazil had declared an embargo on imports of flour.
Dates from To-day.
The embargo was laid down on Friday. but neither the State Department
The government has decided to suspend temporarily, as from Sept. 1
nor the Department of Commerce learned of it until to-day. Flour imare
shut
out for 18 months.
ports
1931. application ofsinking fund of all its external loans except two funding
Protests to the White House from several organizations of millers were loans and Brazil 7%% 1922 coffee security bonds, issued in London and
referred to the State Department and the Farm Board. One protest made New York. In the case of Brazil 6%% 1926 sinking fund dollar gold bonds,
public at the State Department stated that the Brazilian decree cuts off s the next sinking fund has been paid to the trustees and will consequently be
market for United States flour worth about $4,000,000 annually.
applied on Oct. 1 next.
The millers' protests followed others on behalf of American shipping inThe government hopes, with alleviation resulting from this suspension,
terests because all shipping of wheat and coffee was left to Brazil instead it will be able to continue to provide foreign exchange necessary for
payment of interest on its external loans. Until the Government is of
of to American vessels.
A third element entered the situation to-day with the recognition, un- the opinion that applications of sinking fund can be resumed without
officially, that relations between the United States and Argentina have damage to exchange or carrying out of the plan on which it is at present
not been improved by the deal. Argentina, heretofore has been the working, it proposes to deposit with a bank to be agreed upon sums in
granary for Brazil, which bought virtually all of its annual requirements milreis sufficient at a rate of exchange of 4 pence (8 cents), to provide the
of 10.000,000 bushels of wheat from the neighboring republic. The Farm several sinking fund payments as and when they become due. Should
Board deal is said to have killed that market for Argentina for at least representations of bondholders so prefer, the Government would be pretwo years.
pared to destroy the sums in milreis referred to or employ the amount in
When told of the millers' protests, Carl Williams, acting Chairman of redemption of internal bonds or apolices (Government securities).
contract
had
been
closed and is not subject to reconthe Board, said the
From the same paper (Sept. 1) we also take the following:
sideration.
Not Entirety a Surprise.
Among the protests to the White House was one by Herman Falder,
Washington representative of the Millers' National Federation, who
News from Rio—de Janeiro yesterday that the Brazilian Government
organization
represented
70% of the flour producers.
would suspend sinking fund payments on its external debt, with the exsaid his
Mr. Fakler thought the Brazilian deal too far advanced for anything ception of three special loans, did not come as a complete surprise to the
to be done except by the State Department, which might get special entry financial community here. Bankers pointed out yesterday that the suspenpermits for flour contracted for sale In Brazil and en route. He did not sion of sinking fund payments would work far less hardship on the bondknow how much flour is en route, but said that one consignment of 25,000 holders than would a default In interest.
Losses for the four Brazilian Government issues active on the Stock
bags is on the docks of New York City awaiting shipment.
yesterday ranged from 3% to 7% points. Bonds of the various
Under date of Sept. 1 it was stated in a Washington dis- Exchange
political subdivisions of Brazil averaged but slightly lower yesterday.
"Times"
that,
acceeding
to
the
the request of
patch to
South American nations which have suspended payments completely
millers in this country, the Minister of Finance of Brazil on their debts in the last year have been Bolivia. Peru and Chile. However,
Argentina
and Colombia have expressed their determination to meet their
has agreed to modify that country's embargo of 18 months external debt obligations promptly. Argentina
at the expense of shipping
on imports of wheat flour, according to word received by the $50,000,000 in gold here to meet.a maturity on Oct. 1.
Department of Commerce on that day. This dispatch
The "Times" also reported the following from Sao Paulo
added:
Aug. 31:
1538
FINANCIAL CHRONICLE
A conference of Rio de Janeiro and Sao Paulo bankers with Finance Minister Jose Maria Whitaker has resulted in a new debt payment arrangement
between Brazil and foreign bankers.
Foreign bankers have agreed to permit postponement of amortization,
or sinking fund, collections until exchange improves, with Brazil agreeing
to pay interest at regular periods. The exemption includes all Federal loans
except the last two funding loans and the coffee loan of 1922.
In the meantime Brazil will deposit milreis locally for amortization,
awaiting improvement in exchange before making payments abroad.
The new plan does not conflict with the recent report made by Sir Otto
Niemeyer, British financial expert engaged to study Brazilian finances.
Business men are confident that an immediate improvement in exchange
will result, following the Government's retirement from the purchasing
market.
[VOL. 133.
Rumanian Gasoline Tax.
From its Paris bureau the "Wall Street Journal" of Aug.
31 reported the following:
The Rumanian Parliament has voted a law raising the consumption tax
on gasoline anil other refined oil products by two cents a kilogram, which,
It is estimated, will yield $4.000,000 annually. The bulk of the revenue
will be devoted to subsidies for the crude oil producers, with the lion's
share to the small Rumanian companies.
This latest attempt to bolster the industry follows failure of the agreement to reduce production. The price of gasoline at Constanza remains at
3% cents a gallon. In the first half of this year production of crude oil
amounted to 3,392,000 metric tons (about seven barrels equal a metric
ton), against 2,911.000 barrels in the corresponding period of 1930.
Brazil Lists Debt Course—Rio de Janeiro Says Interest
Nicaragua Plans Match Monopoly.
to December Will Be Paid.
A cablegram from Managua (Nicaragua) Sept. 2 to the
Sao Paulo advices as follows Aug. 29 are taken from New York "Times," said:
The Nicaraguan Government has contracted with the Swedish match
the New York "Times":
The Rio de Janeiro newspapers published yesterday a list of Federal and trust for the purchase of 10,000.000 boxes of safety matches for use in
connection with a government monopoly. The Government will sell the
State interest payments due between now and the end of the year.
In September the Rio de Janeiro Government will pay out $3,500,000, matches at two cents a box, calculating a profit of $80,000 annually. It is
the Federal district $55,000, the State of Minas Geraes $985,000, the State believed that the Government will request the Collector General of Customs
of Alageas $20,000, Pernanbuco $290,000, Rio Grande del Norte $50,000, and High Commissioner Irving Lindberg to handle the matches.
Sao Paulo $810,000, Parana $400,000 and the Federal Government and
others $6,500,000.
Ecuadorian Congress Considers Increasing Many
October's total interest due from States and the Federal Government is
Customs Duties Including Lard,Flour and Textiles.
$17,000,000. November's $4,225,000 and December's $4,840.000.
The Rio de Janeiro Government asserts it will meet its obligations and
The
Ecuadorian Congress is considering a bill to increase
purchased.
announced that the money for September's payments already is
the rates of import duty on many commodities, among the
proposals being: an increase of one-fourth of the present rate
Bank of Brazil Efforts to Peg Exchange.
of 0.40 sucre per gross kilo on lard, two-thirds of the
following
from
reported
the
The New York "Times"
present rate of 0.15 snore per gross kilo on wheat flour, and
Sao Paulo Aug. 29:
considerable increases in duties on textiles, it was indicated
Leading bankers and financiers met Finance Minister Whitaker to-day for in a
cablegram from Consul General Harold D. Clum,
a conference aimed at meeting the exchange crisis. The Bank of Brazil is
pegging exchange in an effort to improve the situation and bankers are Guayaquil, dated Aug. 27. It is added that the importation
urging the Government to suspend debt payments temporarily until the of vegetable lards is prohibited at the present time.
be reached Monday.
mllreis improves. It is expected a decision will
The meeting established the mikeis rate for next week at 16.1 per dollar.
Central Bank Plan Near Head in Brazil—Economy
Program Urged by Sir Otto Neimeyer Progresses
in Other Lines Also.
According to Sao Paulo (Brazil) advices Aug. 27 to the
New York "Times," Minister of the Treasury Whitaker
has announced that studies will continue on the proposal
for a central bank, and has expressed confidence in its
establishment within a short time. The message adds, in
part:
Other recommendations of the Niemeyer report are being closely followed,
with the economy program well started. The Minister of Communications
has announced the completion of plans for joining the telegraphic and postal
services immediately, affording an annual saving of several thousand
contos. The economy program for Government-operated railways is completed and is now under study.
The press comments that the next and most important step for the installation of a central bank is foreign financing.
Press comment regarding the exchange of wheat and coffee between Brazil
and the United States continues to be generally favorable, with a few important papers critizing the movement on grounds that the United States
profited most, remarking that Brazil would have sold this amount of coffee
In the United States any way, but that the United States gained a new wheat
market.
Leading Rio de Janeiro newspapers see an advantage for Brazil in the
elimination of the usual wheat transaction bills ofexchange from the money
market, thus strengthening Brazilian currency. Senor Whitaker is continuing his meetings with the millers for the solution of the problem of distribution. It was decided this week that the first shipment should be
small, In order to enable the Government to handle it easily without disturbing the millers' regular routine. Coffee growers are urging the Rio de
Janeiro Government to induce the United States to lengthen the distribution of coffee until the end of the next year, in order to avoid disturbing the
routine of sales channels.
The report of Sir Otto E. Niemeyer was referred to in
our issue of Aug. 8, page 882.
Brazil Gets $6,547,500 Loan, to Repay in Coffee—
Hard, Rand & Co. Deal Approved by Vargas.
United Press advices as follows from Rio de Janeiro
Aug. 29 appeared in the New York "Herald Tribune":
A loan of $6,547,500, which will be repaid in coffee instead of cash was
approved to-day by Provisional President Getullo Vargas. Hard, Rand &
Co. of New York, agreed to loan the Government 11,350,000, the money to
be repaid in the form of 1.050,000 bags of coffee. The coffee payment will
be made at the rate of monthly shipments of 112,500 bags of the bean.
Rio Grande Do Sul State Pays $246,000 Interest on
External Debt to New York Bankers.
The following (United Press) from Porto Alegre (Brazil),
Is from the "Wall Street Journal" of Sept. 2:
Kwangtung Province in China Plans Tobacco
Monopoly.
The Kwangtung Province in China, in which Canton is
situated, plans the inauguration of a provincial tobacco
monopoly on Sept. 1 of this year, according to a radiogram
received by the Department of Commerce at Washington
from Assistant Trade Commissioner David M. Maynard,
Hong Kong, the Department's announcement of this was
issued Aug. 29.
Uruguay Abandons Attempt to Peg Peso—Bank of
Republic Gives Up After Four Days and Quotations
Continue to Decline.
According to a cablegram Aug. 28 from Montevideo
(Uruguay) to the New York "Times" it required only four
days to prove that it was impossible for the Bank of the
Republic at the present time, at least, to support exchange
artifically at anywhere near the level at which the Government proposes to guarantee it for international commercial
transactions after Dec. 31, and the peso closed to-day lower
than it was Monday (Aug. 24) before the bank made an
effort to raise the quotations. The cablegram continued:
The last quotation on the free market was 45 American cents and 22%
pence Monday. Par is 51 1-16 pence and 81.035.
The Bank of the Republic forbade private banks engaging in exchange
transactions for amounts larger than the equivalent of $140 and on Tuesday it raised the peso quotation to 24 pence and 48.60 cents, since which
time there has been no exchange market in Uruguay. The official bank
lowered its quotation daily, trying to bring it closer to the point at which
it could find sellers of sterling and dollars, but the sellers did not appear,
and after failing to find sellers Friday at 22 pence and 44.50 cents. It
dropped the quotation to-day to 21% pence and 43.80 cents.
Congress has not yet taken up consideration of the Government's project to guarantee an exchange rate of 25 pence after Dec. 31 for the settlement of drafts, which the banks will permit to run that long without protest. Garcia Morales, author of the project, admitted to-day it had been
sent to Congress without knowing whether foreign banks would agree to
the postponement of payment under its terms.
Uruguay to Sell Gold to Pay Interest on Foreign Loans.
A cablegram from Montevideo (Uruguay) Aug. 25 to the
New York "Times" said:
The national administrative council has authorized the Bank of the
Republic to export gold to the value of 5,000,000 pesos ($5,170,000), of
which 3.000.000 pesos ($3,105,000) will be used to pay interest and sinking
fund payments on foreign loans. This will cover all foreign obligations
falling 'due in September, October and November.
The council also sent a bill to Congress whereby the Government Would
guarantee an exchange rate of 25 pence per peso after Dec. 31 for payment on foreign obligations, on the collection of which the banks have
granted a moratorium until that date. The bill would make compulsory the liquidation of these debts in five equal monthly payments after
Jan. 1.
The bill actually, therefore, provides for a moratorium until May 31,
but delay is not compulsory.
The State of Rio Grande do Sul is paying $246,000 to Ladenburg, Thalmann & Co. as interest on the State's external debt, according to State
Treasurer Antunes Maciel, who added that Rio Grande do Sul's interest
payments this year total $3,032.073.
Sr. Maciel added that the suspension of amortization announced from
On the following day (Aug. 26) further advices to the
Rio de Janeiro does not affect Rio Grande do Sul's finances as much as
might be believed because interest payments have been higher than the "Times" from Montevideo stated:
amortizations. However, he added that the suspension will save the State
Uruguayan exchange improved sharply to-day as a result of the an$1,600,000 a year.
nouncement that the Bank of the Republic had been authorized to ship
SEPT. 5 1931.3
FINANCIAL CHRONICLE
55.000.000 gold, of which $3.000,000 would be used for service on the
foreign debt in September. October and November.
The peso touched 48 cents late this afternoon, as compared with 45 cents
on Monday. It had dropped to 42 cents when the Government began
Putting emergency measures into effect. Par is 31.035.
It is hoped here that the law restricting imports will have a more lasting
and beneficial effect on exchange, as it is designed to bring about a favorable balance, giving Uruguay credits in dollars and sterling against which
It can draw. Bankers are of the opinion that such foreign credits are
better than any local measures for improving exchange.
The National Adminiatrative Council was in session all this afternoon
framing regulations for enforcement of the recently enacted law prohibiting
importation of a long list of artk les, including almost everything in the
on .c.e of a luxury.
Fureign Minister Juan Carlos Blanco attended the meeting at the invitation of the council in an advisory :apacity, so that the restriction
of imports may be carried out without prejudicing international relations.
Senor Blanco informed the council no country had protested against the
measure, although ,evral commercial organizations had filed protests.
1539
Cuba to Issue New Notes.
From Havana advices to the "Wall Street Journal" of
Sept. 1 stated:
It is understood that Cuban executive power proposes to issue gold
obligations of the treasury to liquidate the debts amounting to 514.000,000.
The president is authorized by last law of economic emergency to issue
up to $10,000.000._ No new taxes will be created.
Colombia Chamber of Deputies Opposes Visit of President Herrera to United States.
United Press advices as follows from Bogota (Colombia)
are taken as follows from the "Wall Street Journal" of
Sept. 2:
A motion disapproving the contemplated visit of President Olaya Herrera
to the United States was approved unanimously by the Chamber of Deputies. The president considered visiting America to study measures aimed
to strengthen Colombian finance.
Colombia Company Fails—Failure of Colombia Mutual
Life Insurance Co. Said to Be Due to Real Estate
Depreciation.
China to Tax Bank Notes—Financial Circles Concerned
A cablegram as follows from Bogota (Colombia), Aug. 29,
Over Law Passed by Legislative Yuan.
is taken from the New York "Times":
In its issue of Aug. 30, the New York "Times" published
On account of insolvency, the Colombia Mutual Life Insurance Co.
the following correspondence from Shanghai Aug. 1:
of Bucaramanga will be liquidated by the national
Superintendent of
Chinese and foreign banking circles are expressing great concern over
Banking, who already
taking charge.
The company has been established 15 years, has a capital of 500,000 the new law providing for a tax on bank notes. which has just been passed
by
the Nanking Legislative Yuan, and will soon be promulgated by the
pesos and outst
og insurance of more than 11.000.000, with 11.000
National Government Council.
policy holders.
Under
the law banks of issue will be required to hold full reserves against
failure
The
is the result et heavy investment of assets in unproductive.
undeveloped city real est de. which has greatly depreciated since the notes, of which 60% must be in specie and 40% in securities. The proporof
notes issued on specie reserves are to be exempt from taxation, but
suspension of construction work on the national railway planned to reach tion
those issued on security reserves will be required to pay an annual tax of
Bucaramanga.
235%.
The new law also provides that when statements of the condition of
Argentina to Retire Loan—Arranges With Bankers to reserves are.considered to be not authentic, the Ministry of Finance may
organize
investigation committees to examine the listed assets. These
Handle $50,000,000 Due Here.
committees shall be composed of one representative each from the Ministry
The New York "Times" of Sept. 3announced the following of Finance, the Ministry of Auditing, the Chamber of Commerce and the
Bankers' Association_of the city in which the suspected bank is located.
from Buenos Aires Sept. 2:
The Government has concluded negotiations with local bankers in
connection with the retirement of the $50,000.000 loan due in New
York General Import Tariff Proposed for Federated Malay
at the end of September, it was understood to-day.
States.
Credits are expected to minimize the gold transfer in connection with
the payment. It has been reported, however, that $10,000.000 in gold
An
memorandum
official
presented to the Rulers of the
will be shipped to New York on the steamship Northern Prince Monday.
Federated Malay States by the High
Commissioner states
that it is almost certain that it will be necessary to establish
Argentina to Ship $10,000,000 Sept. 7—Internal Loan a general import tariff
system in order to maintain a stable
to Balance Total $50,000,000 Gold Export Is Almost revenue, since the present sources are
inadequate: in stating
Subscribed.
that this is reported in a radiogram received in the DepartA Buenos Aires cablegram Sept. 3 to the New York ment of Commerce from Assistant Trade Commissioner
"Times" said:
Donald W. Smith, Singapore, the Department on Aug. 24
The first $10,000,000 gold toward repayment of the $50,000.000 loan added:
due in New York will be shipped by the Bank of the Nation on the Northern
Prince Monday. It must be shipped in lots of $10,000,000 because the
insurance limit Is that amount.
A loan subscribed by banks, insurance companies and other business
organizations to prevent the restriction of currency following the
export
of the gold has not reached the required 118,000,000 paper pesos, but
Is close enough to assure the project and the Finance Minister is still
negotiating with others who may subscribe what is still lacking.
The Argentine monetary law requires the withdrawal from circulation
of 2.27 paper pesos every time one gold peso, worth 96.5 cents, is withdrawn
from the Conversion Office. The export of 350,000.000 gold to pay the
New York loan would compel the withdrawal of 118,000,000 pesos from
circulation, causing a stringency just at the time funds are needed to move
the wool clip and finance farmers in planting new crops. The Government
intends to avoid this difficulty by increasing the rediscount limit by the
amount of the internal loan. This will leave the same amount of currency in circulation, but 118,000.000 pesos of it will be backed by rediscounted commercial paper instead of by the gold reserve, which is not
expected to be reduced below 50%, which bankers consider more than
an ample guarantee behind the paper currency.
At the present time the only articles subject to import duty are tobacco
and tobacco products, liquors, wines and beverages, matches, cartridges,
sugar, kerosene and gasoline. All other imports are duty free, according
to information in the Department of Commerce.
American goods sold in the Federated Malay States include canned
foodstuffs, cigarettes, office equipment, sporting goods, cosmetics, tools,
tin plate, builders' hardware, hosiery, medicines, linoleum, automobiles,
tires, leather, shoes, electrical household devices. The United States
supplies a high percentage of goods which may be classed as luxuries.
while Great Britain and Japan are more prominent in the trade in staple
items.
The Federated Malay States are commercially the most important part
of British Malaya. Trade of the States is handled largely through the
Straits Settlement ports of Penang and Singapore.
The principal of free trade has long been firmly established, except for
such items as spirituous liquors, opium, tobacco and petroleum products
on which specific duties are levied, and products of all countries. British
as well as foreign, enter the country on an equal basis. The possibility
of establishing a general import tariff, therefore, can only be the result
of financial need.
Government revenues declined materially in 1930—about 20% from
Gold from Argentina for Payment of Debt Service. the 1929 level and the country has been living practically upon reserves
during 1931. Revenues were hard hit by the decline in rubber and tin
Buenos Aires advices (Associated Press) Aug. 25 stated:
prices, as an important proportion is obtained from export duties on these
The steamer "Western Prince" was en route to New York to-day with two principal products.
Increased internal taxes were resorted to as well as borrowing in order
$4,255,200 in gold, dispatched by the Banco de la Nacion of Argentina for
to finance the 1931 budget and proposals have already been made to levy
payment of debt services.
import duties on sugar, liquid fuel, lubricating oil and cartridges.
The proposal regarding petroleum products has met with considerable
Tenders Asked for Purchase of Argentine Bonds for opposition, as the price of gasoline is already high and much transportation
by motor vehicle as roads throughout the country are excellent.
Is
. Sinking Fund.
Petroleum products constitute one of the most important imports from
National
Bank
Chase
of the City of New York has the United States and should the price increase, the sale of American
The
cars, other than the small makes, would probably be affected.
notified holders of Government of the Argentine
Nation
external sinking fund 6% gold bonds of 1923, series A, and
Government of the Argentine Nation external sinking fund Loan Conversion Held Success in Australia—Amount
Promised Is $2,150,000,000 of $2,780,000,000 Total.
6% golds bonds, State of Railways issue of 1927, that cash
Supplementing the item which appeared in these columns
funds, amounting to $313,243 in the case of the former and
to $246,499 in the case of the latter, are available for the last week (page 1372) we quote the following cablegram
purchase for the sinking fund of such bonds are as tendered from Melbourne Aug. 31 to the New York "Times":
Australia's conversion loan campaign to convert her $2,780.000,000
and accepted for purchase at prices below par. Tenders of
loans to a common level of 4% ended to-day with results regarded
bonds of both issues, with coupons due on and after March 1 internal
highly gratifying by Federal Treasurer Theodore. The total conversions
the
corporate
to
made
trust department of promised amount to 52.150.000.000. In addition, to that amount, there
1932, must be
the Chase National Bank of the City of New York, 11 Broad will be $50.000,000 to 5100.000,000 from late applications.
The holdings on which conversion has been refused amount to $55,000,St., before 3 p. m.Sept. 11 1931. Should tenders so accepted 000,
only 2% of the total conversion requested. The remaining $450.be insufficient to exhaust the available funds, additional 000,000 or 3500.000.000 will be converted by default.
One of the chief subjects of discussion at the State Premiers' conferences
purchase by tender below par may be made up to Nov.29
to-morrow will be how to impose upon dissenters a sacrifice equal to that
1931.
accepted by converters.
1540
FINANCIAL CHRONICLE
Australian Bank of Commerce and Bank qf New South
Wales.
A cablegram as follows from Sydney, New South Wales,
Aug. 31, is taken from the New York "Times":
The amalgamation of the Australian Bank of Commerce with the Bank
of New South Wales was announced to-day. The union indicates a further consolidation of commercial banking interests in the Commonwealth.
As a result of the arrangement the business of the Bank of New South
Wales, already the largest bank in Australia, has undergone further material expansion, for deposits in the Bank of Commerce amount to $16.765.000 and those in the Bank of New South Wales to about $330,000,000.
The Bank of Commerce is the successor of the Australian Joint Stock
Bank, which reorganized during the troubles in 1893, and its legacy from
the crisis was finally paid off in 1927.
[VOL. 133.
productive channels and announced that camps would be established
under the control of the Public Works Department.
The draftees would receive shelter and "pocket money" to an extent
not yet decided. It was expected to-day that 1,000 men would be placed
In these camps at once and that if the plan were found satisfactory all
unmarried men without work would be incorporated into the scheme.
Chile Orders Investigation of Its Nitrate Combine.
The $375,000,000 Chilean nitrate producing combine, in
which the Government owns 50% of the stock and which is
one of the world's largest commercial enterprises, is to undergo a complete investigation by the Government, said a
Santiago, Chile, cablegram Aug. 30 to the New York
"Journal of Commerce," from which, likewise, we take the
Australian States Plan New Economies—Get $5,000,000 following:
The investigation of the giant nitrate omnization. partly financed in
More from Bankers After Agreeing to Curb MountLondon and New York and dominated by the Guggenheim interests, will
ing Deficit.
be conducted by the National Tribunal, it was announced yesterday.
Among the many charges brought against the National Nitrate Co., or
From Melbourne (Australia), Sept. 3, a wireless message
Cosach, as it is known in the nitrate trade is the complaint that Chilean
to the New York "Times" said:
producing companies and other nitrate enterprises of foreign ownership
ir An examination by the Premier's conference to-day of the financiali were brought into the combine through "unlawful persuasion."
The measure in Chilean Congress which provided authorization for the
position of the various State Governments showed the aggregate deficits
at the end of the current fiscal year would exceed the estimates made in
June by at least $15,000,000, making a total deficit of $90,000,000.
Commonwealth and bank representatives informed the conference of
their unwillingness to accommodate the Governments beyond the $75,000,000 promises made in June. Then there was some talk of the Commonwealth Government being compelled to resort to a fiduciary Issue, but
eventually the banks agreed to increase their accommodations by $5,000.000.
The Premiers, Including J. T. Lang of New South Wales, thereupon expressed readiness to resort to further economies in order to wipe out the
$10.000,000 remainder. Assurance was given that the least possible
extra taxation would be imposed, though the Hogan Ministry took a decision Tuesday to add 25% to the Victorian income tax.
I. A widespread outcry against this latest burden on Victorian taxpayers
makes Premier Hogan's position uncertain. There are indications that
the Victorian Government would have a majority of only one in the Assembly next week, while defeat seems certain in the Council. The opposition
is fighting for further Government economies and is supported by business
Interests, which bitterly oppose the additional 12 cents in $5 on company
incomes.
project, also was un-Constitutional, it is charged, under special powers
granted to the Ibanez Administration.
The charges are similar to those that have been voiced for more than a
year by the political enemies of the Ibanez regime. It was said here to-day,
and directors of Cosach also have published open letters denying these
allegation.s.
The payment of approximately $35.000,000 for good will and patents
covering the efficient Guggenheim nitrate extraction and refining processes
has been criticized as excessive and unnecessary. The Cosach directorate.
headed by C. Cappelin Smith and Alfredo Houston of the Guggenheim
companies, have denied that the Guggenheims were favored in this consideration. Unfair treatment of the Chilean and other foreign companies
which were brought into the merger also is denied.
The nitrate situation is critical owing to the failure of spokesmen for the
Chilean industry and the European synthetic nitrogen interests to reach
an agreement prolonging the international cartel. Unless an agreement on
markets and selling prices is reached shortly it is feared here nitrate of soda
prices will be forced lower in the world markets in order to meet the competition of sulphate of ammonia and synthetic nitrogen fertilizer compounds.
It was indicated a few weeks ago by officials of Cosach that such competition would be met in the European markets. Several days later Chilean
nitrate was reduced in France and in Egypt. No action has been taken,
however, on nitrate prices for the United States, one of its largest consumers.
Australian Laborites Accept Economy Plan—Party
Executive Condemns Cuts in Wages and Pensions
In the New York "Evening Post" of Aug. 31 it was stated
But Admits It Cannot Stop Them.
Under date of Aug. 30 advices from Melbourne to the New that investigation of the Chilean nitrate combine by the
Government will not be objected to by American interests
York "Times" said:
The Australian Labor Party executive concluded its three-day conference in the combination as long as it is conducted fairly.
to-day by adopting a resolution condemning the Melbourne economy plan,
but admitting the plan "must be accepted in the circumstances." The
vote was 22 to 13.
The resolution directs the Laborite members of Parliament to oppose
"any further reductions in wages and pensions." and condemns the attempt "to pivot national industrial recovery on balancing Government
budgets."
Budgets can be balanced, it is argued, only by restoring employment
and stimulating industry. The resolution says the present crisis "is
monetary in character and can be met only by a policy of monetary and
banking reform." It admitted the Labor policy can be effected only with
Labor majorities in both houses of all Australian parliaments, and the resolution concludes by urging a united front to obtain the necessary mandate
from the electorate.
The conference rejected the South Australian proposal for the expulsion
of members of Parliament who supported the economy proposals.
The results of the conference are regarded as a victory for Premier
Scullin's Federal Government and the State Labor Governments, which
adopted the Melbourne plan and as a complete defeat for the extremists
like Premier Lang of New South Wales, who mustered only seven against
the resolution.
During the conference the result of the latest Melbourne municipal
elections was announced. The important issue was the reduction of wages
of municipal employees and Labor lost 12 seats.
Chilean Consulate Closed—United States Ends Connection With Iquique, Nitrate Port.
From the New York "Evening Post" we quote the following (Associated Press) from Santiago (Chile) Sept. 1:
The American Government has closed its Consulate at Iquique, leaving
but two Consulates, one at Antofogasta and one in Valparaiso, and the
Consulate General in Santiago.
Iquique for many years was the chief port for nitrate exports, but recently
had been on the decline. Since the organization of the Cosach the center
of production has been shifted to near Tocopilla, virtually sealing Iquique's
doom and resulting in a lack of foreign business.
Lays End of Nitrate Cartel to Threat of Belgium's
Rivals.
Brussels (Belgium) Associated Press advices Aug. 30 in
the New York "Times" said:
The newspaper Nation Beige said to-day it was authoritatively informed
that the Nitrate Cartel, which was dissolved July 31, was not renewed
because of the opposition of foreign producers who assembled in Germany
and threatened Belgian producers with rigid competition unless they gave
up their exports and reduced their production to 25% of capacity.
Capacity production here is 1,200,000 tons, so that the future production
alleged to be permitted would be 300.000 tons, or nearly double the annual
consumption by Belgian agriculture.
Wages Leveled by Mexican Law—Same Work Paid
Identical Amount Regardless of by Whom Performed.
Associated Press advices from Mexico City, Aug. 31, $20,000,000 Debenture Issue of Federal Intermediate
published in the New York "Evening Post" stated:
Credit Banks Expected Next Week.
Wages must be the same regardless of age, sex or nationality when the
work performed is of the same quantity and quality under the terms of
Offering of a new issue of $20,000,000 of 3% debentures
the national labor law just promulgated.
of Federal Intermediate Credit Banks, the proceeds of
111 The law also provides against garnisheeing of salaries, making them
'
which will be used for refunding purposes, is expected to
nature.
a
such
of
orders
court
immune from
A strong blow is dealt to cabarets and liquor vending establishments be made next week, it was announced on Sept. 3 by Charles
where women or minors are employed. The law prohibits this class of R. Dunn, fiscal agent. The debentures will be dated
employment and establishes penalties for offending proprietors.
All of
Employees of more than 100 persons are obliged to provide sanitary Sept. 15, and will mature in 2, 6, 9 and 12 months.
% the capital of the 12 Banks is subscribed to by the United
living quarters for their employees and may charge no more than
Of the value of the property as rental.
States Treasury and as only $30,000,000 has been paid in
Domestic employees are protected by a clause which establishes that
the employers must give them board and lodging, pay for their medical there is still $30,000,000 available which can be called at
expenses and burial in case of death and give them time off to attend any time on 30 days' notice.
night schools.
The consolidated statement of the 12 banks as of June
New Zealand's Plans for Unemployed—Single Men to 30 1931 shows earnings, before deducting amounts transferred to reserves for contingencies, for the first six months
Be Drafted to Work on Highways.
of this year of $829,449, the highest for any similar period
Associated Press advices from Wellington (N. Z.), Aug. since
the organization of the Banks in 1923. For the cal29, stated:
endar
year 1930 earnings amounted to $1,482,936. Total
be
would
Zealand
New
Plans whereby all single unemployed men in
drafted to work on highway and land development schemes with only assets of $172,963,820 are shown by the 12 Banks reporting
nominal pay were being developed by authorities to-day.
as of June 30 1931. Loans and discounts outstanding
.With unemployment relief funds overdrawn by about $1,120,000,
the unemployment board decided to divert future expenditures to more amounted to $134,706,417. Bank loans on commodities
SEPT. 5 1931.]
FINANCIAL CHRONICLE
now on the books of the Intermediate Banks are based on 75%
of the current low market value of agricultural products, it
is pointed out. Capital, surplus, reserves and undivided
profits on June 30 1931 are shown as $33,972,841.
From the date of their organization in 1923 to June 30
1931 the banks have issued debentures in the aggregate
amount of $920,755,000, of which $106,200,000 were outstanding on that date. Total discounts to June 30 1931
amounted to $608,149,954, of which $79,205,949 were outstanding. The aggregate amount of loans made to more
than 115 co-operative marketing associations secured by
agricultural commodities amounted to $655,363,843 up to
June 30. On that date the amount outstanding was $57,535,035.
Kansas Suit Tests Grain Agency of Federal Farm
Board—Surplus Wheat, Stored in Elevators, Subject to Tax, State Contends—Levy Right Challenged.
A lawsuit of wide importance to the Government of the
United States and the Grain Stabilization Corporation has
been filed in the U. S. District Court for Kansas, it was
noted in a Topeka, Kans., dispatch Sept. 1 to the New York
"Evening Post," the account going on to say:
It involves something more than half a million dollars in taxes levied
against 20,000.000 bushels of wheat owned by the Stabilization Corporation
and its subsidiary organizations.
Kansas says the Stabilization Corporation, while Government owned and
operated, is not an arm of the Government and, therefore, its properties
are not the same as Government properties, exempt from all forms of taxation.
The wheat is the residue of the 1930 crop, purchased during the winter of
1930-31 and the spring of 1931 and held in elevators in this State. There is
about 8,000,000 bushels in Wyandotte County, 6,000,000 in Reno and
smaller amounts in Atchison, Osborne, Dickinson, Cowley, Montgomery,
Clay, Gray, Lane, Ford, Ellsworth, Meade, Barton, Saline, Harper,
Harvey, Geary, Leavenworth, Pawnee, Douglas, Rice, McPherson,
Clark, Ottawa. Marshall, Johnson, Franklin, Stafford, Shawnee, Sedgwick
and Sumner Counties. With the exception of four of that list the wheat is
stored chiefly in the counties where it was produced. Wyandotte, Reno,
Sedgwick and Shawnee counties have large terminal elevator capacities.
Taxes Levied March 1
The Kansas tax year begins on March 1 and the elevator owners are
required to list as of that date, all wheat in their elevators and show the
amount, qualities and the owners. The value is fixed on the current
market price of the different qualities of wheat as of March 1.
When the local assessors began returning the wheat owned by the Grain
Stabilization • Corporation attorneys for the corporation protested against
any tax levied against that property. The local boards, and finally, the
State Tax Commission, after a long hearing and much legal argument,
ruled that the wheat was subject to taxation in whatever county it was in
storage on March 1 regardless where the wheat came from and where it
might go after that date. Much of the wheat was moved into the East
and also to Kansas mills after March 1.
The attorneys for the Grain Stabilization Corp. contended that the
Corporation, while privately formed, was actually an arm of the Government created by Congress to do certain things and to carry out certain plans
of the Government. If in carrying out these plans, the attorneys assert,
one of which was the purchase of large quantities of wheat in an effort to
bolster the market and take care of the huge surplus of this grain in the
United States, it happened that the Corporation was holding this wheat
on the assessment date of any State that fact did not give the State the
right to levy against the property.
Exchange of Revenue.
It also was pointed out that taxing the property would result simply in
taking tax money out of one political organization's pocket and paying it to
another. The Government collects excise and income taxes, that being the
only source from which it had revenues to pay taxes charged against it by
the State and its smaller political sub-divisions.
The suit was filed by S. M.Brewster, United States District Attorney for
Kansas, which is taken to mean that the Government officials generally
believe the Grain Stabilization Corp. is an arm of the Government and,
therefore, that its property is not subject to State taxation.
The decision of this litigation will have a wide effect in many sections of
the country, as similar corporations have been formed to take care of the
surplus cotton and some California fruits. If the courts hold that the
grain is not owned by the Government directly, then all of the great quantities of different commodities under supervision of the Varm Board would
be subject to tax where held. Even the large supply of coffee which the
board recently bought in a trade for wheat would be subject to local taxation whenever and wherever it was delivered in this country.
The filing of the suit was noted in our issue of Aug. 29,
page 1375.
Asks End of Federal Farm
President Hoover—Also Opposes
Philadelphia Board of Trade
Board in Note to
Dole.
1541
Federal Farm Board Behind 64% on Investment—
$205,365,000 Paper Loss Shown by Wheat and
Cotton Bought for Stabilization—$40,860,000
Carrying Cost—Annual Charge Cut from Total
of $45,360,000 by Recent Brazilian Coffee Barter.
In the New York "Times" of Aug. 30 it was stated that
"on an original investment of $321,900,000 in wheat and
cotton, made in less than two years under the stabilizing
operations provided for in the Agricultural Marketing Act
of June 1929, the Federal Farm Loan Board now has a
paper loss of $205,365,000, or 63.8% of the investment.
The paper from which we quote made the following further
assertions:
The loss is a little more than 40% of the fund of $500,000,000. which
was placed at the disposal of the Board for farm relief by the Act. It is
computed on the basis of Friday's final quotations for spot wheat on the
Chicago Board of Trade and for spot cotton on the New York Stock Exchange. The price for wheat was 47 cents a bushel and for cotton 7.15
cents a pound.
Big Carrying Charges.
In addition to the present paper loss, carrying charges were accumulating on the Farm Board's holdings at the rate of $9,360.000 a year on
Its 1.300,000 bales of cotton and $36,000,000 a year on the 200.000,000
bushels of wheat which it held before its recent barter of grain for coffee
with the Brazilian Government.
The Board agreed to trade 25,000,000 bushels of wheat for 1.050.000
bags of coffee, but will incur no storage charges on the latter. The annual
saving in carrying charges on the wheat thus disposed of is $4,500.000.
reducing the annual carrying charge on the Farm Board's wheat holdings
to $31,500,000. The annual carrying charges on the Board's wheat and
cotton is therefore cut to $40,860.000.
The Farm Board's stabilizing activities may be divided roughly into
three operations in the last two years, one in cotton and two in wheat.
During the 1929-30 crop season the Board accumulated its holdings of
1,300,000 bales of cotton at an average price of 16 cents a pound, or $80 a
bale. The total cost is estimated by cotton authorities at $104.000,000.
and carrying charges, at about 60 cents a bale a month, have since made a
total of about $13,390,000.
In addition to the Farm Board's loss on its own holdings of cotton, it
has advanced money to the cotton co-operative associations on 2,000,000
bales held by them. The loans were made on the basis of 9 cents a pound.
and the value of these holdings is now from $20,000,000 to $30,000,000
less than the amount advanced by the Farm Board.
Two Operations in Wheat.
The Board's first venture in wheat was in the 1929-30 crop season, when
it bought about 70,000.000 bushels of wheat at an estimated average price
of $1.18 a bushel. The purchase represented an initial investment of about
$82,600,000. After accumulating this wheat the Board made no purchases
from June until Nov. 17 1930.
The Board's second venture at wheat stabilization began on the latter
date and continued until May 31 1931, when it announced that its operations In connection with the 1930-31 crop had been terminated. In the
period from last November until last May the Board bought about 165.000.000 bushels at an estimated average price of 82 cents a bushel, or a
total initial cost of $135,300,000.
Of the 165,000,000 bushels acquired by the Farm Board in its second
wheat operation, 35.000,000 bushels were sold between February and July
for export. It is estimated that the average price obtained for this wheat
was about 57 cents a bushel, making the total price about $20,000.000.
In addition to the initial investments of $217,900,000 in its two wheat
stabilizing operations, the Board's wheat has been incurring carrying charges
at the rate of 1 A cents a bushel a month. These carrying charges, it is
estimated, now total $30,550.000.
Results of Operations.
The following table shows the cost of the Farm Board's wheat and cotton
holdings, the carrying charges which have accumulated thus far, the current
value and the net paper loss:
initial
Carrying
Ourre'd
Loss.
Value.
Charge.
Cost.
1,300.001) bales cotton
$104.000,000 $13,390,000 $46,475,000 $70,925.000
70,000,000 bushels wheat
82,600,000 18.025,000 28.900,000 67.725.000
165,000,000 bushels wheat_ 135,300,000 12,825,000 *81.810.000 66,715.000
$321,900,000 $43,940,000 $157,185,000 2205,365,000
*Includes $20,000,000 realized on sale of 35,000.000 bushels.
Owing to the accumulation of carrying charges on the Board's cotton
and wheat holdings, which now total more than one-eighth of the original
investment, the selling price would have to be substantially higher than
the purchase price to enable the Farm Board to break even on its stabilization operations. It would be necessary, for example, to obtain 18 cents
a pound for the cotton which the Board purchased in for about 16 cents a
pound. A similar mark-up in the selling price of wheat would be necessary
if the Board sought to escape without a loss.
John D. Black Named Chief Economist of Federal
Farm Board.
The Federal Farm Board announced on Aug. 28 that
Dr. John D. Black of Harvard University has been appointed Chief Economist of the Board, to succeed Dr.
Joseph S. Davis, who has been on leave of absence from
Stanford University and is shortly to resume his work there
as a director of the Food Research Institute. Dr. Black
will continue his teaching work at Harvard and, therefore,
will devote to the Board only a portion of his time. The
Board also states:
According to the Philadelphia "Financial Journal" the
Philadelphia Board of Trade has submitted a memorandum
addressed to the President of the United States and members
of Congress, appealing to the Government and the people
for rule of economy as the only practical solution of current
The Board will have, in addition to Dr. Black, two assistant chief econobusiness problems. It urged dissolution of the Farm Board mists, Dr. M. J. B. Ezekiel and G. C. Haas. Dr. Ezekiel is returning to
the Board's staff after a year of travel and study in Europe, where, as a
and reiterated its disapproval of any economic policy which holder of a Guggenheim Fellowship, he has particularly investigated
invites governmental interference with business. Anything agricultural conditions and policies.
approaching government control of any industry or a Federal
According to the Board, Dr. Black, a native of Wisdole would tend to destroy initiative and dull the intelligence consin, is an agricultural economist with an international
of this nation, the memorandum said.
reputation. He holds degrees of B.A., M.A. and Ph.D.
1542
FINANCIAL CHRONICLE
[Vol.. 133.
According to Nanking official sources, the American Government has
from the University of Wisconsin. From 1918 to 1927 he
stipulated the wheat should be carried entirely in American vessels, with a
was Professor of Agricultural Economics at the University guarantee that freight will not exceed the rates of non-American shipping
of Minnesota,and from 1921 to 1927 chief of that university's companies.
Division of Agricultural Economics. Since 1927 he has
We likewise quote the following (Associated Press) from
been Professor of Economics at Harvard University. From Washington yesterday (Sept. 4):
its organization some years ago he has been a member, and
The Chinese reply to the Farm Board's proposal for the sale of wheat to
China was forwarded to the Board to-day through the State Department.
since 1929 the Chairman of the Advisory Committee on There
was no comment at either the State Department or the Farm Board
Social and Economic Research in Agriculture, appointed regarding the reply.
It was understood, however, that one of the points discussed in the note
by the Social Science Research Council. Dr. Black is the
the manner in which the wheat would be transported to China.
author of "Introduction to Economics" (1926), "Agricul- involved
There have been contentions that the wheat should be carried in United
"Production
tural Reform in the United States" (1929),
States ships.
The Farm Board has never made public the original offer to sell 15,000,Organization" (1929), and numerous articles and bulletins.
000 bushels of wheat to China, but the Nanking Government rejected the
first offer, asking better terms. The Board last Saturday sent a counterproposal and China has reported that its principal items were satisfactory.
Grain Stabilization Corporation Seeks Aid of National
Items regarding the proposed purchase of wheat by China
Coffee Roasters' Association in Disposing of Brain these columns Aug. 22, page 1222, and Aug. 29,
appeared
zilian Coffee.
page 1376.
Associated Press advices from Chicago Aug. 29 stated:
The Grain Stabilization Corporation has asked the National Coffee
Roasters Association for co-operation and advice on disposing of the 1,050,000 bags of coffee which the Federal Farm Board has acquired from Brazil
In exchange for wheat.
Lot Boardman of New York, President of the Association, has been asked
to appoint a committee representing the coffee trade to make recommendations to the Government-sponsored corporation "In the handling and ultimate disposal of the coffee."
Proposals of Senator George and Other Senators For
Solution of Cotton Problems—Conferences With
Federal Farm Board.
The Federal Farm Board conferred for three days last
week with Senator George (Democrat) of Georgia and other
Senators for solving the cotton problem, including Senator
George's plan for the purchase by the Cotton Stabilization
Coffee Valued at Five to Ten Million Dollars Burned
of about one-half the 1931 crop at a suggested price
Corp.
in Brazil to Eliminate Part of Government's Overof 12 cents a pound, the grower from whom the purchase is
supply.
made not to raise any cotton in 1932; in making this known
A series of coffee bonfires with an approximate value of the "United States Daily" of Sept. 1 said:
between $5,000,000 and $10,000,000 have been ignited by
Discusses Cotton Plan.
the Brazilian Government to help in the elimination of a
Senator George's statement follows in full text:
of
oversupply
coffee,
enormous
part of that Government's
"I came to Washington not only for the purpose of discussing the plan for
according to statistics compiled by the New York Coffee handling the present cotton crop suggested by me to the Farm Board, the
of Government Set up for the express purpose of marketing farm
& Sugar Exchange. The Exchange estimates that approxi- agency
crops, but for the purpose of considering any plan which the Board might
bag,
each
in
pounds
132
mately 1,250,000 bags of coffee, of
believe feasible and which it is in position to announce immediately and to
have been destroyed in Brazil from September 1930 to the carry out vigorously.
"The southern Senators have endeavored to impress upon the Board the
9nd of August 1931. Although a small quantity of the acute
emergency now facing the cotton growers of the South, and to urge
coffee was dumped into the sea, most of it was destroyed action without delay. We have presented the problem to the President. to
by burning in Brazilian swamps, says the Echange, in a members of the Federal Reserve Bank and to the Farm Board and the
matter is now in the hands of the Board.
statement made available Aug. 30. The Exchange adds:
Asks Early Decision.
From September 1930 to June 1931, the Sao Paulo Coffee Institute
"I have earnestly urged the Board to reach its decision promptly and to
destroyed 479,000 bags. This was all low-grade coffee that was confiscated
upon the
by the Institute or given up by producers who in return were granted per- adopt any reasonable plan which it is in position to execute, based
mission to ship out an equivalent amount of high-grade coffee above the primary condition that the 1932 cotton acreage be reduced by at least 50%
carried
be
Board
or more, and that the cotton now on hand and held by the
regulated expert quotas.
Early in June the Brazilian Government put into effect the "10 shilling" to some definite date In the future and then offered in approximately
coffee export tax which provides that a special tax of 10 shillings be placed monthly installments over a reasonable period of time.
"The Senators who came to Washington have done everything possible
on each bag of coffee for export. The money levied from the tax was to be
used for the purchase of higher grade Santos coffee for destruction under to induce the Board to act in this emergency.
the
Council.
During
past
Coffee
three
National
"They impressed on the Board the imperative necessity that it reach and
the supervision of the
months, the Council has destroyed 770,000 bags of coffee purchased with announce a decision at once in order that the farmer, his friends, and allied
interests may know what to expect and how to proceed."
the money from the 10 shilling tax.
As another step to rid itself of its staggering burden of over 20 million
Senator Smith's Statement.
an
recently
arranged
of
exchange
Government
bags of coffee, the Brazilian
Senator Smith (Dem.), of South Carolina, in a prepared statement
with
wheat
the
of
S.
U.
bushels
25,000,000
for
coffee
of
bags
1,050,000
Aug. 31, said he had been in conference with Senator Black (Dem.). of
Federal Farm Board.
Alabama, and Representative McMillan (Dem.), of Charleston, S. C., with
On Aug. 1, interior warehouses in the States of Rio and Santos contained officials of
various agricultural agencies in connection with the cotton
about 20,800,000 bags of coffee, according to the statistics of the New York situation.
bags
on
22,130,000
1
Aug.
with
compared
This
Exchange.
Coffee dc Sugar
Senator Smith's statement follows in full text:
1930.
Senator Smith is in conference with the different agencies of the Governnoted
in
was
our
ment which have to do with agriculture, namely, the intermediate credit
The burning of inferior coffee in Brazil
banks, the Federal Farm Loan Board, and the Federal Farm Board,looking
issue of Aug. 29, page 1374.
toward the co-ordination of these agencies in carrying out the principle of
the plan suggested by him a year ago and again presented here recently.
Federal Farm Board's New Proposal for Sale of Wheat
to China.
Under date of Aug. 29 a counter-proposal on the sale of
15,000,000 bushels of wheat to China for relief of suffers in
the flooded areas was forwarded to the Chinese Government
by the State Department at Washington, according to
Associated Press dispatches from Washington, winch added:
The proposal was in response to a request by the Chinese Government
for better terms on a previous proposition in which the Board offered to
sell wheat to China.
Carl Williams, representing cotton interests, said that the new offer was
sent to China to-day, but he declined to reveal whether a longer extension
of credit was proposed.
Yesterday (Sept. 4) Shaughai Associated Press accounts
said:
Question Being Considered.
He states that these agencies now have the matter under advisement
will be given out within the next few days.
statement
a
hopes
and that he
Congressman Thomas S. McMillan, of South Carolina, who was one of
the prime factors in pushing this plan a year ago, and has renewed his fight
this year, is here in Washington actively co-operating with Senator Smith
in the plan.
Senator Hugo Black, of Alabama, remained over after the conference
of Saturday at the Farm Board at which Senator Smith has been in conference with Government agricultural agencies to-day.
The proposal of Senator George was referred to in our issue
of Aug. 22, page 1224.
McKellar Assails Plan to Omit Cotton Production—
Declares Failure to Grow Staple in 1932 Would
Ruin South—Scores Third Row Plan.
Disapproval of the suggested plan to plow under every
third row of cotton and also the proposal that farmers of the
United States refrain from planting cotton in 1932, was
voiced by Senator Kenneth McKellar at Memphis on Aug. 27
who is quoted as
s follows in the Memphis "CommercialAppeal" of Aug. 28:
With the principal items of the United States Farm Board's latest wheat
offer approved by the Nationalist Government, officials have expressed
confidence that an agreement will be signed in a few days.
The major points of the Farm Board proposal were indorsed yesterday.
While minor questions remained to be settled, spokesmen said the wheat
probably will start moving across the Pacific before Oct. 1.
Items of the Farm Board's offer settled included the following:
That China will purchase 450,000 tons, or 15,000,000 bushels, of wheat,
with interest at 4%, payment to be in three installments before the ends
"Puerile in the extreme," as well as "un-Constitutional and illegal"
of 1934. 1935 and 1936. the price paid to be that of market quotations on the were the terms applied by Senator McKellar to the suggestion that every
date of export.
third row be plowed under.
The huge shipping problem involved still is under negotiation between the
Fears Mounting Losses.
two Governments and shipping companies. One proposal is that shipments
Foreign cotton growing nations would plant every available acre in
be in lots of 50.000 tons monthly. The need for the wheat, which will go
toward alleviating distress among China's millions of flood victims, will be cotton and American inventors would produce cotton substitutes and the
unemployment situation would be aggravated and financial losses would
the greatest during the coming winter.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1543
mount to unbelievable heights if the South refrained from raising cotton session of Congress and I trust that you will see it to be your duty to convene
In 1932, in Senator McKellar's opinion.
Congress in extra session.
The Senator's formal statement concerning the "no cotton for 1932"
"You are doubtless informed that a most acute condition exists among
proposal goes into detail as to its unreasonableness and impracticability. the farmers of the South. Cotton and tobacco are being marketed at
The statement follows:
ruinous prices to the producer and peach and watermelon growers could
"When one considers this proposal in the light of his reason, it is easy not find a market for this year's crop, much of which was a total loss. I am
to see how impossible it is. A man who owns lands in fee simple has the sure that an investigation will impress you with the absolute necessity of
right to plant his land in any crop he desires. This right cannot be abridged Inking immediate steps to remedy conditions to avert actual suffering and
by law,and I am not sure that it could be abridged with his consent, though tremendous economic loss. This problem is national In scope and the
the latter part of the proposition is open to argument.
powers of the several States to cope therewith are limited and it seems
"But, looked at in the light of the facts, the first effect of putting this almost impossible to secure unanimity of action within the time necessary
proposal into operation would be to put 10,000,000 or more people in the to benefit the actual producers who must bear the brunt of the suffering
southern states, now engaged in cotton growing, or dependent upon cotton caused by the depressed market. Southern Senators are meeting in Washgrowing, out of business, and add a largo number of them to the already ington now and I trust you will recognize the sincerity of their purpose as
long list of unemployed in this country. Many of these people, as we all they attempt to bring about a solution that will afford some relief and that
well understand, know nothing else except to raise cotton, and with no they will receive the whole-hearted co-operation of your administration.
cotton raised in 1932, their plight would be pitiful.
"It is clearly apparent that financial conditions in general will not im"The proposal would work the same result as to cotton ginners.
prove until the farmer is permitted to enjoy at least a modicum of the
"It might stop cotton mills all over our country.
prosperity which has been the portion of other business during recent
years."
Sees Havoc as Result.
"The business of the cottonseed products people would virtually be
destroyed. Cotton seed cannot be kept indefinitely like cotton. The Commissioner Talmadge of Georgia at Meeting in
Cordele Urges Adoption of Louisiana Governor's
cottonseed oil mills would be idle some 600 of them in the country, the
machinery would rust and many, many thousands would be put out of
Proposal for Cotton Producers' Moratorium.
employment in this and related industries.
The Aug. 29 issue of the Atlanta "Constitution" con"What would be done with the stock now used by the cotton planters?
"What would the dairyman substitute for cottonseed hulls and meal tained the following from Cordele, Ga. (Associated Press)
for his cattle?
"What would become of those engaged in dealing in implements and Aug. 28:
Commissioner of Agriculture Eugene Talmadge urged adoption of the
machinery for cotton raising?
"What would become of the great body of colored people in the South, Long plan for elimination of next year's cotton crop and Representative
Wall of Putnam suggested a three-month moratorium of debts for cotton
who know how to raise cotton and nothing else?
"It would simply play havoc in the South, and be worse than a drought, farmers in speeches before an audience which packed the court house here
to-day.
or might bring about remind
After the speeches were finished, a resolution petitioning Governor Rus"But worst of all, the South would probably lose for all time her foreign
cotton markets. If we refuse to plant cotton in 1932, the rest of the world sell to call an extra session of the Legislature was unanimously adopted,
would vastly increase their cotton acreage in 1932, and they would naturally while many personal telegrams urging the same thing were sent to the
take advantage of the cotton markets of the world when we disregarded Governor.
A large portion of the audience pledged themselves to withhold their
them. No disaster to the South could be greater than this.
"India, Russia, Egypt and South American countries would plant present cotton crop from the market until some "definite step has been
taken to stabilize cotton prices."
cotton as never before.
Commissioner Talmadge in his speech indorsed the action of the Louisiana
"Inventors would immediately begin making substitutes and American
cotton would lose its place in the economic world and we might never Legislature in passing a bill prohibiting the growing or ginning of cotton
in that State in 1932 and urged cotton growers of this district to sponsor
recover it.
"The plan shows how the very best of us lose our heads in a crisis like a similar bill in Georgia.
the one we now have. Of course, the plan will not be adopted."
Senator McKellar was even more vigorous in his denunciation of the
Governor Bilbo of Mississippi Holds Impractical Plan
proposal to plow up every third row of cotton.
"This proposal is puerile in the extreme." The Senator said.
of Governor Long of Louisiana to Restrict Cotton
"It is not only un-Constitutional but illegal.
Planting.
"It is a violation of the criminal statutes of perhaps every state to
destroy mortgaged property, and perhaps four-fifths of the growing cotton
A Jackson (Miss.) dispatch Aug. 29 (Associated Press)
Is mortgaged.
"Is the National Government going to become a party to violating the to the Atlanta "Constitution" stated:
Governor Theodore G. Bilbo "knew nothing about any special legislative
criminal laws of the states?
"Not only that, but the National Government owns mortgages on most session" to-day, but refused to say that a lame duck session to consider
of the cotton hereabouts. Is the National Government going to destroy State finances would not be held before he quits office in January.
The Governor, however, was emphatic in denying the possibility of
Its own mortgaged property and violate its own laws in plowing up this
a special session involving consideration of Governor Huey P. Long's nocotton? It would have to cancel one-third of the mortgages ot be fair.
"Who is going to pay for the plowing up of this cotton? It would prob- cotton-in-1932 plan.
"Long's plan is impractical as well as unconstitutional," he said. "The
ably cost many millions of dollars to plow it up. I am curious to know who
will bear the expense. Is the National Government going to bear it, or is the idea is wild, fanatic and asinine in the extreme, and I wouldn't even consider
poor farmer to be taxed with the cost of destruction of one-third of his
calling the Legislature for it."
own crop?
Terms Plan Ridiculous.
New Mexico Expects to Double Cotton Yield.
"As a matter of fact, neither the Government nor the Farm Board has
an appropriation for this purpose and so the Government could not bear
cotton yield in New Mexico this year will be almost
The
the expense.
"If the farmer had enough money to pay the cost of plowing under the twice as great as that of last year, thus more than offsetting
third row,such a plan would not be necessary.
the drop in price, it was stated by Governor Arthur Seligman
"Again, who is going to answer all the claims that will be brought against
the Government for undertaking to plow up this cotton? There would be upon his return from a survey of agricultural conditions.
We quote from Santa Fe (New Mexico) advices Aug. 22
more claims than 'Carter had oats.'
"It would be the same as the Government destroying every third house to the "United States Daily," which continued:
to bring about better rentals, or every third milk cow to bring about better
Both the wheat and the cotton farmers will get through the winter in
prices for milk; or every third hog to bring about better prices for
meat: good shape. the Governor asserted. They will be able to meet the interest
or one-third of the money to make the remainder buy more; or kill
every on their loans and to live without financial assistance in most cases, he
third person to give employment to the remaining two-thirds.
said.
"What a conception of financial or economic rehabilitation.
"The marvelous part about the matter is that our splendid newspapers
dignified it by publishing anything about such an indefensible plan."
Mystery Notices Ask Georgia Cotton Gins to Close
Down.
The Atlanta "Constitution" of Aug. 29 published the
Governor Russell of Georgia Urges President Hoover following (Associated Press) from Savannah, Ga., Aug. 28:
to Call Special Session to Consider Cotton and
The Savannah "Press" said to-day that at least one cotton gin in Jenkins
Other Farm Problems—Much of Peach and Water- county has closed down after being mysteriously placarded with a notice
that "The Farmers" desired it to do so until the depression lifts, and others
melon Crop Total Loss.
in Jenkins, Burke and Screven counties have received the notices.
In each case the note, typewritten, said the writers were in favor of the
An extra session of Congress unless the Federal Farm
plan of Governor Huey P. Long of Louisiana to prohibit the growing of
Board takes immediate action for relief of the Cotton farmers cotton in the United States
for 1932.
The paper said the gin at Parkins, Jenkins County, closed after the findwas asked on Aug. 28 by Governor Richard B. Russell Jr.
of the note. The first of the notes was reported found Wednesday
of Georgia in a telegram to President Hoover suggesting ing
morning.
that the President direct the attention of Congress to
One of the placards reported from Millen said:
legislation looking to such revision of the tariff as will "We, the farmers of Jenkins County, ask close down your gin at once.
We pray God you wlll co-operate and help save women and children from
place agriculture on an equal basis with manufacturing and hunger
and cold until something is done to lift the present depression.
other interests. The Atlanta "Constitution" of Aug. 29, "We are in favor of Governor Long's proposition.
(Signed) "The Farmers of Jenkins County."
from which we quote, also stated:
With the Governor's message awaiting the President's attention, Eugene
Talmadge, Georgia Commissioner of Agriculture. Friday
continued his
campaign from the stump for an extra session of the Georgia General
Assembly to enact a law prohibiting the planting of cotton for one year
In order to eliminate the surplus. . . .
"I urge you to use your good offices with the Federal Farm Board to take
immediate and definite action to improve prices for the cotton crop now
being gathered before this crop has been wrung from the hands of the
farmers whose labor produced it." Governor Russell wired President
"If immediate action cannot be had from the Federal Farm
Hoover:
Board, I respectfully submit that the present crisis demands an extra
Indian Cotton Area—Acreage Forecast Put at 13,926,000
or 6% Below That of Year Ago.
Washington advices to the "Wall Street Journal" of
Aug. 24 said:
First forecast of the Indian cotton acreage is placed at 13,926,000 acres,
6% below the corresponding forecast last year, reports Department of
Agriculture. Department adds, however, that the first forecasts
are
usually considerably under those made later.
1544
FINANCIAL CHRONICLE
[VOL. 183.
farmer's furture will be improved, Mr. Legge said, by work done by
German Government's Measures to Aid Farmers— theThe
Farm Board.
Will Lend Money on Grain Stored to Await Market.
"I can prove beyond question that if the first wheat stabilization operaof the Farm Board in 1929 had not been put through, farmers would
The German Government has moved to alleviate the tions
have taken the first and heaviest jolt of this depression, just as they did
economic difficulties of the farmer by placing into operation In 1920 and 1921," Legge said.
"Also, if it had not been for the second stabilization operation, ana scheme for lending money on stored grain, thus slowing
nounced Nov. 17 1930, the disaster threatening wheat growers and those
down the flow of grain into the market and giving the who
lent money on the crop would have burst upon them with force and
market a chance to digest current offerings. This is learned fury. In all probability the result would have been a far worse depression
than
we have thus far known."
from Associated Press advices Aug. 31 from Berlin to the
New York "Evening Post," from which the following is
Carl Williams of Federal Farm Board Says Latter Has
also taken:
Ceased Stabilization Buying of Wheat and Cotton
Effective to-day, farmers holding grain in excess of their needs and desiring to hang on for better prices may store it in warehouses or on their
—Asserts Remedy for Surpluses Is to Permit Profarms under bond, the Government advancing 60% of the current price
duction to Lag—Declares Board Has Cushioned
by certificates negotiable for loans at 4% interest. Provision is made also
for additional loans on a Government receipt for the stored grain. Under
Farmers for Two Years.
this plan the farmer may realize 75 to 90% of the value of his grain withThe Federal Farm Board will not make any more purchases
out putting additional strain on the market.
of cotton or wheat through its subsidiaries, the Cotton
Stabilization Corporation, and the Wheat Stabilization
Egypt Said to Favor Ban on Cotton Planting—Reported Corporation, Carl Williams, member of the Board,announced
as Favoring WorldL Conference to Study Over- orally Aug. 31. In view of the steady accumulation of
production.
supplies of cotton during the last four years and of wheat
Cairo advices Aug. 24 published in the New York "Evening during the last six years, Mr. Williams added, the Board
Post" said:
feels that no more stabilization purchases of these comThe Egyptian Government is prepared to follow the suggested American modities should be made, since such purchases are of no
ban on cotton planting. The Alexandria Cotton Bourse Committee at a
meeting decided that all clients from to-day must pay a deposit of £2 Egyp- value in the face of continuous overproduction. These
tian for each cantar, or hundredweight, of Sakellarides cotton and four advices are from the "United States Daily" of Sept. 1,
shillings for each cantar of Ashram'cotton.
its further advices stating:
Under date of Aug. 26 the New York "Times' reported
Conferences Held.
the following from Cairo:
The Board members have been conferring in the last three days with
The Egyptian Government Is much interested to learn of a proposal
for restriction of cotton cultivation in the United States for 1932.
Yesterday Tewfik Pasha Doss acting Minister for Foreign Affairs,
sent a memorandum to William M.Jardine, American Minister to Egypt,
stating that the Egyptian Government would be pleased to participate in
any conference summoned to study limitation of production for a better
balance of supply and demand.
The Cabinet at a recent meeting viewed favorably a project which would
ban cotton cultivation in Egypt, perhaps for a number of years, provided
the United States also banned cultivation, but realized it would be ridiculous
of Egypt to attempt to carry out such a project by herself.
Senator George (Dem.) of Georgia and other Senators on various plans for
solving the cotton problem. including Senator George's plan for purchase
by the Cotton Stabilization Corporation of about one-third to one-half
the 1931 crop at a suggested price of 12 cents a pound, the grower from
whom the purchase is made to agree not to raise any cotton in 1932, according to information made available at the Board's offices.
Mr. Williams said he advises wheat growers in regions where rainfall is
less than 25 inches a year to place half their land under "summer tillage,"
that is, cultivate it to keep it free of weeds without growing a crop.
Summer Tillage.
Records of the Weather Bureau show that this would take out of wheat
production
half the wheat land in the following areas: All of North Dakota
The following from Washington Aug. 27 is also taken
and Montana, all but the extreme southeastern tip of South Dakota,
from the "Times":
the western two-thirds of Nebraska, half of Kansas, western Oklahoma,
The possibility of a world conference to study the problem of overproduc- the Panhandle region of Texas and the part of Texas west of a line drawn
tion of cotton was discussed here to-day, when it was reliably reported that southward from the eastern side of the Panhandle to about Corpus Christi;
the Egyptian Government had sent a letter to the State Department through and areas to the west of these regions.
the American Legation at Cairo, suggesting such a study. The letter,
The following information also was given orally by Mr. Williams:
however, has not been received.
Value of Stabilization.
At the Federal Farm Board, Carl Williams, Vice-Chairman, and cotton
For two years the Farm Board has been "cushioning" American farmers,
member of the Board, said that he had not been apprised of the letter,
particularly
wheat
and
cotton growers against price declines which have
but that undoubtedly it would be referred to the Board when it arrives.
He believed it was too early to forecast the results of such a conference, also affected other commodities and industries. The Board has accumubut said that if the major producing countries agreed to such a study the lated cotton and wheat which are virtually "frozen" on its hands.
The Board has discovered, and it hopes the American people has disFarm Board would be glad to participate.
It was assumed here that Egypt had taken the initiative toward an inter- covered, that continued stabilization purchases in the face of continued
national study of cotton, not as a leading producer but because a large overproduction is not the remedy for the situation. Stabilization is
share of her national wealth is represented in this commodity.
Recent valuable in the face of a temporary or a seasonal surplus, but not in the face
falls in the price are believed here to have had even worse reactions in of continued overproduction. The remedy is to let production lag until
consumption catches up with it.
Egypt than in this country.
The summer tillage proposal for the wheat belt would produce the folThe Farm Board now is conducting an extensive study, aided by suggestions from political and business means to raise the price of cotton in lowing benefits: Acreage reduction, moisture conservation, rest for the
leaders throughout the South, of the face of production estimates by the land, greater yield when the land is sown, and better prices through reducDepartment of Agriuclture indicating a yield of more than 15,000,000 tion of excessive stocks. It has been proved repeatedly that summer
bales from the current growing crop, despite an acreage reduction of 10% tillage in regions having less than 25 inches of rain annually brings a larger
net return to the farmer than a harvest on the entire acreage each year.
under that planted in 1930.
The intended reduction of 12% in acreage of winter wheat this fall, as
reported by the Department of Agriculture is insufficient but it is a step
in
the right direction.
Alexander Legge, Former Chairman of Federal Farm
Co-operative associations generally which have affiliated with the Farm
Board Says Stabilization Operations of Board Board's program, are getting on their feet and approaching a self-sustaining
basis. Some, however, could not continue to operate without Farm Board
Served to Avert Greater Depression.
loans.
According to Alexander Legge, former Chairman of the
Urgent necessity exists for a prompt decision by the Federal Farm Board
Federal Farm Board, the American farmer has maintained as to how to deal with the cotton surplus, so that growers and allied interests
know what to expect and how to proceed, Senator George
his position, despite the general depression, largely through (Dem.)may
of Georgia, declared in a statement made public Aug. 31.
Speaking
before
a
Soil
the efforts of the Farm Board.
During the past week a number of Senators from cotton-growing States.
Crop Association rally at Kankakee, Ill., on Aug. 31, at the suggestion of Senator George, held a series of conferences with the
at which various plans were advanced and discussed. Among those
Board
Mr. Legge said the Board, by improving its system of considered
was that of Senator George under which the Board would
gathering crop and market information, was making valuable purchase the 1931 crop at a suggested price of 12 cents per pound, 6 cents
to be paid in cash and 6 cents by certificate payable in the fall of 1932
steps toward stabilizing the agricultural industries.
provided the holder produces no cotton during 1932.
Statisticians, farmers, economists and wheat speculators
No announcement has been made by the Board as to the adoption of
all were confused about the world wheat situation until a any plan, however.
short while ago, Mr. Legge said, according to Associated
Press accounts from Kankakee, from which we also quote Flood Relief Loans Proposed in China—Censorship of
the following:
Telegrams Raised.
He blamed this confusion on the lack of knowledge, declaring it caused
From
the
States Daily" of Sept. 3 we take the
"United
an over-production of wheat.
"Even if prophesying is a risky business. I forecast a future for the following:
American farmer better than anything be has enjoyed in recent years,"
Mr. Legge said.
Pointing to the Department of Agriculture estimate that $43,000,000,000 invested in farm realty has a mortgage debt of only about 22%,
Mr. Legge said that in comparison railroads are "bonded to the limit of
their borrowing capacity" and other industries are deeply in debt.
Farmers as a class were said to be in better financial condition than
city workers or small business men, while big business also has "pulled
Up its belt to the last notch."
"Consider the millions of workers who can find nothing to do," he
added. "They can only apply for charity. The farmer, on the other
band, at least has a roof over his head and nourishing food produced on
his own soil whereby to keep body and soul together."
Flood relief loans—one of $10,000,000 and the other totaling $80,000,000
—have been proposed in China. Nelson T. Johnson, the American Minister
at Peiping, notified the Department of State Sept. 2.
Recommendation of the $10.000,000 loan was made by the Chinese
Minister of Finance, T. V. Soong, who disapproved the proposal of the
Legislative Yuan for the larger amount, the message said.
The Department also announced that news had been received to the
effect that censorship of telegrams and martial law has been raised and that
a Standard 011 Co. vessel recently was fired on by bandits on the Ilan
River. The full text of the announcement follows:
In a telegram, dated Aug. 31, from the American Consul-General at
Hankow, China, Walter A. Adams, the Consul-General, reports that a
few days ago the motor vessel "Melying" of the Standard Oil Co. of New
SEPT. 51931.]
FINANCIAL CHRONICLE
1545'
York was heavily fired upon by communist bandits a short distance above be limited, especially in foreign markets. Consumer purchasing power In
Hanchwan on the Han River and compelled to return to Hankow with its the European countries, which normally takes large volumes of our hog
cargo. The Consul-General states further that during August on all sides products, has been reduced even more than in this country, and as yet no
of Hankow communist bands have been very active, apparently taking evidence of material improvement is in sight.
advantage of high water which hampers troop movements. The ConsulLight Weight Hogs Offer More Profits.
General adds that, within the past few days, Lukiakow, Tsaoshih, Fen"The hog has rightly been named the 'mortgage lifter,' but his lifting
shuitsuel and Chinghuangkang, all in central Hupeh, have been captured
by communists, and Father Sands (British) at Chivrutai and Father power is no longer proportionate to his weight. Hogs weighing from 200
O'Rourke (British) at Tsaoshih were captured by communists on Aug. 18 to 220 pounds offer the producer the best chances for success in swine
growing, principally because they yield a high percentage of cuts of the
and 20, respectively.
In a telegram, dated Sept. 1, from the American Minister at Peiping, type, quality and average weight most definitely suited to consumer demand.
China, Nelson T. Johnson, the Minister, states that martial law and Change in size of family and in habits of eating, and more work by brain,
censorship of telegrams which have been in force since July 20 were raised and less by brawn, have lessened the demand for fat cuts of pork and have
as of Sept. 1.
increased that for smaller and leaner ones, thereby restricting the heavy
Ina telegram dated Sept. 1 from the American Minister at Peiping, hog yielding a large proportion of lard and fat cuts.
China, Nelson T. Johnson, the Minister, quotes a telegram from the
"The preference for light weight cuts is clearly demonstrated in the
American Consul-General at Shanghai, Edward S. Cunningham, stating wholesale prices of pork products at Chicago during the week ending
that the Minister for Finance (T. V. Soong) has recommended, as an initial Aug. 15 1931.
Hams weighing 10 to 12 pounds, for instance, sold at 13540.
step in flood relief work, a government flood relief loan of $10,000,000, a pound, and 18- to 22-pound
hams at 12c. Pork loins weighing 8 to 10
and that the Legislative Yuan has proposed the issuance of an $80,000,000 pounds sold at
24c. a pound, and those weighing 16 to 22 pounds at 11%c.
loan on a very different basis. The latter proposal is considered unwise
Likewise bacon bellies weighing 8 to 10 pounds sold at 131
/
2c. a pound,
by the Minister for Finance who has issued a statement to the effect that
while 20- to 25-pound bellies, which must be dry salt cured, sold at 83f1c.
the cost of coping with the flood disaster will be enormous and that he will
"On
the
basis
of
Chicago
prices
during
the first week in August, the
heartily support arrangements to provide funds required within the limits
regular products from a 200-pound hcg could be sold by the packer at
of the nation's financial resources.
wholesale for approximately $7.75 per hundred pounds live weight basis,
while those from a 300-pound hog were worth $6.00.
Request by Governor of Colorado for Moratorium on
Farmers Fail to Adjust Weights to Demand.
Federal Farm Loans Denied by President Fields of
"Analysis of average hog weights since 1880 indicates that swine growers
in general have not adjusted their production policy to meet the demand for
Wichita Federal Land Bank.
light
hogs, especially during the last decade. The trend of hog
John Fields, President of the Wichita, Kans., Federal weightsweight
was downward prior to 1910, reaching a level below 220 pounds
Land Bank, has advisedGovernor W.H. Adams of Colorado, between 1910 and 1915, but it has been upward since 1915. The average
who requested a moratorium on interest and principal pay- weight of hogs slaughtered under Federal inspection in 1930 was 231 pounds.
To continue as we have for the past 15 years the upward trend in the
ments by farmers to the Bank that this relief will not be average
weight of hogs sold for slaughter, in face of present demand, means
granted. A Wichita, Kans., despatch Aug. 26 to the New an extra burden which the swine grower cannot afford to carry.
York "Times" said:
NationtdoLivestock Association Serves Industry.
Mr. Fields asked if Governor Adams intended to suspend the State's
"There are over two million hog producers in the United States. Acting
tax laws because of the depression.
as individuals they can never secure joint control of their operations and
The suggestion was made by many Colorado farmers who have been hit
work out a system of orderly production and marketing, but, acting in
by drought, empty irrigation ditches, grasshoppers and depressed markets.
Alfalfa sold for $5 a ton and the cantaloupe harvest which is now under concert, they can do these things which are essential to the permanent welway in the Arkansas Valley will bring a reduced income, as the melon's fare of the swine industry. The machinery already has been set up whereby
swine growers can co-ordinate their efforts in placing their business on a
have been sold for 30 cents a crate, against 90 cents last year.
sound and efficient basis. This machinery is provided in the National LiveThe letter of Governor Adams was given in the "United stock Marketing Association, which has been set up by livestock producers
States Daily" in the following advices from Denver, Colo., In this country, and under the provisions of the Agricultural Marketing Act
has been given the assistance of the Federal Farm Board. The Association
Aug. 26.
now has 20 stockholder and member agencies which are serving hog proThe Governor of Colorado, William H. Adams, has written to the
President of the Wichita, Kans., Federal Land Bank, suggesting that a ducers located in every section. Through its affiliated organizations it
has
developed a marketing service for hog producers at both terminal and
moratorium or other relief on Federal farm loans is desirable if widespread
country points. Many thousands of stockmen are taking advantage of the
foreclosures on farm homes is to be avoided.
service of this producer-owned and producer-controlled agency. MemberGovernor Adams'letter, made public by him, follows in full text:
A very urgent demand is reaching me from many of the borrowers of ship is open to every producer who desires to see the swine industry on a
your bank asking for immediate relief of a temporary nature on payments more stable basis and who believes that future profits in the production of
hogs will be obtained through organization and co-operative effort.
of loans.
