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The Financial Situation
(G) Loans or grants, or both, for projects of States,
HE "Emergency Relief Appropriations Act of
Possessions, including subdivisions and agencies
Territories,
1935" has finally reached the statute book. thereof, municipalities,
and the District of Columbia, and
The measure was considerably changed during its self-liquidating projects of public bodies thereof, where, in
course through Congress, so that in its final form it the determination of the President, not less than twenty
is somewhat less vicious than it originally was. Even percentum of the loan or the grant or the aggregate thereof
as it now stands, however, there is much in it to give is to be expended for work under each particular project,
$900,000,000;
trouble. The text of the measure is to be found
(H) Sanitation, prevention of soil erosion, prevention of
elsewhere in this issue, but a number of its provisions stream pollution,sea coast erosion,reforestation,forestation,
seem to us of such vital importance that we shall flood control, rivers and harbors and miscellaneous projects, $350,000,000.
•
cite them here at some length nonetheless.
Whatever restrictions such provisions impose upon
The extraordinary nature of the measure is made
abundantly clear in the very first sentence. It begins: the President are greatly weakened by other clauses
"Resolved, by the Senate and House of Representa- of the measure. One of these latter immediately foltives of the United States of America, in Congress lows the schedule as given above and reads:
"Provided further, that not
assembled, That in order
to
exceed 20% of the amount
to provide relief and work
herein
appropriated may be
A Call to Common Sense
relief, and to increase emused by the President to in"Some imagine that wealth can be created
ployment by providing
crease any one or more of the
by destroying wealth; that prosperity can be
foregoing limitations if he finds
for useful projects, there
restored by artificial manipulation of price
it necessary to do so in order
levels; that wealth is created by paying for
is hereby appropriated, out
the non-production of wealth. How can
to effectuate the purpose of
of any money in the Treasthere be any acceptance of the idea that the
this joint resolution."
amount of work to be performed in this great
ury not otherwise approworld of ours, particularly in this country,
Another is found couched
priated, to be used in the
is limited and that it cannot be expanded,
in
the following language:
discretion and under the
and that the solution of the unemployment
"Funds made available by
of
current
amount
the
to
divide
problem
is
direction of the President,
this joint resolution may be
work by the number of available workers?
to be immediately availHow can we fail to realize that reducing hours
used, in the discretion of the
of work and increasing the hourly wage
able and to remain availPresident, for the purpose of
merely add to our difficulties by cutting down
making loans to finance, in
able until June 30, 1937,
the real purchasing power of the worker, his
whole or in part, the purchase
income at best remaining stationary, while
the sum of $4,000,000,of farm lands and necessary
the price he must pay for goods and services
000. . . ." To the $4,000,necessarily increases?"
equipment by farmers, farm
000,000 thus placed at the
These words, spoken not by an academic
tenants,croppersorfarmlabortheorist or by some captious political critic,
disposal of the President
ers. Such loans shall be made
but by the President of one of our largest and
on
such terms as the President
are added various other
most successful business enterprises, the
shall prescribe and shall be
General Motors Corporation, in an address
fundsamounting altogether
delivered some days ago in the City of Baltirepaid in equal annual instalto some $880,000,000, likemore, deserve the most thoughtful considments or in such other manner
eration of every man and woman in the land.
wise "to be used in the disas the President may deterThe general principles against which these
cretion and under the dimine."
strictures are directed underlie a very large
rection of the President."
part of the public program of the day. It is
T
Restrictions Slight
It is true, of course, that
difficult for us to understand how any dispassionate mind can doubt the validity of the
charges brought.
The speaker might well have concluded
with the exclamation of the putative founder
of the Democratic Party nearly a century and
a half ago: "I tremble for my country when I
remember that God is just." Encouragement, however, is to be found in the fact that
influential business leaders in increasing
numbers are now showing the courage to
speak in "straight-flung words and few" concerning the follies of the day.
a number of provisions
have been inserted that in
some degree limit the authority of the President.
These-clauses eliminate
some of the more extreme
provisions of the original
draft of the bill, but they
seem to us to leave the Chief Executive an enormous
range of discretion within which he may disburse the
funds of the people in amounts so vast as almost to
balk the imagination. The so-called "allocations"
contained in the Act, about which the public has
heard so much in recent weeks, are so broad in their
scope and so general in their phraseology that they
are relatively meaningless. Here they are, taken
verbatim from the Act:
(A) Highways, roads, streets and grade-crossing elimination, $800,000,000;
(B) Rural rehabilitation and relief in stricken agricultural
areas and water conservation, trans-mountain water diversion and irrigation and reclamation, $500,000,000;
(C) Rural electrification, $100,000,000;
(D) Housing, $450,000,000;
(E) Assistance for educational, professional and clerical
persons, $300,000,000;
(F) Civilian Conservation Corps, $600,000,000;
How Much Can He Spend?
A number of other exceptions or modifications
occur that tend further to
give the so-called "allocation" provisions greater
flexibility. The intelligent
man of affairs need not be
told that the President in
these circumstances is
largely free to do about
what he thinks wise with the funds thus appropriated.
The Chief Executive has already let it be known that
he plans to spend as much of this money as he can
prior to the end of the next fiscal year, which comes to
a close on June 30 1936. Reports, apparently inspired, are heard that vast "projects" have been laid
out on paper, many of them allegedly ready for work
to start. Doubtless a good deal of this sort of discussion is to be taken with several grains of salt.
But the President is said to feel confident that such
outlays can reach a maximum by late autumn of this
year, and apparently that most if not all of the
funds provided can be disbursed by the middle of
next year.
The President's estimates of such things have
usually been too high in the past. Members of
Congress have of late, on more than one occasion,
Financial Chronicle
2408
complained that he has not expended the huge funds
already placed at his disposal, and which he had given
them assurances would be spent in much less time
than has elapsed since their appropriation. This
failure to throw money away at the almost inconceivable rate predicted is in our view one of the
few saving graces of the Administration, although,
of course, there has been extravagance enough in all
conscience. But the question here is not what the
outlay should be in any given period of time, but how
fast expenditures are likely to be made in actual
fact. For upon this largely depends not only the
state of the Treasury but also such temporary stimulation of business activity as may be expected from
the program. To disburse the entire amount prior
to July first next year would require an average
monthly outlay of around $350,000,000. This is even
larger than the enormous average of the Administration to date. Some close students of the situation
with exceptional opportunity to know the facts are
of the opinion that it can be done. Whether it can,
and whether it is done in actual fact, must of course
await the verdict of time.
Results to Be Expected
But what are likely to be the effects of such an
unprecedented program? Should the President succeed in perfecting machinery for the task quickly
enough and actually get the program under way
effectively enough to raise the rate of expenditure
during the coming summer substantially above the
rate heretofore obtaining during that period of the
year, the result may be to prevent business activity
from receding quite to the low levels that otherwise
are likely in the opinion of most observers. It is
not very probable that the rate of expenditures during the winter months can or will be so greatly enlarged, compared with relief outlays during the past
two winters, that any great difference in the rate
of business activity will result. There is in our judgment no likelihood at all that business operations
will be placed upon a self-sustaining basis in such
manner that the President will feel it unnecessary
to expend the full amount appropriated. Indeed
the Administration, while still having some rather
vague remarks to make about this possibility, is
itself apparently much less hopeful of such an
eventuality than it was at the beginning of its regime when apparently the idea prevailed that by
priming the pump for a relatively short period of
time, recovery could be established and most of our
more pressing problems solved.
The ultimate results are certain, as we think, to
be of a totally different order. Of course any such
program as the one outlined would be almost fatal
to the whole economic structure if financed by taxation. Even the industrial system of this country
could not bear the load. This fact appears to be
conceded even by those who strongly support the
plan. It is our belief that the ultimate consequences
of this madness will be equally as bad, if not worse,
if, as is obviously the case, the program is largely
financed by pure inflation. The various products
to be brought into existence by the work as thus laid
out can not be expected to be worth a tithe of what
they cost. Many of them, in our judgment, will be
worth exactly nothing. More than that, they are
certain to set up numerous further maladjustments,
burdensome debts and contractual relationships
April 13 1935
that will plague the nation for many years to come.
An illustration or two will suffice to make our
meaning clear. Nearly $1,000,000,000 is allocated
for loans or grants to municipalities, States- and
other political units for sundry purposes unspecified. It is said that these intended beneficiaries
have long ago been canvassed with a view to finding out how much money they could manage to
spend on such undertakings. Now of course, no
man of the world need be told that under such
prompting as this local politicians are certain to
launch their communities upon all sorts and
varieties of projects, which are often of no economic
value at all. $100,000,000 is allocated to "rural electrification" which in most instances means, if it
means anything at all, installations of power distributing systems that from the first have no chance
of becoming self-supporting. Further power generating construction, which even the Government engineers have reported to be uneconomic in the existing circumstances, is said to have been tentatively
approved.
Increasing Farm Debt
An unspecified amount has been authorized for
disbursement in an effort to enable, or rather to
induce,tenant farmers to become owners of the land
they till. No restrictions are placed upon the President in the expenditures for this purpose. It is
well known that similar, though much less vigorous,
efforts on the part of the Government through the
farm loan system to stimulate farm ownership on
the part of those not owning land have resulted in
the enormous farm mortgage indebtedness that is
today being "liquidated"- through the Federal Farm
Mortgage Corporation and through the bankruptcy
courts. Operator-ownership in agriculture is an excellent thing when effected along sound lines. It
can and usually does become a curse when artificially stimulated by over-abundant credit facilities.
The measure here under discussion is, it appears to
us, unconstitutional if the Constitution still has any
definite meaning. But short of injunctive procedure, this aspect of the matter will apparently be
of no great practical importance since according to
the plan the larger part of the funds could be dissipated before court action could be brought to completion, unless, as now appears unlikely, unusually
prompt and vigorous action were taken to halt the
program as planned. Both the temporary and the
permanent results of the measure would without
question be heightened to an important degree if,
despite the praiseworthy efforts of the President,
the proponents of the bonus were able to force to
passage at an early date some one of the vicious bills
for huge cash payments to the veterans.
This relief measure has been through so many
drafts, and has been the bone of so many tiresome
contentions, that the public has apparently become
indifferent, or reconciled, to it. However, for that
reason we should be well advised not to forget the
real and disheartening meaning of it.
The passage of the relief Act has obviously not
really "broken the legislative jam" in Congress.
For this we may be thankful, though it too has
its drawbacks. Much of the formerly vaunted social
security program is now generally conceded to be
destined for oblivion at least for the time being. The
delay and difficulties it has encountered have fortunately likewise greatly retarded the movement for
Volume 140
Financial Chronicle
unemployment insurance in the various individual
States. These latter at one time were expected in
considerable numbers to adopt unemployment insurance programs of their own in cooperation with
the Federal Administration. It is true that New
York State during the past week at length placed
such a law upon its statute books to go definitely
into effect on March 1 of next year. Like all such
measures it is unsound root and branch, and its
passage is to be greatly regretted. This State is,
however, the only one to date that has taken such
action, and a number of State legislatures have adjourned. Two States, Utah and Washington, have
passed laws which will not go into effect at all until
such time as a national law has been adopted. No
other States have legislated on the subject at all this
year, and little more legislation is expected in informed quarters this year. We earnestly hope that
the crest of the wave of emotion on this subject has
now passed, and that we may have a long breathing
period before being plagued again with this nuisance.
Other Administration bills are reported to be in
a similarly difficult position at the present time.
The President has returned from his vacation and
become active in efforts to speed up his program in
Congress and thus save what he can of it. Practical
politicians have been asserting that the relief funds
which have now been placed in his hands furnish
a most effective means for control of recalcitrant
members of Congress. This may be true, but there
is as yet little indication of its effectiveness. On
the contrary the reports of experienced political
observers in Washington are to the effect that the
"snarl" in Congress is as much in evidence as ever,
if not more so. If the President is to make head-.
way as he did upon his return last year he must
begin to show real results at once. He may be able
to do so, but so far as can be learned he has not as
yet.
Silver Again to the Fore
HE financial community was thrown into a state
of mild excitement on Thursday by over-night
news that the President, by reducing the seigniorage
on newly mined domestic silver, had raised the price
2
of this metal to 71 cents as compared with the 641/
The
action
cent price that has heretofore prevailed.
thus taken was hardly unexpected in informed
quarters since the world price, as a result of our own
bidding, had risen to approximately that being paid
to our own producers. Further catering to domestic
producers and perhaps to certain inflation groups by
again raising the price paid on home production was
accordingly to be expected. The action taken apparently lent some further strength to the so-called
silver bloc, with the result that on Thursday the
Senate Committee on Agriculture under the influence of Senator Wheeler was induced to report
legislation directing the President to buy large quantities of silver as long as its market price was less
than that of 1/16 of an ounce of gold (about $2.20
per ounce), or until our monetary metal stocks
should consist of one part silver to three parts gold
by value. It is to be hoped that current reports from
Washington are correct in asserting that there is
small likelihood of adoption of the legislation thus
recommended. We ought to discontinue our present
silver operations at once. They are not only senseless, but are a seriously disturbing factor in the
economic and financial life of hundreds of millions
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2409
of people in the Far East. But unfortunately there
is apparently little likelihood of such action.
Our Balance of Payments
HE regular annual tabulation of the Department
of Commerce showing our balance of payments
on international account during the year 1934 appeared during the week. The showing is being
termed highly favorable to us in quarters where
little understanding of such matters exists. The
favorable nature of the results is shown, according
to such reasoners, by the importation of some $1,351,000,000 in gold, silver and paper currency. Just
what we have gained by sending our goods and other
effects abroad in return for gold and silver, of both
of which we already have far more than we have
any use for, is not explained. Adam Smith some
150 years ago is supposed to have exposed such
fallacies for all time. We however seem to have
gone back to mercantilism with a vengeance. Such
figures as these call painful attention to both the
need and the lack of prospect of success of the efforts
being made to reduce international trade barriers
and in general to ameliorate the rampant economic
nationalism of the day.
T
The Validity of the NRA
HE Administration has finally consented to have
the so-called Schechter case go to the Supreme
Court for a test of the constitutionality of the National Industrial Recovery Act. This case apparently involves the fundamental question of the
validity of the Act, and it is well that it is to be
given the attention of the highest court in the country. Of course it is unfortunate that this whole
matter of testing the law has been so long delayed,
especially since Congress is now called upon to take
action against the day early this summer when the
present Act expires. It is our hope that the court
of last resort will look with realistic eyes upon this
question. If it does we are certain in our own minds
that it will declare this extraordinary measure invalid throughout.
Meanwhile the policy of withdrawing the "Blue
Eagle" continues. This time the victim is one of the
large retail distributing concerns of the country.
We are hardly surprised that the enterprise in question is showing no concern over the action thus
taken by the authorities. Withdrawal of this emblem is hardly any longer the "economic death" of
such an enterprise, if indeed it ever was. For this,
of course, we are thankful.
The situation in the field of industrial relations
seems to have improved during the past week. From
all accounts the tension is much less severe in the
rubber and tire industry, with prospects good for
an avoidance of open conflict. If this controversy
is amicably settled, the likelihood of interruptions
in the motor industry and elsewhere will be greatly
reduced. There has been good reason all along to
suspect that much of the current talk on the part
of labor officials was without much warrant in fact,
being largely an effort to further labor legislation
in Washington. The trouble is, however, that such
activity as this, regardless of its purpose or the intent of individuals or groups, is always in danger
of creating situations which easily get out of hand.
Fortunately the prospect of any such development
in the near future seems to have waned very appreciably.
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2410
Financial Chronicle
The Leader of American Journalism
HE death of Adolph S. Ochs at Chattanooga,. on
Monday afternoon, ends the career of the most
distinguished journalist whom this country has ever
known. From the time when, as a young man, he
entered the newspaper field, Mr. Ochs had in mind
a daily paper which should not only give, as he happily phrased it, "all the news that's fit to print," but
also give it promptly, fully, impartially, and with
unquestioned authority. The realization of that
hope is to be seen in the New York "Times" of to-day,
admittedly the foremost daily newspaper in the
world, and the "Times" will remain his monument
whatever other memorial may be erected. Mr. Ochs's
interests, however, were not confined to journalism.
His philanthropies were generous and wide; he gave
the support of the "Times" to no end of good causes,
and his columns were generously open to whoever
had something worth while with which to appeal to
the public. To the great staff of co-workers which
he gathered about him his death is a personal loss,
but the high tradition of a great daily which he
established remains to perpetuate the great work
which he accomplished.
Federal Reserve Bank Statement
HERE is little of interest in the current condition statement of the 12 Federal Reserve
banks, combined, other than a reversal of the downward tendency of member bank reserve balances
with these institutions. After a series of sharp declines which reduced such balances $395,000,000 in
less than a month, an increase of approximately
$94,000,000 now is recorded. The gain is due in
good part to the use of Treasury balances with the
Federal Reserve System for payment of gold imports, and it is noteworthy, moreover, that the
Treasury did not reimburse itself for such expenditures by depositing gold certificates with the Federal
Reserve banks. A modest and less than seasonal
decline in currency in circulation also contributed
to the gain in member bankreserve balances, which
moved up to $4,286,830,000 on April 10 from $4,192,954,000 on April 3, while the Treasury balance on
general account fell in the same period to $393,068,000 from $473,679,000. Such changes have no
great significance, so far as the general credit and
currency position is concerned. Excess reserves
over requirements now are estimated at about
$1,870,000,000.
Figures on money in circulation continue to exceed normal expectations for this time of year.
After the sharp gain recorded a week ago, Federal
Reserve notes in actual circulation fell this week
only to $3,169,329,000 from $3,174,531,000. Total
deposits were not much altered by the gain in
member bank reserves and the decline in Treasury
deposits, the aggregate increasing to $4,904,137,000
on April 10 from $4,897,068,000 on April 3. Gold
certificate holdings of the Federal Reserve System
receded slightly to $5,592,822,000 from $5,593,721,000, and total reserves showed a similarly small
dip to $5,847,134,000. These minute changes in
assets and liabilities left the ratio of reserves to
liabilities unchanged at 72.4%. Discounts by the
Reserve System fell a little to $6,019,000 from
$6,391,000,.but industrial advances continued their
slow gain, with an increase to $21,256,400 from
$21,073,000. Open market bill holdings gained
$3,000 to $5,307,000. The aggregate of United States
T
T
April 13 1935
Government security holdings was off $388,000 to
$2,430,431,000.
The Government Crop Report
THE April report of the Department of Agriculture at Washington on the winter wheat
crop to be harvested this year, like most of the other
New Deal pronouncements, is a wordy affair, having much to say about agricultural matters, that
have little bearing on the subject in hand. It does
appear, however, that the winter wheat crop came
out of the trying winter season this year under a
low condition of 69.8% of normal. The Department
now estimates the yield of winter wheat this year
at 435,499,000 bushels, no indication is given as to
any change in the area under cultivation at the
close of the winter season. In December last the
area planted to winter wheat last fall was placed at
44,306,000 acres, and the indicated yield was given
by the Department at 475,000,000 bushels. The
April estimate this year was 39,500,000 bushels
under that indicated last December. The production of winter wheat harvested from the crop of
last year was 405,034,000 bushels, and for the crop
of 1933, 350,792,000 bushels.
This year's yield may be above that of any year
since 1932. Prior to that year, there was no harvest
of winter wheat as low as that now indicated for
1935 since 1925. In comparison with the April 1
condition of the winter wheat crop this year of
69.8% the condition in December 1934 was 77.8%
of normal, the loss during the past winter being
8 points. The April 1 1934 condition of the winter
wheat crop of that year was 74.3% of normal. The
report shows that in the important winter wheat
States, including Western Nebraska, Kansas and
Oklahoma, the Texas Panhandle, Eastern Colorado
and New Mexico, conditions at the sowing last fall
were extremely adverse, and with moisture deficency since, large portions of the acreage have
been abandoned. The Department indicates the
April 1 condition of rye this year at 76.4% of normal
against 63.8% a year ago for the crop harvested last
year. Some indications are given for early Southern fruit and vegetable crops, and for farm pastures
in the West. Farm stocks of corn, wheat and oats
at the opening of spring this year were considerably
below those of a year ago.
The New York Stock Market
AINS outweighed the losses this week in a stock
market that showed some increase in activity
over the extremely dull previous sessions but that
still was quiet when judged by what are now normal
standards. Interest in stocks was stimulated to
some degree by sharp advances in many commodities and by the announcement, Thursday, that the
United States Treasury would pay 71.11c. an ounce
for domestic silver as against 64.64c. heretofore.
The share turnover on the New York Stock Exchange
approached the 1,000,000 mark Wednesday, but in
other sessions averaged around 750,000 shares. The
trend was irregularly lower on Monday, with railroad stocks showing the effects of modest profittaking. Other groups declined slowly, with final
changes fractional. Material gains in silver prices
on world markets Tuesday brought buying into
metal stocks with an interest in silver, while other
so-called commodity stocks likewise gained as a
consequence of general advances in wholesale prices.
G
Volume 140
Financial Chronicle
The upward movement was quite general in this
session, railroad and industrial stocks joining in
the upswing, while utility issues likewise showed
improvement. In Wednesday's dealings oil stocks
reflected steady buying, possibly because of indications of extensive refunding of high interest funded
debt. Other groups were dull and only fractionally
changed in both directions. The announcement of
the Treasury's increase in silver compensation to
domestic producers caused a sharp upswing, Thursday, in all metal stocks affected. Oil stocks and a
number of specialties were firm, but other sections
were dull and not materially changed. The tendency yesterday was quietly upward in most sections
of the market, with railroad stocks in best demand
on expectations that a Presidential message soon
will be sent to Congress on the transportation
problem.
In the listed bond market dealings were quiet
and the trend mildly uncertain. United States Government securities drifted slightly lower, but highly
rated corporate bonds did not change much. There
was more interest in the array of refunding bond
issues announced in the course of the week than in
listed obligations. Secondary railroad liens were
marked upward in most sessions, but speculative
bonds generally held close to former levels. In the
foreign dollar bond list movements were uncertain,
as there was much concern regarding the international monetary unsettlement. Grains were marked
steadily higher in the commodity markets, with
wheat the leader on good foreign buying and persistent dust storms in the West. Corn and cotton
showed good gains, while silver led the metal group
upward. In the foreign exchange markets small
movements in gold bloc currencies attracted most
attention. These currencies remained at most times
in ranges that make further gold shipments to New
York profitable, and the decreasing gold reserves of
The Netherlands caused apprehensions. Leading
industrial indices in this country show only modest
seasonal recessions in output, and some encouragement was gained from this performance. Steelmaking in the United States was estimated for the
week ending to-day at 43.8% of capacity by the American Iron and Steel Institute, against 44.4% last
week. Production of electric energy for the week to
April 6 was 1,700,334,400 kilowatt hours against
1,712,863,000 kilowatt hours in the preceding week,
the Edison Electric Institute reports. Car loadinge
of revenue freight dropped sharply to 545,627 cars in
the week ended April 6 from 617,485 cars in the
previous week, according to the American Railway
Association, but decreased loadings of coal because
of a holiday in some fields was said to account for
the decline.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 100%c. as against 94%c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 88%c. as against 84Y4c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 491%c. as against 47%c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 11.80c. as against
11.20c. the close on Friday of last week. Domestic
copper closed yesterday at 9c., the same as on Friday
of last week.
In London the price of bar silver was 31 5/16
pence per ounce as against 28 5/16 pence per ounce
2411
on Friday of last week, and spot silver in New York
/
4 points,
/
2c., an advance of 63
closed yesterday at 681
as against 613
/
4c. on Friday of last week. In the
matter of the foreign exchanges, cable transfers on
/
4 as against
London closed yesterday at $4.843
4 the close on Friday of last week, and cable
$4.841/
1
2c. as
transfers on Paris closed yesterday at 6.61/
against 6.58/
1
2c. the close on Friday of last week.
Dividend announcements for the week included the
American I. G. Chemical Corp., which declared extra
dividends on the common A and B stocks of 50c.
and 20c. a share, respectively, in addition to regular
quarterly disbursements of $2 a share and
20c. a share, respectively, on the above issues,
all payable April 19. On the New York Stock
Exchange 177 stocks touched new high levels for
the year and 41 stocks touched new low levels.
On the New York Curb Exchange 110 stocks
touched new high levels and 37 stocks touched
new low levels. Call loans on the New York Stock
Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 464,290
shares; on Monday they were 706,310 shares; on
Tuesday, 856,784 shares; on Wednesday, 989,900
shares; on Thursday, 734,120 shares, and on Friday,
840,210 shares. On the New York Curb Exchange
the sales last Saturday were 124,930 shares; on Monday, 162,070 shares; on Tuesday, 167,390 shares; on
Wednesday, 178,250 shares; on Thursday, 176,280
shares, and on Friday, 151,413 shares.
The stock market the present week, despite the
quietness of trading, touched higher levels and sales
volume was larger than for many weeks past. There
was a great deal of activity on Tuesday, and in late
trading stocks closed strong, with gains extending
from 1 to 6 points above Monday's level, representing the widest advances since the middle of February. Yesterday the market was steady and stocks
for the most part closed higher than on Friday of the
previous week. General Electric closed yesterday
at 233
/
/8 on 'Friday of last week; Con4 against 227
solidated Gas of N. Y. at 211/
8 against 207
/8; Columbia Gas & Elec. at61
/
4 against6%;Public Service
of N. J. at 26/
1
2 against 26½; J. I. Case Threshing
Machine at 52 against 50½; International Harvester at 373
/
8 against 37½; Sears, Roebuck & Co.
4 against 35; Montgomery Ward & Co. at 25
at 361/
against 241/
8; Woolworth at 55 against 54%; American Tel. & Tel. at 1063
/
8 against 1045
/
8, and American Can at 118 against 117.
Allied Chemical & Dye closed yesterday at 133
against 1343
/
8 on Friday of last week; E. I. du Pont
de Nemours at 921/
8 against 90%; National Cash
Register A at 151% against 143
/
4; International
Nickel at 261% against 24%; National Dairy Products at 141% against 141/
4; Texas Gulf Sulphur at 31
against 293
/
4; National Biscuit at 243
/
4 against 247
/8;
Continental Can at 71/
1
2 against 707
/8; Eastman
Kodak at 125% against 122/
1
2; Standard Brands at
15/
1
2 against 151/
8; Westinghouse Elec. & Mfg. at
373
/
4 against 37; Columbian Carbon at 737
/
8 against
74; Lorillard at 197
/
8 against 19%;United States Industrial Alcohol at 38/
1
2 against 38/
1
2; Canada Dry
at 93
/
8 against 93
/
4; Schenley Distillers at 25 against
25, and National Distillers at 27/
1
2 ex-dividend
against 273
/
8.
The steel stocks advanced to higher levels as compared with a week ago. United States Steel closed
yesterday at 31 against 297
/8 on Friday of last week;
2412
Financial Chronicle
2 against 25%; Republic
1
Bethlehem Steel at 25/
8,and Youngstown Sheet &
/
2against 107
1
Steel at 11/
4. In the motor group,
1
Tube at 15% against 15/
2against 17y2
1
Auburn Auto closed yesterday at 18/
on Friday of last week; General Motors at 29%
8 against 35, and Hupp
/
4; Chrysler at 357
/
against 283
4. In the rubber group,
/
2 against 3
1
Motors at 1/
8
/
Goodyear Tire & Rubber closed yesterday at 183
Goodrich
F.
against 17% on Friday of last week; B.
, and United States Rubber at 12
2
1
at 8% against 8/
against 11%.
The railroad shares extended their gains of the
previous week. Pennsylvania RR. closed yesterday
2 against 19% on Friday of last week; Atchi1
at 20/
8; New
son Topeka & Santa Fe at 40% against 391/
8; Union Pacific at
/
York Central at 15% against 143
8 against
/
2 against 88; Southern Pacific at 153
1
90/
4, and
8 against 101/
/
14½; Southern Railway at 107
the
Among
.
8
/
2 against 151
1
Northern Pacific at 15/
at
yesterday
closed
oil stocks, Standard Oil of N. J.
Union
Shell
week;
last
of
Friday
40 against 38% on
8 against 7, and Atlantic Refining at 24%
/
Oil at 67
8. In the copper group, Anaconda Cop237
against /
2against 10% on Friday
1
per closed yesterday at 11/
of last week; Kennecott Copper at 17% against
2against
1
4; American Smelting & Refining at 38/
/
163
33%, and Phelps Dodge at 17 against 15%.
European Stock Markets
were generally firm on stock extrends
RICE
changes in the leading European financial
centers this week, indicating that for the time being
at least there has been some relaxation of the apprehensions regarding the monetary problem occasioned by the Belgian devaluation and also a better
feeling with regard to the European political situation. Quotations were marked persistently higher
on the London Stock Exchange until late this week,
when trading diminished and a subdued tone appeared. Investors preferred to await the outcome
of the Stresa conference and the presentation of
the British budget next Monday. On the Paris
Bourse and the Berlin Boerse movements were
irregular, but advances predominated. The Continental markets were again very sensitive to the
possibilities of devaluation by Switzerland and Holland, and the disclosure of important gold losses
by the latter country did not help sentiment. It
was apparent, on the other hand, that the war scare
occasioned by German rearmament plans is passing and investment confidence increased somewhat
for that reason. Also important were indications
that trade and industry is improving in the industrial countries of Europe. Recent gains are attributed largely to the armaments activities now
common everywhere in Europe. Whether this interpretation is correct or not, the fact remains that
employment is gaining and the improvement in this
respect naturally finds its reflection in the securities
markets. The German Boerse was favorably impressed, moreover, by indications of a vast increase
in the tax returns of the Reich Government.
Dealings on the London Stock Exchange were
quiet last Monday, but the tone was firm in almost
all departments. British funds were in good demand and registered comparatively large gains.
Changes in the industrial list were mostly upward,
and gold mining issues advanced on an increase in
the price of that metal in the London market. The
international section was stimtaated by favorable
P
April 13 1935
week-end reports from New York. Activity increased on Tuesday, with British funds again in
good request, although gains were less pronounced
than in the previous session. Industrial issues remained cheerful, as it was rumored that some relief from taxation may be accorded in the forthcoming budget. Gold mining stocks resumed their
advance, while changes in the international section
were nominal. Some profit-taking occurred in British funds, Wednesday, but losses were kept within
bounds. Industrial issues and most gold mining
stocks were steady, while international securities
were mostly improved. There was little activity
Thursday, and the tone was subdued. British funds
were soft on further profit-taking, while gold mining stocks also dipped. In the industrial list a
few good features developed toward the end of the
session, but most issues were dull. International
securities remained in quiet demand. Small gains
were recorded yesterday in British funds and most
industrial stocks, but there was little activity.
Uncertainty regarding the fate of the Dutch
guilder was less pronounced on the Paris Bourse,
'Monday, than in last week's dealings and some
progress was made. Rentes were somewhat better,
while a few French equities also improved. Foreign issues remained irregular, owing to the widespread uncertainty regarding the international
situation and the outcome of the Stresa meeting of
the Powers. There was little activity Tuesday, on
the Bourse, but prices were fairly steady. Rentes
were weak at the opening but recovered most of the
ground in a later rally, while French bank and
industrial shares were irregular. The foreign issues
listed on the Bourse showed few changes in this
session. After an uncertain opening, Wednesday,
improvement set in on a generous scale and almost
all securities closed with substantial gains. French
industrial issues led the advance, and some bank
and foreign issues also joined in the movement, but
rentes showed little change. The market on Thursday was irregular, with rentes sharply higher, and
gold mining stocks weak. French industrial and
bank stocks were not much changed. The Bourse
was quiet but steady yesterday as traders awaited
results of the Stresa conference.
On the Berlin Boerse the week opened with a
downward movement of almost all securities,, the
trend being attributed partly to the disappointment
felt in Berlin over the results of the voting at Danzig. Losses of 2 to 3 points were recorded in speculative favorites, while other issues dropped about a
point on the average. Fixed-interest issues were
quiet and unchanged. The tone improved on Tuesday, with sharp gains prevalent in utility and chemical stocks. Industrial securities were quiet, while
bonds reflected some demand. Prices again were
marked upward at the opening Wednesday, but the
improvement was not maintained throughout the
session. The closing figures, however, were generally better than the previous closings, with utility
and chemical stocks still the favorites. Fixed-income issues were quiet and well maintained. The
Boerse was hesitant Thursday, as interest was centered on the Stresa conference among Britain,
France and Italy, which began that day. Most
securities were marked slightly higher, but there
were also a few losses. Prices advanced in the early
trading at Berlin, yesterday, but the gains were not
fully maintained.
Volume 140
Financial Chronicle
2413
day, the impression was said to prevail that deGold Bloc
valuation of the belga put international currency
HERE was no lessening this week of the appre
on farther off than ever.
stabilizati
hensions in all markets regarding possible devaluation of their currencies by Switzerland, HolGold Clause Bonds
land and France. The gold bloc started to crumble
IGATION by British and other European
when Belgium devalued and the measures taken
holders of American corporate bonds with
by the Brussels Government have increased ingold clauses probably will be undertaken in an
ordinately the pressure on the Swiss franc, the
endeavor to recover the gold equivalent on these
guilder and the French franc. Gold in large
contracts, notwithstanding the decision of the
amounts was shipped almost every day from AmUnited States Supreme Court handed down last
sterdam to Paris and New York, and the NetherIn London dispatches, late last week, it
February.
lands Bank found it advisable on Tuesday to anthat the London Advisory Commitindicated
was
nounce another advance in its discount rate to
Investments felt convinced that
American
for
tee
2%,even though the rate was advanced
4y2% from 31/
prove successful. Barnett
would
litigation
such
2% only last week. Gold in smaller amounts
from 23/
the Committee, is to come
for
counsel
,
Hollander
were shipped from Switzerland to the French capito this country later this month, and he may start
tal. In foreign exchange dealings discounts on
action promptly in behalf of the foreign holders
forward commitments in guilders and Swiss francs
of corporate bonds on the ground that the Supreme
prevailed all week. Speculative operations against
Court ruling "frustrated" the original contracts. In
these currencies were in progress, but the movea dispatch to the New York "Times" Mr. Hollander
ment of funds was stimulated to no small degree
quoted as saying: "It is well established and
by transfers effected by the Swiss and Netherlanders was
the authority of the United States Supreme
has
themselves. Large amounts • are being transferred
that when performance of a contract is made
Court
to Belgium on the theory that the recent devaluaby a supervening change of law, the
impossible
tion there makes the belga the safest currency in
paid in such a case is recoverable.
previously
money
Europe for the time being, while many Belgians are
Court in the present cases holds that the pararecalling funds they sent abroad in the period be- The
mount law of the United States has validly interfore their money was devalued in terms of gold.
vened in the cases of non-governmental defendants
The financial observer of the New York "Herald
prevent payment in gold. Accordingly, there is
Tribune" in London observes in a dispatch to that to
remedy to recover what was parted with on purjournal that the Swiss and Netherlanders are turn- a
chasing the bond or on entering upon the contract."
ing their money into durable goods and are buying
The London committee does not intend to bring any
commodities abroad, such phenomena usually beitself, but it invited any aggrieved holder
ing the forerunners of devaluation. Agitation is action
contract to place the facts before it
private
a
of
growing in Holland for increased duties against
Continental European protective
case.
test
a
for
Belgian goods and for other measures to meet Belbe consulted on this matter, it
to
are
s
committee
gian competition. But on the other hand it is
is stated. No attempt will be made to bring suit
recognized that the Netherlands Premier, Hendryk
in connection with foreign holdings of United States
Colijn, and L. J. A. Trip, Governor of the NetherGovernment securities.
lands Bank, are firmly opposed to devaluation and
bitter
inclined to resist any capital flight to the
Trade Treaties
end. In Switzerland the apprehensions are mountECRETARY of State Cordell Hull has exing because the plebiscite on national economic
pounded the official American viewpoint on
if
the
n,
devaluatio
force
policies in June may wall
of late,
voting goes against the Government. The situation reciprocal tariff treaties rather frequently
previous
his
to
s
there is complicated by extensive foreign deposits but he added several statement
misunderof funds and foreign investments in Swiss bonds. comments over the last week-end. Some
ns
declaratio
by
caused
were
Governors of all the principal central banks of standings apparently
respecial
the
in
granted
s
Europe gathered at Basle, Switzerland, last Sun- that tariff concession
mostday, for their usual two-day meeting of Bank for ciprocal treaties will be generalized under the
that
the
extent
to
only
principle
tion
International Settlements directors, and the mone- favored-na
Ameriagainst
te
discrimina
do
not
nations
other
tary position was the dominant topic of discussion.
Dr. Trip and Gottfried Bachmann, Governor of the can goods. "It has been inferred," said Mr. Hull,
from
Swiss central bank, attended the initial meeting but "that the statements indicate a departure
"
principle.
tion
most-favored-na
nal
unconditio
the
banking
offices
respective
hastily returned to their
he
fact,
from
removed
farther
be
could
offiNothing
These
Monday.
on
before the start of business
cials, together with the heads of the French and added. The trade agreements act of 1934 provides
Italian central banks, found themselves agreed to that tariff concessions shall be extended to all counremain on the gold standard, a report to the New tries, but it also provides that they may be conYork "Times" said. "What has happened is that fined to countries that do not discriminate against
wealthy Belgians who shifted their money to Lon- American commerce, an official statement explains.
don during the run are now bringing it back to This provision is described as wholly in accord with
Belgium and making 28% profit," the dispatch the unconditional most-favored-nation principle, the
added. "There is evidence that this reasoning is very essense of which is non-discriminatory treatleading some wealthy Swiss and Dutch now to shift ment in commercial relations. It was emphasized
untheir money to Belgium, calculating they will lose that the United States stands ready to extend
trade
in
the
s
lly
granted
concession
attack
conditiona
the
present
survive
nothing if their countries
and make a profit if the home money is devalued." agreements to all countries which give the United
After the Basle discussions were concluded, Mon- States non-discriminatory treatment. "This policy
.
T
If
S
2414
Financial Chronicle
is the opposite of retaliation," continued Mr. Hull.
"It is a policy of respectful and friendly approach
to all countries to join us in establishing equality
of trade treatment throughout the world." The
aim also is to bring about more rapidly "a general
reduction of trade barriers, of giving elasticity to
trade arrangements and of expanding foreign trade."
In a subsequent statement, Secretary Hull urged
European countries to adopt "a sound and comprehensive economic program, both domestic and international."
It is gratifying to note, meanwhile, that President Albert Lebrun, of France, finally signed last
Saturday the long pending treaty with the United
States which eliminates the double taxation of
American firms doing business in France. The
regulations for double taxation never were enforced,
but the threat of attempting to collect something
like $120,000,000 from American corporations
caused many corporate officials to consider
terminating their branches and business in that
country. The treaty was negotiated in 1932, but
ratification was field up because some French legislators thought it too favorable to the United States.
Ratifications were exchanged last Tuesday, and a
pronounced irritant in the relations between France
and the United States at length has been eliminated.
Of some significance, also, are suggestions made in
Tokio this week for three-cornered trade agreements
among Japan, the United States and the LatinAmerican countries. An unofficial American mission, headed by W. Cameron Forbes, is in Japan
at present to discuss trade problems, and Japanese
officials and business men made the suggestions
for three-cornered arrangements to this group. It
was pointed out that Japan now sells far more to
South American countries than they buy from her,
while Japan, on the other hand, buys much more
in American goods than the United States purchases from Japan. Three-way agreements should
be feasible in these circumstances, according to the
Japanese. In Washington, it was reported last
Monday that the official Export-Import Banks contemplate the adoption of a more liberal lending
policy in order to facilitate the expansion of
American exports. The institutions have been of
little aid so far.
Stresa Conference
REAT BRITAIN,France and Italy, as the three
great European victor States in the World
War, slowly formulated this week their policies in
the face of Germany's violation of the Versailles
Treaty, and on Thursday the heads of the three
Governments began a conference at Stresa, Italy,
at which it is hoped some uniformity of views can
be achieved. The threat to European stability and
security involved in Nazi Germany's open defiance
of the military clauses of the Versailles pact has
brought together for the first time since that treaty
was signed the Premiers and Foreign Ministers of
the three countries that imposed the treaty on the
Reich. Great Britain is represented by Prime
Minister Ramsay MacDonald and Foreign Secretary Sir John Simon; France by Premier PierreEtienne Flandin and Foreign Minister Pierre
Laval, while Premier Benito Mussolini, who holds
most of the portfolios in the Italian Cabinet, is
spokesman for Fascist Italy. The meeting at
Stresa was planned immediately after the German
G
April 13 1935
rearmament announcement was made last month,
and before the series of exploratory diplomatic visits
took place. It is not likely to result in any definite
understanding, for the British Ministers gave assurances, before they left London, that they will make
no commitments without consulting Parliament.
Protracted Cabinet meetings in England and
France were held early this week to consider the
situation, while Premier Mussolini secluded himself
and also studied the problem. The British attitude was for a time the uncertain factor, as France
was known to favor a system of alliances designed
to encircle the Reich, while Italian spokesmen intimated a willingness to take military measures
against the Reich. Early this week, however, it was
reported on excellent authority in London that
Britain planned to assume again the role of
mediator in the disputes of the continental countries.
The German rearmament already has progressed
far and it has aligned the European Continent into
two armed camps, much resembling those of the
pre-World War period. The French Government
steadily moved troops this week to the Rhine
frontier, and on Tuesday the French and Russian
Governments injected a new diplomatic element
into the situation by announcing the conclusion of
a virtual alliance. The Franco-Russian understanding, according to Paris reports, calls for a system of mutual guarantees within the framework
of the League of Nations. Nor was the French
Government content with this arrangement, as the
Paris authorities decided to retain in service for
the time being the conscript class due to be liberated
this month.
The first authoritative statement on recent diplomatic exchanges has been made available, meanwhile, by Sir John Simon, who gave the House of
Commons an account of the exploratory conversations in Berlin, Moscow, Warsaw and Prague, last
Tuesday. Only a brief summary of the views of
other States was presented, and Sir John indicated
that the British policy remains flexible and uncertain. He gave assurances that a definite attitude
had been avoided by the British Cabinet, and added
that no commitments would be made without
previous consultation with Parliament. He also
expressed the hope that opinion abroad would await
official utterances before drawing any inferences
from unauthorized comments or pronouncements.
Chancellor Hitler made it plain in the Berlin
conferences, Sir John Simon said, that Germany
was not prepared to sign an Eastern Locarno pact,
or a mutual assistance pact between herself and
Russia. The Reich, on the other hand, was said to
favor a non-aggression pact between the Powers interested in Eastern European questions, but
Lithuania is to be excluded from any such arrangement. If hostilities should break out between any
contracting parties, then the other contracting
parties should engage not to support the aggressor
in any way, the Germans suggested. "Regarding
the idea of a Central European pact, we understood
in Berlin that the German Government did not reject the idea of such an arrangement in principle,
but did not see the necessity and saw great difficulty in defining non-aggression in relation to
Austria," Sir John continued. "Regarding land
armaments, Herr Hitler stated that Germany re(gifted 36 divisions, representing a maximum of
550,000 soldiers under arms, including a division of
Volume 140
Financial Chronicle
Schutzstaffel and militarized police troops. He
asserted there were no paramilitary formations in
Germany. Germany, he said. claims to possess all
types of arms possessed by other countries and was
not prepared to refrain from constructing certain
types until other countries ceased to possess them.
If other countries abandoned certain types, Germany would do the same. Regarding naval armaments, Germany claimed, with certain reservations,
35% of the British tonnage and air parity with
Great Britain and France, provided the development of the Soviet air force was not such that revision of these figures became necessary. If any
general agreement regarding arms limitations could
be reached, Germany would be prepared to accept
and help work a system of permanent automatic
supervision on the understanding that such supervision applied to all Powers equally. Herr Hitler
said the German Government favored the, suggestion contained in the London communication for
an air pact among the Locarno Powers. On the
subject of the League of Nations, Herr Hitler referred to the assertion he had made in May 1933,
that Germany would not continue to participate
in the League if she was to remain what he described as a country of inferior right; and he
alleged by way of example that she was in a position of inferiority if she had no colonies."
Sir John Simon also summarized the results of
the conversations held by Captain Anthony Eden
in Moscow, Warsaw and Prague. In MO6COW", Captain Eden was said to have learned that Soviet
officials regarded it as more than ever necessary to
pursue the endeavor to promote the upbuilding of
a security system for Europe. The proposed Eastern Locarno pact does not aim, in Soviet opinion,
at the encirclement or isolation of any State, but at
the equal security of all participants. In Warsaw,
Captain Eden was informed that Polish authorities
viewed as sufficient the existing agreements with
Germany on the one hand and Russia on the other.
Any new proposal might trouble the atmosphere
created by these pacts, it was argued. But Poland
was prepared to adopt a friendly attitude toward
a Central European pact. In Prague, Dr. Edouard
Benes expressed the hope that progress would be
made at Stresa. "I have confined myself," said
Sir John,"to an account of what was said by others,
but it must not be supposed the British Ministers
did not indicate strong disagreement on certain
points, and, indeed, at the end of the Berlin interviews, I expressed disappointment at the difficulties
disclosed in the way of agreement."
When the Stresa conference started on Thursday
this situation was reviewed at length by the Ministers of the three Powers there assembled. It was
apparent, even after the first day, that little will
come of the gathering, other than a general statement that meets the conflicting views. The results
on Thursday were summarized in a brief official
statement, which indicated that Prime Minister MacDonald gave an account of the general lines of British policy, while Sir John Simon reported at length
the results of the conferences between British
liorities and officials of the German, Polish, Russian and Czech Governments. The French delegates
presented an exposition of the reasons why they
appealed for the special meeting of the League of
Nations Council, which is to take place Monday.
Supplementing this communication were accounts
2415
of press conferences which the delegates of all three
countries held later in the day.
"The British viewpoint, on the highest authority,
is that everything will be done to strengthen and
demonstrate the solidarity of purpose that exists
among the three countries here represented," said
Frederick T. Birchall, the able European correspondent of the New York "Times." "No country
should act on the assumption that the British,French
and Italian Governments ever will be divided upon
any questions affecting the peace of Europe. Collective security must be achieved, and it is the intention of the British Government to make its contribution in every way possible to that end." All measures must be taken within the framework of the
League of Nations, the British spokesman was reported to have added. The British further believe
that armaments should be limited or reduced under
a binding international agreement. "The French,
who in these discussions show themselves to be an
extremely practical people, are concerned more with
tangible results than with well-rounded sentences,"
Mr. Birchall reports. "From French sources it was
learned that during the day the British had borne
the brunt of the discussions with results not wholly
promising from other than the British point of view."
Even express condemnation of Germany at the meeting of the League Council next week was not favored
by Great Britain, it was said, as that would conflict
with the British view as to the necessity of getting
the Reich back into the League. Very little was said
by Italian delegates. An official statement issued
yesterday at Stresa said that the German Government had indicated to Sir Eric Phipps, the British
Ambassador to Berlin, its formal willingness to sign
an Eastern European pact of non-aggression, but
not of mutual assistance. This statement doubtless
will make it more than ever difficult for the three
Powers to reach agreement.
Danzig Election
ITIZENS of the Free State of Danzig went to
the polls last Sunday to elect a new Diet, or
legislative assembly, after the most strenuous election campaign ever waged in that small State, which
formerly was German territory. The election was
forced by the Nazi adherents in Danzig, who hoped
for a heavy Nazi majority as a prelude to establishing a totalitarian State, similar in all respects
to the German Nazi Government. The authorities
in Berlin took a leading part in the campaign.
money being poured into the territory and the best
Nazi orators dispatched for their usual appeals.
Despite all efforts, however, the Danzig Nazis failed
to gain the necessary two-thirds control over the
Diet for the Constitutional changes they desired,
and the result can only be considered a serious rebuff
to the pretensions of Herr Hitler and his adherents.
The lieutenants of the German Chancellor confidently predicted that 80 to 90% of the Danzig citizens would vote for Nazi rule, but only 59.2% of
the votes actually were accorded the Nazis. Since
the population of Danzig is overwhelmingly German,
it is evident that the plebiscite now held gives the
best available indication of the genuine sentiments
of the German people concerning their self-appointed
rulers. The voting in the Saar area last January, it
is now apparent, was determined largely by the
nationalistic question of return to the Reich, adherence to France or continued rule under the
C
••••..
League of Nations. The Nazis in Berlin proclaimed
that the Danzig voting would duplicate that of the
Saar, and they even utilized the same slogan of
"Back to the Reich." But the citizens of the Free
State obviously were aware that there is no present
possibility of achieving that result, and the balloting proceeded along party lines. Although the Nazis
gained votes, they fell far short of their objectives
and suffered a moral defeat that may well prove
of international importance.
The Nazis in Danzig already were in control of the
Government there, owing to their good showing in a
Diet election three years ago. But the election last
Sunday was conducted carefully and honestly, as
it was guaranteed by the League of Nations. Seven
parties named candidates to the Diet, but the Nazi
officials in Danzig saw to it that their own candidates received preferential treatment throughout the
campaign, while their opponents were branded
throughout the Free State as traitors and renegades.
Brigades of Hitlerite Storm Troops paraded through
the city, and the flag-waving campaign was climaxed
by oratorical outbursts from all the chief aides
of Herr Hitler. The German Air Minister, Hermann
Goering, and Propaganda Minister Paul Goebbels
stormed through the territory on the eve of the balloting, as did Rudolph Hess, Julius Streicher and
Joseph Buerckel, who also are prominent in Nazi
councils. One of the few discordant notes, from the
Nazi viewpoint, was an appeal by Dr. Hermann
Rauschning, former Premier of Danzig, for votes
against the Nazis. The Hitlerites, confident of a
huge majority, made extensive preparations for a
post-election celebration, but the celebration never
was held. Some 234,900 Danzigers went to the polls,
and of this total 139,043, or 59.2%, favored the Nazi
candidates. Socialists made the second best showing, with 38,015 votes, while Catholic Centrists were
next, with 31,525. Smaller totals were polled by
Nationalists, Poles, Communists and Front Fighters. This means that the next Diet will be composed of 43 National Socialists, 12 Socialists, 10
Catholic Centrists, 3 Nationalists, 2 Communists
and 2 Poles. In order to effect the Constitutional
changes they desired, the Nazis required 48 seats,
and the net result is that the Constitution will stand.
Very little was said about the voting in Berlin, but
everywhere else it was hailed as evidence that the
Nazis do not have anything like their boasted
strength and support in the Reich.
Discount Rates of Foreign Central Banks
HE Netherlands Bank raised its discount rate on
April 9 from 33/2% to 432%. Less than a week
ago (April 4) the rate was raised from 23/2% to
Present rates at the leading centers are shown in the
table which follows:
T
BANKS
DISCOUNT RATES OF FOREIGN CENTRAL
Country
Rate is
Date
Effect
Apr.12 Established
Austria— _
BelgtUm...
Bulgaria__
Canada__
Chile
Colombia
Csechoslovakia
Danzig._ _ _
Denmark...
England__ _
Estonia.__
Finland
France _ _ _.
.
Germany.
Greece
Reiltand
April 13 1935
Financial Chronicle
2416
Prestout
Rate
Feb. 23 1935
Aug. 28 1934
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
434
3
8
__
434
5
314 Jan. 25 1933
Sept.21 1934
4
214 Nov.29 1933
June 30 1932
2
Sept.25 1934
5
Dec. 4 1934
4
214 May 31 1934
Sept.30 1932
4
Oct. 13 1933
7
4 S4 Anr_ 9 1935
414
3
3
234
514
414
3
5
714
334
4
234
7
234
4
4
Country
Rate in
Dafs
Effect
Apr.12 Established
Hungary... 434 Oct. 17 1932
334 Feb. 16 1934
India
June 30 1932
3
Ireland
334 Mar.25 1935
Italy
3.65 July 3 1933
Japan
334 Oct. 31 1934
Java
Feb. 1 1935
Jugoslavia _ 5
Jan. 2 1934
6
Lithuania
May 23 1933
314
_
Norway_
Oct. 25 1933
Poland_ _ _ _ 5
Dec. 13 1934
Portugal_ 5
Rumania... 434 Dec. 7 1934
Feb. 21 1933
SouthAfrica 4
Oct. 22 1932
6
Spain
214 Dec. 1 1933
Sweden._
Jan. 22 1931
Switzerland 2
Prestout
Rats
5
4
334
4
3
4
611
7
4
6
514
6
5
634
3
234
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16% as against 9-16% on Friday of last week, and 9-16@/% for three-months'
bills as against 9-16@%% on Friday of last week.
Money on call in London on Friday was %%. At
Paris the open market rate remains at 23/8%, and in
Switzerland at 13/2%.
Bank of England Statement
HE statement for the week ended April 10 shows
a loss of $58,265 in bullion and this together
with an expansion of £1,317,000 in circulation resulted in a loss of £1,376,000 in reserves. Gold
holdings now total £193,090,732 which compares
with £192,161,389 a year ago. Public deposits fell
off £1,333,000 and other deposits £7,179,766. Of the
atter amount £6,379,849 was from bankers' accounts and £802,917 from other accounts. The
reserve ratio rose slightly to 42.57% from 41.17%
last week; a year ago the ratio was 47.86%. Loans
on Government securities decreased £7,620,000 and
loans on other securities, £160,113. The latter consists of discounts and advances which rose £564,627
and securities which declined £724,740. The rate of
discount did not change from 2%. Below are the
different items compared with other years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Apr. 10
1935
Ayr. 11
1934
Apr. 12
1933
Apr. 13
1932
Apr. 15
1931
1
X
£
£
5
388,309,000 377.146,347 376,370,433 356.753,055 354,363,504
Circulation
9.216.000 15,856,904 17,971,689 12,258,974 8,372,224
Public deposits
. 142,953,099 140,870,335 123,758,596 111,270,357 96.361,015
Other deposits
Bankers'accounts_ 103,297,033 103,861.800 88.663.327 78,446,795 61,230,462
39,656,066 37,008,535 35.095.269 32,823,562 35,130,553
accounts__
Other
88,477,044 84,004,336 68,859,505 55.385,906 34,334.684
Govt.securities
46,101,306 36,227,575
Other securities. _ ..._ 16,576,911 15,372,980 27,561,401
Dint.& advances- 6,346,138 5.433,551 11,632,097 11,267.453 8,375,954
10,230,773 9.939,429 15,929,304 34,833,853 27,851,621
Securities
62.966,051 39,695,590 51,838,890
Reserve notes & coin 64,781,000 75.015,042 179,336,484
121,448,645 126,202,394
193,090,732 192,161,389
Coin and bullion_
Proportion of reserve
49.49%
32.13%
44.42%
47.86%
42.57%
to liabilities
3%
314%
2%
2%
Z,
2,
Rank rate
Bank of France Statement
HE weekly statement of the Bank of France
dated April 5 reveals a decrease in gold holdings
of 649,014,964 francs. Owing to this loss, gold hold
ings now aggregate 81,985,653,707 francs,in comparison with 74,806,946,093 francs a year ago and 80,412,053,150 francs two years ago. A decrease also
appears in credit balances abroad of 1,000,000 francs,
in French commercial bills discounted of 311,000,000
francs and in creditor current accounts of 1,131,000,000 francs. Notes in circulation record a gain of
264,000,000 francs, bringing the total of notes outstanding up to 83,308,356,930 francs. Circulation
last year stood at 82,311,295,320 francs and the
previous year at 85,359,988,745 francs. The Bank's
ratio is now 80.33%, compared with 77.39% a year
ago and 77.06% the year before. Bills bought abroad
and advances against securities show increases of
58,000,000 francs and 50,000,000 francs respectively.
A comparison of the various items for three years
appears below:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Ayr. 5 1935
Apr. 6 1934
Apr. 7 1933
Francs
Francs
Franco
Francs
—649,014,964 81,985,653,707 74,806,946,093 80,412,053,150
9.599,837
14,494,253 2,353,309.137
—1,000,000
Gold holdings..
Credit bals. abroad_
*French commercial
—311,000,000 3,859,470,414 5,280,565.846 3,520,034,388
bills discounted
+58,000,000 1,064,903,224 1,055,387,139 1,969,681,582
b13111s bought abroan
+50.000.000 3,169,103,145 3,069,011,649 2,708,737,201
Adv. against szmurs.
83,308,356,930 82,311,295,320 85.359.988.745
+264,000,000
Note circulation_ ._.
18,750,825,199 14,351.888.098 18,988,652,291
Credit current accts. —1,131,000.000
on
gold
propor'n of
77 ARM
77.39%
80.33%
7,
,
114
-I-0
•
Bo,
.....„,..,, ..,,•,+,
Includes bills discounted abroad.
a Includes bills purchased in France. b
Bank of Germany Statement
HE statement for the first quarter of April shows
V another increase in gold and bullion, this time
of only 30,000 marks. The Bank's gold is now at
80,854,000 marks, in comparison with 230,698,000
marks last year and 645,761,000 marks the previous
year. An increase appears in reserve in foreign currency of 57,000 marks, in silver and other coin of
16,029,000 marks, in notes on other German banks
of 5,621,000 marks, in other assets of 4,292,000
marks and in other liabilities of 2,850,000 marks.
Notes in circulation record a contraction of 134,933,000 marks, bringing the total of the item down
to 3,528,874,000 marks. A year ago circulation
aggregated 3,475,039,000 marks and two years ago
3,432,508,000 marks. Bills of exchange and checks,
advances, investments and other daily maturing
obligations register decreases of 201,153,000 marks,
17,469,000 marks, 17,755,000 marks, and 78,265,000
marks, respectively. The Bank's ratio stands now
at 2.41%, compared with 6.9% last year and 22%
the previous year. Below we furnish a comparison
of the different items for three years:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of each, and checks
Silver and other coin__ Notes 000th. Ger. bksAdvances
Investments
Other assets
Liabilities—
Notes In circulation___
Other daily matur.oblig
Other liabilities
Propor. of gold & for'n
CWT. to note circula'n
Apr.8 1935
Apr. 7 1934
Apr. 7 1933
Refslamarks Retchsmarks Reichsmark*
Reichstiarks
80.854,000 230,698,000 645.781,000
+30,000
65,025.000
44,737.000
21,643,000
No change
9.962,000 109.640.000
4,307,000
+57,000
—201.153,000 3,605,653,000 2,981,897,000 2,859,327,000
+16,029,000 107,930,000 229,238,000 200,226,000
8,086,000
9,039.000
9,772,000
+5,821,000
72,719,000
70,812,000
48,558,000
—17,489,000
318,330,000
689,382,000
738,873.000
—.17,755,000
+4,292,000 809,378,000 535,077,000 587.889,000
—134,933,000 3,528,874,000 3,475,039,000 3,432.508,000
—78,265,000 843,373,000 502,062,000 321,877,000
+2,850,000 211,896,000 158.013,000 404,222.000
4-0.09°In
2.41%
6.9%
22%
New York Money Market
HE routine of the New York money market has
been undisturbed for months, and the week
now ending again affords no occasion for extended
comment. Little borrowing was done, and the supply
of loanable funds continued at extremely high levels.
An increase in member bank balances with the Reserve System was recorded in the statement published yesterday, which is perhaps as good an indication as any of the state of the money market. The
Treasury sold on Monday an issue of $50,000,000
discount bills due in 273 days at an average discount of 0.176%, computed on an annual bank discount basis. Call money on the New York Stock
Exchange was 1% for all transactions, while time
/
4@1%. Commercial paper and
money held at 3
bankers' acceptance rates likewise were unchanged.
T
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. Time money has shown no
change this week, no sales having been reported.
Rates are nominal at %@1% for two to five months
and 1@,13
4% for six months. The market for prime
commercial paper has been fairly active this week.
Paper has been in good supply and the demand brisk.
Rates are 4
3 % for extra choice names running from
four to six months and 1% for names less known.
D
2417
Financial Chronicle
Volume 140
changed. Quotations of the American Acceptance
Council for bills up to and including 90 days are
3-16% bid and M% asked; for four months, 5-16%
bid and Y
i% asked;for five and six months, 1A% bid
and /%asked. The bill buying rate of the New York
Reserve Bank is M% for bills running from 1 to 90
days, Yi% for 91- to 120-day bills, and 1% for 121- to
180-day bills. The Federal Reserve banks' holdings
of acceptances increased from $5,304,000 to $5,307,000. Their holdings of acceptances for foreign correspondents, however, decreased from $70,000 to $48,000. Open market rates for acceptances are nominal
in so far as the dealers are concerned, as they continue
to fix their own rates. The nominal rates for open
market acceptances are as follows:
Prim eligible bills
SPOT DELIVERY
—180 Days— —150 Days— —120 Day'—
Bid
Asked
Asked
Bid
Asked
Bid
Ms
M
M
M
M
%
—90Days— —60 Days—
Bid
Asked
Bid
Asked
Is
36
36
Prime eligible bills
ais
FOR DELIVERY WITHIN THIRTY DAYS
banks
Eligible member
Eligible non-member banks
—30Days—
Asked
Bid
2
,36
M% bid
34% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francesco
Rate In
Effea on
Apr. 12
Date
Established
2
145
2
2
234
2
2
2
214
234
234
2
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
Feb. 3 1934
Jan. 11 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
Jan. 8 1935
Dec. 21 1934
Jan. 8 1935
Feb. 16 1934
Precious
Rate
2
234
3
235
255
234
3
3
234
Course of Sterling Exchange
TERLING exchange is firmer in terms of French
francs or gold, and in terms of the United States
dollar the pound is much steadier, with day to day
fluctuations less erratic than perhaps at any time
since early in March. The range for sterling this week
has been between $4.8234 and $4.853A for bankers'
sight bills, compared with a range of between $4-783'
and $4.86 last week. The range for cable transfers
has been between $4.827A and $4.853,', compared
with a range of between $4.7834 and $4.863/g a week
ago. In terms of the French franc, as shown by the
mean London check rate on Paris, the pound has
been steadily around 73 francs to the pound since
April 4. This compares with a low fractionally above
70.75 early in March.
The following tables give the mean London check
rate on Paris from day to day, the London open market gold price, and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, April 6
73.625 I Wednesday, April 10
Monday, April 8
73.197
Thursday, April 11
Tuesday, April 9
April 12
73.299
Friday,
73.590
73.383
73.321
LONDON OPEN MARKET GOLD PRICE
Saturday, April 6
144s. id.
Wednesday, April 10_143s. 6d.
Monday, April 8
144s lid.
Thursday, April 11_143s. 113'0.
Tuesday, April 9
144s. 134d.
Friday,
April 12_I44s. id.
PRICE PAID FOR GOLD BY UNITED STATES
RESERVE BANK)
Saturday, April 6
$35.00 I Wednesday, April
Monday, April 8
35.00
Thursday, April
Tuesday, April 9
35.00
Friday,
April
(FEDERAL
Bankers' Acceptances
835.00
10
35.00
11
12
35.00
HE market for prime bankers' acceptances has
The foreign exchange situation continues essenbeen quiet this week. Bills have been scarce and
the demand has been unusually small. Rates are un- tially unchanged since the devaluation of the belga
T
2418
Financial Chronicle
on March 31. At present the firmness of sterling in
terms of gold is believed to be only partly due to
operations of the British Exchange Equalization
Fund. Since the Belgian break there has been an
increased flow of funds to London from many European centers, accompanied by heavy movements of
gold coming generally by way of Paris from Holland
and Switzerland. These operations in themselves are
sufficient to give firmness to the pound at the present
juncture. In addition this is normally a season when
exchange favors London on international trade account. These factors, of course, operate to relieve
pressure on the British Equalization Fund. The
heavy demand for gold in the London open market
and the accelerated demand for silver at higher prices
in London likeWise exert a firming influence on sterling. The uneasiness aroused by speculative drives
on the Continent against Dutch and Swiss currencies
also induces a heavy flow of funds to London for
safety as well as investment. As a consequence of
these various factors, the forward premium on sterling
shows a strong tendency to rise, so that it is the
general market opinion that the British Exchange
Equalization Fund at present is more likely to operate to prevent too rapid a rise in sterling than to
support it. This opinion, upon which the market is
shaping its course, is directly opposite to that which
governed speculative operations early in March, when
the first serious intimations of imminent devaluation
of the belga appeared. At that time, as noted above,
sterling dropped in terms of the French franc or gold
to the all time record low of 70.75 francs to the pound,
which compared with the normal quotation prevailing
before Great Britain abandoned gold in September
1931, of 124.21 francs to the pound. There seems to
be not the least uneasiness in London as to the future
of sterling.
No speculative bear drives against the pound are
anticipated and none could take place while the
European gold currencies remain an object of attack.
According to London dispatches gold block investors
in Paris, Amsterdam and Switzerland have been
buying sterling securities, including gold and oil
shares. It would seem that in other respects also
the British trade outlook is improving. The Labor
Ministry announced on Tuesday that the number of
unemployed had declined by 131,000 in the month
ended March 25. On that date the total was 2,253,000, which was 47,000 less than a year earlier. The
trade outlook and hence the prospect for sterling is
further brightened by the large realized surplus on
last year's budget, an evidence that the Treasury is
maintaining a strict surveillance over expenditures.
This encourages the belief that the Chancellor of the
Exchequer will shortly announce a further welcome
relief for British taxpayers.
Open market money rates continue unchanged in
Lombard Street. Call money against bills is in supply
two-months' bills at 9-16%, three-months'
at
bills at 9-16% to N%,four-months' bills at N% to
11-16%, and six-months' bills at 11-16% to Yt%.
Gold continues to come to the open market in large
amounts, as has been the case for the past month.
The accretion to the open market gold is now derived
largely from European stocks, notably from those of
Holland and Switzerland. The open market price
for gold from day to day is being fixed altogether on
the basis of supply and demand and is consequently
ruling higher than it would were the market price
April 13 1935
governed solely by the relation between sterling and
either French francs or the American dollar. All
the gold is taken for account of private hoarders and
a great deal is coming to the United States, attracted
by the high price for gold here as well as by the improved prospects for profitable investment of funds
in the New York security market. On Saturday last
there was available and so taken £417,000, on Monday £655,000, on Tuesday £629,000, on Wednesday
£393,000, on Thursday £460,000, and on Friday
£300,000.
This week the Bank of England shows a decrease
in gold holdings of £58,265. The total bullion of the
bank now stands at £193,090,732, which compares
with £192,161,389 a year earlier and with the minimum of £150,000,000 recommended by the Cunliffe
committee. At the Port of New York the gold movement for the week ended April 10, as reported by
the Federal Reserve Bank of New York, consisted of
imports of $45,230,000, of which $22,017,000 came
from Holland, $20,156,000 from Prance, $2,099,000
from Canada, $942,000 from India, $10,000 from
Guatemala, and $6,000 from Cuba. There were no
gold exports. The Reserve Bank reported an increase of $983,000 in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended April 10, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, APR. 4—APR. 10, INCLUSIVE
Imports
Exports
$22,017,000 from Holland
20,156,000 from France
2,099,000 from Canada
942,000 from India
None
10,000 from Guatemala
6,000 from Cuba
645,230,000 total
Net Change in Cold Earinarked for Foreign Account
Increase: $983,000
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday $2,097,200
of gold was received from Canada. There were no
exports of the metal but gold held earmarked for
foreign account decreased $60,800.
The gold reserves of the United States Treasury
are at record height as a result of the latest gold movement caused by the difficulties of the gold bloc. Gold
reserves on April 8stood at $8,599,742,909,the largest
accumulation in history, and a gain of $1,519,828,797
since February 1, 1934. They constitute 39.3% of all
the monetary gold in the world.
On Monday Secretary of the Treasury Morgenthau
announced the sale of an additional 39,900 ounces of
gold to the Bank of Mexico, bringing the total acquired by that country to 123,000 ounces valued
at $4,305,000. On the same day the Bank of Venezuela was reported to have made its first gold purchase since the recent Treasury offer, with the acquisition of 86,000 ounces for $3,000,000.
On Wednesday the Treasury's price for newly
mined domestic silver was raised by proclamation of
the President to 71.11 cents from 64.64 cents an
ounce, after the world price had come within a fraction of the Treasury's former price. Such action
a few months ago would have resulted in a sharp
drop in the dollar, but the disturbance in the European currency situation renders such a consequence
mostly unlikely at this time. The price advance
Volume 140
comes at a time when heavy gold imports greatly increase the amount of silver needed to meet the 25%75% ratio between silver and gold required under
the Silver Purchase Act.
Treasury holdings of silver now total 457,500,000
ounces, valued at approximately $1,450,000,000. The
amount needed to achieve the ratio of 1 to 3 with
present gold holdings is $2,866,000,000, which would
require another 1,095,212,000 ounces, an amount far
in excess of the visible world supply of the metal. The
total visible supply of silver as of March 1 has been
estimated by the Bank of England at 653,000,000
ounces.
The silver remonetization bill, which has been
favorably reported from the Senate Agricultural Committee, would make mandatory the purchase of 50,000,000 ounces of silver a month until the ratio of
25% silver to 75% gold is established or until the
purchasing power of 16 ounces of silver is equal to
that of one ounce of gold. Senator Wheeler, who
sponsored the bill, and other Senators prominently
associated with the promotion of silver legislation as
a step toward currency expansion, are now advocating
international currency stabilization on the basis of a
bi-metallic standard. According to the views now
expressed by the silver Senators, remonetization of
silver would bring about world reflation upon a sound
monetary basis by driving down the purchasing power
of gold and raising world commodity prices. Stabilization on the hi-metallic standard would in their
opinion open the way for removal of tariff barriers
and the resumption of unobstructed commercial relations throughout the world.
Canadian exchange continues at a slight discount
in terms of the United States dollar. On Saturday
last Montreal funds were at- a discount of 5-16%,
on Monday at %% to 5-16%, on Tuesday at 13-32%
to 5-16%,on Wednesday at
to 5-16%,on Thursday at 7-16% to %%, and on Friday at 7-16% to
4%•
Referring to day-to-day rates, sterling exchange
on Saturday last was steady and closed up % from
the preceding day at $4.843. Bankers' sight was
$4.84%@$4.843
4;cable transfers $4.843/
2@ $4.847
%.
On Monday the pound declined /
3 1 cent net as the
improvement in the gold bloc currencies checked the
flight of capital to London. Bankers' sight was
$4.82%@$4.835
/
8. On Tuesday the range was
$4.83%@$4.843
/
s for bankers' sight bills and $4.83
(04.84 for cable transfers. On Wednesday the
rate advanced % cent as forward offerings on the
gold bloc units continued at heavy discounts. Bankers' sight was $4.8434@$4.8534 and cable transfers
$4.84%@$4.853/
2. On Thursday sterling was steady,
the range was $4.83/
2@$4.84% for bankers' sight
and $4.833
,.@$4.85 for cable transfers. On Friday
sterling was steady. Bankers' sight was between
% and $4.84% and cable transfers were from
$4.833
$4.83% to .84%. Closing quotations on Friday
were $4.84 2 for demand and $4.843
% for cable transfers. Commercial sight bills finished at $4.844.,
60-day bills at $4.835
%;90-day bills at $4.8334; docu2, and sevenments for payment (60 days) at $4.833/
day grain bills at $4.843.t. Cotton and grain for
payment closed at $4.843.
Continentaland Other Foreign Exchange
XCHANGE on the Continental countries has
shown a steadier tone with the recovery in the
gold bloc units. The drastic increase in the discount
E
2419
Financial Chronicle
on future quotations of the Dutch and Swiss units,
however, indicates that speculative attacks against
those units have been resumed. The heads of the
European central banks are reported to have expressed the view on April 8 at the monthly meeting
of the board of the Bank for International Settlements that the gold currencies are fully able to withstand such attacks so long as the citizens of the countries concerned remain calm, but appeared to feel
that the action of the gold bloc will not have much
effect on the basic monetary situation, in view of the
growing uncertainty as to whether devaluation would
yield any immediate advantage or hasten stabilization. Devaluation of the belga has, in the opinion of
the central bankers, brought stabilization no nearer,
and those who consider devaluation by the rest of
the gold bloc a means of inducing Great Britain to
agree to a stabilization conference are undecided as
to whether the most effective procedure would be to
devalue less than the pound, as Belgium did, or more
than the pound, the course taken by the United
States, or to join the sterling group.
The first statement issued by the National Bank
of Belgium since devaluation shows that the gold
cover for sight liabilities has risen from 56.73% to
63.67%, due to the gold movement from Paris to
Belgium and not to revaluation of the belga reserve,
which resulted in a Government exchange control
fund of more than four billion francs. Belgium has
regained in the single week which has followed
devaluation the entire two billion francs, one-fourth
in gold and three-fourths in foreign exchange, which
was lost to Belgium during the fortnight preceding
that step. Three-months'futures reached a premium
of 5 points early in the week.
This week the Bank of France shows a decrease in
gold holdings of 649,014,964 francs. Despite the strain
of recent months, its gold position is stronger than
it was a year ago. The total gold of the Bank now
stands at 81,985,653,707 francs, which compares with
74,806,946,093 francs a year ago, and with 28,935,000,000 francs when the unit was stabilized in June
1928. The Bank's ratio is 80.33%, as compared with
77.39% a year ago, and with legal requirement of
35%.
The Reichsbank statement for the week ended
April 6 shows an increase in gold coin and bullion of
30,000 reichsmarks, bringing the gold reserve to 80,854,000 reichsmarks. Increases ranging from 21,000
to 596,000 reichsmarks have been recorded in every
week since Nov. 7. The gold reserve at the beginning
of the year was 79,101,000 reichsmarks. The ratio
of reserves to outstanding circulation is 2.41%, compared with 2.32% a week ago, 6.9% a year ago,
22% in 1933 and 25% in 1932 at the same period.
Italian lire continue weak in terms of all other currencies, due to Italy's policy of allowing the currency
to decline below the theoretical gold export point and
of excluding all imports, even those of the gold bloc.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
Range
Old Dollar New Dollar
France (franc)
Belgium (belga)
Italy( lira)
Switzerland (franc)
Holland (guilder)
Parity
3.92
13.90
5.26
19.30
40.20
Parity
6.63
16.95
8.91
32.67
68.06
This Week
6.58% to 6.611/i
16.93 to 16.98
8.29 to 8.32
32.30 to 32.47
67.21 to 67.65
The London check rate on Paris closed on Friday
at 73.34, against 73.67 on Friday of last week. In
New York sight bills on the French center finished on
2420
Financial Chronicle
Friday at 6.61%, against 6.58; cable transfers at
6.613/
2, against 6.58, and commercial sight bills
at 6.59, against 6.56. Antwerp belgas finished at
16.97 for bankers' sight bills and at 16.98 for cable
transfers, against 16.95 and 16.96. Final quotations
for Berlin marks were 40.38 for bankers' sight bills
and 40.39 for cable transfers, in comparison with
40.22 and 40.23. Italian lire closed at 8.29 for
bankers' sight bills and at 8.30 for cable transfers,
against 8.30 and 8.31. Austrian schillings closed at
18.86, against 18.83; exchange on Czechoslovakia
at 4.1934., against 4.18; on Bucharest at 1.02, against
1.013 1.; on Poland at 18.91, against 18.85, and on
Finland at 2.14, against 2.14. Greek exchange closed
at 0.933 for bankers' sight bills and at 0.93% for
cable transfers, against 0.93 and 0.933/
2.
XCHANGE on the countries neutral during the
war holds the center of interest this week because of the prospect that Holland and Switzerland
may soon be forced to follow the action of Belgium
in devaluing its currency. It seems hardly likely,
however, that either currency will be devalued as
immediately as speculative bear interests anticipate.
The Netherlands Bank has been shipping large quantities of gold to Paris, London, and New York in
order to support the guilder. The gold reserves of
the Bank of The Netherlands declined 13.5% during
the first week of April with the loss of 105,000,000
guilders, bringing the total down to 674,000,000
guilders. A total of $118,000,000 in gold engaged
abroad in the last two weeks was derived half from
France and half from Holland. Banking circles in
Holland are not disturbed at the gold drain, but expect a victorious repulse of attacks against the unit.
The guilder rose sufficiently on Thursday to check
further gold exports for the present. Renewal of the
bear drive was nevertheless evidenced by the widening in the discount on forward guilders, which reached
340 points under the spot rate in Wednesday's
trading, but contracted again to 190 the next day.
Not all the gold reaching London or other centers
from Amsterdam represents gold sent by the central
bank for the support of the currency, as much of the
metal is privately owned and is sent out to turn immediate profits as well as because of fears of early
devaluation of the gold bloc units. It will be recalled
that the Bank of The Netherlands increased its rate
of rediscount on Thursday of last week from 23/2% to
332%, in an effort to check the exodus of gold. The
rate was advanced again on Monday to 43/2%, the
highest level since the summer of 1933, when the
guilder was under attack following the break-up of
the London Economic Conference. Recent dispatches
from Basle point out that Dr. L. J. A. Trip, Governor
of the Bank of The Netherlands, who is also head of
the Bank for International Settlements, told Governors of other central banks in the gold bloc that
attacks on Holland's currency unit had been "victoriously checked." It is understood that the Governors of the gold bloc banks have promised to support
Holland's efforts to avoid devaluation. Wide differences of opinion as to the monetary situation seem to
exist among the bankers on the board of the World
Bank, as some of these banks represent countries on
the gold standard, while other banks represent countries which have left gold. Governor Tannery of
the Bank of France, as spokesman for the gold bloc,
is reported to have said that Belgium's example would
E
April 13 1935
"serve as a lesson" to other countries of the unfavorable effects which follow devaluation.
Switzerland has likewise been shipping gold to
Paris in defense of the Swiss franc. However, the
question of devaluation of the unit can hardly come
up before June 2, when the "crisis referendum" is
scheduled to take place. If the inflationist forces
prove to be in the majority at that time devaluation
will follow. The Scandinavian currencies are little
affected by the influences operating on the gold bloc
as these units move in harmony with sterling exchange.
Bankers' sight on Amsterdam finished on Friday
at 67.64, against 66.09 on Friday of last week;
cable transfers at 67.65, against 66.10; and commercial sight bills at 67.62, against 66.07. Swiss francs
closed at 32.46 for checks and at 32.47 for cable
transfers, against 32.29 and 32.30. Copenhagen
checks finished at 21.64 and cable transfers at 21.65,
against 21.61 and 21.62. Checks on Sweden closed
at 24.99 and cable transfers at 25.00, against 24.91
and 24.92; while checks on Norway finished at 24.36
and cable transfers at 24.37, against 24.31 and 24.32.
Spanish pesetas closed at 13.70 for bankers' sight and
at 13.71 for cable transfers, against 13.65 and 13.66.
on the South American countries
EXCHANGE
presents no new features of importance. These
units move largely in sympathy with sterling. Though
South American business has shown marked improvement, satisfactory exchange and financial arrangements must wait upon clarification of the situation
affecting the major units, especially sterling and the
United States dollar.
Argentine paper pesos closed on Friday, official
quotations, at 323j for bankers' sight bills, against
32.33 on Friday of last week; cable transfers at 32%,
against 323/
2. The unofficial or free market close
was 25.70@25.75, against 25.65@26.00. Brazilian
milreis, official rates, are 8.07 for bankers' sight bills
and 83 for cable transfers, against 8.09 and 83.
Unofficial or free market close was 6/, against 6%.
Chilean exchange is nominally quoted on the new
basis at 5.20, against 5.20. Peru is nominal at 22.88,
against 22.88.
XCHANGE on the Far Eastern countries continues to suffer from the effects of European
and United States monetary policies. Japanese yen
have reflected the trend of sterling, declining on
Saturday and Monday and advancing during the
rest of the week. The recent advance in the United
States price for newly mined domestic silver from
64.64 cents an ounce to 71.11 cents, which was made
in order to keep the American price above the world
price in pursuance of the American policy of acquiring
enough silver to effect a ratio of 25% silver to 75%
gold in its monetary base, has already started a
speculative buying wave throughout the world, with
the result that China is confronted with the pos`sibility of a 100% increase in the foreign value of its
exchange as the world price of silver is carried up by
the American domestic price. The deflationary effect
of such a development upon China's internal economy
brings the likelihood of Chinese abandonment of the
silver standard again into prominence.
Closing quotations for yen checks yesterday were
28.46, against 28.39 on Friday of last week. Hong
Kong closed at 52 7-16@53, against 49@49 5-16;
E
Financial Chronicle
Volume 140
Shanghai at 38%®383/2, against 37%®38; Manila
at 50.05, against 50.05; Singapore at 56.68, against
56.75; Bombay at 36.61, against 36.58, and Calcutta
at 36.61, against 36.58.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable 1 ransfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN RECHARGE RATER CERTIFIED By FEDERAL RESERVE
p
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
APRIL 6 1935 TO APRIL 12 1935, INCLUSIVE
Country and Monetar,I
Unit
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Apr.8
Apr.8
Apr.9
Apr.10
Apr. ii
ApT. 12
$
$
8
$
$
$
Europe.187775* .187875* .187908* .187858* .187891* .187991*
Austria,schilling
.169480
.169357
.169265
.169276
.169580 .169376
Belgium. belga
.012625* .012625* .012750* .012850* .012875* .012875*
Bulgaria, ley
Czechoslovakia, krone .041771 .041767 .041789 .041800 .041825 .041814
.216300 .215725 .216016 .216350 .216179 .216066
Denmark, krone
England, pound steag 4.845166 4.833166 4.840916 4.843303 4.843000 4.841250
.021345 .021295 .021283 .021366 .021283 .021358
Finland, markka
.065870 .065896 .065904 .065921 .065969 .066035
France, franc
Germany. relchsmark .402492 .042607 .402571 .402500 .402584 .402992
009340 .009340 .009345 .009340 .009357 .009360
Greece, drachma
.672728 .674128 .673592 .674400 .675435 .675550
Holland. guilder
.294625* .294625* .295175* .294625 .294675*
.295000*
Hungary. pengo
.083150 .082923 .083011 .083013 .083008 .082958
Italy. lira
.243446 .242741 .243100 .243508 .243233 .243158
Norway. krone
Poland, zloty
.188460 .188540 .188540 .188580 .188660 .188720
.043966 .043800 .043925 .044050 .043925 .043925
Portugal, escudo
Rumania,leu
.010055 .010055 .010065 .010065 .010060 .010090
Spain. peseta
.136457 .136585 .136585 .136600 .136714 .136817
Sweden,krona
249853 .249083 .249483 .249816 .249533 .249509
.323175 .323146 .323250 .323435 .323642 .323964
Switzerland, franc
Yugoslavia, dinar
.022725 .022756 .022700 .022750 .022700 .222712
AsiaChinaChefoo (yuan) dol'r .374583 .376250 .276666 .377083 .380833 .379166
Hankow(yuan1 dol' .375000 .376666 .377083 .377500 .381250 .379583
Shanghal(yuan)dol'r .374583 .376041 .376041 .377083 .380833 .379166
Tientsin(yuan) dol' .375000 .376666 .377083 .377500 .381250 .379583
.487500 .491562 .491875 .495625 .511250 .518437
Hongkong, dollar
India, rupee
.364800 .363800 .364125 .365400 .364475 .364145
yen
Japan.
.283165 .282250 .282505 .283075 .283275 .283410
Singapore (S. S.) do"r .565000 .562500 .562500 .565000 .564062 .563750
Australasla3.841250* 3.828281*3.834375'3.841875*3.840312•3.837500*
Australia. pound
New Zealand, pound_ 3.864375* .853125* 3.8575003.865000* 3.863437*3.860625*
AfricaSouth Africa, pound__ 4.791250*4.778375*4.785500*4.795500.4.786250'4.785000'
North AmericaCanada, dollar
.996328 .996119 .996614 .996041 .996015 .995681
Cuba. peso
.999200 .999200 .999200 .999200 .999200 .999200
Mexico, peso (silver) _ .277500 .277500 .277500 .277500 .277333 .277700
Newfoundland, doll
.993710 .993687 .994187 .993562 .993562 .993125
South America.322980* .121962* .322212* .322537* .322512* .322412*
Argentina, peso
Brazil, milreis
.082616* .082504* .082650* .082629* .082550* .082425*
Chile, peso
.051000* .051000* .051000* .051000* .051000* .051000;
Uruguay. peso
.800875* .805500* .800550* .800550* .802100* .802500*
Colombia. peso
.542000* .558700* .558700• .555600* .545500* .545500*
• Nominal rates; firm rates not available.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
April 11 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Ranks of-
1935
£
England _ 193,090,732
France a... 655,885,229
Get many b.
2,960,550
Spain
90,772,000
Italy
62,992,000
Netherlands
64,963,000
64,529,000
Nat. Bellem
Switzerland
60,618,000
Sweden.___
16,062,000
Denmarks.
7,394,000
Norway - __
6,585,000
1934
1933
1932
£
£
£
102,161,389 179,336,484 121,448,645
598.455,568 643,296,425 615.273,369
40.100,950
29,825.200
8,394,300
89.989,000
90,363,000
90,487,000
57.434,000
67,331.000
76,593,000
73,813,000
79,061,000
65,534,000
71.832,000
76,264,000
77.132,000
66,030,000
88,725.000
63,805,000
12,116,000
11.438,000
14,744,000
8,033,000
7,397.000
7,398,000
6,561,000
8.380,000
6,574,000
1931
£
146,202,394
448,858,377
106,859,750
96,811.000
57,385.000
37,165,000
41.127.000
25,712,000
13.330,000
9,547.000
8.134,000
Total week_ 1,225,851,511 1,201,278,257 1,282,095.109 1.161,951,964 991,131.521
Prey. week. 1,240,097,388 1.203.040,634 1,284,237.705 1.159.493.467 991,772,842
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold hoidings of the Bank of Germany are exclusive of gold held
abroad, tile amount of which the present year Is 11,082,150.
The Status of Railroad Collateral Loans
Less attention than appears to be merited has been
paid to a recent decision of the United States Supreme Court affecting the status, in reorganization
proceedings, of loans on railroad bonds, secured by
mortgages on the railroad property, payment of
which is iii default. The case came to the Supreme
Court on appeal from an order of the Federal District Court at Chicago forbidding five banks and
trust companies in New York, Chicago and St.
421
Louis, together with the Reconstruction Finance
Corporation, from selling certain mortgage-secured
bonds of the Chicago, Rock Island & Pacific Railroad Co. which were held as collateral for loans.
The notes of the banks and trust companies, amounting to $4,125,000, were secured by $14,409,000 collateral. The Reconstruction Finance Corporation
held six notes, to a total of $13,659,877, secured by
$41,802,467 collateral. The District Codit, in an
order entered on Nov. 22 1933, held "that a sale of
the collateral or any part thereof by the Reconstruction Finance Corporation or by the banks would be
inconsistent with the purposes of Section 77" of the
amended Bankruptcy Act of March 3 1933, "and
would hinder, impede, obstruct, delay and in effect
prevent the orderly preparation and consummation
of a plan of reorganization." The order was subsequently sustained by the Circuit Court of Appeals
for the Seventh Circuit.
Associate Justice Sutherland, who announced on
April 1 a decision in which all the members of the
Supreme Court except Associate Justice Brandeis
concurred, pointed out that at the commencement
of the reorganization proceeding the capitalization
of the Rock Island system "outstanding in the hands
of the public was $459,059,808. Of this,$128,909,211
was in preferred and common stocks, $312,365,720
in bonded indebtedness and $17,784,877 in the collateral notes" in question. In addition, there were
pledged "as security for some issues of its funded
debt bonds and stocks of the system aggregating
$145,749,050, and as security for the collateral notes
the bonds and stocks above mentioned, aggregating $54,711,465. If, pending the reorganization,
trustees for the bondholders and these noteholders
should sell the pledged securities, the capitalization
outstanding in the hands of the public would to
that extent be expanded, and the aggregate capitalization might thereby become as much as $659,520,323." Reviewing the procedure in the lower court,
Justice Sutherland held that the District Court had
acted within its powers, and agreed that"the menace
of impending sales of the collateral would seriously
embarrass and probably prevent the formulation
and consummation of a plan of reorganization."
As for the contention of the Reconstruction Finance
Corporation that Sections 77 and 2 of the Bankruptcy Act "must be limited by the provisions of
the Reconstruction Finance Corporation Act which
empowers the corporation to take over and liquidate
collateral accepted by it as security," the Supreme
Court held that the Act creating the Reconstruction
Finance Corporation "does not give it greater rights
as to the enforcement of its outstanding credits than
are enjoyed by other persons or corporations in the
event of proceedings in bankruptcy."
Section 77 of the amended Bankruptcy Act of
March 3 1933 (the Act is printed in full in the
".Chronicle" for March 11 1933, Vol. 136,Pages 16211625) deals particularly with the reorganization of
railroads. Paragraph (b) of the section provides
that "a plan of reorganization within the meaning
of this section (1) shall include a proposal to
modify or alter the rights of creditors generally, or
of any class of them, secured or unsecured, either
through the issuance of new securities or otherwise;(2) may include, in addition, provisions modifying or altering the rights of stockholders generally
or of any class of them;... and (4) may deal with
all or any part of the property of the debtor. . . .
2422
Financial Chronicle
April 13 1935
The term 'securities' shall include evidences of in- the Reconstruction Finance Corporation to remain
debtedness, either secured or unsecured, bonds, a party to reorganization instead of allowing it to
stocks, certificates of beneficial interest therein, and withdraw by selling its collateral. The natural
certificates of beneficial interest in property." effect of such enforced participation will be to
Paragraph (d) further provides that the plan of enhance the likelihood of ultimate Government
reorganization which the Interstate Commerce Com- ownership, which is the evil the railroads and the
mission is required by the Act to recommend shall country have now most to fear.
be one "that will, in its opinion, be equitable, will
not discriminate unfairly in favor of any class of Tariff Agreements and American Policy
creditors or stockholders, . . . and will be comThe warning which President Roosevelt gave on
patible with the public interest."
April 1, in instructions to the Treasury DepartThe effect of the Supreme Court decision, apparment, that the provision of the Tariff Act of June
ently, is to destroy, in the case of a railroad which
12 1934, authorizing the suspension of duties prois in process of reorganization under the amended
claimed under the Act in the case of countries which
Bankruptcy Act, the right of creditors to recoup
discriminate against American commerce or "whose
themselves, in the event of a default, by selling the
other acts and policies" conflict with the purposes
collateral pledged as security for their loans. Such
of the Act, is not a dead letter has served to call
a destruction of a pre-existing right seems to be
attention again to the difficulties which Secretary
warranted by the provision of the Act which reHull's tariff efforts have encountered, and the slow
quires a plan of reorganization to include "a proprogress that has been made in the negotiation of
posal to modify or alter the rights of creditors
treaties which promise a material change in the
generally, or of any class of them, secured or unAmerican tariff situation.
secured," by such device as the Interstate ComIn a radio speech broadcast from Washington on
merce Commission may deem appropriate, but the
March 23, Secretary Hull contrasted the "drastic
effect upon loans, whether to railroads or to other
decline" of American foreign trade from $5,000,000,borrowers, may be far-reaching. A loan nominally 000
in 1929 to $1,000,000,000 in 1932 with the resecured by a pledge of specific assets seems now vival of export
trade from $1,611,000,000 in 1932
to stand, in the case of a railroad that is being to $2,133,000
,000 in 1934. "These increases in exreorganized, on no better basis than a loan whose ports,"
he said, "have unquestionably contributed
security is general. It is quite possible that the substantia
lly to the measure of recovery of busielimination of the rights of such preferred creditors ness
and employment thus far achieved." He cited
may facilitate reorganization proceedings, but it is
the figures, however, he hastened to add, "with no
not likely to make bankers, and perhaps the Re- easy
optimism. We are confronting," he declared,
construction Finance Corporation as well, more "a
crisis in our foreign trade. The recent expansion
willing to make loans to railroads which may posof foreign trade does not yet rest on secure foundasibly have to undergo reorganization in a not distions." The merchandise export surplus in 1934
stant future. In the present condition of the rail- reached
$478,000, but the so-called service items—
roads of the .country as a whole, that possibility tourist expenditur
es, immigrant remittances, intercannot be regarded as entirely remote.
eet and dividend payments, etc.—"were substanThe essential object of reorganization, whether tially in
balance," and "it is clear that the merof a railroad or of any other corporate enterprise, chandise export surplus
rested upon the insecure,
is so to adjust the financial obligations of a busi- uncertain foundation
of a vast inflow of gold." In
ness as to enable it to go on. 'Until the passage Europe particularly,
"trade control measures are
of the amended Bankruptcy Act of 1933 the various becoming day by day increasingly
complicated and
classes of railroad security holders, whether senior restrictive." The purpose
of such measures is to
or junior, could count upon due recognition of their "protect the balance of payments
of foreign counrespective claims. The provisions of the Act which tries" and "prevent an abnormal
outflow of gold,"
we have cited seem not only to contemplate the and as long as the American export
surplus of merelimination of all special claims, but, under the chandise continues to be balanced
by imports of
order which the Supreme Court has upheld, to de- gold, foreign control measures will
be increasingly
prive loans secured by specified collateral of a restrictive.
special protection which was implicit in the loan
As a result of this dilemma, Secretary Hull concontract. Until the Supreme Court spoke, a bank tinued, foreign nations are making
desperate efforts
which loaned money on railroad bonds secured by to check imports and force exports, while
"in many
a mortgage on the property could sell the pledged parts of the world, especially in Central
Europe,
securities, as it could sell any other collateral, if clearing exchange agreements and trade
compenpayment of its loan was in default. It cannot do sation arrangements have put
international trade
that now if reorganization proceedings have been very nearly back to a state of outright
barter."
begun. It seems pertinent to ask whether, if suchr This bilateral balancing of trade would
mean, for
a ruling is established in the case of the railroads, the United States, a reduction of exports
"to the
it may not before long, especially in view of the low level of our merchandise imports."
hostility which the present Administration has
To meet this situation, Secretary Hull went on
shown toward bankers generally, be applied to to explain, the Administration is pursuing
a trade
other forms of collateral loans. Moreover, while agreements program "upon the principle of
equality
the fact that the Reconstruction Finance Corpora- of treatment or non-discrimination in opposition
to
tion finds itself in the same boat as the banks special bargaining and preferential
arrangements.
may make it less ready to extend loans, it does not . . . We stand for a revival and strengthen
ing of
augur well for the cessation of Government inter- the most-favored-nation principle, and
against the
ference with the railroads; on the contrary, it in- exclusive policies of strict and narrow quid pro quo
creases the opportunity for interference by forcing arrangements." In opposition to the advocates of
Volume 140
Financial Chronicle
a virtually prohibitive tariff as a necessary protection of American labor against "the pauper labor
of Europe and Asia," Secretary Hull asserted that
a study of two groups of 36 typical industries in
1929, one highly protected and the other without
tariff aid, showed average wages about 50% higher
in the latter group than in the former, while of
the approximately 50,000,000 persons who by the
census of 1930 were found in gainful occupations,
more than half were "not only not helped" by the
tariff, but as consumers were "actually hurt."
.There is no question of the wide prevalence and
increasing complexity and severity of the restrictive measures in other countries to which Secretary Hull referred, or of their disastrous effect
in preventing a revival of international trade. The
point is whether the tariff policy which Secretary
Hull is keenly interested in carrying out is likely
to ameliorate the situation. The specific results
thus far are neither striking nor conclusive. A
tariff agreement has been negotiated with Cuba,
another with Brazil, another with Haiti and another
with Belgium and Luxemburg. The Cuban agreement is hardly typical of the principles which Secretary Hull has stated, since it contains concessions
which other nations may not enjoy. The agreements with Brazil and Haiti are not yet operative.
The Belgian agreement, formally proclaimed on
April 1 and effective on May 1, extends its concessions mainly to special Belgian products and
offers little opportunity for the most-favored-nation
principle to operate. Admitting that these four
agreements, as far as they go, are all to the good,
it is nevertheless obvious that neither they, nor a
dozen other agreements of the same kind with countries which even in the aggregate account for only
a small percentage of American foreign trade, are
going to exert any great influence in remedying the evils of the international trade situation.
The trouble lies in other directions. To begin
with, the two principles of reciprocity and mostfavored-nation procedure are not easily reconciled.
It is quite possible to argue that bilateral agreements on a reciprocal basis, each country making
some concessions and receiving some benefits in
return for concessions and benefits on the other
side, are a practical and sensible form of tariff
bargaining and one susceptible of wide application.
It is equally possible to argue that special bilateral
arrangements, being in their nature discriminatory,
do not tend to increase international good feeling
or facilitate the general flow of international trade,
and that the most-favored-nation principle is the
better one because, in products which are common to several nations or to all, it puts the nations
on an equal plane. But it is difficult to work both
principles. It is all very well for Belgium to conclude a reciprocal tariff agreement with the United
States if special Belgian products are the ones
mainly affected, but the inducement to make concessions is largely lacking if, as is the case with
products widely dispersed, the concessions granted
to one country must automatically be granted to
its competitors.
The second difficulty is the one to which Secretary Hull referred in his radio speech on March
23, and which President Roosevelt warned about in
his instructions to the Treasury Department on
April 1. Nearly every country in the world has
sought, under the influence of the economic de-
2423
rangements which the depression years have produced, to limit its imports and expand its exports.
The efforts to expand exports have been aided,
in some instances, by marked differences in wage
levels which have given one country or another an
advantage in cheaper costs of production, and
where this factor has not operated sufficiently
quota restrictions, exchange restrictions, subsidies
or other devices have been added. It is common
to ascribe this great effort to the growth of an extreme nationalism and a visionary desire for
economic self-sufficiency, and those motives have
doubtless had their effect. The more vital reason, however, and in practice the principal one, has
been the chaotic conditions in currency and exchange. With the necessity of paying in gold whatever international trade balance could not be paid
in goods, and with the gold of the world flowing
predominantly into the possession and control of
the United States and France, other nations, particularly the smaller ones, have been threatened with the
exhaustion of their small gold supply and the physical impossibility of obtaining foreign exchange.
There is no remedy for this situation in tariff
agreements alone, whether on a reciprocal or on a
most-favored-nation basis, and the primitive device
of bartering commodities cannot carry international
trade very far. President Roosevelt, in his instructions of April 1, directed that the duties embodied in the agreement of Feb. 27 with the BelgoLuxemburg Economic Union should be applied for
six months only, from the date when they became
effective, in the cases of Canada, The Netherlands
and its colonies, Spain, Switzerland and Liechtenstein; in the cases of Denmark, Germany, Italy,
and Portugal and its colonies until 30 days from
the time when the Secretary of the Treasury should
be notified by the President "that the United States
has ceased, or on a day certain will cease, to be
bound by provisions of a treaty or agreement providing for most-favored-nation treatment"; and in
the case of other countries as long as the duties
are in effect and the instructions are not modified.
This is obviously a warning that the United States
may not continue indefinitely to submit to such
trade restrictions and discriminations as Secretary
Hull referred to, but the instructions themselves
do not go to the heart of the matter, and it is not
clear that the warning will or can work any important change. All that can happen, apparently,
if foreign restrictions are not radically modified,
is the loss by other countries of the relatively unimportant concessions offered to them in the Belgium treaty. That would not change international
trade conditions, and it certainly would not increase the foreign demand for American agricultural
products or manufactured goods.
The Department of State evidently felt that the
President's instructions needed clarifying, for on
April 5 it issued a formal statement declaring that
"this country stands ready to extend unconditionally the concessions granted in our trade agreements to all other countries which give this country non-discriminatory treatment," and that this
policy, described as "the opposite of retaliation"
but one of "respectful and friendly approach to all
• countries to join us in establishing equality of
trade treatment throughout the world," "implements the unconditional most-favored-nation principle, which is the most effective means of bringing
Financial Chronicle
2424
about more rapidly a general reduction of trade
barriers, of giving elasticity to trade arrangements
and of expanding foreign trade." The next day
Secretary Hull, in a further statement, urged the
need for the various countries of the world "to give
immediate attention to the matter of adopting a
sound and comprehensive economic program, both
domestic and international, and carrying it forward to the end that the normal processes of domestic and international finance and commerce may
be restored and tens of millions of unemployed
April 13 1935
wage earners may be reemployed." There will be
general agreement, we think, that a return to
healthy conditions in international trade would go
a long way toward reducing unemployment, but
no such return is to be looked for until the currency fluctuations from which the world is suffering cease. If the Administration really wants
foreign trade conditions to improve, it will put an
end to fear of any further depreciation or manipulation of American currency and take the lead in
efforts for general currency stabilization.
Gross and Net Earnings of United States Railroads for the
Month of February
General business improvement in the early months
of this year finds its due reflection in the gross earnings of United States railroads for the month of
February, our comprehensive tabulations, presented
herewith, showing gains that are modest but widespread. As in previous months, however, the net
earnings after deduction of operating expenses but
before taxes are lower for February than for the
same month of 1934. This state of affairs has become an exceedingly serious problem, as it means
that the managers of these great properties are
struggling unsuccessfully against the mounting tide
of unavoidable expenses. Although the problem is
recognized in all circles, no adequate action has yet
been taken to offset the drastic effects on the carriers of heavy increases in charges which, in important instances, are due to Federal regulation. In
this connection we refer, specifically, to the complete
restoration on April 1 of wage levels prevalent in
1929. Of the 10% reduction in wages permitted
several years ago, restoration in two stages of 5%
each has now been accomplished, notwithstanding
efforts for a review, and it would be futile to deny
that the higher costs will prove a staggering burden.
Just before this pay cut was restored entirely a
small sop was thrown to the railroads, and it may
aid in staving off difficulties here and there. The
Interstate Commerce Commission on March 30 rejected by a vote of 5 to 4 the plea of Class I railroads
for a 10% increase in freight rates, but the adverse
ruling was tempered by authorization to effect emergency increases in various classifications until
June 30 1936. Operating revenues will increase
approximately by $85,000,000 as a result of the emergency increases, which the railroads are to place in
effect with the least possible delay. The general
10% increase requested would have increased revenues approximately by $172,000,000. Pending, in
the meanwhile, is the decision of the United States
Supreme Court on the constitutionality of the railroad pension law, which will add further large burdens if the court finds it valid. In the light of this
situation, it is highly instructive to note that gross
earnings of the carriers in February were $254,566,767 against $248,122,284 in the same month of
last year, an increase of $6,444,483, or 2.60%. But
operating expenses increased no less than $11,474,978 in the same comparison, and the result is
that net earnings fell to $54,896,705 in February
against $59,927,200 in February of last year, a decrease of $5,030,495, or 8.39%.
Month of February—
Mlles of 144 roads
Gross earnings
Operating expenses
Ratio of exps. to earns
Net earnings
1934
Inc.(+) or Dec.(—)
1935
—1,271 0.53%
238,182
239,433
$254,5613,7137 $248,122,284 +54,444,483 2.80%
199,870.082 • 188,195.084 +11,474,978 8.10%
78.44%
75.85%
+2.59%
$54,898,705
$59,927.200 —$5,030,495 8.39%
To some degree the improvement in gross earnings and the lack of an even greater fall in net earnings are due to far better weather conditions last
February than prevailed in that month last year.
The New England and Central Eastern railroads
suffered under enormously adverse snowfalls and
extreme cold in February 1934, but conditions this
year were normal, and in consequence some improvement is to be noted in those sections both in gross
and net earnings. This only serves to emphasize the
seriousness of the position of the railroads, taken
as a whole. It is evident that the managers should
be granted consideration in their plea for some
reduction in the high wage scales mandatory under
Federal regulation, while regulation of competing
modes of transportation is equally necessary. If
such measures were taken the carriers would be in
a much better position to gain some genuine advantage from the business improvement apparent so
far this year. The betterment in business is due, of
course, to more extensive sales of consumers' goods,
and here the automobile industry must be singled out
as highly important. Statistics relating to the output of motor cars disclose quite marked improvement. Even though February is not ordinarily a
very active month in the production of automobiles,
the output of motor vehicles in February the present
year, according to the Bureau' of the Census, was
340,544 cars as compared with only 231,707 cars in
February 1934, 105,447 cars in February 1933,
117,418 cars in February 1932,219,940 cars in February 1931 and 330,414 cars in February 1930. Back
in February 1929, however, the output of automobiles reached 466,418 cars. Improvement, though of
no such marked degree, was also shown in the iron
and steel industry. According to the statistics compiled by the "Iron Age," the production of pig iron in
the United States in February the present year was
1,608,552 gross tons as compared with 1,263,673 gross
tons in February 1934; 554,330 tons in February
1933, and with 964,280 tons in February 1932, but
with 1,706,621 tons in February 1931; 2,838,920
tons in February 1930, 'aid with no less than
3,206,185 tons in February 1929. In the case of
steel, the American Iron and Steel Institute reports
that the production of steel ingots in the country
during February 1935 reached 2,742,125 tons as
against only 2,183,160 tons in February 1934. In
February 1933 the output was 1,086,867 tons; in
February 1932, 1,457,710 tons; in February 1931,
2,502,386 tons; in February 1930, 4,078,327 tons,
and in February 1929 it reached 4,326,000 tons.
Coming now to the production of coal, here we
find that while the production of bituminous coal in
February 1935 was on a much larger scale than in
Volume 140
Financial Chronicle
2425
February 1934, the output of anthracite was de- net earnings. In other words, while the list of roads
cidedly smaller. The quantity of bituminous coal for amount of increase in gross earnings is a long
mined in the United States in February last year one, and embraces those of all classes and in every
was 34,423,000 tons as compared with only 32,606,000 section of the country, only 12 roads are able to
tons in February a year ago; 27,953,000 tons in record increases in net earnings of more than
February 1933; 28,383,000 tons in February 1932, $100,000. Among the roads so distinguished, we
and 31,737,000 tons in February 1931, but compar- find the Pennsylvania RR.(which heads the list for
ing with 40,060,000 tons in February 1930 and an increase in gross earnings) with a gain in gross
47,271,000 tons in February 1929. The production of $1,972,132, but an increase in net of only $193,039;
of Pennsylvania anthracite, on the other hand, the Southern Pacific System reports $1,246,167 inreached only 4,505,000 tons in February 1935 as crease in gross earnings and $799,711 increase in
against 5,952,000 tons in February 1934, but com- net, and the New York Central, which has added
paring with 4,287,000 tons in 1933; 4,061,000 tons in $755,764 to gross earnings and $399,835 to net.
February 1932; 5,400,000 tons in 1931; 6,120,000 These figures cover the operations of the New York
Central and the leased lines. Including the Pittstons in 1930, and 6,670,000 tons in 1929.
Activity in the building industry was, of course, burgh & Lake Erie, the result is an increase of
at a low ebb. According to the compilations of the $900,223 in gross and an increase of $506,924 in net.
F. W. Dodge Corp., construction contracts awarded Among other roads which show increases in both
in the 37 States east of the Rocky Mountains in- gross and net alike might be mentioned the Boston &
volved a money outlay in February the present year Maine, which, with $257,736 increase in gross earnof only $75,047,100 as compared with $96,716,300 in ings, reports $312,176 increase in net; the Detroit
February 1934. However, in February 1933 the Toledo & Ironton, which, with an increase of $445,581
money value of the construction contracts was only in gross, has $301,934 increase in net; the Maine
$52,712,300. In the years preceding the amount in- Central, which reports $240,788 increase in gross
volved was $89,045,800 in February 1932; $235,- and $205,371 increase in net, and the Elgin Joliet &
405,100 in February 1931; $317,053,000 in February Eastern, which with $449,735 gain in gross and
1930, and no less than $361,273,900 in February 1929. $296,913 gain in net. In the following we show all
Despite, however, the falling off recorded in the changes for the separate roads for amounts in excess
building industry, the lumber trade showed a slight of $100,000, whether increases or decreases, and in
increase over February a year ago. The National both gross and net:
Lumber Manufacturers Association reported that PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF FEBRUARY 1935
the production for an average of 929 mills for the
Increase
Increase
$1,972,132 Union Pacific (4 roads)- - 113.141
four weeks ended March 2 the present year was Pennsylvania
100.252
Southern Pacific(2roads)_ 1,246,167 Pere Marquette
a755.764
York Central
655,112,000 feet as against 635,361,000 feet in the New
19,200,693
Total (27 roads)
683.261
Atchison Topeka & S Fe
559,234
Great Northern
corresponding period of 1934. This is an increase Illinois
Decrease
524,858
Central
1423.229
449,735 Southern
Eastern
&
Joliet
Elgin
370,526
of 3%, and 72% above the record of comparable Detroit Toledo & Ironton 445.581 Reading
306,206
269,178 Seaboard Air Line
Chesapeake & Ohio
257,736 St Louis-San Fran (3 rds)_ 250,196
mills during the same period of 1933.
Boston & Maine
Line
Coast
217,703
Atlantic
255,328
240,788 Central of New Jersey-- 202,441
As it happened, too, the Western grain movement Wabash
Maine Central
194,456
219,469 Chicago Burl & Quincy__
Bangor & Aroostook
188,452
163,146 Minn St Paul & SS Marie_
dwindled to very small proportions. The February Norfolk & Western
156.944 Missouri-Kansas-Texas_ _ 174.026
Virginian
Hudson
158,893
&
Delaware
144,459
been
Erie
have
Lake
Pittsburgh &
receipts at the Western primary markets
Grand Trunk & Western__ 143.834 Chicago & North Western 148.928
&
Chattanooga
Nashville
142,759
Hard_
&
Haven
February
in
New
years,
the
Y
and
N
diminishing in recent
141,499
St LOUIS
Wheeling & Lake Erie..._ 124,321
Denver & Rio Grande W. 117.999
present year reached a new low level. We deal with St.
12.776,555
Roads
14
Total
114.607
Louis Southwestern-the Western grain movement in a separate paraa These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Northern, and Evansville Indianapolis & Terre Haute. Ingraph further along in this article, and will only Cincinnati
cluding Pittsburgh & Lake Erie, the result is an Increase of $900.223.
say here that for the four weeks ended Feb. 23 1935 PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF FEBRUARY 1935
the receipts at the Western primary markets of
Decrease
Increase
of New Jersey__ _ _ 358,544
wheat, corn, oats, barley and rye, combined, reached Southern Pacific (2 roads) 5799.711 Central
355.406
Line
Air
Seaboard
534,322
Hartf_
&
N Y New Haven
345,223
a399,835 Atlantic Coast Line
only 14,787,000 bushels as compared with 33,110,000 New York Central
339,299
344,352 Northern Pacific
Baltimore & Ohio
Chicago Milw St P & Pac_ 328,722
bushels in the same four weeks of 1934; 27,110,000 Boston & Maine& Ironton- 312,176
313,380
301,934 Reading
Detroit Toledo
294,535
& Eastern_ _ 296,913 Illinois Central
bushels in the same four weeks of 1933; 42,639,000 Elgin Joliet
205,371 Minn St Paul & 8 8 Marie 270,027
Maine Central
North
&
Western
205,618
Chicago
195,393
Aroostook
&
Bangor
bushels in 1932; 62,332,000 bushels in 1931, and no Pennsylvania
193,039 Missouri-Kansas-Texas-- 178.696
Valley
169.497
Lehigh
107,089
ErieLake
&
Pittsburgh
in
the
corresponding
less than 73,818,000 bushels
141.294
Yazoo & Mississippi Val
53.690.135 Nashville Chattanooga &
Total (12 roads)
period of 1930.
138,913
St Louis
136.919
Decrease Delaware & Hudson
The composite result, however, of all that has been Chicago Burl & QtlineY--- $713,111
New York Chic & St Louis 135,254
127,165
Coast
East
Florida
543,889
said above is seen most clearly in the statistics Southern
121,845
Chic R I & Pac (2 roads). 456,485 Cin New On & Texas Pac_
447.772 Internat'l Great Northern 108,666
rds)_
(3
Fran
Louis-San
St
showing the loading of revenue freight on all the Missouri Pacific
103,270
Western
&
Norfolk
446,380
444,905
& Nashville-railroads of the United States. For the four weeks Louisville
444,118
Fe_
Santa
&
Top
Atchison
$8,083,132
Total(33 roads)
Pacific(4 roads).... 414,099
of February 1935 the loading of revenue freight Union
a These figures cover the operations of the New York Central and the
St. Louis, Michigan Central.
&
Chicago
Cincinnati
nd
lines-Clevela
leased
comprised 2,325,601 cars as against only 2,314,475 Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Incars in February 1934 and 1,970,566 cars in Febru- cluding Pittsburgh & Lake Erie, the result is an increase of $506.924.
When the roads are arranged in groups or geoary 1933, but comparing with 2,243,221 cars in the
divisions according to their location, the
graphical
1932;
of
weeks
2,834,119
four
cars
1931;
in
same
3,506,899 cars in 1930, and 3,797,183 cars in the part played by increased gross revenue which is
offset by increased expenses is well illustrated. Of
corresponding four weeks of 1929.
Commensurate with the increase in the volume of the eight regions into which the three different disfreight handled, the separate roads, in most in- tricts-the Eastern district, the Southern district,
stances, were able to reflect the gain in gross earn- and the Western district-are divided, only two
ings, although net earnings were diminished by in- regions show a loss in gross earnings, whereas in
creases in expenses, and in not a few cases the gains the case of the net earnings six regions are obliged
in gross were more than offset, causing losses in to report decreases. The Eastern district, it might
2426
Financial Chronicle
be added, is the only district which is able to record
gains in both gross and net earnings alike. Our
summary by groups is as below. As previously explained, we group the roads to conform to the classification of the Interstate Commerce Commission;
the boundaries of the different groups and regions
are indicated in the footnote to the table:
SUMMARY BY GROUPS
District and Region
-Gross Earning
Month of February1935
1934
Inc.(+)or Dec.()
Eastern District3
New England region (10 roads) _ _
12,406,210
11,482,554
+923,656
8.04
Great Lakes region (24 roads)
52,607,766
51,648,726
+959,040
1.86
Central Eastern region (18 roads)._ 55,083,968
52,358,107 +2,725,861
5.21
Total (52 roads)
120,097,944 115,489,387 +4,608,557
3.99
Southern DistrictSouthern region (28 roads)
33,808,951
34,814,964 -1,006.013
2.89
Pocahontas region (4 roads)
16,755,725
16,137.614
+618,111
3.83
Total (32 roads)
50,564,676
50,952,578
-387,902 0.76
Western DistrictNorth Western region (16 roads).
25,155,938
24,846.887
+30.051
1.24
Central Western region (20 roads)._ 39,691,741
37,603,129 +2,088,612
5.55
Southwestern region (24 roads)
19,056,468
19,230.303
-173,835 0.38
Total (60 roads)
83,904,147
81,680,319 +2.223,828
2.72
Total all districts (144 roads)_ _ _ _254.566,767 248,122.284
+6,444,483
2.60
District and Region
Net Earnings
Month of Feb.- -lineage1935
1934
Inc.(+)or Dec.(-)
Eastern District1935
1934
$
$
$
'I
New England region___ 7,131
7.180 3,358,768 2,048.572 +1,310.196 63.96
Great Lakes region_ _ __ 26,823 26.928 12.185,761
-159.594
1.29
Central Eastern region_ 25.053 25,056 13.441.630 12,345.355
12.925.019
+516,611
4.00
Total
59.007 59,164 28.986,159 27,318,946 +1,667,213
Muthern DistrictSouthern region
39,349 39,433 7.023.493 9,930,310 -2.906,817
Pocahontas region_ _ _ _ 6,020
6,038 6,859,419 6.878.659
-19,240
Total
45,360 45.471 13,882,912 16,808,969 -2,926,057
irestern Mystic:
Northwestern region_ _ 48,416 48,572 2.477,499 3.855,337 -1,377.838
Central Western region 54,887 55.285 6.315,828 7.571,105 -1,255,277
Southwestern region_
30,483 30.941 3,234.307 4.372.843 -1.138,536
Total
133,786 134,798 12,027,834 15,799,285 -3,771.651
6.10
29.27
0.28
17.41
35.74
16.58
'26.04
22.87
Total all districts. _ _238,162 239,433 54,896.705 59.927.200
-5,030,495 8.39
NOTE-Our grouping of the roads conforms to the classificatio
n of the Interstate
Commerce Commission, and the following Indicates the confines
of the different
groups and regions:
EASTERN DISTRICT
New England Regioh-Comprises the New England States.
Great Lakes Region-Comprises the section on the Canadian boundary
between
New England and the westerly shore of Lake Michigan to Chicago,
and north of
a line from Chicago via Fittsburgh to New York.
Central Eastern Region-Comprises the section south of the Great
Lakes Region
east of a line from Chicago through Peoria to St. Louis and the
to the mouth of the Ohio River. and north of the Ohio River to Mississippi River
Parkersburg. W.
Vs., and a line thence to the southwestern corner of Maryland
and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region-Comprises the section east of the Mississippi River
and south
of the Ohio River to a point near Kenova. W Va and a line
thence following the
eastern boundary of Kentucky and the souther n boundary of Virginia
to the Atlantic.
Pocahontas Region-Comprises the section north of the southern
boundary of
Virginia, east of Kentucky and the Ohio River north to
Parkersburg, W. Va.,
and south of a line from Parkersburg to the southwestern corner
of Maryland and
thence hy the Potomac River to its mouth
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying
west of the
Great Lakes Region, north of a line from Chicago to Omaha
and thence to Portland
and by the Columbia River to the Pacific.
Central Western Region- Comprises the section south of the Northwester
west of a line from adman to Peoria and thence to Rt. Louis, and northn Region
of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican
boundary
to the Pacific.
Southwestern Region-Comprises the section lying between the Mississippi
River
south of St. Louis and a line from St. LOWS to Kansas City and thence
to El Paso,
and by the Rio Grande to the Gulf of Mexico.
As we have already indicated, the grain traffic
over Western roads in February the present year
was not only on a greatly reduced scale as compared
with February 1934, but was the smallest recorded
for the month in all recent years. Without exception, all the different staples in greater or less degree
contributed to the shortage, the falling off in the
case of wheat and corn having been particularly pronounced. The receipts of wheat at the Western
primary markets for the four weeks ended Feb. 23
reached only 3,914,000 bushels as compared with
10,385,000 bushels in the corresponding four weeks
of 1934; the receipts of corn only 5,828,000 bushels
as compared with 14,685,000 bushels, and the receipts
of oats only 2,251,000 bushels as against 4,152,000
bushels. Adding barley and rye, the receipts of
which were only 2,366,000 and 428,000 bushels, respectively, against 3,353,000 and 535,000 bushels, the
receipts of the five cereals, wheat, corn, oats, barley
and rye, combined, for the four weeks of February
1935 aggregated only 14,787,000 bushels as compared
with 33,110,000 bushels in the same four weeks of
1934; 27,110,000 bushels in the four weeks of Febru-
April 13 1935
ary 1933; 42,639,000 bushels in 1932; 62,332,000
bushels in 1931, and no less than 73,818,000 bushels
in the corresponding period of 1930. In the subjoined table we give the details of the Western grain
movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS
4 Wks. End. Flour
Wheat •
Corn
Oats
Barley
Feb. 23
(bbts.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1935 .__ 677.000
494,000
874.000
181.000
550,000
1934 ___ 691,000
427,000
3,745,000
785.000
789,000
Minneapolis1935
1.316.000
85,000
148.000
682.000
1934 _ _ _
4,217,000
1.411.000
400.000 1,124,000
Duluth1935
123,000
5,000
5,000
63,000
1934
826,000
652,000
222.000
46,000
Milwaukee1935 ___
57,000
10.000
320,000
89.000
742,000
1934 _ _
53,000
27,000
1,167.000
168,000 1,024,000
Toledo-.
1935 _ _ _
269.000
62,000
395.000
2.000
1934 _
220,000
130,000
431,000
10.000
Detroit1935 _
57.000
27.000
36.000
32,000
1934
71.000
67.000
80.000
72.000
Indianapolis .t Omaha1935 ___
196,000
1.298.000
227,000
1934 _
907.000
2.617,000
731.000
18.000
St. Louis1935 ___
525,000
432.000
609,000
830,000
118.000
1934 ___
519,000
1.041.000
1.295.000
646.000
29,000
Peoria1935 ___
165,000
38,000
1,042,000
48,000
177,000
1934 ___
200,000
50.000
1,312,000
276,000
229,000
Kansas City1935
62.000
577,000
1,297.000
104,000
1934 ___
46,000
2.084.000
1,352,000
114,000
St. Joseph1935 _
67.000
118.000
159,000
1934 _ _
109.000
619,000
279.000
Wichita1935
283.000
12.000
15.000
1934 _
294,000
21.7,000
18.000
Stour My1935 _
52.000
79.000
14.000
1934
112,000
101.000
2,000
12,000
Total AU1935 ___ 1,486,000
3,914,000
5.828,000
2,251,000 2,366,000
1934 ___ 1,509,000 10,385.000 14,685,000
4.152.000 3.353,000
Rye
(bush.)
59,000
27,000
73.000
182.000
10,000
2,000
34,000
3,000
12.000
21,000
20,000
48.000
98,000
26,000
40,000
194,000
112,000
2.000
428,000
535,000
The Western livestock movement also appears to
have been much smaller than in February last year.
At Chicago the receipts embraced only 6,814 carloads in February the present year as against 10,520
carloads in February 1934; at Kansas City they were
only 3,057 carloads against 3,625 cars, and at Omaha
but 2,001 cars against 2,618 cars.
Coming now to the cotton movement over Southern roads, here we find that while gross shipments
overland were much larger than in February a year
ago, receipts of the staple at the Southern outports
fell far below even the small movement of the previous year, which, in turn, was the smallest for February in all immediately preceding years. Gross shipments overland of cotton aggregated 65,614 bales in
February 1935 as against only 52,989 bales in
February 1934; only 29,390 bales in February 1933,
and 52,121 bales in February 1932, but comparing
with 89,520 bales in February 1931; 56,530 bales in
February 1930; 122,064 bales in February 1929, and
76,033 bales in February 1928. At the Southern
outports the receipts of cotton were only 165,512
bales during February the present year, against
317,719 bales in February 1934; 473,819 bales in
February 1933; 804,338 bales in February 1932;
440,451 bales in February 1931; 250,109 bales in
1930; 386,096 bales in 1929, and 359,111 bales in
1928, as is shown in the table we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR
MONTH OF
FEBRUARY AND SINCE JAN. 1 TO FEB. 28 1935. 1934 AND
1933
February
Since Jan. 1
Forts
Galveston
Houston. Sic
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Tntal
1935
1934
39.170
32.174
1,853
95,219
93,736
3,904
68,626
6.891
2,612
3,521
1933
1935
114.779
88,734
5.247
71
140,640
14,526
4,008
7,900
6,629
1.248
251
2,462
75
82,767
5,770
14,218
4,648
3,662
4,842
3,922
1.748
2,678
605
91.150
177.926
4,509
2,470
143,739
25,491
7,293
6,428
1.276
3,820
4.914
2.964
1,760
79
185.812
217.719
473.819
402.798
18,504
1,988
801
5.245
355
1934
272,244
234,007
9,229
131
202,176
15,701
16,133
10,871
8,508
11,577
7.845
3,228
5,310
1,687
1933
277,203
521,073
.13,560
2,470
352.886
58,999
7,762
14,026
6,744
13,597
13,401
7,883
4,865
959
798.647 1 205 l2li
Volume 140
Financial Chronicle
Results for Earlier Years
It has already been indicated that this year's increase
of $6,444,483 in gross earnings, accompanied by a decrease
in net earnings of $5,030,495, follow a gain of $36,231,471
In the gross and of $19,009,701 in the net in February 1934,
and that these gains, in turn, came after $52,380,018 loss
in gross and $14,727,011 in net in 1933; $69,289,775 loss
in gross and $8,702,988 in net in 1932; $91,327,690 loss in
gross and $32,904,121 in net in February 1931, and $48,034,122 decrease in gross and $28,128,967 decrease in net
In February 1930 as compared with 1929. On the other
hand, these strikingly poor results came after improved
results in 1929 as compared with 1928. Our tabulations for
February 1929 showed $18,292,585 gain in gross, or 4.02%,
and $17,381,393 gain in net, or 15.95%, and the results
then were really more favorable than appeared by the face
of the figures, since these gains occurred despite the fact
that the month contained one less day than the previous
year, which was a leap year, when February had 29 days
instead of 28. Contrariwise, in 1929 comparison was with
poor or indifferent results in the years immediately preceding. Our compilation for February 1928 showed $12,850,859 loss in gross, notwithstanding the month contained
one more working day, with a very small gain in net
4541,678). In 1927 and 1926 there was only moderate
Improvement, while in 1925 there were heavy losses in both
gross and net. In February 1927 our tabulation showed
$8,733,567 increase in gross and $7,748,287 increase in net,
and in February 1926 it showed $5,029,255 increase in gross
(only 1.11%), and $38,008 decrease in net. In February
1925 there were material decreases in both gross and net$24,441,938 in the former and $4,981,506 in the latter. On
the other hand, however, it should be pointed out that comparison then was with strikingly favorable results in 1924.
partly due to the extra day contained in the month then,
it having been a leap year, like 1928 and 1932. Weather
conditions were extremely propitious in February 1924, with
virtually no obstructions to railroad operation in any part
of the country from snow or ice or extreme cold. On the
other hand, in 1923 the winter was of unusual severity in
many parts of the northern half of the United States, and
the situation then was worse in February than it had been
in January, in part because of the cumulative effect of the
unfavorable meteorological conditions. In January 1923
the roads in New England and in northern New York suffered from repeated snowstorms and from the depths of the
accumulated snowfalls. In February 1923 these sections
continued to be afflicted in the same way, and the trouble
also extended to many other sections of the country-in fact,
as we pointed out at the time, to practically all parts of the
country outside of the South. And the result was to embarrass transportation and to add greatly to the cost of operation, expenses then having increased in all directions. In
February 1924, with no such interference by the weather,
at least only occasional interferences in isolated cases, it
was possible to bring expenses down again to somewhere
near the normal, and this circumstance, along with the
extra day which the month contained, gave us an extremely
satisfactory statement of earnings, both gross and net, in
the month of that year, our statement for February 1924
having shown $31,939,712 increase in gross and $33,387,370
in net. These gains, however, in February 1924 in turn
came after poor or indifferent returns in February 1923, due
to the severe winter weather conditions to which allusion
has just been made. It must not be supposed that there
was any loss in the gross earnings in February 1923.
On
the contrary, the falling off was entirely in the net earnings
and, as just stated, was due to the severity of the weather.
In the gross there was then an increase in amount of $44,745,531, but it was attended by an augmentation in expenses
of no less than $50,988,243, leaving, hence, a loss in the net
of $6,242,712.
There were, though, losses in the gross both in 1922 and
In 1921, but large gains in the net by reason of sharp cuts
in the expenses in these earlier years, cuts which were
then an imperative requirement, following the tremendous
augmentation in expenses during the period of Government operation of the roads. In February 1922 our cornpilations showed $4,772,834 decrease in the gross, but $54,882,820 increase in the net, the result of a reduction in
expenses of $59,655,654. And this followed $19,171.075
decrease in the gross and $11.536.799 increase in the net
2427
in February 1921. The loss in the gross in 1921 would have
been very much larger, as the country at the time was
suffering intense prostration of business, except that the
roads were still enjoying the benefits accruing from the
great advance in rates authorized by the Commerce Commission at the end of the previous July-an advance which
it was computed would on the same volume of business add
$125,000,000 a month $1,500,000,000 per year) to the revenues of the carriers. The reduction in expenses at that
time was also smaller than it would have been because of
the wage award made by the Railroad Labor Board the
previous July, and which on the volume of traffic then being
done it was computed would add an average of $50,000,000
a month to the payrolls of the roads. Nevertheless, the
decrease in expenses then reached, as we ;have already seen,
was $30,707,874.
In 1920 and previous years expenses had been running
up at a frightful rate. In February 1920 our compilations
showed $16,428,891 loss in net on $72,431,089 gain in gross.
In that year (1920) the February expenses were swollen in
unusual degree by the adverse conditions under which railroad operations had to be carried on at that time. The
winter weather encountered in February 1920 was indeed of
exceptional severity, and it was all the more noteworthy
because in sharp contrast with the extremely mild weather
of the year preceding and comparable only with the weather
of 1918, when the country was still in the throes of war.
Temperatures in 1920 were perhaps not quite so low as in
February 1918, but the fall of snow was immensely heavier
and the interference with railroad operations correspondingly greater. In February 1919, notwithstanding the winter
was extremely mild, as already stated, and comparison was
with weather of 1918 of exceptional severity, accompanied
by snow blockades, railroad embargoes and freight congestion of great intensity, expenses increased so heavily that a
gain of $61,656,597 in gross was converted into a loss of
$1,191,014 in net. In February of the years preceding,
results were just as bad. In other words, February 1918
showed $25,148,451 gain in gross but $28,944,820 loss in
net, while the year before (February 1917) our tables registered an increase of $2,655,684 in gross but a contraction
of $21,367,362 in the net. It was this long-continued rise
in expenses, with resulting losses in net, that furnished the
basis for the subsequent reductions in the expenses. In
the following we give the February totals back to 1909.
Gross Earnings
Month of
February
1st
MI
1913
isis
127
2.4
iiio
121
121
1925
iM
mg
LIN
ion
123
4
1935
Year
Given
NI?
1SS
!glit
1916
1917
1918
1313
MI
1923
Int
1928
.
1930
1:11
pg
1935
Increase or
Decrease
8174,423,831 $161,085.493 +513,338,338
202,825,380 174,574,962 +28,250,418
199,035,257 202,492,120 -3.456.863
218,031.094 197.278,939 +20,752,155
232,726,241 218.336,929 +14,389,312
209,233,005 233.056,143 -23,823,138
210,860,681 212,163,967 -1,303,286
267,579,814 209,573,963 +58,005,851
271,928.066 269,272,382 +2.855,884
285,776.203 280,627.752 +25,148,451
351.048,747 289,392,150 +61,656,597
421,180,876 348,749,787 +72,431.089
405,001.273 424.172,348 -19,171,075
400,430,580 405,200.414 --4,772,834
444,891,872 400,146,341 +44,745,531
477,809.944 445,870,232 +31,939,712
454,009,669 478,451,607 -24,441,938
459.227,310 454,198,055 +5,029,255
467.808,478 459,084,911
+8,723,567
455,681,258 468,532,117 -12,850.859
474,780,516 456,487,931 +18,292,585
427,231,361 475,265,483 -48,034,122
336.137.679 427,465,369 -91,327.690
286.892,520 336,182.295 -69.289,775
213,851,168 266,231,186 -52.380,018
248,104,297 211,882,826 +36,221.471
254.566.767 248.122,284
+6.444,483
.11orah of
February
1909
Year
Preceding
Net Earnings
Mileage
Per
Cent
8.28
16.18
1.71
10.52
6.59
10.22
0.61
27.68
0.99
9.65
21.31
20.77
4.52
1.18
11.18
7.16
5.11
1.11
1.90
2.74
4.01
10.11
21.37
20.61
19.67
17.10
2.60
Year
Given
81.871
82,149
88,651
87,783
88,333
92.300
87.973
245.541
249,795
66,381
232,957
231.304
235,653
235,625
235,399
235.506
236,642
236,839
237.970
239,584
242,884
242,348
242.660
242,312
241,189
239.389
238.162
Year
Preced'a
80,308
80,622
86,351
86,159
86.054
90.921
88.985
244,809
248,738
66,041
233,266
231,017
234,510
234.880
235,528
235.876
236.031
236.529
236,870
238,731
242,688
242,113
242.726
240,943
241.467
241.263
239.433
Increase(4-) or Decrease(-)
Year
Given
Year
Preceding
Amount
Per Cent
$49,194,760
56,978.253
49,888,584
57,411,107
59,461,341
39,657,965
51,257,053
79,929,463
58.904,299
27,305,808
27.623,406
10,688.571
20.771.731
76.706.840
70,387.622
104,117,278
99,460,389
99,480.650
107,148,249
108.120,729
126.368,848
97,448,899
64,618,641
57,375,537
41,460.593
59,923,775
54.896.705
137,311,587
49,241,904
56,920.786
49,135,958
57,458,572
59,553,012
39.274,776
51,043,120
80.331,661
56,250,628
28,814,420
27.117,462
9.234,932
21,824.020
76,630,334
70,729,908
104,441,895
99,518,658
99,399,962
107,579,051
108,987,445
125,577,868
97,522,762
66,078,525
56.187,604
40.914,074
59.927,200
+311.883,713
+7,734,299
-7,032,202
+8.275.149
+2,002.769
-19.895,047
+11,982,277
+28.886,343
-21,367.362
-28.944,820
-1,194,014
-16,428.891
+11.536.799
+54,882.820
-6.242.712
+33,387.370
-4.981.506
-38,008
+7.748,287
+541.678
+17.381,393
-28,128,967
-32.904.121
---8.702.988
-14,727,011
+19,009,701
-5.030.495
31.85
15.71
12.35
16.84
3.49
33.41
30.51
58.59
26.67
51.46
4.13
60.58
124.93
251.48
8.15
47.21
4.77
0.04
7.80
0.50
15.95
22.40
33.74
13.17
26.21
46.46
8.39
April 13 1935
2428
Financial Chronicle
1957, declined % to 83%; New Orleans Public Service 4V2s,
The Course of the Bond Market
Bond prices have displayed more gains than losses this
week, but the largest gains were made by the lower-grade
railroad issues, which have registered in the past two weeks
a substantial recovery from their recent low levels. Other
groups have been marking time, with a tendency to sell off
rather than to advance.
The average yield on 30 Aaa bonds has remained the same
all week, 3.71%, and United States Government issues
showed only minor fractional changes from day to day,
being, however, somewhat weaker toward the end of the
week. Bondholders are expecting the Treasury to call this
week, for redemption Oct. 15, the remaining $1,300,000,000
of uncalled Fourth Liberties. The strength in the highgrade bond market, which has prevailed since the first of
the year, has resulted in a number of large refunding operations, in which 3%% and 4% issues have been offered to
replace higher coupon bonds, largely by industrial and utility
companies.
Small price advances occurred in the high-grade and
medium-grade railroad bond market. The Chesapeake &
Ohio 4%s, 1992, closed at 118, compared with 117% last
week; Union Pacific 1st 4s, 1947, advanced % point to
112%; New York Central cony. 6s, 1944, at 106 were up 3%.
Gains of 2 to 3 points were general throughout the lowergrade rails. The Erie 5s, 1975, gained 3% points to close
at 59%; Great Northern 4%s, 1976, closed at 67, up 3%;
Southern Railway 4s, 1956, advanced 2% points to 43%.
Activity in public utility bonds was only moderate, and
trends in various grades assumed minor proportions. The
highest grades were firm. Consolidated Gas of Baltimore
4%s, 1954, advanced 111,4 to 119 for the week; Cleveland
Electric Illuminating 5s, 1961, gained % to close at 111.
Lower grades receded somewhat. Hudson & Manhattan 5s,
1935, lost 1 to close at 77%; Western Union 4%s, 1950,
were unchanged at 85; Southwestern Public Service 6s,
1945, at 92% were off %. Holding company debentures
for the most part failed to hold the levels reached in past
weeks. Canadian utilities affected by developments in
Ontario continued erratic.
Industrial bonds continued irregular this week. Proposed
financing for American Rolling Mills resulted in a further
gain of 3% points to 98% for the 5s, 1948, but the 5s, 1938,
which are to be called, dropped 1% to 103%. The Youngstown Sheet & Tube 5s, 1978, recovered to the level of last
week, closing at 92%, up 2%. The Vanadium 5s, 1941, had
a sensational drop to a new low of 66, closing at 68%,
down 15% for the week. Oils were quiet. Among the
anthracite issues, Philadelphia & Reading C & I 6s, 1949,
declined 3% points to 37%, and the Glen Alden 4s, 1965,
lost 3% to close at 86, but the Hudson Coal 5s, 1962, continued to show strength, gaining 3 to 38%. The new Studebaker 6s, 1945, were soft, declining % to 42%, having
touched a new low at 42%. Among other wide movements
noted was a 214 point rise to 55 in the Childs 5s, 1943. The
non-callable Liggett & Myers 5s, 1951, made another new
high for the year at 122%, reflecting firmness in the highquality group.
The foreign bond market gave evidence of a fair amount
of strength, with the exception of a few groups. Italian
and Polish Government issues were noticeably lower. German bonds advanced fractionally, while Belgian issues
gained from 1 to 2% points. Norwegian, Danish and Australian obligations remained virtually unchanged. Among
South American issues, Argentine, Columbian and Brazilian
bonds were higher, the City of Santa Fe 7s being particularly strong. Cuban issues advanced substantially, and
Japanese issues recorded gains of 1 to 2 points.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES t
(Rased on Average Yields)
MOODY'S BOND YIELD AVERAGES t
(Band ons /ndhddrai Closing PriC40)
1935
Daily
Aff)7090
U. B.
120
Gott. DousesBonds
tic
ee
120 Domestic
Corporate* by Groups
Corp.'
Ada
Ad
A
Baa
RR.
100.81
100.65
100.81
100.65
100.49
100.49
100.17
99.68
99.68
99.52
99.52
119.07
119.07
119.07
119.07
119.07
119.07
119.07
118.86
118.66
118.45
118.45
109.68
109.68
109.68
109.49
109.49
109.68
109.49
109.31
109.12
109.31
109.12
99.68
99.68
99.68
99.52
99.52
99.36
99.36
98.88
99.04
98.88
98.88
80.84
80.72
80.84
80.60
80.26
80.14
79.56
78.88
78.77
78.44
78.44
94.29
94.14
94.29
93.85
93.55
93.26
92.82
91.96
91.67
91.25
91.25
101.14
101.14
101.14
101.14
101.14
101.14
101.14
100.98
100.81
100.81
100.81
107.49
107.49
107.49
107.49
107.49
107.49
107.31
107.14
107.31
107.31
107.31
99.36
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
102.81
99.20
100.00
84.85
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
109.12
109.86
110.61
110.98
111.35
111.16
110.79
110.42
110.05
110.05
109.31
109.12
108.94
111.54
108.57
108.75
93.11
98.88
100.17
100.33
101.14
101.64
102.14
101.14
100.49
100.33
100.81
99.52
99.52
98.88
102.14
98.73
99.04
81.78
77.88
79.45
79.11
81.42
82.99
83.97
83.60
82.50
82.38
84.35
82.26
82.50
81.54
84.60
77.88
83.72
90.83
93.55
93.26
95.63
97.78
99.68
99.68
99.04
99.04
100.49
99.68
100.17
100.00
100.49
90.69
100.49
85.61
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
96.23
95.93
94.58
101.97
94.14
94.58
742.5
107.14
107.49
108.03
108.57
108.39
108.21
107.85
98.09 111.92 105.54
96.54
82.38
99.68
91.39 103.65
75.50 100.33
73.65
54.43
71.00
74.48
Afdfdles
All
120
Dowses-
120 Domestic Corporate
Si, RAMP
120 Domestic
Corporate by Groups
tt
30
PotP. U. Indus. signs
lid
Add
Ad
A
Boa
RR.
4.70
4.71
4.70
4.71
4.72
4.72
4.74
4.77
4.77
4.78
4.78
3.71
3.71
3.71
3.71
3.71
3.71
3.71
3.72
3.73
3.74
3.74
4.19
4.19
4.19
4.20
4.20
4.19
4.20
4.21
4.22
4.21
4.22
4.77
4.77
4.77
4.78
4.78
4.79
4.79
4.82
4.81
4.82
4.82
6.14
6.15
6.14
6.16
6.19
6.20
6.25
6.31
6.32
6.35
6.35
5.12
5.13
5.12
5.15
5.17
5.19
5.22
5.28
6.30
5.33
5.33
4.68
4.68
4.68
4.68
4.68
4.68
4.68
4.69
4.70
4.70
4.70
4.31
4.31
4.31
4.31
4.31
4.31
4.32
4.33
4.32
4.32
4.32
4.79
4.72
4.72
4.65
4.60
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
4.58
4.80
4.75
5.81
3.73
3.70
3.71
3.69
3.69
3.69
3.71
3.73
3.78
3.76
3.79
3.78
3.79
3.68
3.80
3.80
4.43
4.22
4.18
4.14
4.12
4.10
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.25
4.24
5.20
4.82
4.74
4.73
4.68
4.65
4.62
4.68
4.72
4.73
4.70
4.78
4.78
4.82
4.82
4.83
4.81
6.06
6.40
6.26
6.29
6.09
5.96
5.88
5.91
6.00
6.01
6.86
6.02
6.00
6.08
5.83
6.40
5.90
7.58
5.36
5.17
5.19
5.03
4.89
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5.37
4.72
5.75
4.69
4.69
4.69
4.66
4.65
4.68
4.77
4.85
4.88
4.83
4.99
5.01
5.10
4.63
5.13
5.10
6.74
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.81
4.35
4.34
4.34
4.24
4.35
4.35
4.97
81.42
4.87
4.07
4.42
4.97
6.01
4.77
5.32
4.53
882
472
8.73
6.80
9.23
7.07
6.72
a no
Wzr:-1:::n t4gigigra? 4iMal`claii=1:111.16"4:la Si g
107.85
107.31
107.49
106.78
106.96
106.96
108.75
106.78
106.78
96.54
Apr. 12.1110__
9__
8-6_
5.4-3-2.1-WeeklgMar.29._
22-15-8-1Feb. 23...
