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The Financial Situation
HE business community, more interested for the action of the same sort are essential to a recovery in
moment in the plans of the Washington Ad- business. On the whole, both the Wisconsin address
ministration than in anything else, found the address and the action on silver served to raise fully as many
of the President in Wisconsin on Thursday and the questions concerning the intentions of the Adminisalmost simultaneous silver proclamation the major tration as they answered, the business community
events of the week. Both were disquieting to thought- thus being left in that uncertain state of mind which
ful people, and to those who had expected a "swing is so destructive of ability to proceed intelligently
to the right" on the part of the President, both were with plans and commitments.
disappointing. The President, ever since he landed
Reassurance Needed
on the West Coast late last week,so far from giving
any indication of having become more inclined to
F course everyone even moderately acquainted
accede to the wishes of his more conservative advisers
with the business situation knows, whether
has seemed to be in closer accord with the so-called the President believes it or not, that there is the utliberals of the West.
most need for reassurance
It was more the tone than
from Washington at this
A Warning
the content of his brief intime. The truth is that
obligations of the United
Holders
of
the
formal addresses prior to
there have been few occaStates Government have shown rather
Thursday that dampened
sions even in these past few
indubitable indications of uneasiness during the past week, while the public has
the hopes of those who had
troublous years when conbeen revealed as reluctant to take the
been ardently wishing for
fidence
was at a lower ebb in
obligations of the Federal Farm Mortgage
some reassurance from the
Corporation and the Home Owners' Loan
industrial, commercial and
Corporation at the excessively low rates of
President. His words at
financial circles. Thoughtyield expected by the Treasury, notwithGreen Bay, particularly his
ful business leaders have
standing that the obligations in question
are fully and unconditionally guaranteed
aggressive attack upon those
never had any substantial
by the Federal Government.
who had counseled a more
degree of faith that the maThis whole development, which seems to
suggest a tendency on the part of investors
helpful attitude toward busijority of the New Deal proto assume a more realistic attitude toward
ness, seemed, however, to
jects would in any permathe financial position and policies of the
Federal Government, may be a most helpful
place the President very
nent way help recovery.
and wholesome phenomenon or it may be
definitely on record as still
Indeed,
they have from the
the precursor of an ultimate breakdown
fully determined to proceed
first been fully aware that
in the credit of the United States Government, depending entirely upon whether or
with his program of "rein the long run these pronot public officials are willing to heed the
forms," interference with
grams would be exceedingly
plain warning it presents.
If the Washington Administration perharmful. But in the past
business and restriction of
sists in pinning its faith to its ability to
few months business men
enterprise, and substantially
oblige banks to absorb its securities and to
its program of "rigging" the market for its
throughout the length and
to darken the prospect that
obligations, refusing to alter its spending
he might modify his course
breadth of the land have obpolicies and proceeding in utter disregard
served, and indeed expein the way that a good many
of the dangers to which it is exposing itself,
the ultimate outcome will be unfortunate
had hoped.
rienced, the failure of first
indeed.
one
phase or aspect of this
The Government can no more maintain
Silver Action Raises
indefinitely an artificial market for its seprogram and then another,
curities than the manipulators of the New
Questions
until even those who had
Era, which public officials have been so
HE silver proclamation
fond of condemning. It may or may not
hoped that at least some
be true, as many believe, that it can do so
made in Washington
good would come of it all
for a good while to come. Failure in the
at about the same time that
are rapidly becoming disend is in anycase certain,with far-reaching
and disastrous results.
the President was speaking
illusioned,while many others
If, on the other hand, the hesitation in
in Wisconsin appeared to
are more and more inclined
Government
bond market of the past
the
many to suggest strongly
week were to rouse the Administration to
to curtail the period during
the dangers of its present course, and to
that the President not only
which they think that such
cause it to alter that course before further
did not intend to become
damage is done, the whole country would
policies can continue to furhave good cause to be thankful for the
more conservative and more
nish an artificially stimuweakness which has appeared there.
constructive, but that he
lating effect upon industry
was by no means determined
and trade.
to resist the inflationist pressure from the West. It
To these causes of disquietude have been added
is true that, as unsound and as unfortunate as the during recent weeks the developments in Europe and
program announced is, the purchase by the Govern- the devastation wrought by drought. It has bement of existing stocks of silver at about 50 cents an come clear to all that the distress in the Western
ounce and the issue of currency against these pur- States will necessitate the expenditure of colossal
chases are not likely to have any very startling ef- sums of money during the next year, funds which
fects upon the monetary and price systems of the will unquestionably be added to the national debt
country.
which all of us as taxpayers at one time or another
The question, however, has been pointedly raised must repay. Equally as obvious is the fact that such
in many minds as to how far the President, regardless outlays will not, as had been expected by many, add
of his reputed personal loss of faith in such expedi- to the current demand for goods and thus tend to
ents, may go in an effort to appease dissatisfied groups keep business active, but will on the contrary only rein the population who constantly assert that very place in part the demand for goods which these same
much more drastic use of the so-called Thomas people would in normal circumstances have been able
Amendment powers and, indeed, further legislative to make effective through their own productive work.
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Financial Chronicle
European developments not only tend greatly to
postpone the day when international co-operation
in the working out of world economic problems is
likely to begin in earnest, but seriously threaten
export markets for even the reduced amounts of
goods that we have been selling abroad during the
past year or two.
Difficult to Understand
The discerning business man naturally finds it
very difficult to understand how the President in
all these circumstances can assert that there is no
lack of confidence at present; and no need for him to
alter his policies in order to foster that faith in the
future upon which effective business enterprise is
absolutely dependent. If the President had intended
to say that no vague assurances from him would
serve to correct the situation, he of course would
have been on solid ground. However, that is not
what he said. On the contrary he insisted that there
was no lack of confidence. As a matter of fact, he
added by implication, if not by express word, that
there was no cause for uneasiness. The simple truth
of the matter seems rather to be that there is very
good ground for anxiety about the adverse effects
of these sundry factors, and most urgent need, not
for vague reassurance from Washington or denials
of the existence of distrust, but for a frank facing
of the facts on the part of public officials and a return to greater sanity and common sense.
It must be frankly admitted, however, that the
prospect for any encouragement of this sort has
grown darker rather than brighter during the past
week. Not only the silver action and the utterances
of the President, but further statements and addresses of his advisers and administrative assistants
tend definitely in this direction. The Secretary of
Agriculture has again reiterated his intention to
continue the general policies of the Agricultural Adjustment Administration despite the fact that they
have already not only cost the people of the country
a pretty penny in direct taxation but have seriously
complicated the problems presented by the drought,
and notwithstanding that the surpluses which gave
rise to the program have disappeared or probably
will disappear shortly. The Under-Secretary of
Agriculture has in the past week delivered another
address devoted largely to a scathing, and, we must
add,flippant denunciation of all those who have the
temerity to oppose the agricultural program of the
Administration.
Social Insurance Plans
CORDING to current reports, plans proceed
apace for further squandering of public funds
on a stupendous scale, and the President's so-called
social insurance program is said to be in the process
of extensive elaboration. Apparently reliable accounts are to the effect that so much is being included in this program that even the originators and
supporters of the movement are finding themselves
staggered by its breadth, and in doubt of its feasibility at this time. Of course, all this presents a
disturbing picture. It seems to us, however, that it
is well that the situation is developing as clearly
and definitely as possible at this early date, and important that the public be informed as frankly and
as plainly as may be in order that every opportunity
be given to the people to study and pass judgment
upon the acts of its Government at the elections this
AC
Aug. 11 1934
autumn. There is no reason to believe that the
American people are not capable of understanding
the hazards in what is being planned.
The Federal Reserve Bank Statement
HE combined condition statement of the 12 Federal Reserve banks, published yesterday, continues to reflect the incidence of Treasury operations and governmental policy on the Reserve institutions. All important changes for some time past
have been due entirely to such factors, indicating
that the Treasury now exercises an extraordinary
degree of control over the currency and credit of the
country. The statement for Aug. 8 reveals that in
the period since Aug.1 the Treasury withdrew $135,000,000 of its deposits with the System on general
account, but this disbursement was more than compensated by an increase of $144,000,000 in member
bank deposits with the Reserve banks on reserve
account. Such member bank deposits advanced to
a record high level of $4,059,070,000, or nearly double
the amount of required reserves. The excess reserves over requirements are estimated at $1,925,000,000 to $1,950,000,000, which also represents a
new and dangerously high total. Almost all
thoughtful observers are profoundly perturbed by
this tendency of the credit system, for which the
Treasury is wholly responsible. It is, of course, the
chief reason for the absurdly low borrowing costs
of the Treasury itself and for the stuffing of bank
portfolios with altogether undue amounts of Treasury obligations. Notable, in this connection, is a
decline of $25,000,000 from Aug. 1 to Aug. 8 in the
holdings of Government securities by New York
City member banks. It may well be assumed that
this reduction represents a reaction from the practice of member banks here of adding enormous
amounts of Treasury obligations to their holdings.
The new item of industrial advances by the Federal Reserve banks, which appeared in last week's
statement for the first time in an amount of $5,000,
was again evident in the current statement, with
the amount increased to $28,000. It is reported that
the first advances of this nature were due to activities of the Minneapolis institution, while most of
the advances now reflected were made by the New
York bank. Applications for such loans are far in
excess of the total reported.
In other respects the current condition statement
shows no changes of note. Gold certificates were
deposited by the Treasury with the Reserve banks
in an amount of $23,539,000, and the aggregate was
thus raised to $4,929,548,000 on Aug. 8 from $4,906,009,000 on Aug. 1. The increase in the monetary
gold stocks of the country in the same period was
$25,000,000, indicating that the Treasury did not
make use of any of its gold "profit" from dollar
devaluation in the period. Other cash declined
nearly $6,000,000, and total reserves of the Federal
Reserve banks thus increased to $5,173,866,000 on
Aug. 8 from $5,155,903,000 on Aug. 1. Borrowings
from the Reserve banks decreased slightly, as the
discounts fell to $20,550,000 from $21,370,000.
Bankers' bill holdings of the System were virtually
unchanged at $5,200,000. Although increasing restlessness was reported this week regarding the extensive holdings of Treasury obligations by the Reserve banks, no important change appears in this
item, which amounts to $2,431,760,000. Actual circulation of Federal Reserve notes increased to $3,-
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Volume 139
Financial Chronicle
095,333,000 on Aug.8 from $3,078,823,000 on Aug. 1.
The net circulation of Federal Reserve bank notes
resumed its downward course, with the total now
$33,184,000 against $33,864,000 a week earlier.
Owing to the offsets of Treasury deposit withdrawals and increases of member bank deposits, total deposits with the System did not change greatly, the
amount on Aug. 8 being $4,292,923,000 against $4,293,249,000 on Aug. 1. The increase in total reserves
provided slightly more than an offset for the gain
in circulation, and the ratio of total reserves to
deposit and Federal Reserve note liabilities combined increased to 70% from 69.9%.
Corporate Dividend Declarations
EVERAL dividend actions of interest were announced the present week. The General Motors
Corp. on Aug.6 declared an extra dividend of 50c. a
share, in addition to the regular quarterly dividend
of 25c. a share on the common stock, both payable
Sept. 12. In connection with the action taken by
the Board of Directors, Alfred P. Sloan Jr., President, stated, in part: "Earnings for the first half
of the year, as already reported, were in excess of
the regular dividend for the entire year, plus the
extra now authorized. The financial position of
the corporation continues strong, justifying an extra disbursement at this time." On Aug. 7 the Pacific Mills Co. resumed dividends on the no par
common stock by a declaration of 50c. a share; this
is the first distribution to be made on this issue
since December 1925, when a quarterly dividend of
75c. a share was paid. The Columbian Carbon Co.
increased the quarterly dividend on the no par common stock from 75c. a share to 85c. a share, payable
Sept. 1. The Underwood Elliott Fisher Co. on
Aug. 9 also increased the dividend on its no par
common stock from 37Y2c. a share to 50c. a share,
this latter distribution becoming payable on Sept. 29.
In addition, the International Nickel Co. of Canada,
Ltd., increased the quarterly payment on the common stock to 15c. a share, payable Sept. 29, as compared with 10c. a share paid previously.
The Wheeling & Lake Erie Ry., as was the case on
Sept. 27 1933, again declared a dividend of $7 a
share on the cumul. prior lien stock; this declaration
covers the period from May 1 1928 to and including
April 30 1929.
One dividend action of an adverse nature was
the omission by the Standard Oil Co. of Nebraska
of the quarterly dividend on its $25 par capital
stock; disbursements of 25c. a share had been made
on this issue each quarter from June 20 1932 to and
including June 20 1934. In omitting the dividend
the company stated that "owing to the unsatisfactory and demoralized price condition in the distributing branch of the oil business in Nebraska, which
condition has existed over the past year and which
still exists, the Board of Directors have deemed it
inadvisable to declare the regular quarterly dividend at this time."
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Business Failures
USINESS failures in July were again reduced in
number. They were the lowest for any month
since September 1920. The records of Dun & Bradstreet show 912 such defaults in the United States
for the month just closed. For the preceding month
there were 1,033 insolvencies reported, while for
July last year the number was 1,421. The reduction
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811
for July this year from that month a year ago was
equivalent to 35.8%. The total of liabilities reported
last month was $19,325,517, which was the lowest for
any month in a number of years past. In July last
year liabilities amounted to $27,481,103, that total
being considerably below any other month for three
or four years prior thereto.
For the seven months of this year business defaults
numbered 7,489, compared with 14,144 for the same
period in the preceding year. The reduction in the
number from a year ago was 47.1%. Liabilities for
the seven months this year have amounted to $171,119,277, against $355,071,851 for the same time in
1933, the curtailment this year being 51.8%. Both
as to the number of defaults and the indebtedness
shown, the ratio of decline for the seven months was
much larger than it was for the month of July. This
is readily explained by the fact that the reduction in
failures last year during the first seven months was
unusually large. The decline from month to month
this year has been something more than seasonal.
Failures in the second quarter of 1934 were 12.9%
below those for the first quarter, and there was a
further reduction of 22.2% in July. In 1933, however, the decline in the second quarter from the first
was 24.4%, while July a year ago was still lower
by 41.2%.
Failures last month in all different sections of the
United States were fewer in number than a year ago.
Separating the figures by Federal Reserve districts
shows a very marked decline, especially in the West
and South. A number of the districts show less than
one-half the number of defaults in July this year
than were reported in that month last year. Included among these are New England, the First District; also the Chicago District; St. Louis, Minneapolis and Kansas City Districts. For the Atlanta
and Dallas Districts, there were large reductions,
nearly one-half, and the same was true of the Cleveland District. The number of defaults last month
was also notably smaller in the Philadelphia, Richmond and San Francisco Districts. There was, however, only a very small decline in the New York District, a difference of only seven this year. Liabilities, too, show relatively a smaller reduction this
year for the New York District than for most of the
others. There are one or two instances for July this
year in some of the other districts where a slight
increase appears.
By trade divisions, the July statement again
makes the most favorable showing in the retail
division. This has been the case for a number of
months past. Trading failures last month numbered
579, with liabilities amounting to $8,123,489; those
in manufacturing lines, 235, for $6,785,970, and for
other classes, mostly agents and brokers, 98, involving $4,416,058. A year ago the number of trading
failures was 976, for $8,123,489 of indebtedness.
Manufacturing defaults numbered 325, for $8,281,762, and the third division, 120, with liabilities
amounting to $5,654,854. There were in July this
year 48 failures where the liabilities in each instance
amounted to $100,000 or more, the total of the latter
being $8,828,967, against 60 similar defaults in that
month last year, for R10,606.039 of indebtedness.
Cotton Crop Report
HE Administration at Washington is apparently
about to realize its ambition: a curtailed cotton harvest. The other alternative, if needed, as it
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Financial Chronicle
most certainly will be, may not be so easy of realization. Production from this year's cotton crop is now
placed at 9,195,000 bales. Considerable space in the
August cotton forecast is devoted to a discussion of
how this condition may be changed later in the growing season, and more than average improvement result. Possibly the wish is father to the thought.
The report of the Department of Agriculture indicates the yield per acre of cotton this year at 160.9
pounds. Production last year was 208.5 pounds,
while the average for the past 10 years has been
about nine pounds higher than that now estimated
for the 1934-1935 crop. The yield for this year is
above the average, according to the August estimate,
in the States east of the Mississippi River, and below
the average west, especially in Oklahoma and Texas.
Western Arkansas and parts of Louisiana have also
suffered severely.
Under the Bankhead Act, which the Department
also discusses extensively, production this year was
tcr be limited to 10,460,000 bales. The quota for each
State was fixed, and growers in each State are to be
supplied with tax-exemption certificates for the
number of bales allotted to them. A ginning tax on
any cotton marketed in excess of this allotment is
to be imposed. For the four States of the Southwest
above enumerated, the August cotton report indicates a yield this year of 4,091,000 bales. In many
years of the past, production in Texas alone was considerably in excess of this figure. The Bankhead Act
allots these four States 5,498,000 bales.
One other of the major cotton States, Mississippi,
shows an estimated production in the August report
below the Government allotment, harvest being
placed for that State at 1,062,000 bales, and the allotment at 1,099,000 bales. In the Eastern belt, the five
major States each show an estimated production
larger than the Bankhead allotment, the figures being, respectively, 3,390,000 bales and 3,327,000 bales,
the former the August indicated yield for the five
States. Missouri is given a yield below the allotment, but for the section identified with the Pacific
Coast, production is above the allotment.
The outcome remains to be seen. What will happen after the trying month of August to the growing
cotton crop no one can foretell. What has frequently happened, especially in the State of Texas,
is a matter of history. In that State the cotton crop
is not finally made until well along into the spring
of the next year. A new ho-po-kue is being worked
out by the Department of Agriculture, by which the
new tax-exempt certificates for the different States
are to be traded in between the farmers, so that a
farmer in one State who may be short of his allotment can buy or sell to another farmer and thus
even up his commitments, or otherwise. Possibly a
regular department for trading in these tax-exempt
cirtificates may be developed, with futures and corners, &c., &c., to be followed by the usual Congressional inquiry, and activity on the part of some ambitious understrapper of the Department of Justice.
Who can tell?
Government Grain Report
I, reports of crop disasters are more than substantiated by the August crop report issued
by the Department of Agriculture at Washington
late yesterday afternoon. The corn crop, as well
as some of the other leading grains, have suffered a
further severe setback during July, and records of
deficiencies covering a great many years promise
N
Aug. 11 1934
to be exceeded. The Department, in its report,
states that the decline in the condition of growing
crops during July has been 11%. The injury has
been especially severe in Texas, Oklahoma, Kansas,
Nebraska, the Dakotas, and in portions of adjoining States. Only for the Atlantic Coast and in the
Eastern cotton belt are anything like fair returns
received. Production of wheat, both winter and
spring, was a little higher than in the July report,
but the yield will still be below previous records.
The corn crop this year is now placed by the
Department at 1,607,000,000 bushels. This compares with 2,113,000,000 bushels for the July 1 estimate this year, and with the harvest last year of
2,330,237,000 bushels. The harvest for the crop
grown in 1932 was 2,875,570,000 bushels, but even
that was 300,000,000 or 400,000,000 bushels below
some previous corn crops. The low record yield of
1930 was 2,060,685,000 bushels. The Aug. 1 condition, on which this year's estimate of yield is now
made, was 49.1% of normal, and compared with a
condition of 71.8% on July 1 this year and 65.5%
of normal on Aug. 1 last year for the crop harvested
at that time.
Prospects for wheat this year have been slightly
increased in the Aug. 1 condition report. For winter wheat, production is now placed at 401,000,000
bushels against an estimate of 394,000,000 bushels
on July 1 and the harvest a year ago of 351,030,000
bushels. The condition of spring wheat on Aug. 1
was 30.4% of normal compared with 38.3% of normal on July 1 this year, a decline during the month
of 7.9 points. The Aug. 1 condition of spring wheat
last year was 44.6% of normal. This year's spring
wheat condition is a new low record. Production is
now placed at 90,400,000 bushels compared with the
July 1 estimate this year of 89,400,000 bushels. Last
year's harvest of spring wheat was 176,383,000
bushels, while for the crop of 1932 production was
264,680,000 bushels. The latter was by no means up
to previous records, the spring wheat crop for 1928
being 335,113,000 bushels. All wheat, including
both winter and spring wheat, will show a total
yield this year of 491,400,000 bushels. This compares with last year's harvest of 527,413,000 bu., and
one of the bumper crops of 926,130,000 bu. in 1928.
The expected yield of oats this year is now further
reduced, production being placed at 545,000,000
bushels. The yield last year, at 731,524,000 bushels,
was exceptionally low, the five-year average production being 1,186,956,000 bushels. The estimate for
rye is practically unchanged at 17,300,000 bushels,
the lowest on record. An average of 40,980,000
bushels for the five years 1928-1931, inclusive, is
reported by the Department. The 'yield of barley,
too, is placed at a lower quantity in the August report, 119,000,000 bushels, comparing with an average production each year 1927-1931, inclusive, of
270,444,000 bushels. The white potato crop will be
below that of earlier estimates this year and for
preceding years, the latest estimate of 327,000,000
bushels comparing with 366,000,000 bushels, the latter the average for the last five years. For tobacco
a yield of 1,042,000,000 pounds compares with an
average of 1,471,000,000 pounds.
The New York Stock Market
HARP downward and upward movements occurred in the New York stock market this
week, chiefly as a consequence of the crop and
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Volume 139
Financial Chronicle
813
drought news, and new inflationary steps by the for the week to Aug. 4 were 611,298 cars, being 2,450
United States Treasury. Prices of grains and cot- cars more than in the previous week, or an increase
ton moved forward by leaps and bounds, and the of 0.4%, the American Railway Association reports.
As indicating the course of the commodity marbest levels of the season were attained as ever more
fearsome reports told of the havoc caused in many kets, the September option for wheat in Chicago
/8c. the
8c. as against 1027
sections of the West by the relentless drought afflict- closed yesterday at 1091/
ing most of the area. These reports were a subduing close on Friday of last week. September corn at
8c. as against
influence on the stock market in the early sessions, Chicago closed yesterday at 1091/
September
last
week.
Friday.
of
as it is realized that the diminished purchasing 102%c. the close on
at
53%c.
as against
yesterday
Chicago
closed
oats
at
population
is
a
serious
power of a large part of the
menace, which is far from offset by higher prices to 46%c. the close on Friday of last week. The spot
be realized by some other and more fortunate farm- price for cotton here in New York closed yesterday
ers. The decline on Monday was modest, with the at 13.75c. as against 13.10c. the close on Friday of
share turnover aggregating 782,750 shares. On last week. The spot price for rubber yesterday was
Tuesday a more drastic recession occurred, with 15.57c. as against 15.00c. the close on Friday of last
stocks of grain-carrying railroads especially weak, week. Domestic copper closed yesterday at 9c., the
although utility, motor and other groups also same as on Friday of previous weeks. With the
sagged. The share turnover diminished to 608,530 nationalization of silver ordered by the President,
shares. There was a modest rally in stocks on in aproclamation and Executive Order made public
Wednesday, under the stimulation of persistent Aug. 9, trading in silver futures on the Commodity
rumors that another inflationary move would ema- Exchange was brought to a close on that day. Up
nate from Washington. Leading issues gained 1 to to and including Thursday of this week, the tendency
2 points, while turnover amounted to 692,020 shares. of the silver market was decidedly upward, with
The most active period of the week occurred on the price of the metal on Wednesday closing at 48c.,
Thursday, when the news was given out that silver the highest since December 1929, when 49%c. was
would be nationalized at 50.01 cents an ounce and the peak for that month. With the suspension of
currency issued against the fresh stocks. Although trading on Thursday, the Exchange announced a
it was recognized that the inflationary implications n o minal closing price of 49.96c. for all months of
of this step are not great, it was regarded as ten- delivery and corresponds to 50.01c. an ounce as
dential and stocks were in eager demand. Metal fixed by the Government on silver to be acquired
stocks with an interest in silver or gold were bought under its nationalization decree. In London, the
heavily, while other groups of equities also advanced price yesterday was 21 7/16 pence per ounce as
1
2pence per ounce on Friday of last week,
in a total turnover of 1,417,192 shares. In yester- against 20/
day's session the gains were canceled, to a large and the New York quotation yesterday was at
degree, as profit-taking developed. The impression 49.75c. as against 46.75c. on Friday of last week.
gained ground that the silver move was more im- In the matter of the foreign exchanges, cable transportant politically than economically, and net de- fers on London closed yesterday at $5.08% as
clines of a point or two were common, with trades against $5.04% the close on Friday of last week,
while cable transfers on Paris closed yesterday
• amounting to 772,510 shares.
In the listed bond market attention was centered at 6.66%c. as against 6.61%c. on Friday of last
on United States Government securities, which week.
On the New York Stock Exchange 18 stocks
fluctuated widely. When it appeared on Thursday
that a public offering by the Treasury of U50,000,000 reached new high levels for the year, while 64 stocks
short-term Home Owners' Loan Corporation guar- touched new low levels. On the New York Curb
anteed bonds was only partially successful, prices Exchange eight stocks touched new high levels for
of all Treasury obligations slumped, and the move- the year, while 30 stocks touched new low levels.
ment was accelerated by the announcement of the Call loans on the New York Stock Exchange resilver nationalization program. It is reliably re- mained unchanged at 1%.
ported that extensive supporting orders reached t1.
On the New York Stock Exchange the sales at
market for account of the Treasury itself, and a the half-day session on Saturday last were 303,790
final rally brought the quotations back to former shares; on Monday they were 782,750 shares; on
levels by the close. There were fairly drastic re- Tuesday, 608,530 shares; on Wednesday, 692,020
cessions yesterday, however, as the market resumed shares; on Thursday, 1,417,192 shares, and on Friit normal course. High-grade corporate bonds also day, 772,510 shares On the New York Curb Exwere unsettled in the later sessions of the week, but change the sales last Saturday were 58,315 shares;
the speculative issues followed the course of equi- on Monday, 124,825 shares; on Tuesday, 123,130
ties. The foreign exchange market reflected the sil- shares; on Wednesday, 127,190 shares; on Thursver program by decided weakness of the dollar on day, 202,210 shares, and on Friday, 145,860 shares.
Thursday, and there was not much of a recovery
The trend of the stock market the present week was
yesterday, but these movements were overshadowed irregular, with many issues showing slight gains
by the domestic developments. Trade indices were and others recording modest losses at the close on
only a minor influence on the stock market. The Friday. General Electric closed yesterday at 18%
American Iron and Steel Institute estimated steel- against 181/2 on Friday of last week; Consolidated
making operations for the week beginning Aug. 6 Gas of N. Y. at 27% against 28; Columbia Gas &
at 25.8% of capacity, against 26.1% a week ago. Elec. at 9% against 9%; Public Service of N. J.
Electric power production throughout the country at 33 against 34; J. I. Case Threshing Machine at
/
s; International Harvester at 261/2
was 1,657,638,000 kilowatt hours in the week ended 391/
8 against 395
Aug. 4, according to the Edison Electric Institute. against 261/2; Sears, Roebuck & Co. at 33% against
This compares with 1,683,542,000 kilowatt hours in 34/
8; Montgomery Ward & Co. at 22% against 23;
the preceding week. Carloadings of revenue freight Woolworth at 49% against 50; American Tel. & Tel.
814
Financial Chronicle
at 10978 against 109%, and American Can at 941/
4
against 9514.
Allied Chemical & Dye closed yesterday at 127/
1
4
against 127 on Friday of last week; E. I. du Pont de
Nemours at 87% against 871/
8; National Cash Register A at 141/
4 against 13%; International Nickel at
25 against 24%; National Dairy Products at 17
against 16%; Texas Gulf Sulphur at 3178 against
33; National Biscuit at 33% against 331/4; Continental Can at 78 against 77%; Eastman Kodak at
98 against 981/
4; Standard Brands at 19/
1
4 against
19%; Westinghouse Elec. & Mfg. at 31/
1
4 against
307
/
8; Columbian Carbon at 667
/8 against 641/2;
Lorillard at 17% against 17%; United States Industrial Alcohol at 38 against 38; Canada Dry at
15% against 16; Schenley Distillers at 20 against
20%, and National Distillers at 18% against 19%.
The steel stocks are irregularly changed for the
week. United States Steel closed yesterday at 33
against 34% on Friday of last week; Bethlehem
Steel at 27% against 27%; Republic Steel at 13%
against 13%, and Youngstown Sheet & Tube at 16%
against 15%. In the motor group, Auburn Auto
closed yesterday at 18% against 20 on Friday of
last week; General Motors at 29/
1
4 against 271%;
Chrysler at 307
/8 against 32%, and Hupp Motors at
21/
4 against 2%. In the rubber group, Goodyear
Tire & Rubber closed yesterday at 21% against 21;
B. F. Goodrich at 10% against 934, and United
States Rubber at 15% against 13%.
The railroad stocks closed lower than on Friday
one week ago. Pennsylvania RR. closed yesterday
at 22 against 23% on Friday of last week; Atchison
Topeka & Santa Fe at 46% against 50%; New York
Central at 20% against 2034; Union Pacific at 92%
against 102; Southern Pacific at 16% against 16%;
Southern Railway at 14% against 14%, and Northern Pacific at 16% against 16%. Among the oil
stocks, Standard Oil of N. J. closed yesterday at
433
4 against 43/
1
4 on Friday of last week; Shell
Union Oil at 7 against 7, and Atlantic Refining at
241/
2 against 24/
1
4.
In the copper group, Anaconda Copper closed
yesterday at 12% against 11% on Friday of last
week; Kennecott Copper at 19% against 18%;
American Smelting & Refining at 36% against 33%,
and Phelps Dodge at 16/
1
4 against 15.
European Stock Markets
RADING on the leading European stock exchanges was interrupted this week by holiday
and other suspensions, but there were, nevertheless,
some rather significant movements in quotations.
The London Stock Exchange was closed on Monday
for the usual August bank holiday period, but in
subsequent sessions sharp advances were the rule,
with South African gold mining stocks in heaviest
demand. The Paris Bourse was the only important
European market that was open all week, and the
trend there was uncertain. The Berlin Boerse was
closed until Wednesday, because of the death of
President von Hindenburg. Movements in Berlin
were irregular. News of the American silver
nationalization program did not reach the European
markets until they were closed on Thursday, but
the belief has been growing for some time that new
inflationary steps were likely in leading countries
and the American action caused no surprise. Reports from London and other centers state that the
American move is regarded as important, less as a
T
Aug. 11 1934
practical matter than as an indication of the continued currency unsettlement that now afflicts the
world. The impression also is growing in Europe
that the coming autumn season may prove to be a
trying one in an economic sense, and in most markets
there is a corresponding caution regarding commitments. Official British employment figures, made
available on Tuesday, indicate that the total of
Britain's jobless is sharply on the increase. The
number of unemployed increased 36,674 in July to
an aggregate of 2,126,000. The French business
situation remains unfortunate, and it is now believed
that further political difficulties will be occasioned
when Parliament reassembles in the fall. In Germany improvement seems still to prevail, as the
number of officially reported unemployed decreased
in that country during July by 54,000, to an aggregate of 2,426,040. This performance is said to be
all the more impressive in view of a sharp contraction in the German Government's unemployment
work relief program.
There was no great activity on the London Stock
Exchange when that market reopened Tuesday after
the long suspension. The tone, however, was cheerful in all sections, with British funds especially in
demand. African gold mining issues also were
bought and some large gains were registered in these
issues. Most industrial stocks showed limited improvement, while international securities likewise
gained. Reports from the United States indicated
on Wednesday that agitation for further devaluation of the dollar was increasing, and such accounts
occasioned renewed demand for gold mining issues
in London. The securities were in heavy demand
and the large advances were diminished only a little
toward the end of the session on profit-taking.
British funds remained in fair demand, and gains
also were reported in most industrial stocks. The
international section was quiet with a firm undertone. The advance in quotations was continued on
Thursday, with sharp advances in commodity prices
furnishing a stimulus. Gold mining shares again
were active and higher, while demand for British
funds also was unabated. British industrial stocks
remained in request, with the so-called commodity
issues most eagerly sought. The international department was firm. Gilt-edged issues were firm
yesterday, while sharp advances occurred in home
hails and gold mining stocks. Industrial issues improved slightly, but international shares weakened.
The Paris Bourse was extremely dull on Monday,
largely because the London market was closed.
Rentes made a little progress, but French bank and
industrial issues were soft. Foreign securities were
sold more heavily than French stocks. Trading at
Paris increased only a little in Tuesday's session,
but the tone was generally good. Rentes again registered slight advances, while French equities joined
in the movement. Some international stocks improved, but reports of new inflationary moves in the
United States depressed foreign bonds on the Paris
exchange. Variations at Paris were small on Wednesday, and mostly toward lower levels. Rentes
drifted lower on rumors of difficulties in French
Treasury finances, while bank and industrial stocks
also dropped. In the international section stocks
were in modest demand, but other securities were
weak. Movements were uncertain in a quiet session
on Thursday. Rentes dropped sharply at first but
recovered most of their losses in a final rally.
•
Volume 139
Financial Chronicle
French equities were not greatly changed, but gains
were the rule among international stocks. Rentes
declined in an active session yesterday, but equities
improved.
The Berlin Boerse was closed Monday and Tuesday out of respect to the memory of President von
Hindenburg. When trading was resumed, Wednesday, sharp advances were the rule, with trading active. Demand for stocks was good but offerings
were small and numerous gains of 3 to 5 points were
recorded in leading issues. Heavy industrial stocks
were especially in request, while electrical issues
and mining stocks also improved markedly. Fixed
interest securities were firm_ Profit-taking developed on Thursday at Berlin, and the opening was
rather weak. The selling abated late in the day,
however, and some of the losses were regained.
Changes at the close were small with a majority of
issues showing slight recessions. Bonds were in
better demand than stocks. In a quiet session on
the Boerse yesterday bonds again improved, while
stocks were maintained.
European Budgets
OVERNMENT finance in France is now a
matter of world-wide interest, since the ability
of that country to balance its budget may have an
important bearing on the continued stability of the
franc. The French Finance Ministry issued figures
last Saturday showing results for the second quarter
of the fiscal year, and they are not encouraging.
Until last March reports on taxation receipts were
published monthly by the Paris Government, but
this practice was suddenly discontinued and it was
announced last Saturday that they will be published
hereafter at the end of every quarter. The delay in
issuing the returns for the second quarter aroused
misgivings among French financiers, a dispatch to
the New York "Times" states, and the actual figures
bore out the fears, as they showed receipts of 874,000,000 francs less than the budgetary estimates for
the quarter, while for the first half of the fiscal
year the drop from estimated receipts is given as
1,552,000,000 francs. Much of the decline for the
half-year is due to a recession in customs receipts,
which were 672,000,000 under the estimates. The
turnover tax and indirect taxes also failed to reach
estimates by wide margins. "These figures," the
dispatch adds, "would indicate that France faces a
deficit of at least 3,000,000,000 francs for 1934, unless the Doumergue Government's fiscal reform
plans, which have just been instituted, can overcome
the downward trend of French business." In a
Paris report to the New York "Herald Tribune" it
is pointed out that France's steadily tightening economic straits, her dwindling trade, her increasing
fall in industrial activity and her gravely high cost
of living all combine to enter as factors disturbing
to the future security of the franc.
British budgetary results stand out in sharp contrast with those of France. It is now a commonplace that British Governmental finance is on the
soundest basis of any large country in the world.
Only in Great Britain has any reduction of taxes
been possible in late years. German budgetary experience also appears to be favorable for the time
being. A Berlin report to the New York "Herald
Tribune" of Monday indicates that tax returns in
June, on which figures were just made available,
show that receipts are exceeding estimates. Ex-
G
815
eluding heavy corporation tax receipts accruing
from reorganizations of the steel trust and fat and
slaughter taxes which were not imposed in 1933, receipts for the first quarter of the German fiscal year
exceeded the results for the corresponding quarter
of 1933 by 197,000,000 marks, it is said. The German
Federal debt was 245,000,000 marks lower on June
30 than on April 1, it is added, while comparison
with April 1 1933, shows that it is 176,000,000 lower.
It is indicated, however, that the reduction from
April 1 1933, was achieved through a revaluation of
the German Government's external loans, made possible through devaluation of the dollar, the pound
sterling and the Scandinavian units. Such loans
were computed at 3,037,200,000 marks on April 1
1933, and at 2,059,900,000 marks a year later.
Naval Conversations
OR the time being, international discussions of
naval armaments have completely overshadowed the unsuccessful attempts to find a means for
reducing or limiting land armaments. Almost every
statement by representatives of the leading naval
Powers reflects the difficulty of achieving any reduction in navies, and it is even doubtful whether
any agreement is possible at the prospective Naval
Conference of 1935. Following the return of Norman H. Davis and other members of the preliminary
naval armaments mission to London,it was officially
indicated in Washington, late last week, that the
American position remains unchanged. Proportionate reductions of naval tonnage in all categories
of ships are favored in Washington, it was said, and
opposition was expressed to the tentative British
suggestions for an increase of British cruiser
strength and a general decrease of the size of battleships. The Japanese demands for an increase in
relative naval strength also are to be resisted. In
the further exploratory conversations, which are to
take place next October, the United States will
adhere to a program of continuing present limitations, if actual reductions are found impracticable.
At Portsmouth, England, a strong appeal for a
larger British navy was made last Saturday by Earl
Beatty, former First Lord of the Admiralty, and
leader of the important group of large navy enthusiasts in the United Kingdom. He urged the
British Government to "repudiate the shackles of
international agreements," and particularly those
of the London Naval Treaty. Although the comments by Earl Beatty cannot be considered reflective
of official British opinion, they are nevertheless important as indicating the trend of thought on these
matters. The British navy to-day is small compared
to what it once was, Earl Beatty declared. "Can it
perform the services required of it?" he asked. "Is
it big enough to safeguard the sea routes over which
we get our essential supplies? I very much doubt
if it is." The British lack of cruisers was termed
"appalling" by the former First Lord of the Admiralty.
Japanese naval policy was given its clearest official expression in many months, last week, when
Premier Keisuke Okada received foreign press correspondents and stated that Japan does not necessarily mean parity when she talks about naval
"equality." The Premier read a formal statement
declaring that Japan's basic policy in foreign affairs
is the promotion of friendly relations with other
Powers. Japan, he added, does not expect to attain
F
816
Financial Chronicle
parity with the United States and Great Britain at
the 1935 naval conference, but the Tokio Government nevertheless could not favor continuation of
the present ratio system, "which hurts the self-respect of nations." In answer to a question, the
Premier stated that naval armaments must be reduced as far as possible in order to lighten budgetary
burdens on the peoples of the world, but "this naval
limitation must begin with the nations most powerfully armed." Premier Okada was asked if Japan
intends to denounce the Washington treaty before
the end of this year, but he indicated that a decision
on this matter has not yet been reached. "The
United States and Japan, in my opinion, are bound
to live in the most intimate friendship," the Premier
declared. "There are no difficult questions between
them." Requests for Japanese naval appropriations
aggregating 714,720,000 yen in the next budget were
submitted to the Cabinet yesterday. This figure is
227,000,000 yen higher than the current fund of
487,000,000 yen.
German Election Campaign
ITH appropriate ceremonies, Germany buried
her hero, Field Marshal Paul von Hindenburg,in the battle monument at Tannenberg, in East
Prussia, on Tuesday, and soon thereafter the campaign for the election of August 19 was in full swing.
In the coming election there will be only one candidate—Chancellor-President Adolf Hitler. The German people will be asked to approve the elevation of
the Chancellor and his policies, and in view of the
pressure brought to bear within the Reich and the
strict censorship imposed on all sources of public
information, there is no doubt regarding the result.
Paul Joseph Goebbels, the Minister of Propaganda
and Public Enlightenment, was placed in charge of
the election preparations on Wednesday, and he
moved with characteristic energy to make the plebiscite result a virtually unanimous approval of the
Chancellor-President. The German custom of freeing minor offenders against the laws on the occasion
of a change in the administration was observed
Thursday, when orders were issued to grant amnesty
to thousands of minor criminal offenders and political prisoners. It was announced at the same time
that Chancellor Hitler will deliver his chief election speech on August 17, while Dr. Goebbels will
close the campaign on the following day with another address. Most of the able press correspondents in Berlin expressed the belief in recent reports
that the plebiscite will result in a vote of approval
approximating that of last November, when more
than 40,000,000 voters, out of the total of 44,000,000,
assented to the proposal for withdrawal from the
League of Nations and the Disarmament Conference.
To their dead President the German people gave a
full measure of devotion. A military watch guarded
the body as it lay on the bed in which the old Field
Marshal died. On Monday night a vast pilgrimage,
with the dead President at its head, marched solemnly from the estate at East Prussia to the monument at Tannenberg which marks the greatest military exploit of the old soldier. Earlier in the day,
Herr Hitler delivered a eulogy of President von
Hindenburg before the Reichstag. Swiftly reviewing the momentous events since 1847, when the
President was born,Hitler declared that his"fatherly
friend" is not dead, hut rather "lives and moves
among the deathless of our own people and among
W
Aug. 11 1934
the illustrious spirits of the past as an eternal protector of the Reich and the German nation." As
the President was laid to his final rest in the Tannenberg monument,Chancellor Hitler repeated these
sentiments on Tuesday. The Chancellor granted an
interview last Sunday to Ward Price, of the London
"Daily Mail," in which he declared that 60 far as
Germany is concerned, war will not come again.
"We ask only that our present frontiers shall be
maintained," he said,"and we shall never fight again
except in self-defense." When asked if Germany
would risk a war for the sake of colonies, the Chancellor replied emphatically in the negative. He
pointed out that on. all important occasions his decisions had been submitted to the German people in
plebiscites and overwhelmingly approved, and added
that the same process was about to be followed.
His tenure of office, the Chancellor remarked, will
last until it is changed by a negative vote.
Germany's Economic Situation
R. HJALMAR SCHA.CHT, who was appointed
German Minister of Economics for six months
by Chancellor Hitler, moved rapidly this week to
further the regimentation of industry throughout
the Reich. Under a new decree, issued early in the
week, all supplies of non-ferrous metals are placed
under a strict control and rationing scheme. The
measure is an application of previous laws giving
the Economics Minister authority to supervise and
regulate the production, distribution and use of all
raw materials, so that "autarchy," or economic selfsufficiency, may be attained. The present regulations in Germany are beginning to approximate
those of the World War period, and they are due to
a similar inability to obtain foreign supplies of raw
materials. But the inability at present is due to
German policies.
There were some instructive repercussions of the
German situation in England this week. Mill
owners in the Lancashire district decided to suspend
further shipments of yarn on credit to the Reich,
even though this means the closing of many mills
and the discharge of some 10,000 operativesl; German importers owe the Lancashire mills about
£500,000, it is said in a dispatch to the New York
"Times," and efforts to get accounts paid and arrange for future delivery have been unsuccessful, so
far as direct negotiations are concerned. 'London
reports indicate, however, that success is in sight for
Anglo-German trade negotiations designed to meet
the present situation. An agreement has been
drafted whereunder the Reichsbank will supply 5%
of the sterling exchange required to meet payments
for imports from Great Britain, while the other
95% will be paid in marks by the Reichsbank to the
Bank of England. The British central bank, in turn,
will dispose of its marks to British importers desirous of paying for German goods, and the virtual
exchange clearing house thus established will complete all transactions. This scheme, however, will
not apply to outstanding accounts, it is said.
D
Austrian Problem
UROPE has been troubled by the Austrian problem ever since the old Austro-Hungarian Empire was dismembered fifteen years ago, and there
were ample evidences this week that the Austrian
putsch of two weeks ago settled nothing and left the
essential problem unsolved. The difficulty is essen-
E
Volume 139
Financial Chronicle
tially economic, as Austria cannot live as a small
manufacturing country without an agricultural
hinterland. Loans from the large European Powers
that insist on its "independence" have supported the
country since the end of the World War,and Vienna
reports of Monday indicate that negotiations for
further loans are in progress. French financiers, it
is said, have agreed "in principle" to a new loan of
$25,000,000 to the city of Vienna, and it is added that
a request for an advance to the Austrian State itself will follow. Such loans will be for the purpose
of defraying the extraordinary costs incurred in
the recent putsch and the suppression of the Socialists last February. In Austrian circles, a Vienna
dispatch to the New York "Times" said, it is argued
that the recent financial sacrifices were made to defend Austria's independence, and it was said to be
only fair if Europe recognized this by helping Austria financially.
The international tension caused by the Austrian
Nazi putsch subsided this week. Relations between
Austria and Germany improved markedly when it
was announced in Vienna on Tuesday that the Austrian Cabinet, headed by Chancellor Kurt Schuschnigg, had approved the appointment of Col. Franz
von Papen as German Ambassador to Austria. This
decision was made two weeks after Chancellor Hitler offered to send Col. von Papen as a special envoy
to "restore normal relations between Berlin and
Vienna." No conditions were attached to the acceptance of the German Vice-Chancellor, notwithstanding the rumors of the last two weeks that
guarantees of a correct German attitude toward
Austria would be requested. It was stated at the
Vienna Foreign Office, a dispatch to the New York
"Times" said, that "Austria will wait to see how
Herr von Papen inaugurates the new peaceful policy
announced. by Chancellor Hitler and whether the
promises of the German Chancellor concerning noninterference in Austrian domestic affairs will be
kept." Investigations of the putsch of two weeks
ago revealed some surprising information this week.
It was made known that Major Emil Fey,the Special
Commissioner for Security, informed the Cabinet
some hours before the putsch took place that soldiers
were gathering for the raid on the Chancellery which
resulted in the death of Chancellor Dollfuss, but no
steps were taken to avoid the raid. Another Nazi
who participated in that raid was hanged on Tuesday. There were reports early in the week that
Archduke Otto of Hapsburg, the pretender to the
Austrian throne, would journey to Italy in an attempt to enlist the support of Premier Mussolini
for his aspirations, but the visit has not yet taken
place. Premier Schuschnigg is scheduled to visit
Signor Mussolini soon in Rome, for conversations
on the Austrian question, but he will first go to
Budapest for talks with the Hungarian Premier,
Julius Goemboes.
817 Ai
tions are currently in partial or complete default,
and negotiations for resumption of debt service were
held up pending the induction of the new President.
The defaults were occasioned in large part by the
Colombian preparations for war with Peru over the
Leticia area, but that dispute now has been settled
amicably. Colombia is an important gold producer,
and its balance of trade is favorable owing to huge
exports of coffee. It is generally assumed, for these
reasons, that the country is well able to effect larger
external debt payments than have been current in
the immediate past. Reports from Bogota do not
indicate that President Lopez referred to the debt
question in his inaugural address. In a dispatch to
the New York "Times" it is remarked that he
promised active co-operation with all countries, but
especially with those of the Western Hemisphere.
Internal political differences should be put aside
while the nation strives for National recovery, the
President added. Messages conveying the best
wishes of President Roosevelt and Secretary of State
Cordell Hull were sent from Washington as Dr.
Lopez was inaugurated. The Cabinet named by the
new President includes Luis Cano, as Minister of the
Interior, and Carlos tribe Echeverri, as Minister of
Finance. Roberto Urdaneta Arbelaez will remain
as Foreign Minister.
Chaco War
PREHENSION has been occasioned in all
circles by a break in the diplomatic relations
of Chile and Paraguay, which resulted from misunderstandings in connection with the Chaco war between Paraguay and Bolivia. Reports from Santiago, Chile, indicated, last Monday, that the withdrawal of the Chilean Minister to Asuncion had been
ordered owing to the hostile attitude of the Paraguayan press toward Chile's foreign policy. These
reports were confirmed Wednesday, when Foreign
Minister Miguel Cruchaga Tocornal issued a statement to the effect that Chile's course was the only
one open, in view of Paraguayan disregard of
friendly protests against the press campaign. Paraguayan newspapers had for some time pointed out
that Chile was permitting retired army officers to
go to Bolivia in order to instruct soldiers there, and
also that thousands of Chilean workers were being
engaged for Bolivian tin mines. The attacks were
gradually intensified, according to the Chilean Foreign Office, until they involved personal criticisms
of the Chilean President and Cabinet, and statements that Chile was providing arms and general
war supplies to Bolivia. The recall of the Chilean
Minister marks the first break in diplomatic relations between Chile and Paraguay in half a century,
and it beclouds the South American situation markedly. It was indicated in Washington, Wednesday,
that the State Department had made an offer of
good offices to adjust the dispute between the two
Colombia Inducts New President
countries. In doing so, it acted not only in accordance
with historic precedent, but also in line with
FONSO LOPEZ, who was elected President of
Colombia early this year, was inaugurated President Roosevelt's policy of the good neighbor in
on Tuesday with appropriate ceremonies at Bogota, foreign affairs, it was said.
attended by Ambassadors from a dozen countries and
Discount Rates of Foreign Central Banks
the Ministers of many others. The inauguration of
Dr. Lopez may prove to be an event of outstanding
HERE have been no changes the present week in
importance to American holders of many millions
the discount rates of any of the foreign central
of dollar bonds issued by the Colombian Govern- banks. Present rates at the leading centers are
ment and its political subdivisions. All such obliga- shown in the table which follows:
N
A
T
818
Financial Chronicle
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Effect
Date
Aug10 Established.
414
3
7
434
4
June 27 1934
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
334
8
534
5
334
4
234
2
534
4%
234
4
7
254
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept. 30 1932
Oct. 13 1933
Sent. 12 1022
434
5
3
234
84
5
3
5
74
2
Country.
Rate in
Effect
Date
Aug10 Established.
Hungary__
India
Ireland_.
Italy
Japan
Java
Jugoslavia.
Lithuania
Norway _ _ _
Poland... _
Portugal...
Rumania.
.
South Africa
Spain
Sweden ..._.
Switzerland
414
334
3
3
3.65
434
834
6
334
5
54
6
4
8
234
2
Oct. 17 1932
Feb. 16 1933
June 30 1932
Dec. 11 1933
July 3 1933
Aug. 16 1933
July 18 1934
Jan. 2 1934
May 23 1933
Oct. 25 1933
Dec. 8 1933
Apr. 7 1933
Feb. 21 1933
Oct. 22 1932
Dec. 1 1933
Jan. 221031
PreMous
Rate.
X X
XXa
-..402
1 .0V,COM •tql,
I,
Vt0i001.
V
Austria.....
Belgium _ __
Bulgaria_ __
Chile
Colombia. _
Czechoslo.
.•akia____
Danzig_ _ ...
Denmark _.
England...
Estonia_ _ __
Finland....
France.... _
Germany _ ..
Greece
Rolland_ _.
PreMous
Rate.
Aug. 11 1934
121,000,000 francs. A comparison of the various
items for three years is shown below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Francs.
Aug. 3 1934.
Francs.
Aug. 4 1933,
Francs.
Aug. 5 1932.
Francs.
Gold holdings
+234,383,297 80,486,582,15382,081.165,788 82,178,945,228
Credit bals. abr'd
—2,000,000
13,177,314 2,144.488,470 3,365,189,984
a French commercial
—544,000,000 3,705,231,964 2,857,280,335 3,002,945,639
bills discounted
b Bills bought abr'd
No change
1,140,843,139 1,390,177,362 2,098,268,796
Advs. agst. secure
+121,000,000 3,175,011,159 2,730,675,085 2,823,306,631
+908,000,000 81,717,487,045 82,857,875,355 81,597,550,980
Note circulation__ _ _
Cred. curr. wets_ —1,081,000,000 19,001,034,741 21,012.149,70425,441,032,604
Propor'n of gold on
79.91%
+0.35%
76.77%
hand to sight Habil
79.02%
a Includes bills purchased in France. b Includes bills discounted abroad.
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were U%, as against 4
3 % on Friday
of last week and 4
31% for three months' bills, as
against 34@13-16% on Friday of last week. Money
on call in London yesterday was 4
3 %. At Paris
the open market rate remains at 23%, and at
Switzerland at.13/
2%.
Bank of England Statement
HE Bank of Eneand statement for the week
ended Aug. 8 shows an increase of £29,136 in
bullion, raising the total to £192,186,929 as compared
with £191,529,921 last year and only £139,419,297
two years ago. As the gain in gold was attended by
an increase of £3,497,000 in circulation, reserves declined £3,467,000. Public deposits increased £12,023,000, while other deposits fell off £15,772,447.
Of the latter amount, £14,505,756 was from bankers'
accounts and £1,266,691 from other accounts. The
proportion of reserves to liabilities is at 41.95% in
comparison with 43.25% a week ago and 41.56%
last year. Loans on Government securities rose
£2,005,000 and those on other securities decreased
£2,286,953. The latter consists of "discounts and
advances" and "securities" which fell off £1,883,607
and £403,346 respectively. The rate of discount
remains 2%. Below we show a comparison of the
different items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Aug. 8
1934.
Circulation
Public deposits
Other deposits
Bankers' accounts_
Other accounts
Govt.securities
Other securities
Disct. & advances_
Securities
Reserve notes & coin
Coin and bullion_ _ _ _
Propor. of res. to liab
Bank rate
Aug. 9
1933.
Aug. 10
1932.
Aug. 12
1931.
Aug. 13
1930.
£
£
£
£
£
392,807,000 384,974,512 370,819,429 360,051,001 387,379,125
23,883,000 19,412,087 10.687,587 19,433,691 12,258,294
117,661,236 140,892,030 119,901,329 93,042,033 100,272,788
82,001,205 92,893,707 85,322,561 58,162,699 66,252.805
35,680,031 47,898,323 34,578,788 34,879,334 34,019.983
83,254,071 88,295,963 70,553,993 53,225,906 54,348,247
17,057,710 23,410,498 34,573,878 29.148,749 29,609,058
6.985,141 11,035,865 15,236,346 7,051,367 6,864,918
10,072,569 12,374.833 19,337,532 22,097,382 22,744,140
59,381.000 88,555,409 43,599,868 48,253,227 46,736,187
192.186.929 191,529.921 139,419,297 133,304,228 164,105,312
41,95%
41.56%
42.90%
33.39%
41.52%
2%
2%
2%
44%
3%
Bank of France Statement
HE Bank of France weekly statement dated
Aug.3 reveals another increase in gold holdings,
the current advance being 234,383,297 francs. Gold
holdings now total 80,486,582,153 francs, in comparison with 82,081,165,788 francs a year ago and
82,178,945,228 francs two years ago. Credit balances
abroad, French commercial bills discounted and
creditor current accounts register decreases of 2,000,000 francs, 544,000,000 francs and 1,061,000,000
francs respectively. The Bank's ratio stands now
at 79.91%, which compares with 79.02% a year ago
and 76.77% the year before. Notes in circulation
show a gain of 908,000,000 francs, bringing the total
of notes outstanding up to 81,717,467,045 francs.
Circulation last year aggregated 82,857,875,355 francs
and the previous year 81,597,550,980 francs. An
increase appears in advances against securities of
T
Bank of Germany Statement
HE Bank of Germany in its statement for the
first quarter of August reveals a loss in gold and
bullion of 52,000 marks. The Bank's gold which is
now at 74,822,000 marks compares with 260,175,000
marks last year and 762,961,000 marks the previous
year. Reserve in foreign currency, silver and other
coin, notes on other German banks, investments and
other liabilities record increases of 112,000 marks,
10,838,000 marks, 3,861,000 marks, 8,549,000 marks
and 9,186,000 marks respectively. Notes in circulation show a decrease of 123,533,000 marks, bringing
the total of the item down to 3,644,962,000 marks.
Circulation last year stood at 3,377,997,000 marks
and the year before at 3,822,084,000 marks. The
proportion of gold and foreign currency to note circulation remains unchanged at 2.1%. A decrease is
shown in bills of exchange and checks of 94,731,000
marks, in advances of 40,160,000 marks, in other
assets of 25,773,000 marks and in other daily maturing obligations of 23,009,000 marks. Below we
furnish a comparison of the different items for three
years:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Aug. 7 1934. Aug. 7 1933. Aug. 6 1932.
RetChsmarks. Reichsmarks, Reichsmarks. Reichsmarks.
Assets—.
—52,000
74,822,000 280,175,000 762,961,000
Gold and bullion
No change
48,503,000
23,638,000
58,387,000
Of which depos. abr'cl
75,822,000 131,394,000
+ 112,000
3,259,000
Res've in torn currency
—94,731,000 3,337,374,000 3,067,594,000 3,071,068.000
Bills of exch.& checks
+10,838,000 237,114,000 223,901,000 208,592,000
Silver and other coin_ _.
+3,881,000
9,517,000
8,131,000
8,620,000
Notes on 0th. Ger. bks.
—40,180,000
69,887,000
85,874,000 106,160,000
Advances
+8,549,000 704,915,000 320,004,000 385,055,000
Investments
—25,773,000 627,850,000 477,848,000 777,814,000
Other assets
Liabilities—
—123,533,000 3,844,962,000 3,377,997.000 3.822,084,000
Notes in circulation_
—23,009,000 626,018,000 331,477,000 339,919,000
0th. daily mater. oblig_
+9.188,000 196,039,000 188,522,000 706,233,000
Other liabilities
Propor. of gold & for'n
d00v, fr. nnew rimulliOn
No chanze
2.1%
00%
224%
New York Money Market
ONDITIONS in the New York money market
were unchanged this Week, save for an increasing reluctance on the part of large banks to lend
the Treasury funds at rates that are little more
than nominal. The Treasury sold on Monday an
issue of $75,000,000 discount bills due in 182 days
and the average discount on the awards was 0.12%,
against 0.09% on a similar issue a week ago and
0.07% two weeks ago. An offering, also on a
competitive basis, was made Wednesday of $150,000,000 Home Owners' Loan Corporation guaranteed
bonds, due in two, three and four years, with coupons
of 13/2, 134 and 2%,respectively, and it was indicated
that bids of less than par value would be acceptable.
Tenders were accepted only down to 99, but there
was not sufficient demand for the three- and fouryear bonds at that figure, and the Treasury absorbed
$22,000,000 of those maturities for account of the
various agencies under its direction. In other respects the money market pursued an even course.
Call loans on the New York Stock Exchange were
1% for all transactions, whether renewals or new
C
Financial Chronicle
Volume 139
819
money. In the unofficial street market, loans were
reported done every day at 4
3 %. Time loans prevailed at 34@1%. Brokers' loans against stock and
bond collateral declined $58,000,000 in the week to
Wednesday night, to an aggregate of $827,000,000,
according to the Federal Reserve Bank of New York.
past few weeks, and all other currencies also continue
unchanged in all important respects. The outstanding feature of the foreign exchanges is President
Roosevelt's proclamation published on Thursday
nationalizing silver bullion, effective as of Aug. 9,
the date of the Executive Order. The proclamation
and important news items relating to it will be found
New York Money Rates
in our news columns. The range for sterling this
EALING in detail with call loan rates on the
week has been between $5.041
4and $5.10 for bankers'
Stock Exchange from day to day, 1% remained
sight bills, compared with a range of between $5.03
the ruling quotation all through the week for both and $5.04% last week. The range for cable transfers
new loans and renewals. The market for time money has
been between $5.043
/and 5.1014,compared with
has shown some slight improvement this week, a range
of between 5.03N and 5.0434 last week.
occasional transactions in five- and six-months'
The following tables give the mean London check
maturities at 1% having been reported. Rates are
rate on Paris from day to day, the London open
nominal at 34@1% for two to five months, and
market gold price and the price paid for gold by the
1@13i% for six months. The market for prime
United States:
commercial paper has been generally good this
MEAN LONDON CHECK RATE ON PARIS
week and there has been no difficulty in disposing Saturday, Aug. 4
76.312 Wednesday, Aug. 8
76.312
76.312
3 % Monday, Aug. 6London holiday Thursday, Aug. 9
of all high class paper obtainable. Rates are 4
Tuesday, Aug. 7
Friday,
Aug. 10
76.32
76.312
for extra choice names running from four to six
LONDON OPEN MARKET GOLD PRICE
months and 1% for names less known.
Saturday, Aug. 4
138s. Sid. Wednesday, Aug. 8___ _138s. ;id.
D
Bankers' Acceptances
HE demand for prime bankers' acceptances has
been fairly keen this week. More bills have
been offered and in most instances have been quickly
taken up. The market, however, is still below
normal. Rates are unchanged. Quotations of the
American Acceptance Council for bills up to and
including 90 days are 4%
bid and 3-16% asked;
1
four
months,
for
%% bid and h% asked; for five
and six months, /%
1
bid and %% asked. The bill
buying rate of the New York Reserve Bank is M%
for bills running from 1 to 90 days, and proportionately higher for longer maturities. The Federal
Reserve banks' holdings of acceptances decreased
from $5,206,000 to $5,200,000. Their holdings of
acceptances for foreign correspondents, also decreased from $1,085,000 to $895,000. 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:
T
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Asked. Bid.
Asked.
Bid.
Bid.
Asked.
Prime eligible bills34
Si
34
34
34
34
—90 Days— —60 Data— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
1,
3dh.
81,
3d
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
14% bid
% 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 flank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Aug. 10.
Date
Established.
Previous
Rate.
2
14
234
2
3
3
24
234
3
3
3
2
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
24
334
314
3
3
334
33.4
334
24
Course of Sterling Exchange
TERLING exchange and all foreign currencies
are up sharply in terms of the dollar. In terms
francs, or gold, sterling, as during the
French
of
S
Monday, Aug. 6_ _London holiday
Tuesday, Aug. 7
137s. 10d.
Thursday,
Friday,
Aug. 9_ _ _ _138s. ld.
Aug. 10_ __ _138s. 1d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Aug. 4
35.00 I Wednesday, Aug. 8
35.00
Monday, Aug. 6
35.00
Thursday, Aug. 9
35.00
Friday,
Aug. 10
Tuesday, Aug. 7
35.00
35.00
It will be recalled that a speculative drive against
the dollar began in the European markets on Friday
of last week. The drive was evidently centered in
Paris. It was motivated by the conviction that new
monetary policies tending strongly toward inflation
and the further devaluation of the dollar were in
immediate prospect. Remarks by Senator Thomas,
recognized leader of the inflationary forces on this
side, respecting the currency program to be followed
here by Congress in the fall gave force to the European speculative attack on the dollar. The market
was extremely dull on Saturday, and while the French
franc and other currencies in nominal trading held the
advantages gained on Friday, it seemed that the
drive of the preceding day was a mere flash in the
pan. Markets are always dull on Saturday and
owing to the almost complete cessation of business
here and in London are exceptionally dull on an
August Saturday. On Monday London was closed
down because of the August bank holiday. When
London is closed foreign exchange markets everywhere become more or less nominal, as London is
the pivot of the financial world. With the resumption of business in London on Tuesday another drive
developed against the dollar, so that sterling rose to
$5.063,, against the closing price on Saturday last of
5.043A. The dollar was sold short in all European
markets, and the attack brought a sharp rise in dollar
quotations for foreign currencies in New York, until
French francs, Belgian belgas and Swiss francs went
above par and the Dutch guilder reached parity.
The market was utterly perplexed. Traders had the
greatest difficulty in keeping up with the rapid fluctuations. Evidently something quite out of the ordinary was brewing. Some important quarters were
evidently informed, but the general market was in
darkness. As on Saturday, the movement came
primarily from Europe, operating largely from Paris.
The advance in the sterling rate was held to be mainly
a reflection of the sterling-franc rate, which was kept
steady by the British Exchange Control at around
76.31. The dollar had for a long time been at a
premium in terms of the gold currencies and traders
820
Financial Chronicle
Aug. 11 1934
were shocked to see it go to a discount. Only a little rates are on average just fractionally firmer than
more than a week ago the market was discussing the last week, but it is doubtful if they can be forced up,
possibility of continued imports of gold from France, although the great London banks and the Bank of
the franc and other European currencies being so England are anxious to support the discount houses,
weak in terms of dollars. The upward swing on which have been steadily threatened on account of
Tuesday pointed to the distinct possibility of a the excessively easy money rates ever since 1932.
movement of gold from New York to Paris at no
Because of the changed position of the dollar in
distant date unless something were done to steady the terms of sterling and the French franc, it has become
dollar or to silence the vociferous and closely com- impossible for Americans to take gold from the Lonpacted cabal whose advocacy of inflation and de- don open market, so that this week all the available
valuation of the dollar is responsible for the nervous- supply was taken for unknown destination, which
ness and uneasiness aroused in Europe as to the future probably means that the gold was taken by private
course of monetary measures to be purused here.
hoarders and left on deposit with the London banks.
The dollar equivalent for London gold on Tuesday On Saturday last £225,000 was taken for unknown
jumped to $34.91, compared with $35.00 American destination. On Monday the London market was
price. The London dollar equivalent had been closed because of the August bank holiday. On
advancing since Friday, precluding the possibility Tuesday £697,000 was available and taken for unof any further gold takings in the London open known destination. London bullion dealers said
market for American account. The force of the that the bulk of this gold came from Germany. On
drive on Tuesday spent itself so that Wednesday's Wednesday there was available £52,000, on Thursday
market was quiescent and the quotable rates for £403,000 and on Friday £85,000, all taken for unthe foreign currencies were largely nominal, and known destinations. The Bank of England statewhile they eased off fractionally from Tuesday's ment for the week ended Aug. 8 shows an increase in
close, they were firm as compared with recent weeks. gold holdings of £29,136, the total standing at L192,The market was taken by surprise on Wednesday, 186,929, which compares with £191,529,921 a year
when spot silver advanced S cent. The official ago and with the minimum of £150,000,000 recomprice was announced as 48 cents per fine ounce, the mended by the Cunliffe committee. At the Port of
highest price quoted since Dec. 211929. The Lon- New York the gold movement for the week ended
don spot price was fixed at 20 15-16d. per ounce, as Aug. 8, as reported by the Federal Reserve Bank of
compared with the recent high of 213id. on June 19. New York, consisted of imports of $20,876,000, of
On Thursday a third bear drive developed against which $11,179,000 came from England, $6,347,000
the dollar. The market opened low, with sterling at from France, $1,676,000 from Canada, $1,670,000
$5.05, off
cent from Wednesday's close. Around from India, and $4,000 from Guatemala. There
noon the drive began to gain force. The official were no gold exports. The Reserve Bank reported
spot silver price advanced 13'4 cents to 493 cents a decrease of $556,000 in gold earmarked for foreign
per ounce, following a rise of
pence to 21 7-16 account. In tabular form the gold movement at
pence in London. The President's proclamation the Port of New York for the week ended Aug. 8,
gave a tremendous impetus to the foreign exchange as reported by the Federal Reserve Bank of New
quotations. Despite official denials here, Europe is York, was as follows:
quite convinced that our monetary policies are being GOLD MOVEMENT AT NEW YORK,AUG. 2-AUG. 8,INCLUSIVE
ImportsExports
shaped by whim and chance and that further devalfrom England
uation and surely inflation of the dollar must result. 811,179,000
6,347,000 from France
1,676,000 from Canada
None
The nationalization order capped several days of
1,670,000 from India
steadily rising quotations in silver both here and
4,000 from Guatemala
abroad which threatened to raise the price in New $20,876,000 total
York to above the level which the Treasury is alNet Change in Gold Earmarked for Foreign Account
Decrease: 8556,000
lowed to pay.
are for the week ended Wednesfigures
above
The
If we except these spectacular drives against the
Thursday
On
evening.
$20,259,300 of gold was
day
nothing
essentially
new
in
the
dollar, there is
foreign
$8,819,000
which
received,
of
came from England,
many
weeks
past.
from
Markets
situation
exchange
are extremely dull and transactions are largely limited $2,144,400 from Colombia, $7,551,300 from India,
to strict commercial requirements. Seasonal factors $1,673,900 from Canada,and $170,700 from Ecuador;
seem to be without the slightest influence on any of there were no exports of gold, but gold held earmarked
the exchanges. Were policies here conducted upon for 'oreign account increased $2,215,100. On Friday
orthodox lines, such as prevailed for sixty years or $294,300 of gold was received of which $209,300
more prior to 1933, all European currencies would be came from Holland, $47,400 from Jamaica and
now weak in terms of the dollar. The advance of $37,600 from India.
Canadian exchange continues firm, Montreal
sterling in terms of dollars in no wise indicates a
greater demand for sterling or a proportionately funds being at a premium over the dollar. On
greater flow of funds to London. London continues Saturday last Montreal funds were at a premium of
4%;on Monday at from 1 13-16
to be favored as the safest repository for foreign from 1 13-16% to 13
Tuesday
at from 2% to 2 3-16%; on
15-16%;
on
are
to
1
part
of
a
considerable
American
of
which
funds,
origin. The plethora of money is indicated by the Wednesday at from 1 13-16% to 2 3-16%; on ThursLombard Street open market money rates. Call day at from 2% to 2 9-16%, and on Friday at from
money against bills has ranged this week from M% 1 13-16% to 2 23-32%.
Referring to day-to-day rates sterling exchange
to 7A%, and these funds have been in demand.
3 % on Saturday last was dull and softer in tone. Bankers'
Two-months' bills are 25-32%, compared with 4
on Wednesday; three-months' bills are 25-32% to sight was $5.043@$5.04,cable transfers $5.04%@
7 %; and 5.045A. On Monday London was closed, August bank
13-16%; four-months' bills are 13-16% to 4
six-months' bills are 15-16% to 1 1-16%. These holiday, but sterling was firmer though dull in New
Volume 139
Financial Chronicle
York. The range was $5.043@$5.043/
2 for bankers'
sight and $5.04%@$5.04% for cable transfers. On
Tuesday sterling was sharply firmer. Bankers' sight
was $5.059/8@$5.063
/
8,cable transfers were $5.053/2@
$5.063/
2. On Wednesday the pound receded. The
range was $5.053@$5.063( for bankers' sight
$5.05%@$5.06% for cable transfers. On Thursday
owing to President Roosevelt's proclamation nationalizing all silver bullion, all foreign currencies rose
sharply. Sterling soared 432 cents to $5.103. The
range was $5.04%@$5.10 for bankers' sight bills and
$5.05@$5.103 for cable transfers. On Friday sterling continued firm in terms of dollars. The range
was $5.07%@$5.09% for bankers' sight and $5.08@
$5.093
% for cable transfers. Closing quotations on
Friday were $5.083/ for demand and $5.083A for cable
transfers. Commercial sight bills finished at $5.083/s,
60-day bills at $5.07 8, 90-day bills at $5.07%,
documents for payment (60 days) at $5.07% and
seven-day grain bills at $5.08 5-16. Cotton and
grain for payment closed at $5.083/.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries is
sharply upward in terms of the dollar. This
rising movement of the Continentals is more fully
discussed in the foregoing resume of sterling exchange.
The higher values of the foreign currencies reflect no
change in the underlying position of these units but
merely the bearish sentiment with respect to the
dollar. The economic situation of the European
countries in no wise justifies the present premiums,
where such exist, or firmness of the European currencies in terms of do lars. Despite the strong position of the French franc the only Continenta countries that may be expected to avoid serious political,
economic and monetary disturbances in the near
future are the two neutral nations, Switzerland and
Holland. The French franc had a range this week of
from 6.61 to 6.683/2. New dollar parity of the franc
is 6.63. The upswing in the franc was occasioned
by bear drives against the dollar which centered in
Paris and were induced by certain market elements
abroad which are convinced that devaluation and
inflation of the dollar will proceed further in the immediate future. Meanwhile is the franc strong!
But the forces of deflation are undoubtedly gaining
power in France itself. M. Paul Reynaud, former
Finance Minister, who has a considerable following,
is energetically pursuing his campaign for devaluation of the franc. The French cabinet seems to be
seriously dividend on the question. Under the surface there is considerable political unrest in France,
which is not unlikely to break out in fatal rioting as
in February last. The Bank of France statement indicates an exceptionally strong position, with gold
reserves second only to those of the United States and
greatly in excess of the gold reserves of any other
country. They amount to approximately $5,400,000,000, which compares with $7,911,000,000 gold
held by the United States, $1,583,000,000 held by
England, and about only $30,000,000 held by Germany. The Bank of France statement for the week
ended Aug. 3 shows an increase in gold holdings of
234,383,297 francs. This makes the twenty-second
successive increase in the bank's gold, bringing the
aggregate for the period to 6,558,382,707 francs.
Total gold holdings now stand at 80,486,582,153
francs which compares with 82,081,165,788 francs a
year ago, and with 28,935,000,000 francs when the
E
821
unit was stabilized in June 1928. The bank's ratio
is at the high level of 79.91%, which compares with
79.02% a year ago and with legal requirement of 35%.
German marks moved up with the other Continental currencies as the drive against the dollar developed. These quotations for free marks are, however, largely nominal. The mark situation is unchanged from recent weeks and is, to say the least,
most precarious. It would seem that the mark
must collapse utterly. The Reichsbank has less than
$30,000,000 in gold Germany must resort to the extreme measures of war-time privation and deprivation in order to carry on through the coming winter.
All the Continental currencies reflect the lower
dollar quotations as a consequence of the persistent
bear drives against United States currency but do
not disclose any change in their underlying position.
The following table shows the relation of the leading currencies still on gold to the United States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
13.90
23.54
5.26
8.91
23.82
40.33
32.67
19.30
68.06
40.20
Range
This Week
6.61 to 6.68%
23.5254 to 23.81
8.60 to 8.68%
38.76 to 39.62
32.70 to 33.05
67.80 to 68.60
The London check rate on Paris closed on Friday
at 76.31, against 76.34 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.663/
% on Friday of last
8, against 6.615
week; cable transfers at 6.663j, against 6.613
%,
and commercial sight bills at 6.633
%,against 5.593.
Antwerp belgas finished at 23.75 for bankers' sight
bills and at 23.76 for cable transfers, against 23.54
and 23.55. Final quotations for Berlin marks were
39.64 for bankers' sight bills and 39.65 for cable
transfers,in comparison with 38.99 and 39.00. Italian
lire closed at 8.67 for bankers'sight bills and at 8.68
for cable transfers, against 8.59 and 8.593/
2. Austrian
schillings closed at 19.18, against 19.00, exchange on
Czechoslovakia at 4.20, against 4.17; on Bucharest
at 1.02, against 1.013/2; on Poland at 19.113/
2, against
18.97, on Finland at 2.25, against 2.233. Greek
exchange closed at 0.953/2 for bankers'sight bills and
at 0.96 for cable transfers, against 0.943/2 and 0.95.
XCHANGE on the countries neutral during the
war presents no new features from those of
recent weeks. The fact that the neutrals are now
quoted higher than last week in terms of the dollar
reflects, as stated above, merely the bear drives on
the American unit, which have centered in Paris
since Friday of last week. It is improbable that any
outward movement of gold from the United States
to the neutrals or any of the Continental countries is
likely to follow in consequence of the present upswing
in these units. Present quotations are largely nominal, owing to the great inactivity of actual requirements, and indicate merely a sympathetic relationship with the French franc.
Bankers' sight on Amsterdam finished on Friday
at 68.40, against 67.84 on Friday of last week; cable
transfers at 68.41, against 67.85, and commercial
sight bills at 68.38, against 67.82. Swiss francs
closed at 33.00 for checks and at 33.01 for cable
transfers, against 32.74 and 32.75. Copenhagen
checks finished at 22.74 and cable transfers at 22.75,
against 22.54 and 22.55. Checks on Sweden closed
at 26.24 and cable transfers at 26.25, against 26.04
and 26.05; while checks on Norway finished at 25.59
and cable transfers at 25.60, against 25.37 and 25.38.
E
822
Financial Chronicle
• Spanish pesetas closed at 13.82 for bankers' sight
bills and at 13.83 for cable transfers, against 13.69M
and 13.70.
Aug.
11 1934
Argentine paper pesos closed on Friday, official
quotation, at 34 for bankers' sight bills, against 33%
on Friday of last week; cable transfers at 343',
against 34. The unofficial or free market close was
XCHANGE on the South American countries 27.80@283., against 25.90@26.00. Brazilian milreis
shows greater firmness so far as the unofficial are nominally quoted 83/ for bankers' sight bills and
or free market is concerned. This is especially true 83
4 for cable transfers, against 8.40 and 83/2. The
of the Argentine peso. It is due in part to the drop unofficial or free market close was 73., against 69.
in the dollar in terms of sterling and again to the Chilean exchange is nominally quoted 103/2, against
steady extension of the open or unofficial markets in 103. Peru is nominal at 22.95, against 23.00.
foreign exchange. So far as South American exchange operations are linked up with transactions
involving London, there is practically no difficulty in
XCHANGE on the Far Eastern countries is, of
effecting transfers. But even American concerns
course, strikingly affected by the advance in
with blocked accounts are experiencing far less diffi- silver prices and by this Government's nationalizaculty than had been the case even a few months ago. tion of silver. These units all advanced with these
All the South American countries seem now to be developments. The firmness of sterling in terms of
doing a prosperous business. The advance in world the dollar is, of course, reflected in the quotations for
prices for agricultural products and raw materials is Japanese yen and in the price for exchange on the
rapidly wiping out the difficulties and deficits of Indian cities. The annual report of the Comptroller
recent years. In consequence there is a strong of the Currency in India for the year ended March
tendency to lighten the burdens placed upon im- 1934, embraces a survey of the whole Indian financial
ports into these countries since 1931.
position. It proves beyond doubt that in the domain
Brazil is experiencing virtually a boom, according of public finance India's position is unassailable and
to Washington Department of Commerce authorities, compares favorably wih that prevailing in the major
although the foreign exchange and other international countries of the world. A favorable budgetary situafeatures of the country's economic picture leave much tion, a notable increase in the export balance in
to be desired. In Brazil the Government some time merchandise trade and continued gold exports helped
ago legalized the previously so-called bootleg market, to maintain the rupee-sterling exchange. China's
and with few restrictions the banks there now trade foreign trade is also more prosperous than at any
freely in free exchange and also in the so-called gray time in several years and this is again reflected in
exchange. In the free market these banks quote more encouraging domestic trade.
regularly at a narrow spread as between buyers and
Under authority of the Gold Purchase Act of April 6,
sellers. The source of this exchange comes from the Bank of Japan is now rebuilding its gold
remittances to Brazil, salary checks, travelers' checks reserves, which were drawn upon heavily prior to the
and letters of credit, Sm., plus some exchange re- suspension of the gold standard in December 1931.
sulting from minor exports. The gray market is fed The gold being bought is domestic production and
by proceeds of exports of Brazil's principal products amounts to about 35,000 ounces each month. It is
other than coffee. It is allocated only to selected paid for at world prices based upon London. The
names. The proceeds of coffee exchange and a fixed Government will make good to the Bank of Japan
percentage resulting from other exports are the the difference between its statutory price and the
source of official exchange.
open market price, reserving the right to buy back
In Argentina all the banks make a close market in the gold from the Bank of Japan by paying the
sterling, dollars and other currencies at narrow purchase price. The Bank of Japan is entitled to
spreads in the free market, which was legalized some increase its note issues with the increase in its gold
months ago. Purchasing power has rapidly in- holdings. As a matter of fact, however, total circulacreased in Argentina in recent months and the coun- tion is practically unchanged from last year. Total
try's export surplus shows a gain of nearly 75% over notes outstanding on June 16 were 1,093,119,000
last year. The improvement in the trade balance,of yen, compared with 1,161,037,000 yen on April 6
course, makes available a greater proportion of foreign and with 1,084,860,000 yen on June 17 1933. This
exchange, both for the purchase of foreign goods and means that the bank is holding the circulation well
for meeting debt service.
under the legal limit, inasmuch as the Bank may issue
Chile, it is understood, shows a gain in export notes up to 1,000,000,000 yen against Government
service so far this year of 156%. While Chile nomi- bonds, treasury certificates, and other gilt-edged
nally controls exchange, the unofficial market in securities or commercial bills. Notes which do not
Santiago and Valparaiso represents the principal have this backing must be supported by the equivaexchange market in the country. The control is lent in metallic reserves, gold and silver coin and
almost purely nominal, except as it restricts holders bullion. The silver must not exceed one-quarter of
of blocked funds from withdrawing them from the the total reserves, but the Bank's specie reserves
banks, and while exchange transactions in the so- have not contained silver for a considerable time.
called bootleg market are not engaged in by the Japan's balance of payments is showing clear signs
banks, the brokers and others who deal in this ex- of improvement and Japanese business is enjoying a
change do not currently go to the trouble of covering degree of prosperity not experienced in several years.
up their transactions in any way. Peru has no
Closing quotations for yen checks yesterday were
exchange controls. However, there is no market to 30.10, against 29.91 on Friday of last week. Hong
speak of for Peruvian soles in New York, and the Kong closed at 39 3-16@393/
2,against 37.90@38 1-16;
quotable rates are nominal. There is a close market Shanghai at 35@35/, against 34 7-16; Manila
at all times in sterling, dollars and other currencies in at 49.90, against 49.90; Singapore at 59.80, against
Lima at approximately the nominal rates quoted 59.30; Bombay at 38.40, against 38.05, and Calhere from week to week.
cutta at 38.40, against 38.05.
E
E
Volume 139
Financial Chronicle
823
Foreign Exchange Rates
private industry are in sight. The banks are bulgthe requirements of Section 522 ing with deposits, and credits are ample and availof the Tariff Act of 1922, the Federal Reserve able to prime the pump of business activity. Why
Bank is now certifying daily to the Secretary of the then the delay? . . . Surely our industrialists canTreasury the buying rate for cable transfers in the not confess that the problem of unemployment has
different countries of the world. We give below a them licked. If they capitulate, now that the
bankers, too, have shown their incapacity, who will
record for the week just passed:
keep
our industrial machine going? . .. Our toilers
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
in the mills, stores and places of employment can be
AUG. 4 1934 TO AUG. 10 1934, INCLUSIVE.
depended upon to stick to their tasks if they are
Noon Buying Rate for Cable Transfers in New York.
permitted access to the machines."
Country and Monetary
Value in United Slates Money.
Untt.
"But who will direct them," Mr. Green continued,
Aug. 4. Aug.6. I Aug.7. Aug.8. Aug. 9. I Aug. 10.
"if
our business men capitulate? Will it be necesEUROPES
I
Austria.schilling
.188825* .188775* .189125* .189091* .188958* .190208*
sary for society to take over the means of producBelgium. belga
.235280 .235192 .236000 .236012 .235509 .237550
Bulgaria, ley
.012625* .012500* .012500* .012500* .012625. .013025*
tion? Will the Government be forced, because of
Czechoslovakia. krone .041646 .041617 .041735 .041744 .041682 .042006
Denmark, krone
.225158 .225150 .225931 .225754 .225418 .227345
industry's failure, to invite the eager and willing
England. pound
sterling
5.042833 5.042125 5.060291 5.056666 5.049182 5.090892
workers to march into the idle shops and throw the
Finland, markka
022308 .022295 .022320 .022341 .022325 .022475
France, franc
.066107 .066092 .066308 .066274 .066183 .066718
Germany, reichsmark .390078 .387621 .390728 .391464 .392033 .395714
levers of the machines that will again pour out the
Greece, drachma
.009510 .009497 .009520 .009515 .009515 .009608
Holland. guilder
.678092 .677928 .680242 .679964 .678858 .684930
endless amount of goods our people require? And
Hungary. Peng°
.297586 .296725 .297425* .296333* .297000* .299875*
Italy, lira
.086019 .086018 .086291 .086210 .086105 .086848
will the Government muster into service the alert
Norway, krone
.253316 .253291 .254209 .254191 .253658 .255850
Poland, zloty
.189466 .189325 .189500 .190050 .189700 .191625
technical
and managerial brains that formerly
Portugal. escudo
.046106 .046102 .046162 .046175 .046160 .046400
Rumania,leu
.010068 .010055 .010062 .010079 .010075 .010191
directed
flow of these goods on behalf of the
the
Spain, peseta
.136996 .136964 .137407 .137378 .137166 .138328
Sweden,krona
260008 .260000 .260804 .260683 .260354 .262450
owners
industry?
If the owners of industry deof
Switzerland, [rano_
.327078 .326967 .328192 .327950 .327475 .330276
Yugoslavia, dinar_ _. .022900 .022881 .022925 .022962 .022900 .023075
fault in their approach to these problems, abdicate
ASIAChinain the presence of this economic crisis, will they not
Chefoo (yuan) dol' .342291 .341666 .345833 .346666 .350000 .350416
Hankow(yuan)dor .342291 .341666 .345833 .346666 .350000 .350416
then forfeit their prerogatives and be compelled to
Shanghla(yuan)dor .341562 .341718 .345000 .346250 .349375 .350312
Tientsin(yuan)dol' .342291 .341666 .345833 .346666 .350000 .350416
stand aside while society itself, for good or evil,
Hongkong. dollar_ .377500 .377812 .380000 .380937 .385625 .386562
India, rupee
.379360 .379000 .380100 .380400 .379550 .381250
makes an attempt to cope with the task? These are
Japan, yen
.298515 .298590 .298960 .298781 .298700 .300475
Singapore (S. 8.) dorr .590625 .590000 .591875 .592500 .591250 .596250
AUSTRALASIAquestions which industry must ponder now before it
Australia. pound
4.018437*4.017968 4.031250*4.030000*4.022187*4.052656*
New Zealand, pound_ 4.034375* 4.033906*4.046875* .045625*4.038125'4.068750'
is too late. . . . A few months more and the opAFRICASouth Africa. pound..4.989000•4.986750*5.003500* .004750*4.994250*5.038000'
portunity may be lost, perhaps forever. Whatever
NORTH AMER.Canada. dollar
1.017630 1.017760 .020880 1.019947 1.019218 1.025677
may come, labor will stand on the side of complete
.999150 .999150 .999150 .999150 .999150 .999550
Mexico, peso (silver). .
.277500 .277500 .277500 .277500 .277500
utilization
of our productive capacities in order that
Newfoundland, dollar 1.015000 1.015187 1.018562 1.017500 1.016750 1.023250
SOUTH AMER.the
whole
of
society may be furnished with essential
Argentina. peso
.336262. .336100* .337400* .336900* .336666 .339350*
Brazil, milreis
.084850* .084850* .084983* .085100* .084987 .085433*
goods
and
services."
Chile, peso
102625* .102625* .102625* .102625* .102625* .103125*
Uruguay, peso
802375* .802750* .804000* .805250* .803925* .810750*
If this kind of nonsense were talked by the ordiColombia, peso
548700* .544900* .544900" .544900* .540500* .541300*
•Noninial rates: firm ratesinot available.
nary union labor leader, it might be dismissed as of
no special importance. Mr. Green, however, is the
Gold Bullion in European Banks
executive head and official spokesman of the largest
HE following table indicates the amount of gold single labor organization in the
country, he has been
bullion in the principal European banks as of closely identified from the beginning
with the adAug. 9 1934, together with comparisons as of the ministration of the labor provisions of
the National
corresponding dates in the previous four years:
Industrial Recovery Act, and a good deal of deference
is paid to him at Washington. What is more,
Banks of1934.
1932.
1931.
1930.
1933.
he
has
long arrogated to himself, as did Samuel
£
£
£
C
£
England... 192.186,929 191,529,921 139,419,297 133,304,228 154,105,312
Gompers before him, the right to speak for AmeriFrance a _ _ _ 643,892,657 656,649,326 657,431,561 468.454,008 373,251,791
Germany b
2,559,200
11,624,700
34,802,300
64,973,800 123,461,850
can labor as a whole. Actually, the basis of this
Spain
90,555,000
90,242,000
91,015,000
90,386.000
98,911,000
69,609,000
Italy
73,416,000
61,392,000
58,063,000
56.323.000
right is pretty slender. The membership figures of
Netherl'ds _
71,950,000
85,054,000
49,002,000
64,500,000
32,554,000
Nat.Belg'm
75.016,000
75,092,000
43,946,000
76,872,000
34,399,000
the American Federation of Labor at the present
Switzerland
61,498,000
30,956,000
61,461,000
89,156,000
24,407,000
Sweden_
15,335,000
13,872,000
11,445,000
13,209,000
13,468,000
Denmark _ _
7,397.000
moment are not available, but a generous estimate
7,397,000
7,400,000
9,546,000
9,567,000
Norway
6.577,000
6,569,000
7,911,000
8,130,000
8,142,000
would give the Federation not more than 4,000,004
Total week_ 1,236,575,786 1,254,276,947 1,259,345,158 970,599,036 928,589,953
Prey. week.. 1,235,062,284 1.250.700 698 1 2511 592.145 968.275.971 924.126.408
members, or perhaps one-tenth of the number of
a These are the gold holdings of the Sauk of France as reported in the new form
persons in the United States who are classed by the
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,181,900.
Federal census as actually or potentially "gainfully
The Gospel According to William Green employed." About 1,000,000 members are perhaps
to be credited to the various Railway Brotherhoods
In an interview which he gave out last Sunday at and other
labor organizations not affiliated with the
Atlantic City, on the eve of the meeting of the ex- American
Federation of Labor. Yet Mr. Green apecutive council of the American Federation of pears to
speak as if he, and the particular organizaLabor, William Green, President of the Federation, tion over
which he presides, were the accredited
took American industry and business to task for representatives
of American labor as a whole, entheir failure to deal adequately with the unemploy- titled to voice
the criticisms and aspirations of all
ment situation, and predicted some drastic changes classes of wage
earners and tell all employers what
if the crisis was not met Pointing to the fact that they must do if the
country is to be saved.
the latest figures indicate the existence of more than
To arraign American industrialists as a whole for
10,000,000 unemployed, Mr.Green charged (we quote their failure
to absorb the army of unemployed, and
from the report of his remarks in the New York point to "a steady demand
for goods," rising prices,
"Times") that "private industry has lagged in the opportunity for profits, and
bulging bank deposits
task of increasing employment. There is a steady and credits as evidences of
the Promised Land which
demand for goods. Prices are going up. Profits for should forthwith be entered
upon and possessed is
URSUANT to
P
T
824
Financial Chronicle
to aim wide of the mark. Precisely what and where
are the industries which to-day are employing notably fewer workers than they might? The only
sound basis for employment is the existence of an
effective demand for the goods which the workers
produce or the services they render, and effective
demand is widely lacking. Are industries to be
coerced into taking on workers for whom there is
no work, or piling up goods for which there is no
market? Is prosperity to be restored by running
industry and business at a loss? The "steady demand for goods" which Mr. Green affects to see is
at best, in most cases, a minimum, hand-to-mouth
demand, rising prices are increasingly encountering
consumer resistance because consumers have no
money with which to buy, and profits are down even
where a fair volume of business is maintained. The
real test of recovery is not the volume of goods produced and sold for immediate consumption, but the
level maintained in industries which produce durable or capital goods, and in these latter the effective demand,on the whole, refuses to rise.
The reason for lagging recovery, with its consequence of continued unemployment on a serious
scale, is not, as Mr. Green contends, because business men have turned defeatists or fallen down on
their jobs, or because bankers have demonstrated
their incapacity. The real reasons are as plain as
daylight. An unenlightened scheme of wholesale
Government interference with industry and trade,
contemptuous of economic laws and enforced by
Government fiat, has substituted for experience the
theories of the "brain trust" and the devices of
revolutionary experimenters. A maze of Government regulations has subjected industry to minimum
wages, maximum hours, minute working conditions,
price fixing, restriction of output, limitation of the
use of new machinery and restraint of legitimate
competition. The gold standard has been abandoned, the gold and silver supply of the country
seized by the Government, gold contracts declared
invalid, and the way prepared for a great increase in
the use of silver as a currency basis. A mountain
of Federal debt has been piled up, banking has been
made virtually a Government function, and the
banks have been gorged with Government securities
to the peril of their liquidity. The utilities industries are threatened with annihilation by direct
Government competition, private loans on real estate have been menaced by huge Government loans
for the "relief" of mortgage debtors and the promotion of elaborate housing schemes, and the railroads have been saddled with a burdensome pension
plan. Staple agriculture has been subjected to a
fantastic system of enforced acreage or crop reduction, accompanied by processing taxes which the
consumer must pay. The legitimate issuance of
securities has been made vexatiously difficult, and
dealings in securities have been brought under
minute Government regulation. Outside of a number of small industries and communities of less than
2,500 inhabitants, there is hardly a detail of business of any kind, from purchase and sale to accounting and repairs, upon which the Federal Government
has not laid its regulating and penalizing hand.
What inducement is there under such conditions
for business and industry to revive? The field for
personal initiative has been closed, for Government
approval must first be sought. There is little inducement to borrow for capital purposes, or even
Aug. 11 1934
for ordinary commercial uses, when markets have
been rendered stagnant and reasonable profits imperiled by Government regulations and increasing
taxes, and banking funds cannot be forced out when
there is no safe use for them. Thanks to the throttling grip of the New Deal, American business marks
time or recedes, the demand for capital or commercial loans is trivial, currency inflation looms, and
workers by the million are unemployed or existing
on Government doles. The New Deal that was to
transform depression and loss into confidence and
prosperity has done its work, and the country, if
not William Green, knows very well where the responsibility lies.
There is more to the story, however. "Our toilers
in the mills, stores and places of employment,"
Mr. Green declared at Atlantic City, "can be depended upon to stick to their tasks if they are
permitted access to the machines." Is that the record of Mr. Green's brand of organized labor in these
months and years of depression? Is it not the fact
that strikes have multiplied beyond any previous
record, and that the issue has been, in most cases,
not legitimate grievances regarding wages, hours or
working conditions, but the issue of union organization and the persistent attempt of the American
Federation of Labor to make impossible any type of
union except its own? Have not Mr. Green and his
associates been as ready as General Johnson to
"crack down" upon employers, and has such action
tended to encourage union workers to "stick to their
tasks"? One cannot read the history of the past
twelve months without a conviction that the cooperation between labor and capital which the National Industrial Recovery Act undoubtedly sought
to promote has been impeded by American Federation of Labor policy, and that the guarantee of collective bargaining has been used as an instrument
of dissension rather than as an aid to industrial
harmony.
What Mr. Green had to say in his interview about
the possibility of "the owners of industry" being
"compelled to stand aside while society itself, for
good or evil, makes an attempt to cope with the task"
of recovery is, of course, only a thinly veiled intimation of an impending revolution. When or how the
revolution is to occur or exactly what its nature will
be is not clear, but apparently it will be something
that will enable labor to insure "the complete utilization of our productive capacities" so that everybody
may be "furnished with essential goods and services." No one can be certain about what will happen,
but we agree with the New York "Herald Tribune"
in thinking that if the Government is ever forced to
"invite the eager and willing workers to march into
the idle shops and throw the levers of the machines,"
as Mr. Green suggests,"the first thing it would take
over would be organized labor and the first person
it would 'liquidate' would be Mr. Green." The hope
of recovery does not lie in reading the riot act to
business men and industrialists for their inactivity
when the Government has them by the throat, or
making labor, organized or unorganized, the arbiter
of how business shall be conducted. The only hope
is in the abandonment—it cannot be too rapid or too
thorough—of the coercive and restrictive features
of the New Deal and the restoration, to business and
industry as well as to individuals, of the freedom
and responsibility that are their right. The speech
of President Roosevelt at Green Bay, Wis., on
Volume 139
Financial Chronicle
825
Thursday, does not, it must be confessed, offer much to the cannon and the ammunition; it is then for the
encouragement, although something is doubtless to employees to supply the spark which will set things
be allowed for the political exigencies of the Con- in motion. The target in this case is the market.
gressional campaign, but it is well to have the lines Given a factory output at a cost which will assure
clearly drawn. If labor is wise it will turn from re- distribution to and absorption by consumers, the
crimination to co-operation, cease to imperil its own manufacturer can complete the circle of motion,
large interests by continuing to obstruct, and con- which should be perpetual.
sign revolutionary hints to the waste basket.
That is the chain of the natural law of compensation. The process has operated satisfactorily heretoDoing Our Part
fore. Profits develop as markets expand and sales
Perusal of the news of the day has become a dis- mount, paving the way for higher wages. But the
concerting task, not calculated to put the mind in a Brain Trust appears to have bewildered a multitude
calm and tranquil mood. Domestic dispatches, for- by putting the cart before the horse. Is it not time
eign cables, local items, editorials and radio sum- to harness him in front of the cart where he may
maries all portray a world badly upset with antag- effectively pull the load and earn his fodder?
In civil life as in war, all men may not be leaders.
onisms which threaten to array nations against their
neighbors, employees against employers, and credi- Most of us must be privates, as indispensable in
tors against borrowers; even the calendars of the peace as in battle. The best way to gain promotion
courts are crowded with cases which show that un- is to earn it, and following the old maxim,"Back to
the mines," will provide the shortest, smoothest and
rest does not stop short of family circles.
The protracted depression from which the United quickest route to recovery.
States and other nations have suffered has probably
had more to do with creating this deplorable state Financial Stability of the Railroads a
than any other single cause, although continued high
Serious Problem
temperatures and drought throughout the temperate
A study of the present transportation situation
zone have had a primary part in producing general
indicates
the magnitude and importance of the
dissatisfaction.
problem
providing adequate financial stability
of
In Mississippi, one city has been combating the
for
the
railroads.
The fair return on the valuation
State to an extent which General Johnson defined as
contemplated
Transportation Act has never
by
the
"bordering upon civil war." Jails, State and Fedbeen
and
of the railroads have been in
earned
few
eral prisons are overcrowded with convicts, and banto
position
accumulate
adequate reserves.
ditry has been rampant in this country to such degree
Subsequent
to
and prior to 1930 railroad
1921
that the force and cunning of the Federal Governearnings
improvement
some
showed
and it was hoped
ment had to be inducted to eliminate a single
with
continuation
the
active
of
business
that the net
desperado.
operating
whole
income
a
would
as
reach
the 54%
Capital and labor, although they are directly dependent upon each other for prosperity, have been adjudged by the Commission as a fair return on
at odds to the great detriment of each faction, the railroad investment. It is perfectly obvious that the
strife often reaching a point where the police of high traffic levels obtained immediately prior to 1930
cities, States or the Government had to be called will not be restored at an early date, and the past
upon to suppress disorder. In addition to privation five years of operation point out conclusively the
developing from unemployment, and the diminishing seriousness of the situation.
The following table shows for the years since 1921
contents of pay envelopes for those still fortunate
the
rate of return on property investment, including
enough to continue at work, there have been many
materials
and supplies and cash:
foreclosures, and the consequent loss of homes has
Rate of Return on Property Investment (Class I Railroads).
naturally disturbed domestic relations.
Year—
Year—
Rate
Rate.
1921
2.87 1928
4.65
It might be well for each individual to make a de- 1922
3.59 1929
4.84
1923
4.33 1930
330
termined effort to cure his own ills by first putting 1924
4.23 1931
2.00
1925
4 74 1932
1 25
his mind and body in a normal state, and then calmly 1926
4.99 1933
1.80
1927
430
reflecting upon what course he may adopt to overThe fact of the matter is that current earnings
come his own particular problems.
are
insufficient to preserve solvency. The net
To be calm, considerate of one's neighbors and emdeficit
for 1933 was approximately $13,801,000 after
ployer or employees, to get back to the Golden Rule
meeting
interest charges and rentals of $682,270,000.
and try to do unto others as you would they would
The
records
for the first quarter of the present year
unto
you will be the best gospel to be proclaimed
do
indicate a deficit of $16,035,000 after charges and
from any pulpit or rostrum.
The frost line is not far off, and the present is a rentals. A conservative forecast for the entire year
propitious time to put one's self in a proper state for 1934 shows that this deficit will probably exceed
hard work, which will help to bring about steady that of last year. The real factors to influence this
work, and to build anew on solid foundations a struc- situation are the increased prices of fuel, materials
ture of which each contributing individual may be and supplies and the increased wage scales which are
proud and which will assure comfort and happiness to become effective during the latter part of this year.
Estimates of the future financial requirements
hereafter.
of
the railroads are difficult to make. However, the
Shake off the ennervating
! Go back to
maturities
of bonds and equipment trust certificates
tasks with a will to overcome selfish motives and normalcy will gradually return for the benefit of all. during 1934 to 1938 as recorded by the Inter-State
Better times are as much dependent upon the worker Commerce Commission are as follows:
Equipment
Year—
as upon capital. An idle factory is as useless as a
Bonds.
Obligations.
1934
S265,945.749
$104,658.536
cannon unloaded and unprimed. Capital can supply 1935
105,585,066
101,714,545
1936
284,313,700
79,476,490
1937
the factory and the raw material, which correspond 1938
114,869,747
75,185,945
137,936,019
65,886,837
Financial Chronicle
826
Requirements for new capital in the near future
may be relatively low, but even so will run into large
figures as indicated by the fact that in 1933 gross
capital expenditures were about $100,000,000, notwithstanding that expenditures for new equipment
were the lowest in many years and that such expenditures in 1934 have continued on a low scale.
Facing this situation, it would appear that in the
near future the carriers may be forced to ask for an
increase in rates. Many freight rate adjustments
have been put into effect since the rate increases
made by the Inter-State Commerce Commission in
1920, and these adjustments have brought the freight
rate level as a whole down to a figure below the relative level of prices at the present time.
A comparison of the general rate level made on the
basis of average railway receipts per ton-mile, taking
the average during the years 1911 to 1917 as 100,
shows an increase to about 177 in 1921, and has since
been reduced to 136. In other words, there was
an increase of 77% to the peak, with a subsequent
reduction equivalent to nearly half of the increase.
Based upon the average receipts per ton-mile
reported each year from 1921 to 1933, definite and
pronounced reductions in transportation costs have
been effected each year since 1921. This is indicated
in the following table, which shows, for each year
subsequent to 1921, the reductions in total freight
charges, compared with what they would have paid
had the rates remained at the levels of 1921.
Year1922
1923
1924
1925
1926
1927
1928
Reductions in Freight Charges Compared with 1921.
Amount
YearAmount.
$890,170,000
$332,500,000 1929
812,913,000
656,236,000 1930
692,851,000
617,580,000 1931
538.936,000
736.589.000 1932
694,386,000
860.868.000 1933
836,037,000
$8.508,921,000
Total
839.855,000
It will be seen that since 1921 reductions have been
made in the general level of freight rates that in the
last 12 years have saved the public the huge sum of
$8,508,921,000. In other words, if the freight rates
of 1921 had remained in effect, the public in the last
12 years would have to pay $8,508,921,000 more than
was actually paid to the railways for the same amount
of freight transportation.
In the past the Government has been quite considerate in extending loans to the carriers for capital
expenses. Then, as now, such loans prevented the
collapse of the companies. Present records indicate
that the railroads have repaid $945,152,000 of the
$985,094,000 principal advanced by the Government
for capital improvements under the Federal Control
and Transportation Acts, and have in addition during
the year 1933 repaid $57,014,636 of the loans extended to them by the Reconstruction Finance
Corporation. Despite the excellent record of repayment of previous Government loans, it is obvious that
recourse to loans from the Government in times of
depression is undesirable as a means of preventing
insolvency. It not only involves Federal financing
at a time when Government credit is under a severe
strain frOm other directions, but also places a future
burden upon the railroads for discharge of the obligations. Therefore, it would appear that real
financial stabilization of the carriers can only be
achieved through sufficient and continuous earnings.
It is not necessary to guarantee any particular
railroad any particular amount of earnings, or to
guarantee to the securities of any particular railroad
any particular standard of security or income return.
But it is clearly recognized that the companies, as a
whole, should be assured of conditions under which
their financial position and credit would be sound.
This may possibly necessitate an application for an
increase in rates, which must be approached and
Aug. 11 1934
determined from an emergency standpoint, and the
remedy,to be effective, must be adapted to emergency
conditions. Such a course of action undoubtedly
would be materially helpful toward the restoration
of normal economic conditions and would help promote the general welfare.
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 capitalization 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 OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
(Compiled by the Midland Bank Limited]
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
Month of
July.
7 Months to
. July 31.
Year to
July 31.
£28,277,000
43,422,000
7,353,000
18,627,000
20,859.000
21,352.000
16.536.000
26,729,000
34,894.000
41,820.000
22,211,000
16,432,000
5,185,000
3,313,000
6,002,000
14,998,000
£108,576,000
284,655,000
131,573,000
186,774,000
144,384,000
127,568,000
140,890,000
158,365,000
194,588,000
244,436,000
217,754,000
158,292,000
70,100,000
78,084,000
75,330,000
84.020.000
£156,577,000
413,619,000
231,129,000
270,997,000
193,278,000
186,944,000
236,869,000
237,371,000
289,490,000
364,562,000
335,837,000
194,287,000
153,968,000
90,651,000
110,284,000
141.559.000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited]
1932.
£2,895,798
11,994,734
12,104,130
18,013,115
12,296,311
17,467,795
3,312,507
1931.
fanuary
February
%4irch
tprIl
Uay
tune
Fully
7 months
tugust
leptember
)etober
govember
3ecember
Year
.C12,332,412
19,606,243
13,446,859
1,687,195
11,009.880
12,832,397
5,184,993
1933.
1934.
£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6,001,777
£10,853,233
7,007,995
7.081,462
9,590,367
22,440,935
12,048,454
14,997.397
£84,019,843
£76.099,979
£78,084,390
£75,330,152
£1,866,492
1,315,308
2,482,875
4,409,179
2,692,359
£72,500
17,000
19,745,198
10,807,078
4.312.163
£21,208,047
7,164,097
10,026,260
12,786,859
6,353,481
£88.666,192
£113,038,329
£132,868.896
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by Midland Bank Limited]
United India and Other Brit. Foreign
Kingdom. Ceylon. Countries. Countries.
1932-January
February
March
April
May
June
July
7 months
August
September
October
November
December
Year
1933-January
February
March
April
May
June
July
7 months
August
September
October
November
December
Year
1934-January
February
March
April
May
June
July
7 months
Total.
.0
E
E
291.000
2,605,000
78,000 2,805.000
9,109.000
11.072 000 1,032,000
9,572,000 3,516,000 4,925,000
8,936,000 1,496,000 1,864,000
15,391,000
2,067,000
60.000
3,225,000
C
2,896,000
3.000 11,995,000
12,104,000
18,013,000
12,296,000
10,000 17,408,000
27,000 3,312,000
57,596,000 6,182,000 14,266,000
50,000
23,000
10,000
11,851.000
160,000 7.734,000
10.272,000
271,000
48,000
4,037.000
190,000
40,000 78,084,000
73,000
17.000
19.745.000
264,000 10,807,000
37,000 4,312,000
83,817,000 6,390,000 22,483,000
348,000 113,038,000
56,000
269,000
7,875,000
30,000 1,727,000
4,917,000
1.000 1,160,000
12.287,000
7.283,000
9,328,000 4.753,000
241,000
5,000 1,070,000
16,029.000
48,000
244,000
5,232,000
110,000
493,000
•
•
•
•
£
7,000
965.000
292.000
437,000
478,000
8,310,000
7,167,000
13,448,000
8,248,000
14,614,000
17,541,000
6,002,000
62,951.000 4,893.000 4,711,000 2,775.000 75.330,000
1,285.000
6,738,000
6,814.000
12,172,000
5,098,000
15,589.000 4.334,000 21,208,000
250,000 7.164,000
176,000
11,000 3,016,000
185,000 10,026,000
67,000
437,000
111,000 12,787,000
47,000
341,000 6,353,000
867,000
95,059,000 5.018,000 24,796,000 7,996,000 132,869,000
8,682,000
5,309,000
6,011.000
8,665.000
11,397,000
7,021,000
9.958,000
49.000 1,763,000
221,000 1.433,000
7.000
873,000
12,000
850,000
62,000 10,945,000
32,000 4,609,000
1,000 5,014,000
57.043.000
385.000 25.487.000 1.105.000 84.020.000
359,000
45,000
190,000
63,000
37,000
386,000
25,000
10,853,000
7,008,000
7.081,000
9,590,000
22,441,000
12,048,000
14,998,000
827
Financial Chronicle
Volume 139
The Course of the Bond Market.
The Presidential proclamation nationalizing silver at 50.01
cents per ounce, made public on Thursday, stimulated trading in stocks, bonds and commodities. Corporate bond
prices have continued to decline but only at the same moderate rate of recent weeks. Rails have exhibited the greatest
weakness, particularly the lower grades. U. S. Government
bonds, which made noticeable declines upon announcement
of the new silver program, and of the unsuccessful financing
of Home Owners Loan Corporation bonds, rallied as a result
of apparent Treasury buying on Thursday, but declined
again on Friday. Thursday's turnover in these issues was
the heaviest since Dec. 30 1920. The average price of eight
long-term Government bonds now stands at 105.24, having
lost 1.57 points since its high made one month ago. Excess
bank reserves still continue high and short-term interest
rates have remained unchanged although the Treasury paid
a slightly higher rate on its recent issue of bills.
Lower prices were in evidence throughout the high-grade
and medium-grade railroad bond list during the week, due
possibly to a renewal of inflation talk. Atchison gen. 4s,
1995, closed at 102, off 23/ points for the week; Union
Pacific first 4s, 1947, closed at 105 compared with 1073%
last Friday; Northern Pacific ref. 6s, 2047, were off 63(
points to 883%; Texas & Pacific ref. 5s, 1980, closed at 75
compared with 79 a week ago. Further selling pressure was
witnessed amongst second and lower-grade rail issues. St.
Paul adj. 5s, 2000 closed at 8 compared with 93% last week;
Missouri Pacific ref. 5s, 1977 at 23 compared with 24 last
1974, were off 5 points to
Friday; Nickel Plate ref. 5
points lower, closing at
4
1975,
were
5s,
ref.
Erie
63
633%. Upon announcement of possible deferment of interest
due Sept. 1, Chicago, Great Western first 4s, 1959, were
very weak, closing at 28%,off 113% points from the previous
3
week's close of 39%•
High-grade utility bonds maintained a fairly steady tone
throughout the current week but issues lower in the investment scale lost ground for the most part. Notable weakness
occurred in such issues as Appalachian Power 6s, 2024, which
fell 3 points to 84, Texas Power & Light 6s, 2022, down 2 to
35, 1959, off 23% to 72, and Bell
84, United Light & Power 53/
4. The
4 to 1103
Tel. Penna. 5s, 1948, which declined 13
strength in N. Y. traction bonds so noticeable last week was
not maintained this week.
Although irregular during the week, most higher-grade
industrial issues rallied to close with nominal changes from
a week ago. Second-grade issues did not do as well and a
4 point drop in
number of losses were recorded, such as a 13
Childs 5s, 1943, after their rally last week. On the whole
prominent steel, rubber, oil and metal bonds showed minor
net changes. Meat packing issues were a little easier, Ar3
35, 1943, losing IA to 95%.
mour of Del. 53/
The foreign bond market was relatively strong. Some
recovery took place in German bonds, including Governments, although a few among higher-priced corporate issues,
such as Westphalia United 6s and Bank of Silesian Landowners 6s experienced expected price adjustments. Argentine bonds were strong, while Italian issues were irregular.
Moody's computed bond prices and bond yield averages
are given in the following tables.
MOODY'S BOND YIELD AVERAGES.t
(Based on individual Closing Prices.)
MOODY'S BOND PRICES.
(Based on Average Y(elds.)
U. S.
120
120 Domestic CorYoraiss
1934
Govt. Domesby Ratings.
Daily
Bonds. Ste.
Baa.
**
Corp.* Asa.
A.
Averages.
An.
120 Domestic
Corporate* by Groups.
RR.
P. U. Indus.
120 Domestic Corporate
AU
by Rating*.
1934
120
DonaDOZY
Baa.
A.
An.
Asa.
Average*.
tt
30
ForP. U. /ndiu. dont.
120 Domestic
Corporate by Groups.
RR.
0 trom
t00009POVt-0,
.on.monnm oomoNoomonoco<00
wmo..o.qmmo omm!mmmo.mmoomoomei ..momoorpmmowomooq m o
...... -.O0000eiO.4.O.4OOO.o c46Mr:moo.4:OOM4O46o
caommoommm mommommmommoommom moommommmoomc.nonme-. m m
4.46
7.30
5.39
5.13
104.85
Aug.10-- 4.99
Aug.10._ 105.24 96.23 114.43 106.96 94.43 76.03 94.14
4.45
7.30
5.36
5.07
4.96
105.03
9._ 105.60 96.70 114.82 107.31 95.03 76.46 95.03
4.45
7.30
5.35
5.05
4.94
s__
105.03
95.33
8-- 105.50 97.00 115.02 107.49 95.48 76.67
4.45
7.30
5.34
5.02
4.93
105.03
7- 105.73 97.16 115.02 107.49 95.78 76.89 95.78
4.43
7.35
5.32
4.97
4.91
105.37
96.54
77.44
6_ 105.84 97.47 115.21 107.85 96.08
4.44
7.37
5.31
4.96
4.90
105.20
4._ 105.95 97.62 115.41 107.85 96.08 77.66 96.70
4.44
7.37
5.30
4.96
105.20
4.90
3-- 105.97 97.62 115.41 107.85 96.08 77.77 96.70
4.44
7.39
5.30
4.95
105.20
4.90
96.85
2._ 105.95 97.62 115.41 107.67 95.93 77.99
4.45
7.40
5.32
4.96
4.91
105.03
1_ 105.75 97.47 115.02 107.67 95.78 77.77 96.70
Weekly-Weekly7.47
4.46
4.91
5.33
6.37
5.00
4.32
3.91
4.90
104.85
July
27__
July 27._ 106.06 97.62 115.02 107.31 96.08 78.21 97.47
7.38
4.37
5.17
4.77
6.08
4.88
4.26
3.86
108.42
20.. 4.77
..._ 20._ 106.79 99.68 116.01 108.39 97.94 81.54 99.68
7.37
4.36
5.18
4.72
6.00
4.88
4.26
3.87
13__
106.60
4.75
100.49
82.50
13_ 106.74 100.00 115.81 108.39 97.94
k
7.45
4.39
5.22
4.78
6.04
4.94
4.29
3.90
106.07
4.79
6- 106.31 99.36 115.21 107.85 97.00 82.02 99.52
4.39
7.46
5.22
4.77
6.04
4.93
4.28
3.91
June 29.. 4.79
106.07
June 29_ 106 04 99.36 115.02 108.03 97.16 82.02 99.68
7.49
4.39
5.22
4.77
6.05
4.93
4.28
3.92
22_ 4.80
106.07
22._ 105.79 99.20 114.82 108.03 97.16 81.90 99.68
7.53
4.40
5.24
4.74
6.02
4.93
4.29
3.91
15_ 4.79
105.89
15_ 106.00 99.36 115.02 107.85 97.16 82.28 100.17
4.43
7.35
5.27
4.80
6.08
4.98
4.33
3.93
4.83
105.37
99.20
81.54
8_ 105.52 98.73 114.63 107.14 96.39
4.46
7.29
5.31
4.84
6.15
5.02
4.35
3.96
104.85
- 4.87
I__ 105.27 98.09 114.04 106.78 95.78 80.72 98.57
7.25
4.46
4.83
5.30
6.12
4.99
4.35
3.98
May 25_, 4.88
104.85
May 25_ 105.13 98.25 113.65 106.78 96.23 81.07 98.73
4.47
7.20
5.25
4.81
6.04
4.96
4.36
4.00
4.84
18_
104.68
99.04
18._ 105.05 98.57 113.26 106.60 96.70 82.02
7.14
4.46
5.28
4.82
6.07
4.95
4.37
4.02
11._ 4.85
104.85
11_ 105.11 98.41 112.88 106.42 96.85 81.66 98.88
7.16
4.47
5.24
4.77
5.96
4.94
4.37
4.04
4.83
104.68
99.68
81.78
4_ 104.75 98.73 112.50 106.42 97.00
7.28
4.48
5.24
4.75
5.92
4.92
4.40
4.04
4.82
104.51
Apr. 27_
Apr. 27.. 104.21 98.88 112.50 105.89 97.31 83.48 100.00
7.21
4.49
5.25
4.73
5.91
4.92
4.40
4.05
20._ 4.82
104.33
20- 103.65 98.88 112.31 105.89 97.31 83.60 100.33
7.20
4.53
5.30
4.76
5.98
4.98
4.42
4.07
4.86
13._
103.65
99.84
13- 104.35 98.25 111.92 105.54 96.70 82.74
7.22
4.58
5.40
4.81
6.11
5.02
4.47
4.11
4.93
102.81
6._ 104.03 97.18 111.16 104.68 95.78 81.18 99.04
Mar.30.Stock E xchang e Close d.
Mar.30.- Stook E xchang e Closed.
4.64
7.34
5.48
4.91
6.24
5.11
4.54
4.15
5.01
101.81
23__
23._ 103.32 95.93 110.42 103.48 94.43 79.68 97.47
7.23
4.60
5.43
4.85
6.16
5.06
4.50
4.11
102.47
16_ 4.96
18._ 103.52 96.70 111.16 104.16 95.18 80.60 98.41
7.25
4.66
5.53
4.91
6.31
5.13
4.56
101.47
97.47
78.88
9._ 103.06 95.63 110.79 103.15 94.14
4.72
7.38
5.57
4.97
6.33
5.20
4.64
100.49
2._ 101.88 94.88 110.23 101.81 93.11 78.66 96.54
7.49
5.54
4.70
4.93
6.24
5.19
4.63
Feb. 23._
100.81
Feb. 23-- 102.34 95.18 110.23 101.97 93.26 79.68 97.16
7.52
4.70
5.54
4.92
6.18
5.19
4.66
4.18
16._ 5.05
100.81
16- 102.21 95.33 109.88 101.47 93.26 80.37 97.31
7.56
4.75
5.61
5.05
6.31
5.27
4.75
4.22
100.00
9_ 101.69 93.99 109.12 100.00 92.10 78.88 95.33
7.57
4.77
5.64
5.05
6.30
5.29
4.77
4.24
99.68
2_ 101.77 93.85 108.75 99.68 91.81 78.99 95.33
7.97
4.82
5.88
5.23
6.62
5.47
4.85
4.30
Jan. 26_
98.88
Jan. 26- 100.41 91.53 107.67 98.41 89.31 75.50 92.88
4.83
8.06
6.01
5.32
6.73
5.57
4.93
4.30
98.73
19- 5.38
19- 100.36 90.55 107.67 97.16 87.96 74.36 91.39
4.87
8.32
6.35
5.54
7.12
5.81
5.04
4.38
5.59
12_
98.00
12.. 99.71 87.69 108.25 95.48 84.85 70.52 88.36
4.94
8.53
6.74
5.74
7.56
6.04
5.19
4.43
97.00
6._ 5.81
5_ 100.42 84.85 105.37 93.26 82.02 66.55 85.74
7.13
4.35
5.17
4.72
5.90
4.87
4.25
3.86
Low 1934 4.75
106.78
High 1934 106.81 100.00 116.01 108.57 98.09 83.72 100.49
4.97
8.65
6.74
5.75
7.58
6.06
5.20
4.43
High 1934 5.81
96.54
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61
7.23
4.60
5.43
4.83
6.16
5.04
4.49
4.11
Low 1933 4.96
99.04
High 1933 108.82 92.39 108.03 100.33 89.31 77.66 93.26
6.35 11.19
7.17
7.22
9.44
6.98
5.96
4.91
High 1933 6.75
78.44
Low 1933 98.20 74.15 97.47 82.99 71.87 53.16 69.59
Yr. AgoYr. Ago9.07
4.83
5.83
5.25
6.70
5.49
4.73
4.28
A ug
2
g3 5.30
.
'3
98.73
yisIOA
Aug.10'33 103.24 91.67 108.03 100.33 89.04 74.67 92.39
2 Yrs.Ago
6.44 11.37
6.18
7.20
8.42
5.94
7.07
4.99
Aug.10'32 6.61
77.44
Aug.10'32 101.56 75.61 96.23 83.22 71.00 59.80 69.77
the average
•Those prices are computed from average yields on the basis of one "ideal" bond (43(% coupon, maturing in 31 years) and do not purport to show eithermovement
of
the relative
level or the average movement of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and of
Feb. 6 1932. page 907.
yield averagee, the latter being the truer picture of the bout' market. For Moody's index of bond prices by months back to 1928. see the issue
10
Feb.
of
Issue
the
1934.
In
published
was
indexes
these
in
used
computing
bonds
of
list
•• Aetna average price of 8 long-term Treasury lestied. t The latest complete
Page 920, t t Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
3.94
3.92
3.91
3.91
3.90
3.89
3.89
3.89
3.91
4.34
4.32
4.31
4.31
4.29
4.29
4.29
4.30
4.30
5.11
5.07
5.04
5.02
5.00
5.00
5.00
5.01
5.02
6.57
6.53
6.51
5.49
6.44
6.42
6.41
6.39
6.41
25. .1 451
Indications of Business Activity
THE STATE OF TRADE--COMMERCIAL EPITOME.
Friday Night, Aug. 10 1934.
Despite the worst drought in the history of this country,
together with labor troubles and an uncertain foreign
situation, general business was described as good. Industrial operations in many cases show declines for the week,
which is not unusual at this period of the year. Yet several
branches of industry showed upward trends. Production
of soft coal rose sharply, and orders for lumber have increased to the highest level in three months, owing to a 10%
reduction in all building lumber. Lumber production was
up to the highest point since the latter part of June, with
many mills on the West Coast which were closed by the
longshoremen's strike now reopened. Steel and electric
output and car loadings all show a falling off from the
previous week, and the production of automobiles was reduced 10%. Retail and wholesale business, however, continues to expand. Summer wear was in good demand,'despite the lateness of the season, and the prospects for the
August fur sales are the brightest in five years, with new
styles receiving the most attention. Wholesale orders were
about the best of the year, helped by cooler weather. Fill-in
828
Financial Chronicle
Index
of
Wholesale
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Group.
71.4
70.2
66.1
71.5
69.0
88.7
80.4
82.0
86.2
54.2
93.2
65.4
78.1
98.8
70.7
70.2
62.0
71.0
69.1
88.7
80.7
82.1
86.2
52.0
93.2
67.1
76.1
98.8
73.1
72.3
71.6
All orouos combined
Festilizer Association Reports Increase in
Wholesale Commodity Prices Higher During Week
of Aug. 4.
National
Wholesale commodity prices were higher during the week
of Aug. 4 according to the index of the National Fertilizer
Association. This index advanced eight points during the
week to 73.1. A week ago (July 28 it was 72.3, a month ago
Year
Ago.
89.3
58.0
55.9
66.6
68.0
84.4
74.1
78.4
77.2
51.0
87.0
66.0
65.9
90.1
87.2
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines Received from Connec'ns.
Weeks EndedWeeks EndedAug.4 July 28 Aug.5 Aug.4 July 28 Aug.5
1934. 1934. 1933. 1934. 1934, 1933,
Atchison Topeka & Santa Fe
Chesapeake az Ohio
Chicago Burlington & Quincy_
Chic. Milw. St. Paul & Pacific
Chicago & North Western
Gulf Coast Lines
International Great Northern....
Missouri-Kansas-Texas
Missouri Pacific
New York Central Lines
New York Chicago & St. Louis_
Norfolk & Western
Pennsylvania
Pere Marquette
Southern Pacific Lines
Wabash
Total
20,729
18,938
16,501
.20,521
17,032
1,926
3,039
4,425
14,764
39,487
4,564
15,769
52,221
4,796
25,414
5,591
20,614
21,496
16,557
20,465
15,856
2,030
2,851
4,379
14,202
40,042
4,791
17,373
52,905
4,859
26,068
6,628
16,986 4,884 4,845 4,190
23,928 8,599 8,065 8,602
14,396 6,507 6,121 6,245
17,913 6,720 6,402 6,300
15,137 9,151 8,378 8,473
2,153 1,192 1,105 1,103
2,385 1,881 1,930 1,422
4,164 2,670 2,607 2,183
13,822 7,177 7,136 6,629
44,841 52,212 49,860 59,813
4,543 7,600 7,435 8,580
20,904 3,776 3,507 4,309
62.426 32,605 31,562 37,567
4,427 4,019 3,878 4,525
21,092
5,059 6.581 6,234 6,713
265,717 270.116 274,176 155,573 149,065 166,654
TOTAL LOADING AND RECEIPTS FROM CONNECTIONS.
Aug. 7 1934. July 31 1934. Aug.8 1933.
Farm products
103.5
al00.8
90.4
Food products
113.9
113.7
103.3
Textile products
•113.1
a113.1
128.2
Fuels
164.6
164.0
122.5
Metals
110.1
110.1
104.4
Building materials
113.3
113.5
107.4
Chemicala
98.9
98.9
97.2
Miscellaneous
85.2
87.3
86.6
All commodities
115.5
al14.7
103.1
S All commodities at old dollar basis
68.1
afift 1
7A A
•Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
Month
Ago.
Revenue Freight Car Loadings for Week Ended Aug. 4
1934 Show Continued Decline.
Loadings of revenue freight for the week ended Aug. 4
1934 totaled 611,298 cars, an increase of 2,450 cars or 0.4%
from the preceding week and a decrease of 9,184 cars or
1.5% from the total for the corresponding week in 1933.
Loadings continued to show a gain when compared with.
the same week in 1932, the increase totaling 114,672
ears or 23.0%. For the week ended July 28 total loadings were 5.6% under those for the like week in 1933 but
19.1% higher than the comparable period of 1932. Loadings for the week ended July 21 showed a loss of 6.3% but
a gain of 22.5% when compared with the same weeks in
1933 and 1932, respectively.
The first 16 major railroads to report for the week ended
Aug. 4 1934 loaded a total of 265.717 cars of revenue freight
on their own lines, compared with 270,116 cars in the preceding week and 274,176 cars in the seven days ended
Aug. 5 1933. A comparative table follows:
Commodity
Sharp advances in the grains on further crop deterioration here and
abroad, a pronounced rise in the prices of hogs and their products, gains
in
butter and eggs (also reflecting the drought), higher cotton, and a
seasonal
advance in anthracite largely accounted for the advance. If the advance
In cotton upon the release of the Government report Wednesday (Aug. 8)
could have been included, a further rise of 0.2 or 0.3 would have geen
recorded by the combined index.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100).
Preceding
Week,
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
Prices for Week of Aug. 7 Highest Since Jan.6 1931.
An advance of 0.8 point for the week carried the "Annalist"
Weekly Index of Wholesale Commodity Prices to 115.5 on
Aug. 7, the highest point reached by it since Jan. 6 1931.
The index of the farm products group, rising to 103.5, the
"Annalist" said, made a new high since Jan. 27 1931. The
"Annalist" continued:
Latest
Week
Aug. 4
1934.
1
i
1
.......,
6...oi.1
1
Per Cent
Each Group
Bears to the
Total Index.
0M00.00NWN.ONNoW
Weekly
Of the 14 groups in the index four advanced,four declined,and six showed
no change during the latest week. Foods, grains, feeds and livestock.
textiles, and fats and oils were higher. The declining groups were building
materials, metals, fertilizer materials, and miscellaneous commodities.
The largest gains were shown in grains,feeds and livestock, and fats and oils.
During the latest week prices for 37 commodities advanced and prices
for 16 declined. A week ago there were 22 advances and 28 declines. Two
weeks ago there were 42 advances and 23 declines. Cotton advanced about
four-tenths of a cent a pound to slightly more than 13 cents. Wheat
advanced five cents a bushel at Kansas City, and about 5;,5 cents a bushel
at Chicago. Corn advanced about five cents a bushel. Other farm products that advanced included oats, most foodstuffs, good cattle, hogs.
lard, butter, eggs, and apples. Higher prices were also noted for vegetable
oils, flour, silver, rosin, coffee, and rubber. The declining commodities
included cotton yarns, woolen yarns, silk, lead,tin, gravel,hides,and potash
salts.
cecio;o;cer-44M.-46t,
:Mo.5
WWW40.0C.01
"Annalist"
Aug. 11 1934
71.6, and a year ago 67.2. (The three year average 19261928 equals 100.) Under date of Aug. 6 the Association, in
noting the foregoing, said:
WW.OWW
orders for summer goods were especially large, and a good
general demand was reported in nearly all divisions. There
was a slight increase in commercial failures, but they make
a more favorable showing as compared with the same week
last year than in the previous week. All grains mounted to
new high levels for the year, owing to further reports of
serious crop damage in this country and abroad, and the
lack of moisture, coupled with continued high temperatures.
In addition, all available estimates indicate short crops.
Trading expanded considerably during the week in all
commodities. Cotton showed more activity, and prices shot
sharply upward on a Government report indicating a crop
of 9,195,000 bales, which was considerably under the quota
allotted under the Bankhead bill, and less than was generally expected. The news from Washington of the nationalization of silver, with its inflationary possibilities, together with continued hot and dry weather in the Western
belt, led to heavy buying. Silver futures were sharply
higher on buying attributed to Government agencies, but
trading was suspended immediately after the Washington
news. Other commodities climbed upward in sympathy
with cotton and grain, being influenced, to some degree,
by the silver news. The weather during the week has been
pleasant in New York, with lower temperatures and very
little rainfall. In the Middle West the heat wave continued
with little or no relief in sight. Temperatures reached as
high as 115 degrees at Ottumwa, Iowa, which broke all heat
records for that State. At Topeka, Kan., on the 8th inst.,
it was 109, and in Missouri 100 degrees was recorded. Other
hot spots were Lincoln, Neb., and St. Louis, with 106 degrees; Kansas City, 105, and Des Moines, Iowa, with 102.
A cloudburst near Denver swelled streams in the mountains,
causing four deaths and washed out numerous bridges.
Western Pennsylvania on the 9th inst. had the heaviest rain
of the season, which flooded streets and homes and marooned many motorists. The drought in China is reported
to be the worst in more than half a century. Half a million
Chinese are said to be facing starvation as a result of the
severe drought, which has killed crops and caused a shortage of water. To-day it was cloudy and warm here, with
temperatures ranging from 71 to 83 degrees. The forecast
was for local showers to-night; Saturday fair and cooler.
Overnight at Boston it was 68 to 82 degrees; Baltimore,
74 to 86; Pittsburgh, 76 to 90; Portland, Me., 64 to 74;
Chicago, 74 to 94; Cincinnati, 74 to 96; Cleveland, 76 to 88;
Detroit, 74 to 90; Charleston, 76 to 84; Milwaukee, 74 to
98; Dallas, 76 to 100; Savannah, 76 to 92; Kansas City,
86 to 110; Springfield, Mo., 80 to 108; St. Louis, 84 to 108;
Oklahoma City, 78 to 104; Denver, 62 to 82; Salt Lake
City, 64 to 82; Los Angeles, 64 to 80; San Francisco, 54 to
62; Seattle, 58 to 76; Montreal, 70 to 80, and Winnipeg,
48 to 78.
Week EndedAug. 4 1934. July 28 1934. Aug. 5 1933.
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco
Total
21,982
27,231
13,504
21,384
26,579
12,991
19,791
25,216
11,621
62.717
60,954
56,628
The American Railway Association in reviewing the week
ended July 28 reported as follows:
Loading of revenue freight for the week ended July 28 totaled 608,848
cars, which was a decrease of 6,016 cars below the preceding week and
35,991 cars under the corresponding week in 1933. It was, however, an
Increase of 97,745 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended July 28 totaled 222,746
cars, a decrease of 4,308 cars under the preceding week and 7,730 cars below
the corresponding week in 1933, but an increase of 45,040 cars above the
corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 158,433 care,
a decrease of 159 cars below the preceding week this year, 14,439 cars below
the corresponding week in 1933 and 8.437 cars below the same week in 1932.
Financial Chronicle
Volume 139
Grain and grain products loading for the week totaled 43,611 cars, a
decrease of 3,527 cars below the preceding week but 10.082 cars above the
corresponding week in 1933, and 3,107 cars above the same week in 1932.
In the Western districts alone grain and grain products loading for the week
ended July 28 totaled 27,396 cars, an increase of 5,231 cars above the same
week in 1933.
Forest products loading totaled 21,715 cars, a decrease of 344 cars below
the preceding week and 6,302 cars below the same week in 1933. It was.
however, an increase of 6,306 cars above the same week in 1932.
Ore loading amounted to 30,803 cars, a decrease of 1.693 cars below the
preceding week but 2.521 cars above the corresponding week in 1933 and
24,356 cars above the corresponding week in 1932.
Coal loading amounted to 100,717 cars, an increase of 3,901 cars above
the preceding week but 29,056 cars below the corresponding week in 1933.
It was, however, an increase of 13,374 cars above the same week in 1932.
Coke loading amounted to 4,528 cars, an increase of 26 cars above the
preceding week but a decrease of 2,282 cars below the same week in 1933.
It was, however, an increase of 2,209 cars above the same week in 1932.
Live stock loading amounted to 26,295 cars, an increase of 88 cars above
the preceding week, 11,215 cars above the same week in 1933 and 11,790
cars above the same week in 1932. In the Western districts alone loading
of live stock for the week ended July 28 totaled 22,927 cars, an increase of
11,388 cars above the same week in 1933.
All districts except the Northwestern, Centralwestern and Southwestern
reported reductions for the week ended July 28 compared with the corresponding week in 1933, but all districts reported increases compared with
the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous years
as follows.
Four weeks in January
Four weeks in February
Five weeks In March
Four weeks In April
Four weeks in May
Five weeks In June
Week ended July 7
Week ended July 14
Week ended July 21
Week ended July 28
Total
829
1934.
1933.
1932.
2,177,562
2,308,869
3,059,217
2,334,831
2,441.653
3,078,199
519.807
602,778
614,864
608,848
1,924,208
1,970,566
2,354,521
2,025,564
2,143.194
2,926,247
543,510
653,661
656,380
644,839
2,266.771
2,243,221
2,825,798
2,229,173
2,088,088
2,454,769
415,928
503,761
501,912
511,103
17,746,628
15.842,690
16,040,524
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
July 28 1934. During this period a total of 51 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Atchison Topeak & Santa Fe Ry. System,
the Southern Pacific Co. (Pacific Lines), the Union Pacific
System, the Great Northern Ry., the Chicago Milwaukee
St. Paul & Pacific Ry., the Illinois Central System, the
Chicago & North Western RR., the Chicago Burlington &
Quincy RR., the Chicago Rock Island & Pacific Ry. and
the Missouri Pacific Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)-WEEK ENDED JULY 28.
