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The
VOL. 131.
financial
SATURDAY,SEPTEMBER 6 1930.
rinattaa*
OLixrotxicle
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P. 0. Box 958, City Hall Station.
The Financial Situation.
Labor Day has passed and those who had counted
upon a smart revival of trade activity with the passing of that event find nothing as yet indicative of any
marked improvement in the business situation. Perhaps not enough time has yet elapsed to allow the
change to develop. Maybe results along the line
expected will materialize as the month advances.
The Labor Day holiday, anyway, came exceptionally
early—the very first day of the month—and many
of the leaders in the business world will not end
their vacations for another week. Really, things are
so quiet and business activity all around, owing to
continued shrinkage, is getting so close to the vanishing point that there is little to encourage anyone to hurry back home, since nothing is likely
to be lost by waiting. A decidedly more hopeful
spirit, nevertheless, is in evidence, and that is certain to be translated into action sooner or later,
and then will bear fruit.
In the meantime, dullness, close to the stagnation
point, continues the dominant feature virtually
everywhere. The "Iron Age" says the daily rate of
NO. 3402.
iron production during the month just closed was
the smallest of any month back to 1924, but, on the
other hand, working schedules of the steel mills have
gradually improved during the last three weeks,
though only in a small way, these mills now being
reported as engaged to 55% of capacity as against
54% last week and 52% the week before, though
it remains to be seen whether any significance
attaches to the slight improvement recorded. In
any event, there is nothing to get excited about in
a situation where the mills are operating at only
a little in excess of half their capacity. And yet
there does appear to be warrant for the feeling that
production is now on so diminutive a scale that
improvement or greater activity cannot be much
longer delayed unless things are to come to an absolute standstill.
Obviously, the depression cannot go much further,
since the ordinary normal demands of a population
of 122,000,000 are such that they must needs be
satisfied, and they cannot be satisfied with production engaged to only one-half or two-thirds of capacity, as happens to be the case now, not only in
the steel trade, but in many other divisions and
departments of activity. Viewed in that light, some
recovery from the extreme low point seems certain
before long, as it will grow out of the necessities
of the situation.
Where disappointment may follow is when the
idea is entertained that there is at once to be a
return to the abnormal state of activity which prewailed when stock market kiting operations influenced every department of trade and industry to
such an extent that men lost their sense and reason
and proceeded on the theory that never-ending expansion and inflation were to be the controlling
condition henceforth and forever more. These times
are not likely to turn very soon, if ever. The lesson
of those hectic days is written in the industrial
suffering of to-day, and another similar craze is not
among the probabilities of the early future.
The most unfortunate feature at the moment, and
a factor that is certainly operating to retard business recovery, is the continued decline in some of
the main products of the farm, with the result of
accentuatihg still further the dire distress under
which the whole of the farming population is laboring. The present week grain prices, and particularly wheat prices, have taken a further downward
plunge; each day there has been a dip to lower
prices than the day before, until on Thursday the
September wheat option at Chicago sold down to
only 81c. a bushel, carrying the price lower even
than during the break in July, and establishing another new low record since 1914—that is, 16 years
ago. Before the speculative furore that suddenly
burst on the grain markets in the early part of
•
1460
FINANCIAL CHRONICLE
[VOL. 131.
August, and which grew out of the drouth, wheat in transit to be converted into flour before being
prices had suffered most startling declines, and dur- shipped out. Thus the United States and Canada
ing the month of July the July option for wheat together exported about 40,000,000 bushels in July.
in Chicago, it may be recalled, got down to 83%c.
During August, and especially the latter part of
per bushel. This compared withiE12c. on July 2 and the month, the export shipments from the United
$1.087
/
8 on June 2, showing a drop of over 25c. a States have also been large. In the week ending
bushel in less than two months.
Aug. 9 they were only 1,888,000 bushels, but in the
The speculation in corn early in August for a week ending Aug. 16 they were 2,704,000 bushels;
time carried wheat with it, and on Aug. 7 the Sep- in the week ending Aug. 23, 3,104,000 bushels, and
tember option for wheat (the July option being now in the week ending Aug. 30 over 6,000,000 bushels.
extinct) rose to 99%c. Almost immediately there- At the same time the exports of flour have reached
after, however, it began to decline again, and the the equivalent of over 4,000,000 bushels more. There
present week this same September option sold down seems every reason to believe, too, that the export
to only 81c., leaving the situation worse than before. shipments at current low prices, and even higher
Yesterday there was an upward reaction, which, prices, will remain large in coming months. This
however, still left the closing price only 831/
4c. This is so because the European crops are smaller the
week corn has also been declining, but in only a present season and the European wheat importing
moderate kind of way. In the upward splurge dur- countries will have to take correspondingly ining August the September corn option in Chicago creased amounts from the United States and Canada
on Aug. 7 touched$1.023/0.; it closed Aug. 29 at and the other exporting countries like Argentina and
99%c.; on Thursday of the present week this Sep- Australia. Exact or final figures in none of these
tember corn option sold at 963
/
4c., with the close instances can as yet be given, but in a general way
yesterday at 981/
4c. It will thus be seen that wheat, they indicate the existing situation. Finally, with
the great money crop of the farmer, furnishes occa- a deficient corn crop in the United States the pression for special concern, the same as heretofore. ent season, the Federal Farm Board is urging the
And the fact that there is a continuance of the de- grinding up of wheat for use as feed for cattle, and
cided anomaly of corn actually selling higher than with the market price of wheat so low and the price
wheat (with the closing price of corn yesterday of corn so high, it appears likely that no incon98y4c. and the closing price of wheat only 83y4c., siderable quantities of wheat will be used in that
the difference in favor of corn is 15c. a bushel) testi- way. Thus, while supplies of wheat are large, there
fies at once to the corn shortage produced by the are also many uses for it.
drouth, and the special weakness with which wheat
All this, however, does not relieve the distress of
is afflicted.
the farming world. There are also general considIt would not be difficult to assign reasons for the erations bearing upon the plight of the farming
further drop in the price of wheat. The carryover classes that ought not to be left out of the account.
of wheat from the last crop is of enormous propor- One of these is that while prices of farm products
tions. The Canadian wheat crop, which was de- have frightfully declined, there has not been a correcidedly short last season, will be much larger the sponding fall in the things which the farmer is
present season—anywhere from 50,000,000 to 100,- obliged to buy. That is a disadvantage under which
000,400 bushels larger—though not approaching the the farmer has labored for a long time, and what
very exceptional crop of the year preceding. In makes his lot such a hard one. That was an afflicaddition, Canada has its own problem in a con- tion that befell him long before the stock market
siderable carryover. Our own crop the Department panic of last autumn. And though commodity prices
of Agriculture has estimated as of Aug. 1 as being a have been steadily declining since the stock market
little in excess of the crop harvested last season, break, the fall in farm products has been so much
winter wheat and spring wheat combined. Worst greater that agricultural classes remain as badly off
of all, the Federal Farm Board has in the neightor- as before.
hood of 70,000,000 bushels of wheat (forming part
Chairman Legge touched upon this point inciof the carryover) acquired in a fruitless effort to dentally, but in an admirable way, in an address
stabilize wheat values.
which he delivered at Syracuse, on Wednesday, at
Against this, however, there are not lacking some the annual dinner of the New York State Grange
favorable features. First of all, though the Farm meeting of the New York State Fair. Mr. Legge
Board holds such a large quantity of wheat, it has spoke of the scant income realized by the average
given the most positive assurance that none of this farm and of the circumstances that have contributed
will be disposed of while prices rule so low as at to keep the farmers' returns so meager during and
present, and the Board evidently means to live up since the war. On this point, he discoursed as folto its promise in that respect. Then, also, wheat is lows: "It is probably unnecessary to talk to farmnow going out freely in a large export movement, ers about the increased tax rates, because you have
both from the United States and Canada. Wheat all too many reminders of the increase. In addition
exports in July from the United States were, to that, you have an increased cost of practically
roughly, 12,000,000 bushels, while 'approximately everything purchased. This is largely due to fhb
4,500,000 bushels more went out in the shape of advance in labor rates. The latest figures available
flour, making 16,500,000 bushels together. July ex- on this subject show the average wage earnings toports from the Dominion were even larger, aggre- day are about two and a quarter times the average
gating almost 20,000,000 bushels—in exact figures, of pre-war years. This is inevitably reflected back
19,868,298 bushels—and Canada sent the equivalent to the consuming public in the prices of practically
of 3,000,000 more in the shape of flour, making 23,- all manufactured products. It is a fact that is not
000,000 bushels together. Of the Canadian wheat generally understood that on many manufactured
exports, 1,261,620 bushels were destined to the articles 80% of the wholesale price can be directly
United States, but this simply represented NO/eat traced to somebody's pay envelope."
•
SEPT.6 1930.]
FINANCIAL CHRONICLE
1461
He may have less to spend if his wages are reduced,
The subject of the high price commanded by
organized labor is one of the livest topics of the but what does he have to spend when he finds himday and a factor in the situation which does not self wholly without employment and is earning
concern the farming communities alone. It is of nothing at all. The adjustment to the changed situadirect and immediate concern to the whole popula- tion created by the passing away of the period of
tion. The general statement made by Mr. Legge inflation which culminated last October will be more
that average wages of organized labor are so very quickly accomplished if labor adopts a sensible
much higher than during pre-war years cannot be course and makes the needed concessions, whatever
controverted, and, as a matter of fact, labor leaders they may be in each particular instance, the same
boast of this as one of the great accomplishments of as every one else who may have a part in the indusorganized labor, but now that the flush times of the trial machinery.
war period are a thing of the past, and prices are
declining and profits dwindling, or being extermiThe brokers' loan statement of the Federal Renated altogether, can these high labor costs be con- serve Bank of New York, issued the present week,
tinued, or should they be continued in the interest shows only a small change in the grand total of the
either of labor or the general welfare? President loans, as has been the case in all other recent weeks;
William Green, of the American Federation of La- the total this week is reported at $3,110,000,000 as
bor, has promptly come to the rescue. His argu- against $3,102,000,000, thus showing an increase of
ment, in effect, is that through the use of machinery $8,000,000. Previously, it will be recalled, there had
and other labor-saving devices the manufacturer has been a succession of decreases which were not very
been able to produce the same or a larger product striking in any particular week, yet made a conwith fewer employees, and that as a consequence siderable aggregate when combined. While, howthe real labor cost to the manufacturer has not ever, the change in the grand total is so small as to
increased at all, but actually diminished. Without, be insignificant, there are again very striking
however, attempting to go into the figures, and changes in the loaning under the different catesupposing that all that Mr. Green says were true, gories. And these changes are along the same lines
does it follow that all the saving should redound to as those in all recent preceding weeks. Loans on
the advantage of labor and none accrue to the benefit outside accounts are dwindling now that it is not
of the consuming public, of which the agricultural possible to get more than 2% or 2/
1
2% for money
classes constitute such an important part.
on call, and with the withdrawal of the outside lendAnd even though industry may have been able to ers the reporting banks are obliged to increase tho
bear the heavy labor burden when prices were high aggregate of their own loans. This week's figures
and consuming capacity large, is not the situation are a capital illustration of what is going on in
reversed now that the country is passing through a that respect. Though the grand total of these brokperiod of intense depression. Is it not an abso- ers' loans increased only $8,000,000, the loans made
lute necessity at such a time that the country get by the member banks for their own account show
back to first principles and the consuming masses an increase of $56,000,000, the amount having risen
be allowed a portion at'least of the savings effected from $1,665,000,000 Aug.27 to $1,721,000,000 Sept. 3.
through invention, machinery and mass production,' On the other hand, the loans for account of out-ofnone of which are the achievements of labor?
town banks have decreased from $665,000,000 to
Wages, in the last analysis, come out of profits, $620,000,000, and the "loans for account of others"
and when these profits, by reason of declining prices, from $782,000,000 to $768,000,000.
are wiped out or so reduced that there is no longer
The Stock Exchange monthly statement, covering
any inducement to continue in business, the proper the month of August, has also made its appearance
course, and, indeed, the only course, is for labor the present week. Its distinguishing feature is a
to make the needed concession so as to enable the further contraction in Stock Exchange borrowing
business to continue. It is not a pleasant task to during August, following the huge contraction of
reduce wages at any time, but when the only alterna- preceding months, in which particular it is like the
tive is complete stoppage, then the welfare of the weekly statements of the Federal Reserve Banks.
employees and the general public alike demand that As previously pointed out, the Stock Exchange statethe step be taken without hesitation or delay. Re- ment is more comprehensive than the weekly statevival of activity is hastened thereby, whereas pursuit ments of the Federal Reserve Bank, and therefore
of the contrary course is simply putting off a step deals with larger totals. The Stock Exchange report
that must be eventually taken in any event.
shows a reduction during August of $90,849,228,
The general argument in favor of a continuance following $38,228,992 decrease in July, $1,020,of high wages is that given high wages the working 120,623 decrease in June, and $315,299,447 decrease
classes will have more to spend. That is a good in May, making a contraction for the four months
argument as far as it goes, and as far as it applies, of $1,464,498,290.
but can only be adhered to in periods of unwonted
The condition statements of the Federal Reserve
prosperity. It absolutely fails, and becomes inap- Banks themselves the present week bring out the
plicable in times of depression. At such times it is fact that the member banks Increased their borrowImpossible to effect sales except at low prices, and ing during the week in order to provide for the extra
these low prices offer the inducement to buy. If need in connection with 1st of September payments
through the maintenance of prices a sale is lost and and to provide also for the holiday demtnd for
curthe goods remain on the hands of the manufacturer, rency. This appears from the fact that the
discount
or if, through the maintenance of the old v'age scales, holdings of the12Reserve Banksincreased during
the
lower prices are rendered out of the question, the week from $193,275,000 to $231,260,000.
Their holdmanufacturer is obliged to discontinue manufactur- ings of acceptances purchased in the
open market
ing the goods at all. And then the employee is also increased, rising from $163,274,000
to $170 thrown completely out of work.
395,000. Holdings of United States
Government
1462
FINANCIAL CHRONICLE
securities have remained substantially unchanged,
standing at $602,044,000 this week against $601,.
913,000 last week. Altogether, total bill and security
holdings are up to $1,012,271,000 the present week
from $967,034,000 last week, showing an increase in
amount of Reserve credit outstanding during the
week of $45,237,000. Federal Reserve notes in circulation increased during the week from $1,337,248,000 to $1,367,619,000, while gold reserves have
fallen from $2,955,932,000 to $2,934,588,000.
Indus. and Miscell. (Con.)—
Petroleum Corp. of America
Postal Teleg. & Cable 7% Pref.
Revere Copper & Brass
Shell Union Oil pref.
Spencer Kellogg & Sons
[VoL. 131.
Indus. it Miscell. (Concluded)—
Union Tank Car
U. S. Hoffman Machinery
Vadsco Sales
Webster Eh.enlohr
White Sewing Machine pref.
As compared with Friday of last week, prices are
generally lower, notwithstanding the recovery on
Friday, but there are also some 'advances for the
week. Fox Film A closed yesterday at 52 against
49% on Friday of last week; General Electric at
72/
18 against 733
4; Warner Bros. Pictures at 31
against 297
/
8; Elec. Power & Light at 71 against
The stock market this week has been somewhat of 723
/
/
8; United Corp. at 331
4 against 337
/
8; Brooklyn
a disappointment. After the three-day holiday from Union Gas at 126 against 130%; American Water
Friday to Tuesday morning, it showed a complete Works at 917
/8 against 911
/
4; North American at
absence of the buoyancy which had marked dealings 105 ex-div. against 1053
/
8; Pacific Gas & Elec. at
last Friday. Instead, it evinced a downward trend, 573
4 against 57%; Standard Gas & Elec. at 104%
and some substantial declines occurred in a number against 107/
1
4; Consolidated Gas of N. Y. at 108%
of different stocks; the tone was even weaker on against 10834; Columbia Gas
& Elec. at 603
/
8 against
Wednesday, when the whole list moved sharply 61%; International Harvester
at 79% against 81%;
lower. On Thursday the market displayed consid- J. I. Case Threshing Machine
at 187 against 193%;
erable irregularity, but closed with numerous slight Sears, Roebuck & Co.
at 73% against 73%; Montupward reactions. Some comfort was derived from gomery Ward & Co.
at 36/
1
4 against 36; Woolworth
fhe fact that the steel mills showed a slight further at 64 against 64; Safeway
Stores at 69 against 69;
increase in their working schedules. On the other Western Union Telegraph at 174 against
171; Amerhand, however, some more of the copper companies ican Tel. & Tel. at 215 against 2157
/
8; Int. Tel. & Tel.
were obliged to pare down their dividends. Kenn& at 42 against 41%; American Can
at 1307
/8 against
cott Copper Corp. made its quarterly dividend, pay- 132%; United States Industrial Alcohol at
71
able Oct. 1, only 50c a share as against 75c. a share against 71; Commercial Solvents at 27 against
26%;
on July 1, while the Nevada Consolidated Copper Corn Products at 93% against 943
8; Shattuck & Co.
/
Co. declared only 25c. a share, payable Sept. 30, at 37% against 37%, and Columbia Graphoph
one at
against 37%c. paid on June 30. On Friday the mar- 1814 against 17.
ket completely regained tone, and while a number
Allied Chemical & Dye closed yesterday at 277
of stocks plunged still lower, the general list moved against 271%.on Friday
of last week; Davison Chembriskly upward. Call money on the Stock Exchange, ical at 28% against 27%;
E. I. du Pont de Nemours
while commanding 2% on Tuesday, advanced to at 119 against 118; National
Cash Register at 477
/
8
2/
1 2% on Wednesday and remained at that figure against 45%; International
Nickel at 24% against
the rest of the week.
24; A. M. Byers at 75 against 74%; Simmons & Co.
The volume of trading has been about the same at 27 against 267
/
s; Timken Roller Bearing at 66%
as in other recent weeks, namely, of only moderate bid against 68; Mack
Trucks at 591
/
8 against 58%;
proportions. The Stock Exchange was closed on Yellow Truck & Coach at
231/
8 against 217
/8; JohnsSaturday last, as well as on Monday, Labor Day, Manville at 95 against 96;
Gillette Safety Razor at
as already stated. On Tuesday the dealings on the 647
/8 against 68; National Dairy Products at 65%
New York Stock Erchange were 1,773,920 shares; against 55%; National Belles Hess
at 9 against 9%;
on Wednesday they were 1,744,520 shares; on Thurs- Associated Dry Goods at 35% against
347
/
8; Texas
day, 1,519,440 shares, and on Friday 1,652,140 shares. Gulf Sulphur at 59 against 58%, and Kolster
Radio
On the New York Curb Exchange the dealings on at 2% against 27
/8.
Tuesday were 401,900 shares; on Wednesday,420,100
The Steel shares are irregularly changed, like the
shares; on Thursday, 388,200 shares, and on Friday, rest of the market. United States Steel
closed yes363,900 shares. No less than 55 stocks have recorded terday at 170% against 171/
1
4 on Friday of last
new low figures for the year during the week, but week; Bethlehem Steel at 87% against
83/
1
4, and
there have also been a few new highs for the year. Republic Iron & Steel at 35% against
34%. The
Both are shown in the following:
motor stocks have held pretty steady. General Motors
closed yesterday at 45% against 45 on Friday of
STOCKS MAKING NEW HIGHS.
Railroads— 111
(Indus. it Miscell.(Concluded)—
last week; Nash Motors at 34 against 33/
1
4; Chrysler
Chesapeake it Ohio new
New York Steam pref. (6)
Industrial and Miscellaneous—
at 28 against 28/
Philadelphia Co. 8% pref.
1
4
;
Auburn
Auto
123%
at
against
American Tobacco preferred
Public Service Corp. of N. J. 8% pf.
111; Packard Motors at 13 against 12%; Hudson
Consolidated Gas preferred
Standard Brands preferred
General Motors $5 preferred
Standard Oil Export preferred
Motor Car at 303
/
8 against 30%, and Hupp Motors
Household Finance panic. pref.
Tr -Continental Corp. 8% pref.
Louisiana Oil preferred
at 13/
1
4 against 13%. The rubber stocks have again
United States Steel preferred
Mathieson Alkali Works preferred
Virginia Iron, Coal & Coke pref.
been weak. Goodyear Rubber & Tire closed yesterNational Lead pref. A
West Penn Electric preferred
day at 52 against 54% on Friday of last week; B. F.
STOCKS MAKING NEW LOWS.
Railroads—
Goodrich at 23% against 22%; United States RubIndus. and Miscell. (Con.)—
Nashville Chatt. & St. Louis
International Paper & Power pref.
ber at 20% against 20, and the preferred at 39%
Pittsburgh dr West Virginia
international Printing Ink
Twin City Rapid Transit pref.
Kennecott Copper
against 39.
Lee Rubber & Tire
Industrial & Miscellaneous—
The railroad stocks have, as a rule, shown resistLehigh Portland Cement
American Hide & Leather pref.
Ludlum Steel
ance
to selling pressure, and are not greatly changed.
Botany Como'. Mills class A
Preferred
Cerro de Pasco Copper
Miami Copper
Pennsylva
nia RR. closed ysterday at 74 against 73%
Firestone Tire & Rubber
Mother Lode Coalition
Fisk Rubber 1st preferred
on Friday of last week; Erie RR. at 411/
National Department Stores
8 against
1st pref. cony.
National
407
/
8;
Central
at
163%
New
York
General Gas & El. cony. pref. ser. A Newton Steel Corp.
against
163%;
Steel
Glidden Co. prior preferred
Oliver Farm Equipment
Baltimore
100%
against
&
Ohio
at
101%;
New
HaGoodyear Tire & Rubber
Preferred A
,Houdaille-Hershey class 13
ven at 1053
% ex-div. against 107%; Union Pacific
Convertible preferred
SEPT. 6 1930.]
FINANCIAL CHRONICLE
1463
exceptions. In the British industrial group textiles
made the best showing, but firm spots were in evidence throughout the list. Tuesday's session was
even more cheerful, as improvement appeared in almost all departments. International issues were
marked up in anticipation of a firm opening in New
York after the Labor Day closing. Indian bonds
were firm, giving tone to the list of British funds,
while most British industrials also moved into higher
ground. Interest in Wednesday's market at London
was confined largely to the industrial iffilles in which
many good features appeared. International stocks
were lower at the opening but quickly recovered.
Gilt-edged issues turned heavy on an adverse movement of sterling exchange. An uncertain opening
Thursday was followed by improvement in most departments and a generally firm close. British industrials and the international stocks again attracted
most attention as persistent buying caused further
gains. The gilt-edged securities were heavy, dealers
reporting some selling by investors who are taking
profits and reinvesting in industrial stocks. A
cheerful tone again prevailed at London yesterday
almost all sections registering gains. The gilt-edged
list was irregular.
The Paris Bourse was dull in the initial trading
session of the week, with prices tending slightly
downward, owing to profit taking, following the
Stock exchanges in the important European previous rally. A further record in monetary ease
financial centers were again fairly firm in most ses- failed to stimulate the market. Month-end settlesions of the current week, notwithstanding continued ments were arranged Monday in Paris at the abnoruncertainty everywhere regarding the outlook for mally low figure of 1/
2%, this rate comparing with
autumn trade and industry. Share prices moved the previous low of 3
/
4% attained in mid-August and
irregularly at times in London,Paris and Berlin, but once or twice before. A better tone appeared on
on the whole the lists were well supported. The the Bourse Tuesday, with business expanding someLondon Stock Exchange presented good features in what while most issues improved in price as well.
every session, as some encouraging gains were re- Buying was well distributed throughout the list and
ported by the British textile, wool and shipping as the market was thin prices moved upward quite
trades. Rumors were current in financial circles readily. The favorable trend was extended Wedthat Chancellor of the Exchequer Philip Snowden nesday, with the market giving an appearance of
is planning a call on capital, but these were not taken animation at times. An increased public following
very seriously. In Paris much interest was oc- appeared to be the basis of the improvement, as there
casioned by further activity on the Bourse, which has were no spectacular jumps but rather a general rise
given signs in the last two weeks of emerging from in the list. A further active opening was reported
its prolonged period of extreme sluggishness. Some Thursday, but the higher prices brought out some
concern was caused, on the other hand, by the strike liquidation and most of the gains were again lost.
in the northern Departments among textile workers, The majority of issues closed at about their previous
which still continues. Markets in Germany were not figures. The Bourse was steady in a quiet session
inclined toward any vigorous movements, as they yesterday.
were overshadowed by the campaign for the general
Stocks were dull and weaker on the Berlin Boerse
elections which will take place Sept. 14. The pos- Monday, most traders taking a reserved attitude in
sibility of some recovery in trade during the autumn view of the approaching Reichstag elections. A little
season was much debated in all markets, but the in- buying appeared in specialties,particularly Deutsche
dications so far are not well defined. The numbers Wolle, but the general tone of the market was not
of the unemployed remain virtually at their high affeeted by this movement. Business was again
points in recent years and there were indications this dull Tuesday and price changes were not important.
week of growing restlessness on this account. A As the session progressed, however, a better tone was
huge demonstration against the failure of the Hun- evident and the market closed firm with bears rushgarian Government to provide unemployment relief ing to cover in the more speculative issues. A lively
was held in Budapest Monday by some 40,000 dis- and bouyant period followed Wednesday, offering a
affected citizens. Communist agitators incited the sharp contrast to the earlier dullness. Almost all
crowd and in the street fighting that followed two groups joined in the upswing, but it was noted
persons were killed while hundreds were injured.
in Berlin dispatches that the movement was engiStock prices were firm on the London Stock Ex- neered largely by professional traders. A confident
change Monday, notwithstanding the lack of advices tone was again apparent Thursday with gains of
from New York occasioned by the extended holiday. several points registered in important potash issues.
Although buying was confined largely to professional Other departments also were strong, but the gains
traders, dealers reported a fair volume of accumu- were not all maintained as an easier tendency delated buying orders from the public. British funds veloped toward the close. Prices moved within a
were quiet and almost neglected, with one or two narrow range at Berlin yesterday.
at 2187
/8 against 218%; Southern Pacific at 116
against 115%; Missouri-Kansas-Texas at 41% ex/8; St. Louis-San Francisco at 90 exdiv. against 427
div. against 92%; Southern Railway at 85 against
85%; Rock Island at 98% bid against 99, and North/
s, and Great Northern
ern Pacific at 73 against 741
at 78 against 78.
The oil shares have moved with the general market. Standard Oil of N. J. closed yesterday at 69%
1
4 on Friday of last week; Standard Oil
against 70/
/
8; Simms Petroleum at
of Cal. at 60% against 603
/
4 against 277
18%;
Skelly
Oil
at 273
against
18%
/8;
Atlantic Refining at 33% against 34%; Texas Corp.
/
4; Pan American B at 53%
at 51 ex-div. against 513
/
8; Richfield Oil at 161
/
against 545
4 against 147
/
8;
/
8 against 34; Standard Oil
Phillips Petroleum at 333
/
4 against 31%, and Pure Oil at 20
of N. Y. at 303
against 197
/8The copper stocks have held up well in face of
the further dividend reductions of the week. Ana/
4 against 45%
conda Copper closed yesterday at 453
on Friday of last week; Kennecott Copper at 343
/
4
8 against 13%;
against 33%; Calumet & Heela at 131/
/
4 against 49; Granby
Calumet & Arizona at 493
8 against 225
/
8; AmerConsolidated Copper at 221/
/
8, and
ican Smelting & Refining at 6814 against 693
/
4 against 20 bid.
U. S. Smelting & Refining at 201
1464
FINANCIAL CHRONICLE
[VoL. 131.
A study of the Briand plan for a federation of hopes expressed four years ago are considered in
European States, in which important variations and the present pronouncement "inadequate for the sudextensions of the ideas of the French Foreign Min- den reversal of the syetem of free ports and open
ister are suggested, was issued in Paris last Satur- markets on which British commerce has been
day by the International Juridical Union. The semi- founded for many years." Four years is too brief
official Le Temps of Paris gave close consideration a period in which to expect to bring down the tariff
to the study, predicting that it will play an interest- walls, it is said, while the way to achieve this obing part in The discussion among representatives of ject, if it is desirable, is to persevere. Sharp ex27 European nations at Geneva early next week. ception is taken to the assertion in the July resoluIn contrast to the Briand memorandum, it rejects tion that England's prosperity depends primarily
the political federation and would place the projected on Empire trade, and doubt is expressed that the
union entirely within the framework of the League Dominions would enter into the proposed Empire
of Nations, approximating in this respect the stand agreements in view of their own existing tariff politaken in the British reply to M. Briand's memoran- cies. The etatement refers also to the growing fordum. Emphasis was placed on the economic aspects eign investments of Britain and declares that an
of the suggested federation. "The organization," English tariff against the borrowing countries
would
the study states, "should be capable of ending the prevent them from freely shipping goods
with which
economic morass and establishing a spirit of confi- to pay returns on such investments.
The signatures
dence and cooperation among the various countries on the latest etatement are
headed by Viscount Grey
of Europe." The eminent jurists of the international of Fallodon, who is a Liberal,
but an opponent of
union also take issue with M. Briand in their sug- the present leader of the Liberal
party. Directors
gestion for the gradual evolution of a European fede- of all the great British banking institutions
appear
ration on the basis of the existing groupings of in the list of signatories, but ether directors
of the
States, such as the Little Entente and the proposed same banks signed the July resolution, so that
there
Baltic and Balkan agricultural union. Plans are appears to be little unanimity on this matter even
suggested for the formation of an administrative within the management of any given bank.
council and an executive body, while suggestions
A by-election held in Bromley, liaft, Tuesday, in
also are made for development of the idea in other which the free trade and Empire trade dispute figdirections. The study was published in view of the ured prominently, showed that the British electorate
approaching general conference, "to give a more is quite as unsettled regarding these matters as are
precise idea of what the European Federation should the bankers and industrialiets. Four parties offered
be." It was formulated by a committee of the Juri- candidates in the election; which was won, however,
dical Union, which includes Alexandre Millerand, by the orthodox Conservativ
e, who polled 12,782
former President of France; Francisco de la Barra, votes. The Liberal party representative received
former provisional president of Mexico; Nicholas 11,176 votes. The surprise of the election was the
Politis, Greek Minister in Paris; Dr. Miroslav Spa- showing made by the representative of the new
laikovich, Jugoslavian Minister in Paris, and Ga- United Empire party, sponsored by Lord Botherbriel Hanotaux,former French Minister for Foreign mere with the occasional aid
of Lord Beaverbrook.
Affairs.
On this occasion the two powerful publishers differed, and Lord Rothermere was alone in his support
Two indications are available this week of the of the candidate. The tabulation, however, showed
intense conflict in political and economic thought 9,483 votes in favor of the United Empire candidate,
that is developing among the various parties and which was considered by the London correspondent
groups in Great Britain. Grave schisms have ap- of the New York "Evening Post" "an astonishing
peared within the ranks of all three major political testimony to the growing popularity of the Empire
parties in the last year or two, while of late there issue." Significance is believed to attach, moreover,
has even been a tendency toward the formation of to the fact that the joint poll of the two Conservative
new political parties. Bankers and industrialists, candidates was almost double that of the single Tory
moreover, who were formerly almost unanimous in representative at the general election last year. The
their advocacy of free trade, have turned in numbers Liberal vote was off markedly, while the Labor party
to the several schemes now under debate for "safe- candidate, who poled 5,942 votes, made the poorest
guarding duties" or "Empire free trade." Illustra- comparative showing as well.
tive of the changing opinions was a pronouncement
by a group of London bankers on July 4 to the
Dissolution of the Polish Parliament, and new
effect that England should obtain better trade agree- Seim and Senate elections
on Nov. 16 and 30, rements with the British Dominions on the basis of spectively, were
decreed by President Moscicki last
an open market for all Empire products and the im- Saturday, in
an attempt to find a solution for the
position of duties on all imports from other coun- "Constitutional
problem" of the Warsaw Governtries. To this manifesto is now added a second, ment. A Presidentia
l statement, accompanying the
issued Sept. 1 by a group of 116 British bankers, decree,says that
a change in the country's basic laws
industrialists and statesmen, urging that Great will be necessary to end the chaos which the present
Britain adhere to her free trade principles and avoid Conetitution has
brought about. By this action, a
resort to retaliatory protective measures as a cure Warsaw dispatch
of the Associated Press said, Presifor the present economic difficulties.
dent Moscicki placed himself squarely behind the
The statement begins with a reference to the plea militant Premier-Di
ctator, Marshal Joseph Pilsudmade by a number of eminent bankers and commer- ski, in the
latter's program of Constitutional reform.
cial leaders four years ago for the removal of tariffs Dissolution of
Parliament was described in the disand trade restrictions and goes on to consider the patch as the 'third stage
in the "'present conflict bemore recent resolution for Empire trade, "signed by tween Poland's uncrowned king, Marshal Pilsudski,
some of the same names." Disappointment of the and the legislative bodies he so cordially hates."
SEPT. 6 1930.]
FINANCIAL CHRONICLE
The first step was his assumption of the Premiership
on Aug. 25, and this was followed by a scathing
denunciation of the Parliament. "Now he has sent
the Parliament home," the report adds,"and it may
be taken for granted that he will leave no stone unturned to the end that the next Sejm and Senate
will be of such character that they will do his bidding." It was intimated that Premier Pilsudski,
who labored for days at a time in his office in the
government building, has written the draft of a new
Constitution.
1465
the tribunal. "Accordingly," it was added, "any
award it makes cannot be enforced."
Devastating winds of record velocity swept over
the island of Santo Domingo in the Caribbean, Wednesday afternoon, leaving an appalling toll of casualties and destruction in their wake. The City of
Santo Domingo, capital of the Republic, suffered
a major catastrophe, as it lay squarely in the path
of the hurricane. Wind measuring instruments recorded a speed of 160 miles an hour before they were
blown away. Buildings crumpled before the terriblast, more than half the structures in the
fying
Soviet
Government
Plans made by the Russian
lying in ruins, while all are badly damaged.
capital
ion
are
of
industrializat
program
for the five-year
falling somewhat short of the schedule as this second Even well constructed power plants and bridges
year of the plan is drawing to a close. Recent re- were unable to withstand the pressure, dispatches
direct
ports in the Russian press have indicated backward- said, indicating that the destruction in the
state
reports
Late
complete.
was
ness and shortcomings in different branches of in- path of the storm
the
while
1,000,
to
mount
will
life
dustry, a Moscow dispatch of Wednesday to the New that the loss of
many
in
reckoned
be
will
damage
property
York "Times" said. In these circumstances a mani- toll of
festo has been issued by the central committee of millions. Communication with Santo Domingo
the Communist party, warning the party members, ceased entirely as the storm approached, but it was
economic organizations and trade unions against a quickly re-established both directly and by means
failure of the third-year program and urging them of airplanes that flew over from Porto Rico. So
among
to greater efforts. The third year, which begins in far no Americans or Europeans are reported
from
reports
no
yet
as
are
there
but
October, is described in the manifesto as a decisive the casualties,
isolated
completely
remained
which
points,
year in the execution of the plan and one presenting interior
a number of complicated and important economic most of the week. The airplane observers reported
and political tasks, such as the start of operations an urgent need for doctors, medical supplies, food
in a number of big plants and the collectivization and tents, and measures to speed relief were quickly
of one-half the number of the present peasant farms. taken in Washington, New York, Havana, San Juan
The tasks can be carried out, according to the party and other centers. Martial law was declared by the
statement, through "the active and immediate mo- Dominican Government as some looting was rebilization of all the forces of the working class and ported in the capital. Great suffering and damage
all party organizations and all trade unions." As also were caused in some other Caribbean centers.
the reason for such efforts, it is stated, that the The British island of Dominica, in the Leeward
growth of industry so far this year has been only group, reported 20 dead and extensive destruction.
27% against 32% as called for in the plan. Con- It was feared for a time that the hurricane might
struction has fallen far below the mark set, it is sweep over Cuba or Florida, but it was reported yessaid, and the chemical industries, the coke, gas and terday as diminishing in intensity as it moved
chemical machinery units, and the agricultural ma- toward the Florida straits, and no great additional
chinery trust have carried out only one-half their damage was considered likely.
program. Internal conditions such as absence of
President Pascual Ortiz Rubio opened the thirtyenergy and initiative, inefficiency and poor and careCongress of Mexico, Monday,in a session that
fourth
solely
responsible for the
less management are held
by high military and civil authorities
attended
was
"
"sharp backwardness.
A further incident that concerns the Soviets was of the Mexican Government and by the entire diploreported this week from London, where an arbitra- matic corps in Mexico City. United States Ambastion court composed of one Englishman and one Ger- sador Dwight W.Morrow acted as dean of the diploman "ordered" the Moscow Government to pay $65,- matic corps in the absence of the Brazilian Am000,000 to the Lena Goldfields, Ltd., because in the bassador. The opening took place in the Chamber
court's opinion the Soviet prevented the company of Deputies, where the Senate also assembled for
from carrying out the terms of its concession. The the occasion. Senor Ortiz Rubio personally read
concession was declared dissolved in Moscow some the introduction and conclusion of the Presidential
months ago, and at preliminary arbitration hearings message, while the sections devoted to the work of
in Germany the Soviet was represented, but no mem- the various governmental departments were read by
ber was appointed to the court that sat in London. secretaries. The message, which took two hours
In their decision the two arbitrators scored the to read, dealt with outstanding events since Sept. 1
Soviet Government for occasioning incessant diffi- 1929 and reviewed the accomplishments of the past
culties which made the end inevitable. The Lena 12 months. His most important report, the Presicompany was relieved of further obligations, and dent said, was to the effect that Mexico has entered
the Soviet Government was charged with breach of upon a definite era of peace, reconstruction and
contract. The sum of $65,000,000 awarded repre- hope, and that the country should be inspired, by
sented, it was explained, the "future profits the com- the most hopeful optimism. In speaking of foreign
pany would have made and which the Soviet Govern- affairs, Senor Ortiz Rubio said Mexico has been
ment can now make on the assumption of good com- consolidated as a free and sovereign country, re
mercial management and the best technical skill spectful of herself and of all other nations. As a
and up-to-date equipment." Through its London debtor country, he indicated, Mexico will comply
Embassy, the Moscow Government announced with her obligations, although it was freely adpromptly that it would not recognize the validity of mitted that "external phenomena" had produced
1466
FINANCIAL CHRONICLE
rirou 13L
severe economic depression within Mexican borders. indicated
that the matter will be judged by the usual
The attempt made on his life while taking the oath test
of the ability of the new Government to mainof office was mentioned by the President, who said tain
law and order and to protect life and property.
that it had delayed his taking charge of the AdminWidespread arrests were made late last week of
istration for 60 days. His pre-inaugural visit to those
who held positions of power and trust under
the United States in January produced, he said, the
old regime, and it was said there will be many
"most satisfactory results toward a sincere under- prose
cutions on charges of malfeasance and misuse
standing between the two countries."
of public funds. Former President Augusto B.
Of the various ministerial reports embodied in the Leguia, who
tried to flee the country on the warship
Presidential address, most attention was given to Almir
ante Gran, was ordered ashore from the vessel
that of Luis Montes de Oca, Minister of Finance. into
confinement in a prison where many of his own
The fundamental task in Mexican finance, this reformer opponents had been held. Colonel Sanchez
port said, is to maintain an equilibrium between in- Cerro
, in an interview with press representatives,
come and expenditure without heavy taxation. In- said
that the junta of which he is the head will resign
come should be sufficient, it was added, for indis- as
soon as the country is considered ready to be
pensible public services and public indebtedne
ss, governed by civilian leaders. New elections for
internal and foreign. New tariff legislation
is Parliament will be delayed, he added, until the
recommended as an aid in the reorganization
of nation recovers from the "demoralization caused by
the finances, while revision of the export
tariff was the former dictatorship." Cables were made public
aso urged to stimulate the exportation
of national in Washington last Saturday from Charge d'Affaites
products. The report also dealt with
the baneful Ferdinand L. Mayer, in which it was remarked that
effect of the new American tariff on
exports of the "tension was much relieved and business was
Mexican products to this country, and
the recom- seemingly being conducted as usual." Assurances
mendation was made that Mexican impor
ts be re- had been given Mr. Mayer, it was said, that the new
duced as a partial remedy. (Consideration
was given Government would strictly comply with Peruvian
to the debt negotiations recently condu
cted by Senor international agreements and seek to maintain the
Montes de Oca in New York, and it was added
that traditional friendly relations between Peru and the
"the internal debt, banking indebtedness, agrar
ian United States.
debt, and the claims of foreigners under treat
ment
by the Mixed Claims Commission will be subje
ct to
Retirement of President Hipolito Irigoyen of Arthe general plan for their settlement, which
I will gentina from his high office was officially announced
submit to the Congress at an opportune momen
t." in Buenos Aires yesterday, after a further week in
The President's remarks left no doubt, a dispa
tch which elaborate precautions against violence were
to the New York "Times" said, that
the program taken. Senor Irigoyen resigned in favor of Viceof his Administration will be on the lines laid
down President Martinez, and when the latter took comby President Obregon and continued by Presi
dent mand of the Government he immediately issued a
Canes. The session of Congress thus inaug
urated decree proclaiming a state of siege. The steps
will deal with numerous issues of both exter
nal and taken late last week led to alternate reports of
domestic interest. Among the matters awaiting revolution and
attempts against the life of
action, according to the correspondent of the New the executive.
Press correspondents supplied
York "Herald Tribune," are the labor law, the penal a third possib
le explanation this week in the
code, ratification of the international debt
agree- suggestion that the whole affair may be nothing more
ment, a firmer understanding between church
and than a party maneuver designed to unite the disState, and approval of the budget.
gruntled followers of the President in the prese
nt
situation of economic difficulty. In order to
frusTranquil conditions continued to prevail in Peru trate the "incipient revolt
," warships were ordered
this week, with the military junta that overthrew to Buenos Aires harbo
r last Saturday and the fleet
the Leguia Administration on Aug. 25 apparently in was steadily
increased all this week until 13 warfirm control. Assurances were given on sever
al oc- ships were reported in the harbor Thursday. The
casions by Lieut.-Col. Luis M. Sanchez Cerro, leader capital guard also
was enlarged, with police and
of the new government group, that there
will be no machine gun detachments in the neighborhood of
drastic changes in the diplomatic or economic affair the Presi
dential residence heavily reinforced
s
.
of the country. Much was done in this direct
ion Troops were stationed along the highways leading
over the last week-end, the military junta holdi
ng nu- into Buenos Aires and all vehicles were halted and
merous conferences with business men and finan rigidly
inspected before being allowed to enter the
ciers, giving the impression that every effort will city.
Arrests were made in great numbers among
be made for continuance of the norma
l life of the the officers of military units stationed in the city,
nation. The new Government attempted
at the same but after a short period of detention the officers
time to continue diplomatic relations
on the friend- were again released.
liest basis with the foreign representatives
There were, on the other hand, no disturbances or
in Lima,
while the recognition of other government
s was threats of a serious nature, and the Foreign Office
openly courted. The Bolivian Government which sent
,
cables to embassies and legations abroad, denyrecently came into power by means
of a somewhat ing alarmist stories sent to foreign newspapers and
similar coup d'etat, was the first to recog
nize the announcing that the situation was normal. Presinew Peruvian regime, notification of this step being dent
Irigoyen remained at his home most of the
given at La Paz, Wednesday. In Paris
the Quai week, and Cabinet meetings were held at his resid'Orsay announced Thursday that France is
ready dence. It appeared early this week that some differto recognize the new Government as soon as the ences regar
ding the military display existed between
customary request is made. No disclosure of
the the President and his Minister of War, General
Washington attitude has yet been made, but it was Dellepiane.
The latter resigned Tuesday, and Min-
SEPT. 6 1930.]
FINANCIAL CHRONICLE
ister of the Interior Elpidio Gonzalez was given the
War portfolio as well. Frequent instances of confusion and lack of co-ordination in Cabinet circles
were cited in reports from Buenos Aires. Much
nervousness was occasioned among Argentinians by
these mysterious developments, reports said, and the
unfavorable sentiment regarding the eccentric President speedily increased. The excitement was increased Wednesday, when the newspaper "La
Oritica" announced that a group of leaders of the
President's own party had asked Senor Irigoyen to
resign. The attempt, made through the President's
private physician, was unsuccessful, the newspaper
said. A second attempt was made yesterday by
Juan de la Campa, Minister of Justice, who requested Senor Irigoyen's resignation in the name of
the entire Cabinet, and to these representations the
President acceded.
The Reserve Bank of Peru, which on July 26 had
raised its rate from 7% to 8%, and on Aug. 4,made
a further advance to 9%, and on Aug. 20 marked
the rate down again to 8%, further reduced to 7%
on Monday, Sept. 1. Other than this, there have
been no changes in the discount rates of any of the
central banks during the week. Rates remain at 6%
2% in Austria, Hungary, and Italy;
1
in Spain; at 5/
2% in Norway; at 4% in Germany, Denmark,
1
at 4/
2% in Sweden; at 3% in England
1
and Ireland; at 3/
2% in France, Belgium, and
1
and Holland, and at 2/
Switzerland. In the London open market discounts
for short bills yesterday were 2 1/16%, the same as
on Friday of last week, while three months bills
were 2 1/16@2%% against 2 1/16% the previous
Friday. Money on call in London yesterday was
2%. At Paris the open market rate continues at
1
1/
2%,but in Switzerland there has been an advance
1
2/
from 1 11/16% to 2 1/16%.
1467
The Bank of France in its statement for the week
ended Aug. 30 shows another gain in gold ho'dings,
this time of 47,014,631 francs. The total of gold now
stands at 47,241,623,310 francs which compares with
38,930,355,627 francs last year and 30,351,342,290
francs two years ago. Credit balances abroad rose
32,000,000 francs while bills bought abroad declined
39,000,000 francs. Notes in circulation increased
1,660,000,000 francs raising the total of the item to
73,676,400,955 francs, as compared with 66,467,898,025 francs last year. French commercial bill discounted record a large gain, namely 1,242,000,000
francs. Advances against securities and creditor
current accounts decreased 6,000,000 francs and
21,000,000 francs respectively. Below we give a
detailed comparative statement for the past three
years:
STATEMENT.
BANK OF FRANCE'S COMPARATIVE
Status as of
Changes
Aug.301930. Aug. 311929.
for Week
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Ina. 47,014,631 47,241,623,310 38,930,355.627
Credit bats. abed_Ine. 32,000,000 6.837,125,242 7,248,597,530
French commercial
bills discounted _Inel,242,000,000 6,325,235,429 9,419,758.586
Bills bought abed_Dee. 39,000,000 18,734,338,119 18,543,096.507
2,334,657,402
Adv. agt. secursDee. 6,000.000 2,731,209,979 66,467,898,125
Note circulation _Inc1,660,000,000 73,676.400.955
Cred. curr. acets_Dec. 21.000.000 17.843.521.198 19.620.458.002
Sept. 1 1928.
Francs.
30.351,342,290
14,241,299,169
2,826,585,436
17,707,626,030
2,707,626,030
61,386,056,585
15.981.597.607
The Bank of Germany in its return for the fourth
week of August showed an increase in note circulation
of 657,685,000 marks. Daily maturing obligations,
on the other hand, declined 185,151,000 marks, and
other liabilities 361,000 marks. Total circulation
now amounts to 4,707,448,000 marks, as compared
with 4,897,266,000 marks last year and 4,673,034,000
marks the year before. On the asset side of the
account gold and bullion fell off 60,000 marks, silver
and other coin 30,244,000 marks and notes on other
German banks 18,788,000 marks while the items of
deposits abroad and investments remain unchanged.
An increase appears in reserve in foreign currencies
of 12,976,000 marks, in bills of exchange and checks
of 383,265,000 marks and in advances of 155,041,000
marks while other assets decreased 30,017,000 marks.
The Bank's bullion now.totals 2,618,939,000 marks,
which compares with 2,183,440,000 marks a year
ago. A comparison of the various items back to 1928
is furnished below:
The Bank of England statement for the week
ended Sept. 3 shows a loss of £366,168 in bullion
and this, together with an expansion of £2,114,000
in circulation, brought about a decrease of £2,480,000
in reserves. The Bank's gold holdings now aggregate £155,521,528 in comparison with £137,548,740
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Aug. 30 1930. Aug. 311929. Aug. 311928.
for Week.
a year ago. Public deposits fell off £10,255,000 while
Reichsmarks. Reich:marks. ReichstneArs.
Retchsmarks.
Assets—
2,183,440,000 2,248.130,000
2,618,939.000
60,000
Dec.
other deposits rose £5,645,604. The latter includes Gold and bullion
85.626.000
Unchanged 149,788,000 149,788,000
Of which depos.abr'd_
308,059,000 194,908,000
156,151,000
12,976,000
_Inc.
other
curr_.
bankers' accounts and
accounts, which in- Reeve in torn
2,608,408.000
2,672,143,000
1,847,694,000
Bills of each.Itc checks.Inc. 383,265,000 149,128,000 115,946,000
90,846,000
and other coin._Dec. 30.244,000
creased £4,827,899 and £817,705, respectively. An Silver
9,622,000
4,349,000
4,439,000
Notes on oth.Ger.bks_Dec. 18,788,000 212,171,000
162,066,000 128,882,000
Inc. 155,041,000
increase of £1,260,000 in loans on Government se- Advances
93,819,000
92,755,000
102.625,000
Unchanged
Investments
Dec. 30,017.000 655,212,000 567,566,000 490,341.000
curities and a decrease of £858,258 in those on other Other assets
Liabilities—
securities was disclosed. Other securities consist of Notes In circulation._Inc. 657,685,000 4,707,448,000 4,897,266,000 4,673,034,000
matur.oblig.Dec. 185,151,000 415,631,000 433,721,000 564,628,000
"discounts and advances" and "securities." The Oth.dally
361,000 224,621.000 332,741,000 220,202,000
Dec.
Other liabilities
former fell off £230,281 and the latter £627,977.
Money rates in the short business week now endThe reserve ratio is 47.77% as compared with 48.02%
reflected to a slight extent the increased demands
and
26.04%
ago
last
ing
week
year.
a
The discount
rate is unchanged at 3%. Below we furnish a com- incident to the month-end settlements. That the
effect of the shifting of balances appeared only after
parison of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
the Labor Day holiday occasioned no surprise in
1929
1930
1928
1927
1926
money market circles, as this is frequently the case.
Sept. 3.
Sept. 4.
Sept. 6.
Sept. 7,
Sept. 8.
£
£
£
Rates, moreover, were carried only very slightly
2362,982,000 366,230,000 135,367.000 137,026,035
Circulation
7,917,000 9,095,000 18,486,000 21,177,701 140,303,400
Public deposits
13,005,014
102,044,151 111,135,030 109,384,000 94,745,096 106,161,230 above the extremely low levels that 'prevailed preOther deposits
Bankers' accounts 67.427,714 73,967,915
viously. Call loans were again quoted at 2% on
Other accounts._ _ 34,616,437 37,167,115
Govemtn't securities 50,401,247 75,806,855 37,736,000 57,437,780 31,993.159
Other securities.— 27.788,618 31,382,725 47,456,000 42,141.700 70,605,107 the Stock Exchange on the first business day, TuesDisc. dr advances_ 6,229,394 4.309,556
Securities
21,559,224 27,073,169
day, while money was freely available in the
Reeve notes Sz coin_ 52,539,000 31,316,000 60,959.000
34,039.826
2%. Withdrawals
1
/
Coin and bullion. A55,521,528 137,548,740 176,576,650 151,880,444 155,393,226 unofficial "Street" market at 1
Proportion of reserve
47.77%
26.04%
to liabilities
47.67%
29.23% on a fairly heavy scale were made by the banks,
29.85%
3%
Bank rate
41%
51-i%
4 ye,%
41i%
Wednesday, some $35,000,000 being withdrawn, and
a On Nov. 29 1028 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time .C234,199,000 to the amount of Bank of England call loans advanced to 2
2% from 2%, with nothing
1
/
notes outstanding.
available in the outside market at a concession.
1468
FINANCIAL CHRONICLE
[VOL. 131.
OF FEDERAL RESERVE BANKS ON ALL CLASSES
The 21/2% official rate for demand loans was main- DISCOUNT RATES
AND MATURITIES OF ELIGIBLE PAPER.
tained Thursday and Friday, but funds again
Rate in
Precious
Effect on
Date
reached the market in volume and unofficial offerFederal Reserve Bank.
Rate.
Established.
Sep1.5.
ings at 2% were plentiful in both sessions. Time Boston
3
July 3 1930
New York
June 20 1930
3
21S
loan quotations were unchanged. Both the cua Philadelphia
July 3 1930
31.4
:
June
Cleveland
7
1930
314
public
made
were
tabulations
tomary brokers' loan
July 18 1930
Richmond
314
:
July 12 1930
Atlanta
3.4
this week. The comprehensive Stock Exchange com- Chicago
4
June 21 1930
314
4
Aug. 71030
Lou]
314
pilation, covering the full month of August, showed St.
Apr. 15 1930
414
4
Minneapolis
4
Aug. 15 1930
Kansas City
3Si
a reduction of $90,849,228 in the total. The state- Dallas
Apr. 8 1930
4
414
4
Aug. 8 1930
Francisco
San
335
ment of the Federal Reserve Bank of New York,
covering the week to Wednesday night, reflected an'
Sterling exchange is dull and this week fluctuated
increase of $8,000,000. Gold shipments of $2,000,000
rather
widely within a range of 11-16 and declined
the
total
to Canada were made this week, bringing
outflow to the Dominion in the present movement to on average sharply following the completion of Sept. 1
$17,500,000. Together with the $0,309,000 exported requirements. The range this week has been from
to France since the outward movement started on 4.86 to 4.869 for bankers' sight bills, compared
5 to 4.87 last week. The range for cable
July.16, the gold exports now amount to $82,809,000. with 4.86%
The gold statement of the Federal Reserve Bank for transfers has been from 4.86 3-16 to 4.86%, compared
1 a week ago. On Saturday and
the week ended Wednesday night showed the $2,- with 4.863/i to 4.87%
000,000 export to Canada, and imports of $977,000 on Monday, Labor holiday, there was practically no
market in New York, but at the opening of business
from Latin America.
on Tuesday sterling declined abruptly and led the
Dealing in detail with the call loan rate on the list of foreign exchanges to generally lower quotations.
Stock Exchange from day to day, all loans on Tues- The sharp drop was largely caused by slackening of
day were at 2%, including renewals. On Wednes- month-end demands, the continued ease in London
day, after renewals had again been put through at bill rates, and to some interest displayed on, the part
2%, there was an advance to 2/
1
2%, and this rate offoreign investors in the New York securities market.
prevailed the rest of the week. Time money has The condition was technical for the most part, due
been in improved demand, but with the volume of also to an overbought position of some traders and
transactions down to the minimum. Rates have a general desire to clear old commitments following
remained unchanged. Quotations all week have been the month-end and in recognition of the fact that
2@21/
4% for 30 days; 21/
4@2/
1
2% for 60 days, 2/
1
2(4) Labor Day is a seasonal turning point. The down23
/
4% for 90 days, 2%@3% for four months, and ward tendency of exchange rates gained momentum •
3@31/
4% for five and six months. Prime commercial rapidly in Thursday's trading and some sharp depaper has been in active demand throughout the clines were registered when sterling cable transfers
week. The supply of paper has been plentiful and fell to 4.86 5-16, off 3-16 of a cent on the day and
a very satisfactory business has been transacted. more than Yi of a cent since Friday. Yesterday there
Rates are unchanged, extra choice names of four to was a further drop of 5-16. Much of the present
six months' maturity being quoted at 3%, while decline in rates originated in London, since the New
York market is very quiet and bankers are not selling
names less well known are offered at 31
1
2%.
/
4@3/
heavily enough to account for the weakness. Few
The demand for prime bank acceptances shows no buyers are found .to absorb sales and traders have
abatement, but the supply of bills is far below im- been compelled to hold their positions.
Sterling is now definitely below parity, while other
mediate. requirements. The 12 Reserve Banks further increased their holdings of acceptances during foreign currencies remain comparatively firm with
the week from $163,274,000 to $170,395,000. Their respect to dollar parity. Several factors are working
holdings of acceptances for foreign correspondents toward lower foreign exchange rates. Aside from the
further declined from $471,522,000 to $459,830,000. causes enumerated of which the most important are
The posted rates of the American Acceptance Coun- the easy money rates in London, accentuated by a
cil continue at 2% bid and 17
/8% asked for bills tendency toward firmer call money in New York,
running 30 days, and also for 60 and 90 days; 21/
8% the practical conclusion of the tourist season is the
bid and 2% asked for 120 days, and 2%70 bid and leading factor depressing quotations. Sterling is
2/
34% asked for 150 days and 180 days. The Accept- again much weaker with respect to French francs
ance Council no longer gives the rates for call loans and the movement of gold from London to Paris has
secured by acceptances, the rates varying widely. begun anew in rather threatening proportions. This
Open market rates for acceptances also remain un- week the Bank of England shows a loss in gold holdings of £366,168. On Monday the Bank of England
changed, as follows:
sold
£215,000 in gold bars. This gold is believed to
SPOT DELIVERY.
—180 Days— —150 Days-- —120 Days—
have
been withdrawn for shipment either to France or
Bid. Asked.
Bid. Asked.
Bid. dated.
Prime eligible bills
2
23i
2%
2X
23‘
2
Switzerland. On Tuesday the Bank sold £1,750 in
—90Days-- —60Days-- —80Days— gold bars,
exported £6,000 in soverieigns and set
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
aside £400,000 in sovereigns. Of a total of L1,100,2
I%
2
2
1%
14
FOR DELIVERY WITHIN THIRTY DAYS.
000 gold available in the open market on Tuesday
Eligible member banks
2,4 bid
Eligible non-member banks
2% bid £875,000 was taken for shipment to France and 05,000 was absorbed by the trade and India. The rest
There have been no changes this week in the redis- was left to the market. The price of the metal was
count rates of any of the Federal Reserve Banks. 85s Md. According to London dispatches bullion
The following is the schedule of rates now in effect brokers stated that that part of the South African
for the various classes of paper at. the different gold which remained in the market on Tuesday
Reserve Banks:
morning was taken for shipment to France in the after-
Sam.6 1930.1
•
FINANCIAL CHRONICLE
1469
in view of the currency's persistent strength of late.
In some quarters the report that Emile Moreau
contemplated resigning as Governor of the Bank
of France is given as a cause for the extraordinary recession in the French unit. It is understood that he will become head of the Credit Lyonnaise. The leadership of M. Moreau has seen the
complete return to stability of the franc and of France
to her position as a great financial power. However,
the most important factor contributing to the decline
is the sharp recession in tourist traffic, for tourist
trade is one of France's chief sources of income and
her means of counterbalancing a large visible commodity import surplus. The tourist trade turnover
in 1929 was estimated around 7,500,000,000 francs.
During the coming months France, like all the
European countries, will find exchange facing the
pressure caused by large purchases of wheat, meat,
cotton and other raw materials. As noted above,
movement from London to Paris has been
GOLD MOVEMENT AT NEW YORK,AUG.28-SEPT.3,INCLUSIVE. the gold
resumed on an apparently large scale. Over 015,000
Exports.
Imports.
$2,000,000 to Canada.
$958,000 from Brazil.
was taken from the Bank of England and £400,000
19,000 chiefly from other Latin
American countries.
was earmarked by the Bank on Tuesday, presumably
French account. In addition French bankers
for
$2,000,000 total.
$977,000 total.
purchased in the open market an amount exceeding
Net Change in Gold Earmarked for Foreign Account.
None
£1,000,000.
This week the Bank of France shows an increase
Aside from the above, on Thursday, $1,000,000 in
gold coin arrived from Uruguay consigned to the in gold holdings of 47,014,000 francs, the total standGuaranty Trust Co., $300,000 in gold coin consigned ing at 47,241,000,000 francs, which compares with
to Kidder, Peabody & Co., and $1,000 gold from the 38,930,000,000 francs a year ago and with 28,935,Banco Italo-Belga of Montivideo consigned to the 000,000 francs reported in the first statement followGuaranty Trust Co. During the week $1,070,000 ing stabilization in June 1928. Funds continue exgold was received at San Francisco of which $850,000 tremely plentiful in the Paris market so that day
came from Japan and $220,000 from China.
money dropped to 13/2% this week, compared with
Montreal funds continue at a premium ruling this 14% last week and with 2% a fortnight ago. Gerweek at from M of 1% to 3-32 of 1%.
man marks in sympathy with sterling and French
sterling
to
day-to-day rates
Referring
exchange on francs are easier. The weakness is due largely to
Saturday last was dull and steady. Bankers' sight seasonal causes such as those enumerated above,
was 4.86%@4.86%; cable transfers 4.86 27-32@, particularly the cessation of tourist requirements, bu
4.86%. On Monday, Labor Day, there was no at present the currency is especially sensitive to
market in New York. On Tuesday sterling was changing conditions. The new general elections
under pressure. The range was 4.86%@4.86 21-32 which take place on Sept. 14 are expected to have an
for bankers' sight and 4.86 9-16@4.86 13-16 for cable important bearing on German financial affairs.
transfers. On Wednesday sterling was still easier. Money in Berlin, as in London and Paris, continues
The range was 4.86%@4.863/ for bankers' sight and to show an easier tendency.
4.863@ 4.865
4 for cable transfers. On Thursday
Italian lire showed comparatively greater firmness
sterling was under severe pressure. The range was this week than any of the other major European
4.86/
1 s@4.86 5-16 for bankers' sight bills and units. Milan dispatches on Tuesday stated that an
4.86 5-16@4.863/ for cable transfers. On Friday official decree has been issued which authorizes the
sterling was still under pressure; the range was 4.86 Bank of Italy to buy, sell, and discount at the market
@4.86 3-16 for bankers' sight and 4.86 3-16@4.86% first-class Italian bankers' acceptances covering exfor cable transfers. Closing quotations on Friday ports and shipments. The measure is intended to
were 4.86 for demand and 4.86 3-16 for cable trans- favor the market for acceptances in Italy, obviously
fers. Commercial sight bills finished at 4.85%,sixty- with possible connections with operations of the Bank
day bills at 4.84 1-16, ninety-day bills at 4.831
8, for International Settlements. Exports bills accepted
/
documents for payment (60 days) at 4.84 1-16, and by first-class banks will be favored by special reduced
seven-day grain bills at 4.853/2. Cotton and grain stamp rates.
for payment closed at 4.85 8.
The London check rate on Paris closed at 123.78
on Friday of this week, against 123.76 on Friday of
Exchange on the Continental countries is dull with last week. In New York sight bills on the French
most of the units showing considerable recessions center finished at 3.92%, against 3.93 5-16 on Friday
from a week ago. The factors affecting the Con- of last week; cable transfers at 3.92 8, against
tinental currencies are seasonal influences in all 3.93 7-16; and commercial sight bills at 3.923,
respects similar to those affecting sterling exchange, against 3.933, Antwerp belgas finished at 13.953.
as pointed out above. French francs are off sharply for checks and at 13.963/i for cable transfers, against
from the high points registered in recent weeks. In 13.97 and 13.98. Final quotations for Berlin marks
Thursday's trading the market was taken by surprise were 23.81 for bankers' sight bills and 23.82 for cable
when French francs slipped below 3.93 to 2.92% for transfers, in comparison with 23.87% and 2388V
. ,4•
cable transfers, a much larger loss than had been Italian lire closed at 5.23% for bankers' sight bills
exylcted as a result of the seasonal turn in the tide and at 5.23% for cable transfers, against 5.23%
3 and
noon, making a total purchase for French account
on Tuesday of 060,000. The balance, £174,000,
was taken for France Wednesday morning at a price
of 85s Md. On Wednesday the Bank of England
received £26,000 in soverigns from abroad and sold
£3,506 in gold bars, On Thursday the Bank bought
£15 in foreign gold coin. On Friday the Bank received £359,374 in soverigns from abroad, sold
£8,739 gold bars and exported £4,000 in sovereigns.
At the Port of New York the gold movement for
the week ended Sept. 3, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$977,000, of which $958,000 came from Brazil and
$19,000 chiefly from other Latin American countries.
Exports consisted of $2,000,000 to Canada. There
was no change in gold earmarked for foreign account.
In tabular form the gold movement for the week
ended Sept. 3, as reported by the Federal Reserve
Bank of New York, was as follows:
1470
FINANCIAL CHRONICLE
5.23%. Austrian schillings closed at 14.133, against
14.133
%. Exchange on Czechoslovakia finished at
2.96%, against 2.96%; on Bucharest at 0.593/2,
against 0.59%;on Poland at 11.223/
2,against 11.233';
and on Finland at 2.513
%, against 2.513
%. Greek
exchange closed at 1.29 7-16 for bankers' sight bills
and at 1.29 11-16 for cable transfers, against 1.299g
and 1.29%.
Exchange on the countries neutral during the war
has receded from the higher levels of the past few
weeks due to much the same causes as affect sterling
and the Continentals, the most important of which
is the rapid diminution in tourist requirements.
In the case of Holland, the lower levels are under the
additional pressure of the approach of autumn
requirements for payments to meet grain and raw
material imports, while bankers say that there is
also a movement of Dutch funds to the New York
security markets. Swiss francs, the firmest of the
neutrals, show only slight recession from the recent
highs which is due especially to the decline in tourist
traffic, while the general firmness of the Swiss franc
is maintained owing to transfers from various centers
in connection with the Bank for International
Settlements. As noted above, while most of the
gold taken from London this week was for French
account, some of it seems to have been taken for
Switzerland. Spanish pesetas continue to fluctuate
widely. The Spanish situation is again filled with
implications as to the eventualoutcome of the exchange
crisisthere. The appointment of Federico Bas,formerly'
undersecretary of finance, as Governor of the Bank
of Spain is regarded in many quarters as an indication
of the new finance minister's determination to overcome opposition to stabilization on the part of older
members of the council of the Bank of Spain and the
majority of the private banks. The decree creating
a clearing house in connection with the Bank forbids
the purchase or sale of exchange except through this
means.
Bankers' sight on Amsterdam finished on Friday
at 40.25, against 40.283j on Friday of last week;
cable transfers 40.263, against 40.293/2; and commercial sight bills at 40.22, against 40.25. Swiss
francs closed at 19.40 for bankers' sight bills and at
19.41 for cable transfers, against 19.43% and 19.44%.
Copenhagen checks finished at 26.76% and cable
transfers at 26.78, against 26.803, and 26.813'.
Checks on Sweden closed at 26.86% and cable
transfers at 26.88, against 26.883' and 26.89%;
while checks on Norway finished at 26.763. and
cable transfers at 26.773/2, against 26.793/2 and
26.80%. Spanish pesetas closed at 10.56 for bankers'
sight bills and at 10.57 for cable transfers, which
compares with 10.65 and 10.66.
[VoL. 131.
week, with Argentine pesos going to 35.62 for cable
transfers, which was more than 1 cent above Tuesday's low. In the main, exchange on the South
American countries is weak owing to the heavy
decline in commodity prices and in both monetary
and quantity volume in their exports. Argentine
paper pesos closed at 35 9-16 for checks, as compared
with 35 11-16 on Friday of last week; and at 355
4
for cable transfers, against 35%. Brazilian milreis
finished at 9.92 for bankers' sight bills and at 9.95
for cable transfers, against 9.47 and 9.50. Chilean
exchange closed at 12.15 for checks and at 12.20 for
cable transfers, against 12.15 and 12.20; Peru at
32.36, against 32.25.
Exchange on the Far Eastern countries continues
weak, although the Chinese units are slightly steadier
as the result of the steadier silver quotations.
Japanese yen continue relatively firm owing largely to
heavy gold exports since the first of the year from
Tokio to New York and London and to other arrangements for supporting the currency. At present
it is understood that there is a movement of Japanese
funds to the New York and London security markets.
According to a recent dispatch from Tokio bankers
there declare that the gold efflux since July 1, which
totals approximately 80,000,000 yen, has been due
to the desire of insurers to invest in Japanese bonds
abroad. It is believed that lower yields abroad and
higher yields in Tokio will soon check the movement.
Closing quotations for yen checks yesterday were
49.42(4)49%, against 49.41@49.50. Hongkong closed
at 329/
8@33 11-16, against 32%@32 15-16; Shanghai at 39%@39%, against 393@39 9-16; Manila at
49%, against 49%; Singapore at 56.25@56 7-16,
against 56.25@56.37; Bombay at 363, against 363;
and Calcutta at 363, against 363.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 30 1930 TO SEPT. 5 1930, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York,
Value in UnUett States Money.
Aug. 30. Sept. 1.
EUROPE$
Austria, sch Wing
141188
Belgium, belga..... .139751
Bulgaria. le'
007215
Czechoslovakia krone .029670
Denmark. krone
268069
England pound
sterling.
4.868377
Finland, markka
025172
France. franc
039339
Germany, reichstnark 238768
Greece. dracluna
012969
Holland, guilder
.402875
IllingarY, Deng°
175308
Italy, lira
.052376
Norway. krone
.268010
Poland. zloty
112012
Portugal, escudo.-- .044912
Rumania. len
.005958
Rind?), peseta
.106810
Sweden. krona
.268895
Switzerland. franc_ .194438
Yugoslavia, dinar.... .017727
ASIAChina-Chefoo tact. .407041
Hankow tael
403208
Shanghai tadl
392500
Tientsin tael
410875
Hong Kong dollar- .326979
Mexican dollar_
.282500
Tientsin or Pelyang
dollar
.286666
Yuan dollar
.283333
India, rupee
.360267
Japan. yen
.494200
Singapore (8.14.) dollar .559583
NORTH AMER.Canada, dollar
1 001025
Cuba. PPM
999718
Mexico, peso
472750
Newf000dland, dollar .998500
SOUTH A M ER.nrgentina. Peso (gold) .808159
Brazil, rn tires
.094055
Chile, yew)
121146
Uruguay. peso
822730
Colombia. peso
963000
$
Sept. 2.
Sept. 3.
$
.141167
.139721
.007233
.029671
.268016
$
$
5
.141248 .141151 .141239
.139678 .139613 .139592
.007227 .007222 .007211
.029670 .029670 .029662
.267922 .267855 .267748
4.867116
.025175
.039335
.238724
.012968
.402836
.175300
.052373
HOLT- .267971
DAY
.112015
.044967
.005960
.106125
.268891
.194418
.017729
.407708
.403541
.393229
.411875
.325208
.285000
4.866020
.025171
.039321
.238640
.012969
.402785
.175319
.052367
.267858
.112035
.044941
.005955
.105886
.268841
.194345
.017729
Sept. 4.
Sept. 5.
4.863593
.025172
.039290
.238494
.012973
.402663
.175278
.052368
.267795
.112140
.044921
.005958
.105655
.263806
.194249
.017729
4.862546
.025171
.039281
.238279
.012962
.402590
.175284
.052375
.267685
.112145
.044860
.005961
.105508
.268762
.104126
.017725
.404791 .406875
.400625 .403281
.390520 .393035
.408958 .411041
.324791 .324821
.281875 .283750
.408750
.405000
.394285
.413333
.324017
.285937
Exchange on the South American countries con.286666 .284166 .285833 .286666
.283333 .280833 .282500 .283333
tinues to display irregularity and weakness. In
.360196 .366210 .380078 .359892
.494150 .494287 .494250 .494187
Tuesday's trading Argentine pesos touched the
.559583 .559416 .559550 .559625
lowest point on record, when cable transfers sold at
1.001176 1.001106 1.001005 1.001102
.999658 .999937 .999937 .949906
34.43, off 1 cent since Friday's close. On the same
.473587 .473975 .474100 .478050
.998468 .998106 .998262 .999418
day Minister of War Dellepiane resigned. This
.790401 .795874 .802768 .802803
.095475 .097175 .099070 .098400
occurrence was of importance as he is regarded as
.121130 .121271 .121251 .121242
.811418 .809520 .812823 .811804
having considerable military as well as political
.965300 .965300 .965300 .965300
power and his resignation in the present crisis was
thought to herald re-organization of the cabinet.
As the Sub-Treasury was taken over by the FedUruguayan and Chilean exchanges declined in eral Reserve
Bank on Dec. 6 1920, it is no longer
sympathy with the peso. There was a recovery in possible to
show the effect of Government operations
the South American units toward the end of the in the Clearing
House institutions. The Federal
SEPT.6 1930.]
FINANCIAL CHRONICLE
1471
Reserve Bank of New York was creditor at the Clear- governing aristocracy of landowners, the class from
which the lawyers, journalists and military leaders
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK have long been drawn, and there was a growing deAT CLEARING HOUSE.
mand for a more democratic government. In 1919
Friday,
Aggregate
Baturdag. Monday. Tuesday. Wegnegd'y. Thursday
returned to Peru, won an election with the
Leguia
Sept.
4.
Sept.
for
3.
Sept.
Sept.
2.
5.
Week.
Aug.30. Sept. 1.
aid of the police who were at odds with the army
110,000.000 140.000,000 131,000,000 155,000,000 Cr. 649.000.000
Hot.
104,000,000
leaders, and thereafter maintained himself virtually
heavy credits reflect the huge mass of checks which come
foregoing
Note.—The
dictator, reducing the political parties to unto the New York Reserve Bank from all parts of the country in he operation of as a
the Federal Reserve System's par collection scheme. These large credit balances.
except as devices for keeping him in
importance
the
Reserve
Bank's operations w th the Clearing
however, reflect only a part of
House institutions, as only the items payable in New York City are represented
suppressing discussion through a cenpower,
and
volume
of
checks
on
institutions
The
large
balances.
located
daily
outside
In the
of New York are not accounted for in arriving at these balances, as such checks
do not pass through the Clearing House but are deposited with the Federal Reserve sorship of the press.
Bank for collection for the account of the local Clearing House banks.
Aside from the censorship, the principal charges
which
have been made against Leguia have to do
The following table indicates the amount of bulwith his introduction of foreign capital, the influence
lion in the principal European banks:
exerted by foreigners, and the Tacna-Arica dispute
Sept. 4 1930.
Sept. 5 1929.
with Chile. Under Leguia, foreign loans rose to
Banks of
Sneer.
Gold.
Gold.
Total.
Silver.
Total.
some $400,000,000, somewhat more than half of that
£
I £
the re155,521.528137.548,740
155.521,528
England
137,548,740 amount coming from the United States and
377,932,986311,442,845
(d)
France a.._ 377,932,986
311,442,845
mainder from Great Britain, and American investors
Germany b 123,457,550
c994,600124,452,150 109,172,000
994,600 110,166,600
98,944,000 28,759,000 127,703,000,102,583,000 28,735,000 131,318,000
Spain
56,346,000; 55,793,000
56,346,000
Italy
55,793,000 held more than two-thirds of 'the foreign debt. In
Nethlands 32,552,000 2,057,000 34,609,000 36,930,000 1,770,000 38,700,000
34,525,000 28,930,000 1,270,000 30,200,000 return for loans Leguia turned over to Americans
Nat. Beig- 34,525,000
25,570,000 20,274,000 1.369,000 21,643,000
Switzland. 25,570,000
13,471,0001 12,964,000
Sweden_ __ 13,471.000
12,964,000 the administration of the customs service and the
9,567,000 9,585,000
Denmark _ 9,567,000
420,000 10,005,000
8,141,0001 8,153,000
Norway __ 8,141,000
8,153,000 collection of taxes, the management of the navy and
Total week 936,028.064 31,810,600 967,838,664'833,375,585 34,558,600 67,934.185 aviation, the preparation of 'the budget, and imporPrey. week 932,893,11 31,696,600 964.591,715832,113,712 34,439,600 66,553,312
tant concessions in oil and copper. In the view of
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
his political enemies, the country was being sold to
abroad, the amount of which the present year Is £7,489,000. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
foreigners. The settlement of the Tacna-Arica controversy, arrived at with American aid, gave Arica,
Political Agitation and Change in Latin
which is important commercially and strategically,
America.
to Chile and left the relatively unimportant Tacna
The revolutionary change of government which has to Peru. It was against these policies that the
just been effected in Peru, the excitement in Argen- working classes and the university students, long
tina over a political convulsism vaguely felt to be harshly repressed by Leguia, prdtested with increasimpending, the report of a revolutionary outbreak in ing vigor, and it is to those elements, reinforced
by
the Brazilian State of Rio Grande do Sul, and the army officers and politicians, that the present sucarrest of a considerable number of alleged political cessful revolt appears to have been due. If the new
conspirators in Cuba,are events whose causes are not Government has its way, the former President will
lightly to be sought in the supposed volatile political be tried and perhaps executed for alleged high crimes
temperament of Latin Americans generally, but
and misdemeanors, and a drastic proscription of the
rather in political and economic conditions which lie former supporters of Leguia has already
begun.
back of the events themselves. The Brazilian outThe tense situation which developed in Argentina,
break appears to have been only an unimportant like the open revolution in Peru, was also directed
flash in the pan, apparently more threatening in ap- against a Presidential dictatorship. President Inpearance than in reality because the State in which goyen has long been a political storm-centre.
First
it occurred has been a fertile source of insurrection- elected in 1916, he went out of office in 1922
with a
ary movements. The political grievances in Cuba record of arbitrary conduct and disregard for
the
against the Machado Government are of long stand- Constitution which had aroused
widespread hosing, and it is possible that the aid of the United
tility. In 1928, however, he again came forward as
States may be sought in bringing about a peaceable
a candidate and was elected by an overwhelming
settlement of the controversy. In Peru, on the other
majority. His position since that time has been the
hand, a Government long in control has been sudpeculiar one of a President whose reticence, simple
denly overthrown with hardly a show of resistance
habits and myaterious movements have won him
and a new regime installed, while in Argentina the
wide personal popularity, at the same time that his
elaborate military and naval preparations point to
arbitrary course in office has created a formidable
fear of a serious attack upon President Irigoyen
volume of hostile criticism. He is openly charged
which yesterday eventuated in his resignation. In
with reducing the members of his Cabinet to figureboth of these latter'countries is to be found a mixture
heads, ignoring Congress, leaving a long list of imof political and economic influences such as every- portant offices, including
a number of diplomatic
where provoke social discontent and often incite to
posts, unfilled because a majority of the Senate was
revolt.
politically opposed to him, and using federal authorThe deposed President of Peru, Senor Leguia, was
ity to interfere in provincial affairs and overturn a
an exceptional figure in Latin American politics in
number of opposition provincial governments. The
that he came to prominence first as a business man
'street demonstrations and hostile public meetings
rather than as a politician or soldier.
President gave the agitation a wider bearing than a merely
from 1909 until 1912, he had by that time
accumu- personal one. His retirement wat the natural outlated sufficient opposition to send him into exile,
and come of a growingly tense situation.
the next seven years were spent in England and
the
The larger basis of the agitation is economic.
Both
United States as the representative or organizer of Peru and Argentina
have suffered seriously from
the
various Latin American business enterprises.
The worldwide depression in trade,industry and
finance.
period saw nupierous revolts in Peru against the Peru has witneskred a
sharp decline in the prices of
1472
FINANCIAL CHRONICLE
181.
copper, wool, sugar, cotton and other exports, a the circumstances. The treaty concluded in 1922
heavy drop in customs receipts, and in the copper 'between the United States and Costa Rica, Panama,
industry a great volume of unemployment, at the Honduras, Nicaragua and San Salvador, by which
same time that the budget has been threatened with those governments undertook to withhold recoga deficit because of declining revenues and the dif- nition from governments which came to power
ficulty in obtaining loans abroad. The United States through revolution, does not extend to any other
Commercial Attache at Lima reports that low prices Latin American States, and the United States has,
have brought about the entire elimination of export apparently, no similar understanding with any of
taxes, aggregating $100,000 per month, and that the them regarding such a situation. The case would
customs receipts for the first half of 1930 have been doubtless be different if former President Leguia
approximately $1,400,000 less than for the corre- were made to pay with his life for his alleged politisponding period last year, and below the'budget es- cal offenses. Meantime the new Peruvian Governtimate for the current year. Argentina has suffered ment promises various reforms and the continuance
from a small wheat crop, widespread unemployment, of friendly relations with other Powers, and there
and special financial difficulties for which President appears to be no ground for apprehension regarding
Irigoyen was held responsible. The insistence of the the debt service of either Peru, Argentina or Brazil.
President upon dealing personally with every legislative authorization for the expenditure of government
Chicago Celebrates the Peace Pact.
funds led to delays,.'the consequent refusal of the
On Aug. 27 Chicago took the lead in celebrating
banks to discount government paper, and the em- the second anniversary of the signing of the Kelloggbarrassment or bankruptcy of large numbers of con- Briand Peace Pact, which formally renounced war
tractors. The action of President Irigoyen last De- as a national policy for the settlement of disputes
cember in closing the gold conversion office in an between nations, and w.hich was subsequently eneffort to stop the export of gold was followed by a dorsed by the principal countries of the world. We
decline in the value of the peso—a decline to which cannot refrain from commending this great city for
the agricultural and trade depression also con- inaugurating a movement which promises to grow
tributed.
into universal observance. It has occasionally been
Partly because of the personal character of their suggested that zn an accepted day throughout the
governments, partly because of long-established po- world 'the peoples of earth meet together in their
litical habits and ways of 'thinking, the peoples of respective States and renew the pledge which outLatin America are much more disposed than are the laws war forever from the annals of mankind. No
people of the United States or Europe to hold their other celebration can compare with this in imgovernments directly responsible for whatever eco- portance. At the Chicago luncheon addresses were
nomic, social or financial evils may befall them, and delivered recounting the imperative need of continuto look to government for help. Financially, the ing the good work begun by recent "disarmament
position of Latin America is difficult. Rich as most conferences," and, above all, pointing out the beneof them are in natural resources, and great as is the fits to the coming generations of observing the pact
progress which many of them have made in recent which is now at last in existence.
years in the development of agriculture, mining,
We will be pardoned for stressing the good and
manufactures and trade, not even the strongest of glory of such a day. The constant recurrence of a
the Latin American States is as yet able to dispense pledge fastens it in the public mind. When all
with foreign loans. Moreover, the security which it nations hold meetings on the same day (the Chicago
has been necessary to offer for loans, in the form of Peace Day Committee is planning an international
pledges of certain revenues or exclusive privileges movement to this end), there is a unity of thought
in the exploitation of natural resources, has given that will go far to perpetuate the pledge. A constant
foreigners a position of importance which has made reminder in the spirit of amity can never go amiss.
easy the popular cry that foreign influence was pre- There is tacit understanding that another "disarmadominant. Prior to the World War,the main source ment conference" will be held in five years. But an
for foreign loans in Central and South America was annual rejoicing everywhere over the principle of
Great Britain, but since the war an increasing share peace helps to point the way to the physical means
of the foreign capital has been furnished by the by which actual peace is to be accomplished. Amid
United States. The great wave of financial specula- all our contentions over "preparedness" and "distion which drew capital to this country from all armament," the principle must live on.
parts of the world made it increasingly difficult for
The causes of war have not been exorcised. There
Latin American governments to borrow in the are flashes of strife and murmurings of discontent
United States, and the industrial and trade depres- in various parts of the world. But when a people
sion finds them with resources gravely impaired, solemnly proclaims that whatever may come, war
and with the same problem of unemployment with shall nevermore ensue, the public mind must inwhich the strongest governments are wrestling.
evitably turn to the best means of allaying these
It is gratifying to know that the Administration incipient causes. For of what avail to renounce the
at Washington, while naturally.watching with deep use of war and Still hold it in the national coninterest the recent course of events in South Amer- sciousness as a means to an end? These annual
ica, especially in Peru, disclaims any intention of anniversaries in every land will emphasize the inconintervening or of taking sides with either political sistency of preparing for what which is never to
party or faction. Its efforts have been directed to come again, or it will present the insidious hypocinformal representations urging moderation, and to risy of preaching peace and preparing
for war. And
such action as is possible to protect the rights of the in the next decade we must see this truth or abandon
few American citizens who have become involved. as pretense our pledge.
The question of recognizing the new Peruviah regime
We need not, however, dwell on this phase of the
will be answered, presumably, by consideration of all subject. There are other and happier thoughts. For
SEPT.6 1930.]
FINANCIAL CHRONICLE
1473
United States, though counties and
all peoples to agree for once on any subject is a unknown in the
fail to reach the common
sometimes
may
States
even
of
spirit
breathe
the
long step in the advance. To
It is a glorious land we own
peace for one day all over the world is to hallow measure of fullness.
Situate in the north temperate zone,
the motives of men and consecrate the judgment of and inhabit.
sides, flanked by tw-o
mankind. No step in international relations was with long coast lines on three
sweep of valleys
broad
the
chains,
ever received with such acclaim as the signing of great mountain
warm waters
the
to
flowing
rivers
mighty
bearing
the Peace Pact. Governments, though removed from
nation
as proanother
there
south,—where
is
of
the
the intimate lives of peoples, by this act reflected
minerals
and
products,
native
in
powerful
lific
and
before.
the heart and mind of the masses as never
men
repine
should
Why
own?
our
as
manufactures
States
the
peoples
of
the
deny
that
For no one can
desire and demand, by overwhelming numbers, that in such a blessed environment?
In this territory Nature follows her own eternal
war shall never come again.
servant, though he
But governments, feeling a sense of responsibility, laws. Man is her ally and her
an ever-grinding
from
statutes
human
are timid about destroying the means of defense. pour out his
come and go—
years
and
Seasons
mill
of
mentality.
They see the causes that divide and destroy still at
cannot
stay the
he
though
works,
man
and
watches
work. If, then, year by year, on a single day, they
out of
crops
the
force
or
winds
or
bring
the
rains
be
conmust
renewed,
they
hear the peace pledges
year,
the
afternoon
of
waning
time.
Autumn,
their
Mankind
thereon.
and
to
act
believe
strained to
his
garnering
is busy in individual work and thought. We are finds the harvester late in the field
crops
his
If
ourselves prone to forget. A celebration everywhere bounty, ere the sleep of earth in winter.
each year will renew devotion to the cause of peace. are scant, if his temporal debts and taxes bear
And no other cause is more noble, beneficent, and heavily against the hope of payment, if his neighbor
imperative, than this cause of peace. We know is more prosperous than himself, he works on as best
already the consequences of another World War, he may, conscious that another year it may be difand to dedicate the peoples anew to renunciation of ferent, for he has forsworn his life to the cultivation
of the soil and placed his trust in the God of Nature.
war is the greatest thing on earth.
And with the coming of autumn he broods upon his
human
being
every
can
take
that
not
only
It is
part in these national-international celebrations, fate, but never loses the courage that is born of combut that everyone should take part. It is here that munion with sowing and reaping. In a year of
the personal voice may be heard. It is on these unusual drouth we may wonder why these men who
annual days that democracy, regardless of the forms toil in the open do not abandon their farms in one
of government, may prove itself. It is at such a time huge hegira, but they never do.
Autumn, with its big yellow moon,its serene days
hate, envy, jealousy, intolerance, may be banished in
the general unity, and love and kindliness bring and soothing nights; autumn with its alternating
forth fruits that are imperishable. Let us, then, by songs of plenty and sighs of scarcity—what does it
all means further this day of all days in the history bring to those who dwell in cities and work in stores
of mankind. We can imagine the thankfulness that and offices and factories? Do these toilers feel the
other generations will bestow upon our own era as moods of nature and hearken to the spirit of brotherthey take up the refrain and rejoice in a world that hood that unites a people into a nation? This is not
knows not war and that determines anew it shall an idle question. For several years the whole people
have been agitated over the plight of the farmer.
not come.
There are many men of many minds, but how easy Legislation has attempted relief without much sucit is to agree in public annual celebrations that no cess. Now comes a seuere drouth! Owing to a
one wants war for its own sake. Sentiment rejoices large carryover, save for corn, there appears to be
and reason approves. The great gift of life was little change in prices. The city worker will not
not given to us to be destroyed wholesale by shot have to pay much more for his bread. As we have
and shell and the well-known hideous means of said, the man of the fields will not "give up the
extermination. These "Peace Days," recurring ship." He is inured to the vagaries of the seasons.
yearly, will be days of thanksgiving for the privilege He works on—hope in his heart, courage in his
of life. Unless we believe this we might well sub- strength. He will not forsake the farm. Reasonstitute universal suicide for war. But we do believe able aids by governments he will accept; pity he
that He who marks the sparrow's fall, who guides scorns; and patent cures he derides. A campaign
the wildfowl, "love-wandering but not lost," guides comes on when we may expect, in desultory fashion,
politics to ride high.
us in ways of joy and helpfulness and Peace.
Autumn is the time for thought and meditation.
The Tides of Autumn.
Conditions are such this year that the exhortations
Out on the rolling prairies the grasses are of the parties may divide a people. Let us take care
withered and sere, and the yellow leaf will fall earlier that no schism is started between the East and the
this year. Southern savannahs lack the lush growth West. Mining supplies manufacture; manufacture
of former seasons, though the cotton will whiten the energizes agriculture; and agriculture feeds each of
fields almost as of yore. Seaboard 'States, on either these. As over the mountains, valleys and plains
side of the country, have not suffered the heat, with these vocations mingle and merge, so we become a
a few exceptions, as severely as other sections; and united people. We are all dependent and inttrdewill fulfill the promise of an eager spring with gen- pendent. Sectionalism, by our very physical
reacerous rewards in fruits and grains. The loom of tions, is disappearing. The clerk in the stuffy
store
Nature weaves fantastic measures, but the old-time in the city and the farmhand on the
parched lands
pattern is never entirely forsaken. The vast interior round about are one in duty and
deliverance. Our
valley is a sublime epic of growth and fulfillment. huge "domestic market" is our salvation.
Artificial
Seasons succeed each other with unbroken regu- legislative statutes cannot change
nature, cannot
larity, and so vast is the terrain that famine is really destroy the older law of supply and
demand. So
1474
FINANCIAL CHRONICLE
[Vol.. 131.
s it is that we should meet our political contests, mistakes made last season. Its %policies, which
everywhere, with tempered, open minds, with a deep worked so much mischief in the grain and cotton
markets last year, have been reversed in some insense of our mutual obligations.
Contemplation of things as they are on these broad stances, and, in others modified to such an extent
prairies should give us power to gauge the promises that the economic disturbance therefrom seems likely
of politics and enable us to analyze the laws that to be reduced to a minimum. We deemed it incumare woven about our vocations. We cannot expect bent some months ago, when the Farm Board
that two industries such as agriculture and manu- launched a plan of farm relief that was so plainly
facture can ever be equalized by statutes either in freighted with ill results, to speak in sharp dissent
the tOtal wealth or capital involved or in profits, with its policies and are glad now to find that it has
or in the kind of life necessary to carry them on. entered upon a different course.
They are correlative and co-operative. They support
An illustration of the manner in which the Farm
and sustain each other. The misfortune of short Board has gained wisdom by experience is contained
crops is felt in the kitchen of the tenement. Our in a recent press dispatch from Washington, reading
philosophy should be to know and feel this eternal as follows:
dependence of all men on nature. Seeking for arti"In marketing the 1930 cotton crop, the American
ficial aids in agriculture or manufaeture by officious
laws intended to turn the tides of trade out of their Cotton Co-operative Association will attempt no
usual course is to cherish a delusion and create a price pegging operations such as were undertaken
division among our people. As the sun wanes in last year. The Federal Farm Board has issued statement of E.F. Creekmore, Vice-President and General
power in the autumn of the year, reflecting on con- Manager of the Association, to the effect that additions over the country ought to soften the asperi- vances to state co-operatives for the benefit of their
ties of the campaign.
seasonal pool members will be made up to approxiWage-earners in factories, seeing the checkered mately 90% of the value of the cotton where located.
fields, should feel the mutual interest that lies be- Advances will be less than 90% by administrative
tween full crops and mass-production. Each ele- costs. On optional pool contracts, the loan will be
ment in our industrial life, working full-time for 10% less than on the seasonal cotton. As the market advances or declines, the advance will be adfull-returns, must perceive that the very wealth of justed,
but board members are not anticipating
our indigeneous resources requires not so much much more of a drop in the price of cotton. They defavoring laws at home as freer trade abroad. Props clare that this commodity has only been so low as it
to farmers and protection to our industrialists are now is three times in thirty years. Notices that
alike contrary to the natural and even flow of trade there will be no price pegging through the activities
between the valleys and the seaboard and between of the association this year is contained in the statethe united people and peoples over the seas. The ment by Mr. Creekmore. Both the Federal Farm
farmer, pondering in this autumn time over his full Board and the American Cotton Co-operative Association feel that it is unwise to make a fixed adcrops or his barren fields, will not heed the advice vance
on cotton regardless of market prices."
of limitation of acreage. And conversely in the
mines, mills and marts wage-earners will come, on
The meat of the statement is in the last sentence
reflection, to see that a policy which shuts out com- of the paragraph quoted above. It is quite evident
petition and thus prevents exchange abroad will nOt that the Federal Farm Board has learned by costly
make more work but less, will not elevate wages experience that it is unwise to make a fixed advance
because of rising prices, but will swell unemploy- on cotton or any other commodity regardless of
ment because the machine will the swifter over- market prices. They attempted this last season by
offering to make loans to members of the various
supply production at home.
We can imagine the welkin ringing with charge State Co-operatives at a fixed price. The result was
and countercharge of the political contenders while that the price of both wheat and cotton promptly
the bread line lengthens in the East and the pastures proceeded to decline to the level, and finally broke
wither in the West. But the farmers can always away below the pegged price. In other words, the
work, while those who walk the streets hunting for law of supply and demand, inexorable in its operajobs grow weavy and despondent. Winter comes tions, could not be overcome, and, in the final analapace. The tides of autumn linger and pass. And ysis, producers of wheat and cotton found themthe unemployed in the cities have a prospect more selves in a worse plight than if there had been no
malign than the dweller by forest and field who artificial interference with the course of he markets.
never loses his entire crop. The fact should give
The depression in the grain and cotton markets
pause to those who would cure all by politics. It could not have gone farther than it did, even if the
should show the essential union of all workers. It Board had not taken a single bale under its wing,
shoultd abate animosity, appraise rightly the laws and we may be sure that in that event the surplus
we make, and teach that the divine ordering is won- now glutting the markets would have been worked
drous opportunity in the diversity of benefits in off through regular trade channels of distribution.
our common country. And as the sun shines more Furthermore with the drouth damage that the staple
kindly and the rains, perhaps, freshen the famished crops have sustained this year, it is quite possible
earth,let the farmer think on his fellow adrift in the that in that event we might now be in the midst of
city, let the man waiting in the bread line think on rampant bull markets for these commodities.
his fellow in the field—that 'they are brothers in
However, despite the surplus stocks of wheat and
cotton accumulated by the Farm Board, speculative
prosperity or adversity.
and trade buying of wheat and cotton appears now
Learning by Experience.—The Federal Farm
to be increasing, and perhaps an upward trend of
Board.
values will be stimulated by the wiser policies that
In more than one instance recently the Federal the Farm Board officials have adopted
this season.
Farm Board has shown that it has profited by the Good prices for grain and cotton will do much to
SEPT.6 1930.]
FINANCIAL CHRONICLE
relieve the distress caused by the drouth in the agricultural regions of the country, and will be of benefit in restoring prosperity generally. A "hands off"
policy however would be best of all.
What Stands Back of Labor.
Due tribute has 'been paid this week by the observance of Labor Day to the forty-seven millions of
workers engaged in breadwinning employment, according to latest census returns. Recognition is very
general of the value of services rendered by executives, but there is a class of workers between the socalled laborers and the executives who never appear
in the limelight, and who are well worthy of recognition.
These are the managers. Every large corporation
possesses a general manager and many departments
have managers at their heads. They are the diplomats of a corporation, one of their duties being tO
keep harmony between the executive and directors,
who represent the organization, and the rank and
file of the workers who manufacture the product.
Patience, skill, diplomacy, efficiency, good judgment, diligence, forethought and preparedness to
meet any unexpected emergency are a few of the exacting requirements of a successful manager who
must be familiar with every detail of each department in order to handle perplexing problems as they
arise from day to day.
Something more than the enterprise, pluck and
limited capital of men who start a business are required to assure its continuance and growth. More
capital will be needed. The wonderful achievements
1475
of industry in the United States are very largely due
to the resources of people who invest their savings
in the shares and bonds of all sorts of industrial,
commercial and transportation enterprises. At least
one railroad has over two hundred thousand shareholders. Wealthy as are the few men operating the
great U. S. Steel Corporation and the extensive business of the American Telephone & Telegraph Co.,
those concerns could never have achieved the success
they have attained were it not for the support of investors big and little. Faith and savings of the
people are the backlog of American industry.
While there are ten million women gainfully employed who take their places beside thirty-seven million more male workers, the twenty-three million
housewives should not be overlooked. As their
mates toil at their daily tasks these worthy women
rear children, provide food, make homes comfortable
and attractive and in every way fit their husbands
to carry on and become the most skilful and greatest
producers in the world.
Thus back of the men who are honored by the observance of Labor Day stand Yankee energy and
pluck, American capital, capable management and
millions of the best women on earth.
In honoring the toilers by setting aside a special
holiday for celebration the country also pays tribute
to those who stand behind the workers, making their
efforts possible and effective. From labor to dividends and interest 'there should be an unbroken
chain, making possible the flow of capital back to
industry, thus assuring steady employment and wellfounded prosperity.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL
EPITOME.
In pig iron,trade has been dull and produetion turns out to
Friday Night, Sept. 5 1930.
have
been the smallest in August since 1924. It looks as
Trade has improved on a moderate scale. Wholesa
le though August production of automobiles was even smaller
trade and industry show more life. The tone in busines
s than that of July. Rayon and silk goods have been in better
is more cheerful, even if the actual increase in trade is not
demand. As regards failures they are fewer and liabilities
very marked. Still there is more business being done than
are smaller than they were in July. Lumber production in
there was. Retail trade is active in children's goods and August
increased somewhat, although production still reschool supplies. It is true that one way of pushing retail
mains
about 50% of the normal. The canned salmon
at
business is to have special sales of summer goods.
They
seem to be on the whole successful In a number of industries output is selling at low prices. In parts of the grain country
rain is still needed and corn has advanced 10 cents in a
there is greater animation. There is some increase in
steel month but wheat is at the lowest price seen since 1914.
production. Carloadings are showing about the
seasonal increase. A larger business has been done innormal Wheat declined a couple of cents under stress of heavy
print cloths and gray goods generally and prices are cotton Canadian marketings, large and persistent offerings by Ruseither sian to Western Europe and a lack of any outstan
stronger or higher; in fact 383. inch 64x60s print
cloths are export demand here until to-day when the export ding
quoted at up to 53( cents, with some constructions
sales
at
quite active. This refers, however, more to print times suddenly rose to 2,000,000 bushels mostly Manitoba. And
cloths.
noticed
is
it
that
Septem
with
ber wheat at a discount of 15
Other coarse yarn gray goods have not sold so well;
indeed cents under September corn there is a very
most of the time they have been very quiet. There has
noticeable
a better inquiry for fine and fancy cotton cloths, and a been tendency to buy wheat and sell corn as a "spread." Corn
better
decline
d
to
2
cents,
3
partly under the influence of wheat,
trade in crepes, broadcloths, lawns and voiles for
prompt but at the same time there was a good cash demand
or nearby delivery. It is noticeable too, that supplie
and
prompt shipment have been small. Finished goods s for country offerings were small unless they were at prices conhave
siderab
ly above the market. Oats declined a little but the
sold better. After Labor Day the trade in such
goods
position of this grain is more independent than that of either
fact was larger than usual at this time of the year. It in
is wheat or corn, for the cash demand is good and
significant, too, that most of the orders stipulated
prompt while the country movement is small and the persistent
delivery. In other words it looks as though stocks in
dis- arrive are light. Rye has declined 2 to 3 cents offerings to
tributing channels have become much depleted. This
with wheat
was
the inevitable result of prolonged abstention from buying. and old rye dull but on the other hand the new crop is in
demand.
Trade in woolens and worsteds, dress goods and
coatings
Cotton advanced some 25 to 30 points as crop
for fall delivery has been quite brisk, though on the
other decreased and the trade and shorts are more estimates
hand men's wear lines have as a rule been slow
inclined to
of sale. buy. The average guess on the govern
ment estimate to
Broad silks for the fall trade have been in larger
appear
demand
Septem
on
ber
8
by
members of the Exchange
especially from cutters.
is
14,018,000 bales against 14,362,000 the
estimate of August
A larger trade in hard and soft coal is reported.
and 14,828,000 the final crop last year.
The
8
paint and varnish industry shows greater life than might
Also at one time
be there was a good deal of nervousness among
expected at a time when building is comparatively
quiet. of the great and disastrous tropical storm. shorts because
August building was the smallest of the year.
But it will not
we are now assured by the Weather
Bureau, strike the
1476
FINANCIAL CHRONICLE
[VOL. 131.
London cabled: "Warned by the rapid falling off in
the
American coast. This leaves the crop estimates as
overseas trade in the past year, the Lancashire
British
report
nt
governme
the
salient factor. There is a fear that
has produced a yarn from low grade cotton
Corp.
Cotton
bales.
0
on the 8th inst. will put the crop at about 14,000,00
4d a pound. The organization is
d by ranging from 63 td to 73
Meanwhile the Southern farmer is being encourage
lity of these yarns to manufacthe
practicabi
with
satisfied
Hides
back.
hold
90% loans on the value of his cotton to
cloths, suitable for a large
cotton
cheap
attractive
ture
advanced to-day 43 to 57 points in an evidently oversold
and is proposed to accept orders
markets
of
foreign
number
short
the
do
over
to
is
tendency
market. Some think the
30 until next February on cloths based on yarn at these prices."
side in all the commodity markets. Cocoa declined
Manchester, England advices from Tatterall said that
3Ac
points. Silk fell 5 to 10 points. Lard advanced M to
better tone was maintained with a fair cloth demand.
the
the
hogs,
for
prices
partly under the stimulus of higher
buyers in the meantime were cautious pending the
,
Cloth
Moreover
receipts of which have been relatively small.
bureau report. India news is more encouraging. Better
packers have been buying and shorts have found it prudent
s are reported at the Shanghai auctions. And
clearance
to
efforts
the
as
points
to cover. Sugar declined 4 to 6
is
price testing in the smaller markets, though
more
there
to
stabilize prices by restricting Cuban exports are checked
of turnover is still unimportant. Leipzig,
aggregate
the
East.
Far
the
of
n
oppositio
some extent by the seeming
cabled:
"Authorities on international trade said
Germany,
Brazilthe
Coffee advanced X to lc in a short market when
German manufacturers to seize Indian
for
ripe
the time is
ian markets suddenly advanced and caught the New York
the
British as an outcome of Mahatma
to
closed
markets
once
exchange
Brazilian
shorts napping though to-day when
. Spokesmen said Germany
movement
boycott
Gandhi's
more declined there was a setback of 25 to 40 points.
in the Orient because she has
e
advantag
the
unique
enjoys
London,
in
and
here
levels
low
new
to
Rubber has declined
the racial frictions hamperavoids
so
and
there
no
colonies
to
on
seem
as projects to limit production and exportati
On The Main cabled Sept
Frankpor
nations."
meet with difficulties which tend to beget a pessimistic tone ing other
with the textile industry
contrast
sharp
in
that
3
tember
of
rubber
.
Supplies
Singapore
and
in New York, London
ergische CattunmanuWuettemb
the
Germany
in
generally
are large and the demand to put it mildly is none too brisk.
to 123- % as compared
dividends
its
increased
has
factur
4
cases
some
in
was
market
stock
the
inst.
3rd
On the
previous to that. The
4 points lower with wheat off. The trading was in with 10% last year and 6% in years
to 73
e for the increased
responsibl
been
has
cloths
for
print
The vogue
only 1,744,500 shares. Call money was up to 2
the
company.
of
power
earning
WestSteel,
States
United
were
most
stocks that gave way
Montgomery, Ward & Co. reported gross sales of $20,inghouse Electric, Standard Gas, Sears-Roebuck, American
against $24,955,313 in August 1929, a
Tobacco, B. J. I. Case, Columbian Carbon, Eastman 966,819 for August,
The eight months. volume this year
a
of
15.98%.
decrease
industrial
hand
other
Kodak and Johns-Manville. On the
shows an increase of 1.34%. Sales
year
last
with
compared
bonds were higher following the recent rise in railroad and
Co. totaled $22,055,003 in August, a
utility bonds. To-day stocks advanced 2 to 5 points in a of F. W. Woolworth
the total of $24,446,805 in the month
of
from
9.7%
decrease
shares.
1,652,140
small market the transactions being only
eight months sales aggregated
first
the
last
For
year.
Low priced stocks were the most popular including American
$182,777,973 in the period
with
compared
198,
$174,113,
Nickel,
onal
Internati
one,
Radiator, Columbia Graphoph
Commenting on these sales
a
last
of
4.7%.
year,
decrease
gains
Kelly Tire and Reading Coal, all of which registered
out that in the months of
H.
T.
pointed
,
Parson,
President
of a couple of points or more. They were more or less helped
represented the fiftieth
to
the
sales
May
year
last
August
cotton.
in
points
25
and
by an advance of 2 cents in wheat
an increase of $11,ry
sales
and
effort
showed
anniversa
these
like
But of course there is a seamy side in dull markets
months.
for
those
357,174
and declines of 1 to 9 points were disclosed in Canadian
The Harvard Economic Service is quoted as saying there
Pacific, Gillette, Oliver Farm Equipment and Pittsburgh &
is
considerable reason for believing that the worst is now
Fall
West Virginia. But bonds further advanced. At
over
and better prospects therefore appear for an upturn in
5
and
4
2,
Nos.
Mills
Durfee
the
2
Sept.
River, Mass. on
in the United States than there were at the end of
business
since
down
closed
units were reopened after having been
our monetary and credit structure is not only
Since
1921.
early in July. Sufficient order to insure the engagement of
strong, commercial credits are liquid,
unusually
but
sound
are
year
the
of
balance
the
for
looms
the
at least a part of
some
months has been probably less
for
n
and
productio
the
H.
N.
er,
reported to have been secured. At Manchest
demands, there is every prospect that the
New Hampshire Mills has orders sufficient to keep its plant than current
we have been expecting will not be long
running on full time for six months and good propects of recovery which
the only change there need be made in
that
and
delayed
ur"repeats" in the major lines. The Amoskeag Manufact
this fall business will not acquire such
our
that
is
forecast
supplies
it
as
condition
s
prosperou
the
by
benefit
will
ing Co.
been expecting. It is reported that
have
we
as
impetus
and
sweaters
of
ure
the
manufact
most of the yarn used in
add 1,000 men and women to the
will
Co.
R.
&
H.
Macy
rth,
bathing suits at the other mills mentioned. Somerswo
store between September 4 and
nt
departme
staff
of
the
the
that
ment
announce
the
with
that
4
N. H. wired Sept.
as possible these positions will be
far
as
that
1
October
and
to
is
of
sheetings
rers
Dwight Manufacturing Co. manufactu
filled with persons registered at the Employment Bureau in
of
favor
in
Mass.
Chicopee,
at
plant
operating
its
close
this City.
operations at the Great Falls Co.'s plant at Somersworth,
A tropical storm with a wind velocity of 160 miles an hour
preparations are under way for early resumption there.
struck
Santo Domingo in the Dominican Republic on the 3rd
local
the
weeks,
of
number
a
for
s
operation
After curtailed
inst.
and
seems to have nearly destroyed the city. It is
bleachery
the
of
mills were closed last week with the exception
stated
that only 400 out of 10,000 buildings in the city are
works.
left
The dead are said to number 1,000 and the
Troy,
standing.
of
Mills
Cotton
Wilbur
At Richmond, Va., the
injured
regular
For sanitary reasons survivors are forced to
5,000.
half
a
N. C., have maintained for the last year and
persons are said
full time day and night operating schedules. Charlotte, burn bodies of many victims. Some 29,000
taking active
is
Cross
to
be
Red
The
good
American
a
homeless.
brought
r
Septembe
N. C., reported that the first of
Government is sending
many indications that the textile situation is looking up- measures of relief. The United States
and supplies. American
ward. A good many mill men, who have been predicting airplanes from Haiti with medicines
Domingo. The loss is
food
Santo
to
are
ships
way
on
the
ent
improvem
that September would see the beginning of real
Bureau said that
Weather
The
at
00.
estimated
their
$30,000,0
over
le
comfortab
more
deal
are said to feel a good
Thursday
central.
y
the
apparentl
was
ce
sales
tropical
disturban
month,
good
prophesies. Although August was not a
Baracoa
between
Cuba,
of
night
coast
ern
near
the
Northeast
of gray goods were reported at least enough to cut down
intensity no winds
lessened
and
ble
considera
than
a
with
Nuevitas,
larger
bly
considera
stocks to some extent and were
of gale force being reported. It is likely that this disturbance
June and July business. At Concord, N. C., the Hoover
northwestward and reach the
Hosiery Mills and the Willis Hosiery Mills are reported will continue to move west,
night. Later to-day a
Friday
during
Florida
by
or
Straits
Gastonia,
At
running on a full night and day schedule.
Bureau as saying
Weather
the
days
on
quoted
dispatch
Washingt
N. C., the Ruby Mill, which has been operating three
tropical storm
the
from
all
that
States
to
the
danger
United
SpartanAt
time.
full
per week for some time, will resume
had
been
the
d.
of
eliminate
plants
burg, S. C., a cut of 11% in wages at the 12
On the 3rd inst. it was 70 to 84 here, the latter at 3 p. m.,
Carolina Cotton & Woolen Mills, owned and controlled by
but
by 10 p. m. it was down to 70 and the latest hot wave
3,000
by
accepted
Marshall Field Co. of Chicago, was
was
s
employee
broken. Boston has 70 to 90 degrees, Chicago 56 to
workers. Cohoes, N. Y., wired that 50% of the
to 78, Detroit 56 to
at the Root Manufacturing Co. were called back to work last 74, Cincinnati 72 to 78, Cleveland 64
to 76, St. Paul 54
60
e
Milwauke
84,
to
60
City
78,
Kansas
necessiTuesday morning. Fall and winter order delivery
82, Philadelphia 74
to
58
Omaha
76,
to
66
72,
to
Montreal
tated the recall.
SEPT.6 1930.]
FINANCIAL CHRONICLE
to 90, Phoenix 76 to 106, Portland, Me.,
64 to
Ore., 60 to 80, San Francisco 58 to 70, Seattl 88,Portland,
e 58 to 76, St.
Louis 64 to 84, Winnipeg 40 to 74. On
the 4th inst it was
62 to 76 degrees here, 60 to 74 in Boston, 60
to 66 at Cleveland, and 54 to 70 in Winnipeg. To-day
65 to 74 degrees. Boston overnight had New York had
56
60 to 76, Cincinnati 54 to 78, Cleveland to 74, Chicago
58 to 66. The
forecast was for showers tonight and
tomor
tonight but cooler tomorrow and fair and cool row, warmer
on Sunday.
1477
"We are slowly evolving a larger economi
c pattern In whcih individual
industries are appearing as details, not as
self-sufficient enterprises. As
yet it is indistinct, but the grouping of industr
ies is discernible.
"During the last year representatives of more
than a score of associattasa
of machinery manufacturers met to conside
r common problems. As an
offshoot of the National Business Survey Confere
nce the National Building
Survey Conference was organized to develop
construction facilities. In
many instances professional groups—architects,
engineers, and others—jola
forces with those who supply material. From
this point it would seem but
a step further to regulation, co-ordination, and
control of activities to the
end that the national economic mechanism may
be operated smoothly and
without interruption."
Secretary of Commerce Lamont Finds
Business and National City
Industry Endeavoring to Carry Out
Bank of New York on Business Situation
—Looks for Gains in Fall Trade.
Program in Accordance With Pledg Construction
es to President
Hoover.
Surveying general business conditions in its Septe
mber
bulletin, the National City Bank of New York says in part:
Business and industry are endeavorin
g to carry out the
The business situati has shown little development
pledges made to President Hoover in
in the last month.
the White House con- and since the public isonlooking
hopefully for signs of improvement this
ferences of last November, the best
of
itself has been disappointing. However, there was
available information
no reason for exIndicates, according to Robert P.
pecting anything different when the month began.
Confidence was too
Lamont, Secretary of Com- serious
ly
disturb
ed
in
June
and
July
for a revival to start in August. a
merce. Secretary Lamont discusses
the effect of the con- month which seldom initiates even a seasonal moveme
nt. Moreover, the
ferences in the current issue of the
drouth damage, bad enough but exaggerated,
"Journal of Business," immedi
would end any chance of
ate revival, for the public has been in a mood
published by the University of Chica
to wait for conditions
go. Secretary Lamont to clear up.
says:
On the whole, while
"Few things, taking a long view,
are more significant than
that the
President should call together promptl
y groups representative of
our great
national economic activities, that
these representaives should
their plane for many months ahead, and,
announce
finally, that the programs
should
be carried out with the degree of consist
ency that already is evident
.
"At the White Bowe conference the
labor leaders agreed not
to press
their demands and the employers
agreed not to reduce wages.
was nothing legally binding in such
There
an understanding, but it
was an
accurate reflection of the desires
and intentions of those brough
t into
consultation at Washington.
"Business in the United States is a vast
aggregation of large, medium
,
and small units, and no one has authori
ty to pledge the rank and file
of
labor or the rank and file of industri
al managers. If they follow
the
suggestions of those ordinarily recognized
as their spokesmen, they do
so
voluntarily because they believe such suggest
ions are wise and good.
The
latest figures which I can secure from the
Department of Labor show
that there has been, as one might expect,
some wage-cutting and
some
labor trouble. But the amount involved
Is small.
"Turning to the plans of the various
industrial groups represented
in
the White House conferences, it is still too
early to make a check-up
of
promises and performance, but the beat informa
tion available in June
indicates that large American industries continu
e to carry out the construction programs which were forecast last
winter."
Substantial achievements in the stimulation
of public works activities
has been achieved in the Government's part of
the program, according
to Secretary Lamont. "The Committee on Recent
Economic Changes has
pointed out that our real problem is the
development of a technique
of
economic balance," he says. "Public works,
of course, are only one
device. They are no antidote for a business
spree. Self-control must come
first from within industry and finance."
the changes have been irregular,the situation affords
a basis for belief that the worst months
of the depression have been seen.
Business has held up under a combination of
unfavorable conditions,
viz: seasonal relaxation, serious crop scare
and a world-wide reaction in
full swing.
Nevertheless, in the last week of the month an upturn
in steel mill operations, construction contracts and car-loadings quite
offset earlier and unfavorable reports from the same quarters, and
strengthened confidence
that at least the usual gains of fall over summer
will be
Weekly indexes of wholesale commodity prices have experienced.
given more evidence
of stability during the past month, following
precipitate declines during
the early summer. At the end of August, Profess
or Irving Fisher's weekly
Index of prices of 200 commodities at wholesale stood
at 82.8% of the 1926
average compared with 83.3 a month earlier, 85.7 two
months earlier,
and 88.4 three months earlier. Although a number
of important commodities, including finished steel, rubber, sugar, cotton, and
coffee, have
continued weak, and reached new low levels, advances in
other departments of the list were sufficient to offset these declines.
Drouth damage,
reducing prospects of overproduction, was responsible for
a firmer tone in
farm products, but various other commodities, includi
ng scrap steel, tin,
zinc, lead, silver, and silk also gave evidence of having reache
d a stronger
resistance level. Latest price index of the Department of Labor.
covering
550 raw and semi-finished commodities at wholesale
for the month of
July, stood at 84% of the 1926 average, off 14.3%
from July last year,
and the lowest for any month since July, 1916. Compar
ed with the 1913
average, however, the index showed an increase of 20%.
.
Building and Automobiles
Two important industries hold back the recovery, and affect
the prospects for fall business, viz: house-building and the manufa
cture of automobiles. The reason, of course,is that they had been previou
sly overdone.
Industrial construction and public works are making a
good showing.
but house-building drags. For further discussion of this
highly important
element in the general business situation the reader is referred to
the article
in this issue entitled "Changing Trends in Building."
There was a sharp rebound in automobile production during
the early
part of August, when the Ford Motor Co. and a number of
other manufacturers resumed operations after temporary shutdowns to
permit vacations and the taking of plant and equipment inventories. July
production
Of 262.363 cars and trucks compared with 335.477 in June
and 500.840 in
July 1929. For the first seven months this year the product
ion of motor
vehicles of all classes was 2,481.911 against 3,726.283 for the same
months
In 1929, a decline of 44%.
Such drastic curtailment in production has enabled dealers and
branch
distributors to reduce inventories of new and used cars from
the rather
excessive level that prevailed early in the year. It is estimat
ed in the
trade that between July 15 and August 15 the stocks of passeng
er cars
In the hands of retail dealers were reduced from 390.000
to 350.000. Stocks
of passenger cars held by General Motors retail dealers
decreased 9.260'
cars during July, following a decrease of 9,723 in June; in
July 1929 they
increased 10,032.
Julius H. Barnes of Chamber of Commerce
of United
States on Results of Efforts to Stabilize
Business.
Efforts to stabilize business, called forth by
the stock
market collapse, mark the end of the fatalism
with which
Industry and commerce have been in the habit
of contemplating the periodic fluctuations of the busine
ss cycle, and
signalize a cohesion In national business
organization that
make the attempt at stabilization feasib
le. This is the
conclusion of Julius H. Barnes, Chairman
of the Board of
Directors of the Chamber of Commerce of the
United States,
In an article in the "Journal of Business,"
published by
the University of Chicago, headed "Facing the
Larger Problems of Business Management," made
available Sept. 2. The Department of Commerce's Weekly
Statement of
Mr. Barnes says:
Business Conditions in the United States—
"It is doubtful that business would
have regarded so
Decline in Business as Measured by Volume
formida
undertaking as practicable a decade or
two ago. It still bowed ble an
of
tioningly before the fetishes set up by
unquesChecks.
some of the older
economists who
invested certain sequences of cause and effect
with the sanctity of
economic law—not because they could not
inexorable
be controlled but
because they
were not understood.
"The analytical scrutiny to which these
disturbing fluctuations
been subjected by the economists, especially in the
have
last 10 years, has
much to shake the faith of business in the inevitab
done
ility of their
occurrence.
We have begun to doubt that variations in demand
and supply are
mysterious origin, accepting them, rather, as the
of
results of our own
of foresight."
lack
Co-operation within businesses and betwe
en
types of businesses in acquiring and disseminatin different
g
information and arriving at judgments based on
this information
are seen by Mr. Barnes as hopeful signs of
better treatment
of future economic problems. He further
says:
"In the course of time the effectiveness of
this find effort at
stabilization will probably be revealed
more clearly. It would business
be unfortunate, however, to measure its significance
by so limited a
test.
usiness has attained the degree of organization
that makes possible If
ification of effort in so large an enterprise as the
the
wardin
g
-off
of
a panic,
is inconceivable that the same effort shall not be
exerted in maintai
ning
nditions which would make panics impossible.
If, in other words,
bust.
can lift itself out of the slough of depression,
there is no reason why,
y the exercise of the same foresight and
wisdom, it cannot
keep to
gher ground.
According to the weekly statement of the Department
of
Commerce commercial transactions during the week ended
Aug.30 1930, as measured by bank debits, outside New
York
City, declined from both the preceding week and the corres
ponding period in 1929.
Wholesale prices as measured by Fisher's index registered
an increase of 1% over a week ago, but were 14% lower than
the period ended Aug. 31 1929. Prices for iron and steel
showed but a fractional change from the last reported week
and were 10% lower than a year ago. The wholesale price
of middling cotton at New York increased slightly over
the
previous week but was still well below the level of a year
ago.
Bank loans and discounts remained unchanged from
the
preceding week and were slightly lower than in 1929.
Avera
ge
prices for representative stocks moving upward
showed a
gain of 2% over the previous week. Bond prices
greater strength were higher than both the prece showing
ding period
and the corresponding week in 1929. Interest
rates for call
money were lower than both comparative
periods. Time
money rates, although showing no change from
a week ago,
were noticeably lower than the same period
in 1929. The
[VOL. 131.
FINANCIAL CHRONICLE
1478
rous during the
number of business failures were more nume
period.
ding
prece
the
g
durin
than
week ended Aug. 31
ases occurred in
For the period ending Aug. 23 1930, incre
inous coal, the
the activity of steel mills, the output of bitum
of building
value
the
and
leum
production of crude petro
cotton and the price
of
pts
recei
the
while
ded,
awar
acts
contr
of red wheat at Kansas City declined.
Federal reserve ratio
The prices of leading bonds and the
when compared with
ases
incre
ed
show
week
past
g
the
durin
ago.
years
two
1928,
1
the week ended Sept.
mmoda,
Co. "Where does the tourist's dollar go? Hotel acco
nson.
tions get about 17%," says President A. E. Dicki
l
r.
Retai
dolla
the
of
10%
to
7
for
nts
"Transportation accou
es
stores get 25%. Restaurants represent about 20%. Garag
get 83/3%
and accessories derive about 12%. Amusements
entals."
incid
for
goes
r
dolla
every
of
and about six cents out
Mr. Dickinson adds:
greater than many of the
"This $3,000,000,000 touring business is
to the economic welfare of
country's leading industries. Its importance
in almost every line of
the nation is obvious. It provides employment
attract vacationists, thus
endeavor. It adds new residents to towns that
larger hotels are needed.
creating a demand for home building. More and
.
WEEKLY BUSINESS INDICATORS
ntly built to take care
Churches, theatres, schools and shops are freque
=100.)
1923-6
e
settlers.
Averag
(Weeks Ended Saturday.
of the transients who in many instances become old
their free moneypleasure-seekers are famed for
a's
e
Americ
"Whil
1928.
1929,
attractive surroundings
1930.
spending, they demand healthy, comfortable and
stone with an eye to
Sept. Aug. in return. Structures of all types are being built of
Aug. Aug. Aug. Aug. Aug. Aug.
."
25.
1.
of
design
24.
beauty
as
31.
well
as
9.
nency
16.
perma
30. 23.
76.3 72.4 73.7
87.0 *83.8 80.4
118.6 118.3 119.1
96.3 94.3
69.0 69.5 69.6
117.1 118.4 101.0 99.0
109.7 *103.7 96.8 95.2
142.7 142.4 120.2 118.9
121.0 118.4 116.5 112.7
103.6
110.7 81.3 84.3 108.8 127.7 100.4 115.5
222.3 255.3 303.5 174.4 233.5 195.4 201.0
93.8 52.7 26.9 *53.1 51.9 71.5 42.3
94.9
76.0 77.8 67.6 92.1 94.0 97.2
55.5 57.5
58.1 57.6 61.8 74.3 66.1 82.2
62.0 64.3 62.0 93.0 94.6 70.2 80.6
70.2
41.9 41.2 43.8 46.3 71.0 68.8
84.8 84.6
78.4 79.7 79.7 79.9 88.2 88.2 105.1 105.1
129.0
129.0
77.5
77.5
77.5
99.9
82.8 83.8 83.1 96.9 97.0 100.0
105.2 114.2
93.8 110.0 102.9 116.6 132.5 138.4
125.6
125.9
135.5
135.6
135.6
134.4 134.4 134.9
178.8 166.7
48.5 56.6 60.6 56.5 209.1 160.8
89.7 98.0 95.6 92.6
115.7 107.1 108.4 111.1 308.1
208.4 201.4
201.2
206.2 202.5 196.9 202.9
103.0 107.3 107.2
108.3 108.0 107.6 107.5 103.0 202.9
148.6 148.6
205.7
80.0
74.3 74.3 75.2
89.7 89.8
105.7 105.7 105.8 107.2 97.3 97.4
119.6
'v;(1.5
week shown.• Revised.
a Relative to weekly average 1927-1929 for
iation of Mutual
Thomas F. Wallace of National Assoc
ngs Banks in
Savi
of
Savings Banks Cites Progress
rn of Normal
Retu
rd
Towa
Move
as
First Half of 1930
Activity.
will not come merely
Sane prosperity is on the way, but it
Wallace, President
F.
as
by wishing for it, according to Thom
Savings Banks.
al
Mutu
of
n
iatio
Assoc
of the National
n "is showing by
citize
ge
avera
According to Mr. Wallace the
back to pros'road
the
s
know
he
that
day
his actions every
living and
sane
,
work
hard
of
way
perity' lies along the
economy." Mr. Wallace adds:
e Commodity
"Annalist" Weekly Index of Wholesal
Prices.
n, hogs,
In the face of sharp declines of wheat, grains, cotto
ials, the
flour, fruits, bituminous coal and building mater Prices
odity
"Annalist" Weekly Index of Wholesale Comm
index and
rose one-tenth of a point from last week's revised
nes were
now stands at 124.6. The items offsetting the decli
zinc.
and
tin
r,
,
coppe
n
goods
cotto
oes,
steers, meats, potat
Continuing the "Annalist" says:
the index the first two weeks in
Rising farm prices, which had upheld
two weeks, failed to hold this week.
August and moved it up during the last
all grains declined, even corn prices
Led by a decline of 5 cents in wheat,
ce of hog prices which started in the
going fractionally lower. The advan
prices rose to $12 a hundred weight.
middle of July was checked; but steer
tment of Agriculture reports that
the highest price since July 1. The Depar
seven months of 1930 was the smallest
slaughter of cattle during the first
On the other hand cotton prices
for any corresponding period since 1921.
price of the year.
lowest
the
of
points
5
within
to
dropped
the food products group amountAn advance in prices of commodities in
lly
es in other groups. Meats are genera
ing to 1.4% largely offsets the declin
and potatoes. Flour and
eggs
in
es
advanc
been
higher and there have
apples are lower.
OF WHOLESALE COMMODITY
THE "ANNALIST" WEEKLY INDEX
PRICES (1913=100).
progress
sively than the remarkable
"Nothing proves this more conclu
country during the first half of
the
over
all
banks
s
made by mutual saving
a quarter of a
showed a gain of more than
1930. Their deposits on July 1
exact
total reached in July 1929, the
billion dollars over the previous high
erable number of
means that for a consid
s
endles
on
gain being $255,572,624. This
ng
counti
-face. Instead of
a normal
people there has been a right-about
they are getting back to
ation,
specul
of
fruits
the
profits from
sh
a
of a normal rather than feveri
attitude of mind, which insures the return
me
and unhealthy activity.
y
gives
countr
of the people of this
"This changed spirit in the minds
was in 1927, when
better is near at hand. It
ed, which
confidence that a turn for the
that the real crisis occurr
we entered upon an era of speculation,
present chastened
October 1929. Just so our
in ourfaith
culminated in the deflation of
and
or
ed up by honest endeav
frame of mind, if sincerely follow
prosperous 1931.
a
bring
will
y,
countr
h painful corselves and our
of the necessary thoug
"We are still in the midst of some through if a proper foundation is to
gone
built upon the
rective processes which must be
Some houses that were
foundations and
be laid for sound future prosperity.
but the value of sound
away,
swept
be
to
sand are bound
more emphasized.
honest work thereby will be the encouraging facts to be noted. The re"Meanwhile there are many
are fewer unemgradually ebbing. There
consumer
cession in building activity is
The cost of living to the
ago.
s
month
six
were
ployed than there
alers by wholesome
manufacturers and wholes
lves in a
themse
is steadily being reduced, and
put
reduced inventories and
reductions in their prices have
commensurate
sounder financial position.
and make reductions
"If the retailer will now follow suit,
greatly increase
new goods, his sales will
buy
can
he
which
at
with the price
tion as he delays
to turn. In propor
and the wheels of industry will begin
retarded.
be
will
rity
prospe
l
such action the return of norma
the 'great drouth'
eyes to the fact that
its resulting
"Only a blind man will shut his
country this summer-with news', and
our
over
blight
its
cast
has
which
'bad
-is
stock
live
for
ance
failure of crops and lessened susten
so vast are the
ry of business. But
individuals
must inevitably retard the full recove
gh districts and
althou
that,
y
countr
surely will tend
agricultural resources of our
ndous total. This
treme
a
e
produc
country
still
our
of
will suffer, we will
fundamental prosperity
to show all of us how dependent the
whole country to realize
the
for
is
it
ant
Is upon agriculture, and how import
'vocation of farming.'
the importance of preserving the
lasting gain or prosthere can be no
"In short, we must learn anew that
and effort. In prot
though
iture of
's
perity without a corresponding expend
cut. If the farmer
be
must
e
expens
be able to
duction and manufacture, needless
then he also must
,
prices
lower
bring
product is to permanently
buy at lower prices.
labor for an honest
an honest day's
"Labor, as never before, must give
adversity, but by a
ng
ignori
by
not
wage. We must cultivate optimism,
mental attitude,
-about-face in our
sure as that
cheerful willingness to execute a right
normal time is as
a
within
basis
l
norma
a
to
a
and then return
the sun which sets to-day will rise to-morrow."
stry Benefitted
Indiana Limestone Company Finds Indu
s.
by Touring American
by the millions
Practically every type of industry is aided
Indiana Limestone
of touring Americans, according to the
3 1929.
Sept. 2 1930. Aug. 26 1930. Sept.
147.4
7.6
11)
154.0
131.0
146.7
112.1
160.1
154.4
127.6
107.9
153.6
134.0
134.0
126.5
126.4
98.2
148.2
124.6
tootowoo..w.—
w•mo-4-4.1.co
Steel operations
Bituminous coal production
Petroleumproduo'n (daily avge.)
Freight car loadings
a Lumber production
Building contracts. 37 States
(daily average)
Wheat receipts
Cotton receipts
Cattle receipts
Hog receipts
Price No.2 wheat
Price cotton middling
Price iron dr steel composite
Copper, electrolytic price_
Fisher's index (1926=100)
Bank debits outside N. Y. City
Bank loans and discounts
Interest rates, call money
Business failures
Stook prices
Bond prices
Interest rates, time money
Federal reserve ratio
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Flour Production Declined in August.
wing comparative
General Mills, Inc. summarizes the follo
mills reporting
all
for
ed
flour milling activities as total
ated:
indic
as
rs
cente
ng
milli
in the
PRODUCTION OF FLOUR.
(In Barrels)Northwest
Southwest
Lake, Central & South'n
Pacific Coast
Production
Production
Same Period
4 Weeks
Year Ago.
End. Sept. 3.
1,897,945
2,165.263
2,202,171
355,197
2,098,457
2,184.248
2,106.504
395,115
Cumulative
Production
Since June
30 1030.
Cumulative
Production
Same Period
1929.
4,000,076
4,669,849
4,593,603
684,575
4,177,603
4,672,727
4,315,702
811,978
13 075 me
13 045 leg
6 7R4 324
8 620 576
l'irnnr1 tntal
90% of the milling industry.
than
more
nts
represe
tion
compila
Thjs
Note.-
s Reported by
Further Decline in Commodity Price
National Fertilizer Association.
izer AssoThe wholesale price index of the National Fertil
s for the
point
ional
fract
of
ne
four
ciation showed a decli
85.7 as
week ended Aug. 30. The index now stands at
a year
97.2
and
week
ous
the
previ
for
86.1
with
compared
, five
nced
adva
three
ago. Of the 14 groups in the index
e. The
chang
no
ed
show
six
ning
the
remai
and
ned
decli
ned.
price of 23 commodities advanced and 30 decli
d Aug. 15 for
Farm Prices Declined in Month Ende
Most Crops.
vegetables, cotton
Prices paid producers for fruits and
ting hogs conexcep
ls
anima
meat
and cottonseed, and all
15 bringing
Aug.
d
ende
h
tinued to decline during the mont
down three points.
s
price
farm
of
level
al
gener
the index of the
Aug. 15, the index was
At 108% of the pre-war level on
at the lowest August
and
ago
year
a
than
s
lower
35 point
's
survey, Aug. 30,
tment
Depar
The
level since 1915.
continues:
l advance from July 15 to
made a genera
stricken
Prices of feed grains and hay
of a shortage of supplies in drouth
Aug. 15, principally the result
d a moderate recovery
showe
rye
and
wheat
for
stricken areas. Farm prices
poultry product
a month previous. Dairy and
from the very low levels of
the unusually
e in production on account of
declin
the
of
e
becaus
advanced,
SEPT. 61930.1
FINANCIAL CHRONICLE
1479
hot, dry weather. These advances, howeve
r, were insufficient to offset quarter
of this year were 25% smaller than a year
continued declines in prices paid producers for other
previous, but were 2
farm products.
larger than in the corresponding period of
Indexes of farm prices, by groups of commodities, showed
1928. The only groups of comthe following panies to show larger
changes on Aug. 15 as compared with July 15:
second
quarter
profits than a year ago were
Fruit and vegetable prices food product
the
s concerns, which in the first quarter
down 24 points; meat anumals, down 8 points; and
reported
cotton and cottonseed, reduced net
income as compared with 1929, and the railroa somewhat
down 5 points. Prices of grains, up 9 points; poultry
d equipment
and poultry products, companies,
which had also a better first quarter than a year
up 6 points; and dairy products, up 2 points.
ago. Furthermore, only three groups showed smaller percent
As compared to a year ago, the August indexes of farm
age declines from a year
prices showed the ago in the second
quarter than in the first quarter of 1930: these
following declines: Cotton and cottonseed, 52 points;
meat animals. 46 automobile,
were the
automobile parts and accessories, and machin
Points; poultry and poultry products. 44 points:
ery concerns,
grains, 28 points; dairy and in
these
cases the improvement was relatively slight.
products, 20 points; and fruits and vegetables, 11 points.
For the first six months of 1930, net profits of
Smaller marketings of live hogs and relatively low storage
379 companies-a constocks of pork siderably larger
and pork products were largely responsible for a
list than is obtainable for the second quarter
1.5% advance in the farm
, because
many corporations publish mid-year but not quarter
price of hogs from July 15 to Aug. 15. The advance
ly statements-showed
was confined largely a
decrease of 30% compared with the first half of
to the Corn Belt, however, and prices continued
1929 when business was
to decline in the North very
active, and were 5% smaller than in the first
Atlantic and Southern States. At $8.51 per hundred
half of 1928. As the
weight, on Aug. 15,
accompanying table indicates, there was a rather
the United States average farm price of hogs was still
general reduction in
about 17% lower than profits
between the first half of 1929 and 1930. Industr
a year ago. Sharp advances in the farm price of corn
ies which, contrary
resulted in a decline to
the general tendency, reported somewhat larger
in the corn-hog ratio for the North Central States
profits than in the
from 12.9 on July 15 to
first half of 1929 include the food and food product
10.1 a month later.
s, paper, printing and
publishing, leather and shoe, and railroad equipm
The average farm prices of sheep and lambs made
ent groups. Comparison
further market declines with
from July 15 to Aug. 15. For lambs, the decline
profits in the first half of 1928 shows a less widespr
amounted to 16%, while
ead reduction; of
the 23 groups of companies listed, 12 had
for sheep, it was approximately two-thirds as large.
smaller profits and 11 had larger
In the 12 States in
which feed crops deteriorated most seriously
because of drouth,sheep prices profits.
declined 15% and lamb prices approximately
The net operating income of telephone companies
18%. On Aug. 15, average
in the second quarter
sheep prices for the country as a whole were
44% lower than a year ago, and compared more favorably with a year ago than in the first quarter, and
net earnings of other large public utilities
lamb prices 40% lower.
followed a similar course, but
the aggregate increase of 3% for the
A sharp decline in prospects for the 1930 corn
first half year was less than has occrop in July and the first
part of August resulted in an advance of 17%
in the United States average curred in several years. Class I railroads reported for the second quarter
farm price of corn from July 15 to Aug. 15. The
net operating income that was further
below that of a year ago than in
advance was more marked
in the Corn Belt, however, than in the remain
der of the Nation. Farm the first quarter; consequently the total for the first half of 1930 was 33%
prices averaged 90 cents per bushel on Aug. 15
smaller
than
in
1929, and was the smallest since 1922.
for the country as a whole, as
compared to 77.1 cents on July 15, and 95.9 a year
earlier.
[Net Profits in Millions of Dollars.]
The farm price of wheat, averaged 74 cents per
bushel on Aug. 15, as
compared to 70.6 on July 15, and 110.7 cents
a year ago. Farm prices of
No.of Second Quarters No.of First Ms Months.
wheat continued at relatively low levels owing
Corporation Groups.
largely to prospects for
Corn
Corn
a
season's domestic supply about 4% larger than
pan's. 1928. 1929. 1930. 'an's. 1923. 1929.
last year. The price ad1930.
vance since July 15 has been accompanied by slight
a
improvement in both Automobile
17 133 138
68
foreign and domestic demand. Strengthened demand
20 228 242 124
has resulted primarily Automobile parts and accessories
from prospects for feed grain crops smaller
(exclusive of tires)
22
than last year in both the United
11
15
9
32
32
47
27
Building supplies
States and Europe.
10
6
9
4
15
14
17
10
Chemica
l
17
14
21
18
Crop deterioration owing to hot weather and drouth
15
33
43
38
, and the poorest Coiner
8
8
10
2
9
15
pasture condition on record, sharply curtailed supplie
25
9
s of hay and forage Coal and coke
6
1
1
1
8
3
4
4
the past month. As a result, the United States
mining and smelting
12
8
14
average farm price of all Other
6
16
17
28
16
Clothing and textiles_
hay advanced approximately 8% from July 15
__
24
12
13
to Aug. 15, and on the latter Electrical equipment
2
8
19
date was 4% higher than a year ago. In
2
.7
20
13
36
52
40
the 12 States most seriously Food and food products
33
44
48
49
39
88 100 104
affected by the drouth, hay prices advanced approxi
mately 21% during the Leather and shoe
--_
10
6
__
4
month prior to Aug. 15.
Machinery
12
6
8
.5
16
14
19
13
Office equipment
The average farm price of butterfat advanced about
6
5
6
4
6
9
13
9
11% from July 15 Oil
31
25
49
31
27
to Aug. 15, as drouth and hot weather caused a
48
76
51
substantial decline in pro- Paper
5
2
4
3
.5
5
5
duction. Mid.August farm prices of butterfat
7
6
8
were still approximately Printing and publishing
9
8
7
15
17
18
Railroad equipment
19% lower than a year earlier.
6
7
8
9
8
15
21
24
Realty
Rubber__
6 Def.3 19 DeLl
Steel
i.5
i5
55
51
19
86 170 113
_
Stores
__
New York Federal Reserve Bank's Indexes of
__
__
12
15
20
15
Business Tobacco
5
3
3
2
8
8
6
4
Miscella
Activity.
neous
32
37
50
40
57
91 134 115
The Federal Reserve Bank of New York presents
as
follows, in its Sept. 1 Monthly Review, its indexes of
business activity:
Data for July indicate a further recession in the
distribution of goods
and in general business activity during that month, even
after adjustment
is made for the usual seasonal decline, and this Bank's
indexes continued
at relatively low levels. Car loadings of merchan
dise and miscellaneous
freight showed an unseasonal decrease, and remain
ed well under the levels
of the past five years, while loadings of heavy bulk materia
ls increased no
more than seasonally in July, and also remained at
low levels.
(Adjusted for seasonal variations and usual year-to-year growth)
Primary DistributionCar loadings, merchandise and miscellaneousCar loadings, other
Exports
Imports
Panama Canal traffic
Distribution to Consumer'Department store sales, Second District
Chain store sales, other than grocery
LUe Insurance paid for
Advertising
General Business Activity-auk debits. outside New York City
Hank debits, New York City
elocity of bank deposits outside N.Y. City._
elocity of bank deposits, New York City
hams sold on New York Stock Exchange
Lostal receipts
lectrio Power
mployment in the United States
tallness failures
uilding contracts
ew corporations formed in New York State
Lail estate transfers
eneral price level*
mposite index of wages*
....... nt Ilvina•
July
1929.
May
1930.
June
1930.
103r
99
114
123
88
94,
87
82
103
67
92r
80
81
93
71
89,
80
81p
85p
77
99
100
99
100r
107
93
93
90r
99
89
95
87r
gs
86
94
85r
112
181
131
208
429
104
104
104
102
131
1047
79
181
226
99
134
112
143
273
96
93
92
121
83
84r
66
172
225
172
157
104
141
114
146
269
94
91
90
124
116
907
659
169
225
lam
96
115
105
118
212
-_ _
___
87
117
72
92r
62p
167
223
,..
July
1930
r Revised. V PtellifiDllay. •1913=100.
usiness Profits in Second Quarter of 1930
Below Same Period in 1929, According Fall 35%
to Federal
Reserve Bank of New York.
A decline of 35% in the net profits of 247
ercantile concerns in the second quarter ofindustrial and
1930
ared with the same period a year ago, is indica as cornted in the
llowing which we quote from the Sept. 1 Month
ly Review
f the Federal Reserve Bank of New York:
The effects of the continued decline in busines
s through the
second
artor of this year are reflected in reports of
business profits for the
period.
lie quarterly earnings reports of 247 industrial
and mercantile
concerns
Leh have so far become available indicate that
net profits for the
second
latter were 35% smaller than in 1929 and
14% below the figure for
the
nd quarter of 1928. Profits of these
same companies for the
first
Total)18 groups for 2d Quarter{ 247
123 groups for 1st half-1
386
509
330
379
790 1077
751
Telephone (net oper. income)_ _ 104
Other public utilities (net earns.) 95
66
204
68
245
70
259
104
95
129
430
137
529
199
270
313
329
199
559
646
666
,..tirnsui (net nner. ine.1_ 172
245
304
200
172
462
563
378
Total public utilities
(1n.. T
138
508
Output of Electric Power in the United States in July
Approximately 3% Below That for the Correspond
ing Period in 1929.
According to the Division of Power Resources, Geological
Survey, electric power produced by public utility plants in
the United States during the month of July 1930 totale
d
approximately 7,869,895,000 kwh., a decrease of about 3%
as compared with the corresponding month last year, when
production amounted to around 8,072,000,000 kwh. Of the
total for July of this year, 5,008,191,000 kwh. were produced
by fuels and 2,861,704,000 kwh. by water power. The
Survey's statement shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILI
TY POWER
PLANTS IN THE UNITED STATES (IN KILOW
ATT-HOURS).
Division.
Teal by Water Power and Fuels.
Change in Otaind
from Previous Fees',
May.
June.
July.
June,
New England
511,455,000 487,150,000 436,429,000 -3%
Middle Atlantic--- 2,071,614,000 1,979,601,000 2,001,746,000
East North Central_ 1,901,368,000 1,772,392,000 1,739,927,000 +2%
West North Central_ 501,232,000 484,059,000 514,304,000 -3%
South Atlantic
914,992,000 851,320,000 813,902,000 +4%
East South Central_ 305,469,000 291,040,000 316,836,000 -10%
West South Central. 412,553,000 432,348,000 457,354,000 +4%
Mountain
319,576,000 327,360,000 336,950.000 +9%
1,076.373,000 1,127,277,000 1,202,447,000 -5%
Pacific
+5%
Total for U.S8,014,632,000 7,752,547,000 7,869,895,000
July.
-6%
-3%
The average production of e ectricity by public-utility
power plants in
the United States in July was 253,900.000 kwh. per
day, about 2% less
than the daily production in June. This rate of change
in output from
June to July is the normal change. The output for July
of this year was
about 2 % less than for July 1929.
The daily production of electricity by the use of
water power in July
was about 9% less than in June. The prolonged
drouth in the
regions
east of the Rocky Mountains has caused abnormally
low flow in the
streams
utilized for water power. As the drouth has
continued through
August,
the output of electricity by water-power plants
will be still
tailed, awing to lack of water. The change
further curin the daily
production of
electricity at power plants from June to July in
differen
t
section
s of the
United States was as follows: New England
States, 22% less;
Atlantic States, 16% less; East North
Middle
Central States, 26%
North Central States,16% less; South Atlanti
less; West
c
Central States,2% less; Mountain States,1% States,26% less; East South
less;Pacific States,
7% larger.
FINANCIAL CHRONICLE
1480
Fuel-consuming power plants have ample capacity to meet the demand
for power caused by the shortage of water at water power plants.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1929 AND 1930.
1929.a
(kwh)
January _ _ __
February --March
April
May
June
July
August
September
October
November
December._
'Tn.!