No doubt you are quite familiar with the very general distress in agriCredit Corporations At Five Key Points.
culture due to exceedingly low prices, together with widely scattered drought
"Credit corporations which have been set up at five key points in the
conditions.
In Colorado our farmers who have raised a good crop cannot get enough country by the National Livestock Marketing Association will have a
out of it to pay for the expense of harvesting it, leaving nothing for taxes, minimum line of credit totaling $25,000,000 available at a reasonable
Interest, and payment on loans. The drought-stricken areas which fortu- rate of interest to stockmen this fall."
nately are not extensive in this State, have no resources to even meet the
In conclusion Mr. Denman said that efficient production,
most necessary current expenses. It would seem that a moratorium or
adjustment
of production to demand, and economical and
other relief on Federal farm loans is desirable if we are to avoid widespread
foreclosures on farm homes.
orderly marketing are the foundation for future profits in
We will be very glad to do what we can to assist you in arriving at the swine
growing.
true state of conditions in Colorado, and in any other direction that you
might suggest.
New York City Bankers Organize to Raise Huge Fund
for Relief of Unemployed—H. D. Gibson Named
at Meeting in Morgan Offices to Head Group
Like Prosser Board—Aid to Exceed $8,000,000.
with the prospect of a greater need for relief among
Faced
The Louisiana Legislature, which convened in special session Aug. 25
to consider legislation restricting cotton planting in 1932, has received the unemployed in this city this winter than last, city
a proposal that Congress be memorialized to pass legislation for a mora- officials on
the one hand and bankers and industrialists
torium on Federal Land Bank mortgages.
on the other, prepared on Aug. 25 for a financial mobilizaC. B. Denman of Federal Farm Board Fears Expansion tion to meet the situation. The New York "Times" of
in Swine Industry Will Be Overdone—Industry Aug. 26, in its account, in part likewise said:
The financial leaders and industrial heads, meeting in the offices of
Served by National Livestock Association.
J. P. Morgan & Co., decided to organize a citizens' committee similar to
"There is danger that the expansion in the swine industry the Prosser committee of last 'winter to raise and distribute funds along
lines to be announced later.
D. Gibson. President of the Manuwill be greatly overdone, especially in the Western areas facturers Trust Co., who wasHarvey
General Manager of the American Red
where feed supplies are not always dependable and trans- Cross in 1917 and Red Cross Commissioner for France in 1918 and for
in 1919, was appointed Chairman of the Committee, which will
portation costs are high," C. B. Denman, member Federal Europe
provide work for the unemployed through the funds it will raise.
Farm Board, said on Aug. 27, in addressing the National
Meanwhile. Acting Mayor Joseph V. McKee at City Hall definitely
Swine Growers' Association at its annual meeting in Spring- promised that "we are going to evolve a definite, concrete program" with
a fund that "will be adequate."
field, Ill. "An abundant supply and the present price of
$20,000,000 Fund Discussed.
feed grains are the principal factors responsible for the
Mr. McKee's promise was made after an executive meeting of the Board
marked increase in hog production now getting under way," of Estimate at which a suggestion that the city appropriate 820,000,000
as its contribution to the unemployed was discussed. This suggestion
he added. Mr. Denman said:
Request to Louisiana Legislature for Moratorium on
Federal Land Bank Loans.
The following from Baton Rouge, La., Aug. 26, is from
the "United States Daily:"
"The June pig survey made by the United States Department of Agriculture indicated the 1931 spring pig crop for the United States as a whole
to be 2.5% greater than that of 1930, the Western States showing an
increase of over 15%. Likewise, reports on the number of sows bred or to
be bred for farrowing this fall pointed to an increase of 37% for the
country as a whole, and over 60% for the Western States compared to a
year ago. On the basis of comparisons of intentions to breed and fall
farrowing during past years, the pig crop this fall for the United States
will be about 18% larger than it was in the fall of 1930.
No Material Improvement in Export Demand Expected.
"At this time when the stage is all set for a rapid increase in swine
production, the consumptive outlook for American hog products continues to
was made by Walter S. Gifford, President of the American Telephone
& Telegraph Co. and head of the National Unemployment Relief Organization set up in Washington at the direction of President Hoover. . . .
At the conference in the offices of .1. P. Morgan & Co. it was freely
admitted that more funds will be needed by the citizens' committee this
year than were needed by the Prosser committee for the winter of 1930-31.
Last winter the Prosser committee set out to raise $6,000,000 and before
spring it had raised and expended $8,551,165.
Mr. Bliss told the conferees that there were more unemployed this year
than last. He pointed out that the savings of many who are unemployed
have been exhausted during their long period without work and their
condition is now critical. Taking cognizance of the fact that the Board
of Estimate appropriated $2,000,000 on Monday for the direct relief of
unemployment, Mr. Bliss said ths. even I hough the city was
making
1516
FINANCIAL CHRONICLE
appropriations, the need for relief was greater at this time than it was a
year ago. He said that while there were some 15,000 persons now on the
city payroll who otherwise would be unemployed, applications for aid at
the Association for Improving the Condition of the Poor had increased
over last year.
Mr. Bliss also pointed out that there are some 1,400 needy women
now being carried on relief payrolls, but that funds for these payrolls
will be exhausted by Oct. 1, throwing these women, who are secretaries,
stenographers, artists and others from all walks of life, again out of work.
Following the conference, Mr. Gibson, a man of wide experience in
welfare work, announced that the citizens' committee's first step would be
to investigate the extent of the need for aid of the unemployed who are
residents of New York City.
"We will also make certain," said Mr. Gibson, "that our efforts will
not overlap State or municipal relief measures. Once we have determined
the need we will set our goal.
"We shall at once undertake organization activities and enlist the aid
of an active and influential executive committee. We will have the experience of last year's committee to guide us and we will have the full
co-operation of those who work in the successful effort of that committee.
"Plans thus far announced by Walter S. Gifford, Chairman of President
Hoover's Committee for Unemployment Relief, indicate that the National
Administration expects each community to bear its share of the burden
in solving the problem of unemployment relief. We will give our full
co-operation to Mr. Gifford and are assured of his complete support."
Gifford Aide at Conference.
Mr Gifford was represented at the conference by Arthur Page, VicePresident of the American Telephone & Telegraph Co., Thomas Cochran,
a partner In the Morgan company, presided at the conference and Guy
Emerson, Vice-President of the Bankers Trust Co., acted as secretary.
Others at the conference were:
C. C. Burlingham, former president of the Bar Association and president
of the Welfare Council; George D.Case,a director of the Lafayette National
Bank; William H. Woodin, president of the American Car & Foundry
Co.; Charles Hayden, partner of Hayden Stone & Co.; Frederick Strauss,
Partner of J. & W. Seligman & Co.; Owen D. Young, chairman of the
General Electric Co.; Gen. J. G. Harbord, chairman of the Radio Corp.
of America; Charles E. Mitchell, chairman of the National City Bank;
S. Sloan Colt, vice-president of the Bankers TrustleCo.; Felix Warburg,
partner in Kuhn, Loeb & Co.; Clarence M. Woolley, chairman of the
American Radiator and Standard Sanitary Corp.; Thomas W. Lamont,
partner in J. P. Morgan & Co.; Lewis E. Pierson, chairman of the board
of the Irving Trust Co.; Thomas H. Gillespie. chairman of the T. H.
Gillespie Co.; Myron C. Taylor, chairman of the finance committee of
the United States Steel Corp.; Theodore Hetzler, president of the Fifth
Avenue Bank of New York; Former Governor Alfred E. Smith, president
of Empire State, Inc.; George L. Harrison, governor of the Federal Reserve Bank of New York; Samuel A. Welldon, vice-president and cashier
of the First National Bank of the City of New York, representing George
F. Baker, chairman of the board; Samuel W. Reyburn, president of the
Associated Dry Goods Corp.; Louis J. Grumbach, partner in Speyer &
Co., representing Ralph Wolf; Frederic W. Allen, partner of Lee, Higginson & Co.: J. Barstow Smull, vice-president of J. H. Winchester & Co., Inc
Message of Governor Roosevelt to New York Legislature
Embodying Measures for Relief of Unemployed—
$20,000,000 Appropriation Sought Through 50%
Increase in State Income Tax—Five-day Week
Proposed on State and Municipal Public Works.
Measures for the relief of the unemployed in New York
State are proposed by Governor Franklin D. Roosevelt of
New York, in a message addressed to the State Legislature
on August 28. The Governor asks for an appropriation of
$20,000,000, and proposes that the necessary money be
raised by a tax on personal incomes. He says "I believe that
this tax should fall proportionately on all incomes, over and
above existing exemptions." The Governor adds "if each
person paying an income tax were required to pay merely
half again as much, I am informed by the State Tax Commission, the necessary $20,000,000 will be raised." In his
message the Governor presents the following table showing
for typical cases the amount of additional tax for individuals
having incomes of certain sizes according to family responsibilities:
[VOL. 133.
persons (to be appointed by the Governor and to serve
without pay), which will be charged with the administration
of unemployment and distress relief within the State.
Legislation providing for a five-day week in all future contracts for labor on State and municipal public works other
than supervisory labor is among the recommendations made
by the Governor. In submitting his proposals to the Legislature Governor Roosevelt says "we could proceed in accordance with the same program and policy used last winter
were it not for two facts which, according to the best information obtainable, seem incontrovertible. The first is
that the amount of relief needed will of necessity be vastly
greater this coming winter; secondly, the resources hitherto
used will not be adequate to meet the additional needs."
The Governor's message to the Legislature follows:
STATE OF NEW YORK.
Executive Chamber, Albany,
Albany, Aug. 28 1931.
To the Legislature (in extraordinary session):
What is the State? It is the duly constituted representative of an organized society of human beings—created by them for their mutual protection
and well-being. "The State" or "The Government" is but the machinery
through which such mutual aid and protection is achieved. The cave man
fought for existence unaided or even opposed by his fellow-man, but today
the humblest citizen of our State stands protected by all the power and
strength of his government. Our government is not the master but the
creature of the people. The duty of the State toward the citizens is the duty
of the servant to its master. The people have created It; the people, by
common consent, permit its continued existence.
One of these duties of the State is that of caring for those of its citizens
who find themselves the victims ofsuch adverse circumstance as makes them
unable to obtain even the necessities for mere existence without the aid of
"1
others. That responsibility is recognized by every civilized nation.
For example,from the earliest days of our own country the consciousness
the
in
resulted
citizen
the
and
State
of the proper relationship between the
establishment of those often crude and unscientific but wholly necessary
institutions known as the county poorhouses.
In many messages to your honorable bodies I have pointed out that this
earlier exemplification of the State's responsibility has been sustained and
enlarged from year to year as we have grown to a better understanding of
governmental functions. I have mentioned specifically the general agreement of to-day—that upon the State falls the duty of protecting and sustaining those of its citizens who, through no fault of their own, find themselves in their old age unable to maintain life.
But the same rule applies to other conditions. In broad terms I assert
that modern society, acting through its government, owes the definite
obligation to prevent the starvation or the dire want of any of its fellow-men
and women who try to maintain themselves but cannot.
While it is true that we have hitherto principally considered those who
through accident or old age were permanently incapacitated, the same
responsibility of the State undoubtedly applies when widespread economic
conditions render large numbers of men and women incapable ofsupporting
either themselves or their families because of circumstances beyond their
control which make it impossible for them to find remunerative labor. To
these unfortunate citizens aid must be extended by government—not as a
matter of charity, but as a matter of social duty.
It is true beyond question that aid must be and will be given in large
measure through the agencies of private contribution; and in normal times
these contributions should be regarded as sufficient to meet normal conditions. However,even here the appeal is not alone on the basis of charity,
but is laid on the foundation of the civic duty of all good citizens.
I would not be appearing before you to-day if these were normal times.
When, however, a condition arises which calls for measures of relief over and
beyond the ability of private and local assistance to meet—even with the
usual aid added by the States—it Is time for the State itself to do its additional share.
As my constitutional duty to communicate to your honorable bodies the
condition of the State, I report to you what is a matter of common knowledge—that the economic depression of the last two years has created social
conditions resulting in great physical suffering on the part of many hundreds
of thousands of men, women and children. Unless conditions immediately
and greatly change, this will, we fear, be aggravated by cold and hungering the coming winter.
Number Requiring Relief the Coming Winter Expected to Exceed Last Year.
The many reports which I have received from municipal officials, from
the Governor's Commission on the Stabilization of Employment, from the
Married Persons State Department of Social Welfare and from many private organizations
and Heads of
for relief and charity, agree that the number of our citizens who this coming
Families
Single Persons.
Net Income.
winter will 1.o in need will, so far as it Is passible to estimate, be nearly, if
(Two Children or
Other Dependents) not quite, twice as many as during the winter of 1930-31.
There are many causes. Many individuals and families, because of prolonged employment, have exhausted their savings and their credit. Many
$2,500
$2.50
who were at work last winter and were enabled to take care of their relatives
3,000
7.50
4,000
and friends are now themselves out of work. In the same way many em12.50
$1.00
6,000
ployers
who up to recently, with fine public spirit, have continued to use
37.50
28.00
10,000
125.00
102.00
their resources to prevent the laying off of workers, are finding that they
20,000
425.00
402.00
50,000
can no longer do so.
1,182.50
1,128.00
100,000
Last winter distress was to a great extent alleviated along three distinct
"There are two alternative ways in which this tax could be lines:
First, through the recommendations of the Commission on the Stabilizalevied," says the Governor in his message; "first," he notes, tion of Employment, which pointed out the method of staggering employthe
incomes;"
"secondly
ment in order to provide work for more people, and was largely instrumental
"it could be imposed upon the 1930
in bringing about the co-ordination of relief work of the various municitax can be levied next April on 1931 incomes, and the money palities
and private agencies throughout the State;
can be provided immediately through the issuance and sale
Second, by the authorization and construction of large additions to public
Governor
works on the part of the State and the political subdIdsions thereof;
of short-term certificates." The message of the
Third, by a generous response by private individuals in the form of conexpressly states that "under no circumstances shall any tributions for relief.
"relief
the
that
dole;"
We could proceed in accordance with the same program and policy
actual money be paid in the form of a
used last winter were it not for two facts which, according to the best
should be restricted to persons who have resided in New York information
obtainable,seem incontrovertible. The first is that the amount
State for at least two years prior to the enactment of the of relief needed will of necessity be vastly greater this coming winter:
statute;" and that "no employment or relief be undertaken secondly, the resources hitherto used will not be adequate to meet the addineeds.
except in accordance with rules and regulations laid down by tional
There Is no escaping the simple conclusion that very large additional
the Temporary Emergency Relief Administration. The funds must be looked for this winter to supplement the lines of assistance
latter is to be the designation of a commission of three given last year.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1547
I am confident that every county,every city and every town will continue
(3) That no employment or relief be undertaken except
in accordance
their program of public works and add to it wherever possible. Neverthe
less, with rules and regulations laid down by the Temporary Emergen
cy Relief
there are many communities in the State who,because they have approached Administ
ration.
or are approaching their constitutional debt limit or for other equally good
The administation should be given the widest latitude
and discretion in
reasons, will find themselves unable greatly to add to employment on public
the apportioning of this money and In its distribution.
It should be perworks.
mitted to retain out of the twenty million dollars a million
dollars or more
It is worth while remembering, too, that where these public works are within
its discretion, to be expended by the State on such work
as the State
not paid for out ofcurrent receipts from taxes, the issuing of notes and bonds itself
may
do
in
the
winter
months,
such as the grading of State lands,
by municipalities calls for their subsequent payment out of taxes derived construct
ion and maintenance of roads and parkways in such sections
almost wholly from real estate—a form of property which to-day already
of the
State as this is possible.
bears a heavy load. It is therefore probably correct to estimate that the
I have so far considered only the proper organization
and the prompt
total of public works giving direct employment to labor will not and
cannot distribution of work and supplies where they will be of
the greatest assisbe greatly increased during the coming year in the average of the municitance. There is another requirement for a scientific
and proper system of
palities of the State.
relief which experience has shown us has not been
hitherto properly recogWe now come to the source of relief provided by private charity.
Even nized or organized. Experience has shown that many
of the most deserving
though the generous contributions in previous years of those
who appreciate cases not only refuse to apply for relief until actual
starvation has set In,
their civic responsibility in this matter should equal the previous
sum, it but allow the future health of their children to become
will still fall short of the total needed. Let me make it clear
permanently underthat no indi- mined by undernourishment rather than
seek community help. Any proper
vidual who can afford it has the right to give one dollar
less to private relief system must have a thoroughly organize
d, enthusiastic and tireless
relief work than he has given in the past.
department of Investigation, constantly seeking
The net result of this survey is that we must recognize
out those individals or
these facts: That families who will not of their own accord come
forward. This work must be
the local subdivisions of government can in most cases not
greatly increase undertaken by three who are enthusiastic
and are sympathetic as well.
their direct employment of labor and that private
charity will prove
I would suggest that this phase of our relief
Inadequate to meet the added burden of the
work be laid as a primary
next few months.
duty upon the women of out State: and I shall
work in close co-operation
By a process of elimination, if by nothing else,
the responsibility also with the proposed emergency relief administ
rests upon the State. It is idle for us to speculate
ration to assist In the organizaupon actions which may tion of women as individuals and as groups
to carry out this purpose.
be taken by the Federal Government, just as It is idle for the
purpose for
which 'we are here gathered, to speculate about
Increased Income Taxes.
the causes of national
depression.
2. The necessary money for this unemployment
It Is true that times may get better; it is true that the
and distress relief should
Federal Govern- be raised by a tax on personal incomes.
ment may take action to eradicate some of the basic
It seems logical that those of our
causes of our present residents who are fortunate enough
troubles: it is true that the Federal Government
to
have
taxable
Incomes should bear
may come forward with a the burden of suppleme
nting the local governmental and private philandefinite, construction program on a truly large
scale: it is true that the thropic work of assistance.
I believe that this tax should fall proportionately
Federal Government may adopt a well-thoughtout concrete policy which on all incomes, over
and above existing exemptions if each person paying
will start the wheels of Industry moving and give
to the farmer at least the an income tax were required
to pay merely half again as much. I am Incost of making his crop.
formed
by
the
State
Tax Commission, the necessary $20.000.000 will be
The State of New York cannot wait for that. I
face and you face and raised. I have had prepared
a computation of what these Increases will
13,000,000 people face the problem of providin
g immediate relief.
amount to. You will observe that the burden placed
upon the man with
small
Income is slight indeed: the single man with an income
Large State Appropriations Required to Provide
of $3,000. for
Work.
example, will pay an additional tax of only $2.50:
the married man with a
To supplement and In no way to cut down the existing
family.
earning
$10.000
sources
a
year,
of
will
pay an additional tax of only 826.
relief
the State must Itself make available at once a large
The following tables shows for typical cases the amount
sum of public moneys
of additional
to provide work for its residents this winter where
useful public work can tax for Individuals having incomes of certain sizes according
. be found: and where such work cannot be found,
to family
to provide them with food responsibilities:
against starvation and with clothing and
shelter against suffering. To
wait until the regular session of the next Legislatu
re would mean that half
the Winter would be gone before the necersary legislatio
MarKed Persons
n was passed and
and Heads of
the work of organization set up. This answers the
Net Income.
suggestion of waiting
Single Persons.
PennVers
until It has been definitely established that
local endeavor and private
(7'woMildren or
charity have failed to meet the needs of the
Other Dependents)
various communities.
It is only by using the next two months for the gatherin
32.500
g of the necessary
facts, the setting up of the machinery, and the collectio
3.000
n of the money that
82.50
4.000
the needs of the winter months can, beyond a doubt, be
7.50
met.
With my
5.000
deepest sincerity I believe that the State has an
12 50
$1 00
immediate duty and that
10.00(1
further delay is impossible and wrong.
37.50
26.00
20.000
125.00
No government is infallible: no government
102 00
50.000
can guarantee that every
425.00
402.00
100,000
case of suffering or distress will be taken care of by it
1,162.50
1.129 00
or by Its agents. All
that government can do is to act with reasonable
foresight and so far an its
There were approximately 300M0 personal Income
resources allow, to plan for the fullest measure of
taxpayers this year.
relief. At best them will By
spreading this burden among those people, few of
be many individual cases of suffering. but the State should
them will feel it to an
take such reason- appreciable extent
able steps as lie within its power to make the number
and the whole body of our Income-making citizenry will
of cases of suffering be sustaining
their fair share of the burden. It is clear to me that
as small as possible.
it Is the
duty of those who have beneifitted by our Industria
Relief Program.
l and economic system
to come to the front in such a grave emergency
To carry out with the greatest passible effectiveness
and
assist
in
relieving those
the high duty which who under the same industria
l and economic order are the losers and sufis the State's. I recommend the following program to
care for the relief ferers. I believe their contribution should
of distress and the alleviation of unemployment:
be in proportion to the benefits
they receive and the prosperity they enjoy.
1. I suggest that the administration of unemployment
and distress relief
There are two alternative ways In which this
within the State be placed in the hands of a temporar
tax could be levied. First,
y emergency commis- it could be imposed upon
the 1930 incomes. The advantage of this method
sion of three persons to be appointed by the Governor
to serve without is that the exact amount of this
tax Is known because of the fact that the
pay. This commission, to be known as the "Temporary
Administration," should be empowered to recomme Emergency Relief tax returns are now actually on file. The objection to it Is that people
nd to the Governor having already paid their
193() income tax will feel reluctant to pay a
the appointment of local subsidiary commissions of three
or more men further tax, additional thereto. Secondly
, the tax can be levied next April
and women In such cities and counties as It deems advisable
. The sum of on the 1931 incomes and the money can
$20,000,000 which I am reliably informed is the estimate
be provided immediately by the
d amount required Comptroller through the issuance
and
sale
meet
of short-term certificates. This
to
the needs of the coming year, should be appropriated,
be apportioned by this conunission among the various countiesand should method would obviate the objections of those who have already paid their
and
income
tax
cities
for 1930, but interposes another fairly Important objection that
of the State. The distribution should be based in amount an
several factors. the exact total of the tax is unknown and is
therefore speculative. In this
such as: (1) the number of people and families unemployed in
the locality, connection I desire to inform you that the present
requiring assistance; and (2) the amount of local
estimate of the Tax
effort and initiative as Commission, made, however,
shown by the money raised in the municipality by
more than seven months before the receipt
public and private means, of the actual returns
next April. is that the amount of the net personal
consistent with the financial ability of the municipal
ity and its people.
returns for the year 1931 will be about the same as for the year
Based on the theory that the distribution of relief of
1930.
the poor is essentially a local function. I believe that the State in suppleme
nting the amounts
Further Recommendations,
locally raised should seek so far as possible to encourage
local initiative by
3. Legislation should be enacted giving to the various cities and
matching local effort: so that the larger the amount
counties
raised locally the larger of the State authorit
y to borrow money and expend It for the employment
the contribution by the State.
of its residents on public works. You will recall that Chapter
284 of the
Laws of 1931 extended this authority to the city of New
Distribution Plan.
York I am Informed that it has been used In that city with great benefit in
The actual disbursement of this money should be in the hands
the
amelioraof the local tion of the unemplo
welfare officer of the municipality, subject, however, to the
yment situation. and I commend it to your consideration
local Temporary Emergency Relief Commission, If one be approval of the for enactment for such other municipalities as may desire to have
this
local commission should act in an advisory capacity to appointed. The power. I believe that municipal obligations to be issued for this
purpose
the local welfare should
be for no greater period than three years.
officer as well as to the State Administration. Such a local
commission can
do a great deal, not only by co-ordinating local private relief,
but also by
Fire-day Week on Public Works.
inducing people to have as much work done In and
about their houses.
4. 1 recommend that for all future contracts on public
businesses and farms as is possible in order to provide
works by the
many additional odd State or in a municipa
lity thereof, to be let
jobs. Much of the strain of the present situation could he
relieved if every- 1932. there be inserted a clause providin between Oct.1 1931, and June 30
body were to engage In an individual. personal, Job-furnishi
g for a five-day week for all labor,
ng
doing now the work which they might ordinarily postpone for campaign, exclusive of supervisory force, under rules and regulations to be establish
ed
a
The local commission could accomplish much by stimulating year or so. by the Department of Labor. In this way the benefits of employment on
this kind of public works may be spread somewha
activity. I also contemplate organizing committees
t
more
thinly,
but
certainly
throughout the State widely.
more
to encourage this kind of endeavor.
5. One of the by-products of the economic depression
It should be provided by statute that the money be expended
has
been
the
as
follows: recent application for the State bonus by a great many
If any form of employment can be found for the public use,
World War veterans
prevailing rate —a bonus to which they were entitled by
of wages should be paid for such work: if, however, it is impossib
legislation paned in 1924 after
le to locate approval by the people. These veterans
, not needing the money
or provide work of this kind, then the local welfare officer
originally
may
and give to the unemployed within his jurisdiction necessary food, purchase voted to them by the State at that time, failed to make claim therefor.
clothing. Now the exigencies of the present situation force
fuel apd shelter for them and their families. Certain definite
them to seek assistance
restrictions where they can find it. This is no new bonus but
should be embodied within this statute. viz:
Is the bonus already voted
for and approved, but not paid out merely because of
(1) That under no circumstances shall any actual money be paid
in the therefor. I am Informed by the Adjutant General failure to make claim
form of a dole or in any other form by the local welfare officer
that these tardy claims
to any unem- will total about $548,000 more than the
ployed or his family.
present fund contains. I.
therefore
suggest that there be allocated out of the
(2) That this relief should be restricted to persons who have
$20.000,
000 fund hereinabove
resided in provided the sum of 8548,000. to be turned
New York State for at leasktwo years prior to the enactment of the
over to the Adjutant
-General
statute. for this purpose,
1548
FINANCIAL CHRONICLE
Time for Platitudes Passed.
reflection on
This program is the result of many months of study and
the necessities
my part. I am convinced that the time for platitudes as to
is at hand and
of the situation has passed. The time for immediate action
I trust that your honorable bodies will act.
Constitution.
the
Therefore, in compliance with Article 4, Section 4, of
I recommend for your consideration the following:
on the expenditure
1. The creation of a temporary State agency to carry
the employment of
this winter of State moneys on public State work for
residents of the State.
moneys among the
II. Authorizing such agency to apportion State
them this winter for
counties and cities of the State to be disbursed by
for giving necessary
employment on local work useful to the public, and
State where useful
food, clothing, shelter and warmth to residents of the
them.
public work cannot be found for
to be immediHI. The appropriation of money out of current revenues
of employment
ately available for the relief of distress and the amelioration
moneys.
necessary
the
and the laying of a tax on personal incomes to provide
for the period of one
IV. Authorizing cities and counties in the State
three years. to be used by
year to borrow money for a term not exceeding
works.
them for the employment of local residents on local public
contracts for
V. Legislation providing for a five-day week in all future
labor.
supervisory
than
other
works
labor on State and municipal public
World War
VI. Providing State money to pay soldiers' bonuses due to
which
veterans under the provisions of Chapter 19 of the Laws of 1924, but
therefor.
have not yet been paid because of delay in filing applications
T.
ROOSEVEL
FRANKLIN D.
[VOL. 133.
pended under the supervision of this Commission. The Commission is
to expend such part of this $20,000,000 as can be used to employ persons
on State public works during the coming winter months. The balance
is to be apportioned between the various counties and cities of the State
in amounts discretionary with the Commission, but in such proportion as
will yield the greatest benefit to the unemployed. Apportionment should
also be made in such proportion as will encourage local effort by local
municipalities and private charities by giving larger amounts to localities
which exert themselves to raise money for unemployed by local appropriation
and local charities.
The money apportioned to the municipalities is to be expended by the
local public welfare officer in accordance with rules and regulations laid
down by the temporary emergency relief administration. Wherever possible, work useful to the public is to be provided and paid for out of the fund
apportioned. If, however, work cannot be provided, the welfare officer is
authorized to purchase food, clothing and coal, and give it to unemployed.
It is also authorized to pay the rent of unemployed so as to provide them
with shelter, if necessary. It is very specifically provided, however,
that no dole is to be paid to anybody out of this fund. No actual money
Is to be turned over to any unemployed other than as wages for work. Relief under the Act is to be restricted to persons who have been residents of
the State of New York for at least two years prior to the taking effect of
the Act.
In such municipalities as the temporary emergency relief administration
deems advisable, and so recommends to the Governor, the Governor may
appoint a local advisory Commission to work with the local welfare officer
in the distribution of this money.
Wisconsin Trust Law Now Effective—Said One of
Strictest Fixed Trusts of Distributive Type Ruled
Out.
One of the strictest laws governing the sale of fixed trust
shares became effective this week in the State of Wisconsin
it was noted in the New York "Journal of Commerce" of
August 27, which went on to say:
distributive type to
The new statute makes it impossible for trusts of the
the former statute.
sell their shares in that State, and is more rigid than
New York Stock
In many ways it is more severe than the rulings of the
Exchange, according to trust sponsors.
shares alone. It Is
The new statute applies to the sale of fixed trust
under the law. Those
expected that only a few trusts will be able to qualify
Trust Shares,
which qualified under the old law are Standard American
Shares and Diversified
Selected American Trust Shares, Super-Corporation
Trustee Shares, Series C.
No Rtserve Fund.
concerned with the reserve
One of the most drastic sections of the statute is
fund. It reads as follows:
be created
"No reserve fund nor any fund otherwise designated shall
stabilizing the amount
for the purpose, or which may have the effect of
"
distributable per fiscal period to the holder of said certificates.
State, one
To illustrate the attitude of the Securities Commission of the
in regard to the
trust sponsor here received a letter from the Commission
was made
qualification of the shares of his trust In which the suggestion
as the reserve fund by
that the investor could accomplish the same result
opening an account in a savings bank.
Another section of the law (d), that which prevents the sale of distributive type trust certificates follows:
cer"Neither said trust certificates nor any coupons accompanying such
tificates shall in any way refer to or promise payment of a fixed amount
per fiscal period to the holder thereof."
Regarding split-ups, it is stipulated that no capital distribution shall be
the sale
made during the life of the trust payable out of the proceeds from
of stocks theretofore
of any securities received by the trustee as split-ups
deposited or as stock dividends.
10 Per Cent Loading Limit.
may
As to "loading," the law says: "The price at which said trust shares
the debe sold shall not exceed the sum of (a) the latest market price of
of
case
the
in
which,
sale,
such
of
posited securities available at the time
exclusive of commissions, and
listed securities shall be round lot prices
and in cases where
shall be based on actual stock exchange transactions,
of the bid and asked
the securities are not so listed shall be the average
are available.
prima
asked
and
bid
prices of the next preceding day for which
exceeding 6 % thereof,
"To such market prim may be added a sum not
remaining life of the trust,
plus one-fourth of 1% for each full year of the
market price exceed 10%
but in no case shall such increase above the
Bill No. 2.
Imposes an additional tax on personal incomes of 50% of the amount of
tax payable under the present statute. In other words, where a man is
liable for a tax of $10 under the present law, he is to pay an additional
tax of $5. This tax is made applicable to all brackets of income over and
above existing exemptions.
Two bills are offered in alternative forms for the choice of the Legislature:
First. Imposing the tax on incomes for the year 1930 on the basis of
returns already filed. Under this bill the State Tax Commission would
merely send out additional bills for tax on the basis of the returns already
filed; or
Second. Imposing the additional tax on incomes for the year 1931,
which will of course be collected next April. This bill provides that in
order to make the money immediately available for the use of the temporary emergency relief commission, the State Comptroller is authorized
to sell temporary securities at once payable out of the taxes when collected
(It is estimated by the State Tax Commission that the additional tax imposed by this bill will raise the sum of $20,000.000.)
Bilt No. 3.
Authorizes cities and counties of the State for the period of a year to
Issue three-year bonds for the purpose of providing relief for unemployment
by means of public works. Where municipalities avail themselves of this
bill, the money so raised is to be spent only on persons resident in the
State for two years. This money, in the case of construction of public
works, is to be spent by the usual municipal authority constructing public
works: or where it is spent for day's wages, it is to be speneby a local commission consisting of the local welfare officer and two citizens of the locality,
to be appointed by the Mayor, in the case of cities, or by the Board of
Supervisors In the case of counties.
Bill No.4.
Provides for a five-day week in all contracts for State or municipal public
works, except supervisory labor.
Bill No. 5.
Provides that out of the $20,000,000 raised for the purpose of relief, the
sum of $548,000 be used for the payment of soldiers' bonuses, enacted
Pursuant to Chapter 19 of the Laws of 1924. In addition to the moneys
appropriated in 1924, moneys have been appropriated from time to time to
Pay these bonuses as additional applications came in. With the advent of
the current depression many veterans filed applications who had failed to
file them before. This money is requested for the purpose of paying such
of these applications as are now filed and approved. The bill does not
create a new soldiers' bonus, but merely provides the money with which
to pay applications now filed pursuant to the chapter of 1924.
Governor Roosevelt of New York Names Rural Aid
Board—Announces Action As Part of Long,Range
Planning in Economic Crisis—F. H. Ecker Will Be
Chairman.
thereof."
Pointing to the anomaly of huge American social and
the
by
enacted
recently
that
from
different
on
This law is considerably
by fixed trust sponsors. economic life, Governor Roosevelt of New York set forth
Illinois Legislature, which was formally indorsed
as the present Wisconsin Aug. 19 part of his plan of national rehabilitation before the
drastic
as
statute
a
succeeded
however,
That law,
law.
American Country Life Conference at Cornell University,
Interest in Legislation.
Ithaca,
N. Y.
"blue-sky"
of
phases
various
the
Trust men are yet much interested in
States that have enacted
The Governor stressed the dark outlook for the coming
legislation, and thus far there have been several
-hearted approval of the trusts Winter
laws which have not met with the whole
and the misery th be faced in the city and on the farm.
whose trust legislation has
Oklahoma, Minnesota and Michigan are States
He
lork
close co-operation among all governmental
declared
New
the
of
ions
recommendat
followed rather closely the recent
for industrial recovery, with optimistic
trusts.
essential
branches
Stock Exchange with respect to fixed
platitudes abjured and broad and co-ordinated planning subNew York Out- stituted, according to special Ithaca advices to the New York
Memorandum of Governor Roosevelt of
Out Pro- "Times", which also stated in part:
Carry
to
Bills
Five
of
s
Provision
lining
Urging bringing the industrial worker closer to the farm and the location
Relief.
ment
posals for Unemploy
of industries in smaller centres, the Governor announced an Advisory State
Aug.
According to the "Knickerbocker Press" of Albany his Commission on Rural Homes to guide rural development under his program.
accompanied
F. II. Baer Heads Commission.
29, Governor Roosevelt of New York
ding a $20,recommen
e
Legislatur
Governor Roosevelt named the Commission, as follows:
the
to
special message
financed by a Frederick H. Ecker, President Metropolitan Life Insurance Company,
000,000 unemployment relief program to be
New York City.
tax by five Aaron
income
Rabinowitz, 25 West Forty-third Street, New York City.
50% increase in all branches of the State
The John Sullivan,
views.
his
out
President New York State Federation of Labor.
carry
to
prepared
measures carefully
Mrs. Henry Morgenthau, Jr., Hopewell Junction,
"Press" continued:
of Home Economics, Cornell University.
news- Miss Flora Rose, College
proposals was prepared for
The following detailed digest of the
approval:
papers of the State with the Governor's
Bill No. 1.
administration to consist of three
Sets up a temporary emergency relief
pay, but to be allowed
members appointed by the Governor to serve without
$20,000.000, to be extraveling and necessary expenses. Appropriates
Elizabeth MacDonald, President New York Federation of'Home
lloreaus, Delhi.
If roy It. Snyder, Assistant to the President of the Gannett Publications,
Rochestf r.
Professor Dwight Sanderson, New York State College of Agriculture.
Cornell University.
Miss
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1549
A. R. Mann, Provost of Cornell University, former Dean of the New York
September 1 1931.
Aug. 1 1931.
State College of Agriculture.
Market
Aver.
Market
Aser.
Mabel Newcomer, Professor of Economics, Vassar College.
Values,
Price.
Price.
Price.
Charles Osborne, Mayor of Auburn.
R. E. Dougherty, Vice-President for improvement and development, New
$
Autos and accessories
2,536,610,032 23.34 2,632,485.518 24.22
York Central Railway. New York City.
Financial
1,345,848,616 22.91 1.367,422,334 23.32
11. B. Johnson, editor of The Watertown "Times".
3,472,840,379 51.70 3,428.303,042 51.14
Chemical
E. J. Wairath, member of the executive committee of the New York State Building
356,189,551 22.47 357,775,333 22.57
Grange, Evans Mills.
Electrical equipment manufacturing.. 1,505,607,848 37.02 1,477,603.240 35.98
2,708,393,927 37.99 2,659.599,651 37.31
The following Commissioners of State Departments were appointed as Foods
Rubber and tires
287,790,497 21.80
268,269,781 21.84
members of the Commission ex officio;
Farm machinery
379,750,321 33.83 391,255,881 34.85
Henry Morgenthau. Jr., Conservation; Thomas Parra.n, Jr., Health; Amusements
342,789,539 16.21
355,386,563 16.80
Berne A. Pyrke. Agriculture and Markets; Frank P. Grave. Education; Land and realty
90,403,020 17.05
93,678,741 17.67
1,152,725,069 23.38 1,192,429,491 24.19
Machinery and metals
Charles H. Johnson. Social Welfare, and Frances Perkins, Industries.
1,119,677,332 19.66 1,137.509,990 19.99
The Governor stated that practically all those named to the Commission Mining (excluding iron)
Petroleum
3,497,518,390 20.34 3.007,870,822 18.70
had accepted.
388,885,198 24.17
Paper and publishing
381.646,434 23.72
Retail merchandising
2,566,024,436
36.18 2,514,151.002 35.42
Commission to Speed Report.
Railroads and equipments
5,432,666,589 47.28 5.807,056,672 50.37
The Governor declared that the Commission would make a report to Steel, iron and coke
2,093,728,565 53.37 2,070,210,796 52.99
161.863,919 14.89
163,190.778 15.01
him about Dec. 1 and would seek to have ready recommendations for Textiles
Gas and electric (operating)
3,725,875,425 54.48 3,651,553,973 53.40
zoning legislation for villages, towns and counties on a permissive basis; Gas
and electric (bolding)
3,047,474.100 32.01 2,992,465,166 31.43
data on possibility of enlisting private capital in establishing rural homes Communications (cable. tel. & radlo)_ 3,983,689,950 106.20 3,906,864,570 104.21
Miscellaneous utilities
within reach of industry and other material dealing with the subject.
246,046,388 24.24 259,564,301 25.57
171,278,411 9.59
180,537,701 10.11
In offering his program for a start on decentralization of industry, the Aviation
Business and office equipment
308.902,360
29.58 305.113,448 29.22
Governor declared that he did not contend that he was suggesting a panacea. Shipping services
26,599.846 12.78
25,520,471 12.24
He did declare, however, that faulty distribution systems could be held Ship operating and building
21,791,510 7.04
22,607.646 6.42
132,769,527 22.74
140,800,257 24.11
responsible for some of the current difficulties. With industrial workers Miscellaneous business
Leather and boots
263,568,234 37.49 270,634,716 38.50
closer to the farms, he said, they would profit by being able to purchase Tobacco
1,591,448,806 49.99 1,657.209.971 62.08
agricultural products more cheaply and the farmer would profit by the sale Garments
22,150,017 11.60
22,834,512 11.96
of more products...
U. El, companies operating abroad..
904,797,014 25.09
911,292,204 25.27
Foreign companies (Incl. Can.& Cuba) 706,966,983 16.14
775,269,752 17.72
Urges Shift in Population.
All listed companies
44,587,026,110 33.93 44,422,740,448 34.09
Declaring that new methods of transportation and other facilities had
made industry ready for decentralization and had made rural or semi-rural
The July 1 figures were given in our issue of Aug. 8, page
life much more feasible for large masses of people, the Governor declared
that there was no doubt that a shift in population would bring about greater 887.
consumption of agricultural products through bringing the industrial
worker closer to the market.
Investment Trusts Under New Inquiry in New York
But with the shift, the Governor insisted, there must be no new grimy
State-Attorney-General's Office Sends Out 21
factory towns and no mushroom realty developments designed to exploit
Industrial workers moving from the more densely populated areas. The
Questions Asking Data on Operations Since Dec. 31
Governor continued:
1930-300 Organizations in List.
"It seems to me evident that the time has come for public authority to
assert jurisdiction over housing conditions in the country and over the
An inquiry into the condition and practices of the 300
character and planning of rural real estate developments. We have
Pre- management investment trusts doing business in New York
cedent for this in the housing and zoning regulations of cities and a beginning
State, to check up on any possible weak spots or unsound or
of zoning authority in the counties.
"With competent advice, we should be able to go much further than this fraudulent practices was begun on Sept. 2 by John J. Bennett
in moving toward an adjustment of the whole problem of distribution of
Jr., Attorney-General, under authority conferred by the
population and the living conditions of workers in the State.
"With that purpose I propose to appoint a commission on real homes, to Martin act. With regard thereto we quote as follows from
be made up of a group of prominent citizens of the State.
the New York "Times" of Sept. 3:
Questionnaires requiring detailed information on 21 points, including
Explains Plans for Commission.
profit and loss statements, balances, portfolios, dividend records, changes
"The task I am placing before this commission is, broadly, to determine In capital structure and similar matters were being mailed by the Attorneyto what extent and by what means the State and its subdivisions may General's staff to the 300 concerns. Attached to each questionnaire is a
properly stimulate the movement of city workers to rural homes, if such a subpoena calling for complete returns by next Thursday. All information
movement seems desirable; to determine what facilities may be furnished must be sworn to.
by public authority to assist these workers in getting the right kind of homes
The investigation aims to ascertain present conditions in investment
In the right locations, and to inquire what encouragement may be offered trusts, to determine whether illegal practices have been employed and to
for the movement of industries from urban centres to rural locations or the study the practices of the best managed trusts and of any that might have
establishment of new industries in such locations if such a movement of resorted to unsound though not illegal practices. Results will be compared
Industry seems desirable.
with previous surveys and a check will be made of the trusts whose practices
"While the commission will govern the course of its own
inquiry, I have did not find favor before.
fixed in my own mind certain definite objectives which will serve to make
Mr. Bennett will give the State-wide investigation his personal superthe undertaking somewhat more concrete. These are:
vision and Paul J. McCauley, Asst. Attorney-General in charge of the
"1. That the commission be prepared to recommend legislation for vil- Bureau of Securities, will have active charge here. Frank Meehan and
lage, town and county zoning for the whole State, but on a permissive Richard Cornell, statisticians
of the Bureau, will study the answers and
basis, and for village, town and county permanent planning commissions. analyze the information.
"2. That the commission explore the possibilities of the enlistment of
Inquiry by Washburn Last Year.
private capital to aid in the establishment of rural homes within a
A similar inquiry last year by Watson Washburn, then in charge of the
reasonable distance of industry.
"3. That the commission make recommendations as to experiment by Bureau, brought a recommendation, not yet carried out, for enforcing
the State alone, or by the State with the co-operation and assistance of publicity as; to holdings in portfolios of trusts. Mr. Bennett intends to
private capital in establishing wholly new rural communities of homes make the inquiries every year during his term of office. Last year's infor workers on good agricultural land within reasonable distance of quiry covered more than 250 trusts having security holdings of $4.500,000.which facilities shall be offered for the establishment of new industries 000.
Perhaps the most important demand in the questionnaire calls for a list,
aimed primarily to give cash wages on a co-operative basis during the
certified by the treasurer and one additional officer of each trust, of all
non agricultural season.
"This plan does not contemplate any coercive use of State power or any securities comprising the portfolio as of Dec. 31 1930, and June 30 1931.
attempt to force either industry or private citizens into a fixed pattern of giving original cost, market value, exchange on which each security is listed
conduct. On the contrary. it involves merely co-operative planning for or place where it is traded, and its actual location for safekeeping "or
otherwise."
the common good.
Balance sheets are required as of Dec. 31 1930 and June 30 1931, and
"In that it will be essential to seek the advice of thoughtful industrial
leaders on the trends of industry as to location, character and seasons of profit and loss statements for the year 1930 and the six months ended
employment, and to seek the advice of representatives of labor on other June 30 1931. A record of all stock and cash dividends is required, and a
detailed statement of changes in capital structure since Jan. 1 1930, with
features of the proposal."
the reasons. The latter is a new question. Names of independent auditors
checking the transactions, details of "short" transactions since March 31
Market Value of Listed Shares on New York Stock 1930, and details of sales methods, with copies of sales literature, are also
requested.
Exchange Sept. 1, $44,587,026,110, Compared With
Details on Loans Reguested.
$44,422,740,446 Aug. 1-Classification of Listed
Each trust must tell how often it disclosed its portfolios to shareholders
Stocks.
and the maximum amount of loans outstanding at any time since March 31
As of Sept. 1 1931, there were 1,286 stock issues ag- 1930. with detailed statements of notes and loans payable and receivable.
Other questions concern the firms that sponsored or marketed the trusts'
gregating 1,0.4,199,951 shares listed on the New York Stock shares,
securities held in the portfolio and underwritten or marketed by
Exchange, with a total market value of $44,587,026,110. such firms, details on shares sold. contracts with brokers involving sales of
securities
issued by the trust, and whether securities are carried at cost or
This compared with 1,293 stock issues aggregating 1,303,market value or lower.
221,198 shares listed Aug. 1 on the New York Stock ExSpecial care will be taken, it was said, to prevent the recurrence of such
change, with a total market value of $44,422,740,446. In an incident as that of last year. when it was learned later the statement
by Charles V. Bob's Metal & Mining Shares, Inc., was forged.
submitted
making public the Sept. 1 figures the Stock Exchange said:
Mr. Bennet said any unsound practices unearthed would be made the
As of Sept. 1 1931 New York Stock Exchange member borrowings on basis of court actions to halt them.
security collateral amounted to $1.354,067,358. The ratio of security loans
to market values of all listed stocks on this date was therefore 3.04%.
As of Aug. 1 1931 Stock Exchange member borrowings on Outstanding Brokers' Loans on New York Stock Exchange on Aug. 31 $1,354,067,358-Increase of
security collateral amounted to $1,344,092,754. The ratio
$9,974,604 in Month.
of security loans to market values of all listed stocks on
Aug. 31 total of outstanding brokers' loans on the
The
therefore
3.03%.
was
In
the
that date
following table,
listed stocks are classified by leading industrial groups, with New York Stock Exchange was reported at $1,354,067,358
the aggregate market value and average share price for each: as compared with the July 31 total of $1,344,092,754. This
FINANCIAL CHRONICLE
1550
[VOL. 133.
change or a firm registered thereon, in connection with its organization or
management or in connection with the distribution of its shares. Is unobjectionable, the undersigned depositor corporation on its own behalf and for
said investment trust agrees with the New York Stock Exchange as follows:
"(1) To instruct the trustees to furnish to the Committee on Stock List of
the New York Stock Exchange periodical monthly reports of the number of
trust certificates outstanding and a list of elimination and changes in the
portfolio as such elimination or changes occur, with complete details of
such transactions.
"(2) To submit to the Committee on Stock List for approval, prior to
used
Total net loans by New York Stock Exchange members on collateral issuance, all offering circulars and advertisements of like nature to be
advertisecontracted for and carried in New York as of the close of business Aug. 31 by It or any distributor under its control, together with such other
ments and descriptive literature as may be from time to time requested.
1931 aggregated $1,354,067,358.
"(3) To conform in all respects to the requirements of the New York
The detailed tabulation follows:
of application,
Demand Loans. Time Loans. Stock Exchange as such requirements existed at the time
excepting in so far as such investment trust and depositor corporation, or
(1) Net borrowings on collateral from New York banks
$885,580,254 $274,502,325 either of them, may have been relieved therefrom in cases where the trust
or trust companies
(2) Net borrowings on collateral from private bankers,
in question was formed and the terms of its crust agreement fixed prior to the
Lrokers, foreign bank agencies or others in the
183,699,779
10,285,000 adoption by the New York Stock Exchange of such requirements.
City of New York
Censorship on Advertising.
51.069,280,033 8284.787„325
"(4) Not to permit any distributor of the securities of said investment
$1,354,067,358
Combined total of time and demand loans
one
any
or
trust
subject to the control of the depositor corporation to ad' The scope of the above compilation is exactly the same as in the loan vertise or to issue circulars in any way
contrary to the rules or regulations
report issued by the Exchange a month ago.
of the New York Stock Exchange, and, specifically, not to include, either
The compilation of the Stock Exchange since the issuance In advertisements or circulars, any statement tending to suggest that said
investment trust has been approved in any manner by the New York Stock
of the monthly figures by it, beginning January 1926, Exchange.
"(5) In the event of changes in the requirements of the New York Stock
follows:
Exchange covering fixed or restricted management type investment trusts.
Total Loans.
Time Loans.
Demand Loans.
1926—
$3.513,174,154 to co-operate in complying therewith to any reasonable degree permitted
$986,213.555
$2,516.960,599
Jan. 30
3.538.590.321 by the terms of the trust agreement.
1,040.744,057
2,494.846.284
Feb. 27
3,000.098.167
966,612.407
2.033.483.760
Mar. 31
"(6) Not to change the method of loading, the method of computing
2.835,718,509
865.848.857
1,969.869.852
Apr, 30
780.084.111
2.767.400.514 cost of deposited property or the method of determining price for the methods
1,987.316.403
May 28
700.844.512
2.926.298.345 stated in the application in such manner as to create an increase in such
2.225.453.833
June 30
2,996.759 527 loading, cost or price, without the prior approval of the Committee on
714.782.807
2,262,076,720
July 31
778,266.686
3,142,148066
2.363.861.382
Aug. 31
799,730.288
3.218,937.010 Stock List.
2.419.206.724
Sept.30
3,111,176.925
821.746.475
2.289.430.450
Change of Conditions.
Oct. 31
3,129,161,675
799.625.125
2.329.536.550
Nov.30
"(7) In the event that the Committee on Stock List shall at any time
751.178.370
3,202,860,253
2,541,882.885
Dec. 31
hereafter and for any reason which, In Its uncontrolled discretion, it shall
1927—
deem sufficient, change its determination that said investment trust is one
810.448,000
3,138,786,338 with
2.328,340,338
Jan. 31
which the association of a member of the exchange or a firm registered
780,961,250
3,256.459.379
2.475.498.129
Feb. 28
785.093 500
3.289.781.174 thereon in connection with its organization or management or in connection
2.504.687.674
Mar. 31
799.903,950
3.341.209,847 with the distribution of its securities Is unobjectionable, the undersigned
2,541.305,8117
Apr. 30
3,457,860.029 depositor corporation hereby waives and releases any right or cliam which
783,875,950
2.673.993.079
May 31
811,998.250
3.568.966.843
2,756.968.593
June 30
877.184.250
3,841.605.290 it might or could have against said Committee on Stock List and the New
2.764,511,040
July 30
3.673,891.333 York Stock Exchange by reason of such change of determination, provided
928,320,545
2.745.570 788
Aug. 31
896,953.245
3.914.627,570 that b fore said determination shall be changed said Committee on Stock
3,107.674,325
Sept.30
922.898,500
3,946,137.374
3,023.238,874
Oct 31
writing, afford the undersigned de957.8041.300
4,091,836.303 List shall, upon seven days' notice in
3,134.027.002
Nov. 30
4.432.907,321 positor corporation an opportunity to be heard."
952,127.500
3.480.779.821
Dec. 31
The foregoing agreement, in the case of each of the 40 fixed investment
1928—
thus far approved, then carries the signature of an official of the trust.
1,027,479,260
4.420.352,514 trusts
3.392,873,281
Jan. 31
1.028.200.260
4,322,578,914 that of the Now York Stock Exchange form or member associated with it
3.294,378.854
Feb. 29
1.059.749.000
4.640.174,172 and a footnote signed by Frank Altschul. Chairman of the Committee on
3,580.425.172
Mar. 31
1,168.845.000
4,1107.782.599 Stock List, which concludes with the declaration, "the foregoing determina3.738.937.599
Apr. 30
5.274.046.281
1.203.687.250
4.070.359.031
May 31
1.158.718,982
4.898.351,487 tion of the Committee is not an opinion as to the desirability of the securities
3.741.632.505
June 30
4,837,347.579 of said trust as an investment."
1,066.653,084
3.767.694,495
July 31
957.548.112
5,051.4:17.405
4,093.889.293
Aug 31
824.087,711
5.513.639.685
4,689.551.974
Sept.30
5.879,721.062
763.993,528
5,115.727,534
Oct 31
Exchange
777,255.904
6.391.644.264 Amendment to Rules of New York Stock
5.614.388,360
Nov 30
717,481.787
6,439,740,511
5.722.258.724
Dec 31
Bearing on Adjustment o Differences in Market
is an increase of $9,974,604, the first since March 31 this
year. On Aug. 31 the demand loans stood at $1,069,280,033
compared with $1,041,142,201 on July 31; the time loans on
the latest date were $284,787,325 against $302,950,553 on
July 31.
The Aug. 31 figures were made public, as follows, by the
Stock Exchange on Sept. 2:
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
JUIY 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
5,982.672.411
5.948.149.410
6,209.998.520
6.203.712.115
6,099.920.475
6.444.459.079
6.870.142.664
7,181,977J/72
7,831.991,369
5.238.028.979
3,297,293.032
3,378,420,785
752.491,831
730.396,507
594.458.888
571,218,280
565,217,450
626.762.195
603 651.630
719,641,454
717.392.710
870.795.889
719,305,737
613.089.488
6,735,164.241
8.678,545,917
6.804,457.108
6,774.9:10.395
6.685,137.925
7.071.221.275
7,173,794.204
7.881,819.426
8,549.383 979
6,108.824.868
4,016,598.769
3.989,510,273
1930—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov. 30
Dec. 31
3,528.246.115
3.710.563,352
4,052.161,339
4,382,919.341
3,966.873,034
2.980.284.038
3.021.363,910
2,912,612,666
2,830,259.339
1.980.639,692
1,691,494,226
1,519,400,054
456,521,950
457,025.000
804.141,000
700,212.018
760.958.878
747,427,251
668,118,387
686.020.403
651,193.422
569.484.395
470.754,776
374,212,835
3,984,768.085
4.167,588,352
4,656.302.339
5.063.131,359
4.747.831,912
3.727.711,289
3.689.482.297
3,598.633.069
3,481.452,761
2,558,124.087
2,162.249.002
1.893.612.890
1931—
Jan. 21
Feb. 28
Mar. 31
Apr 30
May 29
June 30
July 31
Aug. 31
1.365,582.515
1.505.251.689
1,629,863.494
1.389,163.124
1,173,508,350
1.102.285.060
1.041.142.201
1,069.280,033
354.762.803
334.5(14.369
278.947.000
261,965,000
261.175.300
289.039.862
302,950.553
284,787,325
1,720.345.318
1,839.756.056
1,908.810.494
1,651.128,124
1,434.683.950
1,301.324.922
1,344.092,754
1,354,007,35
New York Stock Exchange Reveals Fixed Trust Rules.
The New York Stock Exchange has made public through
Value and Contract Price of Securities.
It was noted in the New York "Journal of Commerce" of
Aug. 31 that an amendment to the rules of the New York
Stock Exchange adopted pursuant to the constitution permits
members adjusting differences in the value of collateral on
loans arising through changes in market values to pay the
differences directly or through the Stock Clearing Corporation
or to deposit the amount of the differences with the corporation. The previous ruling, it is said, made no reference to
deposit of the differences. Announcement of the now ruling
was made as follows by the Secretary of the Exchange:
C-4798
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
Aug. 27 1931.
To the Members:
At a meeting of the Governing Committee held Aug. 26 1931, the first
two paragraphs of Section I, Chapter V of the Rules adopted by the Governing Committee Pursuant to the Constitution, were amended to read as
follows:
The party who 13 partially unsecured by reason of a change in the market value of
the subject of an Exchange contract may demand from the other party the difference
between the contract price and the market price. Such difference shall bear Interest
at the current renewal rate for call loans except In the case of a contract for the borrowing and loan of securities when such difference shall be considered part of such
loan. The party from whom such difference Is demanded shall Immediately either
(a) pay the same directly or through Stock Clearing Corp to the party who Is partially unsecured, or (b) deposit the same with Stock Clearing Corp. lt permitted by
by-laws and rules.
This change is provided for in the reprint of pages 93 and 94 which are
sent you herewith and which should be substituted in your loose-leaf copy
of the Constitution in lieu of the present pages of those numbers.
ASHBEL GREEN,
Secretary.
its Committee on Stock List the data submitted by fixed
investment trusts with which its members may be associated.
In all a total of 40 such trusts have thus far measured up
fully to the requirements fixed by the Stock Exchange, William J. Moore, Former President of American Bond
names of the selected institutions having been made public
& Mortgage Co., Pleads Not Guilty to Indictment.
several days ago. The New York "Evening Post" of Sept. 2
From the "Wall Street Journal" of Aug. 27 we quote
in observing this, also gave the text of the agreement, as the following:
noted herewith:
William J. Moore, former president of American Bond & Mortgage Co.,
The data made public in circular form contain a wealth of information
Pertaining to the operation of these fixed trusts. including the agreement
with the Stock Exchange under which the member or member firms may be
associated with such institutions.
Text of the Agreement.
The agreement reads as follows:
"In consideration of the determination by the New York Stock Exchange
that the trust is one with which tho association of a member of the Ex-
and Charles C. Moore, his step-son, pleaded not guilty to an indictment
charging mail fraud and conspiracy in connection with sales of the company's
securities and were held in bail of $5,000 each by Federal Judge Harry
exB. Anderson. Three other officials of the company, also indicted are
pected to be arraigned early next week. The indictment charges the group
securities
with having fraudulently sold American Bond & Mortgage Co.
in the amount of approximately $60,000,000.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1551
A previous item in the "Wall Street Journal" of Aug. 26 States District Court, listing liabilities of $4,906,571 and
no free assets. In making this known the New York "Times"
said:
William J. Moore, of Chicago, former President of American Bond & of Aug. 26 further said:
Mortgage Co., has been indicted by federal grand jury in 16 separate mail
fraud counts, and also for conspiracy in connection with the sale of securities
of the company. Indicted with him were his two sons, Harold A. Moore,
of Chicago, Vice-President, and Kenneth Moore, sales manager, his stepson, Charles C. Moore, a Vice-President, and Heyden NV. Ward, eastern sales
manager.
The indictment charges that bonds sold by them were not adequately
secured; that appraisals of company's buildings were made by dishonest
and interested appraisers and that the amounts of the appraisals were
actually fixed by the defendants without true regard to and in excess of
their true values. It also charges that defendants secretly paid maturing
interest and principal and installments on bond issues sponsored by them
and then continued to sell the defaulted bonds to the public while concealing the defaults of the mortgagor.
The indictment charged fraudulent sale of bonds on 34 buildings and
company's preferred stock and debentures, approximating $60,000,000 during the past 10 years, and states that total sales of company's securities
since 1904 amounted to about $240,000,000.
The schedules which were entered by Ralph Montgomery Arkush, explain that all creditors are secured by the deposit of stocks and bonds,
the total value of which is not listed.
These securities, deposited with creditors are issues of the Ground Gripper
Shoe Company, Borin-Vivitone Corporation, Saranac River Power Corporation, Indiana Southwestern Gas & Utilities Corporation and others.
The principal creditors and the amounts owed to them are the Central
Hanover Bank and Trust Company, $8,874,279; the American Founders'
Trust Company of Milwaukee, $180,000; Chapman & Carman Company,
$174; the Manufacturers Trust Company, $490,000, and the Union Trust
Company, Rochester, $61,000.
Members of Failed Brokerage Firm of West & Co. File
Schedules in New York.
Schedules in bankruptcy were filed on Aug. 31 in New
York by three partners of West & Co. in the United States
The New York "Herald Tribune" of
District Court.
Payment of 50% to Creditors of Woody & Co. Reported Sept. 1 says:
Thomas G. Stockhausen, of Philadelphia, listed liabilities of $14.247,000;
Planned—Offer of Final Settlement Will Be Subassets. $1,004; Hugh B. Partridge, Philadelphia, liabilities, $14,263,870;
mitted to Referee Davis Soon.
assets, $250; W. Knowlton Hoag, also of the same city, liabilities, $14,The following is from the New York "Times" of Sept. 1: 235,404; assets, $1,695.
A final settlement of the affairs of Woody & Co., the brokerage concern
which failed for more than $2,000,000 in June 1930, will be submitted
within the next few weeks to Henry K. Davis, Federal referee in bankruptcy.
It was learned definitely yesterday that the forthcoming settlement will
yield 50 cents on the dollar to the creditors of the firm wrecked by the
operations of Harold Russell Ryder. . . .
The bulk of the assets which have now made the 50% settlement possible,
were recovered by the Irving Trust Company, as receiver, from Frank
Bailey, Brooklyn banker to whom Ryder diverted part of the funds of the
firm, as he later confessed, in an effort to satisfy a claim which Mr. Bailey
had against him.
Mr. Bailey last week carried out his offer to return $575,000 in cash
and Ryder's Park Avenue apartment which had been sold for $143,000
and to cancel his own claim against Woody & Co., for $259,200, still unsatisfied, in return for a complete release by all creditors from, all further
responsibility for their losses through Ryder's operations.
Ryder is serving a grand larceny sentence in Sing Sing.
The affairs of the concern were referred to in these columns May 2, page 3263 and May 23, page 3814.
Involuntary Petition in Bankruptcy Filed Against
McMichael.& Co., Inc., of Boston.
The "Boston Herald" of Aug. 26 stated that a creditors'
bankruptcy petition has been filed against McMichael &
Co., Inc., of Boston, stock brokers. The "Herald" said:
Attorney for the petitioners states that within a few days he will ask
that a receiver be appointed for the company. There will be several hundred
creditors.
The Providence "Journal" of Aug. 26 had the following
to say in the matter:
An involuntary petition in bankruptcy against McMichael dr Co., Inc.,
Boston Investment firm, with offices in Providence, was filed in the Federal
Court in Boston yesterday, according to the Associated Press.
The company's obligations amount to several hundred thousand dollars,
Frederick A. Carpenter of Boston alleged in asking appointment of a
receiver.
George C. McMichael, President and Treasurer of the firm, who was
reached at the company's local office, declared that he knew nothing of
the action.
McMichael & Company have been in business about five years. Thomas
A. Kennelly, local member of the firm, stated. The Providence office has
been established slightly over a year, he said.
Kennelly said that Robert W. Patterson, Tom Howick and J. Edward
Joyce, all of Providence, are also partners in the investment company.
The company deals largely in bonds, Mr. Kennelly said.
The bankruptcy petition was filed by Carpenter who said $11,300 was
due him; John H. MacAlman of Winchester who has a claim of $1,000,
and John F. O'Brien of Boston, who also claimed $1,000 was owed him.
The petitioners claimed the company was insolvent and had committed acts
of bankruptcy on three occasions since June 1. They claimed that it had
transferred portions of its assets to the First National Bank of Boston, to
the Webster and Atlas National Bank, and to E. M. Blunt, Inc. They
charged the transfers were made to give preference and to enable the
parties to obtain a greater percentage of their claims than could be obtained
out of the total remaining assets of the company.
Carroll & Wright ofToronto in Hands of Receiver.
From the Toronto "Globe" of Aug. 27 we take the following:
The firm of Carroll de Wright, members of the Standard Stock and
Mining Exchange, suspended business yesterday, and F. C. Clarkson has
Immediately following the suspension,
been appointed interim receiver.
J. Claremont Carroll, President of the concern, resigned his seat on the
exchange. The firm of Carroll & Wright several years ago took over the
brokerage business of J. B. Hutchinson & Company, Limited. The petition
Nickle, and Douglas Wright is the firm's
in bankruptcy was filed by D. S.
V ice-Preal dent.
Guibord White & Co., Brokers, List $4,906,571 Liabilities—Say Creditors Are Secured by Deposits.
Guibord White & Co., dealers in investment securities at
50 Broadway, who were petitioned into a receivership last
June, filed schedules in bankruptcy on Aug. 26 in United
West & Co. were in business in Philadelphia, with branch offices here, in
Boston. Baltimore, Chicago, Atlanta, San Francisco and in many Pennsylvania cities, also in Manchester, Vt. Original bankruptcy papers were
filed in Philadelphia, receivership here being ancillary bulk of liabilities,
in each personal schedule, are those of the firm, including 37,688,000 due
to banks and secured by collateral valued at $10,241,747. Equities due
customers are listed at $4,984,251.
Previous references to the affairs of the firm appeared
in our issues of June 20, page 4509 and July 11, page 218.
Otto H. Kahn of Kuhn, Loeb & Co. Holds Troubles
of World Due Largely to Defects of Disrupting
Peace Treaties—Economic Collapse not Traceable
to Capitalism—Modification of Anti-Trust Laws,
Abolition of Prohibition and Constructive Measures for Railroads Offered as Panaceas for Present
Depression.
In a statement issued on Aug. 29 at Chicago, where he
was spending the week-end to attend the Ravinia Opera,
Otto H. Kahn of Kuhn, Loeb & Co. declared "unjustified"
the assertion that "capitalism" has failed, and further
declared that "the economic collapse" "is not traceable to
capitalism." Mr. Kahn expressed the view that "to the
extent that the troubles of the world . . . are traceable
to the great war . . . they are due more to the grievous
defects of the series of disrupting peace treaties which
followed it than to the destructiveness of the conflict."
In offering some suggestions for remedying the existing
situation, Mr. Kahn proposed a modification of the antitrust laws, especially the Clayton Act; the setting into
motion of machinery for abolishing prohibition, and pending
that, modification of the Volstead Act; economy in the
spending of Government funds was also urged by Mr.
Kahn, who noted that "related to the topic of economy is
that of taxation," and he warned that we should beware of
pushing taxation. to the point of "drying up the springs of
incentive and means for enterprise, and gravely and progressively impairing the capital available for direct imposts.
Constructive measures on behalf of the railroad industry
was also advocated by Mr. Kahn, and continued and comprehensively planned co-operation on our part with Europe
and the rest of the world was likewise among the measures
favored by Mr. Kahn. He contended that foremost among
the problems pressing for solution is that of "unemployment
both in its immediate aspect and in that of its periodical
recurrence; and next to it that of providing adequately for
old age and sickness among those of insufficient means.
Such problems," he added, "must be solved. I am convinced that they can best be solved within the framework
of capitalism." Mr. Kahn's statement follows in full:
It is an assertion frequently heard of late that the system of individual
effort, incentive and free enterprise—incorrectly and somewhat unfortunately
termed "capitalism"—has failed. In my opinion that assertion is unjustified. The economic collapse which started in the autumn of 1929
is not traceable to the system of capitalism, whatever criticism may justly
lie against individuals. Moreover in assessing responsibility it should be
has been in operation for Borne time has
remembered that capitalism as it'
been by no means undiluted. It is a debatable question to what extent
through legislation, the functioncountries
governmental action in most
ing of Commissions and interference with the natural workings of economics
has had a share in responsibility.
It is significant that England, in which the natural workings of capitalism
have been particularly hampered in recent years, and methods of taxation
which are destructive of capital have been applied most rigorously, is the
country which to-day finds itself, among the leading nations, the one most
beset by troublous problems, including the largest unemployment (outside of Germany, defeated in war and wearing the chains of the Treaty
of Versailles). That country, on the other hand, in which capitalism,
1552
FINANCIAL CHRONICLE
socially and economically, has been least hampered, i. e. France, is the
most prosperous to-day and has hardly any unemployment.
Capitalistic business with us is held responsible by many for unsystematized greedy, and at times grossly excessive production, with inevitably
resulting periods of reaction and unemployment. How can it justly be
so held responsible when our antiquated anti-trust laws (particularly the
Clayton Act) go to the length they do in exacting competition, however
wasteful, harmful and chaotic, and make fore-sighted and logical co-operation a punishable offense? How can industry evolve, and adhere to, a
comprehensive and balanced plan of procedure when mere conferences to
that end, among those engaged in the same line of business, may expose
the participants to the penalties of the law?
I am far from thinking that capitalistic society can afford to indulge
In complacent self-satisfaction. On the contrary, it must recognize that
confidence in its functionings has not been left without impairment by
recent events, and must do its utmost to revindicate and regain it. It must
acknowledge its share of responsibility for the deplorable condition of the
day, just as, prior to their advent, it rightly claimed its share of credit for the
existence of a higher standard of living than has ever been known before.
It must strive unceasingly for further progress and the enhanced welfare
and satisfaction of the people. Important problems press for solution—
foremost among them in urgency, that of unemployment both in its immediate
aspect and in that of its periodical recurrences; and, next to it, that of
providing adequately for old age and sickness among those of insufficient
means. Such problems must be solved. I am convinced that they can best
be solved within the framwork of capitalism.
To the extent that the troubles of the world (not merely of the defeated
nations) are traceable to the great war, I believe it to be within bounds
to say that they are due more to the grievous defects of the series of
disrupting peace treaties which followed it than to the destructiveness of
the conflict. In place of bringing that peace and settlement for which a
stricken world was hoping and praying, the men who were responsible for
dictating those treaties have sown dragon's teeth of discord and unsettlement. Painful and calamitous events have brought some of these maladjustments starkly into view at last, for all men and all governments to
see. The ostrich act is no longer possible. I believe the enlightened
selfishness of the nations, if no more exalted motives, must—and will—be
mobilized to apply remedies to the most glaring and harmful, at least, of
the derangements and maladjustments which the peace treaties have created.
Until a relatively recent period, the prevailing tendency in America,
and especially among American politicians, was to look upon conditions
in Europe as something of but little concern to us, in essentials. It would
appear that sentiment in wide circles is now inclining to go to the opposite extreme and to attach, perhaps, exaggerated importance to that situation in its power to affect our own welfare. Of course, Europe is, always
has been, and presumably always will be, an important element in our
presperity and weighty events and developments there can scarcely be
without some effect in our country. We should co-operate with Europe
economically and in other non-political espects and take its problems
within our purview—both from the point of humanity and from that of our
own interest; we should so frame our tariffs, with due regard to our traditional standard of living and the legitimate claims and needs of our industries,
as to facilitate trade between Europe (as well as the rest of the world)
and ourselves; we should examine constructively and broadmindedly,
though without undue submission, the matter and the terms of European
war-indebtedness to America and the resulting repercussions. But, in the
last analysis, the basic elements of our economic condition are in our own
country and with our own people. We are not, as are the various European
countries, separate units, out out of a continent, each relatively limited
(and soma insignificant) in size and resources, each pursuing its own
economic policy (not to speak of deep-seated animosities), the result being
that the highroads of trade of the European continent are intersected by
some thirty impeding barriers. We stretch across an undivided continent,
with an unparalleled home market and endowed with unparalleled home
resources.
I am asked for a few concrete suggestions befitting the existing situation.
(a) Our paramount and most immediate duty is, of course, to take care
of those in unavoidable distress. Next to that, with the psychological
obligation of keeping a stiff upper lip, I should place the task of guarding
ourselves and our governmental and legislative representatives from being
carried to precipitate actions by the stress and strain of a wholly abnormal
situation, and, furthermore, the task of seeking to unite leadership in the
field of politics, business, agriculture, labor and economic science into
co-ordinated planning both in respect of the existing conditions and of
measures for the future.
I have referred to the prevailing situation as a wholly abnormal one.
In certain of its features, it is, indeed, almost, if not quite, unprecedented
and reflects a combination of disturbing and distress-breeding elements,
culminating simultaneously, which of its kind is not likely to occur again.
The subject is too large and complex for an attempt to treat it with even
remote adequacy on the present occasion. I shall have to confine myself
to indicating, in a fragmentary way, an incomplete list of what seem to
me in the nature of remedial items:
(b) Modify our anti-trust laws, especially the Clayton Act, so as to
bring them into keeping with modern conditions. Of course, we will not
have monopoly in this country. Nor shall we relax the watchfulness of
the Government in that respect, or weaken the instrumentalities available
for the protection of the public against excessive concentration of business
power, or socially underslrable business methods and tendencies. On the
contrary, our trend will be, in my opinion, to make the conduct of business increasingly a matter of public concern.
We believe in competition. But we do not want laws which result in
destructive, wasteful competition, detrimental to legitimate trade and
enterprise and the economic welfare of the country. We do not want laws
which, without elasticity, discrimination, or adaptability to changing circumstances, constrain unregulsted production and stand in the way of
the avoidance of oversupply, of waste motion and of costly duplication
of effort; which forbid useful co-ordination among those engaged in the
same line of business; which, while aiming at a desirable end and seeking
to preserve a righteous principle, overshoot the mark in that they prohibit
and penalize certain actions which, subject to proper supervision and
regulation should not merely be permitted but, in fact, encouraged.
(c) Set into motion the machinery for abolishing prohibition, and,
pending that proceeding, modify the Volstead Act and do whatever else
may be permissible in the way of relief as long as the 18th Amendment
is unrepealed. The formidable moral and economic evils of the existing
state of affairs seem to me proven beyond further question. By repealing
an experiment which, however rightly intentioned, has failed with lamentable consequences, we should raise vast revenues for the Government, we
should greatly help agriculture, we should substantially decrease unemployment, not to speak of the hideous brood of bootleggers, gangsters, etc.,
(Vol,. 133.
and of other grievous items in the long register of Prohibition and Volstead
ills. And we should greatly promote the eminently desirable cause of true
temperance. I believe that if, pending a vote on the repeal of the 18th
Amendment, its provisions were to be translated into liberal legislation
in lieu of the extreme interpretation given to them in the Volstead Act,
a highly important and promptly effective contribution would have been
made to the economic and social welfare of the country.
(d) If any new measures can be devised, from whatever quarter, capable
of standing the test of economic soundness, which promise to be effective
to give much needed and greatly to be desired aid to the farmer, they
should by all means be given a fair and adequate trial, notwithstanding
the costliness and dismal ineffectiveness of attempts made heretofore in
that line, especially the ill-fated purchases of wheat, cotton, etc., by the
Farm Board.
(e) While every well-conceived and legitimate effort should be made
by the Government—local, state and national—to he of constructive service
towards creating employment, yet, at the same time, rigorous economy
and strict watchfulness should be practiced in the spending of Government
funds.
It is high time that haphazard methods, waste, lack of efficiency and
of systematic planning by Governmental bodies, especially in many of
our cities, be attacked and dislodged, and that the legislative mind become
imbued with the imperative necessity of cutting our coat according to
our cloth. Personally, I am inclined to feel that the system of the trained
City Manager rather than the politically selected Mayor will have to be
increasingly applied, as times goes on, in our municipal administrations ;
and it may well be that a similar system could be utilized advantageously
also in some phases, perhaps, of our public affairs.
Related to the topic of economy is that of taxation. Temptation is
naturally present in times of difficulty and distress to be guided by facile
plausibility rather than by the stern lessons of experience, in devising
methods to raise revenue. "Capacity to pay" is one of the tenets of a
sound taxation policy, but we should beware lest it be pushed to the
point where taxation becomes unduly narrowed and concentrated, with
the baneful result of drying up the springs of incentive and means for
enterprise, and gravely and progressively impairing the capital available
for direct imposts.