1934.
Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N. H.& Hartford
Rutland
Total
Group BDelaware dv Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh dr New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_ _
Pittsburgh & Shawmut
Pittsburgh Shawmut & North_ _
Total
Group C-.
Ann Arbor
Chicago Indianapolis & Loulsv_
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line._ _
Detroit 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
Total
Grand total Eastern District_
Allegheny DistrictAkron Canton & Youngstown
Baltimore & Ohio
13essmer dr Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey_ _ _ _
Cornwall
Cumberland & Pennsylvania_ _
Ligonier Valley
Long Island
Penn.-Reading Seashore Lines_
Pennsylvania System
Reading Co
Union (Pittsburgh)
west Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup .4Atlantic 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 Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
1932.
1934.
1933.
901
2,705
6,945
837
2,501
9,158
561
543
2,923
8,558
997
2,989
11,188
640
837
2,522
7,005
596
2,346
9,082
575
227
3.980
8,530
2,447
1,399
10,336
945
251
4,998
9.889
2,783
1,477
11,873
980
23,608
27.838
22,963
27,864
32,251
4.034
8,795
11,945
150
1,639
7,874
2,105
19,109
2,170
343
230
6,005
9,473
13,334
136
1,732
8,507
2,593
22,780
2,069
388
401
5,252
8,866
10,140
196
1,802
7,772
1,068
16,634
1,881
495
258
6,081
5.074
11,598
1,519
918
6,178
42
25,199
1,703
21
146
7,223
5,691
14,193
1,869
1,063
6.992
43
29,518
2,065
23
213
58,594
67,418
54,364
58,479
68,893
555
1,260
6,636
27
238
210
1,952
3,693
6.786
3,105
4,791
4,859
4,528
1,013
5,666
2,969
526
1217
8,067
33
163
305
1,663
3.781
7,320
4,140
4,527
4,654
5,992
1,507
5,242
3,938
448
1,618
7,241
37
292
162
1,230
2,191
4,965
2,759
4,475
3,706
2,905
883
5,308
2,252
925
1,616
9,404
63
111
1,978
843
5,229
6,656
222
7,435
3,878
4,468
789
6,234
2,283
1,108
1,728
13,079
107
108
2,177
878
5,488
8,071
234
8,404
4,268
6,303
917
6,849
3,061
48,288
53,075
40,472
52,134
62,880
130,490
148,331
117,799
138,477
164,024
394
26,262
3,846
275
5,136
72
263
61
798
1.020
52,905
12,138
5,836
28
3,247
546
30,665
3,372
297
5,728
293
67
1.141
1,180
64,760
13,286
10,329
68
3,401
a
22,389
949
93
6,000
1
141
73
1,002
1,043
50,166
11,193
2,317
48
2,253
551
13,074
1,611
8
9,417
68
17
21
1,902
782
31,562
12,451
3,508
878
15,777
2,019
6
10,156
46
19
21
2,210
1,323
40,328
15,588
3,351
4,576
4,448
112,281
135,133
97,668
79,548
96,170
21,496
17,373
730
3,262
24,368
20,990
821
4,032
17,378
12,606
634
3,156
8,065
3,507
924
559
9,439
3.751
1,185
827
42,861
50,211
33,774
13,055
15,002
5,989
1,012
378
151
38
1,184
353
348
5,982
18,179
127
6.558
1,175
554
158
46
1,720
518
374
6,913
20,543
151
5,707
655
328
123
45
1,251
398
292
5,425
15,494
140
4.000
1,347
741
250
59
846
757
2,792
2,902
11,185
541
4,599
1,568
789
289
80
951
1,001
3,895
3,450
13,948
740
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast..
AU. dr W.P.-W.RR. of Ala..
Centralof Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & SavannahMississippi Central
Mobile & Ohio
Nashville Chattanooga & St.',Tennessee Central
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1934.
1933.
1932.
168
1,092
689
3.681
175
397
915
273
1,148
18,257
15,328
149
134
1,542
2,327
332
222
1,084
762
4,151
207
285
695
309
1,338
17,290
19,844
246
123
1,632
2,794
350
202
570
598
2,974
166
243
702
226
953
16,597
14,137
102
120
1,460
2,433
244
1934.
1933.
150
514
918
2,505
215
314
1,319
292
616
8,897
4,194
353
212
1,287
3.010
649
152
492
1,008
2,347
198
226
1.490
348
707
8,965
4,162
230
241
1,388
2.871
660
46,607
51,332
42,087
25,445
25,485
Grand total Southern District-.
80,348
90,042
71,945
50,865
56,795
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western_ _ - Chicago Great Western
Chicago Milw. St. P. & Pacific.
Chicago St.P. Minn.& 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 & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle....
709
18,418
2,799
20,465
3,729
9,468
857
3.393
354
14,566
502
1,958
2,365
5,349
8,958
229
1,554
885
18,278
2,542
17,999
3,591
7,776
941
5,399
316
11,234
482
2,188
2,037
5,094
8,226
297
1,142
1,209
13,880
2,208
114,867
3,390
2.040
275
2,576
321
8,008
471
a
1,891
4,321
6,797
a
1,139
2,657
8,378
2,331
6,402
3,154
203
347
2,926
97
2,689
312
63
1,192
1,683
2,699
169
1,295
2,704
9,055
2,230
6,610
3,147
67
398
4,443
139
2,267
408
87
1,359
1,999
2,325
173
885
95,673
88.427
63,375
36,597
38,296
20,614
2,659
156
16.557
1,167
11.834
2,554
831
1,821
231
1,028
1,751
1,107
124
20,588
260
454
11,477
180
1,909
16,977
3,039
154
16.259
1,617
11,121
2,568
755
2,002
247
838
2,040
686
210
15,755
235
380
10,359
190
1,226
20.724
3,321
160
13.371
a
12,193
2,535
684
1.194
302
1,172
a
530
228
15,090
235
380
9,885
142
1,335
4,845
1,921
60
6,121
734
5,985
1,784
963
1,948
24
830
940
598
65
3,591
257
928
6,513
4
2,742
4,459
1,797
22
6.205
728
6.170
2.061
899
2,023
24
757
1,071
352
46
3.045
258
1,120
6,255
7
1,289
97,302
86,658
83,481
40,853
38,588
126
139
150
2,030
2.851
120
1,482
1,571
75
225
622
101
4,379
14,202
46
72
8,159
1.820
5,480
4,309
1,908
26
210
169
113
2.254
2,403
147
1.460
989
76
300
535
105
4,479
13,574
52
82
7,014
1,671
5,107
3,108
2,151
40
90
125
82
1,736
1,607
196
1,261
915
a
80
342
37
4,369
12,693
32
55
7,208
1,872
5,047
3,346
1,945
23
3,319
241
155
1,105
1,930
811
1.438
687
310
711
171
290
2,607
7,136
19
120
3,161
1,506
2,075
3,577
1,834
31
Total
Total
Central Western DistrictAtch. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
Chicago & IllinoisMidland....
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Ft. Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria dv Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton dr Southern
Burlington-Rock Island
Ft. Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas- Litchfield & Madison
Midland Valley
Missouri & North Arkansas- _ - _
Missouri-Kansas-Texas Lines..
MissouriPacific
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..-
3,380
241
88
988
1,349
686
1,162
565
198
670
159.
279
2,408
6,729
44
83
3,068
1.251
1,678
3.082
2,583
33
31.310
25,420
29,858
33,741
38,710
Total
49.893
46,037
43,061
33,234
30,722
a Not available. Is Pennsylvania-Reading Seashore Lines include the new Consolidated !incept the West Jersey & Seashore RR.,formerly part of Pennsylvania
RR., and Atlantic City RR., formerly part of Reading Co.
Total
Financial Chronicle
830
Net Operating Income of Class I Railroads $225,803,916
During First Six Months of Year-Compares with
$154,728,928 During First Half of 1933.
Class I railroads of the United States for the first six
months of 1934 had a net railway operating income of $225,803,916, which was at the annual rate of return of 2.09%
on their property investment, according to reports just filed
by the carriers with the Bureau of Railway Economics and
made public Aug. 6. In the first six months of 1933 their
net railway operating income was $154,728,928, or 1.42% on
their property investment. As made public by the Bureau,
the reports also revealed:
Property investment is the value of road and equipment as shown by
the books of the railways, including materials, supplies and cash. The net
railway operating income is what is left after the payment of operating
expenses, taxes and equipment rentals but before interest and other fixed
charges are paid.
This compilation as to earnings for the first six months of 1934 is based
on reports from 148 Class I railroads representing a total of 239,350 miles.
Gross operating revenues for the first six months of 1934 totaled 21.629.897,100 compared with $1.415.322,703 for the same period in 1933, an
Increase of 15.2%. Operating expenses for the first six months of 1934
amounted to $1,212,287,063 compared with 21,069,051,006 for the same
period in 1933, an increase of 13.4%.
Class I railroads in the first six months of 1934 paid $127,814,868 in
taxes compared with $131,778,039 for the same period in 1933. a decrease
of 3.0%. For the month of June alone, the tax bill of the Class I railroads
amounted to $21,367,887. a decrease of 21,365,595 under June 1933.
Thirty-three Class I railroads failed to earn expenses and taxes in the
first six months of 1934, of which eight were in the Eastern, six in the
Southern and 19 in the Western District,
Class I railroads for the month of June alone had a net railway operating
Income of $41.836,301 which, for that month, was at the annual rate of
return of 1.99% on their property investment. In June 1933 their net
railway operating income was $59,831,293, or 2.83% •
Gross operating revenues for the month of June amounted to $282,779,492
compared with $278,329,369 in June 1933, an increase of 1.6%. Operating
expenses in June totaled $208.313.248 compared with $185.342,623 in the
same month in 1933. an increase of 12.4%.
Eastern District.
Class I railroads in the Eastern District for the first six months in 1934
had a net railway operating income of 8147.727,468 which was at the
annual rate of return of 2.69% on their property investment. For the
same period in 1933, their net railway operating income was $107,107,564,
or 1.94% on their property investment. Gross operating revenues of the
Class I railroads in the Eastern District for the first six months of 1934
totaled $856,251,110, an increase of 18.3% above the corresponding period
In 1933, while operating expenses totaled $612.127.392, an Increase of
16.9% above the same period in 1933.
Class I railroads in the Eastern District for the month of June had a
net railway operating income of $26,067,189 compared with 233,324,022
In June 1933.
Southern District.
Class I railroads in the Southern District for the first six months of
1934 had a net railway operating income of 831.784.478 which was at the
annual rate of return of 2% on their property investment. For the same
period in 1933, their net railway operating income amounted to $26,048,280
which was at the annual rate of return of 1.61% on their property investment. Gross operating revenues of the Class I railroads in the Southern
District for the first six months in 1934 amounted to $211,498,686, an
increase of 11.1% above the same period in 1933, while operating expenses
totaled $157,722.607, an increase of 10.8%.
Class I railroads in the Southern District for the month of June had a
net railway operating income of 22.670.301 compared with $6,651.980 in
June 1933.
Western District.
Class I railroads in the Western District for the first six months in 1934
had a net railway operating income of $46,291,970 which was at the annual
rate of return of 1.24% on their property investment. For the same six
months in 1933 the railroads in that District had a net railway operating
Income of $21,573.084 which was at the annual rate of return of 0.57%
on their property investment. Gross operating revenues of the Class I
railroads in the Western District for the first six months' period in 1934
amounted to 8562,147.304, an increase of 12.1% above the same period
In 1933, while operating expenses totaled 8442.437.064, an increase of
9.8% compared with the same period in 1933.
For the month of June alone, the Class I railroads in the Western District
reported a net railway operating income of $13,098,811. The same roads
In June 1933 had a net railway operating income of $19.855,291.
CLASS I RAILROADS-UNITED STATES.
1934,
1933.
MonIlz of JuneTotal operating revenues
$282.779,492 $278,329,369
Total operating expenses
208,313,248
185,342,623
Taxes
21,367.887
22,733,482
Net railway operating income
41,836.301
59,831.293
Operating ratio-per cent
73.67
66.59
Rate of return on property investment_
2.83%
1.99%
Six Months Ended June 30Total operating revenues
$1,629,897,100$1,415,322,703
Total operating expenses
1,212,287,063 1,069,051,006
Taxes
127,814,868
131,778,039
Net railway operating income
225,803,916
154.728.928
Operating ratio-per cent
74.38
Rate of return on property investment_ _
1.42%
2.09%
Per Cent
Inc.(+)or
Dec.(-).
+1.6
+12.4
-6.0
-30.1
- __ _
__
+15.2
+13.4
--3.0
+45.9
__ -.753
----
Moody's Daily Index of Staple Commodity Prices
Reaches New Highs In Over Three Years.
Primary commodity markets accelerated their advance of
the previous week, as continued drought shot agricultural prices forward under the influence of the prolonged
drought, while other commodities responded less forcibly to
inflation agitation and other factors. Moody's Daily Index
of Staple Commodity Prices has reached the highest levels
Aug. 11 1934
in more than three years and closed the week at an advance
of 6.5 points to 151.1.
Wool tops were the only staple to decline during the week,
while steel scrap, copper, and lead were unchanged. The
eleven remaining commodities scored sharp advances, the
most important being in wheat,cotton,corn and hogs. Rubber, hides, coffee, cocoa, silk and silver followed in that
order of importance.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
Aug. 3
Sat.,
Aug. 4
Mon., Aug. 6
Tues., Aug. 7
Wed., Aug. 8
Thurs., Aug. 9
Fri.,
Aug. 10
2 Weeks Ago, July 27
141.5
Month Ago, July 10__ _____ 139.3
Year Ago,
Aug. 10 1933 -135.9
148.9
1933 High,
July 18
78.7
Low,
Feb. 4
151.3
Aug. 9
1934 High,
126.0
Low,
Jan, 2
144.6
not compiled
147.0
147.1
149.5
151.3
151.1
Weekly Electric Production Declines, Though Gain
Over Same Period in 1933 Is Continued.
The Edison Electric Institute reports that the production
of electricity by the electric light and power industry of the
United States for the week ended Aug. 4 was 1,657,638,000
kwh. This was a gain of 0.5% over the corresponding week
in 1933, when the output totaled 1,650,013,000 kwh. It
was, however, a decrease from the total produced the
previous week. The output for the week ended July 28 1934
totaled 1,683,542,000 kwh., an increase of 1.3% over the
1,661,504,000 kwh. produced during the week ended July 29
1933.
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
Aug. 4 1934. July 28 1934. July 21 1934, July 14 1934.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
x8.6
1.0
52.6
1.7
8.2
9.7
51.5
57.1
1.7
0.2
4.0
4.6
8.7
53.0
59.0
3.0
50.1
1.2
5.1
4.8
52.0
59.8
2.7
51.0
54.2
10.5
0.7
0.2
Tntni Tinitarl States
0.5
1.3
05
zfl 0
Decrease from 1933.
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
(In Kliowatt-hours-000 Omitted.)
1932.
1933.
1934.
1931.
%Int.
1934
Over
1933.
Week ofWeek ofWeek ofWeek ofMay 5 1,632,766 May 6 1,435,707 May 7 1,429,032 May 9 1,637,296 t13.7
May 12 1,643,433 May 13 1,468,035 May 14 1,436,928 May 16 1,654,303 11.9
May 19 1,649,770 May 20 1,483,090 May 21 1.435,731 May 23 1,644,783 11.2
May 26 1.654,903 May 27 1,493,923 May 28 1,425,151 May 30 1,601.833 +10.8
June 2 1,575,828 June 3 1,461.488 June 4 1,381.452 June 6 1,593,662 +7.8
June 9 1,654,916 June 10 1,541.713 June 11 1,435,471 June 13 1,621,451 +7.3
June 16 1,665.353 June 17 1.578,101 June 18 1,441,532 June 20 1,609,931 +5.5
June 23 1,674,566 June 24 1.598,136 June 25 1,440,541 June 27 1,634.935 +4.8
June 30 1.688.211 July 1 1,655,843 July 2 1,456,961 July 4 1,607,238 +2.0
July 7 1,555.844 July 8 1,538,500 July 9 1,341,730 July 11 1,603,713 +1.1
July 14 1,647,680 July 15 1,648,339 July 16 1.415,704 July 18 1,644,638 -0.0
July 21 1.663,771 July 22 1,654,424 July 23 1,433.993 July 25 1,650,545 +0.6
July 28 1.683,542 July 29 1,661,504 July 30 1,440,386 Aug. 1 1,644,089 +1.3
Aug.4 1 RS7 638 Aug. 5 1.650.013 Aug. 6 1.426.986 Aug. 8 1.642.858 +0.5
DATA FOR RECENT MONTHS.
Menthol-
1934.
1933.
January
7,131,158,000 6,480,897,000
February ___ 6.608,356,000 5,835.263,000
7,198,232,000 6,182,281,000
March
6,978,419,000 6,024.855,000
April
7,249.732,000 6,532,686,000
May
7,056,116,000 6,809.440,000
June
7,058,600,000
July
7,218,678.000
August
September__6,931,652.000
7,094,412,000
October
November..6.831.573,000
7.009.164,000
December
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
6,310,667,000
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
7,166,088,000
7,099,421,000
7,331,380.000
6.971,644,000
7,288,025,000
1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
11.0%
3.6%
------
80.009.501.000 77.442.112.000 86.063.989.000
Total
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
United States Department of Labor Reports Drop of
0.5 of 1% in Wholesale Commodity Prices During
Week of July 28.
Wholesale commodity prices showed a reaction during
the week of July 28 and declined by 0.5 of 1%, according
to an announcement made Aug. 2 by Commissioner Lubin
of the Bureau of Labor Statistics of the United States
Department of Labor. In issuing the announcement,
Mr. Lubin said that "the Bureau's index number of all
commodities for the week ended July 28, was 74.7% of the
1926 average as compared with 75.1% for the week ended
July 21." He continued:
The present decrease places the general average of wholesale commodity
prices at the level of four weeks ago and 0.3 of 1% over the average of
two weeks ago. Current prices are 7.9% above the level for the corresponding week of last year, when the index was 69.2. As compared with two
831
Financial Chronicle
Volume 139
Years ago, when the index was 64.7, prices for the present week are up
by 15%%. The general average is now 5.2% above the low point of 1934.
the week of Jan. 6, when the index was 71.0 and more than 25% higher
than the low point in March 1933, when the index was 59.6.
Of the 10 major groups of commodities covered by the Bureau,six showed
a decrease, one, the miscellaenous group, an increase, and three, chemicals
and drugs, housefurnishing goods, and fuel and lighting materials,remained
unchanged from the week before. The index of all commodities other
than farm products and foods group decreased 0.1 of 1%.
Decreases in market prices of oats, rye, wheat, cattle, hogs,live poultry,
cotton, flaxseed, white potatoes, hides, skins, leather, lumber, turpentine,
linseed oil, gravel, sand, cheese, prunes, fresh pork, dressed poultry,
lard, cottonseed oil, cotton yarns, raw silk, woolen yarns, steel sheets,
bar silver, cylinder oil, tankage and gasoline were largely responsible for the
Past week's decline. These decreases more than offset the advances that
occurred in barley, corn, eggs, lemons, hay, prepared roofing, butter, rye
and wheat flour, coffee, raw sugar, edible tallow, tire fabrics, raw jute,
pig lead, pig tin, cattle feed, crude rubber, anthracite and natural gasoline.
From Mr. Lubin's announcement we also take the
following:
Following a steady advance of three weeks, farm products registered
the greatest decline of any of the major groups of commodities. The
decrease for the week was 2.4%. a decline which equaled the advance of
the preceding week. The index for the group, 64.5, reverted to the level
of the week of July 14. It is 8.2% higher than the corresponding week
of a year ago and more than 33% above two years ago, when the indexes were
59.6 and 48.4, respectively. Within the farm products group livestock
and poultry prices fell nearly 6%% from the level of the previous week.
Cotton declined 33 % and white potatoes dropped by approximately 934%.
Eggs, on the other hand, showed a rise of 2% during the week.
Declining prices of hides and skins and leather were largely responsible
for the 1% lower average for the hides and leather products group. The
present index, 86.1, is the lowest reached this year. All sub-groups within
the group are also at the lowest levels of the year. Building materias
registered an 0.8 of 1% decline due mainly to a 2% decrease in lumber
and lower prices for certain paint materials, sand, gravel and other building
supplies. Brick and tile and cement remained unchanged from the week
previous.
Lower prices for meats, which declined on the average nearly 23%.
more than offset advancing prices in butter, coffee, eggs and raw sugar
and caused the general average of the food group to decline 0.6 of 1%.
Present prices are 7% above a year ago and 15% over two years ago. The
0.3 of 1% decline in the textile products group was largely attributable to
low prices for cotton yarns, woolen yarns and raw silk. Average prices for
silk dropped by 3%. The metals and metal prodcts group showed a
fractional decline during the week.
Higher prices for cattle feed and crude rubber were largely responsible
for the minor advance of the miscellaneous commodity group. Minor
fluctuations within the groups caused no change in the general average for
fuel and lighting materials, housefurnishing goods, and the chemicals
and drugs groups of commodities.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according te their relative importance in the
country's markets and based on the average prices for the year 1926 as
100.0. The accompanying statement shows the index numbers of the
main groups of commodities for the past five weeks, and for the weeks
ended July 29 1933 and July 30 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JULY 28.
JULY 21, JULY 14. JULY 7 AND JUNE 30 1934 AND JULY 29 1933, AND
JULY 30 1932. (1926=100.0).
Week EndedJuly 28 July 21 July 14 JuIv 7 June 30 July 29 .hdy 30
1934. 1934. 1934. 1934. 1934. 1933. 1932.
Farm products
Foods
Hides & leather products_
Textile products
Fuel sic lighting materials_
Metals & metal prodtes_
Building materials
Chemicals and drugs--Housefurnishing goods
Miscellaneous
All commodities other
than farm products and
foods
All commodities
64.5
70.8
86.1
71.4
74.7
86.3
86.7
75.6
83.0
70.1
66.1
71.2
87.0
71.6
74.7
86.4
87.4
75.6
83.0
70.0
64.5
70.8
87.6
71.4
73.8
86.4
86.9
75.5
83.1
69.9
64.1
71.0
87.9
71.5
74.2
86.9
87.5
75.7
83.1
69.9
64.8
70.9
88.2
71.8
73.3
87.0
87.8
75.8
83.2
70.1
59.6
66.1
88.3
68.4
67.0
80.8
80.1
73.4
74.6
65.1
48.4
61.5
69.3
51.4
72.8
79.1
69.5
73.2
75.0
64.5
78.5
78.6
78.3
78.6
78.5
73.2
69.7
74.7
75.1
74.5
74.7
74.8
69.2
64.7
Sales and Collections Indicated in July
Survey of National Association of Credit Men.
Although the usual summer slump in sales and collections
is evident in the survey of July conditions throughout the
Nation by the National Association of Credit Men, there
are no indications that these recessions are more than temporary, says the Association, which on Aug. 6 also had the
following to say regarding conditions:
Slowing Up in
Based on reports from correspondents in 100 commercial markets located
throughout the country, the monthly sales-collection survey of the Asso'elation reveals that despite the slump, conditions are better than in the
summer of 1932 when the possibility of pre-election hesitancy on the part
of business was also present,
Of the cities reporting in the current survey,69% find collections "fair"
and 14% find them "good." Sales are noted as "fair" in 71% of the reports
and as "good" in 14%. Cities reporting "good" collections and "good"
sales follow:
"Good" collections -Los Angeles, San Diego, Cnicago, Quincy. Duluth,
St. Joseph, Columbus, Dayton, Chattanooga, Memphis, Houston, Lynchburg, Bluefield.
"Good" sales.-Los Angeles, San Diego, Phoenix, Quincy, Duluth,
Tampa, Columbus, Dayton, Chattanooga, Harrisburg, Lynchburg and
Bluefield.
Conunents from correspondence reveal that "Colorado is affected some
by drought in the sugar-beet area. Florida. while in the slump of the
season, reports conditions much better than last year and looks hopefully
to a good fall and winter. Massachusetts is looking to gains in business
this fall. Michigan has been influenced by seasonal let up in motor industry. Minneapolis and St. Paul are considerably encouraged because
ofsome good rains with prospects for improved fall trade. Duluth indicates
improvement during first part of July. Newark notes considerable improvement in business over last year in spite ofslump. Fort Worth reports
crop prospects are spotty."
Electric Sales to Ultimate Consumers in June Exceeded
Corresponding Period in 1933 by 5.0%-Revenue
Up 2.8%.
The following statistics, covering 100% of the electric
light and power industry, were released on Aug. 7 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS.
Month of June.
x Kilowatt-hours Generated (Net)By fuel
By water power
P. C.
Change.
1933.
1934.
4,494,132,000 3,948,024,000 +13.8
2,441,973,000 2,741,138.000 -10.9
6,936.105,000 6.689.162,000
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
Total
Deductions from SUPPIYEnergy used in electric railway depts
Energy used in electric and other depts._
224,760,000 -14.4
44,156,000 +90.1
276,335,000
268,916,000
47,546,000
108,778,000
+2.8
50,036,000 -5.0
98,602,000 +10.3
Total
Total energy for distribution
Energy lost in transmisstion, distribution,&a
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kwh.)Domestic service
Commercial-Smalllight and power (retail)_
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipa land miscellaneous
148.638,000
156,324,000
7,056,116.000 6.809,440,000
1,173,922,000 1,206,025,000
5,882,194,000 5.603,415.000
Total sales to ultimate consumers
,
r.,..1 ,,..,....,,,. frnm Illtirnata ennaumPrs
5,882,194,000 5.603,415,000
1147.337.000 1143.367.600
_
+3.7
192,382,000
83,953,000
+5.2
+3.6
-2.7
+5.0
888,701,000 +9.5
972,929,000
997,258,000 +5.2
1,049,281,000
3,273,239,000 3,159,186,000 +3.6
142,890.000 +0.7
143,849,000
304,485,000 +11.0
337,942.000
54.374.000 +0.9
54,847,000
56,521,000 -11.3
50,107,000
+5.0
+2.8
Six Months Ended June 30.
Kilowatt-hours GeneratedBy fuel
By water power
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
Total
Deductions from SupplyEnergy used 10 electric railway depts
Energy used in electric and other depts-
P. C.
Change.
1933.
1934.
25,492,912,000 20.855,064,000 +22.2
16,104,523,000 16.795,400.000 -4.1
41,597,435,000 37,650.464,000 +10.5
1,226,169,000
432,545,000
985.307,000 +24.4
193,394,000 +123.7
1,658.714,000 1,178,701,000 +40.7
348,670,000
685,466,000
356,829,000 -2.3
606,914,000 +12.9
963,743,000
1,034,136,000
Total
42,222,013,000 37,865,422,000
Total energy for distribution
Energy lost in transmission, distribution, &c 7,108,150,000 6.760.150.000
Kilowatt-hours sold to ultimate consumers 35,113,863,000 31,105,272,000
Sales to Ultimate Consumers (Kich.)6,387,262,000 6,059,240,000
Domestic service (all uses)
6,437,282,000 6,098.697,000
Commercial-Small 115114 and Power
18,236,187,000 15,165,851,000
Large light and power
1,103,644.000 1,129.986,000
Municipal street lighting
2,239,975,000 2,007,042,000
Railroads-Street and interurban
314,859,000
360,448,000
Electrified steam
329,597,000
349,065,000
Municipal and miscellaneous
Total sales to ultimate consumers
Ravarilm Mtn,.0.mo*. nnraentnant
+7.3
+11.5
+5.1
+12.9
+5.4
+5.6
+20.2
-2.3
+11.6
+14.5
+5.9
35,113,863,000 31,105,272,000 +12.9
sou 786 700 5879 576 700 +3.7
TwePe Months Ended June 30.
a Kilowatt-hours Generated (Net)By fuel
By water power
P. C.
Change.
1933.
1934.
52,064,368,000 44,413,170,000 +17.2
30,900,269,000 31,280,359,000 -1.2
82,964,637,000 75,693.529,000 +9.6
Total kilowatt-hours generated
3,374,271,000 2.654,485,000 +27.1
Purchased energy (net)
1,972,816,000 1,961,924,000 +0.6
Energy used in electric ry. & other deps
84,366.092,000 76.386,090,000 +10.4
Total energy for distribution
Energy lost in transmission, distribution, &c 14,603,893,000 13,934,118,000 +4.8
Kilowatt-hours sold to ultimate consumers 69,762,199,000 62,451,972,000 +11.7
11,805,625,500 11,772,767,900 +1.9
Total revenue from ultimate consumers
Important Factors41.3%
____
37.2%
Per cent of energy generated by water power_
1.46
1.45
Average pounds of coal per kilowatt-hour_
Domestic Serrice (Residential Use)Average annual consumption per customer
614
598 +2.7
(kwh.)
5.39
5.56 -3.1
Average revenue per kilowatt-hour (cents)- A vorovam............i...... Anrnae.in nilatnynew
59 7,1
52 77
--01
Basic Information as of June 30.
1934.
1933.
23,927,400
9.006,500
470,400
24,026,200
8.977,200
461,500
33,404,300
Total generating capacity in kilowatts
Number of Customers(512,329)
Farms in eastern area (included with domestic)
Farms in western area (included with commercial, large)_ (209,407)
Domestic service
20,252,244
Commercial-Small light and power
3,710,149
Large light and power
527,432
All other ultimate consumers
66,405
33,464,900
Generating capacity (kw.)-Steam
Water power
Internal combustion
(502,201)
(203,926)
19,706.381
3,656,527
523,956
64,362
Total ultimate consumers
24.558,230 23,951,226
x As reported by the U. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
Indexes of Business Activity of Federal Reserve Bank
of New York.
"For the first half of July," states the Federal Reserve
Bank of New York, "there was some indication that general
business activity showed a slight recession. Owing in part
to a marked falling off in steel shipments," the Bank continued, "a decline occurred in the volume of merchandise
and miscellaneous railroad freight, which had previously
832
Financial Chronicle
remained quite stable apart from seasonal fluctuations for a
number of months." In presenting its monthly indexes
of business activity in its "Monthly Review" of Aug. 1 the
Bank further said:
As a result, this Bank's adjusted index of these two classifications of
freight traffic receded to the lowest level since last December. The movement of bulk commodities by rail showed no advance from the June level
although the beginning of harvesting operations is usually reflected in some
increase in this type of freight traffic in July. No definite reports on the
volume of retail trade for the country as a whole are as yet available. In
the New York Metropolitan area, sales of department stores showed a
smaller than seasonal decline for the first half of the month, but labor
disturbances on the Pacific Coast and intense heat in much of the farming
region undoubtedly tended to restrict business in these sections. Retail
sales of automobiles, however, were reported to have held up in comparatively large volume for this time of year.
Divergent movements were shown during June by the various business
indexes computed by this Bank. but the level of business activity appears
to have remained about the same as in the previous month. Among the
principal measures of activity, the largest increase occurred in retail sales
of passenger automobiles. Although automobile buying usually reaches a
seasonal peak in May,and falls off rather sharply thereafter. June sales this
year were fully maintained at the previous month's level owing chiefly to
Price reductions announced early in the month by most of the principal
manufacturers. As the accompanying diagram shows [this we omit—Ed]
the volume of sales in June, after seasonal adjustment, was the highest in
three years and was more than double the extremely low volume of March
1933. Increases occurred also in the volume of check payments and in
sales of chain stores other than grocery chains. Railroad freight traffic
obntinued at the level of the previous two months. Declines were reported.
however, in sales of department stores and mail order houses, and business
failures were more numerous than in the previous month.
(Adjusted for seasonal variations, for usual year to year growth, and where necessary
for price changes.)
1933.
June
Primary Distribution-Car loadings, merchandise and miscellaneous_ _ _ _
58
Car loadings, other
55
Exports
47
Imports
64
Waterways traffic
55
Wholesale trade
100
Distribution to Consumer—
Department store sales, United States
76
Department store sales, Second District
79
Chain grocery sales
79r
Other chain store sales
75
Mail order house sales
71r
Advertising
54r
Gasoline consumption
81
Passenger automobile registrations
45
General Business Aaisity—
Bank debits. outside New York City
62
Bank debits. New York City
58
Velocity of demand deposits, outside N. Y.City_
78
Velocity of demand deposits, New York City_ _
82
Shares sold on New York Stock Exchange
310
Life insurance paid for
67
Employment in the United States
68r
Business failures
77
Buildings contracts
19
New corporations formed in New York State__
85
Real estate transfers
47
General price level.'
128
Composite index of wages'
173
Cost of livings
128
p Preliminary. r Revised.
1913 average=100.
1934.
April.
1934.
May.
1934.
June.
60
60
59
58
70
88
80
60
51p
82p
87
94
60
61
58p
63p
72
73
68r
73r
71r
61r
68
51p
75
74
68r
76r
72r
63r
74
48p
72
69
88r
78r
87r
80r
66
56
77
63
64
74r
83r
48
22
60
47
137
184
136r
62
47r
72
51
54
72r
84r
42
23
57
64
47
73
53
41
69
82'
47
20
__
1311
183
136r
laip
18312
136
33
iip
Aug. 11 1934
showed a decline from $28,767,000 during the first six months of 1933 to
$13,984,1,00 in the first half of this year.
Business Conditions in Philadelphia Federal Reserve
District—Trade and Industry Less Active in June
With Further Recessions Reported in July.
"Trade and industrial activity in the Third (Philadelphia)
District slackened somewhat during June, and in July further
recessions have been reported by most branches of business,"
states the Aug. 1 "Business Review" of the Federal Reserve
Bank of Philadelphia. The "Review" said that "industrial
production, as measured by the output of manufactures, coal
and crude oil, declined fractionally from May to June, and it
was but slightly greater than a year ago when manufacturing
operations were expanding at an unusually rapid rate in the
face of rising prices and costs." The following, in part, is
also from the "Review":
The volume ofindustrial outputin the first halfofthis year was about 16%
larger than in the same period last year. The total value of building contracts awarded increased in the month,owing solely to commercial buildings
and public works and utilities, the gain thus far this year has been large.
reflecting mainly a greater volume of public construction and sharp advances
in prices of building materials in the past year.
Retail and wholesale trade sales declined from May to June by a somewhat
larger amount than usual, but they were larger in the first six months this
year than last, owing partly to higher prices. Sales of new passenger
automobiles showed exceptional gains while those of life insurance rather
unusual losses during the month, but business in both continued larger than
last year. Freight car loadings in this section were well maintained, with
the exception of coal shipments.
Ueneral employment and earnings in 12 branches of industry and trade
about the middle of June showed only small declines as compared with May.
according to reports from 8,294 Pennsylvania establishments employing
nearly 747,000 workers, whose weekly payroll totaled about $16,342,000.
Preliminary reports indicate that employment and wage payments of the
manufacturing industry in July have decreased further.
Illanufacturins.
The market for manufactured Products has slackened considerably
since the middle of last month, current demand being unusually quiet.
Prices show a slight weakness, although in most cases they have continued
at about the same level as in the previous month.
The volume of unfilled orders in July has fallen off materially and in
general appears to be smaller than a year ago. Stocks of finished goods
and raw materials at reporting plants have shown relatively unimportant
changes during the past month and remain smaller than at this time last
Year. Collections have declined and are smaller man a year ago, although
numerous reports indicate increases. . .
Manufacturing production on the whole has changed little from May to
June, but in July reports of curtailment have been quite numerous. Our
June index of factory productive activity, which takes into account the
number of working days and the usual seasonal variation as found in 47
important industries, was 70% of the 1923-25 average or the same as in
the previous two months and in June 1933. The volume of goods produced
in these industries thus far this year, however, appears to have beer. 14%
larger than in the same period last year.
Decrease Reported by Boston Federal Reserve Bank in
Industrial Activity From May to June.
"Industrial activity in the First (Boston) District during
June was lower than in the preceding month," according
to the Federal Resreve Bank of Boston. "This decrease,"
the Bank says, "was generally distributed throughout all
branches of industry for which production data are available."
The Bank, in its "Monthly Review" of Aug. 1, continued:
Moderate Recessions Noted in Industry and Commerce
During June and First Half of July in St. Louis
Federal Reserve District—Decreases Due to Seasonal Influences and Prolonged Hot Spell.
"Due chiefly to seasonal influences, which were accentuated by the prolonged spell of extremely high temperatures,"
states the Federal Reserve Bank of St. Louis in its "Monthly
Review" of July 31, "moderately recessionary trends developed in Eighth (St. Louis) District industry and commerce during the past 30 days as contrasted with the high
rate of activities earlier in the year." In its review the Bank
also said in part:
During the first four months of the current year industrial activity in
New England was increasing. In May, however, production in the principal industries began to indicate, after seasonal adjustment, a declining
tendency. Although for the first half of 1934, as compared with the first
six months of last year, industrial output in this District averaged considerably better, the present rate of activity is not equal to that for June
1933, and reflects a more marked seasonal reaction.
The daily average consumption of raw cotton by New England mills
amounted to 2,551 bales in June, as compared with 3,696 bales in May. and
4,690 bales in June last year. For the first six months of 1934 the daily
average consumption was 3,704 bales, as compared with 3,329 in the corresponding period a year ago, an increase of 11.7%. While the volume
of raw cotton consumption decreased sharply between April and June, the
volume of raw wool consumed has been declining steadily since February.
Daily average raw wool consumption in June was 465,000 pounds, grease
equivalent, compared with 1,277,000 pounds in June 1933. In the first
half of the current year, the daily average volume of raw wool consumption
amounted to 659,000 pounds, grease, or 28.2% less than in the same period
a year ago.
The number of pairs of shoes produced in this District during the first
five months of 1934 amounted to 54,455,000. compared with 49.706.000
pairs in January-May 1933.
The total value of new construction contracts in New England during
June was 14.2% above that for May.and 71% greater than in June last year.
On a daily average basis, the principal classes of construction showed a gain
of almost four-fold in the value of new public works and utilities construction, while non-residential buidling was more than twice tne amount
undertaken in June a year ago. Residential building snowed a decrease in
daily average value from $167,000 in June 1933, to $103.000 in the same
month this year.
The Massachusetts Department of Labor and Industries reported that
the number employed declined from 243,794 in May to 229,717 in June, a
reduction of 5.8%. A greater decrease, amounting to 7.6%, was noted in
the weekly payrolls, resulting in a decline of 2% in the average weekly
earnings between May and June.
The number of commercial failures in the first half of 1934 was 630, as
compared with 1,295 in the same perold last year. The amount of liabilities
For the first time in a number of months there were decreases in certain
lines during June and the first half of July under the corresponding period
a year earlier, but it will be recalled that there was a sharp upturn in business
as a whole at this particular time in 1933. On the other hand in a number
of important lines in which decreases ordinarily take place from May to
June, the condition was reversed this year with the recording of fair to
good gains in the comparison. Of the wholesaling and jobbing lines investigated by this Bank these showing decreases under a year ago were
boots and shoes, clothing, dry goods, furniture and hardware, while gains
were reported in drugs and chemicals, electrical supplies, groceries and
men's hats. Sales of automobiles in June, according to reporting dealers.
were slightly greater than in May,and substantially larger than in June 1933!
...
While tending to restrict business in many lines, the not weather had a
distinctly stimulating effect on the movement of seasonal merchandise,
notably apparel, electrical supplies, beverages, &c. Manufacturers and
wholesalers reported a substantial volume of reordering of goods in this
category. Taken as a whole, according to reporting firms, ordering of
merchandise for future delivery is in smaller volume than at the corresponding period a year ago. There is a greater dispostion to work off present
inventories and to await developments than has been the case in recent
months. This attitude is ascriable in a measure to the drouth and uncertainty relative to crop production and prices.
Crop conditions in this District underwent no marked changes during
the past 30 days. There was a slight reduction in winter wheat prospects.
but the estimated yield as of July 1 was still above that of a year ago. The
outlook for the corn crop is spotted, but on the whole favorable, with average
to better yields indicated in many important growing sections. Cotton
has made good progress, and mid-July prospects for tobacco were more
favorable than thought possible earlier in the season. Hay production
will be the lowest in recent years, and the condition of pastures is the lowest
on record at this time of year. This deficiency, however, is expected to be
largely overcome by extensive plantings of emergency forage crops. As was
the case earlier in the season, relatively the most favorable prospects for
agriculture as a whole are in the southern stretches of the District.
As relected in sales of department storm in the principal cities, volume
of retail trade in June was 9.9% greater than for the same month in 1933.
Volume 139
Financial Chronicle
and 17.1% below the May total this year: cumulative total for the first
half of 1934 was 23.2% in excess of that for the comparable period a year
ago. Combined June sales of all wholesaling and jobbing firms reporting
to this Bank were 23% and 13% smaller, respectively, that a month and a
year earlier, and cumulative total for the first six months was 23% larger
than for the same time in 1933.
National City Bank of New York Finds Indications
That Fall Season Will Develop More Normally
Than Was Case Year Ago.
Noting that "the reports of business activity during the
past month have been of the kind usually expected in midsummer," the National City Bank of New York,in its August
"Monthly Bulletin," points out that "except in years when a
strong forward movement is under way, as in 1933, industry
and trade during July are expected to be sluggish." And,
says the bank, "there was even less reason than usual to
look for a revival this summer, in view of the handicaps imposed upon trade by the drought situation and the labor disturbances." The bank further observes:
In most industries the curtailment begun in May and June has been continued or extended, and the testimony of the wholesale centers is that buyers
are conservative in making fall commitments. This attitude is in great
contrast with the rush that was on a year ago, but it signifies that the fall
season will develop more normally, with production kept in better adjustment to consumption, and from that viewpoint is a more orderly and desirable
state of affairs.
Measured by the composite business indexes, which combine the figures for
the chief industries in proportion to their importance, the decline in industrial production during July has been of more than seasonal magnitude.
This is largely accounted for, however, by special influences affecting steel
mill operations. Steel production was maintained at an unseasonally high
figure during most of June to fill orders placed before the April price
advance, and had a violent drop to under 30% of capacity in July, after
the orders were filled. Steel operations are usually a good measure of
business conditions, and are heavily weighted in the general business indexes,
but in this instance the drop is hardly representative, for the decline In
the consumption of steel, and in the activity of the steel-consuming Indus
tries, has been less severe.
The most encouraging reports come from the automobile industry. Following the price reductions at the beginning of June, sales picked up
promptly and, contrary to the usual seasonal trend, were larger for most
companies in June than in May. It would be unheard of for July, in turn,
to show a gain over June, for the industry as a whole, but for some producers at least the upward trend has continued, and the seasonal curtailment has been moderated accordingly. This is a convincing demonstration, from which all the industries may learn, of the necessity of pricing
goods at levels which consumers can pay. Automobile sales during May,
follcwing the price advance, unquestionably fell below expectations, and
the prompt recovery as soon as the advance was canceled shows where the
trouble lay.
The bank makes the statement that "It is a common misapprehension, cultivated by those who are antagonistic to
the industrial system, that restoration of a normal profit in
industry, prior to some uncertain time when 'trade can
stand it,' would endanger the business equilibrium. On the
contrary," declares the bank, "profit is a necessary factor
if the balance is to be restored." It goes on to say:
It is the inducement to enterprise and the first essential in obtaining
credit; and the encouragement of enterprise and the reopening of the
capital markets, leading to revival in the laggard capital goods industries,
are now the chief requirements to keep the recovery going.
All this leads to but one conclusion, namely, that the lower prices which
trade evidently requires are to be sought by lowering costs. Coat reductions
have been responsible for all the economic gains the world has made. Industrial management has made phenomenal progress in absorbing the cost
increases established by the codes without passing them on fully in prices,
but plainly there are limits to the economies and increases in efficiency that
can be realized within a given time. Cost increases that management cannot
offset must be passed on, and if buyers cannot pay them, as now appears
to be the case, trade and production lag and unemployment results.
Continued Decline in Employment in Ohio During
July Reported by Ohio State University.
"The fractional decline in Ohio employment during June
(revised data) was continued in July, when a greater-thanaverage decline of 3.9% occurred," states the Bureau of Business Research of the Ohio State University in its report of
Industrial employment in Ohio. "The level of employment
in July," the Bureau said, "approximated the March 1934
level, and exceeded July 1933 by 15.1%. For the first seven
months of the year Ohio industrial employment has averaged
32.6% above the corresponding period of 1933." The Bureau
further stated:
With few exceptions, June-to-July declines in employment were rather
general. The decline of 3.8% in manufacturing employment was due to
declines in nine of the 11 groups of industries, with the largest declines
occurring in the metal products and the textile groups of industries. Individual industries recording substantial declines were steel works and rolling
mills, sheet metal works, men's clothing, and foundry products and drop
forgings. Employment in the stoves and furnaces industry, however, recorded a substantial gain. Employment in the construction and non-snanufacturing groups of industries also declined, although the decline in the
latter group was less than average.
Industrial employment in all the major cities except Columbus registered
June•July declines. The declines ranged from 0.8% in Akron to 25.0% in
Youngstown, and amounted to 2.7% in Toledo, 4.2% in Cincinnati, 4.3%
in Dayton, 5.0% in Cleveland, and 10.8% in Canton. In Columbus, the
gain amounted to 5.4%. All the major cities except Youngstown reported
July employment substantially above July 1933.
833
Trend of Business in Hotels According to Horwath &
Horwath-Total Sales During July Below June,
But 21% Higher Than July Year ago.
In their survey of the trend of business in hotels, Horwath
& Horwath report that the percentage of increase in sales
over last year which grew larger each month of this year
until April, has since then become gradually smaller, this
trend continuing in July, as the following shows:
April
May
June
July
Total.
Rooms.
Reslaurant.
Occupang,.
Rate.
+32%
+29%
+25%
+21%
+18%
+15%
+13%
+8%
+60%
+49%
+43%
+29%
+19%
+14%
+15%
+4%
+1%
+1%
+1%
0
The firm further reported:
Sales in Chicago did not equal those of a year ago when they reached an
extraordinary peak on account of the World's Fair. However, although
the total sales dropped below the 1933 level, 46% of the hotels reporting
from that city had higher restaurant sales, and 20%, higher room sales.
In Detroit approximately 85% of all hotels increased their sales over last
July. Washington experienced a slump because of reduced governmental
activity, but the group, "All Others," showed little change and business
continued at a good point. There are indications of much heavier tourist
travel this year, but contributors mention that their hotels are not benefiting as they should from this business. Beverage sales continue to be the
most important factor in the restaurant improvement over last year.
The following comparison of total sales with those of' five years ago1929-shows that decreases are gradually becoming smaller.
TOTAL SALES DECREASES FROM SAME MONTHS IN 1929.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others
Total
Feb.
Mar.
April.
May.
June.
July.
39.3%
43.1
57.5
22.8
50.0
49.1
51.7
42.4
38.8%
45.5
59.6
22.0
48.3
40.9
51.1
45.7
41.2%
32.1
54.0
31.2
39.8
41.7
46.6
40.3
33.7%
30.1
47.4
23.2
38.8
37.3
46.6
43.4
30.8%
12.8
53.1
23.0
34.6
39.4
46.8
44.8
32.1%
17.8
50.7
18.5
32.8
45.6
45.3
39.4
43.7% 45.0% 39.9% 39.0% 35.0% 35.1%.
The following analysis by cities was also issued by Horwath
& Horwath:
TREND OF BUSINESS IN HOTELS IN JULY 1934. COMPARED WITH
JULY 1933.
Sales.
Percentage of Increase 1+)
or Decrease (-)•
Total.
Room
Rate
Perceraage of
Inc. (+)
or
Rooms. Reslaurl. This
Moblh
Month. Lail Year Dec.(-)
Occupancy.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others
+34
-25
+17
+6
+26
+28
+15
+12
+24
+18
-32
+13
-2
+19
+22
+13
+10
+12
+58
-8
+20
+15
+38
+41
+18
+16
+39
52
65
28
51
47
48
49
42
86
25
35
50
41
41
43
45
Total for July
Average to date
+21
+24
+9
+12
+31
+42
52
55
48
49
1
-10
-1
+2
-2
+1
+1
+2
Changes in Cost of Living December 1933 to June 1934Increase of 1% Noted in Index of United States
Department of Labor for Period.
The general index of cost of living for families of wage
earners and lower salaried workers showed an increase of
1% during the six months'period ending June 1934,according
to the semi-annual survey of the Bureau of Labor Statistics
of the United States Department of Labor. The index,
based on the average of the year 1913 as 100.0 was 136.4 as
compared with 135.0 for December 1933. The survey made
by the Bureau covers 32 cities widely scattered throughout
the United States. As issued under date of July 10, the
survey said:
For the United States as a whole three of the six major groups of item
included in the family budget showed an increase, two showed a decrease
and one no change. Food increased 2.7%, clothing 2.1% and house-furhishing goods 1.8% between December 1933 and June 1934. Rent showed a
decrease of 1.7% while fuel and light fell 2.1%. For the miscellaneous group
of items, which include medical and dental services, drugs, hospital rates.
laundry, transportation, tobacco, &c., no change was reported for the
total. Comparing June 1934 with June of a year ago all of the 32 cities
showed increases with a rise of 6.3% in the general index.
In the 28 cities where cost of living increased the greatest rise occurred
in Detroit, Mich., which reported an increase of 2.7%. Pittsburgh, Pa.,
showed the second largest gain by increasing 2.1%. Washington, D. C..
and Cleveland, Ohio, showed an advance of 1.9 and 1.7% respectively.
Portland, Me., with a rise of only 0.1%, showed the smallest increase for
any of the 28 cities. Only four of the cities showed a decrease in cost of
living. Chicago and New Orleans each showed a decline of 0.2% and
Mobile showed a decrease of 0.3%. The largest decrease in cost of living,
0.5%. was reported for Los Angeles.
During the six months' period rents declined in all but one of the 32 cities
covered. The decreases ranged from 0.1% in Birmingham, Ala.. to 3.4%
in Pittsburgh, Pa., Detroit, Mich.,Showed an increase of 2.8%•
Clothing showed an advance in all cities. The smallest increase reported
was 0.8% in Buffalo. The largest was shown for Jacksonville where an
increase of 3.8% was shown. The average advance for the 32 cities covered
was 2.1%.
Food costs showed advances in all but three of the cities. The largest
increase was shown for Detroit, Mich., where a rise of 7.0% was reported.
Savannah, Ga., and Scranton. Pa., each reported an increase of 0.4%, the
smallest increase shown in any of the cities. Jacksonville. Fla., showed a
decrease of 0.7%. New Orleans declined 1.1%, and Los Angeles decreased
3.1%.
834
Financial Chronicle
Atlanta
Baltimore
Birmingham
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Detroit
Houston
Indianapolis
Jacksonville
Kansas City
Los Angeles
Memphis
Minneapolis
Mobile
New Orleans
New York
Norfolk
Philadelphia
Pittsburgh
Portland, Me
Portland, Ore
Richmond
St. Louis
San Francisco
Savannah
Scranton
Seattle
Washington
TI
TTnifroel Q.cattra
-39.8
-33.3
-41.1
-35.8
-35.3
-40.1
-34.3
-35.6
-38.1
-44.0
-38.4
-37.7
-38.2
-40.2
-35.0
-36.0
-35.2
-37.5
-33.8
-34.6
-35.8
-34.3
-35.4
-34.1
-39.8
-34.4
-36.7
-32.2
-39.4
-32.3
-35.5
-33.4
-22.3
-17.7
-25.6
-18.2
-19.9
-25.4
-20.6
-19.2
-19.5
-25.8
-21.3
-20.6
-19.8
-18.6
-22.3
-19.8
-19.5
-21.1
-20.2
-18.3
-17.2
-19.0
-21.8
-16.9
-19.9
-17.3
-21.8
-17.1
-19.3
-18.8
-19.0
-16.2
+6.6
+6.8
+6.4
+6.3
+5.8
+3.6
+4.5
+5.7
+4.0
+9.3
+6.9
+6.1
+8.3
+3.4
+4.4
+6.5
+5.8
+6.0
+4.9
+5.8
+9.5
+7.8
+6.8
+6.1
+4.5
+7.4
+4.2
+5.8
+6.9
+6.9
+2.6
+8.5
+1.4
+0.8
+0.7
+0.9
+0.9
-0.2
+0.4
+1.7
+1.0
+2.7
+1.2
+1.4
+0.8
+0.8
-0.5
+1.4
+0.5
-0.3
-0.2
+0.8
+1.4
+1.4
+2.1
+0.1
+0.8
+0.9
+0.5
+0.9
+0.5
+0.4
+0.5
+1.9
-27 a
-100
.4.52
.1-1 A
The increase for the United States from 1913 to June 1934 was 36.4%.
TABLE 2.-PERCENT OF CHANGE, DECEMBER 1933 TO JUNE 1934.
Average TJ. S
No change.
+4.1
+2.3
+0.5
+3.1
+3.4
+1.5
+3.0
+4.3
+3.2
+7.0
+3.5
+5.1
+4.7
-3.1
+3.7
+4.3
+0.8
-1.1
+2.5
+1.9
+6.4
+6.8
+1.1
+1.5
+3.4
+1.2
+1.2
+0.4
+0.4
+2.1
+5.1
+2.7
Clothfag.
aaa
Atlanta
Baltimore
Birmingham
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Detroit
Houston
Indianapolis
Jacksonville
Kansas City
Los Angeles
Memphis
Minneapolis
Mobile
New Orleans
New York
Norfolk
Philadelphia
Pittsburgh
Portland, Me
Portland, Ore
Richmond
St. Louis
San Francisco
Savannah
Scranton
Seattle
Washington
Food.
1 ++++++++++++++++++++++++++++++++
City.
+2.1
Rent.
House
FurFuel
AIMand fishing cellanAU
Light. Goods. eous. Items.
-0.9
--1.9
-0.1
-1.9
-1.7
-2.2
-2.2
-2.2
-2.5
+2.8
-0.4
-2.3
-0.7
-2.4
-3.2
-0.6
-2.6
-1.0
-1.9
-2.0
-1.3
7-2.0
-3.4
-2.2
-0.7
-1.2
-2.5
-1.7
-0.9
-2.1
-3.1
-0.5
-3.6
-3.4
-1-0.6
-3.1
-2.2
-5.2
-2.3
+0.2
1
+0.1
-2.2
a
+1.0
+1.4
-0.4
-2.1
-1.6
-5.6
-2.8
-5.0
-3.7
-5.3
-0.5
-3.1
-0.2
-4.3
+7.8
-1.4
-5.9
-5.8
-0.8
-2.7
+4.6
+0.9
+2.0
+0.5
+3.5
+1.4
+2.9
+5.0
+1.7
+3.9
+1.6
+1.8
-0.9
-1.1
+1.1
+3.4
+0.8
+0.5
+1.9
+1.4
+2.1
+2.6
+2.8
+2.5
+1.3
+1.2
+3.0
+0.4
+1.9
+3.4
1
+1.0
-0.7
+0.6
+1.0
+0.3
+0.3
-1.4
-0.9
+0.8
+0.5
-0.7
-0.3
-0.3
+0.7
-LP
-0.1
+0.9
-1.5
-0.9
+0.5
+0.2
+1.6
-0.7
+0.6
-1.0
+0.1
+0.3
-0.6
+0.3
+0.4
+0.6
1
+0.2
+1.4
+0.8
+0.7
+0.9
+0.9
-0.2
+0.4
+1.7
+1.0
+2.7
+1.2
+1.4
+0.8
+0.8
-0.5
+1.4
+0.5
-0.3
-0.2
+0.8
+1.4
+1.4
+2.1
+0.1
+0.8
+0.9
+0.5
+0.9
+0.5
+0.4
+0.5
+1.9
-1.7
-2.1
+1.8
a
+1.0
1-14, 1
-1-14-111-4- 41-411-
potm....mm....00wa.M0.WmCommcm.AMMW4.0.Zil
Decemb er 1914 to June
+10.3 +42.6 +22.1
+4.7 +59.0 +15.0
+10.1 +41.0 +12.8
+8.1 +20.3 -0.1
+3.6 +36.6 -1.1
+8.4 +40.4 -13.9
+4.5 +45.7 -18.4
-5.0 +56.5 -28.0
-7.0 +46.0 -13.4
-3.2 +32.7 -10.3
+11.6 +55.5 +26.4
+3.6 +50.1 +6.1
+12.8 +38.7 +10.5
+8.9 +43.0 +1.5
-5.4 +24.4 -27.7
+6.1 +63.7 -1.2
-9.6 +47.9 -13.5
+0.1 +45.4 -0.1
+13.9 +39.1 +13.7
Decemb 5cr 191 7 to Jun
-33.3 -14.4 -12.0
-37.0 -16.5 -30.9
-31.5 -21.7 +8.9
+3.1
-32.9 -12.8
-31.7 -16.4 -19.2
-33.0 -13.8 -12.6
-35.8 -9.9 -12.7
-27.5 -18.5 -8.6
-35.5 -9.9 +14.1
-29.1 -14.1
+3.5
-32.2 -6.1 -2.5
+2.2
-32.9 -16.4
-27.3 -1.7 +23.8
191310 June 19 34.
+2.3
+8.4 +36.4
Fuel House MisAll
and
Fur- cellanLight. fishing eous. Items.
Goods.
io4..L4b4siaWcabiok'Nobbobioiab.,1 1 1
Rent.
++++,++++,-1-1-_,
Clothing.
m
m
Percent of Change from
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland, Ore
San Francisco
Savannah
Seattle
Washington
Percent of Change front
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton
Percent of Change from
Average U. S
Food.
+66.0 +116.4
+84.5 +85.7
+73.7 +101.2
+52.1 +87.0
+60.2 +114.1
+52.0 +102.2
+95.3 +81.6
+80.3 +86.0
+69.6 +86.2
+65.7 +94.8
+58.5+108.1
+60.2 +111.5
+50.5 +104.7
+92.3 +93.6
+52.8 +67.4
+65.0 +73.0
+84.2 +71.5
+98.5 +85.4
+74.5 +72.4
+1.5 +22.7
-14.2 +18.2
-1.1 +44.3
+0.3 +31.9
-4.9 +40.6
-12.9 +31.6
-0.4 +32.2
-3.1 +24.4
+3.1 +39.8
-5.3 +40.5
+14.3 +33.4
+0.7 +35.6
+11.7 +50.8
+43.0
+35.3
+43.3
+28.5
+41.9
+32.2
+30.8
+33.8
+31.2
+29.4
+43.3
+42.6
+40.2
+36.9
+20.7
+32.8
+26.9
+35.8
+34.1
-11.7
-16.4
-3.3
-6.9
-6.5
-9.7
-6.3
-7.1
-6.0
-3.7
-5.6
-5.8
+2.5
+67.8 +95.9 +36.4
TABLE 4.-INDEX NUMBERS OF COST OF LIVING BY GROUPS OF
ITEMS JUNE 1934.
(Average December 1927 and June 1928=100.0),
City.
Atlanta
Baltimore
Birmingham
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Detroit
Houston
Indianapolis
Jacksonville
Kansas City
Los Angeles
Memphis
Minneapolis
Mobile
New Orleans
New York
Norfolk
Philadelphia
Pittsburgh
Portland, Me
Portland, Ore
Richmond
St. Louis
San Francisco
Savannah
Scranton
Seattle
Washington
Avprnap IT
Food.
66.6
71.3
64.9
69.9
71.6
67.2
69.0
67.8
72.7
69.7
70.1
69.4
68.4
71.4
67.5
69.8
71.9
65.3
68.5
73.2
67.8
73.4
71.8
69.3
69.0
70.1
69.1
73.8
67.9
70.1
72.9
72.7
s
70.3
Clothing.
83.8
Rent,
63.2
72.9
43.0
75.5
65.1
53.1
69.1
60.3
65.6
47.4
62.2
61.0
50.8
69.0
55.5
59.5
71.1
63.4
73.1
74.4
74.4
65.2
59.6
83.0
58.4
74.5
57.6
72.4
63.4
71.7
64.0
85.3
64.4
House
Fuel
AilsAU
Furand wishing cellan- Items.
Light. Goods. ems.
00 000000M00WW=0,0000,
10000000000.40000000tlMWM-4
CONOOWCA..04
s.-4=W ,
14,
W0W00000.4CO0?M,ONMA.
June 1920 June 1929 June 1933 Dec. 1933
to
to
to
to
June 1934, June 1934. June 1934. June 1934.
City.
,
City.
4,..,..1..btAlk,...WW6C4ibOVCObi:74063W;0;-,,46010i.26;4i4,4
SPECIFIED DATES, ALL ITEMS COMBINED.
Aug. 11 1934
TABLE 3.-CHANGES IN COST OF LIVING BETWEEN SPECIFIED
DATES, BY GROUPS OF ITEMS.
0000000W 0000005.
.0000,
100WWWWWW ,
IWWW00.4WWWWW
WCA 4.
-4 =0,
OWCAWM .
4...CCWW0Woi.OMOON.
,WNW.44,
(A
Average costs for house-furnishing goods increased in 29 of the 32 cities.
These increases ranged from 0.4% in San Francisco to 5.0% in Cleveland.
Ohio. Decreases were shown in two cities. Jacksonville, Fla., reported a
decrease of 0.9%, and Kansas City. Mo., a decrease of 1.1%. No change
was reported for Seattle.
Fuel and light costs showed an increase in six cities. These increases
ranged from 0.1% in Detroit, Mich., to 7.8% in St. Louis, Mo. Decreases
were shown in 24 cities, ranging from 0.2% in Portland. Ore., to 5.9% in
Savannah. No change was reported for Denver, Colo., and Indianapolis,
Ind.
The average costs in the miscellaneous group of items included in the
index showed increases in 18 cities and decreases in 13 cities. No change
was reported for one city. The increases ranged from 0.1% in Portland.
Ore., to 1.6 in Norfolk, Va.
Comparing June 1934 with June of a year ago all of the 32 cities showed
increases with a rise of 6.3% in the general index.
Norfolk, Va., showed the greatest increase over the year with an advance
of 9.5%. The next largest increase was shown for Detroit, Mk .. where
the index advanced 9.3%. The indexes for Washington, D. C.,
d Jacksonville, Fla. showed increases of 8.5% and 8.3%, respectively. An increase of more than 6.5% was shown in eight other cities.
When compared with the average for December 1927 and June 1928 the
general cost of living for the United States for June 1934 shows a decrease of
20.2%. Birmingham, Ala., experienced the largest decline with a decrease
of 27.1%. The smallest decrease occurred in Washington, D. C., where
living costs for the average wage earner's family declined 16.3%. During
this period rents decreased 35.6% for the country as a whole. Food declined
29.7%, house-furnishing goods 17.3%, clothing 16.2%, fuel and light
13.4%. Miscellaneous items showed a decrease of 4.6%.
Of the six major groups of items in the family budget, rent showed the
largest decrease since the first half of 1928. The decreases ranged from
57.0 in Birmingham, Ala., to 14.7% in Washington. D. C. The average
decreases in the cost of food varied from 35.1% in Birmingham, Ala., to
26.2% in San Francisco, Calif.
During this period the largest decline in the average cost of housefurnishing goods was reported for Birmingham. Ala., where a decrease of
24.7% was shown. In Portland. Me., the decrease was 10.8%. The average
cost of clothing decreased 21.7% in both Chicago, Ill., and Houston. TeX.
Mobile. Ala., showed the smallest decrease, 10.1%.
Fuel and light costs decreased 31.1% in Mobile, Ala., as contrasted with
1.3% in Cincinnati, Ohio. Miscellaneous items decreased 0.7% in Washington, D. C., and less than 2.0% in four other cities. The largest decrease
was reported in Detroit, Mich., where a decline of 11.5% was shown.
Baltimore, Md.,and Portland, Me.,increased 0.4% and 2.5%,respectively.
The following tables show changes in cost of living in June 1934 as compared with specified preceding dates and for the several groups of items.
TABLE 1.-PERCENT OF CHANGE IN COST OF LIVING BETWEEN
86.6
87.8
81.4
75.3
82.4
84.4
76.0
85.3
82.5
83.0
83.0
83.8
82.3
81.3
81.2
79.0
85.9
85.3
84.8
86.0
79.1
85.6
80.7
79.6
89.2
83.4
84.9
82.2
81.4
83.2
85.2
84.8
86.1
91.8
100.4
92.1
97.3
92.7
93.9
96.3
98.7
98.6
88.5
95.2
92.2
90.8
96.9
89.7
96.6
93.0
94.7
94.9
95.2
99.0
92.5
95.8
102.5
94.7
94.6
98.9
96.4
94.5
96.6
93.7
99.3
77.4
82.1
72.9
80.9
79.8
74.3
79.8
79.9
80.4
74.4
78.8
78.8
78.4
80.9
77.6
80.2
80.4
78.7
78.9
81.1
82.7
79.3
77.9
82.8
79.8
81.4
78.0
83.1
80.6
80.3
81.6
83.7
82.7
95.4
79.8
Lumber Orders Continue to Exceed Corresponding
Week of 1933.
Although new business booked at the lumber mills during
the week ended August 4 was less than that reported for
the preceding week, it was otherwise heavier than since
mid-May; production was higher than during any week of
the last five, according to telegraphic teports to the National
Lumber Manufacturers Association from regional auociations covering the operations of leaning hardwood and
softwood mills. This revival, also shown in shipments,
followed settlement of the Pacific Coast longshoremen's
strike and publication of the new cost protection minimum
prices as approved by the Administrator, involving a reduction of about 10% in all building lumber. Reports for the
week ended August 4 were from 1,320 mills whose production
was 179,362,000 feet; shipments, 172,865,000 feet; orders,
195,098,000 feet. Revised figures for the previous week
were mills, 1,380; production. 175,029,000, shipments,
151,401,000 feet; orders, 212,961,000 feet. The Association
further reported in part as follows:
For the week ended August 4. Southern l'ine, West Coast, Southern
Cypress and Northern Hardwoods reported orders above production.
Total softwood orders were 11% above output; hardwood orders 12%
below hardwood production. For the second consecutive week since April,
total orders as reported by identical mills were in excess of those booked
during similar week of last year. They were 18% above orders of last year,
the largest gains being in the West Coast and Western Pine regions. Production was 17% below that of last year; shipments were 26% below the
1933 week.
Unfilled orders on August 4, as reported by 578 identical mills, were
the equivalent of 27 days' average production compared with 26 days'
on similar date of 1933. Gross stocks at 1,630 mills on August 4 totaled
5.607,813,000 feet.
Forest products carloadings during the week ended July 28 were 21,715
cars, a decrease of 344 cars as compared with the preceding week; 6,302
cars below the same week in 1933 and 6,306 cars above similar week of 1932.
Financial Chronicle
Volume 139
Lumber orders reported for the week ended Aug. 3 1934 by 903 softwood
mills totaled 179.713,000 feet; or 11% above the production of the same
mills. Shipments as reported for the same week were 154,539,000 feet,
or 4% below production. Production was 161,814,000 feet.
Reports from 460 hardwood mills give new business as 15,385,000 feet.
Os' 12% below production. Shipments as reported for the same week were
18,326,000 feet, or 4% above production. Production was 17,548.000 feet.
Unfilled Orders and Stocks.
Reports from 1,630 mills on Aug. 3 1934 give unfilled orders of 933.949,000 feet and gross stocks of 5,607,813,000 feet. The 578 identical
mills report unfilled orders as 646,800,000 feet on Aug. 3 1934. or the
equivalent of 27 days' average production, as compared with 635,917,000
feet, or the equivalent of 26 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 423 identical softwood mills was 149,119,000
year
ago
it
feet, and a
was 174,556,000 feet; shipments were respectively
137,942.000 feet and 179.904,000; and orders received 165,246,000 feet
and 132,918,000 feet. In the case of hardwoods. 210 identical mills reported
production last week and a year ago 11,097,000 feet and 18.557,000; shipments 11,389.000 feet and 22.310,000 and orders 9.875,000 feet and
15.715.000 feet.
Changes in Cost of Living of Wage Earners During
July According to National Industrial Conference
Board-0.4% Increase Over June Noted.
The cost of living of wage earners increased 0.4% from
June to July, according to the indexes computed by the
National Industrial Conference Board. The cost of living
in July was 5.2% higher than in July 1933, 10.6% higher
than at the low of April 1933, but 20.9% below July 1929.
Under date of Aug. 6 the Board further announced:
The purchasing value of the dollar was 126.4 cents in July, as compared
with 126.9 cents in June, 139.9 cents in April 1933, and 100 cents in 1923.
Food prices advanced 0.9% from June to July, more than is usually
observed during this period of the year. Since April 1933. food prices
have risen 21.5% and since July 1933, 4.9%. They were, however, still
30.7% below July 1929.
Rents continued on their upward trend but at a slightly more moderate
pace, rising 0.2% from June to July. Since the beginning of the year. when
the upward movement set in, rents have risen 3.2%. Compared with their
level of a year ago, rents are now 2.4% higher, and compared with July
1929, rents are 29.7% lower.
Clothing prices as a whole declined 0.4% from June to July, women's
clothing prices falling 0.5% and men's, 0.2%. Since July 1933, clothing
prices have advanced 20.5%, but they are 21.2% lower than in July 1929.
Coal prices moved up 1.4% from June to July, an increase which is
generally not observed until August. Coal prices in July were 8.5% higher
than in July 1933, but 5.9% lower than in July 1929. The cost of gas
and electricity, which is determined twice a year, was 0.7% lower in July
than in January, 2.0% lower than in July 1933, and 6.0% lower than in
1929. The decline in the average gas bill from January to July amounted
to 0.4%, while the decrease in the cost of electricity was 1.0%•
No change was noted in the cost of sundries, which in July was 2.4%
higher than in July 1933, but 5.9% lower than in July 1929.
Inc.(+)
Relative Index No:,of Cost of Living
Importance Aver. Prices 1923=100. or Dec.(-)
from June
in
to July
June
July
Family.
1934.
1934.
1934.
Budget.
Item-
+0.9
74.5
Food_*
75.2
33
+0.2
Housing
64.6
64.7
20
Clothing
-0.4
77.3
77.0
12
Men's
-0.2
80.7
80.5
Women's
-0.5
73.9
73.5
Fuel and light
85.8
+0.7
5
86.4
Coal
82.9
+1.4
84.1
Gas and electricity
-0.7
91.6
91.0
Sundries
92.5
30
92.5
Weighted average of all items_
78.8
+0.4
100
79.1
* Based on food price index of the United States Bureau of Labor Statistics, July
17, and average of June 5 and June 19, respectively.
Production of Lumber During Four Weeks Ended
July 28 1934, 37% Under Corresponding Period of
1933-Shipments Decrease 47%-Orders Received
Lower.
We give herewith data on identical mills for the four weeks
ended July 28 1934 as reported by the National Lumber
Manufacturer's Association on Aug. 4:
An average of613 mills reported as follows to the National Lumber Trade
Barometer for the four weeks ended July 281934:
Production.
(In 1,000 Peet)Softwoods
Hardwoods
Shipments.
Orders Received.
1934,
1933.
1934.
1933.
1934.
479,497
52,914
768,589
74,140
418,728
41,982
782,325
94,330
459,160 667,648
42,725
84,609
Total lumber
1933.
532.411 842,729 460,710 876,6551 501,885 752,257
Production during the four weeks ended July 28 1934 was 37% less than
during corresponding weeks of 1933, as reported by these mills and 13.3%
above the record of comparable mills during the same period of 1932. 1934
softwood cut was 38% below that of the same weeks of 1933 and hardwood
cut Was 29% below that of the 1933 period.
Shipments during the four weeks ended July 28 1934, were 47% less than
those of corresponding weeks of 1933, softwoods showing loss of 46% and
hardwoods loss of 55%.
Orders received during the four weeks ended July 28 1934, were 33%
less than those of corresponding weeks of 1933 and .2% above those of
corresponding weeks of 1932. Softwoods showed loss of 31% as compared
with similar period of 1933, hardwoods, loss of 49%,
On July 28 1934, gross stocks as reported by 1,658 mills were 5,680,587.000
feet. As reported by 566 mills stocks were 3,745.739,000 feet. the equivalent
of 160 days' average production of reporting mills, an compared with 3,177,806,000 feet on July 29 1933, the equivalent of 136 days' average production.
On Jab,28 1934, unfilled orders as reported by 1,658 mills were 927,338,000 feet. As reported by 577 mills, unfilled orders were 641,804,000
835
feet, the equivalent of 27 days' average production as compared with
696,974.000 feet on July 29 1933, the equivalent of 29 days' average production.
Program for Rubber Restriction Should Benefit
Rubber Manufacturing Industry in United States,
According to New York Trust Co.
The recent adoption of a program for rubber restriction
on the part of the producing nations should benefit the
rubber manufacturing industry in this country, according
to "The Index," monthly publication of the New York
Trust Co. It points out that stability in the price structure
would work to the advantage of both rubber producers
and manufacturers so long as prices did not go too high,
while against such an eventuality the United States is
protected by current stocks and by a potential increase
in the manufacture of reclaimed rubber.
The success or failure of the restriction program, "The
Index" states, is largely in the hands of the International
Rubber Regulation Committee and its moderation in
exercising its powers will determine future price fluctuations in rubber to a very considerable degree. Inclusion
in the program of Netherlands, India, which did not subscribe to the Stevenson plan for curtailment of production,
gives it control over territories constituting 99% of the
rubber producing areas in the world. "The Index" concludes:
While the United States necessarily remains dependent upon imports
for the efficient functioning of a vital industry there is no indication that
prices will be forced too high. In so far as the new restriction program
promotes stability in the price of crude rubber, it would be advantageous
to the industry should the agreement prove successful in its goal of fairly
adjusting supply and demand.
Future Outlook in Rubber in Restriction.
The effects of restriction of shipments of rubber from
the producing areas of the Far East are analyzed in a survey
by the Bankers Economic Service, New York, which says:
By weighing the ratios of restriction releases beginning Aug. 1 in the
period from 1922 to 1925, when the Stevenson restriction plan was in
effect, and the position under the recent restriction plan adopted, the
survey brings out the fact that rubber prices are moving up in the same
manner as in the earlier restriction era.
Five charts are embodied in the analysis which co-ordinates the factors
of production, stocks and consumption of the various important geographical sections of the world along with prices and events which aided
in establishing values.
Reclaimed rubber consumption, tire mileage, as well as automobile
production and registrations, are summarized as well as the political
and economic situation existing.
194,356 Cars
and Trucks Produced by Auto Chamber
Members in J uly.
July production operations of members of the National
Automobile Chamber of Commerce amounted to 194,356
units according to the preliminary estimate released to-day
by the Chamber. This was a drop of 15% under the preceding
month's production and was a gain of 10% over the output
for the same month last year.
On the basis of this estimate, the output of Chamber members for the
seven months of this year was 1,472,832 units-a gain of 50% over the
number of vehicles produced in the same period of 1933.
The chamber estimate covers the operations of all but one major automobile company in the United States. comparative figures on Chamber
production follow.
July 1934, 194,356: June 1934, 228,513; July 1933. 177,080; seven
months 1934. 1.472,832; seven months 1933, 982,257.
Canada's Wheat Crop to Be Less Than 300,000,000
Bushels According to Present Indications, Says
S. H. Logan of Canadian Bank of Commerce.
"With only limited and sectional rainfall during July,
present indications point to a total wheat crop for the Dominion of less than 300,000,000 bushels," says S. H. Logan,
General Manager of the Canadian Bank of Commerce. "Alberta has the best prospects," he said, "with Manitoba and
Saskatchewan in descending order." In his review of conditions in Canada, issued at Toronto, Aug. 7, Mr. Logan also
had the following to say:
Dry weather was also experienced in British Columbia, but fortunately
the major field crops were much further advanced than usual and correspondingly less vulnerable to adverse influences, and while there are local
reports of drought effects on late crops, splendid yields of early hay and
grains have been cut. The apple crop in the principal fruit district is estimated as being slightly larger than last year's.
The seasonal lull in industrial operations so far is of less than the usual
proportions, and not so pronounced as might be expected from such domestic
depressants as the severe damage to the Western grain crops resulting from
the July drought and the aggravation of political and labor difficulties in
other parts of the world. During the past month our major industries have
slackened the comparatively swift pace at which they were operating in the
second quarter of the year, but they have production schedules larger than
those of recent summer seasons. Looking at the reports furnished to us by
about 60 industries of the secondary group covering their operations in July,
we find only 10 which were not able either to expand production or maintain
it at the June level.
836
Financial Chronicle
Offsetting, wholly or partly, this moderate industrial recession is the
seasonal gain in construction work actually in progress, which we estimate
to have Increased by 7% during July; the contracts awarded in that month
were somewhat smaller than those of June and of July 1933, but many of
the numerous projects definitely planned in May and June of this year were
not fully under way until last month.
World's Visible Supply of Coffee Aug. 1 Below July 1—
United States Total Higher.
The world's visible supply of coffee, excluding restricted
stocks in Brazil, totaled 8,495,850 bags on Aug. 1, a decline
of 30,049 bags from the 8,525,899-bag total of July 1, said an
announcement issued Aug. 3 by the New York Coffee and
Sugar Exchange. The announcement continued:
The United States visible totaled 1,389,850 bags on Aug. 1 against
1,342,899 bags on July 1. European supplies dropped 384,000 bags to
3,697,000 bags, while stocks in Brazilian ports increased 307,000 bags to
total of 3,409,000 bags.
European interior roasters were said to be building up supplies, evidently
with the upset conditions as an incentive.
.111.
Coffee Importers from United States Making Tour of
Brazil and Other Coffee-producing States.
Fifteen United States coffee importers, who, it is said, are
expected by the Brazilian Coffee Department to buy the
major share of the nation's exportable stock, arrived at Rio
de Janeiro on Aug. 3. According to the Associated Press,
they planned to make a tour of coffee-producing States.
Under date of Aug.3, a cablegram from Rio de Janeiro to the
New York "Times" said:
American coffee merchants, guests of the Brazilian Government, arrived
here to-day on the liner American Legion and were received by Government
representatives.
Leaving here Monday, they will visit, under the guidance of the President
of the Coffee Growers' Association, the Sao Paulo, Minas Geraes and Parana
coffee zones, returning to the United States Aug. 22.
A luncheon will be given by the planters toinorrow at the Automobile
Club. Several Cabinet Ministers, United States Ambassador Hugh S. Gibson,
and Osvaldo Aranha, Brazilian Ambassador to the United States, will attend.
Brazilian Coffee Control.
From the "Wall Street Journal" of Aug. 3 we take the
following:
A dispatch from Rio de Janeiro to the Coffee and Sugar Exchange says
that the new Minister of Finance, Arthur Souza Costa, advised officials of
the National Coffee Department that they continue to have the full confidence of the Government and are asked to continue the administration of
the National Coffee Department in accordance with the resolution of the
President.
Tariff Negotiations in Progress with Brazil and Other
Latin-American Coffee-producing Countries.
In Associated Press advices from Washington, July 28, it
was stated that preliminary tariff negotiations now in progress with Brazil and 10 other Latin-American nations which
supply the United States with 95% of its total coffee imports.
These advices also said, in part:
The President's Tariff Bargaining Committee already has started preliminary discussions with several of the coffee republics, chiefly in Central
America, and soon will begin exploratory conversations with others in the
world's coffee centers.
Trade agreements with Brazil, Venezuela, Costa Rica, Guatemala, Honduras, Nicaragua, Panama, El Salvador, Haiti and the Dominican Republic
are first on the list to be negotiated under the Administration's new tariff
bargaining policy.
The United States imported 1,588,254,074 pounds of coffee, valued at
$124,136,991, in 1933, and the Tariff Committee plans to use that enormous
trade lever to obtain tariff and import concessions for American goods in
coffee-producing countries.
Brazil supplies approximately two-thirds of the coffee consumed in the
United States, and it is understood the Committee will first concentrate on
reaching a reciprocal trade accord with that nation. Preliminary discussions
now under way, however, will definitely settle what country will be selected
for active negotiations.
Negotiations with the 10 Latin-American coffee republics are, however.
designed to be carried on simultaneously, if possible, so as to encompass the
entire question of coffee imports in a closely related series of trade agreements.
Cclombia, which furnishes the second largest coffee imports, and the
United States already have signed a trade agreement which chiefly involves
coffee.
The 1933 exports of the coffee-producing nations to the United States
were: Brazil, 1,043,007,794 pounds; Colombia, 359,236,843 pounds; Venezuela. 30,227,299 pounds; El Salvador, 26,023,860 pounds; Guatemala,
19,543,716 pounds; Costa Rica, 14,468,464 pounds; Dominican Republic,
2.691,608 pounds; Honduras, 845,332 pounds; Haiti, 537,740 pounds; Nicaragua, 3,759,854 pounds; Panama, 181,185 pounds, and Ecuador, 519,207
pounds.
Exports Are Diversified.
In addition to coffee the Latin-American group are producers and exporters
of large quantities of bananas, sugar and cacao, and those products will play
important roles in the discussions.
Other exports figuring in American trade in smaller but iknportant
amounts are: Rubber, petroleum, tice tagua nuts (vegetable ivory), kapok,
toquilla hats, hardwood, chromium ore, hides and skins, cocoanuts, cabinet
woods, mother-of-pearl shells, henequen, balsam, indigo and dyewood.
The coffee-raising nations are all important customers for American cotton manufactures, foodstuffs, lard, flour, iron and steel products, machinery
and tools, electrical goods and chemicals.
All or some of the coffee republics are also good markets for American
gasoline and oils, grain, leather and leather products, cigarettes, hosiery,
automobiles and trucks, men's clothing, medicines, embroideries, oil field
supplies, hardware, cement, matches, fish and amp.
Aug. 11 1934
Coffee Importers Under Trade Code—Not Under
General Importing Code—Sales on 45-day Contracts
Must Be Filed.
From the New York "Journal of Commerce" of July 30 we
quote the following:
The signing of the code of fair competition for the general importing
trade has created some uncertainty as to the status of green coffee importers
and jobbers in relation to this code.
Green coffee importers and jobbers are specifically included in the code
of fair competition for the coffee industry and will not be covered by the
general importers' code, the Coffee Industry Committee reports.
Contracts Must Be Filed with Code Authority.
The Chicago Code Convention on June 20 1934 adopted the following
resolution:
"The Committee on Contracts recommends that contracts for delivery
longer than 45 days from date of sale be discouraged wherever possible, but
contracts taken for longer than 45 days are actual bona fide sale on signed
orders by both the buyer and seller, not subject to countermand; after
date of sale be filed with the Coffee Industries Committee within one week
from date of sale. Such contracts must show specific expiration date and
all terms of sale.
"It is further recommended that all copies of contracts now in the files
of roaster or seller which extend beyond 45 days from the time each roaster
is notified of this change must be filed with the Association properly showing all terms of sale."
Requirements.
In accordance with this resolution the Coffee Industries Committee, pursuant to the authority vested in it by Section 1 of Article IX of the code,
hereby requires:
First, that all contracts for delivery of roasted coffee longer than 45 days
from date of sale must be actual bona fide contracts on orders signed by
both buyer and seller, not subject to countermand, and must show a specific
expiration date and all terms of sale.
Second, that complete, accurate copies of all contracts for delivery of
roasted coffee later than 45 days from date of this bulletin must be filed
with the Coffee Industries Committee not later than Aug. 6 1934.
Third, that on all contracts entered into subsequent to the date of this
bulletin, providing for delivery of roasted coffee later than 45 days from
date of sale, complete and accurate copies must be filed with the Coffee
Industries Committee within one week from date of sale.
Members of the industry are reminded that only employees of the Code
Authority or duly accredited Government representatives have access to
confidential filed reports, and under no circumstances are they made available to any member of the industry, the report states.
Production of Flour During July Lower Than in Preceding Month and in Corresponding Month of 1933.
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 July 1934 flour output
totaled 4,760,259 barrels as against 5,049,871 barrels in the
preceding month and 5,679,183 barrels in the corresponding
period in 1933. In June of 1933 production amounted to
5,459,270 barrels.
PRODUCTION OF FLOUR.
(Number of Barrels.)
—Mown of—
July 1934. June 1934. July 1933. June 1933.
Northwest
Southwest
Lake, Central and Southern
Pacific Coast
Grand total
1,242,146
1,722.508
1,587,277
228,328
1,334,833
1,811,212
1,704,702
199,124
1,635,922
1,924,857
1,842,478
275.926
1,506,224
1,836,689
1,793,390
322,967
4,760.259
5.049.871
5,679.183
5.459.270
Activity of World Wool Industry Below Year Ago
According to Bureau of Agricultural Economics—
Manufacturing in United States Curtailed in
Second Quarter.
The world wool industry has dropped from the peaks of a
year ago. Prices have weakened in foreign markets as a
result of uncertain conditions in European consuming
countries, and direct.sales of Texas wool have been reported
recently at 8 to 10 cents a pound (scoured basis) below spot
quotations on similar wool held at Boston, says the Bureau
of Agricultural Economics, United States Department of
Agriculture, reporting Aug. 1 on the situation. In stating
this the Department of Agriculture added:
Manufacturing activity in the United States wool industry was greatly
curtailed in the second quarter of 1934, and developments in the wool
industry in continental European countries continue unfavorable. Germany
has extended for an Indefinite period, restrictions on imports, and no settlement has been reached in the strike at Verviers (Belgium): the unsettled
position in European countries has resulted in a decline in trading and
manufacturing activity, and unemployment has increased in the woolen
and worsted industry of the United Kingdom, say the Bureau.
Consumption of combing and clothing wool, grease basis, in the United
States in the first five months of this year was 18% less than in the same
period last year. Production of wool in nine countries that produce about
two-thirds of the world clip, exclusive of Russia and China, is expected to
be about 2% greater than in 1933. Increased demand and higher prices
for breeding ewes are reported in many countries.
The Bureau reports that the "first part of the 1933-34 wool selling season
was characterized by heavy disposals at higher prices than for several
seasons past. The falling off in European demand for wool during the last
half of the selling season, the easing of prices, and the restrictions placed by
Germany and Italy on importations of raw materials, including wool,
resulted in almost complete stagnation in the market and caused the cancellation of later wool sales and the early closing of the official selling season
in most southern hemisphere countries. This in turn resulted in increased
Volume 139
Financial Chronicle
stocks of unsold wool at selling centers in the southern hemisphere so that
on June 30 1934, such stocks were larger in Australia, the Union of South
Africa. Uruguay and Argentina than at the same time last year. Stocks
were considerably reduced in New Zealand."
The Bureau points out, however, that the total quantity of wool on hand
represents a very small proportion of the combined clipsfrom these countries
and says that "much of the wool now at selling centers will probably be
disposed of before the opening of the official selling seasons in September
as the total supply available for the 1933-34 season was smaller than for
some time."
Wool Shorn or to be Shorn During 1934 Estimated at
354,533,000 Pounds by United States Department
of Agriculture.
The amount of wool shorn or to be shorn in 1934 is 354,533,000 pounds, according to the preliminary estimate of
the U. S. Department of Agriculture. This is 10,197,000
pounds, or 2.7%, less than the amount shorn in 1933 and
is about 1% larger than the five-year average 1929-1933,
said an announcement issued by the Department on Aug. 2
which continued:
The decrease in wool production this year resulted from a 2% decrease
in the average weight per fleece and a decrease of about 1% in the number
of sheep shorn or to be shorn. The average weight per fleece this year
was 7.99 pounds compared with 8.15 pounds in 1933 and 7.94 pounds for
the five-year average.
The 1934 estimated production of wool includes a forecast of fall shearing
of sheep and lambs in California and Texas and of total yearly sheep shearing at commercial feeding stations.
The smaller weight per fleece this year was caused by the sharp drop in
the estimated average weights of wool per head of sheep shorn in Texas and
California. In Texas this indicated weight declined from 9.5 pounds to
7.9 and in California from 7.7 to 7.3 pounds. The high weights in both
States lost year, especially in Texas, resulted from the large number of
sheep and lambs shorn in the fall. Consequently, a large proportion of this
year's spring-clip was short wool and the present indications are that the
clip from fall shearing will be much smaller this year than last, although
developments during the next two months may change the situation. In
most other States the average weight per fleece was higher this year than
last.
Minnesota Wool Co-operative Increases Tonnage.
According to a report to the Co-operative Division, Farm
Credit Administration, the Minnesota Co-operative Wool
Growers' Association has increased its membership over
1933 from 2,905 shippers to 4,200. Continuing, the Administration's advices July 18 said:
The volume of wool handled by the Association has correspondingly
Increased from approximately one and one-third million pounds in 1933 to
nearly two million pounds for 1934. Scattering lots are still being received,
and it is expected that final receipts for 1934 will exceed the two-million
mark. The season, it is expected, will be practically over by July 31.
All wool received by the Minnesota association is marketed through the
National Wool Marketing Corporation, which markets also for 29 other
associations throughout the country. The 1934 clip will be the fifth clip
of Minnesota wool marketed through the National. Since it was organized
in 1930, the National has marketed in excess of 330,000,000 pounds of
wool for Its affiliated associations. The Minnesota association is strictly
a growers' organization. Its policies are determined by a board of directors elected by the members.
Pacific Wool Growers Reports Increased Tonnage.
Favorable returns to growers on their last year's wool clip
has brought in many new members, and thus far this year
1,500,000 pounds of wool has been signed on new marketing
agreements, according to a report by the Pacific Wool
Growers' Association to the Co-operative Division, Farm
Credit Administration. Pacific Wool Growers markets
co-operatively for an extensive membership in California,
Oregon, Washington, Nevada and Idaho. The Farm Credit
Administration also had the following to say on July 18:
In the Willamette Valley, Oregon, last year the Pacific returned from 30
to 33 cents a pound to its members, net at their ranch,for the better mediumgrade wools. Short clothing-wools brought from 28 to 31 cents net. Dealers in this district last year paid from 12 cents in April to 25 cents in June.
Approximately the same percentage of benefit was obtained by members
in other parts of the Pacific's territory. Pacific Wool Growers, which
pioneered co-operative wool-marketing on the Pacific coast, has been operating since 1921. Over the 13-year period association prices to members
averaged 3 1-3 cents better than the average shearing-time prices received
by non-members. Allowing for at least three depression years, the gain
during the normal years was more than the 3 1-3 cents.
Although final settlement had been made long before, early this spring
the Pacific Wool Growers distributed to members an additional patronage
dividend of one-half a cent a pound on their 1932 wool.
The Pacific adopted the pooling principle in 1921 and most members
elect to handle their wools in this manner. Large ranch growers are given
the option of the pooling or the individual-handling plan.
The association sells its wool direct to mills on both the Pacific and Atlantic coasts through its own sales offices, following a strictly co-operative
and orderly marketing plan. Growers receive advances upon delivery of
the clip and the balance upon the sale of the wool, final settlement being
made within a reasonable time.
Larger Wool Crop in Australia Estimated for 1934-35.
A substantial increase in Australia's wool clip during the
1934-35 season is indicated in a report to the U. S. Commece
Department from Acting Trade Commissioner W. C. Flake,
Sydney. An annoncement issued Aug. 2 by the Commerce
Department with regard to the report said that at a recent
meeting of the principal Australian wool interests, the clip
for the coming season was estimated at 3,146,000 bales.
837
This figure compares with the revised estimate of the 1933-34
clip which the wool conference at its recent meetirg placed
at 2,995,686 bales. The announcement by the Department
further stated:
Calculated upon an estimate of an average net weight of 300 pounds a bale,
it was anticipated that the new clip would weigh approximately 943,800,000
pounds. It was considered that 17% of the new clip would represent
crossbred and all strong wool breeds, and that the balance would be marino
wool.
In addition to the new clip it was anticipated that a carry-over from the
present season of approximately 160,000 bales would be marketed during
the coming season. It was agreed that the quantity of wool to be offered
before Christmas should not exceed 1,600,000 bales, inclusive of any carriedover wool.
The Commerce Department representative at Sydney points out that
while it is rather early to get an exact estimate of next season's wool crop.
it is believed that the figures cited will serve as a fairly satisfactory guide.
Unseasonal Increases in Rayon Deliveries During June
and July Reported by 'Textile Organon"—Textile
Activity This Fall Expected to Be Better Than
General Business,.
Indications that textile activity will be better than general
business this fall are seen by the "Textile Organon," published by the Tubize Chatillon Corp., in its current review
of trade conditions issued Aug. 10. At this time, however,
the textile curve has declined to the level of last January,
it points out, and a further drop may be recorded when
complete data for July and August are available. An
unseasonal increase in rayon deliveries in June and July,
contrasted with a sharp decline in cotton consumption, is
explained by the "Organon" as due to the fact that rayon
"took its beating" early in the year, while cotton underwent
a belated seasonal decline after previously moving against
its normal seasonal direction.
The index figure covering daily average rayon deliveries
in July was 332, compared with 299 in June and 273 in May.
Corrected for normal seasonal variation, the • July index
showed a further increase from June to July. The average
for the seven months was 336, compared with a monthly
average of 385 for the full year 1933. One of the reasons
for the gain, the "Organon" explains, is the increased use
of heavier denier yarns in the new fall "oatmeal fabrics"
and heavy crepes. The new fabrics weigh about 30 pounds
per hundred yards as compared with 25 pounds for typical
rayon dress cloths. Another reason advanced for the
higher July shipments is the greater use of rayon in knitted
outerwear and the employment of rayon yarns for hand
knitting purposes. The "Organon" states:
Rayon deliveries showed a steady, extra-seasonal decline from January
to April, while cotton consumption increased during this period contrary
to its normal seasonal direction. Thus we may say that the indicated
decline in cotton consumption from May to June and the concurrent increase in rayon deliveries were purely a matter of timing; i.e., rayon consumption "took its beating" early in the year, while the two-year-cycle
theory as applied to cotton consumption has only begun to operate.
We mention this unequal situation because the proponents of a compensatory tax on rayon are again stirring the pot, especially in view of the
fact that the cotton processing tax of 4.2 cents per pound is to be continued
another year.
It is firmly believed that an analysis of cotton and rayon consumption
during the past six months from the points of view of (1) the two-year
textile cycle and (2) the breakdown of rayon shipments as between knit
goods and woven goods will effectively disprove any notion that there
has been any shift from cotton to rayon as a result of the processing tax.
The "Textile Organon" indices of rayon deliveries (unadjusted index based upon actual shipments and not adjusted
to a seasonal basis) for July and previous months follow:
Dal y Average 1923-25=100.
Yearly
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
July.
June.
May
April,
332
470
213
314
179
240
169
190
118
124
71
70
299
450
137
288
225
254
178
194
71
121
77
ag
273
517
148
352
237
254
175
231
98
125
73
289
392
186
413
236
266
219
262
110
121
80
.336
385
293
317
244
277
214
214
131
132
93
7:1
59
7S
AMMO&
Average for current year to date.
Petroleum and Its Products—May Extend East Texas
Marketing Pact—File Appeal Against Code with
United States Supreme Court—Crude Oil Output
Off Sharply.
A survey of marketing conditions in the East Texas
area under the purchasing plan now in effect in that region
with a view toward expanding this agreement into other
sections of the country where surplus gasoline stocks are
exerting an unsettling influence upon retail markets, is
under way by the Planning and Co-ordination Committee,
J. D. Collett, Acting Chairman, said in Washington Wednesday.
838
Financial Chronicle
Several conferences to discuss the weakening of bulk
gasoline prices under the threat of "distress" sales of surplus
stocks have been held by the Committee during the week,
and a general plan has been evolved to cope with the situation, Mr. Collett disclosed. Pending completion of the
survey, however, the Committee is deferring action. Early
action on the matter, should the survey disclose that extension of the marketing program would be feasible, is
indicated. Walter C. Teagle, President of the Standard
Oil Co. of New Jersey, and a member of the Committee,
attended the conferences.
Independent refiners operating in the East Texas area
have a steady market for surplus stocks of gasoline under
terms of the marketing agreement effective in that region.
Sponsored by the Planning and Co-ordination Committee
when Administrator Ickes failed to win the broad control
over the industry vested in the Thomas-Disney bills in the
recent session of Congress, the plan provides that major
oil units will absorb these surplus stocks. In return for
this, independent refiners agree not to purchase "hot oil"
and to abide by all provisions of the petroleum code.
While the plan, to date, has seemed fairly successful in
eliminating surplus stocks of gasoline with a resulting
stability of bulk gasoline prices, recent developments have
indicated that it will be necessary to either expand the
purchasing plan or evolve some other method of coping
with excess gasoline produced. Gulf Coast factors are
reported holding heavy stocks of gasoline and the threat
of these overhanging the markets has caused marked easiness
in North Texas and East Texas bulk gasoline prices in
the past week.
Offerings of gasoline in the North 'Texas market have
been made as low as 33/i cents a gallon this week, with the
same marketing condition prevailing in the East Texas
market. The ruling market, however, is holding at from
4 to 4 cents a gallon in these two areas. Even at the
37
cent a gallon under
latter levels prices are approximately
levels commensurate with current crude oil prices, oil
men point out.
Lacking immediate action to correct this weakness, some
factors contend that retail prices in the marketing area
east of the Rocky Mountains cannot fail but be adversely
affected and also point out that any general price cut in
gasoline prices at the present time would have an extremely
depressing influence upon the crude oil price structure.
In the third suit reaching the United States Supreme
Court attacking the validity of the National Recovery
Administration petroleum code, the Amazon Petroleum Co.
and a group of other independent East Texas refiners filed
an appeal with the nation's highest tribunal against the
decision of the Fifth Circuit Court of Appeals at New
Orleans upholding the constitutionality of the regulations
pertaining to the petroleum industry in the NRA.
In the appeal it was held that while the Federal Government claimed to be regulating inter-State commerce in its
rules•affecting oil production it was, in reality, seeking to
curb the flow of crude oil in an effort to force prices higher.
In attacking the statutes which have established Administrator Ickes in his present post as head of the Federal Oil
Administration, the companies contended that Federal
agents had trespassed upon their properties, threatening
civil action and criminal prosecution unless they obeyed
the regulations contained in the oil code governing their
activities.
Holdir g that the NRA made President Roosevelt "a
supreme dictator" and violated terms of the Constitution,
the companies also charged Administrator Ickes action in
setting production schedules was a violation of the Constitution. The Amazon Refining Co. stressed its claim that it
is not engaged in inter-State commerce and thus does not fall
under the jurisdiction of the NRA. Their position, the
petition pointed out, is that when they have sold refined
products to other parties, who may or may not ship it out of
Texas, their part in this transaction is ended and at no time
do they deal in inter-State business.
The suit filed Monday has been passed upon by two lower
Federal courts. A District Court in Texas first enjoined
Federal oil agents from enforcing the petroleum code regulations but this decision was reversed by the Fifth Circuit
Court of Appeals upon an appeal by the Government. The
appeal this week was taken from the latter decision.
The Department of the interior Wednesday announced
approval of the co-operative agreement for developing and
operating oil and gas fields involving Government lands
Aug. 11 1934
drilled under prospecting permits or leases. Oil and gas
permits which have recently been issued or extended provide
that the permittee must enter into a co-operative or unit plan
under the act of March 4 1931, within a specified period.
The Central Pennsylvania Oil Producers Association
Wednesday asked Administrator Ickes to slash the daily
average crude oil allowable in the Pennsylvania region to
avoid the prospect of price cuts due to overproduction.
The petition pointed out that output in the McKean County
field had increased approximately 9,000 barrels a day over
April and May of this year and this overproduction was
threatening the stability of the price structure.
Following new potential tests in the East Texas field, the
Railroad Commission announced an incraese of 7,000 barrels
in the allowable for that area, bringing the daily average
allowable up to 406,631 barrels. More than 200,000 barrels
daily were added to the potential in Thursday's order by
taking 131 wells off the marginal list.
Early in the week the Commission announced an extension
of its ruling that the source of all crude oil be kept on file
to all carriers including railroads, and that all receivers of
oil must obtain tenders from the person offering it for movement showing whether or not the oil was legally produced.
This regulation followed the receipt of the monthly report
to the Commission showing that an average of 45,953 barrels
of "hot oil" had been run to stills daily in the field during
July.
With Oklahoma and California showing sharp breaks,
daily average crude oil production last week was off 96,050
barrels to 2,451,300 barrels, only 2,000 barrels over the
Federal allowable for August, reports to the American Petroleum Institute indicated. In the like week a year ago,
production was 2,679,200 barrels. The A. P. I. report does
not include "hot oil" production.
Output in Oklahoma was off 76,550 barrels to a daily
average of 415,200 barrels, far below the Federal allotment
of 480,100 barrels. California, while exceeding its allotment of 490,200 barrels by 10,600 barrels dipped 17,500
barrels from the previous week to a total of 500,800 barrels.
Texas showed a rise of 1,450 barrels over the previous week
which brought the daily average figure to 1,044,750 barrels,
compared with its allotment of 1,001,300 barrels.
United Press dispatches from Paris Thursday reported the
first flow of oil from the Mosul fields in Irak to the Mediterranean output at Tripoli, Lebanon, where a tanker began
loading immediately to sail for France where it is expected
to deliver the first shipment of oil from the newly-opened
field to refineries on Aug. 20.
The Near East will be the center of bitter competition
within the next few weeks which may be expected to play
an important part in threatening the domination of the
Near Eastern and Oriental markets by Russian and Rumanian
oil interests and may reasonably be expected to somewhat
curtail sales of Venezuelan oil, which has been sold in this
area by American oil companies, the dispatch stated.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
51.00
$2.55 Eldorado, Ark., 40
Bradford, Pa
1.08
1.32 Rusk Tex., 40 and over
Corning. Pa
.87
1.13 Darst Creek
Illinois
.90
1.13 Midland District, Mich
western Kentucky
1.35
Mid-Cont., Okla., 40 and above._ 1.08 Sunburst, Mont
Hutchinson, Tex., 40 and over.... 1.03 Santa Fe Springs, Calif.,40 and over 1.30
1.04
1.03 Huntington, Calif., 26
SpLndletop, Tex.. 40 and over
2.10
.75 Petrolia, Canada
Winkler.
.70
Smackover,xArk.. 24 and over
REFINED PRODUCTS—BOSTON GASOLINE PRICES CUT—EAST
TEXAS BULK MARKET EASIER—MOTOR FUEL STOCKS DIP.
Local competitive conditions continued to be the main
faetors in determining retail gasoline prices during the past
week with intensified price-cutting competition in the Boston
area, bringing about a general reduction in tank wagon and
service station prices of 23i cents a gallon in that area by
all major factors Tuesday. Other areas which have been
affected by similar competitive conditions reported no further
price changes during the week.
In the bulk gasoline market, overhanging stocks of surplus
gasoline on the Gulf Coast were credited with being the main
influence in the easing off of prices in North Texas.and
East Texas primary markets to as low as 33/ cents a gallon,
against the ruling price of 33/i cents to 4 cents a gallon
in this area.
Definite action to correct this situation is being planned
by the Planning and Co-ordination Committee which is
currently conducting a survey of marketing conditions in the
East Texas area where the stabilization purchase plan is
effective with a view of extending this plan to other areas
Financial Chronicle
Boston, Aug.7.-A general reduction of 2),i cents a gallon in tank wagon
and service station prices of gasoline in the Boston area was posted to-day
by all major distributors.
Gasoline, Service Station, Tax Included.
New York
8.175
Detroit
New Orleans
8.19
$ 19
Atlanta
Philadelphia
22
Houston
145
18
Boston
14
Jacksonville
San Francisco:
.22
Buffalo
185
Third grade_ - - .18
Los Angeles:
Chicago
173
Above 65 octane. 20
Third grade_
155
Cincinnati
Premium
18
22
Standard
174
Cleveland
18
Premium
145
1914 St. LOUIS
Denver
17
Minneapolis
174
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
New York:
North Texas
8.0314 New Orleans, ex
-S.05)8
(Bayonne)
$051.4 Los Ang.,ex__ .0434-.05
Tulsa
-0334-.03%
Fuel 0 1, F.0. B. Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.15
Bunker C
$1.30
S•I 00-1.10 Phila. bunker C
1.30
Diesel 28-30 D.___ 1.951 New Orleans C
1.15
Gas 011, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
8.023.4-.024
28 plus GO 8.0434-.04)8!Chicago:T
I 32-36 GO __8.0234-.0234
I
ulsa
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery
Standard Oil N. J.:
N. Y. (Bayonne):
Sinclair Refining- .06%
Motor, U. S__..064
Shell Eaetern Pet.8.06% Chicago
8.0434-.0454
62-63 octane_ .0634 New York:
New Orleans
.0434
:Stand. Oil N. Y.. .07
Colonia-Beacon_. .0654 Los Angeles, ex-05-.06
•Tide Water Oil Co .0634
z Texas
0654 Gulf ports
0434
'Richfield 011 (Cal.) .07
y Gulf
.0638 Tulsa
0434
Warner-Quin. Co_ .07
Republic Oil
06%
x Richfield "Golden." a "Fire Chief," $0.07. • Tydol, $0.07. y "Good Gulf."
S0.0734. a "Mobligas."
Production of Crude Petroleum During June Again
Increases-Stocks of Refinable Crude Oil Higher.
According to reports received by the Bureau of Mines,
Department of the Interior, the production of crude petroleum in the United States during June totaled 80,040,000
barrels. This represents a daily average of 2,668,000
barrels, which is 92,000 barrels above the daily average of
the previous month but 94,000 barrels below that of June
1933, the peak month of a year ago. As was the case in
May, practically all of the producing States increased their
output in June. The largest increase, 30,000 barrels daily,
was recorded in California, the daily average for which increased from 486,000 barrels in May to 516,000 barrels in
June. Production in Texas also showed a sizable increase,
rising from 1,079,000 barrels daily in May to 1,108,000 barrels daily in June. Practically all of the increase in Texas
in June was recorded in the East Texas field, where the daily
average output reached a new high mark for the year of
5,53,000 barrels. Drilling in East Texas continued at a
relatively high rate; in fact, there were 25 more oil wells
brought in during June than were completed in May. The
daily average production in Oklahoma increased 20,000
barrels over that for May, or from 531,000 barrels daily to
551,000 barrels daily in June. This gain was quite generally
distributed over the State. The new fields of Bosco and
Roanoke in the Louisiana Gulf coast became factors in
production in June, with the result that the State's output
continued to increase. The Bureau of Mines further reported:
Stocks of refinable crude oil continued to increase, totaling 357.239,000
barries on June 30, compared with 355,883,000 barrels on hand June 1.
The largest increase in crude stocks in June was in tank-farm stocks of
East Texas crude.
Although the percentage yield of gasoline declined in June as compared
with May, the increase in crude runs was relatively greater, so that the
daily average production of motor fuel increased from 1,163,000 barrels
in May to 1,184,000 barrels in June. The indicated domestic demand for
motor fuel was 36,296.000 barrels, or a daily average of 1,210,000 barrels.
Although this figure is below those for the previous month and for a year
ago, it should be noted that because of pre-tax and speuciative buying in
June 1933 and May 1934 the data for the three months are not comparable.
However, indications point to an increase of 6 or 7% in demand for June
1934 over what it normally would have been a year ago.
According to the Bureau of Labor Statistics, the price index for petroleum
Products during J111:10 1934 was 50.6 compared with 50.7 in May and 34.4
in June 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude-oil capacity of 3,522,000 barrels. These
refineries operated during June at 72% of their capacity,given above, which
compared with a ratio of 70% in May.
SUPPLY AND DEMAND OF ALL OILS
(Thousands of barrels of 42 gallons)
June,
1934.
May,
1934.
June,
1933.
Jan.Jane,
1934.
Jan.June,
1933.
New Supply3omestio production:
Crude petroleum
Daily average
Natural gasoline
BensoLa
Total production
Daily average
imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
80,040
2,668
2,838
160
83,038
2,768
79,870
2,576
2,907
172
82,949
2,676
82,841 448,680 433,230
2,762
2,394
2,479
2,669 17,509 16,309
591
126
905
85,636 467,094 450,130
2,855
2,487
2,581
133,575
1,137
87,750
2,925
b3,012
1,444
87,405
2,820
2,143 17,673 16,262
712
6,911
7,015
88,491 491,678 473,407
2,950
2,616
2,716
Decrease in stocks, all oils
c2,095
2,082
85,655
2,855
89,487
2,887
3,795
6,056
3,724
5,915
36,296
2,372
23,961
1,569
87
563
1,602
1,262
3,707
148
4.237
38,141
3,222
26,744
1,941
78
524
1,285
779
3,674
172
3,288
37,710 192,164 179,934
3,115 21,865 18,950
25,343 171,004 157,132
1,646
7,763
9,546
126
554
497
596
4,204
4,331
4,738
5,181
1,310
1,016
1,835
2,921
4,141 20,959 21,436
133
884
703
2,500 18,895 15,061
75,804
2,527
79,848
2,576
77,636 448,120 412,437
2,588
2,279
2,476
Demand- •
Total demand
Daily average
Exports:
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 crude used as fuel
Total domestic demand
Daily average
Crude petroleum
Natural gasoline
Refined products
c1,384
12,405 c11,477
87,107 504,083 461,930
2,785
2,904
2,552
4,378
5,093
18,842
37,121
15,955
33,538
357,239 355.883 348,197 357,239 348,197
4,574
4,574
3,763
4,420
3,763
227,995 227,410 247,626 227,995 247,628
Total, all oils
589,808 587,713 599,586 589,808 599,586
Days' supply
206
204
212
207
235
a From Coal Division. b Receipts of foreign crude as reported to Bureau of
Mines. c Increase.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of barrels of 42 gallons.)
June 1934.
Total.
Daily
Aver.
May 1934.
Total.
Daily
Aver.
g
where surplus stocks of gasoline threaten the stability of
bulk prices.
In the local market, most refined products showed little
change with no price revisions announced. Gasoline continues to be in good seasonal demand with the price structure
firm. Some of the minor products are suffering from
seasonal dulness in demand, which has been reflected in a
slight easing off in quotations although no actual reductions
have developed. Lubricating oil prices continued easy
under pressure of over-production in Pennsylvania fields.
Bright stock quotations in particular were soft.
In a statement commenting upon the recent demand of
Allen H. Willett, of the National Coal Association, for
higher fuel oil prices on the ground that the coal industry
was losing its markets to competing products, R. G. Stewart,
of the Standard Oil Co. of New Jersey, said that no general
advance in heating oil prices this winter is expected.
Mr. Stewart stated that domestic heating oil prices, on
the average, have advanced less than 8% since July last year
despite an advance of more than 100% in crude oil prices
and are lower to-day than any year, with the exception
of 1933.
"We have the greatest sympathy for the unfortunate
position of the coal industry," he continued, "but we can
hardly be expected to agree to increasing our prices artificially
merely to improve the position of the coal industry in
competition with oil fuel. Such an action would constitute
price fixing in its worst form. It would amount to taxing
the small consumers of one industry in order to subsidize
another."
Stocks of finished gasoline dipped 287,000 barrels last
week to 48,310,000 barrels, reports to the American
Petroleum Institute disclosed. A week ago, the decline was
584,000 barrels. Refinery operations showed a sharp dip,
breaking to 69.4% of capacity, against 73% last week.
Stocks of gas and fuel oil rose 834,000 barrels to 111,717,000
barrels in keeping with the normal seasonal trend in these
items.
Price changes follow:
839
Jan.June,
1934.
Jan.June,
1933.
Arkansas
California:
Huntington Beach
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana: Gulf Coast
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio: Central and Eastern
Northwestern
Total Ohio
Oklahoma: Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas: Gulf Coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming: Salt Creek
Rest of State
Total Wyoming
32
936
48
1,423
1,841
61
2,168
72
42
1,254
298
8,781
15,467
516
88
8
13
392
2
72
137
4,101
15
440
1,921
64
24
708
2,629
88
31
935
292
10
1,418
47
313
10
273
9
3
89
362
12
6,084
203
3,463
116
6,962
232
16,509
551
1,288
43
1
5,011
167
4,161
139
16.582
553
1,752
58
5,738
191
33,244 1,108
343
11
537
18
21
646
1,183
39
1,292
1,834
2,114
1,294
8,537
15,071
98
411
75
4,178
350
1,853
764
2,617
1,002
276
1,426
319
299
95
394
6,175
3,331
6,968
16,474
1,301
1
5,166
4,384
16,280
1,770
5,843
33,443
351
556
596
1,152
United States total
80,040 2,668
79,870 2,576 448,680 433,230
963
.
totO
&W
*.ce, &CONOCO.
COCIO4e.0.1
CONtaact
NOO.COONO.N. N.CANOW000000NOO.o.ON&NOCA
O
Volume 139
5.548
5,674
7,433 4,811
10,050 10,824
11,632 12,731
7,575 9,582
49,788 46,480
86,478 84,408
523
481
2,300 1,828
407
311
22,993 19,693
2,198 2,192
9,167 6,766
4,652 4,917
13,819 11,683
5,343 2,734
1,448
982
8,091 6,443
1,792 1,489
1,606 1,575
499
488
2,105 2,063
33.653 26,942
19,461 19.453
39,730 35,352
92,844 81,747
7,102 5,984
5
2
29,296 27,521
24,305 29,148
91.399 101,043
9,650 8,227
32,944 32,181
187,594 198,118
2,021 1,759
3,228 3,594
2,841 2,045
6,069 5,639
Financial Chronicle
011
Gas
Dry
Tra.]
June,
1934.
May,
1934.
June,
1933.
1,126
124
363
1,112
98
369
387
65
247
5,802
576
1,916
2,993
389
1,674
1
1 570
ROO
.12 00,1
5050
API
Jan.-June, Jan -June,
1934.
1933.
a From "011 and Gas Journal" and California office of the American Petroleum
Institute.
Crude Oil Output Off 96,050 Barrels for Week Ended
Aug. 4 1934-Only 2,000 Barrels Above Federal
Quota-Inventories of Gas and Fuel Oil Higher.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended Aug.4
1934, was 2,451,300 barrels. This is a decline of 96,050
barrels from the previous week's output and exceeds the new
Federal allowable figure, which became effective Aug. 1
1934 by only 2,000 barrels. The decline was due mainly
to sharp curtailments in the Oklahoma and Califormia
fields, the falling off for the week in these two fields alone
totaling 76,550 and 17,500 barrels respectively.
The week's average compares with a daily average production of 2,548,050 barrels for the four weeks ended Aug. 4
1934 and a daily average output of 2,679,200 barrels for the
week ended Aug. 5 1933. Further details as reported by the
Institute follow:
Imports of crude and refined oil at principal United States ports totaled
811,000 barrels, a daily average of 115.857 barrels, against a daily average
of 131,857 barrels In the preceding week and an average of 119,786 barrels
over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 69,000
barrels for the week ended Aug. 4, a daily average of 9,857 barrels, compared with a daily average of 62,357 barrels over the last four weeks.
Reports received for the week ended Aug. 4 from refining companies
owning 89.7% of the 3.760.000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,341,000 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. 30,782,000 barrels offinished
gasoline; 6.401,000 barrels of unfinished gasoline and 111.717,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe
lines amounted to 17,528,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 473,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Actual Production.
Average
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Aug. 4
July 28
Aug. 4
Effective
1934.
1934.
1934.
Aug. 1.
)klahoma
480,100
131,200
{MUMS
,
anhandie Texas
Voyth Texas
Rest Central Texas
West Texas
East Central Texas
last Texas
Donroe
3outhwest Texas
Doastal Texas (not including Conroe)
Total Texas
Week
Ended
Aug. 5
1933.
415,200
132,150
491,750
136,750
497,900
135,050
568,450
130,150
61,250
58,800
27,450
149,400
50,550
470,600
47,900
57,200
62,750
58,700
27,100
147,900
51,550
468,650
47,300
56,250
61,050
58,600
27,200
146,750
51,000
467,150
47,500
57,400
56,750
51,300
21,850
159,450
58,850
581,700
84,400
52,200
121,600
123,100
121,950
124,300
1,001,300 1,044,750 1,043,300 1,038.600 1,190,800
forth Louisiana
Doastal Louisiana
24,400
71,850
24,550
73,600
24,650
71,100
26,200
45,900
87,200
96,250
98,150
95,750
72,100
111Chlgart
30,400
102,200
33,200
31.650
103,850
29,800
32,050
100,000
30,100
31.800
102,200
30,200
31,250
94,900
21,850
Wyoming
gontana
Dolorado
35,000
8,800
3,000
36,300
9,300
3,800
37,250
8,900
3,400
36,600
8,950
3,500
29,950
6,500
2,350
46,800
49,400
49,550
49,050
38,800
Total Louisiana
Arkansas
Eastern (not incl. Mich.)_
Total Rocky Mtn. States
slew Mexico
Dalifornia
46,700
490,200
47,450
500,800
47,400
518,300
48,050
519,450
37,700
493,200
Total United States_._ _ 2,449,300 2,451,300 2,547,350 2,548,050 2,679.200
Note.-The figures 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 AUG. 4 1934.
(Figures in thousands of barrels of 42 gallons each.)
Stocks a Stocks
of
of
FinUnDaily P. C. ished finished
Reyor ing
Aver- Oyer- Gaso- Gasoline.
Wed, line.
Total. P. C. age.
Daily Refining
Capacity of Plants.
Potenfiat
Rate.
East Coast _ Appalachian.
Ind., Ill., Ky
Okla.. Kan.,
la Missouri_ .
Inland Texas
Texas Gulf. _
La. Gulf_ __ _
No. La -Ark.
Rocky Mtn_
California_ _ _
41.mccommo o.moo
oomwmo.... mow
District.
Crude Runs
to Stills.
b Stocks
of
Other
Motor
Fuel.
Stocks
of
Gas
and
Fuel
Oil,
582 100.0
140 93.3
422 94.6
502 86.3 15,105
100 71.4 1,530
317 75.1 7,297
1.049
299
1,155
198 11,150
165 1,109
53 4,100
386
167
552
162
77
64
822
233
86
457
127
58
36
427
60.4 4,953
51.5 1,088
82.8 3,520
78.4 1,473
236
72.7
750
56.3
51.9 12,378
574
276
1,614
212
100
115
1,007
590 3,667
529 1,515
173 8,802
15 2,105
26
486
40
634
2,311 78,149
83.7
47.6
97.5
98.4
83.7
66.7
96.9
Totals week:
3,760 3,374 89.7 2,341 69.4 d48,310 6,401 4,100 111,717
Aug. 4 1934_
July 28 1934 3,760 3,374 89.7 2,464 73.0 c48,597 6,589 4,100 110,883
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unb ended natural gasoline at ref neries and plants also blended motor
fuel at plants. c Includes 31,143,000 barrels at refineries and 17.454.006 barrels
Aug. 11 1934
at bulk terminals in transit and pipe lines. d Includes 30,782,000 barrels at refineries and 17,528,000 barrels at bulk terminals, in transit and pipe lines.
Natural Gasoline Output Rises During Month of
June 1934.
According to the United States Bureau of Mines, Department of the Interior, the downward trend in natural gasoline
production, so evident in May, was interrupted in June,
when the daily average output was 3,970,000 gallons, compared with 3,940,000 gallons in May. The largest increase
in production in June was recorded in the East Texas district, Which is rapidly becoming one of the major natural
gasoline producing areas. Important increases were also
recorded in the Seminole and Kettleman Hills fields. Stocks
of natural gasoline held by plant operators on June 30 1934,
total 69,129,000 gallops, an increase of approximately 5,400,000 gallons over the total on hand June 1.
PRODUCTION OF NATURAL GASOLINE(THOUSANDS OF GALLONS).
Production.
Jan.June
1934.
Stocks End of Mo.
Jan.May
1933.
June
1934.
May
1934.
4,000 30.000 31,400
500
4,000
4,100
28,700 178,600 169,600
2,200 13,200 11,700
37,000 213,900 171,600
3,200 20,500 19,600
1,100
6,400
7,800
4,700 28,300 27,600
40.700 240,500 241,600
5,825
320
26,754
1,633
29,030
644
200
1,362
3,361
6,985
607
24,193
1,405
24,655
626
118
1,345
3,774
119.200 122,100 735,400 685,000
Total
3,970
3,940
4,060
Daily average
3,780
2,907 17,509 16,309
Total (thousands of bbhI.)_ _ 2,838
94
95
97
Daily average
90
69,129
63,708
June
1934.
3,000
Appalachian
500
Illinois, Kentucky dt Mich_
27,600
Oklahoma
1,900
Kansas
36,600
Texas
3,300
Louisiana
1,000
Arkansas
4,600
Rocky Mountain
40,700
California
May
1934.
1-,(1451,517
Slab Zinc Production and Shipments Continue Decline
During July-Inventories Again Lower.
The American Zinc Institute reported that 24,943 short
tons of slab zinc were produced during the month of July
1934. This is a slight decrease from the 25,143 tons produced during the preceding month and falls short by 5,922
tons when compared with the 30,865 tons produced in July
1933. Slab zinc shipments for the fourth consecutive month
continued to exceed production. Shipments for July totaled
26,950 short tons, against 30,186 tons the previous month
and 45,599 tons during July 1933. Inventories were further
reduced during the month under review. They fell from
99,689 tons June 30 to 97,682 tons on hand July 31. On
July 31 1933 inventories of slab zinc stood at 108,157 short
tons. The Institute's statement follows:
SLAB ZINC STATISTICS ALL GRADE5)-1929-1934.
(Tons of 2,000 Pounds.)
Produced
During
Period.
1929.
Total for year. 631,601
Monthly aver- 52.633
1930.
Total for year. 504.483
Monthly aver. 42.039
1931.
Total for year_ 300,738
Monthiy aver_ 25,062
1932.
22.471
January
21,474
February
22.448
March
20,575
April
18,605
May
16.423
June
14,716
July
13,611
August
13,260
September
15,217
October
16.076
November
18,653
December
Total for year. 213,531
17,794
Monthly aver_
Shipped
During
Period.
January
75,430
6,352
529
57,999
88,491
18,585
36.275
38,358
143,818
196
16
31,240
47,789
26,651
314.514
26,210
129,842
41
3
19,875
23,099
18,279
22,404
21,851
22,503
18,032
18.050
14,971
12,841
16,360
20,638
19,152
15.970
15,745
129.909
192,532
129,477
132,020
132,575
134,027
135,902
133,163
125.774
121,840
121.948
124,856
31
22,044
21,752
22,016
20,796
20,850
18,742
18,295
14,514
14,915
17,369
19,753
21,023
21,001
20,629
21,078
19,469
20,172
19,870
17,552
15,087
13,809
15,901
17,990
20,372
24.232
23.118
23,712
20,821
19,637
16,116
18,949
18,017
16,028
10.333
8,640
8,478
218,517
18.210
18,867
19,661
21,808
21.467
21,516
23,987
30.885
33,510
33,279
35,141
32.582
32,022
15,162
14,865
15,869
19,399
27,329
36.647
45,599
42.403
34,279
37.981
26.783
27,685
Total for year. 324.705
Monthly Aver_ 27,059
344,001
28,667
1934.
January
February
March
April
May
June
July
32,954
30,172
33,721
30,562
30,992
25,143
24,943
Average Unfilled
Retorts Orders
During End of
Period. Period.
602,601
50,217
1933.
February
March
April
May
June
July
August
September
October
November
December__
Retorts
(a)
Stock at Shipped Operating
End of
End of
for
Period. Export. Period.
26,532
32,361
32,753
31.948
35,635
30,186
26,950
2
3
2
2
2
2
17
1
128,581
133,357
139.296
141,364
135,551
122,891
108,157
99,264
98,264
95,424
101,223
105,560
w
tow&
wo.o.oww^mommt
NUMBER OF WELLS COMPLETED IN THE UNITED STATES. a
18,560
wwwwwwwwwwww
wmmowmawwwpw
wato.-wwo oow too
ow0000r.ommcom
840
239
20
111.982
109,793
110,761
109,375
104,732
99,689
97,682
44
0
3
0
0
48
0
21,970
22,500
21.683
21,526
22,154
22,590
24,127
25,968
25,019
25.819
27,159
26.318
6,313
8,562
8,581
18,072
21,056
27,142
35,788
25,594
27,763
23,386
20,633
15,978
23.653
28.744
30,763
26,952
26,692
27,193
31,284
30,324
26,975
27,779
28,816
25,349
25,086
27,720
29,048
26.717
26,676
21,976
27.396
20.831
21.726
16,058
a Export shipments are included in total shipments.
Note.-These statistics include all corrections and adjustments reported at the
year-end.
Financial Chronicle
Volume 139
Non-Ferrous
Metals Continue
Quiet at Unchanged
Prices.
"Metals and Mineral Markets" in its issue of August 9
stated that demand for major non-ferrous metals failed to
improve last week, indicating that consumers have not yet
formed a clear idea as to the immediate course of general
business. Most of the business indicators are still pointing
downward, owing partly to the seasonal slump in activity.
Steel operations for the current week were estimated at
25.8% of capacity, against 26.1 a week previous and 27.5%
a month ago. Zinc deliveries during July fell to 26,950
tons, against 30,186 tons in June. Prices named for copper,
lead, zinc, and tin scarcely moved in the domestic market,
with the undertone steady. Silver advanced into new high
ground for 1934, the price of metal in the open market
touching 48c. per ounce yesterday. Treasury support
appeared to be the chief factor in raising the price of silver.
"Metal and Mineral Markets" further went on to say:
Domestic Copper Dull.
Sales of copper in the domestic market continue in small volume, the
transactions for the last week totaling a little less than 1,000 tons. The
price situation underwent no change, the quotation for Blue Eagle copper
holding on the basis of 9c., Valley. Despite some uncertainty in the business
situation, there appears to be no uneasiness over the price structure so far
as the domestic market is concerned. Shipments of copper to fabricating
plants held at a good rate during July, and, with production being maintained at about the same rate as in recent months, the July statistics are
expected to be favorable.
The foreign market was moderately active at times, but, on the whole,
the tonnage moved during the week was not as large as in the preceding
seven-day period. The bank holiday in England on Monday naturally
restricted business in copper in that territory. Prices realized abroad last
week averaged a shade higher, compared with a week ago. German import
restrictions are becoming more severe, which tends to make operators in
the foreign field rather pessimistic.
Figures covering the first half of 1934 indicate that deliveries of copper
to fabricating plants have been well in excess of current production.
Monthly production and deliveries for the January-June period in the United
States, in short tons, have been about as follows:
a Production. Deliveries
x Production. Deliveries
January
47,500
33,000
27,750
32,500 May
February
32,500
46,500
27,500
37,000 June
March
28,500
42,500
249,500
April
180,250
31,000
Totals
43,500
x Mine and scrap.
Whether the increase in the domestic movement of coPPer has come
about naturally, or whether the shipments have been stimulated somewhat
by the upward movement in prices, is problematical in the opinion of
some observers. Both lead and zinc deliveries have been running well
below those of copper. Deliveries of the three major non-ferrous metals
In this country over the first half of the year were as follows:
January
February
March
April
May
June
Copper.
Lead.
Zinc.
32,500
37,000
42,500
43,500
47,500
46,500
33,911
25,778
30,365
30,673
29,316
28,276
26,532
32,361
32,753
31,948
35,635
30,186
189,415
178.319
249,500
The Copper Code Authority has addressed an advertisement to holders
of stocks of copper calling attention to the fact that under the provisions
of the Copper Code "holders of stocks of copper are entitled, under certain
conditions, to participate in sales."
Totals
Lead Holds at 3.75c., N. Y.
Trading in lead improved moderately last week, the sales for the period
exceeding 2,300 tons. All of the business placed was on the basis of either
3.75c., New York, the contract settling price of the American Smelting &
Refining Co., or at 3.60c., St. Louis. The leading Western producer, who
named a slightly higher price in the preceding week, announced that
business would be accepted so far as regular customers were concerned
at the market.
Statistically, there is little in the domeitic refined lead situation that is
encouraging. However, at current prices, no one seems to have the courage
to take a bearish stand on the market. Both producers and consumers
regard lead as being very low in price.
Total intake of lead in ore by United States smelters during June was
22,506 tons, against 26,054 tons a month previous. Receipts of lead in
scrap smelted in connection with ore amounted to 3,534 tons during June,
against 5,912 tons in July.
Zinc Price Steady.
Sales of zinc for the calendar week ended August 4 came to 2,200 tons.
Inquiry in the last few days has been slow, but, with the stocks on hand
falling, the undertone of the market was steady to firm. Most business
reported during the week was at 4.30c., St. Louis. The decline in zinc
stocks during July was brought about chiefly by the fall in production.
[The zinc statistics for the United States for July, released by the American Zinc Institute, are given elsewhere in this issued
Tin Fairly Steady.
There was a little more interest in tin, and, if consumption in this country
is running as far ahead of deliveries as the statistics indicate, it is regarded
as highly probable that some good buying may soon develop, notwithstanding the strong opposition to the present level of prices. United States
deliveries during July were 3.575 long tons, against 3,845 tons in June,
and 6,540 tons in July last year. The world's visible supply of tin at the
end of July was 16,313 tons, against 17,251 tons a month previous. Tinplate operations have increased to 60% of capacity in the last week,
attributed to activity resulting from the program of the Administration
to can a large part of the meat that will be obtained from slaughtering
between 5,000,000 and 7,000,000 head of cattle.
Chinese 99% tin was quoted nominally as follows: August 2, 51c.;
August 3, 51.05c.; August 4, 51.05c.; August 6, 51.05c.; August 7, 51c.;
August 8, 51.05c.
841
Tin Plate Production Stimulated by Government's
Canning Program-Steel Scrap at New Low.
The unusual severity of the drought in the Prairie States
has thrown a heavy shadow over business prospects in the
iron and steel industry said the "Iron Age" of Aug. 9. The
losses suffered by the agrarian States are far too heavy to be
offset by Covernment aid, but the emergency moves taken
by the Administration to slaughter and can 7,000,000 head
of cattle are proving of temporary benefit to steel producers.
The containers required for this program will call for close
to 175,000 tons of tin plate. The "Age" added:
The can companies may draw on their stocks to supply part of this
demand,but the mills will unquestionably be called upon for a large tonnage.
Specifications for tin plate have already rebounded, and tin mills have
raised their production from 45 to 65% of capacity. Semi-finished mills
have stepped up operations to increase their output of tin bars and openhearths have been called upon to supply more raw steel.
Largely as a result of the sudden spurt in tin plate demand, ingot output
has risen three points to 19% at Pittsburgh and two points to 37% in the
Valleys. There have also been gains of two points to 24% in the ClevelandLorain area, one point to 22% in the Philadelphia district, and 16 points
to 25% in the South. Operations are unchanged at 31% at Chicago. 30%
at Buffalo, 27% in the Wheeling district and 75% at Detroit.
The national rate of steel production has risen from 26 to 27%% of
capacity. Whether further gains will be made depends on continuance of
the increased flow of tin plate tonnage and a revival of buying in other lines.
Although there will be some additional buying of steel this month by the
automobile industry, it will be restricted mainly to fill-in tonnages for
current models. No large purchases ot steel for new models are expected
until the latter part of September.
Government-sponsored rail and track accessory orders will be completed at Pittsburgh by mid-August and at Chicago before Sept. 1. No
Important new railroad equipment programs are being launched.
In the construction field hopes are centered on a speeding up of Public
Works Administration work. Structural steel lettings, at 8,800 tons,
compare with 11,150 tons last week and 15,150 tons two weeks ago. Contracts for July, at 46,500 tons, were the lowest for any month this year
and compare with 82,725 tons for June and 87,350 tons for May.
The most depressing aspect of the market is the failure of replenishment
buying to Make its appearance. There has been a marked slowing up of the
tempo of industrial activity and inventories accumulated by consumers in
June are lasting longer than had been expected.
This fact, together with a fuller realization of the extent of drought
damage, has weakened sentiment in the scrap market, particularly in the
Chicago district, where there have been rather general price reductions.
As a result of the break at Chicago, the "Iron Age" composite for heavy
melting scrap has declined from $10.42 to $10.33 a ton, a new low for the
year.
It is difficult to believe, however, that consumption of iron and steel has
fallen as much as production. That output was artificially stimulated by
anticipatory accumulations of stock prior to July 1 seems only too evident
from the production figures. Pig iron output in July. at 39,510 tons per
day, showed a decline of 38.6% from the June daily rate of 64,338 tons.
The falling off in steel ingot production was even more severe, the recession
of July from June being 49%. The number of blast furnaces active Aug. 1
was 75 as compared with 89 on July 1, a reduction that points to a further
shrinkage in pig iron production in the current month.
July was the first month this year in which pig iron and steel output
failed to exceed production in the corresponding month of 1933. Pig
iron output last month was 31.6% lower than in July 1933. Steel ingot
output was 53.5% below that of July a year ago.
Comparisons of the first seven months of the year with the corresponding
period in 1933 are more favorable. The gain this year in steel ingot Production was 46.6%; in pig iron, 76.8%•
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $17.90 a ton and 2.124c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beans, tank plates.
Aug. 7 1934, 2.1240., alb.
2 124c. wire, rails, black pipe, sheets and hotOne week ago
2.131e. rolled strips. These products make 85%
One month ago
1 959c. of the United States output.
One year ago
Low.
High.
2.0080. Jan. 3
2 1990. Apr. 24
1934
I.867c.
Apr. 18
Oct.
3
2.015c.
1933
1.9260. Feb. 2
1932
1 9770. Oct. 4
1.9450. Dec. 29
2.0370. Jan. 13
1931
2.018c, Dec. 9
2 273c. Jan. 7
1930
2.273c. Oct. 29
2.3170. Apr. 2
1929
2.2170. July 17
11
Dec.
2
286c.
1928
2.212c. Nov. 1
2 402c. Jan. 4
1927
Pig Iron.