8,240.000.000
7,431.000.000
7.992.000,000
7.882.000.000
8.086.000,000
7.788,000,000
8.072,000.000
8.356,000.000
8.062.000,000
8,709,000,000
8,242,000.000
8,512.000,000
07 749 00/1 nnn
1930.
(kwh)
Increase Increase
1929
1930
Over
Over
1928.
1929.
5%
8.852.000.000
8%
7,618,000,000
2%
8,175.000.000
1%
8,000,000.000
8,015.000,000 cl%
7,753,000.000 ____
7,870,000,000 c2.5%
Produced by
Wcrter Power.
1929.
1930.
13%
b12%
10%
15%
14%
11%
13%
11%
11%
10%
6%
8%
33%
33%
39%
42%
43%
40%
88%
34%
31%
31%
32%
32%
34%
35%
40%
41%
40%
39%
36%
--___
____
---—..
11 Cr
2501
a Revised. b Based on output for 28 days. c Decrease.
of al
The quantities given in the tables are based on the operation
power plants producing 10,000 kwh. or more per month, engaged in generand Electricating electricity for public use. including Central Stations
Railway Plants. Reports are received from plants representing over 95%
not submit
do
which
of the total capacity. The output of those plants
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.)
Loading of Railroad Revenue Freight Growing But Still
Far Below 1929 and 1928.
Loading of revenue freight for the week ended on Aug. 23
totaled 940,549 cars,the Car Service Division of the American
Railway Association announced on Sept. 2. This was an
increase of 17,726 cars over the preceding week but a reduction of 197,417 cars below the same week in 1929. It
also was a decrease of 140,149 cars below the same week in
1928. Particulars follow:
(Vol. 131.
of goods sold. This, in turn, results in unemployment and
economic confusion. Steady, continuous employment with
an annual income for wage earners would overcome this
condition. Workers would buy and use more if they knew
they would be guaranteed continuous employment with an
annual income." In part he also said:
They would plan over the yearly period rather than the daily period.
buyThey would avail themselves of credit facilities, and thus their annual
earning
ing and consuming power would be exercised beyond their annual
applicathe
power. Here is where management can serve industry through
tion of orderly planning of production over a yearly period. This can be
11 501310
done, because it is being done by some progressive employers.
can do it, all can do it, exclusive of the purely seasonal industries.
In purely seasonal industries unemployment funds can be jointly created
period
out of which workers can be paid weekly income during the forced
of seasonal unemployment. All of this can be supplemented by the applipublic
cation of scientific and systematic planning in the expenditure of
The
funds for building construction and for government improvements.
n
vast public undertaking of flood control, road building and constructio
initiated
enterprises in Federal, State and municipal governments can be
conditions
and launched when an advance survey of the drift of economic
indicates a recession and a reaction in private industry.
With all our vast resources to draw upon and with a will and determination to regularize and stabilize private industry so that a steady, fixed
ent
annual income can be guaranteed to workers, the problem of unemploym
can be overcome. The continuation of this uneconomic state of affairs
and
with
grapple
stands as a challenge to our ability and resourcefulness to
to successfully deal with problems which unremittingly call for a just
and rational solution.
any
There is another phase of unemployment which is just as tragic as
ent
other form of unemployment. This character and form of unemploym
dethe
Through
are ever present and are becoming more and more acute.
workers have
velopment of mechanical processes, hand labor and individual
serious social and
ebeen
question.lacedata most rapid rate until it has become a
of the country.
In 1920 there were 2,022,832 employed upon the railroads
a decrease of
In 1930 this number has been reduced to 1,565,056. Here is
but notwithperiod,
ten-year
approximately half a million men within a
employed the railroads are
standing this reduction in the number of men
In manufacturing
now handling a vastly increased tonnage and business.
amazing increase
a million and a half less workers are now producing an
more
in manufactured products and commodities. Factories are producing
in 1920 with a
did
now than they
more
ng
transporti
23,
totaled
367,279
Aug.
are
of
and
week
our
railroads
the
for
Miscellaneous freight loading
cars under the million and a half more employes.
cars. 88,669 cars under the same week in 1929 and 57,455
the producing caThrough the introduction of power and machinery
corresponding week in 1928.
to 236,423 pacity of the average wage earner increased 11% in the twenty years from
amounted
freight
lot
Loading of merchandise less than carload
last year and 1899 to 1919, but in the short space of ten years, from 1919 to 1929, half
cars, a decrease of 25,377 cars below the corresponding week
progress and
ago.
years
two
week
same
as long, it increased 53 per cent. This form of industrial
the
below
cars
20.866
nt of thousands
Coal loading amounted to 152,908 cars, a decrease of 21,876 cars below scientific industrial evolution, resulting in the displaceme and mechanical
1928.
has destroyed craftsmanship, skilled trades
the same week in 1929 and 20,208 cars below the same week in
cars under the
Forest products loading amounted to 41.376 cars, 28,287
training.
human progress and
same week two years
corresponding week in 1929 and 25,698 cars under the
Mechanical improvement, however, means greater
enjoyment of leisure. The
the
for
es
opportuniti
enlarged
ago.
of
cars below the the creation
of
processes for hand labor and
Ore loading amounted to 55,081 cars, a reduction 20,655
Price paid for the substitution of mechanical
and is very great.
same week in 1929 and 10,930 cars below the same week in 1928.
been
has
service
human
4,149 cars below the
a tremendous change.
Coke loading amounted to 7,853 cars, a decrease of same week in 1928.
Art, as representd by the musicians, is undergoing
the
we find
corresponding week last year and 1.488 cars under
theatre is struggling for existence and in its stead
The
legitimate
dea
cars,
57,788
totaled
week
the
We find ourselves unceasingly
Grain and grain products loading for
the sound picture and mechanical music.
cars
but
1,606
1929
in
week
ing
correspond
and acmusicians
the
artists,
become of these
crease of 4,045 cars below
alone, grain and asking the question. What is to
This presents a most serious problem.
above the same week in 1928. In the Western districts
attainments
artistic
their
with
tors,
cars
of
3,353
a
decrease
grain products loading amounted to 42,581 cars,
How are we going to meet it?
below the same week in 1929.
• • •
the same week in
Live stock loading totaled 21.843 cars, 4,359 cars under In the
to deal with the problem of
Western
1928.
No serious attempt has yet been made
1929 and 5,110 cars under the corresponding week in
a decrease of technological unemployment or to extend assistance through expert advice
districts alone, live stock loading amounted to 16.031 cars,
victims of mechanical diaplacement.
and information to those who are the
3,631 cars compared with the same week last year.
loading of all commodities, Only recently haa the subject been discussed to any appreciable degree.
All districts reported reductions in the total
same
the
week
but also with
• • •
compared not only with the same week in 1929,
minds of the
in 1928.
ng in the celebration of Labor Day the
participati
While
years
the
two
previous
with
compared
problems in which labor is interested and
Loading ofrevenue freight in 1930
workers turn to a series of other
best thought and attention. The question
follows:
1928.
1929.
which constantly command their
1930.
society going to do about the policy of disis
What
asked,
is
3,571,455
3,448.895
repeatedly
3,349.424
Four weeks in January
of many large industrial enterprises to
3,505.962 3,766,136 3.590.742 crimination applied by the managers
Four weeks in February
If the limit of human service is to be fixed at
worker?
4,752,559
4.815,937
d
4,414.625
the
middle-age
Five weeks in March
to face the problem
3,619,293 3,989,142 3.740,307 40 or 45 years of age, then society must be prepared
Four weeks in April
4,598,555 5,182,402 4.939.828 which such a standard is bound to create.
Five weeks in May
phase of the unemployment and con3,989.442
3,719,447 4,291,881
This serious problem is but another
Four weeks in June
retirement is imposed upon workers twenty
3,944,041
forced
4,160,078
If
3,555.731
question.
suming
Four weeks in July
annuities
918,335 1,105,920 1,048.821 Years in advance of assumed physical incapacity, then retirement
Week ended Aug 2
the
904.167 1,092.153 1,044.268 mud be provided which would adequately meet such situations through
Week ended Aug. 9
. I
922.823 1,102,567 1.057,909 enactment of a practical and comprehensive plan of retirement legislation
Week ended Aug. 16
situation.
a
will willingly submit to such
1,080,698
940.549 1,137,966
Week ended Aug. 23
cannot believe that the people
force middle-aged workers into retirement,
They will not permit industry to
7
32,637,510
such retirement might mean to society.
34,215,63
30,448,901
Total
with all the dire consequences which
can supply the remedy for such an indeOnly an aroused public opinion
practice.
e penPresident Green of American Federation of Labor fensible, uncivilized
sought in the consideration and enactment of old-ag age
The
objective
h
ed
Throug
Stabiliz
Be
Can
are incapacitated because of
who
Declares Employment
those
of
care
the
is
sion legislation
serve and earn a livelihood
Scientific Methods—Proposes Creation of Funds and infirmity. The widest opportunity to work,
individuals until they reach that age in life when It Is
During
s
all
Worker
to
to
given
Income
be
should
Weekly
of
t
for Paymen
vocation. The American Federation of
to continue their daily
of old•age pension and relief
Seasonal Unemployment—Problem of Middle-Aged impossible
Labor has sought and is seeking the enactment
as one of its chief
Worker.
for the aged and The infirm worker
Addressing a gathering at the State Fair at Syracuse, New
York, on September 1, (Labor Day) William Green, President
of the American Federation of Labor, discussed unemployment conditions, the cause of which he said, "is directly
traceable to human failure to seek and apply a remedy for
unemployment." According to Mr. Green "employment in
private industry can be stabilized through the application
of scientific production and sales methods and through sysmatte planning over longer periods." Mr. Green argues that
"the consuming requirements of industry are very great.
Interruption in the consuming power of the people," he went
the reduced volume
on to say "is immediately reflected in
legislation to care
aims and purposes.
the adoption of the five-day week and a
The question of leisure through of
labor is of supreme importance to
hours
progressive reduction in the
States. They have found that in theo
working people of the United
increasing leisure makes for efficiency, in
and practice the enjoyment of
ing reduction in the cost of
creased productivity and a correspondand
application of the principle
acceptance
The
products.
factored
will be constantly sought by the work
leisure and recreation in industry
ns.
through their respective organizatio
ng all other questions in social an
But over all and above all, transcendi
t of the cultural and spiritual lit
material importance, is the developmen
relief of unemploym
of the masses of the people. No set policy for the
of the enjornen
for the promotion of social justice or for the expansion
the importance
of leisure would be worth while unless it emphasizes
as a glorious achievement, the
intangible human values and sought,
motion and advancement of those things which are spiritual and eternal.
SEPT.6 1930.]
FINANCIAL CHRONICLE
Secretary of Labor Davis Commends Spirit of CoOperation Between Workers and Employers in
Period of Depression.
The present depression is the first business slackness in
the United States in which it was deliberately sought to
offset its effects by keeping workers as fully employed as
possible and without the old-time policy of general reduction
of wages, James J. Davis, Secretary of Labor, said at the
Labor Day celebration at the Clearfield County Fair and
Homecoming at Clearfield, Pa., on Sept. 1. Associat
ed
Press advices indicating this added:
Labor
Day,"
this
"On
he said,"we may congratulate ourselves
because of
the spirit of co-operation that generally prevails between American
employers and workers during one of the trying times in our economic history.
"The old sweeping layoffs and wage slashes have not been
resorted to in
this period of depression. The leading employers and the
leaders of labor
called into conference by President Hoover agreed to maintain
employment
and to institute no new wage demands. It was a mighty
effort at stability,
and while it did not stave of some measure of the
depression, it did prevent
the country from hitting the bottom, as in every instance
before. In due
time this application of wisdom and effort must bring a
return to normal
conditions. But until that occurs we must exercise
patience. We must
share each other's burdens and we must pull together for
the common end."
"No man has faced down more discouraging circumsta
confronting the President," said the Secretary. "In the nces than those
long run the very
difficulties he has had to face will win him the support of
the country."
Three-Day Week to End Slumps Predicted by
British
Jurist.
A prediction that men in the future all over the world
will
work but three days a week and be paid high wages was
made
by Sir William Jowitt, Attorney General of England,
who
with a group of European jurists visited Baltimore
on
Aug. 29. An Associated Press dispatch from Baltimore,
Aug. 30 (as published in the New York "Times") further
said:
1481
culture, forestry and animal husbandry. These assist in giving employme
nt
to about 12,000,000 engaged in the mechanical and manufacturing
industries, of which agricultural machinery, fertilizer and numerous commoditi
es
required for the conduct of the farm are an important part."
Of those engaged in agricultural pursuits, Mr. Steuart said, there
are
about 6,000,000 farmers and about 4,000,000 farm laborers.
"About one-third of the total number of workers are engagd in manufacturing or merchanical pursuits, a larger number than in agriculture.
It
was not always so.
"In the early days of the republic agriculture was the predominant occupation, and if we go back only fifty years to the census of 1880 we find
that 45% of the gainful workers were engaged in agriculture as compared
with only 25% at the present time, and that the farmers and farm laborers
outnumbered the workers in manufacturing and mechanical pursuits by
more than 2 to 1.
"Since then, while the number of workers engaged in agriculture ha
increased about 40%, the number of persons employed in manufacturing and
mechanical pursuits has increased by over 200%. From being predominantly an agricultural people we are coming to be predominantly a manufacturing people."
"In the conduct of business of all kinds, it is necessary to employ large
numbers of clerks, stenographers, agents, bookkeepers and messenger boys.
These occupations give employment to about 7 or 8% of the total number
of workers."
23,000,000 Work as Housewives.
Pointing out that women are now engaging more actively in industry,
trade and office work than ever before, Mr. Steuart said that of the
37,000,000 females between the ages of 16 and 64 about 10,000,00
0 are
employed in "gainful occupations."
"In addition to these 10,000,000 women in what we have termed 'gainful occupations,' however," he said, "there are perhaps 23,000,000 housewives engaged in the work of keeping their own homes, most of them
doing themselves the major part of the work involved in keeping
the home.
"Adding these housewives to the 10,000,000 classified for statistical
purposes as 'gainful workers,' the total amounts to about 90%
of the
whole number of women in the age group under consideration,
or practically the same as the percentage of men in gainful occupation."
More than one-third of the population, said Mr. Steuart, or 41,000,00
0
people, are under 16 years of age, and, of these, 1,000,000 were
reported
in the 1920 census as having gainful occupations, "principal
ly on the
farm helping dad." But the number of workers under 16 in factories,
stores and shops is decreasing, he said.
The Englishman said there will be ups and downs in the
economic situation, but no permanent recovery until that time.wide world
Speaking of the English situation he said:"I believe the upturn
is coming
and that England will be among the first to recover.
"The upward trend in the immediate future will result
from
depletion of stocks of goods turned out in the past and a rate
faster than that
of world consumption, but the permanent cure will not come
until there
has been some adjustment of consumption to production."
Dr. Royal Meeker, Ex-Chief of Labor Statistics Says
"Glaring Defects" Prevent "Complete Confidence"
in Census of Unemployed.
Dr. Royal Meeker, Commissioner of Labor Statistics from
1913 to 1920. who was consulted by the Census Bureau
before the last census was taken, asserted at Williamstown,
10,000,000 Women in "Gainful" Work—Census
Mass., on Aug. 26 that several "glaring defects" in the
Also
Enumerates 23,000,000 Housewives, W. M.
census computation of unemployment prevented its acceptSteuart
Says Over Radio-47,000,000 Bread Winner
ance with "complete confidence." The New York "Times"
s— in reporting this added:
Sticks to 2,000,000 Idle—Sickness, Vacations,
Days
Commenting on the figures, which he saw to-day upon his return
from
Off, Part Time and Unemployment Make 9,000,0
00 vacation, he said that the 2,508,151 persons reported "out of a job, able
Not Working.
to work and looking for a job" comprise only those found in this condition
"on the day in April when the census enumerator made his calls."
Summarizing census data on what the people are
The most glaring defect in the figures published is the total lack
doing
of
for a living, William M. Steuart, Director of the Census, any information as to the duration and seriousness of unemploy
ment," he
continued
.
"We
do
know
not
who
many
of
the
'gainfully
told the radio audience on August 31, that of more
employed' had
than been out of work for a day, a month, three months, six months
or a year.
122,000,000 people in the United States about 47,000,000
"There is no means of estimating what the average duration
of unare employme
nt
was
at
the
time
of
the
census.
engaged in bread-winning work. These 'because of days off,
Consequently we do
know and can only vaguely guess at the economic suffering and not
social
vacations, sickness and part time employment work
about damage due to the unemployment recorded.
"The second glaring defect is the exclusion of all those vrno have
275 days a year, or three-fourths of the time on an
not
average. been 'usually employed.' but who are seeking work and are
therefore just
There are 38,000,000 males and 37,000,000 females
between as thoroughly unemployed as those set down as such by the census agents.
the ages of 16 and 64. The Washington Dispatch, Aug.
Every year not less than 2,000,000 New Yorkers knock at the gates
of
31, industry
seeking jobs. How many would be added to the recorded number
to the New York "Times," from which the preceding
infor- of unemployed were these job-seekers included, we are left to guess.
mation is gathered quotes Mr. Steuart as saying:
"A. third defect of this census is the failure to include part-time
un-
"While the count has not yet been made, it is probable
that about 49,000,000 people told the census enumerators last April
that they had some
gainful occupation. Some of them were not actually
engaged in this occupation at the time of the enumeration, some were
sick, some were on
vacations and some reported that they could find
no work to do, though
they were able and willing to work and were looking
for a job. There
were others who, while they were working, were
not working full time,
being idle part of the days of the week, or part
of the normal working
hours in each day.
"It is probably true that under present normal
industrial and business
oonditions there are not more than 40,000,00
0 or 42,000,000 people in
this country who, on a given day, are at work
full time on a gainful
occupation. Figures indicate that during last
April there were more
than 2,000,000 people who usually work at a gainful
occupation who had
no job, people who were able to work and looking for
a job but could not
find it.
Do Not Work All Time.
"The workers, as a rule, do not work all the time. They
have at least
one day off in a week, usually Sunday, and perhaps have half
of Saturday.
Many of them have some vacation, perhaps two weeks or a
month, and in
some occupations more. Some of them are engaged in seasonal
occupations, which are carried on only in certain months of the year.
Sickness
Interferes with continuous employment. There are many other
reasons why
work is not continuous.
"Probably it is safe to say that, on the average, the gainful
workers
do not work more than 276 days in the year. So it may be said that the
population of more than 122,000,000 is mainly supported, so far
as bread.
winning labor is concerned, by about 47,000,000 people working
about
three-fourths cf the time. It is their labor-aided, of course, by machinery
and by the power applied through electricity, steam, or other means—
that produces the food, clothing, houses, automobiles and all the material
goods that we may possess or enjoy, and supplies the professional and
personal services that we may command."
"The largest number of males, about 11,000,000," Mr. Steuart
said in
speaking over the Columbia Broadcasting System, "are engaged
in agri-
employment, which in times of depression is sometimes quite
as serious
In its economic and social effects as full-time unemployment."
Gov. Roosevelt of New York Favors State Supervised
System of Unemployment Insurance.
Establishment of a State-supervised system of unemplo
yment insurance was urged by Governor Franklin D.
Roosevelt in an address at Buffalo, N. Y., on August 27,
before the
convention of the New York State Federation of
Labor.
"I hope" Gov. Roosevelt is quoted as saying "that
the next
administration and the next Legislature will
take up a
practical, definite study of unemployment
insurance, avoiding, of course, any form of dole, and basing their
tion on sound insurance lines under which the investigaState, the
employer and the employe would all be joint
premium payers."
The foregoing Is from the Buffalo
account to the New
York "Times" from which the followin
g is also taken:
Holding that
the unemployment situation is
more serious than at
time since 1893, the Governor declared
any
that the example of other
in undertaking a government
countries
program "to alleviate the
distress of fluctuating employtnent" must be followed.
Admitting that
call him a "Bolshevik" for his
conservatives might
stand, the Governor
asserted that the
General Electric Company and other
large corporations
already had inaugurated systems of unemployment
insurance,
"If they are doing it," he said,
"is it radical or
communistic or Bolshevistic for us to do it as part of a
humanitarian movement?"
Says Ward Misreprese
nted Him.
Coincident with the Governor's
declartion at the
learned here that.the Democrati
convention, it was
c State platform
probably would contain a
1482
FINANCIAL CHRONICLE
[VOL. 131.
the same volume of manufacturing, in the aggregate,
with a view to setting up dustry, and about
plank urging a study of unemployment insurance
took place in July as in that month in 1924.
has been a severe
such a State-supervised system.
During the first seven months of the current year there
address at Attorney Genpurchasing power in New England, as is indicated
Governor Roosevelt leveled an attack in his
consumer
in
decline
"grossly"
him
nting
misreprese
1,000 indentical
eral Hamilton Ward, whom he accused of
by the fact that estimated wage payments in more than
yesterday.
approximately $14,000,In a speech before the Labor convention
manufacturing establishments in Massachusetts were
his
in
Governor
the
insurance,
the corresponding
In advocating action on unemployment
000 less in the period from January through July than in
address said:
a
year
ago.
period
governhave undertaken a
not been evident until
"Most of the civilized countries of the world
A similar curtailment in actual purchasing has
of fluctuation in employfor the first
ment supervised program to alleviate the distress
Massachusetts department stores reported sales
recently
since
have
which
Germany,
notably
of 1929. In June
ment. I have noticed that those countries,
half of this year as of the same volume as in that peripd
unemof
systems
g
far-reachin
and 6% from a year
adopted the most scientific, sensible and
and July, however, there were declines of about 7
a comeback in economic and
to be following the downward swing in the
appears
ployment insurance are in the van in staging
trade
retail
ago,
and
procession?
social development. Why are we behind the
I know that certain Industrial activity.
half of August were less
"Now I want to talk about that subject, although
Boston dpartment Store sales during the first
country would never again have
reckless and deceptive promises that this
this period a year ago.
in
those
than
fulfilled,
been
not
only
not
Cotton cona widespread condition of unemployment have
In July, New England textile activity declined still more.
situation in the United States Is
started
but, broadly speaking, the unemployment
to the smallest monthly amount since the records
declined
sumption
1893.
drop in silk machinery activity. Consumpsharp
a
today more serious than at any time since
was
In
and
there
1919,
Industendency of the present
the
"Secondly, we are fully aware that the
this district in July increased by a little less than
for any man or women past tion of raw wool in
trial system makes it increasingly difficult
customary seasonal amount.
in July was
40 years old to find a new job.
The volume of boots and shoes produced in New England
New York is now engaged in a
there is a slight increase between
"To meet the first fact the State of
of em- about the same as in June, but usually
valleys
and
peaks
the
possible,
and July
as
1930
far
July
so
definite effort to level, in
was a decline, however, between
cooperation of several hundred these months. There
in the entire country
ployment. Already we have obtained the
1929, amounting to more than 22%. Shoe production
large employers of labor.
21% from that month a year ago.
with me that it is far during July &lined about
during the first
"I am very certain that organized labor agrees
The building industry was unusually quiet in July, and
out,
year
and
in
year
t
employmen
in New England
better for all of us to have steady
seven months of this year total of new contracts awarded
labor
more
for
demand
a
is
there
where
rather than to have periods
in the corresponding period last year. The volpercentage of workers are were about 14% less than
l and industrial building in this District
than exists, followed by periods when a large
commercia
of
ume
feet)
(square
days
two
for only one or
New
either entirely out of a job, or are receiving pay
in a nine-year period. Total car loadings in
smallest
in
July
the
was
the
dispel
never
will
of industry and trade,
work a week. The feasts and plenty of yesterday
England have reflected the generally slow condition
famine and need of today.
third quarter declined approximately 17%
receiving the hearty and in the first six weeks of the
"This effort of the State is, I am glad to say,
from those during the corresponding period a year ago.
that
am
confident
I
and
employers,
far-sighted
England have been lower each
cooperation of the more
Registrations of new automobiles in New
bring real results
of 1929, and at the end
further study and further effort along this line will
month this year than in the corresponding months
in the future.
about 23% behind.
were
month
of
the
seventh
first of July colRecalls Workmen's Compensation.
The percentage of regular accounts oustanding at the
it increasingly difwas 44.7 compared
"On the second point of men and women who find
lected during July in New England department stores
dea
have
we
mark,
ficult to get new work after they pass the 40-year
with 49.8 in July, 1929, and 48.3 in 1928.
and old-age security
finite illustration of why unemployment insurance
with
hand
in
hand
considered
be
to
are very similar problems and ought
each other.
in Philadelphia
satisfy our hunger to- Building and Real Estate Conditions
"I have said that the feasts of yesterday do not
of yesterday's feast
District.—Construction Industry
Reserve
Federal
day, but it is wholly possible to set some portion
hunger. It is, of
aside in cold storage, as it were, to satisfy tomorrow's
Fairly Active.—Real Estate Situation Quiet.
s within the
course, worthy of note that one of the largest corporation
which,
plan
a
up
set
will,
free
and real estate conditions in the Philadelphia
own
Building
its
of
State of New York has recently,
In effect, is unemployment insurance."
Federal Reserve District are indicated in the following
system, the GovReferring to the General Electric Company workers'
which we quote from the September 1 Business Review
direction.
same
the
in
ernor said other large industrial groups were headed
somewhat
is
he
of
said,
insurance,
Philadelphia Reserve Bank:
The present attitude toward unemployment
active, although
workThe construction and contracting industry has been fairly
like that which existed in 1905, when initial efforts to establish
season of
the present level remains considerably lower than at the same
men's compensation were inaugurated.
Pennsylvania
in
work, Other recent years. Employment and wage payments
At that time, he added, the corporations themselves began such
coordinate increased further between June and July, the largest percentage gain
but suggestions that governmental supervision was necessary to
today, being in the western part of the state.
and supervise it were assailed as "socialistic." The parallel was true
of this diegoal,
The proposed expenditure under permits issued in 16 cities
he declared, and with large corporations apparently working toward the
lly in the month and as compared with
substantia
to
workmen's
regard
decreased
trict,
in
however,
did
it
as
existed
the same necessity fpr supervision
dea year earlier. Shntarty, the value of contracts for new construction
compensation.
month, with one
clined sharply, reaching in July the lowest level for that
Reviews the Labor Record.
running
been
this year have
dur- exception, since 1921. Awards thus far
years, as is shown
The Governor reviewed the record of labor and welfare legislation
materially below the monthly average of the past five
ing the last year and a half. He pointed to his efforts to get an "honest by the accompaning table. The sharpest drop in the month occurred in
children
and
showed an exceptionally
law" for an eight-hour day, forty-eight-hour week for women
contracts for industrial buildings, which in June
In Industry, to assure an extension of workmen's compensation to all occu- large volume. Appreciable decreases also took place in residential buildIn all this
pational diseases, and to have an old age pension bill passed.
ings and public works and utilities.
of what was
legislation, he said, the Legislature had provided only part
BUILDING CONTRACTS AWARDED.
of the program.
fulfilment
complete
for
work
to
he
promised
and
sought,
advisory
an
Per Cent Changefrom
"The Legislature," he said, "has wholly failed to establish
First Seven
minimum or fair wage board on behalf of women and children."
1925-28 Awe.
1929.
labor
the
1930.
of
Months
phases
other
out
Also, he added, it has failed to carry
—22.1
—6.0
legislative program of his party.
$96,178.000
an ad- Philadelphia
—52.5
—74.5
1,749,000
The Governor's attack on Attorney General Ward was based on
Reading
+6.3
+85.2
in which Scranton
3,067,000
dress of the Attorney General before the federation yesterday,
—50.6
—78.1
2,539,000
placing
favored
Camden
—50.9
Mr. Ward was held to have intimated that Mr. Roosevelt
—70.2
2,611,000
Trenton
+15.2
—41.1
3,969.000
the products of prison labor in competition with industry.
Wilmington
prison
"Let me clear your minds of any doubt as to my attitude toward
which
Total for Philadelphia Fed.
—10.2
labor, in view of certain grdtesque misrepresentation of my position
—11.0
$241,477.000
Res. Dist., inel. all cities
clearly
were yesterday set forth to you," the Governor said. "No one more
I.
Source: F. W.Dodge Corp
realizes the evil of competition of prison labor with free labor than
The best proof of how seriously I regard this matter is that I have added
conto
tee
subcommit
Governor's
to the State-created prison commission a
Federal Reserve
sider how we may keep our prisoners employed without competing with the Industrial Activity in Philadelphia
Level.
labor of our free workmen.
District at Low
Opposes Dumping Prison Goods.
commercial activity in the Philadelphia
al
and
Industri
for years
"I did this because I felt that otherwise this question, which
as in the country has been at a
District
Federal
Reserve
it
as
,
has troubled all penalogists, might be ignored or scantly considered
the
has been in the pad.
representing
"On this committee I have already named a man and a woman
John Sullivan,
organized labor in the State of New York—your president,
nd I
and Miss Rose Schreiderman of the Women's Trade Union League—a
the Amerhave asked President Green to nominate to me a representative of
ican Federation of Labor as an additional member.
and irre"It is almost unnecessary for me to add that I am wholly
on the
vocably opposed to letting one State dump its prison-made goods
free markets of another State."
Industrial Activity in New England at Lowest Level in
Recent Years According to Boston Federal Reserve
Bank.
Industrial activity in New England in July was at the
lowest level In recent years, according to the monthly review
of the Federal Reserve Bank of Boston, issued under date
of September 1. Continuing the Bank says:
relatively low level, and in July business generally wasphia
dullest in years. The Business Review of the Philadelgoes
issue,
Reserve Bank in reporting this in its Sept. 1
on to say:
been less
has
Such seasonable improvement as has occurred in August
slackness in trade
extensive than is normally expected. This exceptional
the Reserve
in
and industry has been reflected in a substantial reduction
when business
Bank credit in use in comparison with other recent years
Funds for comactivity was at a higher level than at the present time.
and money
mercial purposes, moreover, have been in plentiful supply
rates have been the lowest in years.
Manufacturing.
greater extent
Manufacturing activity in July was curtailed to a muchseasonal upturn
than is normally the case, and in early August the expected
failed to materialize, save in a few lines.
sharp decline since
Factory wage payments in this section continued the
since the middle
March and in July reached the lowest level for any month
lower than
of 1924. Employment also declined noticeably and was even
to this District
in July six years ago. This recession has not been confined
has been somethe alone; on the contrary, the relative decline in the country
Although there is usually less activity in the midsummer months,
the lowest point since the middle
July
in
reaching
seawhat
here,
than
usual
greater
the
than
recession this year between June and July was of more
in Pennsylvania between
lines of in- of 1922. The sharpest drop in factory payrolls
sonal amount. Quiet conditions prevailed in practically all
SEPT.6 1930.]
FINANCIAL CHRONICLE
June and July occurred in the textile, stone, clay, and glass, transportation
equipment, and met I products industries.
The demand and prices for fabricated metal manufactures declined
further, buying by the principal consumers of these products being at a
comparatively low level. Orders on the books of reporting firms have
decreased noticeably in spite of the apparaent improvement in business
sentiment expressed by several firms.
The daily output of pig iron continued downward, reaching in July the
smallest quantity since 1924. Operations of steel works and rolling mills,
on the other hand, showed a slight upturn in the index when it is corrected for the usual seasonal changes. Other leading metal industries as
a rule reported further declines in plant operations and output. This is
also true of those industries which comprise the transportation equipment group.
The market for textile products generally has been dull,although demand
In the first half of August showed some seasonal gains. Prices of textile
fibres and manufactures have continued to decline, a trend which has been
in effect since the spring of last year. Textile productive activity on the
whole was reduced in July to the lowest level in many years. As a result,
consumption of raw materials and the output of finished products declined
correspondingly. Stocks held at plants for the most part have been smaller
than in the previous month and noticeably less than a year ago.
The leather industry is holding its ground, though pricesshow further
weakness. In response to an increasing demand, the daily output of shoes
increased in July from the low level of the previous month. Advance
orders also show appreciable gains, while stocks have declined in the month
and as compared with a year ago. Local tanneries also expanded their
operations somewhat earlier than is usual and are now definitely on the
upgrade.
Activity in the group comprising various food products, while showing a
decline in wage payments during July, continued at a fairly stable level in
point of production. Gains over the previous month in fact have been
noted in sugar refining, bread and bakery output, canning and preserving,
and to some extent in animal slaughterings. At least part of these gains,
especially in August, were characteristic of the season. The daily output
of tobacco products on the whole decreased.
More than the ordinary quiet prevails in the chemical industry, reflecting in the main unsatisfactory conditions in other lines, particularly Loathes. Prices, °modally of industrial chemicals, declined further. Plant
operations generally have been curtailed more sharply than at the same
time in other years.
Among the principal building material manufactures, the output of
cement and lumber and its products showed slight gains, after making
duo allowance for seasonal fluctuations, while production of brick declined
very sharply. The present level of activity in the entire industry is the
lowest in several years. Prices generally continue to exhibit weakness.
Drouth Situation in Part Responsible for Decline in
July Business in Cleveland Federal Reserve
District.
The Federal Reserve Bank of Cleveland states that the
level of general business in its District "as a whole declin,ed
sharply in July, partly as a result of the shut-down in the
automobile industry, and the unfavorable drouth situation
which developed in agricultural localities, particularly in the
central and southern parts of the District. The drop, although partly seasonal in character, was much More pronounced than in other recent years." In its "Business Review," Sept. 1, the bank also says:
Some improvement in several lines was recorded in the first part of
August as compared with the July rates, but it is too early to state
whether this change was more than seasonal.
The worst dnouth in this section in 30 years was relieved by light rains
In early August, although the situation in many counties is still very
unfavorable. While the effect of this condition so far on business has
been meetly psychological and probably somewhat over-exaggerated, it no
doubt has affected buying power of some farm oommunities.
Employment in July declined about 4% from June and compared with
an average drop of 1% in the past five years. Payrolls showed a greater
decline, indicating that many shops reduced the number of hours worked
rather than the number of men employed. An improvement occurred in
August, however, with the resumption of operations at many plants.
According to the Bureau of Labor, Wholesale prices fell 2.8% in July,
with food prices down 4.5% from one month ago. These declines continued
in early August, but were somewhat modified by the increase in prices of
some farm products.
Department stores, feeling both the effect of reduced employment, pay.
rolls and commodity prices, reported dollar sales 12.7% below July 1929,
and sales for the first seven months 7.7% under the same period last year.
Installment sales at these stores have shown proportionately larged decines.
The declines from 1929 are a result of a combination of both factors, but
the amount each has contributed to the falling-off can only be roughly
estimated.
Although money rates are generally low, real estate operations continue
In small volume and building, particularly residential, still shows a downward trend. The large amount of public construction work has maintained
total building operations at a level 11% below last year.
Credit conditions, both at member tanks and the Reserve Bank, continue
easy. Demand for funds for commercial purposes has not increased and
collateral loans at reporting member banks have shown little change. Investments and deposits, on the other hand, have increased. Demand for funds
at the Reserve Bank declined, discounts on Aug. 20 being the lowest
since 1917.
There was a greater than seasonal increase reported in July shoe factory
operations in this district, and an improvement in tire sales. A greater
number of inquiries for machines and machine tools was also reported.
1483
what sharper than in previous months, based on unemployment figures of
the Ohio State Bureau of Business Research. This index dropped 4% in
July in contrast with declines of 3% in June and of 1% or less in previous
months of this year. The drop in July is more significant when compared
with the average July decline of only 1% in the past five years.
The contraction in July can be attributed almost entirely to the automobile
industry in which the shut-downs were longer and more complete than in
other recent years. Parts and accessory, tool, glass, rubber, steel and many
this District were forced to cease operations
other manufacturing plants
or greatly reduce schedules because of this fact. It is the feeling in several
branches of industry, however, that the low point was reached in July,
and that August should show some improvement. So far, however, little
evidence to substantiate this is yet available.
Many plants resumerd operations in August, but in most cases were only
producing at very moderate rates, in several instances at no higher levels
than before the July shut-downs. The unfavorable agricultural situation,
while not yet actually affecting business, has further complicated matters
because of its uncertainty.
The stone, clay and glass industry showed a decided falling-off in July
have
with little improvement in August. These two months in past years
been the periods of lowed activity. Employment so far this year has
averaged about 15% below the first seven months of 1929. Stocks are
Few
reported high. The paint industry is also down more than seasonally.
advance orders have been received and stocks are quite large.
inMachinery manufacturers have noticed an increase in the number of
quiries which might indicate an improvement in the offing. Hardware
after the
and automobile parts makers increased operations in August
is
curtailment in July, but little real improvement has been shown. There
reported
little indication of forward buying, and stocks of finished goods are
stimulated
not
have
to be low in most cases. Unusually low copper prices
mills
sales of electrical equipment and supplies to any extent. Tin plate
and metal container concerns have been affected by the unfavorable condition in the canning industry. Makers of stoves and furnaces showed an
increase in employment in July, but operations were still 16% below last
year. July employment in the paper and printing industry was only 2%
under July 1929, but there was a greater drop in the number of hours
worked.
Rubber Tires.
A greater than seasonal improvement in tire sales in July as compared
with June was reported by tire manufacturers in this District, This upward trend continued in early August, but manufacturers are net yet
certain whether this is a permanent change for the better Or only a temporary improvement due to previously withheld replacement purchases.
The larger July sales are quite significant when it is remembered that
atrtomobile production was very low in that month which reduced the
demand for original equipment tires perceptibly. Despite the fact that
gasoline consumption figures indicate an increased use of motor vehicles,
up until July of this year the replacement demand for tires had been much
below expectations. According to Tire Review, consumer sales totaled only
18,600,000 tires in the first six months as against 23,500,000 tires in the
same period of 1929.
Activity at tire plants in July reached the lowest level since 1924, with
employment at 26 factories 5% lower than in June and 26% below July
1929. Shut-downs at tire factories for inventory and at automobile plants
materially affected operations. Preliminary production figures of the
United States Department of Commerce show that there were 2,360,000
casings (including solids) made in the month. This compared with
4,895,000 units produced in July last year. The decline for the find seven
months of this year from the same period of 1929 was 30%.
The tire industry is in a much improved condition from one year ago.
Inventories of finished goods have been reduced about 8,000,000 units and
stocks in hands of dealers are reported to be smaller than in a period of
normal business. Raw material prices have also fallen. Crude rubber has
been showing a downward trend since 1925 and, at about 10 cents a pound
in August, was at the lowest point on record. Raw cotton has declined,
neing quoted between 11 and 12 cents a pound in August, the lowest since
1921. As a result, manufacturers have increased their holdings of raw
materials.
The situation on plantations, however, is anything but favorable.
Restriction plans have not been particularly effective and stocks are still
large. Imports of crude rubber to the United States in July totaled
34,084 tons as against 44,252 tons In the same month last year. In the
first seven months imports have amounted to 303,929 tons a decrease from
the same period last year of 16%.
Manufacturing Conditions in Chicago Federal Reserve
District—Midwest Distribution of Automobilesi
According to the Federal Reserve Bank of Chicago reporting furniture manufacturers in its District "experienced
during July the first sizable month-to-month increase in
orders booked since January." The Bank also has the following to say regarding the furniture manufacturing trade:
The expansion of 52% in July over June compares with an increase of
37% for the same period last year and with 60% in the three-year average
comparison, and offsets in part the heavy decline of a month previous. In
line with this expansion and a slight recession in shipments, unfilled orders
rose 44%. Shipments showed a falling-off from June of 4%, which is
Identical with that of last year and compares vrtih a recession of 2% for
the three year average. Declines from last year of 40% in orders. 60% in
unfilled orders, and 40% in shipments, were less sharp than a month previous, being then 55, 68 and 49%, respectively. The rate of operations
dropped still further in July and averaged 52% of capacity, or one point
lower than the June rate and 25 points below that maintained a year ago.
Declines in the Midwest distribution of automobiles are
indicated in the following from the Monthly Business Conditions Report.
Production and Distribution.
Further seasonal decline took place in automobile production during
July. Output of 222,459 passenger cars in the United States fell off 23%
from the preceding month,and truck production of 39.663 was 13% smaller.
As compared with July 1929, declines of 48 and 47%, respectively, were
recorded and against the corresponding period of 1928, passenger car proand that oiftrucks
s
automobiles
duction totaled 34% smaller this year
2
m
Wholesale distributors of new
the
d%
i7
dleles
iLet again
Production schedules of most manufacturing plants in the Fourth Cleve- showed sales declines during July, but because of the receipt of new
models
land District have shown a downward trend for nearly a year, after allow- of one make of car, the aggregate value of cars sold recorded a small increase
leg for seasonal fluctuations. The falling-off in July, however, was some- over June. Sales at retail by reporting dealers fell off by a little more
Decline in Production of Manufacturing Plants in
Cleveland Federal Reserve District—Conditions
in Rubber and Tire Industry.
From the September 1 Monthly Review of the Cleveland
Federal Reserve Bank we take the following:
1484
FINANCIAL CHRONICLE
than the usual seasonal amount; the recession was much smaller, however,
than between May and June. Declines from a year ago were about the
same in both wholesale and retail distribution as was the case in June
compared with the corresponding month of 1929. New car stocks were
smaller than on June 30 and averaged less than at the end of July last year.
Used car sales declined in number from a month previous and a year ago,
and stocks were less in both comparisons. Sales made on the deferred
payment plan in July averaged 54% of total retail sales by 27 dealers, while
the average for June and for a year ago was 59%.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in July 1930 from previous months.
[Vol.. 131.
building contracts awarded, industrial consumption of power and motor
vehicle production-all indicate less activity than last year or the year
before.
"No material change is indicated in recently issued bank clearing figures.
The total for July, as reported by Federal Reserve member banks in seven
Michigan cities, was at a level 25.6% below last year, and 17.3% below
two years ago. Cumulative totals for the first seven months have been
21.8% below the same period of 1929, and 7.1% below 1928.
"The award of building contracts during July was in much smaller
volurqe than either last year or the year before. The total was 52.1%
below July 1929, and 32.2% below July 1928. All categories shared in
the decline, residential-type construction being 69.5% below last year.
non-residential 45.9%, and public works and utilities 40.7%• Seven
Per Cent Change from
Companies Included.
months aggregates show little variation from the above, the total so far
June 1930. July 1929. June 1930. July 1929. this year being
45.9% below last, and 36.6% below two years ago. Again
all types participated in the decrease, residential being off 56.7%
New cars:
from
last year, non-residential 45.0% and public works and utilities 32.6%•
WholesaleNumber sold
-5.2
29
30
-68.3
"Michigan's public utility industry continues to report substantial
Value
29
30
-63.2
+3.4
activity. The month of June saw production of electric energy in an
Retailamount only 9.6% below last year, and 2.9% above two years ago. For
Number sold
-14.9
56
-50.3
58
the year to date, production has been but 6.3% below that for 1929 and
-16.5
Value
58
-52.8
56
On hand July 317.2% above the 1928 level. The industrial consumption of electric power
-1.6
-5.0
Number
56
58
during July was in an amount 31.9% below July 1929, and 17.0% below
Value
58
-6.2
-6.0
56
July 1928. The shut-down of various manufacturers, chiefly in the autoUsed cars:
Number sold
-22.2
-7.3
56
58
mobile industry for inventory-taking and vacations, doubtless accounts
Salable on handlargely for this extreme decline. The first seven months have seen manu-11.4
-2.7
Number
56
58
facturing
activity, as indicated by this index. 20.3% below last year's
-14.8
Value
56
58
-16.0
levels, and 0.4% above those of two years ago.
*Average end of month.
"June production of finished Portland cement in Michigan was in an
amount 1.0% above last year, and 2.1% above two years ago. Relatively
lower
levels of activity earlier in the year, however, caused the aggregate
Industrial Conditions in Chicago Federal Reserve
1930 to date to be 27.3% below 1929, and 5.8% below 1928.
District-Slight Decline in Employment-Wages for"Shut
-down for inventory and vacation took their toll in July in autoDropped 7.3%.
motive production figures. Motor vehicles were turned out in an amount
47.7% below last year, and 33.0% below two years ago, with all classes
In noting the course of industrial employment conditions sharing In the
decline.
output of passenger cars was 47.7% below
in its District the Federal Reserve Bank of Chicago, in its last year, trucks 46.9% The
and taxicabs 77.1. Totals for the year to date
are
quite a bit different. The aggregate so far in 1930 has been 33.4%
Aug. 30 Monthly Business Conditions Report says:
below 1929, and but 4.3% below 1928. Each category reveals decreases,
Although the number of employees in reporting lines of industry and
passenger cars to the extent of 33.5%, as compared with last year, trucks
trade in this district declined less sharply in the aggregate during July
31.5% and taxicabs 58.9%. In connection with the shut-downs, it is interthan in June, payrolls fell off to a greater extent as a result of further
esting to note that in most cases those companies affected have resumed
reduced time schedules In many plants and wage reductions in some lines.
Operations at least on a small scale."
Considered individually, larger declines than in the preceding month were
recorded by eight groups in number of men and by ten in payrolls. In
Illinois. a reduction of more than 10% in man-hours was recorded in metals, Continued
Decline in Business in St. Louis Federal
vehicles, stone, clay and glass products, textiles and construction, with
Reserve District.
similar reductions in many subdivisions of the other industrial groups.
Average weekly earnings for all groups in Wisconsin were 11% less than in
The continued downward trend which has marked industry
June and a loss of more than 10% was shown for metals, vehicles,food products, lumber products and utilities, while two groups, rubber products and and commerce in the St. Louis Federal Reserve District
merchandising, had higher average earnings per man, although total pay- since last fall, continued in force during the past 30 days,
rolls were less than in June. Among reporting firms in Iowa, Indiana, and says the
Federal Reserve Bank of St. Louis in its "Monthly
Michigan, the decline in man-hours, exceeded that in number of men in
the total of ten manufacturing groups and in each of the groups individually Review" issued Aug. 30, the survey continuing:
with the exception of textiles, leather and paper and printing. For the
Except in lines directly affected by hot weather and other seasonal indistrict as a whole, only one group increased in both number of men and
uences, the volume of production and distribution of commodities declined
payrolls-food products, which wr.s influenced largely by unusual expansion during July, and preliminary reports reflect little, if any, improvement
in canning and preserving in Wisconsin where the fruit and vegetable crop during the first half of August. In all lines investigated by this Bank, the
volume of business in July was considerably below that of the corresponding
suffered lose rom drouth than in other sections.
In the unemployment ratios below, some improvement is noted in three period last year and the average during the past half decade. In certain
States, Illinois, alone having a higher ratio than in the preceding month, manufacturing lines, notably iron and steel, lumber, fire clay products
which was accounted for by increases in Chicago and the larger industrial and other building materials, summer suspensions of plant activities for
towns.
vacations, inventorying and repairs, were more protracted than usual.
•
This resulted in a further increase in unemployment, partly, however. of a
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
temporary character.
EMPLOYMENT OFFICES.
In its effect on business as a whole, the most detrimental development
as the unprecedented drouth which extended to all parts of the District.
Wisconsin.
Month.
Iowa.
Indiana.
Illinois.
Lack of moisture, accompanied by unusually high temperatures and hot
1930-July.
150
winds, wrought irreparable damage to late crops, ranging from 50% to
258
168
262
June
155
295
170
224
complete
failure. Productions most drastically affected were feed crops1929-July
115
231
113
143
corn,
hay and pasturage, but all late crops.including commercial vegetables,
June
120
232
113
139
fruits and truck gardens, were severely damaged. Heavy ton was also
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
taken of the livestock, dairying and poultry industries. Scarcity of feed
DISTRICT.
and water prevented farm animals from taking on proper weight, and in
s
areas where the drouth was most prolonged and acute forced marketing of
1thin immature livestock was quite general. In virtually all sections of the
Per Cm Changes
from June 15.
Week Ended July 15.
District, production of milk, already sharply reduced, sustained further
Inirtailment. A phase of the unfavorable crop season has been the marked
Industrial Group.
No. of Number
EarnWage
iIncrease in surplus farm labor. This increase during July was particularly
Reportof
i eavy, and on Aug. 1 the surplus in all States of the
Earnings. Earners. ings.
TVage
ing
District was greater
Firms. Earners.
I han on any similar date in recent years.
Sharp curtailment of purchasing power in the agricultural areas,resulting
Metals and products_a
-7.9 -15.8
533 144,113 53,618,000
Vehicles
jrom smaller crop production, is reflected in lessened demand for goods
825,000 -10.1 -17.0
31,856
71
Textiles and products
1 the
-4.8
-5.1
585,000
134
27,447
farming communities. Country merchants are buying with the
Food and products
+5.1
1,403,000 +13.9
56,164
303
Stone, clay and glass
i eatest conservatism, particularly goods for distribution during the fall
-9.9
327,000
-8.1
12,460
114
Lumber and products
-8.0
-2.9
t d winter. This policy extends as well to retailers in the larger centers of
497,000
24,049
229
Chemical products
T opulation, and in distributive channels generally
-6.2
-4.4
271.000
10.611
69
there is a disposition to
Leather products
-8.0 ;wait
-1.2
307,000
15,839
69
developments before making commitments. Advance business of
Rubber product's b
41,000 -36.9 -33.6
1,964
7
Paper and printing
1 holesalers in all lines is considerably smaller than at the corresponding
-1.5
+3.4
1,090,000
255
38,971
1 eriod last year, and In some instances has been further decreased by canTotal manufg., l0 groups.__ 1,784 361,474 88,964,000
-9.8
-3.5
c ellations. The movement
of summer goods through retail channels was
Merchandising _c
-0.3 .
-2.3
826,000
206
30,045
o the main below expectations, though in the immediate past,clearances
Public utilities
-2.6 .
+3.6
3,212,000
97,307
80
Coal mining
1 ave been substantially aided by special sales and reduced prices. Corn-0.0
124,000 +24.9
37
7,445
Construction
I etition in all manufacturing and wholesale lines is reported increasingly
-2.4
+2.2
468,000
199
15,761
1
Total, 14 groups
c eon, and the trend of commodity prices through July and early August
-7.3
-1.6
2.306 512,032 513,594,000
ntinued downward.
a Other than vehicles. b Wisconsin only. c Illinois and Wisconsin.
As reflected by sales of department stores in the principal cities of the
District, the volume of retail trade in July was 12.7% smaller than during
Michigan Business Conditions as Viewed by First the same month in 1929; for the first seven months the volume was 7.7%
less than for the corresponding period a year ago. Combined sales of
National Bank of Detroit-Increased Activity in wholesale and
Jobbing firms reporting tee this bank were nearly one-third
smaller than during the same month last year. Construction contracts
Cement Industry-Building Contracts Drop.
in the Eighth Federal Reserve District in July were approximately twoActivity in the cement industry in Michigan in June let
thirds smaller than the July aggregate, and a third less than the July 1929
showed an improvement over the same month a year ago. total. The value of
building permits let in the principal cities of the
The increase amounted to but 1%, yet, ha the light of cir- District during July was also considerably smaller than a month and a year
earlier. Debits to individual accounts in June were 9.0% and 17.8%
cumstances, even such a gain is significant, according to smaller,
respectively, than a month and a year earlier. Total debits for the
the current issues of "Michigan Graphic," published by first seven
months this year were 11.7% smaller than for the same time in
the First National Bank in Detroit. Its report on Michigan 1929. A slight decrease took place in the amount of savings deposits
between July 2 and Aug. 6. and on the latter date the total was about 2.0%
business conditions follows:
less than a year ago.
"Public utility activity was less than during the same month last year,
Officials of railroads operating in this district report a continued falling
but ahead of two years ago. The remainder of the indexes bank clearings, off in volume of freight traffic with decrease extending to virtually all
SEPT. 61930.]
FINANCIAL CHRONICLE
classifications. Due partly to the disposition of farmers to hold their wheat
and to drouthy conditions through the entire region, the movement of
grain and grain products fell sharply below that of a year ago. There was
also a marked decrease in the movement of merchandise and miscellaneous
freight and fuel. For the country as a whole loadings of revenue freight
for the first 31 weeks this year,or to Aug.2,totaled 27,681,372 cars,against
30,882,951 cars for the corresponding period in 1929 and 29,454.635 cars in
1928. The St. Louis Terminal Railway Association, which handles interchanges for 28 connecting lines, Interchanged 196,703 loads in July, against
206,305 loads in June and 249,282 loads in July 1929. For the first nine
days of August the Interchange amounted to 59,843 loads, which compares
with 53,753 loads during the corresponding period in July and 75,738 loads
during the first nine days of Aug. 1929. Passenger traffic of the reporting
roads in July decreased 13% as compared with the same month last year.
Estimated tonnage of the Federal Barge Line between St. Louis and New
Orleans in July was 83,600 tons, against 140,176 tons in June and 04,141
tons in July 1929. The decrease in tonnage from June to July was due to
the unusually low stage of water in the Mississippi River.
Further recessionary tendencies, somewhat more marked than earlier
In the year, were reflected in reports relative to collections during the
past 30 days. Complaints of backwardness were more general than
heretofore, both with reference to locations and the several lines. While
some improvement developed in payments to country merchants in the
winter wheat areas, poor results were general throughout the agricultural
regions, particularly where drouth conditions were most acute. Wholesalers and jobbers in the large urban centers report settlements relatively
smaller than at any similar period during the past five years, with an
increasing number of requests for extensions. Producers of building matteals and the heavier lines of goods generally report customers slow in paying
their bills. Retail merchants in the large cities report spotted conditions
with the usual seasonal backwardness due to absence of debtors on vacations. Questionnaires addressed to leading interests in the various lines
scattered through the District showed the following results:
Excellent.
Good.
Fair.
Poor.
12.7%
0.1%
58.6%
July 1930
28.6%
1.0%
22.9%
13.2%
62.9%
June 1930
1.4%
25.0%
57.0%
16.6%
July 1929
Commercial failures in the Eighth Federal Reserve District in July,
according to Dun's numbered 107, involving liabilities of $2,272,170,
against 104 failures in June with liabilities of $1,778,914. and 111 defaults
for a total of $1,331,242 in July 1929.
More Than Customary Decline in Retail Trade in
Kansas City Federal Reserve District.
Business conditions in its Districts are summarized as
follows by the Federal Reserve Bank of Kansas City in its
Monthly Review, dated September 1st:
Retail trade in the Tenth (Kansas City) District in July, as measured
by dollar sales of 38 department stores, exhibited somewhat more than the
customary decline from June to July and was about 6% below that for
July 1929. Wholesale trade, taking the combined sales of firma reporting,
was 1% smaller than in June but 16% smaller than in the same month
last year.
Arrivals of new wheat at primary markets during July were nearly 7%
million bushels, or 9%, less than the high record receipts in July last year.
Receipts of sheep and lambs were the largest for July of record. Receipts
of cattle exceeded those for June but were 12% below those for July last
year. Fewer hogs were marketed than in either the preceding month or
the same month last year.
While some manufacturing plants continued to operate with reduced
working forces, or on part-time schedules, industry as a whole made a
favorable showing for the quiet mid-summer month. Flour mills were
operated in July at a higher rate of full-time capacity and produced more
flour than in any previous July. The number of sheep and lambs dressed
at meat packing plants had not been exceeded in any previous July on
twelve years' record. The July slaughter of cattle was the largest for any
month of the year, although it showed a small decrease from a year ago.
The number of hogs slaughtered was the smallest monthly total of the year
and 18 smaller than in July 1929.
The petroleum industry further curtailed production of crude oil in the
effort be bring the output within range of market requirements. The soft
coal output increased but was not up to a year ago. Production and shipments of zinc and lead ores was at the lowest point of the year. Cement
production, as in the earlier months of the year, was larger than a year
ago.
Building contracts awarded in this district during July showed a sharp
decline from June and were below those for July last year, but awards for
the first seven months of 1930 still were about 48 million dollars ahead of
the like period in 1929. The value of building permits in cities Increased
16% over June but was 5% less than a year ago.
Further details regarding wholesale and retail trade in its District are
furnished as follows by the Bank.
1485
Trade in Richmond Federal Reserve District Below
That of Year Ago-Effect of Drouth.
The Federal Reserve Bank of Richmond in its Aug. 31
"Monthly Review" reports that "the outstanding development in the Fifth [Richmond] Federal Reserve District in
July and the first half of August was the record drouth in
Virginia, West Virginia, Maryland and to a lesser degree in
North and South Carolina." The bank's further comments
follow:
The full effects of the drouth on business may not be felt for some time,
but the reduction in prospective yields of nearly all crops accompanying
low prices for agricultural products will considerably curtail the purchasing
power of the agricultural population. The forecasts of cotton and tobacco
yields in the Fifth District are higher this year than in 1929, due to material
gains in the two Carolinas, but the price situation for both cotton and
tobacco is very discouraging. The larger yields this season will not nearly
compensate for the drop in prices since last fall, unless there is a marked
change for the better later in the selling season, of which no signs are now
apparent.
Business developments during the past month were mainly of a seasonal
nature, but trade continued in smaller volume than a year ago. Member
banks in rural sections slightly increased their borrowing at the Reserve
Bank, due chiefly to the opening of tobacco markets in South Carolina and
border counties in North Carolina, but the usual increase at this season in
the circulation of Federal Reserve notes did not occur between the middle
of July and the middle of August. Reporting member banks are lending
considerably less than at the middle of August last year, but they have
increased their investments in securities, their deposits are higher, and
their rediscounts at the Reserve Bank are much lower this year. Debits to
individual accounts figures show the influence of lower price levels and
generally depressed business this year running about 10% lower than debits
last year. Commercial failures in the Fifth District in July were more
numerous than in July last year, but showed the lowest aggregate liabilities
for any July in the past seven years. The Fifth District insolvency record
In July was better than the National record in comparison with both June
this year and July last year. Employment conditions showed no material
change last month, unemployment continuing to be more extensive than
at the same times year ago. Construction under way in the Fifth District
Is considerably less this summer than a year ago, and both retail and
wholesale trade in July was in smaller volume than in July 1929. Coal
production in July was below the output in July 1929. and during the
present calendar year coal consumption In all major industries has been
less than in 1929. One favorable factor in the coal situation is a small
reserve stock in the bands of consumers, and any increase in industrial
activity will be quickly reflected in larger output at the mines. The
textile industry reports no progress out of the depression in which it has
operated for some time, but cotton consumption statistics seem to indicate
that conditions in Fifth District mills are not quite as bad as in some other
textile centers. Cotton consumption in American mills and exports ofcotton
both fell off further in July, and were materially below the figures for
July 1929. The carryover of cotton into the new cotton year beginning
Aug. 1 this year was much larger than the carryover last year. and the
Department of Agriculture's first estimate of the 1930 crop indicated a
total yield of over 14 million bales. The outlook for tobacco growers is
much like that for cotton farmers. There was a record carryover oftobacco
at the end of the 1929 season and this year's prospective yield for the
United States is relatively large.
The bank thus describes wholesale and retail trade conditions in the District:
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, dry goods and shoes showing the greatest
declines and drugs the least change. In comparison with June 1930 sales.
July sales showed seasonal increases in most lines, groceries being the only
line which failed to make a gain last month. As is usually the case at
this season,shoes recorded the largest increase over the volume of business
done in June. Cumulative sales since Jan. 1 this year were lower in every
line reported upon than sales in the first seven months of 1929, dry goods
with a decline this year of 12% showing the greaten decrease. Groceries,
shoes and drugsshow exactly the same percentage decline in 1930sales,3.3%.
Wholesale stocks on the shelves of the reporting trms increased seasonally
during July in dry goods, shoes and hardware, but grocery stocks declined
a fraction of 1%. In comparison with stocks carried last year, stocks on
July 31 1930 were larger in shoes, but were smaller in groceries, dry goods
and hardware.
Collections in July were better in groceries and dry goods than in either
June this year or July last year, but were slower in shoes, hardware and
drugs.
Retail trade in July in the Fifth Reserve District, as reflected in department stores sales, was in smaller volume than in July 1929. but made a
Retail Trade
better comparison with the preceding year than trade in June. Baltimore
Total July sales at department stores in this District were 15.8% smaller and Washington stores reported July sales between 2 and 3% less than in
6.3%
and
than
smaller
in
June
July
last
in
year.
than
Sales at ten stores July 1929, a decline probably accounted for largely by price changes during
were larger and at 28 stores smaller than a year ago. Oklahoma City and the year, but the other cities stores, many of which serve a rural population
Tulsa reporting stores showed larger sales than a year ago. Total sales to a considerable extent, reported an average decline in July sales of nearly
of reporting department stores for the first seven months of 1930 were 11%. In total sales since Jan. 1 1930, Baltimore stores are ahead of their
3.9% smaller than for the corresponding period in 1929. Nine of the 1929 figures for the corresponding seven months, and Washington shows a
decline this year of only 1.1%. but the other cities stores average 7.8%
38 stores did a larger business than in the like period last year.
July sales at retail stores handling men's and women's apparel were in below their 1929 figures for the first seven months of the year.
A seasonal decrease in stock on hand was reported during July, and at the
about the same volume as a year ago, while sales of shoes and furniture
end of the month averaged 7.8% less than on July 31 1929. The reporting
showed decreases as compared with those for July last year.
turned their stock .219 times in July, and since Jan. 1 stocks have been
stores
Stocks on hand at department stores at the close of July were 5.6%
turned an average of 1.874 times, a slightly higher figure than 1.855 times
smaller than one month earlier and 9.1% smaller than a year ago. Stocks
for the corresponding period last year.
of men's and women's apparel and furniture averaged slightly higher than
Collections in July averaged 26.4% of total receivables outstanding on
a year ago, while stocks of shoes were lower than a year ago.
July 1, compared with 28.2% of outstanding receivables collected in July
Wholesale Trade
1929. Collections were slower in nearly all reporting stores in July this
Wholesale trade during July, taking the combined dollar volume of sales year, but the difference was not great.
of all firms reporting to this Bank, was about 16% below July last year.
The July reports by lines revealed that sales of drygoeds and drugs were
larger than in June, while sales of groceries, hardware and furniture were Canadian Pulp and Paper Exports
in July Amounted
smaller than repotted for that month. In comparison with a year ago all
to $l4,908,286-Increase of $44,563 Over Preceding
lines showed decreases in their sales volume.
Month, but $476,045 Below July Last Year.
Stocks of wholesale grocery firms on July 31 averaged higher than on
June 30, but were lower than on July 31, 1929. Stocks of drygoods, bard.
Canada's
exports of pulp and paper in July amounted to
ware, furniture and drugs on July 81 were smaller than either a month
$14,908,286, according to a report issued by the Canadian
ago or a year ago.
1486
FINANCIAL CHRONICLE
Pulp & Paper Association. As compared with the previous
month there was an increase of $44,563 although the figures
are down as compared with July 1929, by 76,045. The
Montreal "Gazette" of Aug. 29, reporting this, added:
Wood-pulp exports for the month were valued at $2,988,267 and exports
of paper at $11,920,019 as against $3,208,864 and $11,654,859 respectively
In the month of June.
Exports of the various grades of pulp and paper were as follows:
July 1930.
July 1929.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
All other
Tons.
13,898
18,470
17,351
5,712
2,281
758
Total
PayerNewsprint
Wrapping
Book, cvits
Writing, cwts
All other
58,470
2,988.267
60,695
3,127,292
199,060
923
3.265
11,579,862
96,791
29,243
109,692
1,013
5,956
20
214,123
11,795,510
108.330
51,030
743
301,426
11,920,019
12,257,039
Total
374,311
1.318,007
852,073
345,689
41,427
56,670
Tons.
15,579
16,479
15,589
10.314
2,734
435,989
1,270,063
763,710
602,891
54,639
For the first seven months of the current year, the exports of pulp and
paper were valued at $106,416,853 as compared with a total of $112,584,311 in the corresponding months of 1929. This represents a decrease
of $6,167,458 or 534% which in view of present conditions is a good showing.
Wood-pulp exports for the seven months were valued at $24,311,977 and
exports of paper at $82,104,876 as compared with $24,597,797 and $87,986,514 respectively in the first seven months of 1929.
Details for the various grades are given below:
Seven Months 1930
Tons.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
All other
Total
Pa 7erNewsprint
Wrapping
Book, cwts
Writing, evrts
All other
Total
105,382
154,466
122,963
56,444
17,250
5
3,055,506
11,412,960
6,119,978
3,281,991
441,542
Seven Months 1929.
Tons.
108,832
147.792
107,061
78,988
19,445
$
2,067,472
11,278,588
5,309,838
4,691,636
350.263
456,505
24,311,977
462,118
24,597,797
1,366.664
8,422
24,329
1,992
79,887,825
884,116
228,004
17,080
2,087,851
1,409,093
8,728
43,629
3,114
84,414,737
943,453
372,349
28,428
2,227,547
82.104.876
87,986,514
Pulpwood exports have increased somewhat this year, the total shipments for the first seven months being 794,821 cords valued at $7,958,087
as compared with 742,012 cords valued at $7,332,441 exported in the
corresponding months of 1929.
Radically Curtailed Lumber Production Continues.
Indicating a continuation into the ninth consecutive week
of radically curtailed lumber production, 862 leading hardwood and softwood mills reported to the National Lumber
Manufacturers Association for the week ended Aug. 30 a
cut of only 275,828,000 feet. Orders at these mills were
94% of production, one of the best ratios established in the
recent period of improved relation between production and
demand. Shipments were given as 97% of production. A
week earlier shipments were given as 96% and orders 94%
of a total cut of 291,279.000 feet in reports from 893 mills.
Comparative figures on production and new business for the
latest week and the corresponding period last year, as given
In reports from 659 identical hardwood and softwood mills,
show the cut 35% and orders 37%, respectively, less than
for the week a year ago.
Lumber orders reported for the week ended Aug. 30 1930,
by 594 softwood mills totaled 235,435,000 feet, or 5% below
the production of the same mills. Shipments as reported
for the same week were 242,725,000 feet, or 2% below production. Production was 247,412,000 feet.
Reports from 281 hardwood mills give new business as
23,093,000 feet or 19% below production. Shipments as
reported for the same week were 25,049,000 feet, or 12%
below production. Production was 28,416,000 feet. The
Association's statement further says:
Unfilled Orders.
Reports from 482 softwood mills give unfilled orders of 721,584,000
feet, on Aug. 30 1930. or the equivalent of 15 days' production. This Is
based upon production of latest calendar year-300-day year-and may be
compared with unfilled orders of 499 softwood mills on Aug. 23 1930. of
755,820,000 feet, the equivalent of 15 days' production.
The 364 identical softwood mills report unfilled orders as 653,287,000
feet, on Aug. 30 1930, as compared with 1,033.270,000 feet for the same
week a year ago. Last week's production
of 469 identical softwood mills
was 229,308,000 feet, and a year ago
it was 346,878,000 feet; shipments
were respectively 222.433,000
feet and 342.331.000, and orders received
221,315,000 feet and 342.372,000 feet. In
the case of hardwoods, 203
Identical mills reported
production last week and a year ago 24,300,000
feet and 43,399,000, shipments
21,088,000 feet and 39,417,000; and orders
19,028,000 feet and 41,133,000.
West Coast Movement.
The West Coast Lumbermen's
Association wired from Seattle that new
business for the 228 mills reporting
for the week ended Aug. 30 totaled
130,891,000 feet, of which 55,712,000
feet was for domestic cargo delivery,
DroL. 131.
and 16.081,000 feet export. New business by rail amounted
to 46,569,000
feet. Shipments totaled 123,391,000 feet, of
which 44,150,000 feet moved
coastwise and intercoastal, and 21,549.000
feet export. Rail shipments
orders totaled 45.163,000 feet and local deliveries 12,520,000
feet. Unshipped orders totaled 387.444,000 feet, of which domestic
cargo orders
totaled 196,478.000 feet, foreign 95,755,000 feet and rail trade
95.211,000
feet. Weekly capacity of these mills is
252.597.000 feet. For the 34
weeks ended Aug. 23 139 identical mills reported
orders 5.6% below production, and shipments were 0.3% below production. The
same mills
showed
an1. an increase in inventories of 2.3% on
Aug. 23 as compared with
Jan.
Southern Pine Reports.
The Southern Pine Association reported from Now Orleans that
for 133
mills reporting, shipthents were 8% above production, and
orders 3%
below production and 10% below shipments. New business taken
during
the week amounted to 45,024,000 feet (previous week 45.612,000)
at 141
mills; shipments 50,232,000 feet (previous week 46,200.000); and
production 46,516,000 feet (previous week 47,086,000). The three-year average
production of these 133 mills Is 66,179,000 feet. Orders on hand at the
end of the week at 122 mills were 117,768,000 feet. The 125
identical
mills reported a decrease in production of 28% and In new business
a
decrease of 28%, as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore.,
reported production from 86 mills as 44.909,000 feet, shipments 35,880,000
and new business 32,812,000 feet. Sixty-six identical
mills reported a
decrease of 19% in production, and a decrease of 40% in new business,
when compared with 1929.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 17 mills as 18,840,000 feet, shipments
13,151,000 and orders 10,782,000 feet. The same number of mills reported a decrease in production of 22% and a decrease in
orders of 56%.
in comparison with last year.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 7 mills as 4,935.000 feet, shipments 4,127,000
and new business 4,221,000. The same number of mills reported
production 41% less, and new business 11% less than that reported for
the corresponding week of 1929.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, WIs., reported production from 13 mills as 481,000 feet, shipments 867,000 and orders 705,000. The same number of mills reported a
decrease in production of 76%, and a decrease in orders of 22%, when
compared with a year ago.
The North Carolina Pine Association, of Norfolk, Va., reported production from 97 mills as 6,591,000 feet, shipments 8,661,000 and now business
5.656.000. Forty-five identical mills reported production 40% less, and
new business 39% less than that reported for same period
of last year.
The California Redwood Association, of San Francisco, reported
production from 13 mills as 6,226,000 feet, shipments 6,416,000
and orders
5,344,000. The same number of mills reported a decrease in production
of 26% and a decrease in orders
of 23%, in comparison with 1929.
Hardwood Reports.
The Hardwood Manufacturers Institute, of
Memphis, Tenn., reported
production from 268 mills as 26,677,000 feet, shipments 23,938,000 and
new business 22,270,000. Reports
from 190 identical mills showed a
decrease in production of 44%, and a decrease in new business
of 53%.
when compared with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 13 mills as 1,739,000 feet, shipments 1,111,000 and orders 823,000. The same number
of mills reported
a decrease In production of 43% and
a decrease In orders of 65%. in comparison with last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS
TO PRODUCTION FOR THE WEEK ENDED AUG. 30 1930 AND FOR 35
WEEKS TO DATE.
Association.
Produclion.
(M. Ft.)
P. C.
ShipP. C.
,,tents,
of
Orders.
of
(if. Ft.) Prod. (M. Ft.) Prod.
Southern Pine:
week-I33 mill reports
50,232 108
48,516
45,024
35 weeks-4,931 mill reports
1,970,008 1,834,875 93 1,800,384
West Coast Lumbermen's:
Week-228 mill reports
118,914
123,391 104
130,891
36 weeks-7,816 mill reports
5,220,637 5,115,669 98 5,050,897
Western Pine Manufacturers:
Week--89 mill reports
44,909
35,880 80
32,812
35 weeks-3,184 In111 reports
1,472,496 1,263,298 80 1,221.103
Calif. White et sugar Pine:
Week-17 mill reports
18.840
13,151 70
10,792
35 weeks--872 mill reports
668.803
715,583 107
715,807
Northern Pine Manufacturers:
Week-7 mill reports
4,935
4,127 84
4,221
35 weeks-270 mill reports
167,546
142,379 05
136,475
No. Hemlock & Hardwood(softwood)
Week-13 mIll reports
481
867 180
705
35 weeks-1,076 mill reports
112,095
77,449 89
70,271
Northern Carolina Pine:
Week-97 mill reports
8,591
8.661 131
5.656
35 weeks-3,829 mill reports
309,117
305,228 99
247,047
California Redwood
Week-13 mill reports
6,226
6,416 103
5,344
35 weeks-512 mill reports
240,680
221,250 92
222,584
Softwood total:
Week-594 mill reports
247,412
235.435
242,725 98
35 weeks-22,289 mill reports
10,161,382 9.675.731 95 9,464,568
Hardwood Manufacturers Institute:
Week-268 mill reports
26,677
22,270
23,938 90
35 weeks-9,033 mill reports
1,177,817 1,054,071 89 1,010,649
Northern Hemlock dt Hardwood:
Week-I3 mill reports
823
1,739
1.111 64
35 weeks-1,075 mill reports
254,196
126,855
155,193 61
Hardwood total:
Week-281 mill reports
28,416
23,093
25,409 88
35 weeks--10,108 mill reports_ __ _
1,432,013 1.209,264 84 1.137,504
9rand total
Week-862 mill reports
287,774 97
275,828
259,528
35 Weeks-31.322 mill ronnrtn
11 Kg° gok In 1212,1 (105
04 10002072
97
91
110
97
73
93
57
107
88
Ell
147
63
88
90
86
92
95
93
83
86
47
60
91
79
94
91
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 228 mills show that for the week ended Aug. 23
1930 a total of 122,893,847 feet of lumber were produced,
132,690,210 feet ordered, and 136,894,289 feet shipped.
The Association's statement follows:
SEPT.6 1930.]
FINANCIAL CHRONICLE
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (350 IDENTICAL MILLS).
(All mills reporting production for 1929 and 1930 to date.)
142,316,384 feet
week ended Aug. 23 1930
production,
Actual
174,322,364 feet
Average weekly production 34 weeks ended Aug. 23 1930
209,857,907 feet
Average weekly production during 1929
216,919,733 feet
Average weekly production last three Years
304,284,799 feet
x Weekly operating capacity
x Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per
week.
WEEKLY COMPARISON (IN FEET) FOR 228 IDENTICAL MILLS-1930.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Aug. 23.
Aug. 16.
Aug. 9.
Aug. 2.
Week Ended—
122,893,847 124,049,273 121,190,419 126,072,298
Production
132,690,210 125,550,229 122,708,590 142,552,690
Orders (100%)
45,624,223 41.472,722 40,104,327 43,612,338
Rail (34%)
56,460,550 60,252,358 50,735,904 59,555,622
Domestic cargo (43%)
15.787,625 14,360,154 19,146,056 24,030,359
Export (12%)
14,817,812
9,464,995 12,722,303 15.354,371
Local (11%)
136.894,289 126,937,291 108,550.602 147,462,727
Shipments (100%)
45,338,399 43,000,917 43,017.614 47,044,172
Rail (33%)
53,853,482 51,271,728 31,776,256 53,696,930
Domestic cargo (39%)
22,884,596 23,199,651 21,034,429 31,367,254
Export (17%)
14,817,812
9,464,995 12,722,303 15.354,371
Local (11%)
386,554,999 393,216,008 396,740,624 388,480,759
Unfilled orders (100%)
95,191,832 96,490,208 99,670.271 102,977,461
Rail (25%)
189,233,601 186,926,022 178,841,956 163,486,056
Domestic cargo (49%)
102,129,566 109,799,778 118,228,397 122,017,242
Export (26%)
183 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for
1929 and 1930 to date.)
Average 34
Average 34
Week Ended
Weeks Ended
Weeks Ended
Aug. 23 1930. Aug. 23 1930. Aug. 24 1929.
112,596,800
139,418,572
Production (feet)
169,243,228
131,132,690
120,092,769
Orders (feet)
171,225,752
125,019,529
139,068,701
Shipments (feet)
171,918,205
DOMESTIC CARGO DISTRIBUTION WEEK ENDED AUG.16 1930(127 mills).
Orders on
Orders
Hand Begin'g Week Received.
Aug. 16'30.
Washington & Oregon
(100 .ifVis)—
California
Atlantic Coast
Miscellaneous
Cancellotions.
Shipments.
Unfilled
Orders
Week Ended
Aug.16'30.
Feet.
Feet.
Fed.
Feet,
Feet.
203,511 23,176,844 55,126,780
61,002,602 17,504,533
93.537,142 36,546,098 +232,396 22,429,426 107,886,210
101,070 2,800,722
2,424,168
437.000 +40,624
Total Wash.& Oregon 156,963,912 54,487,631
Reporting dom. cargo
6,640,844 818,684
only (9 mills)
+69.509 45,707,340 165,813,712
1,244,441
6,215,087
1487
Mr. Berry laid prevailing business conditions to the invention of laborsaving devices, the "extraordinary ingenuity in financing business,"
which has "created a complex economic situation," and the "post-war
arrogance of American business, which has reduced export trade."
"The finishing insult to world trade," he said, "came in the adoption
of the Hawley-Smoot tariff measure.
"I think a most dangerous development is taking place nearly every
day. It is dangerous in that the minds of people are being inoculated
with the claim that prosperity is just around the corner. This is not true."
C. P. Howard of International Typographical Union
Assails Pay Cuts—Says Prosperity Depends on
Masses' Buying Power.
Labor is more upon the defensive than at any time during
the last decade, Charles P.Howard of Indianapolis,President
of the International Typographical Union, declared at
Houston, Tex., Sept. 1, the Associated Press accounts (as
given in the New York "Times") quoting him as follows:
Organized workers recently have been confronted with demands for
wage and hour reduction and have suffered from unemployment.
During the past year the unorganized worker has suffered greatly from
the application of the moth-eaten industrial philosophy that wage reduction
and increased hours will return prosperity. These workers must depend
for protection upon the conscience of their employers, and business has no
conscience.
Men now observe that business prosperity is inseparable from the purchasing power of the masses. The opportunity to sell depends upon the
ability of the workers to buy, and the ability of the workers to buy depends
upon the employment and wages.
Outstanding industrialists have declared that reducing wages or depriving
workers of employment is not a remedy for business depression.
Elimination of Night Work Voted by Southern Sheet
Mills.
Complete elimination of night work for an indefinite period
of time will take place this fall in Southern mills manufacturing print goods and narrow sheetings, it was decided at
a meeting at Greenville,S.C., on Aug.27 of representatives
of these plants. This is learned from Greenville advices
to the New York "Journal of Commerce." which also said:
The night shifts will be done away with as quickly as "proper labor
adjustments can be made."
T. M. Marchant of Greenville, President of the Victor Monaghan Co.,
None 999,000 3,536,156
1,785,156 2,750,000
9,481,410 1,744,043
40,000 1,652,812 9,532,641 presided at the meeting and issued a formal statement after the gathering.
2,481,208
100,000 926,073 1,410,135
245,000
The statement said the purpose of the meeting was to discuss conditions
of the industry as related to print goods and narrow sheetings manufacTotal Brit. Columbia. 13.747,774 4,594,043 966,073 4.061,947 13,313,797
turers, and that it was the consensus of opinion that night work should be
Reporting domes. cargo
1,335,426
1,335,426 eliminated so as to regulate employment better. Eighty-five thousand
only (3 mills)
were represented at the gathering.
15,083,200 4,594,043 966,073 4,061,947 14,649,223 looms
Totals
Mr. Marchant was not inclined to elaborate on his statement. When
Term domestic cargo_ 178 687.956 59.900.358 896.564 51.013.728 1811.875 nco asked if the manufacturers represented had decided to close their plants
entirely during the month of September, he said there was no statement
to make in that connection
Pay Rise Ends Strike of New York Raincoat Makers. It was generally rumored here following the meeting that such a decision
had been reached, however. In discussing the elimination of night work,
According to the New York "Times" 1,200 striking rain-. Mr. Marchant said he had long believed this step necessary to the restorawith
their
settled
employers
late
Sept.
2,
wintion of the industry to a profitable realm again.
coat makers
"It will enable us to give full employment to the day shift and will
ning a victory after a week's strike. The "Times" of regulate
production to demand," he said.
Sept. 3 likewise said:
Mills represented at the conference embrace the entire Southern textile
The employers withdrew demands for 10% wage cut and abolition of territory.
three and a half legal holidays and restored the 5% taken from wages last
spring during the depression.
Cocheco Division of Pacific Mills Resumes on Full Time.
The compact in the raincoat industry was signed late yesterday afternoon
The following from Dover, N. H., is from the "Wall
at the Hotel New Yorker.
The strike of raincoat makers was referred to in our issue of Aug. 30, Street Journal" of Sept. 2:
page 1329.
Cocheco Division of Pacific Mills, which has been running on half time
for a month, is resuming full time. Workers are believed to have accepted
City,
Mo.,
Garment
Co.
of
Kansas
Liberty
Increases a wage reduction to keep the mills on a full-time basis.
Wage Scale and Takes on Additional Workers to
Totals
163,604,756 55,306,315
+69,509 46.951,781 172,028,799
Brit Col. (15 Mills/—
California
Atlantic Coast
Miscellaneous
Aid Business.
Mill of Canadian Cottons, Ltd., Closes.
Under date of Sept. 2 Kansas City, Mo., advices to the
Associated
Press advices from St. John, N. B., Aug. 29,
New York "Times"stated:
given
in
the New York "Evening Post" as follows:
were
girls
and
some
men
women
and
were
at
hundred
the
offices of
Three
the
Liberty Garment Co. when A. B. Passman. President, knowing that there
would be a crowd, opened at 6.30 o'clock this morning.
At 9 o'clock Mr. Passman had employed 85 of the women applicants
and sent the remainder away until tomorrow morning, when others will
be taken on, up to about 150.
The jam was due to his announcement Sunday morning that to-day he
would increase the wage scale of his 450 employes 25%, and take on 150
more workers at the new scale. Under the old scale of $14 to $30 a week
the payroll was about $200,000 a year.
"At least one large employer told me he also would increase wages,"
Mr. Passman said. "He sees it just as I do. that if we all keep crowding
wages down our customers soon will have nothing with which to buy our
product.
with the idea. At least it is going to be in"I believe others will fall in
teresting to watch what follows this experiment."
Canadian Cottons, Ltd., closed their Cornwall Mill here to-day attributing the action to general conditions and conditions in the textile industry.
The York Mill of the company here will continue in operation, but will
not manufacture textiles, activities being confined to the manufacture of
yarns for use in other mills of the company in Canada.
T. L. Chadbourne Discusses Plan for Curtailment of
Sugar Production With Chairman Legge of Federal
Farm Board.
The Federal Farm Board was requested on Sept. 4 to lend
its efforts toward a stabilization of the sugar industry by
approving a plan proposed by a group of growers and bankers
in New York last week calling upon a systematic curtailment
of the production of both cane and beet sugar in the United
G. L. Berry of International Printing Pressmen Urges States and Cuba.
Advices from Washington Sept. 4 to the
Cut in Work Week to Aid Employment—Denies New
York "Journal of Commerce" noted this and added:
"Just
Around
the
Corner."
Is
Prosperity
That
Thomas L. Chadbourne, Wall Street attorsey. discussed the plan
A shortened working week and legislation to prevent com- Alexander Legge, Chairman of the Farm Board, to-day in an effortwith
to
secure
the Board's backing. Following the conference Mr.
and
able-bodied
children
men
were
petition in labor between
said, although Mr. Legge showed interest in the proposition, Chadbourne
depression
in
a
business
Labor
Day
"he
had
to
solution
notha
as
urged
ing specific to say."
While the proposal has been advanced by Cuba as a
address at Little Rock, Ark., on Sept. 1 by George L. Berry,
solution for the
present depressed prices it cannot be seen that the
plan will meet th
President of the International Printing Pressmen and Assist- approval
of the Farm Board. The Board in its program for
Associated
Press
An
reduction of
America.
dispatch
North
ants of
wheat acreage, it is recalled, has repeatedly urged
farmers to produce
sugar instead of wheat wherever possible.
to the New York "Times" reporting this added:
FINANCIAL CHRONICLE
1488
It is hoped by Mr. Chadbourne that an international conference in the
near future between all of the producing nations, including Germany,
Poland, Java and Czechoslovakia might result should the proposal receive
the backing of the domestic producers. Up to the present time, however,
the domestic producers, as a whole, have taken a "hands off" policy regarding the plan.
The conferences in New York on the Cuban proposal to
curb sugar production were referred to in our issue of Aug.
30, page 1328.
Raw Silk Imports Continue Much Smaller Than Last
Year-August Deliveries to American Mills Also
Much Lower.
According to the Silk Association of America,Inc.,imports
of raw silk rose from 47,063 bales in July 1930 to 51,147
bales in August. The latter was 14,369 bales below that
for the corresponding month last year. Approximate deliveries to American mills in August 1930 amounted to
41,734 bales as against 39,948 bales in the preceding month
and 59,704 bales in August 1929. Raw silk in storage at
the close of August 1930 totaled 44,978 bales, as compared
with 48,408 bales at Aug. 31 1929 and 35,565 bales at
July 31 1930. The Association's statement follows:
RAW SILK IN STORAGE SEPT. 1 1930.
(As reported by the principal warehouses in New York City and Hoboken.)
(Figures in Bates)European.
Japan. Ali Other.
rotas.
21,312
Stocks Aug. I 1930
13.104
35.565
1,149
51,147
Imports month of August 1930_x
8,929
40,869
1,349
Total available during August
Stocks Sept. 1 1930_z
Approximate deliveries to American mills
during August 1930-y
2,498
1,729
82.181
25,978
22,033
17,271
88,712
44.978
769
36,203
4,782
41,734
SUMMARY.
Imports During the Mona
January
February
March
April
May
June
July
August
September
October
November
December
1029.
1928.
1930.
1929.
1928.
43.175
42.234
39,990
37,515
22,596
22.369
47,063
51,147
58.384
43,278
48,103
47.762
49,894
54.031
48.795
65.518
59,970
66,514
62.885
58.479
46,408
44.828
50,520
38,555
52,972
45,090
38.670
62.930
47,286
48,857
48.134
44.128
76,264
68,648
57.773
53.704
28.450
35,565
44,978
49,948
48.993
45,218
39.125
39,898
47,425
42.596
48.408
55,104
84.129
76,452
90.772
47.523
41,677
40.186
85.483
42.088
41.127
88,868
50,975
50,464
49,381
49,808
48.908
881,611
65,134
566,378
47,108
53,839
44.707
Total
306.089
Average monthly.- 38,261
Approximate Deliseries
to American Mills.y
1930.
January......-February
March
April
May
June
July
August
September
October
November_
December
Storage at End of Brost
1930.
67.683
49.852
50,863
41.584
40,823
29.396
39,948
41,734
50,107
Approximate Amount of Japan
8818 in Transit Between Japan
and NowYork End ofMonth.
1929.
1928.
1930.
1929.
1928.
57.349
46.228
49,878
53,855
49,121
48,504
51.824
59.704
53.274
57.489
50,562
44,159
52.420
50,879
52.011
41,258
48,387
46,051
40,931
50,821
47,797
49,940
47.709
45,028
37.000
24.000
17,800
8,000
7,700
16,300
41,700
31,000
30.000
29.000
30,700
28,000
21,200
34,100
41,800
39,000
49,000
41,000
38.000
25.000
23.500
19.200
28.500
24.000
17.600
82,300
27.500
25,600
31,200
22,800
42.500
Total
351.883 619,747 571.010
26.642
84,388
22,963
Average monthly
47,584
43.985
51,646
Imports at New York during current month and at Pacific ports previous to
the time allowed in transit across the Continent (oovered by manifests 183 to 210
inclusive). y Includes re-exports. a Includes 1,222 bales held at railroad terminals at end of month. Stocks in warehouses include National Raw Silk Exchange certified stocks, 1,430 bales.
Oklahoma Board Upholds OilProduction Curb-Extends
Proration Order for Thirty Days.
Prom Oklahoma City, Sept. 2, the New York "Evening
Post" reports the following:
Despite petition by royalty owners for dissolution of the State proration
orders, the Corporation Commission has continued for 30 days the order
limiting the State's daily average to 550.000 barrels of oil.
The Oklahoma City field under the order is allowed to flow to 25%,
but by agreement of operators the flow is limited to 5%. Proration was
also set for the Chandler pool, with each well there being allowed to produce up to 100 barrels daily.
A previous item in the matter appeared in our August
30 issue, page 1331.
Petroleum and Its Products-Further Curtailment
Necessary to Stabilize Market-Postpone Oklahoma
Hearing on Constitutionality of Oil Proration Law
-Pacific Coast Refining Off-Pennsylvania Operators Lessen Activity.
Reports from the important producing centers indicate
that further curtailment of refinery operations will be necessary before the market is steadied. Further cuts in present
production schedules during the approaching winter season
must be made to make effective the program which the
industry has undertaken to place the market on an equitable basis as far as supply and demand is concerned. No
[VOL. 131.
price changes were reported here this week and none are
expected in the immediate future. Storage of oil dropped
sharply for the month of July, according to the report of
the United States Bureau of Mines. Export figures for
July also showed a loss, dropping 2,464,814 barrels from
the total for the corresponding period last year.
Storage of all oil, crude and refined, declined'4,291,000
barrels during July against a drop of 3,384,000 barrels for
the previous month. This drop reflects the policy of drawing from stocks of gasoline carried out by the producers
instead of letting their wells run wild and obtaining their
supply that way.
Hearing on a test of the constitutionality of the Oklahoma
oil proration schedule, involved in the endeavor of independent operators in that State to prevent interference by
the Corporation Commission in limiting output, was postponed until September 9th, by the State Supreme Court.
Proration schedules in other production centers are working
all right with showing that producers are willing to cooperate to keep the supply down to the present demand. It
is believed that further curtailment will be necessary if the
industry is to pull through the low consumption level season
without piling up huge stocks in storage.
Refinery operations on the Pacific Coast for July were
off as compared with the previous month. Fifty refineries
operating 63.2% of capacity ran 566,001 barrels of crude
oil to stills daily during the month, a reduction of 38,064
barrels daily from June. Stocks of refinable crude dropped
84,064 barrels to 39,387,730 barrels.
The lessening of drilling operations in the Pennsylvania
fields, which resulted in an advance in crude prices recently,
for the month of August shows that producers are learning
their lesson and intend to keep production at a lower level.
In the Eastern field there were 265 completions, as compared
with 286 in July and 421 in April, the high month for this
year, while initial production was 1,185 barrels against 1,545
barrels in July and 2,390 barrels in April. Bradford-Allegany
field figures also showed a drop from the previous months.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
32.45 Smackover, Ark., 24 and over
Corning. Ohio
1.00 Smackover, Ark.. below 2
Cabal. W. Vit
1.35 Eldorado, Ark.. 34
lflinols
1.45 Crania. La
Western Kentucky
1.53 Salt Creek. Wyo.. 37
Mideontinent. Okla.. 37
1.23 Sunburst, Mont
Corsicana. Texas, heavy
.80 Artesia, N. Mex
Hutchinson, Texas. 35
87 Santa Fe Springs. Calif., 33
Luling. Texas
1.00 Midway-Sunset. Calif.. 22
Spindletop. Texas. grade A
1.20 Huntington.('alit., 20
IliAndletop. Texas, below 25
1.05 Ventura, Calif 30
Winkler. Texas
65 Petrone. Canada
8.90
.75
1.14
.20
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS-MARKET IRREGULAR AT CLOSE OF
HEAVY CONSUMPTION PERIOD-GASOLINE STOCKS AGAIN
LOWER-DOMESTIC OILS STRONGER-KEROSENE DULL.
Although stored gasoline stocks showed their twelfth consecutive weekly drop, the passing of the Labor Day holidays
and the ending of the summer season of heavy consumption,
left the Eastern gasoline market in an irregular position.
While some of the refiners expect the fall demand to hold
up as long as there is good touring weather, the majority
seem to feel that the peak of the demand is over.
The posted price for U. S. motor gasoline remains at 9 to
10e. a gallon at the Eastern refineries, but offerings are reported from 8 to 83c., with the bulk of the business carried
on at the latter range.
Gasoline stocks in the United States showed a decrease
for last week, with a drop of 1,027,000 barrels, bringing the
present total to 38,815,000 barrels. Accompanying this
drop in storage stocks was a decrease in refinery operations.
Refinery operations were at a rate of 69.2% of capacity,
against 72.4% for the previous week. Continued heavy
shipments of California and South American gasoline into
the Eastern market will probably necessitate the further
curtailment of Eastern refineries throughout the winter
season.
Domestic heating oils held up fairly strong throughout the
week, with strong interest shown by the larger buyers stimulating the demand. The outlook is very favorable and local
distributors are looking forward to a record volume of business throughout the winter season. Prices remained
unchanged, however.
Kerosene and other minor refinery products remained
steady with kerosene reported moving a bit easier. No
price changes in this group have been reported.
Standard Oil of N. J. announced a reduction of Ho. a
gallon in the tank car price of its aviation gasoline. The
present price for this grade is now 14e. a gallon, in tank cars
at the refinery.
SEPT.6 1930.]
1489
FINANCIAL CHRONICLE
Gasoline consumption in 44 States for June averaged
33,331,000 gallons a day, an increase of 2,005,000 a day
over the corresponding period last year and 2,418,000 higher
than the previous month in this year. In New York State,
consumption in June totaled 142,510,000 gallons, an increase
of 4,795,000 gallons over May.
For the six months total, 41 States showed increased consumption over the first six months of 1929, with Nebraska,
North Carolina and North Dakota being the only States to
register losses.
Gasoline, Ti. S. Motor, Tank Car Lots. F.O.B. Refinery.
.0834
N.Y.(Bayon%)$.084 .10 N. Y.--SInclair Ref .08J, California
Los Angeles, export_ .074
Colonial-Beacon_ _ .09
Stand. Oil. N. J__ .09
.084 Gulf Coast. export
.084
Carson Pet
Stand. Oil, N. Y .098
.09
North
Crew Levick
Louisiana... _ 074
Ilde Water Oil Co. .0834
.064
.0634 North Texas
Richfield Oil Co..- .0934 West Texas
338
.094 Oklahoma
Chicago
Warner-QuinYnCo
New Orleans
.0934
.0734 Pennsylvania
Part-Am.Pet. Co_ .09
.0614
Arkansas
Shell Eastern Pet_ .10
Gasoline, Service Station, Tax Included.
$.19
Minneapolis
$.182
$.183 Cincinnati
New York
New Orleans
.19
.145
Denver
.21
Atlanta
.188 Philadelphia
.21
.192 Detroit
Baltimore
.201
San Francisco
.19
.185 Houston
Boston_
Spokane
.24
.215
.198 Jacksonville
Buffalo
179 St. Louis
.16
Kansas City
.19
Chicago
Kerosene, 41.43 Water White, Tank Car Lots, F.O.B. Refinery.
1.054 New Orleans
8.074
N.Y.(Bayonne)S.07@.074 Chicago
064
.054 Los Angeles. export. .054 Tulsa
North Texas
Fuel Oil, 1842 Degrees, F.O.B. Refinery or Terminal.
1.85 Gulf Coast
$.75
New York (Bayonne)$1.15 Los Angeles
.88
.95 Chicago
2.00 New Orleans
Diesel
Gas Oil, 32-34 Degrees, F.O.B. Refinery or Terminal.
Tulsa
I
$.03
3.08
N.Y.(Bayonne)_ _ _3.054!Chicago
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,525,400 barrels, or 95.6% of the 3,686,400
barrel estimated daily potential refinery capacity of the
plants operating in the United States during the week ended
Aug. 30 1930, report that the crude runs to stills for the
week show that these companies operated to 69.2% of their
total capacity. Figures published last week show that companies aggregating 3,525,400 barrels, or 95.6% of the 3,686,400 barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to only 72.40% of their total capacity, contributed to that report. The report for the week ended
Aug. 30 1930, follows:
CRUDE RUNS TO STILLS-GASOLINE AND OAS AND FUEL OIL STOCKS
WEEK ENDED AUG. 30 1930
(Figures la Berms of 42 ()allow
D4ffrtd.
Per Cent
Potential
Capacity
Reflectfay.
, Crude
Runs
So
BURS.
Per Cent
Opel.
of Taint
Capacity
Report.
Gasoline
Bloats.
Gas
and
Ted
011
Stocks.
100.0
fast Coast
91.8
kiMmlachian
nd., Illinois, Kentucky 99.6
3kla., Kans., Missouri_ 89.3
90.4
leans
Laulslana-Arkansas.._ ... 96.8
93.6
Etocky Mountain
99.3
:talifornia
3,498,000
606,000
2,012.000
1.742,000
3,797,000
1,221,000
374,000
3,824,000
82.1
73.6
75.4
60.3
76.1
66.6
38.3
61.3
5,714,000
1,217,000
6,049,000
2,940,000
5,669,000
1,234,000
2.054,000
13,938,000
10,772,000
1,033,000
4,413,000
4,808,000
10,188.000
1,945,000
1,208,000
105,297,000
95.6
17,074.000
69.2
38,815,000
139,662,000
Total week Aug.30_
2,439,100
Daily average
Crude Oil Output in United States Declines.
39,842,000 139,966,000
72.4
17,861,000
95.6
Total week Aug. 23
The American Petroleum Institute estimates that the Daily
2,551,600
average
daily average gross crude oil production in the United
31,245,000 *141.190,000
86.0
18,840,000
93.2
Total Aug. 31 1929_ _
2,691,000
States for the week ended Aug.30 1930 was 2,461,350 barrels, Daily average
for
barrels
the
preceding
week,
2,470,500
with
as compared
7,292,000
4,369,000
77.7
2,864,000
100.0
['eyes Gulf Coast_x
1 214 nen
gift OM)
RIO
5A7 non
1(10 11
r r'nnat
a decrease of 9,150 barrels. Compared with the output
ended
week
30 1930.
for
Aug.
totals
the
in
Final revised. a Included above
for the week ended Aug. 31 1929 of 2,973,450 barrels per of•their
respective districts.
of
decrease
a
shows
512,100
barrels
figure
Bufollow
present
the
figures
exactly
day, the current
Note.-All crude runs to stills and stocks
of Mines definitions. In California, stocks of heavy crude and all grades
daily. The daily average production east of California reau
011
Fuel
and
"Gas
Stocks."
Crude
of
heading
the
under
included
of fuel oil are
crude.
for the week ended Aug. 30 1930 was 1,858,350 barrels, oil runs to stills include both foreign and domestic
The United States total figures for last year are not comparable with this yeses
the
for
barrels
1,862,800
preceding
with
week, totals
as compared
because of the difference In the percentage capacity reporting.
a decrease of 4,450 barrels. The following are estimates
July Production of Crude Petroleum at a Lower Rateof daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Lowest Level Since July 1928-Inventories Decrease
Aug.30'30. Aug.2330. Aug. 16'30. Aug.31 '29.
Week Ended566,950
538,200
574,200
According to reports received by the Bureau of Mines,
735,750
Oklahoma
114,400
115,600 • 114,650
128,300
Kansas
the production of crude petro100450
100,050
102,500
137,100 Department of Commerce,
Panhandle Texas
74,900
72,100
72,550
97,400 leum in the United States during July 1930 amounted to
North Texas
52,750
53,600
52,350
59,450
West Central Texas
287,200
280,150
277,650
376,750 76,743,000 barrels, a daily average of 2,475,000 barrels.
West Texas
40,000
39,700
39,900
18,250
East Central Texas
98,150
93,950
94,000
Southwest Texas
77,0",0 This represents a decline from the daily average of the
40,800
41,500
41,050
36,500
North Louisiana
of 75,000 barrels and from July 1929 of
55,050
55,450
54,700
66,110 previous month
Arkansas
177,800
180,350
177,050
137,000 471,000 barrels, or 16%. It also represents the lowest
Coastal Texas
25,850
26,800
29,050
20,100
Coastal Louisiana
117,000
119,500
114,300
108,200 level of crude production that has been recorded since
Eastern (not including Michigan)
10,150
9,850
10,000
20,000
Michigan
total decline in production
49,700
50,250
45,850
59,400 July 1928. Practically all of the
Wyoming
9,450
9,400
9,100
11,200 was recorded in Oklahoma. Daily average production in
Montana
4,450
4,450
4,450
6,650
Colorado
50,600
40,200
43,100
3.250 Texas, the leading producing State, was practically unNew Mexico
607,700
603,000
620,300
874,900
California
changed from the previous month. California showed a
2,461,350 2,470,500
2.463,550
2.973,450
Total
gain in daily productioin but the average of 606,000
small
The estimated daily average gross production for the Mid-Continent
30% below that of July 1929. On the same
Field, including Oklahoma, Kansas, Panhandle, north, west central, west, barrels was
east central and southwest Texas, north Louisiana and Arkansas, for the basis, the July 1930 average for Oklahoma was 21% below
week ended Aug. 30 was 1,423,750 barrels, as compared with 1,417,350
the previous year, that of Texas only 5% lower. Probarrels for the preceding week, an increase of 6,400 barrels. The Midthe most closely watched
Continent production, excluding Smackover (Arkansas) heavy oil, was duction in the Oklahoma City field,
1,386,500 barrels, as compared with 1,380,000 barrels, an increase of pool at this time, was further curtailed in July and the
6,500 barrels.
daily average production for that month was 91,000 barrels
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons, as compared with 105,000 barrels for June. Production in
follow:
Kansas showed a material decline as did the majority of
-Week Ended-Week EndedSouthwest TexasAug.30 Aug.23
Aug. 30 Aug.23 the eastern producing States. The Darst Creek field of
Oklahoma14,400 14,250 Dann Creek
42,300 42,300
Bowlegs
County, Tex., reported a material gain in July.
15,250 15,250 Luling
9,000
Bristow-SlIck
9,000 Guadalupe
15,500 15,600 Salt Flat
16.500 16.500 New Mexico continued to grow in importance among the
Burbank
North
Louisiana5.650
7,600
City
Carr
21.900 22,750 Sarepta-Carterygle
3,300
3,550 producing States as the output of Hobbs field, which acEarlsboro
15,200 18,100 Zwolle
4.350
4,600
East Earisboro
counts for about three-fourths of the total output, pracArkansas
9.550
8.900
South Eartsboro
14,100 16,400 Smackover, light
5,100 tically doubled that of June.
5,100
Konawa
22.700 22,400 Smackover. heavy
37,250 37,350
Little River
Coastal Texas13.000 13,400
Stocks of crude petroleum east of California on July 31
East Little River
4,150
3,850 Barbers Hill
19,200 18,250
Maud
Bend
Racoon
7.000
6,650
11,900 12,250 amounted to 378,264,000 barrels, a slight increase over
Mission
121,300 108,150 Refugio County
28,650 27,350
Oklahoma City
crude in Califronia fell off 700,000
23,500 25,650 Sugariand
12,100 12,150 the June total. Stocks of
St. Louis
Coastal Louisiana7,500
7.500
in all crude stocks of about
decline
net
a
&aright
making
barrels,
2,450
2,300
14,800 15,150 East Ilackberry
Seminole
2,300 Old Hackberry
1,200 250,000 barrels. This was much less than the June decrease,
1,100
2,350
East Seminole
Wyoming
KatIVII29,000 29,750 reflecting the curtailment in crude runs as mentioned below.
19.500 19,100 Salt Creek
SedgwIck CountY
Montana9,050
10,250
Voshell
Record-breaking gasoline domestic consumption and the
Kevin-Sunburst
5.850
5,850
Panhandle TexasNelf Mexico70,800 69,400
drop in output of crude resulted in a further material withGray County
30,550
40,800
High
Hutchinson County_ __ - 21,600 21,250 Hobbs
Bal. Lea County
7.100 drawal from total stocks of all oils. The daily average
7,000
North TexasCalifornia15,100 15,200
Archer County
35,500 40.000 production of the raw materials, crude petroleum, natural
21,800 22,000 Eiwood-Goleta
Wilbarger County
28,700 28.800
Huntington Beach
West Central Texasbenzol, was 42,000 barrels below the daily
17,500 17.400 gasoline and
16,850 17,100 Inglewood
Young County
15.000 15,000 average domestic consumption.
Kettleman Hills
IVerf TexasBeach
103.6e0
104.500
Long
39,450
38,800
Crane et Upton CountieS.
Crude runs to stills declined materially in July, when
64,000 64.000
8,700 Midway-Sunset
7,300
Ector County
107,800 107,500
22,750 22,800 Santa Fe Springs
Howard County
the
daily average amounted to 2,537,000 barrels, as against
Beach
20,400
20.000
Seal
21,950 21,900
Reagan County
47.500 47,000 2,692,000 barrels in June.
68,450 70,200 Ventura Avenue
Winkler County
Grade
Pennsylvania
103,200
104,450
Yates
6,050
5,550
Daily average motor fuel production was lower, but
3,400 Allegany
3,550
Bal. Pecos CountY
18,700 19,400
Bradford
East Central Touts8,000 8,000 domestic demand reached a new high level of 1,237,000
25.250 25,350 Southeastern Ohio
Van Zandt County
1490
[VOL. 131.
FINANCIAL CHRONICLE
barrels. This represents an increase over July 1929 of 3%.
Gasoline exports were much reduced from June 1930 and
daily average total demand (domestic demand plus exports)
for July was below June and only 2% above July 1929.
Stocks of motor fuel fell off over 4,000,000 barrels in July,
but the total on hand at the end of the month-46,077,000
was over 8,000,000 barrels higher than a year ago. At the
current rate of total demand, these stocks represent 32
days' supply as compared with 35 days' supply on hand
a month ago and 27 days' supply on hand a year ago.
The refinery data of this report were compiled from
schedules of 351 refineries, with an aggregate daily recorded
crude-oil capacity of 3,692,200 barrels, covering, as far
as the Bureau is able to determine, all operations during
July 1930. These refineries operated at 69% of their
recorded capacity, given above, as compared with 352
refineries operating at 73% of their capacity in June.
The Bureau also shows:
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke, and asphalt in thousand of barrels of 42 U. S. gallons.)
Jan.July
1930.
Jan.July
1929.
July
1930.
June
1930.
July
1929.
91,327 541,871 579,442
2,556
2.946
2,733
4,417 30,683 29,317
264
1,790
1,697
96.008 574,251 610,549
2,709
3,097
2,880
New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
76,743
2,475
4,231
224
81,198
2,619
76,513
2,550
4,269
235
81,017
2,701
5,877
4,040
91,115
2,939
6,122 37,007 49,974
5,767
4,027
3,176 25,627 14,249
90,811 105,306 638,885 674,772
3,004
3,397
3,027
3,183
Increase in stocks, all oils
a4,291
a3,384
95,406
3,078
94,195
3,140
99,149 632.704 622,079
2,934
2,984
3,198
1,973
10,945
82.488
2,661
2,508
14,257
77,430
2,581
3,117 14,067 14,612
12,358 81,593 78,047
83,674 537,044 529,420
2,699
2,497
2,533
b42
120
398
176
383
378,264
145.621
523.885
741
161,999
377,822
146,321
524,143
928
165,845
383,343
140,270
523,613
1,156
142,387
378,264
145,621
523,885
741
161,999
383,343
140.270
523,613
1,156
142,387
DemandTotal demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daby average domestic
Production over domestic demand
Stocks (End 0)Month)Crude petroleum
East of California c
California d
Total crude
Natural gasoline at plants
Refined products
Grand total stocks, all oils
6,157
4,181
52,693
686,825 690,916 667,156 686,625 667,156
223
209
220
230
227
Bunker oil (included above in domestic demand)
4,593 29,613 30.400
4.041
4.316
a Decreases b Deficiency. c Excludes producers' stocks. d Includes residual
fuel oil and producers' stocks.
COMPARATIVE ANALYSES(THOUSANDS OF BARRELS OF 42 U.S.GALS3
July 1930.
Daily
Aver.
June 1930.
Total
Daily
Aver.
Jan.July
19301
Total.
Arkansas
1,682
Californla-Long Beach
3,104
Santa Fe Springs
3,478
Rest of State
12.220
Total California
18,802
Colorado
137
Illinois
535
Indiana-Southwestern88
Northeastern
5
Total Indiana
93
Kansas
3,571
Kentucky
671
Loulsiana-Gulf Coast- - 753
Rest of State
1,243
Total Louisiana
1,996
Michigan
279
Montana
299
New Mexico
1,331
New York
276
Ohio-Central & Eastern_
459
Northwestern
121
Total Ohio
580
Oklahoma--Osage County--Oklahoma City
2,829
9
Seminole
5,979
Rest of State
Total Oklahoma
17,942
Pennsylvania
947
Tennessee
3
Texas-Gulf Coast
5.457
West Texas
9,154
Rest of State
11,127
Total Texas
25.738
West Virginia
446
ArVoming-Salt Creek___ 884
Rest of State
631
Total Wyoming
1,415
U. S. Total
June 1930.
Daily
Aver.
1,673
2,792
3,391
11,838
18,021
131
506
85
5
115
22
24
40
64
9
10
43
9
15
4
19
90
4,064
607
675
1,217
1,892
282
265
733
327
454
120
574
1 058
3,148
7,232
7,944
19,382
1,109
1
5,221
9,009
10,754
24,984
451
873
548
1.421
1
193
579
31
--- 176
295
359
830
14
29
17
46
2,475
76,743
Total.
54
100
112
394
606
4
17
3
76,513
Daily
Aver.
Jan.July
1930.
Jan.July
1929.
56 11,782 15,415
93 21,510 38,206
113 29,401 40,974
395 88.294 89,602
601 137,205 168,782
1,442
962
4
3,641
3,586
17
536
578
3
39
32
575
610
5"
135 24,817 24,143
4,130
4,456
20
4,117
4,339
23
7,341
8,444
40
63 12,783 11,458
1,924
2,357
9
1,921
1,778
9
601
25
3,967
11
2,385
1,911
3,048
3,156
15
872
808
4
3,920
19
3,964
9,006
___
35
1.327
105 19,783
241 52.002 86,436
285
___ 53.017
646 134:543 149,786
6,520
8,172
37
---_
13
9
174 36,772 26,304
300 67,560 80,970
359 70,518 61,854
833 174,850 169.128
3.209
15
3,226
6.264
29
6,500
4,406
4,172
18
47 10,436 10,906
2,550 541,871 579.442
PRODUCTION OF CRUDE PETROLEUM BY FIELDS (THOUSANDS OF
BARRELS OF 42 U. S. GALLONS).
June 1930.
Total.
FieldAppalachian:
Pennsylvania grade-Other (incl. Kentucky)_
.
Lima-N.E.Ind.-Mich_ _._
Illinols-S. W. Indiana-Mid-Continent:
N.Louisiana & Arktuunis
W.Tex.-S.E.New Mex.
Other (Okla., Kansas.
No. Texas, dzo.)
Gulf Coast-Grade A
Grade B
Rocky Mountain
California
Daily
Aver.
Total.
Daily
Aver.
Jan.July
1930.
Jan.July
1929.
1,917
886
405
623
62
29
13
20
2,139
810
407
591
71
27
13
20
15,522
5,867
3,196
4,164
13,363
5,485
2,835
4.177
2,925
10,427
94
336
2,890
9,689
96
323
20,226
71,180
22,758
81,330
32.640
2,870
3,340
1,908
18,802
1,053
92
108
62
606
34,200
2,636
3,260
1,870
18.021
1,140 229,878 235,783
88 19,253 12,891
109 21,858 17,530
62 13.522 14,510
601 137,205 168,782
76,743
2,475
76,513
2,550 541,871 679,442
Classification by Gravity (approx.)
Light crude
67,783
Heavy crude
8.960
2,186
289
67,950
8.563
2,265 479,081 522,344
285 62.790 57.098
Total
STOCKS OF CRUDE PETROLEUM (BARRELS OF 42 U. S. GALLONS.)
Jan.July
1929.
Crude PetroleumRuns to stills--Domestic„ 73,239
2.383 75,494
2,517 520,820 520,075
Foreign
5,405
174
5,253
175 35,481 48.687
Total
78,644
2.537 80,747
2,692 556,301 566,762
Imports
5,877
5,767
192 37,007 49,974
190
Exports
1,973
2,508
64
84 14,067 14,612
GasolineProduction a
38.061
1,251 261,378 246,973
1,228 37,637
Imports
1,741
4,449
9,899
1,670
56
56
Exports
5,598
181
7.126
238 39,763 35.036
Stocks is
46,077
46,077 37,906
50,225
Domestic demand
38,352
1,197 228.569 211.572
1,237 35,902
KeroseneProduction
3,929
127
4,026
134 30,346 32,320
Imports;
5
120
125
2
61
Exports
1,034
33
1,796
60 10.194 11,608
Stocks
8,319
8.797
8,319
8,352
Domestic demand
2.933
77 20,997 21,038
95
2,323
Gas Oil & Distillate Fuels
Production
6,726
-217
6,953
232 46,286
Stocks
_
17,380
-___
17,380
17.149
Residual Fuel Oils-Production
_
24,297
178,535
784
24,139
805
Stocks c
_
21,747
21,747
21,153
Gas Oil and Fuel 011Production
31,023
224,821 260,046
1,001 31,092
1,036
Imports
2,286
9,574
74
2,287
76 15,383
Exports
3,095
3,950
100
132 22,919 21,992
Stocks
39,027
39,027 40,075
38,302
LubricantsProduction
3,018
2,920
97
97 21.043 20,159
Imports
24
2
15
Exports
922
6,769
30
6,270
986
33
Stocks
9,953
7,524
9,953
9,742
Domestic demand
1,887
1,772
61
59 13,104 14,230
Wax (Thousands of Lbs.).
Production
45,640
1,472
353,920 375,928
43,680
1,456
Imports
1,394
45
1,522
51 17,373 21,781
Exports
20,391
658
23,015
156.040 166.308
767
Stocks
254,909
___. 249,748
---- 254,999 191,298
Domestic demand
21.392
690 20,963
699 151,663 150.447
Coke (Short Tons)Production
161,200
5,200 163,000
5,433 1090.900 1978.300
Stocks
941,900
---_ 890,700
---- 941,900 563,900
Asphalt (Short Tons)Production
333.500 10,758 336,900 11,230 1862,400 1934,700
Stocks
310,700
____ 312,000
---- 310,700 243,300
Road OilProduction
809
26
735
3,189
25
Stocks
384
Miscellaneous-_
5,984
540
384
733
Production
901
29
4.095
911
30
Stocks
487
____
480
467
a Includes bozo' production and natural gasoline
used elsewhere than at refineries east of California. b Includes motor fuel
blends held at natura gasoline
plants. c East of California.
July 1930.
•
July 1930.
Days' supply
Total.
PRODUCTION OF CRUDE PETROLEUM BY STATES WITH CLASSIFICATION BY GRAVITY (THOUSANDS OF BARRELS OF 42 U. S. GALS.).
July 31
1930.
June 30
1930.
July 31
1929.
East of California-At refineries by location:
East coast-Domestic
10,277.000 9,599,000 9,292,000
Foreign a
4,198,000 4,349.000 4,995.000
Appalachian
2,977.000 3,078,000 2,723,000
Indiana, Illinois, Kentucky, Michigan,dzo
3.150.000 3.181.000 3,119.000
Oklahoma. Kansas and Missouri
5372.000 5.653,000 6,271.000
Texas-Inland
2,282.000 132,193.000 1,753.000
Gulf coast-Domestic
9,752.000 b9,898,000 10,512,000
Foreign a
219,000
221,000
534,000
Arkansas and inland Louisiana
1,105,000 1,059,000 1,511,090
Louisiana Gulf coast-Domestio
5,432.000 5.012,000 4,160,000
Foreign
855,000
895,000 1,530.000
Rocky Mountain
1,571,000 1,634,000 1,933,000
Total
47,140,000 46,772,000 48.333,000
At Refineries by On
grade
Other Appalachian (incl. Kentucky)
Lima-Northeast Ind lana-Michigan
Illinois-Southwest Indiana
North Louisiana and Arkansas
West Texas and Southeast New Mexico
Oklahoma, Kansas, North Texas, dzo
Gulf coast-Grade A
Grade II
Rocky Mountain
California
Foreign a
Total
Elsewhere Than at Refineries by OriginPennsylvania grade
Other Appalachian (including Kentucky)
Lima-Northeast Indlana-Michlgan
Illinois-Southwest Indlaiaa
North Louisiana and Arkansas
West Texas and Southeast New Mexico
Oklahoma. Kansas, North Texas, &a
Gulf Coast-Grade A
Grade B
Rocky Mountain
2,737.000 2,881,000
842.000
809,000
118.000
100.000
122,000
131,000
4,880,000 4.765,000
5,166.000 4,854,000
19.047,000 18,615,000
6,336.000 4,314,000
3,050.000 3,181.000
1.569.000 1,631,000
1,000
26.000
5,272,000 5,465.000
1.933,000
7,059,000
47,140.000 46.772,000 48,333,000
Total
Total east of California
8,112,000 5.938.000 } 5.385.000
966.000 1,036.000
1.294,000 1.085.000
732,000
10,256.000 10,124,000 10,615,000
21,343,000 21.728.000 23,074,000
48.477,000 48,786.000 250467000
199,039.000 198.860.000
8.041,000 7.756.000 20,473,000
11,328,000 11.480,000
24,268,000 24,257,000 24,284.000
331 124.000 331.050,000 35.010,000
378,264,000 377,822,000 83.343,000
Classification by Gravity (approx.)East of California-Light
Heavy
339.763,000 338.176,000 339.438,000
38.501.000 39,646.000 43,905,000
California-Light
Heavy (including fuel)
41,071,000 41,045,000 84,583,000
104,550,000 105,278,000 105,887,000
Producers' Stocks (not(nu, above: approz.)East of California
6,250.060
6,400,000
a Includes importers' stocks. b Revised. c Not available.
8,550,000
SEPT.6 1930.]
FINANCIAL CHRONICLE
INDICATED DOMESTIC DEMAND FOR CRUDE PETROLEUM EAST OF
CALIFORNIA (THOUSANDS OF BARRELS OF 42 U. S. GALLONS).
July 1930.
Total.
Domestic Pdroleum by
Fields of OriginAppalachian.
Pennsylvania grade_.._
' Other (incl. Kentucky).
Lima-N.E.Ind.-Mich
Illinois-S. W. Indiana-Mid-Continent:
N. Louisiana & Ark-W.Tex.-S. E. New Meg.
Other (Okla., Kansas,
No. Texas. &c.)
Gulf Coast-Grade A
Grade B
Rocky Mountain
California
June 1930.
Daily
A rer.
Jan.Julo
1930.
Daily
Ater.
Total.
1,837
923
178
500
61
30
6
16
1,902
929
436
623
63
31
15
21
3,195
10.424
103
336
2,231
10,562
74
352
Jan.July
1020.
13,851 1 18,978
5,852 f
2,590
3,265
4,417
4.920
20,734
75,709
26,055
1306,002
32,029
2,563
3,623
1,959
25
1,033
82
117
63
1
33.468
3,079
3,836
2,228
10
1,116 227,743
103 20,034
128 22,006
74 14,000
____
44
Total demand
Exports
57,306
1,396
1,843
45
59,304
1,758
1,977 406,980 403,215
59
8.886
9,918
Domestic demand
Foreign petroleum
55,910
6,070
1,803
196
57,546
6,052
1,918 398,094 393,297
202 37,820 50,011
61,980
1,999
63,598
2,120 435,914 443.308
Total domestic demand
east o f California
J
June
1930.
Jan.-July
1930.
East Coast
Appalachian
Indiana, Illinois, Ky., &a
Okla., Kansas, Mo
Texas
Louisiana and Arkansas
Rocky Mountain
California
U.S. total
Texas Gull Coast
Louisiana Gulf Coast
3,000
8,000
1,000
2,549.000
81,000
65,000
64,000
4,000
1,000
1,000
12,046,000
180,000
2,245,000
208,000
23,000
107,000
12,000
12,660,000
72,000
1,524,000
70,000
rrn nen
2.765.000
14.821.090
14 491
2,234,000
524,000
9
East Coast
kloPaischlan
Nod., Ill., Ky., dic....
Dkla., Kans., Mo.
Texas
Louisiana & Arkansas
Rocky Mountain_ _ _.
California
79,000
18,000
non
NUMBER OF WELLS COMPLETED, TOTAL ALL FIELDS. (a)
i
Total
14,711
2,662
9,384
9,546
17.835
5,229
1.836
17,441
1,229
130
319
393
1,020
389
536
a350
147
54
231
463
1,055
320
130
b1,775
16,087
2,846
9,934
10.402
19,910
5,938
2,502
19,566
73,239
5,405
78.644
4,366
4,175
87,185
12,270
3.224
89
238
12,359
3,462
875
6
793
210
14,027
3,678
U. S. total
Jutt 1930.
June 1930.
1,051
233
562
1,197
276
602
7,751
1.508
3,954
8,442
1,518
4,439
1.846
2.075
13.211
14 141(1
Jan -July '30. Jan.-July '29.
Kero- Gas oil dc Residual
cone. Distillate Fuel
Oils.
Fuels.
1,646
140
829
391
1,336
639
98
1,647
5,013
307
1,417
2,396
5,560
1,410
384
7,810
6,659
447
2,246
2,737
6,896
2,049
482
9,457
869 20,160
435 7.840
388 2.520
278 2.800
705 3,640
73 6,720
45 1,960
225
37,665
3,929
6,726
24,297
31,023
3,018 45,640
6,297
1,578
652
369
1,064
385
3,397
791
4,461
1,176
Oklahoma
42
Seminole &o} 50
St. Louis,
45
West Texas
Long Beach
6
Santa Fe Springs
Total Initial Aver. Initial
Production Production Drilling
(Barrels). (Barrels).
Any 31.
Gas.
Dry.
3
4
0
9
360,200
87,000
8,600
1,700
341
104
14
57,000
6,500
3,800
1,300
500
600
235
88
5
a From "Oil& Gas Journal" and California office of American Petroleum
Institute.
East Coast
Appalachian
Ind., Ill., Ky., &a
Okla., Kans.. Mo......
Texas
Louisiana & Arkansas
Rocky Mountain... _ _
California
U.S. total
Road
Oil.
Tota..
Daily
Awe.
Total.
Daily
dirge.
Jan.-tuft/
1930,
Jan.July
1929.
Crude PetroleumImports
5,877
190
5,767
192 37,007 49,974
From Mexico
From Venezuela
From Colombia
From other countries
Exports-Domestic crude oil_
1,246
3,531
987
113
1,973
40
114
32
4
64
1,190
3,322
1,144
111
2,508
40 5,225 7,151
111 22,199 33,835
38 8,151 7,154
3 1,432 1,834
84 14,067 14,612
To Canada
To other countries
Shipments
Foreign crude oil
Refined Products03303no_imports
Exports
1,643
330
53
11
2,073
434
1,741
5,598
56
181
1,670
7,126
69 11,058 12,238
15 3,008 2,367
1
7
-------56 9,899 4,449
238 39,763 35,036
To United Kingdom
To France
To Canada
To other countries
. Shipments
Kerosene-Exports
1,682
734
500
2,595
87
1,034
54
24
16
84
3
33
2,469
613
493
3,383
163
1,796
N .-,<C,10 0
CO C•I •-... <C>
..
To China
To United Kingdom
To other countries
Shipments
Gas oil and fuel oil-Imports
Exports
321
169
531
13
2,286
3,095
10
6
17
-_-74
100
268
443
1,071
14
2.287
3,950
9
15
36
1,592 2,111
1,516 1,708
6.906 7,647
180
140
76 15,383 9,574
132 22,919 21,992
To Chile
305
292
To Panama
2,257
To other countries
Shipments
241
Lubricants-Exports922
10
9
73
8
30
390
166
2,946
448
986
13 3.658 3,584
6 1,749 1,878
98 16,084 14,665
15 2.428 1,861
33 6,270 6.761
142
To United Kingdom
159
To France
To other countries
615
Shipments
6
Wax (thousands of lbs.)-Imports 1,394
Exports
20,391
5
5
20
To United Kingdom
To Italy
To other countries
Shipments
8,902
985
12,502
161
174
644
7
45 1,522
658 23,015
1,238 1,16f.
938
971
4,041 4,57(
53
51
01 17,373 21,781
767 116.040 166,301
223 7,506
32 2,403
403 13,046
252 39,846 38,401
80 19.836 14,874
435
9,43
112,991
96,315
a From Bureau of Foreign &Domestic Commerce.
12,141 10,176
5,717 4,993
2,316 2,833
18,880 16,319
709
715
10,194 11,606
5
6
22
Unfinished ShortProage.
Total. ducts.
Miscellansous.
93
____
268
82
31
58
69
208
48
29
351
131
10
126
48
160
139
29
619
213
41
184
117
368
1,205
151
189
152
909
410
434
43
631
168
99
527
1,151
199
60
588
161,200 333,500
809
901
1,710
3.598
3,423
31
Texas Gulf Coast._ 34,500 27,800
1
32
739
823
Tnillainnn mof nn Rat
(1600 32.100
____
122
122
34
88
a Includes 103,000 barrels net tops rerun. b Includes 105,000 barrels run through
pipe lines. c Wax, coke, and asphalt equivalent to 280 pounds per barrel and
5.1 and 5.5 barrels per ton, respectively.
STOCKS FIELD BY REFINING COMPANIES Jvly 31 1930.
(Thousands of barrels of 42 U. S. gallons.)
Gas 011 and Fuel Oa.
G(1.401018.
East Coast
Appalachian
Ind. III., Ky.. &c
OklAoma, Kansaa, Missouri_
Texas
L011181/166 and Arkansas
Rocky Mountain
California
Total
Texas Gulf Coast
IMPORTS AND EXPORTS OF CRUDE PETROLEUM AND MAJOR REFINED PRODUCTS (a)(THOUSANDS OF BARRELS OF 42 U. S. GALS.)
June 1930.
3,360
6.720
12,600 158,500
2,700 7.800
51,000 51,800
31,800 4,400
42.200 27,800
9,800 44.600
400
11,000
100 38,200
i....1.1.na nnit Ont.}
July 1930.
682
60
Other Finished Products.
Coke. c Asp't c
(tons.) (tons.)
RECORD OF WELLS FOR VARIOUS IMPORTANT FLUSH FIELDS,
JULY 1939.(a)
Completions.
Total.
596
300
341
698
921
434
94
545
a From "Oil& Gas Journal" and California office of American Petroleum Institute,
Oil.
Was
(thousands
of
Lbs.)b
Lubricants.
4,980
1,231
5,498
5,551
8,906
2,270
1,205
8,024
Texas Gulf Coast....
Louisiana Gulf Coast_
a Compiled by E.T.Knudsen of the San Francisco office of the Bureau of Mines.
011
Gas
Dry
5,078
____
____
____
89
238
____
____
Gasoline.
1,101,000
Refined products:
Gasoline
Kerosene
Gas oil
Diesel oil
Fuel oll
Lubricants
Asphalt
9,633
2,662
9,384
9,546
17,746
4,991
1,836
17,441
Gas Oil and Fuel Oils.
15,676
-- - -
Jan.-July
1929.
Crude oil
RUNS TO STILLS AND OUTPUT OF REFINERIES. JULY 1930(THOUS. OF
BARRELS OF 42 U. S. GALLONS.)
UnCrude Oil
finished
Oils
Natural Total
Domestic Foreign Total. Rerun. Gasoline. Input.
28,220
SHIPMENTS FROM CALIFORNIA TO EASTERN PORTS IN UNITED
STATES (a) (BARRELS OF 42 U. S. GALLONS)
July
1930.
1491
Total
Texas Gulf Coast
Louisiana Gulf Coast
1,925
327
741
756
1,559
882
278
1,851
4,054
692
1,769
2,042
2,314
617
145
5,747
5,151
472
2,682
3,126
7,840
1,328
1,148
a
9,205
1,164
4,451
5.168
10,154
1,943
1,193
5,747
46.065
8,319
17.380
21,747
39.027
1,403
1,916
4,655
837
467
611
Wax (Thousands of Pounds).
6,571
1 07R
4,928
1 369
CrudeSele Refined.
3,256
1.333
916
692
2,238
131
167
1.220
64,419.23,380
16,564
4,439
994
73,661
19,806
TOIM
Louisiana and Arkansas
Rocky Mountain
California
Total
Total
Coke
(Tons).
25,743
4,090
2,977
3,009
11,096
2,754
1,667
90,162
27,470
19,941
7,448
12,090
76,415
21.473
39,900
7,600
132.300
86,000
395,700
34.300
122,300
123,800
9,953
203.663
51.336
254.999
941.900
2,141
124
976
73,661
11,096
2,754
12,072
76.415
369,100
34,200
Other Finished Pr.
1:aet Coast
Appalachian
Ind., Ill., KY., &c
Oklahoma, Kansas, Missouri
To431.
6,977
1,651
7,156
4,328
7,174
1,717
2,472
14,590
LaIncants.
East Coast
Appalachian
Ind., Ill., Ky., &c
Oklahoma, Kansas, Missouri_
Texas
Louisiana and Arkansas
Rocky Mountain
California
Kerosene Gas Oil k Residual
Distillate
Fuel
Fuels.
Oils.
Unthatelled 04!s.
AsPhall Road afCsNatural
(Tons) Oil.
Total. Gasoli'e Other. Total.
-118,900 48
37
85
104 8,990 9,094
4,500
84
84
9 1,585 1,594
63,400
173 298
44 5,377 5,421
4,300 16
20
36
17 3,012 3,029
12,300 17
18
35
280 15,607 15,887
43.400
1
5
6
15 3,386 3,401
4,800 57
15
72
1 1.709 1,710
59,100 120 115 235
1,776 E8,348 10,124
1/-15
310,700 384
467
851
2.246 48,014 50,260
12,200 17
Texas Gull Coast
23
268 13.767 14,035
36,100
Louisiana Gulf Coast
5
2,626 2,627
a Included with heavy crude. b Includes 2,758,000 barrels tops.
GASOLINE PRODUCTION BY THE VARIOUS METHODS-JULY
1930.
(Thousands of barrels of 42 U. S. canons.)
,Stratcht Run.
Crucn.a.
A mut'Wasortut
Grand
Total.
%
Total.
%
Total.
%
Total.
2,534 51
East Coast
2,299 46
147
3
4.980
Appalachian
757 62
420 34
54
4
1,231
2,646 48
Ind. III., Ky., &c
2,621 48
231
4
5,498
Okia..
' Kansas, Missouri.._. 3.112 56
1,976 36
463
8
5,551
Texas
4,279 48
3,572 40
1,055 12
8,906
Louisiana and Arkansas._ _
920 41
1.030 45
320 14
2,270
Rocky Mountain
495 41
580 48
130 11
1,205
California
4,661 58
1,588 20
a1,775 22
8,024
Total
19,404 52
14,086 37
4,175 11
37.665
Texas Gulf Coast
2,678 42
2,826 45
793 13
6,297
Louisiana Gulf Coast
649 41
720 46
210
13
1.578
.. a inolurisaa lfl, 1551 harrala rm. •,....-....... .... - .._
5
1492
FINANCIAL CHRONICLE
Fou 121.
Output of Natural Gasoline Continues to Decline- Steel Production Continues in Slow Upward TrendInventories Lower.
Pig Iron Output Lower-Prices Unchanged.
The production of natural gasoline continued to decline
Pig iron production declined 4.3% in August, sinking
in July when the daily average output amounted to 5,730,000 to the lowest daily rate since Oct. 1924, reports the "Iron
gallons as compared with 5,980,000 gallons in June. according Age" of Sept. 4, in its review of iron and steel markets.
to the United States Bureau of Mines. These figures repre- But this recession is regarded as water over the dam, in
sent the material decline of 250,000 gallons in daily output, view of the current trend of iron and steel works operations
or 100,000 gallons more than the decline that was reported and the growing resistance of producers to price pressure.
for June. The major portion of the decrease in natural gasoSteel ingot output, notwithstanding the rather general
line production in July was recorded in Oklahoma. Produc- interruption of business during the Labor Day week-end,
tion in the majority of the States of minor importance fell has registered the third consecutive advance in as many
off, but the output of California and Texas remained prac- weeks, now averaging 55%, compared with 54% last week
tically stationary. The heavy consumption of motor fuel and 52% three weeks ago. While the gains have been slight,
during July was reflected in stocks of natural gasoline held they have been none the less recognizable and have encourat plants, which fell from 38,974,000 gallons on hand July 1 aged leading independent sheet makers to make the first
to 31,123,000 gallons on hand July 31. The latter figure determined price stand in more than a year. The "Age"
compares with 48,543,000 gallons stored at the plants continues:
July 31 1929.
Quotations announced by these mills eliminate recent minimum figures
and will apply particularly on September business. The advance represents
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS). an effort to halt
a protracted decline, which depressed prices $4 to $12 a
ton below the levels of the first half of 1929, and at the same time reflects a
Produaton.
sisal End ofMo. recognition of the growing interest in future requirements manifested by
buyers in the last two weeks.
Jan:
Doubtless this move and others reported to be in contemplation are
June
July
July
July
June
July
calculated to help replace the depression psychosis with a spirit of con1930.
1930.
1929.
1930.
1930. 1930.
fidence. While events will determine whether the time is yet ripe for such
Appalachian
5,000
8,000
4,861 a change, it is the
5,900 55,700
3,272
consensus of opinion that the trend of trade this month
Illinois, Kentucky, dte
700
486
800
626
900
7.600
Oklahoma
47,800 52,000 57,600 359,300 13,787 17.303 will largely determine the fortunes of the steel industry for the remainder of
Kansas
2,400
1,242
2,700
1,618 the year, and that even mild seasonal recovery will do much to put business
2,500 19,300
Texas
8,944 11,014 on a firmer basis and lead the way to sustained improvement early in 1931.
40.500 38,600 33,200 275,500
Louisiana
653
795
5,500
5,600
4,900 44,300
Leading outlets for iron and steel disclose little change in tonnage conArkansas
231
270
2,700
2,700 18,500
2,800
Rocky Mountain
763 sumed aside from the slight expansion recently noted, but no survey of the
4,000 29,700
690
4,600
4,600
California
1,824 trade at a time like this can estimate the amount of business that is being
1,818
68,500 65,300 73.800 478,800
held back by the ultra-conservatism that extends from manufacturing
Total
177,700 179,300 185,500 1288700 31,123 38,974 user and
fabricator to ultimate consumer. Only a slight loosening of the
Daily average
-___
--5,980
6,080
5,730
8,000
Total(thousands of bbis.)._ 4,231
741
928 purse strings all along the line, such as may be now in the making, would
4,417 30,683
4,289
put many tons on producers' books. Another factor that may prove a
Daily averaae
142
145
137
142
deciding influence is the large unclassified, miscellaneous group of consumers, which last year took nearly one-fifth of all finished steel rolled.
Until a more definite trend is apparent, reference must be made to such
straws as are available. Pig iron shipments at Chicago in August showed a
Reading Iron Plant Resumes Operations.
gain of20% over July, while certain Cleveland producers report an increase
From the New York "Times" we take the following of 25%. Improvement in orders for both alloy steel bars and carbon bars
points to moderate expansion in automobile production. The first purchase
(Associated Press) from Reading, Pa., Sept. 2:
of sheets (1,000) tons) for the new Chevrolet models has been made,
and
Increased operation by the Reading Iron Co. took definite form to-day steel
purchases for the first 20,000 of these cars are soon to be concluded.
when the charcoal iron plant was re-opened and about 175 employees went Now
inquiries for fabricated structural steel, at 71,000 tons, are the largest
back to work on a full-time basis, averaging 10 hours per day. These men since the
second week of Juno. Tin plate production has risen to 70% of
had been idle for the last two months. Within another month, 300 em- capacity,
following the passing of the drouth scare. Scrap markets have
ployees at the puddle mill of the Oley Street Mills are expected to return held their
recent gains, notwithstanding ample stocks in the hands of large
to work.
consumers.
Total pig iron production in August, estimated from telegraphic returns
to the "Iron Age," was 2,526,500 tons, compared with
2,639,537 tons in
Tin Mills Reduce Wages in Mahoning Valley Area. July. The daily average in August, 81,500 tons, underwent a decline of
3,646 tons (4.3%)from the July rate of 85,146 tons.
From Youngstown (Ohio) a dispatch Sept. 2 to the New
The action of independent sheet producers on prices follows the appearYork "Journal of Commerce" said:
ance of new recessions in the current week, as low as 3.50c., Pittsburgh,
having
Valley
Mahoning
the
observance,
Following suspensions for Labor Day
been done on automobile body sheets and 2.35c. on black sheets.
steel industry resumed to-day in rolled steel departments, averaging 57%. Under the new quotations, body sheets will be held at 3.60e. and black
with 55 of 120 valley sheet mills under power and 27 of 51 independent open sheets at 2.45c.. while light plates and blue annealed sheets, heretofore
1•20c. and 2.05e., will be 2c. and 2.15c., and galvanized sheets, recently
hearth furnaces melting.
Carnegie Steel and Youngstown Sheet fa Tube average 55%,but Republic as low as 3c., will be 3.10c.
Steel reports average schedule of 65%. Newton Steel Co. continues to
An important change in extras on full-finished and automobile body
operate its Newton Falls property at 30%, with its new Monroe, Mich., sheets has also been adopted by leading makers. A deep drawing charge of
35e.
a 100 lb. will replace two previous extras, one of 25c. for regular deep
plant idle.
Following a reduction in the average selling price of Nos. 26, 27 and 28 drawing and another of 50c. for extra deep drawing.
Fender stock, as a consequence of recent concessions, is now quotable at
gauge black sheets shipped during the 60 days ended Aug. 20, tonnage
workers received a cut of 4)4% for the September-October period, carrying 3.60 to 3.70e. a lb., Pittsburgh or Cleveland, a decline of $2 a ton in the
their rate to 18% above base, the lowest in several years. Workers in minimum going price.
The International Steel Cartel, according to a radiogram from abroad,
tin mills, operating under the sliding scale wage agreement of the Amalgamated Association of Iron. Steel and Tin Workers are also affected by the has abandoned control of export prices of semi-finished steel and beams.
Export prices of all products controlled by the cartel are now free from
reduction.
Fabricating interests in the Youngstown district continue operations at restriction. Since outputs of member countries are now below their quotas.
the
schedules
operating
70 to 80% of normal, representing the seasonal
syndicate's function of regulating production also has become inoperative.
All three of the "Iron Age"
composite prices remain at last week's levels
Finished steel, at 2.142c, a lb., is $5.12 a net ton lower than a year ago.
Pig
iron,
at $16.88 a gross ton, is $1.37 below its level of 12 months ago.
Non-Ferrous Metals Meet Light Demand-Export Cop..
Heavy melting scrap, at
$13.67 a gross ton, is down $3.16. A comparative
per Call Improves-Lead Steady-Tin Inactive.
table shows:
Sales volume in the market for non-ferrous metals during
the past week underwent little improvement, with the termination of summer holidays and Labor Day acting as a
damper on general business activity, reports "Metals and
Mineral Markets," adding:
In the major items,consumers appear to be fairly well covered on near-by
wants and virtually all are looking for concrete evidence that seasonal expansion has taken place before placing important new orders. Copper sales
were at unchanged prices, which ranged from 10% to 11 cents.Connecticut.
Export inquiry is picking up. In lead the tone was about steady, though
business was slow. The fact that zinc concentrate held at $31 in the TriState district encouraged certain sellers to ask slightly higher prices. Tin
prices were lower.
Aside from a moderate improvement in export demand, the copper
situation showed scarcely any change in the last week. The week's tonnage
of copper sold was larger than in the week previous, but far below normal.
Export sales in August totaled 23,000 long tons, against 15,400 in July.
Interest in lead was only moderate. This was attributable to both the
Influence of the holiday and the lack of improved consumer demand. Sake
In the East were made at the 53i cent basis, while a small tonnage of desilverized lead was sold on the basis of 5.30 cents, St. Louis, early in the
week.
Business in zinc was about the same in volume ass week ago. A moderate
tonnage was sold toward the close of the week at prices ranging from 4.32%
to 4.35 cents. Tin, which opened early in the week at 30.375. declined in
a slow market to slightly below 30 cents.
Finished Steel.
Sept. 2 1930, 2.142a a Lb
Based on steel bars, beams, tank plates.
One week ago
.2
1420. wire, rails, black pipe and sheets.
One month ago
2 1710. These products make 87% of the
One year ago
2.3980.J United States output.
1930
1929
1928
1927
1028
1925
High.
2.382o. Jan. 7
2.412e. Apr. 2
2.391a. Dec. 11
2.453o. Jan. 4
2.453e. Jan. 5
2.560o. Jan. 6
Low.
2.1420. Aug. 28
2.362c. Oct 29
2.314c. Jan. 3
2.2930. Oct. 25
2.4030. May 18
2.3960. Aug. 18
Pig Iron.
Sept. 2 1930. $16.88 a Gross Ton. 1Bosed on average of bolo iron at Valley
One week ago
$16.88 furnace and foundry irons at Chicago,
One Month ago
16.96 I Philadelphia, Buffalo, Valley and BlrOne year ago
18.25
mington.
1930
1929
1928
1927
1928
1925
High.
$18.21 Jan. 7
18.71 May 14
18.59 Nov.27
19 71 Jan. 4
21.54 Jan. 5
22.50 Jan. 13
Low.
816.88 Aug. 12
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1
19.46 July 13.
18.96 July 7
Steel Scrap.
UP/.2 1330. $13.67 a Grow Ton.
iBased on heavy melting steel QuoOne week ago
513.671 tations at Pittsburgh, Phi/add/ibis.
One month ago
ia.oii and Chicago.
Oae year ago
16.83
SEPT.6 1930.]
rws
1930
1929
1928
1927
1926
1925
FINANCIAL CHRONICLE
High.
$15.00 Feb. 18
17.58 Jan. 29
16.50 Dec. 31
15.25 Jan. 11
17.25 Jan. 5
20.8r Jan. 13
Low.
$13.08 July 1
14.08 Dec. 3
13.08 July 2
13.08 Nov.22
14.00 June 1
15.08 May 5
Interposition of a two to three-day holiday has confused
the situation in steel and iron production and selling and the
Labor Day week-end makes accurate estimate of the situation difficult, states "Steel" of Sept. 4. Sentiment has
gained more than actual tonnage and an attitude of waiting
has been apparent, general belief being that once past
Labor Day an advance would be started in more positive
form.
Operations appear to remain unchanged at about 66%
for the Steel corporation and 50 to 51% for independents,
continues "Steel," formerly "Iron Trade Review." This
figure may be changed as the week advances and the situation clears after the holiday. "Steel"further says:
August production of pig iron at 2,529,148 tons represents a drop of
4.14% from the 2,638.441 tons of July and is the lowest since October
1924. The daily average rate also fell 4.14% from that of July, August
daily average being 81,585 and that of July 85,110 tons. The total production for eight months to Sept. 1 is 23,472,203 tons, compared with
29,186,246 tons for the same period of 1929. A net loss of seven blast
furnace stacks was made during the month, ten being blown out and three
blown in. The rate of operation for August was 57.8%. compared with
60.3 for July and 86.4 In August 1929. The number of stacks in operation
Is the lowest since January 1922. The rate of contraction of production
narrowed from that of July, indicating approach to the bottom.
Sheets have weakened and in some instances $2 per ton less has been
done on some grades, wnile other producers have held firmly to the former
quotation. Some of this weakness is attributable to the long wait for
automotive buying to appear. In absence of this activity sheets have
dificulty in maintaining position. Autobody is dull and lower prices are
threatened.
Shipments of tin plate have not maintained the spectacular figures of a
week ago but continue heavier than usual as canmakers meet demands of
vegetable packers.
While the pack of vegetables promises to show little effect from the
frouth, other effects are seen in demand for steel and iron and agricultural
regions are not taking as much tonnage as usual. Spring terms have been
announced on wire fencing and this is expected to bring somewhat larger
tonnagesfrom this source. The effective date has been set earlier than usual
for northern users, in effort to expedite bookings.
Steel and iron scrap has not lost the advantage gained a fortnight ago
at Pittsburgh when a tonnage purchase caused an advance, followed by
stronger conditions generally. The tonnage covered at Pittsburgh is
suppostid to be close to 25,000 tons. Scarcity of the highest grade and
frequent rejections tend to cause higher bids by dealers covering contracts.
Expected inquiry for steel rails by two Eastern roads promises tonnages
shortly, though requirements may be smaller than a year ago. Car buying
Is offering no help to the steel market, but the Pennsylvania RR. has asked
bids on 26,000 steel car wheels, requiring 7,540 tons of steel.
An indication of the recession in production is seen in the figures for iron
ore shipments for August, 23.6% below those for August 1929. while
the
season to Sept. 1 Is 25.4% below 1929 to that date. These figures
indicate
total season shipments of 50,000.000 tons, compared with 66.000,000
in
1929.