Business, in the long run, cannot minister to employment and advance
unless it is enabled to realize a living profit, nor, in the long run, can
individuals be expected to take upon themselves the risk, responsibility, worry
and strain, inseparable from the active use of capital, if the reward is too
greatly curtailed.
The problems with which England finds herself confronted to-day and
which, in part, are due to the capital-destroying policy of taxation which
she has practiced for some years (largely to provide means for the "dole"
and other measures of socialistic complexion), are an eloquent and instructive commentary upon the inescapable ultimate results of such policy.
(f) Constructive measures should be taken on behalf of the railroad
industry.
The railroads are not only in themselves one of the most vital industries
of the country, but the prosperity of a number of other industries is, to
a considerable extent, dependent on them. Moreover, thousands of millions
of dollars of railroad securities are held for investment throughout the length
and breadth of the land, a large proportion thereof by savings banks, insurance
companies, and other institutions, representing the investments of millions
of men and women of small means.
Furthermore, it should be borne in mind that many additional millions
of capital are naturally and constantly needed for betterments, extensions,
Improvements and kindred purposes, which funds can only continue to be
obtained from the public if there is reasonable assurance that, under
proper management, they will yield safety and a fair return.
It is the conception of the law governing our railroads that they are
administered by private management, and under private financial responsibility, subject to supervision and regulation by the Inter-State Commerce
Commission. The principle is wise and just, tan I venture to suggst that
the fruitfulness, fairness and .effectiveness of its operation would be promoted
if railroad service were accorded more adequate compensation, if the
railroads were relieved from certain unduly hampering restraints, now
Imposed upon them by legislation enacted from time to time, and also
If the rigidity and inherent cumbersomeness of minute Commission rules
and regulations could be relaxed somewhat in favor of enhanced elasticity
of action and initiative for the managements. It would also seem logical
and desirable that the legal status of the railroads in respect of water transportation should be revised, that their competitors in the field .of transportation should be brought under like jurisdiction and regulation as the
railroads, that the Government, having no accounting to make, no taxes
to pay, and no losses to fear, should not compete with the railroads in
the way it now does through canals, and that, as far as practicable, a
nearer approach to reasonable parity in the burden of taxation be established
between railroads and any other forms of transportation.
On the other hand, it would appear that railroad managements might
advantageously consider ways and means (which I understand they are at
liberty to adopt under the existing law) for restraining the ardor •of
competitive practices and thus avoiding undue costs to themselves, without thereby depriving the shippers and the public at large of any real
advantage.
(g) Continuing and comprehensively planned co-operation on our part
with Europe and the rest of the world, in economic and various other
non-political affairs, and practical action, as occasion arises, in recognition
of the fact that the promotion of peace and of international understanding,
harmony and welfare is distinctly within the field of our duty and interest.
(h) Whilst prudence and careful regard for due liquidity are always
essential elements of correct banking, and especially so in times like the
present, on the other hand, in such times, it is doubly desirable and in
accordance with sound banking practice to avoid a tendency towards
timidity and undue credit restraint, and, on the contrary, to meet and
encourage justified demands for credit in a courageous spirit of liberality,
and thus collaborate towards strengthening confidence and maintaining
the smooth working of the routine of business.
(I) Faith in America's future, and courage based upon such faith.
In 1928 and 1929 the land was resounding with vociferous and cocksure
preachings (leading to views and actions then all too widely prevalent),
that America had entered a new economic era, to be characterized by a
fantastic and unceasing rise in values. There was, indeed, to be no top
to things. Since then, we have had, and continue to have, preachings
equally plentiful, vociferous and cocksure, that America has entered a
new economic era, to be characterized by the most dire and dismal developments and by a fantastic, ceaseless and irretrievable fall in values. There
is, indeed, to be no bottom to things. The query seems justified whether
it is likely that those who were so disastrously wrong in their prophesies
In 1928 and 1929 are right in their prophesies now.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1553
Changes Effected in Pennsylvania Banking Statutes— one company is licensed under the provisions of this act, which company es
about to file application for the cancellation of its license and the return of
Measures Enacted in 1931 Session of Legislature the
securities deposited under the provisions of the act. Inasmuch as the
Summarized by State Secretary of Banking.
Securities Act has since been passed to protect investors in Pennsylvania,
will not be necessary to license any more companies under the provisions
A review of the 1931 legislation in Pennsylvania affecting it
of the Act of 1907.
the Department of Banking prepared by the Secretary of
Banking, William D. Gordon, was given as follows in the Low Interest Rates Injure Bank Profits—Many Institu"United States Daily" of August 6:
tions Tighten Minimum Balance Demands as
House Bill No.212(Act No.84) provides that the Department of Banking
Result.
upon payment of a nominal fee, may furnish a copy of the most recently
From the New York "Journal of Commerce" of Sept. 2
filed statement of any building and loan association, showing the assets,
liabilities, receipts and disbursements. This bill was passed at the suggestion we take the following:
of the Pennsylvania League of Building and Loan Associations, in order that
citizens of the Commonwealth of Pennsylvania might obtain definite and
up-to-date information with regard to building and loan associations. Before
the approval of this act, the Department of Banking was prohibited from
divulging any information except that contained in its annual printed
reports. Due to the unavoidable delay in printing the annual reports, the
information contained in them was rather old before it reached the public.
Reinsurance of Titles.
House Bill No.768 (Act No. 197) provides for the purchase of reinsurance
to replace title policies issued by institutions that have been taken in possession by the Secretary of Banking to use the title insurance reserve fund to
purchase insurance to cover title policy-holders in a company that has been
taken in possession by the Department of Banking, thus affording them a
protection that they did not have heretofore.
House Bill No. 1175 (Act No. 118) amends the provisions of the Act of
June 15 1923 with regard to the reorganization of institutions taken in
possession by the Secretary of Banking. This act was passed for the purpose
of enabling the Secretary of Banking to facilitate the reorganization of
certain institutions taken in possession. It will, undoubtedly, be useful and
afford relief by giving the Secretary of Banking more discretion in the sale
of assets of an institution in his possession. It should enable him to expedite
dividends to depositors and other creditors.
Publishing Statements.
House Bill No. 1410 provides for the publication of bank statements in
legal periodicals. It repeals the Banking Department Act of 1919 and
amends Act of June 15 1923.
House Bill No. 1587 amends the Act of April 23 1909 which makes it a
misdemeanor to circulate false rumors concerning banking institutions.
This is an important piece of legislation. A great many runs on banking
institutions and withdrawals by stockholders in building and loan associations have been caused by persons uttering derogatory statements without
any foundation. It was difficult to procure convictions under the former
act as it was necessary to prove intent to injure any such financial institution, which was difficult and In many cases impossible to do even when the
rumor-monger was apprehended.
This act will put the burden of proof on the person uttering, publishing,
writing, circulating and transmitting untrue statements or rumors concerning financial institutions and building and loan associations. It should
enable this department to curb certain newspapers and prosecute certain
individuals who have maliciously attenpted to embarrass banking institutions and building and loan associations and have greatly agitated the
present distrust of a certain class of people toward banking institutions and
building and loan associations.
The tendency of commercial banks to require larger average deposit
balances on checking accounts, which has boon prevalent for some time at
the larger offices of the New York banks, is spreading to residential sections
of the city, according to banking observers here. The prevailing low level
of interest rates, it is said, make it necessary that larger balances be maintained if the accounts are to be operated on a profitable basis.
It is held likely that this tendency will become more pronounced throughout the country as the prevailing low level of money rates is working quite
a change in the relation of bank income to costs on a given volume of
deposits. The higher ratio of losses in slower and high yielding commitments is another factor pointed to in this connection.
Three years ago, when money rates were on a materially higher level. It is
pointed out, many institutions were able to operate branches profitably with
aggregate deposits of less than $1,000,000. The profitable operation of noncommercial banking departments at such branches contributed to this
result, it is said. At the present time, however, direct earnings on a given
volume of deposits have been reduced materially so that the banks tend to
tighten up their supervision of individual accounts to assure that they
pay their way. In most institutions this means average balances in checking
accounts of $200 or more even in purely residential sections.
Another factor pointed to in this connection is the tendency of many
depositors to maintain smaller balances during periods of business depression, because of reduced incomes or larger current cash outgo. As a result,
while previously depositors who fell below the required average one month
might be expected to go materially above the next. At the present time
many accounts when not watched are said to show a tendency to go chronically below the desired average.
The closing down or merging of several smaller banks in the city recently
is a factor facilitating the maintenance of higher average deposit balances, it
is said. In many cases these institutions sought to expand their deposit
volume by relaxing requirements as to average balances, thus tending.to
attract accounts away from the branches of the large banks. Offers of
higher interest rates on time deposits were also made in many such instances,
since these small institutions are not subject to Clearing House maximums
fixed on such rates.
Ft
Many banks out of town, it is said, further seek to make each checking
account pay its way by making a slight charge on checks drawn on the account beyond a certain reasonable number. In New York City, however.
It is believed that this innovation would not be popular because of the wide
variety of uses to which checks are now put, and depositors are thought
likely to prefer the device of higher deposit balance requirements, with a
charge of $2 or so per month where this minimum is not maintained in any
one month. Leallhei/Nelgth
Savings Bank Investments,
House Bill No. 1825 (Act No. 206) permits savings banks to invest In the
obligations of certain public utilities companies. This Is a good piece of
legislation as it will permit savings banks to diversify their investments
in a more liquid form of securities.
House Bill No. 1891 prohibits building and loan associations from investing their funds in syndicated or equal lien loans. For a number of years some
of the building and loan associations In Philadelphia have been making a
practice of granting loans on large business properties, such as hotels,
apartment houses, office buildings etc. In order to make a large loan of
this kind, it was necessary for several associations to combine and to make
the loan upon the security of equal lion mortgages. This practice has resulted in rather heavy losses to a few of the building and loan associations
in Philadelphia.
Interest Reduction Loans.
Senate Bill No. 177 (Act No. 161) authorizes building and loan associations to credit installment stock dues on account of principal loans in certain
cases. It is merely an enactment of the present law as stated by the Supreme
Court of Pennsylvania in the ease of York Trust v. Gallatin. 186 Pa. 150,
combined with an authorization of reduction and extension of loans as
practiced by Pennsylvania building and loan associations by agreement with
the borrowers but without any specific statutory sanction. This act also
removes any doubt that there might be with regard to the right of building
and loan associations to make interest reduction loans.
Senate Bill No. 665 (Act No. 198) known as Uniform Bank Collection
Code expedites and simplifies the collection and payment of checks by banks.
(Legislation endorsed by American Bankers Association and Pennsylvania
Bankers Association.) A number of States have recently adopted it.
Salaries of Attorneys.
Senate Bill No. 888 (Act No. 135) amends the Act of June 15 1923 to
payment
of the salaries ofsuch deputy attorneys general
provide for the
and
other attorneys as may be assigned by the attorney general for handling
legal business pertaining to the supervision of banks.
Senate Bill No.99(Act No.194)shortens the time during which a
building
and loan association must publish notice of a stockholders' meeting called
for the purpose of approving a sale of its franchises and property to another
building and loan association. Heretofore publication was required in a
newspaper of general circulation once a week for 60 days. Under the new
act, notice need be published once a week for only two weeks. This will expedite the consolidation of the weaker associations with the larger and
stronger ones.
Forfeiting Assets.
Senate Bill No. 1183 (Act No. 195) provides that pledges of assets of
institutions In possession of the Secretary of Banking may not forfeit or
sell such assets except under certain conditions. (To prevent stripping of
collateral in an institution repledging to secure bills payable at another
institution.) When this is done it works an injustice on certain persons who
are borrowers and depositors in an institution which has been taken in
possession by this Department.
Senate Bill No. 1272 (Act No. 196) repeals the Act of June 7, 1907, which
provides for the licensing of certain foreign corporations engaged in the business of selling securities within the Commonwealth of Pennsylvania. The
Act of 1907 required the licensee to deposit $100.000 in Government securities with some trust company of this Commonwealth, approved by the
Secretary of Banking, as security for the fulfillment of its contracts. Only
60 Cook' County(Ill.) Banks Reported Liquidating
Through Formation of Pool of Securities.
The following Associated Press dispatch from Chicago,
Sept. 3 is from the New York "Herald Tribune":
Liquidation of the $40.000.000 frozen real estate assets in the closed
banks In Cook County was started to-day with the formation of arpool
of securities to be offered for sale.
The revised plan, as announced by State Auditor Oscar Nelson,rcalled
for the pooling of 10 pieces of property from each of 50 closed banks. If
the original pool, which will be started as soon as possible, proves successful,
other similar pools will be formed later.
For the original venture each of the 50 bank receivers will select 10
pieces of property on which the mortgages are fully controlled by the
bank. These will include three residences, two apartment buildings having
from two to four apartments in them, three buildings that have six apartments or more, and two business properties. After an appraisal of all 500
pieces of property, the mortgages will be pooled and offered for sale.
The auditor said that in disposal of one group after another rather than
all at once, the market would not be glutted. He expected the first group
to be ready for sale In 10 days, he said. Sixty-two State banks in Cook
County have been closed by the State Auditor's office in the last two years,
most of them last June. The combined deposits approximated $150,000,000.
Federal Reserve Board on Bank Suspensions-92
Closed in July.
A total of 92 banks were closed in the various Federal
Reserve districts during July—Boston being the only district in which no banking suspensions were reported during
the month. The Federal Reserve Board, in its compilation
in its August "Bulletin," shows that 75 of the 92 closed
banking institutions were non-member banks. The 92
banks (which, according to the "United States Daily,"
suspended in 23 States) had deposits aggregating $46,440,000.
The following regarding the suspensions is from the Aug. 19
issue of the paper indicated:
Nine Banks Reopened.
The deposits of the suspended national banks were $8,222,000: those of
the two State bank members,$2,035,000; while those of the 75 non-members
were $36,183.000.
Nine banks, all non-members, were reopened during July, with deposits
of $2,846,000. Reopenings since the first of the year number 192, of which
18 are national banks. 4 State bank members of the Reserve system, and
170 non-members. Total deposits of the reopened banks are given as
$103.155,000.
Since January 778 banks had suspended up to the end of July, with
total
deposits of approximately $500,000.000. Only eight States and the District of Columbia have had no failures. The eight States are
Maine,
New Hampshire, Vermont. Rhode Island, Connecticut, Delaware. Wyoming and New Mexico.
1554
FINANCIAL CHRONICLE
Suspensions Increase.
One suspension each is the record for Massachusetts, Maryland, Arizona
and Nevada. One hundred and five are registered for Illinois in the sevenmonth period and 65 in Iowa.
The number of bank suspensions listed by the "Bulletin" for the first
seven months of 1931 is greater than for the first 10 months of 1930, and
greater than for the entire year in either 1929 or 1928, the only years for
which summaries are given.
Likewise, the deposits involved in bank failures the first seven months
of the present year are greater than for the first 10 months of 1930, and
greater than for the entire year in either 1929 or 1928.
The following are the compilations in the August number
of the Federal Reserve Board's "Bulletin":
BANK SUSPENSIONS.
[Banks closed to public on account of financial difficulties by order of supervisory
authorities or directors of the bank. Figures of suspensions include banks subsequently reopened.]
Deposits(in thousands ofdollars).
Number of Banks.
Month.
1928. 1929. 1930. 1931. 1928.
53
50
66
43
29
28
24
21
20
41
72
44
January
February
March
April
May
June_
July
August
September
October
November
December
Year
54
60
61
29
112
48
69
17
39
43
68
52
491
99 202
85 77
76 ss
96 64
55 89
66 r168
65 92
67
66
72
254
344
1929.
10,983
18,352
16,953
8,190
6,394
13,496
5,368
6.147
7,888
9,011
24,784
11,076
1930.
1931.
16,413 28,903 78,130
21,746 32.800 35,123
9,002 23,769 35.285
7.790 33,388 42,417
24,090 19,315 r43,963
19,219 70,566 r196.884
66,161 32,333 46.440
8,532 21,951
10,050 23,666
13,153 24,599
22,646 186,306
15,730 367,119
138,642 234,532 864,715
642 1,345
Back figures.-See Annual Report for 1928 (Table 64). r Revised.
BANK SUSPENSIONS BY DISTRICTS.
[Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions include banks
subsequently reopened. Figures for latest month are preliminary.]
Banks Suspended.
Deposits (in Thousands of Dollars).
Number.
Federal Reserve
District.
Members.
Members.
All
NonAll
Banks NaMem- Banks.
tional State. bers.
National.
Non- •
Members
State.
Jan.-July 1931-
Boston
New York
Philadelphia__
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
15
_
Total
Jail/ 1931Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
8
9
1
18
11
4
1
4
12
3
1
27
61
54
67
252
86
102
63
27
23
13
30
10
16
6
11
4
778
136
3
29
2,312
1
6 29,760
18 33.062
39 70,366
42 16,558
50 30,715
210 222.724
73 19,183
85 25.658
57 12.883
16
8.933
16
6,088
7,506
7,859
15,933
5,057
15,918
44.802
4.764
4,581
2,272
3,777
793
613 478,242 113,262
6,056
7.401
219
1,715
46,351
741
496
1,433
2,312
16,198
25,203
47.032
11.282
13,082
131,571
13,678
20.581
10.611
6,156
3,862
1
1
1
1
1
4
92
15
24
3
21
8
4
3
2,903
0,676
3,374
958
350
16,258
453
6,402
3.001
2,140
925
600
737
566
280
350
4,099
75
46,440
8.222
7
3
2
3
1
2
1,099
936
453
775
362
2,035
2,303
8,939
1,709
678
11,223
453
5,949
2.226
1.,778
925
NonAll Mein- Mon- All Banks.
Banks ben.: bers.
Members.:
$
Non. Members.
8
Jan.-July 1931Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
1
3
2
1
$
2.426.000
24.423,000
1
35
12
26
3
2
1
1
32
10
25
412.000
11.302,000
9,144,000
18.585,000
Bt. Louts
90
11
79
30,033.000
3.892,000
5,481.000
7,502,000
9,577,000
Minneapolis
Kansas City
Dallas
Ban Francisco
16
2
6
3
16
2
3
4,383,000
356,000
2,091,000
520,000
412.000
7,410,000
3,663,000
11.083,000
20,456,000
4,383,000
356,000
1,571,000
192
22
170 103,155.000
48.712,000
64,443,000
1
21,740,000
2,426,000
2,683,000
July 1931Boston
New York
Philadelphia
Total
MONEY RATES AT NEW YORK.
Aug.29 1930. July 31 1931. Aug. 31 1931.
.......
421,000
1
1
421,000
2
2
2
2
4
1,553,000
469.000
400,000
1.556,000
469,000
400,00
9
2.846,000
2.846,000
4
- -
9
___
x Represents nations banks only, except
follows: January-July, 1 State
member in New York district with deposits of $18,801,000. and 3 S ate members
In St. Louis district with deposits of 86,313.000.
Back Figures.-For district figures back to 1921 see "Bulletin" for February 1931:
also annual reports for 1930 (Table 117), 1929 (Table 111), 1928 (Table 115), 1927
(Table 111) and 1926 (Table 98).
ELS
Stock Exchanze 90-day loans
Prime commercial paper
Bills-90-day unindorsel
Customers' rates on commercial loans.._.
Treasury certificates:
Maturing Deo. 15 (yield)
MIturtnz March 15 (yield)
Federal Reserve Bank of New York rediscount rate
Federal Reserve Bank of New York buy, Ina rite for gn-aav Indnraael hilla
2
**24-2q
3
114
*4.00
1.54
215
72
114
1M
**Ist-isi
**134-134
*3.58
*3.44
.42
.47
.45
.48
2
2
114
114
1
1
**Nominal. • Averagerate of leading banks at middle of month
%.
z 1-75 days
36,183
Deposus.
Number.
Federal Reserve
Distria.
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
San F'rancisco
The money market was subject to recurrent demands of unusual character
during August, but, chiefly because of a considerably increased use of
Federal Reserve credit, the supply of funds in the market was ample during
most of the month, and money rates remained at practically the same levels
as in the latter part of July.
The increase in Federal Reserve credit, as the accompanying diagram
indicates, was well in advance of the usual autumn expansion, and carried
the volume outstanding to the highest level since the past year-end period.
There were two principal causes of the demand for Federal Reserve credit:
first, the continued transfer of a large volume of foreign bank funds from
active employment in the money market to inactive deposits in the Reserve
banks; and, second, an unseasonal demand for currency. In addition, there
were other influences of a more temporary nature, such as the sale of
$60,000,000 of Treasury bills on a date when there were no maturing
securities, an operation which had the effect of transferring $60,000,000
from the commercial banks to Government deposits in the Reserve banks
pending their disbursement.
Between the middle of June and the middle of August, nearly $175,000,000
was taken out of the New York money market by the increase in foreign
bank deposits in the Reserve banks. Until June these funds had been kept
invested in acceptances and to some extent in Government securities, but
subsequently, as the acceptances or securities matured, the funds were not
reinvested but were placed in the deposit accounts of foreign correspondents
in the Reserve banks in accordance with instructions received from these
correspondents.
The currency withdrawals from all Reserve banks during August were
approximately $150,000,000 in excess of the usual seasonal requirements.
This unseasonal demand for currency reflected chiefly the strengthening of
vault cash supplies by banks and the withdrawal of funds by depositors in
localities in various parts of the country where bank suspensions occurred
during the month.
Until August the losses of funds sustained by the commercial banks in
connection with the transfer of foreign funds to the Reserve banks and the
unusual currency demands were provided for largely out of funds obtained
through gold imports or out of excess reserves which the banks had previously acquired. Early in August, however, the excess reserves were largely
used up, and thereafter an increase in Federal Reserve credit was necessary
to meet the continuing demands on the banks. This was provided in part
through Reserve bank purchases of $50,000,000 of Government securities,
In part through an increase of about $60,000,000 in discounts for member
banks, and more largely through an increase of more than $100,000,000 in
Reserve bank holdings of dollar and foreign currency acceptances. A considerable part of the increase in holdings of dollar acceptances was of a
temporary character, taking the form of purchases of acceptances under
sales contracts from bill dealers at times when the commercial banks were
not in the market for bills because of other demands on them.
64,412 300,568
Banks Reopened.
Total
Federal Reserve Bank of New York on Money Market
in August-Federal Reserve Credit Increased to
Highest Level of Year-Withdrawals From Reserve
Banks During Month $150,000,000 in Excess of
Seasonal Requirements.
The following, regarding the money market in August,
is taken from the Sept. 1 "Monthly Review" of the Federal
Reserve Bank of New York:
Stock Exchange call loans
2
2
9
4
1
29
3
23
11
5
3
[VOL. 133.
Treasury Department's Offering of Government Securities Totaling $1,100,000,000-Long-Term Treasury
3% Bonds Offered to Amount of $800,000,000,
Together with $300,000,000 1 W?% CertificatesSubscriptions to Latter $1,200,000,000.
Secretary of the Treasury Mellon, who last week returned
from abroad, announced on Aug. 30 the offering of a total
of $1,100,000,000 Government securities. The offering is
made up of an issue of 20-24-year Treasury bonds, offered
to the amount of $800,000,000 or thereabouts, bearing
interest at the rate of 3%, and an issue of $300,000,000 or
thereabouts of Treasury certificates of indebtedness, carrying
13'% interest, and running for one year. On Sept. 1
Secretary Mellon announced that subscription books for
the certificate offering were closed at the close of business
Sept. 1, and that the offering of the certificates brought
subscriptions aggregating over $1,200,000,000. While it
was announced on Sept. 3 that the $809,000,000 Treasury
bonds had been oversubscribed, Secretary Mellon on that
day stated that the subscription books would remain open
until the close of business to-day (Sept. 5) to permit as wide
a distribution as possible of the new issue throughout the
country.
The 3% rate of interest on the Treasury bonds is the
lowest post-war rate to be carried by this class of Government security, and the 15/g% rate on the new Treasury
certificates also constitutes the lowest rate borne by certificates. It was noted in the Washington advices Aug. 30
SEPT. 5 1931.1
1555
FINANCIAL CHRONICLE
to the New York "Herald Tribune" that the present bond
offer comes just three months (June 1) after an $800,000,000
bond issue which carried 31A% interest; up to that time the
31A% had set the record low mark for interest rates on
Treasury bonds in the post-war era. The paper from which
we quote also said:
Sept. 151931, maturing Sept. 15 1932. closed at the close of business yesterday. Tuesday, Sept. 1 1931. Subscriptions for the certificates which did not
reach a Federal Reserve Bank or branch or the Treasury Department before
the close of business yesterday will not be considered.
The reports received from the 12 Federal Reserve Banks show that for the
offering of certificates of indebtedness, which was for $300,000.000 or
thereabouts, subscriptions aggregating over 51,200,000,000 were received.
Of these subscriptions, about $500,000,000 represent subscriptions in
Totaling $1,600,000,000, the present bond issue and its predecessor exceed payment for which Treasury certificates of indebtedness of Series TS-1931
In amount the $903,000,000 deficit incurred by the Government in the last and Series TS2-1931. both maturing Sept. 15 1931, were tendered. In
fiscal year ended June 30. Deducting for Treasury retirements of the Fed- accordance with the Treasury's previous announcement that exchange
eral debts during that year, the actual increase in the public debt was subscriptions would be given preferred allotment. the $500,000,000 in
$616,000,000. The proceeds from the two bond issues will thus not only exchange subscriptions will be allotted about 60%. No allotment will be
cover this item, but go far toward financing also the Federal deficit fore- made upon other subscriptions.
The subscription books for the $800,000.000 offering of 3% 20-24-year
seen for the current fiscal year. It has been the Administration program
to avoid a tax raise, if possible, during the depression, despite the Treasury Treasury bonds of 1951-1955, in denominations ranging from $50 upward,
will remain open until further notice. The above announcement with respect
deficits.
to the closing of subscription books relates only to the ,i% certificates of
Secretary Mellon, in announcing this week's offering, indebtedness.
13
stated that "about $334,211,000 of 23
4% certificates of
The Treasury Department's circular detailing the offering
indebtedness of Series TS-1931, about $300,176,000 of 1%2% of the $800,000,000 Treasury bonds and the $300,000,000
certificates of indebtedness of Series TS2-1931, and about Treasury certificates, follow: .
$30,000,000 in interest payments on the public debt, become UNITED
STATES OF AMERICA 3% TREASURY BONDS OF 1951-55.
due and payable on Sept. 15 1931." The new Treasury Dated and bearing interest from Sept. 15 1931. Due Sept. 15 1955.
bonds, offered to the amount of $800,000,000, will be dated
Redeemable at the option of the United States at par and accrued
interest on and after Sept. 15 1951. Interest payable March 15 and
and bear interest from Sept. 15 1931,and will mature Sept. 15
Sept. 15.
1955; they will be redeemable at the option of the United
The Secretary of the Treasury invites subscriptions at par and accrued
States at par and accrued interest on and after Sept. 15 interest, from the people of the United States, for 3% Treasury bonds of
the United States authorized by the
1951. Interest will be payable March 15 and Sept. 15. 1951-55, of an issue of gold bonds of1917,
as amended. The amount of
Act of Congress approved Sept. 24
The Treasury certificates of indebtedness will be designated the offering will be $800,000.000, or thereabouts.
TS-1932; they will be dated and bear interest from Sept. 15
Description of Bonds.
1931, and will mature Sept. 15 1932. Secretary Mellon's
The bonds will be dated Sept. 15 1931 and will bear interest from that
date at the rate of 3% per annum, payable semi-annually on March 15
announcement said:
15 in each year until the principal amount becomes payable.
and Sept.
The Treasury will accept in payment for the new Treasury bonds and The bonds will mature Sept. 15 1955, but may be redeemed at the option
certificates of indebtedness, at par, the 234% Treasury certificates of in- of the United States on and after Sept. 15 1951, in whole or in part, at
debtedness of Series TS-1931 and the
% Treasury certificates of in- par and accrued interest, on any interest day or days, on four months'
debtedness of Series TS2-1931, which become due and payable Sept. 15 notice of redemption given in such manner as the Secretary of the Treasury
1931. Subscriptions for the 12-month certificates of indebtedness in shall prescribe. In case of partial redemption the bonds to be redeemed
payment for which Treasury certificates of indebtedness of Series TS-1931 will be determined by such method as may be prescribed by the Secretary
and TS2-1931 are tendered, will be given preferred allotment. No such of the Treasury. From the date of redemption designated in any such
preference will be given in the case ofsubscriptions for the Treasury bonds.
notice, interest on the bonds called for redemption shall cease. The prinThe Treasury bonds will be issued both in bearer and registered cipal and interest of the bonds will be payable in United States gold coin
form, in denominations of $50, $100, $500, $1.000, $5,000, $10,000 and of the present standard of value.
$100.000. The registered bonds will also be Issued in the $50,000 denomiBearer bonds with interest coupons attached will be issued in denominanation. The certificates of indebtedness will be issued in bearer form only, tions of $50, $100. $500, $1,000, $5,000. $10,000 and $100,000. Bonds
in denominations of $500, 31.000. $5.000, $10,000 and $100,000, and will registered as to principal and interest will be issued in denominations of
have two interest coupons attached. payable March 15 1932 and Sept. 15 $50, $100, $500. $1,000, $5,000, $10,000, $50,000 and $100,000. Provision
1932.
will be made for the interchange of bonds of different denominations and of
The certificates of indebtedness will be exempt from all coupon and registered bonds and for the transfer of registered bonds, without charge by the United States, under rules.and regulations prescribed by
taxation except estate and inheritance taxes. The Treasury the Secretary of the Treasury.
The bonds shall be exempt, both as to principal and interest, from all
bonds will be exempt from all taxation except estate or intaxation now or hereafter imposed by the United States, any State. or
heritance taxes, and graduated additional income taxes, any
of the possessions of the United States, or by any local taxing authority,
commonly known as surtaxes. The following is Secretary except (a) estate or inhertiance taxes, and (b) graduated additional income
taxes,
commonly known as surtaxes, and excess profits and war profits
Mellon's announcement of Aug. 30 in full:
taxes, now or hereafter imposed by the United States, upon the income or
The Treasury is to-day offering for subscription at par and accrued interprofits of individuals, partnerships, associations or corporations. The
est, through the Federal Reserve banks, $800,000,000 or thereabouts of
interest on an amount of bonds and certificates (but not including any
8% 20-24-year Treasury bonds and $300.000,000 or thereabouts of 1 %
certificates of indebtedness issued after June 17 1929) authorized by said
12-month certificates of indebtedness.
The Treasury bonds will be dated and bear interest from Sept. 15 1931, Act approved Sept. 24 1917, as amended, the principal of which does not
partnership, assowill mature on Sept. 15 1955, and will be redeemable at the option of the exceed in the aggregate $5,000, owned by any individual,
ciation or corporation, shall be exempt from the taxes provided for in said
United States on and after Sept. 15 1951.
clause (b) above.
The certificates of indebtedness will be a single series, T9-1932. and will
The bonds will be acceptable to secure deposits of public moneys, but
be for 12 months, dated and bearing interest from Sept. 15 1931, and will
do not bear the circulation privilege and are not entitled to any privilege
mature on Sept. 15 1932.
of conversion. The bonds will be subject to the general regulations of the
Applications will be received at the Federal Reserve banks. The TreasTreasury Department, now or hereafter issued, governing United States
ury will accept in payment for the new Treasury bonds and certificates of
bonds.
indebtedness, at par, the 234% Treasury certificates of indebtedness of
Application and Allotment.
Series TS-1931 and the
% Treasury certificates of indebtedness of
Applications will be received at the Federal Reserve Banks, as fiscal
Series TS2-1931, which become due and payable Sept. 15 1931. Subscriptions for the 12-month certificates of indebtedness, in payment for which agents of the United States. Banking institutions generally will handle
Treasury certificates of indebtedness of Series TS-1931 and TS2-1931 are applications for subscribers, but only the Federal Reserve Banks are autendered, will be given preferred allotment. No such preference will be thorized to act as official agencies.
The right is reserved to reject any subscription, in whole or in part, and
given in the case of subscriptions for the Treasury bonds.
The Treasury bonds will be issued both in bearer and registered form. to allot less than the amount of bonds applied for and to close the subscripin denominations of $50, $100, $500. $1,000, $5,000. $10,000 and $100,000. tions at any time without notice; the Secretary of the Treasury also reThe registered bonds will also be issued in the $50,000 denomination. The serves the right to make allotment in full upon applications for smaller
certificates of indebtedness will be issued in bearer form only, in denomi- amounts, to make reduced allotments upon, or to reject, applications for
nations of $500. $1,000. $5,000, $10,000 and $100,000, and will have two larger amounts, and to make classified allotments and allotments upon a
graduated scale; and his action in these respects will be final. Allotment
Interest coupons attached, payable March 15 1932 and Sept. 15 1932.
The certificates of indebtedness will be exempt, both as to principal and notices will be sent out promptly upon allotment, and the basis of allotment
interest, from all taxation, except estate and inheritance taxes. The will be publicly announced.
Payment.
Treasury bonds will be exempt, both as to principal and interest, from all
Payment at par and accrued interest for any bonds allotted must be made
taxation now or hereafter imposed by the United States, any State or any
of the possessions of the United States, or by any local taxing authority, on or before Sept. 15 1931, or on later allotment. After allotment and
except (a) estate or inheritance taxes, and (b) graduated additional income upon payment Federal Reserve Banks may issue interim receipts pending
taxes, commonly known as surtaxes, and excess profits and war profits delivery of the definitive bonds. Any qualified depositary will be pertaxes now or hereafter imposed by the United States, upon the income or mitted to make payment by credit for bonds allotted to it for itself and its
profits of individuals, partnerships, associations or corporations. The customers up to any amount for which it shall be qualified in excess of
interest on an amount of bonds and certificates (but not including any cer- existing deposits, when so notified by the Federal Reserve Bank of its
tificates of indebtedness issued after June 17 1929, because they were on district.
Treasury certificates of indebtedness of Series TS-1931 and TS2-1931
that date made exempt from all taxation except estate and inheritance
taxes) authorized by the Act approved Sept. 24 1917, as amended, the both maturing Sept. 15 1931, will be accepted at par in payment for any
principal of which does not exceed in the aggregate $5,000, owned by any Treasury bonds of the issue now offered which shall be subscribed for and
individual, partnership, association or corporation, shall be exempt from allotted, with an adjustment of the interest accrued, if any, on the bonds
so paid for.
the taxes provided for in said clause (b) above.
General Provisions.
About$334,211.000 of23, % certificates ofindebtedness of Series TS-1931.
% certificates of indebtedness of Series TS2As fiscal agents of the United States, Federal Reserve Banks are auabout $300,176,000 of
1931, and about $30,000,000 in interest payments on the public debt, be- thorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
come due and payable on Sept. 15 1931.
the Federal Reserve Banks of the respective districts.
In indicating that subscriptions of over $1,200,000,000 to Any
further information which may be desired as to the issue of Treasury
offering
of
$300,000,000 Treasury cer- bonds under the provision of this circular may be obtained upon applicawere received to the
The Secretary of the Treasury may at
tificates, Secretary Mellon on Sept. 1 made the following tion to a Federal Reserve Bank.
any time, or from time to time, prescribe supplemental or amendatory
announcement:
rules and regulations governing the offering.
A. W. MELLON,
Secretary Mellon announced that subscriptions for the offering of
of
indebtedness
of
certificates
series
Secretary of the Treasury.
12-month treasury
T54932. dated
134
134
g
134
134%
1556
FINANCIAL CHRONICLE
[VOL. 133.
TREASURY DEPARTMENT,
Office of the Secretary.
Department Circular No. 443 (Public Debt).
August 31 1931.
To the Investor:
Almost any banking institution in the United States will handle your
subscription for you, or you may make subscription direct to the Federal
Reserve Bank of your district. Your special attention is invited to the
terms of subscription and allotment as stated above. If you desire to
purchase, at the market price, bonds of the above issue after the subscriptions close, or bonds of any outstanding issue, you should apply to
your own bank, or if it can not obtain them for you, to the Federal Reserve
Bank of your district, which will then endeavor to flll your order in the
market.
Department has not yet given consideration to the matter of tax reduction,
and no definite decision has been reached as to whether such a proposal
will be broached at the forthcoming session of Congress.
A protest was received by the Secretary of the Treasury, Andrew W.Mellon,in telegram from Henry L. Doherty, public utilities official, oppos
big the long-term bond issue. The telegram was to tho effect that the borrowing should have been through short-term paper which bears lower interest
rates. Mr. Mellon will reply to Mr. Doherty by letter, but has no comment
to make at this time.
The view is held at the Treasury, however,that the large size of the issue
and other conditions made advisable the long-term borrowing. There are
times, it was pointed out, that short-term money is much higher in price
than the longer-term issues.
UNITED STATES OF AMERICA 1;1% TREASURY CERTIFICATES
OF INDEBTEDNESS. SERIES TS-1932.
Dated and Bearing Interest from Sept. 15 1931. Due Sept. 15 1932.
The Secretary of the Treasury, under the authority of the Act approved
Sept. 24 1917, as amended, offers for subscription, at par and accrued
Interest, through the Federal Reserve Banks, Treasury certificates of
Indebtedness of Series TS-1932, dated and bearing interest from Sept. 15,
1931. payable Sept. 15 1932, with interest at the rate of 13,g% per annum,
payable semiannually.
Applications will be received at the Federal Reserve banks.
Bearer certificates will be issued in denominations of $500,$1,000, $5,000,
$10.000, and $100,000. The certificates will have two interest coupons
attached. payable Mar. 15 1932 and Sept. 15 1932.
The certificates of said series shall be exempt, both as to principal and
Interest, from all taxation (except estate and inheritance taxes) now or
hereafter imposed by the United States, any State, or any of the possessions of the United States, or by any local taxing authority.
The certificates of this series will be accepted at par during such time and
under such rules and regulations as shall be prescribed or approved by the
Secretary of the Treasury, in payment of income and profits taxes payable
at the maturity of the certificates. The certificates of this series will be
acceptable to secure deposits of public moneys, but will not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates applied for and to close the subscriptions at any time
without notice. The Secretary of the Treasury also reserves the right to
make allotment in full upon applications for smaller amounts, to make
reduced allotments upon, or to reject, applications for larger amounts, and
to make classified allotments and allotments upon a graduated scale: and
his action in these respects will be final. Allotment notices will be sent out
promptly upon allotment, and the basis of the allotment will be publicly
announced.
Payment at par and accrued interest for certificates allotted must be
made on or before Sept. 15 1931, or on later allotment. After allotment and
upon payment, Federal Reserve banks may issue interim receipts pending
delivery of the definitive certificates. Any qualified depositary will be
permitted to make payment by credit for certificates allotted to it for itself
and its customers up to any amount for which it shall be qualified in excess
of existing deposits, when so notified by the Federal Reserve Bank of its
district. Treasury certificates of indebtedness of Series TS-I931 and TS21931, both maturing Sept. 15 1931, will be accepted at par in payment for
any certificates of the series now offered which shall be subscribed for and
allotted, with an adjustment of the interest accrued, if any, on the certificates of the series so paid for.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to_the Federal Reserve Banks of the respective districts.
A. W. MELLON,
Secretary of the Treasury,
Veterans Urged Not to Seek More Relief Legislation—
Gen. Hines and Assistant Secretary Jahncke Ask
Display of "Spirit of Patriotism" in Matter of Aid.
Veterans of Foreign Wars, meeting in national convention
at Kansas City, MO., on Aug. 31, were urged in addresses
by Brig.-Gen. Frank T. Hines, Administrator of Veterans'
Affairs, and Ernest Lee Jahncke, Assistant Secretary of the
Navy, to approach the question of further financial benefit
in a "spirit of patriotism" and to withhold any further
requests for the additional veterans' relief legislation, which
now costs approximately $900,000,000.
"We are citizens before we are veterans," Gen. Hines
said, "and the welfare of our country at large should be
our first consideration, instead of confining our solicitude
and our efforts to the interests of any one group." The
Administrator pointed out that an opportunity for the
veteran 'to earn his own way is highly preferable to any
form of Government financial aid. The foregoing is from
the "United States Daily" of Sept. 1, from which the
following is also taken:
Mr. Jahncke's View.
Assistant Secretary Jahncke declared that both in the interests of patriotism and personal stake in the return of prosperity, veterans should refrain
from further requests, adding that the Federal Treasury can "ill afford"
to meet again the expenditure of nearly $2,000,000,000 distributed last year
among veterans and their dependents.
An authorized summary of Gen. Hines' address follows in full text:
"Brig. Gen. Frank T. Hines, declared that remunerative employment
rather than any additional form of monetary aid for the Government is
the greatest need in veteran relief.
Provisions Already Made.
"Gen. Hines explained that under existing laws liberal provisions already
have been made for all veterans disabled as a result of their service and on
July 31 1931, nearly 400,000 veterans and dependents of veterans were
in receipt of compensation aggregating over $20,000,000 per month.
"Disability allowances," he said, "are also being paid to nearly 230,000
veterans otherwise disabled at a cost of nearly $5,000.000 per month.
approximately 6,400 disabled emergency officers were receiving retirement
pay of nearly $1,000,000 per month, while over 451.000 pensioners were
being paid monthly pensions totalling over $19,500,000, in addition to
hospital domiciliary care in national homes for veterans of all wars.
"'However,' continued Gen. Hines, 'there is still another group of
veterans, and their dependents, who are in need to-day because of lack
TREASURY DEPARTMENT,
of employment, and I am sure that every able-bodied veteran would
Office of the Secretary.
much rather be gainfully employed than to receive help of any kind from
Department Circular No.444 (Public Debt).
his Government or from any other source, but assistance is needed in
August 31 1931.
obtaining such employment.
To the Investor:
"'It is far more conducive to the maintenance of a man's self-respect,
Almost any banking institution in the United States will handle your far more in keeping with our American traditions of independence of the
subscription for you, or you may make subscription direct to the Federal individual and of the Nation, to give him an opportunity to earn his own
Reserve Bank of your district. Your special attention is invited to the way, than merely to provide some form of payment which he has not
terms of subscription and allotment as stated above. If you desire to had the privilege of earning.'
purchase, at the market price, certificates of the above issue after the subDuty of Citizenship.
scriptions close, or certificates of any outstanding issue, you should apply
"'To this group,' said Gen. Hines, 'we as a Nation, and largely as
to your own bank, or if it can not obtain them for you, to the Federal Reserve Bank of your distroct, which will then endeavor to fill your order in individuals, owe an obligation which will not be discharged until we have
made every possible effort toward securing for them the employment which
the market.
will restore them to economic independence, but the public generally will
expect every able-bodied veteran to make the utmost effort to help himself,
Coinage at United States Mints During August Valued since neither war nor peace can abrogate the duties and responsibilities of
citizenship.'
at $100,160.
"'We were citizens before we were veterans, and in the present economic
Coinage executed at the mints of the United States stress prevalent
throughout the greater part of the civilized world, the
during August aggregated 3,266,000 pieces, having a face welfare of our country at large should be our first consideration, instead of
confining
our
solicitude
and our efforts to the interests of any one group.
value of $100,160, according to an announcement Sept. 1
"'The
Administration is co-operating with the Department of
at the office of the Director of the Mint, Department of Labor in veterans'
an effort to secure employment for veterans and has sent out
the Treasury. In addition to the domestic coinage the questionnaires to all disabled veterans drawing compensation so that any
of that group who wish employment may register their desire and be given
mints produced 448,000 pieces of silver for Panama. No consideration for
such work as they are able to perform,' continued Gen.
gold coins were executed during the month. To replenish Hines, 'and the additional assistance of all veterans organizations is indispensable
if
we are to be successful in this endeavor.'
depleted stocks the mints produced 750,000 dimes with a
value of $75,000, and 2,516,000 one-cent pieces, valued
at $25,160.
Treasury Department Turning Attention to December
15 Financing—Protest Against Bond Issue By H. L.
Doherty.
According to the "United States Daily" of September 1
the following information was made available at the Treasury
Department on Aug. 31:
The Treasury now is turning its attention to tho refinancing of more
than 5995,000,000 in Treasury notes and certificates on Dec. 15, at which
time it may authorize another bond issue, providing conditions are favorable
to this type of security.
There is no connection between the new securities issue and suggestions
for the revision of the tax structure to bring about a better balance. The
Discusses Further Relief.
"Gen. Hines referred briefly to the question offurther benefits for veterans
and stated it as his belief that it is vitally necessary for the veterans organizations to give the whole subject careful study to determine the ultimate
Cost and future limit of all classes of veteran relief now authorized before
requesting Congress to add to existing legislation in behalf of veterans,
which now requires governmental expenditures of approximately $900.000,000 per annum.
"Illustrating his point of view on the future possibilities of present
benefits, Gen. Hines cited the fact that when disability allowance was
authorized July 3 1930, it was estimated that within a year 156,000 would
have benefited at an estimated cost of $25,281,000, whereas the end of
the fiscal year showed nearly 230,000 men drawing this allowance and
expenditures for the year of over $29,000,000.
"The Administrator stressed the trend of the various forms of veteran
relief toward increase, citing as examples an increase of 46% in active
disability compensation awards for tubercular ailments, 59% in general
medical cases, and approximately 126% in neuropsychiatric cases since
June 30 1923.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
"'As the general infirmities of age augment the physical disabilities
of the veterans,' explained the general, 'there will be increased demand for
domiciliary as well as hospital care, and Congress recognizing this certainly
has made most extensive provision for construction of additional facilities.'
Progress of Program.
"'Since June 30 1931, there have been completed or are in course of
preparation at this time, plans and specifications for 5,113 beds at a cost
of approximately $10,370,000. New projects aggregating more than
$13,000,000 have been authorized, and the technical work incident to the
preparation of plans and specifications will be commenced in the near
future.
"'The completion of this group of projects will provide approximately
6,000 additional beds, for which the last Congress made provision and
2,000 domiciliary beds, all of which are expected to be completed on or
about. Dec. 31 1934.
"'When all construction which has been authorized is completed there
will be available in Government-owned hospitals and soldiers' homes
operated by the Veterans' Administration facilities for the care of 63,459
former service men.'
"The Administrator gave a brief summary of the principal activities of
the Veterans' Administration during the past fiscal year and closed his
address with an acknowledgment and appreciation of the co-operation of
the Veterans of Foreign Wars in handling the affairs of the veterans."
61,000 Disabled Veterans Unemployed—Survey Made
in Attempt to Find Jobs Through Labor Department.
More than 61,000 disabled veterans of the World War
were reported on Sept. 1 by E. C. Babcock, national commander of the disabled American veterans, as out of jobs.
The Associated Press is authority for this, its account as
given in the New York "Evening Post" also stating:
1557
Dear Mr,Lewis: Some weeks ago you requested that a general conference
of bituminous operators and miners be called to consider your plan for
stabilization of the industry. In a desire to explore any suggestion that
would be of assistance to the coal industry in its difficult situation the
Secretary of Commerce and I. on July 22, jointly addressed the enclosed
letter to the list of operators furnished by you as men whom you felt should
join in such a conference.
These invitations were sent out to 160 operators. Replies have been received from 38 favoring the calling of such a conference; 21 have replied
questioning the value of such a conference but expressing willingness to
attend. The remaining 101 have either indicated that they would not
attend, or have failed to reply at all.
Inspection of the rated daily tonnage of the mines represented shows
that the combined number of those favoring the conference and those willing to attend while questioning its value, would represent about 450,000
tons. Those who declined or failed to reply would represent a rated tonnage
around 2,000,000. Thus, with operators representing the great bulk of
the total labor employed unwilling to co-operate, and since the responses
indicate that, at this time, it is not possible to assemble a conference representative of the industry generally, it does not appear that the calling of
the conference to consider this plan would have any result. The responses
and records are open for inspection if you so desire.
Coal Restriction Viewed as Illegal in West Virginia—
Governor Conley Declares Use of Police Powers to
Curtail Output Would Violate Constitution.
Governor William G. Conley of West Virginia declared
Aug. 29 that the use of police powers of the State to curtail
the production of coal "would be in contravention of the
Constitution and laws of West Virginia."
His views upon the subject, says the "United States
Daily," were made in a telegram to the Pittsburgh "SunTelegraph," which had asked him to comment on the proposal
of J. T. M. Stoneroad, President of the Carnegie Coal Co.
of Pittsburgh, that the governors of Ohio, Pennsylvania and
West Virginia exercise police powers to curtail overproduction of coal in the three states as had been done in Oklahoma
and Texas in regard to oil.
The Governor's telegram is given as follows in the "Daily:"
Babcock's announcement was based on a questionnaire sent by the
veterans' administration to nearly 300,000 men on its compensation rolls.
Returns from nearly half of them showed 46,424 unemployed, 61,666
out of work and 11,278 unemployable.
The veterans' organization made arrangements in July for co-operation
between the veterans' administration and the Federal employment service
to find jobs for the partially disabled qualified former service men.
Your telegram asking my views "on use of police powers, as suggested
The questionnaires were sent out by the veterans' administration relines adopted in Oklahoma and Texas," is received.
turnable to the Labor Department, which is attempting to find jobs for by Stoneroad along
The use of national guards and State police for the purpose of lessening
the men through the employment service.
any other commodity and fixing the price thereof
Meanwhile, President Hoover's unemployment relief organization the production of coal or
contravention of the Constitution and laws of West Virginia.
emphasized its plans to meet the distress problem through local agencies. would be in
law, not to violate it.
Walter S. Gifford. National Relief Director, issued a statement saying They are used to uphold the
Conditions Elsewhere.
the organization "is not instituting a campaign for a national fund, but
The Oklahoma and Texas conditions do not prevail in West Virginia.
plans nationwide support of local appeals for local funds."
which provides that no natural resource
The relief organization has recommended all relief fund campaigns Oklahoma has an old State law
product can be sold for less than its value. The law has been violated, and
be conducted between Oct. 19 and Nov. 25.
such force as was necessary to enforce the
"In so far as all local campaigns are scheduled within this period," the Governor of Oklahoma used
Mr. Gifford said, "the President's organization hopes to render the maxi- law.
to the State Railroad Commission to
authority
giving
Texas has a law
mum assistance and co-operation by mobilizing all national agencies for
allocate and prorate production of oil in various Texas fields and fixing
stimulation of interest in local efforts."
shipments may be accepted by pipe line companies. The
Mr. Gifford was expected to appoint an assistant to-day to be respon- rules under which
last special session of the Legislature of Texas amended that law so as to
sible for this "stimulation of interest in local efforts."
give the Railroad Commission additional power and authority in regulation
of oil production. East Texas oil producers were trying to drain as much
Secretary of Labor Doak Finds Coal Conference Im- oil as they could In defiance of the law, whereupon the Governor of Texas
enforced the law by martial law decree.
possible—Informs J. L. Lewis of Mine Workers
That Most Bituminous Operators Are Disinclined
to Attend—Says Next Move Rests With Miners,.
A national soft-coal conference representative of the industry appears impossible, the Secretary of Labor, William
N. Doak, informed John L. Lewis, President of the United
Mine Workers of America, in a letter made public Aug. 31
at the Department of Labor at Washington.
It does not appear that the calling of a conference would
have any result, said the Secretary, pointing out that out
of 160 operators 101 declared they would not attend or failed
to reply to a query sent them. Vhe "United States Daily"
in its account of Mr. Doak's advices continues:
The operators. Mr. Doak said, represent a very large percentage of the
tonnage of the industry, and most of them seemed to think nothing would
come of a conference. "I don't know what the next proposition will be,"
he said, "but it seems rather definite that you can't hold, a conference
without conferees. It should be borne in mind,also, that the list ofoperators
consulted was submitted by Mr. Lewis."
President Was Asked to Act.
Mr. Lewis had requested President Hoover, June 11. to arrange a conference of operators and miners in the bituminous coal fields, and his telegram
was referred to the Secretary of Commerce, Robert P. Lamont. and Mr.
Doak that they might learn if there was any way the Government could aid
in improving conditions in the industry through a conference.
A group of operators were called together shortly after to discuss the
situation at the Department of Commerce, and most of them declared a
joint conference would accomplish little. Mr. Lewis and members of the
Executive Committee of the United Mine Workers renewed their plea for
a conference at a meeting a few days later at the Labor Department, protesting that the operators in the preceding conference at the Commerce
Department were not representative of the industry.
Operators Queried.
Accordingly, the two Secretaries asked the 160 operators whether they
would be willing to attend a joint conference with labor leaders and whether
they thought a conference could accomplish results desired by Mr. Lewis.
Only 38 favored a conference, while 21 questioned the value of a meeting
but said they would attend.
His letter to Mr. Lewis, Secretary Doak declared, was intended as a
reply to Mr. Lewis' telegram to the President. Mr. Lamont did not sign it.
He is not in Washington.
Whether there will be any further efforts to arrange a conference seems to
be up to Mr. Lewis, Mr. Doak asserted. He added that he had nothing to
say on the topic of Government operation of coal mines and that he had
never received officially any proposal for such control. He said he contemplated suggesting no coal legislation at the coming session of Congress,
and did not know whether the Administration planned any measures.
"Every session," he explained, "has tried to pass bills dealing with the coal
industry, but none ever carried."
The letter sent by Mr. Doak to Mr. Lewis follows in full text:
Payment of 30% Dividend to Depositors of Failed Bank
of United States Approved by Court—Efforts at
Re-organization to Continue.
The payment by State Superintendent Broderick of an
initial dividend of 30% to the depositors of the failed Bank
of the United States of this city was authorized by Supreme
Court Justice John F. Carew on Sept. 2. As a result, it was
noted in the New York "Journal of Commerce" approximately $41,000,000 to 400,000 and some odd depositors in
the bank who have had their funds tied up since last fall.
The paper quoted went on to say:
This initial payment to depositors will leave the Banking Department
with approximately $17,000,000 on hand as reserves against any other
possible prior claims on. the bank's assets. Anticipating the favorable
decision. Mr. Broderick has had all the checks prepared, but it will take
about a week before they can be mailed to the depositors since it will be
necessary to pass them through a Government machine which only operates
at the rate of 50,000 checks a day.
Stelzer to Push Plan.
Payment ofthe initial dividend will not affect the plans of Max D.Steuer,
counsel for the stockholders and depositors' protective committee, who
prosecuted the officials of the bank, and who is now attempting to re-organize the closed institution. Mr.Steuer had previously asked that the payment
initial dividend be postponed to permit him to complete his organization
plans, but when informed of Justice Carew's decision yesterday he stated
that he would go ahead with his plans regardless of this payment.
No reason why the payment of an initial dividend to the depositors at this
time should interfere with any plans to re-organize the bank was seen by
Justice Carew in his decision. He also stated that the declaration of an
initial 30% dividend at this time will not prevent the possibility of further
dividends later on.
"You will never get into trouble paying your debts,"the Judge remarked.
"As long as the Banking Superintendent has money enough on hand to
make these payments at this time I see no reason for delaying them. Those
who plan to re-organize the institution will have just that much less to pay
If their plans go through."
Had Asked Postponement.
When Justice Carew took the proposal under advisement 10 days ago he
asked that anyone who objected to this initial payment should file his
reason in writing. At this time Israel Perskin, representing Mr. Stein?,
asked a postponement, asserting that if his plan were successful depositors
would receive a hundred cents on the dollar.
It has become known that the banking interests behind the Steuer plan
are headed by General Lincoln C. Andrews, former Asst. Secretary of the
Treasury, and are composed chiefly of Southern and Middle West bankers.
This group has won the allegiance of the so-called Rosoff group. representing 80,000 depositors who originally were planning to re-organize the bank
on their own lines.
The plans for re-opening were referred to in our issue of
Aug. 22, page 1236.
1558
FINANCIAL CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
At a meeting of the Governing Committee of the New York
Stock Exchange on Sept. 1, the petition of the members to
close the Exchange to-day, Saturday, Sept. 5, was granted.
This action provides a three-day holiday, since the Exchange
will be closed on Monday next, Sept. 7, Labor Day. The
New York Curb Exchange and the New York Produce
Exchange will also observe the three-day holiday as will other
various exchanges,including the New York Cotton Exchange,
the National Metal Exchange, the New York Rubber Exchange, the National Raw Silk Exchange,the New York Hide
& Skin Exchange, the New Orleans Cotton Exchange, the
Chicago Stock Exchange, the Chicago Curb Exchange, the
Chicago Board of Trade, the Philadelphia Stock Exchange
and the San Francisco Stock Exchange. The San Francisco Market will also be closed on Wednesday, which is
admission day. European exchanges will remain open.
[VOL. 133.
Associated Press despatches from Mechanicville N. Y.
Aug. 26 said:
A new bank is to be organized here to take over the assets and liabilities
of the two which closed recently. About thirty-five stockholders, officers,
directors and depositors met last night and laid the plans. Three depositors
from each of the closed banks will do the preliminary work. The First
National Bank was closed June 20 and the Manufacturers on Aug. 8.
A reference to the Manufacturers National Bank of
Mechanicville appeared in our issue of Aug. 15, page 1069.
The development of plans preliminary to the early reopening of the Riverside Trust Co. of Hartford, Conn., have
resulted in the election of the following officers: Harry A.
Allen, President and Manager; Thomas Hewes, Chairman
of the Board, and Walter 0. Eitel, Treasurer. The closing
of the institution in December last was referred to in these
columns Dec. 27, page 4158 and in our issue of July 4, page
60, we noted that reorganization plans were under way.
The New York State Banking Department announced on The Hartford "Courant" of Sept. 2, in noting the election
Aug.27 that approval had been given to the agreement for the of the new officers, said in part:
merger of Straus National Bank & Trust Co. of New York
Mr. Allen for the past year has been Vice-Chairman of the Board of
into the Continental Bank & Trust Co. of New York under Director of the City Bank & Trust Co. where he has been active for 16
years and resigns to become the executive and operating head of Riverside
the title "The Continental Bank & Trust Co. of New York." Trust Co. For this purpose
he has been generously released by the City
The stockholders of The Continental Bank & Trust Co. of Bank & Trust Co. Negotiations to this end have been in progress for some
New York at a meeting on Aug. 3 approved the proposal time, Mr. Hewes stated Tuesday evening. Because of a keen realization
of the importance
the city of Hartford of the successful reopening of the
for merging the Straus National Bank & Trust Co. of New Riverside Trust Co.toand
of the necessity of having the ablest man available
York into the Continental and the acquisition by the merged for its active head, the City Bank & Trust Co. felt impelled to permit
Mr.
Allen
to
leave
and
undertake
this new responsibility. The City Bank
institution of the business of International Trust Co.
& Trust Co. is much interested in the early and strong re-establishment
Stockholders of International Trust Co. met and approved of the Riverside Trust 00.
•
•
•
the plan so far as it relates to their institution. The stockHewes is a member of the Board of Directors of the Morris Plan Bank
holders of the Straus National Bank & Trust Co. approved of Mr.
Hartford, having served since its organization. He is also a director of
the merger plans Sept. 4. The merger will become effective the Hart Manufacturing Co., the Fenn Manufacturing Co. and the Sesamee Co.
Mr. Hewes will continue his law practice, however, interesting himself
on Sept. 16, as of the close of business Sept. 15. The Contiactively in the bank with which he became connected when appcinted
nental will continue its main office in its present quarters receiver of
Pallotti, Andretta & Co., Inc., which had large holdings in the
pending completion of the new Continental Bank Building, Riverside Trust Co.
Eitel to Be Treasurer.
40 Broad Street, and will maintain three branches—at 26
Broadway, at Fifth Avenue and 46th Street, and at Seventh of Walter 0. Eitel, who has been elected Treasurer, has had nearly 30 years
banking experience in Hartford. * • * When Riverside Trust Co.
Avenue and 30th Street. References to the merger plans ap- was organized in 1907, Mr. Eitel became its teller and has been associated
peared in our Issues of Aug. 8, page 897, and Aug. 29, with the bank ever since, later becoming chief clerk. In 1922 he was
elected Treasurer, which position he has filled since that time.
page 1394.
•
•
•
Since last
the Riverside Trust Co.'s indebtedness to banks
William S. Gray, Jr. was e- lected a member of the Board has been paidDecember
in full. Cash balances of more than $800,000 have been
of Trustees of the Central Hanover Bank & Trust Co. of accumulated. The capital and surplus will be substantially increased by
the program of reorganization now being carried on successfully. About
New York at the meeting of the Board on Sept. 1.
$300,000 will be added in this way.
new deposits have been assured and an early auspicious openLincoln Johnson, formerly
-Assistant to the President of ingSubstantial
is anticipated by those in charge.
Manufacturers Trust Co. of New York, has been elected
Directors to Serve.
Vice-President in charge of the foreign department. Mr.
In addition to Mr. Hewes and Mr. Allen, the directors of the Riverside
Johnson, who joined Manufacturers Trust Co. March 1 1931, Trust Co. are Clayton R. Burt, President of the Pratt & Whitney Co.;
was graduated from the Sheffield Scientific School of Yale Judge George H. Day, of Shipman & Goodwin; Oliver B. Ellsworth, Secretary-Treasurer of the Portland Trust Co.; Judge Solomon Elsner; Winthrop
University with the degree of Bachelor of Philosophy in 1914 A. Haviland,
of Skinner Bros.; William D. Holman, partner in Putnam &
and was awarded the degree of Engineer of Mines by the Co.; Edward J. McDonough, Jr., President of the Standard Foundry Co.;
Clifford
A. Pease, Financial Executive of the Whitney Manufacturing Co.;
same university in 1916. In 1919 he joined the New York
John A. Pilgard, President of the Merchants Bank & Trust Co.
Trust Co., and in 1929 he was loaned out by the New York
Trust Co. to manage certain real estate and business enterThe Newark "News" of Aug. 27 reported the announcement
prises in N. Y. City; early this year returned to banking as that DeGray White, Mayor of Bloomingdale, has been elected
Assistant to Harvey D. Gibson.
President of the
National Bank of Butler, N. J. The
Announcement is made of the acquisition of the National
Bank of Ridgewood by the Richmond National Bank, both
of Queens Borough, effective Ausust 31. The New York
"Evening Post" of that date said:
First
choice was made at a meeting Monday night Aug. 24, says
the "News" after the resignation of William L. McCue, who
had been President the last six years. The paper quoted,
also said:
Mr. McCue has been in poor health the last year. He will continue as
The National Bank of Ridgewood opened as the Ridgewood branch of
the Richmond National Bank, which now has four ofices in Queens.
a director and as attorney for the bank. Mr. White has been Vice-PresiThe merged institution is headed by Jacob Post, President of the Rich- dent several years.
mond National Bank; John F. Fitz. President of the National Bank of
Ridgewood, will be a director but not an operating officer. His son, John
Reorganization of the Seacoast Trust Company of Asbury
F. Fitz Jr., will be a Vice-President as well as a director. John L. Karla,
Vice-President of the Richmond National Bank,will remain in that capacity. Park, N. J. with the choice of a new Board of Directors
Mr. Post also is Chairman of the First National Bank of Rockville and the giving of
control of Its stock to a voting trust, was
Center, a director of the Hampton Bays National Bank and a member for
announced on Aug. 26, it was stated in the Newark "News,"
Long Island of the National Board of Arbitration.
The combined resources are reported as $6,588,430 and the advices continuing:
Arthur C. Steinbach retires
combined deposits are said to be $5,339,703.
as President and is succeeded by J. Lyle
Kinmonth, publisher of the Asbury Park Press and director of the Asbury
A dispatch from White Plains, N. Y., Aug. 27, is quoted Park National Bank & Trust Company.
Several weeks of conferences led up to the reorganization. The total
as follows from the New York "Times" of Aug. 28:
resources of the company, which is a member of the Federal Reserve system,
John P. Brown, President of the North Avenue Bank & Trust Company are
$6,488,196.25. The June 30 report of the controller of the currency
in New Rochelle, which has •a shortage of more than $300,000 and has
showed deposits of $4,876,446.87 and loans and discounts of $3,844,379.38.
been absorbed by the New Rochelle Trust Company, was indicted to-day
In resigning, Steinbach said the recent deaths of John Steinbach, his
by the grand jury here on a second degree forgery count and on three
father, and of William A. Berry, executive Vice-President, had put too
perjury counts. Brown was continued in bail of $25,000. The perjury much
burden on his own shoulders.
indictments are based on alleged false financial statements to the State
The new directors include Kinmonth, William Winans, director of the
Banking Department which Brown signed. The forgery case involves three Asbury Park
National Bank & Trust Co.; Dr. James A. Ackerman, former
other employees of the bank.
director of the Seacoast; W. Harvey Jones and Walter Clayton, directors
References to the North Avenue Bank & Trust Company, of the Asbury Park & Ocean Grove Bank; Martin L. Bauman, founder of
and its purchase by the New Rochelle Trust Company, ap- the Seacoast. The committee holding the voting trust consists of William
J. Cause, President of the Asbury Park National Bank & Trust Co.; Harry
peared in these columns Aug. 1 page 732 and Aug. 13, page A. Watson, President of the Asbury Park & Ocean Grove Bank. and J. Otto
Rhome and Arthur E. Eager, representing Steinbach.
1070.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
G. Edwin Gregory, of South Orange, N. J., until recently
Vice-President and Comptroller of the National City Bank
of New York died at Poland Spring, Me. on Aug. 29 following a heart attack. He had been there on a vacation with
his wife and their adopted daughter since Aug. 10, and had
appeared to be in good health. The foregoing account was
contained in a dispatch to the New York "Evening Post."
In printing the dispatch the "Post" commented as follows:
Mr. Gregory attracted national attention when at the formation of the
Federal Reserve Bank of New York, Benjamin Strong asked the National
City Bank to lend Mr. Gregory's services to work out a system of operation.
He established and put into working order the accounting and business
methods now used by the Federal Reserve Bank.
He became affiliated with the National City Bank at the end of the last
century and in 1914 became its Cashier. He was offered a position as
Deputy Governor of the Federal Reserve Bank, but returned to the National
City Bank and served under five of its presidents.
In 1927 he became a member of the Stock Exchange firm of Campbell,
Starring & Co., ending a 38-year period of service with the National City
Dank. He was, in length of service, one of the oldest banking officials
in New York. He was also controller for the International Banking Corporation and served as Secretary of the New York Clearing House for a time.
Two years ago the firm of Campbell, Starring & Co. was dissolved, and at
the beginning of this year he became affiliated with the firm of Baker,
Weeks & Harden, investment brokers and members of the New York Stock
Exchange. He was with the firm at the time of his death.
1559
Plans of a committee representing depositors of the Northwestern Trust
Company looking toward the reorganization and re-opening of the institution are making favorable progress, according to Charles V. Finley, who
stated yesterday that depositors with claims of approximately $2,000,000
have agreed to the plan. The Reorganization Committee has established
headquarters at 2301 Columbia Avenue.
"Before we can place the reorganization plan before the State Banking
Department for action," Mr. Finley said, "it will be necessary that we
obtain the approval of the owners of 90% of the deposits in the Northwestern
Trust Company, which was placed in charge of the State Banking Department
July 17.
"To date about 2,800 depositors of the institution have approved the
reorganization plan. The institution had about 15,000 accounts. A mailing list of depositors of the closed trust company is not available to the
committee, because of a law relating to making public the business of a
closed bank, so that it has been necessary for the committee to make personal contact with depositors to bring before them the reorganization plan.
"The committee urges all depositors to call at the headquarters at the
earliest possible date so that the plan of reorganization can be laid before
them.
The plan of reorganization provides that all depositors having $50 or
more in the closed bank shall subscribe to capital stock in the new bank
to the extent of 15% of the amount of their deposit, at the rate of $20 per
share, $10 to be applied to capital and $10 applied to surplus in the new
company. It also provides that there be available at opening of the new
bank not less than 30% of the deposit in cash and that the balance of the
assets of the old corporation be liquidated by trustees and paid first to
depositors until they are paid in full.
A previous item regarding efforts toward reorganization
appeared in these columns Aug. 15 (page 1071).
The merging of the Elizabeth Trust Co. of Elizabeth,
N. J. and the Elmora State Bank & Trust Co. was completed
A plan for the reorganization of the Suburban Title &
on Aug. 31 when the combined Board of Directors elected
Trust Co., Upper Darby (Philadelphia), Pa., was approved
John J. Stamler President and George Schmidt, Jr. Chairon Aug. 27 by a committee of depositors, according to the
man of the Board. The Newark "News" of Sept. 1, from
Philadelphia "Public Ledger," which gives the plan as
which this is taken, went on to say:
follows:
The new institution, which will continue with the name of the Elizabeth
Formation of a new banking corporation to purchase the present assets
Trust Co., has total resources of $12,431,689.06. Its capitalization is
assume payment of 70% of the deposit liability
$620,000. Its main bank is the building formerly occupied by the Peoples of the old company and to
Banking & Trust Co. in Broad Street, near East Jersey Street. The Peoples of the old company.
The new company to have a capital of $300,000 and surplus of $200,000,
bank, which was closed last January, was taken over by the Elizabeth Trust
be requested to subscribe to 20% of the amount
two months ago. Mr. Stamler, who also is President of the New Jersey to which the depositors will
a total of approximately $360,000; the
National Bank & Trust Co. of Newark, will be in charge at the Broad Street of their deposits, as reduced, or
balance of $140,000 to be raised by outside subscription. The 50% balance
establishment.
be made available in the following order:
Mr. Schmidt, who was Stamler's predecessor as President, will be In to the credit of depositors will
bank, 10% within one year, 10% within 18
charge of the Elizabeth Avenue branch of the bank. The two other branches, 20% at the opening of the new
years. Any part of the 50% balance may be
at 609 Westfield Avenue and 205 Orchard Street, will be directed by Arthur months, and 10% within two
made available to depositors sooner, at the discretion of the new Board of
A. Baekey, former President of the Elmom bank, and Raymond Bettie.
Directors.
A previous item in the matter appeared in our issue of
The proposed plan of reorganization was presentod by Charles A. Donnelly.
representing a group of depositors, in conjunction with George W. Statzell,
Aug. 29, page 1396.
Jr., President of the trust company. The Depositors' Committee approving
Chairman; Marcus Berman, George
Frank S. Flagg, President of the Bank of Hasbrouck the plan consists of Samuel II. Walker,
E. DeMent, Jacob Well, Edward J. Walsh, Fred A. Stresser and Herman
Heights, of Hasbrouck Heights, N. J., died on Aug. 21. He Rosenwald. The plan is subject to approval by Dr. William D. Gordon,
was 60 years old. He had served as President of the Board Secretary of Banking for. Pennsylvania, and by depositors.
When the institution closed its doors, May 10, it had deposits of approxi-
of Education and on the Board of Health.
mately $2,000,000.
Items concerning the closing of the institution appeared
The closing of the:Central Trust Co. of Frederick, Md.,
on Sept. 3, when it was placed in the hands of the State in our issues of May 10, page 3656, and July 18, page 392.
Bank Commissioner, was announced in press dispatches
The Girard Trust Co. of Philadelphia was directed on
from that city. The institution has 11 branches in small
says
1 by Judge McDevitt, of Common Pleas Court No. 1,
Sept.
the
Maryland,
towns in Western
Associated Press,
to repay $280,000 to the Union Bank & Trust Co. of Philawhich added:
Its President is State Senator Emory L. Coblentz, recently indicted by delphia and $41,066.67 additional as interest because of the
a District of Columbia Grand Jury in connection with the trial of officers unauthorized use of Union Bank funds by Joseph S. McCulof the defunct F. H. Smith Co., real estate mortgage concern at Washloch, former President of the last named, in the purchase
ington.
ri The last statement of the bank, which was organized in 1808, showed of stock from the estate of Henry F. Mitchell, of which the
total deposits of $14,197.671, resources of $18,603,744, capital of $1,000,000
Girard Trust is co-executor. The Philadelphia "Public
and surplus of $1,500,000.
The State Bank Commissioner, George W. Page, blamed the closing Ledger" of Sept. 2 is authority for the foregoing; the furon the fact that the bank had a "very large commitment in real estate
ther information in the "Ledger" is quoted herewith:
outside of Maryland, which is illiquid at the present time."
Mr. Coblentz said a contributing factor was "the miserable publicity to
which I have been personally subjected in connection with the investigation of the affairs of a Washington real estate firm." He said the bank's
assets would be "more than sufficient in normal times" to meet all obligations. A notice signed by the directors said a plan of reorganization was
being considered.
President Coblentz is also quoted in the dispatch to the
"Wall Street Journal" as saying:
"flanks wore closed because of the business depression which has affected
the value of securities and real estate, placing a largo portion of tinploaok's
assets in a frozen condition."
In addition to the information given in these columns
last week (page 1398) regarding the purchase of the business
of the Richmond Trust Co., of Richmond, Va., by the
American Bank & Trust Co., the following advices have
come to us from the last-named institution:
Replying to your inquiry of Aug. 21 relative to the Richmond Trust
Co., we wish to advise that at the close of business Aug. 15 we assumed
the deposit liabilities of the Richmond Trust Co., taking therefor all their
assets and a cash guarantee of the directors and the Richmond Clearing
House banks for $800,000. No new officers or directors were added to
our institution.
Regarding the plans for the reorganization of the Northwestern Trust Company of Philadelphia (taken over by
the Pennsylvania Banking Department on July 17), we
quote the following from the Philadelphia "Public Ledger"
of Sept. 1:
Technically, the Girard Trust Co. was held to have had and received
money that was improperly withdrawn from the general funds of the
Union Bank by McCulloch a short time before its merger with the Corn
Exchange National Bank & Trust Co. in April 1929.
Acquitted of Embezzlement.
McCulloch was acquitted last June in Quarter Sessions Court of embezzling the $280,000, his defense being that the stock for which that
amount was paid, consisting of 700 shares of Union Bank, was for the
account of E. Monroe Harris, a Union Bank director, and not for McCulloch's personal benefit.
Judge McDevitt decided, however, in the civil litigation that the deal
was arranged by McCulloch for his own purposes. The jurist's opinion
reviewing all phases of the transaction covers 78 typewritten pages.
Judge McDevitt finds that McCulloch had no authority as President
of the Union Bank to use its money in payment of his own private and
personal debts. He decrees that the liability of the Girard Trust Co. to
refund the stock purchase money to the Union Bank, to the use of the Corn
Exchange Bank, rests upon the Girard Trust in its corporate capacity and
not as co-executors of the Mitchell estate, so that the estate's assets are
not jeopardized by the Court's ruling.
McCulloch Raised Bid.
The stock transaction occurred March 22 1929, after negotiations between
McCulloch as purchaser and John Arthur Brown, attorney representing
the Girard Trust Co. Another prospective purchaser of the 700 shares of
stock had offered $350 a share, and McCulloch raised the figure to $400
a share. A few days later came disclosures before the Special Grand Jury
that the Union Bank was a depository for bootleggers, and the value of its
stock dropped to $48 a share.
The profit that McCulloch or others acting with him had expected to
make from the stork deal did not materialize. When the Corn Exchange
took over the Union Bank it found McCulloch'a personal note for $280,000,
1560
FINANCIAL CHRONICLE
[voL. 133.
also the stock certificate representing the 700 shares he had paid for with
the Union Bank's funds.