Aug. 7 1934, $17.90 a Gross Ton. Based on average of basic iron at Valley
$17.90 furnace foundry irons at Chicago,
One year ago
17.90 Philadelphia, Buffalo, Valley, and SirOne month ago
mIngham.
15.94
One year ago
Low.
High
$16.90 Jan. 27
$17.90 May 1
1934
13.56 Jan, 3
16.90 Dec. 5
1933
13.56 Dec. 6
14.81 Jan. 5
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
1 .04 July 24
1928
18.59 Nov.2i
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Aug. 7 1934. 810.33 a Gross Ton. [Based on Nov. 1 heavy melting steel
One week ago
810.421 quotations at Pittsburgh, Philadelphia
One month ago
10.58j and Chicago.
One year ago
12.251.
High.
Low.
19134
$13.00 Mar. 13
$10.33 Aug. 7
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
1927
15.25 Jan. 11
13.08 Nov. 22
The American Iron and Steel Institute on Aug. 6 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 would be 25.8%
of the capacity for the current week, compared with 26.1%
last week and 27.5% one month ago. This represents a
842
Financial Chronicle
decrease of 0.3 points, or 1.2%, from the estimate for the
week of July 30. Weekly indicated rates of steel operations since Oct. 23 1933 follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 26
193431.6% Jan. 1
26.1% Jan 8
25.2% Jan. 15
27.1% Jan. 22
26.9% Jan. 29
26.8% Feb. 5
28.3% Feb. 12
31.5% Feb. 19
34.2% Feb. 26
31.6% Mar. 5
193429.3% Mar. 12
30.7% Mar. 19
34.2% Mar. 26
32.5% Apr. 2
34.4% Apr. 9
37.5% Apr. 15
39.9% Apr. 23
43.6% Apr. 30
45.7% May 7
47.7% May 14
May 21
46.2%
46.8%
45.7%
43.3%
47 4%
60.3%
54.0%
55.7%
56.9%
58.6%
54.2%
1934May 28
June 4
June 11
June 18
June 25
July 2
JuW 9
July 16
July 23
July 30
Aug. 6
56.1%
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
28.1%
25.8%
"Steel," of Cleveland, in its summary of the iron and steal
markets, on Aug. 6 stated:
A net loss of 18 in active blast furnace stacks in July left only 74 in blast
Aug. 1 and dropped the daily pig iron making rate 39%, surrendering all
of the improvement since the turn of the year.
Since June 1 a total of 43 stacks has been blown out, the 74 now active
comparing with 105 in service a year ago. July's daily rate of 39,630 gross
tons contrasts with 64,563 tons in June and 58,108 tons last July. The
seven-month total for 1934 is 11,081.152 tons; a year ago it was 6,426,095
tons, and in 1932, 5,734,742 tons.
Meanwhile, production of steel also is moving to lower levels. The
National average eased three points to 2614% last week when moderate
declines in the Pittsburgh, Chicago, eastern Pennsylvania, Wheeling,
Cleveland, Birmingham and New England districts were offset only by a
shade of improvement at Buffalo and a stationary position at Detroit.
Five widely-scattered transactions in steel-making scrap-one each at
Chicago, Youngstown and Buffalo and two at St. Louis-attracted attention
last week in an otherwise listless iron and steel market, for their possible
barometric significance. The tonnage was small-probably 30,000 tonsbut the sales were made at the market and denoted the first interest by
steelmakers In raw materials in some weeks.
These sales strike the keynote of the entire iron and steel market-it is
dull but not demoralized. Underneath is a strong senthnent that within
30 days some degree of improvement in buying will set in. By the end of
that period, automobile manufacturers should be releasing the first steel
required for 1935 models-not in large tonnages but making a start.
The drought last week developed a faint silver lining. For canning meat
animals which the government is now purchasing in the stricken areas of
the West, for distribution among those on relief rolls next winter, 175,000
tons of tin plate will be required. A slight fillip was noted in tin plate
production last week, traceable to this cause. At Chicago, whose wire
works have a big outlet in the farm areas, it is believed that fall purchases
will be greater than now seem probable.
Structural steel awards declined last week to 16,134 tons, slightly under
the weekly average for the year to date, despite a slightly more active
market in New York. Demand for reinforcing bars for bridge work is fair.
Labor trouble in oil fields is holding up some plate business; at Chicago.
Bars are being purchased only for fill-in requirements for automotive and
other leading uses.
A seasonal development that may bolster the sheet market is the approach of production on new models of radios. A large manufacturer in
the Philadelphia district is expected to buy shortly. New York City supplies
the activity in rails, requiring 11.451 tons of these classifications for subways.
Placing of two streamline trains each by the Burlington and Gulf, Mobile
& Northern will bring more requirements for light, alloy steels than tonnages
for plates.
Prices are generally steady except for a $1 increase in terne plate, restoring
its former relationship to black sheets. "Steers" revised iron and steel
composite, which now includes iron and steel scrap and a larger porportion
of finished steel products, stands at $32.28 this week. The finished steel
composite is holding at $54. and the scrap index is off 8 cents to $10.17,
Steel ingot production for the week ended Aug.6 is placed
at a shade under 26% of capacity, according to the "Wall
Street Journal" of Aug. 7. This compares with nearly
263/2% in the previous week, and with a fraction under 28%
two weeks ago.
U. S. Steel is estimated at 24%, against more than 25% in the week
before, and 2714% two weeks ago. Leading independents are credited
with a shade under 26%,compared with a fraction over 263.% in the
preceding week and 28% two weeks ago.
The following table gives the production of ingots for the nearest corresponding week of previous years, together with the approximate change
from the week immediately preceding.
Industry.
as
1933
1932
1931
1930
1929
1928
1927
14 - 14
32 +1
56 -2
94 -2
72 - 14
6514-3
U. S. Steel.
Independents.
51 +I
13
34 +1
6214-2
93 -2
76 - Si
68 -314
58-1
15-1
30+1
51-2
91-1
69-1
68-2
Steel Shipments Fall Off Heavily.
The United States Steel Corp. reports shipments of
finished steel products of its subsidiaries at only 369,938
tons in July as compared with 985,337 tons the previous
morth a reduction of 615,399 tons. Shipments in July 1
year ago amounted to 701,322 tons. Below we show the
monthly figures since January 1930:
Steel Ingot Output in July Shows Sharp Decline.
The American Iron & Steel Institute's monthly report of
steel ingot production calculates the output of all companies in July at 1,472,584 tons, a decrease of 1,543,388
tons over the previous month, when 3,015,972 tons were
produced. A year ago in July the total output was 3,168,354
tons. Approximate daily output for the 25 working days
in July was 58,903 tons, while in June, with 26 working
days, the output averaged 115,999 tons per day. In July
1933, which also had 25 working days, the daily output
averaged 126,734 tons. Below we show the report giving
the monthly figures since January 1933:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1933 TO JULY
1934-GROSS TONS.
Reported for 1933 by companies which made 97.82% and for 1934 by owitianies
which made 99 39% of the open-hearth and Bessemer steel production in 1983.
Month.
1933.
Jan
Feb
March
April _.
May
June
July
7 mos_
August
Sept
Oct
Nov
Dec
January
February
MardiApril
May
June
July
August
September
October
November
December
Year 1930. Year 1931. Year 1932. Year 1933. Year 1934.
1,104,168
1,141,912
1,240,171
1,188,456
1,203,916
984,739
946,745
947.402
767,282
784,648
676.016
579,098
800,031
762,522
907,251
878,558
764,178
653,104
593,900
573,372
488,928
476,032
435,697
351.211
428,271
413,001
388,579
395,091
338,202
324.746
272,448
291,688
316,019
310,007
275,604
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
Yearly adjustment_ a(40.259)
2(8,040)
a(6,180)
b(44.283)
11.624,244
Total for year
it Reduction. b Addition.
7,676.744
3.974.082
6.303.236
331,777
385,500
588,209
643,009
745,063
985,337
369.938
Calculated No.ol
Monthly
Monthly WorkOutput
&WW1% Companies Output AU fag
Reporting. Companies. Days.
OpenHearth.
885,663
922,798
784,111
1,180,823
1,716,425
2.211.652
2,743,326
Total
1934,
Jan
Feb
March
April
May
June
July
109,000
126,781
94,509
135,217
216,841
298,765
355,836
994,663
1.049,579
878,620
1,316,040
1,933,266
2,508,417
3.099,162
1,016,870
1,073,012
898,236
1,345,422
1,976,428
2,564,420
3,168,354
26
24
27
25
27
28
25
Appros. Per
Daily
Cent.
Output Opera..
All Cos, lion. a
39,110
44,709
33,268
53,817
73,201
94,632
126,734
10,444,798 1,334,949 11,779,747 12,042,742 180
17.99
20.57
15.30
24.76
33,68
45.37
68.30
66,904
30.78
27
26
26
26
25
106,058
87,811
80,188
58,507
71,944
48,79
40.40
36,89
26.92
33.10
19,674,879 2,425,779 22,100,658 22,694,079 310
72,884
33.53
72,999
90,951
102,255
115.901
124,174
115,999
58,903
33.15
41.31
46.44
52.84
56.39
52.68
26.75
2,430,663
1,991,204
1,847,690
1,331,029
1,629,495
1,786,467
1,993,638
2,540,143
2,622,372
3,000,624
2,714,983
1,343,732
370,370
242,014
191,673
156,939
129,834
172,489
175,873
203,904
257,482
331,620
282,592
119,869
2,801,033
2,233,218
2,039,363
1,487.968
1,759.329
2,863,589
2,283,079
2,084,984
1,521,189
1,798,606
1,958,956
2,169,511
2,744,047
2,879,854
3,332,244
2,997,575
1,463,601
1,970,979
2,182,828
2.760.888
2,897,529
3.352,695
3,015,972
1,472,584
27
24
27
25
27
26
25
7 mes.... 16,001,959 1,543,829 17.545,788 17,653,473 181
97,533 44.30
a The figures of "percent of operation" for 1933 are based on the annual capacity
as of Dec. 31 1932 of 67,388,130 gross tons, and for 1934 on the annual capacity its
of Dec. 311933, of 68,478.813 gross tons for Open-hearth and Bessemer steel ingota.
July
Pig
Iron
Output
Declined
38.6%.
The "Iron Age" of Aug. 9 stated that production of coke
pig iron In July declined sharply to 1,224,826 gross tons,
compared with the June output of 1,930,133 tons. The
daily rate in July, at 39,510 tons, showed a loss of 38.6%
from the June rate of 64,338 tons a day. The daily production last month was the lowest since January, which
averaged 39,201 tons. The "Age" added:
There were 75 furnaces in blast on Aug. 1, making iron at the rate of
35,585 tons a day, compared with 89 furnaces on July 1, operating at the
rate of 48,190 tons a day. Highteen furnaces were blown out or banked
during July and four furnaces were blown in. The Steel Corp. blew out or
banked six and blew in four, and independent steel companies blew out or
banked 12 furnaces.
Among the furnaces blown out or banked are the following. One Edgar
Thomson, one Ohio, Carnegie Steel Co.; one South Chicago (old), of the
Hlinois Steel Co.; three Ensley furnaces, of the Tennessee Coal, Iron &
RR.Co.;one Lackawanna,one Steelton and one Sparrows Point, Bethlehem
Steel CO.; one Donner and one Massillon, Republic Steel Corp.; one Portsmouth and one Riverside, Wheeling Steel Corp.; one Weirton, National
Steel Corp.; two River furnaces, Corrigan, McKinney Steel Co.; one Otis,
Otis Steel Co.,and one Midland furnace,of the Pittsburgh Crucible Steel Co.
Furnaces blown in included two Duquesne, one Mingo, of the Carnegie
Steel Co., and one Monongahela. of the National Tube Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1929-GROSS TONS.
January
February
March
April
May
,
June
First six months_
July
August
September
October
November
December
12 mos.average
1929.
1930.
1931.
1932,
1933.
1934.
111,044
114,507
119,822
122,087
125.745
123,908
119.564
122,100
121,151
116.586
115,745
106,047
91,513
115,851
91,209
101,390
104,715
106.062
104,233
7.804
100.891
85,146
81,417
75,890
69,831
82.237
53,732
86,025
55,299
60,950
65.556
67,317
64,325
54.621
61.356
47,201
41,308
38,964
37,848
36,782
31,625
50.069
31,380
33,251
31,201
28,430
25,276
20,935
28,412
18,461
17,115
19,753
20,800
21,042
17,615
23,733
18,348
19,798
17,484
20,787
28,621
42,166
24,536
57,821
59,142
50,742
43,754
37,174
38,131
36,199
39,201
45,131
52,243
57,561
65.900
64,338
54,134
39,510
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS)
Pip iron.:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED.
Month.
Aug. 11 1934
Ferrotnanganese.y
1934.
1933.
January
February
March
April
May
June
1,215,226
1,283,673
1,619,534
1,726,851
2,042,896
1,930,133
568,785
554,330
542,011
623.618
887,252
1,265,007
11,703
10,818
17,605
15,413
10,001
10.097
8,810
8,591
4,783
6,857
5,948
13.074
Half year
July
August
September
October
November
December
9,798,313
1,224,826
4,441,003
1,792,452
1,833,394
1,522.257
1,358,361
1,085,239
1,182,079
75,642
10,188
47,083
18.681
16,953
13,339
16.943
14,524
9,369
1984.
1933.
Year
13,212,785
136,762
x These totals do not include charcoal pig iron. The 1932 production of this
Iron was 15,055 gross tons as against 46,213 grow tons in 1931. y Included in PIS
Iron figures.
Financial Chronicle
INCLUDING STOCKS IN RETAIL YARDS.
Inc, or Dec.from
July 1
1934.b
June 1
1934.a
April 1
1934.a
July 1
1933.
Previous
Quarter.
Year
Ago.
Consum's'5155.cIndustrial, tons... 23,493,000 22,990,000 23,961,000 17,972,000 -2.0
Retail dealers, tons 5,900,000 5,500,000 4,410,000 4,500,000 +33.8
+30.7
Total tons
29,393,000 28,490,000 28,371,000 22,472,000 +3.6
Days' supply- 37 days
+54.2
30 days
35 days
24 days
+30.8
+23.3
+31.1
Coal in TransitUnbIlled loads.. _ ... 1,816,000 1,764,000 1,151,000 1,466,000 +57.8 +23.9
On Lake docks.... 5,029,000 3,363,000 3,068,000 4.785,000 +63.9
+5.1
a Revised, b Subject to revision. c Coal in the bins of householders is not
included.
Industrial Stocks and Consumption.
Stocks of bituminous coal in the hands of industrial consumers rose in
June as the consumption of coal declined. The total consumption for the
month amounted to 20,416.000 net tons, a decrease of 5.4% as compared
with the 21.589,000 net tons consumed in May. This decrease was shared
by each of the major groups of consumers, except the electric power utilities and the cement mills. The largest decreases, 9.3% and 9.2%, were
reported by the coal-gas retorts and other industrials, respectively. Byproduct coke ovens, railroads, steel works and rolling mills, and beehive
coke ovens, also show decreases of 6.4%, 5.8%, 5.4% and 1.2%, respectively.
In view of the lower rate of consumption in June, stocks rose from 22.990,000 net tons on June 1 to 23,493,000 net tons on July 1. an increase of
503,000 net tons, or 2.2%. The largest increase in stocks was made at
the by-product coke ovens, a gain of 10.3%, while the cement mills, steel
works and rolling mills, coal-gas retorts, other industrial, railroads, and
electric power utilities show increases ranging from 3.7% to 0.3%.
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL
IN THE UNITED STATES, EXCLUDING RETAIL YARDS.
(Determined jointly by F. G. Tryon, Coal Statistics Section, U. S. Bureau of Mines,
and Thomas W. Harris Jr., Chairman, Coal Committee, National Association
of Purchasing Agents.)
June, 1934
(Preliminary)
Stocks End of Month atElectric power utilities_a
By-product coke ovens_ b
Steel and rolling mills_ b
Coal-gas retorts.b
Cement mills_ b
Other industrial_c
Railroad fuel (Class I)d
Total Industrial stocks
Industrial Consumption byElectric power utilities_a
By-product coke ovens_b
Beehive coke ovens_ b
Steel and rolling mills_b
Coal-gas retorts_b
Cement mills_ b
Other industrial_c
Railroad fuel (Class I)d
Total industrial consumption
Additional Known Consumption-
Cola mine fuel
Bunker fuel, foreign trade
Days' Supply on Hand at-
Net Tons.
5,192,000
5,209,000
5,288,000
4,795,000
915,000
935,000
428,000
419,000
312,000
301,000
6,740,000
6,850,000
Per Cent
of Change
+0.3
+10.3
+2.2
+2.1
+3.7
+1.6
4,581,000
4,518,000
+1.4
23,493,000
22,990,000
+2.2
2,639,000
4,379,000
80,000
1,060,000
196,000
410,000
5,900,000
5,752,000
2,514,000
4,676,000
81,000
1,120,000
216,000
374,000
6,500,000
6,108,000
20,416,000
21,589,000
-5.4
237,000
120,000
252,000
137,000
-6.0
-12.4
+5.0
-6.4
-1.2
-5.4
-9.3
+9.6
-9.2
-5.8
Days' Supply.
64 days
32 days
25 days
60 days
25 days
-7.8
+12.5
+4.0
+10.0
-8.0
33 days
23 days
+3.0
+4.3
Electric power utilities
• 59 days
By-product coke ovens
Steel and rolling mills
Coal-gas retorts
Cement mills
Other industrial
36 days
26 days
66 days
23 days
Railroad fuel (Class I)
May, 1934
(Revised)
34 days
24 days
Total industrial
33 days
+6.1
35 days
a Collected by the U. S. Geological Survey. b Collected by the U. S. Bureau of
Mines. c Estimates based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000
representative manufacturing plants. The concerns reporting are chiefly large
consumers and afford a satisfactory basis for estimate. d Collected by the American
Railway Association.
Anthracite, Coke and Retail Bituminous.
Deliveries of all kinds of solid fuel during the month of June were higher
than in May. Reports from a selected list of representative retail dealers
Indicate that the average daily rate of deliveries of soft coal to householders in June increased 2.2% as compared with May,and stocks of bituminous coal at retail yards increased 13.7%. Deliveries of hard coal by the
% of Changefrom
July 1
1934.
June 1
1934,
Retail dealers' stocks,
selected d niters:
Anthracite, set tons_ 614,666 568,845
Anthracite, lays'supply_ b_
61
59
126,982 102,092
Coke, net t DS
Coke, days' supply_b
85
70
Anthracite in reducers'
1 540,622 1,165,372
storage yards
Anthracite on Lake d'ks 318,389 243,193
Hy-Product co eat mer1.037.737 926.312
chant plants
April 1
1934.
July 1
1933.
Previous
Quarter.
Year
Ago.
309,303
(a)
+98.7
(a)
17
59,970
17
(a)
(a)
(a)
+258.8
+111.7
+400.0
(a)
(a)
(a)
194,839
153,862
533,274 +690.7 +188.9
261,235 +106.9 +21.9
673.678 1.423.691 +54.0
-27.1
a Not available. b Calculated at current rate of deliveries to customers.
Weekly Production of Bituminous Coal Shows Slight
Increase-Anthracite Output Lower than in
Preceding Week.
Production of bituminous coal, according to the United
States Bureau of Mines, Department of the Interior, for
the week ended July 28 1934 was estimated at 6,020,000
net tons. This is a gain over the 5,845,000 tons produced
in the preceding week, but a falling off from the 7,550,000
tons reported for the week ended July 29 1933. Anthracite
output was estimated at 816,000 net tons, and compares
with 826,000 tons produced the previous week and 1,044,000
tons in the corresponding week of 1933.
For the month of June 1934 production was estimated
at 26,424,000 tons of bituminous coal and 4,184,000 tons
of anthracite, as against 28,100,000 tons of soft coal and
5,250,000 tons of hard coal during May; and 25,320,000
net tons of bituminous and 3,928,000 net tons of anthracite
during June 1933.
During the calendar year to July 28 1934 production
of bituminous coal amounted to 205,596,000 net tons,
against 173,322,000 tons in the calendar year to July 29
1933. Anthracite output for the same periods totaled
35,861,000 net tons and 25,870,000 net tons, respectively.
The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
calendar Year to Date.
Week EndedJuly 28
1934.c
July 21
1934.d
July 29
1933.
1934.
1933.
1929.
Bitum. coal:a
Weekly total 6,020,000 5,845,000 7,550,000 205,596,000 173,322,000 295,753,000
978,000 1,667,000
Daily aver._ 1,003,000 974,000 1,258,000 1,164,000
Pa.anthracite:b
Weekly total
Daily aver_ _
Beehive coke:
Weekly total
Daily aver__
816,000
136,000
826,000 1,044,000 35,861,000 25,870,000 39,801,000
204,300
147,400
226,800
137,700 174,000
468,300 3,946,700
16,500
568,200
10,300
10,300
3,174
2,616
2,750
22,049
1,717
1,717
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS).
Monthly Production.
Week Ended.
State.
July 21
1934.
Alabama
Ark. and Okla
Colorado
Illinois
Indiana
Iowa
Kans. and Mo..
Ky.-Eastern _ _
Western
Maryland
Michigan
Montana
New Mexico_
North Dakota
Ohio
Pa. (bitum.)
Tennessee
Texas
Utah
Virginia
Washington....
West VirginiaSoutherna
Northernb_ _ _
Wyoming
Other States- - _
0,
.0
N0003 WC 0.0
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS COAL,
SUMMARY OF STOCKS OF DOMESTIC ANTHRACITE AND COKE.
00
.--41,1.1,
2
NNW .0
Although present stocks are less than at the beginning of the previous
quarter, they are still substantially higher than on July 1 1933, when the
total commercial reserves amounted to 22,472,000 tons. This, however,
was obviously subnormal, being less than at the corresponding season of
any year since 1920. Stocks for both industrial consumers and retailers
on July 1 were above the level of a year ago.
In making comparisons of stocks on different dates, it is necessary to take
into consideration the highly variable factor of consumption. For this
reason the best measure of reserves is to express them in terms of the number of days they would last at the current rate of consumption. At the
rate of consumption prevailing in June, the total stocks on July 1 were
sufficient to last 37 days. On the corresponding date of last year the stock
were equivalent to 30 days' requirements.
In addition to the tonnage of bituminous coal in the hands of industrial
consumers and retail dealers, there were 5,029,000 tons of soft coal on the
commercial Lake docks on July 1 and 1,816,000 tons standing in cars unbilled at the mines or in classification yards. A year ago the stocks on the
Lake docks amounted to 4,785.000 tons, and the unbilled loads stood at
1,466,000 tons.
843
dealers canvassed also increased in June, the daily rate being 8.2% higher
than in the preceding month. Stocks of anthracite on July 1 were 8.1%
higher than on June 1. From a total of 1,165,372 net tons on June 1.
stocks of anthracite in producers' storage yards increased to 1,540,622 tons
on July 1, a gain of 32.2%. Stocks of anthracite on the Lake docks on
July 1 were 318,389 net tons, being 30.9% higher than at the beginning of
the previous month and 21.9% more than on July 1 1933.
O.
Stocks of Bituminous Coal in Hands of Consumers at
July 1 1934 3.6% Higher Than at Beginning of
Quarter-Industrial Consumption Continues Decline. •
The U. S. Bureau of Mines, Department of the Interior,
reported that commercial stocks of bituminous coal increased
during the second quarter of 1934 and on July 1 the total
reserves in the hands of industrial consumers and retail
dealers stood at 29,393,000 tons. The net increase in stocks
over the first quarter was 1,022,000 tons, or 3.6%.
!P9
00, 4'0:4P.P5P5P:o!,,,Pr5°
Volume 139
July 14
1934.
175,000
16,000
56,000
537,000
205,000
45,000
82,000
515,000
86,000
20,000
3,000
27,000
20,000
20,000
378,000
1,645,000
50,000
10.000
28,000
155,000
24,000
July 22
1933.
185,000
31,000
48,000
625,000
239,000
48,000
76,000
668,000
123,000
28,000
3,000
34,000
16,000
13,000
414,000
c
80,000
12,000
28,000
200,000
27,000
June
1934,
823,000
61,000
191,000
2,295,000
795,000
163,000
293,000
2,330,000
390,000
86,000
15,000
110,000
68,000
85,000
1,453,000
7,560,000
255,000
52,000
107,000
790,000
88,000
May
1934.
960,000
44,000
248.000
2,350,000
865,000
153,000
210,000
2,490,000
488,000
95,000
20,000
110,000
80,000
80,000
1,420,000
7,895,000
350,000
65,000
110,000
885,000
92,000
June
1933.
637,000
87,000
188,000
2,080,000
833,000
191,000
301,000
2,383,000
374,000
90,000
8,000
106,000
79,000
45,000
1,456,000
c
295,000
48,000
102,000
718,000
95,000
1,348,000 1,671,000 6,185,000 6,645,000 6,031,000
420,000 d540,000 1,955,000 2,160,000 d1,812,000
250,000
234,000
63,000
242,000
66,000
32,000
35,000
3,000
1,000
3,000
Tot, bit, coal_ 5,845,000 5,934,000 e7,220,000 26,424,000 28,100,000 e25,320,000
869,000 4,184,000 5,250,000 3,928,000
Pa. anthracite... 826,000 796,000
Total coal_ _ _ 6.671.000 6.730.000 8.089.000 30.608.000 33.350.000 29.248.000
a Includes operations on the N.& W.:C.& O.: Virginian;K.de M.,and B.C.&G.
b Rest of State, ncluding the Panhandle. and Grant, Mineral and Tucker counties.
c Figures being revised. d Revised figures. e Original estimates. No revision
In the National total will be made until receipt of final operators' reports from
all districts.
844
Financial Chronicle
Preliminary Estimates of Production of Bituminous
Coal and Anthracite for the Month of July 1934
Show Decline from Previous Month.
According to preliminary estimates made by the United
States Bureau of Mines, Department of the Interior, production of bituminous coal during the month of July 1934
amounted to 25,290,000 net tons. This compares with
26,424,000 net tons in the preceding month and 29,482,000
tons in July 1933. Anthracite output during July was estimated at 3,436,000 net tons, as against 4,184,000 tots produced in June and 3,677,000 tons in July 1933. The Bu
reau's statement follows:
Aug. 11 1934
Calendar
Total for Numberof Average Per
Year to
Month
Working Working Day End of July
(Net Tons). Days. (Net Tons). (Net Tons).
July 1934(Preliminary)—
Bituminous coal
25,290,000
25
1,012,000 207,969,000
Anthracite
3,436,000
25
137,400
36,202,000
Beehive coke
44,500
25
1,780
571,900
June 1934 (Revised)—
Bituminous coal
26,424,000
26
1,016,000
Anthracite
4,184,000
26
160,900
Beehive coke
50,700
26
1,950
July 1933—
Bituminous coal
29,482,000
25
1,179,000 174,692,000
Anthracite
3,677,000
25
147,100
26,084,000
Beehive coke
68.400
25
2 755
472 100
Note—All current estimates will later be adjusted to agree with the results of
the complete canvas of production made at the end of the calendar year.
Current Events and Discussions
The Week w"th the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended Aug. 8, as reported by
the Federal Reserve banks, was $2,463,000,000, a decrease
of $1,000,000 compared with the preceding week and an
increase of $248,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Aug. 8 total Reserve Bank credit amounted to 32,458,000,000, a
decrease of $5,000,000 for the week. This decrease corresponds with
decreases of $133,000,000 in Treasury cash and deposits with Federal
Reserve banks and $13,000,000 in non-member deposits and other Federal
Reserve accounts and an increase of 525.000.000 in monetary gold stock,
offset In part by increases of $144,000,000 in member bank reserve balances
and $19,000,000 in money in circulation and a decrease of $4,000,000 in
Treasury and National bank currency.
There was practically no change in the System's holdings of bills discounted, bills bought in open market and United States bonds. An increase
of $6,000,000 in holdings of United States Treasury notes was offset by a
decrease of a like amount in holdings of Treasury certificates and bills.
The statement in full for the week ended Aug. 8 in comparison with the preceding week and with the corresponding
date last year will be found on pages 887 and 888.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year
ended Aug. 8 1934, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Aug. 8 1934.
16
21,000.000
5,000,000
2 432,000.000
Increase (+) or Decrease (—)
Since
Aug. 9 1933.
Aug. 11934.
$
$
—135,000,000
—3,000,000
+384.000,000
—5,000,000
—8.000.000
TOTAL RES'VE BANK CREDIT_ _2,458,000.000
Monetary gold stock
7 957.000.000
Treasury and National Bank currency2,357,000,000
—5,000.000 +238,000,000
+25,000,000 +3,924,000,000
+76,000,000
—4,000.000
+13,000,000
Money in circulation
5,334,000,000 +19,000,000
Member bank reserve balances
4059.000.000 +144,000,000 +1.683,000,000
Treasury cash and deposits with Federal Reserve banks
2 941,000,000 —133,000,000 +2,649,000.000
Non-member deposits and other Federal Reserve accounts
438.000,000 —13,000,000 —107,000.000
.Leas than $100000.
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $58,000,000, the total of these loans on Aug. 8 1934
standing at $827,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $720,000,000 to $666,000,000, loans "for account of
out-of-town banks" from $164,000,000 to $160,000,000,
while loans "for account of others" remained even at
$1,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug. 81934.
Aug. 11934.
Aug. g 1033.
Aug.8 1934. Aug. 1 1934. Aug. 9 1933.
Loans on secur. to brokers 8c dealers;
$
For own account
666,000,000 720,000,000 742,000,000
For account of out-of-town banks
160,000.000 164,000,000 131,000,000
For account of others
1.000,000
1,000,000
7,000,000
Total
On demand
On time
Loans and Investments—total
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
827,000,000
885,000,000
880,000,000
506.000.000 553,000,000 625,000,000
321,000,000 332,000,000 255,000,000
Chicago.
1 464,000,000 1,469,000,000 1,251,000,000
579,000,000
575,000,000
706,000,000
266,000,000
313,000,000
267,000,000
308.000,000
355,000,000
351,000,000
885,000,000
894,000.000
545,000,000
583,000.000
302,000.000
590.000,000
304,000,000
319,000,000
226,000.000
302,000,000
26,000.000
Reserve with Federal Reserve Bank
498,000,000 495.000,000
Cash in vault
36,000,000
35,000,000
Net demand deposits
1,403.000,000 1,411,000,000 1,015,000,000
Time deposits
358,000,000 356,000,000 354,000,000
Government deposits
44,000,000
44,000,000
42,000,000
Due from banks
156,000,000 163,000,000 191,000,000
Due to banks
410,000,000 413,000,000 269,000,000
Borrowings from Federal Reserve Bank_
a Revised.
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 got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 1:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Aug. 1 shows a decrease for the
week of 3135.000,000 in loans on securities and increases of 370.000,000
in other loans, 535,000.000 in holdings of United States Government
securities and 564,000,000 in holdings of other securities, also decreases of
510.000,000 in net demand deposits, 513.000,000 in time deposits and
186,000.000 in reserve balances with Federal Reserve banks.
Loans on securities declined $122,000,000 at reporting member banks in
the New York district and 56,000,000 in the Atlanta district, while "all
other" loans increased 336,000.000 in the New York district, $13,000.000
in the Chicago district, $7.000,000 in the Atlanta district and $6,000,000
in the Boston district.
Holdings of United States Government securities increased $12,000,000
in the New York district, $11,000,000 in the Boston district. $7,000,000
in the San Francisco district and $6,000,000 in the Chicago district, and
declined $9.000.000 in the St. Louis district. Holdings of other securities
increased 337.000,000 in the New York district and $9,000,000 in the
Philadelphia district.
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 $1.160,000,000 and net
demand, time and Government deposits of $1.254,000,000 on Aug. 1,
compared with $1,150,000,000 and $1,252,000,000, respectively, on July 25.
A summary of the principal assets and liabilities
ties
inot
ft
he tahseretepomretnintg, togetherthmgeembeerr
banks, in 91 leading cities, that are now incl
and
the
year
week
ended
with changes for the
Aug. 11934, follows:
Increase (-I-) or Decrease (—)
Since
Aug. 11934. July 25 1934.
Aug. 2 1933.
Loans and Investments—total
7 108,000,000 7,191,000,000 6,722,000.000
Loans and investments—total
_17,762,000,000
+34,000.000 +1,205,000.000
Loans—total
3 041,000,000 3,100.000,000 3,365,000,000
Loans—total
7,873,000.000
----3,358 000.000
4,515,009.000
—65.000,000
—673,000,000
— 135,900.009
+70,000,000
—414,000,006
—259,000.000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1 520.000,000 1,571,000,000 1,775,000,000
1,521,000,000 1,529,000,000 1,590.000,000
4,067,000.000 4,091,000,000 3,357,000.000
2 878,000,000 x2903.000,000 2,307,000,000
1 189,000,000 x1188,000.000 1,050,000,000
1,415,000,000 1,367,000,000 761,000,000
38,000,000
38,000,000
37,000.00(1
6 162,000,000 6,215.000,000 5,244,000,000
675,000,000 677,000,000 772,000,000
704,000,000 704,000,000 254.000,000
60.000,000
65,000.000
68,000.000
1,590,000,000 1,612,000,000 1,142,000,006
On securities
All other
9,889,000,000
+99,000.000 +1.878.000,000
U. S. Government securities__ 6,706,000,000
3,183,000,000
Other securities
2,953,000.000
221,000,000
+35,000,000 +1,658.000000
+64,000,000 +220,000,000
—86,000,000 +1,289.000,000
—14,000,000
+43,000,000
—10,000,000 +2,270,000,000
—45,000,000
—13,000,000
+736,000,000
Investments-total
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R. banks
12,745,000,000
4,488.000,000
1.296.000,000
1.562,000,060
3,770,000,000
5.000
—82,000,000 +444,000,000
—75,000,000 +1,210,000,000
—26.000,000
Volume 139
Financial Chronicle
Statement of Bank for International Settlements for
July—Assets July 31 Totaled 653,496,520.27 Swiss
Gold Francs, Compared with 643,987,190.28 June 30.
The balance statement of the Bank for International
Settlements, giving its condition as of July 31, shows total
assets of 653,496,520.27 Swiss gold francs. This compares
with assets of 643,987,190.28 francs on June 30. According
to the statement the Bank had cash on hand and with banks
of 5,020,758.69 francs against 5,551,194.02 at the end of
June. The Statement for July, as contained in Associated
Press advices from Basle, Switzerland, Aug. 4, to the New
York "Times" of Aug. 6, follows (figures in Swiss gold
francs at par):
Assets—
I. Gold in bars
II. Cash on hand and with banks
III. Sight funds at interest
IV. Rediscountable bills and acceptances:
1. Commercial bills and acceptances. __ _
2. Treasury bills
Total
V. Time funds at interest:
Not exceeding three months
VI. Sundry bills and investments:
I. 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
July.
14,820,039.34
5,020,758.69
10,806,984.27
Previous
Month.
15,975,365.08
5,551,194 02
10,216,215.08
139,007,387.66
208,118,426.45
150.035,250.82
185,630,716.54
347,125,814.11
335,665,967.36
38.199,782.15
37,659,181.02
63,952,661.17
32,004,122.00
42,762,554.96
31,985,307.23
16,943,803.26
70,619,147.99
38,224,704.83
69,935,037.62
7,807,696.71
36,178,358.74
9,624,905.84
36,255,112.38
Total
227,505,789.87
VII. Other assets:
1. Guaranty of central banks on bills
sold, as per contra
4,294,505.14
2. Sundry items
5,722,801.60
228,787,622.86
Total
4,269,215.55
5,862,429.31
10,017,351.74
10,131,644.86
653,496,520.27
643,987,190.28
125,000,000.00
125,000,000.00
2,672,045.12
4,866.167.29
9,372,334.56
2,672,045,12
4,866,167.29
9,732,334.56
17,270,546.97
17,270,546.97
153,640,000.00
76,820,000.00
40,810,673.73
153,640,000.00
76,820,000.00
40,770.935.97
Total
271,270,673.73
IV. Short-term and sight deposits:
1. Central banks for their own accounts—
(a) Not exceeding three months_
109,032,120.95
(b) Sight
39,156,816.41
271,230,935 97
Total assets
LtabilUies—
I. Paid-up capital
II, Reserves:
I. Legal reserve fund
2, Dividend reserve fund
3. General reserve fund
Total
III. Long term
deposits:
1. Annuity trust account
2. German Government deposits
3, French Government guarantee fund
Total
2. Central banks for others (sight)
3. Other depositors (sight)
V. Sight deposits (gold)
VI. Profits allocated for distribution:
To shareholders
Participation by long-term depositors
Total
VII. Miscellaneous items:
1. Guaranty on commercial bills sold_
2. Sundry items
Total
Total liabilities
148,188.937.36
14,706.990.84
933,548.90
14,686,454.73
106,971,649.21
31,348,618.41
138,320,267.62
6,468,345.90
986,362.94
15,627,003.69
7,500,000.00
1,942,687.67
9,442,687.67
4,294,550.14
57,144,817.60
4,269,215.55
55.371,823.97
61.439,367.74
59,641,039.52
653,496,520.27
643,987,190.28
Weekly Crop Report of Bank of Montreal—Deterioration Reported Continuing in Canadian Grain
Crops.
Continued deterioration of crops has been witnessed dur•hig
the past week in the Prairie Provinces of Canada, according
to the weekly crop report of the Bank of Montreal, issued
Aug. 9. The Bank said that "rainfall has been limited to
small areas and most of the grain has matured too rapidly.
Harvesting will be early with yields much below average."
The Bank continued:
In Quebec Province recent rains have had a beneficial effect on all growhags crops which generally are in a satisfactory condition but more
moisture
is needed. In Ontario heavy rains during the past week have materially
improved the condition of growing crops. In most districts in the
southwestern portion of the Province storms and high winds have caused
some
damage.
The Maritime Provinces the condition of the groups generally is good.
There is ample moisture in the soil and warm weather is now needed.
In
British Columbia weather conditions continue favorable with good
rains
reported from most districts and all crops are maturing early and satisfactorily.
Sharp Rise in England's Purchases of American
Securities Reported in July—French Sales Exceed
Purchases for First Time in 10 Months.
England's purchases of American securities on balance
in the New York market showed a sharp rise in July while
France, for the first time since last September, sold more
securities than it purchased, according to records compiled
by the foreign department of Fenner & Beane,' members
of the New York Stock Exchange. The firm says:
Purchases by English investors during July, the firm's records indicate,
exceeded sales by 184% and were almost double purchases front
the same
source in the preceding month. On the other hand, sales for the account
of French investors exceeded their purchases in July by about 13%. Both
England and France continued to purchase American securities on balance
845
during the month of June, the excess over sales amounting to approximately
22% for London and to 28% for Paris.
For the first seven months of the current year the records show that
England's purchases on balance exceeded sales by 112%, and that French
purchases exceeded sales by 23%.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for June 30 1934 with the figures for May 31 1934
and June 30 1933:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
OF CANADA.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Notes of other banks
United States <lc other foreign currencies_
Cheques on other banks
Loans to other banks in Canada, secured
including bills rediscounted
Deposits made with and balance du
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom_
Due from banks and banking correspondents elsewhere than in Canada
and the United Kingdom
Dominion Government and Proving
Government securities
Canadian municipal securities an
British, foreign and colonial public
securities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (net exceeding 30 days
loans in Canada on stocks, debentures
bonds and other securities of a suf
ficient marketable value to cover
Elsewhere than in Canada
Other current loans & disc'ts in Canads
Elsewhere
Loans to the Government of Canada...
Loans to Provincial Governments
Loans to cities, towns, municipalitt
and school districts
Non-current loans, estimated toes pr •
vided for
•
Real estate other than bank premises...•
Mortgages on real estate sold by bank
Bank premises at not more than cost
less amounts (if any) written off
•
Liabilities of customers under letters o1
credit as per contra
Deposits with the Minister of Finan e
for the security of note circulation_ _ _.
Deposit in the central gold reserves_ - Shares of and loans to controlled cos--- Other assets not included under th
foregoing heads
e
Total assets
June 30 1934. May 31 1934. June 30 1933.
$
38,902,842
9,012,623
$
39,619.416
9,543.512
II
38,858,097
12.090,417
47,915,467
49.162,931
50,948,517
125,413,080
11,554
130,663,305
10,921
138,047,374
11.144
125,424,636
130.674.227
138,058,520
12,491.456
18.944,201
94,060,980
8.616,427
20,494,943
117,552,006
9,172,476
21,584.987
116,067,355
3,982,725
4.134,705
3,988,985
20,520,614
16.715,699
15,835,594
65,097,194
66.864,596
67,111,588
654,489,436
646,060,592
638,665.556
138,914,601
43,703.709
140,996,554
43,006,515
165,915,260
55,573,524
98,790,594
125,176,178
862,302,612
146.141,487
103.409,514
121,722,901
874,716,290
138,372,088
101,518,053
99,894,097
899,782.928
152,772,212
26,858,496
31,183.157
21,660,790
128,946,506
131,120,284
135,218,549
13,947,999
7,710,951
6,035,505
13,857,028
7,676.361
6,066,382
14,259,354
7.890,107
6,301,346
78,085,397
78,264,386
78,826,979
52,586,547
50,975,045
45,537,597
6,588,796
20,881,732
13,345,999
6.516,039
16,631,732
13,410,527
6,774,117
21,181,732
13,358,478
1,945.617
2,007,716
1.567.122
2,814,889,538 2,840,208,748 2,889,485,918
Liabti Vies.
Notes in circulation
141,531,638 127,348.127 137,742,040
Balance due to Dominion Govt. after d ,ducting adv. for credits, pay-lists. &C36,291.531
31,899,315
13,038,028
Advances under the Finance Act
37,944,000
38.444,000
51,944,000
Balance due to Provincial Governments _
35,205,462
32,132,068
22,233,121
Deposits by the public, payable on d r
mend in Canada
485,846,450 532,528,434 535,048,009
Deposits by the public, payable after
notice or on a fixed day in Canada_ _ _ - 1,364,998,798 1,367,515,700 1,386,930,428
Deposits elsewhere than In Canada__ - 329,509,947 323,089.925 324,920,903
Loans from other banks in Canada6.
secured, including bills rediscounted
Deposits made by and balances due to
other banks In Canada
11,825,979
15,304,639
14,984,627
Due to banks and banking correspondLents In the United Kingdom
4,760,927
5.261.791
5,226,829
Elsewhere than In Canada and t C
United Kingdom
23,277,473
24,591,081
32,346,757
Bills payable
701,243
813,594
571.980
Letters of credit outstanding
52.586,547
50.975,045
45,537,597
Liabilities not incl. under foregoing headIs
2,294,175
2,401,393
2,204,017
Dividends declared and unpaid
616,780
2,446,759
650,802
Rest or reserve fund
132,500,000 132,500,000 162,000,001)
Capital paid up
144,500,000 144,500,000 144,500,000
Total liabilities
- 2.804.390.997 2.831.651.921 2.879.879.187
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.
Manchester Bars Sales to Germans—Yarn Mills Reported Forced to Close Because There Is No Hope
of Receiving Pay—Debt Put at £500,000.
After hearing an unfavorable report on Germany's ability
to pay for materials for her factories, Lancashire mill owners
decided on Aug. 3 to suspend all exports of cotton yarn to
that country, said advices on that date from Manchester,
Eng., to the New York "Times," the account also having
the following to say:
This decision was reached in spite of the fact that it will
close many
mills. It will throw at least 10,000 spinning operatives
out of work and
possibly 40,000 others engaged in handling supplies for
the mills here.
Noticeswere sent out to-night that the factories would
close pending
possible arrangements by Germans to guarantee
payments for goods_
It is estimated that Germany owes Lancashire
mills about £500.000.
In 1933 the value of yarns shipped to Germany
was £2,500,000.
Little Hope in Parleys.
Germany is one of the largest markets for Lancashire
yarns. In an
effort to get accounts paid and to arrange for payments
on future deliveries
a British deputation visited Germany last week,
headed by Sir George
Holden.
A report was given to the mill owners by Sir
George to-day. He said
negotiations were proceeding between the British Board
of Trade and the
corresponding department in Berlin with a view to
arranging payment
846
Financial Chronicle
of the outstanding accounts and a method of payment for new deliveries,
but that there was little hope of a satisfactory settlement. Thereupon
It was decided to stop the exports.
(Dispatches from Berlin recently have said that many exporters of
raw materials, including Americans, have refused to permit delivery of
materials already in Germany unless they got cash payments. The mills
have been reported short of supplies for future manufacturing.)
Proposal to Increase Bounty on Australian Cotton.
A bill introduced into the Federal Parliament and expected to pass soon provides an increased bounty on cotton
grown in Australia, according to a radiogram received in
the United States Department of Commerce from Assistant
Trade Commissioner Wilson C. Flake, Sydney. An announcement issued Aug. 4 by the Commerce Department
continued:
The bill substitutes a bounty on lint for the present bounty on seed
cotton, the amount to vary with the price of cotton in Liverpool. On
the basis of the present Liverpool price the bounty for the first year will
be approximately 3.6 pence per pound of lint compared with the present
bounty equivalent to about 2.4 pence per pound of lint.
FrancelActsito Support Wheat Market—Cabinet Asks
Subsidy For All Exports.
In Associated Press advices from Paris to the New York
"Sun" it was stated that the French Cabinet yesterday
(Aug. 10) adopted a vigorous program to prevent a complete collapse of the wheat market. The advices added:
It was decided to carry out a wholesale subsidization of exports and a
widespread attempt to denature wheat in connection with better policing
of the market.
The Government already has exhausted a $28,000,000 fund to subsidize
exports, but Premier Gaston Doumergue insisted that money must be
advanced to encourage shipments abroad.
French wheat therefore will be sold at the world price, which is about
one-half the French "fixed price," and low-grade flour will be "denatured"
and made unsaleable in France, then exported, if possible.
A law requiring that poor wheat be dyed blue and used for cattle feed
also was revived to absorb part of the surplus.
On Aug. 8 the accounts from Paris (Associated Press)
said:
The French wheat problem has become so serious that Premier Gaston
Dotrmergue, who returned from his vacation to-day, will ask the Cabinet
to-morrow to devise a plan subsidizing wholesale exports and possibly
scrapping part of the price-fixing law.
Flour millers have defied the law openly, announcing they will buy at
prices determined by supply and demand. The Government is investigating the millers' action, but the State prosecutor may drop the case in
view of some millers' determination to buy no wheat for six months.
The Government had hoped that the short crop would aid the situation
materially, but the wheat holdover, estimated at 75,000,000 bushels, is so
large that the market still is flooded.
French CabinetlIncreases Customs to Finance
Ship Subsidy.
United Press advices, Aug. 10, from Paris said:
The Cabinet approved to-day a decree increasing customs duties by 4%,
to yield 140,000,000 francs ($9,338,000) annually for two years as a
subsidy to French shipping.
All countries are affected. Goods to be excepted will be announced in
the official journal.
Former President von Hindenburg Buried at Tannenberg—Chancellor Hitler, at Reichstag Memorial
Service, Eulogizes Marshal as "Eternal Protector"
of Reich—National Referendum to Be Held Aug. 19
—Text of Chancellor's Speech.
Former President von Hindenburg of Germany, who died
Aug. 2, was buried on Aug. 7 in the national memorial at
Tannenberg, where as a General, in 1914, he had led the
German troops to victory over the Russians. Impressive
ceremonies marked the funeral services, including a speech
by Chancellor Hitler, in which he eulogized the late President as "the guardian of the National Socialist revolution
and thus of the rebirth of the nation." In a speech before
the Reichstag, on Aug. 6, in Berlin, Chancellor Hitler appealed to his audience and to the German people to cherish
the memory of President von Hindenburg as "the eternal
patron and protector of the German Reich and the German
nation."
A popular referendum will be held in Germany on Aug. 19
in which the voters will be asked to approve the Aug. 1 Cabinet decree merging the offices of Chancellor and President.
Herr Hitler's speech at the memorial service held by the
Reichstag on Aug. 6 was devoted almost solely to the career
of President von Hindenburg, and the rise of Prussia and
Germany to a position of international power during his lifetime. He said that if the political leadership of Germany
during the World War had been congenial with the military,
"Germany would have been spared the greatest humiliation
ever to go down in history." Chancellor Hitler's speech, as
given in Associated Press advices from Berlin, on Aug. 6,
follows:
For months we have been filled with grave apprehension. The knowledge
of the approaching end of the venerable old gentleman filled millions of
Aug. 11 1934
German hearts with an inner anxiety about the life of the octogenarian who
was more to us than merely Chief of State.
For this man, whom for almost 87 years Almighty God had taken under
his protection, has become for all of us the symbolic expression of the
indestructible and ever-nascent vitality of our people.
The fated will of Providence has visibly raised him above our ordinary
conceptions. When the nation placed its highest post of honor in his
hands, the highest dignity was given this post for the first time.
For all of us the term German Reich President is indissolubly bound up
with the venerable name of him who is now passed on. Only now, as we
are about to accord last honors to the revered deceased one, full recognition
of the extent and greatness of this unique life draws upon us.
And we bow humbly before the Inscrutable Will which, with things that
appear to be accidental or even inconsequential, serves in molding life in a
manner that the investigative mind of man only afterward sees and recognizes in the entire wonderful necessity of their interrelationship.
The Reich President and Field Marshal General von Hindenburg is dead.
When we attempt to explain the feelings that stir our people to their innermost depths we should like, in the manner above described and filled with
ever-new gratitude, to be recalled to the memories of the great man who has
passed on.
When,'however, imbued with a desire to comply with historical justice
we begin to investigate into this phenomenon, only then are we able to
measure the extent and content of human life that is of such greatness it
recurs but seldom in the course of centuries.
Early Military Career of Field Marshal.
How has the appearance of this earth of ours changed since that Oct. 2
1847, when Paul von Hindenburg was born? In the midst of revolution
this life made its beginning.
This spirit of political Jacobinism would not let Europe come to rest.
Ideas of the new supposed humanity were struggling against the elements
and the forms of the superannuated order. When the year 1848 came to an
end it appeared the bright flames had been choked off, but nevertheless the
inner fermentation had remained.
The world on that day knew as yet no German Reich, no Italy. In
Prussia Frederick William IV governed. The hereditary House of Hapsburg
dominated not only the German Federation, but also Venice and Lombardy.
The Balkan States, however, were tributary provinces of the Turkish
Empire. Prussia herself was exactly like the other States of the German
Federation, inwardly weak and unable to fill men with a really forward.
carrying idea. The disgrace of Olmutz is burning in the hearts of a few
real patriots.
Prince William becomes Ring of Prussia. Von Hindenburg. the boy,
however, now experiences the great triumvirate of the political and military
reorganization of our people, Bismarck, Moltke and Roan enter history.
While the American Union victoriously overcame Civil War, Prussia led
the way from the rampart of Dueppeln to Kolniggraetz.
In these regiments, however, there is marching a very young second lieutenant, the heroic and enthusiastic Paul von Hindenburg. Shrapnel strikes
his helmet and thereby gives the young fighter a baptism of fire for unification of the Reich. Four years later destiny has chosen him to be a witness
of the hour of the birth of the German Reich.
When Bismarck had finished reading a proclamation concerning the power
and grandeur of the new State and its determination to increase its treasures
of peace and culture and has for the first time called for cheers for the
Kaiser of the new Reich, the sword of Lieutenant von Hindenburg, too, is
raised high and makes the sign of the cross as an oath for the Kaiser and the
Reich.
A life of labor for this new Reich now begins. The great Kaiser dies,
and a second and a third one come. Bismarck is discharged. Roon and
3foltke close their eyes. Germany, however, grows as a gallant force of
Peace and a real European order.
The world assumes a new face on all fields of human development. One
fundamental invention follows upon another. Again and again better things
prove to be the enemy of good things. Germany becomes a great Power.
Serving without interruption in the life of the Reich and our people,
Commanding General von Hindenburg, March 18 1911, took his discharge
at the age of 64. His service now seemed at an end—an unnamed officer
among all the other tens of thousands who constantly did their duty, served
the Fatherland, but nevertheless remained unknown and were forgotten.
When, therefore, the World War breaks in upon Germany the German
people, sacredly convinced of having been attacked without their guilt, rise
to resist, the call of the Kaiser in this serious hour reached the man who,
living in retirement, was as innocent of the beginning of war as anybody in
this world could be.
Von Hindenburg received an order to take supreme command of an army
in East Prussia. Eight days later the German people and the world for
the first time hear of this appointment and thereby receive knowledge of
the name of the new Colonel-General.
The Wolff Telegraph Agency reports officially:
"Our troops in Prussia under the leadership of Colonel-General von Hindenburg
have defated the Russian Army which had advanced from Narew in the strength of
five army corps and three divisions of cavalry In a three days battle In the neighborhood of GlIgenburg and Ortelsburg and are now pursuing them across the border.
signed, Von stein, Quartermaster General.
The battle of Tannenberg had been fought!
From now on, however, the greatest struggle in the history of the world
Is inseparably connected with this name. With this great assistance he
turned the crisis of 1916 and as chief of the German Field Army so often
turned the nation from humiliation.
Averted World Catastrophe.
Had the political leadership of our people during this period been congenial with the military, Germany would have been spared the greatest
humiliation ever to go down in history.
When the November revolution, despite everything, broke in the German
Reich among the German people, the figure of the Field Marshal, which had
alrady become historic, averted at least a worse catastrophe. For the second
time the army leader went into retirement. And the second time he was
recalled. April 26 1925 the German people elected him President of the
Reich, and thereby, without anybody at that time divining it, a patron of
the new national revolution.
Here I fulfill no duty by making the truthful assertion when, before the
Get man people and deeply moved with gratitude, I refer to the immeasurable
service which the Field Marshal-General rendered historically by reconciling
In his name the debt in Germany's past with the passionately yearned better
German future.
From the hour that I, as Chancellor of the Reich, was privileged to swear
the oath into his venerable hand I felt in ever-increasing measure what a
bounty of fate it was that gave us this fatherly, kindly patron. Like a
mystic arch of light, this figure stands from the confused revolution of 1848
Volume 139
Financial Chronicle
over an incredibly long way to the national resurgence of the year 1933.
The German people can only be happy over the disposition of fate that
placed its most German resurgence under the protection and patronage of
its most venerable nobleman and soldier.
We, however, who not only possess the great fortune of knowing him,
but each on our part was privileged to assist in the miracle of this new
resurrection of our people, want in grateful remembrance to implant a
picture of this great German firmly in our hearts.
We want to preserve it as a precious inheritance of a great age and want
to pass it on to generations that come after us. He who thus observes fidelity
to his people shall never remain unforgotten in fidelity. As fate has designated us to continue to lead the Reich and its people, we can only pray to
Almighty God that he may vouchsafe success in our labors and struggles for
the happiness of our people.
May He also give us strength at all times to stake our lives for the
freedom of our people and the honor of the German nation. May He especially,
In His mercy, let us ever find the right way for securing the boon of peace
for our people to shelter it from the misfortune of war, just as the great
deceased one has ever wanted it, honestly and with his whole heart.
Deputies of the German Reichstag, men and women of the German people!
In this consecrated hour I implore you all now to look beyond this transitory
moment into the future...
Let the strong realization enter our hearts: The Herr Reich President
Field Marshal General von Hindenburg is not dead. He is living. For in
dying he now wanders above us, amidst the immortals of our people, Burrounded by the great spirits of the past, as an eternal patron and protector
of the German Reich and the German nation.
French Tax Slump Forecasts Deficit-1,552,000,000Franc Drop Below Estimates Reported for Six
Months of 1934.
In indicating that the French Finance Ministry published
taxation receipts for the second quarter on Aug. 4, a wireless
message from Paris on that date added:
No figures had been issued since those covering March, although until
that date they invariably were published every month.
It is now announced they will be issued only quarterly.
As feared, the returns show a heavy drop below the budgetary expects,
tions of 874.000,000 francs for the second quarter, or 1.552,000,000 francs
for the first six months of 1934. A fall in expected customs receipts accounted for 672.000,000 of the total drop below budget estimates for the
six months. The turnover tax failed by 240,000,000 francs and the indirect
taxes failed by 119,000,000 francs to reach expectations. The total receipts
for six months were 526,000,000 francs below the figure for the same period
last year.
Thesefigures would indicate France faces a deficit of at least 3,000,000,000
francs for 1934 unless the Doumergue Government's fiscal reform plan,
which has bust been instituted,can overcome the downward trend of French
business.
The falling off of foreign trade, particularly a reduction in imports,
caused a drop in customs receipts, which were 44% below the estimates.
Moreover, as critics pointed out and as the Government admitted at the
time, all the estimates are much too optimistic.
There has been a general accentuation of the depression, which has maniested itself among other things in increased unemployment and in many
more than the usual number of bankruptcies.
The Finance Ministry communique states the results were not a surprise
and had been already taken into account in preparing the 1935 budget
and in organizing the Government's economy and fiscal reform programs.
That it Is realized the financial and business world will be disappointed is
indicated by the fact that the authorities waited until now to issue the
figures and have given the press a full explanation accompanied by an interpretation that is as favorable as possible.
Chancellor Hitler Declares Germany Will Never Engage
, ruin Another Offensive War—Says Reich Is Satisfied
with Present Frontiers—Asserts Saar Question
Remains Only Point of Difference with France.
Germany will never engage in another war, except in selfdefense, Chancellor Adolf Hitler said on Aug. 5, in an exclusive interview with the London "Daily Mail." "If it rests
with Germany," he said, "war will not come again." He
pointed to the World War as illustrating his contention that
war offers no prizes, and he said that Germany's only desire
is that'her present frontiers be maintained. Chancellor
Hitler asserted that he had repeatedly assured France that
after the Saar question is settled there will be no further
territorial differences between the Reich and France. He
offered as evidence of Germany's peaceful intentions the
completion of a pact with Poland. Associated Press advices
from London on Aug. 5 quoted further from the interview
as follows:
Alluding to the statement of Acting Prime Minister. Stanley Baldwin last
week that Great Britain's frontier was now on the Rhine, the Chancellor
said I
"Maybe French statesmen will go further and say that France must defend
herself on the River Oder; or Russia might claim her line of defense was
the Danube."
Germany, he pointed out, scarcely can be reproached if she seeks to secure
protection within her own frontiers.
"Unless England attacks us," he said, "we shall never have a conflict
with England, on the Rhine or anywhere else. We want nothing from
England."
"Not even colonies ?" the interviewer suggested.
"I would not sacrifice the life of any German to get any colony in the
world," Herr Hitler replied with an emphatic gesture, adding that the former German African colonies were proving costly and luxurious for Great
Britain.
Affirming that the increase in England's air fleet had not caused the
slightest resentment In Germany, Herr Hitler said: "Great Britain lies
right outside our calculations."
Such defensive steps as Germany has been taking were due, he said, to
the fact that Germany was surrounded on the Continent by a ring of powerful potential foes who might some day make demands that Germany could
not accept.
847
The interviewer referred to recent allegations that Germany was indirectly meddling in Austria in a manner that might make war inevitable.
"We shall not attack Austria," Herr Hitler answered brusquely, "but we
cannot prevent Austrians seeking to restore their ancient connection with
Germany."
Austria Approves Appointment of Colonel von Papen
as German Minister to Vienna—ActionikExpected
to Improve Relations Between Two Countries.
The Austrian Cabinet, at a meeting on Aug. 7, approved
the appointment of Colonel Franz von Papen as German
Minister to Vienna. This approval was given a fortnight
after Colonel von Papen's appointment had been announced
by Chancellor Hitler of Germany, and it was believed the
formal action of the Austrian Cabinet would do much to aid
the relations between the two countries, which had been
strained ever since the Nazi "putsch" in Austria which resulted in the death of Chancellor Dollfuss. United Press advices from Vienna on Aug. 7 commented on the approval of
the new envoy as follows:
The approval came after delay, during which the diplomatic strain approached the breaking point. The reorganized Austrian Government, strongly
Fascist, demanded assurances from Berlin that no further moves to menace
Austrian independence would be supported there and disbandment of the
Austrian Nazi organizations over the border.
Von Papen, Vice-Chancellor of Germany and one of the leading political
figures in the Third Reich, was first named as a special envoy, a move also
regarded with suspicion in Vienna. It was feared that he might be regarded
as Nazi Germany's high commissioner here rather than as a friendly diplomat
with ordinary powers.
However, Herr von Papen is not a Nazi and has been considered more
or less cool toward Adolf Hitler in recent months. In the "blood purge" in
Germany on June 30 his own staff was menaced and one committed suicide.
Herr von Papen also is a Catholic, which was seen as a gesture to that powerful element in Austria.
In political circles in Vienna the Cabinet's acceptance of Herr von Papen
was interpreted as showing Austria's willingness to adopt a "watchful waiting policy," judging Germany's attitude in future in the light of the Minister's achievements.
Poland Said to Prohibit Use of Gold:Clauselin International Transactions—Dollar Obligations to Be
Paid Off at 5.40 Zlotys Rate in Domestic Field.
Reporting that Poland has passed a law prohibiting the
use of foreign currencies or the gold clause in international
transactions, special correspondence from Warsaw, July 21,
to the New York "Herald Tribune" supplied the following
further information:
Henceforth all domestic financial deals must be stated in Polish zlotys,
while old contracts on which payments in foreign currencies are required
can be discharged in zlotys at the prevailing rate. If such contracts contain
the so-called gold clause, the laws of the country in which currency the deed
is expressed will determine the rate.
This means that gold-dollar obligations can be paid off at the ruling rate
of 5.40 zlotys to the dollar, instead of the former gold rate of 8.90 zlotys.
This law, however, deals only with private business transactions. The Treasury and the State-owned banks, the Bank of Poland and the Joint-Stock
banks may continue to transact business in foreign currencies without restraint. Nor does the new law affect in any way public or semi-public bond
issues negotiated in foreign currencies.
The services of such issues will continue to be met as provided for in the
indenture, or in conformity with the laws of the country in which they
have been sold. The largest Polish external issue, therefore, which is the
stabilization Is of 1927, will continue to be met on the former gold basis
by virtue of the fact that the coupons can be collected in currencies (such
as the French franc and the Dutch guilder) that have retained the gold
rate in effect at the time of issue.
It is one of the ironies of fate that while the Poles, until a year or two
ago, had little faith in the soundness of their own currency, the United
States dollar to them was something sacred. It, accordingly, became a very
common practice to contract loans, mortgages, insurance, savings bank deposits and similar obligations in terms of dollars—the most cautious ones
making doubly sure, as they thought, by having the contract stated in gold
dollars.
The greatest loss has resulted from the hoarding of dollar banknotes by
the public. It has long been characteristic of the Polish peasant to change
his hard-earned savings into dollars and not infrequently to bury them in
the ground. Rat-nibbled currency notes showed that some peasants had not
learned the trick of putting them in a bottle before burying them. Between
50 and 60 million dollars, it is conservatively estimated, were hoarded in
Poland at the time the dollar began its slide. Most of these have now found
their way back to the United States with the hoarders 40% poorer in their
own currency, in which they had no confidence a year ago.
Italy Offers Premium for Converted Bonds.
From Rome,Italy, Aug. 10, the NewlYork "Sun" report
—el
the following:
The official "Gazette" published a decree to-day offering a straight
on consolidated 5% interest-bearing Government bonds
converted into the recent 3%% issue where such conversions are made
by investors residing in the United States.
The decree stated that the 1% will be paid with the delivery of new
bonds, but that converters must renounce the right to vie for other premiums
in connection with the conversion. The offer applies to the consolidated
Issues of Jan. 2 and Dec. 6 1917: of Sept. 22 1918, and the consolidated
littorio issues.
1% premium
Soviet
Russia
Repays RFC Cotton Loan—China
Also Repays Loan.
The repayment by Soviet Russia of a loan of $2,803,444
for financing purchases of cotton in the United States,
money advanced by the Reconstruction Finance Corpora,
848
Financial Chronicle
Aug. 11 1934
tion, was made known on Aug. 9. From Washington on
that date the New York "Times" reported Chairman
Jones as saying that all 13 instalments had been met
promptly. From the same account we quote:
"The coffee problem is already solved within Brazil and its statistical
position is daily becoming firmer, while consumption increases," he said.
"Moreover, the exportation of other products shows healthy gains, while
the financial situation allows the Banco Brazil to help foster production."
Simultaneously he made known that China had paid that part of a loan
of $19,000,000 now due, and had met all payments on time.
RFC funds advanced to the Soviet constituted about half the amount
needed for purchases here, the Russians paying 30% in cash and the cotton
Interests furnishing the rest. Repayment to the RFC came on thirteen
twelve-month notes, falling due between July 12 and Aug. 3.
The $19,000,000 loan to China comprised $10,000,000 used of an RFC
credit for purchase of cotton and $9,000,000 for buying wheat and flour.
American Financial Commission to Study Economic
Situation in Chile, Argentina, Brazil and Uruguay.
An American financial mission composed of Dr. John H.
Williams of the Federal Reserve System, Donald Heath of
the State Department and Erick Lamb, Secretary, visited
the Ministry of Finance at Santiago, Chile, on Aug. 7, said
Santiago advices that day to the New York "Times," from
which we also quote:
Matthew Woll Opposes Loan to Soviet Russia—Urges
Secretary Hull to Ban Credit.
The National Civic Federation announced on Aug. 5
that it had sent a letter to Cordell Hull, Secretary of State,
urging him not to make any loan to the Russian Government as a part of the debt settlement or to extend to it
any long-term credits for the purchase of American goods.
The foregoing is from the New York "Herald Tribune,',
which added:
The Federation says, in substantiation ofits request, that the Russian
Government already has openly violated its non-propaganda pledge.
"In view of the continued interference of the Communist International
in the internal affairs of the United States, it would seem that the interests
of the American people would be better served by foregoing the repayment
of the Russian debt if such payment is conditioned upon the making of
loans to the Soviet regime or of extending credit to it," it is stated in the
letter, signed by Matthew Woll, Acting President.
Cuban Government Takes Over Properties of AmericanOwned Telephone Company, Following Failure to
Adjust Labor Dispute.
The Cuban Government on Aug. 8 took over the property
of the Cuban Telephone Co., an affiliate of the International Telephone and Telegraph Co., as a result of the
dispute between the company and its striking employees
which the Government had been unable to mediate. H. C.
Hart, Vice-President and General Manager of the company,
-was forced to resign. Mr. Hart said on Aug. 9 that the
company's constitutional rights had been violated. No
official action by the American Embassy in Havana has
been reported. The value of the company's properties in
Cuba is estimated at $28,000,000. A Havana dispatch of
Aug. 8 described the events preceding the action by the Cuban Government as follows:
The Government's action to-day followed the expiration of an ultimatum
to the company to reinstate all of the 250 striking employees without discharging any of the present employees. The company refused to comply
on the grounds that about half of the strikers had committed sabotage on
company property running into thousands of dollars and that it had employed other workers who were now rendering satisfactory service.
It offered to re-employ the 250 strikers on the condition that it would
later be permitted gradually to readjust its staff to normal strength by
discharging employees with three months' advance pay. The Government
rejected the offer.
The present employees have steadily refused to accept the reinstatement
of the 250 employees who went out on strike despite all the efforts of the
Government, declaring they would not work with men who had tried to
intimidate them by threatening their lives, bombing their homes and forcing
them to work under military guard at all times.
Brazil Milreis to Be Replaced by New Coinage System.
On July 28 Associated Press advices from Rio de Janeiro,
stated:
The millesimal money of Brazil is about to be replaced by a centesimal
medium of exchange. The Brazilian milreis will vanish, and the new standard of value is to be the cruzeiro, which will be divided into halves, thirds,
fifths and tenths.
The value ofthe cruzeiro will equal that ofthe present milreis,so exchange
rates abroad will not be affected. At present the American dollar buys
about 15 milreis.
The smallest unit of the new currency is to be the cent, and it is expected
that popularly it will be known as the "tupy," the name of a native tribe.
Brazil's New Federal Council on Foreign Trade—
Expansion of Commerce With Other Lands and
Adjustment of Output Sought—Coffee Problem
Regarded Solved.
Brazil's new Federal Council on Foreign Commerce held
its first meeting on Aug. 6, with Foreign Minister Vargas
presiding said a cablegram on that day from Rio de Janeiro
to the New York "Times" which indicated that the Council
will hence forth convene every Monday. The cablegram
added:
The Council was divided into committees on credit and propaganda, on
production, tariffs and transportation and on commerce and commercial
pacts. Among its members are Sebastiao Sampaio, Director of Foreign
Commerce at the Foreign Office; Marcos Souza Dantas, Exchange Director
of the Banco Brazil, and Valenti M. Boucas, Secretary of the Financial
Studies Commission.
Senhor Vargas stated that heretofore Brazil had lacked an organization
able to adjust her foreign and domestic commerce to the present demands
and that chaos had resulted. The new Council, he added, aimed to bring
discipline into trade, perfecting and expanding commerce on a rational basis,
studying markets, collecting information,studying advertising methods and
attacking the problems of exchange of commercial balance deficits, offrozen
ank funds and of tariff wars.
The visitors are studying the economic situation in fagentina, Brazil,
Chile and Uruguay.
The Chilean Government is giving the group every facility for compiling
statistical material to help President Roosevelt to make definite suggestions
to promote Latin-American tesde, especially by releasing frozen credits.
Chile Plans $20,000,000 Building Campaign to Employ
Idle.
A vast plan of public works entailing the expenditure of
more than $20,000,000 has been sent to Congress by a special
commission entrusted with the task of giving immediate work
to unemployed throughout the country. A cablegram Aug.1
from Santiago (Chile) from which we quote, added:
Alvaro Orrego Barros, representing the Minister of Finance, said that
financial aid for the program must be obtained from fiscal and semi-fiscal
institutions, including National savings bank surplus deposits and social
law insurance bureaus.
He said the Government did not desire to swell the budget with extra
expenses, but approved the idea of turning accumulated funds of Government institutions to account. The plan includes construction of highways,
Port works, drinking water and sewage systems and of building in different
cities. Purchases will be made here and abroad.
Chile Intensifies Fruit Raising With View to Developing Exports to United States Markets—Effort to
Win Markets Here.
Under date of Aug. 4 a cablegram from Santiago, Chile to
the New York "Times" stated:
Agricultural authorities contemplate the intensification of fruit growing
here with a view to developing exports to American markets, where arrangements are being made to compete with Californian production.
The establishment of a packing house, cold storage facilities and shipping
accommodations are now being considered, with financial support for exporters. Standard classification methods of packing have been adopted,
it was announced to-day.
Investors Criticize Argentine Budget—Increase of Public Debt to $1,412,921,640 Cited by Corporation of
Bondholders in Charging Extravagance.
Argentina's total public debt, national, provincial and
municipal, on June 30 was 5,651,686,556 pesos, equivalent
to about $1,412,921,640, according to the annual report of
the Argentine Corporation of Bondholders, said a cablegram
Aug. 4 from Buenos Aires to the New York "Times" which
also had the following to say regarding the report:
The National debt was 4,021,609,873 pesos; provincial, 1,195,183,090,
and municipal, 471,985,653.
The report shows that new loans contracted in 1933 amounted to 401,000,000 pesos. It sharply criticizes the Government's alleged weakness
and vacillation in effecting economies, for preferential consideration given
to debtors at the cost of creditors and for depreciating the value of the
peso. It refers to a "mysterious £2,000,000" which Finance Minister
Federico Pinedo shipped to London for reasons never explained.
Argentine credit abroad has been re-established, the report continues.
but the Government must reduce the budget in the face of a gradual
shrinkage of capital due to the continued heavy taxation which it is charged
is strangling commerce and industry. The report says that independent
Government organizations have been increased until their annual expenditures already equal the National Government's budgeted expendituress
and declares that these independent organizations are not affected by any
economy measures enacted by Congress.
Argentina to Aid Meat Exporters—Subsidy Will Be Paid
Out of Government's Profits From Exchange
Operations.
According to a Buenos Aires cablegram Aug. 4 to the New
York "Times"the Argentine Government has decided to subsidize meat exports to markets other than the British. It
has published a decree establishing a special meat export
board to find new markets. Continuing the cablegram said:
The subsidy will be paid out of the profits the government now makes
from the purchase and sale of exchange arising from meat exports.
The Board will include two representatives of the National Meat Board,
one from the Argentine Rural Society and two representing exporters. It
will act under the chairmanship of Minister of Agriculture Luis Dubeu.
European Markets Closing.
The decree points out Argentine meats are being forced out of European
markets by the restrictive measures of importing countries and by subsidies
and bounties granted to producers by other governments, notably the
British Dominions. It says the Argentine Government has always been
opposed to subsidizing any industry out of national treasury funds, but this
can now be done out of the profits of the government's official exchange
operations.
All meat exporters are required to sell their drafts to the government at
the official rate of exchange. The government then sells these drafts to the
highest bidders among the importers.
Volume 139
Financial Chronicle
Finance Minister Federico Pinedo has steadily refused to give Congress
any approximate indication of the profits arising from these exchange operations, but they are known to be high, ranging from 10 to 20% on large
amounts.
Board to Arrange Details.
The amount of the subsidy and the details of payment will be arranged
by the new Board. It is authorized to study Argentine production and
transportation costs, insurance and other expenses and to grant the exporters
the subsidy necessary to reduce the Argentine selling price to a level to enable
them to complete in foreign markets.
The decree points out that the subsidy is not applicable to meats destined
for the British market, since trade with that country is governed by a fixed
quota, and it is intended to stimulate shipments to more elastic markets.
Argentine exporters thus are put in a favorable situation to bid advantageously on several large European contracts soon to be let, including an
Italian Army contract.
Salvador Enacts New Tariff Law—Reciprocity Will Be
Keynote of Future Policy, Executive Decree Asserts
—All Rates Flexible.
Reciprocity will be the keynote of the future tariff policy
of El Salvador, according to a recently issued Executive decree putting into effect a law providing for flexible rates to
be determined by the President. In indicating this, special
correspondence from San Salvador, July 30, to the New York
"Times" further reported:
The decree announces that it is considered equitable to distribute imports
In accordance with purchases of El Salvador's export products. Three
classes of tariffs, a minimum, a medium and a maximum, are established
to accomplish this end.
The minimum tariff will be applicable to the countries which buy Salvadorean products in an equal or greater quantity than El Salvador buys from
the countries concerned.
The medium rates will apply to countries that buy Salvadorean products
amounting to at least 25% of their exports to El Salvador. These rates
will be 15% higher than the minimum rates.
Maximum rates will bear a surcharge of 20% and will apply to all countries which purchase less than 25% of their sales to El Salvador and to
countries that buy no Salvadorean products.
Authority is given to the President in case of necessity and for special
reasons to apply the minimum rates to countries whose trade would classify
them in the medium and maximum grades. Such action, however, must have
the approval of the Cabinet.
When a country enacts tariff laws that affect Salvadorean products or
restrict their importation the President is authorized to apply to that country either the medium or maximum rates.
United States Offers Aid in Mediating Dispute Between
Chile and Paraguay—Bolivia Assails League and
World Powers for Arms Embargo.
The United States Government on Aug. 8 tendered its
good offices to reconcile the misunderstanding between Chile
and Paraguay which has arisen incident to the Chaco war
between the latter nation and Bolivia. Chile has issued instructions to its Minister to Paraguay to return to Chile.
Meanwhile, on Aug.7,Bolivia delivered a note to the League
of Nations at Geneva attacking the League and various world
powers for participating in an arms embargo against both
Bolivia and Paraguay without a prior determination as to
which of the two countries was responsible for the Chaco
conflict. The note characterized the embargo as "an expression of the suspicious prudence of States which fear to see
rival industries profit."
United Press advices from Washington Aug. 8 noted the
Chilean-Paraguayan dispute as follows:
The State Department,through Assistant Secretary Sumner Welles, made
informal oral offers to Mario Roderiguez, Chilean Charge D'Affaires, following similar overtures by Argentina and Brazil. Roderiguez,in turn,communicated with his Government.
Relations between the two South American countries became strained
earlier this week when Paraguayan newspapers charged the Chilean Government was taking temporizing attitude toward enlistment of Chilean officers in the Bolivian army, with which Paraguay is at war over the Grand
Chaco.
Chile demanded "adequate explanations" from the Paraguayan Government and subsequently recalled its ministers. Paraguay meantime transferred its ministers from Santiago to Peru.
The near rupture was regarded gravely here, diplomatic circles pointing
out that it marked the first time the Paraguayan-Bolivian war had indirectly
involved another nation as well as menacing peace in the Pan American
Union.
Secretary of State Cordell Hull, one of the nation's leading disciples of
peace, said the State Department "always stands ready to use its good offices toward healing breaches between our sister republics."
Decrease in Argentine Gold Output.
United Press advices Aug. 6 from Buenos Aires stated:
849
coming from Russia. In the last 5% years Germany has exported 4,561,000,000 marks in gold and has imported 2,119,000,000 marks.
Gold exports to France in the last 53. years have amounted to 2,086,000,000 marks, with imports therefrom amounting to 231,000,000 marks.
Exports of Gold from Newfoundland Permitted—
Metal Accepted at 60% Premium.
In Canadian Press accounts from St. Johns, Newfoundland, it is stated that when an Act permitting export of
gold from Newfoundland became effective Aug. 7 banks
announced gold would be accepted at a 60% premium,
meaning payment of $16 for a $10 gold piece and $7.80 for
a sovereign. The advices also said:
It is understood the banks will dispose of the gold in London.
Recently gold purchasers have been busy here paying a premium of
about 20%.
British Guiana Reports Increase in Gold Exports
for 1934.
Canadian Press advices from Georgetown, British Guiana,
July 29 to the Montreal "Gazette" said:
Noting an increase in exports to the value of $372,482 in the first six
months of 1934, business men attending the annual meeting of the Chamber
of Commerce were optimistic here as they heard speakers review statistics
of expanding trade.
There was a steady increase in gold production due to improved communications, lion. E. M. Walcott, Vice-President, said in his annual
report. Several large English and Canadian companies had obtained
concessions in British Guiana.
Large scale workings were being developed at a fast pace and business
men anticipated a gold boom unprecedented in the history of the country.
Hon. Mr. Walcott said.
Value of imports increased by $380,173 in the period ended June 30.
it was announced.
Bondholders' Committee for European Mortgage &
Investment Corp. Announces Receipt of Offer to
Pay 76% of Principal Due on Defaulted Issue.
The Bondholders' Protective Committee for European
Mortgage & Investment Corporation, in a communication
dated July 24 addressed to the holders of the Series A 7%%
first lien farm loan sinking fund bonds of 1950, stated that
the Committee has received an offer to purchase all of the
bonds at 75% of the principal amount Pointing out that the
Corporation is in receivership, the Committee said that the
offer of payment of 75% of the principal is subject to the following conditions:
(1) Acceptance by such percentage of the present outstanding Series A
Bonds as would permit the carrying through of the legal and other steps
necessarily incident to the acquisition by the purchaser of the abovedescribed Pfandbriefe, and
(2) Such approval of the Federal District Court for the Southern District
of New York, and the Trustee for the Corporation appointed by such Court,
as may be requisite in the circumstances.
Bondholders who desire the Committee to act for them in
connection with this offer were advised to tender their bonds
to the Committee before Sept. 15 at the office of J. Henry
Schroder Trust Company,40 William Street, New York City,
together with a form authorizing the Committee to act for
the bondholders in the matter.
Alleged Broker's Error in Handling Federal Reserve
Order Viewed as Cause of Sharp Advance in
Treasury 3%s on Aug. 9.
To an alleged error on the part of a broker handling Federal
Reserve orders is attributed a sharp advance in the price
paid for Treasury 33% of 1940-43 and 194143 on Aug. 9,
according to the"Wall Street Journal" of yesterday(Aug. 10)
which pointed out that on the day in question these issues
rose from respective lows of 104 and 104.6 to 105, closing
with gains of 9-16 for the day. The article added the following comment:
Among dealers the understanding is that this exceptional development
was due to an error on the part of a broker handling orders for the Federal
Reserve in bidding one-half point above the market for these issues. That
there had been an error of some sort seemed evident in the over-the-counter
dealings in the late afternoon when these issues dropped back about %
from the closing price on the Stock Exchange.
Friday morning the 3%s, 1940-43, opened at 104.16. off % point, and
the 3%s, 1931-41, opened at 105.15, off 17-32. The latter issue extended
its decline during the session, standing at 104.11 at 2 o'clock, off 21-32,
while the former had recovered 1-32.
Argentina alone of the South American gold-producing countries has
shown a decreasing output since the nations went off the gold standard,
a semi-official survey shows.
Despite active prospecting by private and official groups, a total production of only 56 pounds was the net result of a year's work ended June 30.
Chile. on the contrary, raised its production from 1,450 pounds in 1930
to 10,190 pounds last year.
Market Value of Bonds Listed on New York Stock
Exchange—Details Given in New Form with Issuance of Aug. 1 Figures.
In its announcement (Aug. 6) showing the total market
value as of Aug. 1 of bonds listed on the Exchange, the
New York Stock Exchange said:
Gold Movement in Reich—Exports in Half-Year
416,000,000 Marks—Imports 162,000,000 Marks.
From the New York "Times" we quote the following
from Berlin Aug. 4:
As of Aug. 1 .
1934 there were 1.574 bond issues aggregating $43,964,154,513 par value listed on the New York Stock Exchange. with a total market
value of $39,473,326,184.
Germany's exports of gold in the first half of 1934 amounted to 415,000,000 marks, with imports of 162,000.000 marks, almost all of the latter
This compares with 1,568 bond issues aggregating $43,553,523,138 par value listed on the Exchange July 1 1934,
with a total market value of $39,547,117,863.
850
Financial Chronicle
In making available the Aug. 1 figures, the Exchange
enlarged upon its usual form, which as to classification had
heretofore comprised but six items, viz.: (1) United States
Government; (2) Foreign Government; (3) Railroad Industry (United States); (4) Utilities (United States); (5) Industrial (United States); and (6) Foreign Companies.
Under the new arrangement the list has been broadened
so as to include separately all the various items which, for
the most part, are included in the table of market value of
listed stocks, issued monthly by the Exchange. The table
of listed bonds classified by governmental and industrial
groups, with the aggregate market value and average price
for each, was issued as follows in its new form by the Exchange on Aug. 6:
Aug. 1 1934.
Market
Value.
Ju/y 11934.
Aver.
Price.
Market
Value.
Aver.
Price.
United States Government
$19,455,291,938 8103.91 $19,099,432,668 8104.24
Foreign Government
4,721,786,612 83.49 4,786,919,767 84.07
Autos and accessories
55,947,109 89.71
56,146,992 90.03
Financial
66.526.435 93.28
70.788,072 95.74
Chemical
86,027,282 85.45
89,959,518 87.85
Building
47.992,885 72.80
49,180,958 74.60
Electrical equipment manufac'g_ _
62,343.688 96.20
62,668,656 96.70
Food
220,355,290 99.41
220,031,299 99.19
Rubber and tire
146,716,933 89.23
151,613,372 91.80
Amusement
44.349.580 55.64
48,615,206 60.99
Land and realty
11,907,155 27.86
14,046,638 32.86
Machinery and metals
33,256.256 45.10
34,505,408 46.80
Mining (excluding iron)
153,241,522 65.11
156,780,721 66.12
Petroleum
567,760,716 97.42
573.402.937 97.95
Paper and publishing
64,817,851 72.24
67,246,015 74.55
Retail merchandising
20,495,449 72.68
22,018,036 78.08
Railway and equipment
8.021,728,314 74.67 8,301,402,356 77.68
Steel, iron and coke
369,359,350 84.88
369,199,246 84.84
Textile
8,386,532 53.90
8.946,810 57.50
Gas and electric (operating)
1,826,004,431 97.54 1,826,013.712 98.12
Gas and electric (holding)
168,510,658 72.71
176,675,449 76.24
Communication (cable, tel. and
radio)
1,082,214,860 104.46 1,091,040,775 105.29
Miscellaneous utilities
377,679,662 63.55
386,800,599 64.78
Business and office equipment_
19,216,453 90.13
19,669,545 92.25
Shipping services
13,679,779 40.30
15,665.730 46.16
Shipbuilding and operating
13,099,299 51.94
14,065,530 55.76
Miscellaneous businesses
5,889,332 99.63
5,852,385 99.00
Leather and boots
1,021,174 98.75
1,023,759 99.00
Tobacco
88,275.126 112.56
87,850,299 112.02
United States companies operating abroad
192,530,214 46.64
202.545,621 49.07
Foreign companies (including
Cuba and Canada)
1.526.914,299 69.53 1.837,009,784 69.99
All listed bonds
$39,473,326,184 $89.79 $39,547,117,863 $90.80
The following table, compiled by us, gives a two-year
compilation of the total market value of and the total average
price of bonds listed on the Exchange:
1932Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1933Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Market
Value.
Average
Price.
$38,615,339,620
40,072,839,336
40,132,203,281
39,517,006,993
38,095,183,063
74.27
77.27
77.50
76.38
73.91
31,918,066,155
32,456,657,292
30,758,171,007
30.554,431,090
31,354,026,137
32,997,675,932
33,917,221,869
34.457.822.282
77.27
78.83
74.89
74.51
76.57
80.79
82.97
84.43
1933Sept. 1
Oct. 1
Nov. 1
Dec. I
1934Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Market.
Value.
Average
Price.
$35,218,429,936
34,513.782.705
33,651,082.433
34.179,882,418
884.63
83.00
82.33
81.36
34,861,038,409
36,263.747,352
36,843,301,965
37,198,258,126
37,780,651,738
38,239.206.987
39,547,117,863
39,473,326,184
83.34
86.84
88.27
89.15
90.46
90.17
90.80
89.79
The form in which the table of market value of listed bonds
had heretofore been issued is shown on page 208 of our
July 14 issue.
Aug. II 1934
said. "We are desirous of having the Commission tell us anything we
can do to aid them. Among other jobs, the S. E. C. has one of restoring
public confidence. This cannot be done without aid, which we are more
than willing to give."
The "Conference Committee," which the meeting asked be appointed.
would act as a clearing house for future meetings of partners. The meeting
yesterday was an outgrowth of a smaller gathering last week. called by
Victor G. Paradise of Frazier, Jelke & Co. to consider business methods
under new conditions, particularly decreasing trading of the past months.
Under the preliminary plan, the "conference committee" would have
charge of mapping a program of meetings, probably on the basis of monthly
gatherings of the entire membership and more frequent gatherings of
representatives of firms specializing in the same type of business.
It has been proposed, the spokesman said, to break up the association
membership according to the principal activity of the firms, and have
such groups as those interested in bond trading, foreign business or pure
commission business, assemble in "round table" groups for discussion of
particular problems. Conclusions reached by these smaller meetings, ho
said, would be relayed to forums of the entire membership. This would
result, it was pointed out, in the disintegration of the membership for
discussion and the concentration of membership for action. . .
Seek to Increase Revenues,
The immediate task of the firms is to increase their revenues. The
meeting, it was said, attacked this problem by considering methods of
improving service in order that business may be won back. Direct means
of getting business, which has been the principal consideration previously,
were sidetracked in favor of a broader conception of changes in brokerage
Organization.
Approval of many of the proposals made at the Aug. 6
meeting was indicated at a meeting Aug. 9 of the Board
of Governors of the Association of Stock Exchange Firms.
The New York "Times" of Aug. 10 stated that while no
formal action was taken, plans were discusssed for establishing the machinery for a more complete integration of
the brokerage community as suggested at the so-called
"town meeting" on Aug. 6, and the Governors adjourned
until Aug. 16.
Special Committee Appointed During Banking Holiday
Discharged by New York Stock Exchange.
Following receipt of a final report, the Governing Committee of the New York Stock Exchange on Aug.8 discharged
the Special Committee of Seven which was appointed on
March 6 1933. The committee was named by the Governing
Committee to deal with all questions arising out of the
closing of the Exchange during the bank holiday and the
suspension of deliveries. Members of the committee were
the President of the Exchange and Walter L. Johnson,
Allen L. Lindley, Warren B. Nash, H. G.S. Noble, E. H. H.
Simmons and Arthur Turnbull. The appointment of the
special committee was referred to in our issue of March
11 1933, pages 1649-1650.
New York Stock Exchange Praises Work of Late
J. Edward Meeker as Economist.
At a regular meeting held Aug. 8 the Governing Committee of the New York Stock Exchange adopted unanimously a resolution commending the work of the late
J. Edward Meeker, the economist of the Exchange since
that office was founded in 1920. Mr. Meeker died on
July 26; reference to his death was made in our issue of
July 28, page 536. The Committee further resolved that
a copy of the resolution, suitably engrossed, be presented
to Mr. Meeker's mother. The resolution follows:
During the last 15 years the problems connected with the administration
Meeting of Association of Stock Exchange Firms Held of the New York Stock Exchange have grown both in volume and imto Consider Problems Confronting Business- portance and the ability of the Exchange to solve these problems has,
directly upon a correct analysis and underAct to Create Conference Committee and Public in many instances, depended conditions.
The sudden death of J. Edward
standing of existing economic
Relations Committee.
Meeker, the economist of the New York Stock Exchange since that office
The meeting held OD Aug. 6 at the instance of the Asso- was founded in 1920, has deprived the Exchange of one of its most imciation of Stock Exchange firms for an exchange of views portant technical advisers.
It Therefore Resolved that the members of the Governing Committee
on the "unprecedented influences" on business conditions, doBe
hereby record their gratitude for the faithful and devoted service renresulted in a move for the appointment of a "Conference dered to the New York Stock Exchange by Mr. Meeker and express their
Committee" and a committee to handle public relations. sense of bereavement in his loss.
Be U Further Resolved that a copy of the foregoing resolution, suitably
Resolutions to this end were adopted at the meeting, at engrossed,
be presented to Mr. M eeker's mother.
which it is stated between 500 and 600 Stock Exchange
firms were represented. The meeting, to which we referred 50% Listed Stocks on New York Stock Exchange Selling
on page 683 of our Aug. 4 issue, was held in the Governors'
Below 20--Third Sell Under 10, According to
Frazier, Jelke & Co.
Room of the Stock Exchange. In the New York "Herald
"At present more than a third of all the stocks listed on the
Tribune" of Aug. 7 it was stated:
New York Stock Exchange sell below 10, and more than
The consensus of the meeting, according to a spokesman, was that the
Association assume a more extensive program so that it may occupy a
half sell under 20," says Frazier Jelke & Co. in an investment
parallel position in the brokerage field to that of the American Bankers
released Aug. 9. The survey says:
survey
Association in the banking and the Investment Bankers Association in the
Thirty stocks sell for less than $1; 56. at $1 and under $2; 49, at about
Investment banking fields.
Frank R. Hope, President of the Association, presided over the hourand-a-quarter meeting, which was marked throughout by enthusiastic
support for greater co-operation between partners on improvement of
business methods. New York firms of the Association, which includes
In its membership over 90% of Stock Exchange member houses, were
represented almost unanimously. There was also a good representation
from "out-of-town" houses.
"Brand New Problems."
The discussion turned, a spokesman said, on "the brand new set of
problems," which brokers must meet under Federal regulation. "We are
anxious to co-operate with the Securities and Exchange Commission," he
32; 59, at around $3; 59, at approximately $4; 39, at or near $5; 49, close to
the $7 range; 31, in the $8 class; 26, at $9 but under 810; and
27, in the $10 classification. As against 739 stocks selling under $25, there
are 200 quoted at $25 but under $50; 102 ranging between $50 and $99%.
and 104 at $100 and above.
There is little logic in that fatalistic reasoning which contends that daily
stock sales at present compare favorably with the volume in normal pre-war
markets. Twenty-five years ago probably not 10% as many people owned
listed stocks, the newspapers published decidedly abbreviated financial
sections, the shares of hundreds of corporations now publicly-owned were
privately-held, and the general public did not know anything about trading
or investing in equities. It may be contended that a 500,000 share session
$6; 38, In
Volume 139
Financial Chronicle
to-day represents a turnover smaller, in proportion to the potential size
of the market, than did a 75,000 share day 25 or 30 years ago.
The outstanding fact is that almost everyone who owns common stocks
paid more for them than their present market price. The stocks, in a great
majority of cases, were bought for appreciation, not for income. Unlike the
British, the American people usually have bought shares for profit, not for
dividends. They now regard their share investments as "frozen" and seem
inclined to wait for them to thaw out. Since this generation's market experiences have been on the whole unsatisfactory, there is a disposition not
to trade. World economic and political uncertainties and confusion regarding
domestic policies and prospects add to the investment inertia.
The science of stock investment, especially in non-dividend issues, is to
switch about; not to hold indefinitely. If those who now own common
stocks insist on retaining their position, without switching from issue to
issue and from industry to industry, the stock market will grow less and less
popular as a place for investment funds. An active, liquid market is the
stock investor's boon.
Future Delivery Sugar Reaches Two-Cent Mark on
New York Coffee & Sugar Exchange for First Time
Since April 1930.
Sugar futures went to new high ground and touched the
two-cent mark in active and exciting trading on the New York
Coffee & Sugar Exchange Aug. 7. August 1935 delivery
month sold at 2 cents shortly after the opening the Exchange
announced, and July advanced a further two points to reach
that level just before the close, the first time any future
month has touched that level since April 1930. Thelow
point for all time was made in the gap between that date and
Aug. 7 when,in May 1932,futures sold at 0.52% per pound,
the Exchange said. The two-cent mark was a point in
the upward movement of prices that had been predicted for
some time. The Exchange continued:
The Costigan-Jones sugar bill which gives to Cuba an assured market
for 1,902,000 short tons per year in this country and the reduction in the
sugar tariff, made June 8, which brought the duty on Cuban sugars down
from 2.00 to 1.50 cents have both helped bring the increased values about.
At the moment the market is apparently anticipating the signing of a
new commercial treaty with Cuba which if completed it is expected will
increase Cuba's preferential thereby further reducing the duty on sugars
from that island.
851
Stock was thereafter offered to the general public at $1 per share. The
stock offered to the general public is alleged to have been personally owned
stock of the defendant William von Bremen. It is indicated that, if the
sale of the stock presently offered was to continue, not one dollar of the
money received from the public would go into the treasury of the Yuma Gold
Mining Corporation, but would go to the benefit of von Bremen and his associates. It is further stated that, while the stock was being offered and sold
to the public at $1 per share, the defendant von Bremen was able to purchase the same stock at a price which averaged him less than a cent a
share.
Attorney-General of Maryland Forbids Further Transactions in Stock of Carnegie Metals Co. Under
State Blue Sky Laws.
William P. Lane Jr., Attorney-General of Maryland, issued an order July 30 forbidding the further sale or acquisition of the securities of the Carnegie Metals Company by
Harrison Knight & Company of Baltimore. According to the
Baltimore "Sun" the Attorney-General charged that the company, which is a brokerage firm, had purchased small blocks
of the stock on the open market at a price double that at
which it was obtainable solely in order to support the market.
The Baltimore "Sun" of July 31 further quoted from the
summary of the case as follows:
"The principal for whom Harrison Knight & Co. acted in the sale of this
stock had an option on a large block of the stock, aggregating 200,000 shares
or thereabouts at $1.50 per share," Mr. Lane explained.
"While this option was in effect and the stock was readily obtainable by
this principal at $1.50 per share, Harrison Knight & Co., Inc., acting upon
orders of the principal, made two small purchases of the stock in the open
market at $3 per share for the purpose of creating in the minds of the public,
and particularly in the minds of prospective purchasers of the stock from
Harrison Knight & Co., the false impression that $3 per share represented
the fair value df the stock."
Many Led to Buy.
"Such an impression was created and many persons were led to purchase
the stock at or about $3 per share and the stock has since declined to $1.25
per share," he continued. "I have no doubt that the practice constituted
a scheme or artifice to defraud within the meaning of the Blue Sky law of
Maryland and I deem it my duty to prevent a continuation of these practices."
Two Companies and Six Individuals Enjoined from
Decrease of $295,211,072 Reported in Quoted Values of
Further Stock Sales—Firms Involved Are Arizona
Stocks Listed on Toronto Stock Exchange Aug. 1 as
Copper Belt Mining Co. and Copper Belt Smelter
Compared with July 1—Latest Figure $3,406,Co.
051,612.
Justice Samuel H. Hofstadter of the New York Supreme
Quoted values of all stocks listed on the mining and
Court on Jnly 26 signed a temporary injunction restraining industrial sections of the Toronto Stock Exchange totaled
two companies and six individuals from making further sales $3,406,051,612 as of Aug. 1, a net decline from the beginning
of stock to the public. The order is returnable Aug. 14, when of the previous month of $295,211,072, it is revealed in the
the defendants will be required to show cause why the in- monthly bulletin of the Exchange issued recently. The
junction should not be continued. The two companies en- bulletin, compiled by the statistical department of the
joined are the Arizona Coppfer Belt Mining Co and the Exchange, groups 437 issues of Canadian corporations into
Copper Belt Smelter Co, Inc., both of New York City. The 16 major divisions and the compilation depicts the manner
individual defendants are William J. Dilthey, President and in which these individual groups met the general declining
Director of the involved companies; Rollin A. Camp, Emilie July market. An announcement issued by the Exchange
Rappold, Francis Alexander, C. Clarence Swift and Henry E. with regard to the figures contained in the Bulletin continued
Stammer. The New York "Herald Tribune" of July 27 sum- in part:
marized the charges against the defendants as follows:
Only two of the groups managed to effect a gain in market valuation. the
The Attorney-General proceeded under the authority of the Martin Act,
the injunction having been obtained on the allegation of fraud in the sale
of securities to the public. Assistant Attorney-General William Koerner,
in charge of the investigation into the affairs of the two companies, alleged
that Arizona Copper Belt Company, organized in 1906 in Arizona, and the
Copper Belt Company, a New York Corporation, bad up to March 15 sold
approximately 1,016,912 shares of capital stock, and of this number, Mr.
Dilthey held about 448,384. The balance was distributed to about 800
stockholders and approximately $330,000 was realized from the sale.
From 1917 to 1933, Mr. Koerner charged, Mr. Dilthey has been credited
on the books of the smelter company with $14,413 as a "continuous drawing account," and he "has never rendered an accounting for any expenses."
On May 26 1930, the petition alleges, Mr. Dilthey received a contract employing him as manager of the mining company at a salary of $15,000 a
year, payable in stock at $1 a share.
Mr. Stammer is accused of selling the mining company stock to the company at $1.50 to $2 a share.
Injunction Restrains Further Sale of Gold Mining
Shares—Two Companies and Employees Named in
Action by New York Attorney-General.
Assistant Attorney-General Ambrose V. McCall, in charge
of the New York State Bureau of Securities, announced on
July 28 that he had obtained an injunction from Supreme
Court Justice Samuel H. Hofstadter, temporarily restraining
two companies and six of their officers and employees from
selling securities in New York State. The order was returnable on Aug. 8. The injunction named the William von Bremen Co., Inc., the Yuma Gold Fields, Inc., William von Bremen and Adam H. Raabe, respectively President and office
manager of the former company, and Kenneth F. MacLaren,
John S. Deubel, Julius Messer and George Cambeis. Mr.
McCall's announcement said:
Yuma Gold Fields, Inc., is stated to have been incorporated with an authorized capital of 2,000,000 shares of stock of the par value of $1 per share,
200,000 shares of which were issued to each of the defendants, von Bremen,
Deubel and Messer on or about Oct. 14 1933, in exchange for mining claims
known as the Yuma property, which claim constituted the sole asset of the
corporation.
remaining 14 reporting net losses on the period. The two divisions appreciating in value were 20 issues comprising the financial institutions and
eight stocks of the silver group. The former, with an average price of
$143.15 gained in quoted values approximately $3,000,000 while the silvers,
helped out by better prices for the metal, advanced a little less than $1,750,000.
Of the 14 groups registering lower valuations, chief loss was suffered
by the oil stocks, the large capitalization of Imperial Oil and International
Petroleum combined with the comparatively wide market movements
of the latter, contributing greatly to the loss of $79,516.933. In the previous
month the oils had advanced to a total of $863,622,598 with an average
price of $32.43 which contrasted with the current figure of $29.87.
Running the oils close was the $63,588.300 drop in the quotations of 12
of the senior base metals,the loss of 2M points on the period by International
Nickel and 20 points by Consolidated Smelters being mainly responsible
for the negative amount.
Third largest decline was made by 24 of the utilities comprising issues
such as Bell Telephone, Montreal Power, C. P. R. and Shawinigan. The
drop for this section, having an average price of $28.77, totaled $37.500,000.
Despite firming prices of the alcohols at the end of the month and a sharp
upward movement of certain beer stocks, this division dropped $26,500,000.
while 77 miscellaneous industrial issues, averaging $34.51 per share, loss
$13.500,000 on the period.
Sharp drop portrayed by the gold index towards the end of the month was
further instanced by the $17,000,000 lower values of eight of the senior
golds while 20 of the juniors declined around $2,000.000.
Registration of Stock Exchanges and Corporations
Under New Law Starts Next Week—J. P. Kennedy,
Chairman of SEC, Says Companies and Exchanges
Are Co-Operating to Make Law Success.
Registration of Stock Exchanges throughout the country
and of securities listed thereon under the Securities Exchange
Act of 1934 will begin next week, when application papers
will be mailed to the Exchanges. The Federal Securities
Commission and the Stock Exchange Commission conferred in Washington during the latter part of this week
with representatives of various security exchanges, including those in Baltimore, Boston, Chicago, New York
and Philadelphia. Joseph P. Kennedy, Chairman.of the
852
Financial Chronicle
SEC, said on Aug. 8 that Exchanges of the country and
the corporations whose stocks are listed on these Exchanges
are co-operating in every way possible to make the new
law a success. He added that there has not been "a single
threat to delist" by any corporation in the United States
whose stocks are listed on the New York, Chicago, San
Francisco, New Orleans or any other of the principal
Exchanges.
A Washington dispatch of Aug. 8 to the New York
"Times" summarized the information to be asked before
registration as follows:
Registration papers to be submitted to the Exchanges next week will
require, among other things, that the Exchanges agree to comply with,
and. "so far as is within their powers." bring about compliance by their
members, the law and such regulations for its administration and enforcement as may be prescribed by the Commission.
This, however, does not act to bar any Exchange or member from
contesting before the Commission or in he courts the validity of any
regulation.
The Information Required.
The application papers will call for this information.
1. Such data as to its organization, rules of procedure, membership,
and such other information as the Commission may require as necessary
or appropriate in the public interest or for the protection of investors.
2. Copies of the constitution of the Exchange, articles of incorporation
and existing by-laws and other rules or regulations by whatever name
known.
3. The Exchange must have rules providing for the expulsion, disciplining and suspension of members for conduct inconsistent with "just
and equitable principles" of trade and must make a declaration that the
wilful violation of the Securities and Exchange Act, or any rule or regulation, shall be deemed a violation of "just and equitable principles"
and subject to such disciplinary action as necessary.
Exchanges will have until Sept. 15 to return their applications.
Seventy-Six New York City Banks Have 38,696,244
Shares Outstanding
—
Total
Capitalization
$676,301,800.
Capitalization of New York City banks is represented
by almost 39,000,000 outstanding shares, according to a
survey by R. S. Burns, statistician of Clinton Gilbert & Co.,
who tabulated the total common and preferred capitalization
of the 76 New York City banks and the number of shares
of capital stock of each bank or trust company. Chase
National Bank is far in the lead in number of shares outstanding, with 7,400,000 common shares and 2,500,000
preferred, representing respectively capital of $100,270,000
and $50,000,000. Second position is held by the National
City Bank, with 6,200,000 common and 2,500,000 preferred
shares, representing capital of $77,500,000 and $50,000,000.
The aggregate capitalization of the National banks was
$315,384,300; that of the trust companies $336,477,500,
and that of the State banks $24,440,000.
For all 76 banks,shares outstanding numbered 38,696,244,
representing capital of $676,301,800. Irving Trust Co.
led in number of shares in its classification, with 5,000,000;
while among the State banks the Bank of the Manhattan
Co. was in the van, with 2,000,000 shares, representing
capitalization of $20,000,000.
Report of Senate Banking and Currency Committee
Into Stock Exchange Operations—Second Instalment Covers Investment Banking Practices—Deals
with Affiliated Investment Companies,"Pegging"
Foreign Issues, Use of Preferred Lists, Etc.
Supplementing the first part of its report, made public
July 15, the Sub-Committee of the Senate Banking and
Currency Committee,issued on Aug.5 the second instalment
of its report covering the inquiry conducted by it into
Stock Exchange operations. The earlier portion of the
report was referred to in these columns July 21, page 362.
The second portion, issued the current week, deals with
investment banking practices; it is stated therein that
"the record contains many specific instances of unfair
dealing on the part of investment bankers." It also says
"in the case of projects with no prospect of recurrent
financing the incentive for fair dealing with the client
corporation was generally absent, and the bankers readily
forfeited the good-will of the corporation to swell their
profits. Likewise, in the case of bankers who underwrote
issues only sporadically, considerations of profit were
paramount to those of building up good-will."
From the report we also quote:
Many of the abuses in investment banking have resulted from the
incompetence, negligence, irresponsibility or cupidity of individuals in
the profession. Such abuses can be eliminated only by the elimination
of such persons from the field. Other abuses inhere in the American
system and are, therefore, susceptible of remedial legislation. Occasionally
a practice may be unearthed which partakes of the nature of both types.
A prolific source of evil has been the affiliated investment companies
of large commercial banks. These affiliates have been employed as instrumentalities by commercial banks to speculate in their own stock,
to participate in market operations designed to manipulate the price
Aug. 11 1934
of securities and to conduct other operations in which commercial banks
are forbidden by law to engage.
Commercial banks did not hesitate to violate their fiduciary duty to
depositors seeking disinterested investment counsel by referring such
inquiries to their affiliates. The affiliates unloaded securities owned
by them on unsuspecting investors and depositors. The .activities of
investment affiliates encouraged speculation by officers and directors
of commercial banks and resulted in the payment of excessive compensation and profits to these officials.
Regarding abuses in foreign issues the report says:
The record of the activities of investment bankers in the flotation of
foreign securities is one of the most scandalous chapters in the history
of American investment banking. The sale of these foreign issues was
characterized by practices and abuses which were violative of the most
elementary principles of business ethics.
As early as 1927 Thomas W. Lamont, a member of J. P. Morgan & Co.,
in an address before the Pan-American Conference, sounded a warning
note concerning the flotation of foreign bonds.
Despite warnings such as these concerning the precarious nature of
foreign flotations, American investment bankers continued to unload
foreign issues upon the American investing public.
Far from exercising discrimination in relation to these issues, the bankers
failed to check adequately the information furnished by foreign officials;
Ignored bad debt records and bad moral risks; disregarded political disturbances and upheavals; failed to examine, or examined only perfunctorily,
economic conditions in foreign countries; failed to determine whether
the proposed uses of the proceeds of loan issues were genuinely constructive;
failed to ascertain whether the proceeds of loan issues were applied toward
the purposes specified in the loan contracts; failed to ascertain whether
revenues pledged for the service of loans were collected and properly
deposited in accordance with the agreements, and generally indulged in
practices of doubtful propriety in the promotion of foreign loans and in
the sale of foreign securities to the American public.
"Pegging" or Stabilizing Price During Primary Distribution.
Domestic loans, involving issues of the United States Government,
the several States, municipalities and their political subdivisions are
sui goner's, in that for the most part such issues are purchased by a relatively few institutions, estates and individuals who are attracted by their
tax-exemption features.
The distinguishing feature of such financing is the fact that competitive
bidding for the issue is required.
The activities of investment bankers resulted in passing on to the public
not only the huge indebtedness of foreign industry, now substantially
In default, but also the Indebtedness of foreign governments. It has
been estimated that as of March 1 1934 14,970,789,100 foreign government
securities were outstanding, of which $1,536,027,300 were in default
in principal amount. These foreign government securities were not
limited to National government, but included States, provinces, departments and municipalities. The securities of these various political subdivisions were sold to the American investing public despite the hazardous
nature of the risk involved.
In order to facilitate the distribution of a new issue to the public, a
trading syndicate is usually formed by the original group to artificially
support the price of the security until the process of distribution is complete. The syndicate usually takes a short position at the time of the
original offering by confirming sales substantially in excess of the total
issue. By means of this short position the syndicate is able to support
the market price during the period of distribution. . .
Obviously, the primary motive for artificially supporting the retail
price is to afford the members of the selling group a period of time within
which to induce the investing public to absorb the issue. Were the price
to drop before all the bonds were sold the bankers might be unsuccessful
in disposing of the entire issue. The investor, relying upon the artificial
price, is influenced to purchase the bonds by the apparent stability of
the issue.
The pegging process operates to deceive the prospective investor. There
is an artificial manipulation of price with a consequent misrepresentation
of the true market for the securities offered. As soon as the bankers
"pull the peg," i.e., withdraw their support at the expiration of the period
of primary distribution, there is a concomitant decline in the price of
the bonds. . . .
No matter how the operation is characterized, its effect is the same—
it creates the appearance of a stable market where public demand is maintaining the price, whereas in fact the stability is an illusion created by
the manipulative practices of the bankers.
With reference to the use of "preferred lists" brought
out during the inquiry the Committee says:
The "preferred lists" strikingly illuminate the methods employed by
bankers to extend their influence and control over individuals in high
places. The persons upon whom princely favors were bestowed in this
manner were officers and directors of banks, trust companies, insurance
companies and other great financial institutions, executives of railroads,
utilities and industrial corporations, editors, lawyers, politicians and
public officials—in short, persons prominent in all the financial, industrial
and political walks of our National life.
The granting of these preferential participations on the one hand, and
their acceptance on the other, created a community of interest and similarity
of viewpoint between donor and donee which augured well for their mutual
welfare and 111 for that of the public.
The Committee has the following to say, in part, under
the head "Effecting Transfer of Corporate Ownership":
A special type of investment banking operation during the period from
1925 to 1929 was the merchandising of large blocks of securities closely
held by a few individuals, not for the purpose of raising capital but to
transfer the ownership or some part thereof to the general public.
Since such a "sellout" constituted the first public participation in a
theretofore closed corporation, the investor did not have the benefit of
previously published information or historical data concerning the company to guide him in his appraisal of the securities offered. . . .
The wide dissemination among the public of the ownership of corporations has given rise to a new set of problems. While the number of investors has multiplied, the control of industry has become concentrated
in the hands of a relatively few persons whose personal stake in the enterprises they control is exceedingly small.
The result is a host of evils which accompany the divorcement of control
from ownership. With ownership scattered among hundreds of thousands
of stockholders, it becomes difficult for these stockholders to exercise
any effective influence over the management.
Regulation Under the Securities Act of 1933.
Reference to the Securities Act of 1933 is made in the
report, as to which we quote as follows:
Volume 139
Financial Chronicle
The evidence presented to the Senate Sub-Committee regarding the
practices prevalent in the investment banking business laid the foundation
for the Securities Act of 1933. . . .
Broadly speaking, the Act imposes upon the seller of a new security
the duty to make fair, complete and adequate disclosure to the investor,
with appropriate penalties for violations of that duty. This constitutes
no radical departure from established principles of business conduct.
On the contrary, the Act translates into positive law certain elementary
percepts to which investment bankers have rendered lip service on many
occasions. . . .
Neither by the Securities Act of 1933 nor by the Securities Exchange
Act of 1934 does the Federal Government undertake to approve or guarantee
the present soundness or the future value of any security. The investor
must still, in the final analysis, select the security which he deems appropriate for investment.
The purposes of the Securities Act of 1933 are to make available to
him complete and truthful information from which he may intelligently
appraise the value of a security, and to safeguard against the negligent
and fraudulent practices perpetrated upon him in the past by incompetent and unscrupulous bankers, underwriters, dealers and issuers.
N. E. Towson of Washington Loan & Trust Co.
Sees Government Partly to Blame for Any Faults
in American Banking System.
Declaring that the American banking system is one of
those most completely supervised and controlled by Government, Norman E. Towson, Assistant Treasurer of the Washington Loan & Trust Co., said on Aug. 8 that its faults cannot be charged wholly to a system so governed "unless those
by whom supervision has been exercised assume some responsibility for past errors." Speaking on a radio broadcast
under the auspices of the Kiwanis Club of Washington, Mr.
Towson spoke in part as follows:
Bankers have been criticized for their unwillingness to make the loans
which, by some, are regarded as essential further to promote the National
recovery. .
The American banking system, as a whole, has been even more severely
criticized for the failure of a large number of banks to weather the storm
which culminated with the bank holiday of recent memory. Undoubtedly,
the American banking system has much for which to answer, but that system
is the product of American economic wisdom of the last century and a half.
It is, among the great banking systems of the world, one of the most completely supervised and thoroughly controlled by Government. Its faults
cannot therefore be charged wholly to a system so governed unless those by
whom supervision has been exercised assume some responsibility for past
errors.
The public has now regained its confidence in the banks of the country,
and such confidence is justified. It remains, now, for the bankers to regain
their confidence in the public; to learn that the people are willing now as
in the past, to respect their obligations, to be fair in their judgments, and
to shoulder the responsibility for their own errors.
Banking is no longer merely a matter of receiving deposits and paying
checks. The American Bankers Association defines good bank management
as demanding the three qualities of technical competence, economic understanding, and conscientious responsibility. This is a high standard, and one
which cannot be achieved by any amount of legislation. Legislation can only
make illegal such acts as the public conscience has come to define as dishonorable. The determination of whether an act is dishonorable and should
be made illegal cannot prevent damage. The ethics of bankers which guides
them in the basic principles of right action must, in the last analysis, be
depended on to raise the business of banking to the level of a profession
where it can fulfill its highest obligations to the economic welfare of the
nation.
Series of Meetings to be Held on Plan for Loans to
Industry Through New York Federal Reserve
Bank—Announcement Made by President Gillespie
of New York State Bankers Association.
Plans for a series of meetings, arranged at the suggestion
of the Federal Reserve Bank of New York to discuss the
procedure incident to loans to industry through the Reserve
banks, were announced Aug. 6 by William L. Gillespie,
President of the New York State Bankers Association, in
a communication addressed as follows to members of the
Asiociation:
To the President of the Institution Addressed:
Dear Sir:—At the suggestion of the Federal Reserve Bank of New York,
Important business meetings of all groups of the Association have been
called to discuss the procedure under recent amendments to the Banking
Law, particularly Section 13-B of the Federal Reserve Act which provides
for loans for working capital to established industrial and commercial
businesses as described in Federal Reserve Bank Circular No. 1397 of
July 6 1934.
Representatives of the Federal Reserve Bank will be present at these
meetings to discuss procedure to be followed by the banks and outline the
policies of the Federal Reserve Bank in handling such loans.
The dates set for these group meetings are as follows:
In the Auditorium of the Federal Reserve Bank, 33 Liberty St., N. Y. City.
Daylight Saving Time.
Group
VI Monday, Aug. 13,
4:00 p. m.
VII Tuesday, Aug. 14,
2:00 p.m.
V Wednesday, Aug. 15, 2:00 p. m.
IV Thursday, Aug. 16, 10:30 a. m.
III Friday, Aug. 17,
10:30a. m.
At the Hotel Stotler, Buffalo, N. Y.
Daylight Saving Time.
Group
II Saturday, Aug. 18, 10:30 a. in.
I
Saturday, Aug. 25, 10:30 a. m.
Officers and directors of non-members as well as members of the Federal
Reserve System who are interested in these matters, are urged to attend
their Group Meeting. Representatives of members of Group VIII are
invited to attend one or another of the above mentioned meetings.
853
The names of those from your bank who will attend your Group Meel
should be sent promptly to the Headquarters of the Association.
Further information in regard to these meetings will be mailed to you bY
the Chairman of your Group.
Very truly yours,
WILLIAM L. GILLESPIE, President.
Elsewhere we refer to an announcement from Washington
reporting that $4,064,900 have been made in loans to
industry.
Loans to Industry Reported as $4,064,900 Under
Powers to RFC and Federal Reserve Banks.
Direct loans to industry by the Reconstruction Finance
Corporation under the new powers granting it and the
Federal Reserve banks the right to make five-year loans
were reported by the Corporation on Aug. 4 as totaling
$4,064,900. From Associated Press advices from Washington Aug. 4, we also quote:
In addition, the RFC has made 23 conditional agreements for $1,345,500
of loans. Loans already completed were made to 41 firms.
The Federal Reserve Board reported this week that only $5,000 had been
lent to industry by Reserve banks. The two agencies together have
'authority to lend about $500,000,000 to industry.
The RFC made several loans direct to industry the day President Roosevelt signed the bill amending the law governing it. These were to concerns
which had been negotiating for loans under the old mortgage company plan
but had been unable to complete organization of a community mortgage
company.
Prior to passage of the amendment, the RFC had made 152 loans to
industry through mortgage companies totaling $16,362,675 and 40 conditional agreements for $3,425,500 of loans.
The mortgage company plan originally was devised by President Roosevelt and Jesse H. Jones, Chairman of the RFC, to meet the need of NRA
members for financing.
Due to the difficulty, however, of getting several firms to join in forming
a company in each community and the reluctance of banks to make loans,
Mr. Jones asked Congress for power to lend direct instead of through the
cumbersome mortgage company plan.
Congress granted this power for six months and also authorized Reserve
banks to make direct loans.
It is understood by RFC officials that there are a large number of applications in district offices in course of preparation. The district offices also
are endeavoring to assist applicants in getting at least part of the money
from local banks. Just how much of this sort of money has been lent is
not known here.
The RFC has decided not to make public the names of firms borrowing
money from the Corporation, on the theory that some of them might be
injured by such publicity.
Senator Borah Urges Establishment of Central
Government Controlled Bank of Issue.
Senator William E. Borah urged or Aug. 8 the establishment of a central government controlled bank of issue to
"take control of our currency out of the hands of private
interests." Senator Borah's views were indicated in addressing the Hammett Grance, at Hammett, Idaho. In Associated Press dispatches he is quoted as follows:
"I think we ought to have a central bank of issue controlled by the
Government," declared the Senator, and went on to explain that in 1912,
when the Federal Reserve System was established, "seven or eight of us
favored a central government bank in preference to the Federal Reserve."
"It is my belief that the Government should control the bank of issue,"
he said. "It should not farm out the right to issue currency and regulate
the value of money."
He asserted that under the present system the amount of currency in
circulation was regulated by those "interested in whether there is to be
more or less." The amount in circulation, he said, determines its value,
and in turn determines the value of commodities in relation to it.
As an example of what may happen under such a system, he said.
"In 1920 the Federal Reserve decided to deflate the currency. They
deflated the farmer, then stopped. They simply stopped rediscounting
farm paper. The result was that banks could not renew farm loans and
they had to call in farm loans all over the country.
"The money was called in not for production but for speculation."
He reiterated a charge that the NRA had fostered monopolies and
asserted that in spite of the intention of the Administration to aid farmers.
the result had been to increase the price of what they had to buy faster
than what they had to sell.
He predicted that recovery would yet be a slow process, but replied to
a question by stating that the people could speed the process by "electing
men to Congress who will restore the laws controlling monopolies and give
the country an adequate monetary system."
"I would support a Democrat unhesitatingly," said the Republican
Senator, "if a Democrat was in favor of that proposition and a Republican
was against it."
Two Memoranda on Amendments to Federal Bankruptcy Act Prepared by P. V. Keyser of Investment
Bankers Association—Relate to Corporate and
Municipal Bankruptcy Acts.
A pamphlet, containing two memoranda explanatory of
recently-enacted amendments to the Federal Bankruptcy Act,
has been issued by the Investment Bankers Association.
Both memoranda have been prepared by Paul V. Keyser,
Committee Counsel for the Association. One deals with the
municipal debt readjustment amendment to the Bankruptcy
Act, known as the Municipal Bankruptcy Act, and the other
relates to corporate reorganization, known as the Corporate
Bankruptcy Act. The texts of the two Acts were given in
our issues of June 23, page 4188, and June 16, page 4013, respectively.
Financial Chronicle
854
Treasury Purchased No Government Securities During
Week of Aug. 6.
The Treasury Department made no purchases of Government securities in the open market during the week of
Aug. 6; reference to the purchases was omitted entirely from
the weekly statement issued Aug. 6 by the Department.
The Treasury also failed to purchase any securities for the
investment accounts of any of the various Government
agencies during the previous week ended July 30. During
the week of July 23 $400,000 of securities were purchased.
Since the inception of the Treasury's support to the Government bond market last November (reference to which was
made in our issue of Nov. 25, page 3769) the weekly purchases have been as follows:
Nov. 25 1933
142,369,400
$8,748,000 Apr. 7 1934
Dec. 2 1933
20,580,000
2.545,000 Apr. 14 1934
Dec. 9 1933
30,500,000
7,079,000 Apr. 21 1934
Dec. 16 1933
4,885.000
16,600,000 Apr. 28 1934
Dec. 23 1933
5,001,500
16,510.000 May 5 1934
Dec. 30 1933
500,000
11,950,000 May 12 1934
Jan. 6 1934
4,000,000
44,713,000 May 19 1934
Jan. 13 1934
5,000,000
33,868,000 May 26 1934
Jan. 20 1934
17,032,000 June 2 1934
Jan. 27 1934
2,800,000 June 9 1934
Feb. 5 1934
7.900,000 June 16 1934
Feb. 13 1934
*22,528,000 June 23 1934
500,000
Feb. 17 1934
7,089,000 June 30 1934
Feb. 24 1934
1,861.000 July 7 1934
3,828,000
Mar. 3 1934
10,208,100 July 14 1934
Mar. 10 1934
6,900,000 July 23 1934
400,000
Mar. 17 1934
7,909,000 July 30 1934
Mar. 24 1934
37,744,000 Aug. 6 1934
Mar. 31 1934
23,600,000
* In addition to this amount, $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
118,307.09 Fine Ounces of Silver Purchased During
Week of Aug. 3 by Treasury Department.
In accordance with the President's proclamation of
Dec. 31 1933, which authorized the Treasury Department to
buy at least 24,000,000 ounces of silver annually, the
Department, during the week of Aug. 3, purchased 118,307.09 fine ounces. A statement issued Aug. 6 by the
Treasury showed that of the amount purchased during the
week, 3,239.09 fine ounces were received at the San Francisco mint and 115,068 fine ounces at the Denver mint.
During the previous week ended July 27 the purchases by
the Treasury amounted to 292,719.48 fine ounces. Since
the issuance of the President's proclamation, reference to
which was made in our issue of Dec. 23, 1933 page 4440,
the weekly receipts are as follows (we omit the fractional
part of the ounce):
Week EndedJan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Apr. 20
• Corrected figure.
Ounces.
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369,844
354,711
569.274
10,032
753,938
Week EndedApr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Ounces.
436,043
647,224
600,631
503,309
885,056
295,511
200.897
206,790
380,532
64,047
*1,218247
230,491
115,217
292,719
118,307
Hoarded Gold Amounting to $928,103 Received During
Week of Aug. 1-$187,993 Coin and $740,110 Certificates.
Receipts of gold coin and certificates during the week
of Aug. 1 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Aug. 6, amounted to $928,102.76. 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 Aug. 1 amount to $95,680,158.99. Of the amount
received during the week ended Aug. 1 the figures show
$187,992.76 was gold coin and $740,110 gold certificates.
The total receipts are shown as follows:
Gold Coin.
Received by Federal Reserve banks:
Week ended Aug. 1
Received previously
Total to Aug. 1
Received by Treasurer's office:
Week ended Aug. 1
Received previously
Gold Certificates.
$187,992.76
28.534.852.23
$733,010.00
64,311,310.00
128,722,844.99
865,044,320.00
249,994.00
$7,100.00
1,655,900.00
5249.994.00
Total to Aug. 1
51,663,000.00
Note.-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
$108,633,000 in Tenders Received to Offering of $75,000,000 or Thereabouts of 182-Day Treasury Bills
Dated Aug. 8-$75,327,000 Accepted at Average
Rate of 0.12%.
Henry Morgenthau Jr., Secretary of the Treasury, announced on Aug. 6 that tenders of $108,633,000 had been received to the offering of $75,000,000, or thereabouts, of 182day Treasury bills dated Aug. 8 1934. Of the tenders re-
Aug. .11 1934
ceived, the Secretary said, $75,327,000 were accepted at an
average rate on a bank discount basis of 0.12% per annum.
The last previous issue of bills (dated Aug. 1) sold at an
average rate of 0.09%, and an issue preceding that (dated
July 25) at a rate of 0.07% per annum. The average price
at which the bills dated Aug.8 are to be issued is 99.942. In
his announcement of Aug. 6 Secretary Morgenthau said:
The accepted bids ranged in price from 99.965, equivalent to a rate of
about 0.07% per annum, to 99.930, equivalent to a rate of about 0.14%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted.
The offering of Treasury bills was announced by Secretary
Morgenthau of Aug. 2, and the tenders were received at the
Federal Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, Aug. 6. The bills mature on Feb. 6
1935, at which time the face amount will be payable without
interest. Reference to the offering was made in our issue
of Aug. 4, page 686.
New Offering of 182-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts-To Be Dated Aug. 15
1934.
A new offering of $75,000,000 or thereabouts of 182-day
Treasury bills was announced on Aug. 9 by Henry Morgenthau Jr., Secretary of the Treasury. The bills will be
dated Aug. 15 1934 and will mature on Feb. 13 1935, and on
the maturity date the face amount will be payable without
interest. Tenders to the offering will be received at the
Federal Reserve Banks, or the branches thereof, up to 2 p. m.
Eastern Standard Time, Monday, Aug. 13. Tenders will not
be received at the Treasury Department, Washington. Secretary Morgenthau said that the bills will be sold on a discount basis to the highest bidders. Two issues of similar
securities of $50,254,000 and $75,044,000 mature on Aug. 15
and the accepted bids to the new offering will be used to
retire the maturing issues in part: Secretary Morgenthau's
announcement of the offering also said:
They 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 Aug. 13 1934,
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
Aug. 15 1934.
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 loss from 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.
Offering of $15,000,000 of 1
Debentures of Federal
Intermediate Credit Banks-Books Closed FolOversubscription.
lowing
On Aug. 7 Charles R. Dunn, fiscal agent of the Federal
Intermediate Credit Banks, offered approximately $15,000,000 of 1M% debentures of the system. On the following day
(Aug. 8) the subscriptions books of the offering were closed;
an oversubscription of 43i times the amount of the issue was
reported.
The debentures are dated Aug. 15 and mature Dec. 15
1934. The coupon rate of the issue equals the low rate established by the offering made July 10 of $35,000,000 of
debentures dated July 16. Reference to that offering was
made in our issue of July 14, page 211. About $4,000,000
of this month's offering will represent new money for the
system, it was stated, and the balance will be used in furtherance of the retirement of outstanding debentures.
Weekly Report of Federal Reserve Member Banks to Be
Issued In New Form Embodying More Detailed
Information as to Loans, Etc.
Plans for the issuance in revised form, of the weekly report
of member banks of the Federal Reserve System were made
known on Aug. 6 by H. V. Roelse, Assistant Federal Reserve Agent of the Federal Reserve Bank of New York in a
letter to the member banks. His letter follows:
•
Volume 139
Financial Chronicle
FEDERAL RESERVE BANK OF NEW YORK
Aug. 6 1934.
Dear Sirs;
For some time it has been found that the items in the weekly report of
condition of member banks in leading cities are not as informative as they
should be. In order to obtain data which will enable the users of these
figures better to appraise the extent and character of current changes in
the banking situation, the form has been revised principally to give a more
detailed classification of loans and to include additional items of assets and
liabilities.
It will be noted that the revised form provides for more detailed data on
deposits and also for certain information regarding debits to deposit accounts. These data will provide information as to the activity as well as
the amount and character of bank deposits.
The Federal Reserve Board has requested that this form be used beginning Wednesday. Sept. 5 1934. Two copies of the new form are enclosed
and a supply of them will be sent under separate cover in a few days.
Very truly yours.
H. V. ROELSE,
Assistant Federal Reserve Agent.
Questionnaires have also been sent recently by the Federal
Reserve Boards (it was noted in the New York "Times" of
Aug. 8) to member banks asking for information for each of
the first six months of the year upon new loans and of loans
paid or written off, exclusive of loans to other banks and to
brokers and dealers in securities, of acceptances of other
banks and of commercial paper bought in the open market.
The information, it is said, is designed, apparently, to enable
the board and the Treasury Department to determine more
exactly the half-year activities in extending commercial
credit. Commenting on the new forms to be used in September the "Times" said:
In contrast to the present condensed form of report, which lumps items
from both sides of a bank's balance sheet, the new form divides the items
into assets and liabilities. The present form gives the total of loans and
investments and divides them into loans on securities and "all other"
loans and investments in United States Government securities and "other"
securities. Under "loans and discounts," the new form calls for a detailed
"break down" of credits extended.
Principal Items in New Forms.
The main items are: 1, acceptances and commercial paper bought in
the open market; 2, loans on securities; 3, real estate loans; 4, all other
loans. Loans on securities are subdivided four times into loans to brokers
and dealers in securities in New York City, to brokers and dealers outside
the city, to banks and to others. All other loans are divided into loans to
banks and to others.
Three classes of investments are provided for: United States Government securities; securities guaranteed by the United States Government
and other bonds, stocks and securities. On asset side are items with the
Federal Reserve Bank in process of collection, exchanges for the clearing
house and other checks on banks and outside checks and cash items, all
other assets and total assets.
On the liability side an extensive subdivision of deposit items is provided
for and the banks are required to give bills payable and capital accounts.
A new feature is the inclusion of figures on debits or charges to deposit accounts, except the banks' own certified checks and officers' checks that
have been paid. This information, in a slightly different form, has been
published weekly on Sundays. By indicating the velocity with which bank
deposits are being used, the new forms eliminate the deposit and loans
figures.
In sum, the new form of report will resemble somewhat the condition
reports customarily published each quarter by the banks.
Banks that received the new forms yesterday believed it was possible
that while requiring detailed information for its own uses the Board might
sununarize some items in its published statement. A few bankers felt
that publication of full reports would be confusing and detract from the
public value of the weekly statistics.
Economists and students of banking thought the proposed changes
would increase the value of the weekly statistics. There has been much
criticism of "all other" loans, commonly accepted as reflecting the banks'
commercial loans, although including "sales" of Federal funds between
banks, real estate loans and investments in bankers' bills and commercial
paper.
14
Treasury Offering of $150,000,000 Bonds of Home
Owners' Loan Corporation—Tenders Aggregated
$233,126,000—Amount Accepted $127,111,110—Bids
Below 99 Rejected—Treasury Takes $22,000,000 of
Issue—Bonds in Three Series with Interest Ranging from 13/2% to 2%—Treasury Again Acts as
Fiscal Agent for Government Recovery Agency.
Bonds to an amount not exceeding $150,000,000 of the
Home Owners' Loan Corporation were offered on Aug. 5
by the Treasury Department, which invited tenders, through
the Federal Reserve banks and their branches up to 2 p. m.,
Eastern Standard Time, Aug. 8.
The bond i were offered in three series, each for $50,000,000 with maturities of two, three and four years, respectively. Each of the series will be dated Aug. 15 1934 and
will bear interest from that date; the announced of the offering said:
The bonds of series C, 1936. will bear interest at the rate of 1%% per
annum and will mature in two years on Aug. 15 1936.
The bonds of series D. 1937. will bear interest at the rate of 1%% per
annum, and will mature in three Years on Aug. 15 1937.
The bonds of series E. 1938. will bear interest at the rate of 2% Per
annum and will mature in four years on Aug. 15 1938.
The results of the offering were made known on Aug. 9,
the announcement showing that the three and four-year
bonds brought average prices under par. All bids for these
bonds below 99 were rejected "as being unsatisfactory in
price." Tenders for the three series aggregated $233,126,-
855
000, of which $127,111,110 was accepted. In addition to
the accepted bids, the Treasury will purchase for the benefit
of its investment funds $8,000,000 of the three-year and
$14,000,000 of the four-year bonds.
The Treasury announcement of the results of the offering
gave details as follows:
Series C. 134%, 1936. The total amount applied for was 5124,462,500,
of which but $49,736.000 were accepted at prices ranging from 101.590
down to 99.411. Only part of the amount tendered at the latter price
was accepted. Average price of the bonds of this series to be issued is
.a
on this price the yield to maturity, Aug. 15 1936, la
.17 and
5.basedb
about
Series D. 1.'4%, 1937. The total amount applied for was $48,177,000.
of which $41,843,000 was accepted at prices ranging from 101.130 down
to.99. Average price for the bonds of this series to be issued is 99.931 and
based on this price yields to maturity Aug. 15 1937 is about 1.77%•
Series E, 2%. 1938. The total amount of bids applied for was $60.487,100, of which $35,532,100 was accepted at prices ranging from 101.035
down to 99. Average price for the bonds of this series is 99.962, and based
on this price the yield to maturity. Aug. 15 1938. is about 2.01%.
The offering of these bonds by the Treasury marks the
second occasion on which it has acted as fiscal agent for a
recovery agency of the Government,its initial action having
been taken in the case of the offering on July 22 of $100,000,000 3% bonds of the Federal Farm Mortgage Corporation, to which we referred in our July 26 issue, page 528.
This week's offering of the Home Owners' Loan Corporation
bonds indicated that they would be sold to the highest
bidder, as were the bonds of the FFMC. On this point the
statement issued Aug. 5 by the Treasury Department said:
In considering the acceptance of tenders, the highest prices offered will
be accepted in full down to the amount required, and if the same price
appears in two or more tenders and it is necessary to accept only part o
the amount offered at such price, the amount accepted at such price will
be prorated in accordance with the respective amounts bid for. However.
the Secretary of the Treasury expressly reserves the right to reject any or
all tenders or parts of tenders and to award less than the amount bid for.
and any action he may take in any such respect or respects shall be final.