16_
8....
1-Jan. 25._
18._
II__
4..
Low 193,5
High 1935
Low 1934
High 1934
Yr. AgoApr.12.34
2 Yrs.Ago
Anr.12•22
c;oic;oiaiteimatiedoic; cocio6oitiociesifocieicoptdoici. t.:. c
85.87
was
P. U. Indus.
1935
Daily
I
Apr. 12_ 108.25
11_ 108.32
10_ 108.49
9_ 108.53
8__ 108.57
6... 108.54
5- 108.54
4... 108.39
3- 108.34
2_ 108.35
1-- 108.23
31441,-Mar.29.- 108.07
22-- 107.79
15-- 107.94
8.- 107.85
1-- 108.22
Feb. 23-- 108.44
15-- 107.49
8-- 107.47
1-- 107.10
jan. 26-- 107.33
18.- 106.79
11__ 106.81
4 105.76
High 1935 108.57
Low 1935 105.66
High 1934 106.81
Low 1934 99.06
Yr.
Apr.12'34 104.12
2 Yrs.A.eo
tr.”19-12 01 72
120 Domestic Corporate•
by Ratings
• These prices are computed from average yields on the ham of one -Ideal" bond (41M% coupon, maturing In 31 years) and do not purport to show el her the average
level or the average movement of actual peke quotations. They merely serve to Illustrate In a more Comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market, For Moody's Index of bond prices by months back to 1928. see the Issue of Feb. 6 1932. page 907
•• Actual average price of 8 long-term Treasury issues. • The I.test complete list of bonds used in Computing these Indexes was published In the Issue of Oct. 13 1931,
page 2264. 88 Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
The New Capital Issues in Great Britain
The following statistics have been compiled by the Midland Bank Limited. These compilations of issues of new
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the capitalisation of reserve funds and undivided profits; sales of already
issued securities which add nothing to the capital resources of
the company whose securities have been offered; issues for
conversion or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the prices
of issue.
SUMMARY TABLE OP NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank. Limited]
Month of
March
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
£11,862,000
69,356,000
25,518,000
24,867,000
14,880,000
13,324.000
21,737,000
23,902,000
' 34,714,000
41,695.000
33,781,000
26,384,000
13,447,000
12,104,000
13,448,000
7,081,000
12.859.000
3 Months to
March 31
Year to
March 31
£39,886,000
147,016,000
58,350,000
93,207,000
45,889,000
47,253,000
57,399,000
78,028,000
82,945,000
103,362,000
114,247,000
69,464,000
45,386,000
26,995,000
28,925,000
24,943,000
42.071.000
£101,073,000
344,671,000
295,545,000
250,653,000
188,350,000
205,123,000
233,692,000
240,526,000
258,183,000
335,131,000
373,404,000
208,967,000
212,081,000
70,275,000
114,969,000
128,886,000
167.318.000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONT1IS
[Compiled by the Midland Bank Limited'
January
February
March
3 months
April
May
June
July
August
September
October
November
December
2429
Financial Chronicle
Volume 140
1935
1932
1933
1934
£2,895,798
11,994,734
12,104,130
£8,310,263
7.167,385
13,447,603
£10.853,233
7.007,995
7,081,462
£16,592,247
12.620,080
12,858,735
£26,994,662
£28,925,251
£24,942,690
£42,071,162
£18,013,115
12,296,311
17,467,795
3,312,507
72,500
17,000
19,745,198
10,807,078
4,312,163
£8,247,859
14,614,014
17,541,251
6,001,777
21,208.047
7,164,097
10,026,260
12,786,859
6,353,481
£9,590,367
22,440,935
12,048,454
14,997,397
9.878,332
6,747,571
23,446,272
13,056.095
13,041,644
£150,189,757
£132.868,896
£113,038,329
Year
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS
(Complied by the Midland Bank Limited!
United India and Other Brig. Foreign
Countries Countries
Ceylon
Kingdom
933-January
February
March
3 months
Total
£
8,310,000
7,167.000
13.448,000
£
7,875,000
4,917,000
12,287,000
I
£
269,000
56,000
30,000 1,727,000
1,000 1,160,000
£
110,000
493,000
25,079,000
87,000 3,156,000
603,000 28,925,000
April
May
June
July
August
September
October
November
December
965,000 8.248,000
7,283.000
292,000 14,614,000
241,000
9,328,000 4,753,000
437,000 17,1.41,000
5,000 1,070,000
16,029,000
478,000 6,002.000
244,000
48,000
5.232,000
15,589,000 4,334,000 21,208,000
1,285,000
250,000 7,164.000
176,000
6,738.000
185,000 10.026,000
11,000 3,016,000
6,814,000
111,000 12,787,000
437,000
67,000
12,172.000
341,000 6,353.000
867,000
47,000
5.098,000
Year
95,059,000 5.018,000 24,796.000 7,996,000 132,869,000
934-January
February
M.ach
3 months
April
May
June
July
August
September
October
November
December
Year
L935-January
February
March
3 months.
8,682.000
5.309,000
6.011,000
49,000 1.763.000
221,000 1,433,000
873,000
7,000
359,000 10,853.000
45,000 7,008.000
190,000 7,082,000
20,002,000
277.000 4,069,000
594,000 24,943,000
8,665,000
11,397.000
7,021,000
9,958,000
3,165,000
5,631,000
20,764,000
11,016.000
9,122,000
63,000 9,590.000
850,000
12,000
37,000 22,441,000
62.000 10,945,000
386,000 12,048,000
32,000 4.609,000
25,000 14,998,000
1,000 5,014,000
5,485,000 1,228,000 9.878,000
413,000 6,748,000
566,000
137,000
156,000 23,446,000
61,000 2,465,000
141,000 13,056,000
1,899,000
14,000 13,042,000
550.000 3,355,000
106,741000 1,133,000 39,258,000 3,058,000 150,190,000
14,433,000
9,688,000
11,548,000
957,000 1,202,000 16,592,000
586.000 12.620,000
2,346,000
176,000 12.859,000
1,135,000
35,669,000
4,438,000 1,964,000 42,071,000
Moody's Daily Commodity Index Rises Sharply
Stimulated by sharply higher prices for silver and wheat,
the latter being due to the bullish Government crop report,
basic commodity prices have advanced sharply this week.
Silver reached 6840., the best level in nine years, and the
Government's buying price for the newly-mined metal was
advanced to 71.1c. The Index now stands at 156.4, compared with 152.2 a week ago.
All except two items either advanced or eemained unchanged
for the week. In addition to the sharp rise in wheat and
silver, large gains were scored by cotton, hides, rubber, corn
and silk. Items remaining unchanged included cocoa, top
hogs, copper, lead, wool and coffee. Scrap steel and sugar
registered moderate declines.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri..
Apr., 5
Apr. 6
Sat.,
Mon., Apr. 8
Tues., Apr. 9
Wed., Apr. 10
Thurs., Apr. 11
Apr. 12
Fri..
152.2
152.5
153.0
153.1
154.5
155.8
156.4
150.9
2 Weeks Ago. Mar. 29
151.3
Month Ago, Mar. 15
Apr, 13
137.3
Year Ago.
148.9
1933 High-July 18
Low-Feb.4
78.7
1934-35 High-Jan.8.'35.____160.0
Low-Jan. 2. 1934.- --126.0
"Annalist" Weekly Index of Wholesale Commodity
Prices for Week of April 9 at Highest Level Since
June 17 1930
Fresh advances in live stock and the meats, and in the
grains, together with higher prices for butter and eggs,
hides, cotton and gasoline, carried the "Annalist" Weekly
Index of Wholesale Commodity Prices up to 125.5 on April 9
from 123.5 (revised) the preceding Tuesday. The index,
the "Annalist" stated, is now at the highest point since
June 17 1930, when it stood at 127.4. The 'Annalist"
presented as follows its weekly index:
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
[Unadjusted for seasonal variation. 1913=1004
AprU 9 1935
April 2 1935
April 10 1934
92.3
z118.1
121.8
Farm products
106.1
129.4
132.4
Food products
118.8
z103.7
102.7
Textile products
161.0
158.3
158.8
Fuels
105.6
109.6
109.7
Metals
113.8
111.8
111.8
Building materials
100.2
98.7
98.7
Chemicals
88.0
79.2
79.2
Mbieellaneous
108.9
123.5
125.5
All commodities
64.7
73.5
74.7
x All commodities on gold basts
x Based on exchange quotations for France, Switzerland, Holland and BelgiuMi
z Revised.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, April 12 1935.
There is increasing and cumulative evidence that business is surging ahead at a fairly good pace. Despite unseasonably cold and rainy weather consumer buying continued unabated. Consumers' needs for Easter,it is believed,
will be difficult to fill and the belief is widespread that
the spring movement will not reach its peak until some
time in May. Industrial activity fell off somewhat but
further gains were made in the output of automobiles.
Manufacturers of refrigerators, drugs, chemicals and plumbing and heating supplies advanced their schedules slightly.
Bituminous coal output on the other hand fell off sharply
following the settlement of labor troubles. Electricity production showed a further decline and steel operations
receded slightly, Carloadings after recently rising to the
highest total in two months dropped sharply for the week,
owing to the slowing-up of the coal industry. Most of the
retail demand was in apparel lines but there was also a
good call for dry goods, dress accessories, knitted sportswear and synthetic fabrics. Wholesale business exceeded
expectations. Re-orders were very heavy and in many
cases wholesalers were unable to make immediate shipments. The trend in commodities was generally upward
owing to a more optimistic feeling due in great part to
the sharp rise in silver both here and abroad. Cotton
advanced sharply owing to a belief that Washington would
announce its decision on the 12c. loan very soon but
late in the week it was said that the Administration would
not give its decision until after the crop had been planted.
Grains were sharply higher owing to severe dust storms and
a lack of moisture in the dry areas. Reports about the
crop were very bullish. The crop report on winter wheat
was very unfavorable, being well under recent private
estimates. Sugar was active and higher. Hides were in
better demand and firmer. A northeast storm lashed the
Atlantic seaboard from Main to Virginia early in the week.
Rain, sleet and snow blanketed northern counties of New
Jersey and sections of New England. Rather heavy snows
fell in Virginia and Kansas. A tornado swept southern
Mississippi and northeastern Louisiana, early in the week
and caused the loss of many lives and left many homeless.
Southeastern Iowa was visited by a belated snow storm
on the 7th inst. and the southwestern part of that state
where moisture is badly wanted had a rainfall of ;6 to %
inches. Late last week Kansas, Nebraska and Missouri
had much needed rains. Cyclones, dust and hail storms
swept widely scattered sections of Texas last Saturday
causing injury to several persons and considerable crop
damage. Heavy rains in central and northern California
on the 7th inst. sent mountain streams rampaging, caused
floods in valley lowlands, did considerable property damage
and halted railway and highway travel in spots. In the
Catskill Mountain area 9 to 15 inches of snow fell on the
11th inst. The storm began on the 9th inst. Further dust
storms were reported in Kansas, Oklahoma and Texas. New
York City escaped the worst of the northeasterly gales early
in the week, but the wind was rather stiff and there was
sleet followed by rain. The weather all week was cold
-day it was raining and cold here, with temand rainy. To
peratures ranging from 39 to 44 degrees. The forecast was
-night and Saturday.
for cloudy weather, probably rain to
Overnight at Boston it was 36 to 38 degrees; Baltimore,
40 to 54; Pittsburgh, 44 to 58; Portland, Me., 34 to 46;
Chicago, 38 to 48; Cincinnati, 44 to 54; Cleveland, 42 to 58;
Detroit, 42 to so; Charleston, 56 to 62; Milwaukee, 38 to 40;
Dallas,46 to 64; Savannah, 56 to 66; Kansas City, 40 to 46;
Springfield, Mo., 40 to 44; Oklahoma City, 38 to 58; Denver,
28 to 42; Salt Lake City, 42 to 58; Los Angeles, 52 to 76;
San Francisco, 50 to 68; Seattle, 46 to 76; Montreal, 40 to
58, and Winnipeg, 28 to 42.
2430
Financial Chronicle
Second Weekly Increase in Wholesale Commodity
Prices Noted During Week of April 6 by National
Fertilizer Association
The wholesale commodity price index of the National
Fertilizer Associadon again advanced during the week of
April 6, rising to 77.7% of the 1926-1928 average, compared
with 77.2 in the preceding week; 77.9 a month ago; and
71.1 a year ago. The Association on April 8 further announced:
The rise in the index last week was largely due to advances in foods and
agricultural products; the principal advances occurred in the foods, grains.
feeds and livestock and fats and oils groups. The only other group to
advance was metals, which showed a very slight increase. Three groups.
fuel, textiles and building materials declined during the week but in each
case the recession was slight.
The foods group led in the number of advances, with nine items in this
this group moving upward and three declining. Eggs showed a contra
seasonal rise and increases also occurred in sugar, ham,flour and potatoes.
Eight commodities in the grains, feeds and livestock group advanced and
six declined; grains and livestock were generally higher while hay and foodstuffs were lower. The fats and oils group again advanced last week, rising
to 82.8 from 79.5 in the preceding week, with the rise due to higher prices
for butter and cocoanut oil. Higher prices for tin and silver resulted in a
slight advance in the metals group. Cotton prices were slightly higher
during the week but the advance was more than offset by lower prices for
cotton goods and wool.
Twenty-five commodities advanced last week and 23 declined; in the
preceding week there were 33 advances and 21 declines; in the second preceding week there were 15 advances and 32 declines.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
18.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
inn n
Latest
Week
April6
1935
Grotto
79.3
Foods
Fuel
88.2
Grains, feeds and livestock.- 89.7
64.8
Textiles
Miscellaneous commodltles.... 68.5
Automobiles
87.3
Building materials
78.8
81.8
Metals
House-turnLshing goods
84.9
Fats and oils
82.8
Chemicals and drugs
94.4
Fertilizer materials
65.2
Mixed fertilizers
78.1
Agricultural implements
101.6
All arnitna rnmhInstA
Preceding
Week
Year
Ago
Month
Ago
78.4
68.3
88.1
65.2
68.5
87.3
78.9
81.7
84.9
79.5
94.4
65.2
76.1
101.6
76.9
69.3
91.5
68.3
69.1
87.8
78.9
81.7
85.4
79.1
94.0
85.4
76.1
100.6
71.1
68.1
55.0
71.9
69.6
91.3
80.5
79.2
85.2
50.4
93.0
67.6
75.9
92.4
772
770
71 1
777
Electric Production for Latest Week Rises 5.2%
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended April 6 1935 totaled 1,700,334,000 kwh. Total
output for the latest week indicated a gain of 5.2% over
the corresponding week of 1934, when output totaled
1,616,945,000 kwh.
Electric output during the week ended March 30 1935
totaled 1,712,863,000 kwh. This was a gain of 2.8% over
the 1,665,650,000 kwh. produced during the week ended
March 31 1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Week Ended
Apr. 8 1935
Major Geographic
Divisions
New England
Middle Atiartic
Central Industrial_ _ _
West Central
Southern States
Rocky Mountain
Pacific Coast
Total United Stales.
x Decrease.
3.1
4.5
8.9
7.7
8.1
17.2
15.2
1.1
1.0
3.5
6.0
6.3
15.3
14.9
1.8
1.9
4.1
3.6
8.0
17.3
x2.2
3.0
3.6
5.3
4.9
6.9
16.5
0.4
5.2
2.8
4.0
4.7
1934
1935
Jan. 5-- 1,668,731,000 1,563,678.000
Jan. 12._ 1.772,609,000 1,646,271,000
Jan. 19_ _ _ 1,778,273,000 1,624,846,000
Jan. 26... 1,781,666,000 1,610.542,000
Feb. 2_ _ _ 1,762,671,000 1.836,275,000
Feb. 9.... 1,763,696.000 1,651,535.000
Feb. 16._ 1,760,562,000 1,640,951,000
Feb. 23... 1,728,293,000 1,646,485,000
Mar. 2._ 1,734,338,000 1,658,040,000
Mar. 9_ _ _ 1,724.131.000 1,647,024,000
Mar. 16_ _ 1,728,823.000 1,650,013,000
Mar. 23_ _ _ 1,724,763,000 1,658,389.000
Mar. 30--- 1,712,863.000 1.665.650,000
Ant. 6
1.700.334.000 1.616.945.000
P. C.
Ch'ge
+6.7
+7.7
+9.4
4- 10.8
+7.7
+6.8
-1-7.2
-1-5.0
+4.6
+4.7
+4.7
+4.0
+2.8
+5.2
1Veeklo Data for Previous Years
in Millions of falowatt-Hours
1933
1932
1931
1930
1929
1,426
1,495
1.484
1,470
1,455
1.483
1.470
1,426
1.423
1,391
1,375
1,410
1,402
1.399
1,619
1,602
1,598
1.589
1,589
1.579
1,545
1,512
1,520
1,538
1,538
1,515
1,480
1.465
1,714
1,717
1,713
1,687
1,679
1.684
1.680
1,633
1.664
1.676
1.682
1,689
1,680
1.647
1,680
1,816
1,834
1,826
1,890
1,782
1,770
1,746
1,744
1,750
1,736
1,722
1,723
1.708
1,542
1.734
1,737
1,717
1,728
1,726
1.718
1,699
1,707
1,703
1,687
1,683
1.680
1.863
DATA FOR RECEN I' MONTHS
Month of-
1934
1933
%
Change
January- February...
March
April
May
June
July__ _
August
September_ _
October _
November __
December
7.131,158,000
6,608,358,000
7,198,232,000
8,978,419,000
7,249,732,000
7,056.116,000
7,116.261,000
7.309.575.000
6.832.260.000
7,384,922.000
7,160.756,000
7,528,337.000
6,480,897.000
5,835.263,000
6,182,281.000
6,024,855,000
6,632.688.000
6.809,440,000
7,058,1100,000
7,218,678.000
6,931,652.000
7,094,412.000
6,831.573.000
7,009,164,000
+10.0
+13.2
+18.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
+7.5
1932
1931
7.011.736.000
6.494,091.000
6,771,684,000
6,294,302.000
6,219,554,000
6.130.077,000
6.112.175,000
6.310.687.000
6,317.733,000
6.633,865.000
6,507,804,000
6,638.424,000
7,435,782.000
6,678,915,000
7,370,687,000
7,184.514,000
7.180,210,000
7.070.729,000
7.286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
fluence of the later date of Easter this year and also of the smaller number
of working days.
PERCENTAGE CHANGE FROM A YEAR AGO
March.
Federal Reserve districts.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Jan. 1
to
March 31
Number of
Reporting
Stores
Number
of
Cities
-8
--5
-4
+1
+3
+2
+7
0
56
53
32
29
57
41
66
38
43
22
24
85
29
28
15
10
27
25
30
20
21
13
10
31
-16
-13
-13
--10
-6
-4
+1
-4
-4
-4
-4
-6
o
+6
+3
+4
Total
n
MR
-R
2110
• March figures preliminary: in most cities the month had one less 1 winces day
this year than last year.
Revenue Freight Car Loadings Drop 71,868 Cars During
Latest Week.
Loadings of revenue freight for the week ended April 6,
1935 totaled 545,627 cars. This is a drop of 71,858 cars or
11.5% from the preceding week, and a loss of 13,433 cars
or 2.4% from the total for the like week of 1934. The comparison with the corresponding week of 1933 is more favorable, the present week's loadings being 53,566 cars or 10.9%
higher. For the week ended March 30 loadings were 1.2%
above the corresponding week of 1934, and 23.9% above
those for the like week of 1933. Loadings for the week
ended March 23 showed a loss of 0.4% when compared with
1934 but an increase of 26.6% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
April 6 loaded a total of 258,127 cars of revenue freight on
their own lines, compared with 299,688 cars in the preceding
week and 267,849 cars in the seven days ended April 7 1934.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
ReceivedfromConnections
Weeks Ended-
April 6 Mar.30 April 7 April 6 Mar.30 April 7
1934
1935
1935
1935
1935
1934
Atchison Topeka .k Santa Fe Ay.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago 3,111w. St. Paul& Pac. Ry
y Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chic. & St. Louis Ay_
Norfolk dr Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
x Not repotted.
18.354
23,044
13,984
12,718
16,253
13,197
2,240
2,204
4,031
12,147
41.109
4,131
12,394
50,999
5,618
20,733
4,971
16,678
32,328
24,008
13,671
16,886
13,089
2,321
1,727
4.000
13,600
46,500
4,133
18,325
61,411
5.496
20,417
5.098
17,330 4,882 4,489 4,331
24.077 12.997 13,566 12.760
16,386 7,374 7.869 7,263
13,036 8,693 8.871 6.214
15,457 6.887 7.207 6,537
14,546 8,748 9,033 9.135
2,459 1,117 1,112 1,297
2,776
1,758 1,837
1,958
4,335 2,541 2,364 2,614
12,243 7,068 7,343 7,688
41.872 49.862 59,625 53,823
3,849 7,997 8.601 8,534
16,783 3,133 3,931 3,729
52,787 32,136 36,600 30,190
5,552 4,736 4,993 4.952
19,544
4,817 8,107 8,694 7.466
258,127 290.688 267.849 166,036 184.135 168,491
y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-
Chicago Rock Island & Pacific RY
Illinois Central System
St. Louis-San Francisco Ry
Total
Total._ _ 85.584,124.000 80,009,501,000 +6.977.442.112.00086,063,969,000
Note-The monthly figures shown above ate based on reports covering approximately 92% of the electric lght and power industry and the weekly figures are
based on about 70%.
Federal Reserve Board Reports Increase in Department
Store Sales from February to March of More Than
Estimated Seasonal Amount
Department store sales increased from February to March
by considerably more than the estimated seasonal amount.
The Federal Reserve Board's index, which makes allowance
for differences in the number of business days, for usual
seasonal movements, and for changes in the date of Easter,
was 80 in March, on the basis of the 1923-25 average as
100, compared with 75 in February and 72 in January. In
an announcement issued for release to-day (April 13) the
Board added:
Sales in March were smaller than a year ago by 8%. reflecting the in-
Week Ended
Week Ended
Week Endirt
Mar. 30 1935 Mar. 23 1935 Mar. 16 1935
DATA FOR RECENT WEEKS
Week of-
April 13 1935
AMR 6 1935
Mar. 30 1935
April 7 1934
20,158
23,099
10,851
21,751
30,425
11,983
18,920
24,687
12,208
54,108
64.159
55.815
The Association of American Railroads in reviewing the
week ended March 30 reported as follows:
Loading of revenue freight for the week ended March 30, totaled
817,485
cars. This was an increase of 9,705 cars above the
preceding week. 7.295
cars above the corresponding week in 1934 and 119,129 cars above the
corresponding week in 1933.
Miscellaneous freight loading for the week ended March 30. totaled
242,864 cars, an increase of 8.342 cars above the preceding week.
15,829
cars above the corresponding week in 1934. and 66,101 cars above the
corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 161,501
cars, an Increase of 340 cars above the preceding week, but a decrease of
2431
Financial Chronicle
Volume 140
4.666 cars below the corresponding week in 1934. It was, however, an
increa-e of 1,929 cars above the same week in 1933.
Coal loading amounted to 140,862 cars an increase of 1,203 cars above
the preceding week, 791 cars above the corresponding week in 1934. and
51,742 cars above the same week in 1933.
Grain and grain products loading totaled 26.984 cars, an increase of
1,134 cars above the preceding week, but decreases of 539 cars below the
corresponding week in 1934, and 7.343 cars below the same week in 1933.
In the Western districts alone, grain and grain products loading for the
week ended March 30, totaled 17.049 cars, a decrease of 269 cars below the
same week in 1934.
Live stock loading amounted to 11,023 cars, an increase of 344 cars
above the preceding week, but decreases of 2,521 Cars below the same week
in 1934 and 3,847 cars below the same week in 1933. In the Western
districts alone, loading of live stock for the week ended March 30 totaled
8,562 cars, a decrease of 2,003 cars below the same week in 1934.
Forest products loading totaled 24,407 cars, a decrease of 1,639 cars
below the preceding week, but increases of 626 cars above the same week
in 1934 and 7,134 cars above the same week in 1933.
Ore loading amounted to 4,121 cars, an increase of 19 cars above the
preceding week, but a decrease of 68 cars below the corresponding week
in 1934. It was, however, an increase of 1,470 cars above the corresponding week in 1933.
L Coke loading amounted to 5,710 Cars, a decrease of 38 cars below the preceding week,and 2,157 cars below the same week in 1934, but an increase of
1.943 cars above the same week in 1933.
Three districts-Allegheny, Southern, and Centralwestern-reported increases for the week of March 30, compared with the corresponding week in
1934, in the number of cars loaded with revenue freight, but four districtsEastern, Pocahontas, Northwestern. and Southwestern-reported reduc-
Hons. All districts, however, reported increases compared with the corresponding week in 1933.
Loading of revenue freight In 1935 compared with the two previous
years follows.
1935
Four weeks in January
Four Weeks in February
Week of March 2
Week of March 9
Week of March 16
Week of March 23
Week of March 30
Total
1933
1934
2,170,471
2,325,601
604,642
587,270
597,432
607,780
617,485
2,183,081
2,314,475
605,717
614.120
627,549
610,036
610,190
1,924.208
1,970,566
481.208
441,361
453.637
479,959
498,356
7.510.661
7.565.168
6.249.295
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
March 30 1935. During this period a total of 77 roads
showed increases when compared with the corresponding
week last year. The most important of these roads which
showed increases were the Southern Pacific RR. (Pacific
Lines), the New York Central RR., the Chicago Milwaukee,
St., Paul & Pacific RR., the Atchison, Topeka & Sante Fe
System, the Illinois Central System, the Baltimore & Ohio
RR., the Pennsylvania System, the Chesapeake & Ohio
RR., the Louisville & Nashville RR., and the Missouri
Pacific RR.:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MARCH 30
1935
Total
1935
1934
2,141
3,074
7,745
1,070
2,794
10,782
564
1,860
2,561
6,553
669
2,189
9,315
649
231
4,282
9,958
1,535
2,602
10,877
916
280
4,715
10,387
2,192
2,637
11,232
1,005
26,301
28,170
23,796
30,401
32,448
3,944
8,347
11,263
164
1,022
6,152
2,442
20,670
1,016
778
447
4,970
8,824
12,854
130
1,228
6,566
2,343
20,643
1,448
689
470
7,248
6,596
13,632
1,932
1,345
6,965
35
28,916
1,821
22
397
6,988
6,575
14,293
1,789
1,176
6,874
29
30,232
2,038
24
378
56,245
60,165
52.261
68,909
70,396
569
649
1,352
1,381
8,309
7,864
25
21
193
223
281
295
1,993
3,460
4,770 4 4,538
9,144
8,933
5,470
5,275
4,133
3,837
5,496
5.526
5,366
5.057
1,641
1,263
5,098
5,239
3,802
3,597
1,201
1,777
12,067
86
90
3,249
1,956
7,137
9,110
211
8,601
4,993
5,006
1,020
8,694
3,081
1,193
1,852
12,439
78
126
3,603
1,975
7,800
10,598
179
9,744
5,863
6,079
1,055
7,992
3,051
N0,40r-r-,110.rO0N
Group (7
Ann Arbor
Chicago Indianapolis & Loulsv0.C. C. At St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y.Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia--Wabash
Wheeling & Lake Erie
1933
mmto.woommr-.nomeo ,
room'
Group BDelaware & Hudson
Delaware Lackawanna & WestErie
Lehigh & Hudson River
Lehigh di New England
Lehigh Valley
Montour
New York Central
New York Ontario dr Western.
Pittsburgh & Shawmut
Pittsburgh Slutwmut dr North..
1934
..0N000 1
NONN.1.0t.
0,VWCOMOMOMcD1
Eastern DistrictGroup ABangor At Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y.N.H. dr Hartford
Rutland
Total
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
59,248
55,552
38,809
68,279
73,627
Grand total Eastern District--
141,794
143,887
114,866
167,589
176,471
Allegheny DistrictAkron Canton & Youngstown_
Baltimore & Ohio
Bessemer aC Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey......
Cornwall
Cumberland & Pennsylvania_ _
Ligonier Valley
Long Island
b Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
836
32,328
2,658
270
1,416
5.678
58
406
206
857
1,146
61,411
10,873
7,700
147
3,943
466
29,787
2,024
253
1,374
5,678
20
I 415
225
745
1.083
57,402
14,228
7,081
125
3,454
252
21,847
941
220
a
4,255
196
160
901
992
47,030
10,866
2,713
54
2,517
664
13,566
1,716
7
15
10,630
85
26
16
2,427
1,236
36,600
16,884
2,211
3
7.188
720
13,680
1,325
7
27
10,072
49
14
31
2,432
1,161
34,294
15,834
1,554
129,933
124,360
92,944
93,274
87,545
Total
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac
Southern Air Line
Southern System
Winston-Salem Southbound..
Total
6,345
24,008
18,325
1,937
3,633
23,446
19.791
1,280
3,617
16,289
12,183
1,238
2,381
7,869
3,931
1,347
815
7.744
4,025
1,231
718
47,903
48,134
32,091
13,962
13,718
10,856
1,028
407
148
59
1,155
440
334
8,290
20,121
131
9,713
1,205
403
195
59
1,321
530
344
7,987
20,161
134
9,180
760
424
147
43
1,385
490
285
7.891
17,531
164
4,771
1,596
1,117
265
172
1,368
851
3,598
3,955
11,880
686
4,648
1,554
1,041
273
139
1,251
926
3,179
3,996
12,645
660
42,969
42.052
38,300
30,259
30,312
Total Revenue
Freight Loaded
Railroads
Group BAlabama Tennessee & Northern
Atlanta Birmingham St Coast_ _
Atl. & W.P.-W.RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah._
Mississippi Central*
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total Loads Received
from Connections
1935
1934
1933
1935
164
721
867
4,485
271
1,512
873
379
1.589
20,342
19,323
161
166
1,732
3,035
324
150
823
814
4,039
204
1,286
934
367
1,366
19,225
19,104
180
178
1,915
2,899
333
190
687
654
4,109
164
1,216
743
368
1,286
15,168
12,649
113
153
1,662
2,698
257
153
924
1,018
2,695
253
523
1.436
555
845
10,931
4.004
581
277
1,384
2,236
546
1934
196
833
1,172
2,498
263
558
1,405
486
684
8,437
4,061
538
315
1.523
2,438
733
55,944
53,817
42,117
28.366
26,140
Grand total Southern District__
98,913
95,869
80.417
58,625
56,452
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Paciflo_
Chicago St. P. MUM.& Omaha
Duluth Missabe & Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming_
Minneapolis & St. Louis
Minn.St. Paul & 8.5. M
Northern Pacific
Spokane International
Spokane Portland & Seattle
681
13,142
2,023
16,886
2,903
489
391
5,590
358
8,135
530
319
1,524
4,179
7,579
66
1,544
884
14.404
2,225
16,238
3,376
429
635
4,887
288
7,760
461
312
1,606
4,085
8,429
103
1,358
851
12,048
2,043
14,467
2,853
344
352
2,594
248
7,171
461
170
1,516
4,887
6,809
74
725
1,653
9.033
2,442
7,207
2,283
122
309
5,640
144
2,404
457
72
1,514
2,081
2,703
158
992
1,591
9,244
2,337
6,314
2,887
118
347
4,788
128
2,083
465
105
1,276
2.255
2,215
159
931
66,339
67.480
57,613
39,214
37,243
17,678
2,667
231
13,671
1,921
10.797
3,133
916
2,181
540
979
1,816
647
53
14,852
144
317
11,176
438
1.099
17,439
2,330
251
15,039
1,404
9,973
3,070
940
1,713
305
883
1,845
558
76
13,644
221
287
10,960
178
1,269
16,934
2,731
164
12,099
1,339
10,115
2,303
771
1,665
130
1,220
1,653
346
70
11.269
256
275
10,517
252
915
4,489
2.049
23
6,871
852
7,416
2,202
979
2,085
10
872
1,169
235
38
3,692
284
993
6,726
10
1,259
4,452
1,718
21
6,324
741
6,123
1,963
704
1,951
4
930
1,091
257
58
3,240
304
956
6,096
3
1,309
85,256
82,385
75,024
42,254
38,245
146
137
97
2,321
1,727
105
1,629
1,195
99
462
493
152
4,000
13,600
32
91
6,859
1,893
5,565
4,041
2,519
21
163
155
144
144
2,635
2,829
157
1,682
1,159
185
416
483
113
4,082
13,505
41
112
6,940
1,859
5,548
3,917
1,696
31
242
106
128
161
1,832
3,589
69
1,285
945
110
251
448
80
4,064
11,289
46
111
7,058
2,060
5,328
4,731
1,664
46
a
4,307
251
215
1,112
1,837
865
1,319
840
311
897
154
167
2,364
7,343
27
110
3,577
2,010
2.418
3.464
15,128
32
56
3,787
291
117
1,331
1,662
817
1,423
725
310
870
223
223
2.441
7,733
16
99
3.314
1,881
2,325
3,581
16,861
46
47,347
48,075
45,401
48.804
50.164
Total
Total
Central Western District
Atch. Top.& Sante Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland....
Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Groat Northern_
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas..
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
•
Texas & New Orleans
•
Texas & Pacific
Terminal RR. of St. Louis
Weatherford M. W.& N. W •
Wichita Falls & Southern
Total
as
•Previous figures. a Not available. b Pennsylvania-Beading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.. formerly pars of
Pennsylvania RR..and Atlantic City RR..formerly part of Reading Co.
Financial Chronicle
2432
Moderate Increase in Wholesale Commodity Prices
During Week of April 6 Reported by United States
Department of Labor
Wholesale commodity prices during the week ended April 6
again advanced moderately, according to an announcement
made April _11 by Commissioner Lubin of the United States
Department of Labor, Bureau of Labor Statistics. "The
general level of wholesale prices for the current week was
79.2% of the 1926 average," Mr. Lubin said, adding:
Lids represents a rise of 0.4% in comparison with the previous week.
The advance of the past two weeks has brought the index within 0.5%
of the peak of the year, which was reached in the last week in February
and the first two weeks in March. Compared with the corresponding
week of last year, the index for the week of April 6 shows an increase of
8% and is approximately 32% higher than in the corresponding week of
1933.
Marked advances in prices of farm products and foods were wholly
responsible for the rise in the composite index. Most other commodity
groups were below the level of the previous week. The combined index for
the group that includes "All commodities other than farm products and
foods" dropped 0.1 of 1%. The present Index for this group is 2% below
the level of a year ago, when the index was 78.7. When compared with two
years ago, however, with an index of 65.5, it is higher by 18%.
Each of the 10 commodity groups has receded from its respective high
point of the year. For miscellaneous commodities the decrease has been
nearly 4%;textile products,2%;farm products, 1 3j%;and hides and leather
goods. 1 yi %. Foods and fuel and lighting materials have recorded the
smallest decreases during this period. The decline in each case has
of 1%.
amounted to less than
Hides and leather products, textile products, building materials, housefurnishing goods and miscellaneous commodities are now at the low for the
current year. Foods, on the other hand, have advanced 54% over the
low. Farm products are up by 4% and chemicals and drugs 134%. Fuel
and lighting materials and metals and metal products also show fractional increases.
The most marked advance in commodity prices last week was recorded
by farm products, with the average for the group as a whole rising nearly
%. The larger portion of this increase was due to an advance of 2.8%
in grain, although livestock and poultry and the sub-group of other farm
products, including eggs, apples, lemons, oranges, seeds, and white potatoes, were also higher. Important farm products decreasing in price
were cotton, hay, and wool. This week's farm products index, 78.6, is
30% above a year ago and more than 78% above two years ago, when the
Indexes were 60.4 and 44.0, respectively.
Group index numbers for the week of April 6 1935 as
compared with the high and low Weeks of 1935 and the per
cent of increase from the low to the high are shown in the
following table, contained in an announcement issued by
the Labor Department:
Commodity Groups
All commodities
Farm products
Foods
Hides & leather prod'ts
Textile products
Fuel & lighting mat'lsMetals & metal prod'ts
Building materials
Chemicals and drugs._
Housefurnishing goods_
Miscellaneous
All commodities other
than farm products
and fnneIR
Per Cent Per Cent Per Cent
Apr. Date and Date and Increase Increase Increase
Apr. 6
Apr.8
Low to
High
Low
6
Over Low FromHigh
High
1935
1935
1935
79.2 1-6 77.9 3-9 79.6
_
1-5 75.6 3-9 80.0
1-5 78.5 2-23 83.2
4-6 85.6 1-12 86.9
4-6 68.7 1-26 70.0
3-16 73.8 2-2 74.4
3-23 84.9 1-12 85.6
4-6 84.3 3-23 85.0
1-5 79.1 3-9 81.6
4-6 81.9 2-9 82.3
4-6 68.4 1-12 71.0
2.2
1.7
0.5
78.6
82.9
85.6
68.7
74.1
85.0
84.3
80.2
81.9
68.4
5.8
6.0
1.5
1.9
0.8
0.8
0.8
3.2
0.5
3.8
4.0
5.6
0.0
0.0
0.4
0.1
0.0
1.4
0.0
0.0
1.7
0.4
1.5
1.9
0.4
0.7
0.8
1.7
0.5
3.7
77.2 4-6 77.2 1-12 78.1
1.2
0.0
1.2
The announcement of the Department of Labor said:
Wholesale food prices rose 1 1-3%. With but three exceptions, the
trend in this group has been steadily upward since the first of the year.
The sub-groups of butter, cheese and milk,fruits and vegetables, and other
foods, including coffee and sugar, were up by 2%. Meats with an advance
of 1% shows an accumulated rise of 1834% since the first of the year.
Cereal products were slightly higher. Lower prices were reported for dried
peaches, prunes, mutton, bacon, lard, oleo oil, and vegetable oils. The
index for the group as a whole was 82.9 and represents an increase over a
year ago of 25% and over two years ago of 50%.
Lower prices for lumber in the group of building materials forced the
Index down 1 1-3% to 84.3. Paint materials and other building materials
were fractionally lower. The sub-groups of brick and tile, cement and
structural steel remained unchanged from the previous week.
Sharp declines in average prices of cattle feed and crude rubber and weakening prices of cylinder oil and cigars were responsible for the decline of
0.6 of 1% in miscellaneous commodities. The sub-group of automobile
tires and paper and pulp were unchanged.
Falling prices of certain chemicals and fertilizer materials resulted in
the index for the group of chemicals and drugs declining to 80.2% of the
1926 average. Drugs and pharmaceuticals and mixed fertilizers were unchanged at the level of the past week.
Hides and leather products, with an index of 85.6, recorded a minor decrease due to declining prices for hides and skins and leather. Average
prices of shoes and leather products were steady.
Advancing prices for woolen yarns, burlap, and hemp were more than
offset by further depressed prices of several cotton fabrics and raw silk,
with the result that the group of textile products declined 0.1 of 1% to a
new low for the year. No change was recorded for the sub-groups of clothing and knit goods.
Fuel and lighting materials also declined 0.1 of 1% because of lower
prices for anthracite coal. Average prices of bituminous coal and Oklahoma gasoline, on the other hand, were higher, while coke remained the
same as for the last week of March.
Strengthening prices of pig tin and pig lead failed to change the index
for the group of metals and metal products, which remained at 85.0. The
sub-group of agricultural implements, iron and steel, motor vehicles, and
plumbing and heating fixtures remained unchanged. The index for the
group of housefurnishing goods registered no change from the previous
week, although the trend in furniture was downward.
The index of the Bureau of Labor Statistics is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
April 13 1935
The following table shows index numbers for the main groups of com modities for the past five weeks and for the weeks of April 7 1934 and
April 8 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
APR.6, MAR.30, MAR.23, MAR.16 AND MAR.9 1935 AND APR.7 1934
AND APR.8 1933 (1926=100.0)
Apr. Mar. Mar. Mar. Mar. Apr. Apr.
6
30
16
23
9
8
7
1935 1935 1935 1935 1935 1934 1933
Commodity Croups
All commodities
79.2
78.9
78.8
79.4
79.6
73.3
60.1
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
nroducts and foods
78.6
82.9
85.6
68.7
74.1
85.0
84.3
80.2
81.9
68.4
77.5
81.8
85.7
68.8
74.2
85.0
84.9
80.4
81.9
68.8
77.6
81.1
85.8
68.8
74.0
84.9
85.0
80.9
81.9
68.8
79.2
82.6
86.0
69.0
73.8
85.0
84.6
81.5
81.9
69.0
80.0
82.1
86.4
69.3
73.8
85.1
85.0
81.8
82.0
69.8
60.4
66.1
89.5
75.7
72.6
86.5
86.7
75.5
82.5
69.7
44.0
55.3
68.5
50.9
62.9
76.7
69.9
71.3
72.3
57.6
77.2
77.3
77.3
77_2
776
757
as a
Retail Prices Declined Fourth Consecutive Month
During March, According to Fairchild Publications
Retail Price Index
Retail prices for general merchandise continued the
downward trend evidenced since April 1 1934, according
to the Fairchild Publications Retail Price Index. Price
on April 1 show a decrease of 0.4 of 1% under March 1, and
are also 3.7% below the corresponding month a year ago.
April 1 1934 marked the peak in the 1933-34 recovery.
From an announcement issued yesterday (April 12) by
Fairchild Publications we also take the following:
The decline during the past 12 months has approximated 3.7%. However, it still continues 24.3% above theiMay 1 1933 low. Current prices
are also 13.7% below Jan. 3 1933 level, and also 27%Ibelow the November
1929, level. Prices have been sagging with very little interruption feria
year.
PO
With the exception of infants' wear, each of the major groups showed
goods
piece
with
recordindthe
declines during the month,
greatest!decrease
and home furnishings following. Women'siapparel,lhowever, showed the
greatest decline under the corresponding period a1Fear ago, as well as
showing the greatest decrease under the 1934 high. Piece goods prices
have shown the greatest recovery since the 1933 low.
Most items included in the index averaged lower during the month.
Among the items showing decreases include silks, woolens, cotton wash
goods, blankets and comfortables, women's hosiery, furs, women's underwear, men's hosiery and underwear, shirts and neckwear, men'sTclothing,
Infant's underwear, furniture, floor coverings, musical instruments and
luggage. Among the items showing gains during the month were sheets
and pillow cases, women's, men's and children's shoes, hats and caps,
Infants' socks, electrical household appliances and china.
THE FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
JANUARY 1931=100
Copyright 1935, Fairchild News Service
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods.
Silks
Woolens
Cotton wash goods
Domestics.
Sheets
Blankets dr comfortables
Women's apparel.
Hosiery
Aprons & house dresses_
Corsets and brassieres
Furs
Underwear
Shoes
Men's apparel.
Hosiery
Underwear
Shirts and neckwear_
Hats and caps
Clothing,incl. overalls.._
Shoes
Infanta' wear.
Socks
Underwear
Shoes
Furniture
Floor,coverings
Musical instruments
Luggage
Elec. household appliances
China
•Revised.
Feb. 1
1935
Mar. 1
1935
Aprfl 1
1935 1
87.2
*WO
87.4
88.1
93.9
88.5
86.8
85.8
87.4
87.9
93.9
88.2
86.8
85.8
87.4
87.8
93.4
88.2
86.3
85.1
87.3
87.7
93.6
87.9
70.9
80.3
106.6
66.9
82.9
108.2
66.8
82.4
108.2
66.6
82.6
108.2
65.5
82.2
107.7
65.0
72.9
97.6
97.3
96.2
98.6
96.6
98.0
96.8
97.3
96.9
96.6
59.2
75.5
83.6
66.8
69.2
76.5
79.4
103.4
96.2
92.7
89.9
86.0
76.1
102.5
92.3
90.4
85.5
82.1
75.9
102.4
92.4
89.9
85.1
81.7
75.7
102.3
92.2
90.0
84.9
82.0
75.2
102.3
92.2
89.5
84.8
82.3
87.4
64.9
95.2
69.6
92.2
74.3
81.4
69.7
70.1 . 87.2
89.8
76.3
87.2
92.5
88.5
81.8
86.9
90.0
87.2
92.4
86.6
81.6
87.1
90.0
87.2
92.3
86.5
81.3
87.2
89.9
88.9
91.9
86.2
81.9
86.9
90.0
96.8
95.2
93.5
94.9
91.4
90.6
94.7
96.7
101.3
97.8
60.2
60.6
76.8
80.6
77.9
78.0
93.0W 91.1
98.6
93.5
91.5
93.2
101.1
a 60.0
76.5
77.8
90.6
98.6
92.9
90.6
93.4
101.6
60.0
76.9
78.0
90.2
96.8
92.8
91.1
92.8
101.2
59.4
76.2
78.4
90.4
May 1
1933
.4 pill 1
1934
69.4
65.1
70.7
71.8
76.4
70.2
89.6
85.9
88.9
91.2
93.6
88.7
57.4
69.2
88.6
74.0
74.3
80.9
69.4
79.9
50.6
60.1
72.5
81.5
Jan. 2
1935
Canadian Industry Showing Signs of Revival, Says
S. H. Logan of Canadian Bank of Commerce
"Industry in Canada is showing signs of revival from the
slight set-back it suffered in the midwinter season," according to S. H. Logan, General Manager of the Canadian Bank
of Commerce. "The March statistics," he stated, "may
not reveal this condition, for preliminary reports which the
Bank receives regularly from numerous industrial points,
large and small, indicate a continued recession in the majority of manufactures. But accompanying these reports
were advices of an increasing volume of new orders, in many
cases well in excess of those in the corresponding period of
last year, particularly from agricultural districts." Under
date of April 5 Mr. Logan continued:
Financial Chronicle
Volume 140
The new crop season opens in Canada under more promising conditions
than a year ago. Indeed, we rarely see at this time of the year such optimistic reports as are now being received from our country branches and other
dependable sources, although we temper these by bearing in mind the fact
that the exceptionally adverse effects of the 1934 season are still present
In some degree.
The notable exceptions to the recent general downturn in Industrial
operations were construction and automobile manufacture, both of which
helped to sustain the entire industrial structure. Construction contracts
awarded in March had a value about 20% less than was recorded in either
January or February, but a decline is usual in the first-mentioned month
and in this instance is accounted for oy fewer public works projects. Taking the current quarter's figures as a whole and allowing for the 1112C0111pleted portion of the contracts, we estimate the building and engineering
work actually in progress during the period as about one-third greater than
in the first three months of 1934.
The automobile industry has made a still more impressive showing.
February production was the largest for that month since 1929 and nearly
double the output of February 1934, owing not only to a marked strengthening in domestic demand and the building up of dealers' stocks, but also
to a substantial increase in export trade. Reports from the leading centers
are to the effect that March production exceeded that of February. Notwithstanding the upturn in these two important industries, the steel mills
have been less active than in the early part of 1934, owing, apparently,
to smaller rail orders and to severe weather conditions at one of the Principal centers. However, these handicaps have now been overcome and
the mills are somewhat busier.
Business (Corporate) Earnings During 1934 Reported
52% Above 1933 by New York Federal Reserve
Bank-Fourth Quarter Earnings Dropped
"Total profits of 659 leading industrial and mercantile
companies whose statements have so far been published were
52% larger for the year 1934 than for 1933," stated the Federal Reserve Bank of New York, "but . . . were only
about one-third as large as in 1929." The Bank said that
"the increase in aggregate profits in 1934 was due entirely
to higher earnings of the first half of the year than in the
corresponding period of 1933, which included the banking
crisis with its attendant low level of business." In presenting a compilation of the earnings reports of the 659 concerns
in its "Monthly Review" of April 1, the Bank further
reported:
Quarterly data for smaller group of companies indicate that profits in
the third quarter of 1934 were about one-fourth smaller than In 1933, and
that fourth quarter profits did not quite reach the level of the previous
year, despite an increase in the volume of business toward the end of 1934.
Of the 36 groups of industrial and mercantile concerns shown in the
table below, three groups-the agricultural implement. steel and restaurant
companies-continued to report deficits in 1934. although the deficits
were smaller than in the previous year. Eighteen groups of companies
showed larger profits in 1934 than in the previous year, and eight groups
reported net profits for 1934 as against deficits In 1933, while seven groups
had smaller profits in 1934 than in 1933. . . . The number of companies reporting net losses in 1934 was 157, which is 24% of the total; this
compares with 231 companies, or 35% of the total, having deficits in 1933.
About 74% of all reporting industrial companies improved their earnings
position in 1934, either increasing profits, showing profits instead of losses
as in 1933, or reducing deficits.
The Class I railroads, however, reported a combined deficit after payment
of fixed charges in 1934, which was somewhat larger than the loss shown
In 1933 but was substantially less than the 1932 deficit. Net income of a
group of public utility companies other than telephone companies continued
to decline In 1934. despite an increase in electric power production to the
highest level since 1929. Their 1934 earnings were 22% lower than in
1932 when industrial and railroad earnings reached their lowest point.
(Net profits in millions of dollars)
Corporation Gi our
No.
of
Cos.
1929
1931
1932
1933
1
I
21
2
11
27
18
14
17
5
5
.5
9
19
30
29
17
20
89
78.8
3.3
45.8
129.6
15.3
37.3
64.9
6.0
4.8
28.5
14.1
13.5
365.0
143.9
13.8
110.1
185.7
659
2,693.8
___
896.8
41.2 598.9 911.1
134.8 -139.2 -13.8 -32.3
54
351.3
323.5
-4.5
I
I
I
-.
I
I
I
I F-1
1
14.4
1.5
0.3
12.5
-2.5
4.3
-12.3
1.5
0.2
-18.1
0.5
-5.6
-134.2
15.7
-12.6
118.2
14.9
-1.6
26.9
11.7
-25.1
71.8
-4.6
I .. I
.m
14.3
-31.4
-16.4
97.3
-3.6
-4.1
3.5
-27.4
-2.2
-lerCONVIDNO
PC,0,
>0.0,
.1
DCRC3WC:MCIhNO.:
.00MM.C
.,,
s
-13.6
n. .t.mo.o.4.mr-cm.crome.c .nc,mo,Pm=omm.vccmcou)
;o6.6er:c4Or.:MM.c,
i
c.;. t....4crciodi..4.,6 ..44c
,
0Welt-42
8
11
10
28
33
9
18
11
42
5
89.6
5.4
50.2
17.7
61.8
202.3
10.9
3.4
27.2
111.2
154.2
175.1
7.9
55.8
20.5
66.9
13.4
1.
43
7
9
5
32
27
-17.4
-31.2
C;
Public utilities, except telephone
companies. net income_
(-)Deficit.
45.8
314.1
I
Total 36 groups
Class I Railroads, net income
5
10
CV6M
Agricultural implements
Automobiles
Automobile parts and accessories
(excluding tires)
Aviation
Bakery pi oducts
Beverages
Building equipn)ent and suppllea
Chemicals and drugs
Clothing
COO and coke
Confectionery
Copper
Electrical equipment.
Food products- miscellaneous._
fleeting and plumbing
Household equipment and supplies
Leather and shoes
Machinery and tools
Meat packing
Metals and mining (excl, copper,
coal and coke)
Motion pictures
Office equipment
Oil and petroleum
Paper and paper products
Printing and publishing
Railroad equipment
Realty
Restaurants-chain
Rubber and tires
Shipping
Silk and hosiery
Steel
Stores
Textiles-miscellaneous
Tobacco
kiscollaneous
1931
-1.5
94.6
24.7
0.2
19.1
21.4
5.3
124.1
2.0
1.1
16.9
10.1
17.2
97.7
0.2
27.0
12.7
7.1
13.6
54.9
2.4
17.8
24.7
7.2
9.1
3.0
0.8
-0.3
7.1
1.0
0.4
-10.2
106.0
1.8
84.4
104.5
746.4
255.8
220.5
199.1
2433
Business Conditions in San Francisco Federal Reserve
District-Activity During February Larger Than
in January
The Federal Reserve Bank of San Francosco announced
March 25 that "Twelfth (San Francisco) District business
was more active in February than in January, continuing
the improvement of the two preceding months. Slightly
more than the usual seasonal gains were reported in private
employment in most parts of the district." In a summary
of conditions in the district the bank added:
Practically all lines of manufacturing for which data are available
expanded during February, with activity at a materially higher level than
in February 1934. The principal expansion from January came in the
lumber industry, in which a considerable volume of unfilled orders has
accumulated during recent weeks. . . .
Principally because of a sharp increase in lumber shipments, freight
ear loadings continued to expand during February, the seasonally adjusted
index advancing from 70% of the 1923-1925 average in January to 74%
in February, the highest point in any month since mid-1931. Daily
average department store sales increased moderately during February, and
their value was 10% higher than a year ago. Automobile sales increased
sharply, whereas they usually decline during February. The total number
of new cars sold was larger than in any February since 1930.
Rainfall in the early Dart of March gave added assurance to earlier
predictions that irrigation water for the coming crop season would be
sufficient in most parts of the district. Cold weather retarded the growth
of fruits, while some vegetables were damaged by frosts. The outlook
generally, however, is that crop growth this year will be somewhat earlier
than in most seasons, although it will be later than in 1934.
Business Conditions in Philadelphia Federal Reserve
District-Slackening of Activity in Early March
Noted Following Improvement During February
Business activity .in the Third (Philadelphia) District,
according to the Federal Reserve Bank of Philadelphia,
"generally showed improvement during February but some
slackening in March, according to early indications." In
its "Monthly Review" of April 1 the bank further reported:
Industrial production increased slightly more than usual from January
to February, reflecting wholly larger output of manufactures and bituminous coal. Compared with a year ago, industrial output was 4% greater
and the total production in the first two months was nearly 7% larger.
Prices of raw materials and finished products were higher, while those of
partly manufactured goods were somewhat lower in February this year
than last.
The value of retail trade sales rose by a larger amount than was expected,
following an exceptionally sharp decline in the previous month. Wholesale
trade, on the other hand, showed little change. Other indicators relating
to distribution failed to measure up to their usual levels, except for the
sales of new passenger automobiles, which increased greatly since January.
Comparisons with last year continue favorable, although in the case of
retail trade March sales are reflecting the influence of the Easter season
which occurs about three weeks later this year than last. Collections
relative to outstanding balances continue to show improvement over
last year. . . .
Manufacturing
The demand for factory products has slackened and sales generally have
declined since the middle of last month. The volume of unfilled orders
for most manufactures about the middle of March seemed considerably
smaller than in the previous month and somewhat below that of a year
ago. Current reports indicate that lately there has appeared a marked
degree of hesitation with respect to new business commitments, particularly
in the case of most textiles. . . .
Output of such textile products as woolens and worsteds, knit goods,
and floor coverings showed increases larger than usual, while in the case
of silk and cotton manufactures gains were smaller than customery.
Business Conditions in Cleveland Federal Reserve
District-Industrial Operations Reported Irregular
in March-Automobile Production at High Levej
"Except for the fact that automobile production continued
to increase at about the seasonal rate in February and in
the first three weeks of March was at the highest level for
that season since 1929," reports the Federal Reserve Bank of
Cleveland, "industrial operations in the Fourth (Cleveland)
District were somewhat irregular, and most lines of trade
in the period were adversely affected by a combination of
factors." From the bank's "Monthly Business Review" of
March 31 we also take the following:
With automobile production up so sharply from 1934, the tire
Industry,
so far as original equipment sales are concerned, showed
correspondingly
large increases in the opening months of the year. Demand for
replacement
tires has been rather limited, but the most active season for this
branch
is just getting under way. Tire production recently was reported at
a rate
somewhat in excess of current shipments to dealers.
Clothing and shoe factories in this district in the first half of March
were operating at unusually high rates. The former had obtained
permission to operate 40 hours a week during the month instead
of 36 hours as
provided by the code, and output of the latter in February
(the latest
month for which complete information is available) was
higher than
since 1928. . . .
Retail trade has been affected by the fact that Easter is so late
this
year, and as a result much spring buying has been deferred.
February
sales at department stores were under a year ago, partly because
considerable
forward buying occurred late in January, prior to the effective date of
the Ohio sales tax. Wholesale trade in February was slightly
above the
previous year, but the gain was smaller than in January. . . .
Employment in this district, judging by reports available,
improved
more than seasonally in February; in Ohio it was about 7%
above last
year at approximately 700 factories. The rise in
payrolls was greater
because of the increased number of hours worked per week at
many plants
and also because of higher wages now in effect at some
factories.
Financial Chronicle
2434
Business Conditions in Kansas City Federal Reserve
District-Increase Over Year Ago Noted in Activity
During February and Fore Part of March
The Kansas City Federal Reserve Bank, in its "Monthly
Review" of April 1, stated that "Tenth (Kansas City) District business activity, although displaying some hesitancy
and unevenness during February and the fore part of
March, approximated the January level and on the whole
was well above a year ago." The bank added:
Trade at retail, as indicated by department store sales, increased by more
than the usual seasonal amount from January to February, the February
volume exceeding that of February 1934 by 13.7%, with collections also
better. Wholesale trade declined slightly during the month and was 8.2%
smaller than a year ago, drugs being the only one of the five reporting
lines showing improvement this year. Retail lumber sales tended slightly
downward in February and were moderately lighter than a year ago. The
record of business failures continued favorable, being the best for any
February since 1920. . . .
Farmers are encouraged by higher prices and, although crop prospects
are only fair, most surpluses have been eliminated and the agricultural
outlook for the coming season is generally regarded as the best in several
years. The weather throughout the winter has been favorable for live
stock and, with the heavy feeding season passing, feed supplies, which are
still distressingly short in some areas, have held out better than expected.
The eastern half and extreme western sections of the district received
normal or near normal supplies of moisture during February and the fore
part of March, with present supplies sufficient for current needs, but the
western third of the winter wheat belt remained dry and wheat in that
area was severely damaged by high winds and dust storms. Soil preparation and the planting of spring crops are going forward on schedule except
in the semi-arid regions where the ground is too dry to work.
Seasonal Gain Noted in New York State Factory
Employment from Mid-February to Mid-MarchWage Payments also Higher
Employment and payrolls at New York State factories
increased by more than the usual seasonal amount between
the middle of February and the middle of March, continuing
the movement recorded during the previous monthly period.
According to a report issued April 8 by industrial Commissioner Elmer F. Andrews, the number of persons employed
increased 1.2% over the monthly period, while the amount
of wage payments rose 3.1%. The usual seasonal gains
for the February to March period, as shown by the average
movement for the last 20 years, are about 0.7% for employment and 2.7% for payrolls. From the report we also take
the following:
The March increases advanced the State Labor Department's index
of factory employment, which is computed with the average for 1925-1927
as 100, to 74.0, and the index of total factory payrolls to 62.8. Compared with the corresponding period a year ago, the number of persons
employed this March was 2.5% greater, and the total amount of payrolls
was 7.6% larger.
Reports from 1,637 representative factories located in various parts of
the State, employing during the middle week of March 350,280 workers
on a total payroll of $8,576,075, form the basis for this analysis. These
plants report each month to the New York State Department of Labor's
Division of Statistics and Information, which is under the direction of
Dr. E. B. Patton. . . .
The upward tendency this month, as in February, was general, with
all but a few of the manufacturing industries reporting gains in employment. The largest numbers of re-employed workers were again noted
in the metals and machinery, textiles and clothing and millinery group.
The percentage changes in employment from February to March in the
past 21 years are given in the following table.
Increases
February to March
1915
1916
1917
1918
1920
1921
1922
1923
1924
+0.1% 1925
1926
1927
+1.4
+1.0
1928
+2.9
1929
1931
+0.9
1934
+1.2
1935
+2.3
+0.4
Decreases
February to March
+1.1%
+0.3
+0.6
+0.4
-I 1.8
+1.6
+3.8
+1.3.
1919
1930
1932
1933
-0.7%
-0.2
-0.6
•Pre-iminary.
Greater Employment in Metals
A net increase of 0.8% in numbers employed at factories producing metal
products and machinery occurred from February to March, continuing
the rise registered during the previous three months. The upward movement continued fairly general, with most of the metal Industries reporting
some gain in employment. Notable exceptions were the automobiles and
automobile parts and iron and steel divisions, where employment fell off
after having shown large increases in January and February. A number
of persons were also let go by structural and architectural iron concerns and
manufacturers of business machines and miscellaneous instruments and
appliances. Larger working forces were reported by silverware and jewlery,
brass, copper and aluminum, sheet metal and hardware, firearms, tools
and cutlery, machinery and electrical apparatus,shipbuilding and repairing,
and railroad equipment and repair shops. Manufacturing of heating apparatus had about the same number of employees in March as in February.
Needle Trades Continue Seasonal Rise
Most of the needle trades reported continued seasonal gains in working
forces in March, with all the clothing and millinery industries combined
showing a further rise of 2.4%. Larger working forces were noted at
men's clothing, women's clothing, women's underwear, millinery and men's
furnishings shops. The miscellaneous sewing and laundering and cleaning
divisions showed no changes in employment this month.
Further Upswing in Textiles
The rise In textile employment which occurred during the previous three
months was continued in March. Employment fell off at silk and silk
goods and miscellaneous textile mills, but these losses were more than
April 13 1935
offset by further increases in the number of operatives employed at plants
producing carpets and felts, cotton goods and knit goods.
Other Groups Show Gains
All the Industries comprising the foods and tobacco group, excepting
meat packing and canning and preserving, reported more employees in
March than in February. In the stone, clay and glass group all divisions
showed employment gains, due largely to seasonal factors. Net advances
In employment were noted in the wood manufactures, furs, leather and
rubber goods, chemicals, oils and paints, pulp and paper, and printing and
paper goods groups. Water,light and power plants had a few more workers
than in February.
New York City Employment Higher
Employment and payrolls at New York City factories showed further
increases of 1.7% and 6.3% respectively. between February and March.
The rise continued fairly general, with further gains apparent in most of
the main industry groups. Seasonal increases in acti-ity continued in the
needle trades, with the clothing and millinery group as a ‘.hole showing an
additional rise in employment amounting to 3.3%. Larger working forces
were reported by all divisions comprising the group excepting laundering
and cleaning. Nearly all of the metal industries reported more employees
In March than in February. Net gains in working forces were noted in
the furs, leather and rubber goods, chemicals, oils and paints, printing
and paper goods, and foods and tobacco groups.
Reductions in employment occurred at stone, clay and glass plants and
at textile mills. The wood manufactures and water, light and power
groups had about the same number of employees as in February.
Most Up-State Cities Show Gains
All but two of the six Major up-State industrial centers reported increases
in both employment and payrolls in March. The exceptions were Rochester
where small net losses in numbers employed and in payrolls occurred and
Syracuse, where employment remained about even with February while
payrolls were decreased somewhat.
In Buffalo the increases in employment and payrolls were due principally
to greater activity at foundries and machine shops, railroad equipment
and repair shops, and ship building and repairing plants. In the AlbanySchenectady-Troy area the principal gains occurred at plants producing
electrical machinery and appliances and at railroad equipment shops. Some
gains were noted also at textile mills and shirt and collar factories. Utica
reports showed increased employment at textile mills and in Binghamton
Increases were registered at metal plants.
The percentage changes from February to March in employment and
payrolls in each of the major industrial centers of tbe State are given below.
February to March 1935
City
Albany-Schenectady-Troy
Bic,ghamton
Buffalo
Rochester
Syracuse
Utica
New York City
Employment
Payrolls
+2.5
+0.6
+1.5
+2.6
+1.8
+2.1
-0.5
-0.8
+1.7
+6.3
+0.1
+2.3
+1.7
FACTORY EMPLOYMENT IN NEW YORK STATE
(Preliminary)
Percentage Change
Feb. to March 1935
Industry
Stone, clay and glass products
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, &e
Railroad equipment and repair shoPe
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, &ir
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Glover, bags, canvas goods
Rubber and gutta percha
Pearl, horn. bone, &et
Chemicals, oils, paints. &e
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water. light and power
Total
Total State
N. Y. City
+5.7
+2.9
+20.5
+5.8
+3.6
+0.8
+6.4
+0.4
-1.5
-2.5
+1.2
+3.4
+0.5
+1.3
-3.4
+1.6
+7.4
-0.3
+2.7
+10.2
-1.9
+5.3
+3.9
+0.6
-2.1
+2.7
-0.1
+3.6
+2.4
+3.2
+0.9
+2.0
+3.3
-1.2
+1.3
+1.0
+0.5
-0.1
-2.0
+1.1
+1.6
-4.8
+2.2
+8.3
+4.0
-0.8
+2.5
+1.0
+1.5
+6.6
+2.0
.
No change
No change
+0.9
+1.6
-9.0
+0.9
-1.5
+2.2
+0.7
+5.9
+3.9
+0.3
-4.7
-5.5
-9.0
+13.2
-1.9
+1.8
+4.2
+4.5
+1.2
•=8".6
+4.0
-I:2:4
+0.7
-2.3
+1.1
+0.8
+1.5
+0.1
+3.2
-11.7
+1.3
+3.4
+1.2
-F2-.7
+0.5
+2.6
-3.6
+2.6
+0.7
+1.5
+3.8
-1.4
+2.6
-2.1
+1.6
+1.9
+1.3
+1.7
-3.2
-14.9
-:1.5
+1.9
+3.3
+0.2
+4.9
+7.1
+2.2
+2.4
+0.6
-0.3
+1.4
+4.3
-13.3
-0.2
-0.8
+3.0
+1.0
+6.0
+4.0
+0.3
+1.7
Business Conditions in Boston Federal Reserve District-February Level of Activity Moderately Below
January
"A moderate decrease was recorded during February in
the level of general business activity in New England from
that which prevailed in January, after allowances for customary seasonal changes had been made," said the Federal
Reserve Bank of Boston, "while department store sales in
this district during the first two months of 1935 were in
practically the same volume as in the corresponding period
a year ago." Continuing, the bank also had the following
to say in its "Monthly Review" of April 1:
The average daily amount of raw cotton consumed by New England mills
during February was 3,662 bales compared with 4,184 bales in the corresponding month of 1934; 2,840 bales in February 1933, and 3,254 bales
in February 1932. A decrease of 2% occurred between January and February in the average daily amount consumed. Wool consumption in this
district during February is estimated to have been moderately less than
in January. . . .
Between January and February the number of wage-earners employed in
manufacturing establishments in Massachusetts rose 2.3%, and a gain of
3.5% occurred in aggregate weekly payrolls, according to the Massachusetts Department of Labor and Industries. These increases were approximately equal to the average January-to-February changes during the past
10 years. Practically all divisions of industry reported gains in employment and payrolls between January and February, the largest increases
being in the boot and shoe industry.
In February the sales volume of 1,003 retail establishments in Massachusetts amounted to $17,137,838, 1% less than the volume of $17,314,217 in the corresponding month of 1934.
Changes in Labor Costs and In Other Phases of Manufacture July 1933 to February 1935-Survey by
National Industrial Conference Board
Owing to a 36.0% rise in payrolls, labor costs in manufacturing industry increased 28.5% per unit of income and
44.8% per unit of product during the 19-month period of
production under the codes from July 1933, to February
1935, according to the National Industrial Conference
Board. This rise in labor costs occurred in an interval
characterized by less production in volume and generally
less production in value, the Board's report shows. Additional facts concerning changes in manufacturing during
the period July 1933, to February 1935, as reported by the
Conference Board, follow:
Production was 6.2% lower in volume, but by reason of higher prices
now prevailing, 5.8% higher in value.
Employment rose 13.6%.
Man-hours, owing to a decline in production and reduced hours, fell to a
point 2.1% below the July 1933. level.
Output per worker declined as a result of shorter hours.
Comparing manufacturing production in February 1935,
with that of the preceding month, the Conference Board
riTi_:irts increases of slightly more than 3% in volume and a
litTrgover 4% in gross income. The greater increase in gross
income was the result of rising prices, the Board's report
indicates, stating:
Payrolls, by a rise of 7.8%, represent the most striking advance during
February. Volume of production paralleled the advance of employment
and man hours increased 6.8%.
As a result of these rates of change, output per worker remained practically stationary. Output per man-hour declined. Owing to the greater
rise in payrolls than in other factors, labor costs showed some advance.
A table presenting the Conference Board's indexes of manufacturing activity follows:
Base. 1923-25=100
Indexes
Production
Employment
Man-hours
Payrolls
Gross income
Output per worker__
Output per man'hour.
Labor Costs:
Per man-hour
Per unit of product_
Pot.110Ont arnsto ion
2435
Financial Chronicle
Volume 140
P. C.
NoOcChange Feb- Jan- DeJuly 1933 rears uary cember °ember tober
to Feb. 1935 1935 1934 1934 1934
1935
July March
1933 1933
-6.2
+13.6
-2.1
+36.0
+5.8
-17.4
-4.1
91.0 88.0 77.0 72.0 73.0 97.0
81.2 78.7 78.1 76.8 78.4 71.5
81.5 57.6 57.2 54.5 56.2 62.8
69.1 64.1 63.2 59.5 61.0 50.8
75.1 72.0 62.0 57.8 58.6 71.0
112.1 111.8 98.6 93.8 93.1 135.7
148.0 152.8 134.7 132.2 129.9 154.3
+39.1
+44.8
112.4 111.3 110.5 109.3 108.5
75.9 72.8 82.1 82.6 83.6
non
AO n 101 a ins 0 ins I
.1.05 a
58.0
58.8
44.6
37.1
38.6
98.6
130.0
80.8
52.4
83.1
64.0
71 A
OA 1
Cost of Living of Wage Earners in March Same as
February According to National Industrial Conference Board
The cost of living of wage-earners in the United States
remained at the same level in March as in February, according to the regular monthly index computed by the National
Industrial Conference Board. An increase in rents was
offset by declines in the prices of food, clothing, and coal.
The cost of living in March 1935, however, was 5% higher
than in March 1934 and 17% lower than in March 1929.
Under yesterday's date (April 12) the Board further announced:
Food prices in March were 0.2% lower than in February, 12.1% higher
ban in March 1934, and 20.4% lower than In March 1929.
Rents continued their upward trend, rising 0.7% from February to
March, which brought them 7.6% above the level of March 1934 and 26.2%
below that of March 1929.
Clothing prices as a whole declined 0.4% from February to March.
fhey were 2.2% lower than in March 1934 and 22.1% lower than in March
1929.
Coal prices declined slightly, 0.1%, from February to March. They
were 1.1% higher than in March 1934 and 8.3% lower than in March 1929.
The cost of sundries averaged exactly the same in March as in February,
but it was 0.9% above that of a year ago and 6.7% below that of March
1929.
The purchasing value of the dollar was 121.4 cents in March. as compared with 127.4 cents in March 1934 and 100 cents in 1923.
Per Cent
Index Numbers of the
Relative
Importance Cost of Living, 1923=100 Increase(+)
or Dec.(-)
in
March
February from Feb. 1935
Family
to March 1935
1935
1935
Budget
Item
Food*
Housing
Clothing
Men's
Women's
Fuel and light
Coal
Gas and electricity
Sundries
Weighted avge. of all items_
33
20
12
5
30
100
-0.2
+0.7
83.5
67.4
76.3
79.7
72.8
87.1
85.8
89.8
93.0
82.4
83.3
67.9
76.0
79.4
72.6
87.1
85.7
89.8
93.0
82.4
-0.4
-0.3
0.0
-0.1
0.0
0.0
0.0
121.4
0.0
121.4
Purchasing value of dollar
* Based on food prices indexes of the United States Bureau of Labor Statistics,
March 12 1935 and Feb. 12 1935.
Production of Lumber During Four Weeks Ended
March 30 Off 6%-Shipments Up 13.5%
We give herewith data on identical mills for the four
weeks ended March 30 1935 as reported by the National
Lumber Manufacturers Association on April 8:
An average of 971 mills reported as follows to the National Lumber
Manufacturers Association for the four weeks ended March 30 1935.
Production
(In 1,000 Feet)
Softwoods
Hardwoods
Total lumber
Shipments
Orders Receiged
1935
1934
1935
1934
1935
1934
621.284
63,721
659,661
67,446
697,678
67.664
612,066
62,121
730.386
68,691
697,925
67,690
685.005
727.107
765.342
674.187
799.077
765,615
Production during the four weeks ended March 30 1935 was 6% below
that of corresponding weeks of 1934, as reported by these mills and162.5%
above the record of comparable mills during the same period of 1933. Softwood cut in 1935 was 6% below output during the same weeks of 1934 and
hardwood cut was also 6% below that of the 1934 period.
Shipments during the four weeks ended March 30 1935 were 13.5%
above those of corresponding weeks of 1934, softwoods showing gain of
14% and hardwoods gain of 9%•
Orders received during the four weeks ended March 30 1935 were 4%
above those of corresponding weeks of 1934 and 21% above those of similar
weeks of 1933. Softwoods in 1935 showed order gain of 5% and hardwoods
gain of 1%,as compared with corresponding weeks of 1934.
On March 30 1935 gross stocks as reported by 1,265 mills were 4,586.453,000 feet. As reported by 1.006 mills stocks were 4,249.555.000 feet,
the equivalent of 161 days' average production of reporting mills, as
compared with 4,391,941.000 feet on March 31 1934, the equivalent of
166 days' production.
On March 30 1935 unfilled orders as reported by 1.265 mills were 863.-160,000 feet. As reported by 1,006 mills unfilled orders were 802.976,000
feet, the equivalent of 31 days' average production as compared with
763,226,000 feet, the equivalent of 29 days' production on March 31 1934,
Motor Output in First Quarter Best Since 1929
Motor vehicle production in the first quarter of this
year was the best since 1929, the monthly production estimate released to-day by the Automobile Manufacturers
Association disclosed.
With an estimated output of 447,561 units for March,
the industry's first quarter production of 1,109,591 vehicles
represented an increase of 48% over the same period of last
year. The industry's March output was a gain of 25%
over that for the preceding month and was an increase of
30% over March a year ago.
The Association also disclosed that the industry's first
qarter production exceeded by more than 100,000 ul7uts
tte first quarter production for 1928, a year when the
industry manufactured 4,601,130 units. Only three times
in the history of the industry (1929, 1926 and 1924) has
the motor output been greater than this year.
The estimates which are based upon reports of factory
shipments, are summarized as follows:
March 1935
February 1935
March 1934
447,561 First quarter 1935
358,658 First quarter 1934
345,443
1 108,591
749.532
Farmers' Income in February Below January but
Above February Last Year, According to Bureau
of Agricultural Economics
The total of farmers' cash income and benefit payments
in February is estimated at $431,000,000, compared with
$412,000,000 in February last year and with $498,000,000
in January this year, according to the Bureau of Agricultural Economics, United States Department of Agriculture. The Bureau on April 3 announced:
Farmers' income from niarketings made less than the usual decline
In February, totaling $379,000,000 in that month compared with $428.-
2436
Financial Chronicle
.000,000 in January and with $384,000,000 in February a year ago. Government benefit payments and purchases of livestock totaled 552.000,000
in February, against $70,000,000 in January and $28,000,000 In February
last year.
•Marketings of many Important crops in February were the smallest
for that month in 15 years. There was an unusually large advance in
prices of truck crops; prices of meat animals, dairy products, poultry
and eggs also Increased.
Contract Approved by ,Secretary Wallace to Provide
for Reduction in Hawaiian Sugar Production
During 1935, 1936 and 1937-Adjustment Payments
to Producers of About $8,000,000 to be Paid
Annually
Secretary of Agriculture Henry A. Wallace on March 30,
said Associated Press advices from Washington that day,
approved a contract under which sugar production in
Hawaii will be reduced during 1935, 1936 and 1937, from
approximately 1,150,000 tons to about 975,000 tons. The
advices continued:
Adjustment payments to island producers in return for making the
reduction will average approximately $8,000.000 annually during the
three years of the contract, Mr. Wallace said.
Approval of the contract terminated a 12-month dispute between Hawaiian sugar producers and the Secretary over its terms.
The contract will be offered to the owners of 39 sugar-producing plantations in Hawaii. Small planters under contract with these plantations
will sign supplementary agreements, under which they will receive a portion
of the benefit payments.
Automobile Financing During February 1935
A total of 188,035 automobiles were financed in February
on which 870,178,443 was advanced, compared with 159,094
on which $59,105,614 was advanced in January, the Department of Commerce reported on April 8.
Volume of wholesale financing in February was $108,321,786, as compared with 896,059,710 in January.
Monthly statistics on automobile financing, based on data reported to
theiBureau of the Census by 456 identical organizations, are presented
in the first tableIbelow for January and February 1935, January to December11934 and!July to December 1933; and in the other table for 282 identical
organizations for January and February 1935 and January to December
1934 and 1933.
AUTOMOBILE FINANCING
Retail F nand's('
Year
and
Month
Wholesale
Financing
Volume
in Dollars
Total
Number
of Cars
Volume
in Dollars
Simmary for 456 Identical Orga ntzations. a
1 135-$96,059,710 159,094 $59,105,614
•J nuary
108,321.786 b 188,035
Feb ruary
70,178,443
otal(2 months). $204,381,496
1 134$36,577,358
Jan zary
62,551,490
Feb ruary
otal(2 m('nths)_
Max ch
Apr11
Ma r
Jun8
Jul'
Auglist
Sep(ember
Oct Dber
No !ember
December
347,129 $129,284,057
109,997
132,485
$36,533,359
47,623,890
New Cars Financed
Number
of Cars
Volume
in Dollars
68,464
82,874
537,194,801
44,556 436
151,338
$81,751,237
35,691
54,455
519,841,711
30,223.621
$99,128,848
242,482
584,157,249
90,146
$50,065,332
104,597,190
122,987,488
125,529,739
104.422,741
92.069,965
86,748.755
56,848.511
46.495,841
30.556,373
37,951,278
195,196
244,537
273.320
269,656
265.147
245,799
190,236
196.440
162.783
133,103
72,520,725
91,849,963
103,794,935
103,450,110
99,630,687
91.618,666
70,303,368
71,501,317
58,085,294
48,262,603
86,880
110.988
125,354
128.794
123,552
109,302
80,653
80,003
63.749
46,013
47,838,975
61,458,602
69,801.775
70.900.335
67,034,990
59,822,255
44.599,299
44,130,425
34,861,719
25,598,662
otal (year)
$907,314,729 2.418,699 $893,174.917 1,045,434 $576,112,369
133 c58,973,704 194,552
68,522,872
Jul ,
86,926
44,696,167
60.705,795 211,708
74,813,725
94,613
48,860.024
Auglist
52,276,214 184,998
65,665,515
80,928
42,166,003
Sep[ember
39,776,604 172,432
60,316,106
73,002
37,940,369
Oct Dber
18,364,889 135.584
46,063,578
51,356
27,077,214
No 'ember
17,060,916 108,606
De ember
35,217,934
33,729
18.486,989
Siummary for 282 Identical Orga nizations d
135$93,830,358 149,583 $56,151,891
•J num y
66,193 535,936,838
105,719,644 e 177.203
66,753,794
79,928
42,935,882
Feb ruary
otal(2 months). $199,550,002
134$35,879,064
Jan laly
61.513,896
Feb Marl
otal(2 months)Mar'eh
Apr11
Ma r
Jun 9
Jul •
August
Sep:ember
Oct aber
No 'ember
December
otal (year)
133Jan zary
Feb ruary
otal(2 months).
146,121
78,872,720
34,426
52,772
$19,189,736
29,290,038
$79,814,932
87,198
548,479,774
69,202,632
87,998,227
99.591,058
99,113,597
95,484,543
87,700,286
67,209,428
68.224,126
55,303,319
43,789,120
84,300
107,925
122,155
125,073
120,017
106,041
78,179
77,502
61,769
40,505
46,427,926
59,772,079
67,991,000
68,842,069
65,092,674
58,028.789
43,249,804
42,737.846
33,784,399
24,761,098
101,700
124,349
534,437,380
45,377,552
397,392,960
226.049
102.775,967
121,060,526
123,691,003
102,706,220
90,294,039
85,107,739
55,586,456
45,363,396
29,729.762
36,530,495
183.724
231,735
259,120
255,449
251,611
233,154
179,886
185,414
153.261
124,184
$890,238,563 2,283,587 $853,431,268 1,014,864 $559,167,458
30,133,915
27.514,654
92,083
87,512
31,280,101
29,188,663
35,546
32.609
18,327,630
16.842,415
557,648,569
179,595
560,468,764
68,155
535,170,045
27.706.336
40,840,508
55,005,590
56,937,616
57,866,453
59,613,121
51,127.428
38,962,531
17,703,226
16,572,650
101,456
132.088
168,328
185,286
182.244
198,911
173.770
162,140
126,855
100,457
33,546,689
45,337,026
58,192,788
65.514,154
65,152,510
71,186,944
62,538,790
57,502,969
43,889,055
33,124,069
38,329
55,571
75,025
84.358
84,282
91,817
78.379
70,669
49,719
32,467
19.463,540
28,225,885
37,475,257
43,004,313
43,333,572
47,290,779
40,887,086
36,790,012
26,278,194
17,794,238
Ma eh
Apra
Ma r
Jun 3
Jul
August
Sep ember
Oet dzer
No ember
December
ntal 11..1.1
326,786 5122,905,685
2470 054 025 1 711 150 259/1 ass 75A
795 511 11.175 719 1191
April 13 1935
Retail Financing
Year
and
Month
Used Cars Financed
Number
of Cars
Volume
in Dollars
Summary for 456 Identic al Organizat tons. a
1935•January
520,650,382
87,177
February
101,459
24,266,974
Total (2 months)
1934January
February
Total (2 months)
March
April
May
June
July
August
September
October
November
December
Total (year)
1933 cJuly
August
September
October
November
December
Summary for 282 Id,ent
1935* January
February
Total (2 months)
1934
January
February
Total (12 months)
March
April
May
June
July
August
September
October
November
December
Total (year)
1933January
February
Total (2 months)
March
April
May
June
July
August
September
October
November
December
Total (year)
Unclassified
Number
of Cars
Volume
in Dollars
3,453
3,702
$1,260,431
1,355,033
188,636
$44,917,356
7,155
52,615,464
71,607
75,283
$15,864,436
16,510,453
2,699
2,747
5827,212
889,816
146,890
532,374,889
5,446
$1,717,028
104,369
129,281
143,073
135,875
136,726
131,905
106,057
112,425
95,766
83,892
23,274,757
28,859,676
32,156.212
30,679.003
30,805,120
30,153,258
24,452,047
26.011.360
22,103,212
19,652,395
3,947
4,268
4,893
4,987
4.869
4,692
3,526
4.012
3,268
3,198
1,406.993
1,531.685
1,836,948
1.870,772
1,790,577
1.643,153
1.252,022
1,359,532
1,120,363
1.011,546
1,326,259
$300,521,929
47,006
516,540,619
103,554
22,538,097
112,917
24,580,709
100,265
22,231,578
95,947
21,323,104
81,550
18,116,265
72,279
15,933,279
al Organizat ions d
4,072
4,178
3,805
3,483
2,678
2,598
1,288,608
1,372,992
1,267,934
1,052,633
870,099
797,666
79,937
93,573
$18,954,622
22,462,879
3,453
3,702
51,260.431
1,355,033
173,510
841,417,501
7,155
$2,615,464
64.575
68.830
514,420,432
15,197,698
2,699
2,747
5827,212
889,816
133,405
$29,618,130
5,446
51,717,028
95,477
119,542
132,072
125,389
126,725
122.521
98.181
103,900
88.224
76,481
21,367.713
26,694,463
29,763,110
28,400,756
28,601.292
28.028,344
22,707.602
24,126,748
20,398,567
18,016,476
3,947
4,268
4.893
4,987
4,869
4.592
3.526
4.012
3,268
3,198
1,406,993
1,531,685
1,836,948
1,870,772
1.790.577
1,643,153
1,252,022
1,359,532
1,120,363
1,011,546
1,221,917
5277.723,191
47.006
816,540,619
54,234
52,796
12,173,577
11,725,419
2,303
2,107
778,894
620,829
107,030
523,898,996
4.410
81.399,723
60,625
73.267
89,260
96,741
93,930
103,161
91,611
87,998
74,458
65.392
13,335,403
16,106,512
19,428,060
21,181,515
20,542,189
22.535,753
20.392,629
19,665,186
16.740.762
14,532,165
2,502
3,250
4,043
4,187
4,032
4.133
3,780
3,473
2,678
2,598
747,746
1,004,629
1,289,471
1,328,326
1,276,749
1.360,412
1,259,075
1,047,771
870,099
797,666
042 473
MR 350 170
30055
119 'oat eee
•Revised.
a Of these organizations, 37 have discontinued automobile financ ng. b Of this
number, 44.1% were new cars, 53.9% were used cars, and 2.0% unclassified.
c Data prior to July not available. d Of the organizations, 24 have discontinued
automobile financing. e Of this number, 45.1% were new oars, 52.8% used cars,
and 2.1% unclassified.
March Flour Production Above Preceding Month but
Below Like Month of 1934
General Mills, Inc., in presenting its summary of flour
milling activities for approximately 90% of all flour mills
in the principal flour milling centers of the United States,
reports that during the month of March 1935 flour output
totaled 5,155,654 barrels, as against 4,907,282 barrels in
the preceding month and 5,622,822 barrels in the corresponding month of 1934. In February of 1934 production
of flour totaled 5,193,489 barrels.
Diming the nine months ended March 31 1935 flour output
by the same number of mills reached a total of 47,593,188
barrels, as compared with 47,666,559 barrels during the
nine months ended March 31 1934. The corporation's
summary follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS)
Month of March
Northwest
Southwest
Lake Central dr Southern
Pacific Coast
Grand total
9 Months Ended March 31
1935
1934
1935
1,153,771
1,960,648
1,681,930
359,305
1,436,917
1,912,255
1,893,073
380,577
11,135,549
17,264,511
15,810,082
3,383,046
12,743,583
16,317,070
15,670,397
2,935,509
5,155.654
5.622,822
47.593,188
47,666,559
1934
Supplementary Contract Approved for Increases in
Wheat Plantings in 1936 by Farmers Agreeing to
Make Like Reductions in 1936
The 1935 supplementary wheat contract, which will be
offered to farmers co-operating in the wheat adjustment
program who wish to increase their 1935 acreage under the
recently announced modified program, has been approved
by Secretary of Agriculture Wallace, the Agricultural
Adjustment Administration announced April 1. The sup-
Volume 140
Financial Chronicle
plementary contract, the Administration said, sets forth
the basis upon which acreage may be increased and provides
that if farmers increase acreage this year, their acreage
reduction for 1935 and 1936 must be made in 1936. It
also provides that adjustment payments will be made to
co-operating producers under the modified program, and
continues the provisions of the present contract through
1936. Reference to Secretary Wallace's modified program, removing the restrictions on wheat plantings in
1935, was made in our issues of March 30, page 2121, and
March 23, page 1941. From the announcement of the
AAA of April 1 we also take the following:
"Any wheat farmer who has a wheat allotment contract may sign the
1935 supplementary contract," George R. Farrell. Director of the Division
of Grains, announced.
The modified program applies primarily to spring wheat farmers, but
in the winter wheat States where wheat was planted for pasture in excess
of a producer's acreage allotment, such wheat may be harvested for grain
if the producer signs a supplementary wheat contract. Volunteer wheat
in excess of a producer's allotment may also be harvested if the producer
signs the supplementary contract.
Where farmers do not receive supplementary contract forms before the
normal planting time, they may increase their acreage in line with the
requirements of the supplementary contract, but in no case will adjustment
payments be made on any of the producer's 1935 production until such
contracts have been executed.
The supplementary contract provides that the provisions of the present
wheat contract are to be continued through 1936. Thus, a farmer who
Increased his plantings this year would reduce his acreage next year by
whatever percentage may be required if a new program Is offered and
by an additional amount to cover the increase made this year.
Farmers may plant more than their allotments under the modified
program, but the increase will be limited to the acreage that it will be
possible for him to reduce in his next year's plantings. In practice this
top limit on plantings has been placed at 165% of the producer's base
acreage.
As the modified wheat plan does not relieve the producer of the obligation to make the reduction called for this year, but merely provides
that he may make it in 1936 along with any general reduction to be made
that year, benefit payments under toe 1935 program will not be affected
by the increased plantings.
The rate of adjustment payment for 1935 has not been determined
yet, but will be announced about July 1, when the processing tax rate
has been established for the coming marketing year. The second 1935
payment is to be payable to the farmer who produces the 1936 crop on
the farm, and in cases where the ownership of the farm changes between
1935 and 1936 the new producer would receive the second 1935 benefit
payment.
The modified program applies only to farms under allotment contracts.
Where a producer has one farm under contract and other farms not under
contract, the present contract provisions remain in effect and limit acreage
on the other farms to the 1933 acreage or the average acreage in the base
period, whichever is higher. . . .
New York Coffee & Sugar Exchange Suspends Trading
in Old Sugar Contract in Months Subsequent to
January 1936
The Board of Managers of the New York Coffee & Sugar
Exchange, with a view to eliminating the old No. 1 contract in favor of the new broad No. 3 contract (trading in
which started Jan. 2, last), resolved April 4 to suspend
until further notice trading in the old contracts in months
subsequent to January 1936 delivery. To date there has been
no trading in old contracts beyond January 1936 delivery.
The resolution reads as follows:
Resolved that effective April 4th. trading in raw sugar in Contract No. 1
in months subsequent to January 1936 be suspended until further notice.
The Exchange oii April 4 stated:
The new No. 3 sugar contract permits the delivery of all cane sugar
consumed in the United States so long as such sugars are in the respective
quotas set by the Costigan-Jones Act, while the old contract permits only
the delivery of Cuban sugar in bond. The price basis in the new contract
is for Cuban sugar in bond with provision for payment of a premium equivalent to the existing Cuban duty upon the delivery of duty free or duty paid
sugars.
European Beet Sugar Plantings This Year Show 3%
Decrease Compared with Acreage Used Year Ago
Beet sugar plantings in Europe exclusive of Russia this year
show a decrease of 3% compared with the acreage employed
for this purpose last year, according to a preliminary survey
made by correspondents of B. W. Dyer & Co., sugar
economists and brokers. The acreage estimate for this
season is placed at 1,550,000 hectares compared with
1,602,000 hectares planted last year, the firm said.
Downward Trend Noted in Textile Activity During
March
The current peak of general business and textile activity
was probably reached in the January-February period, as
indicated by current events in trade in general, according to
theiApril issue of the "Textile Organon," published by the
Tubize Chatillon Corp. The paper further states that it
anticipates "an extra-seasonal decline from this point on into
summer, the extent of the decline being problematical."
Commenting upon the reduced activity in the rayon section
of the industry, the "Organon" states:
2437
Many curtailment
plans, especially among the rayon weaving groups,
were discussed during the month but no collective action was taken outside
of the cotton code order. Many of the larger rayon weavers currently
have curtailed or stopped their production so as to cut down on the excessive
supplies of cloth existing in certain lines of goods. As a result of this
policy prices of cloth were somewhat firmer toward the end of the month.
so far as rayon producers themselves are concerned, reduced production
schedules have been confined mainly to the acetate process so far.
In regard to the important position of cotton from now
until the next crop matures, the "Organon" states:
One of two things will happen in the next six months; (a) either cotton
prices will be raised above the 12 cent loan level so as to release the supply
of "Impounded" cotton for consumption, or (b) there will be a tremendous
vacuum of supply of cotton goods created which will be filled with a rush
when the new crop begins to come on the market in August. The importance of this situation cannot be overlooked in the next six months by those
who are in any way interested in cotton prices and cotton consumption.
Rayon deliveries dropped during March, while silk deliveries to mills increased. The "Organon" states that this is
partly due to the abnormal rise in rayon deliveries in January following the December price rise. In view of this, it is
added, the March data for silk and rayon must not be construed as consumption trends, but rather as deliveries trends.
Petroleum and Its Products—California Producers
Attack NIRA Oil Code in Suit Appealed to Supreme
Court—Code Enforcement in East Texas "Satisfactory" Administrator Ickes Says—Crude Stocks
Rise 303,000 Barrels—Oil Output Exceeds Allowable
in April 5 Week
The Ninth Circuit Court of Appeals (California) Wednesday certified to the United States Supreme Court two
questions of law involved in connection with a case involving
several California oil producers, charged with violating the
quota production clauses of the National Industrial Recovery
Act oil code.
The questions involve the validity of the delegation of
power by the Congress to the President to control oil production as an emergency act to protect the Nation's natural
resources, and to promote inter-State commerce.
The Supreme Court issued orders directing attorneys to
file briefs not later than April 25 on whether the case involves
more than a jurisdictional question, this question of jurisdiction being whether the California Southern District Court
abused its discretion in issuing an injunction against the oil
companies.
While the papers sent to the Supreme Court by the lower
court stress the basic points of the NIRA, it will not be
known whether the Supreme Court proposes to review the
merits of the suit as regards the NIRA,or merely rule upon
the question of jurisdiction until the oil briefs reach the
Supreme Court.
The cases involve the Wilshire Oil Co., Inc.; Bandini
Petroleum Co.; Commodore Petroleum Co.; Wilshire Annex
Oil Co.; Ambassador Petroleum Co.; George L. Makhris,
and Alfred P. Machris. These defendents were enjoined
by the Southern California District Court. An appeal to
the Circuit Court was taken, but the latter, before passing
upon the injunction, has asked the Supreme Court to rule
of the right of the lower court to issue the restraining order.
In effect, the two questions involved are:
(A) Whether the laws controlling production, which affects inter-State
commerce and National security by preventing waste, are sufficiently
well-defined in the NIRA "t,o constitute legislation as a basis for the administrative regulation of such production?"
(B) Does the creation of the petroleum code, which establishes definite
standards for regulating production affecting inter-State commerce and
preventing waste of a natural resource, and which authorizes limitation
orders. "constitute the exercise of a legislative functioin which the Congress
cannot delegate?"
Following a meeting held late last week, Kettleman Hills
oil operators appointed a sub-committee to handle the new
method of crude allowables recently ordered by the Petroleum
Administrative Board, due to the technical features involved.
The sub-committee includes Wallace Gordon, of the Superior Oil Co.; Guido Marx, Standard Oil; Joseph Jensen,
Associated Oil; Hal March, General Petroleum, and H. C.
Pyle, Union Oil Co.
In refusing to review a decision by the Fifth Circuit Court
of Appeals approving the conviction of N. S. Locke, Gregg
County, Tex., oil producer, given a 9-day jail sentence after
being ruled in contempt of the Federal District Court for
eastern Texas, the U. S. Supreme Court in a decision made
public April 8 in effect sustained the decision.
Mr. Locke.was sentenced on a finding that he had refused
to obey a court order restricting his production of oil pending
a final decision of a complaint by the United States charging
him with exceeding his production quota. Federal attornies asked the Federal District Court in January of last
year to temporarily restrain Mr. Locke and other producers
2438
Financial Chronicle
from violating the quotas allotted by the Texas Railroad
Commission. The order, issued over the protest of the producers, was to be effective until a suit charging them with
excess productiion could be decided.
Mr. Locke contended in his defense that through an oversight when the code was amended, the provision for punishment was omitted from the revised copy signed by President
Roosevelt, and that it was not in effect at the time his alleged
offense took place. The argument was dismissed.
Administrator Ickes is satisfied with enforcement of the
oil code in the East Texas field, according to a statement he
made in Washington on April 9 in which he said "according
to all reports, the oil code is being well enforced in East
Texas."
He continued, however, that he planned to co-ordinate all
activities of the Federal oil code control authorities in the
field. In addition to agents of the Federal Tender Board,
at Kilgore, he disclosed that under cover men, working under
Louis Glavis, chief investigator for the Department of the
Interior, are aiding in the enforcement work.
A ruling permitting a reductiin of 15% in the minimum
rates of pay for drillers and helpers in four Oklahoma counties, where wells do not exceed 2,500 feet in depth, was made
public early in the week in Washington by the Oil Administrator. The ruling was in answer to a petition from the
Drilling Practices Committee of Oklahoma asking a 25%
out in areas not exceeding 1,000 feet in depth, and to be applied to the drilling of new wells. The Administrator pointed
out that the order does not bar a further petitiion for a 25%
out if new evidence is later presented which warrants reconsideration.
On Tuesday, Administrator Ickes issued orders approving
plans for development of the North Pettus A field in Karns
County, Tex. The plans, effective until the expiratiion of
the NIRA and any extensiion of that Act, provide that any
and all wells hereafter drilled shall be located in accordance
with a well spacing pattern of not more than one well to 10
acres, and all wells shall be so drilled that locatiion in the
producing horizon shall conform as nearly as practicable to
location on the land surface. Not more than 35 wells may
be drilled to production during the balance of the current
year.
As the week closed, Governor Allred was considering the
bill re-enacting the oil conservation law, which would have
expired by its own terms Sept. 1 next, two years. The bill
was approved by the Legislature Tuesday and sent to
the Governor. The new bill also provides authority in
the Commission to order a pipe line disconnected from
any well that is being operated in violation of any of its rules.
The Texas Legislature Thursday passed the oil production
compact bill and sent it to Governor Allred for his approval,
which insasmuch as he was the main author of the agreement,
is expected promptly. The act ratifies the pact recently
agreed upon by the major oil-producing states. Legislatures
of Oklahoma, New Mexico, California and Kansas already
have ratified the measure.
Governor Allred, it was disclosed late in the week, plans
to go to Washington to testify at the Senate hearings on the
Thomas oil control bill which will open Monday, April 15.
Previous public statements and telegrams sent to the Congress have thoroughly established the opposition of the Texas
Administration to the proposed measure.
Another attendent at the hearings will be Oil Administrator Ickes. At his Thursday press conference in Washington, he said that he will testify at the hearings before the
Senate Mines and Mining Committee in favor of "an oil
bill," but pointed out that this did not mean that he would
necessarily favor the bill being drafted by that Committee.
More than 200 separate offenses against 21 refineries in
the East Texas area were listed in reports filed during the
current week with the Attorney-General's office by agents
of the Railroad Commission. It was indicated that contempt citations for violating injunctions will be filed against
13 refineries, with injunctions against the others to be
sought in court.
An increase of 303,000 barrels in crude oil stocks in the
United States during the first week of April lifted the total
to 324,484,000 barrels, the Bureau of Mines reported
April 11. A decline of 117,000 barrels in foreign stocks
was offset by an increase of 420,000 in dorhestic stocks.
Imports during the week of 99,000 barrels were double
those of the previous week.
Despite a decline of 27,250 barrels, daily average crude
oil production of 2,536,000 barrels during the week ended
April 13 1935
April 5 was 8,700 barrels in excess of the Federal allowable
for the month, reports to the American Petroleum Institute
disclosed. The American Petroleum Institute report does
not include any estimate of "hot oil" output.
California output was nearly 10,000 barrels under its
quota, despite an increase of 13,100 barrels to 484,000;
Oklahoma, off 19,300 at 473,350 barrels, was nearly 20,000
barrels under its allowable, and Texas, off 10,250 barrels
to 1,042,000, was 21,000 barrels above its quota.
There were no crude oil price changes.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. 1. degrees are not shown)
Bradford. Pa
52.35 Smackover, Ark., 24 and over
$0.70
Lima (Ohio 011 Co.)
1.15 Eldorado. Ark., 40
1.00
Corning. Pa
1.32 Rusk. Tex., 40 and over
1.00
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.08 Midland District, Mich
1.02
Mid Cont.. Okla., 40 and above__ 1.08 Sunburst, Mont
1.35
Hutchinson, Tex., 40 and over
.81 Santa Fe Springs. Calif., 40 and over 1.34
Spindictop, Tex., 40 and over
1.03 Huntington. Calif.. 26
1.01
Winkler. Tex
.75 Petrone., Canada
2.10
REFINED PRODUOfS-WIDESPREAD ADVANCES POSfED IN
NEW YORK-NEW ENGLAND GASOLINE MARKETS-BUFFALO
PRICE WAR ENDED-HIGHER BULK GAS PRICES IN MIDWEST BRING INCREASE IN RETAIL LEVELS-INTRA-STATE
TRAFFIC IN "HO r" GAS IN TEXAS BRINGS COMPLAINTS
FROM DEALERS-MOTOR FUEL STOCKS OFF SHARPLY
IN WEEK
In a week marked by widespread advances in retail and
wholesale gasoline prices in the New York-New England
marketing area, and upward readjustment of prices in the
Southern markets, the step taken by Socony-Vacuum to end
the Buffalo price war was an outstanding development.
A slightly disconcerting factor was introduced into the
situation Thursday when a general reduction of 2 cents a
gallon was posted in service station prices of gasoline in the
Boston area by all major companies. With standard grade
selling at 14.3 cents (most stations offering it at 7 gallons
for $1) prices were at the lowest level since the local gas war
last fall. Prices have been unsettled in this area for several
weeks due to price-cutting competition.
Advances ranging from 0.3 cents to 4% cents a gallon
were posted Thursday by the company in the western New
York State market, which for several months has been subnormal. A previous effort on the part of the company,
leading distributor of motor fuel products in that area, to
end the price war failed earlier in the year.
Basic market conditions have shown a marked change for
the better since that period, trade factors point out in arguing
that current appearances indicate that the advance will
"stick." Cut-price competitors, who refused to follow the
higher level established in Socony's abortive attempt to
restore stability to these markets, will fall "in line" this time,
it is contended.
Under the new schedule, which was effective April 12,
the Buffalo service station price was restored to 18.2 cents
a gallon, all taxes included. Chief among the 100-odd
cities and villages affected by the advance, in addition to
Buffalo, are Syracuse, lifted to 18 cents, Utica, lifted to
17.9 and Rochester, where the new level is 18.2 cents, all
prices including taxes.
The 18.2-cent level, tax included, is the new "normal"
level established by the company. This price is fractionally
under the previous "normal" of 17.5 cents, taxes included.
The discrepancy in price is explained as due to the increase
in the New York State gasoline tax of 1 cent effective April 1.
The company has pared 0.3 cent a gallon from the previous
"normal," it was pointed out.
The readjustment in retail prices of gasoline announced
on April 5 by Standard Oil Co., New Jersey was amplified
the next day to take in the tank-car price at Bayonne, which
was lifted X cent a gallon. Gulf Refining met the price
changes in the Southern area adjoining Standard's territory,
and also met the higher Bayonne price as did other majors.
The advance posted by Socony-Vacuum was the second
in the week, the company having posted an increase of 0.3
cent a gallon retail gasolone prices in the New York-New
England area on Tuesday, effective the following day. The
boost, which lifted New York service station prices to 15.8
cents a gallon, taxes included, also affected the tank-car
market. An advance of X cent a gallon lifted the New York,
Boston and Providence markets to 63 cents, and Portland,
Me., to 63/i cents a gallon. Other majors met the changes.
The company pointed out that the retail advances, where
affecting sub-normal market points, would be left at the
discretion of the local manager of such areas. The tank-car
change met the levels established earlier in the week by
Standard of Jersey.
An increase of N cent a gallon in prices of low-octane
gasoline in the Chicago market on Monday lifted the price
to 414 to 43/i cents a gallon, and later in the week, the
spread widened to 4% to 4M cents a gallon. For the second
consecutive week, Standard Oil of Indiana advanced service
station prices of gasoline 0.3 cent a gallon throughout its
entire marketing area, attributing the rise to the unchecked
advance in bulk prices. The advance posted Friday applied
to sub-normal as well as normal markets. Standard of
Ohio Tuesday lifted tank car gasoline Yi cent to 8 cents a
gallon, against 731 cents on March 29.
A heavy increase in intra,State movements of "hot"
gasoline brought complaints from gasoline dealers all over
Texas to the Railroad Commission, which detailed 100 men
to check all truck loadings in an effort to check this traffic.
The "hot" gasoline, it was charged, is moving into practically every large city in the State by motor truck, and
reportedly has played havoc with wholesale and retail
gasoline prices.
Gasoline storage at refineries and bulk terminals dwindled
257,000 barrels under rising demand during the week ended
April 5, compared with withdrawals of 483,000 barrels in
the previous week, reports to the American Petroleum
Institute disclosed. A decline of 2.5 points in operating
rates of reporting refineries to 64.8% of capacity widened
the decrease for the last two weeks to 5.1%. Crude oil
runs to stills reflected the lowered operating rate, dropping
84,000 to a daily average of 2,210,000 barrels. Gas and
fuel oil stocks were off 400,000 barrels to 98,705,000 barrels.
Representative price changes follow:
April6-Standard 011 of New Jersey advanced tank-car prices of gasoline
%-cent at Bayonne, N. J., effective Monday.
April 6-Gulf Refining met advances in retail and tank car prices of
gasoline posted by Standard of Jersey. Other majors met the advance
in the Bayonne tank-car market.
April 8-Low-octane gasoline rose %-cent a gallon in the Chicago bulk
market to 4% to 43. cents a gallon, against 4% to 4% cents on April 6.
April 9-Socony-Vacuum 011 Co. advanced retail gasoline prices in
the New York-New England markets 0.3 cent a gallon, the New York
City service station level being lifted to 15.8 cents, taxes included. The
company also posted an advance of % cent a gallon in tank-car gasoline
prices at New York, Boston and Providence to 6% cents. Portland. Me.,
was advanced % -cent to 6% cents.
April 9-Standard 011 of Ohio advanced tank-car gasoline prices %-cent
a gallon to 8 cents.
April 11-Standard Oil Co. of Indiana advanced retail gasoline prices
0.3 cent a gallon throughout its entire territory.
April 11-Socony-Vacuum Oil Co. posted advances of 0.3 cent to 4%
cents a gallon in retail gasoline prices in western New York State.
April 11-All major companies reduced service station prices of gasoline
2 cents a gallon in the Greater Boston area, standard being posted at
14.3 cents, all taxes included.
Gasoline, Service Station, Tax included
t New York
8.158
Cincinnati
$ 118
Minneapolis
tBrooklyn
135-.158 Cleveland
118
New Orleans
Newark
.16
Denver
Philadelphia
21
Camden
11-1312 Detroit
17
Pittsburgh
Boston
.143
Jacksonville
195
San Francisco
Buffalo
182
Houston
17
St. Louis
Chicago
166
Los Angeles
.18
t Not including 2% city sales tax.
8.149
195
16
17
185
158
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York.
I North Texas.s.03
Orleans_8.04
(Bayonne)
80.05% I Los Angeles_ .049&.05% I Tulsa
N. Y.(Bayonne).
Bunker C
Diesel 28-30 D
2439
Financial Chronicle
Volume 140
Fuel Oil, F.O.B. Refinery or Terminal
• Gulf Coast C
California 27 plus D
$1.00
$1.15
$1.05-1.20 Phila., bunker C. 1.15
1.891 New Orleans C.
1.00 I
Gas Oil, F.O.B. Refinery or Terminal
N. Y.(Bayonne).
I Tulsa
I Chicago.
27 plus-----$.04%-.05 I 32-36 GO._ __$.02-.02% I
8.02-.02%
U.S. Gasoline, Motor.(Above 65 Octane), Tank tar Lots, F.O.B. Refinery
Standard 011 N. J..
Chicago
New York.
8.05..05i
Motor, U. S
New Orleans_ .1354
$ 06%
Colonial-Beacon _ $.06
06% Los Ang., ex. .04 %-.04%
Socony-Vacuum____ .06%
Texas
Tide Water 011 Co__ .06%
.06% Gulf ports__ .05-.05%
Gulf
Richfield 011 (Calif.) .08%
66% Tulsa
.05-.05%
Republic 011
Warner-Quinlan Co. .06
Shell East'n Pet- .06
Daily Average Crude Oil Production Falls 27,250 Barrels
During Week Ended April 6
The American Petroleum Institute estimates that the
daily average gross erude oil production for the week ended
April 6 1935 was 2,536,000 barrels. This was a falling off
of 27,250 barrels from the output of the previous week, but
exceeded the new Federal allowable figure of 2,527,300 barrels
which became effective April 1. Daily average production
for the four weeks ended April 6 1935 is estimated at 2,576,950
barrels. The daily average output for the week ended
April 7 1934 totaled 2,337,650 barrels. Further details as
reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
1,153,000 barrels in the week ended April 6, a daily average of 164,714
barrels, against 97,143 barrels average the week before and 146,964 barrels
over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 125.000
barrels for the week,a daily average of 17,857 barrels, against 31,321 barrels
over the last four weeks.
Reports received from refining companies owning 89.8% of the 3.795.000
barrel estimated daily potential refining capacity of the United States.
ndicate that 2,210,000 barrels of crude oil daily were run to the stills
operated by those companies and that they had in storage at refineries at
the end of the week. 37,425,000 barrels of finished gasoline; 5,605,000
barrels of unfinished gasoline and 98,705.000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 18,706.000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 433,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figured in Barrels)
Average
Actual Production
Federal
4 Weeks
Agency
Allowable Week End Week End. Ended
April 6
Mar. 30
April 6
'Effective
1935
1935
1935
April 1
493,300
141,000
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Centml Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Week
Ended
April 7
1934
473,350
144,950
492,650
154,900
497,900
150,650
460,500
123,700
61,950
57,550
25,750
152,900
51,300
451,850
47,400
60,900
73,000
57,700
25,750
153,500
51,400
448,850
46,900
60,200
65,150
57,600
25,750
153.000
51,800
447,550
47,400
60,300
54,100
56,250
27,000
138,500
44,150
437,450
48,300
49,550
132,600
135,150
133,400
114,250
1,021,000 1,042,200 1,052,450 1,041,950
969,550
23,050
96,700
22,900
96,500
23,050
96,300
26,850
46,400
111,000
119,750
119,400
119,350
73,250
Michigan
30,700
106,900
32,700
30,600
105,800
37,200
30,600
108,850
37,700
30,700
107,100
37,150
98,750
26.900
Wyoming
Montana
Colorado
34,300
9,700
3,700
34,950
10,950
5,200
32,950
10,700
5,100
33,100
10,650
5,100
29.550
7,050
2,400
47,700
51,100
48,750
48,850
39,000
49,700
493.300
47,050
484,000
47,050
470,900
47,200
496,100
44,400
470,900
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.)
Total Rocky Mtn.States
New Mexico
California
Total United Statea
30,700
2,527,300 2,536,000 2,563.250 2,576,950 2,337,650
Note.-The figured indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED APRIL 6 1935
(Figures in thousands of barrels of 42 gallons each)
Stoats
Stocks a Stocks
b Stocks
of
of
of
Gas
of
UnFinand
Daily P. C. ished finished Other
Reporting
Ala
Ayer- Oper- Gast,- Gaso- Motor
Oil
Fuel
line
ated line
Total P. C. age
Daily Refining
Capacity of Plants
District
East Coast__
Appalachian.
Ind., Ill.,Ky.
Okla., Kan.,
Missouri..
Inland Texas
Texas Gulf__
La. Gulf _ _ __
No. La.-Ark.
Rocky Mtn_
California__
Totals week.
Apr. 6 1935
Mar.30 1935
PotenMI
Rate
Crude Runs
to Stills
582
150
446
582 100.0
140 93.3
422 94.6
453 77.8 17,583
79 56.4 2,013
336 79.6 9,780
794
329
735
461
351
601
168
92
96
848
386
167
587
162
77
64
822
248
69
462
101
43
43
376
64.2 5,693
41.3 1,355
78.7 6,445
62.3 1,403
227
55.8
67.2 1,001
45.7 10,631
710
231
1,527
195
43
101
940
83.7
47.6
97.7
96.4
83.7
66.7
96.9
170
115
50
9,850
888
4,368
385 3,892
675 1,797
270 8,651
3,397
____
350
145
756
55
2,610 64,756
2,210 64.8 d56,131 5,605 4,475 98,705
2,294 67.3 e56,388 5,860 4,365 99,105
a Amount of unfinished gasoline contained In naphtha distillates. b Estimated.
Includes urtb ended natural gasoline at refineries and plants; also blended motor
fuel at plants c Includes 37,910,000 barrels at refineries and 18,478,000 barrels at
bulk terminals, In transit and pipe lines. d Includes 37,425,000 barrels at yefinerles
and 18,706.000 barrels at bulk terminals, in transit and pipe lines.
3,795
3.795
3,409 89.8
3,409 89.8
February Crude Oil Production Reaches 72,763,000
Barrels
The monthly petroleum report of the United States Bureau
of Mines showed that crude oil production in February 1935
totaled 72,763,000 barrels, a daily average of 2,599,000
barrels; in comparison with data of the previous month,
this represents an increase of 60,000 barrels in daily average
output. As was the case in January, the gain in production
in February reflected chiefly an increase in the Federal
allowable; the daily allowable for February was 2,526,000
barrels compared with 2,460,300 in January. The report
further disclosed:
In general, the gain in crude-oil production in February was divided
among Texas, Kansas and Louisiana, with Texas having the larger portion.
Daily average production in both Oklahoma and California remained
virtually stationary at about 490,000 and 500,000 barrels, respectively.
Daily average production in East Texas increased from 459,900 barrels in
January to an average of 493,100 for February; this material gain resulted
mainly from increased activity of hot-oil producers following the decision
of the Supreme Court on the Connally Amendment. No indication of a
decline in field activity in East Texas was indicated in February; in fact,
the number of oil wells completed and the number of wells drilling at the
close of the month were substantially higher. Development in the Fitts
pool of Oklahoma was well under way in February; however, the total
initial of the completions (18.900 barrels) was relatively small.
Higher gasoline production allowables for February resulted in increased
crude runs to stills; the daily average was 2,529,000 barrels as compared
with 2,434,000 barrels for January. As the gain in runs to stills was larger
than the gain in crude production, the trend of crude stocks was reversed,
a decline of 855,000 barrels bringing stocks down nearly to the level of
Jan. 1.
The percentage yield of gasoline declined in February but this was offset
by the gain runs, with the result that daily motor fuel production increased
The indicated domestic demand for motor fuel was 26,509,000
materially.
a daily average of 947.000 barrels; in comparison with February 1934, these
data indicate a gain in refinery deliveries of about 5%. The gain in actual
consumption during the period was probably somewhat less as the figure
2440
Financial Chronicle
used for February 1934, was probably below normal. Exports of motor
fuel averaged 42,000 barrels daily, the lowest point since December 1922.
Stocks of finished gasoline, unfinished gasoline and natural gasoline increased 5.673,000, 610,000 and 251,000 barrels, respectively, in February.
Total stocks offinished and unfinished gasoline on Feb. 28 were 64,888,000
barrels. If the recommendations regarding stock increases in the March
allocations were followed, the total for March 31 will be about 67,800.000
barrels, or 1,600,000 barrels above the total accepted by the industry as
the current economic level for that date.
Consumption of the fuels, kerosene, gas oil and fuel oil and coke, continued at relatively high levels and stocks of all those commodities were
again reduced.
According to the Bureau of Labor Statistics, the price index for petroleum
products for February 1935 was 48.7, compared with 48.8 in January and
with 50.3 in February 1934.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude-oil capacity of 3,536,000 barrels. These
refineries operated during February 1935 at 72% of their capacity, given
above, compared with a ratio of 69% in January 1935.
April 13 1935
Ickes. The daily average output for February 1935 was
4,430,000 gallons, which was 20,000 gallons below the
average in January but about 5% above the average of
February 1934. Daily average production in the majority
of the important fields declined in February; but a few
districts, notably East Texas and Seminole, registered increases. Total stocks of natural gasoline on Feb. 28
amounted to 200,815,000 gallons, an increase of about
11,000,000 gallons over the total on hand Jan. 31. Practically all of the increase was in stocks at refineries.
PRODUCTION OF NATURAL GASOLINE
(Thousands of Gallons)
Production
Stocks
Feb. 28 1935
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
Feb.
1935
New SupplyDomestic production.
Crude petroleum
Daily average
Natural gasoline
Benzol_a
Total production
Daily average
Imports.
Crude petroleum.
Bonded warehouses
For domestic Use
Refined products.
Bonded warehouses
For domestic use
Total new supply, all oils
Daily average
Decrease in stocks, all oils ..._ _
DemandTotal demand
Daily average
Expoits.
Crude petroleum
Refined products
Domestic demand.
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and c.ude used as fuel._
Total domestic demand
Daily average
Feb.
1934
Jan.
1935
Feb.
1935
Jan.-Feb. Jan.-Feb.
1935
1934
72,763
2,599
2,952
148
75,863
2,709
78,715
2,539
3,286
147
82,148
2,650
65,450
2,338
2,795
132
68,377
2,442
151,478
2,567
6,238
295
158,011
2,678
137.426
2,329
5,819
262
143,507
2,462
773
1,130
549
1,462
140
2,891
1,322
2,592
343
5,488
812
974
79,552
2,841
972
1,101
86,232
2,782
558
77
72,043
2,573
1,784
2 .075
165,784
2,810
1,630
249
151,217
2,563
c2,922
c1,231
3,971
c4,153
8,449
76,630
2,737
85,001
2,742
76,014
2,715
161,631
2,740
159,666
2,706
2,804
3,756
2,369
6.411
2,511
5,423
5,173
10,167
4,799
10,704
26,509
4,597
29,643
1,297
64
593
612
124
3.513
160
2,958
28,062
4,299
33.751
1,557
69
702
592
156
3,808
203
3,022
25,048
4,154
29,734
1,302
83
805
359
151
3,050
147
3,247
54,571
8,896
63,394
2,854
133
1,295
1,204
280
7,321
363
5,980
54,464
8,399
62,446
2,742
172
1,861
761
316
6,507
188
8.307
70,070
2,503
76,221
2,459
68,080
2,431
146,291
2,480
144,163
2,443
337,319 338,174 351,641
4,781
4,530
3,785
226,201 222,675 238,338
568,301 565,379 593,764
208
219
206
337,319
4,781
226,201
568,301
207
351,642
3,785
238,338
593,764
219
StocksCrude petroleum
Natural gasoline
Refined products
Total, all oils
Days' supply
a From Coal Division. b Imports of crude as reported to Bureau of Mines:
Imports of refined p.oducts from Bureau of Foreign and Domestic Commerce.
c Increase.
PRODUCTION OF CRUDE PETROLEUM BY STATES
AND PRINCIPAL FIELDS
(Thousands of barrels of 42 gallons)
January 1935
Total
Total
DallyAo.
30.1
882
39.0
1,092
1,898
67.8
1,843
65.8
1,057
37.8
288.2
8,069
498.6
13,959
117
4.2
295
10.6
56
2.0
4.117
149.2
405
14.5
2,540
90.7
22.9
640
3,180
113.6
1,019
36.4
301
10.7
1,402
50.1
319
11.4
248
8.8
64
2.3
312
11.1
4,201
150.0
3,449
123.2
6,080
217.1
13,730
490.3
1,214
43.4
4,727
168.8
4.280
152.2
13,808
493.1
1,730
61.8
5,633
201.2
30,158 1,077.1
308
11.0
499
17.8
464
16.6
963
34.4
1,212
2,104
1,930
1,200
9,065
15,511
116
332
59
4,246
445
2,727
708
3,435
1,028
374
1,663
357
264
76
340
4,949
3,708
6,559
15,216
1,304
5,263
4,561
14.257
1,827
6,063
31,971
333
539
564
1,103
I
Other.a
Total United States_
4
____
72.763 2.598.7
a Includes Missouri, Tennessee and Utah.
b
.3
.mor,vernr-oq.tqwoo..
woontomm.m.00cor-voc:
cr3 61,
:OmOrie3.3
.
-vmOoviOni.DOO.ci46.4cOcc66.6,
. .
o
..o.d, ....1. .0
1
844
DailyAv,
N
Arkansas
California.
Huntington Beach
Kettleman 111115
Long Beach
Santa Fe Springs
Rest of State
Total California_
Colorado
Minois
Indiana
Kansas
Kentucky
Louisiana-Gulf Coast..
Rest of State
Total Louisiana.... _
Michigan
Montana
New Mexico
New York
Ohio-Central & Eastern
Northwestern
Total Ohio
Oklahoma-Okla. City__
Seminole
Rest of State
Total Oklahoma__ _ _
Pennsylvania
Texas-GUI! Coast
West Texas
East Texas
Panhandle
Rest of State
'total Texas
West Virginia
Wyoming-Salt Creek...
Rest of State
Total Wyoming--
February 1935
b
78.715 2.539.2
Jan.Feb.
1935
Jan.Feb.
1934
1,726
1,809
2,304
4,002
3,773
2,257
17,134
29,470
233
627
115
8,423
850
5,267
1,348
6,615
2,047
675
3,065
676
512
140
652
9,150
7,157
12,639
28,946
2.518
9,990
8,821
28,065
3,557
11,696
62,129
641
1,038
1,028
2,066
2,284
2,991
4,412
2,440
15,630
26,757
170
730
124
6.824
692
2,581
1,618
4,199
1,635
429
2,505
552
494
145
639
10,189
6.201
12,323
28,713
2,104
9,397
7.595
27,1543
2,797
10,364
57,309
631
1,034
768
1,802
4
2
151.478
137.426
b Not available.
Natural Gasoline Production Declines During February
Daily average natural gasoline production declined in
February 1935, according to a report prepared by the
Bureau of Mines for Petroleum Administrator Harold L.
Jan.
1935
Jan.Feb.
1935
East coast
Appalachian _ _
6,152 6,810 12,962
sad.. Ill.,Ky Atc
825
908 1,733
Oklahoma
27,577 29,774 57,351
Ran.. Mo.. &c.._
2,714 2,666 5,380
Texas
39,201 43,732 82,933
Louisiana
3,798 3,960 7,758
Arkansas
953
989 1,942
Rocky Mountain 4,045 4,758 8,803
California
38,703 44,442 83,145
Total
Daily average_ _ _
Total (thousands
of barrels)_ _
Daily average.
Jan.Feb.
1934
Jan. 31 1935
At
At
At
Plants
At
Plants
Rain- ce, Ter- Refin- d, Tereries minals cries minals
10,752
4,998
12,100
546 4:iLi
588 3,524
1,600 1,932
296 1,596
379
60,300 1,722 12,033 3,444 11,100
4,700
420
788
588
732
67,700 12,642 31,108 7,476 34,020
42 8,573
7,000
42 6,822
210
2,100
143
84
185
924 1,353 1,134
9,300
1,360
79,100 109,788 3,392 108,948 3,222
123,968 138,039 262,007 243,900 138,978 61,837 128,898 61,344
4,430
4,450
4,440
4,130
2.952
105
3,286
106
6,238
106
5,807
98
3,309
1.472
-
3,069
-1.461
Silver in Open Market Advances 27
%c. in Week-Zinc
Up 10 Points-Lead Steady
"Metal and Mineral Markets" in its issue of April 11
stated that silver became the center of attraction in the
market for non-ferrous metals last week. Under speculative
purchases in London, attributed in part to the flight from
weak currencies, as well as buying for the account of Chinese
and Indian operators, the world price moved up sharply. As
for base metals, there was a higher market for both Prime
Western zinc and export copper. Lead was unchanged but
firm. Trading was in fair volume. Shipments of nonferrous metals are expected to increase this month, as consumers in many instances are asking for material bought
some time ago so as to get away from paying the surcharge
on freight rates, amounting to about 7%, that will probably
become effective April 18. The publication further stated:
Foreign Copper Rises
Some improvement in sentiment,compared with a week ago, was apparent
in the domestic copper market on April 10. Better security markets the
last few days, passage of the Federal Government's $4,800,000.000 WorkRelief Bill providing at least $100,000,000 for rural electrification and
$450,000.000 for housing, and a further advance in the foreign marketall these developments of the week, taken together, operated to produce a
more hopeful attitude on the part of the trade. On the other hand, the
uncertainty of recent weeks concerning the future of National Recovery
Administration continued, and in some directions the view was expressed
that no prospective demand was discernible to take up the slack In copper
demand which would ensue as soon as requirements of the automobile
manufacturers fell off. Sheet and fabricated brass interests report a slight
tapering off in the outlet for their products, although business has held at
a fairly satisfactory level. Wire manufacturers are said to be experiencing
a steady, though slight, improvement in tho volume of their business,
which improvement, however, is understood to be largely of a seasonal
character. Sales of "Blue Eagle" metal for the calendar week ended
April 9 totaled 5,624 tons, as compared with 9,907 tons for the preceding
seven-day period. Up to and including April 9, sales of "Blue Eagle"
copper during the current month totaled 8,190 tons, whereas for the same
period in March sales totaled 8,400 tons. The pried of the metal continued
unchanged at 9c., Valley.
Trading in the foreign market continued at a brisk rate last week, with
daily advances in the price level up until April 10, when buying fell off
sharply, and the price of the metal developed erratic tendencies, rangliag
from 7.625c. to 7.800c., c.i.f., according to reports circulating in the trade.
General opinion seemed to be to the effect that foreign copper was duelfor
a rest, all interests being so well sold that no Inclination prevailed to push
the price up further-to quote a war-time phrase, the price of the metal
had temporarily reached a level where "the position better be consolidated."
During the seven-day period prices ranged from 7.375c. to 7.800c., c.i.f.
Fair Trade in Lead
Sales oflead for the week ended April 10 were In fair volume,amounting to
about 4,500 tons. With foreign quotations now well above import parity,
and demand sufficient to remove all pressure from the domestic market,
some producers were disposed to take a firm view of the situation. Others
in the industry, however, pointed to the statistics, which, in their opinion,
deserve careful study before prices are permitted to move upward. The
market continued at 3.65c., New York, the contract settling basis of the
American Smelting & Refining Co., and 3.50c., St. Louis. St. Joseph Lead
continued to receive a premium of $1 per ton on certain of its brands for
delivery in the East.
Call for lead last week was well distributed among sheet-lead and pipe
interests, corroders, and battery manufacturers. Cable makers have been
doing little.
Zinc Advances to 4c.
Demand for zinc was good last week, with sales reaching 4,200 tonslfor
the calendar week ended April 6. Price of the metal advanced 10 Pointe
to 4c., St. Louis, on April 8, and predictions of a 4.05c. or 4.10c. market
within the next few days were made in several directions April 10. Operations under the Zinc Code, approved March 26, will involve increased costs
In some directions and certainly won't decrease anyone's costs, one member
2441
Financial Chronicle
Volume 140
of the trade pointed out, and consequently an upward movement in the price
of the metal may be expected.
Additional curtailment, to take effect this week, was reported, which
development should further improve the favorable statistical position of
the metal.
Tin Above 49c.
A firm London market, strength in sterling exchange, and an unyielding
attitude by those in control of the tin scheme, caused prices to move upward
In the last week. Spot quotation for Straits tin on April 10 was 49.55c.,
which compares with the recent low of 45.70c. Domestic consumers are
again disturbed about the high price of tin and demand has quieted down
considerably.
Chinese tin, 99%, was quoted nominally as follows: April 4th, 48.100c.;
5th, 48.350c.; 6th, 48.150c.: 8th, 48.200c.; 9th, 48.150c.; 10th, 48.300c.
Soft Coal Output Continues Higher-Anthracite Again
Declines
The United States Bureau of Mines in its weekly coal
report stated that production of soft coal during the week
ended March 30 reached a total of 9,645,000 net tons. This
is an increase of 227,000 tons, or 2.4%, over the preceding
week, and compares with 9,199,000 tons in the corresponding
week of 1934. The total production of soft coal during the
coal year 1934-35 is estimated at 363,612,000 net tons, an
increase of 1.6% over the year 1933-34, and of 21.0% over
the year 1932-33.
Anthracite production in Pennsylvania during the week
ended March 30 is estimated at 596;000 net tons, as against
741,000 tons in the preceding week-a decrease of 145,000
tons, or 19.6%. The total production of anthracite during
the coal year 1934-35 stands at 52,168,000 net tons. This
indicated a decrease of 5.8% from the output in the preceding
coal year, and an increase of 5.1%, when compared with the
year 1932-33.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Total Coal Year
Week Ended
Mar. 20
1935 c
Mar. 23 Mar. 31
1934
1935 d
1934-35
1933-34
1932-33
Bitum. coal aTotal for per. 0645000 e9418000 e9199 000 363,612,000 357,882,000 300,586,000
Daily avge_ 1,608,000 1,570,000 1,533,000 1,191,000 1,165,000
980,000
Pa. anth. bTotal for per. 596,000 741,000 1,026,000 52,168,000 55,399,000 49,656,000
Daily avge _
182,500
163,600
172,500
99,300 123,500 171,000
Beehive cokeTotal for per.
714,400
880,900 1,020,800
22,800
29,400
23,100
r Daily ayge__
3,293
2.305
2,842
4,000
3,850
3,800
a Includes lignite, coal made into coke, local sales, and colliery fuel b Includes
Sullivan county washery and dredge coal, local sales, and colliery fue . c Subject
to revision. d Revised. e A slight change in the method of estimating the production
of bituminous coal has been introduced to make more accurate allowance for the
seasonal variation in shipments by truck. The change has the effect of increasing
the estimated total production by approximately 2% in winter, with a parallel
decrease in summer. Corresponding revisions have been made for the weeks in 1934.
Soft Coal Produced During March Shows Increase Over
Previous Month and Like Month of 1934-Anthracite Declines
According to preliminary estimates made by the United
States Bureau of Mines, production of bituminous coal
during the month of March 1935 amounted to 38,848,000
net tons. This compares with 34,423,000 tons produced in
the preceding month and 38,470,000 tons of soft coal produced during the month of March 1934. Anthracite output
during March of this year is placed at 3,082,000 net tons
as against 4,505,000 tons in February and 6,418,000 net
tons in March of 1934. The Bureau's statement follows:
Total
for
Month
No. of
IVorking
Days
(Net Tons)
March 1935 (Preliminary)Bituminous coal a
Anthracite
Beehive coke
February 1935 (Recited)Bituminous coal a
Anthracite
Beehive coke
March 1934Bituminous coal (Revised) a___
Anthracite
Beehive coke
.4gge. Per
Working
Day
Cal. Year
to End of
March
(Net Tons) (Net Tons)
38,848,000
3,082,000
101,400
26
26
26
1,494,000
118,500
3,900
34,423,000
4,505,000
92,800
23.9
23.5
24
1,440,000
191,700
3,867
38,470,000
6.418,000
161.400
27
27
27
1,425,000
237,700
5,978
109,664,000
13,278,000
282,200
104,447,000
18,495,000
398.400
a A slight change in the method of estimating the production of bituminous coal
has been introduced to make more accurate a lowance or the seasonal variation
in shipments by truck. The change has the effect of increasing the estimated total
production by approximately 1 or 2% In the winter, with a parallel decrease in the
summer. Corresponding revisions have been made for 1934.
Note-All current estimates will later be adjusted to agree with the results of the
complete Canvass of production made at the end of the calendar year.
March Slab Zinc Shipments and Production Exceed
Preceding Month and Like Month of 1934
The American Zinc Institute in its monthly zinc report
released on April 6, disclosed that 36,213 short tons of slab
zinc were produced during the month of March 1935.
During February a total of 33,072 tons were produced as
against 33,845 tons produced in March 1934. Shipments of
zinc during March amounted to 41,137 tons. This was an
increase from the 34,903 tons shipped in the preceding
month and also exceeded the 32,877 tons shipped in March
1934. Inventories on March 30 stood at 113,151 short tons,
and compare with 118,075 tons on Feb. 28 and 110,760
short tons on March 30 1934. The Institute's statement
follows:
SLAB ZINC STATISTICS (ALL GRADES)-1929-1935
(Tons of 2,000 Pounds)
Produced] &sipped
During
During
Period
Period
1929
Total for year.
Monthly aver_
1930
Total for year_
Monthly aver_
1931
Total for year.
Monthly aver_
1932
Total for/yearMonthly aver_
1933
Total for year
Monthly aver_
Retorts deerage
(a)
Stock at Napped Operating agora
End of
for
End of During
Period
Period
Export Period
051111ed
only,
End of
Period
631,601
52,633
602,601
60,217
75,430
6,352
529
57.999
68.491
18,5135
504,463
42,039
436,275
36,356
143.618
196
16
31.240
47,759
26,651
300,738
25,062
314,614
26.210
129,842
41
3
19,875
23.099
18.273
213,531
17,794
218,517
18,210
124.856
170
14
21.023
18.680
8.478
324,705
27.059
344,001
28,667
105,560
239
20
27,190
23,653
15,978
33,077
30,296
33,845
30,686
30,944
25,160
24,756
26,169
26,515
34,527
34,977
35,981
26,656
32,485
32,877
32,072
35,589
30,217
26,966
21,663
21,913
30,294
29,928
32,003
111,981
109,792
110,760
109,374
104,729
99,672
97,462
101,968
106,570
110,803
115,852
119,830
44
0
3
0
0
48
0
0
0
0
53
0
28,744
30,753
26,952
26,692
27,193
31,284
30,324
30.442
31,352
31,964
32.793
32,944
26,975
27,779
28.816
25,349
25.086
27,720
29,048
30,637
30,562
32,179
30,265
32.226
26,717
26.670
21,976
27,396
20,831
21,726
16,058
14,281
11.121
19,188
31,929
30,786
Total for year_ 366,933
Monthly aver- 30,553
1935
January
35.614
February
33,072
March
30 213
352,663
29,389
32,658
33,210
35 190
32,230
33,157
32 535
1934
January
February
March
April
May
June
July
August
September....
October
November.....
December
35,538
34,903
41 137
148
12
119,906
118,075
113 191
0
33
0
28,887
25.993
25,816
20.000
•Export shipments are included in total shipments.
Note-These statistics include all corrections and adjustments reported at the
year-end.
Steel Shipments Rise in March
Shipments of steel products by subsidiaries of United
States Steel Corp. totaled 668,056 tons in March, an increase
of 84,919 tons over the previous month, when 583,137 tons,
were shipped. In March 1934 shipments were 588,209 tons.
Below we show the figures by months since January 1931:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED
Mord);
January
February
March
April
May
June
July
August
September
October
November
December
Yearly adjustment.
Total for year
Year 1931
Year 1932
Year 1933
Year 1934
Year 1935
800,031
762,522
907,251
878.558
764,178
653,104
593,900
573,372
486,928
476,032
435,697
351,211
426,271
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310,007
275,594
227,576
285,138
275,929
256,793
335,321
455,302
603,937
701,322
668,155
575,161
572,897
430,358
600,639
331,777
385,500
588,209
643,009
745.063
985,337
369,938
378,023
370,306
343,962
366.119
418.630
534,055
583,137
668,056
a(6,040)
5(5,160)
13(44.283)
7.676.744
3.974.062
5.805.235 c5.925.873
a Reduction. b Addition. c Cumulative monthly shipments reported during
the calendar year are subject to some adjustments reflecting annual tonnage reconciliation/3, which will be comprehended in the total tonnage shipped for the year
as stated in the annual report.
Demand Tapers and Steel Output Dips to 46%
The emergency advance in freight rates, scheduled to go
into effect April 18, has mildly stimulated pig iron shipments, but otherwise has had little effect on the iron and
steel market, according to the "Iron Age" of April 11. The
rate increases on pig iron and finished steel are too small to
warrant much anticipatory buying, and the code protects
buyers during the current quarter against price advances
that might be warranted by higher freight costs on ore, coal,
coke and limestone. The "Age" further stated:
Possible price increases in the third quarter are too far away to cause
consumers present concern. Besides, pig iron buyers feel reasonably secure
against advances because of the low level of scamp prices, while the consuming trade in general continues to hold the belief that any changes that may
be made in the NRA or the steel code will benefit the buyer rather than the
seller.
Extreme caution is the rule, and all purchases except for immediate needs
are being postponed. Steel mill operations have reacted unfavorably,
with the ingot rate down one point to 46% of capacity, but aggregate business volume is holding up much better than had been expected.
While the automobile industry is no longer buying at the rate it did in
January and February, when it was accumulating stocks, it continues to
be a leading source of demand. Fisher Body Corp. has placed sizable
orders for Cleveland, Pontiac and Flint, and Ford is expected to buy its
May requirements next week. Steel orders from miscellaneous sources
are at present bulking larger than automotive tonnage, and the unusual
steadiness of unclassified steel business since the beginning of the year is
sustaining producers
hopes that mill operations will be sparedidrastic
reductions late in this quarter.
The motor car industry also is beginning to speculate on the possibility
of escaping a sharp mid-year recession. Retail sales have far exceeded
expectations, those of Ford in the first quarter being 33% greater than the
combined totals for the same period in 1932, 1933 and 1934. and a high
operation througnout the second quarter is regarded as "in the bag'
2442
Financial Chronicle
While no one will hazard predictions beyond that period, attention is called
to the fact that the peak sales month for passenger cars in 1933 and 1934
was July and in 1932 was June.
Tin plate specifications have slackened, but mill output, at 80 to 85%.
has dropped only about five points and a continued decline is improbable.
since the peak of demand will not be reached for another month or two.
Sheet production is holding at 65% and output of strip steel and wire products at 50%.
Construction continues to lag behind a year ago, structural steel aw&ds
to date totaling 190,113 tons, compared with 221,175 tons in the corresponding period in 1934. The passage of the Federal works relief bill, however.
will mean the release of many projects which have been held up for lack of
funds. Some of this work may get under way by summer and bolster
mill operations when demand from other sources ordinarily slumps. Among
construction projects which may go ahead is the proposed $60,000,000
natural gas pipe line from Texas to Detroit.
Structural awards for the week total 10,600 tons, compared with 8,300
tons last week. New projects of 40,868 tons include 25,000 tons for two
spans of the Triborough Bridge, New York, and 8,000 tons for a post office
at St. Louis. Plate lettings call for 2,850 tons. Among pending sheet steel
piling jobs is 7,000 tons for the Boston army base. More than 16.000 tons
of steel will be bought for the Fort Peck. Mont., spillway, for which the
general contract has just been placed.
The new Naval bill is expected to provide for the construction of one aircraft carrier, five cruisers, 12 destroyers and six submarines.
New Orleans has bought 4,100 tons of cast iron pipe and Nashville, Tenn.,
Is about to place 2.000 tons.
Consumer pressure for lower prices on hot-rolled bars, following the $3 a
ton reduction on cold-finished bars, has as yet bean without result. Prices
filed on sheet and strip "seconds" have not been accepted to date because
producers have not satisfactorily described the secondary products.
Scrap prices, as measured by the "Iron Age" composite for heavy melting steel, have receded from $10.75 to $10.42 a ton, following reductions
at Pittsburgh. Chicago and Philadelphia. The pig iron and finished steel
composites are unchanged at $17.90 and 2.124c. a lb. respectively.
Steel works operations are off one-half point to 50% at Chicago, one point
to 32% in the Philadelphia district, two points to 54% at Cleveland, eight
points to 77% in the Wheeling area, and seven points to 88% at Detroit.
They have advanced two points to 52% in the Valleys.
THE "IRON AGE" COMPOSTIM PRICES:
Finished Steel
April 9 1935, 2.124c. sib.
(Based on steel bars, beams, tank plates,
One week ago
2 124c.i wire, rails, black pipe, sheets and hot
One month ago
2.124e. rolled strips. These products make
One year ago
2 008c. 85% of the United States output.
High
Low
193.5
2.124e. Jan. 8
2.124c. Jan. 8
1934
2 1990. Apr. 24
2.0080. Jan. 2
1933
2.015o. Oct. 3
1.8670. Apr. 18
1932
1.977c, Oct. 4
1.9260. Feb. 2
1931
2 0370. Jan. 13
1.9450. Dec. 29
1930
2 2730. Jan. 7
2.0180. Dec. 9
1829
2 3170. Apr. 2
2.2730. Oct. 29
1928
2.286e. Dee. 11
2.2170. July 17
1927
2 402c. Jan. 4
2.2120. Nov. 1
Pig Iron
April 9 1935, 817.90 a Gross Ton
Based on average of basic iron at Valley
One week ago
$17.90 furnace and foundry irons at Chicago,
One month ago
17.901 Philadelphia, Buffalo. Valley and
One year ago
16.901 Birmingham.
High
Low
1935
$17.90 Jan. 8
817.90 Jan. 8
1934
17.90 May 1
16.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
AprIl 9 1935, $10.42 a Gross Ton
Based on No. 1 heavy melting steel
One week ago
$10.75 quotations at Pittsburgh. Philadelphia
One month ago
11.17 and Chicago.