Structural needs continue to afford strong support and with 42,000
tons
exceeds the previous week's total, while not reaching that of two weeks
ago. A hydro
-electric development in Canada takes 7,400 tons, a subway
terminal at St. Louis 6,600 tons, a Ford assembly plant at Buffalo
4,325
tons and a grade elimination in Michigan 3,800 tons.
"Steel's" composite of iron and steel prices declined 10 cents this week,
due to lowering of a grade of pig iron and weakening in steel sheets. This
brings it to 132.78, compared with $32.99 a month ago.
Steel ingot production in the week ended last Monday
morning (Sept. 1 1930) was about unchanged from the preceding week at slightly better than 57%, the "Wall Street
Journal" of Sept. 3 said. This showing is considered highly
satisfactory in view of the fact that steel mills w
wehil
ree preeparing for some interruption over Labor Day.
latter is not looked upon as a holiday in the steel industry,
the fact that steel demand has been limited this year permitted curtailing operations over the week-43nd. Two
weeks ago the industry was at 55%. The "Journal" further
went on to say:
For the United States Steel Corp. the average output last
slightly under 65%. compared with 66% in the previous week week was
and 62%
two weeks ago.
Leading independents showed a fractional increase and
at
somewhat better than 51%, against slightly under that figureproduced
in the week
before and about 493i% two weeks ago.
At this time last year steel production continued to decrease. the
Steel
Corp. being at 92%, with independents around 83% and the average
was
fractionally over 87%•
In the final week of August. 1928, the average was 77%. all units
reporting approximately that rate.
The American Metal Market this week says:
1493
corn for canning is off only 16% from last year. The loss represents le.
,
s
than M of 1% of a normal year's total tin plate production.
August Pig Iron Output Declines.
According to returns to the "Iron Age" gathered by wire
on _Sept. 2 from all active furnaces except one (output
about 19,000 tons per month), data shows that the August
production of pig iron, estimated by the companies in some
cases, fell off considerably from July. Estimated daily
output in August was 81,500 gross tons as compared with
85,146 tons per day in July. This is a loss of 3,646 tons in
the daily rate or 4.3%. The August estimated total for 31
days was 2,526,500 tons. This contrasts with 2,639,537
tons for the 31 days in July. Theaugust daily rate is the
smallest since October 1924, when it was 79,907 tons. The
most recent smaller output for August was the 60,875 tons
per day in 1924. Preliminary returns indicate that three
furnaces were blown in and nine shut down-a net loss of six.
In July the net loss was 16 stacks. On Sept. 1 there were 138
furnaces operating.
Output of Bituminous Coal Still Below Rate a Year
Ago-Anthracite Production Higher.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal in the
week ended Aug. 23 1930 continued below that for the
corresponding period last year. Anthracite output was
higher. During the week under review, 8,492,000 net tons
of bituminous coal, 1,704,000 tons of Pennsylvania anthracite and 37,400 tons of beehive coke were produced, as
compared with 10,104,000 tons of bituminous coal, 1,544,000
tons of Pennsylvania anthracite and 121,400 tons of beehive
coke in the week ended Aug. 24 1929,' and 8,171,000 tons
of bituminous coal, 1,125,000 tons of Pennsylvania anthracite and 41,100 tons of beehive coke in the week ended
Aug. 16 1930.
For the calendar year to Aug. 23 1930 there were produced 291,954,000 net tons of bituminous coal, as against
329,503,000 tons in the calendar year to Aug. 24 1929.
The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Aug. 23 1930.
Including lignite and coal coked at the mines, is estimated at 8,492.000
net tons. Compared with the output in the preceding week, this shows
an increase of 321.000 net tons, or 3.9%. Production during the week
in 1929 corresponding with that of Aug. 23 amounted to 10,104,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930
-Cal. Year
Cal Year
to Date.
Week.
Week.
to Date.a
Week Ended7.839,000 275,291,000
9.697,000 309,733,000
Aug 9
1,307.000
1,468,000
1,616,000
Daily average
1,653,000
8,171.000 283,462,000
9,666,000 319,399.000
Aug. 16_1,
1,611.000
1,362,000. ,000
Daily average
1,651,000
8,492,000 291,954.000
10,104,000 329,503,000
Aug. 2.3_c
1,463,000
1.415.000
1.684.000
1,652,000
Daily average
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to
revision.
The total production of soft coal during the present calendar year to
Aug. 23 (approximately 200 working days) amounts to 291,954.000 net
tons. Figures for corresponding periods in other recent years are given
below:
329,503,000 net tons 1927
338,605,000 net tons
1929
304,515,000 net tons 1926
345.363,000 net tons
1928
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. 16 is
estimated at 8,171,000 net tons. Compared with the output in the preceding week, this shows an increase of 332,000 tons, or 4.2%. The following table apportions the tonnage by States and gives comparable figures
for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
August
Aug. 9
Aug. 17
Aug. 16
Aug. 18
Average
1929.
1930.
1928.
1930.
State1923.a
241,000
314,000
242,000
Alabama
290,000
397.000
23,000
24,000
22,000
Arkansas
34,000
26.000
d89,000
127,000
91,000
147,000
Colorado
173.000
785.000
954,000
822,000
Illinois
845,000 1.363,0(0
222,000
264.000
271,000
Indiana
279.000
440,000
42,000
66,000
52.000
57,000
Iowa
100,000
27,000
55,000
36.000
36.000
Kansas
84.000
Kentucky713,000
939,000
764.000
939,000
Eastern
765,000
230,000
149,000
159,000
265,000
Western
217.000
34,000
36,000
47.000
Maryland
51,000
44,000
6.000
15,000
4,060
Michigan
12,000
21,000
69,000
55,000
61.000
64,000
Missouri
61,000
40.000
58,000
39,000
58,000
Montana
50,000
29,000
46,000
29,000
50.000
New Mexico- 49,000
14,000
13,000
14,000
15,000
North Dakota
20,000
420,000
461,000
412,000
326.000
Ohio
871,000
33.000
33,000
53.000
Oklahoma
60,000
55,000
Penna. (bitum.)- 2,244,000 d2,212,000 2,627,000 2,366,000 3,734,000
89.000
90,000
109.000
Tennessee
100,000
118,000
11,000
12.000
13,000
Texas
22,000
24.000
58,000
51,000
69,000
Utah
73.000
83,000
187,000
193,000
236,000
Virginia
215,000
248,000
33,000
26,000
Washington
37,000
47,000
47,000
West VirginiaSouthern_b_- 1,797.000 1,651.000 2,013,000 1.881.000 1,515,000
574,000
571,000
Northern_c707,000
755,000
875,000
94.000
94,000
Wyoming
109.000
112,000
154,000
1.000
1.000
Other States
2.000
5,000
4,000
Beginning late in June a collection, of predictions began to
accumulate
that steel demand would improve quite markedly immediately or
soon after
Labor Day. There were no predictions in the trade for an earlier
improvement and thus the steel trade has thus far had nothing to
retract, which is
not the case with some of the general business forecasters.
The holiday itself was an interruption rather than an immediate
stimulus
to steel buying and an absence of favorable news as to steel orders
just at
this time is not unfavorable.
It is only a seasonal improvement that the steel trade has
been expecting
but a larger percentage improvement than usual for the time of year by
Total blt. coal- 8,171,000 7,839.000 9,666,000 9,104,000 11,538,000
reason of the extreme conservatism of buyers in the last three
months, Penna.anthracite 1,125,000 1,126,000 1,113.000 1.390,000 1,926.000
accentuated by the recent drouth scare, now happily dissipated. Even
Total all coal.- 9,296,000 8,965.000 10,779,000 10.494.000 13,464.000
tin plate is likely to make a better showing as to canning consumption
a Average weekly rate for the entire month. b Includes operations
than general line consumption. The corn crop suffered the greatest damage,
the N. & W., . & 0., Virginian. and K. & M. c Rest of State. inon
but by reason of heavier planting the Government estimate of production of cluding Panhandle. d Revised.
'1494
BEEHIVE COKE.
The total production of beehive coke during the week ended Aug. 23
1930 is estimated at 37,400 net tons, a decrease of 3,700 tons as compared
with the preceding week. Output during the week in 1929 corresponding
with that of Aug. 23 amounted to 121,400 tons.
Estimated Production of Beehive Coke (Net Tons).
1929
1930
Week Ended
to
to
Aug.23 Aug. 16 Aug. 24
Date.a
Date.
1929.
1930.b 1930.c
Region.
Pa., Ohio, and W. Va..- 32,600 35,600 111,300 1.826,200 3.742,800
233,800
171,800
Ga., Tenn., and Va._ _ - 3,000
3,700
7,100
170,700
75,600
3,000
Colo., Utah and Wash..- 1,800
1,800
United States total_ _ _ 37,400
Daily average
6,233
[VOL. 131.
FINANCIAL CHRONICLE
41,100 121,400 2,073,600 4,147,300
20,633
10,316
20,233
6,850
a Minus one day's production first week in January to equalize number
of days in the two years. b Subject to revision. c Revised.
•
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended Aug. 23 is estimated at 1,704,000 net tons. Compared
with the output in the preceding week, this shows an increase of 579,000
tons, or 51.5'7. Production during the week in 1929 corresponding with
that of Aug. 23 amounted to 1,544.000 net tons.
Estimated Production of Pennsylvania Anthracite (Net Tans).
1920
193()DailyDaily
Average.
Week.
Week EndedAverage.
Week.
184,000
Aug. 9
1,104,000
187,700
1,126,000
185,500
Aug. 16
1,113,000
187,500
1,125,000
257,300
Aug. 23
1,544,000
1,704,000
284,000
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. 3 as reported by
the 12 Federal Reserve Banks was $1,028,000,000, an increase of $45,000,000 compared with the preceding week
and, a decrease of $385,000,000 compared with the corresponding week of 1929. After noting these facts, the
Federal Reserve Board proceeds as follows:
On Sept. 3 total Reserve bank credit amounted to $1,041,000,000, an
Increase of $57,000,000 for the week. This increase corresponds with an
increase of $65,000,000 in money in circulation and decrease of $3,000,000
in monetary gold stock and $14,000,000 in Treasury currency, offset in
part by a decrease of $26,000,000 in member bank reserve balances.
Holdings of discounted bills increased $38,000,000 during the week, the
principal changes being increases of $32,000,000 at the Federal Reserve
Bank of New York and $3,000,000 each at Atlanta and St. Louis. The
System's holdings of bills bought in open market increased $7,000,000 and
of Treasury notes $14,000,000, while holdings of United States bonds
declined $12,000,000 and of Treasury certificates and bills $2,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle," on page 3797.
The statement in full for the week ended Sept. 3, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 1528 and 1529.
Changes in the amount of Reserve batik credit outstanding and in related items during the week and the year ended
Sept. 3 1930 were as follows:
(-)
Bills discounted
Bills bought
United States securities
Other reserve bank credit
Sept.3 1930.
it
231.000,000
170,000,000
602.000,000
37,000,000
Increase (-I-) or Decrease
Since
Aug.271930. Sept. 4 1929.
$
+38,000,000 -815,000,000
-13,000,000
+7,000,000
+453,000,000
-17,000,000
+12,000,000
TOTAL RES. BANK CREDIT --1.041.000,000 +57.000,000
Monetary gold stock
4.501.000,000 -3,000,000
Treasury currency adjusted
1,776,000,000 -14,000,000
-391,000,000
+138,000,000
+12,000,000
Money in circulation
4 513,000,000 +65,000,000
Member bank reserve balances
2 393,000,000 -26.000,000
Unexpended capital funds, non-member deposits, &c
412,000.000 +1,000,000
-316,000,000
+73,000,000
+1,000,000
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 Districts
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and/or the same week, instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks,which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows an increase of
$8,000,000, the total of these loans on Sept. 3 standing at
$3,110,000,000. The loans "for own account" increased during the week from $1,665,000,000 to $1,721,000,000 but the
loans "for account of out-of-town banks" decreased from
$655,000,000 to $620,000,000 and the loans "for account of
others" from 8782,000,000 to $768,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES..
New York.
Sept. 3 1930. Aug.27 1930. Sept. 4 1929.
Loans and investments-total
8,161,000,000 8,108200,000 7,546,000,000
Loans-total
6 057,000,000 6,010,000,000 5,853,000,000
On securities
All other
3,652,000,000 3,608,000,000 2,944,000,000
2 405,000,000 2,402,000,000 2,908,000,000
Investments-total
2,104,000,000 2,098,000,000 1,693,000.000
U. S. Government securities
Other securities
1,075,000,000 1.077,000,000
1 029.000,000 1,021,000,000
Reserve with Federal Reserve Bank.-- 766,000,000
Cash in vault
44,000.000
808,000,000
46,000,000
043,000,000
750,000.000
717,000,000
52.000.000
Net demand deposits
Time deposits
Government deposits
5,613,000,000 5,631,000,000 5,230.000,000
1,435.000,000 1,444,000.000 1.206,000,000
3,000.000
15,000,000
5,000,000
Due from banks
Due to banks
92,000,000
1 091.000,000
Borrowings from Federal Reserve Bank_
83,000,000
980,000,000
85,000,000
885,000,000
217,000,000
36,000,000
Loans on secur, to brokers & dealers;
For own account
1 721,000,000 1,665.000,000 1,103,000,000
For secounvoi out-of-town banks
620,000,000 655,000,000 1,784,000.000
For account of others
768,000,000 782,000,000 3.467,000,000
Total
On demand
On time
Loans and investments-total
3,110,000,000 3,102,000.000 6,354,000,000
2,498,000,000 2,462,000,000 6,005,000,000
612,000,000 639,000,000 349,000.000
Chicago.
2 033,000,000 2,025,000,000 1,903,000400
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1 558,000,000 1,552,000,000 1,538,000,000
837,000,000
701,000,00
930,000,000
628.000,000
923,000,000
629.000,000
475,000,000
473,000,000
365,000,000
197,000,000
278,000,000
200,000.000
273,000,000
160,000,000
205,000,000
189.000,000
13,000,000
192,000,000
13,000,000
171,000,000
15,000,000
1,273,000,000 1,280,000,000 1,238,000,000
674,000,000 652,000,000 579,000,000
1,000,000
2,000,000
1,000,000
164,000,000
367.000,000
151,000,000
358,000,000
144.000,000
316,000,000
2.000.000
1.000.000
1,000.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
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. 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Aug. 27 shows decreases for the week of
$14,000,000 in loans and investments, $21,000,000 In net demand deposits
ad $4,000,000 in borrowings from Federal Reserve Banks, and an increase
of $31,000,000 in time deposits.
Loans on securities, which at all reporting banks were 962,000,000 above
the previous week's total, increased $75,000,000 in the New York district,
$8,000,000 in the Boston district and $7,000,000 in the Chicago district,
and declined $12,000,000 in the Kansas City district. "All other" loans
declined $42,000,000 in the New York district, $7,000,000 in the Chicago
district, $6,000,000 in the San Francisco district and $64,000,000 at all
reporting banks.
Holdings of U. S. Government securities declined $12,000,000 in the New
York district and $13,000,000 at all reporting banks, and increased $9,000,000 in the Cleveland district. Holdings of other securities show relatively
little change for the week.
Borrowings of weekly reporting member banks from Federal Reserve
Banks aggregated $40,000,000 on Aug. 27, representing a net reduction of
$4,000,000 for the week.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Aug. 27 1930, follows:
SEPT. 6 1930.]
FINANCIAL CHRONICLE
1495
Increase (+) or Decrease (—) length, to open next spring. The Nanking Government is building a
Since
station under the direction of the Ministry of CommuAug. 27 1930. Aug. 20 1930. Aug. 28 1929. radio broadcasting
nications.
3
$
$
CUBA.
+717,000,000
Loans and investments—total_ _._23,122,000,000 —14,000,000
During August there was no improvement in the Cuban economic situa18,793,000,000
—2,000,000 —157,000,000
Loans—total
tion. Business was slow in all lines, noticeably so in certain branches of
8,377,000,000 +62,000,000 +862,000,000 retail trade, including the department stores in Habana. Notwithstanding
On securities_
8,416,000,000 —64,000,000 —1,018,000,000 continued financial embarrassment in merchandising circles, the business
All other
6,329,000,000 —11,000,000 +873,000,000 community continues to carry itself along. The present stage of the deInvestments—total
pression is characterized by the extremely low sales volume in the principal
2,909,000,000 —13,000,000 +202,000,000 merchandising establishments in Habana. Conditions of merchandising
U. S. Government securities
3,420,000.000
+2,000,000 +672,000,000 such as now exist are probably bringing comprehensive and permanent
Other securities
Reserve with Federal Res've banks 1,814,000,000
+7.000,000 +151,000,000 changes in the practices of Habana stores. The larger department stores
211,000,000 •+8,000,000
Cash in vault
—27,000,000 are carrying out a definite policy of hand-to-mouth buying of stock and of
quick turn-over through small profits. This movement may go far in broad13,606,000,000 •-21,000,000
+621,000,000
Net demand deposits
7,430,000,000 •+31,000,000 +,673,000,000 ening the vogue of "fixed prices" and in doing away with the old idea of
Time deposits
Government deposits
46,000,000
+9,000,000 putting capital into immense stocks to be carried indefinitely. According
to wholesalers, the hand-to-mouth buying is being overdone, in that the
1,494,000,000
Due from banks
+16,000,000
+472.000,000 purchases by retailers are so small as to entail costs of handling out of line
3.302,000,000 +11,000,000 +762,000,000
Due to banks
with wholesale price making. Opinions in banking circles are to the effect
Borrowings from Fed. Res. banks
40,000,000
—4,000,000 —645,000,000 that general credit conditions have not essentially changed. The group of
large, financially sound houses that can be depended upon to meet obliga'Aug.20 figures revised.
tions is still practically the same. If a policy of caution and investigation
as regards credits be undertaken, it is believed that trade with Cuba is
on a sound basis. The extreme stringency in credit matters during the last
Summary of Conditions in World Markets, According eight months has resulted in the broadening and strengthening of the organand collection of personal credit over the
to Cablegrams and Other Reports to the Depart- ization facilities of investigation large
volume of credit distribution underentire Island, and there is still a
ment of Commerce.
taken by strong corporations.
FINLAND.
The Department of Commerce at Washington releases
There were no outstanding changes in the Finnish situation during August.
for publication Sept. 6 the following summary of market Financial
conditions are, however, perceptibly easier now than at the end of
conditions abroad, based on advices by cable and radio:
1929 and it is generally anticipated that the next few months will witness a
slight
improvement
in domestic industries and agriculture with a resultant
AUSTRALIA.
beneficial effect on foreign trade and business in general. The lumber
State and Federal Governments are curtailing public works expenditures
market remains weak with total sales at the close of August estimated at
owing to a reduction in the loan program by the Federal Loan Council
650,000 standards (1,287,000,000 board feet), a reduction of 280,000
and it is possible that work on the Sydney Harbor Bridge undertaking will
standards
(554,400,000 board feet) as compared with 1929, due to lower
be delayed. A £5,000,000 sterling Commonwealth Treasury bill loan to activity
of the saw mills to counteract the competition from Russia. The
meet a similar amount maturing on Sept. 2 has been placed in London at
State timber auctions opened a month earlier than usual with bids in some
an average discount of 3 %. The Textile Workers Union of Australia districts as much as 50% lower than last year., No changes have occurred
has issued a statement to the effect that only 2,700 of its 7,500 workers are
in
the paper, mechanical pulp, and pulpboard situation. Prices remain
employed and that less than 10% of the total is working full time,
unsatisfactory. The outlook for crops is very favorable with indications
CANADA.
of a good harvest of grain and hay. Unemployment increased to 4.026
A special session of Parliament will convene Sept. 8 and will probably at the end of July compared with 3,553 on June 30.
continue for two weeks. It is unofficially reported that the countervailing
GREAT BRITAIN.
duties included in the last (May) budget may be cancelled and other tariff
British trade depression has reached a nearly critics!stage and the outlook
action taken. Meanwhile, the Government is Increasing protection for
considerable lack of confidence. Proponents of proCanadian products by establishing high valuations for duty purposes on is characterized by a
incessantly urging their view, but opposition to such procompetitive imports. Effective Aug. 26, duty on fruit and vegetable tective tariffs are
many quarters. Also, capital and labor are at conin
Imports entering under the general tariff will be levied on the basis of posals is still active
such questions as working hours, social benefits,
valuations announced by the Minister of National Revenue and given in siderable variance overanticipated that funds provided
for the unemployand wages. It is now
the Foreign Tariffs section of this issue.
insurance will be exhausted six or seven months sooner than the period
The Dominion crop report of Aug. 27 indicates that harvesting is being ment
consequent
probability
of
a
additional
with
burdens
budgeted,
rapidly completed in the Prairie Provinces and that considerable high for which
revenue which, as the result of a trade depression, is lighter
grade wheat Is being threshed. Heavy rains in Saskatchewan and Alberta on the National
The unemployment total passed the two million mark
have been of material help to late crops but Manitoba is still complaining than anticipated.
July, with disturbing psychological offset. The number
of drouth and rust. New wheat is now being marketed in some volume, at the end of
against unemployment, including those wholly unmuch earlier than last year. Initial payments by the Canadian Wheat of persons insured
temporarily stopped, registered as seeking work at the emPool on the 1930 crops were announced during the week as follows, to be employed and
Great Britain, aggregated 2,018,000 on Aug. 18,
effective on deliveries from Aug. 25: No. 1 Northern wheat (Fort William ployment exchanges in
1,973,000 on July 21 and 1,162,000 on Aug. 19 1929.
basis), 60 cents per bushel; No.3 0. W.barley,25 cents; No.2 C. W.oats, as compared with
have taken place in all of the heavy industries,
employment
Some declines in
30 cents; No. 2 C. W.rye, 35 cents; No. 1 Northwestern flax, $1.25.
public works, contracting, in shipping and in
There is practically no change in the general business situation over the clothing trade, building and
except the hemp,rope, and twine trade. On the other
week. Exports continue low, according to July figures; however, wheat all textile industries,
been improvement in employment in tin plate manufacturshipments compare favorably with the low movement in July of last year, hand, there has
and hotel and boarding house services. Brighter
and with the June 1930 movements. In the Maritimes and Climbec Province ing, paper making,
anticipated in seasonal revival in autumn trade and in the hope
wholesale trade continues quiet while reports on retail demand range from features are
approaching Imperial and India conferences may produce construcquiet to Improved. Building activity which continues at a good level in that the
The Government has announced that questions relating to
this section is maintaining demand for certain classes of hardware, building tive results.
Empire economic unity will be discussed at the forthcoming Imperial
materials and electrical equipment. Seasonal hardware is also selling well closer
this announcement is hailed as an important forward
and
conference,
and there is a good movement in specialties but prices are lower than last
the press advocating Empire free trade and the extension
year. The local iron and steel mills, textile, boot and shoe, paper bag and step by sections of
tariffs against imports from foreign as contrasted with British
box factories are all operating well below normal. Recent rains in Ontario of protective
conservative press is discussing the possihave improved the condition of some of the fruit and vegetable crops but Empire countries. The more
a general 10% tariff on all manufactured goods,
unemployment is still a disturbing factor in many industrial centers. Cur- bility of the imposition of
rent activity in Toronto is largely in connection with the Canadian National and even on all goods of foreign origin. The British Empire Mark of Origin
include the subject of British Ena-,
Exhibition which opened Aug. 22. Staple foods are moving in normal Association is urging the Government to
volume with prices fairly steady but competition very keen. Wholesale pire mark of origin on the agenda of the Imperial conference. Merchandise
of
August
include a report of the standing
month
during
the
marks
activities
and retail textiles are still relatively quiet and makers continue in an unsatisfactory position. Mineral production in the Province in the first committee recommending that imported ice skates bear a mark of origin
six months of 1930 is reported to have increased 5% in value over 1929; when offered for sale in the United Kingdom, and also the issuance of an
the value of refined products during the same period increased 15%. In order requiring that wrought enamel hollow ware imported for domestic
the Prairie Provinces retail sales in seasonal lines have improved slightly purposes bear a mark of origin upon iraportation.
on the announcement by the Canadian wheat pool of initial payments on
IRISH FREE STATE.
this years crops, but the small amount of the payment by comparison with
Money is tight and trade and collections slow. No revival in demand is
previous years, is an unfavorable index of fall purchasing power in this sec! anticipated in the immediate future, but business confidence
appears unLion. Sales of new cars to date are approximately 45% of last years', and shaken and the tendency towards credit curtailment has as yet
resulted in
repossessions are high, but the demand for accessories and used cars con- no complaint of bad debts. Agricultural prospects are poor,
reports intinues good. Winnipeg fur auctions held Aug. 19 and 20 were characterized dicating considerable crop and property damage due to
exceptionally
bad
by generally lower prices ranging from 10 to 20% below May quotations. weather. The merchandise trade balance for the first six months of the
British Columbia conditions continue only fair. Stocks of fir and hemlock year shows a very considerable improvement as compared with that
period
logs are falling but the supply is still large and no firiaiting in demand is in 1929, but the higher exports are largely on account of tractor shipments
noted. Saw mills and logging camps in the Province are reported to be from the Cork works which have fallen off rapidly in the last two months.
running at little over 50% capacity. A reduction (from 40 to 28 cents per An easier revenue position is indicated by Exchequer returns to the
first
100 pounds) is expected in the freight rate applying to apples shipped from week in August.
the Okanagan Valley to Vancouver. The collection situation continues
ITALY.
fair in Halifax and Toronto; fair to slow in Regina and Vancouver; slow in
Italian commerce tend industry, as is customary during the month of
St. John (N. B.), Montreal, Winnipeg and Calgary. July pig iron produc- August, have been stagnant due principally to the excessive
heat, universal
tion from Canadian furnaces, 64,676 long tons, fropped 2% from the June vacations and annual closedowns. The general
depression this year has
figures to the lowest total reported for any month since February, 1928. induced widespread extensions in the midsummer
slackness
and business
tons,
is
68,424
28%
under
June
under
July
and 47%
Steel production,
has been at a practical standstill. A pick-up is not expected until the latter
1929 figures, and is the lowest reported since October, 1927.
part of September. Apart from these seasonal factors, however, it
would
CHINA.
appear that conditions are about the same as last month with a
slight
General business activity in South China continues to lag with the outlook diminution in small bankruptcies and a somewhat more receptive attitude
unpromising. August is normally considered the end of the dull summer on the part of the banks toward short-term credit operations. The smaller
trading season, but present indications fail to presage the customary Fall number of bankruptcies is perhaps due to the fact that the most unfit
expansion, which has usually appeared even under the adverse conditions firms have already been eliminated. Collections, even with the larger esruling in previous years. Trading is still on a hand to mouth basis with deal- tablishments, are very slow and the business transacted involves struggle
ers in general marking time or following a waiting attitude. The trade situa- over terms, which to-day is the most important factor in Italian trade.
tion in the Yangtze region is unimproved. Construction continues active Unemployment shows a slight increase as harvests finish. Improvement is
ranging from 7 to 20 stories, which expected in the unemployment situation, however, due
to the inauguration
in Shanghai. New apartment houses
of the huge public improvement schemes during
will be the tallest in the Far East, are being built. The Shanghai Power
September and October
broadcasting station of 360 meters wave by the Government which will employ 90,000 men in all
commercial
construct
a
to
is
parts of the country.
Co.
1496
FINANCIAL CHRONICLE
The work which the Government is initiating including roads,land improvements, public buildings, and flood control schemes, and it is expected that
this program will avert heavy winter idleness. The Government's also assisting foreign trade as is exemplified by the special trade treaty with Russia,
which secures for Italy large Russian purchases with an Italian Government
guarantee up to 75% of the risks to producers and exporters. It is reported
that similar agreements are at present under negotiation with other countries. The foreign trade returns for the year to date continue satisfactory
with much lower imports and somewhat reduced exports. Through July the
adverse trade balance amounted to 2,000,000.000 lire which is 40% less
than for the corresponding period of last year. Largely diminished imports
of foodstuffs, raw cotton, and wool and slightly reduced exports of foodstuffs and textiles are the items in which the major change has been noted.
• The general business and industrial outlook is somewhat gloomy with no
reasonable hopes for mitigation of the depression until the general world
economic improvement is realized. It appears that recovery must be slow
unless the burden of business taxation can be lightened. The burden is
extremely heavy and will increase during October with the increase in the
sales tax to 1)i% on every exchange of goods until tne final retail sale has
been made.
JAPAN.
A decline in rice future quotations, following announcement of more
favorable crop conditions and anticipation of a better than average crop,
caused renewed weakness on the Tokyo market. The cotton market is weak
also. Raw silk prices are fairly steady but sales are small. Saiyu grade
is quoted at 730 yen per bale. (1 yen equals $0.4939 at current exchange).
Rayon producers are extending production restrictions for a further period.
The Bank of Japan reported specie reserves on Aug. 26 of 866,800,000 yen,
the lowest amount recorded since November 1919.
NETHERLAND EAST INDIES.
The annual fair, Pasar Gambir, has opened in Weltevreden, Batavia,
with an attendance of 100,000 during the first four days which Is slightly
under the correspondence attendance last year. Java sugar stocks on Aug.1
totaled 985,021 metric tons, and the amount available for export during
the remainder of the crop year is placed at 2,247,514 tons. Exports of
rubber in July from all the Netherland East Indies were -16,263 long tons, of
which 602 were shipped from Java and Madura; 5,891 from Sumatra East
Coast, and 9,770 from all other rubber producing areas.
NORWAY.
Considering conditions in the principal export markets Norwegian foreign
trade has been well maintained so far but as shipments are made mostly
on old contracts, and greater difficulty is being experienced in securing
new orders, several of the large export industries such as paper, lumber
and electrochemical may find curtailment of production unavoidable.
Mechanical pulp shipments continue high while exports of chemical pulp
and paper are slightly below the level of last year. Prices on paper and pulp
products remain unsatisfactory. Electrochemical exports are higher than
last year but curtailment is expected in accordance with the international
production agreement for nitrates. Lumber exports are decreasing although
the domestic demand is better due to considerable building activity. Domestic industries aided by building construction continue to improve slowly.
The strike in the paper industry threatened by the trade union for Aug. 16
has been averted. The employers' association claimed it was entitled to a
wage reduction because of the drop in the cost of living index. The agreement finally reached, however, retains the present wage rates until March,
1931. Shipping has improved slightly but is still extremely quiet with tank
tonnage being affected by the lowest rates in years. Unemployment is
increasing somewhat due to economical causes and on Aug. 15 numbered
12,923, an increase of 400 over a year ago. Crop reports are encouraging
not only for the grain harvest but also for fruits and vegetables. The
official wholesale price index was 142 on Aug. 19, no change since July 19.
Financial conditions remain stable. The volume of securities purchased
abroad continues above sales. Although bond prices are firm and advancing,stocks are generally weak with a very small turnover. Business failures
during July numbered 36 against 23 during the same month last year.
SWITZERLAND.
The Swiss situation in August remained rather depressed; the machinery
and metal industries are the least hit by the industrial recession, but watches
and textiles, especially embroidery, are badly off. At the end of July,
there were 10,000 unemployed; this is 1,000 more than at the end of June
and 4,500 more than at the end of July, 1929. The wholesale price index
continues to decline and now stands at 88 as against 100 for 1927. The
cost of living index stands at 158 as against 160 last year. Since the beginning of the year, 87 new buildings have been constructed as against 98 in
the same period of 1929.
The Department's summary also includes the following
with regard to the Island possessions of the United States:
PHILIPPINE ISLANDS.
No signs of improvement in Philippine conditions are evident, and a large
carryover of palay (unmilled rice) is causing some concern to rice growers in
Central Luzon. Slightly lower prices for leading export products have resuited from weak demand in the United States and Europe,thereby further
restricting provincial income and purchasing power. Collections remain
difficult and credit extensions are few and are granted only with caution.
Construction activity is about 60% of what it was this time last year and
unemployment, although not yet critical, has shown a further increase.
The abaca market is very weak, owing to an almost total absence of demand
from both the United States and Europe. Copra trade is also very quiet,
showing a further decline in price. Production is slightly below normal and
three oil mills are operating.
[VOL. 131.
up Mr. Briand's suggestions where they may be said to have left off and
carry the theory of a federation to a logical conclusion. For this reason,
the semi-official organ of the French Government asserts the new plan
merits the considered study of all who desire to see the first steps toward
a real European union taken at the Geneva conference.
Launches into Details
Much more concise than M. Briand's memorandum, the juridical union
launches at once into the details of how such a union should be developed.
It is not without significance, either, that the expose of the motives of
the plan begins with reference to the present economic crisis in Europe
and the lack of an essentially European organization to tackle the question.
"There is no need to insist upon the urgent necessity for creating such
a body," says the preliminary statement. 'The organization should be
capable of ending the economic morass and establishing a spirit of confidence and cooperation among the various countries of Europe.
"What are the difficulties that prevent the realization of such an organization? The first one is that certain European States find themselves in
a special political position, such as in the case of Russia, Turkey and
Great Britain with her Dominions scattered throughout the world. Furthermore, other nations like France and Holland have far-flung shore lines,
extending great distances from the mother country. None of these difficulties, however, is insurmountable."
The expose then observes that the replies of various European States
to M. Briand's memorandum shed much light upon a possible basis for
European unity and proceeds with the seven following broad principles
which should govern the proposed union:
First, the Federation of European States should not be a political organization in the strict sense of the word, nor should it be limited to ordinary
meetings at intervals among the members. It is desirable to create,
rather, something more definite—something more alive and aggressive.
Would Have Broad Membership
Second, the organization should include the largest possible number of
European States. States which do not subscribe to the original Constitution should join later.
Third,the organization should be subject to very careful study and should
be created step by step.
Fourth, it must be formed and must function within the framework of
the League of Nations by virtue of Article X.XI of the covenant. It
must not Intrude upon the functions of the League nor duplicate any of
its activities.
Fifth, it should not prohibit the formation within its scope of regional
groups.
Sixth, it must not be directed against any single State of group of States,
either on the Continent of Europe or outside its borders. On the contrary,
it should facilitate cooperation with every one.
Seventh, it should be founded upon the equality of all members and upon
the respect oftheir sovereignty.
The framers of the new plan propose the following points in organization,
each contributing to the improvement of the whole: Regular conferences;
a Council with permanent members from the British Empire, Germany,
France, Italy and Spain; a representative of each regional group and three
representatives of States which would not form part of the two foregoing
Categories; eight commissions, each dealing with an important aspect of
the European organization and co-operation, and a permanent secretariat
under the direction of the Council.
Other Groups Taken Into Account
The two features expected to cause the warmest discussion are the suggestion for creation within the body of the League itself and the proviso
for regional groups. The latter is understood to have been written with
an eye to the enthusiastic adhesion of such organizations as the Little
Entente and the new European agricultural cartel now being formed at a
Warsaw conference.
The plan of the jurists grew out of a general meeting held here on Arne 26.
A commission was appointed to study the theory of a federated union and
to present a report. Among those who drew up the report were Senor
Alvarez, noted Spanish diplomat, as chairman; Senor de la Barra, Provisional President of Mexico following the ousting of Victorian° Huerta;
Alexandre Millerand, former President of France; Nicolas Politis, former
Foreign Minister of Greece; M. Spalaikovitch, former Foreign Minister of
Yugoslavia, and Henri Truchy, member of the French Institute.
The text of the commission's proposals has been communicated to all
States invited to the Geneva conference.
M. Briand is deriving satisfaction today from a pronouncement of all
French organizations of former soldiers and war wounded, numbering
more than 1,000,000, in which the "foreign policy" practiced by the
Foreign Minister is fully approved. While the statement does not mention the proposed federation, its supporters assert that the veterans' indorsement carries with it a sanction of M. Briand's hopes for a federated
union.
The new plan defines the objects of the proposed Federation as "to
assure peace and security among nations, to develop mutual confidence,
to harmonize their activities and to conciliate and co-ordinate their economic interests for the common prosperity and to watch over their respective general interests."
Each Slate Have One Vote.
• Among the important provisions contained in the outline is that each
State shall be allowed three representatives but only one vote. The council
shall include permanent delegates from Britain, Germany, Spain, France
and Italy and in addition one representative from each regional group for
the duration of these groups and, finally, three delegates representing
States not included in these categories.
The council's powers would include a study of all problems especially
affecting the European Continent, safeguarding its peace and security
and calling conferences. Committees would be appointed for extension of
the solution of disputes by pacific means, to improve transport, hygiene.
legislation and communications and to co-ordinate economic conditions.
New Plan to Unite Europe Proposed—Extends Briand
Idea—International Juridical Union Outlines DeForeign Minister Briand's proposal was given in our,issue
tails for Political and Economic Organization—
of May 24, page 3609. Other items bearing on it have
Seven Principles as Basis.
Under date of August 30 the New York "Times" reported appeared in the "Chronicle" of July 26, pages 562-563;
and August 30, page 1336.
the following cablegram from its Paris correspondent:
The present animated debate over the merits and demerits of Aristide
Briand's project for a federation of Europe was intensified today by the
disclosure of an entirely new scheme for bringing the nations of the Old
World into a political and economic organization. Without differing too
radically from the French Foreign Minister's idea, the plan just completed
by a distinguished group of statesmen, diplomats and lawyers, who form
the membership of the International Juridical Union, would seem to give
vitality to the theories of European union.
The project is considered today in a leading editorial in the semi-official
"Le Temps," which does not hesitate to predict that it will play an interesting part in the discussions soon to begin at Geneva. The jurists take
Appeal to Great Britain to Keep Free Trade Issued by
Bankers—Group of 116 Headed by Viscount Grey,
a Liberal—Combats July Manifesto—Statement
Takes Exception to Assertion that Prosperity Lies
in Empire Trade.
From its London correspondent, on Aug. 31, the New York
"Times" reported that a group of 116 British bankers and
SEPT.6 1930.]
FINANCIAL CHRONICLE
manufacturers, with a sprinkling of statesmen, would issue
on the following day an urgent appeal that Great Britain
adhere to her free-trade system and not be stampeded by
the present economic difficulties into adopting a retaliatory
protective tariff policy. The "Times" advices continued:
1497
the general expansion of trade cannot be aided nor the total volume of employment
in this country be increased by Imposing taxes which diminish the purchasing Power
of the consumer and place fresh restrictions on the process of exchange.
Retaliation is Opposed.
Nor is there any prospect that a policy of retaliation would bring down tariffs in
foreign countries. All experience proves an Increase in tariffs by one country merely
encourages other countries to raise their tariffs still higher. VI ere our people to act
In a manner suggested by the recent resolution the war of tariffs now being waged
This pronouncement is in direct contradiction to resolutions passed on throughout the world would be greatly stimulated and the danger of a breakdown
trade and credit would become still greater.
In
July 4 by a smaller group of London bankers to the effect that England
In 1926 the bankers rendered a service In calling attention to the dangerous conshould obtain better trade agreements with the British Dominions, and sequences that must come from the tariff policy which the nations were then purthat as a condition for getting such agreements "must retain an open suing. These consequences now are being felt in a greatly increased measure. We
the present situation demands is reiterated emphasis of the advice
market for all empire products, while being prepared to impose duties submit that whatago,
not a proposal to do the very things against which the bankers
given four years
on all imports from all other countries."
then so earnestly warned the nations.
While disputing the conclusions favoring a tariff put forth by the
Among the signers of the above statement are Lord Bradbury, a director
bankers two months ago, to-morrow's manifesto will re-affirm the interof Williams Deacon's Bank; Walter Runciman, director of the Westissued
on
Oct.
19
statement
1926
by
national
bankers and business men of 16
minster Bank; L. S. Montagu, Sir Alexander Kleinwort, Sir Arthur A.
different countries, including the United States, who declared that the
Haworth, a director of the Midland Bank; Sir Charles Addis, chairman
restoration of prosperity was greatly impeded by tariff barriers and that
and Shangai Bank; Sir Frederick Chance, a director
politicians must realize trade should not be considered as a form of warfare, of the Hong Kong
of Martin's Bank; Sir Hugh Bell, Henry Bell, a direetor of Lloyds Bank;
but must be facilitated' by greater freedom for commerce among nations.
H. A. Armistead, Allan H. Bright of Barclay's Bank; Laurence Currie of
Glyn, Mills & Co.; Leonard B. Franklin, IL 0. Fitzgerald, a director of the
American Signers in 1926.
Howard Fox of Lloyds Bank, H. N. Gladstone,
The American bankers who signed that statement four years ago were National Provincial Bank; J.
Barclay's Bank; Walter R. Rea, Hugh L.
J. P. Morgan, Gates W. McGarrah, Albert N. Wiggin, J. J. Mitchell, Melvin Richard D. Holt, a director of
Bank, and B. S. Rowntree.
A. Traylor, and T. N. Perkins. What those six Americans approved four Roxburgh, a director of the Midland
years ago for the world at large is exactly what this latest appeal from
The Brit:sh bankers' manifesto of July 4 was referred to
British bankers now calls for. Among the English signers in 1926 were in these columns July 19, page 367.
Sir Hugh Bell and Laurence Curries, both of whose names are on tomorrow's list.
But it also Is true that two other English bankers, Reginald McKenna British Doles for Idle Coat $46,800 Hourly-2,000,000
and Beaumont Pease, who were among those opposing tariff barriers in
Unemployed Set Highest Total Since 1922, Year of
1926, afterward changed their minds so far as England is concerned and
put their names to the resolutions last July in favor of duties on foreign
Miners' Strike.
imports of this country. Needness to say, none of the July signatories
Under the above head the New York "Herald Tribune"
has reversed himself in the brief interval of two months.
The signatures on the latest statement are headed by that of Viscount reports the following United Press advices from London,
Grey of Fallodon, an outstanding Asquithian Liberal and long an opponent Aug. 30:
of David Lloyd George for leadership of the Liberal party. The statement
'Great Britain is spending $13 a second, or $46,800 an hour, to feed,
says no adequate reason has been found to justify reversal of the attitude
2,000,000 men and women who are the needy members
taken by the bankers of the world in 1926 and that four years is too brief clothe and house the
of the country's army of unemployed.
a period in which to expect to bring down tariff walls.
This figure is based on the expenditure of more than $400,000,000 a year
It takes sharp exception to the July resolution's assertion that England's
only a little less than one-fourth of the interest on
prosperity depends primarily on her empire trade and calls attention to for doles, which is
debt for one year. One-sixth of the country's 12,000,000
the fact that the small populations of the dominions would not offer a Britain's national
thus are idle and, as winter approaches, the
market for British exports comparable with foreign countries. Doubt also insured industrial workers
J. Ramsay MacDonald's Labor Government to help
is expressed that the dominions would enter into the proposed empire trade efforts of Prime Minister
the situation apparently so far have proved ineffectual.
agreements in view of their own existing tariff policies.
The total number of unemployed has reached the highest point since
Viscount Grey and his banker associates furthermore refer to the rapidly
idle, this number having been affected
Increasing investments of English capital in South America, especially in 1922, when 2,580,429 were reported
during the general strike in 1926 the
Argentina, and declare that an English tariff against those countries wculd by the coal mines dispute. Even
all workers except miners.
prevent them from freely shipping goods with which to pay returns on figure reached only 1,575,899, including
The unemployment problem has plagued Great Britain for ten years,
those investments.
first evidence of a trade slump were felt after
As for the practical effect on thought and on the discussion of these beginning in 1920 when the
insurance act provisions were drafted to care for the
matters by British business interests, it is perhaps unfortunate that Lord the World War. The
4% unemployment. They have been found
Grey's name heads the list of signatories, for he is not at all associated normal pre-war estimate of
the situation in recent years, and special approIn the public mind with banking, commerce and industry, but is popularly inadequate to cope With
necessary to alleviate suffering. Approximately
known as a statesman and a distinguished leader of the Liberal party, priations have become
paid out to the insured workers.
which is bound traditionally to free trade regardless of changes in world $400,000,000 a year is being
industry
is continuing the expansion begun in 1920
Paradoxically, British
conditions. But most of the 116 names are those of bankers and leaders
workers than a decade ago, while main1,000,000
more
employs
and today
of British industries.
There seems to be no unanimity on the tariff-free trade issue among the taining the same wage levels as then.
Officials of the Trades Union Congress explained this situation was caused
financiers associated in the management of any given bank. For example,
the great banking institutions, like Lloyds, Midland, Westminster, National largely by the fact that before the World War an average of between
every year for other lands. During
and Provincial, all of which were represented by signers of the July resolu- 300,000 and 400,000 left the country
emigration and since the end of the war
tion favoring a tariff, are also represented by other directors on the list of the years 1914-15 there was no
the number of emigrants has been less than half the figure of pre-war
men insisting that England adhere to free trade.
days.
Text of the Statement.
The text of to-morrow's statement follows:
Goldfields,Ltd., Gets $65,000,000 Award—Russian
Four years ago a number of distinguished bankers and commercial leaders signed Lena
a plea for the removal of tariffs and restrictions upon trade on the ground that they
Soviet Government Ordered by Arbitration Court
raised prices, diminished production, created artificial dearness and led to the imTo Pay Sum for Violating Concession Terms—
poverishment of Europe. Quite recently a resolution signed by some of the same
names has been published appealing for "reciprocal trade agreements between the
Soviet Repudiates Award.
nations constituting the British Empire and contemplating as a condition of securing such agreements the Imposition of duties "on all Imports from all other counAt London Sept. 2 an arbitration court composed of one
tries." The only reasons offered for this change in attitude are the disappointment
of hopes expressed four years ago for an increase in trade restrictions in the Interval Englishman and one German ordered the Russian Soviet
and the growing sale of "surplus foreign products in the British market."
We cannot think these reasons are adequate for the sudden reversal of the system Government to pay $65,000,000 to the Lena Goldfields,
of free ports and open markets on which British commerce has been founded for
many years. Few of the men who signed the plea of 1926 could have expected that Ltd., because in the court's opinion the Soviet prevented
the very difficult task of bringing down European tariffs would be achieved in four
terms of its concession.
years. That process must inevitably be a slow one, but if the object is desirable the the company from carrying out the
way to secure it is to persevere. As a matter of fact, there have been of late de- A cablegram from London to the New York "Times" from
creases as well as increases in tariffs In Europe,and commercial treaties have mitigated
the effects and checked the rise of tariffs there. The worst increase in recent tariffs which the foregoing is taken, also had the following to say:
has been in Australia and the United States. The Balfour committee not long since
The Soviet Government refused to appoint a member to the court,
recorded that the main increase in tariff rates on British exports has been within the
although the Soviet was represented at the preliminary hearings held in
empire itself.
There appears to be little ground for the contention that in the last four years the Germany. The decision today was handed down by Sir Leslie Scott,
sale of surplus foreign products In the British market has steadily grown. There is lawyer appointed by the Lena Goldfields Co., and Dr. Otto Stutzer of
no ground for disquiet In the increase in value of foreign imports in 1929 as compared
with 1928 and the figures for these imports fell In 1927 and 1928. But it is difficult Freiburg University, who was elected by both parties.
If the Russian Government refuses to pay the claim—as is considered
to deal with this point completely until the exact meaning of the phrase in the bankers' resolution Is explained.
most probable—the case is expected to be taken up by the British ForNot Remedy for Slump.
eign Office and the governments of other countries whose citizens are
We find no reason for supposing it is possible to remedy the present trade depression affected by the ending of the concession. In any event the matter will
by adding to our customs duties and thus diminishing our foreign trade. It will not
be seriously disputed that tariffs are levied in order to raise prices. But since the first provide a new argument for the Conservatives of England, who still Oppose
need of British producers who compete In foreign markets is to bring down the costs the Labor Government's resumption of diplomatic relations with Russia.
The Lena concession, which is one of the biggest in Russia, was deof Production it would seem a little short of suicidal to impose duties on our supplies
of raw material. We don't want to believe any stimulus afforded by protection to clared dissolved in Moscow months ago, but not until today was the
certain favored industries at home could compensate for mischief of this kind.
formally declared ended. About 817,500,000 hos been invested
agreement
As retards the dominions, no one qualified to speak for them has admitted they
are prepared to reverse their policy of building up their manufactures by taxing by the company in Siberia and the Urals, and between 14,000 and 16,000
against
British
steadily
tariffs
manufactures
have
risen
Australian
British goods.
persons employed in its far-flung enterprises.
for many years and recently have been increased in a startling manner. But even
The court's decision today contrasted the friendliness of the Soviet
It the dominions were Induced to lower tariffs in order to increase purchases from us
population
cannot
offer
within
a
measurable Government in 1925 under the New Economic Policy with the implacable
It must be remembered that their small
time markets comparable in extent of value with those which foreign countries offer hostility it has shown to the Lena Co., beginning last year, under the
to trade.
five-year plan. If the 1925 policy bad been continued, in the court's
Moreover, one needs to remind the signatories of the resolution that British in- opinion, "the Lena Co. would by now have been far
advanced on the road
of capital in foreign countries, parvestors have employed a very large amount which
this
contributes
income
capital
supplies
to very great prosperity." Relentless class war policy, imposed by the
the
that
ticularly in South America,and
British people. To impose hindrances to five-year plan, made any such capitalist company as the
In no small degree to the well-being of the
Lena "radically
Imports by which the service of this capital Incongruous" in Soviet
the receipt of this income by taking the
Russia, the court held.
can alone be met would have the most prejudicial effect on our trade, our income and
"Open
markets
ceased
to
exist."
said
the
court.
"The
investments.
government beour capital
of Argentine and other foreign food products came the only buyer of the company's production. The government
It is equally obvious that the exclusion
bring the British farmer no relief, became the only seller of the company's
would
dominions
in
our
produced
food
of
favor
In
supplies—and the Lena Co.
not likely to recommend itself to our urban under its
that the taxation of bread and meat ismaterials
contract had to feed and clothe all its employees and workmen.
is only too likely to strike a grave
population, that the taxation of raw
labor
Difficulties
with
sufficiently
depressed
and
tha
organizations
already
and
are
which
industries
authorities
British
became incessant
blow at some
•
1498
FINANCIAL CHRONICLE
and the Lena Co's. workmen became, in the words of its counsel.'untouchables.'
"Banking exchange facilities were denied it. Difficulties with government departments and local authorities multiplied in intensity. The end
was inevitable."
The court thus charged the Soviet Government with a breach of contract, relieved the Lena Co. of any further obligations under the concession,
and based its award on the principle of unjust enrichment. It explained
that the sum of 365,000,000 represented the "future profits the company
would have made and which the Soviet Government can now make on the
assumption of good commercial management and the best technical skill
and up-to-date equipment."
An Associated Press cablegram from London Sept. 3 said:
The Soviet Embassy today issued a statement attacking the decision of
an arbitration court yesterday to the effect that the Russian Government
must pay the English Lena Gold Field Co $65,000,000.
The Lena Co. contended Soviet interference had prevented fulfillment
of government contracts and development of concessions in Russia.
The Embassy's statement follows:
"The Soviet Government does not recognize the validity of the arbitration tribunal, and accordingly any award they make cannot be enforced."
International Investment Trust Forming in Europe—
Leading Financial InstItutions Co-operate in New
Organization—Will Furnish Credits to Central
Europe.
A cablegram from Frankfort-on-the-Main, Sept. 3, to the
New York "Journal of Commerce" stated:
A huge international investment trust sponsored by leading British and
Continental financial interests is being organized in Amsterdam, according
to the Frankfurter "Zeitung." The new organization is designed to furnish
credits on a large scale to Central Europe.
The new investing organization is being formed through the co-operation
of Lazard Freres of Paris and Lazard Bros. at Co. of London, Kreuger
Toll, the Amsterdamsche Bank, the Internationale Bank de Amsterdam,
the Schweizerische Creditanstalt the Societe Generale and three leading
German banks. These latter are the Darmstaedter Bank, Dresdner Bank
and Berliner Handelsgesellschaft.
A report was heard that the Bank for International Settlements would
participate in this enterprise, but this did not prove to be the case. However, it is learned that the officials of the International Bank have already
given their sanction to the plan.
As an example of the type of business that the new trust will do, it is
pointed out that it would acquire German mortgages and against them sell
Its own collateral trust bonds in France, where interest rates are more
favorable and a substantial demand for investment trust securities exists.
Such a step, it is pointed out, would probably receive the approval of the
French authorities as a means of placing into productive channels the vast
volume of funds awaiting investment in France, which, it is feared, will
lead to unwholesome inflation within the country.
It is regarded as inevitable that American interest and perhaps direct
participation will later take place in this trust, but the aims of the organizers, it is understood, are to make it as far as possible a European organization, at least at the beginning. It is felt that reliance upon the American
capital market has led to many disappointments for European borrowers
In the last few years and that a policy of self-help is now in order.
[VOL. 131.
"The gold movement to France," Dr. Willis continued, "must be expected
to go on. France is wise in insisting upon the continued transfer of gold
and refusing to participate in the grandiose schemes of retaining gold
in
Great Britain and the United States subject to earmarking. French banks
must supervise its movement to avoid price advance and the loss of punchasing power.
"Although the French banking system is largely free of the errors of
judgment which brought collapse to American business finance, France
must not consider herself immune from the insidious attacks of inflation.
By conserving an outstandingly good economic position, France will be able
to place herself in an even more positive position of command, and above
all be free of financial imperialism originating in other countries with regrettable results elsewhere."
Germany Has 1,400,000 on Official Payroll—Survey
Shows One Civil Servant to Every Forty-five of
Reich Population.
The following Berlin cablegram, Aug. 28, is from the New
York "Times":
One out of every forty-five Germans is a civil servant paid out of public
funds. That is the startling result of a statistical survey recently completed
here which sets the army of officialdom at 1,400,000 out of a population
of 63,000,000. The staggering load inFludes 936,288 National and State
Officials, 251,657 workers on continuous State projects, 40,000 officials
detailed for the administration of villages of less than 5,000 inhabitants
and an army numbering 114.108.
The proportion of officials to breadwinners is even worse. There is
one to every twenty-five. The survey, which is designed to aid in the
reform program, points out that the trouble lies in overlapping administration functions carried out by the Reich States and communes.
Another recent survey shows that the average wages of 97% of the
population amount to $100 or less monthly.
German Reichstag Plans to Cut Pensions.
Associated Press advices from Berlin Aug.29 stated:
The Reichstag intends to economize in budget expenditure by cutting
down State pensions if it can muster a two-thirds majority for the project.
Under this plan the maximum pension would be 12,000 marks(about $2,880)
yearly, with earnings made on the side to be deducted if the pension exceeds
6,000 marks.
Longer German Credits Demanded by Soviets.
From the New York "Journal of Commerce" we take the
following from Frankfort on the Main, Sept. 1:
Now that the emergency decree has doubled the amount of national funds
that may be used in the guarantee of national credits so that 350,000,000
reichsmarks may be used for this purpose, the Soviet Government is demanding substantially longer term credits. For example, they wish credit
for shipbuilding to run as long as six years. It is, however, doubtful
whether the Government will make full use of the limit of its authority in
connection with Russian export credits.
The total amount of nationally guaranteed credits to Russia is to-day
about 110,000,000 reichsmarks. In addition there are about 75,000,000
reichsmarks in Russian credits guaranteed by the several States and about
The New York "Sun" of last night()
Sept. 5) said:
185,000,000 reichsmarks carried at the risk of industry itself.
According to opinions expressed in the Frankfurt Zeitung to-day, the
Contrary to reports which have been published, the Bank for International Settlements has neither approved nor been asked to approve the project, total credits likely to be extended in export trade to Russia from Germany
and it is not financially interested in the undertaking directly or indirectly. will not exceed the amount outstanding in 1927, namely 500,000,000
reichsmarks.
$500,000,000 Loss Now Laid to Clarence Hatry of London Financial and Economic Review of Amsterdamsche
—Sir Arthur du Cross Fixes Figure—Explains Deal
Bank N. V. for Second Quarter of 1930—Agriculto Bank Stockholders.
ture in Holland Chief Sufferer in Depression.
From its London correspondent, the New York "Evening
The Amsterdamsche Bank, of Amsterdam, Holland, has
Post" reported the following (copyright), Aug. 22:
gotten out the 24th issue of its Financial and Economic
The total amount involved in the transactions of Clarence Hatry exceeded
$500,000,000. This figure, given by Sir Arthur du Gros Chairman of the
Parent Trust 8: Finance Co., one of the victims of the crash
' which paralyzed
business in London, was one of the secondary causes of Um Wall Street
slump last October.
Sir Arthur told the shareholders that so confident were the directors in
the enterprise into which the company entered with Hatry that they
Invested $3,000,000. "Of this sum," said Sir Arthur, "more than $2,500,000
represents money and securities of my own family, the major part of
Which has been lost.
"Hatry," he continued, "was first brought into contact with the company in 1925 in connection with the formation of the Drapery Trust.
Before entering into dealings with him inquiries were made, and the board
was definitely assured that there had been nothing discreditable or dishonest.
"So clever was Hatry in covering his real position that the following
reference was issued by a leading bank a week before the crash: Well-known
city financier. At present engaged in big steel combine. Backed by firstclass people, and we think he should be good for his engagements.'
References to the difficulties of the Hatry group appeared in these
columns Sept. 21 1929, page 1820; Dec. 21, page 5891; Jan. 18, page
389;..Jan. 25, page 559 and March 22, page 1934.
H. Parker Willis Sees French Business Prospering.
At Paris Dr. H. Parker Willis, editor of the "Journal of
Commerce," expressed his favorable impression of the continued prosperity and activity of French business in an interview given the Agence Economique et Financiere in Paris.
This is learned in a Paris cablegram
September 1st, to the "Journal of
Commerce"; the cablegram continued: Dr.
Willis is visiting Paris en
route to Rumania on a financial mission.
"I am impressed," said Dr. Willis,
"with the continued prosperity and
activity of French business. Industry has apparently felt only slightly the
unfavorable influences prevalent in the United States since being informed
that there has been no diminution in the earnings of the major concerns
which are paying the same dividends as formerly. This is a great achievement.
Review, published quarterly by the Statistical Department
of the Bank. It contains a detailed report on all circumstances that have had an influence on the financial and
economic conditions of Holland during the second quarter
of the present year. It likewise contains an article written
by Anton Jurgens, Member of the Board of Directors of
Unilever N. V. and Unilever Ltd., regarding "The Margarine Industry." As to the conditions in Holland in the
second quarter the "Review" says in part:
That the duller course of business which is a world-wide phenomenon
has also affected Holland needs no demonstration. In practically every
field of activities there has been a relapse, which persisted during the
second quarter of the year. As in other parts of the world, agriculture
was the chief sufferer; indeed, during the present period of depression
agricultural rather than industrial products have generally proved to be
the leading factor—the decline being heavier and the recovery more difficult.
This latter is a normal phenomenon. The farmer is committed a year in
advance to a particular crop or a fixed acreage, while the manufacturer,
seeing which way the wind is blowing, can set his sails accordingly. It is
not normal, however, that the decline in agricultural products should be
so sharp, not that the general run of affairs should so strongly be dependent
upon them as appears to be the case.
Many explanations can be given for this situation. One is the circumstance that during the war and the years immediately following there was
a considerable increase bpth of the area under cultivation and the profit
per acre. More food was needed, in the first place to make good the
wastage during the war and cater for greater needs, and secondly to replenish the depleted stocks. A reaction naturally followed, but—mainly
owing to the use of machinery in the large areas under cultivation, with
the result that in some cases production was maintained at a high level—
the consequences have not yet been overcome. The fact that the oscillations of agricultural produce attract more attention than they formerly
did is connected also with the growth of industrial trusts and cartels.
The efforts of these bodies are directed towards the stabilization of prices,
and this relatively strengthens the influence of oscillations in agricultural
prices.
In the meantime the return to normal conditions is hindered by the tariff
walls which have been erected in practically every country, or increased
SEPT.6 1930.]
FINANCIAL CHRONICLE
In height where already existing. In this respect our own country is an
honourable exception. Measures directed at the application of protective
duties have been repeatedly urged upon Parliament, but the opposition
has always been too strong. A government committee has indeed been
set up to consider what measures can be taken to mitigate as fas ar possible
the agricultural depression; and on its recommendation a proposal has now
been put forward to levy an import duty of 2.40 guilders per 100 kilogrammes on some sorts of sugar, which is calculated to benefit sugar-beet
growers to the tune of about five million guilders a year. In defending
the measure its backers point to its fiscal character. They deny any
"protective" intention, firstly because raw sugar will be free of import
duty, and secondly because the measure can be looked upon as a remedy
for an abnormal state of affairs. Sugar, like salt, beer, tobacco, etc..
is an excisable article in the Netherlands, and it is pointed out that while the
excise duty on salt is to the import duty as 3 to 4. and that on beer as 5
to 8, while smokers must pay 30 to 45% more for imported cigars and
cigarettes than for those of home manufacture, the burden on imported
sugar is no higher than on that made in the country.
The partisans of free trade, however, fear that this first step will eventually lead to the imposition of definitely protective duties on other articles.
if only because persons interested in other agricultural products will be
able to claim that the beet growers have an unfair advantage. It would
be very regrettable if this course should be embarked upon, because it
is the existence of free trade in the Netherlands which so frequently enables
us to compete successfully in foreign markets. At present we can often
purchase the raw materials of industry cheaper than other countries, and
this fact, coupled with the general high quality of Dutch industrial products,
is often the means of finding the latter a good market.
1499
financial destinies of this country, If. Meynial goes to what he feels to
be the heart of the question with the disclosure that the French balance
of accounts for the year 1929, the first complete fiscal year since the franc
was stabilized at its present value, was equal to 13,150,000,000 francs [about
$526,000,000].
These figures are only now available, and the conclusion drawn by the
expert is that they show the recovery of France from the moment Raymond
Poincare was called back into power to save the franc has been even more
astonishingly successful than hitherto had been realized. The "mystery"
of the French gold reserves, therefore, if mystery there is, can in this
expert's opinion be clarified by the new figures.
Incidentally, the conclusion is also drawn that the present sound financial, economic and political position of France gives the country the right
to regard itself as one of the three great financial centres of the world,
sharing the honor with Great Britain and the United States.
N. Meynial interprets his survey in terms easily comprehended by the
average person by stating that France in 1929, when all of her financial
and commercial transactions with other countries, both governmental and
private, are taken into consideration, made a net profit as "a going concern" of 13,150,000,000 francs, due allowance being made for all foreign
debt payments.
Pre-11,
cm Total Far Exceeded.
Just what this means can be realized in considering the figures for 1913—
the last pre-war year—when France occupied her normal place among the
creditor nations of the world. That year the favorable balance of accounts
was 830,000,000 francs of pre-war value ($166,000,000). In 1928 this
balance had risen to 6,720,000,000 francs, so that last year's record is
double that of the previous year.
While the present world economic crisis will probably cause a diminution,
Immigration Restrictions in Countries Other Than it must be borne in mind that France, almost alone among the important
nations of •the world, has until quite recently been able to escape the evil
United States—Study by National Industrial Con- consequences of the depression.
With these figures as a basis, M. Meynial goes on to point out that
ference Board.
France last year more than tripled the return she was accustomed to
The United States is not alone in its policy of increasingly receive
before the war from her foreign investments and other international
drastic restrictions on immigration. Many other nations operations.
These
figures, it is further asserted, explain clearly the flow of gold to
have taken steps, especially since the War, to check, in one
this country in the past eighteen months and also why the franc, which
way or another, the natural migratory instincts of humanity. four
years ago appeared to be going the same road as the mark, has lately
These two facts are clearly demonstrated by the National stood at a premium over both the dollar and the pound.
In an effort to throw more light upon his conclusions, the economist has
Industrial Conference Board, 247 Park Ave., New York, in
table of figures showing net balances in the various chief
its monthly builletin issued Sept. 3. Both economic con- drawn up a payments
categories of
made by or •to France in the period considered.
ditions and public policy play their parts,says the Conference
Thus on the credit side appears the following: Net receipts from the
Board, which also says:
French shipping trade, after deducting freight charges for French goods
Older countries no longer wish the emigrant "Godspeed" and newer carried in foreign bottoms, 3,100,000,000 francs; insurance premiums paid
to
French companies by foreign shippers on goods in transit, 500,000,000
countries no longer hold out welcoming hands. . . . In Australia,
for example, where the Governor General is empowered to prohibit the francs; interest paid to French holders of foreign securities, 5,500,000,000
immigration of aliens either wholly or partially, the Government has re- francs; expenditures by foreign tourists, after deducting French tourists'
fused the necessary entry visa to immigrants of certain nationalities in expenditures in foreign countries, 8,500,000,000 francs; yield from German
excess of a specified monthly figure fixed by regulation or agreement with and other reparation payments, 6,700,000,000 francs; French loans issued
the interested foreign governments. The volume of immigration in Canada abroad, 200,000,000 franos; sales of foreign exchange bills &c. by the Bank
is adjusted on the basis of the requirements for labor. . . . In Brazil, of France, 6,550,000,000 francs.
the Director General of Land Settlement is authorized to suspend or reOn the debit side: Adverse balance of visible French foreign trade, that
strict embarkation for Brazil to a limited number of immigrant passengers. is to say excess of imports over exports after deducting exchanges between
. . . In Palestine, labor schedules are prepared every six months to France and her colonies as internal trade, 10,000,000,000 francs; foreign
determine the number of persons who may be admitted to the country. debt payments by the government, 2,850,000,000 francs; estimated sum mut
Germany regulates the employment of aliens and fixes each year a definite out of France by foreign workers, 2,500,000,000 francs; foreign
loans
quota covering the number of agricultural workers to be admitted tem- issued to France, 1,100,000,000 francs; purchases of foreign
exchange by
porarily into each of the various German States.
the Treasury, 1,450,000,000 francs.
Answering the natural question as to what becomes of this huge amount
Restrictions against certain races, notably the Chinese,
of increased wealth, M. Meynial asserts that the greater part of it-8,500,are quite general, according to the Conference Board, which 000,000
francs—was transferred into gold, this being the actual amount by
further notes:
which the Bank of France's reserve increased last year. The remainderLiteracy tests are in force in several countries. Provision for the exclu- 4,650,000,000 francs—M. Meynial regards as representing the amount of
sion of Immigrants undesirable on moral or economic grounds are in force French foreign investments in the past year, inclusive of the 1,100,000,000
in nearly every country. They are directed against the criminal and desti- francs in foreign loans already mentioned.
tute.
French foreign loans last year included $22,000,000 of a Rumanian loan
In spite of these varied restrictions there is still a considerable volume sold to bankers at 84 and to the public at 88, which was equal to the
of overseas migration. It is estimated that, allowing for the large number export of 480,000,000 francs In French savings; several Belgian
mining
of returning emigrants, emigration has meant a loss, to the more densely issues and an issue of the Swedish match trust.
populated countries of Europe, of approximately 300,000 inhabitants each
It will be seen that N. Meynial's statistical conclusions are not out of
year since 1920. In a tabulation covering the years 1925-1927, giving harmony with the official French explanation of the rise
in the gold
the average net loss per 100,000 inhabitants of 13 countries of Europe and reserve, which places the greatest emphasis upon,
first, the restoration of
the average net increase per 100.000 inhabitants of 12 other countries re- confidence, which has built up France's
credit
abroad,
and,
second, France's
ceiving the immigrants, it is shown that the greatest net loss was sustained
privileged position with respect to the world economic crisis, thereby
by the Irish Free State, 914. Great Britain and Northern Ireland stood
tending
to
draw
France.
money
to
second with a loss of 219. while Belgium showed the smallest loss, 29.
Now that the reserves are rapidly approaching 50,000,000,000 francs,
The greatest average net increase was shown by Palestine, 1.364, with
New Zealand second at 848. The United States was sixth in the list with there are increasing signs that the government intends to embark actively
a policy which will insure for France her place as one of
upon
an increase of 89.
the
three great financial markets of the world.
From governmental sources it is explained that, rather than encouraging
the increase in reserves, etteps are being taken to discourage a further
France Is Troubled by "Gold Problem"—Reserves and even to reduce the present amount, because of the effect upon rise
the
national
circulation, which tends to mount with each influx of gold.
Expected to Reach $2,000,000,000 Before Fall
The
1,000,000,000-franc reduction in taxes on foreign securities passed
by the
Business Season Starts—Economist Finds Country last session oif Parliament has not yet had the effect
anticipated, namely,
Now Is One of Three Financial Centres of World. the encouragement of French investors to buy abroad and thus bring
back
the export of gold
the acquisition of foreign securities. Good
From its Paris correspondent, under date of August 31, results are expected, through
however, when the Bourse trading recovers its normal
activity,
the New York "Times" reported the following cablegram:
That France would welcome some kind of collaboration with
The probability of French gold reserves reaching the amazing total of
Britain for
50,000,000,000 francs [approximately $2,000,000,000] before the fall busi- mutual development of their respective financial credit markets is clearly
indicated in an article in Excelsior. The writer, who speaks
caused
the
"gold
again
problem"
has
starts
to
be
the
chief
ness season
upon the
authority of important French financiers, refers to the
preoccupation in the financial quarters.
uneasiness in the
City of London over the rising gold reserves and then
devotes some space
For the week just concluded the Bank of France's statement showed the to what
he alleges to be the apparently successful efforts of
stock of gold was increased 242,000,000 francs over the previous seven days, to
British bankers
block the activities of French bankers who are now
seeking an outlet
thus bringing the present aggregate to 47,194,608,000 francs. Since nearly for the
excess French capital in the Balkans, the
continue
from
to
bring
New
liners
York
transatlantic
shipments
Baltic States and
all the fast
Scandinavian countries.
of the precious metal, experts believe the 50,000,000,000-franc mark will
Ile finds this is not especially surprising in
appears.
frost
first
the
before
view
registered
of London's long
be
domination of world finance, but points out that
the situation is
One of the clearest and certainly one of the most convincing explana- changed. Britain, he
says,
must
realize
that she now shares
tions of why France, only four years ago on the brink of financial disaster, with two other
that privilege
now
powers—France and the United States.
has been able to build this vast wealth of gold has just been disclosed by
"How much more logical and simple," he
specializes
in
economist,
who
national'
French
balances of
Pierre Meynial,
laboration between the markets of Paris and concludes, "would be colLondon for the distribution
accounts.
of international credits. But it goes without
Disregards Political Aspects.
saying that this collaboration
must be based upon strict equality of moral
and material advantages, since
Disregarding entirely the numerous political aspects of the situation, French gold, being now much more
plentiful than British, would '
aslaime
which foreign financial centres have attributed to those who direct the the larger risk."
1500
FINANCIAL CHRONICLE
(VOL. 131.
Initial Payment by Mexico Under Debt Agreement. amount is placed at $2,880,000. Details of these investments as supplied by Mr. Winkler under date of Aug. 28
Announcement of the first payment by the Mexican
follow:
Government under the debt agreement signed in New York
Amount
Outstanding.
I. Government, State and Municipalities-on July 25 was made on Sept. 3 by the Consul General of Peru
549,492,500
68, 1927-60
25,000.000
6s, 1928-61
Mexico, Enrique D. Ruiz. The agreement, referred to in Peru
Peru 7s, 1929-59
14,779,000
5,000,000
these columns July 26, page 567 and Aug. 2, page 716, calls Peru credit of 1929
1.389,500
Callao
73is,
1927-44
for the payment of $12,500,000 in 1931 and the installments Lima630,1928-58
3,000.000
increasing to $15,000,000 in 1936 and subsequently until the
$98,661,000
Total
debt is paid off. The initial payment viz. $5,000,000 is to
II. Petroleum and Mining—
dc
Pacific
London
Petroleum$50,000,000
International
Petroleum
and
apply toward the amount required to be paid in 1931. The Standard Oil Co. of Peru
3.500.000
2,100.000
announcement of Consul General Ruiz, follows:
Peruvian Oilfields Corp
Mexico has again proven her good faith in complying strictly with her
international obligations.
In accordance with the agreement entered into last July between Hon.
Luis Mentes de Oca, Minister of Finance, representing the Government of
Mexico, and the International Committee of Bankers on Mexico, represented by Thomas W. Lamont,I am authorized by the Government of my
country to announce that on Aug. 25th ult., the amount of $5,000,000
United States currency, was paid to said Committee through the Consulate
General of Mexico.
This amount was paid exactly one month after the signing of the agreement (which is still subject to ratification by the Mexican Congress), and is
to be applied on the total amount ($12,500,000) which the Mexican Government is to pay during the year 1931, in accordance with the terms of said
agreement.
ENRIQUE D. RUIZ,
Consul General of Mexico.
New York, Sept. 3 1930.
Peruvian Petroleum Corp
Cerro do Pasco Copper, Cerro de Pasco fly. Co., Cie. des
Mines de Huaron, Soc. Min. Backus y Johnston, and
Fundicion de Casapalca
Andes Exploration Co
Northern Peru Mining & Smeltirux
Venadium Corp., and NOR. Min. Fernandini
South American Metal Co. of Peru
Inca Mining Co
Santo Domingo Gold Mines
Total
III. Industrial and Miscellaneous—
Cia. Peruana de Peru
W. R. Grace & Co
Peruvian Portland Cement Co
Frigorifico Nacional
Peruvian Airways
Banco Internacional de Lima
Peruvian Foreign Investment & Trust
100,000
38,224.500
2,225,000
400,000
13,974.500
$110.524,000
Amount
Outstanding.
$2,880,000
760,000
1,800,000
100,000
400.000
160,000
$6,100,000
Total
$215,285,000
Total United States investments
the
most
recent
statistics
relative
to
comparing
information
Detailed
and American investments in, Peru, with 1913
The Ministry of Finance issued to-day a lengthy statement dealing with American commerce with,
subjoined table;
the debt agreement recently reached wiih a group of international bankers figures are given in the
Increase
at New York. The early approval of the agreement by the Mexican Con(in %)
1929.
1913.
151.12
gress is indicated.
$72.868,700 $29,043,000
Peruvian imports
133,567,100 43,584.000
204.50
The payments abroad for the next six years will be $12,500,000 in 1931; Peruvian exports
183.30
206,435,800
72,627,000
Total
Peruvian
trade
$13,000,000 in 1932; 313,500,000 in 1933; $14,000,000 in 1934; 514,500,000 Imports
26.200.000
8.373,000
212.91
from United States
in 1935 and $15,000.000 in 1936.
14.469,000
30,200,000
108.72
Exports to United States
56,400.000
22,842,000
146.91
During the current year $5,000,000 will be deposited with the bankers, Total Peru—United States trade
27.32
31.29
Id.,in A of total
but purely as a deposit pending the ratification of the agreement by the
a215,285.000
35,000,000
515.10
United
States
investments
Mexican Congress and by the Lamont interests as representatives of the
4,000.000
6,096,000 b34.36
Peru's favorable balance with U. S..
majority of the bond holders.
1.86
17.41
Id., in % on U. S. investments
Under the agreement payments will be made over a period of 45-years.
decrease.
Denotes
a As of Jan. 1 1930. is
Customs receipts will form a chief part of the security for the payments
which will be arranged through the Banco de Mexico.
The statement says the Ortiz Rubio Government could not consider the Purchase of Argentine Government Bonds for Sinking
exterior obligations without taking into consideration the internal debt.
Fund.
Therefore a comprehensive plan concerning the entire indebtedness of the
country is being carefully studied.
Bank
of the City of New York has
National
The
Chase
An important feature of the new debt agreement is the international
Argentine
bankers' right to name a representative to act within the Banco de Mexico. issued a notice to holders of Government of the
The agreement, as issued here to-day, is held to represent a sincere effort, Nation external sinking fund 6% gold bonds, State Railways
which will lead to the consolidation of the entire indebtedness of the Issue of 1927, to the effect that $232,062 in cash is available
republic. The National Railway indebtedness and the financial rehabilitation of the railways will be the subject of later declarations by the Minister for purchase for the sinking fund of such bonds as shall be
of Finance after agreement has been reached on the plan evolved by General tendered and accepted for purchases at prices below par.
Callas. Mentes de Oca and Sanchez Mejorada, which has been basically Tenders of such bonds, with coupons due on and after
accepted in New York financial circles.
Under date of Aug. 25 a cablegram from Mexico City to
the New York "Times," said:
March 1 1931 should be made at a price below par and
From the "Wall Street Journal" of Sept. 2 we take the delivered to
the corporate trust department of the bank,
following Mexico City account:
11
Broad
St.,
before 3 p. m. Sept. 15. If tenders so subConsolidation of Mexico's 15 debts into one, simplifying payment
mitted
are
not
sufficient to exhaust the moneys available,
interthe
of
thereby, is considered here as one of the principal advantages
national debt agreement recently reached in New York. it was said at the additional purchases by tender, below par, may be made
offices of the Ministry of Finance.
until Nov. 29.
A single issue for $267,493,250, bearing 5% annual interest and redeemThe Chase National Bank of the City of New York also
able in 45 years, will be substituted for the 15 bonds with varying interest
rates. These issues, totaling $274,669,277 in principal, included 13 guar- has notified holders of Government of the Argentine Nation
anteed debts and two not guaranteed.
external sinking fund 6% gold bonds of 1923, series A, that
The approval of the agreement by the Mexican Cabinet $294,659 in cash is available for the purchase for the sinking
was noted in our issue of Aug.23, page 1190.
fund of such bonds as shall be tendered and accepted for
purchase at prices below par. Tenders of such bonds,
Peru's New Regime Expected to Meet. Obligations with coupons due on and after March 1 1931, should be
made at a price, below par, and delivered at the corporate
According to Max Winkler.
trust department of the bank, 11 Broad St., before 3 p. m.
bonds
Peruvian
The decline and continued weakness in
following the overthrow of the Leguia Government have Sept. 15. Should tenders so accepted not be sufficient to
doubtless gone too far, and the apprehension on the part of exhaust the moneys available,additional purchases by tender,
American investors concerning the continuance of the debt below par, may be made until Nov. 29.
service by Peru is groundless, according to Max Winkler of
Argentine Failures Drop—But Number of Private
Bertron, Griscom & Co., Inc., who adds:
Settlements in August Continues Heavy.
Governmental changes do not necessarily alter the status of a countries
credit standing. Repudiation of debts or defaults are rarely, if ever,
following Buenos Aires cablegram Sept. 2 is from the
The
resorted to by new Latin American Governments. On the contrary, it is
reliably reported that, In the 90's, the fiscal agents for a certain South New York "Times":
American issue received funds covering interest and sinking fund from both
the overthrown administration and the incoming Government.
With more than 6215,000,000 invested in Peru, and with AmericanPeruvian commerce amounting to over $56,000,000. our interest In recent
events in the country is more than acatlemic. We are naturally concerned
not only with the safety of our investments, but also with the prospects of
a continuance of a reasonable return on the capital which has been placed
there.
The extent of commercial failures In Argentina during August totaled
12,658.516 Pesos (55.374.8051, which was 5,000,000 pesos lees than the July
failures and 1,000,000 less than in August of last year.
The figures do not, however, indicate an improved business situation,
as might be expected, as they are counterbalanced by the large number
of private arrangements during the month. The total involved in private
arrangements cannot be determined as it is known only to the banks affected.
and they are not anxious to reveal it. Bankers interviewed by your
correspondent to-day, however, said that the August private arrangements
showed no decline from other recent months, in which such arrangements
have been heavy.
The total of failures for eight months of 1930 is larger than for the first
eight months of last year or 1928.
Of United States investments in Peru, says Mr. Winkler,
investments in petroleum and mining enterprises aggregate
$110,524,000, or approximately 50% of the total. Investments in Government, State and Municipal obligations
amount to $98,661,000; while the balance is made of miscellaneous investments, of which the largest item is represented Doctor Kemmerer in Colombia—Economist Begins
Reorganization of Fiscal System There.
by our interest in the Peruvian Telephone Co., control of
Dr. Edwin W. Kemmerer, Professor of Economics at
which was acquired last year through the purchase of stock
by the International Telephone & Telegraph Corp. The Princeton University, has arrived in Colombia to begin the
SEPT. 61930.]
FINANCIAL CHRONICLE
1501
work of reorganizing the fiscal system of that country,
according to word reaching Princeton on Aug. 30. Doctor
Kemmerer, who sailed from New York the previous week,
as noted in our issue of Aug. 30, page 1339, reached Bogota
last week, and at ones began his study of the financial situation in the South American republic says a Princeton dispatch
to the New York "Times" from which we also take the
following:
Option A, All Cash: In cash, 60% of the "principal amount" (determined as provided in Note 2 of Article III of the plan) of all or any part
of his bonds and (or) coupons for which such holder elects to accept this
Option A. The cash payable under this option will be paid as soon as
practicable after the expiration of30 daysfrom the date of the plan becomes
operative, with interest from the expiration of said 30-day period at the
rate of 5% per annum until paid.
Option B. All Bonds: 85% of the "principal amount" (determined as
provided in Note 2 of Article III of the plan) of all or any part of his bonds
and (or) coupons for which such holder elects to accept this Option B in
6% bonds of the new Bank. Such holder will receive interest at the rate
On the basis of a study made in 1923, when he was a on similar mission, of 5% per annum on the pincipal amount of his new bonds for any period
Doctor Kemmerer will prepare a series of recommendations, which it is elapsing
between the expiration of 30 days after the plan becomes operative
understood will be embodied in legislation by the Colombian Congress at
and the date of his new bonds.
the coming session.
Option C. Bonds and Stock: (1) 85% of the "principal amount"
The Princeton professor will return to the United States in October (determined
as provided in Note 2 of Article III of the plan) of all or
to continue his work at Princeton, where be is the head of a new section
any part of his bonds and (or) coupons for which such holder elects to accept
devoted to the study of international finance.
this option, in 4%% bonds of the new Bank. Such holder will receive
interest at the rate of 43 % per annum on the principal amount of his new
Portion of Bonds of Republic of Colombia Retired bonds for any period elapsing between the expiration of 30 days after
the plan becomes operative and the date of his new bonds,and,in addition
Through Sinking Fund.
to such 43i% new bonds.
Hallgarten & Co., and Kissel, Kinnicutt & Co., Fiscal (2) So much of 40% of the capital stock of the liquidation company as
represented by a fraction whose numerator is the principal amount of
Agents for the $35,000,000 Republic of Colombia 6% Is
his bonds surrendered under this Option C, and whose denominator is
External Sinking Fund Gold bonds of 1928, dated April 1 44,376,500.
All stock of the liquidation company not required for the purposes of
1928, announce that the Republic of Colombia has tendered
C will be issued to Mr. Stewart or to his order. . . .
to them, for retirement through the sinking fund, $262,000 Option
The time limit for participation and option selection will expire on the
principal amount of bonds, leaving outstanding $33,862,000 15th day of December 1930 unless extended as provided in the plan.
par value of bonds.
Included in the letter addressed to the bondholders by
the Bondholders' Protective Committee, is the following
Costa Rica Repays Loan of $1,000,000 Made by First
letter:
National Bank of Boston.
TREASURY DEPARTMENT.
The Government of Costa Rica it is announced repaid
Federal Farm Loan Bureau.
on Sept. 2 the loan of $1,000,000 made to it last December
Washington, Aug. 28 1930.
Mr. W. S. McLucas, Chairman, Bondholders' Protective Committee, under the
by the First National Bank of Boston.
Agreement
between
dated Nov. 8 1927
said Committee and depositors of
any bonds issued or assumed by Kansas City Joint Stock Land Bank of
Kansas City, Mo.:
Blackman & Co., Brokers of Honolulu, Suspended
Dear Sir:—The Federal Farm Loan Board has received the plan for thefrom Stock Exchange.
reorganization of the properties and affairs of the Kansas City Joint Stock
Land Bank of Kansas City dated as of Aug. 12 1930, together with a copy
Associated Press advices from Honolulu Aug. 19 said:
The Honolulu Stock Exchange announced yesterday the suspension of of the resolution of the Committee showing its adoption of the plan at its
Blackman & Co., securities brokers, giving as the reason inability to meet meeting of Aug. 26 1930. The Board has also been informed by the
Chairman of the Stockholders' Protective Committee of the Bank that
obligations.
the plan has been approved by that Committee and that it will co-operate
the consummation of the plan. In view of the fact that these two comPlan for Reorganization of Kansas City Joint Stock in
mittees respectively represent considerably more than a majority of the
Land Bank Agreed Upon by Stock and Bond- bondholders and stockholders of the Bank, and there has been furnished
satisfactory assurance that the obligations of Mr. Stewart in connection
holders Committees.
with the carrying out of the plan will be performed, that participation
A plan for the reorganization of the Kansas City Joint in the plan is to be offered to all bondholders of the Bank, and that it is
contemplated
that it will become operative only upon assent thereto by a
Stock Land Bank of Kansas City, Mo.—the first, it is
percentage of such bondholders,the Board has requested me to advise
stated, which has been agreed upon and approved by both large
you that the proposed reorganization, if carried out in accordance with the
the bondholders and the stockholders protective committees plan (or any modifications thereof approved by the Board) and the obligations
of Mr. Stewart in connection therewith, will receive the approval
—has been submitted to the Federal Farm Board, and the
of the Board.
bondholders, shareholders, and other creditors of the
Very truly yours,
Bank.
Announcement of the reorganization plan was made
(Signed) CHESTER MORRILL, Secretary & General Counsel.
at
Washington on Aug. 29 by Paul Bestor, Federal Farm
H. M. Langworthy, Receiver of the Kansas City Joint
Loan Commissioner, whose statement follows:
Stock Land Bank, in a letter to the bond and stockholders
The Federal Farm Loan Board has received a copy of a plan for
the reor- regarding the plan, says that "if the available good assets
ganization of the properties and affairs of the Kansas City Joint
stock
Land Bank, which has been adopted by the Bondholders'
of the present Bank can be used in establishing a sound new
Protective
Committee of that bank and approved by the Stockholders' Protective Bank, with good management, in a manner
satisfactory to
Committee. These two committees represent considerably more
than a the great majority of the security holders of the present
majority of the bondholders and stockholders. Copies of the
plan will
be sent to all security holders of the Bank.
Bank, it would seem that the result should be a constructive
It is contemplated that it will become operative only upon assent
one."
thereto
by a large percentage of the bondholders. The Farm Loan
Board
Mr. Stewart's earlier plan for the reorganization of the
advised the Chairman of the Bondholders' Protective Committee has
that
the proposed reorganization, if carried out in accordance with
the plan, Bank was referred to in these columns July 5, page 43.
or any modifications thereof
approved by the Board, and certain obligations assumed in connection with the plan, will receive the
approval of
the Board. Arrangements are being made by the
Bondholders' Protective Committee for publication of the plan on Sept. 3.
In a notice to the bondholders the Bondholders' Protective Committee recommends assent to and participation
in the plan on the part of the bondholders, and says in part:
By letter dated April 22 1930 this committee forwarded to
bondholders
a proposal dated April 4 1930 from A. O. Stewart of San
Francisco, Calif.
This committee recommended against that proposal, stating
its reasons
In its letter of April 22. Thereafter Mr. Stewart renewed his
negotiations
with this committee and extended conferences were held with him
and the
receiver at Kansas City, Chicago, and Washington. These
conferences
have resulted in a new proposal by Mr. Stewart for the reorganization
of
the properties and affairs of the present Bank, which Is embodied in
the
plan. This plan affords a basis for reorganization which this committee
believes offers to bondholders the best means of promptly turning their
present inactive investment into cash or into an interest-bearing investment,or into a combination of both,as bondholders may elect.
The plan is predicated upon the sale or sales of substantially all of the
legally saleable assets of the present Bank and under the provisions of the
Farm Loan Act and contemplates that the committee and Mr. Stewart
will bid at any such sale or sales and that if such assets are thus acquired
there will be two new corporate structures—the first an active new John
Land Bank, with headquarters at Kansas City, and with assets sufficient
for the issue of as many new bonds as may be required for participants in
the plan; and the second a liquidation company, to which will be transferred the entire capital stock of the new bank (except qualifying shares)
and all of the acquired assets remaining after carrying out the other provisions of the plan.
Each of the bondholders of the present Bank who becomes a participant
In the plan and who surrenders his bonds and (or) the interest coupons
pertaining thereto, will be entitled to choose any one or any combination
of the following three options, and upon the plan being consummated, to
receive the cash and (or) securities called for by the option(s) so selected'
to wit:
Effect of Drouth on Federal Land Banks Expected to
be Slight According to Report of Investment Group
—June 30 Condition of Bank's.
The effect of the drouth upon the Federal Land Banks
will be slight due to the fact that most of the sections affected
lie within the territories of the strongest banks and the
percentage of loans made within the drouth area is small
compared with the total loans of the System. This statement is made in a report issued Sept. 1 by the present
managers of the investment group which first offered Federal
Land Bank bonds to the public in 1917. The report constitutes a summary for investors of the results of the experience of the last thirteen years as interpreted by the Federal
Farm Loan Board and its statisticians and is designed
primarily to present answers to inquiries which have
been
made either by the group managers themselves or
by investors in Federal Land Bank bonds.
A feature of the report is a summary of the
present condition of the Federal Land Banks taken from
the June 30
statement supplemented by other information
the Banks and the Board. For simplicity supplied by
of illustration
and clearer comparison, the last three
ciphers are dropped
from the Banks'statement and the
institutions are considered
as a single bank with assets of $1,292,000
rather than as a
system of twelve banks with consolidated
assets of approximately $1,292,000,000. The report says:
1502
FINANCIAL CHRONICLE
"Such a bank would have outstanding total loans of 31,194,000. The
full amount of the principal of all loans on which there was any existing
delay in any partial payment of interest or principal would be as of June
30 1930, $89,000; the principal amount of loans on which that delay had
existed for ninety days and over would be $37,000; the actual amount of
the payments delayed over ninety days would be $2,717 (against which
reserves equal in the aggregate to the full amount of payments delayed
ninety days and over had been set up); the aggregate amount of payments
on which there had been delays of less than ninety days against which
reserves had not yet been set up would be about $2,243.
"It is the custom of the Banks to set up reserves against the full amount
of all payments delayed for ninety days and over.
"After deducting reserves set up against possible losses, the real estate
taken over would stand on the books of such a bank at $11,500. The
total amount of sheriffs' certificates, judgements, etc., which were still
subject to redemption, would be $6.900. This in a bank whose loans
aggregated $1,194,000.
"These figures, as small as they are, do not represent losses. For example, the real estate that stands on the books of such a bank at $11,500
net after deducting special reserves, possessed an original appraised value
of not less than $39,000, and the banks have been selling farm lands in
increasing volume in the past two years.
"Thus farm lands owned outright by the Banks stood on their books as
of June 30 1930, at an amount after the deduction of reserves, which constituted only 9-10ths of 1% of the total assets of the Banks, and the total
amount of sheriffs' certificates, Judgements, etc., (representing lands still
redeemable by owners) represented only 5-10ths of 1% of the banks' total
assets.
"The actual average of all loans closed by the Federal Land Banks to
June 30 1930 was $3,222 only; the semi-annual or annual payments are
such as to amortize the loans by maturity; and loans now average $15.54
per acre as against appraisements of $46.85 per acre or 33.2%.
"When we hear then of deflation of farm values, of the number of foreclosures on mortgages, and of lands and properties taken over; when we
compare these figures with assets as a whole, and the reserves that have
been set up, we can realize how relatively insignificant has been the effect
of deflation upon the security of Federal Land Bank bonds."
The bulk of present loans, the report develops, has been closed since
1921, after deflation was well under way, only about 7% of the outstanding
loans having been made during 1920 and 1921 when inflated values of
farm lands were at their peak. Even this percentage has been and is
being steadily reduced by the amortization feature.
[VOL. 131.
ing organizations on warehouse receipts representing staple agricultural
commodities stored in acceptable warehouses.
Since the banks were organized in 1923, they have advanced, including
renewals, a total of approximately one-half billion dollars to 92 farmers'
co-operative marketing associations which handle a score or more of commodities.
The 12 Federal Intermediate Credit Banks and the Federal Farm Loan
Board have prepared and are furnishing model incorporation papers drawn
under the various state laws and also the blank forms necessary for credit
corporations to start business.
Offering of $15,000,000 3% Federal Intermediate Credit
Bank Debentures.
An offering of $15,000,000 3% debentures of the Federal
Intermediate Credit Banks was announced on Sept. 4, at
par, by Charles R. Dunn, fiscal agent for the banks in
New York.
The debentures will be dated Sept. 15, with due dates
ranging from seven to twelve months. Funds from the sale
of the obligations will be used for loans for marketing fall
crops and for refunding portions of issues maturing soon.
Spring Wheat Loans—Co-operatives Will Advance
Their Members 70% of Market Value on 1930 Crop.
The following from St. Paul, appeared in the "Wall Street
Journal" of Sept. 3:
Spring wheat co-operatives will advance their members about 70% of
market value on 1930 wheat. Federal Intermediate Credit Bank of St.
Paul will lend the co-operatives 75% of market value, and co-operatives will
distribute a slightly smaller percentage.
Farmers Union Terminal Association of St. Paul has made official announcement that its 1930 policy calls for 70% loans, and Northwest Grain
Association also has adopted this figure. On 1929 wheat the co-operatives,
through Farm Board funds, loaned on the basis of pegged prices of $1.20
to $1.25 a bushel on No. 1 Northern delivered in Minneapolis.
E. H. Klawon, President of Federal Intermediate Credit Bank of St.
Paul, which will supply most of the spring wheat co-operative loans this
year, said preliminary inquiries indicate co-operatives will handle much
larger volume of grain than year ago. The credit bank had about $9,000,000
outstanding at one time on 1929 wheat this spring, and is prepared to furnish
as much more this year as is needed.
Twin Cities banks, including particularly the two large groups. First
Bank Stock Corporation and Northwest Bancorporation, have been bidding
for some of the Farmers National Grain Corporation business, and expect
to loan the Farmers National considerable sums this season. An announcement by the Treasurer of Farmers National says it already has been extended lines of credit by commercial banks amounting to $46,000,000.
and has been offered more if it should no needed.
Farmers in Drouth-Stricken Area Aided Through Intermediate Credit Banks.
The recommendations of banker members of the State
Drouth Relief Committees urging the greater use of Agricultural Credit Corporations and the setting up of more
such corporations in the drouth areas will in no way tax
the resources of the Federal Intermediate Credit Banks to
take care of the farmers' notes offered to them by the corporations, according to a statement issued Aug. 30 in behalf
of these Credit Banks. It adds:
Chairman Legge of Federal Farm Board Urges AgriculThese banks have been organized since 1923 and have discounted or
tural Producers to Organize.
potenTheir
dollars.
Purchased farmers' notes aggregating half a billion
tial lending capacity is $660,000,000. More than 700 local institutions,
Two addresses were delivered at Syracuse, N. Y., this
including not only agricultural credit corporations, but live-stock loan
week by Alexander Legge, Chairman of the Federal Farm
companies and banks have made loans to farmers for agricultural purposes
and then sold the notes to the Intermediate Credit Banks. Thus, neither Board, one at the New York State Farm Bureau meeting
the corporations, livestock loan companies or the Intermediate Credit on Sept. 2 and the other at the New York State Grange
Banks are emergency institutions. They are intended to occupy an intermeeting on Sept. 3. In his Sept. 2 address Mr. Legge asmediate position between short-term commercial credit and long-term
farm mortgage credit. The paper may be slow, timed to the slow turn- serted that "a distinct step forward has been made by agriover of agricultural production, but it must be good. However, the culture in securing recognition of the fact that agriculture
corporations and Intermediate Credit Banks are admirably suited to aid
as an industry is entitled to the same consideration by the
in the present situation.
Present conditions in the drouth areas bring home to the banker again Government as other industries." "Perhaps the soundest
the fact that it is poor business on his part to make, as well as for the advice we can give to agriculture," he said, "is contained
farmer to accept, short-term loans, when both know that if conditions
'organize.' Properly organized, I cannot
become bad the loan is likely to be called. The funds of the commercial In the one word
banker usually come from deposits. When drouth or flood, pest or see any reason why agriculture might not go farther than
other trouble invades a community, deposits decline. It is then that the industry." Mr. Legge declared that "agriculture cannot
demands by farmers for loans increase. The result is that many farmers
be made prosperous by legislation. That will come only
are not granted credit and the loans of others may have to be called.
The funds which agricultural credit corporations loan are not derived when the producers operate their industry on a sound finanfrom deposits. Aside from their capital, they secure their funds from the cial basis. The
Agricultural Marketing Act offers them a
Federal Intermediate Credit Banks, which, in turn, get them from the
sale of tax-free debentures or short-term bonds. These banks can renew means of organizing to do this collectively. Success of the
the farmers' loans by granting extensions of the notes discounted or sold program that is being developed under that law will depend
to them by the corporations. The debentures which the banks sell mature
largely on the willingness of farmers to take advantage of
at different dates, usually 6 to 12 months, so they are not forced
to call loans if the collateral is in good condition and ample. The corpora- the opportunity before them." Much of Mr, Legge's
tion, of course, endorses the note before it is purchased by an Intermediate remarks at the two meetings (which were both held at the
Credit Bank. The farmer must be able to make an acceptable financial
State Fair) were along the same lines. Addressing the State
statement or give a chattel mortgage to obtain the loan. The corporation
usually sells farmers' endorsed notes to the bank to the extent of six to Farm Breau meeting he spoke as follows:
eight times the corporation's paid-in stock and surplus.
More loans have been made so that farmers might purchase feed for
livestock than for other purposes. However, the local institutions have
made a large volume of loans for other production purposes, the farmers
giving their notes so they might purchase fertilizer, bags, barrels, crates,
seed and other materials and the thousand and one things necessary in
farming operations. They usually have obtained these loans for a period
of 6 to 12 months. In the case of loans on dairy cows, which have proven
very popular, the borrower has been given 18 to 24 months in which
gradually to repay his loan. This has generally been done by paying
part of the milk check each month to the agricultural credit corporation,
livestock loan company or bank making the loan. Loans are now costing
the borrower 6 to 634% interest, the money being advanced by the Intermediate Credit Banks to the local lending instutitions on a 4% basis.
Thee Intermediate Credit Banks do not make loans direct to farmers as
they are banks of discount.
The lending capacity of these banks has never been taxed, but their
use is increasing annually. They are capitalized at 35,000.000 each; onehalf of which has been paid in by the United States Treasury and the other
half is on call from the same source. In addition to discounting farmers'
notes through local institutitons, the 12 Federal Intermediate Credit
Banks, which are housed with the 12 Federal Land Banks and officered
by the same personnel, make direct loans to farmers' co-operative market-
As the Federal Farm Board has been in operation now for something
over a year, you people will probably be interested in hearing something
of the progress made to date in carrying out the provisions of the Agricultural Marketing Act. Regardless of what measure of success the present
Board may have in carrying out its provisions, the fact remains that a
distinct step forward has been made by agriculture4n securing recognition
of the fact that agriculture as an industry is entitled to the same consideration at the Government's hands as has been granted to other industries in
the past.
The much talked about disparity as between agricultural producers and
those in other groups is a broad question and one naturally approaches
it with the idea of finding out why this disparity should exist. The answer
seems to me simple and it is that unorganized agriculture can not adjust
its operations, to meet changing conditions such as were brought about
by the World War as easily as can the more highly organized industries.
There are six and one-half million of these farm factories and for the most
part each of them has been pretty independent of each and every other one.
The tendency in industries has been to work together in larger units resulting in a far greater degree of control of production and also a greater voice
in the price at which the commodity should sell.
Perhaps the soundest advice we can give to agriculture is contained in the
one word, "Organize." Properly organized I can not see any reason why
agriculture might not go even farther than industry, inasmuch as most of
SEPT.6 1930.]
FINANCIAL CHRONICLE
your products are consumed every day and several times a day and the consumption must be fairly continuous if we are to live.
Perhaps the greatest difficulty we have to contend with in accomplishing
results under the terms of the Act is the rather prevalent belief on the part
of the people we are trying to serve that some mysterous way is going to be
found where through legislative action the handicap under which agriculture
is suffering will be removed and their position made secure without any action on the part of the farmer himself. My friends, this is not even a good
dream. It is currently believed that dreams some times come true, but
this one never will.
The Government can aid you through the collecting of the most accurate
Information possible as to the past, present and future prospective demand
on any particular commodity you produce. This information is something
that the small farm factory cann not afford to collect for themselves. The
Government with their representatives all over the world can and does collect such information.
Our Department of Agriculture has been issuing what they call "Outlook
Reports" for a number of years past. It is not for me to contend that they
are always accurate, but certainly these reports carry more information
as to the conditions affecting any commodity and as to the probable outlook
for future demand than it is possible for you to obtain from any other source.
One trouble has been in the past that the information apparently has not
gotten through to the man interested and that is the farmer producing the
commodity. Earnest efforts are being made to revise and condense this
vast fund of information and put it in such shape that the producer can
readily understand just how it applies to his particular problem.
Here in New York State your problem is somewhat different from any
other agricultural section. You are all sellers when it comes to dairy
products and certain other farm commodities, but, on the other hand, the
majority of you are buyers when it comes to feed for your dairy herds.
Therefore, your special interest is to see that the price of what might be
Called the refined or finished product, such as butter, cheese, bacon and
other food products ready for immediate consumption, are commensurate
with the price of the raw materials used in this class of manufacturing.
Your state college is doing wonderful work testing out and recommending to you different feeds which may be substituted for some other in
order to take the greatest possible advantage of price changes. For
example: today wheat is a far cheaper feed than corn and yet those of
you who have been accustomed to feeding a corn ratio are rather slow to
change.. Sometimes we learn useful lessons in adverse conditions and
that may prove to be true in the present case. Owing to the great drouth
the corn crop is very small, probably a deficit of 600 million bushels below
the normal consumption of the country'. This is indeed a calamity to
those districts where the crop was lost, but it would be a far greater calamity
were the country not in position to substitute other grains to make up
this shortage. It so happens that simultaneously with this vast decrease
In corn production the nation has an excessively large supply of all the
small grains. Wheat, rye, oats and barley are available in large quantities and at low prices. They can be substituted for corn in the feeding
ration for practically any class of feeding, although the best percentage
to use would vary somewhat as between different kinds of liveatock.
Your state college will be glad to give you detailed information as to the
best mixtures for any Particular class of feeding.
During the earlier months of the Board's activities we used fraiquently
to hear it said that the Farm Board could do little, if anything, for the
farmers in the Northeastern area. Nothing could be farther from the
facts. Those interested in agriculture have much in common in that
anything which proves to be to the benefit of one class will to some extent
be reflected to others. As a matter of fact, we have found it possible to
extend a helping hand to some group of farmers in pretty nearly every
state in the Union, the extent of the help depending more largely on the
extent to which the farmers were organized to take advantage of the provisions of the Act than upon any territorial or local conditions. Financially, it has been extended to 17 different classes of agricultural products.
It is, of course, impossible to treat all exactly alike, but this could be done
to a very measurable extent if all groups were equally well organized.
The whole operation of the law is based on collective, co-operative action
on the part of the farmers themselves. We can not loan to an individual
farmer, or to a merchant or a banker, loans being restricted to co-operative
organizations, producer-owned and producer-controlled. It may not be
practical in all cases to have a co-operative for each particular commodity.
but when you group vegetables as a class, or fruits as a class, there is no
serious difficulty in setting up an organization that will enable the producers to derive benefit from it.
Some of the changes that have taken place in agricultural conditions in
the Empire State are a little difficult for me to understand. My first
business contact with New York agriculture was something over 40 years
ago. The manager of a branch house with whom I was discussing credits
referred to the best collection period as being a period when the apple
crop would move. The New York State apples used to have a national
and international reputation. As a boy back on the farm in a far western
state, when we were able to get a barrel of New York apples for Christmas
it was a real occasion. Everybody regarded them as being the finest
quality produced anywhere. Aren't you people in the Empire State rather
neglecting this commodity and if so, why?
Your land values are not high as compared to other sections of the
country where this crop is raised extensively. Large consuming markets
are close at hand and certainly no one can produce 'a better quality of
product. With a good strong marketing organization to insure
the producer getting his full percentage of the consumer's dollar, it is my notion
that this industry might be safely developed to considerably larger proportions than at present. However, it is not my purpose to discuss your
local production problems as your State college is far better qualified to do
this intelligently than I am. I am sure you are more interested in knowing how the governmental agency I represent may be helpful.
In the first place, I think we can place at your disposal men well qualified
to assist in organization along sound lines the co-operative associations
necessary to secure for you the best results that market conditions will
justify. When so organized we can assist you in financing such organizations. In collaboration with the Department of Agriculture we can furnish
the best information available as to market outlook and prospects and
assist co-operatives in providing proper facilities for the warehousing and
handling of any agricultural commodity. You will notice that in all these
operations we say we can assist. The start must be made by the producers
themselves. We haven't any power to compel you to do anything; don't
want any such power, and wouldn't use it if we had it. Unless we are able
to sell to you the idea that it is for your own benefit to follow any course
of action, it is not our disposition to interfere in any way.
Back of organized marketing, of course, lies the question of orderly production. We sometimes go rather far afield in the production of some
particular commodity as compared to some other which is quite natural
when we have six and one-half million factories, each producing without
regard to what the other does. A striking illustration of this is what has
happened in wheat and corn production during the past 15 years, during
which period corn acreage planted in the United States has actually de-
1503
creased two and a half million acres while wheat has increased fourteen acres.
The results were plainly apparent in market prices even before the drouth
disaster affected the corn market. Four months previously the prices of
wheat and corn have been running very nearly the same level.
Overproduction of any commodity is not in the best interests of the
producer. If you will check back the market returns as far as we have any
record of them you will find in nearly every case that the largest financial
return in for a medium or slightly under normal crop. Within recent years
we have the illustration of the potato growers increasing the yield 142
million bushels and receiving for it 242 million dollars less for the smaller
yield of the year previous. The comparatively small corn crop of 1924
brought the farmers 300 million dollars more than they got for 600 million
bushels larger crop the following year. In 1923 the cotton growers of the
South got nearly 600 million dollars more money than they received three
years later with nearly double the production. In the suggestion that more
attention be paid to a situation that is generally reflected in heavy inventories or carry-overs for preceding years we are only suggesting the application to agriculture of the fundamental principles that must be used by any
industrial organization to prosper. The fact that the larger industries
have learned to watch this closely has perhaps bad more to do with their
better financial return than any other one feature of their business.
From our experience of the past few months the Farm Board confidently
believes that the principles of the Agricultural Marketing Act not only are
sound but offer the best approach to dealing with the farm problem. Various suggestions have been made of changing the law. Such action, in our
opinion, would be a serious mistake. It may be that greater experience will
demonstrate the need for amendment, but that time has not arrived. It
is our judgment that substantial progress Is being made in developing cooperative marketing and that much more can be expected in the future.
Tinkering with the law at this time very likely would check the progress that
is being made by growers in organizing for collective action with the result
that those who are opposing co-operative marketing, and not the farmer.
would be benefited.
Agriculture cannot be made prosperous by legislation. That will come
Only when the producers operate their industry on a sound financial basis.
The Agricultural Marketing Act offers them a means of organizing to do
this collectively. Success of the program that is being developed under that
law will depend largely on the willingness of farmers to take advantage of
the opportunity before them.
From Mr. Legge's address at the New York State Grange
meeting we quote in part as follows:
It is my opinion that agriculture as a whole has been suffering from a
deficient operating income for a much longer time than is generally recognized. In the early periods of the history of this country when land values
were constantly increasing, it was not generally understood, and perhaps
not fully recognized by the farmer himself, that his actual earnings for the
year or operating profits as they are generally referred to in industrial
balance sheets, were very meager and sometimes non-existent. At the
worst when the farmers were unable to meet their bills, they were always
able to borrow money on the farm itself. Yet the farmer was clearly
entitled to the enhanced value of the land brought about by his own efforts
in developing and improving the property and should not have been compelled to mortgage it to make up the deficiency in operating income. While
there will always be some argument in the minds of the economists as to the
justness of earnings on the so-called "unearned increments" yet this has been
recognized in other cases as illustrated by the appraisals of railroad property
as a means by which their percentage of earnings might be computed, which
they were entitled to retain under the provisions of the Esch-Cummings
Transportation Law.
When we come to study the income from the average farm, from a
standpoint of whether the results of a year's labor on the part of the farmer
really resulted in a reasonable return for the effort expended, we find far
too many cases where this did not exist even back in the pre-war days.
However, this situation became more acute after the inflation period
brought about by the World War and the general higher price levels that
have maintained since that period. It is probably unnecessary to talk to
farmers about the increased tax rates because you have all too many reminders of the increase. In addition to that you have an increased cost
of practically everything purchased. This is largely due to the advance
in labor rates. The latest figures available on this subject show the average
wage earnings to-day are about two and a quarter times the average of
pre-war years. This is inevitably reflected back to the consuming public
in the prices of practically all manufactured products. It is a fact that is
not generally understood, that on many manufactured articles 80% of the
wholesale price can be directly traced to somebody's pay envelope.
These price level changes which occurred during the period of the World
War necessitated radical adjustment in every line of business to meet new
conditions. Of recent years we have heard a great deal of bitter complaint
that people in other lines of industry were taking advantage of the farmet
in this connection. Careful study of the situation convinces one, however,
that it was rather a condition wherein highly organized industry was better
able to meet these drastic changes than was unorganized agriculture.
The manufacturer took up the increased taxes, the increased wages as
part of his manufacturing cost. His price list was based on those costs
and the quantity of goods manufactured was adjusted to whatever the trade
demand proved to be at the new level of prices. His problem was greatly
simplified by the fact that for a long time prior to the war manufacturing
activities had been more and more concentrated in larger and larger units.
Plans and policies were developed by a large group of men specially trained
in that particular business; cost accounting had been developed to a point
where every successful producer of manufactured products knew definitely
just what it was costing him to place his goods on the shipping platform.
But when we look at the problem from the standpoint of six and one-half
million farm manufacturers—because in the last analysis each farm unit Is
prodcer just as truly as the largest industrial plant in ezitsence, in most
cases each of them producing entirely independently of what the other
are doing, so completely unorganized as to have practically no voice in the
price at which his products are sold—we can visualize how impossible it
was for the farmer to adjust himself to the changed conditions referred to.
In other words, it seems to us that this was largely the situation of everybody doing the best they could to take care of themselves, and because
of industry generaly being highly organized and in the main operated in
large units, they were far better able to make this adjustment than was
the almost totally unorganized farmer. All of this brings us up to the
answer to this situation which in our judgment will be found only
through
organization.
When agriculture becomes organized to a degree where farmers can
exert
the same judgment in adjusting production to the consuming
demand, both
as to quality and quantity, and so regulate the flow of
their produce that
the action of one may not be destroying the market for
others, it seems to
me that their possibilities in creating a stable condition are
better than those
of any other class of manufacturers, this, for the simple
reason that in times
of trouble, business depression such as we are now
experiencing, cons
can economize to a greater extent on everything else they
buy than they
1504
FINANCIAL CHRONICLE
[Vol.. 131.
can on food. When times are hard you continue to run the old car instead
of buying a new one: wear your clothes a little longer; you postpone con- Melvin A. Traylor Resigns as Chairman of Illinois
templated improvements, all of which has the result of lowering the volume
Drouth Relief Committee.
of somebody's business. When it comes to the industry that produces the
The following Chicago advices were reported in the "Wall
food to sustain life, fluctuation cannot be so great. Your customers are
regular buyers, eating three times a day, and must continue buying even Street Journal" of Sept. 3:
when it is harder for them to dig up the cost of doing so, which leads to the
At meeting of Governor Emmerson's Committee on Drouth Relief,
conclusion that when properly organized, the farmer's business should be
Melvin A. Traylor, President of First National Bank of Chicago, resigned
and can be the most stable of any industry in the world.
as head of the Committee and John J. Krebs, banker and farmer, was
•
•
•
named in his stead by Governor Emmerson.
While consumer demand for different crops varies somewhat from year
Mr. Traylor, who will remain a member of the Committee, gave as his
to year it is possible to determine in advance of planting or breeding time reason for resigning, the recent death of Frank 0. Wetmore, co-Chairman
the potential marketing requirements. Over a period of years the record of the First National Bank.
shows that in the case of many commodities the farmer gets a much smaller
return when he overproduces the market than he does for a crop not in
excess of normal consumption. I could give you several examples of this
situation but will mention only one, that of potatoes. The market each
Shipments of Feed to Drouth Areas.
Year will take about 400 million bushels at satisfactory prices. The smallest
From Washington Sept. 4 advices to the New York
crop of the past 6 years returned to the grower 530 million dollars for 321
million bushels. The largest crop in that time was 463 million bushels and "Times" said:
was worth only 288 million dollars to the growers. In other words, a crop
M. J. Gormley, Executive Vice-President of the American Railway Asof 142 million bushels more brought the grower 242 million dollars less.
sociation, reported to Secretary of Agriculture Hyde,who also is Chairman
Acting collectively farmers in our opinion can solve their production and of the National Drouth Committee,that at the close of business yesterday
marketing problems. In no other way, as we see the problem, can agricul- permits had been issud for the shipment of 3,733 carloads of feed to stricken
ture hope to get on a sound financial basis. To get effective results there areas at reduced rates.
must be co-operation all along the line not only among neighbors but among
The Permits bp States.
the leaders of the various co-operative groups. Teamwork must begin
The division of the carload permits is shown in the following tables:
with the local producers and continue through the State,regional or National
1,254[Indiana
285
central co-operative merchandizing agency for the commodity. Unless Virginia
784 11111nois
7
farmers are willing to get together and adopt business methods now em- West Virginia
Maryland
[Arkansas
357
1
ployed in other lines there Is scant hope for them bettering their financial
Pennsylvania
72 I Mississippi
1
position.
Ohio
6111
We realize there are many difficulties in the way of effective co-operation
3051 Total
3,733
but believe the time is at hand when the good sense of the average farmer Kentucky
531
will convince him that it is to his interest to work with, not against, his Tennessee
The feeds in the shipments include mill food, 44%; corn, 3%; oats. 5%;
neighbor, and that is all there is to co-operation
The Farm Board has been on the job a little more than a year. The law hay and straw. 48%.
provides that it shall deal with farmers through their co-operative association rather than as individuals. Recognizing the importance of organization, the Board has centered its efforts on assisting various existing co- Rates on Anthracite Coal to Points in New Jersey
operative groups to organize national or central co-operative sales agencies
Held Unreasonable by Inter-State Commerce Comfor the unified marketing of different commodities such as grain, cotton,
wool, livestock and other products of the farm. These agencies, which are
mission—New Schedules in Effect by Nov. 24.
made up of State, regional and local associations, are being formed by the
Rates
on anthracite coal in carloads from mines in Pennco-operatives to merchandise the products handled by their member
associations to the best advantage of the grower, and not, as some critics sylvania to certain destinations in New Jersey were'described
would have the public believe, to set aside the law of supply and demand as unreasonble on Sept. 4 by the Inter-State Commerce
and artificially raise prices to the consumer.
Commission in ruling on a complaint filed by the Central
Seven national co-operative agencies have been organized by co-operatives
as follows: Farmers National Grain Corp., National Wool Marketing Corp., New Jersey Coal Exchange against the Central RR. Co. of
American Cotton Co-operative Assn., National Livestock Marketing Assn., New Jersey and other railroads. Associated Press dispatches
National Bean Marketing Assn., National Pecan Marketing Assn., and from
Washington Sept. 4 in reporting this added:
National Sugar Beet Growers Assn.
Reasonable and non-prejudicial rates were prescribed and reparation was
It Is hoped that producers, through these agencies and others that are
awarded on
expected to be developed later, will gain control of sufficient volume Exchange shipments to Newark, West Newark and Harrison. The Coal
operates at various places in Hudson, Essex, Somerset. Mercer.
of the various commodities to have bargaining power in marketing them. Union
and Middlesex Counties, New Jersey.
Great care is being taken to see that they are set up on a sound financial
The commission ordered the railroad to put into effect by Nov. 24 the
basis so that they may grow and later be in position to operate without
following rates on coal shipped in carloads:
further financial assistance or advice from the Government.
From mines on the Lehigh Valley RR. and the Central RR. Co. of New
I wish to emphasize that these national commodity co-operative sales Jersey to destinations
on the Pennsylvania RR. in Northern New Jersey,
agencies are owned and controlled by farmers and have been established rates not exceeding
$2.39 on prepared sizes and $2.27 on pea and smaller
with the approval and assistance of the Farm Board. Their services are sizes.
available to any farmer who is willing to co-operate with his neighbors.
From mines on the Delaware, Lackawanna & Western RR. to Newark.
The Board is working with other co-operative groups,such as those handling West Newark and
Harrison on the Pennsylvania RR. rates not exceeding
dairy products, tobacco, apples, rice and fruits and vegetables, looking $2.39 on prepared
sizes and $2.27 on smaller sizes.
to the development of a central co-operative sales program for those comFrom mines on the Reading RR., the Schuylkill region, from mines on
modities.
the Pennsylvania RR.in the Lehigh and Schuylkill regions, and from mines
Co-operatives handling the following commodities have received financial on the Lehigh Valley RR. and the Central RR. of New Jersey to Trenton,
assistance in their operations from the Board: Apples, beans, citrus fruits. rates not
exceeding $2.39 on prepared sizes and $2.27 on pea sizes.
cotton, dairy products, figs, grain, grass seed, honey, livestock, poultry
From mines on the Pennsylvania RR.in the Wyoming region to Trenton,
and eggs, grapes and raisins, rice, sour cherries, tobacco, wheat and wool rates not exceeding
$2.52 on prepared sizes and $2.39 on pea size.
and mohair.
In the matter of production the Farm Board has advised reduction in
acreage only in wheat and cotton, calling to the attention of certain other
growers the danger of expanding production in their crops.
Secretary Hyde Names Drouth Relief Group in the
From a study of all the available facts the Farm Board has reached the
Department of Agriculture.
conclusion that the prospective world market in the next few years does not
offer the American grower a profitable price for his wheat. Wheat producannounced Sept. 4 that he had designated
Secretary
Hyde
tion in this country is on an export basis, the surplus gradually increasing
each year for the past five years. With this kind of a situation the price a group of United States Department of Agriculture staff
that the farmer gets for his surplus in the world market very largely de- members to handle specific phases of drouth relief closely
termines the price for his whole crop notwithstanding the fact that Congress related to their Departmental activities.
Members of the
has voted a tariff protection of 42 cents a bushel on wheat.
group and their work are:
There are those who think some way ought to be found to get rid of the
C. W. Warburton, Director of Extension Work, Secretary of the Federal
surplus abroad without affecting the price paid for wheat sold in the domestic market. A number of proposals have been made to do this including Drouth Relief Committee, with general responsibility for correlation of
the equalization fee and debenture schemes, both of which contemplate activities, handling of correspondence, contacts with State committees
subsidizing the exportation of the surplus. In my opinion, nothing of this and similar work.
G. E. Farrell, in charge extension work Central States, to be assistant to
sort can be done because most of the importing countries have stringent
the Committee Secretary and to make field contacts,especially relationships
anti-dumping laws just the same as this country.
We have plenty of evidence that any attempt to dump surpluses of any with extension agents.
J. A. Becker, Bureau of Agricultural Economics, survey of crop condiof our crops on foreign markets will be met with prompt resistance. All of
the larger wheat importing countries have farm problems of their own and tions, location of deficient and surplus areas, and designation of counties to
are prepared to protect their farmers just as the United States protects which emergency freight rates apply.
W. A. Wheeler, Bureau of Agricultural Economics, market information
the markets of 14 farmers.
In our opinion, there is just one way to meet the wheat situation and that on hay,feed,seed, and livestock, including supplies, movement and prices.
Is for American growers gradually to reduce their acreage to a domestic Eric Englund, Bureau of Agricultural Economics, crop and livestock outlook studies and statements.
consumption basis, thereby making effective the tariff on their product.
William Jackson, Bureau of Animal Industry, emergency rations for
Now that you have first hand information of the co-operative program
livestock.
being developed under the Agricultural Marketing Act. I believe you will
J. Platers, Bureau of Plant Industry, emergency pasture crops.
A.
agree with me that the Farm Board is trying to help agriculture in a sound.
W. R. Boswell. Bureau of Plant Industry, emergency gardens.
Practical way to get on its feet and take its place alongside other industries.
There is nothing of government in business or price fixing in the program
Working with these Department of Agriculture represenbut there is opportunity for farmers, if they are willing to co-operate and
pull together, to get organized so that collectively they can protect them- tatives are A. Lane Cricher, Department of Commerce, to
selves in a system where nearly everybody else is highly organized.
have charge of transportation, including routing, freight
The Agricultural Marketing Act directs the Farm Board to help farmers
rates,
adjustment rates, and contacts with the American
In co-operative action. We are going to do everything in our power under
that law. But what we can do will be of little permanent value unless the Railway Association; Chester Morrill, Federal Fenn Loan
farmers themselves want to be helped and are ready to assume their full Bureau, to have charge of
credit facilities work, and Dewitt
share of responsibility for co-operative organization and management.
The success of the program isn't going to depend so much on what the Farm Smith, American Red Cross, who will represent the drouth
relief work of his organization.
Board does as on the willingness of farmers to act collectively.
SHPT.6 1930.]
FINANCIAL CHRONICLE
Oklahoma to Establish Agency for Loans as Drouth
Relief—Private Corporation Will be Capitalized at
$1,000,000 to Guarantee Loans from Funds Provided by Intermediate Credit Banks.
Setting up a State-wide credit organization in Oklahoma
as a private corporation, capitalized at about $1,000,000, to
make loans to the extent of not more than 10 times its
capital, with funds provided by Intermediate Credit banks,
was agreed upon at a conference between a committee of
Oklahoma State officials, headed by Governor William J.
Holloway, and the Federal Farm Board, including the
Secretary of Agriculture, Arthur M.Hyde,ox-officio member
of the Board, on Sept. 2. The "United States Daily" of
Sept.3 in indicating this added:
1505
Baltic, Balkan and American co-operation was realized in Warsaw at
the agrarian conference of representatives of eight countries which concluded last night. The conference results exceeded the most optimistic
expectations.
A number of resolutions, designed to have a far-reaching effect on the
agricultural and industrial relations of European countries, were adopted.
Elimination of competition and the standardization and improvement of
the quality of goods for export were declared to be the first aims of the
agrarian exporting countries. It was decided to propose that the League
of Nations draft a convention prohibiting export taxes on farm products.
A special committee formed to study the problem of agrarian credits
will meet Nov. 10, and the conference, to be convoked yearly, will be
held in the fall of 1931.
Farewell speeches of the delegates yesterday made it clear that the conference was non-political and that it was not aimed at any particular Industrial States, but was merely an attempt by agricultural Europe to
organize herself and an attempt by 95,000.000 farm producers and consumers of industrial goods to unite to protect their own interests.
Secretary Hyde made this statement orally on Sept. 2. The committee
was to confer with President Hoover the following day. Secretary Hyde
said the setting up of this drouth-relief machinery in Oklahoma would be a
type of what is to be expected in the other States affected by the drouth and
needing relief.
Secretary Hyde also said the drouth is spreading to new areas, but not to
such extent as to require more relief measures than those already contemplated. The extension of the drouth, he said, was to the States of Iowa.
northern Illinois, Michigan, Minnesota and Wisconsin.
The Oklahoma delegation was made up of Governor William J. Holloway,
Chairman, ex-officio: John G. Puterbaugh, McAlester, Chairman; P. A.
Janeway, Chairman, Hoard of Liberty National Bank, Oklahoma City;
Dr. Henry G. Bennett, President, Oklahoma A. & M. College, Stillwater,
and John Nicholas, Chickasha, oil operator.
With them in their call of Secretary Hyde were: James C. Stone. ViceChairman, and Carl Williams, member of the Federal Farm Board.
Tile committee, through its spokesman, Governor Holloway, said that
they had been assured of all the co-operation and helpfulness possible by
tne Federal agencies with which they had conferred and added that the
committee will confer with the Federal Bureau of Public Roads to see what
is available in Federal aid for road construction at this time. The problem of
unemployment is accentuated, the Governor said, by the large numbers
attracted to the State by the oil fields.
Secretary Hyde said that the committee came to inquire about plans ofthe
Government. "They have agreed to go back," he said, "and to set up a
State-wide organization, as a private corporation capitalized at about
11.000,000 for loans. guaranteeing paper to be rediscounted for loans to
meet the situation in the drouth-stricken States. So far no State has set
up such an organization. The plan to be followed in Oklahoma will be
about what is to be expected to be done In the other States...
Following Gov. Holloway's conference with President
Hoover on Sept. 3, the former said that Oklahoma had
already organized its State and county relief committees,
and that the proposed credit corporation would be set up
after his return to Oklahoma. From the "United States
Daily" of Sept. 4 we take the following:
"There is a certain class of persaas in Oklahoma," Governor Honeway
said. "who are unable to furnish collateral to secure loans, and It is this
group for whom something will have to be done through the formation of a
credit corporation. In addition. we INLVC In Oklahoma wake a large number
of persons who will have to have relief from the American Red Cross.
"We have about 22 or 23 countiesin Oklahoma where the dronth has been
very severe," he said_ —They are all counties located in the southern tier of
the State and it is in these counties, particularly, where help will be needed
to tide over the Fall and Winter. There are about 15 counties where conditions are probably as bad as ;anywhere in the country outside of Virginia
and Kentucky-"
Governor Holloway stated that the droiathsituation bad been aggravated
by the business depression which had resulted to the oil companies laying
Offa part oftheir regniar -personnel.
Spain Lifts Embargo on Corn Exports from Argentine.
A cablegram from Buenos Aires, Aug. 28, to the New
York "Times" said:
that
The Spanish Ambassador has informed the Argentine Government
from
the Spanish Government has lifted the embargo on corn exports
the
Argentina in a desire to strengthen the commercial relations between
two countries.
so
The action is expected to increase Argentines corn exports which
far this year total only 90,000,000 bushels as compared with 114.000400
bushels up to the same date last year.
Tax Reform Sought by Kansas Farm Organizations—
Would Take Burden Off Land and Place It on
Incomes.
From the New York "Times" of Aug. 24 we take the
following from Topeka, Aug. 20:
Taxation will probably be the chief topic to be considered by the Kansas
the
Legislature when it meets next year. Present indications are that
taxpayers will demand the formulation of new methods.
executhe
when
25
Aug.
begin
will
The preliminary drive for a change
tive committee of Kansas farm organizations meets here. This group
Is rapidly becoming a power in shaping Kansas political policies, although
of its homoIt has not taken an active part as a political group because
leaders
geneous set-up. The committee is composed of the officers and
Wheat Pool
of the Farmers' Equity, Farmers' Union, Grange. Equity.
and represents the
and Farmers' Co-operative Elevator Association
ablest rural leadership in Kansas.
will be the shiftcommittee
the
by
One item certain to be sponsored
The State Income tax
ing of the tax burden from the land to income.
regard its adoption
has strong supporters in Kansas generally and leaders
as assured. The farm groups also are expected to advocate some form
of gross sales tax.
the party councils
The executive committee will meet the day before
will be reported to the
and the farm program as it relates to taxation
the
nor the
Democrats
neither
party chiefs. Political observers say
of thefarmers leaders.
Republicans can afford to ignore the recommendation
Effects of Drouth on Live Stock Industry—No Shortage
of Crops for Food.
Far-reaching effects on the livestock industries as a result
of the drouth,and average or larger than average supplies of
the chief food crops are seen by the Bureau of Agrieultural
Economics, U. S. Department of Agriculture, in its Sept. 1
report on the agrieultural situation, issued by the department. The Bureau says:
primarily the livestock producers.
The general effects of the drouth affect
-especially pastures. It has increased subIt has cut down the feed crops,
a time when market conditions
at
production
stantially costs of livestock
the total output of feed grains and hay
are most discouraging. Apparently
per a eawal unit will be about 1.5% lees than the .5-year average.
head, or 8% larger than last
This year's lamb crop is about 2,000,000
western sheep States. Feed is short,
year, most ofthe increase being in the
The lamb market is weak.
and feeders have been slow to buy this season.
are holding off. Shipments of stocker and feeder cattle
The first co-operative live stock concentration yard and sales agency Cattle feeders also
light.
Presumably this means
feedlots have been extremely
In the United States under the Vaderal Perm Board sponsorship will begin back to the
fed cattle in the market for the first half of neat pear Will
operation before Sept- 1.dlivcitora oftheEamainIowa Live Stock alsrketing that supplies of
be substantially smaller than hi Ma.
Association deckled to-day.
crops,en the other hand, will be apThe total supply of the -chief food
Live stock will be concentrated under the management of the marketing
better. Total shipments of the important fruits and
group and sold on direct -order or through terminal ce-operetave *eke parently average or
a neck, or nearly as many as a
carltudis
vegetables are averaging 20,000
agenciesIn accordance -with Faxen Board
of main-crop potatoes, onions, cabbage. sweet
The new selling system will takeover the business of the Yarmers'Reload yel-.1* age. Shipments
potatoes, and apples have become moderately active. Potato and sweet
Association.
being less
potato crops suffered most(rem the drouth, ether vegetables
seriously affected. Most fruits escaped eericaus
Iowa Co-operative Live Stock Association to Begin
Operations Sept. I Under Sponsorship of Federal
Farm Board.
Associated Press adviees from Cedar Rapids, Iowa.,
Aiig. 22 said:
Finds Wheat Pool Stable—Saskatchewan Official Says
Late reports to the Bureau regarding conditions in key
Farmers Resent Attack on Venture.
States are:
but withprices
Associated Press advices from Toronto, Ont., Aug. 29, "sits dry in Gannida. California =Ps BassinPood nuPPly
The drouth is broken In Kanlow. Fair conditions in the PacificNorthwest.
are taken as follows from the New York'limes":
corn crop has
lowathe
In
farmers.
to
unfavorable
are
sas,but markets there
tiding the slogan "No tombstone Tor the islioat
J. 'P. Bryant, been out but values irave 1111.1148fied-"
C,litirdster of Public Works for Saskatchewan_ to-day told directors ef
that
icahtbition
National
The Iowa report reads in part:
Western
farmers
resented attacks
the Canadian
"Saronner purchases of feeder cattle curtailed on account of iced supply
on the co-operative venture. Those who expected the pool to be ruined
liteby "bootlegging" of Wheat to mon-pool elevators kr higher prices did tart and setae situation. Hay,small grain, and fodder sufficient to carry
an account -of feed shortage.
amderstitod the wheat farmers, be said,
stock. No evidence of forced marketings
lie announced that a world's grain show and congress would be held at Extensive movement Into Iowa of livestock from drouth areas not alitisalYie.
Regina in 1932, with a prize fist of $200.0130. lie'urged Ontario farmers Bieber potential value of Iowa's-current corn crop because nelattively more
teenier their uwoducts in coameticion with Satimisfeeicam growers_ 111410 wen -severe chetah in other Se(ItiMas of Corn Belt. Actual income from crop
1.0 Werld'f; WIlEltbt championships in Chicagofrcun 1910 to 192.9.
dependent on livestock values in succeeding months."
Agrarian Farley in Warsaw Acts to Protect Farmers— New High Speed Tickers in Operation 02,1 New York
Stock Exchange.
Takes Step to Cut Competition.
The new high speed ticker system of the New York Stock
The following wireless message from Warsaw Aug.. 31 is
Exchange was put into operation on Tuesday Sept.2(Monfrom the New York "Times":
1506
FINANCIAL CHRONICLE
'Fon. 121.
day, Sept. 1, Labor Day was a holiday). The new ticker
The scope of the above compilation is exactly the same as in the loan
service, geared to insure the prompt recording of between report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
8,000,000 and 9,000,000 shares a day, replaces a quotation
system which was found inadequate in the heavy trading of of the monthly figures by it, beginning in January 1926,
a year ago. From the "Times" of Sept. 3 we take the follows:
1926—
Demand Loans.
Time Loans.
Total Loans,
following:
Jan. 30
$2,516,960,599
9,000 Tickers in Use.
More than 9,000 of the new tickers have been installed and were placed
in operation yesterday. Of these, about 2,800 are operated by the New
York Quotation Co., a subsidiary of the Stock Exchange, and about 6,200
by the Western Union Telegraph Co. The former serves memberfirms and
their branches and the latter non-members.
Installation of the new tickers was necessarily a gradual process. As
they were installed, the old tickers were discarded, but the entire service
was geared down to the same pace so that no subscribers had an advantage
in the receipt of quotations. At the Opening yesterday morning, however,
the whole system was placed on a high-speed basis.
As it happened, there was little need for the new service on the first day
of its operation. Only 1,773.920 shares were turned over on the Stock
Exchange. a volume which the old system could have recorded on a parttime basis. As it was, the new tickers remained motionless during awkward
periods in which there was not enough trading to keep the machinery going.
Many tape-watchers, unapprised of the fact that the new system was operating on high speed for the first time,thoughtthat the machines were running
into difficulties and drew their brokers' attention to the long pauses.
The new ticker service was referred to in these columns
Aug. 16, page 1041.
Announcement of Stock Clearing Corporation—Addition of First National Bank to List of Non-Members.
The Stock Clearing Corporation yesterday (Sept. 5)issued
the following notice:
Stock Clearing Corporation announces that commencing 9.30 a. m.
Wednesday, Sept. 10, the method of delivery and receipt of securities
between Clearing Members and certain Non-Members through the medium
of the Central Delivery Department will become effective with The First
National Bank of the City of New York.
The addition of this institution will make the list of Non-Members
now read:
The Bank of America N. A.,
The Bankers Trust Co..
The Central Hanover Bank & Trust Co.,
The Chase National Bank,
The Chatham Phenix National Bank & Trust Co.,
The Chemical Bank & Trust Co.,
The Federal Reserve Bank of New York,
The First National Bank of the City of New York,
The Guaranty Trust Co.,
The International Manhattan CO., Inc.,
The National City Bank,
The New York Trust Co.
Instructions covering deliveries by and to Clearing Members on the
part of tiae Bankers Trust Co. and the Guaranty Trust Co., as per bulletin
SCC-665 dated May 311929, will also apply to The First National Bank
of the City of Now York, effective Sept. 10 1930.
ASHBEL GREEN, Secretary.
Managers of New York Coffee & Sugar Exchange, Inc.
Approve Proposal to Establish Futures Market for
Blackstrap Molasses.
The Board of Managers of the New York Coffee & Sugar
Exchange has approved a proposal for the establishment
of a futures contract for bla,ekstrap molasses, it was announced on August 31. The Board has authorized the
Special Committee on Molasses Contract, under the Chairmanship of H. H. Pike, Jr., in conjunction with the Law
Committee, headed by C. C. Riggs, to draft the necessary
changes in by-laws to permit of the addition of a blackstrap
contract to the Exchange's futures contracts in coffee and
sugar. The proposal was referred to in these columns June
28, page 4516.
Outstanding Brokers' Loans on New York Stock Exchange on Aug. 30 Drop to $3,598,633,069—Decline
of $90,849,228 in Month.
Outstanding brokers' loans on the New York Stock Exchange on Aug. 30 stood at $3,598,633,069, having declined
$90,849,228 in the month since July 31, when the total was
$3,689,482,297. The Aug.30figures consist of demand loans
of $2,912,612,666 and time loans of $686,020,403. A month
ago (July 31) the demand loans stood at $3,021,363,910
while the time loans were $668,118,387. The combined
demand and time loans on Aug. 30, viz., $3,598,633,069,
are the lowest since June 30 1927,at which time the figures
were $3,568,966,843. The Aug.30 figures were made public
as follows on Sept.3 by the New York Stock Exchange:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Aug. 30
1930, aggregated 83,598,633,069. The detailed tabulation follows:
Time Loans.
(I) Net borrowings on collateral from New YorkDemand Loans.
banks or trust companies
$628,113,980
62,481,237,118
(2) Net borrowings on collateral from private bankers, brokers, foreign bank agencies or other
In the City of New York
57,906,423
431.375,548
02.912,612,666
Combined total of time and demand loans, $3,593,633,069.
8688,020,403
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 20
Mar.31
Apr, 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July Si
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dee. 31
1930—
Jan, 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 30
2,494,846,264
2,033,483,760
1,969,869,852
1,987,318,403
2,225.453,833
2,282.976.720
2,363.861,382
2,419,206,724
2,289,430,450
2,329,536,550
2,541,882,885
$966,213,555
1,040,744,057
968.612,407
865,848,657
780,084,111
700,844,512
714,782.807
778,286,686
799,730,286
821,746,475
799,625,125
751.178,370
$3,513,174,154
3,536,590,321
3.000,096,167
2,835,718,509
2,767,400,514
2,926.298,345
2,996.759,527
3,142,148,068
3,213,937,010
3.111,176.925
3,129,161,675
3,292,860,253
2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,673,993,079
2,756,968.593
2,764,511.040
2,745.570,788
3,107,674,325
3.023,238,874
3,134,027,003
3,480.779,821
810,448,000
780,961,250
785,093,500
799,903,950
783.875.950
811,998,250
877,184,250
928.320,545
896,953,245
922,898,500
957.809,800
952,127.500
3,138,786,338
3,256.459,379
3,289,781,174
3.341,209,847
3.457.860.029
3,568.966,843
3.641,695.290
3,673,891,333
3,914,627,570
3,946,137,374
4,091,836,303
4.432,907,321
3,392,873,281
3,294,378,854
3,560,425,172
3,738,937,599
4,070,359,031
3,741.632,505
3,767,694,495
4,093,889,293
4,689,551,974
5,115,727,534
5,614,388,360
5,722.258.724
1,027,479,260
1,028,200,260
1,059,749,000
1,168,845,000
1,203,687,250
1,156,718,982
1,069,653.084
957,548,112
824,087,711
763,993.528
777,255,904
717.481.787
4,420,352,514
4.322,578,914
4,640,174,172
4,907,782,599
5,274,046,281
4,898,351,487
4.837,347,579
5,051,437,405
5,513,639,685
5,879,721,062
6,391,644,264
6,439.740,511
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
7,161.977,972
7,831,991.369
5,238,028,979
3,297,293,032
3,376,420,785
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
8,735,164,241
6,678.545,917
6,804.457,108
6,774,930,395
6,665.137,925
7,071,221,275
7,173,794,294
7,881,619,426
8,549,383,979
6,108,824.868
4,018,598,769
3,989,510,273
3.528.246,115
3.710,563,352
4.052.161,339
4,362,919.341
3,986.873.034
2,980,284,038
3,021,363,910
2,912,612,666
456,521,950
457.025.000
604,141,000
700,212.018
780,958.878
747,427,251
668,118.387
686,020,403
3,984,768,065
4.167.588.352
4.656.302,339
5.063,131,359
4,747,831,912
3,727,711,289
3,889,482,297
3,598,633,069
New York Curb Exchange Occupies Temporary Trading
Floor.
Members of the New York Curb Exchange conducted
business on a new trading floor on Tuesday,Sept. 2,following
the Labor Day holiday, Sept. 1. Beginning at the close of
business Friday afternoon, Aug. 29, Thompson-Starrett
Co., Inc., which is building the new 14-story addition for
the Exchange, installed a temporary floor seven feet above
the old trading floor to permit the installation of new trading
posts, pneumatic tubes, telephones, electric lights, annunciators, ventilating equipment and other apparatus for the
new Exchange quarters. The temporary floor is fitted with
all the equipment necessary for the Exchange's operations
so that no inconvenience will be occasioned by the temporary
installations,
The steel work has been completed on the new addition,
which is scheduled for occupancy in the spring of 1931. The
new permanent trading room will have a floor space of 14,132
square feet as compared with the present area of 9,598
square feet. The telephone sections on either side of the
floor will occupy 6,110 square feet with 443 booths as compared with the present accommodation of 4,416 square feet
and 350 booths. The new trading floor proper will be five
stories in height. The sixth floor will house the ventilating
machinery and the seventh to fourteenth floors will be
devoted to the offices of the Exchange.
First Annual Review of New York Hide Exchange.
Milton R. Katzenberg, President of the New York Hide
Exchange, in the annual report (issued Sept. 3) reviewing
the activities of the Exchange and general conditions in the
industry during the first fiscal year of the Exchange ended
July 31 1930, states that "at the close of the year under
review we find that hide values have declined to extremely
low levels. The downward movement in hide prices during
the year reflected a trend which was in line with the abnormal
declines in the values of other commodities and the depression
in the securities markets. The industry during the year has
witnessed a severe depreciation in inventory values; while
the risks which the industry has been forced to bear On unhedged inventory and stocks in process of tanning, have
FINANCIAL CIIRONICLE
SEPT.6 1930.]
1507
again made themselves felt." "Total contracts on the Eugene Meyer, Jr., Slated to Succeed Roy A. Young as
Govenor of Federal Reserve Board—Edmund Platt
Exchange for the year under review amounted to 7,981 or
Vice-Governor to Resign.
319,240,000 pounds," says Mr. Katzenberg, who in part
also said:
Eugene Meyer Jr of New York is scheduled to succeed
not only
"Trading on the Exchange has been to some extent restricted
resigned, as Governor of the Federal Reserve
contract trading, but also by Roy A. Young,
by the unfamiliarity of the trade with future
world. Board. Reports early in the week of the expected appointthe
throughout
conditions
the handicap of sub-normal business
in the passage
and a prolonged period of indecision, occasioned by the delay
ment of Mr. Meyer to the post by President Hoover indicated
to note that despite these inof the Tariff Act. It is indeed gratifying
the President had been prevented from designating
that
July this year is more than
fluences the volume of trading during June and
last year.
Mr. Meyer as Mr. Young's successor because of the provision
200% over the corresponding months of
con"An analysis of the statistics indicates that the sub-normal business
Federal Reserve Act that not more than one member
of the public has mate- in the
ditions with resulting reduced purchasing power
Board may come from any one Federal Reserve
the
of
for
rially restricted the movement of finished leather. A curtailed demand
shoe production during District. The Vice-Governor of the Board, Edmund Platt,
leather is manifested in the marked decline in the
8.2% under the corresponding
the first six months this year, which was
has represented the Board from the New York District.
period last year. Total visible stocks of finished cattle leather in all
in
up
to the end of Mr. Platt's withdrawal from the Board was indicated
hands have shown an increase for nine consecutive months than
7% above
Press dispatches from Buffalo yesterday (Sept. 5)
d
June; such stocks at the end of June this year being more
Associate
those at the end of June last year. It is significant, however, that shoe
which announced that he would become a Vice-President of
manufacturers' stocks of leather, at the end of June this year were the
the Marine Midland Corp., about Sept. 16, according to a
lowest on record.
"There was no material difference in the domestic production of hides statement made by George F. Rand, President of the
during the first seven months this year as compared with that of last
corporation. This action clears the way for the appointment
year, according to the recorded number of cattle slaughtered. The net
of the War
imports of hides during the first six months of 1930 were approximately of Mr. Meyer, who served for years as Chairman
22% higher than during the corresponding period last year, but this is Finance Corp. and later was Commissioner of the Federal
attributable to some extent to the natural desire to import hides before the
Mr. Young's resignation as Governor of
contemplated duty would become effective. A material decrease in such Farm Loan Board.
Board was reported in these columns
imports has been reflected since the duty has been in force.
Reserve
Federal
the
"Acting upon suggestions from the industry to list other commodities
Young this week assumed the post
Mr.
1355.
Aug. 30, page
allied to hides and skins for futures trading on the Exchange, the Board of
Bank of Boston. From
Governors has authorized the President to appoint special committees to of Governor of the Federal Reserve
investigate and give consideration to futures trading in various related com- the Washington advices Sept.3 to the New York "Times" we
modities.
take the following:
"During the fiscal year nine members have been elected, several of
whom are connected with important firms in the industry. The distribuworld wide, 13 countries being
tion of membership in the Exchange is
represented."
In conclusion of his review of the first full fiscal year's
operation of the Exchange, Mr. Katzenberg expresses the
opinion that from all indications the New York Hide Exchange faces the future with prospects that its trading
facilities will attract a wide-spread interest and broadening
participation in this market.
t service, until his
Mr. Meyer was almost continuously in the Governmen
on metals to the
resignation last year, since he became a technical adviser
when the United
Advisory Commission of the Council of National Defense
war
period he was a
the
States entered the World War in 1917. During
of the National
a
Board,
member
Industries
technical adviser of the War
War Finance Corp.