The bonds will not be subject to call for redemption prior
to maturity. They will be guaranteed both as to principal
and interest by the United States, and will be exempt both
as to principal and interest from all Federal, State and local
taxation (except surtaxes, estate, inheritance and gift taxes)
now or hereafter imposed. Bearer bonds with interest
coupons attached will be issued in denominations of $100,
$500, $1,000, $5,000, $10,000 and $100,000. The $10,000
and $100,000 denominations, however, will not be available
for delivery until after Sept. 1 1934. The bonds will not be
issued in registered form.
The bonds are acceptable at face value in payment of
indebtedness due the Home Owners' Loan Corporation.
They are also acceptable to secure 15-day borrowings from
the Federal Reserve banks, but do not bear the circulation
privilege. Payment for bonds alloted or accepted tenders
must be made on or before Aug. 15 .
The proceeds of the bonds will be used primarily for cash
expenditures incident to the reconditioning of homes on which
the Corporation takes mortgages. Regarding its refinancing
operations, a statement by the directors of the Corporation
on Aug. 6 said:
Up to July 27, 414.190 homes have been refinanced by the Corporation,
more than 99% of them by exchange of 18-year bonds, which are now outstanding in excess of $900,000,000. To assure the Corporation of a first
lien and sound security, we have advanced cash on the borrower's account
for essential repairs, tax arrearages and fire-insurance, premiums where
necessary. For amounts under $25, which is the minimum denomination
of the bonds, we have paid the lienholders in cash instead of bonds.
The Home Owners' Loan Act as amended on April 27 permits further
cash outlay for the reconditioning of homes on which the Corporation takes
mortgages.
The proceeds of the public offering of the two, three and four-year bonds
of the Corporation by the Treasury Department will be used primarily
to take care of such cash expenditures.
The Treasury Department's statement of Aug. 5 announcing the offering follows:
The Secretary of the Treasury, on behalf of the Home Owners' Loan
Corporation, is to-day offering to the public not to exceed $150,000,000 of
bonds of the Corporation in three series, each for $50,000,000, with maturities of two, three and four years, respectively, and is inviting tenders
therefor through the Federal Reserve banks. Tenders will be received
at the Federal Reserve banks and branches thereof up to 2 o'clock p. in.,
Eastern Standard Time on Wednesday, Aug. 8 1934, and the bonds will
be sold to the highest bidders. Tenders will not be received at the Treasury
Department, Washington.
The bonds for which tenders are invited are in three separate series, all
dated Aug. 15 1934, and bearing interest from that date. The bonds of
series C, 1936. will bear interest at the rate of 13% per annum and will
mature in two years on Aug. 15 1936; the bonds of series D. 1937, will bear
Interest at the rate of 1%% per annum and will mature in three years on
Aug. 15 1937, and the bonds of series E .1938, will bear interest at the
rate of 2% per annum and will mature in four years on Aug.15 1938. They
will not be subject to call for redemption prior to maturity.
The bonds will be fully and unconditionally guaranteed both as to principal and interest by the United States, and, as more specifically stated in
the circular, they will be exempt both as to principal and interest from all
Federal, State and local taxation (except surtaxes. estate, inheritance and
gift taxes), now or hereafter imposed.
Bearer bonds with interest coupons attached will be issued in denominations of $100, $500. $1,000. $5,000, $10,000 and $100.000. The $10,000
856
Financial Chronicle
and $100,000 denominations, however, will not be availbale for delivery
until after Sept. 1 1934. The bonds will not be issued in registered form.
Tenders should be made on the printed forms and forwarded in the
special envelopes which will be supplied by the Federal Reserve banks.
Each tender should state the particular series desired, the face amount
of bonds applied for, and the price offered which must be expressed, on the
basis of 100 with not more than three decimal places, e.g., 100.125. Each
tender must be in multiples of$100. Tenders received at a Federal Reserve
bank or branch after 2 o'clock p. m., Eastern Standard Time, Wednesday,
Aug. 8 1934, will be disregarded.
Tenders will be accepted without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied in every case by a
deposit of5% of the face amount of bonds bid for, except where the tender
is accompanied by an express guaranty of payment by an incorporated
bank or trust company. If the tender is accepted, in whole or in part,
the deposit will be applied toward payment for the bonds, and if the tender
is rejected the deposit will be returned to the bidder.
Immediately after the closing hour for the receipt of tenders on Aug. 8
1934, 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. Those submitting
tenders will be advised of the acceptance or rejection thereof. In considering the acceptance of tenders, the highest prices offered will be accepted
in full down to the amount required, and if the same price appears in two
or more tenders and it is necessary to accept only part of the amount offered
at such price, the amount accepted at such price will be prorated in accordance with the respective amounts bid for. However, the Secretary of
the Treasury expressly reserves the right to reject any or all tenders or parts
of tenders and to award less than the amount bid for, and any action he
may take in any such respect or respects shall be final.
'Payment for any bonds allotted on accepted tenders must be made or
completed on or before Aug. 151934,in cash or other immediately available
funds.
The Treasury circular detailing the offering follows:
Home Owners' Loan Corporation.
1% bonds, series C. 1936. due Aug. 15 1936.
% bonds, series D, 1937, due Aug. 15 1937.
2% bonds, series E. 1938, due Aug. 15 1938.
Dated and bearing interest from Aug. 15 1934; not subject to call for
redemption prior to maturity.
Interest payable Feb. 15 and Aug. 15.
Fully and unconditionally guaranteed both as to principal and interest
by the United States of America. evidenced by the endorsement of the
Secretary of the Treasury on each bond.
Exempt both as to principal and interest,from all Federal. State and local
taxation (except surtaxes, estate, inheritance and gift taxes) now or hereafter imposed.
1934—Department Circular No. 516 (Public Debt Service)
TREASURY DEPARTMENT.
Office of the Secretary.
Washington. Aug. 6 1934.
The Secretary of the Treasury, on behalf of the Home Owners' Loan
Corporation, offers to the public not to exceed $150,000,000 of bonds of
the Home Owners' Loan Corporation. in three series of not to exceed $50
000,000 each, and invites tenders therefor, through the Federal Reser e
banks.
Description of Bonds.
Series C, 1936, or not to exceed $50,000,000.—The bonds of this series
will be dated Aug. 15 1934, and will bear interest from that date at the
rate of 13% per annum. They will mature Aug. 15 1936, and will
not be subject to call for redemption prior to maturity.
Series D. 1937,for not to exceed $50,000,000.—The bonds of this series
will be dated Aug. 15 1934,and will bear interest from that date at the rate
of 1%% Per annum. They will mature Aug. 15 1937, and will not be
subject to call for redemption prior to maturity.
Series E. 1938. for not to exceed $50,000,000.—The bonds of this series
will be dated Aug. 15 1934, and will bear interest from that date at the
rate of 2% per annum. They will mature Aug. 15 1938, and will not be
subject to call for redemption prior to maturity.
Bearer bonds with interest coupons attached will be issued in denominations of $100. $500. $1,000. $5,000, $10,000 and $100,000.* The bonds
will not be issued in registered form. Provision will be made for the interchange of bonds of different denominations of the same series, without
charge by the Corporation, under rules and regulations prescribed by the
Corporation.
These bonds are issued under the authority of the Home Owners' Loan
Act of 1933, as amended, which provides that these bonds shall be exempt,
both as to principal and interest,from all taxation (except surtaxes, estate.
Inheritance and gift taxes) now or hereafter imposed by the United States
or any District,Territory,dependency or possession thereof,or by any State,
county, municipality or local taxing authority.
The bonds are acceptable at face value in payment of indebtedness due
the Home Owners' Loan Corporation. They are also acceptable to secure
15-day borrowings from the Federal Reserve banks, but do not bear the
circulation privilege.
Section 4(c) ofthe Home Owners'Loan Act of 1933.as amended,provides
as follows: " . . . Such bonds shall be fully and unconditionally
guaranteed both as to interest and principal by the United States, and such
guaranty shall be expressed on the face thereof, and such bonds shall be
lawful investments, and may be accepted as security, for all fiduciary,
trust and public funds, the investment or deposit of which shall be under
the authority or control ofthe United States or any officer or officers thereof.
In the event that the Corporation shall be unable to pay upon demand.
when due, the principal of, or interest on,such bonds, the Secretary of the
Treasury shall pay to the holder the amount thereof which is hereby
authorized to be appropriated out of any moneys in the Treasury not
otherwise appropriated, and thereupon to the extent of the amount so paid
the Secretary of the Treasury shall succeed to all the rights of the holders
of such bonds. . . . "
Tenders and Allotments.
Tenders will be received at the Federal Reserve banks and the branches
thereof up to 2 o'clock p. m.. Eastern Standard Time. Wednesday, Aug. 8
1934. and unless received by that time will be disregarded. Tenders will
not be received at the Treasury Department, Washington. Bidders will
be required to specify the particular series for which each tender is made.
Each tender must be in multiples of $100, must state the face amount of
bonds applied for, and the price offered. The price offered must be ex* The denominations of $100. $500, $1,000 and $5,000 will be initially
available,and those of $10,000 and $100,000 will be available after Sept. 1
1934.
Aug. 11 1934
pressed on the basis of 100 with not more than three decimal places.
e.g.. 100.125.
Tenders will be received without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied in every case by
a deposit of 5% of the face amount of bonds bid for, except where the
tender is accompanied by an express guaranty of payment by an incorporated
bank or trust company. If the tender is accepted, in whole or in part.
the despot will be applied toward payment for the bonds, the balance to
be paid as hereinafter provided. If the tender is rejected, the deposit will
be returned to the bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to a
Federal Reserve bank or branch, and plaintly marked "Tender for bonds
of the Home Owners' Loan Corporation." The Federal Reserve banks
will supply printed forms and special envelopes for submitting tenders.
Immediately after the closing hour for the receipt of tenders on Aug. 8
1934, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened. The Secretary of the Treasury will
determine the acceptable prices offered and will make public announcement thereof as soon as possible after the opening of tenders. Those submitting tenders will be advised by the Federal Reserve banks of the acceptance or rejection thereof, and payment on accepted tenders must be made
as hereinafter provided. In considering the acceptance of tenders, the
highest prices offered will be accepted in full down to the amount required,
and if the same price appears in two or more tenders and it is necessary to
accept only a part of the amount offered at such price, the amount accepted
at such price will be prorated in accordance with the respective amounts
bid for. However, the Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to award less than
the amount bid for, and any action he may take in any such respect or respects shall be final.
Payment.
Payment for any bonds allotted on accepted tenders must be made or
completed on or before Aug. 15 1934,in cash or other immediately available
funds. In every case where payment is not so completed the 5% payment
with application shall, upon declaration by the Secretary of the Treasury
In his discretion, be forfeited to the Home Owners' Loan Corporation.
General Provisions.
Federal Reserve banks, as fiscal agents of the United States, are authorized and requested to receive tenders, to make allotments as directed by
the Secretary of the Treasury,to issue allotment notices,to receive payment
for bonds allotted, to make delivery of bonds on full-paid allotments, and
to perform such other acts as may be necessary to carry out the provisions
of this circular. Pending delivery of the definitive bonds, Federal Reserve
banks may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing
the rec t of tenders and the sale of bonds under this circular, which will
ptly communicated to the Federal Reserve banks.
be pr
4.......„
1
.ra/
HENRY MORGENTHAU,Jt
Secretary of the Treas
reliminary Report of Operations of FDIC to June 30—
Cost of Insurance About 5.8 Cents a $1,000—
Approximately $16,000,000,000 of Deposits Insured
—Statement of Condition as of June 30.
A preliminary report of the operation of the Federal
Deposit Insurance Corporation for the first six months to
June 30 1934, submitted to the directors on July 30 by
Leo T. Crowley, Charm, was made public on Aug. 9
by the Corporation. In his report Mr. Crowley stated
that "it is estimated that there were over 56,000,000 accounts insured and the insured deposits amounted to approximately $16,000,000,000." As of the close of business
une 30, 188 banks withdrew from the fund (reference to
which was made in our issue of July 21, page 366) and an
nnouncement accompanying the report said that these
withdrawals reduce the figure of insured accounts to about
50,000,000, and that of insured deposits to about $12,000,000,01) As noted in the report the amount of insurance
depositor was limited to $2,500 up to June 30.
for e
This amount was increased on July 1 to $5,000 per depositor.
Mr. Crowley stated:
Assessments collected from banks which were members of the fund
as of June 30 amounted to $39,664.640.58. The cost of insurance was
5.8054 cents for each $1,000 of insured deposits, equal to approximately
2.32% of the assessment paid by banks which are members of the temporary fund.
The Corporation had cash on deposit with the Treasury
of the United States in the amount of $99,247,340.84,
Mr. Crowley said. Investments in Government bonds
amounted to $227,782,343.36, he stated, on which there
was appreciation of $7,478,101.23 as of June 30. The
following preliminary condensed balance sheet, as of June
30 1934, was contained in Mr. Crowley's report:
Preliminary Condensed Balance Sheet June 30 1934.
Assets—
599,247,340.84
Cash on deposit with United States Treasury
United States Government securities (market value
227,782.343.36
8235,260.444.59) Cost
1,463,691.77
Accrued Interest receivable
$328,493,375.97
116,788.33
Furniture and fixtures and miscellaneous unamortIzed charges_ _
$328,610,164.30
Total assets
Liabilities—
membership
liabilities:
Capital and
United States Government subscription to capital
$150.000,000.00
stock (paid)
Federal Reserve banks subsciiption to capital
139,299,556.99
stock (paid)
Temporary Federal Deposit Insurance fund members (not withdrawing from the fund):
530,170,385.77
Assessment (paid)
Less portion of net operating ex700,604.72
penses and losses to June 30'34
29,469,781.05
8318,769.338.04
Volume 139
Financial Chronicle
Current liabilities:
Assessment refunds due members withdrawing
from the temporary Federal Deposit Insurance fund
Assessment (paid)
$9,494.254.81
Leas portion of net operating expenses and losses to June 30'34
220,471.81
$9,273,783.00
Miscellaneous accounts payable and reserve for
undetermined expenses and losses
Total liabilities
567,043.26
9,840,826.26
$328,610,164.30
Filing of Registration Statements With Federal Trade
Commission Under Securities Act.
Six security issues filed with the Federal Trade Commission for registration under the Securities Act were announced
Aug. 6 by the Commission. They totaled more than
$13,500,000, including industrial issues, certificates of
deposit in refinancing matters, investments trusts and reorganizations; proposed industrial issues amounted to $1,060,018. Among the group of issuers are a printing type
manufacturer, two mining companies, two investment trusts
and a real estate firm. These registration statements
(1034-1039) were listed as follows:
Protective Committee for Noteholders of Barnhart Brothers ec Spindler 6%
Serial Gold Notes, Due April 1 1934-35 (2-1034. Form D-1), 25 Broad
Street, New York City, calling for deposit of the above listed notes in the
amount of $284,600 outstanding, out of a total original issue aggregating
$1,000,000. By an indenture dated Aug. 29 1929, Barnhart Brothers &
Spindler, of Jersey City, manufacturers of type, printers' materials and
printing machinery, sold all its assets to American Type Founders Co..
which company assumed all obligations and liabilities of Barnhart Brothers
& Spindler. On Oct. 4 1933 American Type Founders Co. was declared
a bankrupt. The committee consists of the following: Alfred E. Seelig,
Harold II. Bowman and J. F. Dewald, all of New York City.
International Silver & Gold Corp.(2-1035, Form A-1),1902 Oliver Building,
Pittsburgh, a Delaware corporation, owning no real property but holding
stock in Compania Internacional de Oro, S. A., and proposing to issue
50,000 shares common stock at not to exceed $6.25 a share or $312,500;
proceeds to be used for installation of a mill and flotation plant for recovery
of silver in 600,000 tons of dump ore, and to reopen and develop other
veins. The difference between the selling price ($6.25 a share maximum)
and $5 (par value) a share will represent commissions to salesmen. Among
officers are: Henry Wyman, President, and Joseph P. Johnston, Secretary-Treasurer, both of Pittsburgh.
Administrative Corp. (2-1036, Form C-1), No. 1 Wall Street, New York
City, an unincorporated investment trust, proposes offering 446,429 certificates representing "Trusted American Bank Shares, Series B," at $1.12
each—aggregate offering price, $500,000. Officers are: W. E. Stewart,
President,and M.E. Wickham,Secretary-Treasurer, both of Jersey City.
Uptown Square Building Corp. (2-1037, Form D-2), 69 West Washington
Street, Chicago, an Illinois corporation, proposing, under a plan of readjustment and reorganization, to issue "first mortgage building and leasehold
registered income bonds" limited to the principal amount of $299,500.
The company, organized March 25 1933, has owned and operated the real
estate and leasehold estate building as "4722-4738 Broadway" and "47134733 Racine Avenue." Chicago. Its predecessor, Loren Miller & Co..
operated the property from November 1915 to August 1931. Among
officers are: George R. Legner, President; Paul H. Tilke, Treasurer; and
Mary Sheehy, Secretary, all of Chicago.
Quarterly Income Shares, Inc. (2-1038, Form A-1). 15 Exchange Place,
Jersey City, incorporated in Maryland as an investment corporation of the
restricted supervised type. Its funds, including proceeds from the sale of
shares of its capital stock, may be invested in securities of companies on
its investment list. The current issue is 8,804,740 shares at $1.29 each, or
$11,358,114.60. Among officers are: Ross Beason, Miami Beach, Fla.,
President, and Lawrence W. Schmidt, Bronx, N. Y., Secretary-Treasurer.
(See also Registration Statements 2-40 and 2-594.)
Callahan Zinc-Lead Co. (2-1039, Form A-1), Wallace, Idaho, an Arizona
corporation engaged in acquiring and developing mines, mining claims,
timber lands and other properties. The company now has outstanding
747,518 shares of $10 par value each. At a stockholders' meeting executive officers and the directors were authorized to offer to stockholders, for
their pro rata subscriptions, share for share, 747.518 new $1 par shares
at $1 each, issuing to stockholders full warrants covering their pre-emptive
rights respectively, the offering to be made "at such time as upon such
listing the New York Stock Exchange shall designate." The warrants will
be assignable, and, when executed by the stockholders or their assigns, new
shares will be issued and delivered.
The new issue has been sold to and underwritten by Penn Oil & Gas Co.,
and Arthur Hunter, both of New York City. Among officers of the issuer
are Donald A. Callahan, President, and C. W. Newton, Secretary-Treasurer, both of Wallace, Idaho.
Nine security issues filed for registration under the Securities Act were announced on Aug. 8 by the Commission.
These issues total $34,678,350, including certificates of deposit in refinancing matters having a total face value of
$7,053,000. Industrial and commercial issues account for
$17,625,350 and include one issue of $16,850,350 in common
stock, subscription warrants and receipts proposed by a
holding company with subsidiary companies organized to
deal in alcoholic beverages in several States. There is also a
$10,000,000 investment trust issue and a hotel reorganization plan involving $637,500. These registration statements
(1040-1048) are listed as follows:
Independence Fund of North America, Inc. (2-1040, Form C-1), 1 Cedar
Street, New York City, an investment trust proposing to offer "Independence
Fund Trust Certificates" or investment contracts calling for total payments
of $10,000,000. Officers are. Henry J. Simonson Jr., President; Frank
Ware. Treasurer, and H. K. Meyer, Assistant Treasurer and Assistant
Secretary, all of New York City. (See also File No. 2-25, effective July 27
1933.)
Debenture Holders Committeefor Midland Utilities Co.(2-1041, Form D-1),
120 South LaSalle Street, Chicago, calling for deposit of $6,000,000 face
value. "Debentures, Series A, 6%." of the company so that holders of
the securities proposed to be called for deposit may unite to protect their
857
interests, seek representation in bankruptcy proceedings, and participate in
a reorganization plan. Members of the committee are: Melvin L.Emerich,
Robert P. Minton and Leo. J. Sheridan, all of Chicago.
Cahuenga Court Apartments First Mortgage Bondholders' Committee (2-1042.
Form D-1), 712 Spring Arcade Building,541 South Spring Street, Los Angeles,
calling for deposit of first mortgage bonds of Louis C. Wallach (whose name
was changed by court order to Leach Cross). former real estate operator
and dentist, whose address is 940 Fox Street, New York City. Bonds are
being called in the amount of $237,500 face value outstanding out of an
original issue of $325,000, because of existing defaults. A plan of reorganization is contemplated. Members of the committee are. H. H.
Cotton,
, Charles C. Irwin, John Treanor and J. B. Van Nuys, all of Los
Angeles.
Washington Land & Livestock Corporation (2-1043, Form A-1). 1111 White
Building, Seattle, Wash., a Delaware corporation organized May 28 1934
to raise cattle, sheep and hogs and to produce general farm products.
The company expects to issue $400,000 common stock. Estimated net
proceeds of $310,000 are to be used for purchase of land, livestock and
equipment, and for cash reserve. The stock will be offered the underwriter
(not yet selected) at $1 a share, the public offering price, less broker's commission of 20% and distributors' commission of 2M %. Among officers
are: J. K. McDowell, President; A. C. Macbeth, Vice-President, and
Minnie Erker, Secretary-Treasurer, all of Seattle.
Annapolis Yacht Basin, Inc. (2-1044, Form A-1). Annapolis, Md., a
Maryland corporation organized in July 1934 to engage in storing and caring
for all types of water craft up to 150 feet in length. Proposal is made for
offering 1,000 units of 10 shares of preferred stock and 23 shares common
at $125 a unit or an aggregate price of $125,000. Estimated net proceeds
of $100,000 are to be used as follows. $55,000 to pay off bank loans and
other debts; $25,000 to be placed in trust for future amortization of an
Reconstruction Finance Corporation loan. and $20,000 for operating
capital and current development. Units will be sold to Industrial Financing
& Engineering Co., Washington, 13. C., sales agents, at $100 a unit net.
Officers are: Charles E. Chance, Annapolis. Md., President; Harry A.
Seay, Washington, D.C., Vice-President; and James A. Walton, Annapolis.
Md., Secretary-Treasurer.
Emporia Gold Mines, Inc. (2-1045, Form A-1), 1600 Delaware Avenue.
Wilmington, Del., a Delaware corporation organized June 1 1933, owning
property in Arizona and proposing to engage in the mining business, particularly gold mining. The issuer expects to offer 250,000 shares common
stock at $1 each or $250,000, using estimated net proceeds of $175,000
for purchase of equipment and buildings and for corporation purposes.
Officers are: George H. Bruce, President; Kurtz Wilson, Vice-President.
and Lawrence Savercool, Secretary-Treasurer, all of New York City.
110 South Pennsylvania Avenue Corporation (2-1046. Form Bt), 110 South
Pennsylvania Avenue, Atlantic City, N. J., operating the Colton Manor
Hotel at the above listed address and proposing, under a reorganization
plan, to issue $637,500 first mortgage 6% cumulative income bonds, and
6,375 shares of capital stock, represented by voting trust certificates. The
corporation was incorporated May 23 1934 to succeed Colton Manor Co.,
having acquired the hotel property as a result of foreclosure proceedings.
Among officers of the new company are. Waiter H. Lippincott, President;
H. F. Heuer. Secretary and Treasurer, both of Philadelphia.
Protective Committee for Holders of Lake Charles Office Building Co., Inc..
First Mortgage 6J4% Serial Gold Bonds (2-1047, Form D-1). 813 Union
Building, New Orleans, calling for deposit of the above listed bonds of
the above-named office building company, in the outstanding amount of
$178.000 out of an original issue of $225,000. The issue has been in default
since Dec. 1 1933 as to principal and the interest has not been paid promptly.
according to the statement. Committee members are. F. P. Breckinridge.
Wilfred G. Gehr. Norbert B. Hinckley and James W. Montgomery, all of
New Orleans,
National Distillers Products Corporation (2-1048. Form A-1), 120 Broadway, New York City, a Virginia corporation, a holding company with subsidiaries engaged in producing and dealing in alcoholic beverages and incorporated or qualified to do business in Alabama, Arkansas, California,
Connecticut, Delaware, Illinois, Kentucky, Louisiana, Massachusetts,
Maryland, Mississippi, Missouri, New Jersey, New York. Ohio, Pennsylvania, Rhode Island, Tennessee and West Virginia. The holding company
holds a majority of voting stock in a barrel manufacturing corporation, and
all voting stock in two small food products corporation. The current
issue proposed is as follows: 674,014 shares common stock at $25 each or a
total of $16,850,350; subscription warrants to subscribe for 337.014 shares
of common stock, and installment subscription receipts for payment of
first installment on 337.014 shares. Of the estimated net proceeds of
$16.850,000, a total of $5,000,000 is to be used pursuant to an agreement
between the Distillers CO.. Ltd. (of Great Britain) and the issuer for the
issuer's purchase of 400,000 shares of common stock of the Distillers Co..
Ltd., of Delaware. The remaining $11,850,000 will be used for general
corporate purposes and working capital. Among officers are. Seton Porter.
President; Arthur W. Loasby, Matthew J. MacNamara. Otho H. Wathen
and Daniel K. Weiskopf, Vice-Presidents; Thomas A. Clark, Treasurer, and
A. 0. Cushny, Comptroller, all of New York City.
In announcing the above the Commission said:
In no case does the act offiling 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 last previous list of registration statements appeared
in our issue of Aug. 4, page 688.
Stop Order Issued by Federal Trade Commission
Suspending Effectiveness of Registration Statement Filed by Gold Bell Mining Co., Ltd.
The Federal Trade Commission announced on Aug. 2
that it has issued a stop order suspending the effectiveness of
a registration statement filed by the Gold Bell Mining Co.,
Ltd., of Red Rock, Ariz. The Commission found that the
registration statement failed to comply with the requirements
of the Securities Act of 1933. The order will remain in
force until necessary amendments have been filed and the
Commission shall have so declared. The Commission's
announcement said:
The registrant consented to the issuance of a stop order in order that the
necessity of a hearing might be obviated.
The Gold Bell Co.'s statement was filed in April. The company was
organized to mine and deal in mineral ores, and proposed to issue 125.000
shares of common stock at an aggregate price of $37.600. The stock was
to have been offered to the public at 25 to 30 cents per share, not leas than
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Financial Chronicle
16 cents per share to have been received by the company after paying
commissions.
Officers of the company listed in the statement are: Anton Kollnowski,
Los Angeles, President; Adolph Royeski, Red Rock, Ariz.. Treasurer; and
Arthur Lishner. Los Angeles, Secretary.
President Roosevelt Acts to Nationalize Silver Under
Silver Purchase Act—Delivery Called for at U. S.
Mints Within 90 Days at 50.01 Cents per Ounce—
Silver Certificates to Be Issued Against Silver
Acquired.
Acting under the provisions of the Silver Purchase Act
of 1934, President Roosevelt, on Aug. 9, issued a proclamation and Executive Order for the nationalization of silver.
The order and proclamation, which we give elsewhere in
this issue, were made public at Washington by Secretary
of the Treasury Morgenthau, the President having, it is
stated, authorized their promulgation by telephone from
Green Bay, Wis.
The nationalization of silver followed by a little more
than a year, it is observed in Associated Press advices from
Washington, similar action with regard to gold, although
in the case of silver the Government will not withdraw
coins from circulation. Quarters and half dollars will not
turn into any different kind of money. As to the move,
these accounts (Aug. 9) noted:
What President Roosevelt and Secretary Morgenthau are doing is calling
Into the Treasury stocks of bullion silver which are traded in on the commercial markets. These stocks may range anywhere from 45,000,000 to
250,000,000 ounces.
Buying in this silver at the rate of 50.01 cents an ounce is what is
meant by "nationalizing" silver. It is taking Government ownership of
floating commercial stocks not being used in industry and commerce.
Under the Executive edicts of this week all silver stocks
in the country are required to be delivered to the United
States mints within 90 days—the Treasury to pay therefor
50.01 cents per fine troy ounce. With respect to the President's order and proclamation, and the exemptions therefrom, a statement issued on Aug. 9 by Secretary Morgenthau
said:
The President to-day issued a proclamation and an Executive Order,
which together provide for the "nationalization" of silver pursuant to the
provisions of Section 7 of the Silver Purchase Act of 1934.
The proclamation authorizes the mints to receive any and all silver
situated in the United States on Aug. 9 1934.
The mints are directed to deduct as seigniorage, &c., 61 8/25% of the
silver so received and to return to the depositor in standard silver dollars,
silver certificates or other coin or currency of the United States an amount
equal to the monetary value of the balance; that is, the mints will return
for each fine troy ounce of silver so received an amount equal to 50.01
cents a fine troy ounce.
The Executive Order requires that all silver situated in the United
States on Aug. 9 1934, be delivered to the mints within 90 days. Certain
classes of silver are excepted from this requirement. Ample provision
Is made for licenses to cover silver needed for industrial uses and to
fulfill outstanding obligations to deliver silver.
Foreign and domestic coins, silver ore, silver owned by foreign governments and foreign central banks and silver in fabricated articles do
not have to be turned in under the Executive Order issued to-day.
Domestic silver mined since December 21 1933 may still be delivered
to the Mints under the proclamation of that date.
The Treasury issued on Aug. 9 the following reassurance
to ordinary users of silver according to a Washington
account to the New York "Herald Tribune":
In answer to inquiries concerning the effects of "nationalization" of
silver, the Secretary of the Treasury to-day stated that there seem to
be available, for all legitimate industrial, professional, and artistic uses,
ample supplies of silver for such uses and not falling within the class
of silver which must be turned in to the Government under the Executive
Order issued to-day. He added, however, that, should there be any
shortage of silver for these uses or if it should not be available at
reasonable prices, the Government would immediately see that there
were made available ample supplies of silver at current prices.
Stating that the Treasury will issue licenses for all
silver required for industrial, professional or artistic purposes, for silver imported for re-export and for silver
needed to fulfill contracts for delivery assumed before
Aug. 9, the Washington advices to the "Herald Tribune"
continued:
The nationalization proclamation will not affect silver imported into
this country after to-day. Herman Oliphant, General Counsel to the
Treasury, explained that the President was exercising the power of
eminent domain, and that he could nationalize only the silver already
within the United States. By subsequent orders at intermittent dates
he could exercise the same power repeatedly, Dr. Oliphant said.
Neither he nor Henry ,Morgenthau, Jr., Secretary of the Treasury, would
say what the policy on this point would be. But for the present they
Indicated there would be a free market for newly imported silver, in
which legitimate trading in silver for industrial and artistic purposes
may be conducted. Mr. Morgenthau, however, gave a warning or assurance that if silver should not be available at reasonable prices for the
demands of industry, the professions and the arts, the Treasury would
sell from its own stock at the current bullion price.
"If you wanted some silver to-morrow to make a couple of candlesticks and couldn't get it at a fair price the Treasury would sell it to
you for 50.01 cents)," he said. "But that's only for to-morrow."
Aug. 11 1934
New Currency to He Issued.
Silver certificates will be issued against the nationalized silver up to
the total cost of the silver received. Mr. Morgenthau said that neither
he nor any one else knew how much silver would be affected by the
order. Unofficial guesses ranged from 150,000,000 to 250,000,000 ounces,
which would mean the issue of from $75,000,000 to $125,000,000 In silver
certificates. In addition, of course, the Treasury's supply of silver is
gradually mounting from its purchases of newly-mined domestic silver at
64%c. an ounce, while the exchange stabilization fund has made purchases
of an unrevealed aggregate. The stabilization fund's silver eventually will
be resold to the Treasury, at a profit to the stabilization fund, its purchases having been made in the open market for several cents less, on
the average, than the price of 50c. at which it may resell to the Treasury.
As to the Presidential action this week, we quote the following from the "Times" (Washington, Aug. 9):
In his proclamation to-day the President declared that "to effectuate the
policy of the Silver Purchase Act of 1934, to assist in increasing and
stabilizing domestic prices, to protect our foreign commerce against the
adverse effect of depreciated foreign currencies and to promote the objectives of the proclamation of Dec. 21 1933, relating to the coinage of
silver," nationalization of silver had been ordered.
Under Section 3 of the Act of 1934, it was provided that no purchases
of silver situated in the Continental United States May 1 1934 should
be made at more than 50c. an ounce. The Treasury explained that the
present acquisition of silver was not a purchase, but a seizure by "eminent
domain," and therefore it would not operate under the Act. Such was the
explanation of the price of 50.01c. a fine ounce. . .
Following the Executive Order of Dec. 21 1933, providing for the purchase of newly-mined silver at $1.29 an ounce, less a 50% charge for
minting and seigniorage, it had been reported that there was considerable
speculation in silver by those acquiring large stocks and holding them
for a price advance. This matter was investigated by the Department of
Justice and the Treasury.
The $1.29 figure is the monetary value of silver. In effect, newly-mined
silver is being bought at 64%c. an ounce. No present change in that
purchase level was indicated by Secretary Morgenthau. . . .
To keep an exact check on the amount of silver entering the United
States from abroad, Mr. Morgenthau had issued the following order:
"Hereafter consular invoices will be required for all shipments of silver
to the United States exceeding $100 in value. Execptions are made for
silver already in transit, silver imported into the United States for re-export
and crude silver." . . .
Regulations relating to the "nationalization" of silver will be issued
soon, he announced.
"Such regulations will contain provisions requiring every person owning, controlling or possessing silver situated in the United States on
Aug. 9 1934 to file with the Secretary of the Treasury a report relative
to such holdings of silver," a Treasury statement said.
"There will be required also reports on all acquisitions of silver after
Aug. 9 1934. Accordingly, every person owning or acquiring silver Mould
keep complete records relative thereto so that the required reports may
be accurate in every respect." . . .
It was pointed out at the Treasury that the success of the London conference in consummating an international agreement on silver, which has
been ratified by all the governments concerned, makes further agreements
worth seeking. The ebb and flow of values in almost all parts of the
world have created many points of pressure for readjustments of internal
and international standards.
Officials declared that at no time since our efforts to obtain an international agreement on silver began in 1878 had conditions been more favorable for making progress along this line.
Steps already have been taken by the President to confer with "some of
our neighbors" on the use of silver and gold, preferably on a co-ordinated
basis, as a standard of monetary value. Such an agreement, it was stated,
would constitute an important step forward toward a monetary unit of
value "more equitable and stable in its purchasing and debt-paying power."
The text of the Silver Purchase Act of 1934 was given in
our issue of July 7, page 25; in that item also there appeared a reference to the embargo on silver exports, except
under license. President Roosevelt's proclamation of last
December ratifying the London silver agreement was given
In our Dec. 23 issue, page 4440-4441. In that item, too, it
was indicated that the United States would purchase an- .
nually 24,421,410 ounces of silver from American mines50% to be converted into coins—the purchase price being
641/2c. per ounce.
President Roosevelt's Silver Proclamation.
The following is the text of President Roosevelt's silver
proclamation:
Whereas, by Paragraph (2) of Section 43, Title III of the Act of Congress
approved May 12 1933 (Public No. 10), as amended by the Gold Reserve
Act of 1934, the President is authorized by proclamation to fix the weight
of the gold dollar in grains 9-10ths fine and also to fix the weight of the
silver dollar in grains 9-10ths fine at a definite fixed ratio to the gold dollar
at such amounts as he finds necessary from his investigation to stabilize
domestic prices or to protect the foreign commerce against the adverse
affect of depreciated foreign currency, and to provide for the unlimited
coinage of such gold and silver at the rate so fixed . . .
And "the President in addition to the authority to provide for the unlimited coinage of silver at the rate so fixed, under such terms and conditions
as he may prescribe, is further authorized to cause to be issued and delivered
to the tenderer of silver for coinage, silver certificates in lieu of the standard
dollar to which the tenderer would be entitled and in amount in dollars
equal to the number of foreign standard silver dollars that the tenderer
of such silver for coinage would receive in standard silver dollars";
And "the President is further authorized to Issue silver certificates in
such denominations as be may prescribe against any silver bullion, silver.
or standard silver dollars in the Treasury not then held for redemption of
any outstanding silver certificates, and to coin standard silver dollars or
subsidiary currency for the redemption of such silver certificates": and
Whereas, the Silver Purchase Act of 1934, approved June 19 1934, provides in Sections 2. Sand 7, in part, as follows:
"Section 2. It is hereby declared to be the policy of the United States
that the proportion of silver to gold in the monetary stocks of the United
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Financial Chronicle
States should be increased, with the ultimate objective of having and
maintaining one-fourth of the monetary value of such stocks in silver.
"Sec. 5. The Secretary of the Treasury is authorized and directed
to issue silver certificates in such denominations as he may from time
to time prescribe in a face amount not less than the cost of all silver Purchased under the authority of Section 3, and such certificates shall be
placed in actual circulation.
"There shall be maintained in the Treasury as security for all silver
certificates heretofore or hereafter issued and at the time outstanding an
amount of silver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates. All silver certificates
heretofore or hereafter issued shall be legal tender for all debts, public and
private, Public charges, taxes, duties, and dues, and shall be redeemable
on demand at the Treasury of the United States in standard silver dollars.
and the Secretary of the Treasury is authorized to coin standard silver
dollars for such redemption.
Coined Into Dollars.
"Sec. 7. Whenever in the judgment of the President such action is
necessary to effectuate the policy of this Act, he may by Executive order
require the delivery to the United States mints of any or all silver by
whomever owned or possessed.
"The silver so delivered shall be coined into standard silver dollars or
otherwise added to the monetary stocks of the United States as the President may determine; and there shall be returned therefor in standard silver
dollars or any other coin or currency of the United States, the monetary
value of the silver so delivered less such deduction for seigniorage, brassage,
coinage and other mint charges as the Secretary of the Treasury with the
approval of the President shall have determined.
"Provided, That in no case shall the value of the amount returned therefor
be less than the fair value at the time of such order of the silver required
to be delivered as such value is determined by the market price over a
reasonable period terminating at the time of such order. . .
Now, therefore, finding it necessary, in my judgment, to effectuate
the policy of the Silver Purchase Act of 1934, to assist in increasing and
stabilizing domestic prices, to protect our foreign commerce against the
adverse effect of depreciated foreign currencies, and to promote the objectives of the proclamation of the 21st day of December 1933, relating to
the coinage of silver; by virtue of the power in me vested by the Acts of
Congress above cited, and other legislation designated for national recovery.
and by virtue of all other authority in me vested;
I, Franklin D. Roosevelt, President of the United States of America, do
proclaim and direct that each United States mint shall receive for coinage
or for addition to the monetary stocks of the United States, as hereinafter
determined, any silver which such mint, subject to regulations prescribed
hereunder by the Secretary of the Treasury, is satisfied was situated on the
effective date hereof in the Continental United States, including the Territory of Alaska.
The silver so delivered shall be added to the monetary stocks of the
United States and shall be coined from time to time into standard silver
dollars in such amounts as are required to carry out the provisions of this
proclamation and to provide for the redemption of silver certificates: and
there shall be returned therefor in standard silver doilars, silver certificates
or any other coin or currency of the United States, the monetary value of
the silver so delivered—that is, $1.2929 a fine troy ounce—less a reduction
of 61 8-25% thereof for seigniorage, brassage, coinage and other mint
charges, such deduction having been determined by the Secretary of the
Treasury with my approval.
The provisions hereof are supplemental to the provisions of the proclamation of the 21st day of December 1933, and the United States coinage mints
shall continue to receive for coinage in accordance with the provisions of
such proclamation silver which such mint, subject to regulations prescribed
thereunder by the Secretary of the Treasury. is satisfied has been mined
subsequently to the date of such proclamation, from natural deposits in the
United States or any place subject to the jurisdiction thereof.
Provided, However, that the Director of the Mint shall, at the option of
the tenderer of such silver. deliver silver certificates in lieu of the standard
silver dollars to which the tenderer of such silver for coinage would be
entitled and in an amount in dollars equal to the coined standard silver
dollars that the tenderer of such silver for coinage would receive in standard
silver dollars.
The Secretary of the Treasury is authorized to prescribe regulations to
carry out the purposes of this proclamation.
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.
This proclamation shall bear the date of and becomes effective on the
day on which the Secretary or Acting Secretary of State countersigns the
same, affixes thereto the seal of the United States and deposits this proclamation so countersigned and sealed in the office of the Secretary of
State, as part of the archives of the nation.
In witness whereof I have hereunto set my hand.
FRANKLIN D. ROOSEVELT.
By the President; and countersigned and sealed with the seal of the
United States, by direction of the President, this 9th day of August. in the
year of Our Lord 1934. and of the independence of the United States of
America the 159th.
CORDELL HULL. Secretary of State.
Executive Order of President Roosevelt Nationalizing
Silver.
The text of President Roosevelt's Executive Order issued
Aug. 9, Nationalizing Silver follows:
By virtue of the authority vested in me by the Silver Purchase Act of
1934 and of all other authority vested in me, I, Franklin D. Roosevelt, President of the United States of America, do hereby require the
delivery of all
silver situated in the Continental United States on the effective date hereof
by any and all persons owning, possessing, or controlling any such silver,and
do hereby require any and all persons owning, possessing, or controlling
any
such silver to deliver the same in the manner, upon the conditions and subject to tho exceptions herein contained, such action being in my judgment
necessary to effectuate the policy of the Silver Purchase Act of 1934.
Silver Required to Be Delivered.
Sec. 2. Silver Required to be Delivered—There shall be delivered in
accordance with the terms of this order all silver situated in the Continental
United States on the effective date hereof, except silver falling within any
of the following categories so long as it continues to fall thereunder.
A. Silver coins, whether foreign or domestic;
B. Silver of a fineness of .8 or less which has not entered into industrial,
commercial, professional, artistic or monetary use:
C. Silver mined after Dec. 21 1933, from natural deposits in the United
States or any place subject to the jurisdiction thereof; provided, however.
that so much of such silver so mined in the Continental United States on or
859
before the effective date of this order which shall not have been deposited
with a United States Mint under the proclamation of Dec. 21 1933. shall,
if processed to a fineness greater than .8 within 75 days from the effective
date of this order, be delivered in accordance with this order, not later than
90 days from the effective date hereof, or if processed to a fineness greater
than .8 after 75 days from the effective date of this order, be delivered within
15 days thereafter in accordance with this order;
D. Silver held for industrial, professional, or artistic use and =melted
scrap silver and silver sweepings in an amount not exceeding in the aggregate
500 fine troy ounces belonging to any one person;
E. Silver owned on the effective date hereof by a recognized foreign
government,foreign central bank,or the Bank for International Settlements.
F. Silver contained in articles fabricated and held in good faith for a
specific and customary use and not for their value as silver bullion; or
G. Silver held under a license issued in accordance with Sec. 6 hereof.
Sec. 3. Time and Place of Delivery—The silver required to be delivered
hereunder shall be delivered not later than 90 days from the effective date
hereof to the United States mint nearest to the place where the silver is
situated immediately prior to delivery; provided that such silver temporarily
falling within the exempt categories enumerated in Sec. 2 shall be delivered
at the end of 90 days from the effective date hereof, or 15 days after the
time when it ceases to fall within such categories, whichever date is later.
Any Person acquiring ownership, possession or control ofsilver required to be
delivered under this order after 75 days from the effective date hereof shall
deliver such silver within 15 days of such acquisition.
Sec. 4, Amount Returnable for Silver—The silver herein required to be
delivered shall be coined into standard silver dollars, or otherwise added to
the monetary stocks of the United States in accordance with the proclamation, bearing the same date as this order, relating to the coinage of silver.
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 delivered (that is. $1.2929 a fine troy ounce). less a
deduction of 61 8-25% thereof for seigniorage, brassage, coinage and other
mint charges, as provided in such proclamation; that is. the amount returnable for the silver delivered in accordance herewith shall be an amount
equal to 50 cents a fine troy ounce. which amount is not less than the fair
value, at the time of this order, of the silver required to be delivered hereunder as determined by the market price over a reasonable period terminating at the time of this order.
Sec. 5. Reimbursement of Costs—The Secretary of the Treasury shall
pay all necessary costs, actually incurred, of the transportation of such
silver and standard silver dollars, silver certificates, and other coin or currency of the United States, including the cost of insurance, protection, and
such other incidental costs as may be reasonably necessary. Persons desiring reimbursement of such costs shall submit their accounts on voucher
forms which may be obtained by writing to the Treasurer of the United
States, Washington, D. C.
Sec. 6. Licenses—The Secretary of the Treasury, subject to such regulations as he may prescribe, acting directly or through such agency or
agencies as he may designate, shall issue licenses authorizing the withholding
of silver which the Secretary of the Treasury, or such agency as he may
designate, is satisfied
A. Is required for legitimate and customary use in industry, profession.
or art by a person regularly engaged in such industry, profession, or art in
the business of processing silver or furnishing silver therefor;
B. Has been imported for re-export: or
C. Is required to fulfill an obligation to deliver silver in such amount
to a third person, incurred or assumed by the applicant on or before the
effective date of this order; provided that, at the date of the application.
the applicant owns such silver or holds the obligation of another to deliver
to him such silver.
The Secretary of the Treasury may, with the approval of the President.
issue licenses authorizing the withholding of silver for purposes deemed to
be in the public interest and not inconsistent with the purposes of the Silver
Purchase Act of 1934 and of this order.
Sec. 7. Deliveries in Fulfillment of Obligations or to Licensees—No
Person required to deliver silver owned by him or in his possession or control
shall be deemed to have failed to comply with the provisions of this order
if such silver is delivered in fulfillment of an obligation incurred or assumed
by such person on or before the effective date of this order, or is delivered to
a person licensed to acquire and withhold silver in such an amount under
Sec. 6.
Sec. 8. Definitions—As used in this order, the term "person" means an
ndividual, partnership, association or corporation:
The term "Continental United States" means the States of the United
States, the District of Columbia, and the Territory of Alaska.
The term "United States Mints" means the following mints and assay
offices.
United States Mint, Philadelphia, Pa.
United States Assay Office, New York, N. Y.
United States Mint, Denver, Col.
United States Mint. San Francisco, Calif.
United States Assay Office, Seattle, Wash.
United States Mint. New Orleans, La.
Sec. 9. Penalties and Forfeitures—AU persons are hereby informed of
the following provision of Sec. 7 of the Silver Purchase Act of 1934 with
respect to penalties and forfeitures.
. . . any silver withheld in violation of any Executive order issued under
this section or of any regulations issued pursuant thereto shall be forfeited
to the United States, and may be seized and condemned by like proceedings
as those provided by law for the forfeiture, seizure, and condemnation of
property imported into the United States contrary to law; and, in addition,
any person failing to comply with the provisions of any such Executive order
or regulation shall be subject to a penalty equal to twice the monetary value
of the silver in respect of which such failure occurred.
This order shall bear the date of and becomes effective on, the day of
which the Secretary or Acting Secretary of State countersigns and deposits
this order so countersigned in the office of the Secretary of State as a part
of the archives of the nation.
This order may be modified or revoked at any time.
FRANKLIN D. ROOSEVELT.
Countersigned, by direction of the President, this 9th day of August 1934.
CORDELL HULL. Secretary of State.
President Roosevelt's Order Nationalizing Silver—
Order Not Applicable to Silver Coins, Silverware
Etc.—Silver Holdings of United States.
To avoid any misconception regarding President Roosevelt's order nationalizing silver, the Administration indicated
as follows on Aug. 9, according to Washington advices to
the New York "Times," that articles such as the following
may be retained:
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Financial Chronicle
Silver tableware such as knives, forks, spoons, platters and bon bon
dishes, silver rings, silver spectacle rims, silver tooth fillings, silver watches
and silver coin of any sort.
The dispatch also said:
What the Treasury wants is bulk silver; "fabricated" silver, including
the above items and many others, is decidedly not desired.
There are in the country to-day 45,000,000 ounces of silver in depositories
recognized by the Silver Exchange, Herman Oliphant, chief counsel of the
Treasury, said here. He added that unsupported estimates of accumulated
stocks run as high as 150,000,000 to 250.000,000 ounces,adding that nobody
could do more than guess on the silver stocks.
In the latest available Treasury statement, that of Tuesday, the following
stocks of silver were recorded:
Silver bullion under act of May 12 1933, $1,237,200.
Standard silver dollars, $504,835,460.
Silver bullion, under general fund, $55,128,328.
Subsidiary silver coin. $5,532,985.
Silver certificates outstanding, $495,301,989.
At the end of June there were 30.013.389 silver dollars, $280,400,143
In subsidiary silver and $401,456,099 in silver certificates.
Trading in Silver Futures on Commodity Exchange
Suspended Until Further Notice,
The Board of Governors of Commodity Exchange, Inc.,
met on Aug. 9 to consider the situation created by the
President's decree nationalizing silver, said an announcement issued that day by the Exchange. The announcement
continued:
Trading in futures contracts has been suspended until further notice.
Further announcement as to the status of outstanding contracts will be deferred pending further information and (or) instructions from the Treasury
Department. The Exchange has announced a nominal closing price of 49.96
for all months of delivery, which price corresponds to 50.01 per ounce 1.000
fine as fixed by the Government.
Increased Activity on Salt Lake Stock & Mining
Exchange Incident to Nationalization of Silver.
The most active session of recent months on the Salt
Lake Stock & Mining Exchange resulted on Aug. 9 after
the President's nationalization of silver, it was indicated in
Associated Press advices that day from Salt Lake City,
which further said:
Over half the listed stocks advanced from half a cent to $1.87 a share.
Silver King Coalition led the advance with a gain of $1.873.5 over its last
previous sale of $10.50. Park Utah gained $1.25 to $4 a share.
Silver Producers of Mexico Expect Mexico to Benefit
Through President Roosevelt's Nationalization of
Silver.
Under date of Aug. 9 Associated Press advices from
Mexico, D. F., stated:
Silver producers and brokers said to-day that President Roosevelt's nationalization of silver established Mexico as the manager of the world's
principal silver market.
Previously, Mexico has always sold her 40% of the world's total production of silver through the New York market.
A banking circle source said to-day that "if government co-operation is
forthcoming," Mexico is prepared to establish her own market, with a consequent benefit to the commercial balance from the commission's freight
charges and other profits from handling the metal which previously had gone
to New York brokers.
Drop in Dollar Exchange in Buenos Aires Incident to
President Roosevelt's Silver Move.
The following Buenos Aires cablegram Aug. 9 is from the
New York "Times":
Dollar exchange dropped 13 pesos per hundred dollars to-day in a wild
panic of holders of dollar drafts upon the announcement of President Roosevelt's silver measure.
The open market quotation on the Stock Exchange closed at 362 pesos
per hundred dollars, as compared with the opening quotation of 375.
The dollar, which had been declining heavily for a month in sympathy
with higher grain prices, had sunk to 378 last night.
Plan to Reopen Chilean Silver Mine Closed in 1891.
Encouraged by the improvement in world silver prices,
efforts are being made to form a company to reopen the
large silver mine known as "Descubridora de San Felipe,"
located a short distance from the City of San Felipe, Province
of Aconcagua, Chile, according to a report from American
Consul Franklin B. Atwood, Santiago, made public by the
United States Department of Commerce. In making the
report public the Department on Aug. 7 said:
The mine which has now been closed for the past 43 years enjoys a unique
position for working, being but a short distance from the railroad and adjacent to the city of San Felipe, an important source of supplies, the Consul
reported.
During the years 1850 to 1891 it is claimed that approximately $40,000,000
worth of silver was extracted from the mine. Exploitations ceased in 1891
following the death of various members of the owners' family. In the past,
It is said, ore taken from the mine assayed up to 40,000 grams of fine silver
per metric ton.
Studies and exploration work conducted by several Chilean geologists are
reported to evidence that the silver ore body in the main lode of the mine
approximates 63,000 metric tons with an assay of 720 grams per metric ton,
or a fine silver content equal to 47,000 kilograms, the Consul reported.
The mineralization of the Descubridora mine is said by Chilean experts to
resemble closely that of the famous Huantajaya and Chanarcillo mines,
classed among the richest in the world. The mine has been worked on an
extension of 200 meters by 40 meters deep, consisting of four main veins.
Aug. 11 1934
There remains for development the end of the veins in their large clearing
planes. Other ore veins are claimed to have been discovered in the same
vicinity, the Consul reported.
Estimates prepared by experts place the capital required to reopen and
operate the mine at 1,200,000 Chilean pesos($48,000 United States currency).
President Roosevelt's Order Nationalizing Silver Viewed
as Helpful for Canada's Trade in Orient.
Stating that the first result of the announcement from
Washington that silver was to be nationalized in the United
States was the depression of the United States dollar in
Montreal, Canadian Press accounts from Ottawa Aug. 9
added:
Whether this will be permanent, finance officials here were not prepared
to say.
Such an eventuality would help Canada pay its commitments in New
York, but on the other hand, tend to hurt its export trade to the United
States. It would probably have a tendency to injure the tourist trade
as well.
The higher price of silver should greatly help the silver mines in Canada
and should improve the Dominion's trade in the Orient, particularly in
China.
In 1933 Canada produced 15,201,265 fine 01111C08 of silver and the average
price was slightly over 37.83 cents an ounce, hence it is apparent that the
position of Canadian mines will be improved at 50.01 cents.
Canada has undertaken to buy 1,671,802 ounces of silver this year
which will be held as an additional reserve backing Dominion currency.
Some of this silver has already been purchased and tenders have been called
for 250.000 ounces more. The tenders are to close August 20.
United States Silver Move Puzzles London—Views of
London "Times"—Shipments of Gold and Silver
En Route to United States.
Nationalization of silver in the United States found
London financial circles frankly puzzled, said Associated
Press advices Aug. 9 from London, from which we also
quote:
There was speculation as to whether the move had any connection with
recent heavy purchases of the metal here.
The most striking immediate effect in London was the pounding down
of the dollar to 5.07 to the pound, a drop of 1 15-16 cents from the official
close.
Even American business men in London who always watch the trends
In Washington closely were puzzled and declined to predict how the London
and India silver markets would react.
A prominent bullion broker said that "It yet remains to be seen if America
will adopt a policy of buying silver in foreign markets with a view to
forcing up world prices."
He expressed the view that recent buying was linked with such a policy
and added that "it may involve speculative buying from India, but prices
in India largely depend on the dollar and should the dollar weaken, the
price of silver would be affected."
About the time that word of President Roosevelt's action reached London,
one of the largest shipments of gold and silver over made to America was
started on its way.
The shipment consisted of 4.000 bars of silver and 60 boxes of gold.
The value was not stated, but the metal was closely guarded and required
11 cars for transportation to Southampton, where it was loaded on the
liner President Roosevelt under strict police supervision.
In a London cablegram Aug. 9 to the New York "Times"
it was stated that the Financial Editor of the London
"Times" considers the most important passage in President
Roosevelt's nationalization of silver order that which decrees
an increase in the stock of silver until its proportion to
gold in monetary stocks has reached one-quarter. Commenting on this, he was quoted:
"Thus the United States will have a paper silver dollar and a paper gold
dollar, not interchangeable, but with the same internal value. The Treasury
will derive a substantial profit from this operation, which will help reduce
the budget deficit."
The cablegram continued:
As a result of steady buying of silver by American operators, there was a
sharp advance in the price of silver here, which at the morning fixing was
raised one-half penny, an unusual amount movement in one day, to 21 7-17
pence per ounce.
The "Daily Mail" says editorially:
"President Roosevelt's decision would have thrown the markets into confusion two years ago, but thus far it has been taken coolly on this side of the
Atlantic, though to-day's news may show some perturbation.
"Silver is not yet remonetized. The trouble is, there's now too much for
It to be a precious metal. The output was only 29,000,000 ounces in 1860
when it was legally current in unlimited amount. It rose in 1918 to 200,000,000 ounces."
The "Financial Times" states:
"The most important immediate result is that foreign observers, afraid
of further inflationary moves, have become more than ever convinced of the
correctness of their views."
Effect on Chinese Market of President Roosevelt's
Silver Nationalization Move.
From Shanghai Aug. 10 Associated Press advices reported
the following:
President Roosevelt's silver nationalization stunned the local market today, and was believed to have caught Chinese speculators some 20,000,000
ounces oversold.
Before the market opened no two speculators were agreed what the effect
would be on China, although it was expected that the trend would be quickly
revealed on the market opening.
In view of the large number of short sellers, some expected that attempts
would be made to cover in the belief that Mr. Roosevelt's action had further
eliminated the speculative element, forcing local quotations down.
Chinese Government experts so far have had nothing to say. The opinion
was expressed in some financial circles that Mr. Roosevelt's action would
result in two silver prices, one American and one world.
Volume 139
Financial Chronicle
President Roosevelt Stresses Importance of Power
Development Program—Tells Gathering at Grand
Coulee_Dam That Projects on Pacific Coast Will
Also Benefit People of Other Sections.
Delivering his second speech in two days, President Roosevelt on Aug. 4 again stressed the importance of his powerdevelopment program. Addressing a gathering of 30,000
persons on the site of the $63,000,000 Grand Coulee Dam in
Washington, the President declared that "we are in the
process of making the American people 'dam-minded.'"
The eventual completion of the Grand Coulee Dam, he said,
will mean the doubling of the potential power of every city
on the Columbia River between the dam and the mouth of
the Snake River. "And that is a lot of power," the President added.
As in his address on the preceding day, at Bonneville, Ore.,
the President spoke extemporaneously. He predicted that
the American people will see, "with our own eyes, electricity
and power made so cheap that they will become a standard
article of use, not only for agriculture and manufacturing,
but also for every home within reach of an electric light
line." He said that the experience of those sections of
the world which have cheap power proves that consumption
of power increases as the cost declines. "That makes me
believe," he said, "that this low dam which we are undertaking at the present time is going to justify its existence
before it is completed by our being able to contract for the
sale of practically all of the power it will develop. And
If we are justified in that hope we come dawn to chapter
two, which is the building of the high dam."
The President pointed out that the Federal Government
has allocated a larger share of funds for power development to the Pacific Coast than the population of that section alone would appear to justify, but stated his belief that
"by proceeding with these great projects it will not only
develop the well-being of the Far West and the Coast, but
will also give an opportunity to many individuals and
many families back in the older and settled parts of the
nation to come out here and distribute some of the burdens
which fall on them more heavily than fall on the West."
The unofficial text of the President's speech at Grand
Coulee Dam is given below:
Senator Dill, Governor Martin and my friends: I go back a long, long
way in my interest in the Grand Coulee. Some people in this country think
this is a new project. I remember very well in the campaign of 1920, when
I was out through the Northwest, it was a very live subject at that time.
My old friend, Senator Dill, being of an historical turn of mind, went back
into the dark ages, 14 years ago, and dug up a speech I made in Spokane,
and he brought it to me on the train, and I am going to read it to you.
Not the speech, but about two sentences of it for the historical record, to
show that people have been thinking of the Columbia River for a great
many years.
In 1920 I said this: "Coming through on the train to-day" (I was
coming through from Montana and Idaho) "it has made me think pretty
deeply. When you cross the Mountain States and that portion of the
Coast States that lie well back from the ocean you are impressed by those
great stretches of physical territory, now practically untouched but destined
some day to contain the homes of thousands and hundreds of thousands of
citizens, a territory to be developed by the nation and for the nation.
"As we were coming down the river to-day" (this was 14 years ago) "I
could not help but think, as every one does, of all that water running down
to the sea."
Problem Affects All States.
Well, there is the text of what we are trying to do in this country to-day.
And then I went on and said: "It is not a problem of the State of Washington, and it is not a problem of the State of Idaho—it is a problem that
touches all the other States in the Union."
It is a problem, as I said then, that interests us away back in little old
New York State. We have made a beginning in scratching the soil, this
soil of ours; we have made the beginnings, and I like to think they are only
beginnings and that even in our lifetime we are going to see with our eyes
this problem taken up on a vastly greater scale.
It took 14 years for that prophecy to come true, but it is on its way.
And most of us here to-day are going to be alive when this dam is finished
and the Bonneville Dam is finished and a lot of other dams are finished.
As I said to the Secretary of the Interior on the other side of the river a
few minutes ago, we are in the process of making the American people "dam.
minded."
People are going to understand some of the complications of
building dame in the higher stretches of rivers all over the country. The
chief engineer was telling me a few minutes ago that the eventual completion
of this dam is going to mean the doubling of the potential power of every
city on the Columbia River between here and the mouth of the Snake River—
and that is a lot of power.
It is going to affect not only the Columbia River basin, but it is going
to affect all Mountain States and the Pacific Coast territory, and we are
going to see, I believe, with our own eyes, electricity and power made so
cheap that they will become a standard article of use, not only for agriculture and manufacturing, but also for every home within reach of an
electric light line.
The experience of those sections of the world that have cheap power
proves very conclusively that the cheaper the power the more of it is used—
the more of it is used in home and small businesses; and that makes me
believe that this low dam which we are undertaking at the present time is
going to justify its existence before it is completed by our being able to
contract for the sale of practically all of the power it will develop.
And if we are justified in that hope we come down to chapter two, which
is the building of the high dam.
861
I want to take this opportunity, my friends, of telling you something of
the amount of money the Federal Government is spending in the three
States of the Coast. I should have liked personally (and so would the
Secretary of the Interior) to proceed from the very beginning by setting
aside and allocating the money for the complete project at this place, but
the fact is that out of the total made available to be administered by the
Congress we have allocated in these States of the Coast a much larger
proportion of that fund than the population of the three States justifies.
Now that has meant a very simple thing, and I am talking to you
frankly. It has meant, by allocating a larger portion of the $3,000,000,000
fund to the Coast than a mere figure of population would justify, we have
had to take some money from other States and give them less than they
would have gotten—less than what might be called their normal equity.
Why did we do it?
All Sections of Nation to Benefit.
We did it, in my judgment, with perfect propriety and with the knowledge
that those States that did not get quite as much as the Coast got would
understand and approve it. We did it because out here in the Mountain
States and in the Coast States you have unlimited natural resources. You
have acreage capable of supporting a much larger population than you
now have. And we believe that by proceeding with these great projects it
will not only develop the well-being of the Far West and the Coast, but will
also give an opportunity to many individuals and many families back in
the older settled parts of the nation to come put here and distribute some
of the burdens which fall on them more heavily than fall on the West.
You have great opportunities and you are doing nobly in grasping them.
A great many years ago, 75 or 80, a great editor in New York said "Go
West, young man, go West." Horace Greeley is supposed to be out of
date to-day, but there is a great opportunity for the people in the East,
people in the South and in some of the overcrowded parts of the Middle
West—some people from sub-marginal lands—who have proved conclusively
that it is a mighty difficult thing to earn an adequate living on those
lands.
You here shall have the opportunity of still going West.
And so I am going to try to come back here when the dam is finished.
And I know that this country, which is looking pretty bare to-day, is going
to be filled with the homes, not only of a great many people from this State,
but a great many families from other States of the Union, men, women and
children, who will be making an honest livelihood and doing their best
exclusively to live up to the American standard of living and the American
standard of citizenship.
I leave here to-day with the feeling that this work is well undertaken,
that we are going ahead with a useful project, and that we are going to
see it through for the benefit of our country.
President Roosevelt Pledges Government to Create
"Yardsticks.' for Electricity Rates—Speaks at Site
of Bonneville Dam on Columbia River After Landing
from Vacation Cruise.
''President Roosevelt, in a speech at Bonneville, Ore., on
Aug. 3, within a few hours after his return to the Continental
United States, after a vacation cruise of more than a month,
renewed his pledge that the Government would create "yardsticks" so that the American people might know "whether
they are paying the proper price for the electricity of our
times." Speaking before a crowd of 5,000 persons on the
site of the Bonneville Dam on the Columbia River, the President declared that he had always believed in the old saying
of "More power to you." "I don't believe that you can have
enough power for a long time to come," he said, "and the
power we are developing here is going to be power which
for all times is going to be controlled by the Government."
As bearing on his reference to "yardsticks," the President
mentioned the Bonneville project, that on the Colorado River
and that on the Tennessee River. "And the fourth—the St.
Lawrence River—is going to be started," he added. He recalled his visit to the Pacific Northwest in 1920, when he
said he conceived "the great belief that this wonderful valley
of the Columbia River was one of the greatest assets that not
only the Northwest but all of America had." He said that
it has always been his dream to see sea-going vessels navigate
the Columbia River as far as the Danes, which are 100 miles
above Portland, and expressed his hope that eventually seagoing navigation will be extended further north into the
State of Washington and east into the State of Idaho.
The President's speech was delivered extemporaneously.
Its text, as transcribed by a court stenographer, follows:
My friends of Oregon and Washington: There is an old saying that "seeing is believing," and that is why I came here to-day. Until to-day I had
never been familiar with more than the lower course of the Columbia River,
but as far back as 1920 I had the privilege of coming out through these
States, through all the great Northwest, and I conceived the great belief
that this wonderful valley of the Columbia River was one of the greatest
assets that not only the Northwest but all of America had.
Fourteen years ago I determined that if I ever had the right or the opportunity to do the developing of this grand river and the territory surrounding
it. I would do my best to put this great project through. Yes, seeing is
believing.
Over a year ago, when we first established the principle of commencing
great public works projects in every part of the Union, I became firmly
convinced that the Government should immediately take up construction of
Bonneville and the Grand Coulee Dams, and so we got started.
I am also reminded that it was on the 26th day of September last year, 10
months ago, that the allocation of money for the Bonneville project was
mode by the White House. I think we have gone a long way in less Om:
a year.
Sees Extension of Sea-going Navigation.
It has been my conception and my dream that while most of us are
alive
we would see sea-going vessels come up the Columbia River as
far as the
862
Financial Chronicle
It was only this morning that the Secretary of War told one of a new
survey that is being made by the army engineers. From that survey we
hope that it will be found to be wisdom to enlarge these locks over here
so that ocean-going ships can pass up as far as the Dalles, and I hope that
we can enlarge the navigational needs from the DaIles up so that we can
have barge transportation right up into the wheat country.
I am reminded a good deal of another river with a problem somewhat
similar—a river on which I was born and brought up—but that was only a
comparatively few years ago, within the past 10 years, that through the
action of the Federal Government the channel of the Hudson River was so
deepened that Albany, 140 miles from the sea, was made a sea-going port.
You have a very similar case on the Columbia River. In the same way
the State of New York, above Albany, you met the rapids and the falls of
the Mohawk. It was over 100 years ago that De Witt Clinton, a Governor
of New York, built what was called Clinton's Ditch, the Erie Canal, and
carried navigation by barge through from the sea to the Great Lakes.
And so I believe that the day will cane on the Columbia River when we
will not only extend sea-going navigation far back into the continent, but
by sea-going navigation we will be able to extend barge navigation still
further back north into the State of Washington and far east into the
State of Idaho.
That is a dream, my friends, and not an idle dream. We have evidence
of what man can do to improve the condition of mankind. While we are
improving navigation, we are creating power, and I always believed in that
old saying of "More power to you." I don't believe that you can have
enough power for a long time to come, and the power we are developing
here is going to be power which for all times is going to be controlled by
the Government.
Two years ago, when I was in Portland, I said the principle of Government
needs yardsticks so that the people in this country will know whether they
are paying the proper price for the electricity of our times.
I conceived the idea that the Government could create yardsticks. One
has already been started on the Colorado River. Two other yardsticks have
been undertaken, the Tennessee River and the Columbia River, and the fourth
—the St. Lawrence River—is going to be started.
Northwest Can Absorb Increased Population.
And then the last reason of all, which I conceive to be of vast importance,
is the fact that in this Northwestern section of our land we still have the
opening of a great opportunity for a vastly increased population.
In many sections of this country, as you know, conditions are bad and
the land has run out, or has been put to the wrong kind of use. There are
many people who want to come to a portion of this country where there
will be better chances for themselves and their children. We should make
room for crowded families.
Out here you've not only got space—you've got space that can be used
by human beings. A wonderful land! A land of opportunity!
A land already peopled by Americans who know whither America is bound,
people who are thinking about advantages for mankind, good education,
some play, and, above all, a chance for the people to live their own lives
without wondering what is going to happen to-morrow. Security for old
age. Security against the ills and accidents that come to people. Above
all, security to earn your own living.
So to-day I am seeing the picture that I knew only in blueprint form.
So far, it completely conforms to the blue prints. The chief engineer tells
one that nothing stands in the way of its being completed on time, on
schedule, and according to plans.
So within three years I hope the Bonneville Dam will be an actual fact,
and this fact will militate very greatly for the benefit of the lives not only
of the people of Oregon and Washington, but for the whole course of life
of the people of the United States.
I know that you good people are heart and soul behind this project, and I
think that most of you good people are heart and soul behind what your
Government is trying to do to help the people of the United States.
I wish that I might stay here and survey everything in detail, but, as
you know, I have been on a long voyage, and a sailor man does not stay put
very long in one place.
I have been very much interested in this wonderful drive up here to-day;
I have delayed to see things along the way, and that is why I am late. My
train is due to leave, and I want to tell you from the bottom of my heart
what a privilege it has been to come here, and may I go on with your blessing, and may God bless you!
We quote from a Bonneville dispatch of Aug. 3 to the New
York "Times" regarding the Bonneville project, which is
being financed by the Public Works Administration:
Behind the President, even while he spoke, a dozen steamahovels bit into
a deep cut through which part of the river will be diverted past the engineering plant, and scores of trucks trundled the earth from the cut to points
where it is being used to reinforce the river's banks.
The scene of operations on the dam, which will cost $31,000,000 in Its
first phase, the money being supplied by the PWA, covers several square
miles of what until 10 months ago consisted only of heavy forests and
rocky ledges.
Enthusiasm of the People.
President Roosevelt was driven 40 miles by automobile to this huge power
laboratory and navigation project after having landed at Portland from the
Cruiser Houston at the end of a cruise through Atlantic and Pacific waters
that began at Annapolis, Md., on July 1 and took him to Hawaii.
Cheering crowds, apparently comprising most of the population of Portland, greeted the cruiser and lined 11 miles of the route of the President's
motorcade through the city and its outskirts.
A family reunion was held on the cruiser before the President came ashore,
Mrs. Roosevelt and their son James joining him and Franklin D. Jr. and
3ohn, who had made the cruise with him.
Among officials greeting the Executive and accompanying him here were
Secretary Ickes, Administrator of Public Works; Secretary Peru, head of
the War Department engineers who are supervising the power projects; Governors Nfeier of Oregon and Martin of Washington; Senators Steiwer of
Oregon and Dill and Bone of Washington, and Mayor Joseph Carson of
Portland.
President Roosevelt, in Radio Broadcast from Glacier
National Park, Describes Struggle to Protect
Public Interest "from Private Exploitation at
Hands of Selfish Few"—Likens Creation of National Parks System to Efforts to Save Farming
and Industry from "Selfish Individuals."
President Roosevelt, in a nation-wide radio broadcast, on
Aug. 5. asserted that the United States is about to give battle
Aug. 11 1934
"to save our resources of agriculture and industry against
the selfishness of individuals." The President spoke from
Glacier National Park, Montana, after he had spent the day
In an automobile ride over more than 125 miles of road
through the park. He praised the country's national parks
and urged his listeners to visit them more often. Glacier
National Park he described as "another example of our
efforts to build not for to-day alone but for to-morrow as
well." He said that the creation of our national park system
has been "a long and fierce fight against many private interests which were entrenched in political and economic power."
as well as "a constant struggle to protect the public interest
once cleared from private exploitation at the hands of the
selfish few."
The President said that we are now engaged in the building of great public projectA "with the definite objective of
building human happiness." He expressed his belief that
"we are building a better comprehension of our national
needs." The East, he said, has a stake in the West, and the
West has a stake in the East, and "the nation must and
shall be considered as a whole and not as an aggregation of
disjointed groups."
The President's speech follows:
I have been back on the soil of the continental United States for three
days, after most interesting visits to our fellow Americans in Puerto Rico,
the Virgin Islands, the Canal Zone, and the Territory of Hawaii. I return
with the conviction that their problems are essentially similar to those of us
who live on the mainland and furthermore that they are enthusiastically
doing their part to improve their conditions of life and thereby the conditions of life of all Americans.
On Friday and Saturday I had the opportunity of seeing the actual construction work under way in the first two national projects for the development of the Columbia River basin. At Bonneville, Ore., a great dam 140
miles inland at the last place where the river leaps down over rapids to
sea level will provide not only a large development of cheap power but
also will enable vessels to proceed another 70 or 80 miles into the interior
of the country.
At Grand Coulee, in north central Washington, an even greater dam will
regulate the flow of the Columbia River, developing power that in the
future will open up a large tract of parched land for the benefit of this and
future generations. Many families in the days to come, I am confident, will
thank us of this generation for providing small farms on which they will
at least be able to make an honest and honorable livelihood.
Praises Glacier Park.
To-day, for the first time in my life, I have seen Glacier Park. Perhaps
I can best express to you my thrill and delight by saying that I wish every
American, old and young, could have been with me to-day. The great
mountains, the glaciers, the lakes and the trees make me long to stay here
for all the rest of the summer.
Comparisons are generally objectionable, and yet it is not unkind to say
from the standpoint of scenery alone that if many and, indeed, most of our
American national parks were to be set down anywhere on the Continent of
Europe thousands of Americans would journey all the way across the ocean
in order to see their beauties.
There is nothing so American as our national parks. The scenery and
wild life are native, and the fundamental idea behind the parks is native.
It is, in brief, that the country belongs to the people; that what it is and
what it is in the process of making is for the enrichment of the lives of all
of us. Thus, the parks stand as the outward symbol of this great human
principle.
It was on a famous night, 64 years ago, that a group of men who had
been exploring the Yellowstone country gathered about a campfire to discuss what could be done with that wonderland of beauty. It is said that one
of the parry, a lawyer from the State of Montana, Cornelius Hedges, advanced the idea that the region might be preserved for all time as a
national park for the benefit of all the people of the nation. As a result
of that suggestion, Yellowstone National Park was established in 1872 by
Act of Congress as a "pleasuring ground" for the people. I like that phrase
because, in the years that have followed, our great series of parks in every
part of the Union have become indeed it "pleasuring ground" for millions
of Americans.
My old friend, Franklin K. Lane, Secretary of the Interior in the Wilson
Administration, well described the policies governing the national park administration when he said:
1/1"The policy to which the service will adhere IsThased on•threelibroad principles:
First, that the National parks must be maintained In absolutelylfunImpaired form
for the use of future generations as well as those of our own time: second, that
they are set apart for the use, observation, health and pleasure of the people: and
third, that the National Interest must dictate all decisions affectinglpublie or private
enterprise In the parks."
The present national park service stands as an example of efficient and
far-seeing governmental administration, and to its former duties I added
last year by transferring from other departments many other parks, battlefield sites, memorials and national monuments. This concentration of responsibility has thus made it possible to embark on a permanent park policy as a
great recreational and educational project—one which no other country in
the world has ever undertaken in such a broad way for protection of its
natural and historic treasures and for the enjoyment of them by vast numbers
of people.
To-day I have seen some of the work of the Civilian Conservation Corps
boys in this Northwestern country. Of the 300,000 young men in these
camps, 75,000 are at work in our national parks. Here, under trained leadership, we are helping these men to help themselves and their families, and
at the same time we are making the parks more available and more useful
for the average citizen.
Building for the Future.
Hundreds of miles of firebreaks have been built, fire hazards have been
reduced on great tracts of timberland, thousands of miles of roadside have
been cleared, 2,500 miles of trails have been constructed, and 10,000 acres
have been reforested. Other tens of thousands of acres have been treated
for tree disease and soil erosion. This is but another example of our efforts
to build, not for to-day alone, but for to-morrow as well.
We should remember that the development of our national park system
over a period of many years has not been a simple bed of roses. As is the-
Volume 139
Financial Chronicle
water
ease in the long fight for the preservation of national forests and
been a
power and mineral deposits and other national possessions, it has
long and fierce fight against many private interests which were entrenched
in political and economic power. So, too, it has been a constant struggle
at the
to protect the public interest once cleared from private exploitation
hands of the selfish few.
Battle to Save National Resources.
It took a bitter struggle to teach the country at large that our national
resources are not inexhaustible and that when public domain is stolen a
two-fold injury is done, for it is a theft of the treasure of the present and
at the same time bars the road of opportunity to the future.
We have won the greater part of the fight to obtain and to retain these
great public park properties for the benefit of the public. We are at the
threshold of even more important a battle to save our resources of agriculture and industry against the selfishness of individuals.
The Secretary of the Interior in 1983 announced that this year of 1934
was to be emphasized as "National Parks Year." I am glad to say that
there has been a magnificent response and that the number visiting our
national parks has shown a splendid increase. But I decided to-day that
every year ought to be "National Parks Year."
That is why, with all the earnestness at my command, I express to you
the hope that each and every one of you who can possibly find the means and
the opportunity for so doing will visit our national parka and use them as
they are intended to be used. They are not for the rich alone. Camping
is free, the sanitation is excellent. You will find them in every part of the
Union. You will find glorious scenery of every character; you will find
every climate; you will perform the double function of enjoying much
and learning much.
We are definitely in an era of building, the best kind of building—the
building of great public projects for the benefit of the public and with the
definite objective of building human happiness.
I believe, too, that we are building a better comprehension of our national
needs. People understand, as never before, the splendid public purpose
that underlies the development of great power sites, the improving of navigation, the prevention of floods and of the erosion of our agricultural fields,
the prevention of forest fires, the diversification of farming and the distribution of industry.
We know, more and...more, that the East has a stake in the West, and the
West has a stake in the East, that the nation must and shall be considered
as a whole and not as an aggregation of disjointed groups.
May we come better to know every part of our great heritage in the days
to come.
New Deal Here to Stay, President Roosevelt Declares in
Speech at Green Bay, Wis.—Belittles Demands for
Message to Restore Confidence, Which He Says
Has Already Returned.
The New Deal is here to stay, President Roosevelt declared on Aug. 9 before an audience of 40,000 persons at
Green Bay, Wis., where he attended ceremoneies celebrating
the State's tercentenary. The President in his address took
issue with persons who had asked him to endeavor to "restore confidence" in business and industry, and asserted
that confidence cannot be restored by mere words. "There
is no lack of confidence on the part of those business men,
farmers and workers who clearly read the signs of the times,"
he said. Mr. Roosevelt remarked that confidence has already been restored to many companies which are earning
profits after long periods of recurrent deficits; to workmen
who have been promised the right to bargain collectively
under the National Recovery Administration; to the unemployed who are cared for by Government relief projects;
"to fair and sincere bankers and business men"; to home
owners who have been saved from the threat of foreclosure;
to savers and investors who "rightly believe their savings
are secure," and to the agricultural population, "which,
in spite of unpredictable and uncontrollable drought in a
large area, is giving understanding co-operation to practical
planning and the ending of the useless bickering and sectional thinking of the past."
The President declared that action on behalf of the people
of the United States has been hampered by two types of
individuals, "the man whose objectives are wholly right
and wholly progressive but who declines to co-operate . . .
because he insists on his own methods and nobody else's,"
and, secondly, "the individual who demands some message
to the people of the United States that will restore what he
calls 'confidence.'" He described the New Deal as "a
square deal," and as "essential to the preservation of security and happiness of a free society." "We are concerned
with more than mere subtraction and addition," the President said. "We are concerned with the multiplication of
wealth through co-operative action; wealth in which all can
share." Honest business, he added, need have no fear of
the activities of the New Deal.
The President's address
follows;
I am glad to take part in this commemoration of the landing in Green Bay
of the man who can truly be called the first white pioneer of Wisconsin.
Over all the years the purposes of the men and women who established
civilization in Wisconsin and in the Northwest were the same as those that
stimulated the earlier settlers of the Atlantic seaboard. Men everywhere
throughout Europe suffered ffrom the imperfect and often unjust governments of their home lands, and were driven by deep desire to find security
and enlarged opportunity for themselves and their children. The new
population flowing into our new lands of opportunity was a mixed population, differing often in languare, in external customs and in habits of
thought. But in one thing they were all alike—they shared a deep purpose
863
to rid themseive forever of the Jealousies, the prejudices, the intrigues
and the violence, whether internal or external, that disturbed their lives
abroad.
set
They sought a life leas fettered by the exploitations that selfish men
up in governments that are not free. They sought a wider opportunity
for the average man.
they
Having achieved the initial adventure of migration to new homes,
government
moved forward to the further adventure of establishing forms of
assure
might
and methods of operating these forms of government that
of their
them the things that they sought. They believed that men, out
governintelligence and their self-discipline, could create and use forms of
nourish it.
ment that would not enslave the human spirit, but free it and
in the
They did not fear government, because they knew that government
New World was their own.
achieveThey built here in Wisconsin a State destined for extraordinary
care for the
ments. They set up institutions to enforce law and order, to
built
They
unfortunate, to promote the arts of industry and agriculture.
the world affords.
a university and school system as enlightened as any that
authority
They set up against all selfish private interests the organized
utilities
of the people themeselves through the State. They transformed
Into public servants instead of private means of exploitations.
rights.
his
for
fight
bitter
The average man in Wisconsin waged a long and
Here, and in the Nation at large, this battle has been two-fold.
started to
He has had to fight nature. From the time that the settlers
the power of his
clear the land until now. he has been compelled to assert
and the
sun
the
and
brains and courage over the blind powers of the wind
that mansoil. Be pays no heed to the reactionaries who would tell him
Year after year,
kind must stand impotent before the forces of nature.
the physical
as science progressed and his mastery of the mysteries of
master, into
hard
universe increased, he has been turning nature, once his
useful servitude.
continent, I
That is why, on this trip across the northern part of our
drought
have been so moved by the distressing effects of a wide-spread
and coscience
and at the same time so strengthened in my belief that
have
men
mistakes
many
the
undo
to
on
operation can do much from now
good impulses
made in the past and to aid the good forces of nature and the
of men instead of fighting against them.
feathers when
We are but carrying forward the pioneering spirit of the
we apply the pioneering methods to the better use of vast land and water
resources—what God has given us to use as trustees not only for ourselves
but for future generations.
co-operation
But man is fighting also those forces which disregard human
gained
and human rights in seeking that kind of individual profit which is
at the expense of his fellow.
among
It is just as hard to achieve harmonious and co-operative action
the
human beings as it is to conquer the forces of nature. Only through
co-operation
practical
submerging of individual desires into unselfish and
can civilization grow.
In the great national movement that culminated in 1932, people joined
with enthusiasm. They lent hand and voice to the common cause, irrespecday.
tive of many older political traditions. They saw the dawn of a new
They were on the march; they were coming back into the possession of their
own home land.
As the humble instruments of their vision and power, those of us who
were chosen to serve them in 1932 turned to the great task.
In one year and five months the people of the United States have received
at least a partial answer to their demands for action and neither the demand
nor the action has reached the end of the road.
But action may be delayed by two types of individuals. Let me cite
and
examples. First, there is the man whose objectives are wholly right
Wholly progressive, but who declines to co-operate or even to discuss methods
of arriving at the objectives because he insists on his own methods and
nobody else's.
Message of "Confidence" Demanded.
The other type to which I refer is the individual who demands some
what he calls
message to the people of the United States that will restore
pleas
"confidence." When I hear this I cannot help but remember the
made by government and certain types of so-called "big business" all
through the years 1930. 1931 and 1932 that the only thing lacking in the
United States was confidence.
men,
Before I left on my trip, I received two letters from important
both of them pleading that I say something to restore confidence. To
both of them I wrote identical letters.
"What would you like to have me say?"
From one of them I have received no reply at all six weeks later. I
take it that he is still wondering how to answer. The other man wrote
me frankly that in his judgment the way to restore confidence was for me
to declare that all supervision by all forms of government. Federal and
forthishall forms of human activity called business, should be
er
ovled.
with abolished.
Staiea,
In other words, he was frank enough to imply that he would repeal all
laws, State or National, which regulate business—that a utility could
henceforth charge any rate, reasonable or otherwise; that the railroads
could go back to rebates and other secret agreements; that the Processors
of food stuffs could disregard all rules of health and of good faith; that the
unregulated wild-cat banking of a century ago could be restored; that
fraudulent securities and watered stock could be palmed off on the public:
that stock manipulation which caused panics and enriched insiders could
go unchecked. In fact, if we were to listen to him, the old law of the tooth
and the claw would reign once more.
My friends, the people of the United States will not restore that ancient
order. There is no lack of confidence on the part of those business men,
farmers and workers who clearly read the signs of the times. Sound
economic improvement comes from the improved conditions of the whole
Population and not the small fraction thereof.
Finds Confidence Returning.
Those who would measure confidence in this country in the future must
look first to the average citizen.
Confidence is returning to our agricultural population which, in spite of
unpredictable and uncontrollable drought in a large area, is giving understanding co-operation to practical planning and the ending of the useless
bickering and sectional thinking of the past.
Confidence is returning to the manufacturers who, in overwhelming
numbers, are comparing the black ink of to-day with the red ink of many
Years gone by; to the workers who have achieved under the NRA rights
for which they fought unsuccessfully for a generation; to the men and
women whose willing bands found no work and who have been saved from
starvation by Government relief; to the youngsters whose childhood has
been saved to them by the abolition of child labor; to the fair and sincere
bankers and financiers and business men, big and little, who now for the
first time. find Government co-operating with them in new attempts to
put the Golden Rule into the temples of finance; to the home owners who
have been saved from the stark threat of foreclosure and to the small in-
864
Financial Chronicle
vestors and savers of the Nation who, for the first time, rightly believe
that their savings are secure.
These are the elements that make for confidence in the future. This
Government intends no injury to honest business. The processes we follow
In seeking social justice do not, in adding to general prosperity, take from
one and give to another. In this modern world the spreading out of opportunity ought not to consist ofrobbing Peter to pay Paul. We are concerned
with more than mere subtraction and addition. We are concerned with the
multiplication of wealth through co-operative action; wealth in which all
can share.
These high purposes must be accompanied by co-operation among those
charged by the people with the duties of government. I am glad to be
In a State from which I have greatly drawn in setting up the permanent
and temporary agencies of government.
Your two senators, both old friends of mine,and many others have worked
with me in maintaining excellent co-operation between the executive and
legislative branches of the government. I take this opportunity of expressing my gratitude to them.
Not only in Washington, but in the States there has been co-operation
by public officials in the achievement of the purposes we seek. I thank
Governor Schmedeman, another old firend of mine, for his patriotic cooperatin with the National Administration.
We who support this New Deal do so because it is a square deal and
because it is essential to the preservation of security and happiness of a
free society. I like its definition by a member of the Congress. He said.
"The new deal is an old deal—as old as the earliest aspirations of humans
for liberty and justice and the good life. It is old as Christian ethics, for
basically its ethics are the same. It is new as the Declaration of Independence was new, and the Constitution of the United States; its motives are
the same. It voices the deathless cry of good men and good women for
the opportunity to live and work in freedom, the right to be secure in their
homes and in the fruits of their labor, the power to protect themselves
against the ruthless and the cuning. It recognizes that man is in indeed
his brother's keeper, insists that the laborer is worthy of his hire, demands
that Justice shall rule the mighty as well as the weak.
"It seeks to cement our society, rich and poor, manual workers and brain
workers, into a voluntary brotherhood of free men, standing together
striving together for the common good of all."
Keep that vision before your eyes and in your hearts; it can and will be
attained.
President Roosevelt Pledges Continued Government
Aid in Fighting Drought—In Speech at Devils
Lake, N. D., Appeals to Farmers for Renewed
Courage and Faith—Estimate of Drought Damage
Put at $5,000,000,000.
The earnest effort of the Federal Government to ameliorate
conditions in the drought-stricken areas of the United States
was pledged by President Roosevelt on Aug. 7 when, in an
informal speech before several thousand farmers at Devils
Lake, N.D.,he declared that"if it is possible for Government
to improve conditions in this State, the Government will
do it. I assure you," the President added,"that the interests
of these communities are very close to my heart."
The President's address was made after he had had a long
drive through dust clouds in one of the worst drought areas
in the United States. On the previous day(Aug.6,) Lawrence
Westbrook, Assistant to Harry L. Hopkins, Emergency
Relief Administrator, had told the President that 24 States,
comprising 60% of the area of the United States, and containing 27,000,000 persons, had been affected by the drought,
with a total loss estimated at $5,000,000,000.
After President Roosevelt was introduced to the gathering
at Devils Lake on Aug. 7 by Senator Nye, he remarked
that he had seen with his own eyes the effect of the drought.
He described it as a problem which he frankly found was not
easy of solution. "If it is possible to solve the problem,"
he said, "we are going to do it."
Referring to proposals for the construction of a $75,000,000
dam that would tap the Missouri River and fill Devils Lake,
the President said that he could make no promise regarding
this project until further studies were made by engineers.
He indicated that many engineers had reported that there
was no safe place for such a dam, and said that "there isn't
a man or woman in the Devils Lake area that would ask me
to build a dam that might go out and drown many thousand
people."
The President concluded his talk by appealing to his
auditorq to maintain their courage and faith. "I want to
tell you," he said, "that I am not going to let up until I
can give my best service to solving the problems of North
Dakota."
A stenographic report (Associated Press) of President
Roosevelt's informal remarks at Devils Lake follows:
I cannot honestly say that my heart is happy to-day, because I have seen
with my own eyes some of the things that I have been reading and hearing
about for a year and more. The reason I came here was that I wanted to
see something at first hand of a problem that has perplexed me and perplexed many other people ever since I have been in office.
It is a problem. I would not try to fool you by saying we know the
solution of it. We don't. I believe in being frank, and what I can tell
you from the bottom of my heart, truthfully, is this: If it is possible for us
to solve the problem, we are going to do it. I saw some signs along the
road that said. You gave us beer, now give us water."
Wen, that beer part was easy. That was something that could be
controlled very definitely by human agency. It was a question of what
the people of this country wanted,and when they made it clear they wanted
beer back again they got it. But when you come to this water problem
through here you are up against two things. In the first place, you are
Aug. 11 1934
up against the forces of nature, and, secondly, you are up against the
fact that man in his present stage of development cannot definitely control
those forces.
I think it was more than a year ago that the delegation of this State in
the Senate and the House first talked to me about the problem of this
watershed in northern North Dakota. I have been studying it ever since.
It is all very well to say,"Let us have a dam across the Missouri River."
I would love to do it, but when a great many engineers tell me they haven't
found a safe place for that dam, there isn't a man or woman in the Devils
Lake area that would ask me to build a dam that might go out and drown
many thousand people.
In other words, I have a responsibility. I cannot built a dam unless
I have the best engineering assurance that it is not only the right thing to
do but the safe thing to do. And, the result is, my friends, that to-day
there is more of what you might call Government talent—experts from
different departments in the Government service—fine people with good
knowledge and training—and they are getting the views of civilians and
State employees and trying to find a solution of this problem.
Soon, after I get back to Washington, many of the studies being made
this summer by engineering and agricultural officials will be completed.
I will give an opportunity to people who don't agree with their conclusions
to come and be heard. You know, I believe in action.
On March 4 1933. we had a parallel. It was not Just one section of one
State, or a few sections in a few States. It was the whole of the United
States. The United States was up against it. I asked the people of the
United States at that time to have courage and faith. They did. To-day,
out here, I do not ask you to have courage and faith. You have it.
You have demonstrated that through a good many years. I am asking,
however, that you keep up that courage and, especially, keep up the faith.
If it is possible for Government to improve conditions in this State.
the Government will do it. I assure you the interests of these communities are very close to my heart. I am not going to forget the day I have
spent with you. We hope that nature is going to open the heavens. When
I cam out on the platform this morning and saw a rather dark cloud I
said to myself, "Maybe it is going to rain." Well, it didn't. All I can
say is, I hope to goodness it is going to rain, good and plenty.
My friends, I want to tell you that I am glad I came here. I want
to tell you that I am not going to let up until I can give my best service
to solving the problems of North Dakota.
President Roosevelt Praises Careers of Mayo Brothers—
Speech at Rochester, Minn.—Says Medical Science
Has Shown Way to Richer Life.
President Roosevelt on August 8 paid tribute to the
medical work of Dr. Charles H. Mayo and Dr. William J.
Mayo, when he was the principal speaker at a celebration
in their honor at Rochester, Minn., sponsored by the local
branch of the American Legion. A crowd of 20,000 persons
saw the President unveil a plaque honoring the famous
physicians, and then heard him in an address in which he
extolled their careers. The science of medicine, the President
said, has come to concern itself with many things besides
the healing of the sick. "It has been interpreted," he continued, "as a major factor in the science of human welfare
The problems of disease and the circumstances related to
it are to the science of modern medicine only the sequel of a
long train of social cause and effect. Medicine has taught
us how important it is to look beyond the result to the
cause, not only of human sickness but of those social disorders out of which individual difficulties necessarily arise."
Modern medicine, Mr. Roosevelt said, has taught us that
it is possible for human beings to control and improve the
conditions under which they live, as well as how "science
may be made the servant of a richer, more complete common
life." He concluded by asserting that democracy "looks to
the day when these virtues will be required and expected
of those who serve the public officially and unofficially."
The President's speech at Rochester follows:
I hope that the people of Rochester will not feel limited in their pride of
possession when the Nation which I have the honor to represent claims the
right to call Dr. Will and Dr. Charles by the good word "neighbor." You
are beloved at home and abroad, and a world deeply in your debt gives you
inadequate return in external honors and distinctions. But your true distinctions is in the simple fact that you have put men's sense of brotherhood
and interdependence into a setting and have given it a new meaning.
For 50 years you have given tireless, skillful and unselfish service here in
this State and city. These 50 years, the span of your medical practice, have
covered probably the most remarkable period in the history of science.
You have seen practically all of modern medicine and surgery come into
being. The rise of research, dating back to the days when you began your
practice, has revolutionized the diagnosis, prevention and treatment of
disease.
The development of the branches of this science has revolutionized not
only the science of medicine but the entire field of effort that we sometimes
call public welfare. You have seen surgical technique become one of the
finest of all the arts of man. You have seen the development of the science
of public health, which has brought the gospel of health to the school and
clinic. You have seen the growth of hospitals, the creation of foundations
for medical research and a revolution in the teaching of medicine. You
have seen isolated clinics come to be part of great universities, an association
resulting in the enrichment of both.
But despite the progress that you have seem and that you have helped to
accomplish, the restless spirit of science prompts you to see new visions of
achievement. As you have pointed out so often in your predictions of
what humanity may expect from medical science in the future, progress is
only at its beginning. In the further development of the curative art, in
the discovery of new means for the prevention of disease, in the creation of
methods by which all of the people may be made aware of the knowledge of
hygiene and public health developed in the laboratory clinic, your vision
offers promise of a greater Nation and a happier people.
Medical Profession Gains Unique Place Through Mayo Brothers.
You have helped to give to the medical profession a unique place in the
community and the Nation. By reason of his special opportunities, the
physician has the occasion to perform a service in his community far beyond
Volume 139
Financial Chronicle
the bounds of his own professional duty. Ills infinitely complex relationships with the people of the community enable him to lead them in standards
of ethical right which may profoundly affect human conduct in general.
For this reason the science of medicine comes to concern itself with many
things besides the healing of the sick. It has been broadly interpreted as a
major factor in the science of human welfare. The problems of disease and
the circumstances related to it are to the science of modern medicine only
the sequel of a long train of social cause and effect. Medicine has taught
us how important it is to look beyond the result to the cause, not only of
human sickness, but of those social disorders out of which individual
difficulties necessarily arise.
Those of us who are concerned with the problems of government and of
economics are under special obligation to modern medicine in two very important respects. In the first place, it has taught us that, with patience and
application and skill and courage, it is possible for human beings to control
and improve conditions under which they live. It has taught us how science
may be made the servant of a richer, more complete common life. And it
has taught us more than that, because from it we have learned lessons in
the ethics of human relationship—how devotion to the public good, unselfish
service, never-ending consideration of human needs are in themselves conquering forces.
Democracy looks to the day when these virtues will be required and
expected of those who serve the public officially and unofficially. Modern
medicine has set an exalted example. It has shown the way for us all.
You, whom we honor to-day, rendered the highest form of patriotic
service during the battles of the World War, but, even more than that,
you deserve the Nation's thanks for the national service that you have
rendered throughout your lives.
I.-S. C. Commission Proposes Investigation of Cost of
Air Mail Transportation—Post Office Department
Objects to Inquiry, Scheduled for September.
An investigation into the cost of air mail transportation
will be conducted by the Inter-State Commerce Commission
in September, with a view to determine whether the Government should revise its schedule of payments. The I.-S. C.
Commission on Aug. 2 ordered all air mail companies to
report before Sept. 10, sending statements showing the cost
of operating their planes and of flying the mails. It added
that hearings would probably begin about Sept. 25. An objection to the proposed investigation was made on Aug. 1 by
Assistant Postmaster-General W. W. Hewes in 'behalf of the
Post Office Department A Washington dispatch of Aug. 2
to the New York "Times" gave additional details of the investigation and of Mr. Hew.es's objections as follows:
"It is believed," says the Hewes statement, "that the temporary contracts
and extensions thereof are binding upon the air mail contractors; that they
are executed under proper authority of the law, and that the L-S. 0. Commission does not have jurisdiction to fix and determine rates over the routes
being operated during the period of the contract or any extension or continua.
tion thereof."
The statement adds that if the I.-S. C. Commission holds hearings on rates,
it should not in any case attempt to fix new rates. This controversy is
expected to be a subject of discussion at the hearings.
Under the terms of the Air Mail Act contracts were to be let by open
bidding for a period of one year, but could be extended by the I.-S. C.
Commission after investigation.
Many air mail contractors are understood to have bid at perilously low
rates in order to protect their interests and to have a system in operation at
the time rate readjustments were made. Any upward revision of rates would
increase the expenses of the Post Office Department.
Under the terms of the Act the I.-S. C. Commission may increase rates,
provided they do not exceed 33e. an airplane mile for a load under 300
pounds or over 40c. an airplane mile for a heavier load.
Executive Employees of United States Government
Increased by 96,662 in Last Fiscal Year—June
Total New Peace-Time Peak—Over 7,000,000 Persons Now Receiving Compensation from Federal
Government.
The number of Federal employees in the fiscal year ended
June 30 1934 increased by 95,662 and the Government payroll was expanded by an estimated $100,000,000, according
to the monthly compilation of the Civil Service Commission
for June, which was made public on July 31. This revealed that the total number of employees in the executive
branch of the Government was 661,094 on June 30, a record
high in time of peace. In March 1933, when the present
Administration assumed office, there were 563,487 executive employees and at the end of March 1934 the total was
623,559. These figures, it is stated, do not include those
persons employed in the legislative, judicial or military
branches of the Government. Associated Press Washington advices of July 31 added the following details of the report:
Two thousand workers were taken into the executive service in June.
Several hundred more, it is indicated, will find jobs during July and August
with the organization of the Housing Corporation and the new Communications Commission and expansion of drought relief activities and other
emergency operations.
The Public Works Administration, Tennessee Valley Authority, the
Home Owners Loan Corporation, Agriculture Department and emergency
conservation work have employed the bulk of the newcomers into government service.
Most of the positions are being filled outside of civil service. A number
of agencies, however, have set up strict standards. The Civil Service
Commission said to-day this was especially true of the PWA, which now
has 4,055 employed in administering the $3.800,000,000 appropriated by
Congress to help bring recovery.
At the close of the World War the total of executive employees was
917,760. By July 1920 it had dropped to 691,116, which,the Civil Service
Commission said, still reflected war-time employment.
865
By far the greater number of executive jobs are outside of the District of
Columbia. At the end of last month 573,898 were employed outside the
District and 87.196 here.
Twenty thousand of the new employees work in Washington. This
increase has been reflected in a growing demand for living quarters throughout the city. New Government office buildings are being built.
Of the 661,094 total. 78,212 are listed as temporarily employed outside the District and 8,894 temporarily employed here.
The aggregate net payroll for the executive branch in June was $91,540,000.
The Postoffice Department employs 265,070, by far the largest number.
The War Department is next with 60,087. Navy third with 57,492, Treasury
49,831 and Agriculture 33.298.
The number in other departments and independent agencies range
from 32,947 in the Veterans Administration to 50 in the White House and
two in the old War Finance Corporation.
A total of 7,538,836 persons are receiving checks representing salaries from the Federal Government or compensation and pension payments, according to a copyright
United Press dispatch from Washington on Aug. 3. The
dispatch added that inclusion of families of these persons
would increase the number of those who depend upon the
Government for at least a part of their lievelihood to between
10,000,000 and 20,000,000 persons. The compilation included figures gathered from such sources as the Bureau of
the Budget, the Army, Navy, Public Works Administration
and relief agencies. The dispatch mentioned listed the
following as among the receipients of compensation from the
Government:
3,600.000
Emergency relief(food, money, &c.)
Emergency works (road work, &c.)
Pensioners (veterans, civilians, &c.)
Government employees (including temporary)
Public works (Government projects)
Civilian Conservation Corps
Military (Army, Navy, Marines)
Total
970,000
918,568
911.234
600.000
280,000
259,034
7.538,839
lhe dispatch commented on this outlay as follows:
Because of the indirect nature of some of the activities listed, it is difficult to arrive at an accurate estimate of the money cost to the taxpayers.
but it runs into billions of dollars and is being met either by tax collections,
or by Government borrowings.
A measure of the size of the Government's operations is shown in a
comparison of the Government's pay roll with pay rolls of some of the
country's leading corporations. Government employment, aside from
purely relief and "made work" programs but including the Civilian Conservation Corps and the military, is estimated around 1,500.000 persons.
The American Telephone & Telegraph Co., including its subsidiaries,
the country's largest business enterprise, recently had 291,000 on its pay
roll. The United States Steel Corp. had 158,032 and the Pennsylvania
RR.,the nation's largest carrier, 147,200. General Motors had a few more
than 100,000.
The regular and temporary employees of the Government, numbering
911,234, are to receive in the current fiscal year total salary payments of
$1,022,030,988. Military personnel will receive $209,395,719, according to
the Budget Bureau, and pensioners, such as veterans and employees, a
total of $453,698,937.
The Post Office Department on Aug. 7 announced that on
Aug. 16 a total of 1,885 letter carriers, clerks and daylaborers would be added to the postal service in larger offices
throughout the country. Postmaster General Farley said
that the order was issued "to provide satisfactory postal
facilities for these offices." The wages of the new employees will add $3,400,000 to the annual payrolls. 1he
personnel of the New York City Post Office will be increased
by 687.
Nationalization of Silver Regarded by Senator Thomas
as Over Throw of "Gold Bloc"—Views of Other
Senators.
The nationalization of silver was viewed by Senator
Thomas (Dem., Okla.), a Senate silver bloc leader, as "the
overthrow of the worldwide gold bloc." In a dispatch from
Washington August 9 to the New York "Times" he was
reported as viewing the move as eventually leading to an
international monetary conference and perhaps to the establishment of a world bank in New York City to handle
international settlements. The "Times" dispatch also had
the following to bay:
Commenting on the President's proclamation, he [Senator Thomas]
said that it did not mean inflation in any real sense, but rather currency
expansion that should be helpful in the present business stagnation.
The recognition by the United States of silver as a primary money
would influence other Governments to consider similar moves, the Senator
argued, and the calling of an international monetary conference would
result from a desire on the part of all countries to reach a world monetary
standard.
Senator Fletcher.
Senator Fletcher, Chairman of the Senate Banking and Currency Committee, said the silver action would cause only a "mild expansion of the
currency."
"This. I believe, will be helpful in that it will result in increased prices
of stocks and commodities," he asserted.
Senator (ore.
Senator Gore expressed doubt whether expansion of the currency through
nationalization would be beneficial.
"I have more faith in turnip patches and gardens," he said. "They at
least provide feed for animals and food for people."
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Financial Chronicle
Central Bank Is Now Sought.
Another step advocated by Senator Thomas and his bloc is nationalization
of the Federal Reserve System. Bills for the Government to take over
the Reserve Banks are pending in the Senate.
The Senator declared the nationalization of silver had strengthened
the position of those advocating a central bank.
"This in my opinion will be the big financial question in the next Congress," he added. "I expect to see the system radically revised and am
hopeful to see it completely nationalized by the next Congress."
Mr. Thomas declared he believed the Government was forced to take
over the silver stocks when it did because there had been a lead as to its
plans.
"Somebody on the outside got a tip," he said. "The fact that silver
went up from 46.15 to 49 last night, and had been steadily advancing
all this month, would prove to my satisfaction that the information got in
the hands of speculators." The price of silver went down after the bill
was passed.
The Senator said nationalization was "the most important step taken
in the revision of our financial system."
"This move breaks the stranglehold of the world gold bloc and marks
the way for a new money system throughout the world," he asserted.
"The United States has set the pace for other countries.
"Others will follow our action or seriously consider doing so. At once
they will retain all their silver and go in the market for more to meet the
situation here. This will mean a gradual rise in the price of silver in the
world markets."
According to United Press advices from Washington
August 9, nationalization of silver will help farmers pay
off their debts, Senator Thomas said. He is also reported
as saying "the producers, like the farmers, will be the ones
to benefit. The ones hurt will be those possessing fixed
investments, like the bond holding class."
Senator Pittman Sees Silver Question Settled Forever
in President Roosevelt's Nationalization Move.
Commenting on August 9 on Prebiden. Roo..evelt's order
for the nationalization of silver Senator Pittman, at Reno,
said it would lead to events which eventually "will settle
the silver question forever." The Associated Press accounts
from Reno continued:
The Nevada Senator led the Senate fight for the 1934 Administration
bill under which the President's action was taken.
"Action on the proclamation," he said, "will remove all silver in the
United States from the market except silverware and silver bullion expressly
excepted from the operation of the proclamation. It may add another
100,000,000 ounces of silver to our monetary silver in the Treasury.
"It is a process that will hasten the complete absorption of the silver
surplus in the world. As this surplus is absorbed in the Treasury of the
United States, the price of silver will steadily rise until it reaches $1.29
an ounce.
"Then the Governments of the world will be in a position to open their
mints for unlimited coinage at the ratio that exists in the United States.
This will settle the silver question forever."
Senator Pittman said he did not expect to see an immediate "boom"
in the silver industry.
"The President doesn't want the price to jump right away," he added.
In Nevada, where silver production has fallen greatly in recent years,
mining men generally agreed that the proclamation would be a great
encouragement to the industry.
New silver mining activities in the State, while stimulated when President
Roosevelt fixed the price of domestic newly mined silver at 64% cents
an ounce, had lagged, they said, because of uncertainty as to when and at
what point the price of the metal would be definitely stabilized.
Joseph A. Broderick Files Accounting as Liquidator
of Bank of United States—Expenses Since December 1932 Total $2,039,109—Asks Permission to
Pay Further Dividend of 5% to Depositors.
Joseph A. Broderick, New York State Superintendent of
Banks, applied on Aug.6 to the State Supreme Court for the
approval of his account as liquidator of the Bank of United
States since December 1932. The report showed that the expenses for the period to June 30 1934 were $2,039,109, while
gross earnings were $539,405. Operating expenses totaling
$1,499,703 included $84,250 in rental payments for subsidiaries. Cash disbursements during the period in question
amounted to $20,836,383. Mr. Broderick asked permission to
pay a fourth dividend of 5% to depositors and other creditors of the defunct institution. If allowed by the court, this
dividend would make a total payment of 60%, the other payments comprising 30% on Sept. 2 1931, 15% on Dec. 18 1931,
and 10% on Dec. 29 1932.
The New York "Times" of Aug. 7 summarized the accounting and the petition, in part, as follows:
Superintendent Broderick suggested that the cost of mailing personal
notices of the proposal to the more than 400,000 creditors "would be beyond
the benefit it would give," and suggested that two advertisements of the
proposals be inserted in the newspapers of all the counties of Greater New
York as well as Nassau County. The Court named 25 newspapers to receive
the advertising.
Praises the Press.
"The press of the City of New York has in the past been of great assistance
In giving wide publicity to matters affecting the administration of the
liquidation of the bank," said the Banking Superintendent in recommending
the insertion of the notices in the newspapers.
Mr. Broderick, who took over the Bank of United States on Dec. 11 1930,
said in his petition that it had 413,000 depositors and creditors to whom it
owed $189,250,742. The Superintendent accepted 278,586 claims in addition to which there were 181,912 accounts entitled to dividends. The
cash on hand on June 30 last was 87,380,085, of which $446,409 was in
trust funds.
Aug. II 1934
The petition stated that the forthccsning dividend would require about
$6,600,000, and that after the payment the Superintendent would have on
hand about $600,000 in cash with unpledged assets of substantial value as a
reserve for claims asserted, the preservation of the interest of the bank in
real estate and for the necessary expenses of liquidation. Sine the last
accounting a total of $22,055,632 has been paid out, including the last 10%
dividend and $1,218,648 for trust funds.
Prof. Kemmerer Returns From Turkey—Had Acted as
Adviser to That Country on Currency and Banking—Views on Inflation.
Dr. E. W. Kemmerer, Professor of Economics at Princeton University, returned on August 6 on the Leviathan of
the United States Lines,following a six weeks visit to Turkey.
He was accompanied by Mrs. Kemmerer, Professor C. R.
Whittelsey of the Department of Economics, Princeton,
and Professor W. L. Weight of the Department of History
at the same university. From the New York "Times" of
August 7 we quote:
Dr. Kemmerer said he visited Angora, the capital of Turkey, at the
request of its Government, to complete the original economic survey from
the point where it was left by Walker D. Hines, who died last January,
and accomplished this work with the aid of the experts already working
there. In addition, he said, he had made a supplementary report dealing
with currency and banking.
Asked what he thought of the Turkish currency. the Professor, who
has formulated a financial rehabilitation policy for 12 other Nations,
replied:
"As a matter of fact, the Turkish money is on a more stable basis than
our own dollar. They do not have the gold standard, but the stabilization
ofthe currency wasfixed and it has remained there without any fluctuation."
At the time of his departure for Turkey on June 2 Dr.
Kemmerer took occasion to comment on the inflationary
tendencies in the United States, the "Times" at that time
reporting him as saying:
America at present seems to be well on the road to a dangerous inflation.
We have passed one red danger signal after another, whether from choice
or pressure will make no difference in the final result. The disastrous
effects will not be tempered by any difference in motive. It is a great
tribute to the faith that has made America, that thus far the confidence
of our citizens in our money has been so well sustained.
There comes a time, however. when faith can no longer be maintained.
Disillusionment in matters relating to the value of money is sharp and
sudden. Unless the recent continued expansion of our currency and circulating bank credit is soon checked, the inflation may get out of control.
Regulations Governing Loans Under National Housing
Act—J. A. Moffett, Housing Administrator, Brings
Housing Program Under Way—Instructions of
Comptroller of Currency's Office on Loans by
National Banks.
Regulations governing housing loans under the National
Housing Act, were issued at Washington on August 9, at
which time James A. Moffett, Housing Administrator, in a
speech before the National Press Club at Washington
brought under way the Federal housing program. In his
speech he declared that $1,600,000,000 was required "to
put the homes of the country back into good physical condition," and he estimated a theoretical shortage of more
than a million homes as he mapped his action to make
available for housing "the vast reservoir of private credit
which has been so long stagnant for lack of organization
facilities and of confidence on the part of both lenders and
borrowers."
From its Washington bureau the New York "Herald
Tribune" reported the following further advices:
The Housing Administration announced to the banks and the public
that in the modernization credit plan "operation can start immediately—
to-day, everything is ready."
16,000,000 Need Repairs.
To the financial institutions of the country the Federal Housing Administration distributed the regulations covering the projected action under
Title I of the National Housing Act relating to the Federal Government's
20% insurance of loans for the alteration, repair and improvement of real
property. The foreword to these regulations declared that more than
16,000,000 buildings have reached a "more or less serious state of disrepair" and that 3,000.000 of them have so degenerated that "nothing short
of a major building operation can save them."
The fate of the latter should be immediate demolition, the Housing
Administration asserted, directing toward the remaining 13,000,000 buildings the projected bank loans which are to be partly insured by the Government.
Subsequent regulations from the Housing Administration will deal with
other sections of the Housing Act providing for the insurance of new and
old mortgages sad the chartering of National mortgage associations.
Indicating that a main goal of the Housing Administration in the home
loan renovation program will be to win the banks to a liberal lending policy,
both a speech by Albert L. Deane, Deputy Housing Administrator, to-day,
and the regulations themselves stressed their estimates of the soundness
of such loans and the length to which the Government was prepared to
go to encourage them.
Loans By National Banks,
"While these loans are for a somewhat longer term than ordinary commercial credits, the banks will be in no danger of having them criticized
by the bank examiners," Mr. Deane said as he followed Mr. Moffett on
the platform of the National Press Club.
"We have received from the Comptroller of the Currency a letter stating
in effect that such loans will be looked upon favorably by the National
bank examiners."
The pamphlet of regulations sent out by the Housing Administration
contained the following letter to Mr. Moffett signed by F. G. Await.
Volume 139
Financial Chronicle
Acting Comptroller, covering the instructions to National bank examiners.
"Dear Sir:
"In accordance with your request relative to the acquisition by National
banks of notes representing advances to property owners for the purpose
of making alterations repairs, and improvements to real property, which
are insured under title 1 of the National Housing Act, please be advised
as follows:
"The making of loans of this type by National banks is a matter of
internal business administration to be determined by each bank.
Examiners to Be Easy.
"Because of the insurance provided for loans of this type, National
bank examiners will be instructed that such loans need not be classified
as slow, doubtful, or loss so long as a sufficient insurance reserve exists
to cover them."
The Housing Administration's pamphlet said that State officers supervising financial institutions have issued or have been asked to issue similar
rulings. In explanation of the steps taken to give official assurance as to
bank loans covering advances for home renovation the Housing Administration said that the credit risk on this type of paper in the past has always
been small.
"Even this risk now has been, for all practical purposes, entirely eliminated by the guarantee of the Government protecting financial institutions
up to 20% of the losses on the total volume of such paper acquired," it
said. "The loans are limited to $2,000 on any one house. No collateral
or endorsements are to be required and credit is to be based on character
and earning power. Other classes of buildings besides homes are eligible."
Mr. Deane pointed out that a feature of the loans is that they may be
made completely liquid. "This is true because of a provision in the law
whereby. [n ease of necessity, the Administration can advance to any
financial institution, in cash, 100% of the face value of the notes securing
these loans," he said.
Not to Exceed Three Years.
Under the home renovation plan, banks and other financial institutions
will make the loans for a final maturity not in excess of three years. In
order to get the Government insurance of 20% of the advances,the financial
institution may not collect as interest, discount or fee a total charge in
excess of 5% a year on the original face amount of the loan.
In his speech Administrator Moffett emphasized that the whole program
of home renovation loans as well as the subsequent steps for mortgage
insurance and the chartering of National mortgage associations will be
financed by private capital.
In dealing with the mortgage insurance field, a chief objective is to loosen
up credit in order to make possible new construction, Mr. Moffett said.
"We all hear a great deal about excess bank reserves and the funds that are
surfeiting our savings banks and life insurance companies. We want to
get this credit to work at something useful. . . ."
Wheat Adjustment Program for 1934-36 Provides
$102,000,000 in Benefit Payments, Accordi r g to
AAA—First Instalment During October.
Farmers of the United States participating in the adjustment program for wheat during the coming marketing
year will receive total benefit payments of not less than
$102,000,000, according to details of the program announced July 9 by the Agricultural Adjustment Administration. As to the program for the new marketing year,
which began July 9, it was further stated:
In a proclamation issued by Secretary of Agriculture Henry A. Wallace,
the acreage permitted to be planted by contracting farmers for harvest
In 1935 was set at not less than that planted for harvest in 1934. or 85%
of the average seeded acreage of the base period. The payments were
announced at the rate of 29 cents per bushel of the domestic allotment.
The benefit payments will be obtained from the proceeds of a processing
tax of 30 cents a bushel on wheat.
Adjustment payments to co-operating growers will be made in two
Instalments. The first instalment, which it is planned to make during
October 1934, will be at the rate of 20 cents per bushel on the growers'
domestic allotments. The second instalment will be distributed after
proof of compliance with the terms of the contract has been submitted
to the Secretary of Agriculture by growers, and will be nine cents per
bushel. Each grower's pro rate, share of local administrative expenses
of the wheat production control associations will be deducted from the
second payment.
The permitted acreage to be planted by co-operating farmers for harvest
in 1935 will be not leas than 85% of the seeded acreage of each farm during
the base period 1928-32, as already determined for each farm under contract. It is announced definitely that no reduction will be required below
the amount of planting allowed for harvest in 1934. The conditions
as to acreage will be left open until early August, however, to provide for
an increase in acreage above the 85% of the base acreage, if this should
appear advantageous. This, in effect, continues the 1933-34 reduction
of 15% below the five-year base acreage, with the possibility that a smaller
reduction may be required.
In arriving at the amount of planting necessary to maintain a balance
between wheat supplies and effective demand, Administration executives
have been considering carefully the wheat supply condition of the United
States and the international wheat situation. Continuation of the present
International Wheat Agreement, which expires on Aug. 1 1935, will be
discussed at a meeting of the International Wheat Advisory Committee
In August of this year.
If at that time it is found that other countries have not yet prepared
to continue into next year the adjustment of wheat production which
they agreed to make this year, then the present requirements of wheat
acreage in the United States may be modified. While it is expected that
at the end of August wheat farmers will be notified definitely as to the
final amount of planting, which in any case will be not less than 85%
of the base acreage, It is felt by officials that those farmers in the Great
Plains region who are now getting ready to plow their land for fall planting,
should have an indication of planting to guide them in making preparations. If the requirement should be changed these growers would still
have time to plow and plant additional acreage.
In considering the wheat situation in the United States, officials stated
that under normal conditions a continuation of the Present acreage would
provide a crop of sufficient size to meet normal consumptive demands,
to provide full carry-over reserves, and to leave more than 100,000.000
bushels for export. Continuation of the present acreage does not mean,
officials state, that the United States will retire from world wheat marketings, but means that with normal weather conditions and average
yields sufficient wheat will be produced during the coming season to more
than supply our world wheat trade, as based on average exports prior to
the depression. In any case, the final decision as to adjustments in
867
the coming year will be made when the International Wheat Agreement
is taken up in August.
The processing tax rate, under the Agricultural Adjustment Act, is
based upon the difference between the parity price and the current farm
price, and is to be changed in conformity with this difference at such
Intervals as the Secretary deems necessary to carry out the purposes of
the Act.
The difference between the parity price and the farm price, according
to the current data, is substantially what it was when the tax was first
announced a year ago, and the wheat adjustment program is to beicontinned for 1935 on substantially the same basis as was followed in 1934.
Therefore, the Secretary has decided that the rate of the tax will remain
at 30 cents a bushel for the present.
An item bearing on the second instalment sent to farmers
for participation in the 1933 wheat adjustment program
appeared in our issue of July 21, page 377.
Sales of Wheat and Flour for Export Through North
Pacific Emergency Export Association Totals 27,641,003 Bushels.
Sales of wheat and flour for export through the North
Pacific Emergency Export Association totaling the equivalent
of 27,641,003 bushels had been made up to the close of
business July 26, as the longshoremen's strike in that area
ended and loading of grain to meet foreign sales commitments began, it was announced Aug. 2 by C. H. Cochran,
Acting Chief of the Grain Section of the Agricultural Adjustment Administration. Of the amount sold abroad, 22,751,536 bushels had been shipped up to the time that shipping
from the Northwest was paralyzed by strikes. A total of
27,649,204 bushels has been purchased by the Association,
said the announcement, which also stated:
Sales by the Export Association are made under the terms of a marketing
agreement developed to remove the surplus of wheat from Washington.
Oregon, and northern Idaho. Under the agreement exporters are reimbursed for losses sustained as a result of selling in the world market at
prices lower than prevailing domestic levels. These differential payments
on the wheat that has been shipped to date amount to $5,071,493, or an
average cost of 22 cents per bushel.
While the latest crop figures indicate that wheat supplies in the Pacific
Northwest are somewhat smaller than a year ago, the crop this year yielded
well, resulting in total supplies that are still above the needs of local consumption. Officials point out that a considerable portion of this regional
surplus can be absorbed elsewhere in the United States as a result of the
short wheat crop in the country as a whole. Some of the hard types of this
wheat are now moving in considerable volume to interior and Eastern
markets by rail, and greater volume is anticipated with the resumption of
shipping from the ports of Seattle, Tacoma and Portland. It is expected,
however, that because of the position and type of this surplus, a large
part of which is soft wheat, there may be some difficulty in distributing it
tnroughout the country without a sacrifice in price.
However, the marketing agreement to facilitate exports remains in ffect
at the discretion of the Secretary of Agriculture, and grain section officials
believe it will afford valuable machinery to meet emergencies that may
arise, to assure wheat growers in the surplus area that returns from the
crop will be reasonable and in line with United States prices, considering
the type of the wheat and its distance from large consuming markets. The
price level of wheat at north Pacific ports now is about 15 cents per bushel
under the price for September wheat at Chicago. This price for northwest wheat represents a considerable increase over that obtained a year
ago. It is believed that if this general price relationship can be maintained
and the surplus portion of the crop can be utilized in other sections of the
country without disruption of prices, it will not be necessary to continue to
use the services of the Export ssociation, although the Association set-up
may be continued.
Professors Warren and Pearson of Cornell Predict
Wheat Cut Down to New Low—See Per Capita
Smallest on Record—Finds Gold Exchange Value
Is Higher Than at Any Previous Time.
A forecast that the 1934 per capita wheat production in the
United States will be the lowest for which there is statistical
record has been issued by Professors George F. Warren and
Frank A. Pearson of Cornell University. "In 1933 the
production of wheat per capita in the United States was the
lowes for which there is a statistical record," they reported.
"This year promists to be lower. Production is very irregular, primarily because of the weather." They were also
quoted as follows in Associated Press advices from Ithaca,
N. Y., July 29 to the New York "Times":
There were three periods of rather high production per capita about 20
years apart, centering approximately in 1880, 1900 and 1918. Production
per capita has been declining for a number of years and has been particularly
low for the past three years.
In general the United States has been in a period of low crop production
several years.
Gold Exchange Value Rises.
"Gold has the highest exchange value for basic commodities that it has
had at any previous time since the establishment of the United States,"
reported the two professors, who are defenders of the economic principle
that prices rise if the world's monetary stocks of gold increase faster than
the production of other things., and fall if gold increases less rapidly.
Low demand for food and clothing due to unemployment further added
to the impression of overproduction. The drought this year is accentuating
the low production of the last few years.
They believe farm prices are due to rise and that a city housing shortage
looms.
It is not to be expected that the present low prices for first-class farms
will continue.
The sudden rise in commodity prices at a time when the depression was
so severe caused a practically instantaneous turn in the curve of city real
estate vacancies rather than the long, slow recovery that normally takes
place.
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Financial Chronicle
Vacancies Cut Half in Year.
Following the peak of vancancies in 1912, it required seven years to cut
the number of vacancies in half. This time the number of vacancies has
been cut in half in less than a single year. The sharp decline in vacancies
began at once when commodity prices rapidly rose, due to an increase in
the price of gold.
The low point in building has been passed. A gradual improvement is
to be expected and will probably follow the usual curve and develop into a
rapid improvement in a few years. If commodity prices rise, the time required for recovery will be reduced. The less the rise in commodity prices,
the slower the recovery. The slower the recovery, the more violent the
subsequent expansion will become.
Final Payment Sent to Farmers by Saskatchewan
Wheat Pool.
From the Montreal "Gazette" we take the following
(Canadian Press) from Regina, July 31:
Representing a payment of 13.78 cents on the No. 1 northern grade,
Fort William basis,final payment checks were in the mail to-day to growers
who had delivered grain to the 1933-34 seasonal pool operated by the
Saskatchewan Wheat Pool.
This brought the net sales of Wheat Pool over the whole crop year to
68.7 cents for the grade in question. Payments in proportion has been
made on the other grades covered by the season's operations. The amount
involived in the final distribution was approximately $200,000.
_ A pool for the 1934-35 season is now in operation for all wheat handled
after July 16. No initial payment had yet been declared, but this will
be done at the regular meeting of the Pool board in August.
An item bearing on the profits of the pool for the crop
year ended July 31 appeared in our Aug. 4 issue, page 668.
Wheat Growers in Australia to Receive Bounty for
Coming Season.
On Aug. 2 the Federal Prime Minister announced acceptance of the Royal Commission's recommendation that Australian wheat growers be accorded a bounty of £4,000,000
for the coming season on the basis of a price equal to 3 shillings
per bushel at the port of export, according to a cablegram
received in the United States Department of Commerce from
Assistant Trade Commissioner Wilson C. Flake, Sydney,
the Department announced Aug. 4. The bounty payable is
to increase if the price falls below 3 shillings per bushel and
to be reduced if the price exceeds that amount, the Department's announcement said, adding:
Wheat prices in Australia have increased since the Conunissoin's recommendation was made so that no bounty will be payable on the basis of the
price in Sydney on Aug. 3, which was 3s. 6d. per bushel.
The Royal Commission recommended that an excise tax on flour be
assessed, to partly provide funds for payment of the bounty, but the
Federal Government is undecided as to what action to take pending the
commencement of the wheat season and price fluctuations in the meantime.
FCA Makes Available Emergency Loans to Commercial
Truck and Vegetable Growers.
The Farm Credit Administration announced, Aug. 3, that
the emergency crop loan offices will accept applications for
loans for the purpose of producing commercial vegetables
and truck crops to be planted in 1934 and harvested in 1934
or 1935. The loans may be made in any area adapted to the
production of fall and winter vegetables and truck crops.
The Administration said:
The maximum amount of a loan to one individual for such purposes may
not exceed $250, including previous emergency crop loans to the applicant
in 1934. The loans will be secured by liens on the crops financed and will
mature April 1 1935.
Vegetable and truck farmers unable to obtain credit from other sources
may apply to their local County Emergency crop and Feed Loan Committees
in their localities or get in touch with their County Agricultural Agents.
Any applicant applying for a loan in excess of $150 must first submit
written evidence from a Production Credit Association that his application
has been rejected.
Misbranded Low Quality Seed Confiscated by Federal
Courts in Alabama and Arkansas—Action Taken
in Four Cases Under Federal Seed. Act.
Four cases, prosecuted under the Federal Seed Act by Federal Courts in Alabama and Arkansas, recently terminated
with the Courts ordering, in three of the cases involving
three bags of Korean lespedeza, 55 bags of hairy vetch, and
13 bags of rye, the destruction of the seed. In the fourth
case, involving 28 bags of weedy seed oats, tried before the
United States District Court of Birmingham, the Court ordered the disposition of the seed to a charitable institution
in Alabama for use as feed for animals, instead of being destroyed. As to the cases, an announcement issued Aug. 4 by
the United States Department of Agriculture further said:
The lespedeza was shipped into Arkansas by W. A. Sanders, of Hopkins.
vile, Ky., misbranded as to the content of dodder and other noxious weed
Deeds.
The hairy vetch was part of a 30,000-pound shipment which the Seaboard
Seed Co. of Philadelphia, Pa., sent to Albestville, Ala., for the Rowland Co.
of Athens, Ga. This seed was labled: germination 80%, hard seeds 2%, as
of July 1933. In October 1933 it was found to germinate 43%, hard seed
5.25%. The seed was further labeled to indicate there were no noxious
week seeds present; yet it contained corn cockle at the rate of 252 seeds
per pound.
The rye was shipped by L. P. Cook of Memphis, Tenn., to Parrish, Ala.,
with a label stating that the seed germinated 82% and contained 0.01%
Aug-. 11 1934
weed seed and no noxious weed seed. When tested in January the seed
germinated 0.5% and contained 1.4% of weed seeds, including 144 quack
grass seeds per pound.
The oats were shipped by L. P. Cook of Memphis to Tuscaloosa, Ala. They
were labeled: purity 97%, noxious weed seed none, other crop seed 0.01%.
This seed was found to have a purity of 92.5%, to contain quack grass at
the rate of 14 seeds per pound, and to include 4.7% of other crop seeds,
approximately half of which was barley. Quack grass is considered a
noxious weed in both Tennessee and Alabama.
The Department of Agriculture said that legal action in
each case was taken on recommendation of the Bureau of
Plant Industry of the Department, following receipt of complaints from the Alabama State Department of Agriculture
or the Arkansas State Plant Board. The United States Agricultural Department continued:
Federal seed officials say that these cases are a few of a number which
have been prosecuted during the past year for shipments of seed into Alabama
or Arkansas. The Department is now preparing to recommend action under
the Federal Seed Act in several cases of alleged misbranding reported from
Virginia, New York, Indiana and Illinois.
Grass Seed Harvest Permitted on Rented Acres Under
Wheat, Corn-Hog, or Tobacco Contracts.
Harvesting of seed from pasture and meadow crops which
are grown on the rented or contracted acreage of farms under
wheat, corn-hog, or tobacco contracts is permitted by recent
modifications, it is announced by Victor Christgau, Assistant
Administrator of the Agricultural Adjustment Administration. In stating this, an announcement issued June 23 by the
Administration said:
Contract modifications which were announced by the Adjustment Administration on May 29, to encourage increased forage crop production to offset
drouth losses, authorized the planting, pasturing and harvesting on the rented,
acres of all pasture and forage crops except corn and grain sorghums. Fodder
corn and grain sorghums are permitted for forage purposes on the general or
non-contracted acres.
The interpretation of this ruling which is announced to-day specifies that
harvest from the rented acres of the seed of timothy, red top, orchard grass,
blue grass, meadow fescue, broom grass, crested wheat grass, clover, alfalfa,
sweet clover, lespedeza, and similar pasture and meadow crops (not including
soybeans, cow peas, field peas, peanuts, sorghums and similar grains) is
permitted under the contract modification.
The seed crop interpretation is made in view of the reduced supplies of
seed and the unfavorable condition of pasture and meadow crops for this
season's seed harvest, according to J. F. Cox, chief of the Replacement Crops
Section of the Adjustment Administration.
Secretary Wallace Starts Feed and Livestock Survey
to Cover Every County in All States.
A special feed and livestock survey among over 500,000
farmers all over the country, to be made by the Crop and
Livestock Estimating Service of the Bureau of Agricultural
Economics at the request of the Drought Relief Service of
the Agricultural Adjustment Administration was announced
Aug. 8 by Secretary Wallace. Funds are to be provided by
the AAA. The Department's announcement, Aug. 8, further
said:
The inquiry will assemble facts as of Aug. 16 as to the nation's feed supplies in relation to livestock, by counties, in drought and non-drought areas.
The survey will show what quantities of grain and hay are available for
animal feeding. It will locate the areas in which there is a surplus of feed
crops for sale, and other areas in which farmers will need additional feed
to carry their livestock through the winter.
Another feature of the survey will be an effort to locate areas in which
livestock numbers will need to be reduced because of feed shortage, to
ascertain the number of animals which farmers would have disposed of by
next spring under ordinary circumstances, and what additional number will
have to be disposed of because of shortage of feed or high prices of feed.
The survey will locate areas in which farmers have sufficient feed supplies
to permit the taking on of some additional livestock.
The inquiry will cover questions as to livestock water supplies in an effort
to find out what proportion of farmers do not have sufficient water on their
farms. Efforts will be made to evaluate pasture resources this year in comparison with an average year, and to make a composite figure on the production of all livestock feed this year as a percentage of usual production.
The survey will be conducted from Washington through offices of the
State field statisticians of the Division of Crop and Livestock Estimates of
the Bureau of Agricultural Economics. Returns will be gathered from the
fanner crop reporters in the States and the reports relayed back to Washington through the same channels. A complete report will be issued as soon
as the results can be assembled.
Thousands of Farm Homes Reported Saved by County
Farm Debt Adjustment Committees—Over $100,000,000 of Farm Indebtedness Adjusted in 42
States.
The County Farm Debt Adjustment Committees appointed
by State Governors to secure voluntary settlements of farm
debts between debtors and creditors have adjusted well over
$100,000,000 of farm indebtedness and saved thousands of
farm homes throughout the country, according to reports of
State Farm Debt Adjustment Committees, said an announcement issue don Aug. 6 by the Farm Credit Administration.
Forty-two States have now been organized for farm debt adjustment work with more than 2,400 County Committees,
said the announcement, thus extending facilities for the work
In almost nine-tenths of the agricultural counties in the country. In some States the County Committees have begun
Volume 139
Financial Chronicle
operations only recently, but in States where the work has
been in progress for several months a large volume of indebtedness has already been adjusted. We also take the following from the Administration's announcement:
In Illinois, for instance, the County Committees have found solutions for
the debts and saved the homes of more than 3,000 distressed farmers, adjusting an indebtedness of approximately $20,000,000. In each case settled by
a local County Committee an agreement was worked out allowing the farmer
to retain possession of his farm and settle the claims of his creditors on
terms which they accepted as satisfactory.
Wisconsin, Ohio, Missouri, Washington and Mississippi are typical of a
number of Western and Southern States in which anywhere from 1,000 to
4,000 farm homes have been saved by means of this voluntary debt conciliation work. Many of the Committees in these States and others have settled
from 60% to 90% of the debt problems brought to them. In Wisconsin
more than 2,000 distressed farmers with debts previously aggregating $14,700,000 have kept possession of their homes and property as a direct result
of the efforts of the Farm Debt Adjustment workers in the State. . . .
In cases where the County Farm Debt Adjustment Committee is unable
to secure a voluntary settlement, it can direct the debtor to the Federal
Conciliation Commissioner in his county. Under a law passed recently,
Federal Judges are instructed to appoint a Conciliation Commissioner in
each agricultural county. When a farmer-debtor applies to this Cotnmissioner, the latter attempts to work out a settlement that will be accepted
by a majoriy of the creditors, both in number and amount; and if he is
successful the court may make the settlement binding on the unsecured
minority creditors.
The State Debt Adjustment Committees generally believe that the success
of the County Adjustment Committees renders is unnecessary for farmers
to resort to bankruptcy under the Frazier-Lemke amendment, except in an
occasionally extreme case, and are urging overburdened farm debtors to
make every effort to secure satisfaction through the Committees in their
respective localities, or with the aid of the Conciliation Commissioner for
the county, before considering bankruptcy. The experience in farm debt
settlement, according to these Committees, so far indicates that by far the
great majority of cases of excessive indebtedness may find immediate solution through voluntary conciliation.