One year ago
12.58
High
Low
1935
812.33 Jan. 8
$10.42 Apr. 9
1934
13.00 Mar. 13
9.50 Sept. 25
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
15.25 Jan. 11
1927
13.08 Nov.22
The American Iron and Steel Institute on April 8 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 43.8%
of the capacity,for the current week, compared with 44.4%
last week, 47.1% one month ago, and 47.4% one year ago.
This represents a decrease of 0.6 points, or 1.4%, from the
estimate for the week of April 1. Weekly indicated rates
of steel operations since April 9 1934 follow:
1934Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June II
June 18
June 25
July 2
47.4%
50.3%
54.0%
55.7%
56.9%
58.6%
54.2%
56.1%
57.4%
56.9%
56.1%
44.7%
23.0%
April 13 1935
1934July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept.24
Oct. 1
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
1934Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 6
Nov. 12
Nov. 19
Nov. 26
Dec 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
23.8%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
1935-Jan. 7
Jan, 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
Apr. 1
Apr. 8
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
46.1%
44.4%
43.8%
"Steel" of C eveland, in its summary of the iron and steel
markets on April 8, stated:
Further moderate reduction in iron and steel commitments, certainty of
higher costs for producers and consumers, due to impending railroad freight
rate advances, with strong pressure for lower prices, tended last week to
unsettle the markets.
Among leading iron and steel manufacturers price sentiment has been
strengthened by the authorized rate increases, which when formulated
shortly will add at least 40 cents to assembly of materials for a ton of pig
iron, and 50 to 75 cents for finished steel. They also will have to absorb
higher freight charges in shipping to competitive areas, while independent
of this, users, who pay the freight from nearest basing points, face a 7%
increase, up to a maximum of 45 cents a gross ton.
Caught by their own code, which prohibits price advances during a
quarter, steelmakers see the possibility of still higher costs. The coal mine
parley, which may result in additional fuel expense, has been set for June
16, 26 days after the date when they must decide-If the code surviveson maximum iron and steel prices for third quarter.
As railroads may not take advantage of full permissible increases where
water and truck competition is severe, consumers are deferring for the
present all but necessary purchases. The reduction of $3 a ton on coldfinished steel bars halves the usual differential between cold and hot-rolled
bars, and has led buyers of the latter to ask for a similar cut. If this should
be granted it would inevitably involve plates and shapes.
The American Iron and Steel Institute has refused on a technicality to
accept price advances of $2 to $8 a ton filed by sheet mills on wasters and
seconds, but they are going ahead selling them at the higher levels, claiming increases on these grades do not violate the code.
Railroads, barely compensated for recent wage increases, are retrenching on iron and steel purchases. March was the first month since February 1933 in which they failed to award any freight cars. Three Western
roads ordered a total of 24,500 tons of rails, and Erie is preparing to buy
15.000 tons. Structural shape awards dropped to 7,205 tons. The Navy
ordnance department placed 3,725 tons of armor plate.
Automobile assemblies shot up to new mark for the year, 108,000.
5,000 more than in the preceding week and largest since the last week in
August. 1929. Ford and Chrysler, however, have revised downward their
April schedules, to 135.000 and 70.000, respectively, while Chevrolet has
raised its tentative schedule from 118.000 to 132,000, and has set 134,000
as its goal for May.
Tapering specifications from manufacturers of consumer goods are letting
steelworks operations down by easy stages. Last week the national rate
was off one more point to 44%. An increase of 4 to 50% at Chicago was
offset by a decline of 4 to 34 at Pittsburgh. Wheeling was down 19 to
76; Youngstown 2 to 50, and Buffalo 3 to 32. Cleveland was up 2 to 69;
eastern Pennsylvania 1% to 29%; New England 2 to 53, while Detroit
held at 88 and Birmingham 55%.
Daily average pig iron output in March, 57,120 gross tons, was only
0.96% less than in February. It was the first month since last October In
which the average failed to show a gain. Total output, 1.770.990 tons,
was 9.6% above February. At the close of the month 97 stacks were in
blast, one more than on Feb. 28.
"Steel's" iron and steel price composite is down 3 cents, reflecting a reduction of 16 cents to $10.25 in the scrap index, while the finished stee
composite remains $54.
Steel ingot productior for the week ended April 8is placed
at about 4434%,of capacity, according to Dow, Jones &
Co., Inc. This compares with 45% in the previous week
and 464% two weeks ago.
U. S. Steel is estimated at 42%%. against 43%% in the week before,
and 45% two weeks ago. Leading independents are credited with 46%,
the same as in the preceding week, and compared with better than 47%
two weeks ago.
The following gives a comparison of the percentage of production with the
nearest corresponding week of previous years. together with the changes,
In points, from the week immediately Preceding.
Industry
1935
1934
1933
1932
1931
1930
1929
1928
443.
48
1734
2234
52
75
96
goi
-H
+1
+134
-134
-3
-1
+34
-m
1097
Rf11.4
-.1 1.4
Cl. S. Steel
Independents
42%
41
1634
2334
54
79
98
8934
-1
___
+1
-134
-234
-4
+34
- 34
46
54
+118
+3
2134 -1
51
-3
70
+1
94
+34
80
+%
SIA
-1
59
--9
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 April 10, as reported
by the Federal Reserve banks, was $2,461,000,000, a decrease of $8,000,000 compared with the preceding week and
of $50,000,000 compared with the corresponding week in
1934. After noting these facts, the Federal Reserve Board
proceeds as follows:
On April 10 total Reserve bank credit amounted to 22.463,000.000, or
$1.000,000 more than a week ago, an increase of $94,000,000 in member
bank reserve balances being offset by decreases of $10,000.000 in money In
circulation, 828.000.000 in Treasury cash and deposits with Federal Reserve banks and 26,000,000 in non-member deposits and other Federal
Reserve accounts and an increase of 246.000.000 in monetary gold stock.
Relatively small changes were reported in holdings of discounted and
purchased bills and industrial advances. An increase of $12,000,000 in
holdings of Treasury bills was offset by decreases of $8,000,000 in united
States bonds and $4,000.000 in Treasury notes.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
Federal Reserve Act, for the purpose of enabling such banks
to make industrial advances. Similar payments have been
made to other Federal Reserve banks upon receipt of their
requests by the Secretary of the Treasury. The amount of
the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended April 10, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 2482 and 2483.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 10 1935 were as follows:
Apr.
.10 1935
$
6,000,000
5,000,000
2,430,000,000
Bills discounted
Bills bought
U. S. Government securities
Industrial advances (not including
16,000.000 commitments—April 10)
Other Reserve bank credit
Increase (-I-) or Decrease (—)
Since
Apr. 11 1934
Apr. 3 1935
$
$
—37.000,000
—12,000,000
—2,000,000
—1,000,000
+21,000,000
21,000,000
(*)
+2,000,00C
2,463,000,000
Total Reserve bank credit
Monetary gold stock
8 614,000,0CC
Treasury and National bank currency _2,549,000,000
+1,000,000
+46.000,000
+1,000,000
—29,000,000
+882,000,000
+168,000,000
Money In circulation
5,487,000,000 —10,000,000
Member bank reserve balances
4,287,000,000 +94,000,000
Treasury cash and deposits with Federal Reserve banks
3,376,0E0,000 —28,000,000
Non-member deposits and other Federal Reserve accounts
477,000,000
—6.000,000
+140,000,000
+727,000,000
* Lea, than
+137,000,000
+17,000,000
$500,000.
Returns of Member Banks in New York
Chicago—Brokers' Loans
City and
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance
of full statement of the member banks, which latter will
not be available until the coming Monday. The New
York City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the
statement was revised to show separately loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the•United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account," including the amount loaned outside of New York
City, stood at $632,000,000 on April 10 1935, an increase of
$1,000,000 from the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Apr. 10 1935
Apr. 3 1935
Apr. II 1934
Loans and investments—total
7 635,000,000 7,661,000,000 7,405,000,000
Loans on securities—total
1 408,000,000 1.412,000,000 1,756, 00,000
To brokers and dealers:
In New York
Outside New York
To others
Accepts. and commercial paper bought
Loans on real estate
Other loans
S78,000,000
54,000,000
776,000,000
576,600,000
85,000,000
781,000,000
794,000,000
48,000,000
914,000,000
218,000,000 227,000,000
130,000,000 130,000,0001,1,675,000,000
1,235,000,000 1.235,000,000)
T.T. 5. Government direct obligations_ _ __3,310,000,000 3,290,000,000 2,804,000,000
Obligations fully guaranteed by United
275,000,600 279,000,00011,170,000,000
States Government
1 059,000.000 1,088,000,000f
Other securities
Reserve with Federal Reserve Bank
Cash in vault
1,576,000,(00 1,530,000,000 1,142,000,000
52,000,000
49,000,000
39,000,000
Net demand deposits
TM e deposits
0
,vernment deposits
6,965,000,000 6,964,000,000 5,989,000,000
629,000,000 624,000,000 696,000,000
527,000,000 527,000,000 713,000,000
Due from banks
Due to banks
65,000,0E0
64,000,000
82,000,000
1 829,000,000 1,836,000,000 1,581,000,000
Borrowings from Federal Reserve Bank_
Chicago
1,564,000,000 1,521,000,000 1.359,000,000
Loans on investments—total
Loans on securities—total
231,000,000
238,000,000
295,000,000
To brokers and dealers:
In New York
Outside New York
To others
27,000,000
27,000,000
177,000,000
27,000,000
31,000,000
180,000,000
17,000,000
53,000,000
225,000,000
44,000,000
17,000,000
240,000,000
47,000,0001
17,000,0001. 299,000,000
234,000,000j
Accepts, and commercial paper bought
Loans on real estate
Other loans
U. S. Government direct obligations_ _
723,000,000
Obligations fully guaranteed by United
78,000,000
States Government
731,000,000
Other securities
2443
Financial Chronicle
Volume 140
684,000,000
479.000,000
78,000,0001 286,000,000
223,000,0001
Apr. 10 1935 Apr. 3 1935 Apr. 11 1934
$
$
$
Reserve with Federal Reserve Bank__ _ _ 391,000,000 336,000,000 390,000,000
Cash in vault
41,000,000
35,000,000
35.060,000
Net demand deposits
Time deposits
Government deposits
1 403,000,000 1,308,000,000 1,213,000,000
387,000,000 386,000,000 344,000,000
41,000,000
42,000,000
45,000.000
Due from banks
Due to banks
171,000,000
478,000,000
174,000,000
490,000,000
192,000,000
376,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of 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 91 cities cannot be compiled.
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 April 3:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on April 3 shows increases for the week
of $46,000,000 in total loans and investments and $10,000,000 in time
deposits, and decreases of $63.000,000 in net demand deposits and $127,000,000 in reserve balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York declined $25.000,000 at reporting member banks in the New York district and $20,000,000
at all reporting banks, and increased $6,000,000 in the Boston district:
loans to brokers and dealers outside New York City declined $15.000,000 in
the Chicago district. 35,000,000 in the Boston district and $18.000.000 at
all reporting banks; and loans on securities to others declined $9,000,000 in
the New York district and $16.000,000 at all reporting banks. Holdings
of acceptances and commercial paper bought increased $7,000,000 in the
New York district and at all reporting member banks; real estate loans
showed little change for the week, and "other loans" increased $44,000,000
In the New York district and $48,000,000 at all reporting banks.
Holdings of United States Government direct obligations increased
$61.000.000 at reporting banks in the New York district, $10.000,000 in
the Boston district and $11,000,000 in the San Francisco district, and
declined $66,000,000 in the Chicago district and $8,000,000 In the Dallas
district, all reporting banks showing little change for the week; holdings
of boligations fully guaranteed by the United States Government increased
$7.000,000 in the Dallas district. $5,000,000 in the Chicago district and
$21.000,000 at all reporting banks;and holdings of other securities increased
$16,000,000 in the New York district, $6,000,000 in the San Francisco
district and $26.000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and Investments of $1,247,000,000 and net
demand, time and Government deposits of $1,422,000,000 on April 3,
compared with $1.248.000,000 and $1,434,000,000,respectively,on Mar.27.
A summary of the principal assets and liabilities of the reporting member
banks. in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended April 3 1935, follows:
Increase (+) or Decrease (—)
Since
Mar. 27 1935
April 4 1934
8
+46,000,000 +1,001,000,000
Loans and investments—total_ _ .18.509.000.000
April 3 1935
Loans on securities—total
2,974,000,000
--54,000,000
--595,000.000
To brokers and dealers.
In New York
Outside New York
To others
720,000,000
170,000,000
2,084,000,000
—20.000,000
—18,000,000
--16,000,000
—148,000,000
+9,000,000
--456,000,000
436,000,000
966,000.000
3,233,000,000
+7,000,0001
—1,000,000i
+48,000,000j
7,280,000,000
U.S. Govt. direct obligations
Obligations fully guaranteed by the
702,000,000
United States Government
2,918,000,000
Other securities
+21,000,0001
+26.000,0001
Accepts. and com'l paper bought
Loans on real estate
Other Mans
Reserve with Fed. Res. banks.... 3,047,000,000
270,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks
14,087,000,000
4,476,000,000
1,016,000,000
1,732,000.000
4,285,000,000
—33,000,000
—1,000,000 +1,105,000,000
—127,000,000
—12,000,000
+524,000,000
+516,000,000
+31,000,000
—63,000,000 +2,166,000,000
+10,000,000
+68,000,000
—342,000,000
—17,000,000
+3,000,000
+154,000,000
+707,000,000
—1,000,000
—8,000,000
Statement of Condition of Bank for International
Settlements—Increase Noted in Assets March 31
as Compared with Feb. 28
The balance statement of the Bank for International
Settlements, issued April 4,giving its position as of March 31,
shows a continuance of the slow rise in the Bank's funds,
which inc:eased almost 12,000,000 Swiss francs during
March to a total of about 659,829,000, said wirelesss advices
from Basle, Switzerland, April 4, to the New York "Times"
of April 5, which continued:
The increase was almost entirely in sight deposits from central banks
for the account of others, and mostly for Franca as a result of the various
Saar agreements. This was reflected by a corresponding increase in sight
assets and the Bank's position remains about the same.
The Board's monthly meetings Sunday and Monday will be the last
before the annual assembly in May. The beiga's depreciation and uncertainty regarding the other gold currencies and the pound's future are
expected to add greatly to the interest in the informal talks that the governors of the big central banks will then have here.
Financial Chronicle
2414
The statement of the condition of the Bank for International Settlements, as contained in Associated Press accounts from Basle, April 4, follows (figures in Swiss francs
atapar):
Assets—
Mar. 31 1935
Feb. 28 1935
I. Gold in bars
II. Cash on hand and on current account
with banks
ILL Sight funds at interest
IV. Rediscountable bills and acceptances:
1. Commercial bills and acceptances
2. Treasury bills
$11,007,565.58
511,007.565 58
2,639.039.42
15,464,969.74
2.337,634.52
4,223,866.16
148,450.941.27
213,975,626.61
163,500,205.37
194,895,737.32
Total
V. Time funds at interest:
Not exceeding three months
VI. Sundry bills and Investments:
1. Maturing within three months—
(a)Treasury bills
(b) Sundry investments
2. Between three and six months.
(a) Treasury bills
(b) Sundry investments
3. Over six months:
(a) Treasury bills
(b) Sundry investments
$362,426,567.88
$358,395,942.69
337,482,147.68
$41,770,576.58
31,897.677.63
64,037,500.96
30,750.65.98
54,037.165.74
Total
VII. Other assets:
1. Guarantee of Central Banks on
bills sold, as per contra
2. Sundry Items
Total
Total assets
abiWiecI. Capital:
Paid up
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
31,897,677.33
64.037,500.96
30,750,655.98
54,037,165.74
28,339,931.16
31,243,920.22
30,309.128.42
36,247,376.45
$220,347,935.01
$220,718,116.66
6,120.075.27
4.340,497.62
6,083,767.93
3.480.600.14
$10,460,572.89
$9,564,368.07
$659,828,798.20
$648,018.070.26
$125.000,000.00
$125,000,000.00
2,672,045.12
4,866.167.29
9,732,334.56
2.672,045.12
4,866,167.29
9,732,334 56
Total
III. Long-term deposits:
1. Annuity trust account
2. German Government deposits ....
3. French Govt. guarantee fund _ _ _
4. French Govt. deposit Saar
$17,270,546.97
517,270,546.97
154.293,750(10
77,146,875.00
61,930,084.72
2.030,500.00
154.293,750.00
77,146,875.00
61,930,084.72
Total
[IV. Short-term and sight deposit (various
currencies):
I. Central banks for own accounts
(a) Not exceeding 3 months_ _
(b) Sight
3295.401.209.72
$293,370,709.02
108.014,215.94
23.710,868.30
107,768,707.43
27,987.040.16
Total
2. Central banks for account of
others:
Not exceeding 3 months
Sight
$131,725,084.24
$135,745,747.59
Total
3. Other depositors:
(a) Between 3-6 months
(b) Over 6 months
(c) Sight
Total
V. Sight deposits (gold)
, VI. Miscellaneous items:
1. Guarantee on commercial bills
sold
2. Sundry items
Total
Total liabilities
2.947,057.40
22,750.655.80
16,398,338.86
$25,697.713.20
$15.398,338.86
2,036,394.73
2,219,880.91
488,274.13
1,427,568.43
$4,256,275.64
10,920,979.17
$1,915,842.56
10.920.979.17
6.233,616.45
43,323,372.81
6,083,767.93
42,312,137.46
$49,556,989.26
$48,395,905.39
$659.828,798.20
3648.018.070.26
Exchange of 220,000,000 French Francs for German
Marks in Saar Negotiated by Bank for International Settlements
In Associated Press advice from Basle,Switzerland, April 8,
appearing in the New York "Herald-Tribune" of April 9,
it was stated:
The exchange of 220,000.000 French francs for German marks has been
carried out in the Saar through the Bank for International Settlements,
thus liquidating one of the most important problems following the plebiscite, it was announced to-day (April 8). Germany agreed to pay France
900,000,000 francs (about 559,000,000) for mines in the Saar.
Germany Extends 200,000,000 Mark Credit to Soviet
Russia for Purchase of Goods From Reich
Russia received a credit of 200,000,000 marks for the purchase of German goods under an agreement signed at Berlin,
April 9, by Dr. Hjalmar Schacht, President of the Reichsbank,and the commercial agent of the Societ trade monopoly
in Berlin, M.Kankelaki, said a wireless accountfrom Berlin,
April 9, to the New York "Times" of April 10. It was
stated the mark was quoted at 40.3 cents on April 8. From
the account we also take the following:
The credit, which was granted by a consortium of German banks, runs
for five years at 2% interest. The agreement also regulates rigidly the
amount of reciprocal exports and imports of the two countries. The Germans have promised that the Soviet Union will be furnished with a German
market for exports in the present year totaling more than 150,000,000
marks in value.
The new bank loan does away with the former system of guaranteeing
credits, which placed the burden of carrying Soviet debts in the first Instance upon German manufacturers or exporters. Soviet trade agents
will now be able to pay in cash and will deal solely with the banks in making
repayment.
The Soviet accepted the German credit chiefly because It was unable to
obtain the terms expected from the United States. The German Government. bitterly in need of increased foreign trade, has been offering a 200,000,000-mark credit to the Soviet trade delegation hero for more than a
year, but as long as there seemed to be any hope that either the United
April 13 1935
States or Britain would offer more concessions the Russians rather disdainfully ignored the proposition.
In the final negotiations the Germans themselves were able to obtain
certain unhoped-for concessions In the matter of repayment of outstanding
Soviet obligations contracted originally in dollars.
The essential basis of the agreement, however, is that fact that for practical purposes Germany as well as Russia now has a foreign-trade monopoly.
In practice Germany has discovered that only the Bolsheviki are in a position to meet the resulting requirements of her new economy.
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for Feb. 28 1935 with the figures for Jan. 31 1935
and Feb. 28 1934.
STATEMENT OF CONDITION OF THE BANES OF THE DOMINION OF
CANADA
Assets
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Feb. 28 1935 Jan, 31 1935 Feb. 28 1934
$
39,463,300
11,650,477
$
39.634,625
11,010,696
$
40,634,375
11,642,226
51,113,778
50,645,323
52,276,603
} 178,448,108 1 177,355,774( 136,799,636
10,919
178,448,108
177,355,774
136,810,556
Notes of other banks
7,279,337
United States & other foreign currencies.
20,894,117
Cheques on other banks
78,069,808
Loans to other banks In Canada,secured,
including bills rediscounted
Deposits made with and balance due
from other banks in Canada
5,170,855
Due from banks and banking correspondents in the United Kingdom
30,535,202
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
61,821,425
Dominion Government and Provincial
Government securities
807,092,730
Canadian municipal securities and British, foreign and colonial public secux1ties other than Canadian
137,356,078
Railway and other bonds, debs. & stooks
39,468,620
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
85,577,211
Elsewhere than in Canada
90,354,375
Other current loans at disc'ts in Canada_ 815,362,236
Elsewhere
136,343,831
Loans to the Government of Canada_
Loans to Provincial Governments
31,220,896
Loans to cities, towns, municipalities
and school districts
110,385,445
Non-current loans, estimated loss provided for
14,318,730
Real estate other than bank premLses.-7,858,561
Mortgages on real estate sold by bank__
5,499,071
Bank premises at not more than cost,
less amounts (if any) written off
77,730,389
Liabilities of customers under letters of
credit as per contra
54,519,930
Deposits with the Minister of Finance
for the security of note circulation—.
6,717,349
Deposit in the central gold reserves
11,781,732
Shares of and loans to controlled cos_ _.
12,752.469
Other assets not included under the foregoing heads
2,363,340
7,322,833
20,356,813
91,549,729
8,435,466
19.861,579
86,261,076
Total assets
4,385,466
3,711,506
27,504,476
12,584,843
58,391,236
67,516,245
795,182,206
635.456.344
138,837,010
39,137,318
148,380,924
49,187,850
91,357,650
93,452,123
819,381,139
131,994,870
101,526,182
96,453,357
869,125,576
140,826,565
34,024.017
25,368,987
104,840,258
116.844,328
14,115,698
7,601,676
5,496,669
13,618,999
7,681,538
6,115,881
77,768,074
78,409,311
54,939,840
53,240,647
6,717,349
13,381,732
12,831,080
6.506,708
15,881.732
12,959,374
2,331.470
1,755,836
2.880,023,732 2,880,901,928 2,766,598,111
Liabilities
Notes in circulation
125,977,687 124,732,528 125,707,707
Balance due to Dominion Govt. after deducting adv. for credits, pay-lists, do%
25,080,441
21,004,109
19.800,832
Advances under the Finance Act
34,840,000
35,197,000
43,444,000
Balance due to Provincial Governments_
33,726,241
50,891,994
22,704,400
Deposits by the public, payable on demand in Canada
516,238,111 529,915,309 487,363,557
Deposits by the public, payable after
notice or on a fixed day in Canada_._ 1,428,323,176 1.412,377,612 1,354,764,769
Deposits elsewhere than in Canada
321,873,170 314,686,917 319,414,790
Loans from other banks In Canada,
secured, Including bills rediscounted- Deposits made by and balances due to
other banks in Canada
11,319.007
12,294,277
12.479,509
Due to banks and banking correspondents in the United Kingdom
6,922,342
6,371,810
5.836,151
Elsewhere than in Canada and the
United Kingdom
26,371,132
26,004,614
26,873,072
674,737
Bills payable
871,804
960,838
Letters of credit outstanding
54,519,930
54.939,840
53,240,647
2,532,572
Liabilities not Incl, under foregoing heads
2,517,300
2,363,384
Dividends declared and unpaid
2,945.979
950,081
2,447,000
Rest or reserve fund
132,750,000 132,760,000 132,500,000
Capital paid up
145,500,000 145,500.000 144,500,000
Total liabilities
2,819,594,571 2,871,005.240 2.754.400 701
Note—Owing to the omission of the cents in the official reports, the footings in
the above do not exactly agree with the totals given.
Greece Requested by League Loans Committee and
British Council of Foreign Bondholders to Make
Coupon Payments on Sterling Loan, due April 1,
in Excess of 35% Offered
The League Loans Committee (London), on which the
American Bondholders are represented, and the British
Council of Foreign Bondholders announce that their attention has been drawn to a notice issued by the Greek Government giving instructions for the payment to bondholders
of 35% on coupons of the Greek Government Sterling Loan
which fell due on April 1, said an announcement issued
April 11 by Speyer & Co. These coupons were not covered
by the arrangement announced on Nov. 17 1933, which came
to an end on March 31 last. The Speyer company's announcement continued:
The League Loans Committee and the Council of Foreign Bondholders
have accordingly requested the British Government to draw the attention
of the Greek Government to the unilateral character of this default, In the
absence of agreement with the representatives of the bondholders, and to
Financial Chronicle
Volume 140
urge the Greek Government to come to such an agreement without further
delay. The standpoint of the League Loans Committee and the Council
of Foreign Bondholders was set forth in their announcement Feb. 19 last
when they expressed the opinion that it would be well within the capacity
of Greece to make larger payment.
The announcement of the League Loans Committee and
the Council of Foreign Bondholders of Feb. 19 was given
in our issue of Feb. 23, page 1229.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for April 1 1935
The following announcement, showing the total market
value of listed bonds on the New York Stock Exchange as
of April 1 1935, was issued by the Exchange on April 5:
As of April 1 1935, there were 1,537 bond issues aggregating $45,100.588,676 par value listed on the New York Stock Exchange. with a total
market value of $40.360.681,526.
This compares with 1,535 bond issues, aggregating $45,032,755,233 par value, listed on the Exchange March 1
1935, with a total market value of $41,111,937,232.
In the following table, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
March 1 1935
April 1 1935
Market
valve
Aver.
Price
Market
value
Aver.
Price
$
$
$
$
United States Government
21,446,861.759 104.60 21,360,733,718 104.78
Foreign government
4,373,842.211 80.87 4,592,205.201 84.31
39,938,547 84.73
Autos and accessories
38,134,652 81.55
69,733,548 99.68
Financial
69,818,636 99.80
93.178,949 97.03
Chemical
91,352,973 95.90
49,867,470 84.67
Building
48,810.728 84.31
65,483,136 101.59
Electrical equipment manufacturing
65,185,144 101.13
215,967,224 104.35
Food
214,278.483 103.54
149,673.872 99.32
Rubber and tires
148.060.677 98.25
53,607.267 67.19
Amusement
52,807,349 66.29
13,371.009 34.14
Land and realty
12,937,555 33.03
30,762.933 45.61
Machinery and metals
28,694,965 43.38
157,480,315 69.64
Mining (excluding iron)
145,502,102 64.55
397.963,316 96.08
Petroleum
393,109,204 95.39
65,834,320 76.69
Paper and publishing
61,851,410 72.21
21,973,665 84.00
Retail merchandising
21,781,463 83.26
Railway and equipment
7,467,360,851 68.89 7,980,245,089 73.66
388,530.774 90.91
Steel, iron and coke
379,342,780 88.98
8.564,604 56.81
Textile
8,116,532 53.84
Gas and electric (operating)
1,901,034,290 101.01 1,905,573,243 101.20
Gas and electric (holding)
168,165,863 72.85
172,277,674 74.65
Communication (cable, tel.& radio)._ 1,099,138,863 106.62 1,104,068,011 107.10
412,939,090 70.93
Miscellaneous utilities
414,425,154 71.19
21,426,846 102.12
Business and office equipment
20,787,748 100.75
18,367,873 54.25
Shinning services
17,433,925 51.49
11,593,844 45.97
Shipbuilding and operating
11,538,260 45.75
5.891,188 102.50
Miscellaneous businesses
5,941,478 103.37
Leather and boots
920,040 102.50
932,382 103.88
46.786,581 123.28
Tobacco
45.793.628 123.54
U. B. companies operating abroad.208,033.198 49.97
201,055,354 48.31
Foreign companies (including Cuba
and Canada)
1.402,473,496 69.65 1,453,058,498 71.85
All listed bonds
40,360,681,528 89.49 41,111,937,232 91.29
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
1933Feb. 1
Mar.1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dee. 1
1934-Jan, 1
Feb. 1
Market
Value
Average
Price
$
32,456,857,292
30,758,171,007
30,554,431,090
31,354,026,137
82,997,675,932
83,917,221,869
34,457,822,282
35,218,429,938
84,513,782,705
83,651,082,433
34.179,882,418
$
78.83
74.89
74.51
78.57
80.79
82.97
84.43
84.63
83.00
82.33
81.38
34,861,038,409
36,263,747,852
1934Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept.1
Oct. 1
Nov. 1
Deo. 1
1935Jan, 1
83.34 Feb. 1
86.84 Mar. 1
Anr 1
Market
value
Average
Price
$
36,843,301,965
37,198,258,126
87.780,651,738
38,239,206,987
39,547,117,863
89,473,326,184
39,453,963,492
88.751,279,426
39,405,708,220
39,665,455,602
3
88.27
89.15
90.46
90.17
90.80
89.79
88.99
88.27
89.39
89.85
40,659,643,442
41,064,263,510
41,111,937,232
An Rfill RAI 52R
90.73
91.30
91.29
RA AQ
Filing of Registration Statements Under Securities
Act of 1933
The Securities and Exchange Commission announced on
April 8 the filing of 17 additional registration statements
under the Securities Act of 1933 during the week ended
April 3. The total involved is $136,280,087, of which $100,523,916.50 represented new issues, the Commission said,
adding:
This total includes the largest issue ever registered under the Act, a
$73,000,000 issue of 25-year 3j% refunding mortgage bonds of the Southern California Edison Co., Ltd. (2-1369, Form A-2,'included in Release
No. 328).
This total also includes an issue of the Commercial Credit Co. of Baltimore of preferred and common stock issues totaling $27,179,864 (2-1364.
Form E-1, included in Release No. 327), and an issue of 5)4% cumulative
convertible preferred and no par common stock of the Reynolds Metals
Co. totaling $8.300.000 (2-1368. Form A-2,included in Release No. 328).
The filing of the issues by the Southern California Edison
Co., Ltd., the Commercial Credit Co. and the Reynolds
Metals Co. were referred to in our issue of April 6, pages
2276 and 2277. The SEC announced April 8 that the securities involved in the registration statements filed during
the week of April 3 are grouped as follows:
No. of Issues
Type of Issue
14
Commercial and Industrial
3
Securities in reorganization
Total
$100.523.916.50
35,756.170.50
2445
The Commission said that the securities (Nos. 1354-1370)
for which registration is pending follow:
Alden Park Land Corp. (2-1354, Form B-1) of Alden Park, Germantown.
Philadelphia, Pa., seeking to issue 33,340 shares of co-operative common
stock and class A common stock combined for a total offering price of
$1,111,334, in a plan of reorganization. Kenneth MacNeal of Philadelphia is Secretary of the corporation.
Texas Gulf Producing Co. (2-1355, Form A-2) of Houston, Tex., a producing oil company,seeking to register 889,607 shares of no par common stock.
W.J. Norton of New York City is Vice-President of the company.
EL F. Wilcox (2-1356, Form A-1) of Tulsa, Okla., engaged in the oil
business, seeking to issue interests in a non-producing oil and gas acreage
In Kimble County, Tex., in four-acre units at $100 a unit. The acreage
consists of about 4,003.9 acres.
Treasure Hill Extension Mines Co., Inc.(2-1357, Form A-1) of Ely, Nev..
seeking to issue 1,500,000 shares of 5c. par value common stock to be offered
at 50c. a share. J. C. Wheeler of East City, Nev.. is the President of the
company.
Marlin-Rockwell Corp.(2-1358, Form E-1) of Jamestown, N. Y., engaged
in the manufacture and sale of ball bearings, seeking to issue in a plan of
reorganization 364.145 shares of $1 par value common capital stock, for
a total offering Price of $7,464,972.50. Henry K. Smith of Jamestown,
N. Y.. is President of the company.
Northern Illinois Finance Corp. (2-1359, Form A-2) of De Kalb, Ill..
seeking to register 11,899 shares of "$1.40 dividend series class A preference
stock," to be offered at $22.50 a share. T. E. Courtney is President and
W. J. Hope is Secretary and Treasurer.
Managed Oil Royalties, Inc. (2-1360. Form A-1), of Jersey City, N. J.,
registering common stock and stock purchase warrants in a plan to issue
4,000,000 shares. Raymond C. Russum of New York City is President.
and Alpha Distributors. Inc., is the principal underwriter.
All Penn Oil & Gas Co. (2-1361, Form A-1) of Pittsburgh, Pa., seeking
to issue 116,000 shares of $1 par value common stock, to be offered not in
excess of $1.50 a share. C. B. Lewis of Grantsville, W. Va., is President,
and S. M. Vockel Co., Inc., of Pittsburgh is the principal underwriter.
Empire Mines & Metals Co. (2-1362. Form A-1) of Albuquerque, N. M.,
a mining corporation, seeking to issue 1,000,000 shares of 25c. par value
common stock. The average price of the offering to the public may be
between 30c. and 35c. a share. R. E. Hanna of Albuquerque, is President
of the company.
National Gypsum Co. (2-1363, Form A-1) of Buffalo, N. Y., a mining
company, seeking to issue $379,000 of 15-year 6% sinking fund bonds.
The maximum unit offering price is not expected to exceed $103.50. Melvin
H. Baker of Buffalo is President.
Union Bag & Paper Corp.(2-1365, Form A-2) of New York City, a manufacturing company, seeking to issue 52.427 shares of no par capital stock.
48.692 shares of this issue that are authorized but unissued are to be offered
at $30a share, and the 3,735 shares heretofore issued and now held in treasury are to be offered at $39 a share. Alexander Calder of New York is
President.
Tivoli Brewing Co. (2-1366, Form A-1) of Detroit, Mich.. registering
125,000 shares of Si par value common stock to be issued on exercise of
outstanding warrants for the purchase of such common stock at $2.50 per
share to and including Nov. 30 1935, after which purchase price increases
each year. The proceeds will be used to retire funded dent and for other
corporate purposes. Elwood M. Bayne of Detroit is President.
Affiliated Fund, Inc. (2-1367. Form A-1) of Jersey City. N. J., engaged
the investment business, seeking to issue 2,000,000 shares of 25c. par value
common stock, to be offered at approximately $1.25 a share. Andrew J.
Lord of Montclair, N. J.. is President of the company, and Lord, Abbott
& Co., Inc., of Jersey City is the principal underwriter.
Midcontinent Carey Trust (2-1370, Form A-1) of Tulsa, Okla., seeking to
issue 4,500 units of beneficial interest in a trust composed of 937M shares
of capital stock of the Natural Gas Development Corp. and 4683i shares
of capital stock of Carson Petroleum Corp., both of Oklahoma City. The
units are to be sold at $98 to and including May 31 1935 and thereafter at
$100 a unit. W. E. Brown of Tulsa is President.
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The Commission also announced a correction to an announcement made by it regarding the filing of a registration
statement by the General Capital Corp. The Commission's
original statement was contained in the previous list of
registrations given in our issue of April 6, page 2276. The
correction follows:
General Capital Corp. (2-1350, Form A-2), registering 200,000 shares of
common capital stock. In Release No. 326 it was erroneously stated that
the 64,051 shares unissued and in the treasury are to be sold at approximately $26.98 per share, not to exceed a total of $1,728,095.98. The
offering price is to be based on the market value of underlying assets. For
the purpose of registration the registrant used, as is permitted in such cases.
the figure $26.98 per share which would be the price obtained if the prices
for underlying assets on March 12 prevailed at the time of offering.
Cuban and Other North American Corporations Permitted by SEC to Use Form 10 in Applying for
Registration on National Securities ExchangeRequirements for Registering Similar to Those
Governing Domestic Corporations
The Securities and Exchange Commission announced
April 4 that it has adopted a rule whereby its Form 10, the
form for registration of corporations in general on national
securities exchanges, is now to be used by Cuban and other
North American corporations for their corporate bonds, as
well as for their stocks, in seeking registration on American
exchanges.
It is the opinion of the Commission that the registration
requirements for Cuban and other North American corporations who seek registration on American exchanges
ought to be similar to those governing domestic corporations.
The announcement of the SEC continued:
The large and continued interflow of business between the United States
and its neighboring countries makes uniformity of registration require-
2446
Financial Chronicle
ments desirable.
There is sufficient similarity between the corporate and
accounting practices of the United States and those of other North American
countries to make uniform registration requirements practicable. Furthermore, corporations in these neighboring countries are close enough to
the United States to make the filing of the required information feasible
within the required time.
Form 10, therefore, is to be used for the registration on American exchanges of the corporate bonds of all Cuban and North American corporations, with the exception of certain types of corporations designated by
the Commission. These exceptions include banks, insurance companies,
corporations whose securities are guaranteed by a foreign government, and
corporations which are owned or controlled by a foreign government.
Forms for the registration of the corporate bonds of issuers in other
parts of the world are now in preparation and ample time will be granted
for the filing of statements. Meanwhile, any issuer of bonds which is
organized under the laws of any foreign country may, at its option, use
Form 10 until 90 days after the proper form for such an issuer shall have been
published.
rhe Commission has also provided that any foreign corporation which
uses Form 10 in seeking registration for its capital stock may use the same
form for its corporate bonds.
SEC Amends Regulations to Permit Issuance of Stock
Up to $30,000 by Corporations Organized Incident
to Liquidation of National Banking Associations
Announcement was made on April 4 by the Securities and
Exchange Commission of the amendment of Part I of its
regulations exempting securities of limited amounts pursuant to Section 3(b) of the Securities Act of 1933. This
amendment, the Commission said, makes it possible for
corporations organized in connection with the liquidation
of national banking associations to offer, without prior
registration, stock for not over $30,000, even though within
a year other securities of the corporation have been issued,
provided that court approval has been had of the issuance
of such other securities in exchange for securities, claims
or property. The amendment was issued as follows:
Amendment to "Regulations Exempting Securities of Limited Amounts
Pursuant to Section 3(b) of the Securities Act of 1933"
Effective April 4 1935. Part I of the "Regulations Exempting Securities
of Limited Amounts Pursuant to Section 3(b) of the Securities Act of 1933",
as amended,is amended to read as follows.
"Any securities (other than those specified below) upon the condition
that the aggregate offering price to the public shall not exceed the sum of
$30,000; provided, however, that the amount of the offering shall be
reduced by the amount of any other offerings, (whether public or private)
within one year prior to the offering herein exempted, of securities of the
same issuer, or of any person controlling, controlled by, or under common
control with such issuer, unless, or except to the extent that, such offerings
have been withdrawn or have comprised securities (a) such as are described
in Section 3(a)(3) of the Act or (b) issued in connection with the liquidation
or the purchase or pledge of the assets of any national banking association
and to which the provisions of Title I of the Act do not apply by reason
of any of the provisions of subsection (a) of section 3 thereof. The aggregate offering price of securities offered at the market shall be taken as the
product of the number of units offered multiplied by the price per unit at
which the securities were bona fide sold on the first day of sale. The
aggregate offering price of any securities exchanged for bona fide outstanding
securities or claims shall be determined as provided in Part VI of those
regulations.
"This Part I shall not be applicable to exempt (i) certificates of deposit,
except certificates of deposits or receipts issued pursuant to a plan and(or)
agreement under which such certificates of deposit or receipts are to be
exchanged for bonds issued by the Home Owners' Loan Corporation and(or)
the net cash proceeds thereof: (ii) securities exchanged for bona fide outstanding securities or claims; (iii) voting trust certificates; or (iv) fractional
undivided interests in oil, gas or other mineral rights."
Bill Authorizing New York
Savings Banks to Invest in Bonds Issued by Federal
Land Banks and Federal Intermediate Credit Bank
Debentures
On April 5 Governor Lehman of New York signed the
Herman bill authorizing savings banks to invest in farm loan
bonds issued by Federal Land banks. United Press adviees
from Albany added that under the bill savings banks would
be permitted to also invest in Federal Intermediate Credit
Bank debentures and Federal farm mortgage corporations.
Governor Lehman Signs
Offering of $162,000,000 of 10-20 Year Consolidated
33tL% Bonds of Federal Land Banks—Books Closed
Following Over-subscription—Issued to Refund
Called 5% Bonds
A refunding issue of $162,000,000 of 10-20 year Federal
Land banks consolidated bonds bearing 3X% interest, were
offered April 8 by a nationwide banking group acting for the
12 Federal Land banks under the direction of Charles R.
Dunn, fiscal agent for the Land banks. The group comprised Alex. Brown & Sons, the Chase National Bank,
Brown Harriman & Co., Inc., Guaranty Trust Co. of New
York, the National City Bank of New York, Edward B.
Smith & Co., the First Boston Corp. and Lee Higginson
Corp. The bonds, it was announced, were offered for the
purpose of refunding 5% individual Federal Land Bank
bonds, the entire outstanding issues of which amounting to
$162,515,960, have been called for payment May 1 1935.
The calling of these bonds for redemption was noted in our
April 13 1935
issue of April 6, page 2280. Cash subscriptions books on
the offering were closed on April 8 shortly after they were
opened; the books for the receipt of exchange subscription
from holders of the called 5% bonds were closed on April 9.
Mr. Dunn said that the "offering was a great success," and
added that "a tremendous volume of subscriptions was
received from all parts of the country." So far as practicable,
it was stated, preferential treatment was given to holders of
the called 5% bonds who surrendered them in part payment
of the subscription price of the new 3X% bonds. The 334%
bonds, which are dated May 1 1935, due May 1 1955, and
are not redeemable before May 1 1945, were offered at
1003'(% and interest, to yield about 3.16% to the first
callable date (May 1 1945) and 3.25% thereafter to redemption or maturity. The new bonds, it is stated, will be ready
for delivery about May 1 1935.
Last June, an offering of $131,400,000 10-12 year consolidated 4% bonds, due July 1 1946, and not redeemable before
July 1 1944, was offered through the same nationwide
banking group. This constituted the first public offering of
consolidated bonds, previous offerings having consisted of
bonds issued individually by each of the 12 Federal Lend
banks, with a primary liability of all 12 banks for the payment of interest and an ultimate liability of all 12 banks for
the payment of principal of any of the bonds. This previous
offering was referred to in our issue of June 23, 1934,
page 4212.
Incident to the latest offering on April 8, W. I. Myers,
Governor of the Farm Credit Administration, issued the
following statement on April 2:
The Federal Land banks form an essential part of the banking system of
the Nation. They are established under the laws of the Imiteci States and
operate under the close supervision of the Farm Credit Administration
which is a permanent branch of the Government.
Their capital and surplus funds have been in large part advanced by the
United States Treasury through authority of acts of Congress.
Their bonds are secured by the pledge of first mortgages on farm lands
and of obligations of the United States. Congress has declared these bonds
to be exempt from Federal, State. municipal and local taxation, and to be
lawful investments for all fiduciary and trust funds under the jurisdiction
of the United States Government.
From an official circular issued by the banking group we
take the following:
Although these bonds are not Government obligations, and are not
guaranteed by the Government, they are the secured obligations of banks
operating under Federal charter with Governmental supervision by the FCA.
The Supreme Court of the United States has upheld the constitutionality
of the Act creating the banks and the provision exempting their obligations
from Federal, State, municipal and local taxation. The exemptions include
exemption from surtaxes on income from the bonds. The transfer of the
bonds by inheritance or gift, &c.. is, of course, subject to taxation under
any applicable valid laws providing for the taxation of transfers of personal
property.
The following is also from the circular:
Banks
The 12 Federal Land banks reported, as at March 15 1935, aggregate
capital of 3221,132,993, paid-in surplus of $66,200,008, and total assets
of $2,278,165,264.
Security
These consolidated bonds are the joint and several obligations of the 12
Federal Land banks. The law requires that these bonds be issued only
against collateral security of at least an equal principal amount of obligations of the United States Government, and (or) first mortgages on farm
properties, made in amounts not exceeding 50% of the value of the mortgaged land and 20% of the value of the permanent, insured improvements
thereon, as ascertained by Land bank appraisers at the time the loans are
made; and that the earning power of the land be a principal factor in the
appraisals. Since June 1933, estimates of earning power have been based
primarily on the average yield of the land during the past several years,
and average commodity prices prevailing during the period 1909-1914, as
indicative of the normal earning power of the land.
The collateral for consolidated bonds (now aggregating, including this
issue, approximately $1,055,000,000 principal amount of bonds) is deposited
in trust with Farm Loan Registrars and is held by them as security for all
outstanding consolidated bonds, separate and apart from collateral held
by them for bonds issued individually by the banks. At the time that these
bonds are issued, approximately 2% of the principal amount of the collateral
for
consolidated bends will consist of obligations of the Government.
The
balance of such collateral will consist of first mortgagee, a portion of which
will be mortgages on which matured installments of principal or interest
have been extended or are in default, which extended or defaulted mortgages are permitted by the law to be included as eligible collateral. Substitution of eligible collateral, on a basis of equal principal amounts, may be
made at any time.,
Legal for Trust and Other Funds
The Federal Farm Loan Act provides that the bonds shall be lawful
investments for all fiduciary and trust funds under the jurisdiction of the
United States Government. The bonds are eligible under the laws of a
majority of the States for investment by savings banks, and are made
eligible by statute for the investment of trust funds in more than 20 States.
Acceptable by Treasury
These bonds are acceptable by the United States Treasury as security for
Government deposits, including Postal Savings funds.
The United States Government, at March 15 1935, held $113,958,815
capital stock of the banks, or 51.5% of the total amount outstanding. At
March 15 1935, the Government, and offices and corporations created by
it under authority of Congress, held at least $885,021,160 bonds of the
Federal Land banks as investments or collateral security. Such holdings
totaled 48% of the $1,844.698,580 bonds of the Federal Land banks outstanding at that date.
Financial Chronicle
Volume 140
The consolidated statement of condition of the Federal
Land banks, as of March 15 1935,follows:
FEDERAL LAND BANKS
Consolidated Statement of Condttion March 15 1935
Assets—
Mortgage loans (immature() principal):
Loans not delinquent (a)
Loans delinquent (a)
23.742,275.13
tration and also the annual reports of any significant subsidiary carriers.
In addition to such material filed with the other Federal Commissions.
Form 12 requires a description of the securities being registered, information
as to bonus arrangements and certain material contracts of the registering
carriers, and further requires financial statements for any significant
noncarrier subsidiaries. Such financial statements are to be in the same
form as would be required under Form 10, or other appropriate Form,
if such noncarrier subsidiaries were themselves registrants, except that
until Dec. 31 1935, they need not be certified.
In connection with the publication of Form 12, the Commission has
amended its rules as to the use of Form 10 to make it clear that any railroads, telephone or telegraph companies or other carriers, which do not
make annual reports to the ICC or to the FCC, are to file applications for
the registration of their securities on Form 10.
8,971,459.79
Federal Land Banks Again Lower Interest Rates on
New Loans—Direct Loans by Banks to Be Charged
43i% and Indirect Loans 434%
24.634,885.93
7,217.652.79
....... -
$31,852,538.72
12,734,377.95
—
Total
Less reserve_
Delinquent installments:
Principal portion
Interest portion
19,118.160.77
612.758,864.99
30.831,705.99
$43,590,570.98
Total
Less: Partial Pa)m'ts,delinquent installments
Reserve
Accounts receivabte.
Tax advances, insurance advances. dm
Other accounts receivable
$3,915,198.89
15,933,096.96
36,115,306.57
3,232,649.67
69,347,956.24
376,496.45
TotalLess reserve
Purchase money mortgages and contracts:
Purchase money first mortgages
Purchase money second mortgages- - - - -- Real estate sales contracts
Real estate noses receivable
Total
Less reserve
513,887,086.66
976,109.48
28,989,791.32
56,766.32
$43,909,753.78
78.5,857.73
43,123.896.05
22,039,349.92
2,647,600.00
999,771.27
Cash on hand and in banks
Cash deposited for matured or called bonds
Cash deposited for matured bond interest
Due from Secretary of the Treasury:
Interest reduction
Paid-in surplus
33,296,604.16
4,148,492.22
7,445,096.38
United States Government obligations direct and (or) fully guaranteed (par $79,168,275) (b)
Other bonds and securities
Accrued interest receivable:
Mo_tgage loans
525,528.852.47
United States Government obligations direct
and (or) fully guaranteed
705,776.21
Other bor ds and securities
1,700.49
79,684,346.67
578,807.79
26,236,329 17
Real estate owned
Less reserve_
$93,177.109.28
25,040,700.08
Sheriffs' certificates, Judgment:, ircLess reserve
314,684,911.23
1,831,523.76
68,136,409 20
Banking houses,
ment, Are
Less reserve
furniture, fixtures, want.-
Prepaid and deferred expenses
Other assets
Less reserve
12,853,387.47
56,756,757.57
1,510,919.70
$1,083,214.59
451,971.91
631,242.68
Liabilities—
Farm loan bonds outstanding:
Consolidated bonds
Individual hoods
Total
Less: Bonds on hand, consolidated
Bonds on hand,individual
2,278,165,263.55
31,843,128,880.00
517,080.00
1,060,820.00
$2,647,600.00
999,610.02
Notes payable to Reconstruction F.nance Corporation
Accrued .nteiest payable:
$21,385,340.58
Farm loan bonds
Notes payable
545,829.61
Deferred proceeds of loans
Accounts payable
Dividends declared but unpaid
Trust accounts..
Advance installment payments
Partial payment. on °stallions, purchase money mortgages, contracts, ..4c
Other liabilities
Deferred income
Capital stock:
Owned by:
5113,958,815.w
United States Government
National farm loan associations__
103,516,812.50
Borrowers direct loans
3,657,365.00
Paid-in surplus
Legal reserve
Less impairment (o)
3,647,210.02
73,214,932.02
21,931.170.19
21,797,826.66
1,162,656.17
384,810.69
5,682,146.63
996,822.17
946,354.64
1,268,584.58
4,869,494.07
221,132.992.50
66,200.008.29
318,000,583.14
5,121,308.22
12,879,274.92
Total
$2,278,165,263.
a Loans not delinquent include not only those loans on which all matured lasts 1menta have been paid by the borrower but also loans on which matured tratailments
have been extended. If such exten.lons subsequently become delinquent no change
made in the unmatured balance of the loan in this class by reason of such delinquency. The mortgage loan classification is based .olely on the status of matured
installments not extended.
b Of this amount, $20,601,050 are pledged as collateral for consolidated bonds and
$44,755,300 are pledged as collateral for individual bonds.
c Each bank is required by law to crrry to reserve account semi-annually not less
than 50% of its net earnings until the reservc account equals its outstanding capital
stock. Thereafter, 10% of its net earnings must be added thereto. Whenever such
reserve shall be impaired, it must be fully restored before dividends are paid
SEC Promulgates Form for Registration of Securities
of Railroads, Telegraph and Telephone Companies
and Other Carriers, Making Reports to ICC and
FCC
The Securities and Exchange Commission has published
a form for the registration of securities of railroads, telegraph
and telephone companies, and other types of carriers, which
make annual reports to the Interstate Commerce Commission or to the Federal Communications Commission.
From the time the Emergency Farm Mortgage Act of 1933 was passed
up to April 1 1935, the Federal Land banks made loans through National
farm loan associations at 5%, with a temporary reduction to 4%% until
July 12 1938. After that date loans made during the 2-year period will
bear interest at the rate of 5%. New loans, however, made at 4(% will
bear that rate during the entire life of the loan. Loans made directly to
borrowers by the land banks carry an interest rate ),‘ of 1% higher than
those made through National farm loan associations.
The interest rate on Land Bank Commissioner loans which are made on
either first or second mortgage security will remain at 5% per annum.
The interest rate of 4 % is the lowest at which the Federal Land banks
have ever made loans during the 18 years of their history. The saving
which the Land banks have been able to effect on new loans is being passed
on to firmer borrowers furnishing additional evidence of the benefits of a
co-operative land banking system.
Banks for Co-operatives Lower Interest Rate From
43% to 43.4% on New Loans for Physical Facilities
$874,551,240.00
968,&77,640.00
$1,842,050,980.00
Matured obligations:
Farm loan bonds matured or called
Matured interest on farm loan bond.
Effective April 10 the Federal Land banks reduced t)
4.i% the interest rate on their new loans made through
National farm loan associations and 43
/
4% on loans made
directly by the banks, according to a statement made in
Washington, D. C., April 10 by Gov. W. I. Myers of the
Farm Credit Administration. This is the second interest
reduction made by the banks recently, the interest rate on
new loans through National farm 'loan associations having
been reduced from 5 to 434% on April 1; this previous reduction was referred to in our issue of March 30, page 2121.
As to the latest reduction the statement of April 10 said:
In his statement Governor Myers stated:
5,245,837.87
402,329.45
Total
This form, designated as Form 12, is the third of the new
forms promulgated by the Commission for the registration
of securities on national securities exchanges. The Commission on April 10 further announced:
Under Form 12, the SEC requires the filing with it of copies of the annual
reports made to the ICC and to the FCC by carriers applying for regis-
51,412,109,495.46
544,199,468.48
51.95e.308,963.94
Extensions:
Unmatured ext-nalons___
Matur d unprid extensions
2447
A reduction in interest rate from 434% to 43 % on physical facility loans to farmers' co-operative associations was
announced April 10 by W. I. Myers, Governor of the Farm
Credit Administration. The change, effective April 10,
applies to all new loans of this type made by the Central
Bank for Co-operatives and the 12 regional banks. The
rate of interest on effective merchandising loans made to
farmers' co-operatives, however, remains unchanged at 3%,
Governor Myers said.
Loans and Claims of Federal Land Bank and Land
Bank Commissioner or Less Than $1,000 to Be Paid
in Cash—Maximum Cash Payment Previously $500
Governor W. I. Myers of the Farm Credit Administration
announced April 4 that all Federal Land bank and Land
Bank Commissioner loans of less than $1,000 will be paid in
cash. Previously the largest amount paid in cash was $500.
According to Mr. Myers's statement, any loan or creditor's
claim of less than $1,000 settled by a loan may be paid in
cash, while a loan or creditor's claim of $1,000 or over will
be paid in Federal Farm Mortgage Corp. bonds. Cash will
be used, as heretofore, for fractional amounts and to pay
such items as taxes and insurance on farm property. The
statement continued:
In addition to paying a larger part of loan proceeds in cash, the Federal
Land banks, as announced last week, have reduced the interest rate on their
new loans through national farm loan associations to 41
/
2% per annum and
5% on loans made directly by the banks.
Governor Myers pointed out that this interest rate reduction on new loans effected by the Land banks (referred to
In our issue of March 30, page 2121) should not be confused
with the temporary reduction made possible by the Emergency Farm Mortgage Act about two years ago. He added:
Since May 12 1933 the Land banks have been making loans through
national farm loan associations at 5%, with a temporary reduction to VA%
effective until July 12 1938. After that date these loans will bear interest
at the rate of 5%. The 4%% rate on new loans closed
after April 1 will
be effective for the entire period for which the loans are made.
The interest rate reduction on new Federal Land bank loans will not affect
the 5% interest rate made by the Land banks on behalf of the Land Bank
Commissioner on the security of either first or second mortgages on farm
property.
2448
Financial Chronicle
Stocks of Kentucky Banks Issued to RFC Not Taxable,
According to Opinion Handed Down by Federal
Judges in Louisville
Preferred stock of National and State banks in Kentucky
held by the Reconstruction Finance Corporation was held
on April 8 to be tax-exempt. The opinion was handed down
in Louisville, Ky., by a three-Judge Federal Court, which
enjoined the State Tax Commission, County Tax Commissioner Charles C. Wheeler and City Tax Assessor John
J. Kesselring from assessing or collecting taxes on the stock.
The opinion was concurred in by Judge Charles H. Moorman, senior member of the United States Circuit Court of
Appeals, Cincinnati; Judge Harry B. Dawson, Memphis,
and Judge Charles I. Dawson, Louisville, of Federal District Courts. From the Louisville "Courier-Journal" we
quote:
The opinion held that the RFC is an agency of the United States Government and that the stocks it holds, being Federal property, are not taxable
by State or local agencies. The opinion declared that the question involves
not the constitutional powers of the National government, but the constitutional power of the State government to tax the property in question.
On the grounds set up in the opinion, the Judges granted a temporary
injunction asked by the RFC to restrain the State Tax Commission, the
Jefferson County Tax Commissioner and the City Tax Assessor named as
nominal defendants from certifying any of the stock involved for taxing.
The stock held by the RFC in Kentucky at the time the petition was filed
aggregated $6,793,350. The stock is that of 18 National banks and 46
State banks.
Mississippi Law for eopening of Banks Upheld by
United States Supreme Court
The Mississippi law for reopening insolvent State banks,
enacted in 1932, was upheld on April 1 by the United States
Supreme Court. Stating that the statute provided for the
reopening of closed institutions provided 75% of the depositors agreed to a plan of "freezing" deposits, Associated
Press advices from Washington April 1 to the New Orleans
"Times-Picayune" added:
When proceedings were begun to reopen the People's Bank Sz Trust
Co. of Tupelo, Miss., in May 1933. under the 1932 Act, Mrs. Oscar C.
Doty and other depositors objected, contending that the law was invalid
and their constitutional rights were violated.
The trial Court sustained the 1932 Act, the Mississippi Supreme Court
upheld it and to-day's action by the Supreme Court followed the lower
Court's contentions.
The depositors who opposed reopening of the bank insisted that the
assets of the old bank be used to meet its obligations instead of limiting
immediate payments to 25% of the claims against it, and holding the remaining assets in a "pool" for future liquidation.
Under the Act of 1932 stockholders of an insolvent bank who took stock
In the new bank would be relieved of 50% of their double liability assessment.
The bank, it is stated, was closed in December 1930 and
its affairs turned over for liquidation to J. S. Love, State
Superintendent of Banks.
State Banks in Louisiana Not Empowered to Invest
Funds in National Bank Stock, According to United
States Circuit Court of Appeals at New Orleans—
Correction
Inadvertently, in the heading in an item in our issue of
a week ago (page 2279) it was made to appear that State
banks in Louisiana are now empowered to invest funds in
National bank stock. What it was really intended to say
is that, under the opinion of the United States Circuit Court
of Appeals at New Orleans, State banks in Louisiana do not
possess power to invest their funds in stock of National
banks; this, it may be noted, was indicated in the text of the
item we published.
d
f00F0D0I0CRiseTotfarloern
0103050n
MeDm
ec
b.e3
r1 Ba
$n
3koso000
e po
$8
3iotsooion00104,
June 30 Total
Total deposits of 14,135 insured banks in the United
States were $39,000,000,000 on Dec. 31 1934, according to a
summary recently completed by the Federal Deposit Insurance Corp., an increase of approximately $3,000,000,000,
or 9%,over the total on June 30 1934. The FDIC on April 7
stated:
An $1,800,000.000 rise equal to 12% In demand deposits was shown to
have occured since June 30 1934, the date for the last call for condition
Therejwas also a 20% expansion of inter-bank deposits amounting to $1,000,000,000. An important factor In these increases was the year-end
accumulation of checks deposited but not yet collected. Time deposits
increased $300,000,000, or 3%.
Total cash and funds due from banks rose 20% in the six months, while
the banks increased their holdings of Government securities direct and
fully guaranteed, by 31,400,000,000, a 14% gain. There was also an
Increase in other securities held of $260.000.000, or 4%. As compared
with the mid-year figure loans and discounts were reduced by $600,000,000,
a drop of 4%.
Stock purchases have been made in 5,400 of the insured banks by the
Reconstruction Finance Corporation. These amounted to $822,000,000.
The figures were compiled by the FDIC from reports of condition as
of Dec. 31. submitted to It by 7,693 insured State banks not members of
April 13 1935
the Federal Reserve System. fo these were added summary figures
tabulated by the offices of the Comptroller of the Currency and the Federal
Reserve Board from reports of 5,462 National and 980 member State banks.
Phese insured banks hold 98% of all deposits of commercial banks and
trust companies in the United States.
New Offering of $50,000,000 or Thereabouts of 273-Day
Treasury Bills—To Be Dated April 17 1935
Henry Morgenthau, Jr., Secretary of the Treasury, announced on April 11 a new offering of 273-day Treasury bills
in amount of $50,000,000 or thereabouts. The bills will be
dated April 17 1935, and will mature on Jan. 15 1936, and
on the maturity date the face amount will be payable without
Interest. There is a maturity of similar securities on April 17
to the amount of $75,248.000. Tenders to the new bills,
which will be sold on a discount basis to the highest bidders,
will be received at the Federal Reserve banks,or the branches
thereof, up to 2 p.m., Eastern Standard Time, Monday,
April 15. Tenders, it is stated, will not be received at the
Treasury Department, Washington. From Secretary Morgenthau's announcement of April 11 we also take the following:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000. $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on April 15 1935,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
April 17 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No lossfrom the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized,for the purposes of any tax now or hereafter imposed by the
United States or any of its possessions.
Tenders of $109,147,000 Received to Offering of $50,000,000 or Thereabouts of 273-Day Treasury Bills
Dated April 10—$50,062,000 Accepted at Rate
of 0.176%
Of tenders totaling $109,147,000 received to the offering
of $50,000,000 or thereabouts of 273-day Treasury bills,
dated April 10 1935, maturing Jan. 8 1936, Henry Morgenthau Jr., Secretary of the Treasury, announced April 8
that $50,062,000 were accepted. The bids to the offering,
referred to in our issue of April 6, page 2279, were received
at the Federal Reserve banks and the branches thereof
up to 2 p. m., Eastern Standard Time, April 8. As to the
accepted bids the Secretary on April 8 said:
The accepted bids ranged in price from 99.898, equivalent to a rate of
about 0.135% per annum, to 99.857, equivalent to a rate of about 0.189%
per annum, on a bank discount basis. Only part of the amount bid for
the latter price was accepted. The average price of Treasury bills to
be issued is 99.867 and the average rate is about 0.176% per annum on a
bank discount basis.
A previous offering of 272-day Treasury bills, dated April 3,
sold at an average rate of about 0.157% per annum, on a
bank discount basis.
$562,032 of Hoarded Gold Received During Week of
April 3—$33,712 Coin and $528,320 Certificates
Figures issued by the Treasury Department on April 8
indicate that gold coin and certificates amounting to $562,032.15 was received during the week of April 3 by the
Federal Reserve banks and the Treasurer's office. Total
receipts since Dec. 28 1933, the date of the issuance of the
order requiring all gold to be returned to the Treasury, and
up to April 3 amount to 8120,752,511.84. The figures
show that of the amount received during the week ended
April 3, $33,712.15 was gold coin and $528,320 gold certificates. The total receipts are shown as follows:
Received by Federal Reserve Banks—
Week ended April 3 1935
Received previously
Total to April 3 1935
Received by Treasurer's Office—
Week ended April 3 1935
Received previously
Gold Coin
$33,012.15
30,149,253.69
Gold certificates
$
87,V)
.2,,gagg
$30,182,265.84
$88,220,440.00
$700.00
280,606.00
$11,700.00
2,076,800.00
Total to April 3 1935
$261,306.00
$2,088,600.00
Note—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Financial Chronicle
Volume 140
Silver Transferred to United States Under Nationalization Order-5,163 Fine Ounces During Week
of April 5
During the week of April 5 a total of 5,163 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on April 8
showed that receipts since the order was issued and up to
April 5 totaled 112,594,155 fine ounces. The order of
Aug. 9 was given in our issue of Aug. 11 1934, page 858.
The statement of the Treasury of April 8 shows that the
silver was received at the various mints and assay offices
during the week of April 5 as follows:
Fins Ounces
1,333
2.418
293
125
422
572
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
5.163
Total for week ended April 5 1935
Following are the weekly receipts since the order of Aug.9
was issued.
Week Ended— Fine Ozs.
1934—
Aug. 17
33 465,091
26,088,019
Aug. 24
Aug. 31
12,301,731
4,144,157
Sept. 7
_ 3,984.363
Sept. 14
8,435,920
Sept. 21
2,550,303
Sept. 28
2,474,809
Oct. 5
2,883.948
Oct. 12
1,044.127
Oct. 19
746,469
Oct. 26
Week Ended— Fins Ozs.
7.157.273
Nov. 2
3.665,239
Nov. 9
336,191
Nov. 16
Nov. 23
261.870
86,662
Nov.30
Dec. 7
292,358
Dec. 14
444,308
Dec. 21
692,795
Dec. 28
63,105
1935—
Jan. 4
309.117
535,734
Jan.11
Week Ended— Fine Ozs.
1935—
75,797
Jan.18
62.077
Jan.25
134.096
Feb. 1
Feb. 8
33,806
45,803
Feb. 15
152,331
Feb. 21
Mar. 1
38,135
57.085
Mar. 8
19,994
Mar. 15
54,822
Mar. 22
7,615
Mar. 29
5.163
April 5
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases Totaled 836,197.89
Fine Ounces During Week of April 5
According to figures issued April 8 by the Treasury
Department, 836,197.89 fine ounces of silver were received
by the various United States mints during the week of April 5
from purchases made by the Treasury in accordance with
the President's proclamation of Dec. 21 1933. The proclamation, which was referred to in our issue of Dec. 23 1933,
page 4441, authorized the Department to absorb at least
24,421,000 fine ounces of newly-rained silver annually.
Since the proclamation was issued the receipts by the mints
have totaled 32,611,000 fine ounces, it was indicated by the
figures issued April 8. Of the amount purchased during
the week of April 5, 820,566.33 fine ounces were received
at the Philadelphia Mint, 4,819.56 fine ounces at the San
Francisco Mint, and 10,812 fine ounces at the Mint at Denver. The total receipts by the mints since the issuance of
the proclamation follow (we omit the fractional part of the
ounce):
Week Ended— Ounces
1934—
Jan. 5
1,157
Jan. 12
547
Jan. 19
477
Jan. 26
94,921
Feb. 2
117,554
Feb. 9
375,995
Feb. 16
232,630
Feb. 23
322,627
Mar. 2
271,800
Mar. 9
126.604
Mar. 16
832,808
Mar. 23
369.844
Mar.30
354,711
Apr. 6
569,274
Apr. 13
10,032
Apr. 20
753,938
Apr. 27
436,043
May 4
647,224
May 11
600,631
May 18
503.309
May 25
885.056
June 1
295.511
*Corrected figures
Nolv
,
t
Week Ended— Ounces
Wended—
June 8
208,790 Nov. 23
June 15
380.532 Nov. 30
June 22
June 29
64,047 Dec. 7
July 6
•1,218,247 Dec. 14
230.491 Dee. 21
July 13
July 20
115.217 Dec. 28
July 27
292,719
1935—
Aug. 3
118.307 Jan. 4
Aug. 10
254.458 Jan. 11
Aug. 17
649,757 Jan. 18
Aug. 24
376.504 Jan. 25
Aug. 31
11,574 Feb. 1
Sept. 7
264,307 Feb. 8
Sept. 14
353,004 Feb. 15
Sept. 21
103.041 Feb. 21
Sept. 28
1,054.287 Mar. 1
Oct. 5
620.638 Mar. 8
Oct. 12
609,475 Mar. 15
Oct. 19
712,206 Mar.22
268,900 Mar. 29
Oct. 26
Nov. 2
826.342 April 5
Nov. 9
359.428
Ounces
1,025,955
443.531
359,296
487,693
648,729
797.206
484.278
467.385
504.363
732,210
973,305
321,760
1.167.706
1.126.572
403,179
1.184.819
844.528
1,555.985
554,454
695,556
836,198
Price for Newly-Mined Domestic Silver Raised from
64.6 to 71 Cents an Ounce Under Proclamation
by President Roosevelt—Seigniorage Reduced from
50% to 45%
President Roosevelt on April 10 issued a proclamation
which automatically increased the price the Government
will pay for newly-mined domestic silver to 71 cents an ounce
from the price of 64.64 cents that has been effective since
Dec. 21 1933. The President's action was announced in a
Treasury statement which said that in the future the seigniorage on newly-mined domestic silver presented to the mints
for coinage shall be 45% instead of 50%. The effect of the
proclamation, the Treasury said, will be "to increase the net
amount returned for newly-mined domestic silver from approximately 64.6 cents per fine ounce to approximately
71 cents per fine ounce."
President Roosevelt, before the issuance of his proclamation on April 10, had indicated at a press conference that the
2449
Government would continue its policy of accumulating silver
reserves in accordance with the Act providing that the ratio
of silver to gold in the Nation's monetary reserves should be
one to three. The President's decision was believed to have
been prompted by the fact that the world price of silver had
been gradually rising since the United States started its
purchases late in 1933, and on April 10 had reached 64%
cents a fine ounce.
The following is the text of the President's proclamation:
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A Proclamation
Whereas, by Proclamation of the 21st day of Dec. 1933. as modified by
Proclamation of the ninth day of August 1934, the United States coinage
mints are directed to receive for coinage and addition to the monetary stocks
of the United States silver mined subsequent to Dec. 21 1933 from natural
deposits in the United States or any place subject to the jurisdiction thereof;
and
Whereas, such Proclamation as so modified is subject to revocation or
further modification as the interest of the United States may seem to
require.
Now. Therefore, finding that the interests of the United States require
further modification of said Proclamation of the 21st day of Dec. 1933:
by virtue of the power in me vested by the act of Congress cited in said
Proclamation, and other legislation designated for national recovery, and
by virtue of all other authority in me vested:
Franklin D. Roosevelt, President of the United States of America, do proclaim and direct that with respect to all silver received by a United States
coinage mint under the provisions of the Proclamation of the 21st day of
Dec. 1933. which such mint,subject to regulations prescribed hereunder by
the Secretary of the Treasury, is satisfied has been mined on or after April
10 1935, from natural deposits in the United States or any place subject to
the jurisdiction thereof,the deduction for seigniorage and services performed
by the Government shall be 45% and there shall be returned therefor in
standard silver dollars, silver certificates, or any other coin or currency of
the United States, the monetary value of the silver so received (that is,
51.2929+ a fine ounce), less such deduction of 45%•
Notice is hereby given that I reserve the right by virtue of the authority
vested in me to revoke or modify this proclamation as the interest of the
United States may seem to require.
In Witness Whereof I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the City of Washington this 10th day of April, in the year of
our Lord 1935.and of the Independence
(SEAL)
of the United States of America the
159th.
FRANKLIN D. ROOSEVELT
By the President:
CORDELL HULL, Secretary of State.
The Treasury Department's announcement April 10
follows:
The President to-day issued a proclamation amending his proclamation
of Dec. 21 1933, with respect to coinage of silver so as to provide that the
seigniorage on newly-mined domestic silver presented to the mints for
coinage shall be 45% instead of 50% as provided in the proclamation of
Dec. 21 1933. The new rate of seigniorage will be applied to all silver
mined on and after to-day, Wednesday, April 10 1935.
The effect of the proclamation will be to increase the net amount returned
for newly-mined domesticsilverfrom approximately 64.6 cents per fine ounce
to approximately 71 cents per fine ounce.
The following comment regarding the President's action
is from a Washington dispatch April 10 to the New York
"Times":
In official circles the increase in the price was interpreted as meaning
that the United States had set out upon even a more vigorous policy than
was indicated by the fixing of the 64;4-cent price late in 1933.
The immediate effect, in the view of many experts, was a probable continuation in the increase in the world price for silver, to the profit of those
countries on the silver or partially silver standard of monetary reserve, and
likewise to the profit of the silver producers in the United States.
Some observers professed to believe that the administration's action was
at least partly induced by influence from the silver States.
The "silver Senators" have for many months conducted an intensive
campaign in the direction of higher prices for the metal. After the original
fixing of a price far above the world market level, and with the subsequent
gain in the world price, the Senators pressed for another
.decrease.
Constantly Watched World Pricel
''Senators Wheeler of Montana, Costigan of Colorado and McCarran of
Nevada. Democrats, were especially urgent in attempting to influence the
administration to keep the sliver price paid by the Government ahead of that
for which it might be sold in the world market.
The President, under the law, may raise the price of silver by proclamation to $1.29 an ounce.
Until to-day, 50% seigniorage was deducted from the price of $1.29 an
ounce. Thus when an ounce of silver was turned over to the Treasury only
half of its value would be returned to the seller. That resulted in a 50%
profit, or seigniorage, to the Government.
With the new policy calling for seigniorage of 45%, there will be an increase in the price to 71.1111 cents an ounce.
From the date of the Presidential proclamation of Dec. 21 1933, to
April 8 the Treasury bought about 32,611,000 ounces of silver at 6434 cents
an ounce. This represented a payment of about $21,000,000.
$915,613,900 in the Treasury
Under the nationalization order of Aug.9 1934, about 112,594,155 ounces
of silver were bought at 50 cents an ounce, or around $56,000,000. The
nationalization order provided for the taking over of existing stocks.
On April 8 the dollar value of silver as carried on the Treasury books WAS
about 8915,813,900.
While the silver stocks as shown by Treasury figures were 155,205,000
ounces, including that newly-mined and obtained under the nationalization
order, it was believed that a much greater amount than that had been obtained through the operation of the Treasury's $2,000,000,000 stabilization
fund alone.
The President's proclamation of Dec. 21 1933 was given
in our issue of Dec.23 1933, page 4441; his later proclamation
appeared in our Aug. 11 1934 issue, page 858.
2450
Financial Chronicle
President Roosevelt Signs War Department Appropriation Bill Increasing Strength of Army
On April 9 President Roosevelt signed the War Department Appropriation Bill authorizing the increase of the
average enlisted strength of the army from 118,750 to
165,000 enlisted men. The measure was sent to the President for his signature on March 29, when the House agreed
to the conference report on the bill; the Senate agreed to the
report on March 26;an item indicating that the bill had been
sent to conference appeared in these columns March 16,
page 1754. On March 29 an account from Washington to
the New York "Times" stating that the bill carried $401,998,179 for military and non-military activities added.
The appropriation is about 320,000.000 above the budget estimates and
approaches a peace-time record. It provides 3341,000.000 for military
purposes and 360,000.000 for non-military activities.
The bill authorizes an increase in enlisted personnel from 118,000 to
165.000 men, the increase extending to all branches.
The measure as agreed upon in conference makes a direct appropriation of
$400,000 for increasing the enlisted strength of the National Guard instead
of the indefinite sum proposed by the House. It appropriates 34,452,000
for the Reserve Officers Training Corps and $2,000,000 for training about
30.000 in citizens' military training camps.
The bill appropriates $6,372,178 for the organized reserves.
All these appropriations except those for the National Guard represent a
compromise between the lower appropriations made by the House and higher
ones voted by the Senate.
With the signing of the bill on April 9 President Roosevelt
issued the following statement:
"In approving H. R. 5913. the War Department appropriation bill for
the fiscal year ending June 30 1936. it is pertinent to call attention to
two matters.
"1. The bill authorizes the increase of the average enlisted strength of
the Army from 118.750 to 165,000 enlisted men. In a very real sense this
increase does not represent an extension of the Army involving new units.
It is more correct to say that the increase is in effect a restoration to company, troop, battery and other units of privates who, in previous sessions
of Congress, were arbitrarily transferred and the units thus decreased in
order to organize various new corps and units such as the Air Corps.
"2. There are two strengths of the fundamental units in the Army—
peace strength and war strength. War strength, fixed by tactical requirements of combat averages 250 enlisted men per company troop or battery.
Peace strength, fixed by the necessity for efficient training and for reasonable readiness, should average 120 enlisted men. In recent years, however,
this peace strength average has been whittled away until it now barely
averages 70 enlisted men per company troop or battery. This law restores
to these basic units their peace-time strength. In the great majority of
Army posts barracks were originally constructed for peace-time strengths
so that quarters are already available."
President Roosevelt Plans Conference on Trade
Relations Between United States and Philippine
Islands
President Roosevelt made known this week to GovernorGeneral Frank Murphy of the Philippine Islands that he
plans to call a joint economic conference, following the
inauguration of the Commonwealth Government, for the
consideration of measures for the promotion of mutual
trade advantages between the two countries. A letter to
this effect was handed to the Governor-General by the
President with the conclusion on April 10 of a White House
conference at which Mr. Murphy was the guest at a luncheon.
The President's letter read:
My dear Governor-General As you know, consideration is being given
by this Government to the question of future relations between the United
States and the Philippines. These relations have been the subject of
conferences which you and I have had during your visit in Washington.
As a result of these discussions, I contemplate calling the joint trade
conference provided for in Section 13 of the Tydings-McDuffie Act at as
early a date as practicable after the inauguration of the Commonwealth
Government, in order that effective measures for promoting mutual trade
advantages between the two countries may be given early consideration.
To facilitate the work of the conference I have asked our Interdepartmental Committee to continue studies already begun so that the necessary
basic material will be available when the conference convenes. I trust
you will also be able to inaugurate similar studies in the Philippine Islands
which will provide pertinent data for consideration by the conference.
Regarding the President's plans, the Governor-General
said:
This will be heartening news to Philippine agriculture, commerce and
industry. It will eliminate present indecision and uncertainty, and begin
the efforts to stabilize Philippine economy, the main problem confronting
the Filipinos.
Mr. Murphy indicated that the conference would be held
here within a month or two after the inauguration of the
Philippine Commonwealth, now scheduled for Nov. 15.
The approval by President Roosevelt of the proposed
Constitution of the Philippines was noted in our March 30
issue, page 2106.
President Roosevelt Signs $4,880,000,000 Work Relief
Resolution Following Adoption of Conference
Report by Congress
With Congressional action on the $4,880,000,000 workrelief resolution completed by Congress on April 5, the new
legislation was placed on the statute book with its signing
by President Roosevelt on April 8. The President's signa-
April 13 1935
ture was affixed to the resolution at 4 p. m. while he was
en route to New York on a special train which he boarded
at Jacksonville, Fla., following the conclusion of his brief
fishing cruise in the Bahamas aboard Vincent Astor's yacht
Nourmahal. Following the adoption of the conference report on the resolution by the House and Senate, on April 5,
the measure was signed by Speaker Byrns at noon, April 6,
Vice-President Garner signing it at 12:25 p. in. At the
White House, to which the measure was immediately taken,
a statement was given out on April 6 saying:
The relief bill was sent by special courier to-night and will be delivered
to the President Monday morning.
After its delivery by special airplane to the temporary
White House offices at Miami, Fla., an April 7, the resolution was taken to Jacksonville, Fla., by Marvin H. McIntyre,
Assistant Secretary to the President.
The original plans of the President to proceed immediately to Washington with the conclusion of his Southern
vacation suffered a change with the death in New York,
on April 7, of his cousin, Warren Delano Robbins, United
States Minister to Canada, the funeral services for Wq10M,
held in New York on April 7, were attended by the President.
In signing, on April 8, the works-relief resolution, President Roosevelt issued a statement in which he said that
"while a number of new questions are presented by recent
amendments, those who have studied the joint resolution
have recommended its approval." With the signing of the
resolution, which provides for the largest single appropriation ever voted by Congress, the President made known
that several allocations under the resolution had already
been made, viz.: $125,000,000 to the Administrator of the
Federal Relief Administration; $30,000,000 for the continuation of the emergency work of the Civilian Conservation
Corps camps, and $842,000,000 for the continuation of conservation work on Indian reservation lands. The President's statement, issued with the signing of the resolution,
follows:
The joint resolution making appropriations for relief purposes was
finally passed last Friday. On Saturday and Sunday the resolution, including all the amendments finally agreed on, was examined by the departments
and agencies concerned and sent to Jacksonville by plane and received by
the President at 1 p. in.
While a number of new questions are presented by recent amendments,
those who have studied the joint resolution have recommended its approval
and the President has affixed his signature to it after further study at 4 p. m.
Immediately thereafter the President signed two allocations from the
amount appropriated under the new law. The first allocated $125,000,000
to the Administrator of the Federal Emergency Relief Administration, in
order that relief may not stop. It should be noted that the long delay in
the Senate has made necessary the transfer of many millions of dollars
previously allocated to highly useful permanent projects to immediate
emergency relief work. This money came from the Recovery Act appropriation of 1933.
Many of the projects which have been canceled because of this connot
now be continued under the terms of the new law.
The second allocation under the new law, for $30,000,000, is a continuation of the emergency conservation work. In other words, the maintenance
of the Civilian Conservation Corps camps; also $842,000 for continuation
of conservation and other work on tribal or other Indian reservation lands.
Further announcements in regard to additional allocations will be made
from time to time.
The action of Congress in adopting, on April 5, the conference report on the resolution was referred to briefly in
these columns last week, page 2282. As noted therein, the
House adopted the report by a vote of 317 to 70, the Senate
later in the day adopting it by a vote of 66 to 13.
The Senate vote on the conference report (66 to 13) was
as follows: For the report, 66—Democrats 55, Republicans
10, Progressives 1; against the report, 13—Democrats 4,
Republicans 9.
The House vote on the conference report (317 to 70) was
as follows: For the report, 317—Democrats 276, Republicans 31, Progressives 7, Farmer-Laborite 3; against the report, 70—Demncrats 7, Republicans 63.
As to the final Congressional action, we quote the following from the Washington account, April 5, to the New York
"Times":
The House adopted the conference report early in the afternoon after a
brief though partisan debate. It was immediately sent to the
Senate.
arriving at 2 p. m.
As soon as it was reported by a House messenger, Senator Robinson
asked for a quorum call so Senators could be summoned to the chamber,
particularly Senator Glass, who was to call up the conference agreement.
As the roll-call was completed Senator Glass immediately called up
the
report. The reading clerk hurried through a statement of the Senate
managers. Vice-President Garner was on the alert to see when the clerk
had finished. He was anxious, as were other Administration
spokesmen,
to get the measure on its way to the President.
"Adopted?" First by Voice Vote
The reading clerk had hardly uttered the last word of the report
when
the Vice-President put the question. An overwhelming chorus of
"ayes"
came from Democrats, who, like Mr. Garner, wanted the quickest possible
action on the report.
Volume 140
Financial Chronicle
"Tile conference report is adopted," shouted the Vice-President, his
remark punctuated by a loud rap of the gavel.
Newspaper service men jumped for their wires. In less than 10 seconds
the word was broadcast to the country that the controversy over the
President's keystone measure had ended.
Senator Robinson was quickly on his feet, however, demanding a roll-call.
He wanted the country to know who was for and against the measure, as
well as that it had been completed.
Mr. Garner ordered a roll-call and the clerk began it. Senator Couzens
Interrupted, saying that if a roll was to be called he would like an explanation of the report. Senator Glass insisted that the report had been
adopted, but Mr. Garner explained that the question he put was the
motion to take up the report and not necessarily adopt it.
"The Senate adopted the report," said Senator Glass, "but I won't be
technical about it." and with that he started to explain the report.
Senator Thomas Argues for Silver
During the confusion Senator Thomas of Oklahoma entered the chamber.
It was he who spoke for five hours two weeks ago on a silver amendment,
which the conferees promptly deleted. When Senator Glass had completed
his short explanation of the conference report, Senator Thomas took the
floor to protest the fate of his silver amendment and spoke for the next
hour in an exposition of the currency problem.
Senator Thomas was assisted in his hour's discourse by questions from
Senator Long, who, flitting about the chamber, made it obvious that he
was trying to tantalize the Democratic leaders who were so anxious to
dispose of the relief measure.
When Senator Thomas had finished, Senator Scha11 sent to the desk one
of his long statements on the evils of the Administration, and the clerk
spent the next hour reading that. At the end of this hour Senator Cutting
took the floor to protest the scrapping in conference of his amendment
allocating $40,000,000 for aid to schools.
Between these speeches and during lulls in the discourse Vice-President
Garner and Senator Pittman, who alternated in the chair, made abortive
efforts to put the question.
"Broad as Ocean" to the House
The report was piloted through the House by Chairman Buchanan of the
Appropriations Committee. In effect, he told the lower body not to be
disturbed by the so-called "limitations" written into the measure by
the Senate.
"The Senate language made the resolution, if anything, broader," he
said. "It now is as broad as the ocean." . . .
At the last moment, on April 5, after the conference report
bad been adopted by the Senate, and after he had voted for
it, Senator Glass, head of the Senate conferees and Chairman of the Senate Appropriations Committee (we quote
from Washington advices, April 5, to the New York "Herald
Tribune"), defended the course of the Senate conferees.
The account went on to say:
He said he would vote for the conference report despite his conviction
as to the "unwisdom" of appropriating this vast sum of money and his
fear of the effects on the public credit.
25% Labor Provision Agreed On
The apprehension of Senator Glue is shared by a large number of his
Democratic colleagues who are not so outspoken as he.
Before the House adopted the conference report there was a brief debate,
in the course of which James Buchanan, Chairman of the House Appropriations Committee, head of the House conferees, attacked the Senate revisions
as "tommyrot moonshine."
The chief subject in controversy was the labor provision in the $900,000,000 allotment for loans or grants to States, municipalities and public
bodies. As finally agreed on by the conferees, this permits loans or grants
under this class of allocations where, "in the determination of the President," not less than 25% of the loan or grant is to be expended for "work"
under each particular project.
Stating that the measure emerged substantially as outlined by the President in his annual message to Congress,
three months ago, and translated two weeks later into the
formal resolution, a dispatch, April 5, to the "Times" added:
It appropriates to him the sum of $4,880,000,000 to be used at his
discretion, under a minimum of limitations, to "provide relief, work relief
and to increase employment by providing for useful projects." Such limitations as were written by Congeess were admitted by their proponents to
mean little in the ultimate.
A Government finance expert gave private assurances to-day that the new
program would not mean an immediate addition of $4,880,000,000 to relief
outlay and consequent immediate addition of that amount to the public
debt, but would be so planned that about $80,000,000 a month would be
added to present relief costs of $150,000,000 a month. Thus the outlay
for relief would run, under this estimate, at $230,000,000 a month.
The same advices stated:
When the measure was started on its way it was directed primarily to
the employment of 3,500,000 men and women—heads of families—who
were then on the Government's relief list.
Basic Spending Purposes
So far as committees of Congress were able to determine, no allambraeing plan has yet been evolved for the expenditure of the huge sum. This
is to be worked out as the program itself progresses, but a Senate amendment, approved by the President, indicated the general purpose to use
the money along these lines:
(a) Highways, roads, streets and grade-crossing elimination, $800,000,000.
(b) Rural rehabilitation and relief in stricken agricultural areas and
water conservation, transinountain water diversion and irrigation and
reclamation, $500,000,000.
(c) Rural electrification, $100,000,000.
(d) Housing, $450,000,000.
(e) Assistance for educational, professional and clerical persons,
8300,000,000.
(f) Civilian Conservation Corps, $600,000,000.
(5) Loans or grants, or both, for projects of States, Territories, possessions, including subdivisions and agencies thereof, municipalities and the
District of Columbia, and self-liquidating projects of public bodies thereof,
where, in the determination of the President, not less than 25% of the
loan or the grant, or the aggregate thereof, is to be expended for work
under each particular project, ;900,000,000.
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(h) Sanitation, prevention of soil erosion, prevention of stream pollution, sea-coast erosion, reforestation, forestation, flood control, rivers and
harbors, and miscellaneous projects, $350,000,000.
In order that the President might not be bound irrevocably by these
amounts, Congress inserted a further provision that any one of these items
might be increased at the expense of any one or more of the others to an
extent of 20% of the entire new appropriation of $4,000,000,000.
The remaining $880,000,000 was appropriated from existing balances in
the Reconstruction Finance Corporation and the Public Works Administration to finance present dole relief until work relief could be finally and
adequately launched.
Votes to Speed Formalities
The Senate adopted an order permitting the Vice-President to sign the
official copy during the week-end recess in order to overcome the rules
which provide that enacted bills must be signed in the presence of the
House and Senate. The House will be in session to-morrow and it is
expected that Speaker Byrne will sign the Act then.
Along with the engrossed resolution, Congressional leaders proposed to
impart to the President assurances that the legislative jam at last had
been broken and that other parts of his ambitious program would not
encounter the vicissitudes that plagued this one during its 11 weeks' course
through Congress, 10 of them in the Senate.
The work relief resolution originally passed the House on
Jan. 24, as reported in these columns Jan. 26, page 565; as
it passed the Senate on March 23, and noted in our issue of
March 30, page 2107, it carried as a rider the Thomas silver
amendment; the elimination of this in conference and the
adjustment by the conferees of other differences was indicated in our item on pages 2107 and 2282.
The record of the procedure by Congress on the resolution
was summarized as follows in Associated Press advices from
Washington:
Introduced in House Jan. 21.
Reported to floor Jan. 23.
Passed House, 329 to 78, Jan. 24.
Received by Senate Jan. 25.
Reported to Senate Feb. 14.
Senate began debate Feb. 15.
Returned to committee after prevailing wage adopted, Feb. 22.
Reported back March 5 without prevailing wage.
Made unfinished business March 8.
Senate adopted compromise wage March 15.
Senate passed, 68 to 16, March 23, and sent to conference with House.
Conferees agreed March 28.
House returned to conference, 225 to 110, April 1, after Secretary Ickes
protested "direct work" clause inserted by Senate conferees.
Conferees agreed, April 4, on compromise amendment.
House adopted conference report, 317 to 70, April 5.
Senate adopted conference report, 66 to 13, April 5.
From the Washington dispatch, April 5, to the "Times"
we take the following outlining the main provisions of the
relief resolution:
Appropriates $4,000,000,000 in a new sum, together with $88,000,000 in
existing balances of the RFC and PWA, to be used "in the discretion and
under the direction of the President," to provide "relief, work relief, and
to increase employment by providing for useful projects."
"Ear-marks" the fund in eight general crassifications of projects, intended
to cover every possible line of public works.
Gives to the President full authority to fix wage scales on these works,
with the limitation that he shall pay "prevailing wages," according to
the Davis-Bacon Act on strictly Federal building projects, and that other
wages shall not lower existing private scales.
Empowers the President to establish any governmental agencies necessary
to carry out the purposes of the resolution, but specifies that highway
funds must be expended through present channels maintained under the
Federal-State Aid Good Roads system.
Provides that of moneys lent or granted to States and political subdivisions thereof for non-Federal works, at least 25% of each separate
amount, "in the determination of the President," shall be expended for labor.
Authorizes the President to make loans to farmers, tenants and sharecroppers for the purchase of farm lands and farm equipment.
Requires confirmation by the Senate of all central and State administrative officers receiving salaries of $5,000 or more.
Provides penalties for fraud in connection with the use of funds and also
for violation of any rules and regulations prescribed by the President in
carrying out the purposes of the resolution.
Elsewhere in this issue we give the text of the resolution.
Text of $4,880,000,000 Work Relief Resolution as
Adopted by Congress and Signed by President
Roosevelt
In another item we refer to the completion of Congressional action an the $4,880,000,000 work relief resolution,
to which, as we also note in the item indicated, President
Roosevelt affixed his signature on April 8. The following
is the text of the resolution, which was enacted into law
under the title of the "Emergency Relief Appropriations Act
of 1935":
(PUBLIC RESOLUTION—NO. 11-74TH CONGRESS)
[H. 3. lies. 117]
JOINT RESOLUTION
Making Appropriations for Relief Purposes
Resolved, by the Senate and House of Representatives of the United States
of America, in Congress assembled, That in order to provide relief and
work relief, and to increase employment by providing for useful projects,
there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to be used in the discretion and under the direction of
the President, to be immediately available and to remain available until
June 30 1937, the sum of $4,000,000,000, together with the separate funds
established for particular areas by proclamation of the President, pursuant
to Section 15(f) of the Agricultural Adjustment Act (but any amounts
thereof shall be available for use only for the area for which the fund was
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Financial Chronicle
established) ; not exceeding $500,000,000 in the aggregate of any savings
or unexpended balances in funds of the Reconstruction Finance Corporation;
and not exceeding a total of $380,000,000 of such unexpended balances as
the President may determine are not required for the purposes for which
authorized, of the following appropriations, namely: the appropriation of
$3,300,000,000 for national industrial recovery contained in the Fourth
Deficiency Act, fiscal year 1933, approved June 16 1933 (48 Stat. 274);
the appropriation of $950,000,000 for emergency relief and civil works contained in the Act approved Feb. 15 1934 (48 Stat. 351); the appropriation
of $899,675,000 for emergency relief and public works, and the appropriation of $525,000,000 to meet the emergency and necessity for relief in
stricken agricultural areas, contained in the Emergency Appropriation Act,
fiscal year 1935, approved June 19 1935 (48 Stat. 1055); and any remainder of the unobligated moneys referred to in Section 4 of the Act
approved March 31 1933 (48 Stat. 22);
Provided, That except as to such part of the appropriation made herein
as the President may deem necessary for continuing relief as authorized
under the Federal Emergency Relief Act of 1933, as amended, or for
restoring to the Federal Emergency Administration of Public Works any
sums which after Dec. 28 1934 were, by order of the President, impounded
or transferred to the Federal Emergency Relief Administration from
appropriations heretofore made available to such Federal Emergency Administration of public works (which restoration is hereby authorized) this
appropriation shall be available for the following classes of projects and
the amounts to be used for each class shall not, except as hereinafter provided, exceed the respective amounts stated, namely:
(a) Highways, roads, streets and grade-crossing elimination, $800,000,000;
(b) Rural rehabilitation and relief in stricken agricultural areas and
water conservation, trans-mountain water diversion and irrigation and
reclamation, $500,000,000;
(c) Rural electrification, $100,000,000;
(d) Housing, $450,000,000;
(e) Assistance for educational, professional and clerical persons, $300,000,000.
(f) Civilian Conservation Corps, $600,000,000;
(g) Loans or grants, or both, for projects of States, Territories, Posesalone, including subdivisions and agencies thereof, municipalities, and the
District of Columbia, and self-liquidating projects of public bodies thereof,
where, in the determination of the President, not less than 25% of the
loan or the grant, or the aggregate thereof, is to be expended for work
under each particular project, $900,000,000;
(h) Sanitation, prevention of soil erosion, prevention of stream pollution, sea coast erosion, reforestation, forestation, flood control, rivers and
harbors, and miscellaneous projects, $350,000,000:
Provided further, That not to exceed 20% of the amount herein appropriated may be used by the President to increase any one or more of the
foregoing limitations if he finds it necessary to do so in order to effectuate
the purpose of this joint resolution:
No Part to Be Expended for If
Warships, &c.
Provided further, That no part of the appropriation mage by this joint
resolution shall be expended for munitions, warships, or military or naval
material ; but this proviso shall not be construed to prevent the use of
such appropriation for new buildings, reconstruction of buildings and other
improvements in military or naval reservations, posts, forts, camps, cemeteries, or fortified areas, or for projects for non-military or non-naval
purposes in such places.
Except as hereinafter provided, all sums allocated from the appropriation made herein for the construction of public highways and other related
projects (except within or adjacent to national forests, national parks,
national parkways, or other Federal reservations) shall be apportioned by
the Secretary of Agriculture in the manner provided by Section 204(b) of
the National Industrial Recovery Act for expenditure by the State highway
departments under the provisions of the Federal Highway Act of Nov. 9
1921, as amended and supplemented, and subject to the provisions of
Section 1 of the Act of June 18 1934 (49 Stat. 993):
Provided, That any amounts allocated from the appropriation made herein
for the elimination of existing hazards to life at railroad grade crossings,
including the separation or protection of grades at crossings, the reconstruction of existing railroad grade crossing structures, and the relocation
of highways to eliminate grade crossings, shall be apportioned by the
Secretary of Agriculture to the several States (including the Territory of
Hawaii and the District of Columbia), one-half on population as shown
by the latest decennial census, one-fourth on the mileage of the Federal
Aid Highway system as determined by the Secretary of Agriculture, and
one-fourth on the railroad mileage as determined by the Interstate Commerce Commission to be expended by the State highway departments under
the provisions of the Federal Highway Act of Nov. 9 1921, as amended
and supplemented, and subject to the provisions of Section 1 of such Act
of June 18 1934 (48 Stat. 993); but no part of the funds apportioned to
any State or Territory under this joint resolution for public highways and
grade crossings need be matched by the State or Territory.
Road Improvement in Alaska, Puerto Rico and Virgin Islands
And provided further, That the President may also allot funds made
available by this joint resolution for the construction, repair, and improve.
ment of public highways in Alaska, Puerto Rico, and the Virgin Islands,
and money allocated under this joint resolution to relief agencies may be
expended by such agencies for the construction and improvement of roads
and streets:
Provided, however, That the expenditure of funds from the appropriation made herein for the construction of public highways and other related
projects shall be subject to such rules and regulations as the President
may prescribe for carrying out this paragraph, and preference in the employment of labor shall be given (except in executive, administrative, supervisory, and highly skilled positions) to persons receiving relief, where they
are qualified, and the President is hereby authorized to predetermine for
each State the hours of work and the rates of wages to be paid to skilled,
Intermediate and unskilled labor engaged in such construction therein:
Provided, further, That rivers and harbors projects, reclamation projects
(except the drilling of wells, development of springs and subsurface waters),
and public buildings projects undertaken pursuant to the provisions of this
joint resolution shall be carried out under the direction of the respective
permanent Government departments or agencies now having jurisdiction
of similar projects.
Loans for Financing of Purchase of Farm Lands, &c.
Funds made available by this joint resolution may be used, in the discretion of the President, for the purpose of making loans to finance, In
whole or in part, the purchase of farm lands and necessary equipment by
farmers, farm equipment by farmers, farm tenants, croppers or farm
laborers. Such loans shall be made on such terms as the President shall
April 13 1935
prescribe and shall be repaid in equal annual instalments or in such other
manner as the President may determine.
Funds made available by this joint resolution may be used, in the discretion of the President, for the administration of the Agricultural Adjustment Act as amended, during the period of 12 months after the effective
date of this joint resolution.
Section 2. The appropriation made herein shall be available for use
only in the United States and its Territories and possessions. The provisions of the Act of Feb. 15 1934 (48 Stat. 351), relating to disability
or death compensation and benefits shall apply to those persons receiving
from the appropriation made herein, for services rendered as employees
of the United States, security payments in accordance with schedules
established by the President:
Provided, that so much of the sum herein appropriated as the United States
Employee's Compensation Commission with the approval of the President,
estimates and certifies to the Secretary of the Treasury will be necessary for the payment of such compensation and administrative expenses
shall be set aside in a special fund to be administered by the commission for such purposes; and after June 30 1936, such special fund
shall be available for these purposes annually in such amounts as may be
specified therefore in the annual appropriation acts.
The provisions of Section 3709 of the Revised Statutes (U. S. C., Title
41, Section 5) shall not apply to any purchase made or service procured
in carrying out the provisions of this joint resolution when the aggregate amount involved is less than $300.
Section 3. In carrying out the provisions of this joint resolution the
President may (a) authorize expenditures for contract stenographic reporting services; supplies and equipment; purchase and exchange of
law books, books of reference, directories, periodicals, newspapers and
press clippings; travel expenses, including the expense of attendance at
meetings when specifically authorized; rental at the seat of government
and elsewhere; purchase, operation and maintenance of mtor.propelled
passenger carrying vehicles; printing and binding, and such other expenses as he may determine necessary to the accomplishment of the
objectives of this joint resolution; and (b) accept and utilize such voluntary and uncompensated services, appoint, without regard to the provisions
of the civil service laws, such officers and employees, and utilize such
Federal officers and employees, and, with the consent of the State, such
State and local officers and employees, as may be necessary, prescribe their
authorities, duties, responsibilities and tenure, and, without regard to
the Classification Act of 1923, as amended, fix the compensation of any
officers and employees so appointed.
Any administrator or other officer, or the members of any central
board, or other agency, named to have general supervision at the seat
of government over the program and work contemplated under the appropriation made in Sec. 1 of this joint resolution and receiving a salary of
$5,000 or more per annum from such appropriation, and any State or
regional administrator receiving a salary of $5,000 or more per annum
from such appropriation (except persons now serving as such under the
other law), shall be appointed by the President, by and with the advice
and consent of the Senate:
Provided, that the provisions of Section 1761 of the Revised Statutes
shall not apply to any such appointee and the salary of any person so
appointed shall not be increased for a period of six months after confirmation.
Section 4. In carrying out the provisions of this joint resolution the
President is authorized to establish and prescribe the duties and functions
of necessary agencies within the government.
Section 5. In carrying out the provisions of this joint resolution the
President is authorized (within the limits of the appropriation made In
Section 1) to acquire, by purchase or by the power of eminent domain,
any real property or interest therein and improve, develop, grant, sell,
lease (with or without the privilege of purchasing), or otherwise dispose of any such property or interest therein.
Section 6. The President is authorized to prescribe such rules and
regulations as may be necessary to carry out this joint resolution, and
any willful violation of any such rule or regulation shall be punishable
by fine of not to exceed $1,000.
Section 7. The President shall require to be paid such rates of pay
for all persons engaged upon any project financed in whole or in part,
through loans or otherwise, by funds appropriated by this joint resolution,
as will in the discretion of the President accomplish the purposes of
this joint resolution, and not affect adversely or otherwise tend to decrease the going rates of wages paid for work of a similar nature.
The President may fix different rates of wages for various types of
work on any project, which rates need not be uniform throughout the
United States:
Provided, however, that whenever permanent buildings for the use of
any department of the government of the United States, or the District
of Columbia, are to be constructed by funds appropriated by this joint
resolution, the provisions of the Act of March 3 1931 (U. S. C. supp.
VII, title 40, section 276a), shall apply but the rates of wages shall be deterrnined in advance of any building thereon.
Use of Facilities of Private Enterprise
Section 8. 'Wherever practicable in the carrying out of the provisions
of this joint resolution, full advantage shall be taken of the facilities of
private enterprise.
Section 9. Any person who knowingly and with intent to defraud the
United States makes any false statement in connection with any application for any project, employment or relief aid under the provisions of
this joint resolution, or diverts, or attempts to divert, or assists in
diverting for the benefit of any person or persons not entitled thereto,
any moneys appropriated by this joint resolution, or any services or
real or personal property acquired thereunder, or who knowingly, by
means of any fraud, force, threat, intimidation, or boycott, deprives any
person of any of the benefits to which he may be entitled under the provisions
of this joint resolution, or attempts so to do, or assists in so doing, shall
be deemed guilty of a misdeameanor and shall be fined not more than
$2,000 or imprisoned not more than one year, or both.
Section 10. Until June 30 1936, or such earlier date as the President by proclamation may fix, the Federal Emergency Relief Act of 1933,
as amended, is continued in full force and effect.
Section 11. No part of the funds herein appropriated shall be expended for the administrative expenses of any department, bureau, board,
commission, or independent agency of the government if such administrative expenses are ordinarily financed from annual appropriations unless
additional work is imposed thereupon by reason of this joint resolution.
FREA Continued Until June 30 1937
Section 12. The Federal Emergency Administration of Public Works
established under Title II of the National Industrial Recovery Act is
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Financial Chronicle
hereby continued until June 30 1937, and is authorized to perform such
of its functions under said Act, and such functions under this joint resolution as may be authorized by the President.
All sums appropriated to carry out the purposes of said Act shall
be available until June 30 1937. The President is authorized to sell
any securities acquired under said Act or under this joint resolution,
and all moneys realized from such sales shall be available to the President, in addition to the sums heretofore appropriated under this joint
resolution, for the making of further loans under said Act or under
this joint resolution.
Section 13. (a) The acquisition of articles, materials, and supplies
for the public use with funds appropriated by this joint resolution shall
be subject to the provisions of Section 2 of Title III of the Treasury
and Post Office Appropriation Act, fiscal year 1934; and all contracts
let pursuant to the provisions of this joint resolution shall be subject
to the provisions of Section 8 of Title III of such Act.
(b) Any allocation, grant, or other distribution of funds for any
project, Federal or non-Federal, from the appropriation made by this
joint resolution shall contain stipulations which will provide for the
application of Title III of such Act to the acquisition of articles, materials and supplies for use in carrying out such project.
Section 14. The authority of the President under the provisions of
the Act entitled "An Act for the Relief of Unemployment Through
the Performance of Useful Public Work, and for Other Purposes," approved March 31 1933, as amended, is hereby continued to and including March 31 1937.
Reports to Congress
Section 15. A report of the operations under this joint resolution
shall be submitted to Congress before the tenth day of January in each
of the next three regular sessions of Congress, which report shall include a statement of the expenditures made and obligations incurred,
by classes and amounts.
Section 16. This joint resolution may be cited as the "Emergency
Relief Appropriation Act of 1985."
Approved, April 8 1935, 4 p. m.
Senate Committee Approves Wheeler Bill for Mandatory Purchase of Silver at Ratio of 16 to 1—Senator
Pittman Commends President Roosevelt's Action
Increasing Price
In the Senate on April 11 President Roosevelt's action in
increasing the price for newly mined silver from 64.6 cents
to 71 cents per fine ounce was hailed in a speech by Senator
Pittman of Nevada (referred to at the President's close
adviser on monetary matters) as definite proof (said a
Washington dispatch to the New York "Times") that the
Executive purposes to go steadily forward to increase silver
to its monetary value of $1.29 an ounce in an orderly program
that will bring neither reaction nor financial chaos. The
dispatch added:
He expressed a belief privately that there would be another advance in
the Government silver price within the next thirty days.
Senator Pittman's speech amounted to a demand that Congress permit
the President to continue his silver purchase program unimpeded.
Undeterred (continued the dispatch), the radical silver
group, led by Senator Wheeler of Montana, with immediate
inflation as its major goal,forced a favorable report from the
Senate Agriculture Committee on the Wheeler 16-to-1 bill,
proposing mandatory Treasury purchase of at least 50,000,000 ounces of silver monthly until the metal reaches onefourth of the metallic money stocks in terms of value, or
until its relation in purchasing power shall be at the ratio
of 16-to-1 of gold.
In part the "Times" dispatch of April 11 also had the
following to say:
Following last night's unexpected development, Congressional authorities
gave the Wheeler bill little chance for success, but the Montana Senator
claimed an increase of strength in the silver bloc.
Senator Pittman insisted that figures proved conclusively that the
Government already was buying 50,000.000 ounces of silver a month, in
accordance with London conference agreement and the Silver Purchase
Act of 1934. . . .
"The price of silver is going to move on upward gradually until the
world price reaches $1.29," the Senator (Pittnam) declared.
"And when it does," he continued,"the President has power to maintain
it there. When the price remains at $1.29 for a few months the world will
know that it has been stabilized at that price. The world is already convinced that the President of the United States is going to carry out the
London silver agreement.
"It is not so much the increase in price that is significant; it is the fact
that it conclusively proves to every one who has doubted in the past that
the President of the United States intends to carry out the London agreement and the Sliver Act of 1934 fully and completely and in the spirit in
which that agreement was entered into and the act was passed by the
Congress."
Rise in World Price Recalled
The world price of silver steadily rose after the London conference from
below 40 cents per ounce until yesterday afternoon, when it was 64U cents,
Senator Pittman stated. After describing the various steps in the silver
program, he said.
"I know of no more successful handling of any question than the handling of the silver question by the President of the United States. He has
acquired probably a fifth of the silver that has to be acquired under the
Silver Purchase Act without creating any great reactionary movement,
without creating a sudden and destructive rise in the price.
"The chief desire of the President was to build up our monetary reserves,
to restore to the Treasury the amount of silver which should be there, and
also in an orderly manner to increase its price until it reached $1.29 an ounce.
He has accomplished that purpose splendidly, and to the tremendous profit
of the Government and its People."
If silver had been instantly driven up to $1.29 per ounce from 44 cents.
the President would not have got 50.000,000 ounces monthly, Mr. Pittman
contended. He said also that had the price suddenly been run up to $1.29
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the profit would have:gone to foreigners and the loss would have been in
the United States.
Mr. Pittman approved the "slow process" undertaken, remarking that
the rise to 64% cents had not been violent and had not injured China.
whereas a swift jump would have disrupted China's entire monetary system.
On purchases of 389,000,000 ounces of silver the Government has made
a profit of over $200,000,000, the Senator estimated. He declared that it
had "dawned on the statisticians of the world" that silver was a "scarce
metal" and after a while would be like gold, going into the hands of only a
few. Talk of China going on a gold basis was "pure rot," in his opinion.
and any statement that this country was "ruining China" was "perfectly
absurd."
According to the "Times"advices, the'Wheeler bill reported
from the Agricultural Committee is similar to the amendment temporarily attached to the Works Relief bill by
Senator Thomas of Oklahoma, and departs from the present
law in that it establishes the ratio of 16-to-1 and makes the
monthly purchase of 50,000,000 ounces mandatory, instead
of leaving it to Presidential discretion. From these advices
we also quote:
Silver Bill's Provisions
The bill, after a preamble stating that therpurpose of the measure is to
provide relief for agriculture, live-stock growers and raw-material producers generally, by raising the general price level, continues.
"Section 2. The Secretary of the Treasury is hereby authorized and
directed to purchase silver bullion at the rate of not less than 50,000,000
ounces per month, until the proportion of silver in the stocks of gold and
silver of the United States is at least equal to one-fourth of the monetary
value of such stocks, in accordance with the policy declared in Section 2
of the Silver Purchase Act of 1934; except that whenever sixteen ounces
of pure silver equals in purchasing power one ounce of pure gold, the purchase of silver under this section shall be suspended so long as said ratio
Is maintained.
"Such silver shall be purchased, at home and abroad, wherever silver shall
be procurable at or under the value specified above, with any direct obligation coin or currency of the United States authorized by law, or with any
funds in the Treasury not otherwise appropriated, at such rates and upon
such terms and conditions as the Secretary of the Treasury may deem most
advantageous to the public interest; and the silver so purchased shall be
held in reserve in the Treasury against the issue of certificates of deposit
payable to bearer on demand in silver bullion as hereinafter provided.
Seeks Measurement by Value
"Such silver certificates shall be issued by the Treasury in an amount
which in the aggregate shall equal the cost of such silver to the Treasury.
Upon presentation of any such silver certificates the Treasurer of the United
States shall redeem the same by the delivery of the face value thereof in
silver bullion of the gold equivalent value at the time of demand, to the
end that the silver delivered shall be measured by value rather than by
weight.
"The silver certificates issued under the provisions of this section shall be
made legal tender for all debts, public and private, public charges, taxes.
duties and dues.
"Section 3. All acts and parts of acts in conflict herewith are hereby
repealed."
Opposition to Wagner Labor Disputes Bill Voiced by
Automobile Manufacturers and Others at Hearing
Before Senate Committee—Alfred Reeves Cites
Objection in Interest of Sound Recovery
At the concluding hearing on April 6 before the Senate
Committee and Education and Labor on the Wagner Labor
Disputes Bill, opposition to the measure "in the interest of
sound recovery and the public" was voiced in a communication addressed to the Committee by Alfred Reeves, VicePresident of the Automobile Manufacturers Association.
In citing objections to the bill, Mr. Reeves said:
Automobile manufacturers stand squarely on the American principle that
men have an inalienable right to work, free from coercion from any source
whatsoever.
We are pledged to the observance of collective bargaining and protection
of the rights of minorities.
We support, therefore, the principles said down for the Industry by the
President in his settlement of March 25 1934, in which he stated among
other terms:
I. rho employers agree to bargain collectively with the freely chosen
representatives of groups and not to discriminate in any way against any
employee on the ground of his union labor affiliations.
2. If there be more than one group each bargaining committee shall
have total membership pro rata to the number of men each member represents.
3. The Government makes it clear that it favors no particular union or
particular form of employee organization or representation. The Government's only duty is to secure absolute and uninfluenced freedom of choice
without coercion, restraint or intimidation from any source.
Full legal and financial responsibility is, we think, a proper requirement
of both parties to collective bargaining.
Believing that the President's statements set out fair and equitable rules
for guidance in employer-employee relations, the Automobile Manufacturers
Association and its members support the principles stated by the President,
and in the broad interest of all labor urge Congress not to pass any legislation that violates these principles.
In the belief that the Wagner olll. as now constituted, does violate these
principles, we reiterate our objection to it in the interest of sound recovery
and the public.
Equally it follows that we are opposed in principle to any and all legislation, the effect of which would be to impose on American industry and the
American worker the domination of the professional labor union organiser.
On March 29 the Automobile Manufacturers Assn. told
the Senate Committee that enactment of the bill would
result in a definite setback to the industry. Washington
advices on that day (March 29) to the Detroit "Free Press"
said in part:
Robert C. Graham. Vice-President of the Graham-Paige Motors Corp.
and director of the Automobile Manufacturers Association, as spokesman
for the industry, challenged the sincerity of the American Federation of
Financial Chronicle
2454
Labor, which is advocating the bill. Enactment of the legislation, Mr.
Graham said, would permit labor organizations ana labor leaders to establish a virtual dictatorship of workers.
Mr. Graham was accompanied to the hearing by Alvan Macauley, President of the Association and also President of the Packard Motor Car Co.;
Alfred P. Sloan Jr., President of General Motors Corp.; B. E. Hutchinson,
Vice-President and Treasurer of the Chrysler Corp.; T. R. Dahl, VicePresident of the White Truck Co.; A. J. Brosseau, President of Mack
Trucks, Inc.; Alfred Reeves, Executive Vice-President of the Automobile
Manufacturers Association; John Thomas Smith and Alfred H. Swayne
Vice-Presidents of General Motors. . . .
Suggests Incorpo,ation
Mr. Graham suggested to the Committee that if labor organizations are
to receive greater powers they should be compelled by law to change their
organization structure. He said they should be forced to incorporate,
thus placing agents, officers, directors and members answerable in law for
their acts.
Representatives of newspaper publishers also indicated
opposition to the pending bill on March 29, as to which we
quote the following from Associated Press accounts from
Washington March 29:
"The measure can be construed as nothing more or less than an incitement
to agitate and keep industry and business in a turmoil until the unions have
obtained their objective," said Harvey J. Kelly of the American Newspaper
Publishers Association at a Senate Labor Committee bearing on the bill.
He characterized the bill as "unfair and one-sided legislation, which
amounts, in practical application, to a labor dictatorship." He further
argued that instead of promoting equality of bargaining power between
employers and employees, as intended, it "would remove the last vestige
of equality.'
Newspaper Wages and Jobs
"Average hourly earnings of workers employed by newspapers stand at
the top of the list." he said. "Unemployment has been less among newspaper workers than in other businesses.
'All of which, it seems, indicates that equality of bargaining power is
well developed in the newspaper publishing business.
"W, oppose the bill because the methods proposed would precipitate
absolute inequality. It would take away contract rights of publishers
and leave them exposed to restrictive and costly ex parte laws, rules and
regulations of unions on the one hand, and the inequalities of this oill on the
other."
"The Lauer Relations Board's proposed power to divestigate," Mr.
Kelly said, "might be construed to give the Board and labor unions access
to publisher's accounts. In this way," he said, "the unions might be led
o make unreasonable wage demands.
"In practical application this 'investigatory power' (if this bill becomes a
law) will result, so far as newspapers are concerned, in pushing over the
brink of bankruptcy those papers which are in a financially weakened condition," he added. 'Competitors and competing mediums, to say noth ng
of advertisers intent on enforcing lower rates regardless of results, will put
on the finishing touches and more *sources of legitimate employment will
dry up."
On March 27 the suggestion was made to the Committee
by Henry I. Harriman, President of the Chamber of Commerce of the United States that if any legislation were required a National Labor Relations Court should be created
and not a National Labor Relations Board. In advices
that day to the "Times" he was further reported:
The labor board created by the Wagner bill would have power to supersede
all special boards, he said.
"There is every evidence that these special boards have worked reasonably well and that they have been particularly skillful in handling the exact
matter under consideration." he continued. "I should dislike to see the
Automobile Labor Board or the Newspaper Industrial Board or other
special boards dealing witn industrial disputes in particular trades abolished."
He also disparaged the principle of "majority" rule in collective bargaining as "un-American and unethical" and doubted the propriety of giving
to any board the right to determine the unit for collective bargaining.
A board might create the shoe manufacturers of New England and Missouri
as a single unit for collective bargaining and by a majority vote force upon
one section labor provisions that were not prevalent or desired by that
section.
E. K. Lederer of the Petroleum Code Authority told the
Senate Labor Committee on April 1 the oil industry is opposed to passage of the bill.
Previous hearings on the bill were referred to in our
March 30 issue, page 2114.
House Moves to Consider Administrations Social
Security Bill—Drops "Gag" Rule—Test Votes Defeat Townsend and Lundeen Plans
The Townsend old age pension plan and the Lundeen
unemployment insurance bill received setbacks in the House
on April 11 when action on the Administrations Social Security bill was brought under way in that body. Indicating that
the advocates of the Townsend and Lundeen bills were able
to muster only 54 votes on a test ballot, Washington advices
April 11 to the New York "Times" said in part:
The issue was the parliamentary one of whether the previous question,
a "wide open" rule recommended as procedure for the bill, should be considered. There was no record vote on the ballot, only a "counting of heads,"
so no full roster of those who favor these plans exists.
The 54 dissenters wanted to vote the rule down, so that another could
be drawn up that would permit them to offer their projects as substitutes, a
procedure not permitted under the present rule. On a standing vote, 188
members upheld the rule.
McGroarty Concedes Defeat.
Representative McGroarty of California, who introduced a bill embodying the Townsend plan for a revolving pension fund designed to pay about
$200 a month to each person over 60 years of age, conceded after the vote
the present defeat of his proposal.
April 13 1935
""rhe7administration bill will pass, but the provision of $15—a pauper's
dole—will not satisfy the country," he declared.
Describing the procedure as "gag rule," he said.
"We have just begun to fight."
On a roll-call over the question of adopting the rule, administration
forces carried the day by 289 to 103. Leaders said the 103 votes would
Include practically all members opposed to the bill, including conservatives
who oppose pension plans in general but voted with pension extremists for
tactical reasons.
Debate on the rule brought a sharp dispute in which the figures were
Representative Monaghan of Montana, who rose to a point of personal
Privilege; Chairman O'Connor of the Rules Committee, Speaker Byrns and
Representative Blanton of Texas.
Chairman Doughton of the Ways and Means Committee explained the
administration bill. He estimated that, of 7,500,000 Persons over 65 in
the country, perhaps one-third would qualify for old-age pensions.
This would entail an annual expenditure of some $450,000,000 by the
Federal Treasury, assuming that the maximum Federal participation of
$15 a month was allotted to each State.
The introduction in the House on April 4 by Chairman
Doughton of the Ways and Means Committee of the Social
Security bill was noted in our issue of a week ago (page 2284);
it was on April 4 referred to the Committee, which on April 5
formally approved the bill and ordered it favorably reported
to the House. The 17 Democi atic members of the Committee who voted in favor of reporting the measure insisted,
said Associated Press accounts from Washington April 6,
that the new bill was the complementary and essential
second half of an attack on social insecurity, naming the
$4,880,000,000 works relief bill as the other half. They
definitely placed the social security bill on the President's
"must" legislative lists. It was added that the seven committee Republicans (who voted "present" at the Committee
Meeting April 5), in a minority report termed the measure
not only "unconstitutional" and "inadequate," but argued
"it might, in fact retard economic recovery."
It was stated on April 5 that with a majority of the committee demanding a "gag" that would make out of order
any amendments not originating with the committee managers of the bill, we quote from advices from Washington to
the New York "Times", Chairman O'Connor of the Rules
Committee called a meeting of his group for Monday (April 8)
in the hope that this fundamental question could be disposed
of in time to bring the matter before the House on the
following day.
Noting that the bill would start on its way through Congress without restrictive rules in the House, the Washington
account April 10 to the "Times" added:
In response to the President's insistence on early action on his return
yesterday from Florida, House leaders held a series of conferences to-day
which led to the introduction by the Rules Committee of a wide open
method of procedure which would permit the bill to be brought up on the
floor to-morrow, with 20 hours of general debate, which will take a week,
before reaching the second reading, where amendments will be in order.
Senate Passes Bill Increasing Bond Issuing Authority
of HOLC by $1,750,000,000—Submitted to Conference
The Administration's bill to increase by $1,750,000,000
the bond issuing authority of the Home Owners' Loan Corp.
to aid distressed home owners, was passed, with amendments,
by the Senate yesterday (April 12). The bill now goes to
conference, a similar measure having been passed by the
House on March 12; the passing of the House bill was referred to in our issue of Mar. 16, page 1757. In reporting
the passing of the bill by the Senate, Associated Press
advices from Washington, April 12, said:
The measure, one of those on the Administration's preferential list, is
designed primarily to assist thousands of applicants for home loans who
were denied help when it became apparent that the original $3,000,000,000
of funds could not take care of would-be borrowers.
As amended, it would not only open the way for loans to this class, but
to new applicants who file within 60 days after enactment of the new law.
House Committee Drops From Administration's Banking Bill Provision Denying Deposit Insurance to
Non-Member State Banks—Senate Committee Reported Considering Division of Bill Into Two
Parts—Senator Adams Declares Control By Government of Banking Under Measure Would Be Greater
Than That of Central Bank
Under action taken in executive session on April 10 the
House Banking and Currency Committee struck from the
Administration's Banking Act of 1935 provisions denying
deposit insurance benefits to non-member State banks after
June 30 1935. The "Journal of Commerce" of New York
which reported this from Washington also (on April 10)
stated in part:
Only Title I Considered
Thus far, members said, the Committee has considered only Title I of
the bill, which provides a number of amendments to the Deposit Insurance
Corporation provisions of the Glass-Steagall Bank Reform Act of 1932 and
not regarded of controversial nature. No indication was forthcoming
when action on Title H, which contains the most important provisions in
the bill, will be reached.
Volume 140
Financial Chronicle
In striking from the bill the requirement that in order for State banks to
continue as members of the Deposit Insurance Corporation, they must
become a part of the Federal Reserve System, the Committee acted directly
contrary to the wishes of the Administration as expressed during the hearings
on the bill by Governor Eccles of the Federal Reserve Board.
It was the view of the Governor that this provision would go a long way
in bringing about a unified banking system in this country....
Whether action of the Committee will be upheld later is a matter of question. In some quarters it is believed that if the provision remains out of
the bill it may prove a "good trading point" when the measure goes to conference to force acceptance of some other provisions which might be written
into the bill that are undesirable by the Administration.ob
Ccmtroversilis_Seenj
"
1.
Most of the controversy in the House Committee is expected to center
around Title II, which incorporates changes in the open market powers of
the Reserve System, broadens rediscounting privileges of member banks,
and gives the Government tighter control over the system.
In all probability efforts will be made to amend the bill in two regards,
it is said. rhe first will be substitution of the Vanderlip plan for establishment of a national monetary authority, and the second, a requirement
that the Federal Reserve through open market operations force commodity
prices up to the 1926 level or an average of 1921-1929.
Although hearings by the House Banking and Currency
Committee on the Administration's banking bill were closed
some time ago, it was observed on April 7 by the Washington
correspondent of the New York "Journal of Commerce"
the Committee had up to that date made practically no
progress upon the legislation despite urgent requests of
Government spokesmen for prompt action and assertions
that the authority imposed in its provisions could be used
to hasten recovery. It was also stated in the account that
after lying dormant in the House Committee for nearly two
weeks, the measure was scheduled for further hearings.
Chairman Steagall (Dem., Ala.), it was added, has been
prevailed upon to reopen the sessions for a further discussion
of the advisability of creating a national monetary authority.
Further Washington advices April 9 to the same paper
said that the Glass subcommittee of the Senate Banking
and Currency Committee is preparing to undertake hearings
upon the banking bill. In part this account continued:
2455
"The control by the national Administration of the banking system of
the country,if this bill is adopted, will be far greater than was ever exercised
by any central bank," he contended.
Stresses President's Powers
In answer to the declaration that there will be no political control of the
banking system by this means, he pointed to the fact that the courts have
held that the President has the right to remove from office at any time,
without a hearing, any official he had previously appointed.
"Consequently," he said,"the President may remove any member of the
Federal Reserve Board at anytime,so that provisions of the law in reference
to the length of their term constitutes no limitations upon his power to control that Board.
"The FDIC, by its requirement that after July 1 1937, no banks except
those affiliated with the Federal Reserve System can be insured, will
compel all the banks of thecountry to affiliate themselves with the system
and thus bring under the control of the Federal Reserve Board and the
President the entire banking structure of the country.
"Every commercial industry and financial interest in the country is to a
large extent dependent upon the banks. Even agriculture must look to the
banks and insofar as agriculture does not look to the banks for its capital,
its loans already are in the hands of Government agencies.
Extent of Power
"The extent of the power thus concentrated in the Administration in
Washington is almost inconceivable. For the present it may be a source
of efficiency, comfort and security. I am sure under the present leadership
of our country only good can be expected from this concentration, but we
know not what is ahead of us. Mr. Roosevelt will not always be President
of the United States."
Many do not understand the significance and importance of the powers
sought to be conferred upon the new open market committee." he continued.
"These provisions are probably more vital, not only to banking and financial operations, but to our national welfare than any other single provision
of the Federal Reserve Act, either as it exists or as proposed now to be
amended.
"The open market committee will have under its control, under the proposed new statute for the purchase of securities all of the resources of Federal Reserve banks, and for the purpose of sale all of their vast holdings
of Federal and other securities. This vast power thus would be concentrated in the hands of five men, three of whom constituting a majority of
the committee are to be members of the Reserve Board,and for all practical
purposes, subject to the direction of the President of the United States."
House Passes McSwain Bill, Taxing War Profits 100%
—Measure Bans Drafting of Citizens for Foreign
Service, Except to Repel Invasion—President
Authorized to Conscript Financial Resources
The subcommittee has been prevented from taking up the bill and the
The McSwain War Profits Bill, designed to eliminate
nomination of Governor Marriner Eccles of the Federal Reserve Board,
who has not yet been confirmed in his position by the Senate, because of
private profits resulting directly from war activities, was
the $4,880,000,000 work relief resolution. The latter was in the charge
passed by the House of Representatives on Aptil 9 by a vote
of Senator Carter Glass as chairman of the Senate Appropriations Committee. . ..
of 368 to 15. The bill was immediately transmitted to the
It has been tentatively agreed upon that Chairman Crowley, of the
Senate for appropriate action. Meanwhile the Senate on
Federal Deposit Insurance Corporation, shall be the first witness, followed
April 9 received resolutions by Senators Nye and Clark of
by Assistant Secretary of Treasury Coolidge and Comptroller of Currency
O'Connor. This lineup may be changed, however, if it is determined to
the Senate Munitions Committee, providing for the regulahear Governor Eccles first. Dr. H. Parker Willis, former editor of "The
tion of the issuance of passports in war time and the extenJournal of Commerce," who drew the first draft of the present Federal
sion of loans and credit to belligerents.
Reserve Act as the technician of the House Banking and Currency Committee, will be among early witnesses invited to address the Senate subThe McSwain Bill, as it was before the House late last
committee.
week, represented in general a declaration of policy, authA move to divide the Banking bill into two parts, passing orizing the President to fix prices in the event of war and to
one through the Senate soon, and leaving the other, or the take over such industrial plants as were needed by the
disputed section,for discussion later, are under consideration Government for the successful conduct of a war. The
by the Senate Banking subcommittee according to a dis- measure was amended before passage by the House, howpatch April 10 from Washington to the New York "Times" ever, to provide that no citizen could be drafted and sent to
from which the following is also taken:
foreign soil unless the United States was threatened with
The subcommittee is expected to approve a motion to combine into
invasion. Another amendment gave the President the power
one measure Title I, relating to permanent establishment of the FDIC,
to conscript the financial resources of the Nation, while a
and Title II, covering technical amendments to the National Banking
and Federal Reserve Acts, and to place in a separate measure the plans
third authorized the President to license business in time of
to expand the powers of the Federal Reserve Board.
war.
Before approval of the bill on April 9 the House
Such a course is endorsed by Senator Glass, subcommittee chairman,
endorsed a motion to strike out a section of the bill that called
who objects to Title II and wishes to see detailed discussion of it in the
Senate. He feels that a bill combining the first and third titles could be
for the drafting of all men between the ages of 21 and 45.
sent through the Senate within a week.
The action of the House was on a motion of Representative
Senators close to the Administration were not so opposed to this plan
as might have been expected, but their reasons for dividing the bill are not
Goldsborough to recommit the bill to the Committee on
the same as Mr. Glass's. They feel it might be best to send the unconAffairs with instructions to report the same back
Military
troverted legislation through the Senate, and then let later developments
to the House with the elimination of the provision; the
decide whether the remaining title could survive.
Marriner S. Eccles, Governor of the Reserve Board, is understood to
House agreed to the motior by a vote of 205 to 183.
oppose any division such as that suggested. He will have a chance to
A Washington dispatch of April 9 to the New York
express himself when the subcommittee begins hearings next week on his
"Herald Tribune" described passage of the bill on that date
confirmation as Reserve Governor.
Critics of the banking bill object to having it characterized as an Adminisby the House as follows:
tration measure. They declare it was written by Mr. Eccles, and remark
that the President in forwarding it to Congress expressly stated that it was a
"tentative" program, the authors of which should be called for explanation
before the measure is reported from either the House or Senate Banking
Committees.
A warning that the Administration's banking bill "is a
reversal of the fundamental theory and purposes underlying
the Federal Reserve System" and that, however estimable
may be the intention of the present Administration to best
serve the interests of the country, it will not always be in
control of the Government, was sounded on April 1 by
Senator Alva B. Adams (Dem., Colo.), member of the
Senate Banking Committee. Thus reporting Senator
Adams, a Washington account (April 1) to the New York
"Journal of Commerce" went on to say:
He admitted that the legislation does not propose to establish a central
bank, for the decentralized form of the original Federal Reserve System
would be maintained, but it would centralize in Washington actual control
of the system.
The McSwain bill was ostensibly designed to take the profits out of war.
By its terms, it would have these effects:
The President could fix prices in the event of war.
The Government could seize all excess profits through taxes in war
time. Excess profits not defined. The Nye bill, a companion measure that
will be introduced in the Senate, allows a 3% profit on capital investment.
The President could commandeer industrial plants and determine the
priority in which certain articles should be manufactured.
The President could conscript the financial resources of the Nation in
event of war.
The President could license business firms in war, except newspapers.
periodicals and books. . . .
The amendment of the bill to make it bristle with safeguards against
involvement in another foreign war was started on Saturday by a little
group centering around some veterans of the American Expeditionary
Forces. One was Representative Maury Maverick, a Texas Democrat,
who was a company commander in the 28th Infantry in France and wounded
in action on Oct. 4 1918. Another was W. D. McFarlane, also of Texas.
who saw service in the World War. A third was Representative Josh Lee.
Democrat, of Oklahoma, who passed 10 months with the Sandstorm
Division in front of the Hindenburg Line. They were the men who leaped
in last Saturday to rewrite the bill, the pride of Representative John J.
McSwain, while many colleagues were absent.
2456
Financial Chronicle
Helping to organize the campaign against the bill was Miss Dorothy
Detzer, of the Women's International League for Peace and Freedom. The
support she gained was far beyond her expectations. The anti-war spirit
was waiting to be touched off.
Knocks Out Draft Provision
To the original bill, which was a harmless declaration of policy empowering the President to fix prices in the event of war and to take over any
Industrial plants needed for the successful prosecution of a war,the insurgent
group added a provision that no American could be drafted and sent to
foreign soil unless the United States was threatened with invasion. It also
Inserted an amendment giving the President power to conscript the financial
resources of the Nation. The section giving the President power to license
business in war time was added.
It was at this juncture that the little liberal bloc got an unexpected ally
In Representative Goldsborough. Although too old to fight in the World
War, he declared for striking out the section of the bill that called for the
drafting of all men between the ages of 21 and 45.
While he lost in the immediate test on that issue. Mr. Goldsborough kept
at it over the week-end, with the result that he prevailed to-day in a roll call
vote to recommit the bill with instructions to strike out the section calling
for universal conscription. The 15 who dissented on the final vote on the
bill were: Democrats: Connery, Mass.; Dunn., Pa.; Gavagan, N. Y.;
Glides, Pa.; Gray, Pa.; Harlan, Ohio; Huddleston, Ala.; Kennedy, N. Y.:
Wood, Mo. Republicans: Merritt, Conn.; Perkins, N. J.; Stewart, Del.:
Taber, N. Y.; Tinkham, Mass.; Wadsworth, N. Y.
The most important change is a 100% tax on war profits, which has converted the bill into a measure with financial clauses which will permit the
Senate to graft upon it the even more drastic and detailed regulations of the
Nye committee recommendations. But, indicating the Congressional
temper,there was previously included an amendment conscripting managers
of industry, commerce and transportation. This, naturally, went out when
the conscription of soldiers was refused, and its inclusion was perhaps a
major factor in sweeping from the bill the broader draft provisions.
Gov. Lehman of New York Signs Bills Curbing Labor
Writs—Amend Civil and Penal Codes to Require
Jury Trial for Contempt of Court in Injunctions
Convictions of contempt of court for violations of injunction orders arising from labor disputes hereafter can be obtained only by jury trial in New York State under the provisions of two bills which became law on April 6 by approval
of Governor Herbert H. Lehman. Advices to this effect
were contained in Albany advices April 6 to the New York
"Herald Tribune" which also said:
One bill amends the penal and judiciary laws, and the other amends the
civil practice act. The signing of the bills marks the culmination of a fight
for trial by jury in all labor injunction cases which has been carried on for
years by organized labor. Their enactment was recommended by Governor
Lehman, along with a third bill which writes into the New York statutes
the provisions of the Norris-LaGuardia Federal act prescribing court procedure for labor injunction cases. The third bill has passed the Senate
and is on the order offinal passage in the Assembly.
Unemployment Insurance Bill Sent to Governor
Lehman of New York—Would Tax Employers
Between 1 and 3%
Following its passage by the New York State Senate and
Assembly this week, the Byrne-Killgrew Bill, cregiii779..
State system of unemployment insurance, was sent to Governor Lehman on April 10. The Senate approved the measure
on April 9 by a vote of 30 to 16, adding several amendments
to the bill which had previously passed the Assembly; the
Senate bill was returned to the Assembly for concurrence,
and these amendments were concurred in by the Assembly
on April 10 by a vote of 119 to 21, many Republicans recording themselves for the bill. Upon learning of the bill's
passage by both houses, Governor Lehman said that "I am
delighted that the bill passed." Opponents of the bill in
the Senate charged that its passage would drive industry
from the State. The measure would require employers to
contribute between 1 and 3% of their payrolls into a State
fund. Initial contributions would be collectable on Mar. 1
1936.
Opposition to the bill in the Senate was conducted by the
Republicans, who sought to postpone the date on which it
would be effective to such time as a similar Federal law
might become operative. As passed previously by the
Assembly, the bill would be operative on Jan. 11936. An
Albany dispatch April 10 to the New York "Times" said in
part:
Unemployment Bill Changed
With the approval of the Byrne-Killgrew Unemployment Insurance Bill
by the Assembly only a few more big items in Governor Lehman's program
remain awaiting action and he expects favorable votes in the next few days.
The unemployment bill was changed somewhat from the form in which It
first passed the Assembly. The effective date was changed in the Senate
from Jan. 1 1936 to March 11936. Educational, charitable and medical
Institutions were exempted and a flat rate of payroll levies was substituted
for a levy based on business indices. . .
The unemployment bill takes in all manual workers, except farm labor,
and all white-collar workers earning less than $50 a week if they work for
an employer with more than four employees. A single State reserve pool
Is created to receive levies on the employers' payrolls at the rate of 1% in
1936, 2% in 1937 and on upward to 3%. The employee is not required to
contribute. Collection of the payroll levy would start next March regardless of the outcome of a Federal unemployment bill, but benefits would not
start until 1938 and would not exceed $15 a week for sixteen weeks.
Elmer F. Andrews, Industrial Commissioner, sent a telegram to Senator
Wagner and Robert L. Doughton, Chairman of the House Ways and
Means Committee, urging that the Federal Act conform with the New York
program.
April 13 1935
Secretaryl Morgenthau Warns Against Congressional
Action Tending to Disturb "Reserve Executive
Power" Over Monetary System—Letter to Senator
McCarran in Response to Inquiry Bearing on Silver
Purchase Act
On April 11 Senator McCarran of Nevada placed in the
Congressional Record a letter from Secretary of the Treasury
Morgenthau declaring that any action now which would disturb the "reserve executive power" of the Silver Purchase
Act might paralyze the government in protecting our monetary system from possible future crises in international exchange. Reporting this from Washington April 11 advices
to the New York "Times" added:
Senator McCarran, who is considered much more radical than his cor
league in silver matters, received the letter in reply to one he had sent to
Secretary Morgenthau,inquiring about the Treasury's operations under the
discretionary provisions of the Silver Purchase Act. . . .
Morgenthau for Aid to Miners
In response to a question at a press conference as to why the Government
did not buy silver at the world price, Secretary Morgenthau said:
lel
-7
"11
=meric=rever mining interests are entitled to the difference
between the world price of sliver and the 71.1111 cents per fine ounce
arbitrarily fixed by the Treasury."
He declined to suggest any further legislation. Some officials remarked
that a daily Presidential proclamation would be required to fix the price
provided the world figure was paid. However, others felt that a general
order could be issued authorizing the Secretary to buy at the world prices.
Secretary Morgenthau would not discuss the likelihood that the world
silver price would be increased materially by the Treasury's fixing of the
71.1111-cent level. Other officials, however, visualized a possibility of
another arbitrary increase in the Treasury figure.
There has been a substantial increase in the circulation of silver certificates since last June. as well as a gain in the total circulation of money. The
following figures were given:
Item
June 30 1934
tar. 31 1935
Total circulation
$5,373,469,752 $5,493,452,864
Silver certificates
401,456,099
622,622,828
Subsidiary silver
280,400,143
290,567.321
It was stated that 395,000,000 fine ounces of silver had been acquired
since June as follows:
Under the national =Won order. 111,900,000 ounces.
Purchase in the open market and abroad, 254,900,000 ounces.
Newly mined silver. 24,400,000 ounces.
Received for recoinage, 3,800,000 ounces.
Morgenthau Writes to McCarran
Secretary Morgenthau's letter to Senator McCarran opposed repeal of
some sections of the Silver Purchasing Act as advocated by the Nevadan.
These sections authorize the Secretary to regulate trading in silver, allow
the President to "nationalize" all silver by proclamation and impose a
heavy tax on speculative profits.
"I think these sections have contributed materially to the success of our
silver purchase program and believe that their repeal would jeopardize the
true purpose of the legislation of which they form a part," the Secretary
wrote.
Referring specifically to the McCarran proposal to withdraw the powers
granted to the President to investigate and regulate trading in silver, Mr.
Morgenthau said this would paralyze action that might be necessary to hold
our position in the world exchange markets. He wanted neither this nor
any of the other powers under the act interfered with.
From Washington advices to the New York "Journal of
IsilFearCommerce" April 11 it is learned that in opposing tlie—
ran measure's plan to abolish the 50% silver profits tax,
Mr. Morgenthau said:
"Surely it is not unfair to those whose profits are due to governmental
action, that half of these profits should revert to their Government."
Report of Operations of RFC Feb. 2 1932 to March 31
1935—$9,095,830,162 of Loans Authorized During
Period—Expenditures for Activities of Corporation Totaled $5,047,744,269 •
A report issued April 4 by Jesse H.Jones, Chairman of the
Reconstruction Finance Corporation, said that authorizations and commitments of the RFC in the recovery program
to March 31, including disbursements of $720,573,550 to
other governmental agencies and $1,299,978,536 for relief,
have been $9,095,830,162. Of this sum, according to the
report, $819,087,035 has been canceled and $1,064,664,274
remains available to the borrowers and to banks in the
purchase of preferred stock and capital notes. The relief
disbursements include $299,984,999 advanced directly to
States by the Corporation, $499,993,537 to the States upon
certification of the Federal Emergency Relief Administrator,
and $500,000,000 to the Federal Emergency Relief Administrator under provisions of the Emergency Appropriation
Act, 1935. Of the total disbursements, $5,047,744,259 was
expended for activities of the Corporation other than
advances to governmental agencies and for relief, and of
this sum $2,686,976,903, or approximately 53%, has been
repaid, the report said. It continued:
Loans authorized to 7,379 banks and trust companies aggregate $2,321,542,751. Of this amount $340,684,823 was withdrawn or canceled and
$137.210.709 remains available to the borrowers and $1,843,647,219 was
disbursed. Of this later amount $1,305.066,905. or 71%, has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6.809 banks and trust companies aggregating
$1.204,343,050 and 1,057 loans were authorized in the amount of $30.053.255 to be secured by preferred stock, a total authorization for preferred
stock, capital notes and debentures in 7,067 banks and trust companies of
$1,234,396,305. $93,696.829 of this was canceled or withdrawn and
$150.943,480 remains available to the banks when conditions of authorizations have been met.