Committee on War Savings, and a director of the
him managing director of
In January 1919, President Wilson appointed
in that position until the activities
the War Finance Corp. and he remained
Upon the revival of the
of the corporation were suspended in May 1920.
appointed Mr. Meyer to its managcorporation in 1921. President Harding
by President Coolidge in 1925.
ing directorship, and he was reappointed
Farm Loan Commissioner, or
in 1927 President Coolidge appointed him
it was this position from which
and
Board,
head of the Federal Farm Loan
Government service.
he resigned when he retired from the
Meyer retired from the New York
While he is not yet 55 years old, Mr.
13 years ago, and practically all his
banking firm of which he was the head
service. He has an intimate
public
to
devoted
time since then has been
and frequently was designated to
knowledge of agricultural conditions,
Government in regard to farm problems.
make investigations for the Federal
Course of Bank Stocks During August—Survey by
Hoit, Rose & Troster.
dull for the greater part of August, the
remaining
After
New York City bank stock market suddenly turned bullish
as the month ended and many issues scored sizeable gains. Roy A. Young Assumes Duties as Governor of Federal
The Hoit, Rose & Troster weighted index of 14 leading issues
Reserve Bank of Boston.
was 146 on Aug. 1, declined to 138 on Aug. 12 and advanced
whose resignation as Governor of the
Young,
A.
Roy
sharply to 151 on Aug. 29. The following table, based on
was noted in our issue of a week ago
Board
Reserve
Federal
closing bid prices, shows the range for the month:
(page 1355) at which time we reported that he had been
chosen Governor of the Federal Reserve Bank of Boston,
Aug. 12.
Aug. I.
Aug. 29.
assumed his duties as Governor of the Bank on Sept. 2. A
89
9434
American
Isosi
dispatch on that date from Boston to the New York "Journal
13834
14434
Bankers
320
342
341
Central Hanover
of Commerce," said:
13234
138
14444
Chase
no
Chatham Phenix
Chemical
City
Corn Exchange
Guaranty Trust
Irving Trust
Manhattan
Manufacturers
New York Trust
Public National
Weighted average
105
6434
128
159
608
4934
10944
9341
241
103
105
10734
6134
6734
11934
146%
149
16134
592
631
4734
5134
9934
112tf
8034ss"R
235
251
97
105
146
138
I Al
Survey of Insurance Stocks by Hoit, Rose & Troster.
The New York City market for insurance stocks closed
on Aug. 29 well above the low for the month but was lower
in comparison with Aug. 1 prices. The Hoit, Rose &
Troster weighted index of 20 leading issues opened on Aug. 1
at 63, declined to 60 on Aug. 12 and closed for the month
at 62. The range for the month was as follows:
Aetna Casualty & Surety
Aetna Fire
Aetna Life
American (Newark)
Continental Casualty
Globe & Rutgers
Great American Insurance
Halifax
Hanover Flre
II armonla
liartford Fire
dome Insurance
National Casualty
National Liberty
Providence of Washington
Springfield F. & M
Travelers
U. S. Casualty
U. S. Fire
Westchester Tire
Weighted average
Aug. 1.
Aug. 12,
Aug. 29.
138
63
85
1934
3534
955
3034
22
4134
28
75
4234
• 1834
1134
60%
137
1,380
64
64
55 Yi
130
60
7934
19
35
925
3034
2134
3934
2734
73
4134
1734
10
5934
128
1.300
63
61
52
129
6234
8234
19
37)4
9,40
31%
23
43g
27
73
4134
21
11
63%
128
1,32Q
63
61
52
63
60
C2
particular statehe (Mr. Young) has
With reference to his new work,
queried with reference to the present business
ment to make, but when
it
would pass, but
say
when
to
thing
depression, he said it was a difficult
whole is not decadent and he outlined the easy
said that New England as a
States at the present time.
credit frame of the United
are in excellent condition and ready and
He said that all Reserve banks
business revival develops. This is in contrast
willing to function when any
ago, he said. As to the charges that
year
a
to the strained credit position
had been impotent in failing to stop the trend
the Federal Reserve Board
the big stock market crash last fall, Mr.Young
of speculation at the time of
that had gone over the dam and declined to
said that such talk was water
discuss it further.
Mr. Young's election as Governor of the Boston Reserve
Bank was announced by the latter on Aug. 27. As Governor
he succeeds the late W. P. G. Harding who died on April 7
last.
Railroads Seek Modification of Inter-State Commerce
Commission's Order Revising Eastern Freight
Rates—Deny Increased Revenue Will Result from
New Rates.
The view that Eastern railroads will obtain important
increases in revenue as a result of the Inter-State Commerce
Commission's recent Eastern Class Rate decision is denied
by a petition which the carriers have filed with the Commission asking for a modification of the decision. The
petition not only denies that increased revenue will accrue
to the carriers from the new rates, but expresses the fear
that the railroads will not be able to maintain even normal
revenues under the rate revision proposed.
The Eastern Class Rate Investigation was instituted by the
Inter-State Commerce Commission in 1924, largely in an
endeavor to remove the grounds of complaints by shippers;
to reduce to a minimum the instances where class rates were
higher for a shorter than a longer haul over the same line,
s
1508
FINANCIAL CHRONICLE
[VOL. 131.
and to give greater recognition to the principle of distance
in
3—Trading companies and investment houses.
rate making. The investigation, hearings, and oral
The supplemental questionnaire carries but a
argustep further the genera;
ment extended over a long period, and the Commission's inquiry as to the ownersh
ip of railroad stocks and is an offshoot of the
returns
from the carriers themselves showing among their
record covers nearly 12,500 pages of testimony with more
30 principal stockholders, in several hundred instances, names
of brokerage houses as "ownthan 1,000 exhibits.
ers" of large blocks of stocks.
The final report of the Commission, written by ComThe further inquiry is directed only to the ascertai
nment of actual ownership
of large holdings of stocks such as come within
missioner Joseph B. Eastman and issued July 8 1930 and
30 principal stockholders as defined by committee. classification of the
given in these columns July 12 (page 177) prescribes a reQuestionnaires were sent out about two weeks
upon direction of
adjustment of class rates in what is known as the Eastern Chairman James S. Parker and after consultationago,
with officials of the
New York Stock Exchange as to the best way
of Official Classification Territory, covering the area north of the
to approach this phase
inquiry. Returns have already begun to come in
and committee
or the Ohio and Potomac rivers and East of the Mississippi has had no difficulty in securing
the information requested from brokers,
etc.
Several of the largest houses have advised committ
River and Lake Michigan.
ee that their
are being prepared with a minimum of difficult
y.
The report directed important changes in the Eastern rate returns
Committee feels that the follow-up questionnaire is
structure, including increases on first to fourth class rates to ascertain who are the real stockholders and is necessary in order
concerne only with
inclusive, but made reductions in fifth and sixth class rates holdings of substantial interests as to which a minimum ofd 500
shares
was stated to be illustrate.
and eliminated the differential system of relationship for
Co-operation extended committee in its investig
ation
generall
y was
class rates to and from North Atlantic Ports on domestic characterized here as "most gratifying" and it is likely
that a report upon
traffic, with a material consequent reduction in many rates. the entire study will be made early in December upon convening of Congress
.
It was emphasized here that the addition
al brokers' questionnaire is
It is pointed out that the action of the Commission was im- intended simply
to secure answers to questions of stock
ownershi
p
which
were
mediately interpreted, in many quarters, as a rate advance
originally addressed to the railroads themselves.
which would substantially increase the revenues of Eastern
carriers. But the traffic executives of the railways do not
share this view. As to the final effect of the proposed rate Dr. Julius Klein of Department of Commerce on U. S.
as Debtor Nation—Foreign Invest
revisions, the petition says:
ments and
posits in U. S. at 73i Billion Dollars Larger DeIt is the firm conviction of the carriers' traffic executives that the ComThan
mission's present proposal will greatly decrease the carriers' revenue
Before World War.
s on
class rate and related traffic, not only under existing circumstances,
but
"Foreign investments and deposits in the
even under normal conditions.
United States
to-day are even larger than before the
*
*
*
war," according
It is not sufficient to reply to their (carrier) apprehensions by suggesti
ng to Dr. Julius Klein, Assistant
Secretary of Commerce, who,
that a single carrier here and there, and perhaps a given locality,
may find in a
its revenues slightly increased. It is the aggregate picture that
radio talk Sunday, July 27, over Station WMAL
must
, Washbe considered, and this is the picture to which the Commission's attentio
n ington, and affiliated stations of the Columbia
Broadcasting
is respectfully directed in this petition.
System
,
stated that "at the end of 1929 we owed foreigners
*
*
*
The Commission apparently expects that the carriers will receive increase
1
2 ,billion dollars." "Thus," said Dr. Klein,
s about 7/
"we
under the higher class rates sufficient to offset reductions in the fifth
and are again the greates
t debtor nation in history, on private
sixth classes. The carriers are convinced that this expectation will not
be
account, ranking a little ahead of either
realized. The increase, if any, under the higher classes will
be very much
Canada or India."
less than the Commission seems to have supposed and the reductio under "Germ
ns
any is left out of account here," he said,
the lower classes will be very much greater and will entail reductions in
"because its
a debt to
foreigners is so largely political." Dr. Klein
great many commodity rates which move a tremendous volume of traffic,
made
The petitioners state that the revenue study used by the the statement that "the use of gold in settling international
Commission as the basis for scale rates covered class rate accounts may some time be reduced greatly by settlements
traffic of salected days in 1925, which was the first full year In securities." He added: "One of our financial expert
s
after the investigation was decided upon. The petition of at the Department of Commerce, Dr. Ray Hall, feels
that
the rail carriers states that transportation conditions have these security interchanges might some
time become the
changed even during this short period of five years; that foremost settling item in America's international
accounts,
competition of other forms of transport, particularly the coming before even gold shipments." Dr. Klein, in
indicating
what groups of American industry foreign
motor, is more acute today than it was in 1925; and that a
investors are
revenue study five years old can scarcely be considered as placing surplus funds, said that "of the 23 corpora
tions
giving proper indication of the financial results which manufacturing rayon in this country, about 20 are definit
ely
would accrue to the carriers under rates now prescribed, known to be branch plants of European interests." He also
said,
"We have seen filling stations taken over
and under transportation conditions now existing.
by the hunThe petition of the carriers also directs attention to the dreds by a foreign-owned oil corporation, which is entering
into
intensi
ve competition with American companies everyfact that the Commission has excluded the most important
class of traffic, iron and steel in carloads, from the class where." Dr. Klein's speech follows:
One of the secrets of forming true judgment
rates prescribed in this proceeding; these rates having been
s about any given matter is a
willingness—in
a vigorous determination—to look at the problem
previously revised with a loss of several millions of dollars every angle. Ifact,
from
ani afraid that the natural human inclinati
annually of carrier revenue. Likewise, the Commission mental laziness—the tendency to fix our attention upon one on is toward
particular side
has removed from this case fresh fruits, vegetables and hay of any question because that saves us the trouble of complicated, intensive
reasoning. It is so easy, as we all know,
to slight or to ignore the forces
in so far as increases might be involved, requiring the and features
that do not appeal strongly to our
imagination. And so our
railroads to make the new class rates effective where they judgments are apt to become warped, lopsided.
We stare
just one
would produce decreases. It is stated that fifth and sixth side of an issue until we gt myopic—near-sighted—so that theatother
side
the case sems all out of focus,
class traffic, and commodities moving at rates based upon of This
is especially regrettable in the
economic
field,
where it is vitally
percentages of these classes, approximate about 55% of the important that we should "see things clearly
and see them whole," Take,
total class tonnage and yield more than 35% of the total class for instance, the question of the position of the
United
States
as a creditor
debtor nation—the question of reciproca
revenue. Contending that the proposed reductions in these or
l investments and debts between
our own people and foreigners. In
recent years—since the World War—
rates will have a far-reaching effect upon carrier revenues, we have heard it said
repeatedly that Uncle Sam has become
"the world's
the petition says:
greatest creditor"—that these billions
of American dollars which
have
gone abroad so "bounteously" in
Reductions in the fifth and sixth
the development of foreign activities are
class rates will not only be very sub- convincing
evidence of our "super-lordship
stantial but they will either directly
over universal credit and
indirectly result in a tremendous loss finance."
or
of revenue from commodity
rates, a great many of which are related to the
Quite evidently, in giving ourselves
fifth or sixth class rates and
such a generous "pat on the back,"
a great many more of which are so slightly
we are thinking only of the money
below either the fifth or the sixth
that foreign peoples owe us—of our
class rates that a reduction in the latter
share in all sorts of foreign enterpris
will necessarily reduce the commodi
es, such as mines, oil wells, railways,
ty rates.
municipal utilities, manufacturing plants,
and so forth. Foreign observers,
have been looking, somewhat too
Brokers Questioned on Rail Holdings—House Com- also,
exclusively, at that aspect of the
matter, and some of them have
unwarranted conclusions as to our
merce Committee Seeks Further Data on Owner- alleged voracity in "gobbling updrawn
the whole wide world." Too often, it
does not occur to them—or to us—that
ship of Principal Blocks.
there may be another side to that
question.
we may profitably look, to-day, at the forces that are
From its Washington bureau the "Wall Street Journal" moving in Ithethink
opposite direction.
of last night (Aug. 29) reported the following:
Consider for just a few moments, if
you will, the decidedly astonishing
fact that no country in the history
A supplemental questionnaire
of the world has ever owed as much
has been sent to a limited number of stock money
brokers, trading companies
to foreigners as we Americans owe to-day. That is a bit staggeri
and investment banking houses by House
ng,
Interstate Commerce Committ
ee in its railroad holding company and is it not? It is particularly upsetting to hopelessly incurable partisans,
ownership investigation study in
whether they be the exuberant pointers-with-pride or the doleful
order to follow through to actual owners,
viewersownership of principal blocks
of stock of Class 1 carriers which appear on with-alarm. It just ruins their peace of mind to have to consider the other
books of railroads in names of
side of their pet aversion or hobby.
brokers or their nominees.
Only about 300 such question
Let us look at the historical development of this "who-owes-wh
naires have been sent out with returns
om"
required by September 16.
situation—its roots in our nation's past. Before the war the
United States
Questionnaires have been
was
the world's greatest debtor nation. Foreigners' investments here
mailed to three categories. viz:
were
1—Brokers.
then estimated at about five billion dollars, though that was, of course,
a
2—Nominees of brokers.
very rough guess.
SEPT.6 1930.]
FINANCIAL CHRONICLE
Our mighty railway system had been built during the middle and later
decades of the nineteenth century very largely by foreign capital, and
certain important railway lines were still owned in 1914 by foreigners.
(Indeed, Canada to-day owns two important railway lines in this country,
besides several lesser branch lines.) Hundreds and hundreds of American
bond and stock issues had been underwritten at London, Paris, and Amsterdam. In 1912 we borrowed in this way $176,000,000 on 31 different issues;
In 1911 we likewise imported $160,000,000, from 30 issues; and in all
years of that period the story was about the same. Moreover, a considerable
number of foreign branch factories were erected here—some of them
important. Some of our leading insurance companies were foreign; in
fact, that is true now. The chief stock owners in many of our great
utilities, such as telephones, were (and, indeed, in some cases still are)
foreigners.
We of the next generation may well be proud that our fathers never
feared "the foreign domination of American industry." They never prattled
of "European economic penetration," or made biting remarks about "the
European octopus" or "the grasping Shylocks of the Old World." Certainly our captains of industry never resorted to the policy of issuing
plural voting shares—that is, debarring foreign stock owners from their
rightful voting powers—in order to prevent "European exploitation of
American resources." Such has been the practice of many European
corporations toward their foreign stockholders in recent years. But
apparently our American industrial leaders cared so little about this bogeyman, the "fearsome foreigner," that no one even bothered to collect
statistics before the war on our imports of capital.
The war brought us some interesting figures gratis. When England
"mobilized" dollar securities—to use the expression in vogue—she rounded
up no less than 1,810 different issues of American stocks and bonds,
worth perhaps two billion dollars at normal quotations. This excluded,
of course, British direct investments—that is, ownership in American
factories and real estate, as contrasted with shares and securities. When
our Alien Property Custodian sequestered German property in the United
States, it was found to total about $525,000,000. This was actually
exceeded by the holdings of that financially titanic little nation, the
Netherlands, which had no less than $750,000,000 invested here—and
France had nearly as much.
Now here is the surprising thing: Foreign investments and deposits
in the United States to-day are even larger than before the war. At the
/
2 billion dollars. Thus we are
end of 1929 we owed foreigners about 71
again the greatest debtor nation in history, on private account—ranking
a little ahead of either Canada or India. Germany is left out of account here,
because its debt to foreigners is so largely political.
Perhaps this sounds to you like "drpression news."
I may even be
accused of scanning the horizon for dark clouds to deepen the gloom of
Certainly
our
debts
to
foreigners
are piling up at an
the pessimists.
amazing rate. I can only observe, however, that persons who find evil
tidings in this mounting indebtedness are welcome to their gloom. I find in
this devlopment—well, for one thing—a cencensus of world confidence in
the long-term stability of our institutions and in the material progress
of our nation.
Our most raucous foreign critics—and some who are not so foreign, as
well—can usually develop a first-rate case of apoplexy over the "bloated
monstrosity of our money bags" and the "dark menace" which their everwidening shadow is alleged to throw across the world. Well, the next time
one of these sad-eyed cynics starts weeping on your shoulder with that tale
/
2 billions which
of world woe, just ask him if he ever heard of those 71
these supposedly terror-stricken foreign "victims" of ours are lending to
that old "skinflint Shylock," Uncle Sam. And they seem to think the
old miser Is a pretty good risk, at that—the way they keep pouring their
marks and pounds and francs and lire (and what not) into his capacious lap
Now, in what large groups of American industry are foreign investors
putting these surplus funds of theirs? Well, for one thing, there is the
rayon industry. Of the 23 corporations manufacturing rayon in this
country, about 20 are definitely known to be branch plants of European
interests. Those mills are located mainly below the Mason-Dixon line,
and they have been very important in the rapid industrialization of the
Southern States. Those branch plants pay wages of approximately 40
million dollars a year.
We have seen filling stations taken over, by the hundreds, by a foreignowned oil corporation, which is entering into intensive competition with
American companies everywhere. I am sure that each of you has seen
evidence of this battle of the fining stations between the invader and the
Americans. Our "Paris" perfumery may possibly come from a French
laboratory in New York. So, too, certain photographic supplies and a
great variety of important chemicals are the products of German-controlled
factories here. If all the foreign-owned factories in the United States
were suddenly to close, the direct depressive influence would be felt
unmistakably. And, conversely, the profits paid to foreign shareholders
through the Prosperity of their American enterprises form, indisputably, a
large factor in European economic recovery and in Canadian prosperity.
Foreign interest in American investments is so great that every important
stock exchange in the world lists a great variety of American stocks and
bonds. Foreign trading on the New York Stock Exchange last year is
estimated at $4,200,000,000; this includes purchases and sales by foreigners, for speculation and investment.
Back in 1923 and 1924 foreign investments in this country increased
yearly by about a quarter billion of dollars. That was during the so-called
"flights of capital," when certain foreign paper currencies were becoming
literally less valuable than the paper on which they were printed. Foreigners with foresight were converting their paper into sound currencies; and,
of course, the American dollar was one of the safest refuges for their
capital. A yearly import of a quarter billion of capital into this country
was a startling event at that time; for we had just begun to be proud of
our own foreign investing abroad.
Surely no one would have predicted, then, that foreign investments in
the United States would increase almost twice as rapidly five years later,
when the economic wounds of the war had more nearly healed. Yet precisely this seems to have occurred in 1928 and 1929. In these two years,
long-term foreign investments in this country are estimated to have increased
by the stupendous total of $884,000,000.
Will there be any end to this foreign accumulating of American securities?
In the coming decades will the present total of 71
/
2 billions swell to 10
billions-20 billions—or possibly even more? Well, why not?
There can be no doubt that foreign buying of the ef—•k of a given
American corporation actually enhances its value—which is another good
reason why our mounting "indebtedness" to foreigners is anything but
evil tidings. We have all known of cases where corporations have endeavored to increase the number of their stockholders—by stock split-ups, for
example. The object is to get a greater number of people financially
1509
intersted in the corporation—to gain popular favor. Stockholders are
bound to wish success to their corporation. And so in international relations: foreign holders of American securities are bound to wish our country
well, to want its prosperity to continue. May we have more of theml
The world is casting about for ways to economize in the use of gold.
Certain economists warn us that unless new gold mines are discovered,
gold will become an even scarcer and more precious metal than it is now.
That would mean continuously sagging prices throughout the world,
because each piece of gold would have to buy more—what our economists
call the "quantity theory of money." And so we would have a damper
upon business enterprise, everywhere and always.
Now, the use of gold in settling international accounts may some time
be reduced greatly by settlements in securities. This is a pretty technical
point to inflict upon you long-suffering radio friends of mine, but it seems
to be a sound one. One of our financial experts at the Department of
Commerce, Dr. Ray Hall, feels that these security interchanges might some
time become the foremost settling item in America's international accounts,
coming before even gold shipments.
Switzerland, that most international of nations, already seems to be
settling its international accounts almost exclusively in securities. Australia, just now, is suffering from an acute crisis in its foreign exchange;
that affliction could not have befallen the Commonwealth if the stock
exchange listings at Sydney were as international in scope as those of, say,
Amsterdam, or of Zurich. Although our dollar exchange has become,
seemingly, a Gibraltar among international currencies, the future may
conjure up situations when our world distribution of American securities
will be "a very present help in time of need."
I find solace in our mounting indebtedness to foreigners, in still another
way. Many persons were genuinely apprehensive about the war debt payments to the United States Treasury. They said that these great sums
could not be paid in gold; they wou l have to be paid to us, indirectly,
in merehandise—in such vast quantities ..s t I swamp our domestic markets.
Well, the war debt payments now amount to a little more than $200,000,000
a year; at their maximum, a half-century hence, they will be twice as
much. But if you are ever dubious as to the perils of our taking in that
much in the way of gold or competitive goods, just remember that we did
not seem to suffer in the least from the $488,000,000 placed here by
foreigners for long-term investment in 1928. It looks to me as though
the war debt cancellationists would have to find some other argument for
their case instead of this contention that it is dangerous to take in foreign
valuables. Certainly these big volumes of private capital coming in from
abroad do not seem to upset our economic order.
A nation's enlightenment in economic matters can be judged pretty well
by its attitude toward foreign investments in its territory. Witness
Canada. Twenty years ago officials of the Dominion Government were
issuing pamphlets and articles containing "facts and figures respecting
one of the most attractive investment fields in the world." Canada has
always welcomed foreign investments. The present total there is now
more than six billion dollars, and Canadians are wisely proud of it!
Canada has rich natural resources, and it has a population nowhere surpassed in intelligence, initiative, and plain hard work. That combination,
together with foreign capital, has created a nation with even greater
per capita prosperity than our own, according to certain estimates of
national wealth.
Capital buys "steel slaves," whose fodder is a few drops of oil and
lumps of coal. Interest is the wage of steel slaves. If the wage is reasonable, as it always must be, who would not have many such burden-carriers?
Canada would; we would.
Through the smoke-filled salons of our so-called "intelligentsia"—those
dens of deep thought were the density of the atmosphere sometimes seems to
affect the density of mentality—we sometimes hear protests against our
"economic penetration," our "financial imperialism," the "forays of the
American octopus." With all of their intense cerebration, these people
do not yet get at the basic characteristics of present-day international
investments. Those investments are one of the great symbols of confidence. They involve the weaving of complex economic ties that are
certain to result in heightened friendliness, concord, and understanding—
if only they are rightly conceived and comprehended. By his investment,
the foreign capitalist has placed a bet on the prosperity, the future, of
the country where the money is invested. Investments, at their best, are a
form of mutual helpfulness between nations.
How, then, can there be any justification for regarding foreign investments in one's own country with a feeling of resentment, or apprehension,
or anything approaching jealousy? The feeling should rather be one of
welcome, of gratification that new and strong forces are being added to
those that exist within the strictly domestic sphere. (It would be futile
to deny, of course, that in the past there have been cases of exploitation
and cruel injustice to the natives, on the part of foreign interests, in the
more obscure places of the earth—but such acts as the Putumayo and
Congo atrocities would be virtually impossible to-day, with our swift communications, the rapid spread of civilization, and the predominantly
enlightened attitude.)
As regards the United States, one fact stands crystal-clear: We have
profited from that phase of our position which makes us a debtor nation.
Foreign investments here have served in the past—and will continue to
serve in the future—as strengthening, sustaining elements. They have
been helping us to advance sturdily along the upward path.
Building and Loan Associations Increased Assets
$700,000,000 Last Year—Lessened Demand for
Mortgage Money This Year.
Building and loan associations in spite of the business depression of last year, increased their assets by nearly $700,000,000, and as this amount represents the savings of individuals, this is a good omen for the country, said H. F.
Cellarius, Secy.-Treas. of the U. S. Building & Loan League
at Grand Rapids, Mich. on July 29.
Making his yearly report before the 38th Annual Convention of the League, Mr. Cellarius described the growth of this
business during a "bad year" and said it was significant that
all building and loan associations were able to pay the heavy
withdrawals that followed the stock market crash of last fall.
Association members that number more than 12,000,000
people with savings of more than 84 billion dollars invest
these funds in building and loan associations who re-lend
1510
FINANCIAL CHRONICLE
these large sums exclusively for home buying purposes. The
associations are under State supervision in most States.
Although he reported a lessened demand for mortgage
money for the second quarter of 1930, the League Treasurer
stated that business was gradually "picking up" throughout
the country,and referred with pride to the 700 million dollars
the public was able to lay by in 1929.
Thus, he figures that the average amount held by building
and loan members increased $49.711ast year and that $717.94
is the average amount now held by each of the 12,000,000
members which doesn't sound exactly like hard times. He
added:
"To us this means that everything did not vanish last fall. People who had
withdrawn their savings from local associations have re-established their
accounts. New accounts have been opened. We have assets to-day of
$8.695,154,220, an increase of $679,119,893, or a growth of nearly8% in
the bad year of 1929.
"During the last half of 1929 a speculative mania ran riot among all classes
of people. It culminated in one of the greatest slumps in stock prices ever
witnessed by our people. A large volume of savings of our people was withdrawn from building and loan associations and other financial institutions
and poured into the stock market,it is needless to recall with what disastrous
results.
"About the middle of December. however, there was a notable change in
conditions. The withdrawal demand decreased considerably, moneys
began to flow back into the associations in better volume. In the first
quarter of 1930 there continued a gradual but steady improvement;associations which had borrowed from banks to meet the withdrawal demands of
shareholders began to liquidate their indebtedness and many resumed the
making of mortgage loans. In the second quarter of the present year the
associations did a fair volume of business under more established conditions.
"California,for the first half of the year,reports an improved demand for
loans over last year. Ohio, Wisconsin, Minnesota, Oklahoma, except the
northern part, Idaho, Iowa, District of Columbia, and most of the States
in the eastern sections report improved receipts with lees withdrawals and
an adequate supply of funds for all purposes."
The League Sec -Treasurer suggested that these institutions be required in
the future to create reserve organizations or create other more ample reserves Co meet periods such as the one last fall and stated that New Jersey
had recently passed an act which will require building and loan associations
In that State to invest a certain sum annually as a liquid reserve to meet
such emergencies.
Touching on all types of construction being undertaken throughout the
United States, the speaker stated that contracts for residential construction
awarded in 36 States in the first three months of 1930 were down 48% as
compared with 1929. Total contracts awarded for all classes ofconstruction
for the first quarter of 1930 fell off only about 14% and for the first half of
1930 residence construction continued nearly 50% less than the amount
shown for the corresponding period of last year but contracts for all classes
of construction improved somewhat during the second quarter so that for
the first half of the year all construction was off only 123 % over 1929.
In giving detailed figures on gains in assets by States, Mr. Cellarius said
New Jersey showed the greatest gain, having added $119,074,037 during
1929. Pennsylvania made a gain of $59.943,656 and Ohio $46,145,259.
Other States making gains in assets of 10 million dollars or more for the
year were Wisconsin $31,162,283; Illinois $28,495,532; Massachusetts
$27,516,610; Texas 123,981,515; New York $20,680,594; Missouri 619,224,363; Michigan $18,466,603; Indiana $14,047,877 and Kentucky $13,367,294.
[vol.. 131.
finance and at this time Silas H. Strawn of Chicago, Chairman of that City's Citizens Committee in the recent crisis in
its municipal finances, will address the convention on "Problems of Municipal Credit in the Future."
Another innovation in the procedure of the Association's
1930 convention will be that the 39 members of its Board of
Governors will convene in New Orleans two days before the
opening of the convention, to consider the reports to be made
to the convention by some twenty-odd committees. The 200
members of committees will arrive with the delegates Oct. 12
and will convene immediately. The Association maintains
especially-selected groups, or committees, of experts for every
important division and problems of investment banking and
it is to give the entire membership closer contact with the
research work of these groups that committee meetings this
year will be open to all delegates. Most of the committee
reports will be summarized on the floor of the convention,
by the respective chairman, instead of reading an entire,
report as at previous conventions. Complete copies of the
reports will be distributed at the beginning of the sessions.
The 1930convention will vote on the election of a President,
six Vice-Presidents, a Treasurer, a Secretary and 12 members
of the Board of Governors. The ticket to be presented by
the Board of Governors is as follows:
President, Henry T. Ferriss (First National Co.), St. Louis.
Executive Vice-President, Alden H. Little, Chicago.
Vice-Presidents, Charles D. Dickey (Brown Bros. & Co.), Philadelphia;
William H. Eddy (Chase Securities Corp.). New York; Bernard W. Ford
(Tucker Hunter Dulin & Co.), San Francisco; Sidney R. Small (Harris,
Small & Co.), Detroit; William J. Wardall (Bonbright & Co.), Chicago.
Treasurer, William T. Bacon (Bacon, Whipple & Co.), Chicago.
Secretary, C. Longford Felske, Chicago.
Governors, Canton O'Donnell (O'Donnell-Owen & Co.), Denver; Ralph
Fordon (Guardian Detroit Co., Inc.), Detroit; George W.Bovenizer(Kuhn,
Loeb & Co.), New York; Robert E. Christie, Jr. (Dillon, Read & Co.),
New York; Robert A. Gardner (Mitchell, Hutchins & Co.), Chicago;
Samuel W. White (National Republic Co.), Chicago; Donald O'Melveny
(E. H. Rollins & Sons), Los Angeles;Philip T. White (Cleveland Trust Co.),
Cleveland; John R. Chapin (Kidder, Peabody & Co.), Boston; Albert E.
Schwabacher (Schwabacher & Co.), San Francisco; Kenelm Winslow, Jr.
(Seattle Co.), Seattle; Almon A. Greenman (First Securities Corp. of
Minnesota), St. Paul.
The Chairmen of the various committees of the Association
follow:
Business Conduct—Kelton E. White (G. H. Walker & Co.), St. Louis.
Business Problems—Arthur H. Gilbert (Spencer Trask & Co.).
Chicago.
Cost Accounting Sub-Committee--Victor S. Buchanan (Ames, Emerich
Co.), Chicago.
Distribution Sub-Committee—Rollin A. Wilbur (Mitchell, Herrick &
Co.), Cleveland.
Salesmen's Compensation Sub-Committee—Paul Loughridge (Bosworth,
Chanute, Loughriclge & Co.). Denver.
Trends of the Business Sub-Committee—George N. Lindsay (Baneamerica-Blair Corp.), New York.
Commercial Credits—Herbert F. Boynton (F. S. Moseley & Co.), New
York.
Constitution and By-Laws—Albert E.Schwabacher(Schwabacher & Co.).
San Francisco.
Education—James H. Daggett (Marshall 8z Miley Bank), Milwaukee.
Federal Taxation—William H.Eddy(Chase Securities Corp.), New York.
Finance—Robert A. Gardner (Mitchell, Hutchins & Co.). Chicago.
Foreign Securities—Harry M. Addinsell (Harris, Forbes & Co.), New
York.
Government and Farm Loan Bonds-13. Howell Griswold, Jr. (Alex.
Brown & Sons), Baltimore.
Group Chairmen's—Canton O'Donnell(O'Donnell-Owen & Co.), Denver.
Industrial Securities—J. Augustus Barnard (Dominick & Dominick),
New York.
Industrial Service Securities—Ralph Hornblower (Hornblower & Weeks).
Boston.
Investment Companies—Charles D. Dickey (Brown Bros. &
CO.).
Philadelphia.
Irrigation Securities—G. Parker Toms (Tucker Hunter Dulin & Co.),
Los Angeles.
Legislation—Francis A. Bonner (Lee, Higginson & Co.),
Chicago.
Membership—William J. Wardall (Bonbright & Co.), Chicago.
Municipal Securities—Henry T. Ferriss (First National Co.), St. Louis.
Public Service Securities—Francis E. Frothingham (Coffin
& Burr,Inc.).
Boston.
Publications—Ralph Fordon (Guardian Detroit Co., Inc.), Detroit.
Railroad Securities—George C. Clark (Clark, Dodge &
Co.), New York.
Real Estate Securities—Sidney R. Small (Harris, Small &
Co.), Detroit.
State and Local Taxation—Edward Hopkinson, Jr. (Drexel & Co.).
Philadelphia.
Program for Annual Convention of Investment Bankers'
Association of America To Be Held at New Orleans
Oct. 12-15—One Closed Session Scheduled—Gov.
Black of Atlanta Federal Reserve Bank and Silas
Strawn to Address Meeting.
A new procedure in its convention program was anounced
on Sept.2by the Investment Bankers'Association of America
in the call for its 19th annual convention at New Orleans
Oct. 12 to 15, which was sent to the 1,967 main and branch
offices of the Association's membership in the United States
and Canada. The program reduces the traditional six-day
convention to four days,opens the pre-convention committee
meetings to all delegates and departs from the Association's
open-house custom by providing for one closed session of the
convention at which all delegates will be urged to express their
opinion in a discussion of the more urgent problems of the
investment banking business. Heretofore all sessions of the
Association's convention have been open, and complete
verbatim transcripts of the proceedings have been distributed
to the press and to all members each day. No record of the
closed session will be distributed, either to the press or,to
members. The purpose is to encourage a wide participation
in the discussions of the closed session, says the Association
President Hoover to Address Annual Convention of
announcement issued at Chicago Sept. 2. Five special
American Bankers Association in Cleveland—Also
trains will carry the convention party to New Orleans. It is
to Speak Before American Federation of Labor.
expected that 1,000 will attend. The Roosevelt and St.
An invitation to address the annual Convention of the
Charles hotels will house the delegates, with convention and
American
Bankers Association, to be held at Cleveland,
press headquarters at the Roosevelt hotel.
The convention will convene the morning of Oct. 13. The Sept. 29-Oct. 2, has been accepted by President Hoover,
address of welcome will be by George W. Robertson of New whose other speaking engagements are indicated in the
Orleans, a member of the Association's Board of Governors, following, which we quote from the Washington account
and will be followed by the annual address of the President, Sept.3 to the New York "Journal of Commerce":
It is the intention ef the Chief Executive to leave Washington on the
Trowbridge Callaway of New York. The closed session will
night of Oct. 1 for Cleveland, Ohio, there, the following day, to address
be on the afternoon of the same day. B.R.Black, Governor the annual
convention of the American Bankers Association, returning to
of the Federal Reserve Bank of Atlanta, will address the Washington the following day. On Oct. 5 he win leave for Boston, the
Oct. 14 session on "The South—an Investment Field." The following day to address the American Legion at its opening morning session and in the
he will perform a similar mission on the occasion
final session, Oct. 15, will give special attention to municipal of the opening afternoon
of the annual convention of the American Federation of
SEPT. 61930.1
FINANCIAL CHRONICLE
and upon
Labor. At noon he will be the luncheon guest of Gov. Allen
Mountain,
the conclusion of his speechmaking he will leave for King's
of the AmerS. 0., where the battle was fought that was the turning point
7, returnican Revolution. Tie is to speak there in the afternoon of Oct.
ing to Washington the same day.
the several
There is no indication as to what will be the subject matter of
of big political
speeches. It is naturally to be guessed that,this being a year
not deal
does
he
that
him
interest, the President, despite the criticism of
be desired by his
with matters as much from a political viewpoint as could
of
political friends, will avail himself of the opportunity to explain some
his own ideas.
1511
Mountains, is Lake Mohonk, "The Lake in the Sky," the Indians called it,
which, for more than half a century, has been widely known for its unspoiled
natural beauty. In Essex County, New York, there is Ausable Inn in the
Adirondacks, facing Lake Champlain, close to Plattsburg and Saranac Lake.
Many other delightful summer resorts are to be found in New York State
and New Jersey, accessible from Cleveland over good roads.
Another pleasant after-the-convention trip leads east through Pittsburgh,
continuing through the mountains of Pennsylvania into Gettysburg, down to
Hagerstown, stopping at Uniontown for a round of golf at the Summit
Hotel and Golf Club. Then on to Baltimore, where are found historic
of
relics from the satlement of the Colonies, through the Revolution, War
1812, and the Civil War.
world's
A few hours' drive farther is the nation's capital and the
there are the
financial and industrial centers. Starting at the seacoast
its
and
Bay,
wonderful views of the Atlantic Ocean, the Chesapeake
rolling
numerous tributaries; thence westward over level, then slightly
Alleghenies.
land, to the valleys and forges of the Blue Ridge and the
stopping at
From Washington one may take either the upper route,
the Southern
Annapolis, Wilmington, Philadelphia or Atlantic City, or
Caverns at
route into Virginia. This route includes the Massanutten
Ridge, and the
Harrisburg, the Natural Bridge, in the heart of the Blue
Berkley and Norfolk,
King's Highway Route to Portsmouth, South Norfolk,
War. Then down to
and the Petersburg Crater, built during the Civil
Chattanooga.
Mergers, Branch and Group Banking to Be Among
Discussions at Annual Convention of American
Bankers' Association at Cleveland Sept. 29-Oct. 3—
Points of Interest at Cleveland.
Prominent among the questions to be discussed at the
coming annual convention of the American Bankers Association in Cleveland, Sept. 29th, is that of mergers and their
attendant problems of personnel. The tendency toward
mergers which has been evident during the past few years
has raised several major problems, all of which will be prefor Delegates to Annual Consented by speakers at the convention. Branch and group Reduced Railway Fares
Bankers' Association at
American
of
vention
banking, long an actuality and rapidly increasing in import2.
29-Oct.
Sept.
Cleveland
ance, will be discussed at length at the convention. In
Reduced fares have been granted by the various railway
addition, investment trusts, corporate trusts, and the quesof the American
tion of banking profits and how to obtain them will be passenger associations for the convention
Ohio, Sept. 29Cleveland,
at
held
be
to
Association
Bankers
program.
the
included in
identification
the
on
based
are
reductions
Early registration for the convention indicates a large Oct. 2. The
members of the associato
available
are
and
plan
certificate
are
delegates
8,000
and
expected.
7,000
Between
attendance.
their families going and
The Registration Committee comments on the fact that a tion and dependent members of
rates are as follows:
The
route.
same
great many bankers are planning to bring their wives, and returning by the
for the round trip, tickets to be sold, with certain
one-half
and
Fare
well
as
as
a
vacation
a
business
Cleveland
make the trip to
8; or fare and
exceptions, Sept. 25 to Oct. 1, with final return limit Oct.
trip. With the completion of the $150,000,000 Terminal three-fifths for the round trip, tickets to be sold, with certain exceptions,
to date of
addition
in
final return limit 30 days
Station, ample railroad facilities are available for visitors. Sept. 25 to Oct. 1, with
certificates will be sent to members by the association.
Identification
sale.
with
a
Auditorium,
Public
seating Exceptions to these provisions are as follows: Tickets from Oklahoma and
The doors of the great
30,
capacity of more than 15,000, will open for the main sessions Texas on the fare and one-half basis will be sold from Sept. 24 to Sept.and
limit of Oct. 9, and tickets on the one
of the convention. Improvements to the Mall and the inclusive with a final return
30.
Sept.
to
24
Sept.
States
these
from
sold
three-fifths basis will also be
beginning of the new Administration Building of the Board inclusive
with a return limit of 30 days.
of Education, a new unit of the Mall will surprise visitors
The following southwestern lines are not party to the
who remember Cleveland when the last A. B. A. sessions reduced excursion fares: Arkansas and Louisiana Missouri
convened there 30 years ago. The entertainment program RR., Ft. Smith & Western RR., Graysonia Nashville and
has been tentatively arranged, and in its present form Ashdown RR., Kansas Oklahoma and Gulf RR., National
promises much for the free afternoons of relaxation between Railways of Mexico. From the territories of the Trans-sessions of the convention. Wives of delegates will have Continental Passenger Association and the Western Pasample opportunity to see the social side of Cleveland, and senger Association, west of Chicago, round trip tickets will
features of the entertainment program have been planned
be available as follows:
for their benefit. J. R. Kraus of the Union Trust Co.,
RAILWAYS REDUCE BANKERS CONVENTION FARES.
Fetal
Dates
Final
Dates
chairman of the general Convention Committee says, "The
Lindh
of Sale.
Territory—
Limit.
of Sale.
Territory—
Colorado (except
large attendance which is expected at the coming convention Colorado
(JulesOct.9
24-30
Sept.
b
ul
burg only)
is an opportunity for Cleveland, bringing as it does bankers Illinois
New Mexico
Wyoming
from all over the United States to visit here. The splendid Iowa
Montana
8
Oct.
25
Sept.
Kansas
Southern Idaho , Sept. 23-29 Oct. 10
co-operation of Cleveland citizens in planning for the cordial Manitoba (see note Oct. 1
Utah
A)
Arizona
reception of these visitors promises to make this convention Minnesota
British Columbia
Missouri
Sept. 23-29 Oct. 14
one of the most successful the association has ever had."
Nevada
Nebraska
Northern Idaho
For the information of the prospective visitor it is stated Nor. Michigan._
(except via
Oregon
No. Dakota
Washington
that in the territory about Cleveland are many finely de- So.
Dakota
Sept. 22-28 Oct. 14
California
Oregon (via Calif.) Sept. 21-27 Oct. 14
veloped golf clubs, with beautiful clubhouses and well.. Wisconsin
and Minneapolis,
Pacific
Northern, Northern
planned courses. The City of Cleveland itself has much to
Note A.—Manitoba (on Great
Sault Ste. Marie Rys., also from Winnipeg via Canadian National and
de
Paul
St.
is
one
of
Art
the finest in Canadian Pacific Railways.)
offer to visitors. The Museum of
the country, and its Public Library is said to be the third
It is announced that the same routes must be used in
largest in the United States. One of the most interesting both directions, except that from stations in Arizona,
places in the terminal area is the "home in the sky," a com- California, Nevada, northern Idaho, Oregon, Washington
pletely furnished home on the 14th floor of the Builders' and British Columbia, the usual diverse routes west of
Exchange. The Shaker Square development on the'Rapid Chicago, St. Louis, Memphis, Vicksburg and New Orleans
Transit Line east from Cleveland is well worth a visit. will apply. East of those gateways, the same route must be
Downtown, the Federal Reserve Bank, the Union Trust Co., used in both directions. Summer tourist fares on a lower
the new Midland Bank, and the Cleveland Trust Terminal basis than round-trip identification certificate plan fares
office will be of interest to delegates to the convention. The will also be in effect from Arizona, British Columbia, Calihospitality of the women's clubs will doubtless be acceptable fornia, Idaho, Nevada, Oregon and Washington. Tickets
to the women visitors for a luncheon or dinner-bridge. The on sale daily to Sept. 30, inclusive, with a return limit of
Intown Club is known for its richness and beauty of furnish- Oct. 31 1930.
ings. The Shaker Club, the Athletic Club, and the Women's
City Club and all of the country clubs will also be found of Daily Newspaper Planned for Delegates to Annual
Convention of American Bankers Association.
interest. The Guild Hall in the Medical Arts Building, and
the Chamber of Commerce in the Terminal Building are
A four page daily newspaper for convention delegates will
places worthy of a visit. Some desirabie automobile tours come into being during the 56th annual convention of the
are indicated, as follows:
American Bankers Association of Cleveland, Sept. 29th to
After the convention, excellent automobile roads will invite the traveler.
Oct. 3rd. The new paper will be called "Daily Clearings"
With Cleveland as a point of departure, many attractive tours are available.
it will be printed at night and
Detroit, with its many attractions, is only 180 miles from Cleveland. Or, and during the convention
going to Erie, Pa., one may take the Erie-Dover ferry over to Port Dover, delivered under the door of each delegate's room in the
Ontario, Canada, then up beyond Georgian Bay and Little Current, the morning, just as regular metropolitan dailies are delivered.
Gateway to Manitoulin Island. Jamestown, N. Y., with Chautauqua Lake,
will be devoted entirely to convention news,
Bemus Point and other summer resorts is 150 miles from Cleveland, while The paper
Niagara Falls is 210 miles to the east, and is on the main route around summarizing the main convention features, and events of
Lake Ontario, up the St. Lawrence River and on to Montreal.
the day, and will contain photographs and sidelights on
A tour through New York State and the Finger Lakes may Include
convention proceedings. It is further stated that the newsRochester, Auburn, Aurora, Geneva, Seneca Falls, and Watkins Glens.
Fifteen miles west of Poughkeepsie, in Ulster County and the Shawangunk paper will not take the place of a regular printed program,
1512
FINANCIAL CHRONICLE
but will function as an official organ of the conventi
on.
Through such a paper information can be given out to the
large number of delegates expected at the convention, which
could be gotten to them by no other means.
[Vol.. 131.
Shubert. The space, to be occupied as a banking
institution only,comprises
the store and basement portion of the two-story
building at the southeast
corner. The lease is for 10 years from Sept. 1
next.
According to the agreement, the yearly rental shall
be a sum equal to
1% of the average net deposits of the branch conducted
by the bank on the
premises up to $1,000,000 and one-fourth of 1% of the
average net deposits
in excess of that amount, provided that, in
any event, the annual rental
shall not be less than $8,000 nor in excess of
$15.000.
This is a sublease, the landlord holding from Alice
J. Dooner under a
major lease dated Sept. 18 1928.
The tenant has the option of renewing this
lease for 10 years, the rental
Payment to be modified by mutual agreement.
Eighth Regional Trust Conference Under Auspices
of Trust Company Division of American Bankers
Association at Seattle, Washington, Aug. 6-8.
The five sessions of the Eighth Regional Trust Conference
to be held in Seattle, Washington, Aug. 6, 7 and 8 at the
Olympic Hotel, under the auspices of the Trust Company
Division of the American Bankers Association and the Elisha Walker, Chairman of Trans-America Corp.
Corporate Fiduciary Associations of Seattle and the State
Favors Foreign Branch Banking—Nation-wide in
of Washington, will be sponsored by Oregon, Southern
Extent.
California, Northern California, Utah and the Trust ComForeign branch banking, eventually nation-wide in extent,
pany Division of the American Bankers Association. The is favored by Elisha Walker, Chairman of Transam
erica
program follows:
Corp., as a remedial measure called for by the 5,000 bank
First Session, Wednesday morning, Aug. 6, sponsored by Oregon. failures occurring in the United States
between 1920and 1929.
I). W. Holgate, Trust Officer United States National Bank. Portland, Ore.,
Mr. Walker concurs with Comptroller of the Currency Pole
presiding. "Will Planning," Blaine B. Coles, Vice-President Securitiy
Savings & Trust Co., Portland. "Precautions to Protect Trustees in and Vice-Governor Edmund Platt of the Federal
Reserve
Taking Over Assets from an Individual Executor," C. F. Reilly, Trust Board in the
belief that the extension of branch banking
Officer Hibernia Commercial & Savings Bank, Portland.
Second Session, Wednesday afternoon, Aug. 6, sponsored by Southern facilities will tend to decentralize rather than centralize
California. Halcott B. Thomas. Vice President and Trust Officer Citizens credit. "This extension of branches,"
he states, "could
National Trust & Savings Bank, Los Angeles, presiding. "Responsibilities further
the creation of banks in the interior of the country
and Liabilities of the Transfer Agent and Registrar," F. R. Behrends,
Vice-President and Trust Officer California Trust Co., Los Angleles. and in the West and South big enough to handle some—
"Avoiding Losses in Accepting and Managing Trust Business," John perhaps a considerable portion—of
the business that now
Veenhuysen, Vice-President Guaranty Office. Security-First National
inevitably gravitates to New York."
Bank, Los Angeles. "Should the Present Legal Restrictions Upon the
The following responses were made by Mr. Walker to
Investment of Trust Funds be Liberalized." A. L. Lathrop, Vice-President
Union Bank & Trust Co., Los Angeles.
inquiries in relation to branch banking extension:
Third Session, Thursday morning,
sponsored
Aug. 7,
by Northern
California. J. E. McGuigan, Vice-President Bank of America of California, San Francisco, presiding. "Trust Department Organization in
Branch Banking Institutions," W. T. Gross, Vice-President Bank of Italy
National Trust & Savings Association, San Francisco. "A Review of
Educational Plans in Trust Work," G. Elmer Jennings, Assistant Trust
Officers Wells Fargo Bank & Union Trust Co., San Francisco. "Results
of Trust Department Examinations," A. A. Rosenshine, Legal Counsel
for Superintendent of Banks of California.
Fourth Session, Friday morning, Aug.8,sponsored by Utah. George T.
Petersen, Secretary Bankers Trust Co., Salt Lake City. Utah, presiding.
"The Pitfalls of Avoiding Probate," D. J. Barker, Assistant Trust Officer
Ogden State Bank, Ogden, Utah. "The Value of the Escrow Department,"
Reed E. Holt, Assistant Trust Officer Walker Brothers Bankers. Salt
Lake City, Utah.
Fifth Session, Friday afternoon, Aug. 8, sponsored by Trust Company
Division, American Bankers Association. Henry E. Sargent, Secreatary
Trust Company Division, presiding. "Proven Methods for Securing New
and Profitable Trust Business," W. Tresckow. Vice-President Central
Hanover Bank & Trust Co.. New York City. Symposium: "Is it Sound
Practice to Accept Appointment as Co-Executor or Co-Trustee," E. J.
Drew, Vice-President American Trust Co.. San Francisco; A. L. Grutze,
Vice-President Title & Trust Co., Portland; W. S. Guilford. California
National Bank, Sacramento, Calif.; W. J. Kommers, Vice-President old
National Bank & Union Trust Co., Spokane, Wash.; Daniel Read. VicePresident Central National Bank, Oakland, Calif.; Marc Ryan, VicePresident Bank of Italy National Trust & Savings Association, Los Angeles;
Lane Webber, Vice-President First National
Trust & Savings Bank, San
Diego, Calif.
Question: How,in general, do you appraise the effectiveness the
of
American banking system in meeting
the country's financial requirements?
Answer: Speaking broadly, I fear it must be admitted that our financial
machinery by and large, has failed the farmer to a considerab
le degree.
As an urban resident, I regret to be forced to
the conclusion that our banks
have served their rural patrons less well than
their city customers. But
I do not see how to avoid that judgment.
Calculations made by Mr.Pole,
the Comptroller of Currency,show that
in the nine years following the middle of 1920. about 5,000 domestic banks
closed their doors. That is not an
enviable record; and a particularly distressing
feature of it is that failures
were more frequent at the end of
the period than at the beginning of it.
If my recollection is correct, in more
than one-fourth of our States, more
than a quarter of all the banks in existence
in 1920 have failed. In several
parts of the country, more than half
the banks existing ten years ago have
failed. In a number of counties, every
bank has succumbed.
A distressing feature of that calculatio
n lies in the geographical location
of those failures. More than 90% of
them were in towns of less than 10,000
Population and more than 60% in communiti
es of less than 1,000; nearly
half were in villages with a population below
500.
During all that period and among all those
5,000 failures, there was not
a single crash among metropolitan banks
having a capital of more than
$2,000,000. So I say that our banking mechanism
has been relatively
successful—or at least solvent—in our cities. Comparati
vely, it has failed
in the hamlets and at the crossroads.
Question: Unfortunate as it is that 5,000 banks
should fail during 10
years, is a degree of comfort to be found in
the fact that many of them
were such small village institutions as
to reduce the aggregate loss represented by the whole of them?
Answer: That would be comforting, if true. But more
than 73,
1 millions
A banquet session will be held Friday evening, Aug. 8, of depositors, the Comptrolle
r of the Currency estimates, contributed
Worrall Wilson, Chairman of Board, Seattle Trust Co., approximately $1,750,000,000 of deposits in those failed banks. More than
that,
failures caused the forced llquidation of approximately two
Seattle, Washington, presiding; "Wills and Will Makers," billionthose
dollars of loans—chiefly in the hands of small borrowers. Those
William A. Dixon, Vice-President Whitney Central Bank & figures are bad enough. But if you translate them into the individual
grief, the vanished satings, the wrecked businesses,
Trust Co., New Orleans, La.
the impoverished
homes, the lost confidence, and everything else they represent,
the picture
is one that no man cares to contemplate. And yet, the
importance of that
situation is so great to the country as a whole and especially
Booklet on Account Analysis Issued by Bank Manage- towns that
to its smaller
anyone who, in the least degree, can help to rectify
it should
ment Commission of American Bankers Association.
feel obliged to give It the closest attention.
Question: In what direction do you think the remedy
The subject of a simplified system of account analysis for
lies?
Answer: No man should speak too confidently
about a problem of that
large and small banks, including a series of studies and size and intricacy.
But I have no hesitancy in
g one remedial
operating costs on account analysis and service charges, is factor which is an important—possibly even aidentifyin
controlling—factor. I
would permit the banks of larger communities
discussed in a booklet issued by the Bank Management communiti
to locate branches in such
es as wished that
and would support it. A single unit
Commission of the American Bankers Association. This is bank must face the fact that inservice
time of stress, "independence" may prove
the fifth in a series of publications on commercial bank to be its greatest handicap. It may or may notits
receive assistance from neighboring banks or metropolitan correspondents.
It may find itself isolated.
management. In the foreward, Hal Y. Lemon, Chairman The
fact of those thousands of suspensions
among
rural banks while no
of the Commission, says:
metropolitan institutions failed; or the record
of
agricultural States while no failures, or relatively hundreds of failures in our
This booklet has been prepared
few, were occurring among
in response to the widespread demand for
the Canadian branch systems tells its own
Information and suggestions
convincing story and points its
as to cost accounting, and it is designed to own
persuasive moral.
meet the particular need of
smaller banks, many of which in recent years
Question: Over what area would you permit
have been confronted with the
a bank to establish branches?
necessity for analysis due to constantly
Answer: In numerous localities now,
Increasing overhead and other costs.
city-wide branch systems are
authorized. In other areas, the city and
The booklet presents the following topics: "Does the permissibl
adjacent territory constitute the
e limits. In a number of States,
branches may be established
Account Pay," "Account Analysis," "It Pays to Analyze," throughout the State.
There is discussion of sanctioning branches in
"Chart Aids Quick Calculation,""Operating Costs." Copies "economic areas" or within Federal Reserve districts. The Comptroller
of the Currency powerfully states the
of the booklet will be supplied member banks and additional operations
case for the sanctioning of branch
within "metropolitan trade areas."
I see no reason why.
copies may be obtained at a cost of 25 cents each through eventually, banks in
this country should not possess the same freedom
the Bank Management Commission of the America Bankers as Canadian banks. In the long run, I believe that we shall see nation-wide
n
branch banking systems authorized
and that our feeling toward them will
Association, 110 East 42nd St., New York, N. Y.
be no less friendly in principle than that
now held by the people of the
Dominion for the banking systems
presently in operation there.
Question: Do you fear the creation
Rental Fixed by Deposits—Bank of Manhattan
of any monopoly of credit if banks are
to Pay allowed to establish country-wide branch
systems?
Varying Sum to Shuberts for Branch.
Answer: I do not. On the
contrary, men who have given close and
expert consideration to the situation—Vice-Gov
The following is from the New
ernor Edmund Platt of the
York "Times" of Aug. 30: Federal Reserve Board, to cite
Rental under the recently
a single example—are inclined to agree
reported lease of space at First Avenue and with the Comptroller of the
Currency that branch banking, at least within
Fifty-first St. by the Bank of
deposits in the bank, as is shown Manhattan Trust Co. will depend upon "trade areas," would decentralize credit as compared with our present
by an
office. The landlord is the Trebulis agreement just filed in the Register's system. This development of branches could further the creation of banks
Realty Co., representing Lee and J. J. in the interior of the country and
in the West and South big enough to
SEPT.6 1930.]
FINANCIAL CHRONICLE
handle sorne—perhaps a considerable portion—of the business that now
Inevitably gravitates into New York. In any event, our Canadian neighbors do not appear to be monopolistically oppressed. Judging by availability of credit, rates of interest, safety of deposits or ready extension of
credit facilities, I believe they may well court comparison with us.
1513
Bleecker Street, this city. The Department's announcement says:
This is the office heretofore occupied by Louis 'V. Fugazy, Private
Banker, now deceased, the business of which has been sold to the Bank of
Sicily Trust Company, effective Aug. 15 1930, at which time the business
of the Private Banker will terminate.
Decrease of 50% in Residential Construction in United
Under date of August 29 the New York State Banking DeStates in First Half of 1930 Due to Lack of Homeowning Propaganda According to F. B. Turck, Jr. partment announces the approval of the organization certificate for the Fiduciary Trust Company, to be located at
of National Building Survey Conference.
The decrease of 50% shown for the first six months of 1930 111 Broadway, New York, and to have a capital of $500,000.
for residential construction in this country,which has affected An item regarding the proposed institution appeared in our
some 67 industries dependent on the building of homes, has issue of August 9, page 886.
not been due to business depression, but to a lack of homeowning propaganda, the presence of red tape in the homeowning transaction, and a wrong attitude on the part of the
public towards how to figure used property values, said
Fenton B. Turek, Jr., New York City, Chairman of the
National Building Survey Conference called last fall by the
U. S. Chamber of Commerce, speaking before the opening
session of the 38th annual convention of the U. S. Building
& Loan League at Grand Rapids, Mich. on July 29.
The public talks of decreasing values of individual homes,
and forgets that nothing on earth can alter the laws of depreciatiom, said the speaker who is Vice-President of the
American Radiator Corp.and of the Standard Sanitary Corp.
If the people would realize that country cottages feel the
wear and tear of time just as city sky-scrapers, and would
either make allownaces for such depreciation as do the skyscraper owners, or take steps to cut down on such depreciation, this would greatly stabilize realty values. Mr. Tura
said:
"A man will lye in a house for a great many years, not pay very much
attention to its upkeep and feel insulted if he cannot secure a new owner
immediately, or get the price for it that he feels he should have. He looks
at the building with a sentimental viewpoint that it must be valuable because it has been the center of so many years of his home lore. This can
hardly be termed straight business. What he has actually done is to allow
the value of his property to decrease, but has not taken the loss until he
tried to dispose of it.
"Industrial practice has always taken into account and charged off to
expense a regular decrease in the value of buildings. It is for this reason
that the average condition of the large buildings is maintained at high standard. If home owners would take the same care of their properties, real
estate values would hold over a longer period of time. People should not
wait until all the plaster falls from the wall, but keep the house in constant
repair."
The establishment for the first time of banking service for
the 5,000 people who live on City Island, is forecast in the
permission granted to the Irving Trust Company by the
State Banking Department, to open a banking office at
267 City Island Avenue. Up to the present there has never
been a bank on the island, a strip of land more than a mile
in length which lies in Long Island Sound off Pelham Bay
Park and is included in Bronx Borough. A causeway 300
yards in length connects the settlement with the mainland,
and the nearest banking facilities are four miles away.
Boat building is the island's principal industry, and many
large ocean-going yachts of wealthy New York citizens are
anchored nearby. In summer the population is increased
by several cottagers from New York and other places. Plans
are now being made for the opening of the office, probably
early in October. When it is In operation, the Irving will
have four banking offices in the Bronx. The other offices
are at the "Hub," Third Avenue and 148th Street; in Hunt's
Point, at Southern Boulevard and 163rd Street, and in Fordham, at East Fordham koad and Marion Avenue.
The speaker declared that the 50% drop in residence construction shown in the country for the first six months of this
year means that only 15% of the people who ordinarily build
could not build this year, due to the business depression,and
that the other 35% had the money to build, but either were
not sufficiently urged to do so, or were discouraged by the red
ape surrounding the home-owning transaction. The
speaker lauded the building and loan men who have taken
steps to cut down on some of this red tape by helping the
home owner in material specifications, the selection of contractors, inspection of work and other important details.
According to Associated Press dispatches from Buffalo,
N. Y., yesterday (Sept. 5), Edmund Platt, Vice-Governor
of the Federal Reserve Board, will become a Vice-President
of the Marine Midland Corporation about Sept. 16. Announcement to this effect, it is stated was made by President
George F. Rand, who is quoted as saying:
in WashIn his ten years as Vice-Governor of the Federal Reserve Board
ington Mr. Platt has had an almost unequalled opportunity to observe the
banking structure in this country.
to
lie has been in a position to see its strength and weaknesses and
branch bankcompare, by observation, the real values of unit, group and
CorMidland
ing. This broad experience he now brings to the Marine
poration.
The following is from the "Wall Street Journal" of Sept. 5:
Capital, surplus and undivided profits of Union Trust Co. of Rochester.
city, are being increased
a Marine Midland Corporation affiliate in that
are being set up.
to $9,280,000. and in addition reserves of 52.450,000
into union Trost Co.
put
being
is
$4,000.000
New capital to the extent of
This gives Union Trust the largest
by Marine Midland Corporation.
capital and surplus of any Rochester bank.
from $4,000.000;
The bank's capital is being increased to $5,000,000
reserve account will be
surplus account to 33,500.000 from $3,400,000, and
banking offices of
$2.450,000. All furniture and fixtures in the eight
charged off, while
Union Trust, now carried at $312,000, will be entirely
of
extent over $700.000.
bank buildings owned will be written down to the
of Marine
President
Rand,
F.
George
facts,
In commenting on these
Midland Corporation. said;
Indianapolis, Seattle,
"Out of more than 100 banks in Kansas City,
country in addition
Atlanta. Jersey City and Louisville, the six cities in the
400,000, only two
and
300,000
to Rochester with a population between
than that of Union Trust
banks to-day have a capital and surplus greater
CO."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The merger of three New York institutions, namely, the
Park Row Trust Co., the Broadway National Bank & Trust
Co. and the Plaza Trust Co. was approved on Sept. 4 by
more than two-thirds of the shareholders of each institution.
The merger is to become effective Sept. 29, the merged institution to operate at the three locations presently occupied
under the name of the Broadway & Plaza Trust Co. The
proposed merger was indicated in these columns July 12,
Frederick C. Waite, Vice-President and Cashier of the
page 220.
Merchants National Bank of Boston, died at his home in
Brookline on Sept. 2. From the Boston "Transcript" we
It is announced that David A. Brown has resigned as take the following:
National Bank in 1884
Chairman of the board of the Broadway National Bank &
Mr. Waite entered the employ of the Merchants
1914. At one time he was President of the
Trust Co. of New York, to carry on an investment securities and had been Cashier since
of the trustees of
Chairman
was
He
Association.
Bank Officers'
business and act in an advisory capacity to business organiza- Boston
of the American Institute of
the educational fund of the local chapter
tions. He has opened offices in the United States Rubber Banking and only recently resigned as a member of the advisory committee.
Building, at Broadway and Fifty-eighth St.,for this purpose.
Mr. Brown, who formerly lived in Detroit,came to New York
Frank H. Wright, a director of the Rockland Trust Comin 1928, was made Chairman of the Broadway National pany, of Rockland, Mass., since its organization in 1907, and
at the time of its organization in 1929.
Vice-President of the Second National Bank of Boston, assumed the presidency of the Rockland Trust Company on
Aug. 29. The Boston "Herald" in reporting this stated that
Mr. Wright succeeds the late Horace T. Fogg who was
stricken the week before while speaking at the Marshfield
Fair. Mr. Wright, says the "Herald," began his career with
the now extinct Suffolk National Bank in 1896, absorbed
The weekly bulletin of the New York State Banking re- by the Second National in 1903, a change which made Mr.
ports that authprity has been granted for the opening of a Wright an Assistant Cashier. He became cashier in 1920
branch of the Bank of Sicily Trust Company at No. 188 and a Vice-President some years later. His succession to the
At its meeting held on Sept. 4, the board of directors of
the Banca Commerciale Italiana Trust Co. of New York
declared a dividend of $2.50 per share, payable Oct. 1 to
stockholders of record as of Sept. 15, for the third quarter
of the current year.
1514
FINANCIAL CHRONICLE
presidency of the Rockland Trust leaves his position with
the Second National vacant until the latter's director
ate
names a new Vice-President. Two other changes of personnel were also made at the directors' meeting
on Aug. 28
when Mr. Wright was installed as head of the Rocklan
d
Trust. Alfred W. Donovan, a Vice-President, was
made
Chairman of the board of directors, and J. Fred Spence,
son of the first President of the bank, was made Vice-President.
Edmund Eugene Sargeant, president of the Irvington National Bank, Irvington, N. J., died on Aug. 28 at his home in
Bloomfield, N. J. He was also Vice-President of the Franklin Savings Institution of Newark and a director of the Merchants and Newark Trust Company. He was born in Newark.
It was stated in the Philadelphia "Public Ledger" of September 1 that as a result of favorable action by the stockholders of the two institutions, the County Trust Company
of Philadelphia and the Northeast Tacony Bank and Trust
Company of Philadelphia would merge on Sept. 3 under
the
name of the County Trust Company of Philadelphia. The
Northeast Tacony Company, which is now absorbed
by the
larger institution, was organized nine years ago. Its quarters
at Torresdale avenue and Longshore street will be retained
as
the main Tacony office of the County Trust Compan
y, according to present plans. The branch office of the
County
Trust Company, which has been located directly across
the
street, will be abandoned in the near future, says the "Ledger" which also stated:
(VOL. 131.
Bank and the Continental Trust Co. of Macon (both owned
by the First National Bank of Atlanta, Ga.) began business
on Tuesday, Sept. 2. The Atlanta "Constitution" in advices
from Macon, Sept. 2, said:
Directors met yesterday and elected Jesse B. Hart,
Chairman of the
Board. Dr. W. G. Lee was elected Chairman of
the Finance Committee,
and C. E. Allen, President.
Other officers elected included; W. R. Rogers, Jr.,
Vice-President and
Trust Officer; James K. Hogan, vice-President;
H. Persons Heath, VicePresident and Cashier; Frank C. Donnelly, Vice-President;
R. C. Dunlap,
Vice-Presidents; E. A. Stubbs, Atlanta, Vice-President.
Resources, including an invested capital of nearly
$1,000,000,and resources of tho combined banks as listed in their statement
of Juno 30, are
approximately $9.000,000. The bank is affiliated with
the First National
Bank group headed by the First National Bank of Atlanta.
The directors of the now bank are F. E. Adams,
C. E. Allen, R. L.
Anderson, J. D. Crump, Walter Defore, R. C. Dunlap, Giles
G. Hardeman, H. Persons Heath, Jesse B. Hart, James
IC. Hogan„ Bruce C.Jones,
George S. Jones, R. H. Kingman Jr., Dr. W.
G. Lee, Marlon II. Liles,
C. A. McAlister, R. A. McCord, Morris Michael,
James H. Porter, W. H.
Rogers Jr., Robert Strickland Jr., Dr. L. A.
Thomas, Dr. T. R. Turner
and J. E. Yates.
A previous item regarding the consolidation plans
appeared in our issue of Aug. 9, page 736.
On Sept. 10th, the Cleveland Trust Co.
will celebrate its
35th birthday. According to I. I. Sperling Assistan
t VicePresident of the institution. Within the space of little
a
more than three decades it has reached the impressi
ve total
of $300,000,000 of total assets, and over
500,000 deposit
accounts—virtually one account for every two people in
metropolitan Cleveland. The amount of trust funds which
it administers, is it is said exceeded by few trust compani
es
in the United States. It was a pioneer in branch banking
and now operates 58 branches in northeastern Ohio.
It
established and still operates one of the first banking departments in the country, exclusively for women. It was
a
pioneer also, in banking by mail, as well as a savings plan for
sailors on the Great Lakes and other aids to thrift.
Its late
president, F. H. Goff, was the originator of the Clevela
nd
Foundation, the first community trust. Under the leadership of its present president, Harris Creech,
resources have
increased about $150,000,000. Its capital has been increase
d
on eight successive occasions from an original
$500,000 to its
present total of $13,800,000. Mr. Sperling's announcement
further says:
Through the merger of these two institution
s, resources in excess of
$2,000,000 are added to the fund of the County Trust Company,
thus giving this institution approximately $11,000,000 in
resources.
Charles H. Beyer, President of the County Trust Company,
in discussing
the merger, pointed out that the union of the
two banks would mean
that Tacony industrial and business interests and
the individual residents
of the section would gain the benefits of service by single
a
bank more adequately equipped to meet banking and trust requiremen
ts. The directors
of the Northeast Tacony Bank and Trust Company become
members of the
board of the County Trust Company, bringing to that institution
their full
knowledge of Tacony and of its needs.
The County Trust Company was organized in July, 1929, through
the
merger of three suburban northeast section banks—the Holmesburg Trust
Company, the Fox Chase Bank and Trust Company and the Tacony
While consolidations in American banking
Trust
are constantly shifting the
Company. For the last year the inStitution has operated eight offices, rank of American
financial institutions, in recent
covering the entire suburban section in Northeast Philadelphia.
Co. has ranked 6th among America's savings years the Cleveland Trust
banks. 10th among trust
An item regarding the consolidation appeared in our issue companies and 22nd among general banking
institutions.
It was in 1894, when a State law was passed
of Aug. 16, page 1051.
authorizing safe deposit
companies to conduct trust business, that
a group of leading citizens of
Cleveland decided to establish a trust
company, taking over the business of
a newly-established safe deposit company
then located in the basement of
The Security State Bank of Norfolk, Neb., and the the
old Garfield building.
Miners& Merchants Bank of Roundup, Mont.,have become
On Sept. 19 1894, articles of incorporation
were signed and the followaffiliated with Northwest Bancorporation of Minneapolis, ing trustees elected; Luther Allen, Charles L. Pack, Amos B. McNairy.
J. M. Henderson, R. A. Harman, M. S. Greenoug
h, H. A. Garfield,
it is reported in the "Wall Street Journal" of Sept. 4, whose H.Clark Ford,
J. D. Cox,Edmund Clarke, F. L. Alcott and H.A.Sherwin.
advices from Minneapolis also state:
Six of these well-known Clevelanders are still living,
active and prominent,
but only one, Judge J. M. Henderson, makes his home
The Nebraska institution, which is the seventh
in Cleveland.
in that State to join
It was not, however, until Sept. 10 1895, nearly a year
this group, has capital of $50,000 and total resources of $649.000.
after incorporaThe Montana bank, twelfth member from that State, has capital of tion, that the doors of the new company were opened for business. It
began
with
a
capital
of
$500,000,
$35,000 and resources of $714.000.
a paid-in surplus of $100,000, four emNorthwest Bancorporation now includes 127 banks,finance and securities ployees and a small office in the Garfield Building. At present there are
approximately 1,600 employees and 58 banking offices
companies in 102 towns or cities of eight States.
strategically located
In the principal neighborhood centers in and
near Cleveland, each one
much larger than the original office.
the close of 1896, deposits passed the
The International Bankstocks Corp. announced Sept. 3 theBefore
million dollar mark and
first dividend was paid in January 1897.
that it has acquired a controlling interest in the Peoples
The board of directors, originally composed
of twelve members, has been
National Bank of Winston-Salem, N. C., the oldest institu- increased from time to time until it now numbers sixty representative
who for many years have met twice
tion in the city. This is the beginning of a substantial men,
a week to pass upon loans, investments and transactio
program of bank acquisitions in the South by interests guidance of the officers. ns of importance and to establish policies for the
The board includes many business men
associated with International Bankstocks Corp., according
and
of War, a member of Congress, a state attorneys, a former Secreto the announcement. The following directors of Inter- tary
senator, a former mayor of
Cleveland, a present mayor of one of the
national Bankstocks Corp. have been elected to the board a large university, a leading newspaper suburbs, a president emeritus of
publisher,
many industrialists and s
of the Peoples National Bank: Herbert L. Rackliff, Presi- financiers.
bank's present protection of daily audit
dent of Rackliff & Co., Inc.; Arthur P. Smith, Chairman areThe
and
joint control of assets
only two of its "Four Unusual
Safeguards" established by the late
of the Board International Bankstocks Corp. and former Mr. Goff; the others are by-laws calling
for "Directors Who Direct" and
Executive Vice-President of Harriman National Bank & "No Loans to Officers or Directors." These were high standards—somewhat
in those days as being hnpossible
Trust Co., New York; George W. Steele, President Inter- steadycriticized
of attainment—but the
growth of the company's business
proved the value of Mr. Gars
national Bankstocks Corp.; C. Wesley Vreeland, formerly vision and helped fulfill his prediction "that
the company would have
Executive Vice-President of the Seward National Bank & $250,000,000 in deposits by 1930."
When
board of directors established the Cleveland Foundation by
Trust Co., New York, and formerly connected with the adopting the
in January 1914, a resolution prepared
by Mr. Goff, there was
Seaboard National Bank and National City Bank of New given to the citizens of Greater
Cleveland and ultimately to the world,
the
most useful and adaptable method
York, has been elected President of the bank, succeeding
for wise giving that has ever been
devised. It appealed to other
communities and has since been copied
Col. Wm. A. Blair, who has been elected
to the position and adapted to local needs in more than fifty American cities. . . .
of Chairman of the Board, formerly
In April 1917, The Cleveland
Trust Co. joined the Federal Reserve
held by C. C. Taylor, System. It
was the first of the State banks and trust companies
who has been elected Chairman of the
in CleveExecutive Committee. land to do so; only one
small institution in the Fourth District had entered,
It is expected that the directors
will soon recommend to and very few in the country. Its entrance was therefore a great stimulus
stockholders an increase in the capital
to the voluntary membership which meant so much,
at that time, to the
of the bank.
success of the new American banking system.
It officially became then a
bank of discount, entering the commercia banking
l
field, and rapidly ad'vanced to a total of commercial deposits exceeded by only one banietin
The new First National Bank and Trust Co.
of Macon,
Its list of commercial customers includes many of the leading inGa.,formed through the consolidation of the Macon Nationa Ohio.
l dustries not only of the Fourth District, but also of the nation.
SEPT.6 1930.]
FINANCIAL CHRONICLE
is the midA popular service to commercial and investing customers
e data are
month Business Bulletin of the bank, in which authoritativ
local bank
digested and interpreted. The Cleveland Trust Co. was the first
of
editorship
the
to issue such a bulletin of its own authorship. Under
lly-known
internationa
an
and
ent
Colonel Leonard P. Ayres, Vice-Presid
is now
economist who joined the bank's staff 10 years ago. the Bulletin
business forecast of
widely welcomed and quoted as a clear and reliable
of
of
names
outstanding preeminence. Its mailing list includes thousands
country and abroad.
business leaders and economists throughout this
led all financial
Recently and for 14 of the last 17 years, the company has
loans.
Institutions in Ohio in the number and amount of real estate
The CleveDuring the entire war period and for 20 months thereafter,
of every
requirement
justifiable
every
land Trust Co. was able to meet
Goff's
customer without itself borrowing or rediscounting. Under Mr.
money
urgency it limited its interest charge to its customers to 6%,though
were
profit
for
greater
s
commanded much higher rates and opportunitie
many. This policy, much criticized, made many loyal friends.
In its growth, it has consolidated the following institutions;
Jan. 8 1903—Western Reserve Trust Co.
June 1 1903—Windermere Savings & Banking Co.
Oct. 1 1903—East End Banking & Savings Co.
Jan. 11 1904—Perry Savings Bank.
Jan. 11 1904—Central Trust Co.
Dec. 27 1904—Wade Park Banking Co.
Dec. 27 1904—Co!Linwood Savings Bank.
May 15 1905—Lorain Savings & Trust Co.
May 15 1905—Lakewood Savings & Banking Co.
July 1 1906—Pioneer Trust Co.
July 1 1906—Dollar Savings & Trust Co.
Oct. 24 1910—Peoples Savings & Banking Co.
Mar. 29 1920—Hough Avenue Savings Bank.
June 26 1920—West Park Savings & Banking Co.
Aug. 27 1920—Forest City Savings & Trust Co.
July 22 1921—Northern National Bank.
Feb. 111922—Lake Shore Banking
Feb. 111922—Garfield Savings Bank.
Oct. 23 1929—Pearl Street Savings & Trust Co.
1515
"but we have
"We have not finished our examination," Mr. Huck said,
date back at least
found irregularities in the accounts of the cashier that
three years." Frazier was bonded for $15,000.
total resources
According to the official statement of the bank June 30,its
stock, paid in surplus,
were $268,795.05, and its liabilities, including capital
undivided profits and reserves for dividends, $32,743.
Had $164,000 in Deposits.
$173,885.19.
Deposits totaled $164,932.22, and loans and discounts
bonds and securities and
About S70,000 of the assets are in Government
from other banks.
reserve with the Federal Reserve Bank and due
M. Christianson and
William Schoenwetter is President of the bank;
Mr. Christianson, Mr.
Both,
W. L. Daye, Vice Presidents, and C. J.
r and 0. E. Spradau are
Daye, A. C. Dunn, Mr. Frazier, Mr. Schoonwette
directors.
on
From the Milwaukee "Sentinel" it is learned that
the
and
Claire
Eau
of
Bank
State
the
of
directors
Oct. 2,
Security State Bank, Eau Claire, Wis., will act on resoThe
lutions calling for a consolidation of the two banks.
0.
$2,500,00
of
stock
capital
unit
new
the
action will give
to be
W. C. Tufts, President of the State Bank, is expected
President of the new organization.
•
The death on Aug. 26 of Frank 0. Wetmore, Chairman
of the Board of Directors of the First National Bank of
Chicago and the First Union Trust & Savings Bank, at his
home in Wheaton, Ill., of an acute heart attack, was noted
in these columns Aug. 30, P. 1365. Mr. Wetmore was born
at Kalamazoo, Mich., Nov. 12 1867. The First National
Bank of Chicago, in a sketch of Mr. Wetmore's banking
career, says in part:
In 1886 he came to Chicago, and since that time has continuously connected with the First National Bank of Chicago. After serving as messenger and bookkeeper he was appointed general man and mastered the
detail of banking by working in every department. In 1897 he was appointed Auditor, reporting directly to the board of directors, and from
that time forward his rise was rapid.
In 1904 Mr. Wetmore was elected Assistant Cashier and the next year
Cashier of the First National Bank. In 1907 ho became Vice-President,
and a year later was given supervision of all the credits of the bank. Since
1920 Mr. Wetmore has been a director of both the First National and
the First Trust & Savings Bank (now First Union Trust & Savings Bank).
On Jan. 11 1916 he was elected President of the First National Bank,
becoming Chairman of both banks in January 1925.
The soundness of Mr. Wetmore s judgment of men and conditions
made him outstanding as a financier, and he had that rare executive
ability which enables a man to direct others in an unobtrusive fashion and
almost without giving orders or instructions.
Mr. Wetmore was not only long the chief executive officer of one of
the largest banks of the country, but also took a prominent part in public
affairs. He was active in the work of the American Red Cross for many
years, and was Chairman of the Chicago committee to handle the Red
to a successful conclusion.
Cross Japanese relief fund, which he carried
During the World War he was Chairman of the Finance Committee, and
city by wards was the
in
the
funds
for
drive
his plan of organizing the
solution of a most difficult problem and was adopted for the Liberty Loan
campaigns. In recognition of these labors, he was elected trustee of the
endowment fund of the national organization of the American Red Cross.
Ho was Vice-Chairman of the Chicago Clearing House Committee, and
upon him fell many of the burdensome duties of that organization.
Mr. Wetmore was President of the Federal Advisory Council of the
Federal Reserve Board. He was a member of the Chicago Club, the
Commercial Club and Industrial Club of Chicago, the Mid-Day, Bankers,
Chicago Golf, and other clubs. He was a director of the Chicago City
Railway Co. and its associated companies; Chicago Surface Lines; AllisChalmers Manufacturing Co., the Equitable Life Assurance Society of
the United States, and a life member of the Art Institute of Chicago and
the Field Museum of Natural History.
Rich
It is learned from Associated Press adviees from
t"
-Democra
"Globe
Louis
St.
Hill, Mo., published in the
People's
that the Farmers and Merchants Bank and the
boards
Bank of Rich Hill, Mo., were closed Aug. 27 by their
of directors. The dispatch went on to say:
Bank, which closed
R. L. Jones, Cashier of the Farmers and Merchants
effects of the drouth in
first, attributed the closing of his bank to adverse
banks in the town.
the surrounding country. There were only two
larger of the two banks,
Jones said the Farmers and Merchants, the
resulting from generally unwas forced to close by gradual withdrawals
satisfactory farm conditions.
noon and its affairs turned
The People's Bank was closed shortly before
has sent George U. Freund,
over to the State Finance Department, which
Merchants Bank.
an examiner, to take charge of the Farmers and
Cashier of the People's
Henry Stevener is President and Ivan Corbin,
at the time of its last
Bank, which had total resources of about $150,000,
statement.
to
According to the Los Angeles "Times," the advices
Roekhill,
which emanate from Santa Ana, August 27, Edwin
the Commercial
owing to ill health, has resigned as Cashier of
National Bank of Santa Ana. It is further stated:
his resignation was accepted and
At a meeting of the board of directors
delegated to assume the duties of
Vice-President A. I. Mellinthin was
cashier.
the following promotions; Leland
The board of directors also announced
Cashier; G. C. Brooks, paying and reFinley Book, Teller to Assistant
ceiving teller, to Assistant Cashier.
E. Robinson's
The Los Angeles "Times" reports that C.
the Bank of
of
t,
-Presiden
Vice
of
position
the
to
n
promotio
(head
office
on
Associati
Savings
&
Trust
Italy National
by H. R. Erkes,
San Francisco) was announced August 26,
of manageVice-President and Chairman of the Bank's board
ment for the southern division. The paper quoted adds:
with local financial institutions
Mr. Robinson, who has been connected
of Italy since 1917, Is one of the senior offices'
since 1904 and with the Bank
the bank.
of the Los Angeles main office of
ion by
Plans for creating a powerful financial organizat
consolidating the Bank of America of California N. A. with
Association
the Bank of Italy National Trust & Savings
Bank of
(head office San Francisco) under the name of
on,
ranking
Associati
Savings
&
Trust
National
American
fourth in size among the banks of the United States, were
agreed Sept. 4 at a joint meeting of officials .of Transamerica Corp. and the merging banks. The consolidated
institution will include the Bank of Italy's $1,000,000,000
the'
of resources and those of $350,000,000 possessed by
America of California. Transamerica's control of
of
Bank
The Citizens State Bank of Chicago (capital $600,000)
both the newly formed banks and the Bank of America
has acquired the North Center Trust & Savings Bank (capital National Association, N. Y. City, with resources of $500,$100,000). This is reported in the Chicago "Post" of 000,000 and a city-wide system of branches in Greater New
Sept. 2 which says:
York, in effect, it is stated, marks the inauguration of a
The consolidated bank has resources of $12,000,000, deposits of around
de banking organization.
nation-wi
of
and
reserves
surplus
capital
and
G.
Squires
J.
$2,250,000.
$9.500,000
Elisha Walker, Chairman of Transamerica, stated that the
is President of the merged banks.
development now announced is the culmination of a plan
From the Milwaukee "Sentinel" of Aug. 22 we take the conceived by A. P. Giannini, founder of the Bank of Italy,
when the Bank of America of California was formed two
following dispatch from Glenwood City (Wis.) Aug. 21:
Shortage of more than $64,000 in the funds of the Glenwood City Farmers' years ago. The Bank of Italy at present operates 292
National Bank was discovered Thursday when William F. Huck, Federal branches in 166 California cities and the Bank of America
Examiner of Minneapolis, examined the books.
161 branches in 97 cities. The Bank of America
As soon as the loss was known directors of the bank closed the doors of California
until an investigation can be made and until F. J. Frazier, Cashier of the N. A. has 35 offices in New York and Brooklyn. Transbank and President of the St. Croix Bankers' Association can be located.
america, on June 30 of this year, owned in excess of 99% of
Cashier and Family Absent.
the stock of the Bank of Italy with its securities affiliate,
He left the city Monday for an unknown destination and his wife, son National Bankitaly Co., approximately 60% of the Bank
and stepson departed soon after.
*
•
*
of America National Association, with its affiliate, BaneThe shortage in the funds was not suspected until the arrival of the america-Blair Corp., and 98% of Bank of America of CaliFederal Examiner. After checking the books of the bank Mr. Huck
fornia with its affiliate, Corporation of America.
reported that peculations have been going on for some time.
1516
FINANCIAL CHRONICLE
[VoL. 131.
THE WEEK ON THE NEW YORK STOCK EXCHANGE Pump &
Machine Co., Columbian Carbon, Auburn Auto,
.
The stock market has been somewhat confused and
un- A. M. Byers, and Electric Auto Lite. Public utilities also
certain during the grep.ter part of the present abbreviated were subject to pressure, and most of the marke favori
t
tes
closed at lower levels, the list including American Power
week. Alternate periods of unsettlement and irregu
&
larity Light,
North American, American Telephone & Telegraph
have characterized the trading,with ocea.sionalmanifestation
s and Western Union
Telegraph. Copper stocks were genof strength in some special issues, but the genera
l trend of erally weak, and gradually fell back
with the exception of
prices was downward until Friday, when the list moved for- Anaconda
and Kennecott, which were fractionally higher.
ward in impressive fashion. Amusement shares have
The market turned upward on Friday and moderate
been
gains
fairly strong, but the advances in the general list
have not, ranging from 2 to 8 points were recorded by a number of the
more active stocks. Trading continued in small volum
at any time, been especially noteworthy. The weekl
e and
y state- largely
a matter of professional operation, the demand for
ment of the Federal Reserve Bank, issued after the close
of stocks being confin
ed largely to the industrial and specialties
business on Thursday, showed an increase of ,000,0
00 in groups, though there was some interest displa
yed in the
brokers' loans. Call money renewed at 2% on Tuesday,
ad- amusement shares and merchandising stocks. Conspicuous
vanced to 23% on Wednesday, and continued at
that on the side of the advance were, Allied Chemical & Dye,
figure for the rest of the week. The New York
Stock Ex- which climbed up 4 points to 277, American Water Works
which
change, by resolution[ofiits Board of Governors, was
closed upwar improved 3 points to 91%, Auburn Auto which ran
d 9 points to 1234, Westinghouse Electric which
on Saturday, Aug. 30 and on Monday, Sept. 1, the
latter gained 3 points
and closed at 151, Missouri Pacific which
being Labor Day:and a:general holiday.
improved 4 points to 70, and Diamond Match which surged
Prices displayed some improvement over the preced
ing upward 8 points to 245. Other strong spots were Eastman
close as trading was:resumed on Tuesday, after
the three-day Kodak, j. I. Case Threshing Machine, Worthington Pump,
holiday, and while there was little or nothing
in the way of Vanadium Steel and American Can. The final tone was
good.
favorable trade developments, the marke
t on the whole
TRANSACTIONS AT THE NEW YORK STOCK EXCHA
leaned strongly toward the buying side durin
NGE
g the greater part
DAILY, WEEKLY AND YEARLY.
of the session, though there were occasi
onal spots of irregStocks,
Railroad.
State,
ularity. The amusement shares again assum
United
Total
Week Ended
Number of
ed the leader- Segt.
etc.,
Municipal &
Stales
Bond
5 1930.
Shares.
Bonds.
For'n Bonds.
ship, with Warner Bros., and Fox Films
Bonds.
Sales.
the outstanding Saturday
HOLIDAY
features, the former closing at 32 with a gain
Monday
of 23/i points, Tuesday
HOLIDAY
1,773,920 34,565,000 82,875,000
while Fox Films registered a gain of
$217,500 $7,457,500
Wednesd
ay
1,744,520
2 points. Railroad Thursday
5,503,000
2,653,000
103,000 8,259.000
1,519,440
5,818,000
2,465,000
stocks also developed a few strong spots, partic
144,000 8,427,000
Friday
1,652,14
0
7,290,000
ularly Wabash,
1,621,000
149,000 9,060,000
which forged ahead 3 points to 71, and Delaware
Total
R see (1911 522 17A non so 414 000
& Hudson
3613.500 333.203.500
which improved about a point. Public utiliti
es were also
Sales as
Week
Ended
Sept.
5.
Jan.
110 Sept. 5.
New York Stock
active and substantial gains were recorded by Detroi
Exchange,
t Edison,
1930.
1929.
1930.
1929.
Columbia Gas & Electric, Peoples Gas & Electr
ic, Western Stocks-No.of shares _ 6,690,320 19,818,780 579,534,
150
746,770,110
Bonds.
Union Telegraph, and North American,
the latter advancing Government bonds_ -$613,500 $2,996,000
575.816,200
$88,422,700
State & foreign
about 2 points to close at 107/. Unite
9,414,000
9,277.000
452,66.)
424,824.150
d States Steel sold Railroad & misc.bonds_
bonds 23,176,000 29.504,000 1,326,74 ,400
0,400 1,300,608,900
up to 172 at its top for the day,
but closed with a fractional
Total bends
$33,203,500 $41,777,000 31,855,226,000 31,903,6
53,750
loss and stocks like Westinghouse Electr
ic, General Electric, DAILY TRANSACTIO
NS AT THE BOSTON. PHILADELPH
and American Can sold off. Oil
AND
IA
shares, with the possible
BALTIMORE EXCHANGES.
exception of Independent Oil & Gas, which showe
d a gain of
Boston.
Philadelphia.
Baltimore.
2 points, were off on the day,
Week Ended
but copper shares were slightly
Sept. 5 1930,
Shares. Bond Sales. Shares. Bond Sales.
Shares. Bond Sales.
higher. Some of the so-called specialties regist
ered moderate Saturday
HOLI DAY.
HOLI DAY.
HOLI DAY.
Monday
gains, the list of strong stocks includ
HOLI DAY.
110LI DAY.
FIOLI DAY.
ing among others, Ad- Tuesday
*35,649
$4,000 a42,912
$2,000
1,069
Wednesday
$5,000
vance Rumley pref. 23. points, Ameri
*19,978
14,000 035,868
7,000
823
8,000
can Car & Foundry 334 Thursday
*21,227
10,000 a35,050
9,000
878
10,000
Friday
points, Allied Chemical & Dye
6,324
35,000
9,595
1,737
15,000
33 points, and American
Total
Locomotive 23j points. Auburn Auto scored
83,176
$63,000 123,335
318,000
4,507
538,000
a gain of 8M
Prey. week revised
points at 1193, General Motors was
OR Ind
331.050 190.548
325.000
5.105
$48.600
up over a point, Mack
* In addition, sales of rights
Trucks improved over a point,and substa
Tuesday, 758; Wednesday, 257; Thursday,398.
ntial gains were re- a In addition, sales of rightswere:
were: Tuesday, 11,500; Wednesday, 12,100;
Thursday, 8,400.
corded by Chrysler and Packard.
Sales of warrants were: Tuesday, 1.500; Wednesd
ay, 1,200; Thursday, 300.
The market was confused on Wedne
sday, some of the
popular favorites moving upwar
d, while others quite as popTHE ENGLISH GOLD AND SILVER
ular dipped to lower levels
MARKETS.
. The feature of the day was
We reprint the following from the weekl
the sharp rise in the stocks
y circular of
of the baking companies, especial- Samuel Montagu & Co.
of London, written under date of
ly Ward Baking Co. "A"
stock which bounded forward Aug. 20 1930:
about 9 points and closed
at 3334. In the final hour the
GOLD.
market developed considerable irregu
The Bank of England gold reserve against
larity and such stocks
notes amounted to £153,091,518
as United States Steel,
on the 13th instant (as compared with
£152,584,053 on the previous WednesWestinghouse Electric & Mfg. Co., day),and represents
an
increas
e of £7,131,434 since Jan. I
American Can, General Electr
last.
ic, and J. I. Case were off
The South African gold arrival this
at the close. The most
week amounted to about £139,60
0.
striking changes, particularly in of which £50.000 had already been sold forward
to France. The balance was
the early trading, were on
offered in the open market yesterd
the side of the advances, and sharp ounce.
ay and realized 84s. 11%d. per fine
India took
gams were scored by such
, the Home and Continental trade
£24,000, while
stocks as Allied Chemical & Dye, about £46,000 was £15,000
bought for a destination not disclos
Worthington Pump, Warner
ed.
About £804,600 bar gold is due to
Bros., Atlantic Gulf & West
arrive
from
South Africa next week,
Indies, Missouri Pacific, and
and of this amount about £30,000
Union Pacific.
is understood to have been sold forward.
Irregularity was again the domin
Movements of gold at the Bank of
England during the week show a net
ating feature of the influx
of £1,212,928. Receipts totalled
stock market on Thursday,
.£1,272,907, including £800,000 in
most of the important changes sovereigns "released" and
.0172,874 in sovereigns from sources not yet
being recorded on the downw
ard side. The decline ranged announced. Withdrawals consisted of E20,833
in sovereigns "set aside,"
from 1 to 5 points, though
most of the market movements £6,000 in sovereigns taken for export and .£33,146 in bar gold.
did not exceed 2 or 3 points
The following were the United
Kingdom imports and exports of gold
. A few special issues showed registered from mid
-day on the 11th instant to mid-day on the 18th instant
moderate strength, but no
:
especially noteworthy gains were
Importsrecorded. United States Steel
Exportswas somewhat erratic in its British South Africa
£973,07
5 Germany
movements as it fluctuated
£44,180
6,123 France
upward and downward between Other countries
1,268,680
1673 and l694. Other leadin
Netherlands
50.768
g industrials, including such
Belgium
123,410
stocks as Westinghouse
Switzerland
688,400
Electric and General Electric,
British
India
45,774
turned upward in the early
Other countries
tradin
6,525
gains later in the day. Active g, but lost most of their
£979,19
issues selling off anywhere
8
£2,227.737
from 2 to 3 or more points includ
ed such stocks as J. I. Case
SILVER.
Threshing Machine, Ward Baking
China continues to dominate the silver market and on advises
from that
"A" stock, Worthington Quarter the
tone of the market has been firm. After a temporary setback
1517
FINANCIAL CHRONICLE
SEPT.6 1930.]
on the
on the 15th, prices advanced rather sharply, 16 13-16d. being quoted
maintained yesterday, but
18th instant for both deliveries. This rate was
lid.
to-day, buyers not pressing, prices declined
future moveThe sudden rise and apprehension on the part of bears as to
ments has caused substantial buying to cover forward bear commitments
work both
both on China and India account. America has been inclined to
ways but on balance has sold moderately.
mainly
The outlook at present is uncertain, the support from China being
speculative, apparently based on favorable views as to trade prospects
there which have yet to be justified.
the PresiThe following extract, taken from the speech of M. Vissering,
of that Bank, hints
dent of the Netherlands Bank, at the annual meeting
at the possibility of yet another step in the "flight from silver" which has
been more or less continuous since the period of extraordinary high prices
obtaining just after the war. It will be remembered that Holland was one
of the first countries to reduce their silver coinage, a Bill to this end being
introduced by the Netherlands Government as far back as 1919, and becoming effective the following year:
"For the Netherlands and the Netherlands East Indies the fall in the
price of silver is especially of importance in view of the possible substitution
of the larger silver coins by nickel media of payment. For,on the one hand,
that fall causes the value of the guarantee, which, according to some, the
present coins represent for the holder in view of their higher metallic value,
constantly to diminish while, on the other hand, the more the price ofsilver
falls the greater will be the loss of the Government should the silver coins
be eventually converted into nickel."
According to the annual report of the Netherlands Bank the stock of
silver and subsidiary coin held by both the Netherlands Bank and the Bank
of Java at the beginning of this year was FI.54,085,000, a small proportion
of which is presumably in smaller coins,for which nickel is already used.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 11th instant to mid-day on the 18th instant:
ExportsImports£16,000
£70,455 Hong Kong
U. S. A
64.899
24.333 British India
Mexico
countries
Other
33,669
9,987
countries
Other
IndustrialsPechtney
l'Air Liquide
Etablissements Kuhlmann
Galeries Lafayette
012Royal Dutch
Aug.30 Sept. 1 Sept. 2 Sept. 3 Sept. 4 Sept. 5
1930. 1930. 1930. 1930. 1930. 1930.
Francs. Francs. Francs. Francs. Francs. Francs.
2,775 2,805 2.860 2.865 2,849
1,608 1,638 1,888 1,690 1,698
890
915
915
911
903
184
164
164
152
164
3,795
3,795
3,820
3,805
3,750
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Aug. Sept. Sept. Sept. Sept. Sept.
5.
4.
3.
2.
1.
30.
Per Cent ofPar108 108 108 108 108
Ang.Deutsche Credit(Adca)(8)
143 143 144 145 144
Berlin. HandeLs Gee.(12)
120 128 128 128 128
Commerz-und-Privat-Bank (11)
179 179 180 181 181
Darmstadter U. Nationalbank (12)
124 123 124 124 124
Deutsche Bank u. Dlsconto Gee.(10)
124 124 124 125 123
Dresdner Bank (10)
250 251 252 251
249
Reichsbank (12)
78
78
Algermeene KunstzLide Unie (Aku) (0)._
138 139 140 138 138
Allg. Eiektr. Ges.(A.E.G.)(9)
210 207)5 209%
208
205
Ford Motor Co.. Berlin (10)
109 109 110 110 111
Gelsenkirchen Bergwerk (8)
142 142 141
140
142
Gesfuerel (10)
91
92
91
91
Holt- 91
Hamburg-American Lines (Rapes)(7)
day 132 133 135 134 133
Hamburg Electric Co.(10)
48
49
47
47
Heyden Chemical (5)
98 100 101
97
98
Harpener Bergbau (6)
123 123 124 125 123
Hotelbetrieb (12)
151 151 153 153 151
I.G. Farben Indus.(Dye Trust)(14)
130 128 128 128 130
Kali Chemie (7)
104 104 106 108 104
(12)
Karstadt
84
84
84
83
83
Mannesmann Tubes (7)
91
92
92
91
90
North German Lloyd (8)
78
77
78
77
77
Phoenix Bergbau (8%)
182 183 185 183 183
P017Pbonwerke (20)
170 170 170 170 170
Rhein. Westf. Elektr.(R.W.E.)(10)
88 ss 90 92
88
£114,568 Sachsenwerk Licht u. Kraft(735)
£104,775
194 194 197 196 194
Siemens & Halske (14)
82
82
81
79
79
RETURNS.
(5)
CURRENCY
Eammgarn
Spinneret
Stoehr & Co.
INDIAN
138 136 136
134
Aug.15. Aug. 7. July 31. Leonhard Tietz (10)
78
(In lacs of rupees)78
78
78
78
(6)
Steel
Works)
(United
Ver.
StaIhwerke
16935
17062
16826
Notes in circulation
11796
11923
11686
Silver coin and bullion in India
India
Silver coin and bullion out of
Sii§
3228
3227
Gold coin and bullion in India
Gold coin and bullion out of India
1839
1839
Hit)
Securities (Indian Government)
72
73
73
Securities(Britsh Government)
Course of Bank Clearings
The stocks in Shanghai on the 16th instant consisted ofabout 102,400,000
ounces in eyCee, 147,000,000 dollars, 3.700,000 Saigon dollars and 3,840
silver bars,as compared with about 102,400,000 ounces in sycee,147,000,000
dollars. 4,700,000 Saigon dollars and 3,820 silver bars on the 9th instant.
Quotations during the week:
Bar Gold Per
-Bar Silver Per Oz. Ski.2 Mos.
Oz. Fine,
.
85g.
16 5-1gd.
Aug. 14
16 3-16d.
16 3-16d.
858.
15
icgd.
85s.
16%d.
16
16 13-16d. 85s,
16 13-16d.
18
16 13-164. 84s. 11%cl.
16 13-16d.
19
16 11-16d.
• 85g.
20
16.510d.
84s.11.89d.
16.510d.
Average
The silver quotations to-day for cash and two months' delivery are each
9-16d. above those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat..
Aug. 30.
Silver. p. oz.& 1634
Gold, p.fine os. 858.
Consols,235%. ____
British 5% __ _ ____
British 435%._ ____
French Rental
(in Parls).fr.
French War L'n
(in Parls)_fr_ ____
Mon.,
Sept. 1.
167-16
858.
so
104
100
Thurs.,
Wed.,
Tues.,
Fri.,
Sept. 3.
Sept. 4.
Sept. 2.
Sept. 15.
167-16
169-16
1634
1634
858.35d. 858.35d. 858.35d. 858.344.
55
551£
as
5534
103%
103%
10335
10335
10035
10035
10035
10035
87.90
89.20
101.15
102.10
89.25
102
89.40
89.45
102.25
102.55
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(es.):
Holiday
Foreign
3534
35%
3535
36
Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Sept. 6) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
34.3% below those for the corresponding week last year.
Our preliminary total stands at $7,756,026,200, against
$11,808,209,925 for the same week in 1929. At this centre
there is a loss for the five days ended Friday of 36.1%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Sept. 6.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1930.
1929.
Pe
Cent.
$4,084,000,000 86,387,000,000
504,345,294
359.569,744
377.000,000
320,000,000
343,000,000
270,000,000
103,552,091
82,609,331
90,400,000
81,400.000
153,017,000
134,647,000
No longer will re port clearings.
131,290,739
114,837,493
139,707,003
97,055,532
102,383,189
78,706,975
69,329,33.5
59,147,562
44,868,481
34,651,470
-36.1
-28.7
-25.1
-33.4
-20.2
-10.0
-12.0
-12.5
-30.1
-23.1
-14.7
-22.8
Twelve cities, five days
Other cities, five days
$5,716,825,107
746.730,080
$8,445,893,132
973,827,480
-32.3
-23.3
Total all cities, five daYs
All cities, one day
.n..*.. .11 M.A.. Inv Tasaalr
$6,463,355,187
1,292,671,033
89,419,720,812
2.388,489,313
-31.4
-45.9
S7 7A8 020201) sli Rog 2nq 025 -MR
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
PRICES ON PARIS BOURSE.
furnish them to-day, inasmuch as the week ends to-day
Quotations of representative stocks on the Paris Bourse (Saturday) and the Saturday figures will not be available
as received by cable each day of the past week have been until noon to-day. Accordingly, in the above the last day
as follows:
of the week had to be in all cases estimated.
Aug.30 Sept. 1 Sept. 2 Sept. 3 Sept. 4 Sept. 5
In the elaborate detailed statement, however, which we
1930. 1930. 1930. 1930. 1930, 1930.
Francs. Francs. Francs. Francs. Francs. Francs. present further below we are able to give final and complete
Bonds89.00 89.25 89.25 89.35 89.45
French Rentes 3% Perpetual...
For
101.60 102.10 102.00 102.25 102.55 results for the week previous-the week ended Aug.30.
French Rentes 4% 1917
101.85 101.30 101.25 101.70 101.60
of
the
French Rentes 5% 1915-18
aggregate
38.4%,
of
decrease
a
is
there
week
that
Banksagainst
2r
5gs 2M(
) 22,400
5
,
2,:
(12(1 22,305 clearings for the whole country being $7,728,081,851,
Banque de FranCe
Banque de Paris et des Pays Sas_
$12,540,772,912 in the same week of 1929. Outside of this
?NS • ?..1310 3,055 3,040 g;gi
Credit Lyonnais
S
'
80 1,380 1,375 1,375
Union des Mines
city there is a decrease of 25.8%, while the bank clearings at
Canal17,000 17,180 17,415 17,375 17,245 this centre record a loss of 44.1%. We group the cities now
Canal Maritime de Suez
Railroadto the Federal Reserve districts in which they axe
2,345 2,350 2,370 2,380 2,375 according
Chemin de fer du Nord
located, and from this it appears that in the New York ReMinesHolt1,372 1,375 1,388 1,388 1,386
Mines des Courrleres
including this city, the totals have been
day.
1,145 1,152 1,175 1,176 1,188 serve District,
Mince des Lens
Soc. kIlnlere et Metallurglque de
by 32.7%, in the Boston Reserve District by
diminished
800
798
809
Penarroya
813
771
35.8% and in the Philadelphia Reserve District by 13.5%.
Public Utilities3,200 3,225 3,250 3,285 3,240
Cie. General d'Electricite
Reserve District registers a falling off of
2,915 2,980 2,995 2.970 2,980 The Cleveland
Soo. Lyonnalse des Faux
Richmond Reserve District of 10.9% and the
Cie. Francais.) des Procedcs
the
23.4%,
806
828
Thomson-liouston
839
825
835
1,230 1,221 1,240 1,250 1,250 Atlanta Reserve District of 23.2%. In the Chicago ReUnion d'Electricite
IndustrialsDistrict there is a loss of 31.7%, in the St. Louis
2,105 2,115 2,155 2,145 2,830 serve
Trefileries & Laminoirs du Havre
690
695
635
731 Reserve District of 12.4%, and in the Minneapolis Reserve
Societe Andre Citroen
748
282
285
293
294
291
Ste. Franealee Ford
989
925
919
944
940 District of 22.9%. In the Kansas City Reserve District the
Coty, S. A
3634
1518
FINANCIAL CHRONICLE
decrease is 18.9%, in the Dallas Reserve District 19.9% and
in the San Francisco Reserve District 30.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Inc.07
Dec.
Week End. Aug. 30 1930.
1930.
Federal Reserve Dists.
1st Boston ____12 cities
2nd New York..12 "
3rd Philadelpla 10 "
4th Cleve1and__ 8 "
5th Richmond _ 6 "
6th Atlanta_ ___12 "
7th Chicago _ _ _20 "
8th St. Louis.. _ 8 "
9th Alinneapolls 7 "
10th KansasEity 10 "
11th Dulles
5 "
12th San Fran_ _16 "
S
358,362,972
4,934,103,369
459,430,753
323,035,392
139.688,319
122,273,206
636,102,000
156.429,204
104,455,609
168,171.442
55,951,527
270,175,058
$
443,067,089
6,747,141,320
481,655.205
380,867,612
166,780,390
143,039,483
932,453.439
185,695.871
121.797,594
213,763.744
78,445,592
340,251,157
$
488,993,512
6,156,726,507
563,599.495
366,271.280
188,422,832
154,461,628
922.881,199
195,973,832
130,260,454
193,278,466
74,514,902
341,636,791
Total
126 cities
Outside N. Y. City
7,728,081,851 12,540,777,912 -38.4 10,172.958,496
2,922,509,029 3,940,302,912 -25.8 3,562,623,833
9,695,111,638
3,678,906,825
rans,./114
1929.
S
558,532314
8,605,384,538
530,893,554
421,879,447
156,652.981
159,209,964
930,848,264
178,668334
135,473,890
207,361,461
69,820,951
386,005,244
1928.
%
-35.8
-32.7
-13.5
-23.4
-10.9
-23.2
-31.7
-12.4
-22.9
-18.9
-19.9
-30.0
1927.
[Vor.. 131.
Month of August.
1930.
107 0711 ALL
411 Ina 876 -121
901 407 100
1930.
1929.
39,369,500
95,704,890
Railroad & misc. bonds..
State, foreign, &c., bonds
U. S. Govt. bonds
122,241,200
41,399.500
5,261,100
196.456,400
49,716,000
8,017,000
1,303.563,900
442,354,900
75,202,700
1,357,057,400
415,288,650
85,830.100
168,901,800 255,090,300
1,821,121,500
1,858,185,150
Total bonds
-Aril 411 OP,
1929.
Stock, number of shares_
530,234,300 1,698,799.740
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1930.
No. Shares.
Month of January
February
March
1929.
No. Shares.
62.308,290
67.834,100
96,552.040
1st quarter
11 rittga
Eight Months.
Description.
Month of April
May
June
1927.
No. Shares.
1928.
No. Shares.
110,805,940
77,968.730
105,661,570
56,919,395
47,009,070
84,973,869
34,275,410
44,162,496
49,211.663
226,694.430 294.436,240 188,902,334
127,649.569
111,041,000
78,340,030
76,593,250
82,600,470
91,283,550
69,546,040
80,478,835
82,398,724
63,886,110
49,781,211
46,597,830
47,778,544
2nd quarter
We also furnish to-day a summary by Federal Reserve
265,974,280 243,430,060 226,763,669 144,157,585
districts of the clearings for the month of August. For
Six months
292,668,710 537,866,300 415,666,003 271,807,154
that month there is a decrease for the entire body of clearing Mouth of July
47,746,090
03.378,690
39.197,238
33,575,576
August
39,869,500
houses of 34.2%, the 1930 aggregate of the clearings being
95.704.890
67,191,023
51,203,812
$38,910,243,713 and the 1929 aggregate $590,060,466,344.
Tho following compilation covers the clearings by months
In the New York Reserve District the totals register a loss since Jan. 1 in 1930 and
1929:
of 38.6%,in the Boston Reserve District of 25.0% and in the
MONTHLY CLEARINGS.
Philadelphia Reserve District of 17.3%. In the Cleveland
Clearings, Total A 11.
Clearings Outside New York.
Reserve District the totals are smaller by 24.1%, in the Mont S.
Richmond Reserve District by 19.8% and in the Atlanta
1930.
1919.
1930.
1929.
%
%
Reserve District by 25.4%. In the Chicago Reserve Dis$
$
$
$
Jan_ _ 50,673,406,142 64,011,154,189 -22.0 18,642,101,592 21,007,488,319
-11.6
trict the decrease is 29.8%, in the St. Louis Reserve District Feb_ _ 41,702,901,982 53,632,530,040 -22.3 15.713,253,075 17.702,771,710
-11.8
19.2% and in Minneapolis Reserve District 26.4%. In the Mar._ 51,189,572,673 62,047,728.610 -17.6 17,424,514,546 19,728,889,932 -12.3
lot
L.
14
as
Kansas City Reserve District the totals show a shrinkage of
3365880,797 180591412,839 -20.5 51,781,869.213 58,439,149,961 -12.0
23.8%,in the Dallas Reserve District of 26.4% and the San April _ 50,871,578,082 54,135,721,704 -6.3 17,335,439,550 19,138,168,300 -10.1
May._ 43.698.222.344
55,855,905,534 -8.4 17,269,304,424 19,073,965.942 -9.6
Francisco Reserve District of 24.4%.
June_ _ 40,749,859,458 52,965,219,206
-6.1 16,601,139,120 18,404,573,068 -9.7
al as _ 149319659.884 162956346,444
-8.4
51,205,883,094 56,616,707,310 -9.6
A710900
.4717118t
Ine.or
.4075.51
A ?ic(/n
1030.
1929,
Dec.
1923.
1927.
Federal Reserve I)ists.
$
$
181 Boston ___.14 cities 1,913,535,324 2,551,267,247 %
-25.0 2,039,218,422 2,118,093,788
2nd New York..14 "
24,619,212,675 40,096,548,175 -38.6 27,652,771,135 28,026,324,529
3rd PhIladelpla 14 "
2,147,537,150 2,630,559,514 -17.3 2,255,469,141 2,444,222,202
4th Cleveland__15 "
1,559,572,575 2,055,319,333 -24.1 1,784,960,655 1,769,922,010
5th Richmond _10 "
674,407,099
840,511,757 -19.8
861,014,291
758,519,168
6th Atlanta....17 "
580,972,019
778,494,587 -25.4
744,820,684
841,078,022
7th Chicago ___28 "
3,403,079,381 4,851,682,970 -29.8 4,471,813,272 4,357,861,670
8th St. Louts__ _ 10 "
734,203,990
908,243,028 -19.2
910,778,337
922,502,362
9th 11.1Inneapolls13 "
493,872,690
671,329,076 -26.4
643.367,439
564,234,069
10th KansasCity 14 "
973,010,781 1,277,490,324 -23.8 4,244,173,177 1,131,287,943
11th Dallas
II "
395,418,128
537,322,994 -26.4
512.208,863
488,895,434
12th San Fran...26 "
1,415,421,898 1,871,699,339 -24.4 1,717,866,867 1,634,079,111
s
s
Total
186 cities 38,910,213,713 59,060,4E6,344 -34.2 44,668,555,815 43,126,924,676
Outside N. Y. City
14,905,275,489 19,861,241,735 -25.0 17,689,515,908 17,747,337,796
Canada
It riflaa
i mni xi A.
n nl, onn ern
.11 F
1 004 non FRO
1049 480 1041
We append another table showing the clearings by Federal
Reserve districts for the eight months back to 1927:
8 Months
1930,
Federal Reserve Distil
let Boston __ __14
cities
2nd New York _ _14 "
3rd Philadelpla 14 "
4th Cleveland__ 15 "
5th Richmond _10 "
660 Atlanta_ __ _17 "
7th Chicago ___28 "
8th St. 1..ouls__10 "
9th Minneapolls13 "
10th KansasCIty 14 "
11th Dallas
11 "
12th San Fran_ _26 "
8 Mordha
1929.
$
S
17,867,580,145 19,624,350,912
249.425.775,678314,493,200,536
19,591,277,304 21,966,781,082
11,308,363.211 16,329,377,310
6,058,955,059 6,461,566,004
5,662,909,335 6,630,135,459
30,783,610,818 37,458,672,909
6,860,485,634 7,697,210,608
4,032.791,502 4,635,183,750
8,089,076,936 9,342,383,357
3,559,982,879 4,387,582,757
12,608,133,144 14,194,983,437
Ine.or
Dec.
8 Ifonrhs
1928.
8 Months
1927.
$
S
%
-9.0 19,325,448,359 19,020,145,578
-25.7257,101,697,357 212,650,312.059
-10.8 20,565,276,925 20,121,970,003
-12.4 14.856,409,861 14,692,105,070
-6.1 6,464,306,285 6,832,157.360
-14.6 6,589,774,986 7,128.903,603
-17.8 36,922,067,224 35,057,094,867
-11.3 7,695,761.961 7,625,796.677
-13.0 4,396,261,512 3,986,142,657
-13.4 8,929,967,795 8,768,686,972
-18.9 4,009,591,971 4,105,979,753
-11.2 14,329,655,719 12,858,176,864
Total
186 cities 378853,944,645 463,214,526,121 -19.2401,362,242,
945 352,850,471,463
Outside N. Y. City
135,181,963,678 155,315,150,541
13.0 149,722,705,101 145,591,439.837
nAnAda-------„
„
„
- . „ ,
,
moo
292885510,681 343548259.283-14.8
102987752,307 115055857,271 -10.8
July _ - 47,058,351,901
60,605,800,494 -22.4 17.289.935,882 20,398.051,535 -15.3
Aug _ - 38,910.243,713
59.060.466.344 -34.2 14.904.275.489 19.861.241.735 -25.0
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.
lagusf
Jan. 110 Aug.39(000,000s
1930. 1929. 1928. 1927.
1930.
1929.
1928.
1927.
omitted.)
$
$
$
5
$
5
5
$
New York
24,006 39,199 26,070 25,379 243,672 307,899 251,540 207,259
Chicago
,263 3,108 2,931 2,971 20,181 24,324 24.955 23,965
Boston
1,716 2,259
•
15,920 17,237 17,117 16,994
Philadelphia
2,007 2,443 2,083 2,270 18,369 20,517 19,099 18,672
St. Louis
449
580
613
591
4,191
4,830
4,965
4,892
Pittsburgh
677
867
734
737
6,164
6,731
6,155
6,287
San Francisco
735
053
871
819
6,627
7,137
7,537
6,422
Cincinnati
224
314
294
311
2,196
2,635
2,618
2,555
Baltimore
356
482
416
475
3,210
3,519
3,562
3,754
Kansas City
520
698
600
617
4,926
4,302
4.722
4,065
Cleveland
501
668
558
4,548
5,266
4,459
4,266
New Orleans
159
205
210
234
1,555
1.754
1,910
1,905
Minneapolis
332
464
340
338
2,645
2,949
2,689
2,376
Louisville
146
152
142
145
1,313
1,310
1,284
1,226
Detroit
624
970
867
735
5,979
7,783
6,555
5,793
Milwaukee
114
161
179
187
1,037
1,216
1,441
1,495
Providence
48
69
57
53
467
571
532
464
Omaha
176
218
206
183
1,477
1,589
1,028
1,375
13uffalo
192
315
235
222
1,761
2,210
1,829
1,702
St. Paul
88
112
131
121
796
063
1,034
982
Indianapolis
85
111
98
101
755
862
800
806
Denver
133
172
153
147
1.049
1,294
1,168
1,086
Richmond
176
191
181
214
1,501
1,461
1,467
1,616
Memphis
60
75
70
76
631
710
666
694
Seattle
158
233
208
198
1,361
1.781
1,674
1,532
Hartford
II)
86
57
69
544
688
623
529
Salt Lake City_ _ _ 68
87
75
70
602
652
604
572
523
Total
Other cities
36,061 55,277 41,195 39,659 352,883
432,864 372,613 324,174
2,849 3.783 3,474 3,408 23,971
30,351 28,649 28,676
Total all
38,910 59,060 44,669 43,127 378,854
463,215 401,262 352,850
Outside of N. Y. C_14,904 19.861
17,690 17.747 135,181 155,315 149.723 145,591
Our usual monthly detailed statement of transactions on
the New York Stock Exchange appended. Tao results for
We now add our detailed statement showing the figures
is
August and the eight months of 1930 and 1929 are given for each city
separately for August and since Jan. 1 for two
below:
years and for the week ended Aug. 30 for four years:
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK
ENDING AUG. 30.
8 3109169 Ended Aug. 31,
Month of August.
Clearings at1030.
Inc. or
Dec.
1929.
1929.
1930.
3
3
8
$
%
First Federal Rese
tee District- BostonMaine-Bangor
2,935,246
22,574,577
2,934,343
22,725,596
+0.1
Portland
15,156,867
143,477.748
22,757,338 -33.4
129,990,087
34119.9.-Ilo9ton
1,716,216,034 2,252,967,633 -24.0 15,919.860,128 17,287,233.349
Fall River
3,726,387
46.189,714
39,208,847
5,403,002
-31.0
Holyoke
2,270,183
2,420,975
21,609.521
19,778,277
-6.2
Lowell
2,176,239
43,550.075
5,100,419 -57.3
28,705,067
New Bedford
3,852,446
4,951,344 -21.2
42,553.714
34,858.797
Springfield
17,225,352
24,654,360 -30.2
199,914,599
163,859,598
Worcester
12,993,484
15
311
130,642,471
746
120,300.996
-15.2
Conn.
-Hartford__ _ _
49,968,379
687,733,974
86:234.
544,152.538
'
227 -42.1
New Haven
29,080,3.54
310,262,318
40.529.153 -28.2
277,274,008
Waterbury
8,151,600
10,657,400 -23.6
91,406,700
76,653.600
R. I.-Providence_ _ _
47,554,700
571,392,900
68.578,200 -30.7
466,677,600
N. 51.-Manchester
2,228,053
2,767,107 -19.5
25.749,252
23,535,006
Total (14 cit(es)-- - _ 1
,913,535,324 2,551.267,247 -25.0 17,867.580,145 19,624.350.912
Week Ended Aug. 30.
Inc. or
Dec.
%
+0.6
-9.4
-7.9
-15.1
-8.5
-34.1
-18.1
-18.1
-7.9
-20.9
-10.6
-16.1
-29.4
-8.6
-9.0
1930.
1929.
Inc. or
Dec.
1023.
$
$
%
$
1927.
$
541,634
3,305,295
311,011,200
883,756
700,000
3,989,782
502,558.196
1,060,917
-22.6
-27.3
-36.7
-16.7
623,576
3,333,394
396,000,000
981,530
686,831
3,7.34.955
437.000,000
1,586,060
395.182
709,383
3,566,972
2,683,441
9,703,403
5,963,836
987,768
974,950
4,615,164
3,059,029
18,201.835
8,470,594
-11-0:0
-27.2
-22.7
-12.3
-46.4
-29.6
1,019,866
952,582
4,251,337
2,679,793
13,525,170
7,854,780
1,067,783
1,039,782
4,880,819
3.007,822
15,045,970
7,577,707
9,038,000
560,850
13,279,100 -32.0
684,979 -28.1
11.232,800
012,255
11.634,500
815,293
358.362.972
558,582,314 -35.8
443.067,089
488,998,512
1519
FINANCIAL CHRONICLE
SEPT.6 1930.]
CLEARINGS-(Continued.)
Month of August.
Clearings at1930.
1929.
Week Ended Aug. 30,
8 Months Ended Aug. 31.
Inc. or
Dec.
$
$
Second Federal Re serve District -New York26.392,622
30,142.475
N. Y.-Albany
7,100,999
6,764,837
Binghamton
314,822,549
191,513,089
Buffalo
5,130,131
3,119,703
Elmira
5,782,864
4,695,148
Jamestown
24,005,968,224 39,199,224,609
New York
7,427,883
.5,200,000
Niagara Falls
70,747,174
41,184,938
Rochester
37,029,907
21,502,539
Syracuse
18,000,408
13,555,271
Conn.-Stamford
3,453,07
2,571,452
N. J.-Montclair
151,501,34
132,699,784
Newark
242.368,19
154,580.644
Northern N. J
7,566,43
5,714,571
Oranges
40,096,548,175
24,019,392,675
__
cities)
Total(14
%
1930.
g
1929.
Inc. or
Dec.
1930.
$
%
2
218,307,111
+14.2
232,574,909
-4.7
52,846,639
48,924,88'
-39.2 1,761,403,653 2,210,020,901
-39.2
42,392,436
33,523,600
-18.8
47,168,654
43,330.369
-38.8 243,671,980,967 307,899,375,580
-30.0
38,681,340
55,075,177
-41.8
567,109,155
412,607.667
-41.9
197,200,951
261,090,891
-24.7
158,034,927
140,399,216
-25.5
27.143.942
34,170,342
-12.5 1,210,559,718 1,184,103,243
-36.2 1,547,822,212 1,700,226,121
-24.5
59,622,249
63,347,359
.
1929.
Inc. or
Dec.
1928.
1927.
$
%
$
g
5,188,479
6,897,449
+6.5
1,328,352
1,078,268
-7.4
71,201,206
42,004,876
-20.3
1,132,736
682,628
-20.9
1,086,161
1,007,215
-8.1
-20.9 4,805,572,822 8,600,475,000
-29.8
14,767,867
8,062,631
-26.5
5,758,044
4,005,908
-22.5
3,897,559
2,873,330
-11.4
653,815
436,717
-20.6
32,550,141
28,160,290
+2.2
67,345,228
33,221,235
-9.0
-5.9
5,174,936
6,424,276
+32.9
1,162,286
1,010,144
-18.8
50,563,521 , 51,688,597
-41.0
910,233
859,161
--39.8
1.072,625
1,198,577
-7.3
-44.1 6,610,334,663 6,016,204,813
11,286,272
5,134,088
3.629,299
613,252
24,199,033
22,146,374
-45.5
-30.4
-26.3
-33.2
-13.5
-50.6
10,955,658
6,641,555
3,094,674
788,646
23,302,344
32,480,803
-38.6 249,425,775,678 314,493,268,536 -20.7 4,934,003,369 8,805,384,588 -32.7 6,747.141,320 6,156,726,507
Third Federal Res erve District- -Philadelphia 6,705,893 -15.9
5,638,519
53,116,424 -11.1
47,201,399
Pa.-Altoona
26,128,105 -33.9
17,263,614
160,028,962
190,998,046 -16.2
Bethlehem
5,748,980 -15.2
36,236.617
4,876,158
43,777,072 -17.3
Chester
20,130,332 -9.9
18,148,975
165,771,927 -8.8
151,108,192
Harrisburg
8,385,487 -18.1
6,886,799
68,681,505
72,907,360 -26.1
Lancaster
2,960,113 +41.4
2,624,270
23,752,881
23,077,898 +2.9
Lebanon
3,779,872 -18.4
3,085,072
25,874,505
31,005,016 -16.5
Norristown
2,007,000,000 2,403,000,000 -17.9 18,369,000,000 20,517,000,000 -10.5
Philadelphia
17,620,701 -26.8
12,911,350
124,087,433
152,588,015 -18.6
Reading
27,755,395 -25.4
20,705,600
166,761,429
222,733,025 -25.1
Scranton
17,441,942 -22.8
118,258,324
14,164,181
137,931,005 -14.3
Wilkes-Barre
9,663,030 -12.1
8,493,812
70,294,396
77,415,204 -9.2
York
11,346,047 -13.9
9,774,000
78,319,661
88,770,754 -11.8
N.J.-Camden
19,893,617 -19.7
15,985,000
189,691,336 -20.1
151,672,000
Trenton
1,240,955
5,190,887
985,128
1,459,247 -15.2
5.334,023 -2.7
1,073,250 -8.2
1,368,850
3,942,570
1,185,988
1,734,706
3,984,694
1,370.847
1,417,749
1,583,930 -10.6
1,344,784
252
2,085;
503,000,000
3,563.589
5,855,852
3,150,563
1,790,822
-13.3
-25.6
-36.4
-17.1
-10.4
454,000,000
3,536,817
4,652,282
3,451,697
1,641,882
533,000,000
3,500,833
5,816,920
4,237,818
1,798,566
4,079,978
436,000,000
2,649,912
3,725,005
2,611,821
1,603,276
--1.8
6,530,335
6,069.859
-17.3 19,591,227,304 21,966,781,082 -10.8
459.430,753
530.893,554 -13.5
481,655,205
563,599.495
-28.8
-26.0
-28.5
-24.9
-21.1
-40.4
-30.5
-22.4
-22.6
-4.6
-19.5
-32.1
-22.0
-21.4
-22.1
-34.1
-12.8
-16.7
-13.6
-9.8
-21.9
-18.9
-10.9
-18.9
-19.5
-14.9
-28.6
-8.4
-23.9
-18.2
4,237,000
3,259,354
48,750,726
105,992,723
12,163,900
5.073,000
3,614,979
66,207.865
138.604,997
14,284,500
-16.5
-9.8
-26.1
-23.6
-14.9
6,405,000
3,516,911
61.242.878
126,357,333
13,289,100
5,298,000
3,550,274
66,952.601
112,767,624
16,428,600
1,490,293
4,320,538
1,694,719 -12.1
5,961,341 -27.5
1,691,199
5,433,960
1,813,296
4,940,082
142,820,858
186,638,046 -23.5
170,931,231
154,720,803
Total(15 cities)-- 1,559,572,575 2,055,319.333 -24,1 14,308,363.211 16,329,377,310 -12.4
323.035,392
421,879,447 -23.4
388,867,612
366,271,280
886,056 -21.9
3,332,000 +4.1
42.313,206 +1.7
1,079,853
3,695,560
42,707.000
1,227,845
4,460,709
48,964,018
Total (14 cities)--- 2,147,537,150 2,820,559,514
Fourth Federal Re serve District -Cleveland
29,913,000
21,296.000
Ohio-Akron
21,001,727
15,541.289
Canton
313.586.639
224,028,020
Cincinnati
668.379,033
501,791,662
Cleveland
75,096,000
59,240,300
Columbus
5,359,426
3,193,213
Hamilton
2,000,844
1,389,790
Lorain
9,072,601
7,044,223
Mansfield
26,212,787
20,298,533
Youngstown
2,325,210
2,219,169
Pa.-Beaver County946,804
762,341
Franklin
8,039,176
5,459,159
Greensburg
867,411,754
677,025,491
Pittsburgh
6,217,318
4,888,290
Ky.-Lexington
19,757,014
15,397,095
W. Va.-Wheeling___
Fifth Federal Rese rye District- Richmond4.911,316
4.227,850
W. Va.-Huntginton.
19,219,358
16,271,000
Va.-Nrofolk
191,231,747
175,545,000
Richmond
8,351,208
7,855,894
N. C.-Raleigh
7.749,479
6,798,457
S. C.-Char1eston_ _ _
8,049,228
6,611,576
Columbia
481,866,116
356,378,410
5.10.-Baltimore
2,154,015
1,842,852
Frederick
3,425,770
2,496,817
Hagerstown
113,553,520
96,379,443
D.G.-Washington
Total(10 Cities)----
674,407,090
840,511,757 -19.8
580,972,019
254,846,000
166,981,420
2,634,561,141
5,265,760,237
598,277,100
42,511,873
15,605,585
27,491,570
225,858,413
20,095,714
7,445,534
55,557,474
6,731,437,109
77,012,405
160,955,733
38,171,766
142,810,012
1,500,963,935
75,624,133
70,495,803
71,304,020
3,239,860,149
16,251,673
21,423,279
882,050,289
40,798,227 -6.5
164,497,590 -24.2
1,460,586,333 +2.7
82,545,391 -8.4
73,407,340 -4.0
78,802,389 -9.5
3,519,193,781 -8.0
+2.7
15,829,186
26,808,629 -20.1
992,099.138 -11.1
868,361
3,467,000
43,028,000
19,522,417
22,875,432 -14.7
21,816,592
25,850,877
139,688,319
156,652,981 -10.9
168,780,390
188,422,832
+2.0
1,542,852
2,061,901
85,763,391 -16.9
95,938,633
105,857,402
1,482,896
6,058,955,059
6,454,566,004
-18.1
-16.0
-28.5
-14.1
-29.8
-17.8
-21.9
-39.4
-21.3
-34.9
-22.4
-51.4
-27.9
-13.1
-36.0
-42.3
-22.8
99,599,217
747,545,680
1,513,940,859
57,491,607
33,413,001
50,048,774
487,122,986
96,209,000
82,459,254
713,261,369
63,975,159
36,362,180
49.549.000
66.731,303
23,514,357
6,734,580
1,554,951,00
110.663,581
824,958,527
1,899,207,388
69,701,774
40,849,032
57,735.098
550,519,584
102,640,000
105,805,628
819.573.359
65,021,832
55,143,205
58,171,000
74,253,932
29,308,343
12,382,155
1,754,201,021
-10.1
-9.4
-20.3
-17.5
-18.2
-13.5
-11.5
-6.2
-41.1
-13.0
-1.6
-34.1
-14.8
-11.1
-19.8
-45.7
-11.4
1.907,856
18,788,448
37,068,490
1,552,498
2,142,154 -33.0
20,806,355 -9.7
50,700,535 -26.9
2,171,446 -28.5
2,850,417
18,506,570
41,409,648
1,510,027
3,154,000
20.901,037
46,824,852
2,747,440
1,189,884
9,278,039
1,061,000
1,342,157 -11.4
10,352,278 -10.4
1.481,000 -28.4
1,786,122
11,863,750
1,377,000
2,359,383
14,744,842
3,687,000
13,209,600
*2,000,000
20,361,819 -36.3
2,295,591 -12.9
20,190,526
1,380,080
23,519,462
1,952,971
1,127,000
-38:5
1,835,290 -
1,307,000
1,577,734
110,721
34,979,670
219,596 -49.6
45,501,743 -23.1
253,318
40,605,025
386,865
32.806,042
778,494,687 -25.4
5,662,909,335
6,630,135,459 -14.8
122,273,206
159,209,964 -23.2
143,039,483
154,481,828
-40.2
10,092,407 -26.4
7,431,230
-37.9
36,387,830 -26.0
30,976,530
-35.7 5,979,213,990 7,783,007,460 -23.2
-38.3
32.4
103.165,478
150,335,996
+0.4
272.453,850 -26.8
200,554,905
-59.3
39.7
72,426,130
43,849.673
136.006,204 -12.6
118,994,317
-29.8
-30.9
114,638,834
137,080,388 -16.4
-23.1
198,162,641 -9.3
179,791,219
-23.5
862,256,000 -12.5
754,747,000
-25.6
112,453,783 -17.5
92,814,846
-17.8
176,054,296
188,108,674 -6.3
-22.8
111,633,564 -16.2
93572290
-28.9 1,037,340,229 1,215,928,258 -14.6
-38.1
33,564,151 -18.0
27,537,355
-9.9
109,215,805 -3.2
105.810,194
-11.1
442,736,179
435,806,789 +1.8
-30.1
343,240,124 -18.6
310,759,243
-15.8
16,909.373 -8.2
15,860,920
--32.6
247,185,693 -16.0
207,898,487
-21.7
66,455,235 -13.0
49,103,237
-24.4
45,469,358 -18.1
37,248,964
-11.6
70,731,825 -7.9
64,755,440
-29.3 20.180,981.947 24,323.844,275 -17.0
+2.2
44,684,400 -3.0
43,316,086
-35.7
208.807,165 -19.9
187,339,489
-32.2
137,915,132 -19.7
110,767,750
-16.9
98,930,399 -7.5
91,561,91
153,258
635,895
127,374,327
266,292 -42.4
689.320 -7.8
204,151,118 -37.6
194,383
806,097
176,866,658
254,163
930,740
157,588,162
4,882,547
6,011,814 -18.8
7,301,704
8.150.400
1,399,353
2,685,613
1.551,308 -10.3
3,516,866 -23.6
3.053.364
2,995,118
3,129,531
2,619,817
15,981,000
1,786,367
3,725,560
21.107,000 -24.3
2,475,867 -27.8
4,347,556 -14.3
19,570,000
2,775,600
3,999,838
20,423.000
2,732,400
4,870,081
21,942.144
31.125,326 -29.5
35,353,910
38,919.26(
Seventh Federal R eserve Distrie t-Chicago1,219,617
729,074
Mich.-Adrian
4,652,799
3,408,473
Ann Arbor
970.260,954
623,895,529
Detroit
19,816,797
12,223,911
Flint
33,717,604
33,853,218
Grand Rapids
8,419,079
3,438,845
Jackson
18,530,430
13.028,462
Lansing
18,857,657
13,037,277
Ind.-Ft. Wayne25,529,936
19,616,379
Gary
110,912,000
84,900,000
Indianapolis
12,724,681
9,475,302
Bend
South
22,545,950
18,537,667
Terre Haute
10,055,454
13,015,789
Wis.-Madison
160,831,132
114,380,736
Milwaukee
4,003,181
2,929,350
Oshkosh
13,006.146
mums_
14,424,830
-Cedar
Iowa
48,408,192
54,462,025
Davenport
43,447,888
30,356,794
Des Moines
1,959,888
1,650,405
Iowa City
31,042,498
20,921,768
Sioux City
5,214,775
6,660,085
Waterloo
5,541,330
4,190,694
111.-Aurora
7,724,833
8,728,103
Bloomington
2,283,000,006
3,198
.232.008
Chicago
8,033,678
8,165,610
Decatur
17,439,848
27,125,08
Peoria
16.762,30
11,355,984
Rockford
10,154,652
12,223,63
Springfield
Total(28 cities)---- 3,403.079,384 4,851,680,970 -29.8 30.788.810,818 37,458,572,909 -17.8
Eighth Federal Re serve District -St.Louis
16,984,208
22,877.986
Ind.-Evansville_ ___
539,734
798.846
New Albany
448,560,882
579,582,496
Mo.--St. Louis
146,199,371
151,566,744
Ky.-Louisville
1,590,932
1,481,830
Owensboro
9,221,840
11,463,995
Paducah
60.110,505
75,458,761
_
-MemphisTenn.
45,460.684
55,846,636
Ark.-Little Rock2,149,689
798,811
111.-Jacksonv1lle___.
7,109,142
4,846,145
Quincy
908.243,028
734,203,990
Total(10 cities)--
1.513,618
71,288,923
-6.1
Sixth Federal Res erve District -Atlanta13,456,165
11.012,109
Tenn.-Knoxville
98,933,905
83,131,956
Nashville
238,868.559
170,930,752
Ga.-Atlanta
7,990,783
6,864.089
Augusta
4,731,015
3.322,375
Columbus
6,874,951
5,653,211
Macon
54,776,24
42,760,498
Fla.-Jacksonville_
9,619,000
5,833,000
Miami
6,732,32
5,365,372
Tampa
96,056.39
62,534.973
-Birmingham
Ala.
9,087,34
7,051,172
Mobile
6,258,927
3,040,121
Montgomery
6,943,000
5,003,000
Miss.-Hattiesburg8,114.000
7.054,042
Jackson
3,420,826
2,188,469
Meridian
1,190,340
687,526
Vicksburg
206.440.807
158,638,372
La.-New (primula_ _ _
Total(17 cities)
-13.9
-15.3
-8.2
-5.9
-12.3
-17.9
-36.1
-14.5
-27.1
-15.2
168,021,000
145,549,210
2.196,269,511
4,548,337,999
540,033,600
33,182,451
12,651,786
64,617,713
183.106.787
16,170,027
6.339.715
39,693,994
6,164,107,73
58,625,520
131,054,262
4,006,000
-16.4
-11.4
_13.3
+0.2
+3.0
-17.0
-11.1
-12.5
-46.2
-14.7
-25.1
-32.4
-22.8
-3.6
-6.9
-19.5
-20.3
-10-0
-63.9
-31.8
158,526,848
5,665,691
4,190,625,996
1,312.750.854
14,661,191
74,371,545
630,969,513
420,076.891
7,660,539
45,176,568
189,681,457
6,393,391
4,830,255.869
1,310,123,402
14,235,280
89,595,494
709,811,592
479,986,446
14,253.653
52,924,024
-19.2
8.860.485.634
7.897,240,608 -11.3
2,332,072
2,683,106
+5.6
2,684,772
2,930,001
6,042,603
8,181,853 -26.1
8,827,000
4,851.860
1.070.758
8,481,595 -24.9
1,221,050 -12.4
6,817,268
1,101,244
9,174,60E
.
5,851.40:
1,231.451
1,404,512
430,800,000
1,067,611
3,352,310
2,154,628
1,968.534
1,760,029
622,974,879
1,175,105
5,294.247
3,392,821
2,461,114
-20.2
-30.8
-9.2
-36.7
-36.5
-20.0
1.762,783
647.489.748
1,152,883
4,558,980
3,014,360
2,327,772
1,590,67E
650,238.98.
1,609,731
4,965,001
3,152.31:
2,521,45
836,102,000
930,848,264 -31.7
932,453,439
922,881.19
3,410,882
3,919,361 -13.0
5,102,213
5,202,523
98,700,000
31,560,850
256,069
115,300,000 -14.4
30,800,534 +2.3
283,165 -9.6
122,300,000
30,486,645
384,092
129,500.00
30,834,927
367,97
12,010,902
9,390,488
144,430
955,583
15,644,281 -83.2
10,927,630 -14.0
15,219,019
10,722,00c
329,730
1,152,166
17,624,00
10,452,1f
484,4(1
1,557 71 6
158,429,204
178.685,334 -12.4
1,4
37
154,70
662
1 64.1
-35.3
185,695.87
195,973,8: 2
1520
FINANCIAL CHRONICLE
[VoL., 131.
CLEAR!NGS-(Concluded )
Month of August.
8 Months Ended Aug. 31.
Clearings at
Inc. or
Dec.
Week Ended Aug. 30.
1929.
Inc. or
Dec.
1930.
1929.
Inc. or
Dec.
1928.
$
s
%
$
$
%
$
170,147,907
2,645.143,801
19,913,185
795,563.224
67,660,972
53,134,000
13,037,452
34,864,173
69,200,642
20,787,711
36,232,807
103,165,592
3,940,036
265,129,764
2,949,004,897
21,400,919
962,946,597
70,901.270
49,973,000
15,784,537
41,060,501
66.831,432
23,392,922
45,139,439
118,944,434
4,665,038
-35.8
-10.3
-7.0
-17.4
-4.6
+6.3
-17.4
-15.1
+3.5
-16.2
-19.7
-13.3
-15.5
5,229,718
74,796,463
7,632,319 -31.5
97,821,280 -23.5
7,204,267
78,619,823
6.618,541
87,674,051
18,927,362
1.711,630
23,142,882 -18.2
1,803,555 -5.1
29,180,538
1,557,636
28,882,112
1.887.436
894.428
1,328,107 -32.6
1,387.662
1,570.488
473,008
617,558 -23.4
569.668
604,856
2,423,000
3,128,189 -22.5
3,278.000
3,023,000
4,032,791,502
4,635,183,750 -13.0
104,455,609
135,473.890 -22.9
121,797,594
130,260,484
y-31.0
-6.1
-20.2
-9.1
-46.1
-15.8
-27.5
-42.4
-25.3
-35.0
-15.0
-23.8
-22.4
-18.0
11.741,555
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
197.267,455
337,945,046
42,109,040
1.048,950,059
53,437,515
13,856,374 -25.2
228,544
321,115
20.983,738 -13.5
469,937
462,884
146,843,284 -18.1
2,677,932
3,303,602
1,589,331,621 -1.1
36,040,458 *50,000,000
75,509,746 -2.3
127.286,281 -8.3
2.533,844
2,689,060
304,239,369 -16.1
5.668,884
7,438,375
47,250,926 -28.1
4,926,216,622 -12.7
113,613,024 133,918.137
249,792,773 -21.0
4,631,732
6,364,507
435,810,195 -32.6
51,617,782 -18.4
948,981
1,363,781
1,294,457,047 -19.0a
59,187,509 -9.7
*1,500,000
1,3141,106
-28.8
+1.5
-18.9
-27.9
344,682
562,599
4,164,576
45,399,348
294,312
606.446
5.184,877
40,834,363
-5.1
-24.9
2,949,473
8,959.147
2,545,069
7,554,781
-15.2
-27.2
142,500,447
6.652,452
128,300,716
6,108,074
-30.4
a
-10.6
922,334
a
1,308,686
727,931
a
1,121,897
973,010,781 1,277,400,324 -23.8
8,089,076.936
9,342,383,357 --13.4
207.361,461 -18.9
213,763,744
193,278,466
Eleventh Federal Reserve Distr *et-DallasTexas-Austin
5,726,961
6,810,873 -15.9
Beaumont
6,967,610
8,720,000 -20.1
Dallas
220,008,509 -29,4
155,351,696
El Paso
20,477,236
25,491,195 -19.7
Fort Worth
35,151,698
58,76.5,000 -40.2
Galveston
12,358,000
21,782.000 -43.3
Houston
132,480,556
158,912,530 -16.7
Port Arthur
2,877,140
3,683,100 -21.9
Texarkana
1,596,106
2,287,999 -30.2
Wichita Falls
7,328.000
10,468,000 -30.0
15,103,125
20,303,788 -26.0
1.8.-ShrevePOrt
51.387,070
65,873,871
1,395,535,472
205,509,043
354,656,327
113,826,290
1.089,458,546
24,817,776
16,874,770
72,696,384
169.337.330
65,193,787
75.921,602
1,806,343,910
212,187,842
480,681,346
172,800,000
1,261,871.761
27,265,390
19,856,899
89,268,246
176,191,884
3.559,982,879
4.387,582,757 -18.9
1030.
1929.
S
$
Total(13 cities)
493,872,690
671,329,076 -26.4
Tenth Federal Res erve District -Kansas Cit
Neb.-Fremont
1,105,826
1.732,050
2.337,553
Hastings
2,490,459
13,549,164
Lincoln
16,975,243
217,541,860
176,023,141
Omaha
5,204,482
Kan.-Kansas City
9,658,610
15,984,522
13,457,578
Topeka
30,489,396
Wichita
42.024,934
3,464,081
6,017,489
Mo.-Joplin
Kansas City
697,826,152
520,448,238
21,890,000
St. Joseph
23,376,000
40,130,270
Okla.-Tulsa
47,241,417
Colo.-Colo. Springs_
5,195,855
6,820,520
Denver
133,343.109
171,891,531
Pueblo
6,482,088
7,909,537
Total(14 CIRCO
Total(11 citles)
395,418,128
1.2.p..wow500
Ninth Federal Res erve District- -Minneapolis
Minn.-Duluth
24,062,469
32,845,370
Minneapolis
331,674,787
463,628,806
Rochester
2,855,580
2.189,579
St. Paul
111,656,564
87,998,119
N.Dak-Fargo
7,561,495
9,113,786
Grand Forks
6,826.000
7,542,000
Minot
2,270.312
1,513,019
S. Dak-Aberdeen...._
4,249,562
5,834,727
Sioux Falls
7,539,531
8,451,713
Mont.-Billings
2,371,068
3,079,207
Great Falls
5,139,449
6,867,560
Helena
12,396,000
16,432,217
351,612
Lewistown
743,234
537,322,994 -26.4
1930.