FCA to Make Emergency Loans in Drought Areas to
Move Livestock to New Pastures and Range
Land.
Due to continued drought conditions in the west central
and western States the Farm Credit Administration has arranged to make loans to farmers and stockmen in the emergency drought areas to pay the cost of moving livestock to
new pastures and range lands, according to an announcement
made at Washington, D. C., Aug. 6 by W. Forbes Morgan,
Deputy Governor. The loans will be advanced from the recently appropriated drought relief fund, a part of which is
already being used for feed and forage loans in the emergency areas.
The announcement states, according to the FCA, that the
loans for transporting livestock will be made only for the
purpose of moving animals to and from pastures and ranges
to avoid drought conditions, and not for the purpose of paying the costs of transportation or pasturing livestock which
are on the way to terminal markets. Reporting the announcement the FCA further said:
The money loaned to pay transportation costs will be limited to a maximum not exceeding $3.00 per head for farm cattle, $1.50 for range cattle,
$4.00 for farm workstock, $2.00 for saddle and pack horses, 60 cents for
sheep and 35 cents for goats. These respective maximum allowances for
transportation are the same as the maximum base rates now being allowed
to purchase feed for livestock for one month.
Where the livestock moved from drought areas to new pasture or range
are to be returned, the allowance for transportation must cover the costs
both ways; and farmers and stockmen who obtain such loans are urged to
utilize the greatly reduced freight rates on livestock shipments which are
now in effect.
In addition to the allowance for transportation, loans may also be made
to pay the cash costs of pasture or range rent, the maximum allowance for
this purpose being 50 cents per head per month.
According to the announcement, the loans may be made for the purpose
of moving livestock to new pasture or range lands outside the emergency
drought areas or to transport animals within the emergency areas.
The advances for transportation and pasturage will be available throughout the emergency drought areas which now cover 906 counties in 21 States.
These include all of the Dakotas, Nevada and Utah, large parts of Arizona,
California, Colorado, Idaho, Kansas, Minnesota, Missouri, Montana, New
Mexico, Nebraska, Texas and Wyoming, and some counties in Arkansas,
Iora, Oklahoma, Oregon and Wisconsin.
As in the case of the emergency feed and forage loans now being made in
these areas, the loans for livestock transportation and pasturage will be
handled by the emergency crop and feed loan offices and secured by the
borrower's promissory note. Application may be made to the local emergency crop and feed loan committee in the applicant's county. These local
committees operate under the regional emergency crop and feed loan offices
in Minneapolis, St. Louis, Memphis, Salt Lake City and Dallas.
Sheep Buying Plan in Drouth States Announced by
AAA—To Be Turned Over to FSRC.
Plans to buy sheep in the drouth States, and turn them
over to the Federal Surplus Relief Corp., were announced
Aug.6 by the Agricultural Adjustment Administration following receipt from Comptroller General McCarl of approval of
the expenditure of drought relief funds for that purpose.
Approval by the Comptroller General was given on the basis
that the "purchase of sheep and goats, in addition to cattle,
is necessary to relieve emergency conditions in the drouth
stricken areas." the Administration said It continued:
869
Under the program, the Government buyers will purchase only ewes,
and a flat price of$2 each for ewes one year old or older will be paid. Angora
goats also will be bought, and the price will be $1.40 each for animals one
year old or older.
As in the case of cattle purchases, all animals fit for use will be utilized
in providing food supplies for families on relief. Usable sheep will be
slaughtered and the meat canned. It is expected that large numbers of both
animals will be used for relief purposes in the States where they are purchased.
The buying program will be put into operation at the earliest possible
date and purchases will be confined largely to the most acute drouth areas.
Purchases will be made as rapidly as disposal permits.
Sheep purchased under the program will be processed, as far as possible,
In local or western packing plants.
Closing of Two Alabama Cotton Mills Incident to
Government Demand for Payment of Processing
Tax.
Two textile mills in Alabama, one in Ozark and another
in Enterprise, have (according to Associated Press advices
from Birmingham) been closed following a demand of the
Government for payment of about $28,000 which it asserts
is due under the cotton processing tax. The advices also
stated:
Harwell G. Davis, Collector of Internal Revenue, said the Government
had levied on the mills after previous efforts to collect the tax had failed.
About 13,000 spindles are in the mills, employing 500 persons.
Stamps Provided for Tax on Tobacco Sold in Excess of
Allotments Fixed in Kerr-Smith Tobacco Act.
The Bureau of Internal Revenue, according to advices
from Washington, July 29, to the New York "Journal of
Commerce," has issued regulations providing for the collection by means of stamps of the 25% punitive tax imposed
on tobacco sold in excess of the allotments fixed in the KerrSmith Tobacco Act, signed by President Roosevelt June 28.
The stamps, the advices said, will be used on the collection
of the tax on the initial sales of tobacco after Aug. 1. The
text of the Smith-Kerr Tobacco Act appeared in our issue of
July 21, page 337. The advices of'July 29 in the "Journal
of Commerce" continued:
The tax applies to all tobaccos harvested subsequent to June 28. except
Maryland. Virginia sun cured and cigar leaf tobacco. The stamps which
will be used to denote payment of the levy will be the regular issue of documentary revenue stamps overprinted by the Government with the words
"tobacco sales tax," and are to be affixed to a memorandum of sale.
For the payment of the tax on tobacco harvest subsequent to June 28
and sold prior to August 1, the seller, before the close of August, must file
a return where the sales are not covered by tax payment warrants issued by
the Secretary of Agriculture.
The advices=that in the case of all sales on and after
Aug. 1, other than sales with respect to which a tax payment
warrant is issued, the regulations provide that:
The duly authorized representatives of the auction warehouse where the
tobacco is sold, or the seller of such tobacco in the case of sales not made
on an auction warehouse floor, is required to execute a memorandum of sale
on T. A. Form 112 covering each sale of such tobacco, except that when
tobacco is sold on an auction warehouse floor one memorandum of sale
may include all taxable sales of any one seller on any one day. For each
resale of tobacco on and after Aug. 1 1934. on an auction warehouse floor,
a similar memorandum of sale on T. A. Form 112 must be executed.
Each memorandum of sale executed pursuant to these regulations must
have affixed thereto and canceled the prescribed revenue stamps in an
amount equal to the tax due, or in the case of tax exempt sales or resales of
tobacco the affidavit on the back of such memorandum of sale must be
Properly executed.
This memorandum of sale must be delivered by the seller to the purchaser
if the purchaser is a dealer in leaf tobacco or a processor of tobacco. In the
case of all other sales the memorandum must be retained by the seller.
The adviceralso stated:
As soon as practicable after a sale of tobacco the producer entitled to receive tax payment warrants may present to the agent of the Department
of Agriculture on duty at an auction warehouse the allotment card received
by him together with the proper evidence of the sale and the agent will
issue a tax payment warrant covering such tobacco, which is to be surrendered in payment of the tax to an agent of the warehouse selling the
tobacco or the purchaser if he is a dealer in leaf or a processor of tobacco
and the sale is not made on an auction warehouse floor.
Actual payment of the tax will be required only on tobacco in excess of
allotments to growers, the act providing that each producer entering into
acreage reduction agreements shall receive tax payment warrants covering
the amount of tobacco which he is permitted to market or the amount
which the Secretary of Agriculture estimates may be produced on the
agreed acreage.
$34,691,289 Paid by AAA up to Aug. 1 to Farmers Participating in 1934 Cotton Production Adjustment
Program.
The flow of rental checks to farmers co-operating in the
1934 cotton adjustment program had reached a total of
$34,691,288.87 as of Aug. 1, the Agricultural Adjustment
Administration announced Aug. 8. These checks are part
of the first instalment of approximately $50,000,000 which
is being paid cotton farmers for taking a portion of their
land out of cotton production, the Administration said,
adding:
Payment of the second $50,000,000 will start as soon as compliance with
the acreage adjustment contracts is properly certified. This compliance
work is now well under way.
870
Financial Chronicle
In addition to 8100,000,000 in rental payments, cotton farmers will
receive between $25,000,000 and $30.000,000 next December in parity
payments.
Following are the rental payments to cotton farmers by
States as of Aug. 1:
No. of
Cheeks.
Slate.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Kentucky
Louisiana
Mississippi
Amount.
State.
No. of
Checks.
Amount.
122,128 $3,412,918.32 Missouri
9,449 $545,700.18
1,161
160,473.32 North Carolina_ 62,160 1,827,084.15
85,309 3,321,707.91 New Mexico_ _
1,978
216,538.56
2.058
404,997.27 Oklahoma
51,622 1,455.531.10
4,816
76,607.47 South Carolina_ 69,188 2,408.418.94
101,765 3,332.253.51 Texas
250,003 10,360,932.35
269
19,331.20 Tennessee
32.076 1,119,470.28
53,296 2,030,296.64 Virginia
2,320
61,650.12
_ _ 87,354 3,937,377.55
936,138 $34,691,288.87
Participants in 1934 Tobacco Adjustment Program
Received $11,092,424 up to July 1 According to
AAA.
Rental and benefit payments under the 1934 tobacco program to growers of burley, flue-cured, fire-cured and Maryland types of tobacco totaled $11,092,424.45 up to July 1,
the last date on which a county-by-county compilation of
payments was prepared, the Agricultural Adjustment Administration announced Aug. 6. The payments were made
to cooperating growers in 14 States. Following is a summary
of the rental and benefit payments made to July 1:
Sate—
Alabama
Florida
Georgia
Indiana
Kansas
Kentucky
Maryland
Missouri
North Carolina _
Ohio
South Carolina
Tennessee
Virginia
West Virginia
Totals
Burley.
Flue-Cured. Fire-Cured Maryland.
Total.
1,236.00
1,236.00
117,374.91
1,337,319.55
44,456.00
44,456.00
846.00
846.00
1,882,470.00
3.544.80
1,886,014.80
31,700.00
31,700.00
31,570.00
31.570.00
45,982.00 5,010,034.45
5.056,016.45
91,268.00
91,268.00
1,592,087.19
1,592,087.19
44,600.40
286.686.00
331,286.40
63,042.00 461.017.15 16.692.00
540,751.15
30,498.00
30,198.00
117,374.91
1 337,319.55
2.478,054.00 8.517,833.25 64,837.20 31.700.00 11 092,424.45
Trend Toward Government Lending and Away from
Private Credit Characterizes Present Situation
Incident to Farm Mortgage Debt, According to
New York Trust Co.
A marked trend toward Government lending and away
from private credit agencies characterizes the present situation in regard to this country's farm mortgage debt, declares "The Index," publication of the New York Trust
Co., in its August issue. Loans totaling $1,742,670,000
had been made by the Federal Land banks and the Land
Bank Commissioner on April 30, according to its survey,
and the 242,882 mortgages these agencies had granted
during the previous six months represented about 70% of
all farm mortgages recorded.
Total farm debts are estimated by "The Index" at the
approximate figure of $8,500,000,000 and the various
agencies holding mortgages have in recent years been confronted with a rising number of foreclosures, as indicated
by the increase in their property holdings. In 1932 the
Federal Land banks held 18,503 farms, as compared with
6,010 in 1928; the Joint Stock Land banks, 6,406, as compared with 1,401, and while no exact statistics are available
for life insurance companies an increase in their real estate
from 2.2% of total assets in 1929 to 5.8% in 1933 is said
to be due in some measure to farm foreclosures. "The
Index" concludes:
Farm mortgage debts must ultimately be considered in their relationship to individual farmer debtors and specific individual creditors rather
than as a collective sum. It must be borne in mind that more than half
of the nation's farmers have no mortgage debt and that a number of these
have been able to operate with some profit despite adverse conditions.
Our very eagerness to be more than fair to our large farm population
makes it doubly important that the problem in all its phases as well as any
legislation seeking to solve it be carefully considered in a perspective
consistent with our long-term National needs and proven economic
principles.
Contrast Ideals of Calvin Coolidge with "Collectivism"
of New Deal—Republican Leaders at Grave of
Former President Defend Doctrine of Individualism
—Representative Beck Says President Roosevelt
Has Dictatorial Powers.
Contrasting the words and ideas of Calvin Coolidge with
the "regimented tyranny" of the present Administration, a
group of Republican leaders met at the grave of the former
President, in Plymouth, Vt., on Aug. 3. Representative
James M. Beck, of Pennsylvania; Senator Warren R. Austin,
of Vermont, and other speakers addressed a crowd of several
thousand persons, and declared that the ideals of Mr.
Coolidge would constitute the rallying call for the national
Aug. 11 1934
election in 1936. The ceremonies were held on the eleventh
anniversary of Mr. Coolidge's induction into the office of
President after the death of Warren G. Harding.
Mr. Beck, who was the principal speaker, said that in the
Administration of Mr. Coolidge the national debt was reduced by $10,000,000,000. "Those who have in a short 12
months now added $12,000,000,000 to the national debt," he
said, "ought not to criticize a President who reduced it by
almost the same sum." He declared that the present Administration has imposed intolerable debt burdens upon the
American people, "which will curse our people for a century
to come."
Mr. Beck compared Mr. Coolidge with Benjamin Franklin,
and said that neither believed that a nation could squander
itself into prosperity. Mr. Coolidge, he said, if be were
alive to-day, would prefer the "square deal" of individualism
to the "new deal of bureaucratic regimentation, which has
changed the American from a citizen to a subject." The New
Deal, Mr. Beck said, assumes that the State knows better
what is the welfare of a man than the man himself. With
regard to the charge that the present Administration has
"regimented" industry and agriculture, Mr. Beck said, in
part:
The present regimentation of American trade and industry, whether of
the farm or of the factory, and whether under the National Recovery Administration or the Agricultural Adjustment Administration, may possibly be
justified by the emergency of an acute depression—I do not concede it—but
no one who knows our history can justly claim that it is American in spirit.
Can it be true that this great depression, due wholly to an unprecedented
world catastrophe, has permanently destroyed the self-reliant spirit of the
American? I cannot think so. The greatest evil of the present hour is that
this policy of regimenting trade and industry under an economic dictatorship, if unhappily it should become permanent, would devalue the character
of the average American, if he continues to look to his Government and not
to himself for the conduct of his life. To debase the dollar and repudiate
our solemn obligation was bad enough, but to devalue permanently the
mr.nhood of the American people would be a tragic crime.
Will proud States continue to get appropriations for their own necessities
at the compromise and surrender of their rights as sovereign States? If so,
we are no longer the United States, but the "united States" and the omission
of that letter "s" would bring us to the verge of an abyss, for in a nation,
whose area is so great and whose population is so varied and whose economic
interests are so conflicting a unitary socialistic State could not long endure
without disintegration. This is true unless the experience of history is
wholly misleading. Certainly it is an abandonment of our form of government.
Mr. Beck said that President Roosevelt is a virtual dictator, and added that while the Administration has not exercised all the powers granted it by Congress, "the love of
power 'grows by what it feeds on.'" Comparing individualism and collectivism, Mr. Beck said:
My theme has been individualism. In what does it consist? There is no
such thing as absolute individualism, any more than absolute collectivism.
It may be freely conceded that in a mechanical civilization there must be a
larger measure of governmental control to protect the common rights of all.
In a changing society no one can define with exactness the limitation of
either individualism or collectivism. The spirit of the latter is to substitute
the wisdom of the State for that of the individual. The spirit of the former
is to reserve to the individual the fullest possible opportunity for self.
development.
The individualist is a citizen who first creates and then controls his government. The collectivist is a subject who surrenders his own judgment to
the arbitrary dictates of a governmental bureaucracy. If men at times
make mistakes, and all do, their mistakes are not as great or as harmful
as those of the typical bureaucrat. For it has always been true, in this
and every nation, that Government bureaus are always slow, generally
stupid, and sometimes corrupt.
If the individual makes a mistake, it is his own error and he suffers
accordingly, but if the bureaucracy makes a mistake, the individual suffers
for something for which he is not responsible. When, therefore, a bureaucracy, as at present, tells the American how much he can plow, and what
cattle he should kill and what hours the factory man should work, and what
tools he can use, and what new methods of production he can adopt, and
how much he can produce and what price he shall obtain for his labor, then
collectivism has not only exceeded any just boundaries of political power,
but it has gone mad with its own lust of power.
When, moreover, a bureaucracy deliberately attempts, through a processing tax to pillage one class of the community for the benefit of another,
then the Government of our fathers has perished in spirit, even though it
survives in form. It is not only the Constitution that has been suspended.
It is the basic principles of American freedom that have been destroyed.
0111.11..
CCC Reaches Record Peak of 360,000 Members—Monthly
Remittances Being Sent to 315,000 Families.
The strength of the Civilian Conservation Corps this week
reached an all-time peak of around 360,000 men in 1,643
camps. Officials of the CCC said that monthly remittances
of $22 to $25 were being sent to 315,000 families to lighten
the burden of local relief agencies, and they estimated that
the drought relief plan had added 45,000 families to the number receiving checks from CCC workers. Approximately
50,000 men have been brought into the camps from cities in
the drought area, and of this number all but 10,000, who are
now in conditioning camps, have been placed at work.
Associated Press Washington advices of Aug. 6 added the
following information regarding the current activities of
the CCC:
Volume 139
Financial Chronicle
The Veterans' Administration announced to-day that no more special
enrollments in the corps of transient veterans congregated in Washington
would be permitted. Henceforth all veterans chosen for assignment to the
corps must be selected locally by the regional offices of the Administration.
General Frank T. Hines, Veterans' Administrator, said that veterans
should not come to Washington with the expectation of obtaining special
authority for corps enrollment.
Officials said that there had been a steady increase in the past three
months in the number of OCC men who had been able to find jobs in outside
Industry. The total was 10,650 in June, against 10,100 in May. Final
figures are not yet available for July.
Since October nearly 88.000 workers have obtained outside employment.
General Johnson Issues Order Clarifying President
Roosevelt's Executive Order Exempting Employers
in Towns of Less Than 2,500 From NRA Codes—
Provisions Regarding Child Labor and Collective
Bargaining Remain Effective.
The National Recovery Administration announced on
Aug. 7 the issuance of an order, under President Roosevelt's
Executive Order of May 15 1934, clarifying the application
of code and the President's re-employment agreement
provisions to employers operating in towns of 2,500 or less.
The announcement says:
The new order for the first time lists the industries or trades
whose members "engaged exclusively in local trade or service"
in towns of 2,500 or less are exempted from all code or agree.ment provisions (including price regulation) except those
prohibiting child labor and establishing fair trade practice
standards.
The order also draws a clear distinction between those
industries or trades which may be classed as "engaged exclusively in local trade or service"and those whose operations,
necessarily extending over relatively large areas and numerous
communities are not to be exempted.
It also provides machinery for disposition of applications
for relief and inquiries in cases where competition between
exempt and non-exempt employers is causing hardship
because the latter happen to be located in towns of less than
2,500 "in the immediate trade area of a larger city."
Fifteen retail trades and services in towns of less than 2,500
are exempted from NRA code provisions, the services included in this classification being bakeries, food and grocery
stores, tobacco, laundry, barber shop and shoe-repair trades.
An exception was made with regard to agreements which
prohibit child labor and establish standards or fair trade
practice. These, together with the collective bargaining
provision, will continue to remain in force.
The order defines the differences between businesses which
are purely local and those whose operations extend over wide
areas, such as chain stores. It was reported in Washington
that the new policy is designed to meet complaints that had
been made by many small business men and corporations that
the codes were operating to their disadvantage. As bearing
thereon, reference was made to an Idaho baker, who had
refused to comply with an alleged order by a Bakery Code
Administrator to reduce the wholesale price of his bread by
one cent. The NRA denied that any such order had been
issued and pointed out that since the baker in question did
business in a town less than 2,500, he was not affected by
code requirements. Senator Borah had promised the baker
to "provide counsel without expense" if he had been prosecuted by the NRA.
The text of General Johnson's order of Aug. 7 is given
below:
Prescribing rules and regulations supplementing Executive Order No. 6710
relating to the application of the President's re-employment agreement
and codes of fair competition to certain employees in towns of less than
2.500 population.
By virtue of the authority vested in me by Executive Order No. 6710.
,ted May 15 1934. I hereby prescribe the following rules and regulations
inch I deem necessary to carry out the provions of such order.
Definitions.
A. The phrase "retail trade or local service trades or industries," as used
in such Order shall include.
(1) the trades and Industries governed by the following Codes of Fair
Competition.
Baking industry (insofar as the sale of bakers' products at retail is covered
thereby).
Motor vehicle storage and parking trade.
Retail food and grocery trade.
Retail jewelry trade.
Retail tobacco trade.
Retail trade (including retail drug trade and booksellers' trade).
Barber shop trade.
Bowling and !Allard operating trade.
Cleaning and dyeing trade.
Laundry trade.
Real estate brokerage trade.
Shoe rebuilders' trade.
Hotel industry.
Restaurant industry.
(2) the following trades and industries not yet codified.
Confectioners' stores.
Sale of milk at retail.
Beauty parlors; and
871
(3) such other trades and industries as I may from time to time designate.
B. The term "town" as used in such Order shall include.
(1) any incorporated community.
(2) any well defined unincorporated community. (If a well-defined
unincorporated community includes within its confines an Incorporated
community, the limits of the former govern.)
C. Towns of less than 2.500 population shall be deemed to be "In the
immediate trade area" of a larger city if.
(1) they are located within the confines of a metropolitan district of any
city, as such metropolitan districts are established by the Federal Census
in the publication entitled "Metropolitan Districts, Bureau of Census,
Washington, D. C., 1930." or
(2) they border on cities or towns with population of over 2.500.
D. Employers in the trades or industries above-stated, who are engaged
exclusively in local trade or service in towns as above-defined, are included
within the order. Employers operating under manufacturing codes or
under wholesale codes are not included within the order and are not exempted
from such codes.
Applications for Relief and Inquiries.
In cases where local competitive conditions in a particular trade or industry are such that employers who would ordinarily be included within
the exemptions of said Executive Order are in direct and continuous competition with employers in the same locality not so exempted because of the
above definition of "immediate trade area," application for relief may be
made to the Code Authority for the particular trade or industry which will.
with the approval of the Administrator, render an opinion covering the
specific case. If there is no approved code or code authority in such industry or trade, an interpretation of this character may be issued by NRA
inWashington upon recommendation of the NRA State Director. Doubtful
cases and all inquiries with respect to the Order should be addressed to the
local State Compliance Director.
Application of Order to Employers Engaged in Two or More
Trades or Industries.
A. Employers engaged in one or more types of business, covered by the
trades or Industries enumerated above, and one or more types of business
not so covered and whose different businesses do not fall into well defined
or readily segregable departments shall be exempted under the provisions of
such Order only if their principal business (defined as more than 50% of
their gross sales) is covered by the trades or industries so enumerated.
B. When an employer's business falls into two or more well defined or
readily segragable departments, only those departments whose principal
business (as above defined), is covered by the trades or industries enumerated above shall be exempted under the provisions of such Order.
C. Employers engaged in a business, part of which is exempted under such
Order. shall not be liable to any Code Authority for assessments based upon
the part of his business so exempted.
Application of Order on Right to Display NRA Insignia.
Employers subject to codes, who comply therewith to the extent to
which they are not exempted therefrom under such Order shall be entitled
to display an appropriate NRA insignia.
HUGH S. JOHNSON.
Administrator for Industrial Recovery.
Washington, D. C..
Aug. 6 1934.
President Roosevelt's Executive Order was given in our
issue of May 26, page 3535.
NRA Observes First Anniversary—Statement Says
Blue Eagle Is "Accepted Symbol" in Common
Economic Cause.
The National Recovery Administration, in a statement
issued on July 31 on the occasion of the first anniversary
of the NRA, said that the Blue Eagle insignia is "the accepted symbol under which all of the Nation'sgreatindustries
pledge their co-operation with the Government and the
people in a common economic cause, under their permanent
codes of fair competition." It added:
Having symbolized the beginnings of the unprecedented scheme of
National economic co-operation, the Blue Eagle now takes on permanent
significance. On July 12 National Recovery Administrator Hugh S.
Johnson invited all industrial groups not yet coded to merge with existing
kindred codes or to operate under a basic code.
With these remaining groups added to those already codified, the next
few weeks should see 100% of all American industry and trade co-operating
under the permanent symbol of the Blue Eagle for their own and the
common welfare.
Suit by Texas Oil Companies Attacks Validity of
NIRA in Supreme Court—Contends Law Seeks to
Make President "Supreme Dictator."
A suit filed in the Supreme Court, on Aug.6, by the Amazon
Petroleum Corp. and a large number of oil producers in
East Texas fields attacks the validity of the National Industrial Recovery Act and the establishment of the Oil Administration. The suit asserts that the NIRA made the President "a supreme dictator" by granting his legislative powers.
This is the third suit of its kind to reach the Supreme Court.
The oil companies seek an order preventing the enforcement
of regulations issued by Secretary of the Interior Ickes
under the oil code. Associated Press Washington advices of
Aug. 6 gave further information regarding the case as
follows:
Attorneys said, however, that should the highest tribunal uphold the
contention of the Amazon Corp. it would affect only the petroleum section
of the Recovery Act and would have no direct bearing on the provisions
which authorized the National Recovery Administration itself.
The company said that while the Government claimed to be regulating
Inter-State commerce in its rules affecting oil production, in reality it was
attempting to curtail the flow of petroleum to force prices higher.
Attacking the statute under which Secretary Ickes is acting as Oil Administrator by the President's direction, the companies said Federal agents had
trespassed on their property, threatening civil action and criminal prosecution unless they complied with the oil regulations.
872
Financial Chronicle
The suit filed to-day has been passed upon twice by Federal courts.
A District Court in Texas enjoined Federal officials from enforcing the
petroleum code regulations, but the Fifth Circuit Court of Appeals reversed
that ruling and upheld the Recovery Act, as it had already done in another
pending case. The appeal was taken from that decision.
Earlier references to court rulings on the oil code appeared
in our issue of May 26, page 3548; Feb. 24 1934, page 1312,
and Feb. 17, page 1132.
Aug. 11 1934
employees to affiliate therewith and by permitting it to use the plant for
meetings and his office equipment for certain typing."
The Board found "improper" that "the organizers of the union negotiated
the closed shop agreement without, it seems, consulting the membership, and
obtained the consent of tor. Auchmuty without debate or deliberation."
The company has 10 days to reinstate the 61 discharged employees to the
same rights as previously enjoyed.
A. F. of L. Executive Council Asks NRA to Withdraw
Blue Eagle from Harriman Hosiery Mills—P/ans
NLRB Charges Chicago Motor Coach Co. Violated
"Test Case" of NIRA.
Section 7-A of NIRA—Refers Case to NRA ComThe Executive Council of the American Federation of
pliance Division.
Labor, meeting at Atlantic City, N. J., on Aug. 7, demanded
The National Labor Relations Board on Aug. 3 handed that the National Recovery Administration reverse its dedown a decision that the Chicago Motor Coach Co. was guilty cision whereby the Blue Eagle insignia had been returned
of repeated violations of Section 7-A of the National Indus- to the Harriman Hosiery Co. after that concern had been
trial Recovery Act and had shown bad faith in dealing with charged with violation of the collective bargaining proIts employees. Lloyd Garrison, Chairman of the Board, re- visions of the National Industrial Recovery Avt and the inferred the case to the NRA Compliance Division, which he signia had been removed. William Green, President of the
said he "assumed" would take action to enforce the NIRA. Federation, said on Aug. 7 that he considered this a "test
The company, which has signed a code of fair competition case" as to Section 7-A of the NIRA. General Hugh S.
for the transit industry, was charged with discharging em- Johnson, Recovery Administrator, had directed on July 28
ployees because of union activities. On June 29 the old Na- that the Blue Eagle be removed a second time from the Hartional Labor Board found that Section 7-A of the NIRA had riman Hosiery Co. unless it complied with certain conditions,
been violated and ordered that unless discharged men were Including agreement to collective bargaining. The A. F. of L.,
reinstated the case should be referred to the NRA Compli- however, insisted that the company had not agreed to barance Division. A Washington dispatch of Aug. 3 to the New gain collectively with its employees, and asserted that inYork "Herald Tribune" outlined the latest developments in stead it had defied the NRA.
the situation as follows:
United Press advices from Atlantic City, on Aug. 7, outThe new National Labor Relations Board held a further hearing on July 30,
lined the status of the case as follows:
and last night it made its decision. It found that the company had been
guilty not only of the violations originally charged, but of fresh violations.
The Board concludes that "under all the circumstances the Board is compelled to conclude that the company's request for further hearings is made
not in good faith but for the purpose of delaying the final outcome in order
to continue its campaign against the union activity of its employees." The
Board finds that the company has made deliberate attempts "to prevent its
employees from affiliating with the union."
The decision states: "This Board will take no action in any case without
offering adequate opportunity to both sides to be fully heard. The Board
gave that opportunity to the company, which it flouted, as it previously had
flouted the requests of the Chicago Board and the National Labor Board to
answer the serious complaints lodged against it. This Board will not be
used as an instrument for destroying by delay the rights which it was
created to protect."
NLRB Issues First Decision Affecting Company Union
—Rules Philadelphia Firm Must Reinstate Employees Allegedly Discharged Because of Affiliation
with Outside Organization.
The National Labor Relations Board on Aug. 7 issued its
first interpretation of a company union, as affected by Section 7-A of the National Industrial Recovery Act, when it
handed down a decision ordering the Tamaqua Underwear
Co. of Philadelphia to reinstate 61 members of the Amalgamated Clothing Workers of America alleged to have been
discharged for their refusal to join a company union. In an
election, on June 20, held under the supervision of the Philadelphia Regional Labor Board, a majority of the employees
voted in favor of the company union. The decision of the
National Board, signed by Chairman Lloyd Garrison, Edwin
S. Smith and Harry A. Millis ruled that "a collective bargaining agreement which provides merely for the closed ship is
an oddity in the annals of labor relations." The decision
criticized company officials and leaders of the company
union.
A Washington dispatch of Aug. 7 to the New York "Times"
summarized the Board's decision as follows:
The Board had to decide, it said, only whether "the Tamaqua employees'
union is a company union within the intent of that part of Section 7-A of
the NIRA which provides that 'no employee and no one seeking employment
shall be required as a condition of employment to join any company union.'"
The decision is taken to indicate that the Board intends to enforce the
policy that company unions cannot be made "exclusive." The Board has
yet to rule on the case of the Houde Engineering Corp. of Buffalo, in which
it must decide whether employers may bargain with two unions.
On June 22, the decision in the Tamaqua case said, Dr. Auchmuty, for the
company, and Allison L. Hallman, President of the company union, signed
the following agreement:
"It is hereby agreed that the Tamaqua Underwear Co. agrees to recognize
the demand of the Tamaqua employees' union for a closed shop, beginning
June 22 1934."
On June 25, the Monday following the elections, when the 66 members of
the Amalgamated Clothing Workers of America (affiliated with the American Federation of Labor) came as usual to work, they were told by Dr.
Auchmuty that they would be refused their old posts unless they joined the
company union. This 61 of them have not done and are accordingly denied
employment by the company.
Without attempting to decide "the validity of a closed shop agreement
with a bona fide labor union," the Board found that "the hands which
guided the organization of this union were those of employers who were in
an executive or supervisory capacity, and its present destinies are controlled
no' by the female stitchers and cutters, of which almost the entire membership is composed, but by an assistant floodlady, Mrs. Evans; a comparatively well-paid machinist, Hallman, and a male employee of the shipping
department."
"If Dr. Auchmuty did not initiate the union," the Board said, "he has
at least fostered its growth with considerable enthusiasm by advising his
President Green reported the history of the Harriman dispute. Ninety per
cent, of the 600 employees in the Harriman (Tennessee) plant joined a
union, elected officers, went to the company officials and proposed collective
bargaining, President Green said. They refused, discharged the officers of
the union, and, when a strike followed, brought in non-union workers, President Green related.
Settlements were attempted in vain successively by the National Labor
Board and NRA Compliance Division. The latter, upon investigation, removed the Blue Eagle which the company held, for violation of Section 7-A,
which authorizes collective bargaining. The company lost business, Green
said, and finally closed down. It then protested to General Johnson, who
referred the matter to Major George L. Berry, Divisional Administrator.
Major Berry tried in vain for a settlement. After General Johnson began
his Western trip, A. R. Glancey, Divisional Compliance Representative in
Washington, started negotiations, settled for the return of 25 of the strikers
and creation of a preferential list of other workers, and ordered a return
of the Blue Eagle, Mr. Green said.
Mr. Green declared that this was without the consent of organized labor,
and that the latter will ask General Johnson to sustain Major Berry and
repudiate Mr. Glancey.
The reopening of the Harriman Hosiery Mills, after an
agreement with the NRA providing for restoration of the
Blue Eagle, was referred to in our July 28 issue, page 541.
General Johnson Attacks Newspaper Critics Who
"Suppress or Garble Important News of Public
Affairs"—Recovery Administrator Discusses Freedom of Press in Speech at World's Fair.
General Hugh S. Johnson, Recovery Administrator, in an
address at the World's Fair in Chicago, on Aug. 2, attacked
newspaper critics of the Administration and its recovery
program. Declaring that freedom of the press does not constitute license to "suppress or garble important news of public affairs," General Johnson declared that "125,000,000
people in this country have grown sick of political and other
kinds of hooey." With respect to the question of freedom
of the press he said, in part:
I protest that it is not freedom of the press to suppress or garble important news of public affairs which happens not to be in accord with some
editorial policy or opinion.
That is domination of the press, and when it is practiced by a great chain
of newspapers under one-man control it becomes a public menace, far more
dangerous than public domination because it is a control to a private and not
a public end.
That has been done and is being done, and there is no remedy for it
except radio refutation. For, bad and vicious as it is, the guarantee of a
free press is so precious that the cure of such abuses cannot be censorship
or control of either editorial or news expression.
The only other recourse I know is to appeal to the press itself. I wish
they would submit a code containing provisions which would leave elimination of suds practices to their own self-governing bodies.
They are the only industry that has declined to do so. I wish they would
straighten out the reporter and newsboy controversy, and I wish we could
get more general, wholehearted support for the National Recovery Administration.
C. W. Ackerman Assails General Johnson's Attack on
Press Criticism—Asserts Recovery Administrator
Seeks to Control Nation's Newspapers.
General Hugh S. Johnson's attack upon newspaper critics,
in a speech at the Chicago World's Fair, was described as a
"challenge to every citizen who has sworn to support the
Constitution" by Carl W. Ackerman, Dean of Columbia University School of Journalism, in an address on Aug. 3 at a
special meeting of the California Newspaper Publishers Association, in Los Angeles. Mr. Ackerman charged that the Re-
Volume 139
Financial Chronicle
covery Administrator had made statements which are "historically and factually inaccurate," and that he had sought
to substitute Government-made opinion for public opinion.
He asserted that General Johnson is seeking to control the
country's press by criticizing it in speeches over the radio.
General Johnson's speech at Chicago is referred to elsewhere
in this issue. A Los Angeles dispatch of Aug. 3 to the New
York "Herald Tribune" quoted,in part,from Mr. Ackerman's
reply as follows:
Dean Ackerman quoted the following from General Johnson's address:
"Why we do not have an undivided press is beyond me. I wish we could
get more whole-hearted support for the National Recovery Administration."
"What is an undivided press but a servile press?" Dean Ackerman asked.
The Columbia instructor further quoted General Johnson's statement that
he had "seen news garbled, suppressed and colored . . . able young
men prostituting their talents in libelous and misleading stories pondered
as news at the behest of opinionated bosses."
"The American press should make General Johnson state the facts in his
possession and prove his indictment," Mr. Ackerman said. "It is a libel on
every newspaper. Are not libel laws for the protection of the press as well
RS the public? That is a serious charge which is factually untrue. What
are you (the publishers) going to do about it; write editorials or take
some action?"
National Coal Association Attacks Administration's
Power Program—Finds President Roosevelt's Development Policies Lack Social and Economic
Justification.
The National Coal Association, in a booklet published on
Aug. 8, described President Roosevelt's program for water
power development as "grandiose" and "ruinous" and without either social or economic justification. The Association,
representing the bituminous coal operators of the country,
said that if the Administration's power program were completed it would destroy the market for millions of tons of
coal, would permanently cost the jobs of hundreds of thousands of men, impair railroad revenues, duplicate existing
facilities for electricity production, lay heavy burdens on
American taxpayers and "inflict incalculable injury upon
both capital and labor in public utilities, in mines, in railroads, and upon those engaged in the distribution and sale of
coal, gas, lumber, ice and sundry other lines." A Washington
dispatch of Aug.8 to the New York "Herald Tribune" quoted
other extracts from the pamphlet as follows:
"The Tennessee Valley Authority's program, so far as it relates to power,"
the association's statement says, "resolves itself into the proposition of
spending $300,000,000 of new money incident to the salvage of a National
investment of a present worth of $20,000,000. It would be hard to find a
more flagrant example of the tail wagging the dog."
It is stated that the TVA's prospective hydro-electric power output, if
produced by coal-burning plants, would utilize on an annual basis more than
6,000,000 tons of coal, and that every million tons of coal displaced in the
Tennessee Valley or elsewhere results in the elimination of 20,000 carloads
of coal, and the employees required to move them; in the loss of over $2,000,000 in railroad freight revenue, and in the loss of $1,000,000 annually
In the pay envelopes of mine employees.
Capacity and consumption figures of electric power in the TVA area are
set forth and conclusion drawn that "power consumption in the TVA area
will have to increase over three and a half times its present volume to provide a market for all present power there plus all that TVA proposes to develop."
Citing figures of total capacity and consumption within areas where Government hydro-electric power projects are already in the making, but disregarding projects still in the proposal stage the National Coal Association
figures existing capacity now exceeds 35,000,000,000 kilowatt hours
a year,
or almost double present annual consumption.
The Government's hydro-electric program now under way
embraces an
additional installed capacity of 19,000,000,000 kilowatt hours a year.
This
alone equals present consumption, and when added to existing
facilities,
gives three times more available power
than present market demand.
The late Thomas A. Edison is
quoted to the effect that "the first and best
source of power is coal," and that
"water power is a political issue, not a
business one."
NRA Eases Retail Automobile Code Price-Fixing
Provisions—Permits Sales of Cars to Government
Agencies at Less Than List Price.
The National Recovery Administration on Aug. 4 issued
an order permitting sales of new automobiles to be made
to
the Government at less than list prices. This order is
regarded as virtually nullifying the section in the
Motor
Vehicles Retail Code, which provides that "no dealer shall
sell a new car to a consumer for less than factory list prices."
Reports from Washington said that the NRA order
represented another step away from price-fixing provisions contained in many codes. The order defined Governmental
agencies as including "the United States Government or
any department or agency thereof, the District of Columbia,
States, municipalities and (or) any political subdivision
thereof."
The NRA on Aug.4 issued another order exempting public
utilities from the necessity of signing a certificate of compliance with Blue Eagle regulations in order to receive Government contracts, holding that this is unnecessary since there
is no approved code for the utility industry. The order
873
said that such utilities as telephone, electricity, gas and
water were being exempted from the compliance certificate
requirements because it was "found impracticable or impossible to obtain such certificates from many public service
corporations in the absence of an approved code."
300 NRA Codes Called Monopolistic in Answers Filed
with Federal Trade Commission by Rubber Companies and Ice Companies.
Approximately 300 National Recovery Administration
codes of fair competition are monopolistic and oppressive,
according to charges made before the Federal Trade Commission on Aug. 3 by three rubber footwear companies and
an ice company, in replying to complaints which were issued
by the Commission at the request of the NRA. The companies were the Phillips-Baker Rubber Co. of Providence,
R.I.; the La Crosse Rubber Mills Co.of La Crosse, Wis.; the
Goodyear Rubber Co. of Middletown, Conn., and the
Purity Ice Co. of Lakeland, Fla. The rubber companies
had been charged with refusal to file price lists with the
Code Authority for their industry, while the ice company
was charged with failure to obtain permission to ircrease
productive capacity. Taking of evidence in the rubber
case, which involves about 300 codes, will begin on Aug. 13.
Associated Press Washington advices of Aug.3summarized
the complaints and the replies by the four companies as
follows:
A hundred or more codes have provisions for controlling production,
either by limiting hours of machine operation, or addition of capacity.
These codes were thrown into controversy by the ice case, for which a
hearing date has not been set.
The rubber companies charged that the price provision in their rubber
code was included without their assent and without their being consulted.
They said that if price lists were made available to other major members
of the industry, such members could force them out of business by discriminatory practices.
The ice company, also charging a monopolistic tendency, further denied
that the Commission had jurisdiction because the company was not operating in inter-State commerce. The company asserted the provision for production control was unconstitutional, and that Congress had no right to
delegate such powers to the President or his appointees.
The rubber companies involved were the subject of dispute between
the Darrow Board and NRA. The Board charged NRA with oppressing
them,and NRA replied that the companies probably should not be classified
as "small," since they employed several hundred workers.
NRA said that this Phillips-Baker Co. sold largely to mail-order houses
and other mass distributors "who in turn undersold the independent
merchant."
NRA issued a statement saying NRA codes had been upheld by decisions in 90% of the cases which so far have come up for adjudication,
losing in only three of 30 cases and in no case which it instituted.
There are 66 cases pending in Federal courts or before the Trade Commission, and another 200 are being prepared by NRA's litigation division
in co-operation with the Department of Justice.
A. D. Whiteside Urges Support of NRA Until Competent Substitute Is Provided—Tells Minneapolis
Retailers Competition Had Become Barbarous—
Advocates Code Compliance While NRA Is in Force.
A. D. Whiteside, President of Dun & Bradstreet, Inc.,
and former Divisional Administrator of the National Recovery Administration, told the National Merchants Association of Minneapolis on Aug. 8 that while the NRA is
not entirely right, neither is the principle upon which it
was created entirely wrong. The NRA, he said, is partly
right and partly wrong, and should be judged from that
viewpoint. Until business is able to find an acceptable
substitute for the NRA, he declared, it should be supported.
Mr. Whiteside said that with regard to the future of the
NRA there are three possible courses: the repeal of the
National Industrial Recovery Act, its continuance without
modification, or its repeal and replacement by important
amendments to the Sherman anti-trust law and the Clayton
Act. Competition, he declared, had reached a stage of
barbarism, and it is imperative that "we attempt to find a
solution to halt the crumbling process which was undermining our entire economic foundation and to start the
work of repairing the serious damage already done." Although he admitted that some criticisms may justly be made
of the NRA,he added that most of those which have already
appeared in print show incomplete understanding of the
facts. Mr. Whiteside urged the retail trade industry
specifically to comply with code provisions whole-heartedly.
Effective Date of NRA Code for Structural Steel and
Iron Fabricating Industry Extended to August 16.
The National Recovery Administration announced on
August 6 a further delay in the effective date of the code
for the structural steel and iron fabricating industry to
August 16. The code was to have become effective originally
on July 23 but this date was extended to August 6 by order
of General Hugh S. Johnson, Recovery Administrator
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Financial Chronicle
General Johnson approved the code on July 13. As to the
approval of the code Washington advices, July 13, to the
New York "Journal of Commerce" said:
In his order, the Administrator imposed a large number of changes.
chief among which is one directing that all provisions governing erection
work shall be deleted, and that such erection work shall be governed by
the provisions of Chapter 1 of the code of fair competition for the construction industry, approved Jan. 31 1934.
Other changes served to raise rates of pay for common labor in plants:
establish a maximum work-week not subject to variation; prevent sales
below coat and amend unfair trade practices.
A 40-hour week Is provided and an eight-hour day, as well as a six-day
week, except in cases of emergency, with overtime paid for at the rate of
time and one-third.
Employees engaged in drafting, detailing or designing are to be paid
not less than $20 per week, with the minimum rate for common labor
34c. an hour in Hawaii and the Southern States, and 40c. per hour in the
remainder of the United States, Alaska and the Canal Zone.
Aug. 11 1934
as follows, in a dispatch from Atlantic City to the New
York "Times," on Aug. 5:
Surely our industrialists cannot confess that the problem of unemployment has them licked. If they capitulate, now that the bankers, too, have
shown their incapacity, who will keep our industrial machine going?
Who will turn out the shoes, clothing and goods required to keep our
population alive and comfortable? Our toilers in the mills, stores and
places of employment can be depended upon to stick to their tasks if
they are permitted access to the machines. But who will direct them if
our business men capitulate?
Will it be necessary for society to take over the means of production?
Will the Government be forced, because of industry's failure to invite the
eager and willing workers to march into the idle shops and throw the
levers of the machines that will again pour out the endless amount of
goods our people require? And will the Government muster into service
the alert technical and managerial brains that formerly directed the
flow of these goods on behalf of the owners of industry? If the owners
of industry default in their approach to these problems, abdicate in the
presence of this economic crisis, will they not then forfeit their prerogatives and be compelled to stand aside while society itself, for good or evil,
makes an attempt to cope with the task?
These are questions which industry must ponder now before it is too
late. The crisis is on us. A few months more and the opportunity may
be lost to it, perhaps forever. Whatever may come, labor will stand on
the aide of complete utilization of our productive capacities in order that
the whole of society may be furnished with essential goods and services.
NRA Approves Price Determination Schedules for
Book Manufacturing and Stationery Industries—
Will Become Effective Aug. 14.
The National Recovery Administration announced, on
Aug. 6, that it had approved cost determination schedules for
the book manufacturing and the bank and commercial stationery industries, to be effective Aug. 14 and continue for General Textile Strike Call Threatened for Aug. 13—
90 days, or until further notice. These schedules are subject
No Settlement Reached in Alabama Walkout, With
to modification or revocation by General Hugh S. Johnson,
20,000 Workers Still Idle.
Recovery Administrator. The schedule for the book manuA general textile strike call throughout the United States
facturing industry provides that no establighment can sell on Aug. 13 was threatened late this week, when no settlement
any of the specified products at a price lower than specified had been concluded in the dispute which precipitated the
minimum costs, less differentials and discounts, and subject walkout of about 20,000 Alabama textile workers. A preto the following exceptions:
vious reference to the Alabama strike was contained in our
An establishment using a cost-finding method prescribed by the National issue of July 28, page 544. Strikers demand higher wages and
can
which
and
system,
determine
adequate
other
some
Code Authority, or
recognition of the United Textile Workers of America in colIts cost as lower than those fixed in the schedule, may sell at the costs so
determined, subject to the disapproval of the Code Authority, whose decision
lective bargaining negotiations. All of the textile mills at
Is, in turn, subject to review by the National Graphic Arta Co-ordinating
Huntsville, Ala., and about 20 mills in other sections of the
Committee and the Administrator.
remained closed this week while John J. Dean, interState
A Washington dispatch of Aug.6 to the New York "Times"
national agent for the union, threatened a general strike call.
added the following details of the order:
A dispatch from Huntsville to the New York "Journal of
It is likewise provided that an establishment may, in defense of its busiCommerce" on Aug. 7 outlined the situation as follows:
ness, meet a bona fide competitive bid of another establishment, provided
the facts of the bid are immediately reported to the National Code Authority.
For bank and commercial stationers the schedule is subject to termination when departmental hourly cost rates, production standards and cost
determination schedules have been declared, as provided in the code. The
condition was made that no establishment should sell any product listed at a
price lower than 10% below the price given.
However, the prohibition does not apply to any individual order exceed.
ing $500 nor to any cotnbined or contract order exceeding $1,000. The
other provisions are identical with those applying to the book manufacturing
industry.
Minneapolis Citizens Appeal to President Roosevelt to
End Truck Strike—About 200 Employers Accept
Peace Plan Favored by Governor Olson—Others
Seek Injunction Against "Military Dictatorship."
President Roosevelt was asked on Aug. 8 by a committee
of Minneapolis citizens to intervene in an effort to bring about
a settlement of the truck drivers' strike which has hampered
traffic in that city since the walkout began on July 17. Federal mediators have thus far failed to end the dispute, with
some employers charging that acceptance of the peace plan
which has been offered would constitute a surrender to communistic elements. Governor Olson of Minnesota on Aug. 7
announced that employers who refused to accept the peace
plan would not be permitted to operate their trucks on the
city's streets. About half the 10,000 trucks which normally
operate in Minneapolis were in use late this week, after approximately 200 companies had signed the peace plan sponsored by the Governor. The other employers announced on
Aug. 7 that they would seek to obtain in Federal Court an
injunction against the "military dictatorship" set up by the
Governor.
The last previous reference to the strike was contained in
our issue of Aug. 4, page 703.
William Green Warns Government Must Take Over
Means of Production Unless Industry Acts to
Reduce Unemployment—Executive Council of A.
F. of L. Meets to Consider Problem.
A warning that, unless private industry of its own initiative increases employment rapidly, the Government may be
compelled to take over the means of production, was voiced
on Aug. 5 by William Green, President of the American Federation of Labor. Mr. Green made this statement in an
interview prior to a meeting of the Executive Council of the
A. F. of L., at Atlantic City, N. J. The outstanding problem
before the nation, be said, is unemployment. He credited
the National Recovery Administration and the Government
expenditure of relief funds as having materially reduced
unemployment, but added that "the slack is not being taken
up rapidly enough." His remarks were reported, in part,
After transferring the orders on file for completion in affiliated mills in
other States, the mills are closing their offices and the office staffs are going
on vacation, while the strikers, who can make the necessary contacts are
going to work on Federal relief projects or their families are being provisioned
by Federal relief agencies.
Day and night all mills are picketed by the strikers, each union local assigning certain members to the task from day to day and holding the pickets
responsible for everything that occurs at the gate of each mill.
Since the hitch arose in the negotiations between the Erwin Mills' management the strikers and the textile union organization. Huntsville business
and professional men have made no further move to bring strikers and mills
together.
The mill management is anxious to get going again because there are
orders on file to run the mill full time up into the winter. However, the
management believed that in signing an agreement to recognize the textile
union as the agency to carry on the collective bargaining on behalf of its
employees to bring an end to the strike it would be violating the code that
applies to this particular underwear mill and the negotiations halted there.
They may be resumed this week, it was indicated by the business men's
committee.
National Tube Co. Closes Three Plants To-day for Two
Weeks-20,000 Workers Affected.
Indicating that three plants of the National Tube Co.,.
subsidiary of the United States Steel Corp., normally employing between 15,000 and 20,000 men will close to-day
(Aug. 11) for a two-week period according to announcement
by the company, Associated Press advices from Lorain, 0.,
Aug. 8, added:
The plants affected are those in Lorain. McKeesport, Pa., and Ellwood
City. Pa. The Lorain plant alone usually employs between 8,000 and
10.000 steel workers.
The small volume of current production was given as a reason for the
shut-down. The company said it was hoped an accumulation of orders
would permit resumption within the two-weeks' period.
It was understood that high ranking employees, contrary to usual procedure, also received notice. This Included the superintendents.
800 Chicago Stock Yards Strikers Return to Work
Under Agreement Negotiated by General Johnson
—Federal Judge Sullivan to Arbitrate Most Points
at Issue.
Almost 800 union stock handlers employed by the Chicago
Union Stock Yards & Transit Co. returned to work on Aug. 5
and 6 as a result of an agreement to end the strike, which
began on July 24. The agreement was negotiated through
the efforts of General Hugh S. Johnson, Recovery Administrator, and was made public on Aug. 4. Under the terms of
settlement the strikers agreed to have Federal Judge Philip
L. Sullivan construe the arbitration decision which he gave
on May 31 and clarify certain points in that decision which
were later disputed by the employers and employees. After
the return of the strikers the yards resumed normal operations, and the sympathy strike of commission agents was
also called off. It was estimated that the walkout resulted
Volume 139
Financial Chronicle
in a loss of $3,000 daily to stock handlers and $1,000 daily
to commission agents.
The most recent reference to the strike was contained in
our issue of Aug. 4, page 704. John D. Black, counsel for
the company, and Redmond S. Brennan, counsel for the strikers, released a joint statement on Aug. 4 which said that
under the terms of settlement all regular employees would
be guaranteed 48 hours' work in such weeks as the Stock
Yards Co. received 4,000 or more carloads of cattle. This
was one of the principal issues in the controversy. Other
points in dispute will be left to the decision of Judge Sullivan. A Chicago dispatch of Aug.4 to the New York "Herald
Tribune" commented on the settlement, in part, as follows:
Among the points left for the decision of Judge Sullivan is a demand of
the men for a minimum wage of $20 a week, reclassification of certain workmen and reinstatement by the company of the vacation system which was
abandoned four years ago, giving all employees who had worked in the yards
continuously for five years six days' vacation with pay.
General Johnson departed by plane for Washington late this afternoon,
satisfied with the results of his efforts as mediator.
The joint agreement, signed by counsel for both the stockyards and the
unions, read:
"In any week from this day on, during the period of Judge Sullivan's
award, in which the company receives 4,000 or more carloads of stock, the
company will give 48 hours of work for such weeks to as many regular livestock handlers as may be required to handle such stock and who are in any
classification which regularly received 48 hours of work a week before the
date of Judge Sullivan's award. And in any such week as many extra men
as may be required will be given opportunity to work 40 hours."
After the announcement by General Johnson, Mr. Brennan, speaking for
the unions, said that the arrangement effected by the National Recovery
Administrator was "perfectly satisfactory" to the men. "We have and
always have had," he said, "the greatest confidence in Judge Sullivan."
Earlier in the day General Johnson had summoned 0. T. Henkle, general
manager of the stockyards, who arrived at the Administrator's suite with
Mr. Black, the stockyards' lawyer; Howard 0. Hunter, of the Federal Emergenry Relief Administration, and Robert M. Pilkington, Conciliator for
the NRA Regional Labor Board. The same suggestion was then made to
Mr. Henkle as had previously been approved by the union representatives,
and this was agreed to during the afternoon after a further conference with
labor representatives.
Until to-day the union men had steadfastly refused to bring Judge Sullivan into the picture, and their acceptance of General Johnson's suggestion
that the jurist again be called upon to iron out their differences was looked
upon at first as a victory for the stockyards officials. Since the beginning
of the present strike Mr. Henkle and other yard officials had maintained
that they had lived up to every provision of Judge Sullivan's award, and
there had been a standing offer on their part to go }Afore the former arbiter
and abide by any decision he might make.
In the light of the agreement finally reached to-day, however, union
officials claimed a complete victory. They expressed confidence that their
demand for a minimum wage of $20 also would be granted.
Twenty-Nine National Banks Licensed to Open or
Reopen During July -Reorganization Plans of
Four Banks Approved by Comptroller of Currency.
Announcement was made on Aug. 7 by the Comptroller
of the Currency that during the month of July, 29 National
banks, with $24,472,000 frozen deposits, were licensed and
opened or reopened. This brought the number of National
banks licensed during the first seven months of 1934 to
342, involving frozen deposits of $294,288,000, the Comptroller's announcement said. Those licensed in each of the
six previous months with frozen deposits involved were:
January, 69 banks, with $68,966,000 frozen deposits;
February, 63 banks, with frozen deposits of $62,953,000;
March, 55 banks, with $34,739,000 frozen deposits; April,
36 banks, with frozen deposits of $31,893,000; May, 50
banks, with $37,488,000 frozen deposits; and June, 40 banks
with $33,777,000 frozen deposits. The announcement
continued:
As a result of the activity of the Comptroller's Department last month,
the number of unlicensed National banks in the United States has been
reduced to 66 (including one non-member bank in the District of Columbia,
which is directly under the Comptroller a jurisdiction) at the close of
business July 311934. This figure represents nearly 4.7% of the 1,417 National
banks (Including 10 non-member institutions in the District of Columbia
which come directly under the Jurisdiction of the Comptroller of the Currency) which were unlicensed on March 16 1933, the day following the
termination of the banking holiday. More than 83% of the
National
banks which still remained unlicensed at the end of July had received
approved plans of reorganization from the Comptroller's office. Unlicensed National banks on July 31 1934 were divided as follows: 55
with
$55,667,000 frozen deposits had approved plans of reorganization.
11
Institutions with $7,560.000 frozen deposits had disapproved
plans of
reorganization
Of the 29 National banks licensed last month,26 were unlicensed National
banks in the hands of Conservators,involving frozen deposits of $23360000;
two were insolvent National banks, with deposits of $673,000: and one
with $439,000 deposits was a State bank reorganizing through the National
banking system.
Four banks received approved reorganization plans from the
Comptroller s Department during July. Of this group, two, with deposits of
$137,000 are National banks in conservatorship two, with deposits of
$288,000. aro in receivership.
Of special interest is toe announcement by the Comptroller that all
National banks in the First (Boston) Federal Reserve District which
were not licensed following the banking holidays of March 1933 have been
reopened or otherwise disposed of. This is the first District to be cleared
of unlicensed National banks.
Below is a list of those unlicensed National banks which were opened
during the month of July:
875
Location.
Name of Bank.
Date.
Frozen
Deposits,
Arkansas—
Maivern
First National Bank
July 28
106.000
California—
Corcoran
First National Bank
July 21
221,000
Colorado—
Eads
First National Bank
July 3
106,000
Illinois—
Madison
Olney
Rochelle
First National Bank
First National Bank
Rochelle National Bank
July 26
July 6
July 13
523,000
566.000
322,000
1.411,000
Indiana—
Boonville
Greenwood
First National Bank
First National Bank
July 9
July 28
787,000
230,000
1.017,000
Louisiana—
Lake Charles
Calcasieu National Bank
July 20
5.076,000
Mains—
Fort Kent
First National Bank
July 17
185,000
Maryland—
Cambridge
Farmers Sr Merchants National Bank_
July 26
684,000
Minnesota—
Hutchinson
Mankata
Farmers National Bank
National Bank of Commerce
July 7
July 11
588.000
405,000
993,000
Nebraska—
David City
Central Nebraska National Bank
July 23
443,000
New York—
Savannah
National Bank of Savannah
July 21
126,000
North Carolina—
Cherryville
Cherryville National Bank
July 21
161.000
Ohio—
Painesville
Painesville National Bank
July 23
1,367,000
Pennsylrania—
Erie
Green Lane
Timblin
West Alexander_ -
Second National Bank
Valley National Bank
First National Bank
Citizens National Bank
July
July
July
July
7,025,000
510.000
304,000
292,000
10
6
31
2
8,131.000
Tennessee—
Rockwood
First National Bank
July 23
804,000
Texas—
Venus
Farmers dr Merchants National Bank- _ _ July 13
10,000
Vermont—
Poultney
Citizens National Bank
July 27
555,000
Virginia—.
Abingdon
First National Bank
July 17
1,230,000
Wisconsin—
Oconto
Citizens National Bank
July 25
Total 26 banks
734,000
23,360,000
The following compilation shows the four banks whose reorganization
were approved during the month of July:
CONSERVATORSHIP BANKS.
plans
Location.
Kansas—
Oberlin
South Dakota—
Garretson
Name of Bank.
Date.
Oberlin National Bank
July 14
First National Bank
July
5
Total 2 banks
INSOLVENT BANKS.
Location.
Indiana—
Covington
Iowa—
Newell
Name of Bank.
Frozen
Deposits.
228,000
209.000
437,000
Date.
National Bank of Covington
July 13
First National Bank
July 14
Total 2 banks
RECAPITULATION.
Frozen
Deposits.
g
134.000
154,000
288.000
No.
Frozen
Deposits.
Number of banks and deposits on July 1 1934
Number of banks and deposits approved during month of July
82
2
$80,864.000
437,000
Number of banks and deposits whose plans were withdrawn
84
3
881.301,000
2,274,000
Number of banks and deposits opened during July
81
26
$79,027,000
23,360,000
55
855,667.000
Balance, July 31 1934
The last previous list of banks licensed to open and a
list of those whose reorganization plans were approved
by the Comptroller, was referred to in our issue of July 21,
page 386.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Aug. 4 (page 704),
with regard to the banking situation in the various States,
the following further action is recorded:
GEORGIA.
That the National Bank of Fitzgerald, Fitzgerald, Ga.,
was planning to reopen on Aug. 1, was indicated in advices
from that place on July 29 to the Florida "Times-Union,"
which said in part:
Aug. 11 1934
Financial Chronicle
876
The stockholders of the National Bank of Fitzgerald yesterday (July 28)
the
elected a Board of Directors and otherwise perfected plans to open
bank Aug. 1. The bank has been closed since the National Bank holiday
under
1933,
24
March
basis
March 1933, being opened on a restricted
Battle Sparks, as conservator. . . .
H. Dorrainy
At a meeting of the newly elected Board of Directors J.
Cashier,
was elected President; J. L. Perry, Vice-President; Battle Sparks,
and C. A. Newcomer, Jr., Assistant Cashier.
MARYLAND.
Articles of incorporation of the Western Maryland Trust
Co., Frederick, Md., reorganized from the closed Central
Trust Co., were filed on Aug. 6 in the office of the Clerk
of the Court following approval by State Bank Commissioner John J. Ghingher and Associate Judge Arthur D.
Willard. Incorporated under the laws of Maryland, the
organization announced a capital stock of $100,000, consisting of 10,000 shares at a par value of $10 each. Frederick advices on Aug. 6 to the Washington "Post," reporting
the matter, added in part:
Middletown, PoniesThe new bank and four other reorganized banks at
9).
vile. Sykesville and Walkersville will open Thursday (Aug.
MICHIGAN.
Advices from Allegan, Mich., on Aug. 1 to the Chicago
"Tribune" contained the following concerning the affairs
of the First State Bank of that place:
the
s
Judge Fred T. Miles to-day (Aug. 1) approved proceeding allowing
when an order is
First State Bank of Allegan to reorganize and reopen
the
When
Michigan.
received from the State Banking Department of
$188,000. This is 40% of
bank is reopened it will pay out to depositors
of 60% will be issued in
the deposits made in the bank. The balance
participation bonds to depositors.
ganization of a liquidating corporation to take over the
remaining assets and lift the receivership. To this end,
and as liquidating corporation capital, 2% of the total
permitted by the $91,000,000 loan will be retained, making
the immediate payoff 20%.
On July 31 the Greenville State Bank of Greenville, Mich.
(now known as the First State Bank of Greenville), opened
for business on an unrestricted basis, it is learnt from the
Michigan "Investor" of Aug. 4, which went on to say:
The Greenville bank released $450,000 to depositors,or 40% and provided
the community again with two banks. The other is the Commercial State
Savings. The name of the new one has been changed to the First State
Gibson,
Bank of Greenville, and the following are the officers: C. J.
President; D.H.Moore. Vice-President. and Andrew J. Suffern, Cashier.
NEBRASKA.
The Clarkson Bank, a newly organized institution, with
capital of $40,000 and surplus of $5,000, was to open for
business on Aug.6,according to a dispatch by the Associated
Press from Lincoln, Neb., on Aug. 4, which added:
Emil Petr will be President and J. A. Kucera, Cashier. The bank wil
take the place of the Clarkson State Bank, which has been operating on a
the
restricted basis since March 4 1933, and which was taken over by
Banking Department Friday (Aug. 3) to complete its liquidation.
NEW JERSEY.
In regard to the affairs of the closed Mechanics' Trust
Co. of Bayonne, N. J., the "Jersey Observer" of Aug. 9
carried the following:
The defunct Mechanics' Trust Co. of Bayonne, closed since Jan. 2,
may possibly be reopened if fifty additional signatures can be obtained
In order to make up the 75% depositors' consent required by the Federal
Government.
C. Clinton Campbell, manager of the campaign to secure consents to
the bank's reopening, stated yesterday (Aug. 8) that it is regrettable that
fifty people are preventing the distribution of $13,500,000 cash in Bayonne.
Of the 8,000 depositors in whose names the bank holds $6.800,000.
more than 70% have agreed to accept 50% cash and a like amount in
bank stock.
NEW YORK.
F. G. Await, Acting Comptroller of the Currency, on
Aug.4 approved sale of the remaining assets of the Guardian
National Bank of Commerce of Detroit, Mich., to a liquidating corporation to be owned by the depositors under a plan
requiring shareholders to raise $5,040,000 as a compromice
settlement on their stock assessments. The plan is prediRegarding the affairs of the Richmond National Bank of
cated upon not less than 757 in amount of the bank's
d Hill (Borough of Queens), N. Y., the New York
Richmon
Reon.
creditors joining in the formation of the corporati
of Aug. 6 printed the following:
Tribune"
d
for
t
"Herald
accounte
statemen
30
June
Schram's
C.
ceiver B.
National Bank Stockholders' Protective Association,
Richmond
The
,
on
advices
Washingt
65.
$1,160,9
assessment collections of
through its counsel. Arthur A. Kestler. Saturday (Aug. 4) made a formal
on Aug. 4 by the Associated Press, from which he above request upon James J. Munro. receiver for the bank, for a revaluation of
the assets so that the question of a deficit which the stockholders are cominformation is obtained, furthermore said in part:
re-ascertained and re-examined as to the amount.
s with the
The compromise figure. approximately 50%, correspond
C. 0. Thomas, of the
estimated percentage of recovery fixed by Receiver
of the latter instituFirst National, Detroit, in his valuation of assets
tion Dec. 31.
on between the
agreed
as
assets
the
Mr. Await said the basic sale price of
final dividend of 19%,
receiver and a depositors' committee would net a
payment to creditors
which, with dividends already paid, makes a total
of 87%.
been paid in full
already
Depositors with amounts under $1,000 have
under a plan previously agreed on.
tion Finance CorporaAn arrangement has been made for the Reconstruc
to provide part of the
tion to make an additional loan on the bank's assets
distribute dividends to
necessary cash needed to enable the receivers to
corporation.
liquidating
the
in
the creditors who do not participate
by Chairman
Full and prompt co-operation by the RFC was made known
as a guest on Fred J.
Jesse H. Jones, vacationing at Mackinac Island,
Fisher's yacht Nakhoda. Jones wirelessed:
part of $7.000,000
We have to-day authorized an additional loan of any
for depositors of the
necessary for payment of a 19% liquidating dividend
is conditioned on
Guardian National Bank of Commerce. Thie loan
p by the Court and
approval of the plan for termination of the recevershi
the Comptroller of the Currency." . . .
an order of the Federal
The approval of the sale of assets is subject to
will be filed by the receiver.
courts,and a petition for the necessary authority
the sale of the assets is comReceivership will be discontinued as soon as
radio by Comptroller J. F. T.
pleted. Approval of the plan was given by
a
European vacation.
from
O'Connor, who is now on his way home
A statement issued by the Reconstruction Finance Corporation under date of Aug. 6 read as follows:
y agreed to make an additional
The Board of Directors of the RFC to-da
Guardian National Bank of Comloan of $7,000,000 to the receiver of the
secured by assets of the rebe
will
merce of Detroit, Mich. The loan
ceivership.
On Aug. 8 the RFC authorized a loan of $91,000,000 to
the receiver of the First National Bank Detroit, Detroit,
Mich. Announcement of the decision was made by Jesse
H. Jones, Chairman of the Corporation, following all-day
conferences with the Receiver, C. 0. Thomas, and with
spokesmen for the Detroit Depositors' Committee. The
transaction is contingent upon approval by the Comptroller
of the Currency of a formal request by the receiver for a loan.
Receiver Thomas already has given his tentative approval.
The loan will be sufficient for a 22% disbursement in addition to the 50% already paid. One of its first objectives
will be the elimination of 567,000 accounts under $300
by
by payment in full. This will require subordination
the larger depositors of approximately $7,500,000 of their
dividends for the purchase of the remaining smaller accounts. Only such delays as are necessary to secure these
pledges are probable.
The plan discussed by Chairman Jones and Detroit
depositors calls for immediately setting in motion the or-
pelled to meet may be
Mr. Kestler stated the demand is in accordance with the opinion obtained
by the committee from J. E. Fouts, Supervising Receiver of Insolvent
National Banks, Washington.
Non-collateralized loans of $45,000 made to former officers of the Fort
be
Greene National Bank, Mr. Kestier stated, were collectible and should
Naadded to the Richmond National's assets. Losses of the Richmond
on
tional Bank sustained in liquidation, he contended, would be repudiated
the ground that the action in taking over the bank for liquidation was never
authorized by stockholders.
OHIO.
The following with reference to the affairs of the defunct
Union Trust Co. of Cleveland, Ohio, was contained in a
dispatch from that city on July 31, printed in the Chicago
"Journal of Commerce":
Stockholders of the Union Trust Co. who have not paid their double
of
liability within 90 days will be sued, Ira J. Fulton, State Superintendent
from
Banks for Ohio, announced to-day (July 31) after receiving a report
0
that
ing
$22,850,00
the
of
liability
double
recommend
Liquidator 0.L.Cox,
bank
be assessed. Liquidation of the bank has indicated so far that the
in
Is "under water" to the extent of $26,000,000—more than $3,000,000
excess of the double liability if all of it is paid.
James V. Ford, receiver for the Union National Bank of
Fostoria, Ohio, has received authority from the Comptroller
of the currency to pay the unrestricted 5% to depositors
who did not receive this payment when the privilege was
granted earlier in the banking crisis. More than $40,000
will be released on the 5% payments. It is expected that
the first regular dividend will be paid to all depositors some
time in the fall.
W. D. Timmerman, Oak Harbor, Ohio, was appointed
liquidator of the closed Gibsonburg Banking Co., Gibsonburg, Ohio, on July 31, by Ira J. Fulton, State Bank Superintendent, according to a dispatch from Fremont, Ohio,
appearing in the Cleveland "Plain Dealer," which added:
reopening
A majority of the stockholders refused to approve two bank
plans.
PENNSYLVANIA.
Depositors of the closed Tulpehocken National Bank &
Trust Co. of Philadelphia, Pa., were to receive an initial
dividend of 60% beginning July 30,according to an announcement made the previous week by John D. Loughney,receiver
hia
of the institution. In reporting the matter, the Philadelp
"Enquirer" of July 28 went on to say:
having operated
The bank was placed in receivership late last year after
holiday in March
on a restricted basis following the nation-wide banking
$125,000, which is
1933. It has a net deposit liability of approximately
owed to about 700 depositors.
a substantial
The Reconstruction Finance Corporation recently approved
of the loan will be
loan for the account of the institution. The proceeds
used to make the first payment to depositors.
Financial Chronicle
Volume 139
Incident to the closing of the Bank of America Trust Co.,
Pittsburgh, Pa., on July 18, W. R. Milford, Assistant to
the Chairman of the Federal Deposit Insurance Corporation,
announced that day that a complete banking organization,
known as the Deposit Insurance National Bank of Pittsburgh, had been formed which will handle the payment of
deposits insured by the Corporation. Bruce P. Greene of
Columbus, 0., is in charge of payments and W. M. Taylor
of Washington is in charge of the claim department of the
new organization. The closing of the bank was noted in
our issue of July 21, page 391. The bank had been operating on a restricted basis since April 20. At the time of
closing the bank had deposits of $1,157,000, and each
individual account up to $5,000 was insured by the FDIC.
As to those deposits who had balances over $5,000, William
D. Gordon, State Secretary of Banking of Philadelphia,
in a statement issued July 18 said in part, according to
the Pittsburgh "Post-Gazette" of July 19:
In order that all depositors who had balances over $5,000 and who
are not thus protected by insurance might not suffer any loss, Directors
Michael Manella, R. D. Thomas, Dominic Navarro, F. W. Wixnmer,
Charles Ross and Salvatore Sunseri agreed to contribute voluntarily sufficient cash to pay in full this other group of depositors. . . .
Every depositor in the institution will be paid in full. . . . Assurance has been given that the corporation will be ready to pay the depositors of the Bank of America Trust Co. as rapidly as each individual
claim can be presented and proved. The officials of the FDIC will notify
each depositor of the exact steps to be taken.
SOUTH CAROLINA.
Thomas H. Daniel, chief examiner for the South Carolina
Board of Bank Control, announced on July 30 that the
People's Bank of Lynchburg had reopened without restrictions on July 28 after it had been certified for bank deposit
insurance, and that the Bank of Nichols at Nichols, which
had been operating without restrictions since Jan. 31 last.
had also received notice that its deposits were insured by
the Federal Deposit Insurance Corporation. The Columbia
"State" of July 31, from which the above information is
obtained, went on to say:
Mr. Daniel explained that both these banks are in the tobacco belt and
that their achievements were of special significance as the tobacco market
opens within the next few days.
Other banks which were recently notified that their applications for
deposit insurance had been approved are the Loan and Exchange Bank of
Hampton and the Bank of Piedmont of Piedmont.
VIRGINIA.
Success for the efforts of depositors of the closed American
Bank & Trust Co. of Richmond, Va., to secure a $4,000,000
deposit sign-up for the proposed successor bank and eliminate
the present receivership, was predicted on July 31 by P. C.
Abbott, Chairman of the Successor Bank Depositors Committee. Mr. Abbott stated that he was greatly encouraged
over the returns received from depositors, adding that "I
see no reason for not making a success of our drive." The
Richmond "Dispatch," authority for the foregoing, went
on to say:
The Committee Chairman disclosed,for the first time,that his committee
sent contracts to all out-of-town depositors of the closed bank, and that a
drive to secure sign-ups from Richmond city depositors will be started
shortly.
All out-of-town depositors of the American Bank, having $500 or more
on deposit, were sent contracts, Mr. Abbott said. He added that signed
contracts are being received in satisfactory volume.
The deposit liability of the closed bank is in excess of $7,000,000. Mr.
Abbott's committee has set as its goal the obtaining of sign-ups representing
$4.000.000 or a majority of the deposits. If and when that goal is reached,
application will be made to the Court to dissolve the receivership, Mr.
Abbott pointed out.
Depositors are being asked to assign up to 50% of their holdings to the
committee, in the form of capital stock, with deferred certificates of deposit
to be accepted for the remaining
50%.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Stock Exchange membership of Grover
O'Neill was posted, Aug. 7, for transfer to Celestin A.
Durand Jr., for $95,000, unchanged from the previous transaction on Aug. 2.
Arrangements were made
-this week for the sale of two
New York Curb Exchange memberships, the first on Aug. 7,
for $23,000, a- decrease of $3,000 from the last previous sale
of July 27, and the second on Aug. 9, at $18,500.
The New York Cocoa Excha- nge membership of A. Moreau
was sold, Aug. 10, to Isaac Witkin, for another, for $2,850,
a decrease of $150 from the last previous sale of July 3.
The membership of Charles
-R. Steedman in the New York
Cotton Exchange was sold, Aug. 8, to Harold L. Bache, for
another, for $17,500, this price being $2,000 in advance of
the previous sale, on July 27.
877
Four memberships on the Chicago Board of Trade were
sold this week, the first on Aug. 6, at $8,000 net to the
buyer, showing an advance of $400 over the last previous
sale of Aug. 3; the second on Aug. 8, at $9,000; the third
on Aug. 9, at $9,500, and the fourth on Aug. 10, at $9,300.
Frank K. Houston, First Vice-President of the Chemical
Bank & Trust Co., sailed on the SS. "Bremen", Sat. Aug. 4,
or a short business trip abroad.
John Alexander Noble retired banker and former VicePresident and Director of the defunct Harriman National
Bank & Trust Co., New York, died of a heart attack on
Aug. 6 after he collapsed in front of 521 Fifth Ave. He
was 63 years old. Mr. Noble resigned from the Harriman
bank in the latter part of 1932 and when the bank collapsed
in early 1933 he is said to have lost more than $1,000,000;
it is also said that he was in no way involved in the cause of
failure. When 16 years old Mr. Noble started as an office boy
in the old Merchants National Bank remaining with that
institution 25 years. He served the bank successively as
teller, Assistant Cashier and Cashier. During his association
with the Merchants Bank Mr. Noble became acquainted
with Joseph W. Harriman, and when the latter founded,
in 1912, the Night & Day Bank, predecessor of the Harriman
Bank, Mr. Noble joined him. Mr. Noble became a director
of the bank and First Vice-President, retiring in September
1932 because of ill health. He lived in Old Greenwich,
Coon.
Raymond J. Walters, for more than 20 years an official of
the Huguenot Trust Co. of New Rochelle, N. Y., has resigned
as its President. Announcement to this effect was made on
Aug. 7 by J. F. McCloskey, Vice-President and Secretary,
according to advices from that place appearing in the New
York "Times."
Concerning the affairs of the Homewood People's Bank
of Pittsburgh, Pa., the Pittsburgh "Post-Gazette" of Aug.. 2—
carried the following:
An 18% payment, amounting to $500,942, will be received by
depositors
3f the Homewood People's Bank on Aug. 10, State Banking Secretary
William D. Gordon announced yesterday (Aug. 1). This will bring the
total paid since the bank closed to 63%.
The remaining net deposit liability of the bank is $1,030,299, and,
according to the Banking Department's statement, there yet remain assets
with a book value of $1,010,744, appraised at $505,038.
The Homewood 'People's Bank closed its doors in October
1931, and was succeeded in September 1932 by the present
Homewood Bank of Pittsburgh, as noted in the "Chronicle"
of Sept. 10 1932, page 1773.
That two Fayette County, Pa., closed banks were shortly
to pay dividends was indicated in a dispatch by the Associated Press from Uniontown, Pa., on July 24, which said:
More than $580,000 is soon to be made available to depositors in
closed
Fayette County banks.
Distribution of checks totaling $130,000 to 2,500 depositors of the First
National Bank in Masontown will start to-day (July 24), marking
the
second 10% dividend to be paid by the institution, and the
first since
October 1932.
Checks for an 11% dividend, totaling $450,000, for 5,000 depositors
of
the Monongahela National Bank of Brownsville, have been sent to
Washington for approval, and are expected to be returned within two weeks.
This:
dividend will mark the institution's third, other dividends of 15% and
11%,
having been paid.
On July 9 the Boonville National Bank, Boonville, Ind:,
was chartered by the Comptroller of the Currency. It replaces the First National Bank of the same place, and is
capitalized at $60,000, consisting of 00,000 preferred stock
and $30,000 common stock. T. D. Scales is President and
A. J. Bieber, Cashier, of the new bank.
The Comptroller of the Currency on July 23 issued a charter to the First National Bank in Painesville, Painesville,
Ohio, successor institution to the Painesville National Bank
& Trust Co. The new institution is capitalized at $100,000,
consisting of $50,000 preferred stock and $50,000 common
stock. F. W. Milbourn is President and L. j. Goib, Cashier,
of the institution.
Judge James S. Martin was asked in Common Pleas Court
on July 31 to authorize payment of the fifth liquidating dividend in the Commercial Savings Bank & Trust Co. of Toledo,
Ohio. The dividend, amounting to $879,357, is to be 10%,
bringing total payments since the closing of the institution
to 50%. Hearings on the proposal to pay the dividend and
also to borrow $300.000 from the Toledo Trust Co., Toledo,.
878
Financial Chronicle
to be used with other funds in the payment, will be held
shortly. The Toledo "Blade" of July 31, authority for the
above, went on to say:
Mr. Walters (Special Deputy Superintendent of Banks -in charge of the
institution's affairs) said liquidators of the bank have a large number of
Home Owners' Loan Corporation bonds that may not be converted into cash
in time for the dividend, which accounts for the need for sante temporary
financing. It is expected the dividend will be paid about Aug. 15.
Dividend payments on certificates in three mortgage trusts established
by the bank before it closed probably will be made about Sept. 1, Mr.
Walters said. The amounts to be paid in the three trusts probably will
vary, he said.
With the Ohio Savings Bank & Trust Co. paying a 10% liquidating dividend about Aug. 6, there will be placed in the hands of depositors of these
two closed banks this month approximately $4,000,000. Small depositors
In both banks have been paid in full.
The payment, on Aug. 6, of a 10% dividend to depositors of
the closed Ohio Savings Bank & Trust Co. of Toledo, amounting to more than $2,500,000, was planned, according to the
Toledo "Blade" of Aug. 4, which added:
$10,The Ohio already has paid 30% to depositors, or approximately
de000,000 in cash distributions. There are between 75,000 and 80,000
positors.
From April 1 to July 1 the operation of the closed Commerce Guardian Trust & Savings Bank of Toledo, Ohio,
shows a net income of $30,183.53, bringing the net income
since closing to $577,471.54, a report filed Tuesday for approval in Common Pleas Court reveals, according to the
To:edo "Blade" of Aug. 1. The total income for the period
was fixed at $59,040, and the total since closing, $1,100,557.
The expense for the period was $28,857, and for the entire
period of operation by bank liquidators, $523,085, the paper
stated.
Melville S. Cohn,former Vice-President of the Meyer-Kiser
Bank of Indianapolis, Ind., was convicted of embezzlement
by a jury in the Marion County Criminal Court in Indianapolis, on July 28, according to Associated Press advices from
that city, which further said:
Conviction carries a sentence of from two to 14 years and a fine of not to
exeSed $1,000. Special Judge Alexander G. Caving said he would defer
sentencing Cohn until the defense has an opportunity to file a motion for a
new trial.
We learn from the Chicago "Tribune" of Aug. 2 that a 10%
dividend, amounting to $165,066, for depositors of the defunct Southwest Trust & Savings Bank of Chicago, was
authorized on Aug. 1 by Edward J. Barrett, State Auditor
of Illinois, and that checks were distributed on the same
date. The paper continued:
This is the second dividend to be paid since the bank closed. William L.
O'Connell, receiver, stated that $739,761 had been paid to preferred creditors
and $340,500 had been paid on bills payable. The present payment is being
made out of funds acquired in the ordinary course of liquidation.
A 10% dividend, amounting to $28,408, was to be paid
Aug. 4 to depositors of the Sibley National Bank at Sibley,
Ill., by William L. O'Connell, of Chicago, announced recently,
according to advices from Bloomington, Ill., on July 30 to
the Chicago "Tribune," which went on to say:
This will be the third dividend to be paid since the bank closed, bringing
the total paid to 40%. In addition to the dividends, $19,697 has been paid
to preferred creditors.
The People's National Bank of Cambridge, Cambridge,
Ill., was granted a charter by the Comptroller of the Currency on July 27. The new bank replaces the Farmers' National Bank of Cambridge and is capitalized at $50,000, half
of which is preferred and half common stock. John H.
Gault is President, while S. Fay Rishel is Cashier.
As of June 30 1934, the National Trust Bank of Charleston, Charleston, Ill., was placed in voluntary liquidation.
The institution, which had a capital of $200,000, was succeeded by the Charleston National Bank.
As of July 15 the First National Bank of Metcalf, Ill.,
with capital of $25,000, was placed in voluntary liquidation.
There is no successor institution.
The National Bank of Rochelle, Rochelle, Ill., was chartered by the Comptroller of the Currency on July 12. The
new organization succeeds the Rochelle National Bank and
Is capitalized at $50,000, half of whin is preferred and half
common stock. Frank Carney heads the new bank, with
Elmer G. Boltz as Cashier.
The Chicago "Journal of Commerce" of Aug. 1 stated
that stockholders of the liquidated Peoples Trust & Savings
Bank of Chicago, Ill., plan to form a defense committee to
Aug. 11 1934
fight the suit of the Continental Illinois National Bank &
Trust Co. for $5,576,041 which it seeks to collect under
stockholders' liability. Robert Olson, President of the
Central Paving Co., is temporary Chairman of the stockholders' committee. The japer continued:
The suit grows out of a loan of $16,421,642 by Continental to Peoples
Trust enabling the latter to pay off depositors in full in June 1932. The
Trust
Conti..ental bank also agreed to pay certain liabilities of Peoples
and the latter turned over to the larger bank certain assets which, however,
fallen to cover the loan.
such
Many involved legal questions must be determined, Mr. Olson said,
as whether the Continental is properly a creditor of Peoples Trust, and
felated questions of law and accounting.
A new Parker pencil is being offered by the First National
Bank of Englewood, Chicago, Ill., to small savings depositors
with balances of $100 or less, provided they will close their
accounts in the bank within 30 days. A statement issued
by the bank said that the offer is being made "before consaid:
sidering a heavy service charge." The statement also
a
First you were given a premium to open an account; now you are given
possibility of
premium to close it. An iuunedlate withdrawal will avoid the
value
a charge. Money has become a burden. Like commodities, it has a
avail.
so long as it can be put to some good use. Beyond that point it is of no the
discontinued
Not only are we closing the small accounts, but we have
profitably
opening of new accounts until such time as we can safely and
this soInvest our excessive cash reserves. Under the regimentation of
consequently,
called New Deal, sound industry is afraid to borrow, and,
banks are loaded with idle currency.
The First National Bank of Hutchinson, Hutchinson,
Minn., was chartered by the Comptroller of the Currency
on July 9. The new organization succeeds the Farmers'
National Bank of Hutchinson and is capitalized at $50,000,
made up of $30,000 preferred stock and $20,000 cannon
stock. F. W. Luedtke and J. H. Julig are President and
Cashier, respectively, of the new bank.
On July 28 a charter was issued by the Comptroller of
the Currency to the Malvern National Bank, Malvern, Ark.
The new institution replaces two Malvern -banks, the First
National Bank of Malvern and the Farmers' & Merchants'
Bank.
Advices from Winston-Salem, N. C., on July 29, printed in
the Raleigh "News and Observer," contained the following,
with reference to the closed People's National Bank of that
city:
More than $700,000 has been liquidated of the more than $1,200,000
ago,
assets of the People's National Bank since suspension, three years
although only one dividend of 10% has been paid depositors, W. H. Spradlin,
the receiver, said yesterday (July 28). .
has been
"Of the $1,200,000 of assets, according to book value, 52%
and
liquidated, including $150,000 bonds to secure the bank's circulation
offsets.
"At suspension, the bank's liabilities naturally were in excess of $1,200,000.
This includes money owing to secured creditors and its circulation.
"To date a total of. more than 39.5% of the bank's liabilities have been
discharged and a fair sum of unpledged collected cash is available towards
the next dividend, which would run the percentage well above 40%."
Advices from Winter Park, Fla., on July 27, printed in
the Florida "Times-Union," stated that a 13% dividend
would be paid depositors in the closed Bank of Winter Park,
Winter Park, within two weeks, according to Robert Richards, agent of the general liquidator, M. A. Smith. The
dispatch, continuing, said:
The payment has been made possible through a loan from the Reconstruction Finance Corporation in the amount of $32,834. The bank had
applied for $54,000, but the RFC reduced the amount.
Effective July 14, the First National Bank of Ville Platte,
Ville Platte, La., with capital of $25,000, was placed in •
voluntary liquidation. This bank was absorbed by the
Evangeline Bank & Trust Co. of Ville Platte.
On July 18 the State National Bank in Comanche, Comanche, Tex., was chartered by the Comptroller of the Currency. The new bank, which succeeds the First State Bank
of that place, is capitalized at $50,000, half of which is
preferred stock and half common stock. E. E. Anthony
and J. W. Moore are President and Cashier, respectively, of
the new institution.
Effective July 3, the Gouger National Bank of Robstown,
Tex., with capital of $50,000, was placed in voluntary liquidation. The institution was succeeded by the Robstown
National Bank of the same place.
Effective at the close of business July 11, the Carbonate
American National Bank of Leadville, Colo., capitalized at
$100,000, was placed in voluntary liquidation. There is no
successor institution.
Volume 139
Financial Chronicle
879
moving on the side of the decline, and as profit taking became more pronounced, the issues that had shown moderate
strength in the opening hours eased off ir. the afternoon turnover. Public utilities generally were lower, with the exception of Commonwealth Edison which registered a net gain
of a point. Bell Telephone of Canada recorded a 2 point
advance at 120. Great Atlantic-& Pacific Tea Co. showed a
similar gain at 130 and Long Island Lighting 7% pref.
moved up 4% points to 56%. As compared with Friday of
Circuit Judge L. G. Lewelling has signed an order relast week, the curb list showed a number of modest gains,
leasing to depositors $50,305.65 from savings accounts of
American Superpower closing on Friday night at 214
the Albany State Bank of Albany, Ore., now in liquidation,
2 on Friday of last week, Atlas Corporation at 9
against
according to Albany advices on July 25 to the "Oregonian,"
/, Cord
against 8%, Canadian Marconi at 2 against 13
which went on to say:
4, Creole Petroleum at 12
33% against 33/
at
Corporation
This is 10% of total deposits in the bank, and is the second 10%
3 , Electric Bond & Share at 11% against 113%,
against 11%
release since the bank was taken over by the State Banking Department.
3
Gulf Oil of Pennsylvania at 56 against 55%, Hudson Bay
Mining & Smelting at 143% against 133%, Humble Oil (new)
THE CURB EXCHANGE.
at 423% against 423/8, International Petroleum at 273%
2 against 173%, Swift &
/
Prices of the leading stocks on the Curb Exchange moved against 263%, A. 0. Smith at 181
Teck Hughes 60c. at
173%,
against
week
present
the
of
at
gradually downward during the forepart
Company (%) 173%
3 and Wright
but there was some improvement on Wednesday, when the 7 against 6%, Utility Power at % against %
tone was somewhat stronger. In the late trading on Thurs- Hargreaves at 10 against 934.
day, the trend of prices turned upward due to fresh inflation
A complete record of Curb Exchange transactions for the
sentiment following President Roosevelt's order on the week will be found on page 908.
nationalization of silver. Most of the changes during the
CURB EXCHANGE,
DAILY TRANSACTIONS AT THE NEW YORK
week were fractionally downward though there were
Bonds (Par Value)
occasional exceptions where inactive stocks showed good
Stocks
(Number
Week Ended
gains on a small turnover. The mining shares and oil issues
Foreign
Foreign
of
Avg. 10 1934.
Total.
Domestic. 00fCr Fr ent Corporate
Shares).
showed the best gains on Thursday.
-$3,079,000
822,000
514,000
$1,043,000
Trading on the Curb Exchange was fairly active during the Saturday
58,315
24,000 2,178,000
66,000
124,825 2,088,000
Monday
60,000 2.406,000
early session on Saturday, but the pace soon slackened and Tuesday
196.000
123,130 2.150,000
71,000 2,707,000
162,000
127,190 2,474,000
Wednesday
the dealings became extremely quiet as the market neared Thursday
21,000 2,699,000
96,000
202.210 2582.000
51.000 2,591.000
108.000
2.432,000
145,860
the close. Some of the specialties registered gains of a Friday
8249,000
813,660.000
8642,000
point or more during the forepart of the session, but the
$12.769,000
1781,530
Total
general list showed fractional losses as the day progressed.
Ito
10
Inn
Aug.
Week Ended Aug. 10
Sales at
Among the latter were such market favorites as WrightNew York Curb
1934.
1933.
1933.
1934.
Exchange.
Hargreaves, Sherwin-Williams, Swift & Co., Technicolor,
43,625,832
72,991,131
1,417,485
781.530
of shares _
Mead-Johnson, Lake Shore Mines, International Petroleum, Stocks-No.
Bonds.
8596,624,000
$660,430,000
$12,769,000 $14.770,000
Hiram Walker, Electric Bond & Share, Distillers Seagram, Domestic
28,453,000
24,364,000
690,000
642,000
Foreign gm ernment _ _
26.841,000
19,226,000
468,000
American Cyanamid "B" Cities Service and American Gas Foreign corporate
249,000
& Electric. The total turnover for the day was 58,000 shares.
8651.918,000
$704.020,000
$15,928,000
513,660,000
Total__
Curb stocks moved irregularly downward on Monday,
though the volume of dealings was so light that the changes
in prices were scarcely noticeable. Just before the close
COURSE OF BANK CLEARINGS.
there was a slight upward flurry but the gains were small.
Bank clearings this week again show a decrease as comAmerican Cyanamid "B" was one of the best and showed pared with a year ago. Preliminary figures compiled by us,
a fractional gain after an early dip. Mining stocks were based upon telegraphic advices from the chief cities of the
irregular and there were numerous declines among the high country, indicate that for the week ended to-day (Saturday,
priced specialties. Public utilities recovered a part of their Aug. 11) bank exchanges for all cities of the United States
small losses and the oil stocks showed little or no movement from which it is possible to obtain weekly returns will be
either way.
0.1% below those for the corresponding week last year.
The tone of the market was somewhat stronger on Tuesday, Our preliminary total stands at $3,924,507,971, against
particularly during the first hour when there was a slight $3,927,917,247 for the same week in 1933. At this center
upward flurry. As the day progressed, trading slowed down there is a loss for the five days ended Friday of 9.5%. Our
and most of the transactions centered around a few of the comparative summary for the week follows:
industrial issues. These included such market favorites as
Per
Swift International, Swift & Co., Wright-Hargreaves and
Clearings-Returns bti Telegraph.
Cent.
1933.
1934.
Week Ended August 11.
Montgomery Ward "A." There was some interest apparent
$1,869,878,820 $2,066,446,307 -9.5
New York
in the specialty list but the gains were not maintained and Chicago
143,652,187 +21.8
174,966,859
171,000,000 +15.2
197,000,000
some were canceled. High grade utilities yielded somewhat Philadelphia
131.000.000 -2.3
128,000,000
Boston
44,844,904 +4.8
more slowly and there was a fair amount of interest displayed Kansas City
.47.000,000
43,000,000 +8.8
46,800,000
Louis
in the mining shares, but most of the changes were within St.
67,123.000 +20.2
80,692,000
Fan Francisco
56,396,780 +9.1
61,500.971
Pittsburgh
a comparatively narrow channel.
37,133,530 +33.2
49,445,755
Detroit
44,704,711 -9.2
40,583,183
Activity picked up to some extent during the morning Cleveland
30.705,499 +23.6
37,964,846
Baltimore
dealings on Wednesday. Public utilities displayed an im- New Orleans
16,605.005 +26.9
21,069,000
gains
in
and
modest
tone
proved
the
there were some very
$2,754,901,434 52,852,611,923 -3.4
Twelve cities, 5 days
420,652,450 +22.6
515,521,875
specialties group, Swift International breaking through to a Other cities, 5 days
$3,270,423,309 $3,273,264,373 -0.1
new top for 1934. Mining and oil shares were fractionally
Total all cities, days
654,652,874 -0.1
654,084,662
higher and specialties were stronger in spots, though the gains All cities, 1 day
83,927.917.247
83.924,507,971
Total all cities for week
were largely fractional.
Stocks moved quietly downward during the forenoon on • Estimated.
Thursday, but toward the end of the fourth hour a brisk
Complete and exact details for the week covered by the
rally developed following President Roosevelt's proclamation foregoing will appear in our issue of next week. We cannot
nationalizing all silver in the United States under the program furnish them to-day, inasmuch as the week ends to-day,
pushed through Congress at the last session to obtain a (Saturday) and the Saturday figures will not be available
basis for the further issue of currency. Some of the more until noon to-day. Accordingly, in the above the last day
volatile specialties jumped ahead several points and there of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
was a moderate gain all along the line. Public utilities
were the most active and moved sharply downward during present further below, we are able to give final and complete
the morning dealings, but canceled part of the losses later results for the week previous-the week ended Aug. 4. For
in the day. Some of the mining shares were active and oil that week there is a decrease of 3.2%, the aggregate of
clearings for the whole country being $4,893,163,658, against
stocks showed modest gains.
During the opening hour on Friday there was a firmer tone $5,054,831,770 in the same week in 1933.
Outside of this city there is an increase of 12.3%, the bank
apparent in parts of the curb list, but trading soon turned
at this centre having recorded a loss of 11.1%. We
usual
market
clearings
the
of
irregular
with
most
favorites
dull and
On July 13 the Comptroller of the Currency issued a
charter to the First National Bank in Trinidad, Trinidad,
Col. The new bank replaces the First National Bank of
that place, and is capitalized at $300,000, consisting of
$200,000 preferred stock and $100,000 common stock. F. S.
Graham and Eli Jeffryes are President and Cashier, respectively, of the institution.
880
Financial Chronicle
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 record a loss of 10.5%, but in the Boston Reserve
District the totals register a gain of 3.7%, and in the Philadelphia Reserve District of 16.8%. In the Cleveland Reserve
District the totals are larger by 4.5%, in the Richmond
Reserve District by 21.2%, and in the Atlanta Reserve
District by 13.0%. The Chicago Reserve District enjoys
an increase of 13.6%, and the St. Louis Reserve District
of 6.1%, but the Minneapolis Reserve District suffers a
decrease of 3.2%. The Kansas City Reserve District has
to its credit a gain of 19.8%, the Dallas Reserve District
of 37.4%, and the San Francisco Reserve District of 20.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Aug. 4 1934.
1934.
1932.
I
220,387,601
3,436,775,277
260,327,018
192,999,813
88,440,682
84,953,068
313,404,505
93,069,141
83,201,798
98,443,170
31,529,693
151,300,004
Total
110 cities
Outside N. Y. City
5.054,831,770 -3.2 5,194,973,519 7,140,253,237
1,703,494,461 +12.3 1,725,372,441 2,531,378,059
Canada
22 cities
336 S32.327
$
$
%
+3.7
230,387,344
403,035,041
-10.5 3,565,128,559 4,738,067,459
+16.8
268,517,739
423,559,511
+4.5
190,145,876
286,379.318
+21.2
122,844,653
149,827,495
+13.0
71,223,130
101,196,691
+13.6
326,118,822
438,028,651
+6.1
72,108,318
109,735,458
-3.2
65,530,265
81,613,443
+19.8
91,722,390
140,949,233
+37.4
30,897,155
40,414,570
+20.7
160,349,268
231,446,367
436.479.238 -22.9
263.044341
308 951 381
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Aug. 4.
Clearings at1934.
1933.
Dec.
$
$
%
First Federal Reserve Dist rict-BostonMaine-Bangor__
518,883
495,450 +4.3
Portland
1,635,021
1,818,529 -10.1
Mass.-Boston _ _ 201,000,000 190,000,000 +5.8
Fall River._
568,058
825,789 -9.2
Lowell
259,441
275,000 -5.7
New Bedford_
532,341
825,858 -14.9
Springfield. _ _ _
2,428,785
2,337,508 +3.9
Worcester
1,247,007
1,191,108 +4.7
Conn.-Hartford.
7,779,802
12,187,258 -38.2
New Haven_
3,852,169
3,024,544 +27.4
R.I.-Providence
8,194,000
7,089,800 +15.6
N.H.-Manch'r_
489,383
718,959 -34.5
Total(12 cities)
228,482,870
220,387,601
Second Feder al Reserve D strict-New
N. Y.-Albany _ _
8,924,515
6,014,645
Binghamton_ __
1.358,852
1,141,674
Buffalo
27,697,624
24,873,593
Elmira
445,749
510,428
Jamestown.
358,944
314,858
New York_ _ _ 2,980,356,021 3,351,337,309
Rochester
6,302,390
8,843,004
Syracuse
3,423,135
3,022,113
Conn,-Stamford
2,478,570
2,553,623
N. 3.-Montclair
513,031
472.909
Newark
17,540,384
15,845,235
Northern N. J_
27,171,522
23,848,088
-1-3.7
1932,
$
1931.
• 3
484,427
2,279,859
195,000,000
502,588
337,349
511,325
2,950,120
2,309.728
12,780,420
3,680,494
9,112,800
438,258
632,381
3,189,323
360,380,323
918,134
430,904
823,424
3,958,859
2,814,315
12,718,517
5,989,382
10,613,500
587,999
230,387,344
403,035,041
York+48.4
5,348,791
5.947,888
+18.8
1,179,371
1,401,299
+11.4
24,808,798
35,522.395
-12.7
520,491
908,380
+13.4
530,541
839,480
-11.1 3,469.601.0784,608.875.178
-7.9
9,143,092
10,387,882
+13.3
3,282,552
4,818,958
-2.9
3,023,984
3,616,176
+8.5
838,898
842,830
+10.7
18,760,048
26,532,506
+13.9
28,317,115
38,796,889
Total(12 cities) 3,076,586,737 3,436,775,277 -10.5 3,585,128,559 4,738,087.459
Third Federal Reserve Dist rict-Philad elphiaPa.-Altoona__ __
400,132
372,914 +7.3
391,871
Bethlehem _ _
b
b
b
b
Cheater
268,808
290,008 -7.3
382,744
Lancaster
1,187,979
887,293 +37.0
1.211,319
Philadelphia
293,000,000 250,000,000 +17.2 255,000,000
969.679 +1.5
Reading
984,358
1,854,957
Scranton
2,493,734
2,334,948 +6.8
3,090,514
1,283,664
1,558,420 -17.5
Wilkes-Barre_
1,875.813
York
1,493,948
1,434,858 +4.1
1,432,521
N.3.-Trenton.
2,846,000
2,500,900 +13.8
3,278,000
Total(9 cities)_
333,958,623
260,327,018 +18.8
Fourth Feder al Reserve D strict-Clev elandOhio-Akron_ _ _ _
c
c
c
Canton
c
C
c
Cincinnati
37,988.072
35,389,927 +7.3
Cleveland
62,255,695 -8.7
58,106,032
Columbus
7,432,700 +7.7
8,007,800
Mansfield
1,046,391
930,721 +12.4
Youngstown _
b
b
b
Pa.-Pittsburgh _
98,818,418
88,990,770 +11.1
268,517,739
884,497
b
1,048,921
2,420,908
403,000,000
2,639,232
4.535,518
2,949,189
1,319,248
4,982,000
c
c
48,221,552
93,281,593
12,439,800
1,297,558
b
127,139,015
+4.5
190,145,878
282,379,318
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'n _
149,297
98,585 +51.4
Va.-Norfolk_ _
2.788,000
2,442,000 +14.2
Richmond - 25,613,141
22,968,492 +11.5
&Ie.-Chariest'
753,487
570,678 +32.0
Md.-Baltimore.
82,309,458
50,724,282 +22.8
D. C.-Wash'to
15,556,342
11,636,667 +33.7
345,451
2,848,481
22,191,292
662,784
'79,245,508
17,553,157
548,541
3,528,556
29,644,395
1,388,017
92,448,204
22,291,782
88,440,682 +21.2
122,844,653
149,827,495
Sixth Federal Reserve Dist rict-Atiant aTenn.-Knoxvill
2,055,418
4.029,957 -49.0
Nashville
9,620,106
12,861,718 -25.2
Ga.-Atlanta_ __
35,900,000
28,500,000 +28.0
Augusta
816,370
872,998 +21.3
Macon
897,754
535,894 +30.3
Fla.-Jack'ville_
10,502,000
10.702,000 -1.9
Ala.-Birm'gha
14,057,228
8,256,470 +70.3
Mobile
998,049 -3.2
965,620
Miss -Jackson._
b
b
Is
Vicksburg
113,219
109.588 +3.3
La.-NewOrleans
21,304,696
18,286,594 +16.5
2,179,019
7,118,794
23,700,000
615,258
414,088
6,888.978
6,733,136
762,516
b
109,129
22,704,212
3,522,645
10,912.877
30,300,000
1,089,873
650,965
9,801,695
10,950,381
1,234,670
b
121,742
32,612,063
71,223,130
101,198,691
Total(6 clties)_
Total (10 cities)
201,746,713
107,169,723
96,032,409
192,999,813
84,953,068 +13.0
1933.
Inc.or
Dec.
1931.
1932.
$
$
%
$
$
Seventh Feder al Reserve D Istricc-C hi cagoMich.-Adrian __
48,475
18,108 +158.7
103,525
196,734
Ann Arbor__ -587,077
599,075 -2.0
813,541
770,240
Detroit
81,479,550
50,151,428 +82.5
83,480,614
13,345,370
Grand Rapids_
2,422,373
1,823,089 +32.9
3,951,977
6,399,997
Lansing
1,185,900
843,939 +84.2
2,744,454
1,340,100
Ind.-Ft. Wayne
607,834
471,224 +29.0' 1,278,885
1,709,612
Indianapolis--11,868,000
10,260,000 +15.7
17,924,000
12,002,000
South Bend_
587,821
405,558 +40.0
975,849
1,034,718
Terre Haute._
3,250,451
3,004.897 +8.2
3,858,891
2,859,248
Wis.-Milwaukee
14,140,998
12,629,976 +12.0
15,548,889
21,545,553
Ia.-Ced. Rapids
591,053
238,228 +150.2
610,936
2,525,092
Des Moines_
5.504,050
4,942,683 +11.4
5,124,780
8,441,238
Sioux City..
2,998,428
2,107,541 +42.3
4,825,719
2,314,340
Waterloo
b
b
b
b
b
111.-Bloom'ton
794,747
300,000 +164.9
1,137,690
1,383,189
Chicago
225,241,267 220,434,027 +2.2 209,075,828 345,948,875
Decatur
643,327
688,890 -8.8
701,177
919,581
Peoria
2.498,972
2.487.438 +1.2
2,484,862
2,807,627
Rockford
934,713
1,212,977 -22.9
787,572
1,409,999
Springfield_
1,007,435 -32.4
881,168
2,839,784
1,789,649
356,042,202
313,404,505 +13.6
326,118,822
438,028,651
Eighth Federa I Reserve Dia trict-St.Lo ulsInd.-Evansvllle.
b
b
b
Mo.-St, Louis__
68,500,000
85,100,000 +2.2
Ky.-Louisville_
21,589,178
17,694,386 +22.0
Tenn.-Memphis
10,238,518
9,862,755 +3.8
Ill -Jacksonville
b
b
b
Quincy
420,000
412,000 +1.9
b
49,000,000
15,532,899
7,055,959
b
519,460
b
79,200,000
19,814,379
9.809,485
b
911,814
72,108,318
109,735,458
Ninth Federal Reserve Dis trict-MI n n eapolisMinn.-Duluth__
4.023,781 -35.4
2.597,878
2,752,088
56,771,139
Minneapolis...
82,317.898 -8.9
45,844,281
St. Paul
14,287,413 +28.7
18,100,534
14,908,239
S. D.-Aberdeen
454,951
458,571 -0.4
599,873
MOnt.-Billings _
442,248
257.431 +71.8
280,982
2,207,855
Helena
1.858.728 +18.8
1,344,822
4,567,708
57,131,077
18,552,376
750,520
539,585
2,072,177
Total (4 cities)-
Total(8 cities).
98,747,896
80,574,203
93,069,141
83,201,798
+6.1
-3.2
65,530,285
81,813.443
Tenth Federal Reserve Dis trict- Kane as City122,188
Neb.-Fremont-75,574 +81.7
179,263
80,085
Hastings
122,558
2,161,299
2,061,335
b--14.1Lincoln
3
1,775,494
21,158,578 +25.7
Omaha
26,586,321
20,312,238
1,898,502 -4.1
Kan.-Topeka -.
1,629,250
1,819,085
2,839,283
2,395,575 +18.5
Wichita
4,285,218
87,028,587 +19.9
Mo.--Kan, City.
80,357,128
59,412,210
2,923,779 +11.1
3,247,985
St. Joseph_ __
2,314,872
574,228 -17.1
475,794
Col.-Col. Sp'gs.
878,747
522.472
431,070 +21.2
Pueblo
642,705
270,001
400,000
3,091,090
31,905,642
2,782,120
5,028,491
90,853,587
3,849,729
1.382,391
1,408,112
Total (10 cities)
117,901,839
98,443,170 +19.8
91,722,390
140,949,233
Eleventh Fede ral Reserve District-Da Ilas883,899
782,552 +13.0 .
Texas-Austin__
723,720
23,888,854 +42.2
33,944,883
Dallas
22,187,509
3,830,918 +25.5
4.807,045
Ft. Worth_ --4,725,821
1,482,000
+18.3
1,729,000
Galveston
1,441,000
1,585.589 +22.4
1,941,433
La -Shreveport.
1,819,305
1,162,832
28,264,413
8,237,670
2,054,000
2,895,855
Total (5 cities)
43,308,280
31,529,893 +37.4
30,897,155
40,414,570
Twelfth Feder al Reserve D strict-San Franc'sco19,321,180 +8.7
21,000,089
Wash -Seattle.23,734,140
8,890,000
4,471,000 +54.1
Spokane
4,845,000
282,382 +123.2
630,220
Yakima
309,333
21.440,378
15,813,800 +37.3
Ore.-Portland
16,778,488
10,821,844
9,803,952 +10.6
Utah-S. L. CU
7,757,554
2,797,917
2,851,101 -1,9
Calif.-Long B'c
2,832,180
2,241,810
2,542,009 -11.8
Pasadena
2,735,708
2,582.983 +88.7
4,306,890
Sacramento _
8,157,790
90,458,892 +19.7
San Francisco_ 108.284,842
91,827,154
1,529,879 +43.6
2,197,545
San Jose
1,532,375
994,402
888,938 +11.9
Santa Barbara_
920,791
1,154,128 +8.2
1,248,448
Stockton
1,120,795
27,930,875
9,436,000
663,155
26,531,554
13.170,523
4,881,932
4,267,518
7,815,886
130,542,000
2,944,423
1,888,721
1,576,200
Total (12 cities)
Grand total (11
cities)
182,634,383
151,300,004 +20.7
4,893,183,658 5,054,831,770
160,349,288
231,448,367
-3.2 5,194,973,519 7,140,253,237
Outside New York 1,912,807,837 1,703,494,481 +12.3 1,725,372,441 2,531,378,059
Week Ended Aug. 2.
Clearings at1934.
423,559,511
c
c
34,905,234
58.187.544
7,400.300
735,609
b
88,937,189
Total(5 cities).
1934.
1931.
Federal Reserve Diets.
$
1st Boston_ .._ _12 cities
228,482,870
2nd New York__12 "
3,076,566,737
3rd PhIladelpla 9 "
303,958,623
4th Cleveland__ 5 "
201,746,713
6th Richmond _ 6 "
107,169,723
6th Atlanta___..10 "
98,032,409
7th Chicago...19 "
358,042,202
8th 81.LoWs___ 4 "
98,747,696
inn Minneapolis 6 "
80,574,203
10th Kansas cityio 117,901,839
11th Dallas
43,306,260
5 "
12th San Fran_ _12 "
182,634,383
4,893,163,658
1,912,807,637
Week Ended Aug. 4.
Clearings as-
Total(19 cities)
1916.07
Dec.
1933.
Aug. 11 1934
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat .
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
87,047,571
110,747,737
80,152,074
18.304,893
4,011,478
4,340.907
2,235,672
3,620,402
4,658,487
1,601,756
1,565,062
2,630,818
3,539,855
2,652,611
304,525
328,587
1,374,527
450,674
751,129
713,898
547,204
172,495
574.915
548,289
968,711
1,908,407
283.830
538,432
518,542
341,281
380,283
781,495
Total(32 cities)
336,532,327
1933.
$
98,411.603
122,293,895
153,815,811
15,901,718
3,718.092
4,198,125
2,107,312
3,793,228
6,023,874
1,659,369
1.847,137
2,278,808
3,224,328
5,583,998
331,341
309,830
1,323,537
472,980
742,371
880,328
581,171
198,482
559,123
555,318
861,000
2,431,991
284,770
551,776
552,381
484,044
383,542
580,579
Inc. or
Dec.
°"
,o
-11.5
-9.4
-47.9
+2.5
+7.9
+3.4
+6.1
-4.6
-22.7
-3.5
-5.0
+15.5
+9.8
-52.5
-8.1
+8.1
+3.9
-4.7
+1.2
+4.9
-2.5
-13.1
+2.8
-1.8
+12.5
-21.5
-7.4
-2.4
-6.5
-29.5
-0.9
+35.8
438,479,238 -22.9
1932.
$
83,040,158
72,317,989
47,817,182
13,884,355
3,853,580
4,762,454
2,082,083
3,492,908
4,571,785
1,810,121
1,507,817
2,290,923
3,442,317
4,491,822
389,437
387,448
1,912,327
491,422
778,898
576,683
423,381
175,970
588.798
829,209
1,193,237
2,375,406
278,155
800,891
584,532
398,079
357,218
359,073
262,044,341
1031.
$
105,845,949
80,809,902
44,825,030
19,937,433
8,184,055
6,147,485
3,488,527
4,897,991
4,528,852
2,129,109
2,034,429
2,550,308
4,637,396
8,113,260
488,275
421,912
2,205,767
888,358
807.903
888,100
787,782
231,152
787,291
746,483
921,524
3,015,956
418,514
877,153
882,447
380,898
484.183
724,379
308,981,381
b No clearings available. c Clearing House not functioning at present.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 25 1934:
GOLD.
to £191.The Bank of England gold reserve against notes amounted
on the previous
579,997 on the 18th instant, as compared with £191,523,825
Wednesday.
amount
Business in the open market has been on a moderate scale, the
There has been no
disposed of during the week being about £2,000,000.
parity.
special feature and prices have ruled at, or slightly above dollar
Quotations during the week
July 19
July 20
July 21
July 23
July 24
July 25
Average
Per Fine
Ounce.
137s. 10d.
1375. 10d.
1375. 93id.
137s. 1050.
137s. 11d.
137s. 110.
137s. 10.500.
Equivalent Value
of E Sterling.
12s. 3.93d.
125. 3.88d.
12s. 3.97d.
12s. 3.88d.
12s. 3.84d.
12s. 3.79d.
12s. 3.88d.
The following were the United Kingdom imports and exports of gold
instant:
registered from mid-day on the 16th instant to mid-day on the 23rd
Exports.
Exports.
£15,000
£39,378 Netherlands
Belgium
16,811
27.973 France
France
451.001
Belgium
34,622
Switzerland
13,060
17,098 Switzerland
Iraq
1,189,844 Poland
British South Africa
994,119 United States of America 2,721:460
British India
13,125
British Malaya
227,449
Australia
23,500
New Zealand
8,490
Tanganyika Territory.. _
14,797
Other countries
£3,219,832
£2,590,395
instant
The SS. "MooRan" which sailed from Bombay on the 21st
is consigned
carries gold to the value of about £665,000, of which £534,000
to London and £131,000 to New York.
fine
The Transvaal gold output for June 1934 amounted to 868,129
ounces, as compared with 898,418 fine ounces for May 1934 and 918.633
fine ounces for May 1933.
SILVER.
The market continued to show an easier tendency, due largely to a lack
of bull
of support. China has sold and there has been some liquidation
contracts, but buyers have shown hesitation in making fresh commitments.
inclined
There was more resistance at the lower level where China was more
the latter
to buy and there was also a demand from the Indian Bazaars,
being fairly consistent buyers.
Although the decline in rates attracted a little enquiry from New York,
been
this quarter has shown little interest and the market has generally
quiet, the tone at the moment appearing rather dull.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 16th instant to midday on the 23rd instant:
Exports.
Imports.
£24,220 British India
Soviet Union (Russia)
Zealand
12,540 New
United States of America
14,900 Channel Islands
British India
Australia8,786 Other countries
9,232
Canada
2,601
New Zealand
273
Other countries
£3,190
515,522
x1,000
1939.
£21,651
E72,552
x 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.
46 Uc.
July 18
20 7-16d. 20 9-16d.
July 19
46Uc.
July 19
20 7-16d. 20 9-16d.
July 20
46 11-16c.
July 20
20 5-16d. 20 7-16d.
July 21
Closed
21
July
20
20
5-16d.
3-16d.
July 23
46 7-16c.
July 23
204d.
204d.
July 24
46 3-16e.
July 24
20 d.
203id.
July 25
20.312d. 20.437d.
Average
The highest rate of exchange on New York recorded during the period
from the 19th instant to the 25th instant was 35.04U and the lowest
$5.03 .
INDIAN CURRENCY RETURNS.
June 30.
July 15. July 7.
(In Lacs of Rupees)18,087
18,158
18.210
Notes in circulation
9,716
9,787
9,809
Silver coin and bullion in India
4,155
4,155
4,155
Gold coin and bullion in India
3.018
3,008
3,038
Securities (Indian Government)
1,198
1,208
1,208
Securities (British Government)
The stocks in Shanghai on the 21st instant consisted of about 109,400,000
ounces in sycee, 371,000,000 dollars and 30,400.000 ounces in bar silver as
compared with about 112.400,000 ounces in sycee, 374,000,000 dollars and
30,800,000 ounces in bar silver on the 14th instant.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Aug. 4.
Silver, per oz_ _ 20 11-16d.
138s.Nd.
on.
Gold, 1:0. fine
Consols, 254% Holiday.
British 334%Holiday.
W. L
British 4%Holiday.
1960-90
French Rentes
on pari563% fr. Holiday.
French War LM
(in Paris)5%
1920 amort__ Holiday.
Wed.,
Tues.,
Mon.,
Aug. 8.
Aug. 7.
Aug. 6.
20
15-16d.
13-16d.
20
Holiday.
Holiday. 1370.10d. 1388. N d.
8013-16
80%
Holiday.
Holiday.
Holiday.
73.10
10434
11534
73.30
10434
11555
72.75
Frt.,
Thurs.,
Aug. 9. Aug. 10.
20 7-16d. 21 7-16d.
138s.1d. 1389.16.
80 15-16
8034
10455
11534
72.50
10434
11555
72.30
47
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 July1934 and
1933.
General and Special Funds.
ReceiptsInternal revenue:
Income tax
Miscellaneous internal revenue
Processing tax on farm products
Customs
Miscellaneous receipts:
Proceeds of Government-owned securities:
Principal-foreign obligations
Interest-foreign obligations
All other
Panama Canal toils. &c
Other miscellaneous
Total receipts
111.00
111.10
110.10
110.10
109.80
47
4734
48
493
49)i
-Menthol.11.441933.
1934.
$
$
17,815,199 12,903,429
132,296,244 113,079,673
186.369
38.820.385
19,331,331 25,081,245
196,128
1.051.656
1,841,139
6.836,718
179,595
1,186,574
991.204
1,643,006
7,962,476
218,188,802 163,213,571
ExpendituresGeneral:
32,257,651 34,880,778
Departmental (see note 1)
Public building, construction and sites, Treasury Depart3,820.536 8,663.327
ment (see note 1)
4,190,478 5,061,169
River and harbor work (see note 1)
National defense (see note 1):
2,580,0361 32,530,845
Army
26,955,144f
Navy
45.401,966 55,309,755
Veterans Administration (see note 1)
50,000,000 50,000,000
Adjusted-service certificate fund
18,964.311
Agricultural Adjustment Administration (see note 1)_
3,698,297 a34,843,190
1)
note
Farm Credit Administration (see
Refunds of receipts:
1,010,272
1,839,757
Customs
2,229,827 4,731,018
Internal revenue
327.427
Processing tax on farm products
2.999
24,181
Postal deficiency
546.197
424,874
Panama Canal
Subscription to stock of Federal Land banks
20,850.000 20,850,000
Civil Service Retirement Fund (Government share)
292,700
159,100
Foreign Service Retirement Fund (Government share)_ _
2,916,445
2,613,509
District of Columbia (Government share)
14,056,898 13.662,214
Interest on the public debt
Public debt retirements:
1.000
Sinking fund
Purchases and retirements from foreign repayments...
settledebt
under
governments
Receivedfrom foreign
ments
3,500
Estate taxes, forfeitures, gifts. &a
195,617.969
230,394,992
Total
Emergency:
Emergency Relief and Public Works:
4,904,805
Civil Works Administration
156,356,103
Federal Emergency Relief Administration
53,929
883,677
Administration for Industrial Recovery
8,415.100 3,964.913
Agricultural Adjustment Administration
2,839,638
Farm Credit Administration
39,972,477 19,674,599
Emergency Conservation Work
15,754
2,046.576
Tennessee Valley Authority
14,938,000
Loans to railroads
11.731,582
Loans and grants to States, municipalities. dic
50,633,530
Public highways
12,713.553
River and harbor work
2,436,566 23,911,688
Boulder Canyon project
158,195
Subsistence homesteads
449,512
Corporation
Housing
Emergency
28,146,722
All other
a104,734,551 27,731,859
Reconstruction Finance Corporation
Federal Farm Mortgage Corporation bonds, principal and
interest
Federal Land banks (subscriptions to paid-in surplus, &e.) 2,439,670
Federal Savings and Loan Associations (subscriptions to
1,344,000
preferred shares)
Federal Deposit Insurance Corporation (subscriptions to
203.761
stock)
75,352,742
235,878,916
Total
Total expenditures
466,273,908 270,970.711
Excess of receipts
Excess of expenditures
248,085,106 107.757,140
Summary.
Excess of expenditures
Less public debt retirements
248,085,106 107,757,140
3,500
1,000
Excess of expenditures (excluding public debt rettrements)_ 248.084,106 107,753,640
Trust and contributed funds and increment on gold, excess
W1,938.327 8,265,290
of receipts
99,488,350
246,145,779
Total excess of expenditures
110,041,381 28,272.261
Decrease in general fund balance
Increase in the public debt
136,104,398 71,218,089
Trust and Contributed Funds and Increment on Gold.
Receipts14,251,293 15,797,192
Trust and contributed funds
Increment resulting from reduction in the weight of the
272,163
gold dollar
Total
ExpendituresTrust and contributed funds
Chargeable against increment on gold:
Exchange stabilization fund
Total
The price of silver in New York on the same days has been:
Silver in N. Y.
(foreign) per
oz.(ets.)---
881
Financial Chronicle
Volume 139
Excess of receipts or credits
14.523,456
15,797,192
12,585,129
7,531,901
12,585,129
7,531,901
1,938,327
8,265,291
a 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 page 5
of the daily T Easury statement for the 15th of each month.
882
Financial Chronicle
Aug. 11 1934
PRELIMINARY DEBT STATEMENT/OF THL
UNITED STATES JULY 31 1934.
The preliminary statement of the public debt of the United
States July 31 1934, as made upon the basis of the daily
Treasury statement, is as follows:
COMPARATIVE PUBLIC DEBT STATEMENT.
(OnItthe basis of daily Treasury statements.)
Aug. 31 1919.
Mar. 311917,
When War Debt
July 317,1933,
Pie-war Debt.
Was at Its Peak.
a Yeathlgo.
$
Gross debt
1,282,044,346.28 26,596,701,648.01 22,609,888,648.90
Net balance in general fund_
74,216,480.05 1,118,109,534.76
833,932,959.73
Bonds2% Consols of 1930
2% Panama Canal Loan of 1916-38
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
8% Conversion bonds of 1946-47
234% Postal Savings bonds(8th to 47th series)
$842,005,150.00
Gross debt less net balance in general fund__ 1,207,827,886.23 25,478,592,113.25 21,775,955,689.17
June 30 1934,
Last Month,
July:31 1934.
$
$
Gross debt
27,053,141,414.48 27,189,245,812.83
Net balance in general fund
2,581,922,240.16 2,471,880.859.25
Gross debt less net balances in general fund__24,471.219,174.32 24,717,364,953.58
6,341,126,400.00
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
July 31 1934 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of July 31 1934.
First Liberty Loan of 1932-47:
314% bonds
$1,392,226,350.00
4% bonds (converted)...
5,002,450.00
434% bonds (converted)
535,981,500.00
AM% Fourth Liberty Loan of 1933-38 (called
and uncalled)a
Treasury bonds:
43.1% bonds of 1947-52
4% bonds of 1944-54
334% bonds 01 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
3II% bonds of 1941-43
334% bonds of 1946-49
3% bonds ot 1951-55
334% bonds of 1941
434-334% bonds of 1943-45
% bonds of 1944-48
3% bonds of 1946-48
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
88,685,020.00
$1,933,210,300.00
4,407,916,100.00
8758.983,300.00
1,036,834,500.00
489,087.100.00
454,135.200.00
352,993,950.00
544,914,050.00
819,096,500.00
755,481,350.00
834,474.100.00
1,400,570,500.00
1,061,942,400.00
824,508,050.00
9,333.021,000.00
18,516,152,550.00
Total bonds
Treasury Notes234% Series B-1934, maturing Aug. 11934...
3% Series A-1935, maturing June 151935,...
134% Series B-1935, maturing Aug. 1 1935.
234% Series C-1935, maturing March 15193&
234% series D-1935, maturing Dec. 15 1935._
8 M% Series A-1936, maturing Aug. 1 1936-% Series 8-I936, maturing Dec. 15 1938._
% Series C-1936. maturing April 151936..
3M% Series A-1937. maturing Sept. 15 1937_ _
3% Series 8-1937, maturing April 15 1937-3% series C-1937, maturing Feb. 15 1937--234% Series A-1938, maturing Feb. 1 1938_ __
2M % Series 8-1938. maturing June 151938..
3% series C-1938. maturing Mar. 15 1933—
-2M % series A-1939, maturing June 15 1939_
4% Civil Service Retirement Fund. Series
1935 to 1939
4% Foreign Service Retirement Fund. Series
193510 1939
6% Canal Zone Retirement Fund. Series 1936
to 1939
2% Postal Savings system series, maturing
June 30 1939
$28,262,500.00
416,602,800.00
353.865,000.00
528,101,600.00
418,291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
528,521,700.00
86,653,011,900.00
257.900,000.00
2,749,000.00
2,302,000.00
35,000,000.00
6,950.972.900.00
Certificates of Indebtedness134% series T8-1934, maturing Sept. 15 1934_
% series TD-1934, maturing Dec. 151934.
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1935
524,748,500.00
992,496,500.00
$1,517,245,000.00
166,200,000.00
1,683,445,000.00
Treasury Bats (Maturity Value)—
Series maturing Aug. 1 1934
Series maturing Aug. 8 1934
Series maturing Aug. 8 1934
Series maturing Aug. 15 1934
Series maturing Aug. 15 1934
Series maturing Aug. 22 1934
Series maturing Aug. 29 1934
Series maturing Sept. 5 1934
Series maturing Sept. 28 1934
Series maturing Oct. 3 1934
Series maturing Oct. 10 1934
Series maturing Oct. 17 1934
Series maturing Oct. 24 1934
Series maturing Oct. 31 1934
Series maturing Nov. 7 1934
Series maturing Nov. 14 1934
Series maturing Nov. 21 1934
Series maturing Dec. 19 1934
Series maturing Dec. 26 1934
Series maturing Jan. 2 1935
Series maturing Jan. 9 1935
Series maturing Jan. 16 1935
Series maturing Jan. 23 1935
75,056,000.00
.50,078,000.00
75.114,000.60
75,044,000.00
50.254,000.00
50,457,000.00
75,088,000.00
100,236,000.00
50,525,000.00
50,098,000.00
50,225,000.00
50,033.009.00
50,040.000.60
50,037,000.00
50,173,000.00
50,080,000.00
50,140,000.00
75,226,000.00
75,353,000.00
75,167,000.00
75,235,000.00
75,144,000.00
75,200,000.00
Total
2 880,256,181.92
Total
2,880.256,161.93
Notc.—The amount to the credit of disbursing officers and agencies to-day was
$718,623,553.82.
$1,037,825 in Federal Reserve notes. 83,644,116 in Federal Reserve bank notes,
and $19,229,162 in National bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds and
retirement funds.
TREASURY MONEY HOLDINGS.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of May, June,
July and August 1934.
flaiding:in U. B. Treasury May 11934. June 1 1934. July 11934, Aug. 11934.
1,454,001,000.00
Total interest-bearing debt outstanding
Matured Debi on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
4% and 4ii % Second Liberty Loan bonds of
1927-42
43$% Third Liberty 1.oan bonds of 1928
3Ii% Victory Notes of 1922-23
434% Victory Notes of 1922-23
Treasury notes, at various interest rates
Ctfs. of Indebtedness, at various Int. rates._
Treasury bills
Treasury Savings Certificates
Debi Bearing No Interest—
United States notes
Less gold reserve
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales, arc
$26,804,581,450.00
1,524,620.26
1,997,200.00
3,230,550.00
11,100.00
836,900.00
3.078.300.00
17,207,250.00
28,942,000.00
442,200.00
$
s
$
$
Net gold coin and bullion. 1.177.503,999 1,142,583,274 1,098,334,316 1,053,432.860
Net silver coin and bullion
47,739,093
55,450,225
56.019,640
57,624,460
3,439,868
Net United States notes_
3,242,571
1,979,789
3,143.815
19,950.435
Net National bank notes_
21.729,326
21,656,177
19,308,272
16,478,030
Net Federal Reserve notes
13.614,445
13,656,905
16,048,820
2,158,375
Net Fed. Res, bank notes_
2,243.212
2,331.357
3,644.116
Net subsidiary silver
8,525,972
4.824,267
3,586,152
5,144,308
Minor coin, ate
7,485.111
6,610,279
6,497,359
5,450,851
Total cash in Treasury. 1283 280,883 1,250,277,599 1,204,061,695 *1163 797,502
Less gold reserve fund.__ _ 156,039,088 156.039,431 156,039,431 156,039.431
57,270,120.26
346,681,018.00
156,039,430.93
8190,641,585.07
331,425,048.00
2,037,170.21
3,310.439.29
527,414,242.57
Total gross debt
827,189,245,812.83
a Includes amount of outstanding bonds called for redemption on April 15 1934,
on which Interest has ceased.
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
LiaoUities—
Gold
7,929,973,969.47 Gold certificates:
Outstanding (outside
Of Treasury)
955,154,299.00
Gold etf. fund—Fed.
Reserve Board....4,097,382,288.66
Redemption fund—
Fed. Reserve notes. 24,004,521.73
Gold reserve
156,039,430.93
Exch, stabilization fund 1,800,000,000.00
Gold in general fund_
897.393,429.15
7,929,973,969.47
Total
Total
7,929.973.969.47
Note.—Reserve against $346,681,016 o U. S. notes and 51,188.424 of Treasury
notes of 1890 outatandlng. Treasury notes of 1890 are also secured by silver
dollars
in the Treasury.
SILVER.
Assets—
$
Liabilities—
$
Silver bullion (Sec. 45.
Silver ctfs. (See. 45, Act
1560,000.00
Act of May 12 1933)- _
of May 12 1933)
1.560,000.00
504,949.750.00 Silver Ws.outstanding. 494,385,281.00
Sliver dollars
Treasury notes of 1890
outstanding
1,188,424.00
Silver dole,in gen.fund
9,376,045.00
Total
506.509 750.00
Total
506,509.750.00
GENERAL FUND.
Assets—
$
Liabilities—
897,393,429.15 Treasurer's checks outGold (see above)
Silver dolls. (see above).
9,376.045.00
standing
7,111,547.88
3,143,815.00 Deposits of Government
United States notes.___
Silver ctfs. (Sec. 45, Act
officers:
1,212,480.00
of May 121933)
Post Office Dept
2,440,641.96
16,048,820.00
Federal Reserve notes._
Board of Trustees.
3,644,118.00
Fed. Reserve bank notes
Postal Savings Sys19,308,272.00
National bank notes__
tem:
5,144,308.35
Subsidiary silver coin...
5% reserve, law3,513,347.72
Minorcoin
ful money
60,717,734.01
47,035,934.84
Sliver bullion
Other deposits... 18,310,048.08
Unclassified—
Postmasters, clerks of
1,937,503.63
Collections, aro
courts, disbursing
Deposits In—
officers. ate
274,305,619.10
Fed. Reserve banks__ 68,374,976.91 Deposits for:
Special depos. acct. of
Redemption of F. R.
sales of Govt. sebank notes(5% fund
1 770,054.000.00
curities
lawful money)
2,105,450.00
Nat. and other bank
Redemption of nat'l
depositaries:
bank notes(5% fund
To credit of Treaslawful money)
33,181,296.17
5,568,033.57
urer of U.S
Retirement of addi
To credit of other
circularg notes Act
of May 30 1908....
Govt. officers_ _ _ 24,085,490.49
1,350.00
Foreign depositaries:
Uncollected items, exTo credit of Treaschanges, dic
10,201,615.47
1,304,237.41
urer of U.S
To credit of other
1,838,238.95 Net balance
Govt. officers...
Philippine Treasury:
408,375,302.67
To credit of Treas2,471,880,859.25
1,273,112.90
urer of U.S
Cash balance In Treas'y 1,127.241.795 1.094,238,168 1,048,022,264 1.007,758,071
Dep. In spec'l depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness 1,443,651,000 1,314,617,000 1,854.046,000 1,770,054,000
Dep. In Fed. Res. bank
145,930,157
59,628,524
96,627,778
68,374,977
Dep. In National banks—
To credit Treas. U. S
7,227.012
6,073.743
5.568,034
7,048,597
21.304.772
To credit disb. officers.
22,518,248
24,085,491
23,683,972
Cash in Philippine Islands
1.157.584
1,065.053
1,273,113
1,110,443
Deposits in foreign dents_
2,711,049
2,687,981
3,142,476
2,378,126
Dep. In Fed. Land banks_
Net cash In Treasury
2,749,223,369 2,500,828.715 3,032,917,1802,880,286.162
and in banks
Deduct current liabilities. 455,241,796 479.115.707 450,994.940 408,375,303
Available mash balance_ 2.293.981.573 2.021.713.008 2.11/11.022_240 2.471.880.859
* Includes Aug. 1, $47 035,935 silver bullion and $3,513,348 minor, am, coin
not included in statement'Stock of Money."
Financial Chronicle
Volume 139
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares
Stocks.
$ Per Share.
18 Brandenstein Associates, Inc.(N. Y.)
2200 lot
Bonds—
Per Cent.
$21,300 Baragua Sugar Estates 10-year income 6% note, series B due July 1
1942. Stamped _______________________ _ __________________________6 flat
$61,900 Florida and Punta Alegre Sugar Cos. 10-year income 6% note. series
B,due July 1 1942. Stamped
6 flat
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Stocks.
$ per Share.