Volume 140
Financial Chronicle
Loans have been authorized for distribution to depositors of 2,582 closed
banks aggregating $1.078,598,233. $159,726,833 of this amount was
canceled or withdrawn and $123,239,276 remains available to the borrowers.
$795.632.124 was disbursed and $423,566,647 has been repaid.
Loans have been authorized to refinance 453 drainage, levee and irrigation districts aggregating $84,607,718. of which 81,984,865 was withdrawn
or canceled, and $61,330,040 remains available to the borrowers. $21,292,813 has been disbursed.
159 loans aggregating $16,122,275 have:been authorized through mortgage loan companies to assist business and industry in co-operation with
the National Recovery Administration program. $9,607,947 of this
amount was withdrawn or canceled and $1.234,791 remains available to
the borrowers. $5,279,537 was disbursed and 8338,826 has been repaid.
Under the provisions of Section 5(d), which was added to the Reconstruction Finance Corporation Act June 19 1934, the Corporation has authorized
833 loans to industry aggregating $43.410,022. $6,033,156 of this amount
was withdrawn or canceled and $25,759,607 remains available to the
borrowers. In addition the Corporation has authorized, or has agreed to,
purchases of participations aggregating $6,580,435 of 129 businesses.
$713.585 of which was withdrawn or canceled and $4,466.767 remains
available.
The Corporationthasipurchased or agreed to purchase from the Federal
Emergency Administration of Public Works 291 issues of securities having
par value of $75,450,050. Of this amount securities having par value of
$54.685,600 were sold at public sale to the highest bidders at a premium of
81,094,484; and securities having par value of $20,764,450 were Purchased
or are to be purchased by the Corporation to be held and collected or sold
at a later date. The amounts received by the Corporation together with
accrued interest to the date of purchase have been paid or will be paid to
the Federal Emergency Administration of Public Works.
According to the report the disbursements and repayments,
for all purposes, from Feb. 2 1932 to March 31 1935, were
as follows:
Disbursements
Repayments
Loans under Section 5:
Banks and trust companies (incl. receivers).51,843,480,165.40 $1,305,049,574.21
Railroads (including receivers)
70,595,516.20
450,794,272.11
Federal Land banks
314.917,568.42
387,238,000.00
Mortgage loan companies
145,359,644.01
297,155,981.83
Regional Agricultural Credit corporations.- 173,243,840.72
173,243,840.72
Building dr Loan associations (incl. receivers) 115,148,001.54
102,866.861.20
Insurance companies
67,484,718.80
89,519,494.76
Joint Stock Land banks
11,581,399.15
15,859,372.29
Livestock Credit corporations
11,561,797.34
12,817,732.81
Federal Intermediate Credit banks
9,250,000.00
9,250,000.00
State funds for Insurance of deposits of public moneys
8,387,715.88
8,387,715.88
Agricultural Credit corporations
4,675,390.94
5,538,130.27
Credit unions
237,724.77
580,854.21
Fishing industry
52,500.00
Processors or distributors for payment of processing tax
14,150.38
14,718.08
Total loans under Section 5
53,408,876,579.88 $2,225,225,701.82
Loan to Secretary of Agriculture to purchase
cotton
3,300.000.00
3,300,000.00
Loans for refinancing drainage, levee and irrigation districts
1,044.09
21,292,812.96
Loans to Public School authorities for payment
of teachers' salaries
22.300,000.00
22,300,000.00
Loans to aid In financing self-liquidating construction projects (incl, disbursements of
38,718,193.40 and repayments of 5432,489.72
on loans for repair and reconstruction of
property damaged by earthquake, fire and
10.444,587.19
tornado)
143,352.842.34
Loans to aid in financing the sale of agricultural
5,262.088.48
surpluses in foreign markets
20,215.442.78
Loans to industrial and commercial businesses_
278,949.62
13,017,141.92
Loans on assets of closed banks (Section 5-E)...
17,331.18
167,053.90
Loans to finance the carrying and orderly marketing of agricultural commodities and
livestock:
Commodity Credit Corporation for:
Loans on cotton
144,690,877.55
178,176,051.37
Loans on corn
122,452,729.25
124,821,300.51
Loans on turpentine
912,138.98
4,609,973.90
Others
7,292,051.85
12,623,662.25
Total loans, exclusive of loans secured
by preferred stock
53,952,752,861.81 82,542,175,498.01
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (including $22,153,260.00 disbursed and $1,848,810.96 repaid on loans secured by preferred
stook)
$989,755,995.9
Loans secured by preferred stock of insurance
companies (including $100,000.00 disbursed
for the purchase of preferred stock)
30,225,000.00
Total
$1,019.980,995.90
Federal Emergency Administration of Public
Works security transactions
75,010,401.09
Total
586,909,870.98
192,000.00
587,101.870.96
57,699,534.03
$5,047,744,258.80 $2,688,976,903.00
Allocations to governmental agencies under provisions of existing statutes:
Secretary of the Treasury to Purchase:
Capital stock of Home Owners' Loan Corp._ $200,000,000.00
Capital stock of Federal Home Loan banks_ _
81,645,700.00
Farm Loan Commissioner for loans to:
Farmers
145,000,000.00
Joint Stock Land banks
2,600,000.00
Federal Farm Mortgage Corporation for loans
to farmers
55.000.000.00
Federal Hou.sing Administrator:
To create Mutual Mortgage Insurance Fund
10,000,000.00
For other purposes
15,000,000.00
Secretary of Agriculture for crop loans to
farmers (net)
115,000,000.00
Governor of the Farm Credit Administration
for revolving fund to provide capital for pro40,500,000.00
duction Credit corporations
Regional Agricultural Credit corporations for:
44,500.000.00
Purchase of capital stock
Expenses:
3.108.594.05
Prlor to May 27 1933
8,219,255.73
Since May 26 1933
Total allocations to governmental agendas $720,573,549.78
For Relief:
To States Oirectly by Corporation
$299,984,999.00
To States on certification of the Federal
Relief Administrator
499,993,537.22
Under Emergency Appropriation Act, 1935 500.000.000.00
Total for relief
Grand total
$1,299,978,536.22
$2,274,441.00
$2,274,441.00
$7,068,296,344.80 $2,689,251.344.00
2457
The following table, contained in the report, shows the
loans authorized and authorizations canceled or withdrawn
for each railroad, together with the amount disbursed to
and repaid by each (as of March 31 1935):
Authorisations
Canceled or
Repaid
Authorized Withdrawn Disbursed
3
9.000
127,000
127,000
Aberdeen dr Rockfish RR. Co
275,000
Ala. Tenn.& Northern RR. Ccrp
2,50.
0,000
Alton RR. Co
2,500,000
634,757
834,757
Ann Arbor RR. Co.(receivers)._
400.000
400,000
Ashley Drew & Northern By. Co
72.125,000
14,800 72,110,400 12,144.900
Salt. dr Ohio RR. Co.(note)
41,300
41,300
Birmingham & Southeast. RR. Co.
7,589.437
7,569,437
Boston & Maine RR
53,960
53,960
Buffalo Union-Carolina RR
1.208
535,800
13.200
549,000
Carlton & Coast RR. Co
230,028
3,124.319
3,124,319
Central of Georgia By. Co
464,298
464,298
500,000
35,702
Central RR.Co. of New Jersey....
5,918,500
155,632
Chicago dr Eastern Illinois Ry. Co- 5.916,500
1,000 46,588,133 3,538,000
Chicago dr North Western Ry. Co- 46,589,133
1,289,000
838
Chicago Great Western RR. Co... 1,289.000
538
Chic. Mllw. Si. P. dr Pad. RR. Co- 12,000,000
500.000 11,500,000
1,150.000
Chic. North Shore & Mllw. RR.Co. 1,150,000
13.718.700
Chic. Rock Isl. & Pao. By. Co.- 13,718,700
Cincinnati Union Terminal Co-- 10,398,925 2,093,925 8,300.000 8,300.000
80,000
60.000
Columbus dr Greenville Ry. Co__
53,500
53,500
Copper Range RR. Co__
500.000
219,000 8,081.000
Deny.& RJo Grande West'n RR.Co 8,300,000
3,182,150
71,300
Deny. dr Salt Lake West'n RR.Co- 3,182,150
16,582,000
4,689
16,582,000
Erie RR. Co
3,000
3,000
Eureka-Nevada Ry. Co
827,075
90,000
717,075
Fla. East Coast By. Co.(receivers)
227,431
227.434
Ft. Smith & West'n By. Co.(reer)
15,000
15,000
Fredericksburg & North'n By. Co10,539
10,539
Gainesville Midi. By.Co.(receivers)
1,061,000
Gal. Houston & Ilend'son RR. Co- 1,061,000
354,721
354,721
Ga. Sc Fla. RR. Co.(receivers)._
8,000,000 6,000.000
8,000,000
Great Northern Ry. Co
13,915
3,915
13.915
Greene County RR. Co
520,000
520,000
520,000
Gulf Mobile & Northern RR. Co.16,687 17,837,333
75.000
17,863,000
Illinois Central RR. Co
9,500,000 1,000,000 8,500,000
Lehigh Valley RR. Co
800,000
800,000
Litchfield dr Madison Ry. Co
90.870
2,550.000
2,550,000
Maine Central RR. Co
100,000
100,000
Maryland & Pennsylvania RR.Co.
Meridian & Bigbee Ely. By. Co.
600,000
1.488,504
744,252
(trustee)
523,528
6,843.082
Minn. St. P.& S. S. M.Ry. Co_ 6,843,082
100,000
100.000
Mississippi Export RR. Co
23,134,800
23,134,800
Missouri Pacific RR. Co
99,200
99,200
Missouri Southern RR. Co
785.000
785.000
785,000
Mobile & Ohio RR. Co
193,000
1,070.599
Mobile dr Ohio RR. Co. (receiver). 1,070,599
25,000
25,000
Murfreesboro-Nashville Ry. Co._ _
27,499,000
27.499,000
New York Central RR. Co
18,200,000 2.888,413
N.Y. Chic. AC St. Louis RR. Co. 18,200,000
7,700,000
221 7,699,779
N.Y. N. H.& Hartf. RR. Co
29,500,000
600.000 28.900.000 28,900.000
Pennsylvania RR. Co
3.000,000
3,000,000
Pere Marquette Ry. Co
10,000
10,000
Pioneer dr Fayette RR.Co
4,475,207
Pitts. dr West. Virginia RR. Co.__ 4,475,207
300,000
300,000
Puget Sound dr Cascade By. Co
7,995,175 2.805,175
St. Louis-San Francisco Ry. Co- 7,995.175
200,000
200.000
Salt Lake& Utah RR.Co.(receiver)
162.600
162,600
Sand Springs By. Co
23,200,000 1,200,000 22,000,000
Southern Pacific Co
14,751,000
246.000
14,751,000
Southern By. Co
100,000
23,580
100.000
Sumpter Valley By. Co
147.700
147.700
Tennessee Central By. Co
108,740
108,740
Texas, Okla. & Eastern RR. Co700.000
100.000
Texas & Pacific By. Co
700,000
5.000
30.000
Texas South-Eastern RR. Co
30.000
81
39,000
45,000
8,000
Tuckerton RR Co
790.000
117,750 18.672,250
St. Louis-Southwestern By. Co.... 18,790,000
15.731.583
15,731,583
Wabash By. Co.(receivers)
4,366,000 1,403,000
4,386,000
Western Pacific RR. Co
400.000
400,000
Wichita Falls dr Southern RR. Co_
22.525
22,625
22,525
Wrightsville & Tennille RR
457,858.080 6,908,556 450.794,272 70,595,516
Note-Loans to the Baltimore & Ohio RR. Co. outstanding, amounting to
$59,965,500, are evidenced by collateral notes of the railroad in the total face
amount of $80,100,400. Pact of the outstanding loans was refunded by acceptance
of the railroad's five-year 434% secured note due Aug. 1 1939. in the amount of
$13,490,000, at a erscount of 1%, equivalent to $134,900.
Minnesota Inheritance Tax Law-Newly Enacted
Measure Eliminates Necessity of Consents to
Transfer Stock in Case of Estates of Non-resident
Decedents
Roy C. Smelker, Special Assistant Attorney General of
Minnesota, sends us the following information under date of
April 10.
In re: Inheritance Tax
On April 5. Chapter 128 of the Laws of Minnesota for 1935, was signed
by the Governor. This eliminates the necessity of consents to transfer
stock In corporations organized under the Laws of the State of Minnesota,
belonging to the estates of non-resident decedents.
A large proportion of the applications made to this office for these transfers come from New York City and vicinity. We thought that a mention
of this would give notice to a large number of attorneys and trust companies and save them the trouble and useless delay of sending to this office
for these transfers.
President Lapham of American-Hawaiian S. S. Co.
Declares Enactment of Pettingill Bill Would Injure
Trans-Continental Shipper and Consignee
That the enactment of the Pettingill Bill, now before
Congress at the instance of the transcontinental railroads,
would seriously injure every intercoastal shipper and consignee, and could easily destroy the intercoastal trade, was
the substance of a statement on April 7 at San Francisco
before shippers by President Roger D. Lapham of the
American-Hawaiian Steamship Company. Mr. Lapham
declared that the passage of this Bill would virtually nullify
not only the Panama Canal Act,in which Congress expressly
forbid the use of the Canal to railroad-owned vessels, but
also the various acts of Congress passed since then for the
purpose of building'up our domestic American Merchant
Marine, which had been practically driven from the seas by
the unfair railroad competition previously prevailing.
2458
Financial Chronicle
Mr. Lapham further declared that not only had the
Panama Canal contributed vastly and inestimably to the
commercial and industrial development of our two great
coasts, but that "the competition of the Panama Canal
steamship lines had been the principal, if not the only,
factor operating to keep transcontinental rail rates at a
reasonable level," concluding with the statement that "if
you want to continue to enjoy reasonable rates, and if you
want to prevent what would amount practically to a transportation monopoly, you will urge Congress to defeat the
Pettengill Bill."
B. F. Weadock of Edison Electric Institute Disputes
Federal Power Commission's Prediction of Power
Shortage
In a statement issued April 8 by Bernard F. Weadock,
Vice-President and Managing Director of the Edison Electric
Institute, regarding power shortage predicted in interim
report of the Federal Power Commission, released April 7.
Mr. Weadock says:
The Federal Power Commission's further news report picturing an
imminent power shortage in the United States is evidently intended to
frame support and justifidation for the Federal Government's uneconomic
and unjustifiable water power projects, as well as to foster the idea that the
engineers of the electriclight and power industry need guidance and technical
assistance from government bureaus in conducting their work. Actually
the present excess generating capacity over and above the requirement for
normal reserves is 6,000,000 kilowatts or 20%, and the present trend of
output does not justify plans for further construction.
From an examination of the figures accompanying the report, it is clear
that erroneous assumptions have led the Federal Power Commission's
engineers to wrong conclusions. In their report they have assumed that
the peak loads on the different power systems all occur at the same time and
therefore arrive at a theoretical peak demand for the United States of 23,000,000 kilowatts. Actually, peak loads do not coincide in time and,
because of their diversity,the effective overall peak is only about 16,000,000
kilowatts. or 7,000,000 kilowatts less than they have assumed.
The Commission's engineers have arbitrarily disregarded a large amount
of capacity in the older plants, evidently on the basis that these are no
longer useful. There is actually 5,942,000 kilowatts of installed capacity
In the United States more than the report shows, and this amount is three
times the total net estimated shortage of 1,961,000 kilowatts shown by the
Federal Power Commission's report.
These older plants are perfectly capable ofsupplying power in emergencies
and of carrying system peak loads. Because the duration of these peak
demands is short, old plants are ideally suited to this need. It would not be
in keeping with efficient private operation to build new plants merely to
operate them a few hours a year during emergencies and periods of peak
demand and at the same time to tear down older paints entirely adequate
and suited for this service.
In the regions of Federal projects under construction or now proposed,
the Federal Power Commission has taken particular pains in setting up a
justification for these Government projects. Thus the way is paved for the
highly uneconomic Passamaquoddy Bay project by claiming that Maine,
alone among the New England States, is shy of adequatl power.
The electric light and power industry is and always has been prepared
to meet all demands upon-it by the users of its service. It would not be
justified, however, in undertaking the immediate construction of additional
plants which are not now necessary while waiting for the return of business
the development of which we hope for but which is not yet insight.
A previous statement was given out by Mr. Weadock on
April 2 bearing on an earlier interim report 0/larch 31) by
the Federal Power Commission, viewed as dir6cting criticism
against private utilities in which the Commission warned
that great industrial centers of the east and mid-west would
be confronted with a power shortage that would prove
"disastrous" if the United States became involved in another
war. The Commission said that use of power has been increasing so rapidly lately that the demand is approaching the
limit of available efficient generating capacity in many
districts. We quote below in part from the survey, as given
in United Press, Washington advices of March 31:
"Careful planning, under Federal supervision, of new power plants and
facilities for transmission is required to promote the safety and welfare of
the Nation," the report stated.
Observations of the Commission were published at a time when progress of
the New Deal's chief power experiment—TVA—has been sharply impeded
by court reversals. The report strikes smartly at assertions of anti-New
Dealers that private industry now is generating more power than can be
consumed and that Federal activities in this directly constitute waste of
taxpayers' money.
Demand for power, when the depression ends, will be at least 4,000,000
kilowatts in excess of that which existed in 1929, or an amount equivalent
to the capacity of 50 large generating stations, it was stated. Little new
generating capacity has been constructed by privately owned utilities since
1930. As a result, the report said, capacity of existing plants is 2,325,000
kilowatts less than contemplated demand when industrial activity returns
to normal.
As a result of this situation, the report continued, critical shortages will
exist in almost every section of the United States. The only regions in
which substantial surpluses of capacity now exist to meet normal demand
were said to be Florida, parts of Michigan, Illinois, Texas, an area along
the Lower Mississippi, and North Dakota, Idaho, Utah, New Mexico,
Montana, Washington. Minnesota and Oregon.
In certain limited areas, the report said, Government plants provided for
or actually under construction, will meet these shortages. It was noted
that only one major private power development and one major municipal
plant are now under construction. They were not mentioned by name,
but the survey asserted that many of the regions were the greatest power
markets now exist and where the shortage will be most acute when industrial activity is renewed, do not have projectli under construction at the
present time sufficient to carry the loads expected to be demanded.
It would require a capital expenditure of $300,000,000 on new plants to
correct this situation, the report stated.
April 13 1935
In his statement of April 2, Mr. Weadock said in part:
The Federal Power Commission views with alarm the possibility of
shortage in case of war. The electric light and power industry for many
years has co-operated with the War Department in its war procurement
plans. The industry is prepared at this time to meet any power demands
that may possibly arise under the co-ordinated plans for procurement of war
supplies, which. are designed to avoid creating a congestion in any one
locality. When the United States entered the World War in 1917, the
Installed capacity of the electric light and power industry was only 9,000,000
kilowatts as compared with 32,250,000 kilowatts installed to-day. At
that time there was practically no interconnection between central stations
to permit unused capacity in one station to be applied in nearby systems.
The advantageous integration of central stations into large power systems
has largely been effected since that time.
In the supply of munitions of war, power plants out on the Columbia or
Colorado Rivers, or even in the Tennessee Basin, are of little or no significance. The important factor is the maintenance of an adequate coal supply
at the steam generating plants in the existing industrial regions.
The Commission admirably emphasizes the extraordinary growth of the
public utility industry of the United States and the remarkable progress in
the residential use of electricity even through the depression; demonstrating
the fairne‘n and acceptability of prevailing rates. The electric light and
power companies will welcome the opportunity to participate in, and contribute to industrial development and growth and the further expansion of
the use of electricity in America.
More Than $45,000,000 Saved in Credit Unions in
United States, Survey of FCA Shows—Membership
of Unions Approximates 750,000
Credit unions in the United States have savings of over
$45,000,000 and a membership of approximately 750,000,
accoraing to tigures released at Washington, D. C., April 11,
'on a survey conducted by the Credit Union Section
base,
of the Farm Credit Administration.
Director C. R. Orchard of the Credit Union Section said
the survey covers 1,400 credit unions organized under
State charters and indicates that the total number of such
organizations in the country is more than 3,000. In noting
the foregoing, an announcement issued by the FCA said:
Most of these were organized under State laws which are effective in
38 States. The Federal Credit Union Act passed last year. however,
makes it possible to organize these thrift and loan co-operatives in any
State. More than 200 Federal credit unions have been set up during
the past six months and the number is increasing steadily.
Mr. Orchard pointed out that although the first credit union in the
United States was organized in 1909 the survey indicates that about 75%
of the 3,000 now in operation under State charters came into existence
since the depression began. "It is highly significant," he said, "that at
a time when our financial and economic structure was being shaken to its
very foundations, the safety and co-operative features of credit unions
attracted wide attention among people of small means and the movement
received a vast stimulation."
The average credit union has a membership of 250; the savings of members
is approximately $15,000; and total asses of the average organization
$20,000. the survey indicates. It also shows that the average saving
Per member Is only $60 and the average loan about $100. In 1934 the
outstanding loans of credit unions amounted to 87% of their available
loan funds (share capital, deposits and borrowed money).
There is only one real case of credit union failure in the history of the
movement in the United States, according to Mr. Orchard, and the number
which have liquidated with slight losses to members is insignificant when
compared to the large number in active operation.
Total outstanding loans of all credit unions are estimated at $44,000,000,
and total assets at nearly $60,000,000, OD the basis of this survey.
Hearing Continued in Tax Appeal Suit of Andrew W.
Mellon
Andrew W. Mellon, former Secretary of the Treasury,
was his own witness for several days recently when he testified before the Tax Appeals Board at Pittsburgh on the Government's claim of $3,089,000 additional income taxes for
the year 1931. The most recent reference to the case was
contained in the "Chronicle" of March 23, pages 1937-38.
Mr. Mellon himself took the witness stand for the first
time on April 1,when he testified that in 1931 the law enabled
him to reduce his income tax to a level he considered "fair
and just" and that had he been so minded, he could have
eliminated all his taxable gains by sales of stocks and bonds
which had declined sharply in value. A dispatch from
Pittsburgh to the New York "Times" April 1 described this
testimony in part as follows:
He, Mr. Mellon, denied vigorously that he harbored any intention to
repurchase the stocks he sold at a loss. That these very stocks usually
found their way into the portfolios of the Coalesced and Ascalot companies
which his children and his employees dominated, he declared, was no
responsibility of his.
He denied that he retained any measure of control over the $10,000,000
worth of bank stock he sold to his brother, the late R. B. Mellon,in March.
1921. to make himself eligible for a place in the Harding Cabinet. That
his brother handed over to him the exact amount received in dividends
from the stock, Mr. Mellon said, was the result of an arrangement between
his brother and Howard M. Johnson, his financial secretary, without his
knowledge.
Left Many Tasks to Aides
His interests were so broad and his duties in Washington so arduous
and exacting. Mr. Mellon asserted, that it was impossible for him to keep
track of all his private holdings or the deals that were required to keep his
financial house in order. Such matters, he said, he was forced to leave to
such trusted employees as Mr. Johnson, in whom be expressed implicit
confidence.
Further details of Mr. Mellon's testimony were given as
follows in Associated Press Pittsburgh ad.vices of April 2:
Volume 140
Financial Chronicle
2459
specialized general contracting industry. You have to have the organizaHiring of an attorney associated with the Internal Revenue Bureau by
tion that has the ability to do things in new and novel ways on every job.
Andrew W. Mellon in 1931 had nothing to do with his tax affairs, the former
Every competitor may be able to copy thereafter and you must find new
Secretary of the Treasury to-day told the Board of Tax Appeals hearing
methods."
his protest against a $3,089,000 assessment.
Mr. Hogan was supporting his contention that even with only $3,000,000
The banker, passing another full day under cross-examination on the
in tangible assets in 1913, the "basing date" for income tax purposes,
witness stand, told of employing D. D. Shepard, in reply to questions by
McClintic-Marshall as a going concern had a market value of about
Robert H. Jackson, attorney for the Government.
$15,000,000. The Government says the company was worth only about
The witness said he had asked the Bureau of Internal Revenue Solicitor,
$5,000,000 at that time.
Alexander Gregg, to select a young, dependable man for a position and
The scene in the case shifted late to-day to details of the $44,000,000
that Mr. Gregg recommended Mr. Shepard.
Union Construction Co., formed in 1930 from assets of the McCllnticfrom the Internal Revenue Bureau?" pressed Mr. Jackson. . .
deducwitness
said
Marshall Corp. in which Andrew W. Mellon had a 30% interest.
111"Why
Mr. Jackson led Mr. Mellon through the list and the
▪
tions were made in his income returns in line with most of the suggested ' It was a final phase in clearing up testimony regarding McClintic-Marshall,in connection with which the Government claims more than $1,000,000
ways and means.
Pittsburgh dis- back taxes is due from Mr. Mellon.
We also quote from an Associated Press
patch of April 3 regarding Mr. Mellon's cross-examination
on that date:
fhe 80-year-old banker steadfastly insisted that at the time he went
into President Harding's Cabinet in 1921 he had "absolutely sold" all
of his stock to his brother, the late R. B. Mellon, and took no part in the
operation of any banks or other companies.
▪Mr. Mellon did admit that he wrote to President Hoover, eight years
later, when he still was Treasury Secretary, asking him to consult the Attorney-General for an opinion on a legislative inquiry into his eligibility.
Robert H. Jackson, representing the Bureau of Internal Revenue in its
effort to collect $3,089,000 in additional taxes for 1931 from Mr. Mellon,
had the financier tell the story of his career; then he shifted to Senate and
House inquiries into Mr. Mellon's eligibility as a Secretary of the Treasury.
The attorney was trying to support his contention that Mr. Mellon
actually dominated the $300,000,000 Union Trust Co. and through this
domination was able to force "accommodation sales" whereby he established income tax deductions illegally.
Mr. Mellon emphatically denied his eligibility had been the subject of
an inquiry by President Hoover or the President's Cabinet.
Mr. Jackson then showed the witness a letter, dated March 8 1929, asking the President to obtain from the Attorney-General an opinion on the
Senate inquiry into his eligibility. Mr. Mellon said the signature on the
letter was his, that he had "forgotten writing it, but I did."
Mr. Jackson produced two more Mellon letters taken from the files of the
Treasury Department. One, addressed to Senator David A. heed on
April 18 1929, said the Secretary understood the Senate Judiciary Committee wished to know whether he was carrying on "trade and commerce"
in violation of the law. In this Mr. Mellon stated he had sold "every share
of stock" in all banks and trust companies.
On Jan. 28 1932, just before leaving the Cabinet to become Ambassador
to the Court of St. James's, Mr. Mellon wrote to Hatton W. Summers.
Chairman of the House Judiciary Committee, that his bank stock had been
purchased by his brother.
In this letter Mr. Mellon said his attitude toward the prospective House
inquiry was that he considered information sought regarding the bank
stock sale involved a "private business transaction to which I was only
one party."
The hearing on March 27 was described as follows in an
Associated Press Pittsburgh dispatch of that date:
The Tax Appeals Board to-day halted efforts of the Government to dig
into records of the $300.000,000 Union Trust Co. in an attack on the credibility of a witness in the A. W. Mellon income tax case.
Ernest Van Fossan, presiding member, sustained an objection raised by
Frank J. Hogan, chief Mellon counsel, against questions asked Carl R.
Korb. Vice-President of the institution, regarding sales of securities by
some customers and officials of the bank.
"To permit the proposed inquiry would lead us too far afield," Mr.
Van Fossan said, "and, rather than assisting in the search for the fact
in the case at par, would tend to divert attention from the issues before us."
Report by Federal Trade Commission on Conditions
with Respect to Distribution of Milk and Other
Dairy Products—Agreements and Understandings
to Fix Prices Said to Exist Between Co-operatives
and Large Milk Dealers
On April 5 the Federal Trade Commission transmitted to
Congress its report on its milk inquiry, made pursuant to
House Con. Res. 32, 73rd Congress, 2d Session, passed
June 15 1934. Under this resolution, the Commission
was directed to inquire into conditions with respect to the
sale and distribution of milk and other dairy products and
to report to Congress whether—
Any person, partnership, association, co-operative or corporation is
operating within any mllkshed of the United States in such manner as
to substantially lessen competition or to tend to create a monopoly in
the sale or distribution of dairy products, or is a party to any conspiracy
in restraint of trade or commerce in such products, or is in any way monopolizing or attempting to monopolize such trade or commerce within the
United States, or is using any unfair methods of competition in the sale
or distribution of such dairy products, or is in any way operating to depress the price of milk sold by producers.
The Treasury on April 6 made public correspondence
which it said failed to disclose the "nature, magnitude and
The Commission's investigation was begun last July.
true purpose," of the "A. W. Mellon Educational Chari- Because of limitation of funds made available by Congress,
table Trust." This correspondence, between the Internal said the Commission's announcement of April 5, the inquiry
Revenue Bureau and Donald D. Shepard, agent of Mr. was confined to the State of Connecticut and to the PhilaMellon, caused the Treasury Department to cancel some delphia milkshed, comprising eastern Pennsylvania, Delatax-exempt privileges sought by the organization mentioned. ware and parts of New Jersey, Maryland and West Virginia.
The Internal Revenue Bureau in a letter of March 8 1933 In addition to the field investigations by attorney-examiners
exempted the Trust from payment of income taxes on the of the Commission and members of its economic staff,
assumption that it was formed and operated for charitable public hearings were conducted at Hartford in December
and educational purposes. This decision was later revoked and at Philadelphia in February, at which a great many
on the ground that representatives of the Trust failed to take producers were heard, as well as representatives of prointo account a gift of $10,000,000 in art works made by Mr. ducers' co-operative associations and officers of distributing
Mellon and held now to be a part of the assets of the Trust. companies. In summarizing the results of the inquiry the
Mr. Mellon personally completed his direct testimony Commission on April 5 stated:
before the Tax Appeals Board on April 10 when he said that
Among other things, the Commission found that by negotiation the
he has not committed himself specifically to build or to co-operatives and large milk dealers in the areas covered by the inquiry
have arrived at agreements and understandings to fix prices to the conendow a national art gallery in Washington or in any other sumer
as well as prices paid the producers;
city.
That whereas the prices received by producers and paid by the conOther recent hearings dealt largely with testimony re- sumers have fluctuated widely, the gross margin to the dealer on milk
garding the valuation phase of the McClintock-Marshall for fluid consumption has remained substantially the same over a number
of years;
Corp., with witnesses appearing on behalf of Mr. Mellon
That whereas large sums in dividends have been paid by the local disdescribing details of the valuation procedure. On March 25 tributor companies to parent companies, and that officers of both the
parent and distributor companies have drawn generous salaries, a serious
it was testified that about 250 persons were engaged in a condition
exists among many producers in both sheds investigated; that
1924 retrospective valuation of the corporation, under which many of them have mortgages on their farms on which interest payments
its tangible assets as of March 1 1913 were increased by are in default, and many have disposed of their herds and abandoned
farming;
$820,000 to approximately 83,000,000. Associated Press dairy
That certain practices by distributors have resulted in underpayments
advices from Pittsburgh on March 25 summarized the day's to producers which, in the year 1934, are estimated to have exceeded
$600,000;
testimony as follows:
That dealer companies have paid producers "surplus" prices for conCounsel for Mr. Mellon, who owned 30% of the stock, contend that the
siderable quantities of milk which they have resold in fluid form to concompany's actual
of that date was about
$15,000.000.
market value as
The Government, trying to show Mr. Mellon made more profit than he
reported in his 1931 income in the merger of the company with Bethlehem
Steel, asserts the actual value was about $5,000,000.
A. B. Hossack, Assistant Vice-President of the American Appraisals
Co. of Milwaukee, which made the retrospective appraisal, said about 25
men were kept in the field for eight or nine months and that more than 200
were employed in the office to compile the data.
In earlier testimony, witnesses have related that this appraisal was
accepted for a period of 14 years by the Government for certain tax purposes and was first questioned in this case, being heard by the Tax Appeals
Board.
Frank J. Hogan, Mr. Mellon's chief counsel, called as a
witness on March 26 Frank B. Thompson, Vice-President
and Auditor of the American Bridge Co. We quote from
Associated Press Pittsburgh advices of March 26 regarding
this hearing:
"Inventory means nothing," said Mr. Thompson, "because no two
buildings in this city or hardly anywhere else are the same. Ours is a
sumers at the highest prevalling prices;
That distributor companies are in part responsible for the creation
of a milk surplus in the areas investigated by the importation of milk
products from other areas, resulting in producers receiving a lower price
for the quantity of local milk so displaced.
In the files of one of the Philadelphia companies, members of the Commission's staff found correspondence indicating that price agreements
similar to those in effect in the Philadelphia and Connecticut areas are
in effect in other milksheds.
American Liberty League Urges That Appraisal be
Made of Economic Experiments of Federal Government With View to Discarding Those Which Have
Failed of Anticipated Results—Also Urges That
Business be Relieved of Bureaucratic Control
The American Liberty League in a statement issued at
Washington on April 7 urged the ending of uncertainty as
to the course to be pursued by the Federal Government as
2460
Financial Chronicle
"one of the gravest obstacles to economic recovery." The
League also asked abolition of some of the alphabetical
agencies of the New Deal. Its further suggestions in the
interest of recovery were indicated as follows in a Washington account April 7 to the New York "Times":
Asserting that events had demonstrated the need for the adoption of
measures to bring about a solution of national problems along lines in
conformity with the ideals of the American people and in harmony with
Constitutional principles and institutions, it made these suggestions.
"1. That there be a prompt and frank appraisal of the various ambitious
economic and sociological experiments undertaken during the past two years
that those which have failed to bring about the results anticipated be
discarded, and that those which give some promise of producing beneficial
results be continued with modifications where necessary in order to bring
them within the scope of authority properly exercised by the Federal
Government in accordance with the Conot4tution.
"2. That definite and unequivocal assurance be given of an intention
to bring the Federal budget into balance within a reasonable time in order
to allay fears of ruinous inflation and a wrecking of the nation's monetary
and credit structure.
"3. hat business, both small and large (meaning the combined efforts
of the American people to earn a livelihood), which has supplied the funds
to operate the Government—and the future earnings of which form the
only real basis of Government credit—be relieved of unnecessary harassment, bureaucratic control and demagogic arraingment.
"4. That essential relief activities, both those partaking of the character
of an outright dole and those described as work relief, be carried out with
the least possible Interference with normal economic processes; that heed be
given to the restrictions on the work relief program as outlined in President
Roosevelt's message at the opening of the present Congress but largely
ignored in subsequent legislative proposals.
"5. That there be an immediate cessation of attempts to subvert basic
constitutional principles through the delegation or attempted delegation, of
legislative and judicial powers to executive officials and bureaus."
Federal Trade Commission in Complaint Against
18 Companies and Code Authority Charges Conspiracy to Fix Prices for Fire Extinguishing Equipment
Charging combination and conspiracy to fix and maintain
uniform pricesfor fire extinguishing equipment in an assumed
and pretended compliance with the code for that industry,
the Federal Trade Commission announced on April 9 that
it has issued a complaint naming as respondents 18 companies
manufacturing fire extinguishing equipment, producing
approximately 85% of such equipment and supplies in the
United States, also the code authority for the fire extinguishing appliance manufacturing industry.
From the Commission's announcement of April 9 we
quote:
Pointing out that the corporate respondents would naturally and normally be in price competition with one another, the complaint says that in
February 1932 they entered into an agreement for elimination of price
competition among themsevles and have since observed said agreement,
maintaining uniform prices to be charged purchasers of fire extinguishing
equipment and supplies. They agreed that the respondents singly would
neither solicit the customers of another respondent, nor quote prices lower
than those then being quoted by the respondent supplying them. It is
alleged they also refused to continue to sell equipment and supplies to dealers
who failed to agree not to sell at prices less than those fixed. It is also
charged that the respondents agreed upon prices to be submitted when
competitive bids were called for by industrial and governmental users, and
procured withdrawal and cancelation of such bids in cases where they
were at prices less than those fixed by the respondents.
Shortly prior to Dec. 5 1933, according to the complaint, these respondents "under color of authority of the code of fair competition for the fire
extinguishing appliance manufacturing industry" agreed among themselves, in an assumed and pretended compliance with the code, to fix and
maintain uniform prices and have since that date continued to sell at such
prices.
It is alleged in the complaint that the result has been the suppression
and elimination of price competition in the sale of fire fighitng equipment,
where as the code does not authorize price fixing, and was not designed to
permit it. but instead specifically prohibits monopolistic practices and
discrimination against small enterprises.
•
April 13 1935
AAA recently lifted the 90% limitation on spring wheat, so that farmers
may plant as much as they can. The waiver on the minimum requirement
will enable farmers who will have less than a 54% wheat crop to get their
benefit Payments.
AAA officials said that this waiver would be extended only in designated
counties in the drought-stricken areas and then only when individual producers have satisfied the county wheat production control committees that
their failure to produce a 54% crop was due to the weather. The same
arrangement was made last year in the drought areas, with the result that
benefit payments were the chief source of cash income for the year for many
wheat farmers.
Federal Emergency Relief Administration officials estimated there are
35,000 farm families on the relief rolls in the area in which the present dust
storms are originating. They had no means of estimating how many
additional families, on the farms and in the villages and cities of the area,
would be thrown on relief as a result of a second year of drought.
From Washington Associated Press advices, April 11, we
take the following:
The drought relief set-up formed last year is still intact. It is composed
of representatives of the Department of Agriculture, the Federal Relief
Administration and the Farm Credit Administration.
Officials said privately that a continuation of the dry siege and windstorms would mean a new drought relief grant. More than $500,000,000
was voted by Congress last year and much of it was spent in the same areas
that now are being ravaged by the dust storms.
Revised AAA Amendment Bill Reported to Senate—
House Bill Still in Committee
The Senate Agricultural Committee on April 10 reported
favorably to the Senate a redraft of the proposed amendments to the Agricultural Adjustment Act. In the redraft
of the measure, said advices from Washington, April 10, to
the New York "Journal of Commerce" of April 11, the
Committee proposes to change the so-called "reduction"
program to an "adjustment" program, so as to permit payment of benefits on crop increases as well as decreases. The
advices further said:
Opposition to the licensing provision is sought to be met by the proposal
that the issuance of a license shall be conditioned upon approval by at least
two-thirds of the producers who "during a representative period determined
by the Secretary," have been engaged in the production for market of the
commodity desired so to be covered. Provision also is made that consideration may be given to the wishes of those who produce two-thirds of the
volume of any such commodity. . • •
Another important provision is that which proposes to give the Secretary
of Agriculture access to the books and papers of the processors. The redrafted measure is slightly changed, but from a processors' standpoint it
Is said, it is far from satisfactory.
In order to check any information which he may demand, the bill proposes to permit access to all books and papers "as he may find necessary or
pertinent." It is pointed out that the discretion would rest with the Secretary as to what he could call for. . . .
From the House bill is taken a provision leaving it in the power of the
Secretary of Agriculture to give consideration to the post war period,
August 1919-July 1921. or any portion thereof. In arriving at the socalled parity price for marketing agreements and licenses where he has no
adequate pre-war data.
Opponents of the measure charge that it is not nearly so limited in its
scope as is the measure over which the House committee now is deliberating. It developed that the House bill struck many snags and there was the
possibility that if brought out on the floor of the House it would be defeated.
After the House Committee on Agriculture had ordered a favorable report
on the bill, Chairman Marvin Jones decided that it should be given further
consideration, with the result that now it is lying dormant in committee
files. However, it is possible that it will again be brought before the
members on Friday or as an alternative be left unmolested until after the
Senate has made a determination upon the legislation.
The House bill was referred to in our issue of April 6,
page 2292.
Rental and Benefit Payments to Farmers Participating
in All Adjustment Program Totaled $630,606,963
to Feb. 28—Processing Tax Collections Amounted
to $692,878,538
The Commission has designated Friday, May 10, for the
The Agricultural Adjustment Administration issued an
respondents to show cause why an order to cease and desist analysis on April 8 of disbursements totaling $630,606,963
from the practices alleged should not be issued.
in rental and benefit payments to farmers participating in
adjustment programs, and expenditures of $214,651,202 in
AAA to Make Benefit Payments to Farmers Unable to connection with removal, utilization and conservation of
Plant Wheat in Drought and Dust Stricken Areas
surplus agricultural commodities. The total expenditures of
The Agricultural Adjustment Administration announced the Administration since organization, May 12 1933, inApril 11 that it will make benefit payments to farmers in the cluding the above amount of rental and benefit payments,
areas stricken by drought and swept by the recent dust surplus removal and utilization expenditures, and $42,254,storms, who are unable to plant wheat due to the condition 090 in cost of administration, up to March 1 1935 amounted
of the land and where seed has been blown from the ground. to $887,512,255. In issuing the analysis the AAA announced:
The monthly Comptroller's report divides the $214,651,202 expended in
Recently the AAA removed the 10% restriction on wheat
purchase of surplus agricultural commodities, export operations, conplantings this spring, and agreed to make the promised bene- servation
operations, and miscellaneous disbursements, as follows: hog
fit payments to those farmers agreeing to offset this year's purchases and pork for relief distribution. $46,080,106; export of regional
action
surplus of wheat from Pacific northwest, $6,097.239; purchases of butter
increased plantings by like reductions in 1936. This
cheese for relief distribution, $16,529,760; drought cattle purchases
was noted in our issues of Mar. 30, page 2121, and Mar. 23, and
and conservation of products thereof for relief distribution, $112,746,219;
page 1941.
purchases of sheep and goats and conservation of products for relief disAs to the latest action of the AAA, the Washington corre- tribution, $7,660,968; conservation of supplies of adapted seeds, $16,sugar purchases. $365,536; peanut diversion payments, $347.823;
638.993;
spondent of the New York "Herald-Tribune," in yesterday's disbursements
under rice trust fund, $42,269; disbursement to sellers of
issue of that paper, said:
cotton tax exemption certificates. $8,142,284.
It should be noted that funds disbursed for cotton tax exemption cerThe AAA on April 11 came to the aid of farmers whose wheat had been
blown out of the ground by agreeing to make full benefit payments even if
no wheat is grown. The wheat adjustment contracts contain a requirement that each farmer must plant at least 54% of his base acreage. He
may not, on the other hand, plant more than 90% of his base acreage. The
tificates were derived from sales of surplus cotton tax exemption certificates
to producers by the Pool organized to handle this operation, and this item
represents reimbursement of producers who placed excess certificates in the
Pool for sale. Funds for purchase of drought cattle were made available
Financial Chronicle
Volume 140
partly under the Jones-Connally amendment to the Adjustment Act, and
partly from the appropriations allocated for this purpose under the Emergency Appropriations Act. Funds were also provided under the Emergency Appropriations Act for purchase of drought sheep and goats, and
for the conservation of seeds.
The following tables, contained in the analysis, show collections of processing taxes, and rental and benefit payments by States and commodities:
PROCESSING AND RELATED TAXES COLLECTED FOR THE MONTH OF
FEBRUARY AND ACCUMULATIVE TO FEB. 28 1935 AS REPORTED
BY THE BUREAU OF INTERNAL REVENUE
Commodity and Type
Collections
February 1935
Total to
Jan. 31 1935
$192,579,338.83
Wheat
202,894,046.96
Cotton
36,874,386.82
Tobacco
8,710,188.97
Field corn
198,572,788.04
Hogs
11,533,486.)8
Paper and lute
38,499,789.69
Sugar cane and sugar beets
890,528.49
Peanuts
230,902.53
Cotton ginning tax
2,093,080.60
Tobacco producers' sales tax_ __ _
Tntn1 nnllantInna
CA09 272 547 71
Total to
Feb. 28 1935
$9,845,812.59 $202,425,151.42
7,553,145.91 210,447,192.87
2,910,103.15 39,784,489.97
9,200,697.44
490,408.47
11,762.655.13 210,335,443.17
149,574.43 11,683,061.21
4,782,041.80 43,281,831.49
1,308,942.27
418,413.78
324,836.01
655,738.54
2,959.741.38
866,660.78
5
.
10
ma
AA9
on
C771 682 189 76
RENTAL AND BENEFIT PAYMENTS THROUGH FEB.28 1935, ANALYZED
BY STATE AND COMMODITY
State
Cotton
$19,508,817.13
1,114,900.44
21,332,682.10
1,288,749.51
Llabama
Lrizona
Lrkansas
Ialitornia
1olorado
Ionnecticut
)elaware
Wheat
Tobacco
$3,053.20
30,524.24
3,019.19
1,856,477.13
3,378,337.65
180.00
894,277.22
173,922.21
524,149.28
17,410,519.37
Plorlda
leorgia
daho
illnols
ndiana
Own
{ansas
{entucky
..euislana
daine
vlaryland
viassachusetts
Llichigan
Liinnesota.
vIlssissippi
kfissouri
Uontana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
4,401.61
98,343.97
10,918,352.40
11,160.19
5.665,012.74
4,025,692.79
3,131,259.52
709,390.39
39,482,762.66
386,018.13
1,326,497.61
1,364,004.05
3,068,269.08
22,215,393.65
3,538,645.58
2,527.841.04
9,949,029.07
9,637,012.19
47,268.42
245,564.16
1,485,488.15
888.85
156,129.35
8,269.14
6,002,567.49
38,463.37
377,162.98
67,062.14
140,070.37
8,297.80
998,639.32
8,044,776.14
19,447,293.46
18,872.57
806,658.66
62,992.32
80,438.07
24.075,316.18
2,771,876.13
11,188,338.27
4.101,855.10
407,780.32
z
Totals
403,625.52
$221,182,638.36
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouti
Montana
Nebiaska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Caiolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Totals
Corn—hogs
965,946.52
1,106,406.89
1,199.046.00
1,864,035.95
11,328,622.35
6,834,477.92
76,170,218.61
60,127.61
5,738,355.70
8.285,829.10
195,073.78
8,646,356.97
1,054.044.55
1,571,582.59
9,342.53
896,961.33
868,738.32
8,536,334.05
123,999.67
62,294.81
664,264.22
82,948.46
1,130,956.41
$158,625.961.39
$24,053,184.21
Sugar
All Programs
Grand Total
2,864.39
225,028.20
10,378,412.03
2,357,560.59
3,274,217.83
138,747.16
42,752.87
1,099.488.68
495,840.24
205,536.79
5,406,921.46
367,595.99
495,758.00
188,361.32
$19,826,202.33
1,185,272.24
22,167.826.57
4,610.652.40
5,677,895.15
921,695.90
203,425.78
983,310.20
19,010,474.81
6,862,382.22
32,993,108.71
20,861,381.00
53,621.219.51
51,962.859.96
9,562,904.99
12,385.220.15
2,006.00
1,779,504.68
644.247.65
3,721,288.05
18,194,223.58
22,247,363.00
24,312,607.66
10,370,521.09
31,796,591.79
86,161.01
30,599.83
246,393.78
2,120,912.58
296,836.98
14,346,126.28
26,386,701.03
15,867,408.53
34,216,736.33
4,630,525.30
1,850,512.16
1,199,046.00
2,864.39
13,418.586.50
18.678,721.83
10,958,694.88
88,090,793.41
1,688,549.71
52,095.40
3,268,813.85
9,032,818.39
412,484.92
6,600,172.68
1,220,221.53
$223.453.054.15
$3,292.124.41
$603.606,962.72
$314,332.00
39,847.56
831,945.28
1,298,391.47
1,995,373.10
27,418.68
29.503.57
213.596.76
103,307.10
841,032.83
28,066,527.07
17,573,992.13
52,011,829.12
12,388,114.35
3,075,975.40
53,199.65
2,006.00
414,543.70
267,084.67
2,357,284.00
15,058,892.36
31,969.35
18,106,050.67
420,592.02
21,987,204.05
38,892.59
22,302.03
227,521.21
316,614.60
173,717.05
482,556.37
2,510,884.85
12,129,585.88
3,581,104.60
528,670.20
336,324.95
$167,034.29
304,184.40
456,336.65
79,312.20
1,413,638.10
172,375.55
14,479.80
644.10
2461
Wheat Growers to Vote May 25 on Continuance of AAA
Adjustment Program After 1935—New Program
Would Cover Crops of 1936 to 1939
Secretary of Agriculture Wallace announced April 11 that
wheat growers throughout the United States will vote on
May 25 on whether to continue the Agricultural Adjustment
Administration's wheat production adjustment program
after the 1935 crop has been harvested. The program to be
voted on by the farmers, which would be similar to the
present voluntary program, would cover the crop years 1936,
1937, 1938 and 1939. The contracts now in effect, signed
in 1933, will expire at the end of the current season. Inducements to shift land in the drought and dust-storm areas
from wheatjto grassiwere stressed in the referendum notice,
said Washington!advices, April 11, to the New York "Times"
of April 12.
Brief Filed in United States Supreme Court in
Schechter Poultry Case to Test Constitutionality
of NIRA—High Court Also to Rule in Case of Oil
Code
A move for an early ruling by the United States Supreme
Court on the constitutionality of the National Industrial
frecovery Act wasimade on April 8 when attorneys for the
A. LIAISchechteriPoultrylCorp. filed a brief seeking a
reviewlof the convictions inIthe case. The convictions on
17 counts inlanlindictmentlsaid to allege violation of the
NRA code were upheldion April 1 (as.noted in our issue of
April 6,1page 2285) by thehUnited IStatesILCircuitiCourt of
Appeals for the Second Circuit (New York), the Court, however, reversinaconvictiontonitwo counts which charged
violation of minimum wages and maximumjhours. From
Washington Aprill8Aa dispatch to the New York "Times"
said in part:
The Schechter case is the issue upon which the Government has resolved to stand since it dropped the Belcher lumber suit, previously heralded
as the first NRA test.
On Thursday (April 4), the day the Circuit-Court entered its judgments,
the Department of Justice announced that the Schechter interests would
ask for a review of 17 counts of the indictment and that the Government
would file a cross suit on the 2 counts decided against it, and also "co-operate
In expediting" the highly important case.
Schechter counsel in their brief argued that the NIRA was unconstitutional because Congress improperly delegated its legislative power to
the President; that the code was unconstitutional in its application to
the Schechter interests because the poultry transactions were purely
intra-State that the defendants were not engaged in conspiracy and that
the lower courts erred in several particulars.
Questions Asked of Court
Seven specific questions were asked of the Court as follows:
1. Whether Congress attempted to delegate its legislative power to
the President contrary to the Constitution?
2. Do the NIRA and metropolitan live poultry code violate the commerce
clause of the Constitution?
3. Do the NIRA and code violate the Eighth Amendment to the Constitution by imposing excessive fines and unusual punishment?
4. Did the Eastern District Court have jurisdiction to try the petitioners?
5. Can the District Court take judicial notice of municipal ordinances
and regulations of New York City, if the indictment does not plead them?
6. Does the indictment and its counts set forth the necessary elements
required to make the defendants liable for any violation of the NIRA
and code?
7. Is there sufficient evidence in the record to sustain the conviction
of conspiracy to violate the NIRA and code?
The question in the case was declared to be "one of Federal law which
has not been but should be settled" by the Supreme Court, and which also
"involves questions of national importance which ills in the public interest"
to have decided.
The lawyers further argue that the questions require interpretation of
the Constitution; that the court should determine the issue because the
NIRA "affects business and the welfare of the people as a whole"; and that
the court should state whether Congress "intended to make the acts of
petitioners a crime cognizable" by the Federal courts.
Two Cases May Be Joined
It is understood that the Department of Justice may join the Wilshire
case with the Schechter case. In the California case the Government
sought to restrain the company from violating the code and the NIRA.
File case was filed in the Southern Districi. Court in California on Dec. 14
1933 and on Dec. 31 1934 Judge McCormick sustained the NRA on all
points and granted the injunction.
The Circuit Court of Appeals, of which the former Secretary of the
Navy, Curtis D. Wilbur, is a member, sustained the NRA on the commerce clause.
Not wishing to pass on the provision of the Act for the delegation of
authority by Congress, the Court "certified" this aspect for decision by
the Supreme Court. Thus the poultry and oil codes have been held to
be within the commerce clause. .. .
While the Schechter lawyers, Joseph and Jacob E. Heller, presented
their belief to the Supreme Court, nothing was heara from the Government,
but the presumption is that Attorney-General Cummings will offer a brief
within the next few days. No request for speed in determining the suit
was made by the Schechter counsel, but the fact that their briefs were
rushed to the Court carried that implication. The Government is expected to make a direct plea for expedition.
Under date of April 10 the Washington correspondent
stated:
A series of interrogations, viewed as going direct to:the principles
of code
making under the NIRA,has been certified to the United States Supreme
Court from the Ninth Circuit Court of Appeals, it was announced to-day.
2462
Financial Chronicle
The court is asked to rule on whether Congress, in giving the President
power to control oil production by means of codes, stated its delegation
of authority properly. The questions are presented in an appeal from the
findings of the United States District Court for the Southern District of
California taken by the Wilshire Oil Co., Bandini Petroleum Co., Commodore Petroleum Co., Wilshire Annex Oil Co., Ambassador Petroleum Co..
George L. and Alfred P. Macheris.
Government Mediation Seeks to Avert Strike At Akron
Rubber Plants—A. F. of L. Employees Vote on
Possible Walkout—Question of Collective Bargaining Representation Involved—Secretary Perkins
Confers with Employers and Union Leaders.
Measures for averting a threatened strike of employees of
the three largest rubber companies of Akron, Ohio, were
considered on April 11 as representatives of the companies
conferred with Secretary of Labor Perkins. The rubber
workers belonging to the Federation had threatened to strike
in protest against the refusal of the Goodrich and Firestone
companies to hold elections to determine whether the Federation or so-called company unions represent a majority of
their employees in collective bargaining negotiations.
With the conclusion on April 11 of a seven-hour conference
between the rubber industry leaders and Miss Perkins, three
plans as follows (according to United Press advices from
Washington) were under consideration for further discussion
on April 12.
1. Withdrawal by the companies of court action by which they have
resisted the National Labor Relations Board orders for elections in the rubber plants.
2. Withdrawal of the court petitions for review of the Labor Board
orders, and permitting elections but continuing to hold the right of review
to be used later desired.
3. A temporary arrangement which would call off strike action until the
Federal District Courts here and at Cincinnati pass on the pending cases.
The United Press advices (April 11) added:
To-day's discussion, Miss Perkins said, centered around the three plans.
The American Federation of Labor unions have demanded recognition for
collective bargaining, which the three companies have denied them.
Miss Perkins, who conducted negotiations with the rubber magnates
single-handed. . . .
After another conference to-morrow with the industry men, Miss Perkins
plans to meet with President William Green of the Labor Federation and
Coleman Claherty, organizer of Akron rubber workers' unions.
Balloting conducted since April 1 among A. F. of L. members at the three plants (including that of the Goodyear
Co.) have shown large majorities in favor of a walkout,
according to labor leaders, although exact details of the strike
votes have not been made public. A date for the threatened
strike is not expected to be announced, however, until all
mediation efforts have failed and the unions are ready to
begin actual picketing operations.
Recent newspaper estimates showed that of the 35,000
workers in Goodyear, Goodrich and Firestone plants, only
about 12,000 belong to A. F. of L. unions.
Government-supervised elections for the purpose of de
termining employee representation in the plants of the three
largest automobile tire companies were demanded April 3 on
by leaders of the American Federation of Labor Rubber
Workers.Union. These demands coincided with the completion on April 3 of a strike vote among the employees of the
Goodyear Tire & Rubber Co. at Akron. Similar strike
votes began on April 7 at the plants of the B. F. Goodrich
'Co. and the Firestone Tire and Rubber Co. These three
companies employ about 35,000 persons. Plansfor a possible
strike affecting the automobile tire industry were described
as follows in United Press advices from Akron April 3:
Observers were convinced that the union men had voted in favor of a
strike. Organized labor, having made its flat demands for recognition,
only to have them as flatly rejected by the big rubber companies, was ready
to enforce its demands by drastic action if necessary.
Has A. F. of L. Backing
Labor leaders said the American Federation of Labor, with which the
rubber unions are affiliated, was prepared to "go down the line" with both
moral and financial support for the tire workers.
Ralph A. Lind, regional director of the National Labor Relations Board.
was herein a final effort to avert a strike, but he admitted his task appeared
hopeless.
"The only solution I can see should be for the companies to accede to the
NIRB's order for a Government-supervised employe election," Lind said.
United Press advices from Washington April 10 quoted
Miss Perkins in regard to the threatened strike as follows:
April 13 1935
She added that rivalry between the American Federation of Labor and
the company union had caused restlessness and had influenced the labor
board to order the election to clarify the situation.
Complaint by NRA and Ice Code Authority Against
Purity Ice Co. of Lakeland, Fla., Dismissed by
Federal Trade Commission on Ground that InterState Commerce Is Not Involved
The Federal Trade Commission announced on April 5
that it has entered an order, made public that day, dismissing a complaint against Purity Ice Co., a corporation,
and Felice Ferlise, President, of Lakeland, Fla., in which
the respondents were charged with violation of certain
provisions of the code of fair competition for the ice industry. The complaint was issued upon relation of the
National Recovery Administration and counsel for that
Administration and for the Ice Code Authority intervened
and prosecuted the complaint.
The Commission's announcement added:
The Commission held that the respondents were not engaged in interState or foreign commerce and that the transactions complained of did
not substantially or directly affect such commerce, therefore the Commission had no authority to issue a cease and desist order.
It was alleged in the complaint that the respondents violated the code
of fair competition for the ice industry by failing to apply for or obtain
from the Administrator for Industrial Recovery a certificate of public
convenience and necessity, as required by Article XI of the code of fair
competition for the ice industry, for construction of an ice manufacturing
plant of 15-ton per day capacity at Lakeland.
Among other things, the respondents contended that the National
Industrial Recovery Act is unconstitutional, that refusal of a certificate
of public convenience and necessity would permit a monopoly in violation
of Section 3-A of the NIRA, and that Article XI of the code of fair competition for the ice industry violated the Fifth and Tenth Amendments
to the Constitution. The Commission held that these contentions need
not be considered since it had decided that it lacked jurisdiction in the
matter for the reason given.
Stating that the case had acquired wide attention, a
dispatch from Washington April 5 to the New York "Herald
Tribune" added in part:
The ice code prevented the establishment or enlargement of ice production
unless the National Recovery Administrator was satisfied that such additional capacity was needed. Mr. Felise did not even apply for a certificate, but opened his plant and began to manufacture ice on a small
scale for local distribution.
His output of approximately 10 tons daily came into competition with
the plant of the Federal Ice Refrigerating Co. with a capacity of 375 tons.
This is a unit of the City Ice & Fuel Co., described by the Federal Trade
Commission as "the largest ice manufacturing concern in the United
States." . ..
Constitutional Issue Not Passed On
In holding that the transactions complained of in this case did not affect
inter-State commerce, the Commission added. "This is not to say that
power does not exist under the NIRA and under the Federal Trade Commission Act to take all measures, including control of transactions wholly
intra-State in character, whenever indispensable to protect or foster interState commerce. This principle is not applicable here. The facts show
no burden, restraint or effect upon inter State commerce."
Mr. Felise contended that the NIRA was uncelnstitutional; that the
refusal of a certificate of public convenience and necessity would permit
a monopoly; that the code violated both the Fifth and Tenth Amendments
of the Constitution. The Commission did not consider these points,
since it was unnecessary after it had decided that it lacked authority
because inter-State commerce was not affected.
Crews of Oil Tankers Strike, and Again Threaten
Pacific Coast Maritime Walkout—President Roosevelt's Direct Intervention Asked
A strike of crews on American oil tankers, which began
early in March, threatened late this week to spread to other
vessels on the Pacific Coast, where the walkout was first
called. Peace efforts of a Federal mediation board have
failed to produce an accord, and on April 9 leaders of maritime unions appealed directly to President Roosevelt for
his personal intervention. The unions charged. arbitrary
actions by the oil tanker operators, while the latter asserted
that the walkout was an illegal violation of the agreement
which had been concluded at the time of the general San
Francisco strike approximately a year ago. A dispatch
from San Francisco to the New York "Times" on April 9
described the troubled labor situation as follows:
Representatives of five maritime unions signed a telegram to President
Roosevelt which declared that unless he takes "prompt action" the situation "will undoubtedly develop into a general industry tie-up and may
become as bad or worse than last year."
The tanker ship operators are accused of failing to live up to agreements
made with the National Longshoremen's Board and are represented as
refusing to discuss "collective bargaining."
We also quote from United Press Los Angeles advices of
The Secretary of Labor said to-day Mr. Roosevelt has asked her to "take
any steps which are essential" to avert the strike. She conferred in New
March 11, regarding the outbreak of the strike among crews
York yesterday with members of the industry.
of the oil tankers:
"I think we have struck a line of action which will be helpful," Miss
Perkinssaid. "There is not a sufficient problem there to make real trouble." . A strike of crews on American oil tankers, which threatens to affect the
entire Pacific Coast. will spread to Atlantic Coast and Gulf Ports, and to
She attributes the difficulty to a ruling of the National Labor Relations
all foreign ports where Amerienn oil tankers operate, officials of the Sailors
Board, which ordered elections among rubber workers to determine repreUnion said to-night.
sentation in collective bargaining. The Firestone concern has been accused
Six vessels were idle to-night in Los Angeles Harbor, and a seventh, the
of trying to promote its own company union, and resisted the labor board
Union Oil tanker Los Angeles, due to-night, is expected to be tied up when
In court.
it arrives.
"The workmen have come to the conclusion that the law of the land is not
Harry Christofferson, secretary of the Los Angeles division of the Sailors
going to be obeyed," Miss Perkins said, "and they have decided to use
Union of the Pacific, said men would be called off every American tanker
economic means, rather than the law, to secure their rights."
Volume 140
Financial Chronicle
putting into port. The Sailors' Union is seeking union recognition and wage
adjustments.
Tankers which have had crews withdrawn in Los Angeles Harbor include
the Richfield Oil Company tankers Torres, Topilla and Ugenot, the Associated Oil Company tanker Paul Shoup, the Cal-Pet tanker Ledec and the
Texas 011 Company banker Australia. Strikers also left the Union Oil
Company tanker Purisima in San Diego. Already nearly 200 men have
been pulled off in Los Angeles Harbor.
The strike is directed at the Union Oil Company, Richfield Oil Company,
Associated Oil Company, General Petroleum, Standard Oil Company and
Texas Oil Company.
Return of Workers at Crosley Radio Corp. With Reopening of Plants After Strike Settlement-Union
Recognition and Hours of Work Involved in 10-Day
Walkout
A strike of 2,400 employees of the Crosley Radio Corporation, which began on March 25, was ended on April 3 and
plants of the company were re-opened on tilt, following day.
The plants had been shut down on March 27 because of
violence attending the walkout. Union leaders said the
issue was over the signing of an agreement for weekly pay,
a 40-hour week, recognition of seniority, and recognition
of the Radio and Refrigerator Workers Union. In settling
the strike, company officials and union representatives
agreed on most of the points at dispute, but Crosley officials
did not issue a company statement on future labor policy.
Associated Press advices from Cincinnati on April 4 described
the agreement as follows:
Other points at issue during the walkout included recognition of the
Radio and Refrigerator Workers Union. right of collective bargaining,
payment of wages weekly instead of three times a month, and recognition
of seniority and merit in promotions, transfers or layoffs.
Tacit agree nent was reached on all later points, but R. A. Hoff, President of Cincinnati Local 19.214 of the Radio Brotherhood, was insistent
upon a signature to the conditions of employment.
Yesterday. however, acting in response to a request of City Safety
Director Fred K. Hoehler, Crosley filed with Hoehler a signed copy of the
firm's "conditions." He set forth the company was complying with provisions of National Recovery Administration codes, recognized the right
of workers to bargain collectively, and added it had been "in effect sines.
March 25," the day the walkout was called.
The strike was the most serious in Cincinnati in many months, marked
by frequent violence during Monday, Tuesday and part of Wednesday
last week. Nearly a score of arrests were made.
Industrial Situation in Illinois Reviewed by Industry
by Illinois Department of Labor-Increases Noted
in Employment and Payrolls from January to
February 1935.
The summaries of reports from 4,471 manufacturing and
non-manufacturing enterprises in Illinois, said Peter T.
Swanish, Chief of the Division of Statistics and Research of
the Illinois Department of Labor, "showed an increase of
2.4% in the number of persons employed and 4.3% in total
wages paid. For a 12-year period, 1923-1934, inclusive,"
said Mr. Swanish,"the records of the Division show that the
average increases in employment and total wages paid in all
reporting Illinois industries during February as compared
with January were 0.8 of 1% and 2.2%, respectively." In
a review of employment and payrolls in Illinois industries,
issued March 22, Mr. Swanish also stated:
As compared with the same month of last year, the indexes of employment and payrolls Indicate a relatively higher level of industrial activity.
The index of employment rose from 68.0 in February of 1934 to 72.5 in
February of this year, and the index of payrolls moved up from 48.8 to 56.7.
Manufacturing enterprises. totaling 1,996 in number, showed positive
changes in both series greater than the average change for all Illinois industries. In the former, employment rose 4.6% and payrolls 8%. On
the other hand, the non-manufacturing industries, 2.475 in number, reported declines of 0.8 of 1% in employment and 0.6 of 1% in total wages
paid.
Changes in Employment and Wages Paid, According to Sex
Reports from 3,898 industrial establishments which designated the
number employed by sex showed an increase of 3.8% in male workers and
1.6% in female workers. In these enterprises total wages paid to men
rose 0.3% while total wages paid female workers increased 3.5% during
February as compared with January.
In the manufacturing class, 1,951 reporting concerns increased the number
of male workers employed 4.6% and female workers, 4.4%. Total wages
paid rose-7.9% and 9.2% for male and female workers, respectively.
The non-manufacturing group of industries showed an increase of 1.7%
In the number of male workers but a decline of 2% in the number of female
workers employed. Total wages paid men were 2.9% greater while those
paid women were 2.7% loss in February than in January.
Changes in Man-Hours in February Compared with January
Man-hours worked were reported by 3,150 concerns. For male and
female workers combined, the total number of hours worked increased
4.8%. The total number of hours worked in all reporting industries rose
6.6% and 4.7% for male and female workers, respectively.
In the manufacturing group, 1,697 concerns reported man-hours worked
by both sexes combined, and in these enterprises the total hours worked
were 8% more in February than in January. Hours worked in 1,662 manfacturing enterprises reporting man-hours by sex, rose 8.4% and 7% for
male and female employees. respectively. In the non-manufacturing group,
1,453 establishments reduced the aggregate total hours worked by 0.8 of
1%. Within this group of industries, 1.340 firms reported man-hours
worked by male and female employees separately, and in these firms the
change was plus 1.8% for male and minus 3.4% for female employees.
Average actual hours worked by 327.800 wage earners in the 3,150
industrial enterprises reporting man-hours rose from 37.3 in January to
38.2 in February, or 2.4%. In manufacturing plants the average weekly
2463
hours rose from 35.7 to 37.1 or 3.9%. In non-manufacturing enterprises,
the average number of hours worked per week was the same as in January,
40.3.
Changes in the Number Employed and Total Wages Paid in Nine
Manufacturing Groups
In manufacturing, seven of the nine reporting industrial groups, showed
increases in employment and payrolls, indicating a higher level of activity.
Both employment and total wages increased in the stone, clay and glass
group during February as compared with January. While the character
of this change is typical of the movement of these series between January
and February, the current increases of 9% in employment and 11.9% in
total wages paid, represent a relatively improved condition within the industry and compare favorably with the preceding 12-year average increases
of 1.3% and 3.3% in employment and payrolls, respectively. Within the
group, only the miscellaneous stone-minerals industry showed decreases in
the number employed and total wages paid. The remaining three industries
reported sharp increases in both series.
The increases of 7.9% in employment and 15% in total wages paid in
the metals, machinery and conveyances group mark the largest positive
January-February changes reported in this industry group in 12 years.
Compared with the average February changes of plus 3.2% in employment
and plus 7.2% in total wages paid over this Interval of time, the current
increases represent a marked improvement over the usual seasonal trend
In this group.
The seasonal variation in the wood products group of industries was
similar in pattern. The increases of 6.8% in the number employed and
13% in total wages paid in February as compared with January likewise
Indicates an improved condition within the industry when placed against
the 12-year average change of plus 3.0% and plus 11.6% respectively.
The furs and leather group reported a gain of 3.6% in the number employed and 7.7% in total wages paid during February as compared with
January. In this group also, the February increases in both series exceeded
the 12-year average changes of plus 1.3% In employment and plus 5.3%
In payrolls.
In the chemicals, oils and paints group, employment rose 0.4 of 1%
while total wages paid increased 1.1%. These per cent figures are to be
compared with the 12-year average changes of plus 1.8% in employment
and plus 4.8% in payrolls.
In the printing and paper goods group, both series, employment and
payrolls, usually decline in the January-February period. The 12-year
average changes for this period are minus 1.5% in the number employed
and minus 2.9% in total wages paid. During February as compared with
January of this year, however, employment rose 1%. Total wages paid,
on the other hand, declined 1.2%. In comparison, therefore, the JanuaryFebruary changes of this year reflect a slight improvement in both series
for this industry.
LWithin the textile group, employment rose 3.7% while total wages paid
Increased 2%. While this change is consistent with the characteristic
January-February trend, it, nevertheless, exhibits a lag when contrasted
with the 12-year average change of plus 3.9% in employment and plus
10.1% in total wages paid.
Clothing and millinery enterprises typically exhibit increased activity
in the January-February period, and over 12 years, the average increase
In the number employed during this interval was 3%; in total wages paid
9%. In February as compared with January of this year, the increases
of 8.3% in employment and 22.1% in payrolls represent an exceptionally
sharp seasonal rise in this industry. All reporting industries in this group
reported increases in employment and payrolls.
During February as compared with January, both series showed declines
in the food, beverages and tobacco group. Employment dropped 2.2%,
while total wages paid decreased 4.2%. These per cent figures are to be
contrasted with the 12-year average seasonal changes of 0.7 of 1% and
2.6% in employment and payrolls, respectively. It is important to note
that for the fourth consecutive month, the negative changes in both employment and payrolls were greater than the usual seasonal declines in
both series. As in January, marked declines in the number employed
and in total wages paid occurred in the slaughtering and meat packing
Industry.
Changes in the Number Employed and Total Wages Paid in Nonmanufacturing Industries
In the wholesale and retail trade group, employment and total wages paid
usually decline in the January-February period. Data covering 11 years
show that the average decline in the number employed in the JanuaryFebruary period was 2%; in total wages paid, 3.3%. During February
as compared with January of this year, employment declined 3.4% while
payrolls decreased 3.9%. Within the group, the sharpest declines in both
series occurred in department and chain stores.
The services group, embracing hotels and restaurants, and the laundering
cleaning and dyeing establishments, exhibited a reversal of seasonal trend
in employment and payrolls. The number employed in February compared with January of this year, rose 0.4 of 1% while total wages paid
Increased 1.8%. These per cent figures are to be compared with the sixyear average January-February change; of minus 1.8% in employment and
minus 0.1 of 1% in payrolls.
The public utilities group exhibited a reversal of trend during the JanuaryFebruary period of this year. Employmentrose 1% while payrolls increased
0.2 of 1%. Contrasted with the average seasonal declines of 0.6 of 1%
In employment and 0.1 of 1% in payrolls, the positive changes during
February of this year, represent slight gains in both series.
10-Twenty-nine coal mines reported increases in employment of 2.6% and
10.5% in total wages paid during February as compared with January.
Coal mines in February averaged 32.6 hours of work per week as contrasted with 29.0 hours in January. This increase in the number of hours
worked explains the sharp rise in payrolls.
The Division of Highways of the Illinois Department of Public WorkS
reported the employment of 8,213 men on highway construction in February
as compared with 11,870 in January, a decrease of 30.8%.
In February, 37 reports of wage increases, affecting 1.010 workers, or
0.2 of 1% of all employees reported during the month, were received by the
Illinois Department of Labor. Six concerns reduced wages of 216 employees, or less than 0.1 of 1% of the employees at work in February.
Weekly earnings for both sexes combined, averaged $22.77 for all industries; $25.19 for men and $15.57 for women. In the manufacturing
industries, average weekly earnings were $21.88 for both sexes combined;
$24.06 for male and $14.65 for female employees. In the non-manufacturing Industries, these earnings averaged $24.21 for both sexes; $27.97
for male and $16.86 for female workers.
Employment in Ohio During March Increased Further,
According to Ohio State 'University
In a report of industrial employment in Ohio, the Bureau
of Business Research of the Ohio State University said that
2464
Financial Chronicle
"there was a further increase of 3.3% in employment in
Ohio in March, following the February gain of 3.7%."
The Bureau under date of April 5 continued:
The February increase was substantially greater than the usual seasonal
increase for that month, and the increase in March was in contrast with the
usual seasonal stability. March employment was 4.9% above the corresponding month of last year, while employment for the first quarter of 1935
was 6.5% above the same quarter of last year. All types of employment
in the State—manufacturing, non-manufacturing and construction—contributed to the March increase. For the first quarter of the year as compared with the same quarter of last year, manufacturing employment
gained 7.2% and non-manufacturing employment 3.7%. Construction,
employment was 16.5% less this year than in the first quarter of last year.
In the manufacturing industries, all but three of the 11 major manufacturing groups reported some increase in March from February. The three
groups in which there was a slight decline were food products, miscellaneous
manufacturing products, and textile products. In the eight remaining
groups the increases were either substantially greater than the seasonal
increase or in contrast with seasonal stabillty or seasonal declines. It
appears, therefore, that the bulk of the March increase in employment in
Ohio cannot be attributed to seasonal gains alone.
There was an employment gain in March from February in each of the
eight chief cities of the State. All of the major cities reported FebruaryMarch increases in manufacturing employment; all but Toledo and Canton
showed gains in non-manufacturing employment, and all but two (Cincinnati and Toledo) reported increases in construction employment. As
compared with March of last year. all of the chief cities reported some expansion in employment. The first quarter of this year closed with employment in all the cities greater than in the corresponding quarter of last year.
Edward McLoughlin Appointed Deputy Superintendent
of Insurance of New York State
Edward McLoughlin, who has been Special Deputy in
charge of the New York Title & Mortgage Co. since it was
taken over for rehabilitation by the New York State Insurance Department, has been appointed Deputy Superintendent of Insurance, it was announced March 30. The announcement said:
Mr. McLoughlin came to the Department in 1930 as Secretary to Superintendent Albert Conway. A year later he was appointed as attorney to
the Superintendent in liquidation proceedings, and,for a time, attorney to
the Superintendent of Insurance as rehabilitator of the National Surety Co.
D. William Leider, Special Deputy Superintendent of Insurance in charge
of the Lawyers Title & Guaranty Co., has been appointed to take over
Mr. McLoughlln s work at the New York Title & Mortgage Co.
Death of W. D. Robbins United States Minister to
Canada—Diplomat, Was Cousin of President
Roosevelt
Warren Delano Robbins, United States Minister to
Canada, died of pneumonia in New York City on April 7.
He was 49 years old. Mr. Robbins had served in the diplomatic service for 25 years. He was a cousin of President
Roosevelt. Funeral services held in New York City on
April 9 were attended by the President and several members
of his family, as well as representatives of the American and
Canadian Governments. Mr. Roosevelt interrupted his
fishing trip off Florida to travel to New York to be present
at the funeral services, following which he returned to
Washington.
The career of Mr. Robbins was outlined as follows in
the New York "Sun" of April 8:
Warren Delano Robbins, a first cousin of President Roosevelt, was
born in Brooklyn in 1885. He went through Groton School and was
graduated from Harvard,following the custom of the Roosevelt and Delano
families. In 1909. the year after his graduation, he entered the foreign
service of the United States Government and was attached to the State
Department continuously until his death.
In his long years of service in foreign countries he was attached to the
staffs of the embassies and legations at Lisbon. Portugal; Buenos Aires,
Paris, Mexico City, Guatemala City, Santiago, Berlin and Rome. From
1928 to 1930 he was Minister to Salvador. In the latter year President
Hoover appointed him head of the newly created Division of Protocol in
the State Department. As such he was the supervisor and arbiter of all
ceremonial usage at the White House.
It fell to Mr. Robbins to arrange all the details of the formal reception
to and entertainment of Prime Minister Ramsay MacDonald of Great
Britain and the former Premier of France. Edouard Herriot. He had two
offices, one in the Executive Mansion,the other in the Department of State.
across the street.
Mr. Robbins was talked of for Minister to Canada shortly after the
election of his cousin to the Presidency, but Mr. Roosevelt required his
advice and administrative ability in the White House. It was not until
May 12 1933, that he was sworn in as Minister to Canada and four days
later he presented his credentials to the Governor General of Canada, the
Earl of Bessborough.
Death of Adolph S. Ochs Publisher of New York
"Times"—Messages of Condolence Include Tribute
from President Roosevelt
Adolph S. Ochs, publisher of the New York "Times," died
on April 8 at Chattanooge, Tenn. He was 77 years old.
Mr. Ochs had been in ill health for several years, but his
death was sudden. He had left New York on April 6,
arriving in Chattanooga the following day. A Chattanooga
dispatch to the "Times" April 8, describing Mr. Ochs' death
as having occurred amid the scenes of his first venture in
publishing and of his first professional triumphs, added in
part:
Mr. Ochs suffered a cerebral hemorrhage at 1.45 p.m.(his death occurred
at 4.10 p.m.), while at lunch in a Chattanooga restaurant.
So quietly as
April 13 1935
to be unobserved by his companions be passed into unconsciousness from
which be did not rally. He was taken to the Newell Sanitarium hero, where
he died.
The end of the publisher's long and active career, in which for 57
years
he was able to put to the test a philosophy of journalism evolved from his
first days as a "printer's devil." came after he had opportunity once more
to visit his associates of the staff of The Chattanooga "Times", whose success under his direction made that of The New York "Times" possible.
Because of illness he had not been able to visit Chattanooga during the past
three years.
Bad Spent Morning With Old Friends
Apparently in renewed health and in splendid spirits, Mr. Ochs visited
the office of the Chattanooga "Times" during the morning. He greeted the
Personnel in each department, lingering to chat happily with some who had
been with the newspaper 39 years ago when he left Chattanooga to risk his
all on the extension of his editorial and business principles to New York.
Active to the last, after he had visited with his friends and associates on
the paper, he went to the office of his nephew, Adolph Shelby Ochs, general
manager of the Chattanooga "Tmes." They became immersed in a discussion of details of the paper's affairs and Mr. Ochs was so interested that
he allowed his luncheon hour to slip past. It was about 1 o'clock before he
ended the discussion to start for lunch.
Paying tribute to Mr. Ochs' exceptional accomplishments
the "Times" editorially in April 9 issue, said in part:
The story of Adolph S. Ochs is one of a career which, in poverty and
wealth,in obscurity and eminence, was all of one piece. The qualities that
his employers and associates noted when he began his newspaper career as
office boy and printer's devil in Knoxville. Tenn., were the qualities he
manifested throughout his life. The principles he announced and put into
practice when at the age of 20 he took charge of a bankrupt small-town
newspaper were the principles he announced and put into practice eighteen
years later when he took charge of the bankrupt New York "Times" and
carried it to influence and prosperity. He knew how to publish, he believed
in publishing only one single kind of paper; and his great achievement was
the proof that the publishing of that kind of paper—"clean, dignified, trustworthy and impartial," as he phrased it in his announcement in the "Times"
on Aug. 18 1896—was practically possible; was not an exercise in altruism,
but could be made economically as well as ethically successful. . . . He
was born in Cincinnati. March 12, 1858. eldest of the six children of Julius
and Bertha Levy Ochs.
Growth Financed With Profits
The great fight of Mr. Ochs's life was won by 1900, and he won it by
himself. Other men, before and afterward, made great contributions to the
paper, the value of which he was always the first to acknowledge. But he
was the man who (as E. A. Bradford, a veteran of the editorial staff, put it)
"found the paper on the rocks and turned them into foundation stones."
Another editorial veteran, F. J. Mortimer, amplified this a little.
"The rest of the paper, plant and men, was just the same the day before
he took command and the day afterward. He was the only difference; and
from the moment he came in, a paper that had been steadily going down
turned right around and started going up."
That it kept on going up was due very largely, in Mr. Ochs's opinion, to
the fact that most of the profits were plowed back into the business—plowed
back, needless to say, in a wise and productive fashion. The "Times"
paid its way out of its own earnings. On Mr. Ochs's twenty-fifth anniversary. Aug. 18 1921, he announced that the gross income of the paper for
that quarter century had been about $100,000,000,of which only $3,750,000
—an average of $125,000 a year—had been withdrawn as dividends. The
rest of the profits had gone into financing the growth of the paper.
The story of Adolph S. Ochs during those years was the story of The New
York "Times." The two are inseparably woven. He had already laid
down his fundamental code of integrity, soundness and completeness, and
from this he never varied.
Funeral services for Mr. Ochs were held on April 10 at
Chattanooga, and services were also held in New York City
yesterday (April 12). Numberless tributes have been paid
to Mr. Ochs memory throughout the world.
A message of condolence from President Roosevelt on
April 8 read as follows:
I am deeply distressed to learn of the passing of my old friend. His great
contribution to journalism and to good citizenship will always be remembered
Please accept my sincere sympathy.
Through its General Manager, Kent Cooper, the Associated Press on April 11 issued the following instructions to its
staff:
"To the Staff:
"Adolph S. Ochs was one of the incorporators of The Associated Press
of New York 35 years ago. Long before then he was a leading spirit in
cooperative news associations that bore the name of The Associated Press.
His devotion to the cooperative principle in news-gathering as exemplified
by The Associated Press is historic. His loyalty never wavered. He had
real affection for the organization and for those who supported it and worked
for it. Out of respect for him two minutes of silence at 10.30 a. m.Friday,
April 12, the hour of his funeral, is enjoined on all wires and all activities of
The Associated Press throughout the world.
KENT COOPER,
General Manager."
Mayor LaGuardia of New York on April 10 proclaimed a
period of public mourning from noon on April 11 until noon
on the following day in tribute to Mr. Ochs. Flags on all
city buildings were flown at half staff during that period. In
Albany, on April 10, the Assembly adjourned out of respect
for Mr. Ochs and the Senate stood in silent tribute for one
minute. In Washington, a eulogy of Mr. Oohs was delivered
from the floor of the House of Representative John J.
Delaney of New York.
New York Life Insurance Co. Observes 90th Anniversary
At a meeting of the Board of Directors of the New York
Life Insurance Co., held April 10, Thomas A. Buckner,
President, noted that the day (April 10) marked the 90th
anniversary of the election of the company's first board
in 1845. Former President Herbert Hoover, recently
Volume 140
Financial Chronicle
elected to the board, and former Governor Alfred E. Smith
of New York, both attended the meeting, the first at which
the two were present together. Mr. Hoover's installation
as a director of the company was noted in our issue of
Feb. 16, page 1088. In his remarks Mr. Buckner said
in part:
of the
To-day, April 10, marks the 90th anniversary of the election
Co. The members
first Board of Directors of the New York Life Insurance
to organize the
of that board were elected by the conunissioners named
when our charter
company in an Act of the New York Legislature in 1841
was granted.
known in
rho first meeting of the directors—or trustees as they were
accepted as
those days—was held on April 12 1845, the date generally
first started doing
our anniversasy since it was then that the company
business. . . .
epidemic,
Our background of 90 years, covering periods of war and
conservatism
panic and depression, has provided us with a philosophy of
involves the
from which we have not been diverted. Life insurance
and chiluren, for
future security of too many homes and families, wives
shown to
has
us to pursue any course other than that which experience
the board of the
be the safest and most conservative. The fact that
to the high
NewYork Life hasso consistently adhered to such a course is due
April
character of the men who have served as trustees or directors since
elected.
was
10. 1845, just 90 years ago to-day, when our first board
for terms of five years and two years, respectively. There
are 11 nominees for Governors, including Mr. Whitney and
Mr. Nash, and eight nominees for Governing Members, the
latter, which are office partners, named in accordance with
recent recommendations of the Securities and Exchange
Commission. The slate for Governors and Governing Members follows:
Following the address by President Buckner, Alfred E.
Smith, Chairman of the Agency Committee of the board,
proposed a resolution on behalf of the Committee, which was
unanimously adopted, congratulating the company's agents
upon their success to date in the company's 90th anniversary year. Mr. Smith pointed out that since the beginning
of 1935 the volume of new paid for life insurance issued by
the company totaled $157,814,000, which represents an
increase of $35,659,000 over the corresponding period of 1934.
Issuance of 1935 Edition of Directory of Directors in
the City of New York
The 1935 edition of the "Directory of Directors in the
City of New York," which marks the 26th publication of
the Directory, was made available this week. Because of
the many changes which have taken place in the business
and financial world during the past year the new edition,
containing 1,216 pages, is regarded as virtually a new
Directory. The book is divided into three sections. The
first is a list of approximately 30,000 directors with their
respective directorates, their business addresses and, wherever practicable, their residence addresses. The second
section is an index of corporations, about 13,000 in number,
which have an outstanding capital of $50,000 or over, and
two or more of whose directors are listed in the first section.
This section also includes a list of the outstanding noncorporate firms and their members; banks, trust and securities companies, insurance and guaranty companies.
The third section, "Leaders in their Lines" is an abridged
classified list of the Directory's subscribers.
Dr. Henryk Gruber, Polish Bank Head, to Leave
New York for Washington April 15
Dr. Henryk Gruber, President of the State Postal Savings
Bank in Poland and head of the Polish Institute for Collaboration with Foreign Countries, who arrived last week for a
comprehensive study of the Roosevelt recovery program, will
leave New York for Washington April 15. While in Washington Gruber will confer with Secretary of the Treasury
Morganthau and Nlarriner Eccles, head of the Federal Reserve Board. From Washington, he will tour the country,
visiting Philadelphia, Pittsburgh, Cleveland, Detroit, Toledo, Buffalo, Chicago and other important centers.
Dr. Gruber's arrival in New York last week was noted in
our issue of April 6, page 2272. While in New York he
delivered an address at Columbia University before the
Eastern European Division and Economics Department
on April 8 and at a dinner on April 11 at the Waldorf Astoria
commemorating the 15th anniversary of the American Polish
Chamber of Commerce and Industry in the United States.
Charles R. Gay Nominated for Presidency of New
York Stock Exchange to Succeed Richard Whitney
—B. H. Brinton Proposed as Treasurer—Nonimees
as Governors and Trustees of Gratuity Fund
Charles R. Gay, senior partner of Whitehouse & Co., was
nominated on April 8 for President of the New York Stock
Exchange, heading the official slate of the Nominating Committee, to be voted upon at the annual election, May 13. If
elected, Mr. Gay will succeed Richard Whitney, senior partner of Richard Whitney & Co., who has served as President
since May 1930. The nominees also include Benjamin H.
Brinton, senior partner of Brinton & Co., as Treasurer to
succeed Warren B. Nash, who has held that office since
1919, and Allen L. Lindley, of Lindley & Co., and William B.
Potts, of J. W. Davis & Co., as trustees of the Gratuity Fund
2465
For Governors
Class I, to serve for one year.—Wm. McC. Martin Jr., A. G. Edwards &
Sons (St. Louis).
Class IV, to serve for four years.—Edward C. Fiedler, of Jacquelin &
DeCoppet ; E. Burd Grubb, of Coggeshall & Hicks; John W. Hanes, of
Chas. D. Barney & Co.; H. Terry Morrison, 61 Broadway, New York;
Warren B. Nash, of DeCoppet & Doremus ; Winton G. Roesiter, of Jas. H.
Oliphant & Co.; David W. Smyth, of Filer, Bullard & Smyth; Robert L.
Stott, of Wagner, Stott & Co.; Alfred E. Thurber, of Rhoades & Co.;
Richard Whitney, of Richard Whitney & Co.
For Governing Members
Class I, to serve for one year.—Nelson I. Asiel, of Asiel & Co.; Paul H.
Davis, of Paul H. Davis & Co. (Chicago).
Class II, to serve for two years.—Dr. Herman B. Baruch, of H. Hentz &
Co.; Robert Vose White, of Dyer, Hudson & Co.
Class III, to serve for three years.—Robert A. Drysdale, of Drysdale &
Co.; Henry Rogers Winthrop, of Winthrop, Mitchell & Co.
Class IV, to serve for four years.—Howland S. Davis, of Blake Brothers &
Co.; Gayer G. Dominick, of Dominick & Dominick.
A summary of the careers of the nominees for President
and Treasurer follows:
Charles R. Gay, senior partner of the firm of Whitehouse & Co., has
been a member of the Stock Exchange since Nov. 2 1911. He was born
in Brooklyn in 1875 and attended Brooklyn Polytechnic Institute. Prior
to joining the Exchange he was associated with a fire insurance company,
and was also for several years Assistant Secretary of the Long Island
Loan & Trust Co. He is at present a director of the City Savings Bank
of Brooklyn.
In March 1915 Mr. Gay formed the Stock Exchange firm of Gay &
Goepel, which changed its name in 1918 to Charles R. Gay & Co. In
1919 Mr. Gay joined the firm of Whitehouse & Co. Mr. Gay has served
as a Governor of the Exchange for 12 years, being first elected to the
Governing Committee in May 1923. At the present time he is a member
of the Committee on Admissions, the Committee on Business Conduct, and
of the Committee on Odd Lots and Specialties, of whiah he has been ViceChairman for the last five years. He was Vice-Chairman of the Arbitration
Committee from 1930 to 1934.
Benjamin H. Brinton, senior partner of the firm of Brinton & Co., has
been a member of the Stock Exchange since Dec. 1 1927. He is 42 years
of age, and attended the University of Pennsylvania and Columbia University
Law School, from which he received his LL.B. in 1916. He is a member
of the New York State and Federal Bar, and was associated from 1916
to 1922 with Thomas L. Chadbourne with the law firm of Chadbourne,
Stanchfield & Levy. Mr. Brinton was associated with the Tide Water
Oil Co. as Assistant to the President (Axtell J. Byles, now President,
American Petroleum Institute), and also was Assistant General Sales
Manager and Export Manager from 1922 to 1927.
Richard Whitney, President of the Exchange, issued the
following statement on April 10 incident to his nomination
as a Governor:
I have accepted the nomination tendered to me by the Nominating Committee for membership on the Governing Committee of the Exchange for the
term ending in May 1939, with the determination, if elected, of giving to the
administration of the Exchange every co-operation and effort that lie in
my power further to advance the standing of the institution in the eyes of
the public. Mr. Gay has all my good wishes and, as President, will command my warm support. I hold him in the greatest respect and am confident
he will give to the office all of his energy and wisdom in making his administration of the affairs of the institution a great achievement.
The best interests of the Exchange require that its members should
loyally support the administration of the Exchange. Unity of action is,
to my mind, essential if the Independence and usefulness of the Exchange
are to be preserved. This is an issue, as I haveralways maintained, which
transcends the personal interest of any member or group of members.
Odd-Lot Houses to Charge Same Differential on Bid
or Offer Transactions as on Transactions Based on
Round-Lot Sales
The New York Stock Exchange announced April 12 that a
letter was sent on April 11 by the odd-lot houses to their
member customers, to the effect that they will charge the
of 1%,on bid or offer transactions as
same differential, of
on transactions based on round-lot sales, beginning April 15.
The letter follows:
Due to the fact that an increasing proportion of the odd-lot business Is
being diverted from executions based on round-lot sales on which there is a
differential charge of 34 of 1% to transactions based on the bid or offer on
which there is no such charge, the odd-lot dealers have found It necessary
to put both methods of trading on the same basis and. beginning April 15
1935, will charge the same differential on bid or offer transactions as on
transactions based on round-lot sales.
Officers Elected of Executives League of America—
A. W. Benkert, President
n
At the organization meeting of the Executives League of
America, formed recently (as referred to in our issue of
March 23, page 1941), with national headquarters in the
Roosevelt Hotel as a means of promoting interest among
younger business executives in national problems, the
following officers were elected:
President. Ambrose W. Benkort.
Vice-Presidents, Frank A. Vanderllp, Jr., and Col. Willard Chevalier.
Executive vice-president, Clifford C. James.
Secretary. T. W. D. Duke.
Treasurer, Vance L. Bushnell.
2466
Financial Chronicle
In addition to the foregoing, it was announced, other
directors are:
Sidney W.Edlund, Vice-President and General Manager Life Savers, Inc.
Robert M. Harriss, of Harem; & Vose.
Joseph Mead, Editor and President, "Economic Forum."
Hamilton Pell, of the Stock Exchange firm of Pall & Co.
John Reckford. Vice-President American Lead Pencil Co.
J. Stuart Sneddon, International Paper Co.
E. D. Taylor, Assistant to President Remington Rand, Inc.
According to Ambrose W. Benkert, President, units of
the national organization will be formed in each principal
city of the country and meetings will be held simultaneously
to discuss current financial and business topics.
April 13 1935
and which has operated up to the present time. A charter for the bank
has been granted and the bank will begin business to-morrow morning.
Henry 0. Topf is President and R. J. Rice Vice-President and Cashier.
Local merchants co-operating in the celebration have inaugurated a
"Buy in North Little Rock" campaign for the two days.
ILLINOIS
Charles H. Wilcox, receiver for the defunct Aurora
National Bank of Aurora, Ill., on April 4 announced that
the Comptroller of the Currency had authorized a repayment
of $475,000, or 30%, to depositors of the institution. Advices from Aurora on April 4 to the Chicago "Tribune",
from which this is learned, supplied further details as follows:
This will be the second payment in the last ten months,25%,or 8400.000,
having been paid June 11, last. The current payment will be made from
collections on sums owing to the bank and from sales of real estate. The
present Aurora National bank is a new and sound institution formed with
Government approval after the old bank failed to reopen following the
moratorium of 1933.
INDIANA
Executive Council of American Bankers Association
to Hold Annual Spring Meeting April 14 to 17 at
Augusta, Ga.—Dinner to Be Held April 17
The Executive Council of the American Bankers Association will hold its annual spring meeting at the Bon AirConcerning the affairs of the defunct First National Bank
Vanderbilt Hotel, Augusta, Ga., April 14 to 17, it was an- of Marion, Ind., advices from that city on April 5 to the
nounced April 5 by Rudolf S. Hecht, President of the Asso- Indianapolis "News" contained the following:
ciation. Three hundred and fifty members of the Council
George W. Rauch, receiver for the First National Bank of Marion,
and members of their families are expected to attend the announces authorization by the Comptroller of the Currency for payment
of dividends which will give depositors 67% of the remaining money due
meeting. Mr. Hecht, who is Chairman of the Board, them.
The payment will be in excess of 8750,000 and will leave an imHibernia National Bank, New Orleans, La., will preside at pounded balance of only 17% of the original deposit.
The bank failed to reopen after the banking moratorium and a new bank
the sessions.
was reorganized in June, 1933. The Spokane plan of reorganization
A dinner meeting of the Council will be held the evening adopted by the new bank gave it the right to substitute assets for eighteen
of April 17. Roger W. Babson, President of Babson's months and delayed dividend payments to depositors. The checks have
been forwarded to Washington for the signature_of the Comptroller and
Statistical Organization, Wellesley Hills, Mass., will speak will
be distributed as soon as they are returned.
on "The Business Outlook." Frank M. Totton of the Chase
OHIO
National Bank, New York, and President Hecht of the
We learn from Fremont, Ohio, advices on April 5, printed
Association will also address the dinner.
in the Toledo "Blade", that the Liberty Banking Co. of
Fremont, which had been closed since March 1 1933, reof
Banking
Annual-Convention of American Institute
opened
for normal business on that day, under a license
Be
Section of American Bankers Association to
issued by the State Banking Department. Deposits up to
Held in Omaha June 10 to 14
The 33rd annual convention of the American Institute of $5,000 will be protected by the Federal Deposit Insurance
Banking Section of the American Bankers Association Corporation. The dispatch continued:
State Courts recently approved a reopening plan, submitted by
will be held in Omaha, Neb., June 10 to 14, it was an- R.The
B. Bucher, bank conservator, who will be Cashier. Other officers are:
nounced March 28 in New York by Richard W. Hill, D. W. Dunmyer, President; F. L. Adler, Vice-President; E. A. Hollinger,
National Secretary of the Institute. One of the outstanding Secretary; Harry P. Wood and Howard Maule, Assistant Cashiers. The
bank will have a capital stock of $50,000 in cash and_caiptal debentures
features of the convention will be the ninth annual National of 825,000.
Educational
Giannini
A.
P.
The reopening will release 40% of the impounded deposits, or approxipublic speaking contest for the
mately 8320.000, to 2,500 depositors. The remainder will be liquidated
Endowment Prizes. The subject for this year will be over
seven years.
"The Bank's Service to the Community."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
International Chamber of Commerce to Meet in Paris
The New York Stock Exchange yesterday disclosed the
June 24 to 29
principals in six of the recent seat sales, when it announced
The Eighth General Congress of the International Champroposals to transfer memberships as follows: Wilfred H.
ber of Commerce will be held in Paris, France, from June
Fritts to James F. Burns, Jr., for $69,000; William Baylis to
24 to 29. Seven biennial Congresses of the International
James M. Hutton, Jr., for $70,000; Ray P. Sackett to EdChamber have so far been held, the first in London in
ward M. Kiernan for nominal consideration; Ray Clark to
1921, followed by Rome in 1923, Brussels in 1925, StockHerbert H. Einstein for $73,000; Kenneth M. Seggerman to
Washington,
D.
C.,
Amsterdam
1929,
1931
holm, 1927,
James V. Igoe, for $74,000, and Robert C. Myles, Jr., to
and Vienna 1933. The event this year, which will lend
Page Chapman, Jr., for $75,000.
a practical contribution towards establishing a new economic
equilibrium throughout the world, will be participated in
Arrangements were completed April 4 for the sale of a
by an American delegation, which is scheduled to leave membership on The Chicago Stock Exchange for $2,000,
New York June 15 on the SS Champlain, according to the down $250from the last previous sale. On April 8 two more
American Express Co., under whose auspices the members sales were completed for the same price.
will travel to the world's business meeting. An announceFollowing its usual custom, the Governing Committee
ment by the American Committee of the Chamber said:
of the New York Stock Exchange, at a regular meeting,
The International Chamber of Commerce was founded in 1920 and is
composed of representative business leaders in finance. Industry, trade
April 10, determined that the Exchange be closed on Good
and shipping, from 48 countries. The organization is non-political and
Friday, April 19. A petition to close the Exchange on
the
practical
measures
for
amelioration
of
promoting
in
itself
concerns
Saturday, April 20, is being circulated on the floor by the
world's trade problems. The addresses and discussions, which will be
delivered before the Congress, are prepared by the various technical commembers. The Governors of the New York Curb Exchange
economic
current
problems
bearing
on
mittees and will have a direct
have also voted to close that Exchange on April 19. The
common to all civilized countries, with many questions of vital interest
leading commodity markets of New York have voted to
to the American delegates.
close both on April 19 and April 20. These include the
Reopening of Closed Banks for Business and Lifting New York Coffee and Sugar Exchange, the New York Cocoa
of Restrictions
Exchange, the Commodity Exchange, Inc., and the cottonSince the publication in our issue of April 6 (page 2294) seed oil futures market and the tobacco
futures market on
with regard to the banking situation in the various States, the New York Produce Exchange. The
Chicago Board of
recorded:
the following further action is
Trade and other principal markets will be closed on April 19,
ARKANSAS
Good Friday, but banks will continue business as usual.
It is learned from North Little Rock, Ark., advices on
that
the
Twin
City
Bank
"Appeal"
April 4 to the Memphis
The statement of the Federation Bank & Trust Co., New
of that place the following day was to celebrate the payment York, as of March 30 1935, shows an increase in total reof 100% to all depositors of the institution, thereby releasing sources to $9,518,669 as compared with $9,094,882 on
more than $250,000 in deposits "frozen" since the banking Dec. 31 1934. Deposits increased to $7,632,358 against
holiday two years ago. We quote the dispatch in part:
$7,275,595 at the end of last year. Other items Show the
The Twin City Bank is the first banking institution in Greater Little
following comparisons with the year-end statement: Cash,
At
the
make
full
payment.
the
"holiday"
to
during
close
to
forced
Rock,
$2,236,812 against $2,034,683; United States Government
time of the bank holiday, the bank paid 50%. The remaining 50% is
being paid from liquidation and from loans made by officers and directors.
securities, $159,591 against $220,960; New York State and
enriched
820,000.
.
Rock
will
be
North
Little
The treasury of the city of
New York City bonds, $2,082,530 against $1,376,710; undiLiquidation also will witness the establishment of a new bank known as
vided profits, $108,101 against $100,180.
"The Twin City Bank," with a paid up capital of 8100.000. It will succeed
the Twin City Savings Bank, which emerged from the Twin City Bank,
Volume 140
Financial Chronicle
At a meeting of the Board of Trustees of the Broadway
Savings Bank, New York, held April 10, Edward Everett
Watts was elected President of that institution to succeed
the late Frank C. Poucher, who died on March 1 of this year.
Prior to 1913 •Mr. Watts served an apprenticeship as a
National bank examiner, and also with the office of the
New York Clearing House examiner. In 1913 he became
First Vice-President of the old Fifth National Bank. The
following year he was elected to the presidency of that
bank, serving for 12 years. In 1925 the Fifth National Bank
was merged with the Manufacturers Trust Co., and immediately thereafter Mr. Watts became associated with the
Garfield National Bank as its First Vice-President. When
the Garfield National Bank became part of the Chase National Bank of the City of New York, in 1929, Mr. Watts
continued as a Vice-President of the Chase, and for the
last several years he has been the Senior Vice-President
at the Garfield branch of that bank. Upon assuming his
duties as President of the Broadway Savings Bank, on
May 1, Mr. Watts will retire from his position as VicePresident of the Chase, but he will continue to be associated with that institution as a member of the Advisory
Committee for the Garfield branch. Mr. Watts is one of
the senior trustees of the Broadway Savings Bank, having
been elected to that office in 1915.
The statement of condition of the Clinton Trust Co., New
York, as of March 30, showed total deposits of $4,094,371,
an increase of $565,967 as compared with total deposits of
$3,528,404 reported as of Dec. 31 1934. Total resources
Increased from $4,787,214 on Dec. 31 1934 to $5,340,271 as of
March 30. Cash on hand as of the latter date totaled, it is
stated, $1,508,416, while the bond account, based upon
market prices, amounted to $1,911,831. Capital stock, notes
and surplus aggregated $950,000 as of March 30, while undivided profits totaled $102,468 and reserves totaled $193,431.
Lawyers County Trust Co., New York, reports total resources of $37,704,006 as of March 30 compared with $37,718,963 on Dec. 31 last. Deposits aggregated $33,386,390
compared with $33,501,235. Cash and due from banks
totaled $7,544,333 compared with $8,212,586 on Dec. 31,
according to the March 30 statement. Continuing the policy
of carrying all securities at the market value, the total
of United States Government obligations is unchanged at
$8,802,193, while the New York State and other State and
municipal bond account increased by $667,952 to $4,119,134.
Railroad, public utility and other stocks and bonds were
decreased by $812,701 to $4,492,687. Capital and surplus
are reported unchanged, while the undivided profits account,
after deduction of $48,000 for dividend payable April 1, was
$1,044,369 compared with $987,759 on Dec. 31, and reserves
increased by $36,059 to $184,454. Call loans increased by
$775,000 to $3,025,000, it is stated.
The Bank of Sicily Trust Co., New York, on April 3 withdrew its application filed with the New York State Banking
Department for permission to open a branch office at 16121616 Broadway. The filing of the application was referred
to in our issue of March 9, page 1594.
The Board of Trustees of the Bank for Savings, New
York, at a meeting held April 10, elected Ernest Iselin, of
A. Iselin & Co., a trustee. Mr. Iselin succeeds his father,
Adrian Nselin, on the board.
Employees of the Central Savings Bank, New York, have
organized the "Central Bank Club," with over 200 members,
the bank announces April 10. Many social affairs are
planned.
Announcement was made on April 11 by the Jamaica
Savings Bank, Queens, New York, of the election of Earl
Harkness to the newly-created office of Comptroller. Mr.
Harkness had previously been with the New York State
Banking Department, specializing in savings bank work.
The condensed statementVof condition of Heidelbach,
Icke heimer & Co., private bankers, New York City, as of
Mar. 30, shows total assets of $6,502,032, of which the
principal items are $1,914,787 cash on hand and deposits in
banks; $1,761,472 United States Government and State and
Municipal securities, and $1,349,130 loans. On the debit
side of the statement deposits are given at $2,362,301 and
liability on acceptances at $402,831. The company is
capitalized at $3,000,000, with surplus of $727,615.
2467
Effective March 22, the Crocker National Bank of Turners
Falls, Mass., went into voluntary liquidation. This institution, which is capitalized at $100,000, was absorbed by the
First National Bank & Trust Co. of Greenfield, Mass.
S. Merchant Meeker, President of the Union County Welfare Board, on April 10 was elected President of the Union
County Savings Bank of Elizabeth, N. J., succeeding John
M. Clark, who died March 28, according to advices from
that place, printed in the New York "Herald Tribune,"
which added:
Mr. Meeker had been Vice-President of the Institution. His place as
Vice-President was filled by the election of Fred L. Crane, publisher of
"The Elizabeth Daily Journal," to the position.
The directors and officers of the Third National Bank &
Trust Co. of Scranton, Pa., announce the death of their
Chairman and Director, William H. Peck, on April 3.
According to advices from Midland, Pa., appearing in
"Money & Commerce" of April 6, officers of the Midland
Savings & Trust Co., are planning to file with the Pennsylvania State Department certain amendments to its articles
of incorporation. The dispatch added:
The amendments provide changing the name from the'Midland Savings
& Trust Co. to the Midland Bank,reducing the capital stock from $125,000
to $75,000 and confining and limiting its business to banking only.
A new bank, the Citizens' Bank, was opened in Renovo,
Pa., on April 1. The institution, which succeeds the former
State Bank of Renovo closed several years ago, has a capital
of $50,000, surplus and reserves of $27,500 and total deposits
of $70,602. The officers are Lewis Proutz, President; Dr.
Frank P. Dwyer, Vice-President. and Clarence E. Harlan,
Cashier. The above information is obtained from a Renovo
dispatch printed in "Money & Commerce" of April 6, which
furthermore said in part:
4 In addition to the officers there will be associated with the institution
.
Clarence E. Harlan, J. Francis Moriarty and' Roscoe Welsh. George
Simon, Jr., formerly associated with the First/.National;Fank of Renovo,
will have duties incident to the transaction of business by the Citizens Bank
of Renovo and the liquidation and conservation of assets governed by a
Trust Committee comprising S. L. Williams, P. A.f Mosley* and R. J.
Ostrom.
Appointment of A. G. Brown, Executive Vice-President
of the Federal Land Bank of Louisville, Ky., and a former
President of the Indiana Bankers' Association, as President
of the Ohio Citizens' Trust Co. of Toledo, Ohio, was announced on April 5, following a meeting of the directors.
Associated Press advices, from which this is learned, also
said:
Mr. Brown succeeds the late Henry M. Corbett, who died suddenly a few
months ago after heading the bank in its formative period. The new
President will come to Toledo on April 21.
In indicating that the newly organized South East National Bank would open for business on April 6 at the Northeast corner of 63rd Street and Woodlawn Ave., the Chicago
"Tribune" of that date had the following to say:
It will be the only bank in the Woodlawn, South Shore, and Chatham
communities which have been without banking facilities since the series
of failures in recent years.
Organized under sponsorship of a business men's associaAon, the South
East National has capital stock of $200,000 and paid surplus of $50,000.
While occupying quarters formerly used by the Woodlawn Trust and
Savings Bank, now being liquidated, it has no connection with the old
Institution.
"We already have commitments for a substantial amount of deposits
on opening day," said C. A. Beutel, President of the new bank.
Wellearn from Petersburg, Ill., adviceston April 5 to the
St. Louis "Globe-Democrat," that Miss Mary Schirding
has been unanimously elected President of the State Bank of
Petersburg, Ill., to succeed her father, Harry Schirding,
whose death occurred recently.
According to Associated Press advices from Orchardvi1le,
Ill., on March 28, depositors of the Orchardville State Bank,
which was closed the previous week, have been notified to
call and receive their deposits. Officers said the bank will
pay 100%, the dispatch stated.
The National Bank of Aledo, Aledo, Ill., was chartered
by the Comptroller of the Currency on April 2. The new
bank succeeds the Farmers' National Bank of the same
place, and is capitalized at $50,000, half of which is preferred stock and half common stock. John W. Murphy
heads the new organization and Truman T. Schafer is
Cashier.
2468
Financial Chronicle
South Dakota banks—the First National Bank & Trust
Co. of Aberdeen (capitalized at $375,000), The Farmers' &
Merchants National Bank of Milbank (capitalized at $50,000), the First National Bank in Mobridge (capitalized at
$70,000) and the First National Bank in Britton (capitalized
at $30,000)—were consolidated on March 30 under the title
of the First National Bank of Aberdeen with capital stock
of $505,000 (made up of $405,000 preferred stock and $100,000 common stock) and $40,000 surplus. Two other banks
—the Redfield National Bank at Redfield (capitalized at
$120,000) and the First National Bank of Groton (capitalized at $75,000)—have been absorbed by the new First
National Bank of Aberdeen. These latter institutions were
placed in voluntary liquidation on April 1.
According to Lincoln, Neb., advices by the Associated
Press, on April 2, the Nebraska State Banking Department
on that date announced the payment of a 15% dividend, or
$21,274, to depositors of the failed Chappell State Bank at
Chappell. The dispatch continued:
During February the department paid $200,911 to depositors of 16 failed
State banks This was divided as follows: Administrative receivership
banks, $124,484, and judiciary receivership banks, $78,426.
That depositors of the closed People's Bank in North
Kansas City, Mo., were to receive a 13% dividend on April 8
was indicated in the Kansas City "Star" of April 2, which
gave further details as follows:
This will increase depositors' realization to 20% of their accounts in the
bank that closed Dec. 27 1932. Depositors without receipts must be identified, Mr. Duncan announced.
Depositors of the closed Bank of Sampson, at Clinton,
N. C., have received checks for a. 5% dividend totaling
$8,089, we learn from Goldsboro, N. O., advices on March 29,
appearing in the Raleigh "News and Observer." This brings
total dividends to 35%, or a total of $56,148, the paper said.
Announcement was made on March 30 by Gurney P. Hood,
State Commissioner of Banks for North Carolina, that the
2,099 depositors of four defunct banks in western North
Carolina would receive dividend checks aggregating $38,659.38 on April 1. The foregoing is learned from the Raleigh
"News and Observer" of March 31, which also gave the following details:
To the 319 depositors and other common creditors of the Bank of Fletcher
went $2,911.62 in payment of a 5% dividend, making a total of $20,050,
or 35%, received by them since the bank closed in 1932.
The 507 depositors of the Farmers' St Traders' Bank of Weaverville will
get $7,544.28 as a 5% dividend, making a total of 15%, or $22,439.90,
paid them since the institution closed in 1933.
The Farmers' Bank St Trust Co. of Madison will pay its 826 depositors
a 20% dividend, amounting to $16,312.52, to make a total of $70,748, or
50%, paid them since the failure of the bank in 1931.
Checks for a 10% dividend totaling $11,890.96 were mailed for the 947
depositors of the Bank of Alexander at Taylorsville. The bank closed in
1932 and this represents the first dividend payment.
According to the Raleigh "News and Observer" of April 2,
dividend checks totaling $53,661 have been mailed to the
2,646 depositors and other common claimants of four closed
North Carolina banks, Gurney P. Hood, State Commissioner
of Banks, announced April 1. The institutions named were
the Bank of Clinton, Clinton; People's Bank of Murfreesboro; Asheboro Bank & Trust Co., and the Bank of Huntersville, Huntersville. We quote the paper:
Checks totaling $24,968 were mailed to the 947 depositors of the Bank
of Clinton in payment of a 10% dividend. The seventh payment, these
checks make a total of $139,548.53, or 55%, paid these depositors by the
bank, which closed in 1931. In addition, preferred creditors have received
$12,689 and secured creditors $79,447.
Checks totaling $16,805 were mailed to the 676 depositors of the
People's Bank of Murfreesboro, in payment of a 10% dividend. Since it
closed in 1932 the bank has paid its depositors $149,448, or 90%, in
addition to $15,309 paid preferred creditors and $25,000 paid secured
creditors.
Checks totaling $8,620 were sent to the 689 depositors of the Asheboro
Bank Si Trust Co. in payment of a 15% dividend, making a total of
$41,125, or 70%, paid by this institution since it closed in 1934. In
addition, preferred creditors have received $222 and secured creditors $4,639.
Checks aggregating $3,468 were mailed to the liquidating agent of the
Bank of Huntersville in payment of a 10% dividend to 334 depositors,
making a total of $20,846, or 55%, received by them. The bank, which
closed in 1933, also has paid $12,293 to preferred creditors and $478 to
secured creditors.
People's-First National Bank of Quitman, Ga., was placed
In voluntary liquidation on March 15. The institution,
which was capitalized at $100,000, was replaced by the
Citizens' National Bank of Quitman.
The Comptroller of the Currency on March 30 granted a
charter to the Junction National Bank of Junction, Tex.
April 13 1935
The new organization is capitalized at $50,000, consisting
of $25,000 preferred stock and $25,000 common stock. J. L.
Cunningham is President of the institution and L. S. Johnson, Cashier.
As of Feb. 9, the First National Bank of Park City, Utah,
with capital of $82,000, was placed in voluntary liquidation.
The institution was taken over by the First Security Bank
of Utah, National Association, Ogden, Utah.
The San Jose National Bank, San Jose, Calif., capitalized at $500,000, went into voluntary liquidation on
March 28. The institution was absorbed by the Anglo
California Bank of San Francisco.
Superior Judge Thompson, March 28, approved the petition
of State Banking Superintendent Richardson for permission
to pay dividends of 10% to commercial and savings depositors o f the defunct Kingsburg Bank, Kingsburg, Calif.
Fresno advices to the Los Angeles "Times," from which this
is learned, supplied further details as follows:
The payment will amount to $35,627 and will be made at the Hingsburg
branch of the Bank of America.
This payment will bring the total to date to 35% for commercial depositors and 20% on savings accounts.
A. A. Schramm, State Superintendent of Banks for Oregon,
on March 30 issued an order releasing 15% of the commercial and 10% of the restricted savings deposits of the
Troutdale State Bank, according to the Portland "Oregonian" of that date, which added:
Sixty per cent, of the commercial and 80% of the savings commercial
deposits of this bank have now been released, Mr. Schramm said.
THE CURB EXCHANGE
Specialties and mining stocks attracted a goodly part of
the trading activity on the Curb Exchange during most of
the present week. There were numerous periods of irregularity and some scattered profit taking but the general
tendency of the market was toward higher levels. Trading
has been comparatively quiet, and while there have been
occasional advances of a point or more, most of the changes
were within narrow channels.
The tone of the curb market was fairly steady during the
short session on Saturday, and with the possible exception
of the public utilities, which were narrow, there was considerable improvement apparent. It was one of the busiest twohour sessions in several weeks. Some scattered profit taking
was in evidence from time to time but it had little effect on
the trend of stocks. Prominent among the shares closing
on the up-side were such issues as Aluminum Co. of America,
Glen Alden Coal, Hudson Bay Mining & Smelting, Newmont
Mining Corp., Technicolor, Inc., and Wright-Hargreaves.
Prices on the Curb Exchange were somewhat depressed on
Monday due in a measure to profit taking. The setback
was not severe, however, and while there were a number of
prominent stocks that lost the gains made during the previous
session, there were also a few of the trading favorites that
were fractionally higher. The losses included among others,
Carrier Corp., Cities Service pref., Electric Bond & Share,
Humble Oil & Refining, Newmont Mining Corp., Niagara
Hudson Power, Great Atlantic & Pacific Tea Co., Pittsburgh
Plate Glass and Aluminum Co. of America.
Irregularity was in evidence during the morning on Tuesday but a sharp buying movement developed late in the
afternoon and the market closed with modest advances
fairly well scattered throughout the list. Trading was
slightly heavier than the previous day, the turnover reaching
approximately 167,000 shares. Stocks closing on the side
of the advance included such active issues as Aluminum Co.
of America, American Cyanamid B, American Gas &
Electric, Carrier Corp., Gulf Oil of Pennsylvania, Hudson
Bay Mining & Smelting, Humble Oil & Refining Co.,
Pioneer Gold Mines of British Columbia and Hiram Walker.
The feature of the trading on Wednesday was the sharp
jump in Safety Car Heating & Lighting which registered a
gain of 93.I points above the previous close. Trading was
quiet though the volume of dealings was slightly larger than
the previous day. Mining stocks were in moderate demand
and some small gains were registered by that group. Other
stocks showing advances at the close were Aluminum Co. of
America, Carrier Corp., Cord Corp., Fairchild Aviation,
Gulf Oil of Pennsylvania, Hollinger Gold Mines, Humble
Oil & Refining Co., Newmont Mining Corp., SherwinWilliams and Sunshine Mining Co.
Curb stocks were slightly lower as the market closed on
Thursday,though the buying interest in the mining and metal
issues and a few of the specialties served as a check on the
downward movement. The volume of business showed a
moderate decline from the previous session, the total transfers
reaching approximately 176,000 shares. Fajardo Sugar
moved up 6 points to 86 on a small turnover. There were
a few other scattered advances, but the list, as a whole, was
fractionally lower.
On Friday prices again moved upward and a number of the
more active of the trading favorites registered pains ranging
up to a point or more, though the advances were generally
among the preferred stocks. The specialties attracted considerable speculative attention, but the improvement was
small. As compared with Friday of last week, prices were
slightly higher, Aluminum Co. of America closing last night
at 483/ against 40 on Friday a week ago, American Cyanamid B at 16% against 16%, American Gas & Electric at
231
A against 233, American Light & Traction at 103i
against 103, Carrier Corp. at 17% against 17, Consolidated
4 against 60 8, Creole Petroleum at
Gas of Baltimore at 613
113j against 113, Fisk Rubber Corp. at 83.4 against 8,
4,Glen Alden Coal at
Ford of Canada A at 283 against 273
16 against 15%, Greyhound Corp. at 36% against 353,
4, Hudson Bay
Gulf Oil of Pennsylvania at 57 against 553
4 against 133(, International PeMining & Smelting at 143
troleum at 313 against 31, National Belles Hess at 13
%
4 against 423,
against 13, Newmont Mining Corp. at 433
Parker Rust Proof at 603
4 against 603., Pioneer Gold Mines
of B. C. at 10 8 against 103/8, Sherwin-Williams at 85 against
843/i and Teck Hughes at 43' against 4.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Apr. 12 1935
Stocks
(Number
of
Shares)
Bonds (Par Value)
Domestic
Foreign
Foreign
Government Corporate
Total
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
124,930 $3,329,000
162,070 4,013,000
167.390 3,968.000
178,250 4,884,000
176,280 3,739,000
151,413 4,046,000
$28,000
45,000
33,000
34,000
40,000
43,000
$29,000 $3,386,000
42,000 4,100,000
51,000 4,052,000
73,000 4,991,000
40.000 3.819,000
18,000 4.107,000
Total
960.333 $23,979,000
223,000
$253,000 $24,455,000
Week Ended Apr. 12
Sales at
New York Curt)
Exchange
1935
1934
1,626,458
Stocks-No.of shares_
960,333
Bonds
Domestic
$23,979,000 $27,060,000
Foreign government-829,000
223,000
753,000
Foreign corporate
253,000
Total
2469
Financial Chronicle
Volume 140
$24,455,000 $28,642.000
Jan. 1 to Apr. 12
1935
1934
11,411,673
27,058,550
$333,045,000
6,155,000
3,701.000
$336,222,000
13,652,000
12,373,000
3342.901,000
$362,247,000
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 27 1935:
GOLD
The Bank of England gold reserve against notes amounted to E192.522,583 on the 20th instant, as compared with £192.520,583 on the previous
Wednesday.
The open market continued to be very active and the volume of business
ban been large, the total amount of gold disposed of at "fixing" during the
week being about £2,200,000. Offerings were readily absorbed by good
general demand.
It is of interest to note the large amounts of gold received in this country
from France: it will be seen that the United Kingdom imports of gold given
in the table below include an amount from France of over £4,700,000 during
the period March 18th-25th.
Quotations during the week:
Per Fine
Equivalent Value
Ounce
of £ Sterling
1465. 1034d.
us. 6.82d.
March 21
ha. 7.216.
1465. 5345.
March 22
146s. Id.
11s: 7.57d.
March 23
145s. 7 its.
his. 8.01d.
March 25
1458. 7d.
his. 8.056.
March 26
145s. 3d.
lls. 8.37d.
March 27th
145s. 11.75c.
his. 7.67d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 18th instant to mid-day on the 25th instant:
Exports
Imports
£120,849 Netherlands
British West Africa
E25,525
556,783 Belgium
130,700
British South Africa
503,398 France
131,313
British India
21,350 Channel Islands
9,732
British Malaya
23,601 Switzerland
Hongkong
2,145
192,699 Venezuela
120,000
Australia
33,856 Other countries
4,416
New Zealand
618.186
Canada
4,737,451
France
65,238
Belgium
26,133
Switzerland
15,794
United States of America
14,064
Venezuela
31,788
Other countries
£6,961,190
E423,831
The SS. "Viceroy of India" which sailed from Bombay on the 23rd
instant carries gold to the value of £360,000 consigned to London.
SILVER
The past week has been marked by sharp upward movements in prices,
a rise of Md. on March 25th followed by a further rise of Id. yesterday
carrying quotationetoT287,4d. forTcash and 29d. for two monthsidellverl.i
these weretthelhighestffixed for(cash sinceOlay 24th 1928 and for two
=since Aug. 5 1926. The advance was due to strong speculative
4"einand, chiefly from India'andiChina, but buying was general and the
market 1"
'esponded
t e more readilyowing to the very limited offerings. ".
PI The movement followed the news of an amendment to the United States
providing for the issue of silver certig•
WM Relief Bill.
cates against silver bullion held or to be acquired and the acceptance of
silver at an agreed price in settlement of any balances due to the United
States.
At yesterday's level the market was overstrained and there was some
eagerness on the part of speculators to resell, so that the reaction to-day was
generally anticipated.
The immediate outlook is uncertain in view of the rather vague information available as to the precise significance of the new proposals. However.
whilst the rapid upward movement may have been somewhat premature,
the undertone of the market remains good.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 18th instant to mid-day on the 25th instant:
Exports
Imports
£9,200 United States of America__ £627,614
British India
1,087
4,606 Denmark
British West Africa
1,824
9,412 Other countries
Australia
97,896
Japan
8,462
Aden and Dependencies__ _
62,698
Soviet Union
6.237
Germany
4,257
Egypt
Iraq
12,379
3,960
Belgium
3,168
France
x8.200
Irish Free State
2,600
Peru
375
Other countries
this andment
£630.525
£233,450
it Coin at face value.
Quotations during the week:
IN NEW YORK
IN LONDON
(Per Ounce .999 fine)
Bar Silver per Oz.Std.
2 Mos.
Cash
March 20
5934c.
27 3-16d. 27 5-16d.
March 21
March 21
59c.
27 3-16d. 27 5-16d.
March 22
March 22
5934c.
2734d.
March 23
2734d.
March 23
595,
1c.
28d.
March 25
2774d.
March 25
603c.
2834d.
29d.
March 26
6134c.
March 26
28 7-16d. 28 9-16d.
March 27
27.823d. 27.948d.
Average
The highest rate of exchange on New York recorded during the period
from the 21st instant to the 27th instant was $4.8034 and the lowest
$4.7434.
INDIAN CURRENCY RETURNS
Feb. 28
Ma,
.7
a Mar. 15
(In Lacs of Rupees)18,321
18.559
18,555
Notes in circulation
9,086
9.148
9,041
Silver coin and bullion in India
4,155
4,155
4,155
Gold coin and bullion in India
3,524
3.561
3,565
Securities (Indian Government)
1,457
1,794
1,794
Securities (British Government)
........................
r7 Stocks in Shanghai on the 23rd instant consisted of about 9,800,000
ounces in sycee, 260,000,000 dollars and 46,000,000 ounces in bar silver, as
compared with about 10,200,000 ounces in sycee, 260,000,000 dollars and
46,000,000 ounces in bar silver on the 16th instant.
COURSE OF BANK CLEARINGS
Bank clearings this week will 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,
April 13) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
4.3% below those for the corresponding week last year.
Our preliminary total stands at $5,363,452,782, against
$5,606,324,367 for the same week in 1934. At this center
there is a loss for the week ended Friday of 10.6%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph
IVeek Ending April 13
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,801,605,004
190,843,968
258,000,000
147.000,000
69.090,162
59,700,000
94,892,000
72,170.131
62,446,819
46,479,918
40,787,358
24,519,000
$3,133,924,511 -10.6
+4.1
183,301,561
245.000,000
+5.3
-9.8
163,000.000
51,381,627 +34.5
55,700,000
+7.2
79,604,000 +19.2
71,185,957
+1.4
+8.7
57,444,504
49,272,875
-5.7
43,433,377
-6.1
21,859,000 +12.2
Twelves cities, five days
Other cities, five days
$3,867,534,360
602,009,625
$4.155,107,412
512,738,130
-6.9
+17.4
Total all cities, five days
All cities, one day
$4,469,543,985
893,908,797
$4,667,845,542
938,478,825
-4.2
-4.7
Tntsd All oltlaw On. ozaale
25 *409 559 749
tg OAR 494 207
--J. 2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 6.
For that week there is a decrease of 6.2%, the aggregate
of clearings for the whole country being $6,020,817,760,
against $6,419,685,332 in the same week in 1934.
Outside of this city there is an increase of 8.5%, the bank
clearings at this center having recorded a loss of 12.6%.
2470
Financial Chronicle
We group the cities according to the Federal Reserve districts in which they are located, and from this it appears
that in the New York Reserve District, including this city,
the totals register a dectease of 12.0% and in the Boston
Reserve District by 1.5%, but in the Philadelphia Reserve
District the totals record an increase of 1.9%. The Cleveland Reserve District has managed to enlarge its totals by
8.7%, the Richmond Reserve Distrtot by 10.5%, and the
Atlanta Reserve District by 11.5%. In the Chicago Reserve District there is an improvement of 13.8%, in the
St. Louis Reserve District of 12.9%, and in the Minneapolis
Reserve District of 8.0%. In the Kansas City Reserve
District the gain is 15.6%, in the Dallas Reserve District
11.6%, and in the San Francisco Reserve District 12.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Apr. 8 1935
1935
Federal Reserve Diets.
$
1st Boston_ _ _12 cities
246,096,820
2nd New York_12 "
4,029,896,497
3rd Philadelphia 9 "
335,528,966
4th Cleveland__ 5 "
224,353,016
6th Richmond _ 6 "
117,342,533
6th Atlanta_ ___10 "
116,441,437
7th Chicago ._i9 "
389,074,124
8th St. Louis__ _ 4 "
118,046,900
9th Minneapolis 6 "
82,648.888
10111 KansasCity 10 "
117,143,203
11th Dallas
s 45,465,700
12th San Fran 12 "
199,775,666
Total
110 cities
Outside N. Y. City
Canada
$
249870,705
4,582,023,822
329,195,019
206,335,666
106,195.203
103,559,863
341,839,279
104,577,473
75.501,577
101,339,032
40,730,090
177,517,613
1933
$
257,794,240
3,351,099,037
318,752.306
206,948.804
110,527,849
88,988,986
373,697,803
91,872,139
68,415,027
99,313,112
36,345,699
171,912,149
6,020,817,760 6,419,685,332 -6.2 4,038,969,303
2,105,657,730 1,940,693.852 +8.5 1,373,689,527
5,175,667,151
1,931,994,468
325.428.233
243.017.740 +33.9
232.980.840
314.473.152
We now add our detailed statement showing last week's
figures for each city separately for the four years:
!Peek Ended April 6
Clearings atFirst Federal
Me.-Bangor _Portland
Mass -Boston. _
Fall River_ _ _
Lowell
New Bedford
Springfield._
Worcester
Conn.- Hartfor
New Haven...
R.L-Providen
N.If.-Manches'
1935
1934
$
$
Reserve Dist rict-Bosto
635,099
587,878
1,607,407
2,235.063
211,646,768 215,134.523
624,087
650,642
334,482
284,108
682,997
665,929
2,837.664
2,939,032
1.323,510
1,233.098
11,707,041
12,194,301
3,856,900
4,124,908
10,343,300
9,233,900
497,565
587,323
Inc. or
Dec.
%
n+8.0
-28 1
-1.6
-4.1
+17.7
+2.6
-3.4
+7.3
-4.0
-8.5
+12.0
-15.3
1933
$
450,652
863,454
164,055,320
521,270
245.582
452.986
3,561,498
922,918
6,200,000
3,386,780
7,426,200
406,173
1932
s
639,728
2,389.770
223,409,421
687,962
358,896
745,190
3,838,280
2.110,943
8.519.114
5,768,061
8,831,600
497,278
Total(12 cities
246,098,820 249,870,705 -1.5 187.492,833 257,794,240
Second Fede al Reserve D IstrIct-New York-N.Y,-Albany _.
6,609,984
6,593,152 +0.3
7,453,430
6,502,963
Binghamton_
1,442.406
948,039 +52.1
777,453
875,920
Buffalo
27,900,000
26,837,038 +8.0
22,495,070
26,426,410
Elmira
646,616
570,459 +13.4
532,007
718,308
Jamestown
581,424
571,014 +1.8
351,307
620.124
New York_ _ 3,915,180,030 4,478,991,480 -12.6 2,665,279,776 3,243,672,683
Rochester
8,527,919
8,165,467 +4.4
6,578,084
9,067,737
Syracuse
3,711,101
3,686,737 +0.7
2,828,584
3.749.610
Conn.-Stamfor
3,050,117
2,787.099 +9.4
2,724,915
3,004,298
N. J.-Montclal
.450,000
438,468 +2.6
547,419
750.000
Newatk
22,693,484
21,950,316 +3.4
13,678,325
23,551,565
Northern N.J.
39,123,416
31,484,563 +24.3
22,489,765
33,151,419
Total(12 cities 4,029,896,497 4,682,023,822 -12.0 2,745,734,135 3,351,099,037
Third Federal Reserve Dist rict-Philad elphia-Pa.--Altoona
397.669
426,801 -6.8
330,757
Bethlehem.
8n4,000,000
b
____
b '
Bethlehem._ _
a
b
b
Chester
298,145
342.746 ---1-3.0
233,595
Lancaster
1.383,231
1,144.610 +20.8
756,469
Philadelphia _
325,000,000 318,000,000 +2.2 225,000,000
Reading
1,205,639
1,401,663 -14.0
893,185
Scranton_
2,152,913
2.618,765 -17.8
1,536,285
Wilkes-Barre_
1,290,433
1,756,944 -26.5
1,810,499
York
1,440,936
1,368,400 +5.3
1,097,140
N.J.-Trenton..
2,360,000
2,136,000 +10.5
2,296,000
Total(9 cities)
335,528,966
329,195,109
+1.9
605,616
a2,046,437
a2,045,437
408,114
1,534,455
304,000.000
2,516,120
2,278.545
1,828,576
1,018,880
3,962,000
233,653,92C
318,752,306
Fourth Fede al Reserve D fstrict--Clev eland- Ohio-Akron _ _
C
c
c
c
Canton
C
c
c
c
Cincinnati _ _
51.602,920
47,834,063 +7.9
37,471,212
Cleveland
61,187,550
57,497,755 +6.4
38,880,231
Columbus
9,602,100
8,527,400 +12.6
7,683,400
Mansfield
1,321,959
1,400,384 -5.6
880,887
Youngstown
b
b
b
b
100,638,487
91,076,064 +10.5
Fit.-PIttsblIrgh
65,853,704
c
c
42,139,809
69,603,805
8,311,800
1,009,794
b
85,983,596
Total(5 cities)
224,353,016
206,335,666
+8.7
148,769,434
206,948,804
Fifth Federal Reserve Dist act- Riches,AsdW.Va.-Hunt'to
170,036
138.728 +22.6
Va.-Norfolk._
2,779,000
1,996,000 +39.2
Richmond _ _
29,544,032
24,933,566 +18.5
S.C.-Charlesto
1,038,581
1,026,608 +1.2
Md.-Baltimore
62,756,386
60.753,444 4-3.3
D.C.-Washing'
21,054,498
17,346,857 +21.4
235,131
2,251,000
21,172,603
606,233
37,853,329
11,765,520
413.503
2,854,512
25,511,185
989,629
59,348.941
21,410,079
106,105,203 +10.5
73,883,816
110,527,849
Sixth Federal Reserve Dist rict-Atlanr aTenn.-Knoxvill
2,857,149
2,464,396 +18.4
Nashville
13,557,260
12,478,430 +8.6
Ga.-Atlanta
40,900,000
36,600,000 +11.7
Augusta
1,036,166
1,085,384
2.7
Macon
761,987
481,787 +58.2
Fla.-Jack'nvl.le
15,255,000
12,545,000 +21.6
Ala.-Birm'ham
14,566,346
12.123,920 +20.1
Mobile
1,137,357
1.036,763 +9.7
Miss.-Jackson..
b
b
b
Vicksburg
149.860
118.08/3 +26.9
La -New Orlea
25,220,332
24,656,085 +2.3
5.406,623
8,370.967
26,400,000
754,843
393,648
13,958,000
8,313,238
804,637
b
101,363
15,508,383
2,473,176
9.499,733
28,200,000
1,023,050
514,790
10,669,911
8,896,035
888,157
b
125,592
28.698,643
80,011.700
88,988.986
Total(6 cities)
Total(10 cities
117,342,533
116.441.437
103.659.853 +11.5
1935
Seventh Fede
Mich.-Adrian
Ann Arbor_ - -Detroit
Grand Rapids
Lansing
Ind.-Ft. Wayne
Indianapolis_
South Bend_
Terre Haute..
Wis.-Mllwaukec
Ia.-Ced, Rapids
Des Moines_ _
Sioux City- Waterloo
111.-Bloomingto
Chicago
Decatur
Peoria
Rockford
Springfield_ __
Inc. or
Dec.
1934
1933
8
$
%,
$
al Reserve D strict-Chi cago73,996
61,908 +19.5
b
1.127,246
733.847 +53.8
582,234
75,379,618
67,136,094 +12.3
8,185,478
2,140,065
1,787,547 +19.7
811,549
1,058,744
1,243,776 -14.9
200,552
773,448
624.351 +23.9
331.750
14.779,000
11,921,000 +24.0
8,743,000
1,152,233
773,048 +49.1
340,140
3,790,462
3,517,341
+7.8
2,685,421
18,432,843
13,623,662 +35.3
10,539,841
941,148
353,765 +166.0
b
9,666,492
6,299,648 +53.3
3,730,627
3,228,123
2,591,777 +24.6
1,704,798
b
b
b
b
341,936
396,965 -13.9
b
250,523,795 226,144,914 +10.8 159,818,487
628,138
502,866 +24.9
393,441
3,105,219
2,516,952 +23.4
1,866.763
821,189
664.562 +23.6
611,058
1,120,429
945,262 +18.5
1.006,379
389,074,124
1932
s
117,677
772,762
63,755,795
3,496,548
1,337,200
1,138,893
11.640,000
1,367,654
3,149.473
15,463,880
869,597
6,111,679
3,636,128
b
1,151,963
253,678.736
563,691
2,498,644
1,192,980
1,766,703
341.839,279 +13.8
201,531,518
373,697,803
Eighth Feder 1 Reserve Die trict-St. Lo ulsInd.-Evansville
b
b
b
Mo.-St.Louis..
75,700,000
87,500,000 +12.1
Ky.-Louisville
27,789,477
23,032,555 +20.7
Tenn.- Memphi.
14,067,473
13,631,918 +3.2
Jacksonvlll
b
b
b
Quincy
490,000
413,000 +18.6
b
50,600,000
15,530,964
7,964,024
b
b
b
63,600,000
17,127,967
10,443,513
b
700,659
74,094,988
91,872,139
Reset ve Dia trIct-Minn eapolls2,394,535
1,647,200 +45.4
2.237,712
53.636,009
49,519,106 +8.3
41,829,683
23,137,988
22,499,546 +2,8
11,782,593
473,159
405,012 +16.8
493,063
494,404
338.421 +46.1
244,184
2,512,753
2,092,292 +20.1
1,886,146
3,005,417
47,238.487
15,433,518
649,516
433,801
1,614,289
1932
$
%
-1.5
187,492.833
-12.0 2,745,734,135
+1.9
233,653,920
+8.7
148,769,434
+10.5
73,883,816
+11.5
80,011,700
+13.8
201,531.518
+12.9
74,094,988
+8.0
58,473,381
+15.6
70,123,218
+11.6
30,388,035
+12.5
134,812,325
32 cities
Week Ended April 6
Clearings at--
Total(19 cities
Inc.or
Dec.
1934
April 13 1935
Total(4 cities)
Ninth Federa
Minn.-Duluth_
Minneapolis_ _
St. Paul
S. D.-Aberdee
Mont.- Billings
Helena
Total (6 cities)
118,646,950
82,648,848
104,577,473 +12.9
76,501,577
+8.0
68,473,381
68,415.027
Tenth Federa 1 Reserve Dia trIct-ICans as CityNeb.-Fremont .
136,682
120.161 +12.9
50,820
Hastings
.
103,913
75,659 +37.5
b
Lincoln
2,872,278
2,247,976 +27.8
1,607,618
Omaha
28,015,679
30,359,335 -7.7
16,904,623
Kan.-Topeka _ .
2.257,136
1,517,637 +48.7
1,609,886
Wichita
2,655,600
2,261,624 +17.4
1,622,725
Mo.-Kans. Clt
77,013,896
61,225,544 +25.8
45,196,888
St. Joseph__ _
2,862,492
2,478,986 +15.5
2,153,473
Colo.-Col. Spgs
519,068
557,938 -7.0
523,840
Pueblo
707,469
494,282 +43.1
453,345
204,506
189,561
2,445,146
23,259,805
1,950,785
3,905,283
62,944,997
2,783,658
692,296
937,276
Total (10010168
117,143,203
101.339,032 +15.8
70,123,218
99,313,112
Eleventh Fed cal Reserve District-Dahas-Texas-Austin 1,797,884
1,228,743 +46.5
733,918
Dallas
34,706,820
30,241,677 +14.8
21,717.217
Fort Worth_ _
4,715.025
4,702,043 +0.3
4,356,725
Galveston
2 .119,000
2,000,000 +6.0
1,408,000
La.-Shreveport
2,127,171
2,559,627 -16.9
2,172,175
1,095,846
24,890.478
6,141.685
1,724,000
2,493,602
Total(5 cities)
45.465,700
40,730,090 +11.6
Twelfth Fede r al Reserve D Istrict-San
Wash.-Seattle
25,405,504
21,103,336
Spokane
7,208,000
5,911,000
Yakima
629,427
433,990
Ore.-Portland.
21,986,766
20,870.857
Utah-S. L. Cit ,
11,671,767
9,975,598
Calif.-L.Beach
2,989,412
2,956,156
Pasadena
2,698,830
3,020,687
Sacramento..