-21.2
-13.2
-22.8
-3.1
-26.2
-45.3
-13.6
-9.0
-15.0
-18.6
-3.9
163,174,442
1,273,064
1,247,201
1927.
5
+2.1
2,044,623
2,407,911
41,345,000
48,063,112 -13.9
53,781,645
50,191,992
7,156,906
3,306,000
10,710,918 -33.2
5,414,000 -38.9
11,279,139
7.366,000
10.213.761
6,038,000
2.870.557
4,385,720 -34.5
3,974,185
5.693.238
55,951,527
69,820,951 -19.9
78,445,502
74,544.902
Twelfth Federal R eserve Distric t--San Franc WOWash.-Bellingham- *4,500,000
35,459,000
3,815,000 +17.9
30,197,000 +17.4
Seattle
156,246,229
233,263,519 -33.0 1,361,183,643 1,780,558,104 -23.5
32,054,496
49,072,946 -34.7
44,976,975
44,435,187
Spokane
45,205,000
381,795,000
57,499,000 -21.4
434,621,000 -12.2
9,832,000
12,122,000 -18.9
12,128,000
13,239,000
Yakima
3.936,684
38,925,611
6,304,390 -37.6
50,067,389 -26.3
889,454
1.490,457 -40.3
1,455,043
1,500,501
Idaho-Boise
5,501,174
45,023,530
6,546,440 -16.0
44,150,797 +2.0
Ore.-Eugene
1,560,000
14,805,239
2,285,894 -31.7
17.613,207 -16.0
Portland
141,501,975
181,457,759 -22.0 1,183,692,790 1,338,601,032 -11.6
30,454,122
37,458,105 -18.7
38.736,372
34,959,284
Utah-Ogden
6,509,634
52,233,942
9,652,384 -32.6
56.674,828 -7.8
602,113,985
Salt Lake City
86.653,865 -21.3
68,167.652
651,864,818 -7.6
15.119.856
18,280,686 -17.4
15,807,070
15,908,997
Ariz.-Phoenix
12,409,000
137,917,000
17,533,000 -29.2
161,663,000 -14.7
Calif.-Bakersfield.-7,777,207
60,842,429
5,761,710 +35.0
47,490,100 +28.1
Berkeley
19,005,851
159,383,007
21,616,233 -12.2
169,425,483 -6.0
Fresno
8,495,759
98,364,985
17,371,763 -51.1
123,223,712 -20.2
1,581,362
3,347,393 -52.8
3,684,829
4,223,561
Long Beach
27,198,178
249,608,592
37.759,151 -28.0
311,821.763 -20.0
5,507,070
7,275,176 -24.3
7,282.025
5,744,806
Los Angels
No longer w ill report cleani ngs.
No longer will report cleans gs.
Modesto
35,218,638
4,261,228
4,710,197 -9.5
33,107,639 +6.4
Oakland
532,750,855
673,370,111 -20.9
58,542,807
85,588,973 -31.6
11,722,526
18,629,927 -37.6
16,915,089
16.776,987
Pasadena
203,448,892
20,056,665
24,770,614 -19.1
255,211.979 -20.3
3,430,073
4,807,384 -28.7
4,752,061
5,879,136
Riverside
35,633,922
3,290,144
4,415,684 -25.5
43,663,928 -18.4
Sacramento
26,021,747
234.819.395
256,127,411 -8.3
35,661,450 -27.0
4,769,178
7,520,763 -36.6
5.348,743
6,183,667
San Diego
189,965,384
210.872,227 -10.4
20,589,420
26,101,713 -21.1
3,676,857
4,842,616 -24.1
4,370,032
4,625.990
San Francisco
735,300,427
953,059,000 -22.9 6,626.620,499 7.137,156,927 -18.3
143,849,834 211,724,000 -32.1 180,909,400 175.125,000
San Jose
103,094,325
16,977,247 -24.1
113,248,489 --9.0
12,894,162
2.555,616
3,438,382 -35.7
2,932,783
3,222.677
On .1 Barbara
69,013,505
8.513,719 -7.7
69,188,977 -0.3
7,858,751
1,536,401
1,383,790
1,665.684 -7.7
1,278,554
Santa Monica
68,386.132
78,050,340 -12.4
8,448,688
9.889,487 -14.6
1,606,413
1,840,025 -12.7
1,830,146
1,897,753
Santa Rosa
16,166,844
17,493,776 -7.6
1,930,716
2,329,147 -17.1
Stockton
73.669,000
89,519,400 -17.7
8,212,800
12,162,000 -32.5
1.589.800
2,489,700 -36.2
1.910.200
2.464.200
Total(26 cities)
1,415.421,898 1.871,699,339 -24.4 12,608,136,144 14,194,983.437 -11.2
270,175,058 386.005,244 -30.0 340,251,157 341.636,791
;rand total(l86 dries) 38,910,243,713 59,060,466,344 -34.2 378.853,944.845463,214,526.121 -19.2 7.728,081.85112580
777.912 -38.4 10172958,496 9.695,111,638
/utaltle New York
14,904,275,489 19,881.241,735 -25.0 135,181,963,678 155,315.150,541 -13.0 2,922,509,029 3,940,302.912 -25.83.562,623,8333,678,906,535
CANADIAN CLEARINGS FOR AUGUST, SINCE I ANUARY 1, AND FOR WEEK ENDING AUG. 28.
$
%
5,325,841.362 -12.9
5,178,208,691 -21.3
2,033,247,516 -22.2
841,264.076 -19.8
291,056.025 -26.1
239,469,185 -7.0
133,307,074 -14.2
229,049,512 -18.6
453,574,519 -35.0
104,027,199 -20.9
100,483,425 -15.2
120,227.316 -6.4
233,056,779 -11.2
202.938,936 -24.3
22,231.287 -23.9
22,902.337 -23.0
89,029,086 -14.6
46,328.538 -12.9
51,099,496 -24.6
32,794,775 -14.1
33,909,272 -13.5
16,271.072 -33.3
33,983,402 -9.8
36,001.274 -12.6
46.243,571 -10.9
214,411.028 -36.9
16,715,583 -10.4
33,675,575 +2.2
30,289,254 -5.4
27,735,852 -23.0
28.949.664 -12.6
Total(31 clties)
1.521.261,483 2.014 TM OM
-24 C 13.330.628.097 16.209.202.681 -17.7
•Estimated. a No longer reports
weekly clearing%
1930.
3
126,195,393
1011,318,861
47,281,027
17,872,926
5,473.827
5,531.261
2,788,179
5,188,949
7,063,226
2,113,943
2,004,881
2,847,759
4,552,126
4,062,776
421,095
541,615
2,036,268
855,945
928,370
740,449
751,599
266,572
795,285
864,487
963,564
3,066,386
350,825
950.390
715,339
450,440
576.931
857.570.654
1929.
Inc. or
Dec.
$
%
147,664,403 -14.5
121,453,980 -10.0
50,923,387 -7.2
22.411,391 -30.3
6,637,116 -16.5
6,294,518 -12.1
2.865,708 -2.7
5,921,941 -12.4
9.690,859 -27.1
2,452,525 -13.8
2.604,885 -23.1
2,329,148 +11.1
9,163,953 -11.8
4,860,178 -16.4
604,497 -30.5
599.127 -19.6
2.469,033 -17.5
1,108.906 -22.8
1,167,883 -20.5
875,377 -15.4
1,109,975 -32.3
474,028 -43.8
772,553 +2.9
1,021,433 -15.3
1,226,212 -21.5
5,721,134 -48.4
485,997 -38.8
904,391
+5.1
921,918 -22.4
641,992 -29.8
927,824 -37.8
411.206.076 -13.1
1928.
$
112,826,408
111,816.843
50.160,500
18,701.457
5,878,305
5,578.643
3,101,360
5,745,055
9,275,610
2,215,228
2,313,723
2,527,554
5,098.429
6,895,822
655,626
738,686
2,509,987
1,363,908
1,081,385
919,640
828,711
406,614
746,549
831,342
1,015,894
5,582,796
482,545
800,195
743,067
587,575
572.700
361.902.159
1927.
1000000.400 a CO 0000.4 COOl®
$
4,636,703,543
4,073,224,373
1,583,105,490
674.960,409
247,092,930
222,666,840
114,323,196
207.298.516
295,082,617
83,005,459
85,257,179
112,566,659
198,305,131
153,790,656
16,918,024
17.641.188
78.01.735
40.349,693
38,511,599
28.182.577
29,678,400
10,843,697
30.683,09
31,457.854
41,215,655
157,035,218
14,983,002
34,433,492
28,822,223
21.350,902
25.297,251
1920.
1Week Ended Aug. 28.
0000.4
1930.
Inc. Or
Dec.
00.4 ao.'4CO
'4.00
lo..4,,z,noc000000coc000
0cnot,2*tomo
40040N
-.eim:or:vuiviocoeS.,ui,
i1-:0 cOmr,
inimoi4MOoO-Icseio6
NN
$
688,783,816
582,566,145
300,692,161
102,688,987
33,416,220
31,846,536
14,417,689
27,862.054
59,938,695
12.378,406
12,494,632
14,458,055
27,494.654
29,310,609
3,116,242
3,196,837
12,637,082
8,078,584
6.137,383
4,417,720
4,618,451
2,035,842
4.017,979
4,797,622
5,425,179
22,003,013
2,226,316
4,204,391
3,888,063
3,168,259
4,068,406
IiiiiiIiiii 1
$
523,687,385
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
9,912,457
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
3,501.105
2.519,538
2,921,553
1929.
Inc. or
Dec.
g.*.000010-4a.toaoc,41,
aw
01000 442Woco-000w;o:tz
b.
o.-winio si
..ctv.w.4woonam.c.oso.w-amowy.c..w00-41.>0
1930.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Matham
3arnla
8 Months Ended Aug. 31.
Month of August.
Clearings at-
880.921.982
1521
FINANCIAL CHRONICLE
SEPT.6 1930.]
CONSOLIDATION.
200,000
THE CURB EXCHANGE.
Aug. 30-The MaconINational Bank, Macon, Ga
350,000
Continental Trust Co., Macon, Ga
unvery
was
wee4
this
amended
as
1918,
Exchange
7
Nov.
of
Curb
Act
the
under
on
today
Trading
Consolidated
charter of The Macon National
the
under
1927.
25
Feb.
with
fashion
aimless
in
interesting, prices moving about
Bank, No.10270, and under the corporate title of"The
First National Bank & Trust Co. in Macon," with
very small changes. Utilities were the most prominent
capital stockier $500,000.
152.
to
from
up
was
Canada
of
Telep.
1503/i
Bell
group.
CHANGES OF TITLES.
Bank of Meadville. Pa., to "First NaDuke Power advanced from 158 to 167. Amer. Gas & Elec. Aug. 25-The New First)National
of Meadville."
Bank
tional
corn. weakened from 130 to 1263 but to-day recovered to Aug. 30-The East Rockaway National Bank,East Rockaway, New York,
to "East Rockaway National Bank & Trust Co.'
131. Amer. & Foreign Power warrants fell from 52 to 48%
AUTHORIZED UNDER ACT OF FEB. 25 1927.
the close to-day being at 483. Amer. Superpower el. A Aug.BRANCH
Mass.
25-Worcester County National Bank of Worcester,
to-day
up
to
sold
but
223,
to
points
23%
two
of Branch-342-344 Main St., Worcester, Mass.
Location
about
lost
the close being at 23%. Electric Bond & Share corn, was
Auction Sales.-Among other securities, the following,
off from 8431 to 80%, recovered to 82% and closed to-day
actually dealt in at the Stock Exchange, were sold at auction
not
from
declined
com,
Power
States
Northern
1553
at 823i.
York, Boston, Philadelphia and Buffalo on WednesNew
in
little
with
prices
very
feature
to 15034. Oils were without
week:
this
of
day
changed. Gulf Oil of Pa. eased off from 1193' to 118 and
By Adrian H. Muller & Son New York:
Oil
from
coin.
sold
down
Cosden
Per Cent.
1183.
at
to-day
finished
$ per oh. Bonds.
Shares. Stocks.
Marlon & BuWest Carrollton Parchment Co. 69 $15,000 Columbus
mtge.
32% to 30. Among industrials and miscellaneous issues 180
30-yr.
ref.
&
gen.
fly.
cyrus
100 Island Oil & Transport Corp.,
in Jan. 2 1944, July 1921 & sub.
common v. t. c., par 510,1400 U.S.
Glen Alden Coaljumped from 83% to 95 with the final trans$81 lot
coupons attached
Steamship Co., corn. ctf. of dep.;
lost
eight
transactions
few
on
Co.
Aluminum
action at 94.
1,000 Lance Creek Royalties Co..
$3101
$1
par
points to 231. Deere & Co. corn. declined from 81% to
By Wise, Hobbs & Arnold, Boston:
77 and ended the week at 77%. Technicolor corn. weakened
per Sh.
t Per Sh. Shares. Stocks.
Stocks.
Shares.
at
finally
27%from 29 to 263i and sold
10 Brockton Gas Light Co. V. t. c.,
125
10 Continental Nat. Bank
42
325
par
127
Bank
Continental Nat.
A complete record of Curb Exchange transactions will 310Nashua
68 25 Mass. UM.Assoc., pref., par $50 36
Mtg. Co. pref
40
Associates
Trust
Colony
Old
20
88%
Co
1548.
Mtg.
25
page
Pepperell
on
be found
53 40 Southern New England Ice Co.
41 Sagatuore Mfg. Co
as
prior pref
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Associated Textile Cos., 10 lots of
Bonds (Par Value).
(Number of
Shares).
Week Ended
Sept. 5.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
401,900
420,100
388.200
363,900
1,574,100
Total
Foreign
Domestic. Government.
Rights.
Total.
HOLIDAY
HOLIDAY
52,550,000
2,764,000
2,507,000
2.690,000
$127,000 $2,677,000
150.000 2,914,000
195,000 2,702,000
210,000 2,900,000
50,800 $10,511,000
$682,000 511,193.000
2,500
10,000
17,900
20,400
Commerciatand Wascalantonsntins
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Youth.
Imports.
1928.
1929.
Customs Receipts
tit New York.
Exports.
1929.
1929.
1928.
$
$
168.191,3601149,390,965 168,829,725147,613,519
July
August- - - 188.711,6341154,359,944 143,450,060 139,961,583
176,246,040150.470,783 149,465,106103.008,757
Sept
208,743.489175,624,878 155,167,832 170.708.717
October
November 172,558,543 156,599,626 136,372.089169,650.612
December_ 157,091,612 168.359.836 133.176,0171157,285,5
1929.
1929.
152.812.882171,501,3001930.
2 52 176,480,924
158,679:
January _
February _ 136.999,034188,138.049 143,659.298 187,045,251
_ 139.891.390187.708.168 143,299,606209.690,36
148,366,031 200,158.425 132,003.459159.917,637
April
135,023.042 188.510,867 130,626,818132.845,834
May
119,554,902 167,839,901 105,065,148151,986,551
June
12
$
29,419,142
30,684.237
31,741.943
35,436,544
26303,378
21,949.891
1930.
24,678,913
20,705.240
23,765,513
23.010,593
26,659,611
34,933,670
1928.
$
26,130.127
40,315.887
31,168.728
34.691,171
27.651.679
25.823.112
1929.
27.286.733
28,274,931
29,352,388
27,528.213
28,727,341
28,755,719
Total...... 1,882187459 0588625421,6997941881,906194980 329,088,47 345.706,029
Movement of gold and silver for the twelve months:
Gold Movement at New York.
Month.
Imports.
1928.
1929.
Silver-New York.
Exports.
1929.
1928.
Imports.
Exports.
1929.
1929.
5shares each at 35 for each lot.
15 George E. Keith Co.7% 1st pt._ 36%
4
46 Atlantic Gas & El. Corp. cl. A
112%
20 Amer. Glue Co. common
80 Central Wharf dr Wet Mock
141%
Corp
30
4 National Service Cos. pref
40 Mass. CUL AMC,pref., par $50 38
2 Grt. Atl. & Pac. Tea Co. let pr 117%
3 Springfield G. L. Co. v. 1. c.,
56
Par $25
Demand note of A. B. Fotch. Inc.,
for $7,834.42. dated April 1 1929.
$2.772 lot
with interest
By R. L. Day & Co., Boston:
$ per 'lit.
Shares. Stocks.
25 Nat.Shawmut Bank, par $25_. 67
118%
Bank
24 Boston Nat.
25 Nati Rockland Bank, par $20- 98
25 Atlantic Nati Bank, par $25.... 94
25 U. S. Trust Co., par $2&..__93-93
13 Great North. Paper Co., par $2.5 46%
10 Maas. Bond.& Ins. Co., par $25 105
135
5 Western Real Estate Trust
105
30 Stickney & Poor Spice Co
pref.
Inc.,
Participations.
5 Beacon
14
A
680-661
7 Boston Insurance Co
30
9 National Service Co., Pre:
Shares. Stocks.
8 Der Sh.
2554
1 Unit First Peoples Trust
div.
5 Bird & Sun. Inc., pref----104 &30
50 National Service Co., pref
20 Amer. Glue Co., com__ _110-110%
25 Northwest Louisiana Gas Co.,
10
Prig
5 DennLson Mfg. Co.. pref.-100 & cUv.
$ Per Sh.
Shares. Stocks.
25 Corn Each. Natl Bk.&Tr.Co.,
121
par $20
119%
25 Corn Each. Bk.& Tr. Co
10
21 Aldine Trust Co., par 510
$10-....-105
par
5 Integrity Trust Co..
15 Pa. Co. for Ins. on Lives, &c.,
par 310
25 Real Estate Land Title & Tr.Co..96
40u
par $10
Shares. Stocks.
5 Hamilton Trust Co
10 Phila. Elec. Co., corn
Per Cent.
Bonds51,000 James River Bridge 1st 6%a,
55 & int.__
Jan. 1958
$1,000 Mavrick Mills 7s, April 15
85 & int.
1943
By Barnes & Lofland, Philadelphia:
$ Per Sh.
270
43%
Rights$ Per Mind(
100 Insurance Co.of No.America- 3
21 Victory Insurance Co..Par $10.. 17
$220.
500
te.W
C°
PlazNaoTr
eatmoreland Chord- 2
$110 lot
cal & Color Co
By A. J. Wright & Co., Buffalo:
8 per Sh.
$ per ah. Shares. Stocks.
Shares. Stocks.
Temple Ass'n of Buffalo
100 Assets Realization Co. par $10_52 lot 5 Labor
.,
tyi.
ldiw
ciu
n IGnoeld
4:0Vnia
200 Premier Gold Mines, par $1...... _1 all. 100
22 par $1 _7
.
Mines,
I)ar
0213c,att
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:
Books Closed.
When
Per
Days Inclusive.
Cent. Payable.
773.959
Name of Company.
3,990,222
2.198,462
Railroads (Steam).
*50c. Oct. 1 *Holders of rec. Sept.15
3.855,968 Beech Creek (guar)
"13734c Oct. 1 *Holders of rec. Sept. 13
5,175.001 Lehigh Valley, coin. (guar.)
'$1 25 Oct. 1 *Holders of rec. Sept. 13
3.270,641
Preferred (quar.)
*134 Nov. 25 "Holders of rec. Oct. 25
1930.
Wabash fly., pref. A (quar.)
3,537,170
2,789,904
Public Utilities.
175c. Nov. 1 Holders of rec. Oct. 4
2,896,063 Amer. Cities Pow.& Lt., class A (qu.)
1,881.919
Class B (payable in class B stock)._ /234 Nov. 1 Holders of rec. Oct. 4
"51.75 Oct. 1 'Holders of rec. Sept.13
8,042.587 Amer.& Foreign Power $7 pf.(clu.)
*$1.50 Oct. 1 "Holders of rec. Sept.13
2,173,834
$6 preferred (quar.)
Second pref. A (acct. accum. dive.).-* 551.75 Oct. 1 'Holders of rec. Sept.13
$1.50 Oct. 1 Holders of rec. Sept.13
,531
12,971,426
35,585,736
164,441,032122,157
18.629,321
(quar.)
$6
Light,
&
pref.
Amer. Power
Total... 151,293,808
•87;0. Oct. 1 Holders of rec. Sept.13
$5 preferred (quar.)
Superpower, 1st pref. (quer.)-- $1.50 Oct. 1 Holders or rec. Sept.15
Amer.
51.50 Oct. 1 Holders of rec. Sept. 15
National Banks.-The following information regarding
$6 preference (quar.)
Gas dr El.,orig. pref.(quar.)_ "13734e Oct. 1 *Holders or rte. Sept.29
national banks is from the office of the Comptroller of the Associated
Oct. 1 *Holders of rec. Sept.29
$1.75
•
(quer.)
preferred
$7
'Currency, Treasury Department:
Cable & Wireless, Ltd...w23( Oct. 6 "Holders of rec. Aug. 29
Amer.dep.rata. 534% pre
APPLICATION TO ORGA/siIZE APPROVED.
1% Oct. 15 Holders of rec. Sept. 30
Capital. California-Oregon Pow.7% pref.(qu.)
1% Oct. 15 Holders of rec. Sept.30
. Trust Co. of LuxemBank 8z
6% preferred (quar.)
Aug. 30-The Lafayette National
$50,000
Natural
Western
Mo
Canadian
burg.
Gas, Light, Heat& Pow., pref. tenni) "2513. Dec. 1 *Holders of rec. Nov.15
Correspondent: E.P. Stupp, care Stupp Bros. Bridge &
•250. Mr.2'31 "Hold,of roe. Feb.1411
Preferred (extra)
Iron Co., P.0. Carondelet Station, St. Louis, Mo.
*2543. Junl'31 'Hold.of rec. May 1531
(extra)
Preferred
CHARTERS ISSUED.
Tel.(quar.)_ •31.13 Oct. 1 "Holders of rec. Sept.20
Bell
Suburban
&
Cincinnati
of
Co.
Pa..
125,000
Trust
Connellsville.
Bank &
Sept. 1 *Holders of rec. Aug. 20
41.25
(qu.).
pref.
(Indianapolis).
Gas
Citizens
ug. 26-The National
President: Jos. H. Strawn. Cashier: F. R. Denton.
Utilities, corn. A.(cp1.) *3734c Sept. 30 "Holders of rec. Sept.20
•
Bank of Independence, Sans- 250.000 Commonwealths
Sept. 30 'Holders of rec. Sept.20
"3734c
(quar.)
B
Common
Aug. 30-The Security National
President: Ben S. Paulen. Cashier: J. H. McElroy.
*$1.75 Oct. 1 *Holders of rec. Sept.20
Preferred A (friar.)
VOLUNTARY LIQUIDATIONS.
141.50 Oct. 1 *Holders or rec. Sept.20
Preferred B(guar.)
50,000 Connecticut Electric Serv., corn. (quar.) "75e. Oct. 1 "Holders of rec. Sept. 15
Bank of Corning, Ark
Aug. 26-The First National
$1.10 Oct. 1 Holders of rec. Sept. 1.24
Continental Gas & Elec., corn.(quar.)
Effective July 30 1930. Liquidating Agent: Corning
by the
1% Oct. 1 Holders of rec. Sept.12a
Prior preferred (quar.)
Bank & Trust Co., Corning, Ark. Absorbed
Ark.
Corning,
Co.,
3734c
Oct. 1 Holders of roc. Sept. 15a
Trust
Denver
Tramway,
&
pref.
(guar.)
Corning Bank
25,000 Detroit Edison (quar.)
2
Bank of Forsyth, Mont
Oct. 15 Holders of rec. Sept.20
National
American
-The
26
Aug.
R.D.MounDiamond State TeleP.. Pref.(guar.).-- •154 Oct. 15 "Holders of rec. Sept. 20
Effective Aug.71930. Liquidating Agent:Forsyth
State
Duke Power common (quar.)
•13.1 Oct. 1 *Holders of rec. Sept. 15
tain, Forsyth, Mont. Absorbed by the
•1X Oat. 1 *Holders of roe. Sept.15
Preferred ((filar.)
Bank, Forsyth, Mont.
60.000 Eastern Gas & Fuel AssociatesBank of Duncan, Okla
111
Aug. 30-The City National1930.
Liquidating Agent: J. B. Mc1% Oct. 1 Holders of rec. Sept. 15
434% prior preference (quar.)
Effective Feb. 14
•1 1,4 Oct. 1 Holders of rec. Sect.la
'
6% preferred (guar.)
Lendon, Duncan, Okla. Absorbed by First National
Bank in Duncan, Okla., No, 12812.
30,949,736
14,178.797
14,920.507
10.613,977
2,950.895
3,562.520
1930.
7,201.382
January _
February - 14.593.919
March.-. 7,108,051
40,686,115
April
2,943.60
May
1,584 :1
June
July
August Sept
October
November
December_
604,267
863,544
2,895.14
12,723.677
28,078.532
419,7
1929.
8.772,302
22.368,701
21.610,369
21,458,367
20,268.641
24,377,699
$
$
4,040.003 3,401,081
781,074
706,269
8.417.972
780,9
526,726
3,730,667
429,048
30,191,332
830,34
72,269.793
1929.
1930.
721,0081
8,874.5ii
158.467 1.038,867
265,11i 1,001,252
250.000
90.50
305,706
50,
268,347
1,013,32
2,202,311
691.72
2,054,407
1.655,353
1,458,16
1930.
1,530.946
1.213,537
1.515.527
1,180,561
1,373,64
739,82
1522
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
(VoL, 131.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclustre.
Public Utilities (Co/Warted).
Miscellaneous (Continued).
Elec. Pow.& Lt. allot ctf. full pd.(qu.)- 1% Oct. 1 Holders
Allotment ctfs. 70% paid (guar.) --8 1.22 Oct. 1 holders of rec. Sept. 13a Canadian Silk Products, class A
37340 Sept. 1 Holders of rec. Aug. 15
Empire Power corp. E6 pref. Milani...- $1.50 Oct. 1 Holders of rec. Sept. 13a Canadian Wirebound Boxes, class A (qu) .373,2c Oct. 1 *Holders of rec. Sept.
15
of rec. Sept. 10
Celanese Corp. of Amer., prior pf.(nu.).
Participating stock (guar.)
Oct. 1 Holders of rec. Sept. 16
560. Oct. 1 Holders of rec. Sept. 16
Central
States
Inv.
Tr.,
corn. (guar.)General Public Mil.,$7 pt (qu.)
*I5c. Sept. 2 'Holders of rec. Aug. 25
$1.70 Oct. 1 Holders of rec. Sept. 15a
Preferred A (guar.)
Georgia Power Co.,86 pref.(guar.)
Sept.
"Holders
.37lic
2
of
$1.50 Oct. 1 Holders of rec. Sept. 15
rec. Aug. 25
Checker Cab Mfg.(monthly)
85 preferred (quar.)
"35c. Oct. 1 *Holders
$1.25 Oct. 1 Holders of rec. Sept. 15
Chicago Dock & Canal (guar.)
sg,34 Sept. 1 'Holders of rec. Sept. 15
Hackensack Water, pref. A (quar.)
"43%c Sept.30 *Holders of rec. Sept. 16
Extra
•i% Sept. 1 *Holders of rec. Aug. 29
Kentucky Securities, corn.(quan)
of rec. Aug. 29
Oct. 1 *Holders of rec. Sept.20
Clark (D. L.) & Co. (guar.)
Preferred (guar.)
*31%0 Oct. 1 *Holders of rec. Sept. 15
*31.50 Oct. 15 *Holders of rec. Sept. 20
Cleveland Cliffs Iron, corn. (guar.)
Lexington Utilities, pref.(guar.)
'Si
Sept.20 *Holders of rec. Sept. 10
*1% Sept.15 *Holders of rec. Aug. 13
Preferred (guar.)
Long Island Lighting 7% pref. A (quar.)*$1.25
Sept.15
'Holders of rec. Sept. 5
Oct. 1 Holders of rec. Sept. 16
Cliffs Corp., corn. (guar.)
6% prof. series 13 (guar.)
"El
Sept.20 *Holders of rec. Sept. 10
1
Oct. 1 Holders of rec. Sept. 16
Cluett Peabody & Co., Prof.(quar.)
•1% Oct. 1 'Holders of rec.
Mackay Companies, common (quar.)Oct. 1 Holdms of rec. Sept. 12
Sept. 20
Coats (J. P.), Ltd.Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 12
Amer. dep. rots. ord. reg..
Metropolitan Edison, core. (guru.)
r.s1 Oct. 1 *Holders of rec. Aug. 29
9 Pence- ------ Oct. 6 *Holders of rec. Aug. 27
Colonial Chair, corn.-Dividen
d passed.85 preferred (guar.)
"$1.25 Oct. 1 *Holders of rec. Aug. 29
Preferred (guar.)
$6 preferred (guar.)
*43ierc Oct. 1 *Holders of rec. Sept. 15
*$1.50 Oct. 1 *Holders of rec. Aug. 29
Commercial Credit(N.0.) pref.(gm)2 Sept.30 Holders of rec. Sept. 19
87 preferred (quar.)
*$1.75 Sept.30 *Holders of rec. Aug. 29
Conde Nast Publications, corn (qu.). - Michigan Elec. Power 7% pref.(quar.)_ *1
500. Oct. I Holders of rec. Sept. 17
Oct. I *Holders of rec. Sept. 15
Consolida
ted
com.-Di
Rock
Products,
v °mitt ed
6% preferred (guar.)
•1% Oct. 1 'Holders of rec. Sept. 16 • Continitatal
.2 Oct. 1 *Holders of
Baking, pref.(quar.)
Mississippi River Power, pref.(quar.)-- *1
rec. Sept. 15
Oct. 1 'Holders
Continental Shares, corn.(guar.)
Mohawk & Hudson Pow.,$7 pref.(qu.)_ $1.75 Nov. 1 Holders of rec. Sept.15
25c. Oct. 1 Holders of rec. Sept. 16
of rec. Oct. 15
Continental Steel, pref.(guar.)
4.1% Oct. 1 *Holders of
$7second preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept.15
rec.
Sept. 18
Cooper-Bessemer Corp., corn. Mani-Monongahela Val. Water, pref.(guar.)
.50e. Oct. 1 *Holders of rec. Sept. 10
Oct. 15 *Holders of rec. Oct. 1
Preferred (guar.)
National Gas & Elec., pref. (quar.)._ * 31.625 Oct. 1 *Holders of rec. Sept.
*75c. Oct. 1 *Holders of rec. Sept. 10
20
Curtis
Mfg.,corn.(guar.)
"62Iic Oct. 1 *Holders of rec. Sept. 16
New England Power Assn.corn.(qu.)
*50o. Oct. 15 'Holders of rec. Sept. 30
Curtis Publishing (extra)
*50c. Oct. 2 *Holders of rec. Sept. 20
New 82 preferred (guar.)(No. 1)
500. Oct. 1 Sept. 11 to Sept. 30
Davidson Company, pref. (guar.)
•1% Oct. 1 *Holders of
6% preferred (guar.)
rec. Sept. 20
13-4 Oct. 1 Sept. 11 to bept. 30
De
Haviland Aircraft, Ltd. pref.(qu.)..•81.75 Sept.15 'Holders of
New York Central Elec. Corp., pf.(qu.) *1% Oct. 1 *Holders of roe. Sept.30
rec. Sept. 8
Delsel-Wemmer-Gilbert (guar.)
Niagara & Hudson Pow., corn.(guar.) _
*37340 Sept.15 *Holders of rec. Sept. 10
100. Sept. 30 Holders of rec. Sept. 8
Delaware
Lackawanna & West. Coalsgu) 412
No.State Power (Del.) corn. A (qu.) Sept.15 *Holders of rec. Sept. 2
2
Nov. 1 Holders of rec. Sept.30
Devonian Oil(guar.)
7% preferred (guar.)
*15c. Oct. 1 *Holders of rec. Sept.15
1% Oct. 20 Holders of rec. Sept.30
Dominion Bakeries, pref.(guar.)
*134 Sept. 1 *Holders of rec. Aug. 15
6% preferred (quar.)
13-4 Oct. 20 Holders of rec. Sept.30
Dominion
Stores(guar.)
Northport Water Wks., Prof. (qu.)
*30c. Oct. 1 *Holders of rec. Sept.15
134 Oct. 1 Holders of re:). Sept. 16
Dominion Tar & Chemical, pref. (qu.)._
•81
Nova Scotia Light & Power (guar.)
1.34 Nov. 1 Holders of rec. Oct. 6
Oct. I *Holders of
Sept. 28
Douglas(W.L.) Shoe, pref.(guar.)
Ohio Electric Power,7% pref.(guar.) _ •1% Oct. 1 *Holders of rec.
134 Oct. 1 Holders of rec. Sept. 15
rec.
Sept.15
Duplan Silk Corp., pref.(guar.)
6% preferred (guar.)
$2 Oct. 1 Holders of rec. Sept.15
*13.4 Oct. 1 *Holders of rec. Sept.15
Durant Motors of Canada
Orange & Rockland Elec., pref.(guar.). sni Oct. 1 'Holders of rec.
20c. Oct. 1 Holders of rec. Sept. 10
Eastern Rolling Mill (puss.)
Ottawa, L., H.& Power, corn. (guar.)
*1m Sept. 30 'Holders of rec. Sept. 25
37I.e. Oct. 1 Holders of rec. Sept. 200
Sept. 15
Electric Auto-Lite Co.,corn.(guar.)- Preferred (guar.)
"21.50 Oct. 1 *Holders of rec. Sept. 20
Oct. 1 *Holders
Preferred (guar.)
Pacific Northwest Pub. Serv. pr. pf.(qu.) *S1.75 Oct. 1 *Holders of rec. Sept.15
"$1.75
of rec. Sept. 15
Emerson Bromo Seltzer, class A & 13(qu) *50o. Oct. 1 *Holders of rec. Sept. 20
6% first preferred (quar)
Oct. 1 *Holders of rec. Sept. 15
*$1.50 Oct. 1 *Holders of rec. Sept.15
Preferred (quar.)
Pacific Telep.Jr Teleg., corn.(guar.)._ _
*50o. Oct. 1 *Holders of rec.
134 Sept. 30 Holders of rec. Sept.20
15
Endicott
-Johnson
Corp., corn (quar.)- - - $1.25 Oct. 1 Holders of rec. Sept.
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30
Sept. 18
Preferred (guar.)
Peoria Water Works, pref.(guar.)
ifs Oct. 1 Holders of rec. Sept. 18
134 Oct. 1 Holders of rec. Sept. 20
Fear(Fred)& Co., corn.
Postal Telegraph & Cable pref.(quar.)
"50c. Sept.15
(guar.)
134 Oct. I Holders of rec. Sept. 12
Federal Bake Shops(guar.)
sl 5,4 Oct. 1 *Holders of
Potomac Elec. Power,6% pref.(guar.). *134 Sept. I
rec. Sept. 8
*Holders of rec. Aug. 14
Federal-Mogul Corp., corn.(guar.)
534% preferred (guar.)
*30c. Oct. 1 *Holders of rec. Sept.15
*134 Sept. 1 *Holders of rec. Aug. 14
Fifth
Avenue
Bus
Securities
Public Service Co., Colorado,7% pf.(qu) *IA Oct. 1 *Holders
(quar.)_._
160. Sept.29 Holders of rec. Sept. 15
rec.
or
Ford
Sept.
15
Machinery, Prof.(monthly
6% preferred (guar.)
*50c. Sept. 15 *Holders of rec. Spot. 10
*50c. Oct. 1 *Holders of rec. Sept. 15
Frank (A. B) Co., Prof. (quar.))
5% preferred (guar.)
•134 Oct. 1
"42c. Oct. 1 *Holders
Franklin Ry. Supply (guar.)
Public Service of New Hemp.,$6 p1.(qu) *31 60 Sept.15 *Holders of rec. Sept.15
Sept.15 *Holders of rec. Sept. 5
81
of
rec.
Aug. 31
General Mills, Prof. (guar.)
$5 preferred (guar.)
134 Oct. 1 Holders of rec. Sept. Ifia
41.25 Sept.15 *Holders of rec. Aug. 31
General Railway signal, corn.
Puget Sound Power & Light,$5 Pr.(cm.) *31.25 Oct.
(guar.)- - - $1.25 Oct. 1 Holders of rec. Sept. 10
*Holders of rec. Sept. 19 •
15
Preferred
(guar.)
Rochester Telep. Corp., corn.(guar.).- •$1.25 Oct. 1 *Holders
13s Oct. 1 Holders of rec. Sept. 10
of reo. Sept 13
General Steel Castings, pref.
634% preferred (guar.)
(.1% Oct. 1 *Holders of rec. Sept. 13
Glidden Co., corn. (guar.) (guar.)- - - - •31.50 Oct. 1 *Holders of rec. Sept. 18
San Joaquin Lt. & Pow., pref. A (guar.) *13( Sept.15
•300. Oct. 1 *Holders of rec. Sept. 18
*Holders of rec. Aug. 30
Preferred (guar.)
4.1% Oct. 1 *Holders of rec.
Preferred B (guar.)
•134 Sept.15 *Holders of reo. Aug. 30
Sept. 18
Globe Disc &
Finite, pref.
Southern Calif. Edison, orig. pref. (au.)
Sept.15 "Holders of rec. Sept. 1
, .
5
.0e. Oct. 15 Holders of rec. Sept. 20
Goodyear Tire & Rub.
534% preferred. series C (quar.)
(Can.),
*$1.25
win.
Oct. 1 *Holders of roe. Sept. 15
IOW
34340. Oct. 15 Holders of rec. Sept. 20
Common (extra)
Southwest Gas & Elec.,8% pref.(guar.) *2
*$2.50
Oct. 1 *Holders of recs. Sept. 15
Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
7% preferred (guar.)
.01% Oct. 1 *Holders of rec. Sept. 15
'134
*Holders of rec. Sep.t 15
Granite City Steel (guar.)
Southwestern Light & Pow., pref.(qu.) 81.50 Oct. I
*$1
Sept.30 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 15
Grant(W.T.) Co., corn.(guar.)
Springfield(Mo.) Gas & Elec., pref.(qu.
•250. Oct. 1 *Holders of rec. Sept. 12
)
5 $1.75 Oct. 1 Holders of rec. Sept. 15
Great Lakes Towing, cool.
Tampa Electric Co.(guar.)
4.1}4 Oct.
(guar.)
1 *Holders of rec. Sept. 15
•50o. 00t. 1 *Holders of rec. Sept. 10
Preferred (guar.)
Tri-State Tclep. & Tcleg. (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
*$1.50 Oct. 1 *Holders of rec. Sept. 15
Great Northern Bd.& Share, corn.
Twin City Rapid Transit, Minneapolis,
(411.)- $1 Oct. 1 Holders of rec. Sept. 25
Preferred
(guar.)
Preferred (guar.)
1% Oct. 1 Holdesr of rec. Sept. 25
134 Oct.
Holders
Gt. Northern Investing Co., cl. A
Utah Power & Light. $7 pref.(guar.)._ _ $1.75 Oct. 1 Holders of rec. Sept. 12
(qu.)_ o6214,c Oct. 1 Holders of rec. Sept. 1(3)
of rec. Sept. 5
1
Preferred (guar.)
$6 preferred (guar.)
13-4 Oct. 1 Holders of rec. Sept. 10
$1.50 Oct. 1 Holders of rec. Sept. 5
Greif Bros. Cooperage, class A (guar.)
Westmoreland Water Co.. 88 pref. (qu.) $1.50 Oct. 1 Holders of rec. Sept.
800. Oct. 1 Holders of rec. Sept. 15
20
Harnischfeger Corp., corn. (guar.)
West Texas Utilities, 86 pref. (quar.)_
45c. Oct. 1 Holders of rec. Sept. 15
.$1.50 Oct. I *Holders of rec. Sept. 15
Preferred ((Bran)
Harriman Investors Fund.(qu.)(No. 1) 134 Oct. 1 Holders of rec. Sept. 15
Banks.
Sept. 2 *Holders of rec. Aug. 31
Hearst Consol.Publications, Pr. (an.). *$1
Bank of America Nat'l Assn.(guar.)A
*4334c Sept.15 *Holders of rec. Sept. 2
81.125 Oct. 1 Holders of rec. Sept. 20
HerculesMotors, corn.(guar.)
Bancamerica-Blair Corp.(guar.)
"45c.
Oct.
1 *Holders of rec. Sept. 20
HirIcrest Collieries, com.-Div.
Chatham Phenix Nat'lBank & Tr.(qu s$1
omitted
Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
r1,4 Oct. 15 *Holders of rec.
Grace National
.5
Sept. 1 *Holders of rec. Aug. 30
Sept.30
Homestak
e Mining(Monthly)
Manhattan tThe) Co.(guar.)
*50c. Sept.2, *Holders of rec. Sept. 20
$1
Oct. 1 Holders of rec. Sept. 156 Howe Sound Co.
National City Bank (guar.)
(guar.)
'Si
Oct. 15 *Holders of rec Sept.30
Huron
di
Erie
Mortgage
National City Company (guar.)
*2
Oct. 1 'Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 6
Hydro-Electric Securities(guar.)
}$1
, corn.(Qum.). 50o. Sept.15 Holders of rec. Sept. 6
City Bank Farmers Trust (guar.)
Hygrade Lamp Co., corn.
(quar.)
Trust Companies.
*25o. Oct. 1 *Holders of reo. Sept. 10
Preferred
(Otter.)
Bankers (quar.)
• 31.625 Oct. 1 *Holders of rec. Sept. 10
75c. Oct. 1 Holders of rec. Sept. 12
Ideal Finan. Assn., class A
Banat Commerciale Italians Trust (qu.) 214
((War.)
*12%c Oct. 1 *Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Chemical Bank & Trust (guar.)
*32
Oct. 1 'Holders of rec. Sept. 15
.45c. Oct. 1 *Holders of rec. Sept. 11
Convertib
le preferred (quar.)
Guaranty (guar.)
•500. Oct. 1 *Holders of rec. Sept. 15
5
Sept.30 Holders of rec. Sept. 12
Independent Oil dr Gas (adjust. div.)Manufacturers (cluar.)
37340. Oct. 2 Holders of roe. Sept.15
*81
*Holders
Oct.
Indiana
Sept.
rec.
15
of
1
Limestone
, pref. (guar.)
United States (guar.)
•134 Sept. 1 *Holders of rec. Aug. 20
Indian Refining, 7% old prof.
*15
Oct. I *Holders of rec. Sept. 19
(guar.).- *134 Oct. 1 *Holders of rec. Sept. 25
Industrial Credit Service-Div.
Passed.
Fire Insurance.
Inter
-Island
Steam Nay.(mthly.)
Brooklyn Fire (guar.)
•10c. Sept.30 *Holders of rec. Sept.24
*30c. Oct. 1 *Holders of roe. Sept.20
International Shoe, corn.(guar.)
Importers & Exporters (guar.)
75o. Oct. 1 Holders of rec. Sept. 15
411
Sept.15 *Holders of rec. Sept. 8
Italian Investment (guar.)
Flossie (guar.)
*300. Sept.15 *Holders of roe. Aug. 30
Jewel Tea, Inc., corn. (quar.)
"550. Oct. 1 *Holders of rec. Sept. 16
75e. Oct. 15 Holders of rec. Oct. 1
Johnson-Turner Trading, Cl. A (special
!.$2.50 Aug. 30 *Holders of rec.
Miscellaneous.
Aug. 26
Katz Drug, pref. (guar.)
Acme Wire (guar.)
$1.625 Oct. 1
•50c. Sept.15 *Holders of rec. Sept. 1
Keith-Albee-Orpheum, pref.(guar.).- - - •1% Oct. 1 *Holders of rec. Sept. 15
American Art Works, pref. (guar.)
*Holders of rec. Sept. 19
Kennecott Copper Co.(guar.)
4.13.5 Oct. 15 *Holders of rec. Sept. 30
Amer. Brown Boveri, pref.(guar.)
500. Oct. 1 Holders of rec. Sept.
Keith (Geo. E.) Co., hat pref.(quar.)- •1%
*134 Oct. 1 *Holders of rec. Sept. 20
13
American Car dr Foundry, corn.
Oct. 1 *Holders of rec. Sept. 15
(qU)- - 81.50 Oct. 1 Holders Or rec. Sept. 16
Kilburn Mill (guar.)
•g1
Preferred Wm./
Sept.15 *Holders of rec. Aug. 30
Oct.
Holders
Lambert
1
rec.
Sept.
16
of
134
Co.,
corn.
(guar.)
American Cigar, pref. (guar.)
$2
Oct. 1 Holders of rec. Sept. 17
Lamson & Sessions Co., corn.
134 Oct. 1 Holders of rec. Sept. 15
Amer. Encaustic Tiling, corn.
*50c.
(guar.)
(guar.).
25c. Sept.30 Holders of rec. Sept. 16
Langendorf United Bak.01 A &B (gu.).. *500. Sept.15 *Holders of rec. Sept. 10
American Express, common (guar.)
Oct. 15 'Holders of roe. Sept.30
*Holders
_
Oct.
Leader
1
Sept.
23
*$1.50
of
rec.
Mercantil
e,
7% pref. (quar.)--- '134 Sept. 1
American Snuff, common
*Holders of rec.
(guar.)
Oct. 1 Holders of rec. Sept. 1 la Leath & Co., pref. (guar.)
3
Preferred (guar.)
*87lic Oct. 1 *Holders of rec. Aug. 22
114 Oct. 1 Holders of rec. Sept. Ila Lehigh Coal & Navigation, corn
Sept. 15
American Steel Foundries, corn.
35c. Aug. 30 Holders of rec. July
(guar.).
Leslie
*Holders
Oct.
*750.
15
31
rec.
Oct.
California
of
1
Salt (guar.)
Preferred (guar.)
*40c. Sept.15 *Holders of
Loew's, Inc., common (quar.)
rec. Sept. 2
•134 Sept.30 *Holders of rec. Sept. 15
Arcadia Mills, corn.-DIv. omitted
750.
Sept.30 Holders of rec. Sept. 13
Loudon
Packing
(guar.)
Anchor Cap Corp., corn. (guar.)
•75c. Oct. 15 *Holders of rec.
Lorillard (P.) Co., pref. (guar.)
*600. Oct. I *Holders of rec. Sept. 19
Oct. 1
Preferred (guar.)
Mack Trucks, Inc., common (guar.)... 1 3.4 Oct. 1 Holders of rec. Sept.15
• $1.625 Oct. 1 *Holders of rec. Sept. 19
Art Metal Construction
$1.50 Sept.30 Holders of rec. Sept.15
Manhatta
(guar.)
*500.
*Holders
Sept.30
n
Sept.
17
roe.
of
Shirt,
.1% Oct.
pref.(quar.)
Associated Rayon Corp.,6% pf.(qu.)
•1 34 Sept. 2 *Holders of rec. Aug. 28
1
'Holders of rec. Sept. 15
Marsh (M.)& Sons, class A (quar.)---Atlantic Building Trust
*$1
Sept. 2 *Holders of rec. Aug. 28
Maytag Co., corn. (guar.)
413 Sept.15 *Holders of rec. Aug. 30
Atlas Imperial Diesel Eng., A & B
25c. Oct. 1 Holders of rec.
McKeesport Tin Plate (guar.)
(qu.)- *500. Sept. 1 *Holders of rec. Aug. 22
Sept. 15
Auburn Automobile (guar.)
$1
Oct. 1 Holders of rec. Sept. 16
Extra
411 Oct. 1 *Holders of rec. Sept. 20
Stock dividend
50c. Oct. 1 Holders of roe. Sept. 18
McLellan
*e2
Oct.
Stores,
*Holders
1
roe.
Sept.
20
of
pref.
A
& B (guar.).- 151.50
Baldwin Co., pref. A (guar.)
Oct. I *Holders of rec. Befit. 20
McWilliams Dredging, corn. (quar.).
•134 Sept.15 *Holders of rec. Aug. 30
Bancroft(Joseph)& Sons Co., corn.
*50c. Sept. 2 *Holders Of roe. Aug. 20
Preferred (quar.)
300. Sept.30 Holders of roe. Sept. 15a
Beatrice Creamery,corn.(guar.) (cm.)
*50c. Sept. 2 *Holders of roe. Aug. 20
Mead
Corporati
81
Oct.
Sept.
on,
15
Holders
1
rec.
Prof.
of
(guar.)
Preferred (guar.)
$1.50 Sept. 1 Holders of roe. Aug. 21
Merchants & Miners Transport
134 Oct. 1 Holders of rec. Sept. 15
ation(qu) *6234c Sept.30
Bentley Chain Stores, common (guar.)._
Merchants Refrigerating (N.Y.)
*Holders of rec. Sept. 15
*30c. Sept. 2 *Holders of rec. Aug. 20
(qu.)
Biltmore Hats, Ltd., pref. (guar.)
Metal
*1%
Textile
Sept.15
*Holders of rec. Sept. 2
Corp., male. Prof. (rm.). *50c. Sept.30 *Holders of rec. Sept. 26
Bohn Aluminum & Brass
•8134c Sept. 1 *Holders of rec. Aug. 20
Midland Royalty Corp., Prof. (quar.)...
'37340 Oct. 1 *Holders of rec. Sept. 15
Borg Warner Corp., corn. (guar.)
*50c. Sept. 15 *Holders of roe. Sept. 4
Monroe Chemical, common
75c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
-Dividend o mined
Preference (guar.)
1% Oct. 1 Holders of rec. Sept. 15
Borne Scrymser Co
*8734e Oct. 1 *Holders of rec. Sept. 15
Milgrim (H.) & Bros., pref.
$1
Oct. 15 Sept.27 to Oct. 14
Brewing Corp. of Ontario, Prof.
Mountain Producers Corp. (guar.)._ 81.75 Oct. 1 Holders of rec. Sept. 16
British Amer. 011, rights (guar.)(guar.)- 624c Oct. 1 Holders of rec. Sept. 15
(guar.)
40c. Oct. 1 Holders of rec. Sept. lba
20c. Oct. 1 Sept. 14 to Sept.30
Murray Co.-Dividend passed.
Coupon shares (guar.)
National
20c.
Oct.
Fielders
1
of
Automotive Fibres, pref.
coup.
No.
2
Brockaway Motor Truck. Prof.
(Clu.)*$1.75
Sept. 1 *Holders of rec. Aug. 25
Natianal
(guar.)
*1M
Oct. 1 *Holders of rec. Sept. 10
Candy,corn.(guar.)
Bullard Company, com.-131
*50c. Oct. 1 "Holders of rec. Sept. 12
omitted
lot & 20 preferred (guar.)
Calamba Sugar,Estates. corn.v.
•134
(guar.)_ _ *40c. Oct. 1 *Holders of rec. Sept. 12
Oct.
1 'Holders of roe. Spot. 12
National
Department Stores,
Preferred (guar.)
*35c. Oct. 1 'Holders of rec. Sept. 12
Nat. Mfrs. & Stores, class A corn.(1111.) *25e. Oct. 1 *Holders of rec. Sept.15
Cambria Iron
(quar.).._ '13-4 Oct. 1 *Holders of rec. Sept. 15
First preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
Canada Malting. registered stk.(quar.)_ *31
•15,4 Oct.
1 *Holders of rec. Sept. 15
*37c. Sept.15 *Holders of rec. Aug. 30
National Refining, pref.
Coupon stock (guar.)
(guar.)
*2
Oct. I
National Standard Co.(guar.)
Canadian Bakeries, lot dr 2d Prof.(guar. .370. Sept. 15
*750. Sept.30 *Holders of roe. Sept.19
Sept.15
National
rec.
Aug.
"Holders
21
of
Supply,
Pref.(guar.)
Canadian Cottons. Ltd., Prof.(Guar)
•134
*134 Sept.30 'Holders of rec. Sept. 20
National Tea, common (guar.)
Oct, 4 *Holders of rec. Sept. 20
200. Oct. 1 Holders of rec. Sept. 13
SEPT.6 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Nevada Consol. Copper Co.(guar.).--25c. Sept.30 Holders of rec. Sept. 13
•500 Sept. 2 *Holders of rec. Aug. 15
New Bedford Cordage corn.((luar.)
*134 Sept. 2 *Holders of rec. Aug. 15
Preferred (guar.)
New England Bond &Mtge.,pref.(qu.)_ *874c Sept. 1 *Holders of rec. Aug. 15
New Haven Clock, common (guar.). _ _ _
25c Oct. 1 Holders of rec. Sept. 24
Niagara Share Corp.. common (guar.)_ _
100 Oct. 15 Holders of rec. Sept. 25
$1.50 Oct. 1 Holders of rec. Sept. 20
$6 preferred (guar.)
Noblett Sparks Industries, corn. (qu.) _
'75c Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
*14 Oct. I *Holders of rec. Sept. 20
North American Securities (in stock)
OA Oct. 1 Holders of rec. Sept. 1
Northern Discount (quar.)
*50c Oct. 1 *Holders of rec. Sept. 15
Northland Greyhound Lines, Pf.(qu.)' $1.625 Oct. 1 *Holders of rec. Sept. 20
Oahu Sugar (monthly)
*10c Sept.15 *Holders of rec. Sept. 6
•12340 Nov. 15 *Holders of rec. Nov. 10
Ohmer Fare Register, cont.(guar.)
Preferred kquar.)
'134 Oct. 1 *Holders of rec. Sept.25
Oil Royalty Invest.(monthly)
*10c Sept.15 Holders of rec. Aug. 30
Oliver United Filters, class 13 (guar.)... "50c Oct. 1 *Holders of rec. Sept. 19
Ontario Loan & Deb.(guar.)
*$1.50 Oct. 1 *Holders of rec. Sept. 15
*134 Oct. 1 *Holders of rec. Sept. 20
Open Stair Dwellings (guar.)
•$1.75 Oct. 1 *Holders of rec. Sept.16
Orange-Crush. ltd.. Cl. A (qu.)
Orpheum Circuit, pref.(guar.)
*52 Oct. 1 *Holders of rec. Sept. 19
Palmer Bros., $4 pref. (guar.)
*$1. Sept.15 *Holders of rec. Sept. 5
Paramount Cab Mfg.-No action taken.
Peck & Hill Furniture, corn.& cony. pref. -Dlvi dend pa med.
Penney (J. C.) Co.,common (guar.)
75e Sept.30 Holders of roe. Sept.20
Preferred (guar.)
134 Sept.30 Holders of rec. Sept.
Pennsylvania Glass Sand, Pref.(guar.).- '134 Oct. 1 *Holders of rec. Sept. 20
15
Perfect Circle(guar.)
*50c Oct. I *Holders of rec. Sept. 20
Philadelphia nu:wirer, pref.
. -- •750 Oct. 1
Pittsburgh Steel Foundry, pref.
(guar.)..
(guar.)_ •134 Oct. 1 *Holders of rec. Sept. 24
Platt Music Co.(guar.)
'4334c Sept.15 *Holders of rec. Sept. 1
Plimpton Mfg.(quar.)
*134 Sept. 1 *Holders of rec. Aug. 25
Port Hope Sanitary Mfg.(guar.)
*50o Sept. 2 *Holders of rec. Aug. 27
Price Bros. Ltd.. common (guar.)
•500 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sep.t 15
Publication Corp., 1st pref.(guar.)
*51.75 Sept.15 *Holders of rec. Sept. 5
Reliance Mfg.(III.), common-Dividend passed
Preferred (Quer.),
.134
1 *Holders of rec. Sept. 19
Remington-Rand, common (guar.)
*400. Oct. 1 *Holders of rec. Sept. 1
First preferred (guar.)
*1.34 Oct. 1 *Holdesh of rec. Sept, 8
Second preferred (guar.)
*2
Oct. 1 *Holders of ree. Sept. 8
Reynolds(R.J.)Tob..com. dr com.A(qu.) 750. Oct. 1 Holders of rec. Sept.18
Royal Baking Powder, corn.(guar.).250. Oct. 1 Holders of rec. Sept. 8
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 8
Ruddy (E.L.) Co.,pref.(guar.)
*134 Sept.15 *Holders of rec. Aug. 30
Russ Mfg., class A
41.75 Nov. 1
First preferred (guar.)
*$1.75 Oct. 1
Safeway Storm. Inc.. common (guar.).- $1.25 Oct. 1 Holders of rec. Sept. 12
7% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 12
134 Oct. 1 Holders of rec. Sept. 12
6% preferred (guar.)
St.L.Rocky Mtn.a,Pao.Co..com.(qua *500. Sept.30 *Holders of rec. Sept. 15
Preferred (quar.)
•134 Sept.30 *Holders of rec. Sept.15
Salt Creek Consul. Oil (guar.)
*10e. Oct. 1 *Holders of rec. Sept.
Segal Look & Hardware. corn.(guar.)._ 12340. Sept.15 Holders of rec. soot 15
2
Shattuck (Frank G.) Co.(guar.)
*250. Oct. 10 *Holders of roe. Sept. 20
Southern Acid & Sulphur (guar.)
•75c. Sept. 15 *Holders of rec.
10
Southern New England Ice. pref.(guar.) .134 Sept. 2 "Holders of rec. Sept.
Aug. 26
South Penn 011 (guar.)
*50c. Sept. 30 *Holders of rec.
Spencer Kellogg & Sons, Inc., corn.(qu.) *200. Sept.30 *Holders of rec. Sept. 16
Sept.
15
Spencer Trask Fund,Inc.(guar.)
25c. Sept.30 Holders of rec. Sept. 10
Standard Oil (Kentucky)(guar.)
*40c. Sept.30 *Holders of rec. Sept. 15
Stand. Royalties Wetumka (monthly).lc. Sept.15 Holders of rec. Aug. 30
Stand. Royalties Wewoka (monthly)
lc. Sept.15 Holders of rec. Aug. 30
Stand. Royalties Wichita (monthly)
lc. Sept.15 Holders of rec. Aug. 30
State Title de Mortgage Mara
*21.50 Oct. 1 *Holders of rec. Sept.15
Swift & Co. (guar.)
50c. Oct. 1 Holders of rec. Sept. 10
Taylor Milling Corp., corn.(guar.)
6214c Oct. 1 Holders of rec. Sept. 10
Thew Shovel. prof. guar.)
*1% Sept.15 *Holders of rec. Sept.
10
Thomson Elec. Welding (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 27
Extra
Sept. I *Holders of rec. Aug. 27
"V
Tri-Continental Corp.. prof. (guar.)... 134 Oct. 1 Holders of rec.
Sept. 15
Tristate Royalty Corp. corn.(monthly) 8 I-3e Oct. 1 Holders of rm.
15
Preferred A (monthly)
10c. Oct. 1 Holders of rec. Sept.
Sept. 15
United Carbon,coin. .quar.)
500. Oct. 1 Holders of rec. Sept.13
U.S. Leather, prior preference (guar.).- 134 Oct. 1 Holders of rec.
Sept. 10
U. S. Tobacco, common (guar.)
$1
Oct. I Holders of rec.
15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.
Sept.15
Utah Copper Co.(guar.)
$2
Sept.30Holders of rec. Sept. 13
Utica Knitting, Preferred-Dividend pa ssed
Walgreen Co., pref. (guar.)
"134 Oct. 1 *Holders of rec. Sept. 20
Warren Bros.,com.(quar.)
*750. Oct. 1 *Holders of rm. Sept.18
Preferred %guar.)
•250. Oct. 1 *Holders of rec. Sept
Second preierred Mara
*2 9 1-60. Oct. 1 *Holders of rec. eept.18
18
Cony. pref. new (guar.)
*750. Oct. 1 *Holders of rec. Sept.16
Western Exploration (guar.)
'2340 Sept.20 *Holders of rec. Sept. 15
Western Royalty. class A (monthly)._ *100. Sept. S *Holders of rec. Aug.
15
si% Oct. 1 *Holders of
Wood (Alan) Steel, pref.(guar.)
rec. Sept.12
Name of Company.
1523
Per
When
Cent. Payable.
Books Closed
Days Inclusfre.
Railroads (Steam)(concluded).
Pere Marquette,corn.(guar.)
14 Sept.30 Holders of rec. Sept. Sa
Prior preference and pref.(guar.).- 134 Nov. 1 Holders of rec. Oct. 34
Pittsb., Ft. Wayne & Chic., corn.(qu.)
134 Oct. 1 Holders of rec. Sept.106
134 Oct. 7 Holders of rec. Sept. 10a
Preferred (guar.)
Pittsburgh & West Virginia, corn.(guar.) 134 Oct. 31 Holders of rec. Oct. 15a
50o. Sept.11 Holders of reo. Aug. 21a
Reading Co.. 1St preferred (glum)
50c. Oct. 9 Holders of roe. Sept. I8a
Sewed preferred (guar.)
75e. Sept. 15 Sept. 11 to Sept. 14
St. Joseph South Bend & Sou., corn
2(4 Sept.15 Sept. 11 to Sept. 14
Preferred
Oct. 1 Holders of rec. Sept. 2a
2
Eft. Louis-San Francisco. coin.(quar.)
1% Nov. 1 Holden of res. Oct. to
Preferred (guar.)
81. Louis Southwestern. pref. .quar.).. 134 Sept.30 Holders of rec. Sept.134
Southern Pacific Co. (guar.)
134 Oct. 1 Holders of rec. Aug. 250
Texas & Pacific. corn. & pref. (quar.).. 134 Sept.30 Holders of rec. Sept. 15a
Union Pacific common (quar.)
234 Oct. I Holders of rec. Sept. 2a
2
Oct. 1 Holders of roe. Sept. 34
Preferred
United N. J. RR. & Canal Co..(Qua
*234 Oct. 1 *Holders of roe. Sept. 20
*254 Jan I'31 *Holders of res.Dec.20'30
Quarterly _
234 Oct. 1 Holders of rec. Sept. 86
Vicksburg Shreve. & Pac. common
234 Oct. 1 Holders of rec. Sept. 80
Preferred
Public Utilities.
$1.75 Oct. 1 Holders of rec. Sept. 15
Alabama Power, 57 pref. (guar.)
1 Holders of rec. Sept. 15
tv...
iN0 15
61.50 O
stop
86 preferred (guar.)
Holders of rec. Oct. 15
$
$5 preferred (guar.)
Holders of rec. Aug. 29
Amer.Electric Power $7 pref.(quar.)
$1
1 2..76F
Amer. Public Utilities, pr. pref.(guar.). 134 Oct. 1 Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept. 15
Participating preferred (guar.)
Amer. States Pub. Serv.. corn. A (qu.)-- *40c. Oct. 1 *Holden of rec. Sept. 20
Amer. Telep. & Teleg.(guar.)
234 Oct. 15 Holders of rec. Sept. 20a
Amer. Water Works & Elec.. pref.(qua $1.50 Oct. 1 Holders of rec. Sept. lie
Arizona Power.8% pref. (guar.)
*2
Oct. 1 *Holders of rec. Sept. 24
*134 Oct. 1 *Holders of rec. Sept.24
7% preferred (guar.)
Associated Gas & Elec..$5 pref. Mara - 81.25 Set 15 Holders of reo. Aug. 15
Associated Telep.& Teleg. el. A (extra)- *SI
Nov. 1 *Holders of rec. Oct. 17
Associated Telep. Utilities corn.(quar.). f2
Oct. 15 Holders of rec. Sept.30
$7 prior preferred (guar.)
$1.75 Sept.15 Holders of rec. Aug. 30
$1.50 Sept.15 Holders of rec. Aug. 30
36 prior preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
56 convertible preferred (guar.)
Bangor Hydro-El. Co.8% pref.(qu.)--- •114 Oct. I *Holders of rec. Sept. 10
7% preferred (guar.)
*Holders of rec. Sept. 10
*2
Bell Telephone of Canada (guar.)
1M Oct.
Oet. 15
1 Holders of rec. Sept.23
Bell Telep of Pa634% pref.(qu.)
134 Oct. 15 Holders of rec. Sept.206
Binghamton Lt. Ht.& Pow..$6 pf.(q11.) *21.50 Oct. 1 "Holders of rec. Sept. 29
.$1.25 Oct. 1 *Holders of rec. &Pt.29
$5 preferred (guar.)
Birmingham Water Works, Prof.(quar.) *134 Sept. 15 *Holders of rec. Sept. 1
•134 Oct. 1 *Holders of rec. Sept. 10
Boston Elevated Rye., Corn.(quar.)
*34 Oct. 1 *Holders of rec. Sept. 10
Second preferred (guar.)
14 OM. 1 Holders of roe. Sept.15
Bmzillan Tr L & Pow., pref.(quer.)
British Columbia Pow.. ol A (guar.).- *500. Oct. 15 *Holders of roe. Sept.30
Brooklyn-Manhattan Transit. p1. A (qu.) 6E50 Oct. 15 Holders of roe. Oct. la
$1.50 Jy 15'31 Holders of rec. Dee. 31a
Preferred, series A (guar.)
$1.50 Ap15'31 Hold.of rec. Apr,1 1931.
Preferred, series A War.)
$1.25 Oct. I Holders of rec. Sept. 24
Brooklyn Union Gas Co.(guar.)
40
0:: 00
801
0 :3 30 *Holders of rec. Aug. 30
Buff. Niagara & East Pow., corn.(qu.)_ 4
*Holders of rec. Aug. 30
Class A (guar.)
*400. Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
•$1.25 Nov. 1 *Holders of rec. Oct. 15
$5 first preferred (guar.)
•134 Sept.15 *Holders of rec. Sept. I
Butler Water, 1st Prof.(guar.)
Calif. Elec. Generating, pref. (guar.)--- •1 Si Oct. 1 *Holders of rec. Sept. 5
150. Oct. 28 Holders of rec. Sept.30
Canada
r.ferr
uarIrrer common (qu.).
Titern
Holders of rec. Sept.30
5 "Holders of rec. Sept.30
t. 16
Central Ill. Pub. Service, pref. (guar.).- *1
154
35 0c
4:1a
Central Maine Power, 7% pref.(guar.). *134 Oct. 1 *Holders of rec. Sept. 10
*114 Oct. 1 *Holders of rec. Sept. 10
preferred (guar.)
"SEM Oct. 1 *Holders of rec. Sept. 10
$6 preferred (quar.)
Central Public Sere. Corp.. el. A 91113- 1143340 Sept. 16 Holders of roe. Aug. 26
11.75 Oot. 1 Holders of roe. Sept.11
$7 preferred (guar.)
51.50 Oct. 1 Holders of rec. Sept.11
preferredpreferred(
(quar.
pire
)
)
$4
26 D
$1 Oct. 1 Holders of roe. Sept.11
loo. Oct. 1 Holders of reo. Sept. 5
Central States Elec. Corp.. oom.
Holders of roe. Sept. 5
Common(payable in corn,Mock)
Holders of rec. Sept. 5
7% pref.(Issue of 1912) (guar.)
1 Holders of rec. Sept. 5
6% preferred (guar.)
Cony. pref.(series of 1928, (guar.).- (m) Oct. 1 Holders of rec. Sept. 5
Cone. pref.(series of 1929)(anar.).- OM Oct. 1 Holders of rec. Sept. 5
Citizens Water of Wash., Pa., pref.(gu.) 134 Oct. 1 Holders of rec. Sept. 20
Coast Cos. Gas & Elec.. 1st & 2d pf.(qu.) •134 Sept.15 *Holders of rec. Aug. 25
Commonwealth & South.Core.
$1.50 Oct. 1 Holders of rec. Sept. 8.
$6 preferred (guar.)
Consol. Gas. El. L.& P.,Balt.,com.(qua •900. Oct. 1 *Holders of roe. Sept. 15
*134 Oct. 1 *Holders of rec. Sept.15
5% preferred series A (guar.)
*14 Oct. 1 "Holders of rec. Sept.15
6% preferred series 13 (guar.)
4.114 Oct. 1 *Holden of reo. Sept. 16
534% preferred series E (guar.)
Sept.15 Holders ol roe Aug. 15a
Consolidated Gas of N. Y.. corn.(quar.) $1
21.25 Nov. 1 Holders of rec. Sept. 30a
Preferred (guar.)
*21.25 Oct. 1 *Holders of rec. Sept. 15
Consumers Power, $5 pref.(qur.)
*13.4 Oct. 1 *Holders of rec. Sept. 16
6% preferred (quar.)
Below we give the dividends announced in previous
*1.65 Oct. 1 *Holders of ree. Sept.15
6.6% Preferred (guar.)
weeks
4.134 Oct. 1 *Holders of rec. Sept.15
7% preferred (qua?.)
and not yet paid. This list
not Include dividends an*500 Oct. 1 *Holders of rec. Sept. 15
preferred (monthly)
8%
nounced this week, these being given in the preceding
*650. Oct. 1 *Holders of rec. Sept. 15
6,6% preferred (menthlY)
table.
Eastern Texas Elec. Co., pref. (guar.)._ •134 Oct. 1 *Holders of rec. Sept. 2
134 Sept.15 Holders of rec. Aug. 30
Kootenay
Power
(quar.)
pref.
East
Per
When
Books Closed.
Electric Bond & Share, corn.(guar.).- f14 Oct. 15 Holders of rec. Sept. .5
Name of Company.
Cent. Payable.
Days inclusive.
81.50 Nov. 1 Holders of rec. Oct. 8
$6 preferred (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 8
$5 preferred (guar.)
Railroads (Steam).
Electric Power & Light, 27 pref.(guar.)- $1.75 Oct. 1 Holders of rec. Sept. 13a
Alabama & Vicksburg
3
Oct. 1 Holders of rec. Sept.
Oct. 1 Holders of rec. Sept. 13a
61.50
8a
preferred
(anae.)
Atlantic Coast Line Co.(guar.)
$6
•$2.50 Sept. 10 *Holders of roe.
*560. Oct. 1 *Holders of rec. Sept. 16
Empire Power. panic. Pref.(guar.)Bangor & Aroostook common (guar.).- _
88c. Oct. 1 Holders of rec. Aug. 30
Aug. 30a Engineers Public Service, corn. (qua?.). 60c. Oct. 1 Holders of rec. Sept. 17.
Preferred (guar.)
1st Oct. 1 Holders of rec.
81.373 Oct. 1 Holders of rec. Sept. 17a
30a
$5.10 preferred (guar.)
Boston & Albany (guar.)
2
Sept.30 Holders of rec. Aug.
81.25 Oct. 1 Holders of rec. Sept. 17a
Aug. 30
$5 preferred (guar.)
Boston fix Maine, common (guar.)
1
Oct. 1 Holders of rec. Sept.
13a Feather River Power, pref. A (quar.)--- •134 Oct. 1 *Holders of rec. Sept. 5
Prior preference (guar.)
134 Oct. 1 Holders of rec.
(Qua?.)...
37340.
Oct. 1 Holders of roe. Sept.13.
Sept.
com.
Tract.,
13
Light
&
Federal
6% preferred (guar.)
14 Oct. 1 Holders of rec.
First preferred, class A (guar.)
Common (payable In common stook). 11 Oct. 1 Holden of roe. Sept.13a
134 Oct. 1 Holders of rec. Sept. 13
(guar.)
pref.
21.50
1 Holders of rec. Sept. 15
Service,
Oct.
Water
$6
Sept.
Federal
13
First preferred, class 13 (guar.)
2
Oct. 1 Holders of
$1.625 Oct. 1 Holders of rec. Sept.15
$6.50 preferred (quar.)
First preferred, class C (guar.)
134 Oct. 1 Holders of rec. Sept. 13
rec. Sept. 13
$1.75 Oct. 1 Holders of rec. Sept. 15
First preferred, class D (guar.)
$7 preferred (guar.)
24 Oct. 1 Holders of
Frankford & Southwark Pass. KY.(qu.). *84.50 Oct. 1 *Holders of rec. Aug. 30
First preferred. cia.ss E (guar.)
134 Oct. 1 Holders of rec. Sept. 13
Boston & Provjdence (guar.)
Gas& Elec.Securities,corn.(monthly).. *50c. Oct. 1 *Holders of rec. Sept. 15
234 Oct. I Holders of rec. Sept. 13
• 58 1-3c Oct. 1 *Holders of rec. Sept.15
rec.
Preferred (monthly)
Sept.
20
Canadian Pacific, corn. (guar.)
234 Oct. 1 Holders of rec.
50c. Oct. 1 Holders of rec. Sept. 15
2a Gas Securities Co., com.(monthly)..._ .
Preference
2
Oct. 1 Holders of rec. Sept.
Sept. 2
Common (payable In corn, steCk)--.- *f134 Oct. I *Holders of rec. Sept.15
Chesapeake Corp. common (guar.)
760. Oct. 1 Holders of
•500. Oct. 1 *Holders of rec. Sept.15
rec. Sept. 60
Preferred (guar.)
Chesapeake & Ohio
(a
lec
uar
.,.co
) m.A &B(qua- 8734o. Oct. 1 Holders of rec. Aug. 29a
Gasas
rr& E
General
s
6234c Oct. 1 Holders
New $25 par corn.(guar.)(No. 1)._
of rec. Sept. 8a
Oct. 1 Holders of rec. Aug. 29a
$2
$
Preferred (guar.)
334 Janl'31 Holders of
rec.
Dec.
$1.75 Oct. 1 Holders of rec. Aug. 29a
$7
8a
preferred
(guar.)
Chlo.R.I.& Pao..corn.(guar.)
134 Sept.80
21.50 Sept.15 Holders of rm. Aug. 113a
Cony. pref. series A (guar.)
Consolidated Mrs. of Cuba pref.(quar.) 134 Oct. 1 Holders of reo. Sept. 5a
Holders of
$1.50 Sept.15 Holders of reo. Aug. 15
28 preferred A & B (qu.)
Cuba RR.common (guar.)
$1.20 Sept.29 Holders of rec. Sept. 10a
rec. Sept.29a Great Western Power,7% pref. (guar.). *134 Oct. 1 'Holder, of rec. Sept. 5
Preferred
3
Feb2'31 Hold, of roe.
'
134 Oct. 1 *Holders of rec. Sept. 5
Jan.15111a
6% preferred (guar.)
Dayton & Michigan. pref.(guar.)
*21
Oct. 1
Greenwich Wat.& Gas. Sys.,6% pf.(qu) 134 Oct. 1 Holders of rec. Sept.20
Delaware & Hudson Co.(guar.)
2% Sept.20 Holders of
Erie & Pittsburgh (guar.)
87%c Sept. 10 Holders of rec. Aug. 28a Gulf States Utilities. $534 prof.(quar.)_' 81.375 Sept.15 *Holders of rec. Sept. 2
rec. Aug. 30a
*1E50 Sept.15 "Holders of rec. Sept. 2
$6 preferred (guar.)
Erie RR.. 1st and 2nd preferred
2
Dee. 31
134 Oct. 1 Holders of rec. Sept. 15
Gulf Mobile do Northern, pref.(guar.)._ 1% Oct. 1 Holders of rec. Dec. 13a Illinois Power Co.,6% pref. (quar.)
Holders of rec. Sept.lea
134 Oct. 1 Holders of rec. Sept.15
7% preferred (guar.)
Little Miami,spec. guar.(guar.)
*500 Sept.10 *Holders
of
Hydro-Elec.
rec.
Prof.
Pow.,
(guar.)
Aug.
Indiana
Sept. 15 Holders of rect. Aug.
134
26
Original guar.(quar.)
*51.10 Sept. 10 *Holders of
Indianapolis Water Co.. pref. A (guar.). 134 Oct. 1 Holders of rec. Sept. 30
Maine Central common (guar.)
1% Oct. 1 Holders of rec. Aug. 26
12a
Power & Light, pfd. B (qu.) $1.50 Oct. 1 Holders of rec.
roe.
City
Kansas
Sept.
Mo.-Kansas-Texas, Common (guar.).- 21
15
Sept. 30 Holders of
corn. (guar.)
234 Sept.15 Holders of rec. Sept. 15a
Preferred A (guar.)
1% Sept.30 Holders of rec. Sept. 50 Laclede Gas Light,
Aug.
303
(In oom.stk.)
Preferred A (quar.)
Hold,of
1% Dee. 31 Holders of roe. Sept. 5d Lone Star Gas,own.
Feb.21331
roe. Dec. Is Louisville Gas & Elec., corn. A & B (qu) 4(11() c Sept.25 Holders res.
Missouri Pacific, pref. (guar.)
1% Oct. 1
of rec. Aug. 30a
'4334s Sept.15 *Holders of
N.Y.Chic,& St. Louis.oom.do pfd.(au) 1% Oct. 1 Holders of rec. Sept. 15a Middle Western Tahiti.. corn. A (on.)
roe.
Sept. $
Holders of roe. Aug. 160
CommonA (quit.)
*4334* Dee. 18 *Holders of
N. Y. Lackawanna & West. (guar.). ___ 1% Oct. 1 Holders
of rec. Sept. 15a Midland United Co.,corn.(guar.)
fl % Sept.24 Holders of reo. Dec. 8
N.Y. N.H.& Hartford, corn,(quar,)__ 1% Oct. 1 Holders
rec.
Aug. 30
of
series
A (quar.)..._
Convertible pref.,
P75C. Sept.24 Holders of rec. Aug.
Preferred (qua?.)
134 Oct. 1 Holders of rec. Sept. 50
30
rec. Sept. 8a Midland Utilities Co.. 7% pr. lien (qu.)
Oct.
Norfolk & Western common (guar.)._ 2% Sept.19 Holders
'Holders of rec. Sept.22
of
reo.
lien
(gear.)
prior
6%
Aug.
30a
•*1".144
. 6 *Holders of rec. Sept. 22
Old Colony (guar.)
*1% Oct. 1 "Holders of
preferred A (guar.)
rec. Sept. 13
7%
'134
Pennroad Corp.(No 1)
Oct.
6
*Holders
200 Sept.15 Holders of ree. Aug.
of rec. Sept.22
6% preferred A (guar.)
80
*14 Oct. 6 *Holders of rec.
Sept 22
Oct.
does
6%
121"1 Oct.
Name of Compelsy.
When
Per
Cent. Payable.
Books Closes
Days Includes.
Public Utilities (Concluded).
Monongahela West Penn Publlo Servioe
43No. Oct. 1 Holders of rec. Sept.15
7% preferred (guar.)
•25e. Nov.15 *Holders of rec. Oct. 15
Municipal Teleph. Util.„ el. A (extra)
*8e. Sept.30 *Holders of rec. Sept. 18
MutualTel.(Hawaii)(monthly)
Nitesau & Suffolk Lighting, pref.(guar.) 1)4 Oct. 1 Holders of rec. Sept. 16
National Electric Power, class B (guar.) *45c. Sept.30 *Holders of rec. Sept. 20
.01,4 Oct. 1 *Holders of rec. Sept. 15
7% preferred (guar.)
•1)4 Oct. 1 *Holders of rec. Sept. 15
6% preferred (guar.)
40e. Sept.15 Holders of rec. Aug. 27
National Public Service, corn. A (guar.)
•1% Oct. 1 *Holders of rec. Sept. 15
Preferred A (guar.)
*31 Sept.10 *Holders of roe. Aug. 29
Newark Telephone (1111tr.)
*al Dec. 10 *Holders of rec. Nov.30
Quarterly
Newport Electric Corp., prof. (guar.)- - *114 Oct. 1 *Holders of rec. Sept. 15
Newcastle-upon-Tyne Elec. SupplyAmer. dep. rcts. ord. reg. (interim)- rati Oct. 7 Holders of rec. Sept. 15
51.375 Oct. 1 Holders of rec. Aug. 29
New England Gas& Elea.. pref.(qu.)
25e. Sept.30 Holders of rec. Sept.15
New England Pub. Serv.. corn. (qu.)..15
115i Sept.30 Holders of rec. Sept.30
Common (payable In common stk.)
$1.75 Sept. 15 Holders of rec. Aug.
$7 prior lien pref. (guar.)
30
Aug.
rec.
$1.50
of
Holders
Sept.15
$6 prior lien pref.(guar.)
Sept.30 Holders of rec. Sept. 10
New England Telep.& Teleg.(guar.)- 2
N.J.Power & Light $6 pref.(guar.).-•51.50 Oct. 1 *Holders of rec. Aug. 29
$1.25
•
Oct. I *Holders of rec. Aug. 29
$5 preferred (guar.)
1% Oct. 1 Holders of rec. Sept.20
New Jersey Water Co.,7% pref.((iu.)
*1% Oct. 1 *Holders of rec. Sept. 16
N.Y.Power & Light 7% pref.(guar.)
•$1.50 Oct. 1 *Holders of rec. Sept. 16
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 1545
New York Steam Co., $6 pref.(quar.)
$1.75 Oct. 1 Holders of rec. Sept. 15a
37 preferred (guar.)
IN Oct. 15 Holders of rec. Sept.20
New York Telephone pref.(quar.)
New York Water Serv. Corp. pf.(qu.).. 134 Sept.15 Holders of rec. Sept. 5
Oct. 1 Holders of rec. Sept. to
8235
North American Co.. corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 50
Preferred (guar.)
No.American Lt.& Pow.,$6 pref.(on.) $1.50 Oct. 1 Holders of no. Sept. 20
North Amer. Utility Securities Corp.
$1.50 Sept.15 Holders of roe. Sept. 2
First preferred (guar.)
*51
Sept. 8 *Holders of rec. Aug. 4
Northern Liberties Gas
500. Oct. 25 Holders of rec. Sept.30
Northern Ontario Power. corn.(gust'.)
IN Oct. 25 Holden of roe. Sept.30
Preferred (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 6
Ohio Edison Co.$5 pref.(guar.)
81.50 Oct. 1 Holders of rec. Sept. 6
$6 preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 6
$6.60 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 6
$7 preferred ((uar.)
$1.80 Oct. 1 Holders of rec. Sept. 6
$7.20 preferred (guar.)
Sept.30 *Holders of roe. Seta.22
*1N
(guar.)...
pref.
Service,
Ohio Telephone
*1!4 Dec. 81 *Holders of rec. Dee. 24
Preferred ((um.)
•1,i Sept. 15 *Holders of rec. Aug. 30
Oklahoma GM & Elec. pref. (quar.)
•35e. Oct. 1 *Holders of rec. Sept. 160
Peninsular Telephone.corn.(guar.)
O350 Jan 1'31 'Bob). of rec. Dee. 15'30
Common (guar )_
Pennsylvania Gas & El.Cory.,$7 pf.(gu.) 081.75 Oct. 1 *Holders of reo. Sept. 20
*154 Oct. 1 *Holders of reo. Sept. 20
7% preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 19
Pennsylvania Water & Power (Oust'.)...
Peoples Light & Power, com. A (guar.)- q60c. Oct. 1 Holders of rec. Sept. 8
500. Oct. 1 Holders of roe. Sept. 104
Philadelphia Elec.Power, pref.(aunt'.)...
*134 Oct. 1 *Holders of rec. Sept. 15
Ponce Electric Co. pref.(guar.)
Oct. 1 Called for red. Oct. 1
$4
Porto Rico Telephone. pref
Power Corp. of Canada, 1st pref.(guar.) 134 Oct. 15 Holders of reo. Sept.80
(15
Holders of rec. Sept.30
Second preferred (guar.)
Holders of roe. Sept. 20
351..
17
Public fiery. Corp.of N..1.. COM.(4111.)...
2
Sept.80 Holders of rec. Sept. 2a
8% preferred (guar.)
Holders of rec. Sept. 2a
7% Preferred (guar.)
81
115 L
eg10
3 Holders of res. Sept. 2a
$5 preferred (guar.)
sept.30 Holders of roe. Sept. 2a
0% preferred (monthly)
2 Oct. 1 Sept. 21 to Oct. 1
Public Serv. Co.of Oklahoma,com.(qu.)
7% prior lien (guar.)
1;4 Oct. 1 Sept. 21 to Oct. 1
134 Oct. 1 Sept. 21 to Oct. I
6% prior lien (guar.)
Pub. Sere. Elsa. & Gas 7% prof.(guar.) 134 Sept.30 Holden of rec. Sept. 24
13,4 Sept.30 Holders of roe. Sept. 2a
6% preferred (guar.)
Puget Sound Pow.& Light,$6 pf.(qu.)_ *31.50 Oct. 15 Holders of roe. Sept. 19
*13.5 Oct. 1 Holders of rec. Aug. 30
Rochester Central Power pref.(quar.)
Oct. 1 Holders of roe. Sept. 10
Savannah Elec. 6c Pow.deb. A (quiz.).. *2
34 Oct. 1 Holders of rec. Sept. 10
Debenture stock series B (guar.)
*1;4 Oct. 1 Holders of rec. Sept. 10
Debenture stock series C (guar.)
e3
Oct. 1 Holders of rec. Sept. 10
6% preferred
Oct. 1 Holders of rec. Sept. 1
Second & 3d Sts. Pass. Ry.,Phila.(qu.). *$3
Southern Calif. Edison, pref. A (Quit'.). 43540 Sept.15 Holders of reo. Aug. 20
Preferred B (guar.)
37340 Sept.15 Holders of reo. Aug. 20
Southern Canada Power, pref.(guar.)- 134 Oct. 15 Holders of reo. Befit.20
Holders of rec. Aug. 30
Sept.154
Southern Colorado Power, pref. (qu.)_
Southwestern Bell Telep. pref. (guar.)- •IM Oct. 1 Holders of rec. Sept. 20
Standard Gas & Electric, $4 pref.(guar.) $1
Sept.15 Holders of roe. Aug. 300
Tacony-Palmyra BridgeCommon and class A (No. 1)
750. Sept.30 Holders of reo. Sept.15a
Tennessee Eleo. Power 5% 15t 10.((SO- 134 Oct. 1 Holders of rec. Sept. 15
6% first preferred (guar.)
134 Oct. 1 Holders of rec. Sept.15
134 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
1.80 Oat. 1 Holders of roc. Sept. 15
7.2% first preferred (guar.)
50e. Oat. 1 Holders of reo. Sept. 15
6% first preferred (monthly)
60e. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
Tri-State Tel. dc Tel. 6% pref.(guar.).- •15c. Deo. 1 *Holders of reo. Nov.15
Union Natural Gas of Canada (guar.).- 'e350. Sept.10 *Holders of rao. July 16
ok&s. Sept.10 *Holders of rec. July 15
Extra
50o. Oct. 1 Holders of roe. Aug. 250
United Corporation, corn. (NO. 1)
750. Oct. 1 Holders of reo. Sept. 50
Pref
United Cas & Elec. Corp.. Prof.(qu.)___ 4.134 Oct. 1 *Holders of rec. Sept.15
Holders of rec. Aug. 300
ed Gas Imp
United
. Sept
Improvement core.(guar./Sept.30 Holders of rem Aug. 306
preferred (quer.)
Utilities Power & Light. COM.(quiz.)... u25o. Ott. 1 Holders of reo. Sept. 5
Class A (quay.)
u5OO. Oct. 1 Holders of rec. Sept. 56
u250. Oct. I Holders of rec. Sept. 5
Class 13 (quer.)
ul% Oct. 1 Holders Of rec. Sept. 5
Preferred (guar.)
Virginia Elite. & Power, 6% pref. (guar.)
1% Sept. 20 Holders of rec. Aug. 300
Washington Water Power. 56 pref.(qu.) *31.50 Sept.15 *Holders of rec. Aug. 23
roe. Aug. 23
$ON preferred (guar.)
• 31.625 Sept.15 *Holders of r
Western Mass. Cos. (guar.)
68 N e. Sept.30 Holders of reo. Sept.10
Western Power Corp., pref.(quari
1% Oct. 16 Holders of roe. Sept. 30
W
West Penn Elea. Co.. class A (guar.).Sept.30 Holders of rec. Sept.lie
Winnipeg Electric Co. pref.(quiz.)
13i Oct. 1 Holders of rec. Sept. 6
Wisconsin Public Sere.. 7% pref. (au.). 1% Sept.20 Holders of rec. Aug. 30
6N% Preferred (guar.)
1% Sept.20 Holders of rec. Aug. 30
6% preferred (guar.)
134 Sept.20 Holders of rec. Aug. 30
Oct.k.
Banks.
Chase National'(Oust.)
Chase Securities Corp.(guar.)
Public National Bank & Trust (quar.)
Tru at Companies.
Chelsea Bank & TruM (Oust.)
Continental Bank & Trust (quiz.)
Irving (guar.)
Fire Insurance.
North River Insurance (Quiz.)
United States Fire Ins. (guar.)
$1
Oct.
1 Holders of rec. Sept. 106
$1
Oct.
1 *Holders of rec. Sept. 20
621.40. Oct. 1 Holders of rec. Sept. 12a
30e. Sept.15 Holders of roe. Sept. 6
40e. Oct. 1 Holders of rec. Sept. 2
50e. Sept.15 Holders of roe. Sept. 6
60c. Nov. 1 Holders of rec. Oct. 22
Miscellaneous.
Abbott Laboratories, corn. (guar.)
62)4c Oct. 1 Holders of rec. Sept. 18
Abitibi Power & Paper.8% pref.(gnat%) 134 Oct. 20 Holders of rec. Oct. 100
7% preferred (quiz.)
1.94 Oct. 1 Holders of rec. Sept. 20
Acme Glove Works, Ltd., 1st pf.(au.) *81 Sic Sept.15 *Holders of rec. Aug. 31
Second preferred (guar.)
*75e. Sept.15 •Holders of rec. Aug. 31
Adams Express common (guar.)
40e. Sept.30 Holders of roe. Sept. 156
Preferred ((uar.)
1% Sept.30 Holders of rec. Sept. 156
Addremograph internat. (quay.)
37)ic Oct. 10 Holders of rec. Sept. 22a
Agnew Surpass Shoe Sta., pref.(qu.).-...
1;4 Oct. 1 Holders of roe. Sept.15
Allegheny Steel, corn.(monthly)
15e. Sept.18 Holders of roe. Aug. 304
•tyi Deo. 1 *Holders of rec. Nov. 18
Preferred (guar.)
Alliance Realty, pref. (guar.)
134 Dee. 1 Holders of roe. Nov. 20
Allied Chemical & Dye. Prof. ((uar.)._
1)4 Oct. 1 Holders of rec. Sept. 110
Allied Laboratories. Prof. (quiz.)
*87)4e Oct. 1 Holders of rec. Sept. 15
[Vol.. 131.
FINANCIAL CHRONICLE
1524
Name of Covspany.
*len
Per
Cent. Payable
Books Closed
Days Ineltutes.
Miscellaneous (Continued).
15
Allied Products Corp.. class A (guar.)._ '8734o Oct. 1 *Holders of rec. Sept.
Aluminum Co. of Amer., pref. (qual.).. •13.i Oct. I *Holders of rec. Sept. 1.5
Aluminum Industries, corn. (guar.) -- *37)..ic Sept. 15 *Holders of rec. Aug. 30
Aluminum Mfrs.. Inc., corn. (quiz.).... 050e. Sept.30 *Holders of rec. Sept.15
*50c. Dee. 31 *Holders of rec. Dec. 15
Common (guar.)
•15.4 Sept.30 *Holders of roe. Sept.15
Preferred (guar.)
•1% Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
*75c. Oct. 1 *Holders of rec. Sept. 16
American Bakeries, class A (guar.)
•1,‘ Oct. 1 *Holders of rec. Sept. 16
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 100
American Bank Note,corn.(guar.)
75c Oct. 1 Holders of rec. Sept.100
Preferred (guar.)
1/4 Oct. I Holders of rec. Sept. 150
American Can, Prof. (guar.)
IN
dSept30 Holders of rec. Sept.20a
American Chain, pref. (guar.)
50c. Oct. 1 Holders of rec. Sept. 12a
Amer. Chicle common (guar.)
25e Oct. 1 Holders of rec. Sept. 12a
Common (extra)
*600 Sept.30 *Holders of rec. Sept.12
Amer. Colortype Co.. corn.
150. Sept.20 Holders of rec. Sept. 50
American (The) Corp. corn.(No. 1)--..
1)4 Oct. 1 Holders of rec. Sept.20
Amer. Furniture Mart Building (quar.)_
Oct. 1
4.81
American Hardware (guar.)
Jan 1'31
•$1
Quarterly
35e Oct. I Holders of rec. Sept.156
Amer.Home Products(monthly)
Oct. 1 Holders of rec. Sept. 120
$1
Amer. International Corp., corn
Oct. 1 Holders of rec. Sept. 12
Common (payable in common stook)._ /2
Amer. Investment Trust pref.(quiz.)-. 134 Dec. 1 Holders of ree. Nov.15
Sept.30 Holders of rec. Sept. 12a
American Locomotive, corn.(quiz.).... $1
1;4 Sept.30 Holders of rec. Sept. 120
Preferred (guar.)
Oct. 1 Sept. 16 to SePt•30
American Manufacturing, corn. (quit.). 1
Dec. 31 Dec. 15 to Dee. 80
1
Common (guar.)
1)4 Oct. 1 Sept. 16 to Seri.80
Preferred (guar.)
136 Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
American National Co.(No. 1) (guar.). *20e. Oct. 1
50e. Sept.15 Holders of rec. Sept. 50
American News, Inc., (hi-monthly)....
Amer. Radiator & Standard Sanitary
Sept.30 Holders of reo. Sept.lie
87Ne
Corp., common (guar.)
$1.25 Sept.30 Holders of rec. Sept.100
American Safety Razor (guar.)
Amer. Shipbuilding common (quiz.).... $1.25 Nov. 1 Holders of rm. Oct. 150
1N Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
50e. Oct. 1 Holders of rec. Sept. 150
American Storm (guar.)
134 Oct. 2 Holders of rec. Sept. 50
American Sugar Refining. e0m.
154 Oct. 2 Holders of reo. Sept. 5a
Preferred (guar.)
$1.50 Sent.30 Holders of rec. Sept.136
American Surety (Qum.)
134 Oct. 1 Holders of rec. Sept. 100
American Tobacco. pref. (guar.)
31 Sept.30 Holders of rec. Sept.206
American Writing Paper, pref.(gunr.)
250. Oct. 2 Holders of roe. Sept. 13
fimoekeag Mfg.. common (guar.)
*a% Oct. 1 Holders of roe. Sept.15
Anchor Post Fence (qu.) (in stock)
•20o. Oct. 15 Holders of roe. Oct. 5
Angle Steel Stool (guar.)
Armour & Co. of Delaware, prof. (aunt'.) 1% Oct. 1 Holders of roe. Sept. I00
Armour & Co.(Illinois). prof.(qua?.)... 1,4 Oct. 1 Holders of roc. Sept. 104
*25o. Oct. 1 *Holders of rec. Beist.17
Armstrong Cork (guar.)
Amociated Apparel Industries$1
Oct. 1 Holders of reo. Sept.19a
Common (guar.)
50c. Sept. 30 Holders of rec. Sept.130
Ascoelated 011. MIL (quiz.)
Atlantic. Gulf& W.1.58.Lines. pf.(qu.) 134 Sept.30 Holders of res. SePt. 100
1)4 Dec. 31 Holders of roe. Deo. 11
Preferred (guar.)
25e. Sept.15 Holders of rec. Aug. 21a
Atlantic Refining, corn.(guar.)
25e. Sept.15 Holders of rec. Aug. 21a
Common (extra)
Atlantic Terra Cotta, prior pref. (guar.) '134 Sept.15 Holders of rec. Sept. 5
Atlas Powder, corn.(guar.)
Sept.10 Holders of roe. Aug. 290
$1
Atlas Storm Corp.
Corn. (payable In corn. stock)
/134 Dec. 1 Holders of ree. Nov.17a
Corn.(payable In oom. stook)
/134 Mat'2'3 1 Hold. of rec. Feb.16'310
Sept.15 Holders of rec. Sept. 5
Autocar Co. pref. (guar.)
$2
Autostrop Safety Razor,class A (Oil.)... .75e. Oct. 8 *Holders of rec. Sept. 10
Class B (guar.)
*75c. Nov. 1 *Holders of rec. Oct. 10
•15.4 Oct. 1 *Holders of roe. Sept.20
Babcock & Wilcox Co.(guar.)
•50e. Oct. I
Backstay Welt Co.(guar.)
•75o. apt.27 *Holders of rec. Sept 15
Balaban & Katz, corn.(quit.)
•1% Sept 27 *Holders of roe. Sept. 15
Preferred (emu%)
Baldwin Rubber, class A (Oust'.)
'37340 Sept. 30 *Holders of rec. Sept.20
Bancroft (Joseph) tt Sons Co.. oom.(gu.) 50e. SePt.30 Holders of rec. Sept.150
Holders of roe. Sept. 136
50e. Oet.
Barker Bros.. corn. (qua?.)
Holders of rec. Sept. 180
1N Oct.'
Preferred (guar.)
*Holders of rec. Sept.30
Beaton & Caldwell Mfg.(monthly)
*25c. Oct.
of roe. Sept.120
Holders
8
Sept.
750.
Beeoh-Nut Packing (guar.)
Belaing-CortIcelll. Ltd., pref. (guar.).- 1ft Sept.1 Holders of refl. Aug. 30
Holders of rec. Sept. 2
Belgo Canadian Paper. pref.(guar.).- 1)4 Oct.
Holders of roe. Sept.100
Bend% Aviation(guar.)
50e. Oct.
Holders of rec. Aug. 25a
Dort & Co. common (guar.)
50e. Sept.1
Betniehem Steel, common (guar.)
$1.50 Nov.1 Holders of rec. Oct. 170
Holders of reo. Sept. 56
144 Oct.
Preferred (guar.)
*Holders et rec. Oct. 17
Bigelow-Sanford Carp.& RUg. pf.(CPO- el% Nov.
of roe. Nov. 10
*Holders
1
Nov.
Bloch Bros.. common Collar.)
'37340
•114 Sept.80 *Holders of roe. Sept.25
Preferred (guar.)
•13i Dee. 81 *Holders of rec. Doe. 26
Preferred (guar.)
Blows, Inc.. pref. ((uar.)
'8734e Sept. 1 *Holders of roe. Aug. 15
1;4 Oat. 1 Holders of rec. Sept.150
Blumenthal(Sidney)& Co., pref.(au.)._
Oct. 30 Holders of rec. Oct. 150
Boo Ami Co., clam A (guar.)
SI
500. Oct. 1 Holders of roe. Sept.24
Clam D (guar.)
Boston Woven Hose & Rubb. corn (qu.) $1.50 Sept. 15 Holders of rec. Aug. 30
50c. Sept.30 Holders of rec. Sept.20a
Briggs &Stratton Corp..common(guar.)
British-American Tobacco(r) Sept. 30 Hold, of coup. No. 136
Ordinary bearer shares(Interim)
See note Cr)
(r) Sept.30
Ordinary registered shares
2(4 SOL 30 Holders of coup. No.54
Preference
9c Oct. 1 Holders of rec. Sept. 1
British Type Investors (bi-montIllY)
$1 Sept.15 Holders of rec. Aug. 22
Buckeye Pipe Line (guar.)
250. Oct. 1 Holders of roe. Aug. 28
Buoyrus-Erie Co.,um.Mara
134 Oct. 1 Holders of roe. Aug. 280
Preferred (guar.)
62No Oct. 1 Holders Of reo. Aug. 280
Convertible pref.(qur.)
25c. Sept. 30 Holders Of rec. Sept. 10a
Budd Wheel. Mtn.(guar.)
1;4 Sept. 30 Holders of rec. Sept. 10a
Preferred (guar.)
750. Sept.30 Holders of rec. Sept. 100
Preferred (extra)
*2
Oet. 1 *Holders of rec. Sept, 15
Burger Bros.. pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 156
Burns Bros. pref. (quiz.)
Bush Terminal Bidgs., pref.(quiz.).... s154 Oct. 1 *Holders of rec. Sept.12
*62)4c Nov. 1 *Holders of rec. Sept. 26
Bush Terminal Co.. corn.(qur.)
•15i Oct. 16 *Holders of rec. Sept.26
7% debenture (guar.)
*IN Nov. 1 *Holders of res. Oct. 15
Byers(A. M.) Co.. prof.(guar.)
B
&
A
(quiz.)
*50c. Oct. I *Holders of rec..Sept. 20
California Ink, class
California Packing (guar.)
Sept.15 Holders of fee. Aug. 301
$1
1,4 Sept.30 Holders of rec. Aug. 30
Canada Cement, preferred (guar.)
1)4 Sept. 15 Holders of rec. Aug. 31
Canada Iron Foundries, corn. (quar.)
Preferred
3
Sept.15 Holders of rec. Aug. 31
Canada Permanent Mtge.Corp.(guar.).
Oct. 1 Holders of reo. Sept.15
Canada Wire th Cable, class A (oust.).. $1
Sept.15 Holders of rec. Aug. 31
Class A ((uar.)
31 Dec. 15 Holders of rec. Nov. 30
Class B (No. I)
43;4c. Dec. 15 Holders of rec. Nov.30
Canadian Car & Foundry. pref. (guar.). 43)(o Oct. 10 Holders of rec. Sept.25
owe Sept.15 *Holders of tee. Aug. 30
Canadian Fairbanks Morse (guar.)
Canadian General Electric common (qu.)
75c. Oct. I Holders of rec. Sept. 13
Preferred (guar.)
87N c Oct. 1 Holders of rec. Sept. 13
es2
Canadian Oil. pref.(guar.)
Oct. 1 *Holders of roe. Sept.20
Capital AdmIntstr., pref.(guar.)
750. Oct. 1 Holders of rec. Sept. 150
Carman & Co., class A and Il (guar.)._ _ •50o. Nov.29 *Holders of reg. Nov.15
Class B (50o. cash or 1-40th sh. B stk.) *50c. Oct. 25 *Holders of roe. Oct. 15
Jan rai *Holders of rec. Dec. 20
Carnation Co.(extra In stock)
*el
Carter (William) Co., preferred (guar.)_
1;5 Sept.15 Holders of rec. Sept. 10
Cue (J. I.) Co., corn.(guar.)
154 Oct. 1 Holders of roe. Sept. 12a
1)4 Oct. 1 Holders of roe. Sept. 120
Preferred (guar.)
50o. Sept.d2 Holders of rec. Atig425
Catelll Macaroni Prod.. pref.(guar.)
150. Nov. 16 Holden of rec. Nov. 5
Centrifugal Pipe Corp.(guar.)
$1 Oct. 1 Holders of rec. Sept. 156
Century Electric Co. (guar.)
134 Oct. 1 Holders of rec. Sept. 25
Chartered Trust & Exchange Co
*El Sept.30 *Holders of rec. Sept.10
Chesebrough Mfg.Consol.(qu.)
*50c. Sept.30 *Holders of tee. Sept.10
Extra
Oldeago Flexible Shaft. corn.(guar.)... *30a. Oct. 1 *Holders of rec.IMPS.=
250. Oct. 1 Holders of rec. Sept.196
Chicago Yellow Cab(monthly)
250. Nov. 1 Holders of rec. Oct. 200
Monthly
250. Dec. 1 Holden of rec. Nov.206
Monthly
600.Sept.10 Holders of roe. Aug. 220
Childs Company.oom.(guar.)
1f4 Sept.10 Holders of rec. Aug. 230
Preferred (guar.)
SEPT.6 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
6214c Sept.30 Holders of rec. Sept. 10a
Chile Copper Co.(quer.)
Chrysler Corp.. corn. (guar.)
75c. Sept.30 Holders of rec. Sept. 20
Cincinnati Ball Crank ,pectic. pfU. (qu.) •560. Sept. 30 "Holders of tea. Sept. 16
2 f'( c Oct. 1 Holders of rec. Sept. 15a
Cities Service common (monthly)
Common (payable in corn. stock)._
115 Oct. 1 Holders of rec. Sept. 15a
Preference and pref. BB (monthly)_ _ _
50e. Oct. 1 Holders of rec. Sept. 15a
5c. Oct. 1 Holders of rec. Sept. 150
Preference B (monthly)
75e. Sept.15 Holders of rec. Aug. 29a
Clark Equipment Co. common (guar.)
"25e Oct. 15
Coca Cola Bottling lilea. (guar.)
$1.50 Oct. 1 Holders of ree. Sept. 120
Coca Cola Co.,corn.(guar.)
Oct. 1 'Holders of rec. Sept. 12a
Coca-Cola International, corn.(guar.).- S3
Colgate-Palmolive-Peet Co., corn.(qu.)_ 62%o Oct. 15 Holders of rec. Sept.20a
134 Oct. 1 Holders of me. Sept.10a
Preferred (guar.)
Columbia PicturesCommon (payable in common steak). /2;S Oct. 2 Holders of tee Sept. 30
Commercial Credit Co., corn.(quar.).
50e Sept.30 Holders of rec. Sept.10
I
Sept.30 Holders of rem Sept.10
6K% first preferred (guar.)
431ic Sept.30 Holders of rec. Sept.10
7% first preferred (guar.)
8% class B preferred (qua?.)
50c Sept. 30 Holders of tee. Sept.10
$3 class A cony. stock (guar)
75c Sept. 30 Holders of rec. Sept. 10
Commercial Discount(L. A)(In stock).- .
56 Sept.30 'Holders of rec. Beet.20
Commercial Investment Trust. com.(qu) 400 Oct. 1 Holders of rec. Sept. 50
Common (payable in common stock). f1 35 Oct. 1 Holders of rec. Sept. 50
7% first preferred (quer.)
Oct. 1 Holders of rec. Sept. 50
fi% first preferred (guar.)
114 Oct. 1 'folders of rec. Sept. 50
Cony. pref. series of 1929 (guar.).cl% Oct. 1 Holders of rec. Sept. 5a
Commercial Solvents, corn.(guar.)
25e Sept.30 Holders of rec. Sept. 10a
Corn.(payable in corn. stock)
12 Sept.30 Holders of rec. Sept. 10a
Community State Corp., class A (guar.) •12}0 Sept.30 "Holders of rea. Sept 28
Class A (guar.)
•1234c Dec. 31 *Holders of rec. Dec. 28
Class B (guar.)
•12%c 3131131 "Hold. of rec. Mar. 26'51
Clam B (guar.)
•12%c Sept.30 *Holders of rec. Sept. 26
Class B (guar.)
•12,4c Dec. 31 *Holders of rec. Dec. 28
Compressed Industrial Gasses (quer.)
*50c Sept. 15 *Holders of rec. Aug. 30
Congress Cigar (guar.)
$1
Sept.30 Holders of rec. Sept. 150
Consolidated Cigar Corp.. cam.(guar.). $1.25 Oct. 1 Holders of roe. Sept.150
Consolidated Laundries, common
*250 Oct. 1 *Holders of rec. Sept. 15
•1K Oct. 1 *Holders of rec. Sept.15
Consumers Co., prior pref.(qua?.)
Container Corp., class A (guar.)
30e. Oct. 1 Holders of rec. Sept. 1la
Preferred (guar.)
51.75 Oct. 1 Holders of rec. Sept. 11
Continental Shares, Inc.. pref.(guar.).- "51.50 Sept. 15 'Holders of rec. Sept. 1
*31.50 Sept.15 *Holders of rec. Sept. 1
Convertible preferred (guar.)
Sept. 15 'Holders of rec. Aug. 30
Cooksville Co., Ltd., pref.(guar.)
Corporation Securities Co. of ChicagoSept. 20 Holders of rec. Aug. 21
Corn.(1;4% or 3-200 sh. corn. stock)_
4354c. Sept.15 Holders of rec. Aug. 30
Crane Co., ooro, and pref.(guar.)
Sept. 15 Holders of rec. Aug. 30
Preferred (guar.)
Cresson Consol. Gold Min.& M.(qu.)-- d o. Oct. 10
600. Sept. 18 Holders of rec. Sept. 2
Crown Cork & Seal, corn.(qu.)(No. 1)..
Oct. 14 Holders of rec. Sept. 29
Common (payable in common stock) /10
*68e. Sept.15 'Holders of rem Aug. 30
Preferred (guar.)
$6754c Oct. 1 "Holders of ree. Sept.15
Preferred (guar.)
Crown Willamette Paper, lot pref.(gu.)- $1.75 Oct. 1 Holders of rec. Sept. 130
$1.50 Oct. 1 Holders of rec. Sept. 13
Second preferred (guar.)
25e. Oct. 15 Holders of rm. fiept.30
Crown Zellerbach Corp.,corn.(guar.).114 Sept. 30 'folders of rec. Sept.lba
Crucible Steel of Amer., pref. (qua?.)_
2
Stitt.30 Holders of rec. Sept.20
Crum & Forster. pref.(guar.)
Nov.29 Holden of rec. Nov.19
Crum & Forster Ina.Shares. pref.(guar.)
$1
Cumberland Pipe Line (Quer.)
Sept. 15 Holders of rec. Aug. 30
•134 Sept. 15
Cuneo Press, preferred (guar.)
"Holders of rem Sept. 1
Oct. 2 Holders of tee. Sept. 20a
Curtis Publishing. core.(monthly)
Oct. 1 Holders of rec. Sept. 20s
Preferred (guar.)
Sept. 15 Holders of rec. Sept. 5a
Cutler Hammer, Inc. (altar.)
David de Fran. Ltd., class A (guar.)
Sept.15 Holders of too. Aug. 30
Sept. 15 'Holders of rec. Sept. 5
Decker (Alfred) & Cohn. Inc. (qua?.)
Oct. 1 Holders of rem Sept.150
Deere dr Co., new corn.(guar.)
New corn.(payable in oom.stock)- - Oct. 15 Holders of rm. Sept. 15
Oct. 1 Holders of reo. Sept. 15
Old $100 par common (guar.)
Denver Union Stook Yards.corn.(go.)-- .$1 Oot. 1 'Holders of rec. Beat. 28
Common (guar.)
Jan 1'31 *Hold, of req. Dec. 20'80.
"51
Common (guar.)
Ap.1 $1 *Hold, of roe. Mar. 20'al
Preferred (guar.)
'1K Dec. 1 *Holders of rm. Nov. 20
Detroit& Cleveland Nay.(guar.)
200. Oct. 1 Holders of rm. Sept.15
Detroit Motorbus common (guar.)
"20c. Sept. 15 'holders of rec. Aug. 30
$2
Diamond Match (guar.)
Sept.15 Holders of rue. Aug. 305
Doehler Die-Casting 7% pref.(guar.)_ _ •87%c Oct. 1 *Holders of rm. Sept. 20
*51.75 Oct. 1 *Holders of rec. Sept.20
$7 preferred (quer.)
Dominion Textile. common (guar.) -- 031.25 Oct. 1 'Holders of rec. Sept. 16
*1% Oct. 15 *Holders of roc. Sept.30
Preferred (guar.)
"20c. Sept.30 *Holders of rec. Sept.22
Dominguez Oil Fields(extra)
"50c. Oct. 20 *Holders of rec. Sept.10
Douglas Aircraft
$1 Oct. 1 Holders of rec. Aug. 30
Draper Corporation (guar.)
Sept. 15 Holders of rec. Aug. 280
Du Pont(E. I.) de Nem.& Co.com.(qu) 51
114 Oct. 25 Holders of rec. Oct. 100
Debenture stock (guar.)
_ 8715c Oct. 1 "Holders of rm. Sept. 10
Eastern /Manufacturing, pref.(guar.)_ _'
Eastern Utilities Investing Corp.
81.25 Oct. 1 Holders of ree. Aug. 20
55 Prior preferred (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 301
Eastman Kodak, common (qua?.)
75c. Oct. 1 Holders of rec. Aug. 30a
Common (extra)
1K Oct. 1 Holders of rec. Aug. 300
Preferred (guar.)
*25c. Oct. 15 *Holders of rec. Oct. 1
Economy Grocery Storm (guar.)
0c. Oct. 1 Holders of rec. Sept.10
Ecquadorlan Corp., Ltd.(guar.)
Edison Bros.Stores, Inc.. pref.((Mara-154 Sept.15 Holders of rec. Aug. 31
"3734c Sept.15 "Holders of roe. Sept. 1
El Dorado 011 Works (guar.)
Electric Controller & Mfg.(guar.)
$1.25 Oct. 1 Holders of roc. Sept. 19
Electric Storage Batt.corn. & pf.(qu.)- $1.25 Oct. 1 Holders of rec. Sept. 95
Employers Group Associates (Quar.).200 Sept.15 Holders of roe. Sept. 2
25c Sept. 24 Holders of rec. Aug. 304
Emporium Capwell Corp.. corn. (guar.)
Equitable Office Bldg., corn.(qu.)
75c. Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.15
75c. Oct. 1 Holders of rec. Sept. 15
Equity Investors Corp. pref. (guar.).Ewa Plantation (guar.)
*80c Nov. 15 'Holders of rec. Nov. 5
'
30. Sept.20 *Holders of rem Aug. 20
Exeter Oil Co.. el. A (guar.)
750 Sept.30 Holders of roe. Sept.12s
Fairbanks. Morse & Co.common (guar.)
500 Sept.27 Holders of rec. Sept. 12
Famous Players Can. Corp.. corn.(on.).
8214e Oct. 1
Faultless Rubber, corn.(guar.)
Sept. 16
Federal Min. & Smelt.. Pref. (guar.)- 154 Sept.15 Holders of rem Aug. 250
20c. Oct. 1 Holders of rec. Sept.20a
Federal Motor Truck (guar.)
75e. Oct. 1 Holders of rec. Sept. 16
Federal Screw Works (guar.)
"2
Federal Terra Cotta
Sept.15 *Holders of req. Sept. 6
Feltman & Crime Shoe Sin. Pref.(gu.)1'% Oct. 1 Holders of rec. Sept. 1
16c. Sept.29 Holders of rec. Sept. 15a
Fifth Ave. Bus Securities (guar.)
Firestone Tire & Rubber, pref. A (guar.) 1)4 Sept. 15 Holders of rec. Aug. 15.
First National Stores. Inc.. corn.(guar.) 62340 Oct. 1 Holders of rem Sept. 18a
.154 Oct. 1 'Holders of rec. Sept. 18
Preferred (guar.)
112 Oct. 1 "Holders of rec. Sept. 20
First Security Corp.(guar.)
134 Oct. 1 Holders of roc. Sept. 150
Florsheim Shoe Co.. pref. (guar.)
50c Sept.15 Holders of rec. Aug. 30a
Follansbee Bros., corn. (guar.)
•114
Sept. 15 *Holders of rec. Aug. 30
Preferred (guar.)
65e Sept. 15 Holders of rec. Sept.d5
Foote-Burt Co. common (guar.)
0500 Oct. 1 "Holders of req. Sept. 15
BOMBS* Insulation (guar.)
*50c Jan111 *Holders of ree. Dee. 15
Quarterly
50c Oct. 1 Holders of rec. Sept. 12a
Foster Wheeler Corp.,corn.(quar.)
$1.75
Oct. 1 Holders of rec. Sept. 120
Preferred (guar.)
el% Oct. 1 "Holders of roe. Sept. NI
Frank (A. B.) Co.. Pref. (gum.)
$1.50 Oct. 1 Holders of rec. Sept. 10a
Fuller (George A.) Co.. prior pf.
$1.50 Oct. 1 Holders of roc. Sept. 100
Pattie, second pref. (guar.)
$1.21 Sept.15 Holders of rte. Sept. 5
Gamewell Co.. corn.(guar.)
$1.50
Sept.15 Holders of roe. Sept. 5
Preferred (guar.)
30o Oct. 1 Holders of rec. Sept. 15
Garlock Packing, corn.(guar.)
•20c Oct. 1 *Holders of rec. Sept. 20
General Alloys Co., corn.(guar.)
General American Investors, pref.((N.). $1.50 Oct. 1 Holders of rec. Sept. 19a
Oct. 1 *Holders of rec. Sept. 13
General Amer.Tank Car,earn.(guar.) "$1
sl
Oct. 1 Holders of roe. Sept. 135
Stock dividend
el
Jan 1'31 Holders of rec. Dec. 13a
Stock dividend (guar.)
Sept.15 Holdere of rec. Sept. 2a
$1
General Asphalt, corn. (guar.)
40e. Oct. 25 Holders of rec. Sept. 19a
General Electrie (guar.)
150. Oct. 25 Holders of rec. Sept. 19a
5 Special stock
*500. Sept.10 *Holders of reo. Aug. 25
Oeneral Fire Extinguisher (guar.)
760 Sept.12 Holders Of tee. Aug. 161
.General Motors, corn. (guar.)
$1.25
Nov. 1 Holders of rec. Oct. 61
$5 preferred (guar.)
Name of Company.
1525
Per
Wken
Cert. Payable.
I3ooks Closed.
Days Inclusive.
Miscellaneous (Continued)
*65c. Dec. 1 *Holders of rec. Nov.20
Gibson Art, common (quer.)
tpr 1'31 "Hold. of rec. Mar. 20'31
Common (guar.)
500. Oct. 1 Holders of rec. Sept. 18
Gleaner Combine'Harvester, corn.(qu.)_
114 Sept. 10 Holders of rec. Sept. 1
Godruan (II. C.) Co., pref. (guar.)
$1.50 Sept.30 Holders of roe. Sept.17a
Gold Dust Corp., pref. (guar.)
40e. Sept.10 Holders of rec. Aug. 30
Golden Cycle Corp.(guar.)
154 Oct. 1 Holders of rec. Sept.100
Goodrich (B. F.) Co.,Pref.(guar.)
Goodyear Tire & Rubber, corn. (guar.). $1.25 Nov. 1 Holders of rec. Oct. la
$1.75 Oct. 1 Holders of rec. Sept. la
First preferred (guar.)
Grand Rapids Storm Equip. pr.(qu.)._ '1734c Nov. I 'Holders of me. Oct. 21
"25e. Oct. 1 *Holders of rec. Sept. 20
Grand Rapids Varnish (guar.)
Great Western Sugar. corn. (guar.). _ _ _ "35c. Oct. 2 *Holders of rec. Sept. 15
•1% Oct. 2 *Holders of rec. Sept. 15
Preferred (guar)
Greenfield Tap & Die Corp.6% pi.(qu.) 134 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
2
8% Preferred (guar.)
25c. Sept.15 Holders of rec. Sept. 2
Grier (S. M.) Stores, Inc., corn. (qu.)._
$1.75 Sept. 15 Holders of rec. Sept. 2
$7 preferred (aunt.)
*50c. Dec. 1 *Holders of rm. Nov. 20
Gruen Watch, common (guar.)
*50c. Marl 31 *Hold, of rec. Feb. 20'31
Common (guar.)
•114
Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
'154 Feb 131 *Hold. of reo. Jan. 20'31
Preferred (guar.)
Gulf Oil Corp.(guar.)
.3754c Oat. 1 'Holders of rec. Sept. 20
Quarterly
03734c Rini 31 "Hold, of rec. flee. 20 '30
1% Oct. 1 Holders of rec. Sept. 150
Gulf States Steel, 1st pref.(guar.)
First preferred (guar.)
151 Jan2'31 Holders of rec. Dec. 15a
3734c Oct. 1 Holders of rec. Sept. 15
Gypsum Line & Alabastine (guar.)
25e. Oct. 1 Holders of rec. Sept. la
Habirshaw Cable & Wire (qu.)- - - - -_
Hall(C. M.) Lamp, common (quar.)___ •15e. Sept.10 *Holders of rec. Sept. 1
Hamilton United Theatres, pref. (qu.). - •154 Sept. 30 'Holders of rec. Aug. 30
Harullton Watch, new corn. (monthly)
15o. Sept.30 Holders of reo. Sept.100
Hanes(P. H.) Knitting. pref. (guar.).-- •114 Oct. 1 *Holders of rec. Sept.20
Hanna(NI. A.) Co., new $7 pref. (au.)-- $1.75 Sept.20 Holders of rec. Sept. Sc
Old 7% preferred (guar.)
154 Sept.20 Holders of rec. Sept. 5
Harbison-Walk. Refract., pref. (qua?.).. 155 Oct. 20 Holders of rec. Oct. 10a
Heels Mining (guar.)
5.25e. Sept.15 "Holders of rec. Aug. 15
Helm°(George W.) Co.,corn.(quer.) _
$1.25 Oct. 1 Holders of rec. Sept.100
154 Oct. 1 Holders of rec. Sept. 1011
Preferred(guar.)
Hercules Powder, corn. (guar.)
75c. Sept. 25 Holders of rec. Sept. 130
Hibbard, Spencer. Barlett & Co.(mthly.)
35e. Sept.26 Holders of rec. Sept.19
•15ii Nov. 1
Higbee & Co.. first preferred (quar.).'Holders of rec. Oct. 19
*2
Dee. I "Holders of rec. Nov. 21
Second preferred (guar.)
50e. Dec. 1 Holders of rec. Nov.15
Hires (Charles E.) Co.. corn. A (guar.)
62340 Oct. 1 Holders of rec. Sept.150
Holland Furnace, corn. (guar.)
he. Sept. 9 Holders of rec. Aug. 26
Hollinger Consol. Gold Mines(mthly.)
*50c. Oct. 1 'Holders of rec. Sept. 1
Holophane Co., common
"81.05 Oct. 1 *Holders of rec. Sept. 1
Preferred
•50e. Sept. 15 *Holders of rec. Sept. 5
Honolulu Consolidated Oil (qua?.)
*25c. Sept. 10 *Holders of rec. Aug. 30
Honolulu Plantation (monthly)
750. Oct. 1 Holders of roe. Sept. lla
Hudson Motor Car (guar.)
50c. Oct. 1 Holders of rec. Aug. 30
Humble Oil & Refining (guar.)
*60e. Oct. 15 *Holders of roe Oct. 3
Illinois Brick (guar.)
.1
,
4A
Sept.15 'Holders of too. Sept. 1
Illinois Pipe Line
Imperial Chemical IndustriesOct. 15 'Holders of rec. Aug. 26
Am. dep. rcts. ord. tog. (interim)__ __ w3
Sept.30 Holders of rec. Sept. 3
Imperial Tobacco of Canada, corn
Sept.30 Holders of rec. Sept. 3
3
Preferred (guar.)
Imperial Tobacco of Gt. Brit. & Ireland
"r07
Sept. 8 "Holders of rec. Aug. 15
Am. dep. rens, for ord. she
Industrial Finance CorpCommon (payable In common stock).- 1254 Nov. 1 Holders of Teo. Apr. 18
Common (payable in common stock).- /25i Febl'31 Hold. of rec. Apr. 18'30
Instill Utility Invest., Som. (in stock)-. VIII Oct. 15 *Holders of rec. Oct. 1
15c. Sept. 15 Holders of rec. Aug. 300
Insuranshares Ctfs., Inc.(guar.)
250. Sept. 25 Holders of rec. Sept. 100
Interlake Iron (guar.)
Internat. Business Machines (guar.)... 11.4 Oct. 10 Holders of rec. Sept.22a
Sept. 30 Holders of rec. Sept. lla
International Cement, corn. (guar.).- $1
6234c Oct. 15 Holders of rec. Sept. 200
Internet'. Harvester, corn.(guar.)
$1 Oct. 15 Holders of rec. Sept.250
Internet'. Match Corp., corn. (guar.)
$1 Oct. 15 Holders of rec. Sept.250
Participating pref. (guar.)
25e. Sept.30 Holders of rec. Sept. 2a
Internet'. Nickel, common (guar.)
25e. Sept. 15 Sept. 2 to Sept. 15
Internat. Petroleum, rm. shares (guar.)
25c. Sept. 15 Holder of coup. No. 26
Bearer shares (qua?.)
650. Sept. 15 Holders of rec. Aug. 25
International Proprietaries. cl. A (qu.)...
75e. Oct. 1 Holders of roe. Sept. 15.
International Salt, new corn.(No.I)_
50e. Oct. 1 Holders of roe. Sept. 15
International Shoe. Pref.(monthly)....
.500. Nov. 1 'Holders of tee. Oct. 15
Preferred (monthly)
•500. Dec. 1 "Holders of ree. Nov. 15
Preferred (monthly)
114 Oct. 1 Holders of rec. Sept.120
International Silver, pref. (guar.)
75c. Oct. 1 Holders of rec. Sept. 10
International Textbook
2
Oct. 1 Holders of rec. Sept. 25
Intertype Corp., bat pref.(guar.)
*50e. Oct. 1 'Holders of rec. Sept. 15
Jefferson Electric (guar.)
750. Oct. 15 Holders of rec. Sept. 244
Johns-Manville Corp.. corn.(guar.)._
154 Oct. 1 Holders of rec. Sept.105
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.12a
Jones & Laughlin Steel. pref.(guar.)._
Kalamazoo Veg. Parchment (quar.)
°180. Sept.30 'Holders of roe. SePt.20
515e Dec. 31 "Holders of tee. Dee. 22
Quarterly
050c. Sept. 15 "Holders of rec. Aug. 31
Katz Drug, corn. (guar.)
154 Oct. 1 Holders of roc. crept. 10
Kaufmann Dept. Storm pref. muar.)
50c. Oct. 1 Holders of rec. Sept.190
Kelsey-Hayes Wheel, com.(guar.)
'$1.25 Ost. 1 "Holders of too. ElePt.20
Keystone Cold Storage
Kidder Participation No.2. pref.(extra) *25o. Oot. 1
Kimberly Clark Corp..corn.(qua?.)_._ 62 54e Oct. 1 Holders of too. Sept. 120
"134 Oct. 1 'Holders of roe. Sept.12
Preferred (guar.)
228. Oct. 1 Holders of rec. Sept. 150
Kinney (G. R.) Co.. corn.(guar.)
•154 Sept.10 *Holders of reo.
Kirby Lumber (guar.)
80
•154 Dec. 10 *Holders of rec. Aug.
Quarterly
Nov. 29
"25c. Oct. 1 *Holders of rec. Sept.20
Klein (D. EmU)Co.,corn.(guar.)
Sept.15 Holders of rec. Aug. 15
Knox Hat, Inc.. eons. A (guar.)
$1
$1
Sept.15 Holders of roe. Aug. 15
NOD-voting COMMOn (Quar.)
"31.50 Oct. 1 "Holders of rec. Sept.11
Koppers Gas & Coke. prof. (guar.)
40e. Sept. 30 Holders of rec. Sept. lla
Kresge (S. S.) Co.. corn.(guar.)
Preferred (guar.)
154 Sept. 30 Holders of rec. Sept. 110
Laboratory Products (guar.)
iie3 Oct. 15 "Holders of rec. Sept.20
30e Sept.16 Holders of tee. Sept. 2
Like Shore Mines, Ltd.(guar.)
Bonus
30e Sept.16 Holders of rec. Sept. 2
Landed Banking & Loan (guar.)
*32.50 Oct. 1 "Holders of rec. Sept. 15
Landis Msohlne, common (guar.)
•750. Nov.15 *Holders of rec. Nov. 5
Lane Bryant, Inc., corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 15
Lawyers Title & Guaranty (guar.)
3
Oct. 1 Holders of rec. Sept.200
Leath & Co., common (guar.)
"25e Sept.80 'Holders of rec. Sept.20
Lehigh Portland Cement. pref.((intr.)._
154 Oct. 1 Holders of tea. Sept. 130
75e. Oct. 1 Holders of rec. Sept.dlla
Lehigh Valley Coal Corp., Pref.(qu.)
90c sect. 30 Sept. 12 to Sept. 30
Lehlgh Valley Coal Sales (guar.)
Lerner Stores Corp., corn.(guar.)
50c Sept. 16 Holders of rec. Sept. 6
360 Sept.30 Holders of rec. Sept.11
Least:155. Inc.((War.)
Liberty Share Corp., stook dividend.... *el
Dee, 81
Liggett & Myers Tub., preferred (guar.) 154 Oct. 1 Holders of rec. Sept. 1011
Lily-Tulip Cup Corp. corn.(guar.)
3734c Sept.15 Holders of rec. Sept. 2
Preferred (Var.)
l'i Sept.30 Holden' of roe. Sept. 2
Lindsay Light, pref. (qua?.)
'1754e Sept.20 *Holders of rec. Sept.10
Loose-Wiles Biscuit. 1st prof.(guar.).1 54 Oct. 1 Holders of tea. Sept. 185
Lord & Taylor common (guar.)
2)4 Oct. 1 Holders of rec. Sept.
Lunkenheimer Co.,corn.(guar.)
"37;ic Sept. 15 *Holders of rec. Sept. 17
5
Preferred (guar.)
Oat. 1
•15,‘ Ian 1'31 *Holders of roe. Sept.20
Preferred (guar.)
•15.4
Magnin (I.) dc Co.. Prof.(guar.)
Nov. 16 *Holders of rec. Nov. 5
Matheson(H.It.) Co. pref.(guar.)
154 Oct. 1 Holders of roe.
Mapes Consol. Mfg.(guar.)
750. Oct. 1 Holders of rec. Sept. 200
Marine Midland Co.(guar.)
30c. Sept.30 Holders of roc. Sept.16
Sept. 40
blathleson Alkali Works, corn. (guar.)._
50c. Oct. 1 Holders of rec.
Sept. 120
Preferred (guar.)
114 Oct. 1 Holders of
rec. Sept. 12a
•134 Vol,.15
Matson Navigation (guar.)
May Department StoresCommon (payable in common stook). f134 Dec. 1
Holders of rex Nov.154
Mayflower Associates(guar.)
*50c. Sept. 15 *IIolders of
rec. Sept. 3
Stock dividend
'Cl
Sept. 15 'Holders of
Sept. 3
McColl-Frontenac Oil, corn.(guar.)._
15c. Sept. 15 Holders of rec.
rec. Aug. 16
McKesson .1c Robbins, common (guar.)_
25e. Sept.15 Holders of tee.
Sept. ba
Preferred (guar.)
8754c Sept.15 Holders of Teo. Sept.
ba
Nielehers Distilleries, class A (guar.)...
50c Sept. 15 Holders of rec. Sept.d2
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
50c. Oct. 1 Holders of ree. Aug. 300
Mengel Co., common (qua?.)
Oct. 1 Holders of rec. Sept. 17
2
Merck Corp., pref. (qua?.)
Jan2'31 Holders of rec. Dec. 17
2
Preferred (quar.)
$1.50 Sept.30 Holders of roe. Sept. 3a
Mergenthaler Linotype (quar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Mesta Machine, corn.(quar.)
47%o Sept.15 Holders of ree. Aug. 306
Metro-Goldwyn Pictures. prof.(Cluar.)
"IN Sept. 30 'Holders of rec. Sept. 23
Metropolitan Coal, pref. (quar.)
Oct. 1 Sept. 18 to Sept.30
Metropolitan Paving Brick. pref.(Mar.)
3 Oct. 20 Holders of rec. Sept. 306
Mexican Petroleum, corn.(quar.)
Oct. 20 Holders of rec. Sept. 300
2
Preferred (guar.)
el
Oct. 20 Holders of roe.Sept. 300
Michigan Steel, stock dividend
$1 Oct. 1 Holders of rec. Sept. 13
Midvale Co.(qua?.)
50e. Oct. 1 Holders of rec. Sept. 19
Miller (I.) & Sons, Inc., corn.(quar.)
*450. Oct. 1 *Holders of rec. Sept.20
Monighan Mfg.,class A (qua?.)
Oct. 1 Holders of rec. Sept. 106
Monsanto Chemical Works
el N Oct. 1 Holders of rec. Sept. 106
Stock dividend
1N Sept.15 Holders of rec. Aug. 31
Montreal Cottons, Ltd., corn. (quar.)
1N Sept.15 Holders of rec. Aug. 31
Preferred (Qua?.)
75e. Sept.15 Holders of rec. Aug. 31
Montreal Loan & Mortgage
Moody's Investors' Service750. Nov.15 Holders of rec. Nov. 1
Participating preference (guar.)
*15e. Sept.30 "Holders of rec. Sept.15
Moreland Oil. class B (qua?.)
'Sc. Sept. 30 *Holders of rec. Sept.15
Class B (extra)
Morrell (John) St Co. corn. (quar.) --- $1.10 Sept.15 Holders of rec. Aug. 23
*50c. Oct. 1 'Holders of rec. Sept. 20
Motor Products Corp., corn. (quar.)750. Sept.10 Holders of ree. Aug. 206
Motor Wheel Corp.. COm• (quar.)
Municipal Tel. & Utilities. com. A (au.) *25o. Nov IS *Holders of ree. Oct. 15
500 Sept.30 Holders of rec. Sept. 150
Myers(F. E.) dr Bros. Co., com.(guar.)
1% Sept.30 Holders of roe. Sept.15
Preferred (qua?.)
700. Oct. 15 Holders of rec Sept. 19a
National Biscuit, common (Qaar.)
250. Sept.15 Holders of rec. Sept. 2
National Bond & Share Corp
40c. Oct. I Holders of rec. Sept. 15
National Breweries, common (quar.)--44e. Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
750. Sept.15 Holders of rec. Aug. 30
Nat. Brick of Laprairle, pref. (quar.)__ 500. Oct. 1 Holders of rec. Sept. 36
National Dairy Products. corn.(guar.)
Oct. 1 Holders of ree Sept. 80
Corn.(payable in corn. stook)(guar.). fl
,1,194 Oct. 1 *Holders of tee. Sept. 3
Preferred A dr B (guar.)
1% Sept.30 Holders of rec. Sept.120
National Lead, corn. (guar.)
1% Sept.15 Holders of tee. Aug. 296
Preferred A (guar.)
Nov. 1 Holders of tee. Oct. 170
Preferred B (guar.)
Oct. 1 *Holders of rec. Sept. 21
Nat. Lumber dr Creosoting, pref.(qu.).. *2
Securities.
Nat.Short Term
Dee. 15 Holders of ree. Nov.30
11
Common A (payable in stock)
50c. Sept. 15 Holders of rec. Sept. 6a
National Steel (quar.)
Oct.
1 Holders of rec. Sept. 17
50e.
National Steel Car (quar.)
50e. Oct. 1 Holders of rec. Sept. 2
National Sugar Refg. (qua?.)
$1.25 Oct. 1 Holders of rec. Sept. 170
National Surety (qua?.)
.250. Sept.15 'Holders of rec. Aug. 30
National Transit (quar.)
Nell' Corporation,first Pref.(guar.).- $1.311i Oct. 1 Holders of tee. Sept.15
Neisner Bros., Inc.. common (guar.).- 40o. Oct. 1 Holders of rec. Sept. 1541
400. Jan1'31 Holders of roe. Dee. 150
Common (guar.)
500 Sept.15 Holders of ree. Sept. 1
Neptune Meter class A & B (guar.)
Newberry (J. J.) Co., com.(quer.)_ _- *273tc Oct. 1 "Holders of rec. Sept. 16
400 Oct. 15 Holders of tee. Sept. 19
New York Transit (quar.)
*50c. Sept.27 'Holders of rec. Sept. 15
New York Transportation (qual.)
75c. Oct. 1 Holders of reo. Sept. 3
Nichols Copper class A & B _
Niles-Bement-Pond, Common (guar.).- Me. Sept.80 *Holders of tea. SePt.20
Dee. 81 *Holders of rec. Dee. 20
*500.
Common (guar.)
'el% Oct. 1 *Holders of rec. Wt.20
Noblitt-Sparks Induotrler (In stoek)
50c. Oct. 1 Holders of rec. Sept. 10
Noranda Mines, Ltd. ((Mar.)
North Central Texas Oil pref. (guar.).- 144 Oct. 1 Holders of ree. Sept. 10
Northern Disc.. pref. A (month13)----•682-3 Oct. 1 *Holders of tee. Sept. 15
•68 2-3o Nov. 1 *Holders of ree. Oct. 15
Preferred A (monthly)
•662-30 Dee. 1 *Holden of roe. Nov. 15
Preferred A (monthly)
O'Connor, Moffat & Co.. class A ((pl.) *373.c Sept. 2 *Holders of tee. Aug. 15
41.50 Nov. 1 *Holders of tee. Oct. 20
Oggleeby Paper, preferred (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 10
Ohio Finance (quar.)
Oct. 1 *Holders of rec. Sept. 10
*el
Stock dividend
*Holders of rec. Aug. 25
Ohio Mid Cities Corp., pref.(quar.)__._ *20c.
*10e. Oct. 25 *Holders of rec. Oct. 20
Preferred A (No. 1)
Holders of rec. Aug. 286
Sept.15
500.
(No.
1)_
Ohio 011, new no par elk.(qu.)
*134 Sept.15 *Holders of tee. Aug. 16
Preferred (guar.)
*Holders of rec. Sept. 2
Ohio Steel Foundry 1st. dr 2d Pt. (qu.)._
$1.50 Oct. 1 Holders of roe. Sept.10
Oliver Farm Equip.. pr. pref. (guar.)
Oct. 1 Holders of rec. Sept. 156
2
Omnibus Corp., pref.(guar.)
'l l( Oct. 1 *Holders of rec. Sept.20
Ontario Mfg., pref.(guar.)
134 Oct. 16 Holders of ree. IMPS.300
Otis Elevator, pref. (guar.)
an15'31 Hold, of ree. Dee.3110a
Preferred (guar.)
6234c Oct. 1 Holders of rec. Sept. 190
Otis Steel, corn.(quar.)
1N Oct. 1 Holders of rec. Sept. 190
Prior preferred (quar.)
Owens-Illinois Glass, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 15
25o. Sept.12 Holders of tee, Aug. 15a
Packard Motor Car, corn.(guar.)
$1
Sept.27 Holders of roe. Sept.17
Parafrine Cos., Inc. (guar.)
$1 Sept. 27 Holders of rec. Sept. 5a
Paramount Publix Corp., corn. (quar.)
*25o. Sept.30 *Holders of roe. Sept.19
Parke, Davis dr Co.(quar.)
Extra
*100. Sept.30 *Holders of tee. Sept. 19
Sc. Sept. 10 Holders of rec. Aug. 290
Parmelee Transportation (monthly)
Penick & Ford, Ltd., corn. (guar.)
25e. Sept.16 Holders of ree. Sept 26
IN Oct. 1 Holders of rec. Sept.120
Preferred (guar.)
Peoples Drug Stores, Inc., corn.(qu.)
25o. Oct. 1 Holders of rec. Sept. 86
1% Sept.15 Holders of reo. Sept. 26
Preferred (guar.)
Pet Milk Co.,corn.(quar.)
3734c. Oct. 1 Holders of rec. Sept.106
134 Oct. 1 Holders of rec. Sept. 10
Preferred (quar.)
75e. Oct. 1 Holders of tee. Sept. 5a
Phelps Dodge Corp.(guar.)
50c. Oct. 12 Holders of rec. Sept.16
Phillips Petroleum (guar.)
w10
Sept. 8 *Holders of rec. Aug. 20
Pinchin. Johnson & Co. Am.shares
"500. Oct. 1 *Holders of rec. Sept. 10
Pittsburgh Plate Glans (guar.)
*50o. Sept.80 *Holders of tee. Sept. 16
Plymouth 011 (guar.)
Port Alfred Pulp & Paper, pt.(qu.)
1% Sept.15 Holders of rec. Sept. 2
Porto Rico-Amer. Tobacco, Cl. A (gu.)- 8754o Oct. 10 Holders of tee. Sept. 206
Powdrell & Alexander, pref.(quar•)-Oct. 1 Holders of tee. Sept. 15
Prairie Oil dr Gas (quar.)
500 Sept.30 Holders of ree. Aug. 300
Prairie Pipe Line (guar.)
750 Sept.30 Holders of reo. Aug. 306
Extra
50c Sept.30 Holders of rec. Aug. 306
Pressed Steel Car pref.(quar.)....
IN Sept.30 Holders of ree. Sept. 26
Procter & Gamble Co.. pref. (quar.)
1N Sept. 15 Holders of ree. Aug. 25a
Public Investing (guar.)
25c. Sept.15 Holders of rec. Aug. 156
Extra
10e. Sept.15 Holders of rec. Aug. 156
10
Pure Oil Co.,5%% pref.(qu.)
134 Oct. 1 Holders of rec. Sept.
6% preferred (qua?.)
134 Oct. 1 Holders of rec. Sept. 10
100
Sept.
8% preferred (quar.)
Oct. 1 Holders of rec.
2
Quaker Oats, corn. (guar.)
Oct. 15 *Holders of reo. Oct. 1
81
•1,,
Preferred (quar.)
72 Nov.29 *Holders of rec. Nov. 1
Radio Corp. of Amer. rd. A (quar.)
8734c. Oct. 1 Holders of ree. Sept. 26
$1.25 Oct. 1 Holders of rec. Sept. 20
Preferred B (guar.)
Railroad Shares Corp.(guar.)
12340 Sept.15 Holders of tee. Aug. 256
Rapid Electrotype. corn. (qua?.)
*50c. Sept. 15 'Holders of rec. Sept. 1
6
Raybestos-Manhattan, Inc. (quar.).... 850 Sept.15 Holders of reo. Aug. 30
Real Silk Hosiery, corn. (quar.)
$1.25 Oct. Fl Holders of rec. Sept. 12
Preferred (quar.)
1N Oct. 1 Holders of rec. Sept. 12
Reliance Mfg.(Ohio),common (guar.).- $1 Oct. 1 Holders of tee. Sept. 15
Reo Motor Car (guar.)
200 Oct. 1 Holders of tee. Sept. 100
Republic Investing Corp., pref.(qual.). *350 Oct. 1 *Holders Of too. Sept.15
Republic Steel Corp., pref. (guar.)
$1.50 Oct. 1 Holders of ree. Sept. 126
Republic Supply (quar.)
"75o Oct. 15 *Holders of roe. Oct. 1
Research Investment Corp. pref.(quar.) 75c Oct. 1 Holders of tee. Sept.15
Revere Copper dr Brass class A (quer.).- Si
Oct. 1 Holders of roe. Sept. 106
Preferred (guar.)
$1.75 Nov. 1 Holders of ree. Oct. 106
Rich Ice Cream Co.. corn. (quar.)
•60c. Nov. 1 *Holders of ree. Oct. 15
Robinson(Dwight P.)& Co.,1st pf.(qu.) "21.75 Oct. 1 *Holders of rec. Sept. 20
Ruberold Co.. corn.(quar.)
*31 Sept.15 'Holders of rec. Aug. 30
Rued Mfg. common (quar.)
*650. Nov. 1 *Holders of reo. Oct. 15
St. Joeeph Lead Co.(guar.)
500. Sept.20 Sept. 10 to Sept. 2l
Extra
250 Sept.20 Sept. 10 to Sept. 21
Quarterly
50e. Dee. 90 Dec. 10 to Dee. 21
Extra
250. Dec. 20 Dee. 10 to Des. 21
St. Maurice Valley Corp., pref.(qu.)
13 Oct. 1 Holders of rec. Sept. 12
Sangamo Electric Co.,corn.(quay.)
50e. Oct. 1 Holders of roe. Sept.dl
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.dl
Savage Arms, second Prof. (quar.)
'134 Nov. 15 *Holders of rec. Nov. 1
Schulte Retail Stores, pre! (quar.)
2
Oct. 1 Holders of tee. Sept. 126
[VOL. 131.
FINANCIAL CHRONICLE
1526
134.1
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inc:ogre.
Miscellaneous (Continued).
Schiff Company, corn.(quar.)
50c. Sept.15 Holders of rec. Aug. 30
Preferred (quar.)
134 Sept. 15 Holders of rec. Aug. 30
Schlesinger (B. F.) dr Sons, pref.(quit.) *13.4 Oct. 1 *Holders of rec. Sept. 15
Preferred (quiz.)
*134 Jan I'll Holders of rec. Dec. 15
Scott Paper common (guar.)
35g. 8%4.30 Holders of rec. Sept.186
Scoville Mfg. (quar.)
*750. Oct. 1 Holders of toe. Sept.15
Seaboard Utilities Shares Corp.(guar.).- 1234c Oct. 1 Holders of rec. Sept. 26
Sears-Roebuck stock div.(guar.)
el
Nov. 1 Holders of rec. Oct. 15a
Second National Invest.. pref.(qua?.)- $1.25 Oct. 1 Holders of rec. Sept. 100
.50c. Sept. 15 Holders of rec. Aug. 25
Common(extra)
Cony. pref.(guar.)
$1.25 Oct. 1 Holders of ree. Sept. 100
Selected Industries allot. etre.75% pd.-3 1.0334 Oct. 1 Holders of rec. Sept. 15
Prior stock (guar.)
61.375 Oct. 1 Holders of roe. Sept.15
17 Park Avenue, Inc., preferred
3
Sept.15 Aug. 31 to Sept.15
Shaeffer(W. EL) Pens, common (quar.) *31 Sept. 15 Holders of tee. Aug. 25
Common (extra)
"50:. Sept.15 "Holders of rec. Aug. 25
Shell Union 011, pref. (quar.)