The likeness of names between the Straus National bank
of Chicago and the Straus National bank of New York,
The Parkway Trust Co. of Philadelphia, at 15th and Race which has brought about a certain confusion in the public
Streets, closed its doors on Sept. 2, its affairs having been mind, on Sept. 2 drew a statement from Melvin L. Straus,
taken over by the State Banking Department. William L. Vice-President of the Chicago institution, according to the
McGee, a deputy of the Banking Department, was placed Chicago "Post," which reports the statement as saying:
The Straus National bank of Chicago is not considering a merger with
In charge of the affairs of the institution. The Philadelphia any other
institution, nor has any merger been even suggested for discussion. Stories which have appeared in the press referring to the Straus
"Financial Journal" contained the following:
National
bank
of New York have apparently created some confusion of
Statement issued by the Department said:
Identity.
"While this institution is still in a cash position to meet the legal reserve
requirement, it has agreed with me that, due to the steady withdrawal
of deposits, it will be in the best interest of the depositors, creditors and
stockholders to take possession of this institution in order that the assets
may be conserved and that preference might not be obtained by withdrawing depositors."
In the report of June 30 assets were $2,091,000 and deposits $1,392,000.
The capital was $250,000, surplus $150,000 and undivided profits $77,000.
The Straus National bank of Chicago is an independent institution without any other affiliation. When the proposed merger of the
Straus National bank of New York and the Continental Bank & Trust Co.
of New York is ratified by the stockholders there will be only one bank in
the country bearing the name of Straits National, and that will be the
Straus National bank of Chicago.
with the Institution, he advised us to close and we have followed that
advice."
"Walter Wolf, manager of the coupon department of the ContinentalIllinois Bank & Trust Co. has confessed to officials of the bank that he has
embezzled securities from the bank over a period of years, most of which
have been taken in the last two or three years. These securities were used
in speculations in the stock and grain market. An audit is now being made
and until the audit is completed the amount of the defalcation will not be
definitely known.
"While the amount involved is known to be substantial, for the most part
the missing securities were used as margins and the recoveries will greatly
reduce the amount involved. In addition, the bank is fully insured.
"Wolf's method was to temporarily abstract from the bank securities
coming Into his possession, after properly giving the customer a receipt,
together with the records. He would use these securities as margins in
brokers' transaction, and when it became necessary to account for these
securities in the bank, he would withdraw the securities from the brokers,
return them to the bank, and to keep good his margins would substitute
other securities similarly abstracted."
Announcement of a defalcation by one of its employees,
The President of the Parkway Trust Co., Samuel C. was made on Sept. 1 by the Continental Illinois Bank &
Trust Co. of Chicago. The announcement, issued by one of
Burton, is quoted as saying:
its vice-presidents, following a meeting of the Executive
"Owing to a gradual seepage of deposits, our Board of Directors consulted with the Hon. William D. Gordon, Secretary of the Department of Committee, was published as follows in the Chicago
Banking. In order to protect our depositors who were loyal, remaining "Tribune":
The Philadelphia "Financial Journal" states that the
company was not a member of either the Federal Reserve
System or the Philadelphia Clearing House Association.
Because of the confusion arising from the similarity of
the names of the Ohio Savings Association and the Ohio
Savings Bank & Trust Co., of Toledo, Ohio, the directors of
the Ohio Savings Association, with offices at 228 Superior
Street and 139 Main Street, have changed the name of the
institution to the United Savings Association, according to
the Toledo "Blade" of Aug. 20, which also stated, in part:
Announcement of the change was made Saturday after the State Department of Building and Loan Associations had authorized the proposal.
The personnel of the organization will not be changed as a result of the
change in name to the United Savings Association, W. D. Freeman, President of the Association said. . . .
The directors decided upon the name United Savings Association because
of the history of the organization, which has developed from the merger
of three savings associations in the past. The first union was of the Toledo
Savings Association and the United Savings Association, which became the
Toledo Savings. Later the Ohio Savings and the Toledo Savings united in
the present organization.
The First National Bank of Wauseon, Ohio, failed to open
on Aug. 22, it was reported in Associated Press dispatches
from that city, which added:
Bank officials said the closing was decided on in order to conserve assets.
The bank statement, June 30, showed deposits of $634,968.40 and resources
of $842,269.13. The bank was capitalized at $50,000 and reported
$32,478.97 in surplus and undivided profits.
Press advices from Youngstown, Ohio, Aug. 28, said:
The Orangeville Savings Bank Co. of Orangeville, Ohio, has been taken
over by the State banking authorities. E. C. Boyd is President of the bank,
which was established in 1903. Capital was $25,000, resources $125,000,
and deposits about $80,000.
On Sept. 3 a dispatch from Chicago to the New York
"Times" said:
While auditors worked to-night on the records of Walter E. Wolf, penniless
embezzler,to determine the exact amount of his defalcations from the bond
department of the Continental Illinois Bank & Trust Co., the following
unverified developments were reported:
1. That at least one speculator, and perhaps two or three, operated with
Wolf in negotiating his stolen bonds and stocks. One of the speculators.
known as the "mystery man"In the case is said to be prominent in_La Salle
Street and to hold a seat on the Stock Exchange.
2. That the amount of the bond defalcations may reach $3,750,000.
3. That at least half a dozen local brokerage houses are under investigation. Rules of the Stock Exchange and the Board of Trade prohibit
members from dealing with any bank employee of a rank lower than a vicepresident, it was said to-night. Members violating this rule might face
suspension.
It was intimated by one bank official that Wolf's embezzlement would
not go above $2,000,000 up to which amount the bank is insured against
defalcation by Lloyd's of London.
Itia04*u...A
Wolf will not be turned over to the police until the exact total of his defalcation is determined by audit and those who encouraged his market
plunging are apprehended.
This agreement was made to-day with the State's Attorney by Toplls &
Harding, underwriters, Chicago representatives of Lloyd's, who have Wolf
in custody. The work may require several weeks.
In addition to the two banks in Monroe, Mich., the closing
of which we noted in our issue of Aug. 29 (page 1398), the
The Indianapolis "News" of Aug. 28 stated that the clos- suspension of two other banking institutions in Monroe
ing of the Leavenworth State Bank of Leavenworth, Ind., County, Mich.,
have since been reported; from the Toledo
was announced Aug. 28 by Luther F. Symons, State Bank "Blade" we quote the following (Associated Press) from
Commissioner. The "News" further said:
Monroe, Aug. 28:
The bank had capital stock of $25,000, surplus and profit of $5,000, and
deposits of $189,000. Elmer Merrilees is President of the institution and
Inez Stephenson, Cashier. The bank was closed by directors of the institution, Symons said.
The following is from the Chicago "Journal of Commerce"
of Aug. 28:
The People's Savings Bank, at Ida, Mich., also in Monroe County, closed
its doors at noon Friday and turned its affairs over to the State Banking
Department. The bank listed $200,000 in deposits. The bank had funds
in both the Security-Home Trust Co. and the Ohio Savings Bank dt Trust Co.,
Toledo.
An Erie, Mich., dispatch, Aug. 29, is also taken as follows
A dividend rate of $12 annually is contemplated for the stock of the from the Toledo "Blade":
The fourth bank in Monroe County to close its doors Friday, the Bank of
Central Republic Bank & Trust Co., the stockholders were informed in
a letter last night. A full quarterly payment of $3 will be made Oct. 1, Erie suspended business Friday afternoon after similar action was taken by
the
days
actual
after
five
merger the Dansard State Bank and Monroe Savings Bank in Monroe, and the
although that date is only two months and
of the Central Trust Ga. of Illinois and the National Bank of the Republic People's Bank in Ida. The Erie bank had capital of $20,000 and surplus
of $10,000.
to form the new institution.
Philip R. Clarke, President of the bank, in the letter informing stockLarge withdrawals, closing of Toledo banks, and desire to conserve the
holders of this decision, stated that careful analysis of the new bank's assets for depositors were given as reasons for closing the Monroe County
operations indicated an earnings power that would permit a larger dividend banks.
disbursement.
"The officers and directors believe in the wisdom, at this time, of seThe closing for a second:time this year of a chain of banks
taming a very substantial portion of the net income for surplus, reserves
in Arkansas, was made known in the following Associated
and undivided profits," Mr. Clarke added in explanation of this conservaPress advices, to the daily papers, from Harrison, Ark.,
tive policy.
"Earnings thus withheld will, of course, be constantly adding to the Sept. 1:
stock value of the capital stock," said the letter.
Nine banks in Arkansas, known as the A. T. Hudspeth chain, closed
"You will be pleased to know that the bank is in a strong, liquid posi- to-day soon after
Jack Holt, Prosecuting Attorney, received a letter bearing
tion—also that its first month's operations proved very satisfactory. The Mr. Hudspeth's name, which
said that he assumed responsibility for their
internal personnel functioned with the facility of a seasoned institution, condition and added, "When this in print
I'll be in Canada."
a gratifying amount of new business was obtained and innumerable comThe letter bore the postmark of St. Paul, Minn. Mr. Holt took steps
ments were received from old customers, expressing satisfaction with the forthwith to call the grand jury to consider it.
excellent service being rendered them.
The banks affected had reopened within the past few months following
"These conditions, supplemented by a conservative administrative policy a series of bank collapses In Arkansas last fall. They were the Citizens'
of which the above described dividend plan is a reflex, bespeak, in my opin- Bank and Trust Co. and Peoples' Savings Bank, Harrison: Citizens' Bank
ion, a very favorable future for Central Republic Bank & Trust Co."
at Yellville, First State Bank at Marshall, American Exchange Bank at
Leslie, Bank of Alpena at Alpena Pass, Bank of Lead 11111 at Lead Hill,
SEPT. 5 1931.]
FINANCIAL CHRONICLE
Bank of North Arkansas at Everton and the Marion County Bank at
Fllppen.
Aggregate deposits of the closed banks were estimated by the State
Bank Department at $2,000.000. The closings left only one bank open in
two counties.
A further Associated Press dispatch, from Little Rock,
Ark., Sept. 2, is taken from the New York "Herald Tribune":
1561
The Appellate Court held that the contention "put forward that the court
was without power of justification in the premises is wholly lacking in merit,"
"The new and larger undertaking of the reorganized trust company is a
good and sufficient consideration for the release of the whole claim asserted
by virtue of collateral trust certificates. A reorganization of a corporation
in the hands of the receiver is authorized by law, favored by the court and
comports with public policy."
The opinion stated that changes to be made in the capital stock of the
company are authorized by Kentucky statutes.
Officials of the State Banking Department and county authorities were
It is stated that the trust company reopens with a capital
undecided to-day as to what action would be taken regarding the reported
surplus of $500,000. The closing of the
invasion of closed banks at Marshall and Harrison yesterday by depositors of $1,000,000 and
institution was noted in our issue of Nov. 22 1930, page 3310.
who demanded their money and received it in one Instance.
The banks were two of nine in the chain controlled by A. T. Hudspeth,
for whom a nation-wide search is under way. All of the banks closed
A merger of three banks in Baldwin County, Ala., into an
yesterday, soon after Prosecuting Attorney Jack Holt received a letter
bearing Hudspeth's name and mailed in St. Paul, Mitm., which said, institution to be known as the Consolidated State Bank, with
"when this is in print, I'll be in Canada."
aggregate deposits of $286,000, was announced at Foley, Ala.,
Walter E. Taylor, State Bank Commissioner, said his Department had
no authority to institute action against a group of about 25 townspeople Aug. 28, according to the Montgomery "Advertiser." The
and farmers who are reported to have entered the closed First State Bank Robertsdale State Bank of Robertsville, the Farmers' State
at Marshall late yesterday and obtained from the directors approximately
Bank of Loxley, and the State Bank of Silverhill are the
$5,000 of their deposits.
Sheriff Ray Hogg at Marshall said he had not been asked to act against three banks. The "Advertiser" likewise states:
the invaders, and that it was up to State Bank examiners to take action.
All former directors will constitute the board of directors for the new
Commissioner Taylor said the matter was one to be handled by county bank. Officers are: H. L. McCain, PreFident; Vice-Presidents, W. I.
authorities as any other local "Invasion of rights." He added he knew of Cleverdon, Summerdale ; W. P. Baldwin, Robertsdale, and John Mikulecky,
no specific law regarding closed banks which the group violated.
Silverhill; Cashier, 0. W. Crosby, Silverhill.
There was no disorder, A. A. Hudspeth, cashier, nephew of A. T. Hudspeth, said, but "it was easy to see they were mad and meant business."
An Associated Press dispatch from Alexandria, La., Aug.
Deposits totaling approximately $5,000 were paid out to the men. Mr.
Hudspeth said bank officials received the impression some of the men were 27, is taken as follows from the New Orleans "Timesarmed.
Picayune":
The second report came from the Citizens Bank & Trust Co. at Harrison,
The Guaranty Bank & Trust Co. of Alexandria to-day announced it has
Ark. There officials said County Collector Dan Hale and former Sheriff
increased its capital stock and surplus from $925,000 to $1,297,154.54.
L. M. Martin. of Harrison, entered the bank armed with pistols.
remains President of the bank and
Informed that the funds were in the vault, protected by a time lock, they J. A. Bentley, Alexandria capitalist,
Only one change was made
locked three officials in the bank and expressed determination to remain J. W. Beasley remains Active Vice-President.
until the bank vault opened at 8 a. m. to-day. Shortly before midnight, in the officers, A. Wettermark of Alexandria being elected Vice-President.
however, State Senator Roy MIturn, Prosecuting Attorney Jack Holt
An Abilene (Tex.) dispatch, Aug. 29 (Associated Press)
and others persuaded them to release the officials, Claude Alexander, Vice"
President; Dan Holmes, Cashier. and Ernest Tires, Assistant Cashier.
was published as follows in the New York "Times":
A State Bank Examiner, checking the bank's affairs with the officials,
The Abilene State Bank was closed by its directors to-day and placed in
was allowed to leave after the officials said Dan Hale asked for $30,000
the hands of the State Banking Department. A. E. Pool, President, said
in county funds and Mr. Martin $5,000. Prosecuting Attorney Holt said
hoped the institution would be able to reopen soon under a reorganize.
It was "up to the grand jury" whether action would be brought against the it was
tion. At its last statement the bank had deposits of $817,511, loans of
two depositors.
$66,007, aid resources of $1,017,224.
In the Kansas City "Star" of Aug. 28 an Associated Press
dispatch from Jefferson City, Mo., stated that two of the
three banks In Mound City, in Holt County, Mo., were closed
on that day by the boards of directors and placed in the
hands of the State Finance Department, Commissioner S. L.
Cantley. The dispatch went on to say:
No reason for the double closing was assigned in the messages received
by the Department.
The Bank of Mound City, of which John G. Graham was President and
R. E. Decker, Cashier, had total resources of $204,168 and deposits of
$139,645. The Holt County Bank had resources of $312,586 and deposits of
$232,772. B. P. Smith was President and George W. Porter Cashier.
The reopening occurred on Aug. 24 of the Louisville Trust
Co. of Louisville, Ky., following its suspension for nine
months. The Louisville "Courier-Journal" of Aug. 25, in
its account of the reopening, said, in part:
Resumption of business by the institution, which for more than 50 years
has played a prominent part in the financial make-up of this section, was
viewed by city leaders as portending a return to normal business and banking
conditions here. . . .
Even before the official time for opening, crowds were on hand to conRahill, President; Huston Quin, director and largely
gratulate William
responsible for the success of the reorganization efforts, and John Stites,
of the board of directors. . .
Chairman
veteran former
Mr. Rahill, formerly connected with the Chemical National Bank & Trust
Os. of New York, said: "All of us appreciate particularly the support of
the other banks in the city, and certainly the co-operation of the community
as a whole, in making this reopening possible. We feel a keen sense of
responsibility and obligation which we will endeavor to repay 100%."
The opening of the bank, Judge Quin said between handshaking, is a
step toward revival of business. He said he believed complete confidence
has been restored in a return to a nearer normality.
Whitefoord R. Cole, President of the Louisville & Nashville RR., who
spoke at a Board of Trade dinner last week in honor of the reopening, said:
"Louisville is facing the dawn of a brighter day. The Louisville Trust Co.
is opening with as clean a balance sheet as I have ever seen anywhere In the
country. It is an indisputably sound banking institution."
•
It was announced in the "United States Daily" in Frankfort, Ky., advices, Aug. 25, that Chief Justice August Thomas
handed down the opinion of the Court of Appeals of Kentucky approving the reorganization of the Louisville Trust
Co. The account also stated:
The opinion was prepared by the entire court with the exception of Judge
Richard P. Dietzman, who was disqualified by a stockholder's interest in
the old company.
The decision approving the reorganization was announced several weeks
ago by the court to expedite the reopening.
The Appellate Court's opinion approved the findings of facts and conclusions of law made in the decrees of the Chancery Division of Jefferson
Circuit Court. It disposed of various questions arising out of the reorganization and rehabilitation of the bank. The questions were raised in four cases
appealed from the lower court and were answered in a single opinion.
Twelve thousand of the bank's 13,500 depositors made possible the reopening by agreeing to the reorganization plan. Their deposits amount to
$9,800,000, leaving about $1,700,000 of deposits to be taken care of otherwise. Non-consenting depositors are to be paid in full on the reopening of
the bank.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market had another severe setback this week,
and heavy declines in prices have occurred all around, and
while there have been a few special stocks that have, at
times, shown moderate strength, weakness has been the
dominant characteristic. There has been extensive selling,
especially in th'e railroad group, and many new lows for the
present movement have been recorded throughout the list.
Trading generally has been dull, and at times almost motionless. Indeed, on Tuesday, the turnover for the day was the
smallest of any five-hour session since 1924. Considerable
irregularity has been apparent, but the trend of the market
has generally been to lower levels due in a measure to the
gloomy steel reviews and the omission of dividends by
Lehigh Valley and J. I. Case Threshing Machine Co. The
wide break in the railroad group on Wednesday quickly
spread to all parts of the list and carried over to the following
day (Thursday) bringing acute unsettlement and heavy
selling during most of the day. The weekly statement of
the Federal Reserve Bank published after the close of
business on Thursday showed a further increase of $17,000,000 in brokers' loans in this district. Call money renewed on Monday at 1%% and remained unchanged at
that rate on each and every day of the present week.
The market displayed only moderate improvement during
the short session on Saturday, though there were occasional
manifestations of strength in some special issues that carried them to higher levels. Trading, on the whole, was
dull and without special features, except for the announcement of the arrangement of a 8400,000,000 British credit
the day before. Railroad stocks were in good demand and
some of the leading speculative issues, such as Westinghouse, American Can, United States Steel and some of the
amusement stocks closed with gains ranging from fractions
to 2 or more points. The principal changes on the side
of the advance included among others, Air Reduction,
1% points to 60%; Amer. Tel. & Tel., 23' points to 173%;
Coca Cola, 2 points to 1463'; Westinghouse, 1 point to 65%;
Universal Leaf Tobacco, 2 points to 32; Ingersoll Rand,
4 points to 89; Norfolk & Western, 43' points to 162, and
Eastman Kodak, 1M points to 1443j.
Price movements were somewhat erratic on Monday,
and moved upward and downward without definite trend.
Trading was dull and the day's turnover was down to approximately 736,741 shares. Occasional efforts to rally
the market were apparent, but most of the gains failed to
hold to the close. The feature of the day was the $1,000,000,000 long and short term Treasury offering, $800,000,000,
1562
FINANCIAL CHRONICLE
[VOL. 1.
of which consisted of 24-year 3% Treasury bonds and $300,- dipped about 2 points, Western Union was off about 3points
000,000 1%% one year Treasury certificates. Sharp selling and International Tel. & Tel. were fractionally lower. As
pressure against some of the active speculative favorites the market closed, the tone was fairly steady and prices were
was apparent from time to time, and at the close the general slightly above the lowest.
list was off from two to four or more points. Among the
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
stocks closing on the side of the decline were such active
issues as Amer. Tel. & Tel., Johns-Manville, Bethlehem
Total
Stocks,
Railroad.
United
State.
Week Ended
Bond
Number of
& Misc. Municipal db
States
Steel, Union Carbide & Carbon, United States Steel,
Sept. 4 1931.
Shares.
Bales.
Bonds.
Bonds.
For'n Bonds.
American Can, Allied Chemical & Dye, Atchison, J. I. Case
473,290 22,759.000 $1,150.000
$722,000 $4,631,000
Threshing Machine, Westinghouse, Consolidated Gas and Saturday
Monday
738.741
6,678,000
4,257,000
388,000
2,033,000
536,310
9,132.500
5.555.000
2,567,500
1,010,000
Auburn Auto. Trading continued dull to the end and most Tuesday
Wednesday ___ _
962.385
9,115,000
6,359,000
2.398,000
358.000
of the prominent stocks closed at the days' lowest. On Thursday
2,129.830
8,559.000
5,810,000
2,343,000
406.000
1,194,802
7,114,000
4,106,000
2,545,000
463,000
Tuesday the market firmed up somewhat,though the trading Friday
Total
6,035,358 528,846,000 513,036,500 83,347,000 845,229.500
was the dullest of any five-hour day in seven years. Trading
totaled 536,310 shares as compared with a similar period on
Bales at
Week Ended Sept. 4.
Jan. 1 to Sept. 4.
New York Stock
Oct. 9 1924 when the sales were down to 527,600 shares.
Exchange.
1931.
1930.
1930.
1931.
The market was somewhat irregular at the opening, with
Stocks-No,of shares_
6,035,358
579,534,150
6,690,320
395,191,959
losses ranging up to a point or more among the popular
Bonds.
Government bonds_..
83,347,000
$75,816,200
$613,500
2107,157,050
speculative favorites. As the day progressed, the tone con- State
& foreign bonds_
13,036,500
452,669,400
9,414,000
543,090,100
tinued firm, though speculative interest was entirely lacking. Railroad Sc misc. bonds 28,846,000 23,176,000 1,203.803,700 1,326,740,400
Prominent among the active stocks closing on the side of the
Total bonds
$45,229,500 $33,203,500 $1,854,050,850_$1,855,226,000
advance were Atchison, 33j points to 1383; Auburn Auto,
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
3 points to 1613's;
BALTIMORE EXCHANGES.
3 points to 1374; Detroit Edison, 34
General Railway Signal, 2 points to 49; Union Carbide &
Boston,
Baltimore.
Philadelphia.
Carbon, 1 point to 513'; Baltimore & Ohio, 1% points to
Week Ended
Sept. 4 1931.
Shares, Boat1Sales. Shares. Bond Sales. Shares. Bond Sales.
46% and New York Central, 1% points to 71. Leading
7,221
56,100
8,511
58,000
532
stocks were firm to the close, though the trading continued Saturday
Monday
23,300
14,056
$1,650
13,545
11,000
766
Tuesday
16,622
1,664
23.500
dull.
9,100
30,000
10.280
Wednesday
9,000
19,792
1,650
19,836
23.800
777
The market turned reactionary on Wednesday, due in Thursday
12,757
2,191
9,200
5,000
34,264
19,000
3,130
14,000
8,520
9,000
3,720
part to the discouraging news regarding the steel outlook Friday
Total
$26,400
90,138
885,100
78,968
391.800
9,060
and the omission of the Lehigh Valley dividend. Trading
was somewhat more active as liquidation in the railroad Prey. week revised 83,035 $91,150 68,788 $60,799
1,434
551,800
group increased, and pressure on some of the more prominent
specialties strengthened. Railroad stocks led the decline
and losses in this group ranged from fractions to 3 or more
points. The wide break in these shares extended to all
Bank clearings this week will again show a decrease as
parts of the list. Many prominent issues sinking to new compared with a year ago. Preliminary figures compiled by
low levels for the current movement and in some cases to us, based upon telegraphic advices from the chief cities of
new bottoms for the year. Lehigh Valley dropped 8:points, the country indicate that for the week ended to-day (Satfollowing the omission of the dividend, and Pennsylvania, urday, Sept. 5), bank exchanges for all the cities of the
which controls Lehigh Valley, yielded about 3 points. United States from which it is possible to obtain weekly
Other losses in the railroad stocks were Atchison, 4 points; returns will be 17.1% below those for the corresponding
Baltimore & Ohio, 29-g points; Rock Island, 2% points; week last year. Our preliminary total stands at $6,804,255,3 points; 656, against $8,205,118,608 for the same week in 1930.
Illinois Central, 23. points; New York Central, 3%
New Haven, 23 points; Norfolk & Western,8% points, and At this center there is a loss for the five days ended Friday of
Union Pacific, 33 points. Sharp declines were also ap- 13.9%. Our comparative summary for the week follows:
parent in many highly speculative issues like J. I. Case
Per
Clearings-Returns Si, Telegraph.
Threshing Machine Co., Eastman Kodak, Columbia Car1931.
Cent.
1930.
Week Ended Sept. 5.
bon, American Can and Allied Chemical & Dye. The New
York
33,514,768,910 34,084,000010 -13.9
market, especially the railroad stocks, was weak at the Chicago
359,569,744 -14.2
308,333,698
348,000,000
320,000,000
+8.7
Philadelphia
close with most of the active issues at their lowest for the Boston
270,000,000 -13.3
234,000.000
Kansas City
68,979,128
82,609.331 -16.5
day.
St. Louis
-9.8
81.400,000
73,400,000
134,647,000 -15.5
113.891,000
Francisco
The selling movement on Thursday was the strongest in San
Las Angeles
No longer will report clearings.
several weeks and prices broke all along the line. Losses Pittsburgh
114.837,493 -17.6
94,751.320
97,055,532 -15.3
82,192,967
ranged up to 4 or more points, the total turnover rising to Detroit
78,706,975
-2.6
Cleveland
76.670.693
Baltimore
61,187.984
59,147,562
+3.5
issues
were
nearly two million shares. Railroad
again freely New Orleans
-1.9
34,651,470
33,972,272
sold and while the decline was somewhat less severe than on
Twelve cities, 5
$5,010,147,972 $5,716,625,107 -23.3
Wednesday, many new lows for the present movement were Other cities. 5 daysdays
660,056,741
992,331,205 -33.5
recorded before the close. The action of J. I. Case ThreshTotal all cities, 5 days
$5,670,204.713 $6,708,956,312 -15.5
1.496.162.296 -24.2
1,134,050,943
ing Machine Co. in omitting the quarterly dividend added All cities, 1 day
Total all cities fur weak
MA04.255.1356 58.205.118.608 -17.1
to the unsettlement and stocks broke sharply all through the
list. The principal changes on the side of the decline were
Complete and exact details for the week covered by the
American Can, 2% points to 88%; Amer. Tel. & Tel., 2% foregoing will appear in our issue of next week. We cannot
points to 168%; Auburn Auto, 4 points to 190; Brooklyn furnish them to-day, inasmuch as the week ends to-day
Union Gas, 2 points to 108; Reading Ry., 63-i points to 56; (Saturday) and the Saturday figures will not be available
Houston Oil. 39 points to 389; General Railway Signal, 2 until noon to-day. Accordingly, in the above the last day
points to 463; Allis Chalmers, 13 points to 23; Coca Cola, of the week had to be in all cases estimated.
35% points to 141%, and Columbian Carbon, 79' points to
In the elaborate detailed statement, however, which we
55%. At the close the tone of the market was heavy and present further below, we are able to give final and complete
while the dealings were fairly active, prices were down to the results for the week previous-the week ended Aug. 29.
lowest for the day. The market quieted down somewhat For that week there is a decrease of 25.8%, the aggregate of
on Friday, and while there was some selling in evidence, the clearings for the whole country being $5,716,969,583, against
losses at the close of the session were largely fractional. $7,705,359,563 in the same week of 1930. Outside of this
Railroad shares continued weak and several dipped to new city there is a decrease of 23.6%, the bank clearings at this
lows for the year. United States Steel got down to a new center recording a loss of 27.1%. We group the cities now
low at 82% which was under the previous close, but regained according to the Federal Reserve Districts in which they
part of its early loss and closed above 83. In the closing are located, and from this it appears that in the New York
hour some of the more active of the market leaders displayed Reserve District, including this city, there is a decrease of
slight improvement and stocks like American Can, Allied 27.0%, in the Boston Reserve District of 21.1% and in the
Chemical & Dye, Westinghouse, Reynolds Tobacco B, Philadelphia Reserve District of 14.0%. In the Cleveland
Columbian Carbon, J. I. Case Threshing Machine, Auburn Reserve District, the totals are smaller by 20.6%, in the
Auto and American Tobacco B closed somewhat higher.. Richmond Reserve District by 24.3% and in the Atlanta
Oil shares were somewhat erratic due to the uncertainty con- Reserve District by 25.7%. The Chicago Reserve District
cerning the Oklahoma-Texas oil fields. Amer. Tel. & Tel. suffers a contraction of 31.8%, the St. Louis Reserve District
Course of Bank Clearings.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
of 25.8% and the Minneapolis Reserve District of 27.5%.
In the Kansas City Reserve District the loss is 30.3%, in
the Dallas Reserve District 33.1% and in the San Francisco
Reserve District 18.0%.
SUMMARY OF BANK CLEARINGS.
1931.
Week End. Aug. 29 1931
$
Federal Reserve Diets.
282.760,155
let 1309200 ____12 cities
3,601,669,253
2nd New York_ _12 "
394,740,436
3rd Philadelpla 10 "
256,690,080
4th Cleveland__ 8 "
105,789,379
15112 Richmond . 6 "
90,172,861
6th Atiunta____11 "
434,771,699
._20 "
7611 Chicago.
109,203,223
8th St. Louis__ 7 "
75,741,338
9th Minneapolis 7 "
117,265,532
10th KansasCity 10 "
37,436,527
5 "
11th Dallas
210,729,571
12th San Fran_ _14 "
122 cities
Total
Outside N. Y. City
rlanada
82 Oltiee
5,716,969,553
2,214,051,201
255.018.284
Ine.or
Dec.
1930.
$
353,362,972
4,933,985,369
459,400,753
323,035.392
139,688.319
121,212,206
637,103,000
147,038,716
104,455,609
168,171,44
55,951,527
256.951,258
1931.
1929.
1930.
1028.
No, Shares. No. Shares. No. Shares. No. Shares.
1928.
$
%
$
-21.1
558,582,314
443,067,089
-.27.0 8,805,384,58 6,747,141,320
-14.0
530,893,554
481,655,205
-20.6
421,879,447
388,867,612
-24.3
156,652 981
166,780,390
-25.7
157,728,874
141,662,403
-31.8
932,453,440
927,331,958
-25.8
167,737,704
174,973,846
-27.5
135,473,890
121,797,594
-30.3
207,361.461
213,763,744
-33.1
69,820,951
78,445.592
-18.0
364,007,927
318,267,456
411.206.076
62,308,299 110,805,940
67,834.100 77,968.730
96.552,040 105,661,570
56.919,395
47.009.070
84,973.869
172,343,252 226,694,430 294,436,240 188,902,334
Month of April
May
June
51,346,836 111,041,000
46,659,525 78.340.030
58,643,847 76,593.250
82,600,479
91,283.550
69,546,040
80,478,835
82,398,724
63,886.110
Second quarter
159,650,208 265,974,280 243,430,060 226,763,669
Six months
331,993,460 492.868,710 537,866,310 415,666,003
Mouth of July
August
33,545,650
24.828.500
47.746.090
39,869,500
93.378.690
95,704,890
39,197,238
67,191,023
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
August and for the eight months of 1931 and 1930 are given
below:
7,705,359,563 -25.8 12,502.855,649 10,208,875,691
2,899,786,741 -23.6 3,902,380,649 3,593,541,028
358.725.285 -28.1
42,503,382
64,181.836
65,658.034
kfonth of January
February
March
First quarter
1929.
1563
Month of August.
Eight Months.
Description.
1931.
361 902.159
1931.
1930.
1930.
24,828,522 39,869,500
of shares_
390,367,632
580.284,300
We also furnish to-day a summary by Federal Reserve Stocks, number
Bonds.
& misc. bonds._ 123,509,000 122,241,200 1,181,973.700 1,303,563,900
Districts of the clearings for the month of August. For that Railroad
State, foreign, Ac.. bonds 55,227,000 41,399,500
533,236,600
442,354,900
month there is a decrease for the entire body of clearing U.S.Government bonds_ 8,372.150 5,261,100 104.920,050
75,202,700
houses of 24.4%, the 1931 aggregate of clearings being
Total
$182.108,150 $168,901,800 81,820,130,350 81,821,121.500
$29,315,211,660 and the 1930 aggregate $38,768,203,790.
The following compilation covers the clearings by months
In tho New York Reserve District, the totals show a loss of since Jan. 1 in 1931 and 1930:
24.7%, in the Boston Reserve District of 18.3% and in the
MONTHLY CLEARINGS.
Philadelphia Reserve District of 17.5%. The Cleveland
Clearings Outside New York.
Clearings, Total Ali.
Reserve District has a decrease of 15.2%, the Richmond Month.
1931.
1931.
1030.
1930.
%
Reserve District of 13.8% and the Atlanta Reserve District
%
of 20.5%. In the Chicago Reserve District, the totals
A
1
$
$
Jan__ 39,739,867,597 50,502,766,229 -21.3 14,439,407,420 18,471,461,679 -21.9
have dropped 35.5%, in the St. Louis Reserve District, Feb-32,992,299,288 41,554,440,845 -20.6 11,769,925,696 15,568,791,938 -24.4
26.7%, and in the Minneapolis Reserve District, 23.9%. Mar __ 39,355,863.133 51,077,112,089 -23.0 13,187,478,161 17,312,053.962-23.9
In the Kansas City Resorve District the totals show a diminu- 1st Call_ 112088030018 143 134319 163 -21.8 39,395,911,277 51,350,307,579 -23.3
ation of 28.0%, in the Dallas Reserve District of 19.4% April__ 39,909,862,706 50,708,761.896 -21.3 13.529,053,932 17,172,623,364 -22.8
May_ 37,937,970,295 48,539,769,118 -21.9 12.994,361,382 17,110.851,198 -24.1
and in the San Francisco Reserve District of 20.4%.
June._ 39,291,496,704 49,612,548,531 -20.8 13,231,166,112 16,463,828,193 -19.7
August
I
August
1930.
I.or
nc
Dec.
Federal Reserve Diets.
$
$
%
let Boston ___ _14 citiee 1,563,177.678 1,913,535,324 -18.3
2nd New York_ _13 " 18,543.657.408 24,614,012,675 -24.7
1,787,898,489 2,142,537,150 -17.5
3rd Philadelpqa 14 "
1,222,299,288 1,559,572.575 -15.2
4th Cleveland....15 "
674.407,288 -13.8
681,493,825
5th Richmond _10 "
456,518,548
574,275,794 -20.5
9th Atlanta__ AO "
2,189,980.613 3,393,684,181 -35.5
7th Chicago ___28 "
688,743.306 -26.7
504,792,829
8th E91. Louis__ I) "
494,149,571 -23.9
9th minnea9011813 "
375,825,772
700,572,442
973,011,2.31 -2.08
10th KansauCity 14 "
317,357,802
393,622,022 -19.4
10 ''
11th Dallas
1,071.636,966 1,346,452,673 -20.4
12th Ban Fran.. 23 !'
August
1929.
August
1928.
$
2,551,267,247
40,089,120.312
2,620,559,514
2,055,319,333
840,511,757
768,875,587
4,851,680,970
852,395,392
671,329,076
1,277,490,324
535,034,995
1,760,409.456
$
2,039,218,422
27,645,940,981
2.255,469,141
1,784,960.655
758,519,168
736,995,684
4,471,813,272
871,247,042
564,234,069
4,244,173,177
510,095677
1,623,246,397
179 cities 29,315,211,660 33,768,203,790 -24.4 58.879,994,963 44,625759,736
Total
11,276,098,709 14,762,235,566 -23.7 19.690,770,354 17,641,709,829
Outside N. Y. City
02 cities
1.227.538.696
1.525.916.612 -19.6
2.013.807 50.2
1 am rtnn cne
We append another table showing the clearings by Federal
Reserve districts for the eight months back to 1928:
8 Months
1931.
8 .11ontha
1930.
Federal Reserve DIsts
lst Boston _ __ _14 cities 14,625,724,154 17,853,891,855
2nd New York _ _13 " 194,775,431,853 249,392,104,153
3rd Thiladelerla 14 " 14,899,314,289 19.589.277,304
4th Cleveland_ _15 " 11,304,036,019 14,308,361,411
5;031,808,201 6.059,145526
5111 Richmond _10 "
4,371,633,700 5,563,088,847
61.11 Attanta____16 "
7th Chicago _ __28 " 22,132,371,175 30,780,813,266
4.644,742,325 6,440,408,713
8th fit. Louis_ 9 "
3,331,867,706 4,031,964.722
9th MInneapolls13 "
6,050,542,422 8,157,646,986
10th KansasCity 14 "
2,923,421,559 3,553,108,109
10 "
11th Dallas
9,283,849,654 11,954,916.661
12th San Fran_ _23 "
Inc.or
Dec.
8 Months
1929,
8 Months
1928,
-18.1 19,624,350,912 19,325,448,359
-21.9 314,438,193.359 357,127.694,364
-24.0 21,966,781,082 20,565,276,925
-21.0 16,329,377,310 14,855,409,861
-17.0 6,454,566,004 6,464,306,265
-21.4 6.527,495,459 6,482.147,986
-281 37,458,672.909 36.920,067,224
-27.9 7,217,274,162 7,146,848,872
-17.4 4,635,183,750 4,396.261,512
-25.8 9,342,383,357 8,929,967,795
-17.5 4,367,725,858 4.089,884,807
-22.3 13,380,895,838 13,506,407,056
179 cities 293,374,993,057 377,674,727,593 -22.3 461,742,900,000 400,792,768,316
Total
103,333,380,619 134,002,746,615 -15.4 153,843,524,420 149,253,220,475
Outside N. Y. City
Canada
32 cities 11,332,111,443 13.371,955,796 -15.3 16,268,634,275 15,626,766,672
20 qu_ 117139329705 148861079545 -21.4 39,754,581,426 50,747,302,755 -21.7
3 mos_ 229227359723 291995398708 -21.5 79,150,492,703 102097610334-22.6
July __ 34,832,421,774 46,911,125,085 -28.112,906,789,128 17,142.900.716-24.3
Aug__ 29.315.211.660 38.768.203.790 -24.4 11.276.098.788 14.762.235.566 -23.7
The course of bank clearings at leading cities of the country
for the month of August and since Jan. 1 in each of the last
four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
August
Jan. 1 to Aug. 31
1930. 1929. 1928. 1931.
1930.
1929.
1928.
$
5
8
$
$
$
$
24,006 39,199 26,979 190,042 243,672 307,899 251,540
2,264 3,198 2,931 14,027 20,182 24.324 24,985
1,716 2,259 1,808 13,045 15,920 17,287 17,117
2,007 2,243 2,083 13,847 18,372 20,517 19,099
449
580
613
3,202
4,191
4,830
4,965
677
867
734
4,707
6,164
6,731
6,155
735
953
871
4,948
6,627
7,137
7,587
224
314
294
1,900
2,196
2.635
2,618
356
482
416
2,668
3,240
3,519
3,562
520
698
690
3,044
4,302
4,926
4,722
502
668
4,548
558
5,266
3,579
4,459
205
210
159
1,387
1,555
1,754
1,910
464
349
332
2,147
2,645
2,949
2,689
146
152
142
774
1,313
1,310
1,264
624
970
867
4,467
5,979
7,783
6,555
114
161
1,037
179
1,216
821
1.441
48
382
69
467
57
571
532
218
206
176
1,208
1,528
1,477
1,589
315
235
192
1,353
1,829
1,761
2,210
689
112
796
131
88
963
1,034
98
595
111
755
862
85
800
133
172
1.108
153
1,294
862
1,168
176
191
1,501
181
1,461
1,161
1,467
60
75
631
70
710
417
666
233
208
1.781
156
1,092
1,674
1,361
531
57
50
398
86
688
623
483
87
602
75
652
68
604
(000,000s
1931.
omitted)
5
New York
18,039
Chicago
1,339
Boston
1,392
Philadelphia
1,669
St. Louis
353
Pittsburgh
490
San Francisco
581
Cincinnati
211
Baltimore
321
Kansas City
344
Cleveland
404
New Orleans
141
Minneapolis
247
Louisville
85
Detroit
466
Milwaukee
89
Providence
40
Omaha
142
Buffalo
148
St. Paul
74
Indianapolis
65
Denver
111
Richmond
134
Memphis
40
Seattle
124
Ilartford
45
Salt Lake City _ _ _ 54
Total
Other cities
27.147 36,063 55,082 41,195 273,305 352,933 432,464 372,593
2,168 2,705 3,798 3,431 20,070 24,742 29,279 28,200
Total all
29,315 38,768 58,880 44,626 293,375 377,675 461,743 400,793
Outside N. Y. City 11,276 14,762 19,681 17,647 103,333 134,003 153,844 149,253
The volume of transactions in share properties on the
We now add our detailed statement showing the figures
New York Stock Exchange each month since Jan. 1 for the for each city separately for August and since Jan. 1 for two
years 1928 to 1931 is indicated in the following:
years and for tho week ended Aug. 29 for four years:
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUGUST 29.
Month of August.
Clearings al1931.
1930.
8 Months Ended Aug. 31.
Inc. or
Dec.
1931.
1930.
Week Ended Aug. 29.
Inc. or
Dee,
e'L.
8'
$
S
%
$
First Federal Rese rve District- Boston2,935,246 -13.6
2,535,348
22,735,596
Maine-Bangor
21,304,875
15,156,867 -16.6
12.630.790
106,747.619
129.090.087
- Portland
1,392,265,687 1,716.216.034 -18.9 13,045,421.869 15,919.717,878
Mass.-Boston
3,726,387 -2.9
3,618,804
39,208,847
33,307,275
... Fall River
2,270,183 -18.8
1,844,386
19,778.277
17,748,696
- Holyoke
2,176.239 -13.6
1,879,351
28,705.067
16,386,503
' Lowell
3,852,446 -15.6
3,251.159
34,858,797
30,370.414
- New Bedford
17.225.352 -10.9
15,342,096
152.775.660
163,859,598
' Springfield
12.993,484 -16.7
10,824,044
99,623,905
120,300,996
I' Worcester
49.968,379 -0.7
45,091.767
530,596,498
Conn.-1lartf0r5
398,288.965
29,080.354 -14.9
24,7118.288
277,274,008
237,832,413
. New Haven
8,151,600 -19.3
6,576.900
76.653.600
63,583,900
' Waterbury
47,554.700 -15.0
40,444,400
382,436.500
466,677.600
R. I.-Providence_ _
2,228,053 -5.6
2,101,658
23,535,006
19,805,560
N. 11.-Mancliester.
Total (14 eltlo3)- 1,563,177,678 1,013,535.324 -18.3 14.825.724,154 17,853,891,855 -18.1
1931.
1930.
/nc. or
Dec.
1929.
$
$
%
$
1928.
$
480,182
2,702,821
253,023,577
631,193
541,654
3,305,295
321,011,200
883,756
-11.4
-18.2
-21.2
-28.6
700,000
3,969,782
502,558,196
1,060,917
623,576
3,333,394
396,000,000
981.530
329,363
660,896
3,044,217
2,028,304
6,810,712
5.053,198
395,182
709,383
3,566,972
2,683,441
9.703,403
5,063,836
-16.7
-6.8
-14.6
-24.4
-29.8
-15.3
987,768
974,950
4,615,164
3,059,029
18,201.835
8,470,594
1,019,866
952,582
4,251,337
2.679,793
13,525,170
7,854,786
7,527,300
468,392
9,038,000 -16.7
560,850 -16.5
13,279,100
684,979
11,232.600
612,255
282,760,155
358,362,972 -21.1
558,582,314
443,067,089
[VOL. 133.
FINANCIAL CHRONICLE
1564
CLI A RINGS-(Continued.)
1931.
1930.
$
$
Second Federal Re serve District -New York30,142,475
24,011,785
N. Y.-Albany
6,764.837
4,337,096
Binghamton
191,513,089
147,741,038
Buffalo
3,119,703
3,750,383
Elmira
4,695,148
3,217,674
Jamestown
18,039.172.872 24,005,968,224
New York
41,184,938
34,830,381
Rochester
21,502,539
17,899,926
Syracuse
13,555,27
12,605,603
Conn.-Stamford2,571,45
2,251,870
N. J.-Montclair
132,699,78
110,737,813
Newark
154,580,644
Northern N.J------137,375.569
5,714,57
5,725,398
Oranges
Total (13 cities)
Fourth Federal Re serve District -Cleveland
21,296,000
13,266,000
Ohio-Akron
15,541,289
8,144,666
Canton
224,028.020
210,805,659
Cincinnati
501,791,662
404,428,371
Cleveland
59,240,300
50,493,300
Columbus
3,193.213
2,435,006
Hamilton
1,389,790
1,325,353
Lorain
7,044,223
5,739,295
Mansrield_
20,298,533
14,666,860
Youngstown
2,219,169
1,678,344
Pa.-Beaver CountY762.341
611,647
Franklin
5,459,159
3,022,822
Greensburg
677,025,491
490,043,254
Pittsburgh_
4,886,290
4,296,478
Ky.-Lexington
15,397.095
11,542,233
W. Va.-Wheeling
Fifth Federal Rese rye District- Richmond4,227,850
2,220,668
W.Va.-Hungrinton_
16,271.065
13.166,029
Va.-Norfolk
175.545,124
133,864,413
Richmond
7,855.894
6.859.117
N.C.-Raleigh
6,798,457
5,187,334
S. C.-Charleston _
6.611.576
6,238,244
Columbia
356,378,410
321,683.378
Md.-Baltimore
1,842,652
1,537,712
Frederick
2,496,817
1.852,220
Hagerstown
96.379.443
89,484,710
D. C.-Washington
236,930,009
219.003,871
-20.3
48,924,885
39,720,544
-35.9
-22.9 1,353,461,682 1,761,403,653
34,178,315
36,002,576
+20.2
43,330,369
32,482,733
-31.5
-24.9 190,041,552,438 243,671,980,967
-16.4
412,607.667
336,367,016
197.200.951
171,930,415
-17.0
140,399,216
113,476,631
-7.0
27,143,942
-12.4
24,895,242
-16.5 1,061.656,822 1,210,559,718
-11.1 1,290,091,679 1,547,822,212
59,622,249
54,790,204
+0.2
1931.
1930.
6,897,449
--7.6
5,198,662
700,782
--18.8
1.078,268
--23.2
42,004,876
32,055,995
+15.3
682,628
785,846
1,007,215
--25.1
556,602
--22.0 3,502.918,382 4,805,572,822
8,062,631
6,369,992
--18.5
--12.8
4,005,908
3,426,279
--19.2
2,873,330
2,641.980
--8.3
436,717
392,076
--12.3
28,160,290
22.854,791
33,221,235
--16.6
26,851,866
--8.1
47,201,399 -43.4
--53.2
26,724,050
160,028,962 -25.9
118.650.305
--17.7
36,236,617 -14.0
--28.2
31,158,752
151,108,192 -20.2
--26.2
120,518,862
68,679,505 +15.5
+35.7
79,295,278
23,752,881 -19.6
19,092,404
-18.0
25,874,505 -13.3
22,425,498
-17.5
-16.8 13,847,000,000 18,372,000,000 -24.7
124,087,433 -16.5
-16.9
103,509,547
166.761,429 -4.1
149,872,775
-9.8
118,260,324 -9.6
106.825,027
-10.6
70,294,396 -13.4
60.977,313
-21.6
73,319,661 -17.6
+13.3
60 378.878
152,875.600
+7.2
151,672,000 +0.8
Inc.or
Dee.
1929.
1928.
5,174,936
5,188,479
-24.6
1,010,144
1,328,352
-35.1
50,563,521
71,201,206
-23.7
859,161
1,132,736
+15.1
1,198,577
1,086,161
-44.8
-27.1 8,600,475,000 6,610,334,663
11,286,272
14,767,867
-21.0
5,134,088
5,758,044
-14.5
3,629,299
3,897,559
613.252
653,815
-10.2
24,101,033
32,550,141
-18.9
33,146,374
67,345,228
-19.2
-37.7
-47.6
-6.0
-19.4
-14.8
-23.7
-4.6
-18.6
-27.8
-24.4
-19.8
-44.6
-27.6
-12.0
-25.0
111,440,000
98,963,344
1,959,982,606
3,579,480,631
442,385,400
25,989 768
10,244,749
51,424,864
129,402,701
12,136,944
4,989,882
29,661,292
4,706,609,029
41,727,207
99,597.842
168,021,000
145,549,310
2,196,268,511
4.548,337,999
540.033,500
33,182,451
12,651,786
64,618,713
183.106,787
16,170.927
6 339,715
39,693,994
6.164.106,830
58,625,520
131,654,262
-33.7
-32.1
-10.8
-21.3
-18.1
-21.7
-19.1
-20.4
-29.3
-25.0
-21.3
-25.3
-23.7
-28.8
-24.4
I
516,930
3,920,801
642,591
1,240,955 -58.4
5,190,887 -24.5
985,128 -34.8
1,459,247
5,334,023
1,073,250
1,368,850
3,942.570
1,185,988
1,697,749
1,417,749 +19.8
1,585,930
1,344,784
375,000,000
2,198,740
3,524,095
2,806,692
1,304,838
436,000,000 -14.0
2,819,912 -16.0
3,725,025 -5.3
+7.5
2,611,821
1,603,276 -18.7
503.000.000
3,563,589
5,855,852
3,150,863
1,790,822
454,000,000
3.536,817
4,652,282
3,451,697
1,641,882
3,128,000
4,006,000 -21.9
4,079,978
6,530,335
394,740,436
459,400,753 -14.1
530,893,554
481,655.205
-32.9
-49.2
-2.2
-16.0
-30.7
5,073,000
3,614,979
66,007,865
138,604,997
14.284,500
6,405,000
3,516,911
61,242,878
126,357,333
13,289,100
1,209.391
3,066.991
1,490,297 -18.9
4,320,530 -29.0
1,694,719
5,961,341
1,691,199
5,433,960
102,717,485
142,820,858 -28.1
186,638,046
170,931,231
256,690,080
323,035,392 -20.6
421,879,447
388,867,612
353,122
2,538,123
31,176,945
868,361 -59.3
3,467.001 -26.7
43,028,000 -27.5
886,056
3,332,000
42,313,206
1,079,853
3,695,560
42,707,000
2,842,000
1,655,805
47,674,798
89,097,110
8,426.500
--58.5
--19.2
--23.9
--12.7
--23.7
--5.6
--9.9
--16.6
--25.8
--7,1
21,494,353
120,918,431
1,161,292,735
59,026,141
57,715,531
71.139,316
2,668,024.417
13,700 563
18,330,739
840,165,975
38,171,766
142,805,077
1,500.965.960
75,624,133
70,734,180
71.304,020
3,239.860,149
16,251,673
21,378,279
882,050,289
674,407,288 -13.8
5.031,808,201
6,059,145,526 -17.0
98,706,427
745,139,579
1,513,940,859
56.628,382
33,413,001
50,048,774
487,123,586
62.461.148
713 261.369
63,975,159
36,362,180
49,549,000
67,274,456
23,514,257
6,740,661
1,554,950,009
-17.2
-40.6
-17.7
-18.4
27.6
-45.7
-13.3
-15.9
-34.7
-26.6
-33.0
-19.7
-26.4
-45.3
-27.4
-10.9
2,656,850
9,75.5,327
27,000,000
956,121
-19.9
-26.0
-27.2
-45.0
-27.1
-10.9
81,174,125
442,557,939
1,244,173,577
46,211,518
24.191,489
27,161,810
422,183,904
62,555,283
465,847,438
46,977,828
24,368,403
39.760,000
49,500,480
12,849,424
4,892,418
1,387.428,064
574,275,794 -20.5
4,371,833,700
-17.9
-16.4
-33.7
-22.0
-18.4
-0.2
-27.7
-15.0
-14.2
4,237,000
3,259,354
48,750,726
105,992,723
12,163,900
1,037,014
1,513,618 -31.5
1,482,896
1,542,852
56,245,202
71,288,923 -21.1
85,763,391
95,938,533
16,977,098
19,522,417 -13.1
22,875,432
21,816,592
105,789,379
139,688,319 -24.3
156,652,981
166,780,390
+39.3
-48.1
-27.1
-38.3
2,142,154
20.806,355
50,700,535
2,171,446
2,850,417
18.506.570
41,409,648
1,510,027
543,531
7,999,433
1,189,884 -54.3
9,278,039 -13.8
1,342,157
10,352,278
1,786,122
11,863.750
10,392,885
922,027
13,209,600 -2,7 115
2,000,000 -53.9
20,361.819
2,295,591
20,190,528
1,380,080
727,438
1,127.000 -35.5
1,835,200
1,307,000
80,158
29,139,091
119,721 -27.6
34,979.670 -16.7
219.596
45,501,743
253.318
40,605,025
5,563,038,847 -21.4
90,172,861
121,212,206 -25.7
157.728,874
141,662,403
5,878,821
7.431,230 -20.9
28,659,274
31,433,540 --s.s
4,467,165,874 5,979,213,990 -25.3
76,236 439
103,165,478 -26.1
160,552,133
191,6/5,546 -16.8
43,649,873 -37.8
28,130,991
97,764.596
118,994,317 -17.9
79,872,615
114,638,634 -30.3
125,769461
179,791,219 -30.1
595.436,000
754.747.000 -21,1
65,705,178
92,814,846 -31.3
153,952,722
176,254,296 -12.7
81,918,446
93,572.290 -12.4
821,414,801 1,037,340,229 -21.0
22,084,815
27,537,355 -19.8
90,728,345
105.819,194 -14.3
416,279,846
442,736,179 -6.0
231,173,609
310,759,243 -24.6
15,860,920 -16.0
13,188,620
139,530,663
207,698,487 -32.8
27,157.546
49,103,237 -45.8
29,960,254
37.248,964 -19.6
52,547,914
64.755,440 -18.9
14.027,933.186 20,180.566.744 -30.5
32,471,172
43,396,086 -25.2
111,608,343
167.339,469 -33.3
72,680,335
110,767,750 -34.5
91,561,910 -25.3
78,569,176
116,872
498,607
100,264,493
155,256 --23.8
635,895 --21.6
127,374,327 --21.3
266,292
689,320
204,151,118
194,363
806,097
176,866,656
3,251,156
4,882,547 -33.4
6,011,814
7,301,704
2,280,847
1,208,747
2,391,353 -4.6
2.685.613 -55.0
1,551,306
3,516,866
3,053,364
2,995.118
13,022,000
777,728
3,355,896
15,981,000 --19.5
1,786.367 --56.4
3,725,560 --9.9
21,107,000
2,475,867
4,347,556
19,510,000
2,775,600
3,999,838
18,007,105
21,942,144 -18.0
31,125.326
35,353,910
2,172,641
2,832,072 -23.3
2,683,106
2,684.772
5,242,005
6,042,603 -13.2
8,181,853
8,627,000
3,411,998
431,634
4.851,860 -29.7
1,070,758 -59.7
6,461,595
1,221,050
6,817.268
1,101,244
1,203,089
273,808,158
771.257
2,192,717
1,061,519
1,693,230
1,404,512
430,800,000
1,067.611
3,352.310
2,154,628
1,968,584
-14.3
-36.4
-27.7
-34.6
-50.7
-14.0
1,760,029
622,974,879
1,175,105
5,294,247
3,392,821
2,461,114
1,762.783
647,489,748
1,152,863
4,558,980
3,014,360
2,327,772
2,189,980,613 3,393,684,181 -35.5 22,132,371,175 30,780,813,266 -28,1
434,771,699
637,103.000 -31.8
927.331,958
932,453,440
581,493,825
Sixth Federal Rest rve District- Atlanta
11,012,109
/3,987,894
Tenn.-Knoxville
46,115,481
83,131,956
Nashville
170,930,752
Os.-Atlanta --------135,400,000
6,000,864
5,301,036
Augusta
3,322,375
2,477,510
Columbus
5.653,211
2,655,730
Macon
39,393,986
42,760,498
Fla.-Jacksonville
5,365,372
5,065,310
Tampa
62,534,973
47,371,344
Ala.-Birmingham
7,051.172
4,516,832
Mobile
3,040,121
2,436.660
Montgomery_5,004,000
3,701,000
Attys.-Hattiesburg
7,054,024
5,135,357
Jackson
2,188,469
1,204,716
Meridian
687,526
501,400
Vicksburg
158,538,372
141,254,292
La.-New Orleans456,518,548
Seventh Federal It eserve Distric t-Chicago729,074
699,671
ItIch.-Adrian
3,408,473
3,097,424
Ann Arbor
623,895,529
465,852,755
Detroit
12,223,911
7,879,004
Flint
23,853,218
20,316.699
Grand Rapids
3,438,845
2,735,999
Jackson
13,028,462
11,315,084
Lansing
13,037,277
6,348.521
Ind.-Ft. Wayne
19.616,379
12 765,176
Gary
84,900,000
65.290.000
Indianapolis
9,475,302
3,829,983
South Bend
18,537,667
15,794,656
Terre Haute
10,055,454
8.626,562
WLy.-Madison
114,360,736
89,182,048
Milwaukee
2,929,350
2,315.020
Oshkosh
13,006,146
10,079,659
Rapids_
Iowa-Cedar
48,408,192
40,707,122
Davenport
30.356,794
24,417.893
Des Moines
1,650,405
1,418,612
Iowa City
20,921,768
17,483,199
Sioux City
5,214,775
2,580,336
Waterloo
4,190,694
3,146,551
Illinois-Aurora
7,724,833
5,818,145
Bloomington
1,339,002.969 2,263.604,803
Chicago
6,165,610
3,803,254
Decatur
17,439,848
11,008.674
Peoria
11,355,984
5,537,591
Rockford
10,154,652
8,928,006
Springfield
Eighth Federal Its serve District -St. Louis
16,984,208
15,870,437
Ind.-Evansville 539,734
902.344
New Albany
448,560.862
352,642.886
Mo.-St. Louis
146.199.371
84.982,486
KY.-Loulsvill
1.481,839
1,085.425
Owensboro
9,221,840
5,048,651
Paducah
60,110,505
39,916,371
Tenn.-M emplais_ _
798,811
616,836
ILL-Jacksonville_ _ _ _
4,846,145
3,727,393
Quincy
Total(9 cities)
1930.
1,222,299,288 1,559,572,575 -15.2 11,304,036,019 14,308,361,411 -21.0
Total(15 citles)
Total(28 cities) _
1931.
Inc.or
Dec.
1,787,898,489 2,142,537,150 -17.5 14,899.304.289 19,589,277,304 -24.0
Total(14 citles)
Total(16 cities)
inc. or
Dec.
18,543,657,40824,614,012.675 -24.7 194,775,431,853 249,392.104.153 -21.9 3,601.669,253 4,933,985,369 -27.0 8,805,384,588 6,747,141,320
Third Federal Res rve District- Philadelphia
5,638,519
2,527,463
Pa.-Altoona
17.263.614
14,198.362
Bethlehem_ 4,876.158
v3,500.000
Chester
18,148,975
13,381,164
Harrisburg
6,866,799
9,317,169
Lancaster
2,624,270
2,151.774
Lebanon
3,095,072
2,544,809
Norristown
1,669,000.000 2,007.000,000
Philadelphia
12,911,350
10,738,788
Reading
20,705,600
18,673.894
Scranton
14,164,181
12,667,001
Wilkes-Barre
8,493,612
6,656,065
York
4,774,000
5,410,000
N. J.-Camden
15,985,000
17,132,000
Trenton
Total(10 cltles)_.
1Veek Ended Aug. 29.
8Months Ended Aug. 31
Month of August.
Clearings at
504,792.829
+27.0
-44.5
-20.8
-10.3
-25.4
-53.0
-24.3
-4.0
-25.3
-25.3
-14.9
-20.5
-13.2
-51.4
-34.9
-14.8
-14.2
-22.0
-21.0
-22.5
-15.9
-19.6
-14.1
-16.5
-50.5
-24.7
-24.7
-10.8
-38.3
-36.9
-51.2
-12.1
-6.5
+67.2
-21.4
-41.9
-26.7
-45.3
-33.6
-22.8
-34.1
152,928,502
8,993,247
3,201.754.868
774.370,007
688,743.306 -26.7
4,644,742,325
0.275,209
40,101,218
416,756,451
5,418.288
28,144,447
158,528,848
5.665,691
4,190,625.996
1.312.75%854
14,661.191
74,371,545
630,969,513
7,660,539
45,176,566
-3.5
+57.7
-23.6
-41.0
--30.0
-38.0
-33.9
-29.3
-37.8
6.440,408,743 -27.9
1,907.856
18,788,448
37,068,490
1,552,498
2.700,182
3,410,882 -20.8
3,919,361
5.102,213
78,800,000
19,041,952
156.773
98,700,000 -20.2
31,560,850 -39.7
256,069 -38.8
115.300.000
30,800,534
283,165
122,300,000
30,486.645
384.092
7,759,099
105,565
639,652
12,010,902 -35.5
144,430 -26.9
955,583 -33.1
15,644.281
314.652
1,475,701
15,219,019
329,730
1,152,166
109,203,223
147,038,716 -25.8
167,737,704
174,973,846
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1565
MA RI NGS-(Concluded.)
1931.
1930.
Week Ended Aug. 29.
8Months Ended Aug. 31.
Month of August.
Clearings at
Inc. or
Dec.
1930.
$
g
1931.
1930.
Inc.or
Dec.
1929.
3
$
%
$
5,229.718 -41.5
74,796,463 -29.3
7.632,319
97,821.280
7,204,267
78,619,823
14,914,85
1,672,484
18,927,362 -21.2
1,711,630 -2.3
23,142,882
1,803,555
29,180,538
1,557,636
605,593
894.428 -32.3
1,328.107
1,387,662
372,251
473,008 -21.3
617,558
569.668
-7.3
3,128,189
3,278,000
4,031,964,722 -17.4
75,741,338
104,455,609 -27.5
135,473,890
121,797,594
190,918
239,359
2,422,641
28,692,293
228,544 -16.4
469,937 -49.1
2,677,932 -9.5
36,040,458 -20.4
321,11
462,884
3,303,602
50,000,000
344,682
562,599
4,164,576
45,399,348
1.783,696
3,927,842
2,553,844 -30.2
5,668,884 -30.8
2,689,060
7,438,375
2,949,473
8,959,147
75,200,344
3,585,77i
113,613,024 -33.8
4,631,732 -22.6
133,918,137
6,364,507
142,500,447
6,652,452
948,981 +21.2
1,149,496
aa
1,073,167
1241,106 -20.0
1,363,781
1200,000
922,334
a
1,308,686
207.361,461
213,765,744
170,147,907
2,645,143,801
20,189,579
795,563,224
67,660,972
53,138,000
13,037,452
34,864,173
69,200,642
20.787,711
36,232,807
103,168,079
2,832,375
494,149,571 -23.9
3.331,867,706
Tenth Federal Res erve District -Kansas Cit y1,029,605
1,195,820 -13.4
Neb.-Fremont
v1,200,000
2,337,553 -44.4
Hastings
11,862,195
13,549,164 -12.4
Lincoln
142,365,315
176,023.141 -19.2
Omaha
9,554,089
5,204,482 +83.6
Kan.-Kansas CRY
9,609,994
13,457,578 -28.7
Topeka
19,828,604
38,489,396 -34.9
Wichita
1,916,610
3,464,081 -44.7
Mo.-Joplin
343,784,332
520,448,238 -33.9
Kansas City
21,690,450 -24.7
16,350,000
St. Joseph
22.686,372
40,130,270 -43.5
Okla.-Tulsa
4,747,848
5,195,855 -8.7
Colo.-Colo. Springs
133,343,109 -17.1
110,683,078
Denver
6,482,088 -24.4
4,954.400
Pueblo
9,504,388
12,494,887
101,497,254
1,208,296,212
80,545,624
95,133,479
182,222,364
17,131,591
3,043,640,571
144,948,003
215,041,451
35,034,027
861,890,874
43,260,507
11,742,555
18,153,157
120,283,746
1,476,965.413
73.776,323
116,775,160
255,248,528
33,972,218
4,302.451.721
203,223,467
337,945,046
42,109,040
1,107.951,861
53,437,515
973,011,231 -28.0
6,050,542,422
8,157,646,986 -25.8
-5.8
-21.7
-18.8
-27.3
-25.7
-29.1
-14.4
-35.7
-55.0
-20.7
50.518,472
52,487,214
1,195,505,924
158,684,112
255,329,595
83,948,000
949,687,478
16,296,810
40,123,000
120.840,954
51,387,070
65,873,871
1,395,535,472
205,509.043
354,656,327
113,836,290
1,089,458,546
24,817,776
72,696,384
169.337,330
393.822,022 -19.4
2,923,421,559
3,543,108,109 -17,5
23,307,000
1 091,970,256
315,222.000
• 28 672 127
44,717,645
10,357,000
957,860,847
37,199,739
482.846,854
108,341,632
32,855,382
133,201,472
193,684,511
35,975,000
1,361,183,643
378,392,201
36,925,611
45,023,530
14,805,239
1,183,692,790
52,233,942
602,113,985
137,917,000
60,842,429
159,383,007
249,808,502
-33.6
-19.8
-16.3
-22.3
-11.7
-30.1
-19.1
-28.8
-19.8
-21.5
-46.0
-16.4
-22.5
20,355,253
168.714,893
29,085,116
251,782,151
152.486,916
4,948.010.705
88,616,974
60,609,682
17,502,399
55,449,200
35,218,638
203,448,892
35,633,922
234,819,395
188,965,384
6,626,620,499
103,094.325
69,013.505
68,346,132
73,669,000
-42.3
-17,1
-18.4
+7.6
-19.9
-25.3
-14.0
-12.2
-16.4
-24.8
6,016,612
3,191,984
120.699,000
2,269,649
1.168,709
1,419,611
1,207,000
4,769,178
3,676,851
143,849,834
2,555,616
1,538,401
1,606,413
1,580.800
+2-6.1
-13.2
-16.1
-11.2
-24.1
-11.7
-24.'
9,283,849,654 11,954,916,661 -22.3
210,729,571
256,951,258 -18.0
Total(14 cities).-
375,825,772
700,572,442
Eleventh Federal Reserve /liar ict-Dallas5,391,551
5,726,961
Texas-Austin
5,455,826
6,967,610
Beaumont
155,351,696
126,210,371
Dallas
20,477,236
14,861,469
El Paso
35,151,698
26,154.883
Fort Worth
12,358,000
8,763,000
Galveston
132,480.556
113,389,698
Houston
2,877,140
1,849,570
Port Arthur
7,328,000
3,298,000
Wichita Falls
11,983.434
15,103,125
La.-Shreveport
Total(10 cities)
317,357,802
Twelfth Federal It eserve District-San Franc lace4,500,000 -32.7
2,817.000
Wash.-Bellingham _ ..
124,154,192
/56,246,229 -20.6
Seattle
45,205,057 -20.8
35,796,000
Spokane
3,936,684 -27.4
2,857.919
Yakima
5,501,174 -2.3
5,331,635
Idaho-Boise_
1,147,000
1,560,000 -26.5
Oregon-Eugene
141,501,975 -23.5
108,253,514
Portland
4,364,814
6,509,634 -32.3
Utah-Ogden
54,276,277
68.167.652 -20.4
Salt Lake City.10,667,024
12,409,000 -14.1
Arizona-Phoenix
3,531,039
7,777,207 -54.6
Calif.-Bakersfield
19,005.851 -16.7
15.835.897
BerkeleY
19,527,799
27,198,178 -39.2
Long Beach
No longer will report clearing a
Los Angeles
2,329,356
4,261,228 -45.3
Modesto
16,651,786
20,056,665 -17.0
Pasadena
2,770.938
3,290,144 -15.8
Riverside
33,792,900
26,021,747 +3.0
Sacramento
20,589,420 -23.8
15,680,833
San Diego
735,300,427 -20.9
580.877.000
San Francisco
12,894,102 -2.8
11,419,446
San Jose
8,483,803
7,858,751 -17.5
Santa Barbara_ _
6,770,798
8,448,688 -19.9
Santa Monica
8,212,800 -23.3
6,300,000
Stockton
Total(23 cities).- 1,071,636,!;. 1,346,452,673-20,4
3
3,061,588
52,868,14.1
138,986,756
2,147,212,122
11,753,002
688,832,996
65,613,598
48,123,000
9,879,997
28,747,572
56,491,193
18,297,139
27,105,219
88,697,762
2,127,350
Total(13 cities)
1928.
0.000.'otcrt#00 4 0000^00
cofi.mmom.vi44'
eliii117
$
$
%
Ninth Federal Res erve District-Minneapoll s13,209,143
24,062,469 -45.1
Minn.-Duluth
247,438,797
331.674,787 -25.4
Minneapolis
1,510,601
2,465,973 -38.7
Rochester
74,473.072
87,998,119 -15.4
" St. Paul
7,626.080
7,561,495 +0.9
N.Dak.-Fargo
6,826,000 -8.9
6.220.000
Grand Forks
1,110,000
1.513,019 -26.6
Minot
3,032,492
4,249,562 -28.6
S. Dak.-Aberdeen
5,773,433
7,539,531 -23.4
Sioux Falls
2,029,094
2,371,068 -14.4
Mont.-Billings
3,136,843
5,139,449 -39.0
Great Falls
12,396,487 -19.0
10,045,504
Helena
220,713
351,612 -37.2
Lewistown
1931.
Inc. or
Dec.
-19.1
-31.2
-15.5
-18.2
+9.2
-18.4
-28.6
-49.5
-29.3
-28.7
-26.4
-16.8
-22.3
-19.1
-1.7
-20.3
-7.2
-22.8
-28.0
-26.3
-3.8
-34.3
-44.8
-28.7
2,246,426
117,265,532
1,156.426
2,423,000
168,174,442 -30.3
-9.2
1,247,201
2,044,823
26,828,012
41,345,000 -35.1
1.273,064
48,063,112
53,781,645
5,540,974
1,738,000
7,150,906 -22.6
3,306,000 -47,4
10,710,918
5,414,000
11,279,139
7,360,000
2,172,644
2,870,557 -24.3
4,385,720
3,974,185
37,436,056
55.951,527 -33.1
69,820,951
78,445,592
26,691,915
7,365,000
723,655
32,054,496 -16.7
9,832,000 -25.1
889,454 -18.6
49.072.946
12,122,000
1,490.457
44,435,187
12,128,000
1,500,591
21,822,649
30,454,122 -28.3
37,458.108
34.959,284
11,004,292
15,199,856 -27.6
18,280,686
15,908.997
4,121,667
5,507,070 -25.2
Will no longer report cfearin gs.
7,275,176
7,282,025
4,807,384
4,752,061
7,520,763
4,842,616
211,724,000
3,438,382
1,685,684
1,840,025
2,489,700
5,348,743
4,370,032
180 909,400
2:9
3 2,783
1,383,790
1,830,146
1,910,200
364,007,927
318,267,456
3,029.828
3,430,073 -11.7
5,716,969.583 7,705,359,563 -25.8 12502 855,649 10208875,691
Grand total (179
29,315,211,660 38.768,203,790 -24.4 293,374,993,057 377,674,727,583 -22.3
cities)
Outside New York... 11,276,098,788 14,762,235,566 -23.7 103,333.380,619 134,002,746,616 -15.4 2,214,051,201 2,899,786,741 -23.6 3,902,380,64' 3,598,541,028
CANADIAN CLEARINGS'FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUGUST
Month of August.
Clearings at1931.
CanadaMontreal
Toronto
WinnipegVancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
SudburY
4 ''.,tai t 32 cities)
5
417,282,955
356,214,976
172,981,886
65,877,840
23,873,663
23,110,133
12,114,40,
17,671,907
20,447,701
9,146,078
7.332,275
10,417,730
18,307,302
15,888,699
1,655,661
1,615,045
7,106.178
2,485,939
3,556,358
3,012,911
3,329,634
939.669
3,104,749
2,933,834
3,513,237
10,955.084
1,466.510
3,013,832
2,672,298
1,725,025
1,704,864
2,990,718
1930.
$
52307.385
444,549,734
197,289,638
82,826,388
27,540,827
27,373.257
13,665,640
23,642,848
29,848.594
10,015,749
9,912,467
14.244.775
23,266,019
20,007,471
2,254.197
2,338,653
10,267,826
4,185,768
4,127,350
3,440,939
3,516.674
1,253,496
3,513,911
3,627,407
4,518,740
15,245.927
2.036,171
4,141,438
3,501,10
2,519,536
2,921.553
4,655.12
Week Ended Aug. 27.
8 Months Exiled Aug. 35.
Inc.or
Dec.
1931,
%
$
-20.3 4,001,954,561
-17.6 3,585,321,676
-12.3 1,297.157,020
-20.5
542,873,143
-13.3
213,116,074
-15.6
194.115,174
-11.3
102,652,994
-24.3
167,213,244
-31.5
210,405,219
-8.7
77,952,990
-26.0
64,702,5 I
-26.9
97,366,898
-20.9
152,131,08
-20.6
114.352.126
-26.8
13,582,347
-30.9
13,559,986
21.0
57,975,318
40.6
26,052,121
13.8
33,223,715
-12.4
21,946,584
-34.0
20,613,846
-25.0
7,716,700
-11.8
25,538,520
-19.1
25,272,502
-22.2
35.915,467
-28.2
106,641,238
-28.0
13,340,133
-27.2
25,667,642
-23.7
22,848,916
-31.5
18,149,317
-41.
17,413.190
-35.8
25,340,163
1930.
$
4,636,703,543
4,073,234,373
1,583,105,490
674,960,409
247.002,930
222.666,840
114,323.196
207,298,516
295,082,617
83,005,459
8.5,257,179
112.566,859
198,305,131
153,790,656
18.918.024
13,971.188
76,041,734
40,349,693
38,035,981
28,182,577
29,678,400
10.843,697
30,627,271
31,457,854
41,215,601
157,035,218
14,983.002
34,433,492
28,622,223
21,350,902
25.297,251
40,518.690
Inc or
Dec.
%
-13.7
-12.0
-18.1
-19.6
-9.7
-12.8
-10.2
-19.3
-23.7
-6.1
-24.1
-13.7
-23.4
-25.6
-19.7
-23.2
-23.8
-35.4
-12.6
-22.2
-30.5
-28.8
-13.5
-16.5
-12.9
-32.0
-10.0
-25.5
-20.2
-15.0
-31.2
-37.4
1,227,538,898 1,525,916,612 -19.6 11,332,111.443 13.371.965,796 -15.3
allo longer reports weekly clearings. *Estimated.
T.
1931.
1930.
Inc. or
Dec.
1929,
1928.
$
S
5
$
%
81,480,086 126,195.393 -35.5 147.664,405 112,826,408
80,846,279 109,318,861 -26.1 121,453,980 111,816,843
50,923,387
47,281,027 -24.3
35,772,330
50,160,500
22,411,391
/7,872,926 -20.6
14,180,092
18,701,457
6,637.116
5,473,827 -12.0
4,815,451
5,878,305
5,531,261 -10.4
6,294,518
4,954,746
5,578,643
2,788,179 -10.2
2,503,237
2.865,708
3.101.360
5,921,941
5,188,949 -30.8
3,588,697
5,745,055
9,690,85'
7,063.226 -39.4
4,283,173
9,275,610
2,452,525
2,113,943 -7.2
1,960,956
2,215,228
2,003,881 -24.5
1,512,048
2,604,885
2,313,725
2,329,148
2,847,759 -59.4
1,155.773
2,527,554
4,552,12 -24.7
3,429,702
5,163,853
5,998,429
4,062,77 -33.