4,437,988
2,494,231
San Francisco
118,179,346 106,901,118
San Jose
1,992,649
1,717,956
Santa Barbara
1,044,121
925,323
Stockton
1,535,856
1,208,361
30,388,035
36,345,899
Franc'sco-+20.4
16,566,796
+21.9
2,855,000
+45.0
239,156
+5.3
14,154,350
+17.0
8,025,584
+1.2
2,490,056
-10.7
2,701,630
+77.9
2,274,406
+10.5
82,416,841
+16.0
1,375,879
+12.8
852,075
+27.1
870,553
21.895.071
5,932,000
550,697
18,374,079
8,577.873
3,451,432
3,580,570
6,725,744
98,573,413
1,677,164
1,282,116
1,292,201
Total(12 cities
199,779,686 177,617,613 +12.5 134,812,325 171,912,149
Grand total (11
cities)
6,020,817,760 6,419.685,332 -6.2 4,038,969,303 5,175,667,151
Outside New Yor 2,105,657,730 1,940,693,852
Week Ended April 4
Clearings at
1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine Hat_ .. _
Peterborough_.
Sherbrooke
Kitchener
Windsor
Prince Albert...
Moncton
Kingston
Chatham
Sarnia
Sudbury
+8.5 1,373,689,527 1,931,994,468
$
114,494.741
98,407.043
35,703,096
15,238,594
18,636,594
4.784,581
2,340,000
4,098,917
5,348,927
1,780.456
1,704,159
3,116,049
4,542,222
2,837,643
259,847
465,593
1,256,083
428,210
798,325
657,423
544,590
229,323
701,098
576,003
1,032,591
2,459,344
325,441
579,109
539,482
428,122
393,805
723,922
1934
Inc. or
Dec.
$
91,923,887
73,793,819
24,447,519
12,643,879
3,761,699
3,983,709
1,845,430
3.898,560
4,088,636
1,433,767
1,379,499
2,582,512
3,647,146
2,690,208
281,947
302,089
1,127,225
445,159
%
+24.6
+83.4
+46.0
+20.5
+395.4
+20.7
+26.8
+6.1
+30.8
+24.2
+23.5
+20.6
+24.5
+6.5
-7.8
+54.1
+11.4
-3.8
476,871
492,784
166,197
639,230
565,300
983,377
1,980,352
248,813
608,690
466.815
407,986
376,621
561,179
+87.9
+10.5
+38.0
+9.7
+1.9
+7.2
+24.2
+30.8
-4.9
+ 15.6
+4.9
+4.6
+29.0
mesas +1.5
1933
$
80,460,143
67,470,714
31,538,027
11,192,153
3,845,685
4,295,154
2,064.569
3,743,633
4,910,324
1.508,326
1,299,021
2,466,753
3,817,055
3,744,548
293,680
317,902
1.164,705
495,852
718,232
691,281
414,824
229,097
641,164
666,001
854,909
1,889,108
247,697
593,055
514.598
411,014
339,135
451.681
1932
$
117,402,043
90,578,534
37,440,594
15.169,637
5,847,470
4,839,946
3,760,290
4,684,026
5,018,818
2,006,706
1,872,258
3,089,307
5,218,293
3,788,885
387,865
418,017
1,602,461
586,236
992,450
648,567
617,482
211,714
700,590
690,340
1,022,028
2,765,085
348,080
822,705
742.149
488,405
431,181
502,991
Total 132 cities) 325.428.233 243.017.740 +33.9 232,980,840 314.473.152
a Not Included In totals. b No clearings available. c Clearing House not function
lag at present.
•Estimated.
8231
50.01
63
50.01
6431
50.01
65%
50.01
6831
50.01
6434
6434
6434-71
71
71
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation Afloat onLegal
Tenders
Bonds
Total
4
14
04
n .
o.
. w
4 0
I
O.
P
.
CO
to
Co
CO*0*
'
.44 40
''':: c"
il 430400
Co ;6'.;-, ....40
"
ETRE?'
'
100!0
U. S. Bonds Reid Feb. 28 1935
Bonds on Deposit
Mar. 1 1935
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes
Notes
$
2s, U. S. Consols of 1930
2s, U. El. Panama of 1938
21, U. S. Panama 01 193$
35, U. S. Treasury of 1951-1955
3341, U.S. Treasury of 1948-1949
831a. U. S. Treasury of 1941-1943
311., U. S. Treasury of 1940-1943
834e. U. S. Treasury of 1943-1947
tia, U. S. Panama Canal of 1981
U. S. convertible of 1946-1947
Mo,U. S. Treasury of 1933-1941
We,U. S. Treasury of 1944-1946
Si. U. S. Treasury of 1948-1948
83(s, U. S. Treasury of 1943-1945
8345, U. S. Treasury of 1949-1952
Totals
Total
Held
657,937,080
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Feb. 1 1935
and Mar. 1 1935 and their increase or decrease during the
month of February:
National Bank Notes-Total AfloatAmount afloat Feb. 1 1935
Net decrease during February
Amount of bank notes afloat Mar. 1 1935
Legal Tender ArmesAmount deposited to redeem National bank notes Feb. 1
net amount of bank notes Issued In February
3878,372,130
8,660.035
--$867,712,095
$205.204,723
9,188,894
Amount on deposit to redeem National bank notes Mar. 1 1935.„.$214.371,817
MONTHLY REPORT OF THE UNITED STATES
TREASURY AS OF FEB. 28 1935
The monthly report of the Treasury Department showing
assets and liabilities as of Feb. 28 1935 of governmental
corporations and credit agencies, financed wholly or in
part by the United States, was contained in the Department's
daily statement for March 30. The report is the ninth such
to be issued by the Treasury; the last previous one for
Jan. 31 1935, appeared in our issue of March 9, pages 16001602.
The report for Feb. 28 shows in the case of agencies
financed wholly from Government funds a proprietary
interest of the United States as of that date of $3,349,468,045,
which compares with $3,354,495,902 Jan. 31 1935. In
the case of these wholly-owned Government agencies, the
proprietary interest represents the excess of assets over
liabilities, exclusive of inter-agency items.
The Government's proprietary interest in agenciesfinanced
partly from Government funds and partly from private
funds as of Feb. 28 was shown to be $1,089,714,383. This
compares with $1,119,748,336 as of Jan. 31. In the case
of these partly owned Government agencies, the Government's proprietary interest is the excess of assets over liabilities, exclusive of inter-agency items, less the privatelyowned interests. The statement follows:
4 CO
4.
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3
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.
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480,508,250 480.506,250
25,683,060
25.883,080
14.923.020
14.923,020
28,757,600
26.757,800
15.387.450
15,387,450
21.481.000
21,481,000
7.419,050
7,419,050
22,415,250
22,415.250
1,000
1,000
15.000
15,000
19,022,650
19.022,850
9,393,500
9,393,500
10.835,750
10.835,750
337,500
337,500
3,759.000
3,759,000
857.937,080
A *
W. ON
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Cash
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Feb. 28 1935:
Preferred
Capital
Stock, &C.
$
$
$
S
867,712,095
W
214,371.817
653,340,478
657,937.080
`14r8 Co 812g 8t..``.' a 22
4T8
.
•4.4
878,372,130
205.204,723
671.187,407
677,472,540
209.127,752
878.808,723
887,938.475
884,354.350
..
688,238,828
212,687,960
00
898.904.758
690,752,850
907,392,088
214,595.435
892,798.853
698,720,850
917,988,768
223,506,135
Oz
894,482,833
700,112,950
co
o
ft.
v
D
928,988,460
226,778,812
702,209,838
707,112,660
.
CO
o.
^
228,770,240
941,784,225
713,013,985
718,150,910
954,1394,753
224,720,785
736,948,670
729,973,968
983,191,553
219,211,255
743,980,298
750,889,320
. Co
.
0 0
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A
AA . NW
974,148,798
182,152,445
-4 -4 !spa..., 0
791,998,353
CI .4a00-4ww
799,899,770
A 0
981,547.683
b 0...0. .04
WOWC.1.1014
140,669.333
847,068,170
840,848,330
wW .0-.0.00
la W ..
.
.
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984.636.948
100.489.113
887.005.520
884.147.835
0 0 .0 00..0.. .00g.o... .p..0
$2.380,123 Federal Reserve bank notes outstanding Mar. 1 1935. secured by
lawful money. against $2,470,887 on Mar. 1 1934.
C..
14 Co
.
Feb. 28 1935__
Jan. 31 1935- _
Dee. 31 1934....
Nov.30 1934-Oct. 81 1934-Sept.30 1934...._
Aug. 31 1934____
July 31 1934____
June 30 1934____
May 31 1934..___
Apr. 30 1934...._
Mar. 31 1984_ __
Feb. 28 1934_ __ _
Loans
Amount Bonds
on Deposit to
Secure Ctrcuta
ion for National
Bank Notes
Total Group I
The price of silver per oz. (in cents) in the United States
on the same days has been:
I. Financed wholly from Government funds—
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Banks
Puolic Works Administration
Regional Agricultural Credit corporations
Production Credit corporations
Panama Railroad Co
United States Shipping Board Merchant Fleet Corporation
War Emergency corporations and agencies_h
Other_i
Financed partly from Govt, and partly from private funds—
Federal Land banks
Federal Intermediate Credit banks
Federal Farm Mortgage Corporation
Banks tor co-operatives
Home Loan banks
Home Owners Loan Corporationj
Federal Savings & Loan Insurance Corporation
Federal Savings At Loan associations
Federal Deposit Insurance Corporation
War Finance Corporation_k
Frt.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Apr. 12
Apr. 11
Apr. 10
Apr.9
Apr.8
Apr.6
Silver, per oz_ 28 7-16d. 28 7-16d. 28 13-165. 28 15-165. 29 11-165. 31 5-16d.
Gold, p.fine oz.144a.ld. 1448.115. 144s.134d. 143s.6d. 143s.11d. 1449.1d.
8631
8811
8631
87%
Consols, 231%. Holiday 8834
British 334%
10831
10631
W. L_____ ._ Holiday 107
107
1063(
British 4%
11731
1173
11731
11731
1960-90
Holiday 117%
Total Group II
..
ENGLISH FINANCIAL MARKET-PER CABLE
The faily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Bar N.Y.(for ) 62%
U. S. Treasury 50.01
U. S. Treasury
(newly mined) 6411
2471
Financial Chronicle
Volume 140
40
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2472
Financial Chronicle
April 13 1935
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
OF THE UNITED STATES
AS OF FEB. 28 1935. COMPILED FROM LATEST REPORTS
RECEIVED BY THE TREASURY-Continued
DETAILS (In Thousands of Dollar -Last Three Figures
Omitted)
Financed Wholly from Government Funds
Recoilstruction Commodity
Finance
Credit
Corp.
Corp.
Assets-"-eons:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States. Territories, &c
Joint Stock Land banks
Federal Land banks
Ship construction and reconditioning loans_
Mortgage loans (not otherwise elaissifled)-Crop livestock and commodity loans
Other loans
Total loans
1°referred capital stock, &o.:
Banks and trust companies
Insurance companies
Railroads
Other
"lash:
With Treasurer, United States
On band and in banks
In transit
In trust funds
Investments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank Beetles
Production credit associations-class A stock
Railroad bonds and securities
Ship sales notes
Other investments
amounts and other receivables
accrued interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
Stores and supplies
Real estate and other property held for sale
3ther assets
Total assets other than inter-agency
$
Public
Works
Adminisnation
3
$
588,566
379,712
52,597
360
13,567
1,271
155,366
803
1,374,094
39,794
4,108
a
$
50
276,164
82,341
4,131
192
e146
89
n
10,094
ti
1,570
988
375
e242
2,924
$
858
24,687
822
471
65,228
9,901
207,246
174,918
31,480
111,944
217
5,172
112.162
5,222
6133,450 2,027,337
3,419
4
864,871
100
3,419
4
17,486
48
576
49
45,145
18,366
72
3,972
80.082
21,956
461
4,591
123
11,387
23,949
619
2,076
4
10,361
10,488
21,577
10,492
1,755
23.332
76,940
761
694
30,170
n
555
1,570
e297,877
n
443
6
e236
3,544
15
2
135
a
14,217
98
239
76
20,135
859
7.970
534
24.306
1,253
1,321
12,165
36,079
1,371
55
195
35
110
535
279,242
88.326
113.515
43,420
209,349
e35
•
1,481
150
76,940
2,572
20,135
949
13,882
35,818
36,626
16,055
2,981
4,145
75,323
73,885
53,387
5,729
8,987
374,084
1,811
89
443
91
3,078
5
40,342
.•
Total
588,566
550,166
52,597
360
13,567
1,271
155,366
1,721
24,687
139.419
5,501
864,871
100
n
2,955
637
11
54
136
14.992
606
349,158 3,726,971
3,579,678 3,690,819
1,657,764 11,725,594
e61,052
e60,000
40.342
14,217
400,295
1 645,198
224 1,141,065
,88,361
113.515
44,027
209,349
14,992 5,586,825 10,929.648
250,711
72,000
250.711
72,000
29
16,112
146
1,046
29
38,464
801
75
7
268
7,808
6,642
75
88,563
377,503
1,046
Total liabilities other than inter-agency
269,674
Inter-agency liabilities:
Due to governmental corporations or agencies 3,578,905
73
404
664
34
628
830
2,455
7,800
6,299
698
36,169
3,848,580
36,243
404
500,000
3,000
13,750
125
628
32,165
a400,295
957
16,555
725 1,238,255 5,175.214
44,500
el0,388
112,000
7,000
50,000
03,599,294
a45.639 a4,338,713 5,514,899
11,918 3,621,602
968
c80
88,361
113,515
c467
4,417,720
40,342
14,217
NOTICES
400,295
650 1,149,692 4,797,710
628
167
1,099
16,555
32,864
441
69,014
830
127
530
-Formal announcement is being made of a merger of the New York
Stock Exchange firms of Harris, Upham & Co. and Boettcher-Newton
& Co., under the name of the former. The enlarged firm,in addition to two
offices in New York, will have offices in London and in 23 cities in this
country, including Chicago, Kansas City, Denver, St. Louis, Minneapolis,
St. Paul, Milwaukee, Colorado Springs, Omaha, Oklahoma City, Tulsa
and Bartlesville, Okla., Wichita, Kan., Indianapolis and Evansville, Ind.,
St. Joseph, Mo., Evanston, Ill., Hot Springs, Va., Charleston, Huntington
and White Sulphur Springs, W. Va., Pinehurst, N. C., and Palm Beach,
Fla.
John F. Harris, who will be senior partner of the new firm, has been
active in the brokerage field for more than 40 years. He purchased a seat
on the Chicago Board of Trade in 1890 and came to New York in 1907
as one of the founders of Harris, Winthrop & Co., of which the present firm
is an outgrowth. Other members of the new partnership are George U.
Harris, Henry U. Harris, Thomas S. Adams, John 0. Middlebrook, Philip
F. Hartung, C. C. de Gersdorff, M. E. Smith Jr., James F. Burns Jr. and
Charles A. Lindley, of New York; Milton W. McGreevy of Kansas City;
James A. Cathcart, Harry R. Kimbark and Patrick F. Buckley of Chicago;
and I'aul J. Kalman of St. Paul. Messrs. Burns, Lindley and Buckley
were former partners of Boettcher-Newton & Co.
r Harris, Upham & Co. will act as correspondents for the investment banking firm of Boettcher & Co., with offices in Denver, Chicago and Omaha.
The new firm will hold memberships on the leading stock exchanges and
commodity markets of the country, including the New York Stock and
Curb exchanges, New York Cotton Exchange, Chicago Board of Tr de,
8h1c
-Tro StocrExchange and Kansas City-Board of Trade.
8
4,108
404
CURRENT
8
82,341
73
Total liabilities, capital, and surplus
For foot notes see following page.
8
Other I
111,944
39,794
e17,296
620
Total, an liabilities
8
137,240
19,882
155.518
Enter-agency assets:
Due from governmental corps, or agencies
p110,498
Capital stocks and paid-in surplus of governmental corporations
67,830
Allocations for capital stock purchases and
paid-in surplus
584,145
Other allocations
1.080.840
Total, all assets
4,417,720
Capital and surplus:
Capital stock
Paid-in surplus_
Reserves from earned sin plus.
Reserve for dividends and contingencies._
Legal reserves
Earned surplus and undivided profits
U.S.
Shipping
War
Board- Emergency
Merchant
Corp.
Fleet
and
Corp. Agencies h
Regional
Agricul- Production Panama
tura!
Credit
Railroad
Credit
Corps.
Co.
Corp.
138,924
1,356
5,030
2,574,405
LiabilitiesBonds, notes, and debentures:
Obligations guaranteed by United States._
Other
Accrued Interest payable:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible Items
Other operating reserves
$
ExportImport
Banks
1,182
36,069 c3,456,500
44,027
209,349
c31,372
3,247
c3,244 c3,385,313
14,992 5,586,825 10,929,648
-The business reunion of two former security dealers is revealed
in the
announcement of the formation of the firm of Charcot & Morgan,
with
offices at 42 Broadway, New York. The firm Is composed of Frank
Charco.
Jr. and Ralph 0, Morgan. Both men have been in Wall Street
since the
turn of the century and were in business together from 1928
to 1932.
-Seligman, Lubetkin & Co., Inc., 50 Broadway, New York, have
available for distribution complete new statistical reports on The Alden,
Chanin
Building, Crossways Apartments, Central Zone Building, The Dorsett
Guaranty Office Building, Lefcourt State Building, Lefcourt
Manhattan.
Odell Court Apartments and Textile Building.
-Alexander Falconer will become a general partner in the proposed
firm
of L. S. Kerr & Co.on May 11935. Mr. Falconer was one of the
organizers
of the Downtown Athletic Club, its first Secretary-Treasurer,
and a Governor for the last nine years. He has been associated with Pearl &
Co. for
the past eight years.
-Gertler & Co., Inc., 40 Wall St., New York, have issued a
report on
the financial position of Westchester County, N. ., including a statement
of the tax collection record, receipts and disbursements and maturities
over the next five years, together with a discussion of the county's
tax collection system.
-G.V. Grace & Co., Inc., 29 Broadway, N. Y., have issued a
statistical
comparison of Northeastern Water & Electric Corp. and American Water
Works & Electric Co. showing the present position of the two
corporations
as to earnings, current position and financial structures.
-The position of government guaranteed obligations in relation
to
Treasury bonds having coupons of 3s or lower whose note circulation
privilege expires July 22 1935. is discussed in a special letter issued
by
Chas. E. Quincey & Co.
2473
Financial Chronicle
Volume 140
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED s FATES
AS OF FEB. 28 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Concluded
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Part y from Government and Partly from Prtrate Funds
Federal
Land
Banks
Federal
Intermediate
Credit
Banks
Federal
Farm
Mortgage
Corp.
Banks
for
Co-operaire!
Home
Loan
Banks
Home
Owners'
Loan
Corp.j
Federal
Sartnos
and
Loan
Insurance
Corp.
Federat
Sayings
and
Loan
Associations
Federal
Deposit
Insurance
Corp.
War
.Finance
Corp.k
Total
Assets-3
$
$
$
I
$
S
$
$
$
3
Lcens;
Banks
4
4
Railroads
Insurance companies
Credit unions
Building and loan associations
76,563
76,563
Livestock credit corporations
Mortgage roan companies
Agricultural credit corporations
Co-operative associations
63,577
29,445
34,132
States. Territories. Ac
Joint Stock Land banks
Federal Land banks
Ship construction and reconditioning loans.
.255
,859
Mortgage loans (not otherwise classIfledk-5
7 2,543,929
664,823
2,047,099
Cron livestock and commodity loans
124,429
3
62
124,363
Other loans
7 5,520,434
Total loans
664,885
29,445
76,570 2,543,929
158,496
2,047,099
referred capital stock. Ac.:
Banks and trust companies
Insurance comnanke
Railroads
Other
C.ash:
With Treasurer, United States
166,860
15,316
222
101,520
1,220
26,767
4,298
17,515
On hand and in banks
42,523
n
1
3,504
57
1.395
13,859
23,703
In transit
2
e2
In trust funds
20.490
20,490
weetmenta:
United States securities
443,351
315,692
1,254
25,374
33,536
67,494
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
114.533
58.402
40,637
15,494
Home Owners' Loan Corporation
100,748
99,999
728
8
9
Federal Land bank bonds
627,293
53
Federal Intermediate Credit bank
627,3489,793
9.793
scenes _ _ Production credit associations- class A stock
Railroads bonds and securities
Ship sales notes
Other investments
796
257
539
crowds and other receivables
17,356
4,121
6
237
52
33
2,988
9,915
ccrueci interest receivable
87,645
2,400
994
32,570
435
19,188
781
1,315
29,958
.cal estate and business
property:8,2
Real *state and equipment
34
n
124
3,042
I
9
15
42
4,997
n
Vessels and rolling stock
Storm and supplies
ieal estate and other
83,162
2
11
83,148
property held for sale
ither assets
1,726
21,380
28
q 17.562
603
25
90
1,344
Total assets other than Inter
-agency
nter-agency assets:
Due from governmental corps,
or agencies_
Capital stocks and paid-in
surplus of governmental corporations
Allocations for capital stock purchases
and
paid-in surpi LIS
Other allocations
Total, all assets
2,283,705
7,988
250,988 1.329,564
129,593
109,562 2,705,735
102.454
17.562
335.261
40,153
02,165
100,000
100,000
2,291,693
283,154 1,329,564
231 7,264,659
129,593
109,562 2,805,735
102,454
17,562
335,261
231 7,404,813
LtaMtlesionds. notes, and deb
entures:3,345,509
Obligations guaranteed
02,256,099
1,089,410
Other ___ by United States_
10 2,332,945
322,389
175,430
_ 1,835,116
kcerued Interest payable:
21,063
Guaranteed by United States
11,476
9,587
21,346
n
_ _
6
Other
_20,157
1,181
Rher Ilablfit-les
85.493
3,244
75
20,490
23,458
n
5
1,833
36.386
6,356
3eferred income
346
2
863
867
4,277
leserves:
For uncollectible Items
23.530
2,204
21,326
Other operating reserves
11,248
4,469
6,767
11
Total liabilities other than
inter-agencyfnter-agency liabilities:
Due to governmental
corporations or agencies
Total, all liabilities
1,917.262
179,312 1,125,534
7
3,251 2,617,223
346
4,545
10 5.847,494
179,312 1.125,534
7
3,251 2,617,223
346
4.545
10 5.921,822
74.327
74,327
1,991.590
:Japltal and
surplus:10
1,327,923
Capital stock
289,299
17,562
200,000
100,000
126.611
103,963
200,000
70,000
220.476
Paid-in surplus
136,595
r 41,415
30,000
65,179
Reserves from earned surplus:
614
Reserve for dividends and contingencies-544
69
Legal reserves
15.540
210
882
14,447
2,316
Earned surplu
c11,487
2.107
2,904
920
3.842
4.030
and undivided profits_
s.
Total liabilitlm. Capital, and surplus
231 7,404.813
335,261
129,593
102.454
17,562
283.154 1,329,564
109.562 2,805,735
2,291,693
a Non-stock (or includes non-stock proprietary
Excess Inter-agency assets (deduct).
Inters).b
c Deficit (deduct).
d Exclusive of inter-agency assets and liabilities (except bond Investments).
e AdJusted for inter-agency items and items In transit.
f Excludes contingent ASSOIR and liabilities amounting to $774,245 for guaranteed loans. Arc.
C Includes tiniouesl bonds covering loan. In process
Ii Includes U. S. Housing Corporation; U. S. Spruce Production Corporation: U. S. Railroad Administration, and notes received on account of war supplies.
Includes Inland Waterways Corporation: Federal Subsistence Homesteads Corporation: Tennessee Valley Authority. Inc.: Electric Home and Farm Authority.
Inc.; Federal Housing Administration; Farm Credit Administration (crop production and other loans): Agricultural Adjustment Administration: Tennessee Valley Associated
Co-operatives, Inc, Federal Prisons Industries, Inc., and inter-agency Interests held by the U.S. Treasury. and loans to railroads.
Preliminary statement.
k In liquidation.
1 Represents capital stook paid-in surplus, and other proprietary inter-agency interests which are not deducted from the capital stock and paid-In surplus of the
corresponding organizations.
n Less than $1,000.
o Appropriation provided by Congress.
p Includes loans to Federal Land banks amounting to 574,327,782.
q Assets not classified. Includes only amount of capital stock subscribed by the United States.
r Includes assessments paid in by member banks and trust companies to the amount of 541,415,941.
a Net after deducting estimated amount of uncollect ible obligations held by the Farm Credit Administration.
CURRENT NOTICES
1
-Ryan & McManus, members of New York Curb Exchange, announce
that Lawrence Gilaryi, formerly with Fitch Investors Service, is now associated with theirs.
-John E. Sloane & Co....41 Broad St., New York, have prepared a circular-analyzing reports-of itnliortant-railiT3ad COUiPanies for the first..two
months of 1935.
-George M. Corning, formerly of Jenks, Gwynne & Co., is now associated with Syle, Carpenter & Black as manager of the statistical depart'
ment.
-myth & Co., Inc., 120 Broadway, New York. has prepared for distribution an analysis of the capital stock of the Manufacturers Trust Co.
-Dougherty, Corlaan & Co. announce the opening of a Nev Jersey
municipal bond department under the direction of George II. Wyckoff.
-Eastman, Dillon & Co., members of the New York Stock Exchange,
announce the removal of their New York office to 15 Broad Street.
-Paine, Webber & Co.. members of the New York Stock Exchange,
announce that James T. Bryan has become associated with them.
-Cornelius J. Leary is now associated with Lapham, Fahey & Co. in
their uptown New York office at 522 Fifth Avenue.
-Bristol & Willett, 115 Broadway, New York, are distributing their
current offering list of baby bonds.
& Co. announce that Frederick S. Fischer is now in charge of
their Philadelphia office.
2474
Financial Chronicle
April 13 1935
FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDITURES
THEREFROM, AND UNEXPENDED BALANCES AS OF MARCH 31 1935
The statement of funds appropriated and allocated as of March 31 1935, taken from the daily Treasury statement, is
as follows (see explanatory note below):
Sources of Funds
Expenditures
Appropriations
Organizations
Statutory and Executive
Allotments
National
Industrial
Recovery Act
Specific
Agricultural Adjustment Administration
Less processing tax
$
h1,284,638,795
d752,338,772
Net
532,300,022
Commodity Credit Corporation_f
Farm Credit Administration f
80,000,000
Federal Farm Mortgage Corporation
Federal Land banks:
Capital stock
125,000.000
1';.1d-in surplus
125,000,000
Reducton in interest rates on mortgages
22,950,000
Federal Emergency Relief Administration
1 1605,000,000
Federal Surplus Relief Corporation
Civil Works Adminstration
1 345,000,000
Emergency conservation work
93,101,630
Department of Agriculture, relief
Public Works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States, municipalit's. drc.f
Public highways
255,488,217
Boulder Canyon project
18,339,960
River and harbor work
All other
72,000,000
Home Loan System:
Home Loan Bank stock
Home Owners' Loan Corporation
Federal savings and loan associations
k50,000.000
Emergency housing
Federal Housing Administration
3ubsistenoe homesteads
Reconstruction Finance Corporation—Direct
loans and expenditures_f
I
Export-Import Banks of Washington_f
Federal Deposit Insurance Corporation
150,000,000
tdministration for Industrial Recovery
Total
Unallocated funds:
By the President
By Public Works Administration
Emergency
Appropriation
Act 1935
s
Unexpended
Reconstruction
Finance
Corporation
$
37,566,000
3,000,000
60,000,000
173,035,000
400,005,000
323,362,315
50,000,000
199,607,800
532,828,569
437,141,725
44,125,000
251,597,586
719,191,179
146,785.000
477.980,000
343,390,000
98,845,000
s
8
c
37,566,000
0405,036,972
313,247,530
200,000,000
25,000,000
j
I
3,000,000
94,699,000
68,928.336
125,000,000
200,000.000
1,250,000
13,413,000
s
c25,000,000
Fiscal Year
1934 and
Prior Years a
1,322.204.795
752,338,772
566.582,023
399,289,975
5
290,249,668
353,048,796
$
465,373,103
569,866,022
408,036,972
600,032,530
200,000,000
167,292,047
h133,775.350
75,714,911
265
e62,799,128
164,341,934
282,004,974
199,999,734
465,373,103
377,470.388
242,312,643
125,000,000
h9,060,860
125,000,000
22,236,647
9,105,432
22,950.000
911,040,000 2,167,055.000 f 1,257,005.622
1 68,309.800
88,960,000
833,965,000
10,883,289
759.853,945
300,375,077
98,845,000
78,182,096
161,832,569
25,329,500
1,000,000
25,000,000
Fiscal Year
1935
7'otal
123,019,675
11,041,185
40,863,477
61,899,875
7,029,256
6.815,310
705,208,677 1 06,477.090
40,053,808 1
805,122,892
17,958,818
127,538,016
331,940,851
20,662,903
75,000,000
199,607,800
694,661,138
692,629,942
65,464,960
346,296,586
860,119,515
25,082,652
69,676,460
100,945,019
264,865,381
18,478,940
117,551,383
244,412,701
11,036,794
70,739,000
78,596,229
267,882,017
19,445,381
72,450,381
133.327,844
125,000,000
200,000,000
50,000,000
25,329,500
26,000,000
25.000.000
200,000
46,000,000
18.925,341
2,348,410
14,320,980
2,922,121
81,445,700
154,000,000
754,800
369,351
2,330,180
38.880,552
59,192,339
515,119,888
159,882,543
27,540,638
156,294,821
482,378,969
43,354,300
30,319,858
22,611.738
11,679,019
19,747,697
c4,261,628,738 4,261,628,738 h137,612,556 2,411,844,706 1,987,396,588
12,500,000
13,750,000
h141,832
2,654,324
11,237,508
150,000,000
m
497.850
149,502,149
5,000,000
18,413,000
8,785,124
6.632,491
2,995,383
2,474,179,831 3.297,452,675 1,425.459,905 6,542.413,24113,739,505.653 2,643,526,960 6,099,797,507 4,996,181,185
715,095
715,095
2,547,324
2,547,324
715,095
2,547,324
Grand total
2,474,179,831 3,300,000,000 1,426,175.000 6,542,413,241 13,742,768,072 2,643.526,960 6,099,797,507 4,999,443,604
a The emergency expenditures included in this statement or the period prior
National Industrial Recovery Act. The amount of obligations which the Recone
to the fiscal year 1934 include only expenditures on account o the Reconstruction
struction Finance Corporation is authorized to have outstanding at any one Lim
Finance Corporation, and subscriptions to capital stock of Federal Land banks
Is increased by the awns necessary for such purchases, not to exceed $250,000.000
under authority of the Act of Jan. 23 1932. Expenditures by the several departThe purchase of such securities by the Reconstruction Finance Corporation is
ments and Establishments for public works under the Emergency Relief and Conreflected as expenditures of the Reconstruction Finance Corporation and as credits
struction Act of 1932 were made from general disbursing accounts, and, therefore,
against expenditures of the Federal Emergency Administration of Public Works.
are not susceptible to segregation from the general expenditures of such departThe amount by which the available funds on account of such transactions has been
ments and establishments on the basis of the daily Treasury statements.
increased is. therefore, included in the funds of the "Reconstruction Finance Corb Includes (a) $350,000,000 specific appropriations from the General
poration—direct loans and expenditures."
Treasury
under the Acts of May 12 1933, May 25 1939 and June 19 1934: (b) $924,885,000
k Includes $500,000 allocated for savings and loan promotion as authorized
advanced by the Secretary of the Treasury under authority of Sec. 12-11 of the
by Sec. 11 of the Act of April 27 1934.
Agricultural Adjustment Act, which must be returned to the Treasury from the
1 The appropriation of $500,000,000 for subscription to capital stock is included
proceeds of processing taxes collected on farm products; (e) $1,753,795 advanced
In the figures shown in the column for Reconstruction Finance Corporation.
by the Secretary of the Treasury under authority of Sec. 10-4 of the Act of June 28
m Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance Corpo1934; and (d) $8,000,000 allocated from processing taxes for purchase of surplus
ration is authorized to purchase at par obligations of the Federal Deposit Insurance
sugar under the Act of May 9 1934.
Corporation in a face amount of not to exceed $250,000,000, and the amount of
c There are no statutory limitations on the amounts of funds which may be
obligations which the Reconstruction Finance Corporation is authorized to have
made available by the Reconstruction Finance Corporation for carrying out the
outstanding at any one time is Increased by $250,000,000. The amount to be
purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by
included in this column will represent the proceeds deposited with the Treasurer
the Reconstruction Finance Corporation of preferred stock or capital notes of
of the United States on account of the sale of such obligations by the Federal
banks and trust companies under the Act of March 9 1933. The Reconstruction
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
Finance Corporation is required to make available to the Federal Housing AdminNOTE—The expenditures in this statement are on the same basis as those
istrator such funds as he may deem necessary for the purposes of carrying out the
exhibited on page 2 of the daily Treasury statement, but differ with respect to
Provisions of the National Housing Act. The amounts included in this column
classification. The purpose of this statement is to show all funds appropriated
for the purposes specified are based upon checks Issued therefor from time to time
or allocated to the respective emergency organizations, the expenditures thereby the Reconstruction Finance Corporation. The authority of the Reconstruction
from, and the unexpended balances. The principal difference in classification
Finance Corporation to Issue its bonds, notes, and debentures has been increased
of expenditures Is with respect to amounts paid from tundi allocated by the Reconby such amounts as may be required to provide funds for such purposes.
struction Finance Corporation to various emergency organizations. The expend The sum of $8.000,000 of this amount has been allocated for the purchase
ditures on page 2 under the caption "Reconstruction Finance Corporaton" comof surplus sugar under the Act of May 9 1934. The remainder is reserved to reimprehend all expenditures from funds of the Reconstruction Finance Corporation,
burse the Treasury for the advances referred to in footnote b.
including those allocated to other organizations, whereas expenditures Included
e Excess of processing tax, deduct.
In the foregoing statement on account of such allocated funds are exhibited as
f Expenditures are stated on a net basis, i.e., gross expenditures lees repayexpenditures of the organizations to which the funds were allocated rather than
ments and collections, the details of which are set forth in the supplementary
expenditures of the Reconstruction Finance Corporation. Similarly, certain
statement below.
expenditures of the Farm Credit Administration and the Commodity Credit Corg Net, after deducting repayments to the Reconstruction Finance Corporation.
poration, representing funds allocated to those organizations for the purpose of
Is Excess of credits, deduct.
carrying out the provisions of the Agricultural Adjustment Act, are exhibited on
1 The appropriation of 5950.000,000 provided in the Act of Feb. 15 1934 was
page 2 under the caption "Agricultural Adjustment Administration," whereas
allocated by the President as follows: Civil Works Administration. $345,000,000;
such expenditures are exhibited in this Statement as expenditures of the Farm
Federal Emergency Relief Administration, 8605,000,000.
Credit Administration and the Commodity Credit Corporation, respectively.
/ Under the provisions of the Emergency Appropriation Act, fiscal year 1935,
The total amount of expenditures for the fiscal year 1935 in this statement can
the Reconstruction Finance Corporation is authorized to purchase marketable
be reconciled with the total amount of emergency expenditures shown on page 2
securities acquired by the Federal Emergency Administration of Public Works,
by adding to the latter the amounts Included in general expenditures under the
but the amount which the Reconstruction Finance Corporation may have Invested
captions "Agricultural Adjustment Administration," "Refunds of receipts—Proat any one time In such securities may not exceed $250,000,000. Moneys paid
cessing tax on farm products," and "Subscriptions to stock of Federal Land banks,"
for such securities are available for loans (but not grants) under Title II of the
and deducting the receipts under the caption "Processing tax on farm products."
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
This Month
Organizations
Repayments and
Collections
Fiscal Year 1935
Net
Expenditures
Repayments and
Collections
Net
Expenditures
Commodity Credit Corporation
$6,024,651
$3,464,875
$2,559,776
5103,052,526
$236,827,877
RS133,775,350
Farm Credit Administration
31,051,678
13,199.882
17,851,795
6242,793,257
13167,078,345
75,714,911
Loans and grants to States, municipalities, drc
17,910,262
7,211,444
10,698,817
164,559,360
63,614,340
100,045,019
Reconstruction Finance Corporation—Direct loans & expenditures
34,896,334
58,438,466
a23,592,132 c1,001,124,457 c1,138,741.014
a137,612,556
Export-Import Banks of Washington
62,028
1,487,315
a1,425,287
4,733,545
4,875,377
a141,832
a Excess of repayments and collections deduct.
Is These figures have been adjusted by eliminating certain non-cash transactions involving the allocation of funds by the Reconstruction Finance Corporation and the
transfers of funds between disbursing accounts. The adjustment does not affect the net expenditures of the Farm Credit Administration.
c These figures have been adjusted by eliminating certain non-cash transactions involving the allocation of funds by the Reconstruct on Finance Corporation to other
Government organizations, the purchase of the Corporation's notes by the Secretary of the Treasury, and the transfers of funds between disbursing accounts. The adjustment does not affect the net expenditures of the Reconstruction Finance Corporation.
Payments
Payments
COMPARATIVE PUBLIC DEBT STATEMENT
On the basis of daily Treasury statements)
Mar. 31 1917
Pre-War
Debt
Groan debt
Net bal. in general fund_
Aug. 31 1919
Highest PostWar Debt
Dec. 31 1930
Lowest PostWar Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
74,216,460.05 1,118,109,534.76
306,803,319.55
Mar. 31 1934
A 1 ear Ago
Feb. 28 1935
Last Month
Mar 31 1935
Grass debt
526,157,509,691.96 $28,525,994,303.20 $28,817,458,097.73
Net bal. In general fund. 4.817.870,615.36 2,080,644,091.65 2,445,841,872.39
Gross debt lees net bal-Grossdebt less net bat
filnd
Cl 90759755522 52.5472 A99 112 95 A157102/22.767.52
mace In ann. fund
821.339.6:19.076.60 S26.445.350.2(1.55 526.371515 22S 51
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
March 30 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of March 30 1935.
CURRENT ASSETS AND LIABILITIES
AnitaGold
GOLD
Liabilities8,566,858,178.43 Gold certificates:
Outstanding (outside
793,543,459.00
of Treasury)
Gold ctf. fund-Fed.
Reserve Board _ _ ,4,905.559,8i5.48
Redemption fund15,648.755.28
Fed. Reserve notes_
156,039.430.93
Gold reserve
Exch. stabilization fund _1,800,000,000.00
Gold in general fund... 896,066.717.74
8,566,858,178.43
8,566,858,178.43
Total
Total
Note-Reserve against $346,681,016 of United States notes and 61,182,924 of
Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver dollars in the Treasury.
SILVER
LiabilitiesS
Assets-.
S
Silver
263,337,146.10 Silver ctfs. outstanding_ 732,421,303.00
Silver dollars
510,654,635.00 Treasury notes of 1890
1,182,924.00
outstanding
40,387,554.10
Silver in gen. fund
Total
2475
Financial Chronicle
Volume 140
773,991,781.10
773.991,781.10
Total
GENERAL FUND
AssetsLiabilitiesGold (see above)
896.066,717.74 Treasurer's checks outstanding
Silver (see above)
4,588,819.73
40.387,554.10
United States notes__ .._
2,135,154.00 Deposits of Government
Federal Reserve notes
officers:
15,446,170.00
Fed. Reserve bank notes
1,147,847.68
Post Office Dept
1,727,323.00
National-bank notes
Board of Trustees,
20,363,321.50
Subsidiary sliver coln
Postal Savings
3,411,326.60
Minor coin
System:
3,508,393.14
Silver bullion(cost value) 116.021,709.56
5% reserve, lawful
Silver bullion (recoinage
50,748,981.80
money
value)
14,356,584.69
Other deposits
10,695,962.39
UnclassifiedPostmasters. clerks of
Collections, ..t:o
Courts, disbursing
.525,433.93
Deposits in:
380,727,158.02
officers, &c
Fed. Reserve banks
451.409,967.04 Deposits for:
Special depos. acct. of
Redemption of Nat"
sales of Govt. secs_ _1,325,360,000.00
bank-notes(5% fund
Nat, and other bank
24,951,917.88
lawful money)
depositaries:
Retirement of &den
To credit of Treascircularg notes. Act
urer of U. S
of May 30 1908_
1.350.00
8.179.142.86
To credit of other
Uncollected items, exGovt. officers
11,214,988.04
changes. Arc
27.636,908.31
Foreign depositaries:
To credit of Treas487,737,647.84
urer of U. S
1,149,955.67 Balance of increment reTo credit of other
sulting from reduction
Govt. officers_ _
in weight of the gold
1.429,088.67
Philippine Treasury:
797,016,482.34
dollar
To credit of TreasSeigniorage (see note 1)_ 110,601,846.16
urer of U. S
1,538,223,543.89
2,125,391.72 Working balance
Balance to-day
2 445,841,872.39
Total
Total
2,933,579,520.23
.2,933,579,520.23
Note 1-This Item represents seigniorage resulting from the issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclamation dated Aug. 9 1934.
Note 2-The amount to the credit of disbursing officers and agencies to-day was
$914,008,508.76.
$1,248,420 in Federal Reserve notes, $1,727,323 in Federal Reserve bank notes,
and $20,284,941 in National bank notes are in the Treasury in process of redemption
and are charges against the redemption funds and retirement funds for such notes.
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government statements, shows
money holdings
- of the Treas- the
ury at the beginning of business on the firsta=mary,
February, March and April, 1935:
,oldIngs in U..8. Treasury Jan. 1 1935
Fe*. 1 1935
Mar. 11035 .4pr. 1 1935
S
$
$
8
let gold coin and bullion_ 1,164,656,814 1,057.434,159 1,041.639,513 1.052,106.149
let silver coin and bullion 113,969,654 119,061,144 145,436,782 167,105,226
let United States notes__
2,616,347
2,530,126
3,562,747
2,135,154
let National bank notes.
18,198,398
21.909,115
18,085,627
20,363,321
let Federal Reserve notes
17,172.770
16,952,805
17,104,580
15,446,170
let Fed. Res, bank notes.
763.788
2.318,088
1.065,948
1,727,323
let subsIdlary sliver
4,860,682
4,286,800
4,725,405
3,411,327
liner coin. kc
7.879,760
5,308.764
6,979,337
10,033,827
Total cash In Treasury_ 1,331,932,166 1227987,048 1,238,599,939 .1272328,497
Ass gold reserve fund... 156,039.431 156,039,431 156,039,431 156.039.431
Cash balance in Tress,. 1,175,892,735 1,071,947.617 1,082,560,508 1,116,289.066
)ep. In spec'l depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 1,694,982,000 1,552,315,000 1,325,435,000 1,325,360,000
3ep. In Fed. Res. bank
153,068,748 125,241,459 125,076,363 451.409,967
Dep, In National banks8,179,143
To credit Treas. U, S.._
23,240,608
36,894,264
19,119,702
27,636.908
To credit dist). officers_
29,557,741
25,078,945
24.824,750
3ash in Philippine Islands
1,238,371
819,788
721,650
2,125.392
Deposits in foreign depth_
2,529,333
2,965,256
2,693.160
2,579,044
Dep. In Fed. Land banks_
Net cash in Treasury
and in banks
3,094,180,532 2,811,591,333 2.580,431,133 2,933,579 520
Deduct current liabilities_ 530,335,015 492.198,898 499,787,041 487,737,643
Available cash balance_ 2,563,845.517 2,319,392,435 2,080,644.092 2.445,841,872
• Includes April 1 3126,717,672 silver bullion and $3.508,393 minor, &c., coin
not included in st.tement "Stock of Msney."
General & Special Funds- -310609 of March- -July Ito Ifarch 301933-34
1934-35
1934
1935
Receipts3
s
$
S
Internal revenue:
590,214,117
793,221,346
232,007,129
326,268.512
Income tax
129,759,402 1,267,022,916 1,115,510.353
Miscellaneous internal rev... 188,919,079
238,005,909
399,289,975 1
37,100,762
46,539,585
Processing tax on farm prod'ts
247.764,000
253,384,031
23,121,671
32,303,129
Customs
Miscellaneous receipts:
Proceeds of Govt.-owned securities:
Principal-for'n obligations
64,355 Aill 394,175
438,016
19,859,636
Interest-for'n obligations_
35,028,634
al0,605,593
36,431,776
609,043
All other
18,660,444
18,845,545
2,080,247
2,941,828
Panama Canal tolls, .3‘c
55,037,056
763,406
,,,,,78,066
Seigniorage
39,035,186
3,266,098
40,179,388
5,778,282
Other miscellaneous
Total receipts
ExpendituresGeneral:
Departmental (see note 1)
Public bldg. construction and
sites, Treas. Dept.(note 1)_
River & harbor work (note 1)_
National defense (note 1):
Army
Navy
Veterans' Admin. (note 1),....
Adjusted-service ctf.fund__
Agricultural Adjustment Administration (note I)
Farm Credit Admin.(note 1).
Refunds of receipts:
Customs
Internal revenue
Process, tax on farm prod's_
Postal deficiency
Panama Canal (note 1)
Subscription to stock of Fedi
Land banks
Civil service retirement fund
(Government share)
For'n Service retirement fund
(Government share)
DLst. of Col. (Govt. share).
Interest on the public debt...
Public debt retirements:
Sinking fund
Purchases and retirements
from for'n repayments.
Received from for'n govts.
under debt settlements.
Estate taxes, forfeitures,
gifts, dee
420,103,481
2,862,760,232
2,305,704,722
29.336,288
28,187,394
276,171,022
253,843,150
1,290,027
4,515,726
3,600,038
3,532,690
21,355,406
39,851,127
63,836,286
56,386,698
18,516,934
14,066,712
46,201,638
15,390,933
21,448,609
39,056,809
163,797,091
134,301,853
416,155,728
50,000,000
160,123,254
174,589,366
375,827,953
50,000.000
47,855,775
618,720
18,566,586
619,402,385
414,525,986
13,308,858
=9,176,164
20,027,007
2,291,831
1,576,131
1,929,896
1,606,146
2,624,870
248,937
1,170,668
16,820,492
17,974,677
23,186,039
25,024,176
6,468,754
10,588,026
38,386,746
386,738
17,002,999
,6.149,107
191,546,780
b9,060,860
b1,737,780
20,850,000
20,850,000
159,100
4,364,295
559,642,138
292,700
5,700,000
453,262,068
152.840,300
51,976,000
632,358
89,646,698
45,944,769
4,249,650
357.850
Total
Emergency:
Agricultural Adjust. Admin..
Farm Credit Administration_
Federal Farm Mtge. Corp_
Federal Land banks
Federal Emergency Relief Administration (note 2)
Civil Works Administration._
Emergency Conserva'n Work_
Dept. of Agriculture-relief..
Public V. orks:
Tenn. Valley Authority__
Loans to railroads
Loans and grants to States,
municipalities, &c
Public highways
Boulder Canyon project...
River and harbor work__ _.
Subsistence homesteads...
All other
Fedi says. & loan associa'ns
Emergency Housing
Reconstruction Finance Corp.
(note 2)
Fed. Deposit Insur, Corp__
Admin.for Indus. Recovery
103,500
5,000
557,250
14,000
262,831,884
160,424,266
2,448,293,430
1,987,039,132
280,329
9,357,814
2,453,350
6981,247
25,036,413
4,077,221
128.975,563
47,600,291
57,978,456
39,018,753
25,036,413
31,553,008
161,557,378
213,733
37,744,926
1,813,789
40,502,101
177,303,591
27,313,505
826,571,693
10,883.289
300,375,077
78,182,097
40,802,939
602,882,659
235,076,275
3,618,930
1,165,800
1,159,363
25,082,653
69,676,460
4,178,955
6,990,000
10,698,818
13,346,292
2,034,055
7,570,909
347,504
41,137,500
3.565,903
b508,981
7,684,864
22,729,227
1,649,457
7,523,379
60,591,277
179,761,074
12,483,261
43,427.660
16,086,707
55,000
1,930
100,945,020
264,865,381
18,478,940
117,551,384
2,922,122
246,493.772
18,9'25,342
2.348,410
b11,116,068
76,221,766
40,413,641
578,403
313,658,222
497,850
8,785,125
1,287,354,800
149,620,997
4,042,2=
3,712,233
1,151,085
31,342,080
80,055,907
103,500
1,930
Total
287,691,949
449,808,671
2,614,165,771
2,860,965,286
Total expenditures
550,513,833
610,232,937
5,062,459,201
4,848,004,418
190,129,456
2,199,698,959
2,542,299,695
50,124,266
Excess of receipts
Excess of expenditures
Summary
Excess of expenditures (-I-) or
receipts (-1
Less public debt retirem'ts_
-50,224.266 +190.129,456 +2,199,698,969 +2,542,299,695
4,353,150
153,997,550
52.347,850
5,000
Excess of expenditures (+) or
receipts (-)(excluding public
-54,577,416 +190,124,456 +2,046,301.419+2,489,951,545
debt retirements)
Trust funds, increment on gold,
19,156,570
1,092,045
145,904,368 2,826,780,108
/Vc., excess of receipts
Total excess of expenditures
-73,733,988 +189,032,411 +1,900,397,051 -336,828,263
(+) or receipts (-)
Increase (4-) or decrease (--) in
+365,197,781 -83,898,304 -136,080,368 +3,955,665,395
general fund balance
291,463,795
Increase in the public debt
105,134,107 1,764,316,683 3,618,837,132
Public debt at beginning of
month or year
28,525,994,303 26,052,375,585 27,053,141,415 22,538,672,560
Public debt at this date
28,817,458,098 26,157.509,692 28,817.458,098 26,157,509,692
Trust Funds, Increment on
Gold, &c.
ReceiptsTrust funds
Increment resulting from reduction in the weight of the gold
dollar
Seigniorage (note 3)
Total
ExpendituresTrust funds
Chargeable against increment on
gold:
Exchange stabilization fund..
Melting losses, tkc
Payments to Federal Reserve
banks (Sec. 13-B, Fed. Res.
Act as amended)
Total
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for March
1935 and 1934 and the nine months of the fiscal years 1934-35
and 1933-34.
600,748,099
19,994,125
12,218,270
167,126,003
115,534,996
157,326
24,705,148
2,233,252
1,446,999
110,601,846
2,810,454,390
44,856,599
14,451,522
279,174,848
2,925,939,396
23,537,902
13,359,478
117,464,206
99,209,278
136,973
2,162,127
25,700,029
15,669,301
13,359,478
133,270,480
99,209,278
Excess of receipts or credits....
19,156,570
1,092,044
145,904,368 2,826.780,108
Excess of expenditures
a Counter entry (deduct). b Excess of credits (deduct).
Note 1-Additional expenditures on these accounts for the months and the fiscal
years are included under Emergency Expenditures, the classification of which will
be shown in the statement of classified receipts and expenditures appearing on page 5
of the daily Treasury statement for the 15th of each month.
Note 2-The expenditures of the Reconstruction Finance Corporation include
$2,026,666.39 for this month and $487,526,010.67 for the fiscal year 0935 to date
2476
Financial Chronicle
for account of the Federal Emergency Relief Administration, in accordance with the
Emergency Appropriation Act, approved June 19 1934.
Note 3--This Item represents seigniorage resulting from the Issuance of silver
certificates equal to the cost of silver acquired under the Sliver Ourchase Act of 1934
and the amount returned for the silver received under the President's proclamation
dated Aug. 9 1934.
PRELIMINARY DEBT STATEMENT OF THE
•
UNITED STATES MARCH 31 1935
The preliminary statement of the public debt of the United
States March 31 1935, as made upon the basis of the daily
Treasury statement, is as follows:
Ponds2% Consols et 1930
2% Panama Canal loan of 1916-36
2% Panama Canal loan of 1918-38
8% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
334% Postal Savings bonds(9th to 48th aeries)
8599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,530.00
101,943,340.00
8855,263,470.00
First Liberty loan of 1932-47:
81,392,225,250.00
334% bonds
4% bonds (converted).5,002,450.00
535.981,250.00
43i% bonds (converted)
1,933,208,950.00
SM% Fourth Liberty loan of 1933-38 (called
and uncalled)-0
11.739,736,700.00
$9,172,823,000.00
243,800,000.00
2,624,000.00
2,272.000.00
45,000,000.00
100,000,000.00
9,566,519,000.00
Certificates of Indebtedness8% Adjusted Service Certificate Fund series,
maturing Jan. 1 1936
Treasury Bills (Maturity Value)—
Series maturing Apr. 3 1935
Series maturing Apr. 10 1935
Series maturing Apr. 17 1935
Series maturing Apr. 24 1935
Series maturing May 1 1935
Series maturing May 8 1935
Series maturing May 15 1935
Series maturing May 22 1935
Series maturing May 29 1935
Series maturing June 5 1935
Series maturing June 12 1935
Series maturing June 19 1935
Series maturing June 26 1935
Series maturing July 3 1935
Series maturing July 10 1935
Series maturing July 17 1935
Series maturing July 24 1935
Series maturing July 311935
Series maturing Aug. 7 1935
Series maturing Aug. 14 1935
Series maturing Aug. 21 1935
Series maturing Aug. 28 1935
Series maturing Sept. 4 1935
Series maturing Sept. 11 1935
Series maturing Sept. 18 1035
Series maturing Sept. 25 1935
Series maturing Nov. 27 1936
Series maturing Dec. 4 1935
Series maturing Dec. 11 1935
Series maturing Dec. 18 1935
Series maturing Dec. 24 1935
159,600,000.00
875,038,000.00
75,360,000.00
75,248,000.00
75,102,000.00
75,015,000.00
75,075,000.00
75,045,000.00
75,168,000.00
75,287,000.00
75,139,000.00
75,079,000.00
75,020,000.00
75,300,000.00
75,150,000.00
75,185,000.00
75,079,000.00
75,129,000.00
75,106,000.00
75,185,000.00
75,112,000.00
75,024.000.00
50,054,000.00
50,114,000.00
50,052,000.00
50,125,000.00
50,079,000.00
50,185,000.00
50,072,000.00
50.149,000.00
50,006,000.00
50,071,000.00
31,682,133
92,555,579
4,070,300
695,885
234,457,766
129,003,897
+1353.163.758 +948,408,257
Nov. 30 1933
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
1,491,797,000
1,392,227,350
5,002,450
532,489,950
3,492,150
5,423,196,000
758,983,300
1,036,834,500
489,087,100
454,135,200
352,993,950
544,915,050
819,097,000
755,844,200
834,474,100
1,344,751,600
68,633,500
5,148,640,200
c75,039,000
C100,015.000
c75,082,000
c100.050,000
(
.75,020,000
c75,523,000
c80,034,000
c60,180.000
c75.335,000
c75,295,000
c60,063,000
c99,877,000
26,760,967,760 23,161,427,730
490,653.149
304,074,199
47,325,800
68,611,495
Net debt
b25,945,782,941 22,585,705,167
a Total gross debt Nov. 30 1934 on the basis of daily Treasury statements was
$27.298,896,757.95, and the net amount of public debt redemptions and receipts
In transit, Arc. was $49,941.50. Is No reduction is made on account of obligations
of foreign governments or other investments. c Maturity value. d Includes amount
of outstanding bonds called for redemption on April 15 1931.
$28,042,870,220.00
31,520,440.26
1,833,950.00
2,986,800.00
10,900.00
800,200.00
6,906,400.00
15,350,750.00
44,749.000.00
378.950.00
346,681,016.00
156,039,430.93
CONTINGENT LIABILITIES OF THE UNITED STATES, NOV. 30 1934
—Amount of Contingent Liabilitp--Principal
Detail—
Interest a
Total
Guaranteed by the United Slates:
Federal Farm Mortgage Corp.:
$
$
$
38,900,000.00
2% bonds of 1935
1132,338.89
39,092,338.89
741,510,100.00
3%, bonds of 1944-49
926,887.62 742,436,987.62
98,040,400.00
663,815.20
3C% bonds of 1944-64
98,704,215.20
*878,450,500.00 1,783,041.71 • 880,233,541.71
Federal Housing Administration_
Home Owners' Loan Corp.:
4% bonds of 1933-51
3% bonds, series A, 1944-52_ _ _1,091,621,550.00 6,179,156.33 1,097,800,706.33
2Si% bonds,series B, 1939-49._ 454,665,775.00 4,167,769.60 458,833,544.60
134% bonds, series C, 1936_ _ _.. 49,736,000.00
217,303.33
49,953,303.33
154% bonds, series D, 1937.... 49,843,000.00
254,406.95
50,097,406.95
2% bonds, series E, 1938
49,532,100.00
288,937.25
49,821,037.25
•1,695,398,425.00 11,107,573.46 1,706,505,998.46
504,077,340.50
2,035,834.86
3,295,727.04
700,050,487.47
$28,817,458,097.73
Total gross debt
a Includes amounts of outstanding bonds called for redemption on April 15 1934,
and Oct. 15 1934. on which interest has ceased.
1,077.412,154
29,822,435
197,642,492
3,898,665
3,094,174
Interest Nov. 30 1934
Title of Loan—
Payable
8
2s Consols of 1930
Q.-J. 599.724,050
250? 1916-1936
Q.-F.
48,954,180
28 of 1918-1938
Q.-F.
25,947,400
3s of 1961
Q -M.
49.800,000
3s convertible bonds of 1946-1947
Q.-J.
28,894,500
Certificates of Indebtedness
1,152,896,500
314s First Liberty Loan, 1932-1947
J.D. 1,392.226,250
4s First Liberty Loan, converted 1932-1947
J.-D.
5,002,450
434s First Liberty Loan, converted 1932-1947..J.-D. 532,483,100
434s First Liberty Loan. 2d cony., 1932-1947 J.-D.
3,492,150
4345 Fourth Liberty Loan of 1933-1938
A -0.d3202,445,750
4345 Treasury bonds of 1947-1952
A.-0. 758,983,300
3s Treasury bonds of 1944-1954
J.-D. 1,036,834,500
3345 Treasury bonds of 1946-1956
M.-S. 489,087,100
8345 Treasury bonds of 1943-1947
J.-D, 454,135,200
3548 Treasury bonds of 1940-1943
J.-D. 352.993.950
354s Treasury bonds of 1941-1943
M.-S. 544,914,050
3348 Treasury bonds of 1946-1949
J.-D. 819,096,500
38 Treasury bonds of 1951-1955
M.-S. 755,478,850
334s Treasury bonds of 1941
P.-A. 834,474.100
414s-3 kis Treasury bonds of.1943-1945
A -O. 1,400,570,500
334a Treasury bonds of 1944-46
1,518,857,800
38 Treasury bonds of 1946-1948
824,508,050
2 SO Postal Savings bonds
J -.I
88,684,020
Treasury notes
8,036,268,500
Treasury bills, aeries maturing1935—Jan. 2
c75.167,000
Jan. 9
c75,235,000
Jan. 16
c75,144,000
Jan. 23
c75,200,000
Jan. 30
c75,025.000
Feb. 6
c75,327,000
Feb. 13
c75,320,000
Feb. 20
c75,090,000
Feb. 27
c75,065,000
Mar. 6
c75,290,000
Mar. 13
c75,365,000
Mar. 20
c75.041.000
Mar.27
c75,023,000
Apr. 3
c75,038,000
Apr. 10
c75,360,000
Apr. 17
c75,248,000
Apr. 24
c75,102,000
May 1
c75,015,000
May 8
c75,075.000
May 15
c75.045,000
May 22
c75.168,000
May 29
c75,287,000
1934—Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Dee, 19
c75,226,000
Dee. 26
c75,353,000
1933—Dec. 6
Dec. 20
Dec. 27
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency— Thrift and Treasury savings stamps, unclassified sales. drc
1,587,621,524
Total debt
527,298,946,699 23,534,113,424
Deduct Treasury surplus or add Treasury deficit ....+1353,163,758 +048,408,257
74,537,390.26
Debt Bearing No Interest-United States notes
Lees gold reserve
Balance, deficit(—)or surplus(+)
A ggregate otinterest-bearing debt
Bearing no Interest
Matured,Interest ceased
2,078,753,000.00
Total Interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
4% and 431% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928__._
354% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes, at various interest rates
Ctrs, of indebtedness, at various Interest rates
Treasury bills
Treasury savings certificates
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certifleates
Settlement on warrant checks
I vTEREST-BEARING DEBT OUTSTANDING
758,955,800.00
1,036,762,000.00
439,687,100.00
454,135,200.00
352,993,950.00
514,914,050.00
818,646,000.00
755,477,000.00
834,474,100.00
1,400,570,500.00
1,518,858,800.00
824,507,900.00
491,377,100.00
1,458,977.200.00
$16,237,998,220.00
Total bonds
Treasury Notes416,602,800.00
3% series A-1935, maturing June 15 1935._
353,865,000.00
134% series 13-1935, maturing Aug. 1 1935._
234% series D-1935, maturing Dec. 15 1935__
418,291,900.00
364.138,000.00
334% series A-1936. maturing Aug. 1 1936_357,921,200.00
234% series B-I936, maturing Dec. 15 1936._
558,819,200.00
234% series C-1936, maturing Apr. 15 1936-514,066,000.00
154% series D-1936, maturing Sept, 1b 1936._
686.610,400.00
134% series E-1936, maturing June 15 1936._
817,483,500.00
33.4% series A-I937, maturing Sept. 15 1937.
502,361,900.00
3% series 13-1937, maturing Apr. 15 1937....
428,730,700.00
3% series C-1937, maturing Feb. 15 1937....
2Si% series A-I938, maturing Feb. 1 1938._
276,679,600.00
618,056,800.00
% series 11-1938, maturing June 15 1938._
455,175,500.00
3% series C-1938, maturing Mar. 15 1938-596,405,100.00
234% series D-1938, maturing Sept. 15 1938..
234% series A-1939, maturing June 15 1939._ 1,293,714,200.00
513,895,200.00
134% series A-1940, maturing Mar. 15 1940__
4% Civil Service retirement fund, series 1935
to 1939
4% Foreign Service retirement fund. series
1935 to 1939
a% Canal Zone retirement fund, series 1938
to 1939
2% Postal Savings System series, maturing
June 30 1939
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1 1939
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Nov. 30 1934 Nov. 30 1933
$
Balance end of month by daily statements. &c
1,597,408,838 1,107,325,902
Add or DflaUCI—Exress or deficiency of receipts over
or under disbursements on belated items
—9,787,314 —29,913,748
Total
1,709,789,100.00
3,642,998,050.00
Treasury bonds:
4h % bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
334% bonds of 1941-43
334% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
344% bonds of 1943-45
3.34% bonds of 1944-46
3% bonds of 1946-48
34% bonds of 1940-52
23.4% bonds of 1955-60
April 13 1935
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash holdings of the United States, as officially issued as of Nov. 30
1934, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1933:
Reconstruction Finance Corp.:
% notes, series E
2% notes, series F
3% notes, series
2% notes, series H
149,621,666.67 1,554,471.00
64,093,000.00
501,597.39
16,000,000.00
187,826.09
19,267,000.00
160,209.29
151,176,137.67
64,594,597.39
16,187,826.09
19,427,209.29
248,981,666.67 2,404,103.77 c251,385,770.44
Total, based upon guarantees
2,838,125,310.61
Financial Chronicle
Volume 140
CONTINGENT LIABILITIES OF THE UNITED STATES. NOV. 30 1934
-Amount of Cotangent Liability
Interest a
Total
Principal
On Credit of the United States:
Secretary of Agriculture
92,764,697.00
162,778.52 d92,927,475.52
Postal Savings System:
Funds due depositors
1,198,658,817.70 23,820,630.16e1,222,479,447.86
Tennessee Valley Authority
1,315,406,923.38
Other ObligationsFederal Reserve notes (face amt.).
f3,193,167,959.00
* Includes only bonds issued and outstanding. a After deducting amounts of
funds deposited with the Treasury to meet interest payments. b 326,588,500 face
amount of bonds and interim receipts outstanding. c Does not include $3,420,000,000 face amount of notes and accrued interest thereon, held by Treasury and
reflected in the public debt. d Funds borrowed by Secretary of Agriculture pursuant
to Sec.4 of the Act of May 12 1933, upon cotton in his possession or control, for which
the warehouse receipts for such cotton have been pledged as collateral. e Figures
as of Oct. 31 1934-figures as of Nov. 30 1934, not available. Offset by cash in
designated depository banks and accrued Interest amounting to $565,584,000.06,
which is secured by the pledge of collateral as provided in the regulations of the
Pmts.' Savings System having a face value of 8591.279,235.74; cash in possession of
System amounting to $88,114,861.10, and Government securities with a face value
of $566,246,950 held as Investments, and other assets f In actual circulation.
exclusive of $20,138,376 redemption fund deposited in the Treasury and $253,671,585 of their own Federal Reserve notes held by the issuing banks Federal
Reserve notes issued are secured by gold certificates in the amount of $3,246,416,000:
United States Government securities of a face value of $256,700,000, and commercial paper of a face amount of s9,666,000
NOTICES
-G. Harold Noke is now in charge of the wholesale department of M.E.
Kennedy & Co.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Capital
March 30-Junction National Bank,Junction, Tex
$50,000
Capital stock consists of $25,000 common stock and $25.000
preferred stock. President, J. L. Cunningham; cashier, L. S.
Johnson. Primary organization.
April 2-National Bank of Aledo, Aledo, III
50,000
Capital stock consists of $25.000 common stock and $25,000
preferred stock. President, John W. Murphy; Cashier,
Truman T. Schafer. Will succeed No. 9649, the Farmers
National Bank of Aledo.
VOLUNTARY LIQUIDATIONS
Mar. 27-Lackawanna National Bank, Lackawanna. N. Y
200,000
Effective Dec. 31 1934. Liq. Agent, H. J. Moll, care of the
liquidating bank. Absorbed by the Marine Trust Co. of
Buffalo, N. Y.
Mar. 28-The Home National Bank of Longton, Kan
25,000
Effective Mar. 25 1935. Liq. Agent, Chas. G. Hayward,
Longton, Kan. Succeeded by the Home State Bank.
Longton, Kan.
Mar.28-Drovers National Bank in Kansas City, Mo
600,000
Effective Mar 15 1935. Liq. Agent, Dean T. Davis, care of
the liquidating bank. Absorbed by the Inter State National Bank of Kansas City, Mo., charter No. 5381.
Mar. 29-The East Side National Bank of Buffalo, N. Y
300,000
Effective Mar. 7 1935. Liq. Agents, Arthur T. Danahy,
Joseph M. Dziminski and Joseph A. Carberry, care of the
liquidating bank. Succeeded by "The Lincoln-East Side
National Bank of Buffalo," N. Y., charter No. 13952.
April 1-San Jose National Bank, San Jose. Calif
500.000
Effective March 28 1935. Liq. agent, Wm. H. Pabst, care of
the liquidating bank. Absorbed by the Anglo California National Bank of San Francisco, Calif.. charter No. 9174.
April 2-The First National Bank of Albany, Mo
30,000
Effective April 11935. Liq. agent, M.P. Whaley, Albany, Mo.
No absorbing or succeeding bank.
April 4-The Crocker National Bank of Turners Falls, Mass
100,000
Effective March 22 1935. Lich agent, Roland II. P. Jacobus.
Turners Falls, Mass. Absorbed by First National Bank &
Trust Co. of Greenfield, Mass., charter No. 474.
April 4-The First National Bank of Cambridge, Minn
50,000
Effective Feb. 27 1935. Liq. agent, A. G. Engberg, Cambridge, Minn. Absorbed by Peoples State Bank of Cambridge, Minn.
April 4-Peoples-First National Bank of Quitman, Ga
100,000
Effective March 15 1935. Litt. committee, M. G. Mitchell,
I. A. Byrd and W. W. Patrick, care of the liquidating bank.
Succeeded by the Citizens National Bank of Quitman, charter
No. 14255.
April 5-The First National Bank of Park City, Utah
82,500
Capital stock consists of $50,000 common stock and $32,500
preferred stock. Effective Feb. 9 .935. Lich committee,
C. I. Canfield, James Ivers and G. L. Leaver, care of the
liquidating bank. Absorbed by First Security Bank of Utah,
National Association, Ogden, Utah, charter No. 2597.
April 5-The Redfield National Bank, Redfield, S. Dak
120,000
Capital stock consists of $20,000 common stock and $100.000
preferred stock. Effective April 1 1935. Liq. agent, F. B.
Stiles, Aberdeen, S. Dak. Absorbed by First National
Bank of Aberdeen, S. Dak., charter No. 2980.
April 5-The First National Bank of Groton, S. Dale.
75,000
Capital stock consists of $25,000 common stock and $50,000
preferred stock. Effective April 1 1935. Lig. agent, B. F.
Stiles, Aberdeen, S. Dak. Absorbed by First National
Bank of Aberdeen, S. Dak., charter No. 2980.
CONSOLIDATIONS
March 30-First National Bank & Trust Co. of Aberdeen, S. Dak_ 375,000
Capital stock consists of $50,000 common stock and $325.000
preferred stock.
March 30 -The Farmers & Merchants National Bank in Milbank, S. Dak
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock.
March 30-First National Bank in Mobridge, S. Dak
70,000
Capital stock consists of $20,000 common stock and $50,000
preferred stock.
March 30-First National Bank in Britton, S. Dak
30,000
Capital stock consists of $25,000 common stock and $5,000
preferred stock.
Consolidated to-day under the provisions of the Act of Nov. 7 1918, as
amended Feb. 25 1927, and June 16 1933. under the charter of First
National Bank & Trust Co. of Aberdeen, No. 2980, and under the
corporate title of First National Bank of Aberdeen, with capital stock
of $505,000, consisting of $100,000 of common stock and $405,000 of
preferred stock, and $40,000 surplus.
BRANCHES AUTHORIZED
March 30-First National Bank of Aberdeen, S. Dak. Location of
branches: All in the State of South Dakota. City of Milbank, Grant
County; City of Groton, Brown County; City of Britton, Marshall
County; City of Redfield, Spink County; City of Mobridge, Walworth
County. Certificates Nos. 1157A to 1161A, inclusive.
DIVIDENDS
Total, based upon credit of the
United States
CURRENT
2477
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
$1X May 1 Apr. 15
Abraham & Straus. 7% pref. (quar.)
15c May 1 Apr. 104
Alaska Juneau Gold Mining (quar.)
The May 1 Apr. 104
Extra
$3 July 1 June 20
Allegheny & Western Sty. (semi-ann.)
15c May 10 Apr. 30
Alpha Shares, Inc., partic. stock (serni-ann.)
10c May 10 Apr. 30
American Factors, Ltd.(monthly)
$2 Apr. 15 Apr, 18
American I. G. Chemical. class A
50c Apr. 19 Apr. 18
Class A (special)
20c Apr. 19 Apr. 18
Class B
5c Apr. 19 Apr. 18
Class B (special)
75c May 15 Apr. 30
American Investors. Preferred (War-)
20c May 1 Apr. 20
American Machine & Foundry Co.(quar.)
50c May 1 Apr. 22
American Paper Goods (quarterly)
Amsterdam City National Bank (N. Y.)(quar.) $334 Apr. 30 Apr. 15
35c May 1 Apr. 20
Asbestos Mfg. Co.,$1.40 cony. pref.(quar.)__
3.734c May 1 Apr. 15
Associated Telep.. Ltd., pref. (quar.)
$1 May 1 May 1
Atlantic Macaroni Co..(guar.)
$134 Apr. lb Apr. 3
Atlantic Safe Deposit (N. V.) (quar.)
37;4c Apr. 30 Apr. 15
Beneficial Industrial Loan Corp.,com.(quar.)
8734c Apr. 30 Apr. 15
Preferred series A (quar.)
h$18( May 1 Apr. 20
Berland Shoe Stores, Inc., pref
50c May 15 Apri 25
Best & Co.(quar.)
12)4c May 15 May I
Buck Hill Falls Co.(quar.)
luc May 1 Apr. 15
Birtxnan Electric (quar.)
$1% May 1 Apr. 15
Preferred (quar.)
68%c May 15 May 1
Bourjois, Inc., $2.K prof. (quer.)
40c July 1 June 15
Colombo Sugar Estate (guar.)
50c May 1 Apr. 15
Camden Fire Insurance (semi-ann.)
Canada & Dominion Sugar, Ltd.(quar.)
r3734c Mar. 1 Feb. 15
r3734c June 1 May 15
Quarterly
r3734c Sept. 1 Aug. 15
Quarterly
r3734c Dec. 1 Nov. 15
Quarterly
15c May 1 Apr. 19
Capital Management(quar)
Central Mississippi Valley Electric Property$134 June 1 May 15
,
6% preferred (quar.)
43%c May 1 Apr. 15
Central Power & Light. 7% pref
3734c May 1 Apr. 15
6% preferred
h$1 May I Apr. 15
Chain Stores Investment,$63 preferred
Cincinnati Milling Machine,6% pref. (quar.)-- $134 Apr. 15 Mar.31
City Water Co. of Chattanooga.6% pf.(quar.)- $134 May 1 Apr. 20
40c Apr. 20 Apr. 10
Coca-Cola Bottling Co. of St. Louis
$3 Apr. 15 Apr. 10
Colonial Life Insurance Co. of America
25c Mar.30 Mar. 64
Commercial Solvents Corp. (extra)
$1 May 1 Apr. 15
Commonwealth Edison (quar.)
$2 May 15 May 1
Consolidated Oil,8% preferred (quar.)
60c May 15 Apr. 25a
Continental Can Co.. Inc. (quar.)
$1% Apr. 1 Mar. 20
Corcoran-Brown Lamp Co., 7% pref. (quar.)
1254c May 1 Apr. 15
Crandall-McKenzie & Henderson
Cumberland Co.Power & Light.6% pref.(qu.). $134 May 1 Apr. 13
$155 May 1 Apr. 20
Davenport Water Co.. 6% pref. (quar.)
h55c May 1 Apr. 20
De Mots,Inc.,$2.20 preferred
2c May 1 Apr. 15
Dividend Shares, Inc
$2 day 1 Apr. 15
Edison Elec. Ilium. Co. of Boston (quar.)
8c May 1 Apr. 15
Electric Power Association, Inc., class A
Sc May 1 Apr. 15
Common
Emporia Telep. Co.(Kan.) 7% pref. (quar.)__.. $1% .vIar. 2b vfar. 20
$1% slay 1 Apr. 20
Faber. Coe & Gregg, Inc.. 7% pref. (quar.)
81,ic Apr. 29 Apr. 22
Fiat, American deposit receipts
50c Apr. 25 Apr. 15
Fidelity & Deposit of Maryland
7c Apr. 15
First All-Canadian Trustee Shares-1945 Fund_
I. 25e Apr. 11, star. 30
Food Machinery Corp. (special)
75c Apr. 17 Apr. 10
Foreign Bond Associates, common
25e May 1 Apr. 20
Franklin Fire Insurance(quar.)
5c May 1 Apr. 20
Extra
Friehofer (Wm.) Baking Co..7% pref. (guar.). $134 Apr. 1 Mar. 28
15c May 1 kpr. 20
General Baking
$1 May 1 Apr. 16
General Cigar (quarterly)
$134 May 1 Apr. 20
General Hosiery Co., 7% Pref. (quar.)
General Italian Edison Electric, American shs- $3.85 Apr. 30 Apr. 23
1234c May 1 Apr. 22
Genesee Brew Co., Inc.. class A (quar.)
1234c May 1 Apr. 22
Class B (quarterly)
$2q Apr. 15 Apr. 1
Georgia RR.& Banking (quar.)
$234 July 15 July 1
Quarterly
20c Apr. 25 Apr. 23
Gilmore Gas Plant No. 1 (monthly)
25e May 15 May 4
Great Lakes Dredge & Dock Co.(guar)
$15( July 1 June 15
Greening (B.) Wire Co., pref. (quar.)
4c Mar. 1 Feb. 15
Group Securities
35c Apr. 1
Gulf Coast Water Co..7% pref.(semi-ann.)
75e Apr. 30 Apr. 23
Halle Bros
$114 Apr. 30 Apr. 23
Preferred (quarterly)
$2 Apr. 20 Apr. 10
Hannibal Bridge Co. (quarterly)
15c Apr. 20 Apr. 15
Hawaiian Electric Co., Ltd.(monthly)
$1 Apr. 23 Apr. 19
Holland Land (liquidating)
50c Apr. 14
Home Dairy Co., class A (quarterly)
15c Apr. 20 Apr. 12
Honolulu Gas Co. (monthly)
11373,6c Apr. 30 Apr. 22
Houdaille-Hershey, $2% preferred A
62)4c Apr. 30 Apr. 22
$23. preferred (quarterly)
Houston Lighting & Power, 7% pref. (quar.) _ _ $1% May 1 Apr. 15
$134 May 1 Apr. 15
6% preferred (quarterly)
45e May 1 Apr. 20
International Cigar Machinery Co
60e June 1 May 15
International Safety Razor Corp.(quar.)
InterstatePublic Service Co.(Wisconsin)
8734c Apr. 15 Apr. 1
$131 preferred (semi-annual)
10c May 1 Apr. 15
Jantzen Knitting Mills
Preferred (quarterly)
$134 June I May 25
Jeffrey Mfg. Co..6% pref. (quar.)
$135 Apr. 1 Mar.26
Kansas City, St. Louis & Chicago RR. Co..6%
$134 May 1 Apr. 17
guaranteed preferred (quarterly)
Kelvinator of Canada, 7% preferred (quar.)
$134 May 15 May 4
Keokuk Electric Co..6% pref. (quar.)
$134 May 15 May 10
Kittanning Telep.(quar.)
50c Apr. 10 Apr. 3
Kokomo Water Works,6% pref. (quar.)
$134 May 1 Apr. 20
Kress (S. II.) & Co
50c May 1 Apr. 20
Quarterly
25c May 1 Apr. 20
Special preferred (quarterly)
15c May 1 Apr. 20
Kroger Grocery & Baking (quar.)
40c June 1 May 10
6% preferred (quarterly)
$134 July 1 June 20
7% preferred (quarterly)
$134 Aug. 1 July 19
Lexington Telep.,6)4% pref.(quar.)
$134 Apr. 15 Mar.31
Libbey-Owens-Ford Glass (quarterly)
'dOe June 15 May 31
Lone Star Gas. $63i preferred (quarterly)
$1.62 May 1 Apr. 20
Loose-Wiles Biscuit Co.,common
50c May 1 Apr. 190
1 preferred (quarterly)
$134 July 1 June 18a
Lucky Tiger Combination Gold MiningQuarterly
3c Apr. 20 Apr. 10
Extra
2c Apr. 20 Apr. 10
Apr.
Marquette Cement Mfg. Co.. 6% pref. (quar.)_ n5
may 1 A
Mparr 30
1
il
Maytag Co.. $3 cum. preferred
$lyi May 1 Apr. 15
1st $6 preferred (quarterly)
McNeel Marble Co.. 6%, 1st preferred (quar.)-- $134 Apr. 15 Apr. 9
Metropolitan Storage Warehouse
50c May 1 Apr. 17
2478
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Michigan Gas & Electric, 7% prior lien
h43Nc May 1 Apr. 15
6% prior lien
h37 Nc May 1 ,a.pr. 15
Michigan Seamless Tube
25c Apr. 5 Mar. 29
Milwaukee Gas Light,75' pref. A (guar.)
$1 N June 1 May 25
Minneapolis-Honeywell Regulator (guar.)
75c May 15 May 4
Extra
25c May 15 May 4
Mohawk-Hudson Power, 1st preferred
$1 May 1 Apr, 15
Monmouth Consol. Water 7% pref. (quar.)
$1N May 15 May 1
Moock Electric Supply. preferred (guar.)
$1N Apr. 1 Mar. 20
Mortgage Corp. of Nova Scotia (quarterly)_ _
$14 May 1 Apr. 24
Nachman Spring-Filled (special)
50c May 1 Apr. 15
Nash Motors (quarterly)
25c May 1 Apr. 15
National Oil (quarterly)
25c May 15 Apr. 15
National Short Term Security, pref
17%c May 20 May 10
National Telep.& Teleg. 1st & 2nd pt.(qu.)-87%c May 1 Apr. 15
Neisner Bros.. Inc., 7% cony. pref. (guar.)
$13 May 1 Apr. 15
Neon Products of West Canada.6% pref. (guar.)
75c May 1 Apr. 15
Newberry(J.J.) Co.preferred (guar.)
dJune 1 May 16
$1
1900 Corp. class A (guar.)
50c May 15 Apr. 30
Northam Warren. cony. pref. (guar.)
75c June 1 May 15
Oahu Sugar Co. (monthly)
10c Apr. 15 Apr. 1
Ohio Public Service Co.. 7% pref. (monthly) _ _ 581-3c May 1 Apr. 15
6% preferred (monthly)
50c May 1 Apr. 15
5% preferred (monthly)
412-3c May 1 Apr. 15
Orange & Rockland Electric (quarterly)
10c May 1 Apr. 25
Package Machinery Co., 7% 1st pref. (quar.)
May 1 Apr. 20
Pacific Power & Light 7% preferred (quar.)- May 1 Apr. 18
6% preferred (guar.)
May 1 Apr. 18
Peninsular Telephone Co.. 7% pref. (guar.)_ _ _
Si 51 May 15 May 4
Pennsylvania Gas & Electric,7% pref.(quar.)_
Apr. 1 Mar. 20
Phillips Jones Corp., preferred (quarterly)
$1,‘ May 1 Apr. 200
Pinchin, Johnson & Co., American shares, certificates for ord.reg
55.4c Apr. 11 Mar. 21
Plough, Inc.(quarterly)
30c Apr. 1 Mar. 15
Port Huron Sulphate & Paper, 4% preferred
new. initial (guar.)
$1 Mar. 31 Mar. 26
Procter & Gamble Co., common
37Nc May 1:: Xpr. 25a
Public Service Co. of Colo.,7% pref.(monthly)- 581-3c May 1 Apr. 15
65' preferred (monthly)
50c May 1 Apr. 15
5% preferred (monthly)
412-3c May I Apr. 15
Quaker State Oil & Refining (quarterly)
15c Apr. 15 Mar. 30
Quarterly Income Shares, Inc
3c May 1 Apr. 15
Republic Investors Fund,Inc.
65" preferred A (guar.)
$1% May 1 Apr. 15
Rhode Island Hospital Trust (Providence)
Quarterly
$30 May 1 Apr. 20
Rose's 5-10-25c Stores, Inc. (guar.)
50c May 1 Apr. 20
7% Preferred (quarterly)
$1% May 1 Apr. 20
St. Lawrence Flour Mills (guar.)
50c May 1 Apr. 20
Preferred (quarterly)
May 1 Apr. 20
Savannah Sugar Refining (guar.)
May 1 Apr. 15
Preferred (quarterly)
$15' May 1 Apr. 15
Scotten Dillon Co
30c May 15 May 6
Security Co.(Los Angeles)
35c Apr. 15 Apr. 15
Sheaffer (W. A.) Pen (quarterly)
$2 Apr. 20 Mar. 31
Short Term Trust Shares, bearer
3.14c Apr. 1
Simpson's Ltd., 63. % preferred
h$1 May 1 Apr. 20
Smith Agricultural Chemical (guar.)
12 e May 1 Apr. 20
65' preferred (quarterly)
May 1 Apr. 20
$11 Apr.
Southwestern Portland Cement Co. (quar.)1 Mar. 30
Preferred (quarterly)
$2 Apr. 1 Mar.30
Stein & Co
25c May 15 May 1
Preferred A (quarterly)
$IN July 1 June 14
Telautograph Corp. (quarterly)
d20c May 1 Apr. 15
Texas Power & Light 7% pref.(guar.)
$151 May 1 Apr. 13
$6 preferred (quarterly)
$1% May 1 Apr. 13
The Homo Insurance Co., N.Y.(quarterly)--5% May 1 Apr. 12
Extra
0 May 1 Apr. 12
Tide Water Power Co.,$6 pref.(guar.)
$1
June 1 May 10
Toledo Edison Co.,7% preferred (monthly)---- 58 1-3c May 1 Apr. 15
6% preferred (monthly)
50c May 1 Apr. 15
5% preferred (monthly)
41 2-3c May 1 Apr. 15
Towle Manufacturing Co.(quarterly)
$1% Apr. 15 Apr. 6
Trustee Standard Utilities Shares, bearer
7.4c May 1
Union Bag & Paper
50c Apr. 25 Apr. 19
Union Oil of Calif. (guar.)
25c May 10 Apr. 19
United Elec. Service Co. of Italy. American shs_
16c Apr. 19 Apr. 15
United Investment Corp., Des Moines (qu.)_
Apr. 1 Mar. 25
2
United New Jersey RR.& Canal (guar.)
251 July 10 June 20
United States Fire Insurance Co.(guar.)
30c May I Apr. 19
Extra
10c May 1 Apr. 19
United States & Foreign Securities Corp.1st $6 preferred (quarterly)
$1 N May 1 Apr. 18
Upper Michigan Power & Lt. Co.,6% pf.(qu.)- $1% May 10 Apr. 30
6% preferred (quarterly)
$155 Aug. 10 July 31
6% preferred (quarterly)
$1% Nov. 10 Oct. 31
65 preferred (quarterly)
$1% 2-10-36 Jan. 31
Virginian Railway, pref.(guar.)
$1% May 1 Apr. 20
Western Cartridge, 6% pref. (quarterly)
$1% May 20 Apr. 30
d West Penn Power,6% pref. (quarterly)
May 1 Apr. 5
7% preferred (quarterly)
$1% May 1 Apr. 5
Will & Baumer Candle Co., Inc
10c May 15 May 1
Extra
Sc May 15 May 1
Wisconsin Investment Co.. non-cum.6% pref._
30c May 1 Apr. 19
Woolf Bros., Inc., 7% preferred
Apr. 5 Mar.30
Woolworth (F. W.)(guar.)
60c June 1 Apr. 25
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Adams J. D.) Mfg.(guar.)
Adams-Millis Corp.(guar.)
7% preferred (quarterly)
Administered Fund Inc
Administered Fund Second, Inc. (initial)
Affiliated Products (monthly)
Air Reduction Co.(quar.)
Ajax Oil Sr Gas(quarterly)
Alabama Power Co.. $5 pref.(guar.)
Alaska Juneau Gold Mining (guar.)
Extra
Alaska Packing Association
Albany & Vermont RR
Allied Chemical & Dye Corp..com.(guar.)
Allied Laboratories convertible preferred (qu.)Alpha Portland Cement
Altorfer Bros.. $3 cony. preferred
Aluminum Mfgs. (guar.)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Amerada Corp.(guar.)
American Alliance Insurance(quar.)
American Art Works,6% pref. (guar.)
American Asphalt Roofing Corp.8% pref. (qu.)
American Bankstocks (guar.)
American Can Co.,common(guar.)
American Cities Power & Light Corp—
Convertible class A stock (guar.)
American Coal Co. of Allegheny County
American District Teleg. of N.J.(guar.)
Preferred (quarterly)
American Equities Assurance Co.,N.Y.,(guar.)
American Fork & Hoe6% pref.(guar.)
Per
When Holders
Share. Payable. ofRecord.
lbc
50c
$151
12c
7c
5c
75c
2c
$1;'
15c
15c
$2
$1%
$1%
87%c
25c
h$1
50c
50C
50c
$I
Els
$151
50c
25c
$151
1111%
1%c
$1
m75c
El
$1
$1%
25c
$151
May 1 Apr. 15
May 1 Apr. 18
May 1 Apr. 18
Apr. 20 Apr. 5
Apr. 20 Apr. 5
May 1 Apr. 15
Apr. 15 Mar.30
Apr. 15 Mar.30
May 1 Apr. 15
May 1 dApr.10
May 1 dApr.10
May 10 Apr. 30
May 15 May 1
May 1 Apr. 9
July 1
Apr. 25 Apr. 1
Apr. 15 Apr. 1
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Apr. 30 Apr. 15
Apr. 15 Apr. 4
Apr. 15 Mar. 31
Apr. lb Mar.31
Apr. 15 Apr. 4
May 15 Apr. 24a
May 1 Apr. 11
May 1 Apr. 10
Apr. 15 Mar. 15
Apr. 15 Mar. 15
Apr. 25 Apr. 15
Apr. 15 Apr. 5
Name of Company
April 13 1935
Per
Share
When Holders
Payable of Record
American Gas & Electric Co., pref. (guar.).— $134 May 1 Apr. 8
American Hardware Corp. (guar.)
25c July 1 June 15
Quarterly
25c Oct. 1 Sept. 15
Quarterly
25c Jan. 1 Dec. 14
American Home Products Corp. (monthly).20c May 1 Apr. lba
American Ice Co.,preferred (guar.)
$151 Apr. 25 Apr. 8
American Light &'fraction Co.,corn
May 1 Ap
MayA
pr. 150
a
Preferred (quarterly)
151% May
American Paper Goods (guar.)
50c May 1
Quarterly
50c Aug. 1
Quarterly
50c Nov. 1
7% preferred (guar.)
3151 June 15
7% preferred (guar.)
$151 Sept. 15
7% preferred (guar.)
$131 Dec. 15
American Rolling Mill.6% pref.B
h$2 Apr. 15 Apr. 1
Preferred B
h$951 Apr. 15 Apr. 5
American Ship Building (guar.)
50c May 1 Apr. 15
American Smelting & Refining 1st pref.(quar.)_ 5151 June 1 May 10
2d preferred (guar.)
h$451 June 1 May 10
American Telep. & Teleg. Co. (guar.)
5251 Apr. 15 Mar. 15
American Water Works & Electric Co., Inc.—
Common (quar.)
20c May 15 Apr. 12
Amoskeag Co.,common
75c July 2 June 22
Preferred (semi-annual)
$251 July 2 June 22
Archer-Daniels-Midland pref. (guar.)
$IN May I Apr. 20
Associated Electric Industries (American)
xwg% Apr. 13 Mar. 22
Atlantic City Electric Co.$6 pref,(guar.)
$151 May 1 Apr. 5
Atlantic Coast Line. preferred
3$2: May101 Apr. 26
Atlantic Ice Mfg. $7 pref. (semi-ann.)
$2 May 1 Apr. 15
Atlantic Steel Co.,7% preferred (semi-annual)_ $
Atlas Imperial Diesel Engine, Dela., A
el0
Atlas Powder Co.. preferred (guar.)
$151 May 1 Apr. 19
Austin Nichols. $5 prior A (guar.)
3151 May 1 Apr. 15
Automatic Voting Machine Co (quar.)
12%c July 2 June 20
Baldwin Co.,6% preferred (guar.)
2.1% Apr. 15 Mar.30
Bandini Petroleum (monthly)
5c Apr. 20 Apr. 3
Bangor Hydro Electric (quarterly)
20c May 1 Apr. 10
Bayuk Cigars, let preferred (guar.)
$IN Apr. 15
5
Beatty Bros.. Ltd., 1st pref.(guar.)
Apr. 15
11 5
M y 1 Apt.
$4aay
Belding Corticeili (guar.)
Belding Heminway Co
50c Apr. 30 Apr. 1
Bell Telephone Co. of Canada
r$134 Apr. 15 Mar. 23
Bell Telephone (Penna.), 651% pref. (guar.)._ $IN Apr.
15 Mar. 20
Bishop Oil Corp.(quarterly)
251c Apr. 15 Apr. 1
Bloch Bros. Tobacco. quarterly
3751c May 15 May 10
6% preferred (guar.)
51,
g June 29 June 25
Bloomingdale Bros., preferred (quarterly)
$1
May 1 Apr. 16
Bon Ami, Class A (quarterly)
Apr. 30 Apr. 15
Boston & Providence RR.(guar.)
52.125 July 1 June 20
Quarterly
$2.125 Oct. 1 Sept. 20
Quarterly
52.125 Jan.2'36 Dec. 20
Bower Roller Bearing (guar.)
25c Apr. 25 Apr. 1
Bralorne Mines, Ltd. (guar.)
15c Apr. 15
Brewing Corp. of Canada,$3 pref. (guar.)
h3734c Apr. 15 Apr. 6
Bridgeport Hydraulic Co (guar.)
40c Apr. 15 Mar.30
Briggs Mfg. Co.(quarterly)
50c Apr. 25 Apr. 10
British Columbia Power Corp., cl. A (guar.)._
r3
1834c MayApr. 15
1M
A par.
r 3
10
6
British Columbia Telep., 6% pref. (guar.)
$
Brockton Gas Light (guar.)
25c Apr. 15 Apr. 4
Brooklyn-Manhattan Transit (guar.)
75c Apr. 15 Apr. 1
Preferred (quarterly)
fl% Apr. 15 Apr. 1
Preferred (quarterly)
152x15
q July
ANlary. 15
i
5 .1
,mkupa
lry
r
Brown Shoe Co.. preferred (guar.)
2
10
1
5
Bruck Silk Mills (guar.)
Extra
Sc Apr. 15 Mar. 15
Buffalo Niagara & Eastern Power—
$5 Preferred (guar.)
$151 May 1 Apr. 15
Burroughs Adding Machine Co
15c June .5 May 3
Calgary & EdmontoniCorp. (initial)
Sc May 1 Apr. 1
Calgary Power, Ltd., pref. (guar.)
$151 May 1 Apr. 15
Calif. Oregon Power Co.. % prof.(guar.)
8734c Apr. 15 Mar. 30
65' preferred (quarterly)
75c Apr. 15 Mar.30
65 preferred, series 1927 (guar.)
75c Apr. 15 Mar.30
Campo Corp., common (special)
20c June 1 Slay 15
651% preferred (quar.)
$151 May 1 Apr. 15
Canada Bud Breweries, common
15c Apr, 15 Mar. 30
Canada Dry Ginger Ale. Inc. (guar.)
10c Apr. 20 Apr. 8
Canada Foundries, preferred
11$134 Apr. 30 Apr. 15
Canada Northern Power Corp.. common (qu.)
30c Apr. 25 Mar.30
7% cum. preferred (guar.)
151% Apr. 15 Mar.30
Canadian Bronze Co., common (guar.)
15c May 1 Apr. 18
Preferred (guar.)
un May 1 Apr. 18
Canadian Fairbanks Morse, pref. (guar.)
$151 Apr. 15 Mar. 30
Canadian Foreign Investment (guar.)
40c July 1 June 15
Preferred (guar.)
$2 July 1 June 15
Canadian General Investors,coupon (quar.)__
10c Apr. 15
Canadian Industries. Ltd., A & B (guar.)
$1 Apr. 30 Mar. 30
7% preferred (guar.)
r$15j Apr. 15 Mar.30
Canadian Insurance Shares, A (initial)
$1 May 1 Apr. 15
Carnation Co..7% preferred (guar.)
$151 July 1 June 20
7% preferred (quarterly)
$151 Oct. 1 Sept.20
Carpel Corp.(guar.)
40c Apr, 15 Apr. 8
Carolina Clinchfield & Ohio Hy.(guar.)
15
4
1 A pr. 20,
A
kp
pr.
. 10
Stamped certificates(suer.)
$
Central Hudson Gas & Electric Corp. (quar.)
20c May 1 Mar.30
Voting trust certificates (guar.)
20c May 1 Mar.30
Central Illinois Securities $151 pref
hl5c May 1 Apr. 19
Central Kansas Power 7% pref.(guar.)
3151 Apr. 15 Mar.31
6% preferred (guar.)
5134 Apr. 15
31
Central Ohio Light & Power, 6% preferred..__ _ hS151 Apr. 30 Mar.
Apr. 15
Central Power Co., 7% cumul. pref
h8751c Apr. 15 Mar.30
6% cumulative preferred (guar.)
h75c Apr. 15 Mar.30
Centrifugal Pipe Corp.(quar.)
10c May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
Century Ribbon Mills, pref.(guar.)
51°
14 J
Nuonve
.15
1S
NIo
avy 20
6
Cerro de Pasco Copper Corp
50c May 1 Sifa
Apr.
r. 1.g
15
Chapman Ice Cream (guar.)
Sc Apr. 15
Chesapeake & Ohio. preferred (semi-ann.)
&IN July 1
7
Chesapeake & Potomac Telep. Co.. pref.(guar.) $151 Apr. 15 June
Mar.30
Chicago Electric Mfg. Co., preferred
h$1 May 1 Apr. 19
Cincinnati Advertising Products
25c May 15 May 5
Extra
1251c May 15 May 5
Cinci. Newport & Covington Lt. & Tr. (guar.) $151 Apr. 15 Mar.
30
451 preferred (guar.)
$1125 Apr. 15 Sian 30
Cincinnati Postal Terminal Realty Co.
651% preferred (guar
$IN Apr. 15 Apr. 4
Cincinnati Sandusky & Cleveland RR.
6% preferred (semi-ann.)
$151 May 1 Apr. 15
Cincinnati Union Terminal, preferred (quar.)...
$1131 Juiy 1 June 20
Preferred (guar.)
Oct.
$
Sept. 20
Preferred (quar.)
$151 Jan.1'36 Dec. 20
Clark (D. L.)
10c May 1 Apr. 15
Clearfield & Mahoning RR.(s.-a.)
N July 1 June 20
Cleveland Cincinnati Chicago Sz St. Louis RR.,
preferred (quarterly)
$11
Apr. 30A
1 54y1
par. 20
5
Cleveland Electric Illuminating, pref. (guar.) _ _ $
June
Cleveland & Pittsburgh Ry.7% guar.(quar.)--- 8734c June 1 May
10
7% guaranteed (guar.)
i Sept. 1 Aug. 10
8734c
7% guaranteed (quar.)
875'c Dec. 1 Nov. 9
Special guaranteed (gnarl
c June 1 May 10
Special guaranteed (guar.
50c Sept. 1 Aug. 10
Special guaranteed (guar.
50c Dec. 1 Nov. 9
Climax Molybdenum Co. (guar.)
Sc June 30 June 15
Quarterly
Sc Sept.30 Sept. 15
Quarterly
Sc Dec. 30 Dec. 15
Clinton Water Works. 7% preferred (quar.)
$131 Apr. 15 Apr. 1
Cluett. l'eabody & Co., Inc.,common (guar.)._
25c May 1 Apr. 20
Colgate-Palmolivo-Peet (quarterly)
1251c June 1 May 6
Collins Co.(guar.)
$151 Apr. 15 Apr. 2
Columbus Ry.,Pr. & Light,651% pref. B
May
Columbus & Xenia RR, Co
$1.6
53
1 June 10
1 1N Ipar3; 2155
Financial Chronicle
Volume 140
Name of Company
Per
Share
Columbia Gas & Electric Corp.6% cum. pref.,series A (quay.)
$14
5% cum. pref. series No.24 (quar.)
sig
5% cony.cum.preference(quar.)
$14,
Commonwealth Edison (quar.)
$1
Commonwealth Investors Co., Calif.(quar.)--4c
Concord Electric(quay.)
70c
Preferred (quar.)
$1.S
Concord Gas Co 7% pref. (guar.)
$1%
Confederation Life Assoc.,"Toronto" (quar.)
$1
Quarterly
$I
Quarterly
51
Consolidated Chemical Industries—
Preferred (quar.)
37Sc
Consolidated Cigar Corp.. prior pref
$1.4i
Preferred (quarterly)
$1%
ConsoUdated Gas Co. of N. Y., pref. (guar.)— $1 4,
CoLsolidated Investors Trust (semi-ann.)
50c
Special
700
Consolidated Royalty 011 (quar.)
Sc
Consumers Power Co.—
$5 preferred (quarterly)
six
6% preferred (quarterly)
$1.3.
preferred (quarterly)
$1.65
7% preferred (quarterly)
$14
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6.6% preferred (monthly)
55c
6.6% preferred (monthly)
55c
6.64 preferred (monthly)
55c
Continental Oil (Del.)
12Sc
Copoerweld Steel (quar.)
12%c
Quarterly
12Sc
Quarterly
124c
Corn Exchange Bank Trust Co.(quar.)___ -;
75c
Corn Products Refining Co.(quar.)
75c
Preferred (quarterly)
$14,
Cosmos Imperial Mills.initial(quar.)
1734c
Preferred (quar.)
$14
Crane Co.. 7% preferred
h$1
Cresson Consol. Gold Mining & Milling Co
3c
Extra
2c
Crum & Forster (quarterly)
15c
8% preferred (quar.)
$2
Cudahy Packing Co.. corn. (guar.)
624c
6% preferred (semi-annually)
3%
7% preferred (semi-annually)
34%
Cuneo Press(quarterly)
30c
Preferred (quarterly)
Curtiss-Wright Export Corp., preferred (quar.) $1%
$1S
Dayton Power & Light, preferred (mno.)
50c
Denver Union Stockyards. 7% pref. (quar.)__ - $14
Dennison Mfg. Co., debenture stock
532
Denver Union Stock Yards, preferred (guar.)._ $14
Deposited Insurance Shares, ser. A (semi-ann.). e2S%
Detroit Edison (quarterly)
$1
Detroit Hillsdale & Southwestern RR.(s.-a.)- $2
Semi-annually
$2
Devonian Oil (quarterly)
15c
Extra
10c
Diamond State Telephone, preferred (qtlar.)SPA
Diversified Trust Shares, series D
10.02c
Dome Mines, Ltd.(quer.)
50c
Domestic Finance, $2 preferred
—
50c
Dominion Textile Co.. preferred(quarterly
(quarterly
$14
))
Driver-Harris Co.,corn
25c
Duff-Norton Mfg. Co.(quar.)
15c
Du Pont de Nemours (E. I.) & Co.—
Debenture stock (quar.)
US
Duquesne Brewing
12Sc
Duquesne Light Co. 5% cum. 1st pref.(qu.)— $14
Eastern Bond & Share,series B (quar.)
15e
Series B (extra)
Sc
Eastern Gas & Fuel Assoc..6% pref.(guar.).--- $1S
4S% preferred (quarterly)
$1.125
Eastern Township Telephone Co
18c
Eastern Township Telephone
36c
Eaton Mfg. Co., common (quar.)
25c
Electric Household Utilities Corp
25c
Elizabeth & Trenton RR. (semi-ann.)
$1
5% preferred (semi-annual)
sig
Elmira & Williamsport RR (s-a)
$1.15
El Paso Electric. 7% pref. A (quar.)
$1 4,
$6 preferred B (quar.)
$1S
6% preferred (quarterly)
$1
Empire & Bay State Telep.. 4% Std.(quar.)
$1
4% guaranteed (quar.)
$1
4% guaranteed (quar.)
$1
Employers Group Assoc. (quar.)
12Sc
Eppel's, Smith & Co., semi-annual
52
Erie & Pittsburgh RR. Co.7% Std. (quar.)
87Sc
7% guaranteed (quar.)
87Sc
7% guaranteed (quar.)
87*4c
Guaranteed betterments (quar.)
c
Guaranteed betterment (quar.
80c
Guaranteed betterment (quar.
80c
Eureka Pipe Line (quar.)
$1
Exeter & Hampton Electric (quarterly)
$24
Fair (The), preferred A
h$1
l'referred A (quarterly)
51
Farmers & Traders Life Ins.(guar.)
$24
Quarterly
5255
Federal Knitting Mills (quar.)
62Sc
Felin (J. J.) & Co., Inc., 7% pref. (quar.)
$14
Fibreboard l'roducts, Inc., 6% pref. (quar.)- -- $1
Finance Co.of America, A.& B..(quar.)
10c
7% preferred (quarterly)
435
1c
Class A preferred (quarterly)
8
c
Fireman's .1.1nd Insurance,(quar.)
1
Firestone Tire & Rubber (guar.)
10c
First National Corp.(Portland)
, class A
h25c
Fishman(M. H.) Co., pref. A. & B.(quar.)---- $1%
Fitchburg Gas & Electric (quar.)
69c
Florshelin Shoe Co.,class A (quar.)
25c
Class A (quarterly)
25c
Class B (quarterly)
12Sc
Class B (quarterly)
124c
Food Machinery Corp. of N. Y.
6J. % preferred (monthly)
500
6% preferred monthly)
60c
6% preferred (monthly)
50c
63.% preferred (monthly)
50c
6
preferred (monthly)
50c
6 % preferred (monthly)
50c
Ford Motor Co., Ltd.(England), ord. reg
zw5
American dep. rec. ord. reg
zw5
Fort Wayne dc Jackson RR.55.5% pref.(s.-a.)--$2
Franklin Telegraph Co. (semi-annu
$1
Freeport Texas preferred (quar.) ally)
514
Froedtert Grain & Malt, pref. (quar.)
30c
Gardner-Denver Co.,corn.(quay.)
25c
Preferred (quarterly)
$1%
General Cigar_ preferred (quar.)
514
General Electric Co
150
General Mills, Inc., common (quarterly)
75c
General Motors Corp., $5 preferred (quar.)---- $14
General Shoe Corp., A & B
15c
General Stockyards
25c
Preferred (quar.)
51 *4
Glen Alden Coal (guar.)
25c
Extra
25c
When Holders
Payame of Record
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 20
May 1 Apr. 15
May 1 Apr. 13
Apr. 15 Apr. 4
Apr. 15 Apr. 4
May 15 May 1
June 30 Jun 25
S pt.30 S p 25
Dec. 31 De • 25
May 1 Apr. 15
May 1 Apr. 150
June 1 May 15a
May 1 Mar. 29
Apr. 15 Apr. 1
Apr. 15 Apr. 1
Apr. 25 Apr. 15
July 1 June 15
July 1 June 15
July 1 June 15
July 1June15
May 1 Apr. 15
June 1 May 15
July 1 June 15
May 1 Apr. 15
June 1 May 15
July I June 15
Apr. 30 My
Apr. 11
May 31
Aug. 31 Aug. 15
Nov. 30 Nov. 15
May 1 Apr. 23
Apr. 20 Apr. 2
Apr. 15 Apr. 2
MaY 15
May 15
Apr. 25 Apr. 10
May 15 Apr. 30
May 15 Apr. 30
Apr. 15 Apr. 5
June 29 June 19
Apr. 15 Apr. 5
May 1 Apr. 20
May 1 Apr. 20
May 1 Apr. 20
June 15 June 1
Apr. 15 Mar. 30
May 1 Apr. 20
June 1 May 20
May 1 Apr. 20
June 1 May 20
May 1 Mar. 15
Apr. 15 Apr. 1
July 5 June 20
Jan. 6 Dec. 20
Apr. 20 Apr. 1
Apr. 20 Apr. 1
Apr. 15 Mar. 20
Apr. 15
Apr. 20 Mar.30
May 1 Apr. 20
Apr. 15 Mar. 30
Apr. 20 Apr. 10
Apr. 15 Apr. 1
Apr. 25 Apr. 10
May 1 Apr. 20
Apr. 15 Mar. 15
May 1 Mar. 30
May 1 Mar.30
July 1 June 15
July 1 June 15
Apr. 15 Dec. 31
Apr. 15 Mar. 30
May 15 May 1
Apr. 25 Apr. 10
Oct. 1 Sept. 20
Oct. 1 Sept. 20
May 1 Apr. 20
Apr. 15 Mar. 29
Apr. 15 Mar. 29
Apr. 15 Mar. 2/ii
June. Il May 22
Sept. 1 Aug. 22
Dec. 1 Nov. 21
Apr. 30 Apr. 16
Aug. I July 27
June 10 May 31
Sept. 10 Aug. 31
Dec. 10 Nov.30
June 1 May 31
Sept. 1 Aug. 31
Dec. 1 Nov.30
May 1 Apr. 20
Apr. 15 Apr. 4
May 1 Apr. 20
May 1 Apr. 20
July 1 June 11
Oct. 1 Sept. 11
May 1 Apr. 15
Apr. 15 Apr. 10
May 1 Apr. 15
Apr. 15 Apr. 5
Apr. 15 Apr. 5
Apr. 15 Apr. 5
Apr. 15 Apr. 5
Apr. 20 Apr. 5
Apr. 15 Mar. 25
Apr. 15 Mar.30
Apr. 15 Apr. 4
July 1 June 15
Oct. 1 Sept.16
July 1 June 15
Oct. 1 Sept.15
Apr. 15 Apr. 10
May 15 May 10
June 15 June 10
July 15 July 10
Aug. 15 Aug. 10
Sept.15 Sept. 10
Apr. 25 Apr. 8
May 2 Apr. 9
Sept. 2 Aug. 20
May 1 Apr. 15
May 1 Apr. 15
May 1 Apr. 15
Apr. 20 Apr. 10
May 1 Apr. 20
June 1 May 23
Apr. 25 Mar. 15
May 1 Apr. 15
May 1 Ma
Apr.
r. 31
Apr. 15
May 1 Apr. 15
May 1 Apr. 15
Apr. 20 Apr. 6
Apr. 20 Apr. 6
Name of Company
Gillette Safety Razor, preferred (quarterly) ---Goderich Elevated & Transit Co., Ltd.
7% preferred (quar.)
Gold Dust Corp.(quarterly)
Gottfried Baking Co., Inc.. preferred (quar.)
Preferred (quarterly)
Grace(W. R.)& Co., pref. 6% (semi-annual)
6% preferred (semi-annual)
Great American Insurance (quar.)
Great Lakes Engineering Works (quar.)
Extra
Great Lakes Power Co., $7 series A pref
Green (H. L.). initial (quay.)
Preferred (quar.)
Greenfield Gas Light Co.,6% pref. (quar.)
Gresson Consolidated Gold (guar.)
Griesedieck-Western Brewery (quar.)
Guarantee Co.of North Amer.(quar.)
Hannibal Bridge Co. (guar.)
Harbison-Walker Refractories Co. pref. (quar.)
Hardesty (R.) Mfg. Co..7% pref.(quar.)
7% preferred (quarterly)
7% preferred (quarterly)
Harrisburg Gas. 7% preferred (quar.)
Hartford Electric Light Co.(quay.)
Hat Corp. of America, cum. pref
Cumulative preferred (quar.)
Ha; alien Commercial & Sugar (quar.)
Hawaiian Pineapple, preferred
Hawaiian Sugar Co.(quarterly)
Hawaii Consol. Ry.,7% pref. A (quar.)
7% preferred A (quarterly)
7% preferred A (quarterly)
Hercules Powder. preferred (quarterly)
Hershey Chocolate Corp.(quarterly)
$4 cony. preferred (quarterly)
Hibbard, Spenc-r
ono.)
NIontia) _
Nloottily
Hollinger Consol. Gold Mines
Holly Development Co.(quar.)
Homestake Mining (monthly)
Extra
Horn & Hardart Co. of N.Y.(quarterly)
Household Finance Corp.,class A.& B coin.(qu.)
Participating preference (quar.)
Hovey Gold Mines, Ltd
Howe Sound Co
Hutchins Investing, $7 preferred
Illinois North UtilitIes.6% pref.(qu.)
$7 prior preferred (quarterly)
Imperial Chemical Indus.(London)(final) __xtc
Imperial Life Insurance (quar.)
uarterly
Quarterly
Incorporated Investors (8.-a.)
Indiana Pipe Line Co
International Bronze Powders6% cum. panic. preferred (quar.)
International Harvester (quar.)
International Nickel of Can., pref.(quar.)
International Printing Ink (quar.)
Special
International Utilities Corp. 37 prior pref. (qu.)
3334 prior preferred (quar.)
Interstate Dept. Stores, pref
Preferred (quar.)
Interstate Hosiery Mills (quar.)
Quarterly
Quarterly
Investment Foundation, preferred (quarterlY)-Iron Fireman Mfg.(quar.)
Quarterly
Quarterly
Irving Investors Fund,C (quar)
Jamaica Water Supply734°? preferred (semi-ann.)
Jewel Tea Co.. Inc. corn. (quar.)
Joplin Water Works Co.,6% pref. (guar.)
Kalamazoo Vegetable Parchment (quar.)
Quarterly
Quarterly
Raufmann Dept. Stores
Kentucky Utilities Co.,6% pref. (quar.)
Keystone Steel & Wire
7% preferred (quar.)
Klein (D. Emil.) Co.(extra)
Knabb Barrel Co., Inc.. pref.(s.-a.)
Kroger Grocery & Baking 7% preferred (quar.)
Landers, Frary & Clark (quar.)
Quarterly
Quarterly
Lane Bryant, Inc.. 7% pref. (quar.)
Landis Machine. 7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
La Salle & Koch, preferred (quarterly)
Lawrence Gas & Electric (quar.)
Lawyers Title Insurance Co.(Va.)6% preferred (s.-a.)
Lazarus(F.& R.)Co. preferred (quar.)
Lefcourt Realty, preferred
Lehigh & Wilkes-Barre (quar.)
Lerner Stores(quar.)
Lincoln National We Insurance (Seml-ann.)
Link Belt
Preferred (quar.)
Liquid Carbonic (quarterly)
Little Miami RR. Co.spec. gtd.(quar.)
Original capital
Lock Joint Pipe. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Loew's,Inc.,$6 preferred (quar.)
Lord & Taylor Co.,2d preferred (quar.)
Los Angeles Gas & Electric,6% pref.(quar.)__ _
Louisville Gas & Electric (Ky.)7% preferred (quar.)
6% preferred (quar.
5% preferred (quar./
6%
Lowell Electric Light Corp.(quarterly)
Lunkenheirner Co. 634% Prof(quarterly)
% Preferred (quarterly)
s% preferred (quarterly)
MacAndrews & Forbes (quar.)
Preferred (quarterly)
Magma Copper Co
Magnin (I.) & Co.(quar.)
6% preferred (quarterly)
8% preferred (quarterly)
6% preferred (quarterly)
Mahoning Coal R R. Co. (quarterly)
Maine Gas Cos., pref. (quar.)
Malone Light & Power Co.. $6 pref. (quar.) Mapes Consolidated Mfg (quar.)_
_
Marathon Paper Mills Co.. $6 pref. (quar.)
_
Marconi Internat. Marine Communica. (final).
Margay Oil Corp
Massachusetts Investors Trust
Massachusetts Lighting Cos.,8% pref. (quar.)_
6% preferred (quar.)
Massachusetts Power & Lt. Assn., $2 pref.(qu.)
2479
Per
Share
When Holders
Payable of Record
$14 May 1 Apr. 1
Apr. 15 Mar.30
May 1 Apr. 10
July 1 June 20
Oct. 1 Sept. 20
June 29 June 27
Dec. 30 Dec. 27
Apr. 25 Apr. 4
May 1 Apr. 25
May 1 Apr. 25
Apr. 15 Mar.30
May 1 Apr. 15
May 1 Apr. 15
May 1 Apr. 15
May 15 Apr. 30
May 1 Apr. 15
Apr. 15 Mar.31
Apr. 20 Apr. 10
Apr. 20 Apr. 8
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 5
Apr. 15 Mar.30
May 1 Apr. 15
May 1 Apr. 16
May 1 Apr. 16
May 15 May 4
Apr. 30 Apr. 20
Apr. 15 Apr. 5
June 15 June 5
Sept.15 Sept. 5
Dec. 15 Dec. 5
May 15 May 3
May 15 Apr. 25
May 15 Apr. 25
Apr. 26 Apr. 19
May 31 May 24
June 28 Jane 21
Apr. 22 Apr. 5
Apr. 15 Mar.31
Apr. 25 Apr. 20
Apr. 25 Apr. 20
May 1 Apr. 10
Apr. 15 Mar.29
Apr. 15 Mar. 29
May 1 Mar.30
Apr. 30 Mar. 20
Apr. 15 Apr. 10
May 1 Apr. 15
May 1 Apr. 15
June 8 Apr. 12
July 2 June 29
Oct. 1 Sept. 30
1-2-36 Dec. 31
e234% Apr. 20 Niar. 20
15e May 15 Apr. 26
$14
30c
14%
14%
$3
$3
25c
10c
Sc
$14
75c
$14
750
Sc
25c
$14
$2
$134
$134
$134
$134
$134
68Sc
hil
$134
75c
$2.70
60c
20c
20c
20c
$1%
75c
$1
10c
10c
10c
rl%
lc
$I
$2
400
750
8740
3c
750
h$1
$134
$134
374C
15c
$14
$134
250
874c
43 c
h$14
$14
50c
50c
50c
37c
25c
25c
25c
50c
Apr. 15 Mar.31
Apr. 15 Mar.20
May 1 Apr. 1
May 1 Apr. 15
May 1 Apr. 15
May 1 Apr. 150
May 1 Apr. 18a
May I Mar,30
May 1 Mar.30
May 15 May 1
Aug. 1 Aug. 1
Nov. 1 Nov. 1
Apr. 1 Mar.30
June
May 10
Sept. 2 Aug. 10
Dec. 2 Nov. 9
Apr. 15 Mar.30
$14
75c
5134
15c
15c
15c
20c
$14
50c
3134
1234c
75c
$134
3734c
3734c
374c
134%
1
$14
$134
$1%
75C
May 1 Apr. 10
Apr. 15 Apr. 1
Apr. 15 Apr.
June 30 June 20
Sept.30 Sept. 20
Dec. 30 Dec. 30
Apr. 27 Apr. 10
Apr. 15 Mar.26
May 1 Apr. 20
Apr. 15 Apr. 5
July 1 June 20
June 1
May I Apr. 19
June 29 June 20
Sept.30 Sept.20
Dec. 31 Dec. 20
May 1 Apr. 15
June 15 June 5
Sept. 15 Sept. 5
Dec. 15 Dec. 5
May 15
Apr. 13 Mar. 30
$3
$1%
50c
$2
50c
600
I5c
$1%
25c
50c
51.10
$2
$2
$2
$1%
$2
Sl34
Apr. 15 Apr. 10
May 1 Apr. 20
Apr. 15 Apr. 5
Apr. 22 Apr. 12
Apr. 15 Apr. 10
Aug. 8 Aug. 2
June 1 May 15
July 1 June 15
May 1 Apr. 16
June 10 May 24
June 10 May 24
July lJuly 1
Oct. 1 Oct. 1
Jan. 1 Jan. 1
May 15 Apr. 30
May 1 Apr. 17
May 15 Apr. 30
$1%
$14
$134
90c
$1%
$1%
$1%
50c
$14
50c
1234c
$134
$14
Apr. 15 Mar.31
Apr. 15 Mar.31
Apr. 15 Mar.31
Apr. 13 Mar.30
July 1 June 20
Oct. 1 Sept.20
Jan. 1 Dec. 21
Apr. 15 Mar.30
Apr. 15 Mar. 30
Apr. 15 Apr. 1
Apr. 15 Mar.31
May 15 May 5
Aug. 15 Aug. 5
Nov. 15 Nov. 5
May 1 Apr. 10
Apr. 15 Mar. 26
May 1 Apr. 10
July 1 June 14
Apr. 1 Mar. 27
Apr. 24 Apr. 4
Apr. 20 Apr. 1
Apr. 20 Mar. 30
Apr. 15 Mar.30
Apr. 15 Mar.30
Apr. 15 Apr. 6
$634
Ui
$134
$1
7
$14
zw5%
25c
21c
$2
$14
50c
2480
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Massachusetts Utilities Assoc., pref. (quar.)___ 6234c Apr. 15 Mar.30
McCall Corp. common (guar.)
511c May 1 Apr. 15
McCiatchy Newspapers,7% pf• (qu.)
43%c June I May 31
7% preferred (quarterly)
4311c Sept. 1 Aug. 31
7% preferred (quarterly)
4.3%c Dec. 1 Nov.30
McColl Frontenac Oil, preferred (guar.)
r$1% Apr. 15 mar. 30
McIntyre Porcupine Mines
10% June 1 May I
Melville Shoe (guar.)
50c May 1 Apr. 12
1st preferred (guar.)
$1% May 1 Apr. 12
2d preferred (guar.)
71ic May 1 Apr. 12
Merchants American Realty, 6% pref. (guar.)
$1% Apr. 15 Apr. 15
Merchants Refrigerating Co. of N. Y., pf. (qu.) 51% May 1 Apr. 22
Metal & Thornily Corp.(quarterly)
$1 May 1 Apr. 20
Metropolitan Industries, preferred (guar.)
25c May 1 Apr. 2
Meyer-Blanke Co.(guar.)
15c Apr. 15 Apr. 5
Michigan Electric Power, 7% pref
h87Sic Apr. 15 Mar.31
6% preferred
h 75c Apr. 15 Mar.31
Michigan Public Service Co.. 7% pref. (guar.) 87Sic May 1 Apr. 15
8% preferred (quar.)
75c May 1 Apr. 15
Midwest Oil. $1 par (quar.)
3c Apr. 15 Mar.30
$10 par (quar.)
30c Apr. 15 Mar. 30
Preferred (guar.)
5c Apr. 15 Mar.30
Milwaukee Elec. By.& Lt. Co.6% pref.(qu.)_
$1.% Apr. 30 Apr. 20
Missouri River-Sioux City Bridge Co.—
Cumulative preferred (guar.)
Apr. 15 Mar.30
Modine Manufacturing
25c May 1 Apr. 20
Monogram Pictures Corp.(guar.)
15c May I May 1
Quarterly
15c Aug. 1
Quarterly
15c Nov. 1
Quarterly
I5c Feb. 1
Montana Power.$8 preferred (guar.)
$1% May 1 Apr. 10
Montgomery & Erie RR.(s-a)
17Sic May 10 Apr. 30
Montreal Light. Heat & Power (guar.)
r37c Apr. 30 Mar. 31
Montreal Telegraph Co.(quar.)
80c Apr. 16 Mar.30
Montreal Tramways (quarterly)
$2% Apr. 15 Apr. 8
Moore Dry Goods(guar.)
$1% July 1 July 1
Quarterly
$1% Oct. 1 Oct. 1
Quarterly
$134 Jan. 1 Jan. 1
Morris 5& 10c to $1 Stores.Inc..7% pref.(qu.). Si 11 July 1 June 20
7% preferred kquarterly)
$111 Oct. 1 Sept. 20
Morris Plan Insurance Society. (guar.)
Si June I May 27
Quarterly
Si Sept. 1 Aug 27
Quarterly
SI Dec. 1 Nov 26
Mountain States Telep. & Teleg. (guar.)
52 Apr. 15 Mar. 30
Mutual Chemical Co. of Amer..6% pref.(oL). $1% June 28 Jun 20
6% preferrea (quarterly)
$134 Sept. 28 Sept. 19
6% preferred (quarterly)
$1% Dec. 28 Dec. 19
Mutual Investors Trust. Shares, N. Y
Apr. 15 Mar.30
Mutual Telephone Co.. Hawaii (monthly)
Sc Apr. 20 Apr. 10
National Automotive Fibre—
$7 preferred
WO% May 1 Apr. 15
$7 preferred (quar.)
$1% June 1 May 15
National Bearing Metals,7% prof. (quar.)
5134 May 1 Apr. 20
7% preferred
fill Si May 1 Apr .20
National Biscuit Co.(quarterly)
50c Apr. 15 Mar. 15a
Preferred (quarterly)
$1,1 May 31 May 17
National Carbon Co., Inc.,8% pref. (quar.)
52 May 1 Apr. 20
National Cash Register (quar.)
12 Sic Apr. 15 Mar. 30
National Casket (semi-annual)
$134 May 15 Apr. 27
National Distillers Products Corp.(guar.)
50c May 1 Apr. 15
National Fuel Gas (quartely)
25c Apr. 15 Mar. 30
National Lead, preferred B (guar.)
$1% May 1 Apr. 19
National Oil (quarterly)
25c May 15 Apr. 16
Nat. Power & Light Co..$6 pref.(guar.)
51% May 1 Apr. 5
National Steel (guar.)
25c Apr. 30 Apr. 20
Extra
121ic Apr. 30 Apr. 20
National Tea, preferred (quarterly)
13Sic May 1 Apr. 15
Neon Products of Western Canada, Ltd.6% preferred (guar.)
75c May 1
Nevada-Calif. Electric, 7% pref
141 May 1 Mar. 30
New Bedford Gas & Edison Light Co.(quar.)_
75c Apr. 15 Mar. 22
Newberry (J. J.) Co., preferred (quarterly)_
$1% dJune 1 May 16
Newberry (J. J.) Realty Co.. 614 pret. A (qu.) $114 May 1 Apr. 16
6% preferred B (quarterly)
511.4 May 1 Apr. 16
New Brunswick Telephone (guar.)
121ic Apr. 15 Mar. 31
New England Uas & Elec. 5534 prof
3734c May I Apr. 8
New Jersey Zinc Co.(guar.)
50c May 10 Apr. 20
Newmont Mining Corp
50c Apr. 30 Apr. 15
New York & Honduras Rosario Mining Co.—
Regular dividend
25c Apr. 27 Apr. 16
Extra dividend
50c Apr. 27 Apr. 16
New York Merchandise (guar.)
60c May 1 Apr. 20
Extra
12Sic May 1 Apr. 20
New York Telephone 634% pref.(guar.)
$1% Apr. 15 Mar. 20
New York Transit Co
15c Apr. 15 Mar. 22
Nineteen-Hundred Corp."A"(guar.)
50c May 15 Apr. 30
"A"(qual.)
50c Aug. 15 July 31
"A" (guar.)
50c Nov. 15 Oct. 31
Norfolk & Western Ry.,adj. pref.(guar.)
Si May 18 Apr. 30
North American Edison Co. pref. tquar.)
51(4 June 1 May 15
North American Investment, 6% prof
list Apr. 20 Mar. 30
534% preferred
h91 2-3c Apr. 20 Mar. 30
North Boston Lighting Properties (guar.)
75c Apr. 15 Apr. 6
Preferred (quarterly)
75c Apr. 15 Apr. 6
Northern Indiana Public Service707 preferred
h87 Sic Apr. 15 Mar. 30
6% preferred
h75c Apr. 15 Mar. 30
h6831c Apr. 15 Mar.30
634% preferred
Northern New York Utilities707 preferred (guar.)
$1% May 1 Apr. 10
Northern RR. of New Hampshire (guar.)
51% Apr. 30 Apr. 8
Northern RR. Co. of N.J. 4% gtd.(guar.)
Si June 1 May 20
4% guaranteed (guar.)
Si Sept. 1 Aug. 20
4% guaranteed (guar.)
51 Dec. 1 Nov. 21
Northern States Power Co.(Dela.)Pzi% Apr. 20 Mar. 30
7% Preferred (quarterly)
6% preferred (quarterly)
134% Apr. 20 Mar. 30
Northwestern Bell Telep.. 614% pref. (qu.)_ _ _ _
Si ki Apr. 15 Mar. 20
Oahu Ry. & Land Co. (mthly)
15c Apr. 16 Apr. 11
Oahu Sugar Co.(monthly)
10c Apr. 15 Apr. 6
Ohio Brass, A & B
25c Apr. 25 Mar. 25
Preferred (guar.)
51% Apr. 25 Mar. 25
Onomoa Sugar Co. (mthly)
20c Apr. 20 Apr. 10
Otis Elevator Co., common (guar.)
15c Apr. 15 Mar. 25
Preferred (quarterly)
$114 Apr. 15 Mar. 25
Outlet Co.. common (guar.)
50c May 1 Apr. 20
1st preferred (guar.)
51% May 1 Apr. 20
2d preferred (guar.)
51% May 1 Apr. 20
Pacific Finance Corp. of Calif.(Del.)—
Preferred A (guar.)
20c May 1 Apr. 15
Preferred 0(quarterly)
1634c May I Apr. 15
Preferred D (guar.)
17 3.4c May 1 Apr. 15
Pacific Gas & Electric Co.. corn.(quar,)
134% Apr. 15 Mar.30a
Pacific Lighting (guar.)
60c May 15 Apr. 20
$6 cum. pref. ((Mar.)
$134 Apr. 15 mar.30
Pacific Telephone & Telegraph Co., pref. (qu.) $1% Apr. 15 Mar.30
Pacific Tin, special stock
Si May 1
Pan American Airways (quarterly)
25c May I Apr. 20
Passaic & Dela. Ext. RR.(s-a)
$2 May 1 Apr. 15
Penman's, Ltd.(guar.)
76c May 15 May 6
Preferred (quarterly)
$114 May 1 Apr. 23
Pennsylvania Power CO.. $6.60 pref. (mo.)_ _ _ _
55c May 1 Apr. 20
$6.60 preferred (monthly)
55c June 1 May 20
5134 June 1 May 20
$6 preferred (quarterly)
Pennsylvania Salt Mfg.(guar.)
75c Apr. 15 Mar.30
Peoples Telep. Corp.(Butler, Pa.)(guar.)
$1% Apr. 15 Mar. 31
Pepper (Dr.)(quarterly)
20c June 1 May 15
Quarterly
20c Sept. 1 Aug. 16
Quarterly
20c Dec. 1 Nov. 15
Philadelphia Co.. common (guar.)
20c Apr. 25 Apr. 8
6% cum. preferred (s.-a.)
51% May 1 Apr. 1
Philadelphia Electric, $5 pref.(guar.)
5134 May 1 Apr. 10
Name of Company
April 13 1935
dr
Share
Philadelphia National Insurance (semi-ann.)--30c
Philadelphia & Trenton RR.(guar.)
$2%
Quarterly
$214
Philip Morris & Co
25c
Phoenix Finance Corp.. 8% pref. (guar.)
50c
8% preferred
uarterly)
50c
8% preferred (quarterly)
ar
50c
Pioneer Mill. Ltd. (mthly.)
10c
Pittsburgh Bessemer & Lake Erie (s-a)
75c
6% preferred (s-a)
$1%
Pittsburgh Ft. Wayne & Chicago Ry. (quar.).... $1%
Quarterly
$1%
Quarterly
$1%
7% preferred (guar.)
$1%
7% preferred (guar.)
$134
7% preferred (quar.)
$IM
Pittsburgh Youngstown & Ashtabula RR.
7% preferred iquar.)
S13(
7% preferred guar.)
Si
7% preferred guar.)
Si
Plymouth Cordage (quar.)
$1%
Employee's stock (guar.)
12%c
Plymouth Rubber preferred (guar.)
$1%
Potomac Edison Co., 73' preferred (quar.)_ _ _ _ $1%
6% preferred (quarterly)
$114
Powdrell & Alexander, Inc., pref. (guar.)
51%
Power Corp. of Canada, Ltd.63' cumulative preferred (guar.)
134%
111%
63 non-cumulative preferred (quar.)
Premier Gold Mining (guar.)
r3c
Procter & Gamble, 8% pref. (guar.)
$2
Protective Life Insurance (5 -s•)
53
Prudential Investors, Inc.. 6% preferred (quar.) $114
Public Service Corp. of N.J..6% pref.(mthly).
50c
Public Service of North. Illinois7% preferred (guar.)
$111
6% preferred (guar.)
$1%
Pullman, Inc. (quar.)
75c
Quaker Oats (quarterly)
$1
Special _
51
Preferred (quarterly)
$1%
Rainier Pulp es Paper. $2 class A
h50c
Reading Co.(quarterly)
50c
Ft,Hance Mfg. (Ill.) (qual.)
15c
Reserve Investment Corp.. 7% pref
h 514
Reserve Resources, $6 preferred
141
Rex hide Rubber
25c
Rhode Island Public Service A (guar.)
$1
$2 preferred. class A (quar.)
50c
Richmond Fredericksburg & Potomac RR.
7% guaranteed (semi-ann.)
53
6% guaranteed (semi-ann.)
Richmond Insurance New York (guar.)
10c
Extra
Sc
Rich's, Inc.(quarterly)
30c
Rike-Kumler.7% pref. (guar.)
$1%
Rochester American Insurance (quar.)
25c
Rockland Light & Power (guar.)
15c
Stock trust certificates (guar.)
15c
run 5%
Rolls-Royce, Ltd. (final)
Roos Bros., Inc., Dela., 5634 prof. (quar.)---- $1%
Ruud Mfg. Co.(guar.)
10c
St. Croix Paper(guar.)
50c
St. Louis Bridge Co..6% let pref.(8.-a.)
53
3% 2nd preferred (s.-a.)
$1%
Si. Louis Rocky Mountain & Pacific RR. Co.
Common (quarterly)
25c
$1 34
Preferred (quarterlyi
Preferred (quarterly
$1%
Preferred (quarterly
$1%
20c
Salt Creek Producers Assoc.(quar.)
20c
San Carlos Milling Co. (monthly)
San Diego Consoi. Gas & Elec. Co. pref. (qu.)
Scott Paper Co., 7% series A preferred (quar.)_ _
$1%
6% series B preferred (guar.)
75c
Sears. Roebuck & Co.(special)
20c
2nd Twin Bell Oil Syndicate (mo.)
$1%
Sedalia Water, preferred (quar.)
6234c
Seeman Bros., Inc., common (guar.)
50c
Common (extra)
Sharp & Dohme,pref. A (guar.)
87Sic
3c
Simon (Wm.) Brewery
Simpson (Robt.). Ltd., pref. (s.-a.)
33
Sioux City Stockyards Co Si 3.4 part prof(Quar.) 371ic
3714c
$134 participating preferred (qual.
37 Sic
$I% participating preferred (attar.
Solvay American Investors. preferred (guar.) _ $1%
51
Smith (S. Morgan) Co (quarterly)
$1
Quarterly
Si
Quarterly
10c
South American Gold & Platinum
South Pittsburgh Water Co., 7% pref. (qual.).. $1%
51%
69' preferred (quarterly)
Southern California Edison Co.. Ltd.—
371ic
Common (guar.)
43 Sic
Original preferred (guar.)
34%c
Preferred stock, series C.5 % (guar.)
3714c
Southern Calif. Gas. 6% pref. (guar.)
37}(c
Preferred A (guar.)
Southern Canada Power Co., Ltd.. coin.(qu.)
134%
6t'r, cum. partic. preferred
51%
Southern Counties Gas (Calif.), pref. (quar.)
$1%
Southern New England Telephone (guar.)
Sc
Southland Royalty Co.,corn.(qtlex
75c
Spicer Mfg. Corp., preferred (guar.)
Spiegel May Stern, 63'4% preferred (quar.).._.. $111
37c
Springfield Gas Light (quarterly)
$254
Stamford Gas & Elec. Co., Conn.(quar.)
60c
Standard Cap & Seal (guar.)
Standard Coosa-Thatcher.7% pref.(quar.)-- $134
50c
Standard Fire Insurance (Trenton, N. J.)
$111
Standard Oil Co.(Ohio) 59' cum. pref.
12.86c
Standard Oil Trust Shares, A. reg
12.6c
B. coupon
37%c
Stanley Works,6% preferred (quarterly)
40c
State Street Investment(quar.)
r433.0
Steel Co. of Canada (guar.)
r43
Preferred (quarterly)
Suburban Electric Security Co.
$114
6% 1st preferred (guar.)
1.21ic
Superheater Corp.(guar.)
1 Sic
Supervised Shares, Inc
10c
Sutherland Paper (bi-monthly)
Sc
Extra
$3
Syracuse Binghamton & N. Y. RR.(quar.)
$1
Syracuse Lighting,6% pref.(guar.)
5154
614% preferred (quarterly)
$2
8% preferred (quarterly)
Taoony-Palmyra Bridge Co.,711% prof.(quar.) 51%
d20c
Telautograph Corp.(guar.)
$11.4
Tex-O-Kan Flour Mills. pref.(qtisr.)
90c
Thatcher Mfg. Co.. $3.60 cum. preferred
10c
3rd Twin Bell 011 Syndicate (hi-mo.)
$1%
Toronto Eleryric, Ltd., 7% preferred (quar.)
25c
Toronto General Insurance (Initial)
Towle Mfg. Co.(guar.)
Extra
$151
Tuckett Tobacco. pref. (guar.)
750
Tung-Sol Lamp Works (guar.)
h25c
$3 preferred
$2
Twin Bell Oil Syndicate (mo.)
rlOc
Union Gas Co. of Canada (special)
When I Holders
Payable of Record
Apr. 15 Mar.26
July 10 June 30
Oct. 10 Sept.30
Apr. 15 Apr. 2
July 10 June 30
Oct. 10 Sept.30
10
31
'Ian.
May
Appec. 20
1
Oct. 1 Sept. 14
June 1 May 15
July I June 10
Oct. 1 Sept. 10
Jan. 2 Dec. 10
July 2 June 10
Oct. 8 Sept. 10
Jan. 7 Dec. 10
June I May 20
Sept. 1 Aug. 20
Dec. 1 Nov. 20
Apr. 30 Apr. 20
Apr. 20 Mar. 30
Apr. 15 Apr. 10
May 1 Apr. 20
May 1 Apr. 20
Apr. 21 Mar. 20
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 14
Apr. 15 Mar. 25
July 1 July 1
Apr. 15 Mar. 30
Apr. 30 Apr. 1
May
May
May
Apr.
Apr.
May
June
May
May
Apr.
Apr.
Apr.
May
May
May
May
May
May
July
Apr.
May
May
May
May
June
Apr.
July
July
1 Apr. 15
1 Apr. 15
15 Apr. 24
15 Apr. 1
15 Apr. 1
31 May 1
I May 10
9 Apr. 11
1 Apr. 20
15 Apr. 10
15 Apr. 10
15
1 Apr. 15
1 Apr. 15
1
1
1
1
Apr. 30
Apr. 30
Apr. 10
Apr. 10
1 June
15 Apr.
1 Apr.
1 Apr.
14 Apr.
I Apr.
15 June
15 Apr.
1 June
1 June
25
4
15
15
4
15
5
5
16
15
April 20 April 5a
April 20 April 6a
July 20 July 5
Oct. 21 Oct. sa
May 1 Apr. 15a
Apr. 15 3.1at..
Apr. 31
)
Apr. 15
May 1 Apr. 17
May 1 Apr. 17
May I Apr. 1
Apr. 15 Mar. 30
Apr. 15 Apr. 1
May I Apr. 15
May 1 Apr. 15
May 1 Apr. 17
Apr. 20 Apr. 15
May 1 Apr. 16
May 15 May 14
Aug. 16 Aug. 14
Nov 15 Nov 14
May 15 Apr. 15
May liMay 1
Aug. 1 Aug. 1
Nov. 'Nov. 1
Apr. 30:Apr. 19
Apr. 15 Apr. 1
Apr. 15 Apr. 1
May 15IdApr.15
Apr. 15 Mar. 20
Apr. 15 Mar. 20
Apr. 15 Mar. 31
Apr. 15 Mar. 31
May 15 Apr. 30
Apr. 15 Mar. 20
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Apr. 5
May 1 Apr. 15
Apr. 15 Apr. 4
Apr. 15 Mar. 30
May 1 Apr. 4
Apr. 16 Apr. 15
Apr. 23 Apr. 16
Apr. 15 Mar. 30
. 115
5 Mar. 30
Apr.
MMay
M
A pary. 1155
.30
4
May 1 Apr. 6
May 1 Apr. 6
May 1 Apr. 15
Apr. 15 Apr. 5
Apr. 15 Mar.30
Apr. 30 Apr, 20
Apr. 30 Apr. 20
May 1 Apr. 22
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 20
May 1 Apr. 10
54
Apr. 15
June
May 15
May 15 Apr. 30
Apr. 30 Apr. 27
Apr. 16 Apr. 1
Apr. 16 Mar.31
Apr. 151 Apr. 6
Apr. 15 Apr. 6
Apr. 15 Mar.30
May 1 Apr. 19
May 1 Apr. 19
May 5 Apr. 30
May 15 Apr. 20
Financial Chronicle
Volume 140
Per
Share
Name of Cornpany
When Holders
Payable of Record
2481
Per
Share
Name of Cornpany
When Holders
Payable of Record
United Biscuit Co. of America. preferred (Quart $114 May 1 Apr. 15
United Bond & Share Corp. (quar.)
10c Apr. 15 Mar. 28
United Corp., $3 cony. pref. (quar.)
750 Apr. 20 Apr. 15
United Fruit Co
750 Apr. 15 Mar. 21
United Gold Equities of Canada—
Standard shares (quar.)_
23,4c Apr. 15 Apr. 5
United Light & Itys.(Dela.).7% pref. (mo.)__ _ 58 1-3c May 1 Apr. 15
6.36% preferred (mo.)
53c May 1 Apr. 15
6% preferred (mo.)
50c May 1 Apr. 15
7% preferred (mo.)
58 1-3c Juno 1 May 15
6.36% preterred (mo.)
53c June 1 May 15
6% preferred (mo.)
50c June 1 May 15
7% preferred (mo.)
58 1-3c July 1 June 15
6.36% preferred (mo.)
Mc July 1 June 15
6% preferred (mo.)
50e July 1 June 15
United Profit Sharing, pref. (s.-a.)
Site Apr. 30 Mar. 29
United Securities (quar.)
50c Apr. 16 Mar. 27
United States Petroleum (s.-a.)
lc June 15 June 5
Semi-annually
lc Dec. 15 Dec. 5
United States Pipe & Fcly Co. (quar.)
12%c Apr. 20 Mar. 30
Common (quar.)
123,4c July 20 June 29
Common (quar.)
12Sic Oct. 20 Sept. 30
Common (quar.)