134 Oct. 1 Holders otter. Sept. 56
Signal 011 & Gas, class A Sr B (guar.).- *50c. Sept. 10 "Holders of rec. Aug. 30
Signal Royalties, class A & B (qua?.)__. *500. Sept. 15 *Holders of rec. Aug. 30
Simms Petroleum (quit.)
400. Sept.15 Holders of too. Aug. 296
Sinclair Consul. 011, corn. (quar.)
50e. Oct. 15 Holders of rec. Sept. 156
Skelly Oil, common (qual.)
500. Sept.15 Holders of tee. Aug. 156
South Porto Rico Sugar, corn. (quer.)- 35e. Oct. 1 Holders of rec. Sept. 10a
2
Oct. 1 Holders of rec. Sept. 106
Preferred (quar.)
Oct. 1 Holders of tee. Sept. 15
Southwest Pa. Pipe Lines (quiz.)
51
50c. Oct. 15 Holders of rec. Sept. 301
Spalding (A. G.) & Bros., corn.(quar )Smog, Chalfant & Co.. prof. (guar.).- $1.50 Oct. 1 Holders of tee. Sept. 15
250. Sept. 30 Holders of rec. Sept. 13a
sparks-Withington Co., corn.(quar.)
134 Sept.15 Holders of rec. Sept. 4
Preferred (quit.)
*750. Sept.30 *Holders of reo. Sept. 15
Sparta Foundry (quar.)
3734c Oct. 1 Holders of rec. Sept. 86
Standard Brands, corn. (qua?.)
$1.75 Oct. 1 Holders of rec. Sept. 8a
Preferred A (quar.)
13234c Sept.15 Holders of rec. Aug. 15a
Standard 011 (Calif.) (Guar.)
*6234e Sept.15 *Holders of rec. Aug. 18
Standard Oil (Indiana)(guar
'
)
50c. Sept.15 Holders of rec. Aug. 230
Standard OS (Kansas) (qua?.)
.
62SIc Sept.20 Aug. 24 to Sept.20
Standard 011(Nebraska) (queer.)
25e. Sept. 20 Aug. 24 to Sept.20
Extra
Standard 011(N.J.) $25 par (quit.).-.. 250 Sept.15 Holders of tee. Aug. 166
$25 par (extra)
25o Sept.15 Holders of rec. Aug. 16a
Sept.15 Holders of reo. Aug. 160
1
$100 par stock (qua?.)
Sept.15 Holders of roe. Aug. 180
1
100 par stock (extra)
400 Sept.15 Holders of roe. Aug. 150
Standard Oil of N. Y.(qua?.)
82340 Oat. 1 Holders of roe. Sept.12
Standard Oil(Ohio)corn.(qua?.).
Standard Steel Construction, cl. A (au) "750 Oct. 1 "Holders of tee. Sept. 10
Starrett Corp., $50 par pref.(quar.)_--- *75e. Oct. 1 *Holders of rec. Sept. 15
Stearns(F.)& Co.(monthly)
16 2-3c Sept.30 'Holders of rec. Sept. 20
Stela (A.) dr Co.. pref. (aunt.)
134 Oct. 1 Holders of rec. Sept.15
Mix. Bee/ & Fuller, common (guar.)
*87340 Dee. 1 *Holders of res. Nov. 16
Stone & Webster. Inc.(quar.)
$1 Oct. 15 Holders of rec. Sept. 176
Sun 011 Co., common (quar.)
25c. Sept. 15 Holders of tee. Aug. 250
$1,75 Oct. 1 Holders of roe. Sept. 18
Sunshine Biscuit, list pref.(guar.)
.200. Oct. 1 *Holders of ree. Sept. 29
Telephone Corporation (monthly)
Monthly
*200. Nov. 1 *Holders of ree. Oct. 20
Monthly
*20e. Dee. 1 *Holders of refl. Nov.20
Tennessee Copper & Chemical (quiz.).. 25e. Sept. 15 Holders of rec. Aug. 300
Tennessee Products Corp.. coin.(guar.) *250. Oct. 10 Holders of tee. Sept. 30
Common (guar.)
*25o. Ja 10'31 Holders of tea. Doe. 31
Common (guar.)
*250• 6-10-31 Holders of res. Mar.31
Texas Corporation (quar.)
75e. Oct. 1 Holders of rec. Sept. 54
Texas Gulf Sulphur(qua?.)
$1 Sept.15 Holders of toe. Aug. 300
Texon 011 & Land, corn. (quit.)
25e, Oct. 1 Holders of rec. Sept. 10
Common (extra)
Oct. 1 Holders of rec. Sept. 10
$3
Thatcher Mfg.,corn.(quar.)
40e. Oct. 1 Holders of rec. Sept.206
Thompson-Starrett Co.pref. (quar.)-8734c Oct. 1 Holders of rec. Sept. 110
Tide Water Associated 011, pref. (qua?.) $1.50 Oct. 1 Holders of rec. Sept. 96
Tide Water 011, corn. (quar.)
20e. Sept.30 Holders of rec. Sept. 9a
Timken-Detroit Axle, pref.(guar.)
.37
15:
40 Sept. 1 Holders of rec. Aug. 30a
Todd Shipyards (guar.)
Sept. 20 *Holders of rec. Sept. 5
"El
Tearing Label & Lithograph, ol.•(qu.).
Sept.15 Molders of reo. Sept. 1
Class A (guar.)
*3716o Dee. 15 *Holders of tee. Dee. 1
Oct. 1 *Holders of rec. Sept.25
Traylor Eng. & Mfg.. pref.(guar.).- *2
Trlco Products Corp. (guar.)
6234e Oct. 1 Holders of rec. Sept. 80
Truscon Steel, corn. (guar.)
30c. Oct. 15 Holders of rec. Sept. 28a
Tudor City Seventh Unit, prof
3
Sept. 15 Aug. 31 to Sept. 9
Ulen & Co., corn. (guar.)
40o. Oct. 15 Holders of rec. Oct. 16
Underw.-Elliott-FIsher Co.. oom.(qu.)_ $1.25 Sept.30 Holders of rim Sept.126
Preferred (guar.)
134 Sept.30 Holders of rec. Sept.126
Union Carbide & Carbon (quar.)
65c. Oct. 1 Holders of rec. Sept. 4a
Union Storage Co. (guar.)
*6230 Nov. 15 "Holders of ree. Nov. 1
United Aircraft Corp., pref. (quar.)..._.
75c. Oct. 1 Holders of ree. Sept. 10a
United Amusement Corp., A & B (qu.)_ - "50e. Sept.15 *Holders of rec. Aug. 31
United Artists Theatre Circuit, Pfd.
*$1.75 Sept. 15 'Holders of rec. Aug. 30
*1% Oct. 1 *Holders of roe. Sept. 21
United Business Publishers, pref.(WI.)
United Dyewood Corp.. pref.(qual.)... 134 Oct. 1 Holders of rect. Sept. 120
United Elastio Corp
400. Sept.24 Holders of roe. Sept.10
United Founders Corp., corn. (guar.)
Oct. 1 Holders of rec Sept. 2
1-70th share common stock
Oct. 1 Holders of rec. Sept. 2a
United Fruit(qua?.)
Oct. 1 'Holders of rec. Sept. 8
United Hellenic Bank Shares, corn.(qu.)
Oct. 1 *Holders of rec. Sept. 6
Preferred (guar.)
Sept. 10 *Holders of rec. Sept. 1
United Milk (monthly)
Nov. 1 Holders of roe. Oct. 151
17niter1 Piece Dye Works, corn.(quar.)
Ont. I Holders of tee. Sept.20a
Preferred (guar.)
Jan2'31 Holders of ree. Dec. 201
Preferred (quar.)
Oct. 1 *Holders of roe. Sept. 20
United Publishers, corn.(quar.)
•15,i Oct. 1 *Holders of roe. Sept.20
Preferred (Qua?.)
750. SePt.10 Holders of rec. Aug. 296
U.S Freight (qual.)
*400. Sept. 80 *Holders of rec. Sept.15
U.S. Gypsum, corn.(quar.)
4.1% Sept.30 *Holders of rec. Sept.15
Preferred (quar.)
United States Leather, pr. pref. (quar.)_ 1% Oct. 1 Holders of rec. Sept. 10a
2% Oct. 20 Holders of tee. Sept. 204
U. B. Pipe & Foundry, Dom.(Qual.)..
2% s20'81 Holders of ree. Dee. 316
Common (guar.)
80e. Oct. 20 Holders of fee. Sept. 300
First pre/erred (gust.)
First preferred (guar.)
30e. 820'31 Holders of tee. Dec. 81a
Oct. 1 *Holders of rec. Sept. 20
*61
U. S. Playing Card (quar.)
U.S.Print. dr Lithographing, corn.(qu.) *50c. Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
*75c. Oct. 1 *Holders of rec. Sept.20
U. S. Realty & Improvement
$1.25 Sept.15 Holders of rec. Aug. 156
United States Steel Corp. corn.(quar.)
134 Sept.29 Holders of ree. Aug. 300
Utilities Hydro & Rail Shares, common_ *Ide Oct. 1 *Holders of rec. Sept. 2
$1
Vacuum 011 (guar.)
Sept.20 Holders of tee. Aug. 80
Vanadium Alloy Steel (guar.)
*21
Sept.30 *Holders of tee. Sept.20
•15.i Sept.10 *Holders of rec. Sept. 1
Vapor Car Heating pref.(guar.)
Preferred (guar.)
*1% Dee. 10 *Holders of res. Dee. 1
Viking Pump, pref. (guar.)
*60c Sept. 15 *Holders of rec. Aug. 30
Vogt Manufacturing, common (guar.)._
50c Oct. 1 Holders of roe. Sept. 15
Vulcan Detinnbag, Common (guar.)._ _ 1
Oct. 20 Holders of reit. 001. da
Preferred (guar.)
Oct. 20 Holders of rec. Oct. 14
Waldorf System. Inc., corn.(quar.)
3734c Oct. 1 Holders of tee. Sept. 204
Preferred (quar.)
20e Oct); 1 Holders of tee. Sept.20
Walker(H.) Gooderham & Worts(qua?.) 25e, Sept.15 Holders of tee. Aug. 22
Waltham Watch pref. (qua?.)
1% Oct. 1 Holders of rec. Sept. 20
Walworth Co.. corn.(gum.)
500 Sept.15 Holders of tee. Sept. 5a
Preferred (quar.)
*75o Sept.30 *Holders of tee. Sept.20
Ward Baking Corp.,Prof.(quar.)
134 Oct. 1 Holders of rec. Sept. 176
Warner Company,common (guar.)
50e Oct. 15 Holders of rec. Sept.30
Common (extra)
250. Oct. 15 Holders of rec. Sept. 30
First and second pref.(guar.)
134 Oct. 1 Holders cif rec. Sept. 15
Warren Foundry & Pipe(qua?.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Wellington 011 (qua?.)
'Sc. Sept. 15 *Holders of rec. Aug. 30
Extra
'Sc Sept. 15 'Holders of rec. Aug. 30
Wesson 011 dr Snowdrift, COM.(guar.)50e Oct. 1 Holders of roe. Sept. 156
West Coast Oil, pref. (coat.)
Oct. 6 'Holders of rec. Sept. 28
"Holders of rec. Sept. 2
Preferred (distribution of assets)
"240
West Michigan Steel. Corn.(quit.)
*250 Sept.15 *Holders of roe. Sept. 1
Will Va.Pulp & Paper. pref.(quit.)... *134 Nov. 16 *Holders of tea. Nov. 6
Western Canada Flour Mills, corn.(ml) *350 Sept.15 *Holders of tee. Aug. 31
•114 Sept.15 *Holders of rec. Aug. 31
Preferred (guar.)
80e Oct. 1 Holders of tee. Sept.150
Westmoreland, lee.(guar.)
Weston Electrical Instrument, corn. (tin) 25c Oct. 1 Holders of rec. Sept. 196
Clam A (quar.)
50c Oct. 1 Holders of reo. Sept. 19a
SEPT.6 1930.]
Per
When
Cent. Payable.
Name of Conipany.
Miscellaneous (Concluded).
Weyenberg Shoe Mfg., pref. (quar.)_ _
Wheatsworth, Inc.(Guar.)
White Motor Co (guar.)
White Motor Securities, pref. (guar.).White Rock Mineral Springs. corn.(qu4
First preferred (quar.)
Second preferred
Wilcox-Rich Corp.class A (quer.)
Class A (Guar.)
Masted Hosiery (quiz.)'
Extra
Worthington Pump de Mach. pt. A (qu.)
Pref. A (acct accumulated
Pref. B (quer.)
Pref. B facet accumulated dive.)
Wrigley(Wm.)Jr. Co.(monthly)
Monthly
Monthly
Wurlitifir (Rudolph) cam.(tnentkly).-_
Common (monthly)
Common (monthly)
Commoa (monthly)
Preferred (quiz.)
Prefirred (gear.)
Preferred (quiz.)
Preferred (quer.)
Yale & Towne Mfg.(guar.)
Youngstown Sheet dr Tube, corn.(qu.)._
Preferred (quer.)
Young (L. A.) Spring & Wire (quar.)
Zonite Products Corp..corn.(quer.). _
Books Closed.
Days Inclusive.
•1 X Sept. 15 *Holders of rec. Sept. 5
*250. Oct. 1 *Holders of rec. Sept.20
50c. Sept.30 Holders of rec. Sept.121
$1.75 Sept.30 Holders of rec. Sept.12
Oct. 1 Holders of rec. Sept. 150
$1
13( Oct. 1 Holders of rec. Sept. 15
$5
Oct. 1 Holders of rec. Sept. 15
6234c Sept.30 Holders of rec. Sept.201
623ic Dee. 31 Holders of rec. Dec. 20a
ssti Nov. 1 *Holders of reo. Oct. 16
*50o. Nov. 1 *Holders of rec. Oct. 11
191 Oct. 1 Holders of rec. Sept. 100
191 Oct. 1 Holders of rec. Sept. 100
134 Oct. 1 Holders of rec. Sept. 100
51 34 Oct. 1 Holders of rec. Sept. 100
250. Oct.' Holders of roe. Sept.20
250. Nov. I Holders of rec. Oet. 20
500. Deo. 1 Holders of rec. Nov.20
*50c. Sept.25 *Holders of res. Sept. 24
10500. Oct. 25 *Holders of rec. Oct. 24
*500. Nov.25 *Holdsrs of res. Nov. 24
*50e. Dee. 25 *Holders of tee. Dec. 24
•1tt Oct.
1 *Holden of yea. Sept. 20
•1X Jan Val *Holdirs of tic. Deo. 20
*134 Atwi'31 'Hold.of ree. Mar 20'31
Si Id
Jul 1'21 *Hold,of rec. June 20'31
500. Oct. 1 Holders of rec. Sept. 10a
$1.25 Oct. 1 Holders of rec. Sept. 14a
*134 Oct. 1 *Holders of rec. Sept. 14
75c. Oct. 1 Holders of rec. Sept. 15
25c. Sept.10 Holders of rec. Sept. 4d
•From unofficial sources. t The New York Stook Exchange has ruled that
Stock will not be quoted ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be quoted
Sx-dhrldend on this date and not until further notice.
a Transfer books not closed for this dividend.
General Gas & Electric 734e. dividend on common stock Is payable in class A
common stock unless stockholder gives written notice by Sept. 20 of Ms election
to take cash.
d Correction. e Payable In stock.
f Payable In common stock. g Payable In scrip. h On account of accumulated
dividends. I Payable In preferred stock.
Union Natural Gas dividend Payable in cash, or, at option of holder. 160th
Share of stock.
I Dividend on Amer. Cities Power & Light class A stock is payable 1-32d share in
class 11 stock, unless stockholder notifies the company on or before Oct. 14 of his
desire to take cash. Class B dividend Is payable in class B stock.
as Central States Electric Corp. cony. pref, dividend is payable in common stock
as follows: Series of 1928. 3-32 share or, at option of holder. $1.50 cash: aeries or
1929. 3-184 share or, at option of holder. $1.50 cash.
a Central Publio Service slam A dividend will be paid in class A stock at the
Priee of $17.50 per share unless stockholder notifies company by Sept. 10 of his
desire to take cash.
o Great Northern Investing class A dividend payable either in cash or 234% in
Stock.
Midland United Co. pref dividend payable in cash or one-fortieth share common
rtock, company to be notified 15 bwidness days before Sept. 24.
o Peoples Light Oc Power may apply dividend to purchase of class A common
stook at rate of one-fiftieth share for each share held.
•
r British American Tobacco dividend is 10 pence per share All transfers received
Ii London on or before Sept. 3 will be la time for payment of dividend to transferees.
•North American Co. dividend is payable in common stock at rate of one-fortieth
share for each share held.
(Amer. Smelting & Refining second pref. stock dividend is 81.5657.
u Unless holders notify company of their desire to take cash, Utilities Power &
Light dividends will be paid as follows: class A stock, 1-40th share class A
stock:
class B stock, 1-40th share common stock:common stock. 1-40th share common stock.
v Commercial Invest. Trust cony. pref. dividend will be paid in common stock
at rate of I-52d share common for each share pref., unless stockholder notifies
company on or before Sept. 10 of his desire to take cash.
ss Less deduction for expensee of depositary.
v West Coast 011 40% dividend subject to approval of California Corporation
Commission.
p Lone Star Gas dividend is one share for each seven held.
Weekly Return of New York City Clearing House:
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW 'YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUGUST
30.
Clearing House
Members.
*Capital.
Bank of NY & Trust Co
Bank of Manhattan Tr Co
Bank of Amer Nat Men
National City Bank.Chem Bank & Trust Co..
Guaranty Trust Co
Chat Phan N B & Tr Co
Cent Hanover Bkdar Co
Corn Exoh Bank Tr Co_
First National Bank__Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar A Trust Co._
Marine MidlandTrust Co
Lawyers Trust Co
__
New York Trust
Tr Co
Commq Nat 13k &Co_Harriman N Bk as Tr Co
$
6,000,000
22,250,000
36,775,300
110,000,000
15,000,000
90,000,000
16,200,000
21,000,000
e15,000,000
10,000,000
60,000,000
6,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
2,000,000
Clearing Non-Members
City Bk Farmers Tr Co_
Meehan Tr Co, Bayonne
10,000,000
500,000
Totals
'
1527
FINANCIAL CHRONICLE
*Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
I
$
14,598,800
61,876,000
43,499,200
206,156,000
40,453,800
170.161,000
132,973,100 a1,046,604,000
22,632,300
236,874,000
206,385,500 8925.173,000
19,703,300
160,763,000
84,136.100
353,291,000
e34,314,400
171,088,000
108,599,600
246,869.000
84,814,300
373,426,000
11.354,200
9,964,006
211,318,000 c1,286,000,000
3,706,800
24,040,000
86,321,400 d431,389000
24,599,200
34,399,000
11,400,600
49,772,000
4,766,900
22,320,000
35,688,400
172,249,000
9,452,800
56,634,000
2,725,000
29,972.000
13,777,900
899,400
3,840,000
3,014,000
Time
Deposits
Average.
S
14,104,000
45,720,000
63,530,000
210,468,000
35,615.000
106,135,000
39,151,000
69,248,000
38,817,000
38,861,000
59,743.000
417,000
193,294,000
1,936,000
87,010.000
1,218,000
6,251,000
2,083,000
34,109,000
8,835,000
7,107030
5,385,000
626,725.300 1.208.221.000 6.07587.0 non
* As per official reports: National, June 30 1930; State, June 30 1930: Trust
Companies. June 30 1930. e As of July 10 1930.
Includes deposits In foreign branches as follows: (a) $317,363,000:(8)$167,442,000
(a) $132,923,000;(5) 460,666,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Aug. 30:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, AUG. 30 1930.
NATIONAL AND STATE BANKS-Average Figures.
otberCash lies. Dep., Dep. Other
Gross
Including N. F. and Bents and
Gold. Bk.Notes. Elsewhere. 7`rust Cos. Deposits,
Loans
Dim. and
Invest.
Manhattan$
Bank of U. S---- 210.315,000
Bryant Park Bk_
2,556,900
Grace National-- 20,697,506
2,121,900
Port Morris
Public National_ 151,443,000
Brooklyn9,795,200
Brooklyn Nat'l
Peonies Nat'l.-- 7,200,000
$
i
$
$
$
25,000 3.328,000 25,076,000 2,002,000 198,720,000
369.600
2,069,700
86,000
89,100
55,180 1.963,109 1,148,177 18,398,234
1,700
2,722,100
216,800
74,900
7,400
29,000 1,593,000 8,725,000 23,575,000 156,251,000
20,700
5,000
107,300
105,000
633,700
514,000
487,800
91,000
6.905,000
7,100,000
TRUST COMPANIES-Average Figur .
Loans,
Disc. and
itiout.
Cass.
Sea. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Manhattan$
s
.
$
759,100
49,462,400 7,734,900
American
742,900
107,800
Bank of Europe & Tr 14,846,9
668,809 1,797.533
24,010,712
Bronx County
19,935,000 1,179,000 2,148,000
Chelsea
71,638,400 *3,909,400 8,949,100
Empire
17,322,580
104,167 1,302,378
Federation
447,300
19,188,600 *2,166,100
Fulton
361,151,000 2,600,000 39,910,000
Manufacturers
76,405,225 3,866,867 7.173,109
United States
Brooklyn130,849,000 2,070,000 22.963,000
Brooklyn
29,580,035 2,355,727 2,874,089
Kings County
Bayonne, N. J.il 845.746
228.118
794.099
xf.cn,
ole.
Gross
Deposits,
$
$
16,900 46,394,800
14,378,200
24,798,113
18,681,000
3,086.000 17,892,700
191,413 17,134,381
16,549,700
2,620,000 327,886,000
58,371,111
1,983,000 131,323,000
28,203,183
303.561
8.750.509
* Includes amount with Federal Reserve Bank as follows: Empire, $2,478,300;
Fulton, $2,053,200.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
•
Sept. 3
1930.
$
94,700,000
Capital
100,487,000
Surplus and profits
Ioc no, Glistens & invest'ts_ 1.063,037,000
645,898,000
Individual deposits
145.525,000
Due to banks
294,716,000
Time deposits
3,564,000
United States depoelts
19,257,000
Exchanges for ag. House
84.733.000
Due front other banks
79,856,000
Res've in legal depositles
6.146,000
Cash in bank
633.000
Om,.in PIr"MA In V Risk
Changesfrom
Previous Week.
Aug. 27
1930.
Aug. 20
1930.
I
$
$
$
Unchanged
94.700,000
94,700.000
Unchanged 100.487.0001 100,487.000
+5.410.000 1.057,627.000 1,058,874.000
+1,361,000 624.537.0001 630.689,000
+1.019.000 144.506.000 150,643,000
+5,425,000 289,291.000 285,560.000
-669.000
4,233,0001
4,227,000
5C,O37,0O
+3.220,000
20.793.000
+351,000
91,682,000
84,382,000
+421,000
79,282.000
79.435,000i
-150,000
6,279.000
6,298,0001
627.0001
290Mof
+6.000
1
1
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Aug. 30, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on &mild deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Aug. 30 1930.
Two Ciphers(00)
omitted.
Members of
Pflug
Pit System. Companies.
Aug. 23
1930.
Total.
4%7.10
1930,
$
$
60,071,0
8,800,0
68,871,0
68.871,0
Capital
88,871,0
21,085,0 237,004,0 237,004,0 237.004,0
Surplus and profits-. _ 215,919,0
92,965,0 1,235,057,0 1,242,371,0 1,241,065,0
Loans, discos. & invest. 1,142,092,0
29,156,0
233.0
29,389.0
Exch. for Clear. House
30,093,0
30,542,0
24,0 122,534,0 118,920,0 1
122,510,0
Due from banks
26,334,0
199,550,0
5,342,0 204,892,0 206,592,0
Bank deposits
208,207.0
619,169,0
35,192,0 654,361,0 656,139,0 064
Individual deposits
166 0
278,930,0
30,318,0 309,248,0 508,118,
Time deposits
306,270,0
1097,849.0
70.852,0 1,168,5010 1.1
Total deposits
70,849,011,178,643,0
77,752,0
Rea. with legal depoe
77,752,0
76,901,0
77,355,0
6,724,0
Res. with F. R Bank_
6,724,0
8,458,0
6,697,0
8,717,0
Cash in vault*
2,087,0
10,804,0
10,603,0
10,826,0
held_
86,469.0
Total res. & cash
8,811,0
94,280,0
93r2 0
94 877.0
Reserve required
'
f
Excuse reserve and cash
in vault
•Carib in vault not wonted as reserve for Federal Reserve
members.
1528
[vol.. 131.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 4 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 1494, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 3 1930.
Sept. 3 1930. Aug.27 1930. Auo.20 1930. Aug.13 1930. Aug. 6 1930. July 30 1930. July 23 1930. July 16 1930. Sept. 4 1929.
3
3
$
3
RESOURCES.
$
$
1,564,956.000 1,575,256,000 1,537,714,000 1,546,714,000 1.551,714,000 1.553,214,000 1,558,214,000 1,572,914,000 1,540,669.000
Gold with Federal Reserve agents
35,819.000
67,109,000
35,391,000
35,919,000
36,352,000
36,814,000
36,814,000
36,714,000
Gold redemption fund with U. B. Trees35,816.000
Gold held exclusively egg*.F.It. notes 1,600,347,000 1,611,175,000 1,573,533,000 1,583,066,000 1,588,530.000 1,590,028.000 1,595,028,000 1,609,628.000 1,607.778,000
570,584,000 568,304,000 558,821,000 551,212.000 555,602,000 589.700,000 601,767,000 583.052,000 711,637,000
Gold settlement fund with F.It. Board
Gold and gold certificates held by banks_ 763,657,000 776,453,000 806.643,000 811,022,000 817,046,000 825,254,000 827,432,000 838,065,000 623,953,000
Total gold reserves
Reserves other than gold
2,934,588,000 2,955,932,000 2.938,997,000 2,945,300.000 2,961,178,000 3,004,992.000 3,024,227,000 3,030,745,000 2,943,368,000
151.650,000 163,721,000 168,060.000 169,702.000 165,631,000 173.206,000 160,834,000 166,490,000 172,829,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Gevt. obligations
Other bills discounted
3,086,238,000 3,119,653,000 3,107,057,000 3,115,002,000 3,126,809,000 3,178,188.000 3.194,061,000 3,197,235,000 3,116,197,000
87,042,000
61,683,000
70,310.000
66,84,000
57,793,000
68,210,000
67,835,000
63,436,000
68,547,000
76,510,000
154,750,000
62,197,000
131,078,000
63.876,000
132,303,000
62,209,000
128.306,000
65,599,000
140,324,000
66,676.000
130,425.000
9,629,000
130,941,000
*70,357,000
136.673,000
231.260,000
170,395,000
193,275,000
163,274,000
196,179,000
158,922,000
190,515,000
154,328,000
205,923,000
133,571,000
197,101.000
130,762,000
190,570,000
150,523,000
207,030,000 1,046.016,000
168,667,000 182,916,000
64,056,000
315.868,000
222.120,000
75,827,000
302,045,000
224,041,000
75,682,600
304,678,000
221,580.000
59,608,000
291,617,000
255.112,000
49,650,000
278,307,000
248,267,000
49.714.000
278,897,000
249,757.000
42.750,000
260,835,000
272.554,000
42,900,000
243,696,000
290,522,000
42,722,000
91,412.000
14,846,000
602,044,000
8,572,000
601,913,000
8,572,000
601,940,000
7.922,000
606,337,000
8,472,000
576,224,000
7,272,000
576,368,000
7,323,000
576,139,000
7,323,000
577,118,000
7.301.000
148,980,000
16,100,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Federal Reserve notes of other banks
Bank premises
All other resources
1,012,271,000
967,034,000
964,963.000
959.652,000
922,990,000
911,554.000
924,555,000
960,116,000 1,394,012,000
704,000
566,693,000
18,330,000
59,609,000
16,752,000
702,000
505,962,000
19,240,000
59,609,000
16,733,000
702,000
548,404,000
18,527,000
59.606,000
16,548,000
703.000
579.632,000
19,639,000
59,585,000
15,617,000
705.000
503,728,000
19,064,000
59,584,000
14,442,000
706.000
510,430,000
18,912,000
59,584,000
14,037,000
705,000
553,600,000
22,175,000
59,572,000
13,146,000
705,000
670,370.000
22,169,000
59,561,000
12,596,000
Total resources
LIABILITIES.
F.R.notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
4,822,280,000 4,759,243,000 4,782,849,000 4,816,686,000 4,710,758,000 4,781,621.000 4,835,649,000 4,991,299.000 5,355,111,000
2,303,357,0002,418,875,000 2,413.559.000 2,399,616,000 2,363,852,000 2,415,285,000 2,432,088.000 2,460,457,000 2,320,176,000
28,703,000
30,093,000
29,563,000
34,059,000
25,988,000
16,629,000
18,882,000
31,519,000
26.146,000
4,952.000
5,563.000
6,498,000
8.149,000
5,549,000
6,247,000
5,760.000
5,755,000
6,434.000
19,852,000
20.175,000
26,450,000
20,082,000
19,657,000
32,924,000
27,884,000
22,280,000
21.000,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,453,996,000 2,470,069,000 2,469.067,000 2,463,778,000 2,423,406,000 2,468,871,000'2,484,612,000 2,516,257.000 2,374,006,000
538,919,000 489,181,000 528,326,009558,011,000 487,054,000 495,807,000 532,922,000 631,545,000 642,529,000
169,736,001) 169,765,000 169,783,000 169,769,000 169,680,000 169,716,000 169.882,000 169.484.000 166,754,000
276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 276,936,000
76 936 000
15,029,000
15,201,000
15,024,000
15,444,000
A323
14,008,000
15,117,000 214,728:000 2:::3
15,150,000
Total bills discounted
Bills bought in open market
• Us S. Government securitlee:
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities-- _
Other securities (see note)
Foreign loans on gold
541,074,000
504,942,000
725,000
680,110,000
36,770,000
58,861,000
10,643.000
1.367,619,000 1,337,248,000 1,323,708,000 1,332,991,000 1,338,774,000 1,335,141,000 1,356,180,000 1,382,349,000 1,883,267,000
Total Ilabilitlee
4,822,280,000 4,759,243,000 4.782,849,000 4,816,686,000 4,710,758,000 4,761,621,000 4,835,649,000 4,991,299,000 5,355,111,000
Ratio of gold reserves to deposits and
77.S%
69.1%
77.4%
F. R.note liabilities combined
76.9%
77.6%
78.7%
78.9%
78.7%
77.2%
Ratio of total reserves to deposits and
82.0%
73.2%
81.9%
83.1%
83.2%
F.It. note liabilities combined
80.8%
81.9%
83 5%
82.0%
Contingent liability on bills purchased
for foreign correspondents
459,830,000 471,522,000 478,315,000 480,094,000 483,454,000 478,027,000 481,315,000 478.082,000 453,020,000
Dtsblbuttort by Masur4ties1-15 day bills bought in open market-1-15 days bills dlscou. ted
1-15 days U.S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market-10-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
81-60 drys bills discounted
31-60 days U. S. certif. of Indebtedness..
31-00days municipal warrants
81-90 days bills bought in open market
61-90 days bills discounted
61-00 days U.S. certif. of indebtedness..
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness..__.
Over90 days municipal warrants
62,775,000
144,447,000
34,201,000
53,960,000
107,399,000
41,413,000
108,988,000
45,000
57.564,000
103,502,000
38,627,01)0
$
65,459.000
115.967,000
29,577,000
60,828,000
105,806,000
53,417,000
23,612,000
566.000
33,575,000
16,853,000
41,167,000
33,015.000
17,726,000
54,172,000
32,849,000
17.785,000
17,497,000
19,021,000
51,000
19,938,000
18,141,000
31,527,000
50,948,000
33,511,000
71,621,000
39,215,000
76,634,000
37,689,000
58,391,000
33,054,000
63,435,000
43,651,000
34,083,000
78,765,000
3,135,000
24,633,000
17,214,000
4,097,000
23,271,000
17,214,000
7,425,000
24,259,000
6,214,000
5,240,000
26,860,000
120,000
5,052,000
170,139,000
22,000
21,000
6,537,000
165,660,000
22,000
435,000
7,517.000
161,149,000
22,000
284,000
9,314.000
153,150,000
22,000
$
73,456,000
99,648,000
86,909,000
111,996,000
110,010,000
799,892,000
14,444,000
40,109,000
20,542,000
22,400,000
62.999,000
24.000
32,488,000
28.111,000
82,265,000
30.306,000
17,947.000
48,027.000
51,000
28,720.000
29,033.000
94.576,000
51,000
23,831,000
29.521.000
48,027,000
28,484,000
110,573,000
6,836,000
26,593,000
16,368,000
30,414,000
15,592,000
28,739,000
15,590,000
26,343,000
117,402,000
128.000
10,259,000
139,925.000
22.000
1,140.000
14,629,000
135,965,000
22,000
2,449,000
15,203,000
129,951,000
22,000
2,228,000
18,628,000
125,093,000
Issued to Federal Reserve Banks
2,484,000
5,642,000
378,000
3,783,678,000
1.427,089,000
F.R.notes received from Comptroller.._
V.It. notes held by F.12.Agent
Row &oaredR7 gold and gold certificated
Geld redemption fund
Gold fund-Federal Reserve Board
By eligible paper
300,000
19,448,000
66,910,000
1,736,582,000 1,736,772,000 1,716,691,000 1,696.121.000 1,607,223,000 1,704,744,000 1,719,617,000 1,742.958,000 2,356,589,000
449,950.000
449,950,000
402.908,000
402.908,000
402,908,000
402,908,000
402,903,000
402,908,000
406,885,000
1,115,006,000 1,125,306,000 1,134,806,000 1,143,806,000 1,148,806,000 1,150,306,000 1.155,306,000 1.170,006,000 1,133,784,000
381,935,000 335,241,000 338,948,000 322,231,000 315,999,000 310,785,000 317,017,000 341,543,000 1,144,105,000
1,946,891,000 1,910,497.000 1,876,662.000 1.868,945,000 1,867,713,000 1.863,999.0001,876.161,000 1,914,457.000 2,684,774,000
NOTE.
-BegInning with the statement of Oct. 7 1925, two new tems were added In order to show separately the amount of balances held abroad and amounts due
10 foreign correseondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. it was stated, are the only items included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEYT. 3 19341.
_
Two ciphers (00) omitted.
Federal Reserve Bank of
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay Kan.City. Dallas. San Frau.
Total.
Total
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,564,956,0 164,917,0
Gold red'n fund with U.S. Treas.
35,191,0
324,0
$
$
$
$
$
$
$
$
$
$
$
305,636,0 140,000,0 200,550,0 57,000,0 97.200,0 189,000,0 60,045,0 44,545.0 70,000,0 21,300,0 214,763,0
1,789,0
1,279,0
2,164,0
2,115,0 1,298,0 1,697,0
14,539,0
856,0 1,512,0 1,147,0 6.171,0
Gold held excl agst.F.R. notes 1,600,347,0 165,741,0
Gold settle't fund with F.R.Board 570,534,0 22,640,0
Gold and gold cthr.held by banks.. 763,657,0 27,327.0
320,175,0 142,164,0 202,339,0 58,279,0 99,315,0 190,293,0 61,742,0 45,401,0 71,512,0 22,447,0 220,934,0
131,783,0 53,495,0 76,187,0 15,645,0 12,359,0 131,789,0 21,645,0 16,754,0 36,578,0 15,247,0 36,462,0
474,405,0 30,042.0 55,778,0 9,415,0 5,753,0 103,243,0 9,807,0 4,911,0 7,479,0 10,009,0 25,483,0
Total gold reserves
Reserve other than gold
2,934,588,0 215,708,0
151,650,0 12,571,0
926,363,0 225,701,0 334,304,0 83,339,0 117,427,0 425,335,0 93,104,0 67,066,0 115,569,0 47,703,0 282,879,0
37,299,0 8,336,0 7,368,0 8,913,0 13,466,0 22,542,0 12,134,0 4,569,0 5,107,0 6,197,0 13,148,0
Total reserves
3,086,233,0 228.279,0
Non-reserve cash
61,683,0 4,760,0
Bills discounted:
Sac. by U.S. Govt. obligations
76,510,0 7,351,0
Other bills discounted
154,750,0 6,746,0
963,662,0 234,037,0 341,672,0 92,252,0 130,893,0 447,877,0 105,328,0 71,635,0 120,676,0 53,900,0 296,027,0
16,210,0 3,905,0 3,830,0 3,861,0 4,230,0 10,455,0 3,943,0 1,104,0 2,048,0 2,904,0 4,383.0
30,112,0
33,463,0
8,670,0
7,823,0
3,155,0 4,955,0
926,0
7,346,0 16,693,0 31,215,0
7,045,0 2,729,0
8,717,0 14,198,0
415,0
3.667,0
1,658,0 2,372,0
7,045.0 12,034,0
2,122,0
5,803,0
Total bills discounted
Hills bought in open market
lb S. Government securities:
Bonds
Treasury notes
Certificates and bills
231,260,0 14,097,0
170,395,0 17,981,0
64,035,0 2,563,0
315,868,0 21,806,0
222,120,0 21,808,0
13,334,0 2,212,0 2,295,0
111,310,0 25,604.0 33,371,0
63,102,0 24,366,0 22,190,0
Total 17. S. Gov't securities
602,014,0 46.177.0
187.746.0 52.252,0 57,856,0 16,983,0 12.700,0 81,533,0 23,899,0 25,924.0 28,736,0 29,229,0 39,009,91
63,575,0 16,493,0 15,501,0 21.648,0 32,141,0 15,762,0 16,927,0
104,0 16,961,0 8,819,0 10,187,0 13,294,0 8,925,0
40,377,0
2,042,0
8,253,0
6,688,0
4,082,0 3,703,0 14,406,0 7,925,0
7,400,0 10,295,0 7.229,0 .19,833,0
672,0 8,948,0 1,711,0
752,0 22,782,0 1,324,0 5,351,0
8,043,0 30,435,0 16,323,0 11,864,0 14,791,0 11,586,0 22,482,0
3,905,0 28,316,0 6,252,0 8,709,0 13.273,0 8,695,0 14,816,0
SEPT. 6 1930.]
FINANCIAL CHRONICLE
RESOURCES (CoaduarcBTwe ciplin's (00) emitted.
Total.
Other secnritice
Foreign loans on gold
Total bills and eecurities
Due from foregn banks
Uneollef ted items
F. R. notes of other banks
Bank premises
All other resources
New York.
Boston.
$
1,000,0
$
8,572.0
$
6,550.0
1,012,271,0 79,255,0
704,0
52,0
566,693,0 59,997,0
18,330,0
220,0
50,609,0 3,580,0
16,752,0
111,0
Phila.
1529
Cleveland Richriwnd Atlanta. Chicago
$
1,000,0
$
$
$
St. Louis Minneap. Kan.City. Dallas. San Fran.
$
22,0
3
i
I
$
3
307,248,0 69,849,0 90,303,0 47,450,0 55,028,0 110,539.0 49,751,0 37,423,0 47,734,0 50,864,0 66,767,0
232,0
63,0
21,0
21,0
16,0
25,0
94,0
25,0
30,0
71,0
49,0
154,127,0 51,412,0 54,355,0 43,276,0 18,710,0 66,177,0 26,403,0 10,946,0 35,777,0 21,810,0 25,694,0
4,625,0
300,0 1,174,0 1,476,0
381,0 2,915.0
831,0 2,405,0 1.000,0 1,166,0 1,763,0
15,661,0 2,614,0 7,060,0 3,214,0 2,659,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,846,0
8,872,0
256,0 1,103,0
521,0
429,0
587,0
237,0
679,0
538,0 3,097,0
322,0
4,822,230,0 376,254,0 1,470,640,0 362,441,0 499,623,0 192,097,0 213,473,0 646,831,0 190,699,0 124,834,0 212,233,0 132,352,0 401,003,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,367,619,0 135,743,0 185,154,0 126,022,0 190,522,0 63,940,0 113,611,0 163,365,0 66,078,0 50,757,0 69,809,0 34,584,0 163,034,0
Deposits:
Nlernber bank-reserve ace'S 2,393,357,0 145,739,0 975,938,0 141,162,0 203,497,0 64,707,0 62.012.0 348,268.0 78,169,0 50,964,0 93,126,0 59,334,0 170,441,0
Government
34.039,0 2,884,0
9,785,0 3,938,0 3,521,0 2,445,0 2,627,0 1,973,0 1,222,0
730,0 2,535,0 1,919,0
478,0
Foreign hank
6,498,0
396,0
2,908,0
519,0
535,0
160,0
160,0
123,0
193,0
717,0
193,0
225,0
369,0
Other deposits
20,082,0
90,0
8,310.0
103,0 1,457,0
194,0 1,173.0
206,0
24,0 7,385.0
891,0
176,0
73,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
2,453,996,0
538,919,0
169,736,0
276,936,0
15,024,0
149,109,0
57,787,0
11,807,0
21,751.0
57,0
996,041,0
137,795,0
65,580,0
80.001,0
6,169,0
145,722,0 209.010,0 67,450,0 65,008,0 351,861,0 79.790,0 51,759,0 95,189,0 62,053.0 180,114,0
46,500,0 53,827,0 41,647,0 16,514,0 64,124.0 27,331,0 11,250,0 33,549,0 21,720,0 26,875,0
16,783,0 19,956,0 5,795,0 5,366,0 20,120,0 5,266,0 3,069,0 4,331,0 4,358,0 11,365,0
26,965,0 29,141,0 12,498,0 10,857.0 40.094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
449,0 1,167,0
101.0
702,0
769,0 2,117,0 2,077,0 1,357,0
193,0
866,0
Total liabilities
4,822,280,0 376,254,0 1,470,640,0 362,441,0 499,623,0 192,097,0 213,473,0 646,631,0 190,699,0 124,834,0 212,233,0 132,352,0 401,003,0
Memoranda.
Bestrre ratio (per cent)
80.0
80.1
81.5
86.1
86.3
85.5
55.8
72.2
70.2
73.1
69.9
86.1
73.3
Contingent liability on bills purchased tor forego correspondls 459.330.0 34.105.0 150.580.0 41.705.0 46 ORR n 1 o 357 a 15 11920
61.7.5S 0 16_592.0 10.600.0 13.826.0 13,826,0 31,801,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al-
Total.
Boston.
New York.
Two Ciphers (00) em Wed$
$
Federal Reserve notes:
Issued to F.R.bk. by F.R.Agt.. 1,736,582,0 172,148,0
Held by Federal Reserve bank_ 368.963,0 36,405,0
$
$
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Mirsneap. Kan.City. Dallas. SanFral
3
$
$
$
I
$
$
$
$
297,684,0 145,751,0 221,387,0 81,336,0 138,157,0 194,426,0 79,844,0 55,290,0 80,516,0 41,459,0 228,566,0
112,530,0 19,729,0 30,865,0 17,396,0 21,564,0 26,061,0 13,766,0 4,533,0 10,707,0 6,875,0 65,532.0
In actual circulation
1,367,619,0 135,743,0
Collateral held by Agt. as security
for notes issued to bank: .
Gold and gold certificates
449,950,0 35,300,0
Gold hind-F.R.Board
1,115,008,0 129,617,0
Eligible paper
381,935.0 31,990,0
Total oollateral
Phila.
185,154,0 126,022,0 190,522,0 63,940,0 113,611,0 168,365,0 66,078,0 50,757,0 69,805.0 34,584,0 163,034,0
277,010,0 39,900.0 15,550,0 5,000,0 7,100,0
8,045,0 11.845,0
_ ___ 14,300,0 35,000.0
28,626,0 100,100.0 185,000,0 52,000,0 90,100,0 189,000,0 51,100,0 32,700,0 70,000,0 7,000,0 179,763,0
96,680,0 14,725,0 31,925,0 30,414,0 42,221,0 28,880.0 25,684,0 11,258,0 18,928.0 21,582,0 27,636,0
1,940,891.0 196,916.0
402,310.0 154,725,0 232,478.0 87,414,0 139,421.0 217,880,0 85,729,0 55,803,0 88,028,0 42,882.0 242,399.0
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 tho 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 Dee. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1494,immediately preceding which we also give the figures of Now York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances
of other banks and bills of exchange or drafts sold with en
dorsemeut, and Include all real estate mortgages and mortgage loans
acceptances of other banks and bills sold with
endorsement were included with loans, and some of the hanks included hold by the bank. Previously
Loans secured by U.S. Government obligations are
investments.
mortgages
in
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at
the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured
by
paper, only a lump total being given. The number of reporting banks is now omitted; 1.11 its Place the number of cities; included (then 101) commercial
beginning
but
for
given,
Oct. 9 1929 even this laas been omitted.
3
time
was
The figures have also been revised to exclude a bank in the San Francisco district with loans
and investments of $135,000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions
Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS AUG. 27 1930 (In millions of dollars).
Federai Reserve District-
Total.
Boston. New York
Phila.
Cleveland, Richmond Atlanta, Chicago, Si. Louis. Minneap. Kan.City. Dallas, San Fran.
Loans and Investments-total__
$
23,122
$
1,518
$
9,362
$
1.275
Loans-total
16,793
1,143
6,891
026
1,402
8,377
8,416
506
637
4,040
2,851
494
432
734
758
6,329
376
2,471
348
2,909
3,420
152
224
1,201
1,269
85
263
1,814
211
05
14
870
58
82
12
13,606
7,439
46
873
526
4
6.214
2,010
17
1,494
3,302
64
131
41
4
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
586
$
3,386
464
176
288
786
186
381
405
80
106
143
27
743
335
4
146
1.060
9
3
2,277
3
$
$
$
$
$
663
353
616
435
3
1.972
449
2,595
506
232
417
328
1,351
150
299
1.285
1,311
232
274
78
154
124
293
96
232
462
889
137
791
157
121
229
107
622
63
74
361
429
33
123
67
55
96
133
60
46
329
292
39
11
39
9
278
33
45
6
24
5
56
11
33
7
109
18
1,143
1,015
4
351
253
3
311
242
4
1,906
1,322
2
369
239
1
215
130
___
479
192
1
269
151
3
730
1,023
4
92
214
126
345
82
107
81
98
249
512
63
120
78
82
195
237
84
96
235
300
1
5
5
8
3
1
650
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. 3 1930,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. B. Tressul7-
Sept. 3 1930. Aug. 27 1930. Sept. 4 1929.
3
305,636.000 305,636,000 261,296,000
14,539,000
14,588,000
18,162.000
Gold held exclusively ages. F. R. noted
Gold settlement fund with F. R. Board_
Gold and gold certificates hold by Dank_
320,175,000
131,783,000
474,405,000
320,224,000
182,371,000
473,631,000
279,458,000
164,433,000
388,314,000
Total gold reserves
Reserves other than gold
026,363,000
37,299.000
976.229.000
43,291,000
832.205,000
66,285,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. oblIgationa
Other bills discounted
963,662,000 1,019,520,000
16,210,000
19,751,000
898,490,000
16,015,000
Total bills discounted
Bills bought in open market
U. EL Government securitiesBonds
Treasury notes
Certificates and hills
Total 11.9. Government securities-.
Other securities (see ncie)
Foreign loans on gold
30,112,000
33,463,000
14,451,000
16,764,000
213,665,003
89,601,000
63,575,000
49,377,000
31,215,000
44,543.000
303,266,000
92,922,000
13,334,000
111,310,000
63,102,000
15,445,000
108,832,000
63,469,000
4,009,000
24,091,000
6.290,000
187,746 000
6,530,000
187,746,000
6,550,000
34.390,000
12,050,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Berns
Federal Reserve notes of other banks
Bank premises
Ali other reeoureee
Total resources
Sept.. 3 1930. Aug. 27 1930
$
232,000
154,127.000
4,625,000
15,604,000
8,872.000
228,000
135.686,000
5,129,000
15.664,000
8,936.000
220.000
183,626.000
22,275,000
16,087,000
969.000
1,470,640.000 1,474.968,000 1.580,310,000
Fern Reser,* notes in actual circulation_
Deposits-Member bank, reserve sectGovernment
Foreign bank (See Note)
Other deposits
185,154,000 170,717,000
975,938.000 1,012,678,000
9,785,000
3,286,000
2,908,000
1.907.000
8,310,000
7,822,000
Total depoetts
Deterred availability Items
Capital paid In
klanolus
All other liabilities
996,941,000 1,025,693,000
137,795,000 127.738.000
65.580,000
65.579,000
80,001.000
80,001,000
5,109,000
5,240,000
Total liabilities
Sept. 4 1929
'
325,463,000
930,056.000
5,910,000
1.360,000
8,283,000
945,609,000
163.342,000
64,154,000
71,282.00*
10.460.000
--1.470,640,000 1,474,968,000 1,580.310.000
Ratio of total reeervee to deposit and
Fed'l Res•ve note liabilities eomb;ned_
81.5%
85.2%
70.7%
Contingent liability on bills Durchaied
for foreign correspondence
Total bills and Securities (See Nole)_..- 307,248,000 270,0.51,000 412,628,000
150,580,000 150,573,000 137.268,000
two
new
ma.
Oct.
7
Items
.were
statement
of
with
added
In
the
NOTE.-Beginning
order to Show separately the amount
earning aasets, previo isly mede up of Federal latermediate of balances held abroad and amounts due to
foreign Oorres9endente• 10 addltkm, the eaptIon "All other
Credit Bank
assns., to -Total mu oo,i Oscar ties." nu!
latter term was adopted as a roofs accurate debentures, was changed to
"Other securities." and the caption "Total tetrnin4
description of the total et the
amount acceptances and securities scull/red under the provisions of sections 13 and 14 of the Federal Reserve Aet, which, It wasstated, are the
only items inoluded therein.
[VOL. 131.
FINANCIAL CHRONICLE
1530
New York City Banks and Trust Companies.
Vankers'
azette.
(All prices dollars per share.)
Wall Street Friday Night, Sept. 5 1930.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1516.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS
Week Ended Sept. 5.
Range for Week.
Sales
deocrk.
11 Range Since Jan. 1.
Par. Shares. $ Per share.
Highest.
Lowest.
Highest.
Lowest.
$ per share. $ per share.$ Per sahe.
RailroadsAla & Vicksburg_ __100
25
Can Pacific new
Chi StP 111&0m 0_100
Sept
may 122
Sept 4 116
Sept 4 122
20 122
6,800 44% Sept 5 45.16 Sept 2 40% Aug 52% May
Jan
Sept 95
Sept 2 70
Sept 2 70
20 70
Hay Lice Ry pref__100
100
III Cent pref
Jot Rys of Cent Am 100
100
Preferred
Manhat Kiev guar 100
50 49
100 no%
30 18
60 59%
280 55
Sept
Sept
Sept
Sept
Sept
3 49
3 119%
4 18
4 60
4 63
Sept
Sept
Sept
Sept
Sept
3 48
3 113
4 18
4 59%
5 46%
Jan
Aug 72
June 136% Apr
Sept 32% Jan
Sept 73% May
July 68% Apr
NatRys of Mexlst pnoo
New Orl Tex & Mex 100
NY State Rys pref_100
Pacific Coast let pf_100
SO icy M & 0 etfs_ _100
100 2%
10 125
50
10 19
200 115%
Sept
Sept
Sept
Sept
Sept
2 23-6
4 125
14
3
3 19
3 116
Sept
Sept
Sept
Sept
Sept
2 11.4
4 116
16
3
3 14
3 87
Apr
June 129
Aug
July 29%
June 135%
100
Am Chain pref
American Ice pref_ 100
•
Amer News Co
Am Rad&Std San 0100
Arch Daniels Mid pf100
Artloom Corp pref _ _100
Art Metal Construct_10
100 97%
400 81
10 56
10 142
10 wog
10 88%
100 24%
Sept
Sept
Sept
Sept
Sept
Sept
Sept
3 97%
4 8134
4 56
5 142
3100%
4 8814
5 24%
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Barnet Leather
Brown Shoe pref__ _100
_100
Budd(E G)
Products
Certain-Teedpref__100
1st preferred
Cities Stores cl A
Col Gas & El pi B _ _100
Cuban Doran Sugar *
100 2% Sept 2 2% Sept 2 2% Feb 716 Apr
Mar
50 1163-1 Sept 4116% Sept 4 113% Jan 119
Apr
Sent 68
Sent 3 60
10 60 Sept 3 60
200 21
400 3314
100 95%
%
500
Sept
Sept
Sept
Sept
2 21
5 34%
2 95%
%
5
Sept
Sept
Sent
Sept
2 20 June 45% Mar
May
5 3354 Sept 42
Jan 98% May
2 91
3-1 June 2% Jan
5
Duplan Silk pref_ _100
Elk Horn Coal pre-f_ _50
Emporium Capwell
*
rash Park Assoc pf_160
Fuller Co 2d pref
.
120 10434
10 5
10 13
100 40
20 74
Sept
Sept
Sept
Sept
Sept
3 105
4 5
2 13
5 40
3 79%
Sept
Sept
Sept
Sept
Sept
3
4
21
5
3
Feb
Apr
Feb
Mar
Mar
Banks.
Ask
New YorkPar Bid
97's
Amerlea
25 96
90
American Union*
100 80
Broadway NM Bk & Tr_100 93 103
45
Bryant Park*
20 38
Clime
20 144 147
Chat Phenix Nat Bk & Tr 20 106 109
CornmereLsINat Bk & Tr 100 415 425
Fifth Avenue*
100 2900 3200
First
100 4975 5075
Grace
100 6.0)
Harriman Nat Bk & Tr_100 1500 1600
Industrial
100 150 170
75
Lefeourt Nat Bk & Tr100 65
Liberty Nat Bk '17_100 90 100
20 14512 4S12.
National CIS/
Penn Exaltaage •
100 93 103
38
Port Morris'
10 28
Publie Nat BY & Tr
25 103 106
Seward Nat Bank & Tr_100 82 87
Sterling Nat Bk & Tr__ _25 40 45
Strauss Nat Ilk & Tr_ _100 235 250
United State,*
25 3912 41
100 130 145
Yorkvllle
130
Yorktown*
100
BrooklynBrooklyn
50 92 97
Peopled'
100 400 500
Trust Companies.
New York (Conel.)- Par Bad Ask
Bank of N Y & Trust100 635 655
10 147 148
Bankers
63
20 58
Bronx Co Trust
Cent Hanover Bk & Tr__ 2l( 343 347
34
Chelsea Bank & Trust ___25 31
Chemical Bank & Truat_10 87 63
2812 30
Continental Bk &
Corn Etch Bk & Trust- __20 161 164
100 245 355
County
20 80 83
Empire
100 530 565
Fulton
100 626 831
Guaranty
100 170 180
Hibernia
39
20 35
International
35
Internal Mad Bk & Tr...25 30
10 5030 51
Irving
100
Lawyers
11011
20
Manhattan
87
25 86
Manufacturer,
Mutual (Westchester)-li/0 350 425
25 252 356
74 Y Trust
100 90 100
Plaza
2012
__-100 :19
Times Square
20 150 155
Title Guar & Trust
100 3950 4150
United States
100 900 1050
Westchester
Trust Companies.
New York-Par
American
100
Amer Express
220
Banes Commerciale Ital..100 322
Brooklyn100 725 735
Brooklyn
Globe Bank & Trua1__100 165 175
100 2800 3000
Kluge Co
_100 165 185
Midwood
,131atc harths. I New stock.
260
330
r Pix-r1IN Mend. 0 Ex-stock d1v. y Ex-rlzbta.
Ind.& MIscell.3 75%
2 78
4 48%
5-126%
3 100%
4 88%
5 24
97
4%
13
40
74
Sept 41 100
Sept 3 112
70 111
10 105% Sept 5 10556 Sept 5 100
Sept 5 115
Sept 5 117
10 117
Gen Baking Co pref *
Gen Gas & El pf A (7)_*
Fret A (8)
Gotham Silk HosieryPref ex-warrants_100
Gold Dust pref
•
100 70
100 110
Sept 2 70
Sept 3 110
Hamilton Watch
Hercules Powder
Indian Motocycle pf100
lot Nickel pref
100
Jot Printing Ink ctfs__
100 42%
100 69
60 23
200 12016
200 2516
Sept
Sept
Sept
Sept
Sept
Internat Silver Pt 100
Kan City Pr & Lt1st pref series B_-_*
Kresge Dept Stores_ *
Preferred
100
Kresge(S Si Co pf 100
10 110
10 115
100 916
40 45
20 114%
3 42%
5 69
2 30
5 120%
4 27
Sept 2 110
Sept
Sept
Sept
Sept
5 115
2 934
5 45
3 114%
Sept 2 65
Sept 3- 100
Sept
Sept
Sept
Sept
Sept
3 42
5 60
3 22
5i16
4 2536
Sept 2 105
Sept
Sept
Sept
Sept
Sept
Sept 4 143
Sept 4 122% Sept
Jan 101
July 87%
July 80%
Jan 145
Sent 110
Sept 100
Aug 28%
Feb 105
Aug 14
Sept 20%
Sept 80
Sent 86
Mar
Jan
Mar
July
Apr
Feb
Feb
July
Jan
Mar
Mar
Feb
Jan
Apr
Apr
Aug 125
July 111
Mar 122
May
Jan 79
Jan 11115 Aug
Aug 47%
June 85
June 87%
Feb 127
Sept 47
July
Jan
Mar
Apr
May
Feb 512% Feb
5 108
2 7%
51 45
31105%
5 138
4.1183-1
Mar
Jan 115
Apr 9% July
Jan
May 62
June
June 115
4J 93
3 172
41 78
5 1
Mar
Feb 100
June
Sept 180
Apr
Sept 87
Aug I% Sept
Jan 143
Jan 126
Sept
Mar
200 142
Liggett & Myers 14_100
Loose-Wiles B 1st pf 100
10 122%
MacAndrew & ForbesPreferred
140 96
101)
20 172
Mexican Petroleum A00
McLellan Stores pref100
100 78
2,600 1
Michigan Steel rts
Sept
Sept
Sept
Sept
4 96
3 172
4 78
2 1%
Nat Bell Hess pref_ _100
Nat Supply pref___100
Neisner Bros
•
Norwalk T & Rub p1100
Pierce-Arrow Co pf_100
Pitts Terminal Coal 100
300 40%
150 108%
200 39%
1 12
100 73
100 7
Sept
Sept
Sept
Sept
Sept
Sept
2 40%
5 109
4 3916
5 12
3 73
2 7
Sept
Sept
Sept
Sept
Aug 82
Aug 116
4 3554 June 54
Jan 25
6 9
3 68% June 82
2 4
Aug 1516
Jan
July
Apr
Apr
Apr
Jan
Leo Motor Car ctfs_10
Skelly Oil pref
100
Spear & Co
*
So Porto Rico Sug p1100
Stand Gas & El pf (7).•
700 11%
100 85%
180 5
100 10616
100 111%
Sept
Sept
Sept
Sept
Sept
5 1116
5 85%
3 5
5 106%
2 11156
Sept
Sept
Sept
Sept
Sept
5 6
5 83
3 5
5 103
2 110%
June 11%
Aug 99%
Sept 10%
Aug 121
May 11316
Sept
June
Feb
Jan
June
Fob Prod Div etts A_10
Dividend deli
Dividend etfs C
Ulen & Co
*
United Piece Dye Wks
Preferred
100
U S Tobacco pref__ _100
200 6%
200 6%
300 6%
500 23%
Sept
Sept
Sept
Sept
3 63
3 5%
3
4 24
Sept
Sept
Sept
Sept
3 2% Apr 6% Jan
3 3% Jan 6% Jan
3 2% Jan 6% Sept
Sept
Aug 24
5 21
Sept
Sept
Sept
Sept
Sept 2 40
sent 2 106%
Jan 114
210 103% Sept 4 106% Sept 4 97
Sept 3 122% Mar 140
Sept 3 140
70 140
Sept 5416
45
Van Raalte pref. __ _100
Sent
Sept 5 45
10 45
Jan 34
Sept 5 12
Virginia Iron C Si C-50
160 20% Sept 3 34
% Aug 3
Warner Bros Pict rights 164,400 216 Sept 2 3 Sept 2
Sept 4 51% Jan 70
WebsterEisenlohr 01100
Sept 4 57
10 57
Mar
Sept
Jan
Sept
Sept
May
•No par value.
New York City Realty and Surety Companies.
(All price! Collars per Moe.)
Par
Par Big
AO
Bond & Mtge Guar
20 97 1100 Lawyers Title & Guar_ _ _1001
Home Title Insure', e ....25 52
58 Lawyers Wertcheet MIeTIOO
Lawyers Mortgage
20 48
4912 Westchester Title I Tr
k
Bid .,./t,,!k
275 1"'
200
160 1160
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Aug.30 Sept. 1 Sept. 2 Sept. 3 Sept. 4 Sept. 5
____ 101131
1011,,
First I,Iberty Loan
High
____ 1011,,
1901e,,
316% bonds of 1923-47__ Low00
-___
10112,
100
2,
(First 354)
lCioee
1
5
Total sales in $1,000 unIte ___
Converted 4% bonds of{Fligh
1932-67 (First de)
LowClose
Total sates in $1,000 units__
102.o 102.o 102,a 102',,
Converted 4116% bondIIigi,
1022n 102',,
of 1932-47(Phut 4 WO L102',,n
10
102,
w'
(Close
102'ss 102,s: 102'n 102,s:
5
5
6
Total salsa In 31.000 unllc___
32
Second Converted a%%Illgti
--bonds of 1932-47(Finn Low
-Second 4168)
close
_
Total tam In $1.000 sotta.103
Fourth 1-lberty Loan
{High
102.,, 102.1,, 103
4%% bonds of 1933-33
Low- Extra Labor 1021,,, 1022.,, 1021.31 102"s:
102"s:
102,,,, 1021.,, 103
Day
(Fourth It(s)Close 1101124
16
2
79
Total sales la $1,000',MU __- day
High
112":: 112"s: 1121a,, 112uss
Traesury
Low_
t!,.45, 1947-52
1121.3, 1120,, 1121.e 112,.ss
(Close
112",, 112":2 112"al 112"ss
75
36
11
7'otia saes in 31.000 unfit.,
High
108.,, 108's,
--- - 1071.,,
44, 1944-1954
Low_
108,ss 108's:
- --. 10713,1
--- Close
108hs 101'ss
25
1
--1
Total sales Ix $1,000 wattsHugh
105"as 1013,s: 10-5”s.
105.,, 106.,, 10555s,
Low_
31411, 1946-1956
105..,, 109.,, 1051681
Close
1
11
3
Teal sales in $1.000 units - -.r
101.78, 1011.r
{Hign
____ 101..,, 101...s
Low.
3%., 1943-1947
____ 1011,,, 100.3.
Close
1
I
Total sales in $1.000 walis--,.
101-1i;- , 101"
101"ss
(High
1011.,, 101.21,
101”ss
Low_
316s, 1940-1343
101uii 101"ii
Clove
---- 101"st
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4148
101.1,, to 101...,
138 4th 4%8
102.7n to 102un
1 Treasury 414s
102... to 1021.1,
Foreign Exchange.To-day's (Friday's) actual rates far sterling exchange were 4 86@4.86 3-16
for checks and 4.86 3-16©4.86% for cables. Commercial on banks, sight,
4.85 13-16@4.857/s; sixty days, 4.84 1-16; ninety days, 4.833/4 ©4.83 0-16:
and documents for payment, 4.84 1-16. Cotton for payment 4.8534 and
grain for payment 4.8534.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.923-1
@3.92 13-16 for Awn. Amsterdam bankers guilders were 40.23% 88
40.25% for short.
Exchange for Paris on London, 123.78; week's range, 123.79 francs high
and 123.75 francs low.
The weeks' range for exchange rates follows:
Cables.
Sterling, ActualChecks.
High for the week
4.86%
4.86%
4.86 346
Low for the week
4.86
Paris Bankers'FrancsHigh for the week
3.93 7-16
3.93%
Low for the week
a.93 1346
3.9234
Germanu Bankers' AlarksHigh for the week
23.88
23.87
Low for the week
23.81%
23.80%
Amsterdam Bankers' GuildersHigh for the week
40.29
3yi
4
40
0..229
Low for trio week
40.26%
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Slaturitg.
/at.
Rate.
Bid.
Asked.
lat.
Raie.
Bit,
Sept. 15 1930.._. 316% 100
100,st Sept. 15 1930-32 314 %
Dec. 15 1930._ 314% 1001.8, 100"as Mar. 15 1930-32 334% 100,3st
June 15 193l__. 214%
100"st Dec. 15 1930-82 33i% 1002.s,
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 1521.
100",,
A complete record of Curb Exchange transactions for the
1008.82
100uss week will be found on page 1548.
Asked.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
).
Occupying Altogether Eight Pages-Page One
Pot sates during the week of stocks not recorded here. see preceding Parte
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 30.
Monday
Sept. 1.
Tuesday
Sept. 2.
Wednesday
Sept. 3.
Thursday
Sept. 4.
Friday
Sept. 5.
Sales
for
the
117eat.
PER SMARR
Range Mace Jan. 1.
Os basis of 100-share lets
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Highest.
PER SHARti
Range for Preston.
Year 1929.
Highest.
Lowest.
$ per share $ Per share 5 per share $ per share $ per share $ per share Shares
per share 5 per share 5 per share
Railroads
Par $ per share
219 22058 218 22034 218 21978 21738 21838 2,300 Atch Topeka & Santa Fe--100 194 June 25 24212 Mar 29 19518 Mar 29858 Aug
*106 10634 10614 10634 10514 10614 10634 10714 1,000 Preferred
99 May 1047a Dee
100 10253 Jan 3 108 June 24
*147 148 *147 148 *147 148
147 148
200 Atlantic Coast Line RR-100 144 Aug 23 17512 Mar 18 161 Nov 20912 July
10134 10212 10114 102
10018 1004 3,900 Baltimore & Ohio
10034 101
100 9514 Aug 22 12238 Mar 31 10514 Nov 14518 Sept
*8134 8213 8214 8214 8138 814 *41.12 8212
75 June 81 Deo
400 Preferred
100 784 Feb 10 8458July 25
77
7878 7614 7818 7612 79
7834 7834 2,800 Bangor & Aroostook
55 Oct 9038 Sept
5
63 Jan 3 8412 Mar 29
*11014 113
113 113
113 113
113 113
50 Preferred
100 109 Feb 28 1164June 4 y10314 Oct 115 Sept•
*8012 85
*8014 85
*8014 85
*8014 85
85 Apr 145 July
Boston & Maine
100 79 June 2-1 112 Feb 8
*13
1318 *13
15 Dee
1318 *13
1318 1318 1314
7 Nov
700 Brooklyn & Queens Tr_No pa
10 Jan 11 1578May 22
*5912 6012 *5912 6012 *60. 6012 60
44 Nov 68 Sept
604
300 Preferred
No pa
63 May 3 6612MaY 29
66
6678 6612 6678 6612 6758 6738 69
817
2 Feb
Oct
40
18
Mar
8,500 Bklyn-Manh Tran v t e_No pa
8
18
783
5838Ju18e
90
90
*89
90
*89
90
90
764 Nov 9238 Feb
9014
400 Preferred v t et
No pa
8478 Jan 6 94 May 29
978 1012 104 1038 10
10
10
412 Oct 444 Jan
10
1,20 Brunswick Term & By See-100
558July 10 3358 Apr 23
Z1794 18214 18114 18218 180 181
179 180,8 2,000 Canadian Pacific
100 16534 Aug 14 22634 Feb 10 185 Dec 2694 Feb
4878 4938 4812 494 4812 49
4878 494 24,500 Chesapeake dr Ohio new... _2
4412 Aug 13 4938Sept 2
312 338
1933 Feb
314 338
312 312
318 318 1,400 Chicago & Alton
3 Aug 8 10 Apr 2
100
34 314
278 314
3
3
3
312 Nov 2534 Feb
a
1,100 Preferred
212 Aug 8 1058 April
100
*____ 18 *____ IS *____ 18 a15 Dec 43 Feb
18
Chic dr East Illinois RR__ -100 1414 Jan 7 28 Mar 28
*25
33
*25
33
*25
33
•25
3634 Dee 664 Feb
33
100 32 Aug 8 5278 Mar 26
Preferred
104 1038 1014 1014 *10
1012 104 104
7 Nov 2372 Feb
700 Chicago Great Western. 100
812June 24 174 Mar 31
3738 3738 3612 3718 35713 37
37
1712 Nov 6358 Jan
3734 1,200 Preferred
100 27 June 24 5238May 18
1478 1478 1438 1478 1,400 Chicago Milw SI Paul & Pao_ _
15
154 1478 15
4472 Aug
16 Nov
1212June 25 2638 Feb 7
2214 224 *2212 2234 4,000 Preferred now
2312 2338 2212 23
284 Nov 6858 Sent
1912 Aug 11 4614 Feb 10
72
734 72
71
7112 7112 *70
75 Nov 10812 Aug
71
400 Chicago & North Western-100 66 June 25 894 Feb 8
*134 141 *134 141 *134 141 *134 141
100 13014June 25 14034June 3 134 AP 145 Feb
Preferred
9912 100
*9812 991
100 100
99
99
500 Chicago Rock Iel & Pacifle_100 90 Aug 12 1254 Feb 14 101 Nov 14312 Beer
Oat
*107 10712 10712 10712 10712 10712 *10714 10814
200 7% Preferred
100 105 June 16 11032 Mar 20 100 Nov 109
10012 10012 10078 101
10012 10012 *100 101
9478 Nov 10314 Nov
700 9% Preferred
100 z98 June 6 108 Feb 7
*64
75
82
82
*64
75
*61
*61
864 Dec 135 July
100 65 June 18 98 Feb 13
cetera:10 & Southern
7712
7712 *76
771 *76
*75
6512 Oct 80 Jan
7712 *74
First preferred
100 6834 Jan 3 80 June 19
*65
69
*65
69
64 Apr 7212 Mar
*65
69
*65
69
Second preferred
100 60 July 11 76 Apr 23
53
53
54
54
54
46 Nov 7058 Jan
*53
54
54
600 Coneol RR of Cuba pref
100 49 Jan 2 92 Apr 10
Oct 226 July
170 171 *167 164
171 171
14112
168 168
181
Feb
8
146
June
25
100
500 Delaware dr Hudson
*114 11612 11614 11634 *114 119 *114 119
200 Delaware Lack & Western_100 hl0'4Junel8 153 Feb 8 12014 June 16934 Sept
*55
60
*55
60
60
Oct 7734 Feb
*55
49
*55
56
Deny.& Rio Or West pref _100 45 June 27 80 Mar 28
41
41% 42
4178 41
4134 42
4112 Nov 9312 Sept
4138 2,700 Erie
100 3518June 18 6334 Feb 14
564 Nov 6614 July
5734 *56
5734 *55
*55
5734 *55
5734
100 5312June 25 673g Feb 19
First preferred
*55
*55
57
57
*55
57
52 Nov 6372 July
*55
57
100 50 June 25 6212 Feb le
Second preferred
7812 *7712 78
79
7914 78
8514 Nov 12814 July
78
1460211 FebMar 1297
78
ng
er
14JA
3 uu
13
800 Great Northern preferred..100 76
*28
*2612 30
3212 *27
*2614 30
18 Nov
59 Fen
30
Gulf
Mobile
&
Northern-100
*9238 95
9314 9314 *93
93
93
95
70 Nov 103 Jan
100 90 June 21 9814 Mar 10
200 Preferred
3412 May
4814 4814
Stock
4738 48
Stock
5832 Jan
4738 4818 1,200 Hudson & Manhattan__ _100 41 June 25 5338 Mar 25
11338 11338 14
133
8 4 14183714
100 109 Aug 22 13838 Apr 22 116 Nov 1534 July
8 11378 11378 113 113
700 Illinois Central
7312 *71
Exchange Exchange *71
8014 Feb
73
7312 73
70 Nov
7312 7312
50 RR Sec Stock certificates_ - 70 Jan 2 77 May 13
2814 2834 *28
2812 2814 3034 5,800 Interlxwo Rapid Trau v t 0.100 2038 Jan 3 8918 Mar 18
2834 *28
15 Oct 5838 Fea
6738 6738 6738 6738
Closed- Closed- *6714 _
*6714
60 Oct 1084 July
300 Kansas City Southern_-100 5834June 25 854 Mar 29
*66
704 Jan
6712 *66
674 *68
67,2 *66
63 Nov
6712
100 65 June 25 70 Apr 16
Preferred
Holiday Labor Day *60
*60
*60
65
65
65
65 Nov 10214 Feb
*60
65
50 5758June 25 8472 Mar 31
Lehigh Valley
119 11934 11934 120
120 120
120 120
100 116 Aug 8 13812 Apr 4 110 . Oct 15434 Sept
1.800 Louisville & Nashville
3178 3114 314 3012 32
31
24 Oct 5712 Jan
3112 3434 5,800 Manhat Elev modified guar 100 24 June 28 4012 Mar 18
*1714 23
*1714 23
144 Nov
*1714 23
*1714 23
3912 Jan
Market St By prior pref_ -100 17 Jan 16 2512 Feb 13
1
1
14 Nov
Aug
19
218
Apr
5
*34
118
58
34
34
*34 1
334 Jan
_100
Louie
_
_
200 Minneapolis & Si.
1812 1812 *1812 25
*19
20
35 May 6112 Sept
19
19
200 Minn St Paul dr S B Marle_100 15 Aug 13 35 Feb 7
*51
5638 *5012 56% 5012 5012 *5012 55
51 Dec 66
Jan
100 50 July 31 5912 Feb 21
70 Leased lines
4214 424 4134 4134 4014 42
2718 Nov
x4114 4178 2,200 Mo-Kan-Texas RR---No Par 3278June 25 6658 Apr 14
8534 July
9734 97,
934 Nov 10712 Apr
9534 1,500 Preferred
4 9712 9712 9512 9712 *94
100 92 Aug 26 10838 Mar 27
66
66
66
66
63
67
46 Nov 10138 July
68
70
100 57 June 25 9812 Mar 6
1,100 Missouri Pacific
123 123 *12014 122 *12014 12314 *122 123
Oct
100 11558June 26 1454 Mar 6 105 Nov 149
100 Preferred
*8312 8612 *8312 8612 "8312 86,3
*834 86
754 Oct 8658 Jan
50 814 Jan 29 8612July 26
Morris & Essex
95
95
95
95
*9212 95
9418 9418
50 Nash Chatt & Si Louts.. _ _100 9418 Sept 5 122 Mar 25 173 Nov 240 Aug
1
112 11
1
1
18
Oct
14 14 *1
358 Jan
112July 29
118
34 Feb 25
700 Nat By,of Mexico 2d Pref _100
16134 16212 163 16438 6,400 New York Central
16338 1641 16114 163
100 15034June 25 19234 Feb 14 160 Nov 25612 Aug
*100 105 *1004 103 *10014 105 *10014 105
NY Chic & St Louis Co_100 94 June 25 144 Feb 10 110 Nov 19238 Aug
105 106
106 106 *10512 10612 105 106
100 105 July 3 11034May 14 100 May 110 Dec
900 Preferred
194 194 *185 195 *185 195
190 190
50 1744 Aug 13 324 Feb 3 155 Oct 379 Jan
30 N Y & Harlem
10514 10618 1054 10634 Z10412 1053
107 107
071 Jan 13212 00
100 9714June 24 12818 Mar 29
2,600 NYNH& Hartford
12078 121 3119 1191
1204 12034 *11912 121
116 June 18 1351/Mar 21 ,1458 Jan 13434 Aug
Preferred
1.000
912 912 *84 94 *84 1018 "878 101
8 Nov
32 Feb
812June 18 1714 Mar 31
300 NY Ontario & Weetern__ _100
•112
234 *112 234 *112 23
*112 212
112 Dec
94 Feb
418 Jan 16
112June 24
N Y Railways pref--No par
*14 1
1
Oct 1414 Mat
*14
1
4 Aug 27
212 Feb 6
*14 1
100
*14
I
N Y State By,
1412 Dec 4812 Feb
*1012 1034 1034 1034 "94 1134
*1014 12
934 Aug 12 3318 Feb 14
100
100 Norfolk Southern
225 225
224 224
22212 22212 224 225
Jan 290 Sept
100 213'gJune2O 265 Feb 18 191
900 Norfolk dr Western
_
*87
8712 8712 8714 8714
82 Nov
*87
874 May
100 83 Feb 3 8814May 29
20 Preferred
74
74
75
7578 75
75
Nov
11878 July
7518
97
Feb
21
73
73
663
4June
25
100
1,700 Northern Pacific
*8
10
9
9
9
9
478 Dec 43 Feb
634July 22 197* Apr 9
100
"8
10
'200 Pacific Coast
7312 74
73
724 Mar 110 Aug
7414 7234 7312 734 75
60 6978June 25 8858 Mar 31
8,200 Pennsylvania
*8
15
*8
15
*8
15
17 Dec 85 Ally
100 10 July 18 2412 Mar 31
"8
15
Peoria &Eastern
*129 136 *131
*131
*131
100 12912 Aug 9 18418 Apr 10 140 Nov 280 Aug
Pere Marquette
98
98
*9638 94
*9638 OS
94
Nov 101 Mar
May
17
101
Jan
31
943
4
preferred
100
*9558 98
10 Prior
*9712 98
*9712 98
*9712 98
90 Nov
*9712 98
97 Jan
100 95 Jan 7 99 Apr 15
Preferred
.80
84
*80
90
*8012 8518 84
90 Nov 14834 Jan
100 84 Sept 5 12134 Feb 11
84
YIttaburgn & West Vs
100
*10912 11038 10912 10912 *10612 11112 109 109
100 June 25 1414 Feb 6 1014 May 14738 Sept
400 Reading
*47
50
*47
50
•47
5() .
47
50
4112 Apt
50 441,Marhl 53 Feb 21
50 Sept
First preferred
*4812 50
*1812 50
*4312 49
4358 May 6034 Sent
474 Aug 12 57 Feb 6
5
*4812 49
Second preferred
r9112 9112 9018 9018 *9914 9112 93
Loule-San Franclace__100 8512July 7 11874 Mar 27 101 Nov 13334 Aug
St
400
9014
9414 0414 9414 9414 94,4 944 95
87 Noy
95
100 92 Jan 2 101 Apr 2
9612 Feb
1,400 let pref paid
6918 6918 6878 6978 671 1 63
60 Nov
100 5218June 25 763451a9 16
68
63
1534 Feb
2,000 St Louts Southweetern
*9058 95
*9058 93
9112 9112 *9038 93
84
Oct 94
100 85 May 7 9434July 24
Apr
Preferrod
200
*518 532
5
514
5
5
412 Aug 20 1318 Feb 15
94 Dec
100
5
534 1,900 Seaboard Air Line
2134 Mat
*5
15
*8
15
*6
15
1614 June 4138 Oet
100 16 June 21 28 Feb 7
*6
15
Preferred
116 11608 116 116
11512 1163.1 11534 116
100 108 June 25 127 Feb 10 105 Noy 15712 Sent
2,000 Southern Perin() Co
85
86
8514 8534 8238 8512 8312 35
100 75 Aug 21 13634 Jan 13 109 Nov 1624 Sept
14,900 Southern Railway
9012 9112 9112 9112 *914 9134
109 90 Aug 12 101 Mar 20
93 June 100 Dee
Preferred
913
4
913
4
1.300
134 135 *131 134 .130 134
110 June 26 145 Apr 24 115 Nov 181 May
100
Pacifte
13412 13834
&
Tessa
700
11
11
11
11
*11
1114 1078 13
612June
18
154
Mar
20
612 Nov 39 Fen
100
Avenue
3,600 Third
*11
13
*1112 1212 *1038 13 .
2014 Dec 5814 Jan
11
13
Twin City Rapid Transit..100 10 July 10 8112 Jan 29
*____ 63
63
63
*63
6314 *63
75 Dec 100 Jan
100 63 Sept 3 79 Feb 3
Preferred
6314
80
2219 220
217 217
217 220
100 200 June 25 24234 Mar 29 200 Nov 29755 Aug
21713 21878 1.600 Union Pacific
*86
874 86
3612 86
100 8214 Jan 17 874 Aug 28
8318 8618 8618
80 Nov
851s Sept
600 Preferred
*33
31
32
32
28 Aug 8 674 Apr 1
100
3218 3238 3238 3238
40 Nov 8138 Jan
Wabash
800
71
71
*70
74
71
71
100 66 Aug 13 8914 Apr 8
82 Noy 10478 Jan
Preferred A
*70
73
200
2412 25
234 2412 23
24
100 184June 18 36 Mar 29
10
2334 24% 3,600 Western Maryland
Oct 54 ken
*22
26
*22
26 .
22
1458 Nov
100 19 June 25 38 Mar 28
26
*22
Second preferred
26
5312 Feb
*1814 1914 *18,4 1914 *1814 1914
100 17 June 19 3012 Mar 29
15
Oct 4172 Mar
Western Pactflo
'
184
1914
*40
4312 *40
4312 *40
100 38 Aug 12 534 Mar 19
4312 *40
3718 Not 6734 July
Preferred
4312
Industri•I & ellscelleeenos
22. 22
22
22
*2112 2212 2134 2134
4218 Apr 9
N.par 21 Jae 2
3414 Dec
300 Abitibi Pow A Pap
574 Aug
*73
75
75
75
*7412 77
100 6472 Jan 1
8818 Apr 8
Preferred
*73
69 Noy 8358 Jam
100
77
49
5012 048
55
*43
47
88 Apr 21
Abraham & Strauss____Ne par 42 Jung 2
50
43 Dec 15912 :am
52
1,400
*108 109 *108 109 *103 109 *108
100
104
Jan
11
11012
Aug
25
Preferred
10012 Nctv 11212 Gal
109
2658 2712 2634 27
2638 2572 2614 2678 8,300 Adams'Express
No par 2178June 18 374 Mar 31
20 Nov
34 Nov
91
92
*9214 9478 *9212 9478 *9212 9-172
8514 Feb 4 92 Mar 27
84 Nov 98
10 Preferred
Jan
*2612 27
2612 2612 *2612 27
Na
10
pa
?
23
Jan 23 82 '115, 31
*2612 27
19 Nov
100 Adams Millis
35
78 Jan
3178 3178 32
32
*3178 33
2934June 27 3434June 13
*32
3212
200 Addressograph Int Corp No pa
1018 1012 *10
11
100
10
8
June
17
Rumely
104
Advance
284 Jan 24
94 1018
800
7
Oct
23
24
*2314 2534 *2212 26
100 1578June 24 414 Jan 29
*2212 2512
200 Preferred
15
Oct
• Bid and asked WINN; no Bales on this day. e 80% stook dividend paid. x Ex-dividend. y Ex-rights. a Ex-dividend and ex-rights.
1" NO;
so
116191̀7. mit
1532
New York Stock Record-Continued-Page 2
Pot !alas during the week of stocha not recorded here. ;ea second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 30.
Monday
Sept. I.
Tuesday
Sept. 2.
$ Per share
1Vednesday
Sept. 3.
Thursday
Sept. 4,
Friday
Sept. 5.
S per share $ per share 5 Per share $ per share 5 per share
58 .
58
24
85
55
*58
34
125 12638 12318 12434 122 12434 12213 12438
1712 1838 1714 1818 17
1714 1634 18
1
1
118
1
1
1
1
138
*514 538
512 6
534 614
534 578
1014 1014 1018 1014 *012 10
9
*8
2214 23
2218 2234 2134 2218 2134 2218
*9212 94
*9134 94
*9212 04
*9134 94
90
91
.90
*90
90
91
*90
91
v85
86
*85
8612 .847 8612 *8478 8612
272 276
274 27812 270 276
273 277
*12134 126
126 126
12614 12614 12614 12014
55
5534 568 547 5614 533 54% 54
*2412 25
*2112 25
*2412 25
*2412 25
24
2414 24
2414 2334 24
2314 2334
514 514
518 614
514 512
514 538
3334 35
35
3812
35
3512 36
*35
*7812 82
8212
81
8212 *81
*79
81
6313 64
*6314 6512 6312 6312 *6312 6512
*478 7
*473 7
*478 7
*478 7
3210 34
3234 3312 3118 3218 3218 32's
4418 448 *4313 441 *4312 441 *4312 4412
*121 1218 1217 12178 12112 1218 *12112 1221
1734 1734
1734 1814 1712 177
178 187
75
75
*7112 741 *7112 7412 *7112 7413
13038 13238 129 13114 1274 12978 128 131
*148 150 *148 149 *148 150 *148 150
55
52
51
5014 5114 5113 5113
52
9614 9614 *96
97
97
*96
97
97
5514 5514 55
5512 55
55
55
55
4334 447
44
4414 45
45
4478 46
15
16
1514 1534 1478 1514 1433 1514
*15
1618 1618 1518 1538
16
16
17
3712 3712 .37
3714 3618 37
*3612 37
7512 7112 7418 6934 7234 7013 7213
73
109 109
109 109 .109 10912 10912 110
*9533 0734 0714 9714 *9712 9734 9712 9734
99
99
984 99
99
984 9834 98
14
1412 1312 14
1388 1318 1334 1414
*234 312 *234 312
234 234 *238 313
*1812 20
*1712 20
17
1712 *1714 20
618 6173 6114 6112 *61
6112 61
61
3212 33
3314 3312 33
3234 3334
33
3738
36
3612
353
4
3634 3712 3614 3734
*113 134
112 112 *112 134
112
112
*15
2212 1514 1514 *15
19
*15
19
46
44
46
45
44
4512 4513 44
9234 9278 9234 9234 9234 9234 *9234 927
4111 4412 43
43
44
4338 4333
44
9e 1034
973 9%
934 973 *918 97
2938 291
2918 297
2938 2918 29% 2934
*106 108 *106 108
106 106 *10512 108
78 .75
78
*75
*75
75
78
75
8241
85
86
8214 81
8312 8518 81
103% 104
105 10514
103% 10378 10378 105
*8238 8312 83
8312 8312
83
83
83
8612 8634
86
8614 8614 8612 8612 86
268 2712 27
2712 2612 2714 2618 2814
Stock
Stock
19
*17
*1612 1812 16
*1612 1812
16
5218 5414 5212 5413 5134 5212 51
5212
Exchange Exchange
64% 64% *6314 64
638 638 634 634
9
*8
8
812 *8
9
*8
9
Closed- Closed178
178
134
134
134
134
1% 18
4934 4934 *4934 50
403 4934
*4934 50
Holiday Labor Day 688 6914 69
6934 66% 6812 6718 6814
Sales
for
the
Week.
Shares Industrial &Misc.(Con.) Par
200 Ahumada Load
1
7,200 Air Reduction,Ine
No par
5,900 Air-Way Eleo ApplianceNo par
6,600 Ajax Rubber, Inc
No par
7.600 Alaska Juneau Gold MM-10
300 A P W Paper Co
No par
13,100 Allegheny Corp
No par
Prof A with 530 warr___100
100 Fret A wtth $10 warr----100
Prof A without warr___100
8,900 Allied Chemical & Dye_No par
800 Preferred
100
8,400 41113-Chalmers Mfg ____No par
Alpha Portland CementNo par
3,600 Amerada Corp
No par
2.500 Amer Agricultural Claem_100
1,800 Preferred
100
100 Amer Bank Note
10
230 Preferred
50
American Beet Sugar_No par
2,400 Amer Bosch Magneto-_No par
100 Am Brake Shoe & F___No par
110 Preferred
100
11,200 Amer Brown Boveri El_No par
40 Preferred
100
94.200 American Can
25
Preferred
100
2,400 American Car & ledy_No par
200 Preferred
100
1,000 American Chain
No par
2,900 American Chicle
No par
9,500 Am Comml Alcohol-No par
400 Amer Encaustic Tiling_No par
400 Amer European See's_No par
96,400 Amer de For'n Power-No par
SOO Preferred
-No par
900 211 preferred
No par
610 $6 preferred
No par
1,800 Am Hawaiian S S Co
10
100 American Hide & Leather_100
400 Preferred
100
400 Amer Home Produals_No par
1,500 American Ice
No par
17,100 Amer Internal Corp
No par
400 Amer La France & Fownite_10
10 Preferred
100
1,200 American LocomotIve_No par
900 Preferred
100
4,100 Amer Mach & Fdy new_No var
1,900 Amer Mach & Metala_No par
1,000 Amer Metal Co Ltd___No par
100 Preferred (6%)
100
10 Amer Nat Gaa pref___No par
5,400 Am Power & Liglat____No par
1.700 Preferred
No par
500 Preferred A
No par
700 Prof A stamped
No par
31,700 Am Rad &Stand Elan'ry No par
100 Amuletal ReDublics
No par
11,400 Amer Rolitug Mill
25
400 American Safety Raior_No par
200 Amer Seating v t c
No par
800 Amer 81119 & Comm_ _ _No par
40 Amer Shipbuilding new_No par
7,900 Am Smelting & Refining No par
600 Preferred
100
500 6% cum 29 prof
100
500 American Snuff
25
10 Preferred
100
Amer Solvents & Chern/Vo par
Preferred
No var
3,100 Amer Steel FoundrJes No par
60 Preferred
100
100 American Stores
No var
2.500 Amer Sugar Refining
100
200 Preferred
100
1,460 Am Sumatra Tob
No par
100 Amer Teleg & Cable Co___100
27,300 Amer Telep & Teieg
100
100 American Tobacco com_--50
1,900 New w I
25
4,600 Common class B
50
11,000 Class B new' w 1
25
200 Preferred
100
300 American Type Foundera 100
Preferred
100
8,700 Am Wet Wks & El___No par
100 1s8 preferred
200 American Woolen
100
1,200 Preferred..100
1,100 Am Writing Paper ctra_No par
Preferred mrtIfIcate
100
1,000 Amer Zinc. Lead & Bruelt___25
300 Preferred
25
19,600 Anaconda Copper MM
50
Anaconda Wire & Cable No par
-------Anchor Cap
No par
400 Andes Copper Mining No par
3,200 Archer, Daub, Micl'Id_No par
Armour & Co(Del) Prof-100
5,600 Armour of Illinois claaa A___21
25
9,300 "us B
100 PreMrred
100
1,800 Arnold Constable Corp_No par
Artloom Corp
No par
200 Aasociated Apparel Ind No par
7,000 Marne Dry Goode
No par
Associated 011
25
1,500 Atl0& W 1 S Line_ _No par
Preferred
ferred
100
9,600 Atlantic Refining
25
300 Atlas Powder
No par
20 Preferred
100
22,000 Atlas Stores Corp
No par
Atlas Tack
No par
28,800 Auburn A u(ornobile_lio par
Austin. Nichols
No par
100 Autonake Corp
No par
Preferred
50
2,700 Autototr Sat Ftasor A___No par
10,900 Aviation Corp
No par
83,400 Baldwin Loco Wks
No par
50 Preferred
100
180 Bamberger(L)& Co pref_100
260 Barker Brothers
No pa
Preferred
100
7,200 Barnadall Coro dam A
28
_____ Bayuk Clgare, Ins
No par
First
preferred
i0
100
4,500 Beatrice Creamery
60
1,500 Preferred
Inc.
200 Beech-Nut Packing Co
20
100 Belding Ilem'way Co _.Vs par
300 Belgian Nat Rys part pref.__
*13634 139
139 1394 *137 13812 .13612 13812
*101 10114 101 101 *101 10118 101 10118
42
42
42
4212 4212 4212 4213
42
10312 10312
10318 104 *101 108
*10318 108
*718 8
*718 8
*718 8
*713 8
18 *_ __ 18 *____ 18
18 e___
*16
3778 38
578 8 3734 37% 40
37i8 38
11312 11312 *11312_ 11212 114 .11212 11313
48
44
44
*45 -4-8- *4418 45
*44
5413 x5312 5414
5414 5414 54
5414 54
106%
.10413 10634 107 107 108 103 •10412
iv, 1118
124, 13
1214 13
1214 13
20
2012 2012
2012 *1734 2212 20
20
21414 21534 21212 21478 21138 21338 212 215
*246 24912 *245 24912 248 248 *247 249
125 125
1234 1234
12412 125
123 123
253 253
257 258
252 25634 253 256
126% 12712
128 12914 126 12812 12614 128
*12112 125
126 126 *125% 12612 12612 12612
130 130
127 127 *124 127 *124 127
*11012 113 *11012 113 *11012 113 *11012 113
89
908 92
9138 872 8918 8912 9178
*104 106 *10414 1053. *10414 10434 10434 10434
12
*11
11
•12
11
1238 *II
12
2812 30
*2814 2812 2333 29% 2818 2314
6
613
612 *6
61
612 *6
*6
*38
3912 *38
391 *38
3912 *38
3013
*834 933
914 9%
0
9
912 973
69
*61
69
62
*61
62
61
61
441 451
4434 46
4518 4538 4514 4534
*2618 29
*278 28
28
*2738 271 *27
441
42
*4012 42
*4013 4134 *4012 4134
20
20
2078 2078 2012 201 *19
20
2112 21
21
2118 2114 21% 2134 2134
80
*74
80
*78
*75
80
*7312 76
512 513
518 514
514 53
5% 51
318 314
28 3
31s 334
3
3
*57
60
59
*58
59
59
59
*58
7
7
n
710 7
7
7
7's
14
14
*10
*10
1312 *10
*10
14
*3378 35
34,
34
*30% 35
33
33
3434 3534 3518 3638
3734 35i2 361
35
48
*40
*40
48
48
*40
*40
48
55
6018 .57
5838 *55
59
57
57
58
*55
*55
5712 *5412 57
*5412 57
337 3414 3314 33% 3314 3334 3312 34%
73
*72
73
698 71
*7014 7213 *69
*100 10212 *100 10212 *101 10212 10238 10212
31
3212 3134 338 32
3134 3212
33
5
*4
*3% 5
5
*4
*4
5
11114 11912 11514 11914 11234 117
115 124
*338 4
4
*338 4
*338 4
314 *212 3
*3
3
3
*312 334
*9
.618 10
*9
12
*613 12
10
*7
7114
69
7212 6834 7134 7034 704 71
618 614
534 6
618
6
6
614
3112 30% 3438
3014 3134 30
308 32
*107 1097 107 108
10612 108 *10612 109
10712 10712 10712 10712 10812 10813 10812 109
1212 1212 3112
*1214 1212 1213 131
13
*6912 75
*6913 7478 *6612 75
*6012 78
2212 22342218 2234 22
2214 2178 2214
*4934 5()
*4934 50
*4934 50
*4934 50
9714 9714 *97
98
99
*97
*97
09
87
88
4 8512
8534 8614 8334 85e
*10512 107
107 107
10614 1061 10034 10634
*58
60
58
59
59
*57
05618 58
*418 41
.414
438 *414 433
414 414
*7934 8114 *80
8112 8018 8034 80
80
• Sid and asked prices; no sale3 on this day.• s Ex-dividend. y Ex-rights.
STOCKSPER SHARE
Ranee Since Jan. 1.
Cu basis of 100-skare tote
Lowest.
Highest.
NEW YORK STOCK
EXCHANGE
5 per share
12'Jan 4
10314July 10
16 June 23
1 June 18
412Ju0e 18
513 Aug 13
18 June 18
87 June 23
89 June 30
8178Ju1y 9
232 June 25
121 Jan 2
4818June 25
24 June 28
18 Jan 16
438.1une 18
23 June 26
63 June 18
61 Feb 3
5 Aug 7
27 June 25
413 July 10
118 July 17
838 Jan 16
6012 Jan 3
10814June 25
14014 Jan 27
42 June 23
95 June 18
39 June 25
3838 Jan 2
914.103e 30
15 June 24
3318June 19
6614Ju110 18
10014June 19
0212June 23
95 Jan 31
1312 Aug 29
212 Aug 29
17 Sept 4
55 June 26
31 June 18
283.4Tune 21
138 Aug 6
15 Aug 13
39 Aug 13
00 July 15
3514 Aug 8
6 Aug 22
2834 Aug 15
106 July 25
65 Jan 23
72 Aug 13
99 June 25
75 Jan 8
80 Jan 0
2333June 25
1514.11tne 17
48 July 2
5212June 18
714July 12
113 Fob 25
4678May 22
53 June 24
13312 Feb 6
100 Aug 16
38 June 18
10018 lap 3
638July 1
1734 Aug 15
3512Juno 25
11012 Jan 7
42 Aug 18
47 June 25
10314Jwae 28
934June 18
16 June 14
20018J1lne 2:I
197 Jan 8
118 Aug 8
197 Jan 8
117 Aug 13
120 Feb 3
113 June 19
105 Feb 5
7810nne 23
9913 Jan 4
713 Jan 2
1934 Jan 2
5 Jan 20
2912 Jan 17
612June 19
50 June 19
4414 Aug 22
2612June 18
3478June 18
18 June 19
1918June 23
7314 Aug 20
438June 19
233 Jan 20
55 May 5
5 Aug 18
10 June 25
3112June IS
28 Jan 4
3312 Fen 27
4938June 26
50 June 27
3013June 18
62 June 17
1111 Jan 20
2512.June 18
4 Aug 7
91 June 23
312 Aug 28
2 Aug 8
5 Aug 18
37 Jan 2
434 Jan 20
1918June 17
10412June 25
10833 Aug 15
1212 Aug 19
72 June 25
20% Feb VS
4834July 23
97 Mar 3
6713 Jan 18
10114 Mar 20
4938June 25
211 Aug 5
7934June 26
PER SHARE
Range for Pre""8
Year 1929.
Losant.
Highest.
$ per share 5 per share 5 per Mars
138 Mar 28
18 Dec
473 Feb
15638June 2
77 Nov 22338 004
1818 Dec 4878 May
36 Mar 24
1114 Jan
1 Dec
212 Jan 9
918 Jan 7
414 Nov
1014 Jan
1613 Feb 17
6
Oct 25 Jan
3514 Mar 31
17 Nov
5612 Sept
90 Nov 11834 July
10712 Feb 11
9934 Apr 11
_-__ -- --- -9614 Feb 24
343 Apr 17 107 Nov 35404 Aug
12614 Apr 1 11812 Nov 125
Apr
68 Mar 11
351 Nov
7512 Sept
4214 Mar 27
23 Nov 23 Nov
3112Ju11e 3
1713 Oct 4233 Jan
1038 Mar 31
4 Oct 2334 Jan ,
3138 Aug 16
15 Nov 7384 Jan
9733 Mar 27
65 Nov 157
Oat
6534 Jan 31
67 July 65% June
12 Jan 16
514 Dec 2012 Jan
54714 Feb 14
27 Nov
7613 Sept
5438 Mar 20
4012 Nov 62 Feb
128 Feb 13 113 Nov 12612 Mar
4% Oct 3434 Jana
2134 Apr 25
8034May 28
4904 Jan 104 June
15612 Apr 16
88 Nov 18412 Aug
148 Aug 29 13318 Nov 145 Dar
8212 Feb 6
75 Nov 10612 Jan
116 Jan 4 11012 Oct 120 Jan
69% Apr10_5114 Apr 3 17 :Nov 08 Sept
33 Jan 16
Oct 55 May
20
307 Mar 31
1814 Nov 47% Feb
5912 Mar 31
23 Nov 9812 Sept
10134 Apr 16
60 Oct 19914 Sept
11112 Apr 29 10112 Nov 10812 Feb
10034June 11
5814 Oct 103 Feb
101 May 17
94 Dec 100 Feb
3358 Mar 19
1712 Dec 42 Al)r
Jan
10
312 Dec
7 Apr 10
2314 Nov
34% Apr 11
521.4 Au3
8533 Jan
40 Nov
6934 Mar 20
29 Oct 531p Aug
41721Vlar 27
2912 Nov 9624 Sept
5538 Apr 2
8% Jan
212 Oct
4 Apr 2
2713 Nov
76 Feb
35 Feb 14
90 Nov 136 July
106 Jan 6
11812 Mar 1 11114 Nov 120 Dee
4134 Aug 28 ---- ---- ---- ---14.2July 3 ---- --- ---- -3112 Nov 8118 -Feb
5112 Feb 7
116 Feb 18 106 Not 135 Feb
98% Jan
58 Nov
05 Mar 27
6414 Nov 17534 Sept
11934 Apr 1
92% Oct 105 Feb
107 Mar 24
70 May 80 Feb
85 Mar 20
727 Nov
8418 Feb
8834 Mar 21
Oct 5533 Sept
28
3934 Apr 7
37 Mar 25
1212 Nov 6434 Jan
10072 Feb 17
60 Nov 14434 Sept
7434 Jan
6738 Apr 26
44 Nov
2812 Feb 18
417 Mar
17 Dec
338May 6
33 Oct
7 Feb
6412June 5
--- --- -,-Sept
7912 Apr 2 -02 :Nov 13014 Sent
Jan
141 Apr 8 12334 Nov 138
10333 Aug 14 - ____ ---- --434 Jan 27
38
Oct 49 July
Jan
10734 Apr 22
98 Nov 112
2213 Mar 7
3314 Mar 6
5214 Mar 20 -35A4 Oct 797i -Pet
116 Feb 25 110 June 114 Mar
5512 Apr 18
40 Oct 85 Apr
6978Mar 26
50 Nov 9434 Jan
99 Nov 111 Feb
110 Apr 24
2634 Feb 10
18 Nov 60 Jan
2712 Feb 8
17 Jan 3278 Feb
27414 Apr 17 19514 Jan 31()4 Sept
26414May 23 160 Mar 23212 001
126 Aug 22
269123540' 23 160
Oct 235 Ora
12912 Aug 22
126128e11t 5 11438 Nov 1214 Jan
14134 Apr 1 1115 Nov 181 Sept
1140 July 24 103 Nov 112 Apr
12478 Apr 23
50 Nov 199 Beer
10$12 Apr 15
07 Jan 104
Jan
57 Oct 2772 Jan
2014 Feb 17
444 Feb 18
1513 Nov 5834 Jan
9 May 29
4 Nov 1618 July
4414 Feb 27
28 Nov 40 Mar
17% Feb 3
7 Nov 4914 Mar
797 Jan 20
492 Nov 11114 Mar
8112 Apr 2
6714 Dec 140 Mar
53% Feb 6
46 Dec 892 Sept
5134 Apr 21
25 Oct80 Oct
37% Apr 2
30 Oct 6834 Mar
2914 Apr 5
1813 Nov 4912 Mar
827sJune 5
75 Oct 05 Jan
818 Mar 26
518 Oct 181 Jan
4% Mar 26
234 Nov
1014 Jan
65 June 4
Jan
57 Nov 86
1334 Apr 21
014 Dec 40% Jan
2018 Apr 28
1634 Nov 30 Feb
4613 Mar 10
34 Nov 5884 June
5012 Apr 15
25 Nov 70% Jan
51 Juno 2
3412 De( 474 Apr
80% Jan 30
321 - Fet 8612 Oct
6514 Feb 26
'
4 Feb 02% Bent
4r1
15148 Apr 7
30 Oct 777j July
67 Nov 140 Sept
10434 Mar 21
00 Nov 10012 JeJ3
106 Mar 22
37 May 15 ---- -..-- ---- ---1772 July
5 Nov
5
Mar
812
28334 Apr 1 120 Oct 514 SW
7 May 14 - ,Dec .551k
Mill
-4 --me
1034 Mar 3
40
'
1 -AIM
13 Dee 4574 Aug
25 Mar 4
51) Jan
34 Nov
8134July 31
412 Dec 20 Aug
97 Apr 15
15 Oct 6633 Aug
38 Feb 18
118 Jan 21 109% Nov 125 Apt
9312 Nov 11012 Feb
11012 Feb 4
16 Dec
33% Jan
2034 Mar 5
70 Nov 97
Jan
91 Mar 31
20 Oct
34 Mar 28
A9's May
55 Nov 11334 Jan
68 Feb 4
95 00 10634 Jan
101 July 24
Oct
59 Dec 131
92 Apr 14
107 June 10 100 Dae 106% Aug
45 Nov 101 Jan
7013 Jan 28
412 Dee
178 AP?
632 Jan 17
817, Jar
75 N.,
8512 Mar 19
New York Stock Record-Continued-Page 3
1533
For sales during th,e week of stocks not recorded here, see third page precedIng.
HIGH AND LOW SUE PRICES-PER SHARE. NOT PER CENT
Saturday
Aug. 30.
Monday
Sept. 1.
Tuesday
Sept. 2.
TWednesday
Sept. 3.
Thursday
Sept. 4.
Friday
Sept. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
share
per share $ per share $ Per share Shares Indus. & MIscel. (Con.)
Par
3114 3214 31,8 3178 30%. 31% 31
3112 6,200 Benda Aviation
No par
4812 49% 4758 484 4714 4813 48
50
10,300 Best &Co
No par
83% 8514 84% 88
85% 87% 3612 8734 67,200 Bethlehem Steel Corp
100
*12612 12734 '126 12734 127% 12734 212634 12712 2,200 Beth Steel
Corp Pr(7%) 100
*3313 3514 *3312 35
*3312 3514
Blew-Knox Co
No par
.20
2312 *20
3
14
28 :
934 3
20
514 .20
28
Bloomingdale Broe_ __ _No par
*90/
1
4 99
99 100
*99
*99
80 Preferred
100
*8112 83
*8112 83
*8112 83
*8112 83
Blumenthal & Co pref
100
25
27
26
2814 2658 27
2612 26% 3,000 Bohn Aluminum & Br_-No par
*7014 71
*7014 71
*7014 71
•7014 71
Bon Aml class A
No par
*212 3
234 3
*213 3
*212 3
200 Booth Fisheries
No par
*16
22
*16
22 •16
22
*16
22
let preferred
100
7818 79% 77% 7912 7734 78% 7818 70
17,800 Borden Co
25
2912 2973 2912 2978 29
2912 2912 30
1,900 Borg-Warner Corp
10
*114
178
178 178 *214 4
5
4
200 Botany Cons Mills clam A..60
1934 211s 204 2118 19% 2012 1934 2014 43,500 Briggs Manufacturing_No
Par
*24
*24
25
2412 *24
25
*24
25
Briggs & Stn.Hon
•
1878 1914 191
/
4 1978 18% 1978 19
1978 22.400 Brockway Mot Tr
No par
65
65
*66
70
66
66
*6612 70
70 Preferred 7%
100
z129 129
126 127
12438 12512 125 12613 2,100 Bklyn Union Gas
No par
*3814 39
*3814 39
*3814 39
3814 3814
100 Brown Shoe Co
No par
*164 1614 1618 1618 1618 1618 164 1618
400 Bruns-Balke-Collender_No pa
2238 23
2218 2278 22
22
2218 2212 1,400 Bucyrus-Erie Co
10
3512 391
3614 36,4 35% 35% 35% 3534 1,000 Preferred
10
*11514 118 *11514 118 *11514 118 *11514 118
Preferred (7)
100
838 85s
812 812
84 812
812 8% 1,100 Budd (E. 0) Mfg
No par
1078 II% 11
1113 1112 1134
1134 11
Nro par
*2713 28,4 *2718 2814 2712 2712 2712 2712 3.400 Budd Wheel
700 Bulova Watch
par
No
28
29
26
2712 2514 2678 2518 2738 15,200 Bullard Co
No
par
3100 10014 •100 10014 *100 10014 100 100
100 Burns Bros new el AcomNo pat
*23
2313 2358 2234 2234 24% 24%
231
600 New class B corn _
No par
95
95
9712 9712 *96
9712 *96
9712
210 Preferred
100
34
3538 344 3518 34
3412 3412 34% 5,400 Burroughs Add Mach _No par
3538 3558 *35
3613 *3513 3612 *3512 3613
Bush
100
par
Terminal
No
107 107
10712 109
10812 10938 10918 10912
260 Debentere
100
11612 11612 *11612 117 .1164 117 *11612 117
10 Bush Term Bldg! pref
100
112
*15
8 134
*14 134
1% 1%
400 Butte & Superior lalinIng___10
2% 2% *238 212
2% 238
2% 238
400
Butte Copper & Zile
5
*164 1634 1612 1612 *1513 1612 *1513 1613
200 Butte:12k Co
100
74
7634 7318 76% 7114 74
734 7534 17,900 Byers & Co(A 341
No par
*110
•110
*109
*109
Preferred
100
*63 65
64
*63
63 1312 *62
64
200 California Packing___ No Par
1
1
1
1
1
1
1
1
700
Callahan
Zino-Lead
10
4812 49
4838 49
4812 49
4834 5018 2,800 Calumet & Arizona Mining _20
134 1318 13
13
138 13
13
1318 2,900 Caluxnet & Heels
25
*1814 19
18,4 1814 *18
19
1812 Isi2
200 Campbe,1 W & C Fdry _No pa
64
6438 6314 6314 64
6434 64
6412 4,200 Canada Dry Ginger Ale No pa
2112 2112 2112 22
22
22
*22
2212
400 Cannon Mills
No pa
1778 1912 187 184 18
1878 183 187
*3312 3712 *3312 3712 *3312 3712 *3312 3712 1.900 Capital Adminls el A_No Da
_
Preferred A
5
188 19312 18112 18834 1784 18434 181 18712
51:300(-nee Thresh Machlne etis..100
12534 12534 *12314 126
1253 12534 *12512 126
30 Preferred certificates__. _100
5612 57
5558 57
55
5512 5512 56
Caterpillar Tractor__ __NoPa,
*712 9
*612 712 •612 712 *612 7i2 3,400 Cavannagli-Dobbs
Inc_No par
*____ 55
55 C____55 555
100
Preferred
*12
13
*1212 1312 •1212 1312 *1212 13
Am....No
Corp
par
Celanese
of
138 1418 1233 138 1234 1318 1238 1334 10,100 Celotex Corp
No par
2434 2434 2134 2434 *24
25
24
24
Central Aguirre Aeco No Par
700
*412 512 *412 612 *4
Stock
Stock
412 *4
419
Century Ribbon 51111s_No par
*6212 697 *6212 698 *6212 6978 *6212 69
,
8
Preferred
100
Exchange Exchange
4334 4414 4234 4312 4018 42% 40% 4112
5,800 :erre de Pasco Copper-No Par
*614 67
*614 68 *61
/
4 6%
638 6%
100 Certain-Toed Producta_No Par
Closed- Closed40
40
*39
40
*39
40
40
40
500 City toe & Fuel
No par
82
82
82
82
82
82
*8012 82
100
100 Preferred
Holiday Labor Day 23
231
2412 26
254 26% 2718 32
No par
14,300 Checker Cab
68
69
*69
6912 68
68 z6834 6912 2,800 Chesapeake Corp
No par
1514 1713 16
16
16
168 17
1838 5.900 Chicago Pneumat Tool-No Dar
*41
44
*41
44
*4114 44
*41
44
Preferred
No per
*26
27
2612 261 •25
26)4 2633 2658
No par
30 Chicago Yellow Cab
*17
18
17
17
•1612 17
17
1718
10
700 Chickasha Cotton 011
56% 57
55% 5638 5512 5658 56
5714 6,000 Maids Co
No par
:2712 281
2712 281
2718 28
2712 28
No par
Corp
Chrysler
21,400
634 7
7
71
7
7
7
7
No vat
2,800 City Stores New
*30
357 *30
357 *29
357 *29
357
No par
Clark Equipment
*35
361 *35
361 *35
36
*35
36
No par
Cluett
Co
Peabody
&
*9978 100
*9978 100
*997 100
100 100
100
50 Preferred
179 1791 178 1791 177 177)4 17812 181
No par
2,500 Coca Cols Co
52
2
52
62
52
52
59234 6
50
214 1.100 Clase A
par
No
5912 591
5912 60
*59
593
1,200 Colgate-Palmollve-Peet No par
102 1021 10212 1021 10212 10212 *10212
10312
100
preferred
6%
500
2112 221
2134 213
214 2114 22
22
No Par
SOO Collins & Allsman
82
*8014 87
*8014 87
82
*82
87
400 Preferred non-voting__ __100
141
144 141
14
1418 144 *1418 1412
par
Co_No
011
Beacon
Colonial
3,600
49
5058 503
5033 4813 48% 4912 5038 2,600 Colorado Fuel & Iron
100
13812 13934 135 13712 132 134
136 136
Carbon v t cNo par
Columbian
3,600
6018 6114 594 60% 5858 5934 5878 6038
No par
24.300 Colum Gas & Elea
*108 109 *108 109
109 109
10918 10912
100
700 Preferred
174 17% 16% 1734 1612 171.3 163 1838
96,500 Columbia Graphophone
2518 26
2518 2538 25
2518 25
Credlt____No
par
2514
Commercial
1.500
3514 3812 38
*3712 38
38
*3712 38
50
400 Class A
*2314 25
2412 25
*2314 27
25
25
25
90 Preferred B
93
93
*92
9412 93
9412 9413 941.,
preferred
80
12t,
(6,4
%)----100
3512 3513 35
36
3413 3434 23312 341.1
No par
4.000 Con' Invest Trust
*8212 84
84
84
*83
90
08312 90
No par
100 Cone prof
*1
6
6
*4
*4
514 *4
513
100
Warrants
2618 2714 2614 27% 254 2634 2614
27
No par
82,600 Comm Solvents
13% 1414 13% 1418 1334 1418 137 14
Commonwealth&Sou'rnNo
par
23,100
10112 10134 10178 101% 10134 10238 10214
1027
No par
4,300 6% pref series
.3812 3913 *3812 3913
Publ1c/4Nash
Conde
-No
300
Par
1214 1212 1218 1238 391
12
3
1921142 *3513
12
3
192114
2 3.300 Congoleurn-Nairn 1n0 No par
26
26
26
26
*25
26
*25
26
No par
200 Congress Cigar
*37
39
*37
39
3614 3614 3734 38
No Par
300 Consolidated Cigar
70
70
70
7014 •7018 71
70
_.l00
180 Prior preferred
1834 1834 18
1884 1231 184 7018
18
1818
600 Gomel Film 1ndus___No par
20
20
20
20
*20
2012 20
par
20
pref__No
Ind
Film
COnsol
300
10734 109
10612 10812 106 10838 10638 1
081 2 57.000 Consolidated Gas(N Y)No par
103% 103% 104 104
104 10412 10434 10414
par
No
Preferred
1,600
7
2
e7,
7
8
% 1
•78
1
700 Consolidated Textile_.No par
16
1614 1618 1614 1534 1534 161
1012 1,300 Container Corp A vol-No Par
44 4%
412 6
No par
2,600 Clans B voting
2513 2738 2658 29
27
558 25
97' ;7
534 25
8718
2 19.900 Continental Baking el AN° par
3% 4
412
4
44 433
414
438 13,500 Claw B
No par
7812 7912 7934 80% •78/
1
4 8013
100
80
2,000 Preferred
57
57% 5618 56% 5538 5614 80
50
5714 8,000 Continental Can 1n0 _.N0Dar
17
1714
17
1712 17
17
4 17
1,000 Cont'l Diamond Flbre-No Par
573s 5734 5712 58 '5712 5734 *163
5713 58
10
1,100 r.iontinental Ins
334 334
334 3%
3% 334
334 33
700 Continental Motors- --No Par
19% 1912 1914 1913 19
1938
Vs par
193
8,000 Continental Oil
19% 20% 1953 2014 194 1938 19
1914 1938 18,100 Continental Shares
No par
9312 94
9238 93
9158 921
/
4 0112 933
7,300 Corn Products Refining__.2b
*146% 149 •14658 149 *14778 149
149
100
149
Preferred
SO
17
1738 1634 1738 1718 1712 1
No par
658 163
3,600 Cot,' Ins
3112 32
3112 3112 3112 3112
Vs par
800 Cream of Wheat
*1512 19% *1512 1938 •1512 1958 *3034 3113
*1512 1958
100
Cm Carpet
18
1918 17
1814 17
174 *1613 17
21:380000 Croeley Radio C,orp___No par
Z483 48% 4838 48% *4712 4838 *48
par
-No
Seal
at
4
Cork
Crown
200
858
•1234 14
12% 1234 12
1214 *12
No par
Crown Zellerbacti
14
*75
76
*75
7634 •75
76
*76
of Amarica_100
7634
Crucible
Steel
112 112
113 113
113 113
113 113
100
120 Preferred
1418 141s 1312 1312 •1212 14
13
No par
13
300 Cuba Co
212 2%
278 3
3
358
par
_No
*23
Products
4
_
Cane
Cuba
334
4,700
418 418 *418 438 *414 413
4
418
500 Cuban-American Sugar --l0
34
34
34
34
34
34
3313
100
140 Preferred
40% 4034 4014 4014 4038 40% 403 3334
50
4034
400 Cudahy Packing
• Bid and asked prices: no sales on this day. z Ex-dividend. 9
Ex-dividend and 42-rights.
$ per share $ per share
S par
PER SHARE
Rance Sit cc Jan. 1.
On basis el 100-abare lots.
Lowest.
Highest.
PER SHARE
Range for Previews
Year 1929.
Lotresi.
Highest.
S Per share $ per sitare 5 per share $ per shaft
2738June 25 5738 Apr 7
25 Nov 10438 Jail
3111 Jan 8 5614 Apr 25
25 Nov 12312 Sept
75 Aug 13 11014 Apr 1
7314 Nov 140% Aug
1221
/
4 Jan 13 134 Mar 22 11638May 128 Sept
31 June 25 4112 Apr 24
1712June 23 2972 A pr 24
2234 Dec
-Ai);
99 May 12 103 Mar 8 100 Oct 111
Jan
74 Feb 7 90 Apr 7
7018 Dec 118
Jan
24 Aug 27 69 Apr 7
37 Nov 136% Man
70 Mar 7 73 Apr 5
70 Oct 80,/ Jan
1134 Jan
2 June 21
5 Mar 26
3 Dec
18 June 23 334 Jan 3
18 Dec 6334 Jay
604 Jan 8 9033May 29
53 Oct 10013 July
2353June 27 5012 Mar 27
26 Nov 14313 May
173 Sent
5 Mar 27
212 Dec 154 Feb
134 Mar
25%July 23
812 Nov 834 Jan
21 June 19 354 Apr 4
1733 Dec 434 Jule
1212June 2
2214blay 19
14 Nov 7373 Jan
85 Apr 24
7114 Dec 145 Jan
82 Aug 2
99 Nov 24812 Aug
115 June 25 1784 Mar 3
36 Oct 5112 Sept
3712June 30 42 Feb 18
55/
1
4 Jan
1614 Nov
134 Jan 15 3053 Mar 31
Oct 4234 Jan
14
1913June 18 3172 Mar 24
2612 Oct 50 Feb
3312 Jan 7 43 Mar 25
10734 Jan 3 11612 Aug 16 10704 Dec 117 Apr
732June 18 16% Apr 15
813 Dec 224 Oct
7% Dec 1213 Dec
813 Jan 2 141l Feb 6
2018 Jan 17 43 Mar 31
2114 Nov 34 Dec
54% July
2018 Aug 12 74 Apr 2
25 Nov
90 June 18 1104 Apr 2
88 Nov 127 Jan
39 Jan
1514June 18 35 Apr 2
2258 June
8914June 17 100 Feb 19
88 Nov 1054 Jan
2914June 25 5172 Mar 1
29
Oct 32434 Man
2918June 18 4812 Mar 5
314 Nov 8918 Fee
09 June 30 110 Mar 16
914 Nov 11012 MaS
1091s Feb 10 118 Apr 7 10534 Nov 11812 Feb
112 Aug 23
44 Dec 1238 Jan
514 Jan 6
218Jun e30
2 Oct
94 Jan
44 Feb 20
1314,June 18 2933 Feb 24
174 Dec 41
Jan
6018 Aug 9 11258 Apr 26
50 Nov 19273 Jan
1(1812 Aug 4 116 Jan 25 105 Apr 12114 Jan
6014July 17 7712 Mar 5
6313 Oct 8478 Aug
78 Aug 23
4 Jan
218 Feb 3
1
Oct
4758 Aug 213 824 Jan 9
7312 Nov 136% Aug
13 June 19 332 Jan 7
25 Oct 617s Mar
17 June 18 80 Mar 25
19 Dec 4911 Aug
58 June 18 7558 Mar 10
45
Oct 9834 July
20 June 18 341
27 Dec 4834 Sept
/
4 Mar 18
13 June 19 2834 Apr 4
17 Nov 654 Oct
31 Jan 2 42 Mar 19
29 Nov 394 Oct
150 Aug 13 36234 Apr 23 130 Nov 467 Sept
116 Jan 10 132 Mar 25 113 Nov 12312 Dee
53 Aug 15 7934 Apr 28
5014 Dec 81 Dee
5 Juno 16 1372 Jan 11
614 Dec 4218 Fell
50 Aug 5 76 Jan 10
65 Dec 10512 Mar
1218 Aug 27 20 July 3 ---- _9 July 3 60 Mar 10
31
Oct -fas Feb
21
Oct 48% Jan
2312 Feb 19 3038ltley 31
334 Feb 4
3 Oct 2018 Jan
8/
1
4 Mar 27
51 Feb 27 6072July 16
5014 Dec 82 Jan
4018 Sept 4 6558 Jan 6
5214 Nov 120 Mar
35312Ju e 2
10,
3 Dec 32 July
1574 Feb 6
3912 Dec 62% Jan
July
49
Feb 4
82 Aug 22 9858 Feb 11
96 Sept 10514 Jan
1958 Aug 13 5773 Mar 27
18 Oct 8084 Sept
5112June 28 8212Mar 29
4218 Nov 11% July
1114June 19 37 Mat 31
2173 Oct 474 Sept
4114 Aug 21 557 Mar 14
47 Nov 61 Sept
1634 Feb 1 33 Max 20
21% Oct 33 Jan
17 Aug 22 3212 Apr 10
25 Dec 50 Jan
48 Aug 13 6732June 6
444 Nov
75% Sept
24 June 23 43 Apr 11
26 Nov 135 Jan
54July 11 1314 Apr 25
7/
1
4 Oct 27 Feb
29 Aug 13 4412 Apr 21
25 Nov 617a Oct
30 Feb 1 60 Apr 5
344 Dec 7214 Jan
9114 Jan 2 105 Apr 8
9312 Dec 119 Jan
13314 Jan 33 19133June 4 101 Nov 15411 Aug
6911 Jan 8 52 ?Aar 21
444 Oct 50 Feb
50 June 23 6478May 2
---97 Mar 13 10278 Aug 20
---- -1433 Jan 2 3534 Feb 18
10 Nov
7214 Mar
73 Jan 3 92 May 24
65 Dec 10312 Feb
1214June 12 2058 Apr 28
3612 Jan 2 77 Apr 8
27% Nov
78's Mat
108 June 23 199 Mar 11 105 Nov 344
Oct
55 Aug 13 87 Apr 10
91-2 Nov 109 July
1044 Jan 31 110 Apr 11 -9
.
1218 Aug 18 3758 Apr 28
1613 Nov
8834 Jan
234 Jan 2 4034 Apr 1
18 Nov
62% Jan
3172 Jan 2 4434 Apr 1
28 Nov
514 Sept
22 Jan 6 28 Apr 29
28 June
20% Nov
70 Oct 105% Jan
7614 Jan 18 95 Mar 29
2812Juno 25 65 Mar 8
2818 Nov
79
Oct
80 June 18 87 ?Aar 28
4 June 18 2314111ar 5
9 Der Ii1-2 Wept
2014June 16 88 Apr 11
2018 Oct 83
Oct
1258June 18 2014 Apr 7
10 %ct 2434 Oct
99 Feb 20 10434June 6
13812June 20 57 Mar 27
85 Nov
93 Jan
11312June 18 1938 Mar 24
11
Oct
35% Jan
2371 Aug 13 58% Mar 11
43 Nov
92% Feb
36 June 27 5958 Mar 17
40
Oct 9614 Jan
67 Jan 22 80 Mar 25
63 Nov
48 Jan
1514Juno 18 2712 Mar 11
10
Oct 35% Sept
18 Jan 3 28/
1
4 Jan 10
154 Oct 3034 Apr
9652 Jan 2 1367 Apr 24
8012 Nov 183/
1
4 Sept
9412 Jan 28 104348013 5
921,Nov 10012 Dec
% Aug 18
2
Jan 27
58 Dec
638 Jan
1132Juue 19 224 Feb 24
12 May
2312 Jan
314June 18
34 Nor
1112 Jan
81/ Feb 20
1812June 18 6212 Feb 17
25/
1
4 Oct 90 July
338June 19
458 Oct
7 Feb 17
1514 July
6614June 25 94% Feb 17
7912 Nov 100 Junt
50 Aug 13 7158 Mar 21
4012 Oct
92 Sept
13
5.133 Aug 14
3 3758 Apr 21
2034 Nov
3312 Dee
50 June 25 7752 tear 31
4318 Nov 11014 SePil
Aug
818 Dee
Feb
2838 Jan
1832June 18 3012
84 Ap
Apr 24
9
18 Nov
374 Aug
1618 Aug 13 407 Apr I
Ma Dec
4578 Des
8318 Aug 13 11158 Apr 23
70 Nov 126', 03t
140 Feb 10 149 Aug 23 137 Nov 14458
1512June 18 83 Feb 3
18 Dee 8214 Jan
254 Jan 6 8558Mar 20
24 Nov
31 Nov
0 Jan 22 291
/
4 Mat 6
15 Dec
57
Apt
1014 Jan 17 22 Jan 2
15 Dee 125 //zit
38 June 18 593 Apr 7
3718 Nov
79 Ant
12 Aug 21 1812 Feb 19
17
Oct 255 Jan
7038-June 18 931 Mar 25
71 Nov 1211*
104 June 26 117 Mar 13 103 Nov 1104 Aug
Feb
9 Jan 2 1912blay 29
5 Nov
2412 Jan
4
2 JA
uu
ng
e 21
7
9
7 M
Fear
b 4
3 -172 Dee -ff" -ii;
3278 Aug 27
6553 Feb 11
56 Dec 95 Jan
3818June 25 48 Jan 2
36 Nov 674 JILO
1534
New York Stock Record-continued--Page 4
*oe sales during rho week of stocky not °corded Yore. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 30.
Monday
Sept. 1.
Tuesday
Sept. 2.
Wednesday
Sept. 3.
Thursday
Sept. 4.
FrtdaY
Sept. S.
Saks
for
1.23
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
8 Per share $ per share 5 7)er share 5 Per Share $ Per Share $ per share Shares [egos. & Mace'.(Cam.) Par
112 114
2,000 Curtis Publiehlug Co_ __No par
112 112
11178 112
114 115
400 Preferred
*11934 120
1194 11934 *11912 11934 120 120
Na par
6% 68
612 634
612 64
613 634 14,900 Curtiss-Wright
Vs per
814 858 5,000 Claw i
813 8%
814 853
814 833
100
6134 6134 .6134 6314 2.200 Cutler-Hammer Mfg___No par
6234 638 6134 63
*2712 28
2634 273 *2612 2714 2653 2812 3,000 Davison Chemical
No par
*1712 20
20
Debenham Securities
*17
*17
20
*1812 20
5s
400 Deere dr Co prof new
2312 2358 *2312 23.34 *2312 2334 *2312 2334
20
800 Detroit Edison
212 212
219 219 *212 21614 *212 216
100
100
2.112
26
Devoe
.2414
*2414
& Reynolds A__No par
2612 *2414 26
2412
1,000 Diamond Match
24534 2453 240 240
237 2393, 240 245
100
85a 8% 6,400 Dome Mines, Lid
813 814
818 812
832 832
No par
500 Dominion Stores
18
1833
*1812 191* *1812 1912 *1812 19
No par
11,200 Drug lee
82
8314 8114 8278 8058 8134 80% 82
No par
2012 2118 2312 4,500 Dunhill International_No par
*18
194 *183* 2014 20
*1412 18
200 Dupan Silk
15
15
*1413 1.5
*1412 15
No par
_ _
_ *104
100 Duquesne Light 181 pref_100
10314 10314 *203_--- •10312
*14
154 *14
I818 •14 -II% *1312 -1 18___ Eastern Roting Mill
No par
218 22034 21312 21912 21312 21712 21512 21834 10:700 Eastman Kodak co
No par
190 6% cum pref
12812 12812 *12812 129
12814 12814 128_•
10
2312 2311 2,100 Eaton Axle & Spring ___No par
24
235* 2412 2358 2358 23
116% 11913 42,800 El du Pont de Hem
11738 120
11658 12038 1153* 118
20
*119 126
11934 11934 11934 11934 120 12018 1,200 6% 000-vot deb
100
514 514
200 Eltingon SchIld
514 54 *514 512 "514 512
No par
40
40
40
*39
*39
*39
40
*33
Preferred 634%
100
68
6734 6634 683* 24,500 Electric Autollte
6634 703
6258 67
No par
10 Preferred
10912 10912 *10914 110 *10912 110 *10912 110
100
458 458
438 412
4% 414 *418 453
900 Electric Boat
No par
7138 43,100 Electric Power & Lt
72
733
70% 69
70
723* 68
No par
100 Preferred
*110 11112 110 110 *110 11014 *110 11012
No par
9912 100
100 10014 100% 10014 10012 10034 2,400 Preferred (6)
No par
1,200 Elec Storage Battery__No par
6918 688 6878 6878 69
6758 6814 69
Elk Horn Coal Corp___No par
.218 4
*218 4
*218 4
*213 4
4*'2
*213 4
*2
*2
4
4
Emerson-Brant class A_No par
48
*4712 50
200 Endicott-Johnson Corp____50
48
50
*47
43
48
*11112 11214 11214 11214 *112 11214 *112 11214
100 Preferred
serv__Ivo 0
541
200 Engineers pat,,,0
5334 5334 *51
5312 5212 5212 *52
par
300 Preferred $5
*9712 102
99% 100
•9713 102
No pa
400 Preferred (534)
101 101
101 101
10114 10114 101 101
No par
*457 48
4534 4534
200 Equitable Offlee Bidg_No pa
*4578 46
48
*45
100 Eureka Vacuum Clean_No pa
*1012 11
*1034 11
1012 1012 *1073 11
200 Evans Auto Loading
814 838 *712 712 *712 814 .713 818
5
20 Exchange Buffet Corp No par
25
*24
25
25
25
25
25 •24
100 Fairbanks Co
*233 4
*238 4
312 312 *233 37
25
290 Preterred
14
1512 1434 1434 15
1512 1413 14's
100
500 Fairbanks Morse
3712 3814
*3712 39
*3712 38
38
38
Na par
_ ___ ___
Preferred
*109
_ *10914 ----------*109
_
*10914
'100
100
Iii,
11
Park Aseoci__No par
If .11
1-2
•1114 -1378 *11
Federal Light & Trao
*6258 70
*6258 70 .6258 70
*6258 70
15
50 Preferred
95
95
95
95
*9414 95
*9414 95
100 Federal Motor Truck_ _N
*812 9
812 812 *812 8% •812 9
par
No pa
600 Fedi Water Service A_No par
3413 3412 343* 3418 3418 3418 3414 3438
2918 2918 2918
200 Federated Dept Stores_No par
2918 *28
*28
29
29
600 Fidel Phan Fire Ina N Y___10
68
6912 *66
6512 68
*66
6912 65
Fifth Ave Bus
812 *734 812 5734 812
No par
*734 812 *73
Filene's Sons
*____ 3212 •____ 3212 •____ 3212•__ 3212
No par
Preferred
*9834 103
*9814 103
*9814 103 "9834 103
100
2,500 Firestone Tire ..t Itubber__10
21
21
2034 204 1953 2034 194 20
Stock
700 Preferred
Stock
*7014 7112
72
7214 72
7214 7134 72
100
57
5612 5714 2,000 First National Enores_No var
5712 *5613 57
*56
567
Exchange Exchange
134 2% 17,400 Fisk Rubber
17
134 17
112
134 1%
No par
let
1,970
preferred
8
5
512 6
5% 534 *514 6
100
60 let prof convertible
Closed- Closed913
*8
6
912 *67
912 *67
713
100
600 Florshelm Shoe class A_No par
*4234 4312
43
43
43
43
43
43
Holiday Labor Day *10014 103 *10014 103 *10014 103 "10014 103
Preferred 8%
100
Follansbee Bros
23
*213* 23
*22
*2138 23
No par
*2133 23
No par
9114 937
8913 9278 8812 90% 894 9238 23,500 Foster-Wheeler
Foundation Co
*1012 12
Vs par
•1012 12
*1012 12
*1012 12
3334 3334 2.406 Fourth Nat Invest w w_No par
3414 3414 3214 3414 3213 33
No par
4914 523* 493 5112 4952 5114 5014 5212 163,400 Fox Film class A
No par
44
4458 44
443* 437 4414 4418 4612 18,000 Freeport Texas Co
20 Fuller Co prior pref
*8012 91
No par
*8934 91
894 8934 "8018 01
GabrielCo.(The)ClaseANo Dar
*614 612 *614 7
*614 7
*614 7
Gameweli Co
*6334 68
68
No par
•65
68
*65
68
*65
100 Gardner Motor
.218 3
5
*218 213
218 218 0218 3
3,100 Gen Amer Investors_ __No par
878 91
858 83
834 914 *834 914
Preferred
9512
100
9512 *91
*9038 951 *91
*91
95
8653 873
8658 8714 8678 8734 8718 9012 6,900 Gen Amer Tank Car_No Par
100
4214 4212 2,400 General Asphalt
42
41
41
r39
40% 42
800 General Bronze
No Dar
20% 21
2034 204 2012 2012 2012 21
300 General Cable
No par
1511
•15
1514 15
15
*15
1514 *15
100 Clam A
No par
38
*37
3812 381 *3612 3913 *3612 39
290 7% cum prof
100
8334 *8234 83% 83% 834 8334 84
82
1,400 General Cigar TOO
No par
464 4414 441
44
445 *44
4434 44
No par
7212 74
723* 7058 721 150,300 General Electric
7112 7312 70
2,400 Special
10
11% 12
12
12
12
1178 12
12
Foods
No par
5712 58
5713 58
5614 573* 564 5712 23,600 Gen
Gen'l
Gag
&
914
Elm
A
___
_No
par
5,700
918
918
g
93
912
0
93*
200 Cony prof eer A
No par
82
*77
82
77
77
7718 7713 *76
500 Gen Italian Edison Elea Corp_
351
*35
3.5
*3518 353
35
35
35
900 General Mills
No par
4518 4.5's
46
46
4558 4638 4458 455
500 Preferred
100
92
92
91
91
92
9112 9112 92
10
447 461
4518 4812 44% 4558 4412 45% 241,200 General Motors Corp
Preferred
3
25
5.900
No
par
99
99
99
9308 9812 9812
9734 98
0310 Outdoor Adv A -_No par
*2513 27
*26
*2613 27
27
*26
27
Common
No par
1012 *1014 1012
*10
101 *10
1013 *10
3512 1,000 Gon Public Serviee._ No par
36
38
3512 35
35
36'z 38
300 Gen Ry Signal
No par
82
82
*7312 81
7812 7812 7912 7912
11
11
11
1034 1172 1,000 Gen Realty & Utilitlei_No par
11
11
11
400 56 preferred
No par
844
*834 86'z 8314 834 8314 8412 .83
7412 76
7412 7538 74
7473 748g 7514 9,500 General Iterractorieo_ _ _No Dar
100 Gen Steel Castings 26 pf No par
100 100
*99 100
*99 100
499 100
No par
35% 367
3533 3713 347 3614 355 3638 64,200 Gee Tneatree Equtp
6412 6634 47.900 311lette Safety Itazor_No par
6413 67
644 6612 6414 66
No par
1112 1282 1112 1153 11
1114 1114 1178 4.600 kilbel Bros
200 Preferred
*6833 72
70
685* 6838 *68% 72
70
100
No par
16
164 1712 9,100 Glidden Co
17% 1658 1733 1631 17
50 Prior preferred
_100
*9014 95
9013 92
*9014 95
*0018 95
4,300 Gebel(Adolf)
•812 9
No par
814 8%
8% 93
8% 9
41% 10.000 Gold Duet Corp v t o_..No par
42
41
4212 41
4214 4034 42
No per
233 7,500 Goodrich Co (B 1r)
2238 23
2218 23
2218 2214 22
300 Preferred
100
*8513 91
*85
91
8514 87
85
85
5238 21,400 Goodyear T & Rtib_-__No par
5234 5334 5218 5312 5018 5314 50
700 1st preferred
97
No par
*93
94
94
94
9418 "94
94
No par
113* 1112 1117 1137 114 13
1312 1438 4,500 Gotham Sit Hoe
Preferred
7212
7212 *70
7212 *70
*- - 7212 •713
100
300 Gould Coupler A
No par
.71-4 8% *714 81s
8% 813
84 84
1,600 Gratawn-Palge Motors_No par
558 6
*534 572
553 6
5% 6
Certificates
*8
618 *6
918 •8
618 *6
No par
64
2234 2234 223 2234 22
22% 2118 2218 1.400 Granby Cone M Bra 41i Pr_100
38
3934 38% 38% .3514 3818 *36
600 Grand Silver Storem
331
Ne par
700 Grand Union Co
No par
16
1618 1558 16
15% 1534 *1512 16
500 Preferred
4212 4212 42
No par
*4118 4213 *4102 4214
42
Granite
Cit.
500
Steel
No so,
.33
3-1
3313 34
33
33 *3312 34
4,400 Grant(W T)
3312 33
33
No par
34% 3358 3412 3414 341
900 01 Nor Iron Ore Prop No loo
2034 2078 207o 2078 2034 2078 2034 2034
par
es
18
900 Great Western
Sugar-No pa
1818 18
18
1814 183* 1838 183*
113 115
200 Preferred
11513 115l'115 116
115 115
Grigeby-Grunow
1438 1434 1414 1453 13% 1418 13% 1438 16,200
No pas
.1,
5
,
at,
ara par
5,
12
512
13
58 1,000 GUatItahim0 Sugar
300 Gull Slates Steel
*3512 37
100
37
37
3618 36's 3634 3634
Preferred
•96
99 .96
100
99
99
*96
99
*96
• Bid and asked prices: no sales on this day
s Ex-divideed. e Er-dividend ex rights.
PIIR SHARI!
Range glace Joe. I.
0.basis of 100-rgare iota
S per chars
105i4June 23
114.72 Jan 29
613 Jan 31
778 Aug 13
55 June 25
248 Aug 14
18 Aug 22
20 June 13
19553 Jan 3
2184July 9
139 Jan 13
6114 Jan 3
18 June 23
67 June 25
1512June 18
1412June 17
100 Jan 7
11 June 25
17534 Jan 9
1208 Feb 14
1918June 25
9534J1tly 8
11412 Feb 4
5 June 23
33 June 25
55141.1une 28
10614 Jan 6
34 Aug 2
4914 Jan 2
105 June 18
9737 A114 14
6112Juns 23
214July 1
314 Aug 12
44 June 18
10712
30 Jan 7
14 Jan 2
9458 Jan 8
9413 Jan 2
3934 Jan 3
0% Aug it
612June 19
22 Jan 2
184July 31
7 June 18
3414June 25
102 Jae 7
10 June 25
5952 Feb 6
Jan 13
97
11?June 19
30 June 18
2512June 16
56 June 18
7 Feb 11
31 June 10
92 Mar 15
19585ep1 4
697tJuno 18
46 June 23
112 Aug 1
5 Sept 3
6 Sept 5
40 June 25
9512 Apr 12
22 Aug 13
6012 Jan 3
10 Aug 22
2812June 25
1618 Jan 3
37 Jung 17
85 Feb 14
518June 23
87 June 30
2 Aug 23
7 July 8
8812June 25
7314July 8
3858June 25
1414 Aug 13
1312July 7
32 June 27
79 Aug 13
403*June 2.
6018 Jan 2
113 Jan 2
464 Jan 17
8 June 17
77 Sept 2
3412June 18
4018June 25
80 June 30
3712 Jan 16
92gJune23
24% July 8
8's July 10
3018June 18
733* Aug 9
1012 Aug 18
7934 Aug 19
6514June IS
98 Juue 14
27 Aug 18
68 July 8
10 Aug 19
687i Jan 30
1458 Aug 13
9013Sept 2
758 Aug 9
3412June 18
21 Aug 13
78 June 30
50 Sept 5
90 Jan 3
812June 18
68 Aug 13
8 June 19
538June 19
512June 24
13 Jun* 28
30 June 25
10 June 17
3134Juns 18
3113 Aug 15
29 June 18
,o 2
1118.1
0%7,uuny
17 Aug 1
2
1214July 8
12 Mar 7
35 Aug 12
9812 Jan 17
Higlost.
PIM arlAttd
Ratted for Pr.erioet
Year 1929.
Iltolott.
Lotosst.
3 per share 8 ye; shots pero her,
Oet
126183,lay 29 100 Nov 132
12118 Mar 15 11218 Nor 12134 Mar
63 Dec 3012 Ant
14% Apr 7
1314 Dee 377 Aug
1934 Apr 2
9012Mar 31
---- ---- 431* Mar 31 - 2114 Oct 6918 'Jan
4678 Jan
20 Dec
30 Apr 14
2412May 24 -__--- _ ---- -A11a
35534 Apr 23 151 Nov 335
24 Noy 643* Fet
4234 Mar 4
24834 Aug 23 117 Nov 18412 Jan
1114 Aug
6 Nov
95* Jan 18
Oct 5414 July
12
3058 Apr 5
89 Nov 12618 Feb
872* Mar 10
Jan
4312 Apr 7
25 Oct 92
10 Noy 28% Jan
1812 Apr 4
4912 Jan 10072 Mar
10312Nlay 28
Oct 3912 Sept
19
25% Jan 31
25514 Apr 21 ILO Nov 26434 Oct
130 Aug 4 117 Nov 128 Mar
7634 F'en
18 Not
374 Fee 20
Oct 231 Sept
30
14514 Apr 10
121 May 15 10712 Nor 11934 Aug
4 Dec 393* Jan
10% Feb 6
30 Dec 113 Jan
62 Feb 5
Oct 174 21117
1147251ar 29
60
11084 Jan 7 10234 Nov 115 Apr
1833 Mar
314 Oct
9% Mar 31
2912 Nov 863* Sept
103 Apr 23
112 Apr 25
98 Nov 10914 Feb
10072 Aug 1
84 Nor 10412 Oct
794 Feb 10
312 June 1012 Oet
812 Mar 24
314 Oct 2212 Feb
753 Jan 24
4914 Noy 833* Jan
595 Jan 22
113 Apr 23 10814 Sept 12414 Feb
Oct 7953 Aug
31
6712 Apr 7
10718Nlay 26
80 No• 12314 Aug
Oot
8434 Oct 109
10478 Apr 21
3114 Jan .41 May
5034June 4
3812 Dec 04 Feb
4358 Mar 5
7334 Mar
15 Nov
3034 Feb 18
224 Jan 2713 July
265* Mar 3
97 Jan 6
384 Nov
133* Dee
Apr 35
Jan
11
3934 Jan 20
2934 Oct 547 Sept
5012May 17
11112 may 16 101% Dec 11078 Jan
723* Mar
22 Dee
2714 Feb 27
6012 Nov 109 June
904 Mar 18
90 Nov 104 Feb
93% Apr 22
5 Oct 2233 Feb
1214 Feb 26
28 Nor 5814 Sept
43 Mar 19
38 Apr 16
251j Dec 33 Dec
4712 Nov 123 Sept
5934 Mar 31
1334 Mar
1012 Apr a
6 Oct
4012 Ian 22
30 Dec 9812 Feb
Jan
99 Aug 4
84 Dec 107
3318 Jan 7
2412 Dec 37 Dec
87% Mar 24
833* Dee 893* Deo
90 Sept
6138 Jan 30
4412 Nov
512 Apr 2
218 Dec 2012 Jan
21 Apr 2
8 De( 7212 Jan
2134 Apr 11
8 Dec 8312 Jan
Jan
52% Mar 21
54
38 Nov
10014 Aug 29
90% Oct102% Jan
5072 Mar 25
8203 Aug
3213 Nov
10412June 4
33 Nov 95 Sept
2834 Apr 14
1234 Nov 6958 Apr
50 Apr12_57% Apr 25
1918 Dec 1054 Sept
23% Nov
547 Jan
5512 Apr 11
9512 Mar 8
8213 Nov 107', May
113* Apr 9
5 Oct3378 Feb
80 Mar 28
6512 Nov
8312 July
Jan
7$4 Feb IS
3 Dec 25
1612 Feb 18 ---- ------ -- 105 Apr 25 ---- ------ - -75 Nov 12313 Oct
11178 Apr 4
4214 Nov
94% Aug
7113 Apr 7
693* June
24 Nov
3812 Feb 15
3413 Mar 7
23 Nov61 Feb
6318 Dec 12012 Feb
7484 Feb 5
10934 Apr 7 102 Nov 10712 Jan
61 Mar 7
42
Oct 74 Feb
953 Apr 10 16818 Nov 403 Aug
12 Aug 27
11
JAI/
1134 Feb
6114May 1
35
Oct 7772 July
1832 Apr 10
10612 Apr 16
__-- ---- -_--445 Feb 10
593, Apr 12
50
Oct 891-8 Jan
95 Mar 22
87% Dec 100
Jan
5414 Apr 10
3312 Oct 91% Mar
9938 Seld 5
__
---- -41% Apr 14 -30 - -Oct -52 - -Jan
2134 Apr 3
- ,-- --- ---5278 Apr 7 -20 No• 98 Aug
10872 Mar 28
70 Oct 12612 Aug
1938
100 Apr 14 --- _--- ---- -90 Mei* 28
Oct 8812 Aug
54
101 Mar 12
5114 Apr10-Oct
100314 Jan 16
8-0
. NO7 14S
48ts Jae
2072 Apr 14
10% Nov
58 Dec 04 Om
8212 Apr 25
38 Star 20
Oct 6418 Jutr
26
10510 Mar 27
93 Nov 106% Act
19 Feb 7
018 Nov 66 Feb
3113 Oct.82 Jan
47% Apr 28
3814 Der 10534 Jan
5812 Mar 25
9512 Der 11518 Feb
10412313r 28
80 Oct15412 Mar
983* Mar 31
87 Nov 10478 Feb
10214 Ave 30
14 No• 60 Apr
2373 Mar 8
68 Der 10114 Jan
8211 Apr 4
14 May
Oc
4
1532 Apr 23
13% Apr 1
Pa De
61 Jan
7 Nov 4913 Jan
103* Apr 1
4814 No• 102% Mar
5972 Apr 2
441g Dee
3212 Der
52 Apr 2
91 Nov
327s Jan
205* Feb 15
30 OCt 5438 Jae
44 Aug 4
503* AV It
12 Nell 625* Sept
32% Dee 1445* Feb
43 Jaa 9
19 Oct3914 Feb
253* Mar 25
23 Not 44
Jan
3412 Jae 10
120 Mar 14 195 Nov 11912 Feb
70 gees
1414 Nov
23 June 2
5% Jan
1 Nov
4 Fob 4
42 Nov
79 Mar
80 Feb 19
9954 Dec 109 Feb
109 Apr 30
a 3 additmeal Miami for each atirre held,
New York Stock Record-Continued-Page 5
1535
For /wee awing ass nook of tosocts nor recorded here. .ee fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PLR CENT
Saturday
Aug. 30.