2,707,121
4,860,178
5,895,822
421,09 -26.9
307,610
604,497
655,626
541,61 -35.7
348,271
599,127
738,636
2,036,26 -29.4
1,438,293
2,469,033
2,509,987
855,945
564,381
34.1
1,108,906
1,383,908
928,37 -17.6
764,604
1,167,883
1,081,385
740,44 -28.2
531,358
875,377
919,640
751,59 -35.8
482,336
1,109,975
828,711
266,572 -20.7
211,414
474,028
406,614
795,285 -84.9
119,771
772,553
746,549
864,487 -31.1
895.093
1,021,433
831,342
963,564 -24.9
723,504
1,226,212
1,015,894
2,766,710
3,066,386 -9.8
5,721,134
5,582,796
350,825 -14.6
300,403
485,997
482,545
628.229
950,390 -33.9
904.391
800,195
485,1.73
715,339 -32.2
921,918
743,067
362,274
450,440 -19.6
641,992
587,575
576,931 -5.5
545,023
927,824
572,700
1,154,631 -43.3
654,148
255.018.284
358,725.285 -26.1
411.256 578
nal nno ,en
1566
THE CURB EXCHANGE.
Trading on the Curb Exchange for the most part of this
week was in small volume with prices showing a sagging
tendency. Towards the close of the week there was an increase in business but prices continued to be heavy. A
feature of the week was the slump in National Short Term
Securities which broke from 21% to 2% and finished to-day at
33. Industrials were the chief sufferers. Aluminum Co.
of Amer. corn. dropped from 1313/i to 117 and closed to-day
at 120. Amer. Equities corn. lost over a point to 43j.
Deere & Co., corn. sold down from 183' to 153. and ends
the week at 16. Ford Motor of Canada, class A, weakened
from 193 to 173'. Great Atlantic & Pacific Tea Co. corn.
fell from 216 to 201. Insull Utility Invest. corn. was off
from 273/i to 253/8. Mead, Johnson & Co. corn. broke from
72 to 64, and A. 0. Smith Corp. corn. from 119 to 90.
Parker Rust Proof corn. moved down from 763 to 62 and
sold finally at 67. Utilities usually active, show few changes
of moment. Amer. & Foreign Power warrants weakened
from 163
%. Amer. Gas & Elec. corn. dropped from
% to 133
673' to 61% and ends the week at 623.(. Central Public
Service, corn. advanced from 12 to 14. Commonwealth
Edison was off from 199 to 187. Electric Bond & Share,com.
sold down from_38 to 3432. Among oils, Cumberland Pipe
Line declined from 30 to 273. and closed to-day at 27/.
Humble Oil & R.declined from 65 to 60. South Penn Oil
lost 2 points to 16%. Standard Oil (Indiana) was off from
273'g to 253, the close to-day being at 20%. Standard Oil
(Ohio)common fell from 523
% to 50.
A complete record of Curb Exchange transactions for the
week will be found on page 1593.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended'
Sept. 4 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
[Vol.. 133.
FINANCIAL CHRONICLE
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
For•ign
Domestic. Government. Corporate.
93,470 $1,440,000
141.165 1,869,000
135,435 2,638,000
217,290 2,574,000
309,500 3.148,000
210.985 3,046,000
$36,000
50.000
38,000
96,000
137,000
97,000
Total.
$34,000 $1,510,000
119,000 2,038,000
113,000 2,789.000
182,000 2.852,000
64,000 3.349,000
97,000 3,240,000
8609,000 $15,778,000
$454,000
1.107.845814,715.000
Jan. 1 to Sept. 4.
Week Ended Sept. 4.
1931.
1930.
1,574,100
1,107,845
Stocks-No, of shares_
Bonds.
814,715,000 $10,511,000
Domestic
319,000
454,000
Foreign Government-.
363,000
609.000
Foreign corporate
1931.
1930.
76,820,241
105,271.480
$612,194,000
20,140,000
26,730,000
$556,278,000
21,811,000
26,920,000
$659,064,000
$15,778,000 $11,193,000
Total
$605,009,000
Note.-In the above tables we now give the foreign corporate bonds separately
the
foreign
Government
bonds.
Formerly they were Included with
Schneider & Cie
Societe Andre Citroen
Societe Generale Fonder°
Societe Francaise Ford
Societe Lyonnais
Societe Marselllaise__
Suez
Tubize Artificial allk pref
Union d'Electrleltie
Union des Mines
Wagon-Lits
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Thursday after having been closed by Government decree since
July 11. Prices suffered heavy declines. In the following
we compare closing quotations for Sept. 3 and Sept. 4
with those of July 11:
-Per Cent of Par
July 11 Sept. 3 Sept. 4
Aug.
Deutsche Credit(Adca)(5)
Berlin. Handels-Ges.(8)
Commerz-und Privat-Bank (7)
Darmstaedter u. Nationalbank (8)
Deutsche Bank u. Disconto-Ges.(6)
Dreedner Bank (6)
Relchsbank (12)
Algemeene Kuntszlide(Aku)(0)
Aug. Elektr. Gee.(A.E.G.)(7)
Deutsche Ton-u. Steinzeugwerke (0)
Ford Motor Co., Berlin (10)
Gelsenkirchner Bergwerk (6)
Gesfuerel (9)
Hamburg-American Line (HaPag) (6)
Hamburg Electric Co. (10)
Harmer Dergbau (0)
Hotelbetrieb (8)
I. G. Ferben Indus.(Dye Trust)(12)
Karstadt (0)
Mannesmann Tubes (6)
North German Lloyd (6)
Phoenix Bergbau (434)
Polyphonwerke (12)
Rhein, Westf. Elektr. (R.W.E.) (10)
Sachsenwerk Licht U. Kraft (734)
Siem-ns & Halske (14)
Ver. Stahlwerke (United Steel Works)(4)
Aug. 29. Aug. 31. Sept. 1. Sept. 2. Sept. 3. Sept. 4.
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
15,400 15,700 15,500 15,800 15,600
Bank of France
980
970
980
1,000
Banque Nationale de Credit-2,060 2,090 2,050 2,090 2,070
Banque de Paris et Pays Bea
945
953
992
969
Banque de Union Pansienne-531
527
532
540
523
Canadian Pacific
14,200
14,250
14,605
14,340
Canal de Suez
2,775 2,705 2,730 2,720 2,720
Cie Distr. d'Electrintle
2,660 2,840 2,760 2,690
Cie Generale d'ElectricItie
590
590
595
597
Citroen B
1,370 1,390 1,390 1,380 1,360
Comptoir Nationale d'Escompte
470
470
460
460
470
Inc
Coty.
752
790
760
768
Courrieree
940
930
935
947
Credit Commerciale de France
5,320 5.400 5,340 5,330 5,360
CreditFonder de France
2,240
2,270
2,300
2,260
2,270
Credit Lyonnais
2,700 2,770 2,720 2,710 2,700
Distribution d'EleotrIcitle la Par,
2,530 2,640 2,590 2,570 2,570
Eau: Lyonnais
800
790
805
800
Enerdie Electrique On Nord
1,100 1,140
1.110 1,076
Energie Electnque du Littoral....
250
250
250
250
250
FrenchLine
120
120
120
120
120
Galen Lafayette
910
900
910
900
Gas Le Bon
880
440
450
470
450
Kuhlmann
450
Hall.
880
850
850
860
VAR Liquids860
1,490 1,492 1,490 1,480
day
Lyon (P. L. M.)
_
790
740
750
Mines de Courrieres
760
750
660
Lens
650
670
680
Mines de
670
2,090 2,090 2,090 2,090 2,090
Nord Ry
1,510 1,620 1.510 1.500 1,500
Paris, France
80
99
90
90
Pattie Capital
1,710 1,760 1,710 1,730 1,730
Pechiney
89.10
89.20
88.80
89.50
89.40
Rentes 3%
137.40 137.40 137.50 137.60 137.70
Routes 5% 1920
104.30 104.90 104.90 104.60 104.60
Reines 4% 1917
104.40 105.30 104.30 104.70 104.30
Rentes 5% 1915
105.00
105.40 105.00 105.20 105.10
Bantus 6% 1920
1,810 1,900 1,810 1,800 1,730
Royal Dutch
2,765 2,710 2,705 2,735
Saint Cobb. C.& C
85
102
101
101
100
101
125
es
84
43
17234
55
96
40
103
55
81
122
24
55
42
39
109
101
73
140
37
65
76
72
76
75
47
102
50
59
__
-35
__
28
85
40
60
93
16
36
-_80
-103
26
61
75
70
76
74
47
102
47
55
--33
__
27
86
40
60
93
14
35
27
__
72
78
__
102
26
ENGLISH FINANCIAL MARKET-PER CABLE.
(See page 1575.)
ernimertialand AisceiliatteonsBms
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange, Aug. 29 to Sept. 4, both inclusive, compiled from official sales lists:
Stocks-
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:
Aug. 29. Aug. 31. Sept. 1, Sept. 2. Sept. 3. Sept. 4.
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
1,090 1,070 1,000
1,101
600
590
590
590
590
290
288
275
268
290
173
170
174
180
175
2,625 2,570 2,560 2,520
873
870
875
874
14,200 14,500 14,200 14,300 14.300
220
228
217
243
1,060 1,100 1,090 1,070 1,070
500
500
500
500
132
123
127
128
__--
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
Bank &TrustFirst National Bank _ __ _20 55
55
5534
Franklin-Amer Trust_ _100 141
140 14434
Mercantile-Commerce Bk&
Trust Co
177 178
100
Miss Valley Trust Co-_100 19934 199% 200
MiscellaneousAlligator corn
•
Brown Shoe corn
100
Century Electric Co_ _ _100
Coca-Cola Bottling Co__ _1
Dr Pepper cons
*
Ely&Walk Dry Gds corn 25
Hamilton-Brown Shoe_ _25
International Shoe corn.. *
Preferred
100
Hey Boiler Equipt
*
Landis Machine corn_ _25
*
MeQuay-Norris
Meyer Blanke pref. _ _ _100
Mo Portland Cement_ _25
National Candy com___ .*
Rice-Stiz Dry Gds corn_ *
Securities Inv corn
•
Preferred
100
Bouthwes Bell Tel pref_100
BLit Baer & Fuller coin_ *
St Louis Pub Serv com___•
Wagner Electric tom_ _ _100
Street Ry BondsEast St L Se Sub Co 5s 1932
United Railways 4s___1034
* No par value.
10934
8134
1734
1233.4
13
5
5
44
44
55
55
25
25
28
2844
12
12
434 434
48
4844
109 109%
10
10
26
26
39
39
8134 81%
20
20)4
17% 18
534 5%
2734 273.4
105 105
122H 12334
14H 1434
134 144
1234 14
Range Since Jan. 1.
Low.
210 55
57 140
High.
Sept 70
Sept 200
Mar
Jan
10 168 June 198
Jan
35 195% Sept 224% Mar
30
8
23.4 June
35 3334 Feb 45
10 55
Sept 85
15 24
Aug 43
40 27 June 32%
405 12 Sept 18
5
4 June
7
99 46H June 53
58 105% Jan 110
155 10 Sept 25
35 24 June 30
10 3544 Feb 3934
10 8134 Sept 86
167 20
Sept 29%
650 1734 June 22
20
5
Apr
834
20 26 May 31
40 103
Feb 105
83 117% Jan 12331
165 11
Jan 1534
4
Aug
300
1
689 12H Sept 19
9744 9744 $1,000
54
AS
131100
9634 Jan
SAL( Inns.
Mar
July
Jan
Jan
Mar
Jan
Feb
July
July
Jan
Mar
AUR
May
Mar
Mar
Jan
Feb
Sept
Sept
July
Feb
Mar
98
Apr
R2 U* Jan
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
Capital.
Aug. 24-The First National Bank of Ayden, North Carolina_ - -- $75,000
Effective July 24 1931. Liquidating Agent: First National Bank in Ayden, N. C. Succeeded by First
National Bank in Ayden, N. C., No. 13554.
25,000
Aug. 25-The First National Bank of Mackay,Idaho
Effective Aug. 20 1931. Liquidating Agent, N. 0.
Hovey, Mackay, Idaho. Absorbed by First State
Bank of Challis, Idaho.
$500,000
Aug. 25-The Lebanon National Bank of New York, N. Y
Effective Aug. 18 1931. Liquidating CommLssioner,
J. A.Mandour,Milhem A. Saidy and T.J. Richmond
care of the liquidating bank. Absorbed by Manufacturers Trust Co., New York, N. Y.
SEPT. 5 1931.]
FINANCIAL CHRONICLE
Capital
Aug. 26-The Guardian National Bank of Chicago, Illinois
1,000,000
Effective July 27 1931. Liquidating Agent, Andrew
T. Murphy, care of the liquidating bank. Absorbed
by Union Bank of Chicago, Illinois.
Aug. 28-The First National Bank of Hillsboro. Indiana
25,000
Effective Aug. 211931. Liquidating Committee, Jesse
J. Booster, Adolph Hinz and Martin W. Fisse, all of
Hillsboro, Indiana. Absorbed by the Hillsboro State
Bank, Hillsboro, Indiana.
Aug. 28-The American National Bank of Passaic, New Jersey
$200,000
Effective Aug. 26 1931. Liquidating Agent. Peoples
Bank & Trust Co. of Passaic. N. J. Absorbed by
Peoples Bank & Trust Co. of Passaic, N. J.
Aug. 29-The First National Bank of Preston, Iowa
25,000
Effective Aug. 251931. Liquidating Committee, W.F.
Schroeder, John Grant and A. J. Osburn, all of
Preston, Iowa. Succeeded by United Bank & Trust
Co., Preston, Iowa.
Aug. 29-The Monroe National Bank, Monroe, Iowa
50,000
Effective Aug. 7 1931. Liquidating Agent, Ulric
Clevenger, Monroe, Iowa. Succeeded by Monroe
State Bank, Monroe, Iowa.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian II. Muller & Son, New York:
Shares. Stocks.
$ Per St. Shares. Stocks.
5 Per St.
500 Detachable Bit Corp. of Amer.,
1930, due July 17 1931; 52,520.73
no par; 150 Carbonic Products
note of Temple Ansehe Chased,
Co., par 510; 263 Dahlberg Corp.
City, dated May 1 1930, due
of Amer., corn., no par; 50 DahlMay 14 1930; 5404.98 note of
berg Corp. of Amer., pref., no
Harris & Sohn, Newark, N. J.,
par; 140 Herbert Enterprises A,
dated March 7 1930. due June 9
no par; 60 Herbert Enterprises B,
1930; $2,842 note of St. Clair
no par; 300 Yarns Corp. of Amer.
Bldg. Corp., Chicago, Iii., dated
A, no par; 55,000 Central lily.
March 241930, due June 23 1930.
Term. & Cold Storage Co..6%%
paid $624.70, bal.due$2,217.301100 lot
bonds, due 1952, Ws. of dep.;
Sundry installment paper, ag$5,000 Roosevelt Water Cons.
gregating approximately $4,Dist., 6% bonds, due 1940,
915.75, acquired by Commercial
certificates of deposit
$1,500 lot
Investment Trust. Inc., from
$824.18 note of Lincoln Syndicate,
Go!dens Music Store, Corbin,
Chicago, Ill., dated April 18
Ky
915 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
5 per St.
68 Barton Continental Natl. Bank,
par 520
18
25 Central Trust Co., Cambridge,
par $10
33
5 Naumkeag Steam Cotton Co
65
24 Ludlow Mfg. Associates
1053.4
10 Robert Gair Co., class A
555
100 Mass. Pow. & Light Assoelates, preferred
2634
30 Greenfield Tap & Die Corp.,
8% preferred
2934
Shares. Stocks.
$ per St.
50 Great North. Paper Co., par 525 31
1 Puget Sound Power & Light,
prior preferred
86
47 National Service Cos., pref____ 22
24-100 Mass. Investors Trust
2634
11 10-30 National Service Cos., pref 30
Bonds.
Per Cent.
$3.000 Worcester Investment Trust,
1st mtge. 6s. Nov. 15 1938_ _50 and Int.
$3,000 Chain of Rocks Kingshighway Bridge, 7s, Oct. 15 1942 12 flat
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
S per St.
50 Central Trust Co., Cambridge.
par $10
32
15634 Bost. Cont. Nat. Bk. par $20 18
10 Conn. Mills Co., let pre(
100.
10 Nautnkeag Steam Cotton Co._ 65
16 Pepperell Mfg. Co
663-4
5 Chic. Junction Rys. & Union
Stock Yds., corn. stpd
155%
14
4 units First Peoples Trust
54
60 Western M£1.58. Cos
Shares. Stocks.
$ Per share
10 New Engl. Grain Prods. Co.,
$6 pref. class A
99%
10 No. Bost. Ltg. Prop. pref. (undep.) par $50
4915
50 Heywood-Wakefield Co., 2d pref 35
25 Quincy Mkt. Cold Stge. &
Warehouse Co., com
15
Bonds.
Per Cent
52.000 Nat. Serv.Ccs, 68 Dec. 1932 69
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
S per St.
15 Philadelphia Nat. Bank. par $20.10634
25 Second Nat. Bank of Frankford,
40
par $10
60 Ninth Bank & Trust Co. par 550 30
20 Corn Exch. Nat. Band'
dr Trust
Co. par $20
8644
34 First
' Camden Nat. Bank & Tr.
Co., Camden, N. J.. par $25_ . 80
15 Continental-Equitable Title -dr.
Trust Co., par $5
203-4
Shares. Stocks.
$ per St.
30 Pa. Co. for Ins. on Lives, &c.,
par $10
6734
6 Ridge Ave.Pass.Ry. Co., par $50 9541
8 Ridge Ave., Pass. Ry., par $50_ _ 95%
50 Abbotts Dairies, corn., no par_ 4034
2 William Penn Fire Ins, Co..
par $50
30
Bonds.
Per Cent.
$3,000 John anarnaker, lot mtge.
5345 1949
10234
By Baker, Simonds & Co., Detroit, on Friday, Sept. 10:
Bonds.
BondaPer Cent.
Per cent.
51,000 Lee R. Fogle lot
$2,000 Plymouth Road Dev. Corp.,
mtge. 634s,
bonds due 1936
1935
$1,300 lot
5690 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per St. Shares. Stocks.
$ per St.
500 Creighton Fairbanks, Mines,
10 Angel International Corp.. par $1 25c.
par $1
$1 lot 15 Thermiodyne Radio, no par_75c. lot
5 Como Mines, par $1
20c.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
3
Alabama & Vicksburg
Oct. 1 Holders of rec. Sept. 11
•50c. Oct. 1 "Holders of rec. Sept. 15
Beech Creek (quar.)
Belgian National Rya., Am .shs., pref._ _ "$415 Sent.22 *Holders of rec. Sept,15
Lackawanna of N. J. (quar.)
*1
Oct. 1 *Holders of rec. Sept. 9
Lehigh Valley, com.-DIvidend omitted
Preferred (guar.)
•$1.25 Oct. 1 *Holders of rec. Sept. 12
1% Oct. 1 Holders of rec. Sept. 15
N. Y. Lackawanna & Western (guar.)._
Oct. 1 *Holders of rec. Sept. 12
Old Colony (guar.)
Vicksburg Shreveport & Pacific, corn_
234 Oct. 1 Holdess of rec. Sept. 11
234 Oct. 1 Holders of rec. Sept. 11
Preferred
*134
Public Utilities.
Amer. Cities Pow.& Lt., el. A (qu.)__ _ _
Amer. Gas & Electric, corn. (quar.)
Preferred (guar.)
Amer. Public Service, pref. (guar.)
Amer. Superpower Corp., 1st pf. (qtr.)._
SO preference (guar.)
Amer. Wat. Wks. & Elec., corn. (qu.)
Arkansas Natural Gas, pref. (quar.)British Columbia Power. class A (guar.)Continental TeleP., 7% Panic. pf.(qt1.).
634% preferred (guar.)
•
*s75c. Nov.
25c. Oct.
$1.50 Nov.
•134 Oct.
$1.50 Oct.
$1.50 Oct.
75c. Nov.
I5c. Oct.
•50e Oct.
•1% Oct.
•144 Oct.
1 *Holders of rec. Oct. 5
1 Holders of rec. Sept. 9
2 Holders of rec. Oct. 8
1 *Holders of rec. Sept. 15
1 Holders of rec. Sept. 15
1 Holders of rec. Sept. 15
2 Holden; of rec. Oct. 15
1 Holders of rec. Sept. 15a
1 *Holders of rec. Sept. 30
1 *Holders of rec. Sept. 15
1 *Holders of rec. Sept. 15
Name of Company.
1567
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Public Utilities (Concluded).Denver Tramway Corp., pref. (quar.)__ *25c. Oct. 1 "Holders of rec. Sept. 15
Diamond State Telep., 634% pf. (qu.))- •144 Oct. 15 *Holders of rec. Sept. 19
Duquesne Light 1st pref. (guar.)
134 Oct. 15 Holders of rec. Sept. 15
East. Gas. & Fuel Asso.,
145 Oct. 1 Holders of rec. Sept. 15
Pf. 0110
1% Oct. 1 Holders of rec. Sept. 15
Prior preferred (guar.)
Electric Power & Light1.40 Oct.
Holders of rec. Sept. Sa
Pref, allot. ctts. 80% paid (quar.)
Holders of rec. Sept. 8a
Pref, allot. ars. full paid (guar.)
151 Oct.
Holders of rec. Sept. 15a
Empire Gas & Fuel. 8% pref. (monthly) 66 2-3. Oct.
Holders of rec. Sept. 15a
58 1-3c Oct.
7% preferred (monthly)
Holders of rec. Sept. 15a
54 1-6c Oct.
655% preferred (monthly)
Holders of rec. Sept. 15a
50c. Oct.
6% preferred (nionthlY)
Holders of rec. Sept. 15
Federal Water Service, $7 pref. (quar.)_ $1.75 Oct.
Holders of rec. Sept. 15
1.625 Oct.
$0.50 preferred (guar.)
Holders of rec. Sept. 15
$1.50 Oct.
$6 preferred (guar.)
Holders of rec. Sept. 15
$1.00 Oct.
$4 preferred (quar)
Frankford & Southwark Phila. Pass RY.
*Holders of rec. Sept. 1
(guar.)
*54.50 Oct.
Gas Light & Coke.
Am. dep. rots, for ord. shs
.9e. Sept. 8 *Holders of rec. July 24
.433.4c Sept.30 *Holders 01 rec. Sept. 16
Hackensack Water pref. A (guar.)
Hartford Electric Light (quar.)
*6835c Nov. 1 *Holders of rec. Oct. 15
Indianapolis Power & Light,6% p1.(au.) *155 Oct. 1 *Holders of rec. Sept. 5
644% preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept. 5
Jersey Central Power & Light.
534% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10
6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10
7% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10
Keystone Public Service, $2.80 pf. (qu.) *70c. Oct. 1 *Holders of rec. Sept. 15
Lexington Utilltim 635% pf. (quar.)
•194 Sept. 15 *Holders of rec. Aug. 31
Lone Star Gas (gear.)
•22c. Sept.30 *Holders of rec. Sept. 15
Mississippi River Power, pref. (guar.)._ *144 Oct. 1 *Holders of rec. Sept. 15
Mohawk & liudson Power.
*51.75 Oct. 1 *Holders of rec. Sept. 15
2nd preferred (guar.)
Montana Power (guar.)
*25c. Oct. 1 *Holders of rec. Sept. 15
Mountain States Power. pref. (quar.)
194 Oct. 20 Holders of rec. Sept. 30
•80. Sept.30 *Holders of rec. Sept. 18
Mutual Telep.(Hawaii)(monthly)
*45c. Nov. 2 *Holders of rec. Oct. 9
National Electric Power, class A (qu.)
45c. Sept.30 Holders of rec. Sept. 10
Common B (guar.)
144 Oct. 1 Holders of rec. Sept. 10
6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10
7% preferred (guar.)
National Gas 8c Elec., $6.50 pf. (guar.).* $1.625 Oct. 1 *Holders of rec. Sept. 19
National Public Service, 7% pref.(an.)..
191 Oct. 1 Holders of rec. Sept. 10
Newcastle-Upon-Tyne Elec. Supply,Ltd.
*w244 Oct. 6 *Holders of rec. Sept. 15
Am. dep, rots, for ord. reg. ohs
'
New England Power, pref. (guar.)
13.4 Oct. I *Holders of rec. Sept. 10
New York Power & Light, 7% pref.(qu.) •1% Oct. 1 *Holders of rec. Sept. 10
*1% Oct. 1 *Holders of roe. Sept. 16
16 preferred (guar.)
North Continent Utilities, class A (qu.)_ *3734c Oct. 1 'Holders of rec. Sept. 10
*1% Oct. 1 *Holders of rec. Sept. 10
7% pref. (guar.)
•144 Oct. 1 *Holders of rec. Sept. 15
North Shore Gas, Prof. (quar.)
O 134 Oct. 1 *Holders of rec. Sept. 15
North West Utilities, prior lien (guar.)
*144 Oct. 1 *Holders of rec. Sept. 19
Nova Scotia Light & Power (quar.)
*51.50 Oct. 1 "Holders of rec. Sept. 21
Ohio Cities Water, pref.(guar.)
Ohio Electric Power. 7% pref. (quar.)_.. *134 Oct. 1 *Holders of rec. Sept. 15
*1.14 Oct. 1 *Holders of rec. Sept. 15
11% preferred (guar.)
Otter Tall Power (Del.), $6 pref. (qu.) *$1.50 Oct. 1 "Holders of rec. Sept. 15
• 31.375 Oct. 1 *Holders of rec. Sept. 15
$5.50 preferred (guar.)
Pacific Telco. & Teleg., common (guar.) •194 Sept.30 *Holders of rec. Sept. 19
•134 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 21
Peoria Water Works, pref.(guar.)
*$2.00 Oct. 1 *Holders of rec. Sept. 10
Philadelphia Traction
*144 Oct. 1 *Holders of rec. Sept. 15
Ponce Electric, preferred (guar.)
Oct. 1 *Holders of rec. Sept. 10
Savannah Elec. dr. Power, let pi. A (qu.) _ *2
'
First preferred B (guar.)
174 Oct. 1 *Holders of rec. Sept. 10
*144 Oct. 1 *Holders of rec. Sept. 10
First preferred C (guar.)
*13.4 Oct. 1 *Holders of rec. Sept. 10
First preferred D (guar.)
*3
Oct. 1 *Holders of roe. Sept. 10
6% preferred
Southern & Atlantic Tel
'6215e Oct. 1 "Holders of rec. Sept. 16
Southern Calif. Edison, orig. pf.
"50c. Oct. 15 *Holders of rec. Sept. 20
534% preferred, series C (guar.)
*34% c Oct. 15 *Holders of rec. Sept. 20
Southern Natural Gas,$7 pref.-Dividen ml omit ted.
South Pittsburgh Water. 7% Pi.(qu.).
13.4 Oct. 15 Holders of rec. Oct. 1
6% preferred (quar.)
13.4 Oct. 15 Holders of rec. Oct. 1
Southwestern Bell Telep., prof.(quar.)_ _ •15/ Oct. 1 *Holders of rec. Sept. 19
So'western Gas & Elec.,7% pref.(qu.)_ _ *155 Oct. 1 *Holders of rec. Sept. 15
So'webtern Light & Power, pref.(quar.) _ *$1.50 Oct. 1 *Holders of rec. Sept. 15
Toledo Edison, 7% preferred (monthly)- 58 1-3c Oct. 1 Holders of rec. Sept. 15a
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 150
5% preferred (monthly)
11 2-3c Oct. 1 Holders of rec. Sept. 150
Twin City Rap. Transit (Minneapolis)Preferred (guar.)
194 Oct. 1 Holders of rec. Sept. 21
Union El. L.& Pow.(Mo.)7% pf (qu.)Oct. 7 *Holders of rec. Sept. 15
6% preferred (quar.)
Oct. 1 *Holders of rec. Sept. 15
Union El. L.& Pow.(111.1 6% Pf.(quar,' '134 Oct. 1 *Holders of rec. Sept. 15
United Light & Power, corn. A & B (qu.
25c. Nov. 2 Holders of rec. Oct. I5a
51.50 Oct. 1 Holders of rec. Sept. 15a
$6 first preferred (guar.
United Public Utilities $6 pref. (quar.)_ _ •$1.50 Oct. 1 *Holders of rec. Sept. 15
Utah Power & Light, $7 pref. (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 5
$1.50 Oct. 1 Holders of rec. Sept. 5
$6 preferred (guar.)
Utilities Power & Light, corn. (quar.)
v25c. Oct. 1 Holders of rec. Sept. 5
v.50c. Oct. 1 Holders of rec. Sept. 5
Corn. class A (guar.)
o25c. Oct. 1 IIolders of rec. Sept. 5
Corn. class B (guar.)
1% Oct. 1 Holders of rec. Sept. 5
Preferred (quar.)
Virginia Public Service,6% pref.(guar.) 134 Oct. 1 Holders of roe. Sept. 15
7% preferred (quar.)
131 Oct. 1 Holders of rec. Sept. 15
West Penn, Electric Co.. class A (quar,) $1.75 Sept.30 Holders of rec. Sept. 17
West Penn. Power Co., 7% pref. (guar.) 1% Nov. 2 Holders of rec. Oct. 5
6% preferred (guar.)
155 Nov. 2 Holders of rec. Oct. 5
West Texas Utilities, pref. (guar.)
'$1.50 Oct. 1 *Holders of rec. Sept. 15
Western Pow., Light & Tel., pf. A (qu.) '1% Oct. 1 *Holders of rec. Sept. 15
•155 Oct. 1 *Holders of rec. Sept. 15
Preferred B (quar.)
Westmoreland NVater, $6 pref. (quar.) '81.50 Oct. 1 *Holders of rec. Sept. 21
Winnipeg Electric Co., pref. (quar.)_ _ _ _ •15i Oct. 1 *flolders of rec. Sept. 5
Wisconsin Pub. Service, 7% pref. (guar.) 114 Sept. 21 Holders of rec. Aug. 31
634% preferred (guar.)
194 Sept. 21 Holders of rec. Aug. 31
134 Sept. 21 Holders of rec. Aug. 31
0% Preferred (guar.)
Banks.
Chase National (guar.)
$1
Chatham Phenix Nat. Bk.& Tr.(quar.) •S1
National City (quar.)
$1
Oct.
Oct.
Oct.
1 Holders of rec. Sept. ha
1 'Holders of rec. Sept. 14
1 Holders of rec. Sept. 5
Trust Companies,
Banca Commerciale Italians Tr.(quar.)_ *51.25 Oct. 1 *Holders of
Bankers (guar.)
75c. Oct. 1 Holders of
Guaranty (guar.)
Sept. 30 Holders of
5
United States (guar.)
•15 Oct. 1 *Holders of
Fire Insurance.
Rossia (guar.)
*55c. Oct.
rec. Sept. 15
rec. Sept. 11
rec. Sept. 4
rec. Sept. 19
1 *Holders of rec. Sept. 14
Miscellaneous.
Abitibi Power & Paper, pref. (quar.)- 13.1 Oct. 1 Holders of roe. Sept. 19
Allied Corporation, class A (guar.)
35c. Sept.
Holders of rec. Sept. 1
Alpha Portland Cement, pref. (guar.) _
•151 Sept. 15 *Holders of rec. Sept. 1
American Bank Note, coin. (quar.)
500. Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
Holders of rec. Sept. 10a
750. Oct.
American Express (guar.)
"$1.50 Oct. 1 *Holders of rec. Sept. 18
American Feit, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 21
Amer. Furniture Mart Bldg. Corp., Prof. Divide Lid omit ted.
American Hosiery (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 27
American Snuff, corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 100
144 Oct. 1 Holders of rec. Sept. 100
Preferred (quar.)
American Yvette, Pref. (guar.)
•50c. Oct. 1 *Holders of rec. Sept. 15
Sept. 15 *Holders of rec. Aug. 31
•51
Anglin-Norcross, Ltd.. Corn
•3yi Sept. 15 *Holders of rec. Aug. 31
Preferred
*1% Oct. 1 *Holders of rec. Sept. 20
Apex Electric Mtg.. pref. (guar.)
Bandinl Petroleum (monthly)
'Sc. Sept. 21 *Holders of rec. Aug. 31
Oct. 1 "Holders of rec. Sept. 15
.
Beatrice Creamery, corn. (guar.)
$1
Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*I.M Oct. 1 *Holders of rec. Sept. 15
Barker Bros. Corp., pref. (guar.)
*31.75 Oct. 15 *Holders of roe. Oct. 1
Beech-Nut Packing, pref. A (quar.)
Biltmore Hats, Ltd., pref. (guar.)
•134 Sept. 15 "Herders of rec. Aug. 15
'373.4c Oct. 1 *Holders of rec. Sept. 15
Bohn Aluminum & Braes (guar.)
*25c. Oct. 1 *Holders of rec. Sept. 15
Borg-Warner Corp., corn. (quar.)
Oct. 1'Holders of reo. Sept. 15
Preferred (guar.)
Bucyrus Monighan Co., class A (guar.). •45e. Oeto 1 *Holders of rec. Sept. 19
Buffalo General Laundries, par. pt.(qn.) '56M Sept.30'Holders of rec. Sept. 18
Holders of rec. Sept. 15
.
.
Building Products, I.td., class A (guar.)
•I2.5c Sept. 1 *Holders of Coup. No. 1
Business Recovery Trust Shares
Oct. 1 "Holders of rec. Sept. 15
*31
Cambria Iron Co
Sept.10 *Holders of rec. Sept. 5
$
Canadian Foreign Invest., $8 Wet
Case (J. I.) Thresh. Co., com.-Dividen d omit ted
•1M Oct. 1 'Holders of me. Sept. 12
Preferred (quar.)
Central Atlantic States Service, pref.- Divide nd omit ted
Central Canada Loan dr Say., (guar.).-"33 lOot. 1 *Holders of rec. Sept. 15
Central States Investment Trust, corn.- Divideind omit ted
Chase Brass & Copper Co., pref. A (qua '1 54 Sept.30 *Holders of rm. Sept.21
Chicago Dock & Canal, corn. (guar.).- rq.yi Sept. 1 'Holders of reo. Aug. 31
Sept. 1 *Holders of reo. Aug. 31
Common (extra)
Cleveland Cliffs Iron, pref.-Dividend o mitted
•6234c Oct. 1
Coca Cola Bottling, class A (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 12
Coca Cola Co.,common (guar.)
"50. Oct. 1 'Holders of rec. Sept. 12
Common (extra)
Consolidated Laundries, corn. (guar.)._ *25c. Oct. 1 ,•Holders of rec. Sept. 15
•
Nov. 2 *Holders of rec. Oct. 15
51.875
(guar.)
Preferred
Oct. 1 Holders of rec. Sept. 14a
2
Continental Baking, pref. (quar.)
Continental Securities Corp., pref.-Divi dend o rented
*50e. ct. 1 'Holders of rec. Sept. 19
Cream of Wheat Corp. (guar.)
lc. Oct. 1051.1olders of rec. Sept. 30
Cresson Con. Gold Min. & Mill. (guar.)
*25c Oct. 1 *Holders of rec. Sept. 16
Curtis Nile., common (guar.)
25o. pt. 15 Holders of roe. Aug. 31
David & Frere, Ltd., class A (guar.)
•50o. Oct. 1 'Holders of ree. Sept. 20
De Long Hook & Eye (guar.)
Dempster Mills Mfg.,7% pref.(quar.).. '134 Sept. 1 *Holders of reo. Sept. 1
$1.25 Oct. 1 Holders of rec. Sept. 15
DominionTextile, Ltd., corn.(qua:.)
154 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
(M. Oct. 1 Holders of rec. Sept. 10
Ecuadorian Corp., Ltd., corn. (guar.)._
Edwards (Wm.) Co., com.-Dividend o mitted
(guar.)._
Sept.15
*50c.
Common
Co.,
&
(Fred)
Fear
*10c, Sept.10
General Fire Extinguisher (qua:.)
134 Oct. 1 Holders of rec. Sept. 14a
General Mills. Inc.. Pref. (guar.)
"624e Oct. 1 *Holders of rec. Sept. 15
General Printing Ink, coin.(guar.)
•114 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
General Steel Castings, pref.-No action taken.
'87540 Oct. 1 'Holders of rec. Sept. 19
Gilbert (A. C.) Co., pref. (guar.)
t. 1 'Holders of roe. Sept. 10
Goldblatt Bros., Inc., corn. (guar.)._ *37
*75e. Oct. 1 'Holders of roe. Sept. 21
Gorton-Pew Fisheries (guar.)
*50c. Sept.30 "Holders of rec. Sept.15
Granite City Steel (guar.)
•1M Oct. 1 Holders of roe. Sept. 15
Great Western Sugar, prat. (guar.)
Green (Daniel) Company, pref. (qua:.). 1)4 Oct. 1 Holders of roe. Sept. 21
Gunther's(C. G.) Sons, 1st & 2d pref.- Divide nd omit ted
Ilachmeister-Lind, $6 pref. A (roma_ '31.50 Oct. I'Holders of rec. Sept. 15
Hall (C. M.) Lamp-Dividend omitted
•25e. Oct. 1 'Holders of rec. Sept. 15
HaloId Co., corn.(guar.)
*250. Oct. 1 'Holders of rec. Sept. 15
Common (extra)
•134 Oct. 1 'Holders of rec. Sept. 15
Preferred (guar.)
*1.34 Oct- 1'Holders of rec. Sept. 19
Hammermill Paper, pref. (qua,.)
Hanes (P. H.) Knitting. Pref.(qu).-- '134 Oct. 1 "Holders of roe. Sept. 19
pt. 1 'Holders of reo. Aug. 31
Harriman Investors Fund. Inc. (guar.).
•3754c Oct. 1 *Holders of rm. Sept. 19
Haverty Furniture, pref. (qua:.)
•300. Sept. 15 *Molders of reo. Sept. 10
Hawaiian Sugar (monthly)
•75e. Oct. 1 'Holders of rec. Sept. 16
Hazel Atlas Glass, corn.(guar.)
*25c. Oct. 1 *Holders of roe. Sept. 16
Common (extra)
*62 Me Oct. 1 *Holders of rec. Sept- 15
Holland Furnace, cum. (guar.)
•75e. Sept.26 *Holders of rec. Sept. 11
Hoskins Mfg.(quar.)
•750. Dee, 2 'Holders of rec. Dee. 11
Quarterly
•50c. Sept 30 *Holders of rec. Sept. 15
Humphreys Mtg.,8% pref.(guar.)
Hygrade Sylvania Corp.
•50o. Oct. 1 *Holders of rec. Sept. 10
Common (quar.)(No. 1)
* 81.6 Oct. 1 "Holders of rec. Sept. 10
Preferred (quar.)
Oat. 15'Holders of reo. Sept. 15
•1154
(guar.)
corn.
Investments,
Insult Utility
•$1.37 act. 1 *Holders of rec. Sept. 15
$5.50 prior preferred (guar.)
•75e. Oct. 1 'Holders of rec. Sept. 15
International Shoe, corn. (guar.)
'154 Oct. 1 *Holders of rec. Sept. 11
Koppers Gas & Coke. pref.(quar.)
"45e. Oct. 1 *Holders of rec. Sept. 15
Kirsch Co.„ 51.80 pref. (quar.)
22 Oct. 1 Holders of roe. Sept. 17
Lambert (The) Co., corn. ((Mara
75e. Oct. 3 Holders of roe. Sept. 21
Lehman Corporation (guar.)
•200. Sept. 15'Holders of rec. Sept. 1
Leslie-California Salt. (quar.)
Oct. 1 Holders of rm. Sept. 15
1
(qua:.)
pref.
Co.,
(P.)
Lorillard
50c. Sept. 30 Holders of rec. Sept. 15
Mack Trucks, Inc., corn. (quar.)
*51 Oct. 1 'Holders of rec. Sept. 15
McKeesport Tin Plate (quar.)
*50c. Sept.30 'Holders of rec. Sept. 21
Merchants Refrig. of N Y.(quar.)
Mlnneap. Honeywell Reglr., pf. A (qua _ '134 Oct. 1 *Holders of me Sept 19
Sept. 30 'Holders of rm. Sept. 15
*52.50
(guar.).Syracuse
Plan,
Morris
22c. Oct. 11 Holders of rec. Sept. 150
Mountain Producers (quar.)
Val
Mount Royal Hotel, pref.
Myers(F. E.)& Bros. Co.,corn.(guar.). '50c. Sept. 30 *Holders of rec. Sept. 15
'134 Sept.30 *Holders of ree. Sept. 15
Preferred (guar.)
National Family Stores. pref.-Dividend omits ed
•750. Oct. 1 *Holders of me. Sept. 18
National Standard Co., corn. (guar.)
200. Oct. 1 Holders of rec. Sept. 14
National Tea, corn. (guar.)
om Med
nd
com.-DIvide
Nelson (Herman) Corp.,
of rec. Sept. 19
New York Shipbuilding, pref.(guar.)... *51.75 Oct. 1 *Holders of
rm. Sept.. 20
Sept.30 'Holders
•25e.
(quar.)
Co.
-Pond
Niles-Bement
reo. Sept. 16
of
*Holders
1
Oct•35e.
North American Cream.,class A (guar.).
rm. Sept. 15
Northern Paper Mills, $6 pref. (guar.)._ '$1.50 Sept. 30 *Holders of
rec. Sept. 15
of
*Holders
30
Sept.
•$1.7
$7 preferred (guar.)
Nunn-Bush Weldon Shoe, corn. (guar.). •25e. Sept. 30 *Holders of rec. Sept. 15
'134 Sept. 30 *Holders of rec. Sept. 15
First preferred (guar.)
•154 Sept-30 "Holders of rec. Sept. 15
Second preferred (quar.)
"10e. Sept.15 "Holders of ree. Sept. 5
Oahu Sugar Co.. Ltd. (monthly)....
*50c. Oct. I "Holders of rec. Sept. 10
Ohio Finance, corn.(guar.)
Oct. I "Holders of rec. Sept. 10
Common (payable in common stook). "11
Oct. 1 "Holders of rec. Sept. 10
*2
8% preferred (guar.)
Oct. 1 *Holders of rec. Sept. 10
"2
Class A (guar.)
Ohio Seamless Tube, preferred (guar.).. 134 Oct. 1 Sept. 16 to Sept. 30
1 "Holders of rec. Aug. 20
Sept.
'134
(quar.)
preferred
Okonite Co.„
rec. Sept. 1
Ontario Slikknit, Ltd., preferred (Quara - '134 Sept. 15 *Holders of
'134 Sept.15 'Holders of rec. Sept. 1
Ontario Steel, Ltd., pref.(guar.)
reo. Sept. 15
of
"Holders
1
Oct.
*350.
Pacific Indemnity (quar.)
•134 Sept. 15 *Holders of roe. Aug. 31
Paton mtg.. Pref.(
(Mara .
rec. Aug, 31
of
"Holders
1
Sept.
*2
Shoe,
preferred
Mato
Pedigo-Lake
•60c. Sept.30 *Holders of rec. Sept. 19
Penney (J. C.) Co., corn.(guar.)
*134 Sept.30 "Holders of rec. Sept. 19
Preferred (guar.)
Pennsylvania Glass Sand, pref. (quar,)... "31.75 Oct. 1 "Holders of reo. Sept. 15
Petroleum Exploration, Inc., pref. (qua *12)4c
Phelps Dodge Corp., com.-Dividend o mined
•114 Sept. 1 "Holders of reo. Aug. 28
Pierce Mfg. Corp.(guar.)
Pinchln, Johnson & Co., Ltd., Am.shs_ owl° Sept.12 *Holders of reo. Aug. 26
*50o. Oct. 1 "Holders of reo. Sept. 10
(guar.)
Pittsburgh Plate Glass
Pittsburgh Steel Foundry. pref. (quar.)- "1.34 Oct. 1 *Holders of roe. Sept.23
Port Huron Sulphite & Paper.
*154 Oct. 1 Holders of rm. Sept. 15
7% preferred (quar.)
rec. Sept. 21
Publication Corp., common (gnarl -- *800. Oct. 1 Holders of
. 1 Holders of ree. Sept. 21
•1
Original preferred (guar.)
rec. Sept. 10
of
*Holders
•3e. Oct. 1
Reed (Tom)Gold Mines (quar.)
*1U Oct.- 1
Reliable Stores, 1st pref. (quar.)
rec. Sept. 9
of
*Holders
1
Oct.
M
1
•
Remington Rand, Inc., 1st pref. ((Mara
Oct. 1 Holders of rec. Sept. 9
*2
Second preferred (guar.)
Reynolds (R. J.) Tobacco75c. Oct. 1 Holders of reo. Sept. 18
Common and common B (guar.)
St. Louis Rocky Mtn.& Pac. Co.Sept.30 *Holders of reo. Sept.15
•25c.
Common (guar.)
*134 Sept.30 *Holders of rm. Sept.15
Preferred ((luar.)
*200. Sept.15 "Holders of rec. Sept. 7
San Carlos Milling (monthly)
Oct. 1 *Holders of roe. Sept. 12
"2
Schulte Retell Storer, pref. (guar.)
0121.40 Sept.28 Holders of rm. Sept. 15
Segal Lock & Hardware (quar.)
Holders of rec. Sept. 15
Oct.
51.375
(qua
stk.
prior
Inc..
Selected Industries.
c. Oct. 10 "Holders of rec. Sept. 19
Shattuck (F. G.) Co.(guar.)
"250. Sept-30 *Holders of rec. Sept. 15
South Penn. Oil (guar.)
Oct. 1 Holders of rec. Sept. 12
2
South Porto Rico Sugar, pref. (Tiara
VoL. 133.
FINANCIAL CHRONICLE
1568
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Sparks Withington, Common(quar)____ *250. Sept.30 "Holders of rec. Sept.14
Preferred (qua:.)
)4 Sept. 15 *Holders of roe. Sept. 8
'134
Spencer Trask Fund (guar.)
25c. Sept.30 Holders of reo. Sept. 10
Standard 011 (Ky.)(quar.)
•40e. Sept.30 *Holders of roe. Sept. 15
Standard 011 (Ohio), corn.(quar.)
62)4c Oct. 1 Holders of reo. Sept. 15
5% cum. pref.(guar.)
154 Oct. 15 Holders of rm. Sept. 30
Starrett (L. S.) Co.. corn. (guar.)
*50c. Sept. 30 Holders of rec. Sept. 18
Preferred (quar.)
"1)4 Sept.30 Holders of rec. Sept. 18
State Street Exchange (guar.)
•51.0C Sept. 15 'Holders of rm. Sept. 1
Stein(A)& Co.,6)4% prof.(guar.)
'134 Oct. 1 "Holders of rec. Sept. 15
Sunset McKee S.alesbook. class A (qua -- '37340 Sept.15 *Holders of rec. Sept. 4
Class B (guar.)
*25o. Sept. 15 *Holders of reo. Sept. 4
Superior Portland Cement.Class A (monthly)
Oct. 1 "Holders of rm. Sept. 23
'2754e
•27
olders of reo. Sept. 10
ted
Swift & Company (guar.)
l itH
et.om
Divitle..Ods
Tennant Finance Corp., corn. & pref.Terminal Storage, pref
Sept. I *Holders of rec. Aug. 24
*3
Thompson's Spa, Inc., pref. (quar.)
*S1.50 Oct. 1 'Holders of rec. Sept. 10
Traung Label & Lithograph, clam B.
-D ividen d Defer red.
Tr -Continental Corp., pref. (quar.).$1.50 Oct. 1 Holders of rm. Sept. 15
Teen Products Corp. (guar.)
•62)40 Oct. 1 "Holders of res. Sept. 10
Trusteed N. Y. C. Bank Stocks
ta*Iten00.. Oct. 1 "Holders of roe. Sept. 15
Ulen & Company, common.-No action
United Linen Supply,class A (guar.).- *8734e Oct. 1 *Holders of rec. Sept. 20
Sept. 4
r
U.S.Petroleum (guar.)
*lc.Sept. 10 *Holders of roe.
United Publishers, pref.(quar.)
*Ix Sept.30 "Holders of rec. Sept. 20
United States Foil, common A & B
12.4o. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
134 Oct. 1 Holders of ree. Sept. 150
U.S. Light & Power,series A
*49o. Sept- 1
U.S.Tobacco, common (guar.)
$1.10 et. 1 Holders of rm. Sept. 14
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 14
Vanadium Alloys Steel (guar.)
5o Sept. 31) *Holders of roe. Sept.18
•2.
IValgreen Co., preferred (guar.)
•134 Oct. 1 *Holders of rm. Sept. 20
Waukesha Motor Co.(guar.)
•750. Oct. 1 *Holders of rec. Sept. 15
Western Canada Flour Mills, pref.(Qu). •134 Sept. 15 *Holders of rec. Aug. 31
White Motor Car Co., common.-Divide • d Om itted.
White Motor Securities, preferred (qua_
154 Sept.30 Holders of roe. Sept. 14
Wiser 011 (guar.)
"250. Oct. 1 *Holders of rec. Sept. 10
•2)4o ,Oct. 1 "Holders of roe. Sept. 14
Wright Hargreaves Mines (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this Week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
Railroads (Steam).
Atlantic Coast Line Co., eom. (qua?.).. •$1.75 Sept. 10 "Holders of me Aug. 31
880. Oct. 1 Holders of rec. Aug. 310
Bangor & Aroostook. corn.(guar.)
1)l Oct. 1 Holders of rec. Aug. alo
Preferred (guar.)
2
Sept.30 Holders of reo. Aug. 31
Boston de Albany (guar.)
Boston & Maine, 7% prior pref. (quay.). e1g Oct. 1 'Holders of rec. Sept. 12
elm Oct. 1 'Holders of rec. Sept. 12
First preferred class A ((Mara
ee
Oct. 1 "Holders of rec. Sept. 12
First preferred class])(quar.).
•15.4 Oct. 1 *Holders of rec. Sept. 12
Firstpreferred class C (quar.)
'234 Oct. 1 "Holders of roe. Sept. 12
First preferred class D (guar.)
*14 Oct. 1 *Holders of rm. Sept.12
First preferred class E (quar.)
•114 Oct. 1 *Holders of ree. Sept.12
6% preferred (guar.)
25. Oct. 1 Holders of roe Sept. 19
Boston & Providence (guar.)
Canadian Pacific, ordinary (quay.)..... 81 Me. Oct. 1 Holders of rec. Sept. 1
Oct. 1 Holders of roe. Sept. 1
2
Preference
75o. Oct. 1 Holders of rec. Sept. 84
Chesapeake Corp., Common (gnat.)....
Oct. 1 Holders of reo. Sept. 8a
62)40
(qua:.)...
Chesapeake& Ohio. common
•33i Jan V32 *Holders of rec. Doe, 8
Preferred
•Holdere of roe. Sept. 19
Cincinnati Union Terminal, pref.(qua- 'Ira Oct.
•14' Jan.1.32 *Rohrer& of ree. Dec. 19
Preferred (guar.)
*$1.10 Sept.10 *Holders of reo. Aug. 15
Columbus & Xenia
Consolidated KR, of Cuba,prof.(qu.).. 1)4 Oct. 1 Holders of roe. Sept. 10a
254 Sept.21 Holders of roe. Aug. 28a
Delaware di Hudson Co.(guar.)
•80o. Sept.10 *Holders of reo. Aug. 31
Erie & Pittsburgh
Sept.10 Holders of roe. Aug. 310
8734c
Special guar.(qua,.)
234 Oct. 15 Holders of rec. Oct. 1
Georgia RR.dr Banking (qua:.)
234 Jan15'32 Holders of rec. Jan. 1
Quarterly
*50c. Sept.10 *Holders of rm. Aug. 26
Little Miami,special guar.(gear.)
•$1.10 Sept.10 "Holders of reo. Aug. 26
Original guar.(qua,.)
153 Sept. 30 Holders of reo. Sept. 50
Missouri-Kansas-Texas Pref. A (Qua
14 Oct. I Holders of rm.Sept. 140
Missouri Pacific, preferred (guar.)
24 Sept.19 Holders of reo. Aug. 31a
Norfolk & Western,corn.(guar.)
200 Sept. 15 Holders of roe Aug. 140
Pennroad Corp
*75o. Oct. 1 "Holders of rec. Sept. 15
Pittsb. Bessemer dv Lake Erie, corn
bOo Sept. le Holders of rec. Aug. 200
Reeding Company,first pref.(guar.).Mc Oct. 8 Holders of roe. Sept. 176
&mud preferred (guar.)
75e. Sept. 15 Sept. 10 to Sept.15
St. Joseph South Bend & Sou.,corn....
21.4 Sept. 15 Sept.10 to Sept. 15
Preferred
Holders of ree. Oct. la
1)4 Nov.
St. Louls-8an Fraw ism,6% Pref.(qu.)
134 Oct. 1 Holders of rec. Aug. 280
Southern Pacific Co. (Tiara
Texas & Pacific, corn. & pref.(qua?.)... 134 Sept.30 Holders of roe. Sept. 14a
Union Pacific, common (quar.)
234 Oct. 1 Holders of rec. Sept. la
2 Oct. 1 Holders of reo. Sept. la
Preferred
•244 Oct. 10 *Holders of rec. Sept. 19
United N.J. RR.& Canal (guar.)
Public Utilities,
$1.75 Oct. 1 Holders of reo. Sept. 15
Alabama Power, $7 pref. (quar.)
31.50 Oct. 1 Holders of roe. Sept. 15
$6 preferred (guar.)
$1.2 Nov. 2 Holders of reo. Oct. 15
35 preferred (quar.)
American Electric Power, $7 pref.(qua - 51.75 Sept.15 Holders of rm. Aug. 31
Amer. Telephone de Telegraph (gear.)
234 Oct. 15 Holders of reo. Sept. 193
Amer. Water Wks.& Elec.31.50 Oct. 1 Holden of reo Sept. lie
28 let preferred (glint,)
Oct. 1 "Holders of rm. Sept. 24
*2
Arizona Power,8% pref.(quar.)
7% preferred (guar.)
'134 Oct. 1 *Holders of roe. Sept.24
Associated Gas & Elec., orig. pf.
.(qua - '8734c Oct. 1 *Holders of rec. Aug. 31
57 preferred (quar.)
91.75 Oct. I *Holders of reo. Aug. 31
Oct. 1 Holders of rm. Sept. 16
$1
Associated Telep.& Teleg., 131. A (qua
50o. Oct. 1 Holders of rec. Sept. le
Class A (extra)
Jan 112 *Holders of rec. Dee. 17'
•$1
Class A (guar.)
Class A (extra)
*500. Jan 112 *Holders of rec. Dec. 17
$4 preferred (guar.)
Oct. 1 *Holders of rec. Sept. 16
"31
$1.50 Oct. / Holders of rm. Sept. 16
$6 preferred (guar.)
$7 preferred (guar.)
81.75 Oct. 1 *Holders of roe. Sept. 16
Associated Telop. Utilities, cam.(qu.).. /2
Oct. 15 Holders of roe. Sept.30
$1.50 Oct. 1 Holders of rec. Sept. 15
$6cony. pref., serial A (guar.)
$6 cum. prior pref. (guar.)
$1.50 sot.15 Holders of reo. Aug. 31
$7 cum. prior pref.(quar.)
$1.75 Sept. 15 Holders of reo. Aug. 31
Associated Gas & Elec.. $5 Pref.(qua!,). $1.25 Sept.15 Holders of roe. Aug. 14
BangorHydro Elec., 7% pref.(guar.).- •134 Oct. 1 *Holders of rm. Sept.10
6% preferred (guar.)
•134 Oct. 1 *Holders of reo. Sept. 10
Oct. 15 Holders of roe. Sept. 23
2
Bell Telephone of Canada (guar.)
154 Oct. 15 Holders of reo. Sept. 193
Bell Telep. of Pa.,654% Pt.(guar.)_ _ _
Birmingham Water Works,6% pf.(qua '154 Sept.15 *Holders of rm. Sept. 1
$1.25 Oct. 1 Holders of rm. Sept.10
Boston Elevated Re., corn.(quar.)
Brazilian Tr. Light & Pow.. pref.(qua
134 Oct. 1 Holders of rec. Sept. 15
Bridgeport Gas Light (guar.)
•60e. Sept.30 *Holders of rec. Sept. 16
Bklyn-Manhat. Tr.. pref. A (quar.).... $1.50 Oct. 15 Holders of rec. Oct. la
Preferred series A (gust.)
51.50 JanW32 Holders of rec. Doe. 310
Preferred series A (guar.)
81.50 4/15/33 Holders of roe. A prl12a
Brooklyn Union Gas (quar.)
81.25 Oct. 1 Holders of rec. Sept. la
Buff. Niagara dr Fast. Pow.,com.(qua. •40e. Sept.3 *Holders of rec. Aug. 31
*51.25 Nov. 2 *Holders of rec. Oct. 15
1st pt. (qu.)
.40e. Oct. 1 "Holders of rec. Sept. 15
Preferred (guar.)
Class A (guar.)
•40e. Sept.30 *Holders of rec. Aug. 31
Butler Water, 1st pref. (guar.)
•13/ Sept.15 *Holders of rm. Sept, 1
California Elec. Generating, pref (ritl
'154 Oct. 1 *Holders of rec. Sept. 5
250 Oct. 26 Holders of roe. Sept. 30
Canada Northern Power, com-(qual.)..
154 Oct. 15 Holders of roe. Sept. 30
Preferred (qua:.)
Central Ills. Public Fiery., pref. (guar.) *$1.50 Oct. 15 *Holders of reo. sept.ao
Central Ill, Public Service, $8 pref.(gua 4.134 Oct. 15 *Holders of rec. Sept. 30
SEPT. 5 1931.]
Name of Care
FINANCIAL CHRONICLE
Per
When
Ceti*. Payable.
Books Closed.
Days Inclusive
Name of Company.
Public Utilities (Continued).
Central Maine Power, $6 pref.((Mara-- 411.50 Oct. I *Holders of rec. Sept.1
6% preferred (guar.)
•1 55 Oct. 1 *Holders of rec. Sept.1
7% preferred (quar.)
$154 Oct. 1 *Holders of rec. Sept.1
Central Public Service. class A ((Mara- *t15( Sept.15 *Holders of rec. Aug. 2
"31.75 Oct. 1 "Holders of reo. Sept.I
$7 preferred (quar.)
$6 preferred (guar.)
*61.50 Oct.
*Holders of rec. Sept.1
$4 preferred (guar.)
1.$1
Oct.
*Holders of rec. Sept.1
Central States Electric Corp.
(guar.)
1912
of
7% pref. Issues
134 Oct. 1 Holders of rec. Sept.
6% preferred (guar.)
136 Oct. 1 Holders of rec Sept.
Cony. pref. opt. series 1928(quar.)
(0 Got. I Holders of rec. Sept.
Cony. pref. opt. series 1929(guar.)- (1) Oct. 1 Holders of rec. Sept.
Central States Power & Lt., pref.(qua- *$1.75 Oct. 1 *Holders of rec. Sept.
Ones Service Pow & U.17 pt.(guar.)_ 58 1-3c Sept.15 Holders of rec. Sept.
$6 preferred (quar.)
50c. Sept. 15 Holders of rea. Sept.
$5 preferred (qual.)
41 4-3e Sept. 15 Holders of rec. Sept.
58 1-3e Oct. 1 Holders of roe. Oct. 1
$7 preferred (rattily.)
$6 preferred (monthly)
500. Oct. 15 Holders of rec. Oct. 1
$5 preferred (monthly)
41 2-30 Oct. 15 Holders of rec. Oct. 1
Cleveland Sty., cool. (qua?.)
136 Oct. 14 Holders of rots. Sept.250
Coast Counties Gas & El., 1st pf.(Qua- '136 Sept.15 *Holders of rec. Aug. 25
Commonwealth & So Corp.. $6 O.(Qua $1.50 Oct. 1 Holders of rec. Sept. 40
Commonwealth Utilities Corp.
Class A and it (quar.)
•37550 Sept.30 *Holders of rec. Sept. 19
Preferred A (quar.)
e$1.75 Oct. I *Holders of rec. Sept. 19
Preferred B (guar.)
"51.50 Oct. 1 *Holders of refl. Sept. 19
Connecticut Elec. Service, cam.(guar.). •75o. Oct. 1 "Holders of rod. Sept. 15
Consol.(las, Elec., U.& Pow.(BursaCommon(guar.)
•900 Oct. 1 *Holders of rec. Sept. 15
•1W Oct. 1
5% preferred series A (guar.)
"Holders of roe. Rept.15
•14 Oct. I
6% preferred series D (guar.)
*Holders of roe. Sept.15
555% preferred series E (aunt.)
•154 Oct. 1 'Holder, of rem Sept. 15
4
,134
6% preferred (guar.)
Oct. 15 *Holders of rec. Sept. 30
Consol Gas o t N. Y.. corn. (quar.)
Sept.15 Holders of roe. Aug. 110
$I
Consumers Power. 7% pref. (quar.)._
Oct. 1 Holders of roe. Sept.15
6.6% preferred (guar.)
$1.65 Oct. 1 Holders of ree. Sept.15
154 Oct. 1 Holders of rec. Sept.15
6% preferred ((guar.)
$5 preferred (guar.)
$1.25 Oct. I Holders of rec. Sept. 15
6% preferred (monthly)
500. Oct. 1 Holders of rea. Sept. 15
6,8% preferred (monthly)
550. Oct. 1 Holders of rec. Sept. 15
Continental Gas & Elec., com.(quar.)
$1.10 Oct. 1 Holders of rec. Sept. 120
154 Oct. I Holders of rec. Sept. 120
7% prior preference (guar.)
East HOOtellaY Power Co.. pref. (quar.) 1% Sept.15 Holders of reo. Aug, 31
Electric Bond & Share (in corn. stock)
1155 Oct. 15 Holders of rec. Sept. 5
$1.50 Nov. 2 Holders of reo. Oct. 5
$6 preferred (guar.)
$5 preferred (qual.)
$1.25 Nov. 2 Holders of rec. Oct. 5
Electric Power & Light,$7 pref.(gear.)- $1.75 Oct. 1 Holders of rec. Sept. 8a
1 Holders of roe. Sept. 80
$e preferred (quar.)
Empire Dist. El. Co.. 6% pf. (mtblia 500. Oct. 1 Holders of roe. Sept 150
Engineers Public Service, corn
40c. Oct. 1 Holders of reo. Sept.170
81.25 Oct. 1 Holders of rec. Sept.170
$5 preferred (quar.)
$5.50 preferred (quar.)
31.375 Oct. 1 Holders of rec. Sept. 170
$1.50 Oct. 1 Holders of rec. Sept.170
$6 Preferred (guar.)
Empire Power Corp.. $6 Pref.(quar.)_. $1.50 Oct. 1 Holders of rec. Sept. 16
Participating stock (guar.)
57e. Oct. 1 Holders of rec. Sept.
Feather River Power, pref. A (quar.)
"154 Oct. 1 *Holders of rec. Sept.16
5
Federal Light & Tract., corn.
87550. Oct.
Holders of rec. Sept.140
Corn (payable to corn. stock)
11 Oct.
Holders of roe. Sept.140
Federal Public Service, 634% prof.(qua •154 Oct. 1 *Holders of rec. Sept.30
Franklin Telegraph
•$1.25 Nov 1 *Holden of ree. Oct.
Gen. Gas & Elec. corn. A & B (qua
r7550 Oct 1 Holders of rec. Aug. 15
$1.5 Sept. 15 Holders of rec. Aug, 31a
$8 cony. prof. A & B (guar.)
I45
$8 preferred A (quar.)
82 Oct 1 Holders of
Aug • 31a
$7 preferred A (guar.)
$1.75 Oct. 1 Holders of rec.
rec. Aug. 31a
Georgia Power Co., $5 prof. (quar.)---- $1.50 Oct. 1 Holders Of rec. Sept.15
$1.25 Oct. 1 Holders of rec. Sept.15
85 preferred (guar.)
Great \Vest. Power (Calif.), 7% p1.(qu.) 4.1% Oct. 1 *Holders of
rec. Sept. 5
6% preferred (quar.)
•155 Oct
*Holders of rec. Sept. 5
•51.50 Sep
Gulf States Utilities, $6 pref.(quar.)
*Holders of rec. Sept. 1
•
(guar.)
$5.50 preferred
$1.375 Setst.15 *Holders of roe.
Sept. I
Hannibal Bridge
4
Oct. 6 Holders of rec. Sept. 25
Extra
H Oct. 5 Holders of rec. Sept. 25
Sept.30 *Holders of roe. Sept.29
.02
Illinois Bell Telephone, corn.(quar.)
Illinois Power & Light, 6% prof. (guar.) 154 Oct. 1 Holders of rec. Sept.10
$1.50 NoV. 2 Holders of rec. Oct. 10
$6 preferred (guar.)
Indiana Ilydro Elec. Pow. pt. (guar)._
154 Sept. 15 Holders of roe.
Aug. 31
Indianapolis Water,5% pref. A (guar.). 194
Holders of tea. Sept 124
Interstate Power, $O pref.(quar.)
e$1.50 Oct. 1 Holders of rec. Sept.
5
*$1.75 Oct. 1 *Holders of roe.
$7 preferred (guar.)
25e. Oct. 1 Holders of rec. Sept. 5
Jamaica Public Service, corn.((Mara-Sept.15
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 15
Kansas City Power & Light.lst.pf.B(gu) $1.50 Oct. 1 Holders of rec. Sept. I40
Kentuckey Securities. Com.(guar.).- 154 Oct.
Holders of ree. Sept. 190
Preferred (quar.)
136 Oct
Holders of reo. Sept. 190
Key West Elec. Co., pref.(guar.)
5i Sept.7 Holders of rec. Aug. 14
Kings County Lighting, ooM.((Mara-- •$1.50 Oct. 1
elders of rec. Sept.
7% preferred (guar.)
"154 Oct. 1 *Holders of rec. Sept. 18
18
*14 Oct. 1 *Holdets
6% preferred (guar.)
.014 Oat. 1 *Hoidens of reo. Sept. 18
5% preferred (quar.)
of reo. Sept.
Laclede Gas Light,corn.(guar.)
2
Sept.15 Holders of rec. Sept.
Lockhart Power, preferred
•$3.5 Sept.80 "Holders of rec. Sept.30
134 Oct 1 Holders of rec. Sept. 16
Long Island rte.. 7% pref. A (quar.)__
154 Oct
6% preferred B (guar.)
Holders of rec.
16
Louisville Gas & Elea (Del.) A & B (qua 43%e. Bept.25 Holders of reo. Sept.310
Memphis Natural Gas, common (guar.).
15e. Sct. 15 Holders of rec. Aug.
Sept.
30
Preferred (guar.)
$1.75 Octt. 1 Holders of rec. Sept. 20
Memphis Power & Light,$7 pref.(qu.)--81.75 CoI. I Holders of
rec. Sept.
$1.50 Oct 1 Holders of roe. Sept.12
$6 preferred (guar.)
12
Metropolitan Edison. corn. (guar.)
0E1
0ot. I *Holders of rec. Aug. 31
•61.75 0et. 1 *Holders of roe.
$7 preferred (guar.)
Aug.
3
preferred
(guar.)
091.50 Oot. 1 *Holders of
$6
'$1250 t 1 Holders of rec. Aug. 61
$5 preferred (guar.)
Middle west Telep.. cons. A (quar.).__ '4334e SIMS.15 "Holders of rec. Aug. 31
rec. Sept.
MidlandUnited, corn. (quar.)
f154 8%4.24 Holders of rec. Sept. 5
1
Preferred A (quar.)
tr750. Sept.24 Holden; of
reo. Sept. I
Monongahela Weal Penn Pub. Serv.7% preferred (guar.)
43510 Oct. 1 Holders of rec. Sept.15
Mount Holly Water
'60o. Oct. I *Holders of rec.
Muncie Water Works,8% pref.(quar.)_ "2
Sept.12 "Holders of rec. Sept. 9
Nassau & Suffolk Ltg.. 7% pref.(qua__
154
.1 Holders of reo. Sept. 1
18
National Public Service, corn. A (guar.).
40e. Sep$15 Holders of rec. Sept.
Aug. 27
Newark (Ohio) Telephone,oom.(quar.)_ 411 Sept.10 'Holders of
'155 0ot. 10 "Holders of rec. Aug. 31
Preferred (guar.)
rec. Sept.30
New England 0.& E.,$728 pref.(gtia - '$1,750et. 1 "Holders of
rec. Aug. 31
• $1.375 00t. 1
$5 50 preferred (guar.)
'Holders
rec. Aug. 31
500.0M. 15 Holders of
New England Power AMU.. corn.(guar.)
of
81.500at. 1 Holders of rec. Sept. 300
6% preferred (guar.)
roe.
50c.0ct. I *Holders of tea.Sept. Ria
$2 preferred (quar.)
New England Pub.fiery.,$7 pr.lion (du) $1.75 Sept.I Holders of rec. &MAN
Aug. 31
$1.50 Sept.15 Holders of
$8 prior lien (guar.)
roe. Aug. 1
2
New England Telep. & Teleg. (guar.).Sept.30Holders of rots. Sept.3
10
Power
& Light,143 pref.(Vara --- *31.50 Oct. I *Holders of
N.J.
an preferred ((juar.)
.$1.25 Oct. 1 *Holders of roe. Aug. 31
ree.
N.Y.Central Elec, Corp..7% of.(go.). '134 Oct. 1 *Holders of too. Aug. 31
Aug. 31
N.Y.& Queens El. Lt.& Pr.,eons.(qu.) $1.50 Sept.14 Holders of rot, Sept.
40
$1.75 Oct. 1 Holders of
New York Steam, $7 pref. (guar.)
roe.
150
Sept,
$1.50 Oct. 1 Holders of
$6 preferred (guar.)
rec. Sept. 15a
154 Oct. 15 Holders of roe.
New York Telephone,634% Pref.(qua_
Sept.
New York Water Serv. Corp., pf (au.).... 154 Sept.15 Holders of rec. Sept.19
4
•154 Oct. I "Holders of
Newport Elec. Corp..6% Pref. (guar.)
rec. Sept.15
Niagara-Hudson Power, 00M. (quar.)-10c. Sept.30 Holders of rec.
Aug. 310
American
common
Co.,
((Mara- f234 Oct., 1 Holders of ree.
North
Sept. 5a
750. Oct. 1 Holders of
Preferred (quar.)
rem. Sept. 5a
North Amer light & Power, pref. (an.) "S1.50 Oct. I *Holders of roe. Sept.
19
41
Northern Liberties Gas
Sept. 14 *Holders of rec.
Northern Ontario Power, corn.(quar.)..
50o. Oct. 26 Holders of rec. Aug. 3
Sept.30
(guar.)
preferred
Oct.
154
6%
26 Holders of roe. Sept.30
Northport Water Works, pref. (guar.)--136 Oot. 1 Holders of
rec. Seat. 16
Ohio Public Service. 7% pref.(mthiy.)_ 581-So Oct. I Holders of rec. Sept.15
500. Oct. 1 Holders of rec.
6% preferred (monthly)
41 2-30 Oct. 1 Holders of roe. Sept.15
5% preferred (monthly)
Sept. 15
1.15
. I
_1
1569
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded)•
Ohio Edison Co.,$5 pref.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 15a
$1.50 Oct. 1 Holders of rec. Sept. 15a
$6 preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15a
$6.60 preferred (guar.)
$7 preferred (guar.).
81.75 Oct. 1 Holders of rec. Sept. 15a
$1.80 Oct. 1 Holders of rec. Sept. 15a
$7.20 preferred (guar.)
Oklahoma 08.9 & Elec., 6% pref. (qu.)
155 Sept.15 Holders of rec. Aug 31
154 Sept.15 Holders of rec. Aug. 31
7% preferred (quar.)
•135 Oct. 1 *Holders of rec. Sept.25
Orange & Rockland MO0..6% Of.(qua
*154 Oct. I
Preferred (quar.)
Pacific Lighting, $6 pref.(quar.)
134 Oct. 15 Holders of rec Sept.30
Pacific Northwest Pub. Service•1y$ Oct. 1 *Holders of rec. Sept. 15
6% first preferred (guar.)
•154 Oct. 1 *Holders of rec. Sept.15
7% prior preferred (guar.)
*1.80 Nov. 1 *Holders of rec. Oct. 15
7.2% first preferred (quar.)
Second preferred-Dividend deferred.
Pennsylvania Gas & El.Corp.,$7 pr.(gui *$1.7 Oct. 1 *Holders of too. Sept. 19
7% preferred (quar.)
•154 Oct. 1 *Holders of rec. Sept. 19
Penn Central Light & Power,$5 pl.(an.) $1.25 Oct. 11 Holders of rec. Sept. 100
•70o. Oct. 1 *Holders of rec. Sept. 10
$2.80 preferred (quar,)
Pennsylvania Water & Power (quar.)
750. Oct. 1 Holders of ree. Sept. 15
Philadelphia Company,$6 pref.(qua?.).. $1.50 Oct. I Holders of rec. Sept. is
$1.25 Oct. 1 Holders of rec. Sept. 1
$5preferred ((Mara
Philadelphia Elec. Power. 8% pf. (qu.)
500. ct. 1 Holders of roe. Sept. 106
Power Corp. of Canada.6% pref.(guar.) 194 Oct. 15 Holders of rec. Sept. 30
6% participating Preferred ((Mara 75e Oct. 15 Holders of rec. Sept. 30
Serv. Co.of Colo..7% PL(mth11.) 58 1-3c Oct 1 Holders of rec. Sept. 15a
6% preferred (monthly)
500 Oct. 1 Holders of rec. Sept. I5a
5% preferred (monthly)
41 2-3e Oct. 1 Holders of rec. Sept 15a
Public Serv. of N.H..$6 Pf. (quar.)___.. "$1.50 Sept.15 *Holders of rec. Aug. 31
$5 preferred (guar.)
Sept.15 *Holders of rec. Aug. 31
Public Service Corp. Of N.J • corn. (qu.)..
85c Sept.30 Holders of rec. Sept. la
8% preferred (quar.)
2
Sept.30 Holders of rec. Sept. la
7% preferred (guar.)
154 Sept.30 Holders of rec. Sept. la
$1.25 Sept.30 Holders of rec. Sept. la
$5 preferred ((Mara
6% preferred (monthly)
500 Sept. 30 Holders of rec. Sept. la
Public Sere. of Oklahoma, corn.(guar.).. 2
Oct. I Sept. 22 to Oct. 1
1% Oct. 1 Sept. 22 to Oct. 1
7% prior lien stock (quar.)
155 Oct. 1 Sept. 22 to Oct. 1
6% prior lien stock (qual.)
Public Service Elec.& Gas.7% pt.(qua - 154 Sept.30 Holders of rot. Sept. 2
$1.25 Sept.30 Holders of rec. Sept. 2.1
$5 preferred (guar.)
Puget Bound Pr.& Lt.,$8 pref.(guar.).- $1.50 Oct. 15 Holders of rec. Sept.21
$1.25 Oct. 16 Holders of rec. Sept.21
Prior preferred (guar.)