Jan. 20 Dec. 31
123,
lot preferred (quar.)
Apr. 20 Mar. 30
3
1st preferred (quar.)
30c
30e July 20 June 29
1st preferred (quar.)
30c Oct. 20 Sept.30
1st preferred (quar.)
30c Jan. 20 Dec. 31
United States Smelting Refining & Mining Co.—
Common (quarterly)
$1 Apr. 15 Apr. 5
Preferred (quarterly)
87%c Apr. 15 Apr. 5
United States Surar Corp., pref. (quar.)
$1 si July 5 June 10
United Verde Extension Mining Corp
10c May I Apr. 3a
Universal Leaf Tobacco (quar.)
Soc May 1 Apr. 17
Upper Michigan l'swer & Light,6% pref.(quar.) $11.4 May 1 Apr. 26
6% preferred (quarter's')
81 Si Aug. 1 July 27
6% preferred (quarterly)
$1% Nov. 1 Oct. 26
6% preferred quarterly
$1% 21-'36 Jan. 27
Utica Chenango & Susquehanna Valley RR.—
Guaranteed (semi-annual)
$3 May 1 Apr. 15
Utica Clinton & Binghamton fly.—
Debenture stock (semi-ann.)
$2% June 26 June 16
Debenture stock (send-ann.)
$2% Dec. 26 Dec. 16
Vanadium-Alloys Steel
25c Apr. 10 Apr. 1
Vermont & Boston telephone (semi-ann.)
$2 July 1 June 15
Vulcan Dotinning, preferred (quar.)
1%7 Apr. 20 Apr. 10
Preferred (guar.)
1%4 July 20 July 10
Preferred (quay.)
1%% Oct. 19 Oct 10
Walgreen Co.(mar.)
30c May 1 Apr. 15
Walker Mfg. Co., $3 preferred
h 75c May 1 Apr. 20
Warren Foundry & l'ipe Corp
50c May 1 Apr. 15
Warren RR Co (semi-annual)
$1% Apr. 15 Apr. 5
Washington Gas Light (quar.)
90c May 1 Apr. 15
Washington Ity & Electric Co.5% pref.(quar.) $114 June 1 May 15
Western Grocers Co.(quar.)
50c Apr. 25 Apr. 15
Preferred (quarterly)
$13i Apr. 25 Apr. 15
t The New York Stock 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 was
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payable in common stock. p Payable in scrip. Fm On account of accumulated dividends. 3 Payable in preferred stock.
m American Cities Power & Light Corp. regular quar. div. ot 1-32 of
1 share ot class B stock was declared upon each sh. of cony. class A stock.
opt. div. series. payable May 1 to stockholders of record April 11. Class A
stockholders have the option of receiving 75c. in cash in lieu of the div.
In class B stock, provided written notice is received by the corporation
on or before April 22 1935.
a Continental Telep. Co. stock div. payable in 63.4% preferred stock.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. s A unit. to Less depositary expenses.
z Less tax 13 A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 6 1935
Clearing House
Members
Surplus and
Undivided
Profits
• Ca piMI
Bank of NY & Trust Co.
Bank cif Manhattan Co_
National City Bank _ .._ _
Chemical Ilk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Ilk & Tr Co
Corn Esch Bank Tr Co.
First National !lank __ _ _
Irving Trust Co
Continental Ilk & Tr Co_
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co
New York Trust Co
Comm.! Nut Ilk & Tr Co
Public Nat Ilk di Tr Co
$
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21.000,000
15,600,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000.000
12,500,000
7,000,000
8,250,000
Net Demand
Deposits.
Average
$
g
10,469,000
115,547,000
334,854,000
25,431.700
e41,282,700 a1,052.962,000
48,608,700
362,527.000
177,131,600 51,099,371.060
10,297,500
280,632,000
61,517,600
610,367,000
16,350,200
197.014,000
e89,008,600
412,723,000
57,726,000
416,1370,000
3,649,000
32,753,000
84,815,900 c1,413,035.000
3,469,200
45,944 000
62,871 100 d702,028,000
7,988,500
14,558,000
7,537,900
53,141,000
21,361,500
245,781,000
7,758,600
57,584,000
e5,229,30C
54,147,000
Time
Deposits,
.4 rerage
$
6,426,000
29,274.000
151,339,000
20,427,000
54.837.000
105,228,00C
27,387,000
21,356.000
11,056,000
4,844,000
2,247,000
83.999,000
352,000
19,073,000
280,000
3,333,000
17,517,000
1,185,000
38,015,000
Totals
614,955,000 722.482,600 7,511,778.000 578,175.000
* As per ()Mehl reports. National, March 4 1935: State, March 30 1935; trust
comp isles, March 30 935. e As of March 30 1935.
Includes deposits In foreign branches as follows. a $198,217,000 b 559,807,000:
$81,894,000: d $25,659,000.
The Now York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended April 5:
INSTITUTIONS NOT IN TIIE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL 5 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Investments Rank Notes Elsewhere Trust Co,.
Manhattan
S
Grace National
25,122,800
Trade Bank of N. Y_
3,887,989
Brooklyn—
Pennle's MntInnnt
q 'WI nnn
$
82,400
173,169
$
2,599,600
790,742
Re nnn
1 sssnan
Gross
Deposits
5
$
1,511,100 24,490,900
106,688 4.081,460
9.00 nnn
k nsa9 non
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kings County
$
51,846,600
7.103,539
12,459,073
18,655,000
29,559,600
60,653,386
Cash
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere Trust Cos.
$
$
*3,779,100 8,343.700
161,587
706,716
*794,654
734,502
*2,930,600
674,300
*5,441,600
498,100
21.363,289 16,168.920
Gross
Deposits
5
3
2,450,900 51,370,800
1,377,241 7,653,119
62,541 12,023,209
714,700 18,483,400
33,227,500
69.560,620
90.324,000 2,718,000 28,365,000
105,000 107,247,000
9* 039 q557 9 10A Ofin 7093 473
"49 rs.A., lad
* Includes amount with Federal Reserve as follows; Empire, $2,634,200;
Fiduciary, $551,668: Fulton, $2,737,200; Lawyers County, $1,766,100.
Western Power Corp., 7% pref. (quar.)
$1% Apr. 15 Apr. 1
Westinghouse Air Wake Co
12Sic Apr. 30 Mar. 30
Westland Oil Realty, A (mo.)
10c Apr. 15 Mar. 15
West Penn Electric, 7% preferred (quar.)
$1% May 15 Apr. 18
6% preferred (quar.)
$1% May 15 Apr. 18
dWest Penn Power,6% preferred (quar.)
$134 May 1 Apr. 5
7% preferred (quar.)
31% May I Apr. 5
Wichita Water Co.,7% pref. (quar.)
51% Apr. 15 Apr. 1
Wilcox-Rich Corp., class 13
25c May 15 Slay 1
Wilson & Co., Inc.. common
12Sic June 1 May 15
Preferred
$1% May 1 Apr. 15
Wilson-Jones
75c May 1 Apr. 22
Winsted Hosiery (quar.)
$1 34 May 1
Quarterly
$1% Aug. 1
Quarterly
$134 Nov. 1
Wisconsin Gas & Electric Co..6% pref. C (guar.) $1% Apr. 15 Mar. 30
Wisconsin Telep., pref. (quar.)
$1% Apr. 30 Apr. 20
Wrigley (Wm.)Jr. Co.(mthly.)
25c May I Apr. 20
Monthly
25c June 1 May 20
Monthly
25c July 1 June 20
Monthly
25c Aug. 1 July 20
Monthly
25c Sept. 2 Aug. 20
Monthly
25c Oct. 1 Sept.20
Worcester Salt. preferred (quar.)
$1% May 15 May 4
York Rys., preferred (quar.)
623,
4c Apr. 30 Apr. 20
Mons Cooperative Mercantile Ins. (quar.)
50c Apr. 15 Apr. 1
Quarterly
50c July 15
Quarterly
50c Oct. 15
The following shows the condition of the Federal Reserve
Bank of New York at the close of business April 10 1935,
in comparison with the previous week and the corresponding
date last year:
Apr. 10 1935 Apr. 3 1935 Apr. 11 1934
Assets—
:fold certificates on hand and due from
g
$
$
U. S. Treasury_x
2,173,609,000 2,181.903.000 1,291,022,000
Redemption fund—F. It. notes
1,652,000
1,652.000
2,685,000
3ther cash
70,870.000
69,343,000
58,344,000
Total reserves
2,246,191,000 2,252,898,000 1,352,051,000
Redemption fund—F. It. bank notes_
2,401,000
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
1,683,000
5,474,000
1,479,000
Other bills discounted
2,382,000
2,165,000
14,416.000
Total bills discounted
131115 bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities_
4,065,000
3.644,000
19,890,000
2,032,000
1,850,000
2,029,000
1,902,000
2,431,000
131,324,000
445,848,000
162,146,000
136,433,000
446,960,000
155,925,000
159,113,000
376,271,000
251,371,000
739,318,000
739,318,000
786,755,000
Other securities
Foreign loans on gold
53.000
Total bills and securities
747,265,000
746,893,000
809,129,000
Cold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
277,000
4,471,000
105,348,000
11,723,000
30,671,000
279.000
4,083,000
112,156.000
11,658,000
29,861,000
1,r93,000
5,758,000
109,835,000
11,434,000
55,530,000
Total assets
3,145,944,000 3,157,828,000 2,347,331,000
Liabilities—
F. R. notes in actual circulation
661,628,000 669,376,000 623,476,000
F. R.. bank notes in actual circulation net
44,747,000
Deposits—Member bank reserve acc't__ 1,858,517,00P 1,828.553.000 1,365,480,000
U. S. Treasurer—General account_ 243.413,000 272,925.000
5,097,000
Foreign bank
6,978,000
6,521,000
612,000
Other deposits
147,647,000 148,108,000
32,637.000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,258,555,000 2,258,107.000 1,403,826,000
104.806,000 109.918,000 109,738,000
59,581,000
59,575,000
59,700,000
49,964,000
49,964.000
45,217,000
1,778,000
1.778,000
7,501,000
7.501.000
4,737,000
4,131,000
3,609,000
55,890,000
Total liabilities
3,145,944,000 3,157,828,000 2,347,331,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
77.0%
77.0%
66.7%
Contingent liability on bills purchased
for foreign correspondents
2,000
25,000
1,440,000
Commitments to make Industrial advances
6.238.000
6.238.000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold
from the Reserve banks when the dollar was on Jan. 31 1934 devaluedtaken over
100
cents to 59.06 cents, these certificates being worth less to the extent offrom
f erence, the difference itself having been appropriated as profit by the the MITreasury
under the provisions of the Gold Reserve Act of 1934.
Financial Chronicle
2482
April 13 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, April 11, showing the condition of the
twelve Reserve Walks at the close of business on Wednesday. The first table presents 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 note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events ani Discussions."
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 10 1935
Apr. 10 1935 Apr. 3 1935 Mar. 27 1935 Mar. 20 1935 Mar. 13 1935 Mar. 6 1935 Feb. 27 1935 Feb. 20 1935 Apr. 11 1934
3
s
$
$
$
$
3
$
$
ASSETS
5,516,081,000 4,386,837,000
Gold Mts. on hand & due from U.S.Treas.: 5,592.822,000 5,593.721,000 5,567,025,000 5,567,221,000 .5,554.324.000 5,556,087,000 5,543,025.000
32,988,000
15,852,000
15,799,000
15,950,000
15.878,000
15,877,000
14.708,000
17,625,000
17,067,000
Redemption fund (F. It. notes)
237,245,000 236,131,000 253,500,000 252,657,000 *253,933,000 247.266,000 257,047,000 253,317,000 225,771,000
Other cash *
Total reserves
5,847,134,000 5.847,477.000 5,835.233,000 5.835,755,000 5,824,135,000 5,819,303,000 5,815.871.000 5,785,250,000 4.645,596,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U.S. Government securIties-Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
5,000
5,000
250,000
250,000
250.000
8,362,000
2,818,000
3,201,000
3,406,000
2,985,000
4,415,000
3,263,000
4.487,000
3,170,000
3.217,000
3,208,000
2.830,000
3,278,000
3.113,000
3,351.000
2.719,000
3,207,000
9,276,000
33,975,000
6,019.000
6,391.000
7,678,000
7.657,000
6,425,000
6.108,000
6.464,000
5,926,000
43,251,000
5,299.000
20.409.000
5,505,000
19.869.000
5,506,000
19.470,000
5,505,000
19.163.000
5.501,000
18,729,000
17.059,000
5,307,0411
21,256,000
5.304,000
21,073,000
5,306,000
20.785,000
384,109,000 392,493,000 391,942,000 391,980,000 390.186,000 394,388,000 395,688.000 395,748,000 431,225,000
1.488,666,000 1.492,666,000 1,494,703,000 1,494,667,000 1.494.675,000 1,492,673,000 1,511,198,000 1,511,675,000 1,179,906,000
557,660,000 545,660,000 543.660,000 543,660,000 545,500,000 543.425,000 523.425,000 522.925,000 820,848,00C
2,430,431,000 2,430,819.000 2,430.305,000 2,430,307.000 2,430.361,000 2,430,486,000 2,430,311.000 2,430,348,000 2,431,979,000
562,000
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other bank5Uncollected items
Bank premises
All other assets
Total assets
LIABILITIES
F. R. notes in actual circulation
F. R. bank notes in actual circulation_
2,463,013,000 2,463,587,000 2,464.074.000 2.463,672.000 2,462,160,000 2.461,570,000 2.481.443.000 2,460,504,000 2,492,851,000
700.000
15,933,000
434,605,000
49,615,000
44,019,000
702.000
15,313.000
471,759,000
49,533,000
43,016,000
702,000
15,973,000
446,072,090
49,524,000
42,173,000
708,000
16,684,000
509,742,000
49,524,000
41,359,000
802,000
13.851 000
504,894,000
49.514,000
49,154,000
802.000
16,113,000
457,509,000
49,453,000
47.088,000
803.000
18.529,000
477,747,000
49,436,000
46,657,000
807.000
18,649.000
482,633,000
49,436,000
45.814,000
3,130,000
17,340,000
418,780,000
52,556,000
122,327,000
8,855,019,000 8,891,387,000 8,853,751,000 8,917,449,000 8,904,515,000 8,852,088,000 8,870,736,000 8.843,343,000 7,760,942,990
3,169,329,000 3,174,531.000 3,130,572.000 3,139,753,000 3,136.652,000 3,159,989,000 3,138.751.000 3,127,655,000 3,025,812,001
88,336,000
1,242,000
1,324.000
1,227,000
100,000
100,000
4,644,795,000 3,560,025,000
Deposits-Member banks'reserve account 4,236,830,000 4,192,954,000 4,285,129,000 4,361,278,000 4,588,213,000 4,554,818,000 4,587,949.000
29,395,000
38,422,000
99.181.000
88,485,000
87,968,000
393,068,000 473,679,000 393.138,000 309,517,000
U. S. Treasurer-General account__
13,629.000
4,623.000
14.355,000
16,323,000
17,587,000
16,430,000
17,360,000
20,053,000
17,817,000
Foreign banks
208,422,000 213,075,000 220,746,000 226,393,000 219.998.000 220,399,000 196,746,000 178,973,000 143,705,000
Other deposits
4,904,137,000 4,897,068.000 4,919,066,000 4,913,618.000 4,913,766,000 4,880.023,000 4.898,231,000 4,875,819,000 3,737,748,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
435,295,000
146,966,000
144,893,000
14,820,000
30,805,000
8,814,000
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
26-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
31-60 days bills bought In open market-.
61-90 days bills bought in open marketOver 90 days bills bought In open market
Total bills bought in open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days Industrial advances
458,986,000
146,921,000
144,893,000
14,366,000
30,802,000
8,145,000
519,167,000
146,924,000
144,893.000
14.366,000
30,815,000
7,813,000
507,943,000
147,020,000
144,893.000
14,278,000
30,822,000
9,041,000
467,797.000
148,990,000
144,893,000
13,447,000
30.822,000
6,900,000
490,259,000
147,031,000
144,893,000
12.830,000
30.824.000
6,593,000
495,913,000
146,953,000
144,893,000
12.751,000
30,821,000
7,296,000
72.4%
72.5%
72.5%
72.3%
72.4%
72.4%
72.3%
68.7%
48,000
70,000
98.000
206.000
224,000
286,000
357.000
368,000
4,669,000
16,315,000
16,252,000
15,732,000
15,551,000
15,084.000
14,854,000
13,963,000
12,940.000
--
-
3
3,982,000
211,000
698,000
1,035,000
93,000
3
4,168,000
245,000
783,000
1,093,000
102,000
$
5,533,000
244,000
170,000
1,639,000
92,000
$
5,613,000
58,000
333,000
1,568,000
85.000
$
5.073,000
149.000
338,000
619,000
246,000
$
4,687,000
205.000
276,000
680,000
260.000
$
4,353,000
880,000
332,000
671,000
228,000
$
4,528,000
733,000
157.000
271,000
237.000
$
30,600,000
4,600,000
3,086,000
4,725,000
240,000
6,019,000
6,391,000
7.678,000
7.657,000
6,425,000
6,108.000
8,464,000
5,926,000
43,251,000
3,388,000
702.000
704,000
711.000
3.499,000
183,000
905,000
934.000
11,427,000
3,365,000
2,206,000
61,000
17,059,000
4.077,000
242,000
624,000
364,000
497,000
3,674,000
472,000
661,000
208,000
4,042,000
529,000
527,000
608,000
538,000
4,004,000
149,000
702,000
193,000
1,189,000
3,421,000
112,000
751,000
629.000
4,014.000
5,307,000
5,304,000
5,306,000
5,299.000
5.505,000
5,506,000
5,505.000
5.501,000
948,000
883,000
492,000
340,000
18,593,000
885,000
774,000
473,000
564,000
18,377,000
508,000
652,000
1,118,000
.501.000
18,006,000
623,000
590,000
1,173,000
425,000
17,598,000
625,000
99,000
1,609,000
530,000
17,006,000
197,000
560,000
1,354.000
312,000
17,047,000
274,000
599,000
784.000
862,000
16,644,000
97,000
432,000
1,225,000
893,000
16.082,1100
90,229,000
115,530,000
38,975,000
117,466,000
458,648,000
820,848,000
500,000
90,000
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
17,000
36,000
562,000
Total municipal warrants
-
In actual circulation
22,529,000
179,126,000
72.4%
19,163.000
18,729,000
19,470,000
19,869,000
20,409,000
20,785,000
21,256,000
21,073,000
Total Industrial advances
44.540.000
39.690,000
40,550,000 137,100,000 125.685,000
28,250,000
33,292,000
37,080,000
1-15 days U. S. certificates and bills_-__
40,550.000 128,010,000 124,180,000
28,250,000
37,078,000
34,009,000
41,078,000
41,690,000
16-30 days U. S. certificates and bills____
89,843,000 176,621,000 177.761,000 170,174,000 179,054,000
89,021,000
90,571.000
89,784,000
31-60 days U. S. certificates and bills____
93,096,000
92,368,000
91,546,000
93,784,000
61-90 days U. S. certificates and bills_._ 290,856,000 291,959,000 270,013,000 272,839,000
1.994,491.000 1.995,058.000
Over 90 days U. S. certificates and bills- 1,971,021,000 1,975,509,000 2,004,393,000 1,993,066,000 1,994,606,000 1,994,944,000
2,430,431,000 2,430,819,000 2,430,305,000 2,430,307,000 2,430,361,000 2.430.486,000 2,430.311,000 2,430,348,000
Total U. S. certificates and bills
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent-Held by Federal Reserve Bank
422,619,000
146,389,000
138,383,000
8,855,019,000 8,891,387,000 8,853,751,000 8,917,449,000 8,904,515.000 8.852,088,000 8.870.736.000 8,843,343.000 7,760,942,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for .
foreign correspondents
Commitments to make industrial advances
474,539,000
146,953.000
144,893.000
14.809,000
30,805,000
7,789,000
--
3.445,917,000 3.433,556,000 3.408,551,000 3,422,956,000 3,423,984,000 3.435,639,000
276,588,000 299,025,000 278,009,000 283,203,000 287.332,000 275,650,000
3,422,825.000 3.419.985.000 3.304,860,000
284,074,000 292.330,000 279,048,000
3,169,329,000 3,174,531,000 3,130,572,000 3,139,753,000 3,136,652,000 3,159,989,000 3,138,751,000 3,127,655,600 3,025,812,000
Collateral Held by Agent as Security for
Notes Issued to Bank3,298,357,000 3,280,827,000 3,042,896,000
Gold ctfs. on hand dr due from U.S.Treas. 3,259,979,000 3,249,979,000 3,287,679,000 3,320,679,000 3,312.989,000 3,312,983,000
4,591,000
34,418,000
4,201,000
4,105,000
5,684,000
4,438,000
5,842,000
4,552,000
4.257.000
By eligible paper
275,400,000
240,100,000 246,100,000 203,100.000 173,000,000 179,000,000 179,000,000 189,000,000 199.100,000
U. S. Government securities
Total collateral
3.504.336.000 3.500.631.000 3.496,621,000 3.499,363,000 3,496,407.000 3,496,088,000 3,491.948,000 3,484,128,000 3,352,714,000
• Revised figures.
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
devalued from 100 cents to 59.05 cents
x These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was
been appropriated as profit by the Treasury under the
itself
having
difference,
the
difference
the
on Jan. 31 1931, these certificates being worth less to the extent of
provisions of the Gold Reserve Act of 1934.
2483
Financial Chronicle
olume 140
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 10 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Boston
Total
Chicago
Cleveland Richmond Atlanta
Phila.
New York
.M. Louis Minneay. Kan. City
SanFran.
Dallas
$
RESOURCES
S
/old certificates on hand and due
5,592,822,0 420,860,0 2,173,669,0 288,910,0 448,978,0 190,511,0 114,842,0 1,059,186,0 166,454,0 132,912,0 188,937,0 96,620,0 310,943,0
from U. S. Treasury
171,0 3,141,0
884,0
441,0
377.0
2,782,0
882.0 1,475,0 3,160,0
1,652,0 1,838,0
264,0
17,067,0
tedemption fund-F.R. notes
25,217,0 10,091,0 11.237,0 10,428,0 5,530,0 14,548.0
70,870,0 32,818,0 9,180,0 9,229,0 12,375,0
237,245,0 25,722,0
Bhet cash
$
S
$
$
8
3
$
$
$
$
$
5,847,134,0 446,846,0 2,246,191,0 323,566,0 459,040,0 201,215.0 130,377,0 1,087,185,0 176,922,0 144,590,0 200,249,0 102,321.0 328,632,0
Total reserves
Sills discounted.
Sec. by U. S. Govt. obligations
16,0
117,0
100,0
20,0
13,0
65,0
203,0
96,0
351,0
1,683,0
154.0
2,818,0
direct & (or)fully guaranteed
2,0
251,0
29,0
64,0
10,0
12,0
61,0
136,0
22,0
151.0
2,382,0
81.0
3,201,0
Other bills discounted
Total bills discounted
6,019,0
235,0
4.065,0
502,0
118,0
264,0
201,0
12,0
23,0
22,0
80,0
368,0
129,0
Sills bought In open market...
ndustrial advances
3. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
5,307,0
21,256,0
390,0
2,142.0
2,032,0
1,850,0
536,0
3,712.0
504,0
1.341,0
196,0
3,607,0
191,0
1,072,0
628.0
1,613,0
99,0
528,0
79,0
1,966,0
143,0
959,0
138,0
1,779,0
371,0
687,0
384.105,0 23,171,0
1 488,666,0 97,183,0
557,660,0 37,325,0
49,427,0 15,917,0 16,272,0 15,455,0 19.515,0 27,676,0
248,942,0 66,675,0 39,546,0 66,029,0 41,154,0 119,687,0
91,474,0 25.608,0 14,992,0 25.360,0 15,806,0 45,968,0
131,324.0 25,091,0 30,496,0 16,258,0 13,503,0
445,848.0 103,098,0 131,878,0 70,304,0 58,322,0
162,146,0 38.931,0 50,650,0 27,001,0 22,399,0
Total U. S. Govt. securities_ 2,430,431,0 157,679,0
739,318,0 167,120,0 213,024,0 113,563,0 94,224,0
389,843,0 108,200,0 70,810,0 106,844,0 76,475,0 193,331,0
2,463,013,0 160,446,0
747,265,0 171,870,0 214,987,0 117.630,0 95,688.0
392,096,0 108,850,0 72,877,0 108,026.0 78,760.0 194,518,0
53,0
700,0
313.0
15,933,0
434,605,0 43,013,0
49,615,0 3,168,0
664,0
44,019,0
25,0
26,0
67,0
72,0
277,0
999,0 1.215,0 1.211,0
386,0
4,471,0
105,346,0 34,665.0 39,778,0 37,717.0 15,449,0
11,723,0 4,578,0 6,629,0 3,028,0 2,325,0
30,671,0 4,739,0 1,601,0 1,290,0 1,734,0
49.0
19,0
4,0
18,0
5,0
85,0
362.0 1,983,0
777.0 1,219.0
1,801,0 1,196.0
58,646,0 19,845,0 12,942,0 25,751,0 16.848,0 24,605,0
4.955,0 2,628,0 1.580,0 3,447,0 1,685,0 3,869.0
508,0
860,0
262,0
661.0
239,0
790,0
Total bills and securities
Due from foreign banks____ --red. Res. notes of other banks___
1ncolleeted items
Sank premises
111 other resources
3,855,019,0 654,503,0 3,145.944,0 539.876,0 723,101,0 362,121,0 246,809,0 1,545,558,0 309,685,0 233,431,0 338,973,0 200,854,0 554,164.0
Total resources
LIABILITIES
7, R. notes In actual circulation
1,169,329,0 268,960,0
661,628,0 236,497,0 314,307,0 155,269,0 126,819,0
791,285,0 139,516,0 104,051,0 119,512,0 47,179,0 204,306,0
Deposits:
Member bank reserve account
U. S. Treasurer-Gen. acct.
Foreign bank
Other deposits
1.286,830,0 283,119,0 1,858,517,0 215,705,0 302,092,0 137,550,0 84,259.0
393.068.0 29.977,0 243.413.0 13,279,0 29,591,0 16,068,0 3,486,0
617.0
635,0
6,978,0 1,698.0 1.629,0
1,235,0
17.817,0
206.422,0 3,586,0 147,647,0 5,148,0 4,299,0 1,589,0 3,045,0
631,390,0 120,561,0 97,254,0 173,217,0 114,852,0 268.314,0
13,888.0 5,799,0 2,008,0 11,017,0 6,893.0 17,649,0
446,0 1,200,0
463,0
412.0
515,0
1,989,0
684.0 2,904,0 14,910,0
2,961,0 11,941,0 1,708,0
1,904.137,0 317,917,0 2,256,555,0 235,830,0 337,611,0 155,842,0 91,407,0
650,228,0 138,816,0 107,382,0 185,381.0 125,095,0 302,073,0
104,806,0 33,223,0 39,242,0 37,124,0 15,047,0
59,581,0 15,146,0 13,123,0 5,035,0 4,406,0
49,964,0 13,470,0 14,371.0 5,186,0 5,540,0
754,0
1,778,0 2,098,0 1,007,0 2,084,0
7,501,0 2,996,0 3,000,0 1,416,0 2,600.0
236,0
165,0
440,0
616,0
4,131,0
61,631,0 20,849,0 13,013.0 24,605,0 18,613.0 24,308,0
12.796,0 4,072,0 3,135,0 4,056.0 4,021,0 10,823.0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
695.0
626,0
672,0
547.0 1,003,0
1,391,0
813,0 1,363.0 2,041.0
891,0 1.211,0
5,325.0
273,0
180,0
321,0
216,0
339,0
1,552,0
Total deposits
Deferred availability items,
lIapital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Eteserve for contingencies
1.11 other liabilities
435,255,0 42,794,0
146,966,0 10,772,0
144,893,0 9,902,0
14,820,0 2,165,0
30,805.0 1,648.0
345,0
8,814,0
8,855,019.0 654,503,0 3,145,944,0 539,876,0 723,101,0 362,121.0 246,809,0 1,545,558,0 309,685,0 233,431,0 338,973,0 200,854,0 554.164,0
Total liabilities
laths of total res. to dep. & F. R
note liabilities combined
72.4
3ontingent liability on bills purchased for torn correspondents
48,0
Dommittments to make industrial
advanees
------16.315,0
76.1
77.0
68.5
70.4
64.7
59.7
75.4
63.6
68.4
65.7
59.4
5,0
2,0
7,0
7,0
3,0
3,0
8,0
2,0
2,0
2,0
2,0
2,641,0
6,238.0
472,0
1,437,0
798,0
726,0
453,0
1,547,0
32,0
414,0
64.9
5,0
1.557,0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (DO) Omitted
Federal Reserve Agent as-
Boston
Toga.
New York
Cleveland Richmond Atlanta
Phila.
Chicago
St. LOWia Mtnneap. Kan. City
Dallas
SanFran.
Federal Reserve notes:
$
$
Issued to F.R.Bk.by F.R.Agt_ 3,445.917.0 286,382,0
Held by FecP1 Reserve Bank- 276,588,0 17,422,0
3
$
$
$
$
766,952,0 249,325,0 327,524,0 163,792,0 144,298,0
105,324,0 12,828,0 13,217,0 8,523,0 17,479,0
$
3
$
8
$
$
825,360,0 145,578,0 108,865,0 127.756,0 53,333.0 246,752,0
34,075,0 6,062,0 4,814,0 8,244,0 6,154,0 42.446,0
In actual el•culation
3,169,329,0 268,060,0
Collateral held by Agent as security for notes Issued to bks:
Gold Certificates on hand and
due from U.S. Treasury__ 3,259.979,0 301,617,0
Eligible paper
228,0
4,257,0
U. S. Government securities.- 240,100,0
661,628,0 236,497,0 314,307.0 155,269,0 126,819,0
791,285,0 139,516,0 104,051,0 119,512,0 47,179.0 204,306.0
788,706,0 229,000.0 328,715,0 139,340.0 85,685,0
193.0
108,0
236,0
492.0
2,475,0
25,000,0 60,000,0
22,000.0
792,346.0 116,632,0 103,500.0 122.000,0 54,175,0 198,263.0
94,0
336,0
20,0
62,0
13,0
50,000,0
40,000,0 30,000,0 6,100,0 7.000,0
791,181,0 251,492,0 328,823,0 164,576,0 145,878,0
832,346,0 146,645,0 109,620,0 129,062,0 54,511,0 248,357,0
Total collateral
3,504,336,0 301,845,0
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 in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES. BY DISTRICTS. ON APRIL 3 1935
(In Millions of Dollars)
Federal Reserve District-
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Mtnneap. Kan Ct4
De:4as
3an Arms.
18,509
1,184
8,539
1,079
1,170
368
358
1,917
559
366
577
427
1,965
Loans on securltbss-total
2.974
210
1,602
199
172
57
52
278
65
33
54
48
204
To brokers and dealers:
In New York
Outside New York
To others
720
170
2,084
21
30
159
601
57
944
21
15
163
2
6
184
6
2
49
5
3
44
29
33
216
3
4
58
2
31
7
3
44
5
1
42
20
14
170
Acceptances and comm'l paper bought
Loans on real estate
Other loans
436
966
3,233
49
90
294
229
248
1,380
25
71
166
2
73
135
9
16
80
2
12
127
59
32
307
10
36
109
6
6
103
21
13
109
3
25
111
21
344
312
U. S. Government direct obligations_
Oblige, fully guar. by U. 8. Govt.....
Other securities
7,280
702
2.918
366
11
164
3,494
310
1,276
293
56
269
579
23
186
127
21
58
102
14
49
877
98
266
217
29
93
152
11
55
240
22
118
163
36
41
670
71
343
Reserve with Federal Reserve banks
Cash in vault
3,047
270
224
68
1,596
61
147
13
171
19
46
11
28
6
386
45
71
8
58
4
103
10
70
9
149
16
14,087
4,476
1,016
963
312
72
7,409
1,047
557
747
316
62
718
454
45
241
139
8
207
129
31
1.574
531
58
398
166
22
268
128
5
482
164
21
317
122
52
763
968
83
1,732
4,285
106
212
143
1,900
175
258
143
195
81
100
79
87
278
609
100
182
91
121
212
281
149
141
175
199
Loans and Investments-total
Net demand deposits
Time deposits
Government depo.its _
Due from banks
Due to banks
Borrowings from F. R. banks
2484
Financial Chronicle
April 13 1935
MUM 41,
6Ire
&mintrag'
United States Government Securities
Bankers Acceptances
(g
PUBLISHED WEEKLY
CurcAtni Orrice-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orricn-Edwards & Smith. 1 Drapers' Gardens, London, E. C.
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
WILLIAN B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
United States Treasury Bills-Friday, April 12
Rates quoted are for discount at purchase.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32nds
of a point.
Daily Record of U. S. Bond Prices Apr.6 Apr.8 Apr.9 Apr. 10 Apr, 11 Apr. 12
First Liberty Loan
High 101.11 101.13 101.9 101.8 101.6 101.6
335% bonds of 1932-47_ Low. 101.11 101.10 101.8 101.7 101.5 101.4
(First 3301)
tCloee 101.11 101.10 101.9 101.9 101.5 101.6
Total sales Of $1.000
20
40
36
203
32
90
4% bonds of40704..(High
HIg1-1
---------------- --1932-47
Total sales in $1,000 units._
Converted 4,4% bonds {High
of 1932-47 (First 414s) Low_
Close
Total sales in 11,000 units__
Second converted 431% High
bonds of 1932-47 (First Low_
Second 41(e)
Close
Total sales in $1,000 units_ _
Fourth Liberty Loan
{High
4y,,,,bonds of 1933-38_ Low_
(Fourth 431e)
Close
Total sales in 81,000 units_
Fourth
rt Liberty Loan
1ilig-1-1
431% bonds (3d called). Low_
Close
Total sales in 11,000 units_ __
Treasury
1 II I gh
Low_
4316 1947-52
Close
Total sales in $1.000 units_ __
High
1,ow_
413, 1944-54
Close
Total sales in $1,000 units_ _ _
{High
4313-331s, 1943-45
Low_
Close
Total sales in $1,000 units_ __
High
331s, 1946-56
Low_
Close
Total sales in 11,000 units.,_
High
Low_
334s. 1943-47
Close
Total sales in $1,000 units_ .._
High
Low_
38, 1951-55
Close
Total sales in $1,000 units__
HIV;
Lew.
3s, 1946-48
Close
Total sales in 11.000 units...,_
High
Low_
834e, 1940-43
Close
Total sales in 11,000 units_ __
(111gh
334s, 1941-43
(Low_
[Close
Total sales in $1,000 units.__
(High
330, 1946-49
(Low _
[Close
Total sales in 81.000 unUs___
High
8345, 1949-52
Low_
Close
Total sales in $1,000 units_ _
High
11315, 1941
Low_
Close
Total sales in $1.000 units...
High
331s. 1944-46
Low_
Close
Total sales in 11.000 unite_ __
jr Igo
230, 1955-00
Low_
Close
Total sales I',
' WO units...
Federal Farm Mortgage
High
331e, 1944-64
Low_
Close
Total sales in 11,000 units_ __
Federal Farm Mortgage 1111gb
3e, 1944-49
Low.
Close
Total sales in 11.000 unit,...
Federal Farm Mortgage
Hih
38, 1942-47
Low.
Close
Total sales in 11.000 units....
Some Owners' Loan
1111gb
is, 1951
Low_
Close
Total sales In $1,000 units..,_
Some Owners' Loan
High
3e, series A. 1952
Low.,
Close
Total sales in $1,000 unite_ _
Some Owners' Loan
1 High
231s, series 11, 1949
Low.
Close
Total sales in $1,000 writs__
------------101.15 101.12
101.18
101.17
101.10
101.17
101.17 101.16 101.15 101.14 101.10 101.6
101.18 101.16 101.15 101.14 101.10 101.7
13
26
10
15
82
38
____
---------------..------------- --107
2-.ii
102.24
102.25
20
101.1
100.1
100.1
3
116.8
116.6
116.8
6
...-____
---_
.....
105.25
105.24
105.24
16
110.1
110.1
110.1
26
106.29
106.29
106.29
5
10-2.2
.8
102.24
102.24
20
100.1
100.1
100.1
2
116.8
116.6
116.6
14
111.24
111.22
111.23
52
105.25
105.24
105.24
18
110.4
110.1
110.4
6
106.31
106.31
106.31
1
103.27
103.25
103.27
98
103.24
103.24
103.24
10
107.19
107.18
107.19
28
107.20
107.20
107.20
103.28
103.24
103.27
17
103.26
103.24
103.24
8
---...-- ..
107:19
107.19
107.19
4
1
104.26 104.24
104.22 104.24
104.22 104.24
5
3
____ 104.24
__-- 104.24
-- 104 24
22
---107.21 107.25
107.21 107.22
107.21 107.22
10 .
5
105.21 105.24
105.21 105.22
105.21 105.22
2
24
101.25 101.24
101.22 101.22
101.23 101.23
13
35
103.29 103.31
103.27 103.28
103.29 103.31
68
31
101.31 102
101.29 101.28
101.30 101.28
121
242
102
102.1
101.31 101.30
102
102.1
R
63
100.31 100.31
100.30 100.29
100.31 100.29
13
12
101.30 101.31
101.28 101.28
101.28 101.29
17
41
100.12 100.10
100.9 100.9
100.10 100.10
57
III
10Iii
102.23
102.27
25
100
100
100
6
116.6
116
116.6
5
111.21
111.19
111.19
5
105 24
105.22
105.23
10
110.5
110.5
110.5
53
107.2
106.29
107.2
161
103.24
103.21
103.22
38
103.22
103.22
103.22
36
107.16
107.14
107.14
62
107.20
107.16
107.17
68
104.23
104.20
104.23
21
104.21
104.16
104.21
131
107.22
107.20
107.21
190
105.20
105.17
105.20
210
101.22
101.20
101.21
135
103.29
103.28
103.28
4
101.31
101.26
101.30
43
101.28
101.28
101.28
27
100.29
100.28
100.28
92
101.29
101.26
101.29
103
100.10
100.7
100.10
A,2
102.5:1
102.23
102.23
30
100
100
100
2
116.6
116.3
110.3
128
111.23
111.18
111.18
109
105.28
105.22
105.26
135
110.6
110.5
110.6
2
107.2
107.2
107.2
1
103.26
103.24
103.24
65
103.22
103.19
103.20
45
107.17
107.16
107.17
143
107.20
107.16
107.20
26
104.21
104.16
104.16
254
104.21
104.20
104.20
101
107.26
107.23
107.23
30
105.22
105.18
105.20
327
101.22
101.19
101.20
508
103.28
103.24
103.24
28
101.28
101.28
101.28
3
102
101.30
101.30
9
100.28
100.28
100.28
4
101.30
101.26
101.26
108
100.10
100.7
100.8
162
10Iii 10-2-.2i
102.21 102.20
102.21 102.20
12
101
__
.......
____
116.4
116
116.2
10
111.16
111.11
111.11
159
105.26
105.18
105.19
303
110.3
109.31
109.31
7
107.2
106.27
106.28
293
103.20
103.16
103.18
134
103.18
103.14
103.14
203
107.16
107.10
107.10
104
107.16
107.15
107.16
104
104.16
104.13
104.13
22
104.18
104.15
104.15
259
107.21
107.20
107.20
41
105.16
105.13
105.13
377
101.16
101.13
101.13
1.71h
103.21
103.21
103.21
10
101.24
101.23
101.23
70
101.28
101.26
101.28
57
100.28
100.26
100.26
4
101.26
101.22
101.23
120
100.7
100.4
100.6
214
99.31
99.31
3
116.2
116
116.1
115
111.10
111.8
111.8
18
105.18
105.16
105.18
55
109.27
109.27
109.27
106.27
106.25
1013.25
3
103.17
103.14
103.15
78
103.16
103.13
103.13
457
107.11
107.10
107.10
51
107.15
107.12
107.12
26
104.14
104.10
104.11
67
104.15
104.12
104.15
85
107.18
107.18
107.18
10
105.14
105.12
105.12
41
101.14
101.6
101.8
1.767
103.20
103.15
103.16
51
101.22
101.17
101.17
57
101.28
101.24
101.26
126
100.28
100.28
100.28
I
101.21
101.18
101.19
25
100.7
100.3
100.5
241
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 1st 3,6s, 1932-47._ __101.5 to 101.5 1 1 Treasury 38, 1951-55_103.20 to 103.20
20 4th 411s (uncalled).. 101.12 to 101.14
134th 41.4s (3d called). _102.19 to 102.22
1 Treasury 4s. 1944-54_111.5 10 111.5
Bid
Apr. 17 1935
Apr. 24 1935
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
June 12 1935
June 19 1935
June 26 1935
July 3 1935
July 10 1935
July 17 1935
July 24 1935
July 31 1935
Asked
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid
Aug. 7 1935
Aug. 14 1935
Aug. 21 1935
Aug. 28 1935
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Nov. 27 1935
Dec. 4 1935
Dec. 11 1935
Den. 18 1935
Dec. 24 1935
Dec. 31 1935
Jan, 8 1939
Asked
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, April 12
Figures after decimal point represent one or more 32d8 of
a point.
Maturity
Du.
Rate
Bid
Asked
June 15 1936_
Sept.15 1936Aug. 1 1935Mar. 15 1940._
June 15 1939Sept.15 1938_
Dec. 15 1935Feb. 1 1938...
Deo. 15 1936...
134%
114%
144%
134%
214%
234%
234%
254%
241%
101.3
101.25
100.30
101.5
103.3
109.13
102
104.27
104.5
101.5
101.27
101
101.7
103.5
104.15
102.2
104.29
104.7
Isl,
Rate
Maturity
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept.15
1936_
1938_
1935_
1937_
1937...
1938...
1936...
1937...
234%
214%
8%
3%
3%
3%
314%
314%
Bid
Asked
102.29
105.14
101.3
104.21
104.28
104.24
103.31
105.27
102.31
105.16
101.5
104.23
104.30
104.26
104.1
105.29
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY
Week Ended
April 12 1935
Stocks.
Railroad
State,
Number of and Al iscell. Municipal et
Shares
Bonds
PorelgnBondS
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
464,290
706,310
856,784
989,900
734,120
840,210
14,566,000
6,894,000
7,001,000
8,840,000
7.176,000
8,289,000
4.591 614 142.766.000
Sates at
New York Stock
Exchange
1934
1935
$419,000
025,000
1,522,000
2,326,000
4,290,000
3390,000
Total
Bond
Sales
15,668,000
8,951,000
9.612,000
12,232,000
12,482.000
12.853,000
16.060.000 112.972.000 101 708 (Inn
Week Ended April 12
Stocks-No,of shares.
4,591,614
Bonds
Government
$12.972,000
State and foreign
6,060,000
Railroad & industrial
42,766,000
Total
1583,000
1,132,000
1,089,000
1.066,000
1,016.000
1,074,000
United
States
Bonds
Jan. Ito April 12
1935
1934
6,874,057
57,535,664
154,879,497
18,279,000
13,602,000
71,477,000
$285,695,000
116.151,000
579,427,000
1163,877,100
248,633,000
899,542,000
$61,798,000 193,358,000
CURRENT
1981,273,000 11,312,052,100
NOTICES
-Frank C. Masterson & Co., 25 Broad St., New York, have issued their
quarterly booklet listing the March 30 1935 closing bid and asked prices of
approximately 2,500 stocks and bonds that are most frequently traded in
over the counter.
-The current review of Estabrook & Co., 40 Wall St., New York, contains a list of 88 common stocks of companies which have shown an upward
trend in earnings per share and market value during the past three years.
-Rhoades & Co., members New York Stock Exchange, announce
removal of their main office New York, to 30 Pine Street, where they will
occupy the entire fourth and fifth floors.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deterred delivery.
F Cash sale.
s Es-dividend.
y Es-rights.
33 Adjusted for 25% stock dividend paid Oct. 11934.
33 Listed July 12 1934; par value 10s. replaced El par. share for share.
34 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
33 Listed Aug. 24 1933; replaced no par stock share for share.
36 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
37 Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
Adjusted for 100% stock dividend paid April 30 1934.
59 Adjusted for 100% stock dividend paid Dec. 31 1934.
40 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value
0 Listed April 4 1934; replaced no par stock share for share.
41 Adjusted for 25% stook dividend pald June 1 1934.
The National Securities Exchanges on which low prices since July 1 193.3 were
made (designated by superior figures In tables), are as follows*
n Pittsburgh Stock
I New York Stock
"Cincinnati Stock
23 Richmond Stock
New York Curb
"Cleveland Stock
14 Colorado Springs Stock 24 St. Louis Stock
3 New York Produce
23 Salt Lake City Stock
4 New York Real Estate
Is Denver Stock
n Salt Francisco Stock
16 Detroit Stock
Baltimore Stock
31 San Francisco Curb
'Boston Stock
27 Los Angeles Stock
n San Francisco Mining
7 Buffalo Stock
14 Los Angeles Curb
I California Stock
n Seattle Stock
Minneapolis-St. Paul
311 Spokane Stock
9 Chicago Stock
20 New Orleantiltock
31 Washington(D.C.)Stec)
le Chicago Board of Trade al Philadelphia Stook
22 Chicago Curb
Volume 140
2485
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery salee are disregarded In the day's range. unlaas they are the only transactions of the day.
sales in computing the range for the year.
HMI AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr. 6
Monday
Apr. 8
Tuesday
Apr. 9
Wednesday
Apr. 10
Thursday
Apr. 11
Friday
Apr. 12
S per share $ per share
Per share 3 per share $ per share 3 per share
.31
36
*3234 35
*32% 35
*33
35
35
3434
35
*33
*11212 114
11212 11212 •11212 114 *11212 114 *11212 114 *113 114
*11112 11178 *11112 111% •11112 111% •111I2 1118 •111I2 1117
,•111I2 11178
518 538
5
5%
518 5%
514 538
5
518
5
518
*87
91
87
87
*87
88
88
90
88
88
*88
90
*29
31
*29
We 3014 30,4 3034 31
31
31
30% 31
10
10
10
104
, 1012 1114
10% 1034 1038 1034
978 103
•54 5,2
614
512 534 •6
5% 538
514
5,4
638 6%
71, 71
*7,4
7%
734 8,8
8
814
8
8
*734 8
113% 113% 113 11319 11312 11434 11414 11434 11312 11414 11334 114
78
78
78,
78
78
7,
%
1
78
78
78
78
17
1718 17
1714 x16% 1718 17
1738 17
1712 17
1718
•____ 185
186 186 *____ 192 •__ _ 192
25 --2.5-2
2% 254
234 234 •238 3
2% 2%
78
78
78
1
78
1
78
78
1
1
1
1
*314 4
2314 4
314
314
318 318
314 418 *314
414
*
*212 318
3
3
*212 3
234 234 .234 3
*234 3
*212 3
3
3
*2% 3
*234 3
.
2% 3
*234 3
*738 812
812 8,2 *838 10
*818 9
*818 9
812 812
2214 2214 .32214 23
*22
22
2218 22
23
22
2212 2234
--- -13414 13434
1131-2 133 lift; 1337
,114-3-4 13214 13314 133 13314
.12538 126 •12538
_ 126 126 *12538 126 *12512 126
126 126
1414 1438 141g 14,
4 1438 14% 14% 14% 1414 1412 1418 1412
16
16
1612 1614 *1612 17
108 16% 16% 174 •1738 1712
3
3
3
3
3
314
3
314
318
318 *3
31g
*25
27
2614 2614 27
29
29
27
30
*2912 31
30
64
54
5312 5538 54
5434 55
5738 5612 58
x57
575e
4314 44
43
44
4412 43
4414 4514 4512 4614 4512 4512
2018 2018 20
19% 2038 1912 2018 19% 19% 1938 2012
2014
*5812 60
594 5914 5812 58,2 57
58
*55
5812 57
57
*2212 2412 *23
24
23
2212 2318 •2218 23
23
2214 2238
*123 124 *123 124
123 124
124 124
124 124 *121 124
11738 11712 11712 1177s 116% 119
11814 119
118 118% 11712 118
*158
*159%
_ *16014 _ _ _ _ *16014 - - *16014 *180,4 -13 13
1314 1312 134 1334
1312 13, 12% 124 1212 13,4
.2978 3012 3012 3012 29
2912 30
3014 •29
294 29
2912
9
9
*812 912 *812 912
912 10
10
1014 •10
1038
*5638 58 .
5658 5814 5814 59
5978 611 1 *63
70
70 •63
27438 76
75
7514
75
75,2 7618 7618 7612 7812 7812 7934
*3034 33
*3034 33
*2912 33
*2912 33
*2912 , 33
*2912 33
2234 3
3
3
3
*234 3
3
*3
*3
4
4
2514 2514 25
251, 24% 25,4 2512 26,4 25% 26
82412 2512
814 812
834 834
8% 838
834 878
81g
8,4
8,2 8,2
90
90
8912 9034 89
8912 8912 90
89
88
89
8812
1,
4
134
134
17g
178 2,8
134
218 238
218
2
238
278 278 *234 3% .234 33s *212 338 *212 338 *212 338
338 338
3,2 334
312 3,2
338 312
34 3%
3,4 3%
*1814 1812 *18
19
*15
.17
18
19
18
•15
18
18
*534 6,4
578 578 *534 6
534 5
,
4
512 534
5,2 519
*1434 1534 •1412 151
14
*134 1512 14
14
14
•14
1434
1034 1034
1034 1034 •1014 1038 •1014 1034 103
, 1038 1038 1038
4
4
414 414 *312 438 •312 418
*3,2 418 *3,2 412
*2014 2112 *2012 22
2112 2112 2212 2212 2214 2214 2114 2114
3038 3038 30
2934 3014 2934 30
3038 2934 30
x2918 2912
37, 378
*334 3,8
338 334
33g 3,8
334 334
3% 334
234
3512 *3414 3534 *3412 3534 35
35
*3414 3512 .
3414 35
538 512
35,
51g 53
, 5's
51* 512
512 512
54
538
*178 21, "172 212 •178
2
212
2
212
212 *178
1134 1134
1112 12
1114 1178 1134 1212 1114 1134
1118 1134
3518 3518 3534 36
36
*3512 3612 *35
30
3578 *35
37
2034 21
21
2112 2112 1238 2112 2138 21
2114 21
2118
434 478 *412 5
5
*44 5
538
534 6
614 612
'414 4,
4 •412 434
514 .534
5
412 412
5
6
814
1614 1612 16
1632 1612 1614 1612 1634 1738 17,4 18,2
1634
86
86
8612 8612 *8512 ____ *87
90 •87
95 .89
95
*281g 2912 *2818 2978 *2818 30
*2818 29
*28
29
•24
29
358 338
31 i
312 338
3,4
338 338
338
312
34 3,4
17% 18
1712 1818 1612 17
17
1712 16% 17
1634 1714
15
1514
14
144 1538 13% 145* 14% 1434
1412 14
1434
123
, 1212 1233 1318
1278 1338 13
1312 1234 1314
12% 13
*139 140 •139 140 •139 13912 13912 140
13912 140 *139 150
183 194 18118 19
, 1914 197
1812 1912 184 1878
1834 195
•6718 69
69
70
69
*70
6912 6912 70
7212 72
73
*45, 5
5
5
5
5
.452 514
5
5
514 072
2334 2334 *23
23
2334 23
2334 .23
•23
2334 x2212 2212
3338 337
3312 3418 3312 35
3518 3578 36141 37
3612 3812
.124 126 *1234 12512 124 124 .12412 12552 125 12612 127 127
108 108
10714 108
10712 10712 10712 1071: 107 107% 108 109
*66
68
*66
*6812 6914 *6812 6914 6914 6914
68
68
68
*133 --- *13318
•13314
13314 13314 *13314 ____ *13314 ____
7 1418
1334 1438 1414 1412 14
13% 13 4 13,
14
1378 1418
95
93
*90
93
293
*93
95
95
•90
9312
9312 *90
23418 35
3414 3478 3434 3434 35
35
347 35
3434 3434
5834 5914 57
5938 5734 5812 5734 0734
58
5612 5734 58
12733 12738 12712 128
129 129 *128 12812 12812 12812 12812 129
'20
2034 203 21
2034 21,4 2012 2033 *2014 2112 2114 2114
10418 10472 10432 10514 10512 10712 10612 10712 10512 10638 10512 10634
7434 75
7518 751., 7514 76
7612 77
77,4 78
78
78
7614 7034 7672 7714 77
78,2 79
7934 7914 7934
7912 79
•13714 13912 13912 13912 13912 13912 *13714 139 *13714 139 *138 13838
3,4 31 2 *3141
312 .318 312
4
412
312 34 •312 4
1212 13
1218 13
1314
1312 14
13
1234 13
1372 1518
1134 1134
1138 1178
1134 x1034 1114
1118 1138 11
1034 11,4
61
61
6034 6114 6138 6138 *6012 63
•59f2 62
5912 5912
578 6,4
612 634
614 6,4
618 61
638 61
614 634
3812 40
3911 40
4012 4132 41
40
4218
411
4114 40
78
.58
78
7
58
58
38
38
53
•313
1
58
*234 33, 2234 3,4 *34
*318 33, •234 33
314
*234 33*
3
318
312 312
4
3
3,2
338 37
4
3,2 3,2
3234 '31
3'30
3234 *30
3234 •30
323 .
3234 *30
30
3234
1038 11
1038 11
1034 11
111, 111g 1112
10% 1118 11
17
17
*16
1918 *17
1712 •16i2 1718 1718 1718 171g 1718
14,
2 1452 *14,4 1438 14% 1438 1434 • 15,2 15
15
•1412 15,4
*10612 10631 10634 10634 *106 107
107 107 210714 10712 107 10714
2414
.334 5
434 *44 434 24
434 •4
434
4% 5
39% 39% 3912 3912 3938 3912 3912 3934 394 3934 39
3912
121 121 "121
____ *1201g
•12014 121 •12014 121
•12018
993
4
9914
100 10014 10014 101
101 10112 101 101
101 10114
334 4
3% 4
372 418
378 4
3% 4
334 378
6112 60
61
6112 5934 60
60
6012 5934 5934
6012 60
275 100
•70 100
*75 100
•75 100
•75 100
•75 100
For footnotes gee page 2194.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
No account Is taken 01 3001
Range Since Jan. 1
On Basis of 100-share Lola
Lowest
Highest
July 1
1933 to Range for
Mar.31 Year 1934
1935
High
Low Low
$ per share $ per sh
Shares
Par 3 per share
30
No par 32 Apr 3 3834 Jan 23
30 Abraham & Straus
Preferred
100 110 Jan 10 114 Apr 5
89
20
Preferred Called
100 111 Mar 4 11112 M ar 6
414 Mar 15
6,800 Adams Express
714 Jan 2
No par
Preferred
190
65
100 8434 Jan 2 89 Jan 28
1,000 Adams Millis
No par 2814 Mar 27 3312 Jan 2
1412
8,600 Address Multlgr Corp
6
8 Jan 12 1114 Mar 2
10
1,100 Advance Rumely
412 Mar 18
6% Apr 12
No par
3,600 Affiliated Products Inc
8% Feb 11
4%
No par
634 Jan 15
2,700 Air Reduction Inc
8018
No par 10438 Mar 18 11534 Jan 8
4,000 Air Way Eleo Appliance.... No par
178 Jan 7
34 Apr 3
9,400 Alaska Juneau Gold Min
15%
,Mar 13 z2018 Jan 9
10 155
10 Albany & Susquehanna
100 186 Apr 10 186 Apr 10 170
1,200 A P W Paper Co
2 Jan 4
312 Jan 8
2
No par
34
5,900 :Allegheny Corp
1% Jan 7
34 Niar 30
No par
23 Mar 21
Prof A with $30 warr
200
238
100
7 Jan 4
2
Pref A with $40 warr
200
2 Mar 27
100
612 Jan 2
Pie? A without warr
100
1%
12 Mar 28
63
,Jan 5
100
813 Apr 8
294% prior cony pref__No par
200
65 Apr 2
1314
600 Allegheny Steel Co
No par 21 Jan 12 23 Jan 7
Allegheny & Weet 6% gtd___100
82
-:5;i65 Allied Chemical & Dye ___No par 125 Mar 18 141 Jan 3 10712
200 Preferred
100 123% Jan 4 12712 Feb 27 117
6,700 Allis-Chalmers Mfg
12 Mar 13 17% Feb 18
10%
No par
800 Alpha Portland Cement._ No par 14 Mar 13 2014 Jan 5
1112
218
2,400 Amalgam Leather Co
314 Feb 11
2Is ar 14
1
500
2114
7% preferred
60 2614 Mar 15 3214 Feb 19
10,600 Amerada Corp
27
No par 4812 Jan 11 58 Apr 11
5,100 Amer Agri° Chem (Del) No par 42 Apr 4 575 Feb 16
20
6,000 American Bank Note
10 1312 Jan 12 2138 Apr 1
1112
160
Preferred
344
30 43 Jan 11 6114 Mar 29
21 Mar 29 2950 Jan 3
900 Am Brake Shoe & Fdy ___No pa
1912
7
88
Preferred
100 119 Jan 8 124 Apr 9
6,30 American Can
80
25 110 Jan 15 123 Feb 18
Preferred
100 15134 Jan 4 15712 Apr 1 120
2,500 American Car & Fdy
10 Mar 13 2014 Jan 9
10
No pa
1,100
2512
Preferred
100 2512 Mar 13 453* Jan 9
600 American Chain
4
3 Jan 30 12% Mar 2
No pa
600
14
7% preferred
100 38 Jan 11 6114 Apr 10
2,100 American Chicle
66 Feb 8 7934 Apr 12
4312
No pa
Am Coal of N .1 (Allegheny Co)25 30 Mar 26 30 Mar 26
20
300 Amer ColortYPe Co
238 Mar 14
2
318 Jan 25
1
2,800 Am Comm'l Alcohol Corp_2
2212 Mar 18 3314 Jan 3
2034
1,600 American Crystal Sugar
64 Feb 5 1038 Mar 2
I
6,2
720
7% preferred
32
100 575 Jan 2 90% Apr 4
12,000 Amer Encaustic TIling__No pa
112 Mar 15
3 Jan 3
11,
100 Amer European Bee's____No pa
234 Apr 2
278
518 Jan 21
7.700 Amer & For'n Power
Mar 13
54 Jan 3
2
No par 2
100
14 Mar 1
Preferred
23% Feb 14
1134
No par
500
37g Mar 14
2nd Preferred
378
No par
812 Jan 7
200
12 Mar 3
20 Feb 14
1014
No par
$6 Preferred
93,
400 Amer Hawaiian 8 S CO
10
13 Jan 10
9% Mar 2
200 Amer Hide de Leather___No par
214 Mar 13
5% Jan 5
2,4
600
Preferred
17
2534 Jan 3
100 17 Mar 1
7,000 Amer Home Products
2434
1 x 2918 Apr 12 3212 Feb 11
1,400 American Ice
3
4% Jan 17
No par
312 Jan 2
100
6% non-cum pref
25%
100 2878 Jan 2 37% Feb 16
1,900 Amer Internet Corp
412
412 Mar 18
No par
6% Jan 3
I Am L France & Foamite_No par
% Feb II
14 Jan 18
20
134
Preferred
1% Mar 13
100
6 Jan 18
5,000 American Locomotive____No par
9
9 Mar 13 2034 Jan 9
400
Preferred
32
100 32 Mar 19 5612 Jan 9
4,800 Amer Mach & Fdry CoNo par
1812 Mar 13 2334 Jan 3
12
2,000 Amer Mach dr kfetals____No par
3
414 Apr 4
712 Jan 3
Voting trust etre
1,300
No par
3
412 Apr 4
7 Jan 3
11,300 Amer Metal Co Ltd
1312 Mar 15 1812 Apr 12
1278
No par
200
6% cone preferred
83
100 72 Jan 2 8612 Apr 1
Amer News, N Y Corp__ No par 824 Jan 3 30 Apr 5
2034
10,500 Amer Power & Llght____No pa
112 Mar 13
3% Apr 5
112
5,800
1012
No par
$6 preferred
1018 Mar 13 1812 Apr 5
5,900
35 preferred
838
No pa
838 Mar 13 1578 Apr 5
40,000 Am Rad & Stand San'y
1012 Mar 13 1618 Jan 7
934
No pa
Preferred
200
100 13412 Mar 1 140 Mar 26 1074
16,500 American Rolling Mill
1534 Mar 18 24 Jan 7
12%
2
3
800 American Safety Razor __No pa
33%
66 Mar 14 75 Mar 4
1,900 American Seating • t o_....No pa
2
412 Mar 12
838 Feb 20
40 Amer Shipbuilding Co___No pa
15
20 Mar 14 264 Jan 7
44,800 Amer Smelting & llotg___No pa
315 Apr 3 4018 Jan 7
2812
90t,
Preferred
71
10 121 Feb 4 127 Apr 12
2,700
2nd preferred 6% cum
57
100 103 Feb 14 112 Jan 13
400 American Snuff
43
25 83 Jan 16 694 Apr 12
10
Preferred
100 125 Feb 20 13314 Apr 10 106
4,900 Amer Steel Foundries.-NO pa, 12 Mar 14 1814 Jan 9
1018
20
Preferred
100 88 Feb 4 94 Apr 4
1,400 American Stoma
3334
No Par 3312 Apr 4 43 Jan 9
3,300 Amer Sugar Refining
4512
100 5512 Mar 30 7012 Feb 16
800
Preferred
100 12612 Jan 3 13518 Mar 8 102
900 Am Sumatra Tobacco____No par
11
1812 Jan 29 2438 Jan 3
19,200 Amer Telep & Teleg
9878
100 9878 Mar 1
107'* Mar 8
3.800 American Tobacco
6312
29 7212 Apr 3 8434 Jan 7
8,703
Common class B
64%
25 7434 Nlar 21 8632 Jan 7
200
Preferred
100 12918 Jan 18 13912 Apr 9 105
800 :Am,Type Founder,
No par
212 Mar 18
634 Jan 18
218
790
Preferred
9 Mar 15 1938 Jan 18
109
7
14,200 Am Water Wks & Elec.- _No par
74 Mar 13 x1478 Jan 10
718
let preferred
600
No par 48 Mar 19 6138 Apr 9
48
2,600 American Woolen
Vs par
478 Mar 13
478
914 Jan 2
9,500
Preferred
100 3512 Mar 18 4518 Jan 3
3512
700 :Am Writing Paper
1
%Mar 29
1% Jan 18
Preferred
214Mar 15
No par
2,4
612 Jan 18
2,300 Amer Zinc Lead & Smelt___ 100
3 Mar 13
3
4% Jan 4
Preferred
25 31 Mar 20 3834 Jan 8
31
35,000 Anaconda copper mthing
8 Mar 13 1238 Jan 7
8
50
300 Anaconda Wire & Cable__No par
1618 Apr 1
752
197 Feb 21
1,000 Anchor Cap
Vo par
14 Mar 21
1318
1750 Jan 4
100
$6.50 cony preferred
No par 103 Jan 4 10734 Mar 7
80
300 Andes Copper Mining
318 Mar 21
10
318
5,8 Jan 3
1.400 Archer Daniels Miell'd___No par 36 Jan 16 411431er 9
21%
7% preferred
10
100 11814 Jan 4 121 Apr 6 106
1,300 Armour & Co (Del) Dret
100 97 Apr 3 10614 Feb 23
64
20,000 Armour of Illinois new
314 Apr 3
612 Jan 3
312
3,100
$6 oon• pref
Vo par 56 Apr 3 7053 Jan 10
464
Preferred
100 85 Jan 2 10812 Feb 4
3114
$ per share
35
43
89
111
7014
16
6%
318
478
9134
1,
3
16%
196
234
11,
4%
4
378
x85
34%
1138
758
9%
113
3313
2378
205
778
514
Ms
145s
1438
15
82
11512
12212
1032
1112
212
25
39
2514
1112
40
194
96
9014
12612
12
32
412
19
464
22
2,8
2034
612
64
14
4
3%
1144
nig
11
104
318
1734
2534
3
2534
414
•
314
1412
3518
12%
314
412
1278
63
21
3
11%
912
10
11112
1312
36
218
1738
3014
100
7114
4834
106
1012
5972
37
46
10312
13%
10012
654
67
1074
3
734,
12%
54
7
36
1
278
3%
364
10
914
1318
84
418
2814
,10
7814
312
4614
54
WI;
9814
16034
130
2332
2012
734
43
55%
48
2514
504
38
122
11434
15212
3378
56,2
1214
40
70%
3512
6,2
6212
1312
72%
5
1013
134,
30
1712
25
2238
104
4214
363,
10
6514
11
Dr
10
38%
7434
23%
1014
10
2738
91
3484
1214
29%
2614
17%
13778
284
.
Q134
7%
30
51 14
125
10912
71
12712
2012
92
4434
72
12918
24
12514
854
89
130%
13
28%
27%
911
1718
8334
414
1712
9
5018
1734
18%
24114
106
104
3918
117
1033s
6%
7114
85
New York Stock Record-Continued-Page 2
2486
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr.6
Monday
Apr. 8
I
Tuesday
Apr. 9
Wednesday
Ayr. 10
Thursday
Apr. 11
Friday
Apr. 12
S per share $ per share $ per share $ per share $ per share $ per share
478 478
458 458 .458 5
478 478
412 412
458 458
*318 438 *314 434 *318 434 *34 43i *318 434 *318 434
*6838 ____ *6838 --__ *6838 ____ *6838
*6838 ____ *6838 ____
___
058 17s
104 -914
038 -0.12
012 -0.78
104 0.14
014 114
*75
82
*7978 8118 *8014 83
8231 8234 *81
83
*81
83
*41
50
04212 50
*45
50
50
50
*45
54
.45
50
*30
36
*30
36
*30
36
*3118 36
3014 3014 *3114 36
39
3978 3814 4038 3812 404 39
4012 384 3912 3918 404
6978 704 69% 71
70
7112 714 7212 71
7134 7012 7114
2218 23
2112 2314 2112 2314 2212 2338 224 2234 2234 2414
*3
6
*314 6
*312 6
*3
6
*3
6
*3
6
*614 10
*6
10
*6
812 *6
812 *6
812 *6
812
24
2414 24
2412 24
2412 2438 25
2458 2434 2438 2458
34
3438 3434 3512 35
3514 3578 36
36
36
3512 3618
*111 11114 *III 11134 *11114 11134 11112 11134 *11112 11134 *11112 1113
*414 478
414 414
418 418 *438 5
*414 478
414 414
1758 1738 1714 1738 17
1834 1812 19
1734 18
1778 1812
634 64
64 64
638 678 •64 712 *634 734
758 758
*39
4014 *383 40% *364 404 4058 404 *404 41
*4058 41
35 334
312 334
312 334
312 334
338 312
312 34
134
178
14 172
134 178
14
178
134
14 134
124
*812 9
*8
9
834 834
9
9
8
814 *8
88
97 1058 1038 104 1014 1012 1038 11
912 1034
934 1014
12
1212 12
1278 12
1212 1234 1318 1238 1258 1212 1318
•10312 104 *10312 104
103 10312 104 101 •103
•1193 _ _
38
38
*3812 397 *39
397 *3914 3978 3978 -40
40
4012
112 112
113 113 *11278 113
113 113
11314 11312 114 114
37
37
37
334 334 *34 378
3% 37
378 •378 412
*30
3412 *3012 3412 *30
3412 3412 3412 *31
3412 *30
34
634 7
678 718
678 7
68 738
7,2 83j
812 84
*377 39
3814 3314 *38
39
39
40
40
40
3934 4012
*10934
__ *10934 11134 *10934 111 *10934 - _ *10934 11014 *10934 11014
1612 _1658 1612 1612 17
1714 *1714 1.-i12 *1714 18
18
18
010312 10412 10414 10414 *10312 10112 *1034 10112 10412 10412 *10312 110
*77
83
83
83
8234 823 82
82
8258 83
8214 8212
*1114 1134 1114 11% *1114 1112 1112 1112 1114 1112 1112 1158
075 11018 *70 11018 *75 110
*80 110
*80 113 •80 113
1358 134 1312 137
1312 1438 14
1418 14
1414
14
1414
1612 1612 1612 165* 1658 1612 1612 17
x1612 16%
1678 17
5
36
36
35
36
36
3612 3612 3678 3634 3718 37
3712
2538 2558 2518 2534 244 2614 2518 2658 2434 2512 2434 2534
*61
62
*6114 6238 62
6312 6212 6234 6234 63
6318 64
16
1812 1618 1618 1518 1614 1612 1678 184 1712 1738 1912
11
11
104 11
1034 1114 11
1138 1034 11
11
11
*1612 23% *1634 237 *1634 237 *18
2378 *18
2378 *18
23%
*1091
.- *10912 112 *10912 112 *10912 11212 *10912 11212 *10912 11212
*3014
2-3612 *3014 3612 *3014 3812 *3014 3612 •3014 3612 *3014 36,2
738 712
7
71,_
7
714
678
738
718
67s
73*
55
5512 5412 5478 5434 5538 55
53
55
5512 55% 56
95
95
95
95
95
95
95
x9612 9612
95
95
96
225* 2234 2258 2234 2212 2258 2278 2314 225* 2314 2234 2314
3234 3314 3234 335
3234 3314 3234 3314 3214 33
3238 3234
414 412 *412 518 *418 518
458 418 *334 518
45* 458
*33 114
58
58
"8
513
"a
58
*12 114
*58
114
2714 273* 27
2712 X2838 2712 265* 2714 2812 27
2638 2632
2834 2834 •2834 2)34 29
30
30
3312 30
3012
3012 30
*32
33
3214 3214 318 3212 3214 3214 318 32
3134 3134
*112 2
*112 2
*112 2
17a
112 112
*112 2
*112
*15
17
15
15
*1412 17
*15
17
1518 151g *13
15
3758 377
3712 3814 3712 3734 3734 3812
33
3312 •3714 33
9514 9514 95
9512 9578 96
9578 9578 95
9512 9514 9.514
51
5112 5134 514 5134 514 5014 5034 50
50
-5114 5138
*5314 56
55
54
55
55
55
55
54
55
5312 5312
*125 12612 •125 1261, *125 128% 125 125
12514 12514 '125
____
434 5
5458 5
434 434
5
5
*458 5 1
5
5
538 5%
57
*54 512
534 534
578
534 578
5'8 534
10
103
4 111_
1112 1158 1034 11
11
11
9,2 10
11 14
*64
6912 *65
6912 6912 72
7114 72
72
72
*7214 74
4
4
3.34 4
334 4
4
4
334 334
378 38
26
26
26
2714 2734 2612 2714 26
2712 2612 28
2714
3
318
3
314
3
3% *3
3,8
318 34
34 312
37
*4
414
4
*37
414 *378 414 *4
414 *4
414
Ms 1078 1034 11,2 1114 1134 1112 1134 1114 1138 11 14 1114
•114
238 •114 238 *134 258 *134 28
23* *114 238 *114
*.....
1"
34
*38
34
'
4 12
31
*38
34
*58
34
038
34
*32
78
*78
34
*34
78
*38
78
*38
78
*38
78
•18
34
*14
34
*14
34
*14
*14
34
34
*14
34
438 5
412 458
434 58
*314 412
*312 4
5
512
144 15
1478 1518 147 1518 145* 147
1478 15
14% 15
1
*1
138
1
14
118
13
118
138 1%
118 *114
*412 618 *412 618 •412 6
6
6
*414
718 *412 712
11
11
11
11
11
11
*Ills 12
*11 18 147 "11 18 147
*112 13.1
112 138
112 112
34
34
3,
*34
1
34
1234 13
127 1314 134 14
*40
42
*38
42
*3612 42
3938 39
*39
3912 *39
39
58
12
5*
*12
3
314 *318 314
*812 834
814 812
10
10
10
10
•4818 52
*4818 52
978 10
978 1018
3034 304 31
3134
*512 534
538 534
3514 3514 *3514 36
88
__ _ _ 88
*81
*85 100
*85 100
4934 502 4912 51
*8212 85
*8212 844
414 42
4214 4234
22
227s 2134 23
*2
23
214 23
*112 2
*114
1%
1512 16% 1618 18
2534 2534 2514 2512
*3814 40
*3712 40
*658 714
*634 7
*94,
1 1 100
*9514 100
4318 4334 4318 437
47
*412 434
5
28
*2512 2612 *26
•514 8
514
514
*40
4012 4038 41
405* 404 4018 4118
*34
1
*34
1
112 112
*138
112
72
78
7s
58
17
*134 2
2
*1
2
*1
2
1
34
34
34
138
11
:
132 14
318
314
318 338
6
614
612 65*
558 532 *558 5,2
2358
2234 2312 23
112
112
118
114
214
212 *2
*178
•I12 2
*112 2
---- ---- ---- ------- ---- ---- ---*10
12
*10
12
*12
%
318 312
*814 812
934 10
50
50
978 101g
304 31
57
572
*3514 36
*80
88
.8534 100
494 52
8458 8438
423 427
2214 2278
*238 3
*114
17
1672 17
2512 26
39
39
612 612
*9514 100
437 4458
434 5
26
2714
*3% 6'
404 4114
4058 4138
*34 I
*13
11
34
34
*14 2
*1
2
34
78
13
112
318 318
614 612
512 5,2
23% 2314
112
112
2
2
*112 2
---- ------*10
1
For footnotes see page 2434.
158
18
17
158
134
14
58
59
78
58
58
*58
144 14% 14
1414
14
14
42
42
*3612 41
*38
4334
39
3938 3834 39
334 39
4
58
3
34
832 87
97 10
50
50
10
1018
*3012 33
*55* 614
38
36
*80
88
*84 100
5012 5218
84
8412
414 4238
2214 2284
212 212
17
*112
*1658 1712
2534 2611
*40
48
•634 7
*9511 100
4414 454
*47
514
2714 271 1
734
.5
40% 41
41
4112
*34
1
112 112
7s
7s
*134 21 1
*1
2
78
78
112
138
34 31:
6
612
512 534
2312 2334
*114
11,
*17
214
*15* 2
---- ---:::- ---12
•10
58
58
34 314
812 812
913 934
50
50
978 10
.31 18 317
*558 573
*3512 3612
*80
88
*84 100
5038 51
8312 84
4112
41
2112 2218
238 238
112
138
1614 1614
2512 2534
*40
47
*65
7
*9514 100
454 4712
5
5
2612 2612
8
.5
404 404
41
418
.34
1
*138
112
34
34
•14 2
*1
2
•54
78
138
112
318
318
6
6
532 .51;
2338
23
*114
112
214
*17
*112 2
---- ------- -- -*10
12
34
%
318 3%
812 812
918
93*
*4812 52
934 10
3134 32
57
57
*3512 3614
*80
88
*84 100
50
52
*8338 84
4114 4134
215*
21
.214 212
1 12
112
1614 1614
25% 2534
*40
48
.618 7
•95% 100
x47
5038
518
514
2912
28
.8
8
4112
*41
404 415*
534
1
112
*138
78
*34
.178 2
*1
2
78
1
112 112
314
33*
614 638
54
514
234
*23
112
*138
2
2
*112 2
---- ------- ---12
*10
Sales
for I
the
Week I
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Par
300 Arnold Constable Corp
5
Artloom Corp
No par
______
Preferred
100
Art Metal Construction
10
1,900 Associated Dry Goods
1
100
6% 1st preferred
100
100
7% 26 preferred
100
10 Associated 011
25
37,200 Atch Topeka & Santa Fe_....1 90
4,600
Preferred
100
8,400 Atlantic Coast Line RR
100
At 0 & W I SS Lines____No per
Preferred
100
9,300 Atlantic Refining
25
2,900 Atlas Powder
No par
20
Preferred
100
300 Atlas Tack Corn
No par
4,000 Auburn Automobile
No par
700 Austin Nichols
No par
Prior A
80
No pa
7,100 Aviation Corp o Del (The)____5
5,100 Baldwin Loco Works
No par
600
Preferred
100
29,500 Baltimore & Ohio _____
100
3,100
Preferred
100
70 Bamberger (L) & Co pref
100
900 Bangor et Aroostook
50
00
Preferred
100
600 Barker Brothers
No par
30
6 Si% cony preferred
100
51,800 Barnsdall Corp
5
800 Bayuk Cigars Inc
No par
1st preferred
100
700 Beatrice Creamery
25
200
Preferred
100
1,300 Beech-Nut Packing Co
20
1.500 Belding Hemingway Co_ _No par
Belgian Nat Rye part prat
11.200 Bendix Aviation
5
6.100 Beneficial Indus Loan____No par
2.700 Beet & Co
No par
16,600 Bethlehem Steel corp-..No par
1,600
7% preferred
100
1,000 Bigelow-Sant Carpel Inc__ No par
6,400 Blaw-Knox Co
No par
Bloomingdale Brothers___No par
Blumenthal & Co pre!
100
Boeing Airplane CO
b
Bohn Aluminum & Br
5
Bon Arni class A
No par
Borden Co (The)
25
Borg-Warner Corp
10
Boston & Maine
100
/Botany Cons Mills class A-50
Briggs Manufacturing_No p...,
131•0168 dr Stratton
No par
5
Brietol-Myers Co
Brooklyn & Queens Tr_No par
Profern d
No par
Bklyn Manh Transit
No par
86 preferred series A
No par
Brooklyn Union Gas
No par
Brown Shoe Co
No par
Preferred
100
Bruns-Balke-Collender___No par
Bucyrus-Erle Co
10
Preferred
_5
100
7% preferred
Budd (E (4) Alta
No par
100
7% preferred
Budd Wheel
No par
Bulova Watch
No par
Bullard Co
No par
Burns Bros class A
No par
ClassA vtc
No par
Class B
No par
Class 11 ctfs
No par
100
580
7% preferred
4,400 Burroughs Add MachNo par
600 :Bush Term
No par
Debenture
100
100
40 Bush Term B1 gu prat ctfs
100
Butte & Superior Mining_ _10
1,100 Butte Copper & Zin0
5
No par
500 fButterick Co
3,100 layers Co (A M)
No par
20
Preferred
100
2,4011 California Packing
No par
1
2.200 Callahan Zinc-Lead
4,000 Calumet dk }facia Cons Cop_25
700 Campbell W & C Fdy__ __No par
3,000 Canada Dry Ginger Ale
5
100
30 Canada Southern
10,800 Canadian Pacific
25
1,600 Cannon Mills
No par
1
400 Capital Adminis Cl A
Preferred A
40
10
Carolina Clinch & Ohio Ry__100
St pd
100
100
14,600 Case (J 1) Co
Preferred certificates
200
100
10,400 Caterpillar Tractor
No par
14,000 Celanese Corp of Am
No par
400 Welotex Corp
No par
Certificate,
No par
500
Preferred
260
100
3,100 Central Aguirre Astio____No par
100 Central 5th of New Jersey
100
100 Century Ribbon MillsNo par
Preferred
100
73,300 Cerro de Pasco CopDerNo par
Certatn-Teed
Products_No par
1.600
7% preferred
100
350
100 Checker Cab
5
1.200 Chesapeake Corp
No par
9,500 Chesapeake & Ohio
25
:Chic A East Ill Ry 00
100
0% preferred
100
200
1,200 Chicago Great Western
100
Preferred
200
100
/Chic Ind & Lollies' prat_ _100
2.500 Chic Afilw St P & Pac____No pa
Preferred
7,000
100
7,500 Chicago & North Western100
Preferred
2,900
100
2,000 Chicago Pneumat Tool_ __No par
Cony preferred
1,600
No par
400 :Chicago Rock lei & Pacific__100
7% preferred
800
100
8% preferred
100
Chtc
St
Paul
Minn
de
0m_
.I00
-100
______
Preferred
100
______
Chicago Yellow Cab
No par
4,100
4,000
420
9,200
16,200
500
100
15.100
2,000
1,600
400
500
2,500
2,000
1,900
1.100
50
800
2,000
6,600
100
3,100
890
4,300
200
4,600
April 13 1935
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Mar.:li Year 1934
1935
Low Low
11100
$ per share Spar sit
$ per share
4 Mar 6
64 Jan 3
27s
44 Feb 8
334 Mar 15
318
7018 .14414 22 7018 Jan 22
6334
358
712 Afar 13 1358 Jan 8
7%
8078 Apr 3 95 Jan 24
44
48 Mar 12 70 Jan 18
36
2934 Feb21 31 Jan 12
26
3534 Mar 28 5558 Jan 7
3534
665 Mar 28 8612 Jan 5
5314
1912 Apr 3 3714 Jan 4
1978
3 Mar 6
7 Jan 7
3
6 Mar 5
912 Jan 19
6
2138 Mar 12 2558 Jan 2
2118
3234 Apr 3 43 Jan 11
18
10634 Jan 2 11131 Apr 10
75
4 Mar 13
4
734 Jan 8
15 Mar 18 2934 Jan 7
15
612 Afar 18 14 Jan 2
4
3634 Mar 16 63 Jan 2
2758
3 Afar 13
558 Jan 3
3
112 Feb 26
658 Jan 9
112
712 Apr 3 2634 Jan 21
858
712 Mar 13 1478 Jan 7
7,2
918 Mar 13 1778 Jan 7
918
88
10034 Feb 21 105 Mar 11
2914
3618 Mar 12 4214 Jan 2
9112
10614 Afar 18 114 Apr 12
538 Jan 22
314 Feb 25
214
14
3212 Jan 15 4034 Jan 22
57
834 Apr 12
578 Mar 6
3712 Mar 14 445 Jan 7
23
80
1073 Jan 11 11112 Mar 22
1534 Mar 29 19 Mar 1
85
55
1001 Jan 5 10412 Apr 11
72 Feb 2 83 Apr 8
54
1118 Afar 18
1312 Feb 23
7
100 Mar 18 11712Afar 7
8334
1178 Afar 13 1712 Jan 2
934
1518 Mar 13 173 Jan 7 , 12
34 Jan 30 3814 Feb 19
21
2158 Mar 18 343 Jan 8
215*
5534 Mar 18 77% Jan 9
443
1434 Mar 19 2614 Jan 23
144
95 Mar 14
1378 Jan 8
6
18 Feb 16 2314 Jan 21
18
10314 Jan 22 10912 Mar 26
65
2814 Mar 13 4034 Jan 23
28
6 8 Mar 18
10 Jan 2
612
4934 Afar 13 5972 Jan 8
3334
98 Afar 18
90 Jan 31
68
21 Mar 29 2534 Jan 7
18
2814 Jan 15 3418 Mar 1
1112
712 Jan 4
334 Mar 27
334
112 Jan 9
58 Mar 5
58
6%
2412 Feb 7 3018 Feb 20
1012
2318 Jan 17 3138 Feb 21
3114 Afar 27 3614 Jan 10
25
312 Jan 5
112 Mar 29
112
15 Afar II 3178 Jan 3
15
3612 Mar 15 4418 Feb 19
253
90 Jan 4 9612 Feb 20
6914
43 Afar 18 52 Jan 10
43
53 Mar 11 x60 Feb 19
41
124 Feb 14 12514 Apr 11 117
878 Jan 9
4
44 Mar 6
312
838 Jan 7
4% Mar 14
6
818 Mar 15 13 Jan 3
47
624 Mar 22 74 Jan 25
3
514 Jan 2
314 Mar 15
23 Mar 14 33 Jan 22
16
414 Jan 22
2
212 Mar 21
37 Mar 13
4% Jan 16
213
814 Mar 13 15 Jan 2
418
284 Jan 25
2 Jan 19
1
12
12 Afar 28
112 Jan 23
1
I% Feb 7
14 Mar 20
14
38 Feb 20
12 Feb 6
97 Jan 23
3 Mar 16
3
1314 Mar 14 1534 Jan 7
1012
24
318 Jan 21
1 Apr 8
2
514 Apr 3 1012 Jan 22
10 Mar 28 2212 Jan 21
44
138
2 Jan 3
118Mar 12
118
58 Apr 3
134 Jan 3
3*
1138 Mar 14 2058 Jan 7
1138
32 Mar 14 60 Jan 5
32
1658
3612 Jan 15 4212 Feb 18
12
14 Jan 3
12 Feb 19
418 Jan 7
212 Mar 13
212
712 Afar 13 115* Jan 3
6
834 Mar 27 165* Jan 7
834
44
50 Apr 9 53 Feb 4
93
938 Mar 18 1334 Jan 9
304 Apr 5 36 Jan 10
2214
718 Jan 9
438 Mar 21
414
3212 Feb 25 37 Jan 4
26
e0
8214 Feb 27 8412 Jan 113
85 Mar 20 90 Jan 29
70
35
4534 Mar 18 83 Feb 18
8312 Apr 11 99 Jan 8
5678
3612 Jan 16 44 Feb 18
15
1958 Mar 18 3538 Jan 7
174
453 Jan 18
178 Apr 3
118
34 Jan 18
114 Mar 8
%
1114 Mar 20 2512 Jan 18
21?
1834
2214 Feb 13 2714 Mar 4
34 Mar 18 5518 Jan 4
34
612 Apr 3 1238 Jan 16
512
9614 Mar 14 10912 Jan 2
75
2334
385* Jan 15 /5058 Apr 12
358 Mar 13
658 Jan 7
25*
23 Mar 12 3314 Jan 23
1058
43
658 Jan 7
43* Alar 27
38 Mar 12 4478 Jan 4
2912
3718 Mar 12 4538 Jan 7
3718
218 Jan 12
1% Jan 4
1
258 Jan 8
1 14 Mar 7
114
214 Jan 7
58 Feb 28
53
412 Jan 4
158 Feb 28
15*
1 Afar 30
134 Mar 8
1
14
Mar
29
3 Jan 3
•
14
434 Jan 4
34 Afar 29
34
55 Jan 7
258 Mar 29
253
418 NISI. 14
418
105* Jan 8
73 Jan 7
358
458 Afar 14
20 Mar 13 2612 Jan 7
1414
258 Jan 9
1 Mar 12
I
44 Jan 9
152 Afar 30
14
4 Jan 10
112 Mar 13
112
l's
34
94
10 Feb 20 114 Jan 3
$ per share
d
8,
2
4
1012
6334 7018
44
934
714 1814
46
90
36
6478
2912 4012
4514 7354
7018 90
2412 5414
5
16
778 24
2112 3514
3514 5512
107
'3
512 16%
1612 5732
612 1652
314 65
354
412
1614
1234
15
8612
3512
9518
214
Ms
57
23
89
1014
55
58
872
9512
924
1218
26
2418
547
1914
8
17
88
28
654
4412
76
197
1618
514
78
12
14
26
34
3114
2814
824
48
45
11814
4
1034
16
644
3412
373*
10272
4612
115
612
3812
10
4524
10912
1924
100
7658
1514
127
23%
1918
40
4912
82
40
1614
26
109
5614
1114
6834
04
2814
3138
1912
3
2838
2712
37,2
8%
5814
4478
97
80,2
61
12514
1078
312
Oa
1412
6
60
75
73
4
3
16
44
2
538
613
272
57
1512
1%
6
58
412
1
312
12
212
4
1512
1012 01938
34
Vs
234
912
618 21
1 12
24
112
314
45
118
1334 3254
40
677
184 444
12
154
234
658
6
157
1212 2912
434 5812
107
18,4
2812 38,4
58
1014
2634 39
74
85
70
9212
35
86%
56% 93
23
3834
1718 447
57
118
4
I
612 2258
1834 3218
53
92
512 123*
82
11012
3014 44i2
314
734
1712 35
412 16%
34
4878
3912 4858
1 18
7
158
8
1 13
512
312 1178
14
7
812
2
312
1314
312 15
534 28
97
358
14%
2824
1 38
614
238
9,
2
8
2
14
64
1134
4
914 216
New York Stock Record-Continued-Page 3
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr.8
/
Monday
Apr. 7
Tuesday
Apr.8
Wednesday
Apr. 10
Thursday
41,7. 11
Friday
Apr. 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
2487
Range Sews Jan. 1
On Basta of 100-inars &its
Lowest
Highest
July 1
1933 to Range for
Mar.31 Year 1934
1935
High
Low Low
$ per share $ per share $ per share $ per share 3 per share $ per share Shares
Par 8 per share
$ Per share 8Pa s8
*264 27
2684 2634 2634 2634 2684 27
10 2512 Mar 12 2984 Feb 18
1,500 Chickasha Cotton 011
15
26
2612 2684 26
4
4
4
No par
4
4
418
4
4
44
900 ChUds Co
378 378
4
3/
1
4
712 Jan 7
312 Mar 15
*912 13 *10
9
134 *10
1312 *10
9 Feb 23 13 Mar 30
Chile Copper Co
25
133
1338 •10
138 *10
2614
3434 35
354 361
344 35% 3478 357
6 31 Mar 12 4212 Jan 3
3512 36 59,900 Chrysler Corp
1
4 36
/
4 35/
1418
2238 2288 *224 223
No par 20 Jan 14 2258 Apr 12
2218 2212 2214 2212 2218 2212 2258 2258 2,200 City Ice & Fuel
670
9512 95
9514 9513 95
Preferred
6388
954 95
100 87 Jan 10 96 Mar 11
9534 96
9512 9534 96
City Investing
100
*32
. *32 _ . *32
*32 __ _ *32 __ _ *32 __ _ _
8714
12 .
58
12
728
12
-48
% .38
12
12
-15,3
12
No par
12 ---12 Mar 18
-100 City Stores
112 Jan 17
4 Mar 28
Voting trust certifs__No par
78 Jan 17
*3*
14
,
s
38
,
s
12
*38
12 1,600
38
38
,
s
38
3*
67 Jan 17
4/
1
4 47
412 412
44 412
*412 47
2
Class A
No par
*414 512 *414 5
312 Mar 28
300
412 412 *3
5/
1
4 *3
514 *3
412
514 *3
*3
Class A v to
No par
514
3% Feb 27
200
54
618 Jan 17
*1212 13
*1238 13
13
13
*1212 13
No par 1233 Mar 13 15 Jan 18
300 Clark Equipment
*1284 13
13
13
64
60
*8058
*8012 -___ 83 83
50 80 Mar 26 83 Apr 9
20 Cleveland & Pittsburgh
83 83 *8012 ---- *8012 ---*4312
•4313
__ *4312
*4312
__ *4312
Special
50
31
-- *4312
*235* 24
*23 24 *23 -25 *23 25 *2312 -.
25
24
24
22
100 Cluett Peabody & Co...--No par 24 Mar 22 281 Jan 7
•11534 124 *116 124 *1161
90
/
4 124 *1164 124 *11614 124 *11614 124
Preferred
100 112/
1
4 Jan 7 12112 Mar 16
No par 161% Jan 2 20234 Apr 1
2,600 Coca-Cola Co (The)
190 191
85
192 19214 *191 193
19512 19614 193 19484 1924 193
564 5612 5634 56/
4512
Class A
No par 5512 Jan 5 573 Mar 8
1
4 *5658 56/
400
56/
1
4
1
4 *5658 57 *56
1
4 5684 56/
200
*381
*388
- *379
_ _ _ Coca Cola Internal Corp_No par
-- *380
-- *381
17 1718 1714 1788 1658 -1738 1633 17 *38016% 17
16% 1718 3:500 Colgate-Palmolive-Peet- No par 164 Feb 5 1814 Jan 7
9
1034 10358 10338 1035* *103 104 .103 104 *10338 104
66
100 101 Jan 3 10512 Mar 15
104 104
500 6% preferred
*97 1012
97
101
/
4 1014 1014 103* 1014 1038 1013 11
9
9
Mar
13
No par
1584 Jan 7
8 1,400 Collins & Aikman
98
72
72
100 6984 Mar 13 85 Jan 8
691
/
4
72
*72
Preferred
71
71
73
7312 72
520
71
71
71
7
7
5
*612 7
Colonial
Beacon
011
No
74
Feb
15
Jan
10
per
*612 7
84
340
684 684 *7
98
978 *7
12
114 112
114 11
114 1 8
138 13*
512 Jan 21
12 Mar 13
/
4 2,000 /Colorado Fuel & Iron
No par
158 13*
158 112
9
9
Preferred
.5
*812 938
5 Mar 14 2812 Jan 21
100
912 912
812 812
70
9
95* 958 *8
13
13
13
14
13
14
14
103
4
14
1958
Jan
8
1312 *13
Feb
28
100 1034
1314 1314
360 Colorado & Southern
*104 1112 1112 1112 11
100
7
1134 *1038 11
7 Feb 26 15 Jan 8
4% lst preferred
11
12
118 •11
350
.12 1218 *9
*918 953
1214 *9
68
1034 *918 1012 *914 10
658 Mar 9 13 Jan 8
4% 2d preferred
100
757
737 743* 733 73% 4.500 Columbian Carbon v t c __No par 67 Jan 15 7934 Mar 2
45
74
7488 7384 7414 743 7512 75
4212 4218 4334 4138 4338 4178 4312 7,100 Columb Pict Corp v t o_.-No par 3414 Jan 16 4538 Mar 6
41
4184 4078 4078 42
1718
33 Mar 13
618 6/
1
4
33
618 658
614 65*
612 684
6
614 26,900 Columbia Gas & Eleo.--No par
6
688
784 Jan 10
5914 6078 5912 5912 59
5912 5914 60
5914 59
354
Preferred series A
100 354 Mar 13 61 Apr 5
59
5912 1,900
55
55 *53 69
53
55
*531
/
4 60
51
31
100 31 Mar 15 55 Apr 8
*5234 56
53
5% preferred
130
44
444 4384 4438 4378 4414 4384 44
4312 4378 43/
114
10 394 Jan 2 4714 Feb 20
8,100 Commercial Credit
1
4 435
*31
3214 31
22
31
3118 3112 3112 9112 3112
*31
32
31
25 29 Jan 5 3214 Feb 4
7% 1st preferred
150
5614 5614 *553g 57
32
1
4 Mar 2
5614 561
/
4 564 5612 5612 5612 5618 5612
Class A
60 5212 Jan 7 57/
600
311
/
4 3114 *31
23
3112 31
3112 *31
31
Preferred B
26 2912 Jan 3 33 Jan 25
*3118 3112 3112 3112
320
1121
/
4 11312 113 113 *113 11312 11314 11334 11334 11334 114 114
85
100 10978 Jan 2 114 Apr 12
240
615% first preferred
*5812 59
584 5914 59
5812 59
59
No par 5614 Feb 7 6214 Jan 9 58 2214
5838 5884 583* 5812 5,300 Comm Invest Trust
*114 115 *11318 115 *114 115 *114 115 *114 115 *114 115
8414
Cony preferred
No par 111 Mar 13 11511 Jan 29
194 194 1878 1914 1834 1988 1918 194 19
No par 1758 Mar 13 23% Jan 7
1534
19/
1
4 17,900 Commercial Solvents
1912 19
34 Mar 6
114 18
114 138
las Jan 2
114 18
No par
34
11
118 114
/
4 13*
lig
114 54,300 Commonwith & Sou
393g 393* 3834 4014 3838 3912 3958 3933 3712 384 38
172*
No par 2918 Jan 4 405s Feb 13
86 Preferred series
3914 5.000
*534 7
5
*534 7
578 Mar 1 $ 738 Jan 23
Conde Neat Pub.. Ina
No par:
*534 7
*584 7
*534 7
*534 7
28
284 2812 2812 2813 2914 29
1611
No par 27 Mar 15 347 Jan 2
3,900 Congoleum-Nairn Inc
294 2884 294 2834 29
97
*9
912 *9
714
*9
934 *9
9 Feb 7 1012 Jan 18
No par
938
100 Congress Cigar
958 9% *9
98
33
33 *32
Connecticut
Ry
&
2384
38
32
23% Mar 1 42 Jan 4
Lighting-100
33 *304 32
150
32/
1
4
*2612 3212 *31
45
45
4514 4514 *454 47
100 41 Apr 2 4512 Apr 1
44
Preferred
44
120
4518 *4312 45%
4514 *42
514
714 733
7 Mar 14 1012 Jan 9
No par
714 714
718 714
7/
1
4 714
71
/
4 714
714 714 1,400 Consolidated Cigar
8014
*60
*60
71
Preferred
100 62 Mar 28 74 Jan 24
*60
71
71
*62
*6112 71
*62
71
71
*72
73
4514
721
/
4 73
Prior preferred
100 71 Apr 2 82 Feb 28
110
75
75
76
75
75 x76
74
75
*7038 7978 *7038 7978 *703* 7978 *73
Prior prof ex-warranta
100 73 Mar 28 80 Mar 6
4514
_ _ *74 110
*72% 110
43* 488
412 45*
1
158
7/
1
4 Jan 16
418 Mar 18
2,900 Cons°, Film Indus
434 47
5
518
518 _-5%
518 53
1714 1713 1738 1712 1712 185* 18
181* 1678 1718 4,400
784
No par 155Mar27 2218 Feb 15
Preferred
184 17
2012 2078 2088 2118 204 2058 1934 2058 1913 2018 1984 2118 56,000 Consolidated Gas Co
157
No par 1578 Feb 20 228 Jan 11
86
8612 8512 865* 8534 86
No par 725e Feb 23 8712 Apr 12 271
Preferred
1
4 8612 8634 8712 3,000
86
8612 85/
*158 178 *158 178
112 Mar 12
11z
214 Jan 18
100 Como] Laundries Corp-No par
1% 13 *158 178 *111
/
4 1% *134 17
77
712 734
612
758 724
612 Mar 13
No par
884 Jan 2
818 31,400 000so' 011 Corp
758 77
8
77s 818
814
*10912 112 *11018 112 .11018 112 *11018 112
100 1081
11018 110% •1097* 112
/
4 Feb 5 112 Jan 28 103
100 8% preferred
3
3/
1
4 *3
218
3/
1
4 Feb 21
400 Consol RR of Cuba Peet
318
2/
1
4 Jan 25
100
*23* 34 *27g 34
3
3
278 278
12
13 Mar12
58
88 4,900 Consolidated Textile
No par
118 Jan 5
12
38
12
32
12
12
38
52
58
58
107 11
414
1034 10/
20
1,600 Container Corp class A
1
4 11
1
4 1058 1034 11
958 Mar 15 1358 Jan 10
118 1078 1118 10/
37
37
37
2
Class B
No par
518 Jan 9
358 Mar 13
373
334 378
334 378
1
4 378 3.200
3/
384
378
7
3
*45* 478
*4
514
Cy
400 Continental Bak claas A- No par
*412 47
4/
1
4 478 *412 434
412mar 13
4% 47
6% Jan 7
Class B
58 Apr 1
No par
1 Jan 3
34
34
34 2,200
54
58
34
34
34
34
31
38
34
58
4812 4812 *48
Preferred
100 4614 Jan 28 54 Feb 19
4414
50
400
*48
4814 4814 4814 4812 *484 4934
50
7078 71
7078 7114 71
20 621g Jan 15 7312 Feb 18
37
1
4 7112 9,200 Continental Can Inc
7138 70/
7178 71
711
/
4 71
8
818 *75* 8
778 818
8
84 818
5
8
8
918 Feb 18
7 Jan 15
1,600 Cont'l Diamond Fibre
*7/
1
4 8
*2012 30
2.50 2878 Mar 13 34 Jan 8
20
*2912 2984 2912 30
304 3014 3012 3.500 Continental Insurance
3014 3013 30
*7, 1
No par
1% Jan 8
34 Jan 2
900 Continental Motors
78
24
*78 1
*73 1
*34
34
78
%
%
18
1814 1734 1814 1778 1818 181* 1812 184 1812 1814 1812 17,600 Continental 011 of Del
1214
5 l51 Mar 14 191k Jan 3
4012
44
44
*4334 44
160 Corn Exchange Bank Trust Co 20 4154 Max 11 4812 Feb 14
4212 4238
*4312 44
43/
1
4 44
4314 435
5512
654 6578 65 6513 65% 6512 6558 6614 66
25 62 Feb 6 68 Feb 18
66% 5,700 Corn Products Refining
6614 66
*158 159 159 *159 - - 160 160 *159 _ _ *159
Preferred
100 149 Jan 2 160 Apr 10 133
600
_
412 184
No par
434 478
418 Mar 13
314
678 Jan 3
47s Vs *412 _-47478 -478
8 2,700 Coty Inc
4/
1
4 5
37 37
No par 3578 Jan 15 397 Mar 4
23
3714 3714 3714 375
3758 373
3738 3758 3712 372* 1,900 Cream of Wheat MR,
1514 1584 *1434 1512 1514 1514 153* 155* 1514 154 1514 16
No par 1212 Jan 15 16 Apr 12
7
3,100 Crosby Radio Corp
*2678 2712 2678 2678 2678 273* 2738 2712 2714 2713 2712 2812 3,500 Crown Cork & Seal
No par 2312 Mar 14 281 Apr 12
1838
32
No par 43/
46% 464 4614 4618 4618 46
4618 *46
1
4 Jan 4 4614 Apr 10
*4538 4614 *48
32.70 preferred
46
300
*764 80
Crown W'mette Pap 18t vtNo par 7412 Mar 13 86 Jan 11 87 40
*7812 83 *761
/
4
*7614 8214 *7613 8214
*7618 82
4
4
4
538 Jan 10
4
312 Mar 18
3/
1
4
378 378 *34 334 *312 384 1,000 Crown Zellerback v t o_.-No pa
373 --37
-8
1714 1714 *173 18
18
14
1912 *17
1812 1812
1814 1814 *18
300 Crucible Steel of America...AO° 14 Mar 16 2514 Jan 7
*4814 51) *46
50
100 47/
1
4 Apr 12 68 Jan 2 30
Preferred
1
4 48
1
4 4778 47/
*46
4818 47/
*45
50
300
118 14
118
No par
118
1 Jan 28
114 114 1,100 Cuba Co (The)
114 13*
118 118
1% Feb 19
14 114
54
*612 634
612 612
3
738 Feb 25
100
5 Jan 5
100 Cuba RR 6% prof_
6,2 6'2 *63* 612
65* 838
65* 68
612 658
53 Jan 2
2/
1
4
633 612
10
61
75* Feb 18
614 614
64 2,500 Cuban-American Sinai;
6
618
618 614
6014 6158 60 60
Preferred
100 4012 Jan 3 618 Apr 5
840
144
5834 5912 5834 5912 5884 5918 5878 59
*4112 4184 4184 42
354
4213 4212 4213 4218 *4118 417
42
42
50 41 Feb 4 474 Jan 2
700 Cudahy Packing
18
1812 183* 183
1918 191g 2.300 Curtis Pub CO(The)
19
193
No par 15 Mar 15 22/
1312
1
4 Jan 8
17/
1
4 17/
1
4 1888 19
9418 9412 9512 9512 9612 9612 9712 9712 9712 98
9712 9778
3818
900
Preferred
No par 8912 Mar 14 101 Jan 10
238 213
23* 212
238 213
228 212
238 2/
1
4 13,800 Curtas-Wright
2
258 212
3 Jan 2
1
2 Mar 12
77g 8
77
33
77
8
7/
1
4 838
Class A
1
734 734 5,500
734 8
88s
614 Mar 15 1018 Jan 2
*76
8012 *77
8338
8338 *77
8338 *77
8358 .577
8338 *77
Cushman'', Sons 7% Pref -.100 73 Mar 23 83 Feb 8
73
*65
70
*65
*65
70
70
Preferred
No
70
*65
70 *65
*65
70
par 6418 Jan 23 65 Jan 19
6418
8%
1712 174 *174 1812 18
900 Cutler-Hammer In
94
No pa, 16 Mar 13 2084 Feb 19
1814 1814 1812 *1758 1814 1814 1814
*613 734
658 678 *612 7
*612 7
*6
7
5/
1
4
*My 7
300 Davega Stores Corp
814 Feb 14
658 Apr 8
5
2513 2513 2518 26
26
2634 2614 27
10,400 Deere & CO
2512 2613 2534 27%
No par 223 Mar 18 31 Feb 18
1018
22
224 211
/
4 2154 2134 2214 2112 22
22
2214 2218 2214 3,800
Preferred
20 19 Jan 15 2212 Mar 8
10/
1
4
2634 274 2512 2888 26
27
2818 2718 2734 2712 2918 18,200 Delaware & Hudson
28
1
4 Mar 26 4312 Jan 7
100 23/
2312
1314 1358 1212 1378 1234 1358 1312 144 1314 1312 1312 1418 13,600 Delaware Lack & Western-50 11 Mar 13 1913 Jan 7
11
178 2
2
2
*17s 24 •178 2
11
/
4 11
/
4
2
2
500 Deny & Rio Or West prat
112
100
484 Jan 8
11
/
4 Feb 27
*70
7212 7278 727
7314 7312 7313 1,100 Detroit Edison
7212 734 73
72
72
100 85 Mar 13 78 Jan 25
65
*234 478 *234 4/
*234 47
*234 47
1
4 *284 4/
1
4 *284 47
Detroit & Mackinac Ry Co_.1004 Jan 5
4
6 Jan 17
*6
15
*6
*6
15
*6
15
15
*6
15
*6
15
6% non-cum preferred
14
100
8 Jan 4 11 Jan 29
*35
4414 *3512 4414 *36
*36
4414 *36
44
4414 *40
Devoe & Raynolda A____No par 36 Mar 22 5038 Jan 2
20
4414
•115 11614 *11512 11614 *11512 11614 *11512 11614 *11512 11614 1164 11512
1st preferred
10
100 1144Mar 8 117 Jan 21
891z
2918 291
/
4 2912 2912 29/
2912 2934 30
30
1
4 2978 *2984 30
2,800 Diamond Match
No par 261
21
/
4 Jan 2 30 Apr 12
3533 3538 354 3512 *3584 36
36
800
36
36
3584 3534 36
275
Participating preferred
26 3438 Jan 7 3714 Feb 25
3712 3784 373 383* 383 38114 3858 3878 3812 39
38
3918 7.500 Dome Mines Ltd
No par 3418 Jan 15 4114 Mar 2
25
812 812
914 2,000 Dominion Stores Ltd____No par
814 812
914 914 *9
812
834 913
814 Apr 8 1258 Jan 28
838 858
2012 2034 2012 2034 2012 2114 2114 2218 2114 2134 21
215 15,500 Douglas Aircraft Co Inc __No par 174 Mar 12 242 Jan 3
111
/
4
*147 1614 1518 1512 157 1578 *1478 1612 *15
iS1s 1614 1614
300 Dresser(SR) Mfg cony A-- No par 1312 Mar 15 163g Mar 29
8/
1
4
*614
*638 7
*618 7
*618 7
35
*614 7
Convertible class B--No par
*64 7
838 Mar 18
7
714 Jan 8
*14
12
*14
1
*14
12
*14
12
*14
12
12
*14
Duluth 58& Atlantlo
100
88 Jan 9
% Jan 9
%
*38
34
Preferred
*35
*38
84
*38
3
84
100
*38
34
*3»
34
12 Feb
18 Feb 13
3
3
•318 312
31
3
313 314 *31
3
*3
318
700 Dunhill International
1
3 Mar 6
3
54 Jan 1313
18
*1312 15
*1312 15
*1313 15
*1313 15
*1313 15
*1312 15
Duplan Silk
No par 1358 Feb 5 17/
1
4 Jan 3
134
*10314 114 *10314 114 *10314 114 *10312 114 *1034 114 *10312 114
Preferred
100 103 Mar 20 103 Mar 20
92
91
9112 9118 9288 91
/
4 9213 9178 9238 14,900 DuPont deNemoure(E.I.)&Co.20 8658 Mar 18 9912 Feb 18 81 59/
1
4 911
93
9258 93/
1
4
13012 13012
13014 10314 *130 131
_ .•13018 ____ *1304 132
600 8% non-voting deb
100 12678 Feb 8 13058 Apr 4 10414
*107 ---- *13010658 106-58 *108 __ 10814 10814 *10812 -_-- 10833 10834
30 Duquesne Light let pref.- 100 104 Feb 18 10834 Apr 12
85
•1812
._ *1812 .. _ _ *184 - __ *1812 _ __ *1812 - -- *1812 - - - _ Durham Hosiery mule prat 100 18 Mar 27 23 Mar 5
13
5 --5
*414 5
434 -434
- 1.100 Eastern Rolling MUls____No par
5
-5
5
-54
412 -458
334 Mar 13
8 Jan 7
311
12234 12478 12418 1248g 12434 12518 12414 12514 12412 12478 12412 12514 5,100 Eastman Kodak (N .1)_--No par 11012 Jan 16 12614 Apr 10
6512
*15214 155
143 153 *15214 155
1
4 154 •1524 154
110
1544 1541
/
4 *152/
6% cum preferred
100 141 Jan 4 155 Mar 26 120
17% 18
18
1833 3,900 F.418011 Mfg CO
1814 18% 1838 181g 1833 1818 183* 18
No par 1638 Jan 16 2078 Feb 18
10
*358 334 *314 334 *338 34 *312 334
4
4
200 Eitingon &Mid
334 334
3/
1
4 Mar 27
No par
314
734 Jan 4
2114 2134 2118 2112 203* 2134 21
2134 2014 2114 2018 2012 15,400 FJec Auto-Lite (The)
5 191:Mar 13 29 Jan 3
1158
*110 11014 *110 11014 *110 11014 1104 11012 11018 11018 *11018 110%
380
Preferred
100 107 Jan 23 11034 Mar 26
75
412 45*
4% 433
414 433
414 43
4% 412
2,700 Electric Boat
433 412
3
378 Mar 15
3
64 Jan 7
64 65*
612 612 *688 678
1,900 Elea & Mus Ind Am shares
65* 63
613 612
612 612
61
/
4 Apr 3
858 Feb 18 31 64
27
27
212 258 .5,700 Electric Power & Light __No par
212 212
234 3
253 234
212 278
11
/
4 Mar 15
3 Jan 3
118
8
8
4,400
64 7
614 6/
1
4
714 73*
6/
1
4 7
7
7
Preferred
No par
3 Mar 13
818 Jan 10
3
672 714
6/
1
4 712
6
614 3,700
6
61
6
678
36 preferred
61, 612
No par
24 Mar 13
212
74 Apr 6
For footnotes see page 2484
$ per ewe
19/
1
4 3054
384 1158
1014 1758
29/
1
4
171/
1
4 2488
67
9212
'4714 52
4
218
la
114
218
558
2
5/
1
4
884 2184
7012 78
38
45
24% 45
95
115
95/
1
4 1614
504 57
314
314
91
181s
6818 10218
10
284
94
74
5
9
338
884
1012 32
4088
165*
13
33/
1
4
11
30
58
7714
2112 4138
658 1914
52
78%
41
71
1858 404
2312 304
38
53
24
30%
911z 110
3584 61
91
114
158* 3884
1
884
3118 5284
6
1338
22
3588
714 1412
32
61
55
58
514 135s
81
75
4514 7478
49
70
158
614
1088 2088
1812 4788
271
95
14
438
714 1414
108
11218
68*
24
12
218
613 1334
58
238
514 145k
22s
78
44/
1
4 64
5638 8418
1133
6
238* 8614
34
23$
158
2284
4012 51
5512 8412
15012
135
358
978
28
3614
8
1713
1838 3614
3512 4414
47
84
638
3%
17
3888
44
71
%
34
344 104
9r8
312
204 68
37
5238
1312 293k
434 9584
24
414
514 1214
7514 91
6411 90
11
214
a
8/
1
4
1018 344
10/
1
4 1914
7311
35
14
3333
334 1314
634 84
5
7
10
18/
1
4
29
5514
99
117
21
284
2814 344
82
MN
11
23
1414 284
8
20
6j 11.72
158
12
24
8
1144
Mk 23
100 110
,-,40 1037s
115
12812
107
90
21
30
418 1284
79
11611
120
147
121s 224
6
19/
1
4
15
3188
80
110
74
3
414
614
958
214
658 21
6
193
2488
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr.6
Monday
Apr. 8
$ per share $ per share
423* 4014 4114
42
18
%
*3
12
*% 138
*38
Da
59
59
59
591
/
4
*12814 12914 12814 12814
*112 278 *112 278
1884 1878
•1812 19
*1914 1934 *19
19%
2012 2012 Y1934 21
*5
518 *5
518
98
97
9
10
1114 111
/
4 10
10
*8
9
0738 9
*621/1 _ . *6218
11
1112 1112 1-112
1712 1758 1712 1758
3/
1
4 3/
1
4 *31
/
4 43
1
1
*1
118
*434 6/
1
4 *518 7
2314 233* 2234 2332
90
90
90
91
8
8
814 814
60
60
5212 5912
*30
45
*30
45
*50
60
•50
60
434 434
414
434
*212 3
*214 3
114
114
118 114
17
17
*1638- 1738
297 30
2978 30
Tuesday
Apr. 9
Wednesday
Apr. 10
5 per share $ per share
*41
42
42
42
12
1
•1%
34
*31
1
"4 1
593 59% 5914 5912
12834 12834 *12818 12811
/
4
*112 212 *112 212
1814 181
/
4 1814 1814
*19
1978 *19
20
*1912 2012 *19
21
5
5
5
5
9
9
9
938
10
1014 11
10
*73
*738 9
812
*621
/
4 __ . *6218 -
Thursday
Apr. 11
8 per share
42
42
*12
34
*t;; 1
59
5912
12818 12818
*112 212
18
18
191
/
4 1914
*19
21
5
5
9
9
107 107.3
*8
8/
1
4
*6218
Friday
Apr. 12
Sales
for
the
Weelc
STOCKS
NEW YORK STOCK
EXCHANGE
April 13 1935
July 1 -
Ranee Sinee Jan. 1
Oct Basis of 100-share Lots
Lowest
Highest
1933 to Range for
Mar.31 Year 1934
1935
Low Low
High
$ per share Shares
Par 3 per share
$ Per share $ Por sh
4112 4112
900 Elee Storage Battery
No par 39 Mar 21 4912 Jan 7 3, 3378
14
200 :Elk Horn Coat Corp
No par
*38
14 Mar 29
34
78 Jan 10
*ta
1
6% part preferred
50
58 Apr 1
138 Jan 10
34
•5714 59
1,600 Endicott-Jobnson Corp
45
50 52% Jan 16 6014 Feb 19
12834 12834
Preferred
.50
..
100 12534 Jan 10 13012Mar 16 112
*12
212
Engineers Public Serv____No par
11
/
4 Mar 16
278 Jan 4
118
1814 1814
600
$5 cony preferred
14 Mar 19 2012 Feb 13
No par
10%
•18
1914
100
5514 preferred
141
11
/
4 Feb 7 211
/
4 Feb 13
No par
•19% 2012
200
36 preferred
12
No par 1512Mar 19 225* Feb 13
*5
518
700 Equitable Office Bidg
5
No par
5 Jan 7
518 Feb 18
914 934 3,600 Erie
71
/
4 Mar 20 14 Jan 4
100
718
1012 11
1,200
First preferred
812 Mar 26
100
812
1714 Jan 4
812 812
Second preferred
100
100
63 Mar 12 13 Jan 7
634
4212
_ - _ - ___ Erie & Pittsburgh
50 6912 Feb 18 70 Feb 2
50
1112 11is 1134 1114 9.1 1174 1 112 1112 1,000 Eureka Vacuum Clean
5 1012 Mar 19 125* Feb ID
638
1712 1734 17
1734 *16
17
*17
1712 2,100 Evans Products Co
3
5 1614 Apr 3 2314 Feb 21
*318 438 •318 438 *312 438 •318 438
40 Exchange Buffet corp __No par
5 Jan 18
3 Mar 12
3
114
*1
118 *1
Ds
60 Fairbanks Co
1 18
118 *Ds
25
%Mar 26
214 Jan 19
1,3
*512 618
512 612
6
6
5
5
170
Preferred
932 Jan 18
100
4 Mar 19
312
23
23
23
231
/
4 2234 23
47
23
2334 4,000 Fairbanks Morse & Co___No nor
17 Jan 11 2412 Feb 20
90/
91
1
4 91
92
9114 9214 93
95
400
Preferred
100 72 Jan 17 95 Apr 12
26
*734 8
754 8
8
8
0734 8% 1,600 Federal Light & Tree
538 Mar 15
15
814 Apr 5
4
60
60
60
60
*60
62
*60
62
Preferred
50
No par 48 Jan 8 60 Apr 0
33
*33
45
*30
45
035
50 •35
50
Federal Mln & Smelt 0o__100 40 Apr 3 50 Jan 17
45
*50
60
*52
60
*52
58
*52
58
100 54 Apr 1
Preferred
50
70 Jan 17
414
434 *472 5
478 47a *47
5
600 Federal Motor Truck____No par
6 Jan 2 13 2%
334 Mar 23
.214 3
•214
3
*214 3
Federal Screw Works__ _-No par
2% Mar 14
1
412 Jan 7
*214 3
Ps
118 •1
78 Feb 25
lis *1
500 Federal Water eery A___No par
138 Jan 7
1 18 *1
1,8
%
17
*1612 1712
300 Federated Dept Stores_ _No par
175* 1738 *1612 1838 17
1618
1618 Mar 29 2052 Jan 7
29
2934 2978 30
30
3012 3014 301
/
4 2,400 Fidel Phen Fire Ins N
2014
__2.50 2812Mar 14 3412 Jan 9
Fifth Ave Bus Sec Corp._
Iri.._No par
614
*5
1-9
*15
is
16
16 •161-s Is
*1614 18
*1614 18
100 Filene's(Wm)Sons Co___No par
16 Apr 9 2312 Jan 8
1934
*107 109 *10718 108
108 108 •107 103
108 108 *107 108
80
615% preferred
100 10614 Mar 6 11034 Jan 15 x85
137k 14
137 14
14
1438 1414 1414 137* 141
/
4 14
1458 4,000 Firestone Tire & Rubber
10 1314 Mar 30 1818 Jan 7
1318
*82
87
8412 8412 85
8612 87
89
1,100
8818 881,2 *8712 89
Preferred series A
100 8412 Apr 8 945 Feb 20
6718
47
4712 4614 47
4634 47
4714 4714 4712 48% 48
48% 3,200 First National Stores____No par 46 Mar 26 56 Jan 7
46
*2134 2332 *20
2312 *20
20
*20
23
*20
23
Florshelm Shoe class A___No par
*20
23
19 Feb 21
2234 Jan 4
123*
234 3
31
/
4 318
3/
1
4 314 *31
/
4 338
312 318 *234 314
1,000 :Follansbee Bros
No par
2
638 Jan 7
214 Mar 6
30
30
3013 3018 3014 3038 31
31
3012 305* 3012 3012 1,300 Food Machinery Corp
No par 2014 Jan 15 31 Apr 10 37 1014
12
12
12
12
1238 13
1238 13
1234 1234 123* 123
3,000 Foster-Wheeler
No par
978 Mar 15 1712 Jan 2
812
*65
67
6.5
65
*6612 67
67
67
Preferred
67
*67
50
No par 6034 Mar 15 77 Jan 2
6712 67
4414
7
7
712 778
758 814
8
414
734 734 4.100 Foundation Co
734 734
No par
4% Mar 13 1012 Jan 7
434
2318 2312 2234 2234 23
2318 2314 2312 2314 2334 *2314 2334 1.500 Fourth Nat Invest w w
1
1934 Mar 21 25 Jan 8
1638
914 914
838 Mar 15 13/
914 912
912 934
No par
912 958 6,300 Fox Film class A
914 10
1
4 Jan 2
872 934
8%
*3012 33
*3012 33
*3012 33,, *3012 33
*3012 33
*3012 33
FM n Simon & Co 100 7% pf100 3014 Apr 2 45 Jan 11
20
2214 23
2414 2438 2314 24
2218 2218 2234 22% 2214 23
2,900 Freeport Texas Co
10 1714 Mar 18 26 Jan 2
1714
*112_ -- *11414 - -- •11414 _
*11414
_ ____ __
*11414
100 114 Mar 18 12018 Jan 22 11312
Preferred
__ •11414
.16
1-7
*17
1-934 18
is .17 10 17 -17 *1412 1'7
20 Fuller (0 A) prior pref___No pa
15 Mar 13 24 Jan 25
1212
63
614
638 658
618 68
634 634 *614 714 *534 612
180
No par
$6 2d pref
434 Mar 13 12 Jan 24
434
•1
11
/
4 *118
13
Ds
118
118 l's
1 Mar 13
218 Jan 3
118
No par
1
600 Gabriel Co (The) Cl A
118 *114
13o
712 712 *7
7/2
7
7
7
7
80 Gamewell Co (The)
712 71
7 Mar 30
7
912 Jan 10
No par
/
4 *7
7,2
*6
614
61
/
4 618
618 61s
51:Mar 13
No par
612 61s
752 Jan 4
61
/
4 614
512
614 614 1,900 Gen Amer 1nvestora
Preferred
*8514 86
8514 8514 *8514 86
*8514 86
100
*3514 86
No par 8438 Jan 10 8712 Feb 15
*8511 86
6412
3412 3412 3414 35
341
/
4 35
3412 35
34
3412 3372 3438 5.600 Gen Amer Trans Corp
5 3238 Mar 12 3814 Jan 5
2534
1334 145* 1418 1438 1438 14%
147 1512 15
1538 *1434 1478 3.800 General Asphalt
10 113a Mar 15 1878 Jan 9
113
73
73
914 Feb 19
7.4
712
734
734
5
734
6/
7% 734
1
4
73* Mar 29
734 734
734 7% 2,700 General Baking
*11718 12112 *11718 12112 *117 121 *119 121 *119 121
58 preferred
12112 12112
10
No par 115 Jan 10 125 Feb 25 100
512 534
5% 578
6
614 0534 614
614 614
514 Mar 4
618 618
1,400 General Bronze
712 Jan 8
5
5
*238 212
212 21
/
4
212 212 •23* 212 *238 212
314 Jan 3
No par
2 Mar 20
238 212 1,800 General Cable
2
518 51. 514 51 i *412 51; *5
512 *5
512
4 Mar 26
512 558 4,200
4
7 Jan 3
Class A
No par
*2018 22 - 22
24
2212 *22
25
24
24
14
25
1% cum preferred
100 19 Mar 14 2834 Apr 12
2512 2834 1,000
54
5412 5412 55
55
55
5514 5534 55
5514 5478 55
241
/
4
No par 50 Mar 25 6314 Jan 8
1,900 (Amoral Cigar Inc
*134 135 8134 135
134 134 *130 134 *13018 134 *130 134
97
100 12712 Jan 2 135 Mar 22
50
7% preferred
2278 23
2278 2318 2314 2378 2314 2372 2318 2358 2318 2378 74,200 General Electric
/
4 Feb 18 • 10
No par 2012 Jan 15 251
1118 1118 1118 1118
1118 1118 1114 1118
1118 Ills 1118 1118 12,194
11
Special
10 11 Jan 2 1113 Jan 3
3338 343* 333 311
3334 34
3314 34
/
4 3334 341
No par 3214 Mar 15 3512 Feb 18
/
4 341
28
/
4 3413 8.500 General Foods
38
12
12
_12
38
12
38
12
38
/
1
4
12
38
14
12 123,300 Gerel Gas & Elee A
Jan
52
No pa
14 Feb 25
1412 1412 *13
15
1412 *1312 15 '13, 1414
10
15
15
10 Star 15 15 Apr 6
514
700
No par
Cony pref series A
1612 1617 16
16
*15
17 •____ 17 •____ 17 •____ 17
634
$7 pref class A
11 Mar 5 1612 Apr e
110
No par
18
18
.1712 2412 *1612 2412 *____ 241. •__
2412 •__-- 2412
712
1534 Jan 15 18 Apr 6
No par
$8 prof clam A
10
.____ 6518 *45
5518 *44
5518 *43
5512 *43
Gen Hal Edison Elee Corn
5518 •43
5518
5712 Jan 2 6134 Feb 5 54 54
6112 61
61
611
/
4 61
6112 611
/
4 61% 6178 62
No par 59% Feb 6 6514 Feb 28
x6114 62
61
2,500 General Mills
*1163* 11712 *1163s 11712 11638 11638 *116 11718 *116 11718 *116 11658
100
100 116 Jan 3 11818 Feb 14 10012
Preferred
2838 2878 281
/
4 29
283* 2912 291
/
4 2938 287 2938 2878 2914 58,800 General Motors Corn
10 265* Mar 13 3414 Jan 3 33 22%
115 11514 115 11538 *11518 116 *11538 11534 115 11538 115 11518
84
No par x10712 Jan 4 11538 Apr 8
1,400
$5 preferred
•1212 1258 1212 1212 *12
1214 *12
1238 12
1212 *12
10 Mar 20 13 Jan 10
No par
81
/
4
1212
400 Gen Outdoor Adv A
4 Mar 21
Common
314 Jan 9
314
334 4
No par
*334 4
*334 378
.334 4
*334 37g *334 4
300
2238 23
24
24
2212 2212 23
2418 *23
No par
24
*23
1012
24
400 General Printing Ink
175* Feb 5 2472 Mar 5
99 100
*9814 99
100 100
997 100
10014 10014 9938 99%
/
4 Apr 11
6114
300
No par 9312 Jan 22 1001
$6 preferred
*158
13
112
138 *I%
14
238 Jan 3
No par
11
/
4 Mar 13
1 18
900 Gen Public Service
/
4 15s
138
138
112 158 *11
21
2012 2012 *2014 2112 *1734 1912 *19
*18
1532 Mar 13 30 Jan 7
100 Gen Railway Signal
No par
201
/
4 *1834 20
1538
85
*80
*80
*7812 85
85
*80
85
100 SO Jan 2 91 Jan 30
Preferred
80
80
20
80
80
80
78
78
78
1
34 Apr 2
1
5.500 Gen Realty & Utilities
1% Jan 10
1
1
1
1
78
1
78
78
78
.1514 16
.1514 16
1514 1514 *1538 1634 17
17
$6 preferred
143 Mar 20 197 Jan 10
10
400
No par
*1614 17
1712 1712 1712 1814 IS
1814 1814 181 1
18
18
..18
1834 2,100 General Refractories
No par
16% Jan 30 2014 Jan 3
812
173* 1712 1712 1734 1734 1778
Voting trust certits
1612 Jan 15 1978 Jan 2
1734 1818 1734 18
"Jo par
714
18
1812 7.100
*16
17
1412 Apr 12 32 Jan 22
1612 17
17
17
200 Gen Steel Castings pref No par
*1512 17
15
15
15
1412 1412
143 1478 143 1478 1458 1478 1455 15
12 Mar 14 154 Jan 10 • 712
14% 15
145* 1472 12,800 Gillette Safety Rasor__No par
8012 8034 80
81
8034 81
81
8112 8078 81
Cony preferred
791
4512
/
4 8078 2,300
No par
7012 Jan 4 8112 Apr 10
37 Jan 4
*2/
1
4 234
238 255 *238 23
212 25
238 258
218 Mar 13
No par
212 2/
218
1
4 4,600 Gimbel Brothers
1912 1912 *195s 2012 *1938 2118 20
20
Preferred
*1934 24
200
100 18 Mar 27 2714 Jan 5
*1934 24
1312
2612 2714 2658 27
261 2658 261 265
2534 26
263 2714 4,700 Glidden Co (The)
12
No par 23% Feb 7 277s Feb 21
•10512 106
106 10612 106 106
106 10312 107 107 *106 107
150
Prior preferred
8034
100 1047* Jan 2 10838 Mar I
27g
3
278 3
454 Jan 25
3
318
3
3
2,300 Gobel (Adolf)
212 Mar 12
212
272 278 *270 3
5
x1612 1612 1614 1612 16
1658 1678 1612 17
18 Jan 7
1614 16
1478 Mar 21
147
1618 4,400 Gold Duet Corp v I o
No par
*110 120 *115 117 *115 120
117 117 *115 120 *115 120
5618
100
$6 cony preferred
No par x11358 Mar 14 117 Apr III
8
818
778 838
83* 8'
712 Mar 13 117 Jan 7
81
/
4 838
814 812
838
5,700 Goodrich Co (11F)
No par
712
.4214 4312 4112 4112 *43
45
42
42
42
43
Preferred
43
2012
4312
600
100 40 Mar 15 5412 Jan 8
1731 1778
1718 1712 1718 1852 18
1534 NIar 13 2672 Jan 7
153
185* 1778 1812 1738 1834 13,400 Goodyear Tire & Rubb_--No par
*70% 72
7078 7078 72
1s1 preferred
72
*71
600
No par 70 Apr 11 92 Jan 10 IS 5318
7212 70
7014 7014 72
314 31
/
4
27
234 23.1
314 314
51
/
4 Jan 3
3
3
*3
314
212 Apr 4
238
1,000 Gotham Silk Hose
No par
555
2212 23
*2112 25
20
2318 2012 21
550
Preferred
21
2112 2112
20
100 20 Apr 3 50 Jan 3
3512
15s - 13
158
Ill Mat 21
178 2
14
31
178 2
/
4 Jan 3
138
1
1%
178 2
5.100 Graham-Paige Motors
113
1
77
812 Apr 12
4
7% 738
71
/
4 71
/
4
514 Mar 19
71
/
4 73*
71
812 10,000 Granby Conn 84 Iirn & Pr--__100
/
4 74
712 77
212 258
23* 278
238 238
238 238
1,200 Grand Union Co Cr ale
5 Jan 7
Vs 255 *212 278
214 Mar 15
1
214
1734 1734 1812 1812 1812 1812 *1738 18
Cony pref series
17 Feb 25 2934 Jan 3
17
*1712 18
500
No par
x18
181
/
4
*19
1912 *19
1512 1912 1912 *1934 24
100 Granite City Steel
*1934 24
1818 Mar 29 23 Jan 10
*1934 24
No par
1818
271, 27
*2718 28
27
2712 273 273
1
4 Jan 3
2718 27
'Jo par 20 Mar 26 35/
2714 2712 3,200 Grant (W T)
25
97 10
10
10
10
10
10
10
9% N1ar 19 1278 Jan 7
10
10
2.100 01 Nor Iron Ore Prop____No par
978 97
734
11% 1134 1078 1218 1114 1134 1138 1214
111. 1134 1134 1214 20.100 Great Northern pref
100
958 Mar 12 1714 Jan 7
958
2978 2978 2912 2938 2912 3014 3018 391s 29
2638 Jan 15 3172 Mar 4
25
3014 2812 29,8 5,400 Great Western SugarNo par
12512 12512 *12512 12612 12614 127 *12512 127 *12534 127
Preferred
100 119 Jan 2 128 Mar 12
12534 12534
99
70
*319
*2818 40 .30
40
Greene Cananea Copper
40
*32
40 .32
40
.32
100 34 Feb 6 36 Mar 6
40
18
13 134
133 •11/, 17g
•112
1
•11g
Feb
134
178
1
214
Feb
Guantanamo
par
19
112
Sugar
300
178
No
l7s
52
.20
24 .1734 24
*1734 21
Preferred
.20
23
•20
23
100 19 Feb 16 24 Apr 3
.20
23
714
.334 5i2 .3
5t2 .3
512 *3
512 •3
512 *3
512
4 Mar 7
4
6 Jan 8
Gulf Mobile & Northern____100
9
978 *8
9
*5
978 *8
978 *8
Preferred
978 •8
6 Apr 3 15 Feb 18
100
100
978
712
*1314 201/4 •1012 25
*1314 25
*1318 25
OM? States Steel
12 Mar 29 24 Jan 8
*1338 25
*1318 25
No par
12
*II
58
*51
58
*51
Preferred
54
*51
55
53
10
53
*53
2514
100 48 Mar 29 67 Jan 11
68
*2414 2612 *2414 26
*2414 2512 .241.4 251, *2414 2512 .2414 2512
Hackensack Water
197
25 2114 Jan 15 26 Apr 5
32
32
*3112 32
32
32
7% preferred class A
32
32
200
32
32
*32
3334
25 30 Jan 18 32 Jan 15
20
4% 418
4
4
418 418
41
318 Mar 13
/
4 438
2,500 Hahn Dept Stores
4
414
4
318
4
614 Jan 13
No par
*647 66
6178 6478 6514 6514 6414 6414 *6352 6412
*641
/
4 66
Preferred
18
600
100 55 Jan 15 7018 Mar 13
434 434 *458 514 *47
514
5
538
712 Jan 2 9 31
4 Mar 19
5
5
5
518 1,200 Hall PrIntIng
10
/
4
Hanillton Watch Co
912 Jan 8
*5/
1
4 7
678 Mar 2D
35*
*6
7
*5,4
No par
7
*514 67
*514 7
*514 7
70
•60
66
Preferred
70
68
•60
•55
70
70
*66
20
70
*66
20
100 63 Jan 4 75 Jan 23
1017
8
10412
1047
8 •10412 1051 1 •10412 108
10412
105 106 *10414 105
40 Hanna (M A) Co $7 pf_.-No pa, 101 Jan 2 10512 Feb 25
77
1712 1712 1734 1734 1712 177
1,500 Flarbipon-Walk Refrac...-No par
1712 173* *17
174 173 18
16 Mar 15 20 Feb 18
12
*10614
_ •10611 _ _ *10614 _ _ *10614 _ _ *10614 _ _ *10614 ____ ___ _
Preferred
100 9934 Jan 7 10714 Am 3
82
.61
/
4 _-61,
"
614 -fc/
1
4 *als -(fl.
612 -6-1, Y638 -rft2
638 63,
466 Hat Corp of America el A____1
7 Jan 7
512 Feb 8
112
614% preferred
86
86
*8312 86
100 81 Feb 6 87 Apr 12
8634 8818 8634 8614 864 87
'.84
220
87
1412
•I8
12
*18
12
•18
4o8
3,
12
•15
*1,,
8,
i„
14
Havana Electric Ry Co --No pep
14 Mar 26
12 Jan 8
*231
312 *234 312 *21t 312 *234 31; *234 312 •234 3,2
Preferred
23 Jan 26
10e
25g
234 Jan 26
For footnotes see page 2034
$ per share
34
52
58
17
1
334
45
63
120
128
2
84
101
/
4 2312
2412
11
13
2512
5
108*
938 2472
/
4
1434 281
9
23
50
08
7
1438
9
27,4
3
1012
1
23*
354
1212
7
185
30
7712
4
1114
3418 62
52
107
62
98
27
2
538
8%1.
4
1
20
31
2334 3513
11
7
23
30
87
106
13% 25,4
71
9214
63
6914
15
25
2
1738
1012
215
812 22
80
55
17,4
131.4
1712 2712
81
/
4 171
/
4
03
20
2112 5038
11312 16018
14
3313
5
1953
118
458
8
20
55g
1111!
73
87
30
435*
2312
12
612 1438
100
10812
5
101
/
4
214
61
/
4
414 12
1412 33
27
593
97
12712
1672 25,4
1234
11
28
36%
as
pi
84 19
11
21
13
22
50
621
/
4
51
6412
103
118
245* 42
8934 109
8% 21
3/
1
4
652
1012 251 2
7312 96
2
538
2313 455k
00
10112
358
1
10
2638
1018 233*
10
20
1758 4812
812 1472
47
72
338
638
1614 :10
15% 2838
83
10712
338
912
16
23
981
/
4 120
8
18
_51
/
4 0284
1812 4138
64
865*
37
1134
38,2 71 12
112
412
4
1355
4
834
23
40
21
3118
28
402,,
812 151
/
4
1214 3212
25
3514
102
11812
59
18
34
312
714 31
5
1811
12
3534
1514 42
47
/13
2012 2614
27
31
312
31
/
4
2514 6312
95
312
35*
1178
25
63
84
10134
13
2434
87
100
1 12
738
1934 92
38
1 12
812
3
New York Stock Record-Continued-Page 5
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr. 6
Monday
Apr.8
Tuesday
Apr. 9
Wednesday
Apr. 10
Thursday
Apr. 11
Friday
Apr. 12
$ per share $ per share $ per share $ per share $ per share $ per share
*218
214
*218
214
214
218
218 *218
2
2
2
2
8912 8912 8912 90
89
89
92
9034 9034 91 18 911.; *90
*126 132 *128 132
132 132
132 132
131 131 *12978 135
*150 155 *150 155 *150 155 *150 155 *150 155 *150 155
*13
1414 144 1512 1538 1538 *1334 1538 *14
1538 *1312 15
7312 7378
*73
7312 *7212 7312 *7212 7312 7312 7334 7312 74
*12512 12612 126 126 *126 127
127 12712 *12712
127 127
7712
*7612 78
75
75
7758 7738 *7512 7778 *77
76
77
10814 10814 *108 10812 10812 10812 *10812 110
108 108
10934 10934
678 7
658 7
714 734
7
738
714
714
73g
732
712 712 *738
712 758
714
712
712 *7
*7
712 *7
*361 380 *350 379 *359 380 *361 376 *361 376
376 376
3614 38
3412 3434 3434 3518 3512 36
*3414 35
3612 37
814 838
8
8
84
8.8 838
834
814 84
8
812
57
*53
57
57
*57
5712 *57
57
57
*5318 57
5712
1414 1412 1414 1434 1424 1612 1518 1514
14
14
1434 1 32
234 234
234 278
258 278
234 234
234 234
278 3
4612 46,2 4612 4718 4634 4714 4714 4812 4812 4934 4878 5078
312 312 *3
312 *318 338 *314 4
312 312 *314
312
878 *712 813
834 *8
8
814 *712 912 *8
*712 812
712 714
718
718
714
718 738
714
634 7
634 74
78
1
78
1
78
I
1
1
1
1
1
114
11
1128 1012 1128 1023 1112 1112 1132 1118 1118
1114 1178
*13
15
*12
17
*1514 17
15
*14
17
*1438 17
17
*4238 44
*4214 44
*4212 43
*4214 44
4412 4*4
43
44
5
5
514 514
512 51*
512 512
512 512 *514 511
*218 238 *214 238
214
238 212 *218 234 *238
238
274
2612 2634 2514 2614 2512 2612 2512 264 2518 2578 2418 25
68
68
68
68
6712 6712 *6612 68
68
68
6814 6814
'120__ _ *120 129 *120 13238 *121
_ _ •12612
__ •125
_
4778 4778 48
4734 -4814 *4712 47-34 4712 --464 48
48
4712
318 314
3
34
3
318 318
3
278 3
3
3
44 478
*5
5
5
5
5
*478
518
5
5
518
*10
11
1012 1012 1034 1034 1034 1034 1018 1018
914 1014
--7- - _- - --,- - -- --,- - - --,- - - ---- - - - -- - - 314 -i14 *24 -34 ''2't 114
*214 102 .214 -314
3
-3.12
*218 438 •218 438 *218 438 *218 438 *218 44
438 412
1278 *1012 1278 *11
*1012 1278 *11
1234 *1134 1234
1278 134
2
2
*112 214
134 134
14
178 *134 24 *134 218
5
5
518
54 54 *5
478 518 *413 5
*44 438
314 3,4
34 312
3,2 34 *312 34
34 34
34 31*
*33
354 3512 3512 *31
*34
*34
36
35 *3312 35
36
163 163
183 163
163 1673s 16812 1694 16812 16813 *165 168
438 412
438 434
414
4
44 412
414
412 412
438
25
2618 26
2678 26
27
25,2
27
2714 284 26,4 *25
3712 3712 3714 3758 37
3814 381a 3812 3638 3738 3634 3732
•140 141 *140 14012 140 140 *13934 14012 *13978 1401.*13978 1401
2
212
2
178 2
212
178 2
178
178
178
17'2
*238 212
212 21.
232
212
258 258 *212 238 *212 258
2518 2512 2518 2517 2518 2538 2538 253, 253, 2534 2534 2614
129 129 *129 12912 129 129
129 129 •12814 12912 129 129
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Shares
2
400 Hayes Body Corp
25
1,000 Hazel-Atlas Glass Co
25
300 Helme (0 W)
Preferred
100
No par
SOO Hercules Motors
No par
600 Hercules Powder
$7 cum preferred
100
100
No par
400 Hershey Chocolate
Cony preferred
No par
400
No par
4,100 Holland Furnace
6
400 Hollander dr Sons (A)
100
100 Homestake Silning
4,400 Houdaille-Hershey el A __No par
Class B
No par
30,200
200 Household Finance part pt__ 60
2,600 Houston 011 of Tex tern ctts__100
25
Voting trust cas new
2,000
5
20,500 Howe Sound v t c
100
200 Hudson dr Manhattan
Preferred
100
200
No par
6,900 Hudson Motor Car
10
17,400 Hupp Motor Car Corp
100
9,100 Illinois Central
100
200
6% pref series A
Leased lines
100
70
RII See Otte series A---1000
310
10
400 Indian Refining
No par
8,900 Industrial Rayon
No par
1,200 Ingersoll Rand
100
Preferred
_
No par
_2,100 Inland Steel
20
1,800 Inspiration Cons Copper
1
1,100 Insuranshares Ctfs Inc
2,200 tInterboro RapIdTran v t e __100
No par
Certificates
..._-.