Monday
Sept. 1.
Tu,
sday
Sept. 2.
ilVednesday
Sept. 3.
Thursday
Sept. 4.
Friday
Sept. 5.
Sales
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PElt SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARR
Range for Previous
Year 1929.
Lowest.
Highest.
3 Per share $ per share g per share $ per share S per share $ per share Shares Indus.& Miscel. (Con.) Par $ per share $ per share $ per star, 3 per ewe
35
35
35
3412 3412 3412 3412
35
740 Hackensack Water
25 26 Jan 4 38 July 29
2312 Nov
35 Ang
28
28
*28
*28
30
30
*28
20 Preferred A
30
25 26 Jan 0 30 Aug 27
26 Jan 30 Aug
1638 167g
1618 16/
1
4 1618 1618 1612 1617 5,400 Hahn Dept Stores
1258 Jan 2 2314 Apr 17
No par
12
Oct 56/
1
4 Jan
*80/
1
4 8112 8112 81/
1
4 82
82
8218 8218
900 Preferred
7118
100
Jan 3 8612 Apr 17
7134 Dot 115
Jan
*2112 24
*2114 22
*21
22
22
100 Hall Printing
22
10 21 June 17 8134 Mar 21
27 Dec 2974 Dee
*105
*105 ---S *105
*105
___ ___ __ _ Hamilton Watch pref
100 99 Jan 7 105 July 8
99 Nov 10558 Jan
911* -9112 *9112 92
9134 -92
01 -92
160 Hanna pref new
No par 85 Jan 16 98 Apr 14
*50
*50
53
53 *50
53
*50
53
Harbison-Walk Refrao_No par 50 June 27 7214 Apr 21
-54 Jan -1778 Oct
8
9/
1
4
012 10
9
93.2
814 9
2,500 Hartman corp class Et_No tear
7/
1
4 Aug 26 20 Fob 6
13 Oct 417g Ait2
*1714 20
*1714 1812 *171
/
4 1812 *1714 1812
Class A
No par
1718 Aug 22 2814May 24
1678 Oct 31 Sept
714 714
7
7
*612 7
*612 7
500 Hayes Body Corp
1
4 Apr a
No par
558.1u8e 18 17/
512 Nov
68/
1
4May
85
85
84
84
*8312 84
84
84
400 Helme(0 W)
25 7712J0ne 19 9253 Feb 19
/
4 Jan
84 Nov 1181
*25
2512 2512 2512 *25
28
*25
28
100 Herculee Motors
No par 201:June 23 31 Apr II
2112 Dee 33/
1
4 Qat
*120 122 *120 122
120 120 *120 122
10 Hercules Powder $7 cum pf 100 117 Jar 28 123/
1
4June 4 11218 Dec 121
Oct
9778 09
9714 9714 *97
96
98 100
1,400 Ilersbey Chocolate
No par 70 Jan 2 109 May 23
45 Nov 143/
1
4 Oct
100 10014 *101 104 *101 105
10111 10114
700 Preferred
No par 8812 Jan 2 10834June 3
Nov 14314 Oct
4
605
*10712 10734 *10712 10734 *10712 10734 10734 10734
100 Prior preferred
100 10414 Feb 21 10812July 21 104
Jan 106/
1
4 Oct
*1112 15
*1112 14
1112 1112 *12
15
100 Hoe (R) & Co
1112 Aug 28 251
Ns par
/
4 Feb 27
1234 Dec 33 Aug
3334 3334 3278 34
*34
3414 3414 3414
900 Holland Furnace
No par 2614 Jan 14 4114 Mar 28
21 Nov 51 Mar
*6
612 *6
612 .6
613 *6
Hollander & Bons (A)__No par
812
5 Juno 18 12% Jan 29
13/
1
4May 24/
1
4 Aug
*76
79
*76
79
*771
/
4 79
*7778 79
Homestake Mining
100 72 July 12 30 Feb 1
65 Nov 93 Aug
818 858
8
812
712 818
7/
1
4 734 5,300 Houdaille-Hershey elB No par
7128ept 4 29 Feb 5
52 May
13 Nov
*65
7478 6512 6512 661
/
4 6678 *65
66
200 Household Finance part p1_50 49 Mar 5 136785ept 4
45 Aug 5214 Sept
7514 7715 7478 7612 7358 7534 7412 7712 13,300 Houston Oil of Tex torn ctfs 100 5214 Jan 17 11678 Apr 25
Oct 109
26
Apr
29
29
29
2934 2912 30
*29
3018 1,500 Howe Sound
No par
2518June 18 411
3434 Nov
8212 Mar
/
4 Feb 7
3018 3034 2912 3058 2953 291
/
4 2958 3038 5,600 Hudson Motor Car
Ns par 2538June 25 621
38 Nov 9312 Mar
/
4 Jan 6
1318 1338 131
/
4 13$g 1318 1338 1314 1338 1.700 Hupp Motor Car Corp
10 1214 Aug 13 261
/
4 Apr 11
Jan
18 Nov 82
2414 2512 2434 2512 2458 2518 2434 25
78,200 Independent Oil& Gas_No par
1938June 25 32 Apr 7
17t4 Oct 3932 Ma,
5
512
5
538
5
5
*434 5
2,200 Indian Motoeycle
No par
418 Aug 25 17 Mar 4
Oct 3212 Jan
312
1114 111
/
4 11
1114 11
11
101
/
4 1034 4,400 Indian Refining
10
8/
1
4June 18 281
/
4 Mar 22
13/
1
4 Oct 53 Aug
*77
83
*7818 90
86
8614 *81
85
200 Industrial Rayon
No par 73 June 30 124 Jan 10
Jan
6811 Nov 135
197 200 *197 200 *197 200 •197 200
400 Ingersoll Rand
No par 15414 Jan 8 239 Apr 29 120
Jan 22312 Oct
*7612 83
7613 7612 *7013 83
*7612 78
100 Inland Steel
No par 68 June 25 98 Mar 11
71 Dec 113 Aug
1312 1312 *1358 1412 13/
1
4 1358 *1358 14
400 In*ntration Cons Conner__ 20 1212June 18 3073 Feb 7
22 Oct 6612 Mar
*1112 1134 *1112 1134 1112 1134 1112 1112
300 Insuranshares Ctfs Inc_No par
918June 26 1312July 31
*10/
1
4 1034 1034 1134 1118 1118 *1118 1134
300 I nsuranshares Corp
No per 10 July 11 1738 Mar 10
12 Dec lei 'Nov
*212 3
2/
1
4 2/
1
4 .
234 27s
278 418 1,400 tntercont'l Rubber
No par
1
4 Aug 20
2/
1414 Jan
712 Apr 1
2 Nov
19
*19
19
20
*1834 20
*1812 19
500 Interlake Iron
1538June 23 28/
No par
1
4 Apr 2 _ - ---- --- ---61. *534 6
*6
*534 6
6
6
200 Internal Agrieul
No par
412 Jan 2
812 Apr 7
Oct
-4
1773 Jan
*6112 6312 63
63/
1
4 .61
63
*61
63
200 Prior preferred
100 5214June 23 671
/
4 Apr 9
40 Nov 88/
1
4 Jan
18012 183
180/
1
4 18112 *177 17978 180 180
1,500 Int Business Machines.No par 15212 Jan 18 19713May 28 109 Nov 255
0/31
1253 1318 134 1318 13
1318 121
/
4 13
Internat
2,400
Carriers Ltd._No par 11 June 18 19/
1
4 Mar 29 _.- -- --- -6412 6434 6434
6512 64
1
4 65
65/
1
4 65/
700 International Cement_No par 5534 Mar 0 751
/
4 Apr 2
48 Nov 10234 Feb
512 534
512 534
534 534
558 578 3,500 Inter Comb Eng Corp _No par
5 Jan 2 1412 Mar 26
414 Dec 10312 Feb
•58
50
*58
*58
*5812 59
60
59
Preferred
100 30 Jan 2 78 Apr 1
1812 Dec 121 Feb
78
8158 7812 8012 77
81
771
/
4 7938 2,600 Internet Harvester____No par 72 Aug 13 11534 Apr 16
65 Nov 142 Aug
1
4 14314 14314 144 14412
_ _ 14234 142/
*1423
800 Preferred
100 14012 Feb 10 14412 Mar 14 137 Aug 145
Jan
3714
4-37.58 3634 3712 3614 37
3612 36
2,800 Int Hydro-El Sys el A _No par 3118June 18 54 Apr 11
23 Nov
15912 Sept
7912 7912 7912 79
79
79
79
79
900 International Match pref__35 6512 Jan 3 92 Apr 24
47 No
10212 Jan
*2034 2134 .21
2184 .2012 21
*2012 2184
lot Mercantile Marine 20(1_100 19 June 18 33 Apr 17
1818 Nov
3918 051;
•24
/
4 2518 2334 25
2412 241
24
241
/
4 225,300 lot Nickel of Canada_ _No par 2018 Aug 18 4488 Apr d
25 Nov 7234 Jan
7078 *7014 72
7012 7012 *70
*6912 70
200 Internat. Paper Pr (7%)_100 70 July 16 86 Apr 29
77 Nov 94/
1
4 Jan
1612 17
*1714 171. *1714 1812 17
17
600 Inter Pap a. Pow el A__No par
1424 Aug 14 3118 Mar 22
20 Nov
44/
1
4 Oct
*10
11
1013 101a *10
12
No par
934 978
917 Aug 14 2214 Apr 14
400 Class 13
Nov
12
3378
Oct
8/
1
4 814
818 814 *8
812
8
612 Aug 14 18 Apr 14
818
800 Class C
No par
9 Nov
261
/
4 Oct
70
70
70
70
70
70
6912 70
100 6912Sept 5 86 Mar 26
1,600 Preferred
77 Nov 95 Oct
30
30
2814 2934 25
25
24
goo Jot Printing Ink Corp_No par 24 Sept 5 5834 Apr 5
25
40 Nov 6488 Oct
*8814 92
*9018 92
*8814 8812 88
9134
100 88 July 3 101 Apr 12
80 Preferred
91/
1
4 Nov 106 Mar
Stock
Stock
39/
1
4 4034 391
/
4 3973 39
3914 3914 3812 4,000 International Halt.nevr--..100 86 July 8 45/
1
4June 20
itipm
54
54
5412 541 *5412 55
*5412 55
International Shoe_ __ _No Par 53/
200
20
1
4
Aug
16
62
Oct -7718 Sept
J21/1
54
.
Exchange Exchange *6313 73
*6358 73
*6312 78
*6378 75
International Silver
100 69 July 8 119 Feb 1
95 Nov 15912 Aug
4038 4178 4012 423
4118 42
4112 4214 59,100 internal Telep & Teleg_No par 3918 Aug 28 7738 Apr 24
53
Nov
149/
1
4 Sept
2634 27/
Closed- Closed1
4 2512 27
251
18 June 17 40 Feb 4
/
4 261
5,500 Interstate Dept Stores_No par
/
4 2614 27
2518 Oct 9312 Jan
*75
79/
1
4 *75
793 .75
7934 *75
7934
Preferred ex-warrants__ _100 130 Aug 16 80 Aug 29
74 Dec 97 MaY
Holiday Labor Day *24
27
*24
27
*24
27
25
27
No par 23 Jan 2 32 Apr 9
800 Intertype Cory
17 Nov
3878 July
1418 1418 *1418 1412 1418 1418 14
14
1312 Aug 22 29 Feb 19
No par
500 Investors Equity
1212 Nov 7212 Aug
*33
3314 3314 3314 *33
3312 *3314 3312
1 3112July 8 43 Mar 19
100 Island Creek C081
39 Oct 69 Mar
49/
1
4 50
4934 5038 *4912 50
4934 4934
No par 43 Jan 20 6012 Apr 30
100 Jewel Tea Inc
39 Nov 16214 Feb
9412 96/
1
4 9213 0534 90/
1
4 9312 921
/
4 95
No par 70 July 30 148/
20,900 Johns-Manville
1
4 Feb 5
90 Nov 24284 Feb
*12012 12238 1221
/
4 12238 *122
_ _ *122
_ _
Preferred
100
11814
Feb 24 123 Mar 21 118 Nov 123 May
30
12112 12112 12214 12214 *12112 12i14 *12112 12214
20 Jones & Laugh Steel pref_100 11811 Jan 6 12312 Apr 11 117 June 126
Oct
*112 134 *112 134 *112 184
112 112
112 Aug 28
No par
512 Apr 9
200 Jordan Motor Car
112 Oct 1612 Jan
*91
/
4 1014 *978 1014
9/
1
4 9/
1
4
018 9/
838 Aug 7 1313 Jan 16
1
4 3,300 Karstadt (Rudolph)
10
/
1
4
Nov
13
/
1
4
Nov
17
18
18
18
•18
1812 *18
1812 1,400 Kaufmann Dept Stores_212.50 16iJitne21 2012 afar 7
1714 Dec 37/8 Feb
2412 2412 2412 2412 *241
/
4 25
1,800 Kayser (J) Co v t e_ __No par 23 Aug 25 411
241
/
4 25
/
4 Jan 2
30 Nov
58/2 July
•____ 48 *____ 48 •____ 48 *_--_ 48
Keith-Albee-Orpheum _No par 21 Jan 8 45 Apr 23
1513
Nov 46
Jan
*114 120 *114 120 *114 120 *113 120
100 85 Jan 7 150 Apr 24
Preferred 7%
70 Nov 138
Jan
31,,
3/
1
4 312
318
334
334 514 35,200 Kelly-Springfield Tire_ _No par
Juno
18
3
61
/
4 Apr 10
3 Dec 23/
1
4 Jan
2012 21
22
22
2278 2278 23
33
100 2018 Jan 3 42 Jan 24
640 8% preferred
16 De( 94/
1
4 Jan
*2518 3478 *30
3478 3478 35
38
4112
100 29 Jan 2 55 Jan 25
290 6% preferred
26 Dec 100 Feb
30
291
/
4 30/
30
1
4 30
3018 3012 3013 1,700 KeleayllayesWheel____ No par 2218 Jan 3 3913 Apr II
18
/
1
4
Nov
59
34 May
1554 16/
1
4 15/
1
4 1612 1514 16
1538 16
No par
21,900 Kelvinator Corp
7/
1
4 Jan 2 2658 Apr 25
6 Oct 19/
1
4 Feb
*
74 *_ __ 74 •-r-, 74 •...,-. 74
Kendall Co pref
No par 72 June 27 89 Mar 21
75 Nov
96
Feb
33/
1
4 34
33/
1
4 3514 341
No par 33188ept 3 62/
/
4 341
/
4 3418 341
/
4 32,100 Kennecott Copper
1
4 Feb 7
4938 Nov 10473 Mar
*5112 511
/
4 511
5134 *51
/
4 5134 *51
No par 4814June 21 59 Mar 31
5134
100 Kimberley-Clark
45/
1
4May 5733 Oet
*22
*22
*22
28
28
28
*22
No par 20 Jan 25 4012June 4
28
Kinney Co
2112 Nov
44/
1
4 July
•78
82
*78
85
82
82
*82
85
100 78 Aug 25 97 Apr 17
10 Preferred
80 Oct 101184 Mar
2/
1
4 278
238 278
212 258
212 234 2,600 Holster Radio Corp__No par
1/
1
4 Jan 18
812 Apr 14
313 Dec 78/
1
4 Jan
30
3014 2912 2978 2918 2934 2914 2978 2,600 Kresge (8 8) CO
10 2614June 17 3634 Jan 2
28 Nov
5712 Mar
*53/
1
4 591
*5312 58
/
4 *5313 58
*5312 58
Kress Co
No par 50 June 24 70 Jan 24
5314
Nov
114
Jan
2718 2712 27
2714 27
271
/
4 27
2738 22,400 Kreuger & Toll
23/
1
4 Jan 2 3538 Apr 10
2218 Nov
46/
1
4 Mar
2518 2614 2514 26
2412 2512 25
25/
1
4 19.000 Kroger Grocery & Elkg_No par 21 June 18 4838 Jan 23
3814 Nov 12212 Jan
--- ---- ____
Lego Oil& Transport-No par 21/
1
4 Jan 11 2912July 17
1612 Nov 3833Jane
9218 9278 0212 9338 9238 03
93
9334 1,800 Lambert Co
No par 7612June 18 113 Apr 1
8018 Nov 15714 Mar
412 412 *412 5
*412 5
5
6
3,100 Lee Rubber & Tire___ _No par
412 Sept 2 11 Mar 25
5 Oct 25 Jan
*29
31
*29
31
2918 291
/
4 *29
31
200 Lehigh Portland Cement___50 29/
4Sept 4 42 Apr 1
30 Nov 05 Feb
100 1041
*10612 107 *10613 107 .10612 107
Aug 4 migtimay 24
106/
1
4 107
20 Preferred 7%
100 Nov 1101* May
1058 1058 .1012 11
1014 1012 1014 12/
1
4 2,400 Lehigh Valley Coal____No par
714June 18 1712 Mar 17
10 Or
32
Oct
*26
*25
29
29
*25
29
*25
Preferred
29
50 2218June 36 3712 Mar 19
31 Dec 4414 July
74
7412 75
75
7214 7412 73
741
/
4 3,000 Lehman Corp (The)_ _No par 66/
1
4June 25 9714 Apr 15
27
27
27
27's 2778 271
/
4 23
28
1,200 Lehr) Ac Fink
No par 2214June 25 86 Apr 14
28 Nov
6812 Feb
*1812 19
1812 1853 1814 1814 *1853 19
600 Libby-Owens Glass_No par
1814 Aug 16 3112 Mar 20
17
Oct 43 Aug
*100 102
*98 100
0812 9912 *98 100
300 Liggett & Myers Tobacco___25 85 June 18 11334 Apr 1
8014
Nov 106
Oct
10012 10134 99 10114 08/
1
4 10012 994 991
/
4 8,800 Series 13
25 85 June 25 114/
1
4
Apr
1
SO Not 106/
1
4 Oct
*2514 26
2514 251
/
4 *24
800 Lima Locomot Works__Na par
26
2678
20 June 18 4914 Feb 15
26
30 Nov
6784 Ju.7
*38
3812 *38
3812 *39
40
539
Link Belt Co
40
No par 37 June 25 453e Feb 21
3788
Nov
61
Feb
70
7034 70
7014 69
69
70
SOO Liquid Carbonic
70
No par 52s4 Jan 3 8178 Mar 28
40
Oct 11371 Jan
7773 791
/
4 7038 781
/
4 7512 7712 764 79/
No par 4218 Jan 2 9534May 19
1
4 55,200 Loew's Incorporatcd
32
Oct 8412 Feb
10653 107
10658 10714 10714 10714 108 108
700 Preferred
No par 8558 Jan 17 11238June 3
80
Oct 11034 Jan
97
9738 9614 9713 *9512 9634 *9512 9834
500 Preferred ex-warrantsNo par 78/
1
4May 5 98 Aug 21
8034 Nov
95 Mar
438 478
434 41
/
4
41
/
4 434
No par
1
4 6,900 Loft Incorporated
412 4/
3 June18
0/
1
4 Feb its
318 Dec
1112 Apr
*71
/
4 8
*718 8
*718 8
*718 8
1 eng Bell Lumber A___No par
718 Aug 4 151
/
4 Mar 22
12
Dec 3212 Jan
611
/
4 6014 6138 60
61
60
6034 62/
1
4 6,700 Loose-Wiles Biscuit
25 5012 Jan 4 7014 Apr 2
39/
1
4 Nov 8778 Sept
23
2378 2212 2338 2214 2234 2258 23
16,100 Lorillard
25 Itila Jan 2 2818 Mar 3
1414 Oct 311:May
0
9
9
918 *9
014
9
912 5,800 Louisiana 011
No per
8 Feb 28 12 Apr 28
7 Ott 18
*S034 88
90
88
*8034 91
Jau
*8034 01
50 Preferred
100 8018June 18 90 Sept 4
80 Nov 100/
1
4 Feb
3834 39
371
/
4 3512 3714 37/
1
4 3712 3712 1,400 Louisville GI & El A__ No par 33 June 23 5114 Apr 25
28
Oct 72/
23/
2353 2438 22
1
4 2033 21
1
4 Sep!
20/
1
4 2118 8,400 Ludlum Steel
No par
2033SePt 5 44% Mar 12
22 Nov 108/
72
*65
*65
75
72
1
4 Jul
72
*65
100 Preferred
75
No par
72 Sept 4 9934 Mar 18
76 Nov 18
1
4 3018 30
3012 301 *3012 30/
1
4 30/
a 3
400 MaeAndrews & Forbes_No par 2414June 19 3934 Apr 3
30
30/
1
4 Oct 46 jJa
1
4 6014 58/
1
4 59/
5834 0034 59/
n
1
4 5858 591
/
4 6,400 Mack Trucks Inc
Ne par
46/
1
4June 18 6812 Mar 27
5118 Nov 11434 Fe'
1
4 128 12914 125 12834 12614 12914 5,000 51e-,Co
12814 130/
Ni TM 109 June 25 15914 Peb 2
110
1118 1118 1114 1184 *11
Nov 2551
11
11
300 Madison 1312 Garden
1112
'
o
h
h:o Pa
7,o,
lr 1
2,4
0341fia
ny
e 19
8 :
132
11
5
3
8
4JJjj
uuaanlygn
e 237
6
2
711911/4 NovNNDooc
9
2
/
4 3514 3058 3038 2978 301s 2978 2978 1,780 Magma Copper
301
230,
4
8381
:B
F
jj
l
:
e
ie
at
:
if
634 7
900 Manion (H It) & Co_No ipar
7
7
634 634
634 634
o
8
11
,215
j1:
12
7
5
8
1
4 4
*2/
1
4 4
*284 4
*2/
Manatl Sugar
*3/
1
4 4
*15
*15
14
*15
24
24
24
Preferred
*15
5563102,12 :
Augi
..1
1
, 1tbni :
,
2
216 .
1_
30
14
97
.
8 D_ ye
ee :8_8:37; m.A.1::::‘
14 . *6
14
14
*6
Mandel Bros
*6
14
*6
No 1
p0
43 10
14$j
Autilg, 2
17
4
14
Oct
1
*13
4 14
.1.21,2 1414
15/
1414
14
400 Manhattan Rhin
"5 11 11June 25 24N Jan
10
19
5,
1;
412
412
*412
*412 5
5
200 alaraealbo Oil Explor_No par
4/
1
4 412
412Jnne 30 1033 Mar 18
20/
1
4 3114 30
21
1
4 30
2934 38/
301
/
4 8,800 alarine Midland Corp
A
jlasit
:
32
400 Marlin-Rockwell
*32
3478 32% 331. 32
35
*32
No pla? 3
20
011:JA
ulnig
e 26
9
*014 10
*914 1014 1,100 Marmon Motor Car
10
9/
1
4 1012 10
No par
873June 28 5078 ADP 9
19 Nov 104 Ma:
Beece 51805641:
•111d anti asked PriCeli no Salea 021 this day. 3
y.-az rightS.
1536
New York Stock Record-Continued-Page 6
For males daring tree week of stocks not recorded hero, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 30.
Monday
Sept. 1.
Tuesday
Sept. 2.
Wednesday
Sept. 3.
Thursday
Sept. 4.
Friday
Sept. 5.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
ECIIANGE.
PER SHARE
Range Since Jan. 1.
Oa basis of 100-share tote
PER SHARP
Rangefor Pr Mous
Year 1929.
Lowest._
Highest.
Lowest,
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & aflame!. (Con.)
Par
Per share $ per Share 8 per share S per am,
3878 3938 3918 3914 39
4038 4.600 Marshall Field at Co.._No par
40% 40
3514July 12 481
/
4 Apr 24 --*312 5
*378 4
*334 4
100 Martin-Parry Corp___No par
4
4
18
212 Nov
Jan
3 Jan 6
6 May 19
4212 4334 41
4118 4114 4238 4338 3,400 Mathieson Alkali WorkeNo par 323
42
3June 25 61/
1
4 Mar 28
29 Oct 218 Feb
132 132 *128 132 •130 132 *130 132
60 Preferred
100 115 Jan 24 132 Sept 2 120
Jan 125 Jan
4418 4514 4414 4414 4314 44
4334 4334 1,900 May Dept Store,
25 1018July 3 6133 Jan 81
4513 Dee 10812 Jan
10
*1012 11
12
12
*1013 12
10
200 Maytag Co
Vo par
10 Aug 18 23 Mar 26
1533 Oct 2912 Aug
*25
2534 *25
2512
2512 •25
2512 *25
Preferred
Vo par 2112June 28 4011 Apr 7
28/
1
4 Dee 4914 July
•70
*70
83
7418
751s *6312 7338 .70
Prior preferred
No Par 7412 Aug 16 84121Vlar 26
9018 Jan
7512 Nov
*321
/
4 39
*33
39
*3314 39
39
*33
McCall Corp
No par 37 July 17 60 Apr 1
3914 Dec 108
Oct
*5412 55
*5412 55
*5412 55
*5412 55
McCrory Storea chase A No Par (10 May t9 74 Jan 2
74 Dec 113/
1
4 Feb
*57
*57
67
67
*57
87
*57
67
Claes B
Vo par 5613 Aug 20 70 Jan 16
70 Dec 11612 Feb
*85
*85
93
*85
93
93
*85
93
Preferred
100 8912Niay 7 97 Mar 24
86/
1
4 Nov 120 Feb
*3212 33
*3212 33
*3312 33 *3212 33
McGraw-Hill Publics', No Par 3012June 23 41 Apr 7
Oct 48 Feb
30
*1753 18
100 McIntyre Porcupine MInes_5
1734 1734 .18
*1734 18
18%
2312 Jan
1434 Jan 2 1912 Aar 23
1212 Nov
8558 8358 8514 82/
84
12.200
8
1
4 84/
843
835
4
1
4
McKeesport Tin Plate_No 141 61 Jan 2 8912June 4
82 Jan
64 Nov
1712 1712 1738 1738 17
1.400 Mcfies8on .14 Robbins-No Par
17313 11638 17
1412 Aug 13 3733 Apr 12
59 Mar
2118 Oct
*3912 41
4038 4112 *4012 42
*3978 41
400 Preferred
60 35 June 24 4914 Apr 8
Oct 63 July
40
1612 17/
/
4 1714 1634 1812 15.400 McLellan Stores
1
4 17
1714 161
12 Juno 30 201
/
4 Jan 7
No par
1811 Dec 5911 Aug
*3512 36
*3512 3712 *3513 36
*3512 36
Melville Shoe
No par 2814 Feb 8 12 Apr 16
Jan
2818 De, 72
*1158 12
1112 12
1134 12
•11l2 12
1,000 Mengel Co (The)
No par
9 Oct
10 June 18 23/
1
4 Mar 10
34/
1
4 Jan
22
2212 2112 22
2112 21% 14,100 Mexican Seaboard 011 NO
2118 22
Oct 69/
1612 Jan Pi 37 Apr 7
9
/
1
4
1
4
Jan
Par
1412 1312 1334 1,900 Miami Copper
1434 1478 1453 1453 14
6 1312Sept 5 33/
5112 Mar
20 Oct
1
4 Feb 6
*5312 59
54% 5914 *53/
*5334 55
400 Michigan Steel
1
4 57%
44 Doc 12278 July
No Par 53 Jan 6 77 May 13
2312 23
23
2334 *23
2338 *23
2314 2,400 Mid-Coat Petrol
7 Jan
18
7
No
Apr
Nov
221sJune
33
221s
39
Par
*78
1
1
14 5,500 Middle States 011 Corp
118
•1
I
1
71 Mar 4
eta.__
212 Mar 17
2
5_.3 July
3212 3212 31
3218 33
29% 3112 3.800 Midland Steel Prod
32
2153Juno 25 63 Fob 28
No
Par
*9312 9534 *93
9512 90
9534 *93
300 8% cum 1st pref
9012
100 84 June 21 110 Feb28-48
.
5412 *4812 62
*4812 5412 *4812 5412
Minn-Honeywell ftegu _No par 50 July 1 704 Mar 10
69 Nov 12314 Sept
1112 12
1158 12
1178 1178 1112 1212 4,000 MInn-Mollue Pow Inwl
10/
10
1
4 Aug 12 2878 Apr 17
Oct 4333 July
No
par
70
*65
*65
70
*65
70
*68
70
Preferred
65 Nov 102 July
No par 70 Aug 9 9214May 28
18
*1613 1812 *1012 1812
1814 *1612 18
200 Mohawk Carpet Mille.No par
1618 Aug 19 40 Jan 27
35 Nov
8014 Mar
47
4838 4618 473s 4538 4612 464 47
10.500 Monsanto
47 Nov
801f Oat
3712 3412 3714 3434 3534 3513 3614 51,400 Moot WardChem Wks_ _No Par 35 June 25 6334 Apr 21
35
A Co III Corp No
29/
42/
1
4 Aug 13 4972 Jan 2
1
4 Dee 15571 Jan
512 4514 512
514
514 .5
*514
6
100 Moon Motor Car new-No Par
11
/
4 Oct
334 Jan 22 1612 Apr 2
5
Oct
Par
*57
*58
58
5834 *58
58
57
5834
200 Morrell GB A
No par 51 Aug 15 72 Fob 6
42
Oct 81/
1
4 Oct
118 5,800 Mother Lode Co
113 Bs
118
1
I
1
1%
CoalitIon_No Par
1 Sept 3
2 Jan 2
113 Oct
612 Mar
312
33
4
312
3,300
3
/
1
4
312
3,2 3/
Moto
3/
1
4
1
4
Meter Gauge &Haat° Par
310 July 12 11/
1
4 Apr 10
314 Oct
3134 Aug
*42
*43
*43
48
45
45
4712 *43
Motor Products Corp _NoPar
3412Juae 21 81 Apr 7
36 Nov 208 Mar
*2112 221
2112 2112 *2134 2212
/
4 *2112 23
100 Motor Wheel
21 Nov
No par 21 Juno 17 34 Mar 19
55
/
1
4 Aug
1118 1118 *1012 13
*1012 11
1153 12
400 Mulling Mfg Co
8 June 18 2034 Feb It
10
No par
Oct 8178 Jan
*50
54
*50
54
*50
54
54
*50
Preferred
40 July 2 64/
55 Dec 10214 Jan
1
4 Jan 31
No par
38
*38
39
200 MunsIngwear Inc
39
381
: *33
*33
39
Vo par 36 Aug 13 531s Feb 10
33 Nov
6134 May
15
4.000 Murray Body
16
1512 1612 1512 1513 1534 161
14/
1
4 Nov 10078 June
No par 1212June 17 251
/
4 Apr 11
41
41
431
1,100 1v1yere 1.8 E BroeNo par 35,53 Jan 2 4912 Mar 25
41
41
*4034 41
*39
30 Oct 6713 Cat
33
5,800 Nash alotors Co
34
1
4 3334 3434 34
34% 3358 34/
No par 3018June 24 15812 Jan 6
40 Oct 11878 Jan
13% 14
133
400 National Acme etam pod__ __10 1038June 24 2614 Feb14
1378 13/
1
4 1313 1312 *13
1
4 July
1458 Nov
41/
*1918 22
200 Nat Alr Transport
*19% 2012 2012 201
•1918 20
Vo par
11 Jan 13 3932 Apt 14
10 Dec
4814 May
918 938
9
612
3,600 Nat Sanaa Hem
912 912
9
9
8 Dec
8 Aug 18 20 Apr 7
71
91
No
Mar
par
8312 84
8314 8312 8218 8334 8212 851 16.400 National Biscuit Now
6514 Dec 73 Dec
10 71 Jan 2 93 May 29
700 7% cum prof
*14612 148
14738 1478 14778 14778 *148 150
100 14212 Jan 23 14912July 11 140 Aug 146
Oct
4512 4712 47
48
47
4738 481 41,600 Nat Cash Reglater A w 1No Par 41 Aug 9 8312 Feb 2
493
59 Nov 148/
1
4 Mar
55
5558 .2.54
543
, 538 5414 5334 555ti 29,700 Nat Dairy Prod
No par 4514 Jan 20 62 June 2
36 Oct 861s Aug
1434 1434 .
1,500 Nat Department Storee NO
1314 15
14
1478 14
14
1314 Sept 5 2412 Feb 27
20 Der
3734 Mnr
800 Nat Distill Prod Ws._No Par
31.
31
3058 3058 3112 311
par 2412June 2'
15 Oct 58 June
Feb 6
Nat ED11111 Sr Stazuping___100 1714Juno 11 3912 Mar
24
24
*21
*20
*20
24
24
*20
1
88's
2513 De, 6214 Jan
*12712 12978 *12712 135 *12712 135
500 National Lead
129/
1
4 1311
1
4 Aug 12 1891
100 124/
/
4 Feb 7 12914 Nov 210 0,1
120 Preferred A
14114 14114 *14114
14112 14112 14114 144
100 13818 Jan 3 144 Sept 5 133 Nov 14112 Feb
30 Preferred B
*119 119% *119 119
- 118 119 *11812 1197
-- -78
100 116 Jan 17 11912July 1 115
Oct 123/
1
4 Apr
Stock
23.800
Stock
National Pr A 1.2
4714 4512 4658 4534 47/
4634 4734 46
1
4
No par 32 Jan 2 5334 AD:24
7134 Aug
23 Nov
200 National Radiator
2
2
*234 514 *112 2
*112 2
No par
114 Jan 7
17 Jan
112 Jan 15
113 Dec
Exchange Exchange
Preferred
*2% 514 *234 414 *24 514 *234 51
No par
3 June 25 11 Jan 16
Jan
41
113 Dec
53% 53% 5212 5358 52
5212 25178 5218 2,400 Nat Steel Corp
No par 5178Sept 5 82 July 28 -_ -ClosedClosed- *10512 10634 105 105
200 National Supply
105 105 •10434 107
50 10078June 27 12134 Apr 7
Jan
9313 Nov 144
3
800
National
7518
7518
7618 7614 75
7518 7458 74
Surety
.50 361kJan 7 9838 Mar 22
7014 De, 155 Feb
HoIld ay Labor Day 2-134 24/
1,900 National Tea Co
1
4 2312 2458 2212 2314 2234 23
No par 2112 Aug 20 417s Feb 4
911
3112 Nov
/
4 Mar
1378 13/
1
4 6,900 Nevada Consul Copper_No per I318,Aug 15 32/
1312 1378 1312 1438 1312 13%
1
4
Jan 7
2314 Nov 6272 Mar
2812 1.800 Newton Steel
32
32
29/
1
4 31-2. 2912 3012 27
No par 27 .opt 5 58 Apr 14
35 Dec 113 July
600 N Y Air Brake
40
4038 4038 4018 4018
401s *4012 42
No par 374 Aug 4 47 Feb 19
3512 Oct
4934 Mar
New York Dock
*351
/
4 35
•351a 36
*3518 36
*35/
1
4 36
100 23 June 26 48 Apr 25
33 Nov
5338 Feb
Preferred
*8112
8418
.8112
*8112 8418 *8113 8418
8418
100 80 Feb 4 8813 Apr 24
Apr
July
90
8234
1,100 N Y Investors Inc
1913 1912 1912 1912 *1918 2012 *1914 20
No par 1718June 23 32 Apr 24 _
100 NY Steam prat (6)___ _No par loo Jan 2 10612Sept
1
4 106
*10434 108
10612 10612 •10534 106 *105/
3
103
Nov
Jan
9358
11712
130
let preferred (7)
115 115
11514 11514 11612 117 *11612
No par 110 Fob 5 117 Aug 28 107 Nov 115 Aug
33,500 North American Co
10534 1087s 10534 10712 10414 106/
1
4 x10318 105
8)113 Nov 186/
No Par 8712Ju1y 8 132/
1
4 Sept
1
4 Apr 11
600
Preferred
557
x557
8
8
*5534
5614
5658 5634 5614 5614
60 61 Jan 1
67 June 4
413 Nov
5414 Jan
9
918 6,500 North Amer Aviation. NoPar
9
914
9
9
914
914
712June 18 1478 Apr 10
No Amer Ediaon pret__No par 10034 Jan 23 105 May 22 _--*10334 10438 *10334 10414 *10334 104 *10334 104
98 Nov 1554 Jan
North
4413
*43
/
1
4
*4312 4412
German Lloyd
.
43
4438 *4314 44
40 Aug 8 5534.1une II
4112 Dec 6444 Jan
50 Northwestern Telegraph...50 42 Jan 2 6018 Mar 14
*48
4912
43
48
48
48
*45
48
50 Mar
1011 Dec
Norwalk Tire A Rubber__ _ -10
112
112 4114
•1
114 .1
112 *1
614 Feb
4 Mar 26
ra Jan 9
11,300
Ohio
011 Co
3014 3018 3012
3012 305s 3013 3038 30
Sept 4 32 Aug 21
No Par
4
2 15% -5i" .71;
July 22 --F
2414 2.114 2312 2312 2214 2212 2218 2214 2.400 011 Well Supply
Jan
913 Jan 3
25
160
1041z
Preferred
104
8
1045
*10458 105
104% 10458 104
24:4
12
3
88/
3 108
1
4 Dec 10612 Jan
ea
pr
81604s
4 10
M
100 86
1
4 Ills 6,500 Oliver Farm 13QuIp____No Dar
1218 13
Aug'A'12pyge 17
1218 1212 1178 1218 10/
8 0ct
6413 Apr
1718 2.500 Cony parttelpating-No par
16
19
18
19% 1734 1838 17
16 Sept 5 1618 Apr 17
17
Oct 69/
1
4 Apr
6512 1,600 Preferred A
6818 6818 68
1
4May 13
6814 *6512 6612 65
8412 De. 9913 May
No par 65 Sept 5 90/
Omnibus Corp
*41
/
4 412 *414 5
*414 5
*414 5
8/
1
4 Mar 31
No par
2/
1
4 Jan 3
2.718
3107k Feb
Orpheum
95
*85
Circuit,
Jan
A
*85
pt
99
6018
24
73
*85
95
Inc preL.100 83
95
95
*85
Oct 95/
1
4 Jan
1
4 1,000 Otis Elevator new
69% 7012 6973 7014 7014 7014 6234 69/
No par 55 June 18 8033 Mar 13
100 Preferred
2037
g2
8s
13
2310
24 103
2
1
*127
12714 12714 *12714
100 102180411/42 JulyAJia,n
Oct 125 Jan
-- •12714 ---400 Otis Steel
27
*25
*26
27
27
27 .
No par
26
27
Nov
55
Oct
Prior preferred
94
*92
93
JuneNAl0aApr 20 m82214
*92
*90% 98
100
934 Nov 108 Feb
•9073 98
Owens-Illinois Glass ed....25 4514June 23 60/
1
4 Feb 7
*46
4612 46
43 Nov
4612 46% 4618 4614 4614
8912 &ay)
Pacific
2,000
Gas
57%
5712
&
747
1
2
Mar
Jan
31
2.
Elea
571
/
4
57
5212
42 Nov
5712 57
5712 57
9334 Sept
No par 7132 Aug 12 10778 Mar 28
7713 79
58/
1
4 Nov 14612 Sept
7712 7814 7612 7612 7812 7812 1,400 Pacific Leg Corp
40 Pacific Mills
2278 2278 *221
2214 2214 *2214 22,2
100 2014-hily 8 30 Feb 8
/
4 23
1713 Nov
37
Apr
Pacific
340
140
1383
June
4
Toler) A Teleg
18 178 Feb 19 131 Nov 220 Jtop
100 130
141 141.
140 140
140 141.
Preferred
100 11612 Jan 6 145 Feb 21 11684 Jan 133
*12712 130 *12712 130 *12618 130 •12618 130
Oes
Packard
23,700
Aug
29
Motor
23
/
1
4
1218
123
Mar
4
18
1214
Car___No
13
1234 13
4
13
123
Par
12/
1
4 13
Nov
32/
1
4 Sept
Pan-Amer Pear A Trans___50 51/
*54
55
1
4 Feb 21 8414May 14
*54
55
*54
*54
55
40/
1
4 Feb 69 Aug
55
700 Claw B
5313
53
54
60 5012 Jan 28 8712May 14
*54
53
55
4011 Feb 6914 A1111
55
*54
Park
300
.5,
Tilford
353
par
143
6
_No
4
Ino__
Aug
4
1012
_
*1313
Apr 7
1312 1312 13,2 1312 •13
1434
24 Nov 877 Jar,
6 Aug 22 281x Mar In
812
813 105s 6,300 Parmelee Transporta'n-No oar
7
712
1512 Dec 21 Dee
8
8% *8
400 Panhandle Prod A ref-No Par
*512 584 *512 534
41s Feb 14 1234May 14
5/
5
1
4 5%
3 Nov
5
1514 Jai'
4712
Preferred
Jan
80
14
60
May 14
100
*45
*45
*45
50
1712 Feb
60 •45
60
76
Jan
No par 4858 Jan 2 7714 Mar 31
6058 62
35 Oct
61 18 15958 6111 49,700 Paramount Publix
6018 6153 60
75/
1
4 Oct
Park
400
Utah
C
*17, 2
M
158June
17
1
4
/
1
4
Apr
7
*178
8
3 De.
2
2
17
1/
1
4 178
1378 Feb
Pathe
3.000
Exchange
234 Jan 3
9 APr 25
No par
412 434
412 4,2
212 Dee
412 4/
1
4
412 458
1472 Jan
No par
1
4 Apr 25
5 Jan 2 19/
1014 1034 10
1018 2,000 Class A
412 Der
101
10
/
4 10
10
30
Jan
500 Patino Minos A Enter1sr___20 16 Aug 22 321
/
4 Feb 1
247s Oct
*1614 1734 1613 1612 4512 1612 16% 1638
4734 Mar
4 Aug 12 14 Feb 3
60
300 Peerhas Motor Car
*4% 518
51a Oct
1
412 4/
4 *412 478 *412 4%
2211 Jan
---a(55
No par 2618 Jan 7 55/
3924 4118 1,700 Penick ,Ic Ford
1
4 Apr 10
24113 4114 4034 4114 40
40
4,400 Penney (J (.1)
No Par 48 June 18 80 Jan 3
53
53
5312 55
53
53
54
54
200 Preferred
100 93 Jan 7 10052 Apr 26
10014 10014 9923 9958 *99/
1
4 10014
1
4 101.14 *99/
400 Penn-Dixie Cement---No par
618 Jan 1 12 Mar 8
7
7
712 712 *7% 712
7/
1
4 718
100 3618 Jan 2 5613 Mar 13
700 Preferred
1
4 45
*45
*42
5012 4313 45
4912 44/
700 People's0 L A C (C1ile)
100 230 Jan 17 325 May 27
25611 267 •260 268 *255 268
26313 26434
1713July 17 2212 Aug 11
No par
900 Pet Milk
19
19
2014 *19
19
19
1913 19
1818 1812 18
1
4 1812 5,900 Petroleum Corp of Am_No par 1778 Sept 6 2714June 00
1818 17/
1818 18
-Dodge
Phelps
2912Jun
25
Corp
e 18 14/
1,100
1
4 Apr 7
3012 3034 3012 3034 3038 30/
1
4 X30'2 3012
PhIladelphla Co (lattab)
50 200 June 18 248 Apr 16
*200 215 .200 210 •195 215 *200 215
50 5018 Jan 15 5512Seot 3
*wits 5712 ---500 8% preferred
*55
5512 55
55
5512 55
1122 Jan 17 257k May 23
1753 1814 1718 18
1
4 1914 37,100 Phi% A Read C A I--NO Par
16/
1
4 1734 17/
8.4 Jan 8 1513 Mar 11
10
1114 1138 1112 1112 1138 117s
1133 1112 1,900 Phillip Morris A Co., Ltd
Corp____No
par
Phillips
Jones
17 Aug 23 2772 Feb 18
100
*16
*17
17
18
17
*18
17
17
100
Phillips
PrO1
JOURS
*6018 70
5934 Aug 21 76 Feb 11
*6018 70
*6018 70
*6018 70
291
/
4 Feb 17 4132 Apr 30
3334 3418 33
34
32/
1
4 3333 3258 3338 56,800 P13111108 Petroleum____No par
Phoenix Hosiery
*101 4 14
1
4 Mar 4 2018 Apr 30
5 10/
*1014 14
*1014 14
*1014 14
pierce-Arrow Clam A-No Par
*1812 23
19 June 25 33 Apr 3
*1812 23
*1812 23
*1812 23
1 Jan 4
25
*1
213 Mar 17
500 Pierce 011 CorporatI
Bs
1
1
1
1
1
118
Preferred
*2528 28
10) 2012 Jan 10 52 May 1
*25
*2514 26
28
•25
26
4% 434
No Par
2/
1
4 Jan 3
1.800 Pleree Petrol'm
4% 45
7/
1
4 Apr 24
453 434
4/
1
4 434
0 Did and asked prices; no sales on thls day
‘rE2-1111,1111211d and ex-rights. z Ex-dividend. y Ex-rights.
22
66
33
312
2018
208
1818
Nov
6073 Set,.
Nov 10514 Oct
Oct 97 Dee
Nov
27 .an
Nov
91 :an
Jan 104 Aug
Dec .
”
.1.3 Jn
31 Nox
7972May
15713 Apr 285
Ora
4713 Nov
64 Mat
918 Nov
34
Jac
8.14 pe! 254 te.
1912 Nov
73 relaP
65 No.
2414 Nov
41 44
Ja
a;
10/
1
4 Oct
37/
1
4 Jan
18 Nov
3773 Joe
1
Oct
3/
1
4 Mali
20
Oct 611
/
4 Mao
/
1
4 Oct
5/
1
4 Jas,
1
New York Stock Record-Continued--Page 7
1537
For sales during the weeix of stocks out 2.33orded here, see eeventh page preceding
MOM AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Atop. 30.
Monday
Sept. 1.
Tuesday
Sept. 2.
Wednesday
Sept. 3.
Thursday
Sept. 4.
Frtday
Sept. 5.
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PEA XIARA'
Ranoe Since Jan. 1.
or. Caste of 100-ahare lots.
PER SHAER
lasso fo }WOOS,
Year 1029.
Lowest.
Iffshest.
Lowest.
ElSokeet.
5 per share $ per share $ per share $ per share $ per eshar S per share Shares Indus.PcMlo
nell.(Con.) Par g per share $ per am
9er
share
t
$
3
per elers
3234 3234 3212 3212 .32
3214 32
32
600 Pillsbury Flour Mille___No Da? :27 June 25 3734 Apr 11
30
Oct 8372 Jan
4012 4012 3978 4014 39% 401
/
4 40
40
2,100 Pirelli Co of Italy
3934J00e 25 5013 Feb 27
4314 Oct 08 Ana
*38
43
*3814 43 *39
43
43
43
100 Pittsburgh Coal of Pa____100 3514 Aug 13 7812 Jan 7
54 Nov 8384 Jae
*80
83
*80
88
*80
SS
*80
88
Preferred
100 83 Aug 19 110 Jan 7
8312.7unc 110
Ott
*18
1812 18
18
18
18
18
18
400 Pittsb Screw & Bell___Nc Mr 1733 Jan 22 2274 Feb 18
Dee 2712 Aug
17
*95 100
*95 100
*95
97
*95
97
Pitts Steel 7% cum pref. __100 9312June 24 103 Jan 7
9214 Feb 110
Oct
*21
22
*21
22
*20
22
*21
2112
Pittston Co
No par 20/
1
4 Feb 28 2272 Apt 8
- -----2478 253*
2412 25 *2414 25
2412 2512 3,000 Poor .4 Co class B
No par 2034July 0 3438 Mar 18 16 Nov
437j An
25
2538 25
2512 *24
2434 2312 24
1,300 PortoRican-AmTob el ANo par 21 Aug 12 3034July 3
___- ---- ---- -914 914
914 934
914 9/
1
4 *914 9/
1
4 2,000 Class B
8 Aug 12 2714 Mar 10
No par
8 Nov
5034 Jae
*88
92
8712 8712 *8712 90
87
87
200 Postal Tel 34 Cable 7% pf__100 87 Sept a 103 Jan 21
93 Nov 105 Jan
343 35
3478 35
*34
35
*34
35
SOO Prairie 011 & Gas
25 3334 Aug 25 54 Am 1
4012 Oct 6658 Jan
45
46
4434 45
4412 45
4412 4434 1,800 Prairie Pipe A Line
25 44 Aug 12 6012 Feb 7
Oct 65 Ault
45
7
7
678 7
68 7
67g 718 3,000 Pressed Steel Car
No par
012June 18 1832 Feb lt
618 Nov
2538 Ma;
*5412 58
*5412 58
1
4 58
*54/
*55
58
Preferred
100 50 June 21 7612 Feb 14
81 'Sat
60 Der
74
755
7412 7514 74
7434 7412 7434 4,100 Procter sk Gamble__ -_No pa
Jan
7872June
3
63
2
Nov
98
6258
Aux
*7
71
/
4 *7
718
7
7
*7
71
/
4
100 Producers & RefinersCorp_50 812 Feb 17 1174 Mar 17
4
Oct 2574 Jan
29214 9414 92
9318 91
9213 9112 9278 13,500 Pub Per Corp of N J__A'o pa
54 Nov 13734 SeD1
81/
1
4 Jan 2 12334 Apr 11
296
9618 93
98
9578 9634 97
9714 6.000 25 preferred
No par 9134June 18 9812May 1 ------ ---- -511238 1121 411134 11258 112 1128 11234
1138 2,300 6% preferred
100 10612 Jan 3 11358Sept 5
98 Nov 10818 Feb
*12714 1281
/
4 *12314 1281 12814 129 *129 13018
300
Preferred
7%
100 121 Jan 10 131 June 3 105 Nov 12472 Jan
*154*154
__ *154 154/
1
4 *154 1571
Preferred
3%
100
143
158
2
Nov 151 Sept
13912
Jan
June
7
21098 1-0/58 *10978 1-1-0
110 110
110 11014
600 Pub Serv Eleo 34 Gas pref_100 10714 Feb 5 112 May 21 10412 Nov 10913 Jan
6914 6914 *69
70
68% 69
6818 6934 1,400 Pullman. Inc
No par 62 June 25 8933 Jan 3
Nov
9914 Sept
73
*138
158
158 158
134 134
1% 134
600 Punta Alegre Sugar
111.thue 26
50
813 Jan 17
6 Dec 2132 July
1973 20
197 20
197 20
197s 20
25 1912June 25 2714 Apr 7
20 Nov
3034 May
11214 11234 11278 1127s *11212 11234 *11212 11234 4,400 Pure 011 (The)
210 8% preferred
100 11012May 6 11414 Apr 8 108 Nov 116 Feb
64
6418 65
66
6134 6534 6514 67
4,200 Purity Bakerlea
June 21 8872 Feb 16
65 Oct 14813 Aue
4058 4178 39
40% 387 40
3918 41 296.200 Radio Corp of Arner___No ear 62
3212June 23 6933 Apr 24
Oct 114/
28
1
4 Sept
254/
1
4 54/
1
4 *5412 55
54/
1
4 54/
1
4 *54
55
200 Preferred
50 53 Feb 4 57 Apr 21
Jan
50 Nov
57
27112 72
*71
73 *71
74
71
71
600 Preferred B
No par 68 Jan 24 85 Apr 2
3538 37
62 Nov 8212 Apr
3412 3614 34
35% 345.3 357, 196,100 Radio Keith-Orp el A No
par
19 Jan 2 50 Apr 24
12 Oct 18.2 Jan
*301
12
700 Raybestoe Manbatten_No pa, 28 June 18 58% Apr 17
4314 4434 4312 44
28 Nov
5812 Sept
42
43
4118 43% 4,000 Real Silk Hosiery
10 3452June 19 6472 Mar 26
*95
3614 Nov
843* Mar
98
*95
98
*95
93
95
95
10 Preferred
100
88
Jan
13
100
Mar
10212
Dec
Feb
86
29
/
1
4
*114 134 *114 134
114
/
4 134
114 *11
100 Reis(Rebt)..1 Co
1 Aug 29
No par
5% Feb 3
1814 Feb
358 Der
20
20
*15
25
*15
25
*15
25
100 First preferred
100 14 Aug 28 37 Jan 28
40 Dec 10812 Feb
2814 2912 2812 2934 2812 29
28/
1
4 2914 13,300 Remington-Rand
No par 23 June 25 4612 Apr 14
*96
2035 Noe 57/
98
93 *98 100 .98
98
1
4 Gel
9912
200 First preferred
100 92 Jan 3 10074 Mar 28
81 Nos 951s Oct
*100 10212 4.100 10212 *100 10212 *100 10212
Second preferred
100 95 Jan 4 104 July 15
93 Mar 101
Apt
1114 1112 1118 1112 1114 Ills 1114 117
8 6.100 Roo Motor Car
7
10
812June
17
14
Mar
24
Oct
1019
317 Jan
34
3614 35
36
3412 3514 3458 3512 6,300 Republic
Steel Corp- No per 32 Aug 15 7912 Apr 16
__- -__ ---- ---8214 8214 *8214 8312 *8212 8312 82
821
400 Preferred cony 6%
100 80 Aug 15 9512alay 5
1313 1412 *1312 17
*12
17
*12
1314
500 Revere Copper .4 Brass No par
1358Sept 2 30 Jan 3 /5 -Dec -3112 wow
*5412 56
*5412 56
*55
56
*55
56
Class A
No par 5414 Aug 15 72 Jan 24
70 Dec 78 Nov
2312 2438 24
*2312 24
24
23
2312 1,400 Reynolds Metal Co..___No par 23 June 23 3434 Apr14--338 313
313 33
*314 338 *314 33*
500 Reynolds Sprints
No par
3 June 18
7/
1
4 Jan 29
358 Nov
121-4 Jae
5178 5228 5178 5214 5112 5218 52
5214 9,300 Reynolds (111) Top class fll0 1514June 18 5858 Mar 11
39 Nov 66
Jae
7012 701 *71
73
*71
73
7012 71
120 Claes A
10 70 June 3 80 Jan 2
70 Apr 8912 Oct
147* 15
1478 15/
1
4 1514 1658 1534 1614 29,300 Richfield
011 of Callfornia 'Jb
1434June 17 2814 Mar 14
2258 Dec 4958 Jae
1512 16
1578 1614 16
165
1578 16
9,000
Rio
Grande
Oil
15 Aug 25 2534 Apr 7
No pa
Oct 4212 Mar
lb
*38
*38
40
40
*38
40
*38
40
Ritter Dental Mfg
No par 33 Aug 12 5034 Feb 5
40 Nov
70 June
3112 3214 31/
1
4 321 *3012 3112 3112 3112
1.900 Ross% Invuranee Co
10 2714June 18 48/
1
4 Mar 3
28 Nov 96 May
1912 488 49/
4913 4958 49
1
4 4838 48% 15,300 Royal Dutch
Co (N Y shares) 4534 Aug 26 5612 Apt 7
45/
1
4 Oct
84
Sept
4038 4034 40
4038 *3934 4034 4012 401
/
4 1,600 St. Joseph Lead
10 3314June 18 57/
1
4 Feb 6
3812 Nov
94 Jan
688 71
6878 6978 6918 70
6618 69
4,700 Safeway Stores
No par 5714 Aug 13 12233 Jan 23
9018 Nov 1954 Jan
*92
93
*92
93 '92
03
93
9334
50 Preferred (6)
100 87 Aug 9 9974 Feb 7
85 Oct 101 Seel
*103 10312 *103 10312 103 103 *103 103
/
1
4
Preferred (7)
00 10234 Aug 28 10974 Mar 28 100 Oct 10212 Del
Stock
Stock
197 2014 205 2038 20
20
20
20
700 Savage Arms Corp_ ___No or
16 June 18 31/
1
4 Apr 2
2012 Nov
714 712
517 Jan
7
712 *7
712
7
7
3,500 Schulte Retail Stores--No 1.
414 Jan 2 1312 Jan 23
Exchange Exchange *55
3/
1
4 De, 41/
1
4 Jae
65 .55
65
GO
60
*60
65
100 Preferred
100 at Zan 2 75 Jan 21
30 Der 11812 .les
*8
10
*7
9
*7
9
*7
9
77
Seagrave
Corp
No par
Aug 22 144 Mar 11
10
Closed- ClosedDe;
224
7612 7134 75
73
ADC
7014 727
737
715
29,700 Sears. Roebuck 2t Co No par 56 Aug 12 10058 Jan 31
80 Nov 181
*95 10
Jan
*934 10
*958 934 *913 10
Second Nat investors...No par
7 June 25 23 Feb 17
Holiday Labor Day *66
9 Dec 1512 Nov
6713 *66
6718 66
66
*66
69
200 Preferred
No par 5812 Jan 3 8284 Mar 18
45 Nov 8314 Nov
112 112 *112 11
/
4
11
/
4 112
11
/
4 1/
1
4
500 Seneca Colthe"
7
138June 26
No par
7
313 Jan 22
2 Nov
084 7
101: Mir
638 68
612 012 3,900 Servel the
Aug
par
53
No
4
13
1313
Apr
25
714 Nov 2118 Ana
37
38
37/
1
4 3714 3618 3612 3512 3712 4,700
Shattuck (F G)
No par 3112June 23 52 Apr 21
25/
1
4 Oct 194 Aug
*17
1712 1734 19
*19
2078 1878 197
1,800 Sharon Steel Hoop
1638July 7 32/
No par
1
4 Feb 13
20 Nov
*1612 19
53/
1
4 Jul,
*17
20
*161
/
4 1812 *1612 18/
1
4
Sharp & Dohme
No par
1614 Aug 8 2734Mar 10
*5412 60
1672 Nov 22 Nov
*56
60
*56
60
*56
60
No par 54 Jan 2 63/
Preferred
1
4 Mar 10
50 Nov 6572 Aug
*41/
1
4 4212 4214 4214 .1214 4312 *4314 431
2
60 Shell Transprk Trad Co Ltd £2 40 Aug 21 18% Apr 23
43 Jan 5534 Jan
1413 1478 1434 15
1478 15
1434 15
8,100 Shell Union 011
14 Aug 26 25/
No par
1
4 Apr 7
19 Oct 3134 Apt
Nis 9618 *94
9634 94
94
x9338 9338
300 preferred
100 9338Sept 5 10614 Apr 21
1812 19
1818 17% 178 1712 13/
18
-1
4 6,200 Shubert Theatre Corp_No par
8% Jan 2 35 Apr 25
-8 -Dec 7422 Jae
26
2634 25
2614 2518 258 2518 27/
1
4 12,500 Simmons Co
No par 21 July 8 9472 Jan 2
5912 Nov 183 Sept
18/
1
4 1812 1812 1812 18
1814 1818 1812 1,300 Simms Petroleum
10
18
June
37
18
Mar
29
16
Nov
21/
1
4 211
4014 Aug
/
4 2114 2158 21
2133 2034 2138 22,600 Sinclair Cons 011 Corp_No par 20 June 23
32 Apr 7
21 Nov
*11014 1103o 11038 11038 11038 11018 *110% 11012
45 Jan
300 Preferred
100 108 June 10 1124 Apr 24 103
Oct 111
/
4 273* 2713 2714 271
2738 271
Jar.
/
4 2712 27/
1
4 2,400 Skelly 011 Co
25
2718
Aug
26
42
Apr
9
28
Oct 461t May
412 412 *4;2 312
414 414
*412 512
200 Snkler Packing
No par
312 Aug 18
8 Jan 9
3/
1
4 Nov
1814 1814 19
1614
*18
19
Feb
20
*1712 20
200 Preferred
No par
15 June 25 36/
1
4 Feb 24
14 Nov
8412 July
115 115 *11512 1171; *11512 11714 *11512 11714
100 Solvay Am Inv Trust pref_10(1 95/
1
4 Jan 6 12112 Apr 3
85 Nov 111 Sept
1613 165% *1612 17
1534 1612 *1534 17
2,700 So Porto Rico Sug
No par
115 Aug 19 3034 Jan 113
5612 507, *5012 5712 56
125
4
Der
45 May
5612 56
57
1,400 Southern Calif Edison
26 525s1une 25 72 Apr 14
4513 Nov 9314 Scat
*6
712 *6
712 *6
712 *6
712
Southern Dairies el B_-No par
1
4 Jan 4
3/
9 Mar 3
Nov
1532 J.,;•
'212
*4212 45 .42
45
*42
45
*12
45
No par
Spalding Bros
63 Jan 8 45 Mar 17
30 Nov
6112
*112 11.5 *113 115 *113 115 *113 115
Spalding Bros 1st pref-100 108 Jan 13 115 Aug 27 107 Nov 117 1V,ar
Fib
33
3334 *33
*3212 3314 3234 3312
34
Chalfant arCo IneNo par
193* Jan 2 3784June 14
15 Or. 524 Jan
*9414 9110 *9414 9412 *9414 0112 *9414 0412 2.500 Spans
Preferred
100 92 Jan 20 96 Jan 2
89
Ma;
2114 22/
98
1
4 2112 2238 2118 211
Oct
/
4 2114 2178 5,900 Sparks Wichltucton____No par
134 Jan 15 3012 Apr 10
13% No' 73 Ana
1612 1612 16
16
16
16
*15
16
400 Spencer Kellogg kr Sone No par
16 Sept 3 25 Apr 15
Nov
20
1618 17
45
1618 1618 .16
Aux
1712 *161
/
4 171
/
4
600 Spicer Mfg Co
Na par
1434June 25 361
/
4 Feb 4
053, ma,
/
4 De.
201
*33
90 .38
40
*38
40
*38
40
Preferred A
3714 July8 4518 Mar 31
No par
33 Nov
17
193* *17
1910 *17
6572 Mar
18 .17
600 Splegel-aley-Stern Co_No par
101sJuly 8 62 Feb 3
2013 2034 2014 208 1058 20% 2018 18
31 Dec 1177 Fee
2012 25.800 Standard Brands
No par
17 June 18 2914 Feb 8
*120 122 *120 12114 12114 12114 *120 122
20 Oct 4414 Sept
Preferred
100
No
par 117 July 7 121148ept 4 11414 Nov 11834 Sept
5418 6
5158 *41
*41
/
4 6
*418
/
4 512
Stand Comm Tobaceo_No par
312June 17
714 Feb 11
10112 107% 10311 10638 10138 10434 1031a 1047
312 Dec 433* Jai
8 33.700 Standard Gas .14 El Co_No par 8418June 25 12912 Ara 16
66
6631 6614 663 *6514 6678 661
7312 Nov 24334 Sept
/
4 6678
Preferred
900
60 6138Juno 19 67 May 26
*10012 10314 *10033 10314 102 102 *102
6812
Nov
67 Feb
10234
100 58 cum prior pref____No par 9612July 10 10214 Aug 28
6% 7
7
7
*658 7/
1
4 *658 714
400 Stand Inveeting Corp._No par
6 June 23 1312 Mar 27
10312 10334 103/
6 Des -48 Sept
1
4 1O34 10334 105
10412 106
2,200 Standard Oil Export pref _100 98 Feb 8 106 Sept 5
60/
1
4 61
608 601
6014 6012 6014 6034 5,800 Standard 011 of
Cal----No par
5312 Feb 211 75 Apr 25 -511.3018 3178 30
2 -0-ct -817730
*2912 31
2912 293
41-41.4
400 Stand CU of Kansas
25 29 June 17 49 Apr 21
69
7018 68,2 693* 691* 69
6918 69/
1
4 48,200 Standard Oil of New Jersey_26 58 Feb 20 8472 Apr 30
31
3138 31
43
-Feb 85 63114 3038 3118 3034 31
epi
Standard
Oil
of
New
10,700
York....
30
25
June
23
40
3
8
28
Apr
3614 371
/
4 3512 3614 3518 353
2134 Nov
4818 Sept
3612 3,100 Starrett Co (The 1,13)__No par 2712June
36
23 47/
1
4 Apr 23
11
1114 1112 111 •1078 11
3018 Oct
1772 Get
11
11
800 Sterling Securities ol A_No par
053July 8 2012Mar 31
*11
12
*11
12
814 Nov
*1114 12
38 Sept
*1134 12
Preferred
20
June
11
3(1 1434 Mar 31
3812 30
30
81
/
4 Nov
39
*3714 39
Ws July
*3714 39
500 Convertible preferred
60 313 June 23 48 Mar 18
81
Oct 554 SePt
258 2678 2614 2678 2558 26% 2634
Sfewart-War
273*
7,200
Sp
n
Corp
10
1914June
25
67
Apr
7834 8012 78/
5
1
4 80
30
Oct 77 .33147
77
7812 7658 78/
1
4 0,350 Stone 44 Webster
_No par
7012June 18 113% Ate 8
31
3134 30
64 Noy 20113 Atte
3112 2958 3034 30/
1
4 311
/
4 4,700 Studeb'r Corp (Tite) No par
2514June 18 474 Feb 6
*120 12012 122 122 *122 12212 122
381
/
4 Nov
93 Jae
12212
10 Preferred
100
114
Jan
21 125 Mar 18 115 Nov 126
*38
12
*38
12
"8
12
Jule;
38
38
200 Submarine Boat
No par
% Jan 4
*50)34 5818 *5634 581s *5634
I% Mar 31
% Ott
5818 *5634 5818
4/
1
4 Mai
____ Sun 011
No
par
50
June
18
70
Apr
7
10612 10612 10678 10678 10612 10612 106 10112
65 Dec 8C1
/
4
Oct
Preferred
480
100
10212 Jan 13 108 Aug 2
4312 4312 4314 4314 *43
44
.
*4214 43
200 Superheater Co(The)- _No par 38 June 23 4514July 29 100 Jan 1051, in
28 234
258 258
1------213 234
214 213 6.000 Superior01
No
par
2
July
30
93
8May 12
*13
14
14
1312 13
514 Nov
13
1212 1234
24
600 Superior Steel
Aug
100
1212June 18 2933 Mar 27
1112 1112 *1034 1112 1012 1034 1012 1012
15 Nov
7334 A, *
800 Sweets Co of America
50
813 Jan 24 1572 Mar 28
*3
3/
1
4 *3
312 *3
314 *3
518 Nov
312
Symington
224 Apt
No par
2/
1
4 Jan 3
7 Apr 23
9
9
9
212 Der
914
9
9
9
978
800 Class A
0 May
No par
714June 25 173* Apr 23
*1814 1834 1814 1812 *17/
614
1
4 19
*1812 10
Nov
200 Telautograph Corp
1952 Ma
No par
153* Jan 25 2614 Apr 7
*1112 1134 1114 111
/
4 11
11
11
11
Ws
Dec
300 Tenn COUP at Chetn....No par
2512
Mt?
1072.1une 25 17 Apr 10
5158 5214 515 517o 5158 52
0/
1
4 Not 20% API
x507s 5112 10.300 Tema Corporation
25 5018June 18 6012May 1
584 59% 5812 59
58/
58
1
4 581 1 59/
&Pt
1
4 13,900 Texas Gulf Sulphur_ No par
Nov
5171
Sop
481
8June 25 67% Mar 24
*838 812
8/
1
4 838
514 814
4212 Nov
514 514 1,200 Texan Pacific Coal .4-011
8514 1)1
10
814June 18 1412 Met 18
2118 217
2012 2118 201
/
4 2013 2012 208 8.200 Texas Pao Land Trust
237,
912 Nov
"
ma,
1
1514 Jan 2 123* Mar 22
237 24
2312 2414 23
2312 2214 23/
514 re., 244 Jam
1
4 2,800 Thatcher Mfg
No ear
1758June 28 36-3s Apr 4
*43
44
*43
41
*43
4312 43
1612 Mar 35 Sep;
4312
300 Preferred
NO Dar 90 June 18 48
Max 31
35 Mar 4972 Sept
'Bid and asked Prices; no sales 0n this day. z Ex-dividend. y Ex rallitt.
New York Stock Record-Concluded--Page 8
1538
so. 4nte4,
ueiae ea* weak of
11[0011*
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 30.
Tuesday
Sept. 2.
Monday
Sept. 1.
3 per share $ per share
Wednesday
Sept. 3.
Thursday
Sept. 4.
Friday
Sept. 5.
set r...corded here see eighth page preceding
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
ner share $ per share S per share Shares Ischia. & Miscell.(Con.) Par
S per share
The Fair
Aro par
*25
25,2 *2412 2512 *2512 2512 *2412 2512
30 Preferred 7%
100
105 105 *105 106
*105 106 *105 106
No Par
Ills 1112 11% 1138 1115 1112 1114 1178 1,800 Thermold Co
100 Third Nat Invastors
29
*28
No par
30
*23
30
*30
3112 30
36
300 Thompson (J R) Co____ __22
37
368
*36
3712 *36
*36
38
500 Thompson Products IncNo Par
2078 20%
*2018 21
*2012 2112 2014 21
100 Thompson-Starrett Co.No par
1112 *11
1114
1134 *11
117s 11% •11
300 53.50 cum pref
*4034 42
No par
42
*4034 4214 *404 42
42
13% 14,4 1314 1334 1312 141 10,300 Tidewater Assoc 011_ _No par
13% 14
841_
200 Preferred
100
84% 84% 8414 8414 *84
*8414 85
Tide Water 011
27
*24
*24
27
100
27
*24
*24
27
200 Preferred
93
*91
93
91
*91
100
92
91
*91
800 Timken Detroit Axle
*1212 12s 125s 12%
10
*1253 13
1278 13
1,600 Timken Roller Bearing_No pa
6714 *6612 68
631 *66
68
68% *66
800 Tobacco Products Corp
3% 3,
13
355 358
2
312 312 *312 37
2
1178 121 *12% 121, 1212 1212 4,400 Class .4
12
12
25
2258 2314 228 2414 101,600 Transamerica Corp
22% 231, 2312 241
1712 1753 1738 1738 1714 1712 *1714 1712 10,800 Transcont'l 011 Co_ _ __ NO DO
300 Transue & Williams St'l No pa
*14
1438
137* 14
15
1413 1412 *14
4,600 Tri-Continental Corp __No Pa
1313 1278 13
122 1314 1278 138 13
95
1,000 6% Preferred
95
9412 95
10
9434 95
95
95
3212 1,100 Trice Product., Corp__ _No Pa
32
32
32
32
32
32
32
300 Truax Truer Coal
*1212 14
1314 *1212 14
11
No par
13
*12
300 Truscou Steel
2814
2813 281 *28
10
2878 *2814 2878 28
96% 9734 0612 98. 9412 96
95
9512 5,100 Under Elliott Fisher CO No Par
_
'125__ *125
Preferred
____ *125
*125
100
--3:565 Union Bag & Paper Corp_ _100
15
1512 *1413 -1-5-14 15 -1-612 1612 17
7934 4,290 Union Carbide & Carb_No Dar
78
7818 7934 784 803.• 27718 80
700 Union 011 California
4038 4073 404 4034 4035 403
40
25
,
4 403
2553 2534 2514 2558 2513 25% 1,700 Union Tank Car
26
26
No par
6233 193,700 United Aircraft & Tran_No Par
5914 6034 5834 6124 5934 6212 61
100 Preferred
68
6734 673 6734 *63
68 '57
*67
50
41358 *45
400 United Biscuit
46
458
46
No par
46
4614 46
Preferred
*122 142 *123 140 *123 140 *123 140
100
5113 523s 50,3 5112 4913 5018 508 518 6,900 United Carbon
No par
7% 4,900 United Cigar Stores
714
7
714 *7
7
No par
6% 7
Preferred
*5553 64
*555 6018 *5512 6013 *5512 6058
100
34
3214 3334 324 333 118,800 United Corp
3312 3412 33
No par
5073 5112 5o78 5132 z5011 5034 11,800 Preferred
5053 51
No par
500 United Electric coal
*734 8
8
8
833
*3
834 *8
No Par
3,100 United Fruit
88% 8712 88
88
No par
23812 894 3812 89
3613 3634 15,500 United Gas & Improve_No par
3534 363
367 3714 3633 37
10214 10214 10172 10238 10238 10238 10312 10312 1,500 Preferred
No par
912
*5
*5
200 United Paperboard
*5
91,
5
5
100
• 2512 4,000 United Piece Dye Wks_No par
2538
2514 •2412 251, 25
25
1058 10% 1012 1034 1038 1038 1012 1058 5,900 United Eltoree Cl A
NO Par
700 Preferred class A_._ _No Par
46
*4513 4612 4514 V
*3238 47 •45
28
Universal leaf Tobacco No Pm
26 .24
*24
*2414 28
•2312 27
140 Universal Picteres let pfd_100
57
4712 4712 57
*40
4514 4014 47
41
900 Universal Pipe & Rad_ _No par
4%
414 414
413 418
4
4
3512 3613 35,700 U El Pipe * Fdy
3414 3538 3514 3612 3434 36
20
200 1st preferred
1912 1912 1912
NO par
1912 19% *1834 1912 *19
200 U S Midrib Corp
1014 1014 *1018 1012 *101s 1012 *1018 1012
No par
17
400 U S Express
178
175 *134 174
*134
2
2
100
44
1,000 U S Freight
*4412 4712 4473 447 .43
42
45
No Par
1818 1,200 U 8 it Foreign Becur_No Par
1714 1858 1734 1734 17
17
17
92
100 Preferred
*91
92
*91
92
*91
91
91
No Par
200 U S Hoff Mach Corp_ _ No par
*1414 17
13
13
14
*1312 1712 14
4,400 U S Industrial Alcohol__ _.100
71
70
69
69
68
7114 6312 70
Stock
Stock
87
100 U 0 Leather
878 *8
8% *8
2,314.1
No par
8% 834 *8
100 Class A
16,4
1534 1534 *16
No par
Exchange Exchange *16
1614 •1534 16
100 Prior preferred
84
*83
85
*83
83
83
83
100
1,400 075 Realty & Impt_ __No Par
4418 447 447
4473 4518 4412 4412 44
Closed- Closed2014 1933 20,
3 9,000 United States Rubber
20
10
2012 2018 2118 19
4018 3834 384 3834 403* 3,500 151 preferred
100
Holiday Labor Day 3834 39% 39
20
2014 1,800 US Smelting Ref & Min___50
197 20
*1973 2014 1978 20
200 Preferred
*46
47
47
*46
47
*46
47
47
50
16814 17134 167% 16934 168 17114 244,600 United States Steel Corp.. 100
17014 172
14618 14618 14614 14612 14678 14814 148 14812 3,700 Preferred
100
U
200
S
6412 6412 *6412 6518
Tobacco
6412 64
64
*64
No Par
14,100 Utilltiee Pow & Lt A__ No par
3412 35
33 4 3612 3558 3612 35% 36
5,000 Yadsce Sales
134 2
2
2
134 2
218 214
No par
797 823s 81% 851,227,300 Vanadium Corp
8112 841, 7912 83
No par
Virginia-Care Chem__ -NO pa,
*414 434 *414 434 *414 434 *4% 4%
400
25
25
25
*24
25
6% Preferred
251 •24
25
100
80
*75
80
*75
80
7% Preferred
*76
80
*75
100
10312 10414 104 10418 10334 10334 1,310 Virginia El & Pow of (6) Noyar
10334 104
20
Virg Iron Coal & Coke Pt..,, 100
61
60
_ *50
*
- *50
960 Vulcan Dettnning
7714 81
- -34 76
77
5078
-79
-34
75
100
9512 9512
50 Preferred
*9512 97
*9512 97
*9514 97
100
27
2778 2,100 Waldorf System
2714 28
2818 2813 2713 28
No Par
1,800 Walworth Co
2612 2612 2634 2578 2614 12515 26
•28
No Par
1,050 Ward Bakeries class A_ _No pat
31
26
3512 2912 3112 31
26
*23
838 834 11,900 Class B
*7
97s
7%
718 1038
9
No Par
*6512 66
900 Preferred
67
625,3 6778 *66
61
61
100
3214 3034 3214 30
3114 30% 3112 289,900 Werner Bros Pictures_ _No Oar
30
*471s 48
48
*47
48
*47
Preferred
48
*47
No POT
GOO
Warner
•1112
117
s
1112
3
1134
1112 1112 113 1158
No par
Quinlan
5014 501, 5114 4,600 Warren Brea new'
5034 50
5133 50
50
NO Dar
547 *5213 54
30 Cony prof
*5212 54
5213 52% 52
No par
*3058 31
33 •30,
8 32
Warren Fdy & Pipe_ __No Dar
*31
34
*30
414 412
41
400 Webster Eisenlehr
412 *41
*414 48
4%
25
800 Wesson OH & Snowdrift No
*26
2614
26
27% 26
2712 2734 27
Par
5612 5612 1,200 Preferred
5653 5878 *5612 57
57
57
No par
17414
3,600 Western Union Telegraph_100
17314 174
17134 174's 17212 17312 17114
38
38
3818 3818 1,200 Weetingh'se Ale Brake_No Dar
3833 3812 331
38
14734 15114 65,000 Westinghouse El & Mfg__ __50
1505* 15278 14723 15138 146 149
100 let preferred
14412 14412 *14412 148
•144 148 *143,2 143
60
*3413 3533 2,400 Weston Elec Instruml_No
34
34
3312 35
3434 36
Par
36
*34
36
*34
*34
36
*34
Class A
36
No par
10 West Penn Flee clam A _No par
1063 10634 *10612 107. *10612 10712 *10612 10712
280 Preferred
11012 1101 11012 11134 11153 11153
110 110
100
50 Preferred (6)
10112 10112 10118 1011,
102 102
*101 102
100
40 West Penn Power pref
11612 11612 *1161,11712 11738 117%
117 117
100
80
10912 10912 10938 10933 •10912 110
*10912 110
6% preferred
100
100 Weer Dairy Prod cl A__No vat
*381, 39
38
•38.2 39
3812
*3312 39
700 Class 13
1014 10% 1014 1014
1014 1014 *10% 11
No par
200 Westvaco Chlorine ProdNo
3812 40
40.2 4012 *3918 40 .
39
39
Par
*914 103
*914 1034 *914 1034 *914 11
Wextark Radio Sterea_No Par
200 White Motor
3412 *331, 3412
34
34
3158 343 *33
No
par
1,300 White Reek Min Spring ctf_50
49 •
*48
493
4934 4934 49
4934 49
300 White Sewing Machine.NO
*453 434
4-2 453 *438 434 *4% 412
Var
100 Preferred
*12
12% *12
13
12
1212
12
*12
No par
1514 1514
600 Wilcox Oil& Gag
1538 1533 1514 1514 *1514 10
No par
400 Wilcox-Rich class A__
29
28
*27
28
*27
•27
29
28
NOPar
*1412 2612
2612
2612
Clam; 11
2612
No par
538 534 3,100 VOillys-Overiand (The)
512 534
534 534
6% 534
a
*6512 69
Preferred
*6534 6713 *6512 6713 *6512 69
100
400 Wilson & Co Inc
3% 3% *353 37
334 334 *312 3%
No par
600 Class A
*838 9
834 9
9
9
*838 9
No par
*42
*40
*45
46
46
*40
46
45
Preferred
100
6212 6212 6418 21.000 Woolworth (F W) Co
6373 6453 6214 6312 61
10
132 13714 133 136
12353 1341, 13112 13412 27,300 Worthington P & M
10(
Preferred A
*98
_ .98
.98 104
- *98
100
300 Preferred IS
9312
92
92
924 9234 *90
9312 *90
100
Wright Aeronautical _No par
39
*32
*32
5212 *32
521 *32
39
300 Wrigley (Wrn) Jr(De4)_No pa
*7414 75% 75
75
7414 7414 •7413 75
200 Yale it Towne
*40
*4012 42
40
40
40
40
50
25
22
2314 2134 2318 218 2233 22
23,4 74.800 Yellow Truck it Coach el B.10
10 Preferred
00
*88
*88
*88
90
90
88
88
100
31,400
Young
3
Spring
it
37% 39,4 39
40
41
4014 395* 4058
Wire_Ne Par
600 YoungsSown Sheet & T _No pa
*100 115
111 114
111 111 •_. 114
73
2,300 Zenith Radio Corp----No Vo
8
813 9
514 *71
8,4
8
* Bid and asked prices; no sales on halo day. s Ex-dIvidand• p Es4/VIM
PER SHARE
Range Since Jan. 1.
On basis of 100-share icts
Lowest.
Highesi.
$ per share
2412July 25
102 Jan 21
11 July 9
24% Aug 9
36 June 18
20 June 18
9 June 25
40 Jan 23
10% Feb 18
78 Feb 10
1912 Jan 31
83 July 15
1214June 25
5513July 8
214 Jan 3
758 Jan 2
19 Aug 9
1614 Mar 10
11%June 19
958June 18
8914 Apr 10
3012June 20
1035 Aug 27
28 June 25
83 June 18
121 Feb 41
3June 24
9,
6014June 23
37 June 18
2518 Sept 5
43% Jan 31
58 Jan 31
30 Jan 7
117 July 12
4018June 18
5% Aug 8
26 Jan 2
2838June 18
Q653 Jan 6
7 July 8
83 June 16
3114.Rme 18
97 Jan 13
5 June 11
22 June 18
4% Jan 2
1513 Jan 2
19% Aug 13
30 Jan 3
218 Jan 9
18% Jan 2
1558 Jan 7
934May 28
134 Aug 7
401sJune 16
15% Aug 15
8513 Jan 8
13 Sept 4
59 Aug 14
7% Jan 2
15 Feb 26
7713 Mar 17
41 Aug 18
1814 Aug 12
38 Aug 11
171,July 10
42 July 17
15153June 25
141 Jan 4
6912June 18
30 June 23
134Sept 4
41174 Jan 2
4 June 25
22 July 17
75 June 19
101 July 14
38 May 1
60 June 18
85 Jan 24
2414 Jan 6
2012 Aug 9
2112 Jan 7
4% Jan 2
58 Jan 2
2418 Aug 22
Ja
un
g 20
2
112 A
3
16
$ Per share
32 Jan 18
110 Feb 13
2678May 19
46% Apr 14
47,2 Mar 12
39% Apr 10
18% Mar 28
4958 Mar 25
17% Apr 7
894 Mar 25
31 Apr 23
9471 Apr 16
2114 April
8914 April
612 Jan 23
13'.i July 9
25% July 25
24 Apr 24
28% Jan 31
2014 Apr 10
9.5 Sept 2
4184 Mar 1
22 Mar 18
37% Mar 25
138 Mar 21
12513 Apr 29
1718May 8
106% Mar 31
50 Apr 7
38% Apr 10
29 Apr 8
77% Apr 7
5834kfay 28
142 May 28
81 Apr 24
812June 5
68 June 5
52 Apr 28
5312 Apr 23
1974 Feb 19
105 Jan 13
493sMay 1
103 Aug 12
14 Mar 14
32% Apr 7
1474June 7
5034JulY 18
39 Mar 15
78 May
9 Apr 10
3814 Apr 10
21 May 27
20% Jan 17
4,
3 Apr 14
103 Apr 7
32% Mar 30
101 Mar 21
30% Mar 12
13933 Jan 2
1512 Apr 21
20 Apr 21
94 June 23
7513 Mar 25
35 Apr 10
83% Apr 4
361 Jan 6
531z Jan 7
198% Apr 7
141,12Sent 5
08 Feb 10
453 Apr 10
16
2
143
742 11,
A1p
ar 2
4018June 2'
50 July 10
23% Jan 2
414 Sept 5
221, Jan 23
5012 Jan 15
15034June 25
3653.1une 23
12414June 23
126 June 18
2934 Jan 18
33 June 23
98 Jan 3
10512June 25
9714 Jan 2
11312 Jan 3
10433 Jan 23
3734 Aug 29
9 Aug 13
30 June 24
7 July 9
2713June 25
3818 Jan 21
412 Aug 20
12 Sept 3
1112 Feb 26
27 Jan 3
1913May
5% Aug 26
62 June 18
313June 25
718 Jan 13
42 Jan 13
5133June 23
874 Jan 17
88 Jan 17
78 Jan 3
31534 Jan 23
6773 Apr 7
38 Aug 13
12% Jan 16
72 Jan 27
3214June 19
108 Jan 11
5
,
4 Jan 17
6312 Apr 11
55 Aug 26
4312MaY 19
212 Mar 31
2978 Mar 27
5912 Apr 7
21938 Feb Di
52 Feb 27
20112 Apr 16
197% Apr 15
48% Mar 31
36 Jan 28
110 Apr 16
11134 Sept 4
104 July 31
11812June 17
110 Apr 2
50 Mar 10
241s Apr 11
5912 Feb 17
21 Jan 7
43 Apr 4
,Mar 20
847
1378 Mar 4
3973 Apr 3
21 Apr 28
34% Jan 29
27% Mar 31
1178 Feb 6
85 Apr 3
7% klar 27
13 Mar 27
5412 Mar 31
7338 Jan 2
169 Apr 29
107 Apr 25
93 Mar 29
6912 Mar 8
80 July 26
77 Mar 1
3334 Apr 23
105 Apr 2
V Mar 7
152 AIM 7
1634June 2
878 Apr 1
34% Apr 1
823* Apr 9
10414 Aug 29
61 Sept 5
158 Mar 24
100 Mar 24
31% Apr 11
4234 Apr 2
3
r 24
04
15% Apr 1
77'e Apr
80% Mar 28
18
2
ar 2
2
77
01.423A1p
PER SHARE
110311.1 for Prestos's
Year 1929.
Highest.
Lowest.
per share 3 per 37161's
2512 Dee 6174 Jan
102 Nov 1104 Oat
-55
Oct
82
-Jan
_
2312 June
10 Nov
9078 Ana
7413 Nov
40 June
14 Nov
9712 Jan
851s Nov
1112 Oct 34% Sept
5812 Nov 150 Jan
Oct 2213 Mar
1
22% Mar
514 Nov
-1138 -LW -13-38 -Air
..-.....
16- 13-8
-6-s-
July
1312 Dec 317,2 Jan
301s Nov 61% Jan
82 Nov 181% Oct
Jan
120 Dec 125
43 Jan
7 Nov
59 Nov 140 Sept
4218 Nov 57 Sent
31 Nov
4472 Nov
3312 Dec
11412 June
4012 Nov
162 if;77
10612May
80 Oct
136
Oct
11138 Sept
19% Dec
19 Nov
4212 Nov
6 Dec
99
Oct
22 Oct
904 Oct
7 Nos
1514 Nov
3% Dec
1414 Dec
2118 Nov
28 Dec
218 Dec
12
Oct
15 Oct
9 Oct
2 Jan
841e Nov
17% Nov
82 Nov
1712 Dec
95 Nov
5 Nov
14% Dec
8114 Dec
5012 Nov
16
Oct
4018 Nov
297s Oct
48 Nov
150 Nov
137 Nov
5512 Nov
241s Nov
3 Nov
37% Nov
3% Oct
15 Oct
69 Nov
fOi"
Jan
7513 May
49% July
8113 Feb
15813 Jan
59% July
9814 Des
2633 Jan
4878 Aug
Oct
14
40% (Jet
85% Mel
93 Jan
2214 Jan
5572 Mar
Jan
19
23 Sept
10 Apr
134% Sept
72 Aug
92% Aug
49% Jan
2435s Oct
3512 Jan
61% Jan
107 Feb
1191z Feb
65 Mar
92,3 Jan
72% Mar
58
Jan
26134 Se111
14414 Mar
7154 Nov
5814 Aug
13% Jan
116% Feb
24% Jan
65% Jan
97% Feb
48
Nov 14974
Nov 110
Nov 36%
49%
Nov
84%
Dee
71%
14 Oct
87%
50 Nov
30 Nov 6412
2514 Oct 5914
42%
15 Oc
39
38
81
20
22
20
-17e
Mar
yeii
4 Oct
20 Oct
401g Nov
160 Nov
361, Oct
100 Oct
103 Nov
1913 Nov
3213 Aug
90 Nov
97 No;
8812 No;
110 Nov
102 Sept
3613 Nov
7 Nov
30 0c1
Oct
19
27% Nov
277s Nov
Oct
1
27 Doc
12% Nov
19 Oct
12% Oct
514 Oct
85 Dec
3 Dee
6% Nov
3534 Nov
5214 Nov
43 Mal
75 Nov
66 Apr
30 Nov
65 Nov
01,
4 Ye(
713 Nov
80 Mar
3313 Oct
91 No3
813 Dee
Jan
Aug
Apr
Oct
Oct
Jan
Jan
Jan
AUI
Jan
Jan
34% Jan
113% Feb
48 Mat
7212 Mar
27214 Oct
67,14 Aug
2925s Aug
284 Aug
64% Soot
3612 Apr
110 Feb
11114 Jan
Jan
102
117 Mar
11012 Jae
60 Sept
40 Sept
94% May
75 6091
5312 Nur
554 Sept
48 Jan
Z77a Jan
2934 F10
6114 Mar
62 May
Jai
35
Jan
103
1312 Jon
Jan
27
Jar
70
112 Sept
137% Sept
121012 Sent
90% SePr
199 krat,
80% Jai
88 Atm
6114 Art
554 MitY
59114 Atg
175 8091
504 lair
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1539
Jan. 1 1909 the Exchange method of voted bonds was changed and prices are now "and interest"-except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
1;.6
141a
.
at
FPrridi;
Sept. 5.
Week's
Range or
Last Sale.
1.
4
.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
t
Price
Friday
Sept. 5.
Week's
Range or
78
Last Sale. .
U. S Government.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
First Liberty LoanCundinamarca (Dept)Colombia.
ID 1003184 Sale 100"2,10112,
314% of 1932-47
24 9836,41014n
External 5 I 034s
1959 MN 68 Sale 68
J D
Cony 4% of 1932-47
100',2 Aug'30
083.1,, 101
Czechoslovakia (Rep of) 88_1951 At) 111 11178 11012
J
1.523.4 Sale 1021a, 10262,
Cony 412% of 1932-47
43 1001081102 0n
Sinking fund 8s ser B_ _ _1952 A0 110 111 110
2d cony 414% of 1932-47
•D
9931/2Feby 30
Danish Cons Municip 8s A_1946 FA 1083.1 Sale 10834
Fourth Liberty Loans1 Ss Series B
1946 FA 10912 Sale 10914
AO 102'321 Sale 10227,8 103
43j% of 1933-38
123 1002384 1031382 Denmark 20-year extl 68_1942 J J 10534 106 10512
Treasury 43(s
1947-1952 AO 1121334 Sale 112138811230n 127 1041.821111.1n
External g 5148
1955 FA 10118 Sale 10078
1944-1954 J O 1071384 Sale 1072'31108'33
Treasury 9s
27 105'62, 101'22
External g 414sApr 15 1062 AO 9438 Sale 9414
1946-1956 MS
5'.32 3°03 105"2,1062a,
Treasury 361s
23 103 106"2, Deutsche Bk Am part elf 68.1932 M S 10034 Sale 1004
1943-1947 3D 1012022 Sale 101'.as 101"2,
Treasury 3158
7 9912, 102
Dominican Rep Cust Ad 5148'42 MS 9778 Sale 9738
Treasury 314s June 15 1940-1943 3D 101134,Sale 101"2,101162,
4 98.64, 102
9434
lot ser 5148 of 1926
1940.40 924 95
State and City Securities.
2d series sinking fund 5145 1940 A0 9458 Sale 9458
NY C 33.4% Corp et_ _Nov 1954 MN
8538 Oct'29
Dresden (City) external 78_1945 MN 9958 10014 997s
MN
1954
Corporate
st
May
%
8814 Aug'29
335
East Indies extl 6s 1947• J 10212 Sale 10212
45 registered
1956 MN
61 94 Dutch
94 Feb'30
40-year external 6s
1962 MS 10214 Sale 1024
4% corporate stock
1957 MN
9738 9758
10012 9758 June'30
30-year external 514s...._1953 MS 102 10234 102
stock
MN
corporate
1957
43-5
10214 104
104 M.ar'30
30-year external 514s-...-1953 MN 10214 10212 10212
414% corporate stock_ _ 1957 MN
103 105
105 Mar'30
El Salvador (Republic) 88_1948 3' 108 Sale 108
4% corporate stock
1958 MN
9414 Nov'29
Estonia (Republic of) 7s
1967 33 7534 Sale 75
4% corporate stock
1959 MN
08
98 June'30
98
Finland (Republic) extl 6s_ _1945 MS 9414 Sale 9314
414% corporate stock_ __ _1931 AO
100 100
100 July'30
10014 Sale 9978
External sinking fund 78_1950 M
434% corporate stock _ _ _1960 MS 66%
95
9734 June'30
9934
9914 9714
External sinking fund 614s 1956 M S 97
434% corporate stock... 1964 PA
99 Mar'29
External sinking fund 5145 195S FA 88 Sale 8634
43.5% corporate stock _ _ _1966 AO
101 Mar'29
Finnish Mun Loan 614s A.1954 A0 0612 Sale 9612
% corporate stock __ 1972 AO
9912 Oct'29
External 6145 series B
1954 A0 97 Sale 97
414% corporate stock _ _1971 JO
10034 Sept'29
Frankfort (City of)s 1614s_ _1953 MN 9112 Sale 9112
414% corporate stock _ _ _ _1963 MS
10812 107 Aug'30
French Republic ext 7358_1941 J D 12512 Sale 125
414% corporate stock_ _ _1965 3D
11058 106 June'30
External 78 of 1924
1942 J o 12038 Sale 11978
435% corporate stock July 1967 J 3
10134 June 30
German Government InternaNew York State Canal 4s_ 1960
10114 Mar'29
3D 8678 Sale 8634
tional-35
yr
514s
of
1930-1965
45 Canal
Mar 1958 MS
10114 June'29
Republic extl 78_1949.40 10534 Sale 10518
Canal impt 4s
1961 J J
-66 101 German
101 June'30
Graz (Municipality) 80
1954 MN 100 Salo 100
414s
1964 3'
109 109
109
Jan'30
Gt Brit k het(UK of) 510_1937 FA 10538 Sale 10518
104
FA
Registered
Foreign Gov.. & Niunic‘pm,
el% fund loan £ opt 1960_1990 MN e37
8812 e8812
Agric Mtge flanks f 6s
1947 F A 68 Sale 67
6312 86
68
4
e5% War Loan .0 opt 1929.1947 3D el00 10018 el01
Sinking fund 6s A_ _Apr 15 1948 A 0 66
68
66
6312 8012 Greater Prague (City) 73-58_1952 MN 104 10534 10514
6714
Akershus (Dept) ext 5s_ _ _1993 M N 9714 Sale 9534
87
9714 Greek Government 51 sec 75 1964 MN 10034 103 101
9714 155
Antioqula (Dept) col 78 A1945 3 J 7512 79
71
5734
7512
7512
9
8512
Sinking fund sec 65
1968 FA 8534 87
External s 1 75 ser B___ .1945 J J 7414 7558 76 Aug'30
7012 8712 Haiti (Republic) s 1 68
1952 A0 9412 Sale 9412
External a 1 78 ser C
1945 3 J 7438 Sale 7438
70
78
871. Hamburg (State) 65
5
9314
933
4
94
A0
1946
External a 6 78 ser D
1945 J J 7412 Sale 74
7412
70
5
88
Heidelberg(Germany)eat' 714850 ▪ .1 10212 103 10212
External s 1 78 1st ser_ _ _ _1957 A 0 74 Sale 72
74
6912 8712 Helsingfors (City) ext 634s_ 1960 V 0 9334 Sale 9314
33
External sec s 1 75 2d ser_1957 A 0 74 Sale 72
74
67
16
89
9218 Sale 9134
Hungarian Munic Loan 7148 1945 J
External sec 6 1 7s 3d ser_1957 A 0 7118 75
7212
75
67
49
88
External,f 75
Sept 11040 33 8814 Sale 8814
Antwerp (City) external 58_1958 J D 9912 Sale 0812 c100
9214c100
82
Hungarian Land M Inst 715s '61 MN 9218 Sale 9218
Argentine Govt Pub Wks 68_1960 A 0 9634 Sale 95
94 100
9634 47
9618 95
Sinking fund 714s ser 13 _1961 MN 94
Argentine Nation (Govt of)
Hungary (Kingd of) at 7148 1944 FA 100 Sale 100
Sink fund 65 of June 1925-1959 .1 D 93 Sale 9438
08
9438 100
73
100
Irish Free State extls 5 6 58_1960 MN 10018
Ext1 s f Os of Oct 1925..1959 A 0 9712 Sale 95
9412 0978 Italy (Kingdom of) extl 7s_ A951 • D 984 Sale 9812
9712 66
Sink fund Os series A
1957 M 5 9714 Sale 05
9458c100
9711 110
9614 9634 9612
MS
Italian
Cred
Consortium
78
A1937
External 138 series B _ _Dec 1958 J
9712 Sale 95
95 100
9712 41
96
External sec sf 75 ser 13_ _1947 MS 9312 96
Exti s 65 of May 1926.1960 MN 9712 Sale 9512
94 10018 Italian Public Utility ext1 78 1952 34 95 Sale 95
9712 61
External 8108(State Ity)_1960 M S 9734 Salo 9512
9734 92
9458c100
Sale
9712
9712
48_1931
33
Japanese
loan
Govt
£
Esti 68 Sanitary Works_ _1961 F A 0612 Sale 9538
95
97
9934
90
1954 FA 10538 Sale 10518
30-year 5 i 6145
Extl Os pub wks(May'27)_1961 MN 9712 Sale 96
9712 40
94 19038
Extl sinking f und 5 As_ _ _1965 MN 9358 Sale 9312
Public Works ext1 53-48_1962 F A 9114 Sale 91
89 c07
92
22
Bank)
Jugoslavia
(State
Mtge
Argentine Treasury 5s £_ _ _1915 31 S 89
9012 8834
85
1)3
8834
3
1957 • 0 85 Sale 8434
Secured s I g 78
Australia 30-yr. Es_ _July 15 1955 J J 88 Sale 8734
8878 56
8.112 9414 Leipzig (Germany) of 78_1947• A 9814 90
9314
External Os of 1927_ _Sept 1957 M S 8814 Sale 88
8878 211
84
9414 Lower Austria (Prey) 7 148_1950 3D 96 Sale 96
External g 414s of 1928_1956 M N 8112 Sale 8118
811.1 40
774 8534 Lyons (City of) 15-year 6s A934 MN 10534 106 10538
Austrian (Govt)5 t 75
1943 J D 104 10434 10412 10478 2C 10214 105
International s f 7s
1957 J J 0234 Sale 9214
9218 9518 Marseilles (City of) 15-yr (is 1934 MN 10534 106 10512
03
4S0
Bavaria (Free State) 6 14s_ _ _1945 F A 9538 0612 96
91
96
9812
1
67 Sale 64
J
Belgium 20-yr s t 85
1941 F A 109 Sale 10858 10918 21 10734 11112 Medellin (Colombia) 614s_ A954
1612
Mexican hi-W.9A Asstng 43401943
25-year external 6 hs__ _1949 M S 10912 Sale 1C918
10912 21 10534c11012 Mexico(US)°Al 5s of 1899 '45
-2228 23
26
External s f 65
1955 1 .1 10538 Sale 105
10538 27 10118 10612
2134 Sale 2134
1945
Assenting 5s of 1899
External 30-year s f 78_1955 3 D 11434 Sale 11434 11478 37 10914 1155
19
2012 2034
8
Assenting 5s large
Stabilization loan 75
1956 M N 11012 Sale 110
11012 48 107 11012
1658 Sale 16
Assenting 4s 01 1904
Bergen (Norway) 5 f go
1945 M N 11058 Sale 110% 11058
5 110 11212
1934 Sale 1912
large_
_
_
_
1910
Assenting
of
4s
25-year sinking fund Cis_ _1949 A o 10118 102 10114 Aug'30
99 10208
2012 Sale 1912
Assenting 48 01 1010 small _ _
Extl 5 f Is
1960 M S 9634 Sale 9658
97
32
2578 Sale 257s
9658 97
Treas 65 of'13assent(large)'33
Berlin (Germany) 8 f 638_1950 A 0 9634 Sale 96
9212 89912
97
22
25 Sale 2414
Small
External sink fund 681958 J D 9012 Sale 90
85
9012 14
9434 Milan (City, Italy) extt 634s '52 A 0 9014 Sale 90
Bogota (City) extl s f Ss__ _ _1945 A 0 9512 96
95
9212 9912 Minas Geraes (State) Brazil8
954
Bolivia (Republic of) extl 88_1947 MN 8878 Sale 88
S878
8118 100
9
1955 M S 69 Sale 6812
External 5 1 615s
External securities 75
1958 J J 6878 Sale 66
69
64
8624
9
6858
S 6858 60
Exti sec 614s series A
1059
External s 1 75
1969 M S 6712 Sale 66
68
6213 84
25
J D 10112 102 10114
78_1952
of)
Montevideo
(City
Bordeaux City o1) 15-yr 68.1934 MN 10534 Sale 1054 106
11 10214 10G5
1959 MN 9214 Sale 9214
Externals I 65 series A
Brazil (U S of)external 8s 1941 J D 97 Sale 9612
994 108
04 10212 Netherlands 6s (flat prices)_1972 114 S 10518 107 10578
Externals 6 610 if 1936 1957 A 0 76 Sale 7212
76
7134 5512 New So Wales (State) esti Is 1957 F A 8614 87
163
8538
Extl 86 614s 0(1927
1957 A 0 7318 Sale 7318
7334 151
7218 e5512
8514
Apr 1958 & 0 8512 86
External s I 58
78(Central Railway)
1952 J D 85 Sale 8434
86
80
9312 Norway 20-year esti 6s--1943
121
A 10434 Sale 10434
71.68 (coffee seur) £ (flat) 1952 A 0 1015s Sale 10034 10158
95 10518
4
1944 F A 10518 Sale 10434
20-year external 65
Bremen (State of) ext1 7s.... _1935 M S 10212 Sale 10212 10234 36
9812 104
1952 A 0 10212 Sale 10214
30-year external 65
Brisbane (City) st 58
1957 M S 8138 Sale 8012
8138 19
80
1965)D 10212 Sale 10214
90
40-years I 5145
Sinking fund gold 68
1958 F A
8118 96
81 Sale 81
804 8834
Externals f 5s_ _ _Mar 15 1963 SI S 10034 Sale 10014
Budapest(City) extl 16s_ _1962 J D 75
77
73
5512
Municipal Bank call 81 5s 1967 J D 9912 Sale 991s
Buenos Aires(City)6 As 213 1955 J .1 9614 93
96
96
96 10012
5
Municipal Bank extl 811 58 1970 1 D 9914 100 10014
External 51 Os sec C-2_ _1960 A 0 90 100
95 Aug'30
_
91
9823 Nuremburg (City) extl 68-1952 F A 87
88
88
External s f Os ser C-3._ _ _1960 A 0 03 Sale 93
93
90
9534 Oslo (City) 30-year s f Os....1055M N 104 Sale 103
1
Buenos Aires (Prov) extl 68_1961 PA S 83 Sale 8234
88
80
91
30
1946 F A 100 10058 100
Sinking fund .514s
Loll 5 f 6 ,s
1960 F A 8312 Sale 83
84
4
8212 8634 Panama (Rep) esti 514s
1953 J D 10212 Sale 10212
Bulgaria (Kingdom) sf 78_1967 4 J SO Sale 80
8312 31
764 8514
Esti of 5s ser A_ _May 15 1963 MN 9512 Sale 95
stabll'n s I 734s Nov 15 '68 --- 8318 Sale 80
80
80
0014 Pernambuco (State of) extl 78'47M S 7012 72
1
70
Caldas Dept of(Colombia)7148'46 .1 J 85 Sale 85
86
8
81
9312 Peru (Rep of) external 76_1959,M S 8618 8912 8334
anada (Dominion of) 5s
1931 A 0 10078 Sale 10078
10078 15
6734
Sale
6612
993
4
19603
ser
D
10112
extl
s
f
lis
lot
Nat
Loan
58
1952 M N 106 Sale 10512 106
36 10214 100
Nat Loan ext.! f Os 2d ser 1961 14 0 6714 Sale 6612
4155
1936
10118 Sale 10058
10118 10
76
7434
9734 10238 Poland (Rep of) golds 68_ _ _1940 A 0 73
Calsbad (City) 5 f 85
1954 J J 10512 10734 10012 Aug'30
_ 103 10978
Stabilization loan sf 78_1947 A 0 35 Salo 8418
Cauca Vol (Dept) Colom 714s '46 A 0 91
92
91
91
5312
95
1
External sink fund g 8s-1950 .1 J 94 Sale 9334
Central Agric Bank (Germany)-Porto Alegre (City of) 88_1961 J D 90 Sale 90
Farm Loan 81 7s Sept. 15 1950 M S 01
9114
92
9112 27
0114 951,
Exti guar sink fund 7345-1966 J J 81 Sale 80
Farm Loan s f Os July 15 1960 J J 8034 Sale 7912
82
22
7714 004 Queensland (State) extl s I 75 1941 A 0 104 Sale 10334
Farm Loan s f 6s Oct 15 1960 A 0 8012 Sale 7912
8178 82
773
1047 F A 994 Sale 9958
4
90
25-year external Os
Farm Loan 68ser A Apr 15 1938 A 0 00 Sale 8958
90
17
8112 94
Rio Grande do Sul extl s f 88 1946 A 0 9312 Sale 91
Chile (Itep)-extl S f 78
1042 MN 10014 Sale 10014
102
23
External sinking fund 68_1968 J D 0134 Sale 6112
9912 10314
External sinking fund 68_1960 A 0 89 Sale 8818
90
60
7534 74
88
9458
Externals f 75 of 1926_ 1966 MN 74
External s I 68
1961 F A 89 Sale 8814
8834 46
74
74
88 c9412
External et 7s munic loan 1967 1 D 73
Ry re/ esti 5 f Os
1961 J
8012 Sale 8838
8912 33
9514
Sale
9514
A
0
88
18s_1946
25-year
91
de
Janeiro
Rio
Esti sinking fund Os
1961 M S 8814 804 883g
89
31
1953 F A 6712 Sale 67
83
01
External s I 614s
Extl sinking fund 68
1962 M
89 Sale 8818
c91
30
1952 A 0 9134 Sale 9112
88
9414 Rome (City) extl 63-55
Extl sinking fund 6s
1963 M N 89 Sale 8818
90
63
8814 0134 Rotterdam (City) extl 68_1964 Al N 105 Sale 105
Chile Mtge Bk 6145 June 30 1957 J D 90 Sale
19
92
99
Roumania (Monopolies) 75.-1959 P A 8112 Sale 8112
Of 6358 of 1926__June 30 1961 J 13 9712 074 974
98
8712
10
94 10034 Saarbruceken (City) 6s
1953 3 3 9012 92
Apr 30 1961 A 0 89 Sale 8858
Guar 816s
5912 57
8612 91
Sao Paulo (City) at gs_Mar 1952 M N 9934 100 100
1902 M N 8838 Sale 884
Guar s 68
89
45
8712 01
External s 6 6148 of 1921-1057 MN 71 Sale 67
1960 M S 94 Sale 90
Chilean Cons Music 78
94
24
95 Sate 95
90 c9S
San Paulo (State) extl 51 88_1936 J
D 20
Chinese (Hukuang Ry) 5s 1951
22
22 Aug'30
_
1950 1 J 91 Sale 0058
21
External sec 5 1 99
30
Christiania (Oslo) 30-yr 5 f Os '54 M S 10312 Sale 10312 10312
79 Sale 7834
2
100
Water
L'n_1950
114
S
sf7,
10312
External
Cologne(City)Germany 6145 1950 III S 9314 Sale 9138
9314
5
1968 J J 93 Sale 5934
0018 c9834
External s f 6s
Colombia (Republic) 6s
1961 J
7112 Sale7312 24
1940 A 0 8818 Sale 88
6678 c83
Secured s 1 7s
External s 68 of 1928 __ _1961 A 0 70 Sale 7
d1
75
33
68
8172 Santa Fe (Prov Arg Rep) 73 1942 M s 9012 Sale 90
Colombia Mtg Bank 614s of 1947 A 0 73
7012 73
73
1
9712
6514 8214 Saxon State Mtge Inst 75-1945 J D 0912 97
Sinking fund 7s of 1926_1946 M N 8112 83
82
82
1
71
87
Sinking fund g 614s_ _Dee 19403 D 004 914 90
Sinking fund 78 of 1927.1947 F A
8114 8412 81
1
70
Seine, Dept of (France)ext,17s'42 J J 10778 Sale 10778
89
Copenhagen (City) Ss
1952 J D 100
____ 100
111)
112 24
9534 10012 Serbs Croats & Slovenes 8s '62 P4 N
25-year g 4345
1953 MN 94 Sale 0334
94., 81
97 Sale
e 8
1962 hO N 8
96
0114
2
8812 9412
External sec 78 ser B
Cordoba (City) extl 5 f 78_1957 F A 8014 83
801,i,
5011"
4
1
1958 3 D 7014 7114 704
Silesia (Prey of) extl 7s
7614 93
External s f 7s___Nov 15 1937 MN
92 Sale 02
92
7814 Sale 7314
2
82
9552 Silesian Landowners Assn 65 1947 F A
Cordoba (Prey) Argentina 781942 3 J 9312 Sale 0312
9322
1
92 100
901390118 (City of) extl 65-1936 M N 10534 Sale 10538
Costa Rica (Remit)) extl 78_1951 itt N 8014 8712 85
8614
2
Styria (Prov) external 76-1946 F A 9214 9212 9214
8314 91
Cuba (Republic) 5s of 1904A944 M S 101 Sale 100
101
2
98
external loan 5358_1954 MN 1107 Sale 10414
Sweden
101
External 58 of 1914 ser A-1949 F' A 103
____ 10118 Aug'30
9618 102
Swiss Confed'n 20-yr 51 85_1940 J J 10634 Sale 106
External loan 4148 ser C _1949 F A 00
9712 97 Aug'30
_
0012 97
Switzerland Govt extl 5358_1946 A 0 105 Sale 104
Sinking fund 5145 Jan 15 1953 J J 101 Sale 101
102
8
99 10212 Tokyo City 55 loan of 1912_1952 M S 8012 8212 8008
Public wks ohs June 30 1945 J D 93 Sale 9234
9314 27
External s f 5145 guar_1961 A 0 93 Sale 9158
9234 9412
S Cash sale. e On the basis of 5500 the £ sterling.
Range
Sinle
Jan. 1,
High No. Low
8
68
5
111
3
11014
10912
2
110
29
106
10112 57
9412 80
10078 36
9812 22
2
95
1
9458
1
9978
4
10234
10234 15
1
102
10212
1
1
108
5
7534
9414 15
10014 14
9734 13
52
88
9612
1
1
97
9112 22
12578 133
12034 204
166
119
3
88
High
65
84
10914 111
10314 11112
10812 111
10818c112
10312c107
9912 10178
9012 9412
97 10218
9312 101
8934 9612
9018 96
96 102
1014 103
10112 10312
10158 104
10158 104
10334 110
75
88
0134 9734
9578 10114
9112 9812
8418 92
927g 99
9234 9812
9112 95
11738 126
11218 12034
8612 9114
105 1097a
94 102
10212 10534
104 104
18238 90
c9714 101
10212 10712
07 10314
81
8834
9212 10014
91 c9312
10012 10412
9212 94
9014 0814
94
86
91 100
9012 9812
9934 10438
96 10038
9414 101
93
9812
9234 9358
02
9878
9434 984
10112 10578
8912 9436
8714
106
10018
10512
Apr'30
Aug'30
Aug'30
Aug'30
Aug'30
8612
9612
9418
Aug'30
94
9218
8814
9218
Aug'30
1004
10014
9378
9634
9634
0514
9734
10558
94
28
2
21
5
_
14
8
85
5
11
9
24
74
128
85
9314
06
106
15
1
1
49
7714
9478
9312
10212
12
106
67
12
13
36
Apr'30
_
24
50
Aug'30
174 106
213
48
2112 139
2712 29
32
27
9058 34
10212
704 14
70
10
102
12
9214
2
10578
4
8034 13
8514 10
10514 20
10514 24
103
7
10314 34
101
64
0912 35
6
10014
Aug'30
34
104
10020 10
3
10234
9512 37
10
75
8918
5
6724 50
68
30
7512 12
85
71
9412 44
9212
2
81
3
104
29
10014 17
94
73
6412 28
7418
4
74
1
9614 15
6914 41
92
31
10518 13
5112
4
Aug'30
Aug'30
71
14
96
10
9112 20
7912
8
637s 28
8914 121
9112 21
9712
3
914 10
10818 17
52
8
97
714 56
7138
7
80
21
106
33
9212
3
c107
13
10678 43
105
178
82
33
93
43
65
83
08
8212
9834 103
90
967s
103 10784
80
90
80
90
101 10512
10214 106
10138 104
1004 10314
9634 10114
9434 100
9738 10014
82
9212
100 104
9838 10212
1004 10312
8912 96
70
90
8334;10112
6158 84
6134 8-114
74
81
79
8838
92
98
90 100
80
9412
10234 110
9518 10414
90 103
6112 804
7112 9314
73
8912
9212 10514
65
85
87
9434
103 10512
8112 85
8058 9078
95 107
6412 84
94 10214
90 101
784 9312
5934 81
88
'J618
87
9534
93 100
86
97
1064;10912
87
98
7534 88
06
82
72
847s
1014 107
813
934
10314 10714
106 C10931
10212 115
7478 82
8714 93,2
__
11
9
11
1038
26
15
1612
1014
1034
1012
18
1238
85
86
10114
100
10658
10634 80
18
26
24
204
17%
2134
2112
2712
27
95
1540
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
New York Bond Record—Continued—Page 2
Price
Friday
Sept. 5.
Week's
Range or
Last Sale.
Bid
Ask Low
High
Foreign Govt. &Municipals.
7418
7418 Sale 7418
Tolima (Dept of) esti 78___1947
N
Trondhjem (City) 1st 5Hs..1957 MN 9812 100
9814
9814
9812
Upper Austria (Prov) 7s_ _ _ _1945 • D
98
9112
Externals f 6 Hs_June 15 1957 IL) 9112 gale 91
10684
Uruguay (Republic) extl 85.1946 P A 10538 10634 106
9334
External $ f (is
1960 MN 9234 Sale 9212
9334
Esti s f es
May 1 1964 MN 9234 0314 93
96
Venetian Prov Mtge Bank 7s '52 AC 9538 9634 9512
Vienna (City of) esti 8 f 68_1952 MN 87 Sale 8618
87
734
7312
Warsaw (City) external 78_1958 P A
7212 73
99
Yokohama (City) exti 68_1961 J D 99 Sale 98
Railroad
10312 May'30
Ala Gt Sou 1st cons A 5s___-1943 ▪ D 10412
let cons 48 ser B
1943ID 9512 -- 9438 Aug'30
Alb & Susq 1st guar 3;0_1946 A0 8914 -- 89 Aug'30
Alleg & West 1st g gu 48
- 87 July'30
1998 AO 8734
9812
98
Alleg Val gen guar g 48
-- 98
1942 M
Ann Arbor 1st g 4s----July 1995 Q J 84 -11412 84
84
98
Atch Top & S Fe—Gen g 48.1995 A0 9718 Sale 9712
9514 Aug'30
AO
Registered
Adjustment gold 4s__July 1995 Nov 94 -- 94 Aug'30
95
N 9414 Bale 9414
Stamped
July 1995
_
111 N
9018 Aug'30
Registered
9314 Aug'30
Cony gold 4s of 1909
1955 J D .u318
9334
Cony 48 of 1905
1955 J D 9318 -- 0334
- 9214 Aug'30
Cony g 4s issue of 1910
1960 J D 9112
13012
Cony deb 4348
1948 J D 130 Sale 30
9418
9418 Sale 94
Rocky Mtn Div let 48
1965 j
9612
Trans-Con Short List 48_1958 I" 957 -- e612
S 102388 103
0238 103
Cal-Aria 1st & ref 4348 A_1962
- 014 Apr'30
AU Knoxv & Nor 1st g Os_ _1946 Jo 10438
964 July'30
_ on
Atl & Char' A L 1st 4Hs A 1944 .1 .1
104
18t 30-year Os series B
1944 ii 104 10412 04
- 92 Aug'30
Atlantic City let cons 48
1951 II 9212
AU Coast line lot coos 48 July'52 M
97
0634 97 964
MS
9212 May'30
Registered
General unified 4%8
1964 ID 102- gide 0112 1024
L & N coil go1d 48____Oct 1952 MN 9278 Sale 9234
93
60 5878
60
Atl & Dan 1st g 48
1948 II 58
5212 Aug'30
2d Si
1948 Ii 5212 64
87
Atl & Yad let guar 48
1949 A0 87 Sale 86
Awstin & N W 1st gu g 5s.1941 Ii 10118 -- 01 July'30
Bait & Ohio lot g 48____July 1948 40 9778 Sale 0834
9778
96 Aug'30
Registered
July 1948 g J
10114
20-year cony BO
1933 MS LH" gLifeT 01
MS
Registered
004 Aug'30
Refund & gen Os tortes A...1995 J O 10834 faia 0418 1044
J D
0234 Aug'30
Registered
let gold 58
July 1948 40 10713 Sale 0678 10712
11078
Ref 'St gen ()flimsies C.,.... 1995 J O 11014 Sale 10
9638
PLE&W Va Sys ref 48.-1941 MN g512 974 96
Southw Div 1st Os
1950 J J 10438 Sale 044 105
Tol & Cin Div lot ref 4$ A..1959 I, M18 887s 8838 Aug'30
105
Ref & gen 58 series D__ _2000 MS 105 Sale 0418
Cony 4Hs
1960 FA 101 Sale 0034 10114
105
'
I 105 Sale 105
Bargor & Aroostook let 5s 1943
9278
COD ref 48
1951 Ii 923s 9234 9218
-- 62 Apr'30
Battle Crk & Stur 1t gu 38.1989 J O
9714 Aug'30
9712 9812
Beech Creek let gu g 4s.__ _1936 II 6238Jan'30
2d guar g bs
1936 Ii 10014 --- 100
Beech Crk ext 1st g 314e_ _1951 AO 8514
-- 84 July'30
-'
I
Belvidere Del core iru 3Hs_1943
9518 96
Big Sandy let la guar
98 Aug'30
1944 ID 874-Boeton & Maine let Os A C_1967 M S 10218 Sale 10112 10218
1st m Os series 2
1955 MN 10114 Sale 10034 10114
8612
Boston & N Y Air Line 1st 4s 1955 FA 8614 8634 8612
97
Brims & West 1st go e 4$.193S .1
9678
-- 97
Buff Koch & Pitts gen g Os-1937 MS 10134 Sale 10134 10134
96
Consol 4345
1957 MN 95% Sale 9518
Burl C R Sc Nor let & coil 54_1934 AO 10112 10214 10112 Aug'30
Q
ta
Range
Since
Jan, 1.
No. Low
1
11
3
11
9
38
15
11
30
4
32
Big"
6712 87
9313 984
9234 9812
8114 9112
1044 10914
9238 9912
93 c9814
88 •98
82 c95
7014 8334
95
99
10034 10312
92
9412
8338 89
87
85
9212 9812
7
76
894
1
9138 9814
01
9514
90
874 94
8778 95
6
854 90'8
9312
87
94
88
8914 9214
6 12012 14112
9418
88
8
go% 96'2
1
97 10312
5
10214 104
95
9712
1 10012 10412
92
87
a 90 9738
21z 9212
ma 10312
42
8812 9312
17
58
7312
10
5238 6212
824 8814
4
99 101
9112 9778
23
90
96
ups 10114
97
ggt, 10014
84 101 21051.2
102 10234
16 10118 10712
95 10812c111
91
963s
18
9 10012 1064
8938
84
67 1014 105
uoil 1044
210
5 10138 105
93
84
16
62
82
u512 9714
100 100
84
78
--
18
161
4
1
1
37
-89F2 96
90 10218
9878 10114
87
81
9278 97
994 103
96
90
9912 10112
Canada Sou cons go Ss A-1962 AO 10634 Sale 10634 10718 11
9912 15
Canadian Nat 4 Hs_Sept 15 1954 MS 9912 Sale 9918
9912 55
9912 Sale 0518
30-year gold 4348
1957 .1
9978 148
Gold 430
1968 J O 9912 Sale 99
Guaranteed g 58„--July 1969 J J 10514 Sale 10434 10514 47
10514 29
Guaranteed g 511---Oct 1969 AO 10514 Sale 10478
1054 56
Guarar teed g 58
1970 P A 40518 Sale 105
Canadian North deb a f 7s 1940 J O 11218 Sale 11134 11218 16
6
20
-years I deb 63,4.
1946 3, 118 11812 11814 11812
11314 Jan'30
Registered
2
10-yr gold 434s_Feb 15 1035 P A 10012 Sale 10012 10012
9012 109
Canadian Pac Ry 4% deb stook_ _ J J 9012 Sale 8934
1004 15
Col tr 434s
1946 64 S 10012 Sale 10014
2
1944 J J 10414 10412 10414 10414
Os euulo tr etfe
Coil Cr g 5e
Dec 1)954 J O 10318 10378 10338 10378 38
100
99
196011 9878 Sale 9834
Collateral trust 048
1
9878
Carbondale & Shaw let g 43_1932 M 8 9878 Bale 9878
85 85 Aug'30
Caro Cent let cons g 48_ _ _ _1940 J J 80
Caro Clinch & 01st 30-yr 58_1938 J D 10214 -- 102 Aug'30
10818 109 10778 10778
1st & eon g 6s ser A Dec i5'52 J
1981 J D 9012-- — 8634 June'30 —
Cart & Ad 1st gu g 4s
1948 J D 8578 8812 87 Aug'30 Cert Branch U P let g 4s
105 June'30
Com tral of Ga 18t g bs__Nov 1945 F A 10512 _
10234 19
.1945 MN 10234 Sale 10238
Corso! gold 56
MN
100 Feb'30
Registered
10514 11
Ref & gen 5146 series B___1959 A 0 105 Sale 10514
39
1959 A 0 102 10214 10134 102
Ref & ger Ss series C
8018
8818
July'30
48_1951
J
D
Div
pur
money
g
Matt
Mac & Nor Div 1st g 58-1946 J J 1033s --- 10314 Aug'30 -Mid Ga & All Div pur m 58'47 J J 10112 10312 10214 July'30
10334 _-- 10212 May'30 -1946 J
Mobile Div let g 58
18
89
1961 J J 88 Sale 87
Cent New Eng 1st gu 4s
9934 June'30
_
Central Ohio reorg 1st4Hs1930 M S
Cent RR & Bkg of Ga coil Os 1937 MN -57Es 1-60.- 9714 Aug'30
11
114
Central of N J gen gold 5s__ _1987 I J 11334 115 114
5
113
Registered
1987 Q J 112 116 113
General 48
1987 J 1 9612 9814 9714 Aug'30 -9712 10
Cent Pac 1st ref gu g 4s__ _1949 F A 97 Sale 9834
90 Mar'30
F A
Registered
Through Short L let gu 481954 A 0 9314 9412 934 Aug'30
24
Guaranteed g 58
1960 F A 10478 Sale 10412 105
10212 1074
9318 094
9214 994
924 994
9914 10512
1014 10514
10312 10514
10934 11218
113 11812
11314 11314
9818 10138
8312 9012
0658 10012
10034 105
10112 104
985e 99
9878 9878
74 . 8512
9912 10212
100 11012
8534 8534
82
87
10138 105
10078 104
100 100
104 10534
9838 10278
8412 89
100 10314
98 10214
100 103
814 89
9912 100
9512 102
10734 114
107 113
8414 9714
9114 9712
90
90
9038 c9834
10034 10538
Charleston & Sav'h let 78_1936 J J
1939 MN
Ches dr Ohio let con g 58
_1939 M N
Registered
General gold 430
1992 M S
Registered
M S
Ref & impt 4Hs
1993 A 0
Ret&lmpt434sserBlgg5j J
Craig Valley 1st 5s_ _May 1940 J
Potts Creek Branch 1st 43_1946
J
R & A Div lat con g 4s _-.1989 J
2d consol gold 4s
1989 J J
Warm Spring V 1st g 5s..1941 M S
Cheap Corp cony ba_May 15 '47 M N
Chic & Alton RR ref g 3s1949 4 0
CII dep stpd Apr 1930 int----Railway first lien 334s , 1950
Certificates of deposit..........
Chic Burl & Q—III Div 33,45.19491
Registered
j J
Illinois Division 413
1949 J J
General 48
1958 MI S
1st & ref 4348 ser B
1977 F A
lat & rei 5s aortae A
1971 F A
Chicago&EastIlllstOs-1934•0
C Jr E III Rv (new col eon 58.1951 NW
c Cash sale.
1114 -- 108 Dec'29
10412 14
10414 Sale 10414
104 July'30
104
89
10318
1034 Sale
10114 10212 102 Aug'30
78
10078 101 10034 101
101 Sale 10034 10114 73
101
- 102 July'30
9014
9014 Sale 9014
1
9518
9541 Sale 9518
92 Aug'30
95
90
1007s July'30
10112 _
10078 145
10034 Sale 10014
7412 30
74 Sale 7312
6912 Aug'30
7334 75
7934 Aug'30
7934 80
7934- 78 Aug'30
1
9038
904 gile 9038
91 Aug'30
9714 16
97 Sale Doi
9678 17
9634 Sale 9634
10238 103 0218 10214 11
1101s 12
11018 Sale 0018
10334
- 0378 Aug'30
5
71
691,tia; 691,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
Price
Friday
Sept. 5.
Bid
AA Low
High
N 10718 Sale 10718 10718
Chic & Erie 1st gold 5s
1982
Chicago Great West 1st 4s 1951 MS 7334 Sale 73
7334
Chic had Sc Louisv—Ref68_ _1947 J
11412 Sale 11338 11514
Refunding gold 58
104 July'30
1947 ▪ J 10312
Refunding 48 series C
1947 I, 9234 ____ 9234 Aug'30
1st & gen 5s series A
1966 MN 10234 Sale 10234 10314
1st & gen Os ser B_ __May 1966 I J 108 109 108
108
Chic Ind & Sou 50-yr 48...._1956
9412 ____ 92 July'30
Chic L S & East lot 001980 ID 1003s -- 10112 10112
87
Ch M Jr SOP gen 4a A_May 1989 1 3 8612 87 8612
85 Mar'30
Q J
Registered
7612 734 Aug'30
Gen g 3348 set 13_ - __May 1989 3.3 75
9512
Gen 4Hsseries C_ _ _ _May 1989 33 9512 Sale 9512
9534 9614 9538
Gen 4Hsseries E__ __May 1989 J
954
Gen 44sseries F _ _ _ _May 1989 J J 100 Sale 100
10014
Chic Mllw St P Sc Pee 58.._1975 P A 8638 Sale 8434
8812
52
15 v8844 go,gJ
18
00
80
7 40 5114 Sale 5034
3aH
n9
-1_2
MN 8178 83
Chic Sc
81 Aug'30
g F 7438 ___ 77 June'30
Registered
9318
General 4$
1987 MN 9238 9312 9318
Stpd 4s non-p Fed Inc tax '87 MN 9218 9512 9112 July'30
Gen 448stpd Fed Inc tax.1987 MN 11002734 10712 107 Aug'30
Gen 58 stpd Fed inc tax_ _1987 MN 11138 ____ 11134 A'30
ug
MN 105
10512 July'30
Sinking fund
-_-_-_-_ 10234 A'30
N
ug
di deb 5s
1b'3
1010
4
MN
10
99 Fe
11,5iyrearaec
ill
191093812 11114
g 5,tired g 0411
11993336
10912 10838 10838
ref
May 2037 D
1st & ref 41.0
101
1003s 100
May 2037 ID
Cony 44s series A
1949 MN 11100°099: Sale 10038 101
95
J J 9438 Sale 9412
ChicRItegI
91 Aug'30
fA
sX:Ctlailway gen 45 1989 J J 914 94
9914
A0 9918 Sale 9918
Refunding gold 4s
95
Jan'30
40
Registered
Sale
MS
9712
9714
red
973
4
94
4.iss series A
195
32
4
9912
MN 0012 Sale 9878
ChGS
104 July'30
oltdL&
3x8N 0 Eis_June 15 196
50
1 3D 104
102 Mar'30
it)
Registered
81 July'29
ID
Memphis Div lstj
g
un
46
8.1_6
_1
19
961
51'ID 8878 ___- 9012 Mar'30
Ch St L & P 1st cons g 5s--_1932 40 10
12 ____ 10038 Aug'30
%038
_ 10038 Aug'30
40
Registered
Chic T H & So East 1st 5s_1900• 13
96 Aug'30
13
5
ale 8234
83
Dec 1 1960 MS 18
Chic
08
218 Aug
__ 10
ug:3
30
10238
'n leO
gp tsgu 434s A,1063
:
o
h te Os
g
ro
a
unsi35eteed
ta
Sries
1963• 1
9869
:184 Sa1
1:69:56e- 10418
10418
• D L04
1st guar 634s series C__ _ _1
11514
Sale 11514
196
943
4 Ii
10238 July'30
Chcic0,8107
e
n
sea
drirges4e4nA
68.Dec 1932 QM
9234
9238
.1, 9238
00-year
1st ref 5Hs
98
7
2
08
3:4
2 10
MS 10558 10578 19
30
0
Choc Okla & Gulf cons 56_1
08
214 .A,8
Atig:3
— 19
07
23
11 fa,
95
5
62 MN 19
19
'
3
4,4,
13Nc
2
0drist
gs
old 434s----1937
0
c1
nE3
li
Le
tL
b
A
Q F 9712
g
t8
4o
sn_A
g7
4
Itegistered
Aug 2 1936 Q F 94
MN 9438
1
u
ul7
9
b
y.0
:2
3318
64°
0
9,
90
45:4
8r
Clearfield M Mali Ist gu 58__1943 1
90_05
_ 1_4 _9_9_4 19
Cleve CM Ch & St L gen 48_1993 J D
20-year deb &Hs
4004 ____ 0014
10014
1931 1
__ 09
109
General 5s series B
1993 • D
Ref &!runt 6s ser C
9
'
1310
4
4 Aug
05
118
10334 1-0-514 9
J
Ref& Inapt 58 ser 13
1963
41 31 10414 10412 05 Aug'30
Ref & imPt 4348 ser E_ -_ _1977 I, 10118 Sale 0078 10138
Cairo Div 1st gold 4s
1939 J
Cin W & M Div lst g 48_ _1991 ii
rE1trL,s8De
lv
011ap
ticvoilla
trgg49
4!_. __:1
199
40 MN
MS
cc
Wc&i9
WVa
Val 8
Div
vc let g Ls __ :
__ :
19
93
44
0J J
J
99989943491!
1118 1i
AAju
st:n
g
138r'
:'933
333:0
;s4
i9i
1_66
1
-;
1 ;
0
9998939;
1 A
40 10
Clieve4
90
912 m
Ap
ar
r:3
30
09
018
8 ________ 0
4zr1 M
AaW
hon
eon
Valstg
:.:1
1933 J J 19
g bs
!38
Cl & Mar 1st gu g 434s
1935 MN
Cls
er
Moavr:2
28
9
ri&
e8Pgen4
38
9
0514
032 N
rs, 8u 434s ser 13_1942 AO 9958
4%5_110894: A0 8814 ____ 87 Mar'29
J
Series A 4;0
J
m
ua
ny
e:8
30
Series C 334e
1948
2 MN
Series D 33,48
1950 F
40 103 10414 103 Aug'30
Cleve Shot Line 1st Era
Cle
levtesUfni
5s
onseT
rieersmplst 5;0.1972 A0 10938 110 10938 10938
107
A0 107 Sale 107
10212
:
1
,:
12
0
94
73
5
7 40 10212 Sale 10218
11,2115
47 R
r y4H
u
:
8:
tit4
C
s
:
:
:
9412 9212 Aug'30
Coal
92
J
letR
e
9:
9878 u 0
81
39 1 10
0
,28
17
154
82 S99
y9.9
Colo & South ref & ext 435111
131
:
10
MN 10
-.(
,
.N
Genl m 43.0 ser A
1980
Col & H V 1st ext g 4s
1948 AO
e
7
:
33
30
812.1n9
Col & Tot let ext 4s
1950 FA 8718 9134 86
Coin & Passum Rlv let 48_1
0
63
0
194
CoN
nso
o..8
,
1 Rzynon-cony
1954 ;fr I 73 Sale 73
b u 48
1955 J& •-•
118 JA
uug
ne:36
0
71'8 79 73
Non-cony deb 4s
7034 Aug
m310
8
Non-cony debenture 48_1956 1 1
CubaCu1)a 1Nor
tR 18
,
2
5 JA D: 5112 Sale 51
4
R
195
4y501-sy
_ _ _1
tet;
345,
8,
6934
6612 Sale 6612
7412 7512 Aug 30
let ref 7346 series A
1936 J 11 71
65 Aug'30
63
lat lien & ref 68 ser B
1938 r D 60
cSegy
82.194362
mt
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
High
No. Low
4 102 10718
64
7334
242
12 112 11512
10134 10412
92
92
99 105
3
5 s10412 10918
92
89
9384 10112
2
844 877s
8134 85
724 79
9238 97
1
9238 9612
5
9712 10014
49
84
9634
194
4912 7812
143
7712 81
75
77
8778 934
1
884 93
100 108
107 112
105 10812
1004 10234
99
99
26 10734 11014
15 10434 10834
95 101
23
9712 10514
135
20
52
68
185
20
- 4
1
15
7
1
2
3
97
9
1
5
8,861:
88
95
8512 91
954 9914
95
95
9238 99
9512 10134
1034 10412
102 102
-6614 92
997 10012
10038 10058
9518 101
8234 9414
97 10338
103 106
10134 105
114 11678
10038 1024
8512 93
103 10512
9978 102
9512 9812
9514 984
9418
04
884 9414
-gift -MI;
9914 10034
105 109
103 1063s
100 10514
9312 1014
92
97
8412 9114
8418 90
94
93
93
90
103 10438
9938 10114
08
012
100 100
-8588
10
3
80
25
23
4
29
14
864 864
974 1033s
lows 11058
10212 107
96 10212
88
93
97 10314
9514 9912
8818 94
88
88
8612 881
:
70
78
70
78
734 731s
68
76
50
75
50
84
704 994
65 92
05
018
% Aug
9912 10018
19
9'3
610
2
0018
02
Day & Mich let cons 434e 1931 1 J 19
123
9114 9611
Del & Hudson lot & ref 48_1943 All N
1004 104 10112 10112
1
9618 107
30-year cony 58
00
512 A ug
10018 10612
19
07
5
:
3 1_0_53_4 10
ug:30
syear
De
100 100
l
l -oRn IIgrgo
N0
F
MA 1
70 3
i adt8
3
330
9936
e4elit
:
gilti4,
g ell!
:19
9712 14
9258 9712
97 Sale 97
Den & R G ldig
8
9934 Sale 9912
9558 9934
99'4
39
95
8878 091s
Den & KG West gen 5s.Aug 195
36
5 MN 95 Sale 93
92
8712 95
05
Re
cescmr
etudz
ita
IF
mpt 58 ser B _Apr 1978 MN 92 Sale 9114
27
25 July'30
2314 30
8
D0lfstgu4s_ —1935 J J 25
____
2478
25
25
June'30
31
_
_
_Certificates
deposit
97 May'30
96
97
Des Plaines Val lot gen 4348_1947 M S
5178 6314 June'30
63
7412
De
c
t1M4a
19551 D 50
8c 1st lien g 48
50
60 60 May'30
60
61
15
102
9534 102
Detroit River Tunnel 4345.1961
g D 10012 __ 102
1996 MN
101 10418
Dul Missabe & Nor gen 58_1941 1 J 10318 10438 10318 Aug'30
7212
4 Aug
10014 103
10212 ____ 10
7'30
4
Du
72
844
Ia
so1uro
°
J
A J
Snho
Rra
en
.4
2eA1481tg55s
s-..,_,.19371937
9212 944
102 10054 East Ry Minn Nor Div 1st-48'48 A 0 9512 0612 9412 Aug'30
100 107
107
10112 104
East T Va & Ga 131v 1st 58-1956 MN 10638 10678 107
102 10358
9714 10414 Elgin Joliet & East 1st g bs 1941 M N 10334 105 10312 Aug'30
9 10114 10334
96 102
El Paso & S W 1st 58
1965A 0 10334 Sale 10384 10334
94 10118
10014 1014
18
00
7%
14 Aug
'
87
330
4
934 10114 Erie 18t consol gold 78 ext 1930 M S
84 c89
12
9638 102
19981 J -F7E8 gilelst cons g 4s prior
81312 9512
8218 84
1998 J J 8318 87 8014 May'30
Registered
864 951s
79
8338 173
84
1st consol gen lien g 45__ —1996 .1 3 8338 Sale 8212
6
79
7618 831s
1996 1 J 79 Sale 79
8312 92
Registered
101
8 101 101
Penn coil trust gold 4s__ _1951 F A 101 Sale 101
97 10118
86
11
824 87
50-year cony 45 series A_ _1953 A 0 86 Sale 88
98 410134
86
23
1953 A 0 88 Sale 86
Series B
8278 8678
6514 7412
6378 8912
Gen cony 4s series D
1953 A 0 ____ 8512 854 Aug'30
8012 8538
Ref & impt 6s
1967 MN 94 Bale 9314
9034 98
7934
59
9414 37
9418 127
1975 A 0 94 Sale 93
90
Ref & Impt be of 1930
9534
6112 78
13
24 Aug
11,
Erie & Jersey 151 8 1 68-1955 J .11 11212 Sale 19
2
30
38 _8_ 1101l 11414
854 90
,
s
Genesee River 18t sf 58_1957 3 1 11214 11318 11212 Aug'30
11)9 114
844 91
8638 93
9218 9878 Erie & Pitts gu g 3)0 tier B-19401 .1
Series C 3,10
19403 1
89 c97
86
5712
8 °6
1954 M N 10512 Sale 10
10
V5219
3
2 --9
- 104340118;
98 10214 Est RR esti 8 f 7s
____
9878 Aug'30
10.412 1101s Fla Cent & Pen 1st cons g 58 '43 1 J
97
9912
8612
Florida East Coast lot 430_1959 1 D 8734 90
794 90
9
8712
10050105
tit & ref bs merles A
46
1974 US 46 Sale 45
84
40
15
81
59
9ps
1541
New York Bond Record-continued-Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
•
Price
Friday
Sept. 5.
Week's
Range or
Last Sale.
Range
Miace
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 5.
tss
t
"a.
Price
Friday
Sept. 5.
1V•ek's
Range or
Last Sale.
izoa
Range
Since
Jan. 1.
High
Bid
Ad. Low
High No Low
Bid
Ask Low
High
High No. Low
1 100 101
Fonda Johns& Glov lot 434s 1952 MN 24 Sale 20
10014 -_-- 10014 10014
20
35
24
Mich Cent Del &Bay GUY 58-- M
10
Jan'30 --__ 100 100
100
Q 34
Fort St LI D Co 1st 4344-1941 J J 96 100
9-1% 9711
9618 Aug'30
Registered
9418 97
Ft W & Den C 1st g 5348-1961 J
107
'
3 953 975, 97 Aug'30
1940
107 Aug'30
Mich Air Line 46
10512 107
From Elk & Mrs Val let 6s...1933 AO 10478
1951 Mb 8334 ____ 79 May'26
10434
10478
Jack Lana & Sag 3%s
6 10218 105
011&8AM&P 1st 5s. __1931 M N 10012 _ _ 101
_ 8712 Aug'30 -- 831s 88
99 10114
1952 MN 88
101
1st gold 3343
3
1931 33 100% 10114 10038
9912 10234
'
I 10238 103 10214 Aug'30 ..-_
24 extens 5s guar
99% 10834
1003s
Rolls leapt 4343 ser C.....1979
9378 96%
94
9378 Aug'30
Galv Bons & Bend lot 5s _- _1933 *0 100 101 100 Aug'30
9.134 100
1940 *0
Mid of NJ let ext 55
99
9912
99
Aug'30
984
9913
3D
Ga .k Ala Ry lit cons 50 Oct 1945 ii ---- 80
(1880)1934
81% 85
84 June'30
let
ext
434s
Mil & Nor
9634 9978
9878 Aug'30 __-_
Ga Caro & Nor tat gu g 53'29Cons ext 4340 (1884)-1934 3D 9878 99
90
9313
99 Sale 99
Extendsd at 8% to July 1-1934 j
99 10214 MU Spar & N W let gu 4s
99.