Queensboro Gas & El..6% pref.(guar.). •155 Oct. 1 *Holders of rec. Sept.16
*154 Oct. 1 *Holders of rec. Aug. 31
Rochester Central Power,6% pt.(qua
San Joaquin Lt.& Pow., prior pref.(qua •154 Sept.IS
.Aug.81
*155 Sept.15 *Holders of roe. Aug. 31
Prior preferred A (guar.)
•154 Sept.15 'Holders of rec. Aug. 81
Preferred A (quar.)
•155 Sept. 15 *Holders of roe. Aug. 31
Preferred B (guar.)
Second & 3d Ste. Pass. Hy.(Phtlaa (qu.) •
Oct. 1 *Holders of rec. Sept. 1
Southern Calif. Edison. pref. A (qual.)... 4354c. Sept.15 Holders of roe. Aug. 20
Preferred 11 (quar.)
374e. Sept.15 Holders of rec. Aug. 20
Southern Canada Power.6% pt.(au )._
134 Oct. 15 Holders of roe. Sept.10
Southern Colorado Power. pref. ((Mara
154 Sept.15 Holders of rec. Aug. 81
lioringfleld City Water. met. A (guar.)
*$1.75 Oct. l *Holders of rec. Sept.20
Standard Gas & Elea $4 pf. (guar.)
Sept.15 Holders oh roe. Aug. 31a
- $I
Standard Telephone Co.,$7 prof.(qua __ •51.75 Nov. 2 *Holders of roe. Oct. 15
Taeony-Palmyra Bridge, eon). (quar.)._. "750. Sept.30 *Holders of roe. Sept. 10
75e. Sept.30 Holders of rec. Sept.10
Preferred A (guar.)
Tennessee Elec. Pow..5% lot pl.(MO
154 Oct. 1 Holders of rec. Sept.15
154 Oct. 1 Holders of rec. Sept.15
6% first preferred (guar.)
154 Oct. 1 Holders of rec. Sept.15
7% first preferred (guar.)
1.80 Oct. 1 Holders of tee. Sept. 15
7.2% first preferred (guar.)
50o Oct. 1 Holders of rec. Sept. 15
8% first preferred (monthly)
60o. Oct. 1 Holders of roc Sept. 15
7.2% first preferred (monthly)
Union Natural Gas of Canada (guar.).
250 Sept.10 Holders of rec. Aug.20
18510. Oct. 1 Holder, of rec. Sept. 44
United Corporation, cons. (quar.)
75c. Oct. 1 Holders of rec. Sept. 40
Preferred (guar.)
United Gas & Elec. Corp., pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 15
United Gas Improvement, corn.(guar.)..
30e. Sept.30 Holders of roe. Aug. 310
$5 preferred (qua!,)
$1.2 Sept.30 Holders of rec. Aug. 350
Utilities Power & Light. cool.((Mara
1200 Oct. 1 Holders of rec. Sept. 5
Class A (guar.)
Mc Oct. 1 Holders of roe. Sept. 50
Class B (guar.)
r250. Oct. 1 Holders of rec. Sept. 5
154 Oct. I Holden' of roe. Sept. 5
Preferred (guar.)
Virginia Elec. & Power,$6 pref.(qua
$1.50 Sept.21 Holders of roe. Aug. 3Ia
Wlsconsin-Mich. Power,6% pref.(go., •114 Sept.15 "Holders of rec. Aug. 31
Wisconsin Pow.& Lt.,7% pref.(guar....
154 Sept.15 Holders of roe. Aug. 31
6% preferred (guar.)
154 Sept.15 Holders of rec. Aug. 31
Banks.
Commercial Nat. Bk. & Tr.(quar.)._
Oct. 1 *Holders of roe. Sept.15
•2
Public National Bank & Trust (guar.)._ *50e. Oct. 1 *Holders of roe. Sept. 19
Trust Companies.
Continental Bank & Trust (guar.)
Federation Bank & Trust (guar.)
Quarterly _
Irving (guar.)
Insurance.
North River Ins.(qusra
30c Sept.15 Holders of rec. Sept.
8
Sept.30 Hokier.of roe. Sept.30
Dee. 31 Holders of roe Dec. 31
40c. Oct. 1 Holders of rec. Sept. 2
50o. Sept.10 Holders of ess. Septa 1
Miscellaneous.
Abbott Laboratories (quar.)
62 He Oct.
1 Holders of reo. Sept.18
Abraham & Straus, Inc.,corn.(No.1).. 37550 Sept.30 Holders of rec. Sept.210
Adams Express, corn.(guar.)
25o, Sept.30 Holders of rec. Sept.15c
154 Sept.30 Holders of ice. Sept.lba
Preferred (quar.)
Aetna Rubber. pref. (quar.)
134 Oct. 1 Holders ot rms. Sept.15
Agnew-Surpass Shoe Stores. pt.(qua- 154 Oct. 1 Holders of roe. Sept.15
Allegheny Steel, corn.(monthly)
10e. Sept.18 Holders of roe. Aug. 31e
•134 Dec. 1 *Holders of rec. Nov 13
Preferred (quar.I
Alliance Realty. ereferred ((Mara
134 Dec. 1 Holders of roe Nov 20
Allied Chem.& Dye, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 110
"3755o Sept.16 "Holders of rec. Aug. 31
Aluminum Industries (guar.)
aluminum Manufactures. 10e..00111.(eu) 050o Sept.30 *Holders of roe. Sept.15
•500. floe. 31 "Holders of roe. Dec. 141
Common (guar.)
Preferred(QUO-*154 Sept. 'Holders of tee. Sept.15
*It( (tee. Si "Holders of rec. Dec. la
Preferred (guar)
American Bakeries, class A ((Mara
"750. Oct. 1 'Holders of rec. Sept.16
Preferred (quar.)
•154 Oct. 1 *Holders of rec. Sept. 16
Amer. Bank Note.common(guar.)
500. Oct. 1 Holders of rec. Sept. 100
Preferred (quar.)
700. Oct. 1 Holders of rec. Sept. 100
American Can, pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 15a
American Chain, pref. ((Mara
154 Sept.30 Holders of rec. Sept.190
American Chicle (guar.)
50o. Oct. 1 Holders of rec. Sept. 120
Extra
250. Oct. 1 Holders of rec. Sept.12a
troerican Envelope. 7% met guitar)._
Deo 1 'Holders of rec Nov 33
Amer. Factors, Ltd.(monthly)
*150. Sept.10 *Holders of roe. Aug. 31
Amer. HawaUan Steamship.(aura.-25e Sept
Holders of roe. Sept.15a
Quarterly
250 Deo, 31 Holders of roe. Iteo.
American Home Products(monthly).- 35e Oct. 1 Holders of roe. Sept. 146
American Ice. preferred (guar.)
81.50 Oct. 28 Holders of rect. Oct. 20
Amer. Locomotive. corn.(guar.)
25o. Sept.30 Holders or rec. Sept.lla
Preferred (guar.)
154 Sept.30 Holders of rec. Sept. lla
American News (hi-monthly)
50o. Sept.15 Holders of rec. Sept. 50
American Optical Co., lat pref.((qua?.). 134 Oct. 1 Holders of roe. Sept. 110
First preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 200
American Radiator & Standard
Sanitary Corp., common (guar.)
15c. Sept.30 Holders of roe. Sept. lls
Amer. Safety Razor, common (guar.)._ $1.25 Sept.
Holders of rec. Sept.100
Amer. Steel Foundries. corn. (guar.)._
25c. Sept.301 Holders of roe. Sept.150
154 Sept.30j Holders of rec. Sept. 15a
Preferred (guar.)
American Stores Co.(guar.)
500. Oct. 1 Holders of reo. Sept. 150
Amer Sugar Reg- eem• (guar.)
114 Oct. 2 Holders of rec. Sept. 5a
154 Oct. 2 Holders of rec. Sept. 50
Preferred (guar.)
•
$1
American Surety Co.((Mara
Sept.30 Holders of ree. Sept_ 12a
American Tobacco. pref.(guar.)
154 Oct. 1 Holders of roe. Sept 100
Armour & Co. of Del.. pref. (guar.).- 154 Oct. 1 Holders of rec. Sept.10
Armstrong Cork, common (guar.)
"25c .Oct, 1 *Holders of rec. Sept.
Arnold Print Works,1st & 2d pref.(qu.) *1.54 Oct. 1 *Holders of rec. Sept. 16
20
Aspinook Co.(guar.)
*82
Oct. 15 *Holders of roe. Oct. 8
1570
Name of Cossposy.
l's?
When
Cent. Payable.
Books Closes.
e.
Days Inchui,
Miscellaneous (Continued).
Associates Investment,corn.(quar.)____ *31
Sept.30 *Holders of rec. Sept. 19
Preferred (guar.)
*31.75 Sept.30 *Holders of rec. Sept. 19
Atlantic Building Trust(Boston)
Sept. 15 *Holders of rec. Aug. 31
*82
Participating pref. (guar.)
412
Sept. 15 *Holders of rec Aug. 31
Atlantic Gulf & W.I. S S. Lime, Pf.(au.) 14 .ept 30 Hombre ,:1 tee Sept 10a
Preferred (guar.)
134 Dee 30 Holder* -r me Dry. 10a
Atlantic Refining, corn. (guar.)
250. Sept.15 Holders of reo. Aug. 2Ia
Atlas Powder, common (guar.)
Sept. 10 Holders of rec. Aug. 31°
$1
*14 Oct. 1 *Holders of roe. Sept. 20
Babcock dr Wilcox (guar.)
Baird Machine (guar.)
•51.50 Oct. 1 *Holders of rec. Sept.30
Balaban & Rats, common (oust.)
•75o. Oct. 3 *Holders of me. Sept. 15
Preferred (quay.)
!34 Oct. 3 *Holders of rec. Sept. 15
•37413 Sept.30 *Holders of rec. Sept.20
Baldwin Rubber, class A (guar.)
Bankers investment Trust of America*1.5e. Sept.30 *Holders of roe. Sept.15
Debenture stook (guar.)
•15e Dec. 31 *Holders of rec. Dee. 15
Debenture stock (guar.)
75c. Oct. 1 Holders of rec. Sept. 120
Beech-Nut Packing, corn.(guar.)
Belding CortIce111, Ltd., pref. (guar.)... 14 Sept.15 Holders of rec. Aug. 31
250. Oct. 1 Holders of reo. Sept. 100
Bendix Aviation Corp., corn. (quar.)_._
500. Sept. 15 Holders of reo. Aug. 253
Best & Co.(guar.)
500. Nov. 14 Holders of rec. Oct. Ma
Bethlehem Steel, corn. (quar.)
14 Oct. 1 Holders of reo. Sept. 4a
7% preferred (guar.)
Oct. 1 Holders of rec. Sept. 20
Bliss (E. W.)Co.. corn.(pay. In com.stk) /2
.37140 Nov. 16 'Holders of rec. Nov. 10
Bloch Bros. Tobacco. corn.(guar.)
.1 la Sept. 30 *Holders of rec. Sept.24
Preferred (guar.)
Preferred (qua?.)
*14 Dec. 31 'Holders of ree. Dec. 24
Blumenthal(SidneY)& Co.,Inc.,pf. (qu.) 14 Oct. 1 Holders of rec. Sept. 14a
Bon And Co., corn. class A (guar.) --- $I Oct. 30 Holders of rec. Oct. 151
500. Oct. 1 Holders of rec. Sept. 24
Class B (guar.)
Boston Woven Hose & Rub.,corn.(qu.)_ $1
Sept. 15 Holders of rec. Aug. 31
Bovril, Ltd.Am. dep. rcts. for ord. reg. shares.... •w354 Sept. 5 *Holders of rec. July 22
•te5 Sept. 5 *Holders of ree. July 22
Am.dep. rcts. for del. reg.shares
•250. Dec. 1 *Holders of rec. Nov. 14
Brach (E. J.) & Sons (quar.)
Brandram-ilenderson, Ltd., pref. (qu.).
Oct. 1 *Holders of rec. Sept. 1
•51 D. 1 *Holders of rec. Nov 20
Brennan Packing, el. A (guar.)
•250. Dec. 1 *Holders of reo. Nov. 20
Class B (guar.)
150. Oct. 1 Holders of ree. Sept. 150
Brill° Manufacturing, corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 1.)a
Class A (guar.)
14 Oct. 1 *Holders of rec. Aug. 20
Bristol Brass, pref. (guar.)
Sept.30
20o. Oct. 1 Sept. 15 to
British Amer. Oil. reg. stock (quar.).__
20o. Oct. 1 Holders of coup. No. 6.
Coupon stock (guar.)
British American TobaccoAm. dep. rots. for ord. reg. Shares..... •relOd Oct. 6 *Holders of rec. Sept. 4
Am.dep. rcts. for pref.shares
•w24 Oct. 6 *Holders of rec. Sept. 4
Sept.15 Holders of rec. Aug. 21
Buckeye Pipe Line (guar.)
$1
131 Oct. 1 Holders of reo. Sept. 5a
Bucyrus-Erie Co., pref.(guar.)
25o. Sept.30 Holders of reo. Sept. 10a
Budd Wheel, corn. (guar.)
Participating pref. (guar.)
134 Sept.30 Holders of reo. Sept. 10a
75e. Sept.30 Holders of rec. Sept.10a
Participating pref. (extra)
•Z1
Oct. 1,•Holdere of rec. Sept. Is
Burger Bros.. 8% Pref. (guar.)
134 Oct. 1; Holders of rec. Sept. 153
Burns Bros., pref.((roar.)
25c.
Sept.
51 Holders of rec. Aug. 30
Burroughs Adding Machine(guar.)
•6254c Nov. 2 *Holders of ree. Oct. 9
Bush Terminal, common (guar.)
*1
Oct. 15 *Holders of rec. Oct. 1
Debenture stock (guar.)
Bush Terminal Bldg., pref. (guar.)
'13,4 Oct. 1 *Holders of ree. Sept. 16
14 Nov. 2 Holders of reo. Oct. 15a
Byers (A. M.) Co., pref. (guar.)
550e. Oct. 1 *Holders of rec. Sept. 21
California Ink, class A & B (guar.)
50o. Sept.15 Holders of rect. Aug. 31a
California Packing (guar.)
134 Sept.15 Holders of reo. Aug. 31
Canada Iron Foundries, corn
Sept.15 Holders of roe. Aug. 31
3
Preferred
154 Sept.30 Holders of reo. Aug. 31
Canada Cement, Ltd.. pref. (quar.)
Sept. 14
3740. Sept.15 Sept. 1 to
Canada Malting, reg. ctfs
374o. Sept.15
Coupon shares
Oct. 1 Holders of rec. Sept. 15
Canada Permanent Mortgage (guar.)... 3
Sept.15 Holders of rec. Aug. 31
Canada Wire & Cable. class A (quar.)- - 51
SI
Dec. 15 Holden' of rec. Nov. 30
Class A (guar.)
4334c. Sept. 15 Holders of rec. Aug. 31
Class B (guar.)
Preferred (Oust.)
11.4 Sept. 15 Holders of rec. Aug. 31
Canadian Bakeries, let Pt. (quar.)..... .111 Sept.15 *Holders of rec. Aug. 31
430. Oct. 10 Holders of reo. Sept. 25
Canadian Car & Fdy. pref.(auar.)_ ...Canadian Celanese, Ltd., peril°. pf.(qu.) 15( Sept.30 Holders of reo. Sept.15
Oct. 1 Holders of rec. Sept. 15
Canadian General Electric, corn. (guar.) $1
874c Oct. 1 Holders of reo. Sept. 15
Preferred (guar.)
2
Oct. 1 Hoidens of rec. Sept. 19
Canadian Oil. pref.(oust.)
Canadian Silk Prod., class A (quar.)___ *3754o Aug. 31 *Holders of rec. Aug. 15
"25c. Oct. 1 *Holders of rec Sept. 15
Canadian WIrebound Box
•14 Oct. 1 *Holders of reo. Sept. 20
Carnation Co., pref. (guar.)
'134 an 2'32 *Holders of rec. Dec.21
Preferred (guar.)
Carter (William) Co., pref.(guar.)
154 Sept.15 Holders Of rec. Sept. 10
160 Nov. 16 Holders of rec. Nov. 5
Centrifugal Pipe ((ivar.)
2
Oct. 21
Century Co
•lla Oct. 1 *Holders of rec. Sept. 25
Chartered Trust & Ex.(guar.)
,Holders of reo. Sept.:30
•154 Oct. 1'
Chatbam Mfg.7% pref.(guar.)
'154 Oct. 1 *Holders of roe. Sept. 20
6% Preferred (glum)
.$1
Sept.30 *Holders of rect. Sept. 11
Chesebrough Mfg. Co. Cons.(guar.)
•500. Sept.30 *Holders of rec. Sept. 11
Extra
25o. Oct. I Holders of reo. Sept. 21
Chicago Yellow Cab (monthly)
25c.Nov. 2 Holders of rec. Oct. 20
Monthly
25o Dec. 1 Holders of reo. Nov. 20
Monthly
15t Sept. 10 Holders of ree. Aug. 210
Childs Company, pref. (oum.)
3754c Sept.30 Holders of rec. Sept. 40
Chile Copper Co. (guar.)
25c. Sept.30 Holders of rec. Sept. la
Chrysler Corp., common (guar.)
•35o. Nev. 16 *Holders of reo. Nov. 1
Churnizold Corp. (Quarterly)
Cincinnati Advertising Products (guar.) •750. Oct. 1 'Holders of tea. Sept.19
.71Se. Jan 132 *Holders of ree. Dec. 19
Quarterly
Sept. It *Holders of reo. Sept. 1
*3
Cincinnati Land Shares
Cincinnati Rubber Mfg.,6% pref. (qu.) *134 Sept. It *Holders of reo. Sept. 1
'134 Dee. 15 *Holders of rect. Dee. I
6% Preferred (guar.)
24e. Oct. 1 Holders of rec. Sept. 15a
Cities Service Co.. corn.(monthly.)
Corn. (payable In corn. s(k.)(mthly) ,f34 Oct. 1 Holders of tee Sept. 15a
50. Oct. 1 Holders of rec Sept. 15a
Preferred B (monthly)
500. Oct. 1 Holders of reo. Sept. 15a
Preferred and preferred BB (mthly.).
•25e. Oct. 15 *Holders of reo. Sept. 30
City Union Corp., corn.(guar.)
•25e. Jan 15'3? *Holders of tea. Dee. 31
Common (qua?.)
250. Sept.15 Holders of reo. Aug. 31a
Clark Equipment, corn. (guar.)
Clorox Chemical Co.. class A & B (guar.) *50c. Oct. 1 *Holders of rec. Sept.30
Coats (J. P.), Ltd.
Yllad Oct. 6 *Holders of rec. Aug. 24
Am dep. rcts. reg. shares
25e. Oct. it Holders of rec. Oct 5
Coca Cola Bottling (quarterly)
Columbia Pictures Corp. corn. (In stock) (23,4 Oct. 2 Holders of reo. Sept. 3a
400. Sept.30 Holders of rec. Sept.10a
Commercial Credit, corn. (quar.)
134 Sept.30 Holders of rec. Sept. 10.
634% first pref. (guar.)
434c Sept.30 Holders of rec. Sept. 100
7% first preferred (guar.)
8% class B preferred (guar.)
50o Sept.30 Holders of rec. Sept. 10a
75o Sept.30 Holders of rec.Sept dlOa
$3 cony. class A (guar.)
Commercial Investment Trust, com.(Q11) 50o Oct. 1 Holders of reo. Sept. ba
7% first preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 5a
14 Oct. 1 Holders of reo. Sept. 5a
634% first preferred (guar.)
Cony. pref. opt. set. 1929 (quar.).. (x) Oct. 1 Holders of ree. Sept. 5a
250 Sept. 30 Holders of rec. Sept. 10a
Commercial Solvents Corp., corn. (qu.).
Community State Corp., class A (Oust.) '12340 Sept.30 *Herders of reo. Sept. 23
Class A (quar)
•12540 Deo. 31 *Holders of rec. Deo. 23
Compressed Industrial Gasses (quar.)... •50c Sept. 15 *Holders of tee. Aug. 31
Coeds Nast Publications, cont. (quar.)500 Oct. 1 Holders of reo. Sept. 15a
260 Sept. 15 Holders of rec. Aug. 150
Congoleum-Nairn. Inc.. common
Conservative Investment. pref
•400 Oct. 1 *Holders of ree. Sept. 1
1
Cooksyllie Co., Ltd., pref. (guar.)
Sept. 15 Holders of rec. Aug. 31
Corporation Secure. of Chic., corn.(qu.). /14 Sept. 21 Holders of rec. Aug. 21
Crane Co., common (guar.)
•15c Sept. 15 *Holders of reo. Sept. 1
•Izi Sept.15 *Holders of rec. Sept. 1
Preferred (guar.)
Crowell Publishing (guar.)
*75e Sept. 24 *Holders of ree. Sept. 14
Crown Cork & Seal, corn. (guar.)
600 Sept. 18 Holders of rec. Aug. 310
Preferred (guar.)
670 Sept. 15 Holders of rec. Aug. 310
Crown Willamette Paper, 1st prof.(q13.) $1
Oct. 1 Holders of ree. Sept. 120
Crucible Steel, pref. (guar.)
134 Sept.30 Holders of rec. Sept. 150
Cuneo Press. 6 la % prof.(guar.)
•154 Sept.15 *Holden of ree. Sept. 1
Curtis Publishing, corn. (monthly).- •33 I-3c Oct. 2 *Holders of rec. Sept.19
Preferred (guar.)
51.75 Oct. I Holders of rec. Sept I9a
Denver Union Stock Yards. corn. (au.). *1
Oct. 1 *Holders of rec. Sept. 20
Distributors Group Trust Shares (arr.).- •250. Oct. 1 *Holders of rea. Sept. 21
[VOL. 133.
FINANCIAL CHRONICLE
4
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inelustre.
Miscellaneous (Continued).
•15i Sept. 30 *Holders of rec. Sept. 20
Davidson Co.. pref. (guar.)
Freund (guar.)
4.1m Oct. 1 *Holders of ree. Scot.20
Preferred (guar.)
Dee. 31 'Holders of reo. Dec. 20
Preferred (guar.)
Jan 1'32 *Hoiden) of rec. Dee. 20
I')!. pepper cr) . common(oom')
30c Dec I Holders of ree Nov 15
eleminion Bridge. corn. (oust.!
75o Nov 14 Holden; of ree. Oct. 31
Dominion Tar & Chemical, pref.(guar.) 134 Nov. 1 Holders of rec. Oct. 5
Douglas Aircraft, Inc
50c. Oct. 20 Holders of ree. Sept. 100
Draper Corporation (guar.)
31
Oct. 1 Holders of rec. Aug. 29
Dupont(E. I.) de IVemours,com.(qu.). $1
Sept.15 Holders of reo. Aug. 270
Debenture stook (guar.)
134 Oct.24 Holders of rec. Oct. 10a
Eastern Food Corp., riaas A (quar.)_ _ _ _
750. Oct. I Holdem of rec. July 1
Class A (guar.)
75e. Jan 1'32 Holders of rec. July 1
Class A Mean)
75c. Ap 1'32
nes.; A (guar.)
750. Jly 1'32
Eastern Steel Products, pref.(guar.)._
14 Oct. 1 Holders of rec. Sept. 15
"'astern Utilities Investing, 55 pepf.(gu.) 51.25 Oct. 1 Holders of rec. Aug. 31
Eastman Kodak. corn. (guar.)
$1.25 Oct. 1 Holders of reo. Sept. 50
Common (extra)
750. Oct. 1 Holders of rec. Sept. 50
Preferred (guar.)
31.50 Oct. 1 Holders of reo. Sept. 5a
Economy Grocery Stores (guar.)
*25e. Oct. 15 *Holders of rec. Oct. 1
Ecuadorian Corp., ord. (guar.)
*60. Oct. I *Holders of reo. Sept. 10
Edison Bros. Stores. Inc., pref.(guar.)._ 14 Sept.15 Holders of rec. Aug. 31
El Dorado Oil Works (guar.)
4,3734c Sept. 15 *Holders of rec. Aug. 29
Electric Controller & Mfg.(guar.)
51.25 Oct. 1 Holders of rec. Sept. 19
Quarterly
51.25 Jan 1.32 Holders of rec. Dec. 19
Employers Group Assoc. (guar.)
25c. Sept.15 Holders of ree. Sept, 1.
Equitable Office Bldg., corn. (quar.)... 624c Oct. 1 Holders of rec. Sept. 150
Preferred (quar.)
14 Oct. 1 Holders of reo. Sept.15
Equity Corporation. Prof. (guar.)
750. Oct. 1 Holders of ree. Sept.15
Ewa Plantation (guar.)
*600. Nov. 15 *Holders of rec. Nov. 5
Faber. Coe & Gregg. Pref. (guar.) _
Nov. 1 *Holders of me. Oct. 20
Preferred (guar.)
*14 Feb1'32 *Hold of rec. Jan. 20'32
Famous
ess
) Corp. (guar.)
50o. Sept. 26 Holders of reo. Sept. 4
PRubberIayers Canadian(q ua r.
62%c Oct. 1 Holders of rec. Sept. 15
Federal Motor Truck (guar.)
100 Oct. 1 Holders of rec. Sept. 120
Federated Department Storm (No. 1)_.
25c. Oct. 1 Holders of rec. Sept. 21a
Federal Terra Cotta (Oust.)
•52
Sept 15 *Holders of reo. Sept. 5
Fifth Avenue Bus Securities (quar.)_... a160. Sept. 29 *Holders of reo. Sept. 15
Filene's (William) Sons, corn.(No.1)-250. Sept.30 Holders of reo. Sept. 21a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 210
First Bank Stock Corp. (guar.)
25o. Oct. 1 Holders of reo. Sept. 15
First Security Corp. of Ogden (Utah)Class A & B (guar.)
*25c. Oct. 1 *Holders of reo. Sept. 20
Fitz Simons & Connell Dredge & Dock*134 Oct. I *Holders of rec. Sept. 10
Preferred (guar.)
Florshelm Shoe Co., pref. (guar.)
14 Oct. 1 Holders of reo. Sept. 150
Follansbee Bros., Prof.(guar.)
•$1.50 Sept. 15 *Holders of rec. Aug. 31
Food Macley Corp.,64% pf.(mthly.). .50°. Sept. 15 *Holders of rec Sept. 10
Perri Hotels Co., Inc
•5ne. Oct. 31 *Holders of ree. Oct 13
Foster Wheeler Corp., corn. (quar.)____
25e. Oct. 1 Holders of rec. Sept. 120
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 120
Foundation Inv. Co pref. (guar.)
'134 Sept.15 *Holders of rec. Sept. 1
Fuller (George A.) Co., prior pref.(qu.)- 31.50 Oct. 1 Holders of rec. Sept. 10a
Participating second pref. (quar.).... 51.50 Oct. 1 Holder
,of reo. Sept. 10a
-ralland mercantile Laundry (emir.)-- - - '8714't Dec. 1 *Holders of rec. Nov. Its
Gamewell Co., common (guar.)
750. Sept.15 Holders of reo. Sept. 53
Preferred (guar.)
*51.50 Sept.15 *Holders of ree. Sept. 5
Oarlock Packing. corn.(guar.)
300, Oct. 1 Holders of ree. Sept. 15
Gen'l Amer. Investors, Inc.. pref.(n)1ar.) 14 Oct. 1 Holders of roe. Sept. 18a
General American Tank Car, corn.(qu.). *51
Oct. 1 *Holden; of rec. Sept. 12
General Asphalt, corn. (quar.)
500. Sept. 15 Holders of tee. Sept. la
General Electric, corn. (guar.)
400. Oct. 24 Holders of rec. Oct. 2
Special stock (guar.)
15c, Oct. 24 Holders of rec. Oct. 2
General Motors, COCO. (guar.)
750. Sept. 12 Holders of rec: Aug. I50
35 preferred (guar.)
51.25 Nov. 2 Holders of tea. Oct. 50
General Railway Signal, corn.(qua?.)... 51.25 Oct. 1 Holders of rec. Sept, 10
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 10
General Tire & Rubber. pref.(guar.)._ •15a Oct. 1 *Holders of reo. Sept. 1
Gibson Art Co., common guar.)
•650. Oct. 1 *Holders of reo. Sept. 19
Common (Oust.).
*650. Janl'32 *Holders of rea. Deo. 19
Globe Discount & Finan., pref. (guar.). *874c Sept.15 *Holders of rec. Aug. 31
Gold Dust Corp., $6 pref. (guar.)
$1.50 Sept.30 Holders of ree. Sept. 170
Golden Cycle Corp. (guar.)
•400, Sept. 10 *Holders of reo. Aug. 31
Goodyear Tire & Rubber, 1st pf. (qu.)._
154 Oct. 1 Holders of rec. Sept. la
Grand Rapids Varnish (guar.)
'124c Sept.30 *Holders of rec. Sept. 19
Grant(W.T.) co.(guar.)
*25c. Oct. 1 *Holders of rec. Sept. 11
Grant Lunch Corp.. 8% prof. (quar.).. *200. Sept.30 *Holders of rec. Sept.30
8% preferred (guar.)
•20c. Deo. 31 *Holders of rec. Dee. 15
Graymur Corp. (guar.)
She. Oct. 1 Holders of rec. Sept. 15
Great Britain & Canada Invest. met-- 21,4 Oct. 1 Holders of ree. Sept. 19
Greif Bros. Cooperage, corn. A (guar.)__
40e, Oct. 1 Holders of rec. Sept. Isa
Gruen Watch,preferred (guar.)
*134 Nov. 1 *Holders of ree. Oct. 20
Hamilton United Theatres. pref.(On.)..
15. Sept.30 Holders of rec. Aug. 31
Hanna (M. A.) & Co., $7 pref. (oust.). $1.75 Sept. 20 Holders of rec. Sept. 50
Harbison-Walker Rem., pref. (guar.). 14 Oct 20 Holders of rec. Oct. 10
Harnischfeger Corp., pref.(guar.)
*14 Oct. 1 *fielders of reo. Sept. 15
Hart. Sehaffner & Marx, corn. (oust.).. •1
NOV 30 *Holders of ree. Nov. 14
Hazeltine Corp. (guar.)
.250. Sept. 15 *Holders of ree. Sept. 1
Hearst Cons. Publications, corn. (qu.)- *434c Sept.15 *Holders of rec. Sept. 1
Clans A ((mar.)
'43340 Sept.15 *Holders of rec. Sept. 1
Heels Mining (quar.)
•100 Sept. 15 *Holders of reo. Aug. 15
Helms (George W.) Co., corn. (guar.).- $1.25 Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 100
Hercules Powder,corn.(guar.)
750. Sept. 25 Holders of rec. Sept. 143
Hewitt Bros. Soap. Pref.(quar-)
Oct. I *Holder, of rec. Sept. 20
*2
Preferred (guar.)
•2
Jan I'32 *Holders of rec. Deo. 20
Hibbard, Spencer, Bartlett Co. (mlbly)
200 Sept. 25 Holders of tea. Sept. 18
titres (Charles E.) Co., conc. A (War.)-50c Dec, 1 Holders of rec. Nov. 14
Hollinger Cons. Gold Mines
So. Sept. 9 Holders of rec. Aug. 26
Holoplane Co., Inc., common
*250. Oct. 1 *Holders of rec. Sept. 15
Preferred
*51.05 Oct. 1 *Holders of rec. Sept. 15
Honolulu Plantation (monthly)
•25c. Sept. 10 *Holders of rec. Aug. 31
Houdallle Hershey. pref. A (guar.)
•1324c Oct. I *Holders of reo. Sept. 18
el owrs Bros.. 7% preferred (guar.)___. •I
lot. I *Hoidere or me Sept eft
• 7% Preferred (quar.)
'13,4 Dec 31 *Holders of ree Dee. 20
6% Preferred (guar.)
*14 Oct. 1 *Holders of me Sept 20
6% preferred (guar )
'114 Den. 31 •Holdere of rec Dec 2()
Hudson Motor Car (guar.)
250. Oct. I Holders of reo. Sept. lla
Humble 011 & Refg.(guar.)
•50e. Oct. 1 *Holders of rec. Sept. 1
Huron & Erie Mtge.(guar.)
*2
Oct. 1 *Holders of rec. Sept. 15
Illinois Brick (guar.)
•300. Oct. 15 •Holdera of rec. Oct. 3
Imperial Sugar, 57 Drat. (Guar.)
•51.75 Oct. 1 *Holders of rec. Sept. 20
87 preferred (guar.)
•$1.75 Janl '12 *Holders of rec. Dee. 0
Imperial Tobacco of Canada, corn. (qu.) 84c.Sept.30 Holders of rec. Sept. 2
Preferred
Sept.30 Holders of rec. Sept. 2
3
Imperial Tobacco 01 01, Brit. dr Ire.Am.dep,lets for ord.(Interim)
•tc7
Sept. 8 *Holders of reo. Aug. 14
Incorporated Investors (guar.)
25c. Oct. 15 Holders of rec. Sept. 21
Stock rib'ldend
24 Oct. 15 Holders of reo. Sept. 21
Independence Trust Shares
•Mo. Oct. 1 *Holders of reo. Sept. 1
industrial & Power seenritlea (guar.). _. *250. Deo. I *Holders of tee Nov. 1
International Cellucotton, own. (guar.). •SI.
Oct. 1 *fielders of ree Sept. 25
Common (guar.)
.51
Joni'32 *Holders of reo. Dee. 25
First preferred (Oust.)
'13,4 Oct. 1 *Holders of reo. Sept. 26
First preferred (guar.)
'11,4 Jan1'32 *Holders of rec. Dec. 25
Insuranshares Certificates, Ina. (guar.).
100. Sept. 15 Holders of rec. Aug. 313
internat. Businees Machines. corn. (qu.) 51.50 Oct. 10 Holders of ree Sept.220
International Cement, corn. (guar.).- 51
Sept.30 Holders of rec. Sept. 11
Internat. Harvester, corn. (guar.)
62340 Oct. 15 Holders of ree. Sept, 190
Internat. Nickel of Canada. corn. (q11.)10c. Sept.30 Holders of rec. Aug. 3Ia
International Petroleum reg.sits.(guar.) 250. Sept. 15 Sept. 1 to Sept. 15
Coupon shares (guar.)
250. Sept.15 Holders of coup. No.30
International Proprietarle% Ltd.. A.... •65c. Sept. 15 *Holders of rec. Aug. 25
Cla.ss A (extra)
*5c. Sept. 15 *Holders of rec. Aug. 25
International Salt (aunt.)
750. Oct. I Holders of rec. Sept. 150
Internat. Shoe, pref. (monthly)
*500. Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
•50o. Nov. 1 *Holders of reo. Oct. 16
Preferred (monthly)
•50a. Dee. 1 *Holders of reo. Nov. 15
Internationa iSilver. Prof. (guar.)
14 Oct. 1 Holders of rec. Sept. 140
Intertype Corp., 1st pref.(quar.)
•2
Oct. 1 *Holders of reo. Sept. 15
'134
SEPT. 5 1931.]
Name of Company.
Per
When
Cent. Payable.
Books Closes.
Days Inclusive.
Miscellaneous (Continued).
$1 Oct. 15 Holders of rm. Oct. la
Jewel Tea,corn.(guar.)
75o. Oct. 15 Holders of rec. Sept. 246
Johns-hlanville Corp.. cont. (quar.)
14$ Oct. 1 Holders of tee. Sept. lOg
Preferred (guar.)
Jones & Laughlin Steel. pref.(guar.).- 14( Oct. 1 Holders of tee. Sept. lie
Ka!ammo Vegetable Parchment MO.. .150. ?opt. 30 •Heldere of rec. Sept 19
•I50. Dee 31 'Holders of rec. Dee 21
Quarterly ....-.
*50e. Sept. 15 *Holders of rec. Aug. 31
Katz Drug Co.. common (guar.)
* 51.625 Oct. 1 *Holders of rec. Sept. 15
56($ preferred (guar.)
Kaufmann Dept. Stores. pref. (quar.)_ '114 Oct. 1 *Holders of rm. Sept. 10
20c. Sept.30 Holders of rec. Sept. 15a
Kellogg (Spencer)& Sons,Inc., com.(qu)
Kemper-Thomas Co., corn. (Oust.)..
•750. Oct. I "Holders of rec. Sept 2.
575o i'n 132 *Holders of tee Dee 2c
Comment (guar.)
*I ti Dec 1 Mgrodere of tee Nov. 20
_
Preferred ((mar) .
•144 Oct. 15 "Holders of rec. Sept.30
Keystone Steel & Wire, pref. (entar.)
Kimberly-Clark Corp., corn. (guar.)._ 62440 Oct. 1 Holders of roc. Sept.12
1M Oct. 1 Holders of roe. Sept. 12
Preferred (guar.)
mein (D. Emil) Co..corn.(guar.)
'
125c. Oct. 1 *Holden of tee. Sept.21
Kresge (S. S.) Co.. common (quar.)
40c. Sept.30 Holders of tee. Sept. 106
1M Sept.30 Holders of roe. Sept. 100
Preferred (guar.)
Kroger Grocery St Baking. let pref.(qu.)
Oct. 1 *Holders of tee. Sept. 19
*1 4$ Nov. 2 *Holders of rec. Oct 20
Second preferred (guar.)
Lake Shore Mines (guar.)
500. Sept.15 Holders of rec. Sept. 1
Landed Banking tfe Loan (guar.)
2
Oct. 1 Holders of rec. Sept.1
Landis Machin% common (enar.)____.
75c. Nov.15 Holders of rec No;.
Preferred (guar.)
Sept. 15 *Holders of rat Sept.
Preferred (quar.).
_
*1 14 Dec. 15 *Holders of roe Doe
Lane Bryant, Inc., corn. (guar.)
25e. Oct. 1 Holders of rec. Sept. I
*3
Larus & Bro. Co.. preferred (quar.)
Oct. I *Holders of reo. Sept 2
Lazarus(F. St R.) & Co.. corn.(No. l). '1234c Sept.30 *Holders of rec.Sept.d1
Lehigh Portland Cement, Pref.(guar.)._
1 34 Oct. 1 Holders of rec. Sept. 1 a
Lehigh Valley Coal Corp., pref. (on.).75o. Oct. 1 Holders of reo. Sept. I a
Lehigh Valley Coal Sales (qu.)
90c. Sept.30 Sept. 11 to Sept. 3
Lerner Stores Corp.. corn. (quar.)
500. Sept.16 Holders of rec. Sept.
144 Oct. 1 Holders of tee. Sept. 1 a
Liggett & Myers Tob.. pref. (quar.)
Lily Tulle Cup Corp., corn.(guar.).- 37Mc Sept.15 Holders of rec. Sept. la
1 M Sept.30 fielders of rec. Sept, 1
Preferred (guar.)
Limestone Products,7% pref.(guar.)._ '62(.4c Oct. 1 *Holders of rec. Sept. 15
7% preferred (quar.)
*6214e Janl'32 *Holders of rec. Dec. 15
•62 Mc Aprl'32 *Holds of reo.Mar 15'32
7% preferred (attar.)
Lindsay Light, pref.(guar.)
*1714c Sept. 10 *Holders of rec. Sept. 8
Lock Joint Pipe, Co. cont. (monthly).- •67c. Sept. 30 *Holders of rec. Sept. 30
Common (monthly)
1167c. Oct. 31 *Holders of rec. Oct. 31
Common (monthly)
•67c. Nov. 30 *Holders of rec. Nov. 30
Common (monthly)
•67c. Dec. 31 *Holders of rec. Dec. 31
Prafered (guar.)
Oct. 1 *Holders of roe. Oct. 1
Dec. R1 *Holders of ree non 31
Preferred (oust.).
Lord & Taylor, corn. (guar.)
214 Oct. 1 Holders of roe. Sept.170
Loudon Packing, corn.(guar.)
*75c Oct. 1 *Holders of rec. Sept. 15
Lucky Tiger Combination Gold Min.
Coin mon
*30 Oct. 20 *Holders of rec. Oct. 10
Common
*30. Jan2032 *Holders of roc. Jan. 10
Common
•30 Ap20'32 *Holders of rm. Apr. 10
Lunkenhelmer Co. (guar.)
*3714c Sept. 15 *Holders of rec. Sept. 5
.1 M Oct. 1 *Holders of rec. Sept.21
Preferred (guar.)
•1
Ian 1'82 *Holders of reo. Dec. 22
Preferred (guar.)
Magnin (II & Co.,6.x. prof (guar.). _ _ _ •)
Nlov. 15 *Flo•ders of reo. Nov ft
Mapm Consolidated Mfg., corn.(quar.). •750. Oct. 1 *Holders of rec. Sept. 15
Common (extra)
*250 Oct. 1 *Holders of rec. Sept. 16
Marathon Razor Blade, Inc.(monthly). *314,c sent .15 *Holder, of rm. Sept 1
*340 let. 15 *Holders of rec. Oct. 1
Monthly ._ ______ . _ ___ ... .__.
Monthi
*3 Me Nov. 15 *Holder, of rm. NOT 1
*340 Dee 15
of tee. Th. 1
300. Sept.30 Holders of rec. Sept. la
Marine Midland Corp. (guar.)
500. Oct. 1 Holders of rm. Sept. ha
Mathleson Alkali Works, corn.(quar.)_
Preferred (guar.)
1 fi Oct. 1 Holders of rm. Sept. ha
Mayflower Associates (guar.)
*500 Sept.15 "Holden; of rec. Sept. 1
15c. Sept.15 Holders of rec. Aug. 15
McColl Frontenac Oil(quar.)
McGraw-hill Publishing. corn. (MI.)
*25c. Oct. I *Holders of rec. Sept.20
M °Kee(Anhui 0 Co class B (qu.; _ _ '8744e Oct. 1 *Holdene of rec Sept. 20
25c. Sept.15 Holders of rec. Sept. 5a
McKesson & Robbins(Md.). corn.(on.).
87 Mc Sept.15 Holders of rec. Sept. 5a
Preferred (guar.)
1M Oct. 1 Holders of rec Sept. 19a
McLellan Stores. pref. A (guar.)
Mergenthaler Linotype (guar.)
$1.50 Sept.30 Holders of rec. Sept. 20
*50c. Oct. 1 *Holders of rec. Sept. 15
Mesta Machine, coin.(qua?.)
'114 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of reo. Sept. 15
Metal Package Corp. corn.(guar.).-. $1
Metro-Goldwyn Pictures. pref.(quar.)_. 4734c Sept.15 Holders of rec. Aug. 29,
Metropolitan Paving Brick. pref. (qu.).. 144 Oct. I Sept. 16 to Sept.30
Mickelberry's Food Product•r2
Nov 16 *Holden of rec Nov 2
0011,10,00 (payable le eore. stook) _
Oct. 1 Holders of rec. Sept. 19
Midvale Company (guar.)
31
41400 Oct. 1 *Holders of roe. Sept. 15
Miller & Hart, One., pref. (qua?.)
Minnesota Mining & Mfg.(guar.)
*150. Oct. 1 *Holders of rec. Beet.21
Minnesota Valley Can, Prof.(quar.)..._. *144 Nov. 1 *Holders of rec. Oct. 20
154 Feb1.32 Holden of rec. Jan.203
Preferred (guar.)
Monsanto Chemical Works,corn.(Mt.).- 31 Mc Oct. 1 Holders of rm. Sept. 10a
Montgomery Ward & Co., el. A (qu.)... *51.75 Oct. 1 *Holders of rec. Sept. 20
$1.50 Sept.15 Holders of rec. Aug. 31
Montreal Cottons, corn. (guar.)
154 Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
Montreal Loan & Mtge.(guar)
75o. Sept.15 Holders of reo. Aug. 31
75o. Sept.15 Holders of rec. Aug. 270
Morrell(John) dt Co., Inc., corn.(guar.)
50o. Oct. I Holders of rec. Sept.21a
Motor Products Corp.(guar.)
25c. Sept.10 Holders of rec. Aug. 200
Motor Wheel Corp., common (guar.)._
•50, Sept.21 *Holders of rec. Aug. 24
Mt. Dlablo 011 Min.& Dev.(qua
Munsingwear Corp.. ooze (num.)
50o. Dec. I Holders of rec. Nov. 166
Nashua Gummed & Coated PaperProferred (guar.)
•154 Oct. 1 *Holders of reo. Sept.24
70c. Oct. 15 Holders of roe, Sept. UM
National Biscuit. nom (near.)
250. Sept.15 Holders of reo. Aug. 31
National Bond & Share Corp
National Breweries, common (quar.)_._
400. Oct. 1 Holders of rec. Sept. 15
440. Oct. 1 Holders of rec. Sept. 15
Preferred (oust.)
National Casualty (Detroit) (guar.).- *30c. Sept.15 *Holders of rec. Aug. 31
National Dairy Products, Com. (guar.).
650. Oct. 1 Holders of rect. Sept, 37
*I Si Oct. 1 *Holders of tee Sept. 3
Preferred A & B (guar.)
National Grocers, Ltd.. 2d pref. (guar.). ,01$‘ Ott. 1 *Holders of tee. Sept. 18
'hi Si Oct. 1 *Holders of ree. Sept. 15
National Gypsum, prof
National Industrial Loan*el
Sept. 10 *Holders of rec. Aug. 31
' Monthly (payable in stock)
Monthly
*50. Oct. 10 *Holders of rec. Sept. 30
1 14 Sept.30 Holders of rm. Sept.lla
National Lead, corn.(guar.)
Preferred A (guar.)
13.1 Sept.15 Holders of tee. Aug. 28a
1.44 Nov. 2 Holders of rec. Oct. 16a
Preferred B (guar.)
•1234c Nov. 15 "Holders of rec. Nov. 1
National Refining corn. (guar.)
Oct. 1 Holders of rm.Sept. 156
2
Preferred (guar.)
*50c. Sept.15 *Holders of rm. Aug. 31
National Sewer Pipe, corn.(guar.)
*60c. Sept. 15 *Holders of rec. Aug. 31
Class A (guar.)
500. Sept.10 Holden of rec. Aug. 316
National Steel Corp. (guar.)
500. Oct. 1 Holders of rec. Sept. 17
National Steel Car Corp.(guar.)
50c. Oct. 1 Holders of roe. Sept, 1
National Sugar Refining (guar.)
141 %Pt.80 Holders of roe. Sept. 190
National Supply. pref (quar.) •
500. Oct. 1 Holders of rec. Sept. 160
National Surety (guar.)
•250. Sept.15 *Holders of tee. Aug. 31
National Transit (guar.)
•$ Ss Dec.
Neiman-51,1mm Co erer (guar.)
*Holders of roe. Nov. 20
Nov.15 Holders of tee. Nov. lo
2
Neptune Meter, preferred(quar.)
500. Sept.15 Holders of tee. Sept. 1
Common A dt B (guar.)
Piew England Grain Prod.Feb112 *Hold,of reo. Jan. 14'22
Coin.(1-100 share in pref. A stoat)
81.75 Oet. 1 *Holders of ree. Sept. 20
$7 preferred (qua?.)
•21.75 Jan2'82 *Holders Of tea. Dee. 20
87 preferred (guar.)
411.50 Oat. 15 *Holden of reo. Oat. I
Preferred A (guar.)
*51.50 Ja 15'82 *Hold, of tea. Jan. 9 '82
Preferred A (ousr.)
150 Oct. 15 Holders of rec. Sept. 25
New York Transit (quar.)
100 Oct. 15 Holders of rec. Sept.25
Extra
•50o Sept.28 *Holders of rect. Sept. 15
New York Transportation (guar.)
112734o Oct. 1 *Holders of tee. Sept. 16
Newberry (J. J.) Co., corn. (guar.)
10o. Oct. 15 Holders of reo. Sept. 25
Niagara Share Corp. of Md., common
$1.50 Oct. 1 Holders of re0. Sept. 18
Preferred (guar.)
Nov.15 *Holders of rec
*50a.
class
A
(au)..
Corp
Hundred
Nineteen
•1% Oct. 1 Holders of rec. Nov. 1
North American Provision, pref. (qu.)...
Sept. 10
North Central Texas 011, pref.(quar.).. 154 Oct. 1 Holders of rec. Sept. 10
Northland ireyhouud Lines. pf.(qu.).' 51.625 Oct. 1 "Holders of ree. Sept. 20
1571
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (ConfInued).
Northern Discount. pref. A (MtIllY.)..* 682-3e Oct. 1 *Holders of rec. Sept.15
•662-3e Nov. 1 *Holders of tee. Oct. 15
Preferred A (monthly)
66 2-50 Dee. 1 *Holders of rec. Nov.15
Preferred A (monthly)
662-3c Jan1'82 *Holders of rec. Dee. 15
Preferred A (monthly)
Oct. 1 *Holders of tee Sept.15
*1
Preferred C (monthly)
Nov. 1 *Holders of tee. Oct. 15
*I
Preferred C (monthly)
Dec. I *Holders of tee. Nov.15
•1
Preferred C (monthly)
J'n 1'32 *Holders of rec Dee. 15
*1
Preferred 0(monthly)
'114 Sept.15 *Holders of reo. Aug. 22 •
Ohio Oil. pref. (guar.)
Oct. I Holders of rec. Sept. 156
2
Omnibus Corp.. pref. (guar.)
Oneida Community, common (quar,)... •12 Sic Sept.15 *Holders of rec. Aug. 31
*4354c Sept.15 *Holders of rm. Aug. 31
Preferred (guar.)
51.50 Oct. 1 Holders of rm. Sept.15
Ontario Loan & Debenture (guar.)
Oct. _ _
Ontario Tobacco Plantations, pref. (qu.) 1
Jan.'32
1
Preferred (quarterly)
Oct.
1 Holders of rec. Sept.15
154
Owens•Ill. Glass, pref..(quar.)
Paretic Southwest Discount, A & B (qu.) •10c Sept.15 *Holders of rec. Sept. 1
10c Sept. 12 Holders of rec. Aug. 154
Packard Motor Car corn.(guar.)
Sept. 28 Holders of rec. Sept. 17
Paraffine Cos., corn. (guar.)
$1
1254 Sept.30 Holders of tee. Sept. 40
Paramount Public Corp., common
'250 Sept.30 *Holders of rec. Sept. 19
Parke, Davis & Co.(guar.)
*10c Sept.30 "Holders of rec. Sept.19
Extra
''.111,(.4 Engineering, pref. (guar.)'134 Sept.It "Holders of rec. Sept .20
preferred (guar.)
•1 14 Dec. 31 'Holders of rm. Dee. 30
41144 Oct. 1 *Holders of rm. Sept. 25
Penslee-Gatilbert Corp.. pref. ((Mara
25o Sept.14 Holders of reo. Aug. 310
Penick & Ford, Ltd. (quar.)
Pennsylvania Bankattz.res aC See. Pf.(all.) "6244c Dee, 1 *Holders of coo. Nov. 15
Pennsylvania Industries, Inc. pref.(qu.) *114 Nov. 2 *Holden of rec. Oct. 15
Sept.30 *Holders of rec. Sept. 15
*4
Penn Tobacco, class A (guar.)
25o Oct. 1 Holders of rec. Sept. 86
Peoples Drug Stores, corn.(guar.)
14$ Sept.15 Holders of rm. Sept. la
Preferred (guar.)
1 Holders of rec. Sept.10
144 Oct
Pet Milk, preferred (guar.)
'250 Sept.15 *Holders of rec. Aug. 31
Petroleum Landowners (monthly)
t.nortnix Finance Corp.. prof.(Quar.)---- •500. Oct. 10 "Holders of roe. Sept. 30
*500 Jn10'32 'Holders of roe Den 81
Preferred (guar.)
"e2 Oct. 1 *Holders of rec. Sept. 15
Pitney-Bowes Postage Meter (in stock)
Oct. 1 "Holders of rec. Sept. 15
(guar.)._
1,144
pref.
Powdrell & Alexander.
Procter & Gamble, 5% pref. (quay.)... 154 Sept.15 Holders of rec. Aug. 26
20e. Sept. 15 Holders of tee. Aug. 25
Public Investing (quar.)
75e. Oct. 1 Holders of rec. Sept. 10
Public Utility Holding,$3 pref.(guar.)154 Oct. 1 Holders of rec. Sept.10
Pure 011514% pref. (quar.)
diM Oct. 1 Holders of rec. Sept.10
6% preferred (guar.)
Oct. 1 Holders of reo. Sept.d10
2
8% preferred (guar.)
.91 Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, corn, (guar.)
Nov.30 *Holders of tee, Nov. 2
.1154
Preferred (guar.)
8714c. Oct. 1 Holders of rec. Sept. la
Radio Corp. of Amer., pref. A (guar.)
Oct. 1 Holders of rec. Sept. la
Preferred B (quar.)
10o. Sept.15 Holders of rec. Aug. 250
Railroad Shares Corp. (guar.)
*500. Sept.15 *Holders of tee. Sept. I
Rapid Electrotype (guar.)
Sept.15 Holders of rec. Aug. 31a
400.
(qu.)-.
Co.,
corn.
Raybestos-Manhattan
'
37540 Sept.15 *Holders of reo. Aug. 31
Reeves (Daniel) Inc., corn. (guar.)
1,144 Sept.15 "Holders of rec. Aug. 31
Preferred (guar.)
144 Sept.15 Holders of rec. Aug. 31
Reliance Grain, pref. (guar.)
10c. Oct. 1 Holders of rec. Sept.10a
Roe Motor Car (guar.)
75e.10et. la Holders of tee. oet.
Republic Supply Co. (guar.)
*Holders of rec. Sept.15
•144 Sept.30!
Rich's, Ine.,644% pref.(guar.)
250. Oct. 1 Holders of rec. Sept. 86
Royal Baking Powder, corn.(qua?)....
Holders of rec. Sept. 8a
1
154
Oct.
Preferred (guar.)
Sept.15 *Holders of rec. Sept. 1
•$1
Ruberoid Company (gum.)
Ruud Manufacturing common (quay.).. •500, Nov, 1 *Holders of rec Oct. 20
Ryerson (Joseph T.) & Son, Inc.(guar.) *30c. Nov. 1 *Holders of tee. Oct. 19
Safeway Stores. Inc.. common (quay,).. $1.25 Oct. 1 Holders of rec. Sept. 180
144 Oct. 1 Holders of rec. Sept.18a
7% preferred (quar.)
6% preferred (guar.)
13.4 Oct. 1 Holders of reo. Sept. 18a
250. Sept.21 Sept. 11 to Sept.21
St. Joseph Lead CO.(quar.)
250, Dec. 21 flea. 11 to Deo. 91
Quarterly
•154 Nov. 16 "Holders of tee. Nov. 2
Savage Arms, 2nd pref.(guar.)
50o. Sept.15 Holders of rec. Aug. 31
Schiff Company, corn. (guar.)
144 Sept.15 Holders of tee. Aug. 51
Preferred (guar.)
350. Sept.30 Holders Of roe, Sept.lea
Scott Paper Co.,corn.(gear.)
Oct. 1 'Holders of rec. Sept. 15
*50o.
Scoville Mfg. (guar.)
Sept.20 *Holders of tee. Aug.31
Security Inv. & Internat. Exch.(quay.). 1112
tec :-0l5 1
liobatts
Fept
.$1
Sheaffer W A Pen Co., notnnate_
*500. Sept.15 *Holders of rec. Sept. 1
Common (extra)
(set at •ttotuere oi tee. Sept.30
Preferred (quar.) 40c.Sept.15 Holders of rm. Aug. 216
Socony-Vacuum Corp.(No.1)
Oct. 1 Holders of rm. Sept.15
South West Pa, Pipe Lines (guar.)
$1
*200. Sept. 5 *Holders of rec. Aug. 28
Southern Corporation, corn
250,008. 15 Holders of rec. Sept.300
Spalding (A. G.) dr Bros.. corn. (au.)--spaug Chalfant & Co.,Inc., pre/.(qu.) - 134 Oct. 1 Holders of rec. Sept. 150
30c, Oct. 1 Holders of rec. Sept. 80
Standard Brands, corn. (guar.)
$1.75 Oct. I Holders of reo. Sept. 8a
$7 preferred (guar.)
6234c. Sept. 15 Holders of rec. Aug. 15a
Standard 011 of Calif. (guar.)
'25c. Sept. 15 'Holders of rm. Aug. 15
Standard 011 (Indiana) (gust.)
to Sept.21
500. Sept.21 Aug. 28
Standard 011 (Nebraska) (guar.)
26e. Sept. 15 Holders of reo. Aug. 176
Standard 011(N. J.), $25 par (qu.)250. Sept. 16 Holders of tee. Aug. 170
$25 par (extra)
Sept. 15 Holders of roe. Aug. 170
1
$100 par (guar.)
1
Sept. lb Holders of rec. Aug. 17a
5100 Par (extra)
40o. Sept.15 Holders of tee. Aug. 21
Standard Oil of New York (quar.)
750.008, 1 Sept. 16 to Sept.30
Standard Steel Construction, pi. A (on.)
1115c. Oct. 1 "Holders of rec. Sept. 16
Starrett Corp., pref. par $50 (quar.)..
•433tc Sept.30 *Holders of rec. dept. 15
Stet. Baer & Fuller, prof.(guar.)
.4354o Dec 31 *Holders qf reo. Deo. 15
Preferred (guar.)
50o. Oct. 15 Holders of rec. Sept. 170
Stone & Webster, Inc. (guar.)
250. Sept. 15 Holders of rec. Aug. 250
dun Oil, corn.(guar.)
50o. Oct. 1 Holders of reo. Sept. 40
Texas Corporation (guar.)
0
c.. Sept.15 Holders of rec. Sept.la
Texas Gulf Sulphur (guar.)
*141 Sept.15 *Holders of re.. Sept.10
Thew Shovel, pref. (guar.)
Oct. 1 Holders of rec. Sept.Ila
Thompsou-Starrett Co., pref.((PO
50o. Sept. 5 Holders of too. Aug. 200
Timken Roller Bearing (guar.)
e$1
Sept.21 'Holders of roe. Sept. 5
Todd Shipyards Corp.(guar.)
*500. Oct. 1 *Holders of reo. Sept.20
Troy Sunshade (qua?.)
15e. Oct, 15 Holders of rec. Sept.2150
Truaeon Steel. corn. (attar.)
33 Holders of rec. Sept.120
sept:3
1%
Sept
Underwood Elliott FLsher Co., oom.(qu.) $1
Holders of rec. Sept. 120
Preferred (guar.)
Oct.
1 Holders of rec. Sept. 2a
650.
Union Carbide & Carbon (guar.)
United Aircraft & Transp., Pref. (q11.)750. Oct. 1 Holders of rec. Sept. 100
'Holders of rec. Sept. 1
United Artists Theatre Circuit pf.(q11.) "51.75
.of Amer.. Prof.(uu.) 1.14 Nov. 2 Holders of rec. Oct. 90
United Cigar Store,
"Holde of rec. July 31
Oct. 15
1 'Holders
• 20.44o
United Common Trust Shares
1 u Se".
Holders of rec. Sept. 150
Oct.
United Dyewood. pref. (guar.)
400. Sept. 24 Holders of rec. Sept. 10
United Elastic Corp. (guar.)
Oct. 1 Holders of tee. Sept. la
United Fruit (guar.)
21
50c. Nov. 1 Holders of see. Oct. 150
United Piece Dye Works, com.(quay.)..
134 Oct. 1 Holders of rec. Sept.190
Preferred (guar.)
144 Janl'23 Holders of rm. DLe. 194
Preferred (guar.)
$1
Sept.15 Holders of rec. Aug. 260
United Stores Corp.. pref.(guar.)
40e,Sept.30 Holders of rec. Bert. 150
U.S. Gypsum,corn,(guar.)
Holders of rec. Sept. I5a
Sept.30
Preferred (guar.)
154
114 Oct. 1 Holders of tee. Sept. 10a
U.S. Leather, prior pref.(guar.)
500. Oct. 20 Holders of tee. Sept.30a
United States Pipe & Fdy.. corn.(.311.)..
500. Jp20'82 Holders of roc. Deo. 81,;
Common (guar.)
SOo. Oct. 20 Holders of tee. Sept.304
First preferred (guar.)
36.3 JnYO'82 Holders ol rec. Dec. 31.
First preferred (guar.)
62 Mc. Oct. 1 *Holders of rec. Sept. 20
0.13.Playing Card (guar.)
250 Sept.15 Holders of rec. Aug. 170
U.B. Realty & Improvement
I
Sept.29 Holders of rec. Aug. 310
U.S.Steel Corp., corn. (guar.)
*51 Oct. I *Holders of rec. Sept. 15
Cipressit Metal Cap. prof. (guar.)
Utility Holding Corp.. pref. (guar.)._ _ _ •75e. Oct. 1 *Hol ,era of rec. Sept.10
144 Sept, 15 Holders of rec. Sept. 8
Valvoline 011, common (guar.)
*2
Oct. 1 'Holders of rec. Sept. 210
Preferred (guar.)
'134
Sept.10 *Holders of rec. Sept. 1
preferred
(quar.)...
Vapor Car Heating,
•134 Dee, 10 *Holders of rec. Dee.
Preferred (guar.)
Victor Monaghan Co., pref. (guar.).- •13$ Oct. 1 *Holders of rec. Sept. 21
•60o Sept.15'Holders of rec. Sept. 1
Viking Pump, pref. (guar.)
250 Oct. 1 Holders of rec. Sept. 15
Vogt Manufacturing (quar.)
*50o. Oct. 1 "Holders of rec. Sept. 15
Vortex Cup Co., common (guar.)
*62 Me Oct. 1 *Holders of rec. Sept. 15
Class A (guar.)
1
Oct. 20 Holders of reo. Oct. 70
Vulcan Detinning.corn.(quar.)
154 Oct. 20 Holders 01 rec. Oct. 7.
Preferred (guar.)
•
87:
1572
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days IncBulge.
Miscellaneous (Concluded).
Wagner Electric Corp.. pref. (quar.)--Oct. 1 *Holders of rect. Sept. 19
Waldorf System, Inc., common (quar.)_ 37310 Oct. I Holders of roe. Sept. 190
Walker (Hiram) Oooderham & Worts.
Ltd.,(quar.)
1214e.Sept.15 Holders of roe. Aug. 25
Waltham Watch,6% pref. (wer.)
50c. Oct. 1 Holders of roe. Sept 21
Ward Baking. pref. (quar.)
;.‘ Oct. 1 *Holders of roe. Sept. 17
Warner Company, common (quar.)_
250. Oct. 15 Holders of rec. Sept. 30a
First and second preferred (quar.)---- $1.76 Oct. 1 Holders of rec. Sept. 15a
Warren Foundry & Pipe (quar.)
500. Oct. 1 Holders of rec. Sept. 15a
Wellington Oil, Ltd.(guar.)
.2c. Sept. 15 *Holders of rec. Aug. 31
Wesson Oil & Snowdrift, corn. (quar.)
50c. Oct. 1 Holders of rec. Sept. 15a
West Va. Pulp & Paper.6% pref. qu.). 134 Nov.16 Holders of roe. Nov. 2
Westchester First National Corp., prof.'8734o Dee. 20 *Holders of rm. June 30
Western Maryland Dairy, pref.(qu.).-- *31.50 Oct. 1 *Holders of rec. Sept. 19
Western Pipe & Steel (quar.)
*50c. Sept. 5 *Holders of rec. Aug. 25
Western Tablet & Stationery. Prof.(qu.) *144 Oct. 1 *Holders of rec. Sept. 21
Westmoreland, Inc. (guar.)
30e. Oct. 1 Holders of rec. Sept. 150
Weyenberg Shoe Mfg., pref. (quar.)
•144 Sept.15 *Holders of roe. Sept. 5
Wheeling Steel, pref., new (No. 1)
75e. Oct. 1 Holders of rec. Sept. 126
Wilcox Rich Corp.. cl. A (quar.)
624V3. Sept.30 Holders of rec. Sept. 190
Will & Baumer Candle. pref.((Nara- 2
Oct. 1 Holders or roe. Sept. 15
winsted Hosiery. corn Hoar.)
*214 Nov. 1 *Holders of tee Get le
Worthington Pump & MacIVY, pf. A (qu) 144 Oct. 1 Holders of rec. Sept. 101
Preferred B (tutor.)
134 Oct. 1 Holders of rec. Sept. 100
Wrigley(Wm.)Jr. Co.(monthly)
250 Oct. 1 Holders of rm. Sept.200
Monthly
25e Nov. 2 Holders of tee. Oct. 20a
Wurlitzer (Rudolph) Co.. corn.(mthly.) *500. Sept.25 *Holders of rec. Sept.24
7% preferred (quar.)
Oct. 1 *Holders of rec. Sept. 19
7% preferred (quar.)
Jan132 *Holders of rec. Dec. 19
7% Preferred (quar.)
Aprl'32 *Hold.of rec. Mar.1932
74i preferred (quar.)
*144 July1'32 *Hold, of rec..1'ne 19'32
Yale & Towne Mfg.(guar.)
50o. Oct. 1 Holders of rec. Sept. 10
Zink° Renewing Shoe Corp., torn.(en.). *1440. Ott. 2 *Holders of roe. Sept 5
Preferred (Guar.)
*30 not. 2 *Holders of roe. Sept. 15
Zonite Products (quar.)
25c. Sept. 10 Holders of rec. Sept. 2a
[Vol.. 133.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Aug. 28:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, AUG. 28 1931.
NATIONAL AND STATE BANKS-Average Figures.
Loans,
Other Cash Res. Dcp., Dep. Other
Disc. and
Cold. Including V. Y. and Ranks and
Gross
Investments.
Bank Notes Elsewhere. Trust Cos. Deposits.
IS
ManhattanGrace National. 17,718,351
1,200
BrooklynPeoples Nat'l__
5,000
6,200,000
8
$
3
I
$
67,101 2,021,757 1,982,709 16,918,293
172,000
453,000
343,000
6,570,000
TRUST COMPANIES-Averego Figures.
Loans,
Res've Dep., Depos.Other
Disc, and
Cash.
N. Y. and Banks and
0,003
•From unofficial sources.
The New York Stook Exchange haa ruled that
Investments.
Elsewhere. Trust Cos. Deposing.
Stock will not be quoted ex-dividend on his date and not until further notice.
New
York Curb Exchange Association has ruled that stock will not be ciliated
The
Manhattan$
$
$
$
$
.x-d1 idend on this date and not until further notice.
Empire
72,696,600 4,663.900 6,461,300 2,557,600 71,125,600
Federation
a Tran.fer books not closed for this dividend.
16,068,206
103,688 1.047,565
177,198 15,487,144
Fulton
19,664,800 *2,205.900
903.400
184,400 17,946,500
el Correction. e Payable In nook.
United States
43,817,647 4,766,667 11,290,295
64,201,682
f Payable in common stock. 9 Payable In scrip. h On 11000I1111 of accumulated
alvidendo.
Payable in preferred stock.
BrooklynBrooklyn
k Central Public Service class A dividend is payable In class A stock.
105,808,000 2,818,000 33,864,000
555,000 119,569,000
27,396,336 1,800,125 2,245,238
24,826,206
1 Central States Elec. Corp. cony. pref. dividends are payable as follows: Series Kings County
1928, 3-32nds share common stock or 81.50 cash; series 1929, 3-16ths share common
Bayonne, N. J.
stock or $1.50 cash.
Mechanics
8.150.857
281.311
542.697
268.473 8.011.270
r General Gas az Elec. corn. A & 11 dividends are payable in corn. A stock unless
holder notifies company prior to Sept. 10 of his desire to take cash.
*Includes amount with Federal Reserve Bank as follows: Empire $3,214,400
s Amer. Cities Power & Light, class A dividend, will be paid 1-32d share class B Fulton. $2,040,600.
stock unless holder notifies company on or before Oct. 15 of his desire to take cash.
I Utilities Power de Light coin, and class A & 13 dividends payable in cash or
stock as follows, holders desiring cash must notify company: Common 1-40th
share common stock; class A 140th share class A stock; class B 1-40111 share
Boston Clearing House Weekly Returns.-In the folcommon stock.
is Midland United dividend optional either cash or 140th share common stock.
lowing we furnish a summary of all the items in the Boston
o Utilities Power & Light corn. A stock will be paid 1-40th share class A stock
and corn, 13 stock 140th share corn. B stock unless holder notifies company by close Clearing House weekly statement for a series of weeks:
of business on Sept. 12 of his desire to take cash. Coro, stock is payable either in
cash or 1-10th share corn, stock.
BOSTON CLEARING HOUSE MEMBERS.
to Lee, deduction for expenses of depositary.
z Commercial Investment Trust cony. pref., series of 1929 dividend will be paid
Week Hideo Change:from Week Ended Week Ended
In common stock at rate of 1-62d share unless holder notifies company on or before
Aug. 19
Previous
Sept. 2
Aug 26
Sept. 16 of his desire to take cash-$1.50.
1931.
1931.
1931.
West.
s Segal Lock & Hardware dividend Is payable 1241% cash or 234% in stock.
Holders desiring cash must notify company on or before Sept. 18.
$
$
$
$
Capital
93.875.000
93,875,000 Unchanged
93,875,000
Surplus and profits
86,772.000
86,772.000 Unchanged
86,772.000
Weekly Return of New York City Clearing House.- Loam disc'ts & Investla. 1,022,519,000 +5.947.000 1,016.572.000 1,013,011,000
deposits
604.828,000 +1.036,000 603,739,000 623.939.000
Beginning with March 31 1928, the New York City Clearing Individual
Due to banks
105,832,000 -1,388.000 152.229,000 156.456,000
deposits
266.548.000 -1,423,000 267,971,000 264,129,000
House Association discontinued giving out all statements Time
United States deposits_
3,290,000
2,764,000
2,764,000 Unchanged
previously issued and now makes only the barest kind of Exchanges for Clg. House 12.971.000 +1.264,000 11,707,000 24,162,000
Due from other banks_
92,978,000
88,442.000
81,399,000 -7.043,000
a report. The new returns show nothing but the deposits, Reo've in legal depositles 79.937.000
81,118.000
79,251.000
+686.000
in bank
5,721,000
5,821.000
5,713,000
-108.000
along with the capital and surplus. The Public National Cash
Res've in excess In F.R.Bk
3,561,000
2,466.000
-98,000
2.368.000
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $37,500,000 to the capital,
$29,882,800"to surplus and undivided profits, $161,164,000
to the net demand deposits and $69,625,000 to the time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY AUG. 29 1931.
Clearing House
Members.
•Capital.
•Surplus and did Demand
Deposits,
Unditided
Average.
Profits.
$
Bank of NY & Trust Co
6,000.000
Bank of Manhat'n Trust
22.250,000
Bank of Amex Nat Assn
36,775.300
National City Bank....., 110,000.000
Chemical Bank & Trust
21,000,000
Guaranty Trust Co
90,000,000
Chatham Phenix NI5&TI
16,200,000
Central Hanover Bk&Tr
21,000,000
Corn Exchange Bk Trust
15,000,000
First National Bank__ -10,000,000
Irving Trust Co
50,000,000
Continental Bk & Trust_
6.000.000
Chase National Bank
148,000,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guarantee & Trust
10,000,000
Marine Midland Trust -10,000,000
Lawyers Trust Co
3.000,000
New York Trust Co
12,500,000
Comm'l Nat Bank & Tr_
7,000,000
Harriman Nat Bk & Tr_
2,000.000
Public Nat Bank & Trust
8,250,000
Manufacturers Trust Co
27,500,000
AroericanEx.Bk&Tr.Co.
10,000,000
Cleating Non-Member.
Mechanics Tr, Bayonne_
'enta la
500,000
Reg 170 WW1 1
Time
Deposits,
Average.
$
$
66,191,000
14,254,900
251,729,000
50,760,200
115,550,000
32,713,600
115,769,100 1,025,005,000
228,270,000
44,260,900
208,427,000 5880,408,000
126,119,000
16,446,600
407,731.000
83.630,600
187,700,000
32,629,000
262,040,000
118,516,500
373,849,000
75,429,400
9,945.000
11,360,200
176,579,800 1,288,142,000
26,108,000
3,822,600
87,792,400 d457,7134,000
34,594,000
24,860,800
48,610,000
9,632,800
16.600,000
4,256,700
181,771,000
35,644,000
47,240,000
10,153,000
28,367,000
2,822,400
38,613,000
13,873,300
146,065,000
24,380,500
15,099,000
5,502,300
$
12,308,000
49,927.000
48,157,000
188,544,000
25,939,000
122,758,000
29,113.000
86,852,000
32.096,000
23,839,000
62.645,000
1,379,000
169,245,000
3,149,000
74,189,000
1,513,000
4,765,000
1,662.000
39,971,000
4,692,000
3,587,000
31,660,000
66,401,000
3,224,000
2,428,000
5,267,000
737,100
011A Own •Inn
a 044 090 MIA 11100 47144 Alnil
*As per official reports' National, June 30 1931; State, June 30 1931; trust companies. June 30 1931.
Includes deposits In foreign branches: (a) $249,927,000; (9) $35,913,000; (c) $96,759,000; (a) $41,670,000.
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in It new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Aug. 29
1931.
Changesfrom
Previous
Week.
Week Ended
Aug. 22
1931.
Week Ended
Aug. 16
1031.
$
$
$
$
Capital
83,202,000
83,202,000
83,202,000 Unchanged
Surplus and proms
256,081,000 256,081,000
2.58,081,000 Unchanged
Loans. discts. and Invest_ 1,495,749.000 -7,593,000 1,503,342,000 1,510,123,000
Each for Clearing House_
25,877.000
24,719,000
22,484,000 -2,235,000
Due from banks
99,482,000 -3,220,000 102.702,000 105,275,000
Bank deposits
-- 211,538,000 -6,921,000 218,459,000 228,612,000
Individual deposits
708,516,000 -2.033,000 710,549,000713,814,000
Time deposits
432,898.000 -6,884,000 439,782,000 440,891.000
Total deposits
1,352,952.000 -15,838,000,1,368,790,000 1,383,317,000
Reserve with F.R.Bank_ 115_003.000
-1-309.0001 115.594.000 117.969,000
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1573
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, Sept. 3, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1528, being the first item in our department of "Current Events and Discussions."
COMBINED stEsouRcEs AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 2 1931
Sept. 2 1931.1Au8. 213 1931.1Aug. 19 1931.1Aug. 12 1931.1 Aug. 5 1931.1July 29 1931. July 22 1931.1July 15 1931. Sept. 3 1930.
RIISOURCILi.
s
I
3$
$
S
$
I
3
3
2,164,613,000 2,152,013.00012.121.088,000 2,077.68S,000,2,063,779,000 2,058,539,000 2,003.339.0001 1.990.864,000 1,564,956,000
and with Federal Reserve agents.