290 Internat Rya of Cent Amer 100
No par
Certificates
70
100
Preferred
130
No par
600 intereont'l Rubber
No par
600 Interlake Iron
No par
1,700 Internal Agrleul
100
Prior preferred
100
2,000 lot Business Machlnes___No par
1
2,900 Internal Carriers Ltd
5,300 International Cement____No par
No par
10,200 Internat Harvester
100
Preferred
100
25
3,300 Int Hydro-El Sys Cl A
900 Int Mercantile Marine-No par
Vo par
48,300 lot Nlckel of Canada
100
Preferred
500
100
Internal Paper 7% pref
112 134
112 112 *112 134 *112 134
900 Inter Pap & Pow el A_-No par
134
134 *112 24
No par
58
58
*38
1
Class B
500
*3i
1
38
53
*14
1
*53
1
No par
12
,2
Class C
1,800
4
34
34
58
34
34
34
32
32
12
612 634
814 812
100
614 638
614 814
Preferred
2,700
578 6
614 64
*21
24
*2112 24
*21.
2412 2338 24
*23
q00 lot Printing Ink CorpNo par
2334
2334 *23
.994 101
101 101
100
Preferred
110
101 10112 1021* 10212 10212 104
101 101
*2914 2934 *2914 2912 2914 2914 *2914 30
700 international Salt
No par
2914
*2914 2934 29
4314 4338 434 4314 4312 44
No par
4414 4414 444 444 4414 444 2,000 International Shoe
*18
2112 *18
2018 *1812 2112 2012 2012 22
100
1,500 Internattonal Sliver
23
2378 23
*63
674 .63
6734 *8314 674 *66
100
7% preferred
470
6734 6734 6912 70
7212
7
7
74
4741
74
No par
714
718 18,000 Inter Telep dr Teleg
718 738
678
64 712
1112 1134 1112 1112 11
1112 *1034 1138 *11
No par
1114
11
1114
1,400 Interstate Dept Storee
t̀,*75
8018 *71
100
8018 *71
Preferred
8018 *71
8018 *71
804
8018 *71
574 8
No par
*74 8
300 Intend,pe Corp
738 734 *712 74
*714 8
734 734
30
30
2912 2912 *29
1
2934 *2914 2934 *28
200 Island Creek Coal
2934 *2712 2912
*1201
___ *12012
1
. 12012 12012 *119 12012 *119 12012 *119 12(12
Preferred
30
*5212
-5212 .494 52
52
52
_2No par
700 Jewel Tea Inc
524 5238 5211 5212
52
52
la43
4312 43
441. 4314 4458 4312 4438 43
No par
4414 4334 4414 12,000 Johns-ManvIlle
120 120 *120 1233.
100
4 *120 12112 *120 12112 .120 121 *120 121
Preferred
20
*13314 175 *13314 175 *13314 175 *13314 175 *13314 175 *13314 175
Joliet & Chic RR 00 7% gtd_100
52
52
5112 52
511, 52
51
53
5112 53
52
52
650 Jones & Laugh Steel pref___100
*117
-_ *117 11712 117 117 *116 11712 *116 11712 *116 11713
10 Kansas City P & L pf ser BNo par
54 --54
100
5
5
434 512
1,600 Kansas City Southern
.5
518
5
5
434 434
*734 8
712 812
100
778 8
800
*8
Preferred
*714 81,
8
8
98
1014 1012 *1014 101; *1018 1014 10
1013 *10
70 Kaufmann Dept Stores $12-50
1014
1014 *10
17
1718 1678 1734
5
18
18
1712 18
1,700 Kayeer (J) & Co
18
1734 18
18
.33
40
*33
40
*33
40
100 Kelth-Albee-Orpheum pref100
3818 3818 *33
*35
50
50
6
0/3
31
ki
28
4,500 tKelly-Springfield,Tire
24
58
84
58
54
78
58
34
738 758 *74 812
Vs 74 •718 738
No par
.738 834
8
8
400
8% preferred
*9
1014 1014 1012 1012 1112 12
2,600 Kelsey Hayes Wheel conv.c1A_I
12
12
12
1218 12
84 832
84 914
9
1012 11
1
11
1112 11
Class B
*1014 1058 6,500
16
16,8 16
1618 16,8 1614 1614 1678 1614 161: 1578 16,4 6,000 KelvInator Corp
No par
*87
90
*87
90
89
*8712 90
89
8912 *88
89
89
SO Kendall Co IA pf ser ANo par
164 1714
1658 1714 1638 1714
17 ' 1713 44,700 Kennecott Copper
1634 1738 1678 1712
No par
*10
12
11
11
*1012 1212 *1012 1112 1114 1114
No par
300 Klmberly-Clark
1114 1114
*314 334 *314 338 *314 358 *3
Kinney Co
No par
314 34 *3
34 .
338
*2512 29
264 2678 2634 2034 *2658 2812 *26
2812 •2538 2812
30
Preferred
No par
194 2018 194 2018 20
2014 8,000 Kresge (1313) Co
2014 2018 2014 2018 2014 20
10
11178 11178 *112 114
11012 11012
110 110
112 112
113 113
120
7% preferred
100
0212 4
*212
3
*212 4
*212 4
*212 4
Kresge Dept Stores
No par
*213 4
*55
60
*55
*56
59
*56
59
60 .56
*56
59
60
Preferred
100
.56
581s 574 5734 57
57
5732 5714 5712 *5638 5712 57
700 Kress (S H) & Co
No par
21
2412 244 2412 2414 2434 2434 2434 2434 25
2412 24.34 4,400 Kroger Groc & Bak
No par
*11
16
*14
16
13
13
*13
*1312 15,2 1234 13
16
70 Laclede Gas Lt Co St Louis _100
24
24
254 26
.24
*2234 2312 *2312 2334
24
2534 24
150
5% preferred
100
2478 25
254 26
2478 254/ 25
2512 26
2578 2512 26
4,900 Lambert Co (The)
No par
.612 64 *512 638
534 6
200 Lane Bryant
*512 614 *54 818 *54 618
No par
*938 978
934 934 10
1018 1038
900 Lee Rubber & Tire
10,8 10,8 *978 10
10
5
*1314 1378 13
13
1334 14
14
14
1378 1378 1378 14
800 Lehigh Portland Cement
50
*98 100
*98 100
9812 931 *99 100
*9812 100
*98 100
7% preferred
30
IGO
64 718
7
738
673 758
712 758 4,200 Lehigh Valley RR
7
7
714
7,2
50
14
134
178
178
134
*134 2
178
134
178 *134 2
690 Lehigh Valley Coal
No par
8
8
8
8
734 74 *75
8
8
8
8
93
Preferred
700
50
*704 71
7038 704 7038 71
7138 717g 7138 7112 2,100 Lehman Corn (The)
7112 72
No par
*1512 1534 *1512 1534 1534 1534 1512 1578
16
16
1534 1534 2,600 Lehr, & Fink l'rod Co
5
2412 2434 244 25
2434 2512 2578 2734 254 274 2514 254 22,300 Libby Owens Ford Glass__ No par
*2214 23
23
23
23
*2214 2318 23
23
23
23:4 23
1,800 Life Savers Corp
5
*9412 96
98
9612 96
97
9712 99
500 Liggett di Myers Tobaceo____26
9812 9834 97,2 9712
9514 9534 96
9612 *96
*98
9812 984 99
9714 99
98
Series B
7,300
25
*16014
*16014 ---- *161 16434 *161
____ *161
•181 164
Preferred
100
184 *1818 1838 184 1812 184 1812 .18
*18
1812 *18
500 Llly T-illp Cup Corp___,Vo par
1838
18
18
*1612
1913
*17
*1612
18
.1612 1812 *17
1812
1814
100 Lima Locomot WOrksNo par
*1938 20
*18
2018 *1914 20
*194 1934
1934 1934
20
20
700 Link Belt Co
No par
29
2012 2878 294 29
2958 2934 297s 2918 2934 29
No par
3,300 Liquid Carbonic
29
364 38:4 3638 3658 3612 3814 3712 3838 3718 38
3718 3734 42,200 Loess's Incorporated
No par
*10838 112
108:4 10838 108 108
10712 10712 *107 108
108 108
No par
500
Preferred
118
118
114
14
118
118
114
114
114
114
1,4
114
No par
1,500 Loft Incorporated
112
112
112
114
112
DO
11,
114
117
2,200 Long Bell Lumber A_
134
134
04
No par
3378 334 34
3418 34
34
3418 3414 3412 3434 3434
34
25
1,100 Loose-Wiles Biscuit
12712 12712 *12612 130 *12712 130 *128 130
129 129
129 129
100
7% 1st preferred
110
1938 1958 194 1912 1012 4978 1634 ]978
1934 20
1938 194 8,000 Lorillard (P) Co
10
*12512 12734 126 126
129 129
12734 1274 12734 12734 *12812 129
100
7% preferred
100
118
118
1
1
1
1
115
118
*1
118
No par
700 Louisiana 00 ,
*78
118
*7,4 934 08
*832 11;78
11
1118 11(4
100
160
1014 113, .854 107:1
Preferred
1434 1518 1518 1512 1514 1512
15
1518 1514
1514
1478 15
5,460 Louisville Gas & El A__ /Vo par
100
3912 3834 31)
1,600 Louisville & Nashville
384 *37
37
3812 38
37
37
37
37
14
1434 *134 1438 *14
1412 1334 14
1412 14,4 1438 *14
1
600 Ludlum Steel
*931 1 100
*9218 9978 *9218 100
*9218 100
119218 100
Vo par
*9218 100
Cony preferred
*4312 441. *4312 4412 4412 45
*4438 4472 *4423 444
45
45
MacAndrews & Forbes_
10
600
120 120 - a119 ____ 1173, 119
119 119 *120
118 118
100
_
ISO
8% preferred
100
For footnote, see page 2484.
2489
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
$ per share
158 Mar 18
85 Jan 2
127 Jan 5
14212 Jan 10
11 Jan 8
71 Mar 12
122 Feb 9
7314 Apr 4
104 Jan 25
534 Mar 15
658 Mar 29
338 Feb 5
3078 Mar 14
612 Mar 13
49 Jan 2
918 Mar 15
112 Mar 13
43 Jan 15
234 Feb 27
612 Mar 14
614 Mar 26
24 Apr 5
912 Mar 14
15 Apr 11
40 Mar 21
414 Mar 30
218 Mar 16
2418 Apr 12
6012 Mar 13
109 Jan 7
4614 Mar 22
212 Feb 27
4 Mar 1
834 Mar 15
Highest
July 1
1933 to Range for
Mar.31 Year 1934
1935
Low Low
High
$ per share $ per sh
378 Jan 2
14
9412 Feb 23
85
94
132 Mar 11
150 Feb 25 120
514
16 Feb 20
40
774 Jan 8
12712 Aar 11 10418
44
8134 Jan 1.)
80
10934 Apr 12
4
914 Jan 7
54
11 Jan 2
39118 Jan 7 200
33 Apr 12 3 7
212
918 Feb 19
43
57 Mar 19
918
1734 Jan 2
112
338 Jan 4
20
5218 Jan 3
234
512 Jan 21
612
1312 Jan 21
1234 Jan 7 21 6
78
378 Jan 7
912
1714 Jan 7
1678
2334 Jan 4
40
5712 Jan 10
414
10 Jan 4
212 Jan 2
24
3 1314
33 Jan 7 .
45
7018 Feb 20
120 Feb 28 105
26
5514 Jan 2
212
372 Jan 8
2
5 Apr 8
512
1818 Feb 19
5
2
44 Jan 25
238 Mar 28
312 Mar 4
212
5 Jan 3
1812 Jan 10
1014 Apr 1
84
3 Jan 7
178
14 Apr 5
4
7 Jan 7
414 Mar 7
112
5 Jan 2
234 Mar 14
10
31 Mar 14 4234 Jan 25
14912 Jan 16 16934 Apr 10 12534
358
338 Mar 12
658 Jan 8
1838
2278 Mar 15 33 Jan 7
2314
3418 Mar 18 434 Jan 2
135 Jan 2 14212 Mar 4 110
114
278 Jan 9
114 Mar 15
318 Feb 20 • 2
218 Apr 3
2214 Jan 15 2614 Apr 12 al 1458
125 Feb 8 13012 Mar 14 101
814
3 Jan 8
1 18
118 Mar 15
138 Jan 7
38Mar 13
4
12
12 Mar 15
14 Jan 19
412
412 Mar 13 12 Jan 7
9
2112 Jan 15 2412 Mar 1
65
9812 Jan 2 x104 Apr 12
20
29 Jan 21 3118 an 4
38
424 Mar 19 4514 J..a 10
17
17 Mar 19 28 Jan 4
40
6012 Mar 21 75 Jan 3
552
978 Jan 10
558 Mar 13
9 Mar 18 1234 Jan 7
234
1814
75 Jan 211 8478 Jan 7
434
778 Mar 26
818 Mar 13
2912 Apr 5
110 Jan 22
49 Mar 13
3812 Mar 13
11712 Mar 15
130 Feb 19
60 Apr 4
11514 Mar 20
34 Mar 13
658 Mar 12
712 Feb 6
1534 Jan 17
34 Mar 7
38 Apr 4
6 Apr 4
6 Jan 25
314 Mar I
1458 Mar 13
84 Mar 21
1334 Mar 13
10 Mar 5
3 Mar 19
23 Mar 29
2034
38 Jan 8
85
12012 Apr 9
26
57 Jan 7
3612
5738 Jan 7
87
125 Jan 4
130 Feb 19 115
45
73 Jan 23
9778
117 Apr 9
334
834 Jan 7
658
1012 Apr 2
514
1012 Apr 6
12
19 Feb 19
15
3812 Apr 10
238 Jan 17
34
6
1338 Jan 17
212
1218 Apr 10
1112 Apr 10
11 t
1814 Jan 9 13 64
55
95 Jan 29
1334
184 Jan 7
938
1114 Apr 11
214
538 Jan 3
12
38 Jan 23
1934 Mar 13
10612 Jan 18
3 Mar 18
42 Jan 11
564 Apr 5
2314 Mar 5
12 Mar 22
1914 Mar 27
24 Apr 5
534 Apr 9
812 Mar 14
1038 Mar 14
894 Jan 3
5 Mar 13
112 Mar 13
612 Mar 18
8718 Mar 28
1412 Mar 21
2112 Mar 30
21 Mar 14
9414 Apr 5
9334 Apr 4
151 12 Jan 30
1678 Mar 13
1312 Mar 14
1718 Mar 13
2412Mar 13
3114 Feb 7
102 Feb 1
1 Mar 15
14 Mar 12
33141.or 1
126 Jan 30
1812 Mar 26
124 Apr 5
34 Mar 13
714 Mar 15
nos Mar 18
34 Mar 29
1234 Mar 26
9014 Jan 4
40 Jan 24
113 Feb 8
22 Feb 18
113 Apr 9
4 Jan 17
65 Mar 9
6912 Jan 7
2834 Jan 2
21 Jan 12
31 Jan 24
2812 Jan 8
9 Jan 3
1278 Jan 7
1738 Jan 7
99 Feb 20
1112 Jan 7
278 Jan 4
1212 Jan 23
7434 Feb 19
1714 Jan 25
3234 Jan 2
2338 Apr 10
10712 Jan 4
10912 Jan 4
160 Apr 4
1914 Jan 3
2412 Jan 5
22 Feb 16
3078 Jan 8
3338 Apr 10
10812 Apr 5
14 Jan 2
212 Feb 14
3614 Feb 20
129 Feb 23
214 Jan 3
13512 Jan 25
178 Jan 7
1412 Jan 8
1512 Apr 8
4712 Jan 7
1814 Jan 8
103 Feb 18
46 Feb 19
120 Mar 22
1014
9914
2
12
274
111
12
1914
194
4,8
518
9
73
5
112
4
5834
114
21
1558
714
7314
123
1414
1312
11 12
Ms
1912
66
I
I
3314
116
1434
9812
84
6
1038
34
712
50
21
8738
2018
$ per share
14
634
74
9878
101
145
12312 153
514 1218
59
814
111
1264
4812 734
83
10518
434 104
534 13
310 x43018
11
34
24
84
43
54
1212 294
212
538
3512 5714
4
1218
2614
9
64
173
1338
21
4834
712
24
194
4912
105
3414
24
218
512
612
2
212
752
218
4
2
15
131
412
184
2314
110
212
2
21
11534
10
2
4
58
812
9
66
21
38
19
59
712
34
2158
54
2434
90
33
32
101
135
45
9778
6/
1
4
1014
8
134
20
1
5
3
238
1138
8518
16
94
3
134
244
714
3378
50
88
244 434
32,4
734
11634
56
672
438
174
1212
7
638
2234
578
1114
618
3714
164
1218
3734
4672
137
918
6
294
130
25
63,
312
234
2478
2512
106
32
504
4534
8412
174
164
8112
10
38
1101,,
574
6632
121
140
77
11412
194
2712
104
1812
3712
412
20
10
712
2114
94
2318
184
74
41
1388 224
101 z114
212
714
19
55
36
8512
2314 334
20
6312
27
60
224 314
5
1414
7
1412
11
20
7338 90
912 21 14
24
6
5
1638
6414 78
1112 2312
224 434
174 24
110
73
7412 111 14
129
15212
16
26'2
1514 36,4
1112 194
1618 3538
2078 37
72
105
1 12
3
1
3
3314 24414
11934 12812
1534 2212
102 x130
84
332
714 2312
12
21
374 8212
814
19,2
60
97
30
4214
95
111 14
2018
33
New York Stock Record-Continued-Page 6
2490
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr. 6
Monday
Apr.8
Tuesday
Apr. 9
Wednesday
Apr.10
Thursday
Apr.11
Friday
Apr. 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
April 13 1935
Ranee Sinn Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Mar.31 Year 1934
1935
Low Lose
High
8 per share $ per share $ per share $ per share 8 per share 2 per share Shares
S per share $ Per sh
Par $ per share
*22
2212 22 22
2218 2214 *2134 22
211
/
4 22
2034
No par 2034 hfar 29 2812 Jan 8
21/
1
4 2134 1,600 Mack Trucks Inc
3234 3334 34
3412 3412 3558 3534 3614 34
3512 34
3112
No par 8012 Apr 1 4414 Jan 2
3412 8,900 Macy (R H) Co Inc
*653 678
65$ 658 *614 672
71s Feb 8
200 Madison SQ Gard•t e
2/
1
4
512 Jan 2
No par
612 612 *64 634 *614 634
2518 2558 25
2552 2414 2512 25
25
1214
25
2514 25 2612 6,500 Magma Copper
10 1832 Jan 16 2612 Apr 12
1
1
*1
7s
*72 11
/
4
2 Jan 4
%Mar 8
114 *1
114
73 *1
1
300 Mallinson (H R)& Co--No par
114
*8
*812 11
*8
11
10
10
1012 11
4
7 Mar 14 1912 Jan 23
7% preferred
100
100
*10
1012
11
*114 11
/
4 *114 152 *1/
1
4 1/
1
4 *132 11
/
4 •138 152 •138 158
2 Jan 4
:Manse! Sugar
72 Feb 6
100
72
*5
514 514 *514 618 *5
512 512
Preferred
*514 6
61
1
612 Jan 23
4 Jan 7
100
60
6
*2
314
3/
1
4 332 *312 4/
578 Jan 19
332 Apr 8
3
No par
300 Mandel Bros
1
4 *312 512 *312 412 *312 378
*30
34 *28
33 *28
32 *28
32 *28
*28
32
14
/
4 Feb 20
:Manhattan Ry 7% guar-100 32 Jan 23 361
32
*1612 17 *1638 1634 1634 17
1634 1634 1634 1634 16
Mod 5% guar
100 1314 Mar 15 22 Feb 1
1634 1,200
10/
1
4
10
*10
1058 10
1012 1012 *1012 11
*1014 11
*10
11
10
25 10 Mar 28 1314 Jan 5
300 Manhattan Shin
114 *1
*1
114 *1
114
114
114 *114
11
/
4 Jan 23
1 Feb 23
112 112
112
1
200 Maracaibo Oil Explor-No par
*434 4/
1
4
452 434 *434 4/
1
4
4/
1
4
4/
1
4 4/
1
4 *4/
4/
1
4 Mar 23
1
4 5
5/
1
4 Jan 14
5
1,400 Marancha Corp
4/
1
4 5
6
6
534 534
5/
1
4 534
514 Apr 1
558 558
534 578
652 Jan 24
5
558 534 2,600 Marine Midland Corn
5
.12 1
•12 1
•12 1
12
100
112 Jan 8
12 Jan 31
20 Market Street By
*12 1
*12 1
12
12
454 *I
*112 434 *1
434 *153 434 *I
Preferred
2
5 Jan 8
2/
1
4 Jan 2
100
434 *1
434
.5
612 .5
612 .5
5
5
612
.518 612 *518 612
Prior preferred
100
100
334 Mar 1
7 Jan 28
3
484
4
*34 1; *I
134 *1
1 Mar 15
2nd preferred
100
IN *1
214 Jan 8
212 *1
1
/4
178
2034 204 *1932 2034 *2012 21
21
21
12
No par 20 Mar 13 2558 Jan 23
2012 2012 *2012 2112
300 Marlin-Rockwell
7
714
714 7/
738 7/
1
4
734 8
1
4
712 752
834 Mar 14 1114 Jan 3
No par
712 712 3,500 Marshall Field & Co
634
*6
*6
7
*6
7
7
7
*6
7
6 Mar 29
No par
*614 7
7
24
912 Jan 7
100 Martin-Parry Corn
27 27
2612 2714 2712 2712 2714 2712 27
2738 1,700 Mathleson Alkali Works-No par 2334 Mar 14 32 Jan 8
2714 27
2312
150 150 *148 150 *148 150
*148 150
Preferred
100 138 Jan 2 150 Apr 1 10512
150 150 *148 150
30
4018 3934 4014 40/
39
39/
1
4 40
1
4 4012 4012 4058 4078 41
1,900 May Department Stores
23
10 357s Mar 29 44 Jan 22
634 7
634 634
6/
1
4 7
678 7
3/
1
4
718 Mar 25
513 Jan 30
No par
634 634
634 64 2,400 Maytag Co
42
4212 42
4214 42
42
42
4238 42
834
42
No par 33 Jan 15 43 Mar 22
x4178 41/
Preferred
1
4 1.200
*37
43 *37
43 *37
4234 *37
*3718 43
43
8
Preferred ex-warrants No par 3212 Jan 7 4212 Mar 22
*3718 43
*87 90
*87 90
*89
9C .87 90
27
10
*88
90 x8872 8878
Prior preferred
No par 8412 Jan 4 92 Feb 18
*2912 3012 2914 2914 2912 2912 3014 3014 3014 3014 *2953 3012
22
No par 28 Mar 14 32 Jan 10
400 McCall Corp
838 812
812 812
814 812
8/
714 Apr 3 13 Jan 3
17,400 :McCrory Stores claa2A-No par
858 9
1
4 9/
878 9
1
4
34
Class B
8
1
4 8
738 7/
1
4 *7/
11
/
4
612 Apr 3 1218 Jan 3
814
No par
834 918 *814 834
814 814 1,800
*6012 65 *61
65 *62 65
312
64 65 *63
6418 63
Cony preferred
100 5714 Feb 5 69 Jan 17
300
63
4
714 Mar 26
McGraw-Hill Pub Co_-_No par
*734 814 *734 814 *734 814 *714 834 "714 834 *714 884
834 Jan 31
42
4232 4134 4212 4214 4212 4178 4234 4212 4234 9,500 McIntyre Porcupine MInes____5 3658 Jan 15 4558 Mar 4
42
42
2852
10114 10134 *9812 10114 9912 10012 10012 101
2,700 McKeesport Tin Plate --No par 9012 Jan 15 1014 Apr 6
9934 10012 *9912 101
674
7
738
7
738
614 634
714 732
714 714
614 Apr 11
612 6/
1
4 11,200 McKesson & Robbins
312
872 Jan 2
6
40; 4034 4018 4058 40 41
Cony pref series A
6,000
37
337s 40; 3514 3814 36
912
51) 3514 Apr 11 45 Mar 4
9
9
918
913 953
914
54
11,100 McLellan Stores
812 Apr 1 1533 Jan 3
No par
914 1014
972 10
9; 10
*80 90 *75
90 *75
/
4 8932 *75 89/
90 *761
6% cony pre! ser A
1
4 *75
6
8938
100 8512 Mar 13 90 Jan 9
45
45
4514 4512 454 4512 4534 46
x4512 4512 4512 45/
1
4 2,300 Melville Shoe
No par 41 Jan 2 46 Apr 10
174
4/
1
4 412
4/
1
4 414
4
4
3 Mar 12
1
500 Mengel Co (The)
*334 3/
*312 414
3
1
4
5s Jan 22
312 312
*2712 2812 2812 30
29
29
29
29
28
28
100 2034 Mar 20 381
130
28
28
2034
/
4 Jan 23
7% preferred
*201
/
4 22 *1914 22
*1914 22 *1914 22
*1914 22
10 March & Min Transp Co_No par 22 Apr 12 25/
22
22
1
4 Feb 9 6 22
30
31
3012 3013 308 30
30
3012 31
5 2412 Jan 15 32 Mar 5 37 834
3034 3013 3053 8,300 Mesta Machine Co
2552 2753 *2712 2734 *2712 28
2758 2758 *2758 28
200 Metro-Goldwyn Plot pref---.27 27 Mar 9 2814 Jan 3
*2712 28
18
313 318
3
318
3
31
212 Mar 13
313 3/
318 314
3
318
5
1
4 2,800 Miami Copper
2/
1
4
332 Jan 7
111
/
4 1134 1112 1178 1114 1134 117g 1214 1112 1178 114 1134 9,400 Mid-Continent Petrol
912Mar 15 1272 Jan 2
10
912
918 10
914 914
914 938
1014 1014 *912 1014 *912 10
814 Mar 12 13/
No par
900 Midland Steel Prod
61
/
4
1
4 Jan 8
63 63
136212 63
*6212 63
63 63
63 63
100 8012 Mar 6 70 Jan 22
62/
1
4 6534
44
610 8% corn let pref
*79 80
80 8012 8072 81
2058
8134 8134 81
8114 8034 8034 1,000 Mlnn-Honeywell Regu-No par 58 Jan 15 8134 Apr 10
108 108
*107 110 *107 110
10712 10712 *10714 110 *10718 110
6% pref series A
100 105 Jan 9 110 Mar•14 3 68
110
412 412
412 4/
1
4
4/
1
4 412
3/
1
4 Mar 15
412 412 3,400 Minn Moline Pow Impl -No par
412 458
412 458
534 Jan 2
14
*3312 35N *35
*34
36
3534 *351g 3558 3514 3514 *3473 3614
No par 31 Mar 14 4173 Jan 22
100
15
Preferred
*18
14
618
14
18
18
*18
14
*18
14
18
*18
14
12 Mar 4
100 :Minneapolis & St Louls___100
32 Jan 7
.78 1
.28 1
*78 1
*34 1
118 Feb 11
1 Jan 30
Minn St Paul & BS Marle--100
*/
1
4 1
*34 1
;
*1
112 *1
112 14 *I
112
2 Jan 21
1 Mar 6
112 *1
112 *1
1
7% preferred
100
100
112
134 184 *114 IN *114 134 *114 134 "114 134 *114 IN
3 Jan 14
114 Mar 29
4% leased line °Us
100
50
14
1012 11
1032 11
__-- - -- - --_ -_
10/
1
4 114 111
No par 1032 Apr 9 1112 Apr 12
/
4 1112 9,800 Mission Corp_
232 Mar 13
614 Jan 7
No par
314 353 2,100 Mo-Kan-Texas RR
34 314
31,3 -312
34 -314
232
338 353
314 314
7
7
732
714 732
714
712 734
6 Mar 14 1412 Jan 7
Preferred series A
100
74 7/
1
4 5,900
6
753 74
158 11
/
4
11
/
4 132 *114 11
3 Jan 4
400 :Missouri Pacific
/
4 *132 152 31112 158 *138 158
114
114 Mar 11
100
2
11
/
4 11
/
4
214 214 *2
178 2
214
112 Mar 30
4 Jan 7
Cony preferred
24 24 1,500
214
112
100
1114 111
/
4 1153 1158 1153 1153 1178 1178 12
12
12
1278 1,000 Mohawk Carpet Mills
1034
20 1034 Mar 13 164 Jan 3
5814 5914 59
59
5912 5912 5834 5912 58
5912 5912 5934 6,600 Monsanto Chem Co
10 65 Feb 29 6012 Jan 3 15 24
2412 2478 2414 247
2414 2514 2453 2514 2414 2473 2414 25 27,900 Mont Ward & Co Inc____No par 21/
1514
1
4 Jan 7
1
4Mar 12 30/
57 57 *55/
5712 5712 5734 5734
57
1
4 5718 56N 5678 57
600 Morrel (J) & Co
34/
1
4
No par 5673 Apr 9 66 Feb 25
____ 63 *____ 65 *62
---- 6212 *____ 64
Morris & Essex
6412 *62
50
5534
6412
38
38
38
14
32
633
12
38
38
N
38
38 2,800 Mother Lode Coalition-No par
/
1
4 Jan 8
14 Apr 4
38
*6
*6
20
*6
20
*6
20
20
*6
20
*6
20
Moto Meter Gauge & ES
1
134
2332 2312 24
23
24
2334 24
2458 2414 2514 2434 2478 6,300 Motor Products Corp____No par 171
/
4 Mar 18 2838 Jan 4
154
81
/
4 81
/
4
814 8/
8
818
814 84
814 8/
1
4
1
4
1
4 Jan 7
814 812 3,300 Motor Wheel
/
4 Mar 12 11/
614
71
5
912 912
918 912
812 812
872 9/
1
4
34
918 94 *94 938 1,900 Mullins Mfg Co
7 Mar 13 1212 Jan 22
No par
56
59/
1
4 58
54
54
594 5734 5914 5714 5714 5714 5778 1,710
Cony preferred
10
No par 3672 Jan 11 5912 Apr 9
1312 1312 *1332 1334 1334 1334 131338 1334 1313/
*1314 15
1
4 1334
10
1
4 Jan 24
300 MunsIngwear Inc
No par 11 Apr 3 15/
6/
1
4 7
6/
1
4 672
6/
1
4 7
634 7
6/
1
4 7/
1
4
358
8 Jan 7
634 64 11,500 Murray Corp of Amer
434 Mar 13
10
31
31
*30
31
*3038 31
*3012 31
200 Myers F & E Bros
*3038 3112
31
31
1312
No par 30 Jan 12 3214 Mar 22
1314 127g 1314 21212 1234 10,200 Nash Motors Co
1
4 1234 1318 13
1212 1234 1252 12/
No par 1212 Mar 6 1912 Jan 7
1212
*1614 20 *15
20 *15
*15 20 *16
20
Nashville Chatt & St Louis -100 14 Mar 14 2712 Jan 8
20
20 *15
14
3
714 Jan 7
412 Mar 13
1
514 514 *510 553 1,200 National Acme
514 533
512 514
5
5/
1
4
51
/
4 5/
1
4
*712 758
734 7;
734 84
814 853
814 84 8,100 National Aviation Corp.--No par
814 838
5/
1
4
838 Apr 10
634 Feb 28
2458 25
2434 2538 2434 2518 2452 25
244 25
2412 24/
1
4 18,700 National Biscuit
23/
1
4
10 2214 Apr 1 3014 Jan 7
144/
145 145 *14472 146
149 149
1
4 149
146 146 *14412 149
7% cum prat
300
100 14118Mar 7 149 Apr 12 12912
1434 1478 15
15
1514 1514 1512 15
15
1514 1478 1514 3,700 Nat Cash Register
12
No par 1312 Mar 14 1832 Jan 3
14.38 14N 1453 1434 1412 1434 1412 141
/
4 1418 144 1418 1414 15,200 Nat Dairy Prod
1
4 Mar 21 1712 Feb 9
No par 12/
1114
1/
1
4 11
/
4
134 11
/
4
2
212 11,200 :Nat DepartmentStores-No par
218 214
134 212
134 11
/
4
4/
1
4 Jan 17
112 Mar 7
lz
18
2458 3,900
19
19
1914 19
18/
1
4 19
2414 22
2312 23
3
1
4 Feb 16
Preferred
100 17 Apr 2 34/
2714 2712 2718 274 2718 2753 2734 2853 2753 28
x2714 2758 38,200 Nati Distil Prod
16
No par 2452 Mar 11 2914 Jan 3
281 *2618 2612 2612 26N 2612 2678 *2612 27
*22
26'4 24
600 Nat Enam & Stamping-No par 2312 Mar 18 29 Feb 18
10
*15078 160 *15078 160 *153 160 *15412 180 *154 160
154 160
1
4
National Lead
100 145 Jan 18 16812 Jan 14 87/
*15712 180 *15712 160 *15712 160
___ *15712
160 160
100
-100 150 Jan 18 160 Apr 10 122
Preferred A
*134 140 *134 138
40
*136 140
13512 13512 138 136 *15712136 136
-99/
1
4
Preferred B
100 12158 Jan 26 138 Apr 5
818 814
758 818
838 Apr 5
712 751
4/
1
4
1
4 Mar 15
712 8 21,600 National Pow & Lt
712 7/
1
4
753 8
4/
No par
*12
58
58
.58
78
*28
78
*58
78
612
78
78
1 .1141110
58 Apr 10
100 Nat Rya of Max 1st 4% pf-.100
88
12 Jan 2
14 Mar 19
2d preferred
100
*14
*14
12
*12
12
*14
12
*14
12
*14
12
12
14
4312 4414 44
4318 4312 4312 4358 4334 448 4434 45
4434 5,700 National Steel Corp
33
25 403 Mar 13 5012 Jan 9
11
134 1334 4 800 National Supply of Del
1318 14
1114 1152 12/
9 Mar 13 1458 Jan 3
1
4 1212 1278 1234 14
25
9
4312 4312 4312 4512 4334 47
4834
49
50 *48
46
50
920
33
Preferred
100 36 Mar 20 50 Apr 10
9
9
878 9
9
9
*878 91
/
4
700 National Tea Co
8/
1
4 8/
1
4
878 872
/
4 Jan 4
2814
No par x814 Mar 13 111
24 *234 2312 *2112 24 *214 24
*2212 24 *21
*21
24
4
Weisner Bros
No par 22 Mar 12 2838 Feb 14
49
49
48
48 *48
*4734 49
*4734 49
1,000 Newberry Co (J J) _.....No par 43/
5012 5034 52
1
4 Jan 2 52 Mar 1
15
240
/
4 11214 11314 115 *1134 120
*1124 11314 112/
7% preferred
1
4 11238 *11214 11314 1121
80
100 109 Jan 25 115 Apr 11
10 :New Orleans Texas & Mex-100
*338 13
4
4
*4
15
*4
15
vi
15
*4
15
6 Feb 27
4 Apr 11
5
43
700 Newport Industries
6
6
8 Jan 3
*5/
1
4 534
6
6
432 Mar 12
1
512 512
54 512
*514 5/
1
4
2114 22
22
22
*2113 2178 *2114 2178 2153 22
214 214 1,100 N Y Air Brake
1112
No par 1812 Mar 12 2814 Jan 4
1458 1514 14
1514 1578 1514 1614 65.800 New York Central
1538 1414 1538 1514 16
1214
No par 1214 Mar 12 2134 Jan 7
900 NY Cblo & St Louis Co
9
9
*812 912
9
9
812 812
6 Mar 12 13 Jan 4
8
6
100
8
*8
812
1412 1372 15
100
3,000
14
1433 1414 15
*134 1438 1414 15
978 Mar 12 25 Jan 7
Preferred series A
14
9/
1
4
1
4
*232 358 *218 3/
1
4 Jan 22
200 New York Dock
1
4 •114 358
1
4 *114 3/
218 214 *118 3/
2 Mar 14 3/
2
100
Preferred
8 Jan 11
4 Mar 29
612
6/
1
4 *5
612 *5
*4/
1
4 614 *472 614 *472 614 *5
100
4
100 NY & Harlem
11712 118
118 118
11812 11812 118 120
*116 124 *116 124
50 112 Mar 11 122 Jan 22 101
Preferred
*11412 160 *11412 160 *11412 160 *11412 160 *11412 160 *1144 160
50 11414 Mar 14 11414 Mar 14 112
12 Jan 31
Nova?
400 2N Y Investors Inc
*324
12
3138
12
52 Jan 3
12
33
/
1
4
38
12
38
38
38
/
1
4
•90 _
_
__ _ _____ _
__
_
_ _ .._ N Y Lackawanna & Western_100
784
412 158
8/
1
4 Jan 4
2/
1
4 Feb 26
100
432 -4-3-4 7:300 N Y N H & Hartford
272
433 -44
418 13-4
;
1
- 4 -4:4
414 13-4
8
814
752 832 7,600
734 812
6 Feb 26 143g Jan 7
Conv preferred
100
7/
1
4 8
7/
1
4 814
752 8
6
6 Jan 19
318 312
Vs Mar 15
100
600 N Y 0nano & Western
258
314 314 *Ai 312
318 31s *34 312
314 312
4,14
as
14
is
as
12
12
as
*38
*as
58
No par
58 4,700 N Y Railways prat
1 Jan 9
/
1
4 Mar 25
18
818 81
/
4
778 814 2,300 N Y Shipbidg Corp pan stk____I
8
8
612 Mar 14 1612 Jan 7
8
612
814 814
312 85,
81
/
4
75 *71
*70
75 *70
7% preferred
75
*70
75 *70
*70
75
75
6912
100 72 Mar 14 87 Jan 7
7514 7514 *7512 80 *73
90 N Y Steam $6 pref
7812 •75t2 7812 *784 784 7812 784
7()
No par 70 Apr 1 85 Jan 2
280
90 90
9034 90
9014 901
/
4 90
$7 lst preferred
90
90
90
90
90
No par 90 Feb 2 97 Jan 22
83
35/
1
4 3612 35/
3613 3658 3638 3658 3632 371g 3658 3714 9,700 Noranda Mince Lid
1
4 36
25
No par 3034 Jan 15 3714 Apr 12
*78 IN
*1
1N
I
I
132 Jan 17
100 :Norfolk Southern
*78 IN
is Mar 25
100
*73 158
*78 158
78
165 165
165 165
*164 167
500 Norfolk & Western
167 167 *16612 16812 16712 16712
1
4 Jan 22 138
100 158 Mar 13 174/
50
__ *103
103 103
*103 104
Adjust 4% pref
103 10312
_
- *103
77
100 99 Jan 10 10312 Apr 12
13
1278 1314 1273 -13N
134 1312 1313 138 *103-38,300 North American CO
9 Mar 13 1334 Apr 8
1253 127-8 124
9
No par
421
/
4 4258 4214 4234 42
50 3512 Mar 15 44 Apr 5
42
4212 2,200
43
4314 42 43
42
Preferred
31
4 Jan 23
711151012
234 2/
1
4 5,300 North Amer 6,
234 2/
1
4
234 278
234 272
234 234
23/ 278
2
2 Mar 13
1
70
701
/
4 1.400 No Amer Edison pref---.No par 57 Jan 3 7212 Apr 8
70
3170
72/
1
4 70
72
72
7212 71
71
71
39
912 *7
*___
912 *2
North German Lloyd
912 *--._
914 *7
9/
1
4 *7
74
10 Feb 4 10 Feb 4
014
10 Northern Central
91
91 *--__ 9234 *____ 93 *_-_- 93
92
*90 -_-_ *90
1
4Mar 29 94 Jan 26
50 86/
71
For footnotes see page 2484.
$ por share
22
4184
3514 621s
252
7
1512 22314
112
414
752 3338
72
334
134
94
3
813
20
41
10/
1
4 29/
1
4
1012 2033
11
/
4
3/
1
4
vs
528
5/
1
4
9
12
238
2
814
3
1214
1
414
17
32
8/
1
4
4
23/
1
4
110
30
413
10
9
49
24
14
114
514
4
3812
79
414
1172
1
912
28
312
24
2512
22015
21
2/
1
4
912
812
44
36
87
IN
1512
4
34
14
11
/
4
19/
1
4
1232
4034
136
4534
834
36
3234
92/
1
4
32
1212
1212
6338
1012
50/
1
4
9512
914
4234
171
/
4
9212
42
11
52
3334
2534
2814
612
1434
2172
8514
65
107
572
41
1/
1
4
358
515
712
4-32
12
112
212
1212
39
20
37
58
38
6
1514
Ps
514
1218
13
378
14
1252
19/
1
4
34
514
2672
131
12
13
1
5
le
1612
135
122
10018
652
84
32
3412
10
3312
9
ei,
31
100
6
513
1112
1838
9
16
252
5
108
112
32
83
6
104
412
58
912
72
73
90
301
/
4
Pi
101
82
1014
34
232
4712
712
81
-114
3432
8
954
2232
611
/
4
3552
6314
71
1/
1
4
12
4454
1612
1553
48
2514
111
/
4
33
324
46
872
1314
4912
/
4
1461
23/
1
4
1834
3/
1
4
281
/
4
3132
3272
170
14612
12112
MI
238
1
5814
2112
60
1884
3014
49/
1
4
112
25
13
284
454
26/
1
4
434
814
20
139
120
14
96
244
11752
1132
I%
2272
8934
9912
1097s
4572
412
187
10012
2514
45
834
7414
16
9214
New York Stock Record-Continued-Page 7
Volume 140
2491
,
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Apr.6
Monday
Apr. 8
Tuesday
Apr. 9
Wednesday
Apr. 10
Thursday
Apr. 11
Friday
Apr. 12
$ Per share $ per share 3 per share 5 per share 5 per share $ per share
1413 1534 1414 1512 15
148 1514
1534 1434 153
15
1578
38
*3712 39
38
*38
3812 3S
38
*3713 39
3634 37,2
114
I% *114
13
113 *114
138
1% 03
138
138 '114
*20
27
*20
27
•20
25
*20
27
*20
27 '20
27
1014 1012 1033 1034 10% 1034 10,
8 10% 105* 10% 1034 1078
214 214
213 233
23* 238
214 238
218
213 233
2
20
20
20
20
20
2013 1913 1978 1912 2013
2039 20
*334 4
*334 4
4
4
0334
*4
1
414 *4
434
"65
84
*65
84
*65
84
"65
84 .65
84
*65
84
*45* 534 0514 534 *533 6
512 512 0514 6
0512 6
1114 1138 1138 12
1112 12
1112 118 1114 1138 1114 1138
*110 111 *110 III
111 111
110 11018 111 111
111 111
47
434 5
5
5
514
514 51
514 514
5
514
*3112 3334 *3213 3312 34
34
3414 3514 3413 3413 *33
34
*37
43
*33
4218 *38
427
40
40
*3812 428
40
40
0115
_
•115
115
*115
_ _ *115
'115
*8734 -8 3-4 *87 -TO
.
1
88 -89.14 8712 6
- .12 8712 877
; *8734 -1833
00s 2
113
0118 214 *113 214 *114 214 *114 214
1
3
*334 634 *334 6
*214 634 03
7
*313 7
*214 7
•178 212 *134 212 "I% 214 0134 212
2
2
0158 214
18
1814 18
1838 1738 18
1712 177
187 17
1673 1714
25
25
2.5
2534 2414 2434 2412 2434 24
2412 2438 2413
*1214 1313 *13
1312 "13
1313 1312 1313 1378 137
1312 1339
*83
837
8334 85
85
85
8413 8.5
8512 85
85
84
*122
*123 _ _ 012212 133 "123 133 *12212 138 *12212 12612
8'2 -83-4 *814 -8'I2
818 814
818 8i2
812 84
88 9
334
18
312 334
318 334
3% 314
312 334
3
339 334
*104 113
1114 1114 1114 104 *1114 1139 *1114 1138 *1114 1139
"13
147
1214 13
13
13 '1318 1434 *1338 1434 *1339 1434
•73 1
78
78
73
1
73
US •1
118
1 14 01
*34
7,
458
34
11
34
34
34
78
478
78
78
"812 10
*834 10
"9
912
912 10
10
1034 *814 10
212 239
31
212 239
234 318
3
25* 234
3
318
213 239
2118 234
27
234 3
314
3,2 334
334 414
53
58
58
5*
,
t1
58
458
34
58
58
58
58
11 18 12
1112 11.12 1153 1214
12
12
1078 1178 11
1114
11
107 11
11.18 1118 1118 1138 1118 1138 11
11
1118
138
138
138 138
138 *114
138
112
114
18 18
139
6739 6753 6734 6778 68
8914 69
69
7012
6934 7014 70
63
83
6234 6412 63
8312 63
633 6114 6312 6114 6212
1074 L0734 *107 10S
010612 108
103 108
10712 10712 10812 10812
•27
3
03
3%
318 34
339 31 3
353 339
35* 358
4
4
4
418
4% 418
418 418
4
4
4
4
*1812 20
41812 20
19
19
20
1912 *1812 2014 19
19
1914 1913 1914 2014
1913 20
2018 2038 20
2038 20
2034
39% 3914 3834 3834 *3812 3914 3812 3434 372 3812 3734 38
*11214 115 *11312 115 *11334 116 *11214 115 *11214 115 *11214 115
23
2312 2314 2338 2212 2212 2113 2212 *21
2212 21
2212
214 212 *21g
212 *218 234 *213 3
*218 3
*210 3
•12
14
12
12
12
12
"12
14
*II
14
*1214 14
42218 25
2218 2218 23
23
*2212 25
*21
25
02212 25
"17
20
17
17
*1612 20
*16
20
*1514 20
"1613 20
*1612 1713 *1612 1712 '1612 1818 *1612 1818 *1714 18
"17
18
812 812
812 858
812 87
84 93
918 914
914 98
1512 16
1534 16
1539 1614 15% 1639 16
1612 1618 17
28
2812 2812 29
*2812 2913 29
287 29
2912 2912 2939
550
52
50
•48
5134 *49
50
5134 49% 4913 4912 5118
"2
312 *2
314 "2
314 '2
312 *2
312
312 *2
*4
534 *414 534 *412 518 *439 5% *45
539 *45, 539
214
214
214 214
21
214 25*
214 238
214 214
2
38% 3812 3812 3834 3814 39
39
3914 39
39
3939 39
*513 8
55% 8
*514 8
0514 8
*514 8
*514 8
'52
57
*52
57
60
57
57
60
63
602 6112 *62
1714 175* 1712 18
17% 1814 18
174 18
1838 1814 1812
*312 404 *312 434 *313 434
414 414 *414 413 *414 413
*4918 58
*4918 53
*49% 58
*49% 53
*49% 58
*4918 58
18
14
18
14
hi
.
1
Is
13
flis
%
1116
II
12
12
12
12
1
438
12
as
12
38
38
39
*4
5
*418 5
*414 5
518 518 .5% 618
*438 513
•78
34
1
24
'78
34
1
78
•%
534
1
1
*31
3112 31
31 '31% 3113 3112 3112 32
32 '31
32
557
70
*- - 73,2 "50
87
*5934 70 '57
66 '57
66
•7853_ . 3,7839 _ _ .7858 _ _ *785* _ _ ..7858 _ _ 07858
_
*8
-i% *8
-613
812 -9.12 *8
-ti
"8
-3-1
*8 _-8-12
*2912 30
02913 33
32
02912 32
31
*2912 33 '2912 31
*1731 1
*17314 - - *17314 _ __ *17314 _
*17314 _ .•17314
_
67
-7
7
-i
6 8 -7
073 -714
7
-7672 __7
*20
2218 221* 221s 2218 2218 *2214 23
*22
23
23
23
*12 2
512 112
0,8 112
1
134 '1
13
'1
134
01018 15
*1018 14
*1018 16
*103 15
*1018 16 '1018 16
*112 lkt 5112 134
134
131 *112 134 *112 13
*113 134
2512 26
*2512 2612 2612 2612 2612 2612 *2618 27
*26
27
*6
10
*6
10
*6
10
"6
10
"6
10
'6
10
.118 1-12 0118 112 *113 112 *118 /12 •04 -11
*114 -112
8
8
813 8%
814 838
838 87
878 87
Ks 91g
*714 712
7
7
*7
7
7
712
713 712
712 712
*1% 212
2
2
218 214 *214 212 *218 21
214
'2
053
78
34
31
78
78
78
78
•58 114
504
1 14
11
11
11
1112 11
1112 1034 12% 10
1O'2
073 1014
•138 112
1%
134
112 2
2
2
178
17
*113 17g
*712 1053
758 732
714
014
834 913 •838 9
9
9
46% 47
47
4712 4714 48
4739 48
48
48'3 48
4812
1177 117% *11712 118
117 11712 *11713 118
118 118 *117 118
2614 2658 261s 2658 26
26,
8 26
265
2558 26
2512 2612
79
79
70
79,2 7813 781 2 *77
7812 78
78
7818 7818
00
9014 9012 9034 8912 8912 9018 9012 "90
91
*9018 9113
'99 100
100 100
9934 10018 *10014 101
10014 10014 10034 101
*109 112 '109 113 *108 1114 *108 11178 "108 10978 *10814 1115*
10714 10714 *107 109 '107 109 *107 10834 107 107
108 108
7
4334 43
43
438 4212 4318 4234 4312 42
4212 41
4114
612 634
638 68
078 7
7
733
7% 733
7% 73
0.52
5412 *5314 55
54
5512 56
5612 56
56
*5314 5612
914 938
9
014
90
914 914
97
938 912
934 10
413 453
413 434
413 43
412 43
412 43
413 439
5214 5214 5213 53
53
5314 *53
533* 53
535* 53
5318
3931 4014 3912 4012 3958 4012 404 407
4018 4078 38% 4039
13
112
113
1,
8
113 158
158 19
1 1 2 134
112 112
17
1710 1713 1713 1739 175* 1712 1710 1712 1713 1718 17%
*31
32
3178 3178 3178 32
*2912 33 - *2934 33
32
32
0
36
36
.33
37
*33
37
*33
37
*33
37
33
37
"30
35 .30
35
*32
35 .30
35 '30
35 '30
35
3,3 318 *314 35*
314 314
313 3,3 *333 413 '312 413
*2212 25
*2278 25
25
25
*25
34
*2512 46
*2614 40
*118 2
*113
134 *118
14 *08
I% *118
134 '1%
134
*9
12
9
9
*8
12
.8
12
*8
12
"8
12
83
8% 812
813 853
813 84
9
80
87s
814 85
8112 *80
*79
81 12 *80
8112 8113 8213 *80
8212 8212 8213
7334 72
7334 '72
*72
72
72
72 '6514 72 '65% 72
•____ 100 0'__-:. 100 •-__ 100
095 100 •____ 100 *-_-_ 100
3
3
27
3
234 3
3
318
234 3
23
278
1012 1078 1038 1114
1078 11
11
1138 11
1139 107 1114
3814 35
3104 34 4 3418 3418 333 355* 35
3513
355* 35
•33
3514 *3312 3512 3378 35
*34% 36 '345* 35 '
345* 3614
06
612 *6
612
613 612 '8
7% •614
718 •6
7%
"12
17
*12
•12
17
•12
17
17 "12
17
"12
17
84
*76
8312 75
77
75
•76
75
7934 80
*76
81
2034 21
2012 2118 *20
21
•2034 2114 21
2012 19
2038
*1212 1278 1278 12% 1234 1234 *1234 1314 *12% 1318 •1234 1278
447 45
448 45% 4434 4514 45% 4534 4514 45% 45% 4513
.551, 56
*5512 56
*5512 56
*5512 80
*5513 58 '5513 58
•____ 1712 •-___ 1712 *13
1712 *____ 1712 *1314 15
•1314 15
*513 612 *534 513 0513 612 *51 2 6'2 '512 6,2 5513 612
.2578 2614 2618 2618 2610 2618 *2578 267* *2534 2639 *2614 2639
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Par
16,600 Northern Pacific
100
60 Northwestern Telegraph
50
700 Norwalk Tire & Rubber __No par
Preferred
50
16.400 Ohio 011 Co
No par
No par
16.600 Oliver Farm Equip
2,300
Preferred A
No pa,
100 Omnibus Corp(The)vte_ Na par
Preferred A
100
100 Oppenhetm Coll & Co_.._ _No par
5,700 Otis Elevator
No par
180
Preferred
100
5,800 Otte Steel
No par
Prior preferred
700
100
50 Outlet Co
No par
Preferred
......
100
2,400 Owens-Illinols Glass Co
26
50 Pacific Coast
10
litpre/Prred
No par
100
2d preferred
No par
14,400 Pacific Gas & Electric
25
3,500 Pacific Ltg Corp
No par
500 Pacific MUls
Ve par
650 Pacific Telep & Teleg
100
6% preferred
100
2,600 Pac Western 011 Corp____No par
16,900 Packard Motor Car
No par
600 Pan-Amer Petr & Trans
5
600 Park-Tilford Inc
1
3,000 Parmelee Transporta'n___No par
900 Panhandle Prod & Rot_No par
8% cony preferred
90
100
26,600 :Paramount Publix etre
10
51,800 Park Utah C It
1
3,900 Pathe Exchange
No par
3,800
Preferred class A
No par
7,300 Patina Mines & Enterpr No par
600 Peerless Motor Car
3
2,600 Penick & Ford
No par
7,500 Penney (J C)
No par
400
Preferred
100
1,200 Penn Coal & Coke Corp
10
1,900 Penn-Dixie Cement
No par
1,000
Preferred series A
100
25,700 Penney:yard/4
60
1,800 Peoples Drug Stores
No par
Preferred
100
2,600 People's 0 L & 0(Chic)100
300 Peoria & Eastern
100
200 Pere Marquette_
100
200
Prior preferred
100
100
Preferred
100
Pet Milk
No par
4,400 Petroleum Corp of Am
5
21,300 Phelps-Dodge Corn
25
2,000 Philadelphia Co 8% pre
50
600
$6 preferred
No par
:Philadelphia Rap Tran Co_50
7% preferred
50
4,800 Phil, & Read C & I
No par
2,600 Plaililp Morris & Co Ltd
10
Phillips Jones Corp
No par
50
7% preferred
100
29.300 Philips Petroleum
Na par
200 Phoenix Hosiery
5
Preferred
100
90,100 :Pierce-Arrow kfot Car Co
5t
1,900 Pierce 011 Corp
25
Preferred
100
109
300 Pierce Petroleum
No par
500 Pillsbury Flour Mills
No par
Pirelli Coot Italy Amer shares__
___
Pitts C C & St I. RR Co____100
900 Pittsburgh Coal of Pa
100
300
Preferred
100
_ _ __ _ Pitts Ft W & Chin peel
100
3,500 Pittsburgh Screw & Bolt__ No par
60 Pitts Steel 7% cum pref
100
Pitts Term Coal Corp
100
0% preferred
100
100 PIttaburgb United
25
40
Preferred
100
Pittsburgh & West Virginia __100
Pitts Young & A sht Ry7% 91.100
Pittston Co (The)
No par
14,600 Plymouth 011 Co
5
500 Poor & Co class B
No par
300 Porto Ric-Am Tob al A_ No par
Class B
400
No par
5,0001 Postal Tel & Cable 7% pref ..100
1.700 Pressed Steel Car
No par
1,100
Preferred
100
7,100 Procter & Gamble
No par
150
5% pref (aer of Feb 1'29)100
10,700 Pub Ser Corp of NJ
No par
900
$5 preferred
No par
6% preferred
1,100
100
7% preferred
900
100
8% preferred
100
300 Pub Ser El & Gas pf $6_ No par
5,300 Pullman Inc
'Jo par
14.500 Pure 011 (The)
No par
430
8% cony preferred
100
2.500 Purity Bakeries
No par
30,400 Radio Corp of Amer
No par
2.500
Preferred
50
Preferred B
19,700
No par
4,400 :Radio-Keith-0mb
No par
800 Raybestos Manhattan-No par
400 Reading
50
100
1st preferred
50
2d preferred
50
700 Real Silk Hosiery
10
Preferred
10
100
Reis (Robt) & Co
No par
1st preferred
200
100
6,900 Remington-Rand
1
let preferred
500
100
2d preferred
50
100
Renss & Saratoga RR Co_ _100
4.200 Reo Motor Car.
5
13,100 Republic Steel Corp
No par
4.200
8% cony preferred
100
200
13r pref ctts of del,
100 Revere Copper & Brass.
5
Class A
10
130
Preferred
100
2,100 Reynolds Metal Co ____No par
200 Reynolds Spring
1
14,000 Reynolds (R .1) Tot) class B---10
Class A
10
Rhine Westphalia Elea Power___
Ritter Dental Mfg
Vo par
200 Roan Antelope Copper Mines_
Range Since Ian. I
On Basle of 100-share Lots
Lowest
Highest
Jtay 1
1933 to Range for
Mar.31 Year 1934
1935 ----Co-to Low
High
$ Per share $ per In $ per share
$ per share
1318 Mar 28 217 Jan 7
1318
1413 3614
33
357 Jan 18 3812 Jan 3
33
43
114 Apr 6
214 Jan 4
112
153
412
z20 Mar 20 3212 Jan 3
29
4014
20
914 Mar 18 107 Jan 3
813
812 157k
1.7g Mar 30
458 Jan 2
173
2
7
1558 Mar 15 2633 Jan 2
9
273*
9
334 Apr 4
512 Feb 16
353
63
,
35*
75 Jan 16 77 Feb 26
70
70
95
Vs Feb 19
518
518
434 Apr 3
1453
1113 Apr 4 1539 Jan 7
1134
1212 19%
92
92
106 Jan 7 112 Mar 20
108
35
3
714 Jan 21
414 Mar 14
8
712
9
2234 Jan 18 46 Jan 21
25
38 Mar 12 45 Jan 8
28
30
47
11412 Nfar 23 11412M ,r. 23
97
97
11412
80 Mar 12 9034 Feb 18
60
60
94
1 Mar 26
1
213 Jan 7
08
638
8 Mar 30
334 Jan 2
313
313 1114
61,
1 Mar 27
4 Jan 7
1
2
1318 Mar 6 1812 Apr 5
1244
1212 2312
19 Mar 18 2534 Apr 8
19
2034 37
1258 Mar 29 21 Jan 2
1239
19
34
69
8618
70 Jan 2 8512 Apr 11 Z7 6812
9914
11112 Jail 14 121 Apr 2
103
110
9 Arc' 12 4 5
7 Jan 24
512
932
57 Jan 7 31 25
313 Mar 13
234
603
814
1034
1034 Jan 9 112 Mar 8
12
1414
1214 Apr 8 1734 Jan 11
17
3512
18
1,
8 Feb 18
13
78 Jan 4
2
58
58 Feb 27
212
1% Jan 7
53
612 Mar 12 12 Jan 7
612
7
21 12
57
414 Jan 26
214 Mar 27
139
I%
414 Apr 12
214 Mar 21
2
213
6%
12
12 Mar 8
1 12 Jan 2
12
414
1012 Mar 26 1714 Jan 2
438
1013 2434
814 Feb 28 1211 Jan 3
814
913 2112
47
112 Feb 11
1
139 Jan 4
1
64% Feb 5 7013 Aor 12
4458
4453 67
5714 Apr 3 74 Jan 8
3512
5112 7414
10512 108,
10712 Apr 11 110 Mar 1 103
1
214 Mar 13
13
35* Apr 11
,
17
514
3 Mar 9
512 Jan 7
234
2%
73*
10
2512 Jan 28
18 Mar 11
1214 32
1714
2018 377k
1714 Mar 12 2533 Jan 7
195
30 Feb 5 395 Apr 1 311 1012
, 66
SO
86
11034 Jan 9 11634 Mar 28
11214
174 Mar 7 23% Jan 10
1734
1914 437k
218 Feb 26
2
3 Jan 7
2
8
914 Mar 13
91
19 Jan 31
12
38
1612 Mar 13 32 Jan 9
6139
1412
18
13 Mar 15 2413 Jan 11
12
1313 43
17 Jan 2 1938 Feb 4
914
914 177*
73
739 Mar 14
93* Jan 2
814
1413
1234 Mar 15 17 Apr 12
11%
1314 .18%
23 Feb 27 2952 Apr 12
2112
2414 37
3813 Mar 5 5118 Apr 12
3814
49
643*
2 Mar 12
4 Jan 8 21 113
2
6
37 Mar 4
6 Jan 12
3
412
16
134 Mar 21
4% Jan 0
134
314
834
3514 Mar12 464 Jan 11
10,3
1111 483*
513 Mar 22 11 Jan 4
512
7
21
5312 Apr 1 68 Jan 15
48
48
747
1334 Mar 12
1812 Apr 12
11
135* 32034
6 Jan 3
3 Mar 21
1312
3
439
55 Jan 23 3 57 Feb 11
44
50
84
18 Apr 3
178 Jan 71
34
812
14
38 Jan 2
58 Jan 8 I
38
08
38
312 Mar 21
6 Jan 7
312
413
MN
11 Jan 8
34 Mar 14
34
2
84
31 Apr 8 3312 Jan 31 18
1812 3434
75 Jan 16 7613 Jan 25 40 75
7014 87
100 Jan 12 110 Jan 15
7312
- --71, IS%
7 Mar 14
1012 Feb 4
7
30 Jan 5 42 Feb 4
26
26
4210
172 Feb 14 173 Jan 16 14114
14112 169
51 Mar 13
418
9 Jan 11
411
1138
2218 Mar 13 35 Jan 21
1514
1514 43
31,
1 ,Mar 21
218 Jan 12
1
139
1014 Apr 4 15 Feb 25
613
818 1912
1147,tar 20
212 Jan 21
118
118
5
2412 Apr 4 3712 Jan 7
25
2553 5973
10
27
10
133
144
113
1 Mar 21
218 Jan 4
1
134
5
912 Apr 12
612 Mar 15
612
714
16%
618 Mar 15 1113 Jan 9
6
6
1478
139
418 Jan 24
15 Mar 19
2%
614
14 Feb 23
112 Jan 8
314
%
1
818 Mar 15 165* Jan 7
818
1012 293*
Ili Mar 13
1 14
35 Jan 21
114
512
634 Mar 15 17 Jan 21
514
558 22
3318
33% 443
428 Jan 12 4953 Feb 4
115 Jan 2 12013 Mar 7 01101
10213 117
2032 Mar 5 2714 Jan 25
25
45
203*
625* Feb 20 7912 Apr 8
84
5978
07
73 Mar 14 9034 Apr 8
9734
73
78
8518 Mar 18 101 Apr 12
84
88
106
100 Mat 14 112 Apr 4
99
105
11913
99 Jan 5 108 Apr 12
8378
8712 1041 2
41 Apr 12 527k Jan 9
3514
3514 593*
67 Mar 21
734 Jan 4
573
613
1478
495* Mar 18 61 Jan 4
49
49
80
8% Feb 1
10% Jan 2
83*
8% 190
4 'Mar 13
5% Feb 18
4
412
910
50 Mar 18 6212 Jan 25
22
2314 5618
3514 liar 12 4512 Feb 18
133
15
46
114 Mar 13
4%
111
114
25, Jan 2
1612 NI ar 13 21 Jan 2
11%
1413 23
2978 Mar 28 43% Jan 7
297
3518 5833
36 Apr 6 3978 Feb 18
28
3313 4112
2918 3912
35 Feb 11 3653 Jan 151 27
33
3% Apr 4
6% Jan 3
5
14
2018 Apr 2 39 Jan 7
25
35
6014
1 Mar 26
212 Jan 7
1
15,
6
8 Mar 12 15 Jan 7
538
53* 3834
8 Mar 13 1114 Jan 7
514
6
133*
7184 Jan 15 8318 Feb 18
240
323* 71
70 Jan 9 7578 Feb 15
24
30
70
110 Mar I 110 Mar 1 104
114
128
214 Mar 13
353 Jan 7
2
2
5%
9 Mar 15 1512 Jan 7
9
1039 2554
2858 Mar 18 4912 Jan 21
19
3313 8710
28 Mar 15 49 Jan 21
28
39% 4214
512 Apr 3
8 Jan 4'
1 6
5
14%
14 Jan 31
17 Feb 25 4114
1114 28%
75 Apr 9 8812 Jan 24
35
46
90
19 Apr 12 2412 Jan 10 42 9,
8
1512 27%
1214 Mar 20 1473 Jan 4 4, 6 4
611
16
4312Mar 26 515* Jan 3
3904
393* 5334
5534 Mar 29 81 Jan 8
553
57
62%
1312 Mar 13 1312 Mar 13
1213
1212 23
514 Mar 26
7 Jan 3
518
13%
57*
217o Feb 25 2618 Apr 8
2078 3318
20
For footnotes see page 2434.
.4111F
-
"Mi.
New York Stock Record-Continued--Page 8
2492
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Apr. 6
Monday
Ayr. 8
Tuesday
Apr. 9
Wednesday
Apr. 10
Thursday
Apr. 11
Friday
Apr. 12
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
5 per share Shares
400 Royal Dutch Co (N Y shares)__
3318 331
100
400 Rutland RR 7% prat
*312 5
10
1414 143 12,600 St Joseph Lead
11
118 1,400 :St Louis-San Franclsco___-100
100
1st preferred
114
114
600
100
St Louis Southwestern
*6
12
100
Preferred
25
*12
Stores
No
par
Safeway
2,500
3812 3812
100
6% preferred
170
10914 10914
100
7% preferred
460
11158 112
9l2 2,700 Savage Arms Corp
No par
9
5
2434 2514 7,000 Sehenley Distillers Corp
2478 2514
1
1,500 Schulte Retail Stores
218
218
2
214
100
Preferred
360
10
10
912 912
No par
190 Scott Paper Co
*5834 5938
5958 5978
12
No par
12
12
12 3,500 :Seaboard Air Line
100
Preferred
200
1
*34
*38
1
.000 Seaboard 011 Coot Del.-No par
2714 27%
2534 2534
No par
Seagrave Corp
*370 414
*358 414
No par
35
,
8 3614 20,100 Sears, Roebuck & Co
3512 3558
1
Second Nat Investors
112
*78
*78
134
*12 134
1
44
Preferred
160
*4314
44
40
43
40
ISenecaCopper
No par
1
Serval
Inc
23,05
l-----9
9
git
-9
f4
i
-91
i8
i
i&I
6
§i
--788
84
i -878
No par
812 858 1,600 Shattuck (F G)
834 834
834 834
*853 878
834 9
878 87
No par
1,600 Sharon Steel Hoop
912 10
10
1018 1012 1014 1012 10
978 10
*938 978
No par
4
418 2,400 Sharpe & Dohme
378 378
*378 4
334 378 *378 4
*37
4
Cony preferred ser A _No par
48
48
*47
48
100
*47
43
*47
48
*47
48
*47
48
50 Shell Transport & Trading___C2
*2458 29
*2458 29
*2458 29
25
25
*2438 25
02414 25
No par
678 718 18,500 Shell Union 011
7
718
634 718
658 634
634 67
6% 7
100
Cony preferred
600
72
7212 7312 7312
*71 7112 7014 7014 *70 72 *7114 72
19,500 Silver King Coalition Min5
9
918 9% 1038 10% 1078 12
9
812 813
858 858
75
73
No par
6,800 Simmons Co
758 778
712 734
714 712
718 758
718 714
10
8 1612 1612 5,600 Simms Petroleum
1614 1658 1612 1678 1614 16,
1634 1634 1614 1634
25
1,600 Skelly 011 Co
918 918
9
9
918
9
*812 9
9
9
858 834
100
Preferred
1,100
78
78
*74% 78
76
76
74
74
72
72
72
72
100
320 Sloss-Sheff Steel & Iron
20
20
20
20
19
•17
1812 *1414 1812 *1414 1812 19
100
7% preferred
310
3012 31
32
*30
30
31
29
30
29
29
30
30
700 Snider Packing Corp_ __No par
17
1634 1718 1612 1612 17
164 17
171 1718 1678 171
1314 13,
8 35,000 Bocony Vacuum 011 CoIne____15
8 1338 135
1314 1318 13,
1234 1318 13
1278 13
100
500 Solvay Am Invt Tr pref
10912 110
•110 11118 *110 11118 11014 11014 *110 11118 111 111
No par
2312 2378 2,100 So Porto Rico Sugar
2312 24
2312 2312 *2234 2312 233 2334 2334 24
100
Preferred
*130 140 *130 140 *130 140 *130 140 *130 140 *130 140
25
15
1514 1478 1514 144 1518 14% 1518 1412 1478 1458 1434 12,800 Southern Calif Edison
Southern Dairies class A __No par
*318 8
*318 8
*318 8
*314 8
*318 8
*3
8
No par
Class B
*58 412
10
*58 412
*58 412
*58 412
114
114
*58
114
100
1434 15% 1414 1512 1414 1518 145 1514 14% 1434 1434 1512 28,500 Southern Pacific Co
100
35,000 Southern RallwaY
912 1078
978 1038 1014 1034 1018 1038 1014 11
1012
10
100
Preferred
1318 1378 1312 1414 9,700
1234 1334 1314 14
127 1312 1214 143
Mobile & Ohio stk tr Ws 100
100
•26
29
*26
29
*26
29
*26
29
27
27
*26
29
100 Spalding (A G)& Bros___No par
5518 512 *518 512 *518 512
514 514
*538 578 *514 578
100
1st preferred
*4214 48
*4214 48
*42
48
*42
48
48
*42
*42
48
Swing Chalfant&CoIno_ No par
__ ____ ___ ____ ____ ____ ___ ____ ____
100
Preferred
200
65
644 6614 65
63
63
5912 60
63
5912 5912 *60
No par
412 458 5,900 Sparks Withington
438 47
414 438
418 414
418 414
414. 414
No par
Spear & Co
*414 512 *414 538 *414 5% *458 538 *412 538 *412 53
100
Preferred
•63
85
85
*63
563
85
85
*63
*63
85
67
*63
700 Spencer Kellogg & Sons __No par
35
3412 3412 35
34
534
3412 34
34
34
34
34
1
834 878 19,100 Sperry Corp (The) v t o
87
9
9
914
878 914
87
9
834 9
No par
1018 1018 1018 1018 1018 1014 1014 1012 1014 1014 103a 1038 1,800 Spicer Mfg Co
Cony preferred A
No par
40
*3434 3534 *3434 3834 *3612 3834 36% 3678 3712 3712 3714 3714
No par
5118 2,200 Spiegel-May-Stern Co
5112 5112 *50
53
51
5134 5078 5134 5134 5212 52
No par
1558 1614 155 1578 1514 155 28,100 Standard Brands
1518 1512 1512 154 1512 16
No par
Preferred
120
*12612
128
12612
128
12718 12718
*127 12858 1285* 1285* 130 130
No par
500 Stand Comm Tobacco
*278
358
318 318 *278 3
*234 314
278 3
3
3
33
33
No par
3,200 Standard Gas & El Co
358 *314
3%
338 38
312 312
312 3%
334
37
No par
Preferred
2,500
378 4
4
4% 43
414 438
458 434
334 4
No par
$8 cum prior prof
600
814 814 *814 914
0812 912 .814 914
10
10
10
103
No par
*912 1012 1,400
912 93
$7 cum prior prat
10
934 1014 10
11
1138 103 11
No par
700 Stand Investing Corp
114
114 *1
118
114 *1
118
118
118
118
*118
114
300 Standard 011 Export pref___100
_ *11418 118
116 116 *11412 11512 *11412 11512 115 115 *1141
3
No par
7
Oil
of
Calif
17,100
831
Standard
3114
315
8
3114
12
3118
313
4
31
30
304
3118
3012 30
25
2414 2418 2414 237 24
12,400 Standard 011 of Indiana
24
233.1 24
2334 2378 2378 24
10
Standard 011 of Kansas
*27
29
*2712 29
*27
30
30
*27
*27
35
31
*27
25
23,300 Standard Oil of New Jersey
3834 3938 3878 3912 3834 3912 395 4018 3934 4018 3912 40
1,800 Starrett Co (The) L S____No par
14
1438 1358 1353 14
1318 1318 13% 1338 1312 1414 14
10
3,900 Sterling Products Inc
63% 637
63
64
64
64
63
6314 6318 6378 6334 64
18 1,100 Sterling Securities el A_ No par
1% *114
112 112 *114
112
118
118 *114
51%
138
Preferred
No par
4314 358
200
314 314 *313 353
38 358 *312 412 *312 412
60
Convertible preferred
100
*34
40
*35
40
36
36
*34
38
534
38
*34
38
5
814 812
838 858
818 81
818 814 7,300 Stewart-Warner
818 838
8
818
No par
334 4
334 334 5,500 Stone & Webster
334 378
334 4
4
418
4
418
238
212 28,700 :Studebaker Corp (The) new__1
212 258
212 258
212 2%
258 258
212 258
100
Preferred
No par
400 Sun 011
Wi12 ii 61 *;5T2 -ii
68-12 .ii
-831, *82
.iiiio Bd.], *6$.
100
Preferred
250
119 12034 11914 120 *11834 11912
11812 11812 118,2 1181-2 *119 121
800 Superheater Co (The)____No par
12
12
12
12
1118 1112 1134 12
11
11
•11
12
1
2%
214 5,500 Superior Oil
218 214
218 218
218
2
218
2
218
100
.500 Superior Steel
638 678 *614 634
7
7
7
7
*638 7
*614 7
50
100 Sweets Co of Amer (The)
*3% 412
*358 458 *358 45
4
4
*4
434 *4
453
No par
400 :Symington Co
*14
12
38
%
*33
12
514
12
%
38
*38
12
No par
Class A
500
*112
138
15
112
112 *112
112 158
112 112
1% 112
5
100 Telautograph Corp
*8
814 *8
*8
9
814 *8
814 8,4 57,2 9
814
5
434 434
434 478 2,200 Tennessee Corp
412 458
412 412
414 414
*414 412
26
2012 2058 2078 22,300 Texas Corp (The)
1914 1912 1914 1958 1914 1934 1934 2034 20
No par
10,000 Texas Gulf Sulphur
29
,
8 3012 3012 3118 3038 308 30% 31
2934 30
2934 30
10
20,800 TOX8.8 Pacific Coal & 011
378 4
378 4%
334 4%
334 334 *35* 334
334 334
1
11,500 Texas Pacific Land Trust
1034 11
1114 1078 1114
11
1114 11
1118
1118 1114 11
100
700 Texas & Pacific Ry Co
18
19% 14
197 *14
•1414 19% *1512 19% *1512 1078 *16
No par
1634 1718 1,700 Thatcher Mfg
17
17
1718 17
1634 17
1612 1612 *1612 163
No par
$3.60 cony pref
*5212 55
*5212 55
*5212 55
*5212 55
*521
. 55
*5212 55
No par
800 The Fair
5,2 6
558 5%
514 514
*5,2 578
6
538 5% *5
100
Preferred
*76
85
85
*76
*76
85
*76
85
*76
85
•62
85
1
200 Thermold Co
358
334 *3
*3
334
3,8 318 *3
3% 318 *3% 314
52% 3
100
200 Third Avenue
234 234
*212 3
*212 3
*212 3
*212 3
1
200
Third
Nat
Investors
1838
*173
8
*17
183
8
1712
1712
1712 1712 *1718 1838 *17% 1712
25
200 Thompson (J R)
*312 6
*558 6
514 512 *512 6
*512 6
5512 6
1538 1514 1512 1412 1538 14% 1518 4,400 Thompson Products Inc_ No par
15
1518 15
1412 1431
212 258
2%
258
2
218
2
214
214 212 5,300 Thompson-Starrett Co___No par
212 212
No par
$3.50 turn prat
*1212 20
*1212 20
*1212 20
*1212 20
*1212 20
•12% 20
No par
1014 21,500 Tidewater Assoc 011
9,
8 1018 10
918 10
878 9
878 918
878 918
100
Preferred
9214 9212 2,800
91
92
9078 9112 92
8812 8812 8812 8834 00
No pa
1 Tide Water 011
*28
291_ 2812 281
5278 32
*2738 32
*2758 32
*2712 32
100
Preferred
40
10312 1031_ 104 104
*10314 1034 103 10314 *101 1037 *101 104
58
10
*5% 53s 1,000 Timken Denolt Axle
538 51
5% 538
514
3,2 *5%
53, 538
4,800 Timken Roller Bearing___No pa
3014 3112 3014 301
3012 3134 3012 3138 3114 32
3134 32
No pa
514 17.20 Transamerica Coro
5
5
5
5
518
5
518
5
518
5
518
3,30 Transcon 4, Western Air Inc__ 5
812 81, *814 81
838 838
8
838
8
814
*712 8
1,600 Transue & Williams St'l No pa
7
73
634 634
618 61.
6
6
*534 614 *534 61 1
No pa
5,70 Tr -Continental Corp
258 23
258 23
234 278
234 2%
21 3
3
3
No pa
6% preferred
400
7178 7178 72
72
72
57018 723
72
72
72
*7112 727
No pa
600 Trim Products Corp
3914 3914 *3834 391
*38
3834 3834 383 3834 3834 3914 391
No par
4,600 Truax Traer Coal
5
51
5
518
5
5%
434 5
428 458
434 434
10
1,100 Truscon Steel
418 41
414
4
438 *418 414 *4
418
*378 4% *378
300 Twin City Rapid Trans__ No pa
314
3
'
414
5314 4,4 *314 414 *314 414 *318
334 334
410 Preferred
100
2212 *2012 22
2112 221 *21
22
2212 21
2058 2218 22
112
112
No pa
800 Ulen & Co
11
112
112
1%
138
138
1%
15*
15,
No pa
1,700 Under Elliott Fisher Co
581
58
58
581
59
591
60
5814 5811 59
*57
60
Preferred
100
10
*128 1327 *128 1328 .12814 1327 *12814 13278 *12814 13278 12884 12834
3,800 Union Bag & Pap Corp.._ _No par
31
35
3112 30
3112 331
34
36
31
*35
35
35
473 475
481_ 4814 487 26,900 Union Carbide & Carb___No par
48
4838 48
4714 48
488 48
25
7,700 Union 011 California
1758 18
1778 1778 177s 18
1734 18
174 1734 174 1814
$ per share
*3234 34
314
314
1258 1278
1
1
1
114
*6
12
25
•10
3834 3834
*108 110
11112 112
$ per share $ per share
*3234 3314
33
33
*312 5
*312 0
13
1438 1414 14%
1%
114
1
1
138
*114
112
158
*6
12
*6
12
*12
25
*10
25
3834 39
39
39
108 108% *10878 110
11158 112
11158 11158
918 914
9
9%
2578
25
2518 25
218 214
218 214
10
934 934 *9
59%
5818 *58
58
12
12
12
12
*34
1
*12 1
2512 2658 2612 2734
*334 4% *38 414
3512 3614 3558 3638
*12 1
*12 15
*12 158
42
42
4011 4014 4014 41
3 per share
*3212 3312
312 312
1278 1318
114
1
114
114
12
*6
25
*10
39
3918
108 108
11112 112
9
9
2478 2518
218 238
10
9
5934 5978
12
58
*12 1
2514 25%
0358 4,4
3558 357
For footnotes see page 2484.
$ per share
*3234 3314
*312 5
1378 14%
1
1
*114
158
*6
12
*12
25
3814 38%
10834 110
11158 112
9
9
2478 2514
*21s 214
958 10
5912 5912
12
12
34
34
27
2758
*37
414
3512 36
April 13 1935
Range Sines Jan. 1
On Basis of 100-share Lets
Lowest
Highest
July 1
1933 to Range for
Mar.31 Year 1934
1935 --High
Lore Low
$ per share 5 per sh $ Per share
$ per share
288
2838 391s
2912 Mar 12 3314 Apr 4
412 15
312
512 Jan 3
314 Apr 6
1614 277
1014
1014 Mar 13 1758 Jan 3
11
453
1
2 Jan 8
1 Mar 26
61*
114
212 Jan 8
112
1 Apr 3
8
8
20
10 Mar 15 14 Jan 12
13
27
12
12 Mar 4 21 Feb 1
3814 67
3534
3714 Mar 18 46 Jan 2
80
8434 108
10434 Mar 11 110 Jan 22
9018
9812 11312
10612 Feb 7 x11278 Mar 15
412
5% 1214
934 Apr 2
6 Jan 15
1718 387
1718
22 Mar 12 2812 Jan 3
2
3
8
4 Jan 2
134 Apr 4
15
3034
1012
8 Apr 4 2018 Jan 18
3714
55 Jan 2 60 Feb 16
41
60%
'2
2
73 Jan 4
%
%Mar 4
I
318
34
112 Jan 5
34 Mar 14
19
2034 3858
2034 Mar 12 2734 Apr 10
47 Jan 26
212
212
553
378 Feb 14
30
31 Mar 12 4012 Jan 3
31
5114
2 Jan 7
112
112
414
112 Feb 2
52
32
30
40 Apr 3 4918 Jan 2
12
12
2
75 Mar 13
458 9
312
938 Feb 19
6
634 13%
918 Jan 2
714 Mar 14
4
518 1314
9 Mar 14 1418 Jan 21
77
4
314
518 Jan 3
314 Mar 12
38% 49
30
447 Jan 29 4814 Apr 5
19
2612
19
2038 Jan 2 25 Apr 9
77 Jan 7
512
6
1112
512 Mar 19
57
89
6318 Mar 21 7834 Jan 23 2745I
1212
8
838 Feb 15 12 Apr 12 23 34
818 2418
6
6 Mar 15 1014 Jan 2
714
714 1710
1312 Mar 15 1834 Jan 9
6
6
1118
918 Apr 10
612 Jan 15
6115 6818
42
60 Jan 22 78 Apr 12
15
12
2712
13 Mar 20 2114 Jan 8
1812 42
15
24 Mar 12 3434 Jan 21
634 19%
1514 Apr 3 20 Feb 15
312
1212 1978
11
1478 Jan 4
11 Mar 11
76
86
10812
10712 Jan 15 11112 Mar 27
20
20
3958
20 Jan 30 25 Feb 18
115
137
132 Feb 4 140 Feb 28 112
1058 Mar 13
1538 Apr 5
114 Mar 11
1234 Mar 18
758 Mar 11
10 Mar 13
2614 Mar 11
5 Mar 14
42 Apr 2
114 Mar 11
1918 Jan 7
1612 Jan 4
2058 Jan 4
3314 Jan 12
712 Jan 8
50 Jan 8
5912 Apr 3
31 Mar 13
414 Mar 21
65 -Mar 23
32 Apr 3
714 Mar 14
812 Mar 14
3314 Feb 14
437 Mar 27
1438:gar 21
123 Jan 3
212 Mar 15
112 Mar 15
134 Mar 15
434 Mar 15
6 Mar 15
11y Mar 9
111 Jan 3
2734 Mar 15
23 Mar 15
28 Apr 2
3534 Mar 18
1212 Mar 14
58% Jan 15
118 Mar 10
3% Mar 28
36 Mar 5
638 Mar 6
212 Mar 14
238 Apr 12
358 Mar 8
6012Mar 20
11512 Jan 10
ill Apr 4
158 Jan 2
5 'Mar 18
314 Mar 6
%Mar 28
138 Mar 27
758 Mar 26
4 Mar 15
1612 Mar 13
2834 Apr 4
314 Jan 2
812 Jan 15
14 Apr 12
1518 Jan 15
51 Jan 5
514 Apr 10
6118 Jan 7
212Mar 7
258 Mar 7
16 Mar 15
5% Jan 7
13% Mar 13
1% Mar 15
6614 Apr 11
534 Jan 2
7 Jan 22
74 Jan 7
36 Jan 10
934 Jan 2
113s Jan 8
x4034 Jan 3
7912 Jan 17
1918 Jan 3
130 Apr 9
47 Jan 21
434 Jan 3
534 Jan 10
1234 Jan 3
16 Jan 7
112 Jan 7
116 Apr 6
3258 Jan 2
251 Jan 3
32 Feb 18
4312 Jan 2
158 Jan 3
64% Mar 5
17 Jan 18
518 Jan 3
36% Mar 7
914 Jan 5
5 Jan 7
3 Mar 11
21 Jan 3
6812 Feb 18
121 Mar 23
1658 Jan 10
214 Feb 8
912 Jan 7
514 Jan 3
78 Jan 4
234 Jan 4
97 Jan 9
512 Jan 26
21,
8 Jan 7
3634 Feb 19
414 Jan 18
11% Apr 5
2534 Jan 10
19% Feb 15
54 Mar 23
714 Feb 14
82 Jan 29
414 Jan 7
5 Jan 5
21 Jan 7
6 Jan 15
1778 Jan 2
312 Jan 7
1018
5,2
1 14
1234
758
10
2614
8
3014
7
20
278
118
3012
1214
35
6
18
7%
1438
120
21
112
134
434
6
7g
9412
26%
23
19
33%
6
4534
1
258
2818
412
212
212
358
42
96
1112
114
458
31,1
%
138
712
318
1612
2234
212
6
1312
8
3858
4
45
212
258
13
4/8
10
13s
17
27 712
27 4338
75* Mar 18 1014 Apr 12
84 Jan 8 9212 Apr 12
18
2634 Mar 20 2812 Apr 12
62
100 Feb 15 105 Apr 3
3
7% Jan 3
438 Mar 15
21
283* Mar 15 364 Jan 8
41
57 Jan 7
47 Mar 12
812 Apr 11
714 Mar 29
714
51 Mar 14
412
814 Jan 3
33 Jan 3
178
178 Mar 13
51
69 Apr 4 81 Feb 11
254
36 Feb 7 4212 Jan 7
518 Feb 20
112
412 Jan 15
33
31 Mar 13
6 Jan 8
5 Feb 19
34
318 Mar 16
412
18 Mar 18 274 Feb 18
1
214 Jan 4
114 Mar 13
1
2212
5334 Mar 29 81 2 Feb 19
95
127 Jan 18 133 Apr 5
3112
30 Apr 12 6012 Jan 22
44 Jan 15 49 Feb 18 "34
1112
1434 Feb 6 1814 Apr 8
1018 22%
512 1038
112
314
1478 3334
1112 3612
14
4114
31 13 4734
13
5
3014 74
158o
7
30
66
278
8
73
2
39
6412
1534 3318
55s 11%
13
8
2134 4114
19
764
1714 2514
12114 127
3
8
358 17
453 17
10
33
1114 381 2
7g
178
9612 114
2814 4278
2312 2714
26
41
3914 5018
6
153
4714 66i2
114
3
7
3
30
Ms
412 1058
37
13%
- ici II
5112 7414
100
118
1112 25,4
114
314
45* 1534
3141
534
88
212
112
53
112 154
3%
654
19,
8 2938
30
4314
212
612
6% 12
i312 4314
8
18
5218
30
1218
4
60
83
212
918
814
4
13% 2212
47
11
10
2014
1%
512
2412
17
1458
8
644 87
40
24
80
100,2
37
8%
41
24
51s
812
- -_ - -412 13,2
3
6%
6014 78
33
4212
558
15*
3%
95*
Si,
15*
6
30
4
1
36
5828
102
12822
. 3914 6028
357
5028
111, 2012
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Apr. 6
Monday
Apr.8
Tuesday
Apr. 9
Wednesday
Apr. 10
Thursday
Apr. 11
Friday
Apr. 12
$ per share $ per share $ per share $ per share $ per share 6 per share
8834 8834 89
88
8612 91
90
9112 8912 89/
1
4 8958 9078
8038 8038 8053 81
8038 8013 8012 8012 8014 8078 8012 8012
2413 25
25
2518 2458 2458 2478 2478 241
/
4 2478 2478 25
1112 1158 1114 1158
1118 1158 1112 111
/
4 1112 1158 1114 1112
478 5
478 5
458 478
434 4/
1
4
434 434
434 434
.634 834 •634 834 *7
334 .71
/
4 8/
1
4 *614 634 *7
034
23
23
231
/
4 2314 23
2312 2234 2314 23
2314 2334 24
*116 11712 11738 11712 1.1.712 11712 *116 117 *116 11612 x11414 1141
/
4
.5078 5133 51
5112 .51
511
/
4 511
/
4 52
50
5112 .50
501
/
4
278 3
278 318
278 3
234 3
2/
1
4 2/
1
4
258 234
2712 2818 2778 2858 2718 2818 27/
/
4 2712 2778 x261
1
4 281
/
4 2712
1038 10/
1
4 1018 1014
1014 1118 11
1114 1078 1118 1078 11
*412 5
*412 5
5
512
6
7
612 734
/
4
7/
1
4 81
*6514 70
*6514 70
*65/
1
4 70
70
70
70
70
70
70
418 438
3/
1
4 414
418 418
334 438
3/
1
4 31
/
4
3/
1
4 4
82
82.38 8138 82
8153 8214 3112 8214 8112 82
8112 82
12
1214 1214 1212 12
1214 1178 12/
1
4 111
111
/
4 1218
/
4 12
9638 9638 961
/
4 9614 9614 961
/
4 97
97
98
9812 99 10012
*258 318 *258 318 *258 318 .258 318 *258 318 *2/
1
4 318
3
3
3
3
3
3
314
318 *3
314
3
314
1638 1678 1612 1714
1634 16/
1
4 1612 16/
1
4 16
1614 1578 1612
3/
1
4 4
334 334
4
41.
414 412
334 4
414 438
*46
471
/
4 47
47
47
47
48
491; *4914 51
*47
5034
53
53
*53
55
54
5518 *54
55
*54
5434 54
54
.137 140 *138 140 *13812 140 *139 140
13978 13978 140 140
*37
3912 *3614 3912 3912 3912 *3614 40
*3614 40 .3614 3812
1/
1
4 138
112 112
112
113
112 158 .112 134
1 2 1.8
1612 1612 *17
17/
1
4 1612 1714
1612 1814 *1612 18
1612 171
/
4
161
/
4 1612 1612 1634
1618 17
171
/
4 1712 17
17
1614 17
*20
201, 2018 2018 *20
2014 2094 2014 .20
2014 *20
2014
*1
21
/
4 *1
218
112 11
/
4
*1
/
4 218
*1
/
4 218
*1
/
4 218
612 612 *6
8
6
8
*6
8
*6
8
6
6
*14
12
14
14
*14
12
*14
12
*14
12
*14
12
1212 1212 1212 1212 1258 121
/
4 1212 13
13
13
*12
1312
8
538 5,2
5/
1
4 512
5/
1
4 5 4 *558 5/
1
4
558 5/
1
4 .
534 618
*69
74
*69
78
.69
78
*69
78
*69
7518 *69
7518
42
42/
1
4 42/
1
4 4314 43
4412 4412 45
4434 4538 4434 4512
*14513 147
14634 147
14712 14712 *147 148 *147 148 314714 148
6
6
*512 6
6
6
61
/
4 614
614 6/
1
4 *6
61
/
4
391
/
4 3914 3812 3958 39
39
39
39/
1
4 38/
1
4 39
3812 3878
5
5
514 514
5/
1
4 5/
1
4
5/
1
4 512
512 512
512 512
9
912
912 934
958 1014 1014 10,
8 1014 1034 1014 1078
*551
/
4 59
*5514 59
*55
59
5834 58/
1
4 *57
59
*57
59
334 31
4
438
4
/
4
414
438 412
438 438
412 412
1112 ill_
111
/
4 1134 1114 1178
1112 1178 1112 1134 1114 12
28
2812 *2614 2734 2714 291. 28/
1
4 2934 2812 2914 2914 3038
0812 09
98
9912 9812 1043:4 10312 10578 10612 10912 10812 111
*6658 67/
1
4 67
67
67
67
6712 671, 67
67
.6612 67
29/
1
4 30
29/
1
4 30/
1
4 2912 3114 30/
1
4 311
/
4 30/
1
4 30/
1
4 3014 31
7812 7812 7812 79
7914 80
80
81
8015 81
81
82
•127 130 *12714 130
129 129
12912 130
130 130 *13014 1315a
0150
-- •150
*150
•150
*150 160 *150 160
*4534 -663-4 .4812 -&34 54812 -663-4 *4812 irfil 4812 4812 *4812 664
11
/
4 2
178 1/
1/
1
4 1/
1
4
1
4
112 158
1 2 158 *138
b'y
/
1
4
58
34
34
58
'II
38
58
28
%
*58
3
•1914 21
.1914 21
*1914 21
.1914 21
1914 1914 *1918 207g
15
1512 1514 1534 1538 154 141
1
4 1114 1412 1114 12
/
4 15/
14
14
14
14
14
14
*1334 14 .1354 14
14
14
*9212 0458 92/
1
4 92/
1
4 9453 9458 94/
1
4 95
04
94
*9213 94
*36
37
37
37
3634 3634 36
3614 36
36
*3578 36
*3
3/
1
4
3
314 3/
1
4
3/
1
4 378
31
/
4 373
1
4
334 3
*312 3/
1912 1912 1034 2212 2134 23
23
23
2278 227
2234 2234
93
93
95
95
97
97 .02
9878 *92
987 *92
9812
95
95
•95 100
*93
98
95
961
96
/
4 96ly 96
9618
*31
/
4 4
*318 4
.318 4
*31
/
4 4
*3/
1
4 4
*3/
1
4 4
•1518 40
*1518 40
*1518 40
•I51
/
4 40 .151
/
4 40
*1518 40
70
70
71
71
71
72
75
75
76
76 .72
75
•111 -_ _ .111
__ .*110 118 *110 118 *110 118 .110 118
1
f
118
1-18 118 118 .118 114 114 114 *114 112
.11
/
4 2
214 214 .1/
1
4 2/
1
4 *154 234 *11
/
4 253 *2
234
*114
212 *114 212 .114 212 *114 212 *11
/
4 212 *114 212
*412 4/
1
4
434 4/
1
4 .458 4/
1
4
434 434
412 434 *453 5
29/
1
4 30
30
3018 30
3018 30
3018 30
30 .29
2912
*116 11612 *116 11612 *116 11612 116 11612 .115 117 *115 116
•11
/
4 134
11
/
4 11
/
4 *178 2
*17
8
2
178
11
/
4
2
2
*434 6
*43, Sly *434 512
512 St, *5
6
*5
6
•114
112 *114
112
112 112
138 13; *11
/
4 158 •138
112
*31
3258 31
3212 .31
32/
1
4 *3112 321
/
4 *3112 321
/
4 3158 3158
2/
1
4 3
2/
1
4 3
3
314
318 314
3
318
318 318
1712 18
18
1812 18
20
1912 20
1912 20
1912 20
31
73
34
34
34
78
1
1
*78
72
1
1
4
414
4/
1
4 478
4/
1
4 4/
1
4
412 41
/
4
418 414
4
418
812 938 11
11
1012 1012 .1012 12
1012 1012 *912 1112
*2178 24 .23
24
24
24 .23
25
24
24
*22
25
.418 51
/
4
412 412 .414 434 *414 412
414 414 •4
414
*80
.80 __ _ *80 ..- - *80 - _ *80 - __ •80 _ __
•1
-1 18 .1
1-1
/
4
el
11
1-1s .1
118 *1
8
*1
118
3234 33
3234 33
3234 3314 3278 33
33
3338 3234 33/
1
4
*7578 7614 76
76
761
/
4 7614 7912 761
/
4 7638 7638 761
/
4 76/
1
4
251
/
4 2558 2518 26
2518 2614 25/
1
4 2638 24
26/
1
4 24
2434
21
2114 2012 201
201
/
4 2012 2012 2012 2034 2034 20/
1
4 2012
37
3714 3658 3758 37
3818 3712 381
/
4 371
/
4 37/
1
4 371
/
4 38
95
95 .92
94ty 93
93
94
94
94
94
*9314 95
•I014 1034 *11
12
*1114 12
*1114 12
*1114 1214 *1012 111,
31
31
31
31
.30
31
.30
31
3012 3012 3012 30,2
5712 5812 54
58
50
52
51
5212 51
5212 50
52
6612 6712 62
671y 62
65
64
6412 8212 6334 6212 6312
59
59/
1
4 5512 56
5512 56
5612 5612 5212 55
5312
56
11212 11212 11212 113
113 1131 .114 115
114 115
115 115
106 106
107 107
107 107
107 10712 107 10714 10813 10812
•11
/
4 2
*158 2
*153
134 •158 2
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/
4 2 •--._
2
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58
12
1
I.
I. '
.,
12
12
58
*12 '
734
71
/
4 734
7
7
712
712 8 712 753
734 8j
1012 1012
975 101 *10
11
11
11
1034 1034 11
11
11
/
4 134
153 153
158
11
/
4 '
,Vs
11
/
11
4 11
/
4
/
4 *158 154
314 314
12 3,2
313 312
314 358
3
314
31
/
4
31
/
4
314
18
18
*1914 1912 17/
1
4 19
1834 19
19
19
1814 1812
*7
20
*7
20
*912 20
20
•8
*10
20
*10
20
.25
28
*25
28
*25
2'3
*25
28
*25
28
.25
28
15
1514 *1434 1538 1434 1518 •15$8 17
17
*15
15
1518
*45
5218 4418 4818 *46
5218 *45
5318 *45
531
/
4 *45
5318
714 7/
1
4
712 758
712 7/
1
4
734 8
712 7/
1
4
714 714
•15
1533 15/
1
4 1538 *15
1514
1514 15/
1533 1512 1512
1
4 615
134
134 .134 178 •I34
178
178
178 .134 2
134 134
•61
/
4 8
.6/
1
4 8
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.6/
1
4 718
71
/
4 71
/
4 *634 8
11
/
4 11
/
4 *134
178 *134
178 *134 11
/
4
11
/
4 173
134
11
/
4
035
36
35
35 .35
36
36
*35
*35
36
3518 3518
412 458
412 434
412 434
412 434
412 458
438 412
63
5418
1412
30
2214
.38
*75
•1714
278
*3612
1912
1518
*3712
•I14
31
/
4
63
64
.5412 5433
1412 *131
/
4
3014 3014
2214 *2214
44
44
7514 .
75
0171
18
/
4
2/
1
4
2/
1
4
38
*35
19,2 191
/
4
1512 1518
45
63712
11
/
4 *114
358
312
(ii
1-16 -(ci
55
5478 5538
1412 *1412 1434
31/
1
4 3012 3134
25
*22
25
44
4712
47
7512 75
75
19/
1
4 17/
1
4 17/
1
4
2/
1
4
2/
1
4 278
36
35
35
1912 1914 19/
1
4
1558 15
1614
43
44
4434
11
/
4 *11
/
4
112
312
312 358
For footnotes see page 2484.
4,
-6-i •aii, 6434
ai
5412 551 1 5434 5514
1412
3114
23
*441
/
4
7512
*1734
2/
1
4
*35
1913
1512
*4014
*11
/
4
358
1458 141
/
4
3173 311
/
4
23
*23
471
/
4 *4038
7512 75
1912 *18
3
21
/
4
35
36
1938 19/
1
4
161
/
4
/
4 141
4212 3812
112 *114
334
3/
1
4
1454
311
/
4
2412
4712
75
20
3
35
1938
1512
41
134
3/
1
4
x6218
5434
•14
3012
.23
4412
741
/
4
.18
3
*34
*18
1412
40
*114
312
6.218
55
1434
3012
2434
4412
7512
1912
3
35
1912
1514
40
11
/
4
312
Sales
for
the
1Veek
Shares
12,500
1.300
2,600
14,000
5,900
STOCKS
NEW YORK STOCK
EXCHANGE
2493
Range Since Jan. 1
On Baste of 100-ehare Lots
Lowest
Par $ Per share
Union Pacific
100 8212151ar 28
Preferred
100 7912 Mar 14
Union Tank Car
No par 2078 Mar 13
United Aircraft Corp
5
9/
1
4 Mar 13
United Air Linea Trans') vi e 5
412 Alar 13
United American Bosch__No par
7 Mar 29
3,400 United Biscuit
No par 2134 Apr 3
110
Preferred
100 113 Jan 18
3,500 United Carbon
No par 46 Jan 28
33,500 United Corp
Vo par
113 Feb 27
27,000
Preferred
No par 2034 Mar 13
10,600 United Drug Inc
012 Star 19
5
5,000 United Dyewood Corp
412 Mar 13
10
130
Preferred
100 65 Star 21
2,400 United Electric Coal
No par
358 Mar 13
5.400 United Fruit
No par 7158 Feb 6
22,900 United Gas Improve
914 Mar 18
No par
1,400
Preferred
No par 8712 Mar 15
:United Paperboard
100
218 Jan 28
1,900 United Piece Dye Wke_....No par
214 Feb 26
1,620
6SI% preferred
100 1538 Apr 4
5,200 United Stores class A____No par
312 Apr 4
Preferred class A
700
No par 46 Apr 3
500 Universal Leaf Tobacco No par 51 Mar 15
Preferred
30
100 1331
/
4 Feb 9
10 Universal Pictures 1st pfd
100 3612 Jan 15
2,100 Universal Pipe & Rad
1
11
/
4 Jan 16
Preferred
580
100 12 Feb 6
5,000 U S Pipe & Foundry
20 1434 Alar 14
400
let preferred
No par
1914 Jan 7
200 US Distrib Corp
No par
112 Apr 9
Preferred
150
6 Apr 9
100
100 United States Expremi
100
1.4 Jan 2
1,900 U S Freight
No par
11 Mar 14
1,500 US & Foreign Scour
412 Mar 12
No par
Preferred
No par 6514 Mar 26
4,200 US Gypsum20 4012151ar 12
110
7% preferred
100 143 Jan 11
900 U El Hoff Mach Corp
5 Feb 8
5
3,200 US Industrial Alcohol___N0 par
3518 Mar 13
800 U S Leather v to
No par
3/
1
4 Mar 15
7,300
Class A v I a
No par
71
/
4 Mar 16
100
Prior preferred v t a
100 53 Jan 22
3,200 U S Realty & Imps
No par
3 Mar 13
7,100 U 13 Rubber
No pa
918 Mar 13
7.500
let preferred
100 2412 Mar 14
24,800 U II Smelting Ref & Min
50 95 Apr 5
400
Preferred
10 6272 Jan 3
42,400 US Steel Corp
100 2712 Mar 18
4,900
Preferred
100 7358 Mar 18
400 U S Tobacco
No par 11918 Jan 4
Preferred
100 14934 Feb 11
10 Utah Copper
10 40 Mar 22
2,500 Utilities Pow & Lt A
1
I Mar 15
700 Vadsco Sales
12Mar 15
No par
Preferred
100
100
1914 April
16,800 Vanadium Corp of Am___No par
1114 Apr 11
1,100 Van Raalte Co Inc
5 1114 Feb 7
190
7% lst pref
100 91 Feb 20
900 Vick Chemical Inc
5 341
/
4 Jan 14
2,700 Virginia-Carolina Chem
No par
212 Star 18
3,000
6% preferred
100 18 Mar 15
300
7% preferred
100 85 Jan 4
220 Virginia El & Pow $6 pt __No par 72/
1
4 Jan 4
Virginia Iron Coal & Coke___100
4 Mar 5
5% prof
100 15 Feb 19
110'
/ Vulcan Detinning
100 6312 Star 29
Preferred
100 10914 Feb 5
400 :Wabash
100
I Apr 1
Preferred A
100
100
11
/
4 Mar 1
Preferred 13
100
11
/
4 Feb25
900 Waldorf System
NO par
41
/
4 Mar 15
2,000 Walgreen Co
No par 2714 Mar 13
60
635% preferred
100 114 Jan 7
800 Walworth Co
No par
11
/
4 Feb 28
100 Ward Baking class A
No par
5 Mar 14
Class B
300
114 Feb 28
No par
400
Preferred
100 2812 Jan 12
11.900 Warner Bros Pictures
2/
1
4 Mar 15
5
1,710
$3.85 cony prat
No par 1412 Mar 13
900 Warner Quinlan
No par
%Mar 15
6,700 Warren Bros
No par
212 Mar 15
600
Convertible Prof
No par
778 Mar 20
300 Warren Fdy & Pipe
No par 21 Mar 27
300 Webster Eisenlohr
No par
4 Mar 14
__ ____
Preferred
90 Feb 18
10
Wells Fargo & Co
1
1 Jan 5
2,600 Wesson Oil& Snowdrift __No par 30/
1
4 Jan 15
1.000
Cony preferred
No par
72 Jan 29
16,000 Western Union Telegraph___100 2058 Mar 14
1.400 Restingh'se Air Brake
18 Mar 27
No par
27.500 Westinghouse El & Mfg
50 3258 Star 18
lot preferred
70
50 90 Feb 5
Weston Eleo lcustruml-No par
10 Mar 18
80
Class A
No par 29 Jan 4
710 West Penn Elea class A_ _No par 34 Mar 6
760
Preferred
100 391
/
4 Mar 6
350
6% preferred
100 36 Mar 14
490 West Penn Power Prof
100 10412 Jan 17
500
6% preferred
100 95 Jan 2
West Dairy Prod ol A__No par
11
/
4 Feb 27
300
Class B • t o
No par
12 Feb 7
3.000 Western Maryland
512 Mar 15
100
2.100
2d preferred
100
712 Mar 30
700 Western Pacific
133 Feb 26
100
1.500
Preferred
2/
100
1
4 Feb 26
1,300 Westvaco Chlorine Prod-- No par 16/
1
4 Mar 13
Wheeling & Lake Erie Ry Co_100 18 Jan 3
8% non-cum preferred____100
25 Mar 14
600 Wheeling Steel Corp
NO Par
1414 Mar 28
100
Preferred
100 46/
1
4 Jan 12
3,300 White Motor
6/
1
4 Mar 15
60
700 White Rk Min Spr ctf ____No par 1312 Mar 22
400 White Sewing Machine___No par
114 Mar 15
100
Cony preferred
No par
6 Jan 11
400 Wilcox Oil & Gas
5
I Mar 14
200 Wilcox-Rich Corp class A _No par
34 Feb 5
16,600 Wilson & Co Inc
No par
378 Apr 3
Class A
No par 2512 Feb 7
1,1566 86 prat
100 58 Apr 2
15,000 Woolworth (F W) Co
10 51 Jan 15
600 Worthington P & W
100 1134 Mar 12
340
Preferred A
100 25121%1(u 13
200
Preferred B
100 20 Apr 4
50 Wright Aeronautical
No par 3512 Mar 13
600 Wrigley (Wm) Jr (Del) Ne par 7334 Mar 13
200 Yale & Towne Mfg Co
25 171
/
4 Apr 9
2,800 Yellow Truck & Coach el B
10
2/
1
4 Mar 14
150
Preferred
100 3412 Mar 14
1,300 Young Spring & Wtre„.No par
18 Mar 18
6,800 Youngstown Shoal & T___No par 13 Mar 15
700
534 preferred
100 3812 Apr 11
Zenith Radio Corp
Vo par
138 Mar 28
2.100 Unite Products Cora
I
3 Star 15
Highest
JULY 1
1933 to Range for
Mar.3I Year 1934
1935
High
Low Low
$ per share $ per sh 4 pit shard ,
11112 Jan 10
8212
90
13373
8834 Jan 11
6278
7134 89
2618 Jan 4
1334
1558 2534
1518 Jan 7
81
/
4
818 1514
678 Jan 31
314
314
612
914 Feb 19
7
8
17
2612 Jan 9
19
21/
1
4 2914
11713 Jan 2 10414 107
120
531
/
4 Mar 1
2014
35
5038
31
/
4 Apr 5
112
2/
1
4
8/
1
4
2938 Jan 25
2034
2114 3778
1314 Jan 7
/
4 i8/
618
91
1
4
878 Apr 12
2/
1
4
3/
1
4 10/
1
4
82 Jan 7
50
5934 7534
318
712 Jan 9
7/
3
1
4
4913
8234 Apr 1
59
77
1278 Jan 10
914
1112 2018
10012 Apr 12
8212
86
9938
31
/
4 Feb 15
1
11
/
4
353
2/
5/
1
1
4 Jan 7
4
4
13/
1
4
3312 Jan 24
16
30
68
712 Jan 3
21
/
4
214
814
6512 Jan 19
4812
76
54
59 Jan 2
37
4014 63
14034 Mar 15 10814 11212 140
4058 Mar 15
15
18/
1
4 4612
1/4
21
/
4 Jan 18
8
3
191
414
/
4 Mar 6
41
/
4 24
22 Jan 7
12
1511 33
2033 Feb 15
131
1612 191
/
4
/
4
252 Jan 3
1
112
4
10 Jan 9
4
4
14
14
12 Jan 4
14
114
II
1612 Jan 7
11
271
/
4
1514
6
412
712 Jan 3
84 Jan 22
60
MA 78
531/4 Jan 7
3414
3414 511
/
4
148 Feb 19 110
115
146
714 Feb 19
314
458 1012
4512 Jan 2
32
32
6434
6/
1
4 Jan 7
318
11.8
518
12/
1
4 Jan 3
7
7
1934
591
/
4 Feb 16
45
45
80
7 Jan 7
3
4
1234
1714 Jan 3
018
24
11
4238 Jan 7
1718
241s 6114
12414 Jan 3
5314
9658 141
69 Feb 26
5112
541
/
4 6512
401
/
4 Jan 8
2712
29313 59/
1
4
94 Jan 23
6758
6714 9912
13012Mar 28
811
99
/
4
140
15214 Feb 26 12458 126
150
49/
1
4 Jan 11
40
4812 67
2/
1
4 Apr 5 1 /
1
4
112
5/
1
4
)2
11
/
4 Jan 2
54
178
20 Mar 6
1914
1914 2212
211
/
4 Jan 7
13/
14
1
4
3111
/
4
1458 Feb 27
3/
612 1212
1
4
95 Apr 10
5414 x54/
1
4 98
3712 Mar 11
2318
2458 361
/
4
458 Jan 3
178
178
5/
1
4
271
/
4 Feb 1
10
10
26
100 Feb 1
571
/
4
59
,
4 84
9612 April
60
65
80
4 Mar 5
313
358
9
1515 Feb 28
15
1618 27
8112 Jan 7
36
82
52
110 Mar 12
95
95
112
238 Jan 8
118
11
/
4
4/
1
4
312 Jan 4
11
/
4
233
858
11
1
4
/
4
61
1/
/
4
234 Jan 19
712 Jan 10 6 37g
4
8/
1
4
31 Jan 3 9 151
/
4
22,4 29/
1
4
11734 Star 21 ,80
8412 1161
/
4
3/
1
4 Jan 7
114
2/
1
4
638
61
/
4 Feb 19
5
5
12
1/
1
4 Feb 18
11
/
4
114
3/
1
4
24
3234 Feb 21
24
36
458 Jan 2
214
234
814
2478 Jan 26
12
15
3178
11
/
4 Jan 2
/
1
4
1
378
618 Jan 7
212
1
4 1358
3/
14 Jan 7
7/
1
4
8
2878
28 Jan 8
1312
1312 81
6 Jan 2
3
3
7
90 Feb 18
60
65
90
34
114 Jan 24
34
214
39 Feb 18
15
15/
1
4 3534
49
761
57/
/
4 Apr 10
1
4 74/
1
4
4m
34/
1
4 Jan i
2058 p-,-3wwwwa912
2
arils
27 Jan 9 63 15/
1
4
151
/
4 36
41 Feb 18
2778 47/
1
4
2778
99 Jan 28
77
82
95
137g Jan 2
5
6
1512
32 Mar 8
15
1658 2912
5812 Apr 6
34
4412 70
391
8712 Apr 5
/
4
51/
1
4 80
36
5934 Apr 6
66
x6812
115 Apr 11
8812
8912 11053
10812 Apr 12
781
/
4
78/
1
4 105
214 Jan 8
11
/
4
11
/
4
614
12
/
1
4 Jan 8
12
212
9/
1
4 Jan 7
512
718 1714
1134 Feb 20
712
914 23
3/
1
4 Jan 7
11
/
4
2/
1
4
812
7/
1
4 Jan 7
2/
1
4
41
/
4 1712
1
4 271
1214
2312 Jan 3
14/
/
4
22 Feb 8
18
2412 29
25 Star 14
21
24
36
2014 Jan 21
1112
1112 29
58 Jan 22
34
34
57
1852 Jan 3
678
15
2812
2412 Jan 9
1312
2114 3112
2/
1
4 Jan 22
114
112
374
912 jr,,n 24
4
1114
5
253 Jan 8
2
5/
1
1
4
3518 Apr 12
2712 3418
2272
7 Jan 2
318
434
9
3138 Jan 3
1114
1214 32/
1
4
75 Feb 28
67
551
/
4 Feb 18
-611
35
/
4 ..5. 1,
2112 Jan 7
1134
1312 311
/
4
44/
1
4 J84123
2512
3113 53
33 Jan 11
201
/
4
2352 42
521
/
4 Jan 3
12
1672 75
7912 Jan 7
4734
5412 76
24 Feb 1
1138
14
22,2
7/
1
4
414 Jan 7
234
2/
1
4
42 Feb 19
25
28
4712
21 Jan 2
1018
13
22,
4
211
/
4 Jan 8
1258
1253 3334
56 Jan 21 '30
34
59/
1
4
212 Jan 8
118
112
41
/
4
41
/
4 Jan 10
3
332
71
/
4
2494
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
April 13 1935
On Jan I 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-exceyi for income and defaulted bonds
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside or the
regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
July 1
1Week's
July
Week's
1933 to
Range or
.2.
.53
Range
BONDS
,a
1933 to
Range or
t it
_.9.
.
13 Mar.31
Friday's
u
Since
N. Y. STOCK EXCHANGE
LI -7 Mar.31
Fridays
,n1
Bo .2 Askedc-sA
1935
Week Ended Apr. 12
Jan. 1
1935
..., if. Bid & Askod :465
-.;,,,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
Es
a .„.
Range
Since
Jan. 1
High
Low
High No. Low Low
Foreign Govt. & Munk.(Can.)
High
FlitP, No. Low Low
2518
7612
7
70
794
101.4 105.14 Cordoba (Prov) Argentina 78 --1942 1 J 75
99
101.13 419
20
3
3312 354
3434 35
--------100.17 102.7 102.20 *Costa Rica 78 Nov 1932 coupon 1951 M N
3 -___
184 2534
184 20
•Th May 1 1938 coupon on ___1951 =,-99.28 101.10 104.4
101.18 184
2
9412 974
6818
Cuba (Republic) 58 of 1904
1944 M S a9538 a9538
103
103
102
90 95
8312
_ ---External 58 of 1914 eer A
1949 F A
102.27 201 100.30 102.20 104.16
614
8434 13
84
284
8712
External loan 4445
1949 F A .89--99.31 102.18
16 100.5
100.1
85
61
14
77
Sinking fund 514s Jan 15 _ _1953 J J 7812 85
277 104.10 113.6 118.14
116.8
2312 28
194
51
*Public wks 53.4s June 30 _19451 D 2634 28
97.26 102.28 105 28
105.28 528
94
107
12
1018
1959 M N
8% 143
111.24 379 101.18 108.24 111 24 •Cundlnamarca 6145
954 105
77114
9
1951 A 0 964 9712
1106 Czechoslovakia(Rep of) 84
99.26 107
97
110.6
9512 105
77
6
Sinking fund 88 ser B
1952 A 0 9658 9658
103.28 107.2
98.6
107.2 1,354
93.12 100.20 103.29
103.28 428
9918 105
7978
52
1942 J J 10019 102
97.26 100.20 103.27 Denmark 20-year ext! 6a
103.26 759
9634 101
75
73
9812 100
1955 F A
External gold 5148
98.12 104.15 10733
107.19 391
61
85
90
105
9832
External g 414a_Apr 15
104.14 10720
1962 A 0 88
98.8
107.20 137
94.28 101.26 104.28 Deutsche Bk Am part ctf 68 .., _1932
104.26 373
5514 6612
484
4
26418 26418
*Stamped extd to Sept 1 1935
101.15 104.28
104.24 598 101.9
40
11
68
71 12
67
97.27 104.18 107 26 Dominican Rep Oust Ad 510 ____'42 M ill 2664
107.26 287
5938 64
36
63
2
1940 A 0 63
lat aer 514e of 1926
99.34 102 24 105 24
105.24 1.011
5918 64
36
2
a66
2d series sink fund 548
1940 A 0 a66
101.25 4.255 100.14 100.15 101.25
27
33
4218 12
434
*Dresden (City) external 78_1945 MN 40
101.14 104
98
103.31 192
I
99.16 102.12
95.27
510
102
6512 6512
36
-- ---*51
102
259 100.20 100.20 102.14 •El Salvador (Republic) 8s A -1948 J
47
82
35
1
47
J 1-J 47
*Certificates of deposit
95.26 100.19 101.16
100.31 126
8412 95
4912
16
96
1967 J J 95
99.18 102.14 E610131a (Republic of) 71
94.26
101.31 412
70
10312 108
1945 M S 10614 10634 20
96.20 100.16 Finland (Republic) ext Os
92 28
100.12 869
7012 101 18 10434
27
103
1956 M S 102
External sink fund 1314a
20
2512 3514
9
1953 M N ,;2512 27
*Frankfort(City of) s t 8 Sis
16412 190
21 126
180
French Republic esti 7141
1941 J D 177
Foreign Govt & Municipals
17512 190
12712
3
17818
177
D
External 7e of 1924
*Agricultural Mtge Bank 65
1947
1949.9
F A 23
21
3312 *German Government Interne.
1834
*February coupon on
1
23
2714 -.
23
all2
Lionel 35-yr 5148 of 19301965.9 D 2734 2912 181
1912 32
154
*Sink fund 69 April coup on ____1948 A 0 .2234 30 ____
3614 4709
3112
196396 N
155
1949 A 0 3612 39
9012 0634 *German Republic esti 7e
64
92
Akershus (Dept) ext 58
9312 29
712 114 *German Prov & Communal Bk,
738
734
•Antiooula (Dept) coil 7s A
1945 J J
834 12
2312
3814 484
4012 19
(Cons Agile Loan) 614e
68
734
'External s f 79 aer B
1945 J 1
1958 J D 39
73 1119
872 17
1954
758 912 *Graz (Municipality) 814
712
'External 8 1 78 ser C
1945 J 1
3
812
834
86 1081x
49
2
M N 10518 10518
718 104
*Only unmatured coupons on
714
4
838
9
1945! 1
'External s 1 7e ser D
1937 F A 1144 11418 10 10758 11014 11612
1957 A 0 *5
634 1014 Gr Brit Ox Ire(U 11 of) 51.4.
'External a f 7e 1st ser
6%
858
953$ 10838 119
7
10
64
54% fund loan E opt 1960
1957 A 0 48
1990 MN a11314 al1438 44
938
'External sec s 178 2d ser
22
37
3911
3878 ___..
*Greek
leer
4
Government
s
63
A
1957
78-- 1964 M N *31
612
3
8
814
0
*External sec a f 78 3d ser
98
2712 33
1658
8
2712 28
•S f secured as
1968 F A
7493
1958.9 0 894 924 10
88 126
Antwerp (City) external 5e
,i '.
9018 95
44
1980 4 0 9238 9338 24
Argentine Govt Pub Wks 64
82
8638
67
67
Haiti (Republic) e 16s ger A
1952 A 0 844 86
95
90
44
1959 1 0 9212 9334 31
Argentine 68 of June 1925
2618 3612
2018
6
*Hamburg (State) 85
1948 A 0 2618 27
95
90
4458
1959 A 0 9314 9324 25
Esti 51 69 of Oct 1925
2512 31
15
28 ____
604 95
*Heidelberg (German) eat' 74e_ '50 J J *18
44
1957 M 5 9234 9418 63
External a f 61 aeries A
6614 10114 10314
15
Helsingfore (City) ext 61.48
9018 95
Ion A 0 1014 102
4414
External 14 series B.-Dec --1958 .1 D 924 9378 88
*Hungarian Muni° Loan 714e
95
90
1945
4412
196096 N 924 9378 126
EUi s f 66 of May 1926
25
2912 38
3
31
31
J
J
*Only
unmet
coup
attached
M
S
1960
90
4414
9212 9334 78
External a f as (State Ry)
9514
2638
3012 3714
32 ____
•75 unmatureci coupon on
95
1916.9 1 *30
90
444
9212 9358 31
1981 F A
Eat)68 Sanitary Works
2912 33,4
2912
35 ____
95 'Hungarian Land M Inn 754, _:61 MN *30
90
45
Exti 68 pub wks May 1927 --1961 M N 9209 9358 32
40 ____
2909 a32 632
*Sinking fund 714e eer B
-1961 M N *30
84% 9014
4114
1962 F A 8638 8714 46
Public Works extl 6148
98 10412 *Hungary (King of) a f 7Hs_ _ _1944
113
7758
1955 J J 10038 102
Australia 30-yr 5s_ _July 15
3438 4918
3112
7
F A 3458 35
*February coupon on
98 10412
78
External 58 of 1927-8ept --1957 M 5 10009 10218 79
92
1
10812 1 1312
1960 MN 11312 11312
1956M N 9412 9838 163
9218 974 Irish Free State esti 8158
7374
External g 448 of 1928
9412
79
79
119
1951 1 D 8114 88
1943 1 D 10034 10118 23
8314 10038 10234 Italy (Kingdom of) en! 75_
Austrian (Govt) s f 78
4934
94
99
_.37 M S *9318 967 ____
Italian Cred Consortium 78 A
96
81
4212
9214 41
1957.9 J 88
International loan a f 78
76
76
89
External sec 9 f 79 ser B
1947 M S *7758 8478 -__
6312 85
8312
7312 26
Italian Public Utility eat'70
1952 .1 J 69
31
37
1045 F A 3118
264
1
3118
*Bavaria (Free State) 6348
95
93
90
97
77
1954 F A 94
934 10734 Japanese Govt 30-yr if 654.
8812
1949 M S 9914 10078 68
Belgium 26-yr esti 634e
6712
7714 8412
1965 MN 8112 824 74
Eat' sinking fund 534s
934 10712
1955 J J 9838 100
8612
External s f (is
69
1957
924 1014 11734 *Jugoslavia secured a t g 7s
External 30-years 17.
1955.9 D 10238 10514 23
25
43
23
8
32
•78 with all unmat coup_ _1957 A 0 31
97 11014
91
40
Stabilization loan is
1958 M N 100% 103
1949 A 0 98
9578 9978
6718
2
98
Bergen (Norway)5e__Oct 15
38
4478
294
1
r42
1947 F A r42
99
1960 M S 9814
*Leipzig (Germany) e f 7s
93
62l
1
9814
External sinking fund 55
*Lower Austria (Prov) 710_1950
2718 38
*Berlin (Germany) if 6345
1950 A 0 2718 28
22
13
97 106
50
4
J D 9838 9834
*June 1 1935 coupon on
*External 8 f 138__ _June 15
1958 J D 2658 28
264 3812
2012
36
634
8
1
634 1014
1212 18
*Medellin (Colombia) 6148
1212
1945 A 0 1478
8
1954 J D
1
144
*Bogota(City) esti s f 88
3
7 ---5
818
512 714 *Mexican TM(' Asstng 410
1943 MN *514
512
6
*Bolivia (Republic of) esti 88......1947 MN
558
13
4
25
--*--,..
.1
Q
*Mexico
688
(US) esti be of 1899£ ._'45
4
4
414 12
4
*External secured 78 (flat)-- _1958 J 1
84 If
474
1009 ---*Assenting 56 01 1899
4
688
1945 ---- *Ski
4
418 16
*External s f 7s (flat)
1969 M 5
4
814 11
*434
512 ---54
*Assenting tes large
---'Assenting 58 small
------ ---- ---28
2178
3138 36
1941 1 D 29
*Brazil (17 S of)extemal lis
398
Me of 1904
412 --n- - r 678 --,
_1954 ---- *---=
2318 3112
1957 A 0 244 2514 80
1938
'External, 1634. of 1936
5l8 1
609 12
1957 A 0 2534 2618 61
3
578
*AssenUng 48 of 1904
234 3134
1954 ---194
*External s f 648 of 1927
43
4
5
434
418 61,
*Assenting le of 1910 large
3114
1952 J D 2538 2738 20
24
1858
•78 (Central RY)
4
414
418 32
358 7
*Assenting 4a 01 1910 small
334 4112
*Bremen (State of) esti 78
1935 M 5 23918 3938
29
4
534 ---- _
834 ____
1957 M S 9034 92
*4Treae 690*'13 assent(large)'___33 J .1 *Ws
8718 9714
68
43
Brisbane (City) a 1 Os
83$ 1';
J J ------------514
•ISmall
6812
9212 11
1958 F A 91
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85a 9738
7538 43
6858
6858 8512
1952 A 0 71
1950.9 D 99
211-year 5 16s
97 1024 Milan (City. Italy) exit 6 He75
3
99
*mina!) Geraes (Brazil)64s
1958
1962
*Budapest (City) esti a f 68
1534
18
6
1534 194
M S 1714
*September coupon oft
J D 3218
3218 394
294
*June 1 1935 coupon on
338 23
177s ---1558 1912
1538
1959 M S *1638
*6145 Sept coupon off
91
84
404
Buena.; Aires(City) 6348 B 2 ........1955 J J 884 884 11
82
86
8214
36
2
1960 A 0 8214
External et as ser C-2
4
374 42
274
1952 J D 3712 3834
*Montevideo (City of) 78
86
82
1960 A 0 82
3614
7
83
External a t 8s ser C-3
25
3712 --__
33
3609
1959 M N 836
*External a f 138 series A
8618 7012
2914
1
67
1961 M 5 67
*Buenos Aires (Prov) extl 6s
7334
9634 10212
52
6154 New So Wales (State) esti 5/ ..,.__1957 F A 9914 1004 41
2558
1961 M S 539
5514 83
Ma stamped
734
10012 57
9634 10212
External a f 58
72
2712
1
67
1961 F A 67
Apr 1958 A 0 99
67
*External s f 614s
25
88
10312 10714
1943 F A 10412 105
6238 Norway 20-year extl 68
.1981 F A 544 5514 47
52
2538
*614s stamped
12
8712 10312 107
1944 F A 10434 105
20-year external (is
'Bulgaria (Kingdom) at 78
1967
1 ,,
8318 101 1044
30-year external 66
1952 A 0 10271) 10312 22
16
1858
15
5
16
1 J •16
*July coupon off
1014 57
7874
0034 103
40-year a f 514e
1986.9 D 101
1738 19
1612
5
*Sink fund 710 May coup 011 ,1968 MN 01614 01614
45
76
9812 10234
External a f 68.,,. _Mar 15 -1963 M S 10012 101
774 10012 10112
Municipal Bank eat]8150
19671 D *100314 ---- ---1014 12
-1 J , 958
838 14
878
liCaldas Dept of(Colombia)7145'46
8012
- ---98 10134
1970 .1 D
Municipal Bank eat!e Ills
8612 10412 10714
Canada(Dom'n of) 30-yr 4e
1960 A 0 1054 10658 79
22
2512 2678
6
2512 3534
1952 F A v10058-9912 11014 11314 •Nuremburg (CltY) ext1 68
1952 M N 11114 11134 76
58
28
64
7714 84
1953 M S 8238 84
9812 10278 10312 Oriental Dave! guar 6s
30
4145
1936 F A 10278 103
MN
743
8 7912
5914
13
78'4
7012
Extl
deb
530
1958
533
4
_
*
567
8
J
J
at
1954
3334 8212
*Carlsbad (City)
8873
5
99 10214
1955 MN 10034 10111
838 134 Oslo (City) 30-year a 1 6e
838
2
94 10
*Cauca Val (Dept) Colons 7148'48_ _ A 0
i
3912 5812
294
1950 1111 5 40 I 424 16
'cent Agric Bank (Ger) 78*
105
89
7
10212 10712
Panama (Rep) ext1 534s
1953 1 D 105
3138
3138 47
28
13
34
*Farm Loan s 1 6a__July 15
1960J J
3712 49
2478
4
*Esti s f ISs ser A___May 15 -1963 MN 3712 4078
3012 46%
2638
31
*Farm Loan of 65__Oct 15 _1960 A 0 3012 34
37
3712 16
27
3612 46
*Stamped
3609 5,514
274
24
1938 A 0 3812 43
*Farm Loan Os sec A Apr 15
*Pernambuco (State of) e151 7e _147
17
12
7
12
1278
133
1942 M N
while (Rep)-Ext1 s f 7s
8%
1578
M 8 1434
6
13% 151
*September coupon on
1012 15%
5
1214 30
*External ranking fund Ile
1960 A 0 11
7
1318
6
12
1412
1959 M 3 1318
1012 1512 *Peru (Rep of) external 78
38
1118
12
618
*Ext staking fund 68...Feb -1961 F A
6
858 52
74
738 94
•Nat Loan eatl s t 6s let ger
1960 J D
1114
1012 1512
611
12
34
•Fty ref ext e f tla.
-1961 1 J
Jan
97
48
85
41
8
718
0
A
*Nat
Loan
esti
if
24
-1961
fle
see-1114
11
1012
1512
618
7
117
8
M
•Ext disking fund 6a___Sept
1961
_56
58
71
797
1940 A 0 744 78
1134
104 1558 Paland (Rep of) gold 6s
618
4
*External sinking fund 68.
196296 S 1114
30
63
10834 12612
1947 A 0 10834 113
Stabilization loan s (II
104 1518
6
6
*External sinking fund 68
196396 N 11 ; 1178
7978 9512
103
1959 J J 8614 89
6309
External sink fund g 8.
1034 1412
794
1114
1112 17
*Chile Mtge Bk 6148 June 30 .--1957 1 D
1981
11
144 *Porto Alegre guar 138
1112
97$
3
1112
'dl 6fie of 1926__June 30 -1961 .1 D
21
1
1612
J D 21
1834 22
*June coupon off
11
74
114 10
_Met A 0 11
*Guar 8 1 68
Apr 30
144
2272 ....._
1832 22
1412
*7545 July coupor off
1906.9 J *19
11
104 1414
74
1114 11
*Guar s 1 6a
196296 N
__ ___
7714
99 10312
Prague (Greater City) 7148
1952 MN
5
*Chilean Cone Muni° 78
104 11
1960 M S 10
934 12
288
8
1'99-18
24%
2614
283
4 37
S
M
*Prussia
(Free
_151
47
D
State)
aril
614e
40
------------22
J
1951
*Chinese(HuMmuit RI)68
234
264 3634
*External a f lie
-1952 A 0 264 2812 50
S 10134 1014
99 10293
75
3
laristlanta (Oslo) 20-yr if 6a '54_
'11 4
al
2714 36
5 • 22
*Cologne (City) Germany°48-1950 M 8 3114 3112
10618 110
94
Queensland (State) esti *171 -.1941 A 0 10758 10778 13
1 .
1301001MA (Rep)lie of 128_ _Oct'61
13
8334 1034 109
1947 F A 10518 107
22% 3618
25-year external 68
18
278 50
*April 1 1935 coupon on _Oct 1961 A 0 26 1
3812
3812
1
354
S
M
374 4312
*Rhine-Main-Danube
1950
7a
A
2212
37
201s
25
,
J
J
on_Jan
1961
26
28
*July 1 1935 coupon
', I i
18
24% *Rio de Janeiro 25-year if 83____1956
14
*Colombia Mtge Bank 634.01 _1947 A 0 4,1854 23 ____
1512 1938
1312
18
A. 0 1712 19
*April coupon off
1812 2412
12
4
1912
19
*Sinking fund 78 of 1926
1946 kf N
13
16
1612 16
1334 1812
•614s Aug coupon off
1953 F A
254
18
14%
2
19
1912
1947 F A
*Sinking fund 7s of 1927
1
1946
86
944 Milo Grande do Sul ext! at 8.8
1952 J D 9012 914 27
6012
Copenhagen (City) 511
1752
1
18
A 0 118141 1814
2312
*April coupon off
8238 9112
5512
1953 M N 8612 8712 43
25-year g 434a
1612
6
1514 154 22
•135 June coupon off
1968 1 D ,1638
40
49
12
6
4812
1957 F A 46
*Cordoba (City) esti a f 78.
16
21.
16
17 1
1714 15
•Te May coupon off
1966 MN
3918 4014 23
1957
•7e stamped
3834 434
1614
2
16
1614
1534 2112
1967.9 D
4,7s June coupon off
50
51
2978
2
51
*External at 7s- _Nov 15 -.1937 M N 51
704
704 8714
1952 A 0 ;7234 .7818 49
Rome (City) esti 645
47
40
407s stamped
1937
*46% 50
U. S. G
Low
monk.
First Liberty Loan-34 of'32-47-- i D 101.4
_
.1 D
Cony 4% of 1932-47
J D 10110
Cony 44% of 1932-47
J D
24 cony 44% of 1932-47
Fourth Lib Loan 4;i% of 1933-1938 A 0 102.0
431% (3d called)_______1933-1938 -. , 99.31
0 116
Treasury 44e
1947-1952 ATreasury 44-31(e_Oct 15 1943-1945 A 0 105.16
Treasury 4e
1944-1954 J 13 111.8
Treasury 348
1946-1956 M 5 109.27
1943-1947 J D 106.25
Treasury 3548
Treasury 3s
Sept 15 1951-1955 M 5 103.14
rreasury 38
Dec 16 1946-1948 J D 103.13
Treasury 314e____ June 15 1940 1943 1 D 107.10
Treasury 348____ Mar 15 1941-1943 M S 107.12
Treasury 3148__ June 15 1946-1949 1 D 104.10
1949-1952 J D 104.12
Treasury 310
Treasury 345
Aug 1 1941 F & 107.18
1944-1946,,..., 106.12
Treasury 3413
Treasury 212s.
1955-1960 m 6 101.6
Fed Farm Mtge Corn 314s -----1994 M S 103.15
33
Nov 15 1944-1949 M 5 101.17
1 1 101.24
38
Jan 15 1942-1947.
Home Owners Mtge Corp 4s
1951 J .
11 wow
1952 M N 101.18
3s series A
24s
1949 F A 100.3
State & City-See note below.
--M
For footnotes see page 2499.
NOTE-Sales of State and City securities occur very rare y on the New York Stock Exchange, dealings In such securities being almost entirely over the counter,
bid and asked quotations, however, by active dealers in these securities, will be found ou subsequent page under the general head of "Quotation/ for Unlisted Securitiee.'•
New York Bond Record-Continued-Page 2
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
July 1
Wars
r.
r.3 Range Or ;_ 1933 to
Friday's
igi Ifor.31
3/.. t.
:4 r.; Bid et. Asked h3n
1935
Randi
Since
Jan. 1
Foreign Govt. &Munk.(Com/ )
4oto
High No
Rotterdam (Ci(y) e1t1 (is
120
1964 MN 113
15
*Roumania (Monopolies)gu 75 1959
F A
32
*august coupon off
3312
7
1953 J ..1 62
Raarbruecken (City) 6s
7
62
*Sao Paulo (City) s f Ss
1952
MN *17
•May coupon off
20 --*External 640 May coupon off 1957 M N
3
1512 1612
*San Paulo (State) exti 5 f 88____1936
.1 1 28
3
*July coupon off
29
3
*External 8s July coupon off.. _1950 1 J
19
2034
*External 7s Sept coupon off__ _1956 M S 18
1814
7
1658 17
10
*External es JU1Y COUP011 off- _1968 .1 J
96
*Secured s f 7s
84
1940 A 0 8314
*Santa Fe (Prov Arg Rep) 75
1
1942 M S 5812 5812
*Stamped_
56
57
5
*Saxon Pub Wks(Germany) 78 _ _'45 1-A
36
3758 17
*Gen ref guar 6448
20
37
-1951 M N 3514
*Saxon State Mtge Inst 7s
5
1945.3 D 4814 4814
70 ____
*Sinking fund g 6 Ms_ _Dec
1946 .1 D .1 ____
*Serbs Croats & Slovenes 85
1962
M N
*All unmatured coupon on
18
2914
32
___
28
'Nov 1 1935 eoupon on
2834
2
*External sec 78 ter 13
1962
MN
2918
•All unmatured coupons on
3114
11
'Nov 1 1935 coupon on
2612 2612
2
Low Low
9218 113
Silesia (Pro• of) esti 7.
21
70
1958 1 D 69
*Silesian Landowners Assn 613 ___1947 F A *_
5112 __1938 MN 16612 16612
Solssons (City of) ext1 65
3
•styria (Prey) external 75
1946
F A *8718 9178 _ -*February 1934 coupon off
1955 F A
36
Sydney (City) 5 f 544s
9712 98
42
2514
117
1971 J .7 28112 8112
Taiwan Elec Pow 5 f 5445
3
1952 M S 67
Tokyo City 55 loan of 1912
1
67
7812 27
External 5 I 5145 guar
1961 A 0 7714
g
878
1947 M N
2
*Tolima (Dept of) esti 75
1957 M N 98
Trondhjem (City) let 5148
9834
7
•UPPer Austria (Prov) 75
1945
*Only unmatured coups attch. __ 1 D 10518 10518
2
*Esti 644s unmatured coups_._1957 .1 13 9813 99,
4
8
•Uniguay (Republic) esti 85_ _1946 F A 37
371 1
3
*External s t 68
1960 M N 3578 364 34
1064 M N
3512 3612 43
'External e 143
Venetian Prov Mtge Bank Te
814 ---'52 A 0 °.....
'Vienna (City of) esti 8165
1952
M N 88
•May coupon on
88
5
Warsaw (City) external 7,------1958 F A 6712 69
28
Yokohama (City) eat) 6s
1961 J D 8238 84
10
58
5334
59
812
6334
High
1394
2053
56
3012 3612
62
78
1512
1518
1512 1938
1418 1978
1518
1212
1278
1034
61
17
38
3218
2812
4213
4478
25
194
1618
15
7612
52
4912
35
33
4914
48
1914
17
-
4714
75
2495
Wars
hag 1
Zn
.
o
Range or ; 1933 to
Range
Fridao's
,313 Ifor.31
rt,
Since
:In. Bid et Asked oVn' 1935
Jan. 1
-Low
High No. Low Low
Hip"
AtI Coast Line 1st con3 43 JulY ____52 M 9 9614 9334 122
714
93 10313
General unified 4445 A
964 1 D 8134 8338 35
614
79
9212
L & N coil gold 4s ____Oct
1952 M N 6958 7234 80
57
6858 8212
Atl & Dan let g 45
8
30
29
1948 J 1 2938 34
4214
294.