$500 Riding and Driving Club of Brooklyn, 2nd mtge. 5% bond, due July
1 1940, with July 1 1918 and subsequent coupons attached; $145 Garner
Print Works and Bleachery (N. Y.) corn., no par; 10 The Brooklyn Academy of Music(N. Y.), Par $100; 25 International Elevating Co.(N. J.), oar
$40; 200 Pacific Packing and Navigation Co.(N.J.),com.tr. ctfs., par $100
100 Pacific Packing and Navigation Co.(N. J.) pfd. tr. ctfs., )Si' $100;
50 Ramapo Water Co.(N. Y.), par $100
2205 lot
100 Federal 011 Corp.(Va.), corn. temp. Of., no Par
$ lot
3,498 General Rayon Co., Ltd. (Companies Act of Dominion of Canada), 1
Class"A",no par ___________________________________________________ 2.75
6,100 International Railways of Central America(N.J.) corn. V.T.C., no par_ $2
153,302 American Toll-Bridge Co.(Del.), par El
$ 10
4,858 The Investors Association (Nev.), no par
$3.50
8,000 Ordinary Shares Cinzano Ltd.(Canada)"A", par
$I
35,426 Crown Zellerbach Corporation (Nev.), corn. V. T. C.. no Par
$3
1,696 Alaska Pacific Salmon Corporation (Del.) Series "A" pfd. stamped, no
par
$1
Bonds—
Per Cent,
$56,000 City of St. Cloud, Florida 6% Serial Special Assessment Bonds. In
default ____________________ _ _______________________________260. Per $1,000
$98,000 Western Lumber Co.(Ore.) 1st mtge. 10-yr.6)% income bonds. Due
July 1 1937. Coupons No. 1 et seq attached
250. per $1,000
By R. L. Day & Co., Boston:
Shares.
Stocks.
250 Croft Brewing Co, 1
50 Standard Investing Co. $5% MI. w. w.
100 New England Public Service Cos. 27 prior pref
100 New England Public Service Cos. 26 pref
16 Standard Gas & Electric 8% pref
54 Standard Gas & Electric common
100 Utility & Industrial Corp. common
50 Utility & Industrial Corp. pref. temp. ctfs
63 Northern States Power Co common A, 100
20 Electric Bond dr Share common. par $5
55 Commonwealth & Southern Corp. com. temp. °Us
20 American Water Works & Electric Co. common
50 Shawmut Association
490 Venezuelan Holding Corp. common
875 Louis De Jonge Co. pref. par 100
145 Louis De Jonge Co. corn. tr. ctfs., par 100
$ per Share.
1.85
14%
11
3
7%
7%
50
2%
1254
10%
1%
14(
7
.75
100 lot
By Crockett & Co., Boston:
Shares.
Stocks.
2 Concord & Portsmouth RR., par 100
30 International Match Corp., panic. pref.(Ws. dep.), par 35
5 Drapper Corp
2 Quincy Market Cold Storage Warehouse Co. pref.. Par 100
$ per Share.
67
I Mt
51
28%
By Barnes & Lofland, Philadelphia:
Shares.
Stocks,
$ per Share.
500 Atlas Pipe Line, Inc. capital stock, no par
33 Atlas Corp. common, no par
73i
1 American Telephone & Telegraph Co. capital, par $100
11154
2 2-50ths Auburn Auto Co. common, no par
35 lot
24 Continental Motors common, no par
50c
27 4-20ths Central States Elec. common, no par
21101
24 Commonwealth Securities common, no par
I lot
50 Crosse & Blackwell, Inc preference, no par
7
20 Cuban American Sugar common, no par
654
150 European Elec. class A, optional warrants
.54
412-600ths Electric Bond & Share common, par 25
5 lot
210 Fairmount Park Transit common, no par
3 lot
96 Fairmount Park Transit pref., par $10
16 lot
10 General Electric Co. common, no par
1754
4 International Super Power capital, par $1
9%
120 Collateral Trustees Shares series A
314
25. H. Kress Sc Co. special pref., par $10
1054
10 Lehigh Valley Coal common, no par
2%
45 National Dairy Products common, no par
1554
04-40ths North American Co. common, no par
12
200 Pennsylvania RR. capital, par $51)
2114
I 4-6ths Radio Corp. of America common, no par
6 lot
128-100ths Standard Gas & Electric common, no par
6 lot
I Sears, Roebuck dr Co. capital, no par
31
150 Tonopah Belmont Development capital, par $1
13 lot
5,160 United Zinc Smelting common, no par
130
United
Gas Improvement common, no par
7
15%
I 3-5hs Warner Co. common (new), no par
3 lot
100 Real Esfate-Land Title & Trust Co par 310
5
30 Pennsylvania Co. for Insurances on Lives & Granting Annuities, par S10_ -- 293
200 Bost, Inc. common ___________________________________________ 360 lot
Bonds—
Per cent.
$1,000 Atlantic Gas Co. 1st 6s, 1947
20
$400 Fox Film 65, 1936, cony. deb. April and October
9054
$10,000 Texas Elec. Railway. 1st Is, 1947, CiD
1%
51.0005. W. Cor. Sixteenth and Chestnut 68, 1942. C/D
534
By A. J. Wright & Co., Buffalo:
Shares.
Stocks.
$ per Share.
a Zenda Gold Mines___________________________________________________ 2pa
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Abbott's Dairies (quarterly)
7% 1st & 2nd preferred (quar.)
American Business Shares, Inc
American Radiator dr Standard Sanitary—
Preferred (quarterly)
Archer-Daniels-Midland Co. (guar.)
Extra
Argonaut Mining Co., Ltd
Atlantic Refining Co., corn. (quar.)
Atlas Corp., preferred A (quar.)
Automotive Gear Works preferred (quar.)
Baton Rouge Electric $6 pref.(quar.)
Beacon Mfg. Co., 6% pref. (guar.)
Bigelow-Sanford Carnet preferred (guar.)
When Holders
Per
Share. Payable. ofRecord.
25c Sept. 1 Aug. 15
$134 Sept. 1 Aug. 15
2c Sept. 1 Aug. 15
$I% Sept. 1 Aug. 21
25c Sept. 1 Aug. 21
25c Sept. 1 Aug. 21
50c Aug 23 Aug. 17
25c Sept. 15 Aug. 21
75c Sept. 1 Aug. 20
4134c Sept. 1 Aug. 20
$134 Sept. 1 Aug. 15
$134 Aug. 15 Aug. 1
$134 Sept. 1 Aug. 17
Name of Company.
883
Per
When Holders
Share. Payable. ofRecord.
Borg-Warner Corp
25c' Oct. 1 Sept. 14
Brown Shoe Co.,common (quar.)
75c Sept. 1 Aug. 20
ann Oct. 10 Sept. 11.
Burmah Corp., Ltd., ordinary reg.(final)
2% ann Oct. 17 Sept. 11
American deposit receipts (final)
$2 Aug. 15 Aug. 7
Cabot Manufacturing Co.(guar.)
Canada Starch, Ltd.,preferred (semi-annual)
Aug. 15 Aug. 8
$
Canadian Cottons, Ltd. common (quar.)
a
rg Oct. 1 Sept. 15
r$1
Preferred (quarterly)
Oct 1 Sept.15
Canfield Oil 7% preferred (quar.)
June 30 June 20
$1
Sept. 1 Aug. 15
Central Arkansas Public Service 7% pref.(qu.)_ $1
Champion Coated Paper (quar.)
2 Aug. 15 Aug. 10
$1
Oct. 1 Sept. 20
Preferred (quar.)
Si
Oct. 1 Sept. 20
Special preferred ((mar.)
Champion Fiber Co. 1st preferred (quar.)
Oct. 1 Sept. 20
$1
Chester Water Service $534 preferred (quar.)_
21
Aug. 15 Aug. 6
8256 Sept. 1 Aug. 15
Chicago Corp., pref. (quar.)
Cincinnati New Orleans & Texas Pacific Ry.$1% Sept. 1 Aug. 15
5% preferred (quar.)
50c Sept.30 Sept.15
City Ice & Fuel (quarterly)
Si 34 Sept. 1 Aug. 20
Preferred (quarterly)
Clear Spring Water Service $6 pref.(guar.)
$1% Aug. 15 Aug. 6
85c Sept. 1 Aug. 17
Columbian Carbon Co.(quar.)
11.89c Aug. 15
Combined Trust Shares
Crown Zellerbach, $6 cum. pref. A (quar.)..
37%c Sept. 1 Aug. 18
37%c Sept. 1 Aug. 18
$6 cum. pref. B (quar.)
Crum & Forester Insurance Shares Corp.—
15c Aug. 31 Aug. 21
Series A and B (quar.)
10c Aug. 31 Aug. 21
Series A and B (extra)
$1
Aug. 31 Aug. 21
7% preferred (quar.)
Aug. 1
142
Curtis 1,000, Inc., 7% pref
Diem & Wing Paper 7% pref.(guar.)
Aug. 15 July 31
$1
2
Eastern Utilities.Associates common (quar.)-- —
Aug. 15 Aug. 10
Si Oct. 1 Sept. 5
Eastman Kodak Co.common (quar.)
$134 Oct. 1 Sept. 5
Preferred (guar.)
El P8,80 Electric (Texas) 6% pref. (quar.)
Oct. 15 Sept. 28
Sept. 1 Aug. 21
Empire & Bay State Telephone 4% gtd.(quar.)
Ewa Plantation Co. (quar.)
60c Aug. 15 Aug. 5
1%c Aug. 15 Aug. 5
1st Common Stock Corp
Franklin Simon & Co., pref. div. omitted.
General Cigar Co. preferred (quar.)
$134 Sept. 1 Aug. 23
256 Sept.12 Aug. 16
General Motors Corp., corn. (guar.)
50c Sept. 12 Aug. 16
Extra
$5 preferred (guar.)
$134 Nov. 1 Oct. 8
Sept.29 Sept. 17
Si
Gold Dust Corp.. pref. (quar.)
$2
Grace National Bank of N.Y.(8.-a.)
Sept. 1 Aug. 20
Great Eastern Fire Ins.(W.P., N.Y.)(s.-a.)
30c Sept. 1 Aug. 21
Great Northern Paper Co.(quar.)
25c Sept. 1 Aug. 20
Hanes(P. H.) Knitting Mills ((mar.)
1234c Sept. 1 Aug. 20
1214c Sept. 1 Aug. 20
Class B (quarterly)
7% preferred (quarterly)
$134 Oct. 1 Sept.20
Hecla Mining Co. (quar.)
10c Sept. 15 Aug. 15
15c Aug. 15 Aug. 13
Hercules Motors Corp
Hires (Chas. E.) Co., corn. class A
50c Sept. 1 Aug. 15
25c Sept. 1 Aug. 18
Hobart Mfg.(quar.)
51 Aug. 25 Aug. 20
Homestake Mining Co.(monthly)
$2 Aug. 25 Aug. 20
Extra
c Sept.15 Aug. 31
51
%x
Indiana Hydro-Electric Power Co.7% pref.(qu) 87
Oct. 1 Sept.lla
Indianapolis Water Co.,5% cum pf. A (quar.)_
International Nickel Co.o Canaria, Ltd.—
r15c Sept.29 Aug. 30
Common (quar.)
Jantzen Knitting Mills. 7% prof
$1% Sept. 1 Aug. 25
Katz Drug Co.common(guar.)
75c Sept.15 Aug. 31
Oct. 1 Sept.15
Preferred (quar.)
$1
2
Sept.15 Aug. 31
Kayser (Julius) & Co., corn
$1% Aug. 15 Aug. 6
Kelvinator Co. of Canada, Ltd., prof.(41=4
50c Aug. 25 Aug. 16
Keystone Steel & Wire Co.,corn
Laura Secord Candy Shops, Ltd.(guar.)
75c Sept. 1 Aug. 15
Lincoln Stores, Inc.. corn.(guar.)
25c Sept. 1 Aug. 24
Preferred (quar.)
$1% Sept. 1 Aug. 24
256 Sept. 1 Aug. 20
McWilliams Dredging Co.,corn.(quar.)
Metal Textile Corp., pref. (quar.)
81& Sept. 1 Aug. 20
Sept. 10 Sept. 1
Mohawk Carpet Mills, Inc
Monroe Loan Society,$7 pref. A (guar.)
$1% Sept. 1 Aug. 20
62%c Sept.15 Aug. 31
Montreal Loan & Mortgage (guar.)
Mt. Diablo Oil Mining & Development Co.—
He Sept. 1 Aug. 24
Quarterly
Mc Sept. 1 Aug. 24
Extra
8e Sept.20 Sept.10
Mutual Telep.(Hawaii)(mo.)
25c Sept.15 Aug. 31
National Bond & Share
Sc Sept.31 Aug. 15
National Industrial Loan Corp. (quar.)
National Linen Service $7 pref.(1.-a.)
$334 Sept. 1 Aug. 20
National Sugar Refining Co.of N.J.(quar.)-50c Oct. 1 Sept. 4
Nebraska Power,7% prof.(41101%)
$134 Sept. 1 Aug. 14
6% preferred (quarterly)
5134 Sept. 1 Aug. 14
New Bradford Oil Co. (111--a10c Sept.15 Aug. 15
Nevrmarket Manufacturing Co.(guar.)
$134 Aug. 15 Aug. 10
Niagara Wire Weaving,$3 pref.(guar.)
756 Oct. 2Sept.15
North River Insurance Co.(quar.)
156 Sept.10 Aug. 31
Sc Sept.10 Aug. 31
Extra
Oahu R.& Land (monthly)
15c Sept.15 Sept. 10
Oahu Sugar (monthly)
10c Sept.15 Sept. 6
Ohio Oil Co., common
15c Sept.15 Aug. 18
Preferred (quarterly)
$134 Sept. 15 Sept. 4
Ohio Public Service Co.,7% pref.(mo.)
58 1-3c Sept. 1 Aug. 15
50c Sept. 1 Aug. 15
6% preferred (monthly)
41 2-3c Sept. 1 Aug. 15
5% Preferred (monthly)
20c Sept.20 Sept.10
Onomea Sugar (monthly)
Pacific Mills
50c Sept. 1 Aug. 20
Patterson Sargent (quar.)
256 Sept. 1 Aug. 17
$3 Aug. 15 Aug. 8
Pepperell Manufacturing Co.(semi-annual)---Pioneer Mill, monthly
pt. i6
1 Aug
Aeug
g.. 26
5104 S
0
Pittsburgh Sub. Wat. Serv..$534 pref.(quar.)- Ponce Electric, 7% pref. (guar.)
5134 Oct. 1 Sept.14
Prentice Hall, $3 cony. preferred (quar.)
756 Sept. 1 Aug. 20
Quarterly
356 Sept. 1 Aug. 20
Public Electric Light.6% pref.(quar.)
$134 Sept. 1 Aug. 24
Public Service Co. of Colo.7% pref.(mthly.)--- 581-3c Sept. 1 Aug. 15
6% preferred (monthly)
50c Sept. 1 Aug. 15
5% preferred (monthly)
412-3c Sept. 1 Aug. 15
Rapid Electrotype
30c Sept.15 Sept. 1
Reliance International $3 preferred
h50c Sept. 1 Aug. 20
San Carlos Milling(monthly)
20c Sept. 15 Sept. 1
Second Twin Bell Syndicate(monthly)
20c Sept. 5 Aug. 31
Socony-Vacuum 011
15c Sept. 15 Aug. 24a
Spiegel, May, Stern,pref. (guar.)
141
Aug. 29 Aug. 15
Standard Oil Co. of Indiana (quar.)
256 Sept. 15 Aug. 15
Standard Oil of Kentucky (quar.)
256 Sept.25 Aug. 31
Standard Oil of Nebraska—Quar. div. omitted.
% Sept.15 Aug. 17
Texas Gulf Products
se Sept. I Aug. 20
Thayers. Ltd •
Toledo Edison Co.7% preferred (monthly)
581-3c Sept. 1 Aug. 15
6% preferred (monthly)
50c Sept. 1 Aug. 15
5% preferred (monthly)
412-3c Sept. 1 Aug. 15
'Fri-State Telep. & Teleg.,6% pref.(quar.)
15c Sept. 1 Aug. 15
Twin Bell Oil Syndicate (monthly)
$2 Sept. 5 Aug. 31
Underwood-Elliott-Fisher, corn. (quar.)
50c Sept.29 Sept. 12
Preferred (quarterly)
$134 Sept. 29 Sept.12
Union Pacific RR., coin
$134 Oct. 1 Sept. 1
Preferred (semi-annual)
$2 Oct. 1 Sept. 1
Union Tank Car (quar.)
30c Sept. 1 Aug. 17
United Dyewood, pref. (quar.)
$134 Oct. 1 Sept. 14
United States Gypsum Co. common (quar.)_ — _
256 Oct. I Sept. 14
7% preferred (quar.)
$134 Oct. 1 Sept. 14
Utica Knitting 7% preferred
h$15i Sept. 1 Aug. 31
Veeder Root, Inc
40c Sept. 1 Aug. 15
Wagner Electric Corp. preferred (quar.)
$134 Oct. 1 Sept. 20
Waialua Agricultural Co., Ltd. (quar.)
30c Aug. 31 Aug. 21
Weaver Piano Co., Inc. (semi-annual)
$2 Aug. 1 July 31
Westland Oil Royalty Co. class A (monthly)— _
10c Aug. 15 July 31
Wheeling Electric 6% preferred ((mar.)
$134 Sept. 1 Aug. 7
Wheeling & Lake Erie Ry .prior lien
h57 Aug. 18 Aug. 15
Wilcox & Gibbs Sewing Machine Co
50c Aug. 15 Aug. 7
sit
e21
Financial Chronicle
884
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Aug. 11 1934
When Holders
Per
Share. Payable. ofRecord.
40c Sept. 15 Sept. 1
Congoleum-Nairn, Inc., corn. (quar.)
Connecticut Light & Power6 % pref.(quar.)_ _ $131 Sept. 1 Aug. 15
5X % preferred (guar.)
$131 Sept. 1 Aug. 15
6231c Sept. 1 Aug. 15
Connecticut Power Co., corn. (guar.)
Below we give the dividends announced in previous weeks Connecticut Ry.& Light(quar.)
51.125 Aug. 15 July 31
$1.125 Aug. 15 July 31
431% preferred (guar.)
and not yet paid. This list does not include dividends an- Connecticut
River Power.6% preferred (guar.)_ $131 Sept. 1 Aug. 15
$jI% Sept. 1 Aug. 150
nounced, this week, these being given in the preceding table. Consol. Cigar Corp.. preferred (quar.)
50c Sept. 15 Aug. 10
Consolidated Gas of N. Y., corn
$2 Aug. 15 Aug. 1
Consolidated
Oil
Corp.
8%
pref.
(guar.)
Holders
Per
When
173lc Oct. 1 Sept. 21
Consolidated Paper 7% preferred (quar.)
Share. Payable. ofRecord.
Name of Company.
15c Sept. 1 Aug. 20
Quarterly
51 31 Oct. 1 Sept. 15
Consumers Power Co..$5 pref.(guard
Sc Sept. 1 Aug. 15
Affiliated Products (mo.)
$IX Oct. 1 Sept. 15
7% preferred (quarterly)
20c Sept. 1 Aug. 15
Agnew Surpass Shoe Stores
Oct. 1 Sept. 15
$131
6%
preferred
(quarterly)
Sept.
15
Oct.
1
31
Preferred (guar.)
$1.65 Oct. 1 Sept. 15
6.6% preferred (quarterly)
3% Aug. 15 July 14
Alabama Great Southern RR. Co., preferred
50c Sept. 1 Aug. 15
6% preferred (monthly)
15c Aug. 15 Aug. 1
Allegheny Steel Co., common
50c Oct. 1 Sept. 15
6% preferred (monthly)
$1 X Sept. 1 Aug. 13
7% 5referred (quarterly)
55c Sept. 1 Aug. 15
6.6% preferred (monthly)
75c Sept. 1 Aug. 20
Allen Industries, Inc.,$3 pref.(guar.)
Oct. 1 Sept.15
55c
preferred
6.64
(monthly)
Aug.
20
Sept.
1
h75c
$3 preferred
75c Aug. 15 July 25a
Continental Can Co., Inc., common (quar.)
be Oct. 1 Sept. 26
Allied Laboratories, Inc. (guar.)
15c Sept. 1 Aug. 15
Continental Casualty
87Xc Oct. 1 Sept. 26
$3) convertible preferred (quar.)
Continental Steel Corp., pref
h$131 Oct. 1 Sept.15
50c Sept.30 Sept. 15
Aluminum Mfg.(guar.)_
4c Aug. 15 July 31
Corporate Investors Ltd. (quar.)
50c Dec. 31 Dec. 15
Quarterly
Cosmos Imperial Mills 7% preferred
h$131 Aug. 15 July 28
SIX, Sept.30 Sept.15
7% preferred (guar.)
135% Aug. 18 July 18
Courtaulds. Ltd., common (Interim)
Dec. 31 Dec. 15
$1
7% preferred (guar.)
3c Aug. 15 July 31
Cresson Consul. Gold Mining & Milling
50c dSept.29 Sept.20
American Agricultural Chemical (Dela.)(guar.)
67c Sept.15 Aug. 31a
Crown Cork & Seal, pref. (guar.)
25c Sept. 1 Aug. 21
American Arch (quar.)
25c Sept. 6 Aug. 220
Common (guar.)
75c Oct. 1 Sept. 11
American Bank Note preferred (guar.)
Crum & Forster,8% pref.(quar.)
$2 Sept.30 Sept. 19
$1 Aug. 15 July 25a
American Can Co. common (guar.)
8734c Oct. 1 Sept.15
Dayton & Michigan RR. (5.-a.)
75c Oct. 1 Sept. 12
American Chicle Co. (quar.)
SI Oct. 1 Sept.15
8% preferred (guar.)
$1 X Sept. 1 Aug. 25
American Envelope, 7% pref. (guar.)
10c Sept. 1 Aug. 15
Deere & Co.,7% cumul. pref
$1/
81. Dec. 1 Nov. 25
7% preferred (guar.)
Delaware Division Canal Co. of Pa. (5.-a.)
31 Aug. 15 Aug. 4
10c Sept. 10 Aug. 31
American Factors (monthly)
50c Oct. 1
Denver Union Stockyards (guar.)
25c Oct. 1
American Hardware Corp.(quar.)
50c Jan. 1
Quarterly
Jan. 1
Quarterly
$131 Sept. 1 Aug. 20
7% preferred (guar.)
20c Sept. 1 Aug. 14
American Home Products (mo.)
Dec. 1 Nov.20
$131
7%
preferred
(guar.)
Sept.
1
37c
Aug.
28
Hosiery
Co.
(guar.)
American
$2 Jan. 5 Dec. 20
Detroit Hillsdale & So. West. RR. Co
75c Aug. 15 July 31
American Investors, preferred
25c Sept. 1 Aug. 15
Diamond Match Co., corn. (quar.)
10c Sept. 1 Aug. 22
American Laundry Machinery Co. (guar.)
75c Sept. 1 Aug. 15
Participating preferred (5.-a.)
62Ac Aug. 15 July 31
American Re-Insurance (guar.)
50c Sept. 1 Aug. 17
Dictaphone Corp., corn. (guar.)
Sept. 1 Aug. 3
h$4
American Smelting & Refining preferred
$2 Sept. 1 Aug. 17
Preferred (quarterly)
50c Sept.29 Sept.15
American Steel Foundries, 7% pref
15c Sept. 1 Aug. 15
Doctor Pepper Co.(guar.)
50c Oct. 2 Sept. 5
American Sugar Refining Co. common (guar.)._
15c Dec. 1 Nov. 15
Quarterly
$1 X Oct. 2 Sept. 5
Preferred cquar.)
r50c Aug. 15 July 31
Dominion Bridge Co. common (quar.)
American Thermos Bottle, 7% pref. (quar.)_ _ _ _ 87 AC Oct. 1 Sept. 20
r50c Nov. 15 Oct. 31
Common (guar.)
$13.1 Sept. 1 Aug. 10
American Tobacco, corn. & corn. B (guar.) _ _
50c Aug. 15 Aug. 1
Dow Chemical Co. common (quar.)
12Xc Sept. 1 Aug. 15
Armstrong Cork Co., corn. (special)
$131 Aug. 15 Aug. 1
Preferred (guar.)
$13.1 Sept. 1 Aug. 15
Artloom Corp. cumulative preferred
50c Aug. 15 Aug. 3
Duplan Silk Corp.common (semi-ann.)
$2 Sept. 1 July 31
Atchison Topeka & Santa Fe Ry. Co.common
l'referred (guar.)
$2 Oct. 1 Sept. 18
$43 Sept. 1 Aug. 20
Atlantic & Charlotte Air Lines (5.-a.)
h50c Sept. 1 Aug. 15
Durham Hosiery Mills 6% preferred
75c Sept. 1 Aug. 20
Atlas Corp.,$3 pref. A (quar.)
$3.60
Dwight Mfg. Co
75c Dec 1 Nov. 20
$3 pi eferred (guar.)
15c Sept. 1 Aug. 15
Eastern Gas & Fuel Assoc
50c Sept.10 Aug. 31
Atlas Powder (guar.)
$1.125 Oct. 1 Sept.15
Prior preferred stock (curse.)
$1% Sept. 1 Aug. 15
Bomberger (L.) & Co.6X % pref. (guar.)
5131 Oct. 1 Sept.15
8c Aug. 25 Aug. 14
$6 preferred (quarterly)
Bankers National Investing (guar.)
Eastern Shore Public Service, $6 pref. (guar.). $1.34 Sept. 1 Aug. 10
32c Aug. 25 Aug. 14
Class B (quar.)
3131 Sept. 1 Aug. 10
15c Aug. 25 Aug. 14
$634 preferred (guar.)
6% preferred (guar.)
36c Oct. 15 Sept.15
Eastern Township Telep. Co
Oct.
(guar.)
1 Sept.20
$1
Barber(W.II.) & Co., pref.
East St. Louis & Interurban Water$1 N Jan. 1 Dec. 20
Preferred (guar.)
$1.31 Sept. 1 Aug. 20
7% preferred (quarterly)
$1 Aug. 15 Aug. 10
Belden Mfg.(quar.)
$131 Sept. 1 Aug. 20
6% preferred (quarterly)
37Xc Aug. 15 July 25
Best & Co., Inc., common (quar.)
25c Aug. 15 Aug. 1
Eaton Manufacturing Co.(guar.)
$1 X Oct. 1 Sept. 7
Bethlehem Steel Corp., 7% cum. pref
Aug. 16 Aug. 6
1231c
Electric
Products
(Pa.)
(guar.).
_
_
Sept.15
Works,
6%
pref.
Sept. 1
$1%
Birmingham Water
Electric Storage Battery Co.common (quar.)_ _ _ h50c Oct. 1 Sept. 10
25c Aug. 15 Aug. 1
Blauner's, Inc.,common (guar.)
h50c Oct. 1 Sept. 10
Preferred (guar.)
75c Aug. 15 Aug. 1
Preference (quar.)
Si Oct. 1 Sept. 20
Elizabeth & Trenton (5-a)
37 Mc Aug. 15 Aug. 11
Block Bros. Tobacco (guar.)
$131 Oct. 1 Sept. 20
5% preferred (s-a)
37iic Nov. 15 Nov. 11
Quarterly
$1 Sept. 1 Aug. 22
Empire & Bay State Teleg..4% guar.(guard_ _ _
Sept.30 Sept.25
$1
Preferred (guar.)
El Dec. 1 Nov. 21
Dec. 31 Dec. 24
$1
4% guaranteed (guar.)
Preferred (guar.)
10c Aug. 31 Aug. 21
Empire Capital, A, (guar.)
s75c Sept. 1 Aug. 6
Blue Ridge, preferred (quarterly)
Sc Aug. 31 Aug. 21
$1 Oct. 30 Oct. 15
A,extra
Bon Ami Co., class A (guar.)
10c Aug. 31 Aug. 21
50c Oct. 1 Sept.24
B (initial)
Class B (quar.)
Sept. 1 July 31
(guar.)
$131
pref.
C
Electric
7%
Sc
Empire
Gas
&
Aug.
20
(monthly)
July
Petroleum
31
Bondini
$131 S.,pt. 1 July 31
40c Sept. 1 Aug. 15
6% preferred (guar.)
Borden Co.common (quar.)
$131 Sept. 1 July 31
$IM Oct. 1 Sept. 14
6% preferred E (quar.)
Borg-Warner Corp. preferred (guar.)
40c Aug. 15 July 31
$I Aug. 15 July 31
Employers Re-Insurance (quar.)
Boss Mfg. Co., common
$131 Nov. 1 Oct. 26
$4 Oct. 1 Sept. 20
Escanawba Power & Traction.6% Pref.(quar.)
Boston Insurance(Mass.)(quarterly)
$2.125 Oct. 1 Sept. 1
EuropeanElec. Corp., td., corn. A & B (quar.) til5c Aug. 15 Aug. 2
Boston & Providence R.R. Co.(guar.)
25e Sept. 1 Aug. 15
684c Aug. 15 Aug. 1
Faber Coe & Gregg (quarterly)
Bourjois, $2% preferred (guar.)
25c Dec. 1 Nov. 15
10c Sept. 1 Aug. 11
Quarterly
Brach (E. J.) & Sons common (quar.)
3-1-35 2-15-35
25c
60c
Sept.29
Light
(guar.)
Sept.15
Bridgeport Gas
Quarterly
$331 Oct. 1 Sept. 29
50c Sept. 1 Aug. 10
Fairbanks (E. T.). 7% pref. (5.-a.)
Bristol Myers Co.(guar.)
10c Sept. 1 Aug. 10
Farmers & Traders Life Insurance Co.(guard._ $234 Oct. 1 Sept. 10
Extra
$131 Sept. 1 Aug. 15a
$2 Aug. 31 Aug. 10
Federal Light & Traction, $6 pref. (quar.)
Brooklyn Edison Co.(quar.)
$131 Sept. 1 Aug. 15
$131 Oct. 1 Sept. 4
Firestone Tire & Rubber. pref. (guar.)
Brooklyn Union Gas Co.(quar.)
Dock
Co.
&
Connell
Dredge
75c
Simons
Ss
Sept.15
Line
Co
Fitz
Buckeye Pipe
Aug. 24
1231c Sept. 1 Aug. 21
12iic Aug. 15 Aug. 1
Common (guar.)
Buck Hills Falls (guar.)
51% Sept. 1 Aug. 15
Sc Aug. 15 Aug. 1
Florida Pow Corp., pref. A (guar.)
Buffalo Ankerite Gold Mines (s.-a.)
10c Sept.Aug. 3
7% preferred (guar.)
Burroughs Adding Machine Co
8731c Sept. 1 Aug. 15
Aug. 15 Aug. 10
Food Machinery. 631% preferred (monthly)
$13.1 Sept.15 Sept. 1
Butler Water,7% pref. (guar.)
50c Sept.15 Sept. 10
12Xc Aug. 14 Aug. 4
6X% preferred (monthly)
Byron Jackson
50c Sept. 1 Aug. 15
40c Oct. 1 Sept. 15
Freeport Texas (quarterly)
Calamba Sugar Estates (quar.)
$131 Nov. 1 Oct. 15
35c Oct. 1 Sept. 15
Preferred (guar.)
7% pri ferred (guar.)
$131 Sept. 1 Aug. 23
Sept. 15 Aug. 31
37
General Cigar Co., pref. (guar.)
California Packing Corp
$131 Dec 1 Nov. 22
Preferred (guar.)
S13' Aug. 15 July 31
California Water Service Co. pref.(quar.)
45c Aug. 15 Aug. 1
(quar.)
Foods
Corp.
General
Sept.
20c
1
common
Aug.
Corp.,
15
Campe
25c Oct. .1 Sept. 14
50c Aug. 15 „Lily 31
Glidden Co.,com.(guar.)
Canadian Converters CO.. common (quar.)___ _
15c Oct. 1 Sept. 14
Extra
r$13..1 Sept. 1 Aug. 1
Canadian Hydro-Electric, pref. (guar.)
$131 Oct. 1 Sept. 14
Preferred (quar.)
Aug. 15 Aug. 1
12
Canadian Oil Cos., corn. (guar.)
40c Sept.10 Aug. 31
Golden Cycle (quar.)
$131 Oct. 2 Sept.20
Carnation Co..7% pref. (guar.)
131% Oct. 1 Sept.20
$1 N Jan. 1 Dec. 20
Gottfried Baking Co., Inc., preferred (quar.)
Preferred (guar.)
131% Jan. 2 Dec. 20
Preferred (guar.)
31X 4-1-35 Mar. 20
Preferred (quar.)
$3 Dec. 29 Dec. 27
Grace(N.R.)6% first pref. (semi-annual)
$1 N 7-1-35 June 20
Preferred (guar.)
75c Sept. 1 Aug. 10
cony.
pref.
Oct.
1
(quar.)
Grand
Union
Co.,
S3
(guar.)
Sept. 24
Carolina Telephone & Telegraph
16131 Sept. 1 Aug. 7
Aug. 25 Aug. 15
Great Atlantic & Pacific Tea (guar.)
Casey Jones
25c Sept. 1 Aug. 7
25c Aug. 31 Aug. 15
Extra
Caterpillar Tractor Co
75c Aug. 15 July 31
$131 Sept. 1 Aug. 7
Preferred (quar.)
Cedar Rapids Mfg. & Power Co.(quar.)
25c Aug. 15 Aug. 4
Great Lakes Dredge & Dock Co.(quar.
Central Cold Storage Co. common (quar.) _ _ 123.lc Aug. 15 Aug. 5
Aug. 15 July 31
$1 Aug. 15 Aug. 5
Great Western Electro-Chemical (quar.
Central Massachusetts Lt.& Pow.,6% pref.(qu.) $1
of
Great Western Ry. (initial)
Central Mississippi Valley Electric6% pref.(qu.) $13.1 Sept. 1 Aug. 15
% Oct. 2 Sept. 15
1i e0
1c
10c Aug. 15 Aug, 5
Great Western Sugar. cons. (guar.)
Centrifugal Pipe Corp. (guar.)
10c Nov. 15 Nov.
$1.31 Oct. 2 Sept. 15
Preferred (quar.)
Quarterly
31 Oct. 6 Sept.22
Green & Coats Street. Phila. Passenger Ry.. prof_
SIN Sept. 1 Aug. 20
Century Ribbon Mills. Inc.. preferred (guar.). _
10c Aug. 15 Aug. 1
$131 Oct. 1 Sept. 21
Greyhound Corp., 7% cum. pref. A (quar.)
Chain Belt Co., common (guar.)
Aug. 15 July 29
Aug. 15 Aug. 10
Guggenheim & Co., 1st pref. (guar.)
Champion Coated Paper Co.,common (guar.)._
510c Aug. 15 July 31
$131 Sept.15 Aug. 31
Gulf States Utilities, $531 pref. (quar.)
Champlain Oil Products, corn. (initial)
$1X Sept.15 Aug. 31
15c Aug. 15 July 31
Preferred (guar.)
$6 preferred (quar.)
15c Sept. 1 Aug. 15
25c Sept. 1 Aug. 10
Hale Bros. Stores,Inc.(quar.)
Chicago Mail Order Co
15c Dec. 1 Nov. 15
25c Sept. 1 Aug. 20
Quarterly
Chicago Yellow Cab Co. (quarterly)
25c Sept.29 Sept. 1
rw$51.011%
Handley I'age, 10% partic. pref. reg
Chrysler Corp., common (quar.)
tiv10
1231c Aug. 15 Aug, 5
10% partic. pref.(Am.dep. rec.)
Cincinnati Advertising Products (extra)
Oct. 1 Sept.21
$13.1 Oct. 1 Sept.20
Harbauer Co., 7% preferred (guar.)
Cincinnati Union Terminal,4% pref.(quar.)
$IX Jan. 1 Dec 20
14 Jan. I Dec. 21
7% preferred (guar.)
4% preferred (guar.)
Sept. 1 Aug. 13
Co.
common.._
_
_
25c
Refractories
Sept.
Harbison
1
$13.1
Indianapolis
5%
pref.
(quar.)
Walker
of
Aug.
20
Gas
Citizens
$131 Oct. 20 Oct. 1
Preferred (guar.)
City of New Castle Water Co.,6% pref.(guard $134 Sept. 1 Aug. 20
13.' Sept. 1 Aug. 15
Hardesty (R.) Mfg.,7% pref.(guar.)
873,5c Sept. 1 Aug. 10
Cleveland & Pittsburgh. reg. gtd.(guar.)
Dec. 1 Nov. 10
87
13. Dec. 1 Nov. 15
7% preferred (guar.)
Registered guaranteed (quar.)
50c Sept. 1 Aug. 10
Hartford & Connecticut Western RR. Co.
Special guaranteed (quar.)
50c Dec. 1 Nov. 10
$I Aug. 31 Aug. 20
25' preferred (5.-a.)
Special guaranteed (guar.)
9c Aug. 31
75c Aug. 15 Aug. 1
Hartford Times,Inc.,partic. pref.(guar.)
Collateral Trust Shares of New York
18c Aug. 15 July 15
20c Aug. 31 Aug. 25
Hawaiian Agricultural (monthly)
Colonial Investment Shares, A
Aug. 15 July 20
75c Aug. 15 Aug. 4
Hawaiian Commercial Sugar (guar.)
Columbia Gas & Electric Corp..6% pref. A (qu.) $1
Aug. 15 July 20
$1
25c Sept.15 Sept. 1
Hazeltine Corp
5% preferred (guar.)
Aug. 15 Aug. 3
$13.1 Aug. 15 July 20
1.,,
c
Hercules Powder Co.. pref.(guar.)
5% cons'. preference (guar.)
Aug. 15 July 25
75c Sept. 1 Aug. 16a
Hershey Chocolate (guar.)
Columbia Pictures Corp., pref. (guar.)
Si Aug. 15 July 25
Commonwealth Utilities, 7% pref. A (guar.)... $13.1 Oct. 7 Sept.15
$4 cony. preferred (guar.)
10c Aug. 31 Aug. 24
1 Sept.15
$IX Oct
Hibbard, Spencer. Bartlett & Co.(mo.)
6% preferred B (quarterly)
10c Sept.28 Sept.21
Monthly
$1 Sept. 1 Aug. 15
Compania Swift International (s.-a.)
Aug. 15 July 30
50c Sept. 15 Sept. 8
Hickok Oil Co. (semi-annual)
Concord Gas Co..preferred (guar.)
Sept.30 Sept.25
r25c Sept.15 Aug. 24
Hiram Walker, Gooderham & Worts, pf.(qr.)._
Confederation Life Association (guar.)
$1 Dec. 31 Dec. 25
25c Sept. 1 Aug. 18
Hobart Mfg. Co., common (guar.)
Quarterly
Wilcox Rich Co. class A (guar.)
Williams (J. B.) (quar.)
Extra
62Xc Sept.30 Sept.20
50c Aug. 15 Aug. 6
25c Aug. 15 Aug. 6
11
1
Financial Chronicle
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Hollander(A.)& Sons.Inc..common (quar.)_-- 1254c Aug. 15 July 31
Hollinger Consol. Gold Mines,Ltd.(monthly)-% Aug. 13 July 27
Extra
Aug. 13 July 27
Holophane,Inc.. pref.(s-a)
Oct. 1 Sept.15
Honolulu Gas (monthly)
150 Aug. 20 Aug. 11
Hooven & Allison, _preferred (quarterly)
5154 Sept. 1 Aug. 15
Hormel (Geo.A.)& Co.,common (guar.)
25c Aug. 15 July 28
6% class A preferred (guar.)
$154 Aug. 15 July 27
$154 Sept. 1 Aug. 11
Horn & Ilardart Co.(N• Y.).7% pref. (quar.)
Huntington Water Corp., 7% pref. (guar.)---- $154 Sept. 1 Aug. 11
$134 Sept. 1 Aug. 11
6% preferred (quarterly)
Illuminating & Power Security Corp.
7% preferred (guar.)
$151 Aug. 15 July 31
Imports' Life Assurance (guar.)
Oct. 1
Quarterly
Jan
1
Imperial Tobacco of Gt. Britain & Ireland
734% Sept. 1 Aug. 16
Amer. clap. rec. for ord. rag
734% Sept. 8 Aug. 16
Industrial& Power Securities, corn.(qr.)
- 15c Sept. 1 Aug. 15
Extra
Sc Sept. 1 Aug. 15
Ingersoll-Rand Co., common
50c Sept. I Aug. 6
Inland Steel Co
25c Sept. 1 Aug. 15
International Business Mach. Corp.(quar.)---- $1
Oct. 10 Sept.22a
International Harvester, pref. (guar.)
Sept. 1 Aug. 4
$1
Interstate Hosiery Mills (guar.)
SOc Aug. 15 Aug. 1
Quarterly
500 Nov. 15 Nov. 1
International Milling, original ser., pref. (titian) $1.51 Sept. 1
Series A. preferred (guar.)
$154 Sept. 1
Intertype Corp., 1st pref.(guar.)
$2 Oct. I Sept.14
Investment Corp. of Phila. (guar.)
50c Sept.15 Sept. 1
iron Fireman Mfg. Co.. com.(guar.)
20e Sept. 1 Aug. 10
Common (guar.)
20c Dec. 1 Nov. 10
Jefferson Standard Life Ins.
1 Sept. 21
$151 Oct
Kalamazoo Vegetable Parchment Co. (quar.)-15c Sept.30 Sept.20
Quarterly
15c Dec. 31 Dec. 20
•
Rekoha Sugar (monthly)
20c Sept. 1 Aug. 25
Kelvinator Corp
1234c Oct. 1 Sept. 5
Kelvinator of Canada Ltd..7% pref. (quar.)
$IM Aug. 15 Aug. 4
Kendall Co.cum.& partic. pref..ser. A (guar.)- $134 Sept. 1 Aug. 10a
Keokuk Electric 6% preferred (guar.)
$134 Aug. 15 Aug. 10
Keystone Custodian Fund. series E-2
7.54c Aug. 15 July 31
Klein (Emil D.) Co..common (guar.)
250 Oct. 1 Sept. 20
Kroger Grocery & Baking.coin.(guar.)
40c Sept. 1 Aug. 10
6% 1st preferred (guar.)
$134 Oct. 1 Sept. 20
7% 2d preferred (guar.)
5151 Nov. 1 Oct. 19
Landers. rrarY & Clark.com.(quar.)
3734c Sept.30
Common (quar.)
3734c Dec. 31 .
Landis Machine. pref. (guar.)
$151 Sept.15 Sept. 5
Preferred (guar.)
$1114 Dec. 15 Dec. 5
Lanston Monotype Machine Co.(guar.)
$1 Aug. 31 Aug. 21
Lehigh Power Securities Corp.(guar.)
250 Sept. 1 Aug. 17
Lehn & Fink Products,common
37%c Sept. 1 Aug. 15
Lerner Stores. 634% pref
h$1 5I Aug. 17 Aug. 10
Libbey-Owens-Ford-Glass Co.,com.(quar.)---30c Sept. 15 Aug. 31
Life Savers Corp.(quar.)
40c Sept. 1 Aug. 1
Liggett & Myers Tobacco Co., corn. (quar.)--$1 Sept. 1 Aug. 15
Class B (quarterly)
$1 Sept. 1 Aug. 15
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
30c Nov. 1 Oct. 26
Lindsay Light Co., corn
10c Aug. 13 Aug. 4
Link Belt Co.,common (guar.)
113c Sept. 1 Aug. 15
Preferred (guar.)
$134 Oct. 1 Sept. 15
Little Miami RR.special guaranteed (qUar.)50c Sept.10 Aug. 25
Special guaranteed (quar.)
50c Dec. 10 Nov. 24
Original guaranteed guar.)
$1.10 Sept.10 Aug. 25
Original guaranteed guar.)
$1.10 Dec. 10 Nov. 24
Loblaw Groceterias Co.,class A & B (guar.).--25c Sept. 1 Aug. 14
Lock Joint Pipe,8% pref. (guar.)
$2 Oct. 1 Sept. 20
Loew's. Inc.. $654 pref. (guar.)
$134 Aug. 15 July 28
Loose-Wiles Biscuit Co. 1st preferred (guar.)-- $154 Oct. 1 Sept. 18
Lord & Taylor, 1st pref. (guar.)
$134 Sept. 1 Aug. 17
Los Angeles Gas & Elec..6% pref.(guar.)
$134 Aug. 15 July 31
Louisville & Nashville RR. Co
$134 Aug. 25 July 31
Ludlow Mfg. Assoc.(guar.)
$134 Sept. 1 Aug. 4
Lunkenheirner Co.(quarterly)
1234c Aug. 15 Aug. 4
634% preferred (guar.)
$154 Oct. 1 Sept.21
634% preferred 'guar.)_
_ _ - - $154 Jan. 2 Dec. 22
Luzern° County Gas & Electric,$71st
$154 Aug. 1 July 31
- -- -----$6 first preferred (guar.)
$154 Aug. 15 July 31
Lynch Corp.(quarterly)
50c Aug. 15 Aug. 4
MacMillan Co.(guar.)
25c Aug. 15 Aug. 15
Macy(R. H.)& Co..common (quar.)
50c Sept. 1 Aug. 10
$l% Aug. 15 Aug. 5
Magnin (I.) & Co., preferred (guar.)
Preferred (quar.)
$134 Nov. 15 Nov. 5
Managed Investments (quarterly)
5c Aug. 15 Aug. 1
Manhattan Shirt Co. (guar.)
15c Sept. 1 Aug. 8
Manufacturers Casualty Ins.(guar.)
3754c Aug. 15 Aug. 1
Matson Navigation (guar.)
$154 Aug. 15 Aug. 10
May Department Stores (quar.)
40c Sept. 1 Aug. 15
May Hosiery Mills $4 cum. liref
/4354 Sept. 1 Aug. 15
McClatchy Newspapers, 7% pref. (guar.)
4331c Aug. 31 Aug. 30
7% preferred (quarterly)
435jc Nov.30 Nov. 29
McColl-Frontenac Oil. corn. (guar.)
r20c Sept.15 Aug. 15
McIntyre Porcupine Mines, Ltd. (guar.)
50c Sept. 1 Aug. 1
Meadville Telep. Co.(guar.)
3754c Aug. 15 July 31
Mercantile Stores. 7% pref. (quarterly)
$154 Aug. 31 July 31
Metro-Goldwyn Pictures, pref.(guar.)
4751c Sept.15 Aug. 31
Michigan Cooperage
e5% Aug. 31 Aug. 15
Minneap.-Honeywell Regulator Co.,com.(qu.)5 c Aug. 15 Aug. 4
Common (extra)
50c Aug. 15 Aug. 4
Models Oils, Ltd
3c Aug. 18 July 28
Mohawk Mining Co. (liquidating)
$1 Aug. 31 Aug. 11
Monmouth Consol Water. 7% pref. (quar.)-.. 3154 Aug. 15 Aug. 1
Monsanto Chemical Co.(guar.)
250 Sept.15 Aug. 25
Montreal Light. Heat & Power Co. (quar.)- --52 Aug. 15 July 31
Moody's Investors Service, pref. (guar.)
75c Aug. 15 Aug. 1
Moore Dry Goods Co.(quar.)
$114 Oct. 1 Oct. 1
Quarterly
$lit Jan. 1 Jan. 1
Morris 5 & 10c. Stores. 7% pf.(guar.)
$1
Oct. 1 Sept.20
Morris Plan Ins.Soc.(guar.)
Sept. 1 Aug. 25
Quarterly
$1 Dec. 1 Nov. 26
Morse Twist Drill & Machine Co.(guar.)
50c Aug. 15 July 26
Muncie Water Works Co., 8% pref. (guar.)
2 Sept.15 Sept. 1
Muskogee Co..6% pref. (guar.)
$154 Sept. 1 Aug. 13
Mutual Chem.of America, pref.(guar.)
$154 Sept.28 Sept.20
Preferred (quar.)
114 Dec. 28 Dec. 20
Mutual Telephone (Hawaii).(mo.)
Sc Aug. 20 Aug. 10
National Bellas Iless Co., pref. (liquidating)- 5334 Aug. 15 July 31
National Biscuit Co.. coin. (guar.)
50c Oct. 15 Sept. 14
Preferred (guar.)
5134 Aug. 31 Aug. 17
National Container Corp..common
50c Sept. 1 Aug. 15
Preferred (quar.)
50c Sept. 1 Aug. 15
Preferred
h50c Sept. 1 Aug. 15
Preferred (guar.)
50e Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Lead Co..com.(guar.)
$154 Sept. 29 Sept. 14
Preferred A (quarterly)
$154 Sept.15 Aug. 31
Preferred 13 (quarterly)
$154 Nov. 1 Oct. 19
National Liberty Insurance Co. (8.-a.)
lOc Aug. 13 Aug 1
Extra
Sc Au.. 13 Aug. 1
National Life & Accident (guar.)
30c Sept. 1 Aug. 20
National Linen Service, $7 pref. (8.-a.)
$334 Sept. 1 Aug. 20
National Power & Light (quar.)
20c Sept. 1 Aug. 6
National Telep. & Teleg.. class A (guar.)
150 Sept. 1 Aug. 16
Newberry J. J. Co..7% pref.(Quer.)
$154 Sept. 1 Aug. 16
New Jersey Insurance(semi-annual)
80c Aug. 21 Aug. 8
New Rochelle Water 7% cum. pref. (quar.)__ _ - $154 Sept. 1 Aug. 20
New York Steam.com.(guar.)
30c Sept. 1 Aug. 15
Nineteen Hundred Corp., class A (quar.)
50c Aug. 15 Aug. 1
Class A (quarterly)
50c Nov. 15 Nov. 1
Class B (quarterly)
250 Aug. 15 Aug. 1
Nipissing Mines
Aug. 15 Aug 1
Norfolk & Western Ry.common (guar.)
2 Sept.19 Aug. 31
Adjustment preferred
1 Aug. 18 July 31
I.
12T
Name of Company.
885
When Holders
Per
Share. Payable, ofRecord.
North American Edison Co. preferred (quar.)-- $134 Sept. 1 Aug. 15
750 Sept. 1 Aug. 15
Northam Warren Corp., pref. (quar.)
Si Sept. 1 Aug. 21
Northern RR. of N. J.. 4% gtd• (quar.)
$1 Dec. 1 Nov.21
4% guaranteed (quar.)
Norwalk Tire & Rubber Co.(Conn.)
Preferred (quarterly)
8714c Oct. 1 Sept.21
Oct. 1 Sept.20
Norwich Pharmacal Co. (quar.)
QQuarterly1
Jan. 1 Dec. 20
1
Sept. 1 Aug. 15
$1
Nova Scotia Light& Power(quar.)
15c Aug. 15 Aug. 10
Oahu Ry.& Land (monthly)
10c Aug. 14 Aug. 6
Oahu Sugar Ltd.(monthly)
30c Aug. 15 Aug. 4
Occidental Insurance Co.. initial (guar.)
Ohio Power Co.,6% pref. (guar.)
$134 Sept. 1 Aug. 7
$154 Sept.15 Aug. 31
Oklahoma Gas & Electric, 7% pref. (quar.)
Sept.15 Aug. 31
67. preferred (guar.)
Nov. 1 Oct. 20
Old Colony Insurance Co.(quarterly)
20c Aug. 20 Aug. 10
Onomea Sugar (monthly)
25c Oct. 1 Sept.20
Ontario Mfg. Co. common (guar.)
$154 Oct. 1 Sept. 20
Preferred (guar.)
50c Sept. 1 Aug. 20
Oshkosh Overall $2 cony. pref.(guar.)
$2g Aug. 20 Aug. 8
Oswego & Syracuse RR.(semi-annual)
75c Aug. 15 July 30
Owens-Illinois Glass Co.. corn
Pacific Gas & Electric Co.6% preferred (quar.)- 3734c Aug. 15 July 31
3434c Aug. 15 July 31
534% preferred (guar.)
750 Aug. 15 July 20
Pacific Lighting Corp.common (guar.)
75c Aug. 20 Aug. 10
Parker Rust Proof, common (guar.)
e10% Aug. 20 Aug. 10
Common
8734c Sept. 1 Aug. 20
Pander (David) Grocery Co., class A (quar.)
50c Sept.15 Sept. 1
Penick & Ford, Ltd., corn. (quarterly)
Peninsular Telephone Co..7% pref.(guar.)_ _ _ 51 .4 Aug. IS Aug 4
750 Aug. 15 Aug. 6
Penmans. Ltd..common (guar.)
$154 Sept. 1 Aug. 20
Penn State Water $7 preferred (guar.)
Pennsylvania Gas & Electric Corp.
3734c Sept. 1 Aug. 20
Common class A (guar.)
$131 Oct. 1 Sept.20
7% preferred (quarterly)
$1,1 Oct. 1 Sept.20
$7 preferred (quarterly)
55c Sept. 1 Aug. 20
Pennsylvania Power Co.. .60Pre:(mo.)
$134 Sept. 1 Aug. 20
$6 preferred (quarterly)
50e Sept.15 Aug. 1
Pennsylvania RR. Co
$1% Sept. 1 Aug. 31
Peoples Telep.(Butler,Pa.)7% pref.(quar.)
$154 Oct. 1 Sept.25
Peterborough RR.(semi-ann.)
$1.% Oct. 1 Sept. 1
Philadelphia Co., $5 cum. pref. (guar.)
$134 Oct. 1 Sept. 1
$6 cum. preferred (guar.)
250 Sept. 1 Aug. 10
5% preferred (s.-a.)
50c Oct. 1 Sept. 5
Philadelphia Elec.Power Co.8% pref.(quar.)-Sept. 1 Aug. 11
Philadelphia Suburban Water.6% pt.(qu.)_- $1
250 Sept. 1 Aug. 6
Phillips Petroleum Co
50c Oct. 10 Oct. 1
Phoenix Finance. pref. (guar.)
50e Jan. 10 Jan.115
Preferred (quar.)
8734c Sept. 1 Aug. 20
Phoenix Hosiery 7% first preferred
50c Sept. 1 Aug. 15
Photo Engravers & Electro, Ltd
40c Sept. 1 Aug. 15
Pillsbury Flour Mills (guar.)
20c Oct. 1
Pioneer Gold Mines of Brit. Columbia (quar.)_ _
_
750 Oct. 1 Sept.15
Pittsburgh Bessemer & Lake Erie R.R.
Oct. 2 Sept.10
Pittsburgh FortWayne & Chicago R.R.(quar.). $1
Jan. 1 Dec. 10
$1
Quarterly
Oct. 2 Sept.10
(quar.)
7
Jan. 1 Dec. 10
7 preferred (guar.)
Pittsburgh Youngstown & Ashtabula R.1t.$151 Sept. 1 Aug. 20
7% preferred (guar.)
$154 Dec. 1 Nov.20
7% preferred (attar.)
15c Sept. 1 Aug. 15
Pleasant Valley Wine Co.,com.(guar.)
3c Sept. 1 Aug. 15
Plymouth Fund. A
1;i Sept.15
Pollock Paper & Box Co., pref. (guar.)
14 Dec. 15
Preferred (quarterly)
50c Aug. 31 Aug. 20
Portland & Ogdensburg Ry.. gtd.(luar'?
$134 Sept. 1 Aug. 15
Potomac Electric Power,6% pref. guar.
$154 Sept. 1 Aug. 15
534% preferred (guar.)
Powell River. 7% preferred
$154 Sept. 1
Dec. 1
7% preferred
3736e Aug. 15 July 25
Procter & Gamble Co.,com•(guar.)
70c Sept.29 Sept. 1
Public Service Corp. of N. J. common (quar.)
$2 Sept.29 Sept. 1
8% preferred (guar.)
$1% Sept.29 Sept. 1
7% preferred (guar.)
$1 g Sept.29 Sept. 1
$5 preferred (guar.)
50c Aug. 31 Aug. 1
6% preferred (monthly)
50c Sept.29 Sept. 1
6% preferred (monthly)
Oct. 1
Public Service Corp. of Texas, pref
$I
750 Aug. 15 July 24
Pullman, Inc. (quar.)
Quaker Oats Co..6% preferred (guar.)
$114 Aug. 31 Aug. 1
r25c Aug. 15 July 25
Quebec Power Co. (guar.)
e2% Aug. 15 Aug. 2
Railway Corp
Reading Co.. 1st preferred (guar.)
50c Sept. 13 Aug. 23
50c Oct. 11 Sept. 20
2d preferred (quar,)
20c Nov. 10 Oct. 31
Republic Insurance. Texas (quar.)
250 Oct. 5 Oct. 2
Republic Supply Co.(quar.)
250 Sept. 1 Aug. 15
Reynolds Metal Co.. Inc., common (quar.)-Rich's Inc.. 654°7 preferred (quar.)
$134 Sept.29 Sept.15
Rochester Gas & Elec.,6% pref. C & 13 (guar.)._ 5134 Sept. 1 July 27
34 Sept. 1 July 27
7% preferred B (guar.)
Rolland Paper,Ltd.,6% pref.(guar.)
$134 Sept. 1 Aug. 15
Sc Aug. 27 Aug. 10
Royalties Management Corp
Rutland & Whitehall RR
$135 Aug. 15 Aug. 1
Aug. 15 Aug. 1
Safety Car Heating & Lighting Co
Aug. 15 Aug. 1
San Carlos Milling(monthly)
30c Aug. 15 Aug. 6
Scotten Dillon Co
4234c Sept.30 Sept.15
Scott Paper Co., common (guar.)
1534c Aug. 15 Aug. 4
Seaboard Ins. Co.(Bait)(quar.)
150 Sept. 15 Sept. 1
Seaboard Oil of Delaware (quarterly)
10c Sept. 15 Sept. 1
Extra
75c Sept. 1 Aug. 15
Second Investors Corp. (R.I.) pref. (quar.)- -Shawinigan Water & Power Co. common (guar.) r13c Aug. 15 July 25
Shenango Valley Water.6% pref. (guar.)
Sept. 1 Aug. 26
Dec. 1 Nov. 20
6% Preferred (quar.)
Sept. 1 Aug. 15
Sherwin-Williams, pref. (quar.)
75c Aug. 15 July 31
Common (quar.)
Aug. 15 Aug. 14
Sioux City Stockyards Co., pref. (quar.)
Preferred (guar.)
Nov.15 Nov.14
Smith (Fi Morgan) Co.(guar.)
Nov. I
Smith (A. 0.) Corp., preferred (guar.)
$154 Aug. 15 Aug. 1
Solvay Amer. Investment Corp., pref. (quar.)_. 5154 Aug. 15 July 16
South American Gold & Platinum Co
hlOc Sept.25 Sept.15
South Carolina Power Co.$6 pref.(guar.)
$135 Oct. 1 Sept. 15;
Southern Acid & Sulphur (quar.)
50c Sept.15 Sept.10
7% preferred (guar.)
$151 Oct. I Sept.10
Southern Calif. Edison Co.. Ltd.,common(qu.) 3734c Aug. 15 July 20
7% series A preferred (guar.)
4354c Sept.15 Aug. 20
6% series B preferred (guar.)
3734c Sept.15 Aug. 20
Southern Canada Power Co.. Ltd.. com.(qu.)-20c Aug. 15 July 31
Southern Pacific Golden Gate, A & B (quar.)
3734c Aug. 15 JulYI 31
6% preferred (quar.)
Aug. 15 July 31
$
Southern Pipe Line Co
iSa Sept. 1 Aug. 15a
Mouth Pittsburgh Water.5% pref.(8.-a.)
$16 Aug. 20 Aug. 10
Stamford Water (quar.)
Aug. 1 Aug. 4
Standard Coosa Thatcher (quar.)
1234c Oct. 1 Sept. 20
7% preferred (guar.)
$134 Oct. 15 Oct. 15
Standard Oil Co. of Calif. (guar.)
250 Sept.15 Aug. 15
Standard Oil Co. of Kansas (Delaware) (quar.)_
50c Oct. 31 Oct. 1
Stanley Securities
$4 Aug. 15 Aug. 7
Stanley Works,65' preferred (guar.)
3734c. Aug. 15 Aug. 1
Sterling Products.Inc.(quar.)
95c Sept. 1 Aug. 15a
Strawbridge & Clothier,6% pref. A (guar.) _ $134 Sept. 1 Aug. 16
Sun Oil Co.common (guar.)
25c Sept.15 Aug. 25
Preferred (guar.)
$134 Sept. 1 Aug. 10
Susquehanna 'Utilities. 6% pref. (quar.)
$154 Sept. 1 Aug. 20
Sutherland Paper Co. common
10c Sept. 1 Aug. 21
Sylvania Industrial Corp.(quar.)
250 Sept.15 Sept. 5
Syracuse Lighting. 8% pref. (quar.)
$2 Aug. 15 July 20
$I
634% preferred (quarterly)
Aug. 15 July 20
6% preferred (quarterly)
$14 Aug. 15 n.y 20
Tampa Electric (guar.)
Aug. 15 July 31
Preferred A (guar.)
$15‘ Aug. 15Vuly 31
preferred
I
II
II
Financial Chronicle
886
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Telephone Investment Corp. (monthly)
20c
Monthly
20c
Tennessee Elect. Pow.Co..5% Prat (guar.)---- $131
67 preferred (guar.)
$1
75 preferred (guar.)
$1
7.2% preferred (guar)
$1.
6% preferred (monthly)
50c
671weferred (monthly)
50c
60c
7.2 a preferred (monthly)
60c
7.2 a preferred (monthly)
Terre Haute Water Works,7% pref.(quar.)---- SIX
Texas Gulf Sulphur (quar.)
50c
Thatcher Mfg. Co., pref.(quar.)
90c
Thayers, Ltd
25c
Third Twin Bell Syndicate (bi-mo.)
10c
Tide Water Oil Co.5% pref.(quar.)
$lx
Tide Water Power,$6 preferred
hg231
Timken Roller Bearing Co.(quar.)
25c
Toburn Gold Mines (quar.)
2c
Trans-Lux Daylight Picture Screen Corp
10c
Tri-State Telep. & Teleg., 6% pref. (quar.)--15c
Trustee Food Shares, series A.
13c
United Biscuit Co.of Amer.,com.(quar.)
40c
Preferred (quarterly)
$1.4
United Corp., $3 preference (quar.)
75c
United GasImprovement(guar.)
30c
5% preferred (quar.)
$131
I. nited Light & Rys.,7% prior prf. (monthly)
58 1-3c
,7% prior preferrod (monthly)
58 1-3c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
United N. J. RR.& Canal (quar.)
$2N
Quarterly
$234
United States Electric Light & Power. B (quar.)
3c
United States Envelope, common
$234
Preferred (s.-a.)
$3 3i
United States Freight Co. common (quar.)
25c
U.S.Petroleum Co.(quar.)
IC
Quarterly
lc
U.S.Pipe & Foundry Co.,corn.(quar.)
1234c
Common (quar.)
1234c
Preferred (quar.)
Preferred (quar.)
30c
United States Playing Card (quar.)
25c
Extra
25c
United States Steel Corp. pref.(quar.)
%
United Stores Corp. preferred (quar.)
8131c
Upper Michigan Pow.& Lt.,6% pref. (quar.)
$1
6% preferred (quer.)
$1
6% preferred (guar.)
$1
Upressit Metal, preferred (quar.)
Utica Clinton & Binghamton,debenture (s.-a.)- $234
Utica Gas & Electric Co.7% pref.(quar.)
$l%
Sept. 1 Aug. 20
Oct. 1 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept.15
Sept. 1 Aug. 20
Sept. 15 Sept. 1
Aug. 15 July 31
Sept. 1 Aug. 15
Aug. 30 Aug 2
Aug. 15 Aug 1
Sept. 1 Aug. 10
Sept. 5 Aug. 17
Aug. 22 July 28
Aug. 31 Aug. 15
Sept. 1 Aug. 15
Aug. 15 July 3
Sept. 1 Aug. 9
Nov. 1 Oct. 16
Oct. 1 Sept. 4
Sept. 29 Aug. 31
Sept. 29 Aug. 31
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 July 16
Oct. I Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept.15
Oct. 10 Sept. 20
Jan. 1 Dec. 20
Aug. 15 July 31
Sept. 1 Aug. 18
Sept. 1 Aug. 18
Sept. 1 Aug. 21
Sept.10 Sept. 5
Dec. 10 Dec. 5
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 1 Sept.20
Oct. 1 Sept.20
Aug. 30 Aug. 2
Sept.15 Aug. 25
Aug. 15
Nov. 15
Jan. 1
Oct. 1 Sept. 15
Dec. 26 Dec. 26
Aug. 15 Aug. 1
Aug. 11 1934 •
When Holders
Per
Share. Payable. ofRecord
Name of Company.
Van Raalte Co. Inc., 1st pref. (quar.)
$134 Sept. 1 Aug. 16
Vapor Car Heating Co.. Inc.. 7% pref
h$33i Sept.10
Vick Chemical Co.(quar.)
50c Sept. 1 Aug. 16
10c Sept. 1 Aug. 16
Extra
Vick Financial Corp. common (semi-ann.)
7Mc Aug. 15 Aug. 1
Virginia Coal & Iron (quar.)
25c Sept. 1 Aug. 15
Virginia Elec. & Power Co. pref.(guar.)
$1% Sept.20 Aug. 31
134A, Oct. 20 Oct. 10
Vulcan Detinning Co.. preferred (guar.)
Sept. 1 Aug. 15
Washington By. & Electric (quar.)
Sept. 1 Aug. 15
5% preferred (guar.)
Aug. 15 Aug. 15
Watab Paper,8% pref. (quar.)
Sept. 1 Aug. 1
Weill & Co.,8% pref(5.-a.)
Wesson Oil & Snowdrift Co., Inc.—
$1 Sept. 1 Aug. 15
$4 convertible preferred (quarterly)
Oct, 15
1
Western Canadian Collieries
Aug. 20 Aug. 1
Western Cartridge 6% pref. (quar.)
30c Oct. 1 Sept.15
Westmoreland. Inc.(quar.)
West Penn Electric Co..7% pref.(quar.)
$134 Aug. 15 July 20
6% preferred (quar.)
$134 Aug. 15 July 20
Westvaco Chlorine Products Corp. corn. (quar.)
10c Sept. 1 Aug. 15
West Virginia Pulp & Paper Co. preferred (qu.)_ $135 Aug. 15 Aug. 1
$131 Sept. 15 Sept. 5
Weyenberg Shoe Mfg.. preferred (quar.)
Preferred (quarterly)
$1% Dec. 15 Dec. 5
Will & Baumer Candle Co. common (quar.)_ _ _ _
10c Aug. 15 Aug. 2
Williamsport Water $6 pref.(quar.)
$135 Sept. 1 Aug. 20
Winstead Hosiery (quar.)
$131 Nov. 1 Oct. 15
Woodley Petroleum Co
110% Sept.30 Sept. 15
Sept. 1 Aug. 10
Woolworth (F. W.) Co.(quar.)
$134 Aug. 15 Aug. 6
Worcester Salt. 6% preferred (quar.)
25c Sept. 1 Aug. 20
Wrigley (Win.) Jr. Co. (monthly)
25c Oct. 1 Sept.20
Monthly
15c Oct. 1 Sept.21
Yale & Towne Mfg. Co.(quar.)
Eichange
has
ruled
Stock
that
will not be quoted
York
stock
New
t The
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tots date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payable in common stock. g Payable in scrip. h On account of accumulated dividends. j Payable in preferred stock.
in Any holder of Standard Fruit & S. S. Corp., cumulative $7 pref.
stock who presents the same for conversion into participation preference
stock and common stock on or before the date last mentioned will thereby
become a holder of record of participating preference stock, entitled to share
in such dividend.
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.
s Blue Ridge Corp. has declared the reg. quar. div. on its opt. $3 cony.
pref. stk., ser. of 1929, at the rate of 1-32d of one sh. of the corn, stk. of
the corp. for each sh. of such pref. stk., or, at the opt, of such holders
(providing written notice thereof is received by the corp. on or before Aug.
15 1934) at the rate of 75 cents per sh. in cash.
to Payable in U. S.funds. o A unit. to Less depositary expenses.
Less tax. o 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:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug.8 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUG. 4 1934.
Clearing House
Members.
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City Bank. ___
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co_
First National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Totals
• Surplus and
Undivided
Pro/Us.
•Capital.
Net Demand
Deposits,
Average.
21,000,000
15,000,000
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
5
IS
9,928,100
96,655,000
31,931,700
302.453.000
38,018,700 0917,606,000
48,945,300
317,472,000
177,466,200 51,011,143.000
10,297,500
240,114,000
61,312,500
553,800,000
16,170,300
177,728,000
88,495,500
361,311,000
57,693,500
377,285,000
3,507,900
27,705.000
66,520,800 c1,280,084,000
3,251,600
42,416,000
60,009,000 d594,726,000
8,206.000
17,534,000
7,346,200
51,871,000
21,714,500
218,558,000
7,564,500
49,914,000
4,932,400
46,217,000
$
11,060,000
31,463,000
176,315,000
26,319,000
56,120,000
101,647,000
27,451,000
21,798,000
15,106,000
12,893,000
2,891,000
77,665,000
852,000
24,136,000
259,000
5,049,000
19,484,000
1,749,000
33,992,000
614,955,000
723,312,200 6,684,592,000
646,249,000
$
6.000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
* As per official reports: National, June 30 1934; State, June 30 1934; trust
companies, June 30 1934.
Includes deposits in foreign branches: (a) $205,507,000; (9) 557,425,000; (c) $74,404,000; (d) 519,284.000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Aug. 3:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 3 1934.
Cash.
$
71,400
84,628
$I
1,671,000
542,543
Brooklyn—
PertnIcem TR.Innal
75 AfIll
512 AM
4 7A7 nnn
Gross
Deposits.
—
$
5
1,794,600 22,381,100
51.237 3,092,941
A41 nnn
el OKI nnn
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kincs County__ _ _
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
s
Gross
Deposits.
$
$
52,958,500
6,589,163
8,104,430
16,344,400
29,222,000
67,362,434
$
$
*2,997,000 11,542,200
99,078
492,968
*1,594,437
265,774
*2,576,500 1,594,900
*6,007,400
481,500
7.179,140 16,340,917
1,257,400 56,565,300
633,210 6,153,262
62,385 7,918.985
1,618,900 17,308,000
33,269.400
62,495,017
89,970,000
26 640.282
2,341,000 20,608,000
1.814.577 6.093_322
276,000 98,228,000
25 814 095
* Includes amount with Federal Reserve as follows: Empire, $1,959,100; Fiduciary, $1,369,929; Fulton, $2,442,800. Lawyers County, 85,320,900.
258,204,000
631,839,000
7,541,000
75,462,000
1,791,365,000 1.773,306,000
1,855,000
2,097,000
973,046,000
3,067,000
1,695,000
10,239,000
1,672,000
10,223,000
14,611,000
31,038,000
11,934,000
11,895,000
45,649,000
1,931,000
20,000
1,937,000
2,316,000
165,751,000
396,944,000
215,060,000
165,752,000
395,159,000
216,844,000
178,897,000
272,472,000
306,622,000
777,755,000
777,755,000
757,991,000
35,000
35,000
1,262,000
Total bills and securities
791,675,000
791,622,000
807,218,000
Gold held abroad
Due from foreign 1=33
F. R. notes of other banks
Uneollected items
Bank premises
All other assets
1,192,000
1,192,000
4,216,000
92.066,000
11.455,000
34,823,000
4,068,000
111,596,000
11,455,000
33,602,060
1,463,000
4,176,000
84,287,000
12,818,000
26,196,000
Total reserves
Redemption fund—F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations.-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--
Other securities
3
2,728.889,000 2,728,696,600 1,912,271,000
Liabilities—
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cu.
Manhattan—
$
Grace National
23,619,100
Trade Bank of N. Y_
2,314,514
Assets—
s
3
Gold certificates on hand and due from
1,737,930,000 1,721,912,000
U. S. Treasury_x
Gold
976,000
1,809,000
Redemption fund—F. R. notes
51,626,000
50,418,000
Other cash
Total assets
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Aug. 8 1934. Aug. 1 1934, Aug. 9 1933.
Time
Deposits,
Average.
F. R. notes in actual circulation
646,966,000 650,933,000
32,312,000
32.946,000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve acc't 1,701,180,000 1.605,980,000
U. S. Treasury—General account---.
7,156,C00
76,669,000
Foreign bank
2,622,000
2.508,000
Other deposits
122,541,000 124,179,000
640,436,000
52,382,000
936,651,000
8,605,000
10,322,000
27,890,000
Total deposits_
Deferred availability items
Capital paid in
Surplus
Reserve for contingencies_
All other liabilities
983,468,000
78,980,000
58,532,000
85,058,000
1,667,000
11,748,000
1,833,499,000 1,809,336,000
89,606,000 106,816,000
59,472,000
59,474,000
45,217,000
45,217,000
4.737,000
4,737,000
19,237,000
17,080,000
Total liabilities
2,728,889,000 2,728,698,600 1,912,271,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
59.9%
72.2%
72.1%
Contingent liability on bills purchased
12,163,000
for foreign correspondents
356,000
166,000
•"Other cash" does not include Federal Reserve no es or a bane's own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference Itself haying been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
887
Financial Chronicle
Volume 139
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 9, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 8 1934.
Aug. 8 1934. Aug. 1 1934. July 25 1934. July 18 1934. July 11 1934. July 3 1934. June 27 1934. June 20 1934 Aug. 9 1933.
ASSETS.
s
3
$
$
$
$
$
$
$
Gold °Us. on hand & due from U. S-1.- 4,929,548,000 4,906,009,000 4,873,172,000 4,847,634.000 4,810,603,000 4,782,684,000 4.781,748,000 4,788,726,000 950,173,000
2,589,885,000
Gold
24,620,000
24,972,000
26,254,000
24,003,000
25,231,000
37,729,000
24,357,000
25,003,000
25,051,000
Redemption fund (F. R. notes)
219,961,000 225.891,000 235,327,000 228.824,000 231.324,000 211,608,000 237,803.000 232,810,000 248,833,000
Other cash •
5,173,866,000 5,155,903,000 5,133,119,000 5,101,461,000 5.066,978,000 5,019,523,000 5,044,523,000 5,047,790.000 3,826,620,000
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations.--Other bills discounted
Total bills discounted
Bills bought in open market
Industrial Advances
--
U.S.Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
2,347,000
2,105,600
2.304.000
2,996,000
3,504,000
4,187.000
4,335,000
4,352,000
8,839,000
3,628,000
16,922,000
4,130,060
17,240,000
4,346,000
16,952,000
5,536,000
17.716,000
4,140,000
18,544,000
4,571,000
24,417.000
6,732,000
20,283,000
• 6.760,000
21,196,000
37,412,000
118,856,000
20,550,000
21,370,000
21,298,000
23,252.000
22.684,000
28,988,000
27,015,000
27,956,000
156,268,000
5,200,000
28,000
5,206.000
5,000
5,271,000
5,259,000
5,259,000
5.317,000
5.215,000
5,200,000
7,636,000
467,799,000 467,809,000 468,094,000 467,805,000 467.820,000 467.807.000 469.253,000 472,206,000
1,257,759,000 1,252,320,600 1,252,308,000 1,252,331,000 1,227,107.000 1.221,884,000 1,219,172,000 1,192.609,000
441,796,000
736,083,000
706,202,000
711,651,000
711,650.000
711,651,000
736,852,000
742,099,000
741,849,000
765,365,000
870,401,000
Total U. S. Government securities.- 2,431,760,000 2,431,780.000 2,432,052,000 2,431,787.000 2,431.779.000 2,431.790,000 2.430,274,000 2,430.180,000 2,048,280,000
Other securities
465,000
471,000
519,000
1,861,000
512,000
527,000
440,000
483,000
483,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks.,...
Uncollected Items
Bank premises
Federal Deposit Insurance Corp. stock
All other resources
Total assets
2,457,978,000 2,458,826,000 2,459,092,000 2,460,781,000 2,460,205,000 2,466,607.000 2.463,023,000 2.463,863,000 2,214,045,000
3,124,000
16,519,000
377,518,000
52,753,000
3,124,000
17,298,000
438.558,000
52,727,000
3,128,000
18,700,000
399,143,000
52.728.000
3.139,000
18,980,000
459,915,000
52.719.000
3.138,000
20,361,000
429.215,000
52,717,000
3.129,000
15.585,000
478,866,100
.52,682,000
50,878,000
49,674,000
52,754,000
50,339,010
48,353,000
47.277,000
3.129,000
20.517,000
435,509,000
52,630,000
139,299,000
46.206,000
3,129,000
17,318.000
466,297,000
.52,630,000
139.299,000
44,247,000
4.020,000
15,822,000
331,005,000
54,452,000
51,384,000
8,134,983,000 8,178,215,000 8.120,968.000 8,150,330,000 8.084,471.000 8.087.856,000 8,209.171,000 8,238,925.000 6,506,187,000
LIABILITIES.
F. R. notes in actual circulation
F. R. bank notes In actual circulation
3,095,333,000 3,078,823,000 3,060,241,000 3,084,823,000 3.098.273.000 3,121,703,000 3.055.994,000 3,054,216,000 2,999,245,000
33,864,000
33,743,000
46,347,000
55,353,000 126,563,000
33,184,000
41,045,000
44,852,000
38,560,000
Deposits-Member bangs: reserve account 4059,070,000 3,914,813,000 4,020.030,000 3,987,312,000 3,902,098,000 3,745,739,000 3,836,536,000 3,768,556,000 2,375,866,000
U. S. Treasurer-General aocount_a
47,801,000
24.403,000
21,340,000
63.136,000 152,150,000 134,396,000 196,951,000
' 24,595,000 159,594,000
Foreign banks
6,864,000
7.885,000
30,922,000
5.767,000
4,484,000
6,978,000
5.285,000
5,211,000
4,530,000
Other deposits
202,280.000 211,978,000 211,851,000 216,693.000 217,700,000 227,241,000 219.281,000 219,943,000 164,407,000
Total deposits
Deferred availability items
Capital paid In
Surplus
Reserves(FDIC stock, Belt insurance. &e.)
Reserve for contingencies.-All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. It, note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
81-60 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 market81-60 days bills bought in open market...
61-90 days bills bought In open market.Over 90 days bills bought in open market
Total bills bought in open market
1-15 days U. S. certificates and bills
16-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bills
Over 90 days U. S. certificates and bills_
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
4,292,923.000 4,293.249,000 4,287,567,000 4.230,630,000 4,188,145,000 4,129,660,000 4,195.980,000 4,189,934,000 2,595,598,000
381,093,000
146,612,000
138,383,000
437,474,100
146,552,000
138,383,000
405,799,000
147,285,000
138,383,000
463.920,000
147,306,000
138,383,000
424.880.000
147,246,000
138,383.000
460.997,000
147.121,000
138,383,100
436,342,000
147,129,000
138.383.000
161,834.000
464,856,000
147.107.000
138,383,000
161.83' 000
22,541,000
24,914,000
22,540,000
27,330,000
22,540,000
25,410,000
22,541.000
24,167,000
22.540,000
23.959,000
22,540,000
22.600,000
27.162,000
27,242,.
,
0
328,816,000
146,243,000
278,599,000
12,105,000
19,018,000
8,134,983,000 8,178,215,000 8,120.968,000 8,150,330.000 8,084.471,000 8,087,856,000 8,209,171,000 8,238.925,000 6,506,187,000
70.0%
69.9%
69.9%
69.7%
69.5%
69.2%
69.6%
69.7%
68.4%
895,000
1.085,000
1,196.000
1,394,000
1,401,000
1,450,000
1,740,000
1.957.000
36,885,000
$
$
$
s
$
$
$
$
$
13,083,000
1,462,000
5,028,000
872,000
105,000
14,498,000
1,007,000
4,919,000
805,000
141,000
14,499,000
639,000
5,102,000
905.000
153,000
14,967,000
2,161,000
4,312,000
1,598.000
214,000
14,755.000
1,593,1,00
1.336,000
4.749.000
251.060
20,630,000
2,003,000
1.550.000
4,544.000
261,000
18,766,000
1,392,000
1,268,000
5.276.000
313.000
20.006,000
1,075,000
1,514,000
5,064,000
297,000
115,589,000
13,580,000
16,160,000
9,308,000
1,631,000
20.550,000
21,370,000
21,298,000
23,252,000
22,684.000
28,988,000
27,015.000
27,956,000
156,268,000
499,000
1,212,000
359,000
3,130,000
606,000
1,413,000
400,000
2,787,000
654,000
473,000
1,511,000
2,633,000
2,675,000
550.000
1,475.000
559,000
2,723.000
618,000
475,000
1,443,000
520,000
2.675,000
767,000
1,355.000
1,411,000
2,762,000
844,000
198,000
1,358.000
371.000
3,128,000
343,000
1,317,000
157,000
1,325,000
4,837,000
5,200,000
5,206,000
5,271,000
5,259,000
5,259,000
5.317,000
5,215.000
5,200,000
7,636,000
38,232,000
69,348,000
87,537,000
114,310,000
306,775,000
54,263,000
36,997,000
98,122,000
104,325,000
417,944,000
44.280,000
38,232,000
92,369.000
110,497,000
426,272,000
17.000.000
55,262,000
105,719,000
88,047,000
445,623,000
19,600.000
48,280.000
114.680,000
87,537,000
466,755,000
33,225,000
16.999,000
100,259,000
102,222,000
489,394,000
31,470,000
19.600,000
82.462.000
116,769,000
491,548,000
33,105.000
33,225,000
80,262.000
129,469.000
489,304,000
116,995,000
48,450,000
279,189.000
58,025,000
367,742.000
706,202,000
711,651,000
711,650,000
711,651,000
736,852,000
742,099.000
741.849.000
765,365.000
870,401,000
405,000
35,000
430,000
436,000
448,000
448,000
477,000
484,000
492,000
35,000
35,000
35,000
35,000
35,000
1,701.000
38,000
33,000
35,000
35,000
519,000
527,000
89,000
440,000
465,000
471,000
483,000
483,000
512,000
1,861,000
Federal Reserve NotesIssued to F. It. Bank by F. R. Agent..., 3,388,544,000 3,367,162,000 3,376,082,000 3.387,639.000 3,392,326.000 3,376,193,000 3,338,310.000 3,348.703,000 3,274,216,000
Held by Federal Reserve Bank
293,211,000 288,339.000 315,841.000 302,816,000 294,053,000 254,490,000 282,316,000 294,487,000 274.971,000
In actual circulation
3,095.333,000 3,078,823,000 3,060,241,000 3.084,823,000 3.098,273.000 3,121,703,000 3,055,994,000 3,054,216,000 2.999,245,000
Collateral Held by Agent as Security for
Notes Issued to BankGold cas. on hand & due from U.8. Tress)
By
3,134,156,000 3,098.156,000 3,118.656,000 3,113.656,000 3,115,156,000 3.093.656.000 3,073.656.000 3,102,871,000 11517054,000
BY gold and gold certificates
Gold fund-Federal Reserve Board
1239435,000
11,026,000
B eligible paper
10,831.000
10,263,000
12,457.000
11,626,000
18,071.000
15,725,000
16,245,000
97.207,000
281,500.000 297,400,000 293.000,000 309,000,000 302.000,000 305,000.000 292,000,000 267,000,000 475,700,000
U. S. Government securities
Tots collateral
3,425,919,000 3.406,387.000 3,422,682,000 3,435.113.000 3,428.782.000 3.416,727,000 3,381,381.000 3,386,116.000 3,329,396,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
These are certificates given by the U. 8. Treasury for the gold taken over from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
69.06 cents, these certificates being worth less to the extent of the differenoe, the different,e itself having been appropriated as profit by the Treasury under the provision.
of the Gold Reserve Act of 1934.
a Caption changed from "Government" to "U.8 Treasurer-General account" and $100.000,000 included in Government deposits on May 2 transferred to •43ther
deposits."
Aug. 11 1934
Financial Chronicle
888
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH 01? THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 8 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Boston. New York.
Total.
Phila.
Cleveland, Richmond Atlanta.
Chicago. St. Louis. Minneap. Ran.City. Dallas. San Fran.
$
$
s
$
a
$
s
$
s
s
s
RESOURCES.
$
$
3016 certificates on hand and due
from U.S. Treasury
4,929,548,0 391,730,0 1,737,930,0 270,321,0 376,615,0 161,599,0 110,491,0 1,047,396,0 170,937,0 120,922,0 172,201,0 87,361,0 282,045,0
868,0 1,108,0
914,0
513,0 4,269,0
1,809,0 2,275,0 3,143,0 1,901,0 3,939,0
1,718,0
Redemption fund-F.R. notes
24,357,0 1,900,0
30,215,0 10,539,0 13,433,0 9,412,0 5,013,0 12,987,0
51,626,0 36,370,0 11,444,0 7,754,0 12,660,0
219,961,0 18,518,0
Dther cash
Total reserves
5,173,866,0 412,148,0 1,791,365,0 308,966,0 391,202,0 171,254,0 127,080,0 1,079,329,0 182,344,0 135,463,0 182,527,0 92,887,0 299,301,0
Redem. fund-F. R. bank notes_
250,0
2,097,0
2,347,0
MB discounted:
50,0
15,0
788,0
262,0
200,0
15,0
15,0
1,695,0
100,0
319,0
139,0
30,0
Sec. by. U.8. Govt.obligations
3,628,0
143,0
20,0
346,0
85
293,0
153,0
10,239,0 4,530,0
344.0
16,922,0
93,0
526,0
150,0
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
[J. B. Government securities:
Bonds
Treasury notes
Certificates and bills
412,0
371,0
20,550,0
5,200,0
28,0
11,934,0
1,931,0
20,0
5,318,0
537,0
606,0
488,0
665,0
193,0
185,0
650,0
180,0
178,0
220,0
122,0
308,0
85,0
5,0
168,0
142,0
3,0
361,0
142,0
193,0
361,0
467,799,0 27,227,0
1,257,759,0 83,164,0
706,202,0 47,288,0
165.751,0 30,020,0 35,997.0 17,503,0 15,949,0
396,944,0 87,775,0 112,855,0 54,864,0 49,908,0
215,060,0 49,325,0 64,173,0 31,196,0 28,378,0
76,078,0 16,165,0 17,342,0 17,272,0 20,389,0 28,106,0
223,136,0 49.110,0 30,759,0 48,559,0 32,568,0 88,117,0
129,129,0 27,925,0 17,489,0 27,613,0 18,518,0 50,108,0
Total U.S. Govt. securities_ 2,431,760,0 157,679,0
3ther securities
440,0
777,755,0 167,120,0 213,025,0 103,563,0 94,235,0
35,0
405,0
428,343,0 93,200,0 65,590,0 93,444,0 71,475,0 166,331,0
Total bills and securitlea
Due from foreign banks_
Fed. Res.notes of other binks
Uncollected Items
Bank premises
kll other resources
791,675,0 173,380,0 214,119,0 104,421,0 94,593,0
1,192,0
341,0
300,0
119,0
109,0
881,0 1,449,0 1,104,0
4,216,0
621,0
92,066,0 30,871,0 34,445,0 34,130,0 10,313,0
11,455,0 4,278,0 6,788,0 3,128,0 2,372.0
34,823,0 5,138,0 1.428,0 1,801,0 2,258,0
429,178,0 93,542,0 65,988,0 93,757,0 71,978,0 166,885,0
222,0
10,0
7,0
414,0
87,0
87,0
481,0 1,317,0
218,0 2,433,0
2,217,0 1,223,0
51,808,0 14,384,0 10,796,0 22,970,0 14,749,0 21,358,0
1,664,0 3,485,0 1,757,0 4,089,0
7,387,0 3,126,0
263,0 1,091,0
667,0
1,231,0
988,0
494,0
2,457,978,0154.462,0
236,0
3,124,0
16,519,0
359,0
377,518,0 39,628,0
52,753,0 3,224,0
50,878,0
696,0
8,134,983,0 615,003,0 2,728,889.0 523,595,0 649,163,0 316,302,0 237,829,0 1,571,564,0 294,892,0 215,490,0 304,637,0 182,664,0 494,955,0
Total resources
LIABILITIES.
'. R. notes in actual circulation_ 3,095,333,0 246,028,0 646,966,0 247,539,0 313.007,0 142,554,0 133,222,0
F. R. bank notes in act'l oirourn
32,312,0
872,0
33,184,0
Deposits:
Member bank reserve account_ 4,059,070,0 300,217,0 1,701,180,0 203,136,0 260,524,0 127,209,0 75,266,0
7,156,0
967,0 3,072,0
U. S. Treasurer-Gen. acct.__
24,595,0 2,453,0
531,0 1,918,0
2,623,0
480,0
693,0
Foreign bank
6,978,0
639,0
253,0
233,0
Other deposits
202,280,0 2,730,0 122,540,0 10,360,0 7,995,0 1,979,0 3,390,0
701,499,0 114,476,0 85,472,0 153,910,0 111,657,0 224,524.0
648.0 1,704,0 1,247,0 1,552,0
882,0
2,465,0
220,0
153,0
473,0
839,0
186,0
186,0
6,061,0 17,704,0 8,325,0 3,955,0 1,215,0 16,026,0
4,292,923,0 305,880,0 1,833,499,0 215,156,0 272,230,0 129,972,0 80,807,0
89,606.0 29,125,0 34,052,0 32,323,0 11,285,0
381,093,0 40,241,0
59,472,0 15,350,0 12,969,0 4,975,0 4,470,0
146,612,0 10,699,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
4,737,0 2,500,0 2,300,0 1,155,0 2,581,0
22,541,0 1,053,0
620,0
17,080,0
24,914,0
573,0
515,0
319,0
152,0
710,864,0 133,048,0 95,654,0 159,298,0 114,610,0 241,905,0
52,207,0 18,348,0 11,037,0 24,779,0 16,018,0 22,072,0
12,671,0 4,034,0 3,078,0 4,118,0 4,000,0 10,776,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
854,0 1,026,0
2,969,0
617,0 1,130,0 1,619,0
355,0
853,0
319,0
3,098,0
183,0
847,0
Total deposits
Deferred availability Items
3apital paid In
ituplus
Reserve for contingencies
kll other liabilities
769,074,0 133.497,0 100,422,0 112,029,0 42,376,0 208,619,0
8.134,983,0 615,003,0 2,728,889,0 523,595,0 649,163,0 316,302,0 237,829,0 1,571,564,0 294,892,0 215,490,0 304,637,0 182,664,0 404,955,0
Total liabilities
Memoranda.
Satin of total res. to dep. & F. R.
note liabilities combined
untingent liability on MRS ourbased for torn correspondents
70.0
74.7
72.2
66.8
62.8
62.8
59.4
72.9
68.4
69.1
67.3
59.2
66.4
895,0
80,0
166,0
116,0
107,0
42,0
39.0
141.0
37,0
26,0
31,0
31,0
79,0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Mintseap. Kan.City. Dallas. San Fran.
Federal Reserve notes:
$
$
Issued to F.R.Bk. by F.A.Agt- 3,388.544,0 272,045,0
Held by Fecl'1Reserve Bank__ 293,211,0 26,017,0
3
3
$
$
$
746,901,0 266,675,0 329,405,0 152,568,0 153,048,0
09,935,0 19,136,0 16,398,0 10,014,0 19,826,0
S
$
$
s
$
$
804,033,0 139,644,0 105,060,0 110,109,0 47,719,0 252.337,0
34,959,0 6,147,0 4,638,0 7,080,0 5,343,0 43,718,0
In actual circulation
3,095,333,0 246,028,0
Collateral held by Agent as security for notes issued to bks
Gold certificates on hand and
3,134,156,0 278,117,0
due from U.S.'Treasury
Eligible paper
10,263,0
412,0
G. S. Government securities
281,500,0
646,966,0 247,539,0 313,007,0 142,554,0 133,222,0
769,074,0 133,497,0 100,422,0 112,029,0 42,376,0 208,619,0
753,706,0 226,500,0 282,431,0 121,340,0 87,385,0
6,324,0 1,418,0
324,0
180,0
606,0
40,000,0 50,000,0 32,000,0 67,000,0
809,513,0 122,936,0 95,000,0 111,290,0 48,175,0 199,763,0
212,0
118,0
361,0
46,0
77,0
185,0
54,000,0
17,000,0 11,500.0 10,000,0
760,030,0 267,918,0 333,037,0 153,664,0 154.565,0
809,698,0 140,148,0 106.546,0 121,367,0 48,536,0 253,881,0
Total collateral
Boston. New York.
Total.
3,425,919,0 276,529,0
Phila.
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent al-
Boston. New York.
Total.
Phila.
Cleveland. Richmond Atlanta.
3
$
33,141,0 10,208,0
829,0 10,208,0
Federal Reserve bank notes:
Issued to F. R.Bk.(outatdg.)Held by Fed'I Reserve Bank__
$
44,860,0
11,676,0
5
1,511,0
639,0
In actual circulation-net *.
Collat, pledged agst. outat. notes:
Discounted & purchased bills_
U. S. Government securities._
33.184,0
872,0
50,474,0
5,000.0
33,474,0 12,000,0
50,474,0
5,000.0
33,474,0 12,000.0
Total collateral
•
$
Chicago. St. Louis. Minneap. Kan.etty. Dallas. San Fran.
:
$
$
$
$
$
$
32,312,0
-
•Does not include 3100.131.000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
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 reportmg 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 Jo
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 RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 1 1934 On Millions of Dollars).
Federal Reserve DistrictAwns and Investments-total
3Loans--total
On mecurlties
All other
investments-total,
U. S. Government securities
Other securities
Reserve with F. R. Bank
:lash in vault
Net demand deposits
l'ime deposits
lovernment depasits
Due from banks
Due to banks
Total.
Boston. Nets York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. 4finneap. Kan.City. Dallas. San Fran.
$
17,762
$
1,179
$
8,102
3
1,062
$
1,184
7,873
671
3,603
494
3,358
4,515
252
419
1,791
1,812
228
266
$
$
$
$
$
1,848
519
168
728
207
55
113
320
408
76
131
346
338
409
161
195
214
58
103
$
$
557
414
8
1,854
161
212
184
875
329
121
58
154
58
126
228
647
359
9,889
508
4,499
568
775
185
170
1,120
312
198
346
230
079
6,706
3,183
336
172
3,112
1,387
290
278
576
199
130
55
114
56
771
349
208
104
141
57
233
112
178
52
617
362
2,953
221
12,745
4,488
1,296
1,562
3,770
c
247
48
884
340
109
122
106
1,425
48
6,625
1,101
741
133
1,677
c
127
11
664
317
70
139
228
151
16
640
465
53
98
181
49
10
217
135
8
79
89
25
5
172
129
31
73
74
530
43
1,638
483
65
233
506
72
7
336
165
34
91
147
42
3
228
124
9
74
101
87
10
427
165
24
214
267
71
7
270
125
66
142
125
127
13
644
930
81
164
171
or, .0 sinanrint
atantintaw arxmirle
United States Government Securities
Bankers Acceptances
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
Crimea° OFFICE-In charge of Fred. H. Dray. Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON OFFICE-Edwards & Smith, I Drapers' Gardens, London, B.C.
37 WALL ST., NEW YORK
U. S. Treasury Bills-Friday, Aug. 10.
Rates quoted are for discount at purchase.
WILLIAM B. DANA COMPANY, Publishers,
Bid.
William Street, Corner Spruce, New York.
Railroad and Miscellaneous Stocks.-For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (Aug. 4 to Aug. 10 inclusive) of shares not represented
in our detailed list on the pages which follow:
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nosy
STOCKS.
Week Ending Aug. 10.
Range for Week.
Sales
for
Week.
RailroadsPar Shares.
Chic St P M & Om_ _100
20
Duluth S S & AtI__100
100
Hudson & Manh 0-.100
200
lot Rys ot Cent Am__ _*
20
N Y Lack de West--100
10
Wheel & L Erie pre 100
10
Range Since Jan. 1.
I
Lowest.
Highest.
Lowest.
$ per share.
2% Aug 7
.% Aug 10
10% Aug 6
2 Aug 6
91 Aug 7
33 Aug 7
Highest.
$ per share. $ per share. $ per share
July 63 Apr
2% Aug 7 2
34 Jan 1% Apr
34 Aug 10
113 Aug 6 934 July 2634 Jan
Aug 7
Apr
2 Aug 6 2
Feb 96 June
91 Aug 7 83
Jan 36 June
33 Aug 7 25
Abrah'm & Straus pt100
30 108
a Am Crystal Sugar_ __• 4,900 9%
7% preferred____ 100
200 57
Am Mach & Mets etre *
100 874
Am Rad & Stand P1.100
3512274
Andes Copper Mining.*
III 654
Austin Nichols prior A *
40 5234
Bloomingdale 7% pf 100
40 100
Bon AIM class A
30 8074
•
Blown Shoe pref....AO°
8012334
Aug 8108 Aug 8 89
Aug 9 1074 Aug 10 7
Aug 9 60 Aug 9 4674
Aug 9 834 Aug 9 474
Aug 1012274 Aug 1011174
Aug 101 634 Aug 10 6
Aug 6 53 Aug 8 3134
Aug9102 Aug 6 88
Aug sI 8134 Aug 10 76
Aug 10112334 Aug 10 11834
Collins & Aikman p1100
ICol Fuel & Ir pref.100
Consol Cigar prior pret
ex-warrants
100
Devoe & Raynolds1st preferred
100
Duplan Silk
*
Fairbanks Co pf ctfs 100
Florshelm Shoe class A •
300 80
10 18
Aug 10 80
Aug 101 18
Aug 10 7734 June 94
Aug 10 1034 Jan 32
20 57
Aug 71 57
Aug 7 49
Jan 110
July 1334
Jan 7234
Jan 10
Jan 12274
May 1074
May 64
Jan 10734
May 86
June 125
July
June
June
May
Aug
Apr
Apr
July
July
Aug
Apr
Feb
Feb 6034 June
Aug
Aug
Aug
Aug
7 110
81 1434
4
71 18
Aug
Aug
Aug
Aug
7 99
8 14
4 3
7 15
Feb 11034
July 23
Feb 934
Jan 25
July
Feb
Apr
Apr
Guantanamo Bug pt 100
Barb Walk Ref prof 100
Indian Refining
10
Island Creek Coal pret 1
Kansas City P & L1st pref ser B
*
Keith-Alb-Orp pf...-100
Kresge Dept Stores-1
40 2934 Aug
20, 9474 Aug
2001 274 Aug
10 110 Aug
6 30
8 9434
9 274
7 110
Aug
Aug
Aug
Aug
7 754
8 87
4 274
7 90
Jan 31
Jan 100
Mayl 474
Jan 110
Feb
Jan
Apr
Aug
Math Alkali Wks p1100
Mere & miners Tr co-*
Norwalk T & Rubb p150
Peoples Drug Stores...*
634% cony pref _100
Revere Cop & Br pt 100
Stand Brands pref__100
100 13034
100 30
40 33
100 45
1010834
101 82
80 125
Aug
Aug
Aug
Aug
Aug
Aug
Aug
413034
9 30
9 35
6 45
910874
8 82
7125
Aug
Aug
Aug
Aug
Aug
Aug
Aug
4 110
9 30
7 32
6 21
9 86
8 46
7 12134
Amer Bosch__ -•
United Dyewood pf_100
135 Tobacco pref _ _ _100
Union Pipe & Rad 0100
20I 8%United
10 703-4
300 14534
201 8%
Aug
Aug
Aug
Aug
7 874
6 703-4
914534
10 834
Aug
Aug
Aug
Aug
July 17
Feb
8 8
6 5934 Mall 7534 May
9,126
Jan 145% July
Apr
10 434 Jan 24
10110
100 1434
20! 4
300 18
1801111% Aug 6111% Aug 6 97% Jan 113% July
Jan 3734 Aug
200' 35 Aug 7 35 Aug 7 20
2001 3 Aug 9 334 Aug 0 214 Jan 734 Feb
JanI135
Augi 3334
Julyl 40
JanI 55
J 109%
Jan 90
Jan 126%
June
June
July
June
June
June
July
* No par value. f Companies reported in receivership.
a Change of name from American Beet Sugar Co.
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
Aug. 10 1934.
Stocks,
State.
Railroad
Number of and Miscall. Municipal &
Shares.
Poen Bonds.
Bonds.
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
Total
United
States
Bonds.
Total
Bond
Sales.
303,790
782,750
608,530
692,020
1,417,192
772,510
$535,000
$460,000 $3,662,000
52,667,000
795,000
2,280,000
8,396,000
5,321,000
1,023.000
7,952,000 14,127,000
5,152,000
1,213,000
6,395,000 14,076,000
6,468,000
1,500,000 21,761,000 30,129,000
6,868,000
1,558,000
9,670.000 16.546,000
5,318,000
34.576.792 xi:: 704 min IR not OM 545 518 000 San 0111 nnn
Sates at
New York Stock
Exchange
Week Ended Aug. 10.
1934.
Total
Jon. lto Aug. 10.
1934.
1933.
Stocks-NO. of shares..
4,576,792
Bonds.
Government bonds_
$48,518,000
State & foreign bonds.
6,624,000
Railroad & misc. bond
31,794,000
1933.
8.724,169
$240,827,360
$475,375,621
$4,706,500
10,781,500
33.527,000
$452,801,200
406,821,000
1,575,924,000
$288,056,900
487,641,000
1,401,994,900
$86,938,000 $49.015,000 $2,435,546,200 52,117.692,500
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Aug. 10.
Maturity.
Sept.15 1934__.
Aug. 1 1935_
June 15 1939_
Dec. 15 1934._
Mar. 16 1935_
Dec. 15 1935Feb. 1 1938_ _
Dee. 15 1936_ _.
889
Financial Chronicle
Volume 139
Int.
Rats.
Bid.
Asked.
Maturity-
Int.
Rate.
134%
134%
234%
234 %
254%
234%
274 %
25-4 %
10017n
101,4s2
101513
10004,
101",,
10220,,
103,4,
1049.2
100",,
1011•42
1011133
1012,,
101nn
10204
103101,
104"e
Apr. 15 1936_..
June 15 1938._
June 15 1935._
Feb. 15 1937...
Apr. 15 1937_ _.
Mar.15 1938_
Aug. 1 1936_
SeDt.15 1937... _
234%
274%
3%
3%
8%
3%
3 si %
3ii %
Bid.
1032.,,
10420,,
10214,,
104"1,
10412,2
104.3
1042,3,
10404,
Asked.
union
103041
102"n
104.33
1042132
1041,33
1042,33
1414"..
72056
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
n 1cm
Bid.
Asked.
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Dec. 26 1934
Jan. 2 1935
Jan 9 1935
Jan 16 1935
Jan. 23 1935
Jan. 30 1935
Feb. 6 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked.
...-
_
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:
Daily Record of U. S. Bond Prices. Aug. 4 Aug. 6 Aug. 7 Aug. 8 Aug. 9 Aug.10.
•
-1033,33 104
103"ri
First Liberty LoanHigh 103,232 1042as 104
10324:
1032$33
103014:
104
103253:
103
,
1932-47.1Low..
4,
354% bonds of
10324:
Close 1032q, 104131 1033,33 103"31 104
(First 334s)
5
22
24
49
16
43
Total sales In $1,000 units_ -Converted 4% bonds of..1 High
1932-47 (First 48).- - - Low_
Close
Total sales in $1,000 Units-10-3'
7 W 103r
-3
;
Converted 454% bonds.{ High 10147 itoYi7:1 16-1W 10-3
103
103
1023132 10204: 103
of 1932-47 (First 41is) Low_ 103
1030:2 103
103
102313, 103
103
2
36
28
2
1
8
Clfs
__e
Total sales in 51.000 units
'High
Second converted 43-4%
bonds of 1932-47 (FinitiLowClose
Second 4345)
_
Total sales in $1.000 units_ _ _
(High Ica=i; 161'3: Icia; 10310:: 103",, 103",,
Fourth Liberty Loan
4%
(F
otio1933-38.- Low_ 103nts 1031,12 10310n 103"s: 103"n 1031,n
%
ourt
bonbds
4m
(Close103"3: 10315n 103on 103",, 103"3s 10318,2
60
92
31
19
34
4
Total sales in $1,000 units-32 101131
High 1010n 101,32 1010n 101 3n 101,
Fourth Liberty Loan
Low 101
1
04,
: 101532 1017t: 101332 101132 10113s
4%% bonds (2d called)_(Close0
33 101333 101112
101,
33 1010:: 101,
35
14
34
17
7
Total saki in $1,000 units112"n
32 113
3::: 113',, 113,
Treasury
(High 113
113232 1132n 112353s 112",, 112"n
4516 1947-52
Cil_ose 1130:: 113333 113332 112n,, 112"n 112"n
81.000 win
341
213
51
197
66
1
Total sale, in
---- 108133 108"33 1081$33 10400:, 1081In
(High
Low
--- 108153 108"n 1081,33 1080n 108
48. 1944-54_
108", 108"as 1031,33 108332 108
530
166
118
144
124
Total sales in 51.000 iniu
csifr- 10
::::
03
3,
10:: 103123 103"32 103232 10251st 10220n
.
{High .1.
:
.:44
.0:3.- 103"13 103,32 103332 10224: 10212n 1021531
cis-335s.1943-55
103132 10333s 10224: 1023133 102153s
235 1,727 1,173
172
870
2
Total latex in $1.000
1062333 1061033
(High
_- 107,
32 107'32 107
106114
1063n 106153s
107
107
Low
31is, 1946-56
10628,, 106333: 106'332
1073n 107
Close
312 1,080
289
237
14
Total sales in 81.000 antis_
10415:3 1041233 1040n 1043s3 103"n
1LowHigh
103303s 1032131
10412n 104,32 104
874.. 1943-47
1041n 103253s
1041233 104533 104
Close
56 4,334
20
246
7
Total sides in $1.000 units_
1002031
10
10",ib. -1-1in 10120n 101",, 10110, 101
1011,33 101,
32 10000: 100"33 1002.31
rw_
Lo
3s, 1951-55
100"ss
iniii
Cil_73
. 101",, 101",, 101113 1010n 101
sales in
27
1,999
179
153
42
18
Total
$1,000
10117:: 101153 101'31 101
1003,33
10010n 10052n
101.04: 101,32 101
31. 194648
10100:: 101113 101',, 1005031 10022n
26
1,090
109
5
761
:
{liII!! 121: 21:cIoe10 662
Total sales in 51.000 uftI_
1041231
(High 10421., 10420n 1043,3 104123 105
104533
Lose- 1043231 10420n 104201 104,432 104
374u, 1940-43
10412n
Close 104":21 104042 1042,3 10414, 105
Total mks in 51.000
10
773
241
78
57
wilts...
10114,
(High 10424: 104241 104223 1043,1 105
Low_ 104"31 104042 104n3 104"ss 101432 1011141
8,is, 1941-43
10410n
l_ 102
is
: 10424,, 1042,3 1041431 105
ur
C
ulig
oae
01:
Total saw is
56
474
437 1,556
11
$1000
10204 102",, 102,32 102
1015.1n
3Ma, 1946-49
Low_ 1022231 102,h 102121 101"n 101"n 1010%
CLos
..e
. 102"n 1022h 102", 10151n 102
101"n
Tom saw In $1.000 unit
479 2,365
15
668
109
11
(High 10424, 10404 104", 104"3s 10412n 1041131
13
334a, 1941
(Low. 10420:
::
2 104", 104n, 1041333 104333 104,
1045o, 1041333 104"as 104531
(Close
221
466 2,005 1,025
245
34
Total sales in $1,000 unite__
10224 102"::
(High_ 10
03
3%1 103,n 103133 103
1032n 10220:2 1022,as 1020n 1020n
334s, 1844-48
Cl.ose 103,33 103,n 1023,3s 1022,33 10214 10243:
$1.000 unin
15
1,484
201 3,365 1,345
10
Total sales in
101'% 1011,33 101"33 1012:: 1010n
(High
Federal Farm Mtge
101", 1011132 101123 10153, 100"13
334e, 1944-84
33 1001,3s
(Close
- --- 1011$3 1011113 101123 101,
64
62
250
233
Total sales in 51,000 units.-- -- 993,3
Federal
995332
eria1
94F
High 100331 100'n 100332 100
9arm Mortgage
992,3
993032 993,3
-.(Low100333 100'n
992031
992.31 992133 992,33
100'n 100
465
258
2
1,146
Cs17.
.
e 1001,120
377
Total sales in $1,000 unite
Home Owners' Loan
(High 1001131 100'n 100332 100333 100332
9925n
9923n 9952n
Low_ 1000n 100'n 100212 100
4s, 1951
100
100'n 100,32 100
992212
885
188
546
211
n1
429
Total sales in $1.000 unit
Calfse
__ 100'8
100
100
Home Owners' Loan
Den,,
(High 100332 1002n 100
99293
Low_ 1000,1 100
99"n 99201
99111n
33,series A, 1952
99,41 99014
1002n 100
9900n
114 3,073 2,271 1,027
,
7
Total sales in 81,000 units
Ci_os
_.
.e 1°°110
4
161
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 474s
102% to 10225n
2 4th 474s (uncalled)
6 4th 453:s (called)
103041 to 103un
10022n to 1015,2
The Curb Exchange.-The review of the Curb Exchange i8
given this week on page 879.
A complete record of Curb Exchange transactions for the
week will be found on page 908.
4
890
Aug. 11 1934
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7,
Wednesday
Aug. 8.
Thursday
Aug. 9.
Friday
Aug. 10.
$ per share $ per share $ per share
per share $ per share $ per share
4818 5018 4638 4838 4558 48
4512 4738 4512 5014 4658 49
7518 76
*7518 8334 *73
80
75
76
75
7512 76
75
25
2612 2412 2434 26
2612 27
29
2618 25
26
27
1414 1538 1412 16
1514 1618
1412 1514 1334 1412 1414 1518
18
1714 1734 17
18
1634 18
17
17
1812
1834 18
*39
40
4012 *3918 3934 .3834 3918 3812 39
40
*3812 3912
.100 110 *100 110 *100 110 *100 109 .100 100 *100 109
•7
8
81
*7
8
*7
814 *7
*7
838
7
7
45
45
412 412 "418 478
312 378 *358 412
*378 459
*40
*4012 43 .4012 43
.40
44
*3912 44
44
*40
44
3712 3912 3714 4012 3912 4114 3978 4212 4012 4238 4118 4212
91
*72
9114
9334 *9012 9212 9118 9118 9178 9178 *9014 92
1234 1234 1238 1318 1318 1338 1338 1438 1378 145* 1378 1438
92
*8412 92
*85
*8412 92
*8412 92
92
*8412 92
*85
60
*513
*50
.55
55
60
5478 55
*55
55
5934 *55
4258 43
42
4212 4158 4214 4178 4258 4158 4212 4134 43
2
2
2
*2
2
212
2
*178 212
3
2
2
212 212 *238 212
*214 314 *214 212
2,2 212
212 212
*2
2
2
212
2
218
218
2
2
214
218 218
438 438
414
5
4
5
478 478
458 434
414 412
3
3
318
3
3
318
318 314
318 318
318 34
412 478
458 518
412 458
412 514
412
412 434
414
538 6
6
512 578
614
558 578
512 6
54 818
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
No account 13 taken of such
PER SHARE
Ranee Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
$ per share
Railroads
Par $ per share
Atch Topeka & Santa Fe_ 100 4512 Aug 8 7334 Feb 5
100 708 Jan 5 90 July 14
Preferred
Atlantic Coast Line RR
100 2412July 31 5414 Feb 16
Baltimore dr Ohio
100 1314Ju1y 26 3412 Feb 5
Preferred
100 1634July 26 3738 Feb 6
Bangor & Aroostook
50 3512July 27 4618 Feb 1
100 9518 Jan 5 111 June 30
Preferred
612July 27 1912 Feb 5
100 Boston & Maine
100
838 Feb 7
312 Aug 6
1,000 Brooklyn dr Queens Tr_No par
Preferred
No par 38 July 26 584 Apr 26
29,700 Bklyn Manh Transit
No par 2814 Mar 27 4212 Aug 8
400
$6 preferred series A_No par 8218 Jan 4 97 July 21
26,800 Canadian Pacific
25 1178Ju1y 26 1814 Mar 12
Caro Clinch & Ohio utpd_100 70 Jan 6 9212june 23
200 Central RR of New Jersey.100 53 July 27 92 Feb 3
12,100 Chesapeake dr Ohio
.25 3912 Jan 5 4858June 16
7 Feb 17
158 Aug 2
600 :ChM & East III Ry Co_ 100
8 Feb 16
138July 23
400
6% preferred
100
512 Feb I
2 July 26
2,500 Chicago Great Western_100
4 July 23 114 Feb 19
3,100
100
Preferred
212July 26
812 Feb 5
4,200 Chic Milw St P & Pao__No par
358July 26 134 Feb 5
9,800
100
Preferred..
412July 26 15 Feb 5
9,000 Chicago & North Western.100
814July 26 28 Feb 16
1018 1034 1118 1034 1034 1,100
1012 1034 1038 10% 10
1018 10
100
Preferred
2
214
214 *2
238 238
214
614 Feb 7
*214
212
212 *214
2 July 24
212 2,700 :Chicago Rock Isl & Pac1nc100
314J11ly 26
958 Feb 6
*4
.338 418 *338 334
412
4
4
*338 4
*338 4
100
100
7% preferred
8 Feb 6
*234 314
2 July 23
3
3
3
3
*278 314 "3,8 314 *3
100
312
200
6% preferred
100
18 Aug 4 4038 Feb 1
20
20
19
20
*17
19
20
18
19
18
*19
80 Colorado dr Southern
2212
-- 18
*14
18 •____ 18
*1214 18 ._ _ _ 18
*14
18
100 1812 Aug 2 3314 Feb 9
4% let preferred
*14
*14
20
*12
20
20
*____ 20 •____ 20 •____ 20
100 20 Jan 12 30 Feb 3
4% 24 preferred
634 Feb 5
*318 312 *3
218 Jan 5
334 *318 312 *314 312 .314 358 •314 359
100
Consol RR of Cuba pref
•414
712 *412 712 *413 712
314 Jan 15 1012 Jan 23
412 412 *5
6
*5
6
10 Cuba RR 6% prof__ _ 100
374 3978 38
36
39
36
3612 3713 35
35
38
36
2,400 Delaware & Hudson
100 35 Aug 6 7313 Feb 1
1678 12,400 Delaware Lack & Weatern_50 14 July 26 3334 Feb 5
1434 16
1678 16
14,
15
4 1512 1418 1434 1412 15
418July 26 1314 Mar 28
438 434 *412 512 *478 513
412 5
458 458
1,200 [)env & Rio Or West pref. 00
512 6
100 1018July 26 2478 Feb 5
125 12% 1134 12
1314 1312 1212 1312 2,600 Erie.
1238 13
1112 1214
1814 1812 1,600
18
174 1718 17
17
1712 17,
100 1534July 26 2814 Apr 26
1712 18
4 *16
First preferred
1212 *1038 1212 *9
*918 1212 *9
1212 *812 1112 *9
100 11 July 28 23 Apr 21
Second preferred
12,8
14
1478 16,900 Great Northern prof
1312 1414 1212 1378 1278 141 4
1258 1414 1338 15
100 1214July 26 3212 Feb 5
5 July 25 1614 Feb 20
612 612 *514 612 *514 612
Northern_100
612
*5
612
61z 1,000 Gulf Mobile &
6,2 612
*12
16
•14
*13
14
1412
13
18
*1258 18
14
13
100 12 July 28 3534 Feb 21
700
Preferred
38July 2
112 Jan 23
100 Havana Electric Ry Co No par
•12
4
.12
78
58
78
*58
*12
58
*38
7s
78
478 Aug 6 1218 Feb 7
578
514 514 2,300 Hudson dr Manhattan
.5
6
478 5
518 512
5
100
514 *5
1412 16
1514 1512 1418 15
1514 1638 1512 1614 7,500 Illinois Central
1418 15
100 13304413,26 3878 Feb 5
*20
30
*20
31
no 31 no 31 *20 31 .20 31
100 3112Ju1y 20 60 Apr 26
6% prof series A
*5314 6012 *5314 60,2 *5314 6012
*5314 56
.5112 6012 *5214 56
100 4834 Jan 5 66 May 2
Leased lines
912 Aug 7 2414 Feb 6
12
*12
1234 12
90
RR See Ws series A__ /000
912 95* *9% 137s *958 14
9,2 812
512July 26 1334 Jan 2
8
8
94
9
9
8
1912 15,600 /Interboro RapidTran v Is 100
8
738 814
734
•7
1934 Apr 21
638Ju1y 26
818 814 *712 834 1,200 Kansas City Southern
100
*8
77s ''8
9
778 778
714 714
1312 1114 114 .1114 1314 1212 1318 *115u 1318
*12
14
100 1114 Aug 7 2712 Apr 21
800
*12
1*re:erred
95 1012 1012 1012 1018 1034 1078 1114 11
912Ju1y 26 2114 Feb 5
1112 3,400 Lehigh Valley
50
1018 1018
*4318 45
4434 45
4218 45
4214 4334 41
2,500 Louisville & Nashville__100 41 Aug 9 6212 Apr 20
4378 43
43
22 27 *2218 25
*2012 27
*2012 27
25
*2212 27
25
30 :Manhattan Ry 7% guar _100 20 Jan 3 3212 Mar 29
100 10* July 26 1938 Jan 12
147s 1578 1514 16
*14
16
15
17
6,500
1314 15
Mod 5% guar
15
14
478 Jan 16 1214 Apr 24
712 *5
712
712 *5
100 Market Et Ry prior pref.__100
712 *5
712 *5
5% 5% *5
14 July 30
138 Mar 28
3
8
_100
3
8
12
3
:Minneapolis
8
3
8
Louis
%
"
3
8
%
800
&
St
38
%
14
"14
1 July 26
114 .1
358 Feb 6
114 *118
114 *1
114 *1
110 •I
Minn St Paul & SS Nfarle.100
*1
114
518 Apr 20
3
3
*1
134 Jan 8
*1
*1
*1
3
•11.
3
3
3
100
•1
7% preferred
212 212 *258 3
100
258 258
712 Mar 10
212Ju1y 26
*258 3
212 21
•212 3
50
4% leased line ctfs
438July 27 1478 Feb 5
558 6
512 512
512 512
6
578 6
612 2,800 Mo-Kan-Texas RR_ __No par
514 51
1412 1438 15
1434 15
1512 2,100
1412 151 *1434 16
16
100 1312July 26 3438 Feb 6
16
Preferred series A
6 Feb 5
2 July 26
258 258 *212 258
238 212
234 234 *212 234 .213 234
100
700 :Missourt Pacific
314July 24
934 Feb 1
100
Cony preferred
35
338 334
378 378 1,200
3% *312 334
*334 378
358 334
*22
26
2212 2238
100 Nashville Chatt dr St Louis 100 2212 Aug 7 46 Jan 24
2312 2312 2212 2212 *2212 25
*2312 30
j4
214 Feb 23
1 May 16
534 111
534 114
Nat Rye of Mel 1st, 4% p1_100
534
*34
114
114
*34
531
114
100
38 Jan 5
1 Mar 7
200
2d preferred
*12
58
538
38
12
5.4
12
*12
38
1*
*12
12
1918 2059 1938 2112 1958 2238 205* 2218 66,400 New York Central_ __No par 1838 Aug 6 454 Feb 5
1938 2018 1838 2014
12
*11
9 July 26 2678 Apr 24
12
1014 1014 1014 1014 *11
1.000 NY Chic & St LoutsCo
100
113
11
12
12
2012 2078 1.000
2018 1912 21
19
19
19
.20
Preferred series A
20
21
100 1712 Jan 3 434 Apr 23
•19
113 113 .111 115
112 114
60 108 Jan 2 139 Feb li
160 N Y & Harlem
116 116 *11212 116
*116 120
9 July 26 2418 Feb 5
100
934 1012 10
1012 8,700 N It N H & Hartford
934 1014
95* 1012
914 978
938 10
1678 1714 *1618 17
1,300
100 1412July 26 3758 Feb 5
Cony preferred
1512 17
1512 157s 1512 16
16
16
,Feb 5
412July 27 115
100
300 NY Ontario & Western
538 578 55,2 6
534 534 •53s 534
578 578 •538 57s
554
118
78
*34
78
•78
18July 23
1
1l8
*14
134 Jan 16
Vs
No par
100 NY Railways pref.
1
s
118July 23
418 Apr 20
*158 214 *158 214
*112 214 5158 2
100
200 :Norfolk Southern
158 *112 2
138
1
170 17014 *170 175 .167 173
177 177
100 161 Jan 5 187 July 16
700 Norfolk & Western
178 178 *176 178
9414 9412
100 82 Jan 8 100 June 9
Adjust 4% pref
9512 9512 9412 9413 *9412 95
130
95
95
*95
98
16
17
11,600 Northern Pacific
100 1412July 31 3634 Apr 11
1512 1613 1434 1534 1538 1614 1514 1638 154 17
313
312 .1
638 Mar 14
2 Jan 4
312 *1
10
Pacific Coast
312 *1
312 *1
312 *1
*1
334 Jan 19 114 Apr20
5
*218 5
.218 5
*2
No par
5
1st preferred
*2
5
*2
*218 5
612 Mar 14
2 Jan 3
No par
24 preferred
4 334 *134 334 *134 334
1,
4 334 "1,
334 *134 334 .
•134
2258 40,600 Pennsylvania
50 21 Aug 6 3778 Feb 19
2214 2114 2234 2114 2218 2112 2234 22
2218 2314 21
8 Feb 17
218July 28
100 Peoria & Eastern___.
100
238 438 *238 438 *238 418 *238 438 .238 438
214
234
*13
1438
17
*13
100 12 Aug 7 38 Apr 24
1678 .14
100 Pere Marquette__
12
1678 12
1678 *12
*12
*1512 34
100 18 Jan 13 5113 Apr 23
Prior preferred
3012 3012 .3118 34
200
34
*3012 3412 *3012 34
34
•1878 22
1,000
100 1318 Aug 7 43 Apr 23
1878 19
Preferred
16
*1312 1818 1318 1318 14
*1318 21
6 Apr 25
214 Aug 10
212 *214 278
50 Philadelphia Rap Tran Co__50
*214 278 *21 1
2,4 214
.214 3
*214 3
16 Apr 24
412 Jan 12
50
7% preferred
100
65* 658 *534 818
"518 678 *5% 628 "578 659
*512 7
300 Pittsburgh & West Virglinta 100 1114July 30 27 Fob 21
1314 *1114 1312 *1114 16
16
1114 1314 *12
*12
•12
20
50 3512 Aug 10 5638 Feb 5
*3518 3912 3612 3612 3512 351z
800 Reading
38
3734 37
3912 *36
*37
50 3378 Feb 7 4 1 12JUne 9
*3814 4018 3814 3814
1st preferred
*38
42
100
42
*38
*3412 42 .3412 42
3912June 19
36
50 2918 Jan 11
36
*343 37
211 preferred
100
*3438 37
*3438 37
37 .3438 37
33
7 July 26 15 Feb 7
100
Rutland RR 7% prof
*558 9• .558 9
*538 9
9
.53
*538 9
.538 9
4% Feb 6
1 12 Aug 9
*134 2
3,500 :St Louis-San Francisco_ 100
112 2
134
134
2
2
2
2
2
2
618 Apr 4
2 July 23
100
21 4 *214 258 1,200
1St preferred.
2
212 *214 212
212 212 .214 212
.214
St Louis Southwestern__ _100
8 July 26 20 Mar 8
1412
1412 *5
1412 •5
•458 1412 5438 1412 *434 1412 *5
75 July 24
78
1
78
78
2 Feb 6
578
78
1
1,000 :Seaboard Air Line_ No par
1
*7fl
78
78
5*
100
34 Feb 21
114July 25
Preferred
114
114 .138 2
500
112 .112 2
112
*113 178 *112 178
100 1478 Aug 6 3334 Feb 5
1658 1478 1612 1538 1612 1534 1714 1555 1814 1658 1734 38,400 Southern Pacific Co
16
100 1112 Aug 6 3612 Feb 5
21,200 Southern Rallvray
1312 145* 1112 1334 1234 1338 1314 1438 1378 1512 1418 15
100 14 July 26 4114 Apr 26
1712 1812 4,700
Preferred
1858 1738 19
1712 17
1612 1738 17
*1714 1814
*3213 37 .3212 37
Mobile & Ohio elk tr etfe 100 39 Jan 19 4734 Apr 20
*3012 37
*3012 40 .3012 40 .3012 40
Co....100
Texas
1312July 27 434 Feb 1
dr
Pacific
lty
21
21
300
*1512
*16
25
*153
4
1512
1512
*1512
193
4
1512
1512
814 Jan 12
4 July 26
6
100
6
6
300 fiord Avenue..
*5
6
6
*4l
6
*5
6
*5
6
812 Apr 24
159 Jan 10
5
412 412 *4
5
100 Twin City Rapid Trans No par
*4
41.2
412 *4
434 *4
•4
Jan 12 39 Apr 24
6
100
.1812
25
21
270
Preferred
1912
21
20
20
2012 2018 2018 19
20
100 90 Aug 8 13378 Apr 11
0558 9238 9412 19,900 Union Pacific
90
9312 91
93
9534 9078 95
9634 101
100 7134 Jan 18 89 July 13
8012 8012
Preferred
700
8312 8414 *8112 83
a8478 84% 8434 8434 *8414 85
44 Jan 30
100
178July 27
2
2
238
400 :Wabash
238 •2
.2
2
2
238
238 *2
*2
853 Apr 26
238July 26
35* 2,100
100
3
Preferred A
338 312
314
3
318
3
34 318
318 318
7I8July
26
1714
Feb 20
100
Maryland
Western
3,700
4
94
8%
814
83
814
814
8
8
814
8
834
*8
958July 26 23 Feb 20
100
100
2d preferred
1112 11 12 .11
13
15
*10
*918 15
•I0
1259 *834 15
813
8July
27
100
25
Mar
29
Pacific
Western
300
314
.318
1
3
,
z
318
312
*314
312
*34
3
,2
3 4 3,4 *34
45* Jan 5 1712Mar 28
100
Preferred
712 2,500
7
634 75,4
7
7
658 7
659 65*
7
7
•Bid and asked prices, no sales on this day.
cc
Shares.
29,700
800
4,400
17,300
2,000
400
:Companies reported in receivership. a Optional sale. e Cash sale. a Sold 15 days.
r
PER SHARE
Ranee for Previous
Year 1933
Lowest.
Highest.
$ Per share $ per chart
3438 Feb 8018 Jul)
50
Apr 7934 June
1612 Feb 59 Jub
814 Feb 3778 July
912 Apr 3914 July
20
Jan 4134 Dec
6858 Jan 110 Auli
6
Apr 30 July
938 July
312 mar
3534 Apr 604 July
2134 Feb 4114 July
64 Mar 8312 June
712 Apr 2078 July
5014 Apr
7912 July
38
Apr 122 July
24% Feb 494 Aug
8 July
13 Apr
812 July
13 Apr
138 Apr
759 July
213 Apr 1478 July
1
Apr
1134 July
112 Feb 181, July
114 Apr
16 July
2 Apr 2434 JMy
2
Apr
1018 July
313 Apr
1912 JulY
278 Apr
15 July
1,514 Feb Si July
1212 Apr 4234 July
10 Mar 30 July
114 Feb
1058 June
16 June
212 Jan
3738 Feb 934 July
1714 Feb 46 July
2
Feb
1934 July
334 Apr 2534 July
412 Apr
2912 July
213 Apr 2314 July
45* Apr 3334 July
154 Mar
1112 July
212 Mar 2312 July
38 Dec
234 June
612 July
19 June
812 Apr 5054 July
16 Mar 6018 July
31 Mar 60 July
412 Apr 34 July
44 Feb
1314 Dec
613 Feb 2478 July
312 Mar 3414 July
858 Feb 2734 July
2114 Jan 6713 July
12 Mar 28
Oct
6
Jan 20
Oct
8 June
178 Mar
18 Jan
214 July
12 Mar
5711 July
34 Apr
813 July
212 Dec 1413 July
1718 July
554 Jan
1112 Jan 3714 July
118 Apr
1014 July
1514 July
158 Apr
13
Jan 57 July
18 Mar
312 June
18 Jan
138 June
14
Feb 5812 July
218 Jan 2758 Aug
238 Apr 3414 July
100 Mar 15834June
1118 Feb 3478 July
18
Apr 56 July
712 Dec
15 July
18 Mar
312 July
478 July
12 Apr
11113 Mar 177 July
74 May 8713 Sept
938 Apr 3478 July
7 July
1
Jan
158 Feb
10 July
1
Feb
7 July
1334 Jan 424 July
9 July
78 Feb
378 Mar 37 July
6
Jan 4412 July
412 Feb 3812 July
578 July
2 June
3 Dec
10 July
612 Apr 3534 July
2313 Apr 6212 July
25
Apr 38 July
2312 Mar 37 July
1812 July
8
Jan
938 July
78 Jan
1
Apr
914 July
514 Mar 22 July
3 July
14 Jan
478 July
118 Mar
11 18 Feb 3834 July
418 Mar 36 July
49 July
5711 Jan
8
Jan 4014 July
15
Apr 43 July
44 Felt 1218 June
454 June
54 Dee
15 June
412 Dec
6114 Apr 132 July
Apr 7512 July
56
712 July
113 Jan
978 July
118 Apr
16 July
4
Feb
55 Jan
1912 July
912 July
Apr
1
16 July
17s Mar
Ex-dividend.
go Es-rights.
New York Stock Record-Continued-Page 2
891
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7.
Wednesday
Aug. 8.
Thursday
Aug. 9.
Friday
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share 3 per share $ per share 3 per share Shares.
Industrial & Miecei. Par S per share
$ Per share a per share S per share
614 612
714
714
612
6
63o
3 Feb
No par
612
6 July 26 1178 Feb 5
1314 July
7,500 Adams Express
38
639
2
4
*7934 85
•7938 85
.7912 85
39
100 7014 Jan 25 84 July 18
Preferred
*7912 85
Apr 71 June
7912 7912 *7912 85
30
2434 2412 25
2514 24
25
8 Apr 2158 July
2512 25
No par 16 Jan 5 3478 Apr 5
28
2612 2712 3,500 Adams Millis
25
8
8
8
8
814
8
8
8
8
10
734 Jan .5 1138 Feb 6
518 Apr 1212 June
1,700 Address MuMgr Corp
84
8
8
758 Feb 5
4
334 334 *334 4
4
318July 27
*334 458
Its Feb
400 Advance Rumely
No par
334 334 *334 434
Ps July
518 514
538 512
958 Feb 6
538
538
518 Aug 6
514 512
1.800 Affiliated Products Inc No par
558 July
1134 May
512 512 .558 6
964 97
96
9712 9712 3,200 Alr Reduction Ine
9512 9634 94
9638 9634 96
No par 9134June 2 106,4 Jan 24
98
4712 Feb 112 Sept
338 Apr 26
*158 2
*158
178 .158
158 .134 2
158July 24
178
4 May
100 Air Way E'er) Appllance No par
158
178 .158
12 Feb
2114 20
1934 2038 19
2114 2014 2118 2018 2158 2038 2118 44.000 Alaska Juneau Gold M In. __10 17 July 26 2378 Jan 15
1118 Jan 33 Aug
334 July27
*4
5
74 Apr 24
*4
*4
5
.5
1
*2
5
*412 5
A P W Paper Co
*4
Jan
5
No par
94 July
514 Feb 1
2
2
178 2
2
2
2
2
178 2
2
78 Apr
218 5,200 Allegheny Corp
No par
158July 26
814 July
•7
812
712 712
712 712
1
Apr 2178 July
712 712 *7
800
Prat A with $30 warr___100
812
578 Jan 4 1618 Apr 10
8
838
7
7
*7
812 *7
8
.6
81. .658 812 *612 8
118 Apr 21 July
Prat A with $40 warr___100
558 Jan 3 1458 Apr 10
*7
812 .
114 Mar 20 July
65s 812 *614 8
Prof A without warr___100
514 Jan 6 144 Apr 9
.6
8,2 .64 81
*W. 8
*18
20
20
*18
.18
5 Mar 26 July
1978 *18
20
18
18
*18
20
100 Allegheny Steel Co__ No par 15 June 16 2318 Feb 23
12212 123
124 125
6,400 Allied Chemical & Dye_No par 120 July 26 16034 Feb 17
7034 Feb 152 Dee
127 129
123 129
12212 123
12314 125
125 125 *124 129 *124 127 •124 127 *124 127
.12314 126
Apr 125
100 Preferred
Oct
100 12218 Jan 16 130 June 22 115
12
1214 1112 1224 12
6 Feb 2638 July
1212 12
1338 1278 1314 6,100 Allis-Chalmers Mfg...__No par 104July 26 2338 Feb 5
1212 12
*1138 1512 *1158 1512 .12
.1158 15
534 Jan 24 July
1512 *12
1512 .12
Alpha Portland Cement No par 111 2July 28 2018 Feb 5
15,2
258 258
212 212 *212 234
74 Mar 12
229 July 27
58 Feb
258 314
212 258
94 July
1
3
312 2,200 Amalgam Leather Co
.2512 3334 *25
*2612 30
5 Feb 40 July
28
*2514 32
.2514 3334 *2514 3334
7% preferred
__50 25 Jan 6 45 Mar 13
4314 43
4312 4312 43
184 Mar 4758 Nov
4312 44
4434 4412 4612 4534 46'2 4,400 Amerada Corp
No par 4112 Jan 4 5558June 8
314 32
714 Mar 35 July
3112 3178 *3118 3214 .3118 324 3212 33
3318 3318
1,000 Amer Agile Chem (Del) No par 2514 Jan 4 36 Jan 24
1434 15
8 Mar 2812 July
1312 14
15
15
2,600 American Bank Note
134 134 1312 1412 14
10 1258July 26 2514 Apr 27
15
441 *43
441 .43
*44
34
Apr
44
44
4978 June
.43
44
Preferred
44
*43
44
10
50 40 Jan 4 5012 Apr 27
9
918
1
Jan
8,4 9
1634 July
858 9
7 July 26 1312June 19
938 934 ---- ---- ---- ---- 3,400 American Beet Sugar_No par
•55
71
.55
234 Jan 64 Sept
65
----------------100
*55
7% preferred
71
60
60
100 4612 Jan 4 7278June 18
22
231
22
22
918 Mar 4212 July
2238 1,900 Ara Brake Shoe dt Fdy_No par 1978July 27 38 Feb 6
2134 22
2212 22
2134 2134 22
80 Mar 106 Aug
.105 110 *105 110 .105 110
10
Preferred
105 105 *100 105 *100 115
100 96 Jan 10 11012 Apr 18
9312 9412 9234 9414 9112 9434 92
4912 Feb 10012 Dec
17,600 American Can
9312 9134 9712 9414 96
25 9014May 14 10734 Feb 15
14618 14618 14712 14712 148 148 *148 14812 148 148
1,100
148 148
Preferred
100 12612 Jan 6 14812July 24 112 Feb 134 July
14
1438 144 15
1412 1514
64 Jan 3934 July
1614 1512 1618 3,900 American Car & Fdy _ __No par 12 July 26 3378 Feb 5
134 1414 15
.3514 37
35,4 3514 *3314 37
15 Feb 5934 July
36
500
Preferred
35
3618 3618 36
100 34 July 26 5612 Feb 5
35
*414 6
158 Mar 14 July
*4,4 412
458 458 *412 512 *458 534
412 Aug 7 124 Feb 27
200 American Chain
412 412
No par
*15
30 .15
312 Mar 3112 July
30 .15
30
7% preferred
30
*15
.16
30
30 .15
100 2012 Jan 10 40 Apr 24
*5734 60 .5734 60
*5734 60
34 Mar 5114 July
400 American Chicle
58
58
5812 5812 584 5878
No par 4614 Jan 8 604June 18
*214 3
2 Feb
24 214 .