Bold redemption fund with U. S. Treae_
29,889,000, 29,889.000, 29,999,000
35,391.000
29.675,000
29.084,0001 29,321,000
29,983,000; 29,983,000
OM held exclusively aged. F. R. notes 2,194,502,000 2,181,902,000 2,154,087,000 2,107,363,000 2,093,762,000 2,038,522,000 2,032.423,000,2,020.185,000 1.600.347,000
0010 settlement fund with F. R. Bost&- 430.354,000 441.211.000, 434,736,000, 479,711,000 447,519,000, 410,496.000 163,011,000 464.413,000 570,584,000
GOO and gold certificates held by banks- 840,101,000 862,433,0001 881,038,0001 862,108,000 837,756,0001 944.536,000 928,913.000 924.551,000 763.657,000
,
Total gold reserves
3,464.960,000 3,485.516,00013,472,801,000 3.449.182.000 3,429,037,000 3,443,554,000 3,424,347,000 3,409,149,000 2,934,588.000
ReEPATC1 other than gold
167,958.000, 172,213,000' 169,727,000 168.899,000 165,761,000 175,009,000 173,604,000 171,989,000 151,650,000
1
Total reser yes
3,632,918,000 3,657,759.00013,642,583,000 3,618,081,000 3,594,798,000 3.618.563.000 3.507,951,000 3.581,138.000 3,086,238,000
Non-roservccash'75,091,000 73,019.000
61,683,000
79,086,000
77.133,000
78,899,000
Bills discounted:
1
Secured by U. S. Govt. obligations
107:959,0001 98.782.0001 93,642,000
69,901,000
67.623,000
71,883,000
78,204,000
59.997,000
76,510,000
Other bine disoounted
149,326,000, 142.936,000, 136,967,0001 127,357,000 118,674,000 111,153,000 103,393,000 101,806,000 154,750.000
I$
Total bills disoonoted
13111s bought In open market
U. A. Government securities:
Bonds
Treasury notes
Certilleates and bills
Total U. S.(lovernment securities
Other securities (eel note)
Foreign loans on gold
Total bills and securities (see note)
Due from foreign banks (see note)
Federal Reserve notes of other bank._
Uncollected Items
Bank premises
All other resource.
Total resources
F. R. notes In actual circulation
Disposts:
Member banks—reeerve account
Government
Foreign banks (see motel
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
257,285.000'
197.868,000
1
292,137,000,
18.973,030,
416,998.0001
211,718.0001 230.009.000
180,518,000, 151,628,000'
1
291,977,000! 247,342,000
32,297,000' 36,241,000
403,721,0001 444.307,000,
194,980,000
135.738.000
188,575,000
66.074,000
183,036,000
66,536,000
181.602.000
67,033,000
161.893.000
70.408.000
231,260,000
170,395,000
230,451,000
46.241,000
451.266,000
216,878.000
43,212,000
420,511,000
206,723,000
43.242,000
428,012.000
189,946,000
46,242.000
441.813.000
185,781.000
49,760,000
412.312,000
64,056.000
315,868.000
222,120,000
728,108,000,1 727,993.0001 727,890,0001, 727.981.000
6,252,000'
6.402.0001
5.102.000
6,102,000
1
•
1,189.513.0001,156,83
8,000 1,118.229,000 1,064.781.000
17,913,000
38,378.000' 10.749,000
25.984.000
14,622.0001
16,010,000,1
16,889,0001 16,031.000
445.260,0001 407,421,0001 462.236,000 457,146,000
59.086,000, 59,083,000, 58,962.000' 58,062,000
33,933,000
33,462.000' 32,696 000
30,700,000
I
,
•
680,631.000
6,302,000
677,977.000
7,246,000
678,001.000
7,174,000
677,853,000
11,093.000
602,044,000
8,572,000
941,582,000
10,725,000
16,078.000
426,158,000
58,920.000
29.389,000
934,795.000
726,000
16,364,000
415,289.000
58,915,000
28,071,000
933,310.000
725.000
15.802,000
413,044,000
58.913,000
26.939,0(10
921.157.000 1,012,271,000
3,725.000
704,000
16,4135,000
18,330,000
566,211,000 566,693,000
58,834.000
59,609,000
16.752,000
26,006,000
5,4134,415,000 5,410,863.00015,416,391,000 5,346,756,000 5.150,669,000 5,151,809,00015,161,143,000 5,251,569,000 4,822,280,000
1
1,953,203,000 1,945,507.000 1,901,844,000'1,829,301,000 1,772,672,000 1,735,501,0001 1,730.752,000 1,716.621.00(1 1,367,619,000
1
1
2,373.917,000 2,341,998,000 2,382,296,000 2,392,837.000 2,339,135,000 2,411,734,000,2,431,802.000 2,435,530,000 2,393,357,000
39,857,000
82.601.000
17.501,000
15.074.000
12,161.000
28,923,000
13,385,0001
34,059.000
17,990 00()
178,136,000' 182,921.0001 168,408,0001 180.483,000 132,377.000 100,435.000
56.159,000
6,498,000
58,481,000
24,871,000,t
26,812,000,1 26,617.0001• 28,875,000
30,662,000
20,082,000
26,774,000
26,043,000
26,732,000
2,616,781,000 2,634,335.000 2.606,244,0002,6l7,069,000 2.510,447,000 2.554,597,000 2.535.005.000 2,539.852,000 2,453,996,000
431,864,000, 403.634.000 450,618,000, 443.095,000 411,380,000 405.755,000 440,440.0001
540,433.0 538,919,000
167,079.000' 167.194.000 167,233,000. 167,279.000 166,819,000 167.442,000 166,796.000 1613,844,1)00 169,786,000
274.636.000 274,636,000 274,636,000 274,636,000 274,636,000 274.636,000 274,636,000 274,636,000 276,936,000
15,852,000
15,557,000
14,685,000
13,183,000
15,816,000, 15,376,000
15,024,000
13,878,000
13,514,000
Total liabilities
5,464,415,000 5,440,863,000 5,416,391,000 5,346,756,000 5,150,669,000 5,151,309,000 .161,143,000 5.251,569,000 4,822,280,000
Ratio of gold reserves to deposits and1
,
F. It. note liabilities Gombined
75.7%'
76.1%
77.0%1
76.9%
80.0%
80.0%
80.2%
77.6%
80.2%
Rath) of total reserves to deposits and1
1
F. It. note liabilities combined
79.4% 1
79.9%
83.9%
81.4%
84.1%
80.8%1
80.8%
84.3%
84.3%
Contingent liability on bill. purchased'
,
for foreign correspondents
230,004.0001 229,970.000 226.781,000! 220,174,000 225,352,000 253.578,000 298,111,000 289,851,000 459,830,000
=_—
.2kfaturtry Distribution of Ms and
$
S
Short-Torn Securities1
1
1-16 days bills bought In open market _
36.469.000
29,120,000
30,365,000
53,259.000
26.030,000
62,775,000
21,373,000
21,782,000
19,087,000
1-16 days bills discounted
171,731,000 155,416.000 145,614,000 116.253,000 113,389,000 110.015,000
93,597.000 144,447,000
111,950.000
1-15 days U. S. certif. of Indebtedness_
25,000
21,425,000
31,925,000'
15,700,000
18,700,000
34,201,000
20,500,000
12,850,000
26,950,000
1.15(107, municipal warrants
1
99,000
16-80 days bills bought in open market__
10,653,000
25,181,000
25,067,0001
5,315,000
53,417,000
24,533.000
11,710,000
7.821.000
10,764,000
16-30 days bills dIsoounted
22.942,000
17,768.000
18,316,000', 16,168,000
13,542.000
23,612,000
13.672.000
13,160.000
12,963.000
16-30 daya U. S. certif. of indebtedness_
7,000.000
24,000
28,866,000
12,850,1)00
29,425.000
23,425.000
566.000
25,700,000
26,700. 0110
16-30 days municipal warrants
93,000
99,000
11-60 days bills houghs in oven market__
3,791,0001
2,128,000
6.267,0001
8,265,000
27,567.000
8,568.000
50,948,000
4,303,000
5,591,000
31-60 days bills discounted
33,053.000
37,639,000
35,830,000
30.862.000
29,650.000
20.157,000
23,942,000
33,511,000
21.769.000
31-60 days U. S. certif. of inderitednees41,930,000
32.950,000
37.950.000, 65,797,000
67,271,000 103.595,000 105,597,000
54,125,000
31-60 days municipal warrants
10.000
10.000
01-90 days bills bought in °ow. market__ 146,952,000 124,051,000
92,890.000
49,541,000
28,682.000
3,135,000
7.127,000
32,532,000
31,490,000
131-00 days bills dithounted
23.232,000
23,327,000
22.904,000
22.598,000
22,008.000
19,528.000
22.559,000
24,638,000
21,902,000
61-90 days U. S. certif. of indebtedness_ 112,905,000
97,150,000
45,450.000
97.171,000
77.150.000
29,700,000
73,425,000
17,214.000
29,700,000
61-00 days municipal warrants_
10,000
mow;
5.000
10,000
Over 90 days bills bought In open market
1
38,000
35,000
137,000
75,000
39,000,
120,000
98.000
101,000
Over 90 days bills discounted
6.327,000
7.488,000
9,986,000
7,945,000,
9.109.000
14,849.000
13,360,000
5,052,000
13,018.000
Over 90 days certif. of Indebtednee3
255,168,000 252,175,000 268,416,000 2613.919.000 265,665,000 256,077,000 252.966,000 257.666,000 170,139,000
Over 90 days muniolnal warrants
42,000
42.000
42,000,
42.000
42.000
42,000
22,000
,
Federal Reserve Notes—
I
Issued to F. R. Bk. by F. R. Agent
2.357.008.090 2,335,913.000 2.300.913,000'2,251,746,000 2,199.250,000 2.181.235,000 2.135,945,000 2,134.963,000
Reid by Federal Roserve Bank
398.805,000, 390.436,000 399,069,000, 422,445,000 426,578,000 445,734,000 405,193,000 418,342.000
-In saws! circulation1,958,203,000 1,945,507,000 1,901,844.000 1,829.301.000
1,772,672.000 1,735,501,000 1,703,752,000 1.718,621.000 1,736,582,000
---_-__...._
Collateral Held by Avant as Sseurits Jo"
Note. Issued to Bank—
I
I
sg gold anti g Ad certificates
737,583,000 737.683,000 707,053,000 707.058,000 658,649.000 612,709.000
612.709.000 612,734,000 449,950,000
Gold redemption fund
.
1
1
0018 fund—Federal Reserve Board__. L427,030,000 1,114.330,000 1,417.030,000 1,370,630,000 1,105,130.000 1,445,830.000
1,390.630,000
1.378.130,000 1,115,006,000
eligible
never .
By
296,691,000 291,347.000 274,314,000 270,131,000 204,851,000 204,222,000
210.063,000 196,431.000 381,935,000
1
1
Total
2,466.307,000 2,443.360,000 2,398,402,000 2,347.819,000 2.268.630,0002.262.761,000
2.213,402,0002.187,295.000'1,916,891,009
NoTE.—Begiurdruz with the ntatemcnt of Oct. 7 1025, two new Items were added In order to show separately the amount of
balance held abroad and amounts due to
foreign correspondents. In addition, the caption -All other earning assets," previously made up of Federal Intermediate Credit Bank debentures was changed
to "Other
,eentithys," and the caption. "Total earning assets- to "Total bills and securities... The
biller term was adopted as a more accurate description of the total of the discounts.
acceptances and securities acquired under the provisions of Sections 13 and 14
Federal
of the
ROBerVil Act, which, it was stated, are the only Items Included therein.
• ItcylieL figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS SEPT. 2 1931
.
Two Mises (00) omitted
Tottli
I
Federal R886/16 Boat of—
Boston
New Yon 1 Pinta. i()terveland !Rid:mond Atlanta. Chime°. 1111. Louts. Minneap.IBan.eity.
Dallas. San Prat,
$1
511.40ORCR3.
s
s
I
1
3
I— $
$
$
S
$
3
G ICI with Federal Reserve Agents12,164,613,0 159,917,0, 501,468,0 170,000.0 238,250,0 55.570,0 106,900,0
496,900,0 68,730,0 51,265,0 65.000,0 19,850,0 230,763,0
29,889,0
0.18 red'n fund with U. S. Treas_l
975,0, 12,592,0 1,698,0 2,218,0 1.100,0 1,286,0 3,835.0, 1,452,0
636,01 1.200,0
1,031,0 1,866,0
notes
F.
excl.
It.
eget
2,194,502,0
held
Geoid
160,892,01 514.060,0 171,693,0 240,468,0 58.670,0 108,186,0 500,735,0' 70,182,0
51,901.01
GOICI settlel fund with F.R. Board 430,354,0 23,233,0 140,818,01 46,462,0 39,332,0 17,534,0 9,042,0 57,889,0' 21,839,0 17,183,0' 66.200,0, 20,881,0 232.629,0
0 523,091,01 28,092,0' 55,299,0 4,725,0 8.790,0 107,736,0, 11,717,0 4,477.01 13,591,01 13,658,0 29,768,0
G018 and gold Mts, held by banks_ 840.104,0 35
8.740,01 5,108,0 46,354,0
975" 1
3,464,960.01220,105,01,177,969,0 246.252,0 235,099,0 78,929,0 126,018,0 666,360,01103,738,0
Total gold reserves
167,953,0,1 17,432,0, 46,528,0 10,173,0 14,538,0 9,961,0 6,458,0 25,413,0 10,244,0 73,561,01 83,531,0I 39.647,0 308,711,9
Reserve other than gold
3,749,01 8,160,01 7,464,0 7,838.0
1
3,632,918,0 237,537.0 1,224,497,O.250,4250 349,637,0 88,890,0 132,476,0 691,773,0'113,982,0
Total rtherves
77,310,01
92,691,01
camh_
71,170,0' 9,970,01
Non-reserve
23,438,01 3,283,0 3,510,0 3,388,0 3,850,0 9,096,0 3,596,0 1,630.01 1,707,01 47,111,0 316,589.0
3,189,0 6
4:5
11
56..0
30
Bills discounted:
See by 1.1 S. Govt. obligations 107,959,0, 3,546,0
32,402.0, 5,787,01 13,920,0 2,347,0 1,106.0 13.638,0 3,395,0
386,0 1,291,0i
469,0 29,622.0
149,326.01 4,870,0
Other hills discounted
20,360,0, 12,590,0 20,084,0 17,133,0 21,527,0 9,600,0
7,924,01 3.978,01 11,502,0 13,602,0
257,235,0: 8,416,0
Total bills disoounted
52,762.01 18,377,0 34,004,0 19,430,0 22,633,0 23,288,0 11.319,01 4,364,0
12,793,0' 14,071.0
197,863,0 16,724,0
Bills bought In °Deli:market
69,966,0 16,364.0 23,315.0 4,576,0 3,658,0 28,883,0 3,420,0
2,883,0 7,213,0' 5,332,0 35,7780
15544'Q
[VOL. 133.
FINANCIAL CHRONICLE
1574
Two Cyphers (00) omitted.
RESOURCES(Cowls:1WU S Government ewer:Mese
bonds
Treasury notes _
Certificates and bills
Total U. S. Govt. securitlee.._
Other securities
Total bills and securities
Dee from fereign bane
. Ft. notes of other banks
Unoorleeted Berne
Bank premises
LU other resources
Totai.
Boston,
5
5
Note Yore.
Patio.
5
5
Cleveland. Richmond Atlanta. Chicago, Si. Louis, Miutteap. Kan.Clig. DeWitt,. SanFres,
5
$
5
s
$
$
5
$
5
292,137,0 19,237,0
2,0
18,973,0
416,993,0 34,462,0
06,903,0 19,155,0 21,710,0 11,785,0 7,038,0 47.734,0 9,839,0 14,711,0 13,663,0 15,313,0 15,044,0
1,0 9,627,0
2,0 2,420,0
2,0
3,0
4,0 3,503,0
1,0
5,0 3,403,0
124,635,0 32.523,0 50,372,0 19,771,0 12,859,0 48,600,0 17,366,0 13,183,0 25,412,0 9,840,0 27,975.0
728,108,0 53,701,0
6,252,0
70,0
221,548,0 55,081,0 72,085,0 31,558,0 22,317,0 96,338,0 30,708,0 27,895,0 39,077,0 25,154,0 52,646,0
90,0
40,0
60,0
50,0
560,0
530,0
100,0
130,0
40,0
82,0
4,500,0
1,189,513,0 78,911,0
843,0
17,913,0
253,0
14,622,0
445,260,0 50,130,0
59,086,0 3,458,0
927,0
33.933,0
348,776,0 90,352,0 129,504,0 55,674,0 48,658,0 148,639,0 45,487,0 35,224,0 59,643,0 44,587,0 104,058,0
729,0
322,0
429,0
386,0 1,526,0
25,0
311,0
17,0
11,117,0 1,119,0 1,084,0
313,0 1,119,0
278,0 1,113,0 1,699,0
938,0 1.926,0
4,124,0
723.0
796,0 1,340,0
124,997,0 39,523,0 44,917,0 33,010,0 10,155,0 52,515,0 19,308,0 7,879,0 25,474,0 14,065,0 23,287,0
15,240,0 2,614,0 7,698,0 3,626,0 2,573,0 8,051.0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
792,0 1,102,0 1,204,0
17,131,0 1,375,0 2,088,0 1,587,0 3,118,0 2,031,0 1,213,0 1,315,0
5,464,415,0 382,034,0 1,769,320,0 394,969,0 539,551,0 188,303,0 202,154,0 915,617,0 187,969,0 126,097,0 189,761,0 112,520,0 456,120,0
Total resources
LEA B/L/72ES.
fer R. notes in actual eireulation__ 1,954,203,0 139.539,0 383,863,0 148,671,0 239,251,0 68,243,0 112,684,0 428,295,0 74,852,0 52.980,0 68,398,0 27,083,0 209,294,0
Deposits.
Member oank-reserve account 2,373,917,0 143,413,0 1.011.147,0 146,359,0 186,024,0 62,270,0 53,442,0 349,626,0 67,657,0 48,605,0 79,045,0 51,463,0 174,866,0
819,0 1,883,0 2,156,0 1,589,0 1,429,0
723,0
21,140,0 1,984,0 2,886,0
732,0
534,0
39,857,0 3,982,0
Government
67,491,0 16,325,0 16,654,0 6,596,0 5,936,0 22,251,0 5,771,0 3,793,0 4,782,0 4,947,0 11,213,0
178,136,0 12,367,0
Foreign bank
30,0
66,0
505,0
735,0
27,0 6,385,0
68,0 5,872,0
304,0
69,0
10,785,0
25,0
Other deposits
24,871,0
Total deposits
Deferred availability !tern,
Capital paid in
amide
All other ilabilitiet
2,616,781,0 159,787,0 1,110,563,0 164,736,0 211,436,0 69,715,0 61,327,0 374,548,0 75,752,0 54,131,0 84,628.0 56,971,0 193,187,0
431,864,0 49,340.0 119,155,0 37,542,0 43,081,0 31,794.0 9,978,0 51,104,0 20.729,0 8,047,0 23,390,0 14,611,0 23,093.0
64,806,0 16,727,0 15,724,0 5,661,0 5,186,0 19,630,0 4.784,0 2,979,0 4,217,0 4,182.0 11,395,0
167,079,0 11,788,0
80,575,0 27,065,0 28,971,0 12,114,0 10.857,0 39,936,0 10,562,0 7,144,0 8,702,0 8,936,0 18,475,0
274,636,0 21,299,0
776,0 2,122,0 2,104,0 1,-90,0
676,0
737,0
5,358,0
228,0 1,088,0
816,0
426,0
231.0
15,852,0
Total liabilities
5,464,415,0 382.034,0 1,769,320.0 394,959.0 539,551,0 188,303,0 202,154,0 915,617,0 187,969,0 126,097,0 189,761,0 112,520,0,456,120,0
Mentora mkt.
64.4
78.7
76.1
63.2
56.01
81.8
77.6
86.2
75.7
72.2
81.7
Reserve ratio (per cent)..... 79.3
79.4
0Ontingent llabllIty on bills pur,
1 n
770240 22.570.0 23.027.0 9.119.0 8.208.0 30.778.0 8.970.0 5.244.0 6.612.0 6.840.0 15.503.0
chased for foreign oorrommulits 00n nne. 0, 17 (1,)
I
1
FEDERAL RESERVE NOTE STATEMENT
'sterol Reserve Agent at-
New Yak.
Boston.
Tomt.
Phila. I Clareland.ltikdoteratil Annette. Chicago. RI, Louts. lifinneap. Kan.City.1 Latins. Leas Fran.
1
$ISIS
$
5
$
$
S
!
$
$
$
1
Two Ciphers (00) esethed•
I
Valera! Reserve notes:
Issued to F.R. bk. by F.R. Agt. 2,357,008,0 161,197,01 538,493,0 169,878,0 234,543,0 74,719,0 128,621,0 513,581,01
Held by Federal Reserve ban% _ 393,805,0 21.608,0' 149,630,0, 21,207,0 25,292.0, 6,476,0 15,937,0 85,286,0,
I
In actual circulation
1,953,203,0 139,589,0' 388,863,0 148,671,0 239,251.0, 68,243,0 112,684,0 428,295,0
Collateral held by Agt. as security
for note, termed to bank.
1
1
1
1
38,700,0 23,250,0 10,070.0, 10,900,0, 73,900,0,
Gold and gold certlfleates
737,583,0 oo,oa',.
Gold fund-F. It. Board
1,427,030,0 124,617.0' 55,000,0 131,300,0 215,000.0 45,500,0 96,000.0 423,000,0
296,694,0 12,687,0' 60,972,0 1 15,975,0 41,331,01 22,148,01 21,147,01 29,569,0
Eligible Paper
I 448,468,0
I
15,030,0 6,665,0
1 7,300,0 70,000.0
53,700,0 44.600,0 65,000,0, 12,550,0 160,763,0
12.818,0 6,236,0 15,138,0 14,657,0 40,966,0
562,440,0 185,975,0 279,631,0 77,718,0131,047,0 526,469,0 81,548,0 57,501,01 80,138,0 34,507,0 271,729.0
2.461,307,0 172,604.0
total oollateml
80,830,0 57,261,0 76,651,0 32,997,0 258,237,0
5,978,0 4,281,0 8,253,0, 5,914,0 48,943,0
1
74.852,0 52,980,0 68,398,0i 27,083.0209.294,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement Issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussione," on page 1528, Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figureo exclude "AecePtanees of other banks and bills of exchange or drafts gold .with endorsement, and inchide all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement wae Included with loane
and some of the batiks included mortgages in investmente. Leans secured by U. S. Government obligations are no longer shown separately, only the total of loans on
teourities being given. Furthermore, borrowing at Res Federal Reserve le not any more stthdlY1d0d to show ths smount secured by U. S. obligations and those secured
thy commercial paper, only a lump total being given. The number 01 reporting banks is now omitted; in its Dia0.3 VIE number of cities included (then 101) we,fort time
given, but beginning 001. 9 1929 even this has been omitted. The Mures have also been revised to exclude a bank In the can Franoleoo distrlet with loans and invest
Meats of $135.000.000 on Jan. 2 1929 which had then recently merged With a non-member bank. The figures are now given In round millions instead of in thousand,PRINCIPAL RESOURCES AND 1.1IABILITIRS OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS A. r CLOSE OF
BUSINESS AUG. 26 1931 On millions of dollars).
Total.
Federal. Rowe, District-
Boston.'
l New Fort
Cleveland. Richmond Atinnta. CMOS°. SI. Louis.1.81inneag. Aonfrity. Dallas, Smarms.,
---s
S
1,916
2,196
419
629
1,353
622
548
618
365
3,090
Loans and inventments-totsi
22,030
$
1,448,
Leane-total
14,335
9811
5,778
806
1,360
405
377
2,171
3991
225
351
294
1,188
6,490
7,845
3911
590,
3,010
2,768
417
389
629
731
159
246
115
262
1,053
1,118
162
237
60
165
981
253
90
204
306
882
On securities
all other
7,695
4671
3,048
547
836
224
171
019
219
140
271
125
728
4,078
3,617
209
258
1,775
1,273
226
321
463
373
100
124
80
91
528
391
75
144
64
76
121
150
66
59
371
357
1,787
247
13,195
7,017
42
1,322
3,052
04
93
13
841
520
2
86
130
2
868
77
6,186
1,645
16
122
1,108
21
86
13
768
404
4
80
222
3
132
36
1,050
1,006
4
39
13,
3261
265'
2!
831
105
4
37
8
288
233
3
70
88
8
272
36
1,765
1,213
5
251
423
3
44
6
351
235
1
66
100
3
25
5
210
145
53
12
428
200
1
134
188
3
30
7
266
139
1
74
81
1
108
21
716
1,012
3
180
226
29
investments-total
U. S. Government securities
Other mecurities
Reserve with F. It. Bank
Cash In vault
Net demand deposits
rime deposits...
Government deposits
Due from banks
Due to banks
Borrowthge from F. R. Bank
8,826
304
17
65
77
•Exclusive of figures for one bank In New York CRY, closed Doe, 11. Last report Of bank showed loans and Inveetments of about $190.000,1100.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Sept. 2 1931,
In comparison with the previous week and the corresponding date last year:
Sept. 2 1931. Aug.26 1931:SeiTt. 31930.
Sept. 2 1931. Aug. 26 1031. Sept. 3 1930. Resources
ResourcesGold with Federal Reserve agent
Gold redernp. fund with U 8. TresaurY
S
501,468.000
12,592,000
$
501,468,000
12,592,000
Gold held exclusively Rest. F.It. noted.
Gold settlement fund with F. It. Board__
Gold and gold etfs, held by bank
514,080,000
140,818,000
523,091,000
514,060.000
134,396.000
538.632.030
Total gold reserves
Fideervee other than gold
1.177,969,000 1,187.038.000
51.224.000
46,528.000
1,224,497,000 1,238,312,000
Tetal reeervee
23,514.000
23.433,000
Non-reserve flash
Billsdlseounted29,216.000
32,402,000
Secured by U. El Govt. obligatione.-19,150.000
20.360,000
Other bills discounted
(Concluded)232,000
305,636,030 Due from foreign banks(see note)
31,761,000
11,117,000
4,625,000
14,539,003 Federal Reserve notes el other banks...5,062,000
4,124,000
Uncollected Rem,
124,997.000 106.630.000 154,127,000
15,664,000
320,175,000 Bank Premise,
15,240,000
15,240,000
8,872,000
131,783,000 All other resources
17,018,000
17.131,000
474.403,000
Total resources
1,769.320, '00 1,783.976,000 1,470,640,000
926,363,000
37,299,000
AlaHiIIf
963,662,000 Fedi Reserve notes in actual circulation 388.863,000 398,105,000 185,154,000
16,210,000 Depeelte--Member bank, reserve acct._ 1,011,147.0001,050.282.000 975,938,000
9,785,000
55,502.000
Government
21,140.000
2,908,000
Foreign Dank (see note)
30,112,000
62,412.000
67,491,000
.........
8,310,000
Other depolits
11,051,000
33,463,000
10,785,000
Total depoalte
63,575,000
1,110,563.000 1,130,247,000 996,941,000
49,377,000 Deferred availability items
110,155.000 104,921,000 137,795,000
65,580,000
Capital paid In
64,808.000
64,806,000
80,001,000
80,575,000
13,334,000 Surplus
80,575,000
97,959 000
96,938,000
5,169,000
All
5,320,000
111,310,000
other
liabilities
5.358,000
1,660.000
5,000
63,102,000
124,635,000 124.936,000
Total liabilities
1,769,320,000 1.783,976.000 1,470,640,000
Total U. S. Government securities__ 221,548,000 224,555.000 187,746,000
6,530,000 Ratio of total reserves to deposit and
4,650,000
4,500,000
Other securities(see maid)
81.5%
81.0%
Fedi Reserve note Ilabilltiee combined_
81.7%
Foreign loans on gold
Contingent liability on bills purchased
75,712,000 150,580,000
for foreign correspondents
77.024,000
Total bills and demented (see note)._ _ _ 348,776,000 346,389.000 307,248,000
amounts due to
NOTE.-liegiunIng with the atatement of Oct. 7 1921, two new items were added in order to show separately the amount of balanced held abroad and
changed to "Otner
foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures was
the diseount,
total
of
description
of
the
latter
The
term
accurate
was
adopted as a More
tecuritiee," and the caption,"Total earning aasetS" to "Total bills arid securities."
included therein.
secoptances and securities aoduired under the provisions of Beetione 13 and 14 of the Federal Reserve Act, which, it was stated, are the only Items
Total bills discounted
Bills bought In open market
U.S.Government securitiesBonds..
Treasury notes
tiertrfleatee and bills
52,762,000
69,966,000
48,366,000
68,818,000
SEPT. 5 1931.]
FINANCIAL CHRONICLE
1575
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Vanliers' Jazette.
Below we furnish a daily record of the transactions in Lib-
Wall Street Friday Night, Sept. 4 1931.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1561.
erty Loan and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given in
The following are sales made at the Stock Exchange this
Daily Record of U. S. Bond Prices. Aug.20 Aug.31 Sept. 1 Sept. 2 Sept,' 3 Sept. 4.
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Sept. 4.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
I
Lowest, I Highest.
Railroads—
Par Shares. $ per slate. $ per share. $ per share.S per share.
Central RR of N J__100
100 150 Sept 3150 Sept 3 150
Sept 230
Feb
C C C & St Louis p1..100
10 105 Sept 4105 Sept 4 105
Jan
Sept 110
III Cent leased line. _100
10 46 Sept 4 46 Sept 4 46
Sept 78
Jan
Int Rya of Cent Am._.*
20 6 Sept 2 6 Sept 2 6
Sept 1334 Mar
Preferred
100
10 30 Sept 1 30 Sept 1 30 May 5594 Feb
Al StP&SSM M1100100
Nash Chatt & St L.100
Pee Coast 1st pref D
2d preferred
100
Rutland RR pref._ _100
South Ry M&O ctfs 100
Wheel & Lake Erie_100
Preferred
10
100
60
20
20
100
200
10
10
21 Sept
46% Sept
636 Sept
336 Sept
15% Sept
45 Sept
50 Sept
50 Sept
Indus. & Miseell.—
Alliance Realty
•
Amalgamated Leather •
Amer Coal
25
Am Mach & Meta ctfs_*
American News
Anchor Cap Corp pref *
Arch Daniels Mid p1100
Atlas Stores
Austin Nichols prior A *
20
600
10
200
420
100
30
700
20
40
1%
85
3%
46%
87
99
6%
21
321
1 4634
1 8
1 3%
4 1594
4 43
1 50
350
Sept 4 40
Sept 3 1%
Sept 2 85
Sept 4 3%
Sept 3 40%
Sept 3 87
Aug 31 100
Sept 4 7
Aug 31 2134
3
1
3
1
4,
3'
1
3
21
4634
3
13,
4
1534
45
50
50
Aug
Sept
July
June
Sept
Sept
Sept
Sept
45
80
12
8
3134
76
90
94
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Sept 4
Sept 3
Sept 2
Sept 4
Aug 29
Sept 3
Aug 29
Aug 29
Aug 31
40
1
50
2
46%
87
98
6%
1804
Sept 60
Jan 2%
June 85
May 5%
Sept 5734
Sept 991%
May 102
Sept 1334
June 28
May
Mar
Sept
Mar
Feb
Mar
Jan
Feb
July
Aug 29 10% Aug 1234
Aug 29 294 May 10
Sept 4 17% Sept 38
Aug 29 834 Sept 25
Sept 1 20
Jan 25%
June
Jan
Feb
Feb
Sept
Sept 2
Sept 3
Sept 1
Aug 31
70
34%
23
98
Feb
Feb
Jan
Mar
Aug 31%
Aug 105
Aug 113%
Sept 12%
May 26
Feb 68
Jan 694
Jan 115
Apr
Aug
Aug
Jan
Feb
Sept
Aug
Aug
Sept 20
Aug 70
Jan 110%
Aug 7%
July 71
Sept 85
Jan 133
Jan 102%
Sept! 72%
Jun 3994
Feb 112%
July
Feb
Aug
Aug
Aug
Mar
July
May
Feb
Mar
Sept
Sept 1 21
Sept 3434
Aug 31 40
Jan 51
Sept 4 12 Sep 3234
Sept 4 20 Jun 39
Sept 2 48
Sep 62
Sept 3 9334 Sept um%
Sept 4 8 Sent 27%
Sept 2 9% June 60
Aug 31 132
July 132
Sept 3 2234 Feb 60
Aug 29
Ins Aug
Ile
Apr
Aug
Feb
Feb
Feb
Feb
Mar
Jan
July
Jan
Aug
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Burns Bros A v t 0
*
Class B
Chile Copper
25
City Storesciass A_ ___*
Comm Cred prof (7)_25
Consolidated Cigar—
Prior pre? ex-warr__
Crown Cork & Seal pf_•
Durham Hosiery pf_100
Eng Pub Ser pf (6)._*
100 1036 Aug 29 1036
100 2% Aug 29 234
150 17% Sept 4 1896
110 83.4 Sept 2 10
10 2591 Sept 1 2534
Food Machinery
*
Foster Wheeler pref. _*
Gold & Stook TeL _ _ 100
Guantanamo Sug p1100
Indian Motocycle pf 100
Inter Dept St pref_100
Kresge Dept Stores.- •
Kresge (S(3) Co pf__100
30( 16 Sept 1 1634 Sept 2 15
100 103 Aug 29 03 Aug 29 103
10 11334 Aug 29 11334 Aug 29 11334
150 4 Sept 2 5% Sept 3 4
10 1596 Sept 3 15% Sept 3 9
50 6794 Sept 1 68 Sept 1 5734
10 594 Aug 31 554 Aug 31 494
110 113 Sept 3 113 Sept 3 107
30
10
2
400
59%
30
21
8634
MallInson & Co pref 100
40 1034
Mengel Co pref__ _ _100
20 52
Milw El Ry dr Lt pf..100
80110
N Y Shipbuilding
• 2,500 414
Preferred
100
30 69
Omnibus Corp pref_100
100 6734
10 131
Poe Tel & Tel pref 100
300100
Phila Co6% pf new_ _ _.*
500 53
Pleroe-Arrow Co pf_100
100 3134
Pirelli Coot Italy
120 111
Procter & Gamble p1100
Sept
Sept
Sept
Sept
2
3
1
3
60
30
21
8634
Sept
20
Sept 1 55
Aug 31 110
Aug 29 55.4
Sept 2 6934
Sept 1 6734
Sept 3131
Sept 110134
Sept 3 59
Aug 29 313.4
Aug 29 11294
10 21 Sent 1 21
Rand Mines
150 4936 Sept 1 51
Scott Paper
•
Sloan-Shelf St & Ir-100
100 12 Sept 4 12
Preferred
100
10 2054 Sept 4 2094
Spear & Co prof__ -100
60 48 Sept 2 48
The Fair pref
30 9334 Sept 3 9336
100
United Am Bosch
_*
100 8 Sept 4 8
Univ Pipe dr Rad pf_100
20 28 Sept 4 29
S Gypsum pref__.100
100132 Aug 31 132
Van Raaite lot pref.100
10 3814 Sept 3 3834
1s4
164 Aug 29
Westvaco Chlor Pr rts— 6,100
•No par value.
595.4
28
21
8634
Aug 29 1034
Aug 31 50
Aug 31 104
Sept 2 434
Aug 29 6834
Sept 1 6734
Sept 3 124
Aug 31 9534
Sept 3 53
Aug 29 2334
Sept 2 107
Apr
Aug
Mar
Sept
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.85 19-32
@4.85 25-32 for checks and 4.86 1-32@4.86 1-16 for cables. Commercial
on banks, sight, 4.853404.85 17-32; sixty days, 4.8134@4.81 15-16;
ninety days, 4.79 11-16(44.803',, and documents for payments. 4.810
4.81 15-16. Cotton for payment, 4.85, and grain for payment. 4.85.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.926)
3.9234 for short. Amsterdam bankers' guilders were 40.28%©40.29.
Exchange for Paris on London, 123.95; week's range, 123.97 francs
high and 123.95 francs low.
The week's range for exchange rates follows.
Sterling, Actual—
Cheeks.
4.85 15-16
High for the week
4.8
c
6ab
3iels6
Low for the week
4.8531
4.86
Paris Bankers' Francs—
3.92 7-32
High for the week
3.92 9-32
3.92
Low for the week
3.92 3-32
Germany Bankers' Marks—
High for the week
23.75
23.75
Low for the week
23.6634
23.67
Amsterdam Bankers' Guilders—
40.32%
High for the week
40.33
Low for the week
40.2834
40.29
CURRENT NOTICES.
—Announcement is made of the formation of the firm of May & FIerzog,
with membership on the New York Curb Exchange, to transact a general
brokerage business. The partners in the new firm are L. Sylvester May,
Curb member, and Arthur Herzog, Jr. 0Mces will be maintained at
100 Broadway.
—Warren P. Smith, who has been Vice-President and Director of J. G.
White & Co., Inc., and in charge of the firm's sales since 1927, has become Vice-President and Director of O'Brian, Potter & Co., Inc., of
Buffalo, effective Sept. 1.
—Rackliff & Co., Inc.,announce the election of Anning S.Prall, member
of the Congressional Committee on Banking and Currency, and former
President of the Board of Education of New York City, as Vice-president.
—Zimmermann & Forshay announce that Kurt Werner has become
associated with their firm.
a footnote at the end of the tabulation.
First Liberty Loan
High 1027i, 1021,1 102",, 102"n 102TH 102'n
334% bonds of 1932-47— 1.0w_ 1021,, 102ln 102061 1020,2 102ln 1020n
(First 334,
Close 1021,, 1021n 1020is 1020n 1023n 102031
)
10
2
20
8
6
5
Total sales in 81,000 units—
--_---Converted 4% bonds of{High
------------1932-47 (First
Total sales in $1.000 units_---Converted 434% bonds1111gh 10201,
01 1932-47 (First 494s) Low_ 102un
Close 10210n
Total sales in 81,000 units._
17
Second oonverted 434% High . ---__-_
bonds 01 1932-47 (First Low_
Second 434*)
Total sales in $1,000 units__. ---Fourth Liberty Loan
lei 10400,,
431% bonds of 1933-38_ Low_ 104s0,,
Close 11)404ts
(Fourth 43(s)
41
Total sales in $1,000 units_
Treasury
Higi 1120n
434s, 1947-52
Low. 1121n
iel(1813 1120,2
191
Total sales in $1,000 units__
illIgh 107"32
L0w. 107203,
4s, 1944-1954
Close 10710,1
102
Total WC: In $1,000 units._
-___
fligfi
____
Low_
354s, 1946-1956
---Mee
--Total sates in 81,000 units._
113417, 10211:2
10
L
Low_ 102,
348, 1943-1947
Close 10210,
4
Total sales in $1,000 units__
High 102us,
Low_ 10210n
354*, 1940-1943
Close 10210n
37
Total sales in 51,000 units__
11116 102",,102n
Low_ 10210,,
3)9a, 1941-43
Close 10211,,
34
Total sales in 81,000 units__
{Ilign 1011,1
834,', 1946-49
Low 100uss
Close 101ln
284
rota' int.,. in 510(10 units_ _ _
----_--,------.—
10210s, 10210n 1021031 10210n 10210n
102111,1 102"n 102nn 102"n 102"ss
10220,1 10227,1 102nn 10201n 1020081
13
74
2
13
73
--------------___--- --____
____
------10417n 10407,1
104208 10421,,
104un 104"n
71
42
11211n 112",,
11210,2 11211s,
1121In 112",,
51
3
107"
107",,108in
10711 108132
10711,2 10808,
60
1
10616, 10611n
10642 106,n
106'n 106"n
15
1
102"12 1023%
10210n 10200,,
10220,2 102"is
15
86
10222,2 102",,
102"n 1021,33
10211n 10210is
5
2
10211s, 102"n
10211,, 10211s,
1022'n 102"n
10
20
10111,, 10111,1
1011,1 1010n
10111n 10110,,
677
161
---10420n
104",,
104un
56
112",,
11211n
11211.1
26
108%
10803,
108":2
118
106',,
106en
106'n
2
10222.2
102n.
10201ss
1
10200n
10211,1
10210ii
50
102"11
102"s,
102"n
4
10111s,
10104
1010,2
79
-----10420,1 104n.
10400n 104"ai
1042% Ippon
158
60
112"n 11210n
11210n 1120n
112154, 1121033
9
10
108's, 1084n
1080,6 108.n
108'n 108%
11
26
......
106%
---106'n
106'n
... __
22
1021% 102"n
10220:4 102"n
1020032 102"n
. 39
1
102"n 102"n
102",,.
102",,
10201n 102"si
68
11
102",, 10217n
102101, 102un
102"n 102".
29
33
1010,2 1010n
101/11 101s.
10111, 1010is
126
82
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10421,, to 10400n
17 4th 494s
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
10anon,.
Ian
Rats.
Bid
Asked.
Afassirift.
int.
Rate.
bid.
Asked,
100"n 100"11
eein lb 1931 --- 234% 100'n
Mar. 15 11132.... 2%
Des 15 1931-33 3%% 100"11 100"n
"ept 16 1931... 114% 100
Des. 15 1931... 134% 100", 1001s,,
ENGLISH FINANCIAL MARKET—PER CABLE.
The daily closing quotations for securities, &e., at London,
as reported by cable, have been as follows the past week:
Sal.,
Aug. 29.
Silver, p. oz_d_ 12 13-16
Gold, p.fine oz.84s.11d.
Consols,2% %_ 5734
British, 5%___ ____
British, 454% _ _ _
French Rentes
8% (in Paris)
francs ______ ____
French War L'n
5% (in ParLs)
francs ______ ___
Tues.,
Mon.,
Sept. 1.
Aug. 31.
13-16
12
1296
84s.10d. 845.996d.
5734
5736
10031
10096
98
98
Wed.,
Sept. 2.
12 13-16
845.934d.
5634
10034
98
Thurs.,
Sept. 3.
1234
84s.994d.
5634
10034
98
Fri.,
Sept. 4
1234
84s.994d.
5634
10034
98
89.20
88.80
88.10
89.50
89.40
104.90
104.90
104.40
104.70
104.30
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
2754
2796
2734
2756
2754
Foreign
2736
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 1566.
A complete record of Curb Exchange transactions for the
week will be found on page 1593.
CURRENT
NOTICES.
—STONE & WEBSTER AND BLODGET, INC., has moved its
sales department from the fourth floor of the new Stone & Webster Bldg.
at 90 Broad St., N. Y. City, to the first floor, with entrance at the corner
of Stone Street.
—Ferdinand Eberstadt announces the formation of F. Eberstadt & Co.,
Inc., to handle industrial and public utility financing, reorganizations
and mergers and to conduct a general investment business. Offices will
be located at 39 Broadway.
Formerly a member of the law firm of Cotton & Franklin, Mr.Eberstadt
retired from the practice of law in 1926 to become a partner in the firm
of Dillon, Read & Co. During the period of active foreign financing,
he spent considerable time in Europe and after retiring from Dillon,
Read & Co. in 1929, he participated in the Reparations Conference as
assistant to Owen D. Young. Last spring Mr. Eberstadt resigned from
Otis & Co. Mr. Eberstadt was graduated from Princeton University
In 1913 and from Columbia Law School in 1917.
Associated with Mr. Eberstadt in the organization will be Grinnell
Martin, Vice-President, and E. F. Willett, Secretary and Treasurer,
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 29.
Monday
Aug. 31.
Tuesday
Sept. 1.
Wednesday
Sept. 2.
Thursday
Sept. 3.
Friday
Sept. 4.
$ per share $ Per share 5 Per share $ Per share $ per share $ per share
13112 133
13112 133
13612 13734 135 13914 13418 13812 13258 136
105 10514 10512 10512 105 10514 *10434 10514
•105 10534 10434 105
*85
94
*85
95
04
844 85
86
"85
86
*8812 94
46
4412 463
434 45% 4112 4314 4138 42
45
4512 46
63
63
6014
6012
*6014
6314
65
65
60
623
4
65
"6234
52
*4812 52
4812 4812 4812 4812 4718 4818 "4512 47
*49
106 106
106 106 *10314 106
*106 109 '106 109 *106 109
35
"25
35
*25
35
*25
35
*25
35
"25
35
*25
1214 1111 12
*1112 1214 *1112 1234
1112 1112 1112 1112 '12
614 6112
65
*62
65
*63
65
*63
65
*62
65 '62
5612 565, 5638 57
5714 57
57
574 574 565, 58
57
9014 9014
91
*9114 92
*9114. 9112 9112 9112 9112 9111 91
5
54
54 53* *5
414 412
512
43
54
458 434
2012 2112 2078 2114 22018 2012 1978 2038 195, 2014 1934 20
'95
9612 '95
961z *95
9612 '95
9612 *95
99
93
95
3414 3518 344 3434
36
3638 35% 36
355s 3614 354 363
512 512 *514 54
*512 64 *534 612 *54 612 "512 6
2312 22
2238
22
254 2518 241 24% 244 2412 234 24
*43* 5
4
4
44 45,
412 412
4
414
*412 5
77
77
612 7
614 65s
7
8
8
712 734
8
224 22
2212
2414 2414 2378 2412 23% 2414 225, 2414 22
*54
70 "54
70
70
*54
65 "54
70 "54
*65
70
37
34
37
323* 3334 3314 34
378 3858 374 374 37
60
60
60
60
68
*61
6314 634 634 6312 6312 *61
60
*55
60
*55
60
*55
60
60
*55
•58
60 .55
*2034 30 '.2034 30
*202 35
*2034 35 .2034 35 '203 35
26
26
"25
30
27
27
27 "27
2912 27
*2714 29
10812 10834 "108 112
109 110
•1083 11114 *109 112 '109 111
4812 44
46
45
51
5118 5118 49
"51
544 51
51
*15
34
*1412 34
18
18
1712 1712 '16
*15
1618 "15
174 17% 1612 1634 1658 165,
1812 1812 *1712 20
1934 193
23
23
23
28
2318
*24
25 '23
25
2514 •2212 25
20
18
18
18
1818 '18
*1818 20
*1818 20
•1844 20
3258 347
32
3234 324 3234
35
38
3434 35
343* 35
*1112 20
*1112 20 '1112 20 '1112 20
*1112 20
*1112 20
*15
34
34
*15
34
"15
34
*15
46
*20
35
*20
36
*35
36
39 '35
3712 *35
*3514 38
•35
38 "35
333* 3538
3814 36
374 3512 36
384 38% 3818 3814 38
30
*22
30
*22
*28
30 '25
30
32
32
30
32
208 207
204 2138 "2034 2114 .2012 2112 203* 214 "2012 21
"23
24
24
*23
24
25
*23
•23
24
"24
2.5 .24
45
45
*45
46
4534 45
45
*45
48
45
*4512 49
394 3912 3114 39
30
3012 3018 30%
*3912 40
*3912 40
•63
68
"6234 68
*6212 654 *624 64% 624 6212 *6014 6218
28
29
30
3012
27% 28
27% 27% 2714 283* 283* 29
20 "12
*12
23 "11
2212 "12
20
*812 25
*1212 25
14
35
14
32
32
32 '2
*4
%
*14
34
14
*4
5
*4
5
44
'4'2 5
4
*418 5
*4
412
117
8
11
1112
11
11
1014
105
8
1178 118 *1134 1178 1114
36
*32
35
35
37
39
39
364 37
3934 3934 37
18
1814 1758 1818 1738 1814 1618 1814 153* 1612 1612 1612
48
4714 4714
5112 47
523* 5212 5058 5114 5012 5114 48
*12
22
*14
12
*14
12
*14
12
*44
12
*14
12
6912 7114 67
7014 6538 6638 647 66
7118 713* 694 71
22
22
*19
20
20 "19
•17 23 '17 23 '17 23
33
*2912 33
30
3038 *29
3014 3014 3014 33
*30
32
15312 15312
154 156
160 *156 160 '156 157
*156 160
49
52
4812 50
55
5612 52
.55
5534 5412 5412 *55
100 101
10114 10112 100 101
102 102
10212 10212 10114 102
11
11
1214 11
12
*1218 1238 *1218 1214 1218 124 12
52
52
*12
52 "2
52
*12
52
52
58
*12
*13
*3
4
3
4
3
*3
*3
312 *3
4
*318 4
1524 15314 15212 15212
15912 15912 153 158
162 162 2159 160
934 '91
9314 *9038 9334 *9058 934 9058 908 *9058 0218
*91
3112 305 3112
34
34
3318 3312 3114 3312 31
334 34
"2
3
*2
3
3
"2
"2
3
"2
3
"2
3
3612
373* 3612 367
39
3712
38% 394 38% 40
Fs 40
7
7
*4
*4
7
*4
7
*4
7
*4
*4
7
*30
35
35
*30
35
*25
*25
35
•27
35 "25
35
40
40
4014 40
42
"40
42 '40
*40
42
*40
42
*20
47
47
47 "20
47 "20
•20
47
*20
47
*20
33
30 "30
30
31
31
*30 35 "30 33 *31 33
62
5512 57
*634 65 '8312 65
6434 644 624 6312 55
40
40
40
40
*4018 4234 *404 4234 *4013 4234 *404 423
*4012 453* '4012 4538 *4012 454 *4012 458 4012 4012 4038 4012
*143 1612 14
1312
1434 133* 1334 13
•1518 1812 *14% 15
233* 2212 2234 2214 2238
*2218 2312 2214 2238 228 2314 23
1318 1318 12
12
*1114 1212
17
*1318
1414
*1318 17
•1313
35
1812 1812 *20
35
•18
*20
40
*15
40
*18
40
12
12
12
12
12
52
12
12
12
12
*12
58
*72
1
72
*34
72
*84
1
'4 1
78
*34
711
7014 7112 7014 7012
73
7314 7314 7214 7318 7314 7334 71
2212 23
2412 2212 24
254 26
2514 2514 2412 2412 24
*32
39
44
4478 40
*44
*4518 4814 4514 4514 45
45
*504 85
55
55
85
*55
*55
85
85
*55
85 '55
*10
1012 *1014 1114
*94 1012 1012 1012 *1014 1114 *1014 1114
8
8
84 814 *8 10
10
*712 912 "8
42
40 "38
40
"3612 40
*3612 40
*3611 40
*3612 40
13544 13718
13514 138
14312 14312 14314 14434 214014 14212 139 143
8314 8314
8458 8234 83
*853 87
*86
864 28412 8412 *83
7% 8
818 818
94 93*
9
914
94 94
9
918
22
"16
22
22 '16
"16
•16
23
*16
22
*17
23
11
111 4
11
11
1218 1214 1134 1134 123* 1238 1113 12
*1118 1418 *114 1418
*1118 154 *1118 16
"1118 1514 .1118 16
64 618
12
12
*8
12
712 *6
8
12
*1134 12
9
'33
74 *6
*1134 12 '1134 12
37
414
3% 37
434
4
*A 4
12
12
1234 1234 1314 1338
•12
13
*3818 34
03618 36% '3614 38
*37
40
•10114 106 *105 106 *105 106 *105 106
•1414 145* 1412 1412 1411 1412 1334 14
*857 86
*8578 87
*857 87
*8578 87
324 3234
325 3312 33
3312 3212 33
16
"15
16
"15
16 '15
*15
16
5
5
*412 514
5
5
5
5
797
77
774 751% 774
7912 8034 77
312 312
334 384
334 34 *312 4
167 1714 15124 17
1534 1612 1512 1614
"(158 8
"658 8
*612 8
'64 8
57
6
6
534 8
6
6
618
18
17
1714 '17
20
*17
17
17
25
*16% 244 *1638 21
*15
•17
25
16
.1012 16
16 '14
30 .14
•17
*2812 30
*2812 30
"284 30
*2812 30
0 RD and asked prices; no sales on this day
*6
9
1112 1112
4
4
'378
*134 17 '1312
38
*343
'35
106 106 "105
1312 134 1338
*8578 87
*857
3112 32
3118
15
15
15
44 412 *412
7518 7614 7414
*35, 4
*34
1458 174 1718
*634 8
*634
511 53
514
167s 1678 '12
*12
1614 *1214
*1012 16 '1512
2812 2312 23
PER SHARE
Range Since Jan 1.
On basis of 100-share tots.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares
11,600
1,100
600
17,700
800
500
110
Railroads
Par
Atch Topeka & Santa Fe__100
Preferred
100
Atlantic Coast Line RR I00
Balthnore & Ohio
100
Preferred
100
Bangor & Aroostook
50
Preferred
100
Boston & Maine
100
Brooklyn & Queens Tr_No par
Preferred
No par
Bklyn-Marth Tran v t c No par
Preferred v t c
No par
Brunswick Ter&Ry See No par
Canadian Pacific
25
Caro Clinch & Ohio etpd--100
Chesapeake & Ghle
25
Chicago Great Western-100
Preferred
100
Chicago Milw St Paul & Pac__
Preferred
Chicago & North Weetern-100
Preferred
100
Chicago Rock fsl& Pacific_100
7% preferred
100
6% preferred
100
Colorado 4r Southern
100
Como'RR of Cuba pref
100
Delaware & HIld.9011
100
Delaware Lack & Western_60
Deny & Rio Gr West pref.100
Erie
100
First preferred
100
Second preferred
100
Great Northern preferred_100
Gulf Mobile & Northern__100
Preferred
100
Hudson & Manhattan_--100
Illlnois Central
100
RR Sec stock certificates_
InterboroRapldTranvtn..i00
Kansas City Southern__ --100
Preferred
100
Lehigh Valley
50
Louisville & Nashvtile____100
Manhat Elev modified guar100
Market St Ry prior pret_l00
Minneapolis & St Louts_100
Minn St Paul & SS Mar1e_100
1.60g1an-Texas RR__ __No par
Preferred
100
Missouri Pacific
100
Preferred
100
Nat ltys of Mexico 2d pref_100
New York Central
100
N Y Chic & St Louts Co_100
Preferred
100
NY & Harlem
50
N Y N 11 & Hartford____100
Preferred
N Y Ontario & Weetern_100
N Y Railways pref____No par
Norfolk Southern
100
Norfolk & Western
100
Preferred
100
Northern Pacific
100
Pacific Coast
100
Pennsylvania
50
Peoria & Eastern
100
Pere Marquette
100
Prior preferred
100
Preferred
100
Pittsburgh & West Virginia 100
Reading
50
First preferred
60
Second preferred
50
St Louis-San Frandsco_100
First preferred
100
100
St Louis Southwestern
Preferred
100
Seaboard Air Line
No par
Preferred
100
Southern Pacific Co
100
Southern RallwaY
100
Preferred
100
Texas & Pacific
100
Third Avenue
100
Twin City Rapid Tranxit_100
Preferred
100
Union Pacific
100
Preferred
100
Wabash
100
Preferred A
100
Western Maryland
100
Second preferred
100
Western Pacifc
100
Preferred
100
400
200
2,400
400
4,900
41,100
50
13,100
500
3,400
2,100
6,900
4,200
6,300
500
400
700
8,100
100
1,800
1,000
2,200
7,100
4,500
90
1,200
800
7,700
100
5,000
2,200
300
1,700
2,000
7,500
3,800
35,900
100
1,100
170
7,500
2,000
5,600
200
200
1,600
10
6,700
41,800
330
200
9,600
200
1,000
1,300
1,700
300
300
1,100
100
6,700
4,600
500
200
100
200
10,300
600
5,200
2,300
100
300
1,900
4
17
500
38
____
10
1312 7,600
87
3111 10,500
15
400
5
900
753 14,600
4
600
18 188,000
8
512 15,200
18
500
16
18
284
240
Lowest.
5 per share
1311zSept 3
10012June 2
78 Juno 3
4138Sept 4
60 Sept 1
47 June 2
9934June 3
30 Aug 25
712Juue 2
5134May 4
537 Apr 29
8538 Jan 21
3 May 27
1938Sept 3
95 Sept 4
27 June 2
4 June 2
1534June 3
318June 2
434June 2
22 Sept 3
58 Aug 28
221:June 3
50 May 29
50 May 29
2458June 1
25 June 3
1071:June 3
44 Sept 4
1158June 3
1312June 2
23 Sept 3
1712June 1
32 Sept 3
1218 Aug 22
51 12 Feb 10
3378June 1
3338SePt 4
30 Aug 25
1834 Aug 24
24 Aug 22
40 June 2
30 Sept 3
6114June 3
25 Aug 22
12 June 3
14 Apr 18
4 Aug 17
9%June 3
35 Sept 3
13 Aug 11
47 Sept 3
14May 28
13478 Sept 4
20 Sept 2
30 Sept 2
14712June 2
4812Sept 4
100 Sept 3
58 Jan 2
38 Aug 21
212May 25
139 June 2
89 Jan 8
3012May 18
114June 1
361zSept 3
4 May 1
28 June 1 1
40 Aug 26
4878 Aug 4
30 Aug 7
55 Sept 3
37 June 3
4018 Sept 4
9 June 2
1518June 1
7 May 27
16 May 27
%Slay 21
%Slay 21
6714June 1
22125ept 3
40 Sept 3
55 Sept 3
512 Apr 29
658June 5
351/aline 1
135% Sept 4
8234Sept 3
758Sept 4
19 June 4
9 June 2
914June 3
4 June 2
1018May 25
Highest.
Lowest.
Highest.
$ per share $ per share $ per share
2033* Feb 24 168 Dec 24212 Mar
10814 Apr 13 100 Dec 10834 Sept
9514 Dec 17512 Mar
120 Jan 23
553 Dec 1228 Mar
8778 Feb 24
8012 Feb 27
7014 Dee 845
,July
663 Feb 26
504 Dec 8412 Mar
11312/gar 9 10612 Dec 11614 June
66 Feb 20
44 Dec 112 Feb
134June 20
618 Dec 1578May
6432J1Ine 27
5318May 6612 MaY
,Mar
6938 Mar 2
554 Dec 788
83 Dec 983 Sept
944 Feb 11
514 Nov 3358 Apr
912 Feb 10
453 Feb 24
3514 Dec 5214 MaY
102 Apr 30
92 Dee 105
Oct
4612 Feb 10
322 Dee 5138 Sept
434 Dec 173 Mar
78 Feb 10
2712July 7
12 Dec 5'2% May
8% Jan 2
414 Dee 265, Feb
75 Dee 4614 Feb
1538 Feb 10
4512 Feb 24
2812 Dec 897 Feb
116 Mar 18 101 Dec 14034 June
654 Jan 27
4514 Dec 1254 Fe.)
101 Mar 24
92 Dec 11038 May
81 Dec 10418 Mar
90 Jan 2:
404 Dec 95 Feb
48 Jan 9
30 Dec 62 Apr
421/ Feb 24
15714 Feb 25 13018 Dec 181 Feb
6912 Dee 153 Feb
102 Jan 8
2518 Dee 80 Mar
4534 Feb 10
2218 Dec. 6334 Feb
3934 Feb 24
27 Dec 6738 Feb
454 Feb 27
26 Dee 6212 Feb
4012 Jan 5
6934 Feb 24
51 Dec 102 Mar
104 Nov 4612 Feb
2714 Feb 17
75 Jan 9
553* Nov 9814 Mar
4412 Feb 17
348 Dec 533 Mar
658 Dec 13634 Apr
89 Feb 24
61 Jan 23
58 Dec 77 May
34 Mar 2
2038 Jan 3912 Mar
45 Feb 26
34 Dec 85% Mar
64 Feb
53 Dec 70 Apr
61 Jan
40 Nov 84% Mar
111 Feb 9
84 Dec 13812 Apr
24 June 4212 Sept
39 Feb 2
22 Feb 18
13 Dec 2512 Feb
218 Apr
34 Jun12
14 Oct
1112 Feb 10
814 Dec 35 Feb
2634 Jan 20
1478 Dec 663* Apr
85 Jan 16
60 Dee 10838 Mar
4234 Feb 16
203* Dec 9812 Mar
107 Feb 11
79 Dec 14512 Mar
112 July
12 Jan 5
14 Dec
13214 Feb 24 10518 Dec 19234 Feb
88 Feb 11
73 Dec 144 Feb
94 Mar
75 Dec 1/034 MaY
227 Feb 24 152 Dec 324 Feb
9478 Feb 24
6758 Dec 12818 Mar
1105, Feb 24 10612 Dec 13512 Mar
1378June 26
334 Dec 1714 Mar
1
Oct
418 Jan
2 Feb 27
814 Jan 9
418 Dec 3312 Feb
217 Feb 26 18112 Dec 265 Feb
93 Mar 31
83 Feb 9212 Act
4238 Dec 97 Feb
60% Jan 27
34 Dec 19744 Apr
7 Mar 23
53 Dee 8658 Mar
64 Feb 10
412 Dee 2412 Mar
912 Jan 9
85 Feb 10
7612 Dec 16411 Ap3
90 Dee 101 Slay
9214 Feb 25
914 Oct 99 Apr
80 Jan 8
4813 Dec 12134 Feb
86 Jan 9
9712 Feb 11
73 Dec 14112 Feb
46 Jan 5
4418 Mar 53 Feb
46 Dec 57 Feb
47 Jan 16
3984 Dec 11873 Mar
6234 Jan 27
Apr
76 Jan 27
6212 Dec 101
3312 Jan 9
1712 Dee 7634 May
60 Feb 24
35 Dec 9434 July
13 Jan 12
lz Dee 1212 Feb
4 Dee 28 Feb
218 Jan 12
88 Dec 127 Feb
1094 Feb 11
4612 Dec 1368 Jan
6578 Feb 10
70 Dec 101 Mar
83 Feb 10
85 Dec 145 Apr
100 Jan 14
4 Dec 1512 Mar
1514July 10
74 Oct 3112 Jan
177 Feb 17
62 Feb 0
4434 Dec 79 Feb
20518 Feb 24 16612 Dec 24234 Mar
8214 Jan 88% Sept
87 May 18
1114 1)er 673* Apr
26 Jan 9
39 Dec 8914 Apr
51 Jan 9
10 Deo 36 Mar
193* Feb 24
114 Dec 38 Ma
20 Feb 24
74 Dee 3012 Mar
147 Feb 9
23 Dec 5312 Mar
3158 Feb 24
Industrial & Miscellaneous
Abitibi Power & Paper_No par
1414 Feb 26
312May 21
Preferred
100 1134 Aug 28 52 Feb 26
Abraham & Straus__ __No par 25 Jan 22 39 Aug 13
Preferred
100 100 Jan 8 10812May 4
Adams Express
No par 1118June 3 2312 Feb 24
Preferred
100 8312 Jan 5 92 Apr 5
Adams Millis
No par 2218 Jan 14 3312 Aug 29
Addressograph lot CorpNo par 15 Sept 3 2312 Feb 2
Advance Rwnely new _ No par
4 July 15 1138 Mar 17
Air Reduction Ine
No par 7030une 1 1093* Feb24
Air-way Elec ApplianceNo par
34 Apr 30 1038 Feb 24
Alaska Juneau Gold min_ _10
7 Jan 2 2012.144ne 4
A P W Paper Co
9 Aug 17
5 June 3
No par
Alleghany Corp
NO par
418June 2 1234 Feb 24
Prot A with 530 warr_ _ _100 1514 Aug 28 594 Feb 25
Fret A with $40 warr__100 15 June 3 59 Feb 11
Prof A without warr__._100 14 June 3 5512 Feb 25
Al:egbeny Steel Co_ __No par 28 Sept 4 4614 Feb 20
a Ex-dividend and ex.rights. e 60% stock dividend paid
PER SHARE
Range for Precious
Year 1930.
r Ez-dIvIlend. y Ex-rights.
8 Dec 4218 Apr
36 Nov 8612 Apr
Dec 66 Apr
21
102 Nov 1104 Aug
144 Dec 378 Mar
8018 Dec 94 Sept
Oct 32 Star
21
4 Dec 3434 June
-- - - ---- ----- - • -8712 Dee 1563* June
614 Dec 36 Mar
412 June
94 Jan
6 Dee 1512 Feb
534 Dec 3514 Mar
3614 Dec 10712 Feb
3711 Dec 9934 Apr
848 Oct 961 4 Feb
40 Nov 72 Apr
1577
New York Stock Record-Continued-Page Z
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Any. 29,
Monday
Aug. 31.
Tuesday
Sept. 1.
Wednesday
Sept. 2.
Thursday
Sept. 3.
Friday
Sept. 4.
Sales
for
the
Week.
5 per share $ per share $ per share $ Per share 5 Per share 5 per share Shares
28,200
113 114
1111
/
4 114
11012 112
1091
/
4 11112 1061
/
4 109
/
4 10912 1071
122 12234 122 122
12234 122/
1
4 12212 12258 .12214 12312 1.200
1
4 12234 123/
23
3,900
24
23
1
4 2414 2414 2418 2414 23
2412 24/
2412 25
.1318 1414 1318 1318 1312 1312 1312 1312
*1318 14
800
101318 14
18
18
18
18
18
18
1814 18/
2,700
1814 18
1
4 18
18
*1213 13
12/
1
4 1318 *1212 13
1212 1278 1212 1212 125/3 12/
1
4 1,200
999
.3214 3212 .3214 3212 *3214 3212 3214 32/
1
4 32
3218 *3112 32
*61
65 .61
65
65
*61
65
•61
65
*61
61
61
10
•212 3
.212 3
*2/
1
4 3
*212 3
.213 3
*212 3
*71
/
4 11
*71
/
11
4 11
7/
1
4 718 .7
7
7
*7
11
20
*2714 28
/
4 2718 27
2718 2714 271
2718 2678 27
2,300
27
27
$116 118 .116 118 .116 118 •116 118 *116 118 *116 118
9312 9178 9312 9078 9234 8814 9018 8858 8934 151,400
941
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4 9518 92
150 150 *150 152
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1938 1812 19
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•61
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*6512 72
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/
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1812 1734 18
*1912 19/
5,600
214 2/
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*214 3
200
1313 1358 1314 1314 12/
1
4 1318 12/
1
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12
1278 12
1218 16,000
• Bid and asked prima: no sta es on this day. s Es-dividencl.
Es-right9.
STOCKS
NEW YORK STOCK
EXCHANGE
Indus. & Miceli.(Con.) Far
Allied Chemical& Dye_No par
100
Preferred
Allis-Chalmers Mfg____No par
Alpha Portland Cement No par
No par
Amerada corn
Amer Agra° Chem (Del) No par
10
American Bank Note
50
Preferred
American Beet Sugar-No par
100
7% preferred
Am Brake Shoe & Fc17-No Par
100
Preferred
American Can
25
100
Preferred
American Car & Fdy___No par
100
Preferred
American Chain
No par
American Chicle
No par
Amer Colortype Co_._ _No par
Am Comml Alcohol
No par
Amer Encaustic Tiling_No par
Amer European Sec's_No par
Amer 42For'n Power
No par
No par
Preferred
2d Preferred
No par
No par
$6 preferred
Am Hawaiian 88 Co
10
Amer Hide & Leather__No par
100
Preferred
Amer Home producta_-No par
No par
American Ice
Amer Internat Corp
No par
Am L France&Foamite_No par
100
Preferred
American Locomotive_No par
100
Preferred
AmerMach&Fdynew_Nopar
Amer Mach & Metals__No par
Amer Metal Co Ltd____No ya
100
Preferred (6%)
Amer Nat Gas pref____No par
Am Power di Light____No par
Preferred
No par
Preferred A
No par
Pref A stamped
No par
Am Rad & Stand filan'y _No par
American Republics_No par
American Rolling kf Ul
25
American Safety Razor_No par
Amer Seating v t a
No par
Amer Ship & Comm.._ No par
AmerShlpbu1idlngnewNopar
Amer Smelting & Refg_No par
100
Preferred
100
6% cum 2d prof
American Snuff
25
Preferred
100
Amer Solvents Jr Chem_No par
Preferred
No par
Amer Steel Foundries No par
Preferred
100
American Stores
No par
Amer Sugar Refining
100
100
Preferred
Am Sumatra Tobacco._No par
Amer Telep & Teleg
100
American Tobacco new w 1- _25
Common class B new w 1_25
Preferred
100
American Type Founders 100
Preferred
100
Am Water Wks & Elec_No par
Coro vot tr Mrs
No par
lot preferred
100
American Woolen
Preferred
100
Am Writing Paper ctf.s.ho par
Preferred certificates
100
Am Zinc Lead & Smelb_No par
Preferred
25
Anaconda Copper Mining._50
Anaconda Wire& Cable No par
Anchor Cap
No par
Andes Copper kilning_ _No par
Archer Daniels klicird_No par
Armour & Co(Del) pref___100
Armour of Illinois class A___25
Class B
25
Preferred
100
Arnold Constable Corp_No par
Artloorn Corp
No par
Associated Apnarel Ind _No par
Assoc Dry Goods
No par
Associated 011
25
Atl G & W I SS Line___No par
Preferred
100
Atlantic Refining
25
Atlas Powder
No par
Preferred
100
Atlas Tack
No par
Auburn Automobile....No par
Austin Nichols
No par
Autosales Corp
No par
Preferred
50
Aviation Corp
No par
Baldwin Loco Works_No par
Preferred
100
Bamberger(L)& Co pref 100
Barker Brothers
No par
Barnsdall Corp class A
25
Bayuk Cigars Inc
No par
First preferred
100
Beatrice Creamery
50
Preferred
100
Beech-Nut Packing Co
20
Belding Ilemtway CoNo par
Belgian Nat Rys part pref____
Bandit Aviation
No par
Best & Co
No par
Bethlehem Steel Corp No par
Preferred (7%)
100
Blaw-Knox Co
No par
Bloomingdale Brothers_No par
Preferred
100
Bohn Aluminum &Br__Ne par
Bon Am! class A
No par
Booth Fisheries
No par
ist preferred
100
Borden Co
25
Borg-Warner Corp
10
Botany Cons Mills class A-50
Briggs Manufacturing_No pa
PER SHARE
Range Since Jan. 1.
On basis of 100-8h3re lots
Lowest.
$ per share_
10234June I
12178Ju0e 12
1830abe 3
8 May 27
1512June 2
1112June 3
32 Sept 3
54 June 4
112June 15
7 June 5
2578May 27
11314July 15
8814Sept 3
145 Feb 4
14 June 3
50 Aug 8
13 AUg 7
3812 Jan 2
91:Aug 26
578 Apr 29
518June 2
181sJune I
2114June 3
7912Sept 4
4412Sept 4
60 Sept 4
614 Apr 27
/
4 Jan 7
11
1
4 Jan 8
10/
4538June 2
1814May 20
914June 3
12June 1
412May 1
1318June 3
6814 Aug 25
28 June 3
2 May 27
818June 3
51 Aug 26
5 May 29
30/
1
4June 2
81 Sept 3
70 Aug 10
68 Sept 3
1110une 1
5 Apr 27
1518June 2
45 July 15
4 June 2
12may 29
26 Aug 31
2438June 3
11712May 14
8312June 5
3514June 3
10234July 1
12Sept 1
2 Sept 1
1118June 2
100 Aug 20
37 Jan 7
42 June 2
96 Jan 2
658June 3
15612June 2
984/June 2
10218June 2
12414 Jan 3
55 July 30
8414 Aug 13
403sJune 3
38 June 8
9834June 23
514June 3
2058June 2
1 Aug 24
10 June 2
358May 26
26 Jan 10
1834Juno 3
20 June 10
1918June 2
9 J1111013
8 May 18
32 June 2
11350a3'29
1 May 28
1018June 2
358 Jan 2
5 Jan 13
1
4 Apr 24
5/
1614June 3
20 May 26
1312 Aug 31
24 Aug 25
1118June 2
30 June 3
8438June 27
2 Slay 15
10112 Jan 14
1 June 17
1 Jan 2
2 Apr 28
3 Jan 2
012June 2
60 Aug 28
1011
/
4 Apr 30
2/
1
4 Aug 14
534June 2
22 Apr 27
73 Aug 81
5312June 2
106 Jan 15
4412-Tune 2
11
/
4June 1
743s Aug 6
1478June 2
3114June 3
34/
1
4 July 30
9618Juile 8
16 June 2
1612 Jan 5
85 May 15
2034 Jan 2
60 Jan 6
1 June 13
3 June 13
47 June 1
1412June 2
114NIay 22
814June 2
Highest.
PER SHARE
Range for Previous
Fear 1930.
Lowest.
Highest.
I per share $ per share 5 per share
18234 Feb24 17014 Dec 343 Apr
126 Apr 7 12034 Dec 12614 Apr
3114 Dec 68 Mar
42/
1
4 Feb 26
1878 Feb 9
1112 Dec 4214 Mar
23 Mar 21
1612 Dec 3112 June
2934 Feb 19 _____ _-- -- -___
6211
/
4 Feb 13
4513 Nov 97/
1
4 Mar
6614 Feb 26
6014 Nov 6634 Jan
4/
1
4 Jan 9
218 Dec 12
Jan
17/
1
4 Jan 9
8 Dec 45 Mar
38 Feb 24
30 Dec 541
/
4 Mar
12438Mar 10 118 July 128 Feb
1
4 Mar 26 1041
129/
/
4 Dec 15612 Apr
15211 Apr 30 14014 Jan 15078 Oct
38/
1
4 Feb 24
2418 Dec 8212 Feb
Jan
86 Mar 18
70 Dec 116
1
4 Feb 24
43/
27 Dec 6978 Apr
4858 Mar 20
35 Dec 5114 Apr
Oct
2114 Feb 27
1578 Dec 22
1412 Feb16
9 Novl 33 Jan
8 NovI 30/
16 Mar 2
1
4 Mai
17 Dec 5912 Mal
3318 Feb 24
511
/
4 Feb 24
25 Dccl 10134 Apr
100 Mar 20
84 Dec 11113 Apr
7912 Feb 25
6312 Dec 10034 June
90 Feb 26
73 DecI 101 May
1038 Jan 9
5/
1
4 fled 33/
1
4 Mm
8 Mar 31
11
/
4 Dccl
7 Apr
30 Apr 6
812 Dccl 34/
1
4 API
64 Mar 20
4612 Dccl 6934 Mar
311
/
4 Feb 9
2412 Dccl 411
/
4 Mat
26 Feb 26
16 Dccl 5538 Apr
112 Jan 9
12 Dccl
4 API
7 Dccl 35 Fet
15 July 3
30/
1
4 Feb 26
Jar
1814 Dec1 105
8434 Mar 6
6814 Dcci 11812 Mai
43/
1
4 Mar 19
2934 Dccl 45 SW
7 Mar 2
3 Dccl 1412 Jail
131: Dccl 5112 Fet
2334 Feb 24
8912 Feb 5
80 Dccl 116 Fet
1
4 Jan 20
20 Dccl 95 Mal
39/
3618 Dcci 1193a Age
641
/
4 Feb 26
102 Mar 27
90 Dee 107 Mal
741
/
4 Dec 87/
84 Apr 9
1
4 Sept
74/
1
4 Dec 8912 Sept
85 Apr 4
15 Dec 39/
2112 Mar 20
1
4 Apt
12/
1
4 Feb 27
518 Dec 37 Mat
28 Dec 10078 Pet
37/
1
4 Feb 20
66 Feb 26
5212 June 67/
1
4 Apt
9 Feb 13
5 Dec 2612 Fet
13 Dec
11
/
4 Feb 27
3/
1
4 Mal
42 Jan 6
35 Dec 5412 Juni
3712 Dee 7912 Ap
5812 Feb 24
13812klar 27 131 Dec 141
Ap
93/
1
4 Dec 10338 Au]
10234 Mar 12
1
4 Jai
35/
1
4 Dec 43/
4214 Mar 10
110/
1
4 July 22 10018 Jan 112 Sep
2 Dec 22/
4/
1
4 Feb 16
1
4 Ma
1112 Feb 24
5/
1
4 Oct 33/
1
4 Ma
311
/
4 Feb 20
2312 Dec 52/
1
4 Me
113 Feb 20 110 Dec 116 Fel
/
4 Mar Ii
3612 Dec 5512 AD
481
60 Mar 25
39/
1
4 Dec 69/
1
4 Ma
10812Mar 16
95 Nov 110 AD
5 Nov 2654 Fei
1118 Feb 13
2011
/
4 Feb 26 17038 Dec 27414 Ap
128/
1
4 Apr 14
9812 Dec 127 Sep
132 Apr 14
99/
1
4 Dec 13078 Sep
132 May 5 120 Feb 129 Sep
05 Nov 14134 Ap
105 Jan 16
11012 Feb28 10312 Nov 11434 Jul
47/
1
4 Dec 124/
8034 Feb 26
1
4 AD
8034 Feb 26
-2
107 Mar 19 -98 -Nov 1-0818 0
538 Nov 2014 Fe
1178 Jan 12
151
/
4 Nov 4478 Fe
40 July 30
4 Jan 23
138 Dec
9 Ma
1018 Dec 4434 Fe
18 Feb 20
8/
1
4 Feb 26
3/
1
4 Dec 177s Fe
2634 Dec 79/
4518 Aug 23
1
4 Ja
4314 Feb 27
25 Dee 8112 AP
19 Dec 53/
2614 Mar 10
1
4 Fe
24 Der 5124 Alt
36 Feb 21
10/
1
4 Dee 37/
1912 Feb 27
1
4 Al
1318 Dec 29/
18 Feb 4
1
4 Ap
60 Dec 82/
1
4 Jun
72 Jan 7
412 Jan 6
2/
1
4 Nov
818 Ms
112 Nov
2/
1
4 Jan 7
438 Ms
25/
1
4 Nov 65 Jun
47 Jan 6
9 J11131 3
312 Dec 1334 Al
434 Dec 2018 Ap
1013 Feb 26
20 Nov 461
28/
1
4 Feb 10
/
4 Ms
19 Dec 5012 At
2958 Mar 20
31 Feb 18
30 Dec 51 Jun
33 Dec 80/
39 Jan 7
1
4 Ja
48 Dec6514 Fe
5312 Jan 21
23/
1
4 Feb 24
1658 Dee 5138 Al
42 Dec106 Ma
64 Feb 11
97 Nov 106 Ms
9978 Jan 16
212 Oct
312 Jan" 5
812 Ms
6038 Nov 263/
29512 Apr 14
1
4 Ai
11
/
4 Dec
214 Mar 30
7 Ma
212July 2
/
1
4 Dec 1032 ME
12 Dee 25 Ms
5 Feb 27
238 Dee
618 Mar 2
9/
1
4 Al
1938 June 38 Fe
2778 Mar 19
84 Dec 116
10412Mar 19
Ja
107 Fen 11 103 Dec 11012 Fc
8 Nov 2034 MI
10 Jan 2
1412 Feb 26
8/
1
4 Dec 34 MI
23 Nov 68 Ff
33 Jan 19
89 Dec 101 Jul
90 Mar 5
62 Dee 92 Al
81 Mar 19
111 Mar 16 10114 Mar 10914 Bei
62 Apr 9
46/
1
4 Nov 701
/
4 Is
618 Aug 21
218 Dee
638 Js
76/
1
4 Dec 8512 Mi
8034 Jan 22
141
/
4 Nov 5738 Al
2512 Feb 24
3038 Dec 5614 Al
4614 Mar 19
70/
1
4 Feb 26
47/
1
4 Dec 11014 Al
12378 Mar 6 11234 Dec 134 1%
29 Feb 21
23
Oct 411
/
4 Al
20/
1
4111ar 25
16/
1
4 Dec 2978 Al
95 Jan 9
95 Dec 104 0
43 Aug 15
1511
/
4 Nov 69
At
56614 Apr 15
5912 Oct 78 At
3 Feb 20
1
Oct
5 M
17/
1
4 Feb 20
5/
1
4 Dec 33/
1
4 Ii
7612Mar 20
60/
1
4 Jan 90/
1
4 MI
3034 Feb 27
15 Nov 5012 M
3114JulY 30
34 1)ec
5 M
2234 Mar 25
12/
1
4 Oct 25/
1
4 ju
New York Stock Record-Continued-Page 3
1578
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 29.