2478 --_
1948 1 .1 .23
3412
26
26
Atl Gulf & WI SS coil tr 55
23
3514
1959 i J 384 40
3514 47
Atlantic Refining deb 58
10718 10814
1937 J J 10712 10734 43 101
_ ____
AU & Yad let guar 48
1949 A 0 *39
37
39
5712
go
9334
Austin & N W let gu g ba
90
'--90
1
75
1941 3 J
BONDS
N. Y STOCK EXCHANGE
Week Ended Apr. 12
30
2334
21
:Baldwin Loco Works 1st 5s_.._1940 MN
Bait & Ohio 181 g 45--JulY
21
1948 A 0
9114
1995.1 D
Refund & gen 55 series A
let gold 55
5812
July _ _1948 A 0
Ref & gen 68 series C
57
1995 1 13
P. LEA W Va Sys ref 45
4214
1941 MN
Southwest Div let 344-55
40
1950 J 1
Tol & Cin Div let ret 48A
55
1959 1 1
Ref & gen ba series D
5212
2000 M 9
Cony 4 Ms
1960 F A
1906 M 9
Ref & gen M 55 ser F
274 40
1943 J J
Bangor & Aroostook let 55
25
36
1051 .1 J
Con ref 45
48 stamped
2534 42
1951 ---Bataylan Petr guar deb 4 Ms__ 1942 1 .3
2218 36
mg J D
Battle Crk & Stur let gu 38
6512 7412 Beech Creek let gu g 4s
1936 J 1
29 guar g 55
4938 6114
1938J 1
16118 17512 Beech Creek ext 1st g 344s
1951 A 0
Bell Telep of Pa 5s series B
1948 1 3
1st & ref bs series C
9612
87
1960 A 0
1946 M 9
97 10212 Beneficial Indua Loan deb 43
*Berlin City Elm Co deb 8 Ms
1951 J D
1959 F A
'Deb sinking fund 634*
7413 8134
6612 7114
*Debenture!! 68
1955 A 0
7438 79l8 *Berlin Elm El & Tindery 6145_ -1956 A 0
858 1214 Beth Steel let & ref 58 guar A
_'42 M N
30-year pm & impt .155 ---1936 1 1
91
99
100
101
19
9818 0912 204
59
6012 154
104
105
235
6812 7018 92
94
9514 25
8858 9012 132
774 8012 26
5812 60
62
43
4312 610
5814 60
158
113
1
113
10418 10458 15
6
10514 107
10434 10612 16
*61
67 ____
10012 10034 11
*98
100 ____
*9638_ __
0
-4 411734 118
121
1214 46
11038 1104 22
3114
3314
4
304 3158 15
3114
3112
8
3712 38
10
10634 10714 24
10358 10378 86
954
8214
54
944
59
763s
7414
61
5212
3812
5212
9412
7418
10112
944
60
88
8912
66
103
10314
82
2738
254
2438
2758
944
94
0514 105
9512 104
54
7712
101 10918
6314 8614
9312 100
'
86
9912
7534 86
5212 76
3812 6078
5212 7612
110 113
10014 10518
103 107
103 114
66
69
100 102
101 101
95
95
11314 11912
11634 12234
10714 1104
3114 44
3014 39,2
2914 3938
344 4138
10512 1154
10318 10415
_ ____
10518 Big Sandy let 45
90
1944 1 D *10614
10258 10258
1950 M 9 .40
__51 __
Bloc & Bing deb 634,
25
100
3412 45
1067 M S 6618 6714 :16
474 Boston & Maine let 5.5 A C
5914 59.2 79
25
6012
1st M 55 series II
6012 7938
1955 M N 6612 69
4118
1961 A 0 64
56
6512 16
let g 445 ser JJ
5912 74
41
2834 31
15
Boston & NY Air Line let 4,_ ..1955 F A
2812
28
83
4033
3
§t•Botany Cons Mills 644e
534
853
534 1212
7
1934 A 0
4 0
7
7
3
*Certificates of deposit
718
7
11
8478 16
52%
41
63
7334 *('Bowman-Bilt Hotels tat 7s_ __1934
PA S *434
__
412
63
Stmp as to pay of $435 pt red
804 85
_1
934 _-934
812
934 -9-78
§:•B'way & 7th As let cons bi_ _ '43 3 D
01
RAILROAD AND INDUSTRIAL
9
6812
Brooklyn City RR let 62
84
1941 1 1 91
92
COMPANIES.
Bklyn Edison Inc gen 55 A
10812 11012
1949 1 3 1093* 10912 10 103
•§:Abitibl Pow & Paper let 55_ _ '53 1 11 29
3414 43
29 10212 108 110
154
28
1952 1 J 1094 110
4112
Gen mtge 55 series E
1943 A 0 104
105
25
87
106..
1
Abraham & Straus deb 544s
.1 10614 10678 144
864 1044 10718
10338 19514 Bklyn-Manh R T see 65 A
Adams Express coll tr g 48
60
1948 M S 8912 9014 42
60
9014 Skin Qu Co & Sub con gtd 55
1
61
5258
85
55
241 NI N
62
Addatic Elec Co ext 78
5734
8
9014
1952 A 0 28818 8818
65
_ ___
(18,
8
1st 55 stamped
8818 10014
1941 1 1
Ala (It Sou let cons A fie
10778 1943 J D *
7213 1004 10712
1074 12'
Bklyn Union El let g 55
804 10012 108
106
1950 F A *6712--let cone 45 /ter 14
1043.3 D 10014 10073
5
Bklyn Un Gas let cons g 55
74
100 103
1945 M N 11878 11918 15 10312 11434 11918
Albany Perfor Wrap Pap 65
4014
2 10514 11858 123,2
1948 A 0 40
6
40
40
644
1st lien & ref 65 series A
1947 M N 12312 12312
_
Alb & Sum 1st guar 344s
100
32
83
9912 10214
1946 A 0 100
Cony deb g 544e
1938 3 J ------------158
1950 1 D 10512 10 34
:Allegheny Corp coil tr M
68
70
1944 F A
67
93
Debenture gold 58
Iiid.
474
6412 7513
io3T8
Coil & cons bs
28
41
59
1949 1 D 57
6 10012 10814 111
1st lien & ref 55 series B
1957 M N 1104 11034
521. 6614
'Coil & cones,
1959 A 0 1434
16
39
13
13
26
*Certificates of deposit
15
15
5
1312
1935 1 .! 10158 10158
3
Bruns & West 1st gu g 4s
1312 26
884 1015* 102,2
55 stamped
1981 F A 11114 11112 22
8
11
9612 10834 11158
121. 52
1212 Buff Gen El 4445 series B
8
1950 Alleg & West let gu 431
1998 A 0 86
841. 0.018 Buff Roch & Pitts gen g39
86
1937 M S 10434 105
1
6
62
91
10412 107
Alleg Val gen guar g 48
5
50
59
81
93
54
1942 M S 10658 10658
Consol 4148
10512 108
51 12 7034
1957 M N
1937 M N 10018 1004 120
Allis-Chalmers Mfg deb 55
2312 ____
8312 100 10134 41•13url C R At Nor let & cc:11151..234 A 0 *21
1818
1818 24
87
9754
•Alpine-Montan Steel 1st 7e
1955 M El 28838 8812 10
f Certificates of deposit_
14
15
5
18
50
14
2018
•75 coupon on
1955 --------------------101 10313 I:•Bush Terminal 1st 4.5
39
7953 --__
1952 A-0 *77
76
83
4
•Consol bs
1015
3714 51
1955 1 1 374 3934
Am Beet Sugar 63 ext to Feb 1 1940_ F A 10112 10112
7
80
31
98 10212 Bush Term Bldgs 55 gu tax ex__ '60 A 0 5414 5434 12
5414 6853
American Chain 5-yr 65
24
103
1938 A 0 102
5
5812
54
By-Prod Coke let 5345 A
8434 85
994 103
1945 M N
7735 8712
t Am& Forelgh Pow deb 55
281
32
49
2030 M 61 5714 60
6112
American Ice 5 1 deb 5,
1953 J D 81
85
77
62
8812 Cal G & E Corp unf & ref 55
,1 N 10812 10812 10 1024 10778 10812
70
1937 ‘
Amer I 0 Chem cony 5445
148
15
7612 10412 10712 Cal Pack cony deb 55
85
1949 M N 10534 107
1940 / 1 10358 10414
10312 104,
3
Am Internet Corp cony 5445
65
1949 J .1 8934 91
32
8
Cal Petroleum com deb s 1
'39 F A 10238 10234
92
854 94
10158 103
55___-1938 M N 10214 10278 19
Am Rolling Mill cony 55
107
474
87
Cony deb 5 f g 5445
9412 10214 1034
103 112
1938 M N 103
Am Sm & R let 30-yr 55 sec A
*Camaguey
5
,47 A 0 10218 10278 176
Sugar
10558
.
78
cti's
92
10218
1942
555
6
115
204 558
Am Telep & Teleit cony 4s
Canada Sou cons gu 55 A
79
-1936 M S 10278 10318 24 10075 10212 104
1962 .4--0 10614 1064 10
10614 11158
30-year colt tr 55
19463 D 1084 10938 47 10112 108,2 11012 Canadian Nat guar 4448
1954 N.1 S 10312 110378 17
9118 10234 10438
35-year 5 f deb 55
1960.3 J 1124 11258 116 10034
30-year gold guar 440
11118 113
1957 1 1 10912 11034 36
914 10912 11358
20-year sr 540
11378 138 103
1943 MN 113
Guaranteed gold 4344
9112 10314 10514
1114 11378
1981' J D 10312 10334 34
Cony deb 414e
19393 .1 10712 108
Guaranteed g 5a
9634 11234 118
July 1989 1 .1 11334 11412 18
16 105
1064 10812
Debenture 55
ill 11353
1965 F A 1124 11234 83 100
Guaranteed g M
Oct 1969 A 0 11618 11718 20
964 115 120,5
t•Am Type Founders es Ws__ 1940 _ -.._
354 3812
4
Guaranteed g Ss
117
6
20
9634 1154 11978
31
1970 F A 117
4112
Am Water Works & Electric11414
9
Guar gold 434s
9434 113 1174
June 15 1955 1 D 114
Deb g 65 aeries A
1975 ki N
7612 78
65
58
Guar g 4445
9153 109 11575
6378 7912
1956 F A 11158 1124 46
10-yr 58 cony coil tr
1944 M S 9314
95
80
80
9158 10934 11458
Sept 1951 Ni 5 11114 11214 26
80
9714
Guar g 445
t•Arn Writtng Paper let g 8s_....1947 1 J
20
21
8
18
1934 254 Canadian North deb guar 7e
10612 60 10218 106 10758
1940 1 D 106
Certificates of deposit
*2034 22
2012 201.
Deb guar 6445
1948 J .1 1234 12312 14 1054 109 125
•Anglo-Chllean Nitrate 75
9
9
1945 M N
17
34
738 II - Canadian Pac Ry 4% deb stock ----------8412 8612 153
524
81 12 874
1•Ann Arbor let g 45_ _July_ _1995 Q 1 55
8
27
1946 M S 10012 10138 75
Coll tr 4445
66
5012 5712
994 1014
55
Ark & Mem Bridge & Ter 55
1964 M El "9112 95
7818
8734 91
1944 1 .1 11114 1114 23
58 equip tr Ws
9438 10938 11253
Armour & Co (10) let 4145
Coo tr ig 5,9
1939 .1 D 10314 104
85
75
102 10418
Dec 1 1954 J D 10278 10378 54
7314
101 14 1044
Armour & Co. of Del 534e
1943.3 J 10412 105
9512 9954
110
74
Collateral trust 434s
6434
103 10634
1960.1 1 97
981s 111
Armstrong Cork cons deb be ___..1940J D 10338 10438 69
85
1034 10434
A tch Top & S Fe-Gen g 44
1995 A 0 10834 10034 215
8414
19
1087a 11112 (*Car Cent let guar g 4.5
1949 J J 4214
2
4214
40
45
Adjustment gold 4..._July
103
19911 Nov 103
1
75
101 10612 Caro Clinch &0 let fe
1938 .1 D 108
9512 106 10853
10912 10
Stamped 4s__
_ _ _ July ____1995 M N 10258 10334
19
754 10134 10618
let & cons g Baser A
Dec 15'52 J D 109
8914 10818 109,
10912 le
8
(Ion,(Ion,gold 45 o
___ 1909
10114
1955 .1 D 101
7
75 10012 104
Cart & Ad 1st gu g 45
68
75 ____
1981 J D *70
7411 78
Com 48 of 1905
14
1955 J D 2101 2101
7414 100 104
*Cent Branch U P Ist g 45
30
1
2414
30
1948 J D
30
39
Cony g 4e issue or 1910
78
1960 .1 13 *103
100 10312 Cent Dtst Tel let 30-yr be
10334
10433 D 10834 10914
3 10353 10914 10912
Cony deb 445
1948 J D 10512 10614 20
884 10412 110
j•Central of Oa 1st g be __--Nov 1945 F A *36
4178 __ _
39
42
47
Rocky Mtn Div let 45
1965 .1 .1 10318 10318
1
79
•Consol gold bs
10014 105
14
14
1458 23
1945 NI N
14
26
Trans-Con Short I. lot 45
1958 J .1 10858 10918 31
89
1074 1101 2
*Ref & gen 5448 series B
1
7
712
712
1959 A 0
7
14
Cal-Aris let & ref 4445 A
11018
1902 M S 110
10
874
10878 11212
•Ref & gen 58 series C
8
1959 A 0
16
7
634
634 1412
Atl Knox & Nor let a be
1046.2 0 *11214 125 ____
9934 110 113
•Chatt Div pun money g 4s
20 ____
1951 J D *____
1712
Ati &(Marl A L 1st 434e A
1944 .1 .1 *
8678 103,
10353
8 104
'Mac & Nor Div let g be
35
1946 J ------25 ____
let 30-year M seriee 11
1944 J J *10518 10712 ____
86
105 1094
*Mid Ga AL Atl Div pun m M_ '47 J J *__ _ _
23 ____
15
15
15
Atlanta Gm L lat 55
1947 .1 D 010212
95
*Mobile Div let g 55
__
20
_
1946 1 „I
25
20
Atlantic City let guar 45
93
74
1951 .1 J *911+
Cent Hudson 0 & E M
2 1004 10618 110,4
__Jan 1957 M 9 107
107
5134
411.
33264
264
80
95
82
3618
3414
3418
80
For footnotes see page 2499.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- Wow York Curb Exch•neo
49 WALL STREET
-
-
NEW YORK
Private Wires to Chseago. Indianapolis and Si. Lou,,
2496
New York Bond Record-Continued-Page 3
April 13 1935
July 1
IWeek's
J0411
, Week's
r
,
Range or
e
;_ 1933 to
Range
Range
1933 so
BONDS
2; „
4;
BONDS
Range or
Friday's
14
zg.
Since
t
Afar.31
Since
i
EXCHANGE
al
7!
Mar
.31
Y.
EXCHANGE
STOCK
el
N.
STOCK
Y.
Friday's
N
.., 5, 844 & Asked co c.,
1935
Jan. 1
Jan. 1
Week Ended Apr. 12
Week Ended Apr. 12
4,:t Bid & Asked cij ai 1935
Low Low
Low
High No
lash
High
Low Low
Fl4o8 No.
Low
10658 109
99
105 10658
Consol Gas (N Y) deb 5348
7112 86
43
144
1945 F A 106
1951 F A 8412 86
Cent III Elec & Gas let 5e
230
99 106
88
Debenture 434s
50
6734
50
1961 .1 J 5313 5414 10
1951 1 D 10514 106
Cent New Engl let gu 48
69
93
10234 106
Debenture 55
101 10834
90
1987 J J 10238 10338 113
1957 1 J 10514 106
Central of NJ gen g 58
2978 --32
32
1954 J J *-___
93
9878 Consol Ry non-cony deb 45
78
9734 20
General 45
1987 J J 96
3514
3258
--•
_
_
285
8
1955
J
J
3258 3234
Debenture
48
9738
101
48
6558
9938
ref
gu
g
192
Cent Pac let
1949 F A 984
9712 100
6312
Debenture 45
1955 A 4)
Through Short L let gu 4s
1954 A 0 *9712 100
6912 8118
44
--41 ---,
Debenture 45
1956.2 J *-- - 55
7114 146
Guaranteed g be
1960 F A 70
3912 67
5312
10
29 -40
8
52
6512 :•Cons Coal of Md 1st & ref 5s 1950 1 D 38
49
Cent RR dr Mg of Ga coil be
1937 M N 52
_
3712 3912 11
10
40
29
*Certificates of deposit
114 116
100
Central Steel let g a f 86
1941 MN *115
7
103 10518
98
6312 7534 Consumers Gas of Chic gu 55 ---1936 i -1) 10434 105
42
7312 101
Certain-teed Prod 535e A
1948 M S 70
98
107 10934
10458 10458 Consumers Power 181 58 C
1952 M N 10714 10734 15
103
Charleston & Say% let 78
1936 J J *10334
9912 1034
88
1948 1 D 10278 10338 24
102 10614 Container Corp let 6s
94
Chesap Corp cony be ____May 1547 M N 10234 10312 186
87
7
4912
83
9058
15-year deb 58 with warr
10-year cone coll Es
1944.2 D 10358 10418 176 10112 1011e 105
1943j D 86
9412 31
93 100
6938
11034 113
Copenhagen Telep .5s Feb 15
1954 F A 93
24 104
Chef,& Ohio let con g be
1939 MN 11234 113
9812 10534 107
9114 11438 12018 Crown Cork Seal* 16*
1947 J D 10534 10614 27
21
General gold 435e
1992 M S 11758 118
10318
75
9
10134 10312
1951 1 J 103
8312 108 11118 Crown WIllamette Paper 68
Ref dr inlet 4355
1993 A 0 10914 110
28
85
4
9912
9714 9978
10814 11118 Crown Zellerbach deb bs w w
1995.3 J 1094 110
1940 M 5 99
84
Ref & inapt 43419 ear B
38
25
47
15
50
37
Cuba Nor Ry let 534s
105 105
1942 J D 45
Craig Valley let be_May
--------98
1940 J J *106
15
1334
404
29
10278 10278 Cuba RR let 55 g
1952.2 .1 354 38
Potts Creek Branch 1st 48
85
1948 J J
3314 25
1318
1983 J 0 32
28
180 ref 7345 series A
37
9018 10518 112
R & A Div 1st con g 4s
1989 J J 11078 11114
2
1
30
15
2334 33
lot lien & ref 68 ser B
1936 J D 30
10514 10514
87
2d consol gold 4s
1
1989 J .1 10514 10514
14 134
18
134
Is
Warm Spring V let g 5s
1941 M 8 *10612 10934 ---13
1950
.
1
J
---- ---- If•Cuban Cane Prod deb 6s
99
1937 j j 10612 10634 34 102
10638 10718
Cumb T dr T let & gen be
3314 5014
3418
37
Chic & Alton RR ref g 3e
79
1949 A 0 34
67
206
7458 9475
1943 M N 7812 80
10112 10614 Del & Hudson let d ref 4s
Chic Burl dr Q-III Div 334s
84
1949.2 .1 10458 10538 21
93
100 101
be
9234 106 10914
Illinois Division 4e
1935 A 0 *1001e 101 ---109
1949 J .1 108
27
8912
20
94
8912 10234
Gold 534e
10634 110
.1937 M N 93
8414
General 48
1958 M S 10778 '1094 59
107
1
9334 10612 107
1971 J .1 107
1044 10958 Del Power & Light 1st 435e
77
let & ref 434* ear B
1977 F A 10412 10512 25
6
88
1969 J J 10212 10312
102 104
let de ref 4348
844 10878 11438
let & ref be ser A
1971 F A 10878 1111z 42
____
93
1969 J J *10212
1054 10658
1st mortgage 430
73
7514
53
7514 12
it:Chicago & East III 181 68
1934 A 0 75
96
---,
1936 F A *10212
538 978 D RR & Bridge let g 4s
538
638
7
47
I•C & Eli! Ry (new co) gen be _ _A951 MN
85
10214 108-4
Den Gas de El L 1s1 &ref 8 f be
*Certificates of depoelt
1951 M N 10638 10678 10
518 9
512
6
612
3
8313 103 10714
5
Stamped as to Penne tax
8212 11112 117
Chicago & Erle let gold 5.9
1951 MN 10638 10612
11412 11
1982 MN 113
23
37
27
23
1936 J J 25
10338 10634 *Den & R 0 let cons g 4e
97
Ch 0 L de Coke 1st gu g bs
3914
1937.3 .1 1054 10618 21
1
1936 J .1 2612 2612
1912
2414
1914 3538
3958
25
*Como!gold 44e
f*Chicago Great West 1st 45
1959 M S 2014 2112 73
8
28
7
612
612 12
*Den & HG West gen 6e _ __Aug 1955 F A
3012 34
2114
4.4e stamped
*2012 2078 -_
1969
51e
30
578
7
_
512 11
15
*Assented (sub) to
I•Chic Ind & Louley ref 138
2134
15
1
1947 J .1 1512 1512
1112 21
12
1314 24
21
22
*Ref & faint bs ser B plan)-.
21
*Refunding g be ser B
Apr 1978 -5 0 12
184 _
1947 J J *1514
24
3 ---234 234
S•Des M & Ft Dodge 4s ctfe_ _1935 1 J *234
18
21
•Refundlng 48 series C
18
1947.2 J •124 17 __-634
77 ---1947 M S *____
5
814 Dos Plaine,' Val let gu4348
534
*let & gen 5s series A
8
6
578
1966 MN
5
834
534
578 11
*let & gen 68 series B_Mtty
5
1966 J J
95
10534 10934
8675 9212 Detroft Edison be ser A
Chic Ind & Sou 50-year 4s
1949 A 0 10534 10614 50
70
90
1958 .1 J *84
92
2
10712
107 110
Gen de ref 58 series 13
1955 1 D 107
93
Gen & ref be series C
1064 1104
10814 11012
99
Chic L S & East 1st 4348
1969 1 D •11078
1962 F A 10814 10912 18
Gen & ref 434s series D
3438 5838
3438
ChM M dr SIP gen 4s ser A
1981 F A 10978 11012 52, 8518 1064 11158
4412 138
1989 J J 41
904 10818 111,2
6
Gen de ref be series E
55
4134 35
35
35
Gen g 354* ser B May 1
1952 A 0 10838 10858
1989.2 j 39
26
1995 .1 D 26
2718
26
20
3
36
6238 •Det & Mac 1st lien g 4s
36
46
43
Gen 4356 series C__May 1
1980J J 44
2
1118
124 15
*Second gold 4s
3618 824
3618
4534 49
Gen 4355 series E__May 1
1989 J J 43
1995 1 D 1258 124
1961 MN 11012 11112
84
6
10578 11118
3618 644 Detroit River Tunnel 435s
3618
4612 23
Gen 454e series F-May 1
1989 J J 44
92
10518 107
Dodge Bros cone deb 68
958 28
938
1940 MN 10518 10538 38
1278 345
11
Chic 15111w St P & Pac be A
1975 F A
2
104
212
758 Donner Steel let ref 7e
212
312 522
87
102 104
*Cony adj be
1942 .1 .1 104
3
Jan 1
_2000 A 0
--------102
3014 4812 Dui Mlestibe & Nor gen be
3014
1941 1 J •106
3812 11
Chic & No West gen g 334s
1987 MN 37
1937 A 0 *1083* --------102
34
10714 10-84
Dul & Iron Range 1st 55
53
34
General 4e
1987 M N 3934 4058 106
3112 4712
20
3
1937 J .1 3512 38
Dul Sou Shore & Atl g be
3518 53
3518
Stpd 45 non-p Fed Inc tax_1987 M N 39
41
3
9914 10412 110
36
574 Duquesne Light let 4343 A __ 1967 A 0 10434 ' 10558 46
36
Gen 434e stpd Fed Inc tax
16
43
1987 51 N 41
9934 11134 1134
.5
113
364 8112
3634
let M g 434e series B
Gen 5e stpd Fed Inc tax
29
1957 M S 113
45
1987 SON 43
4412 70
444
Secured g 635s
1936 M N 48
4978 30
164 31
1618
614
9
60
1312 121
**East Cuba Sug 15-yr,
23
714 13,2
1s1 ref g 5s
1937 M S
May 1 _ __2037i D 18
e f 734e
894 10114 10218
East Ity Minn Nor Div 1st 4s _1948 A 0 *10058_ ____
1455 28
1458
1st Are! 4355 stpd.May 1 __-_2037 J D
1.534 2014 42
79
20
1418
21
64
105 11112
East T Va A Ga Div 1st be
1956 MN 10612 1-67144 28
1814
let de ref 4 yis ger C_ May 1 _.._2037 J D
99
34
9
2212 Ed El III Bklyn let cons 4s
10612 108
1939 J J 10778 108
Cony 434s series A
1949 M N 1012 1512 717
94
____ 10734 12378 12418
Ed Elec(N Y) let cons g be
1995 .1 .1 •12518
11:•ChIcago Railways 1st 58 stpd
3878 4112
3118
*El Pow Corp (Germany) 63415_1950 M S 38
4
3812
6614 74
Aug I 1933 25% part pd
F A 3 7012 7114
3
4214
f•Chle RI & P Ry gen 48
364 40
30
7
3814
*1st sinking fund 634s
1953 A o 38
3214 4578
3214
3614 28
1988.2 J T35
89
10414 10634
3
3218 43
30
Elgin Joliet & East let g be
2
*Certificates of deposit
1941 M N 10634 10634
p333* 334
814
1014
il•Refunding gold 48
50
El Paso & SW let 58
19
94
60
3 JA 0
., 9214 95
1014 17
.58
95
92
1134
13
1934 A0
10178 10258
90
Erie & Pitts g gu 34* ser B
10
16
*10318 _____
1114
*Certificates of deposit
10
1214 42
f*Secured 435e series)..
1012 18
17
Series C 345
13
10134 1014
90
1940 J .1 *10318 ______
1012
1952 M S 13
69
Erie RR let cons g 48 prior
1018 16
*Certificates ot deposit
974 102
1018
11
12
7
1996 J J 9838 9914 50
7912
*Cony *434*
70
52
41e 10
412
87
let consol gen lien g 48
5
6
1960 M N
24
1996 .1 .1 7212 74
104 105
99
4
105
Penn coil trust gold 48
!gm F A 105
Ch St L & NO 55
78
65
5012
4
Cony 4s series A
10134 1054
6638
1953 A 0 65
75
100
June 15 1951 J D *92
Gold 334s
6514 78
5012
1953 A 0 6514 6738 20
Series B
6313 -June lb 1951 .1 D
Memphis Div 1st g 40
7278 76
62
80
85
68 __
Gen cony 48 series D
59
1951 J D 81
8114
6
1953 A 0 *____
Chic T H dr So East lot be
4812
2578 55
2578
5212 7414
5612 6012 129
Ref & impt be 01 1927
1980 J D 3734 3912 52
1967 M N
Inc gabe
7418
134 3434
1312
52
4634
253
Ref & Inapt be of 1930
Dec 1 ___j960 M S 20
2312 43
1975 A 0 5612 60
Chic Un Stan lst gu 435e A
11412
9014
Erie & Jersey 1st a f 6s
J
1963.2 J 310812 109
117,4
11
11514
J
9334 10634 10958
29
11514
1955
Is series B
1963.2let
924 11212 11612
5
Genessee River lets f 68
10658 11014
./ 1081e 109
115
2 100
1957.3 J 115
Guaranteed g be
105 105
N Y & Erie RR ext 1st 4s
107 10838
1944 J D 10738 10734 38
95
1947 M N *10618 --------86
bit guar 1335e aeries C
3e1 mtge 4358
111 115
1983.3 J 11118 11114 24 108
____ 95
1938 M S°1023*
Chic & West Ind con 45
9812 Ernesto Breda 75
92
8372
5
077
1952 J J 9634 9714 130
75 -7-7-12
68
1954 F A 077
1st ref 535s series A
102 105
82
1982 15I S 10312 10438 47
1st & ref 535e series C
!II
81
80
9
1942 M S 8878 94
103 10412 Federal Light & Tr let 5a
1962 NI S 10334 10414 54 103
Childs Co deb 5e
84
83
75
8
be International series
5134 6514
3014
1943 A 0 1!5234 57
35
1942 M S *9118 9112
Chile Copper Co deb be
7934 92
69
18
1st lien s f be stamped
91
79
46
1947 J .18958 91
124
1942 M 5 8812 92
*Choc Okla & Gulf cope 58
1st lien 6s stamped
4114
8018 9218
5912
6
9212
37
1942 141 S 91
38
1952 MN I*31
39
Cln G & E let 504s A
634 76
30-year deb (is series B
4814
8778 10334 10718
1
1988 A 0 /10612 107
.50
1954 .1 D 7318 734
8872 10234 103
On H &:_, 2t1 gold 4351
90
8214 97
Flat deb s f g 7s
1937 J J *10212 10312 1946 .1 J .824 87 ____
C 1St L & C let a 4e_Aug 2 __,1936 Q F *10158 ____ __-_
25
1•Fla Cent & Penfn be
9712 10112 103
4314 43,4
1943 1 J *4312 47 ____
10078 10234 2•Florlda East Coast let 4345__ 1959 J D *45
82
Cln Leb dr Nor let con gu 48
48
5478 67
544 ____
1942 M N *10238__ ____
co3 Union Term let 4355 A
9
*let & ref 5e series A
1078 60,
9755 109 11034
2020.2 J 10918 10918
5
64 127s
84
1974 51 S
1st mtge be series B
814
____
512
912 34
512 12
*Certificates of deposit
9834 110 11358
2020) J 11158 112
9
1st guar 55 series C
Fonda Johns & Olov 4348
11134 114
1957 M N 11212 113
34 100
1952
6912 6958
614
6 ____
Clearfield Bit Coal 1st 4s
*434
5218
N
ii•Proof of claim filed by owner_1940 1 .1 *7018 ____ ____
____
7812 ____ _
Clearfield & Mali let gu be
(Amended) lit cons 2-48
1943 .1 .1 *95
1982
5
4
II'Proof of claim filed by owner_ M N '
3
38
412 ---Cleve Cin Chi & St L gen 4e
1 i•Certificates of deposit
34
31e
89 101
2
658 -----_- *312
85
3
1993 1 D 9214 9512
83
_
Fort
General be series B
10158 10158
_
St
U
D Co 151 g 434s
1941 J J *9912 103 ____
- 924 -_
1993 J D *10018
Ref & !mot 6s ser C
944 104 10834
10512 __I3
9512 0114 Ft W & Den C let g 5 %a
73
2
1941 1 J 9512 9512
1961 J D 104
Ref &!mot 58 ser D
60
8512 Framerican Ind Dev 20-yr 7%s _1942 J J 10612 10612
8134
106 11018
948
5
1963 J J 6214 664 125
Ref & inapt 4 3.4* ser E
34
38
34
ao 7712 f•Francleco Sue let *1 735s
23
15
ao
1977 J 1 554 6018 199
1942 M N 28
Cairo Div 1st gold 4e
1939 .1 .3 *1044 10514 ---884 1034 1044
I
Galv Hous & Hand 1st 5%8 A
Chit W de M Div Let 4s
79
76
10, 72
__'38 A 0 764 79
8714 93
58
1991 J J *8818 9078 _--8
Gannett Co deb 68 ser A
7334 101 104,2
95
St L Div Sot coll It 04*
88
1943 F A 1034 10412
68
7
1090 MN 9034 9112
_ _I 103)8 1154 11712
Spr & Col Div 151 g 45
____ ___ Gas & El of Berg Co cons g 5s__ _1949 J D •116.8
85
1940 M S *10313 105 ---4, 353*
1934 M S a6078 a6078
W w Val Div let e 1s
5614 64
954 9518 *Klelsenkirchen Mining 138
72
97
1040.2 J *
99 10312
734
17
105 10534 Gen Amer Investors deb be A __1952 F A 10234 103
87
1
1938 J J 10514 10514
Cleveland & Mahon Vol 058
48
26
9(1
87
1947 1 .1 8812 90
10018 10018 Gen Cable Islet 534* A
99
Clev & Mar let 0110 4355
1935 M N *10012 101
--------------------Gen Electric deb g 334s
97
1051z 1063*
1912 F A *10558 106 ___
Clev & P gen gu 4345 ear B
1942 A 0 *107
Series 13 334e guar
323*
4
____ ____ *Gen Else(Germany) 7e Jan 15_ __ '45 1 .1 4534 4712
4012 4712
___ ____
1942 A 0
Series A3
5234 ---7
*s f deb 634e
4 ,12 guar
33
5 10758
1940) D *46
4814
40
___- 1078
•1074
1942 J J *102-10014
1948 M N 4612 4714
6
*20-year *1 deb 68
4714
40
303*
Series C 3358 guar
90
1948 MN *10112
Gen Pub Serv deb 5358
13
9018 96
78
Series D 3353 guar
1939) .1 9018 92
1950 A F
5444
22
4
065
6
67
914 70034
11,2 20
Gen 435e ser A
9002
1:4
54:82
66
__ Gen Steel Cast 54e with wart
1919 J___J_
1977 F A *103
____
91
7
_ft•Gen Theatres EQUIP deb Os_ _A940 A 0
7312 10012 10518
iii
cove Silo Line let gu 4%s
1981 A 0 10212 1-03Cleve Union Term gu 535e
*Certificates of deposit_.
9278 103
74
1972 A 0 924 934 90
18 ---18
17
9
let s f be Series B guar
9718 /*Gs & Ala Sty let cons 5s_ __ Oct '45.3 J *7
85
71
8614 104
1973 A 0 85
2212 __
19
224 24
9114 4I•Cia Caro & Nor let ext (le
lets f 435e ser es C
1934 J J *20
80
68
8114 43
1977 A 0 80
43
Georgia Midland let 3e
39
__
46
44
1946 A 0 e____
0051 fth
,
r Ry 1st gu 48
924 104 104
_
__
1945.2 D *1044
3512 4434
34
*Good Hope Steel & It sec 7&,_....1945 A 0 3512 3512 10
50
Colon Oil cony deb 13s
38
1938 J .3 4534 153-4
38
1
894 108 10938
1947.2 J 1084 10834 36
6611 8414 Goodrich(B F)Co 1st (13.53
t•colo Fuel & IF Co gen e f 5e._ _1943 F A
8134 8222 19
263*
83
9212 9758
Cone deb 65
1945 J D 9212 9312 123
2214 34
1558
11,•Col Indus lst & coil Ss gu _1934 F A 2278 2312 125
8914 9912 Goodyear Tire & Rub 151 58
8334 104 106
104,2 102
1957 M N 104
73
99
465
Colo & South ref de ext 434e
19358! N 98
8212 974
86
4
8212
7334 Gotham Silk Hosiery deb 68
1936 J D 85
56
General mtge 435e ear A
1980 M N 59
554
41
61
it
17
11
1712
1814
3634
1910 F A
554 6512 I I•Gould Coupler let a 16*
50
*Assented 4358
1980 _
5638 58
101 101
1942 J D *._- 10134 -___ 101
69
8418 Clouv de Oswegatchie let 58,_
5912
Columbia 0& E deb be __ __ May 1952 M N 8258 8418 118
9134
*106
107i2____
J
10412
J
Or
I
1071e
It
dr
ext
let
gu
g4%8
1941
685
8
833
4
Debenture 58
8014
Apr 15 1952 A 0 83
8313 24
10538 41 10148 105 10634
1910 A 0 105
8312 Grand Trunk of Can deb 78
68
58
Debenture 55
Jan 15 1961 J .3 8134 8312 156
Deb guar 68
1936 M S 10614 10612 25 10014 1064 1074
10214 10238
94
1948 A 0 *105
11012 __
Col & TT s' let ext g 4s
__
__ ____
_ ____
____
D
J
Grays
Point
Term
1947
let gu 5s
1957 J .1 10514 10578 21
9812 10578
73
Columbus Hy P & L let 4318
8978 --924 30
58
--4
8634 -9-212
1944 F A
1942 A 0 111
Secured cone g 534e
9014 10834 1124 Gt Cons El Pow (Japan) 78
11112 10
14
814
8414
56
.1
let
&
gen
J
4
of
1950
784
1053
634s
8414
1054
F
A
Toilet
ext
4s
1955
91
Col &
714
8614 160
82
1936 J J 84
95
954 11012 11238 Great Northern gen is ser A
1949 F A •10534---Comm.
'Invest Tr deb 5348
11114 11134 61
6812
54
9814 99
96 104
let & ref 44/1 series A
1981 J J
---- ----92
100 10014
1943 A 0 *101
CODEI dr Femur° Riv let 4a
7812 77
84
General 5948 series B
19521 J 7674
93
75
1951 .1 .3 *10712 --------88s 10610 10632
Conn Ry & L 1st & ref 435e
57
9
69
General 5s series C'
1973.3 J 71 14 72
864
1951 1 J •10718 --------965* 108 10634
Stamped guar 44e
180
5378
General 434s series D
1978 J 1 6434 68
63
7934
•Consolldated Hydro-Mee Works__ __
534
97
General 448 •er1e* F
6234 794
41 14
....1077 1 J 644 68
35
33
.
1958 J 1 *32
3512 ____
of Upper Wuertemberg 7e
For footnotes see mote 2499.
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
New York Bond Record-Continued-Page 4
Week'i
July 1
t a Range or ; 1933 to
21- t
Friday's
,Sq. Ajar.31
-,3* Bid & Asked 4.2
1935
Low
'Green Bay & West deb We A
Feb .35
*Debentures ctfa B
Feb *35*
Greenbrier Ry 181 gu 42
1940 MN •104
Gulf Mob & Nor let 5442B
1950 A 0 54
let mtge 5a series C
1950 A 0 55
Gulf At 8 I let ref & ter 52 ____ Feb1952 J J ._-__
Stamped
J J.
Gulf States Steel deb 5448
1942 1 D 9612
Hackensack Water let 42
1952 J J 1067g
•Hansa SS Lines es with warr
1939 A 0 *4018
•Harpen Mining 68
1949 J 1 *
Havana Flee comaol g 5e
295
1952 F A
•Deb 534* series 01 1926
1951 M S *4
Hocking Val 1st cons g 444e
1999 J J 115
12•Hoe(R)& Co let 6448 ser A
'34 A 0 35
*Holland-Amer Line 138 (flat)._ __1947 MN .11
Hon/atonic Ry cons 058
1937 M N
74
II & T C 1st g Se lot guar
1937 J J .105
Houston Belt & Term 151 58
5937 J J 10112
Houston Oil sink fund 5445 A __ 1940 MN 91
Hudson Coal 1st 2 f 58 set A
1962 i D 3512
Hudson Co Gas 1st g 58
1949 MN *11734
Mid & Nfanhat let 58 ser A
1957 F A 8358
Adjustment Income Es __ __Feb 1957 A 0 304
Illinois Bell Telephone 55
1956 J D 10814
Illinois Central let gold 92
1951 J J *10113
let gold 344*
1951 1 .1 *100
Extended let gold 341e
1951 A 0 *100
151 gold 38 sterling
1951 M 5 .74
Collateral trust gold 45
1952 A 0 68
Refunding 4s
1955 MN 6912
Purchased lines 344s
1952 J 1 •-- Collateral trust gold 4s
1953 SIN 5912
Refunding 55
1955 NI N •____
15-year secured 6442 g
1936.8 1 921
40-year 434s
4614
Aug 1 1966 F A
Cairo Bridge gold 42
1950.8 D .100
Litchfield Div 1st gold 32
1951 J J *79
Loulsv Div & Term g 3%2
1953 1 J 9014
Omaha Div 1st gold 32
1951 F A .68
St Louie Div & Term g3*
1951 J 1* -Gold 3442
1951 J 1. .
Springfield Div let 033.45
1951 1 J *9112
Western Linea 1st g 92
8614
1951 F A
Ill Cent and Chic St L & N 0Joint 1st ref 58 series A
1963 J 0 5512
1st & ref 4%a series C
1963 J D 51
Illinois Steel deb 44s
1940 A 0 10718
•Ileeder Steel Corp mtge es
1948 F A
39
Ind Bloom dr West 1st ext 48
1940 A 0 *102
Ind III & Iowa let g 42
1950 J I *94
Ind Nat Gas & 011 ref Se
1935 M N 10314
:•ind & Louisville let gu 48
1956 J J .714
Ind Union Ry gen 52 ser A
1965.8 J 510512
Gen & ref 52 series B
1985 1 J *10612
Inland Steel let 443 ser A
1978 A 0 104'8
1st M a 1 434, set B
1981 F A 10412
tinterboro Rap Tran 1st 58
1966 1 .1
8614
I•10-year es
1932 A 0 53
•Certificatea of deposit
*8658
I•10-year cony 7% notes
1932 NI S 87
*Certificates of deposit
8612
Interlake Iron 1st 52 B
1951 M N 76
Int Agri° Corp 1st & coil tr 613Stamped extended to 1942
M N
9514
Int Cement cony deb 55
99
1948 M N
j•Int-Ort Nor let 62 ser A
29
1952 1 J
*Adjustment es ser A __July 1952 A 0
534
'1st Is series B
27
1956.8 J
•ist g 5s series('
2712
1956 J .1
Internet Hydro El deb es
1944 A 0 3434
Int Mere Marble e I es
1941 A 0 5212
Internet Paper 55 set A de B
1947 1 J 60
Ref of Co aeries A
1958 M 9 3912
Int Rya Cent Amer let 5a B
1972 M N
7214
let coil trust 8% g notes
75
1941 M N
let lien & ref 6442
1947 F A
72
Int Telep & Teleg deb g 434e
55
1952 1 J
Cony deb 4442
1939 1 .1
64
Debenture 58
1955 F A
6914
Investors Equity deb ret A
1947 J D 10134
Deb 58 ser 13 with warr
1948 A 0 10214
Without warrants
1948 A 0 10214
2•Iowe Central let 52 ctfe
1938 1 D
512
•Ist & ref g 48
1951 M B *Vs
James Frank & Clear 1st 48
1959 1 D 74
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
2497
22
Week's
July!
.
" Range or
" 1933 to
b3
le
h.riday.s
,..._ Har.31
= 2.
22 tr. Bid db Asked al te
1935
Range
Since
Jan. 1
High No
Low Low
High
Low
moo No. Low Low
Hio.`
--------Lex dr East let 50-yr 58 gu
28
11318 117
115
1985 A 0 115
5
8914
312 5
3
Liggett & Myers Tobacco 72
1949 A 0 13112 13212 21 117
130 134
.5s
8814
1951 F A 12138 12214 13 103
1157* 12214
54
2
50
54
70
Little Miami gen 42 series A
104
1962 MN 104
1
8112 104 104
5514
2
4912
55
66
Loew's Inc deb ef es
1941 A 0 10412 10518 20
10314 106
76
60 ____
55
6614 6614 Lombard Elec 7e ser A
6118 8012
6118
6934 15
1952 J D 68
54
Long Dock come! g 62
65
1935 A 0 10178 10212 20
9712 10178 10378
9612
2
9012 9734 Long Island50
10672
3
9512 10512 108
General gold 4s
1938 1 D *1053
9814 1043 10512
_ ---4314 _ __
3818 46%
31
Unified gold 42
10312
_47
1949 M 5 10312
8714 10238 105
50
3912 491*
3612
20-year p m deb 58
1937 M N 10318 10318
2
9218 10218 10314
298
23
7
28
3018
Guar ref gold 4.3
1949 M 5 10218 10234 14
8534
10134 109,2
5
4
4
512 Lorillard (P) Co deb 75
1949 A 0 12718 12814 24 110
12514 12812
11612
5
91
11258 11712
74
58
1951 F A 11318 114
9858 1121 11512
35
5
3112 42
20
Louisiana & Ark 1st 5s ser A
58
1969.8 .1 5914 607g 85
3812
6912
15 ____
1212
13
15
Louisville Gas & El(Ky)5s
1952 MN 11112 11178 36
86
10714 112
77
7
80
74
95
Louis dc Jeff Bdge Co gu g 42
1945 M S 10378 10378
1
102 104
751
905* 1047a 106
Louisville & Nashville 52
10614 10718
1937 M N 10614 10712 16 100
10212 21
89
101 10234
Unified gold 45
1940 J .1 10638 10712 74
8812 10412 10718
9112 43
85
61
9112
1st refund 5445 series A
72
105
81
103% 10712
2003 A 0 104
3912 81
35
35
4478
let & ref 55 aeries B
2003 A 0 10558 10612 61
80% 10334 107
---- 10158 11334 118
1st & ref 444s series C
2003 A 0 10012 101
74
51
9812 104
16-1g 98
63,
4
Gold 55
8358 9018
1941 A 0 .10834 109 ---9812 10614 109
33
93
27
2812 3978
Paducah & Mem Div 48
1946 F A *103
10312 ____
102 104
82
10834 44 10312 108 11114
St Louis Div 26 gold 38
7412 8312
5412
1980 M 8 8058 8114 14
104 104
83
Mob & Montg 1st g 444s
_ _--10858 10912
1995 NI S
92
--------76l2
99 10118
South Ry joint Monon 42
7758 7758
1952 J J *10912--86
I
77
56%
1k
--------78
99 100
Atl Knoxv dc Cin Div 92
80
6
105 108
1955 M N 10612 10658
66
____
_ *Lower Austria Hydro El 840_ 1949 F A 90
93
51
88
9412
99
-6-212 16
3
4
57
67 --8312
6913 8632 I:McCrory Stores deb 540
70,
4 36
561s
1941
71
723*
56
71
Proof of claim filed by owner_
4612
8712 8934 29
8134 90%
6112 58
5234
5912 7512 McKesson & Robbins deb 545e____'50 iii -NI 9614 9734 209
9324 9912
53
843 9912 12•Nfanati Sugar let a f 7448_ _1942 A 0 19
7712 ---7014
5
19
9
19
11
95
21
82
90 101
•Certificates of deposit
15
1712 10
712
814 1712
4212
498 77
4213 631*
III•Stmpd Oct 1931 coupon_ _1992 A 0 1712 1712
2
818 1712
612
--------7018
9852 10024
•Certificates of deposit
50 ____
4
12
12
---- *48
73%
85
4:•Flat stamped modlfied_
85
4
___ .1612 20 ____
918 15
-22
23
6512
8958 9218
*Certificates of deposit. 19
712
14
19
71: 19
7278 ____
60
77
77
2•Manhat Ry(NY) cons g 45 ___1990 A "c) 5234 5334 32
35
5034 59
75
61
75
74
*Certificates of deposit
_
48
6
48
35
47
5434
8234 _
6212
83
8714
•26 45
2013 J iD ------------27
4012 45
Manila Flee RR & Lt 8 f 52
87
82
924 98
1953 M S *8613 9412 _--_
8614
1
75
852 8614 Manila RR (South Lines) 42
71
2
71
1939 M N
493
70
7218
lot ext 45
51
___ ___
1459 M N
63% 70
60
84
52%
5212 7838 Man GB & NW let 344s
*70-52 ____
50
1941 1 .1 •___.
545* 100
50
9934 733 Mfrs Tr Co ctfs of panic In
10734 14 10114 106 10812
:
A I Namm & Son let 65
2
7114 751
7518
1943,1 D
50
75
39% 10
3712 4314 Marlon Steam Shovel a 1 65
31
70
7
5814
55
1947 A 0 58
41
____ ____
__ Market St Ry 78 ear A _Amil
____
8912
72
71
38
1940 Q .1
60
63
7314
9712 Mead Corp let 68 with wart
967 _72
47
8513 24
84
7918 8812
1945 M N
10314
6
94
102 10314 Meridionale Else 1st 72 A
98
88
1957 A 0 9034 9034
88
3
1014 _
10
10
16
Nfetr Ed let & ref 52 ser C
1
1953 .1 .1 10518 10518
77
10218 10512
98
109 10614
1st g 444e series D
67
78
957 10212
1968 M S 10158 1017
9814 106 10612 Metrop Wet Sew AD 534s
1950 A 0 9712 9812
4
97 10134
74
105
67
79
103% 10618 II•Met West Side El(Chic)48._1935 F A .1014
12 ____
914 1112
9
1047
28
1033 10514 *Me: Internet 1st 42 asstd
80
174
412
1977 :31 11 *_
8814 349
5612
8114 89
*Wag MIll Mach 1st 81 Te
37
1958 1 D
5
55
33
-3-3
33
56
73
1914
65
52
Michigan Central Detroit & Bay
8712 _
51
2014
62
City Air Line 42
9314 10012 10414
2
1940 1 3 1004 10034
8812 56
5712
89%
84
Jack Lane & Sag 33.48
92 ____
1951 NI 5 4.__
8734
88% 901i
8714 73
5712
89
82
let gold 344s
8412 10013 10312
1952 M N 10058 10114 21
77
17
50
72
82
Ref & 'tont 4448 series C
70
94 ____
9312 99,2
1979 I .1 •____
Mid of N J 1st eat 52
7212 80
70 ____
612s
1940 A 0 .68
9512 13
52
9118 9934 Midvale St a:0 coil Ire 1 65
90
102% 103,2
10314 122
1936 M 8 103
998 141
Nfilw El Ry & Lt let be B
74
9713 102
57
7712 94
1961 J D 9178 9212 44
294 13
2512 41
25
let mtge La
56
7612 9412
1971 J J
915* 9214 11
612 31
5
5
1114 •INfilw&Nor 1st ext4445(1880) _ __'34 .1 D ------------6214 ---- ---2812
3
23
23
1st ext 4442
3814
8534 70
88 ._ _ 1939 _ - _ _ .55
6514
2812 11
23
23
Con ext 4 1-32
37%
65
68 _--1930 ____ .55
80'2
6534
3812 157
2814
2814 58% Mil Spar & N W let au 42
3412
3912 53
4038 42
1947 M B 40
5413 37
50
37
56
Milw & State Line let 3442
85 __1941 1 l .____
6012 -_ 2
66
71
47
58
77
2•Minn & St Louis ISs ctfs
irg 11a
7 __-1934 M N .412
4
48
44
3114
3558 5812
'Is' & refunding gold 42
1949 M S •1
1
212
112 ---1
7214
1
4518
70
74
*Ref & ext 50-yr 58 ser A
113
1962 Q F .
112 112
12
138 „-78
4
7418 81
4918
75'1
Q F
*Certificates of deposit
.12
78
1 18
112 ..-72
1
4312
7012 8112 M St P & 89154 con g 42 Int go-- -'38 J .1 2718 301
2814
2778 384
27
56
37
107
50
6412
let cons ea
1978 2812
19%
12
20
-1938 J J 20
65
78
3834
5812 72
let cons 53 gu as to lot
31
33
4078
18
39
1933 J .1 33
6114 161
5512 6958
40
let & ref es eerie* A
1812 2312
16
19
4
19
1946 .1 J
10212
6
99 10212
8018
25-year 545
1949 M S •1714
175* 1912
1874 ---15
10214
1
82
99 10214
let ref 5342 series B
5118
6712 73
1978 J J 6812 6912
8
10278 16
99 10278
82
let Chicago Term e f 4e.
1941 MN ------------85
6
16
358
414 972 Mississippi Central let 52
9
1949 4 .1 .93
75
_ _-9-3-12
Iii
1
114
1
1%
77
13
66%
8334 2•Mo-Ill RR let 55 series A
74
12
1959 1 I
11
1838 30
1812 19
Mo Kan & Tex let gold 48
1990 1 D 72
7312 135
8958
72
6718
Kal A & G R let gu g 513
1938.8 .1 •
10012 99
9934 10012 Nfo-K-T RR pr lien 55 ser A
46
4912 73
1962 .1 J
45
4634 48
Kan & NI let gu g 48
1990 A 0 .9558 995*
70
97
10112
40-year
series
13
42
4012
4012
62
12
J
4314
1962
4234
1
I•FC C Ft 8 & M Ry ref g 45
1936 A 0 3114 3173 13
3012
Cl
31
Prior lien 440 series D
64
50
19714 1 J s____
50
4418 ____
*Certificates of deposit
A 0 3212 3212
1
29
2812 39%
Cum adjust 58 ser A
14
75
Jan 1917 A 0 1334 15
134 3612
K C Pow 5c IA let 440 eer B
1957 1 .1 105
10514 30
105 10814 2•Mo Pac 1st & ref 5s ser A
97
A
20
1965
20
2112
30
F
52
2212
1st mtge 4442
1961 F A 111
11238 11
96
11014 114
•Cert.ficates of deposit
2714
19
19
3
194 20
Kan City Sou 1st gold 35
1950 A 0 7314 74
54
5114
0912 7834
*General
45
B
1975
57
618
8
M
44
7
57
11 14
s
Ref & impt 58
Apr _ _1950 J 3 57
61
73
5578
5572 7411
*1st & ref 55 series F
1977 M 5 2114 2212 98
1912 30
1934
Kansas City Term 1st 48
1960 1 J 10578 107
70
8412 105+2 109
*Certificates of deposit
1812 27,4
1912
1934 21
0
Kansas Gas dr Electric 4)4s
1980 J D 103
70% 100% 105
1035* 65
*let & ref 53 serlea 0
197
1934 29%
1978 SIN
20
2214 63
•Karstadt (Rudolph) 1st 62
1943 MN
41
41
5
1334
32
4438
'Certificates 01 deposit
20
2012 __
188 27
•19
"certificates of deposit
313 3134
1
13
26
3834
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gold
412
4
334
M
50
N
1949
53.48
334 778
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2514 2514
1913
3
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1912
1980 A 0 2112 2214 59
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Keith (II F) Corp let es
1946 M S 70
73
29
44
6712 7912
•19
--------22
*Certificates of deposit
:Kelly-Springfield Tire ea
1942 A 0 51% 52% 36
29%
4412 57
*let & ref 52 series 1
1934
1912 10-14
1981 F A
2114 2212 02
Kendall Co 5445
1948 54 S 102
10234 24
68
10112 10358
*Certificates of deposit
20
8
1878 27
1913 20
Kentucky Central gold 4s
106
4
1987 J J 106
80
10412 106
•IVIe Pac 3d 78 ext at 4% July ___1938 MN .____
80
____
76
69%
80
Kentucky & Ind Term 4442
84
1961 1 .1 *80
..
73
77
91
Mob & Birm prior lien g 58
1945 J .1 .8012 99
-Stamped
99
___
1961 1 J .92
80
95
Small
9812
Plain
1961 I J '98--------93
M gold 45
45 ____
1946 J J •____
46%
45
48
Kings County El I. & P es
574 ____ 103 10814 10834 letSmall
1937 A 0 510815
Purchase money ea
1997 A 0 14712 14712
7 118
14512 148
2'Mobile & Ohio gen gold 45___1938 NI S .____
8818 ____
30
Kings County Elev 1st g4*
1949 F A 9914 10012 56
68
94 10012
*Montgomery Div 1st g EA__ _1947 F A .1014
12
12 -1-6-12
13 ____
Kings Co Lighting lst 58
1954.8 J •11134 ____ ___ 10034 110 112
57
'Ref & impt 4448
57
612 ____
1977 M S .518
9
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121
1954 J J 121
2 10512 118 121
*Sec
5%
notes
S
1938
53
4
M
53
4
1
534 912
6'8
ICInney(OR)& Co 74% notes
..'36 J D 103% 10378
2
77% 10014 104
Moh
&
Mal lot gu 0016 4*
1991 M5 .7914 8234 ____
70
12
79
85
Kresge Found'n coil It es
10338 34
1938 1 D 103
87
10214 10312 Mont Cent let go es
10072 10212
1937 J J 1007s 10118 27
87
2•Kreuger & Toll CIA 53 ctfa
1959 M S 3134 3212 120
1014
2614 34
1st guar gold Ss
1937 J J 9738 99
79%
18
9738 101 12
Lackawanna Steel 1st 5a A
1950 M S 10618 10612 11
9412 106 10912 Montana Power let 5s A
1943 J .1 10314 10412 00
77
9313 109%
**Laclede G-L ref & rat 58
1934 A 0 ------------79
97 101 18
Deb 58 series A
1962 1 D
75
42
77
5012
81
67
5s1934 extended to 1939
A
985
99% 53
90
97% 101% Montecatini Min & AgrieCoil & ref 5%s eerie, C
60
6138 72
1953 F A
4634
5912 70
Deb g 78
1937
874
.1
8
J
89
8912
89
9312
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00
75
61
1960 F A
46
59
695 Montreal Tram let & ref 58
1941 J 1 08
88
3
0814
9614 101
Lake Erie & West let g 58
10134 102
1937 J
7
77
10114 1031s
Gen & ref a f 55 eerie, A
1955
A
0
57414
____
81
7
03
8
26 gold 52
773
8
7914
•
J
92
1941 J
61
90
94
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1955 A 0 0741
lake Sh & Mich So g 3445
-- ---1997 1 D 9812 9912 14
79
724
97% 10075
-- Gen & tel a 1 4 %a aeries C
1955 A 0 .70 4-76 ____
6334 -.:.::
23.4
I
A
•Lautaro Nitrate Co Ltd ea
75
1954.8 .1
84 86
43
7
1018
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1955 A 0 74
7014
6
74
74
707s
Lehigh C & Nay a f 4448 A
1954 J J 103
10414
8
7712 10178 105
Morris & Co lot 5 f 43.4e
1939 .1 J 10312 1035*
9
1954 3 j 10312 10312
82
101 1037s
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4
80
102 106
Morrie
& Essex 1st go 344s
20001 D 93
70
179
94
Lehigh & N Y 1st gu g 45
9174 9512
64
1945 NI 5 64
1
5211
84
7314
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1955 M N
95
9512 25
77
94 102
Lehigh Val Coal 1st A ref a f5s__ __ '44 F A 89
89
1
64
89
9734
Constr NI 43-4o aeries B
1955 M N 8712 875
6532
23
87
let & ref 51 Is
962*
1954 F A 6614 6614
2
33
0619 30
15Murray Body 1st 645
1934 J D 102
83
4
102
100 10412
let & ref a 1 68
5
3112
1964 F A 581* 5813
5819 72
6441 extended to Dec 1 1942
J 0 101 18 102
31
98
98 102
lot & ref s t 55
___
64
32
1974 F A .50
65
7312 Mutual Fuel Gas let gu g 55
1947 NI N
10813
7
95
10334 10812
Secured 8% gold notes
1938 1 J 9218 9412
8
73
921 9618 NIut Un Tel gtdea ext at 5% _ _1941 M N 108
*1051
89% 102 106
Leh Val Harbor Term gu 58
9712 98
1954 F A
9
9712 104
79
Namm (A I) & Son-See Mfrs TrLeh Val N Y let gu g442
93
1940 J J 93
1
7572
93
99
Nash Chatt & St L 43 ser A
1970 F A
90
78
9014 10
Lehigh Val (Pa) cons g 45
90
97
3612 91
3014
2003 M N 34
3014 502* Nash Flo dr S let gu g 52
1937 F A 10218 10212
3
91
10218 1025*
General cons 4442
2003 M N 3612 3811
7
3112 - 334 5919 Nassau Elec gu g 98 stlX1
1951 J J
51
52
5074
9
General cons 52
695
5014
2003 M N 4212 4434 44
3912
3912 60
Nat Acme let e f (is
1942 J D •___
95 ____
6512
8618 95
Leh V Term Ry let gu 05*
1941 A 0 10638 10714 14
8918 10512 10719 Nat Dairy Prod deb 5%a
1998 F A 103
10311 211
74%
10212 105 1
r or footnotes see page 2499.
47
A
2498
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
New York Bond Record-Continued-Page 5
a
wars
.catiy 1
:"
.3 Rangs of ; 1933,0
r. t
Friday's
11 Mar.31
1935
4o. Bid ct Askid az
Range
Sena
Jan. 1
Low
High No. Law Low
Men
*Nat Ry of Met pr lien 474s
.1957.7 J
*Assent cash war rat No 4 on_
332 -.
332
5
ity
24
5
__,„
_
*Guar 4e Apr '14 coupon
A1 _ _
liii.
*Assent cash war rct No 5 on_
3
3
14
112
____
212 472
*Nat RR Max or lien 4)412
19Ell
*Assent cash war rct No 4 on--------4
3
852
4
5
2
*let consol 4s
- ---.
A-0
liii 3
26
212
*Assent cash war rdt No 4 on__ _
.
234
213 434
Nat Steel let coil 5e
_- 10614 10634 127
A0
85
19E8
10534 108
Naugatuck RR let g 4e
68 ---2
1954 M N *__-60
60
63
3 10112 11312 115
Newark Consol Gas cone 58
1948 J D 11734 11734
151
Newberry(M)Co 534% notes
..'40 A 0 10214 10312
8212 10214 105,4
New England RR guar 5e
71 ---8852
945 J J *--78
81
Consol guar 48
64 ---6152
19461 J *_--63
70
121 12
7 18422 11512 122
New Eng Tel & Tel 5e A
1952 J D 121
let g 4)4e series B
1961 MN 11714 11734 26
9914 11238 118
NJ Junction RR guar 1st 423
- ---1986 F A
8212
8812 8812
NJ Pow & Light let 4748
100
101
98
8812
94 10112
1980 A 0 *91--48/
1
4
4838 8312
New ON Great Nor 58 A
53 --__
19833 J *50
NO & NE let reficimpt 4)43 A ____'52 J J *____
5112 --50
50
63
New Oni Pub Seri,let 5e A
1952 A 0 13612 7052 54
38
6512 7052
7012 70
First & ref Se series B
38
19553 D 65
5552 7072
New Orleans Term lst gu 48
83
6
58%
1953.7 J 82
82
8614
18
toN 0 Tex & Max n-c Inc 58
2
19315 A 0 18
1214
18
2513
33
*1st 5e serlem B
14
1954 A 0 2252 23
2134 2914
*let 5s series C
1956 F A *2214 28 ---1414
22
2813
2112 34
*let 474e series D
1958 F A 21
187s 2734
1418
*let 53-49 series A
1954 A 0 2332 241
23
1412
2218 31
N & C Bdge gen guar 474e
1945.7 J •10512 --------92
10212 104
3 101
102
1935 A 0 102
NYB&MBleteong6s
102 1025s
162
89
N Y Cent RR cony debris
1935 MN 9913 100
9114 100
356
Cony secured 6e
1944 MN 10214 106
9834
9834 11212
Consol 4e series A
1998 F A 7518 7912 210
64
7312 8772
Ref & impt 4%e series A
5334 273
2013 A 0 50
4314
4314 8432
Ref & impt 58 seriee C
2013 A 0 5314 5812 505
4812
4812 707s
N Y Cent& Hud my M 3341
101
1997 J J 9412 96
7372
92
9834
Debenture 4e
1942 1 J 884 884 21
9712
88
87
Ref & impt 4348 ser A
4914 54
384
2013
43
43
6412
Lake Shore coll gold 3348
1998 F A 8112 8212 39
84
785* 8914
8872
85
79
Mich Cent coil gold 3348
1998 F A 8114 8132 12
NY Chic & St L let 5 49
77
1937 A 0 10055 10114 41
10032 1021S
Refunding 574s series A
37
4322
1974 A 0 6012 65
57
n
Ref 474e series C
3634
47
68
1978 M S 5134 5534 253
1935 A 0 5234 5514 68
4112
4352 7112
8-176% gold noise
N Y Connect let fru 4)4s A
8
9222 10815 108
1953 F A 1071e 10752
let guar 5e eerles B
7
1963 F A 10752 10752
10712 10834
99
NY Dock let gold 48
6,
18
402
6952 87
1951 F A 63
1)
Serial 5% notes
30
4212 49
1938 A 0 4352 4434
11332 25 10812 11212 1141s
NY Edison let & ref 632e A
1941 A 0 113
let lien & ref be series B
1944 A 0 10814 10914 32 10212 10772 109%
let lien & ref 5a series C
1951 A 0 10858 10938 47 10255 1084 11014
NY & Erie-See Erie RR.
N Y Gas El Lt H & Pow 5 5a__ -- 19443 111 121Is 12112 15 10452 11612 12112
Purchase money gold 4e
1949 F A 11112 11212 38
96
1075s 11212
N Y Greenwood L go g lie
1
81
851s 9012
1946 M N 8713 8712
NY & Harlem gold 374s
2000 M N *102
11314
98 1014
NY Lack & West 4e ger A
84
1973 M N 10052 101
9284
9914 10114
434e seriee B
3
8912 106 10852
1972 M N 10612 10812
NY L E & W Coal & RR 6745
100 __-_
7512
242 M N *95
2
87
105 10152
NY L E & W Dock & Imp* lis
243 .1 J 105Iy 10512
NY & Long Branch gen 4s
1941 M S *10234
9512 10112 1002
NY&NEBoetTerm 4a
1939 A 0
40
1947M 13 *
NYNH&En-edeb48
Non-cony debenture 3748
1947 M 8 2712 2712
3
Non-cony debenture 3345
1954 A 0 2712 2812 12
Non-cony debenture 46
29
19563 J 28
24
Non-cony debenture 44
2912 34
1958 M N 28
Cony debenture 374e.
16
1966.7 .7 2734 34
Cony debenture 6.
36
109
1948.7 J 34
Collateral trust 118
137
1940 A 0 4972 81
Debenture 48
1934 96
1957 M N 17
18t & ref 4344 ser of 1927
19671 D 281* 3032 171
Harlem R & Pt Chew let 48-1954 MN 8712 8812 50
NYO&Wref54e
4934 92
June 1992 M S 47
General 4e
12
1955 .1 D 3612 37
NY Providence & Boston 42 ...._1942 A 0 *987
-_ __._
NY & Putnam let con go 48
78
7
1993 A 0 75 s-'NY Rye Corp Inc 6s___Jan
912 10
1965 Apr
100
Prior lien (le series A
86
45
1966.8 J 85
NY & Rid= Gas 1st lis A
1951 MN 10812 10814
2
li5b1 Y State Rye 474s A otle..-1982 --152
1
152
•11,
•13749 series 12 certificates
252
1962
NY Steam 6s series A
1104 17
1947 MN 110
let mortgage 6a
10714 17
1951 M N 106
let mortgage 58
1956 M N 10814 10752 17
NY Stlea & West 1et ref be
5
.7 461s 43
1937
2d gold 434e
1937 F A *
4772 _
General gold 5e
MO I
, A *3912 45
Terminal let gold be
59952
1943 M N '
N Y Telep let & gen e f 4/1e
1939 MN 11072 11114 82
NY Trap Rock let 13e
26
19461 D 8112 65
NY Westch & B let ser I 4Ha
193s 2114 93
J
246
!Bag Lock &0Pow 1st 56 A
87
1956 A 0 1073* 108
76
Niagara Share(Mo) deb 534e -.1950 M N 72
138
5Norddeut5cheLloyd 20-yr g f 68_ _'47 MN 7212 73
12
New 4-8%
2
1947 M N 42
4311
Nord Ry ext sink fund 810
158
105
1950 A 0 153
li•Norfolk South let & ref be---.1961 F A
1334 1434 44
•13I2
17
*Certificates of deposit
12•Norfolk & South let 55*
1941 MN 42
45
9
N & W Ry let cone 5 4.
27
1998 0 A 11358 114
Dly'l let lien & gen 5 42
1944.8 .1 10552 10534 30
Pocah C& C Joint 4e
1941 J D 10714 10712 23
North Amer Co deb Se
9312 100
1981 F A 91
1957 M El 8734 8812 10
No Am Edison deb 58 eer A
31
Deb 53211 eer B
93
Aug 15 1983 F A 92
Deb fe eer C
Nov 15 1969 M N 8612 8734 84
qorth Cent gen & ref be A
1974M S*115
118 ---Gen & ref 434s eerie. A
1974 M 13 *108
l•Nortb Ohio let soars be
1945 A 0 *4212 85
*Ex Apr'33-Oct'33-Apr'34 cone-- -*35
55 _._.
•Stmpd as te sale Oct 1933, &
*Apr 1934 coupons
*
45
Nor Ohio Trae & Lt Os A
1947 M 13 10814 10872 31
North Pacific prior lien 4e
10414 147
1997 Q J 103
Gen lien 17 & id g 35 Jan
187
74
2047 Q F 73
Ref & impt 4)4e series A
7814 53
20473 ./ 77
Ref & impt (is series B
20471 .1 9052 9414 259
Ref & impt 5e series C
2047 J J 82
8313
8
Ref & impt Se serlee D
20471 .1 82
8312 91
Nor Ry of Calif guar g 5a
1988 A 0 *10714 10814 -Nor States Pow 25-yr 58 A
24
1941 A 0 10834 107
15t & ref 5-yr Iie ser B
1941 A 0 107
107
5
Northwestern Teleg 474s ext
1944 1 J
- --_Norweg Hydro-El Nit 574e
1957 MN *10052-9218 947
.
2 49
)11 & L Cham let go 5 48
19481 .1 33
33
3
)hio Connecting Ry let 48
1943 M S *10534
)hlo Public Service 7146 A
3
1948 A 0 11212 11234
let & ref 7e serial B
1947 F A 1114 11112 20
)hlo River RR let g 58
1936.7 D 103
103
4
General gold ber
1937 A 0 *100
10172 ..
1•01d Ben Coal let 138
1944 F A *1512 1712 ____
)ntario Power N F let 68
1943 F A 110
110
2
)ntario Transmission let 58
1945 MN *11012 115 __
)regon RR & Nay COM g4*
1946 1 D 10818 10852 15
)re Short Line let cons 5 5s
19483 .1 116
117
19
Guar BUM cone 58
19463 .1 118
11834
8
For footnotes see page 2499
28
27
2412
28
2653
244
30
4012
1612
274
82
4412
3512
802
6614
4
55
96
114
112
98
90
9112
4014
43
3134
7284
10212
4552
1712
90
48
38
5872
10612
5
4
1414
9114
97114
98
6112
58
56
54
98
68
35
3534
34112
743*
76
5012
60
8812
64
61
100
89
93
100
8852
33
89
78
90
87
10
99
9422
8314
100
995e
28
27
2415
26
2652
2414
30
4012
16
2712
87
4412
3212
39
3613
37
40
3912
3652
62
83
NU
46
9514
61
49
April 13 1935
Week's
Range or
Friday's
Bid & Asked
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
Ore-Wash RR & Nay 42
1981 • J 10214
Oslo Gas & El Wks esti Se
1963 MS 100
*Otis Steel 1st mtge Os ser A
1941 MS 8332
Pacific Coast Co let e 6s
1948 J D 3912
Pacific Gas dr El gee & ref be A____'42.7, 10612
1005s
Pacific Pub Ser. 5% notes
1938 M
Pac RR of Mo 1st ext5 48
1938 P A 99
•241 extended gold 58
1938• 7 .91
10852
Pacific Tel & Tel lst 55
1937 .1
N 11013
Ref mtge Ea series A
1962
Paducah & Ills let if g 434e
1955 JJ *10512
1f•Pan-Am Pet Co(Cal)cony (le- __'40 J D 34
34
*Certificates of deposit
i•Paramount-Wway lot 5He __ __1951 JJ 50
504
*Certificates of depoerit
Paramount Fam Lasky 65,
1947
7414
117•Proof of claim filed by owner- __
J O 7414
*Certificates of deposit
Paramount Pub Corp 524e
1950 FA
7514
fj•Proof of claim filed by owner_ __
7514
*Certificates of depoSit
Paris-Orleane RR ext 5325
1968 M B 144
2014
*Park-Lexington 65411 etre__ -.1953
Parmelee Trans deb 6e
1944 10 2612
11712
Pat & Passaic0& E cone 5e
Pathe Exch deb 7s with warr
193
49
7 91
mN
B 10314
•Paulleta Ry let net e f 7s
1942 M 13 *90
Penn Co go 334e coil tr A
1937 M 5 *10234
*102
Guar 334e coil trust ser B
•10034
Guar 3745 treat ctfe C
1911
*99
Guar 374e trust ctfe D
*10132
Guar 48 ser E trust ctfs
Secured gold 43451
11
3 :
II 10612
19
946
74
Penn-Dixie Cement let 6.4
10378
Pa Ohio & Det let & ref 4HeA _1_11/
4)4s series B
1981 3 -1 *10412
1981 A 0 103
Pennsylvania P & L 1s1 4He
Pennsylvania RR eons g 44
1943 M N *10812
Consol gold 44i
1948 M N 11112
4s steel stpd dollar May 1 -.1948 m N *1115g
Consol sinking fund 4345
1980 F A 115
10511
General 474s series A
General 5e series B
1911: 1
. 11:
; 111
1938 F A 10432
Secured 6148
10538
Secured gold 58
9278
Debenture g4345
Mt
General 434s series D
1981 A 0 10238
10212
Gen mtge 47ye ger E
115
Poop Gas L & C lst cone 13e
Refunding gold Ea
Eli 31 i 10313
1940 A 0 *62
Peoria & Eastern let cons 4a
5
*Income 4e
Peoria & Pekin 1711 let bli
974
99 FAPAr 10514
rli19
Pere Marquette tat ser A 5e ----1958 J J 781s
let 4e series B
1956 J 1 6978
let g 4 lie series C
1980 M 8 73
Tg
"I'm
gr
r g
July 1
1933 to
Mar.31
1935
10234
100
85
40
107
10034
9934
97
107
11034
1312
15
5834 78
59
78
7914 191
235
79
14712 21
3
2012
2834 28
3
11734
10314 12
9212
127a
14
10414
8
14
102
73,4
4534
94
8153
8334
8112
8412
82
55
78
10134
7512
9814
9412
983e
9812
8012
8738
101
81
68
71334
9112
100
80
50
458
8312
61
gips
46
5912 7914
5834 79
144 183
1712 2112
23
3112
118 11734
101 101
89
94
102 10232
100 102
9834 9834
98 98
9934 10212
10434 107
7112 8551
103 10512
10412 10512
9838 10414
107 10814
108 11214
108 111
11412 11912
10452 10812
109 11534
10432 108
105 10718
9032 9714
10038 10434
9972 10434
11052 116
9834 105
6712 7314
45s 94
102 10512
75
91
69
814
68
82
987s
9512
87
10034
6114
100
8912
485a
3012
2014
8414
10214
9912
100
99
10034
9734
8912
9514
98
961s
99
9612
8614
8514
76
97
108 11014
113 1173s
10812 11114
107 1107s
7912 89
10612 110
10414 108
5234 75
3012 537s
2214 247s
10112 104
106 109,4
98 10412
10830 111
10812 11012
109 109
108 108
1-(Ti1-8
59
79
16
107
7712
10412
fa14 222
11-2-14
11652 12
78
107
23
113
10452 54
10632 83
9414 116
10312 153
10312 110
11512 13
77
105
6452
10
5
1
10514
8134 25
ao
79
7414 51
S
V
1
High
Low Low
7714 101 10538
94 100
6512
20
8934 9152
36
40
25
9813 108 109
9812 10034
64
99 10114
80
953s 9914
84
1034 10652 10712
10414 11012 11312
93
10512 1051z
3312 4312
251s
25
3314 4312
2712
4232 52
271s
42
5314
159
139
78
78
7
let
30
17
5
20
32
34
52
5314
11014
Phila Bait & Wash let g is
1943 M N 110
F A 1173s 11732
General4j
58 series B
4 jj
1977
110
110
General g Hs setles C
10914 10972
General 434e seder D
198
D 88,4 89
Phi's' Co sec 5e series A
1083s 10918
Phi's Elea Co let & ref 4He
10852 10712
let & f 451
81
Phila & Reading C & I ref es __1
1119
9269:1
73
21 J1M: DAN
J 68
37
4052
Cony deb 621
2332 237s
Philippine Ry lots f 4e
193
49
7J
r"
10312 10372
PhillIpe Petrol deb 534*
:
1 1 10834 10914
A 0
Ai
Pillsbury Flour Mille 20-yr (le
3j
'4
39
1_9
*9812 102
Pirelli Co(Italy) cony 7e
111
111
Pitts C C & St L 474e A
19
9
9
24
462
2
°2 AA 00 11018 11012
Series B 434e guar
M N *11018
Seriee C 4749 guar
Series D 48 guar
m NA 510632
1945 r
_
Series E 3745 guar gold
7 .im No •10012
19
11949
553
*109
Series F 4e guar gold
*109
Series CI 4s guar
f(ii"
Series H cone guar 48
1980 F A 108
1663 F A *11352
Series I cone 414s
.
2
*1131: 117i1
Series J cone guar 450
113
N
03 112
91
4.7 D
General M Se series A
9
9°
970
740
774 .1
:
11178 11212
Gen mtge 521 eer B
106
105
Gen 43421 series C
11034 11072
Pitts Sh & L E let 5 58
11034 112
let consol gold 58
Pitts Va & Char let 4e guar
MN
j •10412
1943'T
J D *53
59
*Pitts & W Va 1st 432e ear A.--5134 6534
1st M 474e series B
5212 5534
M 474e series C
Ng 2
1948 1 D *103
110
Pitts Y & Ash 1st 48 ser A
*110
1st gen 5s seriee B
797
Port Arthur Can & Dk 6e A
80
let mtge (ie series B
19
9
25
63
32 F_
FF A
AA
Port Gen Elec 1st 474/1 ger C _ _1,
910 M 5 5834 6014
5812 6012
342
4
assented
Portland Gen Elea let 5s
1935 3, 10031 10118
Porto Rican Am Tob cony (Se _'42 J J 4372 44
Postal Teleg & Cable coil fie
1953 J J 415s 441,
'
3 242I2 43
If•Pressed Steel Car cony 51315
1933
25
Providence Sec guar deb 4.
1957 MN
Providence Term let 4s
1968 MS *8812_
10878
Pub Serv El&0let & ref 4745 _-_-'67 3D 10814 .
FA 10812 10914
let & ref 4342
1971 A 0 10714 10812
B
latt 5
&mre
%
fU
na.,
10012 10114
Pure 011 e f 534% notes
101
100
19111
Purity Bakeries e f deb 58
1948i J 8512 86
75 -8714
8
12
7052 88
10514 10834
1122
232
132 134
108 11134
10434 10734
1041e 10752
48
83
49114 62
3734 6112
9712 100
109 11114
56
55
1712 32
10412 108
6214 78
63
75
42
5212
15212 171
12
1912
13
1834
357e 45
11012 11434
10558 109114
108 10712
8114 9313
7412 8822
7812 93
7112 8734
- t•Ftadio-Keith-Orpheum pt pd ctfe
*39
for deb(Ss& corn stk (65% pd)
Iifir4 1-10-14
i-ii 30
40
4484
*Debenture gold
.1 99
A (1
Reading Co Jersey Cent
1j
45
45
5
47
131219
co1148---1'
-99
108144
Gen & ref 470 series A
Gen & ref 4 lie serlee B
43
42
1997.7 J *106
Rem Rand deb 534e with wart __1947 M N 10134
1004 109
554s without warrants
1947 14 N *9812
10152 107
7012 7612 Rensselaer & Saratoga 135 gu
)
1 10414
:
9 t
7412 8912 Repub I ic S 10-30-yr 5e s f
Mt)
9434
Ref & gen 534e seller, A
8812 10234
M .1
13 10814
11994583 j
82
9614 Revere Cop & Brass tle /ler A
3812
82
96 •Rhelnelbe Union a f 7e
945
3j
J j
I 3018
106 1071s *Rhine-Ruhr Water eerier 62._ 195
1950 M N 4012
103 10714 *Rhine-Westphalia El Pr 7e
40
*Direct mtge 62
10511 10812
*Cons mtge 6a of 1928
Irl
1
1 *401g
--.
*Cone Mee of 1930 with wan _ _255 A 0 1,014
83 lii
1944 M N 27
33
5014 it•Richtleld OH of Calif Os
M N
2634
*Certificates of deposit
32
A
1948 1N
';
MN
10914 11234 Ftioh & Meek 1st 5 la
Term Ry 1st cu6.1952 J J *108
1075$ 11112
*40
*Rime Steel let e f 7e
1955
102 104
*85
10258 10414 Rio Grande June let fru 58
*1
•11.142 Grande Sou lit gold 48-.1
939 .1
1940
1334 18
*Guar 4e (Jan 1922 coupon)___1940 J J .51
109 112
110 11712 *Rio Grande West lot gold 45----1939 J J 8838
1949 A 0
*1st con & coil trust 4e A
105 109
Roch G&E gen M 574e set C -__'48 1.4 S 10714
1141s 118
Gen mtge 424e series D
1977 MS *11052
11512 119
Oen mtge 5e series E
1982 M (1 10734
No.
95
1
23
5
89
28
17
Range
Renee
Jan. 1
10
2
2
7
235
26
43
58
37
11
159
14
_
2
2
2
35
13
39
2
3
11
7
53
74
47
2
102
5
94
63
52
5012
9234
97
6114
66
3712
37
37
39
100
153
41
75
2814
37
3814
35
8112
9812
97
8104
87
82
7814
30
82
100
10612 40
107
106
103
100
35
15
73
79
7914
63
9912
.
161- -55
34
98
10812 19
4
3712
7
3134
3
4034
4032
41
4012 151
2734 14
19
27
2
32
81
92
4
2972
10734
-5E
_
2
6
80
6112
76
2612
25
3614
3414
35
3212
20
1912
38
99
45
70
11
1
68
30
95
85
8912
job;.
1067.5
107 108
11358 11512
11332 1141g
11132 11614
11132 111314
104 10712
110 11072
11034 112
10714 10714
53
68
3134 5834
47
68
78
8014
5014
5014
98
-814-4
8014
6014
6012
102
42
40:: 5:
52
:
3
3854
5
55
36
90
9112
107
0712 10
09914
s
105 10812
10012 10214
9934 10252
8224 90
4514 4514
2612 32
9632 10012
105 1081e
10612 10812
99 10334
9912 9912
-10314 10514
9434 10212
10714 108,2
3558 49
3018 3912
3954 44
38,
4 4318
38,
4 43
3834 4312
25
3312
2412 3312
32
48
10432 10412
80
61/
8512 87
1
1
1
1
6612 787s
297s 4712
10714 109
108 108
10712 1087s
New York Bond Record—Concluded—Page 6
Volume 140
BONDS
N Y. STOCK EXCHANGE
Week Ended Apr. 12
1:•R I Ark & Louis let 434e
Royal Dutch 48 with wanr
*Ruhr Chemical a f 6s
Rut-Canada 1s1 gu g 4s
Rutland RR let con 414e
Weels'
Range sr
Friday's
g
.484 Bid cit Asked
July 1
1933 to
.1far.31
1935
High No
Low
2
9
918
1939 M
11234
1945 * 0 *106
36
1948 * 0 36
3
3212 34
1949 J J
•
42
1941 j
St Joe & Grand laid let 4s
1947 _I .1 *105
St Joseph Lead deb 15148
1941 MN 10553
St Jos Ry Lt Ht & Pr let be
1937 MN 10053
St Lawr & Adr tat g be
1996• 1
2d gold 6e
1996 AO
St Louis Iron Mt & Southern—
•IRly &0 Div let g 48
1933 MN 5712
*45
*Certificates of deposit
St L Peor & N W lat gu be
1948 J J *2512
St L Rocky Mt & P be etpd
1955 J J 6512
1012
t•St L-San Fran pr lien 4s A
1950 J J
1012
*Certificates of deposit
•Prior lien 58 series 11
1950 J J *1114
*Certificates of deposit
*10,4
*Con M 414e series A
878
1978 M
•Ctfe of deposit etamped
9
St L S W let 45:: g bond ctfe ____1989 M N 69
28 g 4s Inc bond We
Nov 1989 J J
let terminal & unifying be
1952 j j 3918
Gen & ref g 5s ser A
33
1990 J J
St Paul City Cable cone 5a
9134
1937 j
Guaranteed be
1937 J J 93
Ht P & Duluth let con g 4/4
1988 J D *99
St Paul E Or Trk let 434e
1947 J J
•St Paul & K C Sh L gu 411e_1941 FA
12
Ht Paul Minn & Man 5
1943 J J 10618
Mont ext let gold 45
1937 J D 10134
t Pacific ext gu 4s (large)
1940 J J *97
St Paul Un Dep be guar
1972 J J 116
44
1312
10738
10134
101
11612
HA de Ar Pass lat gu g 48
1943 1
Han Antonio Publ Sere let 6.
1952 .1
Santa Fe Pros & Phen let 5s
1942 St S
Schulco Co guar 63-4.
1946 J
Stamped
Guar s f 6148 series B
1946 AO
Stamped
Scioto V & N E let gu 48
1989 SI N
12•Seaboard Air Line let g 48---A950 * 0
*Certificates of deposit
II•Gold 48 stamped
1960 AO
*Centre of deposit stamped
*0
•Adjuatment Es
Oct 1949 FA
/*Refunding 45
1959 * 0
*Certificates of deposit
I•lat & eons 68 series A
1945 MS
*Certificates of deposit
I•Atl & Birm let g 4.
1933 St S
2•Seaboard All Fla 6s A etre__ __1935 * 0
*Series II certificatee
1935 FA
Sharon Steel Hoop if 5145
1948 CA
Shell Pipe Line a f deb be
1952 • N
Shell Union Oil, 1 deb 5e
1947 MN
Shlnyetau El Pow let 63.48
1962 J O
•ISiemens & Haleke a 1 7s
1935 J J
*Debenture a f 64e
1961 NI
Sierra & San Fran Power 5,
1949 FA
*Silesia Elec Corp s 1 63-48
1948 FA
Silesian-Am Corp coil tr 75
1941 FA
Sinclair Cone 0117s get A
1937 MS
let lien 6%s series B
1938 J O
Skelly 011 deb 511e
1939 MS
South & Nor Ala cone gu g 55. 1936 FA
Gen cons guar 50-year Se
1963 AO
76%
105
11158
.29
2912
*3214
*29
113
•1112
•)012
*1012
•1158
*212
*412
*4
5
438
812
214
"214
8234
1031 2
10258
8312
262%
24312
10914
3018
50
102
103
101%
104,4
113
7838 34
10512 25
11134
7
37
1
2912
37
3934 -11312
8
1312
_
20
1312
1278
3
6
__
534
534 86
5
16
9
8
278 30
314
26
85
104
21
103
28
41
84
6212
5
44
16
10912 13
7
31
5012 14
10212 61
10312 58
102
53
5
10414
2
113
South Bell Tel & Tel 1st 5 I be
• J 10712
Southern Colo Power 6e A
96
1947 J
So Pac coil 48(Cent Pac coil)
1949 J O 6312
1st 411s (Oregon Lines) A
1977 M
77%
Gold 4
1988 MS 60
Gold 43.45
1989 MN
5912
Gold 4145
1981 MN 5934
San Fran Term 1st 48
1950 * 0 101
So Pac of Cal 1st con gu g ba
1937 MN *10712
So Pac Coast let gu g 4s
1937 J J *99
Ho Pao RR let ref guar 45
91%
1965 1
Southern It) 1st cons g be
.1 8634
1994
Devi & gen 45 series A
1956 * 0 4138
Devi & gen tis
1958 * 0 52
Devi & gen 6148
1956 * 0 55
Mem Div let g 6e
1996 J J 79
St Lou!, Div let g 4s
J 78
1951
East Tenn reorg lien g be
1938 MS •100
Mobile & Ohio coil tr 4s
1938 MS 45
Sweat Bell Tel 1st & ref 58
1954 CA 108
:Spokane Internet let g be
614
1955 J
Stand 01101 N Y deb 4348
10212
1951 J
Staten Island RY let 440
1943 J D
12•Stevene Hotels Os series A__ 1945 J J
13
**Studebaker Corp 8% notes ____'42 J O 3258
*Certificates of deposit
31%
•Conv deb (Is
1945 • J 4218
Sunbury & Lewiston let 4e
*10158
1936 j
Syracuse Ltg Co let g 5s
1951 II) 118
52
108
9612 20
66
77
7838 141
6114 70
6112 124
6112 250
10212 51
Tenn Cent let 6a A or B
1947 * 0 5612
Tenn Coal Iron & ItR gen 5s
1951 J
117
Tenn Conn & Chem deb 68 B _ _ _ _1944 MS 94
Tenn Elea Pow 1st 6,ear A
D 96
1947
'Corm Awn of St I. let g 4148
1939 * 0 •100%
let cone gold 5s
1944 FA •111%
Gen refund a f g 414
1953 1
102,2
Texarkana & It S gu 5445 A
1950 FA 86%
Texan Corp cony deb 58
1944 * 0 10314
Tex & N 0 con gold Es
1943 J J *8312
Texaa & Pao let gold be
2000 J O 11434
•2d Income Is
Dec 1 2000 Mar
Gen & ref 511 series B
1977 * 0 83%
Gen & ref be series C
1979 * 0 83
Gen & ref be merles D
1980 J O 8312
Tex Pac-alo Vac Ter 514a A
1964 M
9234
Third Ave Ry let ref 4e
1960 1 1 5318
•Aeli Inc 55 tax-ex N Y.Jan __ A960 * 0 1958
Third Ave Rft let g 68
1937 J J •10134
Toho Flee Power let 7e A
1955 M
91%
'rokyo Elec Light Co Ltd—
let 6s dollar aeries
1953• D 7612
Tol & Ohio Cent let gu be
1935 J J *10014
Western Div let g be
1935 A0 *101
General gold 5a
1935 J D *10018
Tol St L & W let 4,8
1950 A () 84
Tol W V & Ohlo 411 eer C
1942 M S *106
Toronto Item & Buff let g 4s
1946• D 9712
Trenton CI & El 1st g ba
1949 MS *116
Truax-Traer Coal cony 634.
1943 MN 85
Trumbull Steel lets? 68
1940 M N 10114
*Tyrol Hydro-Elee Pow 7145_ —1955 MN a89
*Guar sec e 1 7e
1952 CA 8412
Ulgawa Elec Power e 1 Ta
1945 MS 9434
Union Elec Lt & Pr (Mo) be
1957 AO 10534
Un E L& P (111) 1st g 510 A __1954 J J 1051s
10618 102
24
102
8612
8112
60
58
37
8
65,2
12
57
4
11
13
1313
912 138
912 19
5
89
5612
42
17
35
23
9312
3
93
13
73
4
22
9214 -135
8912 403
4334 361
55
97
5312 172
10
79
78
2
45
109
33
14
7
10334 182
1314
3418
3334
44
118
5612
117
96
9712
2
22
50
48
1
3
2
20
99
_
42
103
9018 24
10334 230
87
11538 16
86
8512
8512
9414
22
75
87
14
38
213s
8514
7014
781s
10112
51
8478
11
5711
85
91
83
60
103
82
1011s
35
6712
4512
431s
691,
9435
9914
7
9
20
2
1
54
22
8
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 12
z.
Low
High
Low Low
758 1312 **Union Eley RY (Chic) 5.
1945 AO *1012
758
9038 10512 13612 Union 011 30-yr 6s A
May 1942 FA 11858
Deb be with warr_
38
Apr 1945 J D 10258
3412
35
3212 4014 Union Pac RR 1st dr Id gr 4a ____1947 J J 11158
33
let Lien & ref 45
35
51
June 2008 M S 106
42
Gold 411s
1967 j j 10314
11518
let lien & ref Is
June 2008 M
8314 103 105
D 10114
Gold 45
1968
10534 10558 11134
United Biscuit of Am deb es
1942 MN 1011s
96 102
70
United Drug Co (Del) be
1953 MS 8834
87
90
6414
U N J RR & Can gen 48
1944 MS •10814
8014 8.5
70
1:•United RY8 St L let g 48
1934 J J *2814
45is
U S Rubber let & ref 58 ear A __ _ A947• 1 9158
5412 70
54
52
1937 MN *9931
6414 United S S Co 15-year tis
45
45
581e
3418
37
60
6912 •Un Steel Works Corp 64a A_ _ _ _1951
1714
3412
•Sec. a f 6345 series C
10
1951
10
3212
*Sink fund deb 6145 ear A
812
1947
813 1534
Un Steel Works(Burbach)7e
934 18
934
1951 A
24
984 1612 *Universal Pipe & Red deb 6a __A936
934
*35
1953 A
734
734 1412 •Unterelbe Power & Light 6s
83,4
1944 A
712 1374 Utah Lt & Trac let & ret 5e
712
83
Utah Power & Light let be
1944
64
80
51
11612
5612 60
Utica Elec L & P let. 1 g fie
4112
1950
*121
Utica Gas & Elee ref &ext Is
3518 53
35%
1957
ri 37
27
27
1947
44114 UV! Power & Light 5118
3412
Debenture 5.
1959
7814 9418
45
0412
79
4575
66
Vanadium Corp of Am cony 5s __'41 A
10112 102
84
Vandalla cons g 48 eeries A
A •10412
1955
45
Cone at 4s series B
1957 56 *10412
1118 175s
111s
238
1934
9218 10.112 10834 •IYera Crus & P1,1 gu 4**8
*114
•fJuly coupon off
10131 103
86
534
1942 . _
9934 101% •Vertientes Sugar 75 We
85
1951 J D 10718
113 11814 Va Elec & l'ower Is series B
96
Secured cone 5+1e
1944 J J 112
7412 8514 Va Iron Coal & Coke let g ba
1949 MS *5512
65
1936 MN 10214
10034 10712 Virginia Midland gen 5e
70
95
2003 J J *80
108 11134 Va & Southwest let gu be
1st cone 51;
1958 * 0 70
3534
Virginia RI let 55 series A
1962 MN 11114
2912 30
261,
let mtge 410 series B
1962 MN 10458
29
35
30
38%
1939 MN 91
10918 115 :Wabash RR let gold be
90
Cl
•2d gold 53
1939 FA
634
1312 18
bat
ii *5114
1217
lien
g
term
1954
48
17
1014
*99,2
Det & Chic Ext let 68
1941 .1
1212
1212 20
Des Moines Div let II 45
1939 J J *48
1312 20
1014
Omaha Div let a 345
212
1941 AO *4212
212 31s
82
Toledo & Chic Div g 4.5
414
1941 M
414
9
1312
f•Wabash
ref
&
gen
5
tie
RI
A
458
4
_275 M
8
*13
*Certificates of deposit
5
5
1174
15
•Ret
FA
&
gen
Is
312
B'76
10
3,3
*11
*Certificates of deposit
10
8,2 1712
•Ref & gen 43.4e series C
214 4
214
1978 A0 1314
*11
•Certlficates of deposit
214
214 3%
*Ref & gen Is serlea D
35
1980 * 0 1312
80
8834
*11
•Cert1fleates of deposit
86
1034 10514
•Walworth
deb 814e with warr___ '35 A0 *27
7855 1024 10338
* 0 *812
*Without warrants
7611 84
58
•Ist sinking fund 65 ear A
39
58
1945 A0 39
6514
36
4314 5034
Warner Bros Pict deb 6e
8634 10334 110
1939 SC S 51
26
3912 Warner-Quinlan Co deb Cs
1939 MS 26
30
Warner Sugar Refits let 75
33
4518 60
1941 J D 104,4
34
Warren Bros Co deb fle
1007s 102 104
1941 M
Warren RIt let ref go g 314e
FA
987s 103 10.5
80
__1948 QM *9114
9834 102% Washington Cent let gold 44
99
1945 FA *10414
10378 10+34 Wash Terns let gu 334e
let 40-year guar 4a
89
112 115
1945 P A *10678
*10612
Wash Water Power S I be
1939 J
10312 107 110
Westchester Ltg Is stpd gtd
J O *118
6014
82
9612 West Penn Power ear A 5a
1946 MS •10534
119
48
let 5s series E
6012 72,4
1963 M
55
let sec Is series 0
7312 8312
1956 J D 108,2
let mtge 45 ger H
44
5012 89
1981 .1 .1 10812
43
5512 6912
42
1944 * 0 10534
56
6872 Western Electric deb 65
Western Maryland 151 45
8013
1952 * 0 921z
9912 104
1st & ref 511e series A
100
1977 J J 9812
10714 10712
West N Y & Pa 1st g ba
95
1937 J J 105%
Gen gold 48
601g
1943 AO 105
89- -i63;
2612
74
85 10318 *Western Pao let Se ear A
1946 M
2812
•Ikt Assented
33
6212
1946
38
4812
Western Union coil trust be
4612 81
1938 J J 10212
4878
Funding & real eel g 434s
1950 MN 85
4878 86
16-year 63.4e
eo
9212
79
1936 FA 10158
25-year gold 65
5314
1951 J D 86
78
88
30-year bs
73
102 103
1960 MS 85
41
*Westphalia Un El Power 6e
41
J 36%
1953
87
75
West Shore 1st 48 guar
104
J
2361
10712 111
70,4
612
Registered
2361 J J
814 911
96
102 10412
9612
Wheel & L E ref 41414 ear A
1966 NI S *103,4
12
Refunding be eerie, B
13
16
1966 M S •105
3034
RR let consol 48
31
1949 NI S 10478
4912
31
Wheeling Steel Corp tat 5145
3118 49
1948• 1 101%
4412
lit & ref 4148 series B
4218 48
1953 * 0 94
8114
White Sew Mach fle with warr____'36 • J
9834
103
Without warrants
116 119-1;
J .1 8114
Pante f deb 6.
1940 MN 64
4314
:•WickwIre Spencer St'l tat is..-235
5414 63
1008 113 117
•Ctf dep Chase Nat Bank
834
giti 86
Co
•Ctfe for col & ref cony 75 A ___1935• N
9
544
00 10018 Wilk & East let gu g 5s
1942 J o 3612
99
10312 11038
98
10912 111 12 Will & SF let gold Is
1938• D 10212
Wilson & Co lets fla A
71
10112 105
1941 * 0 108%
644
1960 J J 10512
8312 1141'4 Winston-Salem 5 13 let 48
9313 103 10434 I•Wls Cent 50-yr let gen 48
778
1949 j
*7
64
*Certificates of deposit
83
87
82
*Sup & Dul
& term let 4s ___'36 MN
113 120
458
*Certificates of deposit
*414
79
55
9312 Wor & Conn East let 4111
J
1943
5313
7912 9312
54
.▪ 1 9114
-'78
7913 9313 Youngstown Sheet & Tube 6e
let tinge •f 14. n.e Ft
III.
0.
iW1,r • t
MO .1
91
5438 56
2214 149
103
4
9212
11812
8612
10134
a89
8412
6612
1061 2
10618
Range
Since
Jan. 1
2499
Week's
July 1
Range or
1933 to
.1far.31
Friday's
g
Bid .4 Asked 32.2
1935
High No.
_
1714
5
119
10278 14
11214 29
10634 98
10412 63
1
11518
10234 128
10414 19
9014 118
9278 145
23412
35
33,2
12512
2712
3834
84,4
8378
11612
14
2
14
10
64
.57
1
411, -195
3812 523
8218 106
212 -734
10718
113
1-(T11
4
96
7012
11112
105
51
2
6
34
as
16
119
93
6212 11
70
56
43
83
1512
33
1534
7
-111.71
11
15'2 - -5;
36
3634
41
_
21
5418 174
2712 16
10438 25
3812 24
85
9314
108
119
110
120
10812
10812
27
1
2
10614 41
93,2 163
9912 64
106
30
10512 32
28
25
2814
6
103
14
8658 30
102
31
83
21
87
54
3714 30
76% 73
7014
7
10412
Range
Since
Jan, 1
Low Low
High
14
13
1014
11612 119
105
9258 1021* 10514
94
1077s 11214
8012 10414 1085s
103 10612
81
115 120
99
9912 10314
7858
104 107
97
87
9312
53
9712 10738 10.818
2814 30%
1534
56
9013 95,2
98
99,2
85%
26
27
23
9834
13
33
5012
5.5%
109
100
20%
18
34
3318
3212
120
21
3734
65
6972
11612
117
2414
2014
59
99
85
134
3
3
1011 1
107
56
91
7578
55
89
8412
66
9414
ioirg
2
4
3,
4
10514
11018
5758
102
9518
70
11018
10412
10711;
412
4
734
107%
114
60
10278
9712
84
113
108
5738
48
50
70
45
39
56
1214
11
12
1012
1134
11
1134
1012
1212
1212
1818
3913
5778
5312
9812
53
48
77
1214
17
12
1012
1134
15
1134
1012
33
3612
3618
9612
75
56
100
5575
50
83
1912
17
1914
1012
1912
1718
1912
11
38
3812
50
24
24
104
30
78
79
88
94
9818
10314
10014
10178
101
9014
4812
24
10414
33
801:
2978
10712
4238
9418
6112
68
100
78
23
6715
92
7133
72
27
68
-0178 94
103% 105
105
11514
10838
11414
10818
10512
22
Cl
1
2
3
103
81
6515 104
10214
83
10014
70
90
CO
43ta
65
45
66
4212
61
912
934
37
21
17
6
414
334
33
10278
109
10512
8
3
31
1
9'2
7
10
88
9534
83
758
712
412
412
68
93
93
114
53
6312
6214
108',
11914
111 12
120
11112
10912
10412 107
8712 9614
98 102
10578 107
102 10512
25
37
25
3834
10112 103
82
88
100 10212
8212 91
80
8834
3514 4312
7412 86,4
7014 82%
1-CT4-78
103
95
8114
82
65
478
43
4212
41
121
3134
41%
85
35%
11612
121
4212
3834
10413
104
10612
10314
96
8114
82
76
734 12
7
13
36
48
10212
10814
10458
758
712
412
412
10434
11018
10512
1312
1012
734
51/1
8912 9834
8912 inn.
5318 We
r Cash sales not included In year's range. a Deferred delivery sale not included In
18,
8 2612 year's
range. n Under-the-rule sale not Included in year's range. 1 Negotiability
1004 103
8512 9258 impaired by maturity. t Accrued interest payable at exchange rate of 54.8665.
Companies reported as being In bankruptcy, receivership, or reorganized under
72
7914 Section 77 of the Bankruptcy Act, or securities assumed by such companies.
1003s 101
• Friday's bid and asked price. •Bonds selling flat.
101 101
e Cash sales not included in
or yearly range are given below.
100% 10114 Can. Nat, 410 1954. Apr. 10 weekly
at 1044.
91
81
z
Deferred
delivery
sales in which no account is taken in computing the range, are
103 103
9614 10034 given below.
11214 11214 Adriatic Elec, 7s, Apr. 11 at 87.
Dominican Rep 545 1942, Apr. 10 at
8612 Alpine-Mountain Steel let 7s Apr, 11
70
8634.
at 87.
100 10214
Pressed Steel Car Is. Apr. 6 at 404.
Atch. Top. & Santa Fe. 4s of 1905, Apr. Rhine-Westphalla 6s '55, Apr. Sat 394.
85
96
10 at 994; Apr. 12 at 10134.
8214 9012
Siemens & Halske 7s, Apr. 10 at 62.
9612 Bremen 78 1935, Apr. Oat 39.
87
Siemens & Halske 64a, Apr.8 at 434.
10534 10938 Cuba 44s 1949, Apr. 8 at 834.
Taiwan Elec. Pow. 53.48 1971, Apr. 9 at
10412 10612 Deutsche 6s ctfs, Apr. Cat 624.
814.
Un. Stl. Wks. 611sA, Apr. 12 at 354.
New York Curb Exchange-Weekly and Yearly Record
2500
April 13 1935
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown in a footnote In the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (April 6 1935) and ending the present Friday (April 12 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
Week's Range
of Prices
High
Par Low
•
Acetol Products cl A
Adams Millis 7% lit p1100 108 108
Aero Supply Nits el A- •
•
3%
3
Class B
Agfa Ansco Corp corn_ _1
Ainsworth Mfg Corp____10 21% 21%
•
56
Si
Air Investors com
Cony pref
Warrants
34
35
AlabamaGt Southern_ _50
56
• 53
Ala Power $T pref
• 4851 4931
$6 preferred
•
Algoma Consol Corp
5
7% preferred
• 13% 13%
Allied Mills Inc
4834
Aluminum Co common__ _• 40
100 70% 7234
6% preference
11
Aluminum Goods Mfg-_• 11
Aluminum Industries corn'
• 2134 2135
A1UMIDUM Ltd corn
5
7
C warrants
6
5
D warrants
100
preferred
6%
1
Amer I3everage corn
64
American Book Co _ _ _ _100 64
Amer Brit & Coot Corp- •
Amer Capital1% 1%
•
Class A corn
Common class B
$3 preferred
American Cigar Co_ -_109
100
Preferred
Am Cities Pow & Lt26 33
353.4
Class A
1
2
23.4
Claes B
Amer Cynamid class A.._10
10 1631 1834
,
/
Class nu
Amer Dist Tel NJ corn_ •
7% Cony preferred_ _100
2
2
Amer Equities Co com ___1
lie
%
Amer Founders Corp____1
50
7% melee:1ND
6% let pref aer D-___50 16% 17
1%
134
Amer & Foreign Pow warr_
22% 24%
Amer Gas & Elec com___
Preferred
' 97 100
434 44
Amer 'Hard Rubber com _50
1
Amer Investors corn
Option warrants
%
35
Amer Laundry Mach___20 13% 14%
26 103.4 104
Amer L & Tr com
25 22% 22%
6% preferred
19
Amer Maize Prod com___* 19
334 434
Amer Mfg Co com
1
Amer Maracaibo Co
35
31
10
• 10
Amer Meter Co
Amer Potash & Cbemical_. 124 13%
131
1
Am Superpower Corp com •
• 4834 50
lat preferred
• 1034 14
Preferred
4
4
Amer Thread Co pref _ _ _5
Amsterdam Trading
• 1351 1355
American shares
Anchor Post Fence___. •
34
34
Appalachian El Pow pref..• 862X 89
Arcturus Radio Tube__ I
34
Artemis Nal Gas com .
4 134
Common class A
•
% 1 34
10
2% 251
Preferred
Arkansas P & L $7 pref •
18%
Armstrong Cork com____• 18
4% 5
Art Metal Works com____5
Associated Elea Industries
6
Amer deposit rcts---£1
634
Assoc Gas & Mee1
Common
1
Class A
716
%
•
$5 preferred
Am/iodated Rayon corn_ •
Assoc Telep $1.56 pref___. 2234 2234
5% 634
Atlantic Coast Fleberies__•
Atlantic Coast Line Co__50
8%
8
•
Atlas Corp common
4834
$3 preference A
• 47
1% 234
Warrants
•
Atlas Plywood Corp
5% 5%
Automatic-Voting Macb_•
A xton-} Isher Tobacco55
10 53
C11103 A common
Babcock & Wilcox Co____* 29% 2955
Baldwin Locomotive Works
Warrants
55
3.4
Baumann(L)AC07%ph11100
Bellanca Aircraft• t o_ _I
BellTel of Canada
100
•
Benson & Hedges tom_
Cony pref
•
Bickfords Inc com_
3334 3355
$2.50 ronv pref
13Iauner's corn
Bliss (E )& Co corn_
•
135
1%
Blue Ridge Corp com___ _1
• 37
38
$3 opt cony pref
Blumenthal (B) & Co
•
7
7
C)Comm- •
Bohack
i60
7%, let pref
•
Bouricin Inc
Bort e Scrmser Co_ _ 25
Boyer Roller Bearing_ _a 1731 18
BrazillanTr Lt & Pow_ •
651
•
Bridgeport Machine
5
•
Brill to r class B
Class A
•
•
Brill° Mfg Co com
1
1
Class A
coup
Brit Amer 011
•
British Amer Tobacco27
Am den rote ord bearerfl 27
26% 2754
.£1
Am dep refs rd reg
Br,t1sh Celanese Ltd2%
2
Am dep rots ord reg__10e
•
British Col Power el A
654 634
100
Brown Co 6% pref
6
6
Brown Forman Distillery_ 1
37
50 36
Buckeye Pipe Line
18%
Buff Niag & East Pr pref 25 18
•
$5 let preferred
Wei- •
Bulova Wateh
For footnotes see page 2505.
Sales
for
Week
July 1
193310
Mar3I
1935
STOCKS
Range Since
Jan, 11935
(Continued)
High
Low
2% Feb
734 Mar
Apr
Feb 108
66% 103
1134 Mar
Mar
8
5
3% Mar
2
Jan
500
34
4% Apr
354 Jan
3
1851 Feb 24% Feb
100
5
1% Jan
% Mar
100
•os
Apr
15
1234 Mar
9
31 Jan
Feb
600
51
Jan
Mar 40
33% 35
Apr
330 26
4134 Jan 58
37
Jan 49% Apr
210 25
21
4 Feb
51 Feb
21
1,,
51 Mar
34 Mar
isg Feb
12% Jan
554
3,100
Jan
32
Mar 52
2,600 32
850 64
69% Mar 7431 Jan
11
Apr
9% Feb
100
8
z 8
73( Feb
734 Mar
17
100 17
Mai 21% Apr
42
Apr
2% Jan
7
2%
631 Mar
5
Apr
36
6
Jan
37
50% Apr 57
1% Jan
1% Feb
1
20 41
Apr
Jan 64
57
% Feb
34
% Mar
Shares
Low
25
200
550
2,700
9,100
200
900
725
500
19,700
2,500
50
500
1,000
5,600
100
50
550
1,200
125
150
15,900
700
600
200
200
300
130
600
2,000
5,600
1,700
1,600
5,600
800
1% Jan
134 Apr
1
34 Jan
14 Jan
34
Jan
18
Mat 20
03.4
Apr
138
120
Mar 145
110
Feb
Jan 115
110
23%
74
1231
834
73%
98
1
Ii
854
8
131
1651
5734
4
2
10%
16
20
5
34
5%
11
h
7%
3
1134
34
5734
34
34
34
25%
13
4
34
3,100
1%
13
2
I 18
734
7,600
500 35
1%
2,500
234
500
25
700
150
50
50
184
29
%
2055
15
78
111
151
34
1351
1354
154
1631
80%
4)5
235
34
1231
7%
17%
19
334
%
8
1234
14
44
734
4
Mar 3511 Apr
231 Apr
Mar
2031 Feb
Feb
Mar 17% Feb
Mar
Jan 80
Feb
Apr 112
Apr
2
Feb
55 Jan
Ma
16
Feb
Jan
17
Apr
Jan
3
Jan
Ma
Feb 2434 Apr
100
Apr
Fe
451 Apr
Apr
331 Jan
Jan
Apr
56 Mar
1531 Jan
Ma
10% Apr
Ma
2251 Apr
Fe
Jan
Apr '25
8
Apr
Feb
Mar
34 Jan
14
Jan
Mar
Mar 1934 Jan
1%, Jan
Mar
Jan
Feb 54
Mar 13
Jan
434 Apr
Jan
1134 Jan
h Ma
71
Jan
Ma
% Ma
41 Feb
2% Mar
41% Jan
16% Mar
3% Mar
1335
35
89
9-16
I%
151
3%
4154
24
5
Apr
Jan
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Apr
534
Feb
634
Jan
%
31
1%
1%
22
5
18
734
47
1%
354
5
Apr
Mar
Feb
Mar
Ma
Mar
Mar
Apr
Mar
Mar
Jan
51
54
1%
256
22%
10%
30
955
4951
3
634
634
ran
Jan
Feb
Jan
Apr
'Jan
Jan
Jan
Mar
Jan
Jan
Jan
52
28
Ap
Mar
60
Feb
3751 Jan
34
34
11
21
1%
I%
10454 125
1%
131
5
1%
8%
451
33%
100 23
12
12
3%
1%
1
300
600 28% 3555
2%
2
8
7
25
40
65
354
3%
6
6
16%
700 16 6%
8%
8
33-4
2,900
34
34
1
34
6%
531
2234 25
100
12%
1454
200
Apr
3%
Feb
Mar 25%
Apr
334
Jan 132
134
Feb
5
Star
Feb 12
Apr 33%
12
Apr
654
Mar
2
Ma
Mar 41
334
Jan
11
Ayr
Feb 65
434
Jan
6%
Mar
1951
Mar
Mar 1035
634
Jan
15,,
Mar34
1
Jan
8%
Apr
2731
Jan
15%
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Star
Feb
Jan
Apr
Jan
Jan
Jan
Feb
Feb
200
200
2434
24%
27
26%
Apr
Apr
31%
2734
Jan
Apr
700
2
2454
334
6
28
1431
66
1644
2
2431
5
534
30%
14%
69%
24%
Mar
Mar
Apr
Apr
Jan
Jan
Jan
Mar
334
25%
834
934
37
1934
794
28
Jan
Mar
Jan
Jan
Apr
Apr
Mar
Jan
125
200
350
1,500
Week's Range
of Prices
Sales
for
Week
July 1
1933 to
Mar31
1935
Range Since
Jan. 1 1035
High
Low
High Shares Low
Par Low
30
Mar 39% Jan
2,675 28
Bunker Hill& Sullivan__10 34
37%
Burco. Inc154 Jan
% Feb
•
Common
31
20
Jan
Feb 25
20
$3 cony preferred
•
916 Jan
34 Jan
Warrants
234 Jan
1% Mar
131
Burma Corn Am dep refs
735 Jan
65.1 Mar
2,200
2%
Butler Brothers
10
71
1
Jan
53 Feb
600
34
Cable Elec Prod•t o
.1X
Si
Cables & Wireless Ltd1
Feb
111, 13,,
31 Mar
100
'16
Am deprcts A ord shs_ I'
34 Jan
51 Jan
34
Am dep rcts 13 ord she El
435 Apr
314 Mar
334
300
3% 451
Amer dep lets prefabs El
Feb 2251 Apr
Caiamba Sugar Estate__20 2251 22% 1,200 26 183.6 20
Canadian Hydro Eleo Ltd
Jan
74
Mar 79
74
6% 1st preferred_ _100
9% Jan
7% Jan
551
1,000
Canadian Indus Alcohol A•
9
951
Jan
9
Jan
6%
4%
100
B non-voting
8
8
•
231 Jan
131 Mar
136 2,300
154
151
Canadian Marconi
1
2% Jan
1% Mar
134
200
Carib Syndicate
1% 2
25c
Carman & Co6% Feb
631 Jan
6
Convertible class A_
1754 Feb
17
Jan
1351
Carnation Co corn
•
Feb
5431 Jan 60
33
Carolina P de L $7 pref._ •
Feb
57
Feb 61
27
$6 preferred
•
1336 Mar 1234 Feb
454
7,300
• 16% IS
Carrier Corporation
651 Jan
434 Apr
351
Catalln Corp of Amer__ _1
434 534 1,300
Celanese Corp of America
Feb
93
Mar 110
100 81
7% ist putt° pref___100 95
95
Feb
97% Mar 105
25 75
7% prior preferred___100 102 102
15
Jan
10
4
I
Mar
r
634
100
Celluloid Corp corn
10
15 10
Jan
30
Mar 36
1634
$7 div preferred
•
80
Feb
71
Feb
40
Is preferred
•
955 Apr
835 Mar
8
200
Cent Ilud
& E•t a__ •
951 934
Apr
201X Jail 31
400 11
Cent P & L 7% pref_
29
3055
34 Jan
Cent & South West 17411._
Mar
% Jan
900
34
Cent States Elec com _ _1
%
I
134 Apr
Mar
300
.
131 1%
pref without wart 100
3
Apr
2
Mar
2
300
2% Slur
154 Mar
131
7
Co
%nvppre
reffererirmi
ed
2
Jan
34
Cony pref op err '29_ _11°°
00
°°
2% 3
5% Feb
451
'i 6Jiaair
)
234
200
•
5
551
Centrifugal Pipe
14% Jan
1231 Mar
9
500
Charts Corporation new_ ..1
13
1355
24% Apr 2434 Apr
25* 5
Cherry-Burrell Corp
* 24% 2454
Feb
115
Mar 157
500 105
Cheaebrough
12
10
9
Apr
8%
1534 Mar 19
2,600
•
5
Chicago Mail Mfg2
11
1
°3i
8
Order
1234 Jan
454
300
1534 Jan
Chicago River & Mach.• 1351 14
Jan
Apr 30
190
5% 17
Childs Co pref
100
13,, Apr
2,900
3.9
Chief Consol
1734
03(46 mjaar
1% Jan
•
134 13, 43.40O'
51
Cities Service eom
14
Apr
631
13,300
S3-4
14
• 12
Preferred
1% Apr
•
131
Mar34
100
34
Preferred B
131
1335 Apr
6
Mar
6
60
Preferred BB
133.4
• 12
1435 Jan
100
734
Cities fiery P & L 37 pref• 10% 1134
13
Jan
6
751 111
t
arr
-• 10
631
100
$6 preferred
10
654 Apr
334
3
City Auto Stamping
•
534 634 1,000
Jan
Slur
54
400
'1
Claude Neon Lights
X
'16
2331 Jan 29% Apr
500 2134
Clays Elea Blum com
• 2834 29%
13
Apr
7,50
1%
Cleveland Tractor com__.• 1131 13
64i
% St
'
31 Jan
34
Club Alum Utensil Co__ •
7
Mar
534 Mar
Cohn & Rosenberger
•
I
Mar
3-9
Colon 011 Corp corn
•
25% j
Ja n 29% Mar
425 15
Colt's Patent Fire Arms_25 2754 29
Columbia Gas & EieeJan
32
Mar 64
1,975 32
Cony 5% pref
51 Jan
34 Star
Columbia Oil& Gas vtcl_°
34
.°
* 4951
44 99'16 1,700
Mar
44
38
1954
ColumblaPictures
•
Jan
aa[ 6555 Apr
2,500• 3034 4
Commonwealth Edison_ no 60
6535
Commonwealth & Southern
*Is Jan
34
4,600
3-4
Warrants
'16
X
831 Feb
53-4
200
Community P & L $6 prof •
734 8
34 Jan
3c 11'
Community Water Berv_ •
235 Mar
J • Sjjjfaaa
l
1%
Como Mines
134 231 10,000
1855 Mar
8
500
Compo Shoe Machinery...1 1634 1774
1051 Jan
13
7% Apr
n
1,200
Consolidated Aircraft_
1
731 8
1i Jan
'is Jolt
Ile
Consol Auto Merchandl.•
h Jan
34
$3.50 preferred
•
234 Feb
62c
Consol Copper M Ines_ ....6
234 3,600
2
1
Jan 6134 Apr
Consol GE LAP Balt com • 6051 61% 7,800 45% 52
,12111
134
2%Feb
F
jan 140
Coneol Min & Smelt Ltd_25 135 135
10 115
3% Feb
14
Consol Retail Stores
40
Feb
3434
Jan
12%
8% preferred w w.. _100
6
Si Mar
3-4 Slur
Si
Continental Oil of Niex_ _1
Feb ri% Jan
1
100
Consol Royalty 011
134
151
Apr
Sloe 47
Conk 0& E 7% prior p110
625 29
10 4531 47
316
3
2 1 Apr
6
2
331 Jan
Continental Securities
•
554 Jan
234
Cooper Bessemer com____•
100
331 334
Jon
12
1951 Jan
33 pref A
•
4
Jan
Feb
3
Copper Range Co
•
434 Jan
9
2
1,600
Cord Corp
235 234
Corroon & Reynolds254 Jan
400
Common
174 2
1
22
2
13: :'.M
Jan
1),1lar 28
100 10
36 preferred A
22
• 22
if Jan
34 Ma
31
600
Cosden 011 com
54
1
54
2
Slur
Feb
1
Preferred
200
I%
134
100
Courtaulds Ltd11% Ma
1234 Feb
8
200
Am dap rots ord reg__LI 12
12
Cramp (Wm) & Sons Ship
21
3,4 Mu
Yt Apr
34
& Engine 11Idg Corp_
7
10% Jan
Ma
a
Crane Co corn
800
25
954 9%
87
Feb 9035 Apr
25• 32
Preferred
100 9055 9055
1351 Jan
55' 1034 Ma
CreolePetroleum
5 1151 11% 6,000
4
Ma
751 Jan
334
700
Crocker Wheeler
551
Fe
135 Jan
1
1
600
Croft Brewing Co
1
I
134
Fe
34
3-4 Jan
1,200
34
Crown Cent Petroleum 1
31
31
935 Apr
534
734 Ma
2,900
Crown Cork Internet! A •
834 935
2
3
Jan
2
Ma
Cuban Tobacco corn vto_•
30
34
Mar
Fe
1534
Cuneo Press COM
•
100
Fe
Apr
100 69% 87
%
634% preferred
10,
0 100 102
g__6
231 .111D
115 Ma
17,700
916
duel Siefican MinIn
154
4% Mat
6 Apr
431
Darby Petroleum corn .6
400
555 6
12
Jan
10
Mar 16
Davenport Hosiery Mins...
154 Jan
34 Apr
"16
Derby (i11 & Ref Corp coin.
100
34
31
20
Feb
20
Feb 20
Preferred
•
7
Jon
1%
5% Apr
Pictograph Products.._
1,200
531 6
1651 Apr
1151 Mar
Distilled Liquors Corp__ 5 15% 1634 5,600 ▪ 11%
Distiller!! Co LtdSlur 2354 Jan
300 174 21
Amer deposit reta____El 21% 22
1434 Slur 18% Feb
814
5,400
Distillers Corp Beagrama.*
1534 16%
1054 Mar 14% Jan
1,300
Doehler Die Casting
12%
• 12
5% Feb
334 Feb
Dominion Steel Sr Coal B 25
4% Jan
331
Mar
7
Dominion Tar & Chemical.
Douglas(W L) Shoe Co12
1351 Apr
16
Mar
pref
100
Jan
1,100 2 36% 80% Mar 92
• 8331 8834
Dow Chemical
13
19
Apr
Feb
300
Driver Harris Co
10 143( 1531
Feb
48
913.4 Mar 95
100
7% preferred
54 Feb
100
51
54 Jan
Dubiller Condenser Corp_I
51
51
37
Jan 44
Mar
250 33
10 4255 44
Duke Power Co
New York Curb Exchange-Continued-Page 2
Volume 140
STOCKS
Week's Range
of Prices
(Continued)
High
Par Low
Duval Texas Sulphur___ •
94.4 10%
Eagle Pleber Lead Co
3%
4
East GII8 & Fuel Assoc
Common
•
3
334
44% prior preferred_100
6% preferred
100 38
39
East States Pow corn B__•
44
56 preferred series B_ •
$7 preferred series A. •
Easy Washing Mach "B".•
3% 334
Edison Bros Stores corn_ •
Eisler Electric Corp
•
Elec Bond & Share corn
5
64 7%
$5 preferred
• 43
49%
26 preferred
• 48% 50
Elea Power Assoc com__ _1
3
34
Class A
1
334 34
Elea & L 2d pref A
•
4
4
Option warrants
Electric ShareholdingCommon
1
I%
1%
$6 cony prat w w
• 49% 57
Elec Shovel Coal Corp$4 panic pref
•
Electrographic oro com. 1
Empire District El 6% _100 14
14
Empire Gas & Fuel Co6% preferred
100 1134 1134
64% pref
100
7% preferred
100 1234 1234
8% preferred
100 1234 13
Empire Power Part Stk-• 1044 101%
Equity Corp corn
10c
14
14
Eureka Pipe Line
50
European Electric CorpClass A
10
S
8
Option warrants
34
34
Evans Wallower Lea&
•
Ex-cell-0 Air & Tool
3
6% 74
Fairchild Aviation
1
8% 934
Fajardo Sugar Co
100 80
86
Falstaff Brewing
1
3% 4
Fanny Farmer Candy__ -1
834 8%
Fansteel Products Co_
•
Fedders Mfg Co class A__• 1034 10%
Ferro Enamel Corp com_.• 13% 1434
Fiat Amer deli rects
Mello Brewery
I
44
%
Film Inspection Mach_ •
Fire Association (Phila.) 10 59
69
First National Stores7% 1st preferred_ _100
Fink Rubber Corp
1
734
834
$6 preferred
100 75
76
Flintokote Co CIA
• 12% 143,4
Florida P & L 37 pref__• 14
1634
Ford Motor Co LtdAm den ['eta ord reg_L1
744
734
Ford Motor of Can el A • 28
28%
Claaa B
• 31
31
Ford Motor of PranceAmerican depress _100
334
33-4
Foremost Dairy Prod com•
Preferred
•
Foundation Co (for'n shil)*
5
53-4
Froedtert Grain & MaltCony preferred
15 1431 154
Garlock Patting com_
•
General Alloys Co
•
14
14
Gen Electric Co LtdAm dap tete ord reg__Ll
11
11
Gen Fireproofing cam_
•
Gen Gas & Elec$6 cony pref B
• 13
15
Gen Investment oom _ _ _1
716
$6 cony pref class B
• 15
15
Warrant,
Oen Pub Serv $8 prat ____• 2744 28
Gen Rayon Co A stock_ •
General Tire & Rubber__25 48
4934
100 89
6% Preferred A
904
Georgia Power $6 pref..__• 61
63Si
Si preferred
• 50
50
Gilbert (A 0) corn
•
Preferred
Glen Alden Coal
• 15% 16%
Globe Underwriters Inc 2
8% 8%
Godchaux Sugars class A_• 16% 17
Class B
•
834 834
Goldfield Consol Mines.10
Si
Gold Seal Electrical
1
"it
Gorham Inc class A com_•
3
3
$3 preferred
• 17% 1736
Gorham Mfg CoV t c agreement extended
13% 14%
Grand Rapids Varnish_ •
634
631
Gray Telep Pay Station._• 13% 14
Great Atl & Pao TeaNon-vol corn stock.• 122 125
7% 1st preferred_ __100
CR Northern Paper
25
Greenfield Tap & ote____•
434 434
Greyhound Corp
5 35
3754
Grocery Storm Prod v t 025
316
h6
Guardian investors
I
Gulf Oil Corn of Penna__26 56
574
Gulf States Util $11 pref__
$5.50 preferred
Hail Lamp Co
liamilton Gas corn v t e 1
'Lindley Page LtdA
del) rcts part pref So
Happiness Candy
3,4
•
3,4
Ilartford Electric Light_25 x5834 x5834
Ilartman Tobacco Co_ _ ..•
34
44
Ilaseltine Corr.
•
8
8
Herta Mining Co
25
Ilelena Rubenstein
•
1
1
Hayden Chemical
10 3834 39%
Hollinger Consol G M..„5 16% 16%
Holly Sugar Corp rem
•
l'referred
100
llolophane Co coin
I iolt (Henry) dr Co el A •
Horn (A C) Co cam
2
•
2
lot preferred
50
Horn& Hardart
• 2234 24%
7% Preferred
100 106% 106%
Ilud Bay Min & Smelt_ _• 13% 14%
Humble 011 de Ref
• 4834 4944
Huylers of Delaware IncCommon
1
pref stamped__ _100 21
21
Hydro Electric Securit-lee_•
1lYgrade Food Prod
2% 2%
6
Ilygra(le Sylvania Corp • 32
33
Illinois P & L $6 peel
• 17% isn
6% preferred
100 19
19
Illuminating Shares cl A
40
41)
For footnotes 500 page 2505.
Sales
for
Week
July 1
1933 to
Mar31
1935
Shares Low
1,100
2
800
34
600 6
325
100
200
234
63
384
4
534
234
Range Since
Jan. 1 1935
High
1234 Feb
5
Jan
Mar
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Ma
Ma
Feb
Ma
Jan
5
64
Jan
504 Jan
34 Feb
64 Jan
654 Jan
43.4 Jan
27
Mar
Apr
74 Jan
49% Apr
52% Feb
Jan
4
Jan
4*4 Jan
154 Jan
234
58
38
5-4
4
5
3
24%
34
3%
34
374
231
234
234
4
1,400
40,400
1,800
5,100
200
200
50
14
34
25
261i
23.4
1,200
450
44
34
54 Mar
40
Jan
57
100
1
1
12%
1
6
14
Jan
Jan
Jan
3
Feb
634 Feb
16
Feb
744
8
8
84
94
14
34
Mar
Mar
Mar
Mar
Feb
Jan
Jan
134 Jan
8
Mar
15
Jan
184 Jan
104 Apr
1% Feb
38
Feb
834
44
N.
6
74
71
2%
74
1%
934
1034
214
34
34
67
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Mar
Feb
Jan
Ma
Feb
Jan
234
7%
8
150 16 8
100 3 8%
100
4
6,900
1
30
25
300
300
54
316
3,000 18 244
2,700
2%
275 59
2%
900
800 51 2%
1%
200 111 4
1,500
7%
15%
2,600
14
36
25 Cl 31
2,200
300
4,200
2,350
8.4
86
34
234
104
144
224
31
%
60
Apr
Apr
Jan
Jan
Feb
Feb
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Jan
Jan
Feb
Mar
110
112
Jan 1144 Mar
54
74 Apr 114 Jan
354 744 Mar 88
Jan
334
114 Mar 15
Jan
834
1034 Mar 1634 Apr
5,800
5,000
25
4%
814
144
100
24
74 Mar
2534 Mar
3034 Mar
94
324
374
Jan
Jan
Jan
Jan
Mar
Feb
Apr
334
4
14
64
Jan
Mar
Mar
Jan
23-4
4
%
5
200
334
900
1434
1134
1
144 Jan
20
Mar
1
Jan
1534
2634
134
Feb
Jan
Feb
500
9%
3
114 Mar
44 Jan
124
54
Jan
Jan
300
800
200
5%
Feb
15
Mar
Jan
17
Jan
3.4
Mar 304
1%
Mar
Mar 714
Apr 99
Jan 634
Apr50
Jan
24
Mar 2434
Mar 24
Jan
84
Apr 194
Jan
834
Jan
316
I
Mar
Feb34
Jan
193-4
Apr
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Apr
Apr
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
400
11
lie
2,600
100
200
200
1,200
800
200
50
SS
134
14
15
116
24
g
46
89
52
50
2
244
1434
7
164
7
4
3,4
234
17
900
200
250
10%
4q
8
1234 Mar
534 Mar
83.4 Mar
120
175
400
800
20
In
20
44
46
56%
35
1
22
10
54
10
331
TVeek's Range
of Prices
Sales
for
Week
High
Par Low
Imperial Chem Industries
Amer dsposit rcts____ £1
8% 8%
Imperial Oil (Can) cou1)--• 164 16.4
Registered
Imperial Tob of Canada..5 12
124
Imperical Tobacco of Great
Britain and Ireland__El
Indiana Pipe Line
3% 44
10
Indianapolis P & L63.5% preferred
78
100 78
Indian Ter Illum 011Non-voting class A _•
14 1%
Class B
134 1%
•
Industrial FinanceV t c common
1
7% preferred
100
Insurance Coot N Amer.10 54
55
International Cigar Mach •
Internat Hydro-EleoPref $3.50 series
5% 634
50
Internat Mining Corp___1 13% 14%
Warrants
5
5%
International Petroleum_• 30% 31%
Registered '
3134 3134
International Producte___•
2% 3
Internal! Safety Razor B_•
1%
134
Internat'l UtilityClass A
•
Class El
1
ses
st6
Warrants
Interstate EquitiesCommon
1
$3 cony preferred_ _50
Interstate Hoe Mills
• 2534 25%
Interstate Power $7 peel.• 11
12
Irving Air Chute
1
73,4
73-4
Italian Superpower A
1
1
•
Warrants
Jersey Central P & L54% preferred
100 4834 50
Jonas A Naumburg
2.50
Jones dt Laughlin Stee1.100 19% 2134
Kansas G & E 7% pref 100
Kerr Lake NfInes
4
Kings County Lightingpref series B._ _100
57: pref series D. _100
Kingsbury Breweriee
14
1
1
Kirby Petroleum
234 2%
Kirkland Lake G M Ltd 1
• 1534
Klein(Emil)
15/i
Kleinert Rubber
10
Knott Corp
134
Kolster Brandeis
coin1
Ltd__ .£1
134
Koppers Gas & CokeCo6% preferred
100
Kress (S II) 2nd pref 100 11% 11%
Kreuger Brewing
1
Lackawanna RR of N J100
Lake Shore Mines Ltd
1 5434 553.4
Lakey Foundry & NIrich
34
34
Lane Bryant 7% pref 100 70
70
Letcourt Realty Isom
18
11
3
1
Preferred
• 1834
Lehigh Coal A Nay
614 634
•
Leonard 011 Develop.,..25
__25
516
Lerner Stores common
• 46
4634
pref with warr_100
Libby McNeil & Libby-10
7
85-4
Lion Oil Development ___•
64
Loblaw Groceterlas A__• 183,4 1834
Class 11
•
Lone Star Gas Corp
5%
5
•
Long Island Ltgreofnared
ompni
C
m
244
•
236
54
100 54
Pref class B
100 45
4534
Loudon Packing Co
•
Louisiana Land & Explor_l
64 7
Ludlow Mfg Assoc
•
Lynch Corp corn
5
Common new
5 284 294
MangelStoree Corp
734
•
734
634% met w w
100 53
534
Mapes Consol Mfg
•
Niarconl Internet MarineA merican den receipts _ £1
Marconi Wireleas. see Canadian Marconi.
argay Oil Corp
5
54
•
Marion Steam Shovel
14 14
•
Maryland Casualty
1
134
134
Maas Uttl Assoe vtc
1
14 14
Massey-Rarrts com
MaV1.1 Bottling class A
43%
,,s 4 yl
Mayflower Associates
• 444 444
May Hosiery $4 pref
•
McColl Frontenac Oil__ •
McCord Had A Mfg B. •
McWilliams Dredging__• 29% 293-4
Mead Corp corn
•
Mead Johnson &
Memphis Nat Gas
Co.
itom_13 522
61%
Mercantile Stores corn_ •
7% preferred
100
Merritt Chapman & Scott•
1
6%'Z. A preferred_ _100
Metal Textile pre(
Mesabi Iron Co
316
•
316
Metropolitan Edison$6 preferred
•
Mexleo-Ohlo Oil
51 ichigan G9.91 & Oil
Michigan Su,xar Co
44
44
Preferred
10
Middle States PetrolClass A vie
•
1%
134
Claes Byte
•
44
44
Middle West Utll corn _ •
34
34
$6 cony pref ser A w w_ _•
44
44
Certificates ofCorp-_
dep. •
Midland Royalty
$2 cony prof
•
Midland Steel Prod
•
5
5
Midvale Co
• 39
39
Milling Corp of Canada *
Minnesota Mining & Mfg _• 14
144
NlIssissippi River FuelBond rights
Mock Judson Voehringer_•
Mob & Bud Pow let pref,• 39
40
24 preferred
• 1534 17%
Molybdenum Corp vi c_ _I
104 127-4
Montgomery Ward A...• 13634 137
Montreal Li Ht & Pow..• 2834 2834
Nfoody's Investors ServicePartic preferred
•
Moore Corp corn
•
Moors rime Forging
•
Shares
Low
STOCKS
(Continued)
Low
844 Feb
3% Mar
•
18
714
14
Jan
Jan
Apr
120 118
121
Mar 139
120
122
Jan 128
194 204 Mar 26
200
33-4
44 Mar
6
8.200
204 Jan
S
373-4
200
4 Feb
4
3-4
4 Mar
hg
5,000 43
504 Mar 604
40
55
Jan 56
40%
55
Jan
551
6 3
6
334 Mar
34 Feb
%
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Mar
Feb
Jan
Feb
191
334
Iii
34
48)4 5034
3,4
3-4
2%
8
4
6
s,
34
14
37
834 164
30
i7 836
34
100
2
3
514
300
15-4
134
14
30
1,125 1514
20
50 8334 10234
24,800
113-4
7%
5,000 II 22% 44
600
25
600
100
17,900
200
300
700
50
200
375
850
100
25
I"
22
2%
2
17
10
10
34%
Mar
334 Mar
Jan
4 Jan
Jan x5834 Apr
Apr
I% Jan
Jan
9
Feb
Feb
83-4 Apr
Jan
I
Feb
Jan 43
Mar
Apr 204 Jan
Jan 324 Jan
Feb 100
Feb
Jan
34 Mar
7
Feb
Mar
Apr
24 Jan
Mar 30
Mar
Feb 2434 Jan
Jan 10634 Mar
Jan
1434 Apr
Jan 504 Feb
44 Mar
21
Apr
2% Mar
2
Ma
26
Jan
1334 Jan
14
Jan
34% Jan
1
Jan
26% Jan
4% Jan
334 Jan
38
Mar
20% Feb
19
Apr
40
Apr
2501
July 1
193310
Afar 31
1935
100
10,400
Range Since
Jan. 1 1935
Low
High
1,600
1034
11%
9%
Mar
154 Mar
15'4 Mar
12
Apr
94
17%
17
13%
200
23Si
3%
31% Mar
34 Mar
3534 Jan
434 Feb
48
55
78
25
100
600
Jan
Jan
Jan
Jan
Jan
Apr
14
144 Jan
134 Feb
154
144
Apr
Apr
1,600
34
24
1344
18%
1
Mar
2% Afar
53
Afar
304 Jan
114
44
55%
334
Feb
Feb
Feb
Feb
200
900
2,000
8,600
600
200
100
7%
2%
154
23
3.34 Mar
13
Jan
5
Apr
28
Mar
294 Feb
Jan
134 Feb
944 Jan
1534 Jan
634 Jan
3134 Apr
31% Jan
334 Jan
144 Feb
1
14
144
34
'16
'is
Jan
Jan
Afar
234 Mar
3-4 Jan
14 Jan
34
54 Feb
20
Jan
24% Mar
Jan
8
3*4 Jan
34 Mar
316 Jan
ills Feb
244 Feb
274 Jan
13
Feb
73-4 Apr
14 Jan
14 Apr
43
Feb
3i Jan
18
Mar
834 Mar
34 Jan
50
130
42
31
1514
834
34
Apr
Jan
3034 Jan
834 Afar
54 Feb
1,700
600
75
50
134
4
4
934
75
57
1
14
7's
15
634
14
Afar
Feb
Apr
Mar
Ma
Jan
Mar
Jan
Jan
Mar
75
57
Feb
2% Jan
2% Feb
Jan
16
Jan
6.4 Jan
2
Star
44 Jan
02 54
100 10
444
59%
2,800 • 3234
700
10 25
30
00
1
7
2
1:910
00
0
534
"It
600 10%
40
26,400
23-4
1,600 9 3
100 15
1434
ssi
1,100
72
1154
43.4
754
48
54
67
1%
18
514
34
40
9114
64
334
1734
17%
44
Mar
Jan
Ma
Fe
Jan
Mar
Jan
Mar
Jan
Mar
Apr
Jan
Feb
Jan
Mar
Feb
Jan
Mar
7734
1234
7
78
58
134
80
2%
20
734
34
5134
9834
84
634
184
1734
64
2
38
32
9 104
1%
14,000
70
15
400 26%
1
100
30 12
284
2
48
37
2034
44
89
3534
26%
61.4
50
27
Mar
Jan
Jan
Apr
Jan
Jan
Jo
Mar
Mar
Ma
Apr
3
Jan
544 Apr
46
Apr
21
Apr
7
Apr
94% Jan
41
Jan
304 Mar
10
Jan
61
Jan
334 Jan
614
84
Jan
84
Jan
64
34
14
14
54
4
45
44
1534
74
304
3%
634
24
1334
734
1%
9
34
Mar
Jan
Jan
Apr
44%
1%
8%
80
34
531
34
're
4
Fe
134 Mar
Jan
Feb
33.4 Mar
Feb
4034 Fab
40% Feb
14
Mar
334 Mar
214 Jan
34 Feb
55
Apr
134 Mar
114 Mar
70
Jan
Si Jan
Mar
8
Ma
34
Feb
4614
80
400
100
30
1,400
800
100
100
Si
15%
13
7
24
400
ci
800
20
275
4
1%
1
1
3
SS
38
22
12
134
650• 124
300
700
200
100
200
1,400
50
800
100
300
200
200 16
300
300
1,000
100
100
25
225 9
2
34
2%
3.4
3-4
4
44i
183-4
13,
73-4
Jan
7-4 Jan
2
Mar
44 Mar
3
Feb
Jail
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Jan
814 Feb
1
Jan
214 Jan
Jan
44 Mar
34 Mar
34 Mar
Jan
34 Jan
34 Jan
14*
Feb
Mar
Jan
Mar
Jan
10
11
40
14
144
Apr
Ma
5-4
Mar 14
Mar 40
St *r
174
Jan 12%
Jan 137
Apr 31%
Feb
Jan
Jan
Apr
Apr
Mar
Jan
9
5
35
13sa
12
14
3-4
64
1034
775 304 304
9
9
75
45,200 9 23t
7
127
310 56
200 273-4 274
16%
12
614
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Afar
Feb
Apr
Apr
Jan
Feb
Jan
23
Jan
184 Feb
20
Jan
Jan
Jan
3,4 Jan
% Apr
4 Jan
7ig
Jan
Jan
Jan
Jan
25% Jan
184 Feb
29
Afar
New York Curb Exchange-Continued-Page 3
2502
STOCKS
Week's Range
of Prices
(Continued)
.fuly I
1933 to
Ifar 31
Week
1935
Sales
for
Range Since
Jan. 1 1935
Week's Range
of Prices
STOCKS
(Continued)
April 13 1935
July-1
Sales 1933 to
Mar31
for
Week
1935
Range Since
Jan. 1 1935
High
Low
High Shares Low
Par Low
High
Low
High Shares Low
Par Low
Jan 12511 Jan Pub 11111 Securities125
Moore Ltd pref A_ _100
90
14 Jan
Feb
•
preferred
$7
Si
part
)5
Mtge Bk of Columbia3% Feb Puget Sound P & L354 Feb
American Shares
1%
13
Mar 19)5 Jan
390
7%
• 1515 18
$5 preferred
35 Feb
1
54 Feb
Mountain & Gulf Oil
6% Mar 13
460
Jan
$6 preferred
•
8% 1015
4% Jan
335
4% Jan
454 4%
Mountain Producers_ __ _ Ill
900
450 3314 34% Mar 4415 Jan
41
Jan Pure 011 Co 6% prof _100 38
105%, Mar 110
20 100
Mountain Ste Tel& Tel 100 106% 107%
2%
1%
Jan
Mar
600
3%
315
Manufacturing..
10
335
Pyrene
Mar
31%
72
Jan
89
85
• 85
C)Co
700
Murphy
127
Jan 13154 Feb
80 9 106
Apr Quaker Oats corn
• 129 129
Apr 116
116
100 116 116
25 105
8% preferred
132% Feb 138
Mar
111
100
Mar
6% preferred
8% Jan
6
200• 4%
7% 8%
Nachman Springfilled____•
600
34 Apr•94 Mar
1% Mar
its
254 Jan Railroad Shares Cor
@FedFRASER