618 June
612 Feb 5
200 Amer ColortYPe Co
218 Aug 6
*214 3
*214 3
10
214 314
*214 3
244 2312 2412 234 24
24
18 Feb 8978 July
2412 2514 2412 2658 2514 2612 5,000 Am Comml Alcohol Corp 20 2034July 26 6212 Jan 31
*158 14 .14
Jan
6 June I
1
5 Feb 16
118June 27
600 Amer Encaustic Tiling_No pa
134
134
134
14 14
134
134
14
134
*5
578 *44 514 .458 514
378 Apr
13 July
538
300 Amer European Sec's__No par
538
5 Aug 8 1012 Feb 3
5
5
*5
512
558 638 9,200 Amer & For'n Power_ No par
512 614
378 Feb
534
1958 June
514
54 512
5'8
.538
514 5'2
412July 26 1334 Feb 6
1712 1712 17
17
1,000
714 Apr 4478 June
17
16
1718 17
Preferred
17
No par
1612 *1512 17
1314July 27 30 Feb 7
*712 734
438 Apr
274 June
712 712 *7
500
2nd preferred
814
618July 26 1712 Feb 6
81 1 814
No par
8
734
734 74
•1212 14
1378 14
618 APr
3538 July
*1212 1334 .12
$6 preferred
1378 1378 134 134 1,100
Vo pa
1334
1112July 30 25 Feb 6
418 Jan
2112 July
600 Amer Hawaiian 13 8 Co____10 1012July 27 224 Feb 16
*1212 124 1212 1258 134 1318 1314 1312 .12
1338
.12
13
5
5
212 Mar
.5
16 June
612 *434 512 *5
300 Amer Hide & Leather_No pa)
312July 26 1012 Feb 5
534 6
634 *534 612
1912 1912 •20
1312 Feb5712 June
2112 2012 2078 2038 2112 22
2234 *2119 2434 1,400
Preferred
100 174 Aug 1 4214 Mar 15
*3112 3214 3112 3112 3112 3112 32
2434 Dec 4212 May
900 Amer Home Products
3114 32 .3178 3214
1 2618 Jan 5 3638 Apr 26
32
*4
44
334 Feb1712 June
414 414 .
414 458
414 412 1,600 American Ice
414
34July 26 10 Feb 5
414
No par
414 412
31
25 Feb5778 June
31
*30
31
300
6% non-cum prof
3112 3112
*30
100 29 July 26 4514 Mar 26
31
30
30
31
534 578
Vs Feb154 July
54 6
578 578
612 64 2,900 Amer Internet Corp..._No par
64
434July 26 11 Feb 6
534 6
6
112 Apr 4
14 Apr312 June
700 Am L France & Foamite No par
.
4
58July 27
34
34
34
34
"8
34
34
34
58
%
58
414
*414 512
114 Jan
12 June
414 *414 5
*4
70
5
*358 5
41 1
Preferred
4 Jan 18 10 May 22
4
100
3918 July
17
17
1612 17
578 Jan
700 American Locomotive__No par
*1058 19
1712 1712
17
1518July 26 3834 Feb 6
*1734 18
17
.4018 4434 .41
174 Jan 83 July
4434 *41.38 45
Preferred
100 4478July 26 7458 Mar 13
*4278 45 .4278 4478 *4412 4458
13,4 1338 13
834 Feb 2238 July
1318 13
1338 134 1312 1314 1312 1312 1378 2,000 Amer Mach & Fdry Co_No par 1238July 27 1934 Feb 5
•778 8,4
1
Jan
8 June
74 778
8
8
34 Jan 3 10147,lay 11
778 812
812 912
878
918 8,200 Amer Mach & Metals_ _No pa,
1738 1734 17
318 Feb 2358 July
17
1678July 31 2758 Feb 15
1722 1712 174 1838 1812 2078 1912 2038 7,200 Amer Metal Co Ltd_ _ _No par
*7038 77
7578 Nov
•7108 76
1512 Jan
76
100
6'7° cony preferred
*70,8 77
100 73 Jan 2 91 Feb 15
117018 7572 7578 7578 *72
17
*2372 25
Jan
23114 24
3012 July
2412 2412 *2414 25
70 Amer News Co Ine____No par 21 Jan 3 3434 Mar 13
*2414 25
25
25
458 478
1978 July
4
Feb
412 478
54 538 10,500 Amer Power AL Light__No par
434 5
4 July 26 1214 Feb 6
434 514
458 44
1512 1478 1478
978 Apt 414 July
15
2,000
16 preferred
1412 15
1414 1514
13 July 27 2978 Feb 6
No par
1458 1458
14
14
35 July
*1214 13 .124 1258 1238 1238 13
9
Apr
400
13
$5 preferred
1234 1234 13
11 July 26 2614 Feb 7
13
No par
19 July
1114 1138 1034 1118 1078 1138 1078 114
44 Feb
1138 124 1138 1258 33,800 Am Rad & Stand San'y No par
10 July 26 1733 Feb 1
1538 1534
514 Mar
3178 July
1412 1638 1578 1678
25 1312July 26 2814 Feb 19
1534 164 1512 1712 1612 17,4 27.100 American Rolling Mill
' 204 Apr 4734 Jul'
600 American Safety Razor No par 36 Jan 13 58 July 20
*5012 53'2
52
50
51
52
'
'1 5112 52,2 5112 5112 *5012 52
78 Mar
718 July
738 I,eb 19
*3
4
*3
334 *3
200 American Seating vi e_No par
358 *3
218July 27
312
314 314
318 318
*78
1
412 June
34 July24
18 Apr
238 Jan 30
78
1
300 Amer Ship de Comm__.No par
.78
1
•78
1
1
1
.4 1
Mar
363
4 June
30
1112
Jan
*20
30
Amer
21
20
20
70
21
21
27
*2012
No
par
1758July
Shipbuilding
21
21
Co
_
20
20
.2012
1034 Feb 534 Sept
3214 3338 3158 34
334 35
3358 3512 3414 3834 3638 3812 57,800 Amer Smelting & Retg.No par 3014July 26 51 14 Feb 15
31
Jan 9912 Dec
117 117
300
*11512 116 .11478 116 .115 116 .11478 116
Preferred
116 116
100 100 Jan 2 125 June 29
2012 Jan 73 July
200
2nd preferred 6% cum_ 100 7114 Jan 2 9614 July 7
93
93
*93
*93
97
•9412 96 .9412 97
9612 .93
97
324 Jan 614 Sept
400 American Snuff
60
60
59
.59
61
61
59
.59
60
25 4834 Jan 5 634 July19
60
60
60
Preferred
__100 106 Feb 2 x125 June 13 10218 Jan 112 July
*12034 1221 .1204 1221 *12034 12214 .12034 12214 *12034 1221 .11842 1221
1338 2,700 Amer Steel Foundries No Par
438 Feb 27 July
1212 1234 114 121 .1234 13
.1234 1312 1258 138 13
1O's July26 2612 Feb 5
3758 Mar 85 July
66
66
30
70
*6714 69
.6714 69 .671 1 69
Preferred
100 5978June 2 81 Jan 30
*6714 79 .66
30 Feb4778 July
4114 411
*4138 42
700 American Stores
.4114 42
41
414
42
4112 42
42
No par 37 Jan 3 4414 Feb 7
2112 Jan 74 July
64
67
64
6234 6312 64
6212 6412 6212 63
654 6634 3,200 Amer Sugar Refining
100 46 Jan 3 72 July 14
Jan 112,4 July
80
400
11978 11978 11978 11978 *119 122
100 10312 Jan 3 12014July 6
Preferred
11912 11912 1194 11934 .120 12118
1714
1,300 Am Sumatra Tobacco__No par 1334May 10 2114July 20
6
17
Jan 26 July
1612 17
1612 17
17
1612 164 .17
1812 17
8612 Apr 1344 July
1061s 108 24 107,4 109
10814 109
108 10954 1074 11112 1094 11112 42,000 Amer Telep & Teleg
100 10534July 30 12514 Feb 6
72
49 Feb9078 July
7178 7178 7218 724 7234 73
72
7212 7318 7318
1,000 American Tobacco
x72
25 6514 Jan 6 8238 Feb 6
7518 7638 7314 744 7418 7478 7438 75
5034 Feb9434 July
12,000
27318 744 744 75
Common class Ii
25 67 Jan 8 8412 Feb 5
12414 12414 .124 125
400
12418 12418 12434 1244 12434 12434 .124 125
Preferred
100 10714 Jan 3 12434 Aug 8 10234 Mar 120 July
412
4
*4
4
414 412
24 Dec 25 July
458 538 1,000 :Am Type Founderallo par
412
.378
412 *4
3 July 25 13 Feb 21
1158 1218 .12
18
7
Oct3778 July
12
130
Preferred
12
1412 1412 .1218 1438 •1218 14
100
734 Jan 6 2834 Feb 21
1614 18
1538 1634
1512 1538 1519 154
104 Apr 4314 July
10,000 Am Water Wks & Elea_ No par 1412July 26 2738 Feb 7
144 15
15
1534
67 .5712 65
.644 7212 67
70
35 Mar 80 June
65
65
400
1st preferred
65 .65
No par 54 Jan 3 80 Feb 5
65
84 812
934
878 988 12,900 American Woolen____No par
8
312 Mar
74 3
17 July
712 818
734 818
7 July 31 1718 Feb 5
4458 4214 '4314 4158 44
43
, Feb 6712 Dec
225
4512 4312 47
4512 4734 6,400
43
100 3912 AIM I 8334 Feb 7
Preferred
1
118 .1
118
418 June
118
138
114
118
414 Mar 14
1
118
4 Feb
1
138 3,100 :Am Writing Paper
1
1 June 27
.312 4
144 July
358 4
4
34 Feb
*333 378
414
1,000
No par
338 338
Preferred
27s July 27 1712 Apr 23
3% 3511
.44 412
414 414 *4
1078 July
214 Feb
458 .4
9 Feb 16
1,000 Amer Zinc Lead dr Smelt_ _ _ I
5
412
412 5
334July 26
414
45 .39
45 .39
*39
20
Feb 68 July
45
.39
45
45
*39
•39
45
Preferred
25 3712 Jan 4 504 Feb 16
114 114 1038 1138 1078 1158
114 1178 114 1318 1238 1312 64,250 Anaconda Copper Mlning 50 10 July 26 174 Apr 11
5 Feb
2278 July
•1078 1312 .
418 Jan
1512 June
*12
1034 1312 *1034 1312 •12
13
1212 1212 1212
200 Anaconda Wire & CableNo par
914 Jan 12 1318July 12
16
16
•16
1714
15
*1612 1672 16
8
Jan 394 July
1512 1512 15
16
500 Anchor Cap
No par 1318July 24 2434 Jan 31
*94 100
.94 100
6212 Jan 90 June
*94
.94
96
96
96
.94
.94
96
$8.50 cony preferred_No par 84 Feb 5 100 Apr 17
94 Mar 2914 July
*3118 3334 31
3112 3278 3234 3312 3338 3334 2,100 Archer Daniels Micli'd_No par 2614 Jan 9 3414July 19
21
3038 31
_ •114
_ .114s
_ •114
95 Feb 115 July
_ ___
_ _ 41414 _ _ •11412
7% preferred
100 110 Jan 24 11512July 17
*9034 -92
-- .9014 .. 'i •9112 -9i
•1134•9034 924
-9112 -9112 .90 --41
Jar) 90 July
92
100 Armour & Co (Del) prat 100 7614 Jan 2 9314 Apr 26
412 434
4,8 5
54July 9
514
538 512 51,400 Armour of tillnola new
478 538
5
478
512
5
312July 26
52
54
5314 54
59
57
3,000
5712 5834 59
544 5434 54
86 cony pref
Vs par 4614July 26 61 July 9
64
.6112 6312 *63
6812 6812 1,000
67
6734 69
*62
Feb
93 July
Preferred
6434 64
7
100 54 July 26 7558 Apr 13
358 4
34 334
35, 378
14 Jan
7 July
44 418 1,300 Arnold Constable Corp
834 Fen 9
334 334
358 334
5
3 July 27
.4
6
*4
6
.4
.4
6
6
*4
2 Mar
*4
6
6
912 June
Artloom Corp
No par
414 Jan 5 1012 Apr 21
-_-- - Associated Apparel Ind No par
54 June
34 Apr
312 F .b 15
12July 13
•834 -I)
9
99
-9-12
9
-9-2,500 Associated Dry Goods
9
-9-12
914 1612
34 Feb 20 July
1
714July 26 1814 Feb 6
55
.50
55 .50
•50
55-„_
_ ___
8% 1st preferred
55 .50
18
Feb 6112 July
55 .50
100 46 July 28 7712 Apr 20
*3812 4212 .3812 4212 *3612 424 3812 3812 .3714 4212 .3714 12-12
15
Jan 5134 July
100
7% 2d preferred
100 36 July 26 6478 Apr 20
*364 4978 *3634 4978 *3634 494 .3634 494 .3634 494 .
Associated 011
364 4978
634 Mar 3512 July
2.5 2912 Jan 5 4012 Apr 25
.7
16
.7
10
*7
.7
15
At 0 & W I SS Lines__No par
12
12
412 Mar 26 July
•8
18
.10
16 Apr 12
5 Aug 1
234 2418 2212 23
23
7,000 Atlantic Refining
23:4 2338 2378 2378 2478 2414 25
1238 Feb 3212 Nov
3514 Feb 5
25 2112July 2
4514 46
4512 451 .45
4614 461
800 Atlas Powder
9 Feb 394 July
464 4614 4614 .4414 4818
No par 3514 Jan 8 5512 Mar 13
102 1023
- .102 - -_ 102 102
103 103
•102
60
103 103
Apr 8318 Sept
70
Preferred
100 83 Jan 9 10314July 27
•7 --714
7
-7
7
7
*7
73
400 Atlas Tack Corp
714 73
*7
14 Feb 3434 Dec
738
1614 Mar 14
No par
7 Aug 1
1812 1914 20
2034 1812 2034 6,900 Auburn Automobile_No par
19
18,2 20
20
19
Oct 8414 July
197
31
1612July 30 5738 Mar 13
10
1014 1138 1138 1112 1,800 Austin Nichol.,
1078 11
4 Feb 94 July
10
104 1012 1O'z 10
No par
7 Jan 4 1658 Mar 5
314 July26 1034 Jan 31
438 412
434 54 13,600 Aviation Corp of Del (The)_5
512 Feb
418 412
1638 July
414 48
438 41.
44 5
758 818 10,700 Baldwin Loco Works No par
714
73
733
634 714
1758 July
7
312 Apr
74
714
7
71
612July 26 18 Feb 5
29
29
32
30
*20
Preferred
30
912 Apr 60 July
30
500
3018 33
30
.2712 35
100 27 July 27 644 Apr 21
*98 104
*98 104
.98 104
6814 Feb 994 Aug
*98 104
.98 104
Bamberger (L) & Co pref _ _ 100 8612 Jan 9 9912June 20
.98 104
*24 3
224 July 24
38 Jan
.212 312 .258 71
714 June
612 Feb 5
258 258 .234 312
.258 312
100 Barker Brothers
No par
54 Apr
.20
22
2414 July
*2012 22 .2012 22
.20
*2018 2
22
*2012 22
64% cony preferred__ __100 1618 Jan 9 3812 Apr 12
11 July
3 Mar
612 658
658 678
612 63*
9,500 Barnacle!' Corp
638 7
638 634
5
6 July 27 10 Jan 22
634 7
524 July
314 Jan
32
900 Bayuk Cigars Int
32
No pa, 23 May 8 39 Feb 5
32
3112 3134 3212 33
3112 3112 3112 31,2 .31
4.95', 9612 .96
9612 .96
27
Jan 100 July
961 .96
1st preferred
9612 .96
9612
9612 *96
100 89 Jan 15 100 July 13
1312 1278 13
3,400 Beatrice Creamery
13
7 Mar 27 June
1334 1513 1458 15
25 1024 July27 1834 Apr 21
13
1278 1334
.13
45
Feb 85 May
*8212 9012 *8212 9018 *8212 87 .8212 93
100 55 Jan 13 91 July 6
Preferred
.8038 9018 *8078 85
45
Jan
6034 6034 .60
7012 June
62
400 Beech-Nut Packing Co
61
613 .6114 62
62
20 58 Mar 2 67 Apr 23
*6018 62
62
1418 1112 1058 11
1212 July
312 Feb
1138 1114 1134 1134 2,200 Belding Eleminway Co_No par
1038 1114
11
878 Jan 3 1514 Apr 4
11
12134 12218 •12212 125
400 Belida° Nat Rys part Pref.__
62,4 Apr10114 Nov
12314 12314 *12358 12458 12314 1234
.121 123
9512 Jan 9 12314 Aug 8
93 July26 2378 Feb 1
618 Feb 2114 July
13's
1218 1314 11,600 Bendix Aviation
1118 114 1112 1212 114 1218 12
___
1134 12
5
1314 Sept15 Aug
1218 Jan 31 1918 Apr 28
1512 1534 154 1534 4,100 Beneficial Indus Loan_ _No par
16
16
1518 1534
15,8 1512 1538 16
•Bid and asked prices, no sales on this day. :Companies reported In receivership
a Optional sale. c Cash sale. z Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 3
892
Aug. 11 1934
tar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES- PER SHARE, NOT PER CENT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7.
Wednesday
Aug. 8.
Thursday
Aug. 9.
Friday
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Stnce Jan. 1.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ Per share $ per share 3 per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per :lure
9 Mar 3312 Aug
No par 26 July 26 3414 Apr 10
1,300 Best & Co
31
1
4 3012 30/
3014 3034 3014 3012 30/
1
4 3112 31
"3034 32
1012 Mar 4914 July
26/
1
4 2734 2572 27
1
4 2914 2712 2834 28,000 Bethlehem Steel Corp No par 2514 July 26 4912 Feb 19
1
4 25/
2532 2634 2532 27/
2514 Feb 82 July
100 55 July 26 82 Feb 19
6132 611
/
4 3,300
59
59/
1
4 5612 59
7% preferred
5518 5618 5934 62
61
60
61
/
4 Apr 2912 June
1912 Aug 8 40 Feb 5
*20
2012 20
480 Bigelow-Sant Carpet Inc No par
*1812 19
20
1
4
/
4 20/
1912 2012 1934 1934 191
1614 Jan 30
3/
1
4 Feb 194 July
712July 1
8
8
No par
1
4 814 1,100 Blaw-Knox Co
814 "7/
8
1
4 8
1
4 "7/
712 7/
7/
1
4 772
6/
1
4 Feb 21 July
18 Jan 12 26 Feb 7
*1614 18
*1614 18
*1614 18
Bloomingdale Brothers_No par
*1614 18
*1614 18
*1614 18
g Jan 24
912 Mar 5812 Deo
5212 54
5 48 July 26 68,
4,000 Bohn Aluminum & Br
54
50
52
.5034 5114 49
51
5212 5312 51
1
4 July
18 Feb 37/
/
4 Jan 6 2814July 14
25 191
11,000 Borden Co (The)
1
4 26
24/
1
4 2538 2414 2478 2438 2514 2412 2514 2434 2614 24/
2 Feb 5
512 Feb 2214 Dec
10 1612July 26 28'
20/
1
4 1912 2012 8,600 Borg-Warner Corp
1812 1912 1814 1932 19
1914 1972 1832 19
3
July
25
/
4 July
Feb
9
41
as
May
/
1
4
:Botany
Cons
Mills
class
A_50
*72
1/
1
4
*1
/
4 112
*1
/
4 112
"72 112
•1
/
4
112
1l2
s
1
4 July
232 Feb 14/
12 Jan 6 1938 Apr 26
1
4 1532 1434 16
/
4 1434 14/
/
4 141
1534 1614 10,200 Briggs Manufacturing_No p..;
1434 1514 1412 141
25 Dec 3814 Sept
5 26 Jan 4 37125uly 18
900 Bristol-Myers Co
35
3312 34
1
4 33
33
1
4 32/
"32/
1
4 33/
1
4 32/
3234 3234 x33
60 Dec 8812 June
60
59
5912 60
1,100 Brooklyn Udion Gia___No par 5834 Aug 7 8012 Feb 6
59
59
*6012 6034 59/
1
4 604 5834 60
2812 Mar 53/
1
4 July
200 Brown Shoe Co
No par 50 Aug 8 61 Feb 16
*49
55
*50
52
50
50
52
5012 501
/
4 *50
"50
52
134 Mar 181
/
4 June
4 July 23 1072 Mar 17
100 Bruns-Balke-Collender_No par
5
5
534 *434 512
*434 512 *512 5/
1
4 *512 534 *5
932 Feb 5
1272 June
2 Feb
3/
1
4July 27
10
432 412
414 414
800 Bucyrus-Erie Co
414 412
*41
/
4 434
412 412 *414 412
/
4 Apr 24
1932 June
234 Feb
6 July 26 141
Preferred
5
1,800
7% 73
7/
1
4 734
732 7/
1
4
7/
1
4 7/
1
4
74 714
*732 7/
1
4
2012 Mar 72 June
10
*45
53
53
7% preferred
100 50 July 30 75 Jan 15
521
/
4 *45
50
50 .46
*50
53
*50
53
97 July
734 Apr 25
3 July 26
414 42 7,300 Budd (E G) Mfg
/
1
4 Apr
No par
414 434
412 41
/
4
412 412
414 4/
1
4
414 44
3 Mar 35 July
7% preferred
100 16 July 25 44 Apr 25
100
21
21
34
"21
34 '21
*21
34
25
'21
25 '21
5/
1
4 Jan 30
5/
1
4 July
1
Feb
2 July 26
900 Budd Wheel
234 278
258 258
258
234 *258 234
No par
258 258
*212 258
612 Apr 28
5 June
272 Jan 9
1
4 41.,
72 Mar
Bulova Watch
No par
*334 412 *334 412 *334 412 *3/
*334 5
*334 5
2/
1
4 Feb 1314 July
572July 31 1512 Feb 16
No par
612 612
614 612
614 632
6/
1
4 6/
1
4
74 772 2,500 Bullard Co
634 8
6 Feb 21
5 June
/
1
4 Apr
11
/
4 Jan 26
Burns Bros class A _
No par
"2
3
"2
3
*2
3
*2
3
"2
3
*2
3
13 June
134 Jan
4 Jan 9 1512 Feb 20
9
100
9
7% preferred
50
1012
832 812 *812 1012 *9
8/
1
4
"8
8/
1
4 '8
1
4 July
1012July 26 4932 Feb 1
/
4 6,600 Burroughs Add Mach--No par
61
/
4 Feb 20/
1
4 1112 1132 111
10/
1
4 1112 10/
1
4 11
1112 10/
111
/
4 1134 11
378 Feb 9
8 June
1
Apr
112July 27
No pat
100 Mush Term
*14 2/
1
4
1
4 2
134 *118 134 *1/
114
*114 2
114 *114
6 Mar 8
912 June
I
Apr
/
4 *212 3/
3 June 29
*212 3
100
1
4 *212 3
1
4 *212 312 *212 31
Debenture
*212 3/
41g Dec
8 Deo
512 Jan 3 1534 Feb 23
50 Bush Term B1 gu pref ctfs_100
•10/
1
4 111
/
4 1012 1012 "1112 11/
12
12
1
4
13
*11
13/
1
4 '11
21
/
4 Feb 16
112 Jan 13
2/
1
4 June
1
Feb
11
/
4 11
/
4
112 11
/
4
800 Butte .3. Superior Mining__10
/
4
112 11
112 112
/
4
*112 1/
1
4 *112 11
314 Aug 8
414 June
/
4July 27
12 Mar
11
21,400 Butte Copper & Zino
2/
1
4 3
314
I
3
2/
1
4 314
2
2/
1
4
2
2
2
2
434 Feb 1
112July 27
11
/
4 Apr
712 June
No par
Butterick Co
1
4 24
*134 214 *134 214 *134 24 *1/
"11
/
4 2
*178 2
812 Feb 4314 July
13/
1
4July 26 3234 Feb 7
1612 1738 6,500 Byers Co (A M)
1512 17
151
No pal
15/
1
4 15
*151
/
4 1532 1412 1472 15
3018 Mar 80 July
45 '41
100 40 Aug 6 6772 Apr 23
60
45
*42
*41
41
Preferred
'41
45
40
41
'40
45
1
4 Aug 9
754 Mar 3434 July
1834 Jan 4 39/
1
4 22,900 California Packing_ __No par
1
4 3814 39/
1
4 3834 3714 39/
36/
3612 3534 37
36
3634 35
134 Jan 23
24 June
12July 27
14 Jan
10
*44
78 1,000 Callahan Zino-Leal
34
34
/
1
4
34
34
/
1
4
/
1
4
552
*/
1
4
/
1
4
6
/
1
4
Feo
5
July
26
2
9/
1
4 June
Feb
2
/
1
4
Cop_
25
1,800
Calumet
&
Cons
Hecla
1
4
3/
1
4 3/
313 3/
1
4
1
4
31
/
4 3/
312 312
314 314
312 312
164 July
2 Feb
6 July 27 1572 Feb 23
200 Campbell W & C Fdy__No pat
*634 712 *658 7
1
4 *658 8
612 612 *612 6/
6/
1
4 612
7/
1
4 Feb 4113 July
1512 1614 2,700 Canada Dry Ginger Ale____5 1212July 26 2912 Apr 24
16
1432 1514 15
15
1432 1532 15
16
16
14 Feb 3512 July
2812 Jan 4 38 Apr 2
3212 3314 2,300 Cannon Mills
3218 33
3212 33
No par
*3214 33
*3218 34
'32/
1
4 34
414 Oct 1212 July
532 Jan 2 10 Apr 13
1
300 Capital AdmInis ol A
7/
1
4 712
612 612 *614 712 *614 712 *614 712 *614 712
25/
1
4 Jan 3512 July
35
"30
35 "30
10 2634 Jan 24 39 Apr 20
*30
36
"30
36
Preferred A
*30
35/
1
4 "3112 36
8634
Fen
July
26
6
3012
35
Feb 10312 July
100
39
4012
3612
405
8
1
4
36
3812 3634 38/
9,900 Case (J I) Co
37/
1
4 3812 3534 37
41 Feb 8814 July
*5112 59
59
Preferred certificates-100 6414July 30 8412 Feb 6
"51
"55
58
60
*55
63 '55
"55
66
512 Mar 2934 July
2734 7,200 Caterpillar Tractor_ __No par 2312 Jan 4 3332 Apr 21
2512 2534 2578 2638 2534 2634 26
25/
1
4 2612 2514 26
1
4 Feb 5
1
4 July
412 Feb 58/
19/
1
4 2218 2038 2134 13,500 Celanese Corp of Am__No par 17 July 26 44/
1
4 201
19/
1
4 2014 19/
20
2012 1912 20
4/
112July 27
1
4 Apr 12
5/
1
4 July
12 Mar
2
214 *1
No par
*1
214 *118 214 *1
100 tCelotex Corp
112 112 *114 21
4
Apr
12
July
27
4
/
1
4 July
is
Feb
114
114
1
*118
par
114
118
118
No
*118
114
500
11
/
4
Certificates
11
/
4
112
112
Ili Jan
1234 July
612 Jan 18 2232 Apr 13
100
914 10
81
/
4 8/
Preferred
990
934 1012
1
4
81
814 814
812 97o
8
14
Jan 41 July
26
28
"28
2812 26
261z 26
26's 2512 2712 2618 2714 4,000 Central Aguirre Asso__No par 24 Mar 22 3212 Feb 5
1
4 Feb 19
*7
612July 27 12/
1
4
714 714 *614 7/
*7
*7
71
71
712 •7
2 Apr
111
/
4 July
100 Century Ribbon Mills.No par
7'2
52 Feb 100 Deo
95
100 82 Mar 31 95 Jan 2
*85
95 '85
*85
95
95
Preferred
*85
95 '85
"85
95
4312July
3014M35'
16
4454
Sept
5
5
/
1
4
Jan
pot
37
/
1
4
4112
Copper_No
39
403
4
Cerro
de
Pasco
83,800
363
4
387
2
38
35/
1
4 3714 34/
3634 3914
1
4
734 Apr 5
1
732 July
Jan
1
4 *412 472 1,100 Certaln-Teed Products_No pat
314 Jan 2
412 4/
*412 5
41
/
4 41
412 412
412 412
4 Mar 3014 July
100 1712 Jan 19 35 Apr 5
25
25 '20
*20
25 "20
*20
25
25
*20
*20
25
7% Preferred
1478 Jan 5212 July
No par 34 Jan 4 4872 Apr 21
3914 1,900 Chesapeake Corp
3712 377s 3734 3914 39
3714 3734 373
3812 3832 37
9/
1
4 Feb 5
212 Mar 1233 July
3/
1
4July 26
5
514 *5
514
514
*4/
1
4 514 *5
432 5
900 Chicago Pneumat Tool.No par
*4/
1
4 5
512 Feb 2514 June
1678 1732 1,300
1512 1512 15'l 1632 1632 1612 17
Cony preferred_ ___ _.No par 1414July 26 2834 Apr 24
1632 1632 15
5 Mar 34 July
10 1914 Jan 8 3034 Feb 5
1
4 3,300 Chickasha Cotton 011
27
27/
1
4 2734 2814 2614 27/
2334 233 '2314 25
"2378 25
334 July25 111
2 Feb 101.2 July
/
4 Feb 19
412 4/
1
4
4/
1
4 4/
1
4
*41
/
4 4'2
No par
400 Chllds Co
/
4 41
4/
1
4 432 *41
*4
412
6 Apr 2112 July
1
4 Apr 9
*114 1312
1014 11
25 1014 Aug 9 17/
80 Chile Copper Co
912 101 *1012 16
"9
1012 *814 1hz
7/
1
4 Mar 57/
1
4 Feb 23
1
4 Dec
5 2914 Aug 7 60/
3078 3212 2958 3118 2914 31'2 2938 3118 2938 3212 3034 3214 163,700 Chrysler Corn
/
4 Jan 30
71
/
4 Mar 25 June
1714 Jan 5 241
1912 1912 1934 20
No par
1912 1934 1912 20
2,000 City Ice & Fuel
19
19
•1912 20
45 Apr 72 July
8212
*82
8212 83
100 67 Jan 3 86 Apr 23
83
83
Preferred
80
83
83'2 83
"82
8314 *83
21
/
4 Feb 6
3/
1
4 July
14 Feb
12July 27
No par
1
34
78 1.600 City Stores
31
78
*34
31
34
78
78
78
34
12 Mar
35 July 24
21
/
4 July
114 Feb 6
12
1
*32
1
Voting trust certifs_ _No par
*38
500
12
"8
12
38
1
38
38
812
July
112
5
/
1
4
Feb
6
25
Jan
214July
par
No
*112
3
*11
/
4
3
*Do
21
Class A
*1
3
3
"1
'1
3
514 July
512 Feb 21
34 Nov
2 July 20
*112 3
*112 3
3
No par
'11
3
Class A v t 0
*11
*112 3
*112 3
5 Mar 141
/
4 June
834 Jan 5 2134 Mar 5
13
No par
*1012 13
200 Clark Equipment
1314 1058 1014 1012 1314 *1012 1314 *IA
*11
10
Jan 4112 July
*251
/
4 32
"25
30
"25
33
3112
2812 281 *21
100 Cluett Peabody & Co_.No par 28 Jan 3 45 Apr 7
"2812 33
90 Jan 100 June
100 95 Jan 17 115 Apr 23
Preferred
"110 116 "111 116 "111 116 *111 116 '111 116 "111 116
Jan 105 July
1363
2
7312
2July
12
Jan
9514
13212
13212
par
13212
13314
(The)___No
13212
13314
800 Coca-Cola CO
132 132 "13212 13512
132 132
44 Apr 51 Dee
100
/
4 Jan 11 5512July 10
Class a
No Pal 501
*54/
1
4 5434 *5458 5434 5434 5434 *5458 5434 *5458 5434 *5458 5434
7 Mar 2232 July
938 Jan 3 Ms Mar 13
/
4 1414 1472 10,900 Colgate-Palmolive-Peet No par
1
4 1432 1478 141
1
4 1414 13/
1
4 13/
13/
1
4 1432 1312 13/
49 Apr 88 Aug
100 6812 Jan 8 93 Aug 8
93
93 '91
93 "91
91
91
9078 91
6% preferred
800
*9078 9112 90
3 Apr 26 Sept
10 July 26 2812 Feb 19
/
4 12/
No par
1
4 9,800 Collins & Aikman
2 1134 1114 1214 1112 1232 111
1112
1114 111
/
4 11
8/
1
4 Feb 6
272 Dec 1732 July
3/
1
4 Jan 2
*458 518
51s
5
51
/
4 *5
6
*458 514
512 575 1,800 :Colorado Fuel & Iron_No par
5
23/
1
4 Feb 7112 Judy
5,500 Columbian Carbon v to No par 58 Jan 8 774 Apr 23
6414 6734 6672 68
6312 6212 66
63
6312 63
6312 64
6/
1
4 Mar 28 Nov
2612 2634 274 1,800 Columb Pict Corps t o_No par 2112July 26 3434Nlay 28
1
4 2414 2412 2458 2618 20
"26
26/
1
4 2412 25/
73 July26 191
/
4 Feb 6
9 Mar 3818 July
878 912
918
9
87g
9/
1
4 26,700 Columbla Gee & Elec....No par
834 9
812 9
9
912
50 Dec 83 June
66
6512 66
66
67
100 52 Jan 5 7834June 21
Preferred series A
700
*6612 7212 6618 6618 *6614 6818 67
40 May 7412 June
70 *___ _ 70 *--- 70
100 41 Jan 9 71 Apr 24
5% preferred
10
7015 7012 *_
*50
70
*3114 70
4 Feb 1914 Dec
1
4 Jan 4 3512 Apr 21
10 18/
2814 2718 2838 2712 2835 2814 29
8,900 Commercial Credit
27
2712 2642 2752 27
1812 Mar 25 Sept
25 2312 Jan 5 30 July 19
7% 1st preferred
1
4 2934
1
4 '27/
1
4 *277s 2934 *2778 2934 *2778 29/
*2772 2934 *2775 29/
16 Feb 3912 Aug
50 38 Jan 3 50 Mar 9
49
49
48
48
48
48
48
Class A
800
*4612 4778 4778 4778 48
1
4 Sept
1812 Mar 25/
25 24 Jan 3 30 Mar 3
*2612 2778 2778 2778 *2658 2778
28
Preferred B
80
2812 28
*2712 2814 *28
70 Mar 9572 Sept
60
105 105 '10412 106 *10412 105 *10412 105 *10412 105
6)4% first preferred__ __I00 9112 Jan 3 106 Apr 30
106 106
1
4 Apr 11
18 Mar 4312 July
1
4 Jan 4 59/
1
4 52/
1
4 5414 7,800 Comm Invest Trust_ __No par 35/
5012 4912 5134 5158 53/
50
1
4 50
5012 5114 49/
Jan 9771 Jan
84
10934 11014 10834 10834
110 110
Cony preferred
600
91 Jan 3 1101 1 Aug 9
110 110
No Par
'109 110 *109 110
9 Feb 574 July
153* July26 3644 Jan 30
1832 191
/
4 22,100 Commercial Solvents No par
17/2 19
1672 18
1714 1814
17/
1
4 1812 1712 18
61
/
4 June
3/
11
/
4 Deo
1
4 Feb 6
112July 26
11
/
4 11
/
4
11
/
4 134 23,800 Commonwlth & Sou_ No par
11
/
4 134
158
134
134
358
158 154
1
4 Apr 23
1732 Deo 6012 June
No par 2112 Jan 2 52/
3634 3638 3678 3612 38
$6 preferred series
1,700
3612 36
37/
1
4 36
"37/
1
4 3834 36
314
July
26
27
/
1
4
Jan
Feb
July
7
/
1
4
16
22
par
27
2612
27
/
1
4
No
274
274
Congolcum-Nalrn
Inc
26
6,100
*2612 27
1
4 27
264 2614 25/
612 Feb 18 June
9 July 26 1412 NIar 5
1012
*9
934 "10
Congress CigarNo par
10
934 *9
*734 1034 "9
*734 11
June
133
2
2
193
4
3
/
1
4
Apr
Mar
17
514Ju1y
par
712
712
7
Cigar__
No
600
7
Consolidated
7
7
'63
4
712
74
7
*714 712
31
Apr 65 June
"57
64
__100 4514 Jan 2 62 July 12
*57
64
59
Prior preferred
30
57
59
*58
59
*57
"5338 59
534 May
5/
1
4 Feb 15
134 Jan
11
/
4July 27
1
212 258 *212 255 1.000 Consol Film Indus
212 215
212 234 *212 234
*212 278
171
/
4
2
144 May
/
1
4
Mar
Feb
15
5
/
1
4
Jan
10
par
1214
1214
1272
No
400
*1214
"12
12
/
1
4
Preferred
*1112
123
2
/
4 12
"12
12/
1
4 111
34 Dec 6418 June
No par 258 July27 4738 Fm o 6
2814 2738 2855 22,900 Consolidated Gas Co
1
4 2734 2712 2838 z27
2714 2772 2672 2712 27/
Jan
8112 Dec 99
No par 82 Jan 4 95 July 23
91
9104 9034 91
Preferred
800
91 '9034 911
1
4 91
911
/
4 9112 9012 90/
43g Feb 7
512 Jan
112 Dec
172 Aug 7
2
2
"11
/
4 2
1,300 Consol Laundries Corp_No par
"11
/
4 2
11
/
4 2
2
2
2
2
7l4July26 1414 Feb 13
5 Mar 1534 July
No par
8/
1
4 9
814 9
37,500 Consol 011 Corp
814 81
1
4
81
/
4 8/
8
814
8/
1
4 8/
1
4
Oct
9512 Mar 108
100 108 Feb 9 112 July 24
300
8% preferred
109 109 *108 113 *109 11212 *10912 11234
*10872 112 *109 112
21
/
4 Feb 7
12July 26
314 July
4 Mar
3.200 Consolidated Textile_ __No par
h
1
34 1
h
72
31
31
31
34
/
1
4
/
1
4
104 July
11
/
4 Jan
612 Jan 5 1334 Apr 23
20
912 914 1,400 Gontalner Corp class A
834 9
8/
1
4 83
"834 9
9
9
*834 9
532 Apr 18
412 June
2/
1
4 Jan 2
4 Feb
No par
Class B
900
332 312
314 314
312 312 *314 313
31
/
4 3/
1
4
*318 312
1
4 Jan 24
3 Mar 1814 July
5/
1
4 July 26 14/
7
7
6/
1
4 7
800 Continental Bali ohms A No par
618 618
61
/
4 632 *612 678
"614 7
312 July
2
2
/
1
4
Feb
7
7
11July
Jan
pat
I11
No
112
112
1
11
/
4
Class
B
1,700
1
1
1
1
1
1
1
1
Jan 64 July
36
100 4614 Jan 6 64 Feb 9
5214 *5112 5212 5112 5112 1,000
Preferred
*5214 5312 "5214 5312 52
•52
54
3514 Feb 7832 Dec
20 6912Nfay 14 834 Apr 21
77
7814 4,600 Continental Can Inc
79
77
76
76
77
7714 7714 7512 7612 76
312 Feb 1712 July
6 July 26 1154 Feb 6
5
*614 7/
1
4
7
7
400 Cont'l Diamond Fibre
632 632
61
/
4 61
/
4
64 64
.6
6/
1
4
/
4 JU17
1012 Mar 361
__2.50 2338 Jan 6 3512 Apr 20
2614 2614 2712 2714 2814 4,300 Continental
2712 2712 2655 2658 2612 2712 26
4 June
238 Feb 21
34July 24
1 Mar
Motors....No par
72 2,900 Continental Insuranoe_.
84
78
78
h
78
34
h
78
78
78
78
Sept
223
4
Apr
21
4July
26
19
/
1
4
4
/
1
4
Mar
153
5
1814
19
1878
Continental
Oil
of
Del
18,100
17
/
1
4
2
177
1
4 1712
1
4 1712 1714 17/
17
1712 16/
1
4 Aug
4532 Feb 90/
5612 5014 6612 57/
1
4 21,600 Corn Products Refining____25 5512 Aug 8 8412 Jan 26
61
62
5918 6058 5614 6014 5512 58
100 135 Jan 4 14812July 24 11712 Mar 14554 Jan
1
4 14812
Preferred
300
148/
1
4 14812 148/
14812 14812 *14812 166
*14812 166 *14812 166
712 June
232 Mar
9/
1
4 Fen 15
4345
33* July26
415 5
No par
2,100 Coty Inc
4/
1
4 452
4
4
412 412
1
4 July
33 Feb 39/
32
32/
32
1
4 3214 3214 1,700 Cream of Wheat otie___No par 28 Jan 3 35 Jan 31
3154 3134 3134 3134 3172 3232 32
4 June
143
Mar
1712June
Jan
2
214
16
8
par
Corp____No
*1414
15
Radio
1,600
153g
Crosley
15
14
14g
8
14
137
13/
1
4 14
14
14
1454 Feb 65 July
3614 Feb 1
2,200 Crown Cork & Seal____No par 1834July 2
1
4 24
2412 24/
1
4 23/
23
23
23
2312 2212 23
23
23
/
4 July
2412 Feb 381
No par 3512 Jan 2 414 Apr 20
82.70 preferred
400
39 '3932 4112
4112 39
38/
1
4 3814 "39
38/
1
4 39
"39
40
812 July
1
Apr
Ma Apr 27
358July 27
414 414 2,500 Crown Zellerbaak v t a_ No par
432
4
412 414
414 414
414 44
4
414
9 Mar 3712 July
900 Crucible Steel of America-100 17 July 27 3832 Feb 19
19/
1
4 1972 1912 1912
*1812 20
1814 1914 18
19
19
18
16 Feb 6032 July
100 48 Jan 12 71 Apr 19
Preferred
*5312 55
100
1
4 55
*5312 55 '53/
*5312 55
54
54
*49
54
4112 June
31a Feb 9
1 Jan 2
12 Feb
No par
1'12 112 1,500 Cuba Co ('rhe)
112 112
112 11
112
11
/
4 138 *14
112 112
1112 May
9/
1
4 Feb 8
11
/
4 Jan
312 Jan 10
732 7/
1
4 6,900 Cuban-Amerlcan Sugar___. 10
7
8
7/
1
4 71
732
7
612 7
7
714
June
68
Jan
10
64
July
9
Jan
9
201
/
4
100
Preferred
60
6112
1,690
62
60'4 59
591
/
4 5612 5812 59
/
4 57
8012 601
1
4 June
205g Feb 59/
50 37 Jan 2 5034 Feb 16
4512 46's 4512 4612 4612 4612 1,500 Cudahy Packing
*4412 46
*4312 4512 *4314 45
32
/
1
4
June
64
Mar
8
293
2
Apr
12
1312
Jan
No
par
Curtis
Pub
CO
2,400
(The)_.
18
1814
1712
17
17
16
,
2
17
17
17
•1714 1814 17
30 Feb 66 June
No par 4312 Jan 3 854 July17
Preferred
77
7712 2,000
76
73
7314 75
"71
75
7532 78
*78 80
1
4 July
4/
112 Feb
514 Jan 31
212 Jan 2
I
275 3
15,200 Curtiss-Wright
234 315
234 27
273 3
234 3
3
3/
1
4
8 July
2 Mar
1214
Apr
2
Jan
3
54
1
Class
A
7,900
83
8
85
8
8
8
7
8
8
814
77
778 814
758 838
814 838
41
July
21
Jan
4
2112 Feb 21
11 Jan
300 Cutler-Hammer Ino___No par
1312 1312 *1312 14'2 1312 1312 *1312 16
"13/
1
4 15
*131
/
4 14
• Bid and asked prices, no sales on this day. 8 Companies reported In receivership. a Optional SRI*. e Caah sale. z Ex-dieldend. y Ex-rights.
f
('1.1.
I
11
OC1O
ova
view Hui otULA Recuru-uontinuea-rage 4
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CE.VT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7.
Wednesday
Aug. 8.
Thursday
Aug. 0.
Fr Way
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER!WARE
Range .....se Jan. 1.
On baar of LoO-share lots
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus.& M1scell.(Con.) Par $ per share
$ per share $ per share $ per share
834 July
14 Feb
*6
64 *6
Davega Stores Corp__ _. _. 6
*514 7
814 Feb 5
64 *612 64 *6
6 Jan 10
678 *6
678
1134 1218
No par
1214 124 1212 1312 13
2438 July 49 July
1218 13
1438 8,000 Deere & Co
1018July 26 3418 Feb 1
1434 14
1112 1112 1134 1112 1112 .1138 1178 *1138 1212
1134 *II
511
6/
Preferred
1
4 Feb
20 1014July 27 1512 Jan 30
1838 June
400
6912 *65
6912 65
•65
*67
48
69
Apr 9112 July
.6712 6912 6812 6812
65
100 6312 Jan 5 84 Feb 23
200 Detroit Edison
40
•39
41
40
4012 41
42
*41
10 Mar 3378 Aug
414 42
•42
43
500 Devoe dr Raynold2 A__No par 29 Jan 6 5518 Apr 25
23
214 2134 *22
22
22
.22
1712 Feb 2912 July
23
2234 2278 23
500 Diamond Match
No par 2134May 14 2812 Jan 16
23
34
34
34 .33
34
*34
3418 *3314 36
35
264 Feb 31 July
*33
3438
300
Participating preferred_ __25 2814 Mar 27 3414 July23
43
4518 4234 4378 414 45
4214 45
4138 42
12
4358 4438 31,000 Dome Mines Ltd
No par 32 Jan 25 4614June 27
Feb 394 Sept
*1734 184 .1712 1814 *1714 184 *1714 1834
1814 19
1812 181_
800 Dominion Stores Ltd No par
1012 Feb 2638 July
15 July 26 23 Mar 10
1678 1718 16
17
1014 Feb
164 1738 17
1814 July
1834 1712 1834 19,900 Douglas Aircraft Co Inc No par 1414 Jan 2 2812 Jan 31
174 17
.878 1012 .87s 11
64 Feb 18 June
*878 11
812July 26 19 Feb 17
10
*8
11
10
100 Dresser(SR) Mfg cony A No par
*878 10
634 634 *5
.634 812 *634 914
914 *6
1178 M ar 28
24 Mar 1034 June
634 Aug 1
914 *618 914
100
Convertible class B No par
4
4
.378 418
4
*418 5
4
4
*4
4
412
400 Dunhill International
1
34 July 27 1134 Mar 26
78 Apr 1434 July
104 104,8 .104 106 *10412 105 .10412 105
85 Nov 10218 June
10412 10412 105 10514
270 Duquesne Light let pref__100 90 Jan 16 10512July 23
0478 5
5
5
478 478
118 Mar 10 July
418July 25 1234 Feb 19
434 478
54 1,300 Eastern Rolling Milla__No par
44 514
5
98
9734 9812 97
9914 98
9714 9734 97
46
9678 99
99
4,300 Eastman Kodak (N J)_No par 79 Jan 4 101 18July 18
Apr 8934 July
.135 140 .136 140 .136 140 0136 140 .136 140 *136 140
6% cum preferred
100 120 Jan 16 147 June 27 110 May 130 Mar
134 1312 I414 1334 134 1314 1438 14
1418 144 13
318 Mar 16 July
1414 3,700 Eaton Mfg Co
1218 July26 2212 Apr 19
No par
8638 8318 8518 8458 864 85
85
324 Mar 9638 De,
85
8958 8718 8918 40,400 E I du Pont de Nemours__ __20 80 May 16 10378 Feb 16
88
12434 125
.12412 125
9712 Apr 117 July
12412 125 *12458 125
12412 12458 12378 124
100 115 Jan 2 125 July 20
1,300
6% non-voting deb
*8
834 *714 81
.738 8
.718 81
EltIngon Schild
No par
.714 812 *8
6'4 July26 1914 mar 6
84
1714
16
17
17
1634 1738
1-0 Apr 1712 July
1612 1718
1618 18
1718 1734 17,400 Elee Auto-Lite (The)
5 15 July 26 3138 Feb 21
92
90
92
92
75
.86
Oct 8813 July
Preferred
100 80 Jan 5 101 Apr 6
88
8912 8912 8912 8818 8818 88
210
712 Jan 29
418 412
1
34 378
438 438 5,400 Electric Boat
Jan
4
414
814 July
338 378
4
414
3
3 July 26
•612 64
612 612 .638 634
01851ay 8
612 612 2,400 Else & Mug Ind Am shares__
Feb
638 612
412 Dec
638 64
1
414 Jan 3
378 42
378 418
34 4
378 44
34 4
4
414 7,300 Electric Power dr Light No par
34 Feb
958 Feb 7
1538 June
312July 26
712 Apr 3612 June
9
94
878 9
Preferred
9
918
734July 26 21 Apr 18
No par
938 938
938 94 1,600
912 9,2
914 938
8
8
*8
8
838
8
612 Apr 324 June
814
812
E6 preferred
812 918 1,600
7 July 27 1934 Feb 7
No par
38
38
38
38
3834 1,800 Elec Storage Battery _No par 37 July 27 52 Jan 24
21
3812 3812 3814 39
Feb 54 July
•37
3834 .38
•78
1
78
4
178 Feb 21
58May 11
18 Jan
1
114 7,700 :Elk Horn Coal Corp No par
114
1
4 June
114
1
118
14
58 Apr
2
6 June
24
*112
14
334 Feb 23
178 0112 154 *112
178
14
6% part preferred
134 134 3,000
50
1 July 26
55
5112 5112 5112 514 *514 55
*51
5412
*52
541 •52
26
Feb 6278 July
200 Endlcott-Johnson Corp__ _ 50 4914July 30 63 Feb 16
•127 12712 .127 12712 *127 12712 *127 12714 126 127 .126 1271z
20
Oct
Preferred
100 120 Jan 3 12712July 26 107 Feb 123
34 34 .278 312
•318 414
3
3
24 278
314 314
212July 27
400 Engineers Public rierv__No par
84 Feb 7
334 Dec 1434 JUDO
*1112 1212 1112 114 .11
11 Dec 47 June
12
12
*11
12
200
12
12
1018July 27 2312 Feb 6
.11
35 cony preferred___ _No par
01212 13
*1134 1278 .1112 13
*12
1278
*1112 13
11
Dec 494 June
0111, 13
$5).( preferred
11 Jan 8 2412 Feb 5
No par
1312 1314 *13
1418 *13
133 .13
1338 1358 1358
12 Dee
1312 •13
65 June
200
36 preferred
13 July 26 2512 Feb 5
No par
.514 534
5
512
5i2 512
534 578
512 51
612 Mar 1338 July
534 6
1,000 Equitable Office BldgNo par
5 July 24 104 Jan 22
9
9,8 9,8 *814 878 .84 84
3 Apr 1814 July
914 938
9
834 834
1,100 Eureka Vacuum Clean
7 July 26 1438 Feb 19
5
4 Mat 10 Nov
18'2 7,900 Evans Products Co
19
17
9 Jan 3 2714 Apr 27
174 1814 1734 1918 18
1838 18
19
19
5
*34 412 •34 412 *338 412 *312 412
412 47
312 Nov
412 412
1112 July
50 Exchange Buffet Corp_No par
3 July 27 1012 Apr 2
312 2is
•12 218
*12 218
•12 2
•12 21s
23s Apr 17
158 Mar 9
Fairbanks Co
25
24 June
•12 24
4 May
.412 612 .4
612 *4
1
61,
Feb814 June
Preferred
612 0414 612 *4
100
612 .4
4 July 26 1212 Apr 14
212 Mar
1114 June
84 834
9
934 934
9
934 10
10
7 Jan 6 18 Feb 19
1014 1034 104 1,300 Fairbanks Morse dr Co_No par
48 .37
48 .37
*38
10 Feb424 Nov
48
*37
48 .37
Preferred
48
48
.37
100 30 Jan 10 58 Apr 24
5
5
1412 June
.434 5
434 Apr
5
5
5
5
1,700 Federal Light & Tree
15
434 5
4 July 27 1114 Apr 3
478 478
.46
48
.46
48
•46
48
48 .46
33 Dec5912 July
48
*46
48
•46
Preferred
No par 344 Jan 12 62 Mar 13
050
050
80 .50
80
*65
7934
71
200 Federal Min & Smelt Co__100 71 Aug 9 107 Feb 14
80
71
80
.50
15 Mar 103 Sept
314
338
34 34 *314 338
311 Mar 1134 July
84 Jan 30
278July 25
34 338
338 338
333 334 1,000 Federal Motor Truck No par
*2
214
2
2
.2
218
218 *2
100 Federal Screw Works_ _No par
218 *2
533 Feb 23
218 .2
34 Feb478 July
2 Jan 13
112
112
138
138 .138
4 Feb 6
138 Dec634 June
138
138July 27
112
112
138
112 1,000 Federal Water Serv A No par
112 *114
*2014 22
2014 2014 20
2312
700 Federated Dept Stores_No par 1912July 20 31 Mar 6
2012 2012 •20
712 Feb30 July
2012 20
20
52612 29
.27
29
800 Fidel Phen Fire Ins N Y-3.50 2334 Jan 5 35 Apr 20
10/
1
4 Mar 36 July
2612 2612 2578 2612 2614 2614 2612 26'z.
958 Nov
*84 914 *812 914 *812 914 .812 914 *812 914 *812 9'4
5 Mar
Fifth Ave Bus Sec Corp.No par
11 Jan 3
7 Feb 1
•23
•23
32
32
9 Apr 30 July
.23
___ •23
Filene's(Wm)Sons Co_No par 23 July 25 30 June 21
.23
32
.23
32
*104 106 *1041 1 106
Apr 95 Sept
100 87 Jan 10 106 Aug 9
180
81
6 Si% preferred
10414 10414 104 105
105 1-06 510412 1-06
1438 1438 14
94 Apr 3112 July
1438 1414 1438
1414 141
/
4 1438 1538 1514 1538 3,000 Firestone Tire A Rubber___ 101312July 26 2514 Feb 19
800
80
*7838 81
42 Mar 75 June
Preferred serlea A
79
7812 781
100 71 Jan 9 86 Apr 21
77
76
75
75 .
*78
78
67
65
66
655 66
43 Mar 7014 July
2,200 First National Stores__No par 5414 Jan 5 694 July16
6578 66
6618 67
6612 67
671
314
900 :Follansbee Bros
212 Feb
314 314
19 June
3
34 318
*3
3
312 *3
2 JUly26 1738 Feb 21
3
318
No par
*1612 1734 .1612 18
612 Apr
16 July
300 Food Machinery Corp_No par
*1712 1812 1814 1814
17
*17
18
1012 Jan 9 21 May 4
17
1018 1018 10
101
44 Feb 23 July
1014 1038 104 11
1178 1114 1184 3,000 Foster-Wheeler
11
812July 27 22 Feb 16
No par
614 July 26 1714 Jan 30
2 Feb 2338 July
838 834
74 8
814 8'4 3,400 Foundation Co
678 714
778 81
No par
758 814
*19
19
2112 19
19
/
4 June
600 Fourth Nat Invest w w
19
1358 Mar 261
1
1712July 26 2712 Feb 5
19
1812 1812 19
51712 20
10
1014 10
1012 1014 1038 1,900 Fox FIlin class A
12
10
Oct19 See/
814July 26 1712 Feb 26
10
10'2 10
No par
10
1014
40
4014 .3614 40
34
34
12
Jan 50 Aug
38
120 Fkln Simon A Co 100 7% 0100 34 Aug 10 63 Feb 7
37
40
40 .3812 40
.28
29
28
27
3,900 Freeport Texas Co
2914 2914 30
28
1618 Feb4938 Nov
2678 2714 2718 28
10 2678July 26 5038 Feb 19
14
16
16
.1418 174 1812 1812 1418 1418
70 Fuller (G A) prior pref_No par
9
14
Jan 31 J11.16
16
16
14 July 26 3312 Apr 26
6
6
6
*612 8
.612 8
50
618
4
Jan 23 June
$6 26 pref
7
7
•612 8
No par
5 July 26 1958 Apr 26
.158
178
100 Gabriel Co (The) cl A_ _No par
0114
458 Mar 12
14
158
158 •138
1
134 *158 2
Feb54 Aug
14 .138
118July 25
140 Gamewell Co (The)
•101
114 1178
/
4 13
12
*1014 1218
12
1012 Aug 7 20 Feb 19
612 Jan 2078 Aug
11
1012 1012 11
No par
*618 612
638 612 3,800 Gen Amer Investors
618 618
612
258 Feb12 June
6
6
618
6
6
538Ju1y 27 1112 Feb 6
No par
*6612 75 .6612 75
.6612 83
75
75
100
.70
75
42 Feb 85 July
No par 75 Aug 9 87 Mar 13
6612 75
Preferred
30
31
4.200 Gen Amer Trans Corp
32
.3114 3178 31 • 32
3014 321 1
1334 Feb 434 July
3012 3112 30
6 30 Aug 9 4338 Feb 19
13
1334 14
1478 1538 2,800 General Asphalt
1334 1334
458 Mar 27 July
10 12 July 26 2312 Apr 24
141 1 •1414 1412 144 15
838 858 2,800 General Baking
838 81
84 814
818 838
1012 Dec 2078 July
812 9,8
818 812
5
8 July 26 1438 Feb 5
104 104 .10334 104
•10312 105
104 104
70
994 Mar 10814 Sept
E8 preferred
104 104 .102 104
No par 100 May 8 10812 Feb 7
64
6
638 61
614
6
6
3,700 General Bronze
5/
1
4 614
6
618
6
218 Feb
1012 July
558 Aug 6 1018 Nf ar 9
5
*3
338
3
3
3
3
318 318
3
31
314 314
1,000 General Cable
64 Feb 1
1112 June
1's Mar
No par
214Ju1y 26
414 July 27 12 Feb 1
.512 81_
0
6
6
812 *5
.5
300
6
81.2 .5
No par
612
214 Feb 23 June
Class A
19
.13
.16
19
25 .1418 2418
25 .15
.13
19
.13
612 Mar 46 June
7% cum preferred
100 1412 Jan 9 33 Apr 20
42
42 .4112 42
41
4114 4114
800 General Cigar Inc
4112 4112 4112 4114 41
2414 Dec 4858 June
No par 27 Jan 2 43 June 26
116 116 *11512 116
116 116
'
Jan
11512 11512
115 11512 *11412 116
280
7% preferred
90 July 112
100 97 Jan 8 116 July 24
18
184 1758 1818 1738 1818 1778 1812 1778 1938
1814 1914 64,000 General Electric
1012 Feb 3014 July
No par
1678July 26 254 Feb 5
.12.4 1212 1212 1212 1212 1212 1238 1212 1238 121
1238 1212 6,000
10 1138 Jan 2 124 Feb 26
1078 Apr 12,4 July
Speck.'
2934 3014 2918 2958 29
/
4 2984 2912 30
8.500 General Foods
Feb3978 Sept
2912 2814 29,4 281
21
No par 28 July 26 3678 Jan 30
312
58
12
58
38
58
12
58
12
58
11 Dec
58
58 2,000 Gen'l Gas dr Elea A_No pa
278 June
Ps Feb 6
':July 24
.1134 1214 ell
14
1218 1218
400
1114 1114 .114 14
318 Apr 16's June
1114 1114
Cony pref series A_No par
614 Jan 2 19 Mar 13
.1278 1414 12
12
154
.1238 1512 .1258 1512 •1278 1512 .13
1812
50
Jtuse
25
64
$7 pref class A
Dec
21
par
Mar
13
11 July
No
•14
10
13
13
.14
19 .14
.121, 19
.1312 19
19
5 Apr 20 June
13 Aug 6 22 51er 12
10
$8 pre: class A
No par
*5534 6018 •564 6018 .5638 59
.5612 6012 .5678 6018 *5718 604
Gen Ital Edison Elec Corp._
241
/
4 Jan 5534 Nov
50 Jan 24 6114 Feb 16
.5458 5434 54
5458 54
5534 5514 5514 5412 55
5558 5558 1,800 General Mills
354 Mar 71 June
No par 5378 Mar 20 6412 Jan 15
.112 115 .11378 115 *11212 115 .113 115 .114 115 .114 115
9212 Mar 10612 Sept
Preferred
100 103 Feb 27 115 Aug 1
2658 2718 2534 27
2738 2814 2758 284 2738 3038 2914 3014 205,300 General Motors Corp
10 Feb 3534 Sept
10 2458July 26 42 Feb 5
101 101
101 101
10112 10258 .102 10338
101 101
102 102
900
$5 preferred
654 Mar 95 July
No par 894 Jan 6 10312July 11
.104 14
.1038 14
.1058 1338 .1038 1312 *1038 14
.1114 14
Gen Outdoor Adv A___No par
518 Jan 24 June
834 Jan 5 21 Apr 14
418 44
418 44
418
418
44 418
4
1.300
212 Mar 1018 June
Common
4'8*373 4
No par
653 Apr 20
338 Jan 2
.1734 1814 *1712 1914
1812 1812 .1712 1812 1812 181
19
1914
60 General Printing Ink
17 June
314 Jan
1012 Jan 3 2512 Apr 23
No par
.85
88
•85
88
.85
85
85 .8312 85
88
85
85
50
$6 preferred
31 Mar 82 Aug
No par 7312 NIar 10 88 Apr 24
0218 212 .218
214 .218
214 .218 214
*218
214
213 212
600 Gen Public BervICe
538 Feb 7
81
/
4 June
2
NO par
Apr
218July 24
28
30
*2814 31
2958 02514 30 .28
2814 2814 .25
30
400 Gen Railway Signet
13,3 Jan 4912 July
_No par 2312July 27 4534 Mar 3
•114
138
1 14
14 •114
114
138
112
138
114
138
112 1,500 Gen Realty & Utilities
438 June
1
1 July 26
4 Feb
34 Jan 30
15
.914 13
.10
.9
.9
13
.10
13
13
•9
13
$6 preferred
No par
11 Aug 3 2638 Jan 30
612 Jan 2234 June
*1212 1358 .1234 1634
1212 1212 1212 121 .1312 161 .13
1612
100 General Refractorles
212 Feb
No par
1934 July
1018 Jan 3 234 Feb 23
124 1258 .124 1234 .12
13 .1234 13
1214 1234 1212 13
1,800
Voting trust certifs No par
714 Sept
18 June
10 July 26 1912 Feb 21
.25
35 .25
30
*25
30
.25
28
32
•25
25
25
10 Gen Steel Castings pref No par
938 Feb 3812 June
25 July 31 45':Mar 1.5
1114 1 1 33
1078 ills
11 18 1112
1118 1138 1138 1134 1112 1178 6,100 Gillette Safety Razor No par
738 Dec 2014 Jan
812 Jan 8 1314July 20
*6214 64
6212 62'z 6112 61 12 *6112 64
*6014 6234
6134 63
400
Cony preferred
Jan
454 Dec 75
No par 47 Jan 11 6512July 6
314 314
3'4 314
3
31 1
3
3/
1
4
314 2.100 thimble Brothers
314 3,4
3
No par
758 Jun.
258July 2
34 Feb
638 Feb 5
.1634 2234 *1714 22 .1634 22 .1634 22 .1634 21
•1634 20
Preferred
33 July
5/
1
4 Mar
100 1614 Jan 8 30 Feb 5
•2218 2214 21
22
2214 2212 22
2278 21,4 2334 2234 2314 5.700 Glidden Co (The)
No par
154 Jan 4 284 Apr 26
314 Mar 20 July
103 103
103 103
10112 103
10312 10334
10212 1021 10212 103
220
Prior preferred
100 83 Jan 19 104 July 26
48
Apr 9112 Aug
458 434
412 47
434 478
434 5
478 518 5,200 Gobel (Adolf)
5
514
16 July
3 Feb
5
94 Feb 27
334July 26
1838 1714 1712 1712 1734
18
1738 1734 174 1814 1778 18
3,300 Gold Dust Corps t o_ __No par
12 Feb 2738 July
1634 Jan 11 23 Apr 23
.112 115 .112 11412 .112 115 .11212 115 .11212 115 .11212 115
$6 cony preferred. __No par 9612 Jan 6 11412July 18
9612 Dec 105 July
934 934
91a 938
914 10
914
938 1118 1012 114 9,700 Goodrich Co (11 F')
958
No par
8 July 26 18 Feb 19
3 Mar 2112 July
36
36
•36
38
.34
3712 40
37
.36
40
38
4014
800
Preferred
100 3512July 26 6234 Apr 21
9 Feb 63 July
19
1912 1812 2038 20
2112 204 2138 2018 2318 2158 2278 22,600 Goodyear Tire & Rubb_No par
914 Feb 474 July
1812 Aug 6 4138 Feb 19
64
68
66
.64
64
64 .64
644 6414 6414 .65
70
500
let preferred
No par 64 Aug 6 861
2734 Mar 8014 July
/
4 Feb 19
434 434
43a 44
438 434
434 44
512 512 1,800 Gotham Silk Hose
5
512
No par
378July 26 1134 Feb 5
612 Oct 1712 June
*4812 50
•4812 50
•4812 50
50
50 .4814 58 .4814 58
10
Preferred
100 4912 Jan 22 7112 Apr 26
41
Apr 73 July
14 2
178 2
178 2
178 2
173 178 .14 2
1,900 Graham-Palge Motors
1
112July 26
412 Feb 1
I
Apr
538 July
(112 612
638 638
634 7
634 64
7
81 _
734 812 6,500 Granby Cons M Sm & Pr _100
July 27 134 Feb 16
378 Mar
1538 June
5'
*4
44
4
414
458 434
438 5
478 518
412 5
2,700 Grand Union Co It etre
1
4 Jan 8
358 Mar 1038 June
834 Jan 31
30
3512 30
*30
.3218 3512 .3212 3978 •3012 35
*32
35
200
Cony pref series
No par 23 Jan 6 40 Apr 24
20 Sept 384 July
*2118 2412 .2118 2412 .214 2412 .214 2412 .2118 2412 *2118 241
Granite City Steel
No par 23 Jan 15 31 18 Apr 25
114 Mar 3038 July
3158 304 3012 .3038 31
31
31
31
3034 3112 3112 31'z 1,300 Grant (W T)
No par 30 June 8 4038 Feb 19
1534 Feb 3612 Dec
1012 1014 1,600 Gt Nor Iron Ore Prov_No par
912 912
934 10
913 94
934 10
94 912
812July 27 1518 Feb 19
54 Feb
164 July
1
3414
3014
32
32
31
31 18 3158 3114 32 4 3134 3412 3214
15.100 Great Western Sugar No par
25 May 14 3514 July9
64 Jan 414 Sept
11314 11314 *113 115 .114 115
11312 11312 *11314 115
11412 1141
40
Preferred
7212 Jan 110 Sept
100 102 Jan 2 11634June 23
*14 214
*112 2
*1 12 218 .134 218
158
178
134 2
2.000 Guantanamo Sugar__ _No par
34 Jan 2
312 Feb 8
412 May
14 Jan
•17
39
.17
39 .17
24
51712 39
•17
39
24
.17
Gulf States Steel
Vo par
1514July 26 42 Mar 13
634 Feb38 July
345
75
75 .45
73 .45
*45
75
*45
75 .45
75
Preferred
100 47 Jan 8 83 Apr 20
164 Jan 64 June
•1116 and asked prices. no sales on this day.
I Companies reported in receivership. a Optional sale. e Cash sale. z Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 5
894
Aug. 11 1934
(.&1" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7.
Wednesday Thursday
Aug. 8. I Aug. 9.
Friday
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share iota.
Lowest,
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share 3 per share 3 per share S per share Shares. Indus. & Nfiscell. (Con.) Par $ per share
$ per share $ per share $ per share
.2518 2578 *2518 2578 .2518 257 .2518 25% 2514 2514 .254 25%
100 Hackensack Water
25 2012 Jan 9 26'4 July6
15 Mar 2513 July
'2812 3013 02812 3012 .284 3012 .2812 3012 3012 3012 '30
30
7% preferred class A__..25 27 Jan 4 3012June 27
3012
25
Apr 2878 Jan
37
37
4
44
4
3% 4
412
378 458
412 4.8 11,400 Hahn Dept Stores__ _No par
312July 26
814 Feb 15
118 Feb
912 July
'32
39% .3138 36
•3I38 36
03212 36
36
36 .33
37
Preferred
100
9 Apr 3812 July
100 2514 Jan 9 5234 Apr 21
*5
434 5
512
438 5
5
5
54 514
538 538 2,600 Hall Printlng
10
312 Jan 8
934 Feb 14
318 Feb
1012 July
*5
7
7
*5
*5
7
.5
7
*5
8
*5
712
Hamilton Watch Co__No par
358 Jan 26 117 Apr 20
212 Apr
9 July
•41
45
.41
45
41
41
.39
40
40
41
468 •39
468
Preferred
100 25 Jan 15 5312 Apr 25
15 Feb 35 July
.101 10112 101 101
101 101 *100 101
100 100 .100 101
120 Hanna(M A) Co 17 pt_No par 84 Jan 8 10134July 21
4512 Jan 85 Aug
*1434 1534 .1434 14% 1414 1434 15
15
15
1538 x1514 1512 1,100 Harbison-Walk Refrao_No par
13 July 26 2434 Feb 21
618 Feb 2513 July
. 314 338 .
400 Hat Corp of America cl A__1
314 334 •314 338 .
112July 26
314 334 .
314 333
34 33*
612 Apr 13
713 June
78 Mar
•49
594 *50
5912 .50
5912 *51
5912 .5114 5912 '5114 5912
6Si %* preferred
100 1934 Jan 4 6214June 27
518 Apr 30 June
.214 238 .214 23*
214 214
24 214
238 2%
212 212
500 Hayee Body Corp
2
114 Jan 2
634 Feb 15
312 July
34 Feb
.83
87
84 .82
84
83
83
8112
8378 8412 *8312 8512
800 Hazel-Atlas Glasv Co
25 8112 Aug 8 9678 Apr 23
65 July 9713 Dec
.109 11312 .109 11312 109 109
110 110 *10934 11312 *110 11312
200 Helme (0 W)
25 101 Jan 9 115 June 27
6912 Jan 105 Deo
.618 65* .6
8
"618 10
.614 10
.638 834 x614 614
100 Hercules Motors
514July 10 124 Mar 15
No par
3 Mar 17 July
7412
.7214 74
7412
7338 738 7338 74
7438 7512 75
75
1.300 Hercules Powder
No par 59 Jan 4 8138July 17
15 Feb 6858 Dee
0122 125 .123 125 •123 1247g 122 1234 '123 12478 123 123
110
$7 cum preferred
100 III Jan 4 125 July 14
85 Apr 11018 Dee
.6212 63 .6212 63
6234 6234 '6212 68
*6212 66% 06212 66%
100 Hershey Ch000late____No par 484 Jan 15 68 July 16
3518 Mar 72 July
100 100 *100 101 .100 10012 .100 101 .100 10034 '100 10034
400
Cony preferred
No par 83 Feb 16 101 July 17
6434 Apr 90 July
•512 5 8
47
54 512
54
514 58
434 54
54 58 5,600 Holland Furnace
434 Aug 8 1014 Apr 23
No par
312 Jan
1012 June
.8
834 *814 834 .812 9
.812 88
300
88 958 *814
Hollander
13
2
&
938
Sons (A)
June 21
214 Mar 1012 June
5
534 Jan
.405 430
42918 42918 .410 430 *402 430
42434 425
430 430
500 Homestake Mining
100 310 Jan 4 x43018July 19 145
Jan 373
Oct
18
18
*1514 18
*15
18
*1514 18 .154 18 .16% 18
200 Houdaille-Hershey cl A No par
11 Jan 8 2314 Jan 30
418 Apr 15 June
338 333
334 334
2,100
Class B
318 334
334 334
2%July 26
6% Jan 26
334 37
3% 4
No par
1 Mar
6% June
47
47
*4638 4814 *4638 4814 47
4718 4734 4734 48
48
500 Household Finance part pf_50 43 Feb 5 54 Mar 12
43 Nov 5114 Jan
.1412 15
154 1514
1418 144 143* 143
1512 16
1514 1614 1,700 Houston 01101 Tex tern ctb3100 1212July 26 2934 Feb 5
814 Mar 38 July
3
3
3
3
*3
338
3
3
314 314
314 314
800
558 Apr 6
Voting trust etre new____25
212July 27
178 Feb
733 July
48
4914 4712 5112 51
524 52
53% 5214 5512 5234 5413 40,200 Howe Sound v t a
5 3512 Jan 3 5714June 28
512 Jan 3838 Dec
7
712
634 718
713 8
7
718 738
13,000 Hudson Motor Car..._No par
718 778
712
618July 23 244 Feb 5
3 Feb
1638 July
214 238
238 23
238
214
238
238
214
214 238 4,300 Hupp Motor Car Corp
238
75 July
714 Jan 30
178July 23
10
158 Mar
2134 22
21
214 2118 2212 2138 22
2114 2314 2212 2314 5,400 Industrial Rayon
No par 1938 July 26 2638June 14
5212 54
.51
52
54
52
51
51
5413 .51
55
51
1,000 Ingersoll Rand
No par 50 May 14 7334 Feb 3
1918 -Feb /8 - Jul;
364 38
3618 3618 *3618 38
384 3818 .3712 3812 374 3812
700 Inland Steel
No par 35 May 23 4934 Feb 21
12 Feb 457 July
338 312 *338 334
312 334
312 4
312 312
4
4
1.700 Inspiration Cons Copper__20
6% Feb 5
3 July 23
2 Feb
912 June
'334 33*
334 334 5338 334 *35
700 Insuranshares Ctfs Inc
334
334 334
378 378
414 Apr 25
37 June
218 Jan 2
1
1,4 Mar
•314 334 *314 334
312 33
334 334
35
334
378 378 1,900 Intercont'l Rubber____No par
578May 4
214 Jan 15
413 July
Mar
58
'412 538
45* 438 *412 514
433 412
514 514 *514 312 1,000 Interlake Iron
414July 24 114 Feb 19
No par
218 Mar 12 July
.24 233 .212 238
212 2,2
214 238
234 27
234 3
3.100 Internet Agricul
2 Jan 8
618 Feb 5
No par
538 July
4 Feb
.16
22
227 •I6
.16
2278 *16
2234 *1634 2178 .1634 2178
Prior preferred
100 15 Jan 8 3714 Feb 3
5
Jan 2712 July
*132 136
132 133 *132 133
133 133
133 133
134 134
600 Int 13usiness Machines_No par 131 June 2 14914 Jan 30
7534 Feb 15314 July
*538 538
514 53*
512 538 *54 534
700 Internet Carriere Ltd
55* 534 .
55
412July 26 1218 Feb 21
578
1
278 Jan
107k July
*2012 21
20
20% 21
20
.2034 2112 2078 2112 2012 2214 1,500 International Cement__No par
1834July 30 3734 Feb 5
618 Mar 40 July
245 2638 2418 25
2312 2518 24
2538 2518 2714 26
2612 12,300 Internet Ilarvester____No par
2314July 26 4678 Feb 5
1338 Feb 46 July
s____ 119 •____ 119 .____ 119
___ 119 •____ 119 *____ 119
100 11512 Jan 13 12538May 11
Preferred
80
Jan 11918 Aug
414 414
414 412
414 412
44 438
44 414
412 412 2,200 lot Hydro-El Sys CIA
918 Feb 7
334July 26
25
212 Apr 137 July
.238 27
258 258
25
23* .212 314
258 2% •212 3
6 Jan 24
400 Int Mercantile Marine_No par
214July 27
114 Jan
678 June
233 2418 2318 2414 2418 2434 2412 2478 2414 26
25
2512 02,400 lot Nickel of Canada_No par 21 Jan 4 2914 Apr 27
64 Feb 2314 Nov
0123 12934 *123 12934 *123 129 "123 127
12614 12514 '123 128
100 11534 Jan 13 130 June 26
100
Preferred
72
Jan 115 Dec
"1012 1134
12
12
1134 1134 .1012 1538 1218 1212 *1118 1438
60 Internal Paper 7% pref....100 10 July 27 25 Apr 24
213 Jan 2134 July
33
'234 3
2.4 234
.212 234
613 Apr 20
3'2 •234 338 "234 3
400 Inter Pap & Pow el A__No par
2 July 23
10 July
12 Apr
112 112 •158
134 .131
134 *112 134 "1'2 134
118July 27
53 July
134 134
300
312 Apr 21
ClaI38 B
No par
14 Apr
14 5114
.114
138
112 112
114
114
138 .138
14
112
234 Apr 23
600
1 July 26
Class C
No par
4 July
la Jan
11% 115
104 1034 10
11
1013 1112 1034 1214 1114 12
2July
26
2478 Apr 23
6,200
Preferred
81
100
2
Apr 2213 July
1978 1978 19
19
51838 2034 *183* 1912 1912 20
*18
20
800 lot Printing Ink Corp_No par
9 Jan 13 25 Apr 21
312 Feb
14
Oct
.85
88 '85
88
*85
88
85
*86
85
87
87
*86
10
Preferred
35
100 66 Jan 2 90 July 13
Apr 71
Aug
.2812 2912 2734 28
28
28 .28
2912 28
28
2812 2812
900 International Salt
No par 21 Jan 3 32 June 19
1334 Mar 2734 July
4034 4034 4012 4012 *4018 4012 .4018 41
41
41
4012 41
800 International Shoe
No par 40 May 12 5033 Jan 26
2438 Jan 56% July
02114 27
22
22
22
24
24
2612 27
24
2734 2734 1,000 International Silver
No 19 July 27 4534 Feb 15
954 Feb 2913 July
'65
70
*6512 70 .65
70
70
*65
70
70
70
70
20
7% preferred
2412 Mar 717 July
100 59 Jan 4 8412 Apr 9
pis 034
018 1012
912
9
912 1018 38,700 Inter Telep & Teleg___No par
878 9
834 9
712July 26 1734 Feb 0
518 Feb 2134 July
*814 834
8
8
8
81 1
8
814
814 834
34 Jan 4 1638 Apr 20
112 Mar
9
9
1,800 Interatale Dent Stcres_No par
87 July
*5
712 "5
53 Jan 3 10 Feb 8
8
*5
712 .512 712 55
713 *5
712
Intertype Corp
17 Jan
No par
1114 July
28
*2812 29
28
28
28
28
2812 2814 2912 29
2912 2,000 Island Creek Coal
11
1 2434 Jan 29 3038July 18
Feb 32 July
.44
44
44
46 '44
45 .44
45
*4414 46
46
46
23 Feb 45 July
200 Jewel Tea Inc
No par 33 Jan 9 52 Apr 20
414 43
39
4078 3934 4112 40
414 3934 4314 41
4314 20,800 Johns-Manville
1214 Mar 6312 Dee
No par 39 Aug 6 6638 Jan 30
•111 118 '111 11238 111 111
111 111 *111 118 .111 118
20
42 Apr 10618 July
Preferred
100 101 Jan 4 11314July 17
7
049
49
51
49
4914 4914 *49
49
4978 49
49
49
60 Jones & Laugh Steel pref_100 45 Aug 1 77 Jan 23
35 Feb 91 July
7
.612 7
7
65* 658 •613 7
.678 7
*612 7
258 Mar
200 Kaufmann Dept Stores $12.50
6 July 26 1038 Apr 13
938 June
1418 144 14
1418 *1418 144 '1438 15 .1418 1458 .1418 1412
674 Feb 1912 July
600 Kayser (J) & Co
5 1378 Jan 4 1812 Apr 20
134
I%
14 *134
134
18
114July 26
134
134 2
5
134
44 Mar 12
214 214 3,200 Kelly-Springfield Tire
72 Mar
64 July
•6
.614 9
9
'614 8
'634 8
5712 8
.8
9
5 July 26 20 Jan 30
6 Feb 3118 June
0% preferred
No par
*4
7
'414 7
412 412
'41 3 7
'434 7
.414 7
3 July 28 10 Feb 16
100 Kelsey Hayes Wheel conv.c1A1
2 Feb
8 May
.212 4
ni, 4 .21:i 4 *3 4 *212 378 '212 37
713 Feb 16
113 Dec
Class B
64 June
25* Jan 2
1
123
1234 1234 12
1134 1258 12
124 12
1278 12
1213 9,800 Kelvinator Corp
1158July 26 2114 Mar 14
318 Feb 1538 Sept
No par
89
•8814 90
*8814 90
89
8812 90 .8612 90
*8612 90
200 Kendall Co pt pf ser A_No par 6518 Jan 18 90 July 20
Jan 73 July
30
1714 18
174 1818
1738 1838 1712 1814 1734 2014 1933 204 40,600 Kennecott CoDDer
16 July 26 2318June 13
No par
738 Feb 26 Sept
14
14
.12
.12
.12
144 .1212 1434 *12
144 •12
57 Apr 2538 July
12 Jan 2 1814 Apr 12
144
Kimberly-Clark
No par
5312 4
.312 4
.312 4
5312 4
5312 378 *312 4
714 Apr 13
3 Jan 16
Kinney Co
614 June
1
Apr
No par
*1713 24
'1714 25 •1714 24
*1712 40
*1712 2912 *1734 2412
1312 Jan 6 41 Apr 26
treferred
458 Feb 30 July
No par
1718 17% 165* 1714 1714 1712 174 1713 1678 1778 1718 175* 8,400 Kresge (85) Co
10 133s Jan 2 22% Feb 5
512 Mar 1672 July
•109 111 .101 111 '101 110 '101 110 .101 110
110 110
10
7% preferred
88
100 101 Jan 4 III Mar 16
Apr 105 June
*5718 5912 *5534 5812
55
55
300 Kress (S H) & Co
54 .
55418 50
54
544 55
No par 36 Jan 3 61 Apr 27
27
Jan 444 July
2812 29
x2812 29
2838 2838 3,400 Kroger Groc at Hak....No par 234 Jan 8 335* Apr 23
274 2812 2834 2938 2812 29
1412 Feb 3533 July
*2014 28
.203* 25 .2034 25
*2053 25
2012 2034 2312 2312
30 Laclede Gas Lt Co St Louis 100 20 July 26 6312 Feb 13
30 Nov 80 June
'34
38
38
38
36 .34
36
"34
*34
*34
'34
36
5% preferred
3713 Apr 61
Jan
100 32 June 9 60 Feb 9
.2314 2378 234 2312 23
2314 23
2312 2312 2418 24
24
3,800 Lambert Co (The)____No par 2214 Jan 4 315 Feb 5
1938 Dec 41 13 July
1018 .9
*9
1018 '9
104 *9
1018 '9
1018 *9
10,8
5 Jan 6 1414 Apr 19
Lane Bryant
No par
3 Feb
1012 June
*9
35g Mar 1232 July
9
934
'812 938
914 938
9
9
934
0'2 912
800 Lee Rubber & Tire
7 July 20 1412 Apr 26
5
1212 1212 .12
1212 12
*1112 13
*11
57 Jan 27 June
12 '1214 13
13
200 Lehigh Portland Cement...50 11 May 14 20 Feb 23
*7512 80
*7512 80
80 "75
80 .7512 80
7358June
'75
57512 80
22
81
Apr
26
7% preened
100
34
Feb 78 Sept
318 318
318 318
314
5 Feb 21
1,600 Lehigh Valley Coal___No par
312 .3
213 Jan 8
3,4 314
318 313 *3
6% July
1
Jan
1112 1238 12
1212 3,000
.1134 13
1112 1214 114 1214 .1134 1214
5 Jan 3 I638 July 19
Preferred
212 Apr 12 June
50
6512
67
6512
'65
.65
6512
67
6514
26
6712
6712
78 Feb 6
6514
6718
1,100 Lehman Corp (The)__No par 6414July
3712 Feb 793 July
1712 1712 1714 1714
17
*17
17
1714 17
17 '17
1714
900 Lehn & Fink Prod Co
14
5 16% Jan 23 2313 Apr 19
Feb 2314 June
2714 2712 2612 2714 264 2712 265* 2714 2634 2838 274 28
45 Mar 375 July
10,000 Libby Owens Ford Glass No par 2514July 26 437 Jan 19
21
2012 2012 20
•20
no 21 21 21 '204 2114
20
5 1718 Jan 8 24 Apr 23
500 Life Savers Corp
15% Oct 2218 Sept
92
95
'92
*93
.92
94
92
•9112 9412 92
92
9512
200 Liggett dr Myers Tobacco__25 73 Jan 6 9712June 18
49
Feb 98 Sept
9414 9512 94
9414 9438 94,4 9414 9434 957
04
95% 957e 4.400
Series 11
25 7412 Jan 8 9814June 18
4914 Feb 9938 Sept
.14812 154% 14812 15478 •14812 1547s .14812 15478 •14812 154% 14812 15478
Preferred
100 129 Jan 13 14838June 18 121 Mar 14018 Sept
2234 22
.2114 2134 .21
2134 2134 2212 2214 2238 22
22,
8 1,900 Lily Tulip Cup Corp__No par
16 Jan 15 2612July 18
13
Apr 2112 May
1778 17%
1778 1778 •1778 1912
18
•17
18
1712J1,ly 30 364 Feb 5
*1718 18
18
300 Lima Locomot Works_No par
10
Jan 31% July
144 1418 1418 .13
1412
1558 •I3
.13
15 '13
1558 •13
100 Link Belt Co
1214 Jan 3 193 Feb 6
No par
6% Apr 193 July
22
2012 21
21
2014 2034 2134 21
22
194 2034 *20
1,440 Liquid Carbonic
1618July 26 3538 Apr 23
No par
104 Feb 50 July
244 2478 2214 2438 2358 2434 2412 2614 2434 2778 2534 2712 34,100 Loew's Incorporated...N0 par 2078July 26 3518 Apr 12
812 Mar 3612 Sept
90 '8918 90
No par
.86% 90
86
8638 86% 90
86
72 Jan 2 9714 Apr 24
300
'825* 87
Preferred
35
Apr 784 July
17
13
134
178
112July 24
3 Jan 31
178 2
2
2
15
3,400 Loft Incorporated
178 .1% 2
112 Deo
No par
414 June
114
118 •118
114 •118
14 .118
114
*118
23 Feb 211
118
1 July 26
1 14
500 Long Bell Lumber A No par
114
512 June
13 Feb
3934 3934 40
40
39
39 .3914 4014 1,200 Loose-Wiles 1113eult
*3812 3978 39
39
1914 Fob 445 Deo
25 3812 Feb 26 z4434 Jan 17
*12214 _ __ •12214 _ __ •12214 - __ '12214 _ _ *12214
*12214
7% 1st preferred
100 11934 Jan 11 12812July 13 1131211.1).y 120
re
Jan
17
16% 1714
1718
1-714
-1778 6,200 Lorillard (PI Co
1718 1-714 1614 1-7
10 153 Jan 8 1912 Feb 5
IP% Feb 2514 July
*115 140 '115 140 *115 135 '110 135 *110 135 '110 135
7% preferred
8713 Feb 100 Nov
100 102 Jan 26 113 Apr 1 1
*13* 2
14 112 *112 134
112 112 .114
112
114 Jan 10
112
338 Apr 4
112
300 Louisiana 011
No par
4 July
38 Jan
.912 12
*912 14
'912 12
714 Jan 2 2312 Apr 4
.912 14
*912 14
Preferred
•912 14
100
34 Feb 29 July
•1413 143 '1414 14% "144 1434 *1438 1434 1378 145s 1418 1413 1,200 Louisville Gas de El A_No par 13 July 26 21 Feb 7
137 Apr 25714 June
1234 1258 1234 1278 13
10
12
1014
814Ju1y 26 1912 Feb 20
1134 1218
934 1034
4,100 Ludlum Steel
1
Feb 2013 July
4
.40
.6014 85
85 .50
85
85 .6014 85
.61
85 .60
No par 80 June 14 97 Feb 20
Cony preferred
1438 Mar 9512 Dec
3212 3212 3212 32'2 324 3214 .3214 34
3214 3214 *31% 34
500 MacAndrews & Forbes
10 30 Jan 5 3434June 25
912 Feb 3114 Deo
.101_ *10512 10978 10978 109% '107
_ _
10
__ '10712 118 *107
6% preferred
100 95 Jan 13 110 July 12
Apr 96 Nov
74
.2312 -2-i
2338 231
24
25
244
-2312 234 2312 -2,300 Mack Trucks Inc
2334 24
No par 22 July 26 4I5 Feb 6
1312 Feb 4838 July
3938 3914 3914 3912 3934 "3912 4014 x3938 4014 3912 40
39
1,700 Macy (R ID Co Ino
2414 Feb 655, July
No par 36 July 26 624 Jan 30
412 412
412 41,
5
514 *478 538
*412 518 .412 5
400 Madison SQ Gard v t o_No par
7 Apr 27
233 Jan 2
7 June
I58 Mar
2112 2112
53 Mar
20
.1912 22
1912 191 .18% 20
1878 187s 20
800 Magma Copper
1938 July
10 1512 Jan 17 x2314June 28
23s *158 238 •Is8 238
238 *2
238
134 .2
44 Apr 24
134
514 June
100 Mallinson (II 11) & Co.No par
112July 26
*134
78 Feb
13 .12
"1358 14
13
12
1258 1238 1238 121 .12
12
50
7% preferred
100
3 Feb 2634 .11.,1y
75* Jan 9 3338 Apr 24
35 JEW 23
*112 I% 5112 134 *112 13
100
134 '112
13
1 Jan 8
.112
tManati Sugar
'112 134
554 July
14 Jan
.4
*4
618 .4
5
5
5
4
.312 7
'4
914 Apr 28
4
134 Jan 3
Preferred
978 JU93,
100
100
sa Jan
97 June
'3% 6
3 July 26
•338 6
.312 6
812 Jan 26
'312 6
.312 6
*334 6
Mandel Bros
No par
112 Jan
21158 1158 •111 1 1212 1212 1212 .1134 1212
12
54 Apr 23 July
12 .1134 13
400 Manhattan Shirt
25 1012July 27 2033 Feb 1
June
.138 2
.138 2
3% Feb 17
.112
112
134
112 .138
134
4
112 112
200 Maracaibo 011 Explor_No par
Jan
118July 25
Is
47 Nov
*438 43*
533 Feb 5
438 438 .438 45* .412 434 *458 434
458 458
300 Marancha Corp
5
438July 30
.5% Nov
57
57
57
6
9 Feb 6
6
6
618
6
53
2,900 Marine Midland Corn
534 6
6
512July 27
6 Deo 1112 Jan
5
.1814 25
.1878 25
25 '1734 29
29
17% 1818 '18
.18
Feb 2314 Dee
17 July 31 32 Jan 25
No par
6
300 Marlin-Rockwell
034 104
938 934
878 912
812 834
10% 9,200 Marshall Field & Co.. No par
1833 June
10
838 107
Jan
44
83* Aug 5 19% Apr 11
13 ,..
778 Dee
43
414 414 .414
513 .438 512
4 July 27 1238 Mar 3
414
434 1.000 Martin-Parry Corp._No par
438 438
43*
T-772 17.2
• Bid and asked prices, no sales on tills day
1 Co.noanies reported in receivership.
a Optional sale.
c Cash s: le
4o1d 15 days
;Ex-dividend.
o
x-rorhts
_
895
New York Stock Record-Continued-Page 6
t2eFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7.
Wednesday
Aug. 8.
Thursday
Aug. 9.
Friday
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
3 per share 8 per share $ per share
per share
5 per share $ per share $ per share 5 per share $ per share $ per share Shares. Indus.&!Miceli.(Con.) Par 8243
14
Feb 46% Nov
4 July26 4034 Jan 24
6,300 Mathieson Alkali WorksNo par
28
27
2614 28
27
2612 2714 28
2718 2534 27
27
93g Feb 33 Sept
4438 Apr 23
2
Jan
30
Stores___10
3638 1,300 May Department
36
3514 3512 3512 3512 36
3538 36
3612 3612 36
834 Feb 21
812 July
118 Apr
418July 26
No par
300 Maytag Co
458 458
0412 514 *412 54 *412 518 *412 514
5
5
318 Apr 1514 Aug
10 Jan 2 2812 Apr 26
No par
Preferred
200
2514
*2214 2378 *2214 2312 •23
23
2312 23
2378 2378 •23
15 Apr 58
Oct
No par 49 Jan 3 9212 Apr 3
Prior preferred
30
*7212 7278 7212 7212 *7212 7278 *7212 7278 7234 7234 7278 72%
13 Mar 30% Sent
No par 24 Jan 11 32 Apr 13
1,000 McCall Corp
*2434 27
25
2434 25
2578 2434 26
*25
2538 2578 25
June
8
47
6
Feb
412
8
Apr
Jan
8
3
118
par
claasANo
Stores
:McCrory
1,400
2
2
2
2
134
134
178
178 *134
134 *134
134
Jan
118 Dec
114 July24
414 Feb 6
6
No par
Class B
700
134 2
2
2
134
112 112 *138
134
•112 134
134
213 Mar 21
Jan
514 Jan 2 2534 Mar 17
100
Cony preferred
700
16
16
17
17
15
15
1534 16
*1514 16
16
16
818
Apr
3
21
Apr
June
1012
4
Jan
4
par
200 McGraw-Hill Pub Co_No
617 612
•612 634 *612 634 •612 634
634 64 *612 7
18 Mar 4838 Oct
48
4512 4914 4734 4878 13,700 McIntyre Porcupine Mines__5 3812 Jan 25 50I2June 19
4838 4634 4812 47
4512 4614 96
4418 Jan 9534 Aug
800 McKeesport Tin Plate_No par 60 Aug 3 9414 Feb 21
8512 86
85
85
*8512 8614 *8512 8574 8512 86
86
86
41 July 26
134 Mar 1313 July
918 Apr 10
5
514 538 9,200 McKesson & Robbins
512
5
518
5
514
5
434 5
518 538
3413 Apr 27
358 Mar 25 July
2
Jan
3
117
50
A
series
prof
Cony
1,300
2514
25
4
253
2412
8
235
2312
2418
2512
*23
2418
•2414 25
8
332 July
Aug
8
57
6
Jan
14 Feb
1
par
No
514 77,400 :McLellan Stores
5
438 458
518 .512
412
4
412 574
414 414
218 Jan 2278 July
913 Jan 2 6312June 8
100
8% cony prof ear A
*59
*5714 6112 2,400
61
5774 .5534 5712 .5614 5978 5978 62
*53
Oct
2834
Feb
8%
28
June
39
2
Jan
26
par
No
Shoe
Melville
1,400
37
*3434 3512 3414 3512 3412 3412 3414 3512 3534 3634 *35
2 Mar 20 July
312July 26 11 Jan 22
1
1,400 Mengel Co (The)
5
5
412 434
412 •418 414
4
418 418
412 412
Jan 57 July
22
100 30 Mar 21 52 Apr 19
10
7% preferred
*2712 33
33
•2514 33
33
*2514 34
*2514 33
*251 4 33
7 Feb 21 Sept
5 1613 Jan 4 30 Feb 19
700 Mesta Machine Co
1938 1938 1912 1912
*1978 2218 1834 1938 1914 1914 *1938 22
1312 Mar 22 Sept
100 Metro-Goldwyn Pict pref__27 21 Jan 5 2634May 22
*2438 2434 *2438 2434 *2438 2434 *2438 2434 •24333 2434 2434 2434
158 Mar
934 June
812 Feb 16
3 July 26
5
35
414 438 1,300 Miami Copper
414 414
4
4
4
4
312 312
38
334 Mar 16 July
918July 26 148 Feb 5
10
3,200 Mid-Continent Petrol
11
11
1034 1034 1014 1012 1014 1012 1012 1012 1012 11
3 Mar 1734 July
612July 26 2178 Feb 19
par
838 838 1,200 Midland Steel Pr,d___ _No 100
814 814
814 814
814 814
813 812
*812 9
59 A ug 7 8514 Apr 21
26 Mar 72 Sept
8% cum let prof
100
75
*50
75
*52
78
75
*59
*52
75
59
59
*58
13 Apr 3838 De3
400 Minn-Honeywell Regu_No par 36 Jan 4 59 July 10
52
49
49
*4658 5334 .4812 .5112 5112 5112 *48
4914 50
534 Jul;
578 Jan 3U
74 Feb
178July 26
214 238
1,000 Minn Moline Pow Impl No par
214 214
214
214
214 214
214 214 *218 214
8 Feb 1
30 July
6 Feb
35
26
1512July
par
No
Preferred
100
1712
1712
21
•19
*1514 18
*15
*1712 22
20
*1514 20
22
Jan
7
21
Apr
July
4
Jan
2253
20 1213
1334 1412 14
1573 1578 1,700 Mohawk Carpet Mills
14
154 1578 16
14
14
15
25 Mar 83 Dec
10 39 May 14 55'2 July 13
2,300 Monsanto Chem Co
48
4818 4814 47
48
47% 4814 4853 5014 4934 50
48
July
3
287
Feb
15
Feb
85*
6
Aug
20
355*
par
Ino__No
2134 2278 20
2014 2158 204 2318 22% 23 83,200 Mont Ward & Co
2153 20
217
Jan 56 July
25
No par 37 Jan 4 5114 Apr 13
200 Mornl (J) & Co
47
47
48
*47
47
47
48
*46
48
*46
48
*47
2Ia June
Jan
8
Feb
%
17
July
12
par
153
Coalition_No
Lode
Mother
1.600
38
58
58
34
%
54
%
%
38
58
58
58
8% Dec
14 Jan
6 July 27 12 Feb 21
Moto Meter Gauge &Eq____1
9
*5
*634 9
9
*512 9
*6
*612 9
9
*6
734 Mar 36% Sept
1514July 27 448 Feb 15
19
2,300 Motor Products Corp_ _No par
19
19
17% 178 1618 1618 17
174 1712 1853 18
July
1153
Mar
113
16
Feb
1612
26
July
658
78
5
712
7% 2,300 Motor Wheel
714
738 734
714
7
7,4
V2 *7
714
1034 July
112 Mar
514 Jan 12 158 Apr 23
No par
712 712 1.400 Mullins Mfg Co
718 734
7
7
634 634 *634 712
7,4
7
5 Mar 25 June
21
Apr
46
12
Jan
1218
par
No
Cony
2,200
24
24
preferred
22
2412
20
1
22
2012
211
20
2012 2212 *22133
5 Mar 1834 June
No par 13 Aug 10 2514 Apr 13
100 Munsingwear Inc
14
13
*1112 16
1612 .1312 1612 •10
•10
1612 •1312 16
1112 July
158 Feb
July 26
115* Feb 16
10
514 5,200 Murray Corp of Amer
5
478 514
412 48
458 5
434 5
45* 47
Jan 2013 July
8
21
Feb
218
26
July
14
par
No
Bros
E
&
18
F
Myers
100
*15
18
15
15
17
*15
*1514 18
*1514 18 .15
1118 Apr 27 July
1258July 26 3214 Jan 30
No par
1334 1412 1414 1412 10.300 Nash Motors Co
1418 1412 1314 14
1338 1412 1338 14
73 July
87 Feb 23
118 Feb
318July 23
1
414
434 1,700 National Acme
418 412 *4
4
418 4% •414 412
412 412
1018 Dec
938 Der
534July 24 1314 Jan 31
71
1.700 National Aviation Corp.No par
7
7
614
*6
7
7
6
7
634 7
653
8 July
97
Jan
1%
19
4Mar
23
I
0
Jan
31A
500 :National Belles Hess pret_100
5
5
`5,2 6
*552 6
512 512
553 57
*512 67
3112 Feb 805* June
10 31 July 26 4912 Jan 16
3318 3314 3212 3314 327 3314
3214 325* 3214 3318 3234 3312 7,000 National Biscuit
Aug
145
Mar
118
23
14812July
3
Jan
131
100
7% cum prof
*142 148 *141 14712 •142 14712 *142 147 *142 147 *141 146
514 Mar 2353 July
12 July 26 2358 Feb 6
No par
1414 1412 2,600 Nat Casb Register
1312 135* 1312 1378 .1334 145*
13% 1414
134 14
1012 Feb 2534 July
4June 9
4
183
Jan
13
par
No
Dairy
Nat
20,300
Prod
1714
4
163
8
167
1614 1638 15% 16
1638 1614
1512 1638 16
213 June
Is Mar
3 Mar 16
1 Jan 9
200 :Nat DeparttnentStoreeNo par
112 112
138
133
112
138 *118
*118
114 *118
158 •114
10 June
114 Feb
5 Jan 17 2212 Apr 18
100
110
Preferred
1518 1518
16
15
15
*12
13
012
13
13
*12
13
Nov
3314
Dec
4
207
I
Feb
8
313
26
July
Ill
par
No
34,700
Nati Distil Prod
1918
171s 1818 1758 1834
4 1918 1812 1912
18
17,4 1812 17,
5
Feb
1953 Dec
1612 Jan 5 3278 Apr 24
21
20
2034 21
2312 21% 2338 •2214 2378 1,100 Nat Enam & Starnping_No par
2114 *22
21
43% Feb140 Nov
14
July
163
10
Feb
135
100
National
800
155
Lead
*145
143
143
143 143
•143 150
145 145
14312 146
100 122 Jan 16 145 July 18 101 Mar 12814 Nov
100
Preferred A
142 142 •142 14518 *14212 145 *14212 145
*142 145 *142 145
Feb10918 July
75
100 10012 Jan 9 116 Aug 7
150
Preferred B
1134 1134 114 116
114 114 *110 11612
*113 114
114 114
6% Apr2012 July
1512 Feb 6
7I2July 2
pa
Lt____No
81.,
6,400
&
8%
National
Pow
814 83
812 83
814 812
812 834
814 834
Feb5518 July
15
25 37I2July 26 5814 Feb 5
1,600 National Steel Corp
385* 393.-i
3812 39
*3738 38
"3714 3916 3818 3816 3812 40
Ape
2838 June
4
25 10 July 26 21,4 Apr 24
1312 1312 138 1,000 National Supply of De1
1112 1112 *1112 1238 1112 1112 13
12
•11
Feb6014 June
17
100 3312 Jan 4 60 Apr 23
Preferred
110
42
40
447
44
41
45 .40
41
*40
41
•40
45
612 Jan 27 July
9 July 26 1834 Feb 1
No par
976 1014 3,400 National Tea Co
958 916
914 912
*912 10
976 918
9,4 938
1218 June
112 Jan
613 Jan 4 3014 Apr 13
*17
No par
100 NeiffUer Broa
1914 *17
1918 *1912 1912
.19
19
19
1978
*17
19
*3518 37
39
35
400 Newberry Co (J J)__ No par 31 July 26 4978 Apr 10
*3334 340 1
3514 3514 3414 3414 *3318 37
100 100 Apr 3 105 June 21
7% preferred
•101 10614 *101 106,4 *101 10614 *101 106,4 *101 10614 *101 10614
1-38 -Mar II% July
6 Jan 10 13 Mar 6
1
1,200 Newport Industries
7
7
6% 7
7
64 634
612 612 *618
7
7
618 Apr 2312 July
11I2July 26 2434 Feb 7
No par
400 N Y Air Brake
1214 1214 *1214 1314
1234
•12I2 138 1212 1212 *12
1338 *12
2% Dec 1174 June
814 Mar 19
258July 31
100
New York Dock
4
*278 334 03
4
4
*3
*3
312 *3
312 *3
Oct 22 June
6
5 July 26 20 Mar 13
100
Preferred
71.
*7
8
*7
8
*7
*512 8
•558 8
*.512 10
23 June
38 Dec
114 Feb 7
12 Jan 2
12
t2
.5* 3,100 IN Y Investors Ins__ __No par
*38
12
12
12
12
12
38
12
54
134 Jan 2212 Aug
1
Feb
8
,
91
227
26
July
stk__1
part
Corp
NY
13
1212
4,800
ShiPbldg
1314
12
1214 1212 1053 1238 1158 12%
1134 1214
June
90
Jan
31
13
Apr
26
-July
72
894
100
30
7% preferred
*7312 7812 *7312 74
73
7312 7312 731 •____ 82 •____ 82
70 Nov 10178 Aug
No par 82 Jan 5 9912 Apr 10
50 N Y Steam $6 prof
971
9712 095
*9712 98
96
9712 9712 971 •95
*9712 98
Jan
110
Nov
83
26
4May
1097
15
Jan
90
par
No
preferred
87 1st
10
*10712 10934 *10712 1094 *10712 1094 *10712 1094 10712 10712 *10712 10934
1738 Jan 38% Sept
No par 3314 Jan 4 4558 Aug 9
4212 4578 4312 44t2 11,900 Noranda Mines Ltd
4212 42% 4314 42% 43
41
4012 41
1214 Dee 36% July
6
Feb
12
2512
26
July
par
No
Co
American
North
18,400
7
1412
1312
14
1318
1353 1338 134 1338 13
1312 1378 13
Jan
Dec 46
31
50 34 Jan 9 4514 Apr 20
600
Preferred
40
40
40
40
4318 .41
41
41
4318 *41
42
*41
9 July
4 Feb
8 Feb I
258July 26
1
37
6,700 North Amer Aviation
33
4
35
358 378
312 334
338 35*
333 35
July
79
Nov
39
28
Apr
7434
4
Jan
4712
par
pret_No
No
Edison
Amer
69
*61
*61
66'2
66
70
*60
6612 *60
*60
6612 *60
26% Apr 43 June
30 Northwestern Telegraph___50 34 Jan 9 43 Apr 28
4112 *38
*38
4112
4112 *39
4112 *39
*39
39
4112 39
578 July
Ds Feb
412 Feb 19
158July 27
2
500 Norwalk Tire a Rubber No par
2
212
*2
17s 2
218
*2
178 *174 2
1733
7
175* July
4% Feb
5
Feb
26
812July
15
par
No
934 1014 13,200 Ohio Oil Co
912 1014
938 101
912 97
10
9
9% 97
834 July
1 18 Feb
7 Feb .5
2 July 25
*25* 234
234 278 1.800 Oliver Farm EquipNo par
234 234
258 25* *212 234
238 2s
314 Feb 304 June
9 July 27 2753 Feb 5
No par
Preferred A
600
1014 1053 1158 118
*934 1338 *958 1012 .11018 1114 *1012 107
4 July
83
Mar
18
9
July
64
35*Ju1y 27
43
414
414 438
412 412
900 Omnibus Corp(The)vta No oar
414 414 •4%
43
*4%
414
15 June
212 Feb
51s July27 1458 Mar 31
500 Oppenheim Coll & CoNo par
634 64
714
.6
718 *512 714 *538 71
7
638 612
July
2514
Feb
1014
16
Feb
8
193
26
1338July
par
No
1378 1453 1412 1434 13,800 Otis Elevator
*1378 1458 1378 14
14's
14
1378 14
9313 Apr 106 July
100 92 Jan 18 102 May 12
80
Preferred
101 101
9912 99%
*100 101
100 101 *100 10112 100 100
June
914
Mar
114
19
Feb
8
27
353July
par
No
43
Steel
Otis
2.100
4
43
4
43
412 434
418 412
458 434
414
453
453
2134 June
2% Feb
9 Jan 2 25 Feb 20
100
Prior preferred
1478 1514 .1538 1778 1,500
145* 1438 1318 14
1414 14% *1458 1514
3113 Mar 96% July
68
86
66
1,400 Owens-1111nols Glass Co____25 6112July 26 94 Jan 30
6812 64
65
65
6412 6412 66
65
65
32 July
Dec
15
7
Feb
2312
2
15I8July
25
Electric
&
Gas
Pacific
5,300
1A5.
8
163
1518
16
8
16
4
15% 157
4 153
..-.0 1514 1539 15,2 15,
22 Dec 4332 Jan
No par 2312 Mn 2 37 Feb 7
2614 2612 25% 2534 255* 2578 2514 25% 2558 2618 2518 2518 2,600 Pacific Ltg Corp
Feb 29 July
6
100 20 July 27 34 Feb 5
900 Pacific Mills
241
24
23
22
22
24
24
215* 2216 2218 2218 23
Mar 9434 July
65
13
Mar
8512
11
Jan
72
100
Teleg
&
Telep
320 Pacific
79
79
80
81
81
80
80
*8014 8112 8014 8014 79
9914 Nov 11112 Sept
100 103 Jan 3 116 June 22
6% preferred
•____ 115 •_ 115 *112 115 .112 115 *112 115 .112 115
912 Sept
534 July26
534 Dec
8% Apr 25
*584 878
500 Pac Western 011 Corp_ _No par
6
6
6
6
7
*534 8
638 638 *8
674 July
134 Mar
6% Feb 23
234July 26
278 3
318 20,400 Packard Motor Car_ __No par
2% 3
3
278 318
27
278 3
3
8 June 14 July
1112 Jan 30
100 Pan-Amer Petr & Trans ____5 10% Jan it
*104 1118 *1034 1118
1034 1034 *104 1118 .10 4 11'8 *1034 11,8
Jan 36% Oct
6
17 July 26 3512 Feb 8
1
Park-Tilford Inc
20
*18
20
•I8
24
*1814 2778 .164 24
•18
*18
21
3 July
38 Mar
2 Feb 5
58July 30
200 Parmelee Transporta'n.No par
1
.34
1
*34
h
•58
34
34
•54
*38
h
3s
Apr
414 June
4
3
6
Apr
212
24
%July
1,400
&
Prod
Panhandle
Pa
Ret.No
8
7
8
7
34
34
34
34
34
%
34
534
h
34
June
20
Jan
4
53
6
Apr
2112
818
Aug 8
10
8% cony preferred
30
11
*8
.818 11
*818 11
9
818 818
*8
9
10%
57 Feb 16
213 June
14 Apr
134 Jan 2
318 26,600 :Paramount Publix otts_-__10
27
3
318
318
3
3
318
3
216 3
35*
July
414
Jan
15
Feb
%
8
87
26
2I2July
1
45
53,100
M
33
C
Utah
33
Park
35*
3%
3
418
338 434
35*
378
318
212 July
14 Jan
414 Mar 2
I2July 27
No pan
114 16,000 Paths Exchange
118
lls
1
118
1
1
15
1133
1 14
1 18
Ill
1414 De(
114 Jan
3,200
1338 14
Preferred CIMa A -- --No par
114 1312 1314 14
104 Jan 4 2435June 12
14
14
1312 1338 1212 1414
538 Jan 25 Nol
1253July 26 3112 Jan 2
1338 16
1412 1538 6,300 Patin° Mines & Enterpr No par
1312 1312 1318 1334 .1338 1418 1312 1418
918 July
34 Feb
478June 5
2 Jan 2
3
1,700 Peerless Motor Car
218 214
212 212
*214 3
3
*2%
*214 3
212 2%
Feb 6034 De(
22512
30
Jan
par
64
26
47I7July
No
Penick
1,200
4812
*48
Ford
48
&
49
4838
4812 49
•48
48
48
48
49
De(
56
Mar
1914
No par 5112 Jan 4 6774 Mar 3
5712 5712 5734 8,400 Penney (J C)
5612 55
55
57
5534 5612 5518 5612 56
Jan 108 AU(
90
100 10512 Mar 8 10312May 16
Preferred
____ •105
____ •105 ____ *105
•105
____ •105 ____ •105 ____
958 Jul)
% Feb
514 Apr 26
178July 27
100 Penn Coal & Coke Corp_ _I
8
.238 2,
238 *2
23a
35* *Vs 314 *Ds 234
*2
3
fl,r J., •
73 Feb 5
34 Jan
278July 26
1,100 Penn-DI:1e Cement_ _NO pa
334 4
4
312 312
312 33
.358 4
4
4
4
32 1013
4,6 Mar
100 1214July 26 32 Apr 24
200
Preferred seder A
17
17
*14
16
16
*14
1434 1434
16
.14
16
*14
Jut
7
,
7
Dec
25
6
Feb
43
27
2214July
(CW)_100
C
2312 23
2334 23
23
238 '2212 2212 *2312 2478 2412 2412 2,800 People's G L &
15% June
612 Fel.
914 Jan 3 15 Feb 23
No par
Pet Milk
*1312 15
*1312 15
.1312 15
*1313 15 .1312 15
•1312 15
July
15
453
Jan
3
Feb
1414
27
814July
5
Am
83
of
Corp
Petroleum
3,400
10
8
95
912
812
8
83
8
85
918
9
834 9
83
1874 Sep
412 .1441
1878 Apr 26
25 1334July 31
16133 1678 8,400 Phelps-Dodge Corp
1414 144
*1434 1474
1453 154
1538 1514 17
15
21.- N., 36 Jul)
200 Philadelphia Co 6% pref50 2414 Jan 2 37 Feb 9
31
31
3016 3018 *30
31
.3016 31
*29
31
*30
31
July
62
Dec
3814
49
17
par
Feb
No
64%
12
Jan
18 preferred
60
*50
60
58
*50
*54
*50
60
6() •50
*54
60
2% Feb
912 Jul)
88 Feb 21
314 Jan 4
414 2,800 Ma & Read C & I_No par
418
414
4
378 4
4
4
418
4
4
418
Jun•
147
Feb
8
19
1112
3512July
3
Jan
Ltd___10
Co
&
Morris
Phillip
5,200
30
1
291
3012
4
273
29
28%
28
2812 2914 2812 30
281s
4 Jul,
16,
Feb
3
7 July 27 21 Apr 2
No par
200 Phillips Jones Corp
818 818
912 *712 912
.73
.812 1012
*712 10
9
9
35 June 35 Jun,
100 5434July 23 7478 Apr 7
58
7% preferred
10
*48
5434 54% •48
58
58
*543 59
*48
58
•48
183
Jan
4
43
II
Apr
4 Sep
s20%
1412July
par
28
No
Petroleum
Philips
1518
1512 15% 1534 16
154 17
1634 1718 12.100
1514 15% 15
1734 De
138 Mar
5
4I2July 26 1312 Feb 3
300 Phoenix Hosiery
5
5
6
*5
8
*.5
8
5
*5
5
8
*5
3
112July
19
Feb
No
Co.._.5
,2
612
7
27
Dec
Car
Mot
Plerce-Arrow
5,700
8
17
8
15
8
17
8
17
14
134
1s
134
134
1% 2
178
118 Jan 30
2July 24
2.5
J 78 Jun
400 Pierce Oil Corp
% Jan
12
12
10
12
38
.12
38
*12
12
12
58
*12
514 July26
we
1358 J m
354 Feb
1034 Feb 14
Preferred
7
*5
•614 7
7
*5
7
*5
7
*5
7
*5
2114 Jun
38 Jan
2 Feb 6
1 July 28
No par
1,700 Pierce Petroleum
114
118 .1
118
118
118
*1
11.8
1
118
118
•1
2678 Jun
9.18 Feb
1812 Jan 8 291s Aug 7
No par
2838 2918 2916 2914 2,900 Pillsbury Flour Mills
274 2734 281s 2818 29
29
2914 29
No
75
pr
A
3316
24
22
Jan
Mar
8412
701i
shares
Amer
Italy
of
Co
Pirelli
100
86
.83%
90
.8316
8418
*8314
8447'
90
8416
8418
•84
*8214
Feb 23 Jul)
4
712July 26 1412 Feb 9
100
.8
*718 91
9t2 *8
100 Pittsburgh Coal of Pa
912
91 i
85, 85* •778
*858 10
Jan 48 Jul
17
100 30 Jan 8 4212 Feb 1
Preferred
3 .30
3018
3018 *30
•30
311
*30
3318 *30
30,
36
*30
• Bid and a•ked prices, no sales on this day. :Companies reported In receivership. a Optional sale. c Cash sale. 4 Sold 15 days. x Ex-dlvldend
u Ex-right,
New York Stock Record-Continued-Page 7
896
Iar
Aug. 11 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Aug. 4.
Monday
Aug. 6.
Tuesday 'Wednesday
Aug. 7.
Aug. 8.
Thursday
Aug. 9.
Friday
Aug. 10.
I Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On baits of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
5 per share $ per share S per share Shares. Indus. &Mlscell.(Con.) Par
per share
$
$
per
share
$
per
share
$
per share
610 634 2,300 Pittsburgh Screw & Bolt No par
*8
618
614 658
412July 26 1138 Apr 4
178 Feb
1134 July
*2014 2412 .2014 2412 •2014 2412
Pitts Steel 7% cum pref___100 1514July 28 43 Feb 21
1014
Jan
/
1
4 May
38
.2
258 .2
258 *2
258
Pitts Term Coal Corp
112July 26
100
312 Feb 21
12 Feb
678 July
.1214 1612 *13
1678 .1214 16/
6% preferred
1
4
100
818 Jan 4 1712 Feb 23
4
Jan 2312 July
*218
212 .218 212 .218 212
Pittsburgh United
112July 27
25
5 Feb 19
1.1 Feb
612 July
*29
38
*30
38
*26
38
Preferred
100 29 July 21 5978 Feb 19
15/
1
4 Feb 64 July
214 214
2/
1
4 238
214 214
500 Pittston Co (The)
No par
154 Jan 4
5 Feb 21
/
1
4
Apr
7 June
878 918
878 912
9/
1
4 9/
1
4 5,000 Plymouth 011 Co
8 July 26 1634 Jan 30
5
834 Feb
1738 July
714
714
714 7/
1
4
712 7/
1
4 1,200 Poor & Co class B
No par
6 June 2 14/
1
4 Feb 5
134 Apr
1334 July
*258 3
3
3
.
258 3
200 Porto Ric-Am Tob cl A_No par
2/
1
4July 27
814 Jan 30
158 Mar
8 June
.114
112
114 .114
114
112
200
Class B
No par
1 July 27
3/
1
4 Jan 30
88 Feb
4 May
1234 1234 1314 1434 14
1458 4,100 Postal Tel & Cable 7% pref 100 1012JulY 27 291
/
4 Feb 6
4
Feb 40/
1
4 June
.134
11
/
4
/
4
134
178
11
11
/
4
700 :Pressed Steel Car
114 July 26
No par
512 Feb 16
5,2 June
58 Jan
*712 812
8
812
712 7/
1
4
400
Preferred
558July 26 22 Feb 17
100
3
Jan
18 June
3512 38
3518 3634 36
3612 4,000 Procter & Gamble
No par 3318June 2 4114 Jan 23
1958 Feb 4712 July
112 114 *112 114 *112 114
110
5% prof (ser of Feb 1 '29)100 10212 Jan 22 114 June 20
07 Apr 11034 Nov
---- ---- ---- ---- ---- -.- :Producers & Refiners Corp_ 50
114 Mar 15
14 Jan 2
14 Jan
278 June
60
its may 2
Preferred
6/
1
4 Feb 19
2 Nov
13 June
3212 3318 3214 3214 3214 3258 *33
3312 32/
1
4 33/
33/
1
4 2,100 Pub Ser Corp of N J_ _ _No par 31 May 27 45 Feb
1
4 33
6
3258 Nov 57,8 June
78
*71
*74
78
.74
78 .7358 78
*73
78
*7358 78
$5 preferred
No par 67 Jan 2 84 Feb 6
5978 Nov 8812 Jan
.8278 9412 *9314 941z 92/
1
4 9318 *____ 9412 *90
9412 *90
9412
200
6% preferred
100 79 Jan 8 973 July11
75 Dec 10138 Jan
.100 10334 *101 103/
1
4 .101 103/
1
4.10014 10334 .101 10234 10234 10234
100
7% preferred
100 90 Jan 8 106 Feb 21
84 Dec 11212 Jan
*11812 121
11812 11812 *11778 121 .117/
1
4 121 *11778 121 *11778 121
100
8%
preferred
12
Jan
105
11912
100
Feb 17
99 Nov 125
Jan
.10412 105/
1
4 *10412 10534 *10412 10534 *10412 10534 10412 10412 *10418 10514
100 Pub Ser El & Gas pf 55_No par 90 Jan 10 10412 Aug 9
8378 Dee 10312 Jan
44
44
411z 43
40/
1
4 4112 3834 4012 3934 4118 4014 41
6,300 Pullman Inc
No par 383.1 Aug 8 5938 Feb 5
77
18
Feb 5818 July
73
8
7/
1
4 734
734 71/4
7/
1
4 814
8
7e
858 12,000 Pure 011 (The)
No par
714July 26 1478 Feb 16
212 Mar 15/
1
4 Sept
65
61
61
.61
*58
65
*58
5934 59/
1
4 60
61
61
150
8% cony preferred
100 58/
1
4 Jan 9 80 Feb 6
30 Mar 6978 Sept
•1012 11
11
11
1058 11
1018 1034 1058 11
11
11
2,500 Purity Bakeries
918July 26 19/
No par
1
4 Feb 5
514 5/
1
4
5
578 Feb 25/
1
4 July
514
5
514
518 5/
5% 5/
1
4
512 5/
1
4
1
4 41,900 Radio Corp of Amer...No par
4I2July 26
9% Feb 6
3 Feb
1214 July
37
37
*33
1
4 *341, 3714 *3412 37/
37/
1
4 3734 3734 38
38
300
Preferred
50 2314 Jan 4 41127lay 11
1314 Fel
40 May
2238 23
20/
1
4 2214 2214 2314 2212 23/
1
4 2212 2514 2334 2514 11,100
Preferred B
15 Jan 4 3538May 11
No par
612 Feb 27 July
2
2
1/
1
4 178
134
11
/
4
178
2
11
/
4
2
2
2% 3,900 Irtadio-Kelth-Orph
112July 23
_No par
414 Feb 17
1 Mar
5/
1
4 June
.17
161
18
/
4 17
*16
17
17
17
17
17
17/
1
4 1734
700 Raybestos Manhattan_No par
1412July 26 23 Feb 5
5 Feb 2058 Sept
*614 7
.614 812
618 610 .81
/
4 712
7
.612 7
7
800 Real Silk Hosiery
5 July 27 14 Feb 6
10
512
Feb
8 June
207
.37
50
*37
*37
45
45 - *37
45 .37
.37
45
45
Preferred
100 45 Jan 23 6014 Apr 26
25
Jan 60 MaY
*2
2
2
2's
11
/
4 178
2
218
2
218 •218 3
1,300 Reis (Robt) & Co____No par
158July 27
6 Apr 2
14 Jan
July
412
*812 11
812 812 .812 12
*912 10
9
9
.9
12
200
1st preferred
538July 28 3834 Apr 2
100
118 Jan
1812 June
812 834
734 8
818 812
7/
1
4 812
838 9
8/
1
4 9
5,900 Remlngton-Rand
6 July 26 1338 Feb 23
1
212 Feb
11,4 July
56
*51
*47
51
51
53
*4718 5358 *4714 51
*47
54
100
191
preferred
100 3238 Jan 5 6912 Mar 14
712 Feb 3712 July
*46
45
45
47
45
45 .43
45
43
45
45
45
110
2d preferred
100 30 Jan 8 67 Mar 11
8 Feb 3534 Dec
.214 238
214 2%
214 .238 212
214
238 212
212 2/
1
4 1,900 Reo Motor Car
2 July 26
512 Feb 23
5
11
/
4 Feb
638 June
1258 13
111
/
4 121
/
4 12/
1
4 1333 13
1312 1234 1414 1312 1418 20,100 Republic Steel Corp.__No par
10I2July 26 25/
1
4 Feb 2:1
4
Feb23 July
3912 3912 37
38
39
39
3812 3812 38
4012 42
42
1,800
6% cony preferred
37 Aug 6 8712 Feb 23
100
9
July
Feb
5412
*712 9
8
.712 812
*712 0
8
812 812 *712 912
300 Revere Cooper & Brass
5
5 Jan 8 1412 Apr 11
114 Jan
12 June
.1458 22
*1312 22
*18
21
18
18
*15
2112 *15
10
2112
1114 Jan 29 2812 Apr 11
100
Class A
214
Mar
25
June
20
2038 1914 1912 19
1910 1912 20
20
2012 2014 21
2,700 Reynolds Metal Co __No par
1512 Jan 2 2734 Apr 26
6
Feb2112 June
8
8
.712 8
.712 8
.712 812 *8
812
818 818
200 Reynolds Spring
No par
812 Jan 9 1317 Feb 25
112 Feb1534 July
4434 45
441
/
4 4512 4412 44/
1
4 4434 451
441
/
4 45/
1
4 45/
1
4 4558 8,900 Reynolds (R J) Tob class B_10 39/
Mar 21 46/
1
4
1
4June
14
2612
Jan 25414 Sept
.57
5934 .57
5934 59/
1
4 60
c60
60
*59/
1
4 61
*5934 61
310
Class A
10 67 Jan 5 6012July 8
*518 7
60
Jan 62/
1
4 Jan
.518
7
*5% 7
*518 7
05/
1
4 634
878 0
100 Ritter Dental Mfg
512July 25 1312 Feb 8
No pat
612 Feb1634 June
2212 2212 2212 2338 2312 2312 .2312 24
24
24/
1
4 2412 2412 1,800 Roan Antelope Copper Mines. 21 Aug 1 3318
Apr 26
23/
1
4 No
2612 Nov
5/
1
4 5/
1
4
534 5/
1
4
614
6
618 618 *6
614
6
61
/
4
900 Rossia Insurance Co
5
4
3
Jan
10
/
1
4
Feb 6
Apr
2
1078 June
*3214 33/
1
4 3238 3238 3318 33/
1
4 .33/
1
4 3312 3414 3438 341
1
4 33/
/
4 2,400 Royal Dutch Co (N Y shares) 3214July 25 3918 Feb 19
1758 Mar 3934 Nov
17
171
/
4 1534 1658 1634 17
17
17
17
19
185* 1914 4.300 St Joseph Lead
10 1538 July 31 27/
1
4 Feb 5
8,8 Fob 3134 Sept
45
4512 44
441
1
4 44
/
4 4410 44/
45
45
4578 4614 4612 3,900 Safeway Stores
No par 44 Jan 5 67 Apr 23
28 Mar 6238 July
*104 10412 104 104
104 104
104 104
10412 lO4Iz 10334 104
400
8% preferred
100 8434 Jan 3 108 July 5
72 Apr 9412 July
10812 109/
1
4 10912 10912 *103/
1
4 10938 .10838 10912 10838 109
10838 1083
160
7% preferred
100 9812 Jan 15 113 June 16
*6
8014 Fell 105 Sept
612 *6
6'2
612 612 *6
6
8
7
.6
7
300 Savage Arms Corp__ __No par
512July :10
121
/
4 Feb 15
214 Apr
12 July
19/
1
4 20
1838 1912 19
19/
1
4 1914 2114 20
1
4 1838 19/
2118 14,500 Schenley Distillers Corp
5 1718July 26 381
/
4 Apr 1 1
24 Nov 4514 Aug
4
4
414 41
4
4
/
4
412 412
414 414
438 4'2 1,500 Schulte Retail Stores
334 Jan 4
8 Feb 5
1
5s Mar 1014 July
18
•16
18
18
.1614 19/
1
4 •171
/
4 19
*19
2014
21
19
120
Preferred
100 15 Jan 2 3034 Apr 16
318 Apr 3634 July
*4812 50
50
50
49
49
*49
50
50
50 .49
50
50 Scott Paper Co
No par 41 Jan 10 50 Apr 5
28
Jan 44/
1
4 July
*25
25/
1
4 2334 2514 24
24/
1
4 25
251
/
4 25/
1
4 2678 2612 263
6,800 Seaboard 011 Co of Del _No par 2334 Aug 6 3838 Apr 11
15
Feb 43/
1
4 Sept
•258 314 .258 314 *238 314 .258 3
258 2/
1
4 •258 3
100 Seagrave Corp
258 Jan 18
478 Feb 7
No par
1,8 Fel
1
4 July
4/
3212 34
31
3258 31% 3278 3112 33
3134 35
33/
1
4 35
45,100 Sears, Roebuck & CoNo par
31 Aug 6 5114 Feb 5
1212 Fell 47 July
•1/
1
4 2
11
/
4 178 .178 2
*178 2
2
2
178
175
400 Second Nat Investors
I:14Ju58' 25
414
Jan 26
114 Feb5 June
.3212 40 .3212 491
/
4 *3312 49/
/
4 .3212 491
1
4 .3212 497 .3212 497
Preferred
1 32 Jan 8 4518 Feb 2
24 Feb 48 July
1
1
7g
78
*34
1
•/
1
4
1
1
1
1
*34
400 :Seneca Copper
7, July 16
2 Jan 22
No par
la Ma
3/
1
4 June
4/
1
4 4/
1
4
1
4
458 4/
458 4/
1
4
458 4/
1
4
4/
1
4 5
41
/
4 51
7.100 Servel Inc
4:18July 26 9
1
Apr 24
112 Feb
712 July
7/
1
4 734
7/
1
4 7/
1
4
7/
1
4 71
/
4
8
1
4
778 7/
8
7/
1
4 8
2,200 Shattuck (F (1)
834 Jan 2 1378 Mar 9
No par
5/
1
4 Apr
1314 July
*7
712
7
7
.612 712
718
7
7
73
*612 71
1,100 Sharon Steel hoop ._
Jan
11
1314 Feb 23
518
No pa
112 Feb
12 July
.412 4/
1
4
434 434
4/
1
4 4/
1
4 *4/
1
4 5
5
5
5
5
500 Sharpe & Dohme
4 July 26
7/
No par
1
4 Feb 5
212 Feb
858 June
47
4712 47
*47
47
47 .46
48
*47
48
48
48
400
Cony preferred ear A _No par 3814 Jan 8 49 May 3
2114 Mar 4174 July
634 658
1
4 634
658 6/
1
4
8/
/
638 61
4
678 78
7
738 7,400 Shell Union (411
6I2July
26 II% Jan 27
No par
Feb11
/
1
4 July
312
.80
7112 .60
7112 .58
.60
71
71
6012 601 .81
70
100
Cony preferred
100 57 July 31 89 Jan 28
2812 Mar 61 July
10
1058
918 1018
912 10
93s 10
10
lOis 1012 101
/
4 8,500 Simmons Co
818july 26 2418 Feb 5
No pa
/
4 Feb 31 July
41
812 812 *814 812
812 812 *858 9
812 91
9,8 9/
1
4 1,300 Simms Petroleum
714July 26 1112 Feb 5
10
12/
1
4 June
41
/
4 Feb
•712 812 .718 8
*718 8
*718 8
.7/2 812
8
8
25
100 Skelly 011 Co
634 July 25 1118 Apr 25
3 Feb
91
/
4 June
.52
56
*52
5618 .52
57 .52
5512 .52
55
*52
57
Preferred
100 54 July 26 8818 Apr 26
22
Feb
5712
July
.618 25
*618 25
*7
*7
25
25
*7
25
25
.7
Sloss-Sh
elf
9
Jan
Steel
15
Iron_i00
&
2712
Feb
17
July
7
35
Jan
020
*21
2212 21
21
2712 *20
28 .2414 28 .20
28
10
7% preferred
100 20 July 25 42 Apr 23
814 Feb 42 July
10/
1
4 1112 *1114 1214 1114 12
1158 121
/
4 1134 1318 1238 1278 7,900 Snider Packing Corp__No
Pa
61
/
4 Jan 3 17 May 5
11
/
4 July
58 Mar
13/
1
4 14
1
4 13/
1318 13/
1
4 1338 1358 13/
1
4 1412 1418 1412 30,100 Socony Vacuum 011
1
4 13/
Co Inc__15 1212July 26 191
/
4 Feb 5
6 Mar
1/ Nov
.103 10358 103 103
103 103 .103 105
10312 10312 10312 10312
800 Solvay Am Invt Tr pref_ 100 86 Jan 6 10414June 28
58
Feb 92 July
.3217 34
3312 3312 3312 35
3212 33
3158 33
3412 3478 2,100 So Porto Rico Sugar _No par 2918May 14 391
/
4 Feb 5
1578 Jan 48/
1
4 July
.131 14412 *131 14412 *131 14412 *131 14412 *132 14412 •132 14412
Preferred
100 115 Jan 18 137 July 23 112
Jai 132 July
14/
1
4 1414 13/
1
4 14
13/
1
4 13/
1
4 1378 13/
1
1
4 14% 14
4 13/
14
3,100 Southern Calif Edison
13 July 26 2218 Feb 7
25
Nov
1418
Jan
28
5
.812 8/
/
4 814 *7
1
4 .81
81
/
4 *7
7
712
718 .7
718
Spalding (A G)& Bros_No par
634 Jan 10 13 Apr 21
4
Jan
1178 July
.50
5712 *50
55 .50
53
.50
55
50 .50
50
85
30
let preferred
Jan 11 74 Apr 21
3014
100
2518 Mar 61 June
_ - - - - - - - -- - ---- __ Spang Chalfant & Co Inc No par
6 July 19 1538 Apr 23
412 Feb15/
1
4 July
,
Th -66
*.Th 1.