Monday
Aug. 31.
Tuesday
Sept. 1.
Wednesday
Sept. 2.
Thursday
Sept. 3.
Friday
Sept. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ Per share Shares Indus. & Miscell.(Con.) Par
No par
300 Briggs & Stratton
*15
16
16%
1634 16
*16
100 Brockway Mot Truck-No par
*134 238 *134 238 *134 238
Preferred 7%
100
10
'58
10
*8
10
*8
1,700 Brooklyn Union Gas___No par
109 110
108 109
110 112
44
No par
44
800 Brown Shoe Co
44
*43
4378 44
300 Bruns-13alke-Collender_No par
714 74
*714 78
8
8
10
712 3.200 Bucyrus-Erle Co
72
754 78
8
8
Preferred
10
127 127o 1258 1258 1,400
13
13
Preferred (7)
100
____ 106
210
10212 104
104 104
No par
1,100 Budd (E 0) Mfg
4
4
414
*414 438 *4
No par
83* 834 2,100 Budd Wheel
8.3-4 834
9
9
No par
400 Bitiova Watch
83* 358
834 834
*838 938
No par
912 912
500 Bullard Co
1014 1014 *94 97
2212 22% 2212 1,900 Burroughs Add Mach No par
22
23
23
No par
22
22
100 Bush Terminal
22 '2078 22
*21
Debenture
100
270
7438 7438
7912 7034 75
*75
100
60 Bush Term 131clgs pref
10034 10034 *10012 10034 10012 10012
*7
8
1
*78
1
*78 I
100 Butte & Superior Mining _10
100 Butte Copper de Zinc
5
15158 2
*158 2
*13* 2
No par
700 Butteriek Co
10% 1038 *1014 11
11
11
11
•1118 1112 1118 1118 11
No par
13,500 Byers & Co(AM)
323 3212 31
3014 3078 2858 3012 2314 29
3214 3014 317
Preferred
100
*7514 80
*7514 80
*7514 80
*7514 80
*7514 80
*7514 80
700 California Packing____No par
23
23
23
22
*23
2318 22214 23
2234 2234 *2212 23
*12
12
*12
*12
52
I.
13
12
*42
52
52
10
58 1,500 Callahan ZInc-Lead
300 Calumet & Arizona Mining_20
*3714 38
38
38
*3714 38
*3712 377
377
; 38
*37
38
25
614 614
2,700 Calumet & Hecla
6
6
6
6
618
628 624
613
6
12
600 Campbell W dc C Fdy_ _No par
1234 1234 *1212 1312 1214 1212 *12
1312 114 1112 5.11
5,400 Canada Dry Ginger Ale No par
*3412 35
*347 35
3414 3412 34
344 3234 3312 2834 32
200 Cannon Mills
No par
2338
2358 .21
*204 21
*21
2358 *21
*2034 21
2034 21
300 Capital Adminis cl A No par
*1438 148 1478 147 *1412 1434 *1438 1434 1438 1438 1438 14 18
Preferred A
*3218 37
50
*3218 37
*3218 37
*3218 37
*32
37
*3218 37
100
6412 6538 6218 6414 6138 638 5734 6238 474 5212 4712 493 368,500 Case (J I) Co
Preferred certificates
86
30
85 *_
100
*85
8812 *85
8614 85
8812 *85
8812 86
*2212 2234 2212 2212 2214 2214 2134 22
2112 2178 197 213* 8,000 Caterpillar Tractor___No par
*3
4
20 Cavanagh-Dobbs Inc-_No par
4
*3
*234 3
*3
4
*234 3
3
3
Preferred
2234 *16
100
2234
2234 *16
*15
2234 *15
224 *1514 2234 *16
3,800 Celanese Corp of Am....No pa
12
*123* 1238 1218 1234 1214 124 12
12% 1134 1134 12
100 Celotex Corp
No par
7
*61 2
*614 7
*614 7
*614 7
614 614 *614 7
300
Certificates
No par
534
534 *5
538 *5
*5
538
5
*5
534 *5
5
Preferred
190
1934 20
No par
*1934 21
*1934 21
1934 1934 1934 193* *1934 20
1,500 Central Aguirre Asso-No par
20
20
20
20
2034 *2012 21
2012 2034 1912 2014 20
8
68 7% 11,700 Century Ribbon klills_No par
74
6
7
814
714 8
614 658
63* 718
90
.75
85
Preferred
84
*75
100
*75
85
85
85
90
90
85
85
144 1434 3,100 Cerro de Pasco Copper.No par
1512 1512 *15
1512 *1538 16
15% 15% 1434 15
434 4% 1,200 Certain-Teed Products_No par
5
5
514
*434 514 *4
*5
6
6
5
*25
33
7% preferred
33
*23
100
*25
33
33
*25
*23
*23
33
33
1,200 City Ice & Fuel
30
30
30
No par
30
3014 3014 3014 30
3018 30
3014 .30
40
Preferred
100
*7838 82
7812 798 7812 7812
80
*7812 80
*7812 80
80
738 818 2,000 Checker Cab
No par
8
8%
812 83*
83
858
814 8'±
814 814
No par
4,000 Chesapeake Corp
32% 3312 3234 33
3334 347
*3412 35
343* 35
3438 35
*722 8
500 Chicago Pneumat Tool_No par
738 73* *712 8
*758 8
8
8
71
8
Preferred
No par
1918 1914 1918 1918 1,000
1912 1913 1912 191 *19
*1918 20
20
5118
19
30 Chicago Yellow Cab
18
'18
No par
18
181 *18
19
*18
181* *18
19
100 Chickasha Cotton 011
*11
15
11
*11
10
11
14
12
*11
*11
*11
15
14
800 Chlicls Co
163* 1658
1714
1911 1914 18
No par
1712 17'z 17
18
*1712 18
2212 2234 2214 224 x22
No par
2238 2134 2234 1912 2112 19% 2018 120,300 Chrysler Corp
214
214 *2
*214 2'2
218 214 1,900 City Stores new
No par
2
214 214 *218 214
Clark Equipment
*13
14
14
*13
*1212 141 *1214 141 *1214 1412 *1214 14
No par
*2314 2'
300 Cluett Peabody & Co No par
*2412 26'2 2412 2422 *25
2878 2412 25
288 *25
Preferred
*101 105 *101 105 *10118 105 *101 105 *101 105 *101 105
100
Coca
146
146
1.900
14478 14613
Cola Co
14512 14512 14514 14514 14158 14478 142 142
No par
Class A
200
5234 5234 *5212 53
53
53
*5234_ _ *523 53
No par
*5234 53
*44 1412 *43% 4412 434 4312 43
*43% 45
1,900 Colgate-Palmolive-Peet No par
4338 4234 43
6% preferred
700
•10358 104
104 104 *10418 105
1034 104
10312 10312 104 104
100
6,300 Collins & Altman
131, 14
No par
1334 1414 13% 134 1314 1338 12% 1314 1278 13
2,055 Preferred non-voting
95
95
95
95
95
95
*90
95
95
9512 *90
100
97
Colonial Beacon 011Co_No par
*9
912 *9
9
1012 *9
1012 *9
912
1012 *9
1012
800 ColoradoFuelacIronnewNo par
*1312 14
14
14
1312
*1334 14
13
1312 12% 1322 *13
6534 67
67
6112 554 57
6618 664 6112 6634 55
28,900 Columbian Carbon v t 0 No par
30
3012 30
3018 29% 2934 2818 28,8 2814 28% 20.000 Columbia C1as & Elec_No par
3018 30
10512 10534 *10512 10534 10512 1054 10512 10534 10414 10534 10414 10414 2,100
Preferred
100
714 73*
74 71
7
714 4.000 Columbia Graphophone
7
718
7% 714
714 732
71
7%
Ctrs of deposit
728 74 ----------------1,000
2,300 Commercial Credit__ __No par
16
1614 1512
4 16
6
1614 1614 1614 16'4 64 *16
Class A
3478 *34
34% *34
*34
35
*34
*34
35
*34
36
347
50
200
*25
2612
2434 2434 *25
Preferred 11
)525
25
25
26
261s 2412 25
25
let Preferred (641 %)____100
•88
891 *88
891 *88
891 *88
8912 8012
8818 89
89
140
2412 2434 243* 2434 24% 2418 2414 2414 24
o par
2418 x2352233* 1,600 Corn Invest Trust
86
Cony preferred
500
x84
84
86
86
86
83
*85
8712 5185
*86
88
No par
tat pref 681%
330
105 105
105 105
41105 106 *105 106
106 106
105 106
100
1678 16
1714 1712 1678 1712 17
1638 36,300 Cornrul Solvents
173* 1634 1714 16
No par
77
8
818 • 8
818
734 7% 26,200 Communwith & Sou_ No par
8
818
8
778
134
7
$6 Preferred serie8
No par
9618 *94% 9512 1,800
96
96% 9614 9614 95
9512 9512 9534 96
304
100 Conde Nast Publica'ns_No par
301 4 *30
*30
31
3014 *30
*30
31
30
30 '530
14% 1318 1334 1318 1314 8,100 Congoleum-Nalrn Inc_No par
1411 1412 1418 143* 1414 1414 14
1,500 Congress Cigar
15
1515
17
1512 1512 *153* 1512 154 1514 15
15
16
No par
500 Consolidated Clgar
*3512 3612 3512 3512 *3312 33
No par
3514 3514 3512 3512 *3512 36
Prlor preferred
190
62
64
64
63
100
6512 65121 6412 6412 *63
64
64
63
612 63* 2,100 Canso'Film Indus
7
7
*613 7
7
NO par
7
714 712
*7% 8
1,300
13
1314 13
Preferred
No par
1378 13% 1312 1312 1314 1314 1318 1312 13
9018 9114 59,600 Consol Gas(NY)
908* 92
No par
9214 94
941z 9534 9314 9512 9314 94
Preferred
No par
5106% 10612 106% 10638 106% 10638 106 10612 1064 1064 *106 10634 1,000
*1212
1278
900 Consol Laund Corp__ No par
127
8
*1212
12%
13
1312
13
133* 1314 1312 *1212
5*
,k,
53 1.800 e°,15011dared Textile...No par
3*
58
88
58
34
*38
34
*58
34
600 Container Corp A vot-No par
*234 3
234 3
*234 3
234 234
3
3
3
3
Class B voting
•1
118
1
200
1
118
114 *1
14 .1
No par
•118
114 *1
114 1,600 Continental Bak cl A No par
11
12
1234 12
1212 1212 123* 1238 1214 1212 *12
Class
B
2,300
112
15
8
15
8
11z
158
No par
112
113 15s
112 14 *112 138
4,900
58% 583* 57% 5812 5614 5712 *56
Preferred
5514 5612 5212 55
58
100
4.700 Continental Can Inc___No par
4612 474 4638 47
473* 48
4812 4834 477 4834 .4734 48
200 Cont'l Diamond Fibre_No par
812 81
812 812 *812 912
*812 10
*358 10
*813 10
3734 3814 1,500 Continental Ins
10
*3712 3812 *38
3812 3334 3812 39
*3834 39
39
212 1,300 Continental Motors___No par
24 *2
212 212 *2
212
2
2
2
214 214
812 918 25,500 Continental 011
9% 912
No par
912 934
10
95* 978
1014 10
104
1,600 Continental Shares
3
No par
3
3
31s
314 314 *318 314
314 314
314 314
6312 6412 8.900 Corn Products RefInIng____25
66
66
6614 6518 6512 634 65
654 6631 66
170
Preferred
15034 15034 *14834 15134
100
14934 14934 *148 15038 149 149
149 149
2,100 Coty Inc
7
7
7%
714 71
7
No par
71
74 7'8
7187l8
7'8
200 Cream of Wheat
2712 2712
*2712 28
28
No par
2712 2712
*2712 28
200 Crex Carpet
100
•124 1618 *1312 1618 51132 1512 *13% 1131a 1312 1312 .1213 1618
5
54
900 Croeley Radio Corp ___No par
512 54
6
6
*512 6
6
*5
*5
6
400
Crown
21
Cork
*20
&
21
Seal__No par
2034 *20
*2014 22
2012 2034 •20
*20
22
2,500 Crown Zellerbach
4
418 418 *37
No par
412
4
4
4
4
44 5
418
'391 41
*39
4012 *39
4012 383* 3912 373* 3314 3714 3834 1,300 Crucible Steel of America-100
Preferred
260
87
86
88
100
88
89
8512 89
*88
89
89
88
90
312 312 1,500 Cuba Co
358
312 31
3
No par
4
4
*358 4
4
4
1
14 1,500 Cuba Cane Products...No par
1
1
1
1
118
1
*1
118
1
1
1,200 Cuban-American Sugar-- _10
334 33* *354 414 *334 41 1
*334 434 *334 414
4
4
110
Preferred
27
2612 *24
100
26
27
27
*26
27
*27
30
27
27
Il 3,000 Cuban-Doraln Sugar-No par
*18
14
14
14
14
14
4
14
14
4
14
200 Cudahy Packing
50
*39
40
40
3,
9
3_
9% ,
1538
3912 *33
*38
40
40
3,9
5,700 Car1111 PubllablnaCo_No par
07
6714 6114 00
*68
70
67
67
6734 68
674 68
Preferred
500
109 109
No par
'110 11314 11214 11214 11112 111'i'109 111 *109 111
234 23* 16,900 Curtiss-Wright
No par
24 2%
278 3
278 278
27
278
27
3
Class A
2,300
3% 4
100
418
4
4
4
418 41g
4
412
4
4
200 Cutler-Hammer Mfg___No par
1634 .1514 18
•17I3 18
*17112 18
1712 17,2 .1512 1712 .16
912 10% 2,500 Davi.an Chemical
No par
11
1012
1118 11
.1012 10% 10
*1012 11
11
Debenham
SecurItles___5 Sch
*3
8
*3
8
*3
7
*3
7
*3
7
*3
7
5,400 Deere & Co pref
16
20
1518 1512 15
1614 1678 1514 157
16
1512 15
15
300 Detroit Edison
100
'158 165 *158 165
16138 16138 16112 16112 160 160 *155 1645*
200 Devoe & Raynolds A_No par
1334 1334
*13% 16
*1338 16
14
*1358 16
14
*1358 16
1818 3.300 Diamond Match
No par
1814 1812 18
19
1933 1918 1914 18* 19
1834 187
Preferred
2,000
*27
28
25
28
*2712 28
28
28
28
*2712 28
28
28
$ Per share $ per share $ per share
•16
1678 *16
16% *16
1634
2
212
*2
212 *2
2
*8
15
*8
*8
10
15
51113 11434 112 112 x112 112
*42% 43
43
43
*4218 44
*8
8
8
*8
9
9
*8
812
8
8
8
818
1513
14
13
1338 1234 13
104 104 '5104 106
104 104
414 438
414 414
414 414
15838 '9
8% 9
8% 878
*8
9
*8 . 0
83* 9
*1014 11
*1014 11
1014 1014
2312 2312 2238 2238 *2238 2334
*2038 22
*2078 22
*20% 22
1180
7978
80
8212 80
*98% 10034 *9818 10034 *9414 10034
*78
1
418
1
78
78
*158 2
158 23
1,138 2
794
*2713 2734
3274
• Bid and asked prices: no Wes on this day
s Ex-dIvidead
p Et-dividend and ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-share IOU.
Lowest.
$ per share
15 June 1
2 Jan '2
10 Aug 11
x99 June 1
3234 Jan 22
714Sept 4
618 Aug 6
1258 Aug 7
10212Sept 3
2I2June 1
74 Apr 29
7 Aug 10
812June 3
1018June 1
17 Apr 23
70 Apr 23
9518 Apr 29
34May 7
118June 19
9 June 2
2358June 2
80 June 2
2012May 1
12June 20
2312June 2
5 June 2
1014June 20
28345ept 4
1734 Jan 2
912 Jan 3
29 May 18
4714Sept 3
85 Aug 12
19785ept 4
2 June 5
1012 Aug 18
878May 20
518 Apr 24
358June 3
14 Juno 1
1770une 3
212 Jan 6
Highest.
PER SH A RE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share $ per share
1514 Nov 3512 Apr
2412 Mar 24
158 Dec 2214 May
514 Mar 2
13 Dec 85 AV
26 Feb 17
12938 Mar 19
9818 Dec 17814 Mar
3334 Nov 42 Feb
4512Ju1y 27
10 Dec 3058 Mar
15 Feb 13
114 Dec 31% Mar
208 Feb 19
21 Dec 43 Mar
34% Feb 10
114 Apr 21 10734 Jan 117 Sept
3 Dec 1638 Apr
5% Feb 25
13 Feb 27
64 Oct 1458 Feb
1534 Jan 30
812 Dec 43 Mar
Ayr
978 Dec 74
23 Feb 26
3214 Feb 9
1838 Dec 5178 Mar
31 Feb 24
2112 Dec 4812 Mar
104 Jan 23
97 Nov 110 Mar
Oct 118 Apr
113 Mar 17 108
134 Feb 20
54 Jan
78 Dec
414 Feb
114 Dec
2% July 17
2058 Feb 26
10 Nov 2938 Feb
3318 Dec 11238 Apr
6934 Feb 20
Jan
10678 Feb 24 106 Dec 114
4114 Dec 7712 Mar
53 Feb 16
218 Feb
58 Dec
138Mar 2
2858 Dec 8978 Jan
433813.1ar 17
734 Dec 333* Jan
1138 Feb 24
10 Nov 30 Mar
1658 M ar 25
3012 Dec 753* Mar
45 June 25
1618 Dec 3414 Mar
25 Mar 24
713 Dec 2834 Apr
16 Fcb 26
2912 Dec 42 Mar
3638 Feb 25
13112 Feb 24
8312 Dec 36234 Apt
116 Mar 21 113 Dec 132 May
22 Dec 7934 Apr
5212 Feb 17
4 Feb 27
112 Dec 1378 Jan
Jan
24 Dec 75
26 Mar 7
918 Dec 20% Oct
16 Feb 25
3 Dec 60 Mar
1438 Mar 2
3 Dec 12 Sept
1334 Mar 21
1714 Dec 347 Apr
3734 Mar 21
18 Dec 3012 May
2534JulY 31
814 Mar
214 Dec
814Sept 2
51
Feb 6078 Jul,
50 May 28 90 Sept 1
21 Dec 655 Jab
14 June 3 30% Feb 24
2 Dee 1578 Feb
714 Mar 23
214 Jan 2
11 Jan 5 35 Aug 17
63* Deo 4518 Mat
327 Dec 49 Feb
30 June 17 3738 Feu 25
79 Oct 9834 Feb
7718 Jan 14 90 Apr 21
73sJune 1 2314 Feb 7
142 Dec 67% Mar
3214 Dec 8212 Mar
2712June 2 544 Feb 24
612 Apr 29 1518 Feb 26
78 Nov 37 Mae
2218 Nov 5578 Mar
15123une 2 35 Feb 26
2012 Dec 32 Mar
17 July 3 23 Jan 9
1012 Dec 3212 Apr
10 Juno 3 1234Mar 30
22% Dec 673* June
1414July 30 3334 Feb 10
1418 Dec 43 API'
1212June 2 2534Mar 9
438 Feb 11
2 June 2
212 Dec 1314 Arr
15% Dec 4411 Apr
1212 Aug 24 227 151 ar 25
24 May 19 3418 Feb 17
21 Dec 60 AV
9114 Jan 105 API
05 Jan 28 105 July 2()
133 June 3 170 Feb 24 13314 Jan 19138 June
4812 Jan 53 Mar
5012 Jan 2 5312June 4
44 Dec 6478 May
40 June 2 5012 Mar 18
97 Mar 104 Dee
101% Apr 21 104 Feb 16
12
Oct 3534 Feb
9 Jan 30 1712June 26
71 Apr 30 95 Aug 28
73 Jan 92 Mai
834 Dec 20% Apr
712June 6 1014 Jan 8
934June 2 1912June 27
Mar
55 June 2 1113* Feb 25 -65-1; Vie -1IPV -'
M
ae
Apr
30.8 Dec 87
2058June 2 4558 Mar 19
99 Nov 110 Apr
98 June 3 10912141er 18
Apr
8
373
74 Dec
6 June 2 1614 Mar 13
- --- --6 June 3 1118July 2
13 M 113? 27 2314 Feb 26 -Oa -Dec 104 -Apr
3(112 Dee 448 Apr
3058June 3 35% Feb 26
201
:Dec 28 Apr
2112 Jan 20 2512July 0
7612 Jan 29 8912 Aug 26
7614 Jan 9512 Sent
2134 Dec 55 Mar
20 July 15 34 Mar I a
HO June 87 Mar
82 Jan 20 90 Jan 26
89 Jan 10212 Nov
101 July 17 106 Aug 6
Apr
14 Dec 38
1034June 2 214 Feb 24
71 Dec 2014 Apr
6714June 2 12 Feb 24
8612 Dee 10434 June
90 June 8 10038Mar 16
3112 Dec 57 Mar
30 June 3 3414 Feb 16
558 Dee 1914 Mar
6% Jan 2 1434 Aug 21
1814 Sept 5679 Mar
15 Aug 31 3034 Mar 10
2438 Dee 593 MV
2512 Jan 8 3734June 27
53 Dec 80 Mrs
55 Jan 2 73 Mar 19
778 Dec 2738 Mar
334June 3 15 Feb 17
1212 Dec 284 Jan
1012June 2 1878 Feb 17
7814 Dec 13078 Apr
8218 Jan 2 10058Mar19
9912 Jan 10512 Sept
10112 Feb 27 2107 July 23
1112June 2 158 Mar 19 __ _ --- - ----*/ Jan
-4 -1)cc
1% Mar 18
li Jan 2
518 Dec 2212 Feb
811 Jan 9
234 Aug 31
812 Feb
2 Dec
3 Jan 12
1 July 16
914June 2 30 Feb 26
163* Dee 521: Feb
7 Feb
2 Dee
338 Feb 2
114June 3
62 Dee 947e Feb
4478 Apr 30 7712 Feb 27
4312 1)ec 71% Mar
4038June 3 625gMar 26
934 1)ec 3738 Apr
818June 2 1678 Feb 27
374 Dee 773* Mar
34 June I 61% Feb 24
84 Feb
212 Nov
4% Feb 27
2 Aug 27
784 Dee 3012 Apr
5 Juno 2 12 Feb 13
812 Dec 4(37 Apr
3 Aug 21 12 Feb 24
65 Dec 111% Apt
5538June 2 8658 Feb 17
146% Jun 6 152% Apr 2 140 Feb 15138 Ocr
74 Dec 33 Feb
6142une 1 18 Feb 27
2511 Jan 353* Mar
2612June 3 3412 Mar 11
9 Jan 2918 Mar
1938 Apr 11
1214June 1
Jan
31
: Dec 22
834 Feb 25
4% Jan 2
31 Dec 5938 API.
1814June 1 3814 Feb 24
67 Jan 12
2 June 2
43* Dec 1812 Feb
5018 Dec 933* Mar
3038June 2 63 Feb 11
80 June 4 106 Jan 3 10112 Dec 117 Mat
57 Jan 8
218 Dec 1912 MAY
3 May 19
Oct
%June 1
252 Jan 8
1
7 Mar
9 Feb
2 Der
534 Mar 24
218 Apr 30
20 Dec 6558 Feb
16 June 8 33 .1sn 0
Jan
24
15 July 31
113 Jan 8
14 Dee
Jan
3818 June 48
35345lay 21
4/P8 Mar 19
85 Dee 12618 MS1
86 Sept 4 100 Feh 7
109 Sept 4 11858 Mar 5 112 Dec 12118 Mar
13 Dec 1478 Apr
578 Feb 27
218June 2
3 Dee 194 Apr
8's Mar 2
3 June 2
35 Dee 9011 Mat
1712.1nne 2 41 Jan 7
10 Dee 4338 Mar
912Sept 4 21 Fcb 24
Apr
912 Dec 30
614M aY 25 1212 Jan 28
20 June 2412 May
15 Sept 1 22 Jan 4
Apr
4
2553
Dee
14034June 2 195 Feb 1 1
11 12 Dec 4234 Mar
11 June 17 1918 Feb 18
1478 Jan 15 23 Mar 6
- ----- ---24s Jan 7 2812 Aug 24
161
1579
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday I
Aug. 29.
Monday . Tuesday
Aug. 31.
Sept. 1.
Wednesday
Sept. 2.
Thursday
Sept. 3.
Friday
Sept. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share 5 per share $ per share $ per share $ per share Shares Indus. & StIscell.(Con.) Par
No par
1212 11,600 Dome Mines Ltd
1134 1134 1158 1212 12
Is 1178 1214 1134 1214 *1158 12
No par
22
22
2212 22
600 Dominion Stores
*2212 2314 *2234 2314 *2234 2314 •2212 23
*1712 17% 1714 1714 1714 1712 1,000 Douglaa Aircraft Co Inc No par
18
18% 18
_ *18
1812 18
No par
6,300 Drug Inc
7478 748 7334 7412 7414 742 7312 7412 727 7334 7212 73
53* *5
*5
6
*5
5
5
100 Dunhill InternatIonal_No par
*5
*
558
Duplan Silk
No par
1112 *10
1112 *10
1112 *10
1112 *10
*10
1112 *10
1112
*107 ... __ *107
100 Duquesne Light 1st pref--100
-- *107 10712 1073 10712 *107 10712 *107 10712
No par
514 --512
5
-$12
514 51
*512 51
/
4 *512 534 1,000 Eastern Roiling Mill
/
4 *512 51
No par
142/
1
4 14414 14114 14412 14012 14212 13812 14312 13618 13014 134 13618 23,100 Eastman Kodak Co
100
13212 13212 *13212
6 cum pref
_ *13212
__ *13212
*13112_
10
- *13212
1334 1-334 1334 1334 1312 1358 133* 1312 1214 -1214 1218 1214 7,000 Eaton Axle & Spring___No par
20
8612 8714 85
8812 85
818 8234 49,400 E 1 du Pont de Nem
8534 813* 84
8534 84
*12412 12434 12412 12412 12412 12412 121 124 *12412 124% *12412 12458
100
300 6% non-vot deb
EltIngon Sehild
No par
*74 778 *714 77
*714 77
•74 778 *714 7% *714 77
Preferred 814%
64
*55
*55
64
100
200
554 551
*55
*55
64
*55
64
64
40
40/
1
4 3934 4014 3518 3934 38/
No par
1
4 3938 3714 3812 3614 3712 21,900 Electric Autollte
*103 105 ''
1 103 105 *103 105
Preferred
100
105 105 *__ _ _ 105
103 103
30
*234 318
23* 2/
1
4
No par
212 234
23* 23*
2,100 Electric Boat
*258 3
258 3
7
7
6% 678
612 6/
612 6/
1
4
64 634
1
4
612 612 9,800 Elea dr Mm Ind Am shares_-40'8 403* 3918 401
39
4018 39
4038 3754 3834 361 38 43,400 Electric Power & Lt_ No par
*9912 10178 *997 10178 *100 10178 *10014 10112 10034 101 *10014 101
Preferred
No par
200
86
86
No par
8634 86/
1
4 8612 8612 8634 87
Preferred (6)
1
4 8314 8618 1,400
863* 86/
*5412 5512 *5312 5512 5412 5412 53% 534 51
1,000 Elec Storage Battery_ _No par
5214 51
51
*38
*38
1
*38
12
*38
12
(rs8
12
12
*38
12
Elk Horn Coal Corp
No par
*34 1
*24 1
Emerson-Brant el A _ _ _No par
*34 1
*34 1
* 34 1
*34 1
4438 4018 4212 *42
4518 4514 4518 44
*4312 4412 44
4412 1,700 Endicott-Johnson Corp---50
•113 11734 *113 11734 *114 11734 114 114 *113 11514 *113 11514
100
Preferred
100
*32
34
34
34
3334 3334 *31
*31
34
34
300 Engineers Public Serv_No par
33
33
*75
Preferred $5
No par
*75
77
7612 *75
7612 *75
77% *75
76 •75
76
No par
*7812 7912 *7812 7912 7812 7812 *7812 7912 *7812 7912 *785* 7912
Preferred (514)
100
277 27% 2734 2778 27/
1
4 28
274 2712 273* 275s 27
2718 1,800 Equitable Office Bldg...No par
51
*434 512 *434 512
514 534
3,400 Eureka Vacuum Clean_No par
*434 5
513 634
5
5
*334 4
*314 4
33* 33*
34 33*
400 Evans Auto Loading
334 334 *314 4
*155* 18
*1512 18
•15
16
1512 153*
*15% 16
•1558 18
60 Exchange Buffet Corp_No par
•% 114
*12 114
*12 114
*12 114
25
1
1
*12 1
100 Fairbanks Co
*814 87
*814 8% *814 8%
Preferred
100
30
6/
1
4 614
838 838
614 614
.1014 102 1014 1078 *1034 1114 1034 1034 11
1012 1012 1,100 Fairbanks Morse
11
No par
____ 66
8218 65
100
6312 6312 *60
60
6214 *80
Preferred
65
85
250
*3% 37
500 Fashion Park Assoc--No par
*314 3% *314 37
5314 37
334 334 *314 334
*34
3734 *31
15
34
3734 *34
3714 34
3714 *34
*33
100 Federal Light & Tree
3512
*85
89
*85
89
*85
89
*85
*85
89
Preferred
No par
*85
89
89
5
6
*5
5% *5
200 Federal Motor Truck No par
5% *5
54
54 *5
54 *5
513
*5
512 *5
512 *5
512 *5
5
5
512 *5
200 Federal Screw Works No par
14
143s 137s 1414 1334 14
1214 13a 114 123
1314 12,800 Federal Water Serv A No par
12
*257 2634 2578 2578 *2518 26
*2578 27
100 Federated Dept Stores_No par
2612
*24
2612 *24
4334 4112 4134 403* 411
1
4 4412 42
*4334 4412 4334 4334 *43/
1,500 Fldel Phen Fire In N Y__-.10
87
*71
*7%
838 *7% 88 *74 87
No par
*74 8% *718 87
Fifth Ave Bus
*2418 27
"244 27
*24
Filene's Sons
No par
*24
27 "24
27
27
"24
27
*9934- *9912
100
Preferred
*9934
_
_ *9934
-- *9934
___ _
_
-- *9934
*1712 1734 1712 1-7% 1712 1712 *1712 173
400 Firestone Tire de Rubber___10
1712 -1-7% *1712 173-4
8318 634 *6314 8412 6318 6314 *8314 64'z 6212 6314 0258 623* 1,309
100
Preferred
5958 58
.58% 5912 59
597
59/
1
4 5934 59
5812 5712 5814 4,700 First National Stores-No par
No par
38
38
38
38
58
38
38
38 2,900 Fisk Rubber
38
38
"
8
13
*1
178
1
1
*118
114 *118
*1
17
100
114 11
1st preferred
90
114
•118
134
118 15
*118
100
134 *1
1st pref convertible
120
11
114
"14 134
114
2212 24
*193* 2412 •1958 24
*193* 23
*1958 23
*10% 23
200 Florshelm Shoe class A_No par
•10014 101 *100 101 *100 101
100
100 100 *100 101 *100 101
Preferred 6%
20
*1012 148 *1012 1478 *1012 147s 59% 1478 *912 147
*912 1478
No par
Follansbee Bros
2434 247
2318 2434 2338 24
No par
2318 233* 225* 2314 2134 223* 8,200 Foster-Wheeler
*714 8
*7
10
*7
10
714 714
No par
7
7
*6
9%
200 Foundation Co
271s 2718 2612 27
*271 28
273* 2738 *2714 28
1
26
26
1,200 Fourth Nat Invest w w
7
1412 1518 1414 147s 1334 147
143* 14
1314 137
1312 1334 27,300 Fox Film class A
No par
2814 2538 26
2878 2878 26
2814 27
2678 27
25
2512 4,000 Freeport Texas Co_ _ _ _No par
•3
4
*3
334 *314 4
5314 334
34 34 *234 314
200 Gabriel Co(The) cl A_No par
371 37% *3634 387
39
40
40
40
40
•40
41
39
No par
80 Gamewell Co
0 *12 "a *13 % *12 "a
512
54
5
*12
'a
400 Gardner Motor
13
12
47
47
7
47
7
*43
434
43
4
4
*4
*4
5
458 434
600 Gen Amer Investors_ _No par
*70
*70
85
*70
85
*70
85
85
85
•70
*70
Preferred
85
100
5834 56/
1
4 56
5534 57
563
58/
1
4 57
553 56
55% 56
2,300 Gen Amer Tank Car___No par
2114 2214 22034 21
1934 2118 19
2158 22
20
19
1914 8,400 General Asphalt
No par
0 2058 2058 2012 203* 2014 2034 2014 2014 20 201s 20
2014 3,500 General Baking
5
0 *108 109 *108 109 109 109 *109 109/
1
4 *106 10934 *106 10934
No par
$8 Preferred
10
734 734
*712 8
•74 8
*714 8
714 712
7
7
General
Bronze
No
par
800
in •13
*6
7
714 *6
714 *6
714 "6
7
612 6%
No par
200 General Cable
1
4 *1312 15
1312 135* *1314 1378 .1314 137
It. *1312 1458 *1312 14/
Class A
No par
200
*3314 34
3314 3312 32% 334
333* 335* *3312 34
0 *3314 34
100
7% cum pref
170
3714 *3512 3714 35
*NI *3412 3714 "3434 3714 *35
35
35
35
No par
200 General Cigar Inc
41% 4178 4012 4112 4038 41
3912 4014 3914 3978 54,200 General Electric
40/
1
4 41
No par
Id
111 1112 6,400
/
4 111
1112 1158 1112 112 1112 1158 118 1138 *111
Special
10
5014 50/
50% 513* 4978 51
1
4 4912 5034 487 4934 4834 4912 20,100 General Foods
No par
45
412 412
412 44
43* 2412 434
438 41
43* 412
No par
/
4 2,800 Gang Gas & Elec A
51
51
51
*5112 523* 5112 5112 .51
*4978 5112
52% 51
Cony pref ser A
No par
400
Id *2714 2814 *2738 2812 "2738 2814 *2678 2818 *2678 2818 02678 3318
Gen ital Edison Elee Corp____
40%40144058 41
1
4 4014 405
3912 40
41% 4134 4014 40/
No par
3,000 General Mills
100 100 *100 10038 *100 10014 100 10014 100 10014 *100 10014
100
Preferred
600
3818 3634 38
38/
1
4 357 36% 3558 36% 3414 3534 3418 3434 181,600 General Motors Corp
10
10314 10314 103 10318 103 103
10338 1033* 103 1031 "103 10314 1,200
No par
$5 preferred
918 918 10 10
*878 11
*878 10
*812 10
10
10
No par
600 Gen Outdoor Adv A
*5
518 *5
5
518
5
*5
55
Common
No par
5
5
434 54 1,100
01932 1912 1912 1012 1912 1912 *1988 1912 1912 1911 *1938 1912
120 General Printing Ink_No par
*654 8912 4518 69
7112
*6518 6712 *6518 672 654 6518 *63
•
$6 preferred
60
81214 1238 *1112 1258 •1214 1258 12
11
1134 103* 1012 1.700 Gen Public Service„--No par
12
IA 1'44612 49
47
4812 4934 4612 4712 45
47
49
47
46
No par
1,600 Gen Ry Signal
Id
10712
1093
8
10712 *10712 10935 10712 1093* *10712 10938 *10712 1091
*10712
100
10 6% Preferred
23
234
21
234
23s 234
234 234
4 24
2I.j2
4,300 Gen Realty & Utilitles_No par
28
2612 2712 2612 2812 28
29 .27
28
*2634 2913
ul •27
36 preferred
No par
600
*34
35
34
•34
35
*34
35
34
34
34
34
34
300 General RefractorleNo par
cc
2% 25a
212 23*
212 258
212 2%
2%
238 212 14,900 GenTheatresEquip v t eNo par
1858 1878 18
0 194 1914 19
19% 1878 19
18% 1714 1814 13100
,
Gillette Safety Razor_ _No par
u. *63
63
6318 63
70
6318 634 631a *6212 64
t6258 64
Cony preferred
100
500
5
6
*5
512
5
5
*5
512
5
5
No par
300 Gimbel Bros
512
*5
47
47
4634 4634 *4318 4812 *4318 4612 4434 4434
4712
*47
Preferred
100
300
034 1018
•1018 1012 *1018 1012 •1018 1035
94 912
912 912
No par
700 Glidden Co
80
5r0
80
80
80
80
80
80
82
*78
•80
82
Prior preferred
100
90
6
6% 6/
1
4
6/
1
4 87s
818
678 678
*6/
1
4 7
534 57
No par
2,500 Gobel (Adolf)
28
2878 2785 2834 2758 2712 2712 2734 2814 2714 251 267 15,800 Gold Dust Corp v t o___No par
*11012
11214
*11012
11214
'11012
*110%
11214
11214
11214 *11912 11214
•11012
$6 cony Preferred----No par
1214 1158 1178 1114 1178 4,400 Goodrich
1218 124 124 125* 125* 1258 12
Co (11 F)
Vo Par
*45
50
*45
50
50
45
45
50 •45
42
*45
43
Preferred
100
400
41
41
40/
1
4 4112 4012 414 3812 4011 3834 3914 5,600 Goodyear T & Rub___ _No par
*4014 42
*83
85
*83
85
85
*83
85 "83
8412 842 85
300
85
1st preferred
No par
*812 91
9
"812 95
9
814 812 *8
*812 10
10
No par
500 Gotham Silk Hose
*8814 80
*68/
1
4 80 •68% 80
*6814 80
*6814 80
*6814 SO
Preferred
100
41i4 2
*158 2
112 112 5158 2
*138 2
"158 2
No par
100 Gould Coupler A
212 212 *212 2/
1
4
24 234
234 234
21
/
4 234
*21* 24
700 Graham-Paige Motors_No par
1118 1114 11
1112 1138 *114
*1112 12
12
41.112 12
11
800 Granby Cons M Sm & Pr_ _100
153 16
15
15
15
*1412 1434
1513 1512 15
15
15
700 Grand Silver Eitorea---No par
184 1638 1618 1612 1618 1634 1538 16
*11314 163
1534 1534 2,800 Grand Union Co
No par
*4212 43 "42% 44
*4212 44
4212 43
44
*4212 44
*43
No par
Preferred
200
no 22 *20 22 *20 22 *20 22
.81928 2178 *19
22
Granite City Steel
No par
3918
41
42
3818 3912 38
40(2 4112
41
4112 42
No par
3812 12,500 Grant(W T)
1
4 1812 1812 18% 1834 1814 1814 1812 1812 1,100 Gt Nor Iron Ore Prop-No Pa'
*1812 18/
19
19
9
914
9
9
IN 918
914 914
834 9
"812 9
1,200 Great Western Sugar_ _No lot'
*91
*91
97
92
92
92
97
100
*91
92 "90
97
•90
Preferred
10
318 34
318 314
34 314
314 314
3
318
3
318 6,400 Grigsby-Grunow
No par
78
12
12
*12
78
*38
512
13
78
No par
*38
*12
800 Guantanamo Sugar
12
*1212 15
•1212 1518 *1212 1518 .121: 1518
Gulf States Steel
No par
*1212 154 "12% 15
ns 35 *25 35 ns 35 *25 35
35
ns
35
100
*25
2814 2814 *2814 29
25
2.5
•2712 2814 *2712 2814 *2712 2814 *20
100 Hackensack Water
*2712 28
28
28
28
28
*2712 28
27% 28
28
7% preferred class A
25
28
160
No par
*54 512
5
1,900 Hahn Dept Stores
518 *514 538
5
5
*475
5
478
5
*52
52
5214 52
5212 52
52
1
4 5212 5212 *52
Preferred
100
400
52/
1
4 52/
14
1312 1378 134 1314 *13
15
13
*1374 1414 *14
10
13
1,000 Hall Printing
•Bid and asked prices; no sales on this day. z Ex-dividend. 5.5 Ex-rights. b Ex-d1v1dends
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Lowest.
$ per share
878 Jan 2
1418 Jan 2
1714July 31
6112 Jam 2
5 June 1
11 June 3
102 Jan 5
5 Aug 25
118 June 3
128/
1
4 Jan 8
914June 3
71 June 3
11834 Jan 9
34 Jan 2
35% Jan 5
3418.1rtne 2
103 Sept 2
2 May 7
614Sept 3
3018June 1
9258June 8
80 June 8
494June 2
/
1
4 Aug 25
84 Apr 24
30 Feb 10
10212 Apr 15
28I2June 3
7518 Aug 21
75 July 14
27 June 25
47 Aug 20
314 Aug 29
153* Aug 22
1 Jan 3
412 Feb 25
1014 Aug 27
60 Sept 1
314 Aug 24
30 May 26
84 June 23
5 Apr 28
412June 6
1114June 10
1512 Jan 5
3614June 2
878 Jan 18
18 Jan 27
8514 Feb 10
13 Apr 27
5814 Apr 29
41 Jan 2
%June 16
1 May 18
118May 15
22 June 2
9012May 28
8 June 2
2014 Aug 7
41 Jan 5
2012.1une 2
1152May 21
22 June 2
3 May 7
3712 Au 24
12July 15
412 Jan 15
70 Aug 5
5278June 1
1514June 2
1718June 2
98 Jan 2
5 June 3
3141).1 ay 26
7 June 3
2712May 26
31 June 2
313 June 2
1118 Apr 29
43 June 1
4% Jan 2
4434 Aug 8
27 June 0
35 July 15
98 Jan 19
3118June 2
95 Jan 2
83* Aug 28
4 July 27
15 May 19
5912June 5
818June 2
40 Aug 10
1042* Jan 2
214Sept 4
2812Sept 1
29 June 2
178 Aug 12
1714 Sept 4
8234 Jan 21
4 June 2
3612June 3
734June 3
48 May 4
4 Jan 2
21 June 1
104 Jan 19
814June 2
35 Apr 27
3058June 2
71 Juno 2
4% Jan
50 Jan 26
DiSept
212 Aug 13
10 June 3
13 June 19
1058 Jan 16
36 Jan 15
1878June 3
2534 Jan 2
1712June b
718June I
gpt2May 26
21
/
4June 3
% Ian 6
1010une 2
37 June 24
263sJune 5
2612 Mar 13
412June 2
50 Jan 3
12 May r
Highest.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
$ per share $ per share 3 per share
x1312Mar 31
6/
1
4 Jan 1038 Sept
24 Apr 13
12 Nov 3058 Apr
214June 25
57% Dec 87% Mat
7834 Mar 20
5 Dec 4312 Apt
814 Mar 19
13
1434 Feb 9
Oct 19 Sept
1.07% Aug 20 100 Jan 106% Oct
614 Dec 2512 Jan
1314 Mar 2
18534 Feb 24 1424 Dec 2554 Apr
13412Mar 23 120% Feb 134 Nov
2178 Mar 19
113* Dee 374 Feb
8012 Dec 14514 Apr
107 Mar 19
124/
1
4 Aug 28 11418 Feb 123 Sept
218 Oct 1078 Feb
11 18 Feb 17
35 Nov 62 Feb
69 Feb 18
33 Oct 11478 mar
743* Mar 10
110 Jan 7 10312 Oct 11034 Jan
412.1trly 10
24 Dee
934 Mal
97a July 9 ---- ---- ---- -343* Dec 10312 Apr
6034 Feb 26
99 Dec 112 Apr
10818 Star 20
841
/
4 Dec 102 Sept
9814 Mar 17
4712 Nov 7914 Feb
66 Mar 19
18 Dec
114 Feb 26
512 Me!
234 Mar 25
58 lice
75* Jan
36% Dec 5058 Jae
453sSept 1
115 Aug 28 10712 Jan 116 Nov
3678 Nov 6712 Apr
40 Mar 12
87 Jan 27
803* Dec 107Is Mar
01 Mar 12
8918 Dec 104% Apr
3512 Dec 5034June
353* Jan 12
858 Oct 4358 Mar
1234 Mar 17
4
Oct 3034 Feb
8% Feb 24
2158 Dee 2712 Sept
25 Jan 7
3 Mar 20
97s Jan
134 July
31.1 Dee 3934 Jan
13 June 27
1912 Dec 5012 MaY
2938 Mar 8
Jan 11112May
10978 Feb 2 102
212 Dec 2714 Feb
812 Feb 24
4334 Dec 9014 Mar
497 Feb 26
92 Star 25
85 Dec 9834 Apr
512 Nov 1214 Feb
75a Feb 24
1512 Feb 24
10 Dee 2512 Sept
30 Jan 31
1712 Dec 43 Mar
1212 Dec 38 Apr
274 Aug 27
4214 De( 8934 Mar
5614 Feb 24
9 Feb 21
678 Dee 1012 Apr
16 Dee 4012 Jan
24 Aug 27
104 Slay 12
89 1)ec 101/1 5 Sept
153 Oct 331g Jan
20 June 26
0618June 29
535* Oct 877s Mar
/
4 Jan
3888 Dec 611
83 Aug 14
512 Apr
12 Dec
78 1 eb 24
3 Feb 7
114 Dee 21
Apr
312 Mar 3
114 Dec 2134 Apr
30 Dec 5278 Mar
3512 Jan 3
94 Dee 10012 (let
10212 Mar 18
1934 Feb 25
12 Dec 507 Mar
3712 Dec 10412 June
6412 Feb 24
1612Mar 9
312 De( 2834 Apr
11114 Dec MI
3212 Feb 24
Apr
3838 Feb 17
184 Jan 573 Am
2412 Dee 5512 Al',
4314 Mar 23
638 Feb 25
212 Nov
1134 A Or
50 Oct 80 Mar
60 Feb 26
1 Nov
238 Mar 23
734 Fet
77 Mar 19
34 Dec 1612 Yet
88 Mar 12
74 Dec 105 Apr
53% Dec 111% Apt
734 Feb 26
47 Mar 26
223* Dec 71 12 Apt
253* Apr 14
114 Mar 14
97 Dec 125 Jam
54 Dec 3812 }et
912 Feb 16
13 Feb 24
812 Dec 3412 Mal
1314 Dec 7434 Fet
25% Feb 24
36 Dec 10934 Apt
65 Jar 12
4812 Feb 10
30 Dec 01 Mai
4112 Dee 95/
5434 Fer 26
1
4 Apr
1114 Oct 12 Aug
1218 Jan 27
443 Dec 6114 Ma)
56 Apr 13
37 Dec 1838 Apt
812 Feb 21
38 Dec 16612 Apt
7834 Mar 20
2834 Dee 4438 bed
3534 Mar 6
4018 June 593* Apr
50 Mar 21
89 June 0834 Dec
10014Sept 2
3112 Nov 5414 Apt
48 Mar 21
917 Dec 10078 Sept
10338July 22
28 Jan 28
20% Dec 41 18 Apr
5 Sept 2134 Apt
1014 Feb 25
31 Mar 19
19 Dec 4214 Mal
65 Dee 901s May
78 Jan 0
23 Feb 26
123* Dec 5278 Apt
841 Mar 2
56 (let 1067 Mar
114 Star 7 10014 Jan 115 Sept
912 Mar 6
312 Dec 193* API
49 Dec 100 Apt
7418 Star 10
39 Dec 90 Mat
57% Feb 26
*8.,21
1512 Feb 18
512 Dec 10 Dec
3834May 11
18 Dec 1064 Jam
7678May 26
5814 Dec 70% Nov
44 Dec 2078 Apt
78 Feb 18
30 Dec 8212 Apt
52 July 7
1618 Feb 20
7 Dee 38 Mat
6312 Dec 10518 Mar
82 Aug 19
3 liec 19 Feb
978 Star 9
29 Dee 474 Apt
424 Mar 20
11712May 19 100 Jan 111% Aug
1514 00 5812 Mat
2078 Feb 21
62 Dee 10412 Mat
68 Feb 10
35la Oct 9078 Mat
5212 Feb 21
7814 Oct 10214 Apr
91 Feb 25
334 Dec 28% Mal
1334 Apr 11
72 Apr 28
1
4 AO
50 Nov 82/
1338 Feb 6
4 Dee 1538 Am
612May 5
3 Dec 13% Alm
2258 Feb 24
12 Nov 59% Apt
2512 Mar 24
18 Dec 52 Api
18% Mar 24
10 June 205* Fet•
31 Dec 44 A uS
46 May 13
2934 Feb25
18 Dee 503* Ape
42 Aug 29
2638 Dec 43
Jam
2312 Apr 9
17% Dec 25/
1
4 Mal
1178 Jan 8
7 Dec 3412 Jam
9612 Jan 8
85 Dec 120 Mai
834 Mar 10
212 Dec 28 June
14 Dec
112 Jan ti
4
Feb
3712 Feb 24
15 Dec 80 Feb
Sc) Slur 4
8314 Dec 109 Apt
26
inn 38 July
3012‘1.4r iv
30 Apr 0
26 Jan 30 Aug
914 Mar 211
tut Dee 2314 A((
6378 mar 3))
4512 11ec 8612 Apr
1938 Mar 21
16 Dec 311
/
4
1580
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Aug. 29.
Monday
Aug. 31.
Tuesday
Sept. 1.
Wednesday
Sept. 2.
Thursday
Sept. 3.
Friday
Sept. 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ Per share $ Per share 5 per share 5 per share Shares indica. & Mlaccii. (Con.) Par
Hamilton Watch pref
100
96'2
9612 5- _ 9612 59612*
•_
9612 *9612 40 Hanna prof new
No par
»i5i8 87
85
..gA 87
;i;i4 87
g.
5i4 8534 gaT8 8518 iL
300 Harbison-Walk Refrae_No par
2512
*25
26
26
26
•2578 28
2534 *25
26
26
*25
213
1,200 Hartman Corp class B_No Par
2
2
214
*212 234 *212 234 *212 234 *212 234
Class A
No par
5
200
4
*3
4
5
*4
*4
5
*4
5
*4
5
Hawaiian Pineapple Co Ltd_20
3078 *2412 3078 *2412 308
*2458 3078 *2518 307 *26
308 *26
*258 3
200 Hayes Body Corp
No par
*258 3
*258 3
3
*27
3
212 27
*25
Heinle(0 W)
25
*8258 95
*8255 95
95
*85
95
*8258 95
*85
90
*85
No par
500 Hercules Motors
1012 1018 1018 *1018 1012 104 1018 *1018 1012
1012 •10
•10
Hercules Powder
45
*42
45
No par
*42
45
*42
45
4.42
45
*42
45
*42
110 Hercules Powder $7 cum pf 100
116 116 *116 117 *116 11614 *116 117
116 116
•116 117
9672 9838 963s 9612 9612. 9658 1,000 Hershey Chocolate__ No par
*97 100
*9712 100
*98
997
10412
200
Preferred
Vs par
10412
*10312
*10312
10312
10312
103
103
*102
103
*101 103
1000(R)& Co
*414 5
No par
*414 5
"414 5
*414 412 *414 413 *414 5
2612 *25
*25
26
900 Holland Furnace
No par
27
28
26
*27
2678 2678 2678 27
1318 1312 127s 1358 1,000 Hollander & Sons(A) No par
14
*1358 15
14
134 1334 1334 14
100
9912 100
9914 9914 993 10012 10034 10034 2,200 Homa.3take Mining
99
99
*98
99
57
57
1
6,800 Houdaille-Hershey el B No par
6s
64
628
58 614
658
628
6
4
65
2
8
65
04
64
6412 1,700 Household Finance part pf-50
*6212 644 63
60% 60% .60
63
6134 63
4434 4312 4334 4212 4212 384 4214 3858 39,8 6,200 Houston Oil of Tex tern ctf8100
44
441
44
93
Vot tr Otis new
25
834 84
814 87
814 832 2,600
9
9
9
9
*9
No par
18
18
500 Howe Sound
*1812
21
*1812 1912 *1814 1912 1812 19
1918 1918
4,800 Hudson Motor Car
No par
13% 1312 1312 1312 1312 137
1314 1312 128 1318 125s 127
10
7
7
64 7
658 7
6% 673
634 634 4,600 Hupp Motor Car Corp
65
634
100 Indiana Motocycle_ _ _ _No par
*2
214 *2
218 *2
24
218 218 *218 214 *2% 214
2,800 IndlanRefining
10
3
*23
3
318
3
318
3
34 314
318 318
3
2,000 Industrial Rayon
No par
35
3212 3312 *324 33
32
3312 3118 31% 3158 32
*34
83
83
700 Ingersoll Rand
No par
89
*874 90
88
Ws 85
89
8712 8712 *85
*39
40
800 Inland Steel
39
39
No par
42
3934 4014 *4014 42
*40
42
*39
528 558 1,400 inspiration Cons Copper_20
6
6%
618 612
6
6
57
*55
5%
6
*618 612
Insuranshares Ctrs Inc.No par
*612 7
*6,8 7
*613 7
*534 58 *64 7
400 Insuranshares Corp of Del__ _1
1014
4.1018 11
*1038 1012 1014 1014 1014 1014 104 1014 *10
128 131
300 intercont'l Rubber___ _No par
*lh 212 *134 238 *14 212 .134 212 *134 212
v834 8
4.834 878
534 534 *312 634
512 512 1,600 Interlake Iron
No par
612 51 2
*134 212 *158 2
100 Internal Agrlcul
15, 158 *1% 2
No par
4.15
2
•158 2
17
*17
18
Prior preferred
1912 17
100
100
*17
1912 *17
•17
20
4.17
20
14114 14114 13534 141
13614 13734 2,600 int Business Machines_No par
14734 14734 144 14434 *14212 146
6% 678 *628 678 1,100 Internal Carriers Ltd_No par
4.68 7
*658 67
6% 7
74 74
4.32
34
*32
34
3112 3112 31
31
3034 30% 3058 30%
600 International Cement_No par
112 158
112 15
158 15
1,200 Inter Comb Hug Corp.No par
158
158 158
158 18
18
1418 1518 13
1418 1,300
Preferred
•15
16
1434 1434 *1458 16
*1518 16
100
3738 38
37
38
3714 38
36% 3712 3612 383
3614 37
4,500 Internal Harvester____No par
200
Preferred
137 137
13634 13634 *132 13612 *13214 135 *13214 135
100
•13612 137
2112 22
5,700 Int liydro-EI Sys cl A_ _No par
2312 238 2334 24
238 2378 2258 2334 2158 23
4618 4712 45
48
45
45
4478 447
4312 45
2,900 international Match pret_25
464 48
900 int Mercantile Marine ctfs_100
*618 8
*64 8
*678 72
6
614 *65
6% •618 8
1338 1334 51234 134 1258 13
1258 1272 1238 1234 1218 1238 36,800 Int Nickel of Canada_No par
__ 11912 11912 *119 120
Preferred
_ *119
__ 120 120 4.1194
300
100
*2034 23
Internet Paper pref(7%)--100
2212 *2034 23
•11834*2112 214 •21 -2212 *22 -224 *20
Inter Pap & Pow el A_ _No par
413 *414 413 *414 412 5418 412 *418 4,2
*4
412 *4
212 212
Class B
234 234
600
*234 3
*234 27
*234 3
*278 3
No par
Class C
2
2
2
2
600
*218 2,4 *218 23
*214 28
2
24
No par
*21
22
400
Preferred
214 2118 2114 2112 *2134 2214 *22
2214 2114 22
100
1158 1158 *1112 13
*1112 13
100 Int Printing Ink Corp_ _No par
*1112 13
*1112 13
*1112 13
100
65
*58
65
Preferred
65
*58
65 •58
*58
65
*58
65
*58
500 International Salt
100
34
*3332 3334 *3312 3414
*3212 3312 *34
3434 *34
348 34
900 International Shoe____No par
4.4738 48
48
48
*4714 484 4712 4814 4758 4712 4712 4734
*2118 28
*2118 28
International Silver
*214 30
*2118 25
*2118 28
*214 28
100
65
*62
7% preferred
65
65
•61
65
65 "62
100
*61
65 .61
*61
2734 2812 2618 2734 2518 2658 165,400 Inter Teton &Teleg__No par
2872 2914 284 2914 284
•17
1812 *17
1812 1814 1838 184 1814 17
17
*1612 1712
600 Interstate Dept Storee_No par
67
6712 *6538 68 .6558 68
*655 68
60
Preferred ex-warrants -100
6612 6612 *6528 67
*11
*11
13
*11
13 .1114 13
13
intertype Corp
•1114 13
13
•12
No par
*458 5
*43
5
44 412
600 Investors Equity
543
5
*438 5
*438 5
No par
*24h 26
244 2434 *2434 26
200 Island Creek Coal
1
2514 2514 *24h 26
*2434 26
4114 4114 41
4133 1,200 Jewel Tea Inc
423 4238 *4112 4212 42
42
*4134 45
No par
5134 5238 5034 5214 5058 5112 4938 5134 4734 4912 477 4834 24,200 Johns-Manville
No par
4.120 12112 *120 12112 *120 12112 *120 12012 *120 12012 *120 12012
Preferred
100
1187 118% *11712 119
10 Jones & Laugh Steel pref 100
*11513 119 *11712 119 *11712 119 *11712 119
*115
_ _ •11514 11512 11514 11514
10 K C P& Lt let pf ser B.No par
*11514 __
•1154 •11514 _
_
-____
1-78 *___158
18
128 14
300 Karstadt (Rudolph)
•112 178 *112 --178 *____
1412 *1312 14
*134 1334
1478 1478 1434 1434 *14
1434 14
500 Kaufmann Dept Stores_312.50
1318 1312 1318 1314 1,900 Kayser (J) Co v t e_ __No par
1334 14
1312 137s 13% 137 *1312 14
2
2
2
134
17
4,100 Kelly-Springfleld Tfre_No par
2
2
2
18 2
18 2
1612
15
*13
16
1612 •15
1534 *13
90
8% preferred
*13
16
*13
16
100
*25
39
*29
6% preferred
*25
39
39
29% *25
39
*24
100
398 *25
1
81
832 812
812 812 *8 2 834
812 834
8'8 812 1,900 Kelsey Hayes Wheel___No par
4 814
912 934
912 934 11,900 Kelvinator Corp
1032 1034 104 1034 1014 1012
No par
97 10,8
*51
55
51
*51
55
20 Kendall Co prof
53
53
*5014 55
51
*53
55
No par
No par
1718 1738 1634 1718 1612 1634 1638 1658 13,700 Kennecott Copper
1734 18
1712 177
33
33
*3018 36
400 Kimberley-Clark
36
No par
4012 •33
*36
4012 36
3618 *33
1158 *11
1158 11
11
200 Kinney Co
•1118 12
*1118 12
4.11
1158 •11
No par
33
•26
33
70
Proterred
281 2812 •28
29
28
28
264 2712 *26
100
2728 2634 268 7,600 Kresge(88) Co
277 2818 2712 278 2758 28
2758 278 27
10
423 428 *42
43
300 Kress Co
43
43
4.42
45
*4238 43
*4238 43
No par
1418 1412 1418 1458 79,700 Kreuger & Toll
1514 1534 1452 15
1428 15
1512 16
3014 2912 3038 28,600 Kroger Groc & Bak___No par
3158 3014 3138 29
3134 3134 3118 31% 31
6914 713 11,000 Lambert Co
7012 694 70% 684 707
No par
69
69
69
6934 69
*1014 11
100 Lane Bryant,
*1014 11
No par
*10
11
*10
1034 1034 1034 *1014 11
434 378 4.314 312
312 314 *3
314
3
3
*3
318 1,000 Lee Rubber & Tire_
No par
400 Lehigh Portland Cement_50
10
10
10
1012 10
*10
11
*10
1012 *10
11
*10
*91
95
Preferred 7%
*91
95
*91
95
100
*9012 95
*9012 95
•9012 95
47
5
5
600 Lehigh Valley Coal_ _ _ _No par
5
5
472 47
*478 5
5
"48 5
25
100
Preferred
*2412 2718 *2412 264 25
50
*25
2958 *25
2952 *25
28
5012 3,800 Lehman Corp (The)___No par
533
503 52
50
5312 537
53
•5314 544 *5312 541
2512 257 52538 27
300 Lelin & Fink
•2638 27
27
*2578 27
No par
2678 2678 *26
No par
1212 12
1218 3,700 Libby Owens Gloss_
1334 13
13
1214 1234 1214 1232 12
•13
643 6438 1,000 Liggett & Myers Tobacco_25
6512 6512 637 65
•66
68
6534 654 *6512 67
Series 13
6478 6534 6.100
25
6758 674 6738 68
68
68
6634 67
8S's 66
Preferred
100
4.14312 14514 *144 1454 *144 1451.1 144 14514 *144 14511 •144 1451..
*2312 24
23
2313
300 Lily Tulip Cup Corp_ _ No par
*2312 24
*2312 24
*234 24
"2312 24
300 Lima Locomot Works-No par
*2158 2312 *2158 2312 *22
2112 2112
2312 *2212 234 22
22
26
26
26
1,500 Link Belt Co
26
26
27
26
26
26
26
26
*26
No par
2,300 Liquid Carbonic
2412 2412 24
No par
24
2312 2334 2214 2314 20% 2212 *2212 23
5014 5034 4934 51
50
5118 494 504 4858 495
4734 48% 55,400 Loew's Incorporated
No par
93
*9112 93
500
Preferred
4'9314 96
94
94 .4.9314 95
93
9312 93
No par
47
47
47
47
5
5
*472 5
48 434
No par
412 412 5.400 Loft Incorporated
Long Bell Lumber A...No par
•14 2% 4'158 278
4.15
27
•15, 278 *158 27
*138 278
4818 4812 1,400 Loose-Wiles Biscuit
493 4934 4914 4912 *4812 4912 49
4934 "484 49
25
164 164 1634 24,500 Lorillard
1658 1712 16% 174 1634 17
25
163* 1634 16
98
•91
*99 101
*99 101
98
98
1,000
7% preferred
*99 101
984 99
100
3
1
1
334
3
3
300 Louisiana 011
334 *3
3
•3
334 *3
No par
3 4 3 4 *3
•____ 3832 •____ 38% *--- 38$8 •___ _ 3838 4._ _ __ 3858 *-- 382
Preferred
100
.52 29
3214 •3034 31
2.300 Louisville0 & El A __,.,,No par
324 321 1 531
30
3012 294 29% i8
12
*113 12
1114 *1058 1078
*1138 1218 12
500 Ludlum Steel
11s 1138 11
No par
*22
35
*22
33
*23
35
*22
35
4.22
35
*22
35
Preferred
No par
*16% 20
*1678 20
•1612 20
•167 20
*1678 20
51672 20
MacAndrews & Forbes_No par
9219
93
*92
93
*92
93
*92
9212 4'92
9212 *92
*92
6% preferred
100
294 2934 2912 2912 29
2958 27
*2834 30
2832 2614 26,4 1.500 Mack Trucks Inc
No par
8118 824 80,4 8112 8114 814 8112 8112 7834 70
7514 7838 4,200 Macy Co
No par
*538 7
*538 6
*538 6
*538 6
*54 6
558 53
200 Madison Su Garden_ _ _No par
1312 1312 *1312 1334 *134 1334 *1312 1334 1234 1312 1234 1234
900 Magma Copper
No par
4.134 2
134 134
2
4.18
100 Manson (II It) & Co....No pat
*134 2
*134 2
*134 2
13
118
118 *1
*118
112 *1
112
•118
13
1
500 Manati Sugar
1
100
3
3
5
5
"3
*334 518 *334 5
*3
*334 5
*334 5
Preferred
100
73
73.
*4
734 *4
•4
734 *4
734 *4
Mandel Bros
734 *4
No par
4.014 10
*914 10
*914 10
5912 912
912 912
200 Manhattan Shirt
912 9'2
25
214
Maracaibo Oil Explor_ _No par
•134 22 *134 214 *134 214 *134 214 *134 24 *13
21958 1958 1914 1958 1914 1914 1914 1914
700 Marine Midland Corp
•19% 1934 *1912 20
10
100
18
*1712
18
51712
18
1712
1712 *1738 18
Marlin-Rockwell
*1712 177 *1712
No par
3
3
234 234
24 23
800 Marmon Motor Car_ No par
*234 3
*234 3
4.24 3
Na par
2312 2312 23
2534 23
2314 2212 2234 21% 2212 2158 2214 3,000 Marshall Field .18 Ca
5112 212 *112 2
*112 2
*112 2
5112 2
Martin-Parry Corp.......No par
*14 2
2878
• Bid and asked prices; no sales on this day. z Ex dividend. y Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
$ per share $ per share
94 June 18 103 Jan 6
85 Aug 6 94 Feb 19
2412.1une 11 4414 Feb 16
75 Feb 24
2 Sept 4
4 June 18 1058 Feb 9
2534June 11 4212 Jan 8
212June 3
8 Mar 6
8012July 15 100 Feb 18
978June 1
18 Mar 24
40 May 7 x58 Mar 13
111 June 11 11912Mar 10
9318June 1 10334Mar 27
93 Jan 2 104 Mar 27
334June 22
812 Mar 3
26 Jan 3 37 Feb 27
538 Jan 2 194 Apr 8
81 Jan 6 104 Mar 31
414 Jan 2
934 Mar 10
68 July 27 65 Mar 17
27 June 2 6812 Feb 24
6 June 2 144 Feb 24
13 June 3 2912 Feb 24
11 June 1 26 Jan 3
534June 1
1318 Feb 24
178July 17
434 Feb 27
2 May 15
458 Feb 11
21.12Jane 3 86 Feb 24
74 May 28 182 Jan 3
39 Sept 3 71 Feb 27
418June 2 113 Feb 24
93 Feb 24
534June 8
9,8 Aug 7 128 July 21
I5 Sept 4
112 Feb 21
5 June 3 15 Jan 28
158May 21
514 Fen 24
1612June 3 5114 Feb 24
117 June 2 17934 Feb 24
858 Aug 17 1258 Feb 24
2734May 21 8212 Feb 10
114Jone 1
4 Feb 2
13 May 28 393 Feb 16
3614Sept 4 60127tar 2
131 Jan 2 1434 Mar 21
1634June 3 31 Feb 28
43 Aug 27 7314 Mar 20
8 Aug 28 1612 Jan 5
912June 2 204 Feb 24
112 June 2 123 Mar 31
18 June 3 42 Mar 26
338 Aug 14 1014 Feb 26
0 Jan 26
212 Apr 30
44 Feb 26
134June 2
1812June 3 4312 Mar 27
7 June 2 1014 Feb 28
54 Fen 11 6912May 6
2914June 2 42 Feb 9
4614June 19 54 June 29
21 Aug 3 51 Mar 10
5514 Aug 5 904 Mar 28
1834 Jan 2 3834 Feb 24
,Feb 20
1112June 2 213
58 Jan 20 6712 Mar 24
10 May 25 184 Feb 24
914 Feb 24
358June 2
20 June 2 31 Jan 14
3618June 2 5712 Feb 11
4058May 27 8034 Mar 19
105 June 19 126 Apr 10
11614June 19 12312 Mar 21
11314 Mar 17 1154 Apr 9
7 Jan 5
1%Sept 4
12 June 8 18 Feb 16
1012June 2 2438 Mar 19
312 Mar 20
138 Jan 2
94 Jan 5 26 Mar 21
28 June 5 45 Mar 24
8 June 3 2934 Feb 25
818June 2 1512 Ater 19
20 Jan 6 60 Apr 6
1438June 3 3112 Feb 24
3034 Apr 29 41 Jan 9
11 May 5 204 Jan 9
233*May 2 70 Jan 21
25 Jan 29 2958 Aug 20
42 June 3 55 Feb 24
1332 Aug 27 2734 M ar 25
18 Jan 2 x3512May 8
56 June 3 87% Mar 19
10 Apr 27 1718 Jan 6
434 Mar 26
214 Apr 28
914June 3 18h Feb 25
8818June 20 10112 Feb 3
838 Jan 14
412kiay 14
18 Mar 31 30 July 6
4538June 2 6938 Feb 24
2258June 2 343 Feb 27
1114 Jan 28 207 Apr 18
60 June 1 91 Feb 7
6012June 1 9134 Feb 24
1374 Jan 7 146 May 13
23 July 29 2612June 30
1914J515e 3 3434 I. eb 28
33 Feb 11
22 June]
5518 Feb 24
2018June
3618June 2 6312 Feb 16
83 May 15 99 Mar 19
612 Apr 24
24 Jan 2
4 Jan 8
34July 10
403sJune 1 5478Mar25
1138 Jan 2 2178 July 20
9018 Jan 31 10212 Aug 10
412 Feb 10
2 May 22
30 Aug 18 55 Jan 15
25 June 1 3538 Feb 26
818June 2 19 Mar 19
29 Aug 24 5214 Feb 17
157o Aug 7 25 Feb 24
85 June 1 10012 Apr 7
2112June 2 437 Feb 24
6614June 2 1064 Feb27
712 Mar 24
5 Jan 3
1014June 3 2738 Feb 24
434 Mar 2
118 Apr 25
5 Mar 25
12 Jan 2
314 Jan 2 1272 Jan 8
8 June 16
314June 2
714 Jan 2 12 Feb 25
334 Feb 14
1 May 22
1814May 27 2414 Feb 24
1712 Aug 28 325g Feb 24
2 May IS 10 Feb 25
2158 sept 4 3258 Feb 4
34 Jan 30
134July 23
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
$ per share $ per share
99 Jan 10518 Oct
Jan 98 Apr
85
38 Dec 7214 Apr
214 Dec 20 Feb
74 Dec 2314 May
3612 Dec 61 Feb
278 Nov 1784 Apr
7718 Dec 925o Feb
tpr
1312 Dec 31
50 Dec 85 Jan
11812 Nov 12334 Juno
70 Jan 109 May
8312 Jan 10834 June
4 Dec 2514 Feb
264 Jan 4114 Mar
5 June 1258 Jan
72 July 83 Sept
4 Dec 29 Feb
49 Mar 687a Oct
2914 Dec 11678 Apr
658 Dec 1134 Oct
20 Nov 4178 Feb
18 Nov 6278 Jan
712 Dec 3658 Apr
2 Nov 17 Mar
3 Dec 2858 Mar
Jan
Oct 124
31
1474 Nov 239 Apr
58 Nov 98 Mar
638 Dec 30% Feb
5 Dec 1312 July
1-12 -Dec
1114 Dec
33 Dec
4214 Oct
131
Oct
88 Dec
4912 Dec
114 Dec
13 Dec
4514 Dec
133 Dec
1818 Dec
5214 Dec
15 Nov
1234 Dec
114 Dec
26 Dec
54 Dec
38 Dec
2 Dec
21 Dec
10 Dec
55 Dec
31
Oct
474 Dec
26 Dec
7512 Dec
1712 Dec
1428 Dec
5852 Dec
12 Dec
414 Dec
25
Oct
37 Dec
483 Dec
117 Dec
118 Dec
108 Jan
144 Dec
14 Dec
244 Dec
1
Dec
29 Dec
17 Dec
94 Oct
738 Nov
25 Dec
204 Dec
38 Dec
174 Dec
51 Dec
2618 Oct
39 Nov
2058 Dec
1718 Dec
704 Nov
17 Dec
34 Nov
11
Dec
9858 Dec
414 Dec
1478 Dec
5134 Der
21
Oct
104 Nov
7612 Dee
7811 Dee
12718 Dec
-1-8-12
28
39
4134
855
212
3
404
51114
784
34
60
25
914
3434
20
93
3358
818
44
1911
134
12
014
5
618
134
1734
214
44
24
214
-7-4 -Apr
28% Apt
812 Apr
6714 Apr
19718 May
1934 Mar
753 Apr
1412 Mar
78 Apr
11534 Apr
14612Se04
54 Apr
92 Apr
33 Apr
4433 Apr
123 Apr
86 Apr
311
@FedFRASER