1947 MS 9313 9334 9312 Aug'30 __
10
1946 *0 6618 1414 73 Mar'30
r'724
Georgia Midland let 3e
90
758 Ap2
6512 73
Milw & State Line let 3%8_1941 Ii 8618 -__ 2
1942 J
4
--1
41;
10112
Gouv & Oswego 1st 58
9834 Feb'24
Minn & St Louis let cons 55_1934 MN 2734 Bale
2514 4114
2
2814
275
-98313 foil;
Gr K & text let go g 4 30_1941 33 100% 101 10012 Aug'30
28
1934 MN 28
Temp ctfs of deposit
16
9
958 16
Grand Trunk of Can deb 73_1940 AC 112 Sale 111%
9 Sale
9
112
7 10912 11214
1949 M
let & refunding gold
1938 MS 107 Sale 107
1112 154
15-year s f 6a
20
15 Aug'30
8
10738 21 104 107%
Ref & ext 50-yr 51 ser A.-1962 Q F
1218
15
Grays Point Term ist 58 _ -1947 ID 9718 99 98 Aug'30
June'30
15
13
95% 98
Certificates of deposit
8738 9112
Great Nor gen 7s series A-1936 J J 11112 Sale 11112 11134 43 10934 113
39
90
M St P.5 SS M con g 48 hit gu'38 13 90 Sale 8912
9113 98
Registered
1
9214
11012 11034
J o
11034 July'30
J 9214 Sale 9214
let cons 53
1938
9412 9912
let & ref 434s series A.__.1961• J 99
9734
7
9934 9914
9714
99
9418
10014
1
9914
1st cons 5s gu as to int--1938 13 98
General 5345 series B_ __ _1952 J
99 1011
112 Sale 11034 112
27 10734 112
1931 MS 101 Sale 10034 1014 61
10-year coil trust 630
1973• J 10614 10634 106
92 100
General 5s series C
Aug'30
106
3 10314 10815
.1
1946
lat & ref (35 eeries A
1976 33 10014 Sale 100
91
General 4345 series D
81
1
95 10012
95
612 893678
-8
.sii2 8
10012 16
1949 M
25-year 5348
General 414s series E
I977 3, 9934 Sale 9914
95
91
95
9934 31
9934
1st Chicago Terms f 45_ 1941 MN 94%_ 95 Aug'30 ---Green Bay & West deb etfe A.._ Feb 8014 85 80 June'30
95
991z
12
4
9612
96
13
953
95
80
80
3,
Mississippi Central let 56_1949
Debentures etre. B
7934
23
26 Aug'30
7934 77 Aug'30
75
32%
Feb 2538 29
'
3 79
1959
RR let 5s ser A
Greenbrier fly 1st gu 42---1940 MN 9618
8512 92
4
91% 9438 Mo Ran .5 Tex let gold 4s_ _1990• D 91
94% Aug'30
911 9058
905
Gulf Mob & Nor let 5348.-1950 A0 104 10412 1004 Aug'30
9912 10484
98 10512 Mo-K-T RR pr.lien 5a see A _1962
104
15
'
I 104 Sale 104
let M Is series C
1950 A0 10012 Sale 10014
8512 93
5
96 101
93
4
10012
40-year 48 series B
1962• J 93 Sale 9253
Gulf & S I let ref & ter 5s_b_1952 J
9211 9934
10512 Sale 104%
9
10512
991
99
9114
8 ale 9918
2 103 10512
.▪ 1 9
Prior lien 434s ser D
1978
Hocking Val let cons g 4348_1999 3, 10034 102 10012 10012
98 10812
16
9614 101
991
Sale 98
1
*0
Cum
adjust
5s
ser
A
Jan
1967
Registered
1999 3,
9914 10212
1
9712 Apr'30
937s 97,2 Mo Pat 1st &ref 53 ser A
PA 102 103 10212 10212
1965
Housatonic Ity cons g 58.-1937 MN 366"
7414 81%
192
100
100
81
8078 Sale 7934
1 97 10014 General 4s
1975 M
H & T C 1st g 58 tat guar
1937• J 100% 10514 101 Aug'30
97 102
151
9934 102
MS 10178 Sale 10134 102
let & ref 5s series F
1977
Houston Belt & Term let 50_1937 J
10014 10312 100 Aug'30
9634 102
9534 100%
32
MN 102 Sale 10112 102
1st
&
ref
g
5s
1978
ser
G
Houston E & W Tex 1st g 53_1933
99% 10112
N 10014 -- 9912 June'30
Cony gold 534s
lOQ1s 26 1064 11334
1949 St N 10918 Sale 10814
1933 MN 10078 10112 10034 Aug'30
let guar be redeemable
94
91
__
9934 101
Mo?se 3d 7s ext at4% July 1938 MN
Hud & Manhat let 5a ser A.1957 P A 100% Sale 10018
93 10112 Mob & Bir prior lien g 5s
100% 21
--__
100
9341
MA118a;33
0 __
983
4
3,
1945
Adjustment income 58 Feb 1957 AG 84 Sale 8314
8412 239
76,4 84%
95
0 19113
• j 9612 ____ 9612 June'30 ____ 19
Small
91
88
1st M gold 4s
1945• J 9218 ____ 87 Aug'3 ____
Illinois Central let gold 4s__1951 ii 9818
_ 92 Aug'30
91
87
1
80
97
87
87
• .4
Small
1951
Sat gold 334s
81
8652 Mobile & Ohio gen gold 45- _1938 MS 87_8518
9258 98
84% June'30
95 1534 9512 Aug'30
Registered
8234 June'30
ii
8234 8234
Montgomery Div 1st g 58.1947 P A 102% 106 102% Aug'30
Extended lot gold 3348.__1951 AG 8518
_ 85 July'30
0318
83
85
9
r4
61
'
4
s 10
:8
9514___12_
1977 MS 9514 Sale 9412
Ref .k impt 434s
1951 M
1st gold 38 sterling
68
73 Mar'30
96 Aug'30
73
Moh& Mal 1st gu gold 4s
1991 MS
Collateral trust gold 4s_ -1952 A0 9412 Sale 9314
8958 9412 Mont C 1st gu 6s
9412 14
-_-_ 9018 Aug'3 ____ 105 1067s
1937 Ii
Registered
95 10034
9312 8712 Mar'30
8712 8712
MN 87
'
3 10234 10412 1067s July'30 ____
1937
1st guise gold 5s
1955 MN 937g 94% 93%
let refunding 48
84
90
77
9414 58
2
95
84
Morris & Essex let gu 330_2000 J
1952 3, 83
Purchased lines 33413
82
89
8812 Aug'30
1083
6
10314
10834
108378
82
4
Sale
8
le
84
1083
4
MN
Constr M 55 ser A w l.__1955
Collateral trust gold 45-1953 MN 9058 Sale 90%
96% 10212
87% 92
9112 13
102's 16
Constr M 434e ser B w 1-1955 MN 10218 10212 10218
Registered
8712 9014
90 Aug'30
MN
1955 MN i06' Sale 10612 10712 38 10413 10712 Nash Matt & St L 45 see A_1978
94
Refunding 58
90
'
A 9412 9512 94 Aug'30 __-_
15-year secured 6340 g...1936 I, 109 110 10912 10912
4 10712 11014 N Fla & S 1st gu g 58
1937 P A 10234 ____ 102 Juiy'3 ____ 100 10218 •
Aug 1 1966 F A 100% Sale 100%
40-year 4925
97 10218 Nat Ry of Mex pr lien 4345_1957 3,
18 July'2
10112 30
Cairo Bridge gold 4s
1950 J o 91% 94
8813 9114
9114 July'30
7234 July'2 - _
J J
July 1914 coupon on
Litchfield Div let gold 38_1951 J
34
74% 77
77 July'30
7758
914 gilt)
Assent cash war ret No. 3 on
Louise Div & Term g 3345 1953 3, 8712
8212 88
87%
87%
9219
2
8
8
73
4
4 Aug'
2
1977 A--Si
Guar 70-year s f 45
Omaha Div let gold 38._1951 P A
8
80
7818 81
10
7412 SO
80
934
1
914 16
Son
mall
war
ret
No.
Assent
Si Louis Div & Term g 38_1951 Ii 78
7514 7712 Nat RR Mex pr lien 4345 00'26 j
8534 7712 June'30
3512 July'28
M-N "i8"
1951 J
Gold 314s
12
1634
82% 88
1.
6238
4 42
87 Aug'30
2
12
478 Api.
87
Assent cash war ret No 8 on
Springfield Div let g 33.4s 1951 • J
_
72 Sept'29
1915
let cense] 4s
514 -14
Western Lines let g 43-1951 FA 93
8412-94
80 12-9034 July'30
812
Sale
8%
83
4
15
3
on
No.
Assent cash war ret
Registered
8514 8913
9212 Apr'30
PA
9212 9212 Naugatuck
8512 ___ 88 Aug'30 -RR let g 48_ _ _1954
111 Cent and Chic St L & N 0
9614 101
New England RR cons 5E1_1945 .1 .1 10134 105 101 Aug'30 -Joint 1st ref 5s series A--_1963 J o 105% Sale 10534
9284
884
93
92
92
10
9112
10612 12 10214 1071,
1945 J J
Consol guar 4s
let & ref 4348 series C...1963 J O 99
85
90
95 100
99% 9918
0918 25
'
A 8834 ____ 90 July'30 -4s-1986
NJ
June
RR
guar
lit
Ind Bloom & West let ext 4s 1940 * 0 9138
9278 97
8914 June'30 _ _ _
8914 8914 N O&NE Ist ref dr'mut 4%5 A'52 J J 9438 __ 97 Aug'30
1950 J
Ind Ill & Iowa let 5 48
8714 9214
9512 New Orleans Term let 48- _1953 Ii 9214 Sale 9214
95%
9518
1
90
924
Louisville
let
gu
48..„1956
7
Ind &
95% 99%
84
88
99
88 July'30 _ _
J J 8778 90
NO Texas & Mex n-o Inc 5s1935 *0 998 Sale 99%
Ind Union fly gen 58 ser A..1985 ii 10314 ---- 103 Aug'30
92% 10034
10012 10
_ _ 100 103
1954 *0 10012 Sale 100
let 55 series B
1965 J J 103
Gen & ref 5s series B
96 10034
100 101
_
10014 Feb'30
P A 10018 10012 9914 Aug'30 - 1956
1st
5s
series
C
lot & Get Nor 1st ea ser A 1952
8934 94
9234 33
9312 9212
99% 106
J 104% Sale 104
105
23
A 93
F
1956
1st
4345
series
D
Adjustment Is ser A July 1952
87% Sale 8634
10312 33 101 10512
7212 9212
8734 30
1954 *0 10334 Sale 10334
1st 5%a series A
1956 J
1st 58 series B
95
9734
91
9414 Sale 94
9514 17
97
N & C Belle gen guar 4348_ -1945 I, 9778 ____ 9714 June'30 ---1956 I' 9438 Sale 94%
let g 56 series C
9834 100
100
May'30
-.
100
____
90 100
9412 13
AC
NYB&MBIsteong 55-1935
lot Rye Cent Amer let 53_1972 MN 70
10624
65
73
4 Sale 10634 10712 39 105 10734
70
4
59% 8218 NY Cent RR cony deb 6s-1935 MN 1063
1941
coil
tr
6%
Dotes
let
88% 9513
9514 22
85 86 Aug'30 _ _
MN 83
82% 9412
1098 PA 95 Sale 95
Consul 45 swim A
1947 P A 9114 Sale 91
let lien & ref 6325
97 103%
90
6
93
9812
10
10334
Ref & Imp 4444 series A2013 AO 10834 109 10234
Iowa Central let gold 58.-1938 3D 1514 22
53 105 109
2013 35
20% Aug'30
AO 109 Bale 10812 109
2013
Ref
&
impt
series
C
Ss
Certificates of deposit
2013 Aug'30
2012 3412
---- 25
1951 141
Refunding gold 4s
7814 86
518 6% 5 Aug'30
85%
9
5
10
N Y Cent &HudR1vM 3%81997 J 1 8418 Sale 8418
James Frank & Clear let 45_1959
75
81
94% Aug'30
8012 Aug'30 -D 9413
87% 94%
1997 J J
KanA&G1t lat gu g 83
97
100
40
10114 Apr'28
1938 3, 102%
1001s
100
Sale
10034
DeRbeg
entr
ure
ered
gold 45
1990 *0 89 sale 89
Kan & M lit gu g 4s
9734
9
93
9734
89
9734
1 '
lira -661-2
.1 73 97__
193
42
4 P4
debenture
48
-year
30
Ry ref g 48-1936 A 0 9734 97% 9734
9413 98
K C Ft S &
75% 834
A ug:3
30
0
977
II
84
1
8
8014
3 .Aug
83
0
Lake Shore coil gold 334s-1998 F A 8
7412 8014
Kan City Sou let gold 3s-1950 AO 8018 Sale 79%
751a
8514
801s
8
1948 F A
Registered
Apr 1950 J J 10238 1023 10214
Ref & leapt Is
2
7612 837s
99 10234
837
1025
83% 83%
9
Mich Cent coil gold 3345_1998 F A 83
Kansas City Term 1st 48-1960
8012
7812 Apr'30
78
94
8
j 94 Sale 9312
8818 9414
8014 84
Registered
Kentucky Central gold 48_1967 3' 92 Sale 92
94
9912
87% 0212 NY Chic .5 St L Mt g 48----19
92
8
4
I
99363144
99_53_
83
88
7A
F O
A 96
8514
8212
Kentucky .5 Ind Term 440_1961
9314 9314
8512 Mar'30
Mar'30
J 8518 88
1937 A 0
Registered
1961
97
Stamped
100
34
15
88
10012
1003
4
90%
2
16214
1
'
3 90% Sale 9053
l001.
9414
N
M
1931
25-year debenture 4s
Plain
1961
_ _ 89 Apr'30 _ _ _
89
89
'
I 96
1931 M N 10214 Sale 10214 10234 29 100 10334
2d 6s series A B C
Lake Erie & West lat g 58-1937
10214 Sale 10214 10214
10212 23 10134 103%
10214 Sale 102
1 100 10214
6%
gold
notes
Id gold Se
1941
99 103
102% _- 10212 Aug'30 _ _
19
974
32 A 0 10712 Sale 10734 10734 27 10512 10734
Refunding 5348 series A1
Lake Sh & Mich Bog 3345_1997'ID 85
85
6
861 85
10814 10 10512 10814
10818 Sale 10818
794 85
5J
m
Refunding 534.3 series B 1978
Registered
1997 3D 8114 841 7834 July'30
42
93% 9914
977
7734 7834
978 Sale 9734
Ref 4348 series C
25-year gold 4e
1931 MN 10038 Sale 100% 1001
96% 101%
987851015a N Y Connect 1st gu 4)4s A-1953 F A 10114 1017s 10034 Aug'30 -Registered
2 100 10512
10014 June'30
N
1054
10512
10514
9912 10014
1st
guar
58
series
B
Leh VIII Harbor Term gu 58_1954 FA
89
9418
1041a
E35.-1-3 10418
---94%
July'30
____
1 103 10634 N Y & Erie 1st ext gold 4s_1
923
4
MN
A
196
47
3F
Leh Val NY lat gu g 434s.1940 Ii 10018
100 100
103 Aug'30
9634 103
1933 M N 100 ____ 100 June'30
3d ext gold 434s
Lehigh Val(Pa) cons g 45-2003 M
9238 Sale 9234
9318 53
100 100%
997
8
____
100
100
7
8638 9312
1930
A
0
4th
ext
gold 58
Registered
88 Aug'30 _
MN
86
88
2003 MN 102
General cons 434s
95
9812
102
10214
7
96% June'30
9612 10214 N Y & Greenw L gu g 55_ _ _1946 MN 9218
Lehigh Val RR gen lie eeries_2003
N 11034 --- 11038 Aug'30
80% 82
106 11038 N Y & Harlem gold 330_2000 MN 8214 -- 82 June'30
Leh V Term Ry lat gu 58_ _1941 AC 103 1041 10234 Aug'30 _ _
97% Oct'29
101% 10312 NY Lack & W 151 & ref 50 58'73 MN
_
Leb & N Y 1st guar gold 4s_ _ 3045 MS 94%
98e 100's
9434 Aug'30
99% Apr'30
863s 9434
lat & ref gu 434s ser B__1973 N Hat
Lea & East lit 50-yr Is gu .1965 *0 109% 1133 1094 Aug'30 _ _
10034 Dec'29
1044 109% NY LE& W 1st 7s ext._ __1930 MS
Little Miami gen 45 series A _1962
"9912 16111
N 8912 _
90 July'30
8712 90% NY & Jersey 1st 55
101 10034 Aug'30
1003
4
P
A
1932
1935
cense!
g
65
Long Dock
AC 104% 10612 10611 Aug'30
8613 8858
8858 Aug'30
103% 107
NY & Long Branch 45
1941 M
Long Isld lilt con g 5s July 1931 Q J 10034
10012 Aug'30
7514 July'28
9914 101
_
NY&NE Bost Term 48-1939 A0 913s
1st consol gold 45--July 1931 Q
99%
4
9834 Mar'30
89
89
9838 9838 NYNH& n-c deb 4s
_
887
8
M
1947
1938 3D 9578 98
General gold 48
78
8314
96 Aug'30
8812 98
8314 10
_
83% 8314
Non-cone debenture 330..1947 MS 83
1932 in 99
Gold 4s
2
73% 80
99
99
-1
80
99
99
Non-conv debenture 334s.1954 *0 80% 8118 80
1949 M
Unified gold 45
90% ...._ 91 July'30
7
8113 87
8612
87
8718
91
8614
873
8
Non-cone
debenture
4s..
_1955
13
1934 In 101
Debenture gold 5s
79
10118 Aug'30
8712
87
8712
99,4 10118
Non-cone debenture 48_1956 MN 85% 87
1937 MN 10012 -- 10058 10034 10
20-year p m deb 53
7412 80%
9712 1011a
Cony debenture 3348
-1956
'
3 7912 8112 79 Aug'30
-_1949 M
95 Sale 93%
Guar ref gold 48
12014
16
135
87
95
37
1233
4
125
95
12334
Sale
Cone
debenture
65
1948
J
J
Nor Sit B let con go 55 Oct '32 QJ 100% 10212 10034 Aug'30
2 120 131
9914 10034
Registered
31 12114 Sale 12114 12114
85 Sale 84
Louisiana & Ark let 58 ser A 1969
5 10484 10834
81
85
87
10612
Collateral trust 65
73
1940 *0 106 10612 106
1
9312 Aug'30
Louis & Jeff I3dge Co gd g 4s 1945 MS 93%
77
8134
8912 9312
80%
80%
81
80%
Debenture
48
1957 MN
Louisville & Nashville 58-1937 MN 10278 Sale 102% 103
9612
90
5 101 10312
lst & ref 434s ser of 1927_1967 J o 964 Sale 9534
9614 22
1940
33 9814 Sale 984
Unified gold 4s
9414 9812
9812 13
9218 Aug'30
Harlem R & Pt Chas 1st 431054 MN 91% 93
87% 9218
Ii
9413 Mar'30
Registered
92% 9412 N Y 0* W ref 1st g 45-June 1992 MS 50 Sale 50
4
4518 6514
50
101 Aug'30
Collateral trust gold 58-1931 MN 101
9934 101
3
41
General 48
40
54
1955• D 41 Sale 40
107
N Y Providence & Boston 45 1942 *0 914 ---- 9012 June'30
5 10312 108
let refund 5345 series A-__2003 *0 107 Sale 10618
9012 9012
2003 *0 106 10633 106 Aug'30 99% 10612 NY & Putnam let con gu 4s1933 AU
lat & ref 5s series B
92% Aug'30
85% 9278
10218
-2003
10134 1021s 32
AG 10134
95 10218 N Y Sing & West 1st ref 55_1937 J J 8058 83
lat & ref 4345 series C80 Aug'30
80
8812
A0 93% 9512 96 Mar'30 _
9434 96
When Issued
2d gold 430
75 Mar'30
75
75
76
1937 P A 72
93% Aug'30
91% 93%
Paducah & Mem Div 48-1946 P A 6718 70
72
General gold 5s
2
73
1940 P A 72% _ _
71
79
70
68
1
70
St Louis Div 2d gold 3s_-1980 MS 70 Sale 70
Terminal let gold 55
N 1004 -- 10014
3
1943
10014
94% 10014
9414 9734 July'30
9738 9734 N Y W'ches & B 1st ser I 4%5'46
Mob & Montg 1st g 434s __1945 MS 93
'3 9012 Sale 9018
90% 57
9212
88
89
9312
9312 Nord By ext'l sink fund 6345 1950 AC 10538 10578 10514
5
South Ry joint M08011 48-1952 33 9313 Sale 9313
10514 36 10212 1084
951s 98 9513
9512
914 9512 Norfolk South 151 & ref A 58_1961 P A 5412 Sale 54
2
All Ruble & Cm n Dlv 45._1955
541
4
50
79
N 10018 -- 10014 10014
98% 10014 Norfolk & South let gold 58_1941
3
Louise Cin & Lox Div g 4340'31
9714 97
N 97
97
5
89
99
101% Aug'30
9958 10134 Norfolk & West gen gold 63_1931
_
Mahon Coal RR 1st 5s___ 1934 Ii 10214 N 101% 102 10178 Aug'30
15034 15212
7512
7513
I
7312 7612
Improvement & ext 8s_1934 P A 105
Manila RR(South Lines) 43-1939 MN 7512 76
10414 Aug'30
1034 10434
72 66 Aug'30
66
1959 M
80
New River let gold 65_1932 A0 10212 - - 10214 June'30
70
1st ext 43
10214 10253
9812 100
N & W Ry 1st cons g 48-1996 A0 GO% 96% 9778
Manitoba SW Coloniza'n 581934 3D 99% 10134 100 July'30
977
2
9012 9773
90
Aug'30
99
1st
87
ii
W
334e...1941
Registered
Man 0 B & N
1996 AC
92% July'30
90
9278
41 Juiv'36
818 10
1977
41,
6
Mex intermit let 4e send
._
Sale
c 01111 1110. I Due Bebrtaty.
1542
BONDS
..,4.N. Y. STOCK EXCHANGE.'
a
t.
Week Ended Sept. 5.
....e.
Norfolk & West (Concluded)Dive lot lien & ger e 4s__1944 3 J
Pocab C & C joint 40
1941 J D
North Cent gen & ref 55 A 1974 PA S
Gen & ref 43es ser A stpd_1974 M 8
North Ohio 1st guar g 59
1945 A 0
North Pacific prior lien 4s19970 J
Registered
0 .3
Gen lien ry & Id g 35_Jan 2047 Q F
Registered
Jan 2047 0 F
Ref & Irrtpt. 4 yes series A__2047 J .1
Ref & inept es series B____2047 J J
Ref & impt 5s series C ___ _2047 J J
Ref & impt 5s series D___2047 J .11
Nor Pee Term Co lot g 68_1933 J J
Nor Ry of Calif guar g 55__1938 A. 0
New York Bond Record-Continued----Page 4
Price
Friday
Sept. 5.
Bid
Week's
Ranges?
Last Sale,
Ask Low
9638 97
9633
9514 Sale 9514
10573___ 100
10014 1-0212 100
9618 ___. 96
95 Sale 9478
92
9334 9334
7012 Sale 70
6812 67
68
10118 10134 101
11312 Sale 11314
10614 107 10634
106 10734 10612
10334 ____ 10512
10358 ____ 10414
.t; .
e.F.
:1
4s.
Range
Since
Jan. 1.
High No. Low
Aug'30
96
July'30
July'30
Aug'30
9514
Aug'30
7058
Aug'30
10112
11378
10634
10619
Jan'30
Aug'30
___,
2
__
____
____
46
20
10
62
1
9
____
____
High
9134 9712
9234 99
100 10412
98 100
93
98
8812 9678
8658 9324
6378 7023
67
62
9512 102
11112 11512
10312 107
10312 10612
10512 10512
101 10414
el •
BONDS
Price
Week's
*, _.
•••.9
N. Y. STOCK EXCHANGE.
'
Range or
Fridag
°.
.Z
Week Ended Sept. 5.
-.a,
Sept. 5.
Last Sale. co:5.
Bid
Ask Low
High No.
Seaboard Air Line lot g 411_1950 A 0 5712 80
56
56
5
Gold 45 stamped
1950 A 0 58 Sale 5712
58
8
Adjustment 55
281,3 32
Oct 1940 F A
30
30
3
Refunding 40
1959 A 0 45 Sale 4434
46
29
lot & e009 es series A_....1045 M S 50 Sale 50
46
51
All & Birm 30-yr 1st g 49_61933 M 8 75 Sale 75
4
7512
Seaboard All Fla 1st gu es A_1935 F A 4012 Sale 40
4012 22
Serlea 13
47
43 Aug'30 -_
1935 F A
Seaboard & Roan lot 58 extd 1931 1 .1 94 100
98 July'30 ____
8 & N Ala cons gu g 58
1936 F A 10238 ____ 102 July'30 __-Gen reneguer 50-Yr 5.5.- -1963 A 0 10914 ____ 10878 Aug'30 ____
So Pac colt 4s(Cent Pee coil) 1049 I D 95 Sale 9412
95
10
let 4 yes (Oregon Lines) A_1977 PA 8 10114 Sale 10078 10112 200
20-year cony 50
1934 1 D 10214 10234 10212 10212
5
1968 M S 9958 Sale 9958
Gold 4 Yes
9978 29
1969 M N 10012 Sale 100
Gold 41es with war
10012 20
Ban Fran Term let 49
1950 A 0 94 ---- 94 Aug'30 ---A 0 ____ ___ 87 Feb'30 ____
Registered
So Pee of Cal 151 con gu g 58.1037 MN 10278 ____ 103 July'30 ____
So Poe Coast let gu g 49_ -1937 1 1 9634 ____ 90
Jan'30 ____
1955 J J 96 Sale 9534
So Pac RR 1st ref 45
9658 83
J J
Registered
94 July'30 ____
__ 9212 May'30 ____
Stamped (Federal tax)_1955 1 J
Range
Since
Jan. 1.
Low
High
56
7018
5512 71
30
6034
40
6013
45
79
7238 89
40
72
42
72
94
9812
10034 102
10558 10878
8919 95
9458 10273
100 10012
9334 10014
11613 10138
39
9414
87
87
100 103
96
96
91
97
91
94
0212 100
Og & L Chem lot gu g 4.8___1948 3 J 78t2 8112 7812
1
7812
83
77
Ohio Connecting IV lot 4s..-1943 M S 94
9218 021,3
____ 9218 Mar'30 ____
Ohio River RR. lot g 5s
1036 1 D 102_ 10112 Aug'30 ____ 100 102
General gold 56
1937 A 0 10218 1-0-3-18 102 Aug'30
09 102
Oregon RR & Nay con g 48_1946 1 D 9512 96
91
1
9512
9512
96
Ore Short Line 1st cons g 55_1946 J .1 10638 10712 10638
1063s
3 10418 10638
Guam n stud cons 5s
1946 .1 .1 10614_
106 Aug'30 ____ 10378 106
Oregon-Wash 1st & ref 48-1961 1 J 9414 -94-3-4 94
7
9434
8812 9434 Southern Ry lot cons g 55_1904 J .1 11012 Sale 11012 111
27 10614 112
Pacific Coast Co let g 59_1946 J D 6012 63
J J _ __ ____ 10512 June'30 ____ 10512 10814
5
62
61
55
6212
Registered
Pee RR of Mo lot ext 8 48-1938 F A 9612 Sale 9612
9612
2
9214 0612 Devel A gen 45 series A-1956 A 0 8914 Sale 89
8934 148
8812 93
2d extended gold 5s
1938 .1 .1 10014
_ 100 July'30
1956
A
0
9734 10012
Devel & gen 69
11512 Sale 11514
11512 32 11414 120
Paducah & Ills 1st sf g 43es_ A955 J .1 10058 101
99 July'30 ____
98 '991.1
Develop & gen 6 3-is
122
23 120 12612
1956 A 0 122 Sale 12114
Paris-Lyons-Med lilt exti 621928 F A 10458 Sale 10418
10512 118 102 10512
Mem Div let g 5s
10618
10618
10613
10712
4 10618 108
1906 J 3
Sinking fund external 79_1958 M 9 106 10614 10534 100
8 10314 107
St Louis Div lot g 4s
9212
4
1951 1 J 9212 Sale 0212
8718 9278
Paris-Orleans RR ext 5358_1968 M S 104 Sale 10312 10412 43
9934 10514
East Tenn reerg lien g 59_1938 M S 1007
- 10012 July'30 ---_
95 10012
Paullsta Sty let & refs f 7s 1942 M 8 10058 101 10034 10034
4
95 103
Mob & Ohio eel! tr 4s
1938 M S 043s4 9-55-s 95 Aug'30 __-_
9018 9512
Pennsylvania RR cons g 48_1943 M N 9738
_ 9814 Aug'30 ___
9234 9814 Spokane internal let g 58_ _1955 1 3 6114 6212 6114
6212
2
61
72
Cousol gold 4s
98
1948 M N 98 -9-8-14 9734
6 925, 98 Staten Island
Sty let 430-1943 1 D 8534 ____ 85 Feb'30
__
8212 8613
ea sterl Med dollar-May 12048 M N 97
9214 9818 Sunbury & Lewiston lot 49._1936 J .1 9438
3
9818
981s
98
__ 95 Apr'28 ____ ____
_
Registered
9314 May'30 __ _
9212 9312 Tenn Cent let 6e A or B
96
1947 A 0 95 1614 96
1
95 -9914
Consol sink fund 43es____1060 F A 10478 Sale 10478
Term Assn 01St List g 00_1939 A 0 10018 ____ 10014 Aug'30
9834 105
105
8
97 10014
General 45s series A.__1965 1 D 10278 Sale 10258 103
9712 10338
1st cons gold 59
1944 F A 10458 ___ 10412 Aug'30 ____ c9934 10458
49
General 55 series B
1968 J DI 11113 Sale 11034
11112
8 106 11112
Gen refund 8 f g 49
03
17
1053 J J 93 Sale 9234
8714 93
15-year secured 654s
1936 F A 110 Sale 110
11014 57 108 c11038 Texarkana & Ft 81st 53es A 1950 F A 106 Sale 106
10614
6 10378 10612
Registered
F A ____
109
109
2 10814 109
T x & N 0 corn gold 591943 J J 9934 ____ 101 July'30
9838 101
40-year secured gold 53__1964 M N 105 Sale 10434 1055s 57 10214 10558 Texas &
J
D
2000
1113
Peg
1113
4
Salo
4
112
59
1st gold
8 10612 11212
Deb g 4s
1970 \ 0 9834 Sale 9812
2d ine2s(Mar'280 on)Dec2000 Mar --------05 Mar'29 ___
9414 9878
9834 141
____ ---_
Pa Co gu 33es coil tr A reg_1937 el 5 95 sale 95
5
05
90
95
Gen & ref 55 series R
1977 A 0 10312 Sale 103
10312 15
9834 104
12
Guar 33-ee cell trust ser 13_1941 F A
91
9118
____ 91
87
2
91
Gen & ref Se series C
1979 A 0 10314 10334 10314 10334
3
9878 10412
Guar 3)43 trust ette C
1942 1 0 89 ____ 8358 Sept'28 ____ ____
_
La Div B L 1st g Es
1931 1 .1 10058 10134 10034 Aug'30 ____
9938
10134
Guar 3)43 trust etts D
1944 J D 89
_ 89 Aug'30 ____
Tex Pee-Mo Pee Ter 530-1964 M 9 10714 108 10714 10714
89
8434 --3 104 10738
Guar 15-25-year golds 41931
13A 0 100,4 1-0-0-58 10012 10012
9878 10012 Tol & Ohio Cent 1st gu 52-1035 1 J 10112 102 101 Aug'30 __
6
98 103
Guar 48 ser E trust etfe....1952 M N 9314 94
9134 July'30 ____
8914 917s
Western Div let g 58
1035
A
0
10112
---013'30
100
,
8
98 10038
..
1
_
Secured gold 4e43
1963 M N 10112 Sale 10138 10112 12
07 10178
Gen gold 5s
1935 1 1 10114 ____ 100 Aug'30
9718 10012
Pa Ohio & Oct lot & ref 4 eisA'77 A 0 10012 101 10112 Aug'309412 10112 Toledo Peoria & West let 43-1917 1 J --------01 Sept'28 ____ ____
___
Peoria & Eastern let coos 4s-1940 A 0 8834 Sale 8834
90,4 Tol St L & W 50-yr g 48
84
9014 52
1950 A 0 9338 ____ 9312 July'30 ____
9058 -9313
Income 48
April 1990 epr. 25
3778 Tol WV & 0 gu 4343 A
35
26
26 Aug'30 __
1 .1 10018 ____ 100 Aug'30
1031 .
__
9812 100
Peoria & Pekin Un 1st 5 ees.1974 F A 10338
__ 10338 10338
1 101 10412
lot guar 434s series B
1933 J J 9912 ____ 9914 Mar'30 ____
9818 9914
Pere Marquette 1st ser A 63_1956 J J 10478 d..;le 10478
lot guar 48 series C
1047s
6 10234 106
_ _ 9212 Mar'30
9142 M S
_
9211 9212
let 4s series B
10563 J 93
94
90
9338 9234 Aug'30 ___
Toronto Ham& Buff let g 49 1946 1 1) 9188
91
95
91
Aug'
30
1st g 4343 series C
111
1980 M S 10114 10112 101
9578 10112
10112 26
Fbila Balt & Wash let g 4s-1943 M N
9614
_ 9618 Aug'30 __
93,2 9618 Ulster & Del lot cons g es_ 1928 ./ D 8012 96
90 July'30 ____
79
9018
General 53 series II
1974 F A 109 116 109 Aug'30 ____ 10614 10918
Stpd as to Dec'28k Joe '29int ---- 7012 79
70 July'30 ____
70
8714
lot cony 55 etfe ofdep- 7012 75
7014 June'30 ____
7014 7014
Phillippine Sky 1st 30-yr s f 45'37 j .1 2612 28
32
24
let refunding g 48
1
2612
2612
1052 it.--0 3818 55
40 Aug'30 ____
40
55
Pine Creek reg let es
1932 j D 10314
1 102 10312 Union 5'c 1st lilt & Id gr 45_1947 i J 9914 Sale 9878
10312 10312
0914 72
9338 99.38
Pitts & W Va 1st 4 ees ser A_1958 J D 06 -09 04 Aug'30 ___
92
97
Registered
J 1 ____ ____ 9512 July'30
9114 96
let M 43es series 13
1959 A 0 96 Sale 06
96
E 92 9612 1st Ilen & ref 43____june 2008 m S 9558 Sale 9514 9614 ____
28
8878 9614
151 M 4339 series C
1960 A 0 9534 Sale 96
9612
92
9612 45
Gold 4343
1967 J 1 10058 Sale 10012 10114 65
96 10112
PC C & St L gu 430 A
1040 A 0 10138 ____ 10018 Aug'30 -_
lot lien & ref 59____June 2008 el 5 Ill 11112 11112 112
9714 10018
11 10612 112
Series It 43-43 guar
1
1942 A 0 101 Sale 101
9612 101
40-year gold 48
101
8714 9234
9234 103
1968 1 D 9238 Sale 9233
Series C 4388 guar
1042 M el 10014
U N J RR & Can gen 4s_._1044 M S 9514
9712 Dee'29
9514 July'30
__
9318 96
Series D 4s guar
19.15 m N 9814 ____ 0814
9814
941-4 -0-814 Utah & Nor lot ext 45
1
1 J 100 ____ 90 Nov'29 ____ __ _
1933.
Series E 330 guar gold-1949F A 9734 ____ 95 June'30 ____
9358 95 , Vendetta cons g 49 series A-1925 F A 9514
0412 June'30
93
-£14
- -34
Series F 4s guar gold
1953 j le 0814 ____ 9634 May'29 ____ _
_
1957 MN
9412 _ _ 8212 May'28 ____ ___
Cons s f 4s series B
__
Series 0 48 guar
ei32
.
4 - 7- Vera Crank
__ 97 Aug'30 ____
1957 et N 9814
1-1-34 1012
1112 10
assent 4 ees_1934 ;lee 10
P
7
1112
Series H cons guar 4s
1960 F A
9814
9458 9458 Virginia Slid 5s series F
9458 Feb'30 ___
Apr'30
1931" b 100113 ---- 100
9818 101
Series I cons guar 438s
1963 F A 10234 gale 10234 10234
97 10234
1936 M N 10078 ____ 10114 Aug'30 ____ 100 10112
1
General 55
SeriesJ cons guar 438s,,_2964 Ni N 10234 ____ 10114 Aug'30 ___
9912 10114 Va & Southw'n lot gu 5s__2003 .1 J 100 gale 9812 100
4
95
10112
General el Is series A
1970 .8 D 112 Sale 11012 112
let cons 50-year 55
1958 A 0 8612 8734 8734
12 10614 112
8734
1
8314 9234
Registered
1 D ____ ____ 10734 Mar'30 _10734 10734 Virginia Sky 1st 5e series A-I962 M N 108 Sale 108
108
15 10218 10813
Gen mtge guar Is ser 13_1975 A 0 112 Sale 11114
lot el 4 , A eerie-, B
II 10618 112
112
10112 12 10034 10113
1962 M N 10112 Sale 10114
Pitts McK & Y 1s3 gu69_
____ 10112 10212 Wabash
10212 July'30032
__
J J 102__1
R.
R 1st gold 5s
15 101 10414
1939 MN 10334 Sale 10334 104
3c1 guar 6s
10412 10412
2d gold 58
_ 10412 May'30
1934 .1 .1 102
1939 F A 10112 Sale 10038 10112 36
9912 103
Pitts Sh & L E 1st g 58
1940 A 0 10218 Sale 10218 10218
1 10038 10218
Ref & gen of 5eee ser A......1975 SI 8 10433 10434 10418
10478
3 10134 10512
15t consol gold 53
1943 J J 103
_
____ 10034 Aug'29 ____ ____
Debenture 13 es regletered _1939 J 1 -,7-_- 08,8 MaY'29 --__ -___
__
Pitts Va & Char 1st 4s
1943 MN 9434 ____ 9234 Mar'30 ____
1st lien 50-yr g term 4s_ _1954 1 J 86 -8-8'8 85 May'30 ---_
9234 -9-2-34
84 -8-812
Pitts Y & Ash Jot 4s ser A 1948 2 D 9634 __ .. 95 July'30 ____
9112 95
Dot & Chic ext 1st 59
1941 J 1 10134 10312 102 July'30 __
100 103
lot gen Is series 13
1962 F A 10433 __:_ 105 June'30 ____ 10214 105
Des Moines Div 1st II 48-1939 J J 9312 ____ 9314
9312
1
92
9312
lot gen 58 series C
1974 2 D 10458 ____ ____
____ ____ ____
__
8534 July'30 _
Omaha Div 1st g 3 Yes
1041 A 0 87 __
81,1 3634
E'rovidence Secur deb 4s
1957 m N 7834 ___ 7833 Aug'30 ____
Tel & Chic Div g 45
75 -8-0
1941 41 5 9334 e.- - - 9012 July'30
8814 9034
Providence Term 1st 49
1056 m s 9114 -0212 8634 July'30 ____
1011
86
8634 Wabash Ry ref & gen iss 13_1976 A 0 10112 sale
4
1011z 38
9738 10214
Reading Co Jersey Con coil 45'51 A 0 9478 9512 0512 Aug'30 ____
90
95,2
Ref & gen 4 is's series c._ _1978 F A 9434 Sale 9114
49
95
8834 0512
Gen & ref 43es series A
1097 .1 J 10134 Sale 10134 10218
9714 1021,
5
8314 8014 Aug'30 ____
- W
- arren 1st ref Rug 3 yes_ -2000 F A 81
7212 8014
Gen & ref 43e5 ser B
1997j .1 102 Sale 102
10238
995
8
10218 93
Wash Cent let gold 4s
1948 Q M 86 ____ 87 Mar'30 ____
8338 90
Rensselaer & Saratoga es
1041 NI N 10858 ____ 10018 Mar'21 ____ ___
Wash Term lot gu 3les-_ _1945 F A 8878
8634 July'30 ____
8414 8634
Rich & Meek 1st g 45
1948 m N 80 ____ 7978
1st 40-year guar 4s
7078 -7-978
I
7978
1945 F A 9334 ___ 035,8 Aug'30 ____
8314 9358
Richm Term 11.5' lot gu 5s 1952 2 J 10214
101 10214 W Maryland let g 45
10214 Aug'30 ___
88
1952 A 0 88 gale 87
432
80
88
Rio Grande June lot gu 5s 1939 .1 D 100 Sale 100
94 100
i
1st & ref 5 Yes series A
100
45
1977 3 1 10134 Sale 10153 102
0458 10212
7 mey,28 __ ____ ____ Went NY
iz 8
Etio Grande Sou Ist gold 45_ _1949 J j
& Pa 1st g 59
3 3 10214 103 102 Aug'30 ____
1937
98
10234
Guar 43 (Jan 1922 coupon)'403 2 ___
_
Gen gold 4s
712 Apr'28 ____ ____
1943 A 0 9234 05
9414
93
4
881s 9414
Rio Grande west 1st geld 45_1939 j J 9458 Sale 9433
91 -9-7-12 Western Poe lot ser A 5s-- _1046 M 8 9938 841e 99
1
9458
9913 97
9512 0934
lot con & coil trust 4s A_1049 A 0 8712 8938 8914
Registered
MS
8912 10
8112 8912
97 Feb'30 ___
97
97
It I Ark & Louis 1st 430-1034 NI 5 10053 Sale 10038 10058 23
9534 10058 West Shore let 4s guar
9314
2361 3 J 9234 Sale 0212
8 8538 9314
Rut-Canada 1st gu g 49-1949 j 1 7514 78
78
7514 June'30 ___75
RegIstered
92
2361 3 J 9034 9214 0058
2
8558 92
Rutland let con g 43-(s.,
1041 j 3 9214 Sale 9212
9212 Wbeel & L E ref 4 yes ser A 1966 M 9 95
86
2
.
9212
8758 95
991, 95 Aug'30 ____
Refunding 5.9 series le
me M S 101 10314 10073
10078
6
9834 101
69 .loo dr Grand 191 1st 48
1947 3 3 877s ____ 8778 Aug'30 ____
89
85
RR 1st consol 48
_ -_8838 July'30 ____
1049 M S 901
8712
89,14
g
59
1st
Ade.
&
Lawr
3
1996 J
___ Wilk & East let gu g 5s....1942 3 D 5714
J
__ _
0613 ---- 9634 Nov'29 ___
8-64
64 July'30
6214 71
2d gold 65
1996 A 0 101 •
101 1-0112 Will &9
.. 10112 Feb'30__ - 5
S'
1, 1st gold
10212
1938 1 D 10258 ___ 10212
1 102 10212
3 L & Cairo guar g 48
10012
9834
__
Aug'30
1931 .1 .1 100 10-0-12 10012
Winston-Salem S 131st 49_1960.1 1 8578 -9212 8614 Apr'3 ____
8614 86,4
ILL Ir Mt Jr S gen con g 28_1931 A 0 10078 101 10073
100 102
10148
Wis Cent 50-yr let gen 49_1919 3 J 74 Sale 73
74
14
7212 8314
Stamped guar Is
1931 A 0 _
10134 Dee,29 ___
____
_
SUP & Dul die & term 1st 49'36 M N 86 Sale 86
86
1
853
4 9158
g
48
Div
lot
1933
&
G
Ely
NE N 65E8 -0178
9978 Wor et Conn Rant lot 430-1943 1 5 8558 ____ 9034 June'30 ____
9534 --i
- 9938
9958
9034 0034
3t L M Bridge Ter gu g 59_11130 A 0 9978 10038 0034 July'30 ___
9973 10018
INDUSTRIALS.
38 1.-San Fran pr lien 48 A 1950 NI s 92 Sale 9153
521
92
8712 927s Abltibl Pow & Pap lot 55_
1953 1 D 8634 Sale 8578
86t 57
8214 8853
Con tel 41e8 series A
1978 M S 94 Salo 03
8812 0504 Abraham & Straus deb 5)4e-1943
214
94
19503 J 10334 10418 10318
Prior lien 58 series 13
With warrants
A 0 10012 Sale 100
10312 10 100 c10412
10012 11
07 10313
San
Louis
&
Fr
j
611-1931
Re gen
it
Adriatle Mee Co WI 79.-1052 A 0 98 Sale 98
./ 10112 Sale 10112 10112
1 10018 102
98
7
96 10012
1031 5 „V 101 Sale 101
Cei eral gold 52
101
6 100 10112 Adams Express coil De 49_1948 M 8 9014 91
8914
8914
2
82
90
It L Pear & N W 1st gu 53_1948 J J 1053310512 10512
1 10014 10512 Max Rubber let 15-yr e f 83_1936 5 0 5018 60
60 Aug'30__
45,
8 80
it Louis Sou 1st gu g 49__1931 m 9 9938 -69.3.-i 0933 Aug'30 ____
9418 9938 Alaska Gold el deb 65 A.,_1925 M 8
7
9
7 Aug'30 ---514 9
Cony deb 65 series B
9114
85
3 L SW 1st g 49 bond etfs_1989 ite N 9058 91
0114 26
9014
5
1926 M 8
514 May'30 __-538 533
Albany Pefor Wrap Pap es- _1948 A 0 9334 -94
2d g 43 Inc bond etf9 Nov 1989 j J 82 Sale 81
767(t 82
33
82
9312
9312
7
85
9614
9973
9
9714 110
COD801 gold 45
Allegheny Corp col tr 5s
1930 1 D 100 10018 9934
1944 F A 100 Sale IGO
10014 33
97
10414
Coll & cony 58
96 102
Ist terminal & unifying 59_1952 J J 102 103 10153 102
23
1
D
1949
9912 Sale 99
9912 45
07 10412
1950 A 0 9618 Sale 05
Coll & cony 59
94111 0912
3Paul & K C Sh L 101 4385,1011 F A
9912 12
9912 Sale 99
9614
73
92
99,3
1931 F A 10034___ 10078 Aug'30 -10018 10078 Allis-Chalmers Mfg deb 58_1037 M N 102 Sale 10138 102
it Pate & Duluth 1st 5s
7
9934 103
9112 9512 Alpine-Montan Steel let 75_1955 M 8 95112 9612 9534
let consol gold 4s
1968 1 D 9312 -95
9512 Aug'30 __
9612
3
91 100
9918 100
Am Aerie Chem let ref 8 f 7;041 F A 10414 Sale 10414
R Paul E Gr Trk let 4;0..1947 J J 9912 ____ 9918 Aug'30 __-10412
4 10212 10512
Amer Beet Sug cony deb 69._1935 F A 64
99
96
R Paul ellen & Man con 42_1933 .1 J 100.100 Aug'30..._ _
71
8-1
64
2
6318 8738
let consol g 68
1933 j .1 10433 1-0-8-14 104 Aug'30 ___103 10534 American Chain deb 5165_1933 A 0 10134 10178 10134 1013
4 10
97 10214
65 reduced to gold 4345_1033 J .310012 101 10012 10012
Am Cot 011 debenture 55
1931 MN 10058 _--- 10058 Aug'30
9758 10.1
1
___00
101
Cynamid
Registered
deb 5s
Am
98
1942 A 0 0873 Sale
98
1
____ ____
Feb'30 ____
J .108
9878
2
92
98'4 Am & Foreign Pow deb 55...2030 M 5 8958 Sale 98 2
9412 10013
Mont ext 1st gold 4s
10373 D 9631 ---- 90 Aug."--8938
893
4
246
861
0012
Amer
pacific ext guar 48 (sterling)'40 .7 .1 9178 Sale 9174
Ice
2
8
I
deb
58
97
1052
893
4
1 D 8612 8718 84
1
9178
9
84
90
Amer I0 Chem cony 5 ees_1940 IM N 107 Sale 10653 Aug'30 ____
It Paul Un Del./ 1st & re/ 53-1972 .1 J 10734 10833 10734 109
8 10478 109
10712 91 100 10813
IA dr Ar pass 1st gu g 49._
1943 3 J 95 Sale 9478
9028 9612 Mn Internet Corp cony 5;49_1949 1 J 100 Sale 99
8
9612
100
51
93
1939 A 0 10412
0912 10114 Am Mach & Ftly 9 f es
!ante Fe Pees & Phen 1st -55_1942 M S 10212 ____ 101 July'30 ____
104 Aug'30 _ -- 1033t 10114
1934 A 0 10114 -___ 10414 Aug'30 ___ 103 10414 Amer Metal 5385
1934 A 0 973s Sale 9612
lay Fla & West let g 68
9738 e77
961 -4 100
9934
1934 A 0 10112_ 9934 Jan'30 ____
let gold 59
993.4 9934 Am Nat Gas 63-85 (with war)1942 A 0 78 Sale 78
80
15
9233
70
etete V& N E let go g 48- _1989 M N 951.1-00- 9512 Aug'30 __.8814 0513 Am Sm & R let 30-yr 59 set A'47 A 0 103 Sale 103
10314 62
AMR 104
Ca.911 sale. d Due May. I Duo August. e Duo June.
--
ia
1543
New York Bond Record -Continued-Page 5
•-•
BONDS
115
N. Y. STOCK EXCHANGE.
?.
Week Ended Sept. 5.
I3.‘y
Price
Fridag
Sept. 5.
117ccles
Range or
Last Sale.
Range
Sine
Jan. I.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
z
High
High No. Low
Bid
A sk Low
8 10178 105% Elk Horn Coal 1st & ref 635s 1931
Amer Sugar Ref 6-yr 65_ -1937 j j 10312 10378 10312 10334
Deb 7% notes (with warr) 1931
94%
10012
99
S
99
9912
99
45___1936
cone
Am Telco &Teleg
Equit Gas Light let con 58__1932
2
9918 105
10112
1933 MS 101 103 101
30-year cone 4355
10638 21 103 10634 Ernesto 13reda Co let as 7s._1954
D 106 Sale 10534
1946
30-year coil tr Is
With stk purch warrants
103 10312
D
10312 May'30
Registered
10634 78 10018 10634 Federal Light & Tr let 5s_ _1942
J 10612 Sale 10618
1960
35-yr. s f deb 55
lien s 1 Is stamped_ _ _1942
1st
55
1043
109
109
4
10814
Sale
MN
109
1943
20-years f 5345
1042
1st lien 6s stamped
.1 16134 Sale 16012 16212 34 13714 19312
1939
Cone deb 4355
30-year deb 6s series B_ _ _1954
320 10018c1073s
1965 FA 107 Sale 10612 107
35-yr deb 55
1439
75
f
s
Metals
Federated
2
103
107
106
106
AO
106
4
1053
_1940
_
_
Am Type Found deb 6s_
Flat deb 78 (with warr)_ _ _1946
9912 103
10178 18
Am Wat Wks & El col tr 5s_ _1934 A0 10178 Sale 10178
Without stock purch warrants_
23
104
8
10812
1065
10712
Sale
MN
10712
1975
A
series
68
g
Deb
1941
Fisk Rubber let at 85
84
78
2
69
1947 1 .1 7718 7978 78
Am Writ Pap 1st g 65
8312 9812 Framerican Ind Dev 20-yr 73,58'42
0678 24
Anglo-Chilean s f deb 7s_ _ _.1945 MN 9612 Sale 0534
181817358_1942
Sugar
Francisco
21
55
25
Aug'30
'3
24
25
7358-1939
Antilla (Corny Azuc)
9811 10312 French Nat Mall SS Lines 78 1949
Ark & Mem Bridge & Ter 58_1964 MS 10014 10034 10312 July'30
1943
Gannett Co deb 65
8738 93
9278 78
1939 D 9278 Sale 9238
Armour & Co 1st 435e
43
8212
8012 8634 Gas & El of Berg Co COM g 581949
81
Sale
J
J
82
.1943
_
535s_
Armour & Coot Del
_1934
_
_
68_
Mining
18
Gelsenkirchen
102
2
10458
10438 10458
Associated 0116% gold notes 1935 MS 194
10134 10318 Gent Amer Investors deb 55_1952
D 104 1652 10318 June'30
1047
Atlanta Gas L 1st 5s
Gen BaMig deb s f 5 Ms_ _ _ _1940
1258 May'28
118
Atlantic Fruit 78 etre deo_ _1934 ID
Gen Cable 1st s t 5355 A_ __ _1947
1258 May'29 118
ID
Stamped ctfs of deposit
2 "iHt 16- Gen Electric deb g 3 Ms__ _1942
J 7418 Sale 74i875
Atl Gulf & W I SS L col tr 5e 1959
Gen Elec (Germany)78 Jan 15'45
1
10312
100
10312
J
10312
Sale
10312
1937 J
Atlantic Refg deb 5s
SI deb 636s with warr_ _1940
1 105 10712
10718
1940 MN 10718 Sale 10718
13aldw Loco Works 1st 58
Without warr'ts attach'd_1940
1
73
91
73
73
73
75
ii
_1937
Ms__
7
Az)
13aragua (Comp
1948
9512
9558
20
41
92
-years f deb 6s
Batavian Pete gun deb 43.55_1942 J J 0512 Sale 9478
1937
Gen Slot Accept deb 6s
67
81
8014 11
80
8014 85
Belding-Hemingway 68_ - _ _1936 J
1940
Gent
ef
1st
5s
Petrol
102
5
1073
10714
4
Sale
1063
ii
10714
4
Bell Telep of Pa 6s series B _ _1948
1960 AO 11158 Sale 11034 1115s 21 10358 11158 Gen Pub Serv deb 5 Ms_ _ _ _1939
let & ref Is series C
88 c9734 Gent Steel Cast 534s with war'49
9078 37
9078 Sale 90
Berlin City F.lee Co deb 6 Ms 1951 J
Gen Theatres Equip deb 68_1940
4
8434 96
91
• 1959 FA 8934 0112 90
Bob sink fund 63,55
9212 17
Good Hope Steel & I sec 75 1945
86
96
Berlin Elec El & Uneig 630_1956 40 92 Sale 90
(B F)Co 1st 6358_1947
6
Goodrich
104
10112c105
103
Sale
N
104
'42
A
guar
5s
ref
&
1st
Beth Steel
10212
10212
Goodyear Tire & Rub 1st 55_1957
1027
4
993
8
104
8
1017
30-yr p m & imp f 5s_ _ _1936 J
Gotham Silk Hosiery deb 6s_1936
86
91
88 Aug'30
90
88
1950 M
Bing & Bing deb 6355
351
5 341a 47 Gould Coupler 1st s f 6s_ _ _1940
3514
36
Botany Cons Mills 6 Ms_ _ _1934 *0 35
Gt Cons El Power (Japan) 781944
2 100 105
1934 MS 10414 Sale 10312 1041
Bowman-BM Hotels 78
1950
lst&gensf615s
11
8
712 Sale
712 4412
712
D
.13'way & 7th Av lst cons 5s 1943
87
79
Gulf States Steel deb 535s_ _1942
15
78
78
Sale
79
.1
Brooklyn City RR 1st 58_ __ _1941 I
7 10312 106313 Hackensack Water let 4e_ _ 1952
J 10534 106 10534 10534
Bkiyn Edison inc gun 5s A..1949
Harpin Mining 6s wlth stk purch
10078 684
9412 101
10012 Sale 9912
1968 .1
Bklyn-Man It T see 6s
war for corn stock or Am she '49
77
70 Aug'30
68
73
Bklyn Qu Co & Sub con gtd 5s'41 MN 70
Hansa SS Lines 65 with warr_1939
8312 Dec'29
89
.1 73
1941
1st 55 stamped
1930
St Ry 1st 48
Hartford
_
June'29
9212
J
Brooklyn It Tr 1st cony g 48_2002
Havana Elec consol g Is _ _ _1952
10614 Nov'29
105
1921 J
3-yr 7% secured notes
of 1926 1951
series
91
535s
Deb
12
90
01
-ST
Sale
91
FA
1950
4-5s
g
Bklyn Un El let
8334 8912 Hoe (It) & Co let 63is ser A.1934
8334 Mar'30
_
_
1950 FA
Stamped guar 4-58
2 10278 107
Holland-Amer Line 65 (flat).1947
1067
_ 10678
B klyn Un Gas 1st cons g 58_1945 MN io7T4
Houston 011 sink fund 515w...1940
Aug'30
114
8
1167
117
118
11718
MN
1st lien & ref (is series A_ _1947
30
May
306
Hudson Coal 1st Sf 5s ser A_1962
306
306
_ _
1936'3
Cone deb g 53(5
10412 32 10234 10478 Hudson Co Gas let g 58
1910
- 10418
10414 10412
1950 ID 200Cony deb 5e
30
Oil& Refining 5358_1932
Humble
Jan
96
96
06
D
Buff & Susq Iron 1st 51 55.1932
1937
Deb gold 55
01 Aug'30
93
8714 9218
1952 A0 92
Bush Terminal let 4s
Illinois Bell Telephone 5s _1950
5
04 102
1955 ii 1001;8 101 10038 101
Consol 58
1940
99 10312 Illinois Steel deb 435s
Bush Term IlIdge 5s gu tax-ex '60 A0 10312 Sale 10312 10312
4 10014 10418 Useder Steel Corp mire 6s...1948
1945 MN 10358 104 10312 1031
By-Prod Coke let 530 A
Indiana Limestone 1st 82 68.1941
1936
1 10038 104
104
Ind Nat Gas & 011 55
104
Cal G & E Corp unit& ref 58_1937 MN 10358
1978
94 10012 Inland Steel 1st 430
3 9934 10012 24
Cal Petroleum cony deb s f 581939 F A 100 1-66;
1931
Con
10212
Copper
635s
10212
Inspiration
15
9812
10212
Sale
10212
MN
1938
5355
Cony deb s g
14
37
Interboro Sletrop 4 Ms_ _ _ _1956
GO
33
1942 A 0 37 Sale 33
Camaguey Sug 1st s f g 7s
Interboro Rap Tran 1st 5s 1966
8734 97
88 Aug'30
88
1941 A 0
Canada SS List & gun 68
Stamped
_ 10434 Aug'30
1021s 106
if)
Cent Dist Tel 1st 30-yr 58_1943 J
Registered
7914 8112
8014 Aug'30
8014 87
Cent Foundry lets f 6s May 1931 F A
1932
10214
10-year 68
106
106
1043
Aug'30
8
105
_
S
5e_
M
E
_Jan
&
1957
G
Hud
Cent
1932
10-year cone 7% notes
11178 125
Central Steel let g 52 8s___ j041 MN 115 120 115 Aug'30
Int Agric Corp let 20-yr 5s_ _1932
3712 61
46
4618 21
Certain-teed Prod 535e A_ _ _1948 M S 4612 47
19•12_
to
extended
Stamped
June'30
60
60
7814
1st
M
Co
817.35e '39
Cespedcs Sugar
6334 Mar'30
58
5312 5312 Int Cement cone deb 5s_ _ _A948
Chic City & Conn Rye 58 Jan1927 A 0
1 100 10512 Internal Hydro El deb 6s1944
103
103
ChGL&Cokslstgug5s.19373 1 10 T2
Internat Match s f deb 5s_ _1947
Chicago Rys 1st 56 stpd ret 15%
1941
3
Inter Slump Marines Los _1941
69
80
80 Sale 79
85
principal ard Aug 1930 int_ _ _ _ F A
20
9114
Internatl Paper Is ser A &B_1947
91
91
Sale
9112
0
8
883
A
1943
5s
deb
Co
Childs
1955
series
9814
A
Os
f
5
94
Ref
95
97
9712
9712
Sale
Chile Copper Co Co deb 5e_ _1947 1 J
8618 9214 Int Teley & Teleg deb g 43.(s 1952
9178 46
1968 A 0 9134 Sale 9112
Cha0 & E 1st m 48 A
1939
Cone deb 430
72 Aug'30
_
63
74
1940 i J 6758 74
Clearfield Bit Coal 1st 4s
1055
Deb 55
10
5912 8914
1938 F A 65 Salo
Colon 011 cone deb 65
9912
8
95 10018
19433 J 9912 Sale 9918
,& ICogensfls
Colo I
58_1952
Lt
98
6:
9212
Pow
City
3
Kansas
Sale
97
97
97
A
F
Col Indus 1st & coil Is gu _ _ _1934
lot gold 435e series B....1957
9358 103
Columbla G & E deb Is May 1952 M N 10212 Sale 0212 10234 62
1952
2
9834 10358 Kansas Gas & Electric 6s
Debentures 5s_ _ _Apr 15 1952 A 0 10212 10258 0212 10212
1080
lot M 412e
99
99
1
05
Columbus Gas 1st gold 58_1932 I J 99 Sale 99
97
2
Karstadt (Rudolph) 68_1943
90
97
97
Columbus Ry P & L 1st 4;0 1957 J J 9612 97
_1946
_
_
6s_
let
Corp
F)
(B
2
Keith
100
1003
s
1003
4
3
8
100
93
MN
10012
Commercial Credit s f Ga.__ _1934
98
6
Kendall Co 53.4s with warr_ _1948
85 100
19351 .1 98 Sale 98
Col tr s f 5Ms notes
36
86 10014 Keystone Telco Co let 5s 1935
Comml Invest Tr deb 6s_ .._ _1948 M S 100 Sale 9934 100
26
9712
9512
Kings County El & P g 5s _ _A937
83
95
Sale
9514
1949 F A
Cone deb 5358
1997
Purchase money 65
17 10312 10618
computing-Tab-flee s f6s_ _1041 3 .1 10512 10618 0512 106
Kings County Elev let g 4s-1949
27
99
9512 100
9934 99
Conn fly &List& ref g 43581951 1 J 99
1949
Stamped guar 4s
3
100
9312 100
1951 J J 100 10212 00
Stamped guar 43-58
Kings County Lighting 58__ _1954
8312 32
7612 90
Consol Agricul Loan 6 Ms__ _1985 3 D 8314 8334 83
1954
&
First
ref
615s
Consolidated Hydro-Liec Works
93
1
89 c9538 Kinney (Gil) & Co 735 %notes'36
9334 03
of Upper Wuertemberg 78_1956 IJ 93
47
63
27
42
Kresge Found'n coll tr 6s-1936
47 Sale 47
Cons Coal of Md let&ret 5s.19501
Kreuger & roll 58 with war 1959
107
40 105 108
Consol Gas(NY) deb 53.0_1945 F A 106% Sale 0612
9812 10212 Lackawanna Steel 1st 55 A_ _1950
10214 -- 0212 Aug'30 _
Consumers Gas of Chic gu Is 1936 J
10518
Ladl Gas 01St L refdtext 58.1934
10514
10214
Sale
7
10518
106
MN
_1952
let
_
_
5s_
Power
Consumers
9318
Col & ref 53.(s series C_ _1953
8918 9534
7
1946 1 D 03 Sale 9212
Container Corp 1st 133
731
Coll & ref 5 Ms ocr D.....1960
29
7212 87
D 7212 Sale 7212
I5-yr deb 5s with warr_ _ _1943
99
Nitrate Co cony 68_1954
Lautaro
8
Sale
4
997
4
72
993
913
A
100
F
1954
Copenhagen Telco 5s Feb 15
10318
Without warrants
3
9712 10312
Corn Prod Refg let 25-yr s 15s 34 M N 10234 10318 10318
& Nay sf4 Ms A__1954
C
10012
Lehigh
101
101
94
105
7
J
4
1013
_1947
_
_
68_
t
Seals
&
Cork
Crown
Lehigh Valley Coal 1st g 5s.1933
103
22
9912 103
10212 Sale 10212
Crown Willamette Pap 6s_ _1951 1
let 40-yr gu int red to 4% _1933
97
98
19
98 Sale 9714
98
Crown Zellerbach deb 68 ww 1940 M
1934
41 Mar'30
1st & ref s I Os
3512 4118
Cuba Cane Sugar cone 7s_ _1930 1
1944
let & ref s f 5s
41 Mar'30
_ 30
3618 4312
Cone deben stamped 8%.1930 J J
1954
ref s f 5s
&
Sale
let
9312
94
13
94
9212
10014
M
coil
let
83.1931
Sugar
Am
Cuban
1964
1St & ref s f 55
18
16
33
1718 Sale 17
3858
Cuban Cane Prod deb 08_1950 J J
9174
1st & ref f 5s
20
1934 20 Aug'30
47
Cuban Dom Sug let 734s_ _ _1944 M N
Is
Myers
20
78_1944
21
Liggett
Tobacco
20
20
2
2112
4018
_-attached.
war
purch
Stpd with
1951
55
4 10014c105
103 Sale 103
10312
Cumb T & 7' let & gen 5s_ 1937 J J 10434 Sale 10412 10434 20 10214
10434 Loew's Inc deb (is with warr _1941
Cuyamel Fruit let s 68 A 1940 A 0
Without stocks porch warrants
Lombard Elec let 75 with war '52
76 Dec'29
Denver Cons Tramw let 58_ _1933 A 0
Without warrants
72 I-0312
Aug'30
-58
gts'51 WI N 10118 1-61-34 101
Den Gas & E L lst & ret 5 I 1951 WI N 10118 Sale 10118
(P) Co 7s
Lorillard
1944
10118
0812
104
Stamped as to Paltax
55
1951
3612 61
Oct'29
S 10
M
78-1942
f
5
1st
G)
(I)
Dery Corp
Deb 5348
1937
10 July'30
10
10
30
47
Second stamped
39 10014 10334 Louisville Gas & El (Ky) 5s.1952
58.1933 J J 10212 Sale 10212 103
tr
coil
lot
Edison
Detrolt
10434 10434
101 10514 Lower Austria Hydro El Pow-_ _
1
Sale
10434
SI
1940
_July
A
1st dr. ref 5s series
1944
15151635s
10614 16 1013i 10614
A 0 10614 Sale 106
Gen & ref 5s series A___1949
10818 22 105 10812 McCrory Stores Corp deb 534s'41
10778 Sale 108
1940 M
1st St ref 65 series 13_ _July 1955 1 D 107 Sale 10634 107
McKesson Is Robbins deb 5 Ms'50
102 107
3
Gen & ref Os series B
3 10238 10734 Menet'Sugar 181st 73.4s_.1942
10758
1062 F A 107 10738 10718
Series C
96
1
9978 Mani= Icy(N Y)cons g 4.8.1990
9834
I J 9814 9912 9834
2d 48
Det United lot co. g 435e...._1932
91
41
2013
9378
Sale
9414
9512
05
MN
1940
Manila Elec fly & Lt 3 1 5w._1953
Dodge Bros deb 65
75
58
58
60
9
15 N 5914 62
Mfrs Tr Co ctfe of panic In
Dold (Jacob) Pack 1st lls_1942 M S
_ 10012 101
Apr'30
101
_
58_1939
Al Namm Is Son 1st 6w..1943
Dominion Iron & Steel
1 10112c10412
10314
4 10314
-.
1033
901942 .1 .1 10314
Donner Steel 1st ret 75
WI N 10512 Sale 10512 10534 14 10318 10612 Marion Steam Shovel s t 65_1947
Market St fly 75 ser A_April 1940
Duke-Price Pow 1st(laser A_1066
9614
10314
29
1027
10314
s
Sale
10314
0
A
Duquesne Light let 4 Me _ _1067
Slericlionale Mee 1st 75_ _ _ _1957
52
87
5212
g 73.58'37 15 S 5212 Sale 5212
East Cuba Suff 15-yr
9159 9734 Metr Ed 1st & ref 5s ser C 1953
9734
48_1939 1 .1 9734 Sale 9734
1st g 4 Ms ser D
1968
109 111
Ed El III Bkin 1st con g 58_1995 J J 112 115 110 July'30
Metr West Side E (Chi-) 4.3 1938
Ed Elee (N Y )1st cons g
Ming Mill Mach 7s with war 1956
10234
8
Edith Rockefeller McCormick.
1003
3
102
102
Sale
102
I
_1943
Without warrants
Trust coil tr 6% notes_ _
8912 9712
2
9334
3(s'50 M S 9312 9412 9334
Elec. Pow C0r1)(Germany)6 1953 A
8718 9112 MldvaleSt&Ocor.vsf5s1g3iIM
9312 80 Aug'30
85
0_
ls$s163.41
C Cash sale.
Price
Friday
Sept. 5.
Ask
Bid
7914 98
75
51
10034 10114
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
High No
Low
7912 Aug'30
52 Aug'30
10034 Aug'30 _
78
Sale 7612
98
9812 98
9814
Sale 98
104 10158 Aug'30
97
97
98
98
Sale 98
9412 Aug'30
91 Aug'30
8418 00
68
66
68
66
10812 Sale 10838 10834
80
80 Sale 78
10414 Sale 10334 10414
85
88. 85
85
_ _ _ _ 10212 June'30
103
96
9558 Sale 9512
8612
8614 8634 8612
9714
97 Sale 97
9612
96 Sale 96
9514 Aug'30
9512
10212 Sale 10212 10458
__ 106 107 July'30
9912
9934 99
99
96
96 Sale 9514
10334 Sale 10334 104
10212 10258 10258 10258
9914
9834 Sale 9834
10358 Sale 10358 104
96
96 Sale 95
9414
9718 94
94
10612
10418 106 105
9334
93 Sale 93
9012
8912 Sale 8912
71
71 Sale 71
10058 101 10012 101
9514
95 Sale 9438
96
96
97
96
9178 Aug'30
9012 92
77
9814
9814
10312
9738
98
7
4
7
2
20
2
23
2
9
1
36
4
22
38
20
3
25
109
4
3
10
69
9
31
136
4
11
3
31
4
_
8878
8834
85
85
9612 Aug'29
66 Aug'30
78
GG
46
46 Sale 46
79
79
8312 70
77 Aug'30
____ 75
9714
97 Sale 97
64
64 Sale 63
10634
10512 - - 10514
10234
10238 1-0212 102313
10238 Sale 10112 10238
10512 Sale 10538 10512
101
101 10134 101
8612
8638 Sale 8512
75
74 Sale 74
__ -- 10012 June'30
100
977g
0734 Sale 9718
101 10114 101 Aug'30
912 20
912 Aug'30
7112
7112 Sale 68
7112
7114 Sale 67
67
67
56
56 Sale 51
9012
9012 Sale 88
Aug'30
9712
9712
77
771z 77 Aug'30
102
10134 Sale 101
101 Sale 10012 10114
101
101 Sale 100
10112
101 10112 101
8478
84 Sale 8312
8612
86 Sale 86
90
8812 Sale 8812
10834
10712 Sale 10714
97
9612 Sale 96
85
Lou,'
High
7912 98
52
75
9934 101
Sale
84
75
94
1)8
92
9814
10058 105
9218 10018
97 102
9434 107
87% 94%
5912 89
10312 109
78
97
10234 10412
9278
82
9978 10212
95% 9634
8012 92
96
9714
9512 10338
96
94
99% 105
107 124
95 101
9218 9714
10012 10434
9978 10234
9312 103
10012 10614
9234 10014
9212 103
105 107711
96
90
9712
87
6678 847s
9714 10112
9014 98
94 1007s
9173
85
3
1
3
1
_
27
43
57
9
14
15
2
8
7
47
167
362
1
18
55
13
31
96
25
26
14
9
234
177
94
86
8314 92
66 84-1-2
6612
43
90
75
921/8
77
97
9714
5312 73
10118 10634
101 10234
9934 103
103 10618
97 102
92
82
68
8512
100 101
91
9778
1001g 10112
912 912
7412
61.
61
7412
6034 6734
4478 6614
84
9434
9312 973e
7214 7912
91 10338
98 104
97 101
9634 10134
81
9212
85
94
8812 94
105 12934
9512 9915
103 10578
10538 10512 10538 10512
9512 101
_ 101 Aug'30
10212
106 Aug'30
104 10612
9518 9614
9534 93
9512 Sale 9513
7434 29
6912 8378
74 Sale 7378
8112
8112
2
74
91
8134 84
74
75
4
74
9234
78
74
8618 July'30
75
90
89
88
10014 10414
10318 Aug'30
10314
125 13034
12934 Aug'30
13438
7512 8312
8312 20
8312 Sale 8212
7512 84
8014 May'30
10012 105
106 10812 105 Aug'30
11412 11912
11758 120 11718 Aug'30
1 10038 10714
101 104 10112 10112
6 10214 105
104
104 Sale 10334
92 10034
9814 106
9814 Sale 9714
100 10378
10312 10438 10338 Aug'30
2
99 10314
10314
10314 Sale 10314
8 10034c10514
104
104 Sale 10314
21 102 104
104
10312 Sale 10314
79
24
7878 Sale 7712
9859 Aug'30
10114 ---- 10012 Aug'30
98_ _ 9712 May'30
9812 July'30
9734 1-60
78 AUg'30
7738 81
---- 6934 66 Aug'30
70 May'30
70 June'30
65
12318
6
liars Sale 12318
6
10512 Sale 10512 10512
120
2
_ 120
115
15
10014 Sale 9834 10014
9412
1
9478 Sale 9412
9478
9478 9434
7
04
11112
5
11078 111 11034
9038 12
9038 Sale 90
9712 122
9738 Sale 9678
105
105 Sale 105
6
8414
9818
8778
42
5412
40
99
9812
60
9234
9813
10514
10138
80
---7712
S 10158
86
99
Sale
45
Sale
4938
103
85
5
8514
9814
13
9712
8778 120
8612
44 Aug'30
5434 54
5112
47 Aug'30
90 July'30
Sale 9812
99
Sale 60
63
Sale 9218
9234
9912 98
98
10512 105
105
Sale 10112
101%
Sale 80
80
85
8012 Aug'30
Sale 7712
7712
102 102
10218
6
5
2
1
5
72
4
_
8
11
74
8712
9418 9834
9734 10118
9512 10038
8112 100
80
83
66
74
70
7614
70
75
11712 1231g
9934 10634
10112 130
9134 101
93
9912
99
93
10478 11112
7878 901s
84
0712
100 105
80
9612
86
37
44
45
90
91
10011
93
86
60
51
9914
9612 100
88%
50
8912 9734
9434 102
101 105
9734 10158
6612 831
,
8012 97
77
90
9934 1025e
1544
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
New York Bond Record Concluded-Page 6
r •
Price
Friday
Sept. 5.
lrcek's
Range or
Last Sale.
hi
Range
Since
Jan. I.
Bid
Ask UnD
11175 No. Low
High
J 10012 10014 10058 Aug'30
9712 101
D 10334 110 105
105
997g 105
D 10278 Sale 10234 10278 23
9633 103
D
9912 Jan'30
9712 9912
J 103°4 104 10334 104
35 100 10412
losle 10334 10312 104
17
9818 104
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 5.
Price
Friday
Sept. 5.
IVeck's
Range cc
Last Sale.
Range
Since
Jan. I.
Milw El Ry & Lt ref & ext 44031 I
Bid'1st Low
High No. Low
Nigh
Rhine-Ruhr Wat Ser 69._1953 J J 82
General & ref 5s series A_ _1951 J
84
81
83
4
7912 89
Richfield 011 of Calif 6e___1941 MN
lat & ref 5s series B
84 Sale 84
1961 J
85
23
80
9814
RIma Steel lot s t 79
F
let & ref 5s ser B temp _ _1961 .1
A
1955
93 Sale 93
94
5
8812 9714
Rochester Gas & El 7s ser B..1946 MS 10714 Sale 10714 10712
Montana Power 1st as A.__1943
5 10534 10838
Gen
mtge
MS
Deb 55 series A
594s
series
C
107
1948
Sale 107
1962 .1
107
1 10412 108
Gen mtge 43.4s series D_ _ _1977 M S 100 10212 100 Aug'30
Montecatini Min & Agric_
97 100
Roch & P122.4
MN
Deb 7s with warrants
92
1937
J 10012 Sale 10013 100,2
85 May'30
1 10012 10812 Royal Dutch C&Ipm 5s._1946 AC 85
85
85
49
Without warrants
with warr_ _1945
91 Sale 9058
J
9912 10114 99
91
136
10012 29
92
8713
102
95
Montreal Tram 1st & ref 59_1941 I J
_ 100 Aug'30
05 101
St Jos fly Lt It & Pr lot 53_1937
Gen & ref s f 5;series A_ _ _1955 A 0 953
9812
9814
99
2
_- 9458 Aug'30
94
99
9114 96
St L Rock Mt
Gen&refsfSseerfl
54
57
1955 A 0 95388 98
54 Aug'30
9178 Jan'30
52
64
9178 9178 St Paul City & P 58 stmpd_1955
Gen & ref at 43,0 ser C
8412 8734 8413 Aug'30
1955 4 0 8612 9814 8614 Aug'30
80 c92
8412 9914 San Antonio Cable cons 59_ _1937
Gen & ref s 15s ser D
Pub
Sent
let 63_1952
108 Sale 10734
1955 A 0 9512 Sale 9512
95,2
20 102 108
5
9112 0512 Saxon Pub Wks
108
Morris & Co 1st s f 414s_ _ _ _1939 / .1 85
(Germany) 78'45
9733 Sale 9738
8514 85 Aug'30
9734 13
9233 10034
80
8514
Gen ref guar
Mortgage-Bond Co la ser 2_1966
92 Sale 9114
1951
0 7318 80
9214 42
73 June'30
86 c99
73
7314 Schulco Co guar63:69
10-25 year 5s series 3
72
6948
75
1932 .1 J
1946
995s Sale 9953 100
70 Aug'30
_
45
8
77
9612
100
Guar s t 694e series B....1916
Murray Body let 610
8612 8712 85
8612 10
1934 J
931, Sale 9814
$613
45
9812 14
89 100
Sharon Steel Hoop s f 5 tis_ _1048
Mutual Fuel Gas 1st gu g 55-1947 51 N 103 --- 10458 Aug'30
96
96
96
4
95 . 100
9978 10458 Shell Pipe Line
Mut Un Tel gt(165 ext at 5% 10419
9712 Sale 9653
N 10314 -- -- 9358 Jan'30
9778 79
9213 c9773
9358 9853 Shell Union 011 s f deb 55_ _1952
Names(A I) & Son_ _See Mfrs Tr
s f deb 5s_ _1947
9553 Sale 95
9558 67
9312 9914
Deb .5s with warr
Nassau Elec guar gold 4s_ 1951
93 Sale 9712
1949
5112 53
5112
5112
983
25
2
9614
4
4958
10212
57
Nat Acme 1st f es
Shinyetsu El Pow lot 6145-A052
1942.1 0
85
89
8512
8512
10214 10214
8518 94
5 10012 10234 Shubert
2
Nat Dairy Prod deb 151:ja
45 Sale 45
6s_June 15 1942
1948 F A 10014 Sale 9958 10014 599
45
41
1
95 c10112 Siemens Theatre
6912
Nat Radiator deb 6149
&
Halske s f 75.-1935
9858 101 10118
1947 F A 21 Sale 21
10112 22 100 10414
22
11
21
40
Deb s t 630
Newberry (33) Co 534% notes'40 0 9812 Sale 9813
101 Sale 101
19,51
102
9812
16 100 108
5
97314 99
Newark Consol Gas cons 5s.19483 C 1055
Sierra
&
San
Fran
Power
103
58.1940
Sale
10212 103
- - 105 Aug'30
2
9658 10314
102 105
Silesia Elee Corp
New Endl Tel at; Tel 55 A_ 1952 1
694s.,.1946
88
8812 881
10812
810912 10818
8011 901it
10814
8812
3
6 10312 10314 Silesian-Am Rep s f
1st g 4948 series B
88 Sale 88
19619 N 10338 Sale 10278 10333 11
coil tr 79 1941
50
86 e97
9313 1033s Sinclair
Nexv Orl Pub Ser. 1st 59 A _ _1952 A 0 9218 Sale 913.4
10412
Sale
Cons 011 15-yr 73-.1937
104
10412 57 10034 10434
94
66
91
82
First 42 ref 58 series B. _1955 1 D 92
lot lien roll 65 series D__ _1930
100 Aug'30
9238 11259
9258
9958 10078
83
933a
NY Dock 50-year let g 45-195
lot lien 894s series I)
Sale 103 • 10334 31
1938
1 V '4 8414 Sale 8414
9958 10413
8414
8014 8534 Sinclair Crude
Serial 5% notes
10214 Sale 10218 10214 65
0115 s ser A.1938
1938 A 0 7633 7912 76
76
947
8 10234
3
70
86
NY Edison 1st & ref 634s A-1911 A 0 114 Sale 114
Sinclair Pipe
10218 Sale 102
1942
10214 20
114
9413 10214
6 11112 11434 Skelly 011 Lines f 55
1st lien & ref 55 series B..1944 A 0 10512 106 10539
9612 Sale 9614
deb 510
1939
9634 43
91
10512
4 10234 106
9958
NY Ca13 El Lt H & Prg 59_1948 J 0 10818
Smith
10234 10338 103
1031._
6 10112 104
-- 10818 10812
7 10434141012 Solvay(A 0) Corp 1st 694s 1933
9918 Sale 99
Purchase monty gold 4s 1949 F A 9634 Sale
Am Invest 53
1942
9918 27
9534
9378 9914
97
14
9234 98
NY LE& W Coal & RR 534s'42 14 N 10014
South
10312
105
Porto Rico Sugar 79_ _1941
10312 103
3 103 107
10014
10014
99 101
1
N Y LE& W Dock & Imp 53'43 J .1 10012-10434 Sale 1043.4 10512 46
South Bell Tel & Tel lots f 59 '41
9813 gg
_ 99 July'30
10158 10553
N Y Rye 1st R E & ref 4s_ _1942
S'west Bell Tel lot & ref 5s._1954
10618 Sale 10818 10638
J 4318 54- 4313 Mar'30
9 102 10612
4318 4313 Southern
CertifIcates of deposit
10458 Sale 10412 105
Colo Power 68 A.,.1947
4319 _
3
10112
433
8
10534
433
8
433
3
3
433
8 Spring Val Water 1st g 5s_,1043
30-year ad) Inc 55__ _Jan 1942 A 0
9934
9934 July'30
9933 10034
1 Aug'29
Certificates of deposit
Standard Milling 1st
10018 1003
- ---s 10014 10014
_1930
2
9978 10012
July'29
1
N Y Rys Corp Inc 6s_Jan 1965 Tor
1st & ref 5165
10014 July'30
1945
512
412 6
100 10112
512
4
4
9
Prior lien 6s series A
ioiTz gale 10414
Stand 011 of J deb 5s Dec 15'46
10412 67 10034 10434
19651
59
59
59
59
1
7214 Stand Oil of N
NY & Riches Gas 1st 6s A _ _1951 9 ./ 10512 61
100 Sale 9978 100
N Y deb 4 3.4s.1951
58
96 10012
10814
10814
-4
104
1053
2
N Y State Itys Ist cons 4)43_1962 If N
Stevens Hotel 1st 6s ser A __ _1945
7812 80
7912
80
912
3
74
90
912
912 Sale
6 425
9
29
Sugar Estates (Oriente) 79._1942
Registered
30
29
9494
30
29
3
54
17
Jan'30
17
17
1071s ---- 104
Syracuse Lighting 1st g 5s_ _ _1951
Certificates of deposit
104
1 10312 1065s
14 June'30
14
20
50-yr 1st cons 610 series B1962 MN
6 c24,4 Tenn
NY Steam 1st 25-yr(User A 1947 NI N 10814 10812 10 July'30
104 105 10412 Aug'30
Iron & RR gen 55_1951
102 10112
108
103
10518 10312 Tenn Coal
102 Sale 102
NY Telco 1st & gen s t494sA839 If N 10138 Sale 10114
& Chem deb 68 B.1944
102
4
9712 10212
9838 10178 Tenn Cop
10134 14
10712 Sale 10714 10712 29 10412 108
30-year deben 5 f 6sFeb 1919 F A 11114 Sale 11114
Elec
Power
6s_
_1947
1st
_
_
11114
12 11018 112
Texas
1033
Sale
4
5.._194i
30-year ref gold 68
Corp
cony deb
10314
10334 112 10033 106
1941 A 0 10712 Sale 1074
1073
8
1057
10812
4
30
5112 Sale 5038
Third Ave 1st ref 4s
N T Trap Rock 1st es
1960
5214 70
6412
45
19463 D 10134 Sale 101
94 10134
10134 13
Ad)Inc 5s tax-ex N Y Jan 1960
3412 Sale 3253
Niagara Falls Power 1st 58_11132 J
35
254
2238 35
10413 Sale 10334
10412 14 10014 104,2
97
9814 9634 Aug'30
Ref & gen 6s
1937
Jan 1932 4. 0 10373 Sale 10334 10418 10 10012 10413 Third Ave Sty 1st d 53
92 100
Toll() Elec Power 1st 7s
10012 Sale 10018
Niag Lock & 0 Pr ist 59 A-1955 A 0 10458 ____ 10458 Aug'30
1955
10078
4
9814 10072
10158 105
10014 Sale 9978
1932
Niagara Share deb 594s.l950 MN 104 Sale
6% gold notes
1001 1 58
9634 10(62
104
4
9 10313 104
Tokyo Elea Light Co, LtdNorddeutse he Lloyd 20-yr sf 69'47 MN 88 Sala 1033
86
86
93
88
,
2
8912 Sale 8878
1st Gs dollar series
1953
Nor Amer Cem deb 635sA_ _1940 94 S 5913 Sale 591:2
8912 121
8553 9212
60
5012 70
2
110 Sale 10934 110
rranscort
No Am Edison deb 5s ser A_1957 9 1: 10334 104
war_1938
011610
with
42
98 11034
9918 10114
10378 16
101 Sale 101
Without warrants
Deb 544sser B__ _ _Aug 16 1963 F P. 10334 1037 10353
101
22
8712 10112
10314
9978 10378
10378 52
10312 -- -- 10318 Aug'30
Deb 5s serles C_ __Nov 15 1969 MN 10114 Sale8 101
102 10338
9533 10112 Trenton 0& El 1st g 59--- -1949
10114 88
80
Sale
Truax-Trae
Nor Ohio Trac & Light 69..1947 PA S 10434 Sale
r Coal eonv 010-1946
76
78
7
76
9412
10434 10518
8 98 106,8 Trumbull Steel
10312 Sale 103
Nor States Pow 25-yr 5s A_ _1941 A 0
let at 69_ _ __1940
10312 16 102 10422
10314 10333 10314
9934 106
10314
23
30
Twenty-third St Ry ref bs_ _1962
23 Aug'30
Ist & ref 5-yr 6s ser B_ _ _1941 A
23
4978
106 Sale 10558 106
10258 11012 Tyrol Hydro-Ele
33
9913 Sale 9834
North WT let fci g 4 tis gtd_1934 J
c Pow 7949_1955
9912
2
94 100
10038 1011 1 10013 10033
98 10018
7
93 Sale 9258
Guar sec 917s
1952
Norweg Hydro-El Nit 5349-1957 M
93
2
85
95
83
,
3 95
65
95
N 9412 Sale 9112
10012 101 10012 10012
11.11gawa Etc° POW 5 I 78..._ _1945
6
9712 10112
10012 10078 10013 10012
Union Elec Lt Apr(Mo) bs_1932
Ohio Public Service 7449 A1916 A 0 11178 11214 112
3 100 102
112
1 110 11212
10178 10214 102 Aug'30
Ref & ext 58
1933
Ist & ref 7s series B
100 102
1947 F A 11413 11434 114 Aug'30
110 114
Un EL & P (111) 1st g 594s A 1951
10313 Salo 10312 10312
Ohio Myer Edison let 68_1918 1 .1 10313 Sale 10818
3 101 105
10814 18 105 c109
Union Elm'Ity (Chic) 53... _1945
81
Old Ben Coal 1st Os
81
1
70
5978 801% Union
1944 F A 65 Sale 63
8311
65
5
011
1st
10053
s
lier
1931
t
5s
July'30
Ontario Power N F 1st 53_ _ _1943 F A 10114 Sale 1037
994 104,4
9912 10124
10414
8
4
30-yr Osserles A
110 gaie 109
May 1942
110
Ontario Transmission 1st 59_1945 MN 1021
106
II()
103
98
July'30
1023
8
2- 1st lien 51 59 ser C...Feb 1935
10114 1013,101 Aug'30
Oriental Devel guar 68
08 102
19539
9919 gale 9812
95 100
9912 29
Deb 53 with warr_ _ Apr 1945
10012
icspa 10012 1004
Eat' deb 53-(s
4
9914 10132
1958 MN 9212 Sale 9138
8634 93,4 United Biscuit of
9212 45
103 10412 10312 10313
69_1942
deb
Am
Oslo Gas & El Wks ext1 5s .1963 ftl
2
99
103)2
90
9712
9712
97
Sale
9751 53
Untted Drug 25-yr 59
9934 Sale 9914
1953
Otis Steel 1st M es ser A_ _ _1941 NI S 10234 Sale
100
55
9212 100
103
8 10014 104
United Rye St List g 4s
6614 67
1934
6634
Pacific Gas & El gen & ref 59 1942 1 S 103 Sale 10212
6634
2
66
,
4
74
10058 104
1023
8
31
8
1033
J
United SS Co I5-yr 6.4
10012 101 10012 10012
Pacific Tel & Tel 1st 59___ _1937 .1
1937
2
9612 101
J 10333 Sale 10338 104
8 100 104
Un Steel Works Corp 63.69 A.1951
87
83
87
Ref mtge 58 series A
8712
7
8514 92
1015s 10712
1952 M N 10614 Sale 1064
2
1063
3
See
s
f 61is series C
8612 8714 8712
1951
Pan-Amer P & T cony t 69_1934 MN
8712
5
8554 92
10312
5 10114 10734
10338 10334
S f deb Otis ser
87
8838 87
1947
Pan-Am Pet Cc(ofCal)conves '40 J D 9212 10418
8714 10
87
9112
9812 United Steel WksA Burbach88
Sale 921,
3
93
of
Paramount-Irway let 53.43.l951 J .1 103 Sale 10134 103
99 10318
37
Eseli-Dudelange s I Th.__ _1951
10534 Sale 10534 10534
Paramount-Furies-Lasky 69_1947
7 102 10713
98 103,4 US
10018 Sale 10018
10034 10
Rubber
83
Sale
lot
ret
&
User
A
1947
8253
8313
Paramount Public Corp 534s 1950
59
9412 9471
80
8814
V 9458 Sale 9412
9458 65
Park-Lox 1st leasehold 614s_1953 J
66
8618 Universal
84
80
4
SO
J 80
& Rad deb 65 1936
61
65
61 Aug'30
Parmelee Trans deb 65
56:2 9134 UnterelbePipe
60
11)14 A
63
65 Sale 5612
9
65
Pow & Lt Os
8538 86
1953
8512
Pat & Passaic G & El cons 53 19499 0 105
8512
101 10134 Utah Lt & Trac 1st & ref 59_1944
81
91
107 1013 July'30
9678 Sale 9678
Pathe Exch deb 73 with warr 1937 PA 6 5734 Sale 57 4
97
9
921,3 97
36
80
59
44
Utah Power & Lt 1st U.__ _1914
10134 Sale 10158 102
Penn-Dixie Cement (Is A._1911 34 N
1'2
5512 85
9712 102
8312
S
85
5
8312
82
Utica
Elec
I.
&
P
a
1st
t
g
1023
5s
1950
4
Peop Gas & C 1st cons g 69_1943 A 0 11313 Sale 11312 11312
- 10318 June'30
99 10313
8 11114 11353 Utica Gas & Elee ref & ext 59 1957
1073s - - 10733 10713
Refunding gold Is
2 10214 10712
101 c10512 Utll Power Light 544s_ _ _ _1917
1917 14 S 10414 105 105 Aug'30
9014 Salo 90
Registered
9034 42
10073 1007s
86
Mar'30
IM 3
95
8
1007
Deb
bs
with
or
without
war
84
'59
Sale 8334
Phil& Co sec 5s ser A
85
96 10178
83
19673 D 10134 Sale 10114
10178 log
8014 92
PhDs Elec Co 1st 4)-4s
97 103
1967 MN 10238 103 10214
7
103
Vertientes Sugar 1st ref 7s _ _1942
37
Sale
Phila & Rmdlng C & I ref 53_1973 .1
35
37
88
80
11
34
85
12
8112
J 85 Sale 84
Victor Fuel 1st s f As
22
1953
45
Cony deb 68
23 June'30
91 110
1949 PA F1 101 Sale 9912 10113 572
21
30
Va Iron Cent Ai Coke let g 58 1949
73
90
Phillips Petrol deb 5103_ ..1939
7218 Aug'30
90
97
70
73
967
Sale
L)
2
121
963
4
Va
97
Ry
&
Pow
1st
&
ref
bs.
_
_1934
10178 Sale 101711
Pierce Oil deb s f 89_ _Dec 15 1931
10238
104 107
9934 10212
Walworth deb 6145 with war 1935
9558 Sale 9558
Pillsbury Fl Mills 20-yr 63_ _1913 J D 106 107 10612 July'30
955
10212
8
10514
2
105
9315 10912
10
Without warrants
Pirelli Co (Italy) cony 7s_ _1952 A 0 105 Sale 10412
95
9512 July'30
_
NI N 10012 103 103
87
9614
103
let sink fund es series A._1945
2 100 11334
8814 81313 88
8812
4
83
9314
Warner Bros Pict deb (113_ -1939
Pocah Con Collieries 1st s f 58'57
90
Sale
90
9078 207
93
95
113
8714
2
93
Warner Co let 69 with warr_1944
Port Arthur Can & Dk es A _1953 J 1 93 Sale 93
96 Sale 95
99
10212 10512
F A 10513 106 10512 Aug'30
6
95 10013
Without
1st 3.1 58 series B
9712 Sale 96
102 10134 Warner Sugar warrants
96
1953 F A 10178
2
89
98
_ 105 June'30
Refill let 78_1941
Portland Elec Pow 1st 6s 11_1917 MN
10438 10434 10111 Aug'30
0612 10518 Warner
10212
10514
107
105
1
13
.
9
10538
533
Sugar
Corp 1st 7s_ _1939
Portland Gen Elec 1st 59_1935
4214 50
4212 Aug'30
9814 103
4'214 5612
21
Stamped
Portland Sty 1st & ref 5s._.1930 1 j 10134 102 10112 102
424
Sale
4214
97
102
4214
4214 5112
100
Warner-Quinlan deb (Is.. _ _1939
3
Portland Ry L & P 1st ref 59_1912 M N 100 10012 100
80
82
80
96 1051,2 Wash Water Power
8014
05
F A 10512 Sale 105
80
8
10512 13
a f Is _1939
1st lien & ref 68 series B _ _1947 m
10212
9618 105,4 Westchester
- 105 Aug'30
N 10514 Sale 105
10051106
10514
8
Ltg
53
stpd
1st lien & ref 7348 ser A.1916
gtd_)950
106
_
_
_
_
10334 1071s
N 10858 Sale 10712 109
West Penn Power ser A 59_ _1946
44 10112 109
Porto Rican Am Tob cony 691942
10414 Sale 10414
93
85
J 85 Sale 85
1 10134 10618
10414
87
1st 53 series E
3
Postal Teleg & Cable coil 59_1953
1963
10578 10673 10534 106
91
9612
7 102 10612
93 Sale 93
9414 94
1st 5158 series F
Premed Steel Car cony g 59A933 jJ
1953
10512 Sale 10512
7712 94
104 10578
10
10512
83
jJ
89
88
42
lot
883
4
see
53
series
G
Pub Serv Corp N J deb 4 10_1948
1950
10512 107 10512 10512
181 194
3 10178 10558
A
Jan'30
Wester!) Electric deb 5s_ _ _1944
190
Pub Serv El & Gas 1st& ref 60'65 F 1)
10478 105 10434
22 10112 105
105
j
1-0512 10538 105313
7 10218 10512 Western Union coil trust 59_1938
1st & ref 4145
10318 - - 1031s
9512 10234
1967 ./
4 10012 10314
10318
Fund & real cot g 440_ 1950
1
_ 10234 10234
1st & ref 4960
10018 - - -- 10018
1970 F A 10224 Sale 102
95 102
9
101
9513 10273
16-year 69-4s
10234 29
Punta Alegre Sugar deb 7s_ _1937
1931)
10934 Sale 10934 10978 36 108 110
55
25
205
1
8
4212
25
25-ye
July'30
ar
gold
5s
Certificates of deposit
1951
105
Sale
10412
105
10018
17
105
2313
55
2312
40
2412
2412
30-year 59
1
Pure 011 s f 54i% 88108
1960
105 Sale 10112 105
1937
0712 10012 Westphalia Un
81 10233 10514
10014 Sale 9934 10014 20
El Pow 63...1953
S f 5 % notes
82 Sale 8113
1910 M S 100 Sale 9914
82
18
76
91
9714
100
100
Wheeling
35
Steel Corp 1st 510
Purity Bakeries s I deb 39..1948
10338 Sale 10338 104
92
21 10034 104
9712
9614 Sale 96
lot & ref 450 series 13_ _ 1948
9614 15
Remington Arms Os
_1953
9234 Sale 9213
1937
9314 9712 White Eagle Oil&
9234
87
4
93
5
9612
Rem Rand deb 510 with war '47 MN 9612 Sale 96
Ref
deb 510'37
9112 101
With stock purch warrants_
3
9914 107
Repub I & S 10-30-yr 59 s t_ _1940 MN 9914 Sale 98,
_
104 106 10418 Aug'30
10214 10334
_ 10114 10314 White Sew Mach 69 wIth warr'36
Ref & can 514s series A_ _ _1953 JA 0 10212 103 10212 Aug'30
41
7478 81 May'30
1047
81
90
8
10018
1033
J
8
1033
3
10514
104
3
Without
Revere Cop & Br 6s_ _ _July 1918
warrants
44 Sale 38
If
38
44
102
10514
$O
S
11
1043
4
Sale
10418
Partle at deb ils
10434 10
Rhelnelbe Union 79 with war1946
1940
40
Sale
38
97 10712 Wickwire Spen
39
38
2
801a
9612
2
9612
Without stk perch warr1946 J J 9612 100
St'l 1st 7s.. _1935
_
1814 Aug'30
1814 40
9234 99
9412 Sale 9412
Ctf do Chase Nat Bank__
9434
3
Rhine-Main-Danube 78 A._1950 1 J
17
17
39%
18
7
S 10134 10251 102
75
102
27 100 10318
Rhine-Westphalia El Pow 7s 1950 If
Jan
1935
"iS"
16 18
M N 10012 Sale 10012 10114
41
20
5
17
9714 104
2
Ctt dep Chase Nat Bank_ _
Direct mtge es
17 Sale 17
1338 3934
1952 111 N 9034 Sale 89
1878 19
86
9512 WIllys-Overland s f
9034 18
Cons NI 6s 01'28 with war_1953
63.5s____1933
10138 10112 10118
98 1015s
10138
83
9412 Wilson & Co 1st 25-yr
3
9013 Sale 8913
9014 13
Without warrants
st
63.1941
10012 Sale 10014
F A 8953 9012 8912 Aug'30
99 c10274
9
10012
94
85
Winchester
Con m es o 1930 with War JIM A 0 9014
17_
103 10312 103
8812 9333 YoungstownRedeat Arms 7345'41
6 100 104
103
Sale 8912
9014
Sheet & Tube 55 '78
10412 Sale 10412 10434 71 10012 16434
c Cash sale.
1545
FINANCIAL CHRONICLE
SEPT.6 1930.]
Outside Stock Exchanges
Boston Stock Exchange.-Record
of transactions at
the Boston Stock Exchange, Aug. 30 to
clusive, compiled from official sales lists:
Stocks-
Sept. 5, both in-
sates
Friday
Last 1Veek's Range for
Week
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroads_100
Boston & Albany_
100
Boston Elevated
874
Preferred
100 106
First preferred
Second preferred...-109
Bost & Maine80
Ser A lit pref ertpd
NY N 1-1 & Hartford_100
100 14134
Old Colony Ry
50 73%
Pennsylvania RR
190 192
76% 77
87
8735
105 1054
924 94
Miscellaneous934
American Founders Corp__
Amer & Conti Corp
Amer Pneumatic Service25
25
Preferred
10
1st preferred
100 214%
Amer Tel & Tel
11
Amoskeag Mfg Co
Aviation Security Corp
of New England
Bigelow Sanford Carpet_•
Bigelow-Sant Carp pfd_100
Boston Personal Prop Trust
7534
Brown Co pref
Columbia Graphophone_ _ _
9%
Credit Alliance Corp cl A
Crown Cork Internet Corp
2
10
East Boston Land
East Gas & Fuel Assn
100
44% preferred
100
8% preferred
Eastern SS Lines 05)3_25 26
Economy Grocery Stores__
100 267
Edison Eleo Illum
Empl Group Assoc T C.-11
General Alloys
42
General Capital Corp
Georgian Inc cl A Fret__ _
Gilchrist
Gillette Safety Razor
Hathaway Bakery el B_
International common
Jenkins Television
Kidder Peabody Accept
Corp class A pref_ --.100
Libby McN & Libby _ _10
25
Loew's Theatres
7
Mass Utilities Assoc v t o__
97
Mergenthaler Linotype_._
Nat Service Co corn v t 0.
New Engl Tel & Tel-100 145%
No & So Amer cl A com tr c
100 224
Pacific, Mills
Public) Utll Holding corn- 17
Railway Lt & Serv Co corn
St Lawrence Paper- _100
17
Shawmut MOOT C
Stone & Webst Inc cap stk.
• 30
Swift & Co, new
*
Torrington Co new
Tower Mfg Co
'Fri-Continental Corp corn.
5
Union Twist Drill
United Founders Corp corn
United Shoe Mach Corp_25
U S Shoe Mach Corp pf_25
U S & Overseas Corp
Utility Equities Corp pfd
Venezuela Hold Corp__.
Venezuelan Mex 011 Cor_ 10
Waltham Watch cl B own_
Warren Bros New Stock.-Westfield Mfg Co corn__
MiningArcadian Cons Mln Co__25
6
Arizona Commercial
25
Calumet & Ilecla
25
Copper Range
East Butte Copper Mine__
25
Isle Royal Copper
15
North Butte
25
Old Domlnion Co
•
P C Pocohontas Co
25
Wintry
St Mary's Mineral Land.25
5
Utah Apex Min Co
Utah Metal & Tunnel
54
16%
67%
314
16%
414
614
14
1934
13%
2
50c
Range Since Jan. 1.
High.
Low.
73 175
75 67
45 81
- 139 103
315 884
Feb 19414 Aug
Jan 844 Mar
Apr
June 94
Feb
July 110
July 9934 Mar
Mar
50 71
July 84
85 9714 June 12734 Apr
Jan 142
Aug
76 125
757 69% June 8734 Apr
94 10
174 18
434 414
14
14
44
44
211% 216
11
11
94 Sent 323(1 Jan
1,436
355 164 June 314 Apr
4 June
9
Jan
75
Sept 244 Jan
30 14
May 52
Mar
10 43
2,253 199% June 274% Apr
995 10% June 184 Feb
Feb 12
Sept 80
Aug 103
Juue 28
July 85
Aug 3754
June 20
June 12%
July
4%
Apr
Jan
Mar
Apr
Jan
Apr
APr
Mar
Apr
83%
83
96% 96%
26
25
28
28
265 267
24% 25
11% 11%
414 42
9
9
10
9
64% 664
184 20
5% 5%
34 4
33 76
Jan 8334
Jan 99
30 92
385 234 Aug 36
50 23% June 40
Jan 276
463 237
45 21% Feb 274
8
70
July 14%
June 60
45 40
9 June 11
10
July
9
19
197
1,020 5831 July 105%
175 1714 Aug 404
10
5% July
1434
105
254 Jan
954
Aug
may
Apr
Feb
Mar
Apr
May
Apr
Mar
Jan
Jan
Jan
Mar
Apr
89
89
154 1534
834 911
7
654
97
05
334 434
144 145%
13
133(1
22
2234
17
17
70
70
6254 6234
1634 17%
7714 78%
30
30
20 88
50 12%
127
7'
2,190
6%
124 9434
150
3%
174 141
40 1034
235 20
30 15
25 64
19 62%
995 15
40 70
20 28
a5434
14
1334
24
16%
65%
3134
174
76
211
4%
35
50
23
55
134
13%
24
1734
67%
314
17%
764
434
414
35
514
234
195
100
49
145
986
1,971
248
100
15
555
75
15
295
35
53
1
1134
24
1534
6854
30
14
71
1
3
25
2534
22
June
Jan
June
Sept
July
June
Jan
June
Jan
Feb
July
July
Aug
Feb
Jan
67
3
Mar
2034 Apr
51
Jan
444 Mar
6854 May
32
Mar
23
May
9134 Apr
0% may
1834 Jar
45
Eeh
mar
65
27145 Jan
.15
134
13
914
99c
635
134
434
1834
13%
13
14
45o
.15
114
1314
94
1
7
154
414
19%
1434
14
134
50e
300
1,595
60
85
550
30
1.68
3
1.885
295
30
700
600
.15
134
13
PM
90c
6
1%
4%
10
11
12
1%
32c
Sent
Jan
Sept
Sept
Aug
June
June
June
Jan
June
JIIIY
Aug
Aug
.60
I%
3234
16)i
134
124,
5!.4
10%
19
4434
28
3%
90c
Jan
Jan
Jan
Jar
ju
Jar
Jar
Jar
Aug
Apr
Jar
mai
Apt
July 84
Aug 48
Sept100
May 100%
Jan 102
Jan 1164
Sept9354
July 100
FM
Mar
AiLL
Seri
AM
Ain
Sept
Api
6
49
95
24
75
16%
9
10%
2
7
50
95
24
76
17%
94
11
2
950
150
95
300
140
210
1,234
160
400
5
49
95
21
72
12
7
9
2
Jan 91
Apr
June 26% Apr
Jan
12% Apr
Aug 12
Mar
July 10854 Feb
June
8 June
July 160% Apr
July 1634 July
June 30
Fen
July 27% Apr
June 9034 Apr
Sept 68
July
June 2134 Mar
June 1134 Apr
June 3434 Jan
BondsAmoakeag Mfg Co 6_1948 7834 7834 7834 $5,000 78
36
35
29,000 35
E Mass St Ry ser A 4 qs'48 35
9634 9634
1,000 96%
K C Mem & Bir Ry 4s 1934
100% 100% 1,000 08
1955
Mass Gas Si
102 102
2,000 9934
New Eng! Tel & Tel 58232 102
112 112
15,000 100
P C Pocahantas deb 7s '35 112
9331 9331 5,000 9334
Portland Gen Else
97
1.000 97
97
Van Sweringen Cons_ _1935
•No par value. x Ex-dividend.
a In addition sales on seven days option totaling 190 shares were at 53 to 57.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, Aug. 30 to Sept. 5, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. LOV. High. Shares.
Abbott Laboratories cora _•
25
Acme Steel Co
Adams (.1 13) Mfg corn •
Addressograph Int corn_ _•
Ainsworth Mfg Corp com10
All-Amer Mohawk Corp AS
Allied Motor Ind Inc Nun.*
Am Commw Pow A corn..*
•
1st pref $7 A
Amer Pub Serv Co p1_100
Amer Pub UM pr pref._100
100
Partic preferred
Amer Radio Sr Tel Si Corp*
•
Amer Service) Co earn
Amer Yvette Co Inc corn _•
41%
414 414
51
51
30
30)4
32
32
30
20
20
20%
1%
1%
134
10
10
10
20% 214 2114
92
92%
99
99
105% 105%
10131 101(4
114 14
94
9
3% 3%
100
100
150
150
100
100
510
150
30
30
10
10
50
300
10
8% 954
59
5936
68
66
68
87
87
24% 2434 25
112 124
123
16% 16% 17
3334 334
4
4
87
87
32
3154
17
17
17
30
2934 29
9714 98
515 54
53(1
9
80
107%
141%
7434
7914
106
14134
72%
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. Nigh. Shares.
Range Since Jan. 1.
Low,
35
50
28
2214
19
1
10
21%
90
9554
88
90
34
5
2
High.
Jan 4684
Aug 99
Feb 37
Jar 38
June 33)4
yap
4%
June 19%
Aug 27%
July 95
June 100
Jan 1084
Apr 103%
Aug
34
Jan
12
Aug
534
Mar
Jan
May
May
Apr
Apr
Feb
Mar
Jan
Apr
Aug
July
June
May
June
450
100
125
10
1,450
6,050
200
50
75
50
5,450
40
6,950
100
50
Range Since Jan. 1.
High.
Low.
834
55
58
884
1934
92
16
30
4
70
28
17
24
95)4
434
Sept 2714 Feb
June 62% Mar
Sept
Jan 68
May
Jan 97
June 29% Feb
June 26435 Ape
Mar
Aug 25
June 4634 Aix
Jan
June 12
Jan 914 Apr
June 574 Arir
Sept 30% Mar
June 504 Mr%
June 101
APT
June 1754 Jan
Art Metal Wks Inc com_.•
Assoc Investment Co__ •
•
Assoc Tel & Tel cl A
•
$6 pref w w
Assoc Tel HUI Co corn_•
Auburn Auto Co corn__ .•
Bancoky Co (The) corn-10
•
Basttan-Blessing Corn
Baxter Laundries Inc A..'
Beatrice Creamery corn_50
Bend% Aviation corn __ _•
Slinks Mfg Co A cony pref•
Borg-tvarner Corp com _10
100
7% Preferred
Bonin VivItone Corp pref.*
Brown Fence & Wire50 1754 Jan 2831 Mar
21
21
•
Class A
Apr
94 Jan 31
300
11%
11
•
Clam It
Aug 5934 Apr
25
100
28
27
28
*
corn
(EL)
Bruce Co
Jan
174
June
814
1.300
9)4 9%
20
93-1
Butler Brothers
June 2034 Jan
8
250
8%
8
CeCo Mfg Co Inc corn...'
33
Feb
June
23
1,750
28
2414
28
Cent Illinois Sec Co Otis_
Mar
194 9134 July 97
944 95
• 95
Central Ill P S prat
Jan
21 8034 Apr 95
89%
Cent Ind Pow pref____100 8934 89
42%
Apr
Aug
25%
300
27%
2734
Cent Pub Serv claas A. •
Feb 404 May
90 2°
30%
29
•
Common
Mar
31
June
20
1,800
24%
23
23
new..'
com
Cent S W Utll
Apr
Jan 105
50 98
105 105
Prior lien preferred____• 105
Mar
50 93% May 100
• 974 9751 9754
Preferred_
Mar
96
Aug
88
57
90
90
Cent States Pr St Lt pref_ _• 90
Chic City & Cone ByMat
9% Feb 20
50
11
11
•
Part preferred
10% 11% 23,750 10 June 1784 AP'
• 1134
Chicago Corp corn
Star
6,450 36% July 45
38% 40
Convertible preferred..' 40
554 July 10% AW
6% 64 1,250
651
Chic Investors Corp corn _•
Am
300 3234 Jan 41
36% 3614
•
Preferred
Jan
Sept 98
30 66
66
66
Chic N S & Milw pr l'n_100
July
90
Feb
84
10
88
88
Chic Towel cony pref_-_•
44% Apr
Cities Service Co corn _ • 29% 284 29% 46,500 24% June 838
Air
536 235% Jan
291 295
Commorawe.althEdioolL 100 292
Apr
17
30
Aug
200
1834
20%
Community Tel cum pt pf•
Apr
12
50 1154 June 19
12
Community Water Serv__* 12
ConstruMaterial CorpAM
300 3634 Jan 69
42
41
• 41
Preferred
Feb
8
450
4% 434
334 July
Consumers Co common-5
Cont Chicago CorpApe
950 1334 Aug 25
13% 1434
• 1334
Common
July
Aug 49
• 434 434 43y, 2,050 42
Preferred
5714
Mae
June
6
14.900
5
4
711
834
Cord Corp
Jan 72 14 Apr
1,250 54
64
62
Corp Sec of Chic allot ctf_•64
23)4 5,450 1934 June 3334 Aug
• 2334 22
Common
Aug
41
44% Mar
385
4136
41%
oedcom
rr
nefee
rte
Cnt
Aug
50 113 June 118
0 411.1 114 114
05
12
Feb
22
Aug
14
100
14
14
•
corn
Curtis I ightlina Inc
Mar
94 June 16
50
11
11
Decker Co & Co A com_100
Jan
16
13% Aug
4
14
14
Dexter Co (The) corn_ _5
50 10 June 163-C May
11
11
•
Duquesne Gas
30%
El Household CHI Corp-10 46%
Moo Research Lab Ins- •
Emp Gas & Fuel6% pf_100
100
7% preferred
Fabrics Finishing corn _ •
9
.5
Co.
H
&
CI
Bros
Poole
Gardner-Denver Co corn •
Gen Theatre Equip v t c-• 3635
Gen Water Wks Corp cl A• 284
26%
dleaner Corn star
511
Great Lakes Aircraft A..•
Great Lakes D & D
Greyhound Corn corn....•
Ortgaby-Grunow Co corn... 14%
Hall Printing Co corn...10 22%
Harnischfeger Corp com • 21
16
Hart-Carter Co oonv
Bennett & Co A
Houdaille-HeralleY Cern •
7%
Class 13
Inland Util Inc class A.--• 21%
57%
14
ttil invent Inc....*
il
nhs
Rig
Icau
Preferred rights
•
20 preferred
Investment Co of Am corm.
Iron Fireman Mfg Co v is' 27
fallerson Elms Co com__-• 23
45
%
814
90%
3
9
50
35
28
26%
5
28%
63(1
13%
22
21.
16
2936
13,65
48
350
31
100
81%
100
90%
100
3
94 1,40
15
50
8,65
37
35
284
65
28
60
5%
900
30%
150
634
14% 14,650
30
22%
50
21
15
16
35
30
393'
It
76
85%
234
5
50
27
20
194
4
26
634
124
21
20
154
254
Aug
Jan
Mar
Mar
Jan
Aug
July
Aug
Jam
Jan
Feb
July
Aug
July
Aug
Aug
Aug
May
5734
214
sag
9731
98(1
22
644
51%
33%
8854
8%
3134
13
27%
314
3034
2734
3634
APT
An?
May
Apr
May
Apr
Feb
Apr
June
Apr
Fab
July
Feb
June
Mar
Apr
Feb
Jan
7%
21%
6736
134
36
92
37
25
23
1,50
22% 5,550
59% 17,900
134 93.800
1ri 27,60
25
95
20
38
1,85
27
600
23%
734
21
5114
134
34
81
27
22
19%
Sept
July
June
Sept
Sept
Jan
Aug
Jon
Aug
2834
344
704
14
1n.
994
56%
29
56%
APT
Apr
Feb
Aug
Aug
Mar
June
June
Ape
Kalamazoo Stove oom___.
1
Eats Drug CO Coin
Kellogg Switchb'd corn_ _10
comA•
L
dr
Tube
Ky Radio
Keystone St & Wire ann..*
Ky CBI pr cum pref. -50
Lane Drug corn v t c
Libby McNeill & Libby..10
50
Lincoln Printing corn....'
7% Preferred
Lion 011 Ref Co corn.....'
Loudon Pack Co corn__..'
514
29
514
51
29
454
534
15
50
1
1454
23%
47
18%
48
1,700
5214
400
29
650
5%
614 1,200
50
15
158
5034
100
1
17.650
17
200
23%
200
47)4
350
184
100
50
4834
27%
44
5%
10
50
1
11%
19
414
18
40
Aug
July
Jan
Sent
June
Jan
Aug
June
Jan
May
July
Feb
8434
42%
34
15%
22
524
6
274
29%
47%
294
52
Apr
Feb
McGraw Elec corn
*
McQuay-Norris Mfg
%Monte Ilouseh till com •
Marks Bros Thea cony pf_•
Marshall Field & Co corn.'
Manhattan-Dearborn own.
Met & MIrs See Co A eoln.•
Middle West Utilities new
$6 ourn Preferred
Warrants A
77arrants B
Midland Nat Gas part A..
Midland United Co earn..'
Preferred
•
Warrants
Midland UM100
Ilen
7% prior
100
Preferred 7% A
10's
6% prior s
too
A
preferred
6%
Miller & Hart Inc cony pf.•
Miss Val Util pr lien 6% Pi:
7% preferred
mo-Kan Pipe Line corn. _5
•
Modine Mtg corn
Mohawk Rubber Co corn •
Monroe Chemical Co•
Common
Morgan Lithograph corn
Muncie Gear Co A
Nachman Springfilled corn:
Nat Battery Co pref
Pat Elec Power A Dart-.
Nat Pub Serv 834 cony Pf•
Nat Rep Inv Tr allot etfs.•
Nat Seem Invest Co com.•
Certificates
21
42
5434
15
17
47
50
40%
29
30
29%
354
5
15%
25%
444
2
100
21
20
10
42
42
46)4 54% 86,000
125
854 9%
39
4054 5,100
500
2834 29
600
29% 304
294 30% 58,450
100
101 1014
3% 354 5,250
GOO
4% 5
15
1554 1,550
254 26)4 2,550
650
44%
44
950
1% 2
10551
99%
9614
9411
96
22
94
96
20% 19%
45
47
9
854
114
13%
86
836
10
24
11%
27
28
47)4
42
1334
86
Arm
Apr
Jan
Aug
Jan
Apr
Apr
Aug
Ayr
Apr
19 June 27% Feb
40
Star 5034 Jan
29% June 74
AA
7
Aug 16% Feb
35% June 53% Feb
28% Aug 404 Mar
174 Jan 88
May
2534 June 3834 Ala
98
Jan 10834 Mar
14 Aug
5% Ala
3
Jan
8
Feb
13
June 18% May
214 Jan 294 Feb
42 June 4934 Aug
14 Aug
5
May
107%
99%
96%
97
27
94
96
21
47
10
20
20
10
103
650
100
50
7,250
950
200
94%
91
81
84%
20
91
9534
17%
44
8
Jan 113
Jan 105
Jan 102
Jan 100
40
Aug
Feb 06
Apr 98%
Aug 3.53,
Aug 729-4
May
16
8%
12%
2)4
11)4
27
28
474
42
13%
88
185
350
50
300
31
50
50
50
150
350
8%
7
2
10%
20
18
43
41
124
75
May
15
June 22
Jan
834
June 28%
June 31
Jan 3834
July 50
June 52
June 26%
Jan 10154
Mar
Apr
Apr
Mar
Mar
Jan
May
June
Apr
May
Jan
Ate
Apr
Jan
Jan
Feb
Mar
Jan
Mar
Mar
1546
FINANCIAL CHRONICLE
[VOL. 131.
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Philadelphia Stock Exchange.-Record of transactio
Sale
of Prices.
ns
Stocks (Concluded) Par. Price. Low. High ll'erk.
at Philadelphia Stock Exchange
Shares.
Low,
High.
, Aug. 30 to Sept. 5, both
inclu
sive,
compi
led
from
official sales lists:
Nat'l Standard com
303.4 31
250 27
June 44
Apr
Nat Term Corp part pref•
• 11
11
11
Apr 16
Friday
50 11,
Jan
Sales
Nat Un Radio Corp nom-.
4%
4%
434
50
Jan
3%
Last
10
Week's Range for
Apr
Noblitt-Sparks Ind corn •
Range Since Jan. 1.
49
49
June 59
100 41
Sale
Star
of Prices.
Week.
North American Car isom_• 3634 36
Stock
s37
Par. Price. Low, High. Shares.
Aug 55% Apr
700 32
Low.
Nor Amer Gas & Elec A_ _a
High.
17% 17%
300
1734
Aug
2834
Apr
No Am Lt & Pr Co corn _ ..• 6534 65
6534
450 62% Aug 8434 Apr Almar Stores
*
234
234
274
815
234
N&8 Am Corp A oom _ _• 14
Aug
4% Feb
American Stores
13
14
1,550
Sept
13
a
44
25%
Apr
44
44
400 42
Northwest Bancorp oom_50 42% 42
Aug 49
Apr
4334
800 40% Aug 5534 Jan Bankers Securities pref_ 50
43
43
100 36
Northw't UtilJan 49
Apr
Bell Tel Co of Pa pret_100 117
116% 117
520 113% Jan 117% May
Prior lien pref
100 97
Budd (E G) Mfg Co
96
97
92% Aug 101
36
Mar
•
831
854
834
1.900
734 June 1634 Apr
Preferred 7%
100
93% 94
20 91
Mar 9834 Feb Budd Wheel Co
11%
11
IPA
1,000
Pac Pub Sore A cony_
834 Jan 1434 Feb
•
27% 2734
10 22% June 38% Feb Cambria Iron
50
42
42
10 38% Jan 42
Perfect Circle Co
Aug
Camden Fire Insurance___
• 33
33
33
June
50
28
4434
Apr
22%
2234
500 2014 June 2834 Apr
Pines Winterfront own-- _1 23
23
23
150 21
Aug 45
Jan Central Airport
434
471 494
100
3% Feb
Poiymet Mfg Corp rota_ •
7
Apr
Electric Storage Batty 100
5% 6%
5%
250
Aug
18%
67%
APr
69%
480
Potter Co (The) com
61% June 7834 Feb
• 10
10
10%
300 10 June 2034 Slur Empire Corp
6%
534 7% 2,149
Aug
534
Process Corp common_ _ _ _*
14
Feb
Exide
9
634 9
Securities
250
5% Feb 15
Jan
1634 15% 16% 2,200 14% Aug
Pub Herv of Nor 111 oom_ • 280
1934 Feb
273 280
275 215
Jan 386
Apr
Common
100
275 27534
30 215% Jan 33234 Apr Fire Association
10 273,4
2734 28
1,000
26
Aug
6% preferred
Mar
4334
Horn
100
124 124
& Ilard(Phila) corn.*
9 115
Jan 13534 Apr
160 160
110 145
Jan 189
Apr
7% Preferred
100
130 130
10 120
Aug 140
Apr Horn & Hard (NY)corn.. 3674 36% 36%
200 35% July 4634 Feb
Q-R-S De Vry cow
• 11% 11
Preferr
ed
11%
700 11
Sept 22
100
104 104
Feb
10 9734 Feb 105
Quaker Oats CoApr
Insurance Co of N A_ _ _ _10 619,4 6134 6574
1,700
61%
Aug 8534 Mar
Preferred
100 119
119 119
52 11
Feb 122
May Lake Superior Corp__ _ _100
9
934
034
1,500
834 June 15% Feb
Common
205 205
47 200
June 293
Feb Leh Coal & Nay new w 1 __
3634 36
37
700 30% June 49% Mar
Railroad Shares Corp eom •
5% 6
Mitten Bank Sec Corp_ ___
June
400
534
914
Jan
14
14
14
500
14
Roth Packing Co corn...10
Aug 20
Jan
2134 2134
Preferred
50 19
July 26
Mar
15
15
16
1,700 • 15
Raytheon Mfg corn v t C. _a
Aug 20
Jan
11% 13
350 11% Sept 35
Apr Pennroad Corp
1034 10% 5,600 1034 June 1634 Feb
Reliance Internal Corp A-•
734 8
Pennsylvania RR
200
7
July
10
(4
Apr
10
7234
74% 4,600 6934 June 8594 Mar
Reliance Mfg Co corn_ _ _10
8
8
8%
250
7% June 1934 Apr Ph ila Elec Pow pref
25
32% 33% 2,666 30
Rollins Boo Mills cony pi_•
Aug 3334 May
33% 3334
50 32% Aug 45% Mar Phila Inquirer pref w 1
5734 57%
Ross Gear & Tool corn_ •
100 49
Jan 5734 Aug
25
Phila. Rapid Transit_ _ _ _ 50 2934 29% 29%
25
25
100
Aug
37%
Feb
Ryerson & Son Inc corn..'
900
2974
Aug
40% Apr
3034 31
100 2934 June 3634 Jan
7% Preferred
50
30
30
400 2934 July 44
Seaboard Utll Shares Corp'
Jan
534 6
Mille & Rd Coal le Iron_ _
1,350
June
5
10
Apr
17%
1734
Sivyer Steel Casting cons.* 31% 31% 31%
100 14 June 2574 May
Philade
31
July
lphia
50
Tracti
35
Feb
on_ _ _50
4034 41
So Colo Power A corn.. _25
600 38% Aug 4434 Apr
23
23
Certificates
200 2234 June 26% Apr
3934
Southern Union Gas corn.' 23
40%
200
37
Jan 4034 Apr
22% 23% 1,250 22% Sept 25% July
Southw Gas & El 7% p1100 9834 98
9834
20 93
Jan 100
June Railroad Shares Corp
6
6
6
Southw Light & Pow pref_*
1,200
534 June
034 Apr
91
9334
Jan 93% Aug Seaboard Util Corp
120 82
6
57,4
6%
St Louis Nat Stk Yds_100
2,500
934 Apr
59,4 June
87
87
39 87
Aug 97
Mar Scott Paper
4734 47%
Standard Dredge cony pf..•
10 42
June
59
Apr
21
Shreve
21
El Dorado P L__25
100 1934 June 83% Mar
6
6
Common
6%
1,685
534 June 1554 Mar
15
15%
150 1434 Aug 32% Mar Tacony-Paltnyra Bridge..'
45
Standard Public Serv A..'
45
15 34
Jan 5334 Mar
18%
Tono-B
19
Jan
11
elmont
100
Devel_
19%
Aug
_ _1
Stelnite Radio Co
400 1-16 July
li
%
34 Feb
1
134
1
334 Apr Union Traction
100
Aug
50
26% 26(4
Stone Jr Co (11 01 corn _
200 2534 Jan 3134 Apr
2%
2% 4% 2,100
2% Sept 33% Mar Un Gas Improv coin new.* 36%
3594 37% 12,900 31% Jan 49% Apr
Studebaker Mall Order A.
6
6
Preferr
6
ed
Sept 18
50
6
new
Jan
a 10334 102% 103%
Sutherland Paper Co com10 11% 11%
700 9634 Jan 103% Aug
11%
734 June 14
50
Feb US Dairy Prod clms A...' 66
66
66
Swift International
200 52
Jan 7234 Apr
15 35
3434 35%
Common class B
1,600 29
June 88% May
17% 17%
*
Fiwift k Co elks
100 14
Jan 2634 Apr
30 31
Victor
30%
y
31%
June 3314 Vol
1.500 28
Insur Co
13% 1334
137.4
Texas-La Power Co p1. _100
100 1334 Aug
1734 Apr
Warner Co
86% 8634
85
20
Feb
86
34
Sept
a
4034
4014
200 39% July 42
Thomson Co (I R) com_25 36%
Aug
36
250 35% July 67% Ma: York Railways pref
35
35%
Time-O-Stat Controls A..• 24% 24% 36%
160
June
33
36
Mar
Ins
Co of No America
24%
50 2134 June
2% 334 19,600
Transform Corp of Am coin. 20341 20
2% July
4% May
2034
650
1734
June
26%
Aug
Twin States Nat Gas pc A • 12% 12%
Bonds13% 3,450 II
June 18% May
United Am Util Inc torn..°
1134 11%
100 11% Sept 20
Apr Consol Trac N J 1st te 1932
88
88
51,000 82
Class A
Jan 9034 June
Peoples Pass tr ctfs 48.1043
15%
15%
1534
Sept
100
15%
Apr
22%
48
48
United Pub Util36
3,000 45
Jan 54
Feb
74% 7434
*
35 67% Feb 81
July Strawbridge & Cloth 58.48
98
98
1,000 0534 Jan 98
OYPau
m
Feb
ri
York Railways bat 58_1937
45% 4434 4534 2,300 3734 June 58
Aix
97
S Lines Inc pref
97
2,000 91
Jan 971.) Au/
11% 11%
11%
Mar
100
July
20%
'No par value.
S Radio é Teley corn..' 24% 23
24% 7,100
Jan 2934 May
8
Utah Radio Prod writ....
534
5
531
1,600
4% Jan 10% May
URI & Ind Corp core
Baltimore Stock Exchange.-Record of transactio
13% 13% 14% 2,150 12
June 2334 Feb
Convertible preferred..' 2334 23
ns at
23%
800 21
June
Fah Baltimore Stock Exchange, Aug.
Utli Pow & Lt Corp A
30 to Sept. 5, both in• 35
35
36%
1,050
4.5%
June
30
Apr
Common non-votIng • 18%
clusive, compiled from offici
18
1834
June 28
al sales lists:
600 14
Mar
Viking Pump Co pref.._ •
29
29
Jan 2934 Apr
104 25
Common
14 ride!,
•
Sales
9
10
Sept 14% Jan
510
9
Vortex Cup Co
Last
1Veek's
Range for
• 25
24
Range Sines Jan. 1.
25
750 20% Jan 29% Apr
Class A
Sale
•
of Prices.
Week.
2734
Apr
2734
150
25%
34
July
Stock
sWayne Pump Co corn_ _ _ _*
Par. Price. Low. High. Shares.
10
Lose.
High.
10
Jan
1934 June
200
9
Convertible pref
• 2934 2934 2934
Jan 35 Slay Appalachian Corp
150 28
Western Con fJtil Inc A..'
334
3%
3%
20
2334
234
Jan
12%
Jan
Jan
23%
5
May
28
200
Arundel Corp
Western Pr Lt & Tel A_ _.•
•
43
43%
2734
399
40 June 4734 Mar
26% 2734
Aug Baltimore Trust Co
220 24% Jan 81
Williams 011-0-Matie corn
10
36% 37
532 35 June 44% Apr
6%
%
Apr
Jun
634
100
6
Black
St
Decker
WLsoonstn Bank Rh,coin 10
25% 25% 26%
167 25
734
July 56
734 7%
734 Aug 11% Jan Ches & Po Tel ofcorn
Mar
250
Yellow Cab Co Inc(Chle)_•
B pref 100
117 117
3 113% Jan 119% Aug
25% 2534
Mar Commercial Cr pref B...2 117
200 26% Aug 81
Zenith Radio Corp corn..'
5
25
25
80 23
8
Jan 2634 Apr
7% 8% 1,150
Jan 1635 June
5
635% 1st preferred_ _100
93
93
25 79% Jan 94
Mar
634% let pref ex-war_ _ _
Bonds94
92
94
49 87
May 94
Apr
Consol Gas EL & Pow...' 113
A ppalach'n Gas Corp 6s'45
113 113 34
127
Jan
93
136
1)1
May
92
34
$9,000
Sep
91
104%
May
6%
Chic City & Con Rys is
preferred ser D_ _100
110% 110%
'27 57
10
109 Mar 111% Slay
57
Apr
Jan 64
57
20.000 52
5% preferred
Chicago flys 58 ctfs_..1927
100
10434
10434104(4
26 9934 Feb 10434 Sept
79
Feb 83
July Consolidation Coal, pref
5,000 70
79
5s series A
_ _ _ ------ 25
25
1927
4 25
Sept 43
Jan
55
July
55
7,000 4034 Jan 66
Commonw Edison 58_ _1943 55
1,000 101% Feb 105% Aug Eastern Rolling Mill
Holland Furnace 6s_ _ _1936 105% 105% 105%
14
14
15
69 14
Aug
25%
Jan
100
Mar
June
100%
3,000
10034
Fid
9934
&Guar Fire Corp_ _10
Insull Util Inv es
36
36
32 35% Aug 49
194, 103% 103% 104
Feb
June 112% Mw
49,000 98
Fidelity Deposit
Sou Nat Gas Gs B _ _ _ _1944
50 170 170 17034
80 165
July 190
Apr
80
Sept Finance &
Sept 80
80
7,000 80
Service corn A._10
9% 10
50
834
Aug
15
Feb
• No par value. z Ex-dlv
Preferred
10
8% 8%
Idend
Es-rights
100
7
Jan
9% Apr
First Nat Bank w I
48
34
4834
237 4634 June 51% May
.Pittsburgh Stock Exchange.-Record of transactions.at Humplarys Mfg Co. pret _ _ 25
25
25
oo 25
Aug 25
Aug
Mfrs Finance 2d pref. _25
Pittsburgh Stock Exchange
13
13%
53 13
Jan 17
Apr
, Aug. 30 to Sept. 5, both in- Maryland Cas Con w I__
40
39
40
36
3634 June 46
clusive, compiled from offici
May
Maryla
nd
Trust Co n w I.*
al sales lists:
33% 34%
1
33% Aug 34% Sept
Merch & Miners Transp- -• 40
40
4034
3
37
June 47
Friday
Jan
Monon NV Penn PS pref _25
Sales
25% 25%
1
23% Jan 26
Last 1Week's Range for
Feb
Range Since Jan. 1.
New Amsterdan Cas Ins... 39
Sale
of Prices.
Week.
38
39
Stocks20
36
June 43
Par. Price. Low. High. Shares.
Apr
Northern Central
High.
Low.
89
89
12
85% Feb 89
Penne Water & Power...'
Aug
72
72
American Austin Car..._*
70
Aug 9534 Apr
6%
7% Jan Second So Bankers corn _ _ _ ------ 26
6% 7
5 June
930
26
Amer Vitrified Prod
1
26
Aug 36
May
15
15
Feb 1534 Apr Un Porto Ric Sag com__.•
10 15
17
17
Arkansas Nat Gas Corp..' 15
2
15
July 40
Feb
Preferred
1034 1031
Jan 1634 Mar
100
9
26
26
Preferred
1
26
Aug 43
10
Jan
Union
8
Trust
8
Feb
June
8
Co
160
8
50
734
60
60
61
Armstrong Cork Co
2
60
Aug 74% Feb
• 40
37
Jan U S Fidelity & Guar new 10 41
Sept 62
40
187 37
38% 41
Blew -Knox Co
60
37%
June 49
* 34% 34
Apr
3435
160 21 34 Jan 41% Apr West Md Dairy Inc PP i0 52% 52% 5234
Carnegie Metals Co
48
Jan 54
10
6%
Mar
May
5% 734
Jan
8
1,550
5
Clark(D L) Candy
Bonds*
200 13
Jan 19% Apr
1334
Consolidated Ice pref. _ _50 13% 13
Balt Trac N Ball Div 58'42
25
May
28%
24%
Jan
25
90
83
Follansbee Bros, pref
83
3,000 83 rJuly 85
Mar
Feb Gibson Isl Co. 1st 0_1936
87
87
Sept 93
60 87
10134 10134
Ilarblson-Walker Ref._ _ _a 87
1,000 99 I Jan 1013,4 Aug
sog so%
July 71% Apr Sandura Co Inc tat 6s_1940
50 50
85
Koppers Gas & Coke p1100
85
3,000 84 IJ000 87
United Ry & E 1st 48_1949
Feb
June
mu
101
102%
Jan
34
9934
40
5134 51% 8,000 5134 Sept 65
Liberty Dairy Products...*
Jan
2234 22
2,650 20 June 32% Apr United Hy & E lot 6s_1949 61
23
61
Lone Star Gas
61
7,000 61
Sept 84
Jan
• 3834 38% 3934
Jan 56% Apr Wash Bait & Annap 5s1941 49
1,960 34
48%
Mesta Machine
49
13.000 4834 Sept 68
Apr
5
27%
32%
Apr
k24
June
100
2734
Nat Fireproofing
a No par value.
so
36
37
Jan 45% Apr
30 33
Preferred
50
37
Feb
Jan 45
37
10 35
Peoples Say & Trust_
Cleveland Stock Exchange.-Rec
20
150
150
22 150
Mar
Aug 175
Phoenix 011 corn
ord of transactions at
25e. 4.5e
45c 50c
1,600 k30c Mar 800 Apr Cleveland Stock Exchange
Pittsburgh Brewing
, Aug. 30 to Sept. 5, both in50
4
4
Apr
65
Jai
2%
5
Pittsburgh Forging
clusi
ve,
compi
led
• 18
from
18
Star
Jan 25
official sales lists:
19%
350 12
Pittsburgh Plate Glass_ _25
48
48%
200 45 June 59% Jan
Pitts Screw & Bolt Corp..
Friaay
*
18
Sales
Jan
50 18
18%
Jan 23
Plymouth Oil Co
Last
Week's Range for
5 24% 2434 25%
Range Since Jan. 1.
600 21% May 27% Feb
Shamrock Oil& Gas
Sale
• 18
Prices.
of
18
Week.
1,975
27%
Apr
19%
kl3
July
Stock
sStandard Steel Springs
Par. Price. Low. High. Shares.
* 34% 3434 35
Law.
High.
Apr
200 34
Aug 58
United Engine& Foundry'
3734 37%
50 36 34 June 49% Apr Allen Industries common
831
Feb
90
5
834
1434 Slay
834
Preferred
Unlisted27
27
Jan
20 26
27
31
Apr
Copper Welding Steel
Canfield 011 pref
100
45
44
100 100
15 100
July 100
45
50
175 40 Jun
Apr Central United Nat
Sept
Intern Rustless Iron
20 70
134
10 70
1% 1% 2,075
70
70
July 86
Feb City Ice & Fuel
3
Jan
Leonard Oil Development.
1% Jun
•
40
57 3834 July 47
1% 1%
39% 40
434 Apr Clark Fred G commo
Jun
750
Apr
1
Penne Industries, units...
4
84
45 4 Aug 11 Jan
4
84
12 84
Aug 85% June Cleve Electric Ill 6% n_ _10
Western Pub Seri/ v t c
p1100
--19-- 1834 20
31
111
112
110
Jan 113% July
Apr Cleve Railway
2,560 nig Sep
33
etfs dep_100 79
255 79
79
79
Aug 0334 Feb
RightsCleveland Trust
100
1)2 385
390 392
Aug 501
Jan
Western Public Service....
Cleve Worst Mills corn_100 390
8
45
7
8
7
18,379
Sept 1034 Feb
1% July Dow Chemical corn
% Aug
05 65
69
70
Aug 100
Apr
BondsPreferred
100
106
106
106%
25
Apr
103% Feb
Pittsburgh Brew 6s_ _ _1949
Elec Controll & Mfg corn.*
80% 8034 51.000 79
70
20 83
70
Feb 57% Jan
Feb 81% July Faultless Rubber corn_
37
10 33% June 37
37
37
* No par value. It Includes also record
Feb
Firestone T & R
for period when is Unlisted Department.
PT.100
7231 72%
25 711,4 July 86% Mar
20
SEPT. 6 1930.]
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
125 125
365 365
984 9835
18
18
1054 105%
68
70
2235 224
20
20
40
38
5335
53
300 300
2935 2935
132 132
27
27
1314 1314
434 44
102 102
10
5
25
85
20
62
10
125
77
275
42
163
185
20
14
10
21
125
350
96
17
101
68
20
20
34%
44
300
22
129
27
130
3
90
Sept
June
Mar
Aug
May
Sept
Aug
June
July
Mar
Sept
Mar
July
Sept
Jan
May
Jan
160
43254
100
25
10635
87
294
2054
44%
59
403
324
135
34
13234
735
102
115 115
Ohio Bell Telephone pf_100
664 6635 67
Ohio Brass B
17
16
Packard Else corn
9% 936
Packer Corp corn
14% 15
Paragon ROM cl B com* 15
•
14% 14%
Voting trust ctfs
• 2535 2535 26
Patterson Sargent
• 35
37
Reliance Manfg corn
35
76
Richman Brothers corn_ _ _• 75
75
6
Selberling Rubber corn —•
532 6
1334 13% 14
Selby Shoe common
75
74
Sherwin-Williams corn_ _25 74
100
105 1054
A preferred
15
15
Sun-Glow Ind Inc
21
21
Thompson Products Inc_ _* 21
98
98
Trumbull-Cliffs Pure pf100
25 80
79% 80
Union Trust
Van Dorn Iron Wks com •
105 10515
White Motors Secur pf_100
994 994
Youngstown S & T pf.._100
5
52
80
50
1,060
20
180
95
259
200
31
312
140
10
210
8
42
75
25
72
110
65
15
8
74
735
23
3535
75
535
104
72
105
15
204
101
75
6
101
974
Feb
Jan
July
May
Feb
Feb
Jan
Sept
Jun
Jun
May
Aug
Jun
Sept
Au
Jan
Jun
July
Jan
July
116
Apr
764 Apr
25
Apr
134 Feb
15% Aug
14% Sept
29
Mar
50
Apr
99
Feb
184 Feb
20
Jan
85 June
109
Apr
20
Jan
3735 Apr
106
Apr
95
Jan
11
Apr
1064 June
103% Feb
$7,000
79
General T & Rubb com_25 125
Guardian Trust Co_ -100
100
Halle Bros pref
•
Harbauer common
100
Higbee 1st pref
Interlake Steamship corn.*
5 2234
Jaeger Machine corn
5
Lamson Sessions
Lorain St Say & Loan_ _100 39
McKee Arthur G &Co el 135 53
Midland Bank Indorsed100
Miller Wholesal Drug com e
National Carbon pf____100 132
National Refinhag com...25
100 1314
Preferred
*
North Amer Sec cl A_
Nor Ohio P & L 6% pf_100
Bonds—
Lake Sh El Ry 1 con 6s '33
79
79
Jan
Feb
Jan
Mar
July
Mar
Feb
Feb
Mar
Mar
Jan
Apr
Apr
Jan
May
July
Sept
Sept80
June
• No par value.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Aug. 30 to Sept. 5, both inclusive, compiled from official sales lists:
Stocks—
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Am Laund Mach corn_ _20
Amer Rolling Mill corn_ _25 52
Amer Thermos Bottle pf _60
_100
Carey (Philip) com
Champ Ctd Pap lot pf _100 107
*
Churngold Coro
100
CNO&TP
Cin GM & Mee pref_100 103
.0 42
Cinc Street Ry
50 994
'
Cinc & Sub Tel
* 39
City Ice & Fuel
*
A
Cola
Coca
100
Col Ry Pr II prof
* 17
Crosby Radio A
• 1135
Dow Drug corn
Eagle-Picher Lead com__20
•
Early tic Daniel corn
Fifth-Third-Union Tr _ _100
•
Formica Insulation
•
Fyr Fyter A
•
Gibson Art com
100
Gruen Watch pref
Hatfield-Campbell pf 100
•
Hobart Mfg
*
let Print Ink
40
Kahn participating
•
Kroger common
100
Lazarus pref
Manischewitz common...°
Mead Pulp special pref_100
•
Moores Coney A
5
Nat Recording Pump_
•
Newman Mfg Co
100
Ohio Bell Tel pref
•
Paragon Refining 13
5
Voting trust ctfs
Proct & Gamble com new_•
100
5% preferred
100
Pure Oil6% Prof
U S Playing Card
10
8
23
33
184
3634
10934
72
2545
11335
15
15
7434
105%
964
70
Range Since Jan. 1.
Low.
High.
5634
54
50
231
107
16
330
103
43
100
40
32
10934
184
1134
172
70
60
60
5
116
1
305
852
187
13
75
15
129
65
474
484
48
225
105
15
320
95
4034
91
38
29
10534
114
10
June
July
Aug
Aug
Jan
Mar
July
Jan
July
July
July
July
Feb
Jan
Aug
75
10()34
52
280
110
23
350
103
45%
119
49
34
10935
27
18
Jan
Feb
May
Feb
Jan
Apr
Mar
Sept
Apr
Jan
Feb
July
Sent
Apr
Jan
8
8
2334
23
300 300
3134 33
1835 1835
3635 3734
1094 110
72
72
41
4134
28
32
28
28
264
25
98
98
3745 38
85
85
18
18
22
21
28
28
1134 114
144 154
15
15
7535
74
105 106
9735
96
70
70
170
11
2
195
20
91
37
5
125
16
10
365
71
16
3
20
10
40
46
898
128
271
49
106
22
74
22
290
2934
18
35
1094
70
40
28
214
2335
94
37
85
18
20
25
1104
74
734
5234
10435
93
70
July
July
Aug
Jan
Apr
July
Aug
Jan
Aug
Sept
July
June
Feb
June
Sept
Aug
Jan
Feb
Feb
Feb
Feb
Jan
June
Aug
July
15
34
320
53
2035
50
11334
8434
50
37
30
'47
101
45
100
25
36
34
115
154
15
784
110
100
91
Apr
Jan
Apr
Jan
Jan
Jan
Apr
Feb
Mar
Apr
Feb
Jan
May
Mar
Feb
Apr
Jan
Apr
Apr
May
June
June
Mar
Feb
Jan
5534
52
4934
231
107
16
330
10135
42
9935
39
32
10935
17
1135
•No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Aug.30 to Sept.5, both inclusive
compiled from official sales lists:
Stocks—
1547
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Prices. Low. High. Shares.
Range Since Jan. I.
Low.
High.
Bank Stocks—
188
Boatmen's Nat Bank_ _100
First National Bank_._ _20 7515 75
100 248
248
Mem Commerce
188
76
24935
4 188
21 74
117 245
Sept 2394 Jan
Aug 90
Apr
June 301
Jan
Trust Co. Stocks—
100 259
Miss Valley Trust
100
St Louis Union Tr
260
510
139 255
45 510
Sept 300
Sept 565
Jan
May
964
736
384
118
11
99
2135
524
4
25
234
41
28
2
2
5445
107
57
2934
244
85
12
17
17
20 95
91
7
75 374
65 114
85 1034
10 98
100 1935
3 384
62
24
50 24
40 20
40 2734
30 25
500
135
114
100
45 5
@FedFRASER