7.32 ia -45
4612 ie: *4012 15
•4012 CO
20
Preferred
100 30 Jan 23 82 Apr 24
1712 Fel
50 June
338 312
318 3,4
3/
1
4 314
3
/
1
4
314
33
314
4
35
8
334
4,300
Sparks
318July
Withington_
par
26
_No
8 Feb 21
5314 5
Feb8 June
/
1
4
*314 4/
1
4 .312 4/
1
4 *312 5
.
312 5
.312 4/
1
4
Spear & Co
No par
2 Jan 3
738 Apr 18
12 Jan
612 June
*21
21
22
21
2112 22
21
21
2158 211
/
4 •2214 22/
700 Spencer Kellogg & Sons No par
1
4
1534 Jan 5 24,2 Feb 23
712 Apr 22 July
7/
1
4 7/
1
4
712 818
7/
1
4 8
758 814
7/
1
4 812
7/
1
4 814 38.900 Sperry Corp (The) v 60
558 Jan 5 1138 Apr 2
1
2%
May
712
9614 8
July
*614 8
.614 8
61
/
4 614 0614 8
*612 8
100 Spicer Mfg Co
6 July 19 13 Feb 7
No par
5
Jan
16 June
.2518 2712 2518 2518 .24
25
2712 .24
*24
25
25
25
30
Cony preferred A_No par
2134 Jan 2 31 12 Feb 211
1134 Mar 3212 Jur 8
40
*4012 42
42/
40
1
4 43/
4112 40
1
4 42/
1
4 48
45
45
1,000 Spiegel-May-Stern C.c...No par
19 Jan 4 6712 Apr 25
Fell 21 12 Dec
1
18/
1
4 1938 1838 181
/
4 1838 1878 181
/
4 1918 1812 1958 19
19/
1
4 23,700 Standard Brands
1714July 26 25/
No par
1
4 Feb 1
1334 Mar 37/
1
4 July
414 414
4
4
334 412
418 41
/
4
438 412
Cz 4/
1
4 1,900 Stand Comm Tobacco_No par
314 July27
8 Mar 13
1
Jai
938 Aug
712 733
7
712
712 712
7/
1
4 7/
1
4
7/
1
4 878
81s 9
10,100 Standard Gas & El Co_No par
614July 26 17 Feb 6
518 Mar 2212 June
7/
1
4 8
7/
1
4 734 .7/
8
1
4 8
8
814 834
2,900
812 9
Preferred
26
17
par
61
/
4July
No
Feb 6
6114 Dec 2578 June
1714 17,4 1738 1738 1634 17
1714 1714 *1738 18
18
1812
900
$6 cum prior pref
15 July 27 33 Feb 6
No par
15 Dee 61 June
2212 23
2114 2114 2214 2214 2212 2212 2014 22
211
/
4 22
1,600
$7 cum prior pret
1712 Jan 4 3812 Apr 24
No par
18 Dee 68 JUDO
*118
134 *118
11
/
4 .1%
11
/
4 .118
1,4 .1% 114
114 114
200 Stand Investing Corp No par
/
1
4 Jan 13
11
/
4 Jan 5
12 Mar
2/
1
4 June
•108 110 .108 110 *108 10918 109 109
10918 10918 *10914 110
300 Standard 011 Export
9612 Jan 2 11014May 26
033
9212 Mar 10234 Sept
3212 3318 32/
1
4 33
1
4 33/
32/
3314 3214 33
1
4 3312 3412 10,000 Standard 011 of Calif pref__100
No par 23058May 14 42/
1
4 Jan 30
1912 Mar 45 Nov
029
34
.29
34 .29
34 .29
3418 .29
32 .29
32
Standard 011 of Kansas _ _ __10 30 July 31 41 Apr 21
1234 Apr 39/
1
4 Dec
43
4314 4238 43
1
4 4278 4212 43
4258 44/
42/
1
4 43/
1
4 441
/
4 26.700 Standard 01101 New Jersey_25 401
/
4July 27 5018 Feb 17
2234 Mar 4718 Nov
•712 8
.712 734
738 734
8
8
858 8s
8/
1
4 9
800 Starrett Co (The) 1.8__No par
8 Jan 15 1414 Apr 19
4
Fell
1112 June
60/
1
4 61
60
61
6014 6012 6014 61
60
6112 6014 6012 6,600 Sterling Products Inc
10 4714 Jan 4 6612July 30
45/
1
4 Dec 6034 Sept
0138 11
/
4 •138
158
138
158 •138 11
138 .11
/
4
/
4 .138 158
100 Sterling Securities cl A_No par
1.24 Jan 2
3 Feb 6
378 June
/
1
4 Jan
*3% 4
*31
/
4 3/
1
4 *318 4
.318 4
4
4
.3/
1
4 418
100
Preferred
par
3
No
Jan
3
7 Feb 6
112 Feb
7/
1
4 June
.31
341s •30
3418 *30
3418 030
3418
3418 *30
3418 *30
Convertible preferred__50 30 Jan 12 361
/
4
Feb
1
20
3814
Mar
July
5/
1
4 5/
1
4
512 578
5/
1
4 6
6
6
6
638
614 614 3,400 Stewart-Warner
412July 26 1058 Feb 21
5
212 Feb
1112 July
512 51
518 5/
1
4
512 5'2
5/
1
4 512
5,2 6
5/
1
4 6
7,000 Stone & Webster
478July 26 1314 Feb 6
No par
512
July
Dec
1914
2/
1
4 2/
234 278
1
4
1
4
2/
1
4 2/
2/
1
4 2/
1
4
278 3
278 3
8,800 :Studebaker Corp(The)No pa
21 1 July 24
914 Feb 21
112 MU
8/
1
4 June
•13
13
18
1278 127s .1212 18
13
*13
*1318 1712
18
200
Preferred
100 111,July 24 47 Feb 19
Apr 3818 June
9
•62
*6014 64 .60
64
621 .601
/
4 621
6212 fl4l7 64
64
700 Sun 011
par 5113 Jan 2 6412 Aug 9
No
Nov
35
59
Feb
11512
.11512_
11512
.116
_ __ •118 117 .11514 _ _ •11514
30
Preferred
100 100 Jan 17 116 July 21
89 Ma 103 July
1234 1234
12 174
-1214
*12
*1212 14
-/
.121z 15
1
4 1258 1258
400 Superheater Co (The)...No par
111.2July 27 2514 Feb 5
27
Fell
July
712
•138
112
114
11
112
/
4 11
/
4 .112 13
11
/
4 134
134 134 2.400 Superior 011
I
114July 26
3 Feb 1
412 July
34 Jan
8% 8/
1
4
5/
1
4 618
618 614
/
4 6'4
61
614 738
7
7
1,800 Superior Steel_
458July 26 1534 Feb 19
100
2 Feb 2238 July
*31
/
4 334
3/
1
4 358 *358 3/
1
4 *3/
1
4 334
334 3/
1
4
3/
1
4 334
300 Sweets Coot Amer (The)_ _.6
318July 27
534 Jan 26
Mar
10
1
July
•5
8
7
8
7
*7
8
8
•8
8
1
*58 1
*/
34
1
4
"8
34
Symington Co
38July 24
No par
212 Feb 19
3 June
Is Apr
.11
/
4 214 •2
3
*2
2/
1
4
2/
1
4 214
218 2% •2/
1
4 212
300
Class A
112July 27
No pa
538 Feb 23
514 July
14 Apr
•10
11
1014 1014 1014 1014 1018 1018 1014 1014 *10
1034
400 Telautograph Corp
s 10 July 23 1514 Feb 1
818 Feb1638 July
•418 412
4
4
334 4
4
4
418 412. *4
458
800 Tennessee Corn
318July 28
634 Feb 19
5
11
/
4 Feb
758 Aug
22 , 22
2238 2118 2214 2118 2134 2118 2212 22
21
2278 15,300 Texas Corp (The)
25 20 July 28 2938 Feb 6
103
4 Feb 3018 Sept
3112 3234 3014 3158 30/
1
4 3112 3058 3118 301
/
4 311
/
4 3112 3214 17,500 Texas Gulf Sulphur __No par 30 July 2f 43' Feb 6
1514 Feb 45/
1
4 Nov
3
3
3
*278 3
3
.2/
1
4 3
2/
1
4 3
3
3
1,400 Texas Pacific Coal & 011_10
212July 27
612 Apr 4
613 Slay
138 Mar
858 8/
1
8/
4
1
4 8/
7/
1
4 812
1
4
8
812
812 9/
1
4
834 918 8,300 Texas Pacific Land Trust_ _ _1
Jan
6
/
1
4
6
12
Apr
Mar
312
2
11,
8 June
*10
1058 10
10
1012 1012 *10/
1
4 12
.1034 12
*1034 12
400 Thatcher Mfg
No par
8 July 26 1512 Jan 30
5 Feb22% July
.4038 43
.42
43 .42
4214 43
43
*4214 4312 *4214 43'2
300
$3.60 cony pref
No par 39 Jan 15 44 Jan 29
2758 Feb44 July
• Bid and asked 0,10-s 'ins des on th18 day. 1 Compantes reported n receivership. a Optional sale.
e Cash sale. r Es-dividend
is Ex-rights.
5 per share $ per share
6
6
02114 25
.21
26
.2
2/
1
4 .2
258
01214 1678 .1214 16/
1
4
.2
3
.2
3
.28
35 .26
38
*214 312 *21
/
4 3
9
914
834 9
•678 714 *7
712
*258 338 *2s8 33.
*114
112 *114
112
13
1314 12
13/
1
4
11
/
4 11
/
4
11
/
4 134
8
8
758 758
*35
36
35/
1
4 3534
112 112 *112 114
---- ---- ---- -- --
$ per share
614 614
.2114 25
.2
2/
1
4
.1214 1678
.218
212
.27
38
*214 3
9
918
.7
714
.238 3
.114
112
1258 1312
.11
/
4 178
•712 8
3514 3578
112 112
---- ----
897
New York Stock Record-Concluded-Page 8
LIST. SEE EIGHTH PAGE PRECEDING.
121/ FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
HIGHAAND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Scaurday
Aug. 4.
Monday
Aug. 6.
Tuesday
Aug. 7.
Wednesday I Thursday
Aug. 9.
Aug. 8.
Friday
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Ors &Ms of 100-share iota.
Highest.
Lowest.
$ per share $
$ per share Shares. Indus.& Miscell.(Coml.) Par $ Per share
4 Aug 7 1218 Feb 16
No par
1,200 The Fair
4/
1
4 5
918 Feb 19
312July
23
I
900 Thermold Co
•358 4
1312 Jan 2 1918 Feb 6
1
200 Third Nat Investors
*1514 1712
11
Feb 5
3
Aug
5
25
(I
It)
Thompson
300
5
/
1
4
*5
1258 1234 3,900 Thompson Products Inc No par 10 July 26 2014 Feb 16
512 Jan 29
114July 26
212 2/
1
4 2,800 Thompson-Starrett Co_No 547
1
4 Jan 30
1812 Aug 6 24/
33.50 cum pref.__ _No par
200
*1814 19
812 Jan 4 1488 Apr 23
978 10/
1
4 13,600 Tidewater Assoc 011___No par
1
4 Apr 30
1
4 Jan 4 85/
100 64/
Preferred
200
82
*81
31 Mar 26 40 Apr 27
No par
Tide Water Oil
36
*25
1
4 Apr 27
100 80 Jan 11 98/
Preferred
300
9312 9312
812 Apr 24
372 Jan 4
10
558 Us 3,300 Timken Detroit Axle
26
27/
1
4 4,200 Timken Roller Bearing_No par 24 July 26 41 Feb 5
5/
812 Feb 5
1
4 July26
578 61
/
4 29,500 Transamerica Corp____No par
412July 26 1313 Feb 17
900 Transue & Williams SEI No par
*534 6 I
634 Feb 3
318July 27
438 4,900 TM-Continental Corp_No par
4
No par 6014 Jan 9 78 Apr 20
6% preferred
*6978 72
No par 83 Jan 8 40 Feb 3
100 Trion Products Corp
*3412 36 1
418July 12
158 Jan 3
No par
300 Truax Traer Coal
.234 314
958 Feb 19
3/
1
4July 23
10
438 412 5,000 Trusoon Steel
4 Jan 15
July
23
1
par
No
Olen & Co
*112 214
1,400 Under Elliott Fisher Co No par 36 Jan 5 5112 Jan 20
*4312 45
60
/
1
4 Feb 23
28
July
391
/
4
par
&
Pap
Corp_No
Union
Bag
1,600
47
47
4012 4138 21,200 Union Carbide & Carb_No par 3578May 14 5078 Jan 19
25 1334July 27 2012 Feb 5
1538 1578 2,000 Union Oil California
1552 Jan 9 2114June 18
No par
400 Union Tank Car
19
19
1
4 Feb 1
1512 1838 35,200 United Aircraft & Tran_No par 1338July 26 37/
1
4 Apr 26
No par 23 Jan 8 29/
600 United Bisoult
1
4 247s
24/
June 30
120
9
Jan
107
100
Preferred
30
113 113
No par 36 Jan 4 4612June 16
4,200 United Carbon
3934 40
Feb 7
8
/
1
4
26
312July
par
No
418 21,000 United Corp
4
1
4 Feb 7
No par 2434 Jan 3 37/
Preferred
6,300
2812 29
914 Jan 8 1814 Apr28
5
1214 3,800 United Drug Inc
12
Ps Jan 2 1078 Apr 26
10
United Dyewood Corn
5
*4
6 Apr 25
31s Jan 10
5478 512 1,000 United Electric Ooal___No pa
Jan 5 77 Apr 21
59
par
No
Frult
7078 3,300 United
70
No par 1418July 27 2018 Feb 6
1434 1514 6,800 United Gas Improve
No par 88 Jan 8 9938July 18
Preferred
600
94
94
358 Feb 19
134 Feb 13
190
:United Paperboard
*2113 212
4 July 26 1334 Feb 20
4,100 United Piece Dye Wks_No par
434 5
88
Feb 21
Aug
3
38
100
preferred
634%
20
38
38
6 Apr 20
2'4 July26
31
/
4 314 1,800 United Stores class A__No 2T
Apr 16
86
5418 Mar 21
Preferred class A__ __No par
63
*54
63
*54
82
68
*50
*50
5818 *54)
*50
63
40/
1
4 Feb 28 5012 July 13
700, Universal Leaf Tobacco No pa
*4314 4812
45
44
43
43
46
43
43
43
4314 *44
Apr
11
48
/
1
4
Jan
8
187
a
30, Universal Pictures let ptd_100
42
3118 3118 *26
42
*2414 3212 *25
*31
31
31
42
3 Feb 16
July 27
1
5001 Universal Pipe & Rad
11
/
4 *114 112
114
11
/
4
*1
114 *118
118 118
118
11
/
4
33
Feb
7
26
1512July
20
S
Pipe
S4
Foundry
/
4 1834 9,300 U
1858 181
/
4 16/
1
4 1678 1714 16/
17
1712 161
1
4 1712 17
1612 Jan 11 1958 Feb 23
No par
let preferred
1
4 1878
1
4 •18/
•1814 1878 *1814 1878 *1814 1878 *1814 1878 *1814 18/
4 Jan 31
5
1
/
1
4
Jan
No
par
US
Distrib
Cot./
134
134 *1
11
/
4 *1
*1
134 *1
*1
2
114 *1
11 July 26 2712 Feb 5
No par
100 U 8 Freight
15
*12
15
1
4 *14
*1218 14
1412 1412 *1158 14
*1314 14/
61
/
4 Aug 7 1514 Feb 5
No par
1,000 U S d4 Foreign Seour
7
7
61
/
4 61
632 71
/
4
/
4
7
7
8/
1
4 6/
1
4
8
*7
63
14 Jan 6 78 Feb 26
par
No
Preferred
*83
75
75
*83
75
*5812 75
*581
/
4 75
1330
*80
75
20 3414June I 5012 Jan 24
3978 4012 3812 4034 1,300 U S Gypsum
39/
1
4 381
*391
/
4 39/
1
4 *38
39
/
4 38/
1
4 39
Jan 10 14078July 27
Ha
100
preferred
7%
30
*134
139
138
/
4 145 *13814 146
*1381
13818 1381
/
4 138 140 *134
458 Jan 9 1018 Apr 24
5
US Hoff Mach Corp
*7/
1
4 713
.7
8
*81
/
4 8
y
*634
*658 8
*658 8
1
4 Feb 9
38/
1
4 3,200 U S Industrial Alcohol_No par 3412July 28 64/
38
1
4 3612 39
36
36
3634 35
36
38/
1
4 3512 36/
518July 26 1178 Jan 24
No par
838 6'2 1,600 U S Leather v t o
512 614
8
618
6
61
/
4
*534 578
*5,4 7
4 Feb 1
191
712July
26
No Par
Class A v t 0
914 9841 1,800
81
/
4 818
8/
1
4 10
812 814
8
81
812 812
/
4
100 5518July 21 80 Jan 30
Prlor preferred v t o
*40
54
54
*40
54
*40
54
*40
54
*40
*40
54
4 Feb 2
123
26
July
4
par
Impt___No
434 5
412 4/
1
4
5/
1
4 5/
1
4 5,400 U S Realty &
41
/
4 434
434 5
434 512
11 July 28 24 Apr 21
No par
. 131
/
4 1312 1212 1378 1312 1458 14
1458 1334 1658 1513 108 34,400 U S Rubber
8114 Apr 20
Jan
8
2418
100
lot
preferred
20,400
35
3712
3414 3134 38
31
3214 29
33
33
3212 34
141 July 19
133 13812 52,300 U S Smelting Ref & Min-50 9658 Jan 13
125 127/
1
4 124 13078 1291
/
4 13212 12834 138
/
4 13313 1281
50 5412 Jan 13 65 June 18
Preferred
300
63
6112 6234 •61
*6112 64
*61
6412 *61
6412 *6112 63
59/
1
4 Feb 19
Aug
6
31
/
1
4
100
34/
1
4 93,400 U 43 Steel Corti
3334 3412 311
1
4 3212 3538 33
/
4 3334 3212 34
3278 31/
100 78 Aug 10 9912 Jan 5
Preferred
80121 3,800
*8112 83
8118 8118 81
80/
1
4 8158 8014 8212 78
82
No par 99 Jan 5 120 July 10
400 U S Tobacco
1
4
1
4 *106 119/
1
4 *106 119/
*107 110 *107 110
105 107 *108 119/
538 Feb 6
2 July 23
1
214 214 1,500 Utilities Pow & Lt A
2/
1
4 214
*21
/
4 2/
2/
1
4 *24 214
2/
1
4 214 *2
1
4
11
/
4 Jan 25
34July 21
No par
1,600 Vadsco Salee
8
1
1
1
84
34
3
34
3
34
34
/
1
4
313
4 Feb 19
26
July
14
par
Arn_No
Vanadium
Corp
of
5,400
19
1712
1713
1612 1652 1838 1612 18
1578 1612 1512 18
11
/
1
4
Apr 18
2
Jan
/
1
4
4
5
500 Van Raalte Co Inc
1
4
734 7/
712 712
738 7/
1
4
*732 8
734 73
*712 8
100 x5414 Mar 1 93 Feb 5
7% 1st prof
50
*6212 65
65
65
68
68
70
70
*65
70
*6713 69
4July
20
363
4
Jan
245
8
5
Vick
Chemical
Inc
500
3413 34
*33
*3358 35
3414 3358 3358 3434 3434 *3412 35
538 Jan 23
11
/
4 July 23
500 Virginia-Carolina Chem No par
212 212
2/
1
4 21
212 212
212 212 *214 212
*21
/
4 212
20 Feb 5
July
26
10
100
6%
preferred
700
1412
14
14
1414
13
1
4 1412 14
1414 *13/
•13
1412 *13
1
4 Jan 8 8112June 29
100 59/
7% preferred
100
78
*73
74
74
76
76
*73
*73
76
*73
76
573
240 Virginia El & Pow $8 pf No par 65 Jan 2 80 July 31
*7912 80
80
79
7912 7912 7912 7912 7912 80
79/
1
4 80
9 Feb 23
31
358July
Coke_
100
Virginia
Iron
Coal
&
1
4 *312 712 *312 713
/
4 712 5312 712 *312 7/
*312 712 *31
100 52 Jan 4 79 Mar 9
40 Vulcan Detinning
64
6334 *60
1
4 63
*59
6478 *58
*57
63
*8014 64/
63
878 Feb 20
438 Aug 10
No par
1,500 Waldorf System
458 5
478 478
434 5
5434 5
*458 5
*458 5
No par 2214 Feb 26 2914June 18
2438 2414 1,200 Walgreen Co
2334 24
23
2334 2334 2334 2314 23
23
23
100 8412 Jan 4 10878 Aug 10
60
6 Si% preferred
10878 10872
10812 10812 108 10814 *108 109 *108 109
108 108
8/
1
4 Feb 1
214July 27
par
No
1,600
Walworth
Co
312
312
*3/
1
4 3/
1
4
*312 4
312 312
314 313
3/
1
4 312
5 Aug 6 12 Feb 5
400 Ward Baking class A No par
1012 *514 1012 *514 1012
*5
5
5
5
518
*514 5/
1
4
358 Feb 5
1'4 July27
Class B
No par
300
134
134
134
•112 11
/
4
1/
1
4 134 *112 134 *112
133 •138
100 25 July 30 36 Jan 24
Preferred
/
4 *2434 3312 *2434 3314
*2434 29
*25
29
*2434 331
*2434 29
814 Feb 5
234 July 26
5
418 13,200 Warner Bros Pictures
4
358 4
3/
1
4 37a
312 334
3/
1
4 3/
1
4
3/
1
4 371
1812 Jan 19 3178 Apr 24
No
par
cony
•10
20
$3.85
Prof
*9
20
20
•10/
1
4 20
59
20
*9
*9
20
28137 Feb 16
8July
13
par
Quinlan
Warner
No
100
*112
11
/
4
11
/
4
/
4 *Ill
*112 is
/
4 *112 11
112 112 *112 11
512July 261 1358 Jan 24
No par
634 6/
1
4 3,800 Warren Bros
7
8
884 638
61
/
4
8/
1
4 814
6
512 6l
10 July 30 2878 Apr 23
No par
100
1
4
Convertible pret
15/
1
4 *1212 13/
111
/
4 1134 *12
1514 *12
131
/
4 *12
1514 *11
1312July
27 31 Jan 20
900 Warren Fdy & Plpe
No par
181
/
4 181
/
4 1612 1812 16
1714
1
4 1614 1614
17/
*16
•1514 18
7 Jan 25
3 July 27
700 Webster Eisenlohr
/
4
No par
1
4 *312 41
4
4
314 4
*312 4/
1
4 *312 418 *312 4/
214 Jan 23
27
4July
3
1
50
Wells
Fargo
&
Co
*1
/
4 1
1
*34
1
*34 1
*34
1
1
*34 1,8
25/
1
4 2612 11,800 Wesson Oil& Snowdrift No par 1514 Jan 4 2738 Feb 21
25/
1
4 27
*2238 2314 2238 2238 231
1
4 26
/
4 2412 24/
Aug 9
6112
Jan
5
5212
Cony
preferred
No
par
1,700
8
611
/
4
613
81
61'2
*6014 6012 60
60
61
60
6034 61
1
4 Feb 6
1
4July 27 88/
8,500 Western Union Telegraph_100 30/
35
36
3312 381
34
34
3412 32
341
32/
1
4 3412 33
1578July 26 36 Feb 6
1712 1712 1714 5,500 Weetingh1143 Air Brake_No par
1
4 17
1712 1758 17
17/
1718 17
1714 17
1
41 36,500 Westinghouse El dr Mtg......50 2778July 26 4714 Feb 5
1
4 3314 3114 32/
2958 3034 2818 2978 2938 3078 2958 3138 29/
let preferred
90
8334'
50 82 Aug 8 95 July 11
83
823
82
84/
1
4 *81
82
841 *8112 8418 82
*81
14 Feb 6
6 July 30
300 Weston Eleo Instruml_No par
818 1812 9
8
7/
1
4 734 .738 9
57/
1
4 758
*712 8
28
/
1
4
*18
1638 Jan 6 2512June 29
par
Class
A
No
251
/
4
*1712 2538 *17
25/8 *18
2538 *17
251
/
4 •18
40 West Penn Eleo class A-No par 4411 Jan 8 70 June 13
*58
60
60
*58
*50
•50
60
60
1
4 60
*50
59/
1
4 59/
80
*68
72
Preferred
100 5114 Jan 8 80 July 13
72
71
*7012 74
701
7078 71
7012 701 *68
8% preferred
100 45 Jan 3 m3812July 19
*60/
1
4 62
*6058 65
4058 65
*6058 82 .6058 62
*6058 65
20 West Penn Power pref
100 8912 Jan 2 11058June 12
107 107
1
4 110 110 *110 1103 *110 hl0g 110 110
*110 110/
7834 Jan 10 105 June 29
100
8% preferred
30
102 102 *10114 10534
*103 10534 *103 10534 *103 104
103 103
614 Jan 30
178 Aug 1
200 West Dairy Prod al A__No par
214
/
4 214 •2
11
/
4 11
*11
4.178 214
2
2
/
4 *11
/
4 214
212 Jan 30
12July 27
No
par
1.700
Class
B
3
7
t
c
1
4
/
1
4
52
34
513
52
"58
34
34
/
1
4
14
3
14/
1
4 Jan 12 2714 Feb 8
1,200 Westvaco Chlorine Prod No par
19
*434 19
19/
1
4 2012 1912 20
1914 *1812 20
193
*19
100 Wheeling Steel Corp
No par 13 July 28 29 Feb 21
•15
16
15
15
18
*14
15144 *14
*1414 16
*14/
1
4 16
57 Feb 26
100 38 Jan
Preferred
200
42/
1
4
42/
1
4 *41
*40
4.40
43
441
41
*40
40/
1
4 41
41
2812 Feb 19
50 15 July 2
10 White Motor
*1014 15
1
4 19
1514 1514
•1514 19
*10/
1012 1514 *1014 19
3112 Apr 19
400 White Rk Min Spr ad --No par 2114 July 2
*24
25
24
24 .
2312 2512 .2312 251 *2314 2512 2412 2412
3/
1
4 Feb 6
17
8
2
112
Ili
Jan
112
any
112
11
Machine_No
par
400
*11
/
4
17
11
/
4
White
Sewing
2
•112
1114 Apr 20
5 July 2
No par
100
Cony preferred
512 512
*412 6/
1
4 *3/
*4
9
1
4 838
1
4 *4/
1
4 958 *334 6/
584
Apr 5
2
212July
5
011
&
Gas
Wilcox
3,000
3
/
1
4
312
3
/
1
4
3
318 314
3/
1
4
3/
1
4 314
314
318 3/
1
4
9 Apr 11
434 Jan
No par
1
4 2.600 Wilson & Co Inc
714 7/
6/
1
4 733
6
612
131
/
4 812
6
6
*5/
1
4 614
2658 Apr 13
Class A
No par 1214 Jan
2112 2234 18,700
1712 19
19
19
1912 2038 1912 2112 2014 23
8412 Apr 11
100 53 Jan
1,000
78
Preferred
7912 *76
7514 7512 75
78
77
77
76
7512 76
5472 Apr 21
10 4114 Jan
49/
1
4 15,500 Woolworth (F W) Co
1
4 49
1
4 4812 4814 4918 4712 4834 x4712 49/
48/
1
4 49/
1
4 47/
31/
1
4 Feb 5
100 1312July 2
800 Worthington P & W
17
17
15/
1
4 16
•15
16
.1512 1678 1678 17
15
16
Jan 24
53
34
Jan
1
100
36
Preferred A
*3112
*3112 36
*3112 38
*3112 38
*3112 37
53112 38
42 Jan 24
1
4 Aug
100 23/
500
25
25
Preferred B
25
25
23/
1
4 2358 *23/
24
24
25
1
4 25
25
75
Jan 27
167
s
Jan
par
Aeronautical___No
590
4738
Wright
4512
4812
4312
40
43
44
46
4713
42
4378
43
6818 July 11
900 Wrigley (Wm) Jr (Del)No par 5412 Jan 1
64
64
641
/
4 *6214 6212 8212 64
*8312 6418 6312 6312 *82
22 Apr 24
500 Yale & Towne Mfg Co_ __25 14 Jan
*1478 1712
20
/
4 1458 •15
•15
17
1514 1514 1434 141
/
4 141
714 Feb 19
2/
1
4JulY 2
311 353 2,700 Yellow Truck & Coach Cl-B10
3,4 334
3/
1
4 338
31
/
4 311 *314 338
31
/
4 338
47/
1
4 Apr 28
100 28 Jan
100
Preferred
31
31
30
29
*30
36
*3018 35
*30
36
2812 31
2234 Feb 19
1,500 Young Spring & Wire No par 13 July 2
1412 1518 •1434 15
131
/
4 14/
1
4 *1434 1538 1434 15
*141
/
4 15
33/
1
4 Feb 19
1612 1718 11,400 Youngstown Sheet & T _No par 1258July 2
15
15
15/
1
4 17
15/
1
4 1514 16
1458 1512 14
4/
1
4 Feb 5
17g July 2
200 Zenith Radio Corp___No par
1
4 238
1
4 *2/
2/
1
4 2/
2/
1
4
*21
/
4 238
1
4 1.2
218 2/
1
4 *112 2/
734 Feb 19
1
858 July 2
3.400 Zonite Products Corp
3/
1
4 4
334 4
1
4
3/
1
4 4
3/
1
4 3/
378 3/
1
4
334 3/
1
4
$ per share $ per share $ per share $ per share $ per share
434 434
412 *412 514
4
5414 534 *414 534
334 4
334 334
312 38 *313 4
1
4
*312 3/
1678
*1514
16
16
*15
16
15
15
1712
*15
538
*4/
1
4 538 *478 518 *5
5
5
5
5
1212 1218 1258
1158 121s 1178 1258 12
121
/
4 1214
214 212
218 214 .214 212
218 214
214 238
*181
/
4 19
*1814 19
/
4 19
1812 1834 *181
*1834 19
9
1018
938 91
914
938
878 914
914 913
82
*81
*8012 82
81
81
*8012 83
81
81
36
*25
*25
36
36
*24
*24
36
36
*25
9312
9312 *91
1
4 *90
*92
931 *9212 9318 9318 93/
553 Vs
512 534
514 513
518 518
512 51
2778
2812 26'2 2412 2514 2612 2612 2512 2812 25
5/
1
4 618
512 578
1
4
552 5/
512 6
534 57
518 *5
514 6
512
5
512
5
*512 57
1
4
4 4/
33
4
33
3
/
1
4
33
4
358
3/
1
4
312
334 37
*6978 72
*69/
1
4 72
*6978 72
*6978 72
*6978 72
*3412 3614 *3412 36
*3412 36
3434 343 *3412 35
*284 31
3
3
314
*3
314 *3
234 3
412
4
358 4
/
4
3/
1
4 41
4
414
414 414
158 2
/
4 •112 2
*112 134 *112 11
*112 2
42
45
44
4413
*42
43
4214
43
43
*44
4714
45
46
45
45
45
45
46
47
*46
4114
4018 39
1
4 4114 39
4038 38/
4014 4114 39
18
1512 15
•15
1478 15
15
15
15
15
1858 1858 *1834 20
*1812 1978 1814 181 *1814 20
1534 1518 16z
1
4 15
14/
1
4 15314 1418 15'8 1412 15/
25
*24
x2458 25
25
25
25
25
25
25
113 113
*110 113 *11014 113 *11014 113 *11014 113
/
4 4012
388g 391
38
37
37
3612 37
38
38
37
3/
1
4 4
3/
1
4 4
378 4
4
4
418
2914
2918 29
2834 2912 29
29
291
/
4 29
29
1
4 1112 1112 121
1
4 11
1034 1118 10/
1112 1112 10/
*414 5
5
54
5
558 *4
*4
558 *4
4/
1
4 51
5
5
478 518
5
5
5
5
69
7058
6814 6812 68
70
68/
1
4 6712 69.
70
/
4 1458 1412 1458 1458 1434 1478 1514
1
4 141
14/
1
4 14/
98
*94
94
94
96
98
941
/
4 9412 94
*96
*21
/
4 212 *218
*218 3
212 *218 212 *218 21
5
5
4/
1
4 5
4/
1
4 434
458 458
5
5
38
*37
38
*37
*37
38
*37
45
*37
38
3/
1
4 31
3
3
258 238 *258 3
1
4
2/
1
4 2/
•Bid and asked prices, no sales on this day. 2 Companies reported in receivership.
a
Optional sale. a Cash sale.
a Sold 7 days.
r
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
per share $ per share
238 Mar 1212 May
1
Feb 1012 July
10 Mar 2114 July
6 Dec 1512 June
538 Jan 2014 Sept
912 June
12 Mar
12
Jan 30 June
/
4 sees
318 Jan 111
2312 Apr 6514 Nov
914 Apr 26 Dec
45 Feb 80 Dec
814 June
112 Mar
13/
1
4 Feb 3512 July
2/
93s July
1
4 Mar
2/
1
4 Mar 1712 July
834 July
234 Feb
41
AP *75 May
1
4 July
2018 Feb 38/
/
1
4 Apr
514 July
2 Mar 1214 June
614 June
34 Jan
/
4 July
914 Feb 391
512 Jan 60 July
1934 Feb 511
/
4 July
812 Mar 2338 July
1012 Feb 2234 June
181
/
4 Mar 4e73 July
1311 Feb 27.8 July
92 May 111 Dec
1014 Feb38 Dec
4 Dec 1412 June
2218 Nov
40/
1
4 June
618 Dec 12 Sept
34 Feb6/
1
4 June
1 Mar
8/
1
4 July
2314 Jan 88 Aug
13/
1
4 Dec 25 July
Jan
82/
1
4 Dec 100
5/
1
4 July
12 Jan
/
4 July
312 Mar 211
35 Deo 85 July
714 July
34 Feb
45 Mar 68 July
2112 Apr51/
1
4 July
35 June
10
AD
338 July
14 Apr
818 Mar 2218 July
1234 Apr 19 May
1
6 June
Oct
7 Feb 2958 July
3/
1
4 Feb 1734 July
8612 Max 84 July
18 Feb 53/
1
4 July
10114 Jan 121 Sept
118 Apr 1178 June
1312 Feb94 July
238 Mar 1714 July
1
4 July
4/
1
4 Feb27/
80 Feb7814 Sept
2/
1
4 Feb1412 July
2/
1
4 Feb25 July
512 Feb4378 July
13/
1
4 Jan 10558 Sept
3912 Jan 58 Sept
1
4 July
2338 Mar 87/
58 Mar 10512 July
1
4 Dec
Jan 109/
69
878 June
11
/
4 Apr
1
4 July
3/
88 Jan
1
4 Mar 3614 July
7/
10 July
158 May
2012 May 65 Sept
1
4 Dec 31 Sept
23/
7/
1
4 July
58 Feb
1
4 July
318 Max 28/
1
4 July
3518 Max 63/
60 Dec 8558 Jan
218 Feb 15 May
1234 Feb 6778 June
518 Dec 12 July
-75 *Apr -9012 Sept
838 June
78 Apr
2/
1
4 Mar 20 July
558 July
52 Apr
1112 Apr 4478 July
1 Feb91a Sept
1
4 Oct
44 Feb24/
478 June
/
1
4 Mar
212 Feb 2238 June
712 Feb 3558 June
5 Feb 80 Dec
8 Ju'y
1
Jan
Is Apr
312 June
1
4 July
7 Mar 37/
40 Mar 83 July
1714 Feb 7714 July
1134 Jan 3558 July
1
4 July
1932 Feb 58/
1
4 Feb 96 July
60/
3/
1
4 Feb 1314 July
10 Mar 2214 July
30 Apr 73 June
37 Apr 7734 June
1
4 July
33/
1
4 Apr 69/
8812 Dec 11038 Jan
Jan
80 Dec 101
212 Apr 1114 June
4/
1
4 June
72 Mar
5 Mar 2012 July
712 Jan 35 July
15 Feb 67 July
1
4 July
14
Jan 26/
Oct
23 Oct 29
484 July
12 Jan
lla Jan 10% July
Isla June
2 Mar
7i Jan 11 June
4
Jan 22 June
1
4 July
19 Mar 72/
25/
1
4 Apr 5078 July
8 Mar 3973 July
14 Mar 51 June
14
Feb 47 June
6 Apr 24 May
34/
1
4 Feb 5714 Dec
7, Jan 23 June
714 July
2/
1
4 Mar
18 Mar 42 July
3/
1
4 Mar 1918 July
712 Feb 3758 July
5 Dec
12 Feb
812 July
3/
1
4 Feb
Ex-dividend.
y Ex-rights.
New York Stock Exchange—Bond Record Friday Weekly and Yearly
898
On Jan. 1 1909 tha Exchange method of quoting bonds was changed and prices are now "and interesr—excepl for income and defaulted bonds.
NOTICE.—Cash and deferred delivery sales are disregarded in the week's range. unless they are the only transaotions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week in which they oceur. No account is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
U. S.
ft
00000mint.
Price
Brides
Aug. 10.
Bid
Week's
Range or
Last Sale.
Ask Low
044
Mob No
Fleet Liberty Loan-344 of '32-47 J D 1032132 Sale 1032132104
158
in
Cony 4% of 1932-47
1021/32May'34
• D 103
Cony 4/
1
4% of 1932-47
Sale 10231321034n 102
J D
28 cony 41
/
4% of 1932-47
_ 1022432 Jun'34
Fourth Lib Loan 41
/
4% of '33-38 AO 1551131 gale 1031333103103 230
41
/
4% (2d called)
101133 Sale 10143 101 0232 115
Treasury 43(e
1947-1952 AO 11210$3 Sale 1121422113442 869
Treasury 4 Jaa to Oct 151934.
thereafter 344%
1943-45 AO 1021332 Sale 10212421031% 4090
Treasury 4s
1944-1954 J D 108
1081443 1027
Sale 108
Treasury 344s
1081033 Sale 106422 107442 2084
1946-1966 M
Treasury 35a
1943-1947 J D 1032032 Sale 1032%210414u 3674
Treasury 331_8mA 15 1951-1955 MS 1001033 Sale 10020221014182 3271
Treasury 3s_ _ _Dec 15 1946-1949 J D 10011s3 Sale 100108210122:2 2316
Treasury 340 June 15 1940-1943 in 1041132 Sale 104
1045722 1041
Treasury 340 Mar 15 1941-1943 MS 1041032 Sale 104442 1044432 2674
Treasury 3/
1
45 June 15 1946-1949 in 101242 Sale 101502210254:2 3760
Treasury 3515
Aug 1 1941 P A 104732 Sale 1044,2 1042432 3219
Treasury 31
/
48__ _ _ _ _1944-1946
102033 Sale 1024:2 103442 7126
Fed Farm Mtge Corp 3/
1
43_1964 &I§ 1001133 Sale 10024821011382 595
S 99242 Sale 9954321007n 2253
as
1944-1949
Home Owners Mtge Corn 43_1951 J J 99142 Sale 9922,8 10022,8 2262
N 99103: Sale 99033100482 6940
as series A
1952
State & City—See note below.
Foreign Govt. & Municipals.
13101.3 Mtge Bank s 63
1947 P A 2612 ____
Aug 1 1934 aubee(i coupon_ _
23
2512
Sinking fund 68 A _ _Apr 15 1948 ;1-0 2678 31
With Oct 16 1934 coupon._ 23
2514
Akershus (Dept) ext 58
1983 1111-14 78
7934
Antioquirt (Dept) coil 78 A 1945 J J
912 11
External a f 7s ear B
1945 ii
958 Sale
Extemalaf7seer2
1945 ii
912 12
External a f 75 ser D
94 Sale
1845 J J
0'2 0'2
External at 7s let ear... _1957 AO
External sec a t 782d ser 1957 AO
812 11
External Sec sf78 9d ser_ _1957 AU
812 978
Antwerp(City) external 5.3_ _1958 J O a9012 Sale
Argentine Govt Pub Wks 6s_1980 AU 8014 Sale
Argentine 63 of June 1925 1959 J D 81 Sale
Eat!et(is of Oct. 1925_ _ _ _1959 AO 80 Sale
Externals f 138 series A......1957 MS 7978 Sale
External 68 series B__Dec 1959 J O 7934 Sale
Extl at 68 of May 1926_ A960 M N 80 Sale
External sf68 (State Ay) 1960 M S 8038 Sale
Eat! 6.3 Sanitary Works_ _ _1961 FA 8018 Sale
Eat!6a pub wks May 1927 1961 ▪ N 80 Sale
Public Works eat! 540_1962 P A 74 Sale
Argentine Treasury 5a
__ _1945 MS 9178 95
Australia 30-yr 5e__ _July 15 1955 J
9534 Sale
External 58 of 1927_ _Sept 1957 MS 9558 Sale
External g 434s of 1928_ _ _1956 ▪ N 9114 Sale
Austrian (Own)5 f 78
1943• n a98 Sale
Internal sinking fund 7s 1957 ii 9512 96
Bavaria (Free State) 6448._ _1945 P A
Belgium 25-yr extl 640
1949 MS
External a f 68
1955 J J
External 30-years f 73_ _ _1955 in
Stabilization loan 7s
1956 MN
Bergen (Norway)5s--Oct 15 1949 AO
External sinking fund as_ _1960 MS
Berlin (Germany) f6 Ms_ _1950 * 0
External 5 t 65___June 15 1958 J D
Bogota(City)eat! t 88
1945 AO
Bolivia (Republic of) eat]831_1947 MN
External secured 73 (fiat).1958 JJ
External s I 7s (flat)
1969 MS
Bordeaux (City of) 15-yr 6s_1934 MN
Brazil (II S of) external 8s_ _ _1941 'ID
External a f 630 of 1926.1957 AU
External e f 6 Ms of 1927..1957 AO
75 (Central Ry)
1952 J D
Bremen (State of) extl 7.3
1935 MS
Brisbane (City) a f 5s
1957•B
Sinking fund gold be
1958 FA
20-yearsf6a
1950 JD
Budapest (City) aili a f 68_1962 in
Buenos Aires (City)6402 B 1955 ii
External s f 68 ser C-2
1960 A0
Externals f 6s ser C-3_
1960 AO
Buenos Aires (Prov) extl 6sA961 M
Stpd (Sep 1 '33 coup on)1961 M
Externals t 61
/
4s
1961 P A
Stpd (Aug 1'33 coup on)1961 P A
Bulgaria (Kingdom) f 7s_ _ _1967 JJ
Stabil'n a f 740_ _Nov 15 1968 MN
May coupon on
Caldaa Dept of(Colombla)7440£48 iJ
Canada(Dom'n of) 30-yr 431_1960 AO
Se
1952 MN
440.
1936 FA
Carlsbad (City)itSa
1954 J J
Cauca Val (Dept) Colon 740'46 AU
Cent Agile Bank (Oar) 79....1950 M
Farm Loan s f 6.3_ _July 15 1960 J J
Farm Loan s f 6s_ _Oct 15 1960 AO
Farm Loan (ls ser A Apr 15 1938 * 0
Chile (Rep)—Ext1 5 f
_ _1942 MN
External sinking fund 8a_ _1960 *0
Extsinking fund 6s._ Feb 1961_ FA
Ryrefextsf6s
Jan 1961 J J
Ext sinking fund 6s .Sept 1961 MS
External tanking fund 63..._1962 M
External sinking fund as_ _1963 MN
Chile Mtge Bk 6345 June 30 1957 J D
St 640 of 1926_ _June 30 1961 ID
Guar s f 6s
Apr 30 1961 AO
Guar s f (is
1962 MN
Chilean Cons Munlo 75
1960 MS
Chinese(Hukuang Ry)
_ _1951 J O
Chrlatlania (Oslo) 20-yr 8 f 6s '54 MS
Cologne(City)Germany 64819541 MS
Colombia(Rep)68 of'28_ _Oct'81
Oct 1 1934 and sub coupons on _ AU
Eater 69(July 1'34 coup on)'61 J 1
Colombia Mtge Bank 610 of 1947 AO
Sinking fund 7e of 1926_ _ _1946 MN
Sinking fund 75 of 1927_ _1947 FA
Copenhagen (City) 5e
1952 J O
25-year g 41
/
4e
1953 MN
Cordoba (City) exti s f 7s._ _1957 ✓ A
External s f 7.3._ _Nov 15 1937 MN
Cordoba(Prov) Argentina 75 1942 ii
Costa Rica (Republic)7s Nov 1 1932 coupon on_1951 MN
75 May 1 1936 coupon on_1951
26 May'34
2333
2338
23 Aug'34
2314 Aug'34
78
7814
912 Aug'31
958
103a
1078
1078
912
1078
74 July'34
812
812
912 Aug'34
901
/
4
91
7878
8115
7818
81
8112
7812
783g
81
7818
81
7818
81
7838
81
78541
81
7838
8118
74
75
9114
911
/
4
9434
96
95
95%
9038
9114
97
98
6514
654
4
3
11
3
15
15
22
43
34
39
50
23
57
29
29
22
50
85
51
55
23
2
32 Sale
100 Sale
100 Sale
10713 Sale
103 Sale
32
32
6
00
10014 64
00
100
17
07,4 10712 22
03
10414 17
7938 Aug'34
79
77 Aug'34
76
33 Sale 31
3312 95
33 Sale 32
34
15
1814 1934 1812
1812
1
738 Sale
7
738 10
512 Sale
9
514
512
518
512 17
518 Sale
17012
7034 17034
1
30 Sale 28/
1
4
3018 44
2512 Bale 24/
1
4
2614 66
2534 Sale 2434
2638 95
2512 Sale 24
26
44
3612 Sale 364
3612
6
8518 Sale 85/
2
1
4
85,3
85
85
86
86
6
9412 9638 9714 Aug'34
40 Sale 40
4114 11
75
75
7712 7418
1
6618 ___- 71 Aug'34
6618 75
71 July'34
5214 Sale 50
5214 15
46 Sale 4258
46
143
55 Sale 55
55
6
454 Sale 4134
4512 105
2178 2214 July'34
20
2112 25
2314 July'34
15
1973 2038 Aug'34
1314
13
1334 13
2
1
4 10318 102
10278 Sale 102/
11078 se
1107
,Sale 11038
10412 Sale 10438 10473 43
6712 69
687e
687/1
1112
12
13
5
12
48
49
49
50
5
1
4
4212 16
411
/
4 Sale 41/
4218 38
4114 Sale 41,4
411
/
4 Sale 41,4
43,
4 22
1112 13
11 Sale 103g
1114 85
1038 Sale
9/
1
4
11
11 Sale 10
24
1114 18
1114 Sale 10
10
1012 14
1012 12
11
17
1038 Sale 1033
1038
1038 Sale 1014
12
12 Sale 1112
8
14
11
14 Sale 14
12
25
12 Sale 1114
12
20
12 Sale 1112
814 12
734
734 Sale
38
4
38 Sale 3714
1
8612
8512 8912 8612
2814
2814 Sale 2814
27
2714
2314
234
2314
7618
73
38
464
5418
39
2718
Sale
26
2334
25
Sale
744
Sale
60
40
27
2634
234
2314
2412
7618
7318
3612
40
55
2734
27/
1
4
2314
2313
2413
7634
74
38
40
5614
40
25
40
25
16
21
20
11
18
13
33
1
17
4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10,
Prim
Friday
Aug. 10,
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
044
Foreign Govt. & Muni.).(Con.)
Bid
Ask Low
High No.
Low
High Cuba(Republic)55 of 1904._1944 ▪ S 9078
96
5
96
1004004448
External 58 of 1914 ear A__1949 FA
9812
9512
2
1001714 103842
External loan 41
/
4e
744 76 07312 a7312
1949 P A 951
101481041532
Sinking fund 544e Jan 15 1953 J J 774 Sale 77
7714 19
1021%10233s:
PublIc wks 51.0 June 30 1945 in 2814 Sale 261
/
4
28,4 36
101412410413n Cundinamarca 640
N
12/
1
4 Sale 1212
1959
1234 18
101182 102935 Czechoslovakia(Rep of)80_1951 AO 95
95
96
9
9534
10451,1114142
Sinking fund Os ser B
1952 A0 95 Sale 95
7
9634
Denmark 20-year extl 8s_ _ _1942 J r 95/
1
4 Sale 95/
1
4
49
96
072:00424,8
External gold 544s
1955 P A 9038 Sale 9014
91
23
101414210934is
External g 4/
1
49__Apr 15 1962 AO 784 Sale 7812
80
37
100442 108422 Deutsche Bk Am part ctf 63_1932
982%10514u
Stamped extd to Sept. I 1935_ _
5078 58
5078
5078
931012162144s Dominican Rep Cust Ad 544e '42 MS 6738 __ 26712
6712 13
100504, 102"..
1st ser 534s of 1926
5812
1940 AU 6018
60
10
98141210544H
2d series sink fund 514s.._.1940 AO 604 _0018
65 60
2
9810331051°33 Dresden (City) external 78_1945 MN 45
4734 4714
12
48
9511331031833 Dutch East Indies extl 6s_1962 M
r163144 Sale 160
6162/
1
4 10
973733105,032
30-year eat! 1540___Nov 1953 MN
59
159
1
l01,, 10410%
30-year ext 540____Mar 1953 MS 162
59
163
7
10054210254u El Salvador (Republic) 88 A.1948 JJ sus
56
_
56
9945221017n
Ji
4413 13-1;ie 4412
Certificates of deposit
45
2
9922:2 1013532 Estonia (Republic of) 7a____1967 J J 734 Sale 73/
1
4
73,2
5
9914,2 101721 Finland (Republic) eat 69___1945 MS 99 Sale 99
99
13
External sinking fund 7s__1950 MS 10014 101 100
101
4
External sink fund 840_1958 MS 99 Sale 99
99/
1
4 15
External sink fund 540._1958 FA 9434 Sale 9412
9434 26
Finnish Ml1/3 Loan 634a A__1954 AU 9712 98
9712
98
17
External 61
/
4e serial B_ _ _ _1954 AU 9814 9812 9814
1
9814
1834 2718 Frankfort(City of) t61
2814 51
/
4s-1953 MN 2814 Sale 264
20
2614 French Republic eat! 740_1941 it) 18712 -- -- 18714
4
18812
1538 2934
JO
1863
186
/
1
4
Sale
External 78 of 1924
8
2
1864
1949
16
2678 German Government Interna6612 8158
tional 35-yr 51
3534 191
/
4s of 1930_1965 in 354 Sale 3358
8/
1
4 17/
1
4 German Republic extl 75_1949 AO 48 Sale 464
4834 64
9
17
German Prov at Communal Mc
911
/
4 17
37
(Cons Agile Loan)6448 A..1958 in 3612 Sale 3458
24
812 174 Gras (Municipality) 8.3
904 86/
1
4
8638
1954 MN
60
Only unmatured coupons on _ _
778 1434
70
65 May'34
FA
8
1458 Gt Brit & Ire (II K of)51
119 Sale 1174
119
33
/
4s_ 1937
8
1458
14% fund loan £ opt 1960_1990 ▪ N all7 Sale 311614 311614 138
8212 9912 Greek Government s f ser 713_1964 MN 28
35 a30 July'34 -5313 84
2214 254 2234
Of see (is Aug'33 coupon_ _1908 FA
23
3
5312 844 Haiti (Republic) s t 613 ser A _1952 AO 80 Sale 80
80
6
53
84
30
2814
Hamburg (State) 6s
2978
1946 AU 27
5
53
1818 1978 23 July'34
8378 Heidelberg(German)extl 740'5() J J
_
5358 84
9314
Heleingfore (City) ext 8/
9334
2
1
4s 1960 * 0 9314 94
5358 84
Hungarian Munn,Loan 71
3414
3713
/
45 1945 J J 3618 38
8
5313 841g
2714 May'34
Only unmet coup attached _ J J ___ 30
_
5238 837g
361s Sale 3618
External s f 7s (coup)._..1946 J
361
/
4
5
5258 84
35
30 June'34
Only unmat'd coups attached J J
4713 78
Hungarian Land M Inst 7448 '61 MN 4714 Sale 4714
474 15
N 47
48
47
80314 99
47
Sinking fund 74.0 ser B._1981
2
8812 97/
1
4 DU1113arY (King of) a t 740_1944 P A 384 Sale 37/
1
4
3938 38
89
97/
1
4
83
95
Irish Free State exti a f 5.1.__1960 MN 109 120 112
11212
4
9118 10012 Italy (Kingdom of) ext1 713_1951 J O 9412 Sale 94
957,4 81
95
50
99
77
95
Italian Cred Consortium 79 A '37 M
98
3
--- 94
92
92
External sec s f 73 ser B.._ _1947 M
1
31
5912 Italian Public Utility eat! 78_1952 .1 .1 8414 Sale 8414
85
26
95 105
9334 143
Japanese Govt 30-yr a f 640_1954 FA 9314 Sale 9234
94 104
79 Sale 7713
7938 45
Eat'sinking fund 534s_...1981 MN
99 109
Jugoslavia (State Mtge Bank)—
32
9578 10634
Secured s t g 7.1
15
1957 * 0 32 Sale 3112
8212
20 Sale 20
88
20
2
711 with all unmet coup _1957
66/
1
4 8212
16 Aug'34
18
With Oct 1 '35 dc sub coups on
_
3013 52
4
4514
Leipzig(Germany) 73._ _ _1947 PA 4514 Sale 4514
304 4912 Lower Austria (Proy) 740..1950• I) 82
85 83
8612 14
1718 24
50 Feb'34
Only unmatured coups attach'd
64 1134 Lyons (City of) 15-year 63..1934 MN 17012
- 16938Aug'34
54 1012 Marseilles(City of) 15-yr 113 1934
17012 - - 170 July'34
512 1012 Medellin (Colombia)
JO
834 955 9
7
918
6138-1954
149 17034 Mexican Irrig Aastng 440_1943 MN
54, Apr'34
4
6
22/
1
4 3612 Mexico (US) extl 5t3 of 1899 £'45 Q
4 Sept'34
204 32
64 84 614 July'34
Assenting fa of 1899
1945
204 32
7 June'34
Assenting 58 large
201
/
4 32
61
/
4 July'34
Assenting 55 small
__
3512 6318
413 5
Assenting 4s of 1904
5/
1
4
518 14
1964
Assenting 4s of 1910
44 Mar'33 _ 731
/
4 88
73
8773
5
5
2
Assenting 4s of 1910 large....
455 Sale 412
83
9712
4/
1
4 14
Assenting4e of 1910 small_...
311g 4612
_
rreas (ia of'13 amen t(large)'33 1-3
--- 978 July'34
4618 7934
J J
814 11
*Small
534 Aug'34
47
7234 Milan (City, Italy) extl 634s 1952 * 0 84 Sale 8314
84,4 62
454 74
Minas Genies (State) Brasil—
3014 5214
19 Sale 18/
1
4
19
External s f 640
4
1958 M
264 46
1
4 1818
1913 11
Ext sec 644s series A
1959 MS 1834 19/
3158 55
33
33
Montevideo (City of) 78.......1952 in 2814 35
2
27
4512
External s f 6s series A
1959 MN 3012 --_- 3012 Aug'34
1878 24
9233 Sale 9214
2113 261a New So Wales (State) exti 58 1957 P A
9318 14
20
2013
9238
External s f 58
4
Apr 1954 * 0 29238 Sale 92
1033 1834 Norway 20-year ext 68
1943 ✓ A 10014 Sale 10014
10034 26
92 10318
20-year external fis
1944 P A 10014 Sale 100
10013 33
10314 11114
30-year external 6s
9978 29
1952 AO 9878 Sale 9834
10034 105
1
4
9412 67
40-year f 540
1965'ID 9414 Sale 93/
60
1
4 Sale 8914
8012
External a f 5s. _ _Mar 15 1963 MS 89/
89/
1
4 34
1014 19
1
4
90/
Municipal Bank exti sf58.1967 JO 9038 Sale 90/
1
4
5
JO
454 73
90/
1
4 92 a9014 July'34 _ _
Municipal Pank eat! a t 5.3 1970
3512 69
Nuremburg (City) eat'(is....1952 ✓ A 28 Sale 27
28
12
3514 69
M
74
/
1
4
Sale
74
Oriental Devel guar 6a
958
7458 98
384 TO
Eat' deb 514.3
7012 38
1959 MN 07018 Sale 6978
84 16
Oslo (City) 30-year e t 6a _ _1955 MN 864 8934 87
87
1
718 16
7
1534 Panama (Rein exti 534s_ _1953 J O 103 104 10312 10312 13
7
1534
Ext1 a f 58 ser A_ _ _May 15 1963 MN 354 Bale 35,z
3512
6
754 1534
35
37
35
Stamped
37
5
714 1&58 Pernambuco (State of) eat] 7s '47 MS 14
1412 1334 Aug'34
MS
718 16
1138 Sale 111
/
4
Peru (Rep of) external 78_ __I959
12
10
913 1513
714 Sale
7
Nat Loan esti at 58 1st ear 1960 JO
814 112
77 Sale
10
1814
714
Nat loan eati e f 68 2d ear._1961 AU
84 15
818 1512 Poland (Rep of) gold 69._ _ _1940 * 0 7034 Sale 7038
72
28
8
1518
Stabilisation loan a f 7e__ _1947 AO 11534 Sala 11358
11534 177
7
12
/
4
External sink fund g 8a___1950 ii 84 Sale 821
841
/
4 22
2758 4278 Porto Alegre (City of) 83. _1961 J
20/
1
4 25
1913 Aug'34
8158 93
1913 21
2013 Aug'34
Exti guar sink fund 740_1966 J J
27
50
9838 9812
Prague(Greater City) 740 .1952 MN 85
9833 19
Prussia (Free State) eat' 6448 '51 MS 344 Sale 3234
34/
1
4 22
2112 3533
_1952 AU 35 Sale z3212
35
External s I 69
42
21
3534 Queensland (State) exti at 7311941 AU 10112 Sale 1044 10514 18
15
2478
25-year external 6s
1947 P A 10112 102 10118
102
9
1513 2413 Rhine-Main-Danube 78 A _ _1954)
S 42
47
4612 Aug'34
15
26
Rio Grande do Sul situ af 88 1946 AU 2233 Sib 2238
2238
1
6312 84
207a Sale 2078
apr'32-Oct'33-Oct'34 can on
3
2078
5913 74113
2138 Sale 2018
External sinking fund 68_1988 J
2138 100
1414 38
External a t 713 of 1926_ _ _ _1966 MN r22 Sala 2012
42
e21
2978 40
n 21 Sale 2012 21
External at 79 munia loan _1967
7
251a 5614 Rio de Janeiro 25-years f 83_1946 AO 2114 Sale 2114
4
22
External s f 644e
1953 FA 21 Sale 2014
56
21
30
40
1952 AO 844 Sale 84
Rome (City) eat! 6518
8434 61
1834 2512
Low
High
7478 9913
93
9512
627s 78
6178 84/
1
4
22/
1
4 4178
101g 1934
88 101
90 101
8612 984
8334 95,2
71
87
5078 774
43/
1
4 671s
36
60
37/
1
4 80/
1
4
454 58,8
15121 16512
151 18412
15112 165
4812 60
38
55
5778 78
79 100
8612 101Ia
7812 99%
9512
76
98
77
Ws 9814
2618 48
15414 1881
/
4
/
4
160 1861
3053 6312
45
8713
311
/
4 7112
57/
1
4 8838
62
6512
111/
1
4 12412
109 11712
22
334
18/
1
4 31
7413 82
27
58
23
44
7234 95
28/
1
4 4414
274 27,4
30/
1
4 45
30
30
3312 501
/
4
SI
5018
3112 4214
110 116
9034 102
934 100
8914 100 ,
76
9318
86
9613
73/
1
4 88
2318
1558
1312
3758
60
50
149
149
814
412
4212
27
1713
6514
8912
63
17034
171
1
4
16/
7/
1
4
--irs
10
1114
8
714
7
64
4,8
—
5
438
84
834
82
--13.
4
938
11
1112
917a
17
17
2714
2614
24
2312
3614
32/
1
4
96
85
8514 95/
1
4
9112 10114
9014 10114
8912 100
83.8 9513
1
4
804 92/
8312 91
91
81
2818 55,2
7712
85
623.4 74
76Ia 93
1.03I2
44
44
1818
17
57g 14,8
018 14,8
79
59
88 11818
6914 90
1712 2478
16/
1
4 2412
83 100
3114 5812
311
/
4 5712
102 10613
944 103
4612 6938
26
19
1838 2078
1514 24
1733 24
174 2414
ira 221
/
4
22
18
92
83
98
2933
29s
101a
811
I
For footnotes see Page 903.
NOTE.—Sales of State and City securities occur very rarely 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 thme securities, will be found on a eubaerumn: pave under the genera head of •'Quotatlons for UnINted PecurItIes."
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
i
-4
tS
n
h
4.14;
Price
Friday
Aug. 10.
Week's
Range or
Last Sale.
14
an rS
Range
Since
Jan. 1.
High No Low
Ask Low
High
Foreign Govt.&Mimic.(Cond.!
Bid
11 112 134
Ratter:UM (City) est] 68-1964 M N 11914 12034 11712 120
18
33
23
40
Roumania (Monopolies)78_1959 F A
3212 3312 32
Saarbruecken (City) 6s- ._ 1953 J J
664 81
5
1
4
7834
78/
1
4 7934 78/
2558 10
2118 ____ 2558
22
30
Sao Paulo(City) e f 8a....Mar 1952 MN
23
23
1738 24
External at 634a of 1927 1957 M N
23 Sale 2214
18
33/
1
4 Aug'34 --__
35/
1
4
San Paulo (State) ext1 at 83_1936 1 J
341 35
External see at 88. -. - _ 1950 1 .1
2514 35
1358 2.514
2414 257 f25
1333 24
4
2134
External øt 78 Water L'n_1956 M S 2078 2212 208
2018
9
External a f 6e
. 1968.3 1 204 Sale 1912
123, 22
65
8812 44
8834
Secured s f 7e
1940 A 0 8812 Sale 8714
8
3712
184 4313
Santa Fe (Prov Arg Rep)78-1942 M S 374 Sale 3612
4212 87
8
43/
1
4
Saxon Pub Wks(Germany) 78'45 F A
4312 Sale 4212
Gen ref guar 634e.
3
3512
32
60%
3512 Sale 32
1951 M N
44
Saxon State Mtge Ina 7a.. 1941.3 D 44 Sale 44
5
44
71
Sinking fund g 6348_.Dec 1946 .1 0 42
4914 70
5
4912
4914
52
Serbs("mate & Slovenes 8e- _1982 MN 2412 25
2
2412
2412
214 28
All unmatured coupon on_ ____
1812 25
16
22
17
21
17'4
Nov 1 1935 coupon on
1312 1512
1212 164 1412 Aug'34 ____
External sec 78 ser D
5
2313
18
255,
1962 M N 2212 238 2212
November coupon
1234 20
12
17
_ ___
17 Sale 1618
73 Nov 1 1935(*upon
11
17
on__-on 1962 -- . 125, 16
15 Aug'34 --__
Silesia (Prey of) extl 78. _1958 1 -13 64 Sale 64
9
6412
5234 71
Sileerian Landowners Awn
35
2
35
89
_-5,1947 F A ____ 3914 35
Seasons (City of) extl ets__ .1936 M N 16834
4 150 171
17012 17012
Styria (Prey) external 78__ _1946 F A ____ -8112 86
55
88
2
86/
1
4
Sweden external loan 5348_1954 M R 1024 11.4 110278 10312
7 102 10934
Sydney (City) at 5328
8912 22
80
93
1955 F A 89 Sale 89
Taiwan Elee Pow at 5348_1971 1 .1 6912 Sale 6912
702 30
Tokyo City 55 loan of 1912_1952 M S 665, 68
668 Aug'34 --__
External at 534a guar
7278 33
1961 A 0 7213 Sale 72
Tolima (Dept of) cell 7e___ .1947 MN
8
11
11 Sale 11
Trondhjem (City) 1st 5346_1957 MN 80
82
5
86'2 82
Upper Austria (Prey) 7e. _ 19453 D ____ 80
8134 July'34 ____
Only unmatured coups attel, -------75
74 May'34 ____
External øt 64a_June 15 1957 .1 D ---- 77
7312 July'34 ____
Uruguay (Republic) ext1 83.1946 F A
8
361
/
4
3512 Sale 3512
External a f 68- --. .. _.1960 IN N
3078 29
3014 Sale 2938
External at fle......May
3
3014
-- 11954 M' 3014 Sale 30
Venetian Prov Mtge Bank le '52 A 0 . 94 Sale 94
1
94
Vienna (City of) extl 8 f 6s_ 1952 MN 8818 90
2
89
89
Unmatured coupons attached. M N --------71
1
71
Warsaw (City) external 78-.1958 F A
6412 25
62 Sale 804
Yokohama (City) ext1 6a. _1961 1 D
7614 14
757 Sale 7538
6134
8614
6134
1012
6744
62
74
4812
344
2714
2914
94
58
50
53
86
Railroad.
Ala Gt Sou let cone A 58 _1943 1 D
1st cone 4aser 13_
..... 1943 J D
Alb & Sus° let guar 8
- 340_1948 A 0
Alleg & West lot gu 4/..... 1996 A 0
Alleg Val gen guar g 48._ _.1942 IN 8
:Ann Arbor lst g 48_ July 1995 Q J
Alois Top A ft Fe-Gen 848.1995 A 0
Adjustment gold 48_ July 1995 Nov
Stamped_ • _ _
_ July 1998 MN
Cony gold 48 0(-1909....19553 D
Cony 4s of 1905._ _
1955.3 13
Cony g 43 issue of 1910...1960 1 D
Cony deb 4348...._ .....1948 .8 D
Rocky Mtn Div let-4a_ _1965 1 .1
Trana-Con Short L let 48.1958 J 1
Cal-Aria let & ref 434e A.1962 M S
All Knox & Nor let g 58_1946 J D
AU & Char! A L let 434e A_ _1944 J 1
Id 30-year 5e aeries B.._ .1944 J J
Atlantic City tot eons 4e._1951 J .1
All Coast Line let cone
4sJulY'52 M 8
General unified 434e A
1964 J 13
LAN coil gold 48Oct 1952 MN
All & Dan 181 g 42
1948.3 .1
2d 43
1948.3 J
All & Yad let guar-4e
1949 A 0
Austin & N W DA gu g 58_1941 3 1
Bait & Ohio 1st g 48._ _July 1948 A 0
Refund & gen 68 series A.1995 J D
let gold 58
July 1948 A 0
Ref & gen fle Defied C
1996 J D
PLE&WVa By,ref 4s 1941 MN
Southwest Div let 5a_ _1950 1 1
Tol& Cin Div let ref 48-A.1959 J J
Ref & gen 158 series D.._ 2000 IN 13
Cony 434e
1960 F A
Ref & gen M158 ser F
. _...l998 M El
eangor & Aroostook let 5
- 8_1943 1 .1
Con ref 4,
1951 .1 J
Battle Crk & Slur let gu 38_1989 1 D
Beech Creek lat gu g 4,
1936 1 1
26 • uar g fie
1938 3 J
Beech Creek ext let g 3Sie. _1951 A 0
Belvidere Del cchts fill 33311_1943 J J
Big Pend) let 4e guar
.1944 J D
15 *ton de Maine 181 58 A C 1967 M S
at M 5e series II
1955 M N
let g 431e ser JJ
1961 A 0
Beaton & NY Air Line let 48 1955 F A
Bruns & West 181 gu g 48..1938 1 J
Bun RC"
,& Finegan ge 58..1937 lid S
Consol 4348.
1957 I'd N
*Mud C R & Nor lst & coll 5a'34 A 0
Certificates of deposit
Canada SOU cone gu 58 A___1962 A 0
Canadian Nat guar 4348-.1954 M S
30-year gold guar 434e___1957 J 1
Guaranteed gold 430._-_1968 .1 0
Guaranteed g 58.....July 1969 3 J
Guaranteed (Si.....Oct 1969 A 0
Guaranteed g 58
1970 F A
Guar gold 44e__ _June 15 1955 1 D
Guar g 434e
1956 F A
Guar g 434e
Sept 1961 M S
734
7312
73/
1
4
17
87,4
86
76
7713
46
42
42
109
9012
76
8814
77
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10
it
ti
..,15.
Railroads (Continued)Canadian North deb e f 7s_ _1940 J D
25-year at deb 6348
1946 J .1
10-yr gold 4348___Feb 15 1935 1 J
Canadian Pao Ry 4% deb stock.__.
Coll tr 434e_
1946 M S
5e equip tr ctfe
1944 1 3
Coll tr g 5e
Dec 1 1954 J D
Collateral trust 434e____1960 .1 J
Mar Cent let cons g 48
1949 1 I
Caro Clinch &O let 30-yr 5,A938 1 D
let & cone g 6seer A _Dee 15'52.3 D
Cart & Ad let gu g 4e _
1981 J D
Cent Branch U P let a 48_1946 J 13
(Central of Ga let g 58_Nov 1945 F A
Conant gold 56
1945 MN
Ref ,83 gen 5)4. eerie. B 1959 A 0
Ref & gen 58 eerie,C_1959 A 0
Chatt Div pur money g 48 1951 1 D
Mac & Nor Div let I; 58_1946 1 J
Mid thi & Atl Div our m sa'473 .1
Mobile Dly 1st g 5e
1946 1 .1
Cent New Engl let gu 44 ..1961
1 .1
_
Cent ERA Bkg of Ga coil 58.1937 M N
1987 .3 1
Central of N J gen g 5a
General 4,
1987.3 J
Cent Par tat ref gu g 4s._1949 F A
Tluough Short L 1st guie_1954 A 0
1960 F A
Guaranteed g 58
Charleston & Say% let 78_1936 1 J
Cleo & Ohio let con g 5e
1939 M N
General gold 4)4e.1992 M 8
1993 A 0
Ref & lmpt 434a
Ref & IMpt 4148 ser B._._1995 J J
Craig Valley let 5e_May 1940 3 J
Potts Creek Brandt let 48.1946 J J
R & A Div let con g 48_1989 J .1
2d eons& gold 48
1989 J .1
Warm Spring V let g 58_11541 IN 8
ChM & Alton RR ref g 138-19441 A 0
ChM Burl dr Q-111Dly 330 1949.3 J
Illinois Division 48
1949.3 1
General 4,
1958 M S
1277 F A
1st & ref 434e ser B
let & ref 58 ser A
1971 F A
:Chicago & Haat III let ea__ 1934 A 0
2C dr E III Ry(rety co) gen 58 1951 M N
Certificate, of deposit
Chicago &Erie let gold 5a__ 1982 M N
Chicago Great West let 48_ 1959 M S
(Chic Ind & Louisv ref (ta _1947 .1 J
Refunding gold 5a
1947 J 1
Refunding 48 eerie,C
1947.3 J
let & gen 5e series A
1986 MN
Tat & gen tis Berke B_May 1968.3 1
Chic Ind & Sou 50-year 48._ _1956 1 J
Chic L S & East 1st 4%8-.1969 J D
Chi M & St P gen 48 ser A..1989.3 i
Gen g 331a eer B._ May 1989.3 J
Gen 4346 ear C
May 1989.3 J
Gen 4348ser E
May 1989.3 J
Gen 434e sex F
May 1989.3 J
899
Price
Friday
Aug. 10.
Week's
Range or
Last Sale.
Range
Since
Ain. 1.
High No Low
Rid
A sk Lais
High
10814 Sale 10814
1087
50 105 10958
12118 28 1034 12118
120 Sale 11934
10234 -___ 10214
10214
4 10012 103
7912 Sale 7914
8112 144
81
8513
9578
9758 33
9618 97
7434 993
101
294 1,0
1094 Sale 1095, 110
10114 135
10(1 Sale 99
771
/
4 102
934 Sale 9314 ' 945, 56
711 97
414 Sale 4112
1
4113
324 45
1071
/
4 20
107 Sale 107
95/
1
4 10714
10712 56
1061
/
4 Sale 10614
904 109
80 July'34 ---75
81
70
84
54 July'34 ---4818 .52
28
56
41
5934 58 July'34 ---.
41
65
18
1618 20
1612 38
6
18/
1
4
912
10
812 13
5
912 26
10
34
9
934 1234 9
26
25 July'34 ---____ 25
18
37
35
Jan'33
-_-- 37
21
Jan'34 _--_
____ 25
20
214
25
25
____ 27
1
25
35
65
8334
8
79
7812 ___ 7812
53
73
2
67
69
6512 -75
107/
10614 Sale 10614
1
4
9
95 1087
78
9713
95
9612 9714 July'34 --__
955
85
93 Sale 93
927 Aug'34 --..
93
95
7412 Sale 74
53
78
106
106 Sale 106
1
1105, Sale 1105, 11118 41
11112 50
10934 Sale 10914
103 Sale 103
10412 31
10412 115
103 Sale 103
1054
4
1054 Sale 10518
101
___ 101 Aug'34 --__
1021
102 Sale 102
4
10112 10312 10112 July'34 ___
____ 9912 Jan'34 ____
102
56
5512 Sale 55
8
10034 Sale 10012 10114 63
1053
94
104 Sale 104
1047g 94
103/
1
4 Sale 1C334
101 Sale 101
10278 48
1091
108 Sale 108
57
____ 827
1
8278
75
9/
1
4
10
914 Sale
23
5
934 1238 July'34 ___
109
109 110 103
a
3912 314
2812 Sale 27
2478
25
25
6
22
25 July'34 ____
31
21
2014 2634 25 July'34 ____
612 1012 10 Aug'34 _-__
4
9
92
938 9
9214 9418 9312 July'34 ____
____ 105 Aug'34 ____
105
57
54 Sale 54
27
57 July'34 ____
____ 55
60
34
58 Sale 58
58
61
5818 60
47
63
5
63 Sale 63
7512 9612
7312 9378
6372 87
103 108
10512 1114
9834 11112
88.
5 106
884 10613
9712 10514
9012 101
974 ,0334
874 10112
994
99
511, 70%
88 1014
97 107
9212 10538
8813 10434
98 10934
53
83
813 254
94 21
91 it°
27
57
2478 4713
4218
25
25
41
912 2373
9
25%
71
9534
99 1051
/
4
747
54
53
71
58
8012
56
81
63
64
94 104
96 10012
85
991
/
4
7334 91
98 1044
29
60
93 106
134
994
83 100
8213 964
80 9712
7812 954
9514 107
82 102
9554 106
95 10618 Chic Milw St P & Pae 5e A__1975 F A
32
442
2834 Sale 2834
28
5612
8
9954 10512
8
Cony ad) fte
914 630
814 Sale
2338
Jan 1 2000 A 0
5134
Chic & No West gen g 3323.1987 M N 50 Sale 50
8678 103
50
9
70
88 10634
5811 13
57 Sale 57
564 77
1987 MN
General 48
5612
75
90
56
5
56 Sale 56
Stpd 48 non-p Fed Inc tax '87 M N
78
82 10012
64
80
3
65
Gen 4)4,stpd Fed Inc tax_1987 M N 63
1334 8234
74
92
27
68
Gen Se stpd Fed Inc tax
65
6514 Sale 6514
87%
1987 M N
62
68
85
Jan'34 ---431e stamped
604 62
1987 MN _-__
39
78
5378
3
I5-year secured g 64e.1938 M5 75 ---77
98
7978 77
45
35
47
23
1st ref g 58
4012 6612
May 2037 J D 44 Sale 4312
3312 6078
3614 79
46
64
let & ref 434,stpd May 20373 D 3312 Sale 3312
37
794 92
21
1s1 &ref 434a ser C Ma3
34
61
,2037 J D 3412 Sale 3412
29
2712 Sale 26
Cony 434e aeries A_.
526
1949 MN
24
5312
8812 10314 :Chic RI & P Ry gen 48_. _1988 1 J
128
100
1
4
58
5514 Sale 55/
98 Sale 98
3
515s 4312
75
121
67% 86
64
73
6912 Sale 6913
- - ' 7018 6412 July'34 ____
Certificates of deposit..
106
20
9812 109
50
52
- - -0 tii) Sale 1818
3112
*Refunding gold 4s
18
19a-1 A
103 Sale 103
1712 29
8
1712
18
8614 47
18
20
Certificates of deposit.. _. __ __.
77
9712
81 Sale 792
21
85 100
985, 47
9638 Sale 957
8
*Secured 434e series A _ _ _ 1952 M S 19 Sale 19
18,2 324
9534 62
8312 10014
1
4 Aug'34 ---_
_ 18/
94 Sale 9312
1834 28
Certificates of deposit.. .......18
88
8414 10
8812
814 53
Cony g 434e
loin iii.1%i 758 dire 7
7
_ _. 8414 84
1834
67
•
73
40
8518 Ch St L & N 0 58....June 15 1951 1 D ____ 106 106
106
5
83 107
-6912 Sale 6914
51
7234
5814 216
Gold 334e
6312 Sept'33 ____ ___ _
1
4
54 Sale 53
June 15 1931 J D 84/
6712 8578
73
25
841
7
83
6314 8-634
J D 83 -85
6912 Sale 694
Memphis Div let g 4s_
8 101 110
57
Chic TB & So East let 58_1960 .1 0 52
2
55
10712 Bale 10712 10738
80
5438 55
75
9712 64
44
464 14
988
Inc gu 58
9612 Sale 9612
42
62
Dec 1 1960 Af Ea __-_ 44
60
8514 Chic Un Stain let gu 44s A 1963 J 1 108 Sale 106
10718 15 1005, 1074
73 8514 July'34 ____
65
90 102
109
1st 5e series 13
14 10512 11012
10112 102 10113 Aug'34 ____
1963 I 1 10812 Sale 108
92 10134
108
_ 101 Aug'34 ____
26
101
Guaranteed g fts
1944 .1 0 10758 10814 10738
974 10812
83
95
let guar 634e series C._ .1963 J J 113 Sale 11234
9013 ____ 95 July'34 ____
11314 28 11154 115
92/
1
4 172
Chic & West Ind con 4e
,..,., .,
7214 9312
,.7.: ---;
100 --- ...-1952.3 1 8334 Sale 8934
let ref 534e series A
10214 48
84% 10412
1962 M S 101 Sale 101
10012 - - RN, 194 ' v""'
73"
/
4
7934 .59
904 Choc Okla & Gulf cons Be.. 1952 111 N
46 July'34 ____
47
73 Sale 741
46
62
313
7312 90
8012 22
Chill & D 2d gold 434e... 1937 1 J 103 Sale 10258
103
96 103,4
21
75 Sale 75
68
7638
9
8414 C I St L & C IN g 4a _ _ A ug-2 1936 Q F 103__ 103 July'34 ___
____ 717 73
99 103
51
7312 Cln Lob & Nor let con gu 4e 1942 M N
60
19
9712
85
984
1
9712 1-C-0 9712
584 68
59
8858 10034 Cin Union Term let 44,.. 2020.3 1 107 Sale 107
10838 28 1004 10812
100
____ 10013 May'34 ---10512 14
97 10578
11114 34 104% 1114
let Sage 54 series B
1044 Sale 10434
2020.3 J 111 Sale 11012
6814
19
AO
8034
181 Mtge g Se series C__. 1957 M N 11014 Sale 10313
67 Sale 67
11012 18 10418 111
28
28
5
481
/
4 Clearfield & man tot gu 5
28
30
27
9858 9634
97 -__ 963, Feb'34 ____
- e. T1947 1 J
34
40
Cleve Cin Chi & St L gen 48_1993 1 0 8812 9-3
40 Apr'34
27
3
93
94
751. 97
General 58 series B
9213 10834
1993 1 D 10814 11312 10834 Aug'34 ____
92 10978
10978 67
10914 Sale 103
Ref & impt 68 eer C.... 1941 .1 .1 ___ 100 10012 Aug'34 _-_80 10013
9858 10578
10578 17
7485 9112
Ref & Impt 5s tier D
83
5
10534 1067s 10518
19633 1 ____ 7978 82
11118 76
9812 11 118
111 Sale 1098
Ref & Impt 4348 ser K...1977
6)78 68
64
82
7312 20
1 J 68
_
9912 10812
10812 38
Cairo Dly let gold 48 .._ _1939 .1 1 10212 1035, 101 Aug'34 _--10838 Sale 108
92 10414
11533 33 105 11538
an W & M Div let g 40..1991 .1 .1 85
1153, Sale 1144
92 July'34 _-__
90
68
9212
34 104% 117
St L Div tat eoll Ira 4s. _1996 '51 N 9212 9413 93
117 Sale 11558 117
93
2
77
95
/
4
3 105 11614
11634 Sale 11538 1161
Spr & Col Div 1st R 4a __ _1940 M S 96 104
92
99
93 Apr'34 ____
45 10218 115
1
4
W W Val Div let a is
11412 Sale 11312 115
7:478 92/
95 July'34 ____
1940 J 1 8) 95
11212 83 100 11212 Cleveland & Mallon Val g 1Se 1936 1 .1 10134 ____ 10318 July'34 ____
11212 Sale 111.
9912 1035,
11218 49 10018 11218 Clay & Mar let gu g 44s_. 1935 1311 151 10112 __-- 10112 July'34 ___.
112 Sale 111
9912 10134
1C4 May'34 __
103/
1
4
-_8 9912 Aug'34 __
98/
1
4 111117
9914 20
9814 Sale 9814
8)4 9038 July'34 ____
85
27
/
4 104
10334 Sale 1021
9
59
57
58
55
10412 184
102 Sale 102
2
39714
---- 9834 a9714
25
98
9512 Bale 9512
5
9612
9534 -_ 9812
30
96
95 Sale 95
1
4 9514 Aug'34 ---95/
1
4 95/
10518 77
1033, Sale 103
23
102
100 Sale 100
9
101 10478 10338 105
40
107
106 Sale 106
1
10412 11012 10512 10512
7
10114
101 10118 10118
9612 106 106 Aug'34 _-__
90 May'34 -96
90
86
98
9614 Sale 9614
38
87
___ 8612 86
7
54
7714
74
7614 Sale
1
44
4312 44
41
3712 38 July'34 ---35
5712 July'34 --__
5112 56
87
1
87
____ 90
-.1951
,.
--
For footnotes see page 903
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
1
1
23
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Prirate Wires to Chicago. Indianapolis and St. Lotti•••
New York Bond Record-Continued-Page 3
900
r.
v es•
BONDS
.a
t
.
4
N. Y. STOCK EXCHANGE -.
Week Ended Aug. 10.'-:
;•
Price
Friday
.4. •
...g74
55 e4
Aug. 11 1934
Prue
3
Week's
;•
Range
Friday
b
Range or
Since
...,cn..
-0a. Aug. 10.
di
Last Sale.
Jan. 1.
BM
Railroads (Continued)As kLow
Bid
High No, Low
Ask Low
High
High No. Low
Railroads (Conanued)High
5
Clev & P gee gu 4349 ser B1942 A 0 10312 ____ 98 June'33 ____ ___ ____ Nowa Central Is Ma
8
6
6
1933 J D
11%
4
3
1942 A 0 98
let & ref s 45
Series 13 330
Jan'33
212 July'34 ---86
234 31.
1951 M 9
212 5,2
Series A 4340
1942 J J 10412 ____ 10134 May'34 ---- 10134 10134 James Frank & Clear let 40_1959 1 D 8212 8512 8514
4
6918 8814
86
98
Series C 3340
1948 MN
____ 91 Aug'33 ---- ---- -Series D 33-45
1950 A F 10012
Oct'32
83
2 10212 10212
Kal A & GI It 1st gu g bs
1938 J 1 10212_ 10212 10212
1990 A 0 94
1 10012 104
103
Gen 4340 ser A
1977 F A 103 104 103
V6-12 9412 July'34 --,_ 79 97
Kan dr M 1st gu g 4s
1
82 10418 OK C Ft 9 & M fly ref g 40_1936 A 0 42 Sale 42
Cleve Sho Line let gu 4340_1961 A 0 103 104 10312 10312
42
13
36
5334
7
A 0 38
102
Cleve Union Term lit 5340_1972 A 0 10114 Sale 10114
8412 104
4178 40
4114
Certificates of deposit
3512 52
5
100
1st s f Is series B
1973 A 0 9878 Sale 9878
62
7678 82
6212 7712
82 10078 Kan City Sou let gold 381950 A 0 7512 Sale 7518
9312
let a f guar 414a series C._1977 A 0 9234 93
75
64
928
64
34
67
84
64
75
Ref dr impt 50
96
Apr 1950 J J 03
1945 1 D 100 ---- 102 JulY'34 --,7
Coal River fly let gu 4s
35 102
Kansas City Term 1st 4s..,_1960 1 1 10114 Sale 10114
10312 138
9312 10418
Colo & South ref & ext 4340_1935 M N 95 Sale 95
84
9814 43
9778 Kentucky Central gold 4s_1987 J J 10014 103 10058
1003
901 103
1
7018 12
65
General mtge 434s ser A 198() M N 68 Sale 68
8112 Kentucky dr Ind Term 430.1961 1 J 90
90 Aug'34 ____
91
73
92
1948 A 0 10212 ____ 10158 May'34 --Col & NV lit ext g 4s
9512 July'34 _--98 102
1981 J J 95,1 100
9512
80
Stamped
1955 F A 103's-- _ 10438 July'34 ---Col dr Tol let ext 45
97 105
9812 Aug'34 ____
Plain
93
1961 J 1 9712
9812
9812
Conn & Possum Riv let 4s._1943 A 0 9234 97- 9812 June'34 _--,
92
40
40
Consol fly non-cony deb 4s 1954 J J ____ 53
5912 Lake Erie dr West lit g Is....j937 1 J 10112 Sale 10112 1015
90
I
9
8312 10134
Non-c:mv deb 4s
1955 J J ____ 4912 50 July'34 --92 July'34 _ ___
2d gold raa
58
50
1941 J 1 ____ 92
95
70
59 Mar'34 ---443 59
Non-cony deb 4s
1955 A 0 ____ 53
1997 J D 9212 Sale 9212
9458 46
Lake Sh & Mich 90 g 3340
98
81
52 July'34 - , 44
Non-cony deb 4e
1956 1 J - - - - 52
5812 Lehigh & N Y let gu g 4s,..1945 M S 71
7834 7234
73
83
57
3
11
36
3712 35
1942.3 D 35
Cuba Nor fly let 5345
1914 39
Leh Val Harbor Term gu 58_1954 F A 10234 104 103
10312 10
8212 10312
17
2714 2814 27
28
Cuba RR 1st 50-year be g1952 J J
18
98
3212 Leh Val N Y let gu g 4 34s._1940 J .1 983 98% 97,2
33
8314 100%
23
22
3
1936 J D 2112 27
let ref 734s series A
57
59
1614 30
53
Lehigh Val (Pa) cons g 4s,2003 M N 57% 58
63
47
20
1938 J D 20 Sale 20
1
let lien &ref 6s ser B
29
15
17
63
2003 14 N 62 Sale 62
62
General cons 4%s
7412
7012
1
2003 MN 6412 6938 7012
54
83
General cons 55
114
4
943
Sale
8912
8912
Del Os Hudson lot & ref 4(3_1943 M N
8014 97
Leh V Term fly 1st gu g 5s 1941 A 0 10512_ 10514 Aug'34 --94 10534
1
101
97 10212 Lox & East lit 50-yr Segu_1985 A 0 106 1-1-6 110 July'34 ___
1935 A 0 101 Sale 101
58
91 11018
9
1937 M N 10234 Sale 10212 103
Gold 534s
10038 June'34 --__
92 105
Little Miami gee 4a series A _1962 MN 101
95 10058
1935 A 0 101
__
101
9914 1015 Long Dock consol g Os
101
10
D RR & Bridge let gu g 40_1938 F A 10134 ____ 10138 May'34 ____
99 10338
4112 81
1936 J .1 39 Sale 39
3512 6112 Long IslandDen & R G 1st cons g 4s
41
41
4612
38
J
1936.2
Consol gold 43.4s
3812 63
I
10412 17
1938 J 13 104 10458 104
General gold 4s...
9914 10434
1535 79
15 Sale 14
1949 M 9 99 104 10218 July'34 __
Den dr R 0 West gee 56 Aug 1955 F A
13
32
95 105
Unified gold 4s
1334 Sale 1334
_
1412 22
Assented (subj to plan)
11
104
2312
3
20-year pm deb 5a
1937 M N 10312 104 104
9334 10434
21
2714
26
1949 M S 10012 Sale 10012 10112 88
Ref & Inapt be ser B__Apr 1978 A--0 26 Sale
23% 4912
9212 10478
Guar ref gold 4s
6 July'34 ____
6
3
5014 6878
:Des M & Ft Dodge 4s ctfs_1935 J J
4
64
834 Loulslana & Ark let be sea A_I969 J J 56 Sale 5434
59
81
Des Plaines Vol lst gen 4340_1947 M 9 -- 80
99
65
2
10112 18
81
8712 Louis &Jeff ridge Co BO g 48 1945 M S 98 101
84 10112
2812 2012 July'34 ____
1955 J D 22
Bet & Mae let lion g 45
20
2412 Louisville dr Nashville bs
10714 11 102 107,2
1937 M N 10612 ____ 107
2812 12 May'34 ___,
1995 J D 10
Second gold 45
1118 12
1940 J J 10334 Sale 10334 10412 52
941e 105
Unified gold 4s
10518 20
____ 104
104
Detroit River Tunnel 4340_1961 MN 104
84 106
19
let refund 534s series A _2003 A 0 103 .Sale 103
92% 10538
1941 J J 10512 ___ 103% Jan'34 ____ 10378 10378
Del Miesabe dr Nor gen bs
2003 A 0 10012 Sale 10012 10114
13
90 10458
let A ref be series B
5 10212 10814
108
1937 A 0 1077 108 108
9634 42
Dul dc Iron Range let 5e
83
let dr ref 43419 series C_2003 A 0 9312 Sale 9312
9912
4
35
1941 A 0 106
1937 J .1 35 Sale 35
106
Dui Sou Shore dr A tl g ba
23% 4912
106
13 10112 10612
Gold 5a
Paducah &Mena Div 45_1946 F A 9034 10-0 101 July'34 ____
82 101
98
8918
--__
St
July'34
98
---9918
Di,
Loom
2d
0
3
gold
8
1980 M 9 7012 72
72
East Ry Minn Nor Div let 40'48_ A
2
72
6078 7412
96 102 108% July'34 ____
East T Va & Ga Div 1st 5s 1956 MN
91 10918
3
9612 10512
Mob & Monts 1st g 430_1945 M S 10412 ----10512 10512
Elgin Joliet at East 1st g 54_1941 MN 0712 10378 104 July'34 ____
9418 10512
7914
6418 8412
8
77 Sale 77
South fly joint Monon 40_1962 J J
Sale
25
9212
88
1965 A 0 88
El Paso & SW 1st be
8112 94
10118 12
85 101 14
Ati Knoxv & Cha Div 48_1955 M N 10118 ____ 101
9414 99
Erie dr Pitts g gu 3345 ser B 1940 J J 10078 ---- 96 Feb'34 ---1940 J .1 1007s ---- 10012 June'34 „,
Series C 334e
68 Aug'34 ____
95 10012 Manila RR (South Lines) 40_1939 MN 6918 70
5718 75
9412 .a.
Erie RR let MOB g 4s prior_ 1996 J J 8918 9334 9314
6712 July'34 ___
7912 08
65
let ext 40
1959 M N 6518 68
7214
7412 82
70 June'34
let consol gun lien g 40_1990 1 J 7238 Sale 7238
6814 7938 Man GB & NW lit 334s_ _1941 1 J _ __ - 70
5978 70
____
July'34
104
_--104
17 June'34
112 334
Penn Coll trust gold 40_1951 F A
9918 104
M5
Mex
48
let
Internal
258
8
asstd_1977
17
74
1953 A 0 73 Sale 7214
--12 53
.
50-year cony 4s series A
6238 78
Michigan Central Detroit & Bay
_ 102% Aug'34 ____
7412 62 .. 78
Series 13
1953 A 0 " Sae 7212
94 102%
1 1 J 10318
940
195
is
4L
g
ni
:
Lis
Air
City
"''
1
73
- -73
5.9 5 8712 -0-2. 91 May'34 ___
1953 A 0 ------Gen cony 4s series D
82
76
8734 91
Jack Lane &
8814 120
63
1952 M N 95
9834 98,
Ref & inapt Se of 1927
1967 M N 63 Sa
98
6014 797
1
.
86 wo
1st gold 3 As
67
9014 9312
94
Re/ & Inapt be of 1930__1975 A 0 0318 Sale 6278
60
40
- -J J 90
- - 'II 332
79%
7514 97
1979
Impt
&
Ref
ser
434e
C
12
111
8114 July'34 ____
8514
80
1955 J .1 110 Sale 110
62
Erie &Jersey let a f (is
96 114
1940 A 0 75
Mid of N J 10t ext fas
2
111
91 111
__ 8712 July'34 _ __
Genessee River let if 66_1957 J J 111 Sale 111
7814 97
.5111w&Nor lot ext4340(1880)'3 t J 0 90
____
10112
34
Aug
104
____
_ 35 May'34 ____
NY & Erie RR ext 1st 40_1947 M N
9334 10512
1931 1 0 84
65
95
4145
ext
°Cons
(1884)
1938 M3d s -------- 100 Mar'34 ____ 100 100
5514 7512
5
mtge 4340
5858
MII Spar & N W 1st gu 45......1947 M 9 5514 -6-0. 583
7034 75
Milw & State Line let 34e 1941 J .1 -------- 75 June'34 ____
8 Sale
4012
8
4
1943 1 J 4012 Sale 40
34
8
:Fla Cent & Penn bs
5
1934 51 N
46 :Minn dr St Louis Is ctfs
4
918
2
55 July'34-7
314 3% Aug'34 ---55
55
/Florida East Coast let 4340_1959 J D 51
1949 M 9
64
212 578
let & refunding gold 4e
738 Sale
312 312 June'34
3
1974 M S
7
838 23
612 19
let & ref Sc series A
_
1962 Q F
234 414
Ref & ext 50-yr loser A
o F
134 212 13
612 Sale
612 24
6
112
Certificates of deposit __ __ ....
1 18
5
434
6
1758
Certificates of dolmen
3614 41
I Fonda Johns & Olov 4345 1952
3212 49
M St P & SS NI con g 4s let gu '38 J J 3512 Sale 34
738 Aug'34 ___
12
7
3034 31 Aug'34
Proof of claim filed by owner__ M N
31
712 13
1938 J J 20
let cons 55
4212
40
1st eons 54 gu 44 to Int__ 1938 J J 38 Sale 3718
16
37% 56
(Amended) let cons 2-4s 1932
514 Aug 34 ____
6
5
26
12
Proof of clalm filed by owner M N
20
312 15
1946 J J 23 Sale 23
38
1st & ref (is aeries A
1712
8
1949 IR 9 1712 Sale 17
1614 34
83
Fort St U D Co let g 134s_ _1941 1 J 0812 ___- 97% June'34 ____
9712
25-year 534e
6912 17
6858
1961 J D 10314 ____ 104 July'34 __
1978 J J 6812 69
Ft W & Den C 1st g 6345
60
80
9614 10512
1st ref 5 48 ser 13
____ 85
Jan'al ____
77
85
88
1941 M N
let Chicago Term e f 4s
85 July'34 ____
7612 88%
85
Galv Hous & Rend 1st 5.34s A '38 A 0 80
75
1949 I J 8818 ___ 8858 July'34 ____
9114 Misslesippl Central 1st bs
14
1912 July'34 ---10
:Oa & Ala fly let cons 55 Oct '45 J J
1512 26
5
24
Y:Ga Caro & Nor 1st gu g 55'2926
14
1959 1 J 2314 Sale 2234
IM0-Ill RR let 55 ear A
_ 30% Aug'34 --- 9218 52
7578 9338
Extended at 6% to July 1 1934 I J ____
2014 3012 Mo Kan & Tex let gold 48-1990 1 D 9012 Sale 9014
5618 May'34 ---58
1946 A 0 ___ __7812 43
Georgia Midland 1st 3s
70
91,2
40
60
Mo-K-T RR or lien Is ser A_1962 J J 7312 Sale 7312
_
Jan'31 ____ _
Golly &Oswegatchie let 5s 1942 .1 D 95 10358 100
79
61
9
6314
1962 J J 6012 6318 62
40-year 4e series 15
63% 8334
3
69
Or It & text let gu g 434s.__1941 J .1 103 --- 103 July'34 --- n
553, foi
1978 J J 4712 697 69
Prior lien 434s sr D
10812 45 105 10912
4312 52
Grand Trunk of Can deb 78_1940 A 0 108 Sale 108
3912 6212
Cum adjust 58 ser A _Jan 1987 A 0 3912 Sale 3912
1078 101 10258 109 :Mo Pao lot & ref be ser A 1965 F A
23 Sale 23
24
15-year if fle
1938 M S 1071s 10714 10718
11
39
23
_
____ ___ Sale_ 27% July'34
Grays Point Term let 5s-__ _1947 J D --------96 Nov'30 ____ _ _
22
35
Certificates of deposit
903 156
9
9
PA
1975
Great Northern gee 7s sec A.1936 J J 8758 Sale 8534
812
818 2034
81-3 -9-9-12
1014 137
General 4s
10
95
93%
_-_9358
let de ref 438s series A
1961 J J
24
2112 3814
78
141
1977 M S 23 Salo 2112
9938
1st dr ref 58 series F
86
26
1952 -1 j 8112 Sale 8112
24
76t2 99
26 July'34
General 549 series B
2314 35
Certificates of deposit_
1973 j j 7338 Sale 7358
42
76
2 34 Sale 22
2314 19
General be series C
1978 if-P-1 .
8878 9234
22
3812
let & ref 5s ser 0
8738
66
6812 17
General 434s series D
1976 J J 68 Sale 66
29
34
Certificates of deposit_ ___ _ ___ 34 May'34
107
.68
7 Sale
7
General 434s series E
1977 J 1 67 8 Sala 65
1949 MN
6
65
Vs 52
16%
8612
Cone gold 534s
____
July'34
80
35
3818
24
Green Bay & West deb ctfs A..__ Feb
1980 A 0 23 Sale 22
22
26 1 3818
26
let ref g Is series Fl
38,2
524 858
4
6
534
414 6
__ 22
Feb
29 June'34 ____
Debentures Ms 13
2218 34
Certificates of deposit
1 July2314 87
822
;1; 2.6
212 8_8
1940 M N 9934 ---- 102 Aug'34 ---Greenbrier RY 1st gu 40
0812 102
22
3812
let & ref Is ser I
1981 F- -i: 20
79
1
July'34 ____
Gulf Mob & Nor let 630 B_1950 A 0 ---- 78% 79
34
26
6218 8612
Certificates of deposit
6912
2
7214 89
'34 ___
let mtge 50 series C
1950 A 0 ---- 0078 60,2
59
81
Mo Pac 34 7s extol 4% July 1938 ivi-N -7'____
Feb.34
--------61
94
90
93 July'34
Gulf & 51 1st ref & ter 50Feb 1952 1 ./
93
85
J
57
70
. Mob & Bir prior lien g 58_-.1045 3
55 Dec'33 ____ .
00
03
J J 90
90
Stamped (July 1'33 coupon on) 1 .1 ---- 68
01
83
1
Small
.:
7‘;,:
6
60 May'34 ____
60
Hocking Vol let cons g 434s1999 J j1 109 Sale 10834 109
60
48
uo% 1104
1945 J 1 40
1st M gold 4e
10018
Sala
23
10012
1001s
69
60 July'34 __
1937 M N
J J 43
80
65
Housatonic fly cons g 5s
82 101%
Small
99 Jan'34 ___
H & T C let g ba Int guar_
9912
1937 J 1 104,2 ---- 10534 Aug'34 ----,
99
97 10534 :Mobile & Ohio gee gold 40_1938 M S _,.„ 89
u„,:,"a
Houston Belt & Term let -5s_1937 J J 101 Sale 10012 101.,
'27
17
915 102
17,2 17
15
15
1714
Montgomery Div 1st g 50.1947 F A
718 13
54'2
1977 St S
8 July'34 __
Hod dr Manhat 1st 55eer A 1957 F A 83% 8212 8329
213/4
8
72
8912
Ref & impt 430
4012 67
12
9 Aug'34 ___
23
9
9
1938 M S
32
Adjustment Income be Feb 1957 A 0 384 Sale 3812
5058
Sec 5% notes
85
85
8312 86
3
1991 M 5 825s 84
Mob & Mal let gu gold 4s
877 103,4
10212 12
Illinois Central let gold 4a 1951 J J 100 10212 10212 July'34 ___
9214 10212 Mont C let gu (is
1937 J 1 102 Sale 102
1951 J j 9712 ___ 98 Aug'34 ___
let gold 334e
83
9812
11
81 10235
1937 J J 10012 1013 10034 1013
let guar gold 5a
9814
Extended let gold 334s
1951 A 0 9814 iale 9818
7
92
7434 8958
89,2 SO
9814 Morris & Essex 1st gu 3 As....2000 J D 7912 8814 88,s
1955 MN 10034 Sale 10034
let gold 3s sterling
77 103
10278 16
1951 tel S 7814- 73 Mar 30 ____ __ _
Constr M 5s ser A
1955 M N 9412 Sale 9412
6814 85
1952 A 0 76 -78l2 7834 Aug'34 ___
96
Collateral trust old 4s
975
73
38
Conetr M 4145 ser B
19
77
Refunding 4s
1955 M N 7534 Sale 7534
74
8814
93
93
9018
___,
34
July
63
93
Purchased lines 334e
8212 95,2
4
7812
82
1952 J 1 70
78
Nash Chatt & Bt L 4s ser A 1978 F A
1937 F A 10414 ____ 10438 Aug'34 ____
99 106
60
Collateral trust gold 4s
1953 M N 69 Sale 69
0212 795 N Fla & 9 lot gu g 5s
1
0
88
____
Refunding ba
1955 MN 88 sale 88
81
9812 Nat fly of Mex pr lien 430_1957 J 1 --------18 July'28 ____
4%
418 Sale
101
99
75
41s
15-year secured 8346 g___J936 J J ____ 90
412
212 _-90 10378
2
Assent cash war rct No 4 on - -.
--------1233 July'31 ____
5718 54
53
90-year 433e
____
7612
Guar Is Apr '14 coupon_ _1977 A0
Aug 1 1986 F A 55 Bale 54,8
4
218 _-7
Cairo Bridge gold 4s
997 9938
87 100
1950 J 0 93
3,2 ---- 334 July'34 ____
9933
Assent cash war rct No 5 on ---Litchfield Div let gold 3e_1951 .1 J
_ 8118 May'34 ____
75
32% Nat RR Mex pr lien 434e Oct '26
88
76
5
4'8
334
85
Loulsv Div & Term g 314s 1953 J 1 8234--8512 Aug'34 ____
86
334
2
234 5
Assent cash war rct No 4 on -,
Omaha Div 1st gold 30...„..1951 F A 6312 ___ 7112 May'34 ____
7112 78
1951 A-0 --------22 Apr'28 -----------let consol 40
79
66
5
79 July'34 ____
2
5
33i
St Louis Div & Term g 38_1951 J 1 66 -79
314
334 sale
Assent cash war rot No 4 on „ 7
81
7112 Nov'32 __
8512
____
3
Gold 35.0
8512 85
69
1954 M -14 71
1951 J J 85
8512 Naugatuck RR let g 4s
:
-9212
80
_ 80 May'34 ____
9112 8912 July'34 ____
Springfleld Div 1st g 3340_1951 J J 8434
67
80
New England RIt cons 50_1945 J J 80
79 Sale 79
85
66
3
79
Western Lines let g 4s_1951 F A 8512 -,Si 8712 Aug'34 ____
1945 J J
75
90
Consol guar 4e
8212 92
III Cent and Chic St L & NNJ Junction RR guar 1st 4s 1986 F A 92. 92 June'34 ____
7278 74
68
6412 8 57,2 77
Joint let ref Se series A _ _ _1963 J D 68 Sale 68
87
1983 J J 6312 -6114 6334
New Orb Great Nor 55 A
68
54
57
6118 Aug'34 ____
75,2
let & ref 434e series C_ __ _1983 J D 6318 Sale 6318
62
81
NO & NE let refdrimpt 434e A '52 .1 J ____ 65
624 90
8612 28
New Orleans Term let 4s__ _1953 J J 8412 Sale 8412
2034
16
Ind Bloom dr West let ext 4s 1940 A 0 70
1733 Aug'34 ____
95 100
ON 0 Tex & Met n-c Inc 68_1935 A 0 _ _ _ _ 28
- - 98% July'34 ____
15
1733 32
1918
1954 A 0 1814 Sale 18
19503 J 92 -97-18 9712 Aug'34 ___
Ind Ill & Iowa let g 4s
75
971.,
let Is series B
1
17
33
20
2014 25 Feb 34 ____
1712 2112 20
25
20
:Ind & LoulsvIlle 1st gu 4s 1956 .1 1
25
1956 F A
let 5e series C
18
2
1712 31 12
18 Sale 18
5
103
9818 10412
Ind Union fly gen be ser A 1965 .1 J 103 Sale 103
1956 F A
1st 434e series D
33
18
4
19
Gen & ref Is series B
1954 A 0 181 20
1965 J J 10134
18
_ 10334 July'34 ___ 100 1033
let 534s series A
97 103
2712 15
25
:Int-Grt Nor 1st 6a ser A_ _1952 J J 27 Sale 27
4412 N & C Mtge gun guar 4340_1945 J J 10233 ____ 10212 July'34 ____
4 10114 10312
87 121
712
7
103
734 Sale
1814 N Y B & M B let cone 58_1935 A 0 103 Sale 103
Adjustment (is ser A_July 1952 A 0
83 101
46
2712 36
25
1956.3 1 2612 Sale 26
4012 N Y Cent RR cony deb 6a 1935 M N ____ 99% 9912 100
let be series B
11212 651 110 11812
2512 3612 2514
6
26
24
41
1st e be series C
1956 J J
1944 111 N 11212 Sale 11012
Cony secured 6s
7338 9033
863 116
7112 69 Aug'34 ____
1998 F A 8414 Sale 8414
4518 7214
let Rya Cent Amer let 5513 1972_ M N 67
Comm'4$ series A
5812 78
_ 7438
6314 17:
7412
2
49% 7412
let coil trust 6% g notea_1941 M N
Ref & impt 4 34s series A _ _2013 A 0 5812 Sale 5812
82
6378
115
70
1
- - 70
4312 72
6714-71
1947 F A 68%
let lien & ref 634e
2013 A 0 84 Sale 637
Ref dr inapt 55 series C
65191
a.4 Aug, 10,
For footnotes see page 903.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
....
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
.1j
Price
Friday
..
,.. 4: Aug. 10.
Week's
Range or
Last Sale.
Railroads (Continued)High
Ask Low
Bid
91
N Y Cent & Bud My 91 3Sis 1997 J J 8912 Sale 8912
1942 J .1 96
9814
30-year Oenenture 4e
9818 97
2013- Ref A !rept 4;is ser A
63
59 Sale 5834
Lake Shore coil gold 3;48_1998 F- -A
84
81 Sale 81
8534
Mich Cent coil gold 33.48_1998 F A
8414 Sale 8414
N y Chic & St L let g 48__ _1937 A 0 10014 Sale 10018
10012
Refunding 5;48 series A 1974 A 0 6312 Sale 6312
69
1978 M 5 5034 Sale 5034
Ref 434e series C
57
3-yr 6% gold notes
6234
1936 A 0 58 Sale 58
N Y Connect 181 gu 4345 A_1953 P A 105 Sale 105
10618
1953 F A 10514 10812 10512 July'34
151 guar 55 series B
NY & Erie-See Erie RR.
NY Greenwood L gu g 58.._ _1946 M N
79
8478 87 May'34
NY & Harlem gold 334s. _.2000 M N 01
____ 9514 June'34
NY Lack & West 4s aer A_ _1973 M N 9434 sale 9412
9612
434s series 11
1973 M N
104
_ _ 104
NY & Long Branch gen 4a1941 NI 5 i0
'612 1-01- 10012 Aug'34
NY & NE Bost Term 4a__ _1939 A 0
9512 July'29
NY N B & H n-c deb 48_ _1947 M 13 __-_-_ if 60 June'34
Non-cony debenture 33.0_1947 M S _ _ 45
46
46
Non-cony debenture 310_1954 A 0 4155 46
47
43
Non-cony debenture CI ,1955J J
50
44 Sale 44
Non-cony debenture 4s _1956 M N
50
46 Sale 45
1958 J J 4112 45
Cony debenture 33-Is
4158
48
Cony debenture 68
1948 J J 61 Sale 60
6612
Collateral trust 65
1940 A 0 65 Sale 6412
69
Debenture 45
1957 MN
4112
40
40
32
1st & ref 4345 ser of 1927.1967.1 D 49 Sale 49
5318
Harlem R & Pt Ches let 4,1959 M N 96
9814
9778 9814
N y 0& W ref g 4s__ __June 1992 M 5 60 Sale 60
6238
General 49
1958 1 D
51
53
53
5378
NY Providence ec Boston 45 1942 A 0 9278
_ 90
Jan'34
NY & Putnam 1st con gu 48_1993 A 0 81 if 8614 Aug'34
NY Sued & West 1st ref 8s,1937 J .
69
67
1 62
68
1937 F A
2d gold 414s
45
5112 5112
5112
General gold 55
1940 F A
5914
5014
4234 50
Terminal lot gold Se
1943 M N
96
9835 9612 Aug'34
NY Westch & 13 1st ear 143.4846 .1 1 3912 Sale 3712
43
1 •
-4
.
3
ol,
.
Range
since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
i.
t
3
...a.
901
Price
Friday
Aug. 10.
Week's
Range or
_Last Sale.
"_,
13'
co,
.
Range
Since
Jan. 1.
No. Low
High
Railroads (Concluded)High No. Low
Stst
Ask Low
High
St Louis Iron Mt & Southern78
791s 96
8014 99
•Riv & G Div 1st g 48_ _ _1933 MN
5712 27
21
4712 64
5512 Sale 5412
102
5834 75
_
Aug'34 ____
Certificates of deposit_
--7
50
59
691, 8812 St L Peor & NW lat HU be_ -1948 J 1 63
9
63
5
5712 82
ale 63
1458 48
2
71
88
1St L-San Fran pr lien 48 A_1950 J 11
1312 28
1414 Sale 1312
66
8518 100s
Certificates of deposit-- ---- .-_--, _ _ 14
7
13
26
1312
1312
75
551s 8012
Prior Hen 56 series B
1334 30
1950 .1 .J141
1678 1334
1412 27
14
226
4714 70
1512 27
Certificates of deposit - -- - ,-_, 1334 _
14
28
1412 51
12
80
2512
Con M 4;4s series A
49
1978 M 8 1412 Sale 1314
61
37
96 1063:
Ctrs of deposit
1338 56
1115 2412
__
,
_-_
13 Sale 1278
____ 101 10714 St L SW let g 4s bond
7012
stamped_1
6415 8114
ctfe 1989 M -S4 7012 Sale 7012
28g 48 Inc bond ctfallov 1989.1 .1
62
6212 July'34 __
4258 63
1st terminal & unifying 56_1952 1 7 5312 Sale 5334
____
68
88
54
3
48
69,2
86
9514
____
Gen & ref g bs ser A
45
6
43
5812
1990 J J 43 Sale 43
115
9412 9734 St Paul A, K C Sh L let 43.48_1941 F A 1712 21
1812
1912 17
1818 3734
99 100 July'34 ____
SIP & Duluth let con g 45-1968 1 D 93
16 100 104
84 100
9512 10034 St Paul E Or Trk let 4145 1947 J .1 50
____
63
69
73 June'34 ____
7612
____
___
__ St Paul M & NI .5s
1943 J .1 10418 Sale 10418
10534 23
97 10658
____
5478 -65
1-37 J D 101 Sale 101
Mont ext let gold 48
10114
3
94 10112
6012
1
40
1
89
99
Pacific ext gu 4e (sterling)_1940 J .1 9734 9938 9734
9734
3
43
58
St Paul Lin Den let dc ref 58_1972 1 .1 11014 Sale 11014
112
15 101 112
38
44
8413
45
64
S A & Ar Paso 1st gu g 4s
35
8012 33
6012 8534
1943.1 1 7812 Sale 7814
20
4158 5978 Santa Fe Peso & Then 1st 58_1942 NI S 10634 109 10612 July'34 -__
97 1067s
9712 10712
10512
6
60
677 Scioto V & N E let gu 48
107
_1989 M N 10418 10712 10512
20
27
72
6412 8918 •:Seaboard Air Line 1st g 4s_1950 A 0
2434 23 June'34 ____
16 July'34 ____
3
90
26
58
Certificates of deposit--16
_
2312
7012
"Gold 4s stamped
16
116
1
49
16
27
1555 A-15 16T2 1612 16
15
25
Certife of deposit stamped__ A 0 16
3
8334 997s
2212 16 July'34 ____
4
414 4 July'34 ____
50
5712 71
4
712
Adjustment 5e
Oct 1949 F A
55,
57. 6
514
5
14
1959 A 0
13
.5
50
6818
'Refunding 4s
612 13
____
90
90
512 612 July'34 ____
Certificates of depoelt.,.
3
1St & C008 Beset-1es A
8
____
22
717e 8734
634 1612
8 Sale
7
1945 17d-5
514 1458
42
7
4
514
7 Sale
60
Certificates of depoeit __-- -,-.,
7578
5612
*AR & Ifirin 30-yr 1st g 4s_1933 M 5 1234 18
43
1
15 July'34 __
14114 2534
312 212
3
312 16
212 712
2
3834 5812 :Seaboard All Fla 65 A ctf8_1935 A 0
2
21: 714
Series B certificates
3
3 Sale
825
. 981,
1935 F A
3
1938 F A 10412 ____ 10412 Aug'34 ____ 10058 10412
87
3734 5914 So & No Ala eons Ma g 5e
10918 Aug'34 ___
Gen cons guar 50-year be_ _ 1983 A 0 10814
91 110
Nord BY ext sink fund 6445_1950 A 0 16812 Sale 16778
169
65
53 128 17114 So Pac coil 48(cent pa.coil) 1949.1 D 6434 gale 64,4
39
56
7478
':Norfolk South 1st & ref 58_1961 F A
631, 8414
7912 108
157s 31
1578 Sale 1519
8
Lines) A_1977 M ° 7638 Sale 7618
25
184
4448
(Oregon
Certificates of deposit_. _. _ _-. 13,2 181" 1212 Aug'34 ____
5312 72
Gold 4148
5912 37
734 22
1968 M S 55 Sale 55
"(Norfolk & South 1st g 5s 1941 MN 25
1414 40
72
53
Gold 434e with warrants 1969 M N 55 Sale 55
5912 42
34 - 3012 July'34 ___
Sale5
N & W Sty let cons g 48
1981
M N
5212 71
Gold 43.48
4
5812 75
9834 10778
Sale 54
1065s 10758 36
1998 A 0 1065s
Dly'l let lien & gen g 48-1944 2 2 10714 10812 108
9712 56
Ban Fran Term 1st 4e......1950 A 0 9712 Sale 97
8278 9914
10838 25 10018 10838
Pocah C & C joint 4s
9934 10634 So Pac of Cal 1st COO RU if 58_1937 M N 107 10714 10614 Aug'34 ____ 101 10814
1941 1 11 10518 106 10434 10612 14
North Cent gen & ref 5s A 1974 M S 107_ 98
. So Pac Coast 1st Rug 48
99 100
Oct'33 ____ _.__
1937 J .1 10014 10114 100 July'34 ____
Gen & ref 434s series A_974
M S 104 10.5-12 10514 July'34 _
9912 10618 So Pan RR let ref 45
_1
8812 102
70
9034
1955 J J 85 Sale 85
:North Ohio let guar g 59...._1945 A 0 45
35
60
65
51 July'34 ____
_
Stamped (Federal tax)
1955 1 J --------9213 May'30 ____ ____
Ex A pr'33-Oct'33- A pr'34 cons_
--- 8
97
50
3534 64
86 1047
Southern fly 1st cone g 5s.._1994 J J 94 Sale 94
60 June'34 ____
49
37
Strnpd as to sale Oct 1933, &
5712 67
5314 7334
Devol & gen 48 series A
1958 A 0 5412 Sale 5314
Apr 1934 coupons
3434 52
1956 A 0 73 Sale 73
95
7512 46
_ 50
71
Devel & gen 68
48 Aug'34 _
North Pacific prior lien 45..1997 Q 1 -oi
80
31
83 101
7334 9734
100
Devel & gen 63-0
99
1958 A 0 7812 Sale 78
96,2
96
Gen lien ry & Id g 3e Jan 2047 Q F 65 Sale 65
5858 95
71
9614 July'34 ____
Stem Div lat g Se
60
8034 100
55
68
1996.1 J
Ref & !mot 414e series A _ _2047 J J
7312 9014
80
St Louis Div let g 4s
80
1
6614 91
8312 10
1951 1 .1 ____ 83
8118 81
78
Ref & impt (is series II_ _.2047 J 1 8834 Sale 8858
8618 103
171
84 10258
94
East Tenn reorg lion g 58_1938 M S ____ 102 102 Aug'34 ____
Ref & impt 55'cries C___. 2047 .1 J 8112 847. 85
81
7614 9712
Mobile & Ohio coil tr 4s._ _ 1938 NI 5 6012 Sale 60
8734 12
6012 17
56
Ref & impt be eerie, D___.2047 .1 J 8412 Sale 84
958
2
912 17
912
912 Sale
7512 97
:Spokane Internet 1st Si 58_1955 J J
8412
8
Nor fly of Calif guar g 58_. _1935 A 0 10318 ____ 100
Jan'34 ____ 100 100
Staten Island fly 1st 434e_ _1943 1 I) --------60 Nlay'32 ____
__
____ 100 Feb'34 ____ 100
____-I00
Sunbury & Lewiston let 4s_ _1936 J J 100
OR & 1 Chem 181 gu g 45.. _ 1945 J .1_ 58
72
51
59 July'34 ____
Ohio Connecting fly let 45_ _1943 M 5 joi_ 97 Mar'33 ____
61
_ Tenn Cent 1st 68 A or 13_
60
6978
61
4
46
1947 A 0 56
_
Ohlo River 11R 1st g 58
____--10412 Term Assn of St L 1st g 4;48_1939 A 0 10734 Sale 10734 108
10414
1 100
13 10033 108,2
1939 1 D 10414 104-12 10414
General gold be
89 104
lot cone gold ba
4
1937 A 0 10214 Sale 10214
10312
11058 39 10138 111
1944 F A 10912 ____ 11058
Oregon RR & Nay corn g 48_1946 I D 10118 105 10258
1953 J J 10018 Sale 1001s
93 10412
82 101
101
4
Gen refund St g 4s
10412 40
Ore Short tine let cons g 58_1946 J J 100 11234 11118 Aug'34 ____ 10414 112
Texarkana & Ft 81st 5;48A 1950 F A 87 Salo 87
8818
2
7514 97
Guar stpd cons 55
91
85
5
64
1946 .1 J 113 sale 110
Tex & NO con gold be
1943J J __-_ 8578 85
6 10411 115
11312
128
8311 10034 Texas & Pac 1st gold be
Ore-Wash RR & Nay 48-.1961 2 2 9711 Sale 9714
90
9114 111
2000 1 D 10878 112 1095, 10934 29
87
64
Gen & ref 58 series B
79
43
1977 A 0 75 Sale 75
Pee RR of Mn 1st ext g 48_1938 I
48
65
Gen & ref Ss aeries C
79
8714 10034
8
8614
9934
,A
1979 A 0 75 Sale 75
9935 ____ 9938
2d extended gold be
84 10012
2
Gen & ref be series D
65
8612
1938.1 J 95 sale 95
95
78
12
1980 J D 75 Sale 75
Paducah & Ills 18% g f g 43.0_1955 J 1 104 10512 104 July'34 ____ 10034 104
9114
85
Tex Pac-Mo Pee Ter 5 3.45 A_1964 M 5 8618 89
67
8614
10
Paris-Orleans RR ext 5;411_ _1968 M S 16138 gal. 160
16138 28 12314 16212 Tol & Ohio Cent 1st gu 58_1935 J 1 10134 103 10134 Aug'34 __
9412 10312
Pauliste RY 1st ref 8 f 79_ _ _1942 M ES 75
50
79
102
1
9712 10278
Western Div 1st g 59
79 July'34 ____
1935 A 0 102 103 102
80
Pa Ohio & Det 1st & ref 43-4s A'77 A 0 10012 Sale 10012
85 10334
90 102
General gold be
10134 33
1935 1 D - -__ 10112 10112 July'34 ____
Pennsylvania RR cons g 4a 1943 M N 10614 ___ 106 July'34 ____ 101 10818 Tol St LA W 50-year g 45
6734 8718
6
817s
1950 A 0 7212 8334 81
Consul gold 4s
____
1998 M N 10658 gale 106
_
10658 39 100 10678 Tol WV &0 gu 4s ser 0_1942 NI 5
-- 9618 Apr'31 ____
4e eteri stud dollar may 1 1948 M N 10612 107 10612 10612
2
997g 107
973
-8
97
82 _9778 9612 Aug'34 ____
Toronto Ham & Buff let i4e 1948 J D 100-Consol sinking fund 4 348 1960 P A 109 Sale 109
Union Pac RR let & id gr 48 1947 J .1 10512 Sale 105
108
107
9934 10834
1105, 38 103 112
General 434s series A
1985 J I) 10078 Sale 10038
89 10358
15t Lien & ref 4.
8838 10334
10234 118
June 2008 M S 101 Sale 10012 10212 48
General Is [series II
9712 110
1968.1 0 10578 Sale 10512 10812 40
Gold 434e
10234 62
8934 105
1967 .1 J 101 Sale 101
15-year secured 6346
1936 F A 10612 Sale 10612
11538
2 10212 11534
1065, 99 10334 10712
2008 M S 11112 115 114
let Ilen & ref 58
June
40-year secured gold 58_ _1964 NI N 10112 Sale 10138 10334 116
9114 10434
40-year gold 4is
8212 9958
98 102
1968 J D 9714 Sale 9634
Deb ii 4348
7814 9278 II NJ RR & Can gen 49
1970 A 0 8558 Sale 8434
8978 63
1944 M S 10738 ____ 1073s Aug'34 ____ 10012 10738
General 4 lin !were 1,
97 4 209
8312 9878 Vandalia cons g 4s series A 1955 F A 10212 ____ 10114 May'34 ____
1981 A 0 94 gala 94
99 102
Gen mtge 4.40 net E
9312 97
101
1984 J 2 94 Sale 9312
Apr'34 __
9634 356
9734 101
Cone If 4s series B
1957 MN 10212
Peoria &Eaatern let cc ea 915_1940 A 0 _
1
57
70
8134 •:Vera Cruz & P a-sst 4345..1933 J J
70
70
118 -318 373 June'34 ____
234 5
Income 4,
Atoll 1990 Apr - sii.
712 63:
318
318
634
J J
1
312-..__ 318 July'34 ____
0
1014
July coupon off
Peoria & Pekin lin let I,14a1,34,.._1974 F A 10212 Sale 10212
8512 10212 Virginia Midland gen 56____1936 M N 10312 10418 10378
1
10212
10378
9814: 10378
1
Pere Marquette let 80 A 58 1966.1 / 7814 Sale 7614
5812 90
8014
92
11
9118
Ye & Southwest 1st gu 5a___2003 1 J 8512 91
3
7575 97
151 48 aeries II
1958 J J 6534 7078 661s
1
4
5014 7812
67
87
let cons 58
6812 11
7712 10
1956 A 0 7738 Sale 77/
let g 4 ;411 eeriee C
1980 M S 66 Sale 66
15115 81
10812 35
34
9918 110
72
Virginia fly 1st Se aeries A 1962 MN 10818 10718 107
Phil, Bait & Wash 154g 48_1943 MN 10714 ____ 10738
10738
1 10012 10738
90 10312
155 mtge 434e series B__ _1962 M N 10258 104 10312 Aug'34 ____
General 58 series 11
11174 F A 110
_ 110 Aug'34 ____ 100 11034
General g 43.48 aeries (J
1977 J J 10312 10412 10334 10412 12
9214 10512 :Wabash RR let gold 58
4
74
95
91
1939 M N --__ 8938 8912
Philippine Sty 1st 30-sr s f 49 1937 J J 2434 2512 25
2312 3114
28 gold be
26
2
7078
1
5618 8312
1939 F A ____ 7078 7078
60
60
60
1st lien 50-year g term 4s 1954 1 ./ ---- 58
Feb'34 ____
PC CA St Lgu 4348 A
1940 A 0 108 Sale 108
1 10114 10314
Del & Chic Ext 1st 5s_ _1941 .1 1 82 100 100 July'34 ____
108
70 100
Series 13 4 345 guar
10735
3 102 108
1942 A 0 10714 ____ 10714
58
52
52
1
45
55
50
Des Molnes Div 1st g 48_1939 1 J
Bernie 1 414e guar
1942 MN 10638 ___ 10758 July'34 ____ 103 10758
55
45
2
50,4
Omaha Div let g 314e
1941 A 0 ____ 4978 50
Series I) 43 guar
1945 NI N 100
9918 101
___ 100 May'34 ____
7314 75
75 May'34 ____
Toledo & Chic Div g 48_ 1941 M 5 66 • 90
Series E 434e guar gold__. 1949 F A
9412 ____ 8934 Aug'33 ---- -,r- -._ - :Wabash fly ref & geo 53.4s A ..'75 M El 14 Sale 14
28
14
29
16
Series F 95 guar gold
1953 J D 104
1412 25
_ 10334 July'34 _ __
__ 25 Apr'34 ____
99
163\
Certificates) of deposit_ ____
Seers 0 48 guar
08 105
1957 M N 10078 10534 10434 June'34 ____
14
Ref & gen 58(Feb'32 coup) 13'76 11-A
13 15
14
2812
1512 23
Series It cone guar 4s
1960 F A 104i2
10212 1051.
16
105 July'34 _
2414
__ 2414 Apr'34 ____
Certificates of deposit____
SeriesI cone guard He-- - 1963 P A 10618 11012 10812 Aug'34 ____ 10034 109
1312 2812
Ref & gen 434s series C
1312
1978 A 0 -- -1-5
16
36
Bei-RAJ coos guar 4;is__ _ _1964 MN
--------20 May'34 __
__ 10312 108 June'34 ____ 10168 108
16
3512
Certificates of deposit
General M 55 series A _ _ _ _ 1970 J D i675s Sale 10758
94 110
10812 14
13
28
Ref & gen Se series D
1312
3
-4 13
1980 A
Gen mtge guar be sor B_,.1075 A 0 108 Sale 103
9438 110
2312
10834 28
14
2314 Apr'34 ____
11
_
Certificates of deposlt ____
Gen 434s series C
1977.1 1 10018 Sale 10018
8434 103
10218 66
6
77
Warren lot ref gu g 34e_ _ _3000 1A
8 77 May'34____
---- -7-8.7.,-Pitts Sh & L E 1st g 5e
1940 A 0 105
__ _ ____ Washington Cent 1st gold 481948 Q M ---- 8818 79 June'34 ____
79
___ 10412 Dec'33 _-__
70
let consol gold ba
1943 J J
_ 100 Mar'33 --- ........ ____ Wash Term 1st gu 34e
93 103
100
3
1945 F A 100 Sale 100
Pitts Va & Char 1st 4e
1943 M N 104Oct'33 - 101 107
- - 94
1st 40-year guar 4e
____ 95 Nov'33
1945 F A 102
Pitts A W Va 1st 432s sec A.1958 J D 66
70
72 Aug'34 ____
56
80
Western Maryland let 4s_1952 A 0 8234 Sale 8234
7012 8'2
8514 85
1st 91 43.4s series IS
1958 A 0 66
7938
let & ref 5)4, series A
68
73 , 78 Aug'34 - -,80
9114 26
9734
1977 J J 9012 Sale 9012
1s1 M 4 As/series C
1980 A 0 67
56
80
11
70
70
West NY & Pa let g he
701 4
10612
7 10238 10634
1937 1 .1 10612_ _ 10612
Pitts Y & Ash let 45 sec A_ _1948 1 D 10012 ----100 May 34 ____
9414 100
General gold 4s
102
4
85 10312
1943 A 0 102 1-03 102
1st gen 35 series 13
1962 F A
30
__ 109,8 July 34 ---- 101 10912 Western Pac 1st be 8er A__ _1946 M 8 3738 Sale 3558
38
47
4634
Providence Sorsa deb Is.. _ _1957 M N 1061236
1
50
50
50
West Shore lat 4s guar
50
50
795s Sale 7958
6872 86
84
19
- 2361 J .1
Providence Term 1st 4a
1956 M S 04
9112 Apr 34 _
8112 9112
Registered
6512 8238
2361 J .1 7912 Sale 7912
80
20
Wheel & L E ref 4 1illser A_ _1988 NI 5 10034 10114 10034
85 10112
5
10034
Reading co Jersey Cent coil 4851 A 0 9.512 sale 0512
9818 89
82
981.2
Refunding Salience B
9312 105
1966 M S 10218 10434 102
1
102
Gen & ref 414e series A. _1997 .1 J 10134 Sale 10114
33
104
86 105
RR let consol 45
1003
4
5
10114
863
4 10112
1003
4
10114
M
3
1949
Gen & ref 434s series 11._ _1997 J J 10134 Sale 10134
10438 23
8612 105
3938 5978
Wilk & East let go R 55
1942 J D 4258 5078 48 July'34 ____
Rensselaer & Saratoga es
1941 M N113 Oct 30 ____ ____ ____ WIII & SF 1st gold be
1938 .1 D 101 102 101
7 100 10258
10134
Rich & Merch 1st g 45
1948 MN -39
____
_ Winston-Salem S 13 let 4a1960 .1 J 100 10112 10014 Aug'34 ____
60
40 July 33 ____
90 10212
Itichm Term fly 1st gu be
1952 J .1 10314
9934 10
- -135 IWIe Cent 50-yr 1st gen 48_1949 I J
1258 Sale 1218
_ 1015$ June 34 ____
1258 30
1134 2212
Rio Grande June let gu 5a_ _1939 J D 7312 -9014 9312 July 34 ____
73
9618
Sup dr fluidly & term 1st 45'36 M N
7
812 814
4
7
17,2
814
/Rio Grande Sou 1st gold 48_1949 J .1
_
4
114 Oct 33 ____ ____ ____ Wor & Conn East let 4;is 1943 J .1 70
____ 66 May'34 ____
66
66
Guar 4s (Jan 1922 coupon)1940 J .1
. 314 July 33 _--_ ---Rio Grande West lat gold 48_1939 J 1 8212 -3514 8314
1
68 -9073
8314
INDUSTRIALS,
let eon & roll trust 4e A 1999 A 0 53 Sale 53
10
441s 67
55
97. 25
'
,MI Ark & Louis I st 4 34s 1934 M II 10 Salo
1114 30
978
•:Abitibi Pow & Paper 1st 5s1953 J D 3212 Sale 29
3338 36
1815 4834
Rut-Canada lot gu g 45_ _1949 J J ____ 60
1
47
51
51
72
Abraham & Straus deb 5349_1943
Rutland 1st eon 4145
1941 J 1
A 0 10234 Sale 10234
6678 63 July 34 _
With warrants
10412 36
93 10512
5312 7838
Sit Jos & Grand 1a141 let 4s...1947 J J 10034 102 10034
4
88 103
101
Adama Express coll tr g 4a ___1948 M S 7914 8012 79
83
7912 15
62
St Lawr & Adr Bag be
1996.1 J 87
91
9514 July 34 _
77
9514 Adriatle F.,lec Co esti 7s
1952 A 0 a95 Sale a95
9014 110
a95
3
1996 A 0, 8858 93
2d gold 6e
93 July 34 ____
797e 93
Albany Perfor Wrap Pap 68_1948 A 0 691s 75
1
56
693s
6018
6918
I
notes fu.
, wure 91)3
--------59
New York Bond Record-Continued--Page 5
•
.0
U
902
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
Price
Pridar
Aug. 10.
Week's
Range or
Last &de.
Rt.
Ask Low
Industrials (Continued)High
64 Sale 64
86
Allegany Corp roll tr 58-----1044 F A
.1949 J D 58 Sale 5614
Coll & CODV 5s
5912
A 0 2778 Sale 26
Coll & cony fe
2812
2812
Certificates of deposit..
2714 ____ 2812
9914
9812 Sale 9838
AlIls-Chalmers Mfg deb 5s 1937
_ 79
alpine-Montan Steel 1st 78_ 1955 al la
7714 July'34
1935 F A 1.66 10014 99%
Amer Beet Sugar 6s
100
91
91 Sale 90
6s extended to Feb 1 1940____ F A
American Chain 5-yr 6a..._ 1938 A 0 8818 Sale 8818
8812
Amer Cyanamid deb 58____ 1942 A 0 10118 102 101
10134
Am & Foreign Pow deb 521._ 2030 M S 4812 Sale 47
50Is
American Ice 2 t deb 5a_ . _ 1953 J D 63
64
66
65
Amer I 0 Cbem cony 534a_ 1949 M N 9534 Sale 9512
9612
J
8112
81 Sale 81
Am Internat Corn coos 54e 1949
105
1939 A 0 10412 10512 105
A
@FedFRASER